Full text of Commercial and Financial Chronicle : September 16, 1943, Vol. 158, No. 4212, Section 2

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Final

Edition

In 2 Sections-Section 2

ESTABLISHED OVER 100 YEARS

ommatciaL

S.

Reg. U.

Volume 158

New York, N. Y„

Number 4212

Congress is now about to begin its winter work, some of
it winter work only because members of the House and Sen¬
ate could not gain consent to do it before they left
Washington for their first breathing spell in a good while.
have had

now

cogitate, to stand away
a

better

look

the

at

They doubtless have
good many heart to
talks

with

home."

number

heart
back

It is to be

hoped that
they also have taken the time
to reach Careful, more or less

independent conclusions of
their own concerning a num¬
ber of vitally important pub¬
lic questions to which they
must

now

With

turn.

of weeks

in

which

the

elections in the offing, it will
not bo easy

for many of them
to be as independent of local
and partisan politics as the
country can well wish them
to be, but precisely that duty
now lies heavy upon them. It
is evident beyond any doubt
that the Executive Depart¬
ment is badly in need of the

thing

one

that

tion, particularly the Treas¬

has bungled from the
very beginning it is taxes.
Unless
all
signs fail, the
Treasury will lay before Con¬
gress before many weeks
have passed recommendations
for
further
tax
legislation
which will be of a piece with
that which has gone before it
—if
not
worse.
This, of
course, is no time to "play
politics" further with this
ury,

New Taxes

■

upon a

and

■

thing, the tax ques¬
tion must inevitably come be¬
fore the national legislature
balked, and in the end

An Anglo-American

Alliance?
have one, and

All right, say we
acquire from Britain the
,

which

are

es¬

to

im¬

plement

it.

sential

Where,
are

idea

If there

!

(Continued

on page

is

1110)

peo¬

ple are sa y ¬
ing, "Let in¬
flation come"

stocks

which

now

show

loss.

bonds, in¬
vest in good, productive real es¬
tate or good stocks. Do this as a
war

invested in railroads, pub¬
lic utilities and other companies

money

whose rates
flation

are

regulated should

watch

inflation.

In¬

money,

re-

severely cripple these
corporations.
Although rate in¬

eiv ed

be

creases

worth ?

It

can

possible they always
lag considerably behind the in¬
crease
may
be - far
in. expenses caused by in¬
Inflation will, therefore,
better to hold flation.
stocks than to probably cause a decline in the

present

at

are

securities of railroads and certain

the other corporations.

price
It* is
wages

true

that

should go

some

up

(not all)

under, infla¬

now tion,. but what good will this do?
with the hope of selling them Not only will these higher wages
and
later, at a profit. Even when buy-' buy less in food, clothing
(Continued on page 1116).
ing the right stocks as an.inflation
to

buying

s

to ck s




Paul Mallon

essary

worry

strife

bet

w

e

e

workers

Would it do this?

ness

b

e

hind

n

w

e

Henry A. Wallace

group

was

*

,

/

to make post-war plans was now
are in agreement

while the Allies

n

and

-

"5.

small

a

be¬

was a screen

Mr. Wallace said that the time

workers and farmers.

v

which

coopera¬

Allies and charged

national business.

and

e

our

seeking to retain its special priv¬
ileges and the control of inter¬

busi¬

men,

t

First" can lead to
"supremacy of free¬

that isolationism

and

.and

with

tion with

men,
between farm¬
ers.

robbed

dom in both the economic and the

hunger.

from

be

political world."
He appealed for close

business

Russia

today

natural resources,

from

Freedom

strife

be-

grateful

mutual

to

each

other

for

aid.

the

and

ot
States.

stores

United

expected to wield a

be

can

probably greater

combined

the

her diplomatically

*

i

From

Washington
Ahead Of The News

than

so

policy has been isola¬
She has, and may

far.

(Continued

on page

1115)

GENERAL CONTENTS
Editorial
Situation

Financial

.......

—

Page
11U9

Special Articles (in Section 1)
Up

Catching

With The

"American

Radical"
Pi

peum

Economy And Free

Enterprise
UtiAiiitte roeed Relief

sary Wartime

From Unneces¬

Regulation

By CARLISLE BARGERON
This writer

sitting in the hotel lobby at Ashland, Ky., when
came over the radio.
He was the only
one in the lobby to show more than passing interest.
He read in the
papers the next morning that there had been a lot of jubilation in
Washington, in spots of New York.
There was none in this little
olace.
The explanation, of course, would be that the surrender had
been largely discounted.
But it is®—
—striking how little discussion of being subjected, but for purposes
the war one hears going about the of strategy they are talking about
country.
Occasionally, a fellow nothing except the
"gang"
at
will remark: "Our boys have been Frankfort.
news

was

of the Italian surrender

going great guns." Seldom does
it develop into a discussion.
Mr. Roosevelt may have had

something, when in his speech in¬
voking the buying of bonds, he
From Washington Ahead of the
said the people after the war prob¬
News
H09
ably wouldn't be in a celebrating
Moody's Bond Prices and Yields. ..1118
About Banks and Trust Cos.. 1124
mood, but a determined mood to
NYSE Odd-Lot Trading............. 1122
insure that it will never happen
NYSE Issue Values..
—1118,1119
again.
There seems to be little
Trading on the New York Exchanges.1122
doubt that the people now are in
State of Trade
some sort of a quiet determined
General Review
1110 mood.
Frankly, what the deter¬
Regular Features

—

Weekly Carloadings ................1123
Weekly Engineering Construction... 1120
Paperboard Industry Statistics
1123
Weekly Lumber Movement.....,.,. 1122
Fertilizer .Association Price Index,..
*

Weekly Coal and Coke Output......1121
Weekly Steel Review.........,.... 1119
Finished Shipments In July......1121
Moody's Daily Commodity Index... ,1118
;
Crude Oil Production.....,,1122
Weekly Electric Output . /...V
1119
August Bank Debits.,.......
August Dept. Store Sales
.....1118
Coders! Debt Limit Aug. 31......... 1119
Class I Railways Selected
Balance Sheet Items (June),
1120
August Cottonseed Receipts.,......1120
Cotton Ginned Prior to Sept. 1
1120
♦Not available this week.

..

mination

is

has

worried.*' '

the
•'

In

Kentucky a gubernatorial
campaign is just getting under
way and the Republicans admit¬
tedly have the best chance they
have had in some 30 years. They
are
confining their campaign to
State issues altogether, but the
Democrats are insisting a Repub¬
lican vote is a repudiation of the
President's

war.

The

Republican

nominee,

Simeon S. Willis, former member
of the
State Court of Appeals,
and
man,

admittedly a high-type of
has as his main positive is¬

the repeal of the State income
tax.
There is quite a move on

sue

in

that

direction

among

the

in the past year7 several
States having either
abandoned
the tax or greatly reduced it. As
an issue in Kentucky, it is hardly
an
outstanding
vote-getter be¬
Democrats cause with exemptions it barely
touches a married man with an

...

Commodity Prices, Domestic Index. 1121

Ndn-Ferrous Metals Market.-.,.1121

Wages and Labor,

and get money

worth only 40% or less of its pres¬
ent value. The same principle ap¬

plies

and

Her world

inflation. What money you do not

put into short-term

but especially

what will the

Roger W. Babson

peace

unnec¬

are).
In Europe, her voice
could indeqd be equal to ours.

,

them

"Democracy

,

would

man

from

we

hope it permanent investment and not as
will help sell a speculation.
;
■: ;
:■, :
;
:
some
Readers
who
have
a
longlittle

double

common

and that under that slogan we can
have only war. Instead, he stated,

"4. Freedom

ity peacefully and never plan
again to conquer us and establish
their
own
world
dominance.

closer to

They

sell

de¬

a

powerful voice in Asia (China is

"catching" as smallpox and much more serious.
spread, it will cause far more deaths than epidemics of
suicides, heart failures and nervous breakdowns.
No wonder life
insurance companies are fighting it tooth and nail.
If the same in¬
telligent approach is made to the problem of avoiding inflation as
was made in the case of reducing and eliminating smallpox, we shall
be all right.
But if we neglect^
the present signs ^of the growing ' hedge, they should be considered
epidemic of inflation I am afraid only as a "safe deposit box" in
we
shall soon be beyond hope. which to keep your money during

c

Government regulations."
Criticizing the slogan "America
First," Mr. Wallace said that un¬
der
that
"smooth
phrase" the

age.
"3. Freedom

and

thereupon would accept inferior¬

If allowed to

Possibly,

cessive

worry

about sickness

the rest of the

tionist

a

it

tacked by any

as

held

::.■■ ■' :

to expand production of needed
about goods without fear of repressive
cartels, excessive taxation or ex¬

and
p overt ypinched old

erful to be at¬

than

-Babson Says Every Citizen Should Wake Up

.

job.

about

pow¬

enemy,

Freedom from worry

from^

pendent

mili¬

tion too

"freedom

follows:

as

from

of

that
a

"Win the Peace" rally at Chicago Stadium,
new freedoms as spelling out Presi¬

seven

"2, Freedom

the reason for

it,

a

;

en-

Inflation Is Your Business

Some

a

alliance,

forms

address before

an

Roosevelt's

dent

re¬

the world?
The

In

the Vice-President listed

"I.

garding
the
peace and se¬
curity of this
country
a n d

the

A. Wallace, asserting that "only by ap¬
plying the principles of 'Democracy First' can we have any chance
of lasting peace," proposed on Sept. 11 that a new "declaration of
of freedom" be adopted with freedom from want as its essence.

want,"

then,

we

She

is

owner¬

ship of leased air bases approach¬
ing our shores

Britain

Inflation

Vice-President Henry

v
has the greatest
tween the races and creeds.
The
Vice-President
endorsed
army in the world.
Her sluggish
"6. Freedom from fear of bank¬ the proposal that America take
ered and well-rounded tax industrialization has been quick¬
the
lead
in
peace-planning which
ened by war necessity, moved up ruptcy caused by overproduction
of necessary materials.
A;. was introduced in a resolution
plan of its own.
Rather it perhaps a generation.
"7.' Freedom for venture capital before Congress by Senators Ball
has
complained, sometimes
and for inventors of new ideas
(Continued cn page 1112)
She has unparalleled stores of

one

this fall and winter.

From Want"

By PAUL MALLON

matter of the levies to be laid tary combina¬

people already sorely
inequitably burdened.
Congress has not always liked
the
tax
proposals of the
Treasury in the past. It has
not always given -Mr. Morkind
of
assistance
that
a
strong and wise Congress genthau precisely what he re¬
could give it—and oblige it to quested. It has, however, not
developed any well-consid¬
■accept. ;■
For

Proposes Seven New Freedoms As Part Of "Freedom

to

more than any
the Administra¬

Copy

a

Principles Of "Democracy First"
Basis Of Lasting Peace-Wallace

The News
^

other

Price 60 Cents

Thursday, September 16, 1943

Behind

little from the trees and obtain

a

forests
if
had a

"folks

the

a

Office

TheNews

The Financial Situation

Members

Pat.

efforts.

Unques¬

States;

income of less than $5,000 a year.

his fight on
the tax keeps
capital out of Kentucky, that the
bringing in of outside capital is
the best way to provide jobs for
the returning soldiers.
It is a fact
that
Kentucky,
once
high up
among the 13 Southern States in
But Willis is "carrying
a

broader scale, that

industrial

progress,

has

dropped

tionably the Republicans are go¬ to 10th place.

ing to cash in on the
irritations

to

which

countless,

people

are

If the Republicans win or even

(Continued

on page

1116)

COMMERCIAL & FINANCIAL CHRONICLE

THE

1110

tween the number

The Financial Situation

the

number of

(Continued from first page)
acted

"patched up" laws with

which

no

one

satisfied.

could be really

ities
are

,

,,

..

earlier termination of hostil¬

Crippling Enterprise
reached

when

/

now

been

w ean

little

has

stage

better afford this sort of

thing
and perhaps larger

in further

than

doses

have

to

can

we

serious

from

us

The 40-hour week is

this country great, and
must be given a large

which the basic
share temporary
victory such they

one

of

The

difficulties.

"concessions," if
may be termed,

whicn the United Nations ap¬

which have been made

pear now to be approaching,
has had grievous burdens to

Administration do not, and in

for

The

a

fact

decade

that

we

the

very

can

not, suffice to meet the

are

situation

waging "total war" has been
and more employed by

more

the Administration

as

an

ex¬

for heavier and heavier

cuse

burdens

all those who
have the energy, initiative
and courage to undertake any
upon

of. business

sort

venture,

to,

nothing of those who
virtually must continue to
carry on with the tasks that
they began in happier days.
It is even now taxing business
enterprises so heavily and so
inequitably that they have no
means left to
prepare for the
day when they will be ex¬
pected to reconvert quickly
and afford employment for
say

.

the millions of workers who
are

close to the

so

heart

of

the reformers and
in

Washington.

politicians
The reply of

the Administration apparent¬

ly is to prepare grandiose
plans by which the Govern¬
ment itself will provide work
and wages—-and this despite
the

obvious circumstance

that
the

the

Treasury will end
under
a
crushing

war

burden

of

debt

of

its

Congress, if it is to

by the

or more.
now

own.

now

circum¬

not

have

their

well

so

relati ve

size

-

of

our

ordinary
life. Congress should
by now
have come to a realizing sense
the

fact

that

this

is

not

haps ought to have, to clo¬
sured as some of the
propa- ] complish a given purpose in
ganda agencies in Washing- a given
length of time, but

forces and those of

our

allies.

are

most

difficult and time-

things appear now to be consuming to manufacture.
going, there is good cause .for To be sure there are other in¬
grave

future
if

we

laying

uneasiness

about

plans that the

will continue, for

a

war

consider¬

able period
may

the

both these accounts,
assume as we must in
on

our

longer. Indeed, it
well be that only a much




playing to the
galleries about the draft of
this, that or the other element
in the population.
There is, of course, a mul¬
titude
of
other
important
matters which cry for atten¬
tion on Capitol Hill, election
or no election.
Merely to list
them
here
would
unduly
lengthen this discussion. Most

all

but

the" demand

for

no5

letdown'in

munitions

and

from .United Nations',
forces in that sector, the
publicaj
tion declared, adding:
>
>'

equipment

;

means

harm could be

done

by

un¬

wise policies in these matters.

Congress

demand to
actually taking
place—and act as the circum¬
must

know what is

stances indicate.

If

will

Congress

work in

get ;; to

business-like way

a

these and other public
problems, it will have no fur¬
upon

ther

to worry

cause

place in

our

Italian/

facilities

manufacturing

be utilized by the Allies. Con¬

can

sequently there seems little pros¬

that the military situation
today permits of any view in the

pect

direction

easier

of

de-

steel

war

rtiand." // ■/;,:;/

•

about its
scheme of things.

We do not feel able, at least without more exact under¬
standing of parts of it, to endorse these proposals in full,
but

we

are

confident that there

the careful consideration of

our

;•-/'/

/.-.Civil

engineering construction
volume for the holiday-shortened
week total $36,606,000. This conti¬
nental U. S, volume, not including
construction by military combat
engineers,
American
contracts
outside
the
country
and ship¬
building, is 62% below the corre¬
sponding 1942 week, and com¬
pares with $61,674,000 for the pre¬
ceding week, states Engineering
News-Record.

lower than

down

is

.

construction

Private

a

year ago,

63%

a

as

.

is

58%

and public
of

result

the

decline in state and munic¬

61%

ipal construction and the 63% de¬
in Federal volume. Current

crease

construction

brings 1943 volume
$2,322,368,000, an average of
$64,510,000 for each of the 36
weeks of the period.
to

Some
in

improvement
trade

retail

of

sales

the

noted

was

past week

back-to-school

as

wear

are

ideas here well

picked

demand
furnishings con¬
tinued, reports the weekly review
of Dun & Bradstreet, Inc.
Since
Labor Day occurred in the corre¬
for

and a steady

up

house

some

sponding week of 1942, sales

var¬
ied less and for the country were

estimated up 7 to
10%
week, states this agency.

the

in

Department store sales on a
country-wide basis for the week
ending Sept. 4th, were the same
in volume as the corresponding
week

a year ago, according to the
weekly figures made public by the

Federal Reserve Board.

Store sales

were up 5% for the
period ending Sept. 4,
compared with last year.

four-week

Department store sales in New
City for the week ended
Sept. 11th, were 3% above the

York

worth

readers.

corresponding 1942 week, a pre¬
liminary estimate issued by the
New York

The State Of Trade

Federal, Reserve Bank

reveals, /■.

•/';".j:;/■//

Reports from most of the heavy industries continue to show an / In the previous week ended
upward trend. Carloadings showed a drop of almost 3,000 cars for Sept. 4th, sales of this group -of
.

the week, but this was more

than offset by the excellent showing of

electric power production, which again reached a new peak during
the week ended September 4th. Reports from the retail trade were
also favorable

stores

the

output has been^————
• .J-://v•
spotlight for some weeks years.
V Steel operations for the current
past and again made a new high
week
are
scheduled
at
99.6%
of
record voi 4,350,511,000
kilowatt
hours for the week ended Sept. capacity, indicating production of
4th.
This compares with 4,322,- 1,736,000 net tons of ingots, the
195,000 a week earlier, according
to the Edison Electric Institute,

The

latest

duction

with
the

was

an

same

1%

smaller

than

in

compared with last year. V

Money In Circulation

the

in

were

comparative 1942 week.

Electric power

week's

power

pro¬

than
the 3,672,921,000
kilowatt hours
produced in the similar 1942 week.
men in the
army and navy
The Southern States again led
must have almost
incredibly the major geographical divisions

quate armament and trans¬ large amounts of
weapons
portation for our huge armed and other equipment which

As

con¬

tent itself with

armed

as-

ton would have them
suppose,
is vitally involved. So is ade¬

nature,

indications which should by

this matter at once—not

Another vital factor is the

urgent,

believes is

technical

there1'will' be

means

"

merely a "military question"
and as is so often said by those
quite possibly as important, is who have set our
goals. Pro¬
the question of
manpower fessional
soldiers
are,
of
and its innumerable ramificacourse, best fitted to know
tions. Our food supply, which the
number
of
men
they
no
thoughtful man for a mo-| would like to have, or perment

There have of to: its

some

forces

*-

more

.

working longer than 40 hours
a week if they must pay the
"A
definition of the functions and fields
of free
heavy penalty attached to
enterprise, and of the scope and purpose of business regula¬
"overtime."
Many of them
tion; a restriction upon the expansion of Government into
probably could not do so in the field of business without clear
showing of necessity and
any event and remain in bus¬ without
express legal authority; a declaration of intention
iness; others are unable to do
regarding the responsibility of industry for post-war re¬
so in a situation where
the
employment, and an indication of the measure of Govern¬
prices they may exact for ment
support of post-war construction and production; with
their products is rigidly and
legislation designed to make possible the accomplishment by
inequitably "frozen" at levels the business
organism of the tasks assigned.
which allow nothing for such
"A thorough overhauling of the system of Federal taxa¬
penalty wage payments. Here,
of course, is a situation which tion, to simplify-procedure and computatirin, and promote
has become; thanks to the the,established policy for free enterprise by ^substituting in¬
centives for handicaps, using the elimination of waste motion
union-coddling of the Admin¬ and
complexities to reconcile the beneficiaries of simplifica¬
istration/inextricably inter¬
tion to increased tax collections.
woven
with union policies
"A declaration of the right of individual security ex¬
and union domination.
Yet,
whatever difficulties its solu¬ pressly conditioned by the obligations to work to the extent
tion may present at this time, of capacity, fixing the responsibility for providing the oppor¬
tunity, and stimulating the production to a level where a
we may as well face the fact
that it lies close to the roots guarantee of security can be. made good by stressing the
of our so-palled manpower obligation to work, rather than by providing the popula¬
tion with spending money."—From a program of public
problems of the day.
policy suggested by Edward E. Chase, President of the New
A Proper Balance
England Council. \
;
•
>

of

Manpower

Even

been

one thing, great
employers simply

of

masses

the

in

For

stances.

can

nature of the case

respect of thoughtful citizens, of workers' which must
sup¬
simply can not afford to look
ply them and the civilian
the other way, or to
yield to population with the necessi¬
the cajoling or the threats of
ties of .war and of

political cliques which
rule in Washington.

probably has not greatly im¬
maxi¬ pressed the rank arid file, due

.

.

late

the forces and those other armies

earn

results.

matter which

ab¬

the • magazine,,
said/ Germany's indicated
determination to:.: fight for, Italy,
"Steel"

.

itiative of the sort that made

carry

essential /to

em¬

Treasury plans passed to the
statute books as they reach
serious, some of
Capitol Hill.
Our tax laws
have long been stifling busi¬ them going much deeper than
ness enterprise;
Private in¬ is popularly suppposed.

of the credit for the

mum

home is

at

/ production,.;

war

be
"It is clear whatever changes in
that this aspect of the prob¬ given a place upon the Con¬ specifications may result from the
barrassment, unless m u c h
lem is receiving rather more gressional agenda, is what is Italian collapse, they will be offset
greater wisdom is shown in
by requirements in other direc¬
understanding attention than now known as "invasion cur¬
the very near future as re¬
tions,/and by the intensification
it had been
rency/
—together
with
re¬
getting. Congress,
of production in certain lines to
gards the full and most ef¬ which after all under our
lated
questions arising in oc¬ make it possible for Allied forces
sys¬
fective
employment of the tem
/ of
government
bears cupied zones. The authorities to/ take fullest advantage of the
manpower
available to us.
Italian capitulation.
,/./ :y
large
responsibilities
in
the appear to be making a mys¬
There are many reasons why
conduct
of War, would do tery of them, but the fact is [ "In addition, raw materials/ in¬
our failure on this question
cluding steel, will be needed on a
well to look carefully into that a great deal of lasting
large scale to supply whatever
has been so
save

The

than the military men
reported to expect can

solutely

and^wpmeri in attentioh. :One

men

the factories

qf . meny in of them y are well known and
and .the, well/ understood to require
.

forces

armed

Thursday; September 16/1943

18.4%

increase

higher

of. 22.4%

over

week in 1942.

Carloadings of revenue freight
for the week ended Sept, 4th, to¬
taled 901,075 cars, according to the

American

Iron

estimated.

&

This

Steel

Institute

with
100.3%,
the record high, and production of
1,748,200 tons.
For the week beginning Sept.
13th last year ingot production
compares

operations last week at

amounted to

1,6£2;800 tons.*
ProductiorTrifsteel ingots in the

United States totaled 7,562,125 net
tons in

August,

month

and

a new

the

high for the

third

largest

of

month in the industry's his¬
Association
of
American
Rail¬ tory, according to the American
roads.
This was a decrease of Iron &, Steel Institute.
August
dividuals better trained
by 2,932 cars from the
preceding output compared with 7,376,017
experience to judge the quan¬ week this
tons
in
July and 7,227,655 in Au¬
year, 13,115 cars more
tities of these
weapons and than the corresponding week ► in gust, 1942. The all-time monthly
1942
and
103,284 cars above, the^ peak was established in March
equipment that can be pro¬
same period two
with '7,670,187 tons. In October
years ago.
duced and transported
by any
This
total
was
133.41%
of 1942, output totaled 7,579,514 tons.
given number of men and the average loadings for the corre¬
Italy's capitulation should have
women/ A proper balance be¬ sponding week of 10 preceding little effect on the overall scope of
any

,

The, Treasury

Department

in

Washington has issued its custo¬
monthly statement showing

mary

the amount of money in circula¬
tion

after

neld

in

ury

and

Banks
this

deducting the moneys
United States Treas¬

the

by

and

time

Federal

are

for

Reserve

The figures

agents.

July 31,

and show that the money
culation

date

that

at

of course,

1943,

in cir¬

(including,

that held in bank vaults

of member banks of the Federal

Reserve

587,757
on

System), was
as

$17,954,-

against $17,421,261,974

June 30,

and $12,739,478,258

on

July 31, .1942 and compares with

$5,698,214,612

on

Oct.

31,

1920.

outbreak of the

the

Just

before

first

World War that is

on

June

30, 1J914, the total was $3,459,434,-

174..'

.

"

.

-iiia

-v-.

■p.,

Volume 158

•

'

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4212

Braiier To Direct

gentine military and naval forces
take part;' in measures designed

Monetary Standards Inquiry

-

for

Into Posl-War Reconstruction 6 Stabilization

the

sphere.
In

Having for its objective the investigation of a basis for interna¬
tional reconstruction and stabilization, what is designated as the

of

defense

■

.

Associated

the

*■

time to evolve monetary arrange¬
ments

will

that

solve

the urgent problems
front us in the

post

effectively

that will con¬

announcement

with

dealing

the movement
undert aken

follows:

post-war world. It does not help
to say that some type of mone¬

"Anticipat¬
that the

ing

us

.

end of the

tary arrangement did or did not
a certain time in the; past.

war

will find world

work at

monetary

The crucial

ditions

con¬

in

est possible basis after the war?"'
"
'Because of the general recog¬

confusion, the
launching
of

nition

the

conditions

Monetary

unsound

.that
in

monetary,
country affect

any

adversely the rest of the world,

In¬

Herbert M. Bratter
quiry for the
purpose of in¬
vestigating a basis for interna¬

tional

reconstruction

ization

was

and

announced

on

stabil¬

Septem¬

ber 8th by Herbert M. Bratter, di¬

opportunity for international
co-operation in the monetary field
unparalleled.
There is every

the
is

reason

to consider the whole

now

problem

accounts

of

stabiliza¬

monetary

omists

and

of

leading

officials

who

econ¬

have

on

the

said Mr.

and

the

public,
widely-

trade

student of fi¬

tions.

Bratter, who is

writer

and

subjects.

His

a

"2.

statement

issued from the office of the

Monetary

Standards Inquiry in
the Graybar Building.
"Participants in the inquiry will

and

other

economic

rium

of

the

balance

equilib¬

of

interna¬

the

Washington

of

the other

same

we

and should be stabilized is hourly
account

from

quote:

"Admiral Storni contended Ar¬

tional payments of each
which in turn requires

rates.

both

unfair

and

disastrous.

It

country,
political with the Axis.
include such outstanding mon¬
i"-""' :■'(
regardless of how many units of
and
economic
stability outside the
etary and trade authorities as
"Argentine sentiment, eminent¬ goods they produced and sold."
EUgene E. Agger, New; Jersey strictly monetary sphere..<•;V;v;:; ly American, firmly: opposed to
Mr. Bowles stated that he felt
"3. Devaluation 'wars" do no
State Department of Banking and
totalitarian
regimes, is on the it necessary to make this state¬
good,
but
rather
work
serious
side ' of the^ United
Nations
in ment because "some
Insurance, Trenton, N. J.; J. B:
people liad
material and spiritual action, he drawn
Gondliffe, Carnegie Endowment harm to the nations involved.
erroneous
interpretations
"4. The balance of international
for International Peace, Washing¬
declared.
;r-'
from OPA data on hourly and
"Admiral Storni acknowledged
ton; Charles O, Hardy, temporar¬ payments of every country will,
weekly earnings that had no di¬
ily with the Government on leave at times, develop favorable or un¬ that 'defeat is inexorably drawing rect
bearing on the program for
tendencies,
requiring closer to the
of absence from the Brookings In¬ favorable
Axis,' but that to reducing the cost of living." Ac¬
the employment of a settling me¬
break off relations now would put
stitution, Washington; Frank D.
cording to Mr. Bowles, these peo¬
dium
or
media, whether some Argentine
Graham, Professor of Economics,
chivalry to a hard test. ple had "jumped to the conclu¬
Princeton University, Princeton, commodity like gold or silver or 'Let it suffice,' he said, 'to recall
sion that the OPA saw no neces¬
*
N. J.; Elgin Groseclose, recently a mere credit device."
the" judgment which Italy merited
sity for reducing prices because
financial adviser to Iran and now
when, in a similar situation, it average weekly and hourly earn¬
in Washington; Dickson H. Leav¬
took its position against defeated
ings had increased more rapidly
ens, Cowles Commission, Univers¬
France.'
than the cost of living." He con¬
v- "Meanwhile,
ity
of
Chicago, Chicago,
111.;
the Admiral con¬ tinued:
Charles A. McQueen,
Office of
; tinued, the Axis countries have
"Of course, that is wrong.
So
Coordinator ' of
Inter-American
notching to hope for from Argen¬ far as this agency is concerned,
The
Argentine
Government's
Affairs, Washington; Walter E.
tina,
and
'public
opinion
is
daily
we intend to do everything pos¬
request that the United States
Spahr, Professor of Economics,
more
unfavorable to them, but sible to continue
furnish arms and munitions to
and speed up the
New York University, New York;
this/eyolution
would
be
more
that
reduction in the cost of living. We
country under the LendAmos E. Taylor, internationally
rapid
and
effective
for
the
Amer¬
want
to
see
the
cost of living
Lease Act has been declined, the
ican cause if President Roosevelt
recognized
balance-of-payments State
Department
revealed
on
figures reduced to the point at
should make a gesture of genuine
expert, Washington, and Arthur
which wage rates were stabilized.
Sept. 7, in making public an ex¬
K. Upgren, economist and Vicefriendship
toward
our
people; We know the
large: percentage of
change of notes between Secretary
such a gesture might be the ur¬
President, Federal Reserve Bank of State Hull and the
the American people agree with
Argentine
of
Minneapolis,
Minneapolis,
gent provision of airplanes, spare us.
Foreign Minister, Vice Admiral
Minn.
parts, armaments and machinery
Segundo Storni.
"Organized labor is supporting
to restore Argentina to the posi¬
"Mr. Bratter, director of the In¬
Mr. Hull's reply made plain this
this program to cut the cost of
quiry, formerly was with the De¬ government's disappointment over tion of equilibrium to which it is
They work for this pro¬
with
respect to other living.
partment of Commerce and the Argentina's failure to sever rela¬ entitled
gram, rather than press for higher
South American countries.' "
United States Treasury, specializ¬ tions with the
Axis, as she agreed
wage rates, and I think their posi¬
As to the allotment of lending in Far Eastern financial and to do in a resolution as the Rio de
tion is a credit to the statesman¬
lease
monetary problems.
Earlier he Janeiro
supplies
by
the
United
conference
of
Foreign
ship of their responsible repre¬
was
statistician
of the
Chinese Ministers of the American
repub¬ States, the United Press advices sentatives."
Government Bureau of Economic lics.
from Washington Sept. 7 stated:
Ni.'"»A/;,
Y :'■"}<>
;;;
It was added that the recently
Information
and
has
published
In United Press Washington ad¬
"In alloting lend-lease supplies
published WLB analysis of wage
numerous
books and articles on vices of
Sept. 7, it was reported: to other American countries, Mr.
rates shows that increases in rates
monetary questions.
Mr. Hull categorically rejected Hull said, the United States has
of pay approved by the War La¬
"Explaining the objectives and each of Admiral Storni's pleas been concerned solely with ques¬
bor Board in manufacturing oc¬
procedure of the Monetary Stand¬ including one for a "gesture of tions of hemispheric defense.
cupations totaled only 0.8% be¬
ards Inquiry, Mr. Bratter stated: genuine friendship" from .Presi¬
\ "Since ; Argentina, both by its tween Sept. 15, 1942, and May 15,
"
'The end of the war doubtless dent Roosevelt such as "the ur¬ words and its actions, has indi¬
1943.
Increases in pay rates ap¬
will find monetary conditions the gent provision of airplanes, spare cated clearly that the Argentine
proved by the War Labor Board
world over in a state of confusion parts, armaments and machinery.". armed forces will not under pres¬
in
other private non-farm, em¬
Mr. Hull's letter, dated Aug. 30, ent conditions be used in a man¬
and chaos never equalled in his¬
ployment
averaged only 0.4%
tory. Inflation will be rampant in was in reply to one from Admiral ner designed to forward,the secur¬ during the same period.
many countries, and threatened in Storni Aug, 5, and was sent with ity of the New World, and thereby
A promise by Mr. Bowles that
others. The foreign exchanges will the approval of Mr. Roosevelt.
the vital' war
interests of the
,

U. S.

Rejects Argentine

I Plea For Lend-lease

.

.

-T

.

•

.

.

be

subject to

profound
uncertainties. Peoples everywhere
will be eager to begin reconstruc¬
numerous

tion and to return to normal ways
of life, but they will be hampered
so

long as they remain in daily
of depreciation in the cur¬

fear

rencies they must use to carry on
their business.
Foreign trade, in

Admiral Storni's United States, it would be impos¬
the President of the
contention that Argentina is help¬ sible for
ing the United Nations with all United States to enter into an
power
consistent with popular agreement to furnish arms and
Argentine opinion, Mr. Hull noted munitions to Argentina under the
that "neither the present Argen¬ lend-lease act, he said.

disposition to strengthen the

se-

particular, cannot be returned to1 curity of Argentina by having Ar¬




The rise in

The Reserve

Bank's

announce¬

ment further stated:

"Increases were rather general
throughout Iowa, Illinois and In¬
diana, although the section in In¬
diana visited by heavy floods this
spring showed a somewhat smaller
rate of increase than for the rest

of that State.

Values in the north¬

half of the lower

ern

Michigan showed
of

increase

half.

than

a

in

peninsula of
smaller

rate

the southern

The rises in Wisconsin were

mostly < confined to the area be¬
tween Iowa and Lake Michigan
and

along., the lake shore; to., .the

north.
in

Little

fact

or

ported In

no

"change,, and

declines

some

the

were

west-central

tions of Wisconsin.

;

re¬

por¬

^r

"Activity in the land market
is reported as quiet to moderately
active
throughout the District,
although brisk activity is reported
by a few bankers in northwestern
I o w a,
southeastern Wisconsin,
Illinois

northeastern
western

south¬

and

Michigan."

Result Of Treasury
The

Secretary of the Treasury

announced

Sept. 13 that the
$1,000,000,000,
or
thereabouts, of 91-day Treasury
hills to be dated September 16
and to mature December 16,1943,
which were offered on September
10, were opened at the Federal
Reserve Banks on September 13,
tenders

on

for

The details of this issue
follows:

Total

;o;•1::

■'■

applied

are
:■:

as

?. ■ <

for—$1,535,294,-

000.I''

.

Total

accepted—$1,008,342,000
(includes $76,164,000 entered on
a fixed-price basis at 99.905 and
accepted in full).
Range of accepted bids:

High—99.911 Equivalent rate of
approximately
0.352 %

discount

/.

per annum.

-'//"'A

Low—99.905 Equivalent rate of
discount
approximately
0.376%
per annum.

Average
lent

rate

price—99.905 Equiva¬
of

discount

approx¬

imately 0.374% per annum.

(64% of the amount bid for at
•accepted.)

the low price was

Challenging

tine government nor its predeces¬
sor has at ariy. time evidenced a

ported for Wisconsin.

values is based upon current sale
To attempt to freeze
prices of farm land in the farm
total weekly earnings would be
territories.'

wage

gentina was pro-Ally.
He inti¬ would be unfair because men can¬
mated, however, that his country not be expected to work harder,
could be accused of stab-in-the-' at
higher skills and more hours
back tactics if she changed now
per week for the same weekly
from neutrality to open warfare.
pay.
It would be disastrous be¬
"Admiral Storni, in his letter, cause it would wreck the
policy
recalled the military coup that of
getting maximum production
placed Gen. Pedro Ramirez's gov¬ frOm
our
limited
manpower.
ernment in power, and said that Businessmen would
rightly object
the; present administration ; was if, in the field of price control,
not Fascist nor even sympathetic their total
earnings were frozen

rela¬

of

revels

can

been 'understood.'"

Stability of foreign exchange
primarily upon a
measure

rela¬

.

rates must rest

reasonable

commercial

Up 8%
in Chicago Res. Bisf.

international

facilitate

to

has Argentina severed

and

Farm Land

"L A

able

government

nor

financial

tions:

of

nancial

September,;; 1942.
On the cost of living will be restored
hand, the cost of living to the September 1942 levels, was
tions, arid as a result has author¬ rose by 6.2% between Sept. 15, referred to in our Sept. 9 issue,
ized financial transactions bene¬ 1942, and May 15, 1943."
page 1019.
,
ficial to the enemies of the United
Stating that "for the past three
months the cost of living trend
Nations. 1
:"2. Axis agents continue to en¬ has been reversed," Mr. Bowles
gage
in espionage activities in added'
"The cost of living was reduced
Argentina," which is costing the
'United Nations ships and lives. in June and July, and we expect
A rise of 8% in land values in
They spread Axis propaganda, another decrease to show in the
the Seventh
(Chicago) Federal
and > their
publications; < receive BLS cost of living index for
Reserve District during the sec¬
But there is still some
supplies of newsprint at favorable August.
ond quarter of 1943 was reported
prices through the intervention of way to go. We still have to bring
on
Aug. 31 by the Federal Re¬
the Argentine Ministry of Agri¬ about a reduction of 4.5% before
serve Bank of Chicago.
The sum¬
culture.
"
•'
prices are brought into line with
mary is based upon the reports
"3. Argentina is the only Amer¬ stabilized wage rates."
of 600 country bankers In Iowa
ican
Mr. Bowles further said, "You
republic still maintaining
and the Seventh District parts of
radio-telephone and radio-tele¬ have to remember, that under the
graphic communication with Ja¬ stabilization agreement we are Illinois, Indiana, Michigan and
Wisconsin.
In the opinion of the
pan, Germany and Italy.
dealing with the relation between
"All these, said Mr. Hull, were the cost of living and hourly wage reporting bankers the greatest rise
was shown for Iowa with an in¬
contrary to inter-American agree¬ rates—not weekly earnings. Hour¬
crease of 11%.
A rise of 9% is
ments to - which Argentina had ly wage rates have been effect¬
shown for Indiana while Michigan
fully subscribed, They explained ively stabilized, as directed by
and Illinois increases amounted to
convincingly, he indicated, why Congress, at the levels of Sept. 15,
8%, with a rise of nearly 4% re¬
The only thing that
Argentina's neutrality
had
not 1942.
Axis,

is being conducted
following basic assump¬

high degree of stability of
foreign exchange rates is desir¬

Acting Price Administrator Chester Bowles declared on Sept. 5
published analysis of the move¬

that the War Labor Board's recently
ment of

hourly wage rates since last fall confirms the need to carry
through the Administration's program for reducing the cost of living.
"Wage rates,", he said, "that is, the basic rate paid to a worker for
have actually declared war) has- each hour of work or unit of output, have been effectively stabilized
—
1
—
—
not broken off relations with the by the War Labor Board at the<5>-

From

specialized in monetary problems
will be published for the guidance

was

Washington it was stated:
"In reply Mr. Hull made three
points:
/
\Vf
V;" \
"1.
Only Argentina, of the 21
American republics (13 of whom

"The Inquir-y

"Viewpoints

known

from

tion.'

rector.
•

question before us to¬

day is: "What is needed to place
currencies on the soundest, strong¬

an

unprecedent¬
ed state of

Standards

currency

quotations fluctuate widely.
"The Monetary Standards In¬

prejudices and renewal of old
controversies, it is of the greatest
importance at this time to evolve
monetary arrangements that will
solve effectively the urgent prob¬
lems that will confront us in the

The

world."

while

at
in
of

:v quiry is being conducted on the
assumption that while avoiding

war

-

channels

normal

on

Stresses Need For

^

■

Monetary Standards Inquiry, was launched in New York City,
Sept. 8.
The confusion in world monetary conditions expected
the end of the war prompts the action which has been taken, and
the statement with regard thereto, it is pointed out that "it is
the greatest importance at this *

Says Hourly Wage Rate Study
Reducing living Bests

hemi¬

V-\[- i

Press

Bowies

1111

merits designed to

solve post-war

Since the

amount of bills ma¬

turing Sept. 16 totaled $1,000,489,Following his failure to obtain 000, the Treasury did not realize
any "new money" from the bill
aid, Mr. Storni resigned as For¬
offerings this week. For the past
eign Minister on Sept. 9 "to facili¬
weeks, the Treasury has
"Because of her attitude, he tate the future action of the Ar¬ eight
been
receiving
approximately
continued, Argentina is finding gentine Government."' President
$100,000,000
weekly from the "bill
herself excluded froin the 'studied Pedro Ramirez accepted the re¬
offerings.
discussions, meetings, and arrange-

problems,'"

signation.

t

,,

ra.'.,::•crhx.c-,<. r
THE COMMERCIAL & FINANCIAL CHRONICLE.

iii2

TT

n.v

prepared. The
do not

Of

Lasting' Peace,; Walte'f iclares

begin preparing

(Continued from first page)

Hill (Dem., Ala.).
^
Mr. Wallace also took' occasion

"international

denounce

to'

booters"

and

tels,"

.

free¬

"monopolistic

car¬

The

political freedom, on freedom
expression and freedom of re¬
ligion, on the right to be secure
on

of

in one's

line

Ah abridged text of the VicePresident's
address
follows, as

own

it

own

home.

With the old-

Tories, having
way

was

things

their

in England and France,

necessary

to have a peo¬

given in Associated Press accounts ple's revolution to launch the idea
of political freedom.
from Chicago:'
We in the
,V" 1
;V"■
Those of you who must read United States told the world what
the McCormick press know the we were fighting for in the Dec¬

•

Now— laration.

inevitable Conflict is here.
not

shall

We

tomorrow.

know • whether the

common

soon

man

shall have "Democracy First" or
whether under the smooth phrase

"America First" the common man
shall be robbed. Beautiful adver¬

tisements and slick editorials say,;
"Let

soldiers

our

come'

home

to

of

Our
the
Constitution was to improve that
Constitution. by adding to it the
Bill of Rights so as to make it
certain that political democracy
would always be. the fundamental
law.of the United States. We shgll
never give up the freedom em¬
bodied in the Declaration of, In¬
dependence and the Bill of Rights.
first

action

Independence.
after

now.

of

memory

the

adopting

...

iyidingViip

%

trade, 'but

*wpr{<&

we

nation against another, they have

unwittingly fostered world de¬
be
pression and maintained economic

from

feudalism.

the

back

into

will

the

too

easily

slump

selfishness

which

Let

be

not

us

thinking

that

■

deceived

into

attacks on cartels
American business-.

democracy would die. Hitler ex¬ Four Freedoms deal with free¬
ris's insight and motivation sooner
ploited our failure to establish an doms which we in the United
or later realize that not only are
economic democracy byv; starting States have long enjoyed.
The
isolationism and special privilege
World War II.
If we are to pre¬ Fourth Freedom which must be
vent a second Hitler and World the essence of the new declara¬ theoretically the same thing, but

problem

.

.

(

But

tionist.

that the

men

men

of Senator Nor-

who back isolation¬

III, we must be more dar¬ tion of freedom is freedom from
ism in the economic world have
ing than we were 25 years ago. want, which I would spell out as
a
very keen interest in special
follows:
•'■'-y'-V
Oy";::
.We must fight not merely to make
Isolationism and spe¬
1. Freedom from worry about privilege.
the world safe for democracy but
cial privilege spoke with equal
to give democracy first place in a job. ' ■
'y':;y".
:::/y y.y/V- yyy;
force to produce the peace of
2. Freedom from worry about
the
world.
Some
people say,
Munich.. Wherever
isolationism
i "America first." Under that slo¬ a dependent and poverty-pinched
is being pushed most vigorously,
gan we can have only war, be¬ old age.
:tp-,. ,vyy>- ;y;:y;
there in the background can usu¬
3. Freedom from unnecessary
cause under it envious, hungry
ally be found, furnishing money
peoples, the have-not nations with worry about sickness and hunger.
and power, monopolistic cartels.
4. Freedom-from strife between
per capita resources less than oneThese
cartels
are ucustomarily
fifth our pWn, will inevitably rise workers and business men, be¬
seeking tariffs, quotas,' subsidies
Sip to; tear us down. The battle tween farmers and business men,
or
other
governmental
favors
'cry, "America First," means that and between workers and farmwhich are the breeding ground of
sooner or later we shall find our¬
isolationism.
V:;,;vv f- 'H- V
5. Freedom from strife between
selves alone, encircled
by and

fighting against

hostile combi¬

a

nation^ But the slogan "Democ¬
racy First," intelligently followed
up and vigorously applied,
can
lead

to

As a matter of
fact, it is only by applying the
principles of "democracy first"
that we can have any chance of
lasting peace.
The slogan "Democracy First"
means the supremacy of freedom
peace.

the

both

in

to

economic

No

the

and

from him.

away
one

of

all of

man's

freedom

God gave every
certain rights.
He gave

us
us

should be free

man

another

take

-

world rich in soil and

a

minerals.

And to many of us he

such scientific understand¬
ing that we know it is now pos¬

gave

sible to build health, comfort and

happiness for everyone.
If we
plan right, there can be freedom
from hunger and freedom from
the'fear-of a poverty-stricken old

The farmer

age.v

be free of

can

his fear of impossibly low prices
for what he sells .and outrageously

high prices for what he buys. The
business

man

can

be

free

from

the fear of those monopolies and

cartels which use
practices in buying from
him, selling to him or competing
international

unfair

with him.
In

the

world

of modern tech¬

nology the possibilities of abun¬
dant production are so great that
question of time until
We can bring the blessing of free¬
dom from want, to every one. Two
it is only a

hundred years
ago freedom
of
discussion and freedom of religion
meant

more

to

Those

were

the

days when men on the farm and

only about
they are
little talk about

in the workshop were

today.

as

There

efficient
was

as

freedom from want in those days
because

nearly every one thought




and creeds.

Freedom from fear of bank¬

ruptcy caused by overproduction
of necessary materials, -v,
f
<

.7.

and

Senator Ball,

who is with me
this program here tonight, and
who, as far as I am able to dis¬

on

has the same ideas on in¬
Freedom for venture capital ternational monopoly-as I, is a
for inventors of new ideas Republican.
The difference be¬

tc

expand production of needed
goods without fear of repressive
cartels, excessive taxation or ex¬

' ^riliuA*

'yt"

in'every country will pros-

market for

better

a

the Iowa

and

cover,

tween

us

is

that

he

thinks

the

Ask

the

American

who

has

felt

business

man

the

we'ght.of mo¬
nopoly, patent control and cartel
OpP^eSstDri^^;-'*.1
■-ri

sources

every

one

come

The

common

will not let

man

the governments, corporations and
cartels of the world rest until

these / three
America

rules

,

fulfilled.
by

are

this., job

do

cannot

herself, because in sqch case her
of living, so far above
the rest of the world, may bring
great practical, importance as we
on envy and finally war.
Amer¬
consider the terms under which
ica's only safety and guarantee of
monopolists will pbtain United
States
Government, constructed high living standards is in world¬
This

war

whole

matter

takes

on

wide full

plants.

used

standard

These plants can be
and
produce post-war abun¬

to

dance for the
business

is

common

whether

men

bowed to

are

one

The

man.

the

side—whether free

of natural resources,

use

rise

world-wide

There

small

going to be el¬

a

standards

in

living

rapid as her own.

as

is

certain

to

be revolu¬

tion until the seven freedoms are

obtained and the three

rules

are

fulfilled. The only question is the
enterprise is to be smothered by
of
the
revolution
and
monopolistic controls worked out speed
whether it will be peaceful or
by big business men holding Gov¬
violent.
The
returning
soldiers
ernment ringside seats.

Planning
and war workers will not tolerate
give small 'business its full,
bread lines, closed factories and
practicable- post-war share of warplant facilities and equal access bursting grain elevators after the
Leadership will
to .raw1 materials- must begin at style of 1930-32.
to

once.

Otherwise

there

be

can

arise.

If it be of the

thoughtless

or demagogic Nazi type, there are
neither free enterprise; nor full
troubled days ahead. Monopolies
employment in the peace to come.
And now let us focus on the which finance demagogues to cut
immediate objectives of the com¬ the throat of progress and to de¬
spoil labor are playihg with Afire
mon man:
1. Hitler, Mussolini, and what which will burn down their own
r /\'--r;;;■ v.
they.stand for, must be wiped out houses.
And so I ask all the potential
as soon as possible.
;
leaders
of
agriculture, business
2. The time to dictate peace
•

.

,

.

terms is when

our

armies

Berlin and Tokyo.'
3. The international
should

be

are

monopilists

conspicuous

by

must

be

used

to

and

labor

to

themselves

their

absence at the peace table.
4. The
air
space
above
earth

in

:

serve

*'

this
the

cians.

Time

has

never

counsel

the

with

will

breath of the
it

take

and

been

The

wait.

not

future

with

politi¬

is

ori

us

before.

as

We

cannot

escape.
The day about
which the prophets and seers of

many nations have dreamed for
degree of 3,000 years is rapidly approach¬
May wisdom and under¬
competition will insure the best ing,
cessive Government regulation.
same
evil
Gov¬ standing guide our President and
forces
are
in
The first step toward
much service at the lowest cost.
getting
the 96 Senators as they try to
the seven new freedoms is to pass greater danger of dominating the ernment subsidies, if any, must
the
dream
of
universal
be used to promote the common make
through the Senate of the United Republican Party. Wherever these
r
;
man's interest in trade and peace peace a reality. ?
States some such
resolution as forces are found, our job is to
No. 114, which provides for the fight' them.
Those groups which arid not to preserve monopolies
United States taking the intiative rule over economic empires have or to promote destructive inter¬
If the airplane
in calling meetings of the United usurped the sovereignty of the national rivalries.
Nations. This resolution looks to¬ people in international relations. is to be an instrument of peace

forces of monopoly are more like¬

needs of trade and travel for the

ly to dominate the Democratic
Party, and I am sure that the

common man.

A proper

NYSE

Borrowings

about a foreign policy rather than an endless threat of
The New York Stock Exchange
reciprocal trade treaties war, there must be international
and on open covenants openly ar¬ cooperation.
;; ">
announced on Sept. 8 that the
5. International organization can
total of money borrowed as re¬
sion, and the gradual addition of rived at with the advice of the
such other machinery as may be Senate responsible to the people. build permanent peace only by ported by Stock Exchange mem¬
necessary.
I am for the resolu¬ This is good as far as it goes but serving continually the needs of ber firms as of the close of busi¬
tion as far as it goes, but it doesn't the facts have not squared with the common man everywhere for ness Aug. 31 was $595,695,164, a
jobs, opportunity, health and se¬ decrease of $22,888,322 below the
go far enough.
There should be the principle.
.;;V/..y
v.,-; July 31 total of
provision for joint action on the
In reality, much of our economic curity.$618,583,486.
6. Isolationism, whether it be
The following is the Stock Ex¬
problem of unemployment and relationship with the rest of the
overproduction due to interna¬ world has been governed by a by stifled patents, cartel under¬ change's announcement:
tional
tariffs, or * any
causes.
The total of money borrowed
There
must
be small group seeking to parcel oUt standings, \ high
power to deal with those inter¬ the resources and markets of the other method of restrictive greed, from banks, trust companies and
must
continually be fought.
national cartels which are
other lenders in the United States,
strang¬ world so as to control production,
7. Arrangements made by in¬ excluding borrowings from other
ling production, competing un¬ prices, distribution and the very
ternational
cartels
should
be
pub¬ members of national securities
fairly or using methods which life-blood
of
world
industry.
lead to war.
These cliques have their own in¬ licly recorded. The Department of exchanges, (1) on direct obliga¬
State
and
Justice
and
the
Patent
tions of or obligations guaranteed
During the past two months ternational government by which
Office must be continually alert as to
Senators and Congressmen speak¬
principal or interest by the
they arrive at private quotas.
to
the
possibility
of
secret
agree¬
ing oh behalf of Resolution 114 Their emissaries are found in the
United States Government, $159,ments in addition to the written
have received a marvelous
509,300; (2) on all other collateral,
recep¬ foreign offices of many of the
tion wherever
they have gone. important nations of the world. ones which should be on file.
$436,185,864;
reported by New
8.
Next
Free
enterprise
demands
York
Stock
Tuesday Congress
again They create their own system of
Exchange member
freer
travel
between
the
nations
takes up its duties.
firms
as of the close of business
Ninety-six tariffs and determine who will be
and less passport,, visa, and custom
Senators and our President will
Aug. 31, 1943, aggregated $595,given permission to produce, to
ward

a

court

or

board to listen to

international disputes, a military
force to prevent military aggres¬

We

talk

based

on

.

.

s

-

determine-what
do about peace.

we Are going to
Their action will

buy and to sell; ' When I attack
these

We need more free

foolishness,

moving, enterprising business men
and fewer secret agents and mo¬

695.164.
The

total

Of

borrowed,
basis, as of
July 31, 1943,
are willing to do to
was; (1.) on direct obligations of
get peace.
There is no time to be lost.
or
obligations guaranteed as to
Now is the time to strike while ness men as well as
practically amples for full production. Free principal or interest by the United
the war irons are hot, The war is all consumers are forced to
thoughtfully planned States Government, $127,753,897;
pay enterprise
costing us 10 times what it should tribute to these international free¬ will result in power projects on (2) oh all other collateral. $490,because the democracies were not booters.
They talk about freer the Danube, • irrigation works in 829,589. Total, $618,583,486.

people than free¬ largely

dom from want.

one-tenth

races

6.

.

political world.
Freedom means
respect for the dignity of the in¬
dividual.

the

'

■

technologies so that
working in hope can
every night to a peaceful
makes peace merely an interlude are attacks on
to war.
' On the contrary, cartels are the rest in the expectation of another
day
of
hopeful work tomorrow.
•, Isolationism is the screen be¬ greatest menace to the American
tomorrow

.

War

,v

farmer right here at home.
Such
By eliminating com¬
so
recent and petition, they have replaced true self-liquidating projects will not
be gifts of the United States, but
means so much ■ to
England, Rus¬ capitalism with the dead hand of
we can furnish engineering'ser¬
sia and China that they can't help monopoly. Pope Pius
XI, 13 years
vices and finance sales of ma¬
being grateful. In like manner we ago, spoke truly about these men
:;-y V
are impressed today by the skill
when : he said:
"This concentra¬ chinery.
Senate Resolution 114 is a step
of the British airmen, the tremen¬ tion of power has led to a three¬
dous drive of the Russian armies fold struggle for domination. First, toward a people's peace. A peo¬
and the patience of the Chinese there is the
struggle for dicta¬ ple's peace is the gateway on the
path, to the century of the com¬
after
six
years
of fighting
a torship
in the economic sphere
mon man.In the century of the
treacherous
foe.
Today we all itself; then, the fierce battle to
face reality and are grateful for acquire control of the State, so common man Rule No. 1 is the
full use of all natural resources
the help of friends.
But tomor¬ that its resources and authority
on a sustained basis.
Rule No. 2
row millions of us may forget, and
may be abused in the economic
is
full use of all technologies.
curse
Europe and Asia: as: the struggle; finally, - the clash be¬
Rule No. 3 is to use these re¬
cause
of our woes.
.All nations tween States themselves."
men

business principles of free private
enterprise; and equal, opportunity.

it used to be."

as

'

pet, jobs will be created in Chi¬
cago and Detroit, and there will

airplanes,

hind which special privilege seeks
What
to entrench its control.
When I
they are really saying is, "Let us
say this, I am not talking about
But
that
go back to normalcy, depressions,
freedom; is not enqugh.
people who honestly believe' the
■cartels: and a war every 25 years."; Each age demands a new free¬
United States could isolate itself
The time has come for' a
In World War I we fought to, dom.
from the problems of the rest of
make the world safe for Democ¬ new declaration of freedom which
the world. Certain of the people
racy; We failed, Hitler rose, and adds to, and makes secure, in an
whom I have known personally
the< Second World War came on age of airplanes, radio arid abund¬
have devoted their lives to the
because we were not sufficiently ance, the freedom for which our
elimination of special, privilege.
concerned with the plight of the fathers fought. Our new declara¬
Senator Norris, who fought more
.common
man
the world over. tion must go on to cover free¬
vigorously against special privi¬
We did not realize that economic doms we haven't got now but
lege than any man of his gen¬
;
democracy must be combined with which we must have.
Three of the President's famous eration, was at one time an isola¬
political democracy or r political

America

t

Ipdia; flood; Control in -China, en#
as; a result" of it'lall,'Ihe "comriioiV
man

We.

arrive at understandings now
which we
can't get next year.

Minn.),

.*

Thursday, September; 1.6, .1.943

■

also will cost

can

Burton
(Rep,, scarcity was the will of God. tanks, food and
Ohio), Hatch (Dem., N. M.) and Therefore, attention was centered United States is

(Rep.,

'

)■ :>

■

peace

10 times what it should if

us

Utxi'

\

.

think

depend

what
they
you and millions like you
on

of

monopolists, these creators

secret, super-government, I am
nopolists.
not
attacking business.
I
am
9. Backward
speaking for business because the
peoples
every¬
overwhelming majority - of busi¬ where must be educated by ex¬
.

.

.

compiled

on

the

money
same

the close of business

_

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4212

158

dle;. western

Br. Sutler Sails Freedom @f

Enterprise

Nicholas Murray Butler,

Dr.

grimage, -rto- Downing; Street • by
way of Wall Street. He has bought
and been bought by the prospect
of millions for his campaign fund
from New York bankers, but he

President of Columbia University,

Sept. 5 that to the Four Freedoms of the Atlantic Charter
must be added a fifth freedom, Freedom of Individual Enterprise,,

'

Four Freedoms must

of the arch on which the other
'
' '
•
,;;v" '
'•

"the keystone

''''

;'j

j,

:; '/>*'-**'

f

■

as

in

Museum, Southampton, L. I., Dr.*
Butler

asserted

slowly -, in making
changes while the liberal looks
forward to changes even at the
cost of changing, "sometimes in
large degree,/.the details of the

rive

"fifth

the

that

freedom" is the most important of

alt and that, it is to the
of

these

this

that

States

United

"people

modern world may well look for

commanding and convincing illustration
In

.

the

New

' organization and practice of

Tri¬

"Herald

York

When

gov*

back .too

"This fifth freedom is in reaD
ity the cornerstone of the founda¬
tion upon which the other Four
Freedoms must rest," Dr. Butler
said.; "It recognizes that the in¬

tion.

holds

conservative

the

bune" of Sept. 6, Dr. Butler's re¬
marks were further reported:
S

;

I ernment itself."

fifth freedom."

of this

moves

long,, Dr.

Butler

said^

the liberal wins in the next elec¬
And when the liberal

moves

.

dividual

human

body, J the ^in¬

human intellect and the

dividual

individual human soul

are

mental and the moving

jng forces' in
Within

of

true

i

civilization."
*

and: guid*

form

any

funda¬

broad

the

scope

of the

fifth freedom, Dr. Butler asserted;
"no
individual
must be looked
upon as a

member of a permanent
person must be

class

or

group." A

free

to

"move

about

as

he

likes

economically, socially and polit¬
ically;" Dr. Butler added.
Dr. Butler cited the vast field of

opportunities in the United States
as a
means of implementing
the
meaning of the fifth freedom. - V;
"The Army private of today is
the major general of tomorrow,";
Dr. Butler continued, v "He who

forward

too

rapidly, the conserv¬
ative
displaces rj him ;> in
public
opinion.
All these "happenings,"
Dr.

Butler

held,

part of the

are

fifth freedom.

fifth

freedom, the Freedom
of Individual. Enterprise, is the
keystone of the arch on which the
other Four Freedoms rest," said
Dr.

"This

Butler.

dom means."fri ' •

-

is

what

-

.v''

:

free-

-

;

Dr. Butler said that when peace
comes, it may be
to "propose and
•from

part

one

and

migration

urge

of

the

world

to

He

another."
ture

found desirablO

of

votes

Republicans as surely
he has lost the support of voters
the more American States. They
have

now

no

but to

recourse

re¬

pudiate him as a deserter,
m
/"Gov. Dewey might well have
been warned by the poll, just com¬
pleted by\ James Sri Kemper- of
Chicago, of the 1940 Republican
Convention, delegates.
More of
than

them

supported • any other
their opinion that,
as of a few days ago; Gov. Dewey
was
the strongest candidate the
party could choose next year. At
candidate gave

the

same

them

time

named

that

ciples

Willkie

have

destroyed

be

Mr.

helpful if still sparsely settled
of Asia, Africa and the

parts

Americas /"should

increase

their

on

know,.,
ence

to wield large influ¬

come

and

authority aS

admin¬

an

istrator/an Organizer of men and
of industry.;
This is the secret
of true progress.
Given the fifth

There have been
It

not they, who would pro¬
the alliance.
Mr. Churchill
intention

no

freedom,

other: Four

the

then

Freedoms take their place as part

man."-

of the life of every free
*

Dr. Butler Contended that "most

of what the free

man

life is

himself in

vance

co-operation
minded

-

w

fellow

does to ad¬

done

in

i t h
his * likemen." The cor¬

"Dailv
Col.

Tribune."

published
by
McCormiok, cnnT
editorial ent;tied "Gov.

Robert

'gins

an

Dewey

R.

Goes

And-American,"
Criticizing the New York execu-t
five's

declaration

American

for

military alliance; " The

editorial follows in part:

poration in industry, finance, edu¬ ," "Gov.
Dewey's sincerity in;p-sT
cation or elsewhere, he said, has
verting that he does not want the
long been a - "most 'effective in¬
Republican nomination for Presi¬
strumentality in enabling individ¬ dent next
year becomes an aca¬
uals to co-operate in the public
demic

\,

service."

"There; is ! • an
between

barrier

question with his Mackinac

v

declarat'on

insurmountable

co-operation
with
fellow men," Dr. Butler ob¬

compulsory
one's

and

voluntary
,

served. "The latter is inconsistent
with

fifth

the

freedom

and

principles and
the ideals of modern democracy."
violates

both

the

said that every in¬
dividual must be trained and en¬
Dr.

Butler

couraged to make the most of op¬

From; such oppor¬
tunities, he. said, some will gain
considerable
personal influence,
some
large fortunes and others
reputations
in
the
arts
and
sciences. "All these," he added,
"are manifestations Of the fifth
freedom
of
individual ; enter¬
portunities.

prise.''- X:

"/vl;'.' '[.- 'A t

•

the-

American

'requested

vision.

in

a

democratic

the

anti-American

society

his

-eoured

all iance. > By
way,

four-year

going

"he

ha«

tenure

at

Albany against interrupt* on by
call to higher responsibility,

"Gov, Dewev's act'on will
sion

more

the

among

than

sorrow

Republican

a

j .%:i;

v;"

voters- of

the. nation.-. They have
beh'nd his nersonality

hoped that
they might
find the solid princioles requisite
in a national leader, but they have
not

been

dency
for

to

what

diate

unwarned

of

his

he

deems

to

be

political advantage,

"The

ten¬

compromise' principles

Governor

is

a

imme¬

; v '

l

tragic

:.

ex¬

midst

the

make

in

30

accept,

of

that freedom
exists
"incidentally
and afterswards."
Dr. Butler continued. It
ment comes first and

been warned
ences»

tion

by his

own

experi-

In 1940 he had the nomina¬

clinched

when

he

mised his Americanism.

compro¬

At

Phila^-

a

'

Of Peace

should

Mr.

on

Sept. 12.

The Senator, who is one
of the Ball-Bur¬

of four sponsors

resolution,

was

quoted in the New York "Herald-

or

13

adopted

in

saying:

as

important

that this
under its

its

present

under its present sponsor¬

Its substance and objectives,
however, are important. . . . It is
vital that the foreign policy of the
United States be

a

clear and prac¬

tical policy to prevent

the tragic

.

.

'

.,

Dr. Butler

■

1 " '

; '

warned that the gov¬

the Bare Faced Fraud.

nationalists

were

The inter¬

not satisfied

by

Democrat,' of Utah, said that the

must

never

be

.

rowed

thority."
Dr. Butler

when

there

asserted that! "if and
are two highly or¬

ganized political parties,-one

lib¬

instead

thought it
lax

of

widened.

necessary in 1942

He

to

re¬

his principles a little further
to win the Governorship of New

urge, a

the

cooling-off period between

unconditional

surrender

of

Germany and the drafting of peace
settlements by the United Nations.

"Peace
settlements
should
be
conservative,, we York.; Recently at Columbus he
demonstrated such lack of famili
prepared before hostilities cease,
have the almost ideal organization
and in those eases in which that
for the choice' of carrying on of arity with the problems and trials
is
impossible, ' the
methods
of
governmental policies by public of western agriculture as to lay
cpinion." He said the conserva- himself open to rebuke by a mid¬ solving them should be agreed'

eral

and

one




;

>

made—5c.\

debited to

check

properly

account—4c.

an

charge for each enverified—20c. ih ; hi;
for

"Method

meeting

involvedi in forwarding

Price

schedule

"This

Of¬

Administration

still under discussion.
;

the cost
envelopes

Office of the

District

the

fice, of

is

'

is
1

-

retroactive

to July 1 and banks will be re¬
imbursed for their costs of opera¬

"In

;

addition to the upward

items. 'two

new

re¬

reimbursement

the

of

vision

items have

been

'reports and regula¬
charge,' to cover the cost of
many
memoranda and di¬
rectives which the OPA finds it
one.

a

issue

to

necessary

and the costs

making monthly reports. This
item is designed especially to aid
the smaller banks which do not

of

advantage
of large
volume and activity and resultant
advantage of economical opera¬
tion with respect to purchase of
enjoy

the

The other is a 'verifica¬

supplies.

tion charge'

to cover the cost

of

contents of cQupon
envelopes deposited. This 'verifi¬
cation charge' will be retroactive
counting the

only to Sept. 1.
"In

its

bulletin

to

the

banks

announcing the new reimburse¬
schedule, the Ration Bank¬

ment

ing Committee

of the ABA also

and regulations oharee of £*>0
ner
month apply to each office for ba^ks
having branches, with a maximum of $100
^Reports

per

month for any one bank.

in

now

upon," he said.
should

quickly
the

war

"The JJmted Na¬
be

operations

organized

as

possible, so that when
ends the universal struc¬

to promote economic
iustice and to prevent across'on
by whatever means or force nec¬
essary,

Too, it will

through

the

of

use

a

one-domination stamp.
From a
banking standpoint the reduction
the

in

also
of

of

the

coupons will
early adoption

sound method of verification.

a
.

number

facilitate

Provision

.

for

the

of

Cost

handling the tokens will be made
by the Office of Price Adminis¬
tration

after>

token

the
plan
is
in
It is expected that the
plan will go into' effect

within

three

operation.

or

four months."

;

FUR Urges Increased
War OuIdbI To Speed f
'President Roosevelt, in his an¬
Labor
Day statement; on
Sept. 4 praised workers, employ¬

;

nual

and

farmers

production
it

be

will

be

for

their

still

enemies—the

our

for

further

"its continuation will
of

record

effort but urged that

increased

spell defeat
preservation

of life." ' The Presi¬
statement follows: : ■ .; X;

dent's

ready for man's

Labor Day

years ago

observed for the first time in

was

have

Since then we

World War to
engaged, in
greater con¬
flict upon the result of ;which de¬
pends the future of freedom-lov¬
ing people the world over.
fought
victory and
another

one

now

and

are

even

"With that priceless heritage at
stake we

are

War.

World

determined that this

too,

shall

result

in

so that life, liberty and
pursuit of happiness shall be
the lot of man when he wills it

victory
the

and that he be not the downtrod¬
serf

den

of brutal

Axis masters.

determination

That

is

shared by

all

by

Americans, by workers,
management and by farmers.
"It

is

.

i.hese

fitting

altogether

that

of free Americans
working today, many labor¬

are

groups

round-the-clock shifts, that
fighting men on land, on sea
and
in the
air may have the

ing

on

our

weapons

with

about victory

as

which to bring
speedily as pos¬

sible.

'

make

time, and thus save
lives and suffering, our American
workers, employers and farmers
will need not only to.' maintain
"To

production pace but' to in¬
it. Their record to 'date has

their

crease

magnificent and in, keening

been

sbirit of
fighting so
successfully in all

with the true American
all-out effort for those

valiantly and so

'
; ;;
r>—ducti^n ef¬
will be forthcoming.
It will

parts of the world.
"Th"t
fort
be

mcrpa^or?

^mi-

f-r

givro

irv

?rd for }iv»er+v

as

it has been

since F^arl F^ber t^ set
record that never
been
equaled
We well may be proud
of that achievement, for it, has
given
a

done much

as

ture of peace

use."

circulation.

eliminate the bothersome expira¬
tion'dates1
and
will
simplify

up

tions

Administration,

the United States.

Reports and regulations charge
each month*—$20.
:

to

Price

plan will remove ap¬
proximately ,70% of the coupons

"Fifty-six

ration

each

I velope

of

token

of bur way

\

resolution, introduced by two Re¬

guided half allegiance when they saw the publicans and two Democrats, de¬
is
receiving
over¬
and controlled by "organized and opportunity to put over the man serves V and
| whelming support. He said that
self-seeking groups working only they owned body and soul.
"His horizons
thereafter na'rf he could not agree with those who
for their own advantage and au¬
ernment

For

the

be

15th

posit— lc.

-

tions

post-war interna¬
organization to secure the

number,

the

on

the

on

For each item included in the de-

tional

not

bank

day of each month—10c.

in setting up a

is

carried

account

of the

ri

tion under it as of that date.

.

•'

each

added,

"It

;; 'vp-p;

>

account

spoke at a rally in
New York City to enlist support
of
the
resolution
pledging the
United States to take the initiative

Tribune" of Sept.

.

depositor

each

For each deposit

not

Nations.
(Rep., Ohio) de¬

ton-Hatch-Hill

office

any one

additional

Burton

peace.

opened for

opened for the, same

books

,

action among the United
clared

account

Verification

continued unity of military

the

Victory For Allies

first

the

For

achieved
before making known its position

Senator Burton

a gr e em ent '. was
the following revised

,

"According to estimates of the
Office

ers*

wait until peace has been
On the

its

mgde

at the same bank office—20c.

A

States

on

any.depositor at

Policy Ncw|f

The' :United

and

of the bank—60c.

ac¬

„

—

committee's bulletin states that:.

.

schedule:.,,
For

has

that

war

—

of the proposed plan of the OPA to simplify

of ration costs

from

For

important, he said, that delphia he saw his"seducers throw repetition of two world wars in
v.
government "must be guided and him over for Willkie. The roll call one generation."
controlled by the voice of the showed' that it was
the
votes
r The same advices stated:
entire people whose government pledged to Dewey that nut over
"Senator
Elbert
D.
Thomas,
it iS."

v

of

further

discussions,:

is vitally^

,

result,

survey,

reached

that has lost: the nation. He might have ship.

govern¬

the

ABA

schedule

seeking data on their
700
banks, mostly
smaller banks, representative of
every section of the country, with
which to implement its discus¬
sions with the OPA.
Out of these

iiirfcn Urges QufSine

form

the

new

is

study

a

banks

went

own

States,

if we should

and

acceptance,"

present

his

an

of the American Bankers Associa¬

cept,,. to -set the conditions of our

resolution

to hold New York City he

line with

varying sizes in
the Middle West, East, and South.
The Ration Banking. Committee

without our
support,-'to propose such an al¬
liance.- The.proposal should come
frcm; the party who expects to
benefit. It is for us then to reject

mediate

In

The

announced

to

cannot survive

ample of a man who was not quite
big enough to rise above his im¬
environment.

in

between

program
and the OPA.

demonstrated- that the British Em¬

u

Associa¬
upward" re¬

an

was

agreement made at the outset of

v..'/V...

"It is not for the United

occa¬

surprise

.This

Bankers

the

Chinese

Anglo-Amerif

an

mib tary

.'government anxiety

.' creates

Freedom

and it is fallacious to reason

for

"a n

the

to

inadequate and

was

tion

costs!

or

added

were

the schedule

to defend would be the
Empire that includes; the open
sore of India, the Empire that dis¬
creetly evades the question of

An fin*

an

a

commodities

tion

French Bizerta.

I Sept. 7
that the,

on

out

i reports on the status

rationing program.
Shortly after
the, start of nationwide ; ration
banking it became evident that

the British Empire.
The Empire that we would be ex¬

of liquidating

points

—-——————

area

ing firm !of Driscoll, jVIillet & Co.

has said that he has

pire

limited

announced

was

Association

rationing system that in¬
only three commodities, rationing operations by introduc¬
coffee; sugar and gasoline. ' The ing the use ;of tokens.
It states
announcement goes on to say: h that ; the project
is still in the
"This was before the processed planning stage."
::
';;'., A
foods,'meats and fats and other •. It is also announced that the

,

The Sent. 7 issue of the Chicago

predicated

was
a

the

to the nature of the alliance

concessions by the British.

in

operation, it

""The OPA engaged the account¬

is we,

J

of

advices

cluded

now

sovereignty over Chinese
populations in' order; to multiply
Hongkong, the Empire " that up¬
their productive economic capac¬
braids our Statei Department for
ity and"' develop and to relieve
not supporting wholeheartedly its
pressure elsewhere."
'
design for an Anglophile France,
the Empire that today is eyeing
Italian Pantelleria and Libya and

Oewey 'Anti-American,'

In'ritS

test'made in

a

under

,

begins his life as a manual worker
br as a clerk may, as we yrell

months

few

original' schedule

thought that in fu¬
pected
it may prove useful

years

first

misunderstandt

no

that is proposed.

pose

the

m

by the ABA.

;,;V■ v;V";',

..

•

as

could

Gov. Dewey
openly the prin¬

Willkie. ;
"Let there be

ing

who

the

as

the party.

on

embraces

now

American Bankers Association Annoaace
Banks throughout the nation have been notified by the Ration
Banking Committee of the American Bankers Association and by
the Office of Price Administration of a new reimbursement schedule
based on the experience had with ration coupon
banking servica

large majority of

a

Mr.

candidate

weakest

no:

J

of

York

p:;! foisted

-

it is the fact that

p; "Therefore
the

[

millions

the

lost

nas

New

»

Parrish Memorial Art

Delivering his 17th annual address at the

Increased

"

on

rest.'*

Democrat, "Gov,

Schricker.of Indiana;*:'n r-'fj;
"Now he has finished the pil¬

t,

Base For Oiher Four Freedoms
said

1113

successes

the United

tion

to make

pr-sibJe the

of the armed forces

Nations.

will spell the

defeat of pur

enemies—the preservation
way

of life."

cf

Its continua¬

of, our
>

THE COMMERCIAL & FINANCIAL CHRONICLE

1114

it

Hontagiie Says Post-War Anti-Trust Policy

tague, New York lawyer.
Mr. Montague made this

according to Gilbert H. Mon¬

suggestion in a radio broadcast on

on

Arnold of the U. S. Court of Ap¬

peals for the District of Columbia

,

of

head

former

Justice

the

Department's Anti-Trust Division;
Tom C. Clark, Assistant Attorney
General in charge of anti-trust
cases, and R. V. Fletcher.
Mr. Montague said in part:
.

"When

Arnold

Thurman

Assistant

t

,

the "American Forum of the
the forum were Judge Thurman ^

and

is to return to

gency

was

Attorney General, he
that violating the

Other participants in

Air."

The International Transport Committee of the Chamber of Com¬
of the United States will soon submit a report with recom¬

mendations to the organization's board of directors, it was announced
hope, therefore, that I may on Sept. 1, following a two-day meeting in Washington, at which
be promptly relieved as Rubber the need for
converting the country's world-wide transport networks
"I

Director.

into permanent

"It is needless for

ernment officials escaped in Swe¬

board units of the Danish

on

Navy may mean that details will

me

to say

how

*;

reach

Stockholm,

Kauff¬

Mr. de

mittee, is indicated

"I have your

relieved

as

the meeting showed

private operation in order to fa¬
cilitate the early restoration of

stating that

large

areas

to

say

.anti-trust

did

laws

not

mann

said.

letter asking to be

further

of

service

"Since

generally

Rubber Director.

of

unanimous agreement on the part
of
the
varied
interests
repre¬

others

interested

trade.

The

in

1940,"

he

to

President

of

the

was

international

different

rights for privately owned planes
fly
over
designated
routes
in foreign countries, and rights
of transit for commercial planes
over
similar
routes, should be
embodied in a general interna¬
tional convention or left to bi¬
lateral agreement as heretofore.:
to

>

the Civil Aeronautics Board.

The organzation of international
services v to
be operated
by

air

States

United

cussed with

citizens

W. M, Mere

Small

Business

Act

of

clearance

immunity

1942,

anti-trust

from

un¬

limited

and

prose¬

cution have been given to nearly
700 programs, after thorough in¬

As Rubber Director
William M. Jeffers has

Rubber

as

return to his

Justice in consulation at all stages

the

of the

resigned

in

Director

vestigation by the Department of
with other departments and agen¬
cies having, particular knowledge

Resigns

points. As in the case of merchant
shipping the problem of disposal
commercial-type planes
now
utilized * for war
transport
purposes
was
recognized as of
great
importance,
and
it was
agreed
that
disposal
policies

of surplus

should be such
with

-

as

not to interfere

reasonable

a

order

to

post as President of
Railroad, the
White House disclosed on Sept. 4.
Pacific

Union

4

In his letter to President Roose¬

subject matter.

velt asking to be relieved, Mr.
traffic Jeffers stated that the "big job"
lights and traffic policemen, Mr. is .done and felt that his greatest
Arnold's method was to, place sev-. contribution ? to the
war
effort
era! times; that number of plain- would be to return to his railr
"Instead

(

of

to

arrest

on

every

corner,

and

road' post;

and

prosecute
every
t
The President, in accepting the
who, in the confu¬ resignation with regret, said Mr.
sion of no traffic lights and no
Jeffers
had
performed "a real
traffic policemen, did not guess
public service and you have my
correctly when to stop and when sincere
appreciation." ; ■
business

to;go.
kind

man

...

,

"No

one

of

ridiciuled

every

crusade

more

this

bitingly

than Mr. Arnold did in a book he

published
became
eral.

.

"A

the

seven

months before he

Assistant

Attorney Gen-

war

was

compelled

by

emergency, and in respect

transactions requisite
to the
prosecution of the war a traffic-

light-and-traffic-policeman meth¬
administering the anti-trust

od of

as

was

to

Sept. 2, page 933,

you

is

partial,

and

anti-trust laws which Mr. Arnold

advocated

before

he

became

Assistant Attorney Gen¬
eral, and just as vigorously op¬
posed after he took that office."

Change In Danish

Interim Food

Group 77
Planning Formation Of f
Permanent World Body
The

United

Commission

on

As

was

indicated

in

issue

our

of

week

a

unconditional surrender of the Italian armed
nation

of

hostilities

United Nations

columns

of

;

^

i

them

between

announced

was

the'

ago;4 page' 999,

forces and the termi¬

the

and

armed

of

forces

the

Sept. 8 by Gen. Dwight D. Eisen¬
hower, Commander-in-Chief of the Allied' Force; his announce-:
ment was contained in a special broadcast from headquarters in
North Africa;;77;7;
———
';1 '.—
In granting a military armistice, resentative and the representative
on

.

.

Gen.. Eisenhower
had

terms

Nations' '.Interim

United

said That

of

its

been approved

States,

the

Food and Agricul¬

several

committees

by the
United King¬

Marshal

comes

Badoglio

it be¬

and

effective this instant.

.

v

r

"Hostilities between the armed

agreed

was

that

the

Italian soil will have the assistance

armistice

>

.

Baruch.
r

-.7;7• i

Chairman of the Interim Commis¬

Mr, Jeffers' letter of resignation

follows:

J/-;

'

"The

big

job

report is done.

covered
of

7

7;777;
the

by

the

Baruch

The problem of

ian armed forces, Marshal Pietro
sion, who said that it is not likely Badoglio, the Italian Premier, or¬
that plans would be completed be¬ dered the
cessation of hostilities
fore the end of the year,
7:7.77>7,\; against the Allies but to "oppose
It is reported that the groups attacks from any other quarter." >
set up by the Interim Commission
.'-Under the military terms, the

harm

will be concerned with three main

an

Italian'; Government

binds

nizing the impossibility of contin¬
uing the unequal struggle against
the overwhelminging power of the
enemy, with the object of avoid¬

ing

itself

(1) a draft agreement "to comply with the political, eco¬
armed forces and keeping regarding the obligations of gov¬ nomic, and financial conditions of
the country on rubber, meanwhile ernments to one another and, to the Allies which will be
imposed
conserving the nation's stockpile their peoples to raise levels of later," according to an announce¬
of natural crude, is well in hand, nutrition and standards of living.; ment by Allied headquarters.
T
though there is a present and (2) studying the scope of work
Simultaneous announcement by
which
the
the
Allies
and
the
prospective shortage of tire fabric,
Italian Govern¬
projected permanent
which, is the responsibility of the organization will undertake;,, and ment was agreed upon in view of
(3) consideration of what activi¬ "the; possibility of a German move
the
Interim ; Cpniimssiqri to" forestall
"All of the major synthetic rub¬ ties
publication of the
should undertake before; the- perf; armistice'!iby:thejtalians,headber
plants, -the construction of
taking

care

of

the

requirements problems:

further

more

nation,
from

armistice

the
:

and

the

to

grievous
requested

Gen.

Eisen¬

Commander-in-Chief

hower,

of the

manent body

is established; 7- - •>

-

stated in Associated Press

Coast rail lines

accounts from

Washington Aug. 30

With

that

Kauffmann

the

visited

this

are now

handling.

undertake.

increase of traffic and

shortage of manpower-and
James C. Dunn, Department of fuel, the burden will become such
State political adviser, on that day that only heroic efforts will make




these

Gapilalalion Approved By U.S., Britain & Russia
v

quarters said.
Gen.

'■

de

in

noted

Military; Armistice Granted Italy-^-

r7,y

Secretary of State Hull said on
the Office of Rubber Director, are
The
committee studying f.^the
Sept. 2 that he would continue to
either completed or "substantially first
problem is under the "chair¬
regard Henrik de Kauffpiann, the
so, with the exception of three. manship
of
Enrico
Penteado;
Danish Minister to Washington, as
Practically all of the material is Brazilian delegate, while the-sec-,
the duly accredited representative
available for * the completion of ond is headed
by Sir Girja- S:
of Denmark in this country.
these three plants, but inasmuch
Bajpai bf India, and the third by
In a letter to Mr. de Kauffmann, as
they are dependent upon feed H. P.
L.
Steenberghe of the
Secretary Hull stated that he was stocks from the 100-octane gaso¬ Netherlands.
'f
"proud of this reaffirmation of line plants, there is no need for
In addition, two panels of ex¬
your
country's devotion to the crowding their completion in ad¬
perts—one of economists and, the
principles of freedom, and democ¬ vance of the availability of these
other of scientists in the field of
racy" and expressed the sympathy feed stocks.
•
of this country "for the sufferings
"The emphasis on the war irt the agriculture and nutrition — have
already endured and still to come Pacific will increase the
already been set up to advise on what ac¬
in Denmark."
heavy burden which the Pacific tivities the permanent body could

Mr.

Appointment of this Committee

>

which is under the jurisdiction of

was

over

7

■

bf

Anglo-American Allied Forces.

"This request has been granted.;
Italian forces will, there¬

"The

fore, cease all acts of hostility
against the Anglo-American forces.
,

wherever they may be met. They
will, however; oppose attacks from
any other quarter." ^
"■1

,

Minister's Status: Hull

It

ships

many

develop-

improved types.

■

established

recommendations

reform

could

\ou have

"FRANKLIN D. ROOSEVELT."

as

possible should be turned

lic service and you
cere

that

with

appointed Rub¬ and panels looking toward the
would come into force "at a mo¬ and support of the United Na¬
Sept, 15, 1942, to formation of a permanent inter¬
ment most favorable for the Allies tions."
carry out the recommendations of national
organization. This was and be announced
Following is the text of Marshal
simultaneously
a
special Rubber Survey Com¬ announced on Sept. 9 by:L, B.
by both sides." ^ 7v '
7
Badoglio's proclamation:
mittee, headed by Bernard M. Pearson, Canadian delegate and
In his proclamation to the Ital¬
"The Italian Government, recog¬

Small Business Act of 1942.

long overdue, but it is in line with
the "administrative, handling of the

make this statement;
performed a real pub¬
have-my sin¬
appreciation,
"Sincerely your, .... ;; .£>•.

view

was

"Dear Mr. President:

No

the

interference

on

accomplished under the
General's April, 1941,
procedure and Section 12 of the
was

vigorously

ment of

it' without

•

Attorney

"This

the war. effort-reven prior to the
termination of hostilities—it was

con¬

dom "'and.- Russia.
:
forces of the United Nations and
::J
appointed Col,
ture, which was set up in Wash¬
.The
armistice was signed
in those of Italy terminate at once.
Bradley Dewey, Mr. Jeffers' as¬
ington in July after the Food Con¬ Sicily on
Sept. 3—the same day All Italians who now act to help
sistant, as Acting Director of the
ference in Hot Springs, Va., has Allied
troops invaded Italy—but it eject the German aggressors from
synthetic rubber program.

the President had

ber Director

of

laws

The White House disclosed that

Mr. Jeffers

;.v";

....;:y
change

mit

6f

program;

airplane

struction and continuous

the

advocating

,

clothesmen

commercial

future

may

'big job' is done, though "it
be many months before syn¬
thetic tires will be readily avail¬
able for our civilian population
generally. I know that you would
not leave unless you felt confident

dis¬

was

wide range of view¬

a

.

der which

)

transport it
asserted that many new and

challenging problems would haVe
to be met.
A question discussed
extensively
was
whether
the

torney General, vigorously op¬ government in exile he would join Union Pacific.
You justly have
The
following regarding the
posed traffic lights, traffic police¬ forces with'them.
great pride in the organization meeting was reported in a Wash¬
men, and every other legislative
Germany declared martial law and I know that you disliked leav¬
ington despatch of Sept. 1 to the
proposal for giving any guidance in Denmark on Aug. 29, after the
ing it for even the period Tasked 'New York "Herald Tribune":
to business men on the highways Danish Cabinet acted against
a of
A
you.
principal point on which
of commerce.
German demand for administra¬
"Therefore, I understand your there was unanimous agreement
"I think our post-war anti-trust tion of justice by Nazi courts. The
Was
that extensive trade routes by
desire
to
return to
the Union
policy should include more traf¬ political upheaval resulted in the
Pacific Railroad and, much as | both sea and air should be es¬
fic lights, more traffic policemen internment of King Christian and
dislike to have you leave the pub¬ tablished
under private
owner¬
and more
guidance to business the resignation of Prime Minister
lic service at this time, I cannot ship
and operation as quickly
Erik
men, like what is now provided
de Scavenius' government.
ask you to make a further: sac-, as possible.
T.
\77for the duration of the war by
\ As
rifice.
;
soon
as
7
;
7
'
the ship tonnage
.".'
the Atorney General's April,T941,
situation
eases
sufficiently: to per¬
"In your letter you state; that
procedure and Section 12 of the
•

of

1

•

„

and

recovery

a

In international air

,

Trainmaster

practices

for

way
trade.
•

world

shipbuilders,
airline operators, aircraft manu¬
facturers, exporters, importers and

as

the

pave

7'

•:

commercial

sound

sented—shipowners,

read:

"Dear Bill:

be forthcoming when the officials

Co., Bos¬
Chairman of the Com¬

ton, and

The President's letter of accept¬
ance

systems was stressed.
Jackson, Vice-Presi- »-

William K.

dent of the United Fruit

viewpoints
presented included those of the
declared, "I
"When I asked you to leave the American Merchant Marine Instiinvolve moral turpitude, but was have been acting independently as
Presidency of the Union Pacific stute and 16 domestic air lines
a trustee for Denmark, since my
more like passing through a traf¬
Railroad and undertake the devel¬ which
recently joined in a state¬
fic light at high speed, without government was not free. If there
opment of the synthetic rubber ment on foreign air policy. Ideas
is no government now that will
intending to harm anyone.
program, I realized the sacrifice it of
Government
agencies
were
"The simile was accurate, except not, change my position."
would require of you.
You had given by members of the United
He intimated that if responsible
for the traffic light.
served in many capacities from States Maritime Commission and
"Mr. Arnold, as Assistant At-7 officials succeeded in setting up a
used

/

merce

seeking any information the appreciative I am to have been
American Government might have given an opportunity to serve you
in this work.
'
on events in Denmark. The Press
advices added:
'"Sincerely your,
.
V •
"W. M.- JEFFERS.".;
Reports that some Danish Gov¬
den

Transport Plan

^l^^dieA^By-^Ui^Si^Cliaiufcar-

on-the-

an

post-war

traffic lights, more
men on the highways of commerce,

Sept. 7

(pen

"The greatest contribution that
I can make in the present emer¬

anti-trust policy should include more job handling of the operations of
traffic policemen and more guidance to business the Union Pacific Railroad.

nation's

Post-War World

meet the emergency.

Should Include .More Guidance To Business
The

possible for these rail- lines to
: v; •'
7:;.

Thursday, September 16, 1943

Organization
Commission
columns

of

was

the:

noted

Aug, 5, page 526.

ment follows:

in

these
-

'

'

announce-,

'■7* V' "■

Holiday Mail ;

Gift Parcels Overseas

■'""

'

*

*

r

'

'

*

.

'

\
r

.

7
«

■
I-

Postmaster Albert' Goldman of
Dwight D. Eisen¬
hower,
Commander-in-Chief of- New1 York : announces that gift
the. Allied' Force. The Italian Gov¬ parcels sent overseas to members;
ernment
has
surrendered
its of our armed forces of the Jewish
-

."This is Gen.

in connection with the
religious holiday Changranted, amilitary •• armistice, the ukah, season of: gift giving, .oc¬
terms : of which have been
ap¬ curring: this year on Dec. 22, may
proved by the Governments of the be accepted for mailing/ during
the period from Sept. 15 to Oct.
United; Kingdom, the United States
and the Union of Soviet Socialist 15 for Army personnel, ■ and up
Republics.
Thus, X am acting in to Nov. 1, 1943,- for Navy persopAs

religion

Allied. Commander-inrChief I have

Jewish,

armed forces unconditionally.

j

.

,

.

the

interests

of

the

United

,

Na¬

tions.

"The
Interim

JewUH

■"

Eisenhower's

bound
terms

Italian

itself

to

without

Government

has

by - these
reservation.
The
abide

armistice wa:s signed

by my rep¬

nel, under the same conditions as;
apply to Christmas parcels for
members

of

overseas.,

7

Patrons

armed

our

should

,

;

forces'

1

indorse

such

gift'parcels "For Jewish Holiday."

Volume 158

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4212

-

Foreign And^Ddmestic Policy Statementsc

Resources. Planning Board would
>the'/country because the
only remedy it proposes, for any
problem is unlimited government

c

ass

wreck

Repblioan Posl-War Advisory Council

f

1115

o

U. S.

spending of borrowed money. It
/ Participation of the United States in the
creation of appropriate
socialize all industry.
It
international machinery for the maintenance of a
just and lasting
would extend existing regulation
peace was voiced on Aug. 30 at a public mass meeting held in
until no man or woman could act,
Providence, R. I.
write,, or. live without govern¬
The Rhode Island citizens adopted a resolution urging that Con¬
mental approval.
It would sub¬
gress "give expression to this purpose at the earliest possible moment."
stitute for American liberty the
The day (Aug. 30) had been$>
—————
—
regimented existence of a sub¬
proclaimed on Aug. 23 by Gov. secretly arm themselves as Japan
ject people. ;
••
McGrath of Rhode Island as a and Germany did to start this war.
Our reconstruction,
to insure
day "for particular emphasis up- But if Russia came into the allireal happiness, cannot be based
on American
participation in in- ance, would we then be secure?
alone
on
the
improvement
of ternational
co-operation for the An alliance is a political solution,
standards of living, but it must
maintenance
of
peace."
The whereas security, if not peace, is a
be based upon the character of
Providence "Journal" of Aug. 24 military problem.
/
•
^
•

Advocates U. S. Participation In Organization Among

would

Sovereign Nations To Prevent Military Aggression
The

i

Republican Post-War Advisory Council,

at its meeting in

Mackinac Island, Mich., on Sept. 7, adopted a report on foreign policy

.

calling for "responsible participation", by the United States in an
organization among sovereign nations to prevent future military
aggression.
'
The Council also approved a report of its Committee on Domestic
.

Problems

urging an end to con- "
civilian life by determining the substance of our
policies and shall be followed in
"bureaucratic decree."
•
:
The foreign policy declaration ways and means of making inter¬
national commitments.
was submitted by a group headed
In addition to these things this
by Senator Vandenberg of Mich¬
Council advises that peace and se¬
igan, while the domestic program
committee was headed by Sen¬ curity ought to be ultimately es¬
tablished
upon, other
sanctions
ator Taft of Ohio.
of American

trol

.

•

,.

The

were
briefly
these columns of

reports

referred

in

to

Sept. 9, page 1015.

follow:

The texts of the reports

Foreign Policy
members

The

of

aware

are

ended

must

a

the

When

is

war

in the

must participate

we

We

nation faces.

desperate war,
be won as speedily

possible.

as

Council

this

gravity of the

the

problems our
are
fighting
which

of

making of the peace.
This puts
upon the nation a triple responsi¬
bility.
(a) We must preserve and pro¬
tect all our own national inter¬
ests.

We must aid in restoring
order and decent living in a dis¬

share

(c) We must do our full
in

program for

a

nations.

among

comprehend

than

war

for

controversy;

the

of

attainment

obtain

may

end../But

at

specific

a

must be devolved in the

program

months

to

come,

,

a

it to be
our duty at the beginning of our
work as an advisory council of
the Republican party ,to declare
our approval of the following:
X., Prosecution of the war by a
united nation to conclusive vic¬
tory over all our enemies, includ¬
•

&

ing

,/

Disarmament and disor¬
ganization of the armed forces
(a)

f

of the Axis.

Disqualification

(b)
Axis

.-

of

'

v

the

construct facilities for

to

manufacture of the imple¬

the

ments of war.
/

of

(C)
Permanent maintenance
trained and well-equipped
*
;

armed forces at home.
-2.

the

^

Responsible participation by
United States in post-war co-

operative organization among sov¬
ereign nations to prevent military

aggression and to attain perma¬
nent peace with organized justice
in

a

making this recommendation
ground our judgment upon
the belief that both the foreign
In

we

and

policy

domestic

of

policy

country are related to each
other so closely that each mem¬
ber of the United Nations
(or
whatever
cooperative organiza¬

every

tion
may

,

our

armed forces who have

people.

right to speak with authority
on behalf of the security and lib¬
erty for which they fight.:
It is determined that this Coun¬

be fully achieved with

may

The Council
cans

due

the

to

international

f

.

jf there

-

The

Administration's

man

mal

farmers;rproeessorsr whole¬
until the norr

channels

of trade have been

completely disrupted. Many small
operators have been forced out of

mass

of

question

international

co¬

operation in the hope that action
in Congress, at
the appropriate
time, will reflect the attitude of

idea

country

this

is

debates.

Senator

Burton
(Rep., Ohio)
Representative
McMurray
(Dem., Wis.) spoke at the meet¬
ing on the subject of American
participation in international co¬

and

operation,

built

be

must

warning

foundation,

that

peace

a

sound

planned well

in ad¬

upon

vance.

This would still be true if Rus¬
sia

ington

to

the

management

of

It

Fascist.

must

remain

trust

Clearly;

our

peace

and

security to others, but must
constantly maintain it ourselves,
matter

no

what

alliances

made.
world

a

are

}

Another

thing: the British have

empire

The

only

in Wash¬
personal
life

his

and
over

cannot

we

not.

mind must be made up

in the alliance.

were

then,

while

have

we

alliance, therefore, not
protect our shores,
British
Empire shores

would

but

the

around the world upon which
sun never

the

sets.

An
Anglo-American
alliance,
therefore, must defend itself con¬

stantly against the rest of the
"V/
world, and so we must have
position of American
stronger bases in the Far East.
labor
in
the
economic
system
Look ahead.
Suppose the Brit¬
must be guaranteed by fair and
ish Government' changes in the
equitable laws.
50
years
of proposed alliance.
It is our solemn duty as a peo¬
Suppose it becomes pacifist and
ple to take those sound measures, weak, or
beligerent and aggres¬
as Abraham Lincoln once pointed
sive, or pro-Russian, Communist,
out—to
bind
up
the
nation's anti-American.
>
wounds, to take care of him who
There can be no guarantee in
has borne the battle, his widow
any alliance that Mr. Churchill's
and his orphans. /
views will prevail indefinitely in
The supreme obligation of our London.
Indeed, the Laborites
country is to immediately pay oW already are teaching foFhis*scalp."
American. '

..

The basic

.

debt

of

fighting

honor
our

freedom.

to

those

who

are

crusade for peace and

Our post-war program

Would

alliance
bring us
security against these,
developments or other# that we
an

and

peace

cannot

envisage in years ahead?
Obviously not.
[ Peace and Security then must
be obtained by something deeper,
more
powerful
and reassuring
than alliances, by many intangible
factors, such as national alert¬
ness, constant energy, wise lead¬
ership, appropriations for bases,
sea
and air fleets, but all these
.

,

factors

back

stream

to

in

roots

alert

military strength and abil¬
ity to defend ourselves.

t

/:

the courts.

:

..

.

That program must as

possible return
and
to
industry

as

attention

to

; place comparable to
other
commodities.

promptly
men to work
with
special
who

those

-have

in the
armed
forces, take government
out of competition with private
industry
and
terminate ration¬
ing, price fixing and all other
emergency powers. It must main¬
tain
full
employment
through
private enterprise, and full'pro¬
duction to furnish the goods and
so

needed

so

doing

by

we

our

peo¬

that

the prices of

only
should
no
successful
crops
be
eliminated, but the great field of
must be

suitable crops
explored and the greater

industrial

use

of

agricultural

products should be vigorously en¬
couraged. Our soil resources need
to
be conserved and sound re¬
clamation projects

veloped.

should be de¬

•

The individual

American

initiative of the

farmer

there

must

be

un¬

governmental
should be a min¬

shackled and in all

and

clothe them in comfort.

Veterans

Not

hew, improved and

must seek, action

to

must

not

come

home

be treated as wards of a state

nation, but must find their na¬
tion a land of greater opportunity
under a free American system.
or

hardship

and

poverty

be

prevented byj a supple¬
mentary but comprehensive pro-;

,

shall
and

have

met; theft

challenge

shall have approached

must

eliminate

all

un¬

regulation of the indi¬

,

,

,

of

sec¬

want to disarm

us

armed

or

protection,

forget about
Governor

as

Dewey and Mr. Lippmann already
forgotten about it in their
argument for the alliance as a
have

nation

nc

ever

had

them perma¬

their nently in all the history of the

devotion.

from Washington
and a maximum freedom of oper¬
ation by the American farmer.
This Council affirms its belief
in the strength, the character and
xhe-right: of the American work¬
(Continued from first page)man; his /pride
in himself; his continue to trust her security
aims to/get for himself a bank ac¬
Plainly to her strong rigKt arm.
count, an insurance policy, a home i
Any unprejudiced eye can see
of his own with a self-reliant
that
a
combination of
nations
American family in it; his right to
imum

are

The
deepest yearning of our
z
people is for victory and union cure-all.
of our family in peace.
That is
Absolutely
guaranteed
peace
the very heart of our whole life. and security are probably not ob¬
If we build a better America with tainable. Perhaps this is the main
the highest
standards of living fault in all current discussions of
and
deep spiritual values, we the subject. At least no man and

world.
But

control

Tl|e News Behind

,

necessary

Alliances, therefore,

ondary importance.
Indeed, they
may be dangerous if they create
a false sense of security and make

1

the two, then




alliance

in

being fos¬
by those
who want it in order to bring
about a disarmed peace, whereas
the security and
peace
of the
British and us require continued
military dominance — a
subject
strangely omitted in all current

planning for peace."

get

..

we

as

/

.

do

can

:

,

the

utmost

to

much of, them as we can

for

ourselves, and, if possible, for
others..
,

...

In

striving for

dence.

shows

that

All

evi¬

alliances

will

this:

be worthless in the post-war. air
world
and

without

American

bases

superior American air fleet.
;
For ourselves, we must own—
not merely lease—Newfoundland,
(jould be built around Russia Bermuda, the Bahamas, British
organize and bargain collectively which should be more
powerful Guiana, on the Atlantic front at
.through , agents of his own free than the
Anglo-American alliance. least, before we can even start
choice.
*
Certainly such an alliance as to think about our own security.
We denounce the political ef¬ Governor Dewey mentioned and
No alliance will have any more

the United vidual and of business, restore
States of America should adhere and protect small business which,
to the policy which will preserve has been so recklessly destroyed
its constitutionalism aS expressed and assure incentive and.. equal
for the youth
of
in the Declaration of Independ¬ opportunity
fort to reduce labor in the United Churchill has promised does not
ence.
the Constitution itself and America.
The
present, program of the States to the European level of a guarantee our peace and security
the Bill of Rights, as adminis¬
New
Deal
tered
through
our
republican
, Administration,
with class-conscious,
vote- shackled against Russia or against any comform of government.
Constitu¬ the enlargement thereof set forth proletariat. We reject the doctrine bination of the world which may
in the reports
of
the
National
that
the
tionalism should be adhered to in
American
workman's arise in the coming years and
tween

The

tered

the American people on post-war

-

.

should be. a confbct be¬

a

attempt "to

victory, abroad without
must and does include fullest pro¬
preservation in America of the business.;
vision for the rehabilitation and
fundamental principles on which
An immediate program of in¬
employment
of
the
men
and
our way of life depends' will
creased
be
production and improved women of the armed forces.
1
no
victory.
It will be a defeat^ distribution must be adopted by
Temporary help must of" course
The way we meet the problem a single agency clothed with full
be given but that is not enough
of reconstruction, will determine power over food in all of its as¬
The returning veterans must and
whether
the American
way
of pects. /-Otherwise, we shall not
shall have the right to launch
life shall survive.
only be without the means of re¬
projects, till the soil, work in the
We will prepare an affirmative lieving
the starving people of
arts and in business or profession,
program designed to preserve to Europe and Asia, but there will
free to forge ahead. They are en¬
our
people all the freedoms for be the most serious shortage and
titled to jobs; good honest jobs;
which we fight throughout
the hardships in the United States it¬
jobs with which they can start
world.
Based on individual lib¬ self.
.* '
and go forward; send their chil¬
•For the post-war
period our
erty, the independence, of state
dren through school;
own their
and local
government, 5 and the agricultural z program must seek
own homes; jobs which will feed
independence
of :»Congress
and to assure prices in the market¬

We
,

armed

salers and retailers,

the fore¬ gram of social security: on sound
..develop¬ principles, -.v'/V:"v--/V//.';:VY-'f
.

our

through multitudes of overlap¬
ping agencies have interfered

A military

an

not

policies
power and farm machin¬
and inexpert price regulation
have long hampered production.
Its
bungling regulations issued

home.

meeting Aug. 30 is

take to the people themselves the

upon

with

at

insists

party

Governor

bration of the occasion at

turned

ery

-

reconstruction

of

Republican

the

emphasized that the State's cele¬

all Americans,

.

Immediately at the end of the
war we shall face the vital prob¬
lem

reg¬

that

reported

Washington's political coddlers.
The destiny of American labor is

on

Policy
-

now

forces, to the life
of the people of our Allies.

;

Shall

'

The

to

justice shall not be the sub¬
ject of domestic partisan contro¬
versy and political bitterness.

.

de¬

every

The production of food is vital

principles

and

Domestic

multiplied that

life of the nation.

Ameri¬

invites all

adhere

to

,

(1) Its effect upon the vital in¬
terests of the nation.
<:
seeable

so

of American life is

equality of opportunity for
regardless of race,
color or creed, in the economic,
educational, political and military

responsibilities.

and

ments.

de¬

regulate the lives of our
The number of bureaus

tail

■

cil make complete examination of
the means by which these ends

for

Its bearing upon

is

party

has

•

perpetuating existing unity
be agreed; upon) ought to ple. W In

(2)

own

ulated bv bureaucratic decree.

immediate and to make sure that the unemploy¬
remote
consequences
of every ment and insecurity of the years
proposition with careful regard preceding the war do not return,;

,

Republican

war,

a spe¬

cial

services

:

our

to ; the Federal system of
government by which basic rights

consider both the

1

free

voted

and

made sacrifices by serving

free world.

masters of

of

peace

£ Liberty at home.

'.

•Therefore we consider

are

nation

a

.

fas; events and

unfold".;

relations

who

remain

that and duties are reserved to the
prevail by virtue of its in¬ States, free of dictation and sub¬
herent
reciprocal interests and ject to the control of their
peo¬
its spiritual, foundation, reached
ple. These rights and duties the
from time to time with the un¬
New Deal has arrogated to itself.
derstanding of the peoples of the
It has now multiplied the num¬
negotiating nations.
ber of Federal civilian employees
In all of these undertakings we
five times. Three million of them,
favor the widest consultation of
three times as many as during the
the gallant men and women in
last

•

We cannot know now

situation

war's

the

men

The

impossi¬ here set forth to the end that our
ble, and specific commitments of
place among the nations of the
this council of the Republican
world and oyr part in helping to
party, or by the natioh, would bring
about international peace
what

we

will

great objectives will be

be unwise.

will

souls.

determination

the

of international

re¬

-

policy which
other
means

a

their

faith, industry, morality,
educated
intelligence,
and
in¬
grained love of justice. Only thus

that

recommends

people,

ligious

permanent peace
regard for all American interests
!
and

accomplishment of these

the

It

toward

will

At this time a detailed program

for

work

we

(b)

tressed world.

force.

than

the; American

a

value

than the

armament behind

it.
'

^Distributed by King Features Syndicate'
Inc.,

reproduction

strictly prohibited.)

in

whole

or

in

part

THE COMMERCIAL & FINANCIAL CHRONICLE

1116

From

Washington

«

(Continued from first page) .;'
come unusually close, it will carry
.

,

much

'

significance

the

for

struction

.

to

planning

public shall employ effecive
means
to
encourage
the
people to conserve their resources
and investment in industry.
The
Government shall also supervise,
direct
and 1 encourage
the rein¬
vestment of industrial profits in
.hat particular industry or other

for

Government

the

referred

detailed

and the

execution

and

in coordination with the develop¬

ments in the field of communica¬

W

tions:

"Article

1

Industrial

—

recon¬

struction should be a planned one,

■■7;

.ndustries.

77/,y'77•

mapped out by the Government
according to, the principles laid
down in the San Min Chu, I, or
the Three People's Principles, and

shall be in complete accord

Dr. Sun Yat-sen's industrial pro¬

the national industrial reconstruc¬

gram...."'''.

tion

>■

V;

"Article 2—Industrial output

of

various categories as required ac¬

cording to the plan of the Govern¬
ment within a specific period of
time shall be scientifically reg¬
ulated

and

tion in different localities and dif¬

carried out
accordingly,
thereby
increasing
national wealth and the people's
"Article

prehensive

nationwide

establishment

the
the

with

industrial

existing communication
7.7:''

resources.

4—Industrial

shall

standardized

be

possible.

products
far

as

:

as

emphasizing a simultaneous de¬
velopment of state and private in¬
dustry. It shall be operated on a
that the production

quota prescribed by various cate¬

of

gories

industry

may

reached.

be

soon

7>"7'>

.7

•

"Article 6—Industry which may
be entrusted to individuals
dustries

which

will

able for the State to

be

be

in

such

less

in¬

suit¬

operate shall

privately operated.

ernment

or

cases

The Gov¬
shall give

them encouragement and protec¬
tion of the law.
Industries, the

operation of which cannot be
trusted

individuals

to

tries which
a

assume

en¬

indus¬

or

the nature of

monopoly shall be State

oper¬

ated.

The Government shall stip¬

ulate

specifically what constitute

State-owned

industries and what

constitute private industries.
"Article

7—State

well

as

as

private industries shall strive to
increase their working efficiency,
adopt the latest technique, reduce
the

cost

of

production

im¬

the quality of products, in
to strengthen the founda¬

prove
order

tion

of enterprises
rapid improvement.

"Article
shall

and

8

—

The

and

achieve

Government

give special encouragement

and financial assistance to private
which conform to the

industries

provisions

industrial
recon¬
programs. The Govern¬

struction

of

shmll

ment

private

industries

transportation
cilities

.

also

so

give to those
technical and

assistance

that

they

and

fa¬

be de¬

may

veloped according to plan.
"A^ti~le

shall
prove

industrial
to

9

—

The

cooperatives.

oncoio-a^e'the

utilize

Government

support, promote and
handicraft industries

their

in

im¬
and

order

people fully to

leisure

and




engage

be

pro¬

The

—

against

friends:

Honest

to

technical

im¬

provements, all research institutes
and organizations in the country

the

study

up

the

16—In

order

completion

to

speed

of Industrial

reconstruction programs, foreign
yapital and technical cooperation
;hall be welcome."

.

The second resolution

foreign'

concerning

,

policy
investments

to

only

">■

''7

The

melee

in

the

across

Italy

ect is
tion.

The

showing

France .in. an

invasion

to

new

on

"Review"

"Whereas, the carrying out of
Dr. Sun Yat-sen, the Father of

he

Republic, is one of the impor;ant objectives of the Kuomintang
Revolution

and

according to

Dr.

Sun's plan international coopera¬
tion is to be welcomed in the de¬

velopment

of

provisions

for

China's
the

industry,

realization

of

the program should not be further

delayed

that

now

7777;

sight.

growth

loan

after ' war-

payments

incomes

down. ' Fed¬
eral agencies in the home-financ¬

"The

in joint enterprises. In the
organization of a Chinese-foreign

ment

joint

enterprise,

except

chairman

of

tors,

general

the

the

board

for

the
of direc¬

manager

need

agreement
cerned

by

the

after

"liberate",

her.

go

decline

net

out¬

the

of

parties

the

for

loans

year

partly offset by a greater vol¬
ume of loans for the purchase of
existing houses; and by larger
average loans,
resulting from a
Other factors contributed to the

high military leaders are reversal of the debt trend in 1942
to be having more and in the face of a large volume of
more confidence in our
ability to lending, the "Review" said. Home
knock Germany out of the war by purchase mortgages, comprising a
proportion
of
the loans
bombing. ■ V. 7' ■>•■77:
.'>/ > 7,77 high
made, represent in many cases
of
The ranting and railing of the cancellation
previous
mort¬
"Liberals"
over
the
treatment gages and to that extent do not
they are getting in the Adminis¬ add to the outstanding debt. Like¬
tration these days may be, to an wise, loans to refinance old mort¬
our

of the

At

the

Government

same

gages

extent, a smoke

screen. At least,
they still have an amazing knack
af getting their fellows on the in¬

side.

Little attention

handle

is for

der

advanced in

'or

his

thinking

hereabouts.

come

the

tried

On

President

The

old

man

to

a

wasn't

they

(United

States

mission

secured

external

as

China

he

Government, may
enterprises in
Negotiations for foreign

for

State

enterprises shall

'

-

•

-

Inflation

may

hard.

The

man

hit

■

•:

the

*

.

7"/!"

middle¬

well-to-do

have enough "'fat" to

will

them

carry

through the next depression. The
poor
will be supported by the V
government or have artificial em¬
ployment .through another

The middle-class people,
are
out of luck.
They

their

flation

more

funds

condition

difficult.

increase

Speculation
such

Under

will

be

Periods

of

during

inflation.

becomes
conditions,

rampant.

alf busi¬
more; hazardous.

becomes

ness

Manufacturers and merchants

then

upon
rising prices
profits rather than on
merchandising.
Specula¬
tion develops a disregard for reli¬
gion.
This, in turn, undermines

for

depend

their

honest

In¬

the entire business structure.
flation

well

encourages

idleness.

as

dishonesty as
Justice is side¬

The spirit of

tracked.

the age is

very

been

have

of

in

United

ing

negotiate

shall

The

determine

category

prises

may

ments

and

seek

approval
at

'

accept foreign invest¬

suant

which

dential

foreign loans."

.

the

17,5%
cou¬

March 1, 1941, amount¬
and

$32.50

each

$2.84375 Jor

"get while the going is good"
with little thought of either the '
end or the means.
!-7
y:-7 y, 7
Avoid Borrowing

of such pay¬

optional with the holders

states of

We should

time.

lesson from railroad and

who

managements

have taken advantage of the cur- r

period

of

business

good

to

v

reduce their bonded indebtedness.

They are getting in shape to attempt weathering any depression
that may lie ahead.
Some busi¬
ness
think they can profit from
inflation by borrowing good dol¬
lars now and paying back in bad
dollars later.

Very few

biy succeed with such
Their
will

business

the

men

can

possi-

.

program/
so

poorly

will be unable to

even enough bad
dollars to
the interest on their loans and

taxes ..on

*

investments

probably turn out

that these

oay

and

a

of

the

lation

their

7

property.

making

tices illegal.

such

sharp

prac- •

...

but pur¬

the terms "of the
Decrees

a

Doubtless, too, there will be legis

acceptance

to

at this

corporation
rent

each get

The notice, issued

of the bonds and coupons

may

of

of the

13, added:

The

ment is

enter¬

categories

that funds
with it to

currency
of America,

$5.6875' for

to

Sept.

the

early date

State

fund

amount

$16.25 coupon.

Government
an

of

of

6*/2%

lawful

.

States

coupon

their

the

Brazil)

deposited

face

the

pons clue

following

Geraes

sinking

of

bonds due Sept. 1,1959,

inter¬

pay,

may

to

all take

gold bonds of 1928, due March 1,
1958, and secured external gold
loan
of
1929,
Series A, 61/2%

lend-lease.

Chinese

own

of State of Minas

holders

ested, but he did make a couple
of gestures in order to qualify for

which

their

off inflation.

money

New

York, as special agent, is notifying

as

Chiang KaiShek on the necessity of taking
from the rich to help the poor.

and having received the sanction

China.

Its

come,

everything else, invest¬
businessmen
and
workers
should
avoid
borrowing
any

The National City Bank of

convince

to

Government.

finance

it does

severity will depend upon the ex¬
tent of the preceding period of
inflation.
Hence, we all have a
selfish interest in helping to stave

Above

higher amount.

a

Pay On Minas Geraes

Leo

the

Wallace.' ' Currie is about

in accordance with the provisions
of Chinese law and regulations,
of the

when

one

•

.

ors,

job for¬
merly held by Milo Perkins; un¬
to

foreign loans for
enterprises and such loan
agreements shall become effective

se¬

bad

depression.

come until around
it certainly may be a

not

may

1950, but

constitute no increase in the
except where the new loan

Lauchlin

had been "loaned" to

Crowley

debt

paid to

was

con¬

time, aliens,

This

.

be centralized. Private individuals

the

shall have another

we

much

more

was

She

an

has been reached and

approval
cured.

effective

unemployment 7; increases,
purchasing power will decrease.
When retailers have fewer orders,
manufacturers may be compelled
to discharge their workers.
Then

construction

across-the-channel

necessarily be a Chinese. The
foregoing terms of cooperation
become

,

As

is

not

shall

dumped first; then the higher
paid will be let go and so unem- 7
ployment will increase.
;;
•

to

only this, but the President

Currie

.restriction shall be placed on the
nation' of foreign capital invest¬

7

re-

The older

Italy

causing

in

victory is in
the announcement that
; ^yyy-'"- 77\

"Therefore, be it resolved that
;o show a spirit of close
coopera¬
tion with China's friendly powers,
ill restrictions
applying to Chi¬
nese-foreign joint enterprises shall
be revised.
Hereafter, no fixed

hire

and the less efficient will be

ones

financing institutions

probably be pulverized in
process, as it now
appears Italy is going to be./:7y7 higher level of property prices."
and

will

This.means that inflation will
suit in unemployment.

WPA.
however,
will not
ing field have stressed both the have enough capital to carry them
patriotic and safety aspects of the through the inflation period or
rapjd repayment of debt,
and \yill not be poor enough for gov¬
many
lending institutions have ernment support. Small business¬
waived
prepayment penalties men feel they are suffering terri¬
which were previously in effect.
bly now but if we enter real in¬
lar

liberation

Not

ployers

\

rise, em¬
fewer people.

wages

as

Effect Upon Small Business

encouraged the prepayment

swollen

would
the

but

happen

is

would

wartime

of

believed

he industrial program as outlined

loans

effect

building
restrictions
lending volume. The

tive for the maintenance of regu¬

to

situation

what

in¬

equities in homes will
provide them with a new incen¬

blush, and
observers believe the proj¬
definitely out of the ques¬

many

not

of owners'

Second Front

Channel

the

home

increased

of debt because the faster

IT'i'Z&t'.', 7

the promoters of a

of

to cut down their borrow¬

the

(Continued from first page)

shelter,

remark¬
inflation result in great increased?
able since new lending activity
in bankruptcy.
These cases are
during 1942 reached a total of $3,almost wholly among the middle
082,000,000. While 18% less, than
the year, before, it was the high¬ classes, especially small manufac- 7
small • retailers and the
est figure registered .within the turers,
white-collar group in general.
7
past 12 years, with the exception
Crime and misappropriation of »
of 1940 and 1941.
The decline in

*

■

"Re¬

which

to

7y,;„y;<ki7' standing debt is the
*

-

.

the

debt reveals

using

are

more

7

in

reduction

extent

"Home-

encourage

..

still

a

out

the

are

but

have

an

CIO.

substantial volume

a

'

further says:

increase in the price of
the bringing in
wells, has outraged the
They are attacking.-Ickes

get

the

ing

his
other

the

rise, of

Indications

show

mortgage

comes

respon¬

thing for

having
of

in

considered
normal

1940.

will

that

owners

His support of
operators in their efforts

oil

bitterly,.;

on

reads:

jy

is

some

the

pointed

•

home

"Liberals" though.

recon¬

devote themselves

Harold

with

is

view"

Ickes

see

in

1943

It

in* the Cabinet."

new

strive

"I

be

substantial decrease."

has quit
the columnists what goes
V:
V

telling

Government

industrial

that

this had appeared for quite
while, the President remarked

to

must

with

increase

like
a

of

with

contrast

Welles

'//7/vyV '7,7

'

added:

1942

nearly
$1,000,000,000 made
the
previous year and a $900,000,000

.

oil

shall

reduction

plays with Ickes, and it is
not infrequent at all that Pearson
reports on how Ickes has won
another victory
in the Cabinet
arguments.
Once, when nothing

of science and technology.,
"Article 15—In order to

duction

His

of

more

was

the' blow-up.

the

and

Welles.

playing

Hull

creations and intensify
the movement for the promotion

industrial

Sumner

close

sible than any other one

on

and

"Article

division of labor and collaboration
so

14

of

continual

troubles

.o

ernment shall adopt the policy of

...

to

of practical prob¬
lems. They shall also assist in the
of
difficulties or
in
removing
solving difficult problems encoun¬
tered by various industries.

"Article 5—In the post-war in¬
dustrial reconstruction the Gov¬

basis

Each industry

regulations

connected

v.:/7.77..

.

plan.

to

a

"Review"

the

drop of
$178,000,000, or less, than 1% in
the amount of outstanding loans
on homes
appears to be small, this

business; what you might' call
monkey business.
The President
and Steve Early have never liked
is

The

7! "Although

positions and formerly

and

purchasing
the fight against

excess

aid

inflation."

Dealers,
and mostly in

was

and

power

by Tommy Corcoran, who is
new
doing exceedingly well in

He

1942, in spite of

year,

encouraging retirement of debt in

led

ind the public shall employ effec¬
tive means to encourage inven¬

for

;

'

"Article

the

tions

based upon

facilities and the location of nat¬

ural

operation educating pro¬

"Article

for

requirements of the national

economy,

in¬

mulgated by the Government.

com¬

plan

of

which is to be

areas

a

dustrial

13—The

ing of its personnel in accordance

Gov¬

Central

formulate

"Article

subordinate

during the

order to absorb

He has played

ones,

$19,917,000,000 in

"These advance payments in part

faction of the New

a

younger

loans

reflect the response of home own¬
ers to' the government's
policy of

He

7
national

shall be responsible for the train¬

^7:7:;7

3—The

shall

ernment

plan. ,The taxation and finan¬
shall be in line with
the promotion of national indus¬
reconstruction.

the

policy
friend
with

cial systems

construction

ferent years should be

power,

cial policy and the banking

trial

with

close

been

never

the White House.

Pearson.

gram shall be fully coordinated
with the national industrial re¬

plans for reconstruc¬

purchasing

"Article 12—The national finan¬

has

Pearson

to

new

.

.

the

adopted and

be

proposal

lowing

000,000
of

according to advices in the Federal
Home Loan Bank "Review" made available Sept. 11.
"The 1942
decline resulted chiefly from payments on mortgages in greater
amount
than 'required
by loan<£contracts,"
the ; "Review"
said.

,

that

"First—Resolved

■>7 \'A

Following five consecutive years of expansion, the outstanding
non-farm home mortgage debt of the country declined from $20,095,-

blueprint" for China's post-war national industrial recon¬
campaign, 7v7,„y; ,7;7 7.7-7 7^
was outlined in the form of two resolutions
adopted at 77
•' 7 :*'7
the Saturday meeting
of the Eleventh Plenary Session of the
One gets the impression from
Central Executive Committee and the Supervisory Committee of
traveling around that a question
the Kuomintang, according to a Chinese News Service dispatch
of far more importance than the
from Chungking, Sept. 12, which also had the following to say:
blow-up in the State Department
The first resolution, which con- *r
or
of the surrender of Italy is
tains 16 articles, maps out in de¬ themselves in industrial produc¬
"what was behind the. President
,7\
y
•>.'.7
tail a program for China's post¬ tion., ;
"Article
10—In
order
to
in¬ calling Drew./ Pearson 7a,,! chronic
war
national
industrial recon¬
liar."
I suppose I was asked a
struction, while the second lays crease international trade, export hundred
times if it meant the
down the policy concerning for¬ industries shall be given encour¬
President and Pearson had "split"
eign investments, in line with, Dr. agement and support.. Encourage¬ or if the President
simply wanted
and
commendation
shall
Sun Yat-sen's
plan of interna¬ ment
to give that impression.
I have
tional cooperation in the develop¬ also be given to the people for
tried to explain that the reason
ment of China's industry.
The the manufacture of goods for ex¬
the President called him that was
texts of the two resolutions fol¬ port as well as for the operation
because that was what he thought
low:
'■'">77 :77, of export industries. 7 0:5--:;>7v7yy; he was.
The' fact is, too, that
"Article 11 —The Government
fol¬
A

NofrFarm-Home Mortgage MtMined >777
I
1

1944

Thursday, September 16,1943

Presi¬

United

Brazil,- such payment,

accepted by the holders must be
accepted, in full payment of such
coupons

and. of the claims for in¬

if j-terest" represented thereby."

¬

Volume 158

Number 4212

THE COMMERCIAL &

—expensive

FINANCIAL CHRONICLE

in

help keep it at
"The
never

President Roosevelt hailed the surrender of
Italy on Sept. 8 as a
and the Italian people but
warned that there is still "a
long way to go" before the ultimate
In

radio

a

address

attained.

are

,

;

;

as

the
a

is and will continue to<$>—-—'

war

■

-

v,1

to

make

the

Third

War

Loan

of

We

a

success, the President stated that
"our enemies will watch
this, drive
with the keenest interest" as
they
know its success will shorten the

He added that every dollar
invested in the Third War Loan
"is your personal
war.

combined

have

in

been

constant

our

prosecuting the
spicuous success

war

justification for failing
"

far

on

fronts, and he and I

in

this

here

at

"We

this

crucial

uhited

have

the

seen

many and

Japan."

The text of the President's ad¬

.'.

dress follows:

/

*

'

■

"Once" upon a time, a few
years
ago, there was a city in our Mid¬
dle

by

West
a

which

threatened

was

destructive flood in the river.

Tne

waters

had

risen

the

to

top

of the banks.

distant)

not

Out

rising waters. For

many

the

days and

\

come.

'

for

stop

we

were

of

Third

and

single

who

of

the

to

"I

conscience.
will

rifices

instant.

nation's

too

ever

must

they have

that.

this, however. Be¬

say

the

cause

ever

needs

before,

be greater than
been before.

"Nobody knows when

are

total vic¬

moving tory will come—but
we do know
nights,
destruction
and
death forward through jungles
against that the harder we
stared them in the face. /
fight now, the
^
lurking Japs—those who are land¬ more
might and power we direct
"As a result of the
grim, de¬ ing at this moment in barges at
the enemy
termined community
now, the shorter the
effort, that moving through the dawn up to war
will be and the smaller the
ctiy still stands.
Those people strange enemy coasts—those who
sum total of
sacrifice.
kept the levees above the peak of are diving their bombers
down on
"Success of the Third War Loan
the flood. All of them
joined to¬ the target at roof-top level at this
will be the symbol that
gether in the desperate job which
America
moment—every one of these men
.

had

to

be

done—business

men,

workers, farmers, doctors, preach¬
ers—people of all
'"To

that town

me,

symbol

of

operation

races.

is a living
community co¬
accomplish.
;

what

can

"Today, in the same kind of
community effort, the United Na¬
tions and

their people have
levees
of
civilization

the

enough to
aggression

the

prevent
and

kept
high

floods

barbarism

of

and

is

war

a

full-time

job and that it will continue to be
until total victory is won.
"And by the same
token, every
responsible
leader
in
all
the
United

Nations

knows

that

on

7?;;;'

message of defiance to our
common enemies—to
the ruthless
militarists of
Germany and Japan
—your

war.

a

very

of

the

will be of great
to

"Still

not

yet

receded

this

filling

campaign we are
and
placing them

bags

against the flood—bags, which
essential if

ugly

that

bond

war

we

torrent

are

to stand off the

are

which

is

trying

to

given

armistice with Italy
concluded.
;
-

was

.

"This

(

was a

■

great victory for the

United Nations—but it
great

victory

people.

was

forthe

After

years

of

also

a

Italian
and

war

suffering

and
degradation, the
people are at last coming
to the day of liberation from their
Italian

real

enemies, the Nazis.

"But let

not delude ourselves

us

that this armistice
of the

war

in the

means

the end

Mediterranean.

We must drive the Germans out of

Italy
of

as

we

Tunisia

have driven them out
and

Sicily;

must

we

drive them out of France and all
other

captive

countries,

must strike them

their

on

and

we

own

soil

:

"Out ultimate objectives in this
continue to be Berlin and

war

Tokio.
"I ask you to bear these
objec¬
tives constantly in mind—and do

forget

long

way

that
to

go

we

still

before

have

a

to them that you are

share

your

share.
to

It is

put

which
We

;

of

bonds
done

than

not sufficient

into

your

simply
bonds

war

would

normally
money
into

put

Which

would

we

save.
war

not

nor¬

Only then have we
everything that good con¬
save.

science demands.

It is up to you
—the Americans in the American
homes — the very homes which
our

boys and daughters
ing and fighting and

are work¬

dying

to

preserve.

"I know I speak for.
every man
and woman in America when I
say

that

we

satisfied

into

the

to

fire

equioment
"Nor

Americans
send

of

the

we

our

be

with
way.

satisfied

to

send our troops with
equipment
only equal to that of the enemy.
We
are
determined to provide
our troops with
overpowering su¬

"The great news you have heard

General

Eisenhower

does not give you license to settle
back in your rocking chairs and
say,

!'Well,

got 'em

on

that does it.
the run. Now

We've
we

can

start the celebration.'

"The time for celebration is not

yet. And I have

a

suspicion that




ceivably need.

v

"And where does

ing

power

come

come

our

from?

only from you.

-

dominat¬
It

can

The money

lend and the money
you give
taxes buys that-

vou

in

death-dealing,

life-saving power we need
victory. This is an expensive

for
war

(6%

on

employers and 6%

employees)

as

of

one

the

"alternative suggestions" its taxpolicy makers are preparing for
submission

to the
House
and Means Committee
Sept.

learned

was

reported
patch to
which

an

a

the

Ways
20, it

This

things—to adopt

constitu¬

brought to an abrupt end China's
constitutional progress. This Draft
Constitution has been brought
up
for scrutiny since the war but
the
broad principles of the draft and
its

will

provisions

will

remain

finally submitted to the
People's Congress for ratification

consti¬
the
date
a

after the

war.

,
.

"I

was

mittee
of

member

a

of

which

the

the

com¬

Legislative

worked

the

of

the

on

constitution

Yuan

final

and

draft

I, there¬

fore,

can speak with some confi¬
dence that it is a sincere
attempt

constitutional government the
pe¬
riod of political
tutelage will end
and the

Kuomintang

main

when it is

Generalissimo

to

hand

create

a

government

of- the

people, by the people and for the
people." -j;
yy,•>

the government to the
people

over

November, 1937, to ratify

that document. But the outbreak
of
hostilities
in
that
summer

will be convened within one
year
after the conclusion of the war to

Congress
1

.

.

-

New

from

York

Samuel

dis¬
"Herald

W.

Bell,

an

advance of 2%

ployers and 5%
constituted

on

the

mendation

of

sourcea

and

"cradle

to

on

the

em¬

recom¬

National

Re-

Planning Board in
the

grave"

its

program

recently submitted to Congress by
President Roosevelt. S
V
■

The
i

oil

existing

taxes

for

Associated

an

before

year

in

crease

.

gross income paysocial security are

Press

despatch

year

at

was

in-1

an

Each

Senator

for

old

insurance.
The old
age insurance rate will increase
automatically Jan. 1 to 2% on
age

both

employers and employees
unless the present law is
changed.

The decision of the
include the Social

Treasury to
Security tax in¬

crease

raising

in
an

recommendations

additional

for

$12,000,000,-

000 in revenue was said to
have
been due to continued cool
recep¬
tion in Congressional

quarters to

a

revival

of

rpendings tax.

the

$4,500,000,000

———

' ■

Board

to

Social ;Security

recommendations.

"keeping an
subject, Sena¬

"I think it should be
fully can¬
by both the Senate Fi¬

vassed
nance

Committee

Ways

and

sions

and

the

House

I*

The New York Stock
announced

Means

short

with

business

which

are

Committee in
other tax deci¬

to

be

made

this

fall."

date,
tion

as

on

as

the

made

public

letter

a

from

Dr,

Arthur J.

Altmeyer, Chairman of

the Social

Security Board, assert¬

ing that

it

defer the

would

increase

be

in

unwise
the

to

contri¬

bution rates.

Doctor

fiscal
were

year

ended

June

30,

1943,

$1,130,000,000, while

the to¬
ihe fund for pay¬
ment of benefits and administra^

tal

draft

tive

The

upon

expenses
reserve

on

was

June

$176,000,000.
30, 1943, w<b

$4,268,000,000.
While
pea'r

to

saying

of

Exchange

10

that

the

the

close

of

Aug. 31 settlement

compiled from informa¬

obtained

by

Vandenberg, 'a member of change from
Senate
Finance
Committee, member firms,

the

Sept.

on

interest

Mr.

the

Stock

Ex¬

its

members

was

801,321 shares,

and

compared with 836,764 shares on
July 30,. both totals excluding
short positions carried in the odd,

lot account of all odd-lot dealers.
As of the Aug. 31 settlement

date,

the total short interest in all oddlot dealers' accounts was

34,070

shares,
shares
In

compared
July 30.

the

shown

following

the

the

day

with

36,489

on

short

close

for\ach

of

tabulation

is

interest existing
last business

the

month of the present

year:

1943-

this

would

ap-

be

ample, Senator Van¬
denberg added that "the tremen¬
dous and
of

/'

he did not want the
responsibility
for a
third
recommendation in

Vandenberg toldthe Senate:

Altmeyer reported #that
distributed at 1% for old
age dnd total receipts from social
security
survivors insurance
plus 3% for: taxes for old-age benefits in the

unemployment compensation on
employers and 1% on employees

1

was

open mind" on the

tor

i

.

.

In view of the situation, he said

opposition

Unless a third
postponement is
voted, the increased levies auto¬
matically go into effect on Jan. 1.

Asserting he

Security Act,
which also

'

and the^-

postpone
levy to 2%.

to
on

Washington,

,

Vandenberg's insistence;

•I

from

say:

to

the

postponement

the employees,

major

the

would

to

the

connection

increase, which

asked

was

on
Sept.; 14 by Senator Vandenberg
postpone the increased payroll levies of 1%
employers and employees under the Social

on

following to
Congress voted last

was

Washington

continued:

Such
be

Sept. 11.

on

in

Tribune"

not

troops

enemy
in any

inferior

will

will

periority of quality and quantity

from

proposal to increase
the social
security taxes to a total

to prove

in any and every
category of arms
and armaments that they
may con¬

today

600,000,000
cf 12%

contributing

more

money

we

must

mally

and

with

the

confer¬

at the front."

men

The
Treasury Department is
planning to include an all-out $5,-

have

attaining

them.
•

you

is

the

Congress

said

on

to

up

at

deals

decide whether

chemselves—on the battlefield and
the oceans and in the skies all
over the
is

tang and the National Government
that the People's
Congress was to

course,

tionalism—a matter of great and
general interest to the American
public. The resolution sets a def¬
inite date that a People's

do two

on
May 5, 1?36.
It
the intention of the Kuomin¬

personal message of faith
cheer to our Allies and

job

account

Government
was

question

important

passed

which

ence

; :

;>,

Americans

magnificent

a

all the

on

be

from all directions.

not

fellow

"Now it

an

the

constitution,' actually it refers
the
Draft Constitution
pub¬
lished by mandate of the
National

and good

shall

we

do

have undertaken.

we

"Your

sweep us all away;

"Today,

for

need

'a

meet in

more

resolution

had

have

This:

interest, of

and

program

to

America.

any of our resources,
all of them to

waters

enough for us to relax our sweat¬
ing work with the sand bags. In

..

but will carry

war

democratic

people.
"While the resolution refers to

and her economic
cooperation with

Jan.

At

years.

it

y''

nations.

the

policy of Sun Yat-sen towards the
creating of a government of the
people, by the people and for the

conference has laid down

friendly

of staggering material cost.
We
cannot afford to be
niggardly with

four

■■■1

■

been made clear
beyond
of a doubt that the

ilege after the
out

in

number of broad
principles of
China's economic policy
especially
in the field of
foreign investment

last, we are
'beginning to gain on it; but the

for

■'

'

before, it

does not intend to
exercise any special right or
priv¬

Com¬
was

1, V

clear

Kuomintang

a

raging

wholesale murder from
engulfing
all. The flood has been

shadow

far-reaching ^decisions

"The

"Every campaign,: every single
operation that we plan and carry
through, must be figured in terms

us

now

Chiang Kai-shek
explained at the opening session,
is that after the enforcement
of

rest

sonal

in terms of months added to' the

duration of the

has

throughout last week. It is
important session because

has made.

not

was

the

arms—-that we know the
tough,
bitter job ahead and will
not stop
until we have finished
it.

to

propose

"Every dollar that you invest in
the Third War Loan is
your per¬

the

session

Executive

Kuomintang

it

the

.

Central

."If

.

gov¬

by

its

not

"Now it is your turn!

fighting goes on 24 hours a day,
seven days a
week, and that any
day lost may have to be paid for

a

with the law.

ance

way

tution
and
to
decide
when the constitution will
go into
effect.; One of the implications, as

does

knows that this

"The

are

our sac¬

reso¬

the

pave

,

.

mittee of the

American

your

accord¬

The text of Dr. Hsia's statement

follows:

behind

can
tell you.
It is for you
decide under the guidance of

own

will

people,

War

because

—

on

people and for the people.

drive' last

people will not permit it to fail.
"I cannot tell
you how much to
invest in war bonds
during this
Third War Loan Drive.
No one

must

know

Loan

which

.

Loan, which
starting tonight, will also

are

succeed

greater than

men

them

War

'

'

not

one

fighting

Those

1

.

of the

worked

to the creation in China of
ernment of the

troops.

"The

satisfactory

'

does

war

sum

democracy stood firm

their

become bigger and

.

"This

lution

$15,000,000,000.
•
overwhelming success of

Second

this

sight of the fact that

will

war

a

which

Committee, particularly the

vol¬

a

April showed that the people of

tougher, rather than easier dur¬
ing the long months that are to

defend

against

lost

never

Every man, woman
child in that city was called
upon to fill sand bags in order to
homes

the
,

a

America
on

as

"The

plans for the future. But through¬
out ; thesb conferences " we have

and

their

money

And we have made
new, extensive

this

determined

possibly produce
untary basis so large

January
Washington last May.

and here in

and

could

con-

to our common enemies— •fulfillment
of
plans that
to the ruthless militarists of Ger¬
made in Casablanca last

the. Amer¬

only

moment.

fiance

Yuan

lend to government,

people

committee

Legislative 1 and then take its place on
equal
China's footing with other
political parties
Draft Constitution, issued a state¬
enjoying
equal
privileges
and
ment
this
afternoon
explaining rights, fulfilling equal obligations
the significance of the current
under the principles of the freeEleventh Plenary Session of the dom
of
assembly, organization,
Kuomintang, Central
Executive speech and
publication in

undertaking
They know

the more powerful and relentless
will be the American forces in
the
field.
They know, that

together

are

'

can

success

ican

com¬

with

has come about in the

any

interest; they .know

fighting al¬
lies, Russian and Chinese, who are

of great

the

be

never

will shorten the
war,
that the more money

fighting forces.

munication with

of de¬

message

our

event

that

can

freedom.

save

"We

leaders

urging the American people

An

be sure that our enemies will watch this drive, with
the keenest

there

,

In

:■

will
and general interest to the American
public
adoption of a resolution dealing with consti¬
tutionalism in China by the Nationalist
Party, according to Dr. C. L.
Hsiaj Director of Chinese News Service and
representative in the
United States of the Chinese
Ministry of Information. The Chinese
News Service, in New
York, on Sept. 13, also added:
Dr. Ilsia, who was a member of >>

to

full-time job "until total vic¬ when this war
does end, we shall
tory is won." *
V:;
" not be in a Very
celebrating frame
Warningagainst ' .over-confi¬ of mind. ~ I think that our main
dence, Mr.: Roosevelt said ; "the emotion will be one of
grim de¬
war
does not and must not stop termination- that
this shall not
for one single
instant," since the happen again.
<■
Germans must be driven out
qf
"During the past weeks, Mr.
Italy, out of France and all other Churchill and I have been in con¬
captive countries.
stant conference with the
v

people

stop to reckon the cost of
civilization.
They

economic

drive, the President asserted that "the time for celebration is not
yet"

be

minimum cost in

a

American

know

opening the $15,000,000,000 Third War Loan

1117

can

redeeming

"great victory" for the United Nations

■

you

lives..41.,v;:y' iit!.<■,

We Sliil

objectives of Berlin and Tokio

money;

unanticipated expansion
employment and resultant so¬

cial

security coverage" due to the
war
"now injects some new and
highly speculative actuarial cal¬
culations for the future."

Jan.

29

Feb.

26

Mar.

31

April 30
28_

May

June

30,

July
Aug.

30__
31—

*Revised.

-

\

579,394

\ 663,750
\774,871
ta.376

~

—

—-

980^047

——879,575
-

—

836,764

801,321

..

>

Thursday, September 16, 1943
1118

Yield Averages

Moody's Bond Prices And Bond

000,000 in the first, and $34,000,000 ,i»
in the .second quarter 'of last year. /;
The Board's list of 35 utility com- _>

OnHY/SlockExchange

Market Value Of Bonds

The New York Stock Exchange announced on Sept.; 10 that as of
bond prices and bond yield averages are the close of business Aug. 31, there were 1,112 bond issues, aggre¬
given in the' following table:
Moody's bond prices!
:'/Z//v;VrzZZv/■:■//■•/+/ gating $80,728,511,088 par value listed on the Stock Exchange with
a
total-market value of $80,109,269,964.
This compares with 1,117
(Based on Average Yields)
bond issues, aggregating $80,878,879,937 par value, with a total market
U. S.
Avge.
1943—
Corporate by Groups
Corporate by Ratings*
Govt.
Corpo
value of $80,352,221,151 on July 31, 1943.
Daily
;
7/ ,,
> '
.
Indus
P. U.
R. R.
Bonds
rate*
Aaa
Aa
A
Baa
Averages
'
116.80
113.89
In the following table listed bonds are classified by governmental
103.13
120.56
111.07
119.00
116.41
111.25
98.88
Sept. 14
117.00
113.89
103.13
and industrial groups with the aggregate market value and average
120.58
111.07
119.20
116.61
111.25
98.88
13
117.00
113.89

panies showed a net of $102,000,000
against $114,000,000 in the first

Moody's computed

quarter, and $96,000,000 in the
second quarter of last year. Fifty •
railroad
companies reported •

$180,000,000 in net against $163,- >
000,000 in the first quarter, and
$134,000,000 in the second quarter >
of 1942.%/;Z/Z/■ ::';Z:/v ■/•/■': ;Z/ ■/

•

...

...

...

...

120.57

' 111.07

119.20

10

___

120.56

111.07

9

...

120.45

111.07

119.20
119.20

120.42

111.07

119.20

11

8

...

7

4

...

3

—-

119.20

111.07

120.33

...

'

2

...

l^Z.

111.25

120.29

.111.25

111.44
111.62
111.62
111.62

119.20
119.20

113.89

103.13

113.89

117.00

103.13

113.89

117.00

103.13

113.89

117.00

103.13

113.89

117.00

103.30

113.89

117.00

103.30

113.89

117.00

103.13

113.89

117.00

Automobile

117.20

Building

98.88

111.44

:

98.88
98.-J3
98.73
98.73

120.34

111,25

119.20

116.80

111.44

103.13

111.44
111.62
111.62

99.04
99.04
99.04

113.89

103.30

113.89

117.20

Chemical

111.25

116.80
116.80
117.00

103.30

Business

111.25

120.29

119.20
119.20
119.20

117.00

120.20

103.13

114.08

117.20

117.00
116.80
116.80
116.61
116.22

111.62
99.04
111.44 Z 99.20
111.44
99.20
111.25
98.88
111.25
98.25

103.30

114.08

117.20

103.30

116.22
116.02
116.02
115.82

111.07
111.07
111.07
111.07

98.09
97.94
97.94
97.78

July

30

120.19

111.25

120.18

111.44

120.73

111.07

120.75

110.70

119.41
119.20
119.20
119.20
118,80

120.41

110.70

118.80

120.15

110.52

119.99

110.52

118.60
118.60
118.40

23

...

120.51

111.25

16

...

120.46

111.25

t25"...—
-18

11

....

4

-

110.34

119.92

...

110.34

118.20

118.36

109.79

116.93

109.60

26

117.11

109.24

118.00
117.80
117.60

Jan. 29

117.04

'28

119.82

______

Apr. JO
Mar. 26
Fetj

—,—

117.60

108.70

1943....
19 43

120.87

111.44

119.41

116.85

107.44

116.80

High 1942__
Low ,1942_____

118.41

107.62

117.20

115.90

106.04

115.43

High
Low f,

97.78
97.00
96.23
95.47
94.56

110.88
110.34
110.52
110.15
109.79

115.82
115.43
115.43
115.43
115.04

114.08

117.00

114.08

117.20

102.80

114.08

117.00

102.46

113.70

116.61

102.46

113.70

116.61
116.41

Railroad

113.50

116.41

Retail

113.50

116.02

Rubber

102.30

131.31

101.31

113.12

115.63

113.12

115.63

100.00

112.93

115.43

Textiles

Tobacco

99.04

112.56

115.43

114.27

117.40

117.00
113.89

111.81
108.88

99.36
92.35

103.47
97.16

111.81

114.46

114.27
112.75

108.88
107.09

92.64
90.63

97.47

112.19

114.66

95.32

109.60

112.75

107.09

117.00

113 JO

108.52

92.06

96.69

111.81

113.89

118.00

114.46

108.70

91.77

97.00 * 111.81

115,24

Corpo

../

.

Bonds

rate

w——

13

...

11

10
9

......

■8

______

v

T.7."

6
4

S. companies
government
Foreign companies,.
U.

Foreign

Prices)

"The

Corporate by Groups
R,. R.
P. U.
Indus.

Corporate by Ratings
Baa

A

Aa

Aaa

Pictures

1.81

3.11

2.70

2.83

3.10

3.82

3.56

2.96

2.81

3.11

2.69

2.82

3.10

3.82

3.56

2.96

2.80

2.69

2.82

3.10

3.81

3.56

2.96

2.80

son

1.81

3.11

3.82

3.56

2.96

2.81

listed

3.10

1.81

3.11

2.69

2.82

1.82

3.11

2.69

2.82

3.09

3.82

3.56

1.82

3.11

2.69

2.82

3.09

3.82

3.56

1.83

3.11

2.69

2.82

3.09

3.82

3.56

2.82

3.09

3.82

3.56

3.08

3.83

3.55

.

2.96

two

4s

of

issues

under

1956—have

on

July

2.81
2.81

3.08

3.82

3.55

2.96

2.80

2.81

3.08

3.83

3.56

2.96

2.80

•_

......

:

Market Value

1.83

3.10

2.69

2.81

3.09

3.82

3.56

2.96

2.79

3.10

2.69

2.81

3.09

3.81

3.55

2.96

2.80

3.08

3.81

3.55

2.96

2.79

y.

102.13

495,146,927

104.40
106.48

38.062.995
155,614,751

...

-

109.35

77.38
106.12

31,398,640

105.71

104.73

110.83
65.26

.

'

Association President.

110.72

65.32

85.92

14,374,516,888

86.00

64.46

1,429,652,248

66.03

770,224,358

90.84

80,352,221,151

99.35

:

group—Warner Brothers 6s of

Oct.

31_

Nov.

29_

Dec.

31.

31_

Bank System;

1948 and Paramount

-Z-Z:Z"

•'■'/

95.04

Aug. 31

94.86

Sept. 30____

Feb.

28_

62,720,371,752

—

31

..'■/

96.08

u

62,765,776,218

Z 96.18 Z;

64,843,877,284

96.48

94.74

Oct.

95.25

Nov.

30-

64,543,971,299

96.11

94.80

Dec.

31_;

70,583,644,622

96.70 '

71,038,674,932

97.47
97.79
98.24

Feb.

27

95.13

Mar.

31_

71,346,452,852
71,575,183,604:

2.69

2.80/

3.08

3.81

3.56

2.95

y

3.81

3.55

2.95

2.79

95.97

Apr.

30____

71.857,596,488

98.69

3.08

3.80

3.55

2.95

2.80

Apr.

30.

57,923,553,616

95.63

May 29____

81,048,543,830

99.47

3.09

3.56

2.95

2.79

May

29-

9S.64 :

June 30

80,704,321,648^.

99.64

95.50

July. 31

80,352,221,151

99.35

95.76

Aug. 3Li-w-

80,109,269,964

99.23

2.68

2.80

2.69

2.81

Mar.

58.140.382,211

31.

:

with the meeting, ;

In connection

■

and

Rathje

C.

scheduling spe- Z
post-war mort-

cial conferences on
gage
tion

-

A.

Harry
Fischer, Chicago bankers.

Frank

the Association is

30____.

95.24

2.69

3.09

Manager in Tokyo when the Jananese attacked Pearl Harbor,
and

1943—

94.50

Press-

United

Bellaire,

Robert

Price
$

$

3.10

2.79

Howard Myers, Edi- !
Forum; Earle ]

Deputy FHA Commis- '
sioner; Charles T. Stewart, Direc¬
tor of the Urban Land Institute;,
Dr.
Hilton
Ira
Jones, scientist; '

Average

Market Value

1942—

Price

3.10

'

•

Z
Z

tor of Architectural

compiled by us, gives a two-year compari¬
and the total average price of bonds

Jan.

56,261,398,371
57,584,410,504

Housing Administra-

tion; B. C. Bovard, FHA General
Counsel/ James R. Twohy, Governor of the Federal Home Loan

S. Draper,

1942—
Jan.

_

iier HZ Ferguson,
the Federal

90.74

will include AbCommissioner of ;

Other speakers

.77.24

99 23

Z

Re¬

Burlington & Quincy Rail- and Charles A. Mullenix,
<
<://'

road,

105.67

80,109,269,964

Z
/

the
Committee for Economic Develop¬
ment and President of the Chi- /
cago,

3,367,447,911
95,618,140
1,235,569,210
94,922,752
138,923,744

108.82

Hotel, Chicago, Sept.

Budd, 7th (Chicago) Federal
serve
District Chairman of

1.83

3.10

,

planning, post-war construc¬
and post-war city planning. >'

3.10

2.69
2.69

2.82

3.10

3.82

3.58

2.30

June

30_

...

3.11

2.95

9

1.80

59,257,509,674
59,112,072.945

3.13

2.71

2.84

3.10

3.86

3.60

2.97

July

31.

61,277,620,583

......

1.80

2.82

2

3.13

2.84

3.11

3.87

3.60

2.97

......

1.82

2.82

25

2.71

Among the leading mortgage lend-/,
ing officials to deliver addresses
are H. R. Templeton, Vice-Presi¬
dent of the Cleveland Trust Co.;

3.14

2.72

2.85

3.11

3.88

3.61

2.83

Earl B. Schwulst, First

......

1.84

2.98

18

3.88

3.61

2.98

2.83

1.82

16

11

3.11

2.85

2.72

3.14

1.87

______

3.80

3.09

2.81

3.15

2.73

2.86

3.11

3.89

3.61

2.85

1.87

2.98

4

3.15

2.74

2.86

3.12

3.89

3.61

2.99

2.86

May 28

1.88
1.98

3.18

2.75

2.88

3.15

3.94

3.67

3.00

2.87

2.08

3il9

2.76

2.88

3.14

3.99

3.71

3.00

4.04

3.75

3.01

2.88

"

Apr.

30

Mar.

26

______

•

26

2.06

3.21

2.77

2.88

2.06

3.24

2.77

2.90

3.18

4.10

3.81

'/3.03

2.88

Jan. 29

3.31

2.81

2.96

3.23

4.25

3.93

3.07

2.93

High 1943

2.08

2.94

2.78

1943

1.79

3.09

2.68

2.80

3.07

3.79

3.54

High 1942

2.14

3.39

2.88

3.02

3.33

4.37

4.05

1942

1.93

3.30

2.79

2.94

3.23

4.23

2.04

3.33

2.80

2.98

3.25

4.27

1.93

3.30

2.75

2.93

3.24

4.29

14, 1942.

3.19

3.02

:

3.91

3.05

2.92

V

3.96

3.07

2.96

3.94

3.07

2.89

1 Year ago

Sept.

,

2 Years ago

Sept. 13, 1941.

,

Corporate Earnings In First Half Of f 943Z/|Z|
/Above Last Year, Conference Board Reports

2.87

:

3.16

In the

ZZ/s/Z -Z,

14. 1943. page 202.

August Department Store Sales
nounced

Board

of

the Federal

of

Governors

of the 1923-1925 average.

increased less than

index fell from 142

■

.

INDEX OF DEPARTMENT STORE SALES!

;j'

)

,

Aug., 1943

,

June, 1943

142 Z
98

109

Aug., 1942

129

130.'

124

103

Change from corresponding period a year ago (per cent)
-Four Weeks Ending—— Year to
-One Week Ending-

Federal Reserve

:

Boston

—

______

.

—

York

New

—
—

Philadelphia
Cleveland

Richmond

__

+

Atlanta

—

Chicago
St.

,—__

Louis

Minneapolis
Kansas

______

U.

S.

2

6

-f

6

5

*—

8

*+

2

+

6

—10

15

+ 21

+

30

+ 26

3

+

15

*—12

+

14

4
11

+

25

*

+

6

*

+

4

9

+

9

+ 14

+

6

+

+

9

+

6

6

+ 11

+ 13

+

9

+ 10

+ 18

+

11

+ 27

+ 30

+ 42

+ 27

+

2

+

6

+ 10

+ 14

+ 10

+.

4

+

6

+ 12

+ 25

+ 15

12

+ 13

+ 15

+ 22

+ 15

18

+ 17

+ 21

+ 28

+ 39

+

35

+ 32

+ 35

,'+41

+ 55

+ 41

18

+

i4

+

12

+ 13

+ 15

+ 30

+ 23

4

+

5

+ 12

+ 19

+

t

+

12

+

1

+

*

+ 15

t

■

.

+•

+

117
118
132
*134
154

Vice-President of the Pacific Mu-

•

Los j

Co.,

Insurance

Life

tal

of
to

weekly sales.




*+

7

25

32

13

mining

companies

re¬

ported a decline in net after all
charges from $67,000,000 to $65,laneous

Retail trade and miscel¬
companies
1 ikewise
small declines in net.
i ,

aged well above the first half of
1942.
For 18 corporations in this
the increase in net income

field

after

taxes

was

almost

30%

for

compared with
showed
last year; statements of IT ma¬
"The proportion of earnings ab¬
chinery manufacturing companies
sorbed by tax reserves was not showed tax reserves totaling 81%
greatly changed from the 1942 fig¬ of taxable income as compared
ure.
For 232 industrial companies with almost 83 % last year.
; T.
whose reports show tax reserves
"Higher costs for the steel in¬
separately, total tax reserves dur¬
dustry
translated
a *. relatively
ing the first six months of this
small increase in sales into a der
year
amounted to $1,186,000,000,
cline in earnings both before and
or 69.1% of income before tax and
after taxes for the 24 companies
other reserves, against $1,064,000,included in the Board's compila¬
000 or 68.3% last year.
The tax

manufacturing
corporations amounted to $1,160,000,000, or 70.6% of net before tax
and other reserves,
against $1,036,000,000, or 69.6% last year.

reserves

of

215

the

half

year

as

tions.

"Second quarter
taxes

of the

earnings after

322 industrial com¬

panies included in the Board's
compilations amounted to $335,-

000,000 against $319,000,000 in the
manufacturers,
first
quarter of this year, and
:
.
who again showed the greater ex¬
__
$273,000,000 in the second quarter
pansion
in
production
and
sales,
—_
of 1942. The 25 mining companies
set aside a larger proportion of
covered
reported $32,000,000 in
United States total.
tMonthly income for tax purposes.
Their
the second quarter against $33,August, 1943, figures estimated net income after
taxes, therefore,

Aug. 8——
Aug. 15
Aug. 22
Aug. 29
Sept. 5

separately but included in
refer to daily average sales in calendar month;
shown

*

ADJUSTMENT (1935-39 AVERAGE=100)
1942—

tNot

5

+

;

•Revised.

+

5

+
—

+ 24

5

+6

+

4...

indexes

11

4

:

+ 27

'J Aug, 28

from

+

—

4

+

1
2

*+39

Aug. 21
Sept.

2

—

*—

4

__

—

+

t,

+ 29

t
*

+

1
2

9-4

6-26

+ 14

t

:

Aug. 14

2

—11

INDEX, WITHOUT SEASONAL

7_

6

l

5

+

7-31

8-28

9-4

3

*—

+ 15

0

1943—

Aug.

4.

+
—

0

0

total

WEEKLY

+ 14

+

+

San Francisco

6

—

8-14

8-21

*—

3

+

—

City

8-28

9-4

District— ',

while

000,000.

(1923-25 AVERAGE—100)
July, 1943

138

Adjusted for seasonal variation-.--.....,
Without seasonal adjustment..

System an¬

Reserve

Sept. 9 that department store sales

on

seasonally in August and the Board's adjusted
138%

New

,

prices are computed from average

issue of Jan.

The

dent

Vice-Presi- Z
of the Bowery Savings Bank, Z
York; Walter H.
Rolapp, ;

business during the first half Angeles; John H. Scott, President
show substantial improvement of the Scott Mortgage Co., Pittsin earnings, both before and after taxes, as compared with last burgh, and Morgan L. Fitch, Chi¬
year, according to the National Industrial Conference Board.
It is cago, President of the Illinois As-.,
announced that the reports of 322 industrials analyzed by the Board sociation of Real Estate Boards.
A special meeting has been ar¬
show combined net income after taxes of $654,000,000 this year as
ranged for officers of the 35 local
compared with $585,000,000 in the<S>
first half of 1942, or a gain of showed less increase than that of mortgage associations of the coun¬
.,/£• try in charge of C. Armel Nutter, 4
11.6%. Thirty-five public utility nondurable goods companies.
"Improvement in the earnings Camden, N. J.
Eight presidents
corporations reported $216,000,000
of the automotive companies was of these sectional associations will '«
against $212,000,000, while 50 rail¬
roads showed $343,000,000 against outstanding, as a result, doubtless, speak including J/E. Foster, Jr.,
of the completion of conversion
Texas;
Charles
G.
McCaffrey,'
$213,000,000 last year.
processes. Nine of them reported Pittsburgh;
Frank N. Ferguson,
The Board's announcement of
average year-to-year increases of Milwaukee; Rupert I. Hall, Okla¬
Sept. 12 further explained:
33%; the six concerns whose re¬ homa/Elmer S. Carll, Philadel-Z
"Among
the industrials,
280 ports show tax reserves separately
phia; C. Pz Kennedy/ Cincinnati;;
manufacturing
corporations re¬ averaged 38% above the first half
Robert H. White, Minneapolis, and
ported net after taxes of $574,- of 1942 after reserving two-thirds A. K.
Northrop, New Orleans. An- •
000,000 this year against $506,000,- of their income for taxes.
other meeting will be held for the
000 in the first half last year,
/ "Machinery concerns also aver¬ Association's new layers division Large increases in volume
American corporations

enabled

yields on the basis of one "typical" bond
(3%% coupon, maturing in 25 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to
Illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages; the latter being the true picture of the bond market.
^The latest complete list of bonds used in computing these indexes was published
•These

to

21,660,496

1.84

1.81

Low

79.63

92.61
104.98
103.25
78.96
101.77
104.88
107.22

2.81

1.84

Low

11,844,840

14,326,910,429
1,325,667,843
z 769,153,508

i

53,259,696,637
53,216,867,646
53,418,055,935
55,106,635,894
54,812,793,945
55,033,616,312

31_

Sept. 30-

1.84

23

Feb

76.289.994

103.25

the Exchange:

Aug. 30_

2.69
2.69

July. 30

Jun

Z 2.80

2.69

6

.

2.80

2.96

3.10

13

■

2.96

3.10

______

12,951,623

105.02

business meet-//

23, 24 and 25, will have among its
principal speakers Senator George
L. Radcliffe, of Maryland/Ralph

been retired.

$

•

3.10

20

>Z

*■88.54

Average

2.80

2.96

1.83

Aug. 27

,

at the Drake

'

of the total market value

1941—

1.83

1.83

this

2.80

.

1

.11...

"

The following table,

2

3
-

2.69

3.11

73.37

2.80

2.96
,

Closed

Exchange

—

411 listed bonds———

1.81

1.83

......

104.70

1,236,001,275 :
94,838,825 ;
139,154,157
31,520,648

.

S.

'

■

102.07

94,416,875Z

(holding)—.

companies oper. abroad—
Miscellaneous businesses

Avge.

Govt.

Daily

:62.19

V'Z -/ZZZ''4 /'■.;■':>/Z '■/
(operating).
3,350,743,410

Gas and electric

,

101.92

37,887,995
161,995,340

—

The 30th annual

ing and Conference on Post-war
Planning of the Mortgage Bankers
Association of America to be held .)

YIELD AVERAGESf

BOND

(Based on Individual Closing
U. S.

'79.91

11,844,840
21,447,048
495,078,348

.

-

Communications
Miscellaneous utilities

107.62

105.26

90,379,934
40,337,521
603,055,460
7,340,223,335
■;:.//■ 12,229,630
76,318,330

Chicago

September 23-25
'

:

and electric

Gas

U.

117.69

1943—

■

_________

—

Utilities:

Total

1941.

Averages

merchandising

100.65

119.02

MOODY'S

Sept. 14

.

Ship building and operating—.
Shipping services
Steel, iron and coke

115.82

2 Years ago

Sept. 13,

Petroleum

Z

103.12

//; 37,558,248

metals—_____
Mining (excluding iron)
Paper and publishing——:

13,819,604

105,37
104.00

Meet In

102.66
100.80
15,768,750
105.13
76,477,450
104.40
36,237,500 :
103.54
56,574,328
102.75
Z 233,708,845 iJ, 105.04
10,693,763
79.59
37,384,362: s 101.45
96,357.637 ;/ 63.52
40,366,617
102.14
608,125.497
104.87
7,362,116,232
73.37
10,834,280

105.25

10,736,79&

______—,

_

and

Machinery

113.50

101.84

56,777,879
268,885,683:'.

Land and realty

102.30

102.11

10,337,500
15,787,500

77 36,400,0007

.—______

Food

102.30

10,775,620

42,128,230
equipment

__

14, 1942.

Sept:

,

104.30

63,777,827,657

104.15

63,687,538,184
,
-'

-

and office equipment.

Electrical

102.30

1 Year ago

/•\

"• •

Financial

103.13

$

■

Y.

N.

State, Cities, etc.)
S. companies:
* v

...

98.88

(inch

U.

....

...

Market Value

Government

S.

CJ.

July 31, 1943

;///.//////••: Average:'';ZZ/Z+Z;+'.
^://;:Average
Price
Price
Market Value

■

Group—

13

;

';

Aug. 31, 1943—

/ZZ'/f Z- r,'";ZZZZZZ\ZZZZZ/;

$

.:/Z
•

price for each:

116.80

103.13

20

6

May

116.61
llb.80
116.80
116.80

103.13

99.04
98.88
98.88
98.88

112.89

Aug. 27

Jun

120.29

111.25
111.25
111.44
111.44

Z

Exchange Closed
120.30
111.07
119.20
120.30
111.25
119.20

6

.

116.61
116.61
116.61
116.61
116.61

.-sr.

110
113
116
132
153

"Durable

goods

in

MBA

Palmquist,

Dennis

Pennell, /
and;

counsel,

Cleveland at¬

Herold G. Woodruff, De- y.

torney,

nominee for MBA

official

troit,

B.

of Miller

charge

Cleveland,

the

for

President

1943-44

term,

will address the conference on

opening morning.

■

.

;/Z;

the

/.;/ z ;

;

Z

Moody's Daily
Z
Gommodily index
Sept,- 7

Tuesday,

8

Wednesday,. Sept.
Thursday, Sept. 9
Friday,

Sept.

10

Saturday, Sept. 11___'_
Monday, Sept. 13
Tuesday,
Two

Sept. 14„____

weeks

Month
Year

ago,

1942

High,
Low,

1943

ago,

ago,

High,
Low,

Aug. 31

14_______-.

Aug.

Sept. 14
22

Dec.
Jan.

2

April 1
Jan.

247.4
—246.6
_____
246.6
i
1 '247.5'
247.2
—____
247.8 v
■
247.7

2

246.5

245.1

232.2
239.9
220.0

249.8
240.2

'•

Volume

158

Number 4212

'

THE COMMERCIAL & FINANCIAL
CHRONICLE

Karket Value Of Slocks On New York
i

Siock
The

New

York

Exchange Higher On Aug. 31

one

Total face amount of

year ago.

outstanding public debt obligations issued under
authority of the Second Liberty Bond Act

.

Deduct

$148,169,881,620

"Steel"
summary

unearned

current

Exchange announced on Sept. 8 that as
of the close of business
Aug. 31, there were 1,237 stock issues,
aggregating 1,489,131,930 shares listed on the Exchange, with a total

Add

other

public

discount

debt

Savings

on

Bonds

outstanding

not subject to the
"statutory limitation:
Interest-bearing (pre-war, etc.)

Matured obligations

loans

not

other

types

by

U.

date,
S.

therefore 0.91%.

was

Government

issues

member

borrowings, these ratios
exceed the precise relationship between
borrowings
and

mated

,

,

18.0%.

-—-Aug. 31, 1943-—

Aviation

;

.

483.290,036

22.19

3,875,667,009

31.94

3,794,439,787

31.30

637,371,447

18.60

636 723,548

18.58

26.70

540,190,936

26.17

..

Building

551,642,666

■

and

Office

ft 394.227,035

Equipment..-.

Chemical

L.

•

Electrical

Equipment
Machinery...

Farm

22.91

...

__u_™.

Business

Financial

33.42'

5,950,662,209

62.82

1,599,577,613

39.11

759,548,267

57.99

956,129,408

19.14

....

Food
....

&

Leather

-

■

*:

,

Realty

•

—

—

Petroleum

•

....™

Railroad
Retail

—....

Merchandising—.

...

:

6.03

234,589,523

27.85

23.36

23,31

Gas

&

Electric

Gas

&

Electric

562,062,580

53.09

July

31--—

Aug.

30—

v

31

Oct.

_

lifted

-32:04
'•

•i'

.

!

*

!

the

on

—

Nov.

29—

Dec.

31—

.

^

„

31—

Feb.

28

Mar.

31-—

Apr.

30—

28,46

May

29

^

35,234.173.432

_

32,844.183,750

.

June

30

July

31™—

y

.

_

;■■■

y 26.66 *'•"
25.87
'

24.46

31,449,206,904
32,913,725,225
33,41.9,047,743.
34,443,805,860

S

Sep

11

11.18

Sep

18

31—™ i™.

Nov.

30^.—

-

.

.

30—

Feb.

27-y

23.70

25.65
25.41

v

26.39

May

29

22.40 y

June

30— -™;

22.73

July

31— ™.

23.42 ir;

Aug.

31—™

24.02

■

i

28.16
29.61

,

31.20

...

—

_™

:

™.

31.45

48,437,700,647
48,878,520,886
47,577,989,240
47,710,472,858

32.96

32.04

statutory debt limitation at $61,830,118,380.
In another table in
Treasury indicates that from the total face amount of
outstanding public debt obligations ($148,169,881,620) should be de¬
ducted $5,285,218,709 (the unearned discount on
savings bonds), re¬
ducing the total to $142,884,662,911, but to this,, figure should be

$1,174,209,412

(the other public debt obligations outstanding
subject to the statutory limitation).
Thus, the total gross
debt outstanding as of Aug. 31, 1943, \yas
$}44,058,872,323.' !
'
The following is the Treasury's report for Aug. 31:
not

vided

that

21
the

of the
face

Second

amount

standing at

in'the. aggregate

time:"

any one

'

:

;

"

"

$210,000,000,000 out¬

:

lull

of

this

year.

"The

war's

and

Interest-bearing:

y

•.

1943:
r

:

':]yyyy':' •'

'

\

Bonds—

,..y\Vy„..

.

•

- y

Depository
Adjusted

'v

—

.
.

,

•

$210,000,000,000
y...

;

'

"

-

•

•/•./-. 1

yyyy.
$57,520,494,900

+
.

•

;><

V

yy/"':.

27,978,768,450
.

Service

•" y*

\..,y

V.

Treasury
-I—™::
^Savings (Maturity value)--!.

m

y

...

y*

"

,

/261;980,250

•

•.

.

of

the

will

program

Certificates

Treasury

of

—'—

indebtedness.—

bills .(Maturity

vai.)

be

little

hope

"Italy's
the

155,536,375

learing

204,158,038

which interest has ceased-,
interest (U. S. Savings stamps)

of obligations issuable under




be

altered

for

at
can

the additional

capitulation

seriousness

of

the

increases
domestic

coal

crisis, since Italy is depend¬
ent ori imports of fuel.
Already
coal is being diverted on a
prior¬
ity basis to metallurgical indus¬
trial

needs

shortage

in

can

serious.

more

the U.

S., and the

be expected to grow
Many miners have
or

lured to other in¬

dustries while those remaining at
their posts are said to be
jittery
because they are working without
a

contract.

Other factors contrib¬

above authority

—-

this

year's

numerous

absenteeism, ex¬
coal veins, a
falling

of

off in coal mining
efficiency at
both hand and mechanized
mines,
and the tight transportation

prob¬
lem.
By-product coke production
has not kept pace with
pig iron
output and rejections of beehive

of

latured obligations, on

amount

not

release of steel and other critical

have

the

heavier
due

increased

because

of

quality.

"All

12,845,975,000

$147,810,187,207

ace

shortages.
The
military supply

materials to the civilian economy.

poor

$26,368,417,950
22,113,655,000

61,328,047,950

no

will

this time and therefore there

coke

720,895,657

$86,492,139,257

V Treasury notes

turn

new

coal

strikes,

of Aug. 31,

1,792,131

1,499,459

1,777,854

to

plate^ producing facilities
nation

orders
the

are

than

flooded
ever

with

before

step-up in shipbuild¬

148,169,881,620

ing.
Sheet and other fiat-rolled
departments reflect the unprece¬

$61,830,118,380

tendea

dented

is

1,674,588

WPB

surveying the entire sheet mill

situation
1944.

through first quarter of

It has been difficult to

tonnages needed for

tighten all domestic supply prob¬
lems,-temporarily at least, and
will heighten
the critical man¬

haustion

as

short

remain

ance

mine

Outstanding

a

heavy again and probably
so
through the bal¬

are

will

steel, after

uting to the shortage include ef¬

Total'face amount that may be outstanding at any onetime.'™I.....*

1,806,259

1,490,863

purposes.

of Lend-Lease

limitation:'

■'■

1,761,594

1,476,442

up strongly
large quantities of material were being rushed to the
front," the
"Iron Age" states in its issue of
today (Sept. 16), further adding:
"Steel ingot output at 99.5% this week
is a decline of one
point
but the tonnage is the seconds
highest on record, exceeded only able to schedule
large tonnages
by last week's mark.
Shipments needed for war

of

yy

3.273.376

1,464,700
1,423,977

;"A's the filen, equipment and
strategy of the United States and
Great Britain encountered their sternest
war tests this week
against
the Germans in Italy, production in
America was holding

fects

':y:

1,750,056

3,261,149

+ 17.3

v

The following table shows the face amount of obligations out¬
standing and the face amount .which: can still be issued under this
■■

1,436,440

+ 18.7

3,720,254

been drafted

1943

Liberty Bond Act, as amended, pro¬
of obligations issued under
authority

of that Act '"shall not exceed

1,431,910

+16.1

3,238,160
3,230,750

1,732,031
1,724,728
1,729,667
1,733,110

.

pattern

the report, the

Statutory Debt Limitation As of Aug. 31,

25

power

000

"

1,415,122

Steel Operations At High—Plate
Producing
Facilities Flooded With Heavier Orders

32.17

Treasury Department made public on Sept. 4 its monthly
report showing the face amount of public debt obligations issued
Under the Second Liberty Bond Act (as
amended) outstanding on
Aug. 31, 1943, totaled $148,169,881,620, thus leaving the face amount
of obligations which may be
issued, subject to the new $210,000,000,-

Section

1,426,986

3.233,242

4,229,262

33.27

The

t:

3,263,082

and

$
24.20

■

™.y 41,410,585,043
43,533,661,753
Mar. 31_.™_
45,845,738,377
y Apr. :302—
46,192,361,639

22.36 i

:

Price

*

added

Sep

32.17

;

■y

37,727,599,526
37,374,462,460
C Dec. 31.2™.' ££:■;, 38,811,^28,666
1943—
1,1'.+ / ,y: -VJan.

21.41

.

15.8

+ 16.6

22.27

•

24.70

.

+

3,637,070

1,727,225

22.44

34,871,607,323
35,604,809,453

—

Oct.

.

•

+ 15.7

3,649,146

4,240,638
4,287,827

—.

—

4—.

22.48

Statutory Debt Limitation As Of Aug. 31,1943

but

14

Exchange:

Aug. 31.—Sept. 30™—

•

28.32

28.02

36,228,397,999

S;

Aug

Average

1942—

Jan.

7

V;

1942—

——

Aug

.23.64

", 47,577,989,240:?
v

July 31

13.85

Market Value

S
V

3,625,645

4,226,705

3,132,954
3,322,346
3.273.375

Price

.

41,654,256,215
41,472,032,904
40,984.419,434
39,057,023,174
37,882,316.239
35,785,946,533

_

Sept. 30—

1,440,386

4,196,357

3,199,105
3,220,526

+ 18.4

Average
$

•

ably better than in many months.

two-year compilation of the total market value

Market Value

>

,

+ 17.4

+ 18.0

and the average price of stocks

1941—

3,565,367

—

3.672.921
3,583,408
3.756.922

-

shipments

4,184,143

July 24 '

4,350,511

•

steel

from the East coast

1,711.625

Sep

;'

"Lend-lease

,.

1,592,075

3,654,795
3,673,717

^ " -.w

1929

,

1,415,704
1,433,993

3,639,961

\"x"'

ing amount of this scrap shipped
country, although still not
in heavy volume.

to this

1,341,730

4,264,825

Stocks—47,710,472,858

recent

increas¬

3,178.054

4,322,195

24.13

In
an

+ 14.3

Aug 28

22.74

industry.

3,428,916

Aug 21

22.10

steel

3,919,398

45.60

85.66

1932

>

fo¬

2,903,727

33.34

141,616,617

'j

1941

again

July 10
July 17

474,116,050

2,062,698,659
1,071,337,844
3,583,630,186
102,105,845
763,095,426
901.161,780
138,758,202

has

attention of the scrap trade

+ 20.1

1,225,911,624

920,354,952

a

1942

steel demand.

war

collapse

3,424,188

45.71

Miscellaneous Businesses.......ir.

\_v\-

over

tion of easier

4,110.793

34.04
;

Operating Abroad——.
Foreign Companies..—c...'

'•••*.

1942

facilities
by the Allies. Con¬
sequently there seems little pros¬
pect the military situation today
permits of any view in the direc¬

3

18.14

14.24

-1

1943

manufacturing

be utilized

ian

1943

Week Ended-

July

re¬

possibility of battlefield scrap
being retained for use by the Ital¬

(Thousands ol Kilowatt-Hours)
% Change

42.92

104,992,568
751,577,432

We give below

DATA FOR RECENT WEEKS

Italian

can

weeks there has been

100,091,907

86.30

'rv

16.1

14,042,626
2,171,448,484

3,611,327,570

Listed

18.5

8.13

11.14

All

22.9

18.7

may

■'"V

on

18.4

>

whatever

addition, raw materials, in¬
cluding steel, will be needed on a
large scale to supply whatever

cused

22.4

18.0

that

"In

"Italy's

'

Total United States.—..

war

'

Allied forces to take fullest
possi¬
advantage of the Italian capi¬
tulation.:

14.0

17.7

clear

effect

ble

16.4

20.5

1

of the

other directions, and
by the in¬
tensification of production in cerr
tain lines to make it
possible for

15.9

13.0

17.7

scope

sult from the Italian
collapse they
be offset by requirements in

19.9

17.6

26.1

18.5
22.4

overall

changes in specifications

5.1

23.0

i

23.3

Paciuc Coast

18.18

8.14

in

Aug. 21

14.5

42.40

484,045.218

Utilities—

11.9

1

14,020,726

1,227,606,510

Cos.

14.3

10.3

y

little

is

7.1

,

2.145,080,753

21.03

S.

Aug. 28

5.9

Rocky Mountain..

19.95

50.99

18.4%

was

YEAR

19.6

.

15.1

23.46

34.68

PREVIOUS

Sept. 4

"'

6.2

■

23.20

2,525,509,821
539.804,089

OVER

19.1

Southern States

27.91

35.65

1,067,108,131

Miscellaneous

:::Yy
"

Central Industrial-...
West Central______^_u.-

6.04

30.57

Sept. 4, 1943,

Sept. 11

33.38

34.15

2,112,113,206

U.

Middle Atlantic

26.83

3,841,318,445

;2™,

(Operating
(Holding).......

18.96

20.22

30.72

•100,277,256.,

Communications

56.93

44,868,923
29,281,524
235,091,380
1,606,318,878
1,365,311,147
449,885,266
6,143,324,622

y

•

38.87

745,706,132
948,440,969
3,115,720,270

31.95

—'....i.

•

1,573,717,912

report, esti¬

Week Ended—

62.93

462,672,165

,

Utilities:

.

INCREASE

Major Geographical DivisionsNew England
;

33.05

6,185,927,710
3,594,569,771
2,596,504,415

Ship Building & ,Operating™_i.__y:
Shipping Services
-----i :i
Steel, Iron & Coke.™
;
Tobacco

26.51

29,348,889

1,371,901,219

Rubber

Textiles

44,331,505

1,599,535,229

...

Machinery & Metals.—.
Mining (excluding iron)—....
Paper <fc Publishing—

389,793,119
5,960,753,803

33.45

3,122,942,647

Garment
Land

Market Value Av. Price

501,140,612

_

current weekly

The output for the week ended
of the similar period of 1942,

excess

PERCENTAGE

Amusement

Automobile

July 31, 1943

Av. Price

Institute, in its

that

power

stocks are classified by leading
industrial groups with the aggregate market value and
average price
for each:
v >-

the

surrender

have

will

the production of
electricity by the electric light and
industry of the United States for the week ended
Sept. 11,
1943, was approximately 4,229,262,000 kwh., compared with
3,583,408,000 kwh. in the corresponding week last
year, an increase of

their total market value."
In the following table listed

Market Value

ac¬

Electric Output For Week Ended
Sept. 11,1843,
Shows 18.0% Gain Over Same Week Last Week
The Edison Electric

its
steel

to

production program.

$144,058,872,323

*

all

in

and

Sept. 13 stated in part

on

expected

on

970,195,227

Approximate maturity value.
Principal amount (current redemption value)
cording to preliminary public debt statement
$22,693,549,741. /./tV.-.-.W
'•*

ordinarily

iron

"Italy's unconditional

of-Aug. 31, 1943——

as

the

one

follows:

as

"It

outstanding

Cleveland,

of

markets,

is

$195,942,720
8,071,465

ceased

interest

no

Total gross debt

listed shares

on

has

1,174,209,412

As the

include

will

interest

of

between

1,662,800 tons

but

(

The ratio Of the latter borrowings to the market

collateralized

of

Bearing

which

on

(difference

$142,884,662,911

obligations

issues,

value of all listed stocks, on that

•

*

market

value of $47,710,472,858.
This compares with 1,235 stock
aggregating 1,479,099,743 shares listed on the Exchange on
July 31, with a total market value of
$47,577,989,240, and with 1,241
stock issues,
aggregating 1,471,287,744 shares, with a total market
value of $34,871,607,323 on
Aug. 31, 1942. y'yyy-^:yy
In making public the
figures for Aug. 31, the Exchange also said:
"As of the close of business
Aug. 31, New York Stock Exchange
member total net
borrowings amounted to $595,695,164, of which
$436,185,864 represented loans which were not collateralized by UyS.

month ago,

redemption value and maturity value)—
—5,285,218,70,9

-

Stock

Government issues.

1119

RECONCILEMENT WITH DAILY STATEMENT OF THE
UNITED STATES TREASURY
AUG. 31, 1943
/v..,

seas

large

a

container-making

"Railroad
sured

or¬

the

plate program.
of

nage

Substantial

sheets

has

ton¬

not ' been

allotted to the mills because prior¬
ities given the Maritime Commis¬
sion for plates are taking most of

the available rolling time on con¬
tinuous mills, and the shortage of
suitable

semifinished

limits

tonnage

sheet

mills.

drum

and

stock,

similar. vital
those

among
ment.

•

equipment are
awaiting place¬

now

>•;

material

non-integrated
Army
orders
for
ammunition boxes
on

yV

:

'

■

'

"Steel plate allocation numbers
for first and second quarters are

coming out
result

more

most

room

their

on

freely, with the

producers

have

schedules

no

before

late

February. High octane gaso¬
refinery tonnage is increas¬
ing again, with some being placed
line

for

fourth

quarter

direc¬

under

tives. Mill interests say this is the
first important directives tonnage

are

as¬

quarter steel
requirements for 6,000 freight cars
have

sheet

place

of their third

which

"Distribution of vital

ders continues complicated by

over¬

venture.

carbuilders

consider¬

are

been

received since the

inauguration of

CMP.

"August

plate shipments were
moderately to 1,061,000 tons,
comparing with 1,089,000 in the
preceding month and 1,097,866 jn
off

approved, but
getting fourth
are
problem¬ corresponding 1942 period.
-yJ
atical.
Even if plates do become
"Freight car builders are riot
available
through
changes
in clear as to where all the steel is
shipyard needs, the fourth quar¬
coming from for the construction
ter
railroad
setup
calling
for of 9,645 domestic cars allocated
around
10,000 domestic freight for the fourth
quarter.
Mills are
.

their

chances

quarter

of

material

cars may run into
of bar and sheet

a

snag because

shortages.

"The

United

States

De¬

partment has already set up its
schedule for thousands of
freight
cars to be built
during the fourth
quarter this year, through to and

including the third quarter of
A

year.

next

substantial

steel will be

tonnage of
required in this pro¬

Events abroad have given
green light; and future devel¬

gram.;

it

a

opments

may

find

the

War

De¬

partment program 'derailing' some
of the domestic
freight car busi¬
ness."
The

•

■■)''

■

American

Institute

Iron

■

and

Steel

Sept. 13, announced
that telegraphic
reports which it
had

on

received

indicated

that

the

operating rate of steel companies
steel capacity
of the industry will be
99.6% pi
capacity for the week beginning
Sept. 13, compared with 100.3%

having 94% of the

one

week

ago,

98.2%

ago and 97.2%

one

operating rate

for

one

the remainder of the

over

generally speaking, and so
far they have received allotment
numbers
steel

for

needed

only
for

some

these

of

the
Do¬

cars.

mestic

freight car awards in Au¬
4,422
units,
were
the
largest since January when 8,365
of

gust

were

the

placed.
Total awards for
eight months of 16,992,

first

with 24,030 in like

compares

riod last year and

103,902 in

pe¬
cor¬

responding months of 1941.
"Iron

gust

ore shipments during Au¬
established the second con¬

secutive monthly record, although
unfavorable weather towards the
close of

the

period prevented the
exceeding the 14,000,gross tons earlier predicted.
Reflecting completion
of three
total

from

000

additional

Maritime

vessels

the

on

Commission

Great

Lakes

this

month, the ore movement in Sep¬
remain

should

tember

at current

month

year ago.

the

booked
year,

War

week

The

be¬

high

level

month.

the

despite

August

ore

shorter

shipments of

ginning Sept. 13 is equivalent to

13,976,770 gross tons, brought the

1,736,000 tons of steel ingots and

season's

situation, being greatly fex^- castings;
on their
backlogs and un¬ tons one

compared
week

ago,

to

1,748.200

1,710,900 tons

total

13.6%

below

mnvAf)

in

thp

to

the
like

52,359,474,
60,593,534
1942

or

tons

neriod."

;

/

i :

■>

.<■

•

j.

,t

■

••

—

Statistics of the Interstate Commerce Commission
has issued a statement showing the aggregate totals of selected in¬
come and balance sheet items for class I steam railways in the
States for the month of June, 1943 and 1942, and the 6 months

1943 and 1942,
are subject to

report is as follows;

'

£„

!

' 1

All Class I Railways
For
the : 6 Months1942
of
1943

'

;
'For the Month of Juno
1942
IncomeItemsr4vv.v'V^.;'..:'X943 $118,737,985
■

,

.

income.-*

operat.

ry.

Total

;

charges

fixed

and

deductions

?

35,827,027

____

;!._// V;i
120,205"
50,934,665
fixed charges V: 72,918,903

after

,

2,292,567

Contingent charges
Net income ———'

and

structures

<

Amortization
'

'<V

of

70,626,341

:'s;

and r/- ■■

(way

Depreciation
u

132,345,766

769,112,269

610,708,976

15,108,787

88,119,334

36,952,939

217,631,500

84,493,288
222,129,543

equip.) r
defense

/

26,525,395,
.

124,964,316 *"

appropriations/'
common stock—

745,451

705,649

305,436,285
462,615,984
13,905,713
448,709,268

307,328,480
303,380,496

20,102,752

159,153,932

117,346,016

62,944,165
669,751,776

33,631,668
279,037,262

62,582,498
14,599,629

57,493,486
13,302,837

2.51

1.99

7,213,897

11,273,601

projects '■

Federal income taxes—

118,121
52,179,847
80,165,919
2,419,845
77,746,073

:

Total fixed charges^

f;Inc.

15,424,516

73,397,321

On
On

7,963,341

6,729,364
1,152,943

preferred stock

695,298

IRatio of income to iixed
•II» charges

2.54

2.43

'

.___—

...

1943

,

283,505,173

The

ments

,

Sept.

to

in 1942

...—

i_;————

receivable.
car-service

'

'

and

(Dr.)

balances

agents

from

ductors

<

7%.RUNNING BALES
(Counting round as half bales and excluding linter3)
'

State—

f

States

supplies.:—
dividends re¬

and

ceivable

>

Arizona

253,517

986,332

41,036,165

34,351,463

no

117,949,612

133,174,550

98,017,451

cheeked against

449,539,611
414,889,973

245,602,436
429,597,336

534,418,742

18,738,937

1,019,772
7,650,246

3,881,731,915:,

2,205,553,399

2,990,029,623

,

assets

.

maturing

within

months

six

ILoans and bills payable-

■

T',747,453,558

(Cr.)

balances

Audited

1

—;

accounts

$84,773,331

$136,611,708

15,628,192

18,352,851

1,600,000

148,846,244

86,085,522

103,186,077

60,741,806

360,409,313

303,447,318

292,062,026

243,605,330

113,398,623
69,149,518
27,209,248
52,075,532

67,667,588
74,431,861
25,703,491
57,723,450

88,332,800
61,956,651
26,867,083

49,600,093
62,272,381

and

payable

wages

accounts

Miscellaneous

payable x—.
Interest matured unpaidDividends matured unpaid
Unmatured interest accrued
Unmatured
dividends de¬

$63,396,342

$157,484,459

car-service

and

Traffic

v

3,207,500

-v

25,351,228
47,054,352

47,192,242

12,916,027
17,497,629

10,131,711
16,382,587

14,571,960

1,356,293,817
94,269,521
Other current liabilities—

572,072,608

1,184,465,913

525,082,550

58,548,743

69,949,500

47,520,881

liabilities. 2,267,693,669

1,290,547,730

1,903,100,279

1,089,127,862

clared

—:

current

Total

accrued-

.

liability.

consumed during the month

Cotton

of

On

Other

U..S.

than

v

,

; '//

1,219,631,442

'

v./

445,999,639

'

1,075,102,683

423,017,658

date

after

136,662,375

taxes

of issue.

•

'

1

♦

•

132,574

97,543

30,950

8,995

11,908

6.571

10,317

19,075

Georgia

40,290

21,644

15,986

Louisiana

40,636

9,596

84,759

11,789
8,300

26,219

160,585

109,488

44,050

43,352

Mississippi

—

_____

Texas

All

other States

Season

tion
as

a

and
say:

week's construction brings 1943 volume

to $2,322,-

368,000, an average of $64,510,000 for each of the 36 weeks of the
period.
On the weekly average "liasis, 1943 construction is 67%
lower than the $7,278,879,000 for the 37-week period in 1942. Private
construction,

$296,735,000, is 33% below last year,

and public con¬

adjusted for the differ¬
Munici¬
pal construction, $144,954,000, is 65% lower, and Federal volume,
$1,880,679,000, is down 70%.
Civil engineering construction volumes for the short 1942 week,
struction,
ence

$2,025,633,000, is down ,69% when

in the

number of weeks.




6,241

nage

,.

9,109

the

i.

6,961

been

18,602

Shipped out

Aug. l to

"Aug, l-to

.'*21,825

V

28,840

29,383

23,366

28,786

48,330

1139,909
214,642
29,241

99,198

133,234

24,454

19,659

19,170
26,308
§111,807
51,892

34,460

1943-44

'.-1207,081

_|

1942-43

310,191

1943-44

18,593
190,100

58,978

11,986

31,638

Hulls

(tons)
(running
fiber

Hull

1942-43 7

|

1943-44

|

1942-43

44,118

1943-44

§135,116

1942-43

43,295

bales)

)

1943-44

24,316
39,687
>

42,126

,

.

.

62,996

'

28,256

277

707

229

258

1943-44

14,281

1942-43

23,644

10,042,000

and

>.

306

1942-43

12,863,000 and
and 2,522,000

42,332

335

—(

'Includes

32,426

353-

(500-lb. bales).___)

Aug.

out and 68,377 bales

pounds

990

by

\\

•

22,877

1,757

refining

and

advised

sary

tons

against

.

of

a

larger

tonnage^ could be , taken out

of inventories.

refiners and con¬

"

v

•

^

until

mended a_ reduction in

notice

concerning imports and exports.

the publication

Commerce
of statistics

inventories

publishers

,

.

recom¬

permitted

of

news-*

print from 50 days to 40 days sup¬
ply in the Northeast and Central

region

and

75 days to

from

days in the West and
fective

Sept. 1,

would be

65

South ef¬

Publishers

1943.

required to revise their

September delivery orders to coni¬
to these

new

inventory re¬

strictions.

"The
that

committee

WPB

grant

recommended

no

personal"

telephone' interviews
tion

further

also

committee

"The

form

respectively.

mill run.

discontinued

•

manufacturing

Exports and Imports of Cottonseed Products
In the interest of national defense, the Department of
has

210,000,

month since Jan. 1,

percentage cut and recommended
only 5%, because it felt the neces¬

pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
5,135,000 and 4,596,000 pounds in transit to manufacturers of shortening, soap, etc.
Aug. 1, 1943 and Aug. 31, 1943 respectively.
Does not include winterized oil.
tProduced from 30,704,000 pounds of crude oil.
§Total linters produced includes 8,406 bales first out, 26,744 bales second out and
4,537 bales mill run.
Total held includes 10,689 bales first out,-32,741 bales second

Of the public total, State and

per

I "The Newspaper Industry Com¬

9,863

5,950

1,532

held

4,936,000 pounds in transit to

1, 1943 and Aug. 31, 1943
tIncludes 3,203,000 and 2,283,000

sumers

127.839

.,

631

Grabbots, motes, &c.)

(500-lb. bales)

,•

'

|
)

Llnters

deliver during
Canada has

can

quarter,

delivering

mittee

*32,583

40,010

1942-43

(tons)

fourth

newsprint

Aug. 31

•

|

Cake and1 meal

Canada

"

-■

Ithousand pounds)

On hand

Aug. 31

Aug. 31

the maximum ton¬

learn

to

ture

9,391

14,018

Produced

1943-44

'7r-

oil

establishments

The current

On hand
Aug. 1

,

defined oil

"Engineering News-Record" on Sept. 9.

12,983

1
(thousand pounds)^)

Jrude

Private construc¬
is 58% lower than a year ago, and public work is down 63%
result of the 61% decline in State and Municipal construction
the 63% decrease in Federal volume.
The report went on to

week by

17,858

101,495

cannot

tion Board meets in the near fu¬

5,757

161,193

percentage of the reduc¬

Combined Resources and Produc¬

21,217

;•

on

determined by WPB until the

be

152,973

31,587
69,942

ordered

was

tion in the fourth Quarter

348,664

28,265
/

cut

The announcement of the

also said:..

WPB

SHIPPED OUT, AND ON HAND

PRODUCTS MANUFACTURED,

5%

July 1.

include 89,817 and 81,928

Item—;

engineering construction volume for the holiday-shortened
week totals $36,606,000. This continental U. S. volume, not including
construction by military combat engineers, American contracts out¬
side the country, and shipbuilding, is 62% below the corresponding
1942 week, and compares with $61,674,000 reported for the preceding

v

14,498

6,688

15,126

___

original Order L-240, effec¬
1, 1943, reduced quotas
approximately
5%,
and
a

further

tons on hand Aug. 1 nor 5,906 and 5,542 ton?
reshipped for 1943 and 1942 respectively.
•:
*Does not

v.;

Hotiday-Stscrlened Week

.

7,317
16,592
5.572
5,150

Arkansas

by

state¬

HAND (TONS)
'
On hand at mills
Aug. 1 to Aug. 31
Aug. 31
1943
1942 U
1943
1942.

168,588

'

r

The

tive Jan.

Crushed

1,684

COTTONSEED

Civil

ing with; War Production Board
representatives in 'Washington' On
Sept/ 3.
This is 3 expected : to
bring' about a itotal-reductiori of
15% since the first of the year.

this report

"Exact

'

Alabama

additional

an

in

newsprint usage1 for ..the
fourth quarter of 1943 was recom¬
mended by the Newspaper In¬

hand, and cotton¬
and exported for

391,421

126,072,969

,

V,.

A net reduction of

5%

RECEIVED, CRUSHED, AND ON
Aug. 1 to Aug. 31
1943
1942

has

::

dustry Advisory Committee meet¬

of Census issued the following

,

!

Jnlted States

103,303,230
102,064,892
^Represents accruals, including the amount in default.
tFor railways not in
receivership or trusteeship the. net income was as follows: June, 1943, $54,866,537;
June, 1942, $61,643,397;
for the six months ended June, 1943, $340,798,322; six
months 'ended June, 1942, $239,427,483.
XIncludes payments of principal of long-term
debt (other than long-term debt in default) which will become due within Six months
after close of month of report.
HFor railways in receivership and trusteeship the
ratio was as follows: June, 1943, 2.28; June, 1942, 2.32; six months, 1943, 2.44; six
months, 1942, 1.72.
^Includes obligations which mature not more than two years
ernment

.

he

conferences
::

Newsprint Ordered
•c

.

cottonseed received, crushed, and on
seed products manufactured, shipped out, on hand,
the month ended August 31, 1943 and 1942.
-'
'Received at mills \

post-war

some

Further 5% Cut In

difficulty in obtaining de¬

ment showing

State—

Gov¬

suggested.

V

such data are being omitted from

Sept. 13, the Bureau

the

in

tion

season prior

^§;;^otloBseed Receipts in Augcst

"

"

conditions and the

pendable world statistics
for the time being.

COTTONSEED

Analysis
of
accrued/tax
liability:'
^'TJ. S. Government taxes.

being trans¬

imports and exports.

war

do

planning of its own, Mr. Johnston
said he saw no necessity for im¬
mediate-governmental partidpa4

publication of sta¬

until further notice the

merce has discontinued
tistics concerning

will

Congress

of July, 1943, amounted to

World Statistics

10,131,711
14,560,030

Accrued. tax

•

explained that while Britain had

839,705 bales.
Cotton on hand in consuming establishments on
July 31 was 2,117,343 bales, and in public storages and at compresses
7.704,181 bales.
The number of active consuming cotton spindles
for the month was 22,654,790.
In the interest of national defense, the Department of Com¬

Because

12,916,027

Unmatured rents

the individual returns of the ginners
mail. The revised total of cotton ginned this
Aug. 16 is 351,643 bales, -.
Consumption and Stocks—United States

to

887,021

debt

■125,102

120,545

213,024

mitted by

Selected Liability Items—f

JFunded

re¬

7

;

Speaking of prospects for the
post-war world, Mr. Johnston told
a press conference he could see no
reason for the apprehension he re¬

American-Egyptian for 1943,r 56 for 1942 and 499 for 1941; also
bales Sea-Island for 1943, 54 for 1942 and 83 for 1941.
The statistics for 194'3 in this report are subject to revision when

of

18,246,542

:

current

.

; •

^ 154,095

-

ikij

^

26,236,747

34,055,686

current

—

ported:^-

1942
...
1941- ported on the part of some Brit¬
*739,005
; , *505,720
49,088
..1,:
83,916 ishers that Great Britain has lost
::1,082
10,701 her South American trade contacts
2,952 " \
25,389 to the United States. He said he
4,748 s 7,128

1943
v '
*1,784,629
' 157,743
. .
,7,768
115,810
6,764

——

Railways Not in

1,332,524
9,342,897

Other

-

-

Florida

19,813,605

receivable

-

'
—

Arkansas

K? 20,105,424
1,180,952
assets——//j 47,505,245 1
:i.-.

.

Rents

" '
—A

Alabama

1,033,549

308,443,403

570,918,269
516,741,379

—

and

Materials

Total

167,300,523

—-

831,034,188
186,418,688
154,675,025

273,975

37,063,524 j

i.;—

—

ceivable

Interest

.

accounts re¬

Miscellaneous

■v

i-

209,561,642

receivable
and con¬

-balance

Net

$478,724,241

———1,055,544,453 ;
invest¬
1,255,536,529'

bills

and

Loans

corresponding date
: v--.,i■-.UV'■

1, 1943, and comparative statistics to the
and 1941.",
4/ 'V;
:

following was

the

accounts,

—

♦Special deposits
Traffic

In Associated Press Washington

census

.

com¬

cash

—

• ■

he

—

$557,518,182

Temporary

"we

fthat,"

...

panies

Cash'..

added,

ought to work with Russia."

—

than

other
affiliated

of

June
1942

stocks,

in

•

etc..

of 1043 Prior to Sept.

report issued cn Sept. 8, compiled from the in¬
dividual returns of the ginners is shown below:
Number of bales of cotton ginned from the growth of 1943 prior
%

13,875,323

•

of making postr
plans immediately

Eric A. Johnston, President of the

...

,

urgency

economic

stressed earlier this month by

was

60,115
'V
27,084 been unable to ship goods to South
Mississippi
—
351,372
58,661
79,404 America since the war, so had we,
Receivership or Trusteeship
Missouri
JLv——
—2,941
235
,
"•
7,744
Balance at end of June
Besides, he added, there will be
North Carolina
————
3,351
2,934
745
1943
V' 1942
Oklahoma———
2,758
225
119 "plenty of opportunity after the
South' Carolina
!———-— >
58,512
,
40,781
13,558 war for Great Britain and us both
Texas
705,662
397,611
118,083
All other States—,—
4,829
28
1,747 to do more business in South
$531,105,456
$460,816,717
America than ever before—and I
*Includes 107,053 bales of the crop of 1943 ginned prior to Aug. 1 which was
counted in the supply for the season of 1942-43, compared with 48,62s and 1,969 bales
hope we can do it on a competitive
783,567,775
618,935,928 of the crops of 1942 and 1941.
'
v
'V
' .V :
'
basis." ;vThe statistics in this report include no round bales for 1943;
175,828,325
967,019,335
116,725,332
162,158.803
none for 1942 and 16 for 1941.Included in the above are 4,284 bales p Although expressing a hope that

All Class I Railways
Balance at end of

Selected Asset Items—

those

51,144,000

Cotton Ginned from Crop

Louisiana

bonds,

75,522,000

The
war

classified

Georgia

Class I

Investments

5,869,000

6,699,000
29,907,000
2,266,000
27,641,000

j'*'

sentatives of all Atlantic countries,

United

Dividend
.

'$36,606,000

"After

14,987,434

'

■*'. Other' deductions

-J-

14,367,228

■

/-.'V

equipment

•Interest

!:■

roads

-leased

for

Rent

.

123,853,574.

•

2,372,152

2,527,495

$61,674,000
6,754,000

Post-War Planning

:

charges:1

Fixed

•

■

availableI, for ./,/>'■;

Income'/.

•

,

income

from

134,717,918:

126,381,039
deductions;%

income

Miscellaneous
i

$551,683,823
74,449,669
626,133,492

$705,943,274
77,536,223
783,479,497

15.S79.933

725,945V- /

income

■Other

,

$100,655,124

-

.

.

,,

Net

(four days)

construction groups, gains over last week are Chamber of Commerce of the
in waterworks, sewerage,' and commercial building and large-scale United States, on his return' to
private housing. ' Commercial building is the only class of work to Washington from a three-weeks'
visit to England:
gain over the 1942 week.' : Subtotals for the week in each class of
Mr.
Johnston
construction "5re: waterworks, $540,000; sewerage, $503,000; bridges,
proposed
that
$56,000; industrial buildings, $827,000; commercial buildings, $5,822,- business men of Great Britain and
the
United
States
hold
meetings
000; public buildings, $20,216,000; earthwork and drainage,' $142,000;
streets and roads, $2,181,000; and unclassified construction, $6,319,000. on post-war problems.
Later, he
New capital for construction purposes for the week totals $177,- said, there should be other con¬
000 and is made up entirely of State and Municipal bond sales.
New ferences including government,
construction financing for the 36 weeks of 1943, $2,929,155,000, is labor and agriculture leaders of
68% below the $9,524,957,000 reported for the 37rweek 1942 period. both nations, and, finally, repre¬
the

In

revision and were compiled from
132 reports representing 136 steam railways.
The present statement
excludes returns for class A switching and terminal companies. The

; •

Sept. 9,1943

(five days)

54,920,000
3,776,000

Municipal—

Federal

/

-

Sept. 2,1943

_

United

These figures

1,i;'\y":™"Sept.l0,1942

State and

i ~s

'

v■"'(fourdays)
Total U: S. Construction
$97,311,000
Private Construction
15,920,000
81,391,000
Public Construction

The Bureau of

ending with June,

I\

*1

h,

•

current week are:

last week and the

Income Jtnd Balance Sheet Items
I Railways For June

Selected

'■

'

'•

Thursday, September 16, 1943

CHRONICLE

COMMERCIAL. & FINANCIAL

THE

1120

with

appeals for

in

or

connect

additional

tonnage, and that all communicjw
lions

concerning

appeals

be

writing and in writing only,' "

'in

i

Volume 158

T

Number 4212

THE COMMERCIAL & FINANCIAL CHRONICLE
higher prices for pine lumber.

WeeifQoal ftnd 0o|e Production Statistics
War, U. S. Department of the
Interior, in its latest report, states that production of soft coal in
1943, is estimated at 12,050,000 net tons, as

-

the week ended Sept. 4,

1942-

control,
rationing, the Bureau of Labor Sta¬
wilPattempt promptly to report changing prices. Indexes
marked (*), however,, must be considered
as preliminary
and

;

subjectto
and

A:"AA:;AA+ WA:

rThe U. S. Bureau of Mines estimated that the total production
Pennsylvania anthracite for the week ended Sept. 4, 1943 was 1,«
a decrease of 42,000 tons (3.2%), from the preceding
Week.
When compared with the output in the
corresponding week
Of 1942, however, there was an increase of 6,000
tons, or 0.5%.
The
i;

of

254,000 tens,

calendar year 1943 to date shows

,

hive

v

WITH

COMPARABLE
,vi

^

and

.

t<

,

mine

•Crude

A

petroleum—

OF

COAL

CRUDE

>.

A Av

;

Hides

and

leather

Metals

PETROLEUM

1943

12,050

1942

12,130
2,022

•

2,008

•

-January 1 to Date^
tSep. 4, ) »• Sep. 5, *
Sep.' 4,

Sept. 5,
O

."A

1943

11,453

397,402

1,909

1,892

1942

-:

1937

V

i

390,827

296,259

1,874

1,422

•1

lighting materials—

and

metal

6,722

6,784

5,899

225,287

214,385 A

commodities

other

the

supply

of

All

99.1

—0.1

—0.2

+

—0.6

—1.4

+15.6

105.8

106.6

i01.4

—0.8

118.4

118.4

118.4

119.0

0

0

—

0.5

mary

.97.0

96.9

96.9

96.7

0

+ 0.1

+

0.3

a

81.7

81.6

79.6

—0.1

+ 0.1

4-

2.6

105.5

118.4.

97.0

81.8

*103.8

*103.8

*103.8

*103.8

103.9

0

0

112.1

112.1

111.9

110.3

+ 0.1

+ 0.3

+

1.7

.100.2

100.2

100.1

96.2

0

+ 0.1

+

4.2

104.2

104.2

104.2

104.2

104.1

"0

0

+

0.1

0.2

+

4.3

'

92.4

•

92.4

92.4

92.2

88.6

*112.8

*112.7

*113.5

101.2

92.8

92.8

92.7

92.7

*100.0

*100.0

*99.9

99.2

•98.4

*98.4

*98.4

*98.3

97,5

*97.3

*97.3

*97.3 " *97.2

95.7

o

*

,

.

petroleum

Yearbook, Review of

products

is

not

directly competitive with coal. (Minerals
tSubject to current adjustment.
•
V. 'V

1940, page 775).

i:'-n ESTIMATED PRODUCTION- OF PENNSYLVANIA
(In

ANTHRACITE

Penn.

•Total

anthracite—

incl.

coll.

1943

fuel.

Sep. 5,

1943

1,254,000

Sep. 4,

1942

,

,

1943

Sep. 5,

Sep. 7,

1942

1929

1,204,000

1,248,000 41,271,000 41,286,000 47,276,000
1,198,000 39,620,000 39,635,000 43,872,000

1,238,400

1,242,900

1,215,500 42,850,100 42,011,500

161,700

163,700

tCommercial production

1,296,000
1,244,000

States

United

total__>

States

total—

•Includes

washery

cperations.
vision.

and

dredge

coal,

tExcludes washery fuel.

(lRevised..j

169,100

and

coal

$

5,310,700

shipped

5,616,900
4,739,200
truck from authorized

by

tComparable data not available;

j

^

§Subject to

»

re¬
•

<i,

'"-tA'.
and

are

of final annual returns from the
operators.)

or

,

•;

"

fv

<

State—

Aug. 28,

Aug. 21,

1943

1943

385

385

5

5

„

Alabama

.u.*.

j..*

Alaska
Arkansas and Oklahoma
A '
Colorado___—^—i.——.
Georgia and ^orth Carolina:., A

88

147

1
1,509
.

.

11linois._::A-l-_„_?
Indiana

Iowa

Kansas and Missouri—

■[■'}"

Kentucky—Eastern
Kentucky—Western
Maryland

(bituminous

lignite)--,
New Mexico."
North

and

2

87

94

141

143
<

1,50$

105

A

130

i 'y

-+•

'

1 ;'v

81

March

173

?'i;i27
473

260

45

59

"

941

37
3

.

;

■

242

A>

A

36

440
100

A

October

765

A;'." 164

:AA 217

28

44

4

75

64

35

35

20

27

25

29

17

.v. 9 r

■AA

'

'

37

•vA.

A

50

'

——

—

•

—

662

2,971

2,940

128

329

146

3

3

9

——

(bituminous

and

A

"

•West Virginia—Southern
(West Virginia—Northern
Wyoming-

110

103

416

403

149

113

^

**20

bituminous

nite

and

3,734

"

.

20

•Includes
the B.

—

operations
& O.

in

99

33

2,221

2,228

2,335

1,031

: 1,018

948

847

169

161

160

137

1

1

tt

tt

■

A"

12,130
1,296

.

37

on

13,426
the

N.

12,010

11,505

11,307

1,253

1,244

1,279

12,749

12,586

13,263
&

W.;

C.

& O.;

Virginian;

K.

:

.248

31

47

1,845

A 1,515

480

875

97

154

tt

**4

'

A

8,058

11,538

817

A 1,926

:

8,875
&

M.;

B.

13,464
C.

&

Kanawha, Mason, and Clay counties.

G.;

tRest of State, including
counties.
% Includes Arizona,

.

Wholesale Commodity Index Declined 0.1 %
S.

Department

of Labor

announced

on

Sept...'9 that

a

than 6%

in average prices for fruits and
vegetables
brought the Bureau of Labor Statistics' index of commodity prices
iri primary markets down 0.1% during the week ended
"

more

The Department's announcement further stated:

Sept. 4.

"Farm Products and
Foods—Weakening markets for potatoes,
apples and lemons, together with lower quotations for hogs, and for

and wool,

rye

caused the

during the week.

index

Higher prices

for
were

1.617,30?

1,745,295

1,084,057

795,689

products to drop 0.6%
reported for barley, oats and

In the past four weeks average prices for farm products have
1.4%.
They are, however, 15.6% higher than at this time

1,209,684

607,562

1,296,887

745,364

1,480,008

in

ore

and

20

tons

as

during the first quarter of
v"; AAA,.
:V '- v;

1943.

"Tin quotations were
unchanged
Straits quality tin for

last week.

1,086,683

1,262,874

shipment,'cents
follows:

1,846,036

1,544,623

1,443,969

1,333,385
1,110,050
931,744

mos.

21.064,157

20,458,937

adjust.__

14,976,110

11,752,116

16,825.477

*449,020

*42,333

37,639

*44,865

*12,827

20,615,137

20,416,604

15,013,749

11,707,251

16,812,650

•

'

Sept.
Sept.

2

Sept.

4

Sept.

6----:

Sept.
Sept,

7

a

pound,

Sept.
52.000

3—

,v

was

Oct."

•

52.000

at

as

Nov.
52.000

52.000

52.000

52.000

52.000

52.000

52.000

Holiday

•

52.000

52.000

,j 52.000

52.000

52.000

k52.000

"Chinese, or 99% tin, continues
51.1250 a pound.
Quicksilver

Non-Ferrous iefals—lead Sales GoodZinc Is

"E. & M. J. Metal and Mineral
Markets," in its issue of Sept. 9
"The news of the unconditional
surrender of Italy reachd the
market at noon of
Sept. 8.
The event was

regarded as of great
importance, particularly because of its political
implications.
Marketwise, however, the news caused no excitement and
left hardly
a
ripple on the more-or-less fixed price
structure,
Sales of lead
during the last week were in
goodf
———
—
volume, with zinc moderately ac-' ness on
Aug. 1 on necessary pro¬
tive.
Copper experienced a quiet cedure for
obtaining copper wire
OPA

has

inserted

clari¬

fying provisions into the price
regulations for copper, lead and
zinc in regard to drawback
priv¬
ileges

importations of the three
Sellers of manganese ores
authorized to use Atlantic
on

metals.
were

basing points in sales east
Mississippi River and north
Ohio River."

ther went

of the

of the

The publication fur¬
to say in part:

on

"The

War

Department

at

an¬
re¬

the

number, 75% will

copper

properties.

The

"'

sharp decline in prices for fruits and vegetables brought
average prices for foods down 0.8% during the week.
Prices were
higher for cereal products, including flour, oatmeal and pretzels.
Prices for foods in primary markets are 1.8% lower than for the
first week of August and 3.3% above the
corresponding week of a
ago.

program called for

"With the

fractionally because of

war

4,500

news

men.

encourag¬

ing, the industry hopes that larger
quantities of copper will be made
available
by the authorities in
Washington for civilian consump¬
tion.

"Industrial Commodities—Prices for most industrial commodities
remained steady.
Building materials rose

tion

WPB
No.

9

issued
last

y'-+V"+'A:

•

"Though
creased

from
that

CMP

week,

Regula¬

'0'-.

•. \,

.

,

request made by WPB

ventories

add

before

to

the

their

fall

in¬

freight

congestion sets in, the sales vol¬
has

ume

been

better

than

most

observers expected.
It now de¬
velops that sales of lead booked

larger in vol¬

t%n for

since
into

were

the

the

any other month
United States entered

war.

tinued

fairly

pected

to

Demand

active,

increase

has

and

next

con¬

is

ex¬

week

as

quicksilver is holding at a
higher level than most authorities
thought possible. The high price
has been the stimulating influ¬
ence.
Quotations in New York
last week continued at
$196(?/;$198

flask of 76 pounds.

per
year

(1930

average

to

The

10-

1939

in¬

clusive) in the New York market
was

$81.49

per

flask.

Silver

"WPB last week prohibited
any
use
of foreign silyqr. in

brazing' alloys
solders.
However, the order
provides that manufacturers may
complete processing foreign silver
already in process, or use up one
or

month's supply of the total
tity of foreign silver on
July 29.

quan¬

hand

"During the last week the sil¬
ver

market

in

London

quiet, with the
at 23V2d.

price

has

been

unchanged

"The New York Official and the

Treasury

prices were also un¬
changed at 44
and 350, respec¬
tively."
I
.

the

date

for

considering October

allocations approaches. The trade
believes the date for the
meeting
will be

Sept. 20,

as

stated

a

week

Daily Prices
The
copper

daily prices of electrolytic
(domestic and export, re¬

finery), lead, zinc and Straits tin

ago.

Zinc

were

*
'
•

I

"Fair tonnages of zinc were sold

informing during the last week, which just

retailers and repair men in busi¬

of

the manufacture' of

of the recent in¬

activity in lead resulted

the

Coast, unable to operate under war
conditions, are looking around for
quicksilver properties. Production

"A. A A further

Lead-

some

consumers

ume

nounced last week that it has
leased 4,480 men for »work in

Of this

for retail sales.

during August

Copper

mines..

*

Moderately Active—Copper Quiet

stated:

work

"The

"Gold producers on the Pacific

Editors Note':—At the direction of
the Office of
Censorship cer¬
tain production and
shipment figures and ether data have been omitted
for the duration of the war.

last year.




1,668,637
1,666,667

;
NOTE—The monthly shipments as currently reported during the year 1942, are sub¬
ject to adjustments
reflecting annual tonnage reconciliations.
These will be
compre¬
hended in the cumulative
yearly shipments as stated in the annual

declined

year

contained

metal

1,701,874
1,529,241

1,345,855

farm

Wheat, for steers and sheep, and for cotton, flaxseed, onions and
eggs.

1,605,510

771.752

1,406,205

oeriod.

During Week Ended Sept. 4, Says Labor Dept.
" A The U.

1,388,407

845,108

907.904

83

266

the Panhandle District and Grant, Mineral, and Tucker
California, Idaho, Nevada and Oregon.
§Data for Pennsylvania anthracite from
pub¬
lished
records
of the Bureau
of
Mines.
([Average weekly rate for entire month.
•♦Alaska, Georgia, North Carolina, and South Dakota included with
"Other Western
States."
ttLess than 1,000 tons.
y V 7

decline of

747,427

931,905

1,572,408

——_

States.

24

66

419

.

1,009,256

•Decrease.

at

primary slab zinc first

the United

1,425,352

bv

or

be,

may

871

lig-

——.

Total all coal—

388

•

case

the

between

Mexico

"Spain produced 109 tons of tin

report.

7

no
V

26

.

{Pennsylvania anthracite

on

414

2,025

28
2,296

JOther Western States

and

665

2,883

A

'

Virginia
Washington

.

638

2,923

lig¬

nite)
Utah—

Total

J,
*

Tennessee———
Texas

'31
681

....

Pennsylvania (bituminous)—

32

the

and

Tin

1,548,451

1,392,838

nearest

boundary

1,851,279

Total

'

(lignite)
Ohio

enters

1,687,674

1,664,227

the

means

at

States

as

which the

1,720,366

1,500,281

ship¬

Canada, the

or

or

the

on

Canada,

1,364,801

885,636

overland

shipment

States

1,624.186

."49

Dakota

•

of

the United

1,616,587

1,455,604

by

1929

870,866

for

freight station in the continental

1.780,938

1939

States

1,665,545
1,849,635

■

December

Yearly

•

1,787,501
•.<

21

6 k
44

point.
This is usually the seller's
plant, warehouse, or yard,- but if
the slab zinc is shipped
directly
to
the. buyer's
receiving point
from some point other than the
seller's plant, warehouse, or yard,
such other point is the
point of
shipment.
In the case of pri¬

point

1940

1,753,665

transportation'
to the buyer's receiving

directly

United

1,145,592

i

on

for

ment from Mexico

1941

1,703,570

.

—

November

Total

96

—

1,704,289

September

719

227

6

August

shipment, according
price regulation,i:
point at which pri¬

slab zinc is first loaded

United

1.682,454

1,834,127
1,774,068
1,765,749
1,788,650

the

conveyance

1942

AAA A'1 V;l,70S,543
June AAA— 5 '1,552,663
July -—A; 1,660,762
—

of

transportation directly to the buy¬
er's receiving point.
If such zinc
is
brought into the continental

1.738.893

1.758.894

approved

amended

conveyance

point I

>1,772,397
+1.630.828

April

145

947

37

A.-.:

1,363

1,685,993

any

United States where the material
is loaded
on
a

•

1,691,592

May

+

114

98

.

■

*

'830

140

979

A" 313
.A 38

320

180

1943

74

44

■

or

department,

continental United States the point
of shipment means the
place with¬
in the limits of the continental

out in the

y

105

488

A

•

397
A-

A A tt

1,197

,

(11923

January
February

43

154

'

* *

531

and

•

South

5

39

Michigan-___--j:__---^_-__-_.:''D,
Montana

252

5

515

952
'

——:

1937

370

;

Co.

mary slab zinc shipped by water
from outside
the limits of the

corresponding period of last year.
we list the figures by months for various
periods since January, 1929:
,;v
:
;<

Aug. 28, average

1941

374

vA\l U AK

,

143

A.

;A-

A;
>

Aug. 30,

1942

0.9

In the table below

•

Aug.

Aug. 29,
■

0.8

+

Shipments By Subsidiaries Of
Corporation Mead Of July

,

net tons sent

(

—Week Ended

+

eight months ended Aug. 31, last, shipments totaled
13,405,067 net tons, a decrease of 652,839 net tons from the
14,057,906

weekly estimates are based on railroad carloadings and river
ship¬
subject to revision on receipt of monthly tonnage
reports from district

sources

+ 0.1

+ 0.1

For the

"AAA"1" ""A

(The current
ments

and State

0
0

0.1

1,455,-

604 net tons.

ESTIMATED WEEKLY PRODUCTION OF
COAL, BY STATES
v-v;
(In Thousands of Net Tons)
f.

•

+

Shipments of finished steel products by subsidiaries of the United
States Steel Corporation in
August amounted to 1,704,289 net tons,
an
increase of 43,527 net tons over the
July deliveries of 1,660,762
net tons, official figures released on
Sept. 10 disclosed.
In August
1942, shipments were 1,788,650 net tons, or 84,361 net tons
larger
than in August of this
year.
For August, 1941, deliveries reached
1,753,665 net tons, and in the same month of 1940,
they were

By-product coke—
Eeehive coke—

;

+ 11.0

+ 0.1

than

foods

U. S. Steel

•

United

+

—1.1

0

than

Finished Steel

Cal. Year to Date

Aug. 28,
■

COKE +

AND

other
and

0

—0.4

0.1

•Preliminary.

Net Tons)

-Week Ended-

§Sep. 4,
•

commodities

V

81),
freed

purchases

corporation

3.3

100.2

-

the

means

112.2

•

Reserve

or

"Point

3.7

+

all

by the OPA.

1942

—1.8

officially

control

Government

agency,

106.7

9-5

Price-Schedule
week

Metals

*125.0

104.7

—

farm products

by

other

*7.03.0

*123.8

'

-•Total barrels produced during the week converted into
equivalent coal assuming
6.000,000 B.t.u. per barrel of oil and' 13,100 B.t.u. per pound of coal. Note that most

of

jSrice

8-7

*102.8

:iAAproductsA

products

from

1943

81.7.

products—

Miscellaneous commodities—A

farm

last

8-28

*124.0

Raw Materials __a.—J_A—
*112.3
Semimanufactured articles--—
92.8
Manufactured products
*100.0

195,853

Revised

1943

*102.9

.

to clarifying the
governing drawbacks

OPA

9-5

*123.3

Kousefurnishing goods,

•All

,>

output

to

1942

•102.8

products

Building materials
Chemicals and allied

8-7
1S43

A

products

Fuel, and

*

8-21

1943

-

Coal equivalent of

weekly

Sep. 28,

1943

.

fuel-

average

PRODUCTION

-Week Ended-

Sep. 4,

lignite—

incl.

Daily

ON

OF

(In Net Tons—000 Omitted.)

Bituminous coal

Total,

DATA

.y,

.

PRODUCTION

STATES

8-28

1943

Fcods

addition

imports of zinc (Amendment 3

on

to

-—A---—

products

Textile

UNITED

actually increased.

■

1943

y

commodities

Farm

.

ESTIMATED

groups—

unchanged. Though domestic
production has declined somewhat
during the summer period, the
stocks on hand
"In

Percentage changes to
Sept. 4, 1943 from—

'

•

9-4

Commodity
All

V

'

*

A7

was

later

,

'

f

'

,

decrease of 4,500 tons

movement so far as the
Sep¬
tember needs pf consumers are
co'ncerhed.
Thfe{ -price
situation

provisions

(1936—100),.

,

'

,

:

week ended Sept. 4,
when compared with the output
28, 1943. The quantity of coke from bee¬
decreased 2,000 tons during the same period.
•

ovens

\

..

v

1

"A/A A"'' '■' ■"' *"■1

V.-.

by-product coke in the United States for the
a

'required' by

,

f-\. The Bureau of Mines also reported that the estimated production
1943 showed

as

following tablq shows index numbers for the principal
groups of commodities for the past three
weeks, for Aug. 7, 1943,
and Sept. 5, 1942, and the
percentage changes from a week ago, a
month ago, and a year
ago:
1

when

for the week ended Aug.

revision

The

compared with the corresponding period of 1942.
of

and

such adjustment and
complete reports.

more

■

decrease of less than 0.1%

a

allocation

tistics

stands but 0,575,000 tons above that in

now

ing

-

materials

compared with 12,130,000 tons in the preceeding week and 11,453,000
tons in. the corresponding week of 1942.' Total estimated
output of

tq date

Quotations; wer'qMower for?"certain

paint materials, particularly butyl acetate, red lead and
turpentine."
The following notation is made:
"vAA'AA a
During the period of rapid changes caused by price

The Solid Fuels Administration for

soft coal in 1943

1121

about brought an end to the buy¬

unchanged

pearing in the
Financial

from those

Chronicle"

1942, page 380.

ap¬

"Commercial and
of

July

31,

•(£>

Thursday, September 16, 1943

FINANCIAL CHRONICLE

THE COMMERCIAL &

1122

the end of
NYSE
10,725,000 barrets of kero¬
The Securities
and Exchange
sine, 38,673,000 barrels of distillate fuel, and 67,675,000 barrels of
\
The Securities and Exchange Commission made public on Sept, 11 residual fuel oils.
The above figures apply to the country as a Commission made public on Sept.
11 a summary for the week ended
figures showing the volume of total round-lot stock sales on the whole, and do not reflect conditions cn the East Coast.
New York Stock Exchange and the New York Curb Exchange and
Sept. 4 of complete figures show¬
DAILY AVERAGE CRUDE OIL PRODUCTION (FIGURES IN BARREIS)
,
the volume of round-lot stock' transactions for the account of all
+
ing the daily volume of stock
Actual Production
•State
Week
4 Weeks
members of these exchanges in the week ended Aug. 28, continuing
Week
Change
Allow¬
transactions for the odd-lot ac¬
♦P. A. W.
•Xvv:-'XX:''vX ■;
■ X -'
Ended
from '
V Ended
:;Ended
ables
Recommen¬
a series of current figures being published weekly by the Commis¬
count of all odd-lot dealers and
Sept. 5,
Previous
Sept. 4,
Sept. 4,
dations
Begin.
sion.
Short sales are shown separately from other sales in these
1942
1943
Week
specialists who handled odd lots
1943 ; X,
Sept. 1
XX-'- ::f X " XX+v " y+XXyXX
September
on
the
New
York
Stock
Ex¬
figures.
■X/x x': ;xxxx':-XX,
379,300
327,950
1,250
{324,950
358,000
347,000
Oklahoma
245,850
293,800
—34,300
{263,300
290.000
300,000
change, continuing a series of
Trading on the Stock Exchange for the account of members Kansas
J
3,300
1,850
{1,800
2,000 X
Nebraska X
current figures being published
(except odd-lot dealers) during the week ended Aug. 28 (in round75,000
98,850
+
3,400
101,400
Panhandle Texas130,450
140,400
\+
100
lot transactions) totaled 963,9*0 shares, which amount was 16.49%
by the Commission.
The figures
140,500
North Texas
180,150
+ 42,400
269,000
300,800
are
based upon reports filed with
of the total transactions on the Exchange of 2,922,750 shares.
This West Texas
79,700
+
150
130,000
130,100
East Central Texas—
the
Commission
by the odd-lot
compares with member trading during the week ended Aug. 21 of
291,000
+
372,300
5,150
376,150
East Texas
dealers and specialists.
X
'•'i 252,300
157,800
+ 13,250
242,250
1,028,110 shares, or 16.33% of total trading of 3,148,320 shares.
On Southwest Texas
293,800
+ ,4,850
475,600
479,300
the New York Curb Exchange, members trading during the week Coastal Texas
STOCK TRANSACTIONS FOR THE ODDended Aug. 28 amounted to 194,530 shares, or 15.83% of the total
LOT ACCOUNT OF ODD-LOT DEAL'
Total Texas__„—
1,909,000 {1,946,153
1,780,550 . +69,300 1,728,400 1,207,900
ERS AND SPECIALISTS ON THE
volume of that exchange of 614,570 shares; during the Aug. 21 week
N.
Y. STOCK EXCHANGE
97,000
+
300
82,800
,82,200
North
Louisiana
trading for the account of Curb members of 206,195 shares was
231,500
269,750
+
5,000
273,500
Week Ended Sept. 4, 1943
Coastal Louisiana14.94% of total trading of 690,180 shares.
1943; and had in storage - at

Sept. 4,

week ended

the

Trading On New York Exchanges

Odd-Lot Trading

.

71,402,000 barrels of gasoline,

that week

'

:

•

'..

'

-

■

v

'

*•■

'

'J

,

■

—

...

-

•••♦. v;

—

___——.

>

1

.

.

—

—

Stock Sales on the New York
Transactions for Account of

Total Round-Lot

Members'"

Louisiana-

Total

Stock Exchange and Round-Lot Stock
(Shares)

—i.

Arkansas

28, 1943

WEEK ENDED AUG.

—

Indiana

Account

for

Transactions

Round-Lot

Except for the Odd-Lot Accounts
Dealers and Specialists:
Transactions of specialists 'n stocks

bers,
Lot
1.

(Not

2,922,750

Kentucky

of Memof Odd-

Total

sales

sales

Total

4.06

132,040

—~———

57,510

—

423,470

sales

_

16.49

480,980

sales

Total

and

Stock Sales on the New York Curb Exchange
Transactions for Account of Members* (Shares)

Total Round-Lot

Stock

1943

AUG. 28,

WEEK ENDED

•'

>

,"

''

Short sales

.

.{Other sales
:

-

r

.

state

3,443,250

2,966,750

777,500

+

7,600

779,100

716,000

+

39,200

4,222,350

3,682,750

TO

STILLS;

sales

Short

allowables

sales

Total
Other

2.

PRODUCTION

sales

Total

{Other
'

1.87

11,875

44,055

—

sales

..

5.46

44,155

W—

Total

sales

.u

{Other

Odd-Lot Transactions for the Account of
ists—

5Customers'

•The term

fineries

Finished

of Gas

of Re¬

Includ.

and Un-

Oil and

sidual

^% Re-

Fuels

erated Blended Gasoline

Oil

-»,

calculating

88.7
*•',

X..X,'

-V

'ft-'vvXX'XX

XX':

2,444

,fX.>

,

17,122

5,983

30,695

17,063

102

78.5

302

1,268

770

363

53

112.8

180

892

128

176

719

87.3

2,515

13,723

5,823

337

81.0

1,237

6,139

2,090

'

8

26.9

8

100.0

30

139

57.7

94

67.6

317

1,225

390

721

817

89.9

738

90.3

1,779

17,407

12,394

44,237

-

•

X&

'

ix'X

53

.

3,311

1,717

15 X

v

28

S.

U.

of

B.

short

sales which are
"other sales."

1943_

Sept. 4,

of

B.

S.

U.

86.4

4,825

86.4

4,214

87.3

4,227

87.6

12,343

38,673

{71,402

X:

67,675

12,420

72,525

37,928

67,250

11,224

79,093

43,426

78,602

Mines

of

Bur.

S.

4,825

M.

1943-

basis Aug. 28,

3,675

1942_

5,

gas

in

oil and distillate fuel oil and 8,703,000 barrels of residual fuel oil produced during
week Sept. 4, 1943, which compares with 1,434,000' barrels, 4,351,000 barrels and

barrels

purchases and sales Is
the reason that

amounted to

crude oil production for the week ended Sept. 4, 1943,
was $4,235,450
barrels, an increase of 39,200 barrels over the pre¬
ceding week and 552,700 barrels per day more than produced in
the corresponding week of 1942.
The current figure, however, is
gross

316,650 barrels less than the daily average figure recommended by
the Petroleum Administration for War for the month of Septem¬
ber, 1943.
Daily output for the four weeks ended Sept.
averaged 4,222,350 barrels.
Further details as reported by

4, 1943,
the In¬

follow:

4,

10,725,000 barrels at Sept.

indicate that the in¬
Bureau of Mines basis approxi¬

Reports received from refining companies

of

gasoline,

oil daily and 'produced 12,343,000

1,269,000 barrels of kerosine, 4,361,000




lumber

shipments of 446 mills re¬

porting

National Lumber

the

to

Trade

duction

pro¬

for week ended

by 0.8%

In the same week
mills

these

of

orders

new

exceeded

Barometer

were

production.
Un¬
filled order files in the reporting
4.8%

than

less

mills amounted to 109% of stocks.

reporting softwood mills, un¬
orders
are
equivalent to

production

days'

rent

and

rate,

gross

at the cur¬
stocks are

equivalent to 35 days' production.
For the year

to date, shipments
reporting identical mills ex¬
ceeded production by 9.1%; orders

of

by 10.8%.

to the average cor¬

Compared

reporting

of

duction

11.8%

greater;

12.2%

greater;

mills

shipments
orders

and

*

was

were

were

+

Kettering Asks Ali
To Plan For Peace

1943, against

Charles

F.

Kettering,

Vice-

General

Motors

the

of

of

conference

war-time

the

addressing

Corp.,

Bank Debits For Month Of August
Board of Governors of tWe Federal

Sept. 10 its usual monthly

8,703,000 barrels of residual fuel oil

barrels
during

Reserve System issued

summary"'oF^ank debits," which

we

Press

tion

Associated

the

of dollars)
Aug.

1943

Federal Reserve District—
Boston
New

York

2,707

9,704

8,585

20,174

77,429

61,247

__

__

Chicago
St.

Louis

—_

Minneapolis
Kansas

_

__

San

—_

Francisco

_

Total, 334 centers
•New York City
•140

193

.other
other

centers__^
centers

2,521

8,982

7,674

3,650

13,240

2,189

7,312

11,387
6,605

1,815

6,585

5,443

9,795

8,332

30,374

25,393

1,755
1,318

1,600

5,506

4,949

3,890

3,081

2,132

City

1942

3,046

_

Richmond

1943

1,042
1,811

6,653

States

to

be

5,406

1,736

1,517

5,537

4,442

5,860

4,630

17,644

13,598

in

130,000,000

the

post¬

planning organizations—each

one

should do his

own

Aug.

23,309

Philadelphia
Cleveland

1942

Aug.

ought

war
—3 Months Ended—

Aug.

10 at Chicago, said

Sept.

there

United

SUMMARY BY FEDERAL RESERVE DISTRICTS

(In millions

Managing Editors Associa¬

on

"that

give below;

Dallas

of distillate fuel oil and

Association,

Manufacturers

ber

President

The American Petroleum Institute estimates that the daily aver¬

barrels

September 4, 1943

:

Daily Average Crude Qil Production For Week
Ended Sept. 4,1943 Increased 39,200 Barrels

dustry as a whole ran to stills on a

to

According to the National Lum¬

10,443,000 barrels a week earlier and 12,201,000 barrels a year before.

exempted from restriction by the Commission

mately 4,214,000 barrels of crude

Ended

barrels, respectively, in the preceding week and 1,239,000 barrels, 4,060,000
and 7,000,000 barrels, respectively, in the week ended Sept. 5, 1942.

The

stitute

re¬

sales

Lumber Movement—Week

8,732,000

on

age

and

the

pipe lines.

Note—Stocks of kerosine

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

are

{Sales to offset

11.1% greater.

request of the Petroleum Administration for War.
{Finished, 60,980,000
unfinished, 10,422,000 barrels.
{At refineries, at bulk terminals, in transit
§Not including 1,269,000 barrels of kerosine, 4,361,000 barrels of

■"At

rules are included with
fiSales marked

exempt"

orders,

odd-lot

106,540

...

"short

M.

compared with twice the total round-lot volume on the Exchange for
the Exchange volume includes only sales.
{Round-lot

shares.

of

marked

X

.X X

jX 'X

j

?ales."

41

/. o

88.5

2,163
vi.'

District No. 4

barrels;

associate Exchange members, their

the total of members'

85,110

sales

filled

District No. 3

Including special partners.

these percentages

360

84,750

For

80.1

_

Shares:

of

Short sales

liquidate a long position which is less than
a
round
lot
are
reported
with
"other

Fuel

Distillate

% Op- Natural finished

Daily

85.2

basis Sept.

22,029

"members" includes all regular and

and their partners,

tin

Crude
Runs to Stills

416

U.

28,522

•

10,350,839

Sept. 4, 1943.
{Stocks

824

basis

28,522

purchases.

•

316,741

sales..—

total

ported with "other sales."

{Stocks {Stocks

at Re¬

87.2

15.83

Special¬

other sales

iXXv"

{Other sales

customers'

§Gasoline

83.9

0

sales

312,964

•Sales

Production

47

the

Total

sales—

Number

reported totals

section Include

130

and

Total

other

Dealers—

•.

Customers' short sales

firms

this

District No. 2

Tot.

106,560

Total sales

y;.

3,777

"Customers'

Total

2,200;
46,000.

District No. 1

Tot.

C.

In

.

Arkansas

-

Appalachian—

103,020

sales

•

-

responding week of 1935-39 pro¬

3,540

—

'

sales....

Round-Lot Purchases by

87,970

purchases

Short

under such conditions,

North

Inland Texas--

California

Total-

4.

1

short

Round-lot Sales by Dealers—

''UV:-vv.'

Ind., HI., Ky
—
Okla., Kans., Mo.....
Rocky Mountain—

100
—

sales

Total

and

22,940

sales

12,930

sales

total

Customers'

of all

production

Louisi¬

Gulf,

Louisiana

initiated off the lloor-

Total purchases

--.

'

Gulf,

ana

11,625

sales

\

-

Rate porting Average

District—
Texas

.

transactions

Short

tial

250

1

sales

{Other

Customers'

Number of Shares:

Customers'

OF

"Combin'd: East Coast,

11,150

—

X

Poten¬

8.50

50,530

i
the floor-

—

purchases

Short

Other

::

' ■

Capacity

47,340

—_

transactions initiated on

Total

3.

:

*

the

represent

Daily Refining

3,190

———

,

{Other sales

XX: X'XX'XXX- X.
XXX;-X.

■.

53,880

—_

other sales....

X Dollar value

(Figures in Thousands of barrels of 42 Gallons Each)

V-."

purchases

102
12,828

sales.—.

+X,XX'

Nebraska figures are for week ended Sept. 2,

Kansas,

w

Xx;

they are registered—
Total

,

plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis

stocks in which

Transactions of specialists in

:

X 95,350

31,600

Actual state production would,

614,570

Members:
1.

X

.,

6,700

;

104,800

■

short

Customers'

"Customers'

21,700

7,200

550

—

XXX—--.:;

4,235,450

and

of

Account

the

for

Transactions

Round-Lot

B.

61,900
88,450

97,800

.;

xXx :XX,,;.; XvX:X

(Customers' Sales)
Number of Orders:
1

GASOLINE; STOCKS OF FINISHED
UNFINISHED GASOLINE. GAS OIL AND DISTILLATE FUEL AND
RESIDUAL FUEL OIL, WEEK ENDED SEPT. 4, 1943

AND

tPer Cent

for week
4,815

609,755

^—

sales

56,700

5,650

+

Figures
Total

11,600

3,457,950
§835,000

4,552,100

recommendations

RUNS

CRUDE

Total
Total Round-Lot Sales:

85,750

22,400

1943.
{This is the net basic allowable as of Sept. 1 calculated on a 30-day basis and
includes
shutdowns and exemptions for the entire' month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 3 to 7 days, the entire state was ordered shut down
for 9 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 9 days shut-down time during the calendar month.
^Recommendation of Conservation Committee of California Oil Producers. X+.
;;

482,960

Total purchases
sales

76,050

1,800
1,400

21,350

6,750

835,000

_

{Oklahoma,

Short

—

—

4,350

11,500; Eastern (not including Illinois, Indiana or Kentucky), 6,000; Kentucky,
Michigan, 100; Wyoming, 2,000; Montana, 300; New Mexico, 5,400; .California,

3.92

118,470

sales

tOther

Dealers—

to be less than the allowables:
The Bureau of Mines reported the daily average
production of natural gasoline and allied products in June, 1943, as follows: Oklahoma,
27,000; Kansas,
4,900; Texas, 106,400; Louisiana, 19,300; Arkansas, 4,000; Illinois,

Total—

4.

55,550

91,200

105,050

116,600

3,717,100

by pipeline proration.

limited

113,060

—-——:

,

-

prove

110,790
5,410

—

sales

{Other

—

__—

Odd-Lot Purchases by

Number

off the floor-

sales

Short

X

.

X_
11,965
'J.X+ :X •" 328,559
12,681,441

shares__

of

Number

Dollar value

18,400

petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
from oil,
condensate and gas fields.
Past records of production indicate, however,
that certain wells may be incapable of producing the allowables granted, or may be

121,820

Total purchases

72,000
267,700

21,350

23,300
6,500

"P.A.W.

10,220

_—

sales

Total

20,800

116,600

__

_

Total United States

105,300

Other transactions initiated

3.

52,100

210,450
13,500

5 Total
for Week

' ;

purchases);

8.51

230,470

the floor-

sales

{Other

Number of orders——

450

''

"

+

78,300

25,500

-

_

Odd-Lot Sales by Dealers:

72,350

650

1,600

—

86,600

__

_

328,300

76,350

188,590

—

———

13,100

'

Total East of Calif.

41,880

Total purchases
Short

13,800

60,100

Mexico

352,550
•

266,870

~—

transactions initiated on

Other

—

—

98,800

California

2.

51,550

211,350

Wyoming
Colorado

———.

sales

{Other

300

Ind.

incl. 111.,

Montana

in which

———,

sales

Short

5,300

+

50,000

Michigan

New

purchases

Total

+

(Customers'

76,650

•

2,834,130

registered—.

they are

355,700 X

222,800

_—-

and Ky.)

B.

80,052

Eastern—

_—-—

sales

Total

399,000

80,100

'

88,620

Short sales

{Other sales

Illinois

tPer Cent

for week

Round-Lot Sales:

A. Total

X_XX->

Mississippi
Total

375,000

Associated

Chicago,

on

have

"You

than

greater

saying:

It

is

on you

up

to

responsibility

a

any

America because

depend

from

10 also quoted

Sept.

Mr. Kettering as

thinking."

advices

Press

so

business
many

in

people

for their thinking.

your

organization

to

lay the long-term foundations. No

192,856

157,811

21,221

18,324

70,661

55,326

man

33,359

28,286

103,273

5,379

18,923

which civilization is to go forward

6,034

86,005
16,480

60,614

"Included in the national series covering 141

51,989

centers, available beginning

in 1919.

any

can

more

prescribe

the

rules

than this group."

by

e4im*4&'£ifa0zfe:.

Volume -158 -~ Number 4212

i

,

.

h
,w

cars,

increase of-12,892 cars

below

cars

Coal

loading amounted to 177,212 cars, a decrease of 1,557 cars
below the preceding week, but an increase of
11,112 cars above the
corresponding week in 1942.
•
:
Grain and grain products loading totaled
54,277 cars, a decrease
of 11 cars below the preceding
week, but an increase of 10,193 cars
above the corresponding week in
1942.
In ,the Western Districts

alone,

grain

and

grain

products

loading for the week

totaled 38,718 cars, a decrease of 343 cars
but an increase of 8,873 cars above the

of

Sept.

the

corresponding week in 1942. - In the Western Districts alone,
loading of live stock for the week of Sept. 4, totaled 13,385 cars, an
increase of 1,015 cars above the preceding
week, and an increase of
1,052 cars above the corresponding week in 1942.
'
.

Forest

products loading totaled 47,442 cars, a decrease of 855
preceding week and a decrease of 5,000 cars below
the corresponding week in. 1942.
below the

Ore

loading amounted to

89,342 cars,

below the preceding week but
corresponding week in 1942.
Coke

"below

loading amounted

increase

an

decrease of

a

of 3,480

to

14,713

preceding week, but
corresponding week in 1942.

cars,

decrease

a

increase

an

of

438

4 weeks of

3,530.849 V.:.

'3,055,640
3,073,426

4 weeks of March

5 weeks of

;

:

..

May

:

;

4 weeks of June
5 weeks of

;

July

weeks of

of

*

:

August
September

11,076

10,322

10,334

9,541

3,926

3,909

4,319

4,583

4,344

419

376

442

1 336

1,534

1,669

1,768

1,696

2,682

2,603

364

396

298

159

200

.1,051

416

1,265

:

45

40

38

86

1,312

3,190

314

469

594

;•

4,516

4,370

.„■■■•

29,201

28,241

;

Norfolk Southern

'

v>..

186

3,739

4,609

4,619)

22,979

18,025

is^IC

12,448

10,899

23,358
208

733

1,203

3,410

3,648
1,342

3,053

4,967

4,608

1,141

1,472

1,426

2,179

371

342

495

1,113

1,223

..

439

,

385

9,612

Northwestern

9,029

8,111

8,782

22,059

23,883

24,450

935

527

477

1,196

821

124

95

126

957

1,169

120,193

121,387

109,315

116,876

115,771

21,299

21,273

19,739

15,457

3,182

2,653

2,684

3,336

23,395

22,025

20,363

4,756

4,084

3,758

30,505

31,067

-

Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic

Elgin, Joliet & Eastern

...

15,088
3,750

.-

12,564 r

12,909

4,548

4,670

23,586

373

386

.uv

1,668

1,195

1,152

723

1,349

8,715

9,917

9,903

11,187

10,853

Ft. Dodge, Des Moines & South

498

591

583

111

106

26,885

27,128

23,684

6,172

5,989

558

505

535

1,062

879

Lake Superior & Ishpeming

2,501

2,227

2,467

62

61

Minneapolis & St. Louis.—

2,521

2,184

1,917

2,790

Great Northern
Green Bay & Western

Minn,, St. Paul & S. S. M
Spokane International

,

:C~—

8,103

8,246

6,794

3,006

2,470
3,102

13,551

12,620

10,418

6,058

5,795

159

277

127

581

601

.

Spokane, Portland & Seattle

3,068

2,874

2,157

3,917

3,657

151,364

148,866

129,867

71,947

71,665

District—
—

—

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

3,066,011

Denver & Salt Lake—...

3,487,905

3,581,350

887,960

797,791

29,624,401

28,525,330

'

1

•

■

AND

RECEIVED

FROM

CONNECTIONS

(NUMBER OF CARS)—WEEK ENDED SEPT. 4

*

Railroads

Total Revenue

Illinois Terminal

District—

Ann Arbor

Bangor & Aroostook
Boston & Maine

—

Chicago, Indianapolis & Louisville
Central

Indiana

1943

1942

243

339

1,039
6,708

941

6,433

1,502

1,534 V

33

Connections

%■:

19

.

1941

1943

1942

479

1,622

1,415

715

442

190

14,839

14,216

1,433

2,242

1,980

17

55

62

Central Vermont

1,058

1,088

1.333

2,468

Delaware & Hudson

2,814

6,295

6,437

6,466

11,010

11,450

7,818

7,806

8,780

10,786

10,712

231

580

277

104

300

Delaware, Lackawanna & Western
Detroit & Mackinac

Detroit, Toledo & Ironton
Detroit & Toledo Shore Line______

Erle_„.___-

:

——

2,041

1,735

2,123

330

274

270

2,710

2,685

13,235

13,627

19,691

16,848

3,977

4,342

.8,408

8,562

14,344

—

Grand Trunk Western

■

3,717

Lehigh & Hudson River
Lehigh & New England
Lehigh Valley

;

Maine Central

182

211

2,067

2,487

2,045

8,792

8,668

9,073

16,401

2,634

2,892

•

2,465

Monongahela

:

i

Montour

New York Central Linesi_„_——.
N. Y., N. H. & Hartford—

Pittsburgh & Lake Erie

—

Pere

Marquette
Pittsburg & Shawmut
Pittsburg, Shawmut & North—

—

Pittsburgh & West Virginia
Rutland

ti--

Wabash

O
.

•

6,248

5,608

445

2,344

235

Toledo, Peoria & Western
Union Pacific System...

46.177

57,437

9,866

10,378

18,618

;

1,112

2,433

2,474

6,460

17,501

16,093

647

350

406

2,077

1,999

8,050

8,163

7,694

9,186

8,637

5,244

5,853

7,377

5,358

880

360

422

356

278

1,232

978

889

2,571

3,538

330

418

562

1,018

973

6,445

5,369

12,082

12,873

7.5,291

5,225

4,444

5,225

.

1-

.

172,181

164,744

160,075

235,635

November, Mr. Bowles
His

Texas & Pacific

ington advices of Sept. 13
will

13,023

5,490

4,507

1,869

4,470

6,125

4,462

6,314

6,189

803

820

714

24

18

1.163

1,382

874

1,269

1,702

1,734

1,846

1.733

2,146

2,534

1,212

1,246

1,012

572

488

Bowles said, in order to hold down

2,151

2,200

1,626

135

105

1,041

the price of milk.

1,307

1,039

700

742

32

2

8

0

C

31,657

32,973

26,305

13,689

10,712

<

;

vegetables, which Mr. Bowles

312

330

299

1,955

1,589

16,918

16,606

15,946

17,320

16,059

581

514

506

5

G

2,333

2,462

1,755

4,631

3,787

131,519

134,301

115^074

100^387

9M75

343

955

137

176

163

4,019

3,983

2,916

3,455

2,705

2,668

3,195

1,824

3,483

2,678

said

would

Bessemer & Lake Erie_—

Buffalo Creek &

Gauley—

Cambria & Indiana—

—

Central R. R. of New Jersey—

Pennsylvania—

Llgonier Valley

:——

Long Island—.
Perm-Reading Seashore Lines..
Pennsylvania System.:

—-

Reading Co
Union

■:

(Pittsburgh)

—

Western Maryland

Total—

/

Pocahontas

—

.

•

_

—

: -r

686

38,225

•

■1,187

1,115

29,612

26,354

6,822

6.422

6,665

2,204

2,623

301

267

260

4

4

1,751

7,259

Cornwall
Cumberland &

736

42,769

•

1,897

1,840

6

9

7,440

7,469

21,537

19,814

691

672

223

257

266

.146

135

119-

2,009

1,183

683

winter.
The

able,

$100,000,000
but

Congress

867

Asserting
would

put

be

the

cates

encourage expanded output from
dairy farms, Mr. Bowles said he
hoped Congress would approve

the

of

use

1,072

1,207

2,298

2,897

2,548

348

308

247

2,750
1,433

1,375

items:

795

634

797

279

200

116

179

109

249

478

5,869

5,528

18,381

3,957

6,166

5,190

15,300

20,016

21,178

v

102

65

103

441

9,337

10,242

7,877

9,823

8,914

2,616

2,927

2,670

6,738

6,340

13,965
5,077

12,628

7,438

5,377

4,877

4,045

6,693

8,089

82

84

126

52

27

,

4,465
...

•

176

15

1?

26

27

18

73,917

73,234

52,543

70,528

69,060

Apples—A cut to 8.75

—

Norfolk & Western

Virginian

—■

Jun.

5

Jun.

12

a

of the total in¬
statement each week from each

the

on

a

figure which indi¬

time

operated.

These

PRODUCTION, MILL ACTIVITY

17%.

Oranges—A cut to
pound at retail,

compared

erage,

Potatoes—A

July

3—

3,047

2,349

July

10

71,635

62,121

15,935

July

17

15,513

15,783

29,365

27,825

20,851

20,430

19,191

8,016

7,231

4,406

3,967

3,908

12,206

13,432

24..—
31.

Aug.

28,239

27,086
21,971

14,343

13,767

23,552

7,463

6,876

4,580

4,542

4,157

2,282

2,298

56,135

56.333

Aug.

''

1

———




53,214

24,088

22,941

vegetable

Tons

•

Orders

Percent of

Activity

Remaining
Tons

Current Cumulative

oils

cent

one

a

and

salad

pound. The

lard

average now is 18.9 cents.
Peanut butter—A new top ceil¬

ing of 26.5
pared with

cents

the

a

pound com¬
level of

present

about 33.3 cents.

The
with
tion

program

the
and

War
the

was

Food

Office

worked

out

Administra¬
of

Economic

Stabilization, headed by Fred M.
Vinson.,

A

letter

was

from

confirming the
by
Mr.

received
Mr.

Vinson

last

week, but the OPA and the WFA
already had brought the program
to an advanced stage and previ¬
ously had announced that imme¬

92

93

97

93

diate steps would be taken to cut
the cost of living by 4.7% to bring

142,865

561,945

95

93

it down to the "rollback"

145,324

547,301

96

93

Sept. 15, 1942.

,

•

date of

144,232

580,683

92

93

100,115

573,342

69

93

actions

—

151,993

140,803

587,181

91

93

compliance
and enforcement measures, would

...

—

136,881

148,852

572,786

97

93

153,646

150,337

571,705

97

93

177,541

146,515

600,338

94

.

93

14

143,629

154,747

586,901

98

Aug.

21—

133,446

150,012

568,361

95

93

Aug.

28.

148,381

147,494

570,859

96

93

177,766

150,943

598,255

97

93

93

Mr. Bowles said the food price

pled

shortly to be taken,

with

cou¬

improved

bring the national cost of living
a level only 1.2 or 1.3%
above the Sept. 15 level.
down to

The

new

enforcement

pro¬

of the prior week, plus orders
received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made necessary adjust¬

cedures, shortly to be announced,
will themselves accomplish slight¬
ly more than a one-point reduc¬
tion in living costs, Mr. Bowles

ments

said.

Sept.

4—

—

Notes—Unfilled orders

not

Total

3.5

111,912

—

...

7—

to

—

...

July

rollback

a

—179,835

—

July

present

pound.

586,183

136,166

1,884

a

a

565,291

133,808

22,563

with

of

a

av¬

149,675

19—

79,857

cents

annual

141,337

26

28,992

9.7

an

168,051

Jun.

166,983

as

172,437

Jun.

183,310

Production

Tons

9

2,288

9 cents

pound,
by
comparison
with
prices of 10, 12 or 15 cents at
present; a theoretical decline of

pound annual average,
compared with 4 cents and up. -

Received

....—.

or

a

cents

production, and also

Orders

to

be announced

program

.

production

or

224

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

1943—Week Ended

85,119

177,703

subsidy

a

bonus payments to producers.
The OPA program expected

2,583

,

2,099

189,095

j

soon

2,164

18,834

includes

57

District—

Chesapeake & Ohio..

,

87,460

195,766

to
milk prices and still
very

328

industry.

Period

action

some

4,149

activity of the mill based

are

Mr.

5,166

The members of this Association represent 83%

55

3,985

that

on

from

necessary,

necessary

lid

a

be

avail¬

funds

252

give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.

10

4,381

will

is

now

additional

3,217

We

member of the orders and

prices

6,262

Weekly Statistics Of Paperboard industry

47

53

-

their

less than last

shortly will, accord¬
ing to Mr. Bowles, achieve the
following price reductions to con¬
sumers
on
staple grocery store

Unfilled
697

bring

down to about 15%

Lard,

program

a

fruits

2,047

year's figures revised.

dustry, and its

with

up

winter

on

13,028

STATISTICAL REPORTS—ORDERS,

45,116

followed

762

and

oils—Down

-

fol¬

2,504

Allegheny District—
Akron, Canton & Youngstown..

be

program

average of 11.2 cents

Note—Previous

as

11,799

-

Total

re¬

lows:

Bowles

Baltimore & Ohic„

further

were

ported in Associated Press Wash-^

910

—-

Weatherford M. W. & N. W...

or

stated.

2,856

; :

—

Wichita Falls & Southern

33

231,250

remarks

program

12.835

i

Texas & New Orleans

figures
Total

.

the

mid-October

932

—

i

of

by

2,738

—

Quanah Acme & Pacific

effects

felt

12,171

St. Louis Southwestern

'

13

be

1,033

Missouri-Kansas-Texas Lines—

6,071

947

385

519

Partial
will

918

Missouri & Arkansas

St. Louis-San Francisco

limits

2,630

—

—

financial

2,447

-—

—

the

3,079

—,——.

Missouri Pacific

within

by Congress.

12,151

——-

Midland Valley

resale,

12,396

—

Kansas City Southern
Louisiana & Arkansas

and

of peanut butter

case

probably lard, rollback sub¬

sidies
set

unfilled orders.

f

Govern¬

16,873

District—

Kansas, Oklahoma & Gulf

19,537

1,048

*

and

of

program

purchase

crop

and, in the

be

$100,000,-

20,293

31

8,447

Government

would

a

20,772

International-Great Northern

57,401

1,090

press confer¬

a

rollback

96

442

'

the

accomplished through

4,856

2,600

,

that

ence

13,012

-

Total

Ad¬

78

2,068

6,808

6,148

—

\

Price

13,341
4,329

Western Pacific

•

'50,017

of

673

—

—

Utah

15,060

~

Office

2,978

Peoria & Pekin Union

3,313

l,676v

2,387

G.069

Wheeling & Lake Erie

2,229

1,340

3,237

2,431
v
i'10,155
10,155
•

York,. Ontario & Western-.—.—.
f
York, Chicago & St. Louis—_—.
N. Y„ Susquehanna & Western—

162

6,462j
57,318

—

New

New

1,259

of the

ager

20,576

;

—.—.

13

549

Nevada Northern

Litchfield & Madison

7,776

Sept.

on

3,644

Missouri-Illinois
North, Western Pacific..

prod¬

22,954

;.

Gulf Coast Lines.

Received from

Freight Loaded
Eastern

announced

was

laird,

other

462

Fort Worth & Denver City—

Burlington-Rock Islands

'
Total Loads 1

and

oranges

savings in

potatoes,

3,616

.

Southern Pacific (Pacific).

freight carloadings for

of

23,342

...

3,174,781

4,295,457

substantial

by 2.3%

by Chester Bowles, General Man¬

price

Bingham & Garfield..

Southwestern
LOADED

ucts

consumers

prices

apples,

It
Central Western

Denver & Rio Grande Western..

4,185,135

el'fect

ment

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

During this period 70 roads should increases when compared with
FREIGHT

and

000

District—

2,866,565

4,307,408

cost

living for

Mr. Bowles told

10,596

*23,469

Chicago & North Western
Chicago Great Western

3,122,942

3,151,146

pro¬

designed to lower the

retail

8,864

9,867

'

sweeping price reduction

ministration.

22,209

the corresponding week last year.
REVENUE

,
•

6071

535

Winston-Salem Southbound
Total

60

2,806

664

—

of

572

204

,

489

Tennessee Central—

A

gram

1,516'

302

Richmond, Fred. & Potomac
Southern System...

Living Gcsis 2%

247 1

247

:

Seaboard Air Line

,

25,719

185

•

.

Rollback To Reduce

'

25,131

•

—

Mississippi Central
Nashville, Chattanooga & St. L
Piedmont Northern

903

1,494

...

Macon, Dublin & Savannah

h

116

,

571

v..

Chicago & Eastern Illinois

4,160,060
3,510,057

summary of the

,•

'

■

1,187

....

Colorado & Southern

4,170,548
3,385,655

28,859,949

108

—V

...

1941

4,149,708

'

'

,»

—.

—1,177

3,454,409

the separate railroads and systems for the week ended
Sept. 4, 1943.
V

1,063

11,266

Atlantic Coast Line

1942

2,793,630

901,075

a

2,773

1,056

3,858,479

3,350,996

3,554,446

___•

following table is

339

2,641

883.

Alton.

corresponding

3,136,253

4—

Total

The

353

942

the

'

January
February

4 weeks of April

394

683
682

"

cars

increases compared with 1941.
1943

5 weeks of

4

159

above

Pocahontas, Southern and Centralwestern

and all districts reported

354

Atch.,- Top. & Santa Fe System

All districts reported increases
compared with the
in 1942, except the

Week

of

cars

1942

691

Northern Pacific

cars

above the

cars

1943

643

Total

the

week

1,149

1941

transportation subsidies,

corresponding week in 1942.

cars

1942

301

below the preceding week

,

Connections

4,

Live stock loading amounted to
17,596 cars, an increase of 1,207
above the preceding week, and an increase of
1,453 cars above

cars

OPA Orders Food Price'

Received from

Atl. & W. P.—W. R. R. of Ala

Louisville & Nashville

the

-

Atlanta, Birmingham & Coast...

Illinois Central System

lot freight totaled 101,preceding week, but anabove the corresponding week in 1942.

decrease of 590

a

1 ' I.

:

Alabama, ten'nessefe & Northern—

Georgia—
Georgia & Florida
Gulf, Mobile & Ohio..

,

•' '

.

Freight Loaded

'

Florida East Coast—

Miscellaneous freight loading totaled 398,604
cars, an increase of
cars above the
preceding week, but a decrease of 21,453 cars
below the corresponding week in 1942.
..
!'
'

•

TotalLoads

Total Revenue

r

..

.

1943

Gainesville Midland

A

Loading of merchandise less than carload

•

Southern District—

Durham & Southern

182

889

,.

Columbus & Greenville

Loading of revenue freight for the week of Sept. 4, decreased
2,932 cars, or 0.30% below the preceding week.

.

;«

"r

'

1123
"'

i

■>

Clinchfield—

12.9%.

or

;

.

;,

I-•

■

Central of Georgia—
Charleston & Western Carolina

Sept. 10.
This was an increase above the corresponding week of
1942 of 13,115 cars, or 1.5%, and an increase above the
same week in
1941 j which included Labor

on

cars

,*

-

,
-

freight for the week ended Sept. 4, 1943,
the Association of American Railroads announced

Day holiday of 103,284

Railroads

\

revenue

"

.•

.,

> *

j 11

•

Revenue Freight Gar Loadings Curing Week
Ended Sep!, 4,1948 Decreased 2,932 Cars
totaled 901,075 cars,

v-' 1/iJlo

THE COMMERCIAL & FINANCIAL
CHRONICLE
.

Loading of

:'.v:;.V--.; vrt:-.-'rv

-.':N-:~..;;

'

COMMERCIAL & FINANCIAL

THE

time

a

Banks, Tiust Companies

Items About

bank¬ McDougal had served as Presi¬
dent of the Bank of Buffalo for
ing facilities which Manufactur¬
24 years, and when the institu¬
ers Trust Co. of New York made
tion was merged with the Marine
available to Navy Yard personnel
Trust Co. in 1920 he was. elected
when it established its first office
President of the new institution,
in the Brooklyn Navy Yard sev¬
The Buffalo' Trust Co. and the
eral weeks ago, the bank is now
Marine bank merged in 1925 with
offering special checking accounts,
Mr. McDougal
becoming Chair¬
commercial checking accounts and
man of the Board of the combined
special
interest accounts.
The
Manufacturers Trust Co. now has organization.
three offices in the Yard.
One is
G. Edward Prouty, Boston fi¬
located
near
the Sands Street
nancier, died on Sept. 7 at his
gate, another near the Cumber¬
home in Littleton, Mass., at the
land Street gate and the third
near the Clymer Street gate.
Ad¬ age of 58. Mr. Prouty entered the
stock brokerage business in 1907,
ditional offices are expected to be
after being graduated from Mas¬
opened in the near future so as
sachusetts Institute of Technology.
to provide adequate banking fa¬
For the next 18 years he was as¬
cilities for the tens of thousands
sociated
with
the Boston
and
of Navy Yard employees as well
New York Stock Exchange firm
as
the Navy personnel stationed
of Hayden, Stone & Co.
He re¬
in the Yard.
Previous reference
signed in 1926 to become an of¬
to the branch appeared in these
ficer of A. B. Conant & Co., but
columns Aug. 26, page 844.
subsequently devoted his time to
Charles

A. Walsh, who re¬

V.

of
New York
City, in 1938, after 50 years in
banking, died /on Sept. 9 at his
home in Madison, N. J.
He was
71 years old.
Mr. Walsh started
his banking career with the Amer¬
ican Exchange National Bank in
1889, and when that institution
merged with the Irving in 1926
he became an Assistant Secretary
of the consolidated bank.
tired

as

Assistant Secretary

an

Irving Trust Co.,

the

Bank

National

First

downtown

to come.

remaining

of the

sale

final

Co.

Trust

&

Bank

National
Yonkers,

of

held on Sept. 10 in
of the Federal Bank
Receiver William Oosterhuis; The

N.

Y.,

was

office

the

book value was

$651,253. Advices

York "Times" stated:
consisted
largely
of

to the New
"Assets

promissory notes.
They were
bought by Fred C. Ehnes of New¬
ark, N. J., for $8,300.
J. Allen
Rhodes was the auctioneer.
In
addition to the $651,253 worth of

shares of common
Piece Dye Works,
bank receivership,

20,000

assets,

stock of United

owned by the

bought for $6,300 by
Strauss of Nqw York City."

were

Fred

Trust

Traders

and

Y.,

age

died

on

Co.,

Sept.

5

Buffalo,
at the

of 65.

At his death he was
urer

and

Co.
Vice-President

Petroleum

the

also Treas¬

Healey
of Bradford, Pa.;
and a Director of
Extract Co. and
Secretary and a

Director of the

American

Vice-President,

Director of the Taber Pump

Co.

addition, he was a Director
of the American Hide and Leather
In

Co. of Boston,

the Buffalo Cement

Co., the Abstract

Title and Mort¬

Co., the Manufacturers and
Traders
Safe
Deposit Co., the
Bank of Corfu, the Western New
York and Pennsylvania Railroad
gage

Co., the Jefferson County Gas Co.
of Bradford and the Ward Pecos
Petroleum

Co.

several terms
member of the State Banking

Mr. Wurst served
as a

McDougal,
former
Chairman of the
of the Marine Trust Co.,

Board

Buffalo,

C.

and

N.

Y.,

and

National Bank

Buffalo,
Buffalo hospital on Sept.

died in

7 at

a

McDougal had retired from
active banking in 1928, the 50th
anniversary of his entry into the

He began his
career
as
a messenger with the
old Marine National Bank in 1878
banking business.

became
connected with the Bank of Buf¬
and in the following year

falo,

an

association

tinued throughout 41

which

con¬

years.

Mr.




Dean of the Univer¬

of

National

the

Shang-

Liu

Coun¬

State

elected

were

cillors

Govern¬

/':'7

ment.

"Generalissimo Chiang Kai-shek
and

H.

Dr.

Kung were

H.

reap¬

pointed President and Vice-Presi¬
dent of the Executive Yuan; Dr.
and

President
the

Yeh Chu-tsang,
Vice-Presiddnt of

Mr.

Sun Fo and

Yuan;

Legislative

Chu

Mr.

Cheng and Mr. Chin Cheng, Presi¬
dent and
Vice-President of the

Yu Yu-jen and
Shang-ching, President
and Vice-President of the Control
Yuan, and Mr. Tai Chi-tao and

Judicial Yuan; Mr.

State sovereignty,

Liu

Mr.

but added:.
"No

of

law

State

a

11

over

12,000 shares Outstanding.

provide the cash payments
lieu of fractional
shares of

"To

power

contracts
which
000,000,000 worth of war materials
supplants that of the State this year, twice as much as last

private

in time of war." ;Y^,.
^
in
Asserting that the safety of the
into vol¬ Uptown
stock,
First
National nation demands that ' the war
untary liquidation. A stockhold¬ Bank has arranged with A. G.
power of the United States be re¬
ers' meeting is scheduled for Oct. Becker & Co. to purchase such
garded as supreme in cases of this
11, at which a definite decision Uptown shares as shall remain as
type, Mr. Morse added:
■: / >//■:
will be made for liquidating the a
result
of non-distribution of
"The Supreme Court made it
fractional shares at a price of $40
61-year-old institution.
clear that if a State act purports
J.
R.
Wood,
Chairman
and per share.
,>
'
1
to work a forfeiture of the rights
President of the bank, according
"The Uptown Bank has not paid
granted by the National Labor
to
advices;..to the Philadelphia dividends to date, but it is ex¬
Relations Act, such portion of the
"Inquirer," explained that the pected that dividends will be in¬
State act is a nullity."
'
;
"move
to
liquidate is entirely augurated on or about Jan. 1,
The Board, in its directive order,
voluntary and was taken solely
1944, at the annual rate of $2 per denied a general wage increase of
because we believe it to be in
share, by the declaration of a 71/2 cents an hour demanded by
interest of community, depositors

Pa., announced

,

,

,

semi-annual

and

shareholders.

It

of community

terest

served by having one

is felt in¬

best be
large bank¬

can

ing institution which can operate
economically."; ;.
;
; ;
The First National Bank, only

share,
Brown,

dividend

of $1

per

according to Edward E.
President of the First

other bank in

Conshohocken, has

its
President,
Donald P. Horsey,- to assist with
through

offered

liquidation and has invited of¬
ficers of Tradesmen's.* to become
members of First National Bank.
,

Stauffer

and

Storage

former

founder

President of the Se¬

former

curity

King,

& Trust Co. and

Vice-President

of

the

Sept. 6 at his home in Balti¬
more.
He was 93 years old.
The

more

"In

was

regarding

Mr.

King's

reported in the Balti¬

"Sun" of Sept. 7:
1894 he organized the

curity Storage & Trust Co., later
becoming its President and re¬
taining that post until his retire¬
ment from business in 1927.
"He
inal

was

a

member of the orig¬

negotiating

immediately

agreement within 30 days either
party may refer the matter back
to the Board for final decision.

to

eliminate any

charges

Chandler

was

convicted

of

con¬

tempt of court for publishing an
editorial criticizing the decision
of

Mobile

a

advices

Press

jurist,
on

said

Sept.

United
14

from

Mobile, Ala., from which we
quote.
In

Judge Leigh ruled that
Judge or Court has rend¬
ered final judgment, anyone may
criticize such final judgment as
press,"

he

his

a

pleases, subject only to crim¬

inal

prosecution

is

and civil suit if

slanderous

Chiang Elected

his

address,

entitled

"What

With War Production?"
Crawford frankly told the nation
/// //■ -/■:/;/,/,

that:.
"Aircraft

■'

be

must

production

stepped up 45% over what we've
been turning out; merchant ship

output must be increased 25%. So,
too, through all the other cate¬
gories of equipment."
Mr. Crawford listed four factors
which he said are hampering the
war

effort.

"There

is

They are:
too much individual

inefficiency and failure to do

the

possible day's work. V.
"There is altogether too much
labor turnover—too much jump¬

fullest

ing

job

from

wages.

,

is

"There

to job
//•// '•' /

an

for higher

alarming

rate

of

meeting

Central

of
tile Kuomintang's
Executive Committee in
pn

Sept. 13.

or

Cheng,

The an¬
Mr. Chu

President of the Judicial

the elec¬
greeted
with long applause. The Chinese
News Service in New York, in
making this known, said:
"According to the Organic Law
of the National Government, the
President of the National Govern¬
ment f shall be the head of the
Yuan, who presided over
tion
meeting, and was

are

altogether too many

—and I say

that one is too many—
strikes and slowdowns."
Crawford

Mr.

Kai-shek
was elected President of the Na¬
tional Government of China at a
Generalissimo Chiang

nouncement was made by

he termed
constitutional liberty of the

"after

Gen.

also Chungking

what

upholding

In

Is Wrong

"There

against Ralph B.
Chandler, publisher,
were
dis¬
missed on ,Sept. 14 by Probate
Judge Norvelle R. Leigh Jr. Mr.
The

year."

absenteeism in war industries. -

Against Publisher

criticisn\
incorporators of the Hopkins,
libelous."
Savings Bank, serving for

Place

start

Dismisses Charges

The

Se¬

to

It ordered the parties

National Bank."

on

career

the union.

intraplant wage
inequalities which may exist, and
if the parties fail to reach an

more

following

the age of 84.

Mr.

;

ching

Mr.

and

Chia-hua

Sept. 10 plans to go

previously Hopkins Place Savings Bank, died

President of the Bank of

National

>
"Dr.' Sun Fo, Mr. Chu Cheng,
Mr. Tai Chi-tao, Mr. Yu Yu-jen,
Dr. H. H. Kung, Mr. Yeh Chutsang, Mr. Chin Cheng, Dr. Chu

Sept. 18.

tal of

The Tradesmen's

Henry
Elliott

the

the land, naval and air forces.

Oct.

able

Board.

President

bf

————•
China in foreign rela-

in a radio address.
Pointing
1
to stock of record
an agreement for union security is
out that American industry had
The bank also declared invalid unless "three-fourths or
pledged to deliver $65,000,000,000
a special dividend of stock of the
more of the employees in such col¬
worth of war material, Mr. Craw¬
Uptown National Bank of Chi¬ lective bargaining unit shall have
ford said this "promise" would not
cago, at the rate of one share of voted affirmatively by secret bal¬
be fulfilled unless monthly pro¬
Uptown stock for each 25 shares lot "in favor of the union security
cently completed its 80th year of of First National;; Bank stock
duction is increased by $250,000,clause.'
•'V
continual public service, in every
000 over each preceding month
Reporting this, Chicago advices to
"It should be noted, however,
one of which a dividend has been
until the end of the year.
the "Wall Street Journal" of Sept.
that the instant case does not in¬
In
the
New
York
"Journalpaid to shareholders.
11 added:
/. v;,..' I.;:",;'.■■■ volve a
dispute between the State American" of
As of June 30, 1943, the First
Sept. 12, Mr. Craw¬
"First
National
shareholders
of Wisconsin and State employ¬
National Bank had total assets of
ford's remarks were further re¬
who own less than 25 shares will ees," Mr. Morse said,
$167,896,506 and total deposits of
ported:^;./.
;
be paid the sum of $1.60 in cash
"The War Labor Board's ruling
Mr. Crawford revealed hitherto
$157,083,408.
Its capital is listed
in
lieu
of
fractional
shares
of
upon maintenance of membership
at $3,111,000 and surplus at $4,secret figures, stating that indus¬
does not invade the province of
■
••
000,000, while undivided profits Uptown Bank stock.
try has "promised the General
the
sovereignty
of
the
State
of
"The First National Bank owns
are reported at $2,294,354.
Harry
Staff more than we have been
Wisconsin.
Rather,
its
ruling
con¬
C. Carr is President of the in¬
11,800 shares of $25 par Uptown
giving .them." ;I'Tl;: v/}:V/./; 'V-■■
National Bank stock out of a to¬ stitutes an exercise of war power
stitution.
"We have promised them $65,-

the^ first Na¬
tional Bank in the United States,
having been chartered on June
20, 1863.
The bank was opened
for business July 11, 1863, and re¬

on

N.

Mr. Morse,

of
of

Dr. Chu Chia-hua, President and
q;'-;:
which is Vice-President of the Examina¬
aimed at inserting conditions in a- tion Yuan."
collective bargaining contract be¬
tween an employer and the bar¬
gaining agent of the employees
can be said to supersede any order
of the War Labor Board regulat¬
ing relations between employer
American industry is not pro¬
The
First
National
Bank of
and employee in time of war when
ducing what is needed to win the
Chicago declared on Sept. 10 an the power to issue that regulation
war, Frederick C. Crawford, Pres¬
extra dividend of 50 cents a share
flows from the war powers of the
ident of the National Association
in addition to regular quarterly
United States/r^';"^";i,..',,:V"-v- - Vi-'J'y'
.i;"-.-;: of
Manufacturers/warned on Sept.
dividend of $2.50 per share, pay¬
The Wisconsin act provides that

was

of Conshohocken,

Perry E. Wurst, Executive VicePresident of the Manufacturers

Labor Board

sity of Oregon Law School, said
that the Board was fully aware
that its decisions must not invade

directors

The

auctioned off separately and

were

War

provisions

the province of

"office;'':>■
National Bank of

Philadelphia
A

of the

Labor Relations Act.' "

of the Midland
Bank
Ltd.
of London
recently
announced that the Right Hon.
The Earl Peel has been elected
to a seat at their board and at
the board of the Midland Bank
Executor & Trustee Co. Ltd.

First

The

the

:/ -u

| tions and Commander-in-Chief of

•

Disputes Act, which read!'in part
that The Board shall conform to

chequer in 1915-16.

Street, which has been the main
office of the bank for 78 years,
will henceforth be known as the

r

assets of the former First

of

Chestnut

315

at

location

The

visions

Admiralty
from .1908
to 1911,
Home
Secretary from
1911 to
1915 and Chancellor of the Ex¬

the new

facilities for many years

regular meeting of the
Board of Directors of The Na¬
tional City Bank of New York
held
onr Sept.
14, C. Theodore
Gardner was appointed an As¬

•'*'/.

\

grounds that the Board did not
have authority to grant mainte¬
nance
of membership under the
Wisconsin act and under the pro¬

political figure in England before
he went into the banking busi¬
ness.
He was First Lord of the

adequate

provide

'

member of one ; "The WLB directed the comChicago's pioneer families and pany to grant a standard voluna
Director of the First National tary maintenance of membership
Bank of Chicago, died on Sept. 3 clause and voluntary check-off to
at
Santa
Barbara,' Calif.
Mr. the International Fur and Leather
Palmer, who was 67 years old, Workers Union of America and
was also President of the Chicago
Canada, Local 260, CIO.
; ,■
"The company objected on the
Art Institute.
\

of the First National
find additional

will

follows:

Potter Palmer,

don, since 1919, died in London
on Sept. 6 at the age of 80.
Mr.
McKenna had been a prominent

acts of State Legis¬

was

of

forced the bank to

and it is believed

opinion
the Board, in a

> Reginald McKenna, Chairman
of the Midland Bank, Ltd., Lon¬

the

Aug. 28 that during wartime

on

written by Wayne L. Morse, public member
case involving the J. Greenebaum Tanning Co.
and the Wisconsin Employment Peace Act.
'/i'/;

.The

as

acquired from Drexel & Co. at the
of 15th and Walnut Streets.

quarters

latures

rules

of the President and Congress supersede
in labor relations matters.
;/,
7

,

corner

space

The War Labor Board
powers

ciation,, and also was one of the
incorporators of the old Guardian Milwaukee
Trust
Co.,
now
the Maryland //.In Associated Press Washington^—
——
Trust Co"
' v
i
' advices, the ruling was described i Republic of

Philadelphia on Sept. 7 opened its
new
main office in the building

The growth

the Mort¬

Guarantee Co., the original
Equitable
Trust
Co.
and the
Mount .Royal Improvement Asso¬

own

The

of the Title

gage

National Bank.

At' the

sistant Cashier.

"He was a Director

Guarantee & Trust Co.,

investments.
He was a
Director of the Concord (Mass.)

his

Supersede

WLB Roles Federal Power

death.

the limited

In addition to

Vice-President, and was
of its board until his

as

member

a

Thursday, September 16, 1943

^: '

CHRONICLE

1124

said he

was

not

"trying to pass the buck to labor,"
but that management, too, "has
got to do a better job, and Govern¬
has got to do a better job
than it has been doing."

ment

confronting

Problems
cient
ford
front

insuffi¬

production, Mr. Craw¬
said, cannot be solved "in
office or by act of Congress."
war

He continued:

"We want

culties
can

the

to

solve these diffi¬

American way.

be solved only

by

a

They

change in

the heart and conscience of every
one

of

us.

Each of us, through self-

discipline, must answer for and to
himself."

•*