The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Final
Edition
.Volume 162
New
Number 4422
year or more past a number of economists and
prognosticators have been in the habit of whiling away their
time making estimates of the size of the post-war Federal
budget.
Most of these soothsayers have come up with es¬
timates of annual expenditures ranging from $20 to $30
billion.
The public has been told repeatedly that service of
the national debt after this war would cost more than what
would have been thought quite extrav¬
agant as a total of Federal expenditures.
Nor have taxpay¬
ers been permitted to forget that we shall have millions of
veterans, many of whom are partially or wholly disabled,
to take care of in the years ahead.
It would have been obvious, however, even if nothing
was said of it, that the most modest of the post-war budget¬
ary estimates or forecasts included large sums representing
outlays for many types of things which a decade or two
ago would never for a moment have been seriously consid¬
ered as having a place in any plans or programs of the Fed¬
eral Government. These were explained or defended, where
the forecaster felt under the necessity of explanation or de¬
fense, on the ground that this is a "new world" in which
we live, and that when the war is over it will be still a "new¬
er world—ds if profligacy could be so easily sanctified,
not many years ago
Post-War Plans
far
away, many
of the
master
plan for the post-war years—in which a
financially speaking, all
or
definite
and studied effort to be,
things unto all men is evident. Now, it becomes apparent to
those who take the trouble to think of these matters that
(Continued
on page
1372)
Usually Better Than Public: Latter Should Be Induced Indirect¬
ly (Monetarily), Not By Direct Action as in Stock - Piling. Post-War Obsolescence
Affected by Uneconomic Innovations of War. Social Action Cannot Equalize Benefits
and Costs.
Competition and Charity Incompatible: Latter Should Be Divorced From
Collective "Bargaining" in Production and "Cooperative"
Politics and Economics.
Pricing in Consumption Incompatible: Latter Cannot Eliminate Risks
Competitive Tax Advocated on Land and Expired Patents. 17Year Period Should Be Deferable—Why Subsidize Only Flimsy jGadgets? Theory
Without Practice Is Futile:
But Practice Without Theory Is Worse Than FutileBenefits
will
It
of
>
not
are
b y
(bank
It is
usury
.
.
By HON. FRED M.
VINSON*
and
law
order.
and
maintenance
to
:
the
the restraints imposed by
essential
patent
(mo¬
nopolies that
might exist
benefi¬
'
cially if not
legally ar¬
ranged
as
is
not
an
raw
social welfare.
to
Planning, in Dealing With Unemploy¬
ment Lays Down a Nine Point Program as Supplementary To the Full
Success of the Bill, and as a Means of "Realization of the Rich Promise
by the price distortions of
Control of nat¬
through private
in the hands of those
qualified to control them, as
evidenced by ability to produce
best
a
seems
future
of
Prosperity."
lions
of
men
has
a
wil 1
again
they
never
to
have
through
go
a pe¬
riod of hunger
and
and
poverty
of
mass
unemploy¬
ment,;The war has
how
shown
enormous
the
du cti ve
paci ty of
p ro
ca
this
nation
really is. Peo¬
Vinson
poverty and
necessary
our
respectively—Editor.
ple no
believe
longer
t ha t
unemployment are a
to have well-paid jobs
for all.
They will insist on full
employment and steadily rising
possible
From this wartime
experience they know that it is
♦Statement,of Secretary Vinson
before the Senate Committee of
Banking and Currency, Aug. 31,
Editorial
Page
1369
Situation.
Financial
From
Free Enterprise Has New
This country has
"Task
achieved eco¬
nomic. greatness
under the system
of free enterprise. This economic
system has given to our people
an incomparable standard of liv¬
ing.
But free enterprise cannot
live
on
the
achievements
of
the
Washington
News
Ahead
the
of
............................
Trading on New York
NYSE Odd-Lot Trading
-1369
Exchanges. .1382
1382
Trade
1371
Index. 1381
Commodity Prices, Domestic
Weeviy Carloadinefs.
past. It will survive and flourish
only if we succeed in using our
Engineering Construction. .1381
Papeiboard indusoiy Statistics.. ...1383
productive resources to maintain
full
employment.
Despite
the
decade of depression before the
war, the people of this country are
Weekly Coal and Coke
WepMv Steel
Review
confident
that
with
free
enter¬
prise there can be work for all
and a high level of well-being.
Our
task is to
see
of
that the great
our
economic
system are, in fact, realized.
Too
frequently, in the past, U
popular to place the
blame for depression on the busi¬
nessman.
If jobs
were
lost, if
has
been
en page
1376)
1380
Output...... 1380
*>. 1379
Shipments in August
........1380
Daily Commodity Index... 1379
Crude Oil Production..... .1382
Non-Venous
Metals Market..
13«i
Weekly
Output
1380
in August—....1379
Latest Summary of Copper Eta- :
tistics
•"
" • •"»• • .1381
Bank Debits for August
.....1382
Cotton Report as of Sept. 1
.*1329
Supply & Distribution of Domestic
and Foreign Cotton in U. S. as
of Julv 31
*1330
Electric
Business
NYSE
Aug.
Member
Borrowings
as
31
items
of Monday,
aoneared
governmental,
nanced
or
in
capital.
From
Sept. 17, on pages
employment"
will
' related
to
of
that
competing
Not only is this true, but
in cases where war equipment is
the "last word" in modernization,
its
entails
operation
postwar
what, in peace, would have been
(Continued on page 1377)
'
.
Ahead of the News
By CARLISLE BARGERON
is developing so closely in the
War I, that it must make those
gentlemen who insist that the world is going to be different, down¬
right sick.
This time, as we understood it, we were to keep occupy¬
ing forces in Japan and Germany indefinitely, oh, for 10 years or so.
Never were we to get off their necks. The agitation in Washington
The aftermath of World War II
pattern of the aftermath of World
•$-
bring the
home is
intense,
to
least
at
lice
Japan
from
a
hands of the whole mess and for¬
get about it.
in
to
C
o n
eral
Europe.
difficulty
all the boys now
loan
Senate
a
™
in Germany and
They are being
just
...*1330
not to send any
more boys abroad and not to draft
any more.
So far there is an inmuch pressed
committee sev¬
friend,
a
as
to
some
be immediately returned
and replaced with boys still in
this country and with boys yet to
as
It is going to
getting
them.
Senator
Tom
A friend of ours is on
UNRRA from his movie
Connally.
Japan
drafted.
to
peo¬
Director Lehman appeared
magnate
thlt
funds
starving
days ago he was pressed un¬
upon
are
being literally
demands
more
so-called
mercifully by a man long looked
The Con¬
gressmen
of
before
mili¬
tary are in an
awful
dilem¬
ma.
ples
When
g r ess
the
the
have
speak of.
and
feed
,
needs
UNRRA
year
now
is di¬
wrongly, will be to wash our
or
that
won't have
forces
continue to po¬
and there are plenty
of signs that it won't be long be-,
fore the national attitude, rightly
some
predict
we
countries but it
these
minishing,
are
observers who
we
that
sistence
be
indicated.
"full
of
result in distortions of their value
Washington
of
ow
tax - fi¬
postwar
subsidized'
.
as
by not permitting forma¬
present capital values!),
those
public measures are de¬
cidedly but of place which at¬
tempt re-distribution in lieu of
equitable financial institutions
these could and should place the
sake
of
Failures
•
♦These
(Continued
Price Index...
Moody's
Weekly
vation,
tion
Weekly
Fertilizer Association
of the rules of neoterism or inno¬
Germany ; or
Review
while
out the ;obsolete equip¬
this same' observance
wearing
ment.: By
served
any
of
State
General
ment reserves accumulated
for the sake of future
capital values (note that by these
restrictions future consumption is
that there
Moody's Bond Prices and Yields.. ..1379
Items About Banks and Trust Cos. .1373
tpuo-
or
operation of war factories for the
so
Regular Features
ac¬
private, according to con¬
tract) if not financed by replace¬
present
the sake of future population
boys
standards of living.
by-product of our eco¬ potentialities
nomic system.
1945.
GENERAL CONTENTS
fore e^
labor
expect, and
are entitled to,
assurance that
Secretary
in
J
duty to its people that it cannot neglect. Mil¬
and women in the armed forces and in our wartime
This country
portions having appeared
issues of Aug. 30, Sept. 6
capital
the
sorbed oy investment losses
consumption
Potter's paper,
installment of Mr.
"regula¬
up,
not forgetting
which must be ab¬
set
obsolescence,
While
—present
property
and Sept. 13,
correctly
"perverse elasticity" of bank
in the boom-bust business
for
Alden A. Potter ;
unless
isfactory
be
may
But neither is sat¬
lic
Df
resources
earlier
preferable
governmental con¬
servation seems n ot out of place
in restricting present for the sake
qualified plea
against these
utilities
political
of
to
ownership
tion" of rates.
duced
cycle,
un¬
.
counting involved in rate fixing is
.*
Step, Through Forecasting and
As to
private
V
;
property,
these
should
afford
competent conservation if not im*
pelled to drastic exploitation by
the "cut-throat competition" in¬
the
though it
financial
Parenthetically, in the absence
of
market
competition,
public
credit
val¬
land
of
ues;
access—to
materials is
free
system
of
>
plea for the
monopolies o f
a
results,
Secretary of the Treasury
.
welfare
Controlled access—by no means
credit).
in the hands, not
wizards, but of the
title to property
of
really best people.
v-
coun¬
terfeited
natural and
proper working out of that per¬
Mr. Vinson Contends It Cannot Be the Responsibility of Businessmen sonal element of inequality which
is not only not inequitable but is
Alone to Prevent Unemployment, and That Government Must Assist If
morally essential to the general
Free Enterprise Is to Be Maintained.
Denies That the Wagner-Murray
*We give today the concluding
Bill Is a Mere Spending Measure, and Avers That It Is Merely a First
.
\
Monopoly
be
fairly clear, by this time, that this is a defense of
monopoly—of private property- -properly financed by savings that
ural
,
Keep Capital
or
Accounts Current.
"unearned in¬
Employment Bill Not Enough
.
Private Conservation
crements" either.
Full
Copy
a
A. POTTER*
(Concluding Installment)
post-war planners have been well occupied, and the Presi¬
patents) as
dent himself has recently come forward with a sort of an
against those
over-all
ALDEN
By
less
months, it being evident
that the end of the war was not very
2
Autonomics and Economics
a
During the past two or three
Price 60 Cents
York, N. Y., Thursday, September 20, 1945
The Financial Situation
For
In 2 Sections—Section
ESTABLISHED OVER 100 YEARS
employer to try to get
publicity for the
favorable
organization. He is just about to
throw up his hands. He is con¬
fronted with increasing stories of
waste and
downright theft, of an
When
extravaganza of spending.
he
looks
to
issuing
into
a
them
with
a
view
denial, he finds con-
continued
on page
1378)
THE COMMERCIAL & FINANCIAL
1370
The Full
Truman to Name I. L. 0.
Employment Bill
Conference
*
And Reconveision
SNYDER*
tive
Mobilization and Reconversion
Director of War
?
Describe! t3he ^Full Employment BUI as Merely Setting Up
Machinery to Combat Depression. Holds There Is No One Panacea for
Unemployment, but Every Operation of Government Must Be Geared
to Prevent it
Bill, He Contends, Will Not Create Jobs, and We Must
Rely on Private Business and Not Public Works for Remedial Measures.
Says a Continuous and Changing Congressional Program for Remedial
Measures Is Essential and Detoies That the Bill Will Mean Regimentation.
As the American people turn from the horror and distress of war,
two objectives are uppermost in their minds
peace and jobs.
Mr. Snyder
have4>
We
gone
long
a
way
in laying
the
ground¬
for
work
lasting
is
not
job for one group alone
not the way de¬
a
that is
peace
mocracy
Works-^t is not the way
last
it
be
will
worth
free economy works.
a
We must
Federal
the
realize, however, that
Government, acting
behalf of all the people, must
much, unless
on
those who are
adopt
measures
which , will, I
believe, be the determining factor
in whether or not we can reach
and hold full employment.
-
able and will¬
work
ing
to
can
share
the
in
nothing new, in this
fact, the Fed¬
is
There
opportu¬
nities of peace.
assertion because, in
These
eral
oppor¬
tunities
can
realized
be
only
full
through
John W. Snyder
important
task.
The
achievement of full employment
because
not
long,
not
Federal, governments
as
an
peace.
But the
will
a
well
as
have
employment
and
rising standards of living.
America cannot afford the hu¬
has
Government
for
some
the
prosperity and
It has
dealt with employment as a vital
time been held responsible by
the
for
people
welfare
of
the
concern
of
the
is
Government.
It
we
recognize these
that
time
country.
mobilize our
man
facts and
waste
Of Government to the central ob¬
misery nor the economic
of
large scale protracted
unemployment.
During the de¬
pression of the 30's, our country
su#fered a loss of over $300 billion
in
of
terms
that
did
and services
could have produced but
due to economic stagna¬
we
not
tion.
goods
This is
of the
more
than
the
cost
is
the
learned
have
toward
ment.
has
not
surest
in
lot
a
One thing we
But in
the rest of the world this
always' been
true.
The
last
the
the
central
the Nation
when
is that
war
has
have learned from
such as
war production, the policies of all
the agencies or branches of Fed¬
eral Government must be oriented
a
the
that
achieve¬
great
one
think
I
war
objective,
of
lesson
another
is that this Nation
can
do
foundation which America
anything it wants to do provided
can
provide for its way of life is
stable, expanding economy op¬
erating under conditions of steady
employment.
the goal is clearly stated and the
a
people
the
behind
achievement of chat goal.
unified
are
country is capable of
producing. I do not believe that
Our
will
its
peacetime goal must be and
be
full
part
in
employment. To
the achievement
do
of
the American people will now be
content to go back even to the
best former peacetime year—for
this goal, the Federal Government
must set up now the machinery
instance, to the level of 1940, when
through which
had from 6 to 9 million
we
employed.
un¬
'
^
it will act. The
legislation which you are now
considering sets up that machin¬
'■■■
ery.
Machinery to Combat Depression
In the
past, we have had no
machinery by which to organize
in
a
systematic way for the pre¬
vention of depressions or of wars.
We need such
machinery. It has
taken two
catastrophic world wars
to bring us into an international
organization equipped with effec¬
tive
means
of investigating and
solving problems which threaten
I feel certain that it is not
peace.
necessary to suffer another catas¬
trophic depression to awaken
to
the
need
of
mechanism for
a
us
establishing
a
systematic attack
on
economic instability.
We must take
1
,
'
'
■
You have heard
a
great deal of
and I do not
testimony already,
propose to discuss the Bill in de¬
tail, but I would like, however,
to comment on some aspects which
I think are particularly important.
First of all in this Bill, the Con¬
gress sets forth full employment
under a free competitive economic
system as the explicit policy of
the United States.
we
climate.
their
production
their productive
and
efficiency just
they have during the
has
an
increase
important
war.
part
as
Labor
because
the
basis of all of our wealth
is
human labor. The local
and state,
fore
the
of
Mr.
Senate
Snyder be¬
Banking
and
Currency Committee, Sept. 1,1945.
It is
barometer
a
The
,
.
which
information
would
be furnished the
Congress would
contain not only comprehensive
analyses of current economic con¬
ditions but
also
a
ture conditions.
ing is, of
tion
course,
but
future
case.
forecast of fu¬
Perfect forecast¬
out of the ques¬
judgments
are
Businessmen
judgments
and
(Continued
concerning
necessary
base
in
make
any
such
production-
on page
1375)
Congress, President Truman submitted
it
also
the
held
American
lone
AND
Mr.
Dear
herewith
President:
I
laboration with the Office of War
C. I. O. and Soviet groups.
Information
The Associated Press also said:
ment
Behind this is the emergence of
answer
the
Soviet
trade
unions, with a
total of about 25,000,000 members,
from the ashes of Europe to a
O.
C. I.
agencies.
the
which
will
minds
of
be
the
other
British,
joining with them, with
French
and
Mexican
groups, in the formation of the
World Trade Union Congress.
new
The International T r
Workers are
a n s p o r
t
in the Brit¬
a power
ish trade union conference and in
labor
federations
throughout the
they with the
British and the A. F. of L., have
In the past,
world.
dominated the I. F. T. U.
American workers'
seat
in
since
A. F.
of L.'s international representa¬
tive. Along with him representing
the United States
over
that period
have
been
Henry I. Harriman,
England Power Company
chairman,
who
represents em¬
ployer groups, and several Gov¬
ernment delegates. Former Secre¬
tary of Labor Frances Perkins and
New
Carter
Goodrich
have
been
fre¬
quent representatives of this Gov¬
ernment.
.
,
The I. L. O.
was
founded largely
through the efforts of Mr. Green,
late
Samuel Gompers and
the
British labor leaders
to
as an adjunct
League of Nations at the
the
close of World War I.
this country
Failure of
to participate in the
same
Its
with them, and by joint
action of Government, labor and
coping
employers represented in its ma¬
chinery, to raise the standard of
living throughout the world.
that
the
won
and
words.
brarian
W.
Elizabeth
of
Owens,
cial
Bank
Libraries
Owens
and
Mrs.
York City.
Anne
Increase
'
'
or
•
■
-
opportunities
for
men.
<
keystone of all
ning.
Every
the
govern¬
Office
of
policy and plan¬
step taken by the
War
Mobilization
and
this
office
co-ordinates,
ented to this central
is
ori¬
goal.
A Drastic Change-Over
business
and
men
had
farmers
customer for almost half the
one
nation's output.
The government
only created the market put
specified exactly what kind, shape
not
total mobilization
and
its share
size
of
the nation's
same
must now
war
be
individual
winning of a
prosperity in
stable
The
mine
fore,
sudden
war
home.
at
It
is
much
as
cushion the shock.
manufacture
a
as
one
war.
use
The
The
a
power
work.
no
is needed by the Army or Navy,
in order to hold down the totals
of
temporary
unemployment.
is the policy laid down by
Congress, wholeheartedly car¬
ried out by this Administration
and
backed
by
the American
the
may
increase
The
in
achieve
a
plant
to
in
our
The goal
must
services
without
and rents
an
sharpened
be
be
must
delay.
re¬
must
be
hold'
abundant supply
competition
ruinous
.
can-
in¬
;
.
Wages must also be held in line
wherever
increase
would
same
•
now
their
inflationary prices. At the
time,
measures
must
be
taken to opoose the rapid shrink¬
ing of purchasing power if busi¬
ness
is to reach and hold high
levels of production and employcause
our raw
our economy
contracts
^
plant and equip¬
managerial know'
of
man¬
contracts
war
operate to prevent
flationary rises.
•
our
and
Other controls must he
line until
and
(
our man power,
of all
armed
Prices
relatively few months,
full peacetime footing can¬
not be achieved that soon.
springs:
materials
tained for exactly the same reason.
reconver¬
Answer—Production
wartime
full
speed reconversion and expan¬
sion.
We
a
The
Reconversion
from
Some controls must be removed'
some¬
dimensions
But it is the shortest
and most efficient road back.
we
longer needed.
demobilized
*
immediate
in¬
we
sooner
engaged in war production
released by immediate
Terminated
-
policy
sooner
promptly settled. Plants must be
cleared, business men must be
ready with their plans for peace¬
time
production and expansion
and must move ahead quickly.
This
the
controls will
,
be
cancellation
We will not keep a single soldier or
sailor in uniform longer than he
what
disruptive-
a
output to full peacetime output
requires a number of positive and
immediate steps.
The plant and
must
of the task.
to
Road
equipment,
This
The
switch
absolute minimum military needs,
the purpose of reducing the
people.
a
bottle¬
cause
production the
shock
war
or
con¬
bring
be rid of all controls.
can
for
terminating
of
would
will be for the pro¬
production.
crease
single piece of equipment above
of
removal
removal
produce
or
Their
not
nor
for
tection of the public and business
and to expedite the expansion of
arma¬
single shell,
the
this time
at
scramble for goods,
be kept and used.
day to
We will
suitable
>
necks
swap.
We would not reverse it if
we could.
Nor will we continue
the manufacture of useless
and
There¬
immediate
chaotic condition
welcome
a
controls
Wherever
trols
have exchanged
lives which would have been lost
in battle for sharp unemploy¬
ment
produce.
of controls will help to get ex¬
panded production under Way
faster, they will be removed.
wo
sense
a
deter¬
men
not suitable for the tran¬
are
Wherever
severity of this shock is increased
In
to
are
many
will
business
sition.
termination
by the sudden ending of the
customers
what
farmers
dislocation of our econ¬
omy.
Our nation will undergo
the
shock of considerable, but
temporary, unemployment.
The
P.r materials,
Mendel, Librarian of the Bank of' ment and
the... Manhattan
Company,
New how.
Miss
inflation
,
and every policy
and action of the agencies which
Trust
Association.
succeeds
-
Reconversion,
The job ahead is one of re¬
Co., St. directing from war to peace the
Louis, has been elected Chairman four main resources from which
of the Financial Group of the Spe¬ the
wealth
of
our
economy
merce
disastrous
ment's economic
and large
Li¬
Mercantile-Com¬
the
the
Challenge
Group of Libraries Assn.
Mrs.
willing
fact, the urgent need to in¬
crease
peacetime production' is
of the major portion of war con¬
tracts will cause an immediate
but
those
In
peace.
sion
all
farmers and business
The outlook for this peacetime
victory is bright, but it will not
be won easily nor immediately.
There should be no mincing of
hope to
Mrs. .Owens Heads Finance
avoid
(4)
directed toward the
total
.
joining
up formally until
principal function has
been to keep abreast of social and
economic
problems
throughout
the
world,
exchange plans for
1934.
for
energies, the output should be. Now that peace
skills, the same co-operation has come, the American
people as
ments for
1
.
our
The
war.
ob¬
(2) A steadily rising standard
living.
(3) Stabilization of our economy
to
Our total victory over our ene¬
product of
Jobs
deflation.
Director.
for
plants
These
way quite different from produc¬
tion for war.
During the war
them to visit American
war
ahead.
Production for peace is in one
mies was the inevitable and just
is
major eco¬
which face us
able to work.
that
is working closely with
the Soviet labor leaders, inviting
and
of
JOHN W. SNYDER;•
objectives
months
the
at¬
four
nomic
(1)
Japan has been finally crushed,
espectfully, ■
C:
;
possible the
the
in
and
uppermost in the
From War to Peace: A
of
jectives I conceive to be:-
govern¬
now
make
tainment
It is designed to
specific
questions
people,
will
seen
a
and
come is in-a sense
it Was'in w&r: pro¬
Only a peacetime production
vastly expanded over anything
or any other nation has ever
submit
Trade Union Conference with the
has
as
this
15 August, 1945.
President, the White House,
Washington, D. C.
The
same
a
duction.
RECONVERSION,
dissolve without a fight,
and it won't enter the new World
to
that peace
the
WASHINGTON, D. C.,
report entitled "From
War to Peace: A Challenge." This
report has been prepared in col¬
seat,
■
report
dated Aug. 15, made to him by John W. Snyder, War Mobilization
and Reconversion Director.; This*:
-l
OFFICE OF WAR MOBILIZA¬
by which to gauge the economic
the
^Statement
concerned.
Ih his message to
TION
participation in international
affairs, although its leaders em¬
phasize this does not spring from
any desire to be isolationist.
It is
permitting the International Fed¬
eration of Trade Unions, in which
—from
are
and
its
Nevertheless, in my opinion, it is
vital at this point in our history
to have all parties and all persons
their production
because only by
the expansion of
production can
porary
The A. F. of L., the Associated
Press report continued, is reducing
the only nationwide general labor
organization in the United States
but it is not.
Reconversion
on
representative in the I. L. O. and
report, entitled ."From War to
wants to continue its international,
Peace:
A
Challenge," describes
role, and the Congress of Indus¬ the work'
already accomplished
trial Organizations, thwarted in its
towards reconversion arid the pol¬
efforts in the past to get a voice
icy to be followed with' respect
in the 1. L. O., are contending for
to demobilization, unemployment
the American workers' seat at the
and
manpower,
production and
conference, the Associated Press distribution
controls, price and
reported from Washington, Sept. 1.
wage controls and a general leg¬
President Truman will rely, in islative
program for the transi¬
making the appointment, on the tion period.
It also contains a
recommendations of Secretary of
series of questions and answers
State James F. Byrnes and Secre¬ on
specific questions.
tary of Labor Lewis B. SchwelThe. text of the main portion
lenbach.
of Mr. Snyder's report follows:
have striven to create prosperous
and job opportunities.
new
positive action in the United States agree that
help us achieve full employ¬ this is our policy.
ment.
Businessmen have an im¬
Secondly, this Bill provides a
portant part to play—they must procedure
for determining
the
increase the
state of health of the country as
efficiency of their
own
far
as production and employment
businesses; they must expand
employment.
Agri¬
an important
part to
play—the farmers must keep up
which has ifurnished the delegate
1934 as this nation's only
since
League kept the A. F. of L.—then
conditions
Snyder Report
War Mobilization Director Tells President Reconversion May Mean Tem¬
Labor
This may seem
Administrations
to
expand
culture has
to
yet
representa¬
International
the American Federation of Labor,
The
Peacetime Goal
We have seen, during the war,
our
Truman
American
the
the I. L. O. has been occupied
1937 by Robert J. Watt, the
,
what
for
place in the interna¬
jective of full employment and
tional labor picture. The A. F. of
production.
L. won't tie up with the Soviets,
This is not an easy task, but
saying the Russian trade unions
I believe that we in America can
are not free, that they are domi¬
do it.
We have learned a great
nated by the government.
The
deal in the last twenty years. We
significant group
in
America, whether in labor,
agriculture, industry, or govern¬
ment,
which
does
not
deeply
desire the preservation in Amer¬
ica of an economy based upon free
enterprise and individual effort.
no
has
x
dominant
five.
war.
There
resources
Delegate
Thursday, September 20, 1945
Idleness of From 5 to 9 Million. Urges Rapid Demobilization
Says Military Contracts Are Already Largely. Terminated and Man¬
power Controls Removed, but Calls for Continuation of Some Price and
Organization conference scheduled
Wage Controls. Advocates Expanded Production.
to begin at Paris, October 15. Both
*
President
name
By JOHN W.
CHRONICLE
.
.
(Continued
on page
1378)
.Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4422
162
tion—
State of Trade
m The
-
,
.
Sept.
and :
abandoned
the
stances
in
-
way
steel
market./Despite the
into the
sizable
of
number
workers
un¬
crisis
labor
in
textile
and
industries,
in
task
a
.
steel consumer
requirements f were
week
past
mostK products
further
items
normal economy.
this
this
the three large
steel market-is
with its important
tion
job of re¬
difficulties
substantial
According to press reports, 82 000 workers are at present idle in
ber
pending reconversion. On
workers
about 50.000 Ford
home
sent
were
The flatrolled
of
well
as
increase
civilian
the
as
the
in
num¬
steel
orders, the
national steel ingot rate for the
week advanced six points to 81 %
of capacity.
Its ability to go
much
higher than the current
rate depends upon the manpower
Michigan due to strikes and ap¬
proximately 300,000
have been
;j ■ Friday, last,
as
being subjected to
greatest consumer pressure and
backlogs are reaching new peaks.
/
Reflecting the end of cancella¬
conversion.
laid off
such
some
tinplate into 1946.
automobile manu¬
facturers is one of the many
pressing
issues
that
must
be
solved if that industry is to get
on
and with
year
on
extended
were
week/ j with ] most
through the rest of
booked
The demand of the automobile
workers for a 30% increase from
<
Deliveries
order volume.
new
getting the country
more
will be paying
freight ? charges *
heretofore.
t
■,.; ; j ;r / '
shaping up rapidly and were ac¬
companied by a sharp upturn in
all
up to further delays and
complications in an already diffi¬
back to
consumers
smaller
reconversion
added
cult
for
will
but
profits
situation.
when
-
•
; y
-
Further restrictions in the au¬
from the strike-bound
Kelsey-Hayes
Wheel
Company thorized uses for lead are about
to
be invoked by WPB officials,
and other plants failed to reach
Ford
assembly lines
at River "The Iron Age" reports. The im¬
supplies
y
portance
of
point to the
fact that the auto industry is in¬
clined toward the belief that an
economy
dation of
and the expected liqui¬
indications
it
-
by the Administration in lifting
wage restrictions during the
reconversion
period
and
past
commitments made to organized
labor by our late President at the
time the Little Steel wage formula
was put into operation, make an
early settlement of managementlabor problems very difficult.
■'
felt
the
fit
see
tool
national
a
year,
in
the
.
makers
and
machine
tool
eyeing the Chinese
were
market.
The
Amercian
Iron
Steel
and
Steel Industry—In the midst of
nationwide temporary unemploy¬
three blast furnaces there
or
Some companies
remain idle.
have been able to approach a 40hour
in
week
finishing
mill de¬
partments,, but blast furnace and
openhearth employees are work¬
ing six
The
-
days a week.
or seven
shortage,
manpower
the
cancellation of war. contracts and
to reach a 40-hour
schedule, have pro¬
duced such a financial hobgoblin,
the
inability
work
trade
company
were
with.
to
authority,. that
representatives
week
representatives
to
meet
OPA
the
during
of
American
This
Railroads •:an¬
decrease of
was a
129,811, cars, ar 15.1% below the
preceding week this year,-due to
Labor Day,/ but 94-538 cars, for
11.5% / below the corresponding
week of 1944.
Compared with a
similar period of 1943, a decrease
of
104,042
cars,
or12.5%,Vis
shown.;///
week
this
says
steel
tion
-
Electric Production—The -Edi-!
son
Electric Institute reports that
the output
of electricity decreased
approximately/ - 3,909,408,000
in the week ended Sept. 8,
to
kwh.
1945, from;4,137,313,000 kwh. in
the preceding week.
Output for
the week ended Sept. 8, 1945, was
.
present expected operating sched¬
ules for the balance of the year
probable finan¬
cial loss.
Expectations are that
steel
price increases • on many
products will materialize before
in order to prove
the end of the year.
The
elimination
of
'
the
single
basing point reducing the deliv¬
price on stainless steel prod¬
ered
ucts in certain areas announced
this past week by many producers
is expected to be a boon to con¬
sumers and go a long way towards
substantially increasing the use of
this
product
"The
Iron
on
the civilian front.
reports." Many
Age"
companies have announced;; new
basing
points at the - point of
.
7.5%
below
that
for
the
sponding weekly period
corre¬
one
year
-ago.
Consolidated Edison Co. of New
York
reports system output of
156,400,000
kwh.
in v the week
ended Sept. 9,
1945, comparing
with
161,700,000 kwh. for the cor¬
responding week of 1944, or a de¬
crease of 3.3%.
/
; ./• /
.„
Local distribution of electricity
amounted
to
151.000,000
■
kwh.
with 152,000,000 kwh.
corresponding week of last
a decrease of 0.1 %.'
♦
comnared
for the
year,
the
was
iall
reported
80%, compared
parts
that
of
sales
U.
S.
July,
ot
tne
in
■j
Paper and Paperboard Produc¬
■-
/
volume
for July,
1944,
Age" reports in its
other - Thursday
market
"Hardware
every
-
Sales
summary.
months
seven
for
of
the
1945,
■I'L
first
wholesalers
dollar
sumers' dollar,
lower,
July 31,
of
as
1945, than the same date last year,
showed an increase of 2%
but
June
over
30, 1945.
Business
Failures
Commercial
and
in the week
ures
Decline
industrial
—
fail¬
ending Sept. 13
UM' We
fell to less than half the number
last week and to only a third
the
number
week
a
in
year
comparable
reports Dun &
Concerns failing
against 19 in the
ing
crop
responding week
This
in
of
1944.
the lowest failure rate since
week of Victory holidays in
one of
involved
the week's fail¬
liabilities of $5,uo0
or
more.
However, even these
large failures were down to half
from
to
seven
only
able
in
one
week
year
there
the
week
in the
were
just
■
either
in
in
as
No
the
failures
retail
or
failures
previous
occurred,
the Boston
virtual stand¬
a
third week in
Interest
suc¬
spot foreign
in
somewhat,
but
Price
Food
Index
&
food price
remained un¬
changed at the year's low of $4.04.
This was 1.5% above the $3.98
recorded a year ago, but repre¬
sented a drop of 0.5% from the
1943 comparative of $4.06. ; In¬
creases/for the week were re¬
wholesale
Bradstreet
index
wholesale
for
Sept.
11
in wheat, rye, oats and
lambs, while declines were regis¬
tered in barley, potatoes, steers
.and sheep.'The index represents
the sum total of the price per
ported
occurred
pound of 31 foods in general use.
Wholesale Commodity Price In-
>; Retail
and
Wholesale
Trade—
-dex—Although
trending
some¬
Cooler weather in some sections
the week closed, of the .country and hot in others
the "/daily ; wholesale commodity
mildly affected consumers' de¬
price index, compiled by Dun & sires to shop last week.
Retail
Bradstreet., Inc.,
registered
a volume was slightly above both
slight decline for the week.
The that of a week earlier and .of a
index finished at 175.03 on Sept. Vear
ago, .according to Dun &
11, as compared with £175.32 a Bradstreet, Inc., in its summary of
week- previous, and with 170.60
trade for the week.
Fall pur¬
what
higher
above
creased
therei
considerably;
as
even
occasional reports
meats
and
here
there
country
the
across
in
ers
about
were
week, but somewhat
1944.
Beef supplies in¬
last
with
that deal¬
setting prices
were
ceilings. Tomato and other
produce were abundant;
prices dropped with the in¬
creased supply. More dairy prod¬
ucts
reached
the, consumers.
Canned
goods volume, particu¬
larly soups and fruit juices, was
large.
/'
Retail
sales
for the
country
seasonal
some
estimated
were
the
over
3
about
7%
to
Re¬
week in 1944.
same
gional percentage increases were:
England 2 to 6, East 4 to 8,
to 7, Northwest 6
New
Middle West 3
to
in-Canada.
!
the
Wholesale
In the corresponding week
three
,
sales
7
South
10,
Southwest
12,
to
0 to 4.
and Pacific Coast
at Year's Low Point—The Dun
No Canadian failures occurred,
the same holding true for
last
1944,
.
broadened
wools
year.
week;
Food
critical
trading has been restricted owing
to existing uncertainities. Buying
of wools in foreign primary mar¬
kets continues at a low ebb.
trade, marking the first time on
record
that this has
happened.
Concerns failing in commercial
service numbered two, the same
as in the comparable week o'f last
of
-
below
supply situation in civilian
limited.
remained
were
cession.
small
powder, flakes and cleaners
soap
creased prbductibn of cotton/tex¬
tiles during the third quarter of
this year is expected to ease the
still for
ing during the week, but even in
this Category they were only half
numerous
In¬
cotton.
American
of
in. that commodity in
accounted
for
seven' concerns fail¬
the
further: pur¬
for
market
the
wool-market at
1 Manufacturing
of
also
Uncertainty as to government
on prices of surplus domes¬
tic wool stock has held trading
failures.
four
was
action
compar¬
six
staple
the
cotton textiles.
in the preceding week
ended—last
con¬
.
weevil damage to the new
and advices that Spain was
chases
mid-August.
All but
bite out of the
a
-
certain that there are many other Ameri¬
such thing. -v , •
are
for
Demand
cor¬
;
*.
stimulated by reports of increas¬
previous week and 23 in the
ures
<.
the
numbered seven
the
v
who do not believe in any
cans
ago,
Bradstreet, Inc.
was
recent victory,
into peace-time
our
"Today,-when we have huge debts to pay and an
economy to maintain, there's only one answerjobs and still more jobs, and quickly.
I believe in
giving business the reins to create these jobs. -1 do
not believe in hamstringing business by regulations
that are blocking the path for our people to go to
work."—Senator Homer Ferguson.
/' : ;
1 %
were
value,
in
to, surge
which would in effect take
however,
a! cumulative gain of 3%
over the same
period in 1944.
Inventories of reporting hard¬
in
rein
leadership.
..:
"If a pricing formula is attempted through bu~
reaucratic channels, many of our reconversion efforts will] be nullified, and many evils,, some of
which cannot be foreseen, will develop. * But of one
evil that could appear I am sure.
That is actual inflation through cheapening of quality of product.
To be blunt, a Government-set price formula for
such a complex mechanism as the motor-car could
be an invitation to substitution of cheaper materials
showed
ware
factor
free
.
this year, showed a decline of less
than onerhalf of 1% from their
average
have
should
:
utors-in
industrial
greatest
July Wholesale Hardware Sales
as
nounced.
"v
"The automobile industry, which was perhaps the
preceding week
in the like 1944 week.
and 80%
week.
the
..
to
current week
that
<
two
v
with 97% in the
Institute announced
last Tuesday
operating rate of steel
companies (including 94% of the
ment, many steel companies this
industry) will be 83.2 % of capac¬
:
week are facing the greatest man¬
ity for the week beginning Sept.
power shortage since Pearl Har¬
17, compared with 80.3%
one
bor, according to "The Iron Age," week
ago.
This week's operating
national metalworking paper, in
rate... represents
an
increase .of
its Sept. 12 issue.
Practically all 3.6% from last week's rate and is
large companies are in need of
equivalent to ,1,523,90]0 net tons
:
from one to several thousand em¬ of steel
ingots and castings, com¬
ployees for such skilled jobs as
pared to 1,470,800i net tons la§t
are required in finishing mill op¬
week and 1,714,300 tons one year
erations which are being stepped
ago.; A month ago the industry
up for civilian demand, the- mag¬
was
at 69.9%. of capacity and
azine says in its weekly summary.
95.3% one year ago.
'
Operations at one large mill in
Railroad Freight Loading—Carthfi Chicago district were acutely loadings of % reven ue v
freight/ for
affected,by the labor shortage,to the week ended • Sept. 8, 1945,
th,e extent of 3,500 men, causing
totaled 730,628 cars, the Associa¬
■w:
'
accordingto
Meanwhile, concerns failing with
liabilities under $5,000 dropped
said to be going
past
week
at
a
active
week,
"Hamstringing Business"
ca¬
machine
greater pace than had been an¬
ticipated. Foreign inquiries prin¬
cipally from France and Belgium
were
mill
the 12 a week ago and to approxi¬
mately one-thiird the 17 last year.
a
was
the
of
di¬
may
establish
operations.
industry
forward
the
within
government
to
Reconversion
of
-
in
reserves
rector of tin
The action taken
ernment itself.
is
soon
approach to clearing up their
problem must come from the gov'
tin
Rouge.y/;®
Late
75.9%
was
the
ending
inroad; Off—Wholesale hardware distrib¬
considerable
a
windfall
a
i The
United
Automobile Workers, CIO union,
and manpower shortages in the
steel
producers'
than
Michigan
.
make
much
induced by strikes of the
,
»
bitcause the iatter
'
The
will
into
in
American Paper & Pulp Associa¬
tion.
Paperboard output for the
procedure
This
products.
mean
employed throughout the country
the manpower situation continued
to prove a very vexing one. •//
-
v;t
• •
-
manufacture for various stainless
products of recon¬
lines found their
verted assembly
:
■
-
m-
some
8
1944
In the week more government' controls over production were
1.1
1
:
j«
;
-
production
pacity, against 95.2% in the pre¬
ceding week and 74.4% in the like
The progress of reconversion the past week continued to show
further improvement as production in some manufacturing lines
advanced slightly above the previous week.
When.compared with
output for tne same period a year ago, tne increase loomed much
,/y;;:r
greater.
Paper
United States for the week
1371
and /the
week
last
sponding
week
There
a
was
slightly
volume was
Wholesale
over
corre¬
last
of
year.
sharp increase in the
in the markets
number of buyers
during the past week.
In whole¬
sale soft lines, volume remained
generally unchanged in the week
and
declined; moderately below
corresponding period a year
Soft goods stocks were re¬
ported generally low, chiefly in
white goods.
Wholesalers of hard
goods reported consistent gains in
volume
during
the
past
two
the
ago.
months.
;/;//;
:
■
-Department store sales on a
country-wide basis, as taken from
the. Federal Reserve Board's in¬
dex for the week ended Sept. 8,
,
on
the
same
date last year.
chases of apparel continued with
leading grain emphasis on college and sports
markets were somewhat irregular.
Clothing.
Some stores featured
Wheat held quite steady despite newly produced household equip¬
the prospect for an all-time high ment this week; consumers were
yield. .Demand for rye and oats reported rushing to purchase the
was
good and prices averaged few items available or to order
higher. Cash corn' was in active for advance delivery.
demand
but
supplies contiaued
Casual / wear
sold
especially
below
requirements. / Aided by well
in
soft
suits, skirts and
hot and dry
weather the crop sweaters. Suit and dress inven¬
made
excellent
progress
during tories have been somewhat de¬
the week. Flour bookings dropped
pleted and the heavy: demand
to a minimum last week, follow¬ continues.
Numerous
requests
ing the marked activity of late for evening dresses mirrored the
August,' prior to the announce¬ popular trend away from wartime
ment' of th£ drop • in the subsidy
clothing sobriety. Glove retailers
rates for September.y *
reported increased volume; pre¬
-7
Hog values held nominally at vailing-stocks prevented higher
Men's clothing stores ex¬
ceilings as salable receipts re¬ sales.
mained *' belo w
requirements. perienced an upswing again last
Good and choice steers were ac¬ week; hats were given close con¬
tive at firm prices, while Spring sideration and purchased in large
lambs
were
irregular in fairly quantities.
Movements
.
in
active trading.
Transactions
,
Cotton
prices continued to ad¬
vance during the past week, aided
to a large extent by the freeing
of most cotton goods from the
Government
set-aside
program.
'
in
house furnish¬
numerous; glass and
kitchen ware • sold
well.
Some
ings
were
electrical appliances,
.sweepers
markets
mostly irons-
and stoves, reached the
last
week.
Stocks
of
1% below that
1945. decreased by
of the
For the
preceding week.
ended Sent. 8, 1945,
decreased by 2% and for
four -weeks
sales
the
of 11%.
the
trade
well
was
comparative
-
week
ahead of
last
York
in-New
Here
retail
showed an in¬
to date
year
crease
of 1945,
-of war
week
showing no major effect
lay¬
and
terminations
contract
offs, according to the New York
"Times."
arrived
buyers
Many
in the wholesale markets to
on
deliveries
of fall and
Increasing caution
merchandise.
was
check
holiday
evidenced
on
long-term com¬
mitments.
Bank's
Re¬
Federal
According to the
serve,
department
index,
store sales in New York
Citv for
the
Sept.
period
weekly
to
1945v increased by 3%
same
period
of last
8,
above the
year.
-
This
compared with an increase of like
amount
in
the
preceding
week.
For the four weeks ended Sent. 8,
1945, sales declined by 2% and for
the
13%.
year
to
date
increased
by
THE COMMERCIAL & FINANCIAL CHRONICLE
1372
U. S.-British Trade
TheFinancial Situation
*
-
"j
British Representatives at
{Continued from first page)
Thursday, September 20, 1945
Gen.
Pailey Under Way
Washington Meet With State
Work Out Post-War Credit
possible an estimate of Department Officials to
Many of the grandiose Arrangements and Commercial Policies.
which
apparently
On Sept. 9, Lords Halifax and Keynes, British Representatives,
part given effect, the post-war schemes
budget may well be, not $20 Command influential support met with Assistant Secretary of State, William L. Clayton, in the first
have
not •; advanced
to
the
or $30 billion but $50 billion
or more
and this discovery point where costs have been
seems to come as a shock to
given much thought/The Sen¬
ator's list is long enough, how¬
some elements of the public!
But it is the old, old fact, ever, to make it clear why $50
billion post-war budgets are
from which even the New
Deal managers (with the help, now being mentioned, and long
forsooth,
of Lord Keynes) enough to put thoughtful citi¬
have been able to find no es¬ zens on notice that they can
not afford longer to defer a
If one wishes to dance,
cape.
if
such
plans and programs
these
as
substantial
in
are
ders
The nation's welcome to its hero
of
costs.
Corregidor and
Jonathan
eral
must .pay
decision
which began when he set foot for
the first time in five years on the
cisco
"
with
riving
management of our affairs.
v'
■
-
bill
'A
appropriating
$100,000,000 for aid in financing vocational educa¬
.
■.
tion.
"We haye
\
allotment stamp loan
.volving $500,000,000.
in-
"
;
"We have passed
a
rural
electrification measure call¬
ing for an expenditure of
/:
$200,000,000.
"There is
a
bill to
provide
tion of
,
"There
kinds
various
aid to
states
finances,
of taxation
as
has been
our
the matter is that unless
in the health
lot
The fact of
further during the war.
for
which is
or,
ing to bear some such burden
proposals of
are
backs upon
definitely not true, were will¬
hospitals, $110,000,-
000.
*
have determined to turn
tional
annual aid in the construc¬
-
we
to
visited
■
aeronautical
ments,
$50,000,000
"There
is
additional
experi-
J
a year.
provision for
for
subsidies
public housing, about $80,000,000.
Senator Taft must be shelved
indefinitely.
But
the
there
are
mere
proposals,
many
'
-
would
place,
programs, not
now
in effect
"There
is
a
a
will
$500,000,000
"There is
the
in¬
to
by
30-hour week,
cost probably
proposing
which
bill
Federal salaries
a year.
-
$25,000,000 for
High-
Inter-American
way.
:,
"There is
$500,000,000
a
many
are
none
are
tinued
of
tion
the result of the cessa¬
hostilities.
The difficult,
position
now
her
and
tion
that
at
which
in
Britain
Great
finds
itself, both because of
heavy indebtedness abroad
the need of large reconstruc¬
outlays, makes it imperative
some arrangement be arrived
whereby -the United States will
furnish
aid
the United
in
some
form
Kingdom .over
to
a
tide
period
of several years.
war.
of the breath of life
mained—or
so
it
was
re¬
appar¬
State Department officials are fa¬
our
to.
former
best
granting assistance to
ally and one of our
in pre-war years,
difficult barriers
customers
some
are
the way of devising a method
to
accomplish this. In the first
place, there is considerable objec¬
tion in this country against the
"imperial preference" policy of
Great Britain in trade with her
■
colonies
self
and
governing do¬
minions. Then, there are the com¬
plaints against the "Sterling Bloc"
policy and the bilateral monetary
agreements which Great Britain
has
entered
into
of. countries
with
number
a
order to,confine
in
services
within the "Sterling Area."
Sev¬
eral of these monetary and finan¬
cial agreements have already been
published from time to time in
the "Chronicle."
'
'
Much Nonsense Ruled Out
It goes
any
Congress in recent weeks, and
which,
for
the
most
part,
Most
of this
is not
only pa¬
ternalistic in the nth degree,
'more
for the Commodity much, if not most, of all this and thus out of harmony with
American tradition and cer¬
Credit Corporation.
has to be pared off.
It is
"The President has indi¬
cated his intention to sub¬
mit
additional program
for the United Nations Re¬
an
tain to be harmful rather than
wholly inconsistent with
any
budget of outlays within
our
post-war
means.
Indeed
to
thoughtful students much of
ministration,
it
$1,-
Senator's
can
be viewed
as
nothing
more or
list
is,
of
needless
less than
burden,
a
burden,
upon
a
the
trading area, cen¬
around; .the British pound
sterling.
t
The matter of a U.
-
cost
far
more
than
we
Britain, has already posed serious
difficulties
and
political objec¬
already stated by Sir
Cripps, the new Presi¬
As
tions.
Stafford
the
in
Labor
Great
3ritain is unwilling to contract a
Government,
foreign
loan which will
suming
an
and
ments
and
would
whether
we
interest pay¬
repayment of capital,
lead eventually to a
lowering of the standard of living.
obligations which we know
discharge," he declared
sume
we
cannot
in
a
address
recent
conference
before
Lancashire
of
the
and
Cheshire
Federation
Councils.
But aside from this, it
Trades
of
is apparent that even the enlarged
facilities, of the Import-Export
Bank is incapable of affording a
loan of the size required to alle¬
viate the British situation.
As to
outright gift from the
an
United States to enable Britain to
tide
period in which she
can expand her exports to
meet
her international obligations, there
will undoubtedly be strenuous ob¬
jections in political and Congres¬
sional quarters. It will be recalled,
however, that Senator Taft made
this suggestion during the Senate
hearings on - the Bretton Woods
Agreements. But it appears that
Congress is in no mood to follow
this
:
over
a
Airport,
tour
welcoming
Houses
the
White
but
of
the
throngs,
Congress,
of
House
where,
impressive
cere¬
in the Rose Garden he
re¬
Honor, and to
Pentagon.
'
^
''
a
speech / to his cheering
welcomers, the General, according
to the Associated
Press, said that
In
that
as
we
to
shall hew to the
line of rational finance in the
Japanese),
and
that
again
never
course.
.
.
be
prepared,
so
will American
"forced senselessly to
torment and starvation."
soldiers be
suffer.
.
.
The
presentation of the Con¬
gressional Medal of Honor to Gen¬
eral
Wainwright was accompanied
by the following citation, read by
President Truman:
"Gen. Jonathan M.
Wainwright,
commanding United States Army
forces
m
the
Philippines from
March 12 to May 7,
1942, distin¬
guished
himself
determined
by
intrepid and
leadership against
greatly superior enemy forces. At
the
repeated risk of life above
and beyond the call of
duty in his
position, he frequented the firing
line of his troops where his
pres¬
ence
provided the example and
incentive that helped make the
gallant efforts of these
men
pos¬
sible.
:
"The final stand
beleaguered
Corregidor, for which he was in
on
important measure personally
responsible, commanded the ad¬
an
miration of the nation's Allies.;
"It reflected the high morale of
American
in
arms
the
overwhelming odds.
and
resolution
face
of
His courage
were
vitally
needed
inspiration to the then
sorely pressed
freedom - loving
peoples of the world."
On
Sept. ,13,
a
when
General
Wainwright arrived at New York,
besides
City
the
official
Hall,
he
welcome
at
accorded
was
an
enthusiatic ovation by the millions
of people who had turned out to
greet the hero. The evening of the
13th he was the guest of honor
at a banquet tendered by the City
of New York and the Commerce
and
Industry Association of New
York, Inc., at the Waldorf-Astoria.
Col. Allan M. Pope, President of
the
association
of
and
classmate
a
General
Wainwright at the
United States Military Academy
at West Point, headed the recep¬
tion committee.
,
■-
,.
Whether Great Britain would be
even in her present dis¬
condition, to abandon her
imperial trade preference policy
is extremely doubtful, though a
compromise may be worked out
on this basis.
It is possible, also,
that Congress may grant to Presi¬
dent Truman the right to allocate
among foreign countries in need
willing,
tressed
of rehabilitation
a
sum
of money,
nominally under loan conditions,
but essentially a gift.
This has
already been done in the case of
a
half billion dol¬
allocated. •
lars has already been
were
two alternatives
tain.
One
was
facing Bri¬
a pol¬
isolation within
to maintain
of economic
icy
the
Sterling Area; the other
to
the
remove
barriers
Sterling Bloc in return for
form
of
aid
is
It
saries
; V
'
by
•'
expected that the confer¬
the
between
ence
some
co-operation
or
the United States.
...;
was
the
of
and
the
British
State
emis¬
Department
officials will continue for several
weeks, during which the situation
will
discussed
be
with other
de¬
partments of the Executive branch
;
assert that the decision
of
"We certainly do not want to as¬
■
reason
mean as¬
impossible future bur¬
den in the form
can
afford.
It is for this
S. loan, or
outright gift of from three to
six billions of dollars to Great
an
China, to which
helpful in the end, but would
really far from com¬
well-being of the people of future is basic. If we are to
plete.
It seems to include the United
States.
It is time do so, then we need hardly
only those projects and pro¬
we
reached a definite and even debate
many. other ques¬
posals which are actually be¬
determination about tions which now cause many
fore Congress or which have firm
reached a stage which ren¬ these
things.
arguments,
~ '•
course,
to
brief
tered
at
;
and
Keynes'
Statement
formal
statement
a
a
press
conference
on
of the Government.
issued
Sept. 12,
printed elsewhere in this is¬
of
the
"Chronicle,"
Lord
Keynes outlined the British posi¬
tion. He pointed out that owing to
Britain's heavy role in furnishing
men
and
munitions, the nation
had sacrificed its exports and that
sue
350,000,000."
The
international
In
lief and Rehabilitation Ad¬
costing
tive barriers throughout the world
evidently runs counter to the
British policy of building up an
the purchase of goods and
ently supposed. If we are real¬ originated with the preceding
Deal
administration.
ly to hew to the traditional New
line of -prudent management
year for veterans' hospitals.!
of our affairs in the future
"There
is
$500,000,000
The policy of the State Depart¬
encourage
freedom of
trade and the removal of restric¬
dent of the British Board of Trade
.Although it is apparent that the
vorable
Policies
ment. to
as
a
born of the
I
to offset the loss of the lend-lease
without saying that
such selection of policy
More than one of them comes for the
future
would
ipso
over from
days when the New facto inflict the death penalty
Deal was desperately seeking upon much of the
long list of
some way to revive a "mature
policies and programs which
economy" in which almost President Truman has sent to
of them
000,000.
crease
nation
other
some
payments Qf ."blocked sterling" to
not
first
force which
and
the
.
In
suffice.
"
-
that
costing
needless
ans' bills, the largest one
being for a bonus of $1,000, penny. Many of them need to
Some
which will cost $13,000,- be brought to an end.
"We have various veter¬
'
even
went
at
a
National
traditional
the
■
arrangements which were discon-.
in
"
or
Conflicting
,
j
form of aid from the United States
there
v
for
plan whereby Great Britain
a
winds all that experience
-
.
series of conferences, to work
are
prepared to throw to the
has
"There
is
a
bill
for taught of the wisdom of pru¬
dent financial management,
school-lunch programs, proand are ready to discard all
posing $100,000,000 a year.
American
traditions about the
"There is a bill to aid the
role of Government, we had
states in eliminating river
better this day begin letting
pollution,
$50,000,000
a
,V year.
,.• > ■;
: V'":?? Congress know that virtually
all the proposals listed by
>.' "There is the bill for aid
amounting
$600,000,000 a year.
programs,
a
will receive credits
the "salvation
through profligacy'' doctrine,
many if not most of the wild
schemes which plague Con¬
gress today could no longer
be considered. They could be
given effect only if we either
cared not a fig for sound na¬
our
national food
a
we
the
amid
'
the United States should be firm
with those "truculent men"
(the
out
A Basic Decision
was
the
of
This decision is basic. Once
the
at
.
made
city
:
v
<•
he
Truman
Congressional Medal of
ceived the Medal of
,
<
the
when
President
Washington, on Sept. 10.
General Wainwright, after ar¬
,
education.
by
Honor at
-
,
its ovation
presented
mony
fiddler.
are
prepared or deter¬
Senator Taft the other day we
listed spending proposals now mined to follow the Hansenpending. Here is the Senator's Keynes "line" of fiscal man¬
list:
•
v
'
agement, or can summon the
"A bill proposing $550,'- good sense to insist upon at
least
reasonably prudent
000,000 annually for aid to
the
mainland, at San Fran¬
Sept. 8, reached the cli¬
on
of
max
to whether or not
as
Bataan, Gen¬
Wainwright,
M.
American
—
one
Wainwright
Welcomed Home
there will be
before
its
to, achieve
:
a
considerable time
industries
a
volume
can
recover
of
exports
than 50% above the pre-war
level.
He
indicated
that
there
more
In the
mean¬
time, the agitation for the repeal
of
the
ward.
vate
is
Johnson
•
But
parties
again
Act
even
if
will
to" British
permitted,
go
loans
for¬
by pri¬
concerns
there
is
al¬
ready strong indication that Brit¬
ish business interests will not take
kindly to the active participation
of
American
ownershio
industries.
and
capitalists
control of
:
wl
-
in
the
British
'[
Volume
Items About Banks/Trust
V-Win slow T. Richmond has been
appointed Asst. Vice-Pres. of Cen¬
Hanover
tral
&
Bank
York.
New
of
Co.
Trust
Richmond
Mr.
his banking career
started
in the
personal trust department of Cen¬
tral Hanover in
pointed
1934.
1929 and
Assistant
He is
was
ap¬
Secretary
in
graduate of Wes-
a
of over 34
years per member of the Quarter
Century Club.
^ J. * "
/
; i ;.
years,
..V
or
which
will
be
average
an
'1 ''
.
luncheon,"
innovation
an
in
"V,.
V
■■
;
f
appointment of George J.
Bender
as
Mortgage and Real
Estate
Officer of the Brooklyn
The
Savings Bank of Brooklyn, N. Y.,
has been announced, it was indi¬
Brooklyn "Eagle? of
which stated that Mr.
formerly resident at¬
Sept.' 10,
customers'
n
Companies
cated in the
leyan University.
An. "old
Bender
was
J. /
torney with the bank.
',
practice of New York bank¬
ing institutions, will be given by
?
Attention
'
was
called
Federal Reserve Bank of New York, to a
Reserve
relative
System
the banks and other tinanciai in-
stitutions
in
the
New
District quotes
serve
Commandei
Welles' communication
as
announcement
saying.
;r;
the
of
Japanese agreement to surrender
makes it appropriate for the Ser¬
Long
by the War Department, the Navy
Department
and
the, - Maritime
on
Sept. 20, at the City
Club,
25
Broad Street.
The guests of honor will be busi¬
ness
and
concerns
who
have
individuals
Continental
been
de¬
positors continuously for half a
century or more.
Frederick E.
Hasler, President of the bank,
•
will
preside.
the
In
its
Continental,
brated
its
early
which
ing,
President, has been elected
newly-created office of
to i the
Chairman of the board.
A
days
tional
York,
75th
was
,j
the Manufacturers
in
with
connection
administration .of
guaran¬
teed loans by the Federal Reserve
approved by the directors
two institutions, President
Lewis G. Harriman of the M. & T.
been
the
V and VT Loans
v
&
Traders Trust Co. of Buffalo has
of
the guaranteed
accordingly the
instructions are issued
modify
Commission
future
New
Lancaster,
of
Bank
with
to
loan program, and
Banks." The instructions regard¬
of the Citizens. N4- ing V and VT Loans, continue;1
merger
cele¬
anniversary last
especially identified
with export and import trade, and
month,
Savings Bank of Jamaica,
Island, after 19 years of
service there.
George S. Down*
vices
..
2. Outstanding V and VT Loans.
The
Department guaran¬
such extension is necessary
rights and obligations of the
guarantor (incluuding the Federal
tees)
for
—
——
—
of War
case
Jamaica
Midday
Mr. Sproul's advices to
v?—
Re
York
New York
the
of
the guaranteed loan program
to
pursuant to Regulation V after Aug. 14, 1945.
following
directors
communication dated Aug.
17, from Commander Donald P. Welles, Chief of Finance Division of
the Navy Department, addressed to the Board of Governors of the
Federal
orderly liquidation of the loan,
the following condi¬
(A) No such extension may
exceed 60 days; (B) The borrower
shall relinquish its rights under
subject
to
tions:
Section
6, except as to contracts
terminated prior to the beginning
of the period of the extension; ana
(C) The financing institution shall
relinquish its rights under Section
except as to contract-: termi¬
prior to the beginning of
the period of the extension. Pur¬
suant to such relinquishment, con¬
tracts terminated during any such
5,
nated
period of extension should be ex¬
cluded from (a)
or
(x), as the
case may be, and included in. (b)
or (y), as the case may be. Loans
E. Chester Gersten, President of
the' Public
National
Bank
and
Reserve Bank as its agent), the under the 1944 V-Loan Guarantet
Agreement may be extended-by
and President John L. Staeber of financing institution and the bor¬
rower
under existing loans and the financing institution under the
the Lancaster bank, announced on
guarantees, as defined in the doc¬ terms of Section 7 thereof. Addi¬
Sept. 15.
The Buffalo "Evening
uments relating thereto, will not tional extensions or, an extension
News," from which we quote, also
be» affected by th$ surrender of exceeding 60 days may be given
had thO following to say:
^!
^
only with the consent of the guar¬
"The consolidation, which must Japan. In cases where outstand¬
antor after submission to Wash¬
ing loans require the consent of
be approved by stockholders of
the Reserve Bank or the Guaran¬ ington.
i, Previousinstructions
both
banks and the New York
Trust Company of New York, an¬
State
nounced
Sept. 17 that Edmund
P.: Looney, Assistant Vice-Presi¬
dent, was elected a Vice-Presi¬
dent., Mr., Looney is a 1 senior
will; be effected
credit officer at
Citizens National Bank stock.
some
of its oldest depositors date
back
to
that
period.
In
recent
however, it has become
years,
broadly
bank
diversified
and
trust
a
commercial
serving
company,
all lines of industry. v
37
on
Broad
Trustee
the Main Office,
and is also a
Treasurer
of
the
Street,
and
Brooklyn Public Library.
At
meeting
a
of
the
board
directors
of
of
Sterling
National
Bank & Trust Co. of New York,
held on Sept. 13, Harold D. Kit-
tinger
the
,
elected
was
bank.,
Mr.
director of
a
Kittinger
is
a
director of .the Arnold Constable
Corp., and President of the H. L.
Green Co., Inc., of Green United
Stores, Inc., and of Metropolitan
Stores, Ltd., of Canada.
Superintendent
by
-
an
of Banks,
exchange
of the two banks on the
of stock
basis of nine-tenths of a share of
M. & T. stock for each share
the
Inc.,
firm
has
of
Pease
been
&
Excelsior
York, according to
ment
made
Roome,
an
announce¬
Sept. 13 by Reginald
President.
National Bank will continue un¬
changed." M. & T. reported de¬
posits of $207,674,982.33 on June
30,
and
the
Citizens
National
reported
deposits
of
$6,712,000.
In June, the First
National
Bank
Kenmore
of
was
D.
John
Farmer
President
Hayes,
and
board of Fanny
Chairman of the
Candy Shops,
Inc., was
to the board of directors
elected
Bancroft
of the Union Trust Co. of Roches¬
will devote his entire time to the
ter, N. Y., on Sept.
13.
The
Rochester "Times-Union," in. not¬
Mr.
Excelsior Savings Bank, but' will
continue as ' Vice-President and
director of Pease & Elliman.
He
has
been " intimately
connected
with
he
the
bank
since
elected
was
trustees
and
1930, when
the
to
board
of
made
a
member of
the Finance Committee.
In 1932
he became
an
Honorary First Vice-
President, and
in
1933
was
ap¬
pointed to the Special Real Estate
Committee.
wide
Mr. Bancroft has had
experience in all branches
of real estate, but in recent years
has
specialized
and
in
the
appraisal
New York
of
management
properties.
Mr. Roome also announced the
election
ett
ing this, added:
"He
also
•
Smith,
Vice-Presidents:
G.
Cordt
Rose
Ever¬
and
J.
'
Treacy Farley.
Presentation
of
pins signifying
membership in the newly-insti¬
tuted Quarter Century Club was
made on Sept. 18 to 19 employees
of the Union Dime Savings Bank
York
New
Sixth
40
have
E.
by
service
years,
over
40th
and
Street
the
L. DeBost.
William
19
at
Avenue
and
President,
Five of the
records
four
of
more
35 years of service.
over
and
Clickener, who celebrated
50th anniversary with
his
the Union
Chartered
of Toronto.
*•
"Mr. Hayes was
late
Frank
O'Conner
P.
in
of the latter company until
1938, when he came to Rochester
as President of the Fanny Farmer
The
*
of
the
State
Street Trust Co. of Boston, Mass.,
at a special meeting on Sept. 10
the
value of
the stock from $100 to $20 a share,
increasing the number of shares
from 40,000 to 200,000.
This is
learned from the Boston "News
Bureau," which added:
:£"
"Five shares of $20 par stock
will be distributed in exchange
for each $100 par share outstand¬
ing at the close of business Oct. 1."
par
First
National
Orange,
N.
J.,
Bank
have
of-25%
of
West
declared
its
a
bank's
sented
of record at the close of business
by
May
the
club
is
over
"349
Services
the
1945,
will,
unless
financing in¬
stitution, be processed in the usual
way. In such cases, the guarantee
withdrawn
common
mon
stock,
stock Oct.
on
payable in com¬
1 to stockholders
for New V-Loans.
6. Authority
surrender
The
;"
of
within
the
meaning of the
first
1941, under
which Executive Order 9212 was
issued.; Accordingly, the War and
Navy Departments and the Mari¬
Powers
War
Act,
Commission
time
still
-are
em¬
enter into contracts
with financing institutions guar¬
anteeing
them .' against loss ofprincipal or interest on loans, dis¬
counts or advances, or on commit¬
powered
ments
to
therewith
connection
in
which may be made
by
the
will be confined to a loan with a
in
business
any
the
partment,
operation
Department
Navy
the Maritime Commission to be
or
appropriate or conveni¬
for the prosecution of the war.
necessary,
ent
7.
Policy
as
to
V-Loans.
New
formula
limited
to
items under terminated war con¬
However, it will be the policy of
the Services to enter into guaran¬
tees of new V-Loans (as distin¬
tracts, and borrowings under unterminated contracts will be per¬
guished from extending
only if the circumstances
mitted
stipulated in paragraph (7) below
exi$t^::;->;!V-vK^
5. Extensions of Maturity. The
Guarantee
of
Agreement
it be
maturing hereafter (whether
an
20,
Sept.
the'
News" of Sept.
"Evening
Newark
14 added:
in bank
deposits, decision was reached to
take steps to increase the capital
stock.
Declaration of the divi¬
dend
will advance the total
from
The increase
is
from
accumulated earnings
The
surplus
accounts
total is
$150,000 and undivided profits in
$200,000 to $250,000.
tees of outstanding
rangements made in order to bring
about orderly liquidation of out¬
standing guaranteed loans), only
in exceptional cases and where
there is a clear necessity for the
total $110,000."
L.
James
President
of
;
Commission
Miller, retired Vicethe Chase National
Bank, New York, died on Sept. 13
at the home of his daughter in
born in
Mr. Mil¬
the Newark "Evening News"
N.
J.
He
was
New York 77 years ago.
ler.
reports,
-
was
employed
bank
40 years
by
the
of supplies
the
from
or
ser¬
particular
where -no other
means
of adequate financing is
available to the borrower. In such
cases
the
financing
institution
and
Oct. 6 to be redeemed.
ate before
The press
advices added: "Accompanying the notes must
be a declaration telling the cir¬
which
under
cumstances
they
acquired
legally will be recognized and the
acquired.
were
Notes
amount will be credited to a bank
account in Norway
for the owner,
Mr. Solum said.
"Deposits and other assets with
Norwegian banks held by private
individuals also must be declared
registration, he said.
Bank
deposits and securities liable to
registration which have not been
declared by Nov. 15 are forfeited
to the Government of Norway, he
for
1
said."
New Holland Banknotes
beginning
week
the
During
Sept. 26, the people of the Neth¬
erlands will be required to ex¬
new
their banknotes for
in one of the most
all
change
ones,
sweeping measures taken by the
Netherlands government to reor¬
ganize the country's financial sys¬
tem,. The old banknotes will be¬
come valueless on Oct. 3.
In ad¬
vices made available Sept.18, the
Information
Netherlands
York
New
in
ports:
v,'
....
Bureau
further - re¬
City,
[>'
v
that this step will
great deal of inconveni¬
"Admitting
entail
a
the Netherlands Minister of
Finance stated that this reorgani¬
ence,
zation is necessary to
conditions to normal.
obtaining
of
sibility
help restore
The impos¬
sufficient
stocks of banknotes from
printing
plants in Holland and England
prevented the measure from being
effective earlier. As a preliminary
measure
the
government had
called in all
banknotes of one
hundred guilders and over.
"Bank and Treasury notes
large
small,
and all currencies
brought in by the Allied armies,
are
included
in the regulation.
All bank and savings bank bal¬
and
is¬
progressed
beyond its early stages.
"To
leave
the - people
with
enough
money
to
see
them
through the week during which
the change takes place, ten guild¬
ers' worth of new money will be
made
available in advance for
each person. A family of five will
receive fifty .guilders in new cur¬
rency to meet ordinary household
expenses.
Employers have been
requested to extend advances to
will be frozen until the
ances
of
sue
notes has
new
workers
their
the
buy
will be paid.
;
"The Netherlands
Finance Min¬
explained that the step was
decided upon to enable the gov¬
ister
ernment
inflation by
combat
to
posure
controlling wages and prices and
to trace black market profits.
It
the risk involved,
is
will
be
expected to take
an
ex¬
clearly commensurate with
and the matur¬
ity will be limited strictly in ac¬
cordance
with
the
requirements
particular contracts to be
financed.
Appropriate provision
for borrowing against terminated
contracts may be included in such
of
the
loans.
T-Loans
8.
There
will
be,
no
present
operation of the
T-Loan program.
However, the
special provision with respect to
in
receivables
intended
also
of
amount
.
to
money
keep the
" circulating
to ob¬
within reasonable bounds,
on the money
investigating the
resources from which the money
flows, and to control the expendi¬
ture
of
money.
The
Minister
warned that those attemDting to
frustrate the measure will meet
with severe punishment."
tain
information
while
situation
the
on
unterminated sub¬
contracts under terminated prime
which was authorized
by the Navy Department memo¬
randum of April 24, 1945 ... to
be inserted in Exhibit D of the
contracts,
TerminationLoan
-
Agreement,
had may not be inserted-in T-Loan
executed hereafter,
served 15 .years as Vice-President Agreements
unless the prospective borrower
in
charge' of the Worth Street
still holds war contracts which
(Continued on page 1384) w
Cnase
on that day
krone notes
no
longer are legal tender and
must be delivered to the consul¬
Minneapolis, stated
at
borrower, 'and
change
.0:-y
from
so that■„ they may
prescribed allotment of
new
money before the deadline.
vices
by the War Department,,
On Saturday, Sept. 22, no wages
Navy Department or Maritime
procurement
,
reserve
guaran¬
loans or issu¬
ing guarantees of refinancing ar¬
advices
that Bank of Norway
for the pur¬
or
Press
Minneapolis Sept. 14 reported that
Reidar Solum, Norwegian Consul
has not
Japan
resulted in termination of the war
borrowing
Nutley,
Stating that the directors of the
dividend,
in
14,
Aug.
on
or
"In view of the increase
■
stockholders
hereby revoked.
are
which is deemed by the War De¬
were
Banks
Reserve
ager
Shops."
graph
pending with the
and which
original maturity or a maturity
the organization and operation of resulting from an extension hith¬
the
Fanny Farmer and
Laura erto granted) when in the opinion
Of the Reserve Bank (concurred
Secord
enterprises,
acting
as
Vice-President and General Man¬ in by the 'Liaison Officer in the
the
the
pose of financing any contractor,
subcontractor or others engaged
form
,
associated with
with
inconsistent
are
instructions set forth in this para¬
Applications. ApplL
cations for V-Loans which have
been filed with the Reserve Banks
4. Pending
Candy
Canada, and a
of this year, is
Honorary President of the club.
The total years of service repre¬
Dime
be
on
board of Laura Reserve Banks are authorized to
Shop,
Ltd.,
of consent to requests for the exten¬
director of the sion of maturity of any V or VT
Trust & Executor Co. Loans under the
1942 or 1943
Secord
have
Stanley
Aug, 14, 1945, may
executed in accordance with
outstanding
Chairman of the
voted to change
of
President
is
by the trustees of three
additional
Authorizations.
V-Loan authorizations which were
elected
Savings Bank of New
Outstanding
charge of the office and authorizations for a period of 30
a Vice-President of
days is, hereby revoked. Requests
M* & T.
Raymond C. Over, now for the extension of such author¬
Cashier, will becbme an Assistant izations should be referred to the
Secretary of the M. & T. and
Guarantor, and its decision will
manager of the Lancaster office. be made in the
light of the cir¬
The present staff of the Citizens
cumstances involved in each case.
merged with the M. & T."
of
j
^
become
member
Elliman,
Washington.,
in active
will
which
without submission, of the matter
to
1921, will continue to serve as an their
terms, but the authority pre¬
advisory board for the Lancaster
viously
given
to
the Reseryg
area.
Mr. Staeber will continue
Bianks to extend such outstanding,
Bank
active First Vice-President of the
war
,
Citi¬
founded, in
Bank,
National
zens
contracts,
such consent should not be given
additional
under
3.
"Present directors of the
Sydney Bancroft, who
has had more than 40 years' ex¬
perience in local real estate as a
Francis
of
financing of production
tor for the
Legal Tender
Associated
Sept. 7 by Allan Sproul, President of the
on
Continental Bank & Trust Co. of
and
No Longer
By Japan's Surrender
^
j
According
to
the
Brooklyn
"Eagle" of Sept. 13 John Adikes
has been elected President of the
officers
Norwegian Krone Notes
Rights in V and VT Loans Not Affected
"1. The
;
the
the
1373
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4422
162
not
have
fully terminated.
arises where the omis¬
been
If any case
special provision will,
opinion of the Reserve
sion of this
in
the
Bank,
upon
that
work an undue
the borrower, it is
such case be
hardship
requested
referred to the
guarantor for its consideration
9. I am authorized to state, that
the
War
Department
and the
Maritime Commission concur" in
the above.
.
.
;
•
i
.
tributable to increased holdings of
United States Government secur¬
Forthcoming Labor-Management Conference
To Seek Formula for Minimizing Labor Strife
Aim Is to Establish
ities which totaled
$42,593,451,000
for all State supervised banks on
Dec. 30, 1944, an increase of $10,727,649,000. for the year. A further
study of this item shows that State
supervised banks had 56% of their
Machinery Which Would Permit
Early End of War Labor Board
:
Secretary of Labor Schwellenbach and Secretary of Commerce
securities,
In
The Government hopes that the
forthcoming conference will pro¬
vide
formula
a
for
in¬
post-war
in
of
about
the past
12 months.
This survey shows that duriiig
the past five years State super¬
has been laying plans will be held at Wash¬
ington Oct. 29 or Nov. 5. The date was left indefinite, the Associated
Press stated in reporting the announcement from Washington, because
of
the; anticipated
absence^
throughout October of Congress said Presumably the conference
will come up with some sort
of Industrial Organizations VicePresidents
attending the' World disputes machinery to take its
Traae Union Federation Confer¬
pi ace.
:: -V,, yyy • :v44 U44444';1:
:
increase
an
one-third
which the government
at Paris.
invested in Government
resources
Wallace jointly announced on Sept. 6, after a meeting of top indus¬
trial and labor leaders, that the labor-management conference for
ence
,
THE COMMERCIAL & FINANCIAL CHRONICLE
1374
vised
banks
have increased
their
holdings of Government securities
$31,345,676,000
or i 278.7%,
em¬
„
phasizing the fact that State banks
continuing to lend their sup¬
port to Treasury financing. Hold¬
ings of other securities by State
supervised banks totaled $4,043,284,000 at the end of 1944, a de¬
crease of
$98,607,000 or 2.4% in
are
the
meantime, Mr. Schwel¬
lenbach said he was proceeding as
rapidly as possible with his plan
to strengthen the United States
dustrial peace. President Truman,
conciliation
service, in his Depart¬
the
past
in
ment since
1913.
held
represent approximately 5.4%
his
thai
to Congress, said
was to work put
message
its
purpose
"by agreement
labor disputes
to minimize
means
]
"
The size and scope of the con¬
ference, the method of selecting
delegates and form of organiza¬
tion, the Associated Press report
left to a commit¬
tee headed by Major Paul Doug¬
continued,
He
las.
hero,
were
is
wounded
a
Marine
who quit
his post as Eco¬
nomics Professor at the University
of Chicago to enlist as a private.
He is the husband of Representa¬
tive Emily Taft Douglas
Associated
The
said:
(D>, 111.).
further
Press
"
;
.
Others
are
Charles
Symington, <. Maryland
manufacturer, who was proposed
by
Secretary - Wallace - for
cochairman; Robert J. Watt,: for the
AFL;: Ted Silvey, fpr" the CIO;
Joyce O'Hara, for the U. S, Cham¬
ber of Commerce, and Ray Smet-
is
of total
relying heavily
ciliation
resources.
"Cash
collective bargaining and con¬
on
from
reserves,
banks
keep the number of
aggregated
disputes
in
the
critical
labor
months
to
ahead
to
The
Labor
Secretary said the
CIO, which have been
reported far apart in their ideas
about the scope of the conference,
appeared to "have no* sharp dif¬
ferences" of opinion at the lunch¬
eon
meeting in Mr. Schwellen¬
AFL
end
$13,205,040,000
for
deposits
of
State
all
increase of $11,887,928,000 over
an
the previous year.
Demand de¬
posits of individuals, partnerships,
and
corporations
$28,855*091,000,
amounted
to
to consideration of machin¬
gain of $2,856,133,000 for the year. Demand de¬
posits have consistently increased
and the present figures represent
more than
153% since 1938. For
to take the place of the WLB.
the five year comparative figure,
'
AFL
has
William
President
favored
Green
limiting, the confer¬
CIO President
Philip Murray has
view that all the
expressed the
demand
85%.
a
deposits have increased
deposits of individ¬
Time
Fall—Argentina Latest io Ratify Charter f
With Britain's ratification
on Aug. 23 of the United Nations char¬
possibility that enough nations will have ratified
plenary session of the World
Security, League to be called at that time, the Associated Press re¬
ter, it became
a
the charter by late October for the first
ported irottt London, Aug; 24, aPd Continued:
v
4
There was a geperal feeling in London that virtually all the
,
approved
countries will have
—-—
50-nation
pact by late fall.
The
next wave of ratification decisions
.
—
zation of ideals that
Argentina al^ !
days advocated.
J
,
"Another decree orders the pub¬
Latin-America.
The process has been retarded in. lication-within ten days of the
some of the nations formerly oc¬ Act of Chapultepec and the United 4
cupied b£ the Germans, says the Nations Charter."
»\
is
expected from
.
,
Associated
Press,
because
the
of
of
reinstituting
their
legislative bodies. Thus ratifica¬
tion in Belgium and Norway must
necessity
await the
parliamentary elections
Holland may ratify
earlier, since an emergency Par¬
do
in
have
would
authority to
Czecho-Slovakia
so.
be
may
position to ratify within two
a
months.-
'
,
commission,
preparatory
executive
whose
been
m
ABA
committee
has
sitting in London to make
ready the inception of the
new or¬
ganization, has been operating on
the assumption that the new or¬
ganization will come into being in
October. When 28 countries have
ratified,, the committee will call
the representatives of all 50 na^
tions into session
as
the full pre¬
paratory commission.
will set the date
This group
for the opening
assembly meeting.
Advices to* the effect that di$t
cussions of plans for the first full
dress session of the United Nations
Financing
on
r;..
Of
Announcement of
of
tion
a
the
Advances During
L.oan
publica- .*
booklet "Mortgage
new
tion," .which explores
ConstrucT
of the <:
some
problems and- possibilities of con¬
struction
loans
gaged in
aid
to
banks
'
en-
planning to enter this ^
field
of
lending was made on
Sept.
6
by Ernest • M.. Fisher, 4.
Deputy Manager and Director of
the Department of Research Mort¬
gage and Real Estate Finance of
or
the: American
not
Bankers
prescribe
dure
standard
a
causes
of strikes and
fo
uals,
partnerships,
tions
increased
-
Associa¬
The booklet, he said, "does
tion.
;
proce¬
for
making mortgage loan
v
construction," but y
rather, "points but some basic
precautions that must be given ,4
advances during
consideration
when
this type are
made."
advances
of
In making know the publication7
and corpora¬
of the booklet Dr. Fisher pointed
during 1944 by -General Assembly was on the
out that banks have a potential
obtain lasting labor peace!
,
$3,730,043,000 to a total of $24,- agenda of the Preparatory Com¬
President Truman, in his mes¬ 355,27-3,000 for all State supervised mission on Sept. 11, with Russia, leadership and resources which %
should be utilized to the fullest
and
Brazil
Total
sage
to Congress, asserted that banks.
capital funds of China
supporting
in the development of an orderly
hurst fcr the National Association "our ,national welfare- .requires State supervised banks was $5,- American belief that a Constituent
that during the reconversion pe¬ 409,390,000, a gain of $323,643,000, 'Assembly could meet in Novem¬ ancf adequate program of financ¬
of Manufacturers.
v ' r
;;.
or an "increase of 6.4%
for the ber and the Full Assembly on ing to meet the housing needs "of
The committee was given no riod production of civilian goods
our country,
'
J
Resources of the 8,967 State April 25 were contained in Lon¬
hints bv Messrs. Schwellenbach and services—as full production year.
In an introduction to the book1
(commercial) banks at the close don Associated Press advices on
and Wallace as to the limits of the as possible—go forward without
conference.
Mr.
Schwellenbach interruption and that labor and of 1944 amounted to $60,563,629,- that date which went on to say; let,- which will soon be available
The matter was discussed for on request to Association member
told newsmen that he would not industry cooperate to keep strikes 000, an increase of $10^539,672,000
or 21.1%
for the year.
This in¬ three hours last night. Comment¬ banks, Dr. Fisher says:
attempt to impose his views on and lockouts at a minimum."
the committee.
"All elements of the construeAt his first news conference on crease is reflected mainly in hold¬ ing on the suggestion by Edward
<
\
i The
Government will assume a Sept. 7, the Associated Press re¬ ings of United States Government R. Stettinius, Jr.. chief U. S. del¬ tion industry are looking forward
underlying
unrest should be aired in order
i
Building Program
fall.
the
in
The
supervised banks as of Dec. 30,
1944, amounted to $69,538,909,000,
ana
bach^ office.
ery
funds due
of 1944
and
This
liament
;
the
at
securities
Thursday, September 20, 1945
New World League Expected to Hold First Session,
State supervised banks.
minimum. ;
a
"Total
ence
r
,
,
committee
the
on
Mr.'Truman
Other
year.
V
•
>
.
,.,
.
,
guiding role, in the conference it¬
self, he said, but will not "steer
dominate
or
should
be
it."
The
concluded
four
weeks,
the
"successful
he
meetings
three
want
labor
make
an
in
thought,
as
or
was
conference"
February-March,
1918,
of
when the
War Labor Board of World War I
was
established.
fashion
conclusion
as
of
conference,
possible
the
Mr.
thought "all
of good-will
men
and
after
forthcoming
Schwellenbach
to
management
agreement that will in¬
sure
industrial
mum
production."
and
peace
maxi¬
He said he felt
that Americans want
no
"strife; either internal
:4;>4444
The- present War Labor Board
will go out of existence in as or¬
derly
ported
from
Washington,
that
Major Douglas had declared that
he
more
or
of
exter¬
nal."
An earlier announcement of the
proposed conference
the
given in
"Chronicle" of Sept.- 6, page
was
securities."
*
It
State Banks' Status
Improved in 1844,
;
Says American Bankers Association
An over-all
strengthening of the position of state banks in our
1944 is revealed in the 14th annual report
(made available Sept. 11) of the State Bank Division of the American
Bankers Association, which shows assets of the
9,510 state supervised
nation's economy during
to
stated:
"For
8,928 State banks engaged in
mercial
$12,281,041,000 during the
business, aggregate gross
earnings for 1944 were $1,023,390,000, an increase of $119,251,000
the
previous
Current
operating expenses, Including inCome taxes, for the. same period
advanced $711,011,000, an increase
of $73,295,000 over 1943.
over
year.
"Net profits for the 8,928 State
banks, after recoveries and
over-all condition
eries
reflected
is
ness
added
of busi¬
net
to
in $37,848,000
profits from recov¬
loans -and discounts and
on
■
(
report," said Elwood M.
Chairman
Committee
of
contributions to the nation's finan¬
cial health."
:
State Bank Research of the Pi-
on
vision,
The
is based
survey
on
year-
who is also President of
the Central Bank & Trust Co. of
end reports and detailed
informa¬
Denver,
(commercial)
half
are
of
Colo., "is the fact that
the country's bank assets
held
treme
in
State
banks.
Of
ex¬
importance, in these days of
reconversion, will be the
which
we
exercise
way
in
our
responsi¬
in the handling of these
funds," Mr. Brooks added.
bilities
vast
"So timely is this study,
coming
same moment as the
almost at the
Japanese
surrender, that it can
blueprint for mak¬
ing an immediate analysis of our
position, upon which we may base
well
serve as a
the next
It
of
few months'
operations.
gives the State bankers,
whom
munities
serve
and
very
who
many
small
reach
com¬
into
the
highways and
byways of Amer¬
ica's foundations, an
opportunity
for
making
sound
deductions
which
will result in
constructive
1
'•
-
1
tion
supplied
by the 8,967 State
banks,
loan " and
trust
companies, private banks
savings banks and the
543 mutual
savings banks in the
and
stock
United States.
'
*
The report is made in a
50-page
booklet mailed to
members of the
State Bank Division.
into
two main
It is divided
sections for
a
dis¬
of
securities
charge-offs on loans and
curities for the year."
is
illustrated
and
by series
charts for
more
of
easy
standing of the statistical
Discussing
assets
and
tables
Netherlands Int. Cut
under¬
of, State supervised
banks, the re¬
port says in part: "Most of the
gain in total investments was at¬
lieved
probable
practical and that he be¬
to convoke the
Constituent Assembly in Novem¬
it possible
ber.
•
nese
was
'
v
Dr. V. K.
p
.
Wellington Koo, Chi¬
delegate, said his delegation
agreed that the initial con¬
vocation should be of
a
constituent
for
nature
organization purposes
only. Brazil's delegate, Dr. C. De
Freitas^Valle, said "it is our duty
to nut the United Nations organi¬
zation into operation quickly."
Paul
se¬
ratified
Charter."
to
Advices
dam
3%
Sept. 15 from Amster¬
credited
to
the
Netherlands
'
'
'
all
Charter
first
the
San
Francisco
He suggested "we waif
countries have ratified
befdre
town
great
this
of the
holding
meeting
world."
Escott Reid, Canadian delegate,
proposed
Finance
announced
Ministry of
today a new
compromise
under
Commis¬
sion would complete its work by
measure
designed to reduce inter¬
mid-October and call the General
long-term loans from
Assembly into session in January
for
both
organization
and
"a
town meeting of the world."
est rates
on
3V2to3%;
"A
been
|\
■
corresponding decrease has
made
for
the
interest
rate
against which the Finance Minis¬
ter's agent issues Treasury prom¬
issory notes. The decrease amounts
to
one-seventh
over
the
entire
line and corresponds to the reduc¬
tion from 3V2 to 3% on the long-
obligations.
"The announcement stated these
fit in with the Nether¬
lands
Government's
money
policy
cheaper
which
Mr.
don
Preparatory
Stettinius
Aug.
on
duties
as
The
Aug.
a
the
31
arrived
to
in
take
Lon¬
up
chief U. S. delegate.
Argentine
Government
his
j
on
8
published a decree, ap¬
proved by the Cabinet Council,
ratifying
the
United
Nations
Charter. A cablegram to the New
York "Times" from Buenos Aires
money purge which it is conduct¬
"The decree was signed by the
President, Vice-President and all-
ing.
Ministers and Secretaries of State
as
well
as
with the
/ ■
„'
';
"Netherlands state loans at rates
greater
than
converted
if
and
3V2%
soon
to
will
be
3%, and new loans,
when issued, will be at
the basic rate of 3%."
except
the
Minister
of
Finance,
who is absent from Buenos Aires.
"The
preamble, to the decree
states that the United Nations or¬
ganization represents the crystali-
"...
)
the
extent
of
number
units ever
heretofore in
937,000 in the boom
1
t
4
dwelling
v
built in this country
one
year was
4
•
/
building year of 1925."
"As the institution longest established
in
the
business,"
the
"the
should
banks
be
in
4
pre¬
a
financial
builders who
assistance
4
in
:>:■*
they are so eagerly
anticipating. .In the early days of
projects
peace;
>
competition for home mort-
,
will be keener than at any
previous time in our history. Since
new building
is expected to ac¬
gages
count for
a
finance
way
as
>
large part of the mar¬
banks
ket,
be
must
prepared
building
new
to
in such- a
to meet the requirements
An essential part of
of borrowers.
their lending programs
will be the
single transaction that covers both
the
making
of
mortgage
ing."
on
advances
and
construction
the
during
long
term W'
the completed dwell¬
v • 4 J 4;4SX 444,44M
The
for
booklet
makes
''Vv
suggestions
procedure in making advances
;
mortgage
struction. and
used
loans
also contains
experience and
this field of lending.
be
con¬
a
re¬
forms
by three banks with consid¬
erable
to
during
of the procedure and
sume
,
position to serve the needs
need
the
,
mortgage lending
booklet continues,
of the army of home
on
reporting this, added:
'j
Numerous esti-
of the postwar
demand for new homes; and, aithough they vary widely, the
greater number are in (he neighborhood-of a million dwellings a
year for the first ten years. These
are impressive figures; especially
when it is recalled that the largest
Hasluck, Australian dele¬
gate, opposed the schedule, sayipg
there would be no advantage in
the
News Agency, stated:
"The Netherlands
data.
liabilities
decade.
mates have been hazarded of
until
measures
plying to commercial and to mu¬
tual savings banks. The
material
coming
tant and
and
term
ap¬
of
will
sale
home
volume
had
on
to a tremendous
building, in the.
eagerness
delegate and Ambassador to the
States, said it was impor¬
amounting to $162,433,000, com¬
pared with $124,585,000 in losses
each of these sections
gives a de¬
tailed analysis of the
figures
Soviet
Gromyko,
United
ferred
cussion of "Assets and
Liabilities"
and "Earnings and
Expenses," and
Andrei
egate,
with
establishing a "minimum assem¬
bly which would contain only
representatives of countries which
profits
——
sider this
com¬
vear
$75,350,146,000 at the close of business Dec. 30, 1944.
"Worthy of comment as we con-«>
—
Brooks,
the
charge-offs, but before dividends,
amounted
to
$350,227,000.
The
1159.
banks in the United States increased
further
is
better
-
v.
.*
success
in
It is designed
helpful to banks regardless
of size
or
activity.
A
.Volume 162
The Full
Trirnan Asks
Employment Bill
do
as
in
concerns
planning construction
programs for a year or more in
advance. '■: "<.i;; ■';
' "I
The
of the
Bureau
Budget and
the Executive Agencies make such
forecasts
regularly in connection
with their appropriation requests.
The
their
have
the
country,
in
riodic
as
provided
the
to
Congress
the Bill, so that
messages
in
the Congress would be able to
plan and carry out its legislative
regimentation.,
mean
a
That is the
the
not
possible assurance that
Full
Employment Bill will
best
;
v
>
vate
enterprise.
not
The Government
employer how
the
tell
program on the basis of the most
many
he should employ
up-to-date information available.
The third important point, in
or
where to work.
opinion, is that this legislation
my
provides the mechanism
shal
all
to
mar¬
forces and to coordi¬
our
nate all policies of federal
to bring about full
agencies
employment
and it provides a method for the
Congress to look at all legislation
from the viewpoint of its effect
°n'full employment. This is of the
utmost importance because full
employment is not something we
can reach
by the panacea method
—that
will
is,
no
one
alone
measure
automatically
give us full
Every operation of
employment.
the Federal
geared
to
Government must be
There are many
it.
that
measures
policy,
social
trade, housing
for example.
Must Rely
When
we
security,
foreign
construction,
and
Private Business
on
talk about
a
program
for
full employment there is a
tendency to think about a big
public; works program but clearly
we-
must
rely
business
jobs in private
the
overwhelming
on
for
majority of job opportunities, and,
therefore, we must direct out
policies so that they will promote
the expansion of private business.
,We all hope the days of makework
will
iagain.
We
mental
be
never
must
have
if
program
achieve full
necessary
a
we
funda¬
are
to
persons
the worker
not
does
Government assur¬
of
employment means
ance
full
that the Government- will
act
so
to
keep the free economic sys¬
tem running somewhere near full
production.
My task is one of redirect¬
ing from war to peace the four
main resources from which the
as
health
of
our
springs:
economy
materials,
our plant and equipment, and our
managerial know-how. It would
our
be
manpower, our raw
a
useless task if it did not have
its goal full
production and em¬
ployment—a
high standard
of
living and long range stability.
as
mechanism
the
Therefore,
by
best
of
cause
ways
to further
for the
fighting forces
peace,
care
and combat famine and disease.
nounced the
appointment of Major
General Philip B. Fleming,
Works
Public
Administrator, as govern¬
representative to the
ment liaison
National War Fund.
The following are excerpts from
Truman's letter to Mr. Al-
r
drich, as. given by the New York
"Times", Sept, 9:,'
V- ■'
',
;
'"We
7
have
-
wonl: the
military
virtually just be¬
ginning the fight on famine, pes¬
tilence and general disease. And
I say to you, with full knowledge
of
everything UNRRA can do,
and everything that can be done
but
war,7
are
other
instrumentalities
fi¬
nanced by public funds, that the
private agencies of the National
War Fund have a special task to
do
that
is
indispensable
and
by
unique. What these agencies have
done, and can do, is important out
of all
proportion to the relatively
small
involved.
funds
"In
other way can
no
the Amer¬
ican people themselves express so
clearly
intelligent
an
sympathy
and active concern in their deter¬
that
mination
and mercy
justice
this world, with
the help of every good man and
woman, and with the blessing of
shall
prevail in
attainment
and
of
provides
anism to
full
an
employment
effective
mech¬
that the Congress
position to discharge
these responsibilities.
assure
will be in
a
It does not provide for federal
public
works programs, for fed¬
eral participation in state works
programs
or
for tax relief to
manufacturers or consumers.
It
adopt an efficient mechanism for
mobilizing the resources of the
country—both private and gov¬
ernmental—for the attainment of
President of the Commercial Na¬
and production,
Wjar Fund's Finance Division for
the* 1945-46 campaign, Carl Whit-
,
full employment
t
that
believe
this
as
Bill
mechanism such
a
is
proposes
tre¬
a
step toward the attain¬
mendous
ment of this
goal.
Bank
tional
Philippines
High Commissioner
York, has accepted the Chairman¬
ship of the. New York National
Campaign Chairman, an¬
on Sept. 9, the New York
"Journal of Commerce" reported*
moref
nounced
Truman
President
Interest of full employment.
It contemplates a continuous Con¬
gressional program of determining
which of these remedial measures,
or
other
measures
not
yet ad¬
vanced,
will
be
and desirable in
Indiana,
States Savings
situations
which
tend
to
reduce
In order that the
be in
position to
a
Congress will
out this
carry
continuous program with maximum
effectiveness, it must be furnished
with the best data obtainable
con¬
a
High Commissioner to the Phil¬
ippines, the New York "Times"
reported in a special dispatch from
Washington, Sept. 6. Mr. McNutt.
who has been director of the War
of
Commission
Manpower
ad¬
and
future.
The
■'
v
Bill
foij
.
concerning the
the
immediate
1 7. - ;;,7 ,7:
places squarely
upon
on
the key
will
November
29 and 30 and Decem¬
by
approved
the
President
The
office.
stated
of the nationwide or¬
than
more
of
Pat
majority of the states
a
of
supplementary
Also removed from the
given
benefit payments to
of
Under the
26 weeks in all states.
final
version,
"Wall Street Journal"
advices, provi¬
sion is made for optional exten¬
in its Washington
bill
both
Labor
leaders
country would result in all
being forced to
thing. Senator
(D.-Cal.)f
industry
Downey
Chairman of the Committee, when
the
asked
if he
Byrd
that
agreed with Senator
30-hour
on-a
sides of the issue.
opposed suggested
would
it
"It
week, replied:
would flow from it and
require
careful
would
;
study."
payment amounts. One labor wit¬
ness, according to the Associated
Press on Sept. 3, made an estimate
government went
that very serious con¬
seem
sequences
that
have
would
industry
to follow if the
compromises which were designed
to avoid increasing compensation
of
He asserted that a 30employees
Sheridan
Senate committee heard views fa¬
voring
stability."
>
resort to the same
ernors.;^: ;■£;'.:777:''^
the
economic
our
private
a
rewriting
future
maintain
in this
total of 26 weeks.
In addition, any such extension
must be requested by State Gov¬
Before
and
drones
hour week for Federal
sions, at Federal cost, of state-rate
payments for a 60% longer time
for each worker, but in no case
longer than
of
nation
a
cannot
America
week.
become
Sept. 14
on
Service
Civil
the
to
30-.hour
reported by the
as
.
ington, on Sept. 8. Senator Byrd
declared, that "the first step in
the downfall of France was the
to the Senate was the mandatory
extension
em¬
introduced by Senator
McCarran
(D.-Nev.)
and
position from a member of the
committee, Senator Harry F. Byrd
(D,-Va.),
according
to
advices
from the Associated Press, Wash¬
legisla¬
which is to be
measure
30-hour
a
Federal
for
Committee, has met strenuous op¬
Federal
money to add to unemployment
payments made by those states.
tive
proposing
week
referred
have laws which would forbid the
use
bill
Proposal
ployees,
disclosure that
,
7
7
Aiken (R.Vt.) another Committee member,
told reporters he thought there
is no doubt industry would have
Senator
10,000,000 unemployed for 15
during reconversion, and
months
George D.
hours
shorten
to
another called current rates "slow
if
Govern¬
the
Associated Press
The
did.
ment
accounts continued.
"But
think
I
away,"
Senator
"Whether
we
and
is
can
7
,
work
far
not
added.
Aiken
hours
the
right
I
don't
don't know.
I
number,
believe
30
\
shorter
a
inevitable
is
week
maintain full
em¬
The committee has 21 members.
Lewis
B.
retary
of
before
the
Schwellenbach,
Labor,
has withdrawn its suoervision over
The "Times" advices
also state:
Asked
whether
McNutt's
Mr.
as
whole, Mr. Truman said the
a
law
specific in limiting the
scope of the High Commissioner
to the Philippines. was
civil one, and so
the question of air and naval bases
in the Philippines is not raised by
the appointment.
The President,
however, in response to questions
at his press conference expressed
7
The office is
a
fense
tial.
not
on
in
the Philippines, as
Okinawa,
authorities
which
consider
de¬
essen¬
Mr. Truman said that he had
studied
the
report
on
bases
7
Com¬
the Associ¬
said higher pay for the
according to
mittee,
ated Press,
ture economy
jobless would be good for business
and the farmer, but he proposed
changes in the pending bill.
the
An American Federation of La¬
Congressional ac¬
augment un¬
settled," Senator Byrd said, "and
our
future
cost of Government
to
bills
on
"overdue."
compensation
was
7:7
On the other side of the
an
economist,
the
bill
testifying
before the
picture
against
committee
Sept. 4, according to the Associ¬
Press,
predicted
that
"a
retard it."
This
prediction came from Dr.
Schmidt, Director of the
Economic Research Department of
the
United
States
Chamber of
Commerce. He told the committee
that American business and indi¬
Emerson
owned $194,000,000,000 in
pent-up demand for consumers'
goods, he said, "we cannot help
but conclude that a great boom
to
ing to W. M. Brock, Dayton,
Ohio,
constitution
was revised in 1942 to permit such
handling of the elections in case
an emergency such as the present
travel and hotel space jam should
develop.
1945 will be the first
year that no annual meeting of
managers of thrift and home fi¬
nancing institutions has been held
since 1892, the year the United
States League was formed.
President. The League
which
was
made public yesterday
As
is
a
announcing the appointment
of Mr. McNutt, President Truman
said nothing about his successors
in the War Manpower Commission
and the Federal Security Agency.
long
and Means Chairman,
Robert L. Doughton, Democrat, of
North
Carolina, a stalwart of the
forces, indicated to
Democratic
newsmen,
the
Associated Press
he had parted
stated Sept. 4, that
with the President on this
one issue.
Earlier, he had told his
committee that the bill "puts a
ways
premium on idleness."When
the
In
and
last "several years."
for the moment.
#
this
The Ways
reaches
the
of
pending." He said he thought it
would
Navy and so could not
speak sufficiently on that subject
by
result
the
the
measure
floor
as
revised
of the Senate,
Associated Press reports that
Democrat, of
Virginia, its author, plans to
Senator
West
Kilgore,
fight for reinstatement of the
form $25 a week figure in
original version.
years
penditures made necessary by the
war." :
■-•.■7,;7./7-;.'7 v' .; 7
on
ated
viduals
greatly
increased 1 for
and years to come by ex¬
be
will
!
League's constitution, accord¬
and
of this country."
"pur debt will be approximately
$300,000,000,000 when the obliga¬
tions
of
the
war
are
finally
employment
to
Byrd estimated a re¬
working hours of
in the
3,000,000 employees from 40 to 30
weekly would cost the Treasury
about $2,000,000,000 annually and
would be "disastrous to the fu¬
testifying
also
Senate Finance
Senator
duction
Sec¬
liquid assets last December, com¬
pared with $66,000,000,000 in 1939.
ministrative
civil affairs.
ployment without a shorter week."
direc¬
accomplish other ad¬
functions required in
of the Philippines,
from which the American Army
recovery
through
ber 1 of this year to carry
tors
the
Chicago
meet in
the election of officers and
that his task would be to expedite
as
obtainable
prospects
Chicago
ganization
been
has
well
mates
esti¬
announced at the
meeting in
Sept. 11. The Execu¬
was
of the directors'
for- Manila as soon as his nomina¬
tion
bases
best
ban,
close
tive Council and some of
have
the
tion
committees
confidence that this country would
and
A
work
portedly reconciled to the elimi¬
nation because
30-Hour Week
re¬
was
managers
ministrator of the Federal Secur¬
a
time
'
of savings and great boom is pending," and cau¬
loan institutions, in spite of the tioned that "unwise reconversion
October 1st lifting of the conven¬ and labor policies could do much
of the
ity Agency, is expected to leave
cerning the economic situation at
given
tors of the United
post he formerly held from and Loan League to postpone until
February 1937. to July 1.939, that' 1946 any nationwide get-together
to
position might extend beyond the
meeting specific Philippines to the Western Pacific
employment. It contemplates
therefore a program of continuous
and changing legislation to meet
changing needs.
& Loan
Decision of the board of direc¬
effective
most
Truman
President
bill.
League to be Held in Cgo.
Senate and he has taken the oath
gages, or other remedial measures
which have been advanced in the
having Federal funds sup-
pensation payments to a nation¬
wide maximum of $25 a week,
was entirely eliminated from the
tion
nomi¬
has
nated Paul V. McNutt, of.
Of U. S. Savings
of
mort¬
or
that of
plement State unemployment com¬
& Trust Co. of New
Executive Council Meet
McNuit
does not provide for governmental
loans
.
istration had laid particular stress, *>-
bor official said
participation
in
sharply curtailed
f
,
produce jobs. Of course, it will
hot produce as much as a single
job. What it does is to fix a re¬
sponsibility on the President and
the Congress with
respect to the
aid under the proposed Kilgore bill was
by the Senate Finance Committee in the revised version on which
it finished work Sept. 13, as reported by the Associated Press from
Washington on that date.
;
The most notable provision of the measure, on which the Admin¬
we
will attain' our long
starvation."
\>
/
'
goal should be established
As the Senate committee com¬
now.
If this is done, present pol¬ God.
pleted
a
week
of
hearings,
Sena¬
icies can readily be integrated
"May I, therefore, wish success
with long term measures and the in the National War Fund and all tor Eugene D. Millikin, Republi¬
new machinery can be functioning
its associated State and commu¬ can, of Colorado, a member, pre¬
effectively by the time we have nity funds in the plans you are dicted defeat for the plan in com¬
finished our immediate task of laying for a united appeal to a mittee.
"I doubt that it will get more
reconversion.
united people."
.
than half a dozen votes," he said.
I hope that the Congress will
Bradford
Norman, Jr., Vice-
which
range
employment.
One other point I think is worth
stressing. Some have the impres¬
sion that the Full
Employment
Bill in itself, when passed, will
Government
the
put
It
into business.
contribute—tax
can
the
of
one
Mr.
This Bill does not imply inter¬
ference with the decisions of pri¬
will
an
all-out support of the final drive
for the fund for $115,000,000 as
to the
decision as
final
:
will
Congress
the
and
the
Sieps it wishes to take.
increasing accuracy. -These
changes would be reported in pe¬
addressed
The President's message also an¬
present
anticipate
with
Truman
appeal to the American public for
77
conditions
can
economic
Private
...
will
President
The
ability to
program
changes
•
Enterprise
businessmen and
out
on
morale of American
make surveys of the intentions of
others through¬
President
Broadening of unemployment compensation provisions through
Federal
Winthrop W. Aldrich, President of the National
War Fund, and to heads of Gov¬
ernment departments and agencies,
the
'
-
No Interference With
Agencies, ' with
their growing knowledge of eco¬
forces and
ef¬
responsibility
discharge this
fectively. >7-
Executive
nomic
Executive Branch the respon¬
•le
sibility for providing the Congress
with this information, and pro¬
vides for the concerted mobiliza¬
tion of the executive agencies to
iln letters
Senate Group Revises Jobless Pay Bill
,
Of Hal'l War Fusii
(Continued from page 1370)
sales forecasts,
upon
I
Support
-<
And Reconveision
plans
1375
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4422
uni¬
the
Would Cut Air Mail Rate
speech made at-, a
Waldorf-Astoria,
New York, sponsored by the Wings
Club and the Aviation Section of
the New York Board of Trade,
Postmaster - General Robert E.
Hannegan
announced
that
he
would ask Congress to reduce the
rate on domestic air mail letters
to 5 cents an ounce, according to
the New York "Times" on Sept. 8.
During
a
luncheon at the
The luncheon was in commem¬
the silver anniversary
oration
of
of
first
the
In his
mail.
transcontinental air
speech Mr. Hannegan
paid tribute to legislators and
pioneei pilots who initiated the
air mail service, and gave warm
airlines pilots,
Transport Command and
Air Transport Service
who made possible "getting letters
back and forth quickly between
the home folks and the men on
words of praise to
the Army
the
Naval
Said Mr.
I want
to encourage the use of air trans¬
portation for first-class mail in
every way possible." Under pres¬
ent law, the civilian air mail rate,
the
fighting
fronts."
Hannegan, "From now on
which has been 8 cents an ounce
since
March
1944,
will be
auto¬
matically reduced to the pre-war
6-cent rate six
tilities
are
months after hos¬
announced officially to
be terminated.
,THE COMMERCIAL & FINANCIAL CHRONICLE
J376
Full
Bill Not
Employment
(Continued fr
first
m
Enough
page)
hold
explanation of this phe¬
nomenal record of production and
employment. Businessmen knew
onl>
one
responsible for laying off
men
and for cutting wages than
to tackle the real problem frankly there was a demand for all that
could be produced.
and boldly. ;
■
]
Under our system of free enter¬
The lesson of the war is clear.
business
prise, businessmen undertake pro¬
duction to meet an expected de¬
mand for their products. So long
they can sell their output at a
price that covers their costs and
leaves a fair profit, businessmen
will employ all the
labor they
need to produce the goods they
as
When
sell.
can
produce
they
efficiently, sell a good product at
a
fair price and pay reasonable
wages, businessmen perform their
function and they are entitled to
to
enough
people with
provide all of our
luxuries and comforts undreamed
of
generation age. We can do
we use our productive re¬
sources; and we can use all of our
productive resources if business¬
men know they will find a market
for their production.
I have un¬
a
this if
faith
bounded
businessmen
American
do
can
give them
we
American
that
their
job
if
chance to do it.
a
have
businessmen
ucts and we shall see a resurgence
of enterprise
much
of
In
labor.
afford
not
can
con¬
tinue to employ labor and to pro¬
duce
goods unless he finds a mar¬
ket for his output at
ative price.
remuner¬
a
The fact is that if any
businessman continued for
tended time to
which
there
an
ex¬
produce goods for
no
buyers, he
incur such losses
that he could not stay in business.
For this reason, businessmen can¬
are
and
would inevitably
Government
our
failed
will
have
the people.
Let us frankly
accept the responsibility of assur¬
ing jobs for all. Having recognized
thai responsibility, let us promptly
undertake the necessary steps to
discharge it.
the responsibility to
producing goods and em¬
ploying labor in the face of an
inadequate
demand
for
their
products. / •
not
to
employment. I main¬
tain that the only thing we cannot
afford is another period of mass
unemployment.
The people of
this country are entirely right in
saying that there must be jobs
for all who are willing and able
to work. If they do not get these
jobs, then our economic system
Production Dependent on Demand
businessman
measures
full
assume
keep
I
would
not
difficulty of the task.
Clearly it cannot be the respon¬
sibility of businessmen alone to?
prevent unemployment. But that !
is not to say there is no responsi¬
bility anywhere to prevent un¬
employment. We cannot assume
that depressions are an act of God,
that they are a burden men must
inevitably bear. We must face the
the
underestimate
It
means a
national income
of $150,000,000,compared with $78,000,000.000 in 1940. It means assuring jobs
for approximately 60,000,000 peo¬
000
as
ple
compared
with 47,000,000
in 1940. It means increasing pur¬
chasing power enough to increase
consumption by 50%, and to ex¬
as
pand construction and investment
fact that all of lis have a respon-,
by 100% over pre-war levels.
sibility to see that our economic '.j
Let there be no misunderstand¬
system
works ' efficiently,
that
ing as to the meaning of the word
there are jobs for men and women
"assure." It is more than a mere
able and willing to work.
When
pious hope—a mere paper promise
we are confronted with
problems to be
kept to the ear and broken
of national scope involving col¬
to the hope. It means the assump¬
lective
must
responsibility
we
look to the national government,
acting for all the people, to take
the leadership in their solution.
We
full
this
meet
can
employment
frankly.'
The
-
if
problem
of
face
it
we
•
this
country was
a period of
expanding production.
While marred by farm depression
and
considerable unemployment
at times, it was on the whole a
time
of
1929,
active
the
business.
storm .that
gathering broke.
four
years,
But
had
in
been
economy
was
nearly wrecked.
With
this
seemed to be stricken by
country
paralysis.
Some influential people contended
that deflation would cure
depres¬
sion,
as
cure
for
if
bleeding
could be a
.Their slogan
anemia.
was
"sit-tight"; their promise,
"prosperity is just around the
corner."
assume
Nobody was ready to
responsibility for dealing
with the national crisis. Is it
any
wonder that in 1932 there were
16,000,000 unemployed, that hun¬
dreds
of
thousands
of
farms
and
homes were lost? The gross na¬
tional product fell to
$50,000,000-
000,
and
40%
resources
there
went
were
no
industries and
of
to
our
productive
waste
markets
because
for
women
in
12,000,000
our
In
that
armed
and
mep
forces,
we
employed 52,000,000 in our agri¬
culture, industries and commerce.
In
fact,
end
tion
we
we
were
short of
labor,
had to restrict consump¬
and
"The
has
man
investment
or
woman
through
out of work
the
right to expect that all
responsible elements of societj',
and
will
particularly the Government,
use
all appropriate and ef¬
fective
assist
to
means
best efforts in
his
own
finding productive
and profitable work."
Like
all
responsibilities,
it
discharged by fallible
beings, subject {to those
be
must
imperfections which
to
all
mortal
recognize
are
common
creatures.
But
to
imperfections does
justify us in refusing to accept
our
responsibilities and to dis¬
charge them to the best of our
our
not
abilities.'
We
have
arson and
nize
laws
theft.
that
against murder,
Yet
some
unpunished.
go
deny
of
the
of
we
all recog¬
these
Yet
complete
none
crimes
would
responsibility
Government to prevent crime.
Likewise, recognition of probable
imperfections in our full employ¬
ment
policy cannot justify our re¬
fusal to face the task of
assuring
version
jobs for
done
can
Difficult
is
f
difficult.
done; and it
can
our
portunity now to establish high
levels of production and employ¬
ment
and
to
take
the
steps to maintain them.
an
period
new
of
by a
unemploy¬
mass
ment.
This
bill
that
recognizes
the
foundation
of economic welfare
is the use of our productive re¬
sources. It provides for a national
necessary
There is
accumulated demand for many
consumption
goods.
Industry
is
be
taken
demand
When
to be
appears
recommendations
to
measures
failure
a
I shall not discuss in detail the
that
measures
should
be
soon
to
implement this bill. On
July 1, 1945, in my report to the
President and Congress on post¬
be made
encourage
pansion and to meet
any
ex¬
remain¬
ing deficiency of demand.
Not
Mere
a
is
point
I
want
Taxation—A
Small
2.
complete
laws
tax
mod¬
to
help
high levels of
em¬
business—A
foster small business
program
and en¬
the birth of
business.
courage
be to encourage an
Program
ployment ..and production.
to
This is
not, as many seem to believe, a
mere spending
bill, or deficit fi¬
nancing bill. Whenever there is
inadequate demand, the primary
duty of the Government under
of
achieve stable
;
particularly.
this bill will
1.
Post-War
ernization
to
"Spending Bill"
one
A
imminent,
to
are
war
of
new
3. Competition—A
anti-monopoly
competition is
free society.
fair, vigorous
because
keystone to our
program
a
expansion of private consump¬
and
investment. 7 The only
to unemployment is to
see that there, are enough jobs at
good wages in private industry.
an
tion
solution
Duty of Forecasting
dustrial
strife, the broadening of
the minimum wage laws and the
encouragement of a high wage
policy by business.
ucational facilities
to take measures
to
assure
an
adequate demand for
the product of our people. I can¬
not see how the people of this
country
can
deal
intelligently
with their economic problems un¬
less they know
what problems
volume
The
foundation
of
9. Fiscal Policy—A fiscal
prosperity
in this country must be large and
expanding consumption. That is
the only way in which we can
also
have
large
and expanding
of
our
people
opportunity to en¬
joy the high standard of living
that
our
producing power has
made possible. In my last report
investment.
-All
near
that have either
grams
tionary
as
Director
of
War
Mobilization
Reconversion, I said: "The
American people are in the pleas¬
ant
predicament
of
having to
learn to live 50% better than they
have
ever
lived before."
I repeat
base our
foundation of
this, because unless
economy
mass
this
on
consumption,
the
will not be stable.
This
bill
is
the
we
structure
first
pursue
arrived
such consistent and openly
at
programs
economic
as
will
policies and
stimulate
and
encourage
the
highest
feasible
levels of employment opportun¬
ities
through
private
and
other
the
Asso¬
from Wash¬
ington, Sept. 4.
The WMC report, which was
prepared after Japan's surrender .
and has been used only inside the
Government, estimates that per¬
haps 4,000,000 persons will lose
jobs in the next six months. The
agency indicates that the task of
making and finding work for mil- ;
lions of newly laid-off workers
and returning veterans will "tax
the energies of management, labor 5
and
Government
for
many
Further conclusions
by
the
brought out
according to the
WMC,
infla¬
effect.
should
to
in
ment—are
the
midst
of
these lines.
The enactment of this bill, when
concrete
meas¬
ures, will give confidence to busi¬
labor
ness,
will
and
forward with their plans for
new
investment
sion
of
and
production.
it
will
workers
and
portant,
to
It
agriculture.
give businessmen confidence
to go
for
expan¬
No less im¬
give
confidence
farmers
and
fa¬
cilitate the expansion and growth
of
consumption which must be the
foundation of
post-war econ¬
our
establishments
ment
"This
100,000.
shock
displacement' will
be followed by a continued drop
of over 300,000 more by February
in shipbuilding and a heavy prun*
ing of War and Navy Department
civilian workers
Next
to
the
of
maintenance
this is the most solemn and
sacred
obligation
democracy.
of
Unless
meet this
we
liberties
the
great
our
of
our
constitutional system are insecure,
dignity of
dangered,
our
heroic
set
at
our
and
the
fighting
naught.
boldly
and
If
firmly
people is
en¬
sacrifices
of
may
be
men
we
to
proceed
this
meet
challenge, I look forward to our
unparralleled
promise
and
secure
ing ,a
\
.■
J ■'
country."
;
considering chemical and metal
producers as well; might mCan*^
4,000,000 would lose war jobs in
:
This{
>
'
and
the labor
month or
return men to
market
at
500,000 a
Navy
'
more.
The report forecast in some detail the impact of victory on ma-
,
,7
7;
industries. It also scanned
the prospect of job expansion in
some
big
peacetime
industries,
without offering any total.
jor
war
I
Davis Leaves OWI
President Truman has
accepted
resignation, effective Sept. 15,
of Elmer Davis as head of the
Office of War Information, with
the
words of
which
praise for the manner in
Davis had conducted \;
The OWI
Mr.
the work of his office.
is
liquidated Dec. 31, and
be
to
until that time Neil Dalton,
now
•
agency's domestic
branch, has been appointed by
President Truman 5 to be acting
head of the entire OWI, according
to a special dispatch to the New
director of the
"Times"
York
from
{
7
7
Washington,
%
his letter to Mr.
Davis, President Truman said in
part:
*
Sept.
12.
In
"Of course, your
;
Work is done
wish to return to your
own pursuits is a
natural one.
cannot
release
you,
however, •
without reiterating what I have:
and your
peace,
rich
'
the^V
thToughdut
,
omy.
the
re¬
leasing nearly 2,500,000 workers
in the 60 days after victory.
"Aircraft plants will let go 1,- %
000,000, shipbuilding 350,000, ord- V
nance
800,000,
communications J V
equipment 100,000, and Govern¬
furthering
by
;
craft, shipbuilding, ordnance, com- •>
munications equipment, Govern;
be
given
its ob¬
jectives through measures along
promptly
*
Associated Press, were:
'"The major war industries—air-
After this bill is enacted, con¬
sideration
obligation,
;
essential
an
deflationary
or
must have the
and
policy
maintaining the economy
full employment, and
coordinating all Government pro¬
or
supplemented
for
months,
WMC concluded that the total,
private construction
for housing than we have ever
had in the past.
will arise and consider what must
be done to meet them.
few
next
ciated Press reported
public works tied in with the
the first six months of peace.
Government's fiscal policy; and a'
would
occur
while Army
program to encourage far greater ]
at
foresight
of
Public Works and Construc¬
tion—A
long-term
program
of
aimed at
do otherwise would be the gross¬
est negligence.
It is elementary
the rest
as
8.
employment
To
the
the American people.
plain common sense to ex¬
amine regularly the prospects for
this country.
as a peacetime goal 14,000,000
people employed in factory jobs,
which was the number on factory
payrolls in the record peacetime
year 1941 as well as on Aug. 14 '
this year,
when Japan surren¬
dered. Although many have lost
jobs since that date and millions
more are expected to be laid off
from war plant employment, the
WMC looks for this goal within
months."
Management,
and
Wages—Measures to reduce in¬
It is
in
The War Manpower Commission
4.» Labor,
expansion of consumption and in¬
vestment, the private purchase
of the products of industry. For
short periods, until demand is
5. Foreign Trade—The breaking
artificial
restored, investment in necessary down of
barriers
to
and useful public works; planned trade and positive measures to
in advance, will help prevent a encourage world trade.
serious depression. And whatever
6. Social Security—The broad¬
expenditure is made by the Gov¬
ening and expansion of unemploy¬
ernment for such projects will be
ment compensation, old-age pen¬
subject to thorough scrutiny under
sions, health and education pro¬
the National Budget and by the
grams of Federal, State, and local
Joint
Congressional
Committee Governments.
for which it provides. In addition,
7. Farm Program—Measures to
of course, all appropriations must
assure
the farm population. an
be authorized by regular legisla¬
tion and will be subject to the opportunity to .enjoy the same
standard of living, health; and ed¬
usual review of the
appropriations
committees and the Congress it¬
self.
But I say again, ultimate
reliance for jobs must come from
Opportunities
sets
economic problems, I gave
briefly an agenda showing the
budget that will show the amount major points for an economic
of production necessary to main¬
charter for high levels of employ¬
tain a high level of
employment. ment with a steadily rising Amer¬
It requires estimates to be made ican standard of living. I want to
of the prospective demand for this summarize this nine-point
agenda:
output for consumption and for
investment.
Surveys
Peacetime Job
believe
I
should
peace.
taken
vides that "it is the responsibility
of
the
Federal Government to
people.
investment.
measures
WMC
these
for expanding consump¬
and
tion
that it is not followed
sure
system of free
We have a unique op¬
be
under
enterprise.
make
must
we
be
our
Certainly, the task
But it
period;
step in dealing with the problem
of maintaining employment. It is
a
landmark, but not the end of
the road. It must be supplemented
by positive measures to encourage
an expansion of
consumption and
private investment. The bill pro¬
our
produced $200,000,000,000
worth of goods and services. De¬
respon¬
not, of course,
individual will
every
Task
Contrast this with 1944.
the
does
be led by the hand from one job
another. It does mean, as Mr.
Ralph Flanders has put it, that:
farms.
year we
spite
It
that
human
depression,
definite moral
a
to
And in the next
our
of
sibility.
mean
|
■
1920's in
tion
?
will depend largely on
bill
ex¬
this
of
promptly, while we are convert¬
ing our economy from war to
a
There
take
to
good the deficiency of the
We shall certainly
emphasize
We have been told that we can¬
to
high level of production
employment after the recon¬
and
without equal in any
Government's Responsibility
attain
no
before.
undertaken
and
success
these
country at any time.
where in the world.
But
ever
as
be
The
reach
perform¬
without peers any¬
are
now
must
investment
non-Federal
past few years.
on
ing this function, the businessmen
of America
vision
Let businessmen know that they
will find markets for their prod¬
quanti¬
goods and to employ all
available
measures
as
able to produce fabulous
ties
vestment
This country can produce
profits from their production. The
businessmen of this country have
shown that when there is enough
demand for their output they are
the
penditure."
make
held rationing and priorities. There is
wages dropped, business was
at fault.
It was easier to
eager
to
apply
the
newly-de¬
veloped techniques to peacetime
production. Construction and in¬
Thursday, September 20, 1945
a
realization
of
plenty.
a
in paths
the
prosperous,
free America,
prosperous,
free world
a
of
secure
a
lead¬
and a
of peace and
V:r
7
* •
>
,
v:
previously said: the OWI made an
outstanding contribution to vie-?
tory. This has been recognized by
our
military commanders.
Your
other
in
work
fields
been
has
widely and justly acclaimed. Un-
informed
wise
leadership the
people were kept fully V;
concerning their Gov-. <
ernment's
war-time programs,
der
your
American
"It
is
my
f7:7^- •»
firm conviction that
7;
the
Although you are returning to private life, I trust that we may feel
you
deserve
nation
for
a
the thanks of
job well done.
,
free from time to time to seek the
counsel which you can
of your
wisdom and
perience."
,
give
us
your
out
ex-
.
'
* ;
7-r,v>
[Volume 162
Number 4422
THE COMMERCIAL' & FINANCIAL CHRONICLE
of ob¬
capital.
Hence prewar capital should not
be asked to compete with warproduced efficiencies.
This
does
neoteric
used.
Is
of the
not
does
that
mean
capital
should
that
mean
the
be
not
owners
capital thus made obsolete
should
be
loss due
for
compensated
the
to
obsolescence, so that,
for example, Henry Kaiser could
bid
not
mills
the
on
of
panies
the
west
against
mills
modern
solete
before
that
the
not
were
much less occasion for such char¬
without a
handicap represented by the com¬
war
to
tive
position; otherwise "widows
and
orphans" who
have ab¬
may
wholly
current
ex¬
free
profits
assessing
thereof, only by owning
nothing and developing nothing
of
any
capital
value, such as
patents
natural
or
resources.
tempt to interfere and re-distrib¬
ing is all done in the form of "pat¬
from
occasion
score
possessed
Association
modern
for the
wealth
ute
can
the
in
ex¬
is
society
On
Tax
take
be
constant
politically.
the National
isfaction
this
consumptive
Equality
little sat¬
no
returns"
ronage
recent
to
labor
factor.
This
as
is
consists in forcing wages to ab¬
sorb every advance in "labor-hour
earlier
credit, can be called competitively
just. Two wrongs do not make a
right; and
cannot go back and
undo injustice: that has been done
to or for millions of citizens who
have become owners or have been
kept
we
from
becoming
owners
in
the past, by "forced saving."
costs by the New Dealish
policies
that have been carried over into
But
war.
if
its"
or
or
warrant for discount¬
no
this
(Kaiser,
inflation
for
side
one
the Fontana plant, for
without similarly sub¬
on
example)
sidizing-any equivalent modern¬
whicji - competing com¬
ization
.
panies
may undertake at the wage
other cost levels which have
and
emerged from the war.
The problem of interest
vestments
cannot,
becomes
as
practical appli¬
separated from the
be
problem of ownership and private
property in free competitive en¬
terprise and reduced to a doc¬
trinaire
question
of
"rigid con¬
tractual
(commutative) justice"
which only "concerns specific ob¬
ligations between persons," as in
contracts which
happen to in¬
volve
is
it
monetary loans.
to
be
noted
obligations of
a
be fulfilled with
that
Not
the
only
moral
Contract
cannot
unstable
money
which distorts the real rate of
turn
paid
re¬
received, but, star¬
tling though it may seem to say
so, the concept of "social justice"
Which
or
Father
(Commercial
Dempsey
and
seeks
Financial
Chronicle,
Feb. 22, 1945) to set
apart from "cummutative justice"
is communistic and inconsistent
with his criticism of Russia
where,
with saving and investment made
government
was
monopolies, "no
permitted
economic
one
security
except on the State's terms" and
"the benefits and the costs are
still
uncorrected."
capitalism
—
makes
certain
it
not—as
Competitive
private
property
that
costs
—
can¬
they should not—be
related with value and income
in
the
form
of
tries
subsidize
to
be
him
to
or
this
tax
or otherwise engage in po¬
litical meddling in the "class war"
to favor
tive
farmer, laborer, coopera¬
or small business
consumer,
other pressure group,
investors. But let no
one try to tell us that under the
system of accounting called "pat¬
ronage returns" the cooperative
cor¬
income—taxable
no
same
basis
that
as
corporations
of
the
on
competing
the co¬
controls prop¬
erty of value si milar to / that of
the corporation. Nor let it be said
that the "patronage return" is a
fair or just or wise system of dis¬
operative
tribution
—
provided
owns
of
or
the income
from
the
were
assessed at the time
of the
investment, but among those who
currently control other property,
outside the cooperative, of a size
which determines their "patron¬
age" in the cooperative. (A de¬
scription of one outstanding de¬
velopment of "big business" along
this line is given in "Fortune"
magazine for August.)
To
be
sure,
maintenance re¬
quirements are presumably as¬
sessed
proportionately
against
those who are actually using the
cooperative property (owned or
rented) as in any other system of
pricing by a business. In many
cases, however, maintenance is a
,
in
incurring costs. For costs (sav¬
ings) do not fix values (form
from the "unearned increment" of
capital)
interest
Let
cial
of
competing costs.
flatly deny the existence
need for, any effective "so¬
equivalent" for the rewards
us
or
intelligent initiative and effort,
by which to fulfill "the great and
often neglected obligation of all
members
of
the
community to
contribute positively to the com¬
munity, which they need for their
own
maintenance
ment."
sey
able
How
does
and
develop¬
Demp¬
Father
think
this scarcely conceiv¬
community "obligation" can
of
carcass
property
avoid
any
must
result
undisbursed
in
rent),
co
factor
even
(with
land,
be capital
gains
the chief current cost is
on
the investment in
case
it retains its original value, i. e.,
does not become obsolete and in¬
cur
a
that
have
nance
capital loss to the .extent
depreciationreserves may
been
and
disbursed
are
not
in
mainte¬
available
for
renewing investment. But in no
case
does the cooperative allow
interest or allocate capital gains
and losses to any patrons
in pro¬
portion to their investment. The
.
assumption
are
is that such returns
"speculative" evils which the
non-profit
"cooperative"
system
degree of
to
of research and
expense
of
a
the
cling¬
ing to obsolete equipment, with
failure to keep up with the com¬
petitive procession in developing
capital gains while running all
the risks of capital losses due to
obsolescence, which cannot be
covered by reserves retained out
of "patronage returns."
No one
can
foresee
ing
of
their effect
given
which
labors
that it
can
under
the
holds
illusion
lands,
reduce
its
"patronized"
when
the
in
estates
After
arbitrary period* of
by law, why
not retain royalties as a source of
competitive tax revenue as long
the
granted
patent
is
not
obsolete?
What better way of taxing ability
to pay?
Is not this better than
lip-service rendered individ¬
ual initiative
by those backers of
the
Science
National
Foundation
who
censees
court
to be defended in
are
by the Department of Jus¬
tice if they infringe on ipatents
granted to privately financed in¬
ventions?
relation of obsolescence to
its
protection
by le¬
period of 17
years on
patents. The
assumption
that
invention
capable
an
of
producing
of
in¬
severely limited time—almost at
—overlooks
the
machines
fact
that
could
be made
more
from
and
savings, and not by "new in¬
financed
unjustly and
dustries"
unwisely
sions
ot
by
inflationary
bank, credit
exten¬
(a function
vantage
by
the
State
in
the
"planned" economy)—if such wise
over
with
little
dogs, for they can do a
little
profitable speculating by
letting the suckers be "patron¬
financial
restraint
ized" when capitaf losses are de¬
inventor
could
stock
market,
as
eliminated by "cooperation";
is
there
with
any
progress,
reason,
why
be
without
and
unless
and
until
it
within
the
Great
industries
cannot
cannot
be attained
under
a
system of finance and patents set
to
the
force innovations
into
use
re¬
gardless of the factor of durabil¬
ity as an economic consideration.
impossible
An
if
retrogression
and
and
progress assured. That is the fal¬
lacy behind the whole theory of
income
is
to
be
turn
avoided
taxation—the
idea
improvement that should
a
reveal
him nothing if he must
it when
lose his
devised and
"ability to pay" can be measured
in terms of current net income.
It
equipment to which
has
to
say
at
to
wholly unfair, not
times
scandalous,
make¬
prevent the full stimulus of com¬
petition in and to industrial
especially when
applied
directly
to
tures,
rather than
i
"Only
an
to
ven¬
taxes are
corporate
individual income,
old tax is
a
good tax"
involved
in
the
durable
appli¬
is, be¬
fore depreciation reserves can be
accumulated, in savings out of the
gross (not net!) income produced,
by the gradual process imposed
by great durability as against the
saving afforded by the innovation.
(See 6th par. under "A SupraClassical Theory of Saving.")
Why subsidize only impermait
is
cable cah be amortized, that
shifts in dealing with capital gains
and losses, which tend strongly to
|
then
monopoly before the big
fortunes
led
re¬
small fortune to the inven¬
tor cah get
that
to
the application of
be
held in abeyance
awaiting a -specified time when
royalties from the monopoly may
be expected to accrue?
Under the
present system the inventor is
toriously
no¬
helpless if his idea is
applicable to highly durable and
<
expensive
equipment
equipment,
for
manufacturers
(building
-
example).
or
The
of
users
such
equipment have only to bide their
time and take
the
patent
have
that
time,
often at undue
the
out.
economical
no
fore
the idea when
over
runs
They
can
for it be¬
use
and
will
buy it,
discounts, only for
of
purpose
preventing com¬
petitors from acquiring it against
the day when it can be econom¬
ically
applied—if
arrives before
displaced it.
patented
that
some
day
ever
other idea has
The development of
inventions,
particularly
by the inventor, is therefore seri¬
ously impaired because the*patent
period is unrelated to the
ics
innovation
of
econom¬
and
obsoles¬
The
cence.
corporation, inter¬
locked with banking directorates,
is thus in complete control of the
"credit" system by which inven¬
be effectively financed.
can
Anti-trust laws
are
no
remedy.
Conclusion
-
1
•
Theory without practice is fu¬
tile; but practice without theory
is
than futile.-
In the
com¬
plexities of modern life such
prac¬
worse
tice
rather
is
certain
to
be
un¬
scientific and confused. "A faulty
theory, widely taught, is
bear fruit in bad
An economic
sents
to
theory which pre¬
objective concept
really
a
sure
action."
not
at once obvious, par¬
to a public; seriously
appear
misinformed
ing
as
institutions
world.
,
For these
respects the,exist-,
of the financial
V
-J
it has seemed
reasons
to follow up the devel¬
of theory that has been
presented in the "Chronicle" (in
necessary
opment
articles
and
on
"A Theory of Interest"
and How Do Figures
"When
Lie?"), by indicating its specific
applicability to current arguments
in both politics and economics. To
straighten out1 the problems of
pricing in which Lord Keynes has
found a "haze where nothing is
clear and everything is possible"
so
a
haze in which communism is
obviously implied—some
caus¬
tic references to monetary aberra¬
tions have been necessary in
clar¬
ifying the underlying mathemat¬
ical problem of valuation in com¬
petitive enterprise.
t
Applying this theory to savings
private property, and to re¬
futing once and for all the whole
idea of cost as the basis of value,
is a matter of developing a sys¬
tem of accounting that is relatand
able, not to costs, but to
lative market.
the
face
of
a specu¬
This is difficult in
unstable
shown
confine
whole system of private property
is written off—which is humanly
tyranny
patent
be
ment
current - expense
basis,
speculative capital gains
losses,
the
not
ephemeral and economical at
same
time; the optimum in
durability of productive equip¬
The simple fact is that business
cannot
be
kept on a
re¬
the
still
profits.
should
accounts
purely
prevailed
ad¬
present 17-year time limit for its
be.
of
means
and
widespread disagreement and in¬
competence in monetary theory;
but the theory presented has been
and
nor
consistent
they
no
or
(and should
not) be granted a monopoly of
much value, in case of anything
but the most ephemeral gadgets,
those
cannot
the
as
Vlfhy not allow
a
economical
lucky
the
cost,
trenching the cost of maintenance?
—
/
the
by low
ticularly
taken
of
first
e.,
virtual abrogation of private pat¬
ents in favor of government li¬
by wearing longer. If they could
be
displaced only
by
degrees,
coopera¬
Speculative risks such
flimsy construction, i.
of interest and capital has a very
broad
applicability which does
should
re¬
only
encourage
ephemeral gadgets priced by
(specifically' • Senators
Kilgore,
Johnson, and Pepper in Senate
Bill No. 1297) who are proposing
tive is gaining capital, if any, are
veloping.
most
tions
the
monopoly
as
and
nence,
.
modern
patrons at
same
The
powers.
landed
'some degree de¬
the ability of the heirs to
tax
once
it
charges
by "returns" which cannot be
more
come, can and should do so within
may even have gains which, if it
does allocate them currently to
will
of(
having
confine this competi¬
idea to land patents?
Why not apply it to inventions?
tive
a
patrons,
autocratic
income and
allocate at competitive
it
mar¬
politically controlled
The Patent Period
it
Or, it
seems
autom¬
But why
i
value
prices.
a
then
on
keep its property ac¬
counts current, will find itself
suddenly involved in losses which
cannot
with the
freely competitive
inheritance
pend
comparable
monopolies, this
a
less
or
arbitrary
some
gal monopoly has not been well
considered in setting an arbitrary
capital values, and
later any cooperative,
or
by
method of
and
of assessment
The
on
sooner
Can¬
competitively
common
consistent
board
or
regulate the tim¬
scientific innovations in
revoked
taxes.
permanence
patent
the
income
avoidance
times when capital gains turn in¬
to capital losses. Those who are
may
of,
jackals
covered from the
there
and
other's
like
income, not among those patrons
who were assessed and as they
cept on the basis of caveat emptor
meet
each
property owned.
What the co¬
operative does is to divide such
current
they
quarreling
may
cooperative which does
acquire property, this attempt to
including
has
wages)
For the
who
result
organizer
rights!
other non-competitive im¬
position on the economy, should
have the blessing of the commut
and damned
overcut
found
at
the,
over
excessiye wages and. salaries,
small
unless
throats
any
nity;
(to
be
soon
commissions
ex¬
overcome
ducers
account¬
man, or any
in¬
on
clear from these
cations,
in
cooperative, or any cor¬
poration—chain stores. and mail
order nouses, for example-^that
can competitively by-pass "prof¬
com¬
there is
double-cross
ing called "patronage returns."
petitive bidding is not resorted to
ing
of
sort
were
bargaining"
productivity" whenever it begins
to show up in industrial
profits.
So the organizers of consumers
(to undercut prices)
and pro¬
Any
All this, of course, is quite aside
from the inflation of construction
financing the
well, too, that the cooperatives
have been put on the defensive
with respect to the whole idea of
attempting to camouflage profits,
that is, property incomes, by a
tenure
manage them.
union
or
"collective
in¬
making
the
amount
payable
dependent
upon competitive bidding. Within
the limitation that this might un¬
duly
restrict
incentives
unless
collector
whose
(See remarks
Voorhis, in Con¬
gressional Record, cited above.) It
that
be
may
valuations
ments, not of the tax collector
only,
but
also
of
the
wage-
of Hon. H. Jerry
owners, by
via
bank
possession
and
pay
enterprise
discarding the
would
tion income taxes.
of other
innovations
State
to
in
berra, Australia, is said to have
brought this principle to bear on
ket than is
possession
their dis¬
own,
the
implies that
right. of
titles
failure
atism of
non¬
tice" any more than similar dis¬
now
So
government
peace
the
profit (?) "cooperative" system of
disbursing income by price-cut¬
ting must therefore be viewed as
a
way
of avoiding the assess¬
possession could not be called
"contractual (commutative) jus-
they
dividual
more
a
winning
over of the Cooperative League to
advocacy of repeal of all tax ex¬
emptions favoring cooperatives,
along with repeal of all corpora¬
which
market.
of
and
resides in
avoid being a monopoly itself
and
engaging in the nefarious
business of taking the risks and
at¬
punged
needs
position
for
Incidentally, there can be no
"profit-sharing" with labor as a
productive factor, when the shar¬
the
the
ultimate
ital values is left to be ironed out
in Other individual or
corpora¬
tion
accounts.
The
cooperative
■
which must
That
in
war
the
can
be
Accounting Sophistries V
sorbed title to prewar capital with
their savings will clearly be dis¬
and, whatever may be
said against the "forced
saving"
by which the capital was formed
oasic
both
to
By renting, obviously, the
profi^-and-loss problem in cap¬
pay
should
turns and assessments that are
ap¬
plicable
penses.
ity than there is. ;
Pre¬
their prewar competi¬
robbing Peter to
Re-distribution
should be enabled
operators
recover
of
regardless
By
doles out of taxation (or infla¬
tion)?
How
could
justice
be
maintained—by whose independ¬
ent (?) judgment—in such a sys¬
tem of
prices
dis¬
on
competitively
only the cooperative that good old, reliable land tax is the
strictly non-proprietary, and sure way to tax the unearned and
all the land and equipment
readily payable incomes of those
it uses, can definitely evade this
whose holdings are presumably
problem in capital accounting and protected from
trespass by the
properly make "patronage" re¬ government the taxes sustain. This
incurred?
ob¬
war,
pensation mentioned above.
value
costs
less
com¬
operating
of
of
or
counted
been
rents
competitive rewards through con¬
sumption, not according to need,
nor
according to work (time em¬
ployed), but according to con¬
tribution's
try in accounting.
has
is
by
Paul?
pri¬
vately, not publicly, inspired and
enacted;
and
there
should
be
government steel
previously
be assured of fulfillment if not
need
—fair because its effect
Thus
(Continued from first page)
uneconomic imposition
solescence
on
prewar
an
does away with. In fact,
it eliminates them only
however,
by sophis¬
Autonomics and Economics
1377
the
specifically
case
of
money
applicable
fallacies
involved
to
in
cooperatives with their "patron¬
age returns," to problems of cur¬
rent interest in capital accounting
relative
to obsolescence, and
to
policy in patent law amendment
and in taxation of income.
Perhaps, in closing, we might
transpose the observation of Pareto, as to its interrogative and
affirmative, and say: Underneath
the
actual
prices
on
the
ex¬
changes, prices varying according
exigencies of time and place
and dependent upon an infinite
number of circumstances, there is
something—an order of objective,
physical values—which does have
constancy and is, in significant
degree, invariable. Could there be
any other possible solution of the
pricing problems which political
economy has failed to solve?
to the
hoarding, and assuring economic
Rationing of certain
stabilization.
Snyder Report on Reconveidon
;
has a vital share;
Labor
of
us.
so
has
management; so has agri¬
general public.
The government, as the represen¬
tative of all elements of the pub¬
lic,! will do its part to assist and
encourage this great co-operative
culture; so has the
prosperity.
We
already have gone some
distance toward shifting our re¬
sources to peacetime purposes.
In
the three months since the victory
in Europe many plants have been
released wholly or in part from
war
contracts.
Some peacetime
manufacure has already recom¬
menced.
Greater
reconversion
was not possible because the de¬
mands of total war in the Pacific
limited the number of plants, the
amount of
materials and man¬
effort toward
power that could be made avail¬
able for-civilian production,
Now
have
longer
no
we
any
major-war requirements to pre¬
vent our energies being directed
peacetime prosperity. The
toward
great challenge and
/moment of
in
week
a
tnem.
complete pro¬
gram.
There is no place in our
free economy for a maser blue-,
print which will rigidly prescribe
tempt to picture a
of the
road.
Nevertheless, careful plans
have been laid by various agen¬
each
at
move
cies
of
and months
we shall have many decisions to
make.
We cannot make millions
of
job shifts, cut off billions
radically
change the character of
output
without
our na¬
the
under
government
guidance and direction of the Of¬
fice
of
War
Mobilization
and
vealed
and
by
these
will
They
Reconversion.
be re¬
agencies
acts of
the nation pro¬
by the heads of
the subsequent
agencies as
ceeds to unwind its wartime econ¬
and to switch to peacetime
production.
The Office of War Mobilization
and Reconversion is determined to
omy
pursue
and vigorous
positive
a
to achieve peacetime pros¬
course
perity, just as it has in the win¬
ning of the war.
This interim
report sets forth the principles
that will guide us in the recon¬
The next few weeks
dollars in war contracts,
turn
every
:
Military
I.
Restrictions
on
others
portation regulations must con¬
tinue
temporarily.,
How
long
controls are continued depends on
how much and how quickly busi¬
expand its output.
ness can
Price
V.
For
and
Wage
be
demand
more
for many kinds of goods and serv¬
ices than business can supply.
As
long
materials and prod¬
as some
ucts remain seriously short, price
ceiling on those materials and
products must be maintained as a
barrier
against
controls,
also,
in
main
inflation.
Rent
continue.
must
While price and
rent ceilings re¬
force, wage stabilization
must 1 be
continued.
Wherever
price ceilings will not be endan¬
gered, collective bargaining will
be restored.
Wage and price in¬
will be allowed to correct
creases
sub-standard
scales,
pay
to
re¬
lieve
hardships
of
individual
workers
and
enterprises
and,
where necessary, to stimulate in¬
creased production.
VI.
Contracts
being
All military contracts are
immediately, except
those required for experimental
and development purposes and for
the maintenance and supply of
the armed forces.
The War De¬
terminated
enactments
needed.
These
include increased unemployment
compensation benefits, revision of
the
fair
labor
even
are
man
worse
There was a charge by
Senator, for example, that car¬
painted.
a
loads of stuff which
had sent
we
When he
hands.
investi¬
gated, it turned out that we had
one there to receive the ship¬
no
all.
at
ment
kill
even
All
seize
Russians
the
while, the
our
food
trains,
American
boys
guard¬
ing them.
.
_
When UNRRA
first up be¬
was
fore Congress, a potent argument
that
was
the
under
last
time.
Hoover
relief
the
footed
we
being
were
we
than
smarter
whole
bill.
the other nations
time,
contribute
their
It
share.
aren't
share
tionate
This
to
were
proportionate
out
that
they
/
turns
putting
much
Then,
set-up,
up their propor¬
in the first place,
when they
and
do put up any¬
it's with money they've
gotten from us.
But by being
"contributors" they are in on the
management.
When returning newspapermen
thing.
standards
on
Sept. 17 that the
$1,300,000,000 or there¬
abouts of 91-day Treasury bills
to be dated Sept. 20 and to mature
Dec. 20, 1945, which were offered
on
Sept. 14, were opened at the
announced
tenders of
F'ederal Reserve Bank on Sept.
17.
;The details of this issue are as
follows:
.
applied for, $2,093,607,000.
Total : accepted,
$1,306,649,000
(includes $54,560,000 entered on a
fixed price basis
at 99.905; and
accepted in full).
Average price, 99.905, equiva¬
lent
rate
of
discount / approxi¬
Total
mately 0.375%
annum.
per
competitive
Range of accepted
bids:
;
>
High, 99.910, equivalent rate of
discount
approximately
0.356%
per annum.
.
/.
.
Low, 99.905, equivalent rate of
discount
approximately
0.376%
annum.:
per
""
r
•'■fv';
,
(57% of the amount bid for at
the low price was accepted.)
There was a maturity of a sim¬
ilar
issue
of
bills
Sept. 20 in
on
the amount of $1,305,337,000
port Command in China, hear of
Program
speed reconversion
are
ditions
Secretary of the Treasury
The
who served with the Army Trans¬
Legislative
In order to
Bill Offering
(Continued from first page)
wrong
Controls
some
There will
Result of Treasury
g
into Rumania had fallen into the
period of time the
dangers of inflation will be with
us.
Washington
Ahead Of The News
Trans¬
\ and to mitigate the extremes of
hardship
during
the
transition
period a number of legislative
,
.
while.
a
will be lifted immediately.
But we
taking the first steps toward
Tnis report makes no at¬
are
version.
opportunity is here.
of
month.
a
or
for
From
Thursday, September 20, 1945
commodities must continue
scarce
(Continued from page 1370)
ment.
Strikes must be held to a peace and order but so that once
more they can take their place as
minimum,
1
/
suppliers and customers in a pros¬
A Test For America
perous world economy.
Our goals will not be reached
This task will be a test for all
i
CHRONICLE
THE COMMERCIAL & FINANCIAL
1378
act
to
my UNRRA friend's plight, they
shout with glee and say: "Wait
until you hear what went on in
China." They tell glibly of inci¬
dents whereby we were flying
thousands and thousands of auto¬
tires
mobile
hump
the
at
the
across
of
cost
Burma
American
Ethiopia-France Pact
Under
of
date
Sept.
8
United
Press advices from Addis Abbaba
(Ethiopia), published in the New
"Times"
York
Ethi¬
"The
said:
opian Foreign Affairs office an¬
nounced today,that an agreement
had been reached with France set¬
lives, and they would no sooner
increase minimum wages, tax pro¬
meeting
tling differences between the two
be
landed than they would be
gram to stimulate production and
many unexpected situations.
Our
countries on the exact demarca¬
seized
by a provincial governor tion
basic policies are set.
of the border between Ethi¬
Our strat¬ partment is taking immediate ac¬ to maintain markets, appropria¬
tion to cut its procurement of tions for the planning and execu¬ and turned to his own use, even
egic objectives are clear. We must
opia and French Somaliland.
to
the
point
of
aircraft,
artillery,
ammunition tion of public works, adequate
putting them on ox
be prepared, however, to change
"The
communique
also
an¬
and other weapons by 94 to 100%.
and adjust our tactics to meet new
appropriations
for
the
United carts, and inflating them with nounced the signing of an agree¬
sand instead of "air./
The largest
continuing
item
in
States
Employment Service and
problems and take advantage of
ment providing for negotiations on
But on the post-war home front
opportunities as they arise, v-rjf ^ Army procurement will be in retention of this service under
the
French-Ethiopian
railroad
tional
food
',
The Reconversion Team
To assure that the government
can
move
with the
maximum
freedom
and effectiveness,
the
Office
of
War
Mobilization is
working closely, day by day, with
the war and reconversion agen-
'*
cut
this will be
and
fast
as
permit.
will
demobilization
as
Federal
Demobilization
II.
'
v
Demobilization from the armed
will
services
at
return
least
The fall and winter program
7,-
Salle
been
announced
by Miss Flor¬
Meves, President. The mem¬
which
Army is demobilizing at the rate
ence
of
bership
whole.
our economy as a
v
to
prepare for recon¬
have continued these
and
plan
I
version.
meetings regularly and, in addi¬
170,000 a month.
Within sev¬
months, the rate is expected
reach 500,000.
The Army will
eral
to
demobilize
the
on
same
basis
as
first
those
service
and greatest number of depend¬
ents.
The
Navy plans to de¬
releasing
formerly,
with longest combat
men
mobilize
of
some
its
personnel,
Both the
tion,
almost
version
Army and the Navy will continue
have established a recon¬
working
committee
of
deputies from the executive agen¬
cies to insure that the full efforts
of the
a
government are thrown, as
team, into this important task.
I
do
minimize
not
ahead, but I
The
outcome.
have
am
overcome
is
It
war.
should not
the
task
confident of the
American people
the problems of
unthinkable
overcome
the
that
we
problems
of the peace.
period we
shall experience sharp unemploy¬
sult
This is
of
men
a
the inevitable
and
released from
armed
war
services
women
work
faster
re¬
being
and
than
the
it
is
possible for business to re-employ
them.
But
not
going back to
long periods of mass unemploy¬
ment.
Labor is determined, busi¬
ness men are determined, farmers
are
determined, the man in the
are
we
street and his government are de¬
termined
that we shall put our
productive capacity to work pro¬
ducing goods and services for
peace.
And we shall need these
goods, for we have a pent-up de¬
together
our
home
at
mand
and
will tax
abroad
for
some
that
time
None of
our
economic
planning
complete without spe¬
recognition of the urgent
requirements
assist these countries to
on
their
feet, not only to
has
consists of women * em¬
ployed in financial organizations,
and the
officers
are:
Florence M.
Meves,
President, A. G. Becker
Co, Inc.; Laura M. Reinebach,
&
Vice-President,
H.
E.
Rollins &
Sons Inc.; Florence Page, Record¬
ing Secretary; Security Super¬
visors, Inc; Elizabeth Norse, Cor¬
responding
Secretary, Sheridan,
Farwell & Morrison, Inc.; Madge
Burns, Treasurer, Hornblower &
Weeks.
clared.
timely subjects. The
program for the regular meetings
schedules the following speakers
of note in finance and general
those
replace
of
The Congress will
III. Unemployment and Manpower
controls
All
are
be
to
pulsory
over
manpower
removed and the
48-hour
com¬
week
ended at
The United States Employ¬
ment Service will devote
its best
efforts to finding jobs for dis¬
placed workers and veterans and
luncheon
tivities
will
ment compensation.
timated at
1,100,000 persons.
This
being
"between
persons
jobs."
This total of unemployment is ex¬
pected to rise to 5,000,000 or more
within
three
months; perhaps to
8,000,000 before next spring, as
those released from war jobs are
joined by large numbers of
discharged
ices.
Many
find
unemployed
jobs within a few
of
new
weeks—others
tended
men
|rom the armed serv¬
will
face
the
ex¬
ac¬
discussion
Brownlee Leaves OPA
Administrator
Chester
Controls
to
get back
preserve
Many production and distribu¬
tion
once.
controls
will be
removed
at
Only those will rertiain in
force which
are
essential
for
ex¬
pediting
production,
breaking
bottlenecks, preventing inventory
win.
to
to
bring
right in
Jibuti
from
that
think
and
many,
the
Addis
to
road
could
Abbaba
be
so
operated
Just
be
must
few weeks ago they
a
were
down
here
skies
about
the
shouting to the
tremendous
un¬
employment problem that was developing. Oil the radio the calam¬
ity howlers made so much noise
that a reaction against them set
in. Now, these same elements are
adding to that unemployment. It
is a study in human nature.
To oversimplify a
lem,
there
who
serious prob¬
observers
many
are
believe
the
automobile and
steel management,
while not seek¬
ing this situation, are nevertheless
of
the
mind
blessing in
the
that
might
be
a
Throughout
disguise.
their
war.
it
plants
have been
loaded up with riff-raff and mal¬
contents. The union has been in¬
sisting
that
they
established
now
may
employees
are
The
seniority.
prove
a
to
way
Certainly, if they
the veterans will
in increasing num¬
get rid of them.
are
prolonged,
Administration, has resigned and
be available
will be replaced by Jerome M.
bers.
They have the talents and
Ney, formerly
director of the
Consumer Goods Price Division, the energy which these manufac¬
want.
And
they
aren't
with Geoffrey Baker, formerly di¬ turers
likely, when they want jobs, to
rector of the Food Price Division,
be
held
back by
union, picket
as Associate
Deputy Administra¬
lines.
tor for Price.
Mr. Brownlee's resignation,
forced because of ill health, came
as
a
serious
blow
to
OPA,
the
reported
The
fact
inescapable,
is
however,, that the disturbance
holding up reconversion.
There
is
a
hysteria
automobile
labor
Washington, Sept. 4, partic¬
ularly since he played an active
have
rent
part in reconversion pricing, now
getting under way. Since his ap¬
pointment in 1943 he has played a
major part in shaping OPA pol¬
icies
and participated in
OPAindustry meetings affecting nu¬
ization has been held
of
Commerce"
merous
industries.
Ends Nurse Recruiting
even
automobile
the
steel labor leaders
crazy.
strikes
tor for Price of the Office of Price
are
that
now
F.
Brownlee, Deputy Administra¬
There
professed "friends" of labor, who
Bowles has announced that James
"Journal
IV. Production and Distribution
sordid, and
clamor
the
without prejudice to concessions
pattern of post-World War I.
previously granted.
Then, in the period of readjust¬
"The settlement of the border
ment, the railway shopmen went
mainly involved the Afambo dis¬
on strike, which at least accentu¬
trict; where the Italians,, during
ated the depression of '21 and '22.
the occupation of Ethiopia, had
Now, the labor leaders in the built roads on territory the French
automobile
industry are calling
claimed was theirs. The railroad
strikes and moving in that direc¬
previously had been run by the
tion in the steel industry.
In the British
Military Administration, >
case
of the railway shopmen's
strike, the workers had no chance
of
the
periods without jobs.
include
new
on
Price
es¬
represents the total without jobs
on
a
given day, many of them
meetings,
Mr Phil Hanna, Chicago
"Daily News"; Miss Alva Lowrey,
interior decorator; K. H. Tseng,
Chinese
consul;
Dr.
Melchior
Palyi, consulting economist.
■
Unemployment currently is
,
regular dinner
business:
assisting claimants for unemploy¬
will
'
In addition to the
and
groups
be
minimum
reduced basis, some
Women
from
"heeds of the liberated areas. We
must play our part in supplying
the
on a
Street
longer
decide
on peacetime draft policies when
the "cessation of hostilities" is de¬
to
men
service.
capacity to produce.
would
cial
draft,
once.
We know that for
ment.
to
immediately.
of
La
pulling into close alignment
My
predecessors,
Secretary
Byrnes and Secretary Vinson, in¬
augurated
meetings
with
the
heads of the various war agencies
in order to formulate policies and
from
the
decisions
affect
the picture is just as
aside
Fall & Winter Program of
La Salle Street Women
the
actions
in¬
the boys home, following
and
and
the
during
Navy reductions wlil be smaller
and more gradual.
000,000 men to civilian life within
the next year.
At present, the
clarifying procedures
is
It
cies.
control
terim of transition.
been
by
throughout the war.
the Government.
of
"maintenance
among
leaders.
is
the
They
factionalism
Their organ¬
together by
Now the period
of
union"
de¬
is
President
Trumcn
has
to end the program
for the train¬
ing of nurses by the United States
Public Health Service, with im¬
discontinuance
mediate
according
the
to
to
New
special
a
dispatch
"Times"
York
from
Washington, Sept. 8:
"It appears that it will not be
necessary or in the public interest
this
for
courses
initiate
to
continue
to
training
after
program
Oct. 15, 1945, for the purpose of
assuring a supply of nurses for
the Armed/Services, governmental
civilian
and
health
hospitals^
agencies and war industries.
therefore
T
request
terminate the recruitment
you to
of stu¬
graduate nurses imme¬
diately and to see to it that no
students are enrolled in courses
and
dent
which begin
after Oct. 15, 1945."
another color now.
bile
The automo¬
industry is facing a tremen¬
in
personnel.
The
going back to Okla¬
homa. The AFL and John Lewis'
District 50 are looking for mem¬
dous
shift
"oakies"
are
the new crowd. The
unable to iron out
jealousies, can't think of
anything except to create more
chaos. The situation is moving so
fast that they can't say how many
members they have.
They speak
bers
among
CIO
leaders,
their
of
boycotts.
Unemployed workers
can't effectively boycott
It
is
the
anybody.
old
question of when a
or a
dictator is in trouble,
start
a
But
come
out of the melee.
going to be a horse of
re¬
the President stated,
two years ago,
"leader"
it. is
of
cruiting of student and graduate
nurses.
Regarding the ending of
the training program which began
coming to an end. These
have
abundantly supported the
labor leaders in their factionalism.
crees
ordered
Surgeon General Thomas Parran
war.
No telling what will
Volume 162'
Number 4422
THE COMMERCIAL &
FINANCIAL CHRONICLE
1375
Steel"
Operations Increased - Order Volume
Moody's Bond Prices And Bond Yield Averages Tax Problem Group
Moody's computed
prices and bond yield
Slightly Lower - Most Deliveries Extended
in
following table.
Set Up by Business
slightly lower than
-
bond
the
given
"With
order
deliveries
volume
most
on
dustry this week
products extended
able
was
week
a
steel
advance
to
into
•
v
(Based
1345—
U.S.
Daily
result
may
in
heavy
so
Bonds
Sept. 18
drain upon
workers' savings that
expected post-war consumer
the
buying
bubble
somewhat
least.
in
be "deflated
may
the
beginning at
Z': ."••Vv
management-labor
■
"Current
conditions have all the
of
knock-down
a
and the
action of
adopting
tude
in
in
uncompromising atti¬
an
their
demand
for
30%
a
means
last
a
fight to obtain the equiva¬
lent of
wartime pay
a
peacetime week.
"Some
;
fight
unions
most
increase, "apparently
ditch
earmarks
dragout
have
for d 40-hr.
'
-
:
way, it was said, will
be found to get around
to
the paradoxical Government policy
announced recently that no wage
increases
could
be
to result in
were
The brunt
of this
ment
rests
most
of the
since
and
are
"While the automobile industry
to
feel the
be
first
CIO
ant
the
destined
one
effects
drive
of
the
to
mili-
which has dictated the union auto¬
conditions encom¬
other CIQ affiliates
wage
all
passes
;
f
"Steel
companies,
have before
■
-
which
the. OPA
*
now
request
a
for higher steel prices in-order to
offset the expected losses because
of
contract
war
cancellations
tween
a squeeze play be¬
union demands
and
the
Government policy that no wages
increased
be
may
should
ago,
month ago,
an$ 1,714,300 tons one
week
year ago.
requires
if such
action
higher
selling
prices.
"Lower net prices to steel con¬
'VS.....J-V.
^;r,•
of the iron and steel
as
follows: "Steel backlogs are in¬
creasing rapidly, with schedules in
some
lines, especially light flat
products, becoming almost as ex¬
tended as they were before the
end of the
in. mill schedules, even in prod¬
ucts most in
demand, as cancella¬
tions and readjustments continue.
general deliveries
March.
are
quoting
Some
some
are
instances
February
carbon
bar
and
duction.
centers,
are
will
sellers
Merchant pipe, shapes and
some
wire
spccialtiesv among others,
also reflect the strong upsurge in
civilian buying.
,
"Position of some mills
A tug of war has developed be¬
tween WPB officials and the lead
industry
whether lead
as to
should be
trol
relaxed
con¬
tight¬
ened. The industry is questioning
the need of maintaining a stock¬
pile approaching 70,000 tons now
that the
is over.
war
or
On the other
hand
WPB
some
foreign supplies would
claims that
a
loss* of
re¬
119.61"
116.02
120.84
118.80
116.02
108.70
112.19
116.22
119.61
ratings, representing urgent civil¬
ian needs, have been issued and
there is increasing confidence that
December.
to
offer before
Structural
activity is
increasing materially, with fabri¬
practically forced to choose
tonnage for figuring because of
shortage of estimators and drafts¬
cators
men.
Practical capacity of shape
mills
is
thorities
such
a
surplus
to
estimated
by
at
5,400,000
annually,
about
compared
some
115.82
108.52
112.19
116.22
119.61
108.34
112.19
116.02
119.41
116.02
108.52
112.19
116.02
119.61
IO
122.06
8
122.09
115.82
120.63
119.00
116.02
108.52
112.37
116.02
119.61
;116.02
120.63
119.20
116.22
108.52
112.37
116.02
119.61
122.09
116.02
eZZIIZZI
120.63
119.20
116.22
108.52
112.37
116.02
119.61
122.09
116.02
120.84
119.20
116.02
108.52
5____
112.56
116.02
119.61
122.09
116.02
120.84
119.20
116.22
108.52
112.56
116.02
119.61
122.07
116.02
120.63
119.00
116.22
108.52
112.56
116.02
119.61
with
au¬
about
pre¬
stated
a
few
weeks
ago
when it
120.84
115.82
108.16
112.93
115.63
119.00
119.41
116.02
108.34
112.93
115.63
119.41
Alvord
122.89
116.22
121.04
119.61
116.22
108.34
113.31
115.63
119:61
122.92
116.02
121.04
119.41
Chamber
116.02
108.16
112.93
115.63
119161
120.84
119.00
115.82
120.63
119.00
116.02
108.16
112.56
115.63
119.41
121.91
115.82
120.84
119.00
116.22
108.16
112.56
115.82
119.41
10—
3
122.14
116.02
121.04
119.20
116.02
108.34
112.93
115.82
122.36
119.41
115.82
120.84
122.93
decided to withdraw from the list
of potential operators.
According
the
to
contract
poration
may
the
for
and
soon
be
original
a
the
90
plant
producers and all plants. This will
down
since
be
called
days after the
end of hostilities."
The
American
Institute
on
Sept.
Iron
17
stainless steel prod¬
the
the
commitment
shutdown
on
ucts, now covering practically all
RFC
closed
ing points
cor¬
between
and
Steel
announced
of
in effect
stainless
except
a
reduction
steel
those
in
from
the
in
all
price
mills
Pittsburgh
district, which formerly
only basing point."
Tt-
116.22
119.20
116.02
119.20
108.52
112.56
108.16
116.0&
112.93
119.41
115.82
119.00
was
the
of
the
of
United
Commerce,
Humphreys
Jr.
of
States
H.
E.
National
the
116.02
121.04
119.20
116.02
108.16
112.93
115.43
119.41
122.97
115.82
120.84
119.20
115.82
107,80
15
112.75
115.43
119.20
122.97
115.82
120.84
119.20
115.82
107.80
115.43
119.41
Gordon Wasson of the Committee
8
122.81
115.63
120.84
119.00
115.63
107.62
112.37
115.24
119.41
on
122.23
115.43
120.63
119.00
115.43
107.44
112.37
114.85
119.20
122.29
115.43
120.63
118.80
115.43
107.44
112.19
114.85
119.20
_
»
122.38
tfar. 31.
112.75
115.24
120.84
118.40
115.04
107.09
112.19
114.27
119.20
122.01
114.85
121.04
118,40
114.85
106.04
111.25
114.27
119.20
121.92
114.66
120.02
118.60
114:46
106.04
110.52
114.08
119.41
Association
of
Manufacturers, R.
Economic
Development,
Beardsley
Ruml and James C.
Willson of the National Planning
Association,
John
American Retail
Byler
of
the
23—_
/an.
26———
120.83
113.89
119.41
118.00
113.70
105.17
109.24
113.89
118.60
wart N. Clarkson of the Manufac¬
1945—
123.05
116.22
121.04
119.61
116:22
108.70
113.31
116.22
119.61
turing Trade Groups, Charles* C.
Fichtner
High
Low
i
1945
120.55
Sept. I8i 1944
113.50
118.80
117.80
113.31
104.48
108 52
113.70
118.20
-
119.42
112.56
118.80
117.20
112.19
103.13
106.74*
114.27
117.20
-
120.55
110.88
119.00
116.41
111.07
98.73
103.13
113.70
116.61
2 Years Ago
Sept. 18, 1943
(Based
1945—
U. S.
Daily
Bonds
Sept. 18—
1.65-
17___,
,'.;V
:
1.65
14__„
1.66
13
•
1.66
'
2.62
v
2.85
2.61
2.85
2.61
/
■
A
2.86
3.06
2.85
3.25
3.06
2.85
2.85
3.24
3.05
2.84
2.71
2.85
3.24
3.05
2.84
2.61
2.86
2.61
2.71
2.62
"2.70
10
1.66
2.86;
2.62
?; 2.70
2.85
2.62
2.69
2.84
•
-
-
5
4
^
1.65
2.85
1.65
2.85
'
;
2.70
2.62
H
1.65
2.85
2.61
ft
1.65
2.85
2.61
1.65
2.85
2.62
1——
Stock Exchange Closed
3:
Stock
—|
Aug. 31
.:24——
17
O
—
10
3
Exchange Closed
1.65
2.85 V
2.61
1.67
2.86
2.62
1.67
2.86
2.61
1.65
2.85
2.60
2.86-
3.25
2.85
2.69i;
3.05
3.26
2.85
;
/
1
;
I:,'
2.67
affect
3.25
3.04
2.85
2.84
3.25
2.85
3.25
3.03
2.85
2.67
2.84
3.25
3.03
2.85
2.67
2.70
2.84
3.25
3.03
2.85
2.67
3.04
2.85
2.84
3.25
2.70
2.85
3.27
3.03
2.87
2.70
2.84
3.27
3.03
2.86
2.69
2.85
3.01
2.86
2.68
3.01
2.86
2.70
3.01
2.87
2.70
3.03
3.26
2.85
3.27
3 27
20—
1.60
2.85
2.60
2.68
2.85
3.26
3.01
2.87
13——
1.60
2.84
2.60
2.67
2.84
3.26
2.99
fk, 2.87
'H'/.;; <L——
1.60
2.85
2.60
2.68
1.59
2.86
8
1.60
;" 1—
1.64
continues:
as
active in the study
are
taxation
"especially
business
of
it may
as
and
progress."
industrial
'..V..,:'Z.
■
Associate members shall consist
a limited number of individuals
2.85
3.27
3 01
3.27
:3.01
2.69
2.86
3.29
3.02
2.61
2.69
2.86
3.29
3.02
2.87
2.61
2.70
2.87
3.30
2.88
2.62*
2.70
2.88
3.31
2.68
,v
2.68
2.68
2.68
2.67
•
2.87
2.67
2.88
helpful additions at the
of the conference."
only officers shall be the
executive committee, consisting of
six representatives elected by a
majority of the regular members
at a meeting called for the pur¬
pose.";;;
'■•■■■
2.68
The
charter
2.88
2.69
2.88
2.68
of
3.04
2.89
2.68
such, times
3.04
2.91
2.69
Z
meetings
The
also
states
that
meetings shall be held at the call
the
executive
and
committee
places
it
as
at
may
designate. None but regular mem¬
bers,
alternates
and 1 associate
2.88
2.62
2.71
2.88
3.31
3.05
2.91
2.69
1.63
2.89
2.61
2.73
2.90
3.33
3.05
2.94
2.69
members may attend the
2.91
2.60
2.73
2.91
3.39
3.10
2.94
2.69
except when others
2.92
2.65
2.72
2.93
3.39
3.14
2.95
2.68
when deemed to be helpful to the
Mar. 31
1.66
23
1.69
Jan.
26
High 1945
—
1945
Low
}
1.77
2.96
2.68
1.80-
2.98
2.71
2.75
r
•
2.76
2.97
3.44
3.21
2.90-
2.72
meeting.
2.99
3.48
3.25
2.97
2.74
and
2.67
its charter also
Sept. 18.
2.84
2.60
2.67
2.84
3.24
2.99
2.84
3.03
2.71
2.79
3.05
3.56
3.35
2.94
2.79
own
1.30
3.12
2.70
2.83
3.11
3.83
3.56
2.97
2.82
from $309,000 in
*These prices are computed from average yields on the basis of one
"typical" bond
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.
coupon,
tThe latest
complete list of bonds used in computing these indexes
1943, page 202.
was
published
In the issue of Jan. 14,
Business
failures
r
in
*
August
lower in number and amount
liabilities
July
and
involved
lower
in
than
in
number
$1,166,000
Tuesday, Sept. 11, 1945—
Wednesday, Sept. 12———W
Thursday, Sept. 13——
—
Friday, Sept. 14——1—
Saturday Sept. 15———
Monday,
Sept.
17——,
Tuesday,
Sept.
18—,——
—
weeks ago, Sept. 4—
Month
Aug. 18
Sept. 18, 1944
Dec. 31—
Low,
Nov.
1—
255.8
255.7
255.8
255.8
as
ing $3,659,000 liabilities and 77
involving $1,054,000 in August a
states, each mem¬
being expected to defray his(expenses.
All groups, except
the manufac¬
turing group, which had more
failures in August than in July
and the wholesale group, which
had the same number, have fewer
failures in August than in July.
the amount of liabilities is
only
the
commercial
service group
had more liabilities
involved in August than in July.
Manufacturing failures in Au¬
gust were up to 21 from 19 in July
but liabilities involved
to
$595,000
August numbered 8, with $186,liabilities, which compares
with 9 in July with $1,135,000 lia¬
bilities. Commercial service fail¬
in August
were
down
from
$1,-
in
ures
August
When
into
is
the
Federal
found
more
Reserve
July, but liabilities involved
down
to
in
Districts
tricts
had
than
gust
amount
of
fewer
in
Cleveland
and
Districts
had
August than in
had
the
failures
July.
liabilities
considered it is
as
in
divided
same
number while the remaining dis¬
245.7
were
is
July, the Minneapolis and Dallas
and
258.0
the
failures
Philadelphia,
252.1
country
Reserve
665,000 in July. Wholesale failures
——
5
Reserve Districts, it
that
Atlanta
in August
same
to
July, but liabilities in¬
volved were up to $217,000 in Au¬
gust from $82,000 in July.
254.4
numbered 5, the
down
were
from 9 in
249.2
High, June 12
down
In the construction group failures
in
—
Low, Jan. 24
were
$133,000 liabilities from
30 with $468,000 liabilities in
July.
—
253.9
July. Retail trade
insolvencies in August
to 17 with
"VZ:'/.v
year ago.
254.7
ago,
Year ago,
255.2
255.5
255.7
liabilities
compared with 72 in July involv¬
considered
1944 High,
dues,
no
the conference,
000
Business Failures in August Bradstreet, Inc., totaled 56 and in¬
volved
were
meetings,
authorized
Ago
Sept. 18, 1943_
(3%%
are
There will be
funds for
1.59
ber
1944_
2 Years
no
1.83
1 Year Ago
1945
f
report
1,64"
Feb.
Two
Elec¬
27
May 25.——
\pr.
2.85
2.69
?
2.61
;
Edison
elected by the executive commit¬
tee "who it considers would be
2.86
15—-
2.67
;
2.83
2.60
of the
"Times"
2.67
2.69
S
Soaff
of
2.85
2.69
2.85
Foundation,
zations
3.04
2.69
2.86
Tax
2.68
3.25
2 61
1.60
the
2.67
2.67
i
2.61
1.59
of
2.67
2.67
2.85
2.86
22
Business
Maxwell
Regular members will be con¬
fined to persons responsibly asso¬
ciated with such national organi¬
2.67
2.85
2.86 "
June 29
The
3.05
1.64
—
Luz
2.67
/
2.84
3.05
i
3.25
1.64
July 27
Small
trical Institute.
Indus.
2.69
2.70
'J;
P.U.
2.86
2.86
7—
R. R.
2.71
2.86
.
3.24
2.71
1.66
'
Corporate by Groups*
Baa
7,;
2.71
1.66
"
I
2.86
i
Aa
2.63
11——
12—
;
Aaa
2.86
1.65
.
is-,:——
Corporate by Ratings*
rate*
the
Committee,
McDowell of the Associated State
Chambers of Commerce, Hurley,
L.
old R.
V;.
I Avge.
Corpo¬
Govt.
images
Individual Closing Prices)
on
Federation, Ste-*
Thomas J. Green of the American
Institute of Accountants and Har¬
MOODY'S BOND YIELD AVERAGES
(
of
Advisory
When
bas¬
to
121.04
'116.02
121.91
17—
develop¬
new
tion
116.02
122.09
24__
Moody's Daily
ment is establishment of
post-war,
presenta¬
Congress, special advices
from Washington to the New York;
"Times" stated on Sept. 10.
i
programs on
tax revision before their
115.82
Exchange Closed
Exchange Closed
,
"An important market
monizing
122.39
Stock
'
.
time years.
problems has been established by
major
business
and
planning
groups for the purpose of har¬
122.80
Stock
1—_—
4pr. 27
of
4,600,000 tons when civilian
house
-
revenue
The charter of the new organi¬
zation, plans for which were be¬
gun last June, was completed re¬
cently, setting out the purposes
for frequent exchanges of views
on fiscal and tax
problems in all
their phases, particularly in their
relationship to business activity,
welfare and employment.
Spon¬
sors of the charter, according to*
the
"Times," include: Ellsworth
5::::::;
—
internal
on
feb.
tons
balance
washed its hands of the plant and
will
not reconsider
its position
119.61
116:02
but
war: demand was
at its height.
uncontrolled demand.
higher in amount than in August
Present estimated
capacity would a year ago. Business insolvencies
"Despite an invitation from RFC
in August, according to Dun &
be at 450;009 ton?
to rebid on Geneva Steel's
per month, well
plant
near
Utah for private post-war in excess of
production in war
operation, the United States Steel years and also of the better
peace¬
Corp.
is
understood
to
have
quire
116.02
119.00
"
yards, and general opinion is that
a relatively smalt
tonnage of this
character will come but Few CC
have little
;.
119.61
116.22
112.00
119.00
May 25
because of MM tonnage. Most of
this was booked originally under
CMP ratings, especially for ship¬
was
„
116.02
112.19
121.98
108.70
118.80
.
a
established.
112.00
108.70
115.82
clearing
permanent
22_
•
tighter
This
it
108.52
118.02
8—_—
is
action
when
it year tonnage still
may be ob¬
said, will represent tained for late November and De¬
a fundamental
change in the bas¬ cember, in cold-drawn as well as
ing point system in the steel in¬ hot-rolled.
dustry and follow somewhat the
"Shape schedules are extending
pattern begun in 1938 when a mul¬
to
the
point where some pro¬
titude of new basing points were
ducers
comes,
115.82.
118.80
118.80
120.84
June 29-
out of the market for this year.
few of completely eliminated by assur¬
the results which
ultimately ances from Washington that such
follow the steel industry's move will not be the case and that CC
now underway toward more and rating will be used only in indi¬
more
basing points. Many steel vidual cases in breaking special
products made at locations which bottlenecks, and only as a last re¬
are not now a basing point for sort.
such items will, in the future, be
"While some sellers of carbon
based at or near the point of pro¬ bars are
practically sold for the
,
118.80
120.84
in¬
sumers
near
point of steel pro¬
duction, possible decentralization
of industries, rougher competition these will be used sparingly. Con¬
among
steelmakers and selling cern in some quarters that pos¬
disadvantages to steel producers sibly entire industries might be
far removed from dense manu¬ put on such a rating has been
facturing
120.63
116.02
1 Year Ago
several months away, some sheet
.
120.43
115.82
120.63
6
war.
"Some early .gaps are appearing
producers
115.82
121.98
120.84
mar¬
Sept. 17 stated in part
on
121.97
121.97
115.82
13——
"Steel" of Clevland, in its sum¬
Indus
115.82
20_______
■:
P. U.
115.82
July 27—_____
•
Corporate by Groups*
R. R.
B*a
122.00
Aug. 31_
and castings,
A
122.03
__
"
one
1,470,800 tons one
1,280,300
tons J one
are
being caught in
to
creasingly tight, in
which is the United Steel
Workers of America, which is to
meet with steel companies soon
on the request for a $2 a
day in-
compared
But in
among
-'crease.
69.9%
ago,
•
Aa
122.00
:
month
ago and 95.3% one year ago. The
current
rate
represents an in¬
crease of 2.9
points or 3.6% over
the preceding week.
The oper¬
ating rate for the week beginning
Sept. 17 is equivalent to 1,523,900
for
higher wages,
the steql industry may not be far
behind. The same general policy
mobile
week
Aaa
13_______
11
industry will be1 83.2% of
capacity for the week beginning
Sept. 17, compared with; 80.3%
one
_—
'
Corporate by Ratings*
rate*
'
A
conference
Average Yields)
12
the
kets
expected to ignore it.
seems
of
peculiar state¬
unions have
__
14
operating rate of steel companies
having 94% of the steel capacity
mary
industry,
upon
that telegraphic reports which it
had received indicated that the
given if they
price increase.
a
17
H'O 15
tons of steel ingots
-!
;
'
•
a*
on
Avge.
Corpo-
Govt.
iverages
•
.
come
MOODY'S BOND PRICESf
v
ingot rate three points
to 83.5% of
capacity, states "The Iron Age" in its issue of today
(Sept. 20), which further adds:
'
V
"
: >
"The epidemic of strikes in progress this week with more to
are
*
but with
1946, the steel in¬
ago,
its
averages
seen
in
Au¬
When
the
involved
is
that only the
Richmond,
Atlanta
Chicago Reserve Districts had
more
liabilities
involved
$35,000 in< August gust than in July.
in
Au-i
J
«<-
Thursday, September 20, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
1380
General MacArthur also said: in
:
Finished Steel Shipments
by Subsidiaries of
United States Steel Corporation Off in August
Price Index Remains
,
the like
compared with 14,130,864 net tons in
net tons,
period of 1944, a decrease of 1,064,731 net tons.
The following tabulation gives shipments by subsidiaries of
United States Steel Corp. monthly from the beginning of 1940 (fig¬
in net tons):
ures
1943
1,569,115
1,685,993
1,562,488
1,755,772
1,691,592
1,869,642
1,874,795
1,772,397
1,722,845
1,797,987
1,756,797
1,630,828
1,776,934
1,706,543
1.758.894
1,834,127
1,602,883
1,737,769
1,552,663
1,774,068
1,608,994
1,754.525
1,743,485
1.660,762
1,704,289
1,765,749
1,788,650
1,733,602
1,664,577
1,703,570
1,774,969
1,794,968
1,743,753
1,660,594
February
March
—
_____
May
June
July
—L
1,332,180
August
September
«.
-1,767,600
1,719,624
mos.
21,150,788
adjust.__
*98,609
20,244,830
*97,214
21,064,157
;
*449,020
November
__—_
December
Total
by
Yearly
1.738.893
1,616,587
1.780,938
1,787,501
1,665,545
1,849,635
October
1940
1941
1942
1944
1,730,787
January
April
^'■■'s.W-v■i""' v-\->/-"V-:?
?'/"'r/'//V:
;
1945
1,682,454
1,145,592
1,548,451
1,720,366
1,009,256
1,687,674
907,904
931,905
1,084,057
1,745,295
1,668,637
'
1,209,684
place last week.
The textiles index showed a small advance
cipally because of higher prices for yarn,
Another drop in the
prin¬
lower.
All
took the fuels index fractionally
1,296,887
1,455,604
tations for
1,624,186
1,846,036
1.392,838
1,572,408
1,425,352
1,544,623
During the week 5 price series in the index
vanced; in the preceding week 7 declined and
20,458,937
*42,333
14,976,110
;37,639
1,666,667
1,753,665
1,664,227
1,851,279
kerosene
second
remained unchanged.
declined and 7 ad¬
8 advanced; in the
week 8 declined and 3 advanced.
preceding
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
:
Compiled by The National
•Decrease.
^
currently reported during the year 1945, are sub«
Jfete—The monthly shipments as
Ject
Week
Week
Sep. 15,
Sep. 8;
£ach Group
1
Group
3ears to the
;
'
25.3
v/,,..:
__
and
Fats
w
-
Oils--
—.
Cottonseed Oil
Weekly Coal and Coke Production Statistics
Cotton
,
ended
Sept. 8,
Mines,
was
1945;
.
9,850,000 net tons, a decrease of 2,410,000 net tons from
last
This loss
year..
due to the observance of the Labor
was
The total
Day Holiday, no cars of coal being loaded on Sept. 3, 1945.
1945,
of 289,000
•Indexes
Sept. 16,
anthracite for the week ended Sept.
decrease of 222,000 tons, or
a
shows
decrease of 16.6%
a
hive
in
coke
showed
19.6%.- The calendar year to date
mated
the week ended
for
States
the
week
ended
Sept. 8, 1945
tons when compared with the output for
Sept. 1, 1945; and was 22,900 tons less than for the
tin
Net
Bituminous coal <fc
lignite:
_
_
•Revised.
tSubject
ESTIMATED
to
1945
1945
9,850,000
tl,970,000
Total, including mine fuel
PRODUCTION
•Total incl. coll. fuel
2,032,000
tAverage based
tCommercial produc.
TRPPFI IVP pnlfP
United
total
States
•Includes
washery
ESTIMATED
'
88,000
<
tExcludes
operations.
collliery
WEEKLY
and
and
State
are
'
~
''r
and
1945
OF
'■
shipped
by
sources
or
of final
annual
BITUMINOUS
~
42,989,000
33,411,000
COAL
AND
/
Alaska
Arkansas and Oklahoma
Colorado
126.1
118.3
118.3
119.9
104.8
104.8
104.8
104.5
139.8
139.8
' 141.7
138.7
118.3
119.9
119.9
1945, 108.9, and
light and
Montana (bitum. &
4,329,605
4,291,750
0.9
New Mexico
'
North & South Dakota (lignite).;
Ohio__
Pennsylvania (bituminous)
Tennessee
Texas (bituminous & lignite)
Utah
_ZZZI_
1,702,501
1,723,428
4,358,277
4,325,417
0.8
4,120,038
1,456,961
4,353,351
4,327,359
0.6
4,110,793
1,341,730
1,592,075
7
3,978,426
3,940,854
1.0
1,415,704
July
14
4,295,254
4,377,152
1.9
3,919,398
4,184,143
1,433,903
July
21___
4,384,547
4,380,930
0.1
4,196,357 ?
1,440,386
1,711,625
1,727,225
1,732,031
1.0
-
2,000
104,000
28,000
29,000
35,000
36,000
33,000
46,000
821,000
824,000
'627,000
2,980,000
2,777,000
2,638,000
144,000
140,000
141,000
363,000
377,000
28,000
22,000
30,000
tWest Virginia—Southern.
2,054,000
2,100,000
IWest Virginia—Northern.
1,193,000
1,161.000
190,000
176,000
2,162,000
1,116,000
'*
.ni l«nflUd^ °/e^at!oni on
N- & W- c- & ° « Virginian; K. & M.; B.
thf
1
r*! ; " Kanawha, Mason, and Clay counties. jRest of State,
d
'°d TUC'£" counMe••
4,116.049
4,137,313
—_
Sept. 15—
4,418,298
i
4,226,705
1,426,986
0.7
4,240,638
1,415,122
1,724,728
1,729,667
0.5
4,287,827
1,431,910
1,733,110
—11.5
4,264,824
1,436,440
1,750,056
6.8
4,322,195
4.350.511
1,464,700
6.3
1,761,594
1,674,588
7.5
4,229,262
1,476,442
1,806,259
6.6
4.358.512
1,792,131
•
1,490,863
1,499,459
-
1,505,216
1,819,276
—
—
4,414,735
3,909,408
4,227,900
4,106,187
4,394,839
Sept. 22_„
4,377,339
Sept. 29
4,365,907
com¬
pulsion."
.
'
-
'
MacArthur
\
—•
—
4,359,610
4,359,003
;
1,423,977
Occupies Tokyo
A ten-minute flag raising ceremony gave
preme Commander will issue ap
propriate orders to Army and
commanders, indicating the
action to be taken to secure obe¬
dience,"
statement
general's
the
/
:
required to obey all orders is¬
sued by General MacArthur vi
their own Government they wil
be "completely free from all un
warranted interference with thei
individual
and
liberty
propert
rights."
To Issue 3-Cent
Army Stamp
Sept.
on
13
that
th
3-cent denomination Army stam
Armed
the
the
Series wil
Forces
through the Washing
printed by th
design will consist of a pro
of
United
States
troop
under the Arc de Tri
omphe in Paris with an escort "o
six large bombers overhead.
I
small squares in each of the up
corners
per
arms
of
will be the
the United
coat o
De
States.
nomination numerals enclosed i
circles will occupy
correspondin
positions in the lower corners. Th
Post Office advices add:
■
Stamp collectors desiring first
cancellations
day
of
the, 3-cen
Army stamp may send a limite
number of addressed envelopes
with
of 10, to the Post
Washington, 13,; D. C.
cash, money order, or posta
note
remittance to cover the cos
not in
excess
master,
of the stamps to
1,777,854
be affixed.
Post
and personal check
be accepted in payment
age
stamps
will
not
sure
placed in each envelope and th
flap either sealed or turned in
Orders for first-day covers to th
glory as a symbol of hope for oppressed and as a harbinger
of victory for the right."
' V
The
following
day
General sary; a wireless to the New York
MacArthur
issued
a
statement "Times" from Tokyo in stating
Postmaster^ Washington 13, D. C.
must not include
in its full
including the Emperor, but would
permit the Japanese .to govern
themselves
under
tives and would
Allied
direcr
employ troops to
enforce his orders only if neces¬
this
Sept. 9, continued:
, >
Simultaneously in orders to all
on
under his command he instructed
the troops to respect
properly addressed. An enclo
of medium weight should h
be
:
recognition to the oc¬
cupation of Tokyo by General MacArthur on Sept. 8.' Standing on
grounds, the General ordered, according
to the Associated Press report of that date:
„
' ;
"Have our country's flag unfurled and in Tokyo's sun let it wave
11,684 000
C. &G.;
including
will
be
the United States Embassy
making it clear that he was over
the entire Japanese Government,
Includes Arizona
-
"If necessary, however, the Su¬
Covers should be of ordinary let
ter size and each envelope mus
172,000
1.
'*
12,200,000
-
Aug. 25
41,000
2,000
-
July 28—
339,000
90,000
-
instructions without further
963,000
v
-
3,000
-
and
149,000
75,000
Total bituminous & lignite.—12,260,000
-
July
8
47,000
/
1,381,452
June 30
June 23
1
355,000
1,699,227
1,440,541
Sept.
137.000
Ud
1,441,532
4,098,401
Sept.
128.000
{Other Western States
1,689,925
4,040,376
1.4
,".V.
2,000
Wyoming
1,435,471
1.5
146,000
1,000
—____Z._ZZZ.ZZZZ
1.4
4,264,600
4,287,251
4,451,076
1,000
.
4,144,490
4,327,028
4,348,413
3,939,195
10S.OOO
Virgin ia
4,203,502
9
18—
530.000
.
2___.
Aug.
1,423,000
1,705,460
1,615,085
June
5,000
*
1929
1,698,942
1,704,426
June 16
367,000
85,000
over
June
6,000
38,000
1932
1943
May 26
6,000
436,000
1944
May 19
4.415,368
1,036,000
(Thousands of EGlowatt-Hours;
authorized
40,000
necessary
passing
1,425,151
4,399,433
39,000
6.8
%
3,992,250
3,990,040
3,925,893
4,390,762
405.000
6.3
3.1
\
"Su¬
ton, D. C., post office on Sept. 28
:
4,245,678
!
the
all
peror
The stamp will be
% Change
4,395,337
998,000
year./
4,377,221
<■
issue
rotary process in khaki color, an
6.1
2,473,900
136,000
will
be released
■
5.9
1,435,731
553,000
.
FOR RECENT WEEKS
Week Ended—
4,432,304
125,000
1.4
,
7.5
6.6
4,434,841
;
1.1
1,436,928
"Sept. 2,
'
3.7
2.7
3.6
7.9
4
103,000
*1.5
3,969,161
1,488,000
lignite)
2.8
11
39,000
Michigan
1.3
'
*0.6
3.2
13.7
3,903,723
542,000
__
Rocky Mountain.
PacHie Coast——-i———
11.9
———
—
Aug.
-140,000
Maryland.—
4.1
Central Industrial—
West Central
Aug.
\
measured
that
instructions to the Japanese Em¬
of
6.5
6.5
3.5
12.2
1.5
1,437,000
Kentucky—Eastern
Kentucky—Western
Southern States.——————-
3.7
—.
Aug. 25
Sept. 1
Sept. 8
11.0
•
1944
■
Indiana—
Sept. 15
—
3.9
1945
was
Commander for the Allied
nounced
Week Ended—
—
.
393,000
129,000
Kansas and Missouri
YEAR
4,238,375
.
Illinois
Washington.
134.3
104.2
125.8
118.3
119.9
4,302,381
Aug. 25, *
/
100.000
_;
.
Georgia and North Carolina
J
411,000
1945
asserting
154.0
4,233,756
operators.)
Sept. 1—;
nevertheless
tone,
153.8
125.8
153.8
4,397,330
-Week Ended-
Alabama
General MacArthur's announce¬
ment
129.9
132.8
157.1
108.9
May: 5__—_—May 12
LIGNITE
An
paper,
or
Imperial: Government
every
opportunity will be
given to the, Government and the
130.1 ■'
Japanese people to carry out such
132.2
1944
IN NET TONS
from the
one
212.2
158.8
163.4
134.5
133.9
156.7
108.9
1945
based
returns
r
*0.3
DATA
1937
35,169 000
from
in
the "Nip¬
pon Times," asserted today that
"if we are going to have a mili¬
tary government we would rather
have our own military." *
129.7
132.8
157.3
7.2
13.6
*2.2
4.0
"• Sept. 11,
1944
truck
ment" rather than surrender.
editorial
cession
44,780,000
"5,180,500
4,111,700
Japanese press talked of "agree¬
214.6
157.7
158;1
in its current weekly report, esti¬
♦Increase over similar week In previous
on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
are
•
Total United States—
Sept. 9,
,
j
uncensored
the
167.4
-
tSubject to revision. ' {Revised.
STATES,
weekly estimates
coal
U
England
Calendar Year to Date
Sept. 8,
-
110,900
coal
fuel.
COKE
-
PRODUCTION
BY
(The current
•
97,400
dredge
and
••
ments
1,149,000
"
■
>
days.
*
-
1,130,000 ' 37,325,000
1,085,000
35,834,000
1,197,000
872,000
:* "•}
1944
*
working
ANTHRACITE AND
?—
-
5
on
Net Tons)
1945
908,000
1944
435.756,000
1,913,000
{Sept. 1, ;; Sept. 9,
1945
1945
403,386,000
2,036,000
Week Ended
t8ept. 8,
New
10,994.000
(In
Penn. antharcite—
2
1944
speech.
as
,
Postmaster Albert Goldman an
t;
t
Middle Atlantic—.—
Sept. 9,
2,043,000
PENNSYLVANIA
OF
tSept. 8,
12,260,000
adjustment
current
-Jan. 1 to Date-
9,:
Sept.
issued
added.
Major Geographical Divisions-
•Sepfc. I,
an¬
by the
General MacArthur's statement
was
in 1944.
Tons)
Week Ended-
wanted,
164.3
1945, 108,9; Sept. 8,
Sept. 15,
his
help to
government
mentioned
not
in
Premier
Powers
PERCENTAGE DECREASE UNDER SAME WEEK LAST
Sept. 8,
average
were:
of
Japanese
fact
preme
production of electricity by the electric
the
ESTIMATED UNITED STATES PRODUCTION OF BITUMINOUS COAL AND LIGNITE
Daily
base
1926-1928
on
that
corresponding week of 1944.
■
other
145.1
163.1
161.8
202.4
156.2
157.2
industry of the United States for the week ended Sept. 15,
1945, was approximately 4,106,187,000 kwh., which compares with
4,394,839,000 kwh. in the corresponding week a year ago and 3,909,408,000 kwh. in the week ended Sept. 8, 1945.
The output for the
week ended Sept. 15, 1945 was 6.6% below that for the same week
reported that the estimated production of bee¬
United
the
that
form
the
141.8
power
the
decide
145.0
162.4
1944, 108.0.
The Edison Electric Institute,
when compared with the corresponding
decrease of 9,400
a
sized that elections would
While the Japanese people
period of 1944.
The Bureau also
Commander for the Allied
could give orders to the
Emperor. v /
: >:*,
1 >
General MacArthur also empha^
Powers
144.9
Week Ended Sept. 15,1945
6.6% BelowThat for Same Week Last Year
compared with the output in the corresponding week of 1944 there
was
*
sur¬
preme
145.2
163.1
-
in the
Premier did
The
not mention the fact that the Su¬
142.0
153.8
125.8
the control of
with
interfered
145.2
163.1
164.4
214.5
159.2
157.8
Electric Output for
When
(24.1%) from the preceding week.
tons
been
render articles.
141.8
;
-
t
on
was
in
;
their
Naruhiko
corps
estimated by the Bureau of Mines, was 908,000 tons, a
as
Ago
Aug. 18, Sep. 16,
and
issued after Prince
Higashi-Kuni, the Pre¬
mier, had told the Diet that the
Emperor's prerogatives had not
Japan
1944
103.9
Machinery
His statement
1945
Metals
Alt groups
100.0
756,000 tons produced during the period from Jan. 1 to Sept. 9, 1944.
decrease
-
Fertilizers
403,386,000 net tons, a decrease of 7.4% when compared with the 435,-
8,
Commodities
Year
Ago
Nations
United
representatives/'
194*
Building Materials
Chemicals and Drugs
Fertilizer Materials
Farm
production of soft coal from Jan. 1 to Sept. 8, 1945 is estimated at
Production of Pennsylvania
—
,
Textiles
preceding week and 1,144,000 tons less than in the corresponding
week
:
.
Miscellaneous
10.8
the
-
-
Livestock
estimated by the United States Bureau of
as
—;
Grains
production of bituminous coal and lignite in the week
The total
Products
Farm
Month
the
in
1945
Total Index
reflecting annual tonnage reconciliations.
adjustment
to
i
Latest Preceding
^
i:
Fertilizer Association
1935-1939=100*
15,013,749
20,416,604
20,615,137
20,147,616
21.052,179
on
policy that the
^population
would
be
in such "a way "as - to de¬
velop respect for and confidence
quo¬
included in the index
other groups
'
Total
statement
treated
commodity price index compiled by The
National Fertilizer Association and made public on Sept. 17, re¬
mained unchanged at 139.8 for the week ended Sept. 15, 1945, the
same as for the preceding week.
A month ago the index stood at
141.7 which was the highest point of the index and. which it had
reached for two previous weeks.
A year ago the index was 138.7.
£11 these indexes are based on the 1935-1939 average as 100. The
Associations report went on to say:
Two of the composite groups of the index declined and two
advanced during the latest week.
Most of the price changes during
the week moved in a narrow range and they were mixed in three
of the four groups that showed price changes.
The farm products
group moved up fractionally.
The small declines in the cotton and
livestock subgroups were a little more than offset by the advance
in the grains subgroup.
Wheat and rye quotations advanced moder¬
ately.
Prices for lambs and fluid milk were higher while prices
for poultry and eggs were lower.
The foods index declined for
the fourth consecutive week with only a fractional decline taking
August, 1942,
'
\
For the 27 working days in August, the average was 49.340 net
tons, against 61,884 net tons for 26 days in July, and 64,574 net tons
for 27 days in August a year ago.
-1 •
'
Deliveries for the eight months ended August 31, last, totaled
13,066,133
Unchanged
The weekly wholesale
the United
tons, com¬
pared with 1,608,994 net tons in July, 1,743,485 net tons in August
last year, 1,704,289 net tons in the like month of 1943 and 1,788,650
.
his
civilian
Shipments of finished steel products by subsidiaries of
States Steel Corp. in August amounted to 1,332,180 net
net tons in
National Fertilizer Association Commodity/
t
the property
rights of the Japanese and to act
without unnecessary violence: or
undue oppression.
cancelled
;
:
requests for
stamps.://
-
un
f
>
For the benefit of collectors de
siring stamps of selected
for
qualit
philatelic use the Army stam
the Philateli
will be available at
Agency, Post Office Departmen
Washington 25, D.
on and afte
Sept. 28, -1945.
The Philateli
Agency.does not service first-da
covers.
-
^Volume 162
Number 4422
THE COMMERCIAL & FINANCIAL CHRONICLE
Wholesale Prices Declined 0.2% in Week Ended
Civil
September 8 Labor Department Reports
"Farm Products and
Foods
;
Civil engineering
_
States
presented;
Engineering Construction $60,389,000
for Week Ending Sept. 13
-
"Continuing price declines for agricultural commodities reduced
the Bureau of Labor Statistics' index of commodity prices in pri¬
mary markets 0.2% during the week ended Sept. 8," it was indi¬
cated on Sept. 13 by the U. S.-Department of Labor, which stated that
/'at 105.0% of the 1926 average the index was 0.7% below mid-August
and 1.4% above the .corresponding week of last year."
The Depart¬
ment-further. reported:--"," ,•'/
•'•<
...
1381
construction
volume
in
continental
United
totals
$60,389,000 for the week, the second-highest weekly
"Engineering News-Record." The total
is 42% higher than in the
corresponding 1944 week, is 62% above the
previous four-week moving
average, and exceeds the $30,761,000
the holiday-shortened preceding week.
rec;0,.
public
Sept. 13 continued
on
as
follows:
*'•-•»
■
?
•
The report made
V..
: .v.
j
—
,
"Food
Foods
dropped 0.4% on the average as the lower egg
than offset increases for fresh fruits and vegetables.
1.7% below a month ago and 1.2% above the correspond¬
prices
more
were
y-:;"-''.
'
ing week of 1944.
Commodities
"Other
yy
Textile products rose 0.3%
—
during the
week, reflecting higher OPA ceilings for carded cotton yarns required
by the Bankhead Amendment to the Stabilization Extension Act of
1944.
Similar price advances occurred for sheets and pillow cases.
•Fuel and lighting materials declined 0.2% with the withdrawal of
ceiling increases granted early in the war for petroleum products on
the eastern seaboard to cover higher transportation costs. Declin¬
during the past week in response to the continuing low
level of demand, mercury quotations have dropped from a high of
ing 18%
year to $100 per 76 pound flask.
The group index
commodities other, than farm products and foods was 0.2%
for all
$173 this
a
above early September, 1944."
month ago and 1.3%
its report:
('y
•
.
Department also included the following notation in
Labor
The
above
...
Note—During the period of rapid changes caused by price con-
fools, materials allocation, and rationing, the Bureau of Labor Statisitcs will attempt promptly to report changing prices. The indexes
revision
The
required by later and
as
;!*
;■
'
".J..
'•
•/.•../,
s
,
'
•
v.
..
7
(
;'•
/•■;+-:;
■.•/ y:yy (xy26
-yyy.
'
—
loo)
:
All commodities
narm
products
8-25
8-11
9-9
9-9
8-11
9-1
118.0
118.2
117.3
116.0
0
+ 0.6
0
+
0.1
+ 0.4
lousefurnishing goods——.,
iscellaneous commodities
106.3
+ 0.1
+
0.1
+ 0.2
0
+ 1.4
-
95.3
95.3
95.2
94.9
106.2
106.2
106.2
106.1
94.6
94.6
94.6
93.3
95.3
0
+
0.1
+ 1.8
0.3
+
0.3
+ 1.2
—0.2
+
0.1
+ 1.8
0
+ 1.0
+
+ 1.7
"
94.6
0
—0.4
—2.0
95.7
95.4
95.4
95.3
94.1
+ 0.3
+ 0.4
102.0
102.1
102.1
102.0
101.1
—0.1
0
+ 0.1
+ 1.2
0
+ 0.2
+ 1.3
115.3
115.8
116.9
117.7
112.8
+ 2.2
1.7
+
+ 0.9
11 commodities other than farm
100.8
100.8
100.8
100.7
99.6
100.1
100.1
100.1
99.9
98.8
other than farm
CHANGES
IN
7
0.2
———
0.1
—- -
1.9
Petroleum
products-
0.5
1.1
0.6
Grains
——
Bituminous coal -iv+i-—-----
0.3
and
poultry.Other farm products
and
Non-ferrous metals
on
0.1
0.1
Latest Summary of
f
Copper Statistics
Sept. 11 released the following statistics
rtaining to production, deliveries and stocks of
duty-free
copper.
REPORTED BY MEMBERS OP THE CQPPER
"INSTITUTE
V;7
-:f-.-v
'
7'.' :■ ' <-• -
COPPER STATISTICS
■
.
(In Tons of 2,000 Pounds)
1 Refined
Deliveries
1939—
ear
1940—r
ear
1941—
ear
1942—
ear
1943—
ear
1944—
836,074
992,293
1,016,996
1,152,344
1,194,699
1945—
1,056,180
579,797
73,754
to., 1945—
67,496
Mos., 1945
Refined
1945-
76,537
Pr-»
.1945-
74,392
ay,
1945-
74,469
une,
1945-
uly,
1945-
72,271
72,855
ug.
1945-
68,023
•Mine or smelter
tDomestio
Stock Increase (+)
Stocks
to Customers
Production
Crude
the
that
Export
818,289 1 ,>814,407
134,152
1,033,710
1,001,886
48,537
1,065,667
1,545,541' - i ; 307
1,135,708
1,635,236. I
1,206,871
1,643,677
1,098,788
1,636,295
591,325
1,106,823
67,726 >
145,904
69,950
172,585
76,395
218,488
75,436
161,111
85,319
139,203
74,377
94,031
72,995
88,661
69,127
86,840
~
part,
as
follows:
market.
End of
159,485
or
;
Decreases
§ Blister
Period
-
—41,417
75,564
65,309
—48,671
—42,608
80,316
—11,528
57,142
+
—
76,166
80,316
67,208
—
—
10,255
—
13,188
+
14,659
13,536
7,065
+
6,028
2,454
—
2,573
142
5,281
3,592
2,106
6,897
140
5,428
1,104
4,150
+
—
70,738
16,713
1,044
—10,850
51,861
55,453
63,841
—130.270
—
+16,636
—12,172
66,780
59,715
(—)
Refined
+47,785
142,772
52,121
—
—
—
holi¬
in
August to 86,840 tons, which
with 88,661 tons in July,
the Copper Institute reported.
8,388
Current
for
demand
of
includes. deliveries
1941,
•
•••
j
duty
paid, foreign
•
consignment and In exchange warehouses, but
plants or warehouses.
JComputed J»y difference between mine and refined production.
on
not
including
Note—statistics for the month of July,
1945, have been revised.
,
,
1
.
week
was
with
the
result
that
stocks
52.000
52.000
52.000
52.000
Sept.
8———
Sept., 10——
NOV;
'
52.000
52:000
,52.000
52,000
52.000
Sept.
11—52.000
52.000
52.000
sept.
12——
52.000; 52.000
52.000.
-
Chinese,
52.000
99% tin, continued
or
at 51.125c. per
pound.
:
Quicksilver
:
<
Transactions in quicksilver dur¬
ing the last week were few and
Sales covering mod¬
erate quantities were placed at
prices ranging from $98 to $101
per flask, the inside figure being
$12 per- flask below the preceding
week's
quotation,
Offerings of
far between.
small
even
lots
sufficed
to
de¬
the price, Mexican quick¬
for shipment could have
been
purchased at around $95.
Spanish metal was not pressed
for sale, and domestic producers
press
silver
in the San Francisco market were
"not quoting." y
WPB.
Demand
for
lead
from
Stock
battery makers and the cable in¬
dustry
continues
active.
Lead
for
tempering gasoline also is
moving freely. With the trans¬
portation situation improving,
even in Mexico,
the problem of
moving lead to the plants of con¬
has
sumers
Sales
eased
of
lead
the
market for the week
Production
At
a
included
July
197,058
64,753
183,137
2.089
*65,830
2,124
Domestic
————.
48,136
51,803
'
Export
Total
-
shipments
Unfilled orders
—.—
Stock at end-;—
domestic
171
106
48,307
9,211
51,909
16,656
213,504
>197,058
that ended
Tin
ian tin-concentrate contracts have
been
signed, covering the period
1, 1945, to June 30, 1946.
The contracts were closed on substockpiling, stantially the same basis as first
of July
.
was
avail¬
able here, and some observers felt
ture if
holders,cared to sell.
This,
of course, would be limited to
foreign metal stored in this coun¬
try. J
VV-'
•
Silverr/;/ ■,/
Clarification of the price
situ¬
foreign silver did not
come
through during the last
week, and the market remains
highly nervous. Demand for for¬
eign metal was substantial, but
offerings continued light.
Thp New. York Official held at
44%c. on foreign silver, and 70%c.
ation
on
in
domestic.
was
The London market
unchanged at 25 %d.
Freight Traffic Volume
Deer. 12.2% in August
The volume of freight traffic,
by class I railroads in
August, 1945, measured in ton-
handled
miles of
revenue freight, amounted
56,600,000,000 ton-miles, acicording to a preliminary estimate
based on reports received from the
railroads by the Association of
to
American Railroads.
under
August; 1944,
Revenue
The decrease
was
ton-miles
of
12.2%.
service
performed by class I railroads in
the first eight months of 1945 was
2.7% under 1944, and Jgss than 1%
greater than the corresponding pe¬
riod two years ago.
However,
compared with 1939 the 1945 total
was almost 2% times as much.
The following table summarizes
ton-miles for the first
eight months of
(,000 omitted):
1945
and
1944
4
%'
FEA announced that the Boliv¬
;
inquired
buyers
revenue
•Corrected.
meeting of ,the Zinc Indus¬
discussed
daily rate-
Aug.
Shipments:
Sept. 12 amounted to 6,269 tons.
Zinc
beginning-.-;—
Production,
appreciably.
in
at
European
re¬
copper
try Advisory Committee, held in
Washington on Sept. 11, subjects
onsumers' stocks at their
last
ported by the American Zinc In¬
points to actual consumption of stitute increased to 213,504 tons.
close to 100,000 tons a month for
Shipments in August totaled 48,both September and October, most 367
tons, against 51,909 tons in
trade authorities believe.
There July and the high for the year
were no price developments here
of 94,494 tons in March.
The high
or abroad.
/,/
/
rate of shipments in March re¬
flected feverish activity by WPB
///Lead
/•
Limitations on the use of lead to step up production of brass
and other war materials, and was
are holding down consumption to
around 60,000 tons a month.
The not accepted in the industry as a
question of how much lead will realistic figure on consumption.
be released to the white-lead pro¬
The zinc statistics for July and
ducers in the fourth-quarter pe¬ August, in tons, are summarized
riod has not yet been settled by as follows:
for
copper
Demand
quiet.'
'
i-v/;;' *
1
' '
'
Production of slab zinc in the
United States during August ex¬
ceeded shipments by 16,446 tons,
days reduced deliveries of copper
-
refineries
to
higher ceiling
price is imminent.
Quicksilver
again declined sharply, falling be¬
low $100 per flask."
The publi¬
cation further went on to say, in
a
production or shipments, and custom intake including scrap.
tBeginning March,
omestic consumption.
XAt
holding
observers
most
view
compares
777
Decreases
Livestock
*
with
Copper
0.8 Furnishings —
0.8 Dairy products
———
of purchases of for¬
and zinc concentrates
With zinc no longer
under WPB control, and current
production well in excess of im¬
mediate requirements, tension
over the price situation is increas¬
ing. Most producers take the stand
that zinc under prevailing con¬
ditions is far from free, and* un¬
til policy is fixed in Washington
on the points raised at the meet¬
ing, no one wants to disturb the
eign zinc
by FEA.
There were no
foreign silver,
Cutbacks and the V-J Day
Other foods
Free Copper
less
expected.
developments in
or
Increases
—
termination
succeeding quarter.
Both
and zinc deliveries dropped
during August, which was more
copper
FROM
INDEXES
SUBGROUP
but under tne terms^>
agreed upon the settlement basis treatment of Government-owned
will
be
lowered
concentrates
on
moderately in zinc
toll, - and
1, 1945 TO SEPT. 8, 1945
777;7;7
v
52.000
7—52.000
each
118.0
Duty
Oct.
6
Sept.
+ 1.2
luildirig materialsiii._l—
Chemicals and allied products—
U. S.
Sept.
Sept.
that at current quotations export
business might come into the pic¬
0
:
■/.'./■■■V/
;V>:'
+ 1.7
103.8
'-<J
,
—3.1
104.8
:
that the tin smelter at
is
operating,
and
the
not been
damaged. This is interpreted iri
tin
circles
as
pointing to
an
earlier easing of the supply situ¬
ation than expected.
The price situation here remains
unchanged. Straits quality tin for
shipment, in cents per pound, was
nominally as follows: /:•■>
Penang
—1.7
104.8
OP
stating
smelter at Singapore has
—0.4
104.8
IY
im¬
—0.6
104.8
Institute
of
ah unofficial report
was
122.2
83.8
The Copper
portance
128.3
126.7
85.2
77;7.
been
1946.
Another. development
125.1
85.3
vegetables
have
for
124.3
85.5
and
contracts
States, and discussions are on for
an extension of this arrangement
whether bonded metal
85.3
ruits
agreed io sell one-half of
its 1945 production to the United
renewed,
98.2
Cotton goods
*
Patino
1944
103.9
SEPT.
Bolivian producers.
Officials of FEA revealed that
+1.4
116.5
PERCENTAGE
Co., acting for FEA; the
: Government;
and the
1945
99.1
commodities
Bolivian
—0.7
106.9
products and foods—
mercial
1945
118.5
*-——
original agreement.
The Bolivian contracts were
signed by the United States Com¬
—0.2
99.1
materials
previous
1944
106.6
[anufactured products—
the
103.6
118.5
emimanufactured articles
tin
Bolivian
signed
1945
99.1
.w
The
who
ers
agreement obtained new contracts.
Patino did not participate in the
105.7
105.5
products
<
puel and lighting materials——
Petals and metal products——,
foreign contracts, stockpiling, and premium prices yet to be settled,
producers of major non-ferrous metals do not feel that the markets
Consequently, nothing is being done
have been freed from control, v
situation.
quarter 62c.; then 60%c.
1945
1945
118.6
products—r—
Textile
Markets," in its issue of Sept. 13,
"With important questions of policy covering termination.of
the
the
inthe following quarter; and 58%c.
in the final quarter. All produc¬
next
105.2 * 105.5
93.4
—
lides and leather
ar.,
Metals—Capper Deliveries Off in
August—Bolivian Tin Contracts Renened
disturb
per
105.0
105.1
118.6
i>OOdS
an.,
in waterworks, sewerage,;
bridges, industrial and com¬
buildings. V Subtotals for the week in each class of construc¬
tion are: waterworks, $2,708,000; sewerage, $1,005,000;
bridges, $570,000; industrial buildings, $13,882,000; commercial building and largescale private housing, $24,000,000; public buildings, $4,949,000; earth¬
work and drainage, $1,102,000; streets and roads, $5,538,000, and
unclassified construction, $6,635,000.
y:
yA:New capital for construction purposes for the week totals $2,164,000, and is made up entirely of state and municipal bond sales.
The week's new financing brings 1945 volume to $1,610,846,000, a
total 0.5% above the $1,605,576,000 reported for the 37-week 1944
period.
V
;
are
"E. & M. J. Metal and Mineral
quarter
to
1945
GroUps—
Commodity
'9-1
8,1945 from-+
' Sept.
,
g.g
7 ','
,
Percentage changes to
'
.
ear
week
mercial
stated:
1945
.;'
-
'
'
'
.
.
,aw
In the classified construction
groups, all classes of work except
earthwork and drainage report increases over their respective totals
for the holiday-shortened
Gains over the 1944
preceding week.
r y-'■
,,v. +.
WHOLESALE PRICES FOR WEEK ENDED SEPT. 8,
ki■
—
State and Municipal.
Federal
following tables show (1) indexes for the past three weeks
mbgroup indexes from Sept. 1, 1945 to Sept. 8, 1945.
.
Public Construction
Aug. 11, 1945 and Sept. 9, 1944, and (2) percentage changes in
for
Construction
Non-Ferross
complete reports.
more
S.
Sep. 13,1945 Sep. 6,1945 Sep. 14,1944
(five days)
(four days)
(five days)
$60,389,000
$30,761,000
$42,470,000
40,140,000
18,275,000
1 6,993,000"
20,249,000
12,486,000
35,477,000
11,287,000
6,371,000
8,041,000
8,962,000
6,115,000
27,436,000
such adjustment
must be considered as preliminary and subject to
and
Total U,
Private Construction
first
.
^
prices
;
agreed upon is 63 ^c.
pound' of tin contained; in
Average market prices of farm t /
c°ns.t£l?£tion' :^le ^Shest reported since the: week ;of;
products decreased 0.6% because of lower prices for livestock, grains June 3, 1943, is 476% above a year ago as a result of the increased
and eggs.
This represents the sixth consecutive weekly decline in volume of industrial and commercial buildings. Public " work, how- the group index. : Quotations for calves, cows, steers and sheep were ever, is 43 % below the 1944 week.
Federal construction is down
lower due to seasonally heavy marketings.
Hogs continued to sell at 67% compared with last year and is responsible for the decrease in
public
volume
as state and
municipal construction is 40% higher
ceiling levels beeause of heavy demand and low supplies. Con¬
than a year ago.:-v,
;
V'v: •,, ;
■
■ -T:
itrary to the usual seasonal trend, egg prices declined more than 6 %
primarily because of reduced military purchases. / Among the grains, o^+Sje.current week's construction brings 1945 volume to $1,352*oats and wheat were lower in price, while rye and barley were 249,000 for the 37 weeks, a 2% increase over the $1,329,481,000 re¬
higher.
There were sharp price advances for lemons and oranges ported for the 1944 period. Private construction, $452,326,000, is 61%
and seasonal declines for apples, white potatoes and sweetpotatoes. /above last year, but public construction, $899,923,000, is down 14%.
to the 24% drop in Federal work.
State and municipal volume,
Cotton quotations rose on unfavorable crop reports and expectations
of increased export* and domestic demand.
>
/' k.
/ " /
Since mid-August the $236,538,000* is 32% above a year1 ^go. '
Civil engineering construction volumes for the current
week, the
group index has decreased 3.1% to a level 1.7% above early Sep¬
short
preceding week, and the 1944 week are: *
tember .a year ago.* H:v/'V/'/
.'S/#::^y "
:
In. the
(July-September)/the settlement
basis
1st
6
mos—
1945
1944
Decrease
364,927,555 368,565,480
1.0
Mo.
of
July *60,500,000
MO.
Of
Aug. 156,600,000
62,539,667
3.3
64,459,523 12.2
Total 8 toos. 482,027,555 495,564,670
2.7
•Revised estimate. "(Preliminary estimate.
X
Daily Average Crude Oil Production for Week
Ended Sept. 8, 1945 Declined 357,100 Barrels
-
American. Petroleum Institute.
per* day below the figure for the corre¬
year, and 54,500 barrels less than the daily
transactions
for
odd-riot
account
of all odd-lot dealers and special¬
ists who handled odd lots
figures.
barrels
sponding week of last
exchanges in the week ended Aug. 25, continuing
being published weekly by the Commis¬
Short sales are shown separatedy from other sales in these
series of current figures
sion.
week, according to estimates -by the
This was also 171,000
showing the daily volume of stock
members of these
a
decline of 357,100 barrels per
barrels daily, a
Trading
1
The
Securities
and - Exchange
Commission made public on Sept.
Commission
made
public
on
5 figures showing the volume of total round-lot stock sales on the
Sept. 12 a summary for the week
New York Stock Exchange and the New York Curb Exchange and
ended
Sept. 1 of complete figures
the volume of round-lot stock transactions for the account of all
oil production down to 4,518,400
day from the preceding
brought the nation's crude
poses
NYSE Odd-Lot
New York Exchanges
oil
The Securities and Exchange
demand for oil products for military pur¬
sharp decline in the
A
Trading
Thursday, September 20, 1945
CHRONICLE
THE COMMERCIAL & FINANCIAL
the
on
York-Stock Exchange, con¬
New
Trading -on the Stock Exchange for the account of members
(except odd-Jot dealers) during the week ended Aug. 25 (in roundlot transactions) totaled 2,068,4X7 shares, which amount was 16.75%
of the total transactions on the Exchange of 6,176,730 shares.
This
w
tinuing
series of current figures
a
being published by the Commis¬
the Petroleum Administration for
sion. The figures are hased upon
War for the month of September, 1945.
Daily output for the four
reports filed with the Commis¬
compares with member trading during the week ended Aug. 18 -of
jweeks ended Sept. 8, 1945 averaged 4,804,800 barrels. >1
sion by the odd-loir dealers and
1,057*857 shares, or 15.74% of the total trading of 6,176,730 shares.
f
Production in Texas during the week ended Sept. 8,1945 declined On the New York Curb
specialists.
-X v- - X-:XKf ^^• >
Exchange, member trading during the week
figure recommended by
average
-
'
■
of 1,889,500 barrels
'
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,640,000 barrels of crude oil daily and produced 14,853,000
barrels of gasoline; 1,667,000 barrels of kerosine; 4,478,000 barrels of
distillate fuel ,and 8,240,000 barrels of residual fuel oil during the
week ended Sept. 8, 1945; and had in storage at the end of that week
333,800 barrels to a daily average
<
ended
volume
.
Short sales.
Week
Change
Ended
from
Begin.
Sept. 8,
Recommen¬
dations
Sept. 1
1945
388,000
>391,950
269,400
t255,200
September
380,000
274,000
Oklahoma
Kansas
—.
West
Texas
Sept. 9,
390,500
339,550
267,400
t850
850
88,000
98,700
141,900
452,000
150,100
1477750
508,000
504,050
141,300
364,550
370,950
10,950
74,650
East
296,150
467,700
65,500
345,250
341,750
99,900
542,650
543,050
Louisiana
North
Coastal
Total
,
701650
—
Louisiana
450
70,000
73,750
3,700
294,750
288,400
+
—;
362,650
394,600
350,000
Louisiana™
—
500
;—-
200,000
204,250
13,000
14,850
■»
v
».
*
81,150
100
150
50
•
+
2,350
208,700
+
1,250
202,350
13,750
8,650
63,900
65,000
28,600
3,600
46,900
49,500
112,550
89,100
Montana
22,000
20,150
•«*►•—
20,250
19,600
10,450
300
10,900
8,650
4,600
104,050
105,950
3,637,200
353,100
4,000
3,901,550
903,250
3,829,200
881,200
4,518,400
357,100
4,804,800
4,689,400
pew Mexico **_*_—i
886,000 >
§886,000
300
+
+
107,450
3,686,900
Total East of Calif.
California
4,572,900
+
*,
,
allowables,
State
and
recommendations
*PAW
4.C2
shown
as
K.
**
JThis
allowable
basic
net
the
is
as
for
exemptions
and
shutdowns
required
tOther sales*.
AUG. 25,
8.
;
——
XIXZXXXXXIIXXI
PRODUCTION OF
STILLS;
GASOLINE;
1. Transactions of specialists
1,330,864
of Members:
in stocks In which
——
105,680.
*._*,*«.*
Short -sales————***_*_**_***»
112,790.
-
—
WEEK ENDED SEPT. 8,
tOther sales**...——
of
Bureau
% Daily
to Stills
duction
of
at Ref.
Gas Oil
Capac- Daily
2,000
out
the
District—
East Coast—
ityRe- Aver-
% Op-
Inc. Nat.
& Dist.
porting
erated
Blended
Fuel Oil
Appalachian—
76.8
,
3.36
-sidual
tary and
vilian
Fuel oil
Other
Grade
13,391
8,668
5,232
> 10,038
65.8
328
530
291
District No. 2
'7
Ind., 111., Ky
Okla., Kan,, MO.—_
Inland Texas
1,721
1,125
81.2
53
106.0
483
.217
167
87.2
78.3
777
80.7
2,820
6,204
3,193
5,238
.12,210
389
82.9
1,334
2,583
1,377
1,488
■5,961
59.8
227
68.8
980
468
1,044
.889
1,682
Texas Gulf Coast——
89.3
1,073
86.7
3,481
5,120
6,820
266
102.3
890
1,859
5,642
1,106
10,018
96.8
1,926
2,100
No. La. & Arkansas—
55.9
87
69.0
244
568
220
157
2,656
District
No.
3
District No.
4
California
7:7 :-7'■
7-:
—
_i__
17.1
12
72.1
115
72.3
87.3
811
81.3
—
92.3
33
!
21
37
•'X',:
15
"members" includes all regular and
the
total
of
associate Exchange members, their
sales is
that
members'' purchases and
.
included
are
§Sales
"other sales."
with
;
"
V
77
381
444
685
538
1,264
10,518
25,391
8,729
4,481
marked "short exempt" are included with "other sales."-;
85.4
4,640
.14,853
42,189
47,871
*36,118
:
August
The Board of Governors of the Rederal Reserve
•
SUMMARY
,85.8
4,685
.86.2
14,904
40,859
46,807
36,619
(In millions of dollars).
Sept. 9, 1944
System issued
_J
14,400
41,716
60,722
37,092
41,018
York
remains In
stocks
currently
not
the
include
any
and
name
military
of
the
indeterminate
this week,
gasoline
as
gasoline,
finished and
producing
company;
ultimate
to
use,
compared with 12,075,000
gasoline
which
on
and
barrels
a
unfinished, title to which
naphthas, blending
solvents,
10,230,000
year
barrels
______
These
ago.
figures
St-
do
refineriec,
barrels
of
kerosene,
barrels
of residual fuel
may
compares
barrels of
4,478,000
oil
produced
gas
oil
with 1,517,000 barrels,
week and 1,489,000 barrels,
in the week ended Sept..9,
Note—Stocks
of
kerosine
distillate
at
Sept.
4,382,000 barrels
oil
and
and
8,240'000
1945
1945,
*_____.
Louis
Minneapolis
Kansas
to
13,811 000
a
year
barrels'
barrels
before.
1944
3,020
11,669
28,467
112,708
3,132
3,032
11.049
4,649
4,576
15,577
2,731
2,549
а,862
12,466
2,402
•7,857
10,063
10,930
34,518
2,011
1,921
б,693
1,365
2/412
2,622
Dallas
San
Francisco
1945
1945
3,381
1/435
.—
City
Total, 334 centers.
1
1944
10,534
.
95,586
_
■I. 10,072
14.966
_
8,177
...
7,556
„
34,903
6,318
.
4,581
4,186
8.193
7.563
6.341
2,079
1,999
.6,813
!7,006
6,451
21,896
19,712
;
as
'
193
other
other
•Included in
centers
centers
69,124
250,417
225,915
29,388
26,165
88,202
36,788
36,332
104,703
122,789
116,54.9
7,055
6,627
22,925
21,163
73,231
•New York City
*140
amounted
______
AUg.
Aug.
which
respectively
8 928 000
1944.
8,
Against 13,234,000 barrels a week earlier and 13,396,000 barrels
fuel
the week ended Sept. 8
5,030,000 barrels and 8,528,000 barrels
the preceding
respectively,
and
during
——
Chicago
title iias
\
Richmond
Atlana
unfinished
already passed, or which the military
actually have in custody in their own ,or leased storage.
tStocks at
at bulk terminals, in transit and sin pipe lines.
§Not including 1 667 000
forces
Aug.
31,654
Philadelphia
Cleveland ——*—:
Still
in
(Federal Reserve .District—■
New
4,634
—
aviation
commitments
its associated
and
United
powers,
X'X
/■ f
"(2)
^'ho "re v»rHh|rv. ftye territhe. United St?te«-
without
_•
the national series covering
r
141 centers, available
are,
if their continued resi¬
deemed
beginning in 1919.
by
the
of
Se""eta^v
State
orejudicml to the future
security or welfare of the Amerof
the
on
nea^e.
problems
subiect.
the Secretary
of
Resolution
tnter-A-merican
the
ference
and
in
nrescrihed
'"oq
VTI
.
-3 Months Ended—
Boston
'
'Includes
_
49,112
47,599
and
ir
DISTRICTS
BY FEDERAL RESERVE
Aug.
basis Sept. 1, 1945-
pursu¬
dence in the Western Hemisphere
,
Sept. 12 its usual monthly summary of "bank debits" which we
give below: • '
Total U.48. -B. of W.
JJ. S. B. of M. basis
St^+es
•laws
Bank Debits for Month of
'
85.8
here
sent
were
repatriation
and for the security o* the
trwy
"
1945-
and
admission under. the jmmiffration
Total U. S. B. of M.
basis Sept. 6,
who
(1)
ant, to international
-
en
2.315
}
of fho United States rwernment
volume includes only sales.- : .
;
My;:.
tRound-lot short sales which are exempted from restriction by the Commission's
rules
Wash¬
from
The "Times" dis¬
from other American republics for
restraint
including special partners.
Exchange
698
Louisiana Gulf Coast-
Rocky Mountain—'
o
51,652
■
202
"Times"
enemies," the Execu¬
tive Order said, "now within the
continental limits of the United
joropared with twice the total round-lot volume on the Exchange for the reason
.'.'<"7
96
dispatch which reto the
announcement
the
York
"All alien
58,649
these percentages
Latin-American repub¬
patch continued:
-
Total sales*.
tin .calculating
applies to alien ene¬
having been admitted under
Immigration Law, according
States
the
out, the
carrying
in
ington. Bent 8.
185,305
:X'X;X-.
58,649
and their partners,
the
during the war or who are
in American territory with¬
New
177,285
Total purchases
•The term
territory of
:
Ported
8,020
:
„
ICustomers' other sales.
firms
Ci-
1,843
92,8 7
734
77",
■ ■■■■
1—
District No.
age
99.5
——
Mill-
to
to the soecial
>80,9.75
Customers' short sales
of Re-
principles of which, they
40,920.
% 42,9^0
Total sales.
tStocks tGa6ollne Stocks
the
the
lics
tStocks
Pro-
Crude Runs :
Refining
in
governments to which, or
The order
Total—
tOther sales
tGasoline
enemies
enemy
now
Total sales.
basis
Mines
an ex¬
mies who were sent here for cus¬
24,475
—.**
Total purchases
Short sales™
Figures In this section include reported totals plus an
estimate of unreported amounts and are therefore on a
Return
Sept. 8 empower¬
on
alien
tody from
!
tOther sales
1945
-
States
47,535
Short sales*,
thousands of barrels of 42 gallons each)
:
~
all
order.
initiated off the floor-
Total purchases
FINISHED
long position whichare reported with
return
partment
23,575
.
——
Total sales*—*——*—***.****.*-.
8. Other transactions
4.
a
lot
*
United
27,760
Total purchases**—*—*——
3. Odd-Lot Transactions for Account of Specialists—
(Figures In
round
a
Initiated on the floor-
I. Other transactions
,
re¬
orders
adhered; the Department of
Justice will assist the State De¬
AND UNFINISHED GASOLINE, GAS OIL AND DISTILLATE FUEL AND
RESIDUAL FUEL OIL,
are
have
5,120
■>
900
OF
exempt'';
ing Secretary of State Byrnes to
•
<
to
they Are registerea-—Total purchases
on a 30-day basis and
With the exception of
other fields for which
was ordered shut down
STOCKS
liquidate
than
ecutive order
1,347,184
,
r:
"short
320,700
President Truman issued
Total lor week
Transactions for Account
Round-Lot
no
RUNS TO
-
210
-125,610
125,820
Slate JepUo
to
CRUDE
'
Stoek
1945
Total sales
the
IRecommendation of Conservation Committee of California Oil Producers.
i
■
;
,
*
Short sales
definite dates during the month being specified; operators only being
shut down as best suits their operating schedules cr labor needed to
operate leases, a total equivalent to 5 days' shutdown time during the calendar month.
for 5 days,
*
______________
marked
and sales to
16.75
1,060.195
*—-—
Total Round-Lot Sales:
860,200
represent
above,
,
of Sept. 1 calculated
the entire month.
ctveral fields which were exempted entirely and of certain
shutdowns were ordered for from 5 to 16 days, the entire State
'
Includes
$24,960,879
147,960 '
912,235
*-**.»«^**--«*-*.**-.,..
>
Sales on the New York Curb Exetaanf* and
Transactions tor Account of Members* (Shares)
Nebraska figures are for week ended 7:00 a.m. Sept. 5, 1945.
tOklahoma, Kansas,
650,791
value
"other sales."
Rouikl-Lot Stock
Total
include amounts of condensate and natural
production of crude oil only, and do not
gas derivatives to be produced.
'
>
•Sales
117,910
>
664,737
ported with "other sales."
1,008,222
tOther sales
Total United States
I
—
5,600
!
****—*—.
is less
14,950
48,800
100,000
1
Round-Lot Purchases by Dealers—
Number of shares
41,570
246,895
—**
—
Total sales
106,800
12,000
6,054
,
Total sales
2.76
300
47,000
100,000
sales.,,-..
144,970
157,470
purchases
Short sales-
93,200
Colorado
other
Short sales
Total sales—"288,465
Total
Wyoming
•,^vV^' vV;X,
.
•Customers'
tOther sales
4. Total—
Michigan
■V
24.243
-
.,
tSales to offset customers' odd-lot
46,800
■
___*
60,000
28,750
28,000
175
24,068
sales
Number of Shares:
207,992
Short sales—
26,500
>*.*
sales
short
12,500
floor—
Total purchases
■"
66,200
Ky.)
Kentucky™,
•
r
-
Round-Lot Sales by Dealers—
_***__****•
—
WEEK ENDED
i
short
other sales___l
Customers'
Dollar
9.97
182,950
Eastern—
111.', Ind.,
/
614,260
-—
Total sales
54,700
1,000
■
—
(Not incl.
"
....
Orders:
Customers' total sales_____
floor-
I. Other transactions initiated off the
79,100
+
+
•
Indiana
Number of
Number of Shares:
tOther sales
362,150
364,750
3,250
Florida
Illinois
29,251
850,054
.
($32,885,828
Customers'
--———
Short sales
150
78,800
55,750
1,000
47,000
shares_*___*
For Week
Odd-Lot Purchases by Dealers—
93,890
2. Other transactions Initiated on the
1,350
78,642
'\\\;4
4° 75,000
Arkansas
of
Total
>
value
•Customers'
tOther.sales
Mississippi
Alabama
i
292,000
__
Number
Dollar
2,156,150
2,139,850
—333,800
1,889,500
1,978,000 : 1,973.041
t%
orders_____
*
.
520,370
tOther sales—
Total Texas——
1; 1945
of
617,280
Total sales—
149,800
17,150
—
Sept.
'
65,650
Texas
Y.
.
Customers' total sales*^
1,850
16,850
+
128,450
Coastal
Ended
Number
/
tOther sales
1944
315,300
6outhwest Texas
N.
EXCHANGE
by Dealers'— \
(Customers' purchases) V
for
Total purchases
Short sales
East Central TexasTexas
STOCK
ODD-
DEALERS
THE
Odd-Lot Sales
232,840
5,943,890
..****,_**■
**.,
Total purchases
Texas
North
1945
_.**.***
Stock
-
Total for week
Account of Members,
the Odd-Lot Accounts of Odd-Lot
Specialists:
.• '
1. Transactions of specialists In stocks in which
they are registered—
88,000
Texas-
Panhandle
Sept. 8,
Week
V
ON
Dealers and
Ended
Previous
SPECIALISTS
•
York Stock Exchange and Round-Lot
of Members* (Shares)
1 '
New
4. Round-Lot Transactions for
Week
4 Weekc
Ended
ACCOUNT OF ODD-LOT
(Customers' sales)
254,300
900
1.000
,
Nebraska
i
of 238,695 shares
THE
TRANSACTIONS "FOR
AND
salesJ**X.^.^*XXXX*»*XXXX6,176,730
'Total
Actual Production
ables
Allow¬
LOT
Account
tOther sales—-
PRODUCTION (FIGURES IN BARRELS)
♦State
the
for
Round-Lot Bales:
A. Total
Except
•P. A. W.
on
WEEK ENDED AUG. .25,. 1945
gasoline; 13,811,000 barrels of
AVERAGE CRUDE OIL
Sales
Transactions
gasoline; 36,118,000 barrels of
kerosine; 42,189,000
barrels of distillate fuel, and 47,871,000 barrels of residual fuel oil.
DAILY
STOCK
Week
Stock
Round-Lot
Total
barrels of civilian grade
military and other
on
Aug. 18 trading for the account of Curb members
was 15.52% of the total trading of 768,903 shares.
-
;49412,000
25 amounted to 366,280 shares or 13.60% of the total
that exchange of 1,347,184 shares. During the week ended
Aug.
upen
Con¬
of
war
the order
of State " to
re¬
moval to destinations witside the
limits of the Western Hemisphere
in the territory of the enemy gov¬
ernments to Which
ciples
of
hered.
;/
;
or
to the prin¬
which they,
have
ad¬
-
"The Department of Justice and
all
other
anoronriate
agencies
the United States Government
directed
the
to
render
Secretary
of
assistance
State
in
of
arc
to
the
prompt effectuation of such orders
of removal."
X
Volume 162
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4422
1383|
Total Loads
Railroads
Southern District—
Ended
Sept. 8, 1945 Decreased 129,800 Gars
Loading of
revenue
freight for the week eroded Sept. 8, 1945,
totaled
the Association of American Railroads an¬
This was a decrease below the corresponding
week of 1944 of 94,538 cars, or 11.5%, and a decrease below the same
week in 1943 of 104,042 cars or 12.5%.
Loading of revenue freight for the week of Sept. 8 decreased
129,811 cars, or 15.1% below the preceding week, due to Labor Day
holiday, y
>Y .a,
f,\
Miscellaneous freight loading totaled 306,251 cars, a decrease of
57,449 cars .below the preceding week; and a decrease of 67,960 cars
below the corresponding week in 1944..
Loading of merchandise less than carload lot freight totaled 92,979 cars, a decrease of 12,135 cars below the preceding week and a
decrease of 7,098 cars below the corresponding week in 1944.
Coal loading amounted to 144,721 cars, a decrease of 34,543 cars
below the preceding week, and a decrease of 13,810 cars below the
corresponding week in 1944.
c
Grain and grain products loading totaled 51,601 cars, a decrease
of 14,654 cars below the preceding week, but an increase of 7,980 cats
above the corresponding week in 1944.
In the Western Districts
alone, grain and grain products loading for the week of Sept. 8
totaled 37,452 cars, a decrease of 10,627 cars below the preceding
week but an increase of 6,070 cars above the corresponding week in
1944.
■
; / '
Livestock loading amounted to 16,851 cars, a decrease of 604 cars
below the preceding week and a decrease of 1,102 cars below the
corresponding week in 1944. In the Western districts alone loading of
livestock for the week of Sept. 8 totaled 13,241 cars, a decrease of 55
cars below the preceding week, and a decrease of 668
cars below
the corresponding week in 1944.
; r
Forest products loading totaled 36,758 cars, a decrease of 8,523
cars below the preceding week, and a decrease of 5,338 cars below
the corresponding week in 1944. 730,628 cars,
nounced on Sept. 13.
Alabama, Tennessee St Northern—
Atl. & W, P.—w. R. R. of Ala-
—.
Atlanta, Birmingham & Coast
Atlantic Coast Line
-
T-'_
'
Central of Georgia-——
Charleston St Western Carolina
Clinchfield——
„
■
,1
,
;
■
Columbus & Greenville-
.
*'
,
.
..
,
■
,
decrease of 488 cars be¬
low the preceding week and a decrease of 4,847 cars below the cor¬
responding week in 1944.
Y;.Y
Coke loading amounted to 10,996 cars, a decrease of 1,415 cars
below the preceding week, and a decrease of 2,363 cars below the
corresponding week in 1944.
Ore loading amounted to 70,471 cars, a
J
with the
All districts reported decreases compared
/
corres]
ing weeks in 1944, and 1943.
:
of
3,049,697
4,018,627
3,374,438
April
of
June__
July
of
4 Weeks
of
Weeks
September
Week of September
Total
3,916,037
3,275,846
3,441,616
3,845,547
3,152,879
3,363,195
4,003;393
3,378,266
3,459,830
3,455,328
3,240,175
3,576,269
860,439
897,603
730,628
825,166
3,554,694
901,075
834,670
29,471,453
30,044,069
29,077,144
August—:
of
1943
2,910,638
3,055,725
4,338,886
3,452,977
4,364,662
May
of
weeks
4
February,
of
Weeks
Weeks
Week
January™
March.—
of
Weeks
Weeks
1944
3,158,700
3,154,116
1945
3,001,544
of
Weeks
1_
8.
Durham St Southern
—
—
a summary of the freight carloadings for
railroads and systems for the week ended Sept. 8, 1945.
During this period only 29 roads reported gains over the week ended
Sept. 9, 1944.
'
'
The
Florida East Coast-.
..i.—
Gainesville Midland
Georgia
...
Georgia St Florida™.
Gulf, Mobile & Ohio
following table is
the separate
Connections
1945
1944
1943
396
311
279
184
315
734
769
651
2,000
582
775
690
9,127
10,429
2,286
1,105
9,281
3,544
3,346
11,045
3,639
1,099
7,442
391
428
1,279
1,749
■
■
Illinois Central System
Macon, Dublin & Savannah
Mississippi Central—
Nashville, Chattanooga Sc St. L.
.
Piedmont Northern.
290
90
108
79
607
021
731
1,187
1,068
1,415
47
47
43
121
87
1,038 S 1,018
2,086
2,515
457
358
534
656
4,258
3,992
27,449
3,944
3,659
14,298
16,918
24,652
9,143
10,804
186
198
182
315
3,141
337
3,139
279
478
462
3,111
871
1,024
1,054
3,572
1,586
401
383
324
1.368
4,566?
1,815
1,277
426
425
587
7,039
8,707
7,484
21,607
8,185
8,812
7,030
23,849
7,746
23,402
598
22,135
1,145
20,013
557
701
689
y
Richmond, Fred. St Potomac
_
Winston-Salem Southbound.
-TotaL
227
23,068
M,
„™
355
27,365
,
.
1,554
2,636
3,968
;.
Southern System
Tennessee Central_.__.j-
4,885
1.367
2,341
"
21,893
1
....
3,735
392
21,546
Norfolk Southern
Seaboard Air Line
1944
675
500
Louisville St Nashville
1945
1,583,
243
1,133
....
609
622
124
115
110
1,059
1,330
101,263
113,375
115,091
93,651
109,643
17,766
19,018
2,149
18,682
19,884
13,738
13,983
2,876
2,976
3,014
19,326
8,617
8,896
3,931
Northwestern District—
Chicago & North Western
Chicago Great Western....™...
_j_
Chicago, Milw,, St. P. St Pac
.1,
Chicago, St. Paul, Minn. & Omaha—.
_
Duluth, Missabe St Iron Range™
Duluth, South Shore St Atlantic.
2,086
19,707
3,431
26,056
4,125
4,204
29,221
429
916
3,071
26,314
1,181
1,268
417
533
6,499
8,917
8,436
6,848
9,240
388
362
377
66
>82
22,680
26,228
24,292
6,405
6,679
401
467
470
706
885
2,148
2,122
2,921
7,178
11,516
7,216
12,113
1,784
2,180
7,407
11,529
138
169
218
1,998
2,813
125,030
21,506
*■3,532
,
Elgin, Joilet St Eastern™.
._j_.
Ft. Dodge, Des Moines & South
Great Northern™..—
Green Bay & Western
Lake Superior &
Ishpeming
:
Minneapolis St St, Louis..............
Minn., St. Paul St S. S. M.„__
Northern Pacific..—
..Y.——
Spokane International.
Spokane, Portland St Seattle
...
.....
.
™„___
Central Western District—
Alton
:
Colorado St Southern..
...
Denver & Rio Grande Western
Denver & Salt Lake
*
City
Illinois Terminal—
...
Missouri-Illinois™..
Nevada Northern
65
62
2,434
2,569
3,059
3,003
5,159
6,028
413
496
2,279
2,768
4,217
134,717
135,672
58,304
63,927
23,858
21,784
3,093
10,581
*■3,505
12,602
3,830
2,096
3,152
275
400
492
63
75
18,898
18,399
11,209
13,168
2,598
11,523
18,931
2,848
11,773
2,247
2,283
Union Pacific System
Utah
6,728
694
856
804
5,025
4,110
5,737
562
775
749
42
31
937
712
1,390
1,159
1,991
1,347
1,520
1,239
1,618
1,580
1,570
1,802
2,385
1,231
2,148
689
718
2
2
17
0
■0
29,665
30,550
29,578
234
293
16,433
17,993
16,052
11,096
1,661
15,609
14,722
258
Peoria & Pekin Union
_
919
12,832
5,156
4,116
979
Toledo, Peoria & Western
854
11,841
3,195
2,004
1,303
...
North Western Pacific..'
2,930
11,349
2,192,
942
,
2,805
1,935
75
93
811
781
1,935
18,412
508
430
541
2
3
1,636
2,147
2,035
3,720
4,833
120,281
128,066
121,937
86,066
103,963
251
872
447
452
3,005
4,874
1,956
2,187
X
X
Kansas City Southern
2,679
Louisiana & Arkansas
2,356
Western Pacific™.
Total
REVENUE FREIGHT LOADED
'
WEEK ENDED SEPT.
--v-':"V.:Y. Yt.-.-Y
V'YY
Burlington-Rock Island
8
:
Gulf Coast Lines..
Total Loads.
•
Total Revenue
Railroads
Received from
Connections
Freight Loaded
1945
Eastern District—
1944
1943
1945
1944
212
257
165
1,349
1,430
1,369
1,226
884
792
630
5,439
5,967
5,756
12,175
14,271
943
1,273
1,299
1,582
1,811
24
28
28
32
45
Central Vermont——
1,034
924
Delaware & Hudson—
3,948
4,427
Delaware, Lackawanna & Western
6,013
7,346
Ann Arbor—
Bangor & Aroostook-—
Boston St Maine
—
—
Chicago, Indianapolis & Louisville—.
Central Indiana———
—
Toledo & Ironton—
Lehigh & Hudson River—
Lehigh & New England—_———.
Lehigh Valley
Maine Central——
—
Monongahela—
Montour—
New York Central Lines—Y
St Hartford
Ontario & Western
York, Chicago & St. Louis—
New York,
2,336
2,278
Quanah Acme St Pacific
11,560
St. Louis-San Francisco
8,501
9,381
231
183
150
180
1,923
809
1,290
Texas St Pacific
286
2,151
2,564
Wichita Falls & Southern
12,824
3,173
13,922
15,811
7,156
7,457
184
2,354
2,195
1,496
1,642
11,610
157
151
1,886
7,468
2,335
1,710
7,503
2,147
'
•
1,652
7,949
v
9,110
2,075
4,936
5,916
2,043
2,234
41,341
47,038
7,605
947
4,923
■
1
Texas St New Orleans
3,194
291
18
50,856
41,798
8,330
8,695
13,692
51,366
16,452
1,131
1,526
3,329
^Previous
Midland
6,433
6,268
12,136
1,899
160
180
292
3,766
16,204
;
8i
104
162
282
8,392
7,617
2,286
7,433
4,116
7,843
6,284
5,319
5,561
6,085
Y; 69
6,586
7,582
3,322
10,170
3,596
5,296
2,692
12,578
4,900
82
84
93
26
17
68,300
68,492
/
flncluded
in
Baltimore
St
>
Ohio
.■•i
.
48,
28'
6
56,457
RR.
63,960
tlncluded
in
Valley Ry.
Weekly Statistics of Paperboard Industry
We give herewith latest figures received by us from the National
715
865
917
17
45
170
283
411
205
229
1,108
5,162
5,105
9,295
1,137
10,528
Wheeling & Lake Erie——
4,656
5,927
6,022
3,452
4,057
128,740
145,882
154,016
180,711
210,380
Total—
—
—
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
The
566
39,969
& Lake Erie——
5,277
luffalo Creek & Gauley—____
t
—
iessemer
lambria
&
Indiana-—-—.
entral R. R. of New Jersey—
drnwall
'
1,145
4.873
'
435
.
808
698
42,088
41,766
5,569
6,838
1,113
21,885
1,494
t
316
t
member of the orders
1,695
4
7
6,509
16,481
20,754
459
650
57
65
Pennsylvania—
170
56
121
142
62
2,072
1,790
1,842
1,558
185
215
12
ennsylvania System..——
71,285
fading Co—
11,899
14,522
14,560
3,891
2,168
52,294
24,032
1,597
1,887
82,243
81,657
9
29
,
4,620
3,020
62,524
28,468
12,540
19,175
Western
•3,670
3,836
21,182
4,219
5,613
10,462
6,655
12,943
TotaL
155,554
180,182
183,892
139,569
168,775
iilon
(Pittsburgh) ____
Maryland—
Pocahontas District—
Chesapeake & Ohio——
24,753
.28,897
28,688
,11,660
Norfolk St
17,574
21,538
22,057
Virginian.
3,564
4,209
4,825
6,012
1,752
13,025
-
are
7,571
2,393
and production, and also
45,891
1
1
54,644
'
55,570
■'
""■
19,424
1
1
j
22.389
1
■
total
:
June
9
These
•'■•.
1945—Week Ended
2...
figure which indi¬
June 16™.:—....——
June 23
—
June 30.......—
July
7
July 14..—...
July 21
July 28..™—
—
...
—
-
enthusiastic
in Washington
which date he
on
re¬
Sept,
10, ou
was pre¬
sented by President Truman with
the Congressional Medal of Honor.
Later in the week (Sept. 13J he
the recipient of signal
in
honors
Washington
Representative
introduced Gen. Wain¬
Rayburn
wright, who said:
"On this occasion, as always, I
think
the
of
brave
men
who
ments tbiat brought final peace to
war-torn and war-weary world."
a
Associated
Press
Washington
advices reporting the ceremonies,
said: Two wounded veterans of
Bataan who are now convalescing
at Walter Reed Hospital sat at his
side.
They were Priyate First
Class Fillman Cappel, of Cotton-
La.,
and Corporal
Russell
Unfilled Orders
did
and
the
German
Current Cumulative
93
95
189,674
159,228
159,230
157,932
156,447
99,960
145,797
156,619
156,519
575,167
537,182
491,287
97
95
96
95
499,505
96
95
MacArthur,
575,918
62
94
575,134
90
94
emissaries, and the
637,639
96
94
507,758
95
94
166,083
180,155
121,864
127,772
96
95
J
94
94
94
87
93
Aug. 25™...-™.—......
Sept. 1™...™
131,952
161,763
488,289
494,699
Sept.
160,857
173.322
.
159,653
125,683
627,938
'
99
94
94
97
94
SO
S3
Notes—Unfilled orders of the prtcw week, plus orders received, less production, ;do
the close. Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary adjust«
and
Japanese
perpetuate that peace we have so
dearly won."
The collection included the in¬
strument of surrender, signed by
General of the ,Army Douglas
Percent of Activity
Tons
646,211
129,618
115,768
j
people must be taught with stern¬
ness but with justice to live in a
world where there is respect for
the rights of nations and of men.
This we must do to protect and
Remaining
532,186
orders.
the, world."
upon
153,359
577,024
582.785
unfilled
we
The President's message added:
"These ideas must be wiped out,
168,204
153,694
153,368
109,034
of
war
Tons
157,653
82,362
ments
mockery if
not continue to battle against the
Production
223,467
—..
documents a
Tons
Aug. d..................
Aug. 11—
Aug. 18...————,
8
the United States, read a message
from President Truman saying,
"We would make these surrender
Received
151,085
.....
.
PRODUCTION, MILL ACTIVITY
Orders
Period
June
a
'^v .h
STATISTICAL REPORTS—ORDERS,
not necessarily equal the unfilled orders at
TotaL
of the
advanced to equal 100%, so that they represent the total
t
1,309
83%
activity of the mill based on the time operated.
.industry.
1,788
■
6,235
igonier Valley—
ong Island
—
enn-Reading Seashore Lines.
timberland &
1,251
26,642
represent
industry, and its program includes a statement each week from each
figures
Allegheny District—
accorded an
was
ception
evil ideologies of those who forced
of this Association
members
cates the
Jcron, Canton & Youngstown.
laltimore St Ohio_——
by General Jonathan M.
Wainwright,. hero of Corregidor
and Balruan, as his last official act
before
leaving for New York.
Gen. Wainwright, who was re¬
cently rescued lrom a Japanese
prison camp near Peiping, China,
Dr. Solon ,J. Buck, archivist of
1,819
; 2,761
public
port,
7,090
1,082
in the National Archives Building,
where they were presented to the
villiers of Bridgeport, Conn,
.
B,087
2,145
sur¬
unveiled
were
18,162
118
8,222
11
figure,
V
8,255
297
12 the Japanese
documents
served under my command,
On
366
their behalf, as well as my own,
4,777
I am pleased to unveil the docu¬
5,560
1,194
On Sept.
render
1,401
7,258
1,064
surrender papers already on
exhibition there.
713
4,767
'"•■Y 329
Photographers made a complete
record of the presentation.
The documents will be placed
in the national archives for public**
examination along with the Ger¬
281
428
409
C. Eake-r.
212
4,435
4,592
President, smiling and ob¬
viously happy, pointed to some
Japanese symbols on the Imperial
rescript and said:
"This is the Emperor's signa¬
ture, I take it."
,v
Witnessing the occasion were
Secretary of the Navy James V.
Forrestal, Gen. George C. Mar¬
shall, Chief of Staff; Admiral Er¬
nest J. King, Chief of Naval Op¬
erations; Dean Acheson,r acting
Secretary of State; Admiral Wil¬
liam D.
Leahy, the President's
Chief of Staff, and Lieut. Gen. Ira
973
Note—Previous year's figures revised.
3,285
13,987
JJJa Ko cVi
'
The
293
7,167
:■<
ated Press stated:
1,222
300
■
Japanese who
signed the surrender. The Associ¬
X
2,472
1,468
1,425
5,552
500
the
the creden¬
3,051
.4,327
Susquehanna & Western—
Fere
to
over
as
two
2,573
2,529
1,026
3,175
Marquette—T—————————-•T
Pittsburgh & Shawmut-™—
Pittsburg, Shawmut St North
—
Pittsburgh & West Virginia
N. Y.,
Y
well
5,468
5,962
-
week's
turned
as
the
5,215
4,208
Pittsburgh & Lake Erie——_——
New
of
2,987
53,869
410
;V
26
tials
X
16,025
Weatherford M. W. St N. W
:13„370
3,447
YY
President,
2,280
5,679
—
302
Y> 3,421
been
also
2,744
16,539
...
Louis-Southwestern
St.
papers
248
97
L™
:
1,788
9,603
Japanese
signed aboard
the battleship Missouri the night
of Sept. 1, the Associated Press re¬
ported from Washington, Sept. 7,
adding that Emperor Hirohito's
Imperial rescript, calling upon his
subjects to submit peacefully, had
surrender
2,455
4,509
Y
...
10,167
4,836
K. Y., N. H.
Missouri Pacific
0
to President Truman the
5,537
-
15,606
...
Missouri-Kansas-Texas Lines
879
2,265
———
....
301
2,618
White House
Sept. 7, Secretary of
War Henry L. Stimson presented
457
2,163
...
Litchfield St Madison
5,842
6,948
■
;
Midland Valley
Missouri St Arkansas.
246
Detroit & Toledo Shore Line—
Grand Trunk. Western—
:
.
International-Great Northern
Kansas, Oklahoma & Gulf_
1,343
Detroit & Mackinac—.—-——.—
Detroit,
;
informal
an
in New York.' At the ceremonies
AND RECEIVED FROM CONNECTIONS
{.NUMBER OF CARS)
At
ceremony on
was
Southwestern District—
.
Japanese Surrender * j
Papers to President
man
L;
Bingham & Garfield
Chicago, Burlington St Quincy
Chicago St Illinois Midland
Chicago, Rock Island St Pacific
Chicago St Eastern Illinois
Fort Worth St Denver
309
*
Atch., Top. & Santa Fe System
Southern Pacific (Pacific)
—,™_-_.
Received from
246
-
„
Total Revenue
Freight Loaded
the
Japanese
United Nations
two
representatives; the Emperor's im¬
perial rescript calling upon his
people to obey the terms of sur¬
render; the credentials of Foreign
Minister Shigemitsu and General
Umezu, chief of the Japanese gen0Th1 stelf*
•The formal surrender
was
page
of Japan
6,
noted in our issue of Sept.
1146.
^
THE COMMERCIAL &
1384
St.
election
of William M. Rand as a member
of the board of directors.
Mr.
Rand is Vice-President and a di¬
rector of Monsanto Chemical Co.
The First National Bank in
Banks, Trust Companies
Items About
^
FINANCIAL CHRONICLE
(Continued from page 1373)
branch before his retirement in ing the capital stock of the bank
from $50,000,000 to $60,000,000 by
1930.
The
paper
quoted also
■'
the declaration of a stock divi¬ of St. Lotiis.
dend of $10,000,000, to be taken
"Mr, Miller had been a Nutley
The Farmers Bank of Lincoln,
resident 40 years.
He was one of from the bank's present surplus.
Lincoln, Mo., became a member
Mr. Brown said that this con¬
the founders and the First Viceof the Federal Reserve System on
President of the First National templated action was conditioned
Bank of Nutley.
He helped or¬ upon there being at the time of Sept. 6, the Federal Reserve Bank
of St. Louis announces.
It adds:
ganize
Nutley
Social Service the stock dividend no serious
"The new member was char¬
Bureau and had been a member
prospect of any legislation being
of Nutley Board of Health."
passed taxing stock
dividends tered Jan. 11,1890. It has a capi¬
tal of $25,000, surplus of $25,000,
which would be applicable to a
Directors
of the Philadelphia stock dividend distributed in the and total resources of $920,071,06.
Its officers are J. A. Autrieth,
National Bank, of Philadelphia, year
1945.
Mr.
Brown also
President; John W. Guthrie, VicePa., at their meeting on Sept. 17, stated that if the stockholders
authorized that the amount being should vote the stock dividend it President; S. O. Brill, Cashier;
A. D. Hunt, Assistant Cashier, and
paid the employees as monthly was the Board's present intention
Addie Love, Assistant Cashier." ;
to pay dividends at the same rate
emergency allowances be made a
definite part of their salaries, ef¬
on the increased stock.
Inasmuch
Earl R. Muir, President of The
fective ; Oct.
1,
The additional as the existing dividend rate is
compensation, to * meet the in¬ 8% per annum, this would result Louisville Trust Co. of Louisville
creased cost of living, was- es¬
in an increase to $4,800,000 of cash Ky., has accepted the chairman¬
tablished Nov. 1, 1941, and Oct. 1, dividends per annum, as against ship of the Victory Loan Drive
1942, and affected only salaries $4,000,000
of dividends
being for Western Kentucky, which
F. M. Knight,
below $6,500. In the case of those presently
paid. The new stock starts Oct. 29.
Chairman of A. B. A. Committee
in the lowest brackets it amount¬ represented by the stock dividend
on
War
Bond
Drives,
has written
ed to 20% of their base pay.
would not receive a dividend un¬
til April 1, 1946, as it is con¬ Mr. Muir two important para¬
On Sept. 18 the surplus of the templated that the dividend of graphs, which state:
Corn Exchange National Bank & $2.00 a share expected to be paid
"We are happy to know that in
Trust Co. of Philadelphia was in¬ Jan.
1, 1946 would be paid to this Victory Loan Drive we will
creased to $10,000,000 when the stock of record of a date prior to have the benefit of your 'firing
Florence, President of
F.
Fred
a.
Louis has announced the
Thursday, September 20, 1945
the Bank, was quoted in the Dal¬
saying:.
las "Times Herald" as
,
the
pleased
will
zelle
be
The
new
Hoblitzelle
re¬
his
up
duties
new
with the Bank of America.
Return
the
in
bank.
our
responsibilities of Mr.
and
Mr.
Waggener
continuation of the har¬
a
assure
active
policies of
affairs and
been
Mr. Hoblit¬
that
more
Pyle has
inactive status and has
already taken
"Our officers and directors are
highly
Mr.
war
turned to
S.
of
fornia
the
of
Southern
Cali¬
of the
bank
headquarters
in Los
Execu¬
Bank
Beise,
from
America
of
C.
Vice-President
tive
Angeles to the San Fran¬
-
author¬
$1,000,000
bank's board of directors
of
transfer
the
ized
from undivided
the stock dividend.
while it
he believed that
the bank would add $10,000,000 to
with
It
made known in the
was
"Sun"
timore
of
reclassification
Bal¬
Sept. 14 that a
of
the
existing
100,000
shares of $20 par
20,000 shares of
it
Holman D. Pettibone,
President
Chicago Title & Trust Co.
of
Sept.
Riley
Vice-President and Treasurer.
as
Riley remains a director-and
member of the Finance Com¬
Mr.
a
elected
directors
The
mittee.
capital.
purpose is to bring the
price of each share of the
change in the present
Moore, Vice-President,
to the additional post of Treasurer
of a larger
prospective purchasers,
B. Butler, President, ex¬
.: ■.
4
stock within the reach
Vice-President,
Bingham,
Young
number of
becomes Financial
plained
"In addition, the board voted a
L.
Kenneth
and
July, 1942,
of the
since
leave
military
Vice-President,
Van Sickle, on
>
quarterly dividend of $5 a share
payable Sept. 28 to stockholders
of record Sept. 18."
was
appointed
real
estate and
Albert
Riley.
Mr.
succeed
manager
mortgage depart¬
L. D.
ment of the trust division.
Assistant Vice-Presi¬
of the
mortgage depart¬
ment of the trust division, has
been transferred to the adminis-
McKendry,
dent and formerly manager
Admission of The Farmers Sav¬
real
ings Bank Co. of Ashley, Ohio, to
membership in the Federal Re¬
serve
System is announced by
President Ray" M. Gidney of the
Federal Reserve Bank of Cleve¬
land.
Member
banks; in
the
Cleveland
District
In its advices the
total 716.
now
Reserve
Federal
Fourth
Reserve Bank says:
f
.
Bank Co.
which about
"The Farmers Savings
an
serves
area
in
3,000 people reside and which is
chiefly agricultural.
The bank
was organized in 1904 with a capi¬
tal of $25,000.
Its present capital
is
$35,000
and
its
surplus is
President of the Farmers
Savings Bank Co. is Earl Jenkins,
$35,000.
other officers are Harold W.
and
estate
and
trative division
where
will
he
of the company,
devote his atten¬
21
years.
Originally in the financial
department, he was elected VicePresident in 1928, a director in
1929,
and
Treasurer
in
1936.
From
1931
Trust
Officer.
company
for
1936 he served
to
as
After
graduating
from the University of Wisconsin,
Mr.
Riley
obtained
a
degree
of
Davis, Vice-President; F. J. Riley,
PhD. at the University of Berlin,
and
'Miss
Winifred
Raines, Assistant Cashier.
Direc¬
tors are President Jenkins, Vice-
majoring in chemistry.
Cashier,
President
Davis,
Lloyd
Bartlett,
Frank
and
Chadwick
J.
C.
Stratton."
Board of Directors
The
National Bank,
First
of The
of Chicago,
111., at its regular meeting on Sept.
14 declared the regular dividend
of $2.00 a share payable Oct. 1 to
stock
of
record
at
the
close
of
Sept. 24. Edward E.
Brown, Chairman of the Board of
the Bank said after the meeting
of the Directors that while no
formal action was taken, except
business
on
to authorize the officers to secure
preliminary author¬
ity from the Comptroller of the
Currency, it was the expressed
opinion of the Board that in Octo¬
the necessary
ber
ing
call
it would
of
the
a
special meet¬
stockholders
of
the
bank for a date late in December
to vote on the
question of increas¬
Commander in
Naval
War
the
Reserve
I,
and
He
United
during
member
a
was a
States
World
of the
sity of Chicago, entered the em¬
ploy of the company in 1931 in
the real estate department, and
1937.
of
Vice-President
in
Mr.
the
joined
Bingham, a graduate
University v of
Illinois,
the
company
as
Vice-
President in 1942.
The Mercantile-Commerce Bank
&
Trust
was
service.
with
000
capital and surplus of $100.to
an
institution
with
capital and surplus of $20,000,000,
were
spent
in
and
nine
served
Michigan, and then became a
In 1933
National bank examiner.
he
years
in Minnesota
banks
various
assigned to the San Fran¬
cisco district, and in 1936 became
associated
with
the
Bank - of
America in San Francisco as a
was
,
nationally-
Hoblitzelle,
"Mr.
theater magnate and phi¬
known
lanthropist, has served as director
of
Republic
the
National
Bank
A native of St. Louis,
since 1927.
Mo., he first came
Texas in
to
interest of Interstate
1905 in the
In
Co.
Amusement
addition
to
Vice-President.
transferred
he
Three years later
to Los Angeles to
administration
of
the
in Southern Cali¬
was advanced to the
assume
loans
bank's
fornia.
He
rank of Executive Vice-President
H.
J.
heretofore
Rosenberg,
Vice-President
Manager of
Los Angeles
and
America's
of
Bank
'
1945.
in February,
main office, has been advanced to
Vice-
Executive
of
rank
the
President in Los Angeles
in suc¬
Chairman
of his 55 years
K. Ottley, Chair¬
man
of the board of the First
National Bank of Atlanta, Ga.,
the Liberty
State Bank, and the
& Trust Co.; a
member of the advisory commit¬
tee of the Dallas Loan Agency of
the Reconstruction Finance Cor¬
according
In
recognition
of service, John
has been made the original char¬
the
of
member
ter
"Quarter
Century Club" formed by officers
and
the
of
employees
bank
as
the
of
committee
"Mr.
of
since
its
executive
He
1931.
is
utive committee of the
Oak
Cliff
poration; trustee; of Dallas His¬
torical Society; Chairman of the
Ways
the
life
a
City Club Mr. Ottley and 56 other
members of the organization were
certificates
and
lapel
members
other
the
of
Century Club,' with a
of more than 50 years'
sqrvice, are:
J, Sherrard
nedy, Vice-President, and
Dailey.
Ken¬
J. P.
.
"High tribute was paid to the
leadership of James D. Robinson,
Vice-Chairman of the board of
directors, who served for seven
years as
President of the bank.
"In making the presentation to
Mr.
'
Clyde
Williams,
bank, declared:
Ottley,
President of the
'His
integrity
Atlanta
honors,
is
high
and
a
ideals
leader whom all
citizen whose
a
known far
beyond
the borders of his home State.'
ceremonies
"The
the
rated
founding
commemo¬
of the
bank,
Sept. 14, 1865, by General Alfred
Austell, under a $100,000 capital¬
ization.
Today
the bank
'has
capital funds in excess of $12,000,000,'Mr. Ottley said."
; ' '
The
board
of
directors
formerly
of
the
Vice-Chairman of the
office of Chairman
of the board, and
the election of
Leslie Waggener, formerly
man
Chair¬
of the Executive Committee,
to the office of Vice-Chairman of
the board.
the
of
Gock
A.
furtherance
of
plans to ex¬
possible banking aid
every
post-war industry, L. M. Giannini, President of Bank of Amer¬
ica, San Francisco, announced on
to
12
Sept.
the
appointment
Beise.
Mr.
to
announced
Mattison,
President
in
further
that
E.
Executive
Vicecharge of develop¬
ment of loan services of the bank,
elected
was
Advisory
the
to
Council of the board of directors.
special meeting of the
A recent
shareholders of the United States
Bank
National
earlier
proposal by the board of c
bank's
capital stock,
E. C. Sammons,
The shareholders', ac¬
the
crease
to
President.
tion will
in
the
Ore.,
confirm an
of Portland,
action to
resulted in
bring about an increase
capital stock from
bank's
$6,000,000 to $8,000,000 and an in¬
in surplus from $8,000,000
$10,000,000.
These changes
will provide the bank with a paidup
capital and surplus of $18,000,000 and undivided profits of
approximately
$4,750,000. % This
action also marks another in a
crease
to
capital .expansions
States National
organization in 1891 with
a
capital of $250,000.
Deposits
and capital structure for the past
few years are as follows:
:
line
of
United
the
for
since its
of
Deposits
Vice-President
$177,090,911.27
of the bank in charge of the in¬ June 30, 1941.
stitution's new oil division.
Mr, June 30, 1942.... 208,105,063.45
June 30, 1943.
328,571,624.97
Pyle, with Bachelor of Science
June 30, 1944
428,139,114.55
degree from University of Cali¬
June
30,
1945
509,589,564.41
fornia and Master of Science and
Petroleum Engineer degrees from
Capital, Surplus, Unallocated
Reserves and Undivided
University
of
Southern
Cali¬
fornia, began his practical experi¬
Profits
ence with the Union Oil Co, of June 30, 1941
$11,352,265.04
California, serving that concern June 30, 1942
12,048.259.09
14 years. > In 1943 he entered the June 30, 1943
12,796,871.81
U. S. Army as petroleum engi¬ June 30, 1944
17,182,409.17
neer with rank of Captain, in the
June 30, 1945.
18,612,840.37
Washington, D. C., office of the
In pointing out that the capital
Chief Engineer, later becoming
increase has been authorized by
Chief, Oil Supply Rehabilitation the
Comptroller of the Currency,
and Development Branch of the
Mr.
Sammons also
offered the
Quartermaster
General's office,
opinion that the bank's revised
with rank of Major.
In January,
capital structure would be ade¬
1944, he was assigned to the gen¬
quate/for many years to come.
eral staff of Supreme Commander
"It will," he said further, "place
Howard C. Pyle as
'Quarter
record
in Texas Folklore
cession
long
In
"Two
member
.
tend
east's oldest National bank.
State Historical Assn.;
Society,
Capital
attesting their more-than25-years' service with the South¬
of
Committee
Means
and
and Treasurer
Dallas Art Assn.?,
at
a
Bank
Sept. 14 the Atlanta "Constitu¬
tion," from which the foregoing is
taken, also said:
ceremonies
also
Employers
the Texas
"In
com¬
director and member of the exec¬
part of the observance of the in¬
stitution's 80th anniversary.* Oh
board, to the
formerly manager
of the credit department and has
served as a Major in the Canadian
Army for the past four years,
overseas
and
est
with
directors of that institution to in¬
Campbell
which
from Dallas's small¬
youngest bank in 1920,
of its growth
He
ments.
Casualty Co.; a director of the
Southwestern Life Insurance Co.,
Republic National Bank of Dal¬
las, Texas, announced on Sept. 12
the election of Karl Hoblitzelle,
of
years
support."
Co., St. Louis, Mo., an¬
nounces
the appointment of E.
Douglass Campbell as Assistant
Vice-President of the bank.
Mr.
three
the
of
most
during
Bank
will
charge of coordination of
the bank's administrative depart¬
mittee
reputation
graduate of the Univer¬
a
"Mr. Hoblitzelle has been asso¬
of the
and
directors,
Chairman
Mcore,
elected
assume
of
with the War Finance Com¬
throughout the country,
and
to
organize
the
banking
facilities of each State in fullest
have made him
was
in August.
Advisory Council
mittees
American delegation to the Peace
Council in Paris in 1919.
Mr.
a
the
board
way
buttons
the
of
Waggener has been a di¬
rector and officer of the Republic
National Bank for 22 years, and
over.
by
the
company
indi¬
vidually.
Mr.
Riley,
whose
father, the late Harrison B. Riley,
was President of Chicago Title &
Trust Co. from 1907 to 1929, has
with
Beise, who is Vice-Chairman
bank's managing commit¬
tee, is also to become a member
the
put
the
banking
system
squarely behind the Treasury, to
work in
the smoothest possible
best that's in us to put
awarded
been
Mr.
to
It will
Victory - Loan.
big
take the
tion to real estate and mortgages
owned
Sept. 11 by Board Chairman
J. Gock following a meeting
of the bank's board of directors.
on
of
ciated with the Republic National
announced
was
A,
chairmanship filled the
vacancy
left by the late Wirt
Davis, who was Chairman of the
board from 1934 until his death
the
office
Victory
Drive
is
the
show.
Our function is
one
Harold A.
to
head
cisco
Republic
Natural Gas Co., and the Baker
Hotel
Co.;
Vice-President and
Chairman of the executive com¬
mittee of the Southwestern Med¬
ical Foundation, etc.
"The
Chicago, 111., announced on
12 the retirement of Donald
with five shares, but involves no
.
$60,000,000 and a surplus of $50,-
of
proposal, subject to ap¬
proval of the stockholders at a
meeting to be held Oct. 11, calls
for replacing each existing share
Thomas
successful War Loan Drives with
:
"The
"The
surplus before the end of the
year, which would mean the Bank
would have on Dec. 31 a capital of
Treasury
$100 par value was recommended
on Sept. 13 by the board of direc¬
tors.
The "Sun" added:
"The election of Mr. Hoblitzelle
to
You have done being President of Interstate Cir¬
a grand job in the past.
We now cuit, Inc., and Texas Consolidated
have peace, and the new Secre¬ Theatres, he is President of the
tary of the Treasury is relying on Dallas Citizens Council; a mem¬
our help to climax the series of
ber of the board and executive
000,000.
value instead of
market
certainty,
,
capital stock of the Safe Deposit
& Trust Co. of Baltimore to pro¬
vide
predict
too early to
was
quoted also said:
line' experience.
further stated that
Brown
Mr.
profits.
that has characterized the
operation of our bank throughour
its existence."
The paper
mony
<
in
the
European
Operations as petro¬
leum officer, and was later loaned
by General Eisenhower to serve
on
Montgomery's general staff.
In October,
1944, he was pro¬
moted to the rank of Lieutenant
Colonel, and from then on served
as
Deputy Chief of the general
staff Oil Branch, Communications
Zone.
In
that
capacity
he
assisted in
directing the petro¬
Eisenhower
Theater
of
American Armies
Forces in Europe, in¬
leum supply to
and
Air
cluding
construction
and opera¬
pipelines
tion of the now famous
across
Europe.
With the end
of
the
in
United
an
sition
States National Bank
advantageous post-war po¬
to
meet
the
demands
for
rapidly expanding,
sound industrial, agricultural and
business enterprises and will add
strength to the basic function of
banking throughout the Pacific
credit
from
Northwest."
Viscount
;
Cranborne
:
has
been
reappointed a director of West¬
minster Bank, Ltd., of London.
He was formerly a director until
1935, when he resigned to accept
an
appointment in His Majesty's
Government.
@FedFRASER