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Final
Edition
Volume 162
ESTABLISHED OVER
Number 4424
New
York, N. Y., Thursday, September 27, 1945
Last week in these columns
to
the
fundamental
definite conclusion
as
to
necessity f, of
whether
or
not
we
Conference
call
took occasion to
we
Price 60 Cents
Cop#
a
Labor-Management International Chamber of
The Financial Situation
attention
In 2 Sections-Section 2
YEARS
arriving at
a
intend hence¬
Commerce
By HON. HENRY A. WALLACE
Secretary of Commerce*
British View
By ARTHUR GUINNESS*
forth to follow the dictates of experience and pursue a rea¬ Stating That the President's Pro¬
Chairman, British National Committee of the
/
International Chamber of Commerce
>
!>■'■'
sonably prudent and careful fiscal policy, or are to be led gram Is One of Free Enterprise,
Vice-Chairman, Arthur Guinness Sons & Co., Ltd.
off into the wilderness of financial difficulty and ultimate Secretary Wallace Cautions Man¬
bankruptcy by such modern sirens as Professor Hansen and agement That It Must Accept Gen¬ British Industrialist States That Fundamental Role of International
Lord Keynes.
We made note of the fact that any reasonable uine Collective Bargaining and Ur¬ Chamber of Commerce is to Help Mould Opinion of Businessmen and
determination in this matter would once and for all end ges Both Labor and Management Governments in Formulation of
Policy. Sees Tide Flowing Toward Gov¬
'debate about a dozen or more proposals with which one to Fulfill the Spirit of Contracts ernment Control of
Business, and Says That Private Enterprise Can Off¬
-.
crank
another would abolish all the economic ills to which
or
is
heir, since
moderately prudent management of
the national household would unequivocally exclude them.
The danger of evading this issue and acting from month to
man
month
if it did not exist is that commitments will be made
as
from time to time
involving sums of such magnitude in the
aggregate that we shall find it exceedingly difficult to halt
[our progress toward the financial precipice.
;
.
^
,
MacArthur and Japan
I
we
when General MacArthur announced—apparently with¬
consulting the political big-wigs in Washington—
that a very much smaller military force would be required
[in Japan than some observers had been anticipating.. A re¬
sounding protest at once arose in and about Washington from
many—chiefly, apparently, those who- are in horrible fear
of a "soft" peace for the Japanese—to the effect that the
ago
out first
General had taken too much upon
needed to be done to the
himself, and that much
people of that unfortunate country
(Continued
on page
1492)
1
set This Flow by Showing It Can Do Better Than Government.
all feel that with
am sure we
enemies completely defeated,
our
with
our huge production
poten¬
being released for peacetime
output,
and V-- '
; r.-v-
tial
i-t h
w
t h
e
scientific
and
technological
developments
the
greatly
Amer¬
i
ing at Rye, which
Con f
friend Sigfried EdStrom, who had
acted as such a careful caretaker
who
at
tuaities
fore
us,
we
not
hide
Henry A. Wallace
"
>
the
'
•
.•
fact
the
that
involves
an
unprece¬
I
of
meeting
good
our
long
Furthermore, this
us new heart for
war.
gave
work in the International Cham¬
This
definite line to follow.
useful was the, Rye
Conference, the value of such con¬
ferences is very much enhanced
by having a live organization con¬
tinually t studying the problems
ber, and
a
However
erence
the
of
from
over
the Chamber during the
for
again for the
abrupt ending of the war and the
sudden curtailment of war pro¬
duction
52
work
be¬
must
at¬
by
took
years
us -an
excellent start
oppor-
our new
the
gave
of
advantage
know
you
as
resulted in the election of
tions
wisely
nations.
take
to
the results of last year's Inter¬
would like to pay a
President from the United States,
was
tended
life.
economic
on
{
z a
so
which
we
national
the
to
great
Rye, N. Y.,
in Nov., 1944,
face a
erain
But
the
tribute
Conference
of
.
living,
our
report
our
<
standard
new
I have been asked to
g a 11
peacetime
really
or Money Tokens. Praises U. S. Reciprocal Trade
Agreements and Calls for Elimination of Trade Barriers.
called
in¬
crease
and Not in Bank Notes
who
to
'
Says
Understand That Riches Consist in Output
ican trade or-
war
available
WorMfto
We Must Educate
national Business Conference and in doing so I
startling
of
feel constrained to remark that an analogous,
jif not identical situation, exists concerning our foreign policy.
The issue was thrown into father sharp relief a short, time
Today
Entered Into.
even
ternational
n
Chamber, and
V *An
for¬
before
were
we
in
be¬
able
to
tunate
ing
Mr.
Council
of
Guinness
the
Inter¬
of
Chamber
national
Commerce,
London, England, Aug. 17, 1945.
(Continued on page 1495)
Arthur R. Guinness
have the emergency
address, by
the
Council Meet-
.
,
dented shock to our economic sys¬
Inescapable Says Gen. Ayres
Cleveland Trust Co. Executive Holds. Loss of Jobs in Re¬
conversion
Temporary.
Sees Danger in Retaining Price
and
us
Commenting
Cleveland
the
prewar
and
employment
the
\*>-
the economists term frictional un¬
al¬
be
employment.
"We have," continues General
Ayres, "12,000,000 people in the
armed forces, and until very re¬
cently we have had about 12,000,000 more working at munitions
making, or in the war agencies and
it
in other related wartime occupa¬
though large-
:
unem¬
is
to
ployment
beginning
and
develop
cannot
a
voided
win
be
reconvers
period
urges
tions. Most of these
24,000,000 peo¬
ple will have to find occupations
different from those in which they
have been engaged, and a great
majority of them must find their
new
jobs in places other than
those in which they have been
con¬
the
fined/to
i
o n
[ and
legisla¬
restraint
tive
dealing
in
located.
with it.
•
*'Largescale
unem-
ploym e n t,"
says
General
Leon^-d
P.
Ayres
its
will
not
be
result
The
will
be
at
dinner
a
Wallace
sponsored by the Na¬
Political
Citizens
tional
Action
Committee, Waldorf Astoria Ho¬
tel,
New York
City, Sept. 13,
1945.
"
'
(Continued
a
lot
of
stuff
whether
about
Truman
Mr.
is
going to swing to the right or the left, two terms which the New
on page
1497)
the Leftists
GENERAL
a
Editorial
Page
Financial
1489
Situation......
Washington
Ahead
News
of
.1489
Yields.. .1500
Items About Banks and Trust
Cos.. 1504
Trading on New York Exchanges.. .1501
NYSE
Odd-Lot Trading.......
of
,:
1501
depression unem¬
although it will look
like it and to many individuals
it will feel like it.
It will be a
very special and only temporary
form of being out of work which
ployment,
of
demand
for
workers
but
by
temporary
large-scale readjust¬
ments between and among work¬
ers and jobs.
„:
Trade
,
"New
laws
cannot
helo
Commodity Prices, Domestic Index .1501
.1503
Weekly Carloadings
Weekly Engineering Construction.. .1502
much
Paperboard Industry Statistics..... .1503
dealing with the problems of
unemployment.
They
cannot be solved by a full em¬
Fertilizer Association Price Index..' 1501
in
frictional
ployment law.
Weekly
Lumber Movement—.... .1503
Weekly Coal and Coke Output,..., 1502
Programs of pub¬
little help.
Increases in unemployment com¬
pensation
make
unemployment
Non-Ferrous
easier,
Weekly Electric Output.
lic
;
works
but
will
the
(Continued
afford
need
is for
on page
meas-
1496)
Weekly
Steel
Review
Moody's Daily Commodity Index..
1499
1500
Weekly Crude Oil Production....... 1502
Cottonseed
Metals
Market
1500
1499
Receipts to Aug. 31.... 1499
<g>
against this.
In both the '42 and
'44
the
ment
bill
a
of
and
week
support the President," as it was
un¬
that
would
he
compensation.
turnover
These
sional elections
meas¬
both
in
write
that here
is
test
Mr.
of
in
be
not
was
a
on
Democrats
Congres¬
this basis.
are
now
see
a
his world program go through,
a
non-controversial char¬
Truman's
"leadership."
is
UP
tO
mate.
to
than
out
choose
acter like Truman for his
more
rubber
a
tremendous
1942
the
trying to sell the idea that Roose¬
velt, at the 1944 Democratic Con¬
vention, knew he would not live
through his fourth Presidency,
and wanting above all things to
Liberal
writers
There
The
of
them, get into
the
issue
$25
stamp.
ures,
successful
candidate for Congress, was
half as much, "Elect me to
a
not
propo¬
for
elections
employment
him
.1490
General Review
The Leftists shout with
more.
employ¬
It
State
worried
Congress, and
the
.
Mdody's Bond Prices and
are
full
trouble
Regular Features
From
The facts are that if the conservatives are worried,
Liberals
recommen¬
a
CONTENTS
or
dation for the
sition
a
huge shifting about from job to
job and from place to place, and
consequently much frictional un¬
ing to keep up.
glee and the conservatives mourn when Truman sends up to Congress
also
employment, not caused by lack
results need not be very
serious if only we and our legis¬
lators recognize it for what it is
and exercise restraint in dealing
with it.
The most important fact
for all of us to remember is that
it
By CARLISLE BARGERON
\
been
(Carlisle
Bargeron
merely
the
running
This propaganda points to
that the United Nations
fact
Charter went through the
do
,
Ayres, "is beginning to develon in
this country. It cannot be avoided,
but
difficult job of expand-
more
.
has
There
but
^Remarks by Secretary
the unemployment situation in the recent issue
Trust Company's "Business Bulletin," Brig.-Gen.
on
points
that
of
level
to
production
From Washington
Ahead of the News
Dealers borrowed from European ideologies and which they are try¬
Leonard P.
Ayres
government. We have before
not only the task, of recon¬
verting
Controls Too Long.
scale
be
not
it will
take the best efforts of business
and
out
will
automatically;
overcome
of the
shock
That
tem.
submit
these
Senate
proof of their,
contention, and of how farsighted
without
a
ripple,
as
proposals, say these writers. It is
up^to him to force them through. Roosevelt was to "select" Truman
He must blackjack them through as his running mate.
They will
have an awful time convincing
with patronage, to do as the great
"Liberal" leader, Roosevelt, did.
Truman, himself, that this was
To this writer's mind, all this the case, the New Dealers having
reflects a misconception of what sought to knock him off in the
Senatorial primary of
has happened on the American Missouri
1940.
But naturally he will go
scene.
In the first place, Roose¬
velt had ceased to be able to
iiUiig
with the propaganda as
blackjack his measures through
Congress. From 1942 on the Con¬
gress
had
been
twice elected
Mng
from
?«=
it serves his
+he
nuroose.
alarntv with
(Continued
on page
but
he
1496)
FINANCIAL CHRONICLE
THE COMMERCIAL &
14S0
;
total
in¬
earnings for the five-year period 1940-1944
were $413,000,000, or an annual average
of 4.8%
-
;
Mr. Murray
M.
Voorhees
Chamber
of
standard
the
of
accepting
released
of
Steel Workers of America.
feel tho¬
roughly ashamed of themselves.
The wo;rst of it is that such false charges as those
of the steel workers, once made, can rarely be cor¬
rected, or the impressions created by them elimi¬
nated, no matter where the tiruth may lie.
end.
this
.
a
r?
Calls Lifting of
of
of
the
strike
to
by
labor
unions as a means of having ex¬
cessive wage demands granted at
'<
„
.
Department
strategy
resorted
weapon
policy of high
and
stable employment arid the con¬
tribution which the expansion of
international trade can make to
these unionists would
the
by
decline in
employment in manufacturing in¬
dustries at 1,600,000.
ordinated
Murray and his United
of
jobs in business
was also expected
Labor place the August
co¬
a
from
return
be
The
countries
all
ma¬
industry
equalized by a withdrawal
of their wives and future brides
to maintain their homes.
Figures
(6) Recognized the importance
of
come.
from
to
and
to
ards.
reckless recent statements of Mr.
time to
The
force.
veterans
wkr
of war, in the
ravages
labor
the
living and nutrition, and event¬
ually the raising of these stand¬
and cannot be considered as concealed
profits.' "—Enders M. Voorhees, Chairman of the
Finance Committee of the U. S. Steel Corporation.
One would suppose
the
restoration
some
former housewives,
cipally
,
key role to play in the repair
proper
So much for the
through the representatives
industrial and
Industry,
trade
and
com¬
merce pf all countries have a
September of
for
over
cities indicate no extensive
hunting
is
believed
in
many quarters to reflect the re¬
tirement of some workers, prin¬
-
ir.
War
when business and indus¬
time
try is endeavoring to hasten re¬
conversion, continues to spread.
The main objective being sought
by some labor unions is that of
a
basic
increase
in
attaining
.wages
approximating
30%
or
to
more
n
the
counteract
overtime due to
in
loss
industry's return
to the normal 40-hour week from
Only "Half Measure"
International Chamber of Commerce Ends London
Meeting With Recommendation for Removal: of Trade Barriers and
Early Relinquishment of Wartime Restrictions and Controls. Will Cooper¬
ate With Social and Economic Council of United Nations Organization.
Tte Council of the
adjournment, the Council of the Inter¬
national Chamber of Commerce meeting in London, made the fol¬
lowing declaration':
' • 1 \ •
*
The
preliminary and regular &•
The material losses caused by
sessions
of
the
Council
have
the war cannot be fully expressed
taken place in the historic days
in terms of money nor can money
when the world was moving out
alone restore the damage don6.
of
the
greatest and most de¬
Financial obligations are only a
structive of wars into the period
partial measure of the destruction
of peace and reconstruction.
.
y
As its
before
final act
,
to the heroism of
the United Nations, which, linked
in common struggle, have over¬
come the forces of evil, and to the
homage
of the countless men and
military and civilian, who
memory
women,
-and
in the conflict,
suffered
permanent disabil¬
their lives
'gave
to those others who
temporary or
ity.
brought about. True recovery will
come from rebuilding through the
ruined cities and shattered
homes, and from making good the
gaps and lapses of production that
occurred during the war. If this
is to be done, the • magnificent
productive effort of the war years
must be equalled or surpassed by
years
production
our
*•'
'
which the war
of material things
action the Council
first
its
As
paid
.
for
of
purposes
As a means of increasing pro¬
of The International Cham- duction and distribution in the
as adopted in 1920, which are:'
transition from a war to a
poses
ger
peace
all the economic
factors of international business,
To represent
(1) Heartily endorsed the hold¬
ing at the earliest possible date
ascertain
To
and
considered
the
to
of
express
judgment
of
those interested in international
business;
To
■
secure
effective
and
con¬
sistent action both in improving
conditions
the
tween
nations
business
of
and
in
be¬
applying
solutions for international
problems;
To encourage intercourse and
understanding
business
and business
men
of
ganizations
the
countries;
:
And
'
peace
among
The
thereby
to
and
cordial
nations.
Council
that the
tions
holds
citizens
brought
between
various
;
promote
relations
in
belief
free
na¬
common
struggle and suffering must keep
together to rebuild the world.
Only by close co-operation in
peace as in war can they ensure
that high degree of material pro¬
gress
and cultural advance which
all mankind
lay
desires.
.
f
the
basis
removal
or
construction.
trade
of
character, which hinder the
free flow of goods across frontiers
every
and
limit the
of
resources
use
the
of the
natural
world.
It believes that if the world
is
to achieve any
increased standard
of
living and
general
of
world
of
international
conditions,
free
trade
is
flow
neces¬
general expansion in
and out-turn of goods.
and
sary
settlement
a
a
turnover
Efficiency must be the acid test.
(2)
Recommended that nations
as
possible
controls
transportation
production,
over
as
and
soon
wartime restrictions
and travel.
(3)
Declared that it offers and
invites
with
the
the
closest
Economic
relationship
and
Social
Council of the United Nations Or¬
ganization.
The Council
tional
by
with more materials avail¬
new
able, builders will still be
unable
proceed because of OPA con¬
trols on rents of newly constructed
housing."
He added: "Buildors
must know what return they can
to
of The Interna¬
of
Commerce
other
and
economy
by labor
un¬
uncertainties
at¬
ment
will
unt\l the construction is finished,
though builders submit final
blueprints.
Naturally no builder
hazard
of
thousands
under the threat that he
dollars
will not
return on his
be permitted a fair
"Until this brick wall blocking
the road to increased
housing is
removed, New York must fiace the
that
its
crisis
housing
will
continue indefinitely."
"First,
the. climate of
is
opinion
undergoing
reaching
change.
The
clouds
Goldman
Albert
Postmaster
Department at Wash¬
ington * that,
effective at once,
all restrictions regarding weight,
size and frequency of mailing are
removed, insofar as concerns mails
for civilian addressees* in Hawaii.
Post Office
.The advices state:
Packages for Hawaii will, there¬
fore, be accepted up to a weight
limit of 70 pounds and
in
length and girth
100 inches
combined,
to the
without restriction
as
ber of parcels
may
one
that
num¬
be mailed
addressee.
Prospective
limit
their
mailers are urged
shipments for the
destination concerned jo
requirements,
since
an
essential
increase
in the volume of mails exceeding
the
may
radicalism—which
al¬
facilities
result in
for
a
their
dispatch
restoration of the
..
soared
and
condi¬
working'
in
paper,
issue.
its
Sept.
i
1
Current
20
|
management - labor
reached an acute
the action " of most
conditions have
and
stage
*
unions in
aaopting an uncompro¬
mising attitude in their demand
for
a
30%
increase, apparently
means a last ditch fight to obtain
the equivalent of wartime pay for
a
40-hour
Some
have
peacetime week.
way, it was said, will
be found to get around
to
the
paradoxical government pol¬
icy
announced
recently that no
increases could be given if
to result in a price in¬
crease.
The brunt of this peculiar
statement, the "Iron Age" stated,
rests upon industry, since most of
the unions have ignored it and
they are expected to continue to
ignore it.
The automobile industry, ap¬
parently the first to be destined
wage
they
were
to feel the
effects of the militant
CIO drive for higher wages, may
soon
be joined by the steel in¬
The same,general policy
dustry.
which has dictated the union,
tomobile
au¬
conditions, says
this trade authority, encompasses
wage
CIO
other
all
affiliates
among
which is the United Steel Work¬
America.
of
ers
group is to meet
The
latter
with steel
com¬
panies soon on the request for a
$2 a day increase.
The steel companies, which now
have before the OPA a request
for higher steel prices in order to
Unset expected losses because of
war
contract cancellations, find
themselves in the unhappy situa¬
tion
of
being
caught between
union
and
demands
the govern¬
ment
policy that no wages may
be increased if such action should
require higher selling prices.
Lower net prices to steel con¬
near
the point of steel
sumers
production, possible decentraliza¬
tion of industries, rougher com¬
petition among steelmakers and
selling disadvantages to steel pro¬
removed
far
ducers
from
manufacturirig centers,
of
which
results
the
to
.
dense
few
are a
will
ulti¬
.
heights
unattainable
formerly
as
is
well
begun in 1938 when a multitude
new basing points were estab¬
of
lished.
by the fact that our
supposedly stagnant and mature
industry last year produced more
lower than
munitions than all the rest of
deliveries
allies and
enemies
addition, the
our
combined.
In
brought forth
our
laboratories an impos¬
ing list of new products and new
and cheaper ways of producing
war
from
old
ones
now
be widened and
"The
ical
that old markets
so
developed.
markets
new
now
and
technolog¬
exists for
one
of
situation is
it will be
so
full of promise that
the shame of
our
time
if in the post-war
decade we ex¬
perience anything less than pros¬
perity for any significant period.
It is true today for the first time
in many
that we can have
prosperity if we want it."
of
years
Industry—The
strikes
in
progress
epidemic
this week
may
result
tions apply to all mail matter and with more to come
in so heavy a drain upon work¬
parcel post for Hawaii.
,
volume
Order
extended
slightly
was
week ago, but
a
into
with
steel products
most
on
1946,
the industry
the past
week was able to advance
its
ingot rate
three points to
83.5% of capacity.
,
According to the. "Iron Age," a
tug of war has developed between
.
WPB officials and the lead indus¬
try
.
material
basis
can
the greatest periods of prosperity
this nation has ever known.
The
Steel
rates
expected
release
can
indicated
restrictions.
domestic
the
mately follow the steel industry's
move now underway toward more
growth and and more basing points. Accord¬
expansion in production, employ¬ ing to the "Iron Age," many steel
ment and income inherent in a products made at locations which
are
not now a basing point for
profit system.
"Second, the war has supplied such items, will in the future be
evidence for all to see that the based at or near the point of pro¬
This
action when
it
philosophy of economic maturity duction.
which dominated our economic comes will represent a funda¬
policies for more than a decade mental change in the basing point
was sheer nonsense.
The produc¬ system in the steel industry and
tion of industry and agriculture will follow somewhat the pattern
which
environment
believed
announced Sept. 17 that informa¬
tion had been received from the
to
of
public
a
farstorm
that
sayings
consumer buying bubble
be deflated somewhat, in the
beginning at least, according to
"The Iron Age," national irietal-
may
the potentialities for
has
Mail for Hawaii
to
prosperity under our
We quote Mr.
on
even
will
of
present economy.
Shields in part:
their proposed invest¬ ways chill enterprise into inac¬
in terms of rents; The OPA tion if not retrenchment—are giv¬
not establish rent ceilings ing way to the 'fair and warmer'
expect
The
Chamber
rest
But period
only
oven
the
for
of
barriers and trade restrictions
relinquish
the
of the
close
or^
to
reduction
eco¬
nomic
better
ference
somewhat obscured
our
had
f r o m
the
following
Industry Association of New York; be
Mr. Dowling is President of the excerpts taken from an article
City Investing Company.
"There written by Mr. Murray Shields,
Is an acute housing shortage in Economist for the Irving Trust
New York City," he explained. Company of New York, setting
"This shortage can be remedied forth two basic reasons for a long
international Economic Con¬
an
With the future of
Sept. 20 "only a half- tendant upon our return to normal
measure" by Robert Wv Dowling, peacetime living, much room for
Chairman of the Property Owners pessimism can be found.
How¬
Committee of the Commerce and ever, some encouragement may
fact
the Council:
economy,
including
finance,
industry,
transportation and commerce;
that of 48 hours during wartime.
on
investment.
peac
the pur¬
The Council reaffirmed
The lifting of'wartime control
on construction on
Oct. 15th was
called
§
last
post-war
tide
should
jor
job
Com¬
organizations.
!
Pledged its full strength
and
singleness > of . purpose
to
achieve a durable peace.
previously made
which
The fact that reports
(5)
hidden profits, 'are
by the Union to be
them
of their respective
concealed prof¬
boom
war
a
The
in
of
trading
panel found that the cost items,
1944, in which the
termed
participate
merce
stockholders.
Labor Board released in
the War
Organization
workers
are drawing un¬
employment compensation, plus
what they were able to save from
its part.
International
spending so far has ex¬
retarding influence, since
no
many
(4) Expressed its desire that all
of * the United - Nations
panel findings of
in the
swered
erted
members
similar statement which was an¬
a
Enders
Commerce will play
on
consumer
of
Chamber
industrial-output
ers'
The effect of this condition
.
and
Council
Social
and
International
The
characterized
cants.
San
in
nomic
•
unchanged since 1940.
"Its wage, salary, social secur¬
ity tax and pension costs of $3,750,000,000 applicable to an aver¬
age of 310,000 employees were
more than 12 times as much as it
its.)
It notes that under the
Francisco, there
will be a role for private inter¬
national organizations to play
in collaborating with the Eco-
$4 per share-—a rate
"There were no
immediately
world.
lated
$7 per share and to its common
of $174,000,000 at
paid to its 225,000
the
face
which
spottiness
week,
handicapped as it was by a dearth of manpower and material short¬
ages, preventing production from attaining a level commensurate
with demand in many lines.
For durable and non-durable goods, new
order volume remained at a high peak.
Despite increasing unem¬
ployment for the country at large many jobs in various sectors went
begging for the want of appli-$
—
*
grant of power of the Economic
and Social Council, as formu¬
stockholders
the rate of
The State of Trade
General
fectively with the difficult in¬
ternational economic problems
in¬
of its investment.
In the same fiveyear period it paid dividends to its
preferred stockholders of $126,000,000 at the prescribed rate of
clusive
come
concerned, its
United States Steel is
as
the
to;; form the
Economic and
Social Council
and trusts that this body will
have real authority to deal ef¬
Nations
United
Fact and Fiction
"As far
of
decision
the
welcomes
Thursday, September 27, 1945
as
should
The
need
to
whether
be
relaxed
lead
or
control
tightened.
industry is- questioning the
of maintaining a stockpile
approaching 70,000 tons now that
the war is over.
However, the
claims that
WPB
foreign"* supplies
such
a
loss of some
would
require
surplus to balance uncon¬
trolled demand.
Despite
to
a
rebid
an
on
Utah
-
V
invitation from RFC
Geneva
Steel's plant
for
private post-war
operation, the U. S. Steel Corp.,
it is understood, will not recon¬
sider its
position stated a few
near
-
(Continued on page 1498)
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4424
162
.M
I Correspondence Ridiculed
II
| Dean Madden Says Both Groups Lack Basic Understand; ing
of Each Other's Problems and Mutual Interests.
New
Schwellenbach Given Broad Powers by Truman
England Council
Hears Prospects for
Stockholders and management both possess peculiar attitudes of
behavior, ac¬
mind which result in each having a queer and unusual
cording to Dean John T. Madden of New York University|s School
of Commerce.
A student of economic affairs, he declares that he
*
Following Labor Disputes—Merge Bureaus
The
New
England Council, a
promotion organization,
two-day eightieth quarterly
meeting, heard labor and man¬
agement spokesmen describe the
v-
business
prospects for
in
omy,
a
econU
prosperous
the "Immediate
post-war
relationship of these partners in business and that future. J. A.
Krug, Chairman of
letters which would possibly bring about
the War Production Board, paint¬
a better understanding.
; v
ed a bright picture of peacetime
\
-In an article on" "Letters I'd ters : "badgering"
by those who
production and employment, ac*
Write a Stockholder," puolished "gamble" in its stocks.
Its replies
cording to the Boston "Herald" on
to stockholders are cold, technical,
in
a
recent
i|sue of "Service"Sept. ,15, in its account of the
magazine, ^ Dean
Madden notes legalistic, with an obvious over¬
meeting.
Mr.
Krug's assertions
that
there
are
two
classes
of tone of "you ought to know bet¬
were
based on a survey of the
The president of the com^
stock-buyers.
The first seeks to ter."
Opinions of 42 industrialists and
invest its money and is therefore pany, to whom most stockholder
the plans of 3,750 concerns.
He
primarily interested in long-time letters are addressed, too ofterl said that the manufacturers antic¬
success.
The second is speculating turns them over to the legal de¬
ipated an immediate rise in pro¬
and looking for a quick profit, partment for replies, and
these
duction that would increase by
T
usually acting on a hunch that the reveal little understanding of the December of
this year to 12% over
particular stock bought is good fact that the average stockholder the
.1939-1940
experience.
The
-for 5 or 10 points rise.
/ ..-J' has small knowledge of the in¬
Boston "Herald" further reported;
'
1
f Considering three - letters from tricacies of finance. '
Noting that industry generally
stockholders which he had before
Progress,
according to
Dean
has pondered the
:
r> he would like to write some
Important changes were made in the United States Department
of Labor by President Truman on Sept,
18, at which time he effected
reorganization of the Department, conferring on Secretary of Labor
Lewis B. Schwellenbach broad authority to deal with labor disputes.
In the steps taken by the President he placed the War Labor
Board,
the
United rStates
Commission
Employment
under
the
v
Service
him, he says that there is one note
in common—each refers to "your
Madden, is being made by man¬
agement in its reports, but? he
.company."
Each, incidentally, is
/complaining.
There is, he comments, no way of knowing but the
chances are they had bought the
stock as a gamble.
"They bet on
a horse," he adds, "and have
not
the
sportsmanship of the race
track
gambler
who
tells
his
friends, 'My horse lost today'." It
finds little if any progress in/the
matter of personal contact through
.
.
for he had no
his horse
not
was
shred of ownership in him,
as
in the
his
it is
case
for he has an
He does not,
company,
in
ownership
where¬
of the stockholder,
it.
however, feel this ownership; and
this is the root of many of our
economic ills.
■
,/■
Management he calls just as
It calls critical lethlameworthy.
correspondence.
He advises that
something be done about it.
"Vast
in Europe are conn
areas
spirit and substance,"
points out,
"If we want to
preserve and restore capitalism to
ts full strength of opportunity to
carry on to even greater benefits
munistic in
ne
the
to
average
miss the
not
we should
to describe
man,
chance
slow to make
optimistic fore¬
casts, Krug added: "These predic¬
tions probably will be on the con¬
servative side."
He
said
Principal function of
prevent inflation and
speculative
hoarding of inven¬
tories while assuring a plentiful
supply of food and an increasing
supply of consumer goods."
19
from
Washington
"Mr.
that
Sept.
on.
Schwellenbach
-
had
presented his organization plan to
Mr. Truman on Aug. .10, and that
White
the
18
House
of
action
attributed
was
which
storms
Sept.
the
to
labor
to
appeared
gathering last week-end
troit's
automobile
elsewhere."
'
?
done
home
the
on
of
this
is expected to reach
$950,000,000, the highest volume
in history.
He praised New England's war¬
time
production
that
be
that
over
in¬
an
continued,
done,"
best
for 1946 ap¬
$6,500,000,000,
44%
of
estimate
Factory building in 1946, he
and
interpret its working's. This
job which cannot be done
from public platforms or magazine
columns.
Like most jobs, it can
of
crease
year.
is
a
the
construction volume
proximated
and
the
as
"job
that
a
industry
and
promised
"distorted
be
now
ended
as
economy
soon
as
a
"The government cannot make
million and one decisions which
speed reconver¬
sion," he said. "Freedom of ac¬
tion is needed for industry."
Loan Drive Organization
community of the nation
Sixteen thousand banks located in every
$11,000,000,000 Victory Loan Drive
leadership of Francis M. Knight, Chairman of
the Committee on War Bond Drives of the American Bankers As¬
sociation.
Mr. Knight, who is also Vice-President of the Continental
Illinois National Bank & Trust Company of Chicago, 111., heads the
program which will bring all of^
ready for the opening of the
are
Oct, 29, under the
on
the banks of the
in
a
United
the
nation together
to assist
coordinated effort
States
Treasury
in
reaching its goal.
This goal in¬
$4,000,000,000 in sales to
individuals, of which $2,000,000,'000 is to come from the sale of
"Series E bonds.
The American Bankers Associa¬
cludes
-
tion,
representative
the
as
of
sist the
'
government in meeting its
financing problems.
to
the
"War.
Committee
Borrowing,
In addition
on
which
Treasury
is
cerned with fiscal problems
•government,
/mittee
tains
on
a
Mr.
con¬
Knight's Com-
War Bond Drives main¬
ury's War Finance Committees in
each state and the banks and state
-banking associations.
This com¬
mittee
includes
representatives
geographical divi-sions of the nation and works
closely with ABA State Victory
Loan Chairmen and special state
•chairmen
representing
savings
Jbanks.
The work of the state
chairmen is varied according to
the.needs of each state.
The program of the ABA in the
"Victory Loan will follow the same
from
various
was so successful
in the Seventh War Loan.
It is
pattern which
sales
to individuals
through personal
.■solicitation. Several issues of "The
ABA Victory Loan Campaigner"
in newspaper format will be is¬
sued to the banks to provide them
-with useful information about the
drive and with suggestions for
every kind of merchandising idea.
An important part of the program
-will be a system of scoring and
reporting sales on a competitive
basis with other banks, and the
^'Campaigner" will r also urge the
establishment of some sort of staff
competition in each bank wher¬
•directed toward stimulating
Robert
and
Co., 'or Water-
Rubber
speaking
town,
for management,
Watt,
representative
of
international
the
American
fits.into the
course
program
Committee
Finance
of
the
of
the
Treasury.
'
Fred M. Naber, Vice-President,
of. the Continental
Illinois Na¬
tional Bank & Trust Company
of
that
agreed
.
increase in New Eng¬
production in 1947, as com¬
pared with 1939, was predicted
36%
land
38,249 Freight Cars
The Class I railroads
on
I
Sept. 1,
order, the Association of Amer¬
ican Railroads
This
announced Sept. 24,
included
hopper,
12,075
4,-
077
gondola,
973
flat,
17,612
plain box, 2,608 automobile, 854
refrigerator, and 50 miscellaneous
cars.
New freight cars on order
on
Aug. 1 totaled 33,050, and on
Sept. 1, 1944, amounted to 36,157.
They also had 512 locomotives
order
on
Sept. 1 this year,
on
which included. 107 steam and 405
This compares
Diesel locomotives.
with
150
steam, two electric and
402 Diesel locomotives
Sept. 1, 1944.
'
.
on
order
.
,
on
V
The Class I railroads
put 27,740
freight cars in serviceln the first
eight months this year, which in¬
cluded 7,539 hopper, 4,559 gon¬
dola, 389 flat, 239 stock, 1.741 re¬
frigerator, 1,419 automobile and
11,767 plain box freight cars, and
87 miscellaneous cars. Total placed
in service in the first eight months
of 1944 was 22,312 freight cars.
They also put 408 new locomo¬
tives in service in the first eight
months of 1945, of which 69 were
bring
courage
and
business men of
America" by Professor Harry R.
Tosdal, of the Harvard Business
School, a member of the Commit¬
hope
tee
the
to
Economic
for
He said his estimate
Development.
was
based
on
national survey by
the market¬
ing committee for the C. E. D., the
a
Associated
>
Press report continued.
would
produce
$6,300,-
000,000 worth of goods in 1947. He
broke this figure down, as fol¬
lows: Non-durable goods, $4,065,-
527,000, a 30.9% increase over
1939, and durable goods, $2,231,601,000, a 45% rise for the Same
comparable years.
listed
New
England's esti¬
in
1947, as follows: Textiles, 27.2;
leather and leather products, 22.3;
rubber,
47.3; tobacco products,
69.4; electrical machinery, 56.2;
furniture,
47.4;
glass products,
He
mated
gains,
in
percentages,
and transportation
equip¬
ment (except automobiles), 74.3.
43.2,
New
England
manufacturers
were told they should adopt "less
of the Coolidge and more of the
Billy
Rose"
in
their
sales
tech¬
nique, by Frederick S. Blackhall,
Government
Washington
also
one
from
Chicago
last
considered
calling
principals in the Michigan city's
to
pages
labor-management
a
ference."
electric ?Peircey Manufacturing
"
%Woonsocket, R. I.
Co., l of
con¬
"
'
■
V.;
The Associated Press Washing¬
ton
advices
Sept. 19,
the New York
given in
"Sun," also had the
as
following to say:;
"Mr. Truman also disclosed yes¬
Office
Economic
of
the
up
Stabilization
and '
turning
over
William
H.
Davis's duties to John W. Snyder,
Reconversion Director.
had
this
proposed
Mr. Davis
step
but
was
taken by surprise at the timing.
"Mr. Truman 'and Mr. Schwel¬
lenbach
Indicated
both
that
men
to
news¬
statement recently
a
at¬
tributed to Mr. Davis had embar¬
administration.
the
rassed
been
quoted
Government
Mr.
saying
as
behind
was
a
50%
program to increase wages
while sitting on prices.
i
v/
Schwellenbach
"Mr.
in
gains
prestige
as
the
Government's
spokesman in future labor-man¬
agement contention under the re¬
organization:
Outstanding is his
right now to recommend seizure
of strike-bound plants interfering
with
orderly
reconversion,
a
power formerly held
jointly by
the WLB
and
Mr. Davis.
.
on
Food Stocks
Secretary of Agriculture Clin¬
ton
P.
dict
Anderson
when
declined to pre¬
forms
all
of
food
ra¬
tioning would be ended in this
country, but said he thought that
"Mr. Schwellenbach's
to
stay out of
WLB had
taken
effort
no
cases
au¬
new
at that situation.
in
in which the
control, he made
hide
to
his
was
position," because of its in¬
dependent status, to take or reject
disputes
which
the
Secretary
thought it should handle, v
"Now he has absolute authority,
and he expressed confidence that
the Board would go along har¬
He
to meet with
Board members today.
Later he
will
was
with
meet
War
the
Man¬
Commission
power
and Employ¬
Employ¬
originally was un¬
Labor Department and
ment Service heads. The
Service
ment
der
-
the
later
was
transferred
to
the
WMC."
In
stated that President .Truman had
declined 'another
retary
request of Sec¬
Schwellenbach by leaving
Labor
Relations
National
Board
In
as
an
United
"The
Press
transfer
that
wages,
the
agency.
from
accounts
of
was
the
Stabilization
abandoning
over
reported from Washington,
Sept. 17. He said that the continu¬
of meat
ance
pend
rationing would de¬
the extent to which
upon
the United States made food
mitments
com¬
Interviewed
abroad.
after he had left a conference with
President
Truman
the ration¬
on
ing and subsidy programs, Mr.
Anderson, according to the As¬
sociated Press, stated:
"If it is
necessary
to continue meat ra¬
tioning, it will be a liberal one,
equal.to a normal peacetime con¬
sumption in this country." It was
further indicated that the Agri¬
culture Secretary expressed the
opinion that there would probably
be a need for sugar rationing in
1946, but was rather hopeful that
rationing of fats and oils might
be terminated by Jan. 1. He add¬
ed .that final decisions on sub¬
sidies and rationing will be made
in
liam
OP A
director, and Wil¬
Davis, director of Eco¬
H.
nomic
ated
Chester
with
conferences
Bowles,
Stabilization.
Press
also
The
Associ¬
said:
The
Secretary predicted that
rationing of a good many items
be
dropped
within the
next few months, as would many
subsidies.'
r ;
would
.Subsidies, he said, still are be¬
ing paid on peanut butter, feeder
cattle, sugar beets and cane, flour,
dairy products, vegetable short¬
ening, grape fruit juice, cheddar
cheese
other
and
items.
On
the
of
meat, Mr. Anderson
reminded reporters that a dele¬
gation from the "Food for Free¬
dom"
organization
following
was
him into the President's office
to
that food be sent to hungry
people overseas.
urge
Mortgage Bankers Assn.
*
Annual Meeting in N. Y.
The
Mortgage Bankers Associa¬
tion of America will hold its 32nd
annual
meeting and a Postwar
Conference
at
the
Hotel
New
Yorker in New York, Nov. 15, 16
and 17, it was announced on SepL21.
.The
Association,
in. its
an¬
nouncement, said it was calling a
meeting because of the important
role the mortgage lender will
in the
play
coming period of extensive
construction.
The
originally
scheduled
nati
cancelled
but
About
a
cial
executives
bankers
attend.
earlier
this
thousand mortgage
bankers, real estate
surance
meeting was
for Cincin¬
are
men,
and
life in¬
commer¬
expected
to
In
conjunction with the
conference, the Association will
also
sponsor
the Exposition of
.
.
independent
Washington Sept. 18 it
'
Press
year.
special
Washington advices
Sept. 18 by Felix Belair, Jr., to
the New York "Times," it was
the
of flour subsidies continued
annoyance
The Board
a
moniously.
hood
question
thority
consists
mainly
in
his
jurisdiction over all labor disputes
at all stages.
Previously forced
mean
steam,
re¬
was
strikes and threatened work stop¬
totaled 657,-which
year
intervention
night,
Economic
241
whether
Mr. Warren, who flew to
quired.
Jr., President of the Council and
and 415 Diesel.
Advises
subsidies would be out of the way
his
determine
to
President and Treasurer of TafU
included
la¬
Service,
Edgar
L.
study the
Detroit
to
strikes
same
period last
:
beyond that date, the Associated
locomotives installed in the
were
Secretary Anderson
Conciliation
Professor Tosdal estimated New
England
to
by next June 30, with the likeli¬
New
and
troubled
/
delegated
Diesel.
steam
349
should
which
1945, had 38,249 new freight cars
on
"a straw in the wind
and called
On Order September
is
newly-ap¬
pointed chief of the United States
"He
the
workers,
A
Detroit's
of
bor situation.
Davis had
other for power.
War
a
selling
middle'
the
Drives.
such
out
Federation of Labor, speaking for
Chicago, 111., is Vice Chairman of
the ABA Committee on War Bond
ever
general
of the
liaison between the Treas¬
Hood
MunchjJ^resident
there
must be a continued economy in
-this country providing for high
wages for labor and profit for
management, the Associated Press
reported in its dispatch from Bos¬
ton, Sept. 14, and added that these
men agreed also that both factions
should
-solve
their
grievances
rather. than compete with each
American banking, set up an or¬
ganization early in the war to as¬
C. Laurence
of
authority, car¬
today
(Sept.
19)
his
promise to 'get right square in the
ried
terday that he is folding
must be made to
ABA Victory
Schwellenbach,
with ..new
armed
pos¬
sible.
grounds."
also quote:
we
Snyder.
OES
,
"S ecretary
well
of
war" had ended, wartime controls
would
19,
The authority of the of¬
fice will be continued under Mr.
be
De¬
over
From the Associated Press Sept.
Warren,
that
—;—
vices
*
was
Manpower
—-
terials.
.
.
War
the
and
jurisdic-«»-
tion of the Labor Department. It
was noted in Associated Press ad¬
*
>
<
•
at its
,|
1491
does
Government
of
its
an;
Industry
exhibit by
not
is
was
held
and
The exposition
annually from
1941 when it
Services,
companies serving
stated: I the building field.
Office of
controls
prices, food and ma¬
any
Building,
was
1937
to
temporarily dis¬
continued because of wartime dif¬
ficulties.
FINANCIAL CHRONICLE
THE COMMERCIAL A
1492
fashioned
The Financial Situation
like
to be aware.
appear
their
situation
same
be wise to stick
Indeed
flourished.
have
matters that
we
comes
London where the Council of
has
Foreign Ministers has been in
we
ever
our
are
into
nose
of
none
our
It is, however, very
definitely to assert that the
time has
known.' Most of us,
better
when
come
had
we
get down to earth and
feel certain,
prefer to live act as •if we lived on this
troubled session. So far as the out our days under such a sys¬
planet instead of on some
public has been permitted to tem. The real danger to the heavenly body made to our
know what
was
going on system at the present time own order. As to the claim
there was a definite disposi¬ arises from the fact that the
that having spent hundreds of
tion, born, apparently, of ne¬ rank and file do not think billions of dollars to
keep the
cessity, to back away from about the matter very realis¬ British
Empire afloat during
troublesome issues, but even tically—do
not
understand the war, we must now con¬
so it is evident
enough that that many of current policies tinue to
keep the peoples of
matters have not been going are inconsistent with democ¬
these domains happy and dis¬
as the would-be creators of a
racy or freedom, are indeed, inclined to revolution
the
new heaven and a new earth
not
only inconsistent with
argument presented to sup¬
had expected or hoped. Again that system, but would ulti¬
port the British claim—well,
and again, disagreement and mately destroy both democ¬
it is a little too silly to waste
dissension has arisen, some¬ racy'and freedom.
words on.
'X
—
times
even
when issues which
Democracy Elsewhere
thought likely to cause
But preferring democracy
trouble were approached.
It
ourselves is one thing; mak¬
was this body which,
so we
were told, would tackle prob¬
ing a studied attempt to force
lems which the famed meet¬ it upon other peoples with
ings of the "Big Three" had other traditions, Other his¬
other
not had the time to thresh out. tories,
predilections,
In the labor of this group of other preferences, and other
abilities is quite another. Suc¬
representatives of the big
some sort of world
unanimity of
international
policy would be evolved
which would put an end to in¬
ternational
bickerings, sus¬
picions, hatreds, jealousies,
powers
He would be
and strife.
an
Illinois Bank Group
or even
to be
than under
one
a
approved the recommen¬
the special committee
appointed to canvass the possi¬
bility of the instalment lending
system
of their
own
optimist indeed who ventured devising is quite another. The
the opinion that the outlook oft-repeated assertion that the
is
"world is not
now
The British Situation
another
large enough for
same
racies" is made
this
of
side
picture has been in evi¬
dence of late in the consulta¬
tions between
representatives
of the British and officials of
the
Government
American
concerning further grants-inaid from the United States to
tory—as well
silly by his¬
to
an
end
now
across
that the
The issue
over.
the
sea
war
is
is, however,
by the fact
that our strongest ally is not
a
democracy or anything re¬
sembling a democracy, and
certainly gives no evidence
of ever
intending to become
Ramm,
tional
Our hullabaloo about Amer¬
we
the
set out to
a
definite and final de¬
cision in this matter.
secret that there
are
tial elements among
It is
no
influen¬
appear that
clear to even a
the
peo¬
ple of the United States who
are quite in sympathy with
the British position. What the
ultimate outcome
is
be
to
remains
the
but
seen,
say
What
worse..
of those who
shall
of all this
all
forces
people must,
first of all, come at once to
the realization that
God-sent
not
they
reside
"
therein
\
.<
Vt
to
-j •;
suit
to
"
'
!
f,
fact
that while
our
emissaries
over
The
are
make the world and all who
:
scoff
openly
ters
of
we
the
commit¬
will investigate
phases of instalment lending,
the financing of bills for
member banks of the Association.
Another
are
concur
step
taken
in the recommenda¬
Committee
on
Educa¬
Public
and
tion
Relations,
of
Clarke, Assistant
which James H.
Vice-President
of
the
American
National
Bank & Trust Co., Chi¬
is Chairman, for the cosponsorship of a school of bank¬
ing recently established at the
University of Wisconsin.
It is
hoped that such a school can be
developed in the Middle West that/
cago,
President
Truman's
approval, made these three points:
and
use
right
to
force
if
(3) The Potsdam Declaration re¬
garding the post-war treatment
of Japan shall be
given effect,
not
because of any
contractual
requirement,
but
because the
declaration "forms a part of our
policy stated in good faith with
relation to Japan and with rela¬
tion to peace and
security in the
Far East."
From
the
same
advices
we
quote the text .of the message to
General MacArthur as follows:
(1) The authority of the Em¬
and the Japanese Govern¬
peror
ment
to
dinate
rule
to
mander
the
state
is
subor¬
Supreme Com-?
you as
for
the
Allied
Powers.
You will .exercise your authority
as you deem
proper to carry out
your mission.
Our relations with
Japan do not rest
ual
basis, but
(2)
a
contract¬
unconditional
your
will
you
Japanese
on
on an
Since
authority is
not
entertain
the part of the
on-
to its scope.
as
Control
of
Government
'■
Japan
through
to
the
ly if required.
shall
that
extent
an
be
You
enforce
may
the
orders issued by you by the
employment of such measures as
you deem necessary, including the
*
is
occupying
R.
Bankers
Torrence,
who
suc¬
re¬
because
of leaving the
State to go with the First National
Bank of
ing their empire in the old-
Mishawaka, Ind.,
as
Vice-
President.
•
consider
ourselves
a
contractual
relation¬
ship with Japan
nr
.V--. i-u
t,,*■"
officials
of both the State
and
War departments have been ask¬
ing who
determining policy
was
Japan.
<{■;:-?v'>.r;vr.,
- v?
The
It will
be respected
given effect because the Pots¬
dam
Declaration forms
our
policy
with
stated
relation
relation to
to
Closely
peace
a
cut
faith
and with
and security in
;
economic
Gen.
Mac-
•
that
the
in Japan could
within
six
army
200,000-
months, Acting Secretary of State
stated
that
in
his
"occupation forces are
the instruments of policy and not
the
determinants
would
Acheson
directly
on
necessary
Associated
he
policy"
Press
for
Wash¬
advices stated, Sept. 19.
Mr.
ment
of
Associated
ington
said
it
cannot
and
will be
war
will
renew
social
ag¬
system
to
changed
will
war
of
will
a
to
that that
so
not
continue,
and
whatever it takes to carry
this out will be used to
carry it
out."
<
j
On Sept. 20, it was
according
announced,
special Washington
New York "Times,"
to
advices to the
that
direct
State
liaison
between
Department
MacArthur
for.
The
has
and
function
the
General
been
arranged
will
be
per¬
formed
by Arthur B. Emmons, a
Foreign Service officer and Far
Eastern
expert
Department,
within
who
the
has
State
been
or¬
that
the
not
com-
number
of
to do the job, the
Press
Meantime, the New York "Times"
advices continued, George Atcheson, who is to serve as General
MacArthur's political adviser as
representative
continued,
American
but
policy to
civilian
political
a
De¬
to
Adm.
Chester
Guam; Max Bishop,
adviser
to
our
Foreign Service officer
the staff of
on
ranean
com¬
Offie,
who has
Mediter¬
our
commander in Rome.
The "Times" went
!
to say in
on
part: "Apart from these arrange¬
ments, the policy of the United
States with reference to
trol of
in
the
con¬
Japan has been formulated
a
new
directive to
General
MacArthur that is reflected in the
he
moves
last
few
hold
has
been
days
by
taking in the
tightening his
industrial, eco¬
the
over
nomic, financial and scientific life
of the
country, it became known.
"It was transmitted to General
MacArthur only recently, replac¬
ing directions dispatched
Japan surrendered.
"To
be
defnite
maintained
when
for
an
in-
/
period,
the
program
means, it is said, that Japan will
know
that
ment'
of
ments
made
'we
the
are
govern¬
that country.
It places
in high relief, it is
added, state¬
recent
and
mined
war
that
that
occasions
by Mr.
Acheson
deter¬
weare
Japan
cannot
wage
again.
"The
for
several
on
weeks
others
elimination
dustries
in
the
over
policy is said to call
new
the
Bank
is
shifting
tion
said
of
to
of
as
heavy in¬
stern
control
Japan
better the
Japanese people
"It
of
Japan,
to
measures
a
and
lot of the
whole.
-
to
provide for the
emphasis in produc¬
consumer
goods,
while
control of the Bank of Japan will
in
turn
ernment
and
mean
control of
private
dealings because the
fuL is
clear
tions."
and
State
Eastern expert, and Carmel
nerve
f .*,»
the
mander in Southeast
Asia"; John
Service, another Foreign Service
Japan permanently peaceunchanged
adviser
W. Nimitz in
render
and
of
part, had left for Japan.
His
staff, it is stated, will consist of
Harry M. Benning, a Far Eastern
expert in the Foreign
Service;
John K. Emerson, who has been a
in
following
to
part of
good
announcement
occupation
be
in
Japan
the Far East. '
Arthur's
where
Japan which makes for
result of that
as a
document.
and
troops
C.
Condit,
signed
exceedingly active in extend¬
we
in
Council of Administration to
ceed
are
because
bound
Japan,
H.
Illinois
nouncement
of future
occupation
figures without consultation with
Washington. Behind their hands,
Japanese
satis¬
factory results.
This
does
not
prejudice your right to act direct¬
President of
Association,
announced
the
appointment of
R. H. Havens, Vice-President of
the Bank of Benton, 111., to the
Floyd
the open the comments of officials
here since Gen. MacArthur's an¬
been
such arrangement produces
the
the
his
dered to proceed to
Tokyo.
view
of
in
capacity as directing head of the
Department in the absence
of Secretary Byrnes
brought into
gressive warfare, that the present
MacArthur's
directly
country the highest type of train¬
ing in the advanced practices and
theories of modern day banking.
section
added:
statement
tion
Supreme Commander
as
Acheson
this
it out.'
Arthur
Dean
afford
Acheson's
this
carry
State
necessary.
.
to
carry
Press
is subordinate to General Mac-
act
k
Gen.
to
Acting Secretary asserted
that Japan "will be
put in posi¬
for the Allied Powers.
;
Associated
Mr.
on
(1) The authority of the Emperor
and the Japanese Government
the
will
their
these the Russians
to
tion of the
attention with such mat¬
as
important
by the Council of Administration
was
we
matter
Asso¬
,
blithe¬
at
The
.
maintained
would-be teachers.
Democracy in America
The American
to
Japanese question
and hospital expense to
purchase of home furnishings use
of force.
J'
and appliances and the financing
(3) The statement of intentions
of automobiles, and all other con¬
sumer durable goods.
It will act contained in the Potsdam Declara¬
tion will be given full effect.
It
as a clearing house, passing infor¬
mation and advice along to the will not be given effect, however,
docility, are presently
willing and even eager
armed
be
to be set up,
the
by
which
have
occurred have
the United Nations in
Japa¬
clearly raised some basic is¬ nese
territoryr or however
sues which must not be
longer helpless these orientals
may
evaded.
Executive
from
pupils of their western mas¬
yet to be ters—quite
regardless of the
discussions
had
exercised
Instalment
its
various
and
Committee
it should
seem
which
administer the affairs of the
on
was
Prepared by the Departments of
State, War and Navy, the message,
any question
Committee, which
through
the
Commander.
preme
supreme,
tees
ly to suppose that the people
Japan, whatever their out¬
to be
Sav¬
&
Association, Chicago, 111.
Division
advices
ciated Press further said:
of Public Relations Illinois Bank¬
The
It
let
to
surrender.
Lending,
Press
Washington Sept. 20 it
ings Bank, Chicago, 111.; Secre¬
tary—Dewey M. Beck, Director
will
of
ward
Trust
Division, has also been named.
is foredoomed to failure
and
O'Toole,
sickness
would
cans
Vice-President First Na¬
Bank, Danville, 111.; Vice-
An Executive
oc-
Orient.
The tempo¬
President—William J.
of:
President Pullman
ers
climax when
Association.
Illinois
the
of
Division
Associated
the scope of his authority as Su¬
Instalment
an.
President—Bartholomew
one.
cidentalize
of
The
thereby directed Gen. MacArthur
not
sent
was
on
noted that President Truman had
recommended
which
officers of the new Division
rary
apparently not closed. At be
teething
least, the British do" not ap¬ child that whatever we are
pear to think it is, and are able
physically to do to the
putting pressure—of a typical Germans and the Italians our
British sort—upon the Ameri¬
efforts to sit on
Olympus and
can Government to reconsider
condescendingly tell
them
what seemed some time ago
how to become
good Ameri¬
to be
creation
consist
as
Kingdom. Both the icanizing the world —with¬
out
calling it by such a
name, of course—has made us
of Congress have been in¬
more than a little ridiculous
clined toward bringing gifts in
Europe, but it reaches its
cousins
report
Bankers
President and, so far as may
be determined, the majority
our
the
the
Lending
the United
to
William J. Ramm,
Chairman of the'Committee, made
both democracies and autoc¬
Still
In
from
of
field for banks.
in Japan and Korea
Sept 6, but was only made public by the White
Sept. 24, shortly after Senator Kenneth S. Wherry, Re¬
of Nebraska, contended that a "smear campaign" was
on
mander.
ciation
dation
MacArthur which is described
clarify his authority in his position
publican,
oeing waged against Gen. Mac-O
Arthur, with the aim of forcing "whatever it takes
his removal
as
Supreme Com- out will be used to
bank, whether he be a weekly
earner or a large corpora¬
tion, the Council of Administra¬
tion Of the Illinois Bankers Asso¬
more suc¬
cessful under such
eral MacArthur
House
wage
thing; expecting other
peoples to duplicate such a
of occupation forces
General
person
or
concern
entitled to
credit should be able to get it at
one
head
as
,
Believing it to be in the public
system here in this country is
record
in press accounts as intended to
rangements produce satisfactory
results
without
prejudice
to
interest and desirable that every
a
MacArihur's Authority In Japan
A directive sent to Gen. Douglas
Study Installment
Lending Field
of the so-called American
cess
<
(2) Control of Japan shall be ex¬
ercised through
the Japanese
Government as long as the ar¬
no one
To
Directive Approved by Truman Defines
fond of
so
affair.
the have built the greatest mate¬
from rial civilization that the world
of
reflection
Another
predilections.
democracy—or at least
own
used to—and under it we
we
Disappointment in London
which the
—
are
calling Kiplingesque or some¬
thing similar. This, of course,
We is not to say that we should
(Continued from first page)
of which the General did not
way
Dealers
New
Thursday, September 27, 1945
center
-
>'
V'
of
all
all
gov¬
financial
bank
those
is
the
opera¬
Volume
1493
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4424
162
Secretary Criticize Provisions for Congress Reconvenes Following Recessof War,
little
Truman Urges Gut in War Agencies' Funds
Under Surplus Disposal
Patterson Succeeds Stimson as War
Henry L. Stimson, retiring from
office of Secretary
of War
the
after
a
head
of
period ol five years as
the department, told his
conference of his
of the
newsmen's
goodwill during the strained years
of war,
expressed gratitude for
farewell
press
appreciation
tiaving
Roosevelt's
President
the opportunity, to
serve in such capacity during the
nation's
struggle,v spoke
warm
words of praise for the chief of
staff, General George C. Marshall,
as a "great and modest man," and
voiced the hope that the United
him
given
States
retain
would
eminence among
its
pre¬
the world of
na¬
tions.
The -resignation
Stimson
18
of
Secretary
on Sept.
made known
was
by President Truman, who at
the
indicated that the
time
same
resignations of John J. McCloy.
Assistant Secretary of War, and
Robert A. Lovett, Assistant Sec¬
of War for Air,
retary
tendered
that
but
he
had
been
would
not
Department
your
President stated -that the
resignation of Mr. Stimson had
been accepted with great reluc¬
;,f/ The
The retiring
Secretary was
78 years of age on Sept. 21.
V;
As successor to Secretary Stim¬
son
the President has named Rob¬
ert
administration it reached the
strength in our history
became the best trained and
greatest
and
3^ Patterson* advancing him
"These
are
public service. As I tender
to you the thanks of the nation,
I cherish the hope that we may
continue to rely on the counsel
your
of
experience.";y-V*:.'
which you can give out
an
conference from Washing¬
Sept. 19 also quoted Mr.
press
ton
on
Stimson
that
On
President Truman
Sept. 21
bestowed
ice
the Distinguished Serv¬
Medal
retiring Secretary
Stimson, citing Mr, Stimson for
"distinguished ■ service,
excep¬
tional
on
the
in
tion," at
history of the
the
na¬
ceremony in
a
rose
garden of the White House, said
United Press advices from Wash¬
ington on Sept. 21, from which we
also quote:
.
Mrs.
Stimson, Secretary-desig¬
nate
Robert
bers
of
the
Staff
of
P.
Patterson,
Cabinet, Army
General
of
the
mem¬
Chief
Army
George
C. Marshall
and
com¬
manding generals of all branches
of the Army were among those
attending the ceremony. Mr. Stimson later attended his
last
Cabinet
meeting
with the
President.
Following the Cabinet
meeting, he and Mrs. ; Stimson
went
by plane to New York.
Nearly 120 generals lined up to
bid him goodby at the airports
_:
The citation accompanying the
award read:
*
we
the
cause
beginning of the actual mobiliza¬
of
justice
and
peace
my
opin¬
ion, the maintenance of this pre¬
eminent
position will depend on
two factors.
One of these is the
acceptance by our people of the
military and naval strength that
with, leadership in
the world today.
The State De¬
go
will have
making
in
increasing
voice
our
in
the
councils
unless
our
people
of
na¬
and our
Government show their readiness
Japan, Henry Lewis
Stimson gave the United States of
over
America
inconveniences and
the
carry
sometimes sacrifices
and
burdens
such leadership
which accompany
present unstable condi¬
" V
1
>
'
'
' s
"
under the
tions.
The state of
the future must
in
lishment
military estab¬
our
be
the constant concern not only of
our
Government but of our peo¬
ple.
In* particular, we must be
that no system is estab¬
alert
lished—however palatable it may
guished service exceptional in the
history of the nation.
"Following 40
.
public
uous
fought
one
as
a
combatant officer
and twice served in the
war
Cabinets of
Presidents, Mr. Stim¬
unhesitatingly
son
in
the
accepted
vast responsibility for the devel¬
opment
the
of
American
armies
to
play a determined part in the
desperate human conflict now vic¬
toriously terminated.
•
; ■
.."His
his
fearlessness, his integrity,
rich
experience,
his
wisdom
his
and
statesmanship
were
contributory to the suc¬
deployment
operations of an army in
largely
mobilization,
cessful
and
:
which
his
countrymen
take
may
everlasting
His steadfast
pride.
unselfish devotion
inspiration to men-at-
and
purpose
were
arms
an
in American forces through¬
out the world in their bitter
to maintain
justice
were
in
a
and
moral
right, freedom,
civilization itself."
"thanks
"V The
We
not
do
the full
yet know
over.
.
his
future
own
plans, the retiring War Secretary
he
that
indicated
had
none
at
and wanted merely to
before even contemplating
further activity.
rest
Distribution In October
has
been
made
Distribution, to be
Hotel, Boston,
on
Oct. 15 and 16, and Daniel
Bloomfield, director of the con¬
ference, has indicated that it will
on
held at the Sfatler
be
devoted
to
a
discussion of the
of reconversion
facing American business, includ¬
ing future price trends, distribu¬
tion costs, world markets to be
problems
major
available
as
well
to
as
trial prices.
uled
to
American
the
o
business,
>look for indus¬
Among those sched¬
address
the
conference,
according to the New York "Her¬
ald Tribune," in a special dispatch
from Boston, Sept. 15, are John
W. Snyder, Director of the Office
of
War
Mobilization
and
Recon¬
D. Fuller,. Presi¬
dent of Curtis Publishing Co., Kent
version;
Walter
Cooper, executive head of the As¬
sociated
Press;
Dr.
Harold
G.
Moulton, President of Brookings
Institution; Dr. John H. Williams,
dean of Harvard Graduate School
said
in
"The nation and the world
familiar
with
the
inadequacy
are
of
Army when you went back to
needs
advisory
an
be
to
It
faced.
further
the fact that the present
stresses
Board is
determinations
the
of
policy
other
various
of
concurrence
without
and
ac¬
Berge, Assistant Attorney General
of the United States; Malcolm P.
McNair, Harvard Business School;
Q. Forrest Walker, of R. H. Macy
& Co., and Dr.
Charles T. Phillips,
President of Bates College.
with
satisfied
is
one
the
re¬
Army-Navy report."
cent
In
letter to the House Appro¬
a
priations Committee, the Presi¬
dent suggested a revision of $2,755,981,394 in war-related appro¬
priations; for the agencies, and
cutbacks in
portions of several
contract authorizations amounting
,
recommenda¬
President's
The
tions did not include any for the
and
Navy departments, but
these would be
stated, that
forthcoming shortly.
■'''v . ^ ;
The President's action, accord¬
countable only to Congress.
- ! *
The present system of manda¬
ing to a White House statement,
preferences in the disposal
of surpluses, the National Cham¬
quest
tory
ber
also
the
defeat
of efficient administra¬
prompt and satisfactory
purpose
tion
"will
notes,
and
Without criticizing the
abstract justice of provision for
such preferential treatment it is
our
opinion that, as a practical
matter, mandatory provisions re¬
specting
preferences should
be
disposal.
to
the
from
law
the
and
allowed
provide for such preferences to
the
property
agency
feasible
extent
and
f
public interest."
Restrictions
on
the
other
and
in
National
"We
of
disposal
property
until
in for criticism by the
Chamber,
be
prepared for an immediate re¬
examination by Congress of exist¬
Federal
Truman's
letter
based„ on
data
advices
"Wall
Street
stated
was
the
Journal"
we
in the
quote:
revision
recommended
war-related
be
had
Associated
given
as
to
agencies
the
From
Press
The
Mr.
authorizations.
contractual
prepared.
and
appropriations
in
appropriations of $2.7
billion is out of current available
will
re¬
lengthy delays in the dis¬
posal of plants and their use for
private employment. , . and, in¬
deed, cause some otherwise will¬
ing and suitable purchasers to re¬
frain from making offers for
such
Furthermore, we see no
provision. The At¬
torney General may proceed at
any
time, under the authority
given him in the anti-trust laws,
to take action on charges of vio¬
plants.
anese
when
session
there, Korean
spokesmen
pleaded that they be removed to
permit the people of that nation
to feel that they really had been
freed
from
their
conqueror's
As
yoke.
result, President Tru¬
a
announced
man
Sept.
on
18,
ac¬
cording to Associated Press Wash¬
ington advices, that the Japanese
overlords were being removed as
rapidly as their technical services
could be dispensed with or re¬
that the intention of the
•
was
for a free
Nations
Korea, and that with patience for
the necessity of making use of
RR.
Employees Off to
1,449,293 in July
Japanese who had
been
specific duties for the
those
trained for
desired goal would
quickly attained.
The President's statement, first
time being, the
Employees of Class I railroads
of the United States, as of the
be
middle
prepared in the State Department,
said
in part, as quoted by
the
1945,
totaled
1,449,293, an increase of 0.01%,
compared with the corresponding
month of 1944, but a decrease of
0.13% under July, 1945, according
report
a
Bureau
of
just-issued by the
Transport Economics
of
Statistics
and
A
gain
the
Interstate
over
August,
1944,
is
shown in the number of employ¬
ees
for every
the
reporting group with
exception of maintenance of
equipment and stores and trans¬
portation (train and engine serv¬
ice),
decreases of
respectively.
percentages of increase are:
1.10%
The
which
and
Executives,
show
0.05%,
officials,
and
staff
assistants, 2.76; professional, cler¬
ical,
nance
and
general,
0.93;
mainte¬
of way and structures, 0.24;
transportation (other than train,
engines, and yard), 0.64, and trans¬
portation
tions; Office of Scientific Research
and Development $54 million in
total¬
from ;those
appropriations
ing $70 million; OPA $22 million
from $175 million; Office of Stra¬
tegic Services, $9.5 million from
million;
War
Production
$8.7 million from $35 mil¬
lion; censorship, $8.2 million from
$13
million; FEA $3.4 million
from $16.7 million and ODT $3
million from $7 million.
$20
Board
v
In
House
the
bills
numerous
introduced the first day,
were
in¬
cluding proposals to cut down in¬
Selective
under
ductions
Service
eliminate
them altogether, to
time, to repeal author¬
ity of the Price Administration,
as well as one to repeal the SmithConnally labor disputes act. >,
Other proposals,
according to
or
repeal
war
„
Street Journal"
"Wall
the
in
re¬
porting the opening session from
Washington, Sept.
6, were for
amendments
to
Fair
the
Labor
Standards
Act, increased benefits
for veterans, and for an investiga¬
of the
tion
attack
Pearl Har¬
on
bor.
legislation, however, is
offing, with anticipa¬
tion high of a real controversy
when
the
jobless
pay
increase
measure
is
finally
ready
for
action.
•
'♦ '*«
Major
still
the
in
(yardmasters,
switch-
tenders, and hostlers), 0.96.
Meeting of
Associated
Press:
of
tnemselves
bilities
and
'
t.
Actuaries
will hold
joint meet¬
a
ing Nov; 7-9 at the Hotel Marlborough-Blenheim
at/ Atlantic
City, N. J., it was announced re¬
cently
Edward
by
Marshall,
W.
President of the Actuarial Society
Vice-President of the Provi¬
and
dent Mutual Life Insurance Com¬
pany,
and A. J. McAndless, Pres¬
ident
of
Institute
American
the
and President of the Lincoln Na¬
Life
tional
Insurance
Company.
Before the war, these two
organi¬
in the
spring and fall, but in cooperation
with the Government they held
but one meeting in 1943, none in
1944 and none this spring.
It is
zations
twice
met
a
year,
expected that with the joint meet¬
ing in November, both organiza¬
tions
will
resume
meetings.
semi-annual
-
the
functions
and
independent
of
elimination
the
a
free
nation and the
vestiges
of
all
American
rejoice
ancient flag
again in the
of the morning calm."
Korea,
land
people
liberation of Korea as the
Tae-Gook-Kee,
of
Kim,
President
of
♦
Affairs
Press
on
the
Sept. 15
on
Stock
The
advices
Main
from
(Ger¬
stated:^
' opened,
Exchange
with prices better than
dying days of the Nazi
here today
the
in
regime.
the
The Frankfort market is
in the world.
oldest
Trading opened soon after noon
with shares in coal and potash
I. G.
getting the most attention.
the giant German com¬
bination that is being broken up
Farben,
the
by
quoted
bonds
the
Institute,
hailed President Truman's state¬
ment
as
"the
most heartenine
word Koreans have heard in 45
Korean
years."
many)
The
waves
Yongjomg
the
.Associated
responsi¬
of
control
over
Korean
economic and political life will
of necessity require time and pa¬
tience.
The goal is in view but
its
speedy attainment will re¬
quire the joint efforts of the Ko¬
rean people and of the Allies.
"The
Frankfort Exch. Reopens
Frankfort
assumption by the Kore¬
"The
ans
in
ica and the American Institute of
more
Japanese
Commission.
Commerce
$496 million in appropriations and
The Actuarial Society of Amer¬
by our retention of Jap¬
in official posts in Korea
our forces
first took pos¬
Allied
to
$1.7 billion in appropriations
$600 million in contract au¬
thorizations; for ship construction
under the Maritime Commission,
A Free Korea
placed,
lation of these laws."
August,
and
Actuarial Associations
which said:
of this requirement
of
.
The cutbacks include: For lend-
Joint
Truman Promises
Irked
predict that the continu¬
sult in
re¬
of
from
the Attorney General
or
come
the
Chairman Cannon (D.Mo.) of the House Appropriations
Committee that the war agencies
ing
appropriations of $7.4
reduction of approxi¬
*
clearance has been obtained
also
the
with
accordance
in
was
a
mately 37%. For contract author¬
izations the $795 million in cut¬
backs amount to about 58%.
$794,561,208.
to
War
departments
(R.¬
Brown
Representative
"no
billion,
$190 million in contract authoriza¬
Ohio), who announced the intro¬
duction of the resolution, said that
he
agencies, and recommends
disposal agency should
be made independent of all other
the
Associated
the
attack,
said:
Press
Federal
executive
investigation of the Peari
an
that
of the forthcoming annual Boston
of Public Administration; Wendell
part:
our
Boston Conference On
letter to him from President
President
Board, for which
already voted to
need for such
Conference
5
for
balances of
lease
Reporting that Congress on Sept.
received
a
resolution
calling
the
not autonomous and cannot make
ance
Kf/frv
,
about
nation"
the
of
experienced
business
men to help solve the many points
of policy-making which are still
Congress
the most care¬
not make early
and
easy
assumptions that the
days of armies and navies are
Asked
war
reopening of Congress. The Presi¬
dential message was submitted to
Harbor
con¬
of
This will require
ful study. We must
Stimson
which
board
plants
the
Sept. 20,
administrator
of
the release of
atomic energy in relation to fu¬
ture military strategy, but we do
know
that
it
is revolutionary.
implications
Mr.
on
Property
Congress has
surplus
of
public
criticisms
current
eliminated
tendered
also
Truman made
in
fight
The advices
set-up of the three-member Sur¬
need at this stage of
the world's development.
V^.rP';y
we
power
Announcement
cf conspic¬
service in which he
years
in
curs
for
problem
from the Chamber state:
The
National
Chamber
seem—which fails to provide the
distin¬
of
measure
a
the
-
tion of the Army to the final vic¬
tory
studying
than two years.
$3,500,-
of
appropriations for 28
agencies marked the
in
civilian
has
•
*
by President
cutbacks
for
000,000
serve
can
necessarily
been
which
substitute a single administrator.
must make sure
it and use it irf It points out, however, that this
that position we
that
at
arrived
present
"As Secretary of War from the
.
have
we
Recommendations
Congress on Sept. 5.
Chamber's Manu¬
Committee,
plus
follows:
as
Now
to
•
The As¬
the
reporting
died during the recess.
of the National
present
are
in
United
the
sharply criti¬
20
min¬
who
reassembling after a five-weeks' vacation, adjourned after 17
utes out of respect for Senator Hiram Johnson of California,
provisions for the
disposal
of war surpluses
and
called for their revision by Con¬
gress.
The Board's action was
taken upon the recommendation
cized
that
Press
of
Congress reconvened on September 5 lollowing its
recent
with approximately 150 House members on hand for the
first House session, which lasted one hour and 22 minutes according
to Associated Press accounts. These advices stated that the Senate,
recess,
Truman
more
unprecedented."
Sept.
on
leadership among all nations
sociated
of the Cnam-
Directors
Commerce
of
but
nation
'
ber
States
and
tions
Patterson..
of
Doard
facture
effective
; on
Warning that "the avalanche of
upon us" and
that its handling will vitally af¬
fect the nation's progress through¬
out the reconversion period, the
surpluses is already
peak of its military strength
it has attained an influence
at the
Sept.
21
unanimously approved the nomi¬
of Mr.
conference on Sept.
In his press
of War.
The Senate Military Af¬
rich
so
19, Secretary Stimson stated that
"the United States is now not only
partment
difficulty
Committee^
Army in the worlds
but two phases of
best equipped
from the post of Under-Secretary
fairs-
a
than five years ago.
'ifI throughout the world. In
accept them at this time,
tance.
the
more
was
down
it
occupying powers, was
123-127.
Industrial
at
were
in brisk demand.
reopening of the Exchange
effected
under
rules laid
by the military Government,
stated in the Associated
was
Press
accounts
Frankfort
ond
largest
the war,
which
said
that
exchange was the sec¬
in
Germany
before
preceded only by Berlin.
permanent foreign intelligence division within the State De¬
partment.
The President also ordered, according to the United Press report
functions of the
Sept. 20, that the majority of the
to the State ❖
Department, the remainder to go
to the War Department.
Until
Division has been
executive order pro¬
interim research and
the Intelligence
me
createu,
vides tor an
intelligence service
within
Department, to serve
State
Dec. 31.
the
until
,
.
Lift
Building
part of the employer to an amount
Restrictions Oct. 15
all
of
Removal
from each
restrictions
on
I home
building and other con¬
was announced
by Re¬
conversion Director John W. Sny¬
struction
headed by Maj. Gen.
William J. Donovan, the United
Press continued, carried out es¬
18,
to
become
effective Oct. 15, the Associated
Press reported in its Washington
pionage during the war, often op¬
behind enemy lines. Its
wartime duties were revealed re¬
advices.
The OSS,
erating
added:
der
Sept.
on
Mr. Snyder's announcement in¬
cluded publication of a six-point
Or¬
program
designed to speed ex¬
pansion of the building industry.
Department
research
Although the Office of Price Ad¬
ministration has been urging the
presentation
branches, including their func¬
tions
within
Germany
and
placing of price limits on new
dwellings,
the
announced pro¬
gram makes no provision for such
price
ceilings,
the
Associated
Press
pointed
out,
and
enu¬
merated the following as the six
points of the program:
advices
These
cently.
*
Executive
President's
The
der directed the State
take
to
and
and
analysis
Austria.
In
•..
■
•
letter to General Donovan,
a
the
that
said
President
the
OSS
the
over
changes "represent the beginning
of the development of a coordi¬
nated system of foreign intelli¬
gence
within
the
permanent
framework of the Government."
i
Thanking him for his
service,
that
"timely
Mr.
Truman
wrote
steps should be taken to conserve
those resources and skills deveL
within
which
are
t
of
v
State
3. "The Office of Price Admin¬
relative
Byrnes
the
to
functions to be carried
new
on
by
his department, pointing out
that
the transfer would provide the re¬
sources
"which we have; agreed
ytu will need to aid in the devel¬
opment of our foreign policy," and
completing h i s communication
with the following statement, ac¬
cording to the Associated Press,
in
a
report
from
Washington,
Sept. 20:
I
desire that you
developing a
particularly
take~ the
in
lead
comprehensive and co-ordinated
foreign intelligence program for
all
Federal
agencies concerned
with that type of activity.
This
should be done through the cre¬
ation
of
an
inter-departmental
group, heading up under the State
Department, which would formu¬
late plans for my approval. This
procedure will permit the plan¬
ning of complete coverage of the
foreign intelligence field and the
assigning and controlling of op¬
such
in
erations
of
needs
that the
manner
both
individual
the
agencies and the government
a
will
whole
mum
2. The WPB will strengthen in¬
be met with
as
maxi¬
hoarding
Urge End of Price Controls
istration
The
Board
of
minimize
of Directors
Commerce
of the
of
the
States, meeting in Wash¬
ington on Sept. 15, adopted a res¬
olution calling for a definite end
all
government
within
six
mination
months
price, controls
the
after
hostilities.
of
ter¬
The
Emergency Price Control Act,, as
extended June 30, calls for ter¬
mination of price control one year
after that date.•/ At the
legislation extending the Act was
Congress
the :Chamber!
proposed that the Act be extended
for
one
year,
end
might
of
be
or
six months after
hostilities, whichever
earlier.
Since Japan
surrendered,
business
men
have
expressed to the Office of Price
Administration
(the
view
that
many price controls can now be
dropped
should
as
be
that
all
eliminated
possible.
Control
has
and
Act,
Under
the
authority to
controls
as
rapidly
the
Price
Administrator
ease
controls
as
supply begins to balance demand,
without
will
contractors
called
be
vto
Washington to chart a voluntary
program to increase production of
materials and facilities needed for
home construction to
inflated building and real
expanded
fight
estate costs.
waiting for the expiration
of the Act.
Auto¬
payroll
old
the
levies — used to finance
pensions and other social
benefits — have
been
,
age
security
halted by
Congress, but the Asso¬
ciated Press reported from Wash¬
Sept.
that
Senator
F. George (D.-Ga.), chair¬
ington,
Walter
17,
of the Senate Finance Com¬
man
has • indicated
that
situation
may
be different
the
this
mittee,
year.
the
Citing
the
'
reason,
ated Press said:
Social
the
*-~
asked
Security
And
broadened.
be
System
lot of bills
a
'
Housing Agency
will cooperate with industry to
provide advisory service on home
values, whether or not the home
buyer obtains Federal financing
what
policy it is going to
the way of payroll
<
'■
'
George
added
that
he
follow"
in
taxes.
,
Mr.
whether Social Se¬
doesn't know
before Jan. 1,
Under the law, the
Ways and Means Commit¬
tee must start such legislation. A
With the House grpup already
headed for a battle over general
income
tax
relief plans, Social
Security changes are likely to
House
take
a
back seat for some time.
Even
if
this
happens,
Mr
George says the payroll tax issue
is bound to
The
come
'"A™
up.
House, of course?;
may de¬
cide to freeze the tax at 1%. But
if it doesn't act,
the
that
Mr. George noted
Senate
Committee
can
consider the
question when it gets
the general tax reduction bill.
Senator
Vandenberg
(Rep.Mich.), who annually has written
payroll tax freeze legislation, is
keeping mum about his plans.
But
if nothing
else happens,
colleagues
think
the
Michigan
Senator will pop up with another
freeze bill. They are betting, too,
that Congress will approve it.
Africa
Import Permit
A1 b
Postmaster
Goldman
t
e r
made known
South African import permit will
be
voked
"L-41"
be
re¬
of Oct. 15, the Associated
as
Press
will
reported
further,
adding
building of stores, office build¬
ings, hotels, apartments and pub¬
lic works, as well as dwellings.
announcements
meeting
followed
a
Mr. Snyder, Wil¬
Davis, Economic Stabil¬
izer, WPB Chairman J. A. Krug,
liam
among
H.
Price
Administrator
Chester
Bowles and Housing Administra¬
tor John B. Blandford, Jr.
"The
rapid
expansion
of
the
constrution
of
jobs
in
•
"This
of
entire
our
us
_
in
when
it
"At the
nize
He
\'n'was
the
minds
same
that
time
of
agreed
was
L-41 should be lifted.
we
economy,"
Snyder's statement said.
added:
-
all
that
•
all recog¬
we
to expand construction
expand the production
must
of
Africa
in
the
Union
Southwest
or
of
Africa
housing
shortage
continue
for
some
is
bound,
time
and
to
that
sponse
"All
to
an
active
Federal
demand.
agencies
have
their views.
These leaders will meet with reg¬
graduate and undergraduate
ular
Economists
will
ments
universi¬
other
from
Governmental
and
ties
Depart¬
the
in
participate
in addition to Dr. Zurcher
course
The first
Institute Staff.
and the
^University's East Building,
at 239 Greene St.
modern
such
A seminar room
special library and
instructional equipment,
containing
a
projection and recording
as
been made avail¬
able for the course by the Univer-
apparatus, has
sity.'-
'
-
lecturers,
who
in the weekly
Dr. Alvin Hansen,
Among; guest
will: ; participate
seminars,
Littauer
are
v
It
Secretary of Commerce Henry
A. Wallace has announced plans
is
added:
*
of
Professor
-
Political
Economy, Harvard University, au¬
thor of "Fiscal Policy and Busi¬
lines
and Government with more effec¬
tive
"The special endorsements
tofore
such
placed
on
shipments
the
here¬
wrappers
therefore
are
longer required.
*...
1
of
no
-
"Shipments of merchandise for
the
destinations
mentioned
must
still
comply with the export-li¬
cense requirements of the Foreign
Economic
Administration."
use
all
appropri¬
measures
to discourage
in¬
flationary pricing of new homes.
This is a problem which the in¬
dustry itself must help to over¬
come.
A
boom
in
prices now
ate
would
inevitable
have
repercus¬
sions later on," • From the
ated Press
we
Associ-;
also quote:
sion."
ment";
that
his
new
Assistant
Krug's
production
of
would
statement
States
Bureau
of the
Budget, and Associate Professor
of
Economics,
Universiay
of
Michigan;
of
Chief
and
Amos
E.
Taylor,
Bureau
of
Foreign
Dr.
the
Domestic
Commerce,
States
United
of the
of
Department
Commerce; and Dr. David McCord
Wright,
Associate Professor of
Economics,
University
of Vir¬
ginia.
-
Postwar
on
Re¬
established in 1943 under
was
effective
teaching of economics
and
to
promote popular under¬
standing of
economic problems
in
"In
the
will
fact,
next
we believe
six months
extend
he stated.
will
be
actual
"At the
ventories in
59
time, in¬
increasing
slowly."
ad¬
in
one.
by-legislation now
in Congress and would
be assigned to international trade,
industrial
air,,
land
economy
small
present As¬
to handle
the
while
business,
continue
would
sistant
related tech-»N
and
commerce
nical services.
,y
Under
reorganization
his
pro¬
the "Times" continued, Mr,
stated
the
Department
Wallace
undertake
would
following:
•,
foreign trade
"1. A revitalized
to
service
the
provide
to
.
play
more
a
effective
role, in cooperation with the State
"2. A strong,
of
current
tistics to
"World
II" is the title by
War
gration among nations is to be
to history, according to
the current issue of the Federal
known
Register of the National Archives
of
the United
States, the New
York "Sun" reported on
The
Sept. 20.
Register indicates, the report
states, that President Truman
has
approved the recommendation of
Secretary of
War Stimson and
the Navy Forrestal
of
that this be the
nated
for
name
"officially desig¬
the present
provideAdequate intelli-§
business and Govern¬
for
gence
ment.
analytical pro¬
"3. A complete
to give business and Gov¬
ernment current information on
the economic situation and busi¬
gram
Outlook.
ness
"4.
Technological aids and serv¬
business, especially small
to
business.
aids and other
"5. Management
forms of direct service for busi¬
ness—again oriented to the needs
of small business as well as large.
Strengthening of the tech¬
"6.
nical service functions of the De¬
according to the
"Times," that the plan, Mr. Wal¬
lace
explained, would mean a
"vigorous expansion and strength¬
ening" of the Department's facili¬
ties to enable it to discharge its
'World
II'
War
least
seven
has
"The term
used
been
in
public laws to des¬
ignate this period of hostilities.
Analysis of publications and ra¬
dio programs indicates that this
term has been accepted by com¬
ed
as
late
to
an
official title after the
President
Roosevelt,
the
"Sun" observes, had indicated his
dissatisfaction
"World
War
World War."
definitely
small
with
II,"
the
and
recognize the needs of
and will be de-f
business
to help small business to'
established, to prosper and
grow."
Signed
get
FIG Banks Place Debs.
and Mr. Forrestal
Stimson
wrote to the President:
at
statutory responsibilities during
the period of reconversion and
post-war adjustment.
The pro¬
gram, he added, would not only
allow the Department to improve
the
volume
and
quality of its
services to all business, but "will
war
covering all theatres and the en¬
tire period of hostilities."
Mr.
j
balanced program
'benchmark' sta¬
and
•
published in the Federal Register.
It ends whatever quandary exist¬
distribution channels
present
It was added,
tached to the Secretaries' letter as
consumption,"
same
the
to
ful
ma¬
that during
production
mentioned
for three
partment to make them as help¬
as
possible to the nation's
commercial and industrial life." [\
States.
United
the
substan¬
tially in coming months.
calls
Secretaries
authorized
be
construction of New York Univer¬
the
construction
increase
ago,
program
pending
ice
Institute
The
usage." President Truman's
approval, the "Sun" states, is at¬
said
who
Wallace,
The
new men, the New York "Times"
reported in its account of the an¬
nouncement by special dispatch
from Washington, Sept. 20, would
dition
of
Smithies,
Arthur
Dr.
United
the
mon
Mr.
months
six
Cycles"; ; Dr. John r H. G. Department, in the formulation of
Pierson; Statistical Consultant in' commercial policy and to promote
the United States Department of vigorously a high level of foreign
Labor, author of "Full Employ¬ trade on a sustained, basis.
Secretary
been directed to
Mr.
services.
became Commerce Secretary more
than
ness
which the recently ended confla¬
-
reorganize his agency along
designed to provide business
to
gram,
'
for
terials
there may be pressure to increase
the price of new homes in re¬
also attend to present
shipments of ■ mer¬
chandise from the United States.
and
"We also know that the present
system.
will be the
commercial
Mr. Krug termed the action "a
major step in providing employ¬
ment and speeding up reconver¬
fair distribution.
nomic
course
South
building materials.
It is not
enough merely to lift restrictions.
We must anticipate the
bottle¬
necks before they become serious
and take prompt and active steps
to- increase
supply of materials
assure
free eco¬
A feature of the
participation of
leaders in industrial and financial
circles. Labor leaders, public of¬
ficials and welfare workers will
conduct throughout our
required to be obtained by the
addresses
industry can be the
single additional source
greatest
Mr.
of
Reorganization
policies and
influence
will
goal
Plans
maximum employment
a
grant from the Alfred P. Sloan
Foundation, Inc., to develop more
famed
order
"full employment"
the term
by
and how
a
duction Board's-disclosure that its
came
employment—the 60 million jobs proposed by
Secretary of Commerce Henry A. Wallace in a recent book—will be
the subject under consideration in the weekly sessions during the
fall term.; An attempt will be<^made to determine what is meant
sity
the War Pro¬
Simultaneously with Mr. Sny¬
Full
construction.
pending along this line.
Meeting in Dr. Zurcher's seminar
view of these proposals, Mr.
will be held Wednesday evening,
George
said: ; "It
has
become Oct. 3, on the sixth floor of New
necessary for Congress to deter¬
York
on Sept. 20 the re¬
information from the
Post Office Department, at Wash¬
ington, that effective at once, no
der's statement
economics
In
ceipt
assistance.
of
Arnold J. Zurcher,
are
mine
.
experimental course designed to train leaders in the field
has been organized at New York University by Dr.
Acting Director of the Institute on Postwar Re¬
An
students of New York University.
Associ¬
has
Truman
President
that
v;.;
.,,
.
.
6. The National
time this
before
the
the
danger of inflated
prices due to excessive demand."
5. Representatives of real estate,
building and supply dealers and
The
United
to
will
strengthen
price
control of building materials to
counteract inflationary pressure."
4. The Federal credit agencies
will cooperate to "discourage ex¬
cessive and unsound lending on
mortgages" and enlist voluntary
operation of private lenders "to
Within Next Six Months
i
of
"so that
that this is the order limiting the
effectiveness.
Chamber
controls
ventory
equal to 2lk%,
matic increases in the past in
curity changes can be acted upon
break bottlenecks,
w
.
.
President wrote
The
Inter-agency action will be
to increase the supply of
scarce
building materials and, if
necessary,
to
grant price and
wage increases and priorities to
Secretary
your
"
purposes
1.
taken
to prevent the
building materials
builidng will not be de¬
layed
by
artificially
created
shortages." Tx
organization
vital to our peacetime
oped
these will
from
the
icy on poyroll taxes,
automatically
jump
present deduction of 1% on Jan. 1
to represent the employee's pay¬
ment and an equal amount on the
transferred
be
OSS
for action on
Proposals, Including Full
Employment to Be Analyzed in NYU Courses
time out
determining its pol¬
Unless Congress takes
a
from Washington,
.
Economic
Rise
President Transfers OSS Functions to State Dept. Payroll Tax May
The Office of Strategic Services will be abolished as of Oct. 1,
Jan. I to 2V2%
by order of President Truman, which also directs the establishment
of
Thursday, September 27, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
1494
name
"Second
■..
A
sue
successful
offering of
an
is¬
of debentures for the Federal
concluded
Banks
Credit
Intermediate
19
Oct.
was
Charles Hi
by
Dunn, New York, fiscal agent for
the banks. The
of
financing consisted
$17,180,000 0.90%
consolidated
debentures dated Oct. 1, 1945,
due June
1, 1946.
placed at
par.
and
The issue was
The proceeds, to¬
gether with treasury cash of $9,535,000,
were
used to retire $26,-
715,000 debentures maturing Oct. 1„
As of Oct.
1, 1945, the total amount
I °t debentures outstanding will be
'$257,060,000.;
;
;
"
:<;•/: ;/
Volume
to mankind have been
one country assum¬
est import
International Chamber oi
they
change from time to time.
An
them
its own,
follow-up study, is
conference
isolated
such
without
as
on-
of
standard
conditions,
world
need the free flow of interna¬
and a general expan¬
sion in turnover and the out-turn
of goods, and that private enter¬
nearly so useful as a confer-r
carefully prepared"; before¬
by committees on different
subjects and followed afterwards
with the help of an able and ex¬
pert staff working as executives
to the different standing commit¬
tees; As a living organization it is
these standing committees which
think out the problems and form
policy for the Chamber, which is
then discussed at council meetings
ocrat if ever there was
ence
hand
finally placed before our bi¬
and
annual
that
we
Congresses. It is essential
should get the very best
businessmen
possible to serve on
these committees, so that by com¬
bining the best business brains
with the
best
expert and eco¬
nomic brains, we may enhance
the prestige of the Chamber and
create for it a position worthy of
the role that it should play in the
post-war period.
when
Now
meetings, do
sentatives, or
we
as
repre¬
delegates of or¬
as
my
view, we
representatives,
together with our oppo¬
ganizations?
In
should
as
to
these
to
come
come
we
come
meet
site numbers from other countries,
so
formulate
and
discuss
to
as
with a
broad and open mind; not just as
delegates, with our minds already
suggestions
for
policy
made up and with a certain set
It is. only by a
policy in view.
We
ested in
firm
a
Thomas
gov¬
inter¬
business than ever.
I am
believer in the words of
Jefferson,
that
great
today
are
more
American President—a true dem¬
one—who
neld, and I quote his own words:
"The world is governed too much
that
and
which
is best
At the
government
least."
governs
time, however, we must rec¬
same
ognize that the tide is flowing
strongly towards government con¬
trol of enterprise and government
in business, but it is only by show¬
ing the world that private enter¬
prise can do a better job that we
We believe that private
enter¬
stand that riches consist in output
ers), when he told us that he be¬
lieved in the eternal truth that
and
increase
man
hour, and not in bank notes
solutions.
reasonable
Furthermore,
it
give leadership.
is
duty
our
to
Rye showed us
jiow this should be done.
Thomas
we
Mr.
Mr.
and
Gaylord are
present today and well do we re¬
member their welcoming speeches,
exports could only be paid for by
the receipt of goods and services,
and that for this purpose it was
this
essential that the American tariff
we
should be lowered. An American
friend sitting at my table told me
.that he never expected to see the
ernment
ciday that
of
President
the
ing of tariffs in such a forthright
way-v
always remember that
us
misunderstood.
Although
welcome businessmen in gov¬
government out of
business, Government have a very
important role to play by adopt¬
supervision
can
mould
our
businessmen
own
then
and
governments, and in the fu¬
ture we hope world public opin¬
ion will be influenced by the new
Economic
and
Social
Council,
our
with which
hope to have close
we
contacts. In this educational proc¬
believe
it
and
so
creating those
conditions under which with due
helping
is
industry
and
in the difficult job it will have to
ternational
public opinion in the
formulation of policy, and this
public opinion firstly comprises
business
assist
will
the In¬
Chamber
test.
and
the fundamental role for
to
per
How often is
Efficiency
tokens.
money
must be the acid
undertake
^
Let
or
production
of
the ing wise economic policies which
NAM would advocate the lower¬
year.
a
individual enterprise
thrive and prosper.
We
meeting in an historic
It is just a 100 years since
are
Conservative Government, under
introduced free
trade into Eritain, and I think it
Robert
Sir
is
an
the
secret
open
useful
most
have
Peel,
that
many
social
reforms
been
country
of
put through
by the parties
in
this
the
of
Right.
ess
I
possible,
The United States Congress has
nor
would it be desirable, to have
just renewed the Reciprocal Trade
do
not
each country or its National
Com¬
Agreements. Act, which allows the
speaking with one voice.
Our National Committees, if they
are
to be
truly national, must
Administration to reduce the tar¬
mittee
-represent all
opinion.
Can
to have the same view as
owner
manufacturer,
the
same
if
views
men
bodies
tees,
on
we
our
leagues
on an
and
processes
sion,
of
truly
shall have first-
many
which
we
As
us
multilateral
pledged
Let
trade.
hope that they will give us the
under Peel gave
lead that Britain
the
world
a
100
years
The
ago.
opportunity is there and all na¬
tions have their part to play, as
we
must
recognize that there
barriers
Commit-
iffs—exchange
to
trade
than
controls,
are
tar¬
quotas,
them, national \ multiple currency practices, etc.
will
be drawn, However, there is one point that I
meet
their
col¬
International Comby 'the democratic
debate and discus¬
wise solutions of
difficult
problems
shall have to face
now
that peace is with us.
the
representatives of pri¬
we have a heavy
responsibility. We believe that if
vate
freer
to
National
all
formulate
the
and the United States are
other
then
will
are
50% from its present level,
different
from
and
.mittee,
the banker
the merchant?
iff by
the
from
representatives
who
or
as
committees
our
representative
class
business
expect a ship¬
we
the
But
of
shades
enterprise
the
Prague, was such a
It gave a clear
warning to the tyrant of Ger¬
many that Britain and the Com¬
monwealth
would
fight if
he
sought to impose his evil sway
across
the continent of Europe
of
rape
unilateral action.
Britain
did
not
its trust.. "
wealth
'
It
also
is
fail
world
the
'
.
■
,..
moral purpose behind our work.
What the world requires is moral
by
policies and
our
the U. S. Treasury
fver
Olsen, preparatory to release
$1,500,000,000 of Dutch funds
blocked
Naturally,
America.
in
the Treasury seeks assurance
that
release of such funds won't bene¬
According
would like the Council to notice—
Peel's
Act
was
unilateral.
I
do
pretend Britain adopted free
trade as an act of charity to the
not
world, but still it was unilateral,
Britain and the world pros¬
and
and
surejr
other
of killing each
ways
effectively,
more
more
quickly and in greater numbers.
paths of peace are strewn
with many difficulties and it is
The
much
organize peace
organize war. In de¬
to
harder
than it is to
fense of an ideal—freedom-^-the
human animal sacrifices every¬
thing—life, limb and loved ones; to
organize peace requires less heroic
but more difficult virtues, but
still I believe that it can be done,
and this Chamber has a leading
short;
$100,000,000
"Figaro" quoted Gen¬
French direc¬
tor of war prisoners, as saying on.
that day that the food ration for
the 600,000 German captives in
French camps "is just enough to
newspaper
eral Louis Buisson,
allow
last
loan
"I hasten to say
15
,
une," continued:
The inadequate food is not due
to lack of money, he said, for 19
ly for each prisoner and an addi^
tional small amount is furnished
real
This
needs.
measure
should
help restore normal financial and
commercial transactions, a matter
which interests Americans as well
Dutch.
as
""
>
Various American businessmen
Lord
Tennyson gave
"Men,
my
brothers, men the
workers, ever reaping some¬
thing new:
which
That
they have done but
things that they
earnest of the
dipt into the future, far as
For I
human eye could see,
Saw the vision of the world,
all the wonder that would
Saw
heavens
the
fill
with
and
be;
com¬
argosies of magic sails,
the
purple
twilight,
dropping
down
with
costly
bales;
Heard the heavens fill with shout¬
merce,
Pilots
of
ing, and there rain'd a
ghastly
dew
the nations' airy navies
grappling in the central blue;
Far along the world-wide whis¬
per of the south-wind rushing
From
warm,
.
With the standards of the peoples
tions
are
privately obtainable.
not
Travel in Holland is still terribly
disrupted. Short of military auto¬
mobiles only travel to Brussels is
RAF
seater
six
overbooked
on
volume
Construction
continued
tains
in
reported
ately in August, it was
on
the 37
Rock.y Moun¬
to gain moder¬
the
of
east
Sept. 26 by F. W. Dodge Cor¬
'
poration.
Contracts
.
awarded
last
month
$263,608,000, a gain of 2%
July, and 55% over August
over
1944.
of construction of
volume
The
manufac¬
expanded sub¬
stantially, the August total of
$75,456,000 being a gain of 46%
over July and 88% over August of
buildings to be used for
turing-
purposes
last year.
*
w
Although residential building In
August declined 8% from July's
total, it was 83% higher than in
August 1944. The total amount in¬
volved in last month's residential
contracts
$42,711,000.
was
owned
Privately
t
continued
construction
dominate
o
the
There the common
shall
hold
And the
er,
a
our
of most
realm in
fretful
7'7'-;>7\7
'■
awe,
the
sense
kindly earth shall slumb¬
wonderful
will agree that it is
prophecy and very
apt at the present moment.
is important to note that it was
unilateral and indeed many inter¬
the
Chamber
has. its
role
to
part in bringing about
fillment of the
the
common
hold
a
This
earth
of most shall
and
our
slumber,
Our chil¬
children's children
calling on us.
the
lead.
our
trust.
Do
shall
law."
are
play—
prophecy has been partly ful¬
filled and it is up to us to play
sense
lapt in universal
dren
the ful¬
remainder—"There
fretful realm in awe, and
kindly
the
lapt in universal law."
I think you
Germany and their uni¬
more
forms
in tatters."
are
approaches, he added,
blanket for every
men,
and beds -are
As winter
France has one
five
six
or
lacking. He said the problem could
be solved only by requisitions in
July to repair war damage.
McNutt Sworn in
not
-
/
*
as
Philippines Commissioner
After his
appointment had been
by the Senr
confirmed on Sept.* 14
McNutt was sworn
Commis¬
sioner of the Philippines, the As¬
Paul V.
ate,
in
as
United States High
reported
Press
from
Washington Sept. 15.
The oath
was administered by Chief Justice
Richard Whaley
of the United
States
Court
of
Claims,
with
dent
Romulo, resi¬
Philip¬
Carlos
Brig.-Gen.
Commissioner of the
pines, present.
Mr. McNutt's naval aide in the
Philippines is to be Capt. Gil¬
christ B. Stockton, who will be
given the rank of
Rear Admiral,
announced.
It was
noted in the New York "Herald
Tribune" in advices Sept. 14 from
it
its
also
was
Washington
bureau, that Mr.
McNutt, who has been serving as
Chairman of the War Manpower
Commission, will hold the Philip¬
Commissionership for the
second time in his career; he is
scheduled to leave for the Philip¬
pines immediately, in accordance
with the announcement which Mr.
pine
Truman made
at the time he nom¬
former Indiana Gov¬
McNutt was High
Commissioner for the first time
from 1937 to 1939.
inated
the
ernor.
Mr.
last
furl'd
parliament of man,
federation of the world.
•
no
said,
Buisson
ers,
sociated
months'
activity
representing
thro' the thunder¬
74% of the total. It accounted for
storm; 7:'. ^7
90%
of nonresidential building,
Till the war-drum throbb'd no
93% of residential building and
longer,
and
the battle flags
35% of public works and utilities.
were
its prison¬
"but there is
Germany should dress
,
plunging
In
'
Convention rules,
Germany.
' ' 7'
'«' ■
Holland. In
Of the 600,000 prisoners, French
this, like other liberated coun¬ forces captured 200,000.
France
tries, American authorities pro¬ expects to have 1,000,000 by De¬
vide billeting where accommoda¬
cember and 600,000 more by next
totaled
shall do:
Under Geneva
have, already visited
states
these words:
7';7v77 '77.'
chases."
.
Belgium, Holland will
not release to depositors of called
in currency any fixed percentage,
but only allot in accordance with
Awarded in August
us
opinion tends to prevent all pur¬
accounts will be controlled.
long before the petrol motor or
aeroplanes or atomic bombs were
conceived.
food because "there are
nitely, and not only foreign ex¬
change transactions, but also all
guilder transfers for non-resident
Unlike
But, he added, it
impossible to obtain adequate
not many
unrationed - things,
and
public
is
indefi¬
continue rather
will
by the military.
control
exchange
Foreign
here
Construction Contracts
English
poet, Lord Tennyson, in the hey¬
day of that great Victorian era,
pered exceedingly for the next 70
years as the result.
However, it
national actions of the profound-
000.
dai¬
(38 cents) are granted
francs
$500,000,000 loan from the ExportImport Bank while the Nether¬
lands East Indies seeks $100,000,-
when the world had real peace—
a
was
to lie down, not move
a man
and not die too
Chase
term
February
the
Dutch Government has sought a
Bank
composed in 1886 by our
schoolboy, I re¬
member reading a great prophecy
When I
to Associated Press
Paris Sept. 22, the
Holland's
Since
matters.
lated
plane.
Since ATC is rendering
yeoman's
service,
businessmen
travelling elsewhere in Europe,
wonder is expressed ATC doesn't
reach Holland's good airports.
part to play.
from
advices
quickly."
that in the last
days there has been an im¬
in this respect.
.
7;7\'V ::;7 provement," General Buisson is
quoted as saying, "and fortunately,
Dutch financial and economic
for the hospitals were full."
The
mission will soon go to America
Associated Press account, as given
regarding the foregoing and re¬
in the New York "Herald Trib¬
interests. Mr. Lief¬
tienck, having spent five years in
Nazi prisons, can be counted upon
fit any Nazi
acts.
our
conversations here with
representative,
having
sense
a
The Government is now
olocked.
between
decency
and
Mean¬
by
War Prisoners in France
while all transfers of securities are
the
of under¬
standing, and a sense of "live and
let live" between us.
This, is the
age of the common man and the
common man everywhere is call¬
ing for moral regeneration, and
we
businessmen shall be judged
of
sense
peoples
securities
of
starts within next few days.
a
regeneration and moral re-educa¬
tion.
We
must
re-establish
a
Starvation Diet Faced
up.
registration
The
.
we
realize that there must be
should
being set
of
that
important
in
.
invest¬
"Chronicle." The
Finance Minister Lieftienck informs the
National Investment Board is now €>ments,
Common¬
the
and
financial
subscription to government bonds and third for necessary
for
.
particularly that of Mr. Gaylord
at that time President of the Na¬
that
discussion,"
lay.
We also meet at an historic mo¬
countering this
ment
when
victory
has
been
tide.
Indeed, I wonder where the
world would be today
without achieved and if ever the Interna¬
tional Chamber of Commerce was
private enterprise in the United
States and here and in the Brit¬ required it is required today to
ish Overseas Dominions?
Self- prepare the way for paths of
sacrificing businessmen entered peace. A visitor from Mars, look¬
government and showed how the ing down on this war-ridden and
devastated world and contemplat¬
job should be done, and the indi¬
vidual manufacturer showed what ing the bombing aeroplane, the
private enterprise could do in V-weapons and now the atomic
bomb, might conclude that all that
turning out munitions and aero¬
the human animal had learned
planes and bombs and shells, with
over the ages was to create better
which the enemy were shattered.
tional Association of Manufactur¬
ample
Shall reach
AMSTERDAM, HOLLAND, Sept. 18—1The Netherlands
purification program involves the calling into the banks all remain¬
ing outstanding paper money not previously retired, thus eliminating
black money.
The latter will be earmarked first for taxes, second
in
succeed
prise is the most efficient system
and it is only by efficiency in
production and marketing and
transportation
and
distribution
that we shall get' that expansion
of. production arfd sales volume
that will be absolutely necessary
to the world if its peoples are to
have
that
prosperity and that
standard which they desire.
We
must educate the world to under¬
and
long-term
The historic
enlightened
guarantee given by Britain to Po¬
land and Rumania in 1939, after
and
that
recognize
must
ernments
meeting of the minds between in¬
ternational businessmen after full
achiev¬
prise is the best means of
ing this.
shall
*
general
and
tional trade
not
increased
an
living
of
betterment
we
real
own
self-interests
achieve
to
are
we
good, and not necessarily
of course unmindful of where its
common
Commerce—British View
following
the
for
liability
initial
the
ing
(Continued from first page)
and
Netherlands Financial Reforms
unilateral by
_
I
£49#
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4424
162
Rye gave us
let us fail
in
Fairless
on
Steel Wage
.
Benjamin F. Fairless, President
of United States Steel Corp., de¬
clares that producing companies
will be faced with a 32% increase
in the basic labor rate and 21%
increase
in
the
average
overall
rates, if the wage
increases of $2
a day, recently
requested by the United Steelworkers of America (C. I. O.) are
acceded to, according to a state¬
ment on Sept. 15 in the "Wall
Street Journal."
The report said
that Mr. Fairless added that the
new
wage rate would mean an
straight
time
average
increase
the cost of
of $6 a ton in
producing steel.
J4'
THE COMMERCIAL & FINANCIAL CHRONICLE
to From Washington
Present Unemployment Temporary Congress Committee
Start Pearl Harbor
and
Inescapable Says Gen. Ayres
(Continued from first page)
ures
make
to
Two
of
sets
appropriate
they
are
sists
of
employment easier.
data which will foretell the
such
able timing of reconversion, so it
is worth while to study the timing
measures
are
and
available, and
very simple.
One con¬
increasing the numbers
them.
"Already
of
"If
it
great
has
progress
restrictions, controls, regula¬
ceilings which were im¬
tions and
posed to govern wartime produc¬
tion, but which would limit and
handicap
follows
version
of
conversion, we should expect em¬
ployment
to
decline
for
five
months
in
the
industries that
of
it
do, and to
reach its low point five months
after this past July, or in De¬
cember.
The
War
Manpower
much
that
we
unemployed
6,200,000
have
may
to
estimates
Commission
After December we
at that time.
peacetime output and
employment.
Probably there is
should expect employment to in¬
crease in the reconversion indus¬
danger that
tries
long
we
of
most
the
too
controls
price
manufactured
on
retain
may
articles.
They
should be stimulating produc¬
tion, both because it creates em¬
ployment and because it con¬
stitutes
our
only
trustworthy
defense against
the dangers of
inflation."
„<,
..
/
Contrasting unemployment in
the period of conversion to war
production
with
unemployment
during the present reconversion,
General Ayres says, "it may well
be that the timing and the
pat¬
tern
of
reconversion
closely follow the
will
not
taken by
and
months
seven
reach its normal full
to
employment
level in July of 1946.
restrict production at a time when
we
for
"In this connection it should be
about
if
that
remembered
do
we
have
6,200,000 unemployed next
a large proportion of them
not
be
factory
workers.
winter
will
Moreover, they will not be unem¬
ployed
because
there
are
not
enough jobs potentially available
huge
rather because the
of readjustment and
process
must
of
of
many
be
re¬
the
in¬
them
Nevertheless,
almost
have
we
no
been
have
all
have
can
immediatelv
on
imme-
them
it
is
Carroll
B.
Huntress, Chairman
the
Barkley (D.-Ky.), will consist also
of
He makes proposals to keep
his record clear, as he might have
done as a Senator, without any
thought as to whether they would
Senators
M.
Opposition to the St. Lawrence
Project, announced on Sept. 17
the
appointment
Council of 11
of
Advisory
which completes the
Foley, it
From
was
the
war
made known by
The advices said:
now on
Walter
F.
George
(D.-Ga.), Scott W. Lucas (D.-Ill.),
(R.-Me.) and Ho¬
Ferguson
(R.-Mich.),
ac¬
Owen Brewster
mer
cording
vices
Associated
to
Press
ad¬
from
Washington, Sept. 14,
which also gave the following as
the House members chosen:
Representatives
Jere
Cooper
(D.-Tenn.), J. Bayard Clark (D.N. C.), John W. Murphy (D.-Pa.),
Frank Keefe (R.-Wis.), and Bertrand Gearhari (R.-Cal.). The As¬
sociated Press pointed out that all
those appointed are lawyers. Rep¬
resentative
named
Cooper
has
been
Vice-Chairman
the
of
The joint committee is
ed to start work
expect¬
in the early fu¬
Senator Brewster stated
on
15, according to the Asso¬
ciated Press, that if the investiga¬
tion touches
conditions in the
on
Philippines at the time of Japan's
on Pearl Harbor, he will
urge that General MacArthur be
called to testify. American planes
were destroyed near Manila in an
attack a day after Pearl Harbor
assault
hit.
was
conservatively dominated
Congress must pass upon it. If the
him
ever succeed in making
attempted "leader" they,
an
he, will
the
Congressional
had
been
it
upon,
definitely
learned
was
<
in^
all FHA home fi¬
had
Sept. 8, that the Navy
on
offered
band
Rear
Admiral
Hus¬
E.
Kimmel, Pacific Fleet
commander at the tirpe of the
Pearl Harbor debacle, an open
trial
by general court martial to
determine
his
responsibility
for
the disaster. The report added that
the War Department had not of¬
It is
a
question
being asked "How do
you vote on this," and he says "I
vote 'aye.'" That is the comple¬
tion of his job as he sees it.
We do not know of
ture to
recent
give of the
land,
Democrats.
At
least, it was set
up several years ago for that pur¬
pose,
but has had to be bailed
out of financial
difficulties many
since.
The
fellow
young
ceived
and
party is
a
mocracy,
He
ticket.
a Secretary to the
Metcalfe, Republican
was
of Rhode Island.
Board
of
William
A.
of
the
White
&
Sons; L. O. Head, President of
Railway Express Agency; Rich¬
ard Lawrence, President of the
The occasion for
flimsy. It was given
unimportant exCongressman, Jim Barnes, who
served
as
a
Secretary at the
honor
of
an
White House under Roosevelt for
while.
a
We have
operations
under
housing
VI
Title
the
—
disparage any of these gentlemen.
But it is a big thing, and certainly
feather in
a
one's
The point we are trying to make
that it likely could not have
been arranged heretofore.
Tru¬
is
Advisory Coun¬
cil, which is representative of the
entire state, is Edward G.
Miner,
Chairman
of
Pfaudler
Company,
Other
members
Kibbey,
A
the
P.
W.
of
the
Rochester.
Donald
are
Vice-President
of
G.
the
Products
Ralph F. Peo,
the
Board
Co., Albany;
Vice-President of
Houde
Engineering Co., Buf¬
falo; George A. Newbury of Babcock,
and
of
Newbury & Russ, Buffalo,
W. Will, Vice-President
Eric
Will
&
Baumer
Candle
The
Conference
several
months
coordinate
the
Since
VI
wasformed
to unify and
efforts
of
New
ago
in
project
is
economically unsound,
especially harm¬
that it would be
ful
to
the
railroad
and
maritime
industries and
employment condi¬
tions in both and result in
creased
burden
for
an
the
payers.
in¬
tax¬
Manager of the Cham¬
ber's Foreign Commerce Depart¬
ment.
Mr. Campbell will assume
31,
were
by
private
advanced
by pri¬
lending
institutions
with
able, under Title VI, to
vate
FHA
accept wartime risks
the loans.
In
his
offices,
Mr.
Foley
insuring
to
said
field
that
applications for
housing insurance
are
in
Edward L. Bacher.
goes to
tion
of
in process,
determination of the actual
new
for
made.
the
In
housing
be
of
outstanding
where
construction
cases
commitments
must
has not started, a review of each
case
was
ordered
as
to
tinuing need in light of
stances
of the
the
con¬
circum¬
brought about by the end
war.
Mr.
Campbell
Washington from the posi¬
Manager of the World
Department of the San
Francisco Chamber of Commerce.
graduated from New York
University with a Bachelor of Sci¬
ence
degree in
1927,
then
was
a
high school instructor in history
on Long Island.
Subsequently he
Director
of
the
Foreign De¬
partment of the National Associa¬
tion of Credit Men.
of
war
15^The
position has been vacant since the
resignation several months ago of
was
instructions
where
cases
in
duties about Oct.
new
He
construction
builders
need
the
August
17
States, announced
the appointment of
as
this
Conference
that
to
cisco,
Trade
a
project. The
enacted* Title
1941
relaxed
United
Sept.
nrojects, more than 400,000 dwel¬
ling units altogether.
Funds for
York State interests which
oppose
the seaway and power
contends
Congress
March
knew
he
was
that
it
was
a
reasonably legitimate opportunity
to go and have a party with his
companionable
was
fel¬
had
by
all.
Kenneth Campbell, of San Fran¬
his
1945, FHA has insured more than
325,000 one-to-four family dwel¬
lings and 470 large-scale rental
Co.,
Syracuse.
of examination.
All
and
on
process
probably does not know un¬
this day whom his host was.
a
authorization under the program,
Chairman of the
til
lems
the
the
Board
fare, he
of
At the request
Economic
granted
was
a
War¬
leave
of
absence in 1942 to become BEW's
chief of the Exporters' Service Di¬
and
in
could
international
Council.
American
He
is
a
Trade Advisor
Foreign Trade
member
of
the
Economic
Association,
Academy of Political and So¬
cial Science, the
Academy of Po¬
the
litical
Science
and
Club of New York.
the
Economic
surrender
Changsha.
Minister
Chinese
tion
Hunan
14
at
troops in
Sept.
Japanese
would
C.
K.
\,
of Informa¬
that
disclosed
Wu
Chinese troops were moving into
Indo-China -to
accept the sur¬
of
render
Japanese north of the
accordance with
16th Parallel, in
Big Four agreement.
These
troops have no intention of es¬
tablishing a military government
in Indo-China, Mr. Wu said. The
arrangements "are of a temporary
nature, made to secure peace and
order in that area," he stressed. It
a
was
added that Mr. Wu
said the
Chinese had agreed to
three French
requests: that a French general
participate in the northern IndoChina surrender, that" 5,000 French
troops who retreated into China
last spring return with Chinese
forces and that the French be per¬
mitted to
Senate Oonfiriets Burton
To
Supreme Gourt
The Senate
doesn't
ment
want
to
deal
with
any¬
thing, that he expects other peo¬
ple to deal with some things, that
really he would just like to en¬
joy himself, and have everybody
else be happy, too.
His
happy-go-lucky
General, Tom Clarke,
cussing things with a
friends
out"
Attorney
dis¬
of
was
group
the
other day.
The De¬
of Justice has "struck
partment
at
the
aluminum
"monop¬
oly," we have been told, by trying
to get some bidders, outside of
Alcoa, for the Governmnt alu¬
minum plant holdings. This will,
we are told by the Liberals, break
up the aluminum "trust." No bid¬
ders
have
come
airplanes they have
use
China.
in
mously
forward
and
the
on Sept. 19 unani¬
confirmed the appoint¬
of Senator Harold R. Bur¬
Ohio
ton,
Republican,
Justice
Associate
States
have to make
to
the
Press
ciated
advices
ington, Sept. 19, it
forcement
of
the
its
rules
tion
was
to
less
approve
up
whole
upon
the nomina¬
hours
after
it
chamber. v
on
Sept. 20 that he would resign his
Senate seat
Sept. 30 to take the
oath of office as
a
In
the
a
member of the
Oct. 1.
on
conservatively
Congress.
thing must be passed
stated:
Senator Burton made known
by
on the question of "breaking
the aluminum monopoly" the
24
than
sent to the upper
that
And
Wash-
from
was
Judiciary
Committee, the Senate suspended
"in-
laws.
nom¬
On the motion of Chairman Mc-
some
anti-trust
an
Carran (D., Nev.) of the
extent
the Government will foot the risk.
The
Supreme Court.
they
offers
be
United
by President Truman on
Sept. 18 was noted in our issue
of Sept. 20, page 1348.
In Asso¬
Supreme Court
may
to
the
of
ination
Surplus Property Custodian and
the Department of Justice think
Otherwise, the impression is that
the Department of Justice isn't
going to do anything to anybody,
though talking a lot about en¬
a
that
newspapermen
realize that the
White
House
incumbent
really
signed to become
National
.
•
t
prob¬
thorough way.
After what we've been through
the past 12 years it is going to be
difficult to make the Washington
very
ducive"
the
,
deal with
now
vision of the Office of Exports.
Two years ago, Mr.
Campbell re¬
with
city.
man
domestic
ert Reis &
Co.; Roy E. Tomlinson,
President of the National Biscuit
Co., and Lawrence Hunt of the
had
been
used,
either in mortgages endorsed for
insurance, commitments to insure
outstanding,
or
mortgages
in
when he
cap
get up a party like this.
can
Ralph- Bradford, General Man¬
ager of the Chamber of Commerce
of
$1,800,000,000,
to
Campbell Named Mgr.
Of Foreign Dept.
provision of
National Housing Act—were
issued, substantially all of the
program
desire
no
The newspapermen reported
that the Chief Executive returned
the
Hamlin, Hubbell, Da¬
vis, Hunt & Farley.
7,
1941.
Bankers Commercial
Corporation;
Arthur M. Reis, President of Rob¬
law firm of
Ha¬
Dec.
on
may
At the time instructions to halt
war
Army's
of the
In
the party was
in
men,
Chairman
the
Japan
were
Shanghai city government, and its
A good time
Grimm,
improve homes. The
or
of
Department
surrendered, the
carried out as a
bloodless
exercise
at
approxi¬
mately the same pdints where the
invasion was intended, at ports
Swettenham and Dickson, north¬
When
9.
troops completed the reoccupation
of Canton. It was also announced
lows.
Peter
buy, build,
ance
waiian
Singapore had been
take place on Sept.
protege of the DuPonts.
a
fellow
are:
commander
scheduled to
The youngish fellow has never in
his
life
voted
the
Democratic
be increased another
$1,000,000,000 by Presidential ap¬
proval.
Council
to
of
invasion
former Senator Townsend of Dela¬
ware,
authorization for mortgage insur¬
appointed
loans
possible. He disclosed, according
the Associated Press, that the
to
China, according to United
Press
reports from
Chungking,
Sept. 12, the Chungking Governrrfcnt moved into control of the
newly
authoriza¬
shouldering the burdens of
mand
occupation
for the Dutch and
French colonies, Admiral Mountbatten said that civil governments
would be established as soon as
west
He is a
youngish publicity man in Wash¬
ington,
working
in
association
with Prew Savoy, a son-in-law of
tions
of
*
Free Enterprise system.
tensive campaign against the
pro¬
posed seaway and power plan.
New York City members of the
insurance
con¬
for
that
lesson in American De¬
a
solid chapter in the
fered the
for
who
arranged
General Walter C. Short, who was
$2,000,000,000 in
the sternest measures
Japanese attempt at
obstinacy,
impudence or non-cooperation."
With the Southeast Asia Com-
landings
nancing insurance operations will
able
than his
man
holiday at Jefferson Is¬
a
nearby rendezvous for
be conducted under normal peace¬
time procedures.
FHA has avail¬
privilege to Major
better pic¬
a
they
"in taking
against any
would have his support
successful.
be
his troops that
told
mander
128,000,000
by
Southeast Asia com¬
The Allied
with him of
organization of the Conference
and, according to Mr,' Huntress,
signalizes the opening of an in¬
same
miles, populated
people.
prove to be an awful
flop.
times
Committee.
advices
National Housing Agency on
Sept. 22.
an
months
gave up the richest and most
expansive conquests of their cam¬
paign of aggression. The area in¬
volved stretches 4,500 miles from
the Bay of Bengal to Hollandia,
and
embraces
1,500,000
square
by any proposal
might make to Con¬
he
surrender the Japa¬
nese
startled
not
date from Singa¬
stated that by the
pore, which
document of
The plain fact is that this writer
is
Associated Press
12, according to
dicates that this will not be long.
which
to
advices on that
in¬
and
three
through United Press Washington
Housing Admin¬
terminate
to
disclosures,
The Senate group, headed by
Senate Majority Leader Alben W.
settled
housing program have been issiied
by FHA Commissioner Raymond
of New York State Conference in
the
Federal
effort to squelch the
no
Roosevelt
late Senator
Formal orders to all field offices
istration
on
estimated will take
aonlication."
FHA Home Financing
Now on Peacetime Basis
of
body were
the inquiry
Elliot
Liberals
vestigation
Group Opposing
St, Lawrence Project
Completes Organization
each
rendered
controversy, and the fact that he
has made
Southeast
in
East Indies sur¬
the British Admiral
Lord Louis Mountbatten on Sept.
the
and
Asia
the Pearl Harbor
up
gress. A
Before
N. Y.
by
opening
forces
Japanese
(Continued from first page)
is
to
Sept.
yet
from
approximately
complete.
ture.
not
and
none.
it
most
which
pleted by then, and in some small
degree because the intricate pro¬
cedures of reconversion will not
do,
and
that
legislation already passed
appointed to carry
for them, but
dustries
and
individual
plants
that have been making munitions
will have little reconversion to
conversion,
membered
in
the Senate calling for a Congres¬
sional investigation of the Japa¬
nese attack on Pearl Harbor, five
relocation cannot have been com¬
finished.
There
are so many and such huge accu¬
mulated shortages to be made
good that there will be enough
jobs for all who want them and
can
be competent in them, but
course
After the House had concurred
recon¬
employment
an
Investigation
members
that
out
turns
pattern that is similar to that
nave
been made in the prompt removal
industries
the
which had much of it to do.
of the offices of the United States
Employment Service, and improv¬
ing their facilities.
The other is
to make tires widely available
just as soon as possible so that
workers seeking jobs can hunt for
in
conversion
of
prob¬
Japanese Relinquishing
Last Territory Gains
Ahead of The News
;
1945
Thursday, September 27,
—
the
dominated
meantime, just keep up
for Truman and the
parties
fellows
think
around
is
him,
which
we
of
saying
that he is going to "move in" on
the
labor
situation.
He really
a
healthy
very
affairs.
The headlines
doesn't
want
anything.
to
.
.
•
are
"move
•
state
in"
on
v.>
[Volume 162
Coming Labor-Management Parley Plan Stabilization
(Continued from first page)
Of Chinese Currency
freely
industries to
level
Wallace
ment must be able to
a
will
provide
employment
opportunities for. all those who
need
work
and
that will fully
utilize
In
productive potential.
our
the
weeks
few
elapsed since the
Government
shown
to
that it
has
fully prepared
was
this shock.
meet
ended, the
war
administration
All
On
the
part of both labor and
management, it is necessary that
live
just
Government-controlled
govern¬
trols
reconver¬
front
time pre¬
actions.
facilitate
venting
business
And,
so
many
after
last
the
important,
more
both sides must
inflation
difficulties
post-war
a
Which caused
to
same
I
shown
that
the
has
President
is
Government
prepared to do its part to main¬
tain
business
business
prosperity
that
so
provide
the many
goods and services and the high
can
standard
of
living
which
to
Commerce,
of
say
the
the
as
business
in
President's
leadership
planning
that
proceed
can
that
the
President's
the
pro¬
charts is not only one of
private enterprise, but also
one of the opportunities of a full
production and full employment
five
the
State
would
for
an
Labor's
play their proper parts in achiev¬
ing this objective; I want to em¬
phasize this particularly because
of its importance for the success
President's
the
we
self-interest
of
labor
and
management have indicated their
desire to have the differences be¬
conciliation
In
this
voluntary
both
sides must
table
attitude with
order
a
to
and
come
a
real
to
the
for industrial strife.
I be¬
lieve that the overwhelming ma¬
businessmen
recognize the necessity of this and
that they will not be guided by
the few who always want to turn
the clock back.
It should be per¬
fectly clear that without the ac¬
of
genuine
collective
ceptance
bargaining
as
there is not
starting
a
even
a
rectly
point,
according
Press
advices
been
an
irritant and
a
burden to management.
What is
true of so many other aspects of
society is true in this case—with
bor
responsibility.
La¬
must -accept * responsibility
its
contractual
obligations
comes
freeiy entered into and undertake
to make these
obligations clear to
the rank and file of its member¬
ship.
the
Labor knows that manage-
times in
of
to
on
Associated
to
from
indi¬
Washington,
Commerce,"
say:
■" ;% •
which
of
Transport is
that connection at present, but the
Government may soon be printing
national currency in coastal cities
well
as
shipping it in from the
as
hinterland.
The Government will fix an ar¬
bitrary
rate
manner
as
the announced pur¬
of their month-long tour was
inspect American factories, it
in
the
much,
learned that the
sought
a
seven
proclaimed at Nanking recently
and specified banks will be em¬
powered to start collecting puppet
notes.
"The purpose of
notes
collapse of economy in the liber¬
ated areas. When puppet money
is in bank vaults, China will be
ready for a reckoning with Japan
—ready to learn whether Japan
has any gold reserves at all to re¬
tire the puppet money.
;
Asked
to
comment
on
the
re¬
of Chi¬
nese
currency against American
dollars in the black market ex¬
•
strengthening
end to the Free China blockade
started bringing down com¬
prices.
Before
the
American
much
dollar
3,000
as
dollars, but
an
worth
as
indus¬
currency
the ratio is about
.
Chang
Information
was
war
national
now
800 to 1.
Neither
of the
end
^
Minister of
Wu, who sat
with him at the press conference,
would comment on the possibility
of
a more
realistic official rate
on
bank
transfers into the country still are
worth only twenty to one, except
for a 100% subsidy, or forty to
one, on
envisioned
They
account.
this
as
a
of
obtaining dollars from
the $4,000,000,000 of Indian funds
tied up in British sterling credits.
They intend to purchase machin¬
ery
to build steel, electrical, tex¬
tile, sugar and automobile indus¬
tries.
"
If such
coming,
a
loan
were
not
forth¬
pointed out, India
purchase from
they
would be forced to
Britain.
on
remittances to Americans.
Mailing of Personal Voice
Or Musical
mean
that
Britain's
taxpayers, already im¬
poverished, would have to pay in¬
creased taxes to work off the loan
which
would
be
handed
over
to
India.
Postmaster
made known
American financial experts be¬
lieved this was a matter which
must be settled first between Brit¬
ain
and
Recordings
Goldman
Albert
on
Sept. 19 that in¬
the
Post
Office
Department
at
Washington, that personal record¬
ings, voice or instrumental, are
now acceptable for mailing when
addressed for delivery to civilians
in
Alaska, Canal Zone, Hawaii,
Puerto
Rico
and
U.
S. Virgin
The
Post
Office advices
added:
,
,
India.
sible to sell to India.
.;
primary question
formulating a
treaty
would
.
Italy.
This
by treaties
with
followed
be
be
doubt that China possesses
make
and
China's
He stated that the
of the atomic bomb
Germany.
future.
use
would not be
be turned
discussed, but would
to the future
over
As¬
sembly of the United Nations Or¬
ganization.
He indicated, how¬
ever
that
take
up
would
conference
the
the problem of the
control
use
international
of
to
Mr.
chief representative
Byrnes,
as
of the United
States, there is in attendance at
the
Conference,
Ernest
Bevin,
Foreign Secretary of Great Brit¬
ain; Viacheslav Mi Molotov, So¬
viet Foreign Commissar; Georges
Bidault, French Foreign Minister,
and
Wang Shih-Chieh, Chinese
Foreign Minister.
To Send Trade
industries
American
Vice-President
China-America
The
Council of
Sept. 17 that plans formulated
last spring to send a Trade and
Industrial
Mission to China as
on
possible had been ap¬
proved by both the American and
Chinese governments and that ar¬
rangements for the group's early
departure are now being com¬
pleted. A formal invitation from
soon
as
the Chinese Government was ex¬
tended
through Premier
Soong at a conference this
in
T.
V.
month
Washington with the Executive
this
de¬
Bristol, who is
of
Bristol-
the
Myers Co., the principal officers
China-America
the
of
>
Council
Cyrus S. Ching, Vice-Presi¬
are:
dent, U. Si Rubber Co., Chairman
of the Board; Blackwell Smith, of
Arthur Kudner, Inc., and Charles
R. ■ Hook,
President,
American
Rolling Mill Co., Vice-Presidents;
James
G.
Blaine, President, Ma¬
rine Midland Trust
Co., Treasurer.
Thomas J. Watson,
President, In¬
Machines
Business
is
Corp.,
Commerce and Industry announced
in
velopment, and that the Chinese' *■
Government will take
steps to
provide proper protection and en¬
couragement for the investment
of American capital in China.
*
ternational
Mission to China
indicated
have
leaders
Aside from Mr.
addition
to
resources
they are looking forward to re¬
ceiving the close cooperation of
waterways.
In
natural
possible a great industrial
agricultural
development.
of
Chairman.
Honorary
Preceding Mr. Bristol as President
of
Council
the
Jr.,
Patterson,
to
Yugoslavia,
Jr.,
Carey,
v
C.
Ambassador
Gibson
W.
and
President,
Yale
and
Manufacturing Corp.
Towne
■
Richard
were
now
j
V.
•
'
Mail Service To -Finland
Sept. 20 by.
Gbldman. that
information
has
been
received
from the Post Office Department
It
announced
was
at
C.,
D.
Washington,
that mail
service to Finland is extended to
to
comprise all classes of regular
(Postal Union) mails, that is to
before
Dr.
Soong's
return
China.
"For more than a
year," Lee H.
Bristol, President of'the Council,
said, "the Council has had under
advisement the sending of a bus¬
inessmen's
delegation to China
and the establishment of an of¬
war
The
there.
the
East has made it
the Far
in
feasible for
of
ending
to put these plans
us
into action very
shortly. The Mis¬
sion's purpose will be
to surveyeconomic conditions in China and
to confer "with Chinese officials,
industrialists
the early
financiers
on
resumption of trade be¬
the
tween
and
two
countries
and
on
of encouraging cooperation
of American business in the in¬
ways
development of China,"
response
to the Council's
proposal, William L. Clayton, As¬
sistant Secretary of State, wrote
on
July 9 to Blackwell Smith,
Chairman of the Council's Execu¬
the effect that such
an
undertak¬
ing could be useful in promoting
friendly relations between Ameri¬
can and Chinese businessmen and
establishing mutually
Department, of course, is entirely
sympathetic with
these objec¬
Army
personnel
overseas,
but
they may be accepted for mailing
tives."
Navy, Coast Guard and Marine
Corps personnel
overseas,
pro¬
vided they are suitably prepared
for
transmission
through
the
mails and meet the other require¬
ments as to weight and size.
Mr. Bristol said, "has been
China-America
Council,"
work¬
post-wX rehabiUtation"7 and"re-
These plans call for
of two billion dollars'
worth of American equipment and
supplies in the next few years.
purchase
"TVia
cfii/^iac
and samples of merchan¬
matter
(except
papers
Printed
dise.
matter
printed
commercial
,
for: the blind),
and samples
papers
of merchandise are limited to one
pound per package.
Printed mat¬
ter for the blind may
weigh
15
The advices
pounds, 6 ounces.
add:
up
to
-
,
The
postage
in
those
are
rates applicable
prior to the
effect
suspension of mail service to that
country.
Fees, for registration*
cents; for special delivery, 20
20
cents.
-
.
Articles
weighing
to
up
one
pound may be accepted for dis¬
patch by air to Finland, when
prepaid at the rate of 30 cents
per half ounce or fraction.
and un¬
post service is re¬
subject to the same rates >
insured ) parcel
sumed
and
tho
Pminml
has
conditions
as
were
in effect5.
prior to the suspension of the
service, except the parcels will be
subject to the following restricttions:
Only one parcel per week
(1)
may
the
be sent by or on
same
behalf of
to or
person or concern
for the same addressee.
^
(2) The weight of each parcel is
limited to 11 pounds, the length
to
18 inches and the combined
length and girth to not more
than
inches.
42
ing closely with the agencies in
this country responsible for de¬
veloping the plans for China's
construction.
for
ter
Ordinary (unregistered
suggest¬
ed undertaking with the interest¬
ed Divisions of the Department
and find
general agreement to
"I have discussed your
"The
letters, post cards, printed
in general, printed mat¬
the
blind,
commercial
say,
matter
tive Committee:
could aid in
;
Albert
Postmaster
Committee of the Council, shortly
prohibited
transmission in the
mails to foreign countries and to
tinental United States.
to Chinese control there can
no
sufficient
with the smaller former satellites
profitable post-war trade between
the United States and China. The
However, there is talk of a com¬
All such recordings are accept¬
promise, perhaps based on any
post-w?r loan Britain gets in this able at the third-class rate when
country, which may make it pos-1 addressed for delivery in the con¬
;
the
However, personal voice or in¬
strumental
recordings
are
still
to
I
presents a challenge and
opportunity to American bus¬
iness perhaps greater than exist
anywhere else in the world. With
mosa
In
formation has been received from
Islands.
desiring
Indian
felt the proposal would
China
an
dustrial
•
officials,
business,
rep¬
the return of Manchuria and For¬
that
the agenda was
on
fice
nor
C.
K.
was
stated
retiring puppet
eventually is to prevent the
markable
States
by Secretary of State
James F. Byrnes. Before the first
meeting opened Mr. Byrnes held
a
press conference in which he
was
$1,000,000,000
transferred to India's
means
United
same
the 200 to 1 rate
loan to Great Britain which would
be
The
the
as
sufficient
American dollars, which
,
Although
trialists
areas
national
currency.
the big problem in
supply
expan¬
pose
to
the various
Italian Peace Treaty Up.
on
resented
and
different
at
come
Government builds up a
an
Aug. 2, reported in the New York
went
will
modity
industrial
American Government
management recognizes
and accepts organized labor and
the collective bargaining process,
labor must be willing to do its
part and to correct the abuses
for
India's
"Journal
exchange between the
change since the Jap surrender
Chang said the most obvious rea¬
son
was
victory itself which put
while
have
money
through
basis for dis¬
Once
power
channeled
sion,
cussion.
that
Federal
ican Government to finance
con¬
removing the
American
the
effort to persuade the Amer¬
—an
the side of management, it
vitally important that genuine
collective bargaining be accepted
as
the only practical
and con¬
of
be
dia have failed in the main aim of
On
causes
would
their mission to the United States
is
of
be
fixing
bank puppet money.
That
Visiting industrialists from In¬
was
means
money
Failure in Main Aim
cooperative
willingness to
pitious moment, said Spokesman
P.
H.
Chang, counselor of the
Executive Yuan, at a press confer¬
ence.
One of the most important
and
make it work.
structive
the
for smaller airports
for larger ones in city
India Industrial Mission
make
system .effective,
with
•
All
would
tween them handled by voluntary
arbitration.
was
State Governments.
Both labor and
through
of
35%
areas.
and
management as well as the ' dis¬
charge of their responsibilities to
the general public, we must have
industrial peace.
sought
$100,000,000 a
Every¬
plans for peacetime prosperity
disrupted by industrial dis¬
putes.; From the standpoint of
jority
the same amount
$750,000,000.
cannot allow
to be
Steps in the stabilization pro¬
gram will be disclosed at a pro¬
of
~
Sept. 11, the Council of Foreign Ministers of the
five great powers inaugurated the first formal meeting to settle the
of
problems
of peace
in Europe. €>in
recent
months x have
Representatives of all the five made
powers, including one from China,
strengthened our conviction that
were on hand at the first meeting.
the
post-war reconstruction Of
London,
peace
to say:
on
In
up
of
but this
65%
went
apportioned
our
ference
agencies
.
Labor-Man¬
future.
near
knows that
means,
local
reduced in an
Senator Taft (R.¬
Ohio) which the Senate adopted,
said thq> Associated Press, which
added:
;
agement Conference that will be
the
for the
amendment by
suming its responsibility, so must
American
industry
and
labor
assume their responsibilities and
in
could
program,
authorization of
year,
Responsibility
But just as Government is as¬
spokesman
said.
The
advices, as given in the New
York
"Journal
of
Commerce",
serve
the
on
and
put
ernment
national currency and central re¬
The Administration had
Industry's and
held
years
total
a
Bretton Woods
of rates
year
a
stabilization under the
agreement, a Gov¬
monetary
of these will be the official
Government
$75,000,000
next
economy.
one
post-war
our
puppet money in reoccupied areas.
It was added that the plan may
eventually be linked with world
aid
Federal
spend
gram
the
its
make
can
to
Federal
the
free
of
Conference
construction and improve¬
the Federal money to be
matched dollar for dollar by state
and local funds, Associated Press
advices
from
Washington state.
Under the bill, which went to the
House following the Senate action
confidence that economic stagna¬
tion and depression are not going
to engulf American industry. The
future
these
ment,
business
with
guid¬
principles,
port
that
understanding
means
the
airport program
won
approval of the Senate on
Sept. 12 when it passed by unan¬
imous voice vote a bill authorizing
an
expenditure
of
$375,000,000
over the next five
years for air¬
the
government,
with
currency, including
exchange between it and
press
.
simple
President's
Labor-Manage¬
A
Secretary of
representative
as
,
Airport Aid Bill
Passed by Senate
people have been ex¬
pecting in this post-war period.
want
'1
prosperity.
American
I
"
that
sure
of
ment
our
sights on achieving and
maintaining full prosperity in the
The
thinking and their
contribution
sets
ahead.
keep the interests
'
am
the
President
economy
general public in the fore¬
of their
ance
war.
Truman has laid before Congress
a
broad economic program that
years
to
up
War Settlements.
the
12
plan for stabilization of
a
their" letter.
Furthermore, to preserve the free
enterprise system and avoid a
to
Sept.
national
rates of
of the
to
paring
the
agencies have moved very
rapidly to eliminate wartime con¬
and
Chungking
Associated Press reported that the
Chinese Finance Ministry is pre¬
the contracts entered into and not
ment
sion while at the
spirit of
From
Posi-War Settlements
on
Council of Ministers Holds First Conference to Draft
exer¬
management.
the aim be to fulfill the
have
that
cise the functions of
1497
Conference
on
ing civilian
that
THE COMMERCIAL Sc FINANCIAL CHRONICLE
Number 4424
(3) Contents are limited to non-
to
Finland.
The
licensing
requirements, of
Foreign Economic Adminis¬
tration are applicable to mails and
the
nnQt
for
Finland.
y
creased
The State of Trade
mental
(Continued from page 1490)
ago when it decided to
withdraw from the list of poten¬
weeks
tial
quality rugs.
corresponding week last year.
According to the
operators.
contract between the corporation
than in the
Volume
numbered
failures
and the RFC the
plant may soon and 2 a year ago. ;
the original
Wholesale
Commodity Price
commitment called for a shut¬
Index
The daily wholesale com¬
down of 90 days after the end of
modity price index, compiled by
be closed down since
of the build¬
Due to the strike
ing service workers here in New
York affecting elevator service in
many parts of the city and caus¬
ing
hundreds of thousands
of
workers
into enforced
idleness,
the
ican
weekly figures of the Amer¬
Iron and Steel Institute on
steel
ingot
production usually
presented in these columns are
unavailable.
Railroad Freight Loading—Carloadings of revenue freight lor
the week ended Sept.
15, 1945,
totaled 856,105 cars, the Associa¬
American
of
tion
This
nounced.
Railroads
was an
an¬
increase of
125,477 cars, or 17.2% above the
preceding week this year, which
included Labor Day, but 35,381
pars, or 4.0% below the corre¬
sponding week of 1944.
Com¬
pared with a similar period of
1943, a decrease of 46,661 cars, or
5.2%, is shown.
Electric Production—The Edi¬
son Electric Institute reports that
the output of electricity increased
to
approximately
4,106,187,000
kwh. in the week ended Sept. 15,
1945, from 3,909,408,000 kwh. in
the preceding »week.
Output for
the week ended Sept. 15, 1945,
was
6.6% below that for the cor¬
period
weekly
responding
one
'
Consolidated Edison Co. of New
York
reports system output f of
174,600,000 kwh. in the week
ended Sept. 16, 1945, comparing
with 171,800,000 kwh. for the cor¬
responding week of 1944, or an
?
ing the past week.
The index
closed at 175.44 on Sept. 18, com¬
of
1.7%.
Local distribution of electricity
amounted
to
171,400,000
kwh.
compared with 166,000,000 kwh.
for the corresponding week of last
lines
was
Coat
high level.
a
continued their
Sales
in
some
notably in the
transactions in children's
departments
rose
week;
clothing and Fall coats increased
sharply.
Lingerie was demanded
in
of
excess
and
present inventories
departments were
handbag
confronted
with
than
supplies
remained
scarce.
reports indicated freez¬
but
Weather
ing
temperatures in parts of Ne¬
and light frosts in other
braska
sections of the
belt.
corn
light
Mills, however, still have large
backlogs of unfilled orders on
their books.
The CCC was re¬
>
seeking around 2,000,000
sacks of flour presumably for export. Demand for hogs remained
active but salable receipts at Chi¬
ported
tion
continued small.
Produc¬
of pork meats, lard and fats
was
said to be far below normal.
Cotton prices dnsplayed a firm
tone as market activity increased
net
moderate
scored
values
and
House
ported
with
advances for the third successive
refusing offerings
in
poor
quality
merchandise.
Midget radios placed on counters
in
few stores sold readily.
a
ited
quantities
oinf
1 buyinS house
continued
de¬
k
*
but
commission
Meat supplies rose substantially
with beef most
and
Bacon
considerably.
included
factors
Of
tation
the
Favor¬
expec-
sharply higher exports
°l
ra«f
cotton and
the
Government's
SrftKaKi
probably
the
belief that
price-support
beor continued
for
three
years.
two
infestation was said to
Weevil
be
spreading
m
some
areas
but
weather conditions were reported
plentiful, but veal,
pork
remained
available
was
dealers.
meat
scarce.
at
few
a
Chicken
supplies
eased and they were readily ob¬
tainable.
Seasonal
produce
in
large quantities replenished gro¬
cers' bins, while prices of pears
plums and grapes fell with the
augmented supply.
Retail
volume
estimated
was
over
a
year
for
the
from
at
country
2 to 6%
Regional
ago.
per¬
centage
increases
were:
New
England 1 to 4, East 2 to. 6, Middle
West
3
to
4
Pacific
7,
to
Northwest
4
to
9,
Southwest 2 to 6;
8,
Coast
declined
Wholesale
price-fixing operations
broadened
able
Lim¬
electrical ap¬
of
country.
South
mand and
furnishing
stores
re¬
that business was slow
consumers
lamb
Domestic flour trade was
cago
best.
to
0
volume
4.
last
week
remained
equal with the preced¬
ing week and was slightly above
year ago.
While the religious
holiday kept the number of buy¬
in
ers
the
week,
of
market
there
was
below
last
larger influx
a
buyers than in many previous
buying
The large
seasons.
num¬
ber appeared
for many reasons—
to
deliveries,
lowing:
unanimously a report
Committee on laxation, of
.
date, the total
to
-
pointed out that in his
message to Congress on Sept. b
the President of the United States
recommended the eiiactment of a
the
give careful consideration to
modernization of the entire
tax
structure.
Failures
Business
Increase—
Rising sharply in the week end'ing Sept. 20, commercial and in¬
dustrial
three
failures
times
•
as
were
heavy
previous week,
Bradstreet, Inc.
were
one
than
more
as
in
the
reports Dun &
However, they
short of the number in
the comparable week of last year.
Concerns
failing
numbered
23
against 7 last week and 24 a year
XSlhW W°o1 tops for ™-
dlminH t,e .ery Tre in active
topmakers reported
fmm mirn°gref in the transition
nJllltar.y to Civilian producFaii
wir W°° Piece goods lines,
o™
?les remained disap-
abor scarcities
were
capacity
saTd
31
30
Dec.
29
part the Board also says:
The New York Board of Trade
Jan.
is
in
dent's
agreement with the Presi¬
observation that the pos¬
mil]
operations.
urfher
hov
ber
of
According to the
hafp drop
and
woolen
the"e
i!1 the
a
worsted
numtex-
rS dUr'ng the month of
both large and small
a marked increase oc¬
curred in the week just ended.
Large failures involving liabili¬
ties of $5,000 or more, which ac¬
July
counted
Bradstreet, Inc., has held at $4.04
the lowest point recorded so'far
this year.
The Sept. 18 figure
contrasts with $4.00 last year
a
rise of 10%, but it is still slightly
dnder the 1943 level of $4 06
week's
for
two-thirds
failures,
rose from 6 last
In the corresponding
week to 16.
week
total
the
there were 15
large
failures.
On
the
other
hand, concerns failing with lia¬
bilities of less than $5,000 num¬
bered 7, as compared with only 1
in the previous week and 9 in
the
a
year
same
All
ago,
week of 1944.
trade
and
industry groups
showed an upturn from last week,
but in only two, manufacturing
and commercial service, did fail¬
ures
exceed their number
in
the
Wholesale
Unchanged
rye,
failing
were
three
a
week ago;
enterprises
times
as
Retail
from
Week
none
just
last week to 6
ended,
in the
failures
in
week
in
wheat
Wholesale
and
Trade
Consumer
buying last week was
spotty volume was generally un¬
changed from the previous week
Dun^R^i7
above
lastreport^
year>
& Bradstreet,
Inc>>
coi,ntr/eV+ieVr
°f trade
for the
at
large.
Trading
in
rarv
rary
the
South
de-
shar*?ly. following tempo¬
f
store
closings caused by the
^tnrplcahe^
<LZlS
sales
of
sections
some
nu¬
merous as a week ago.
While the
number of retailers failing jumped
third
potatoes? by dedineS in eggs and
country
as
service
Index
the
oats, steers and lambs were
twice
numerous
this
Advances
Dun
as
Price
For
^'ght
tirae, the wholesale food
price index, compiled by Dun &
comparable week of 1944.
Man¬
ufacturing concerns failing were
commercial
Food
_
Some
department
week
ended
15, 1945, increased by 8%
1%
in
Sept.
above
the
preceding week.
For
ended Sept. 15,
1945, sales increased by 3% and
he
four
for
the
weeks
to
year
date
showed
an
of 11%.
increase
Retail trade here in New York
last
week
was
marked by con¬
activity with consumer
interest heightened by the show¬
ing of sample models of a well-
tinued
known washing machine.
The
rival of buyers in wholesale
ar¬
was fairly large, their visit
being chiefly to check on deliv¬
eries
of
soft
lines
order
on
and
Christmas
greater
holiday
goods.
A
range of smaller appli¬
and
ances
becoming
housewares
metal
noticeable
more
as
is
re¬
conversion progresses. Gains also
were established in the week for
both
retail
volume
as
wholesale
and
all
suppliers
food
discon¬
tinued allotments to retailers and
adopted the practice of selling in
quantity to buyers.
According to the
Bank's
serve
index,
Federal
department
store sales in New York
the
weekly
period
Re¬
to
City for
Sept.
15,
1945, increased by 11% above the
period
same
of
compared with
in
the
last
an
year.
This
increase of 3%
preceding week.
For the
ended
15, 1945,
four
weeks
sales
rose
Sept.
by 5% and for the year
date increased by 13%.-
15
1,554,069
July
13
14
14
1,420,574
1,305,780
1,327,109;
Bill to
bill to put most
A
principally to help
degree of
iquidity. To that extent, it is ex¬
cellent as far at it goes, but it
was not intended to give tax re-
Government
corporations
Under
control of
Congress has been passed by the
House by voicewote and sent to the
Senate, where a similar measure,
endorsed by President Truman, is
business attain a better
ief and does not do so.
.
pending, the Associated Press re-1ported from Washington, Sept. 12.
The legislation as passed by theHouse provides that 41 Govern^
ment corporations would have to
submit
a
business-type budget
yearly to Congress. Each budget
would be subject to review and
possible rejection.
The Press ad¬
vices added.
addition, these 41 corpora- '
tions and 60 others would be sub- ^
In
annual audit by the
Office.
Backers of the measure said it /
Undoubtedly taxes will play a specifically exempted the Tenn¬
vital role in the attainment of n essee Valley Authority and the?
prosperous peace. Following this Farm
Credit
Association from;
immediate
but
transitional tax budgetary changes by Congress,
relief, therefore, Congress should however.
give attention to a complete over¬
Heretofore, many of the corpo- ?
hauling of our Federal tax struc¬ rations included in the legislation,
ture so as to make it more nearly have not been required to give f
fit our present-day needs.
A ma¬ Congress a; strict accounting of
jor objective of such moderniza¬ their finances.
tion should be the encouragement
of
production
and peace-time
Gen. Pershing 85
ject
to
an
Accounting
General
income.
business expansion.
A
The resolution said:
mar¬
kets
?d reP°rted
declines in
food volume in¬ [to
volume;
the
June
Control Govt. Corporations
itself
rected
1,361,495
1,486,504
tax House Passes
It di¬
cally none to corporations
13
15
Sept.
and prac^~
individuals
to
15
April
May
Aug.
overnight. Nevertheless, the tax¬
payer is entitled*to that limited
relief immediately. The Tax Ad¬
justment Act of 1945 gave no
Mar.
1,475,441
1,582,647
1,520,384
31—
15
Feb.
sibility for tax reduction at tnis
time is limited and that a
Jxual
war
effort cannot be liquidated
relief
1,373,540
1,436,271
1,390,713
-
1945—*
order
the
same
period
of last year.
This compared with a decrease of
said to hP
be a drawback to
ago.
Among
failures,
for
1,275,709
Nov.
for
index
>
29
Oct.
these
The Board of Trade favors
tee'buyCe°rnStinentaI and
removal^13? hnS announeed the
1944—
Sept.
recommendations, excepting only
as to the time for the effectiveness
of the intermediate tax relief. In
nofpirf6 ^creasing competition was
in the preceding week
and 97% in the like 1944 week.
1
individual stock is¬
sues
listed on the Exchange on
"transitional" tax bill as soon as
Sept. 14,1945, there were 68 issues
possible, to provide limited tax
in which a short interest of 5,000
reductions fof the calendar year
or
more
shares existed, or in
1946.
The President further ex¬
which a change in the short posi¬
pressed the. hope that after the
tion of 2,000 or more shares oc¬
passage of such a bill Congress
curred during the month.
will
—
with 80%
announcement
Exchange's
The
continued:
Of the 1,265
!
Unfted
all
accounts was 42,530 shares, compared with 35,970
shares on Aug. 14, 1945.
Accordingly,
the
New York
Board of Trade is of the belief
Spring and to ascertain future
that the proposed transitional tax
year, an increase of 3.5%.
supply
conditions.
A
discrim-.
Paper and Paperboard Produc¬ continued very dull.
Few, if any inatory attitude prevailed; sub¬ bill, which is to provide limited
tax reductions for the year 1946,
tion
Paper production in the sales of domestic wools were re¬ stitute materials went
unaccepted.
should make such relief available
United States for the week end¬
ported. Interest and activity was Deliveries
remained
uncertain
immediately. It is further of the
ing Sept. 15, was 94.0% of mill centered mostly in the primary and slow.
Some retailers have
belief that the simplest and quick¬
capacity, against 75.9% in the wool markets of South America
received a scattered supply of
est way to extend such relief
preceding week and 92.8% in the
^to
durable goods.
all taxpayers is to provide for
like 19441 week, according to the
Department
store
sales
on
a'
an
over-all
reduction
of
at
least
American Paper & Pulp Associa¬
country-wide
basis,
as
taken 20%
of
the
1945
federal tax
tion.
Paperboard output for the
from the Federal Reserve Board's
liability for all taxes based on
current week was 96%, compared removal
of
all
restrictions
on
favorable for crop progress.
I he Boston
raw
wool market
for
press
short interest in
odd-lot dealers'
is
It
from
and member firms,
was
1,327,109 shares, compared
with 1,305,780 shares on Aug. 14,
1945, both totals excluding short
positions carried in the odd-lot
accounts of all odd-lot dealers. As
of the Sept. 14, 1945, settlement
Congress to devote itself to
a
careful
consideration of the
modernization
and streamlining
of our Federal Tax structure and
to enact such changes into law
as
quickly as possible."
as
members
its
^45 taxes
Fed¬
The
income.
on
interest
York Stock Exchange
New
reduction
for_all
liability
tax
eral
;
short
The
sional Committees to urge imme¬
diately tax relief by the
of "at least 20% of the
public on Sept. 19
made
approved
urges
pliances, especially toasters, ironers, and washing machines, ap¬
peared in stores throughout the
small
Exchange
the fo!r
../•••;/' ^
of the
of its
close
of
business
on
the
Sept.
14,
which M. L. Seidman is Chairman.
1945 settlement date, as compiled
It authorized Mr. Seidman to ap¬
from information obtained by the
pear on its behalf before Congres¬
New
bags Osold
Pas£
5,ori? was *n £°°d demand
for both the old and the new crop
demand;
York Stock
The New
Directors of the
York Board of Trade, has
based
sonal
Sept. 14
To
Trade Bd.
Asked by NY
sea¬
more
Sept. 11 and
19, 1944.
Despite the favorable outlook
for
this
year's
crops,
leading
grain futures markets were firm,
with wheat, oats and rye scoring
moderate net gains for the week.
Cash wheat was strong with de¬
mand exceeding limited offerings.
paring with 175,03 on
with 172.24 on Sept.
slow
year ago.
increase
Bradstreet, Inc., fluctu¬
ated within a narrow range dur¬
&
Dun
apparel
business.
_
hostilities.
in
and suit retailers
sizable
NYSE Short Interest
Immediate Tax Relief
The Board of
maintained at
compared with none last week
as
slightly over last week
year
with the supple¬
supply.
Carpet dealers
increased resistance to low
'found
this trade were lower
Canadian
last
and
1945
Thursday, September 27,
CHRONICLE
THE COMMERCIAL & FINANCIAL
1498
Be it
the
accordingly Resolved that
York Board of Trade
in
heartily approves the President s
recommendation for a transitional
tax bill to be enacted as soon as
possible, but respectfully urges
Congress that all taxes based on
be reduced by at least
the first World War,
2Q% for the year 1945; and
Resolved,
further
that
streamlining of
and
such
enact
quickly as
changes into law as
possible; and
t
,
J
'
•
Resolved, that
copies of this statement and reso¬
lutions be sent to the President
Be
it
further
of the United States,
of the Treasury
bers of the Ways
mittee
of
the Secretary
and to the mem¬
and Means Com¬
the*House
the
you
federal tax
our
to
of
Repre¬
members
sentatives
and
the Senate
Finance Committee.
of
birthdays as
remember that this time we ,,
went all the way through to Berlin as you counseled in 1918."
;
The General observed his birth¬
day by having luncheon, including
a
birthday cake, at the Walter
Reed Hospital, where he has art
apartment. Because of his years, V
however,
only
family
mem- 1
bers were permitted to visit him *
piest of your many
Congress be respectfully urged to
devote itself to a careful consider¬
ation of the modernization and
structure
said, accord¬
ing to the Associated Press in re¬
porting the occasion from Wash¬
ington:
"This should be one of the hap¬
income
it
his
Hospital, on his 85th birthday,
Sept. 13. President Truman, in his
message to the commander of the
American Expeditionary Forces in
New
Be
of greetings were re¬
Gen. John J. Pershing,
quarters at Walter Reed
flood
ceived by
apartment.
vi •;
Maj. Gen. Shelley U. Marietta, of
the
hospital, 1
at his
commandant
where the
number
general has lived for a
of
years,
described his Jof his
condition as good for a man
age
Volume 162
Number 4424
THE COMMERCIAL & FINANCIAL
CHRONICLE
mand
Electric Output for Week Ended Sept. 22,1945
Institute, in its current weekly report, esti¬
that the production of electricity by the electric
light and
power industry of the United States for the week ended
Sept. 22,
a
approximately
was
4,018,913,000
kwh.,
on
books, and none too close
position in numerous cases, on
the
chance
made.
that
This
delivery
can
be
doubtless
is causing
in many in-,
stances and producers are
tighten¬
ing policies in acceptance of such
which
compares with
ago,~and 4,106,The output for the
tveek ended Sept. 22, 1945 was 8.2% below that for the same week
in 1944.
/V
1-r./'V1
order
year
duplication
orders.
■
"At present most sellers of hot
and cold-rolled sheets and
gal¬
.
PERCENTAGE DECREASE UNDER
SAME WEEK LAST YEAR
-Week Ended
;
Major Geographical Divisions-
Sept. 22
Sept. 15
Sept. 8
Sept. 1
New England
4.4
*0.3
11.0
6.5
Middle Atlantic
4.2
3.7
7.2
3.5
11.9
13.6
12.2
*0.6
>2.2
*1.5
Central Industrial
12.3
.
West Central
2.0
...
„
,
Southern States—
Rocky Mountain
:
ju
-
Pacific Coast
'
10.6
11
•3.1
I
—
Stotal United States
♦Increase
DATA
FOR
RECENT
May 12
May 19—
May 26
June
2
June
9
2.8
1.4
3.6
5.9
7.5
6.3
5.9
7.9
8.2
6.6
previous
WEEKS
1945
4.0': ••••
1.3
;r>">
1932
4,397,330
4,233,756 {
+
3.9
3,903,723
4,302,381
4,238,375
+
1.5
3,969,161
4,245,678
+
3.1
4,329,605
4,291,750
+
0.9
3,992,250
3,990;040 *
4,203,502
4.327,028
4,144,490
+
1.4
3,925,893-
1,435,471
1,689,925
+
1.5
4,040,376
1,441,532
1,699,227
+
1.4
4,098,401
June 30
23__
4,325,417
+
0.8
4,120,038
4,327,359
+
18——I
Aug.
;—
4,110,793
1.0
3,919,393
4,377,152
1.9
4,184,143
0.1
4,380,930
4,390,762
4,399,433
4,395,337
4.415,368
3,939,195
4,451,076
Afcg. 11—
Aug. 25ii————
Sept.
1__
0.6
3,940,854
4,432,304
4,116,049
4,418,298
4,137,313
3.909;408
4,414,735
4,227,900
15—I
4,106,187
4,394,836
Sept. 22——_
Sept. 29_w_
-
4,018,913
4,377,339
Sept.
Sept.
8——
+
1,704,426
1,705,460
1,615,085
1,440,541
1,702,501
1,456,961
1,723,428
t
builders,
"Almost
sheets
for
carbon
smaller sizes.
generally have little to offer in
any size before February.
Auto¬
4,196,357
4,226,705
1,440,386
1,732,031
4,240,638
1,426,986
1,415,122
0.5'
4,287,827
1,431,910
1,724,728
1,729,667
1,733,110
1,750,056
1,761,594
tending
1,674,588
Cold-drawn
1,806,259
fall mainly into next year but al¬
—11.5
4,264,824
6.8
4,322,195
4.350.511
1,464,700
1,423,977
4,229,262
4.358.512
4,359,610
1,476,442
1,490,863
1,792,131
1,499,459
1,505,216
1,819,276
—
6.3
—
7.5
—
6.6 r
—
8.2
—
\
■
4,359,003
1,436,440
1,777,854
CRUSHED, AND
mobile
needs
is great
diversity of inquiry, ex¬
larger diameters.
even to
101,710
205,637
180,749
10,127
18,370
G.672
16,181
5,458
reshipped during the
COTTONSEED
5,781
19,003
5,786
30,598
18,740
2,6)2
8,572
14,542
14,916
5,406
15,722
3,209
10,520
4,417
8,629
3,277
7,563
64,682
81 429
34,490
29,791
114,917
83,284
19,335
13,209
destroyed
August
9,335
7,989
29,924
14,918
2,972
2,030
tons
7,929
2,653
26,927
-All other states
992
13,818
2.550
15.547
seasons
5,235
during
1945
1,
and
1945-46 and
PRODUCTS
18,487
1945-46.
1944,
Does
-
"
12,134
not
respectively,
15,257
include
nor
219,745 and 118,3,304 and 2,973 tons
1944-45.
PRODUCED,
SHIPPED
OUT,
AND
ON
HAND
On hand
at
beginning
of Season
Products—
Season
Crude oil
1
(thousand pounds).)
Refined
oil
}
(thousand pounds) _(
Cake and meal
<
(tons)
—
Hulls
(tons)
Llnters
(running
Aug. 1
1945-46
1944-45
1945-46
$275,833
„
Produced
Shipped out
Aug. 1-Aug. 31 Aug. 1-Aug. 31
*54.905
37,247
36,663
29,759
30,258
153,043
26,550
On hand
Aug. 31
t3G,930
29,523
11234,177
smaller
ers,
all
ness,
a
tion
[The
strike
)
1945-46
62,119
j
1.944-45
(
1945-46
14,793
19,326
56,550
36,879
17,913
ft 18,045
46,865
44,949
318
227
73
472
476
1,299
1,233
542
1945-46
3.263
1,325
1,398
2,588
2,000
3,394
8,029
10,025
better level than
Steelmakers
ago.
worked out."
weekly
usually
umns
31,023
33,903
weak¬
some
figures
of
the
American Iron and Steel Institute
40,069
21,008
on a
months
are
42,268
24,128
in hands of melt-
taking all offerings at full
prices, seeking to build inven¬
tories for the winter, as steel pro¬
duction is expected to climb back
to a point close to war peaks as
reconversion and civilian produc¬
67,030
28,334
though
few
30,487
*35,598
29,894
with
coupled
are
45,241
182,254
reserves
presented
are
of
in
unavailable
the
these
due
building
col¬
to
the
service
workers here in New York affect¬
ing many parts of the City and
causing hundreds of thousands of
Workers into
enforced idleness.—
Editor.]
at oil mills, 37,367,000 pounds at refining and manu¬
and 6,231,000 pounds in transit.
f
.
.
_
,
11,891,000 pounds at oil mills,
facturing establishments,
19,313,000 pounds at refining and manu¬
and 5,776,000 pounds in transit.
tlncludes 257,979,000 pounds at refining and
17,854,000 pounds held elsewhere and in transit.
manufacturing
SProduced from 57,680,000 pounds of crude oil.
217,237,000
pounds
at
refining
and
16,940,000 rounds held elsewhere and in transit.
and
Convene
The
~
Trade
manufacturing establishments,
••Includes 7,625 bales first cut, 26,484 bales second cut, and
ttlncludes 4,835 bales first
establishments
Foreign Trade Men to
and
1,489 bales mill run.
cut, 11,974 bales second cut, and 1,236 bales mill
run.
Imports and Exports of Cottonseed Products
In the interest of national
security, the Department of Commerce
discontinued, until further notice, the publication of current
statistics concerning imports and exports of cottonseed
products.
has
32nd
in
New York
National
Convention
will
Foreign
be
held
Deliveries Exfended Well Into Next Year
entitled, "Racial Aspects of
Reconversion," in which it seeks
direct action to prevent growth
of racial discrimination, especially
in relation to economic and social
discrimination against Negroes in
the fields of employment, housing,
health, military and naval service,
etc.
The general recommendations
in the
New
message, according to the
York
"Times"
which re¬
ported its publication on Sept. 13,
were:
"Legislative safeguards protect¬
ing the constitutional rights of
every citizen.
v
"Appointment of qualified Ne¬
at all levels in Federal
groes
partments
dealing
with
de¬
general
welfare.
"Extension and protection of
the
right of the franchise to Negroes
and all other citizens."
The following specific proposals
added, the "Times" stated:
employment, with ade¬
quate unemployment compensa¬
were
"Full
tion
-
and
social
security benefits
to all citizens.
"Legislative action guaranteeing
employment practices in all
fair
The nation's supply of minerals
which atomic energy may
from
obtained
be
henceforth
will
"The
provision
of
standard
housing for middle and low in¬
come groups, the inclusion of non¬
be
protected by an executive order
issued by President Truman on
lands
13 under which all public
containing radio-active min¬
erals
have
Sept.
withdrawn
been
from'
according to a special dis¬
patch on that date to the New
York "Times," from Washington,
sale,
which
addcd:;^'/."'^
The
the
order
sale
would
of
v,;- L
prevent
minerals
such
also
taken
from public lands and reserves to
the
United
States
the
right to
"mine and remove" these minerals
from any public land occupied un¬
der leases, licenses or other au¬
thorizations granted in the future.
Although the order specifically :;
applies to lands in the public
dominion, it is understood that the
policy of the government, by ap¬
propriate procedure, is to bring un¬
der its control all lands that pro¬
duce the materials for the atomic
bomb
and
has
it
indicated
been
in official circles that agreements
have been negotiated with other
countries
such
i
which
minerals
would
from
the hands of nations
of employment.
areas
protect
falling into
which might
misuse them.
the
?
j
„
f At
discrimination clauses in all hous¬
time, Maj. Gen.
Leslie R.
Groves, who directed
the joh of developing the atomic
ing legislation, and the elimina¬
instrument for offensive purposes,
tion of all racial restrictive
covr
"The: equalizing of educational
opportunities
for
all
persons
the nation, without
regard to race.
"An adequate program of medi¬
cal care, with necessary hospital
facilities; the extension of a public
throughout
particularly
program,
in
rural areas; the stimulation of ed¬
ucational facilities for physicians
and others interested in health,
and
fair distribution of
a
integration of Negro per¬
throughout the Veterans
Administration, and the avoidance
of all segregation of facilities for
Negro veterans.
in
all
of
branches
beneficial peacetime
President
attention to stabilizing healthy re¬
lationships between the races."
The report, according to the
"Times," said that the majority of
Negroes now employed in essen¬
tial
industries
look
a
for
will
work
in
be
new
forced
fields
result of the cancellation of
orders.
to
into
"The
geographical
accelerated since 1942," the state¬
members of the National Foreign
Trade Council have been advised.
the
ment
continued, "has eliminated
regional perspective in race
The status of Negro
relations.
Attendance, it is pointed out, will
citizens is the most sensitive bar¬
be subject to Government travel
ometer of American democracy.
"The prestige and honor
,
,
of our
of
as a means
keeping
if not the secret of the
means
By
virtue
the
of
vested
in
States, it is hereby ordered
me
as
President of the
follows:
as
(1)
Subject to valid existing
all public lands of the
rights,
United
States, including Alaska, \
which contain deposits of radio¬
active mineral substances, and all
deposits of such substances, are
hereby withdrawn from sale and
all other forms of disposal under
the
publiC-land laws, including
mining
(2)
laws,
and
reserved
of the United States.
use
far
So
as
in
not
;
conflict
with existing law, all lands in the
United
States, its territories or
possessions, heretofore
acquired
by the United States which con4
tain deposits of radio-active min¬
substances
owned
by the
eral
United States
are
hereby reserved
from sale, and all leases, licenses',
or
other authorizations of what¬
ever
kin§
granted
hereafter
occupy
or
use
reserve
to
the
such
lands,
United
to
shall
States
the v:
any and all times to en¬
ter upon such lands, and mine and
right, at
remove
such
mineral
and
such
lands
substances;
hereafter
quired by the United States shall
become subject to provisions of
this paragraph upon their acqui¬
sition; that no reservation under
for his social and economic wel¬
this
fare."
paragraph shall interfere with
the
use
upon
or
War Refugee Bd.
The War Refugee
Dissolved
all
of
the
lands
ac¬
established
indicated by any Act of
Con¬
HARRY S. TRUMAN
gress.
Board, estab¬
22, 1944 to succor the
said that the Board had been re¬
minorities of Europe,
has been dissolved by President
sponsible for saving the lives of
lished Jan.
persecuted
according to a White
announcement reported in
Truman,
House
Associated
Press
Washington ad¬
The Board had
composed of the Secretaries
vices of Sept. 14.
been
of
State
and
William O'Dwyer
Treasury
and
of New York, as
executive director.
The President
;
authority},
the degree
to which every citizen within our
democracy is granted full partici¬
pation in our national and com¬
munity life and equal protection
country depend
*
following
United
the
redistribu¬
as
\
for
tion of Negroes in the North and
West which has taken place since
the first World War and has been
sources
came
the text of President Truman's!
order:
war
workers.
Government control
use.
har¬
order
surprise. It had been rumored
for days that the step would be
A return to "pre-war dis¬
practice," it
added, would lessen the reemploy¬
ment chances of displaced Negro
of
no
as
hiring
civilian
Truman's
nessing all atomic mineral
directed
hatred and the giving of serious
number
The "Times" gave the
•
"Organized national leadership
against the forces
of
"a
■
the
,?
conference,
news
be
as
abolishing of segregation
race
a
atomic bomb out of the hands of
those who might, conceivably, use
it against the policy of this or,
other Governments.
surplus
"The
armed forces,
to
would
undertaken
sonnel
by
it
decades" before the energy of the
atom bomb was harnessed for
any,
the
medical material.
"The
same
predicted
that
enants and agreements.
this year at the Waldorf-Astoria,
New York, Nov. 12, 13 and 14,
regulations in effect at that time.
Now
that military victory has
been secured, it is noted economic
peace remains to be achieved.
"What polici es are to be pur¬
sued to assure the utmost partici¬
pation by American business in
the expansion of world trade so
"In spite of concern over growing labor
agitation in the metal- essential to a widely shared pros¬
working industries, the automotive industry in particular, demand
perity of nations, and to peaceful
for steel continues
heavy, inquiry for sheets being almost as active relations? To the same end, what
as at any time during the
war, and for carbon bars, especially in
governmental policies are to be
smaller sizes, taking a sharp spurt," said "Steel" of
Cleveland, on recommended or approved?
It
Sept. 24, in its weekly summary of the iron and steel markets. will be the purpose of the 32nd
"Steel" further added:
1
National Foreign Trade Conven¬
"Producers of some wire spe¬
but a better demand than had
tion," the bulletin of the Council
cialties are booked well into next been expected.
says, "to seek the answers to such
year and pipe producers are in
"Contributing to extended de¬ vital questions. This year's con¬
about the same situation.
Shape liveries on various products is vention should provide a power¬
sellers
are
booked
solidly into difficulty obtaining labor in some ful stimulus for crystallizing the
^December and some platemakers centers, combined with efforts of policies to govern United States
'now are quoting December, re¬ the industry as. a whole to
get participation in forthcoming in¬
flecting a shrinkage in capacity back to the 40-hour week.
De¬ ternational conferences."
Steel Production Continues Upward Climb—
to President Tru¬
message
criminatory
11,307,000 pounds
facturing establishments,
a
Deposit j
Kept,
Resources to Be
man
health
turnings, which show
54,442
1944-45
steelmaking
points to 83%
sustains prices at ceilings for
grades except borings and
28,050
1944-45
Klncludes
preparation,
52,657
1945-46
(Includes
for
239,934
1944-45
♦Includes
national
^
1944-45
/
normal.
"Reduced supply of scrap, re¬
sulting in part from lack of labor
1945-46
61,920
output more
Last week the
resume
rate ^advanced Wz
of capacity.
1944-45
)
Orabbots, motes, &c.)
(600-lb. bales)
J
—
now
production continues its
schedules and
)
(
fiber
(500-lb. bales)
deliveries
upward march from the low point
following the end of the war, as
steelmakers are able to rearrange
J
bales)—)
.
Hull
bar
loy bars still can be had in No¬
vember, due mainly to wartime
expansion in production.
nearly
sent
outstanding in
.
122,014
.
hand
Aug. 31
,,
104,203
-
on
Aug. 1-Aug, 31
1944-45
7,017
♦Includes
On hand at mills
1945-46
South Carolina
tons
Crushed
1944-45
Mississippi
256
(TONS),
are
small and medium sizes but there
estimated
HAND
1945-46
Georgia
Texas...
^
ON
1944-45
Louisiana
Carbon bar sellers
1.0
Aug. 1-Aug. 31
Arkansas
in
1,592,075
108,898
11,251
especially
1,711,625
1945-46
Alabama.
bars,
demand
0.7
•Received at mills
State—
recent
+
the month ended August 31, 1945 and 1944.
United States
been
Govt. Atomic
The National Urban League has
.
paralleling interest in
has
1,727,225
Receipts to August 31
RECEIVED,
as a
1,341,730
1,415,704
Oh Sept. 14 the Bureau of the Census issued the following state¬
showing cottdnseed received, crushed and on hand, and cotton¬
seed products manufactured, shipped out, on hand and
exported for
COTTONSEED
can¬
1,433,903
ment
.
mill
tonnage to other users, thus reduc¬
ing effect of the labor situation.
"Steel
.
steel
+
4,365,907
Cottonseed
{«■■■■
in
not
result of strikes,
allows sheetmakers to
ship more
1,698,942
"
.
bile
1929
4,377,221
4,353,351
3,978,426
4,295,254
4,384,547
4,434,841
reflected
have
Kilowatt-Hours»
1943
4,348,413
a
cancellations
"Closing of outlets to automo¬
% Change
over 1944
4,358,277
7
instances,
cellations.
4,264,600
4,287,251
July
of
particularly where civilian type
products have been involved, war
,'v
year.
(Thousands of
1944
number
a
contract
June
July 14-_^,_«
July 21„
July 28
:
Aug.
4
In
2.7
1,436,928
1,435,731
1,425,151
1,381,452
i
une
half.
•
>'
Week Ended—
May 5™--.-^;
4.1
specialty, electrical sheets, produc¬
ers generally are booked for first
been
over-similar week in
.
v
vanized sheets quote second
quar¬
ter and in case of one important
1493
Urban League Urges
Anti-Bias Laws
"
tion
The Edison Electric
mated
1945,
sheets has reached the
stage where many consumers no
longer insist on definite delivery
promise, placing orders for a posi¬
18.2% Below That for Same Week Last Year
4,377,339,000 kwh. in the corresponding week a
187,000 kwh. in the week ended Sept. 15, 1945.
for
hundreds of thousands of victims
of
Nazi
House
oppression.
announcement
White
The
also
Jaid
that the "defeat of Germany and
the
liberation
of
Europe
by trie
Allied armies terminated the spe¬
cific task
assigned to the board.'*
*
J-'.': "V
:
Jr:
CHRONICLE
COMMERCIAL & FINANCIAL
THE
1500
's Bond Prices And
Bond Yield Averages
computed bond ^prices
given in the following table.
and bond yield averages are
earmarked for domestic consump¬
Consumption of primary and
secondary tin in the United States
in the first half of 1945 totaled
during October shortly. The
fabricators' statistics for August,
when released, will make a better
47,096 long tons, which compares
with 90,352 tons for all of 1944,
WPB reports.
Stocks of tin on
July 1, totaled 95,572 tons,
Moody's
ities
tion
MOODY'S BOND PRICESt
Yields)
(Based on Average
1945—
U.S.
Avge.
Daily
Govt.
Corpo-
116.02
118.80
Sept 25..
122.01
116.02
120.63
24,.
121.97
115.82
120.43
118.80
116.02
115.82
120.43
118.80
116.02
■
Xx"
22,.
121.97
21..
121.97
115.82
120.43
118.80
116.02
121.97
115.82
120.43
118.60
116.02
121.97
115.82
120.43
118.30
115.82
121.97
115.82
120.43
118.80
115.82
'
20,.
z.yyr. 1918-
,
'
17—
121.97
115.82
120.63
118.80
115.82
V
15-
121.98
116.02
120.84
118.80
118.02
14„
121.98
116.02
120.84
118.80
116.02
13-
122.00
115.82
120.84
119.00
115.82
120.84
118.80
116.02
1
115.82
122.00
12'
116.02
119.00
120.63
115.82
122.03
II•10-
122.05
115.82
120.63
119.00
115.02
8>—
122.09
116.02
120.63
119.20
116.22
7-
122.09
116.02
120.63
119.20
116.22
6—
122.09
116.02
120.84
119.20
116.02
:V<V& 5—
122,09
116.02
120.84
119.20
116.22
116.02
120.63
119.00
116.22
>>•
108.83
108.70
112.19
116.02
112.19
115.82
119.82
108.70
108.83
108.70
108.70
108.70
108.52
108.70
108.70
108.52
108.34
108.52
108.52
108.52
108.52
108.52
108.52
108.52
112.19
116.02
119.61
112.19
116.02
119.61
112.19
115.82
119.61
livered in
112.00
116.02
119.61
112.00
116.02
119.61
112.00
116.02
119.61
112.19
116.22
119.61
112.19
116.22
119.61
112.19
116.22
119.61
112.19
116.02
119.41
112.19
116.02
119.61
Corporate by Groups*
Corporate by Ratings*
Aa
A
Baa
4—
122.07
3-
Stock Exchange Closed
1—
Stock Exchange Closed
Indus.
P. U.
R. R.
Aaa
rate*
Bonds
Averages
those issued by
Coppe.-; Institute last week, the
trade believes.
Actual consump¬
tion by fabricators probably was
higher than the 86,840 tons de¬
than
showing
119.82
112.37
116.02
119.61
112.37
116.02
119.61
112.37
116.02
119.61
112.56
116.02
119.61
112.56
116.02
119.61
112.56
116.02
119.61
,v;>Lead
Sept. 19-1
■
during the last
6,319 tons. The de¬
mand was fairly active, and pro¬
ducers could have disposed of a
119.41
116.02
116.22
108.52
112.56
116.02
119.00
116.02
108.16
112.56
115.63
119.41
115.82
120.84
120.63
119.00
121.91
17—
121.91
115.82
120.84
119.00
115.82
119.41
121.04
120.84
119.20
116.02
108.34
112.93
115.82
119.41
119.20
116.02
108.16
112.93
115.82
119.00
larger tonnage without difficulty.
To help build up stocks of white
122.14
116.02
3—
122.36
115.82
13—
6—
122.89
116.22
122.92
116.02
121.04
121.04
119.41
116.02
119.61
paints, WPB "permitted
September of addi¬
tional quantities of lead for the
122.93
116.02
121.04
119.20
116.02
108.16
11
115.43
119.41
June 29—
production of basic carbonate
1123
115.43
119.20
115.82
120.84
112.93
119.00
122.39
115.63
27—
lead
122.80
116.02
121.04
119.41
116.02
108.34
111
115X3
119.41
20—
the
119.61
116.22
108.34
113.31
115.1
119.61
108.16
112.93
115.63
July
108.16
115.82
119.20
22—
122.97
119.20
115.82
122.97
115.82
119.20
115.82
107.80
112.75
115.43
119.41
15-
120.84
120.84
107.80
}}&".& 8—
122.81
115.63
120.34
119.00
115.63
107.62
112.37
115.24
119.41
114.85
119.20
115.82
i—
122.23
115.43
120.63
119.00
115.43
107.44
112.37
122.29
115.43
120.63
118.80
115.43
107.44
>112.19
114.85
119.20
lay 25—
122.38
115.24
120.84
118.40
115.04
107.09
114.27
119.20
27—
112.19
Apr.
31—
122.01
114.85
121.04
118.40
114.85
106.04
111.25
114.27
119.20
Mar.
W*b.
23,
121.92
114.08
119.41
/an.
26—
120.83
113.89
119.41
118.00
113.70
105.17
109.24
113.89
118.60
1945
123.05
116.22
121.04
119.61
116.22
108.83
113.31
116.22
119.82
1945,
120.55
113.50
118.80
117.80
113.31
104.48
108 52
113.70
118.20
119.30
112.56
118.80
3.,
117.00
112.37
103.13
106.74
114.08
117.20
120.55
111.07
119.00
116.41
111.25
98.88
103.30
113.89
116.41
High
Low
*
' '
1 Year Ago
Sept. 25, 1944.
•
110.52
106.04
114.46
118.60
120.02
114.66
2 Years Aeo
Sept. 25, 1943.
Govt.
Avge.
Corpo¬
Bonds
rate*
.1S45—•
Dally
Averages
Sept. 25——_
,24
VA 22—•
21
—
19
——
18
;
■
■
14—
2.86
2.63
2.71
2.86
3.24
3.06
2.85
2.67
2.86
2.62
2.71
2.86
3.25
3.06
2.85
2.67
2.85
2.61
2.71
2.85
3.24
3.05
2.84
2.67
2.61
2.71
2.85
3.24
3.05
2.84
2.67
slab
3.05
2.84
2.67
surplus
Grade and Prime Western are
sellers
atively small.
$86.50, Coast basis.
The July statistics of the Bureau
3.25
2.86
2.70
2.61
2.71
2.85
3.26
3.05
2.85
2.68
2.85
3.25
3.05
2.85
2.67
1.66
2.86
2.62
•
2.70
2.85
3.25
3.04
2.85
2.67
3.25
3.04
2.85
2.67
1.65
2.85
2.62
2.69
2.84
1.65
2.85
2.62
2.69
2.84
3.25
3.04
2.85
2.67
1.65
2.85
2.61
2.69
2.85
3.25
3.03
2.85
2.67
1.65
2.85
2.61
2.69
2.84
3.25
3.03
2.85
2.67
2.85
2.62
2.70
2.84
3.25
3.03
2.85
2.67
B'V 'U'; 4—1---
1.65
••••.'
Stock
Exchange Closed
Stock Exchange
Closed
1.65
2.85
2.61
2.70
2.84
3.25
3.03
2.85
2.68
-,.1.67
2.86
2.62
2.70
2.85
3.27
'13.03
2.87
2.68
1*7
1.67
2.86
y 2.61
2.70
2.84
3.27
3.03
2.86'
2.68
10——
•1.65
2.85
2.69
2.85
3.26
3.01
2.86
2.68
f*
2.60
2.86
2.70
27
1.64
2.86
2.61
2.69
2.86
3.27
3.01
2.87
2.70
20™
1.60
2.85
2.60
2.68
2.85
3.26
3.01
2.87
2.68
1.60
2.84
2.60
2.67
2.84
3.26
2.99
2.87
2.67
13
2.86
1.64
—
-
2.61
3.01
3.27
2.85
2.69
6
1.60
2.85
2.60
2.63
2.85
3.27
3.01
2.87
2.67
June 29
1.60
2.85
2.60
2.69
2.85
3.27
3.01
2.88
2.68
2.86
3.29
3.02
/2.88
2.69
2.88
2.68
Mar.
3.29
3.02
1.60
2.87
2.61
2.70
2.87
3.30
3.04
2.89
2.68
1944
1.64
2.88
2.62
2.70
2.88
3.31
3.04
2.91
2.69
1945:
1.64
2.88
2.62
2.71
2.88
3.31
3.05
2.91
2.69
Jan.
1.63
2.89
2.61
2.73
2.90
3.33
3.05
2.94
2.69
Feb.
1.66
2.91
2.60
2.73
3.39
3.10
—
23
Jan.
26—
—
High 1945
2.94
492,700
Imports
37,688
19,819
2,500
846
2,700
2.69
March
3,000
3,000
187,200
121.900
held at
309,100
76
three times those
the beginning of 1945. The
were
quicksilver statistics, in flasks of
lb., follow:
Exports Consumption
748
42,900
Dealers
(Producers
10,400
2,714
9,000
2,183
28
5,200
2,835
9
5.100
13,000
1,946
2,263
25
6,100
§12,200
1,584
10,963
30
7,500
§15,800
2,148
in
broadcast
3.39
3.14
2.95
2.68
2.96
2.72
3,300
7,242
70
which he said, it is learned from
3.21
May
2,760
3.44
June
3,677
22
8,500
§16,100
1,377
the
3.25
2.97
2.74
3,000
3.48
.1
6,600
§36,000
3,179
2.84
2.60
2.67
2.84
3.23
2.99
2.84
2.66
.
1.85
3.03
1.80
3.11
'
2.71
2.80
3.04
3.56
3.35
2.95
2.79
2.70
2.83
3.10
3.82
3.55
2.96
2.83
14. 1943, page 202.
quiet last * week.-• Tin
yields oh the basis of
3,600
July
metal
19,354
imported
(Held by producers reporting to
in
bond.
§15,600
8,900
excludes
tLargely
redistilled
the Bureau. II Not yet available. §Excludes
U. S. to Relieve
"typical" bond
one
picture of the bond market.
in computing these indexes
y
.
quicksilver.
metal afloat.
was
published
European Food Shortage
President Truman gave assurance on
States would do its part to
....
supplies
must
have
metal
on
Both
statistics released
hopeful that
will
soon
be
from the Far East.
feeling that Japan
large
hand
stocks of the
Quicksilver de¬
further
evidence
that
copper
last
week
and zinc
WPB
by
Copper
Compared
'
with the hectic war
period, the market for copper last
week was quiet.
The price situa¬
tion
in the domestic field
erally
accepted
opinion
to
an
once
■
v
on
as
foreign
unsettled
purchases
•
gen¬
sound,'
copper
market
h,y
*
is
the
but
points
abroad
FEA
are
reduced, which is likely to occur
supplies
the peoples of devastated Europe, and stated that the problem
one of supply, which, except foiv sugar, fats and oils, was
sufficient to meet requests from now until Jan. 1, "as these requests
haye been stated to it (the United States Government) by the gov¬
ernments of the liberated counsuch settlements this government
tries and by UNRRA." The Presi¬
dent
too
not
said
were
shipping facilities
available, but that the
that
problem still presented
First,
that
it
was
difficulties:
necessary
"to work out credits or
with
governments"; and
second, "to make additional funds
the
European
available
available
supplies are huge." The
publication further went on to
say, in part, as follows:
:
Labor short¬
Sept. 17 that the United
relieve shortages of food and other
among
was
surplus stocks have '*>
sharply. Consumers
of tin, however, are
a
society,
in
Rome,
2.99
holding down domestic production.
is
from
2.93
other financial arrangements
forthcoming
the
addressed
also
a
Ferrucio
Premier
Italian
The
Parri
2.97
With which to round out next month's requirements.
on
ly justified."
2.76
financial
additional
the
of
Risorgimento—has also been large¬
2.75
,
that
return to
and
traditions
democratic
2.72
; "E. & M. J. Metal and Mineral Markets," in its issue of Sept. 20,
stated: Buying interest in lead continues active, and the industry be¬
lieves that consumers will ask for a
goq^l tonnage of foreign Metal
been reduced
fascism
repudiate
2.71
Copper and Zinc Sales Moderate—Mercury Off
clined
period of 1942—that if given
chance, the Italian people would
2.65
Non-FerroRs Metals—ILead Demand Active—
There
a
2.68
issue of Jan.
showed
dark
2 98
Of yield averages, the latter being the true
tThe latest complete list of bonds used
were
the
of
you
Society shared with the
American Government during the
2.92
coupon,
are
which
faith
"The
Mazzini
2,96
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
ages
friendship with America
amply justified," and
1.80
•These prices are Computed from Average
In the
an
been
has
gency
The
to
UNRRA
for
emer¬
relief."
President
continued,
ac¬
the Associated Press
in
reporting the announcement
from Washington:
"This Government is
bending
cording
to
is
necessary measures in
to production, distribu¬
taking
relation
tion and
shipping of supplies to
proud of the free
Italy of tomorrow which will con¬
sider as her first duty to collabor¬
and
loyally
world
of
faithfully
the
for
America
creation
with
of
a
liberty and de¬
A
' A/A'-;. .-/..y;
peace,
mocracy."
.
.
officials cautiously
avoided the question of Italian
territorial, integrity and of the
Italian colonies, which provided
most of the fireworks in the day's
discussions. Mi*. Acheson said that
Both
the
was
-
high
policy
*
<
\
of the United States
toward
directed
economic and political
tion of Italy.
aiding the
rehabilita¬
'
■
.
broad, equitable and con¬
tinuous flow of current stocks and
insure
new
a
production of relief and re¬
for liberated
habilitation supplies
areas, which it is anticipated will
be required, in addition to those
quantities which they have al¬
ready requisitioned. One purpose
of such measures is to prevent the
dissipation
in
are
domestic
of
available supplies
channels where they
not essential."
The
1 President's
statement
effort to find solutions to'
in cooperation with pointed out that the contemplated
the respective-claimants, with a supplies would "serve not to im¬
prove, but only to sustain the diet
view to increasing the flow of ur¬
gently needed supplies.
Pending of the liberated peoples, which re^
every
this problem,
"Times":
"You will be
ate
Sept. 25, 1943.
New
historic
the
(•Consumers,
2 Years Ago
(3%%
which
1.17
1 Year Ago
Sept. 25, 1944.
.
York "Times,",
account of the
meeting, "The faith of the Amer¬
the
gave
to
ing
1.69
^Includes
'
July
^General
Production
when, at the last moment, he
unable to be present in per¬
son.
Mr. Acheson said,
accord¬
was
added:
of
178,200
Acheson, Acting Secre¬
ican Government and people that
Italy would prefer to resume its
tion of
Zinc
1>__ 314,500
G.
Dean
placed domestic produc¬
quicksilver at 3,600 flasks
and
general
imports at 19,354
flasks. Consumption declined from
of Mines
Slab
1)
delegates from chapters all over
from
the nation heard a message
April
1.59
1945.
2.91
flask, New York.
San Francisco
were
asking from $85 to
Stock at End
2.86
31
last
Zinc
(Aug.
(July
denly.
Concentrate
U.S.
2.69
25.———
con¬
hostilities cease sud¬
Nevertheless, the market
week was badly shaken, and
that
event
8,500 flasks in June to 6,600 flasks
in July.
Stocks in the hands of
consumers and dealers at the end
Total
2.61
Feb.
Low
Industry
2.61
Apr, 27
zinc
(zinc content) and slab
Government
2.86
;
of
zinc, in tons:
2.86
;
stocks
on
centrates
1.59
8—
the following
has- issued
WPB
1.59
'1
supplies of Special High
rel¬
producers experienced a
gain in business, but
others said, that buying was slow.
15
'
that
indicate
Some
22.
.
hand
on
moderate
2.69
■
May
zinc
statistics
24
3
ton
trates
2.70
—
prompt shipment from the Pacific
Coast settled at $90 to $91.50 per
2.67
2.67
2.86
ItalianMazzini
of
tary of State, which had been re¬
corded and flown from Washing¬
2.86
2.85
%
the
leaders of the
prices declined to $92 to $95 per
flask
on
spot.
Quicksilver for
3.05
3.06
«.
Society f
meeting
a
will, in time, be treated by
domestic smelters on a toll basis.
The statistics covering stocks of
3.24
2.85
At
Society at New York on Sept. 15,
3.24
1.66
Mazzini
American
2.85
•
want to send the necessary
AchesonAddresses
contracts pro¬
to buyers in the
2.86
2.67
convinced 'millions of Amer¬
vided for relief
2.71
2.85
the
that the huge oxide
2.72
3.05
2.61
'3
percentage of the surplus and
thereby stabilize prices. Informed
members of the industry believe
2.63
3.23
was
icans
present their views to
the Government, asking for quick
action in freezing a substantial
2.63
2.85
of
head
White House delegation, said she
to
2.63
2.67
and
organization <
Domestic producers
program.
2.86
2.66
2.66
2.85
2.62
It
food.'"
2.86
2.85
2.86
3.05
2.86
-
the Gov¬
ernment will not be disposed of
unless scarcities should develop,
•.;?
sharply, owing to cutbacks in the
2.86
3.05
3.05
3.24
2.86
Aug. 31
of 1945.
t:
Dwight W. Morrow, Presi¬
of the Food for Freedom
dent
intend
'
"Mrs.
Quicksilver
statistics confirmed
earlier
reports of exceptionally
heavy importations.
The figures
also revealed that stocks increased
war
increases in
Europe to avert
prompt
ter.
July
1.65
3.23
3.24
2.85
1.66
>
percentages of lead,
will be released
to white lead
manufacturers in the final quarter
Even larger
The Lon¬
1.65
2.85
2.85
2.71
1.66
10™
,
for
"Representatives of 26 of the
groups presented the petition to
the President with the warning
that only American, aid could pre¬
vent anarchy in Europe this win¬
quotation held at 25Vzd.
The
•
advices likewise said:
food shipments to
starvation.
New#York Official for for¬
silver" continued at 44%c.,
with domestic at 70%c.
an
'"Forty-seven American organi¬
petitioned President
The
don
quickly."
The press
Truman
1.65
2.71
2.71
2.63
see
done
developments in foreign
are
expected shortly.
A
eign
is
It
East.
Far
responsibility not only
friends, but to ourselves,
that this job is done and
zations have
2.71
2.62
2.63
2.86
our
to
tin, continued
producers were informed at the
recent meeting
of the advisory
committee.
Also, it became clear
that Government-owned concen¬
2.85
2.86
1.66
6
Julj
Indus.
P. u.
R. R.
Ba»
A
Aa
l3-^__
11—
7—
•"
Corporatft by Groups*
I*
Corporate by Ratings*
Aaa
128
'
y
1.64
1.65
f
*y '
;ii
1.65
1.65
v-
15.
iv'i
and permits the use
during September of an additional
one-third of 20%
of * the base
Order M-384,
Zinc in the hands of
1.64
1.65
—
17-
,
sumption of lead for that purpose
by 2,000 tons.
The action was
effected through Direction 1 to
period (first half of 1944).
to
higher price than the
current
ceiling is in the making, the in¬
dustry believes.
of
the
American
Price
silver
their
plain
in
and
Silver
increases con¬
This
lead.
white
'
„
_
determination
full
part, along with other supplying
nations,
in
helping to restore
health and strength to those who
fought at our side both in Europe
made
pound.
at 51.125c. per
Zinc
(Based on Individual Closing Prices)
U. S.
20.
in
MOODY'S BOND YIELD AVERAGES
■l
'
for
use
52.000
Chinese, or 99%
lead
of
Sales
reported:
that this country shall do its
52.000
52.000
52.000
52.000
52.000
Sept. 18—
122.09
112.56
private hands.
—_
24—
108.16
metal and in concentrates,
as
a
Aug. 31;—
10„
held
in Government and
week totaled
116.22
Press
copper
oi
In some cases the
doubling of these food shipments
waits only upon the conclusion of
satisfactory
financial
arrange¬
ments." He added, the Associated
The price situation in tin re¬
undoubtedly dis¬
fair percentage of mains unchanged. Straits quality
tin for shipment,
in cents per
scrap material on hand at brass
mills.
':vy
.-A;;.; pound, follows:
'•
Sept.
Oct.
Nov.
Production of bar copper in
Sept. 13
52.000
52.000 I
52.000
Chile during June amounted to
Sept. 14
52.000
52.000
52.000
45,023 tons, which compares with Sept. 15—
i'r 52.000
52.000
52.000
Sept. 17——
52.000
52.000
52.000
47,371 tons in May.
of
use
posed
level
minimum
the
of subsistence.
"This Government has abundant
which
compares with 107,212 tons at the evidence that the American peo¬
beginning of the current year. The ple are aware of the suffering
stock figures cover primary tin among our Allies. They have also
For one thihg,
August.
A'l
rv'.4- w'
■
below
mains
,:,vs Tin
••
author¬
MRC is
expected to release foreign copper
October unless the
decide otherwise.
after
It*
\ V"
v,
Thursday, September 27, 1945
Commodity Index
Tuesday, Sept. 18,
255.8
1945—_
256.3
Wednesday, Sept. 13
Thursday, Sept.
20
—
Friday, Sept. 21______—
Saturday, Sept. 22
—
Sept; 25-—,,;.-.
11
Month ago. Aug. 25——_L_
Year ago, Sept. 25, 1944.
Two
weeks ago, Sept.
—,
——„
High, Dec. 31Low, Nov. 1__——__™
1945
High,
Low,
Jan.
12—
24
•>
256.9
255.2
254.0
—
1944
June
256.2
256.5
Monday, Sept. 24
Tuesday,
\
256.2
256.2
:
.
251.8 \
254.4
245.7
258.0
252.1
|
yolume 162
THE COMMERCIAL
Number 4424
The Securities and Exchange Commission made public on Sept.
19 figures showing the volume of total round-lot stock sales on the
j
because of higher quality
apples
past month the group index for
to a level of 1.2% above the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions lor the account of all
members of these exchanges in the. week ended Sept. 1, continuing
series of current figures being published weekly by the
sion.
Short sales are shown Separately from other sales
a
figures.
Sept.
1
to19 41(1575
amounted
shares
or
13.99%
of
Commis¬
in these
the
"Other Commodities
terials dropped 1.1%
13.60% of the total trading
Bound-Lot
Stock
Sales
on
Transactions
the
total
6
for
A. Total Round-Lot Sales:
Short sales
Members*
of
i
JOther sales
5,990,910
Total sales
j
6,215,020
Round-Lot Transactions
8.
the
for
Except
for
Dealers
and Specialists:
Odd-Lot
Account
of
Accounts
'
Total
«
WHOLESALE
purchases
PRICES
.mi
III--
i
I
II
I
552,100
—
Short sales
Commodity
tOther sales
123,710
"J
132,110
Fuel and
40,150
—
77
and leather products
Textile products
205,345
Short sales
tOther sales
1945
Farm products
f^ds
Hides
1.86
S. Other transactions initiated off the floor—
Total purchases
Groups—
All commodities
99,530
8.400
;
i
289,694
Total sales.
329,814
Short sales
tOther sales
Total sales
Stock
Sale*
Transactions
on
for
the
New
Account
of
York
Exchange
ENDED
SEPT.
1,
Total Round-Lot Sales:
—0.3
—0.8
of
„
construction of naval
sociated
from
transactions initiated
continued/-t.■';.
Total purchases
Short sales—
week
ended
1944
+1.1
fiscal
fiscal
Savings
building
erating
keeping up naval aviation and
providing naval ordnarice.
"In making these
recomnjendations for reductions," Mr. Truman
said,
"consideration
has. been
given to the tremendous prolem
of demobilization and the
yet un¬
determined
118.5
116.6
0
+0.1
+ 1.7
99.4
99.4
99.1
99.1
98.3
0
+0.3
+ 1.1
85.3
85.5
85.3
83.7
—1.1
—1.1
95.3
-95.3
95.3
,
+ 0.8
0
+ 0.9
+ 1.4
+ 0.4
requirements for &
peacetime Navy.
"As indicated in my letter of
Sept. 3, 1945, I plan a continuing
review
of
naval
appropriations
with
Total sales
25,100
Total purchases
Short sales
f
Total sales
106.1
0
+0.1
+ 0.2
94 6
93.3
0
0
+ 1.4
further adjustments as conditions
115.0
,115.3
115.8
116.9
112.8
+ 2.0
warrant."
95.7
95.7
95.4
95.4
94.1
1018
102.0
102.1
102.1
101.1
100.6
100.8
100.8
100.8
99.8
100.1
100.1
100.1
revised
for
period August
CHANGES
IN
—0.3
—1.6
0
+0.3
—0.2
+
—0.3
99.6
—0.2
"—0.2
98.3
—0.3
—0.3
1.7
+ 0.7
+1.0
8,
1945
TO
SEPT.
+10
to September 8,
tc
1945
INDEXES
15,
The exact figure of the
2.09
1945
927.
1945
[^authorizations
would
vanced
;—;
TOtaj fiftlPEL—■
jay*
!■ nr
jtju..!..
■■
1
i
206,110
ri
3.84
Three
13.99
ICustomers' other sales
slightly,
67,270
purchases-
week.
members, their
Chemicals—J£+
Grains,
as
o.l
——
—
—I
0.1
bal¬
appropriations left
from prior years.
over
Dropped 0.3% in Week Ended
September 15 Labor Department Reports
a
result of the
were
one
The farm products group moved
up
in the grains and livestock sub¬
Quotations for timothy in New York showed
a
decline.
The
small
Continuing the decline of previous weeks the Bureau of Labor
index of commodity prices in primary markets dropped
0.3% during the week ended Sept. 15, it was announced on Sept. 20
by the U. S. Department of Labor which added that "lower prices for
agricultural commodities and -petroleum products were responsible
>;
a
The
All other groups
Commission
Sept. i9
ists
25.3
■
York
and
Week
Sep. 15,
23.0
Farm
—
0.8% below the level of mid-August 1945 and 1.1% above midSeptember of last year," said the Department, from whose advices we
was
Grains..
reports
—
Livestock
also quote:
Commodities—
Textiles
during the week as a result of lower prices for a
number of commodities. Among the grains lower prices for barley
8TOCK
AND
Building
and
white
potatoes
were
seasonally
lower.
Prices
lpr
and
Drugs
—
Materials
PertiUzers~~i——-w——
lower
potatoes
Materials
Chemicals
Fertilizer
.Farm
100.0
Machinery—.
All groups
'Indexes
on
base
were:
FOR
ON
THE
THE
ODD*
N.
Y.
EXCHANGE
8,
1945 -
Odd-Lot Sales by Dealers—
(Customers' purchases)
of
orders—;
of
shares..
Total'
For Week
24,332
—
value
Month
Number of
722.406
,
$29,47?,349
*
by Dealers—
Year
Aeo
Ago
Aug. 25,
Sep. 23,
1944
Orders:
Customers'
short
sales
♦Customers'
other
sales
144.3
142.1
145.2
145.2
144.1
Customers'
159.6
"Customers'
-
163.1
163.1
164.4
167.2
'
214.5
211.4
200.9
159.2
158.9
156.8
158.1
157.8
163.2
158.4
129.7
134.5
132.8
i
157.3
A
130.1
132.8
132.2
156.6
154.0
108.9
108.9
104.2
154.7
153.8
153.8
154.0
125.8
125.8
125.8
126.1
118.3
118,3
118.3
139.9
Sept. 22, 1945,
'20,746
Shares:
short sales
other
3,045
sales
566,762
:
Customers' total sales
Dollar
569,807
value
$21,909,402
Round-Lot Sales by Dealers—
: Number of Shares:
Short
sales
50
,
"
■
118.3
104.8
of
89
20,657
162.4
160.7
157.9
Number
'
'
119.9
—_—
combined
1926-1928
and
.*
Week Ended Sept.
Dollar
119.9
119.9
119.9
104.8
104.8
104.5
139.8
141.3
109.0; Sept. 15,
tOther sales
Total
118,430
sales
113,480
Round-Lot Purchases by Dealers—
Number of shares
—
138.8
'
Sept. 23, 1944, 108.1.
Commis¬
dealers
OF ODD-LOT DEALER*
SPECIALISTS
141.8
103.9
Quotations
the
TRANSACTIONS
LOT ACCOUNT
141.3
132.8
—
dropped 0.6%
for
with
by the odd-lot
specialists.
144.5
129.7
Miscellaneous
Foods—Average prices for farm products
sheep declined in a weak market, and live poultry prices were
as supplies increased following reductions in Army purchases.
Quotations for lemons were contraseasonalJy higher. Cotton prices
advanced. Egg prices declined on reduced demand and onions, sweet
filed
sion
1945
213.9
—
———
the
on
tinuing a
being published by the Commis¬
sion. The figures are based
upon
1945
164.7
^
account
special¬
lots
Exchange, con¬
series of current figures
1945
160.7
Products
Cotton
odd
Customers' total sales
—
Cottonseed Oil——
"The general index at 104.7% of the 1926 average
Preceding
Week
■
Oils,—
odd-lot
Stock
Odd-Lot Purchases
Sep. 22,
Pood
Fats
figures
(Customers' ssles)
Latest
■/■
for
who handled
New
1935-1939=100*
'
summary
showing the daily volume of stock
i
Group
Exchange
public
on
for the week
ended Sent. 8 of complete
WHOLESALE COMMODITY PRICE INDEX
Total Index
a
Trading
and
made
STOCK
Compiled by The Natlona) Fertilizer Association
Bears to the
years.
savings of $1,047,366,607,
Securities
Number
Sach Group
fiscal
NYSE Odd-Lot
Number
WEEKLY
current
of all odd-lot dealers and
of the index advanced and
up
a
the
transactions
advances
declined.
Statistics
offset advances for oats and rye.
appropriations of
provided for in
are
$8,305,859,122. In addition a fur¬
ther. cut of $3,442,131 would be
allow
During the week ten price series in the index advanced and
declined; in the preceding week seven advanced and five de¬
clined; in the second preceding week eight advanced and seven
Wholesale Prices
and wheat more than
Navy
the present fiscal year. The Presi¬
dent recommended cancellation of
seven
and
of
Fractionally
with prices for potatoes and cottonseed oil lower.
included in the index remained
unchanged.
"other sales."
SSales marked "short exempt" are Included with "other sales."
"Farm Products
$5,306,252,674
unneeded
the President said.
advance, principally because of higher
quotations for cotton cloths. The building materials, index advanced
due to an advance in the price of bricks.
The foods index declined
these percentages the total of members' purchases and sales Is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales.
t Round-lot short sales which are exempted from restriction by the Commission's
for the decrease."
and
now
Trimming ship construction will
follows:
composite'groups
textiles index showed
calculating
with
1.0
0.4
offsetting the decline in the cotton index. Most
moderately.
Cattle, sheep and lamb quotations ad¬
vanced but prices for live fowls and
eggs declined during the latest
63,771
"members" Includes all regular and associate Exchange
firms and their partners, including special partners.
♦The term
0.2
0.1
groups more than
grains
67,270
Total sales
of the
declined during the latest deek.
0
»
.......
Poultry
Tile—.
Association, and made public on Sept. 24, ad¬
fractionally to 139.9 for the week ended Sept. 22, 1945, from
ciation's report continued
Odd-Lot Transactions for Account of Specialists—
Customers' short sales
and
and
preceding week. This fractional increase followed three
weeks of uninterrupted declines and
one week
in which the index
remained unchanged.
A month ago the index was 141.3, and a
year
ago was 138.8, all based on the 1935-1939
average as 100. The Asso¬
195,345
J
Livestock
Brick
139.8 in the
10,765
—.
_____
,
2.8
2.6
in
$25,808,930,859
1.8
Decreases
Products
be
Total
Heating--
„,r,
Of
ances
FROM
The weekly wholesale
commodity price index, compiled by the
National Fertilizer
204.465
Short sales—
and
slashing
was $16,824,553,this, $11,518,301,253 would
current
appropriations
and
proposed to day
Jbe
18,
SUBGROUP
Price Index Advances
Total—
tOther sales
recommending
106.2
94.6
National Fertilizer Association Commodity
58,770
53.945
to
106.2
94.6
applied to contract authorizations
51,145
Total purchases
view
106.3
94.6
for
2,809
tOther sales
the
106.3
"
;
program,
and reduced
for maintaining and op¬
ships and navy yards,
expenses
+ 1.2
—
Foods—
■.
+ 0.8
Products
Vegetables
Farm
existing legis¬
.?• r £'•• / •
%'i.
permitted in part,
the, President explained, because
of discharges of enlisted
person¬
nel, the cutting down of the ship¬
were
—1.6
95.3
v_
under
year
lation. .;;•
—2.7
and
and
24.8C0
f. Other transactions Initiated off the floor-
began July 1,
appropriations which
carry over into the next
some
—0.5
August 25-r-li7.8.
-
which
year,
and to
—0.6
8.06
300
—
tt£y:
The reductions in Navy funds
proposed by Mr. Truman would
apply to appropriations and spend¬
ing authorizations for the present
122.1
0
Other
36,175
tOther sales
reported
127.0
0
Other
floor-
the
on
vessels," As¬
advices
106.3 ' 103.8
94.9
->
109,520
127,065
Press
Washington, Sept. 14, which
125.1
—0.1
Fruits
7,665
unexpended
balancer, also that Congress con¬
sider a "complete review of ex¬
isting legislation authorizing the
118.6
0
Petroleum
119,400
appropriations,
and
105.5
+0.1
Members:
Short sales
Navy
118.6
103.9
PERCENTAGE
tOther sales
re¬
105.1
t#
are
included
in vcurrent
authorizations
Increases
Total sales
are
103.6
116.1
SEPT.
registered—
Total purchases
rules
1945
105.5
104.8
1945
Transactions of specialists in stocks in which
tin
1945
105.2
117.8*
Plumbing
Total
1944
104.8
1,467,025
O.
1945
117.6*
Short sales
Round-Lot'Transactions for Account
a
nearly $17,000,000,000
124.3
tOther sales.
'
1945
104,8
♦Building Materials index
(Shares)
Total lor week
of
118.6
411 commodities other than
farm
products and foods
ui Stock
11945
117.6*
products
14.64
9-16
84.4
semimanufactured articlesManufactured products
Curb
,
Sept. 35, 1945 from—
9-8
8-18 M 9-16
8-13
1C4.8
Index for
WEEKK
.
\
117.7
167,970
Members*
duction
Congress President
recommended
3.23.6
lighting materials
805 855
1,014,054
-—
1945
Building materials_4
Raw materials
846,084
—_
has
104.6
411 commodities other than
farm
>;
15
9-1
105.0
Miscellaneous commodities
Total purchases——
4.
SEPT.
Metals and metal products
Housefurnishing goods
4.31
Total—
2. Other
ENDED
100)
9-8
104.7
Chemicals and allied products
they
—
Percentage changes to
9-15
8.47
the floor-
on
Total purchases—
1.
the past three weeks
432,680
u
3. Other transactions initiated
B.
WEEK
(1926
319,420
rpotal Sales
Round-Lot
FOR
500,980
tOther sales
Total
following notation in
Aug. 18, 1945 and Sept. 16, 1944 and
(2) percentage changes in
sub-group indexes from Sept. 8, 1945 to
Sept.%5, 1945.
Odd-Lot
C
Short sales
letter to
a
•
following tables show (1) indexes for
for
1. Transactions of specialists In stocks In which
they are registered—
+
complete reports.
The
Members,
of
the
v
.
s
Note—During the period of rapid changes caused by price
controls, materials allocation, and rationing, the Bureau of Labor
Statistics will attempt
promptly to report changing prices. The in¬
dexes must be considered as
preliminary and subject to such adjust¬
ment and revision as
required by later and more
t#>
224,110
,
In
Truman
would
(Shares)
Total for week
•
Navy's Spending Power
the
2.7%
—
The Labor Department also
included
its report:
NeW^fJork Stock Exchange and Round-Lot Stock
Account
Truman Urges Cut in
.
1,347,184 shares.
week Ended sept, x, 1945
;
Over
declined
advanced 0.1% over the
previous week as the result of higher prices
for turpentine, radiation and
plasterboard Mercury prices continued
to decline.
Among the chemicals, lower prices for toluene were
offset by an advance for nux vomica
to leave the group index un¬
changed. The index for all commodities other than farm
products
and foods declined
0.3% during the week as the result of these
prices
and movements."
~
:
;
on that exchange of
1,46*025 shares. During the week ended
Aug. 25 trading for the accounfegf Curb members of 366,280 shares
was
market.
has
Average prices for fuel and lighting ma¬
during the week as lower prices for gasoline,
fuel oil and kerosene became
effective following the OPA reduction
of eastern coast
ceilings. The group index for building materials
volume
.Total
the
on
products
"The decline of
and the price decrease for
eggs lowered the group index for foods
0.5% during^ the week.
Average prices for foods were 1.6% below
mid-August 1945 and 0.8% above mid-September 1944.
Trading on the Stock Exchange for the accaunt of meihbers
(except odd-lot dealers) during the week ended Sept. 1 (in roundlot transactions) totaled 1,819,909 shares, which amount' was 14.64%
of the total transactions on the Exchange of 6,21.^,020 shares.
This
compares with member trading during the week ended Aug. 25 of
2,068,417 shares, or 16.75% of the total trading of 6,176,730 shares.
On the New York Curb Exchange, member trading during the week
ended
coming
farm
corresponding week of last year.
2.6% in average prices for fruits and vegetables
;
.
1501
-n
oranges declined because of the large
crop of small size oranges.
Quotations for apples in eastern markets advanced under
higher
ceilings because of a small crop and increased in western markets
Trading^on New York Exchanges
s
& FINANCIAL CHRONICLE
1945, 108.9;
and
•Sales
marked ."short
exempt"
259,430
are
re¬
ported with "other sales."
tSales to offset customers' odd-lot; orders
and sales to liquidate a long position which
is
less than
a
"other sales."
round lot
are
reported with
$743,000; industrial buildings, $21,030,000*
Statistics
Weekly Coal and Coke Production
Thursday, September 27, 1945
FINANCIAL CHRONICLE
&
THE COMMERCIAL
1502
commercial building and
$2,547,000;
large-scale private housing, $9,069,000; public buildings,
earthwork and drainage, $1,186,000; streets and roads,
and unclassified construction, $15,424,000
:
$4,565,000,
production of bituminous coal and lignite in the week
ended Sept. 15, 1945, as. estimated by the United States Bureau of
New capital for construction purposes for the week totals $15,Mines, was 12,175,000 net tons, an increase of 2,300,000 tons over the 987,000. It is made up of $12,998,000 in state and municipal bond
preceding week and a gain of 483,000 tons over the corresponding sales, and $2,989,000 in corporate-security issues. The week's new
week of 1944. The total output of soft coal from Jan. 1 to Sept. 15, financing brings 1945 volume to $1,626,833,000, a total 1% above
1945 is estimated at 415,586,000 net tons, a decrease of 7.1% when the $1,610,355,000 reported for the 38-week 1944 period.
*
The total
compared with the 447,448,000
Jan. 1 to Sept. 16, 1944.,
tons produced
during the period from
Pennsylvania anthracite for the week ended Sept
of Mines, was 1,137,000 tons
the preceding week. When
compared with the output in the corresponding week of 1944 there
was a decrease of 111,000 tons,"or 8.9%;
The calendar year to date
ehows a decrease of 16.4% when compared with the corresponding
Production of
i
15,
1945, as estimated by the Bureau
increase of 229,000 tons, or 25.2%, over
Repeal of
on
Repeal of the excess profits tax
reductions in taxes against
and
The American Petroleum Institute estimates
that the daily aver¬
this
individuals before the end of
recently recommended
by the Board of Directors of the
year were
of
the
of
Commerce
United States.
Daily Average Crade Oil ProdacKas for Week
Ended Sept. 15,1945 Increased 19,500 Bbls.
;
Excess Profits Tax
Chamber
,
an
Action
Board, at its
The
September meeting; in Washing¬
ton, said that substantial relief for
corporations and individuals from
excessive
burdens
tax
is of
importance as a
mary
pri¬
of
means
age gross crude oil production for the week ended Sept. 15, 1945 assuringJa high level of employ¬
' _
ment and stability in private en¬
was 4,537,900 barrels, an increase of 19,500 barrels per day over the
The Bureau also reported that the estimated production of bee¬
preceding week and 207,600 barrels per day less than for the corre¬ terprise. ,The Board adopted a
hive coke in the United States for the week ended Sept. 15, 1945
sponding week of last week.
The current fiugre was also 35,000 report of the Chamber's Federal
showed an increase of 1,500 tons when compared with the output for
barrels below the daily average figure as recommended by the Petro¬ Finance Committee which said:
the week ended Sept. 8, 1945; but was 46,700 tons less than for the
period of 1944.
"Congress can assert a dominant
1945.
1945, averaged 4,- influence in support of economic
ESTIMATED UNITED STATES PRODUCTION OP BITUMINOUS COAL AND LIGNITE
705,850 barrels. Further details,as reported by the Institute follow: development by insisting upon all
+++5
(In Net Tons) .
Jan. 1 to Date
*
Reports received from refining companies indicate that the indus¬ possible economies in governmen¬
J—Week Ended
tSept. 15,
Sept. 16,
try as a whole ran to stills on a Bureau of Mines basis approximately tal expenditures, by prompt en¬
Sept. 15,
"Sept. 8,
Sept. 16,
1945
1944
Bituminous coal & lignite:
1945
1945
1944
4,616,000 barrels of crude oil daily and produced 14,871,000 barrels of actment of a transitional revenue
415,586,000 447,448,000
measure designed primarily to re¬
Total, including mine fuel
12,175,000
9,875,000 11,692,000
1,916,000
2,030,000 gasoline; 1,499,000 barrels of kerosine; 4,855,000 barrels of distillate
Daily average „L--——
2,029,000
1,975,000
1,949,000
fuel, and 8,188,000 barrels of residual fuel oil during the week ended duce taxes applicable to 1946, in¬
V"
"Revised.
tSubJect to current adjustment.
Sept. 15, 1945; and had in storage at the end of that week 50,105,000 cluding the repeal of the excess
ESTIMATED PRODUCTION OF PENNSYLVANIA ANTHRACITE AND COKE
barrels of civilian grade gasoline; 35,104,000 barrels of military and promts tax, and by passage early
*
(In Net Tons)
next year of a more comprehen¬
other gasoline; 14,170,000 barrels of kerosine; 43,507,000 barrels of dis¬
Calendar Year to Date
vU'1
■
Week Ended
sive measure modernizing the tax
tillate fuel, and 48,470,000 barrels of residual fuel oil.
Sept. 15,
Sept. 16,
Sept. 18,
{Sept. 15,
SSept. 8,
Sept. 16,
Administration
leum
corresponding week of 1944.
of September,
month
for the
War
for
Daily output for the four weeks ended Sept. 15,
■
1
11
—.
-
'
'
:■
—
•Total incl. coll. fuel
.tCommercial produc.
-
i.
1945
1945
1,137,000
Penn. antharcite—
1944
1945
1944
1937
38,462,000
36,926,000
46,028,000
44,187,000
35,963,000
34,165,000
4,179,600
5,305,900
1,092,000
872,000
1,248,000
1,198,000
78,700
77,200
125,400
908,000
States
"Includes
total
dredge coal
and
washery
tExcludes colliery fuel.
operations.
and coal shipped by
truck from
Kansas
current weekly estimates are based on railroad carloadings and river shipsubject to revision on wnftitinn
receipt of
monthlyAMQVft
tonnage
reports from district
fwy-iWi
f
\
(The
tnents and are
—i
'
i
Colorado———
Georgia and
Illinois
357,000
81,000
411,000
6,000
100,000
102,000
129,000
126,000
North Carolina*—
1,160,000
1,437,000
445,000
542,000
——
832,000
330,000
Kentucky—Eastern.—./
Kentucky—Western—
Maryland—i———
Michigan^-,————
Montana (bitum. & lignite)
j
North & South Dakota
v;: Ohip
—
30,000
3,000
—•
fi-M.
:
.—,
Texas (bituminous
——.
Washington———
;
tWest Virginia—Southern——..
iWest Virginia—Northern
Wyoming-
*:
3,000
37,000
559,000
2,272,000
2,980,000
2,612,000
107,000
1AP7
144,000
137,000
2,000
1,000
200
Illinois
200,000
13,000
13,000
Ky.)
Kentucky
66,200
63,950
28,000
28,000
Michigan
47,000
51.100
+
+
Indiana
93,200
113,800
20,100
12,000
10,650
28,000
26,000
1,702,000
2,054,000
2,136,000
956,000
963,000
167,000
1,193,000
190,000
*
#
Mexico
New
26% lower than in
construction and federal work are below
their respective volumes of
while
;; a week ago, but state and municipal is 57% above last year,
federal is down 27%.
The current week's construction brings 1945 volume to $1,407.-
437,000 for the 38 weeks, a 4% increase over the $1,348,716,000
reported for the period in 1944. Private construction, $492,546,u00,
is up 72% compared with a year ago, but public construction, $914,891,000, is 14% under last year as a result of the 24% drop in federal
volume.
State and municipal construction. $244,335,000, gains 32%
over the
1944 period's figure.
Civil engineering construction volumes for the current week,
last week, and the 1944 week are:
•
Sept. 20. 1915
'
-
Total U.
S. Construction
Private Construction
Public Construction
State
and Municipal
Federal
In the
,
$55,188,000
40,220,000
14,968,000
7,797,000
7,171,0Cu
$60,339,000
40,140,000
20,249,000
11,287,000
8,962,000
Sept. 21, 1945
$19,235,000
4,397,000
14,838,000
4,955,000
9,883,000
classified construction groups, industrial buildings reached
the second highest
.
—
Sept. 13. 1945
volume reported this year, topping both its last
the 1944 week. In addition to
bridges, earthwork and drainage, and unclassi¬
fied construction are above a week ago, and sewerage, bridges,
commercial buildings, streets and roads, and unclassified construction
report gains over a year ago. Subtotals for the week in each class
week's total and that reported for
industrial buildings,
Digitizedof
forconstruction
FRASER are: waterworks, $200,000;
sewerage, $424,000;
bridges,
550
364,300
363,000
78 800
81,350
2,050
54,350
43,850
+
350
""200
150
5P
850
201,950
205,150
1,850
13,650
12,200
3,950
64.600
70,900
—
—
California
4,572,900
and
recommendations
"PAW
§886,000
886,000
_
50,100
7,000
112,000
98,850
50
20,200
19,600
200
9,450
3,150
10,900
104,350
106,100
17,500
3,815,850
3,865,300
+
883,200
+
2,000
890,000
880,200
4,537,900
+
19.500
4,705,850
4,745,500
allowables,
State
28,400
47,950
—
+
24,400
750
2,300
—
3,654,700
3,686,900
Total United States
+
—
104,300
100,000
100,000
_
Total East of Calif.
1,000
of a week ago.
last year, but is
the week just passed. Both State and municipal
74,600
288,400
(Not incl. 111., Ind.,
22,000
by 815%, and is 0.2% above the 1945 second high
Public construction is 1% higher than in the week
70,450
293,850
Eastern—
Montana
Engineering Construction $55,188,000
for Week Ending Sept. 20
2,156,050
149,800
1,000
203,400
Colorado
10,994,006
2,054,750
78,800
Wyoming
12,260,000
543,050
550
53,700
500
Alabama
as
shown
above,
represent the
production of crude oil only, and do not include amounts of condensate and natural
gas derivatives to be produced.
{Oklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m. Sept. 12, 1945.
{This is the net basic allowable as of Sept. 1 calculated on a 30-day basis and
exemptions for the entire month.
With the exception of
several fields
which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 5 to 16 days, the entire State was ordered shut down
for 5 days, no definite dates during the month being specified: operators only being
Required to shut down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to 5 days' shutdown time during the calendar month.
^Recommendations of Conservation Committee of California Oil Producers.
shutdowns
includes
RUNS
CRUDE
and
PRODUCTION
STILLS;
TO
RESIDUAL
OP
GASOLINE; STOCKS OF FINISHED
DISTILLATE FUEL AND
15, 1945
.
GAS OIL AND
AND UNFINISHED GASOLINE,
and
to¬
obstacle to
purchase of peacetime goods
for
of savings
accumulation
investment in
job-creating enter¬
prises.
The oppressive taxation
applicable to corporations stands
in the way of adequate utilization
of the immense capacity of indus¬
try which has been developed un¬
der the spur of war necessity."
The Board renewed its call for
government expendi¬
reduction of
economies were
avoid any increase
in the public debt above the pres¬
ent $300
billion statutory limit.
It said, too, that there is a "rea¬
sonable expectation" that the goal
of a balanced budget should be
attained in the fiscal year of 1948.
tures, saying such
to
necessary
Manufacturers Trust Co.
Acquires LaGuardia Airport
Branch of Empire Trust
At
the
Co.
business
of
close
on
Sept. 22, the Manufacturers Trust
Company of New York acquired
the
LaGuardia Airport banking
office at
Empire
present operated by the
Trust
Company,
and
opened the premises as a branch
Trust
Manufacturers
of
office
Monday morning,
William Sharman will
continue as Officer in Charge of
the LaGuardia Airport Office of
Company
Sept. 24.
on
Manufacturers
Company
,Trust
and all members of the staff will
be retained in their present
posi¬
tions.
gallons each)
this section include reported
estimate of unreported amounts and are
Bureau of Mines basis
Figures
contribution
WEEK ENDED SEPT.
FUEL OIL,
(Figures in thousands of barrels of 42
responding week last year by 187%, is 22% above the previous fourweek moving average, but is 9% below last week's total as reported
to "Engineering News-Record."
The report made public on Sept.
20, added:
£
Private construction for the week, the highest reported" since the
toeek of June 3, 1943, tops the corresponding X944 Week's volume
,
78,642
Florida
engineering construction volume in continental United
States totals $55,188,000 for the week. This volume tops the cor¬
•
75.000
47,000
112,000
•
517,650
+
363,200
371,000
170,000
34i,750
+
—
Civil
;
394,600
106,000
tlncludes operations on
Civil
_
350,000
355,000
1,000
370,950
327,750
292,000
__
93,000
W.;
C. & O.; Virginian; K. & M.; B. C. & G.;
the N. &
„
...„
and1 on the B. & O. in Kanawha, Mason, and Clay counties.
{Rest of State, including
the Panhandle District and Grant, Mineral, and Tucker counties.
§Includes Arizona
and Oregon.
"Less than 1,000 tons.
-
_
348,150
4,500
6,500
—
1,883.000
291,000
18,000
9,875,000
Total bituminous & lignite
Louisiana
1,000
lOther Western States
V-fe
Total
5C4.050
137,000
71,200
Louisiana
147,750
488,800
__
128,450
1,978,000 { 1,973,041
Coastal
147,400
2,000
_
450,000
Texas
405,000
39,000
-<30,000
141,900
Louisiana
Arkansas
660,000
1,000
& lignite)
—;
Virginia—
Total
98,700
88.000
88,600
Texas
467,700
Mississippi
28,000
900
Texas
301.000
36,000
850
t850
Coastal
46,000
821,000
2,272,000
#
Utah
-
-
.
,V Pennsylvania (bituminous)-..
''•^"'Tennessee** 7-^ ■;-j.*.'
23,000
342,400
280,600
291,650
134,000
31,000
390,800
266,850
Southwest Texas
941,000
101,000
300
18,400
315,300
140,000
32,000
-f
+
a
as
ward victory is now an
their
1392.050
t273.600
Texas
North
1944
269,400
Texas
998,000
75,000 '
81,000
i
(lignite) —
1,244,000
460,000
39,000
33,000
111,000
Missouri
New Mexico
u
individuals
Sept. 16,
"388,000
Texas
East
1945
380,000
Central Texas-
East
89,000
1,000
.—:.
Kansas and
6,0Q0
0
Indiana
..
1944
5,000
Arkansas and Oklahoma
■
1945
340,000
Alabama———
Alaska
Sept. 9,
Sept. 1,
-1945
State—
North
West
Week Ended
Sept. 8,
Panhandle
Sept. 15,
Week
274,000
1.000,
Nebraska
:
at
—
Ended
Ended
Previous
1945
Sept. 1
"The heavy tax load borne by
Week
4 Weeks
from
Sept. 15,
further
providing
reduction of taxes. '
-
Change
Ended
ables
Begin.
dations
Oklahoma
AND LIGNITE,
Week
Allow¬
Recommen¬
September
§Revised.
{Subject to revision.
PRODUCTION OP BITUMINOUS COAL
BY STATES, IN NET TONS
ESTIMATED WEEKLY
2,532,500
authorized
(FIGURES IN BARRELS)
Actual Production
"State
.
"P. A. W.
Beehive coke-*-
United
and
structure
CRUDE OIL PRODUCTION
AVERAGE
DAILY
in
Results Of Treasury
totals plus an
therefore on a
§Gasoline
Pro-
% Dally Crude Runs
Refining
to Stills
Capac- Daily
Op-
porting
District—
East
99.5
Coast
age
erated
702
88 7
{Stocks
{Stocks {Gasoline Stocks
duction
of
at Ref.
Gas Oil
of Re¬
Mili¬
Inc. Nat.
& Dist.
sidual
tary and
vilian
Fuel oil
Other
Grade
Blended
Fuel Oil
1,848
14,205
9,093
5,630 '
9,476
280
1,313
1.358
1
•„
District No. 2—
-
76.8
94
64.4
H322
933
81.2
54
108.0
181
156
243
213
1,074
12,581
87.2
758
88.4
2,724
5,953
Dkla., Kan., Mo
78.3
382
81.4
1,381~
2,746
3,323
1,287
5,086
1,532
Inland
59.8
221
670
--96T
448
1,047
1,032
1,641
rexas Gulf Coast
89.3
1,131
89.0
3,523
5,416
5.581
8.978
7,265
Louisiana Gulf Coast-
96.8
260
100.0
1.010
2,030
1,139
2,110
2,183
86
68.3
230
605
218
146
2,601
12
92.3
32
21
35
15
75
Ind., 111., Ky
_
Texas—
-
*
55.9
& Arkansas-
No. La.
Secretary of the Treasury
on
Sept. 24 that the
$1,300,000,COO or there¬
of 91-day Treasury bills!
announced
tenders of
abouts
to be dated
Appalachian—
District No.
The
Ci¬
•5.660
Sept 27 and to mature
1945, which were offered
on
Sept. 21, were opened at the
Federal Reserve Bank on Sept. 24.
Dec. 27,
The details of this issue
No.
3_
17.1
District
No,
4
72.1
115
72.3
357
461
714
456
1.241
87.3
831
83.4
2.296
10,533
25,510
8,583
4.950
California
$2,073,470,000.
$1,300,610,000
(includes $52,975,000 entered on a
fixed
price
basis
at
99.905
accepted in full).
Total U. S. B. of M.
■:
basis Sept.
15, 1945
85.8
4,616
84.9
basis
U.
S.
Sept.
B.
Sept.
M.
of
85.8
4,640
85.4
48.470
"35,104
50,105
,
14,853
42,189
47,871
36,118
49,112
mately 0.375%
t
14,474
42,082
62,243
37,156
40,213
bids:
remains
lent
aviation
in
currently
the
of
rate
and
name
gasoline, finished and unfinished, title to which
producing company; solvents, naphthas, blending
to ultimate use, and 10,058,000 barrels unfinished
of
the
as
discount
approximately
per annum.
custody in their own or leased storage.
t'Week of Sep¬
shown as 330.
{Stocks at refineries, at bulk terminals,
in transit and in pipe lines.
SNot including 1,499,000 barrels of kerosine, 4,855,000
barrels of residual fuel oil and 8,188.000 barrels of residual fuel oil produced during
the week, ended Sept. 15, 1945, which compares with 1.667,000. barrels, 4,478:000 bar¬
rels and 8,240,000 barrels, respectively,-in the preceding week and 1,419,000 barrels,
4,350,000 barrels ai}d 8,235,000 barrels, respectively,; in the week ended Sept. 16, 1944.
discount
tember
may
8th
Note—Stocks
have
of
been
amounted to 14,170,000 barrels,
week earlier and 13,824,000 barrels a year before.
kerosine
against 13,811,000 barrels a
at
Sept.
15,
1945,
as
0.364%
Low, 99.905, equivalent rate of
approximately 0.376%
actually have in
should
competitive
High, 99.908, equivalent rate of
military
indeterminate
approxi¬
per annum.
■
gasoline this week, compared with 11,888,000 barrels a year ago.
These figures do
not include any gasoline on which title has already passed, or which the military
forces
discount
Range of accepted
4,634
and
.
Average price, 99.905+, equiva¬
43,507
basis
1944—
16,
"Includes
still
stocks
1945
8,
\
14,871
Total U. S. B. of M.
as
Total applied for,
Total
accepted,
Rocky Mountain—
District
are
follows:
per annum.
■'
"*.;•■
(57% of the amount bid for at
the low price was accepted.)"
;
+,Therd /was a maturity of a slm^
ilar issue of bills on Sept. 27 in
the amount of
<
$1,317,766,000.
'
Volume 162
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4424
Total Loads
Revenue
Freight Car Loadings During the Week
Ended Sept. 15 1945 Increased 125,477 Gars
Loading of
totaled 856,105
freight for the week ended Sept. 15, 1945,
the Association of American Railroads an¬
revenue
cars,
nounced on Sept, 20.^
Week of 1944 of 35,381 cars, or
decrease below the corresponding
4.0%, and a decrease below the same
week in 1943 of
46,661 cars or 5.2%.
Loading of revenue freight for the week of Sept. 15 increased
125,477 cars, or 17.2% above the preceding week which included
Labor Day holiday.
t
Miscellaneous freight loading totaled 358,957 cars, an increase of
.
above the preceding week, but a decrease of 47,364 cars
below the corresponding week in 1944.
S
,'v^
Loading of merchandise less than carload lot freight totaled
52,706
cars
cars, an increase of 14,884 cars above the preceding week and
increase of 17 cars above the corresponding week in 1944.
; •
107,863
an
amounted to 180,037 cars, an increase of 35,316 cars
preceding week, and an increase of 8,716 cars above the
corresponding week in 1944. /
■■■;<• ;V
Grain and grain products loading totaled 59,509 cars, an increase
of 7,908 cars above the preceding week and an increase of 9,381 cars
above the corresponding week in 1944.
In the Western Districts
alone, grain and grain products loading for the week of Sept. 15
totaled 43,148 cars, an increase of 5,696 cars above the preceding
week and an increase of' 7,920 cars above the corresponding week
Coal loading
above the
in 1944.
Livestock loading amounted to 19,683 cars, an increase of 2,832
cars above the
preceding week,. but a decrease of 443 cars below
r
corresponding week in 1944. In the Western Districts alone load¬
ing of live stock for the week of Sept. 15 totaled 15,673 cars, an in¬
crease of 2,432 cars above the preceding week, and an increase of
39 cars above the corresponding week in 1944.
Forest products loading totaled 43,960 cars, an increase of 7,202
-cars above the preceding week and an increase of 569
cars above
.the corresponding week in 1944.
Ore loading amounted to 74,169 cars, an increase of 3,698 cars
above the preceding week, but a decrease of 4,387 cars below the
corresponding week in 1944.
Coke loading amounted to 11,927 cars, an increase of 931 cars
above the preceding week, but a decrease of 1,870 cars below the
corresponding week in 1944.
All districts reported decreases compared with the correspond¬
the
All reported decreases
1944, except the Pocahontas.
in
ing week
of
Weeks
4
Weeks
of
6
Weeks
of
.4
Weeks
4
Weeks
6
weeks
February
3,154,116
3,916,037
4,018,627
March
15
856,105
891,486
29,979,910
30,935.555
30,327,558
of the freight carloadings for
the separate railroads and systems for the week ended Sept. 15, 1945.
During this period 54 roads reported gains over the week ended
Sept. 16, 1944.
FREIGHT LOADED
AND
CARS)
OF
SEPT.
ENDED
Total Loads
Received from
Total Revenue
Railroads
Connections
1945
Eastern District—
226
1,275
1,378
Bangor & Aroostook
1.017
498
419
Boston & Maine
6,688
6,712
7,059
12,339
13,480
1,043
1,331
1,332
1,910
2,024
Chicago, Indianapolis & Louisville
Central Indiana
,
Delaware & Hudson
__
Delaware, Lackawanna & Western
Detroit & Mackinac
Toledo
—
——
—
'{Grand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley—
•
652
592
549
commented
3,383 V-
3,149
3,381
3,750
1,136
1,180
1,031
1,793
4,739
1,956
—
402
410
22,145
23,890
683
480
816
1,004
164
137
144
1,097
1,149
•
Total
Northwestern District—
116,945
122,212
119,612
20.525
21,267
2,460
23,388
2,900
23,355
3,595
22,573
2,800
24,681
3,884
26,661
____
Great Northern
711
26,604
1,592
7,408
9,484
Lake Superior &
•
7,560
9,992
102
97
5,656
6,281
544
751
916
2,661
2,622
2,400
2,629
2,596
8,304
8,298
8,242
3,382
2,892
13,572
12,501
11,957
5,163
5,979
2,351
185
184
275
612
520
2,804
2,280
2,862
2,896
3,808
142,880
145,636
148,715
62,055
66.759'
Atch., Top. & Santa Fe System
24,399
25,783
24,554
3,191
3,518
3,358
10,780
3,194
14,850
4,342
231
438
574
59
20,876
20,877
2,818
13,176
21,569
11,042
13,123
2,822
2,655
Alton—
Bingham & Garfield
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
3,221
Colorado & Southern
Denver & Rio Grande Western—
Southern Pacific (Pacific)
899
2,153
5,576
2,929
4,460
982
912
54
35
988
1,043
1,512
1,575
2,469
1,937
1,771
1,758
2,356
1,298
1,472
1,277
690
1,498
973
1,647
1,237
2,159
1,191
105
92
827
860
5
50
14
0
0
J 34,837
33,549
33,722
11.946
13,665
321
278
295
1,738
19,389
19,798
17,701
15,702
1,980
19,059
Union Pacific System
Utah
642
515
587
9
4
2,439
2,113
4,611
5,569
138,112
140,412
137,700
87,586
108,776
273
810
356
421
580
3,663
2,345
5,440
5,447
2,763
2,306
3,074
2,413
2,479
2.929
j2,829
1,489
International-Great Northern
Kansas, Oklahoma & Gulf
Southern—
f
t
633
3,102
5,695
4,335
5,044
Litchfield & Madison
368
260
313
Midland Valley
Missouri & Arkansas
1,315
1,129
835
1,615
2,666
.
3,243
124
177
185
282
549
5,908
6,516
3,695
4,786
17,389
18,913
18,940
87
1'61
15,765
2J5
18,814
153
8,402
Quanah Acme & Pacific
St. Louis-San Francisco
9,612
Louis-Southwestern
2,541
Texas & Pacific
10,434
3,635
9.030
8,103
3,126
4,532
11,433
32,206
5,215
5,497
5,680
5,390
6,312
6,719
53
73
84
116
69
21
21
48
3,184
4,008
4,003
7,792
61,951
76.540
74,325
139
220
58,145
139
2,388
7,701
2,504
2,408
2,448
3,378
3,295
4,827
6,188
311
2,740
2,355
29
30
55,355
46,138
54,055
-
52,603
14,202
16,402
915
1,310
1,229
2.522
6,845
7,623
12,756
3,028
14,452
365
419
656
1,809
2,038
7,762
7,663
5.549
5,898
8,850
7,341
8,454
7.074
8,045
4,924
5,350
9,721
..
'
in
Baltimore
&
Ohio
RR.
tlncluded in
.
Midland
1,101
Wabash
5,642
Wheeling & Lake Erie
5,187
6,318
5.968
6,290
5,861
9,704
3,638
11,663
4,263
154.002
154.002
162,272
169,978
187,404
219,937
609
761
761
1,026
1,321
45,225
45,778
22,266
27,459
6,080
1,818
1,594
5,694
The members
industry, and its
of this Association
program
includes
member of the orders and
the
a
represent 83%
production, and also
activity of the mill based
on
11
6,389
6,200
16,716
18,930
June
2
528
664
56
59
June
9—
Ligonier Valley
Long Island———
Penn-Reading Seashore Lines-
86
137
340
50
39
2,407
1,841
3,816
1,894
2.318
1,937
1,959
2,027
84,886
89,565
86,160
57,697
15,257
15,974
15,895
4,101
18,706
21,060
3,139
4,554
183.863
190,874
195,589
Reading Co
14.055
Union (Pittsburgh)
•
25.427.
5,975
,
1945—Week Ended
10,906
12,539
148,814
"165,656
Pocahontas District—^
3.0,676
29,419
29,425
13.306
33,614
23,023
20,868
22,673
6,389
7,353
4,653
3,253
4,749
1,390
2,314
153,359
189,674
159,228
159,230
«
—
7„
166,083
180,155
151,085
July 21—
121,864
99,960
145,797
156,619
July 28
127,772
156,519
Aug.
4
18
Aug.
figure which indi¬
a
the time operated.
—,—
223,467
157,653
82,362
v
•
Aug. 25
131,952
161,763
l
Sept.
8_.
173,322
160,857
159,653
125,683
150,029
160,303
Sept. 15—
Notes—Unfilled orders
Percent of Activity
Tons
Current Cumulative
93
95
97
95
537,182
96
95
491,287 :?
96
95
-53.540
■66,847
21,085
23,281
.
States
Chamber ' of
Vice-President of the MercantileCommerce Bank and Trust Com¬
the
St. Louis, Mo., was elected
at
Large representing
international
terests
of
the
Monasterio
from
States.
recently
Trade,
taken
a
Association
Mr.
returned
to London,
He is Vice-
France, and Belgium.
President and Director
Bankers
in¬
commerce
United
business trip
a
of
for
the
Foreign
and for many years has
leading part in interna¬
tional developments
affecting the
financial and trade position of the
United States.
Ended
Sept. 15, 1945
Manufacturers
low
499,505
96
575,918
62
575,134
537,639
507,758
90
Association,
' r.i
577,024'
488,289
494,699
■
95
94
same
these
mills
porting mills amounted to 79% of
stocks.
For
reporting
mills, unfilled orders
softwood
are
equiva¬
lent to 28
days' production at the
current rate, and gross stocks are
equivalent to 34 days' production.
Compared to the average corre¬
sponding week of 1935-1939, pro¬
duction
of
reporting mills was
6.7% less; shipments were 8.6%
less; orders
the
were
week
lumber
0.5%
production.
new
orders
8,
465
9.9% below
same week
Sept.
shipments
In
of
the
these
';
more.
ended
of
mills
were
1.7 % lesjTthan
94
94
93
were
93
527,938
80
515,295
96
of the
In the
than production.
files of the re¬
99
.94
67
.
order
of
week
87
94
94
"
Unfilled
orders
more
be¬
the
production. Com¬
pared to the average correspond¬
ing week of 1935-1939, production
of reporting mills was 10.8% less;
shipments were 12.7% less; orders
V; 94
582.785
532,186
94
Sept. 15, 1945.
new
6.0%
7.7%
were
for
mills reporting were
"V
94
96
National Lumber
the
Barometer
ended
1945
95
94
.
to
production
For
*
153,694
153,368
109,034
Sept.
Remaining
..
:
V
93
2.6% less.
For the year-to-date
(to' Sept.
prior week, plus orders received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made necessary adjust¬
15, 1945), shipments of reporting
identical mills exceeded produc¬
ments
tion by
not
58,352
These
MILL ACTIVITY
546,211
575,167
157,932
156,447
July 14
Aug, 11—
»
168,204
115,768
June 30
6,193
Tons
June 23
July
27,241
,i
Production
Tons
129,618
3,528
of the total
Unfilled Orders
Received
June 16
2,683
64,053
Johnston, President of
Commerce, has announced that at
a board meeting held in
Washing¬
ton Sept 14 J. M. O.
Monasterio,
Trade
"■
Period
6
A.
United
porting
advanced to equal 100%, so that they represent the total
are
Orders
<£
18
the
According to the National Lum¬
statement each week from each
STATISTICAL REPORTS—ORDERS, PRODUCTION,
16
225
in fi¬
Monasterio Elected
paperboard industry.
279
209
them
job difficulties."
or
Eric
were
1,826
7,335
197
of their financial
care
reconversion find
nancial
week
*
Cumberland & Pennsylvania—.
ble to take
Paperboard Association, Chicago, 111., in relation to activity in the
1.675
-
Valley Ry.
Weekly Statistics of Paperboard Industry
*
501
.
Lumber Movement—Week
67.051
We give herewith latest figures received by us from the National
1,492
Cornwall——-——
figures are any indica¬
tion, the general public seems to
be even, more savings conscious
than during the war period. Peace
has brought into sharp relief the
many advantages of a savings re¬
serve.
Some are saving for the
possible time when construction
materials become available and
they can build new homes.'Many
of them, of course, are putting as
much money in the bank as possi¬
ber
industry.
45,766
; >
"If these
lumber shipments of 464 mills re¬
figures
Allegheny District—
$13,376,128,
maturity value." He added:
10
:
Note—Previous year's figures revised.
cates
5,361
6,785
275
6.205
9,548
Total—
319
8,832
4,138
50
♦Included
1,334
5,307
-.
Missouri-Kansas-Texas Lines
Missouri Pacific—
3,543
t
2,911
2,363
1,219
Louisiana & Arkansas—
Weatherford M. W. & N. W
1,660
bonds sold amount to
pany,
Wichita.Falls & Southern
14,118
depositors has reached the allhigh of 6,617,270. Total war
time
Director
1,503
2,759
Total.
•
Southwestern District—
Kansas City
York
$7,893,049,741," Mr.
"and the number of
Short, said,
742
2,526
Western Pacific—
Total
6,606
1,796
Toledo, Peoria & Western
in New
of
908
v
of Aug. 31 for
as
banks
to
a
responsibilities should the period
5,292
*
deposits
savings
rise, at
865
660
-
all
to
5,795
932
City;
Peoria & Pekin Union
14,146
4,384
Denver & Salt Lake
Fort Worth & Denver
is stated, continue
healthy rate.
amount
new
substantially
it
New accounts,
12,323
2,735
1,498
increased
3,021
16,596
7,840
savings
884
2,364
1,957
indicates that the volume of
11,862
14,999
9,170
erated since the
2,945
369
1,845
savings
13,302
2,785
13,622
8,629
54.
125
2,325
339
8,509
254
484
13,433
1,142
Virginian
490
8,576
647
413
2,258
Chesapeake & Ohio_r
Norfolk & Western——
487
11,555
372
Maryland—
4,324
1,202
Central Western District—
283
2,266
4,612
4,160
29,829
26,998
Spokane, Portland & Seattle
St.
1,205
Total
10,961
410
Spokane International
Texas & New Orleans.
378
;—
10,305
556
—
.
113
1,207
Central R. R. of New Jersey—.
14,132
3,175
28,038
Minn., St. Paul & S. S. M
11,222
406
Erie
3,470
445
2,135
Minneapolis & St. Louis™,
12,246
1,276
Indiana
13,946
,
517
Ishpeming„
Northern Pacific
114,518
25,626
Bay & Western—
143
1,096
of
"Total
—
Chicago Great Western—
Chicago, Milw., St. P. & Pac._.i
Chicago, St. Paul, Minn. & Omaha_.
Duluth, Missabe & Iron Range—
Duluth, South Shore & Atlantic.;
Elgin, Joilet & Eastern
Ft. Dodge, Des Moines & South
Green
100,468
1
Chicago & North Western
8,618
2,104
the .fact
on
.th^t the
has been accel¬
Japanese surren¬
der early in August;
A convasS
of savings banks in various areas
rate
since that time.
10,568
2,093
1,313
631
200
19
Buffalo Creek & Gauley
1,191
24,584
Winston-Salem Southbound—
7,496
247
Akron, Canton & Youngstown_
Baltimore & Ohio
^
384
,
11,366
Southern System
Tennessee Central
6,207
23
Western
692
295
8,420
280
191
'k:
240
319
8,611
7,713
977
Pennsylvania System
180
317
7,205
4,787
379
&
193
7,656
7,471
331
Cambria
3,992
18,086
25,220
462
4,881
1,015
Bessemer & Lake
4,321
15,055
9,766
.
9,864
23,081
34
187
Total
4,085
28,721
i
315
457
2.386
938
Rutland-
4,534
30,519
25,587
1,496
9,085
24,899
41
48,684
—
626
1,225
494
2,373
2,691
& St. Louis
N. Y., Susquehanha & Western
Pittsburgh & Lake Erie_
Pere Marquette
.
Pittsburgh & ShawmutPittsburg, Shawmut & North
Pittsburgh & West Virginia—
102
2,682
550
454
1,286
8,819
31
5,902
Hartford—
Ontario & Western
117
2,088
467
3,028
Seaboard Air Line
995
Montour
N. Y., N. H. &
35
1,205
Richmond, Fred. & Potomac
28
Maine Central—~—
New York, Chicago
40
415
Piedmont Northern—
1,027
Monongahela-
New York,
-
.
35
2,908
New York Central Lines—
•
Norfolk Southern—:
1,184
1,622
& Ironton
jDetroit & Toledo Shore Line
'
1944
1945
1943
302
1,388
/Central Vermont
.
1944
262
1.615
Ann Arbor
'
Macon, Dublin & Savannah—
Mississippi Central—
Nashville, Chattanooga & St. L.
,
1,202
4,518
1,627
,
763
77
Gulf Coast Lines
15
1,354
2,382
834
Burlington-Rock Island
RECEIVED FROM CONNECTIONS
WEEK
4,095
345
1,521
250
4,527
902,766
September
3,811
1,759
749
25,862
901,075
834,670
of
3,267
455
100
24,944
North Western Pacific
Week
9,877
410
Illinois Central System
Nevada Northern—
730,628
8,069
136
1,348
Gulf, Mobile & Ohio-.
3,554,694
8
11,346
289
Louisville & Nashville—1——
3,455,328
September
11,031
V
330
3,459,830
of
1,231
'
169
-
;
3,576,269
860,439
385
2,450
,
307
-
3,240,175
1
345
1,979
1,186
276
•
Savings Banks Figures
Increasing Since V-J
August net gains of 25,860 de¬
positors and $102,628,704 in depos-*
its
were
reported Sept. 11 by
Myron S. Short, President of th6
Savings
Banks
Association
of
New York. These exceed the gain
for any month in recent history
except March of this year, and
compare with a gain of $86,010,992 in August, 1944.
In announc¬
ing month-end figures, Mr. Short
Florida East Coast
Georgia
Georgia & Florida
1944,
658
110,650
1
Columbus & Greenville
Gainesville Midland
'■
1945
764
737
698
397
Durham & Southern
1943
281
>■'
1,609
3,378,266
September
1944
3,816
Missouri-Illinois
Week
Detroit,
Georgia
Illinois Terminal
August
Connections
848
Clinchfield
3,363,195
of
Received from
669
Charleston & Western Carolina
4,003,393
897,603
825,166
Erie
L.
4,338,886
(NUMBER
.
Atlantic Coast Line
4,364,662
REVENUE
'
R. of Ala
Atlanta, Birmingham & Coast
3,452,977
July—_—
435
Atl. & W. P.—W. R.
of April
The following table is a summary
,
Alabama, Tennessee & Northern—
Central of
Total Revenue
Freight Loaded
1945
of May
June
Total
■
Southern District—
3,275,846
3,441,616
of
of
3,152,879
Railroads
3,374,438
Weeks
Week
2,910,638
3,055,725
3,845,547
3,158,700
3,001,544
3,049,697
—
of
'4 Weeks
;4
January
1943
1944
1945
4
1503
of
unfilled
orders.
,
^
3.6%; orders by 6.4%.
•
■„
-
•
■
'■
;'f'1
.s
'/i
■
^1/
///'•/■
<'..7:
■•[///.
>
Companies
4tems About Banks, Trasi
and has recently been
awarded the Legion of Merit.
It
War
of
expected that he will take up
his duties with Bankers Trust Co.
is
at
Dalton
a
Kyle was manager
of the personal loan and finance
department
of
the
Cleveland
Trust Co., which position he left
to reenter the Army.
In an¬
nouncing Colonel Kyle's election,
1942, Colonel
President of the
Colt,
S. Sloan
Richardson,
and trustee of
Colonel Harry
in
President
Savings Bank of Brooklyn,
A. Benson, President of
the bank, announced, it was stated
in the Brooklyn "Eagle" of Sept.
24, which added:
"Mr.lBlum is also a director of
C. Kilpatrick, Vicecharge of the real
department, has returned
position in the bank after
serving with the United States
-
such
this field which will play
a
significant part in financing re¬
conversion and post-war
busi¬
ness."
I
War
while
school, and
enlisted in World
senior at high
action in the Ar-
a
saw
and St. Mihiel.
After the
he entered the U. S. Military
gonne
-
war
Point, gradu¬
West
at
Academy
of
States
Colonel Kilpatrick's
is responsible,
and as executive officer he dealt
with the entire organization of
sales
of R. J. Schmunk
manager
similar
than
personnel.
Army in 1942, and in May,
1944, was appointed aide to Sec¬
retary of War Henry L. Stimson.
the
New York agency of the
of South Africa,
•
City,
The existing structure will
cash.
demolished,/and Manufacturers
Co.
Trust
erection
quite ^recently
retiring
Africa,
from that post.
•
■
'
<
+
„
''VvH'. W
*• "■
immediately
start
will
Walker
of
architects,
be
the
the new building
architecturally to
and
conform
will
will
the bank's present quarters. With
the acquisition of the building at
49-51 Broad Street, Manufactur¬
^rust Co.'s enlarged premises
ers
will
cover an area
with
feet,
a
of 20,000 square
floor
space
of
ap¬
proximately 200,000 square feet.
,,w*
Charles M. Close, formerly Sec¬
.board of directors of the Bank of
retary of Manufacturers Trust Co.
the
meeting
"the Manhattan Co.
e2
20,
Sept.
on
F.
of
of New York,
Abbot Goodhue,
^President, announced the promo¬
R.
of
tions
A. Prosswimmer
and
Joseph M. Hayden from Assistant
Vice-President to Vice-President,
,
;and the appointment of A. Samuel
Cunningham as Assistant Treas¬
Prosswimmer
Mr.
urer.
of
*'
the
is
in
bank's
personal
credit division; Mr. Hayden will
have charge of the business development
department
in
the
charge
.
'
bank's midtown division, and Mr.
Cunningham
the
becomes
Rochester
on
&
Trust
De¬
Safe
Feb. 1, 1932, and be¬
9,
Jan.
came
Vice-President
on
1941.
He
the first to
leave
the
was
among
organization
military service."
addition.
10-story
a
Gillette
&
the
Following
had
"He entered the organization of
posit Co.
to
of New York
18
at his
City, died on Sept.
at Orange, 4N. J.,
home
at the age of
born
Junq "3,
on
field,
N.
with
several
Mr. Close was
71.
J.
He
1874, at Plainassociated
was
New
York
City
banks before joining Manufactur¬
ers
Trust Co.
an
was
on
July 1, 1921.
the
auditor of
He
company
Aug. 18,
appointed Secretary of
bank, a position which he
for several years, and on
1927,
the
held
was
until
-
his
retirement
on
April 16, 1940.
man-
P.
Alexander
named
Reed
of
President
enter
has
the
been
Fidelity
Trust Co. of Pittsburgh, Pa., suc¬
ceeding Eugene Murray, who has
named
been
board,
Chairman
of
the
of the company
Sept.
16.
The
directors
announced
on
Pittsburgh
"Post
Gazette,"
re¬
porting this, said:
Mr. Murray was
President 11
years
and Mr. Reed served as
Vice-President in charge of the
department.
Other changes
in personnel were:
William G.
Boggs, from Treasurer to VicePresident and Treasurer; John A.
trust
Byerly and Philip K. Herr, from
Trust Officers to Vice-Presidents,
and George C. Burgwin Jr.,'from
Vice-President
and
Trust
Oipcer
ager of the branch at
and Madison Avenue.
64th Street
In
an
executive
trust
in
charge
of
the
assigned
was
Office
to
the Navy's
Procurement
of
and
Ma¬
extension of its service in
the field of consumer credit,
Products Refining Co.,
Investing Co., the Home
Insurance Co., the City of New
the
Corn
the City
York
hall
Insurance
Co../and
Foundation.
identified
with
matters and
is
White¬
well
as
a
with
was
associated
National
City Bank of
New York for several years in the
The
has
been
personal credit department.
Be¬
fore that he was with the Morris
numerous
civic
Plan
He
now
member of the Eco¬
nomic
Policy Commission of the
American Bankers Association.
by the Virginia Corporation Com¬
mission, it is learned from the
Washington
Sept.
15.
(D.
C.) ."Post"
-H. H. "Augustine
of
is
President of the bank.
Company in New York. *
The Orwell Banking Co.
Treasurer of
the New York National War Fund
as
service. Mr. Porter
Following
years'
three
service
in.
and
the
a
half
United
States Navdl Reserve, Lieutenant
Thomas F. Dalton has returned to
of
each
for
and
subscribe
shares
three
the ad-
for
pay
now
shares.
ditonal
terials in Washington and became
Di¬
Assistant Chief of its Finance
1943.
vision in August,
Plans of Rudolf S. Hecht to re¬
tire
Chairman of the board of
as
"Last March he was assigned to
directors of the Hibernia National
Contract Settle¬
discharged from
Bank of New Orleans were made
the
as
of
Office
He
ments.
was
Navy in May, but continued
a
civilian
employee - until
known
Sept. 18 by " President
on
of
President
been
Hecht has
the Hibernia
Mr.
Imahorn.
P.
A.
National Since it was
August."
May 22* 1933, and
Organizaiton of Chicago's new¬
The Commercial Na¬
tional Bank, has been completed,
it was indicated in the Chicago
"Journal of Commerce" of Sept.
bank,
est
17, which also had the
to say:
"The
following
'
•
•
bank will be opened
new
Lincoln, Lawrence
Western Avenues, with com¬
and
plete
banking
facilities.
Lincoln-Lawrence-Western
Co.
Safe
$200,000; surplus and un¬
stock is
divided
profits,
$75,000.
The
National will be a
member of the Federal Reserve
Bank and also of the Federal De¬
Commercial
posit Insurance Corporation.
"Harry R. Spellbrink, who has
been receiver for closed Illinois
State
years,
new
banks
Thomas
for
be
will
a/number
of
President of the
Other officers are
Griffin, Vice-Presi¬
bank.
D.
dent, and Walter E. Kjoss, VicePresident and Cashier.
Mr. Kjoss
has
been an examiner for
the
Reconstruction
tion.
Finance Corpora¬
"
"
:
It
Trust
that
further
announced
B. Paterson,
Chairman-
was
A.
President
of
New
the
Public Service, Inc., will
Mr.
than
Orleans
succeed
Hecht, who has spent more
40
years
in the banking
business in New Orleans,
Advices to this effect were con¬
tained
in
Orleans
New
the
The "Times-Picayune"
Deposit Co., now operating in the
bank
building, will be merged
with the Commercial National.
"The
total authorized
capital
organized on
President
was
of the Old Hibernia Bank &
about Nov. 1 at
"Fred
B.
Sept.
19,
which quoted the statement issued
by the bank, which we give, in
part,-
follows:,
as
"The
of
board
Hibernia
of
directors
of the
Bank
National
an¬
that at its regular, meet-,
ing
held
yesterday
Rudolf
S.
Hecht advised them that he would
nounces
not be
as
a
candidate for reelection
at the next annual
a
director
meeting of the stockholders on
9, 1946, and that he would
also retire
as
Chairman of the
Jan.
date, after
40 years of
banking service in this city, thus
having earned the privilege of re¬
board
as
of the
same
completed
having
under
tirement
the
bank's
pen¬
sion plan.
"The
board
further
announces
that
A.
B.
Patqrson has been
unanimously chosen as Chairman
Snite is Chairman
monthly
of Or¬
well, Ashtabula County, Ohio, has
been
admitted
to
membership in
the Federal Reserve System,
announced
it is
by President Ray
M.
directors'
meeting,
on \t
Presi¬ Sept. 6, promoted the following <1
dent and Chairman of the board officers
to
the
rank
of
Viceof
the
Northwestern
National
President:
Oliver Carlson of the
Bank
of ./Minneapolis, died
on
department;
E.
Leuen- /
Sept. 22. Mr. Wold was 77 years Credit
of age.
The Minneapolis "Star- berger of the foreign department;
Journal" reports as follows re¬ A. H. Silvernail of the
depart¬
Theodore
Wold,
former
.
garding his career:
/.
"Mr. Wold's first position was
.
*
stock
the board of directors.
department."
"
-
to
of of the executive committee of the
Other di¬ bank, and that he will immedi¬
rectors are:
Mr. Griffin, Execu¬ ately assume that important po¬
tive
Vice-President Local Loan sition and take on active part in
The Savings Bank of Baltimore
Mr. Spellbrink; George R. the management pf its affairs."
has declared an extra distribution Co.;
of surplus profits, payable Oct. 1, Bagley of Bagley-Vega Co., cer¬
tified
public
accountants,
and
Wells
Fargo Bank & Union
equivalent to 1% interest, on de¬
Joseph E. Newton of the law firm
posits that have been in the bank
Trust Co. of San Francisco, at itsf,J'1
of Newton, Wilhelm & Kenny."
one year or more.
This is in ad¬
to
dition to interest at the rate of
Ster¬ 2% per annum for the six months
ling National Bank & Trust Com¬ ending Sept. 30, to be credited to
Percy H. Johnston, Chairman pany of New York has appointed accounts on the same date, it was
of the Chemical Bank & Trust Co. Frank T. Porter as manager of the staled in the Baltimore "Sun" of
Tof
New
York,
announced
on
new
personal creditdepartment. Sept. 12.
Sept. 20 that Harold H. Helm, Mr. Porter will be in charge of
An amendment to the charter
Vice-President and Director, had tke new department which will
of
the
State-Planters
Bank
&
become a member of the Quarter operate through the main office
Co.
of
Richmond,
Va.,
Century Club of the bank today. at 39th Street and Broadway, and Trust
Mr. Helm, a native Kentuckian, the 42nd Street and Rego Park
doubling its maximum authorized
capital
commbn
stock—an
in¬
was graduated from Princeton in
branches. The bank is expanding
;1920 and is now President of the its entire consumer credit depart¬ crease from $1,250,000 to $2,500,000—and
increasing
its
preferred
Princeton National Alumni Asso¬ ment in recognition of the pent-up
ciation.
He is also a director in demand for this type of banking stock to $800,000, has been issued
J
entitled
is
*
He
charge of the distribution of coal
from all mines in the Liege basin.
the
stockholder
*i
the
he
$2,000,000 will be added to sur¬
plus. When the sale is completed
total capital, surplus and reserves
will be approximately $14,000,000.
good until Oct. 29, and stockhold¬
ers will have until that date to
American
the British
ceased
Commerce,"
from
foregoing is taken,
share.
per
of this sale the
capital will be increased
from $3,000,000 to $5,000,000, and
proceeds
bank's
ings staff in Chicago.
In March,
1943,
he was
commissioned -a
Lieutenant in the Naval Reserve.
enlarge its headquarters by the
Ltd., at 67 Wall Street, announced
on
Sept. 19 receipt of cable ad¬
vices from its head office in London
that
Lord
Harlech,
P.C.,
appointment of British High Com¬
missioner in the Union of South
$370,000.
Street, and is assessed at
hostilities
After
of
the
$50
at
j,
Warrants for the purchase
the additional stock will be,
as
with
officer
The Chicago
From
special
held.
announces
The purchase was made from the
Mutual Life Insurance Co. for all
to
Previously Lord Harlech held the
liaison
on
22
Sept.
ness
a
on
Treasury Department's War Sav¬
France, Bel¬
"Mr. Harris served
plans for a $4,000,000 increase
capital funds by stockholders
of Wachovia Bank & Trust Co. of
in
purchase two shares of the new
gium and Germany.
•
Unanimous approval was given
to
Each
that the anti-aircraft command in Eng¬
bank has purchased the property land.
Later he was a member of
at 49-51 Broad Street, Adjoining the
Army communications unit
its main banking premises at 55 that
kept
supplies flowing to
Broad Street, on the corner of General
Patton's
Third
Army.
York
Standard. Bank
G.C.M.G., has been elected to the
board of directors of the bank.
war.
in Ireland, England,
D. Gibson, President of
Manufacturers Trust Co. of New
be
The
of
Bancorporation."
"During the war he served first
ai a Deputy Administrator of the
in the European
He was on duty
tenant-Colonel
Life
National
and of Northwest
Co.,
likewise said:
Lieu¬
a
as
which
United
the
to
service
after
theatre
Vice-President
and Beaver Street. The plot, formerly
general manager of that company^ occupied by Post & Flagg, has
which position he resigned to be¬ an area of 3,600 square feet, with
come
associated with Cleveland a frontage of 50 feet on Broad
Colonel Kyle reentered
position before his entry
service.
He
re¬
returned
cently
States
becoming
Trust Co.
Harris, who will be at the
Trust
office, held a
military
into
Co.
Vice-President
a
"Journal
Rochester
which aggregated more
60,000 military and civilian
"Harvey
Co., Ohio automobile distributors,
"Mr.
absence
banking department.
the
part:
activities,
Chief of Engineers
^Cleveland, serving successively as
-
Engineers,
The scope
Trust
three years' leave
in war service, was
a
Sept. 18 by the board of directors,
and took up his new duties in the
4
by Raymond . N. Ball, President,
according to the Rochester "Times
Union," which also Stated, in
is
the corps,
?
of
N. Y., it was announced on Sept.
stated; encompassed all the
varied functions for which the
it
ating in 1922, He later resigned
from the Regular Army to be¬
come associated With the National
Screw
&
Manufacturing
Co.,
production manager, sales promo¬
tion manager and assistant sales
manager.
>
/
/ •' £: - - ■-/
In 1927 /Colonel Kyle became
of
Army.
Chief
Reybold,
United
;*'
*
Colonel Kyle
-
M
*
officer
Northwestern
holders of record at close of busi¬
Lincoln
Rochester Trust Co. of Rochester,
served as executive
to Lieutenant-General E.
of
Insurance
of
Northern
the
Chicago after
Edward Harris has been elected
Kilpatrick
Fire & Marine Insurance Co.,
Smith, returning
Edward Byron
to
elected
of
director of Northwest¬
as
ern
meeting
of
"Prior to the war
Vice-President
T. G. Boyle,
are
Na¬
He also
Sept. 20.
Additional
stock totaling 80,000 shares of $25
par value was offered to stock¬
City."
New York
.
served
Northwestern
of
board
Winston-Salem, N. C., at
Department
Stores,
and the Better Business Bureau of
Aug. 28, 1945.
Colonel Kilpatrick
Colonel Kyle joined Manufacturers Trust Co.
in 1933 and was elected a Vicespecialized in bank credit to indi¬
From
viduals, dealers and small busi¬ President in July, 1938.
Jan.
17, 1944, until the time of his
ness.
His election inaugurates
release
from
the
Army
Colonel
Bankers Trust Co.'s
entry into
said.
bank
the
Ruetenik and Reid.
Federated
1942, until
Directors
urer*
NaJ
in* 1920,
S. R. Wilson and Messrs. Chaffee,
Com¬
merce,
Long Island Association,
Downtown Brooklyn Association,
Chamber
Brooklyn
the
his
Army from November,
retary and Treasurer, and Miss
E. J. Goddard, Assistant Treas¬
*
Mr. Wold
was named President in 1934, and
in .1939 was made Chairman of
Bank
tional
fee, President; H. J. Ruetenik,
Vice-President; E. C. Reid, Sec¬
Philip
estate
to
of the bank are
Abraham & Straus,
of the
Dime
of New
reports.
Officers
Leonard M. Chaf¬
Bank
Reserve
has been elected a trustee
that Lieutenant-
announces
tional Bank & Trust Co.
capital
Vice-President
Robert E. Blum,
.
commander
Manufacturers Trust Co.
York
of $25,000, The • Orwell
Banking Co. serves an estimated
2,500 people in an area chiefly
devoted
to
dairy farming, the
-
both the
in
Northwestern
the
dent
Atlantic and
Pacific areas.
He participated in
the Battle of Okinawa.
service
Central Pacific area.
the
Until April,
date.
early
an
on
eral
enlisted in the service in
1942, and has seen active
April,
Major-Gen¬
of
the staff of
aide
Lieutenant
Officer.
Trust
ant
f t ^Announcement
was
made on
meeting of the board ©
'HSept. 19 by Percy H. Johnston,
directors of Bankers Trust Co. of
Chairman of the Chemical Bank
New York, on Sept. 20, Colonel
& Trust Co., that he had on that
William Harvey Kyle was elected
Vice-President, to take charge of day received word that his son,
the bank's consumer credit de¬ Percy H. Johnston Jr., has, been
promoted to the rank of Lieu¬
partment. Colonel Kyle has been
tenant-Colonel and is assigned as
serving as aide to the Secretary
At
#
of
the Federal Reserve
Cleveland.
Member
banks in the Fourth Federal Re¬
serve
District now
total 717.
Founded in 1896 with a paid-in
of
Bank
Assist¬
Brooklyn in New York as
of
Gidney
of
Lafayette National Bank
the
Thursday, September 27, 1945,
CHRONICLE
& FINANCIAL
THE COMMERCIAL
1504
rfj-11
^
general store clerk in h;s na¬
tive town of Decorah, Iowa, in
as
ment of banks, and
land of the
ment.
new
Elevated
G. .W. Wick-
business depart J
to
the
rank
of
later he be¬ Assistant
Vice-President
Were
came a bank clerk at Elbow Lake,
J. A. Ducournau of the analytical
Minn., where he remained for a
department and W. J. Gilstrap of f|
year, and then became Assistant
Cashier
of
the
First
National the foreign department. The reg¬
Bank of Little Falls, Minn.
He ular
quarterly dividend of $3.25 a
was
named Cashier of the Mer¬
share waf$ declared, payable on or ^
chants
Bank,
Winona, in 1896.
after Oct.
1 "to stockholders of
and in 1910 became President of
record as of Sept. 24.
the Scandinavian American Na¬
This con-,,
tional
Bank,
Minneapolis.
In tinues the annual rate of $13 a 1
1914 he became first Governor of
share which has prevailed since J
the Federal Reserve Bank here.
"Becoming
First
Vice-Presi¬ 1929.
1885.
Four
years
@FedFRASER