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New
Number 4320
160
"The Economist" of
of the laissez faire
under the influence of
United
t
~
post-
world
war
r a
d
I
and
e
of such
of^the community, and he has
had plenty to say about how to*make. it regulate ;
for what determines the size of the output, and why it is
larger in some countries than in others, and what can be
done to control it, he has had almost nothing to say.
He
(Continued on page 1380)
my
holding
are
conferences
Johnston said.
struction
ready
to
peace.
It
should
will
the return
go
w
n-
He
rency
added:
busi¬
A.
Eric
Johnston
ness organiza¬
of
tions
40
some
the
all
prising
'to
nations,
United
have been invited
sbiitatives
com¬
Nations^
to send repre-
International
anr
this;; fall.
Conference
Business
Twenty-eight
of,, them
already
nave accepted.
Each is sending a
maximum of six delegates and six
technical advisers to the meetings.
and
most vitally
are
we,
prompt rebirth of
international trade.;
"There will be big changes in
CARLISLE BARGERON
include: Com¬
of nations; Cur¬
suggested
policy
relations among nations; in¬
a
the post-war
world of trade. Ger-
and Japan will not be major
factors in world markets in the
nany
in
new
Cham¬
Kia-
Chang
Commerce;
Bank
of
Daudt
d'Oliveira, President of the
Associations
of
Federationof
head
will
Brazil,
of
Commerce
delegations from their respective
countries.
A Swedish group, led
by Sigfrid Edstrom, World-Chair¬
of the International Chamber
man
of
Commerce, plans to sail soon.
of the Chinese delega¬
Members
route.
countries have
Conference:
tion already are en
following
The
invited
been
the
to
areas;
Argentina,
Australia,
Bolivia,
Brazil, Canada, Chile, China, Co¬
lombia, Costa Rica, Cuba, Domin¬
ican
Republic, Ecuador, Egypt,
vestments.
Eire, El Salvador, Great Britain,
It is announced that views of Guatemala, Haiti, Honduras, Ice¬
the sponsoring organizations — all land,
India, Iran, Iraq, Mexico,
df. which represent both small and New Zealand, Nicaragua, Panama,
large business men and concerns Paraguay, Peru, Portugal, Russia,
already
have
been
defined Spain, Sweden, Switzerland, Tur¬
clearly.
They
are
opposed 10 key, Union of South Africa, Uru¬
monopolistic practices; they advo¬ guay and Venezuela.
cate a gradual abatement of war¬
Since
businessmen in
enemytime government controls in the occupied nations, how in progress
United States, the expansion of of
being
liberated
by
Allied
trade between nations and pres¬ armies, are not yet free to travel
ervation and development of com¬ abroad, invitations to them have
Transportation and communica¬
tion; Raw materials; Cartels; En¬
couragement and protection of in¬
—
petitive capitalistic systems.
It
deferred.
been
still
is
hoped,
Conference head¬ however, that the liberation pro¬
cess may be completed in time for
immediate
years
following the quarters, in Room 716, 10 Rocke¬ them to send delegates to the Con¬
feller Plaza, New York City, is
cessation of hostilities. Other na¬
receiving cablegrams of acknowl¬ ference on the same basis as na¬
tions will loom larger than they
tionals of other countries.
Temporary
gets traveling around the
Republican industrialists, having thrown up
edgment and
acceptance, which'
the sponge, are inclined to vote for Roosevelt for a fourth term.
did before the war.
They have worked it out in their minds by way of justifying what
"International
trade
is
con¬
they plan to do, that Roosevelt has been a good war leader, and ducted mostly by business men.
that is the most important thing in the world.
They know far better than any
The more
®
. ■
. -'
■
•
other
group
how it should be
of that type of mind one runs
you talk with
into around the country.
It is operated. Governments can do
•them,
the
so
much.
Business must
somewhat amusing in view of the only
more you
re¬
fact that they, themselves, have carry on from that point."
alize that this
Mr, Johnston spoke in behalf of National Planning Association Recommends (1) An Op¬
been
screaming bloody murder
is
not
their
about
Labor
taking
over
this a Sponsoring Committee, com¬ tional Deferment Of Current Income And Excess Profits
real thinking: :
country and making it a Labor posed of the presiding officers of
they have got
Taxes For One Year, (2) Elimination Of Excess Profits
four leading United States busi¬
(Continued on page 1388)
tired of think¬
ness
organizations which called Taxes As Soon As War Ends, (3) Elimination Of Capital
ing for them- *
the Conference. Other members of
;
GENERAL CONTENTS
definite view that a person
rather
A
is that
country
some
Four-Point Program For Corporate
Taxes For Transition Period
r
•
and
President of
former Governor
of the
China; and Dr. Joao
ngau,
the Conference agenda
wholly international in
dustrialization
this
"With
in mind,
of
bers
policies."
mercial
pro-
m."
g r a
P.,
M.
Dodd,
British Association of
the
While the scores of dele¬
far
Nations,
John
gates will develop the full scope
of their own discussions, subjects
so
United
such notables as
on
be
scope.
ahead with its
o
sound
of
Canada and
also from
From
coun¬
word comes that
looking post-war recon¬
Topics
interested in
Ahead 01 The News
establishment
forward
"Business, too,
They,
Fzom Washington
view, that the fullest possible
should be given to
the
for
the general purpose
consideration
on
post-war
plan s," Mr.
must get
but
Iceland.
conference as you pro¬
a
Latin-American
all
full,
arriving not only
delegates
tries,
highly desirable, in the
that it is Very important, in
sense
"Governments
the. output
By
with
as
pose
commerce.
the Western Hemi¬
that
from
"
that I regard
,
sphere will be represented in
groups
discuss
redistribution of income, on
to redistribute
of the
of outstanding business personalities from United
States and neutral nations will attend this world-wide gathering
at the Westchester Country Club, Rye, N. Y., November 10-18, to
sentative
international trade—on
all these there is a mountain of literature, popular and scien¬
tific, polemical and objective.
But on 'The Nature and
Causesof the Wealth of Nations' disproportionately little
has been written since 1776 (when Adam Smith's epochmaking book of that title appeared)» Even the vast litera¬
ture of Socialism has, until very recently indeed, left the
subject alone. The Socialist has discussed ad nauseam how
.
of the^
indicate
announced on Sept. 18 that repre¬
International Business Conference,
magazine observes that in its columns, and everywhere else
for the past century and half or more, the question of pro¬
ductivity has been sadly neglected. "It is not only in 'The
Economist' that this most important of all economic topics
has been strangely ignored," it remarks.
"In the discussion
both of publicists and of professional economists it has also
been left aside.
On the trade cycle, on poverty and the need
•
Johnston, President of the Chamber of Commerce
States and member of the Sponsoring Committee
Eric A.
typically British financial knowledge and wis¬
dom/has recently made a remarkable discovery—a particu¬
larly remarkable discovery for an organ which in the days
gone by has done perhaps as much as, if not more than, any
other publication to spread the doctrines of sound economics
throughout the world.
*
In an issue recently reaching this country this honored
a
Copy
Nov. 10
World Trade And Commerce Opens
by stalwarts
earlier
school, and nurtured through all its
the best of
for
Price 60 Cents a
International Badness Conference On Post-War
London, that financial organ con¬
to world-wide renown by men
years
Office
Pat.
York, N. Y., Thursday, September 28, 1944
The Financial Situation
ceived in orthodox economic thinking, fathered
S,
U.
Reg.
Volume
In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Edition
Final
-
they
got tired
selves,
have
the
Editorial
U
private ent r eprenuring.
Conf ro nted
of
.
now
Regular Features
From
a •
very
of
Washington Ahead
1377
Moody's Bond Prices and Yields...,1889
Moody's Common Stock Yields
1389
Items About Banks and Trust Cos.. 1392
Trading on New York Exchanges:,. .1390
NYSE Odd-Lot Trading..
....1390
Carlisle
Bargeron
they
realize that that private enterprise
system of which they have been
prating, they' have nothing to
offer to. When it comes to think¬
ing up ways to make a living and
living,
giving
making
other people means of
a living they are sunk.
attitude, therefore, is nuts
about the private enterprise sys¬
Their
am making a good living
without worry or thinking,
therefore I think Mr. Roose¬
tem, I
now,
and
velt is the
to
run
the
Let him
as
best man in
the world
world in the future.
do the
thinking, as long
I can make money.
It
is
truly
of the
News
fWhich'have
way
committee
Eliot
are
Wads-
worth, Chairman, American Sec¬
International Chamber of
Gaylord, Presi¬
dent,
National
Association
of
Manufacturers,
arid
Eugene P.
Thomas, President, National For¬
eign Trades Council. These men
will select and will make public
in the near future the names of
the six United States delegates to
Stock Taxes And (4) Reduction In
Rates On
tion,
Commerce; Robert
ing,.! short
of
."war
orders.
been
.1377
Financial Situation
with go¬
•easy
' Page
amazing how many
•
*
State
of
Trade
,
General Review
the Conference.
•
1388
y
:
Urging that "a transitional
be made ready now,
corporate income tax program must
and appropriate measures be
porated
ness
report recommending changes
busi¬
the same
Federal
the transition
incor¬
porated busi¬
ness," the
ing
Weekly Carloadings
Fertilizer
Association
Pride Index... 1388
Weekly Coal and Coke
Output)..... .1390
**,.,-..1383
Moody's Daily Commodity Index —1389
Weekly Crud&vOil Production..... 1389
sidered:
"I have
no
hesitation in saying
Weekly Steel Review
Gross
and
.1388
Cotton
Non-Ferrous
Metals Market....
*1337
Ginnings Prior to Sept.
Bank Debits for
August...
1...*1337
,.,.1383
Y.
District
; =7.1383
NYSE Bond Jssue Values at Aug. 31.1383
Changes In Holdings of Reacquired
Non-Farm Mtge. Recordings In First
Stock
....1383
Half of 1944
1384
*Thece items appeared in our issue of
Commercial Paper Outstanding at
Aug. 31
..1384 Sept. 25 on pages Indicated.
August
Dept.
Store Sales in N.
in
during
with
respect
Pol-
National
the
of the
National
ic y
Tax
War
1.
posal:
After
ley'Ruml,
Chairman
been
of
Federal
Reserve
support of
won,
York
Pro¬
with the cessatiqp
in
hostilities
Settlement
partial victory has
either
of
hemisphere,
Bank
New
given in
reasons
the
to
income and
the recommendations:
Planning As¬
sociation,of
the
period. The follow¬
the four specific recom¬
taxation of corporate
which Beards-
RR. Earnings for
April
Weekly Electric Output.............1388
August War Expenditures
1385
Subsciiptions, Allotments On Treas¬
ury Ctf. Offering........... .... . . .1385
Cottonseed Receipts to Aug. 31
1384
Net
are
mendations
Business
Committee on
the
Although
corporation taxes
advantages
given
1391 Business Conference is not offi¬
Weekly Engineering Construction... 1390 cially sponsored by governments,
August Totals jJ;
1384 Secretary Hull said in a letter
Paperboard Industry Statistics
1391 when the
project was first con¬
Wei Jy Lumber Movement...
1391
..
Domestic Index.. 1385
adopted to give
unincor¬
International
Commodity Prices,
Normal And Surtax
Corporation Incomes.
.........
of
and Treasurer
the due dates:
Beardsley
Ruml
nf R. H. Macy
& Co. is chairman,
has drafted a
for Federal income
r
and excess
profits taxes on earn-
(Continued on page 1381)
1378
w
THE COMMERCIAL & FINANCIAL CHRONICLE
Financial Advertisers
Why A New League Of Nations
"
Meeting Oct. 25-29 S;
n
The
Sir:
In your
services
issue of March 9, 1944, on page 1017, you published an
article "Why A New League of Nations Will Not Ensure Permanent
Peace," by Alexander Wilson, and invited comments thereon.
May I say in the first place that there seems to
•inconsistency
called
realistic
between
the
approach in
:
section, and the idealistic with its
emphasis on religious principles
on
the other?
"
me
'
I
frankly admit that there have
acts on the part of all na¬
tions,
not
excluding our own,
been
render
can
forth
set
are
in
the
ar¬
Bill
Association
at
Beach
in
cannot
1944)
will be
the^ principal subjects for
pendence, the Constitution of the
United
States,
and
Lincoln's
Gettysburg Address, all express
You
un¬
to
the Financial Advertisers
Hotel
the
Edgewat.er
Chicago, Oct. 25
29, according to an announce¬
Sept. 18 by Preston E. Reed,
ment
at¬
Executive
aim,
tured also
Vice-President.
The State Of Trade
*
i
.
.
a
^K.
4
*. •
„v-'
^
,'
* j.
-V
.v
4
/.a/,,'
•••
„
vV-
modest incomes prevented
with utter abandon and
<$-
instances.
many
The
little
is
them from enjpyiqg are.being
bought up
without consideration for value received in
to
urge
or
today with
thought for tomorrow
no
indeed
spend
strong, and well-inten¬
ment
credit
concerns
withstood
the pressure of the thirties .better
than
commercial
tioned counsel given in the inter¬
est of such individuals and for
Losses
on
the welfare of the country is fre¬
in the commercial field, Dr. Dauer
quently
reports.
Instalment
firms,
he
pointed out, did from 80% to 90%
not
encouraged.
The
post-war period will impose many
burdens upon our economy, and
field
did.
banks-
loans in the instalment
were
significantly less than
.
of their
business
with
small
bor¬
Fea¬
the great need for conserving ex¬
rowers, where this type of loan
planned to cess purchasing power today will
represented only 30% of the busi¬
or even move forward to
the early part of his article, Mr.
it, unless improve bank techniques in pub¬
go far toward holding our country ness done by banks.
'Wilson mentions some of our own you base your forward steps on lic relations,
employe relations, in good stead tomorrow.
the expression of ideals.
Post-War
Needs —No
matter
acts, and yet he somehow throws
advertising, and publicity.
The
Fred W. Lawrence, President of
In the middle of his article, our
what the speed with which
'our acts in the background and
indus¬
meeting is being streamlined un¬ the savings division of the Amer¬
author has a paragraph headed
assumes that our
try is converted and job oppor¬
position is ai¬
der the general theme -of "What's
ican Bankers Association, taking
"Two Effective Agencies Which
tunities opened up, some deflation
rways noble and just, while the
Ahead?" and the entire program
cognizance
of
this
tendency, of the income stream will be
other countries are
to
be con- May Perpetuate World Peace." I has been
faced
planned to emphasize sounded a
do not see that except for the
warning the present jn the transition"
dcmned.
periodT exerting
the role of banks in war bond
week against what he termed the
I
a depressing effect
thoroughly
agree
that the vagueness of the aims, they are sales and other war and post-war
upon agricul¬
"intoxicating atmosphere of prof¬ tural
formation of a League of Nations,' any nearer to, or any different activities.
prices, farm income and dis¬
;
•
ligate spending of tomorrow's in¬ tributive
the
or
its equivalent, will not auto¬ from,
League
of : Nations
John de Laittre, Treasurer of
profits, so states the lat¬
come in which the nation has been
est issue of "Survey of Current
matically bring the millenium. ideals. I join with him in not the Farmers & Mechanics
Savings living for
On the other hand, it seems to me wishing our organization to be a
years."
Conditions," published by the De¬
Bank,
Minneapolis,
heads
the
Addressing the ABA's second
that the chance of a decent world four-power compact. But that is
partment of Commerce,
program committee, and J. Lewell war service
meeting, Mr. Law¬
is far .greater with such an organ¬ not
proposed
today.
In
other
Lafferty, Vice-President of the rence declared that "if
Calling for fast reconversion
post-war
ization than without it. The im¬ words, he attacks the League of
Fort Worth National Bank,, Fort
and quick investment decisions to
and
then
plans based on improvement of
proposes
a
plication which Mr. Wilson gives Nations,
allow stepped-up civilian produc¬
Worth, Texas, is General Conven¬
credit * machinery
is that all we have to' do is to League of Nations, but one which
to serve the
tion Chairman.
tion to mesh with declining war
needs of industry, trade and agri¬
hold aloof. See that portion of his is without power or strength.
One of the features of the meet-:
output when hostilities cease, the
In short, I do not see what this
culture
article where he talks about our
are
to
prove
anything article said the
ing is a classroom session each
major aim of Gov¬
more than a stop-gap, it must be
being mixed up in the racial and article accomplishes other than to
morning with Dr. Harry W. Hepernment and business must be to
seek with
cunning to undemine
religious feuds and hates of Eu
recognized
that savings of
the
ner of the College of Business Ad¬
the efforts of those who are seek¬
people are the true foundation for prevent deflation from becoming
rope. Does he not realize that even
ministration, Syracuse University,
cumulative.
credit."
though we have sought to hold ing the only path toward peace
Syracuse, N. Y., conduQting a dis¬
which this distracted world has
"No one knows better than the
Wage earners in manufacturing
aloof, yet we
were
inevitably
cussion of how banks can more
brought into World War I and before it, namely, a society of na¬
banker," he asserted, "that the under full peace-time employ¬
effectively present their services
tions.
World War II? Our chance of pre¬
ment, states the publication, will
to the public and other public re¬ impulse to spend needs little en¬
MONROE E. DEUTSCH,
venting such a war in the future
couragement
The stern logic of receive one-third less than*the
lations problems.
•
Vice-President and Provost,
is infinitely greater in a wortd
the thrift lesson is the imperative $32,000,000,000 in present annual
The morning sessions will be
University of California.
organization than without it. He
need for a reasonable withholding payments,
while
man-hours
of
followed by one-hour programs,
must remember, too, /that while
Sept. 20, 1944.
of some present consuming
employment
under
prosperous
capac¬
each conducted by a Vice-Presi¬
the League of Nations did not suc¬
ity; to „insurer the stability and conditions will be about one-,
dent of the Association.
ceed in every case, it unquestion¬
FDR Tells Slav
In
permanence of a more rational fourth less than at present.
Mr.'. Lafferty will conduct the
ably
prevented
a
considerable
volume tomorrow.
Thus only can order to maintain that peace-time
number of incipient
program
on
war
bonds.
Dale
wars
from Day Of Liberation Near :
level, war industries must manu¬
savings become truly dynamic."
Brown, Assistant Vice-President,
In a
breaking out.
message on Sept. 15 greet¬
Mr.
Lawrence
that facture five times their present
declared
the National City Bank of Cleve¬
I should like, also, to call atten¬
ing the Second American Slav
credit "must find its support in limited output for civilians and
tion to the fact that although Mr.
land, will preside at the forum on
Congress,
double
the
President. Roosevelt
an
1939
accumulation of both capita^
output.
The
Wilson objects to
employee relations, and Swayne
stated that "the
hatred, he does
and purchasing power, each of article
day of liberation
revealed that munitions
P. Goodenough. Vice-President of
.not
object
to
attacks von
the of the peoples of Slav
blood in
which
represents the savings of manufacture over the last year
the
"Roosevelt dynasty" and its acts.
Lincoln-Alliance
Bank
&
someone.
Europe draws near, and with it Trust
Unless the volume of had an average value of $5,000 'a
It appears to me that the intent the time
Co., Rochester, N. Y.,s will
for administration of re¬
those savings bears some relation
man, against $2,000 a man in the
of this article is subtly to
conduct the final session which
argue tributive
justice on their Nazi
last year of World War I.
to that of credit expansion the
the case for
will be devoted to a resume of
isolationism, to at¬ enslavers." The President
added;
economy is headed for trouble.
discussion at all previous
Touching upon the expansion in
tempt to bring us back
"As you rejoice at the
depart¬
to^ an
liberation
income
in
America
"The streams which supply both war
First
mental sessions. If
manufacturing
point
of
view. of kith and kin from
Nazi yoke
these reservoirs should be fed by since 1939, it disclosed such in¬
Throughout it ; are the sneers at and the
At the four luncheon
bringing of Axis oppres¬
meetings a
other
come was derived by an increase
steady flow of individual and
countries,
including
our sors to the bar of
justice, I am scheduled, members will hear dis-:
collective savings and not a suc¬ in employment of 32%; hours,
allies, and these come at a most sure you will be
impressed with cussions of trends in post-war fi¬
unfortunate time in the world's
increased
cession of flood and drought.
overtime
pre¬
If 16%;
deepened sense of the duties and nance and banking, possible re¬
history.
responsibilities which we must all sults to be expected from the the credit of this Government of mium, 10%; movement to higher
In short, I wish to
ours is an
say that it assume
10%, and in¬
if a just
exception to that rule wage industries,
and enduring Bretton Woods Conference, meth-?
seems to me. that such an article
it will be the first time in human
crease
in
straight time hourly
peace is to be made.
ods for. building sound
public re¬
as this is purely
negative in char¬
"I trust,
therefore, that all of lations programs, for banks and history it has occurred, though earnings of 32%.
acter. It emphasizes the difficul¬
your deliberations
by no means the first time the
Federal
Employment — The
may be inspired similar topics.
Among the speaks
ties which face us (and these I
Federal Government had 2,938,602
by wise counsel and constructive ers will be E. S,
Patterson, Presi4 experiment has been tried."
do not deny
exist), but without action to further the
Post-War Instalment Credit- paid civilian-employees
great objec¬ dent, First-Central Trust Co., Ak¬
in the
in the slightest
giving any heed to tive of
hastening victory as a pre¬ ron, O., and Dr. Arthur Upgrenj Greater stimulus is expected to be continental United States at the
the other alternative.
liminary to peace on earth and Vice-President of the Federal Re¬ given to instalment
end of July, a gain of 20,315 from
buying in the
May I also say that just as there goodwill to men."
S
serve Bank, of
June, the Civil Service Commis¬
Minneapolis.
; vears following the war than ever
are
clearly evident attacks on
The Second American Slav
sion
Con¬
disclosed.
Afternoon
Approximately
programs
will t be before,, the National Bureau of
President Roosevelt's administra¬ gress was held at
Pittsburgh, Sept. given over-to a series of depart¬ Economic: Research stated in a 384,700 workers were employed
tion, so the hostility to Russia and 73 and 24, the
President, observing mental and clinic sessions.
bulletin released on Monday of outside the continental limits of
At-i
Communism
is
thoroughly evi¬ that the Congress "to whose mem-*
the United States. • In addition to
this week. V Before the war financ¬
tendance
at
the
three
dent?
depart¬
bers I send hearty
greetings meets mental meetings will be limited to ing consumer needs and accepting the paid employees, there were
I am rather
interested, too, to under hopeful auspices this year*"; secure informal, round table
dis¬ payment in instalments created a; 295,433 employees who either get
observe that the four quotations
no pay or receive $1 a
cussion of the subjects under re¬ $6,000,000,000
year.
industry, but the
.;/•
which
to
are
condemned.
be
In
tain
the
goal at which
you
are
sessions
'
-
Congress
•
•
-
4
'
$
Apprehension has been expressed on various occasions
by the
thinking few over the carefree manner some workers under • the
hysteria of a temporary war boom ^re at present
dissipating their
newly-acquired spending power.
Luxuries that heretofore their
(Veterans Re¬
review at the. 29th annual conven¬
tion of
ideals.
institutions
returning veterans
G. I.
expressions of ideals, and
certainly the Declaration of Inde¬
are
American
of
these
adjustment Act of
considerable
among
as
ticle
which
der. the
SO-^
one
role
banking
in the national economy, more ef¬
fective methods of selling banks'
facilities to the public and the
Editor, Commercial and Financial Chronicle—
Dear
post-war
3/
Thursday, September 28, 1944
the cover deal in three, in¬
stances with the imperative need
of a permanent peace. In the case
of the quotation from Theodore
on
Large Gains In NY Savings
Deposits During August
view
and
three
each
will
afternoons.
extend
The
over
trust
de¬
velopment program is under the
direction of J. L. Chapman, Trust
Deposits' in the mutual
savings
emphasis, banks of
New York States reached Officer,
City National Bank &
on need
of carrying a
big stick, a new
Trust Co., Chicago, and
all-time high of
savings
and then tucked
$6,709,152,J
among them is a
203 as of
Aug. 31, with a net in J development is being planned by
quotation from George Washing¬
a
crease
in August of
headed by Lester
group
B;
ton's Farewell Address
$86,010,000.
which, of For the
first eight months of this Johnson,
Advertising. Manager;
course, fits in with the entire iso-,
year the Savings Banks Associa- American
Trust Co., San Fran¬
lationist
position
which
Roosevelt
there
is
-
the
your
author takes.
I say very
ize
that
/
;
.
^
promptly that I real¬
When such
an
organiza¬
tion is .created there will be diffi¬
culties:
The millenium will not
corned immediately, but nonethe¬
less ft is the only road toward
peace.0
toward
preach
ought
We
it
a
not
shall
move
steadily.
League
to
be
forward
Those
of
who
Nations
condemned
for
;
tion of the State of New
York, the
mutual
savings banks of New
York State have had a
deposit in¬
crease
of
over
$542,000,000,
an
average
monthly gain of almost
$68,000,000 and an approximate
11%
increase
liability
as
month of
produced
net
over
the
of Dec. 31,
deposit
1943. The
August, it is added, also
another-record
in
the
gain of 29,116 in accounts. This
cisco.
The. commercial
banking
development program has been
developed
by
a
committee
of
.
which
Frank
R.
war
—Commercial
two-thirds.
Argentina,
a
..„4
.
:
:
The extent to which it is likely
to revive has been studied
by the
Bureau in cooperation with the
FDIC, and they have
a
report
by
Dr.
FDIC,
now
released
the question written
Ernest A. Dauer of the
on
which
shows
that
j
ployee
instal,
Relations. ^ Robert
Lind-
Warden, Viceouist, American National Bank &
President, Central National Bank
Trust
Co.,
Chicago; Consumer
&
Trust
Co.,
Des * Moines,
is
Chairman.
Six
Credit. Robert
...
clinic
v
;
.
programs
•
.
are
(
being
scheduled for the first afternoon
and each
the
two
one
will be repeated on
following days.
Attend¬
Rise in Latin American Exports
brought regulation of credit
shortage of goods that cut
the instalment credit business by
and
tive
•
Vice
National
ity,
Rocl
Umberger, Execu-'
President, Industrial
Bank, Chicago; Public¬
-
Maclean,
Advertising
Manager, California Bank, Los
Angeles; Farmer - Bank Coooera-
America,
the
have
than
more
exports
with
Latin
to
exception
increased
50%
'over
.•
of
by
pre-war
levels, Leo T. Crowley, Foreign
Economic Administrator, reported
to Congress this week.
Exports
to the
20 Latin American repub¬
lics
averaged * $489,000,000 annu¬
ally in the period from 1936 to
1938,
This
according
year,
on
the
to
the
report.
basis
of
the
first six months, they will run to
$929,000,000.
earlier: ; period
000,000
year
Imports
the
$535,for this
in
averaged
annually,
they,
are
while
estimated
$1,646,000,000.
Taking
proposal
issue
made
at
4-/!
with
ance
will
be
limited
to 15 each.
Clinic subjects and those who will
conduct these open forum discus¬
sions are:
Advertising, J. M. Eas-
by
the
recent
Winthrop
W.
tion, Warren Garst, Cashier, Home Aldrich, Chairman of the Chase
State Bank, Jefferson,
Iowa; and National Bank, that United States
ideals that have been preached sold
Lobby and Window Display, John tariff rates should be reduced sub¬
War Bonds in the amount of
C. Trimble, Assistant Vice-Presi¬
by the great religious teachers
stantially, Bertrand W. Hall, Sec¬
$13,596,000, bringing their total ton, Second«of
all
time.
Vice-President,-the dent, Patersoh Savings Institution, retary of Uhe American Tariff
Such
statements for the
year to $178,865,000.• Northern
Trust Co., Chicago; EmPaterson, N. J. • v •• •
(Continued on page 1387) - ;
figure brings the total of accounts
their idealism.
If you do, then
now open to
6,406.907. During the
you should remember tfrat it is month of
August the savings banks
THE COMMERCIAL &
Number- 4320 >
.Volume 160
1379
FINANCIAL CHRONICLE
Development Of Missouri River Basin Similar To OPA Is Endangering
Morgenthau Plan To Make Germany An
War Housing Success
Agricnitoral State Said To Have Split Cabinet TVA Advoeafed By Pres. in Message To Congress
recommendation that Congress give consideration to action
A
plan sponsored by
Secretary of the Treasury Henry
Morgen-
which it is stated would have for its object the complete
destruction of Germany as a modern industrial State and its conver¬
thau Jr.,
v
A
toward
the
development
of the Missouri River Basin along lines
Valley Authority was contained in
MBA Declares
similar to that of the Tennessee
; .OPA's action in banning all but
a
message addressed
to the Congress by President Roosevelt on nominal security deposits by ten¬
agricultural country of small farms, is said to have split Sept. 21, just before its adjournment. In his message the President ants of war housing has endan¬
wide open President Roosevelt's Cabinet Committee on German peace
enclosed a copy of a resolution adopted by all but one of the Missouri gered the success of the balance
policy. This was learned on Sept. 23, according to Associated Press River States asking for legislative«>of this program, H. G. Woodruff,
t)
I enclose a copy of a resolu¬
advices from Washington, as given^action for the development of the
Detroit, President of the Mort¬
way out of the wreckage bf their
'in the New York "Times," which
Missouri Basin. It was indicated tion adopted by all but one of the gage
Bankers
Association
of
war on Europe.
•••*r
11 j
*• '
Missouri River States, represented
in press accounts from Washing-1
stated: • '
y.:
America, declared on Sept. 18 and
6. The
in a recent meeting of their Gov¬
*:
Mr. Morgenthau's plan, drawn
prolonged
control of tori that the States agreeing to the
said that the agency's amendment
after his recent return from Euro¬ Germany by an Allied military resolution were Colorado, Wyom¬ ernors and-the members of the is inequitable to the landlord. The
Missouri River States Committee.
commission, t
<
advices from the Association state
ing, Montana, North and South
pean battlefronts and England, is
In general, the resolution asks for
that:
7. No
-:v
/
outright
reparations — Dakota,'- Nebraska, Kansas/ and
reported to have had the general
executive and: legislative action
approval of the President since since a German agricultural.State Missouri. Iowa it is said was the
CfOPA's amendment No. 33 bans
single, co¬
one
State which did not adopt toward producing a
before his Quebec conference with with little or no commerce would
all security deposits by tenants
ordinated plan for the develop¬
Prime Minister Churchill.
It has^ not be able to pay them—although the resolution. From the "Wall
to landlords except
$10 which
Street Journal" of Sept. 23, how¬ ment of the Missouri River Basin
failed to win support, however,
the distribution of German ma¬
would replace lost keys, damaged
"for the greatest benefit of its
from Secretary of State Cordell chinery might be considered as ever, we quote the following by
ice trays and minor equipment of
the Associated Press:
'
o • citizens both present and future,
Hull and is violently opposed by
this kind.
Its action, says the
reparations in some respects.
"Gov. Andrew' Schoeppel, Re¬ and for the greatest benefit to the
Secretary of War Henry L. StimAssociation, was taken on the as¬
The
principal criticisms
that
publican Governor of Kansas, said United States."
son.
Messrs. Hull, Stimson and
have
been leveled
against this he was
As the Congress knows, I have sumption that large security de¬
opposed to establishment
Morgenthau
form the Cabinet plan by War and State Depart¬
many
years
advocated the posits have been demanded in
of a Missouri Valley Authority as for
-committee.
ment planners is that it will not
establishment of separate author¬ many parts of the country al¬
proposed by President Roosevelt,
For the time being the dispute
work because Germany occupies and Gov. Lester C. Hunt, Demo¬ ities to deal with the develop¬ though Mr. Woodruff said that it
seems clear that in at least 80 or
over Mr. Morgenthau's plan has so
ment of certain river basins where
a key position in European econ¬
crat, of Wyoming, said that 'no
snarled up the Treasury, War and
90% of the war housing no more
omy
because of her industrial mention was made of a Missouri several States Were involved. The
than one month's rent has been
State Departments' work on de¬
capacity to produce needed goods River Authority similar * to the general functions and purposes of
asked for..Mr. Woodruff added:,
tailed arrangements for the post¬
and because of the markets that TVA' at a meeting of valley gov¬ the Tennessee Valley Authority
war control of Germany that the
she
affords to other
European ernors in Omaha last month.
might well serve as a pattern for i.. "This much protection is fair
three-Power
planning
by this countries. Until Mr. Morgenthau
developments
of
other .in view of the rapidly shifting,
"Gov. Forrest Donnell, Repub¬ similar
country, Britain and Russia on had presented his proposals and
of war housing in
lican, of Missouri, said he had no river basins. The Tennessee Val¬ occupancy
long-range
German policy has won
Presidential
support
for comment on the proposal at this ley Authority was charged by the many parts of the country — a
also virtually stalled.
This plan¬ them it' had ' been tentatively time. Gov. Sharpe, of South Da¬ Congress with the development of fact which OPA admitted when
ning, carried on through the Euro¬ planned that Germany would be kota, also declined to comment. practically
all
of
the factors Jt declared that six months' se¬
"The Kansas Governor said that which are important in establish¬ curity deposits are excessive and
pean Advisory Commission, had
permitted to function as an indus¬
been proceeding along lines other
trial State after surrender, but 'the President's proposal does not ing better living standards and a .tend to evade the spirit of rent
control. Six months' deposits are
better life for the people through¬
than those advocated by Mr. Mor¬
under Allied military and eco¬ fit in' with the Missouri River
excessive and absolutely inexcus¬
genthau, as far as American lead¬ nomic controls that would deny States' Committee's recommenda¬ out that great watershed.,
The
benefits which have re¬ able; and it seems logical to beers were concerned.
her any opportunity to become a tion for basin development. • "•
sulted in Tennessee River Valley live that cases of this sort prob¬
Mr.
Roosevelt
a- "Disapproval also was expressed
presented Mr.
great war-making State.
by Gov. Dwight Griswold, of Ne¬ include flood prevention, irriga¬ ably do not amount to a fraction
Morgenthau's plan to Mr. Church¬
To date Mr. Morgenthau's plan
He stated
ill at Quebec.
Mr. Morgenthau
braska, who declared he could not tion, increased electric power for of 1% of the total."
has served chiefly as a basis for
see
where the proposed creation farms and shops and homes and that the Mortgage Bankers Asso¬
and
British
Foreign
Secretary
hot arguments in the secret ses¬
better transportation ciation was urging members to
of an MVA will solve the problem industries,
Anthony
Eden
were
present. sions of
War, State and Treasury which is
on
land and water, reforestation request Ivan Carson, Rent Control
facing the area."
*
Messrs. Stimson and Hull were
and
other
Government agency
In his message the President' and conservation of natural re¬ Administrator, to amend his rul¬
.not.
Mr. Morgenthau came away
experts
charged with evolving stated that "Congress has at all sources, the encouragement of ing to permit a minimum of one
from the conference with the im¬
practical controls for the Reich of times retained the final authority small businesses, and the growth month's security deposit which he
pression that Mr. Churchill had the future.
It has been instru¬ over the TVA, for the Authority and expansion of new businesses, declared owners must have be¬
found
his proposals acceptable,
mental
also in
bringing about comes before the Congress each development and widespread use cause of the uncertainty of occu¬
especially since Mr. Eden is re¬ modifications of the basic hand¬
of fertilizer and improved agri¬ pancy in many sections.
year to obtain appropriations to
ported to hold somewhat similar book
:x.»
being prepared by the Gov¬ continue its Work and carry out cultural methods, better, educa¬
.views*
ernment for the guidance of mili¬ its plans." He stated that he had tional and recreational facilities—
What Premier Stalan plans with
ODT To Drop 1,000
tary administrators in post-war previously suggested the creation and many kindred improvements
respect to Germany is apparently Germany.
which go to make for increased
/The Office of Defense Trans¬
of an authority for the develop¬
still not known here.
Mr. Mor¬
of
the
Arkansas
River security and greater human hap¬ portation announced on Sept. 19
Post-war Germany is defined ment
genthau based his plan on three
piness.
changes in its regional and dis¬
by these experts as the German Watershed, as well as for the Co¬
assumptions
with
respect
to
The Congress has at all times trict organization which will re¬
lumbia River Watershed.
State that will come into existence
Russia:
(a) Russia wants East
The
President's
recommenda¬ retained the final authority over lease 1,000 clerical workers and
some
time
after the armistice.
•Prussia and most of Silesia to go
the Tennessee Valley Authority, result in saving more than $2,000,The first period of German occu¬ tion, according to the Associated
to Poland to offset Poland's loss
Press, received mixed Congres¬ for the Authority comes before 000 a year, said Associated Press
pation is already beginning with
of eastern territory to Russia; (b)
Washington Sept.
sional action. From these advices the Congress each year to obtain advices from
the Allies' advance on German
Russia wants German labor bat¬
from Washington, we quote:
appropriations
to
continue its 18, which also reported: v
soil.
It was with this period in
talions put to work on Russian
work and carry out its plans.
Senators Murray (Dem., Mont.)
ODT said that it was completing
mind
that
General Dwight D.
reconstruction; (c) with her own
and Gillette (Dem.^Iowa) already
I have heretofore suggested the arrangements to transfer part of
Eisenhower announced the direc¬
have introduced separate meas¬
huge needs for man-power, Russia
creation of a similar authority for its
commercial
motor
vehicle
tives
for
the control
of Ger¬
ures
to create such a
Missouri the development of the Arkansas
is not
interested in prolonged
gasoline rationing functions to the
many by the Allies' combat com¬
military occupation of Germany
Valley Authority.
River Watershed from the Missis¬ Office
of Price Administration.
manders.
Senator Robertson (Rep., Wyo.)
and would
be willing to have
sippi all the way west to its source In the future the regional high¬
It is now expected that General told a reporter he was against in Colorado,
Britain, the United States and
,///:/:{■.
way organization will concentrate
other Allied countries do the job. Eisenhower will serve as Amer¬ "such a Federal setup" and in¬
I have also suggested the crea¬ on "transportation phases" of the
Mr. Hull is known to be deter¬ ican military chief in Germany stead favored "State control of
program
rather than on
tion of an authority to render a ODT
mined that whatever plan is de¬ until the second period of occu¬ waters in the respective States." similar service in the Columbia
gasoline rationing.
Senator Langer (Rep., N. Dak.)
pation
sets in after the war.
cided
on
finally here must be
River Watershed,
including the
A total of 30 district and field
agreeable to Russia. He feels that Whether that period will be one said he was "100% for the idea." States of Washington, Oregon, offices will be closed, including
it is essential to have British- of three-way occupation under a
Asserting he always had fa¬ Idaho and Montana.
the highway department regional
American-Russian cooperation in three-Power commission as orig¬
I now make a similar recom¬ office at Kansas City. Regional
vored/-"the TVA for the TVA
immediate post-war Europe as a inally planned or whether it will /area," / Senator Wheeler
(Dem., mendation^ for the; Missouri River offices in all areas will be rear¬
Mr. Morgenthau's plan/ Mont.)
basis for ldlig-range coooeration follow,
said
the
"question • of basin. '
'
1
'* ranged except in New York.
more
closely remains to be^d^- whether the type of legislation
in a world security organization.
The
resolution very properly
termined.
we want
for the Missouri River
;
Mr. Morgenthau's plan is un¬
asks that the legislation dealing sure that none of the States in the
Mr.
derstood by those who have fol¬
Morgenthau has
always basin would be identical with
with
matters
relating
to
the Tennessee River Basin have lost
lowed its development from the been regarded by his associates TVA must be studied in the light
waters
of
the.f Missouri
River any of their rights because of the
of
all
existing 1 conditions- sur¬
first to include:
'
' '
.
* V ■.
as
an
advocate of ruthless han¬
Basin recognize that it is deal¬ creation of the Authority in that
/'/'i/.
1. The removal from Germany dling of Germany after the war. rounding the area."
:■:
ing with one river and one prob¬ valley.
The House already has adopted
to devastated countries of what¬ His interest in detailed planning,
lem, and-points out the necessity
May I also ask that renewed
ever
industrial machinery those however, is reported to stem from and sent to the Senate a bill em¬ of a
comprehensive development consideration be given to a study
countries want; the destruction" of his trip to England and France a bodying recommendations of the of the Missouri River indicating
of the Arkansas
and Columbia
Army engineers for a- vast de¬ that there can be na piecemeal
the rest of Germany's industry.
month ago.
*
River Basins? The fact has been
velopment of the Missouri River
H 2. The permanent closing of
legislative program. The resolu¬ established that such legislation
basin to
provide for irrigation, tion asks that "the Congres should
whatever mines remain in the
can do much to promote the wel¬
Dr. Campbell On Faculty
navigation, flood control and other recognize now the problem in its
post-war German State.
fare of the great mass of citizens
purposes.
entirety as it affects the people
3. The cession of the Saar and Of
Temple University
/ A fight developed over a pro¬ of the Missouri River Basin and who live there — as well as their
western German industrial areas
Dr. Laurence R. Campbell, Pa¬
posal that preference be given to their economic destiny and that fellow
citizens
throughout the
to France as well as the cession to
cific Coast editor for the "Wall
irrigation interests, but the.House of the United States."
Poland of eastern German areas
United States.
;
•
Street
Journal/*' nhas been ap¬ defeated that plan. A Senate com¬
I
am
in hearty accord with
that Russia might want handled
I need hardly point out to the
pointed to the^gulty of Temple mittee likewise has refused to ap¬
these principles. I hope that the
in that way.
University's department of jourCongress, in addition, how helpful
prove it.
Congress will give careful and
fLlism, it has been announced by
i 4. The dissolution of large Ger¬
A separate measure incorporat¬ early consideration to the creation this legislation will be in the cre¬
man
landholdings
into
small Dr. Robert Livingston Johnson,
Dr. ing the Reclamation Bureau plan of this Federal authority to Con¬ ation of employment and in the
farm£ that would enable the 40,- President of the university.
for development of the Missouri sider the problem in its entirety,
stimulation of industry, business
who' has taught at
000,000 to 50,000,000 people re¬ Campbell,
River basin, at variance on some remembering always that any ap¬
and
maining
in Germany to - exist Northwestern University, Califor¬
agriculture throughout the
points with the Army plan, is now propriations to carry out any plan
nia and Illinois, holds a Doctor of
largely on ^n agricultural basis.
areas involved, in the days which
in a House committee
are arid will be within the com¬
of Philosophy degree from North¬
5. The refusal by other coun¬
The message of the President plete control of the Congress, and will follow the end of the war.
western.
The new appointee will
tries
to
extend any^ assistance,
that the interest of each of the
to Congress follows in full:
FRANKLIN D. ROOSEVELT
begin his teaching duties at the
economic
or
otherwise , to the
To the Congress of the United States in the basin will, of course,
The White House, Sept. 21, 1944.
opening
of the fall semester,
be given full consideration. I am
people of Germany so that they
States:
•;
' :
j'.i
Sept. 28.
f
;
would have.-to. make their own
sion into an
1
J"
,
.
•
,
,
<
-
wr:
-
•
.
.
.
.
,
,
1380
i
THE COMMERCIAL & FINANCIAL CHRONICLE
N, Y. C. Banks
The Financial Situation
has
:
v/ith
the
$100,000,000 'bank
credit
group was organized on Sept. 25
by 23 banks of New York City to
(Continued from first page)
either contented himself
belief that
a
mere
those
who
recoil
from
the
provide
methods of Soviet 'direction'
bank
additional
an
credit
for
needs
and
The
banks of the country have a vol¬
of funds adequate to finance
try, business and agriculture. If,
a local bank is not in a
position to extend either part or
sion of the American Bankers As¬
mist, he has assumed that the
sociation.
size of the communal
An
its
output
recon¬
post-war periods.
first
organized
credit
It
under the
program
encouraged
to
make
editor
of
"The
have
Credit
Commis¬
"While
Formation of the group, known
as the Bank Credit
Group of New
York
facilities
City,
credit
by
Robert M. Hanes, Chairman of the
demands
of
cause
who
the
will
banks
this
influential
tion
Economist"
was
old
publica¬
through all
beginning to hark
these years from the think¬ back to the
days when its edi¬
ing of all serious-minded men tors kept their feet solidly on
save
only the Socialists and the ground and were not led
their
fellow
travelers!
If by the smooth orators into
there is one subject which has
hopeless intellectual jungles!
occupied thoughtful minds in Evidently, one need not hope,
this country for years
past indeed one can not hope, that
: more than any other it is
per¬ "The Economist" has begun
haps the utter lack of interest to realize that many of the
'shown by the reformers in reforms of recent
years ef¬
The
of
purpose
the
declared
group,
where
of
York
take the
such
financing (through loans
other
or
credit
small
ness
and
concerns
in
accommodations)
medium-sized
in the United States
during the present reconversion
period, which is expected to con¬
,
tinue after the cessation of pres¬
the
Second
country
either
in
or
their
banks."
a
Group
fice
a
in
of
communities
"The
City
be¬
may
operation
the
Bank
explained later to
repre¬
organizations
of7 bank
various/ sections
from
ond
of
Group of New York City
be
sentatives
the
of the
Federal Reserve
Sec¬
District.
A
meeting will be arranged through
the cooperation of the New York
State Bankers Association
acting
may
with the Connecticut Bankers As¬
Group of
sociation
and
Bankers
similar groups
or
York
a
Credit
will
position,
they
New
member upon acceptance
of the terms of the agreement.
cooperation
of
in
come
Reserve
parts
in
or
City
participation
member
by legal lend¬
turn to the Bank Credit
that
to
of
with
which may be in
as
voluntary participation basis', and
any bank having its principal of¬
ent
New York
of
basis
same
of
New York City is organized on
be¬
with their correspondent
banks, to
meet the full credit*
requirements
hostilities, by participating
local originating
banks in
financing
risks
so
undertaken
share
unfatype of credit
banks,
Federal
not
are
members
upon and to issue its
resources,
other
directly
the
on
have
not
reasonable
a
risk
certificates
situations. If the banks with¬
District
busi¬
cir¬
the Group and
does not agree to service the risk
for a compensation to be
agreed
corre¬
Group of New
organized to meet
was
the
by
directly
"The Bank Credit
City
extraordinary
The announcement further
says:
"The
Bank
Credit
some
limited
such
met
ing limits or the terms and condi¬
tions requested, may be unable to
provide the credit needed.
as
expressed in the agreement adopt¬
ed by the member
banks, is "to
implement, augment and under¬
of
be
retain
or
post-war
either
under
nating local bank shall
special¬
spondent banks, there may be in¬
stances
Association,
of
the
in cooperation with their
or
Commission and former President
the
most
individual
announced
was
and
dash any
been
the
ized experience of its
correspond¬
ent banks in larger cities.
Business
hope that the reader it to be a major step in imple¬ miliarity with the
menting the constructive work of desired, or barred
How strangely isolated the
may have had that at length
the Commission.
must
of
use
credit
Small
They completely
except
cumstances, "shall not entertain a
financial risk in which the
origi¬
all of the credit needed it will be
to
group
by the Group. The agreement de¬
clares that the Credit
Committee,
however,
recently adopted by the Post-War
a
sentences.
Strangely Isolated
>
the
such
the
be
Important Conclusion
It is in
of
rate
in
is
sense unfortunate
growth were
that "The Economist" felt it
acts of God beyond the
possi¬
necessary to add these last
bility of human control."
and
business
representa¬
one
applications.
Local
originating
banks, wherever, located, must
participate in every loan accepted
ume
most of the credit needs of indus¬
version and
consisting of
tive from each member bank. This
committee will consider ail loan
post-war America.
of
change in the ownership of must accept the achievement;
the
means
of
production and it is a natural step to ask
would, by some unexplained whether something of the
magic, release hidden powers same sort could not be done
of production, or else, in com¬ elsewhere
by less oppressive
pany with the liberal econo¬ means."
um-sized
of
medi¬
source
small
tee
Organize Bank Credit Group
A
;
Thursday, September 28, 1944
Association,
the
New
Jersey
parts
of
being organized through¬
amounts, for pe¬
of im¬ riods or
out the country as a third source whose memberships are located in
upon terms or under con¬
has been harped on more con¬
proving the .position of the ditions which may make usual of bank credit.
the territory covered
by the Sec¬
ond Federal Reserve District."
sistently than perhaps any laboring man may well prove banking accommodations unavail¬
"The banks of the
country are
other throughout the years, his
While membership in the
undoing for the simple able; whether sucb local originat¬ going to make sure that enter¬
Group
prise has adequate credit for ev¬ is open to all banks#having their
not only by the "Chronicle" reason that
ing banks
they will seri¬ the Second are within or without
Federal Reserve Dis¬ ery legitimate use and has that principal office in New York
but by :many, many other
City,
ously and persistently retard trict."
credit in the form best adapted to the original members of the Bank
publications and . many other productivity. Such a conclu¬
each particular business.
Credit Group of New York City
"It should be clearly under¬
Groups
students of public affairs, it is sion would be a rather
logical stood," Mr. Hanes pointed out, of the ablest bankers in the coun¬ are as follows:
the necessity of
second stage of "The Econo¬ "that the Bank Credit Group of try, representing small and large
Bank of the Manhattan Com¬
constantly in¬
productivity.
If
subject fected for the
one
purpose
are
•>
creasing productivity if the
abundant
more
realized.
and
The
life
is
New
to
be
Deal—
mist's"
not
mind
thinking.
be.
to
of
the
But it is
What
is
the
in
Editor
of
that
New
York
solicit
City will not directly
loans, nor will such activ¬
ity be undertaken by any of its
members
for
the
account
of
the
banks alike, are earnestly at work
seeing that this is done.
"The
Credit
Bank Credit
Committee
Trust
Group of New York
criticism,
production, and
in
many
quarters precisely because it
doubtless in others, for
while
a
good
past—merely the no¬
almost studiously
neglected tion that the planned econ¬
this whole problem
of in¬ omy of the day should hence¬
creasing production—even at forth give more of its atten¬
times advocated reduced
pro¬
duction—in the apparent idea
that all
our
of
out
difficulties
tion to
arose
maldistribution
of
such
increasing production
productivity.
and
It
would
doubtless
gain not to be scorned
be
a
to have
business generally gearing its ac¬
tivities to new demands for
goods
and services.
"The
suspect
gether
a we
that
it
strongly
is
new across
be
more
careful
and
more
machinery of the
American banking system will be
utilized to the fullest extent in
meeting these and the other credit
curity that he
have what
can
he produces.
goods as were actually the
day dreamers come to
produced. All this is an old, their senses about
production
old story on this side of the
or would if it led
them to
Atlantic—and
entire
make the world
What
over.
has
lessons
us
in
hear
all
on
Bank; Guaranty Trust Co.; Irving
Co.; Lawyers Trust Co.;
Trust
proves
concerned
adverse effect
an
and
Manufacturers Trust Co.; Marine
Trust Co.; J. P. Morgan
the pros¬
Midland
perity of the community."
According to the announcement,
the credit operations of the
Group
will be carried on by a commit¬
Co.; Continental Bank &
Co.; Corn Exchange Bank
Trust
Trust Co.; Empire Trust Co.; First
National
Bank; Grace National
& Co.
Incorporated; National City
Bank; New York Trust Company;
Public
National
Bank
&
Trust
Co., and United States Trust Co.
British Oppose Return To Gold Standard
Would Stop Bretton Woods "Racket"
no more
Before
of
that opposition
economics
Bank; Chemical Bank & Trust
Co.; Commercial National Bank &
Trust
competition with sound and
disastrous .to
Our Own Record
And let
Russia and her valiant stand
alto¬ sensible in their
attempts to
not
the water.
create
responsible business which
Company; Brown Brothers
& Co.; Chase National
Harriman
City does not propose to make bad
implication similar magazine is evidently some¬ Group." Mr. Hanes added:
or reckless loans.
Such loans are
ideas in England which "The
"In tfye reconversion and re¬
thing wholly different, some¬
of no benefit to the
borrower, the
Economist": in recent years
thing which has been coming employment .periods small busi¬ bank or /the, community;^ They
ness
will have many new credit
has regularly
more and 'more into evidence
supported or
simply create debts and losses
problems: war industries convert¬
that someone must bear and they
*e
in
sponsored—has been under
this
country, and ing to peacetime
by
constant
Bank of New York; Bank¬
Trust
Company; Brooklyn
pany;
ers
of the
against Hitler have taught the
conference in London on Sept. 23 called to coordinate
to any return by Great Britain to the gold
standard, the
a
declaration
Chairman
made
was
of
the
by
Robert
Monetary
Boothby,
The Russians have
But let "The Economist" we need, however, is for the world.
proceed: "It is only very re¬ rank and file of the
fought
with
unexcelled Sept. 23, published in the New^
people to
York
"Times," from which we lems
cently that these assumptions come to the realization that valor and determination. All also
>
Member
Parliamentary
of Parliament,
Committee, that
Policy
their immediate object was to
stop the Bretton Woods "racket."
Ad¬
vices to this effect were contained in a Reuter
dispatch from London
'4.-..Z,
^
have
come
to be
questioned— productivity is best cultivated
indeed, it is only during the by means which are
wholly
war
years that the desirabil¬ foreign to all the
managed
ity of subjecting the rate of economy ideas now flourish¬
growth of the national income ing all over .the world.
Let
to the same
'purposive direc¬ /'The Economist" and
tion'
as
its fluctuations and its
distribution has
serious
discussion.
three main
are
There
reasons
revival of interest.
and
under
come
for the
The
ex¬
periment has succeeded. Ever
since the Battle of
it
has
even
been
Adam Smith and his
of successors
long line
among the or¬
the
most
how
economists
productivity
tured
—
to
may
nurtured
learn
be
most
Stalingrad cessfully and without
impossible
the
which
increases
Even
leave
him
in
Russian
record
raculous
to
appears
and
se-
pro¬
the
largely because it
was
us
Russia
that
did
the
world
it,
Russia
a
record
tion
which, as
record, can
motely
a
produc¬
;• even
re¬
with
our
compare
own.
and
that
taken
of
abroad
productivity.
assure
good
have"
The
neglected
way
and
to
increasing
productivity is to heed its real
friends.
o
;
.
be
Commons
final
no
until
had
decision
the
had
an
House
oppor¬
tunity of full discussion.
The conference
to
demand
into
various
also called
was
full
a
of
international
trade
long-term reconstruction
said he had
from Prime Minister
Churchill
public
far
asserted
of
world
international
ization
except
be*
the
basis
At Bretton Woods there
record
number
of
together
and
of them with
and
not
that
were'
should
reject the
monetary
plan
It
•
•
as
Woods
doctrine
which,
by
of
assum¬
ing conditions qf,.perfect competi¬
tion, held that the size of national
markets
but
of
held
was
that
of
in
no
the
consequence
modern
era
production that doctrine
longer held good.
mass
It urged that Britain return to a
gold standard and would put an
end to the sterling
of
restoring
balance
on
of
era.
equilibrium
payments
in
onus
the
placed
was
the debtor countries.
Mr.
The
from
.
Boothby said that the prob¬
in
the
a
all
hotel,
one
any
clear
governments
wonder "the
results
were
cata¬
strophic, he said.
Further
Reuter
London in the
-
a
they represented, he asserted. No
unconstitu¬
"
accepted (t the
"laissez-faire"
con¬
Parliament
Bretton
,
tional.
none
directions
Among the demands of the
ference
a
were'
experts,
gathered
goods standard
gold standard.
of
ticipating countries.
on
a
stabil¬
currency
on
of
He
hope
no
durable peace and a common eco¬
nomic objective among the par¬
inquiry
alternative
could
there
and
were
importance.
urgent
more
trading systems that exist, based
no
Only the New Dealers here
assurance
would
supposed
largely impotent.' There
nothing in the production
was
is
an
mi¬
to
sur¬
productivity
reasonable
duction
The
which
suc¬
sceptic to deny that Russia, and enriches the world is a
under Communist
leadership, personal, individual matter,
has succeeded in
breaking the not a political or national
secular trend, in vastly
speed¬ urge.
Each citizen will fur¬
ing up the increase of its na¬ nish the "steam" and
inge¬
tional wealth and power, in
nuity to increase his own pro¬
asserting human control over ductivity if only the
politi¬
the processes that determine cians and
other meddlers will
the wealth of nations.
them.
spective.
world
nur¬
for render of liberty. The "drive"
inveterate
to
They have
proved themselves capable of
doing much more in the way
of feeding,
clothing and arm¬
ing themselves under ex¬
tremely adverse circum¬
any
others who. have been ne¬ stances than any one had ex¬
pected
glecting the heed for produc¬ But let -— including Hitler.
us not lose our
per¬
tivity turn once more to
first,
perhaps the largest, is the thodox
realization that the Soviet
honor
quote:
He [Mr. Boothby]
advices
same
paper
from
stated:
Sir Charles
Morgan-Webb, for¬
Secretary of the Burma
Government, said at a conference
here today, held to organize oppo¬
sition to a return by Britain to
the gold standard, that America
was going to use her wealth
and
position and her large accumula¬
tion of gold to reduce Britain to
mer
a
Chief
position of subserviency.
He added that the most impu¬
dent
Woods
thing
about
the
Bretton
proposals was that they
made the
dollar
ternational
the supreme
currency.
iri-
Volume
160
THE COMMERCIAL
Number 4320
& FINANCIAL
1381
CHRONICLE
It is suggested that the date
Caffery Appointed As
Ambassador To France
announced on Sept. 21 the appointment of
'Jefferson Caffery, former Ambassador to Brazil, as "representative
of the United States, with the personal rank of Ambassador, to the
de facto French authority now established at Paris."
Advices Sept. 21 from Washington to the New York "Times"
proclaimed
by the President for
of the contemplated
the purposes
President Roosevelt
provision.
Recommendation 2. Repeal of the
(Continued from first page)
and
ings of the then current year
them;
the
stated:
of
cessation of hostilities be the date
fectly-clear
and
unpaid portions of the similar
Excess
where it is per¬
that a;'corporation
Profits Tax on cessa¬
tion of hostilities.
even
On the cessation of hostilities
in
appointment of Ambassador^which owes taxes based on pre¬
both hemispheres, the period of
taxes on profits of the preceding
from the window, acknowledged
Caffery, it was said at the State
ceding years' profits will ulti¬ war profits terminates and the
the applause from members of the year should, at the option of the
mately wind up without any lia¬ excess profits tax should there¬
Department, does not constitute
Embassy staff and) a number of corporation, be deferred, subject
recognition of Gen. Charles de
bility for such taxes, it is now fore'be completely eliminated ef¬
to a 6% per annum interest pen¬
French people who gathered for
Gaulle's organization as the Gov¬
alty, to the due dates of the fol¬ necessary for the corporation to fective the beginning of the month
the occasion.
V
ernment of France or even as a
pay the taxes on the income of the
in wnich the President declares
Among them were Mme. Hop¬ lowing year's taxes pending re¬
provisional government.
It was
determination of liability under preceding years and wait, proba¬ that hostilities, for purposes of
penot, M. Phillippe Baudet, coun¬
bly for a couple of years and pos¬ this provision, have ceased; in
pointed out that since we entered
the loss and unused excess profits
selor of Embassy, and Mme. Bau¬
France, the French Committee has
credit
carry-back provisions of sibly longer, to receive the re¬ order to place all corporations on
det, Francois Briere, First Secre¬
funds/ In the meantime the pay¬
taken the name of "Authority."
an equal footing, regardless of the
the tax law. If at the end of such
Nevertheless,
the
designation tary; Henri Claudel, attache and following year, the corporation ment of the taxes on the preced¬ date when their taxable years
son
of former Ambassador Paul
was interpreted as indicating the
finds that it actually owes
the ing years' income will deplete the happen to end, the excess profits
Claudel,
and Mme. Francois
cash resources of the Corporation tax should not be applicable to
way the wind was blowing; that
taxes in Whole or in part, such
Charles-Roux.
is, in the direction of some more
should be consolidated and may prevent it from speedily that proportion of the year's earn¬
Also present was Rene Girault, liability
advanced form of recognition than
with the liability of the third year reconverting into its peace-time ings which the number of months
former chef of the Embassy, who
now exists.
and paid at the same time. In the business or from venturing into a beginning with the month of ces¬
has acted as caretaker during the
It is understood that the French
sation bears to the
number of
event the taxes are ultimately new business.
period in which the premises were
question was discussed at the re¬
\ It is already evident that many months in the taxable year. This
found to be owing, the interest
closed.
cent Quebec conference by Presi¬
corporations—large and small— recommendation is based on the
Incident to the appointment of penalty should be charged for the
even though they may have earn¬
dent Roosevelt and Prime Min¬
assumption that neither war will
Mr. Caffery mention might here period of deferment.
ed substantial profits (after taxes)
ister Churchhill and that tenta¬
drag out over a long period of
2.
Excess Profits Tax Elimina¬
be made of the liberation of Paris,
tive plans have been drawn within
during the war period, are not in time in relatively minor hostili¬
which actually took place Aug. 25, tion: After total victory has been
the Government looking to pro¬
sufficiently liquid financial posi¬ ties.
but which on Aug. 23 had been won, with the cessation of hostili¬
tion to enable them to engage in
visional recognition of General de
both
hemispheres, the
Recommendation 3. Repeal of the
prematurely announced, to which ties > in
new undertakings. Much of their
Gaulle. To become effective, how¬
Capital Stock and Declared
reference was made in our Aug.
present excess profits tax should
profit is tied up in inventories,
ever, these plans are represented
Value Excess Profits Tax.
31 issue, page 964.
As to the tak-; be eliminated. The elimination and new
as
plant capacities. If such
requiring approval by higher
President ing over of control of the city, As¬ should be pro-rated, so that if the
Whatever reasons prompted the
authorities
and
by
corporations are compelled to use
sociated Press, advices Aug. 25 cessation occurs, say at the begin¬
enactment of these inter-related
their cash resources to pay taxes
Roosevelt himself.
from Supreme Headquarters, Al-; ning of the tenth month of a tax¬
taxes there is no present support
which may ultimately be return¬
The White House announcement
able year, the excess profits-tax
lied Expeditionary Force, as given
able to them, it is obvious that for their continuance. The Treas¬
of
Mr.; CafferyV appointment,
will not
be applicable to onein the New York "Times," stated:
conversion will be slowed up with ury has advocated their repeal.1
.said:
w;
'
fourth of the corporation's profits
The Paris radio announced late
"The
President has appointed
consequent postponement of em¬ The cessation of hostilities in both
for that taxable year. ry.'
tonight that the French capital
-Mis Jefferson Caffery as repre¬
ployment for men returning from hemispheres would be an appro¬
3.
had been liberated and that the
Capital Stock Tax Elimina¬
the armed forces and former war. priate occasion for the repeal of
sentative of the United States of
German commander had signed a tion: On the cessation of hostilities
]
workers. The Treasury itself has: this ill-advised experiment.
•America, with the personal rank
document ordering his troops to in both hemispheres, the capital
taken notice of this situation. In
•of Ambassador, to the- de facto
Recommendation 4. Reduction of
cease fire immediately.
stock tax and the declared value
French authority now established
testimony before a sub-committee
Corporate Income Tax rates
The announcement followed en¬
excess profits tax should be elim¬
on
War Contract Termination of
at Paris. Mr. Caffery succeeds Mr.
on cessation of hostilities.
try of American and French troops inated.
the Senate Committee on Military
Edwin C. Wilson, who was repre¬
into the capital during the day.
4.
Normal and Surtax Reduc¬ Affairs, and before other-Con¬
The present corporate income
sentative of the. United States of
There was no immediate confir¬
tion: On the cessation of hostil¬
America to the French Committee
gressional committees, the -Treas¬ tax rate of 40% (24% normal and
mation here.
ities in both hemispheres, the nor¬ ury through Randolph E. Paul, its
16% surtax) is a war-time rate.
of National Liberation at Algiers.
The latest word at headquarters; mal corporate tax should be re¬
then General Counsel, suggested
Upon the termination of the war
/It is expected - that Mr. Caffery
was
that American and French duced from 24% to 16% and the
it seems
to us advisable, as a
that if,
will proceed to his new post in the
■;
troops had joined Fighting French surtax should be reduced from
near future."
"for any taxable year beginning transition measure, to reduce the
16% to 8% leaving an agregate
It was noted in advices to the patriots on the lie de la Cite in the
% prior to the expiration of some corporation income tax rate to its
heart of the capital after bitter
tax on corporate income of 24%.
New York "Herald Tribune" on
pre-war, (1940) level of 24%. The
r reasonable; post-war, 5 period,-,a
fighting with Germans and French At somd late?; date thb 24%; rate
normal tax rate should be reduced
Sept. 21 frppa its Washington bu¬
corporate taxpayer /anticipates
collaborationist militiamen.
then applicable to corporate in¬
reau that as instructions went out
the realization of a net operat¬ to 16% and the surtax rate to 8%
Gen. Charles de Gaulle, Presi¬
come should
be further reduced,
maintaining for the time being
for
reopening of the American
ing loss or the existence of an
dent of the French Committee of but the timing of further reduc¬
-Embassy
in Paris, the French
unused
excess
profits
credit the distinction between corporate
National
Liberation, said in a tion should be determined in the
which could ultimately be used normal tax income and surtax in¬
delegation representing General
come which has been deemed ap¬
light of the then existing eco¬
de
Gaulle in
Washington an¬ speech broadcast from Paris:
as a carryback against the tax¬
"France
will
take her place nomic situation. The first step in
propriate in recent years.
nounced that Henri Hoppenot, its
able income of the two prior
among the great nations which
further reduction might be the
head, would reopen the French
No one can foretell with accur¬
years, it may apply for com¬
will organize the peace.
We will elimination of the 8% surtax.
Embassy in Washington in special
plete or partial* deferment of acy the precise economic situation
not rest until we march, as we
ceremonies on Sept. 22.
It was
Elaboration of Proposals
the quarterly tax payments due
which will exist from the time the
must, into enemy territory as con¬
added that, reoccupied by Mr.
in that year with respect to the
war
ends to the date when the
Recommendation 1. War Tax Set¬
querors."
Hoppenot with permission of the
preceding year's taxable income country is really on a peacetime
tlement Proposal.
The commander of the Paris re¬
State Department, the chateau had
and
also of any payments of footing.
Accordingly, it seems
gion for the French Forces of the
The tax law Contains provisions
been closed since the denarture of
deficiencies in tax which are wise to defer further reductions
Interior, Colonel Raoul, issued this under which a corporation which
Gaston Henri-Haye, Vichy's Am¬
from
the
24%
rate suggested
due."
proclamation to his forces, the ra¬ loses money or fails to make
bassador. in November, 1942.
We concur in the intent of this herein and the carrying out of the
dio said:
profits equal to its excess profits
With the reopening of the Em¬
recommendations
for
corporate
"FFI of the lie de France (the credit, is entitled to carry back proposal but it does not go quite
taxation in the Ruml-Sonne re¬
bassy on Sept. 22 the French Tri¬
far enough to accomplish its pur¬
the
loss
or
the unused
credit
color was raised on the building Paris region), you have unleashed
port pending study of the eco¬
against
the income or excess pose. To avoid time-consuming nomic situation as it develops
and. said the New York "Times," a rising that has liberated Paris.
and burdensome applications and
seals that had been placed on the You have improvised your tactics, profits of the preceding two years
confusion, it is necessary that cor¬ during the transition, with the
and to receive tax refunds ac¬
Embassy were removed by the animated by the strong desire to
intention,
however, of making
cordingly.
However, under the porate taxpayers be given an un¬
win, and you have won."
representatives of the Swiss pro¬
conditional right, upon payment such reductions as promptly and
existing statutory
machinery a
In another broadcast the Paris
tecting oower; Henri Hoppenot.
of interest at 6% per annum, to as fully as conditions permit. As
chief
of the delegation of the radio said that the German com¬ long period will ordinarily elapse
recommended in the Ruml-Sonne
defer the payment of the current
French
Committee of National mander had signed the following before a corporation entitled to
and preceding years' taxes until it report, such reduction of corpo¬
such
refunds
actually receives
Liberation took charge of the Am¬ document, presented by Brig.-Gen.
rate taxation is but a part of a
The
,
*
•
,
'
.
under ar¬ Jacques-Philippe Leclerc, com¬
United States mander of the French Second Ar¬
State Department, it was stated in
mored Division and leader of the
force
that entered the
the "Times" account from Wash¬ French
ington, in which it was also said: capital during the day:
At the same time the offices of
"The German commander give^
the
Chancellery of the 'French orders to the forces under his
Embassy
in
Wyoming Avenue command to cease fire immedi¬
were
reopened and occupied by ately. Arms are stacked.
bassadorial
the
•
delegation's staff.
was
Leclerc,
Jacques- Philippe
Gen.
estimated at 10,000 men.
still
held out in the Champigny sector
five miles east-southeast of Paris
and there was sporadic fighting
with some small groups of Ger¬
One
mans
German
fin
the
strong point
northeastern
northwestern suburbs.
and
A number
without
of
isolated
snipers;, was
being
Reoccupancv of
the Embassy arms at places to be indicated and hunted down.
.does not constitute resumption of will await for orders there. Arms
As the military cleaned out the
diplomatic relations with France, have to be delivered intact."
last
resistance,
French political
the State Department has made
From the same source (Supreme leaders moved in to reorganize the
clear, but taken with the appoint-, Headauarters) the press advices Paris
Government,
and
Lieut.merit
of
Jefferson
Caffery-• as Aug. 26 had "the following to say,! Gen. Omar N. Bradley's forces be¬
United
States representative in in
part:
-ji/lw / '
gan the great task of helping to
France with rank of Ambassador,
feed and run the city. ' • ; '
The test efierhy machine gun
the ceremony here today was an¬
Gen. Charles de Gaulle, long the
was
stilled 'm*; Paris
tonight.;
other step toward the resumption
French, and
American .infantry, symbol, of resistance in the minds
.of normal relations between the
nf the French, walked down the
stalked the last few stragglers and
two countries.
•
; 5
„
. J
snipers, and even the Germans ad¬ Champs-Elysees today and a shot
;
The French flag was raised on mitted thev had cleared out of rang out as he arrived at Notre
the Ambassadorial residence by the
capital that they had held un¬ Dame Cathedral, the- Free French
•Xavier
de
la Chevalerie.; who der an iron yule, since the first radio at Paris said.
•
•'
•
-served with Brig.-Gen. Jacques-;
There was an answering volley,
,$tim mer of the war. ;;
•Philippe Leclerc when the French
but the shot was reported to be an.
The German garrison in Paris
crossed from Lake Tchad in North
accidental one, and the crowds re¬
that surrendered to the American
Afr:ea for the French campaign
mained calm.
«
•
corps commander and the French
"Personnel
assembles
•
.
„
_
in
Tripoli.
M. Hoppenot,
smiling
corporation
actually ow¬ coordinated fiscal and tax pro¬
ing. The simplest method of do¬ gram.2
ing this is to permit the corpora¬
1 See statement of the Secretarv of the
tion to consolidate its liabilities Treasury, hearings before House Ways and
for
the
current and
preceding Means Committee, Revenue/ Revision of
1942, p. 6.
year with that of the following
2 "In
proposing tax legislation for the
year. The 6% per annum interest
transition nerioi from war to peace, the
penalty will be a sufficient deter¬ first objective should be to get quick, con¬
rent
to
prevent
corporations structive and final action on some single
which are well able to pay their important subject; It is to be honed that
Congress
will take, such an initial step
tax liabilities without interfering before becoming involved in the extended
with conversion, and those cor¬ hearings and debate that would attend
consideration of postwar fiscal problems
porations which do not really more broadlv.
It will be far better to
anticipate carry-backs, from tak¬ have some constructive, albeit limited, tax
ing unwarranted advantage of the revisions enacted verv soon than to delay
and jeopardize constructive results by try¬
option.
v -W-•
ing too much at the start.
is
residence
rangement with the
.
.
ascertained by;the
that such
taxes are
.
"
.
Anticipating
that
corporations
be
delaying
expenditure reserves.
continued, at least
they affect
insofar as
the war years.
fourth
"The
mendations
There
is, therefore, every likelihood th^t
these carry-back provisions will
war
first
"That
steo
might well consist
of
provisions for eliminating the excess profits
tax.
Probablv thev could be worked out
in a reasonablv short time in terms that
would meet with almost universal accept¬
ance and,
at the same time, give concrete
encouragement to business enterprise and
initiative.
'
cushion to absorb
post-war expenditures which are
really a reflection of war costs,
the
Treasury
pointed
to the
carry-back provisions as adequate
protection at the time it opposed
an income tax deduction for post¬
would require a
of
seems
the
committee's recom¬
most likely to open up
Moreover, it is my
controversy.
belief that the proposed reduc¬
corporation normal and surtax
too much for the initial step."—
Stark, member of Business Comon National Policy.
personal
tions in the
rates are
|
'
W.
R.
mittee
.
1382
THE COMMERCIAL & FINANCIAL
CHRONICLE
Thursday, September 28,
1944
Easing Of Manpower Controls With Nazi's Defeat N. Y. State Factory Jobs Three Brooklyn Banks Join
^
IndisM By McHuff Before Senate Gommittee- increase Fcr First
N. Y. Savings Bank Retirement
System
Brooklyn savings banks
40% Cut In Munitions Production
•
Program—48-Hour
Week To Continue
>
The lessening of War Manpower control with the ending of the
in Europe was indicated before the Senate War
war
Three
Time This Year
The downward trend in factory
in New York State
employment
The Dime
Savings Bank of
Brooklyn, the Fulton Savings Bank of Kings
County, and the Roose¬
velt Savings Bank of the
City of New York
joined the Savings
Banks Retirement System on
Sept. 1st. .They bring to a total of 36
the number of
participating banks, ten of them having become
memT
—
Investigating was checked by a slight increase
bers in 1944, an
average to date of better than a new bank
Sept. 8 by Paul V. McNutt, Chairman of the Com¬ in August, according to a state¬
each
month:' That participation in
mission, who stated that the required hiring of male labor through ment issued on Sept. 18
the^
by Indus-* System is
being welcomed by sav- ' ployee relations
the United States Employment Service and the fixing of employment
trial Commissioner Edward Corsi,
program,
both
ceilings would thereupon cease. He said, however, that "the 48-hour which states that the "chief reason ings bank employees is evidenced now and for the vital post-war
by the high ratio of eligible em¬ period when the
hour work-week in war plants^
~
for the increase was an unusually
employment and
Committee
on
and
the
and
programs
there will
continued
and
strengthened."
still
functions
non-regulatory functions
of USES will be
and
the major
remain
non-regulatory type.
this list is the continued
of
McNutt, "constitute what is
frequently referred to as 'man¬
control.'"
power
they
time
He added
war¬
manpower
Statements
necessary
regarding
manpower
designed to
measures.
function
management-labor com¬
which could formulate
mittees,
that
essentially the only
are
the
Included in
"These four policies," said Chair¬
man
area
of
programs
overcome
programs
urgent man¬
problems in the community
voluntary basis. There would
power
the
on
re¬
a
leasing of 4,000,000 workers from also be retained an expanded
their present employment and the counseling
service
designed to
expectation that the procurement make use of the skills, experience
authorities
will
stop
and
production
on
40% of the munitions program
as
soon
aptitudes of workers who are
difficult to place in war or civil¬
ian production and
of veterans
'were
the
as
also
Nazis
contained
surrender
Mr.
in
who
Mc~
Nutt's testimony before the Com¬
mittee,
the
announcement
.which by the Commission said:
Mr. McNutt emphasized the se¬
riousness of the manpower situ¬
ation
still
prevailing.
He
indi¬
cated the
"desperate need" for in¬
production
of
certain
items, saying that "we are at the
creased
moment
in
riod
have experienced since
production program be¬
the
we
war
gan."
the
most
crucial
per
•
..
The 48-hour week requirement,
-Mr. McNutt explained, cannot be
.relaxed in all plants alter the de¬
feat
of
"If
Germany.
for
said,
"it
tained
will
in
j
reason," he
to be main-,
other
no
have
certain
war
productioh
•plants so that workers' overtime
earnings will offset the induce¬
ments
that
transfer
will
to
be
civilian
offered
employment
rl
Referring
'to
estimates
that
4,000,000 workers will be released
from their present
employment,
Mr. McNutt said that it would be
from
the
forces.
Referring to the critical state of
the manpower
situation, Mr. Mc¬
Nutt said:
of
the
in
the
of the
case
Bank' of
Dime Savings
94% for the
Brooklyn,
plants.
Employment Roosevelt, and 89% for the Fulton.
can¬
Even these participation
figures
dairy
products,
tobacco, are likely to be increased before
lumber and glass industries." The the
60-day clause, after which
Commissioner in his report fur¬
present
eligible
employees
not
ther said:
then having joined would
be de¬
"Factory employment increased nied prior service benefits, be¬
0.4% from July to August, while comes effective.
Incidentally, all
war
declined substantially in the
ning,
•
payrolls
pared
advanced
with
employment
payrolls
1.1%.
August
a
three
Com¬
year
of
vided
ago,
these
prior
banks
service
have
benefits
pro¬
for
retention
weekly earnings were
August compared with $46.93
July and $45.06 last August."
sonnel of
in
It
is noted that the
participat¬
foregoing state¬
ing employees from these banks
ments are based on
preliminary
raise the total number of
tabulations covering reports from
partic¬
2,758
factories
throughout
the ipants covered by the benefits of
our
banks has
increased in the past 20
materially
years and
that the future
pension problems
will be
correspondingly more se¬
costly. < It therefore
and
total
the usual
procedure, will be amor¬
tized over a period of the next
ten years. The 376 new
real
"While sayings bank employees
participating employees. The rious
cost ran-over
$980,000, an seems
amount which, in accordance with well
$47.39 this
down
a
of past years
generally have been
retired
satisfactorily under the
permissive section of the
Banking
Law
dealing with pensions,
it
must be remembered that the
per¬
their
9.4% lower, with
5.0%.*
Average
was
of
competent help may
problem."
The
statement also says:
become
wise,
as
from
an
business
a
as
employee-relations
point of view, to fund
our
future
retirement obligations well before
they become due under a formal
arrangement such as is offered
by
the Retirement System.
"New York State
savings banks,
the System to just under 1600.
by the Di¬
throughout
their
history, have
In announcing the
particpation been noted for their spirit of co¬
Research, Statistics and
pete the blasting of the bastions
of their
institutions, a joint state¬ operation .; in
Publications under the direction'
of Germany and force the sur¬
anything. which
ment released by
of Dr. M. B. Givens.
Philip A. Ben¬ would tend to make the mutual
render of the Nazis.Since the
son, President of The Dime Sav¬
savings
bank
needs are so immediate and the : ■*! The further advices by the De¬
system
stronger.
ings'Bank of Brooklyn; • Paul W. This 'mutual'
insurance plan, tail¬
difficulties in meeting the needs partment state:
Connelly, President of the Fulton or-made for and
so real, it is with some
by the banks, is
"The seasonal upswing in most
difficulty
Savings Bank, and Adam
Schnei¬ but one more evidence of that co_that I am able to focus my-at¬
branches of the apparel industry der,
Jr., President of the Roosevelt operation — and
one
tention upon the actions that will resulted
which we
in a gain of 7.2% in em¬
Savings Bank, refers to the action believe will be of
be taken once Germany collapses.
lasting benefit
ployment and of 14.3% in pay¬ as: "a forward
step in our em¬ to our banks and
C submit to you that we cannot
employees."
rolls for the group'. " Men's tailor¬
afford to allow ourselves to be
ing firms hired many additional
swept off our feet emotionally by workers and some
which had been
the recent magnificent victories
closed in
"I
am
weapons
speaking now of the
that are needed to com¬
State
and
made
are
vision of
„
of
our
armed
the
errors
We
must
to
which should not be operating on
'the 48-hour,week." \
^
armed
of
discharged
are
ployees who have signed up—94%
large advance in the apparel in¬
dustry, with smaller gains in some
forces
made
and
by
our
remember
that
repeat
enemy.; crease
Lenin-.
ever,
grad, Moscow and Stalingrad held
out
against the
after
their
as
up
Metz
and
a
a
is
the
long
cannot
Nazi
might long
collapse
was chalked
The taking of
taking of Berlin
certainty.
not
the
war
way
efforts
our
on
the
working
in
only
by
houses,
small
reported
coat
passed
for
forces,
women's
factories;
their
the
in Europe could
bej gains
from its close.
We
relax
in
occurred
were
and
FDR Moves Toward
Liquidation Of War Agencies
-Asks Budget Director For Recommendations
July resumed opera¬
The great bulk of the in¬
tions.
fall
were
peak
how¬
dress
With
increases' Roosevelt
view
to
the
liquidation
of
war
Sept. 19 called
agencies,
President
upon the Federal Government to
prepare
peacetime demobilization.
In a letter issued
at the
women's
suit
now
they
had
White House,7 addressed to
Budget Director Harold D.
Smith, the
President, referring to the effectiveness of our efforts
on the battle¬
field, stated that "upon the termination of
as
,
of
season.
production
Moderate
reported by manufac¬
turers of women's
the
on
for its
own,
ceed with equal
undergarments,
war
vigor to liquidated
agencies and convert the Gov-! ment to
hostilities,
we
must pro¬
-
Some steps
along
longer necessary to maintain home front for one moment."
ernment
to
peace." Some steps, these lines
y
may be taken when the
the regulatory phases of the man¬
accessories.
Millinery shops had along these lines may be taken,;
fighting ends in Europe. The tranRegarding the expectation that,
power controls as a national re-'
large increases.
The only sub¬ heysaid, when the
the procurement authorities will
fighting ends sition from war to peace should
•quirement.
stantial decline in*
Any
controls
that
employment in Europe. •
be carried forward
stop
production
on
40%
of
hereafter
rapidly, but
become
occurred in men's shirt factories.
The President asked for the re¬
necessary,
he the
with a minimum of
munitions
program as
soon
disorder and
.said, will be established locally
Furriers had fewer employees but examination of
programs, organ-, disruption. Only careful
as
the Nazis surrender, Mr. Mc¬
tto meet specific problems.
planning
The
ization and staffing of
Nutt said that most of the con¬ larger payrolls.
agencies can achieve this goal.
,WMC officials will consult with
at the earliest
possible date and
tinued
"Employment and payrolls in
"This is the time to do the
production
will
be
on
plan-'
:management and labor commitrecommendations for:
items that are now in comfortable the food group dropped 7%
ning, although the war
in
even in
itees and. with procurement of¬
1. The
liquidation of war agen¬ Europe — is not over.
supply and that few cuts would August. Huge losses at canneries,;
Most of the
ficials in the localities as to such
cies and the
reassignment of such planning will
take place in those segments of the more than 30%, caused most of
."action.
probably have to
;y.>/;.'■
or
Ice cream plants also permanent
continuing func¬ wait for execution until the
program that are at the moment the decline.
Japs
He explained that the
tions as they; possess.
employ¬ so critical, "for many of the ma¬ had substantial cuts in
have surrendered
and there is
employ-;
ment stabilization- program, estab¬
2. The reduction of
Government no way of
terials will b£ needed for the war ment and payrolls, while
cereal
telling when that will
lished in the fall of 1942 to elim¬
factories had fewer workers but personnel to a peace footing.
against Japan."
happen. But the plans should be
inate wasteful
3. The
turnover
by re¬
simplification and adap¬ ready.
larger payrolls.
Mr. McNutt added that in
Meat packers,
many
tation
stricting the employment of work¬
of
the
administrative
"In order that I
cases it will be
hired
additional help
possible to expe¬ however,
may most ef¬
ers engaged in essential or
structure to peace-time
locally dite
and
require¬ fectively fulfill my
the
reported increased product
production
of
these
responsibil¬
needed
activities
ments.
*
1
1
'
except
when needed
ities as Chief Executive
items because of the gen¬ tion.
in * the
Employment and payrolls
•such employment would aid in the
In
Associated
Press
accounts demobilization
eral release of the facilities and
period
and
also increased in
may
.effective prosecution of the war,
bakeries, sugar from Washington Sept. 19 it was present
of manpower. •
appropriate recommenda¬
yi'g/yyy
was extended to all areas after the
stated:
refi neries
and
tions to the Congress on
candy
factories.
"I do not wish to
the re¬
.issuance
of > the
convey the
"The Civil Service Commission
"hold-the-line."
One producer of gin and
conversion
of
the- Government
whiskey
.executive
he
in ,1943.
order
The impression,- however,"
said,
yesterday reported Federal pay¬
agencies, I am asking you to re¬
"that
manpower • problems
will doubled his working force.
/
rolls stood at 2,936,602
channeling
of
all
male
labor
employees examine the programs,
"For the first time in
organiza¬
at the start of this
through USES, he pointed out, disappear with the collapse of
many
month, 270,502 tion and staffing of
Government
They ; will
of them in
•provides that all available labor in Germany.
change months
Washington. But the agencies and submit to me
employment increased in
at the
critical labor market areas be re¬ sharply in character and in many
Byrd Committee on Government earliest
the metals and
possible date recommen¬
machinery group,become ; infinitely
ferred to jobs by the employment ways
more
Spending estimated the number dations for
adjusting the execu¬
.service or in accordance with ar¬ complex. Until Japan is defeated,1 although the gain was very slight of Federal
employees on Sept. 13 tive branch of the
Government
rangements approved by USES so manpower requirements for war and payrolls remained- at about: at 3,112,965.from
the needs of war
to
the
that workers would be directed production must continue to have
"About '"„• a
the July level.
million • persons needs of peace.
A few plants in!
*"
Vi
;to jobs in the order of their rela¬ priority over all demands." •'
worked for the Government be¬
the aircraft,
"Such recommendations
tive importance to the war effort.
shipbuilding, railroad fore the war. Some
Mr. McNutt told the Committee
should
officials have
include plans for
The
program
for
(1) the liquida¬
employment he wanted to take advantage of equipment and munitions indus-' predicted that
even
with the
tion of war
agencies and the re¬
ceilings, he explained, had been his appearing before it to con¬ tries - hired - additional workers. closing of war agencies — Federal
assignment of such permanent or
'extended to all areas, in accord-* gratulate management and labor
Payrolls and hours were reduced paychecks will go to more than
ance with the
continuing functions as they pos¬
Aug. 4 directive of on the "superb job which they
1,500,000' 'persons
for
several
in
shipbuilding and munitions, years."
James F. Byrnes, Director of War have done."/* He submitted as a
sess, (2) the reduction of Govern¬
ment personnel to a
but were higher in the
'Mobilization. These three policies part of his testimony
other two.; y The President's
peace footing,
g recent re¬
letter to Mr.
and
and the application of the Presi¬ port
(3) " the simplification and
of the Management-Labor Steel mills,
foundries, tin can and' Smith, as given in Washington ad¬
dent's 48-hour work-week execu¬ Policy
adaptation of the administrative
vices to the New York "Times"
Committee
of
the
War razor
blade factories had
by structure
more
tive order are those characterized Manpower
to
C. P. Trussell, follows:
peacetime require¬
Commission, which he
children's
no
and miscellaneous
wear
peace.
—
.
-
.
-
—
.
v
.
,
_
•
.
•
-
,
—
by the Chairman
tory" controls.
Mr.
-
McNutt listed
regulatory"
dures in
bodied
both
all
the
"regula¬
/
as
controls
,
the
10
"norrproce¬
which, he Said, "are
experience
in
peacetime opera¬
and
The
retention
pointed out,
regulatory
em¬
of
years
war
tions."
■he
as
means
controls
of
these,
that -with
removed,
regarded
as
because
of
"especially significant
the
wisdom
recommendations
it
of
the
contains
and
because it indicates the extent to
which
we
have
received • the
.
wholehearted
support
of
.
the
cooperation.
leaders of
; and
man¬
agement, labor and agriculture in
developing and administering the
war
manpower
program.
employees and higher payrolls,
"In
the
j
,
ments.
"My Dear Mr. Smith:
"Total
machinery' industry
war
has required
a
great
some
expansion of Government activ¬
firms attributed
decreased
employment and payrolls to; can-, ities, agencies and personnel. Our
success
on >the
battle fronts all
the world bear witness to the
-
cellation
or
expiration -.of;, war:
contracts.. Manufacturers of
office
machines, however, had
large in-!
creases
their
and
reported
changes in
production schedules."
over
effectiveness of our efforts.
"Upon the^ termination of hos¬
we V must
proceed
with
equal vigor to liquidate war agen¬
t
tilities
cies
<
and
reconvert
the
Govern-
"In
;
general,
should
include
recommendations
the
methods
effecting
the
and
appropriate
the
for
proposed
changes
timing of
chese changes.
Immediate atten¬
tion should be focused on the
ad¬
justments
needed
mination of the
^
upon
war
in
"Very sincerely
the
ter¬
Europe. - \
yours,
;r\ -
"FRANKLIN D. ROOSEVELT."
.
1383
/.;/:/!. THE COMMERCIAL & FINANCIAL CHRONICLE
'
Number 4320
.Volume 160
in those food
will bring a decrease
Y. Stock Exchange /Changes! In Holdings Of Reacquired Stock
Market Value Of Bonds On N.
$
York' Stock
;
following table listed bonds
In the
with the aggregate market value
price for each:
$
Government
(Incl.
State, Cities, etc.)
companies:
S.
7,425,000
85,578,388,793
;
:'
102.25
•
107.50
101.50
/
..
Financial
metals
Mining (excluding iron)Paper and publishing
and
(Machinery
Petroleum
:
_
%
103.79
101.50 V
40,081,458
102.50 'i
106.14
254,866,242
106.35 /
32,296,515
104.69
104.20
92,173,592
32,174,958
.
104.14
8,032,336,41812,785,368*
69,605,596
83.45
7,914,016,581
12,723,568
-94.90
69,496,301
104.53
Shipping services
*.
Steel, iron and coke^
19,510,595
91.68
19,571,658
393,578,120
103.70
393,594,997
:
-
Retail merchandising
z
104.25
105.78
and electric
Communications
,
I
S.
companies
Total
U.
S.
108.57
60,710,360
108.57
'
84.25-
"
85.32 '
149,956,705
90.94
650,618,079
106.14
..\r.
.
The following
9/467
j
9,667
16,584
,16,600
32,189
31,989
r~
!:V! '
158
:
/;
".
1942—
.
I
*
'
;
,
I
62,720,371,752
Aug. 31
.
-
„
Nov.
30
64,543,971,299
96.11
Dec.
31
31_!z„JZ_ "70,583,644,622
96.70
31i-..--r/_
Nov.
30
Dec.
64.843.877,284
1943—
'
/
V
'
819,719
:
7,142
v":
5,112
- ■
'«
%
71,346,452,852
97.79
71,575,183,604
98.24
Apr.
29_
98.69
May
'
i*.'.V
■
!?•1 '•'«* -W • '• !>.' -,F
■ >■> /•
30
71.857.596,488
May 29
81,048,543,830
99.47
80.704,321,646
.
99.64-!
-
?■;'!'»/v?
830
160
;* t
' J
5
'
*
Root
100.62
Per Latest
;
,.100.53
July
31
102,284,657,208
31
102,328,885,992 '
56,748
-
.
1,605
>
12,095
-'?!/ 458
7,017 '
ties
*
19,715
12,247
12,265.
11,850:-
12,050
Savings Accounts Of N. Yo
Insured Associations Up
Associations
announced
Bank Debits For Month Df August
/Reserve District tn Aug. 16% Above Year Ago
The Federal Reserve Bank of New York announced on Sept. 2f
that August sales of department stores in the Second (New York"
Federal Reserve District increased 16% over a year ago.
The com¬
bined sales for January to August, 1944, were up 9% from the same
Stocks of merchandise on hand in depart¬
of August, 1944, were 4% above the amounl
//
in
stores at the end
>
*
.
18% gain in the net
reported
Their stocks on hand at the
5% higher than the same month in 1943.
sales, in August.*
close of the month were
'
.
Augtlst
.Mew
York
!
•
z-j
—
.
!—---
;
'Chicago ,——
It. Louis
—
Z
—
Atlanta —-
—
—
-
-
i
ilinneapolis !.
—— •
City./.——z————
Dallas—
—
—
Y-_
San Francisco
Total, 334 centers
"New York City——
LOCALITIES - AUGUST, 1944
TRADE BY MAJOR
* "
Second Federal Reserve District
-
preceding year
—r—-—Net sales—:—
Stooks. -
.
Aug.
1944
"
Northern New
i.
.
!-_!
z;
+ 9 ' ■ - -'
Jersey—+18
Newark..
!
;v
Westchester and Fairfield Counties/—
193 other centers
■
//"Included in the
.
...
'
!
,
2,649
4.181
2,401
2,133
9,794
1,755
1,318
2,132
1,736
5,860
60,613
: j
-
-
+18
<+3
.-.'«'+ 4
•
/• '/ :+ 2
.+ 2
+ 3
*,!*
'f+
2
•+ 1
+ 13
+ io
.
..
Poughkeepsie—!_!_
._!__
Upper Hudson River Valley—z-i.!!—./!.
^ Albany-;—
•
^
1943,
978,320.
only,
.
77,42£
10,072
8,982
14,966.
13.24C
8,177
7,312
7,556
6,585
34,899
30,373
6,318 " 5,506
4,278
7,563
6,341
19,675
225,966
3.89C
6,652
5,537
17,644
192,855
88,202
70,661
116,601
103,273
21,163
18,922
beginning in 1919
weekly
Bureau, Office
.
•
.
..
_
"Revised.
•
•
^
'•
•
'v-'!
'• •"
with balances
insured
amounting to $147,-
For the month of
August
accounts increased,
by $2,537,659 which was a 67.1%
greater increase than reported in
August a year ago. Assets of theso
associations on Aug.
31 totaled
$170,277,684. The advices from the
savings
Association also state:
32 Council
29 plan to
qualify for the redemption of war
bonds, beginning Oct. 2, practi¬
"A
of
the
shows
that
survey
members
cally all of them as sub-agents for
the Federal Home Loan Bank ot'
-
Disposal Of Surplus War Food Stocks Discussed
Before Commerce & Industry Assn. Forum /
of
and retail
.
of August these
New York.
—
—
end
9,704
95,586
in
savings associations reported 176/
620 individual
savings accounts
August
' - /• .—. 6
—-4-v /
The "plan of the" War Food Administration for the disposal
••;•.•••' .!. + !5 .; , ,: +21
■
+13
surplus war food stocks through the regular distribution
1
—
+3
— 1
A
3^ "* ' channels was discussed on Sept. -20 at* the opening session of the
+
-+-4
-. + '.3.v..
,^/ethird season of the Commerce and Industry Association's
Schenectady—
•• + 4
— 4
'
: + 1.. '
Central New York State..!!!./———
+ '6
• ' ' +' 9
/ ;
+ 9
Business Forum over Station WMCA. Outlining the Government's
riMohawk River Valley—
^z__
'
' + 5
+ '• 1 ! !"%'• ■• + 3
Utica——
;
i
+ 5.
fl +'4:/ "
!-'/ 5' plan, Maurice L. Brenner, Chief of the Procurement
Syracuse!..—__z—_zl
_'!
z_i.
•■•+.6
+ 13
!v, + 12
r of Distribution, Washington, said:<^
sold and replaced with a fresher
Northern New York State..—
+10
":" + 8 • .• 5
■///Agriculture, labor and the food
stock." Our procedure is flexible
Southern New York State.——_1—+10
/■!+' 7
industry are watching with con¬
!.Binghamton
—
—
L—
+15
.
+.' 7
.. .
The only policy which governs
Elmira
———!—
—z
'
; > —. l
+8
« . cern all Government moves to¬
our sales is, one, that there be re¬
Western New York-State—
!
+ 8
*
•. .+ '6 '
+ 5
ward disposition of its food, look¬
turned to the United States Treas¬
/ Buffalo..:
i—_——
._!
+ 4
,+ 5
+ 6 •V"1
ing for-an indication that foodNiagara Falls.——-!—-.
—" +10
+'-2 15/ ! +,9 v.,;
ury the greatest possible amount
Rochester
,
+ 12
7/. iiH-,'7
+ .3»:'-v stocks will be - dumped as they
Apparel stores (chiefly New York City)—
+18
joY
8
' ' •
+ 5! 5' were after the World War I. Much and, two, that normal channels of
trade be disturbed as little as pos¬
planning and thought have been
27 shopping days in 1944, 26 shopping days iri; 1943.*
'
•
sible?'
given by the War Food Adminis¬
Regional Director, F. D. Cronin,
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
.
; ! .
tration toward seeing that'such a
13
States, in
,
Second Federal Reserve District
v.'5!! condition does not exist at the end representingNeweasternCity is the
noting that
York
(1935-39 average = 100) *'
: ! !
of the European conflict. To avoid
greatest single food market in the
;
I!: ':;::/-, •■•;!•/"•/.
"
1943
1944
—
such a situation purchases are be¬
■'< '•
Aug.
June:
July . .
. Aug.
world and has made and is mak¬
ing tailored as closely as possible
Eales (average daily), unadjusted—
—
98
"132* """°100
110
ing' the greatest single quantity
to requirements. AJSales Division
Sales (average daily),.seasonally adjusted—
"135
"142 * ' "149
' *151 .
contribution of food to direct war
.j
"
' -• • ; (1923-25 average == 100) '
.!"* , ^ ' has been created to sell now, such
needs, pointed out that Victory in
Stocks,- unadjusted
—-•
zz—
4 123
113 .'110
128 ;* foods as are no longer needed, or
either of the two major theaters
Stocks, seasonally adjusted—
_!_!—-—.
127
^18
121
131
which it is determined should be
Bridgeport—/
.
Lower Hudson River Valley.—
.
hand
1,457
j
2,412
•:
, 1,999
:
6,451
i 69,213
,
32
had reported
savings account;
$22,945,880 or 18.4%
during the past twelve months. At
10,534
23,309
Sept. 2 that its
of
balances
August
; J944
.
3,046
1944
+16
'
Second District.!
\New
on
Aug. 31, 1944
• + '4
York Cit--_^!!!^!/i.:;;. +91•;! / +!3 ?
■
Department stores—•
Y,
Jan.-Aug.
1,921
'
!
.1943
..
26,165.>
21,221 'v
36,420
■ j 33,359
6,627
6,033
national series covering 141 centers, available
"140 other centers
Percentage change from
10,927
'
-
——
—
——
3,020
28,467
3,032
4,576
2,549
2,402
f
•
-
j944
i
Philadelphia'———
Cleveland
Kansas
|
District-—
——!
Boston ,.i
is the bank's tabulation:
DEPARTMENT STORE
:
August
.
.
! Federal Reserve
on
increase
an
the
!! ■•>','!!
!
.
■ •
. '^3 Months Ended-.
millions1 of dollars)
'
■ „
(In
•
.
"
,
''5" ■' -!-
j
Richmond
/The apparel stores in the New York Reserve. District
•The following
•
issued
debits," which we
FEpERAL RESERVE DISTRICTS
SUMMARY BY
August, last year.
an
monthly summary of "bank
,
of
member associations
the Federal Reserve System
The-Board of Governors of
Sept. 11 its usual
give.below:
period the previous year.
ment
a
on
Insured Savings
New York State
The Council of
100.74
Oeparfment Sfore Sales lit fSew Y©rk Federal
on
.
75,200
?
19,595
Stores Corp., common.—/!^.—
Utility Equities' Corp.,* $5.50 dividend pref. istock—'!—!„~!/
line
7,117
:
:
86,225
—
Trunz, Inc., common
United Cigar-Whelan
where
12,295
457
to be quite in
planned in England
they face similar difficul¬
surpluses of all kinds."
with what is
880
/
appears
gram
46,689
of food,
the war we can
orderly procedure
with current surpluses
World War I. Our pro--
-
49,163
! 46,579
distribution
more
a
in dealing
than after
-58,498
-
-
46,163
—
L.
—
-
10,066
9,566
!
look to
600 p-
100.71
99.23
Aug.
Inc.,< common.!—
/
Hughes, Business
the
New York
"Times," in speaking of the dis¬
Editor,
News
noted that "after
t
385,480
-
preferred.!-———
6%
Co.,
Report
599
sumed." ?/.
'Charles
F>
posal, and
Shares
.
..
385,472
common-
Petroleum
Sterling,
100.31
96,235,324,054-
June 30
'
-
crops,
grow new
. T
available on Sept. 16 the
common.^—
—1——
Co., $1.20 convertible pref.i—'—
Ogden Corp.,
93,849,254,814
_
farmers to
and the canners
\
to pack the new crops,; with some
1 v
assurance that they will be con¬
permit the
will
and
•
Equity. Corp.; $3 convertible preferred^
L_—
Esquire, Inc., capital.:
-j;—!L.
—
Interstate Hosiery Mills, Inc., capital./—_i_—
Merrit.t-Chapman & Scott Corp., 6Va% A preferred—!
Midland Oil borp.^ $2, convertible pref..—!/—
-—.—
1UU.32
29
99.35
^Uly 31
P0,352,221,151
Aug. 31_!—80,109/269,964
/
& Mfg.
Gasket
Detroit
Corp.,
Petroleum
Central
Crown
95,713,288,544
95,305,318,075 J
31—
31
Apr.
;
99.02
99.78
Mar. 31
Mar.
z_
v
2,200
•
2,140
rapidly
cooperate and use up as
possible, all food products de¬
clared 'surplus.'
This will keep
the channels of distribution clear
'
4,682
!
—!.
American
Francis H. Leggett
as
450
Reported
Company and Class of Stock—
General Corp., common
.!
100.21
Feb.
27
June 30
99.37 ,•
99.45
99.38
*>"'
97.47
71,038.674,932
30
Feb.
./■■:,
90,076,888,558
_
1944—
$
90,501,768,934
_
__
_
/
to
7,145
"1,950
distributors
Miller, Vice-Presi-;
& Co.,.
said: "It is in the interest of all
concerned, consumers as well as
distributors/farmers and packers,
securities which have reported
in-their holdings of reacquired stock:" ' / " * ' - ^
changes
Average
Price "
/
$
/
80,149,558,292
;/•-:■/
Jan.31_w^—
:
Jan.
/
'
3ept. 30-,___
Oct!*30i.!!;z
96.48
Oct.
"
96.08
ft 96.18
: 62,765,776,218?
Eept. 30_^—--u
J ->/?'
^
(3)
-
; 10,034
814,211
Previously
Market Value
1943—
Price
$
4"
•
9
9,034
;
v.
Average
Market Value
,
4
9
.1
/
>
!
/
the
their part in the
plan, Henry J.
159
.;
12
/ 12
V
?
:
for
and retailers and
954,126
954,125
/■
!
«.
Speaking
following list of issuers of fully listed
us,
the Exchange:
on
avoided."
dent,
Shares
listed
.
2,600
.
'•
Curb Exchange made
New York
i 34,600
'
.
The
gives ar two-year compari¬
and the total average price of bonds
table, compiled-by
of the total market value
son
100.71 ;
102,284,657,208
100.74
All; listed bonds...102,328,885,992 V
5,309
34,200
i
common!—
(3)Acquired 2; disposed of 5.
/ 41,200
4,108
off grade, and
gone
protection of food concerns from
the break in the going price struc¬
ture
which would result from
dumping.
It is believed that
through such safeguards the dis¬
order in local food markets which
followed World War I- will be
1,103
7,617
"
38,200'
'
1
.
,,
'
, „
NOtES • . V*" ;■ ;
(1)5 Acquired 188; stock'dividend and: sale 22,462.
(2)
Acquired and retired 147 shares./
j , ; ■
/
-
6,917
86,726
Inc.,
/
14,665,246,864
'92.60
'1,394,946,013 " > • 70;17!
646,075,538
90.30
10.61)
1,402,728,939 "?
148; 103,389 A
31,341,030
92.20
14,498,314,148
.-
,
/
106.53
31.456,800
-
companies
Foreign governmept—/
Foreign companies
71.94
103,463,376
72.07
103,656,390
112.66
1,165,512,094
112.33 %
1,159,248,963
—
(2)
55,200
*'
1,000
'
capital——-—
i—!—!—!
Texas Company/The,
capital-—
United States Leather Company, The, prior preference
United States Plywood Corporation, common
'
Virginia Iron Coal and Coke Co., preferred-!-—_!!!__—__
"Engineers Public Service Co., Inc., $5 div.- conv. pfd._—
"Engineers Public Service Co., Inc., $6 cum: div. pfd;__
108.07
60,710,360
businesses
Miscellaneous
3,203,371,800
utilities
oper. abroad
Miscellaneous
U.
108.15
3,200
49/00
have
which
25,172
__
will mean protection
food products
disposal
of consumers from
42:
163,492
%
•
conditions
and a sales
plan will be drawn for each par¬
ticular transaction to avoid de¬
pressing the local market. Locally,
the application of the general plan
of
70,026
25
>
2,800
j
common.:..
and Steel Corp.,
Iron
Rustless
3,160,384,133
(operating).
(holding)
-preferred
i*!
'
•
24,972-*
common__!_-_-_i——
Corporation,
Oil
Sinclair
Sterling Drug,
Gas and electric
,
*?
103.69
Utilities:
Gas
91.97.'';
172,658,609
105.95
172,938,230
Tobacco
%
cum.
5,400 :
•
,160,392
Plymouth Oil Company, capital-—
:
Purity Bakeries Corporation, common__!_-I__-V!—
Petroleum Corporation of America, capital-!—!—!-!
Republic Steel Corporation—•
~
1
/ !
!
67o cum. .convertible prior pref., series Ai—
———
-
104.70
36,487,500
105.75 :■
37,012,500
Textiles
r1
l 94.15
•
■
•
84.14
,
5%
Stores Corporation,
45,323
3)000
68,299
-L.¬
•
——
:
658
*
45,321
;!■
Utilities Corp., preferred.!
_i__.!__•
Goodyear Tire & Rubber Co., The, $5 conv/preferred
Hupp Motor Car Corporation, common.;
'
Madison Square Garden Corp., capital
National Cylinder Gas Company, common.:
z_
Newport News Shipbuilding and Dry-Dock Company—
$5 cumulative convertible preferred..!
I—!_=.!—,
Norfolk and Western Railway Co., Adjustment preferred..
104.30
-
:
common
21
preferred.—!.-
common_J___._J—
Steamship Lines, preferred-
Corporation,
"Davega
U>
71.12
641,881,733
V
,/
preferred cum._
cum.
(1)
2,000
General Realty &
102.48 r
35,316,135V
,
v
72.48 !
5%
Company,
General Motors Corporation,
92.16
10,901,291
94.35 "
102.43
Rubber
Railroad
,v
V
107.00
■
640,569,972
-
98.13
102.13
15,133,010
"
80,550
V- 26,527
40,801
made in thorough
existing, at the time,
•V 26,527
70,550
preferred —J_
_*
Barnsdall Oil Company, common....!..,:./
Borden Company (The), capitals
__!!!_
Crucible Steel Company of America, 57o conv. preferred^.
101.50
!
20,300,000
93,915,729
.
-
102.61
•Kv. 35,300,275
Investment
Corporation,
Atlas
44,423,875
11,160,420
Land and realty
;;
13,379,000
104.07
20,300,000
39,998,238
Electrical equipment
13,296,440
15,203,725
;
office equipment1
;
2
—
Business and
Chemical
.
44,543,875
253,684,213
."•5 Building
102.41 /
40,801
L____!!'
common!
Leather Company, 6%
Atlantic Gulf and West Indies
103.08
*
7,359,375
7,714,000
99.00
5,930,500
z
1,102.984 '
"
Company,
Associates Investment Company.
$
.
I+Z—w-1-
Automobile
1,083,989"
!l!»J-J"
common
each mar¬
consideratioin of trade
Report "
•
Associates
103.15
v 85,777,224,826
and Leather
American Hide.and
Atlas
»
Amusement
;
'
:
Per Latest
Reported
-
;
Company, common
Hide
American
Y.
N.
Kid
The,
Company,
Express
Allied
Market Value
K
$
i'-'-V'/
Adams
Average
Price
Market Value
Group—
S.
V.
Shares
'
said that allocations to
ket area will be
Shares
It can be
surplus supply.
in
be
the Department of Stock
:
Company and Class of Stock—
July 31^^.94
.
heretofore reported by
as
Previously
and average
i
--Aug. 31, 1944
Average
U.
held
than will be taken out.
Some commodities will certainly
York City
amount of stock
List:
reporting: changes in the
tabulation of companies
$101,559,186,057 par value;
price of 100.71 on July 31.
are classified by governmental
channels of New
the normal trade
the following
Exchange issued on Sept. 15
The New York Stock
pares with 1,065 bond issues aggregating
total market value $102,284,657,208; average
and industrial groups
Firms
Of N. Y. Slock & Curb Listed
j!: As of , the close, of business Aug. 31, there were 1,059 bond issues,
aggregating $101,581,322,714 par value, listed on the New
Exchange with a total market value of $102,328,885,992/ "This com¬
will be put back into
food
more
"Progressively,
He said,
demands.
.
"The Board of Governors
of theN
passed a resolu¬
tion urging all of its member in-^
sured savings associations td
Council recently
qualify for the redemption of war
bonds. The resolution emphasized
that 'this
privilege of again serv¬
U. S. Treasury and the
public carries with it the respon¬
the
ing
sibility of encouraging the public
to hold their bonds and to educate
to the fact
them
thereon
interest
year
a
that the rate of
increases every
that the bonds are
held.' Iu.
bulletin explaining war
bond re¬
demption procedures to its mem¬
bers there is included a table of
for ex¬
held through
the sixth year will.yield the bond-.
Owner 4.41%
per year from that
'E'
bond
yields showing,
ample, that a bond
date to
maturity.,,
far-this year the Council
members have sold 165,968 war
bonds to the public having an is-:
sue price of $19,903,240.50. -Gov¬
ernment bonds owned by these as¬
sociations
total
$31,789,500 or
18.6% oij their total resources."
[ "So
1384
THE COMMERCIAL & FINANCIAL CHRONICLE
Cottonseed Receipts To August 31
Civil
States
CRUSHED,
AND
•Received at mills
State—..
1943
162,772
394,420
1944
Aug. 31
1944
133,073
1943
181,778
351,683
'
AiaDama
9,703
30,840
7,529
11,908
9,252
21,117
2,936
19,923
6,672
10,340
6,124
19,166
26,965
Arkansas—
40,533
16,181
15,986
30,622
28,345
18,739
40,640
5,458
9,596
15,257
31,587
-
Georgia
Louisiana—
—
Mississippi———__
Soutl4 Carolina
8,234
All other states
•Does
15,722
3,743
7,957
6,446
44,526
83,645
162,951
10,755
13,199
12,129
5,248
and
7,459
and
12,134
90,336
tons'
6,303
tons
hand
on
reshipped
eral
during
PRODUCTS
SHIPPED
PRODUCED,
OUT,
AND
than
Product—i
<
Aug. 1
Aug. 1-31
oil
1943-44
I
1943-44
..v.'
(tons)
40,102
1241,270'
1944-45
28,827
Total U. S. construction..
-
33,329
130,720
Private construction
tl83,448
28,009
139,153
207,409 i'?;
27,776
44,334
41,757
Public construction
30,353
J
1943-44
18,542
59,141
48,462
1944-45
1943-44
14,677
23,589
31,771
20,666
24,467
17,600
11,964
__
(500-lb.
1944-45
63,059
§29,321
47,945
1943-44
1944-45
1943-44
1944-45
1943-44
135,927
39,785
63,951
111,761
545
1,299
1,302
556
348
bales)
j
[
Grabbots, motes, &c,
(500-lb.
bales)
♦Includes
)
18,695,000
establishments
and
sumers
1944
Aug.
1
fIncludes
2,072,000
Aug.
1,
at
and
§Total
and
bales
cut
and
and
1944,
other
than
pounds
in
1944,
.
1,387
held
pounds
in
622
-
refining
transit
9,879
and
to
manufacturing
refiners
and
con¬
respectively.
held
pounds
refineries
transit
by
refiners, brokers, agents
manufacturing establishments
and
to
manufacturers
respectively.
of
shortening,
mill
4,106
includes
Total
run.
bales
mill
5,956
until
Does not include winterized oil.
held
bales
includes
first
cut,
17,363
21,591
bales
first
bales
cut,
second
22,966
in 1943.
cut,
bales
capital
Non-Farm Mortgage
has
to
pushed non-farm
the
record
near
the
volume
mortage
of
home
year
recordings for the first'six months
figure of $2,176,000,000, the Federal Home
Loan
reported on Aug. 26. The total is about 28%
above the figure for the first half of 1943 and
only 2% below the
aggregate for the same period in 1941, the high point for the first
half of any year since such estimates
were first
compiled in 1939.
The advices further stated:
;
"Except for insurance companies, all types of
mortgagees partici¬
pated in the 1943-1944 rise. Individual lenders increased
their totals
by 40%; savings and loan associations by
35%; banks and trust com¬
panies, 24%; miscellaneous lenders, 23%; and mutual
savings banks,
■
.
"The relative share of the various
types of lenders in the total
volume of business
changed only; slightly between the two periods
of. 1943 and 1944, This
year the proportion of all
mortgages recorded
by savings and loan associations
and individual lenders increased
2%,
to 33%
and 24%, respectively. The
participation of insurance com¬
panies declined from 8% to 6%, while the
proportion accounted for
by other lenders was about the same as last
year.
than
June, mortgage recordings totalled
$422,000,000,
in May and 21% above
June, 1943.
"The estimates
or
less.
based
are
on
are
recordings for the first half
Number-
Savings and loan associations—
Insurance companies
Banks and trust companies.—
Amount
232,632
25,019
120,093
___
_____L
Totals
■;
'
■'
Reports
received
by
the
from commercial paper dealers show
19.
This compares with
1944, and $156,200,000
Following
on
total of
a
Bank
of
Aug 31—
"
•
1943
1—44*? 140,900,000
Mig 31
142,900,000
—
_
136,500,000
Jun
on
_
open
on
July 31,
isfi pnnnnr
"""""
——
30
—194,800,000
Mar 31
Mar
31-^—
Feb
29—.——
uq'sno
.
Z-Z.!""""""
,n
nn
u »
i
159 goo oon
l?a"Soo*Clon
""
213.700,000
200600 000
■
?09 1 00 OOO
208,900,000
-
—
——
Nov 30
Jan
30—_-ZZZZZZZZZZZZZZZ 220i400*000
202.000.000
Dec
31.
....
30—-—
Sep 30
workers
——-—
203,300,000
Nov
—
187,800,000
Oct
169,500,000
30
229,900,000
...
31—.—
Sep 30
Ybrk
War
guests
appeal
of
group
volunteer
and
Fund
campaign
heard
the
voiced
distinguished
Mrs. Dwight
including
row,
D.inner
man,
and
by
speakers,
W.
Committee
Richard
a
W.
Mor¬
Chair¬
Lawrence.
Campaign
Chairman, who pre¬
sided; Winthrop W. Aldrich, Pres¬
of
Mrs.
Vincent
the
National War
Fund;
Chairman,
Aster,
Division, New York War
Fund; John W. Vandercook, NBC
radio
commentator; Clarence B.
Randall, Chairman, Chicago Com¬
munity and War Fund, and Newbold
Morris,
President,
City
:
'
260 600 (100
.I"";
and
27L400 000
281,800,000
the
service,
clubs
from
and
to
Alaska to
fighting
our
Bra¬
forces
and
zone
convalescent veterans in
"Those
$1,261,642,000 for
lated
to
in
our
hospitals
and back here.
overseas
146,190,000
gifts
into
have
books
been
and
trans¬
and
games
musical instruments to
occupy the
and
hands
of
homesick,
minds
heartsick prisoners of
war.
gifts
homes
have
built
recreation
the
campaign
clubs
for
all
Those
and
the
over
merchant
our
who
men
rest
seamen,
the materials
carry
for
54%
are
lower
gifts
many
different
have
for
1944,. in
forth
gone
forms
and
in
direc¬
tions—Mercy Ships with food for
starving Greece, training of medi¬
cal aides in China who
"are report¬
ed to have restored to active
ice
than
million
a
and
Chinese
for
children
care
from
serv¬
half
a
Britain's
robot
clothing for those
whose homes and belongings have
zone,
been;bombed
which
out, seeds
for
rer
the
in
goal
was
an¬
the
stated:
New
War
secure
Fund's
in
gifts, be¬
tween now and Nov;
11, $17,200,000.
Ours
is
the
responsibility
for
raising approximately one-
goal
goal.
is
The
for
the
balance
support
York City agencies.
the
New;
of
York
•
of
our
New
They include
City
Defense
•
Recreation Committee with activ¬
50
York
Y.M.C.Aj,
centers in
all
parts of
City, operated by the
Salvation
tional
Catholic
vices,
Jewish
Arriiy,
Na¬
Community
Ser¬
Welfare
Board.
Travelers Aid and other
splendid
service
organizations-such
Officers Service
vice
Committee,
Sailors Club.
as
the
Club, Ships Ser¬
We
Soldiers
are
to
-and
provide,
too, for the needs of the Amer¬
Voluntary Services,
Community Serv¬
Mayor's Committee on
C.D.V.O.
ices,
the
Wartime
Care
of
Children,
and
the Veterans Service Center..
"We
grasp,
appealing in this uni¬
fied
fund-raising campaign for
the support of 19 national war
relief organizations. Each of these
agencies
has
devoted,
trained
leadership, skills and experience
which
be
can
of
immeasurable
help in mitigating suffering in the
areas that were
occupied, and are
occupied, by the oppressor.
The
needs they have to meet cannot
be
too greatly emphasized.
"Last year we asked the people
of New York for $17,000,000, and
they
gave
it
to
They liked
us.
the idea of a federated
appeal.
They liked the idea of immunity
The
promise which has been kept.
$17,000,000 was raised, and
the
campaign cost about 4%,
outstanding record.
do
can
drive,
in
in
less
no
gratitude
for
an
has
been achieved since then in bring¬
ing victory to
exceed
can
our
and
Yorkers
each and
the
goal
will
will
if
do
that
possible.
the
our
has
We
New
if
us
so
we,
care¬
last year and stressed the contin¬
war
organizations, said:
"A year ago—in this same
paign.
the
You
appeal
were
of
serv¬
by all the War
your
the
first
asked
confi¬
There are,
we
have got
*
prisoners
repatriation
is
a
long
of
and
cated task, the end of the
must
of
inevitably
morale
create
Which
will
fighting
problems
tax
limit the energies and
the
war
compli¬
to
the
resources
of
three
major agencies serving
our forces—USO, United
Seamen's
Service and War Prisoners Aid.
"Second,
lands
will
liberation of occupied
present,
for the first time,
portunities
services to
for
most
we
do
cases
private
aid
op¬
and
supolement the relief
of
programs
in
challenging
UNRRA
and
other
Whatever
can
do, we shall all want to
quickly and generously for the
people
of
these
countries
and
those who have suffered most.
.
Fund campaign
launched
the job.
through.
the
cause
"Third,
For
—you
am
"First, because we must keep
large forces in Europe for a
longer time than any American
will wish to
contemplate, and be¬
by the initial
Fund member
I
fact, three big jobs
to carry
a
administered
won't!
our
down
our
tion to finish
in
Aldrich,- who reviewed the
uing need for the vital
we
them
military successes in
Europe, instead of diminishing
your interest in this appeal,
will,
rather, heighten your determina¬
widespread benefits made possible
ices
And
dent that
within
let
governmental agencies.
full share of
been
fully planned for us."
Mr.
-
job.
fail
not
all, do
work
We must
our cause.
victory
can't
we
now.
this
what
with
year,
are
"We
York
continuing the essential war time
services,
Mr.
Aldrich
said:
"There's still a job to be done—a
bigger job, a harder job.
This
ican Women's
the
—a
campaign
keynote address
Campaign Chairman Lawrence
New
Apr 30
—
New
campaign
^
May 29
171,500.000
Oct
York
in
USO
soldiers, tender
1,200
Fund
New
provided
conveniences
Newfoundland
combat
every
globe
$1,263,800,000,
eighth of the total National War
years:
July 31
May31_———150,700,000
31__
100%
1944, the bank announced
Apr 29—
Jan
than
"The
Aug. 31, 1943.
$
construction,
forcefully told in prayer, in
speech and in music, and the re¬
sponsibility for success of the
campaign was placed on the door¬
step of every New Yorker. More
who
14
have
Through USO Camp Showsthey have brought Broadway and
Hollywood to foxholes and beach¬
*
was
of
24
have
They
million acts of
a
boys
91
major
What
and
3,000
from
heads, to
and
areas.
six
into
zil.
Open New York War Fund Campaign
The
ities in
July 31.-—-—.—
Dec; 31.
.
,
$140,900,000 of
$142,900,000 outstanding
the totals for the last two
are
-'1944—
Jun 30—4—4
3
world,
accomplished?
comforts
our
mil¬
to
planting the scorched earth, as¬
citizens of Greater New York are asked to
contribute $17,200,000 for
sistance ja^cl aid in Zstarting. lif£j
the support of 31 National iand Ideal war-service
agencies serving anew for thousands of
refugees
our own and our
allies, was formally launched with a dinner and who
escaped the horror of Axis
dramatic stage presentation in the
grand ballroom of the Waldorfoccupation."
Astoria on Sept. 20.
The importance of this, once-a-year appeal as
a
Explaining the importance of
contribution to the war effort^———•——
—
The
'■
Reserve
market paper outstanding on Aug.
31,
Sept.
home
(five weeks)
$211,251,000
31,932,000
179,319,000
33,129,000
a
departmental
nounced
Outstanding
Federal
gifts
have performed
kindness.
They
units
volume 47% below that reported for the eight- month
the year to date,
$193,562,000,
year ago.
Federal funds for non-Federal work,
$140,790,000, are down 15%, and Federal appropriations for military
6,
$2,175,827,000
''
Commercial Paper
33
the
geographical
those
miles,
through the
countries
through
a
above
objective is to
685,238
of
different
month, last
Private investment for
period.
67%
Council.
20
73,036,000
518,318,000
308,853,000
79,981
»
_____
PerCent
424,070.000
209.085
...
Other mortgagees
of
$725,872 000
125,678,000
18,428
—
people,
continents
for
financing for the eight months of 1944 totals
Women's
follows:
as
Mutual savings banks.....—
Individuals
more
recordings of mortgages of $20,000
The number and amount of
1944, by type of lenders,
4%
little
helped
you
the
1943
is
ident
"In
of
bomb
financing this
a
gifts
of
those
Recordings Up
Eank Administration
14%.
lions
evacuated
(i*.For First Six Months llllll
in
over
$1,598,152,000,
defense, the Department of Commerce
notice the publication of statistics
thousands
-
construction i purposes
increase of 534%
an
last year.
rise
for
you
tell
the
traveling, travel¬
ing
aver¬
below the $2,224,088,000 reported for
;
be very
obtain have done for those we
sought to aid.
Those gifts have
been doing some
last
Private
New construction
further
to
-rec¬
some¬
may
you
to
what
August, 1944
38,293,000
120,268,000
25,460,000
94,808,000
is
August totals $43,- of war to every port and beach¬
August, 1943, weekly average head occupied by our Army and
volume. The current month's new
financing is made up of $42,531,000 Navy.
in private
investment, and $1,330,000 in RFC loans for private indus¬
"And
for
our
fighting allies,
trial expansion.
861,000,
and
unbroken
July weekly
July, 1944
(four weeks)
$158,561,000
brings 1944 construction
period last year.
New
etc.
concerning imports and exports.
An
than
construction for the year to
date^$271,706,000, is 7% lower than a year ago, and public construction, $989,936,000, is down 50% due to the 56% drop in Federal work. State
and municipal construction,
$168,025,000, is 18% higher than in the
run.
In the interest of national
discontinued
lower
NEW CAPITAL
and
soap,
Exports and Imports of Cottonseed Products
has
1%
warit
Hawaii
total 45%
a
and
33,257,000 pounds of crude oil.
produced
months,
the period
»,
8,049"
•
5,759
by
the eight
542
282
3,484
1,532
pounds
4,579,000
Aug, 31,
and 963,000
places
linters
1,774
second
and
and Aug. 31,
^Produced from
,
12,549,000
2,644,000
1,800,000
1944
10,146
14,106
>.«
and
1,563,000
warehousemen
The August volume
§44,435
j
1
accomplishment
to
are:
133,454,000
15,351,000
118,103,000
_______________
19,268
I
bales)
is
from the
$161,548,000
28,094,000
_____
______
State and municipal
Federal
29,221
(
)
fiber
but
(four weeks)
*29,589
(tons)
Linters
(running
month,
August, 1943
Aug. 31
26,143
Hulls
Hull
"I
about
State and municipal volume is 4 and"73% higher,
respectively,
month ago and a year ago.
On hand
Shipped out
Aug. 1-31
29,762
23,283
1944-45
(thousand pounds) _J
Cake and meal
)
■
*30,136
1944-45
thousand pounds)-1
Refined
last
over
month, and the current month
Produced
Season
\
23%
of
proud.
United
beginning
of Season
Crude oil
a
gains
age, and 9% from the August, 1943, average week.
Civil engineering construction volumes for the 1943
On hand
at
continental
$211,251,000 for August,
Private construction decreases 33 %
HAND
ON
work
year.
Aug, 1, 1944 and 1943,
the seasons 1944-45 and
1943-44.
COTTONSEED
in
Public construction, on the weekly
average basis, is 19% higher
than in the preceding month, and is 8% above the
1943 month. Fed¬
69,942
8,391
23,014
118,701
2,690
nor
26,219
7,596
162,808
.
include
not
14,916
10,677
,,
respectively,
84,621
.
You responded whole--
thing of which
volume
...
80.160
—
Texas
totals
construction
an average of $42,250,000 for
month, and the highest volume reported
to "Engineering News Record"
during 1944. The weekly average
volume, pot including the construction by military engineers abroad,
American contracts outside the
country, and shipbuilding, tops the
average for the four weeks, of July, 1944,
Ipy 7%, and is 5% above
the four-week August, 1943,
average.' The report, made public on
Sept. 7, continued in'part as follows:
On hand at mills
1943
99.G95
ord
each of the five weeks of the
(TONS)
Aug. 1-31
i
1944
United States
HAND
Crushed
Aug. 1-31
>
ON
engineering
1944
heartedly,- generously J Your
$1^ liSSi High
showing cottonseed received, crushed, and on hand, and cottonseed
products manufactured, shipped out, on hand, and exported for the
month ended August 31, 1944 and 1943.
RECEIVED,
New York.
August Civi! Engineering Construction At f 844
On Sept. 13, the Bureau of Census issued the
following statement
COTTONSEED
Thursday, September 28,
to
National
Fund to the people of the
great
this
Aid
the
must
tasks.
We
USO,
be
with Japan.
United
the
and
carry
bring
liberation
an
tional
open
us
for
ready
must
that the day is
cam¬
War
shall still be fighting
Sea¬
men's Service and War Prisoners
place
City of
we
war—our war
bigger
remember,
drawing
near
too,
when
of the
Philippines*
door to
China, will
face to face with tradi¬
responsibilities
Americans
will
which
all
gladly welcome."
.Volume 160
Week Ended
I Wholesale Prices Stable For
War
>
remained
unchanged since the last week in August.
"During the week ended
Sept. 16, trends were mixed in farm product markets, with sea¬
sonal decreases for apples and for potatoes in mid-western and
western markets,:and lower prices for grains and livestock were
offset by seasonal advances for eggs and higher prices for cotton and
hay," said the report issued by the U. S. Department of Labor on
Sept. 21, which also stated: "In industrial markets, prices for quick¬
silver and common brick moved down, while quotations for certain
commodity prices in primary
expenditures by the U. S. Government amounted to $7,798,000,000 for August, an increase of $443,000,000 or 6% over ex¬
penditures in July, according to figures compiled by the Treasury
Department and announced on Sept. 15 by the War Production
Board, which also stated:
■./V...V->gg..
y.'y:
y
Finance Bulk Of
"Average daily expenditures for war purposes in August totaled
$288,800,000, an increase of 2.1% over the $282,900,000 expended in
July. The daily rate is based on the -27 days in August and the
26 days in July on which checks were cleared by the Treasury.
"From July 1, 1940, through Aug. 31, 1944, the war expenditures
by the United States totaled $215,000,000,000.
"These figures include checks cleared by the Treasury and pay¬
able from war appropriations and net outlays of the Reconstruction
Finance Corporation and its subsidiaries.
"Monthly war expenditures and the average daily rates from
the first quarter of 1941 to August, 1944, inclusive, are listed in the
following table:
people of the United States live
are
relying more heavily upon
local home financing institutions
The all-commodity
103.6% of the 1926 aver¬
textiles and prepared roofing advanced.
cotton
index of the Bureau of Labor Statistics, at
age, was
at the same level as in mid-August and
year.!'
Labor Department's advices continued:
0.7% higher than
at his time last
The
Products
"Farm
Foods—Market
and
of
Portland
(Oregon)
products
and sheep were largely responsible for the drop. Average
prices for wheat strengthened during the week and higher prices
were reported for cotton, hay, and onions.
Eggs, lemons, and oranges
advanced seasonally.
During the past four weeks, farm product
cows,
and they are slightly more than
declined 0.2%
have
prices
"The seasonal decline for
counterbalanced seasonally
higher prices for eggs, lemons, and oranges and wheat flour.
Aver¬
age prices for meats remained unchanged from the preceding week.
Since the middle of August, average market prices for foods have
declined 0.7% and are 0.7% lower than in mid-September 1943.
"Industrial Commodities—Cotton
goods continued to advance
under the influence of the Stabilization Extension Act of 1944.
In¬
creases
of approximately 6% were reported for drillings and un¬
bleached sheeting.
Prices for prepared roofing were advanced 3%
in
accordance with the recently announced OPA ceiling prices,
while
brick
were
down.
Other industrial commodities showing
pride advances were rosin and turpentine and mixed fertilizer in
the southern area.
Average prices for quicksilver were more than
oatmeal
for
and
flour,
rye
lower."
2%
The
Labor
its
the following notation in
Department included
report:
1941—
1st
$684
25
complete reports.
The following tables show (1) index
monthly average.
26
34.5
quarter
numbers for the principal
of commodities for the past three weeks, for Aug. 19, 1944
and Sept. 18, 1943, and the percentage changes from a week ago, a
in subgroup
' '
and (2) percentage changes
to Sept. 16, 1944.
"
,
'
.
month ago, and a year ago,
indexes from; Sept. 9
WHOLESALE
,
j
(1926=100)
1944
Commodity Groups—
.*103 6
All commodities
products...
122.1
.
Sept. 16, 1944 from—
9-9
8-19
9-18
8-19
1944
9-18
1943
1944
1944
*103.6 *103.6 *103.6
102.9
0
0
122.3
123.6
—0.1
—0.2
1.2
—0.7
0.7
1944
1944
122.0
122.2
+
0.7
103.8
products..
103.9
104.1
104.5
104.5
—0.1
116.5
116.5
116.4
118.4
+
98.3
.
Textile products
98.2
98.1
97.5
97.0
+ 0.1
+ 0.8
1.3
83.8
81.6
—0.1
—0.1
2.0
.
0.1
+
1.5
0.2
materials..
83.7
83.8
83.7
*103.9
*103.8
*103.8
*103.8
103.8
+
0.1
+
0.1
0.1
Metals and metal products...
116.1
116.0
116.0
116.0
112.5
+
0.1
+
0.1
3.2
104.9
104.9
104.9
105.3
100.2
0
106.1
106.1
106.1
106.0
104.2
0
Fuel and lighting
Euilding materials
Chemicals and allied products
Kousefurnishir.g goods
0.1
1.8
93.3
S3.3
93.3
92.6
0
0
112.8
112.7
112.8
112.4
0
0
85,135
1943- -12-month
94.1
94.1
93.8
92.8
0
+ 0.3
1.4
■101.1
*101.1
*101.1
*101.1
100.1
0
*99.6
*99.6
*99.6
*99.5
98.5
+
0.1
+
1.1
*93.8
Manufactured products.
products
—.
other
than
and foods..—
*23.8
*98.7
*98.7
97.4
+ 0.1
+
1.4
1.0
0
PERCENTAGE
CHANGES IN SUBGROUP
SEPT.
9,
Other
foods
Hides
and
INDEXES FROM
1944 TO SEPT. 16, 1944
25
...
skins..
....
:
goods
.
June
fertilizer
Decreases
and
'
Grains
2.1
1_
vegetables
Livestock and
:—
poultry
0.7
:
——
0.2
year,
294.4
money
299.7
27
293.3
26
306.0
1943, but they also increased their
overall portion of the home mort¬
26
282.9
gage
27
288.8
31.1%
Ailotments On Exchange
Offering Of Treasury Certificates and Notes
announced the final
Secretary of the Treasury on Sept. 2
offer¬
subscription and allotment figures with respect to the current
ing of %% Treasury Certificates of Indebtedness of Series F-1945
1% Treasury Notes of Series A-1946.
and
of the additional,issue of
of
on
course
markets
and
the history of
distribution, tracing the evolu¬
marketing methods from
early times to the
being offered this Fall by the New York University
Graduate School of Business Administration at 90 Trinity Place, it
was announced on Sept. 22 by Dean G. Rowland Collins.
The course
will include a survey of the domestic and foreign commerce of Great
Britain and America, and the ef-^
histories of successful companies
fects
of
advertising and other
and executives?
forces upon them.
The school
Marketing research and market¬
hasf-ialso instituted
ing policies are among the new this fall a course on the political
subjects to be offered,, by the economy of present-day business,
7
school for the fall semester, which j |*f which the successive efforts to
present,
is
began on Wednesday, Sept. 26. |
Another new course, "The HistoryJ
Explain the interrelationships of
government and business will be
Business," will givei analyzed. In another new offeremphasis to solutions of; ing the fundamental characteris¬
internal problems connected j tics of the private enterprise sys-
of American
special
with-personnel ' relations,.: com- ;
F ■
.
.
.
j
tem profit incentive will be conand the roles of competition
and
^morale, and-efficiency . m t g-^ere(j
management, as illustrated
by the i
y
;
.
a time-study laboratory will be
veteran's
Notes
Total Notes
Exchanged
Exchanged
Exchanged
Exchanged
$130,548,000
$7,547,600
$13,172,700
$20,720,300
2,254,846,000
Boston
York
139,093,600
352,742,800
491,836,400
104,683,000
11,266,200
14,598,400
25,864,700
/ 154,922,000
47,937,000
5,455,500
57,632,400
63,087,900
80,000
7,865,000
7,945,000
Philadelphia
Cleveland
Richmond
Atlanta
St.
60,060,000
1
Louis
——,
.
Mlhntopolik;L*icviL^5--t £
—
14,729,200
9,392*900
23,052,900
862,200
616,000
$3,694,012,000
$185,4)1,400
$602,212,600
Treasury
where
home
more
half
than
of
all
the
during the first half of 1944 came
the savings and loan insti¬
whereas
tutions
only
in this category
were
four states
for the same '
.period fpuig years ago,*.
pointed out.
In 32 of the states
is
the percentage
said
it
$787,614,000
Kentucky,
and Ohio,
mortgage' money advanced
home
916,000
.
I.
from
22,161,200
21,299,000
300,000
G.
states—District
six
are
Columbia, Kansas,
Louisiana, Maryland,
14,176,500
13,966,500
259,291,000
2,716,000
Sari Francisco
Total
•
-r?
210,000
'
15,014,800
13,110,100
8,416,300.; +
20,450,200
.
2,602,700
51,624,000
....
i
.
976,600
•
89,217,400
74,488,200
1,904,700
iL
4,228,000
3,855,000 '
373,000
399,453,000
63,403,000
}/71+353,.000
92,976,000
r
Chicago
the
under
loans
Rights, as soon as the rules
and regulations are decided upon
and procedures developed.
There
Total D-1944
Notes
lending
of
months
and
this
is
associations
loan
than it
of total
the first six
year
by savings
done
was
in the
larger
months of
same
966, we gave details of the offering 1943.
$
Certificates of Indebtedness of Series
F-1945, open on an exchange basis, par for par, to holders of Treas¬
36,137 Freight Cars And
ury Certificates of Indebtedness of Series E-1944, maturing Sept. 1,
1944.
At the same time, the Secretary offered holders of Treasury 554 Locomotives On Order
Notes of Series C-1944 and of Treasury Notes of Series D-1944, matur¬
The Class I railroads on Sept.
ing Sept. 15, 1944, an opportunity to exchange such notes for Treas¬ 1, 1944, had 36.157 new freight
ury Notes of Series A-1946.
cars on order,
the Association of
In
issue of Aug. 31, page
our
...
.
Aug. 24 of the %% Treasury
on
both
for
practice in
demonstration
a new course on
and
tech¬
"With
unparalleled sacrifice and
fortitude the heroic Luxembourgresisted
have
every
Nazi ef¬
niques of work simplification, de¬
ers
signed to aid supervisors who are
training for time-study work and
fort to break their
tyranny and their return to the
free institutions which they hold
before a
will
privileges
and
be
the
the
NLRB,
FTC, etc.,
asmm
to "the brave
people
addressed by
Roosevelt on Sept. 11
of Luxembourg" was
President
their liberation from their
Nazi conquerers.
The President,
in his message, said:
"To no people who have borne
upon
the
Nazi
mean
yoke
more
can
than
Grand Duchy of
"Ruthlessly
to
liberation
those of the
Luxembourg.
attacked
and
oc¬
in
May, 1940, their country was not
only incorporated into the Third
cupied by the German military
Reich
thrust
were
and
upon
German
citizenship
them, but their sons
forced to serve in the ranks
ry*' wpar the hated uniform of
their oppressors.
r
people
of felicitation" to
of Luxembourg, say¬
ing:
and
Sept. 1, last year, they had 28,433
order.
on
cars
The roads also had 554 locomo¬
order -on
Sept.
tives
on
which included
this
electric and 402 Diesel loco¬
Total
motives.
order
on
Sept.
1,
1.038, which included
steam, four electric and 573
1943,
461
1,
150 steam,
was
Diesel locomotives.
"Although their country is one
of the smallest of those overrun
by the hated
crushed
Nazis,
The Class I railroads put
22,312
new
freight cars in service in the
first
eight months this year, com¬
people of the Grand Duchy of
Luxembourg
have
shared
the
same
fierce spirit of resistance
pared with 15,744 in the same pe¬
riod last yfear. Of the total 3,538
were
installed in August.
Those
German
installed in the first eight months
the
has
greeted
the
'tyrant wherever he has gone and
which has from the outset shown
People Of Luxembourg
A message
the
message
a
hopper, 3,204
gondolas, 497
flat cars,
15,746
plain box cars, 1,811 automobile
box cars, 2,093 refrigerator cars,
and 500 stock freight cars.
On
two
Secretary of State Hull likewise
sent
This included 12.306
year,
bourg."
which
Roosevelt And Hull Laud
from
people
the brave people of Luxem¬
salute
analyzed
Federal
release
American
the
dear,
so
On the
spirit.
their
of
occasion
announced.
Railroads
American
used
the futility of his dreams
of con¬
quest. We rejoice with the people
of Luxembourg that the day of
their liberation is at hand."
Exercises
York
held
were
in
New
Sept. 17 in the Council
on
City Hall to celebrate
the 700th anniversary of the Lux¬
Chamber at
freedom charter, at
which time Newbold Morris, Pres¬
embourg
ident of
theCity Council, addressed
gathering of 500. According to
the New York "Times" the group
a
included
land
and
representatives of Hol¬
Belgium as well as the
included 10,865 hopper,
2,334 gon¬
dola, 1.018 flat, 1,897 automobile
box, 5,927 plain box, and 270 re¬
frigerator freight cars and 'one
other car.
+
7+.'
i •
,
They also put 657 locomotives
in service in the first eight months
of 1944,
one
of which 241 were steam,
electric and 415 Diesel. Loco¬
first eight
408, of
which 264 were steam, 14 electrie
and 130 Diesel.
Locomotives in¬
motives installed in the
months
stalled
of
in
1943
August
totaled
totaled
which 30 were steam and
78, of
48 were
Diesels.
of the American Federation
of
Matthew Labor, and Andre Wolff, Com¬
Woll, President of the Friends of missioner of Information for Lux¬
G^and
Other
Duchy
of
speakers
Luxembourg
and
-
single source of insti¬
tutional financing, points to their
natural importance as sources of
of
Total C-1944
Certificates
Federal Reserve District
;
the largest
Series A-1946 Notes-
Certificates
Total E-1944.
this year.
;Mr. Bodfish indicated that the
growing percentage of home lend¬
ing being done by these thrift
and home financing
institutions,
Series F-1945
^
^
lending of the nation from
the first half of last year
Bill of
several
allotments were divided among the
follows:
Subscriptions and
will be considered.
new
and thus advance 35% more
than in the like period of
312.3
to 33.2%
SEC,
Marketing, And Business In Graduate School
the
25
7,355
appeals and enforcement rulings,
demonstrated by specific studies
of individual agencies such as the
NYU Offers New Courses In Distribution,
throughout
27
Final Subscriptions,
The
.
country
make $725,972,000 of new home
loans during the first half of this
7,798
_
in a course on the
regulatory agencies, also
included in the school's curricu¬
lum for the first time.
The con¬
duct of administrative hearings,
0.2
banks
7,957
_
Federal administrative board
0.2
estimated
an
83,000,000 inhabitants. It is added
that not only did the savings and
loan associations and cooperative
7,918
May
0.2
Other farm products
Agricultural implements ^._.
Other building materials
0.3 Paint and'paint materials...
1.0
0.7
period in the previous four years,
and these states have
7,493
April
0.3
0.3
cur¬
26 of the states showed
higher percentages of the total
new
mortgage loans being
ad-'
vanced by savings and loan as¬
sociations than during any like
7,948
_
duties
Increases
•
pany
285.2
7,808
_
the
•Preliminary.
tic
$272.9
26
application of correct motion
sequence in job performance.
The business executive's rights,
than
other
commodities
tion
312.
7,416
_
0.4
94.1
-
farm products
+
112.8
Semimanufactured articles
commodities
4.7
—0.4
93.3
Raw materials
A
$169.1
0.8
Miscellaneous commodities
Fruits
71.9
310
1944—
January
1943
116.6
Foods
Hides and leather
Mixed
25
52,406
1942-
Dallas
Percentage change to
9-2
9-9
9-16
Cotton
1,797
_
Kansas City
ENDED SEPT. 16, 1944
PRICES FOR WEEK
1
farm
48.2
1,253
_
New
groups
All
in the first six months of the
$27.4
897
Sept. 16.
rent year,
Federal Reserve Districts and the Treasury as
changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
tistics will attempt promptly to report changing prices.
Indexes
marked (*), however, must be considered as preliminary and sub¬
ject to such adjustment and revision as required by later and more
All
1940's, the United States Sav- •
Loan League reported
Morton Bodfish, Ex¬
ecutive Vice-President, says that
on
Rate
quarter monthly average..
2nd
the
of
ings ' and
Daily
Checks were Cleared
62%
r.ov/adays than at anytime during
V*.'.
+
Number of Days
Expenditures
.•
Note—During the period of rapid
Farm
'•
dollars)
Monthly
than
more
of
where
states
the
1941—August, 1944
millions
I In
1%
week of last year.
apples and potatoes, with lower prices
than for the corresponding
lower
January,
barley, oats,
markets and lower prices for
The
DAILY RATE
WAR EXPENDITURES MONTHLY AND
UNITED STATES
A seasonal decrease
j
Home Loans: Bodfish
,
for white potatoes in the Chicago
for apples and about 5%
15 %
and
prices for farm
the week.
and foods<each declined 0.1% during
Local Institutions
y+:yAugust War Cost
|||?|g;Sepl. 16, Labor Dept. markets have
Reports
Average
1385
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4320
-
Luxembourg.
were
Vice-President embourg.
-
THE COMMERCIAL & FINANCIAL CHRONICLE
1386
Thursday, September 28, 1944
Finland Severs Relations With Axis Members #
Congress Acts On Bill For Disposal Of
-Terms Of Armistice With Russia
Surplus Gov. Properly, Provides 3 Man Board
The House
Sept. 18 by a vote of 174 to 91 approved compro¬
on
surplus
mise legislation for the disposal of more than $100,000,000 of
Government war property; following the House action the
Senate
on Sept.
19 approved the compromise bill as agreed upon in con¬
ference. Regarding the House action United Press accounts, as given
It
administration
of
surplus
property by a Presidentially-appointed board of three members—
a compromise between Senate de¬
mands for an eight-man panel and
ing
original House preference for
the
single administrator.
The
bill, a major stumbling
block in plans for a pre-election
a
recess,
Senate
the
to
sent
was
The bill
House
its
19 following
Sept.
adoption by the Senate, the action
of the latter having been featured
a protest by Senator Wherry
(Rep., Neb.) against elimination
of a provision directing that all
receipts be applied against the na¬
House
asserted
was
into
House bills and
both Senate and
deleted by a
that
written
Wherry
provision
joint conference
mittee in violation
com¬
of the Senate
rules.
the head of
citizen in this country," he
J'Debt hangs
over
surplus
bill
property
was
passed after Senator Vandenberg
(Rep., Mich.) asked assurance that
the
three-member
was
"in
board
vote of
no sense a
set-up
no con¬
fidence" in Surplus Property Ad¬
ministrator William L. Clayton,
who advocated
in
control
one-man
the
original
Clayton
could
asserted
recently
not
the
under
serve
pending legislation.
,
"I happen to be one who be¬
lieves Mr. Clayton is a very capa¬
ble administrator," Senator Van¬
denberg asserted.
"I do not sub¬
..
scribe to the
theory of the indis¬
pensable man, but I want assur¬
ance that the action we are taking
today is in no sense a vote of no
confidence in him."
Senator Johnson
that
said
while
Clayton "took
position"
he
thought Mr.
rather arbitrary
a
with
(Dem., Colo.)
reference
the
to
legislation, he did not feel the bill
reflection
was a
Agreement
on
on
the Texan.
fact
in
had
last Tuesday (Sept.
this
of
the
would
the
legislation
by the conferees on
Sept. 15, when it was voted to vest
full
policy-making and adminis¬
trative authority in a three-mem¬
Press
York
advices
"Journal
merce," which
of
in
the
there
said
Thomas
Mr.
was
language
Board
from appointing an administrator
if they choose to designate one
oerson to carry out details of the
shies, but he added that the Board
Would be fully responsible for all
decisions.
revised
the
in
would
which
prevent the
also had the
fol¬
Earlier W. L. Clayton, Surplus
Property Administrator,
War
James
Mobilization
in¬
Direc¬
F."
Byrnes, that he
appointment as
Surplus Property Administrator
under the pending Surplus Prop¬
decline
erty bill.
The conferees junked
a
tenta¬
tive plan for dual administration
of an estimated $100,000,000,000 of
post-war surplus materials by an
administrator and a four-member
board, and followed the
ment
adoption of the bill
Senate
our
Aug. 25 was noted in
Sept. 7 issue, page 1060.
x
on
by W. L. Clayton,
this year, pending legislative ac¬
on the disposal problem, and
tion
generally considered to have
inside track for appointment
to the i>ost on a permanent basis.
was
the
Clayton today sharply criti¬
the
"administrative
work¬
ability" of the Surplus Prooerty
bill
on
in
expressed
an
Dagens Nyheter that
legations might not be
permitted to function in Helsinki.
Associated Press
London
From
which Senate
conferees have been
and House
working for
several weeks.
lowing:
price of peace, Finland was dedi¬
cated today by Acting Prime Min¬
ister Ernst von Born to building
the opportunities left.
Of immediate
\
*
.
concern
of removing
War With
-
the
was
Bulgaria
made
in
known
advices
Press
Associated
from
London
on
Sept. 10, after Russian forces had
swept 100 miles into Bulgaria on
Sept. 9, occupying the big Black
Sea port of Burgas, only 30 miles
from
the
Turkish frontier.
the Associated
Sept. 10
quote:
we
From
of
accounts
Press
hero, helped in the
seizure of Burgas, 52 miles south
of Bulgaria's other main seaport,
Varna, taken Friday.
Sevastopol
of the shortest
one
wars
in
history Russian
dered to
cease
troops were or¬
military operations
Bulgaria effective at 10
P. M. (3 P. M. Eastern War Time)
last night, 'in view of the fact the
Bulgarian Government has sev¬
ered relations with Germany, de¬
clared
war
and
Germany,
on
armistice,' said the broadcast
an
"The
the
under
in
nihilate
the
or
swift
capture
estimated
mans
drive
from
250,000
be
to
com¬
to
cut
an¬
Ger¬
off
in
that country and Yugoslavia.
"The
Bulgarians are estimated
20 good divisions which
can
hurl into the battle
to
have
they
against their former comrades-inarms, the Nazis.
And with the
seizure of Burgas the Russians
have another valuable port with
which to quicken the conquest of
the Balkans."
declared
Sept. 5 by
Russia on Bulgaria, the assertion
being made that the so-called
"neutrality" of the Sofia Govern¬
ment
was
only
was
continuing
a
on
cloak to
cover
aid to Germany. The
Soviet declaration
was
made with
questioned
to
whether-
the
nation
The
of
23-clause
which
the
be
the
Finns
cost the Finns $300,-
(American)
paid
as
months in getting out
war,
000.000
terms
within
indemnity to
six
and
years,
these vital territorial concessions:
1.
take the
following:
"Fifteen
minutes
Russo-Finnish
fixed
border
after the 104-day war.
he
had
a
In addition, von Born disclosed
that
Finns
the
Allies
had
temporary
airfields
the
granted
possession
in South and
of
Southwest
Finland and handed over the Fin¬
nish merchant fleet for the Allies'
war-time
with
use
promises
to
"help the Allies,with deliveries of
material."
■£.
-
'
The
Finns
promised
German
hand
troops in Finlapd and
them over to
the Allies.
"And
this,"
Born said,
Prime
Minister
"although
von
must pre-
we
for
and
Prime
von'
Minister
neglected to point out that
the Finns' bargaining position was'
inferior to that of the Rumanians,;
who
joined
actively
waguig'
m
against the Germans.
war
Four Finnish divisions, battling
their
former
were
said
of
Finland
in
in
comrades
have
to
Suomussalmi
are
from
arms*
captured part
northeastern!
in
Germans
the
and
continuing to make progress,
ejecting an estimated 100,000:
Austrians
Nazis
and
the.
from
according to a Helsinki mili-.
tary communique, Sept. 24, it was-
area,
announced from Stockholm
by the
Associated Press, which said that,
a
to disarm
any;
price, however, has'
payment by Ru¬
same
fixed
mania
territory V
point only eight
correspondent in the
newspaper
Finnish high com¬
"hopeful" of complet¬
ing the job within four weeks,
"without any help from the Rus¬
said
area
mand
the
was
sians."
"
...
'
.,
.
'
-
Rep. ReecelOffers Bill To Permit Maintenance
Of
Offering Price By Underwriters
Proposes An Amendment To Securities Act Of 1933
To Prevent Anti-Trust Suits
On
Against Underwriters
August 22, Rep. Carroll Reece of Tennessee introduced in the
House of Representatives a bill (H. R.
A of the Securities Act of
Schedule
have
rumors
that
5233), amending paragraph 16,:
1933, so as to permit under¬
circulated
the
in
Wall
Anti-Trust
Divi¬
was
preparing
to
bring
suits
against, members of various syn¬
dicates" that
public
been
have
offerings,
recently: made
but
verification
no
has
there
of these
mors.
ru¬
The
which
of
text
Rep.
concerns
Reece's
bill,
ities
of
the
border
territory
to
.
2. The Petsamo
area
*
bill
A, of the Securities Act
*
-
Be it enacted
House
by the Senate and
Representatives of the
of
United States of America in Con¬
in the far
assembled, That paragraph
16, schedule A, of the Securities
Act
of
1933,
as
amended,
is
gress
lotov, Soviet Foreign Commissar,
foreign cor¬
respondents.
"Asked whether the Red Army
had crossed the Bulgarian border,
he replied that the note only had
called in Russian and
been handed
over
at 7 P. M.
"[The London radio
;
•
;
said
early
Wednesday that the Bulgarian
Foreign Secretary has asked the
Soviet Embassy in Sofia for an
armistice.]"
•
From London
ciated Press
■■
Sept. 6 the Asso¬
stated:
Russia
a
few
hours after the Kremlin declared
war.
peace
Cairo
with
advices
the
said
expected
as
a
joint
States,
United
result.
^
was
;
"The Bulgars asserted that their
had • ordered strong
measures
,"(16) The price at which it is
proposed that the securities "shall
be offered to the public or the
method by which such price is
computed and any variation theret
from at
which
any'portion of
such security is proposed to be
offered to any persons or classes
of persons, other than the under¬
writers, naming them or specify¬
ing the class, and any agreement
y
against German forces,
■
agreement
underwriters
or
.
between- the
the
any
selling group or between the
underwriting
otherthe
underwriting
from
syndicate
for
resale, to maintain the public of¬
which
shall
not
exceed
thirty
days from the date of the initial
public offering without approval
the
Announcement
Moscow radio
armistice
Commission.
A
variation
was
had
made by the
Sqpt. 12 that
on
an
been
signed with;
Russia, Great Britain?
and the United States acted
on
be¬
half of all the United Nations, said
Associated
Press
accounts
from
London, Sept. 13, which added:
"The broadcast, recorded by the
Soviet
that
said
monitor,
United
the
States
Ambassador,. W,
Harriman;
the
British
Averell
Ambassador, Sir Archibald Clark
Kerr, and the Soviet Foreign Com¬
missar, Vyacheslaff .M... Molotoff,
had
participated
in the negotia¬
which continued two days
tions,
and
terminted
"The
whose
yesterday,.
armistice
Marshal
Rodion
army
Rumania,
,
signed by
Malinovsky,
was
Y.
had
swept through
behalf of all three
on
powers and the United Nations.
General, Damatcanu Stirby signed
for Rumania.
T
j
;
?
•
"Details of the terms
made
known
were
expected
later today.
syndicate and any
persop?ft]purchasing
fering price for any period of time
of
:
With Rumania
under¬
writing syndicate and members of
a
Britain and the Soviet Union
to read as follows:
amended
between
"Bulgaria appealed to
today for an armistice,
Conclude Armistice
Rumania.
amending paragraph 16,
schedule
of 1933.
follows:
registered,
are
A.
|
Russia, Britain, U. S.
the v, information
and north of Lake
slice
provision
prevail."
of this section shall
-
required to be filed with the SEC,
when:public offerings of secur¬
Ladoga which
includes the city of.Viipuri and is
the most industrially
developed
region of Finland, containing over
10% of its total population, and a
section takes effect, the
sion of the Department of Justice
This meant
the loss of Karelia, the area west
Government
after
re¬
in price may be proposed prior to
delegation voted hftnded the declaration to the accused of attacking Bulgar army
units
claims countered by the the date of the public offering
solidly today for a single admin¬ Bulgarian Minister and given him
of the security but the Commis¬
istrator, but was blocked by the his dismissal, Vyacheslav M. Mo- Russians."
The
The
leased
miles from the Finnish capital of
Helsinki.
i
' _' '
Immediate restoration of the
1940
United
ald Tribune," from which we also
Finnish
authoritatively
this
would extend to
Street
«.
-
armistice,
stiffened
stalled for
of
•
knowledge
the
that
the
on
demand;
any
reparations
made
on
country after the last war."
pay
"The German radio at Oslo said
of Great Britain
States, it was that the Russians had marched
into the Balkan kingdom.
stated authoritatively, said United
There
Press accounts from London Sept. was no confirmation from Mos¬
cow or Sofia.
5, as given in the New York "Her¬
the
and
tively heavier than
for
the writers to maintain a uniform
price of securities they publicly offer
Soviet Union a heavy price in
"for a period not to exceed 30 days".
This bill is a counter move
rich strategic territories and cash
against the action of the Department of Justice in maintaining that
reparations. These advices added: an agreement to maintain a uni-<S>
*
Acting
Prime Minister Ernst form
offering price by securities sion shall immediately be notifed
von
Born, broadcasting5 to the
syndicates so as to effect an or¬ of such variation.
Finnish people terms of the ar¬
derly marketing, was a violation
"If any provision of this sec-,
mistice signed with Great Britain of the Sherman* Anti-Trust
Act. tion is in
conflict with'any provi¬
and Russia, called this "one of the
(See "The Chronicle," Jan.
13, sion of any law of the United
hardest days in our history" and
1944, page 168.)' At various times States in force on the date this
agreed
Tolbu-
Gen.
khin, Third Ukraine Army
mander,
only
80
miles
Greece
19.
that
the north.
occupation of Burgas put
Russians
has
Sept.
disclosed
was
could survive.
•
"Marines of the Black Sea fleet
under Admiral E! S. Oktyabrsky,
"In
Press),
.
is
that
Finland
calling off by Russia of the
short-lived
war
with
Bulgaria,
base
last spring, but he.
"Nevertheless, it is rela¬
added:
Born
It was
gulf.
ported
London
from
accounts
(Associated
The
rich
and
leasing to Russia for 50
German troops
remaining in the country^-one of
the conditions imposed in the 23point
?
armistice
agreement
reached in Moscow yesterday with
stated
negotiations
national existence with
a new
up
port
■
Earlier
Russia Galls Off
War
Clayton was named
by
President Roosevelt to act earlier
cized
in
demnity asked of the Finns during
——
its
of Porkkala peninsula with
naval
Soviet Russia and Great Britain.
announce¬
Mr.
Mr.
nothing in the terms,
which substanti¬
said,
doubts
the
editorial
task
:
The earlier
Com¬
lowing to say:
would
was
observers
of her richest indus¬
trial territory and burdened with
heavy cash reparations*-as the
Moscow statement.
tor,
trol commission.
ated
its
Stripped
Associated
formed
con¬
advices, Sept. 20, we take the fol¬
asked the Soviet Government for
War
Allied
the Pres¬
ident would designate one of them
ceive $12,000 a year, and
ber board, to be appointed by the
This was reported by
President.
New
would
Russians
the
that
have leadership of the
re¬
each
plan,
members
board
against
reached
was
the
that
stated
compromise
Under
three
3. The
"very hard" and empha¬
as
foreign
was
Mr.
refer¬
without
12).
as
House
bill.
he
sized
by the House on Aug. 22 and the
declared.
provided
them
There
nothing
ated Press advices stated:
The
Utah)
Clayton's announce¬
been prepared
As to the Senate action Associ¬
every
on
Chairman.
tional debt.
the
ing
Finns
with
nickel mines.
years
topeate-timefooting-"'"
Von Born
disclosed
thatthe
Russians 'cut in half, the cash in-:
v
Under date
Press ad¬
comment¬
the terms offered ,the
generally
characterized
pare7hastily, 1^ purvarmy to':-re-;
turn
been
north
vices from Stockholm stated:
-
Manasco
Mr.
by
Senator
Mr.
to
group
taken
was
also announced in United
Sept. 22.
The signing of the
was
—
of
issue
our
Sept. 20 Associated
declared the
(Dem.,
Thomas
of the Senate
action
on
The Swedish press in
Both Chairman Manasco (Dem.,
ence
of
acceded.
Ala.) of the House conferees and
sent to the White
was
on
suggested the compromise
three-member-board plan and the
Chairman
Japan
armistice with Russia and Britain*
bers
Senate
with
Helsinki
from
accounts
Senate members of the conference was referred to in
committee. Then the House mem- Sept. 21, page 1275.
ment.
after the House.
relations
economic
'and
Press
Journal" of Sept. 19, stated:
I the House! adopted a con-®'
——
.in the ''Wall Street
ference committee report propos-
Following the signing by Finland of an armistice with Russia
Britain, announced on Sept. 19, relations were broken off
by Finland on Sept. 20 with the German puppet States of Hungary,
Croatia and Slovakia.
The breaking by Finland of all diplomatic
and Great
.
came
.
immediately,
be
to
as
not
but
announced
\
'
armistice
"The
were
Russian
announcement
Rumanian
and
fighting side by side
in the liberation of Transylvania
troops
—the
were
province
from
taken
Ru¬
mania by the Germans and handed
to
Hungary."
In
969*
our
reference
break by
its
issue
/
of
was
>
Aug. 31. page
made
to
the
Rumania with the Nazis;
declaration
of
war
on
Ger¬
House
—
.
many,
and the- alignment of Ru¬
mania with the Allies.
Sept.,16, 1944, daily output aver¬
aged 4,690,000 barrels.
'
Reports
from
refining
com¬
%/The' State 01 Trade
\>yVi-i) r/i-' (Continued from page 1378)
■•
madesponding week of last year, a deUnited crease of 16.5%.
that
week
this
designed to pro¬
States tariffs are
foreign
this
that
This
was
barrels of
of
66,405
8.0% above the preceding
this year, which included
the Labor Day holiday, and a de¬
crease
of 10,408 cars, or 1.2% be¬
large a free
the
low
of
Compared with a similar
period in 1942,
a
decrease of
10,741 cars, or 1.2%, is shown.
Failures—Business fail¬
advanced
for the week ended Sept. 14 to
23 from 9 in the preceding week.
corresponding
week
Coal Production—The U.
corresponding week
reports.
with
and
year
5.9%
American
Industry—The
Steel
when
increase of
an
the
with
compared
Solid Fuels
of the
report
bituminous
production for the week ended
Sept. 1-3 at 11,525,000 net tons,
against a revised figure of 10,900,000 tons in the preceding week
(which included the Labor Day
(including 94% of the industry)
will be 95.1% of capacity for week
beginning Sept. 25', compared with;
95.7% one week ago.
This week's holiday), and 12,049,000 tons in
operating rate is equivalent to; the corresponding week of last
1,71(1,700 tons of steel ingots and year, while output for Jan. 1 to
.castings, compared with 1,714,300 Sept. 16, 1944, totaled 447,105,000
,net tons last week and 1,756,900
tons, as against 420,465,000 tons in
•tons one year ago.
the same 1943 period, or a gain
early return to
"An
of
production
items banned
during the
some
indicated, may bolster
steel demand to some extent, but
war, as now
it
European
the
■until
likely
is
be
to
is over
war
only
minor
a
factor," states "Steel" in its curmarket
•rent
Estimated
the week
the
war
in
winter, and
question
.because of the heavy purchases
•that have already been made for
then there is some
even
;
the
through
pended
meeting such
contingency.
a
The
•primary effect of the possible pro¬
longation of the war in Europe
would be fewer cutbacks and can¬
magazine.
cellations,' states the
There is
.
of
order
continued shrinkage
a
backlogs of most major
which is especially
;marked in plates. According to the
items,
steel
"despite the fact that
this is now late September, some
summary,
iproducers of sheared plates can
offer
November
delivery,
and
has any difficulty in
none
shipments
uling
sched¬
December/'
for
it should not
be concluded that plate mills will
not be able to sustain high operaFrom the foregoing
-tions
the remainder of the
over
the summary infers.
.mean,
however, that the
.year,
production
.intensive
may
It does
end of
be in
•sight.
ally no change, but the volume
.'business
•new
has
been
;
of
falling,
making cancelled tonnage rela¬
tively more important, the maga¬
zine
adds../•
Electric
son
;
,
Edi¬
Electric Institute reports that
approximately
?
4,394,839,000
kwh. in the week ended
'from
4.227,900,000
Sept. 16
kwh.
in
the
preceding week.
The latest fig¬
approximate a gain of 0.8%
from the level of one year ago/
ures
when output
reached 4,358,512,000
'kilowatt-hours.
the
shows
increase of.14,500 tons
an
; \
t,
New
output of
Consolidated Edison Co. of
system
reports
*171,800,000 kilowatt-hours in the
week ended Sept. 17* 1944,- and
214,800,000 kilo¬
watt-hours for the corresponding
•week of 1943, or a decrease of
with
comoares
20.1%.
'
;
"
Local distribution
same
source,
compared with the output
the week ended Sept. 9, last,
for
and
the
decline of 36,400 tons from
a
corresponding week of 1943.
of electricity
165,900,000 kilowatthours. compared with 198,700,000
kilowatt-hours <; for
the
correamounted to
Paper
16
which
included
continued
at
44%(J, with
Shipments
Lumber
Association
—
The
Na¬
Manufacturers
Lumber
lumber
that
reports
shipments of 496 reporting mills
were 8.5%
below production for
the
week
ended
of
16, while
Sept.
these
mills
new
orders
2.6%
less than production for
same
period.
were
the
Unfilled order files
amounted to 104% of stocks.
1944 to date
For
shipments of report¬
ing identical mills exceeded pro¬
by 3.8% and orders ran
duction
6.8%
above output.
Compared to the corresponding
weeks of 1935-39, production of
reporting mills was 10.7% greater,
7.4% greater, and
shipments
ders 9.5%
or¬
greater.
Lumber
in
production
July
totaled 2,800,000,000
board feet, a
from June and
6.7%
of
of 9.6% from
July, 1943, the WPB
For
revealed.
first
the
seven
of 1944 output amounted
19,100,000,000 board feet, a droo
period.
months
to
of 2.6% from the like 1943
A
shortage
labor
stringent
of
months' duration accounted
for the falling off in production,
according to the WPB, with the
industry handicapped further by
an
acute
scarcity
truck tires.
■i Crude
average
'
'
of heavy-duty
*'v'
,
Production
Oil
gross
crude oil
tion for the week ended
—
Daily
produc¬
Sept. 16,
as
estimated, by the American
Petroleum Institute, was 4,745,500
barrels,
a
new
represented
barrels
an
from
Sept. ,9,
1944.
higftRecord.
This
increase of 56,100
the
week
When
last year, 92.2%, the
Paper and Pulp Asso¬
18,
Sept.
ciation's index of mill activity dis¬
As
fdr
paperboard, pro¬
duction for
the
same
closed.
period was
reported at 97% of capacity, com¬
compared
corresnonding week last
year,
crude oil production was
369,750 barrels per day higher.
The current figure, however, was
10,700 barrels lower than the daily
figure recommended
by
the Petroleum Administration for
week.
Department
a
basis,
country-wide
Stores
index,
9%
were
taken
as
from the Federal Reserve
Board's^
ahead of
year
a
for the week ending Sept. 16,
compared with 14% in the pre
ago
as
ceding week. For the four weeks
ended Sept.
16, 1944, sales in¬
14%.
creased by
in
An 8% increase
department store sales for the
to Sept. 16, 1944, over 1943,
year
was
noted.
also
Activity
the past
income,
method for
$5,000
who
Those
quote
we
computation
;
and a
others.
table will be
the
use
1040 into
Form
able to convert
a
either
v:
case.
proposed sim¬
Reference to the
plified tax form appeared in our
Aug. 31 issue, page 889.
American Properly Owners Pay 56% More In
Taxes Than Do British: Mortgage Bankers Assn.
American
real
retail
the
trade
Dun & Bradstreet re¬
Department and apparel
year, ago,
continued
Substantial
volume.
durable-: goods
sales
increases
other
in
noted
also
in
lead
to
non¬
especially
lines,
food, dry goods, restaurants, drug
and
In the dur¬
cosmetic stores.
property owners are^now paying at least 56% more in
than British property owners and it may even be
estate taxes
according to data assembled by the Mortgage Bankers Associa¬
The per capita property tax is now around $34 in
more,
tion of America.
this country where
in
system,
tax
pancy
based
the
on
merits
The
taxation
or
income
produc¬
or
the property, has
nearly 350 years.
used for
of the
two
been
systems
subject of an exhaus¬
review at the
31st annual
will be the
tive
business
meeting and
and
War
on
Problems
Postwar
Association
ers
conference
Mortgage
the Mortgage Bank¬
of
taxation against capital
capita tax is now only about $19
the ad valorem system, or
In contrast, the per
Great Britain where the occu-^-
values, is used.
tivity of
in
week, with sales volume
tax reform in this
country than is
generally believed and I have
been impressed by the statements
of many respected authorities on
municipal financing that holders
of municipal bonds cannot expect
the
valorem
ad
of
bulwark
free
tax
been
to
tax
be
the
security behind their
that
obligations
past."
it
has
in the
in
America
of
Chicago October 18 to 20. Princi¬
pal speakers on the forum will be
E.
K. Hardy,
Chicago capitalist
and
President
of the
National
able goods section,
New York
University
1
Sponsors Tax Forums
hardware and Council of Real Estate Taxpayers,
A
series
of
monthly
dinner
automotive supply stores reported and John S. Clark, assessor of
meetings for tax practitioners at
the best gains. Brisk demand was Cook County (Chicago) 111.
which current tax events, cases,
reflected
women's
in
and
men's
According to H. G. Woodruff,
heavy Detroit, Association President, the
and
women's
footwear
selling question of doing something to
well.
Children's
wear
showed
halt the continued increase of
waning interest, but men's fall property taxes is rapidly emerg¬
suits and hats met ready response,
ing from academic discussion into
with
sales
volume
about
20% the field of
questions that must
above 1943.
With stocks confined be
actively faced in the post-war
to a narrow range, house furnish¬
period.
ings gave evidence of a growing
In his comments he said:
with
apparel,
sales
dress
and decisions will be discussed has
been established by the
New York
Division of General
Education, Professor Paul A. McGhee,
Director,
announced
on
Sept. 17. Charles J. Siegal, direct¬
ing editor of the Federal Tax De¬
partment of the Research Institute
of America, was the speaker at
the first meeting on Sept. 25 in
demand.
It the retail food trade
"The answer as to whether the the New York University Faculty
the volume was up 4% from that
ad valorem tax system is break¬ Club, 22 Washington Square North.
of. last year. Groceries, meats and
A panel of prominent tax prac¬
ing down or not will have to wait
dairy
products,
however,
dis¬ for another day but present dis¬ titioners conducted a discussion of
played an irregular trend.
cussions in Congress as to what current cases.
The
above
source
estimates
a
gain of about 8% for the week in
retail sales
throughout the
coun¬
in 1943.
Regional increases were:
New
England, 4 to 8%; East. 1 to 5%;
Middle West. 9 to 13%; North¬
try over the same week
west 7
to'.11%;' South, 12 to 17%;
to 21%, and
11 to 15%.
18
Southwest,
Pacific Coast,
According
the
to
serve/Bank's
index,
the
City for
the weekly period to Sept. 16 in¬
creased
by
1%
over
the same
This com¬
pared with 14% in 'the preceding
period
of
week.
For the four weeks ended
last
Sept. 16 sales
year.
by 8%.
by 11%, and for
16 they improved
■V
Activity
in the retail
New York
held
up
trade in
well the past
week, with fall apparel and acces¬
sories, children's wear and home-
furnistfings in brisk demand.' The
volume of
was
ahead
department store sales
estimated
of
according
the
at
like
to
The
the
8%
to
10%
week
of
1*943,
New
York
In
announcement Professor
his
McGhee stated:
of unemployment compensa¬
"Meeting on the last Monday of
tion again calls attention to what
each month from now until June,
ought to be clear to every gov¬
ernment official, namely that the speakers will review reported de¬
local tax burden on real estate cisions and Bureau of Internal
has reached the limit.
Heavier Revenue rulings of the previous
Practitioners who have
taxes
means
that the point of month.
diminishing
returns
has
been current cases of prominence will
way
One
of the
most
con¬
structive
studies
the
country
could undertake at this time is a
full scale
exploration of the occu¬
invited
be
sentations
who
others
review
to
to
their
pre¬
the tax courts, and
written
have
research studies will
serious
be asked
to
tax and whether it can be
used to supplement or supplant
the ad valorem tax system which
discuss them before the group."
only by the United
States and Canada.
We are prob¬
tended
pancy
is
now
ably
used
much
closer
to
real estate
rose
the year to Sept.
University
various states must do in the
the
reached.
Federal Re¬
department
store sales in New York
"Times."
four weeks ended
than
less
throughout the country was brisk
1944.
the
Retail
and
Sales—Department store sales on
War for the month of September,
For
by
pared with 80% in the preceding
ended
with the
average
Day
holiday, and for the week ended
were
domestic silver at 70%b.
tional
pro¬
Labor
the
used
the tax bills
accounts taxes, medical expenses and other
(from allowable deductions.
Taxpayers whose income was
Washington Sept. 14), added:
The simplified Form 1040, plus less than $5,000 but who are en¬
titled to deductions of more than
inauguration of the withholding
receipt
forms,
makes
possible 10% may disregard the table,
elimination of
Form
1040-A, a itemize their deductions, and com¬
special
form used in previous pute their tax. Those whose in¬
come
was
$5,000 or more will
years for incomes under $3,000.
The new Form 1040 is in four have a choice of taking a standard
deduction
of
$500 or itemizing
pages as before, but it now con¬
tains both a table for ready deter¬ their deductions in detail, but will
to
compute their tax in
mination of taxes by persons with have
from " which
the preceding week,
in
capacity
same
Form 1040. The pres:?
use
a
from
76.8% of
of
sheet.
the
—
withholding receipts and not of those using withholding re¬
than $100 in other wages, ceipt forms—allows the taxpayer
dividends and interest.
If they about 10% of his income in lieu
prefer, taxpayers in this class may of deductions for charity, interest,
of capacity
figure
table
The
by tearing off and
one
on
con¬
Production—Paper
ports,
silved
as
the
to
more
the East Coast.
revised
stores
at
the country
do not reflect
at 94.8%
was
the
23Vzd.
unchanged
was
collectors to compute
duction for the week ended Sept.
The New York Official for foreign
silver
consisting wholly of wages shown
ranging from 7% to 11% above a
Silver—rThe London nidrket for
•
*
York
as
many
Production—The
the.output of electricity advanced
to
1944,
when
decline
the past
several weeks have shown virtu¬
cancellations
Order
:
Spates for
Sept. 9,
by
the
Europe is ex¬
ended
bee¬
of
reported
for the metal are expected to sag
unless
production
hive coke in the United
requirement^
overall
meanwhile,
In
summary.
of 6.3
using only
Stor¬
to
and
on
American
Administration placed
companies
steel
of
rate
erating
to date shows
The
Institute
an¬
nounced last Monday that the op¬
Steel
and
Iron
The 1944 calendar
corresponding period of 1943.
year ago.
a
week,
week of 1943.
with one a week ago
compared
and 7,000 tons,
under the corresponding
0.6%
or
failures,
Canadian
three
apply
ures
ditions
preceding
"short
taxpayer whose
total income was less than $5,000
limited
The above fig¬
residual fuel oil.
form"
him, said the Associated Press, is
-32,240,000 barrels of
late fuel, and
whole,
of Mines reports production
Pennsylvania anthracite for
ending Sept. 16, 1944, at
1,263,000
tons,
an
increase of
120,000 tons
(10.5%)( over the
liabilities of
numbered 17,
compared to four in the previous
week and 16 one year ago.
There
were
'St. Bu¬
16, 1944.
taxpayer's account for^
putes the
oil
the
during
barrels
Use of withholding
4,470,-
fuel
withholding receipt form.
receipt forms, under which the collector com¬
themselves of the much simpler
supplies at the week-end to¬
taled 78,726,000 barrels of gaso¬
line; 13,724,000 barrels of kero¬
sene; 43,556,000 barrels of distil¬
week
more
or
"Form 1040" is
age
of
of 1943. Dun & Bradstreet
$5,000
8,214,000
reau
The latest week's figures compare
Insolvencies
residual
and
week ending Sept.
in the United States
with 30 in the
barrels
week
list.
Business
000
at
1943.
ures
distillate fuel oil placed at
plans for the simplification of its forms. Revised
required to be used by taxpayers not eligible to avail
its
of
therance
gasoline. Kerosene out¬
put totaled 1,380,000 barrels, with
announced.
increase
an
Department announced on Sept. 14 the first prints
of its revised "Form 1040" for reporting income tax returns, in fur¬
The Treasury
mately 4,585,000 barrels of crude
oil daily and produced 14,201,000
cars, or
nearly two-thirds of our imports
•admitted entirely free of duty, no
'
Car-
—
revenue
Railroads
American
actually among the lowest of
the world's trading nations, with
,
of
Form 1040-A
panies indicate that the industry
as
a
whole ran to stills (on a
Bureau of Mines basis) approxi¬
freight for
the week ended Sept. 16 totaled
892,358 cars, the Association of
are
*
Loadings
Freight
loadings
trade.
Mr. Hall added
country's import duties
other nation having so
R.
R.
against low-wage imports and
do not restrain our international
trade, but act as a stimulant to
tect
Treasury's Simplified Tax Farm 1040 Replaces
•
League, said in a statement
public
1387
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4320
160
Volume
"The
have
Tax
Study
Group
for
those
who
an
.
also said:
Professor McGhee
is
in¬
already
of
in tax
adequate background
education
and
experience
practice rather than for those who
proved to be an important factor
in
affecting the attendance of
buyers in the wholesale markets.
however, is being ex¬
Pressure,
retailers for deliveries of
needed merchandise.
The deliv¬
erted by
situation in the apparel mar¬
ket continued very tighti while
ery
wish
to
learn
basic
is
for
active
experience."
The
Program
Planning
and
V. H. Maloney, C.P:A.;
Silverson, attorney; David
Chase, attorney, and William
torney;
tile
Harry
past
months
no
abate¬
••.<•••
Com¬
is headed by J.-K. Lasser
includes Ewing (Everett, at¬
mittee
of staple cotton tex¬
merchandise
noticeable
in
showed
theory.
tax
exchange of opinion, research and
the scarcity
religious holidays ment.
tax
practitioners
who wish to profit from a monthly
It
B.
C. Etgen,
accountant.
THE COMMERCIAL & FINANCIAL CHRONICLE
1388
Commodity
Price Index Reached Former Ail-Time High
The
The
the
compiled
Sept.
carries
25,
on
1944.
Last week the index registered 138.7.
A
month ago it stood at 138.4 and a year ago at 135.9, based on the
1935-1939 average as 100.;
The Association's report added:
ations
National Fertilizer Association
?
1935-1939=100
Month
Latest Preceding
%
Year
Week
Week
Ago
Sep. 23,
Group
Sep. 16,
Aug. 26,
Sep. 25,
mills
,
1944
1944
1943
ule
140.2
139.7
and
desire just so
144.L
—
146.5
163.1
162.4
161.8
161.0
157.9
200.9
Farm Products
23.0
145.1
163.1
162.4
—
Cottonseed Oil
145.1
159.6
Fats and Oils
202.4
203.7
156.2
155.9
157.2
155.8
whatever
on
"For
150.6
158.4
154.3
—
Livestock
plates
the
order
facilities
that
are
now
attempting
this
on
restrictions
could
heavy export
Because of the growing
ingot supply it is felt
forcing
bars
on
rolling
rein¬
billet
further
substantial
several
cancellations
130.1
122.8
132.2
132.2
131.4
152.8
150.6
business has been
104.4
104.4
154.0
126.1„
126.1
126.9
Fertilizer materials.
118.3
118.3
117.7
...
Fertilizers
119.9
119.9
119.7
104.5
104.5
104.5
138.8
138.7
,138.4
Non-Ferrous
104.1
135.9
machinery..:.
All groups
138 8
-L—
combined
base
1926-1928
on
were:
Sept.
1944,
23,
108.1;
Sept.
16,
108.0,
Pressure In
steelmaking
price
scrap
receded
declining which
to
a
further
last
$17.75,
compared
with
week ago and $18.83
the period ended
stated:
Week Ended Sept. 23,1844
is
Metals—Stockpile Measure Eases
Metal Trade—Foreign Lead Sought
viewed
promise, producers
Slightly In Excess Of Same Week tn 1943
generally
relieved
were
Markets," in its issue of Sept. 21.
as
being little
more
than
a
com¬
the fact that something was
over
accomplished before adjournment^-—r~
to impound the huge Government-
' :'
vehicles
through
same
for
their
water
as
outlet
just the
against the
beats
rocks.
What
the
started out to say is'
we
mind
been
about
tures
have
we
likely to get
this American revolu¬
collaborationists.
of
to
-
which
talking—are
that
day
now,
see
pic¬
collaborationists
the
the
being
Assuming
guillotine.
justice given
they are the
whom
women
Over¬
we
in
couldn't take it.
them
men
time
of
is
and
trial,
They sought the
out.
We have been through a lot of
easy way
travail in the 'past II-odd years.
Sept. 9."
"Outstanding
stands
were
they had exercised them in
looking
can't
and
take
They
*
We
indus¬
who
men
don't
like
domestic
policies but
they do like his foreign policies.
That is
the plane upon which
they pitch it.
Petain, in France, said he didn't
like what the Germans
he thought
but
the
best
The
was
American
to be that of
seems
him.
problem if
doing
were
appeasement
thing.
now
despise for
Tin
Institute, in its current weekly report, esti¬ owned stocks in the immediate
William L. Batf, of the Com¬
mated that the production of electricity by the electric light and post-war period." The
publication bined Raw Materials
Board, be¬
power industry of the United States for the week ended Sept. 23, 1944, further went on to say in
part:
lieves that there will be an ex¬
was
approximately 4,377,339,000 kwh., compared with 4,359,610,000
treme
shortage of tin in the
kwh. in the corresponding week a year ago, an increase of 0.4%. The
Copper
immediate
post-war period
be¬
output for the week ended Sept. 16, 1944, was 0.8% higher than that
WPB officials told the Copper
cause
hundreds
of
users
will
of the similar period in 1943.
Producers
Advisory
Committee
The Edison, Electric
reports ; of
-
business
it.
Roosevelt's
attitude
,'v/ ^:
doubt about that.
no
recurring
trialists
was
it
as
wrote
successful
the past were gone.
Men of am¬
bition and energy will always be
for
in developments in non-ferrous metals last
the acceptance of the stockpiling provisions of the
Surplus
Property Bill by both branches of Congress. Though the measure
week
Electric Output For
enterprise
get
"E. & M. J. Metal and Mineral
and
105.9.
1943,
vate
which
merited,
week
sapped.
we
trying to
get cheap positions in the Wash¬
ington Bureaucracy on the theory
that this was the way for ener¬
getic men to exercise their ener¬
gies in the future; that the pri¬
led
$18.33
who
men
There is
119.8
Farm
business
every
composite
been
ago,
number of
as
Steel's
has
men
months;
the
seas,
127.7
118.3
"
Several
about
tion
152.5
104.2
of
energy
ward trend in scrap prices will be
in
the
near
future.
running virtually u n c h a ng e d.
However,
the
volume
of
new
154.3
154.0
understandable, of course,
happened here.
The
is little indication that the down¬
been
page)' *
has
now at $18.50 to $19 at Pitts¬
burgh; $15.50 to $16 at Philadel¬
phia and $18.75 at Chicago. There
weeks
have
130.1
104.2
is
hooked in
stabilized
past
It
what
steel
they meet delivery
132.2
154.0
(Continued from first
.
that these fellows—the fellows of
"Iron and steel scrap prices have
a
j
w
dictatorship.
A
dictatorship, of
course, is a dictatorship, whatever
the guise of its approach.
steel
from
be modified.
undergone
they
130.1 :
Building materials—
Chemicals and drugs.;
•Indexes
because
steel
excess
Washington
Ahead Of The News
decline, with No. 1 heavy melting
154.0
Metals
100.0
tonnage.
By
Textiles„,
Sept, 25,
mills
inroads
some
intensive
Miscellaneous commodities.
Fuels
,r;
also
increase directives for the bal¬
ance of the year in order to make
requirements.
194.2
,156.8
Cotton
Grains
Billet
be
141.8
and
experi¬
to
1, it is reported
permitted to sched¬
in whatever sequence
will
models,
for
be
tons of reinforc¬
ing steel for export have been
placed on the market by the For¬
eign
Economic
Administration.
likely.
1944
Foods
25.3
of
will
way.
"Over*. 250,000
the
hp in sight.
may
142.1
Total Index
end
reconversion
manufacturers will be feel¬
many
"Effective Oct.
Ago
Each Group
Bears to the
the
is considered
•
v.
that
the
ing their
does
remainder of
tonnage
mental I
the end of the first quarter a very
material reduction in operations
"
Z
the
over
mean
INDEX
PRICE
the
and
production
COMMODITY
This
are
in
for the most part will gravitate to
the steel distributors, for much of
shrink, and
December.
orders
- v
that the initial
period will be relatively small and
particularly with the
strip plate producers being shifted
over
to
their
regular lines as
rapidly as possible, but it does
v
The
for
year,
de¬
clined; in the preceding week there were 7 advances and 6 declines;
and in the second preceding week there were 5 advances and 7
bv
"Indications
indicate that plate mills may
not be able to sustain high oper¬
changed from the previous week.
During the week 7 price series in the index advanced and 5
WHOLESALE
not
were
steel
not
turned downward reflecting lower prices for raw spot cotton.
Lower quotations for scrap steel were not quite sufficient to change
the metals index number.
All other group indexes remained un¬
Compiled
bookings have
production, and
for the heavy shell
stantially larger.
ments
group
WEEKLY
if it
From
steel
match
to
program the spread would be sub¬
especially is this true in plates.
Despite the fact that this is now
late
September, some producers
of sheared plates can offer No¬
vember delivery, and none
has
any difficulty in scheduling ship¬
high.
Higher prices for eggs and fresh pork more than offset lower
quotations on sugar and cottonseed oil.
The fats and oils index de¬
creased as the result of lower prices for cottonseed oil.
The textiles
'
tonnage relr
important. For some
more
now new"
failed
purchases
"Order backlogs of most major
on
declines.
heavy
steel items continue to
grains and livestock. Higher prices for wheat and
rye increased the grains index number while higher prices for cattle
and ewes increased the livestock group in spite of lower quotations
for lambs.
The foods group continued to move into higheri ground
for the fifth consecutive week and now stands at a new all-time
quotations
the
and
question
some
backs and cancellations.
products group scored slight advances due to higher
farm
of
Winter,
time
meeting
such
a
contingency:
Primary effect of the possible
prolongation of hostilities against
Germany would be fewer cut¬
Aug. 5,
The
the
makes the cancelled
to
Europe atively
in
that have already been made for
same
of
week
through
because
expected
are
fighting
then there is
even
by
public
steel
sag,; unless
fractionally for the fifth consecutive week and now stands
level as the former all-time high, 138.8, reached the
advanced
at
index,
made
Association and
Fertilizer
National
price
commodity
wholesale
weekly
for
ments
Nat. Fertilizer Association Wholesale
Thursday, September 28, 1944
Yet
ever a man
he
had
a
had.
,
that
PREVIOUS YEAR
PERCENTAGE INCREASE OVER
>
approximate
Week Ended
2.5
•1.6
2.0
•2.1
*6.2
2.0
0.1
2.1
1.4
5.9
3.4
4.3
5.4
•9.6
•6.9
*5.8
•4.4
•1.9
4.0
4.6
9.9
0.6
•4.0
Middle Atlantic
-Lo¬
Central Industrial
west Central__
2.2
v
;
6.4
Southern States
Rocky Mountain-
—
Pacific Coast
Total United States
•Decrease
similar
FOR
week
in
*5.9
about 281,000 tons and other civil¬
ian wants, 98,000 tons. A substan¬
tial call for wire and cable is
June
3
1944
4.264,600
June 17
1943
4,144,490
i._
June 10
.: +
5.6
3,372,374
1,435,471
1,689,925
4,040.376
v +
5.5
3,463,528
1,441,532
1,699,227
4,098.401
4.327,359
July
8
...
July 15
4.6
3,433,711
1,440,541
4,120,038
+
5.0
3,457,024
1,456,961
V+
5.3
3,424,188
1,341,730
+
0.5
3,428,916
1,415,704
1,711,625
4,184,143
+
4.6
3,565,367
1,433,903
1,727,225
-July 22
4.380.930
4,196.357
July 29
4,390,762
4,226,705
;•
1,702,501
.+
4.4
3,625,645
1,440,386
3.9
3,649,146
1,426,986
as
5
4,399,433
4,240,638
+
3.7
3,637,070
1,415,122
4,415,368
4,287.827
+
3.0
3.654,795
1,431,910
4,264,824
•'+
4.4
3,673,717
1,436,440
1,750,056
4,418,298
4,322,195
+
2.2
3,639,961
1,464,700
1,761,594
4.414,735
1.5
tons.
1,733,110
4,451,076
Aug. 26
___________
Sept.*
2
4,350,511
+
3,672,921
1,423.977
Sept.
9
4,227.900
4,229,262
—
0.0
3,583,408
1,476,442
Sept. 16
4,394,839
4,358,512
+
0.8
3,756,922
1,490,863
4,377,339
4,359,610
+
0.4
3,720,254
1,499,459
not
of
23
-
_1_
Sept. 30
4.359,003
______
3,682,794
Institute
Steel
metal
next
month.
will
be
needed
Exports have
Virtually all of the
a
in
1,777,854
pile
consists
1.619,276
1,506,219
been
which may embarrass those look¬
Steel Output Holds—War Demand Tapering—
Civilian Inquiry Gains—Order Backlogs Shrink
and
more
lead
factor.
ing for
,
Iron
indications,
than 33,000 tons
1,806,259
______
American
much
present
foreign
Sales
the
Government's
of
stock¬
corroding
lead,
common.
lead
of
in
the
domestic
market for the week ended Sept.
20 amounted to 6,800 tons.
' *
that telegraphic reports which- it had received indicated that the
operating rate of steel companies having 94% of the steel capacity
of the industry will be 95.1% of capacity for the week beginning
Sept. 25, compared with 95.3% one week ago, 96.7% one month ago
has been amended by WPB to dis¬
continue the use of monthly allo¬
and
100.8%
one
year ago.
The operating rate
beginning
to
Sept.
1,710,700
and
tons
of
equivalent
steel
ingots
castings, compared to 1,714.tons
tons
one
tons
one
"Steel"
summary
one
week
month ago,
1,739,300
ago,
and 1,756,900
markets,
part
as
on
Sept.
follows:
25
in
stated
of
Cleveland,
the
iron
in
and
will
steel demand to
its
steel
it
is
extent, but
war
is over
European
likely to be only
"Meanwhile,
However,
.
overall
x.
concerned,
this
,
.
.
action
merely reduces the volume of
pa¬
work.
Monthly reports are
still required for both producers
per
Nov.
14
52.000
52.000
52:000
15
52.000
52.000
52.000
Sept.
16
52.000
52.000
52.000
Sept.
Sept.
18
52.000
52.000
52.000
52.000
52.000
20
52.000
52.000
52.000
51.1250
or
per
call
There
consumers.
for
mand
zinc
was
was
responding
require¬ months.
r-
no
a
fair
last
week, but. de¬
greater than in cor¬
periods
-
of
recent
opinion shows 8% bt
from Republican
switching
term
poll
for
Roosevelt,
shows
working
switching in about the same
proportion
from
Roosevelt
to
Dewey.
It all goes to bear out
our
statement, expressed several
months ago, that in the long run
it will be, not organized labor but
cagey and
ambitious industrial¬
ists, who will sell America down
same
the river, if it is so sold.
to
99 %■ tin, continued
pound.
and
for
appease¬
authenticated survey
fourth
a
We would like to say something
these
Industrialists, not that
they
Chinese,
at
in
are
men
52.000
19
possibly affect the vote,
can
because
them:
there
are not
enough of
taking.those run out
Quit
powders. On the basis of the pub¬
Quicksilver
lic
Quicksilver was inactive last
week, but prices were maintained
at $104 to $107 per.flask,
depend¬
ing on quantity.
Most
sellers
opinion polls, as of today,
is going to be the next
Dewey
man
in
the
White
House.
When
appreciate that the
most widely read of these public
thought the undertone was steady.. opinion polls, shows
Roosevelt
Advices from the Pacific Coast
"leading" in 27 states.
In, every
indicate that mines are still clos¬ one of those states in which he is
ing down and output is falling. leading 52 to 48, Dewey will carry
According to one observer, fewer them. This, we believe, from a
than 10 mines are operating at
very serious study of the situa¬
present, against about 190 a year tion. The Democrats or the New
ago. Most of those that have been Dealers, whatever you may call
shut
down
we
say
this
we
small
high-cost them, are not showing any abil¬
longer ity to get out their vote. From our
buying Mexican production, scat-f studies of the situation we are
properties.
lots
were
With MRC
are
no
expected
to
come,
into the market from that country-
convinced of this: that if there is
division
will
Silver
Canada
ounces
..
produced
.
j
1,071,550
in
ing the
total
8,336,876
10,951,029
for
ounces
July period last
this
country
a
between
the
first
ounces,
win.
seven
in the January-i
no
such
division is
is now making
week and being
taxed. As near as we can get it,
this vote is still sympathetic to
and
for
him,
$100
a
FD, but not to the extent of rally¬
ing behind him;
As a matter of
'«
year.
,
which Mr. Roosevelt had lined up
solidly
against.
But
prospect. The former WPA vote
of silver during July, mak->
$75
months
in
the haves and have nots, the latter
from time to time.
.
fact, it is annoyed that it should t
The London price continued at;
having money taken out of its
23V2d. throughout the week. The pay envelop by way of taxes; y >. It's silly,- of course,: to make a
New York Official for foreign sil¬
prediction,.. but we sincerely be¬
ver was unchanged at 433/4£, with
lieve that Mr. - Roosevelt is out,
be
.
and
minor
a
of
plus a minimum
working inventory. So far as the
is
follows:
as
Oct.
con¬
equivalent
some
the
factor.
the
was
Sept.
have to restrict their
to
needs,
market
"Early return to production of
items
banned
during the
war, as now indicated, may bolster
until
year ago.
of
sumers
actual
some
300
cation certificates.
;0; V purchases
■
for the week^
is
25
[
f.
pound,
Zinc
General Preference Order M-ll
on
metal
cents per
tered
'
Sept. 25, announced
,
unchanged.
Straits
for shipment, in
was
quality
in
tonnage
1,674,588
.
«
The
From
for
1,792,131
Sept.
delivery
The
foreign lead released by WPB
for September was around 39,000
1,729,667
Aug. 12
for
month.
current
.
price situation in tin last
week
substan¬
of
1,724,728
Aug. 19
a
of
requested
was
the
1,732,031
+
;
tonnage
foreign lead for
October delivery, but not as much
1,592,075
3,919,398
Consumers asked for
tial
1,723,428
4,110.793
3.940.854
_____
+
4,377,152
1
The
to
completely de¬
1 '
Sept.
Lead
3,925,893
become
moralized.
Sept.
1929
1943
4,325,417
June 24
July
Aug.
1932
1942
over
4,287,251
The
Sept.
industry looked upon these
figures as "highly questionable."
(Thoussfftds of Kilowatt-Hours)
public
ket could
the
1.5
% Change
Week Ended—
ex¬
of
some
industrialists
men
An
them
pected to develop after V-E Day,
the industry was told.
Many in
1943.
RECENT WEEKS
for the
business
ment.
notice, that
we
best
our
clamor for supplies. Without care¬
ful control, he contends, the mar¬
sential civilian needs would absorb
1,7
*1.3
.
*0.0
0.8
0.4
under
DATA
.
379,000 tons
should
quarter-year period following Ger¬
many's defeat.
Military and es¬
Sept. 2
Sept. 9
Sept. 12
Sept. 23
Major Geographical DivisionsNew England
requirements
copper
However,
of
'domestic metal at
70%0.
j
t
and
Governor Dewey
is in.
Moody's Bond Prices And Bond Yield
For
Daily Average Crude Oil
Ended Sept. 16,1944
2105—
Moody's
New
High
"i
crude oil production for the week ended Sept. 16, 1944 was
4,745,500 barrels, a new high record.' This was an increase of 56,100
barrels per day over the preceding high peak reached last week, and
exceeded the corresponding week of 1943 by 369,750 barrels per day.
The current figure, however, was 10,700 barrels dower than the daily
Sep.
119,30
112.56
118.60
117.00
112.37
103.13
112,56
118.80
117.00
112.37
103.13
119.30
112.56.
118.60
117.20
112.37
103.13
106.74
114.08
112.56
112.56
117.20
117.20
112.37
112.37
103.13
103.13
106.74
106.74
114.08
119.20
118.60
,118.60
,114.0^
119.33
112.56,
118.60
117.20
112.37
103.13
106.74
114.27
114.27
114.27
114.27
114.27
112.37
103.13
119.42
112.56
118.80
117.20
112.19
103.13
119.42
112.56
118.80
117.20
112.37
103.13
119.42
112.56
118.80
117.20
112.19
103.13
106.74
106.74
106.74
106.74
106.74
19
-
••
J
-
-
*
•
'
Week
ables
Ended
from
Sep. 16,
Previous
1944
Week
being.
dations
.
September
Sep.l
Oklahoma
344,000
340,000
•Kansas
274,000
' ./'
V
119.43
112.56
117.20
112.19
103.13
118.60
117.20
112.19
103.13
119.39
112.56
118.80
117,20
112.19
103.13
106.74
114.27
114.27
v
112.56
118,60
117.20
112.19
103.13
106.74
114.27
117.00 the 18th..
112.56
118.80
117.20
112.19
103.13
21234—
119.48
112.56
118.80
117.20
112.00
103.13
106.74
106.74
114.27
114.27
117.00
117.00
119.63
112.56
118.80
117.20
1280,600
269,400
t900
Y
103.13
103.13
106.74
106.74
114.27
Stock
Exchange
H9.81
Exchange Closed.
112.56
118.80
117.20
112.00
112.75
118.80
117.40
112.19
103.13
103.30
106.74
106.74
114.27
114.27
117.23
117.20
119.84
112.56
118.60
117.20
112.37
103.30
112.56
114.08
114.08
117.20
117.20
117.00
112.37
103.30
117.00
112.19
103.30
106.74 .114.00
28-:
120.10
112.37
118.60
116.80
112.19
103.13
106.56 '
112.56
118.60
117.00'
112.19
103.13
112.56
118.60
117.20
112.19
103.13
106.56
106.39
114.27
114.08
120.27
112.56
118.60
117.00
112.37
102.96
106.21
114.08
—_
118.60
116.80
112.00
112.19
118.40
116.80
112.00
120.01
112.19
118.40
116.61
112.00
9
119.88
112.19
118.60
116.61
111.81
102.63
102.63
102.46
296,900
1,800
119.99
112.19
118.60
116.80
111.81
102.46
119.66
112.19
118.40
116.80
116.61
111.81
102.30
2
26
Apr.
.112.37
120.15
i
__
«
113.89
113.70
113.89
113.89
105.69
105.86
98,700
104,000
28
119.35
111.81
118.40
147,750
148,250
140,600
Vlar. 31
119.68
111.44
118.20
116.41
111.62
111.25
101.47
100.81
494,500
333,500
?eb.
25
120.21
111.25
118.20
116.41
111.07
148,750
130,700
/an.
28
119.47
111.07
118.20
116.22
111.07
100.32
100.16
371,300
380,000
120.44
112.75
118.80
117.40
103.30
331,700
263,550
112.56
119.20
110.70
118.20
116.22
110.88
543,050
;• .'C,
t
539,150
485,300
2,156,050
2,132,350
1,837,650
■}
East Texas
'
341,750
Y;; YY■
Texas
Southwest
:Y#.Y
Coastal Texas
1944
Low
High
Texas-.:—
i "V »'' "'Y
-V '
i
•3
'
/
YY
;
-
/Y
«
•
-
Y
-
f
'
74,600
•
,
S
288,400
■■;
81,350
43,850
+
-V
350
278,500
362,600
850
+
45,000
Y 82,350
288,650
.
363,000
396,200
350,000
73,950
850
+
::
■
25,
Sept.
26,
Arkansas
Jz
78,235
78,000
.
Mississippi
'Alabama
£"•?
2,950
45,750
48,850
50
300
3,550
—
77,350
204,900
+
.50
50
Illinois
210,000
/
___:
Indiana
Y
14,000
_
—
205,150
>.
.
./•.
S'* :'
Lf
111.,- Ind.,
70,6O6"
74,200
Ky.)
"
_
Michigan
51.000
—
v..
100,000
Wyoming
•
Y
5,9b<>
+
69,456,
'
2.100
—
"76,350
27,500
25,100
50,100
v
+
GOO
50,400
i +
9,750
91,300
_
_
_
8,000
Y
_
9,450
+
800
8,900
106,100
+
150
106,000
108.52
113.89
103.47
114.27
92.35
97.16
111.81
2.71
3,871,200
885,000
total East of Calif.
/California Y-Y-iU/--
+56,100
4,745,500
4,756,200
Total United States
+36,100
+20,000
3,865,300
- 880,200
§885,000'
state
and
recommendations
derivatives to be produced.
4,690,000
4,375,750
shown above, represent
/" 2.79 'V 3.04
of condensate and natural
1
for week ended 7:00 a.m.
to
net
2.79
leases, a total equivalent to 6
{Recommendation of Conservation
operate
month.
days shutdown time during the calendar
Committee of California Oil Producers.
3.56
'-3.35
2.95 i
2.79
3.56
3.35
2.95 '
2.79
3.04
3.35
2.95'
2.78
a
2.72
2.71
2,79,,
3.04
' 3.56 Y
3.56
2.79
the
2.79,
3.04
3.56
3.35
2.71
2.79
3.05
3.04
3.05
3.35
3.35
3.35
&
2.71
2.79
2.71
2.79 v
2.71
2.79
3.05
1.84
3.03
2.72
2.79
3.05
"
2.94
3.35
2.94 ' i
2.94
3.35
2.94'
2.79
2.79
2.80
3.35
3.03
2.71
2.79
3.05
3.03
2.72
' 2.71
2.79 *
3.05
3.56
3.03
2.79
3.05
3.56
3.56
2.94
2.80
3.35
3.56
1.84
2.94
2.80
2.94
2.94
2.94
2.80
2.80
2.80
2.79
3.03
2.71
2.79
3.06
1.83
3.03
2.71
2.79
1.82
,' 3-03
2.71
2.79
3:56
3.56
1.82
3.03
2.71
2.79
3.06
3.05
3.05
3.35
3.35
3.35
3.35
3.56
3.35
2.94
2.94
(Figures in Thousands
;
'
.
J
<
Daily Refining
r
Crude
Capacity
Runs to Stills
Poten¬
% Re-
tial
Rate
District—
fineries
Finished
and Un-
Includ.
tStocks tStocks
of Re-
of Gas
Oil and
porting Average erated
finished Distillate
Blended Gasoline Fuel Oil
Gulf,
Gulf,
iana
,v
130
83.9
Ky
Kans.,
Mo
99
76.2
565
286
87.2
60
127.7
188
1,399
209
-749
90.9
2,807
17,018
6,147
80.2
369
88.3
1,449
6,844
1,995
1,502
Rocky Mountain—
:
f'
California
84.6
11
62
35
17.0
58.3
117
83.0
358
1,748
395
89.9
740
90.6
2,003
13, {792
10,822
•
817
basis Sept.
'
87.2
4,908
93.4
4,585
14.201
W.Q
178,?2G>- 43,556
S. Bur.
9, 1944-
of Mines-
1,
87.2
4,908
-
t
18, 1943
1943.'
Note—Stocks
TSinst
13 289 000
2.78
3.05
3.55
3.35
2.94
2.79
3.03
93.4
4,584
7.9,576
14,093
43,053
2.72
2.79
2.72
2.80
3.03
2.71
2.80
3.04
3.04
3.05
3.55
3.55
3.55
3.34
3.34
3.35
2.95
2.95
2.95
2.79
3.03
2.79
2.7.9
2.81
3.05
3.56
3.36
2.94
2.80
2.80
3.05
/ 1.78
2.79
3.36
3.37
3.38
2.94
2.95
2.95
2.79
2.78
2.78
of kerosine at
barrels a week
62,240
60,735
Sept. 16, 1944 amounted to 13,724.000 barrels,
earlier and 11,151,000 barrels a year before.
/
mittee.
3.03
2.72
1.78
3.03
2.72
2.80
3.05
3.04
3.04
2.72
2.81
3.06
3.58
3.39
2.96
2.78
Non-Farm Foreclosures
1.79
3.05
2.73
2.81
3.06
1.80
3.05
+2.73
2.82
3.05
2.72
2.82
3.05
2.72
2.81 Y
3.07
3.39
3.40
3.41
3.40
2.96
2.97
2.96
2.96
2.79
2.79
2.79
1.81
3.59
3.59
3.60
3.60
At Record Low
1.82
3.06
3.07
2.80
During
l.84 ;
1.86
3.05
3.07
2.73
2.73
2.81
2.82
3.07
3.08
3.61
3.66
3.40
3.43
2.96
2.97
2.80
2.83
non-farm
1.83
3.09
2.74
2.83 '
3.70
3.73
3.47
3.49
2.97
2.98
2.84
2.84
9,190, a 35% drop from the al¬
ready
low level of
the same
months of 1943, the Federal Home
Loan
Bank
Administration re¬
Y
Apr.
28
—
*eb.
/an.
High
Low
.
3.10
2.74
2.83
3.10
3.11
3.11
2.74
2.84
3.11
3.74
3.50
2.99
2.83
3.13
2.74
2.84
3.12
3.81
3.55
3.00
2.85
1.77
3.02
2.71
2.78
2.03
3.55
3.34
2.94
2.78
2.08
3.31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
3.09
2.68
3.07
3.79
3.54
2.94
2.78
3.10
3.82
3.55
2.96
25
1.81
28
1.87
1944
1944—__
1943
;
1.79
1943
1 Year Ago
Sept.
"
1.87
Mar. 31
1.80
1943
25,
•
-
,
2.04
1942
26,
;
2.83
'
:v'-vY
v
> -
3.25
2.96
2.80
3.32
.
>;
2.83
2.70
3.11
<
,
2.80
.
,
4.26
3.93
)f
coupon,
the
or
yield averages, the latter being the true picture of the
tThe
n
latest
issue of
the
complete list of bonds used in
Jan.
14,
1943.
202.
page
-
bond market.
the first half of
foreclosures
in
States
United
to
the
estimated at
(Ark.) and Portland (Ore.)
in the Boston region.
15%
The
total is the lowest
for any
half-year since 1926, when fore¬
closure totals were first estimated
The June index of
stood at 11.4% (1935-
nationally.
computing these indexes was published
^
-
were
1944,
ported on Aug. 26.
Geographi¬
cally, decreases ranged from more
than 50% in the Federal Home
Loan
Bank
districts
of Little
Rock
2.95
3.08
prices are computed from average yields on the basis of one "typical" bond
maturing in 25 years) and do not purport to show either the average
average
movement of actual price quotations, \ They merely serve to
llustrate in a more comprehensive way the relative levels and the relative movement
3%%
Moody's Common Slock Yields I
foreclosures
equals 100).
1939 average
for the-years 1929 to 1941,
11, 1942, page 2218.
as
WEIGHTED AVERAGE YIELD
Industrials
0
Utilities
Banks
(25)
(25)
(15)
/
Insurance.
(200)
(10)
—
—
;
4.8%
7.0%
5.5%
3.8%
3.9%
5.5
3.7
4.0
4.8
Month ago,
6.9
5.5
3.8
3.7
4.8
Year
4.9
..
7.0
5.6
3.8
4.7
6.7
5.4
3.6
3.7
4.8
4.4
6.6
5.2
3.5
3.7
4.6
July,
1944-
1944
•
_
_
4.5
6.6
6.7
.
*
<
5.3
3.6
5.2
3.5
•
3.7
3.7
•
4.7
4.7
23
weeks ago, Sept,
6.7
4.6
August,
Two
4.6
1944
1944
22
Sept. 25_^—
Tuesday, Sept. 26
Monday,
4.6%
June, 1944
May,
Sept.
Saturday, Sept.
Yield
i
Thursday, Sept. 21
Friday,
STOCKS
3.8
April,
Tuesday, Sept. 19, 1944_^^_-_—_—
Wednesday, Sept. 20_:——
4.6.
1944
1944
March,
OF 200 COMMON
Railroads
(125)
y
1944_<__J
January,
February,
"Chronicle" of June
14, 1943,
1130, March 16, 1944 issue.
Yields for 1942 are on page 202, Jap.
issue, and for 1943, on page
-
'
Moody's Daily
inclusive, and
1941 .are published in the
monthly yields for
MOODY'S
'
Executive Com¬
Chairman of the
1.79
12,737
■*
made Treasurer, VicePresident, and Chairman of the
Board until 1943 when he became
3.56
3.56
3.57
'»
4,222 ;
He was suc¬
cessively
2.72
34,614
70,330 38,998 66,875
'«
*At the request of the Petroleum Administration for War.
tFinished, 65,994,000
irrels- unfinished, 12,732,000 barrels.
tStocks at refineries,- at bulk terminals, in
ansit * and
in pipe lines.
{Not including 1,380,000 barrels of kerosine, 4,470,000
irrels of gas oil and distillate fuel oil and 8,214,000 barrels of residual fuel oil
"oduced during the week ended Sept. 16/1944, which compares with 1,464,000 barrels,
440 000 barrels and 8,999,000 barrels, respectively, in the preceding week and 1,391,000
n-rels, 4,287,000 barrels and 8,562,000 barrels, respectively, in the week ended Sept.
basis Sept.
2.71
2,72
646
0
)talU. S. B. of M.
basis Sept.
become
which later
Co.,
General Foods Corp.
3.02
-
Annual average yields
of M.
16, 1944
Cereal
3.03
—
)tal U. S. B.
Major in
31
13.
13
141.
District No. 3
District No. 4
a
2
4,079
2,256
280
•
as
In 1919 he started as
Assistant Treasurer of the Postum
9
■Y 191
85.2
418
District No. 2——
47
824
District No. 1
'
Okla„
20,891
23,410
to
Army.
2.79
3.04
evel
Appalachian—
Ind., 111..
35,607
7,081
96.9
•2,440
90.3
served
he
which
the
2.94
•These
2,518
1904
in
Treasurer of
Manning, Maxwell & Moore, Inc.
He returned to his law practice
in 1911 until the World War in
3.35
1.79
Sept.
North
Y Louisiana-Arkansas,
and inland Texas—
as
3.56
,1.79
2 Years Ago
Louis-
left
3.06
1.81
7__
'l•Combin'd East Coast
'Texas
seven
2.79
14
Fuel
Oil
He
years
Chester.
serve
2.71
1.79
June 30
sidual
% Op- Natural
Daily
•
tStocks
law
3.03
21
Low
at Re-
1900.
lawyer in
1.81
.
July 28——
High
{Gasoline
Production
|
2.79
Stock: Exchange Closed.'
Exchange Closed.
1.81
May 26——
of barrels of 42 Gallons Each)
Figures in this section include reported totals
plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis—-
•
Stock
4
STOCKS OF FINISHED
AND
RUNS TO STILLS; PRODUCTION OP GASOLINE;
UNFINISHED GASOLINE. GAS OIL AND DISTILLATE FUEL
RESIDUAL FUEL OIL, WEEK ENDED SEPT. 16, 1944
AND
-
his career as
He served in
office of Charles' Evans
Mr; Chester began
v
2.79 Hughes and later was a member
2.79
2.79 of the law firm of Ely, Billings
2.94
2.94
2.94
3.35
1.84
16—
CRUDE
possible on the basis of actual
operations."
j;
as
3.04
1.81
raised
its
March for
same as for the last
Final determination of
amount will be made,as soon
this
2.79 Y
3.03
11
bas'x; allowable as
2.79
2.79
1.85
activities indicate that
operations at
home and abroad will be approxi¬
2.72
3.03
18
Sept. 14, 1944.
of Sept. 1 calculated on a 30-day basis and
includes shutdowns and exemptions for the entire month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 1 to 15 days, the entire state was ordered shut
clown for 6 days, no definite dates during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
is the
iThis
Cross
2.72
3.03
-
anticipated requirements for
3.03
3.03 A
2
would
which
,
Red
2.72
1.83
4__a
take
forces, whether still in combat or
returning to civilian life. Present
3.03
1——-
'■
could
greatly lessen Red Cross respon¬
sibilities for services to our armed
3.03
1.84
5_'_—'
the
Europe or in the Pa¬
in
war
cific
3.03
1.83
Aug. 25
^Oklahoma, Kansas, Nebraska figures are
;•;
as
do not include amounts
production of crude oil only, and
gas
allowables,
the
3.03
•'*;
8—1.84
/
♦P.A.W.
war.
mately the
2.95
7——
3,822,350 3,587,950867,650 _ 787,800
campaign will be one
important since the
There is no conceivable turn
most
the
next
2.95
3.35
6:——
•
O'Connor
Mr.
"OuT'1945
of
114.08
Corporate by Groups*
R. R.
P. U.Y Indus.
3.35
16
9--.——
ability;".
added:
/
3.56
15____
/
116.41
Y
3.56
3.56
3.56
3.56
3 56
12
■■ -■
"
3.56
2.80 Y»-'3.04
1.83
11—
114.46
111.62
97.16
92.20
3.04
3.03
1.86
13_
117.40
113.89
103.30
98.88
Corporate by Ratings* *
Aaa
Aa
A
Baa
2.80
.1.85
1.84
109,350
110,000
99.36
leader
the total of the fund to be
2.72
18——
7,500
110,000
New Mexico
116.02
;
3.03
19_i-/_t.
21,300
19,600
111.25
116.41
1.85
—
unusual
in
He is recognized
and a man of
City.
able
an
as
campaign.
rate*
Y'1,'20_/!Y—
,/;H
113.12
i-
1.85
1.85
104,350
19,600
24,000
Montana
.Colorado
Bonds
Y 1*86
58,600
98,850
■-V...K
■•
y YY'
<;
24.400
I
■
25,000
_
Govt.
,
21-,.--—_
■
(Not incl.
4' 4
117.00
Avge.
Corpo-
23—_____
'
Kentucky
119.00
107.27
U. S.
25
■
103.30
(Based on Individual Closing Prices)'
Daily
14, 950
13,350
2,750
—
12,200
Eastern—
117.40
MOODY'S BOND YIELD AVERAGES
Averages
217" 300
114.27
99.04
f
106.92
..
New York
and
111.07
'
Sep., 26__
————
111.81
108.88
117.51
1942
1944—
80,950
117.00
113.89
116.22
116.22
116.41
;
•
-120.55
1943
'<*&
:
200
119.41
116.80
-»•--.$ v-yv-s.-. --}
+ '\
2 Years Ago
360,850
,
:
1 Year Agof-
Sept.
•
111.44
107.44
116.85
-
£2,165,036
2,163,000
_
•
120.87-
1943
1943
Low
•'*
7.J."
1944
High
113.50
113.31
fye
serv-ed
as
the
outstandingly
successful Red Cross campaign
117.00
116.41
113.70
113.70
104.66
104.31
104.14
370,950
I.e.',/.
.:/■
:'.Y
Chapter.
York
New
1943
of
Chairman
117.20
117.00
113.89
105.86
105.34
the
March.
In
117.40
117.20
117.20
113.89
106.04
105.86
149,800
v/
East Central Texas-
.
106.04
102.80
120.13
16
of
tors
117.40
7
23—
800*
since 1942, when he became ViceChairman of the Board of Direc¬
117.21
117.40
June^O
270,000-
agreed to head up
our next campaign.
He has been
closely identified with Red Cross
114.27' 117.00
120.18
120.23
327,350
—
_
Mr.
"that
said,
has
Chester
117.20
118.60
106.92
106.92
120.08. 112.56 ,118.80
4—_____
1
1944
98,700.
//'Y
;
Texas
Texas
'•Florida
■-
119.89
_
18—-—I-
;V
Closed.
v
•
extremely fortunate,"
are
O'Connor
Mr.
117.20
119.84
25__
Aug.
"We
117.20
114.27
504,050
Panhandle Texas.^—
Total
117.00
112.19
112.19
Stock
May
West
114.27
117.20
117.20
1—
340,550
'
106.74
118.80
118.80
2
Ended
26,300
+
103.13
112.56
112.56,
4_—__—
Sep. 18,
1943
•
North
.
112.00
119.64
119.64
6
.14
Sep. 16,
body of the Red Cross, by Chair¬
man
O'Connor at its meeting on
119.47
5—_
July
Ended
2,850
+
117.00
117.00
119.45
7———*
V
Red
American
the
of
Cross, announced at Washington
on
Sept. 18.
Mr. Chester's ap¬
pointment was reported to the
Central
Committee,
governing
9____
/■/..ill--.
" •
.
118.80
O'Connor,
Basil
March,
-
Chairman
117.20
112.56
106.74
114.27
119.48
Week
4 Weeks
Change
1342,850
1,000
—
.
next
117.20
U7.20
117.20
14——
Actual Production
Allow¬
Recommen¬
--
.
117.20
12——
(FIGURES IN BARRELS)
♦State
•P. A. W.
Nebraska
\ * v
118.80
13-__-___
*;
1%, 1944, follows in
'
•.
112.56
119.39
117.20
106.74-. 114.08
Corp.,
Foods
accepted the National Chair¬
manship of the 1945 Red Cross
War Fund Campaign to be held
117.20
117.20
v
General
has
117.20
117.40
___
mittee " of
117.20
119.22
/,
11—
'
OIL PRODUCTION
Aaa
18
detail;
AVERAGE CRUDE
Corporate by Groups*
R. R.
P. U.
Indus.
106.13 114.08 117.20
Corporate by Ratings*
Y', Aa
A
Baa
t
21—_____
refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,585,000 barrels of crude oil daily and produced'14,201,000 bar¬
rels of gasoline; 1,380,000 barrels of kerosine; 4,470,000 barrels of dis¬
tillate fuel oil, and 8,214,000 barrels of residual fuel oil during., the
week ended Sept. 16, 1944; and had in storage at the end of that
week: 78,726,000 barrels of gasoline; 13,724,000 barrels of kerosine;
43,556,000 barrels of distillate fuel, and 62,240,000 barrels of residual
fuel oil.
The above figures apply to the country as a whole, and do
not reflect conditions on the East Coast.
t
o
.
rate*
119.30
/22__
Reports received, from
DAILY
Chairman of the Executive Com¬
16—
ended Sept.
Colby M. Chester of New York,
'
—L;
23
the Institute follow:
complete report for the week
"
,
25—____
figure as recommended by the Petroleum Administration for
War for the month of September, 1944.
Daily output for the four
weeks ended Sept. 16, 1944 averaged 4,690,000 barrels.
Further
The
21
26__
Y.Y
Average Yields)
on
Red Cross Fund Drive
,
,
Corpo-
Bonds
,
:
;+Y
-
Avge.
•.;/// Govt.
Daily
Averages
average
r
(Based
U.S.
"
,//'Y:
;
•
Colby Chester Heads
„r -
T--
yield averages are
bond
and
prices
MOODY'S BOND PRICESf
.
1944—
age gross
details as reported by
bond
computed
given in the following table.
Institute estimates tl^at the daily aver¬
The American Petroleum
1389
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4320
.Volume 160
1943
ago,.
—
1943—'
High, April 1_
Low,
1944 High,
Low,
Jan,
2
Sept. 25
5
Jan.
253.1
252.4
250.4
12——
26—-—'-
Aug.
Sept. 25,
250.4
250.1
250.7
250.7
250.7
—
—
—
250.6
248.2
249.8
240.2
253.1
247.0
1390
THE COMMERCIAL & FINANCIAL CHRONICLE
is
Weekly Goal And Coke Production Statistics
The Solid Fuels
the
only class of work to gain
totals
for the
in its latest
report, states that the total production of soft coal in the
Sept. 16, 1944, is estimated at 11,525jM0 net tons, com¬
pared with 10,900,000 tons in the preceding wedF (which included
the Labor Day holiday) and 12,049,000 tons in the corresponding week
last year.
Cumulative output of soft coal from Jan. 1 to Sept. 16, 1944
totaled 447,105,000 tons, as against 420,465,000 tons in the same period
in 1943, or an increase of 6.3%.
week ended
779,000.
1943
and lignite—
1944
Total incl. mine fuel
Daily
20
period.
0.4
as
of
fSubject
normal
a
1943
to
current
{Labor
adjustment.
PRODUCTION
PENNSYLVANIA ANTHRACITE
OF
a
1937
AND
volume
Short sales
of round-lot
Sep. 18,
1944
1943
1944
1943
1937
the
on
Stock
1,263,000
1,143,000
1,270,000
46,566,000
43,953,000
1,212,000
1,097,000
1,219,000
44,704,000
42,195,000
34,165,000
ended
Beehive coke-^ 3
United
States
operations.
126,700
washery
and
112,200
dredge
{Excludes colliery
fuel.
5,364/600
163,100
coal
and
coal
{Subject to
shipped
by
revision.
5,581,300
truck
from
2,532,500
a
:
the
of
account
the
on
the
of
account
volved
This
ties.
Total Round-Lot
Stock
and
subject
are
State sources
or
to
revision
on
receipt of
on
railroad carloadings
monthly
tonnage
reports
from district and
Week Ended
Sep. 11,
1943
371,000
357,009
242,000
5,000
6,000
3,000
90,000
85,000
85,000
56,000
118,000
143,000
142,000
1,000
1,000
1,000
1,415,000
1
1,335,000
538,000
504,000
2,
8
to
section
of the total
.......
■
tion
Except
39,000
40,000
48,000
160,000
140,000
to
955,000
948,000
348,000
308,000
38,000
35,000
is
..————.
:—
;•-
ber
7.82
278,860
the floor-
on
1,000
2,000
Montana (bitum. & lignite)—.
92,000
100,000
4,000
89,000
48,000
Short sales
New
7,750
29,000,
34,000
33,000
26,000
{Other sales
128,190
39,000
37,000
29,000
560,000
50,000
630,000
633,000
417,000
2,605,000
2,637,000
2,876,000
1,988,000
Mexico.,
:
North & South Dakota (lignite)
Ohio
t
;
.
Pennsylvania (bituminous)
Tennessee
136,000
Texas (bituminous & lignite>
Utah
138,000
129,000
2,000
3,000
4,000
88,000
Total purchases..
Short sales..
77,000
Virginia
Washington..
?
28,000
34,000
29,000
tWest Virginia—Southern...._
2,155,000
2,302,000
1,080,000
966,000
165,000
167,000
169,000
-
...
370,000
{West Virginia—Northern
-
Wyoming
{Other Western States
370,000
394,000
267,000
493,000
-
Total bituminous & lignite-
•
'•••"/
v'.V
11,660,000
Short sales
1,148,000
1,316,000
1,196,000
617,000
12,048,000
12,956,000
12,856,000
the B.
<fc O.
in
Panhandle District
Oregon.
Total
Round-Lot
Virginian; K. & M.; B. C. & G.; and
Kanawha, Mason and Clay counties.
tRest of State, Including the
and Grant, Mineral and Tucker counties.
{Includes Arizona and
Stock
Sales
Transactions
for
the
on
New
Account
of
York
ENDED
2,
1.
week ago and a year ago.
2.
year
to
is
ago,
the
a
decrease of 45%
Private
above the
Civil
1943
State
and
3.
last week, and the current week
are:
volumes
the
1943
sion.
Private
Public
S.
construction
construction
construction
State and municipal—.
Federal
In
in
$71,951,000
9,491,000
62,460,000
the
classified
industrial
8,366,000
_
0
54,094,000
construction groups,
6.98
LOT
week,
$19,235,000
4,397,000
14,838,000
4,955,000
9,883,000
week
OF
STOCK
dealers
FOR
ON
Number
34,190
Dollar
3,000
N.
of
9,
1944
Total
for Week
20,329
-
shares
572.503-
$21,593,157
__
Odd-Lot Purchases by Dealers—
(Customers' sales)
>
;.
52,835
.
■&\{
?,
Number of Orders:
3.95
55,835
Y.
EXCHANGE
Ended Sept.
value
and
ODD-
THE
THE
Sales by Dealers
(Customers' purchases)
.Number of orders
2.51
Other transactions initiated off the floor—.
Total sales..
con¬
ODD-LOT DEALERS
SPECIALISTS
Week
26,385
Total purchases.
are
sales
261
other
sales
19,047
sales
19,308
146,870
Short sales
11,225
{Other sales
148,315
Customers'
total
Number of Shares:
.
Total sales.
•The term
and
44,673
calculating
these
Includes
all
total
compared with twice the total round-lot volume
the Exchange volume
includes only sales.
rules
are
short
included
{Sales marked
sales
with
which
"other
"short
are
exempted
of
on
are
509.514
$17,984,452
/
~
•>
sales
50
sales
148.230
Total
sales
148,280
Round-Lot Purchases by Dealers:
Number
members'
purchases and sales Is
the Exchange for the reason that
♦Sales
from restriction. by
the
Commission's
of
shares-
marked
ported with
included with "other sales.""
175,300
"short
exempt"
are
re¬
"other sales."
tSales to offset customers' odd-lot
orders,
and sales to
liquidate
is
sales."
exempt"
sales
Short
regular and associate Exchange members, their
the
total
value
fOther
including special partners.
percentages
499,986
Round-Lot Sales by Dealers—
Number of Shares:
'
36,091
partners,
sales
Dollar
44,673
"members"
their
9.528
other
Customers'
0
{Customers' other sales
tin
sales
u
Odd-Lot Transactions for Account of Specialists—
Customers' short sales
firms
short
♦Customers'
13.44
159,540 1
a
less
"other
than
sales."
round
a
i
•
.
Customers'
{Round-lot
Waterworks
short
♦Customers'
4. Total-
Total sales
last
odd-lot
TRANSACTIONS
4,300
{Other sales.
the
on
Exchange?
figures are based upon
filed with the Commis¬
ACCOUNT
AND
30,880
Short sales
re¬
$42,470,000
6,993,000
35,477,000
8,041,000
27,436,000
over
account
special¬
The
STOCK
the floor-
Sept. 21,'44
gains
odd-lot
Stock
sion by the
specialists.
73,395
on
for
Customers'
Sept. 14,'44
buildings, and eaithwoTk and drainage.
Exchange
public
on
for the week
handled odd lots
reports
77,320
Total purchases
Total U.
Trading
and
made
a summary
ists who
:.
Sept. 23,'43
Sept. 20
22,085
municipal volume
for
Securities
New York
3,925
Total-pur chases
C.
construction
The
Odd-Lot
a
period.
engineering
Re¬
liabilities
tinuing a series of current figures
being published by the Commis¬
"Short sales
construction,
decline in Federal work.
Dallas
more
August than in July.
transactions
1,125,715
{Other sales
$1,348,716,000 for
from the $2,437,651,000
and
of all odd-lot dealers and
81,800
Other transactions initiated
$285,929,000, is 9% below a
and public construction, $1,062,787,000, is 50% lower due
55%
16%
period,
1943.
registered—
purchases—......
Total purchases
Public work is down 58% compared with
week, and is 76% below last year as both State and municipal
volume and Federal construction report decreases.
The week's construction brings 1944 volume to
City
districts had
serve
which
failures, only
any
Sept. 9 of complete figured
showing the daily volume of stock
Members:
Total sales.
last
ported in
of
Total sales.
lower, respectively, than
(Shares)
1944
stocks in which
{Other sales
and shipbuilding, is 55% below
week ago, 73% under the
corresponding 1943 week, and 48% below
the previous four-week
moving average. The report, made public
Sept. 21, went on to say:
38-week
Account
Short sales
the country,
54%
Stock
are
Total
a
the
for
Transactions of specialists in
they
engineering construction volume in continental United
States totals $19,235,000 for the
week, the second lowest volume
reported to "Engineering News-Record" in 1944. The week's
total,
not including the construction
by military engineers abroad, Amer¬
and
and
1,140,415
B. Round-Lot Transactions
Civil
Private construction is 37
Exchange
14,700
..
Total sales.
For Week
outside
Kansas
report
NYSE Odd-Lot
Total for week
Short sales
contracts
Curb
Members*
SEPT.
{Other sales—
ica]!
considered, it
District
ended
WEEK
A. Total Round-Lot Sales:
.
Reserve
Commission
8,480,000
Engineering Construction $19,235,000
involved is
not
15.80
588,122
*Less than 1,000 tons.
Civil
bilities
involved in
69,790
Total sales—
tlncludes operations on the N. & W.; C. &
O.;
on
3.85
518,332
7,863,000
Pennsylvania anthracite
num¬
535,378
{Other sales-
11,640,000
same
Minneapolis Reserve
District is again distinguished by
not reporting any failures. While
all of the remaining districts show
fewer failures in August then in
July.
When the amount of lia¬
the
152,912
173,322
Total purchases.
*
10,900,000
York, St.
the
4. Total-
103,000
1,000
-
and
did
20,410
Total sales...
'
...
New
August than in July, the
and Kansas City Re¬
neapolis
100,318
...
....—
{Other sales
1,711,000
893,000
—
...
the
is found that outside of the Min¬
off the floor—
29,000
2,125,000
4.13
135,940
Other transactions initiated
21,000
140,000
157,710
Total sales.
3.
91,000
114,000
;
Total purchases...—iZizL
8,000
that
districts had the
serve
237,230 '
Total sales.
Other transactions initiated
2.
Com-*-
Richmond
41,630
.
Au¬
and San Francisco
districts had more fail¬
in
ures
—
in
9
in July but lia¬
$123,000 in August
as.
Dallas
Reserve
277,350
Short sales
{Other sales
25,000
-
found
in which
^
they are registered—
v
same
were
in
Louis,
Odd-Lot
Total purchases
Construe^
numbered
August-as against 10'in
July and liabilities only $16,000 in
August against $514,000 in July. "
When the country is divided
into Federal Reserve Districts it
-3,455,880
142,000
31,000
of
Transactions of specialists in stocks
718,000
308,000
Accounts
$272,000.
failures
three
-
99,840 '
114,000
934,000
Maryland...
Michigan
l
-
Members,
-;
59,000
150,000
Kentucky—Eastern
Kentucky—Western.
the" Odd-Lot
of
I.
114,000
Kansas and Missouri
for
Account
down
were
against $144,000 in July;
as
3,555,720
for
liabilities
the
mercial service failures numbered
1944
—■
....
and
insolvencies
$291,000
was
(Shares)
'
5
from 41 to 32 and liabilities from
Total for week
Dealers and Specialists:
275,000
;
SEPT.
liabilities
in7
than in July. k
$159,000 in July to $86,000
in. August.
In [the. retail tracie
Exchange and Round-Lot Stock
..-1-.^..-.
Round-Lot Transactions
806,000
465,000
B.
1,000
1,235,000
Georgia and North Carolina
Indiana
ENDED
Stock
Members*
of
Total sales.
5,000
Iowa
{Other sales.
1937
365,030
Colorado—-.-
York
is
from
Sep. 11,
1944
Alaska
Illinois-:
New
Account
less
in August
gust the
A. Total Round-Lot Sales;
•
Sep. 2,
1944
Arkansas and Oklahoma
for
Short sales.--.-.—
Sep. 9,
State„
the
on
WEEK
and river shipments
of final annual returns from the
operators.)
Alabama
Sales
Transactions
(In Net Tons)
When
\
liabilities
Wholesale failures decreased
from
12.8% of total trading of 1,509,115 shares.
{Revised.
failures.
the
Manufacturing failures last
month
numbered
28,
involving
$557,000 liabilities, compared with
23 in July, with $2,451,000 liabili¬
15.80%
386,925 shares
of
of
had
groups
shares; during the Aug. 26 week
of
amount
considered it is found that all the
Exchange, member trading during the week
members
number
same
of the total trading of 4,065,270 shares.
that exchange of 1,140,415
on
the report is divided
exception of the Manu¬
the
the
members
was
which
bilities
(The current weekly estimates are based
SI,compared
facturing group which reported
failures, and the Construetion
group
which reported the
; •
Exchange of 3,555,720 shares.'
trading for the account of Curb
authorized
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
involved
as
more
all
-
Sept. 2 amounted to 306,410 shares, or 13.44%
volume
total
♦Includes
for
i.
•
Exchange for
16.82%
or
35,963,000
tCommercial produc.
.
transactions
totaled 1,123,500 shares, which amount
On the New York Curb
•Total incl. coll. fuel
into
with
the
on
shown separately from other s&les in these figures.
1,367,632 shares,
Sep. 18,
1944
and
91
place in all the divisions of trade
Sept.
on
with member trading during the week ended Aug. 26 of
compares
Sep. 16,
77
liabilities
The decrease in the number of
failures in August from July took
exchanges in the week ended Sept. 2, continuing
of the total transactions
Sep. 18,
involved
or
involving * $3,559,000 in
July, and 227 involving $2,905,000
August a year ago.
*
(except odd-lot dealers) during the week ended Sept. 2 (in round-
Calendar Year to Date
{Sep. 9,
Penn. anthracite—
stock
:
are
Trading
COKE
{Sep. 16,
totaled
with
series of current figures being published weekly by the Commission.
(In Net Tons)
Week Ended
Inc.
054,000
Exchange and the New York Curb Exchange and
lot transactions)
ESTIMATED
Exchange Commission made public
.
Day{ Sept. 4, 1944, weighted
working'day.
new
figures showing the volume of total round-lot stock sales
members of these
Sep. 18,
1943
1944
bond
'
New York Stock
Date—
Sep. 18,
municipal
The week's
"liabilities
July 1944
August 1943;.
Business insolvencies in August,
according to Dun & Bradstreet,
Trading On New York Exchanges
<?OAL, IN NET TONS.
tSep. 16,
and
of
than in
$3,030,299,000 reported for the corresponding
The Securities and
11,525,000 10,900,000 12,049,000 447,105,000 420,465,000 313,371,000
1,921,000 1 2,019,000
2,008,000
2,029,000
1,897,000
1,428,000
average
"■Revised.
Sep. 18,
of $3,209,000 in State
up
below the
•
"Sep. 9,
1944
lower
in
the
Sep. 16,
Business failures in August were
in
both number and the
construction,
construction purposes for the week totals $4,-
It is made
total 47%
a
Sept. 9, 1944; but was 36,400 tons less than for the
corresponding week of 1943.
Bituminous coal
Business Failures In
are:
financing brings the 1944 volume to $1,610,355,000 for the 38 weeks,
for the week ended
to
Sub¬
waterworks,
industrial buildings,
sales, and $1,570,000 in corporate security issues.
reported that the estimated production
1
1943 week's total.
amount
New capital for
of beehive coke in the United States for the week ended Sept. 16, 1944
showed an increase of 14,500 tons when compared with the output
January
its
over
of * construction
class
026,000; streets and roads, $3,616,000; and unclassified
responding week of 1943.
week Ended
each
$3,063,000.
According to the U. S. Bureau of Mines, production of Pennsyl¬
vania anthracite for the week ended Sept# 16, 1944 was estimated at
1,263,000 tons, an increase of 120,000 tons (10.5%) over the preced¬
ing week.
When compared with the output in the week ended Sept.
18, 1943, there was a decrease of 7,000 tons, or 0.6%. The calendar
year to date shows an increase of 5.9%'when compared with the cor¬
ESTIMATED UNITED STATES PRODUCTION OP
in
$771,000; sewerage,, $392,000; bridges, $237,000;
$3,286,000; commercial buildings and large-scale private 'bousing,
$731,000; public buildings, $5,113,000; earthwork and drainage, $2,-
Administration, U. S. Department of the Interior,
The Bureau of Mines also
week
Thursday, September 28, 1944
long position which
lot
are
reported
with
v,
Number 4320
160
Volume
7
1391
CHRONICLE
THE COMMERCIAL & FINANCIAL
>.
"
■
Total Loads
Freight Car - Loadings During: Week
Revenue
,
Atlantic Coast Line,
Clinchfield—,——;
'
-
3,028
2,677
410
315
146
136
100
723
_
1,286
35
40
454
2,682
3,299
3,992
30,009
18.086
25,587
Mississippi Central
25,220
26,155
11,366
180
319
3,149
240
295
3,381
190
237
3,670
ft
$1,072, according to the regular
monthly survey of 25 manufac¬
564
626
turing industries by the National
Conference Board.
Industrial
"This
657
652
549
484
4,739
5,062
::
Norfolk Southern—
1,180
;
'ft;
1,031
the latest
movement
11 years,"
says
the Board. "At $1,072 per
hour, hourly earnings were 5.1%
above the July, 1943 level, 41.2%
above that of January, 1941 (the
Little Steel formula base), 48.9%
1,396
compensation, marks
peak in an upward
8,420
491
462
457
Richmond, Fred. & Potomac
9.715
which
has
that
1,641
9,085
9,864
10,512
8,611
8,323
24,899
23,081
23,494
23,890
23,940
Tennessee Central—
683
1,031
137
465
106
1,004
Winston-Salem Southbound
480
144
1,149
990
123,741
114,518
114,921
Seaboard Air Line
Southern
System—
_
"
Northwestern District—
ft—*
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha—.
Duluth, Missabe & Iron Range
Duluth, South
4,612
4,131
254
349
490
538
1,515
10,164
570
9,992
2G,998
29,263
6,251
91(j
1,003
54
57
2,596
2,277
2,892
2,708
5,979
"5,341
8,242
501
2,575
2,232
8,611
12,501
11,957
13,645
184
2,280
275
2,862
262
2,854
145,558
Ishpeming
Minn., St. Paul & S. S. M._.
148,715
156,061
Northern Pacific
Spokane International,
'
_
Spokane, Portland & Seattle
'
Total
.
2,400
86
:
520
month.
Key figures of the Conference
Board's survey for July, except¬
65,279
reported decreases
except the Southern,
the Central Western
ft'
•
:':'K W:
'ft ft
of April
weeks
of
July—
of
weeks
August
weeks of
Week
of
September
Week
of
September
Week
of
September
2_.
9ft.
16_.
the
!
3,174,781
4,209,907
3,363,195
3,311,637
Illinois Terminal
4,139,395
Missouri-Illinois.
3,431,395
3,554,694
3,487,905
901,075
887,960
834,670
Southern Pacific (Pacific)
902,766
903,099
for
1944.
with
Chicago,
Central Indiana
Delaware &
—
Hudson
—
Lackawanna & Western
Detroit & Mackinac—
Detroit, Toledo & Ironton_
•Detroit & Toledo Shore Line
Delaware,
—-
Erie-——
Grand Trunk
!—
Western
River
Lehigh & New England
Lehigh & Hudson
ft
Lehigh Valley
—
Susguehanna & Western
•Pittsburgh & Lake Erie_——.
195
Wabash
6,156
13.480
14,690
1,506
2,024
2,036
26
34
ft 71
'
Total—
14,352
1,980
1,831
", 17,701
16,350
19,059
17,718
515
2,439
587
2,113
621
2,760
4
9
5,569
5,317
140,466
137,700
136,607
111,019
101,511
Utah—_——
—
Western Pacific
Allegheny District— -
'Cambria & Indiana—.
Central R. R- of New
although they were 2.8 hours, or
less than the average for
Cumbetland &
739
580
214
4,952
2,892
2,413
3,008
3,543
3,411
315
5,695
633
5,044
329
5,278
939
1,024
2,929
2,998
off
4,355
260
3,243
313
835
185
6,516
18,940
• 4,038
2,829
2,573
243
1,334
1,831
1943, there has been a drop of
7.0%, but the total exceeded the
January, 1941, level by 26.7% and
City Southern
—:
814
Midland Valley
—ft
Missouri & Arkansas
177
5,908
18,913
Missouri-Kansas-Texas Lines
Missouri Pacific
.Long
Island
Union
19,197
271
11,354
Texas & New Orleans
113
133
161
76
9,030
3,126
12,206
5,390
116
21
10,064
3,059
12,411
8,402
8,864
6,785
6,435
5,497
5,178
4,414
97
6,719
6,699
53
45
13
10
38
76,540
11,222
532
St. Louts-San Francisco.
Texas & Pacific
74,325
74,407
67,051
68,441
7,319
2.504
2,687
2,243
1,660
1.702
9,214
14,118
14,399
2,448
2,464
3,295
2,642
6,188
6,462
275
457
than
2,355
2,407
30
134
above
102.3% greater
1941, 193.9%
August, 1939, and 134.2%
55,355
51,325
54,055
56,686
18,726
above
the average for
16,402
1,957
'ft'
9,170
9,721 :•
8,772
1,229
1,034
3,028
9,404
14,452
16,034
377
2,038
1,522
7,828
8,850
8,556
5,549
5,564
7,341
8,003
977
872
379
364
247
963
2,992
417
1,101.
1,099
7,623
656
7,762
ft'
■
..
19
"
372"'
*
5,943
*
11,663
13.220
5,679
6,290
4,263
4,554
Note—Previous
figure.
figures
year's
Weekly Statistics Of Paperboard Indiislry
We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
' ft
"ft V^.:'ft:;':v"v'; ft' ■
The
members
this
of
Association represent 83%
219,937
230,596
industry.
761
,
'
;
-
1,321 ft"
790
ft* MS,589
27,459
-..-ft 6,949
1,594
5
4
279
.'ft-ft.
ft-
291
664
651
225
: ft,
140
:*
1,894
ft
15,974
21.060
3
Tons
59
58
144,384
6
16
June
17
June
24
39
29
2,849
4,199
147,689
—
>
93
95
584,083
96
95
154,137
577,721
95
95
156,338
155,170
586,379
96
544,454
98,235
ft-'
95
95
549,830
152,954
*
Current Cumulative
599,322
•
95
60
1
94
94
2,683
2,939
July
8
67,126
July
145,775
147,478
29,497
July
157,041
152,402
590,263
94
27,241
15
22
91
64,053
586,103
85,238
"15,154
,
145,317
21,269
6,193
8,345
July
29
4,554
4,282
12,539
13,111
191,014
164,082
181,002
29,410
53,540
%
mills
"
-
29,425
28,131
22,673 ft- - 22,765
4,749 ; -,4,678
56.847
"55,574
13,614
7,353
2,314
^
• .
13,832
7,011
2»409
23,281
23,252
TF-
i
.'1
ended
week
of these
For
reporting softwood
unfilled orders are equiv¬
alent to 40 days' production at the
current rate, and gross stocks are
equivalent to 35 days' production.
stocks.'
mills,
94
year-to-date, shipments
identical mills ex¬
production by 3.8%; orders
For the
139,743
157,720
570,626
96
94
5
195,161
160,568
604,299
96
94
140,338
158,849
585,316
96
94
ceeded
August 19
136,936
155,516
562,744
95
94
94
by 6.8%.
August
:•-.
August 26
128,596
156,921
<534,174
96
September
District—
Total—
2.6%
August 12
!r'
8.5% be¬
mills were
less than production.
Un¬
order files of the reporting
amounted
to
104.0%
of
orders
filled
152,461
157,794
130,510
1
July
National Lumber
Barometer were
Trade
Remaining
Tons
170,421
10
127
to the
porting
Percent of Activity
Orders
Production
Tons
ft
June
June
246 u.g ,H™:,
PRODUCTION, MILL ACTIVITY
1,947
1,959
<66,160
1944—Week Ended
6
22,452
1.099
-
Period
11
ft
lumber
Unfilled
Orders
Received
18,930
ftv
1,912
7,470
Manufacturers
new
2,173
National Lum¬
Association,
shipments of 496 mills re¬
According to the
ber
low
29,820
6,980
Movement—Week
production for the week
Sept. 16, 1944. In the same
-
1,227
45,778
they represent the total
1929.
September 16, 1944
Ended
of the total
from
less than
January,
in
Lumber
industry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
1.8%
They were 1.5%
July, 1943, but
in
revised.
figures are advanced to equal 100%, so that
165,695
declined
Payrolls
week's
,
19
average.
June.
*Previous
250
2,759
Total
2,464
-
1,826
3,253
level, 97.2% above that of August,
1939, and 28.8% above the 1929
7,701
7,335
20,868
July, 1943.
They remained
above the January, 1941
low
43.4%
162
195,589
'
1.8%
in June, and 6.0% be¬
4,769
3,139
Virginian
lower than
by 36.8%.
in July were
Wichita Falls & Southern
190,847
Chesapeake & Ohio
Norfolk & Western
average
hours
Man
Weatherford M. W. & N. W
1.503
1,781
.Western
Pocahontas
1929
the
1,286
15,257
Total
in
2,625
18,706
(Pittsburgh)
Marvland
18,814
0.9%
220
1,937
Pennsylvania System
411
5,921
twenty-
industries fell
July.
Since July,
19,189
89,565
•Reading Co
549
4,786
193
5,794
18,997
3,635
11,433
5,680
84
21
St. Louis Southwestern
7,695
1137
Lines-
323
550
818
the
in
Employment
five manufacturing
2,735
''209
—
Penn-Reading Seashore
1
ft;
319
87
10,434
Quanah Acme & Pacific
6,364
1,496
Pennsylvania—
1929.
356
5,447
2,763
2,601
528
'Ligonier Valley:
1943, and 5.3 hours, or 13.2% more
in the January, 1941 week,
than
16,596
318
—
than
810
11,420
1,675
Jersey
-ft-*
Cornwall
half an hour or 1.1%
were worked in July,
were
more
de¬
July
/
2.386
6,200
—
0.9%.
July
week
per
by 0.4 hours, or
The 4.5 hours averaged in
in
304
45,225
5,694
Baltimore &
worked
Hours
4,003
,761
Canton & Youngstown_.
Ohio_—- _ft_
Bessemer & lake Erie—i
Buffalo Creek & Gauley
'Akron,
t
clined
5.8%
STATISTICAL REPORTS—ORDERS.
ft
above
5,440
2,47.9
12.246
169,978
Erie
0
19,798
...
System—ft——
1,037
5,861
—
Wheeling & Lake
•-•ft
1,205
Rutland—
1,471
419
1;015
331
1,207
378
1—
684
0
Litchfield & Madison
1,378
163,235
—
860
15,879
Louisiana & Arkansas
1943
1944
330
6,318
5,968
Shawmut
Shawmut & North
Pittsburgh & West Virginia
153
12,879
ftft 5,350
Marquette,—
above
472
92
above a year
369
.419
W • y 8,045
Pittsburg,
1,896
742
33,356
304
Kansas
Connections
2,104
—
'
*2,385
dropped 1.3% but remained
earlier, 30.9%
January, 1941, and 43.3%
August, 1939.
come,
13,622
1,310
6,845
N. Y..
1,857
1,318
2,234
1,057
8
33,722
ft
295
200
52,603
ft. 8,454
Central Lines
—
N. Y., N. H. & Hartford——
'New York, Ontario & Western
New York, Chicago & St. Louis—,
New York
1,771
1,277
2,159
1,191
14
1
7,496
2.408
4,827
2,740
Montour—
3.7%
50
33,549
278
6,207
8,629
Central
Monongahela
Maine
Pittsburg &
Received from
995
5,750
7,713
.ft 280
2,093
339
13,433
4,008
139
1,845
1,863
Kansas, Oklahoma & Gulf
817
31
2,469
International-Great Northern
Total Loads
1,332
1,027
'
Central Vermont—
9
1,532
Burlington-Rock Island
7,059
1,331
ft ft 28
Indianapolis & Louisville
35
1,512
be pur¬
weekly in¬
can
dollar
with
Gulf Coast Lines—
226
6,712
-Boston & Maine——___——.—
.
that
services
*1,991
.1,472
1,647
1,237
.
—
earnings, which
quantities of goods
the
measure
4,460
912
Southwestern District—
1,017
302
;Wft——ft
Total.
CONNECTIONS
1942
1943
1,388
11,878
Toledo, Peoria & Western
31,342,397
30,601,083
Total Revenue
Aroostook.
770
12,323
weekly
Real
-
865
Union Pacific
Freight Loaded
1944
101
13,022
1,043
Peoria & Pekin Union
814,897
SEPT.. 16
District— '
Eastern
chased
6,568
North Western Pacific—
:•;
Bangor &
2,073
6,606
_ft
Nevada Northern
REVENUE FREIGHT LOADED" AND RECEIVED FROM
i
(NUMEBR OF CARS) WEEK ENDED
Ann Arbor
2,929
89
1,020
4,767
1,008
5,292
City—
4,003,393
,
Pere
Fort Worth & Denver
3,455,328
and systems for the week ended Sept. 16,
54 roads showed increases when compared
Railroads
and
899
Denver & Salt Lake
3,924,981
corresponding week a year ago.
V
5,607
908
3,982
4,342
14,146
982
3,122,942
3,073,445
separate railroads
During the period
5,795
—ft.
Denver & Rio Grande Western
of the freight carloadings
table is a summary
The following
the
i'
922
20,161
2,611
14,004
2,733
Chicago & Eastern Illinois
3,055,725
31,609,267
______
Total
3,454
574
21,569
2,945
13,302
2,785
Chicago, Rock Island & Pacific—„■
825,953
of June___—i.
3,358
Chicago & Illinois Midland
892,358
May^—
weeks
weeks
24,530
24,554
438
20,877
2,818
13,176
2,655
Chicago, Burlington & Quincy.:
Colorado & Southerns
898,450
March—
of
higher than
July,
3.518
3,858,479
3,531,811
13,206
25,783
Alton
June.
1943, 59.7% above Jan¬
uary, 1941, and 79.1% above Au¬
gust, 1939.
ft'...ft', ftftft
-ft;;-.;
in
Bingham & Garfield
1942
1943
1944
3,796,477
3,159,492
3,135,159
4,068,625
3,446,252
4,343.193
3,4G3,512
3,579,800
February,
of
weeks
weeks
.
January—,
of
Weeks
and Southwestern.
ft'ft .ft ft""ftft ft"'- ■
District—•
Atch., Top. & Santa Fe System—
corresponding
$48.-
Weekly earnings averaged
87, a decline of 0.9% from
14,850
are
given above, are as follows:
They were still 5.9%
Central Western
Central Western and Southwest¬
districts reported decreases compared with 1942 except
and all
ern,
compared with the
which
earnings
hourly
ing
,
Ail districts
eighth
the
for
ment
3,157
66,759
in
off in employ¬
consecutive
falling
preciable
483
3,808
■
factors,
payroll
other
All
July
declined from June, pri¬
marily because there was an ap¬
5.851
544
2,325
558
2,661
x_2,351
ft.
8,298
than
advices
10,363
ft.
97
1939, and
the average
August,
of
1929," the Board in its Sept. 23
said. It added:
in
1,202
28,038
Western
Minneapolis & St. Louis
ft
10,918
8,576
484
410
Great Northern
Lake Superior &
14,871
3,138
1,592
Des Moines & South_„_____
Green Bay &
3,175
10,961
14,132
21,775
2,904
21,650
4,275
33,265
23,388
2,900
22,573
4,160
29,829
for
lasted
higher
81.7%
9,484
Sl#>re & Atlantic
Elgin, Joliet & Eastern
584 cars
'ft
-
21,267
2,382
23,355
3,595
26,604
Chicago & North Western
Chicago Great Western.
Ft. Dodge,
119,612
122,172
Total—
monetary
other
and
1,313
1,956
1.501
330
ft,
384
410
includes
which
figure,
overtime
above
Nashville, Chattanooga & St. L
Piedmont Northern
week but a
•the corresponding week in 1943.
"
. ''
•'
•.
Ore loading amounted to 78,562 cars, an increase of 3,244 cars
: above
the preceding week but a decrease of 8,099 cars below the
.corresponding week in 1943.
>
Coke loading amounted to 13,762 cars, an increase of 403 cars
above the preceding week, but a decrease of. 923 cars below the
•corresponding week in 1943. •
v
week in 1943,
a
11,880
30.519
•
_.
new
4,234
16,872
rose
reach
1,782
114
in manufacturing
0.3% in July to
all-time high of
earners
industry
447
)6
1,450
356
4,226
'
earnings of all
Average hourly
wage
102
1,205
467
4,085
28,721
1,202
415
4,534
________
Macon, Dublin & Savannah
of 1,291
decrease of 2,239 cars below
the preceding
above
cars
1,452
1,521
ft
Louisville & Nashville
Districts alone loading
1,717 cars above the preceding week, but a decrease of
"below the corresponding week in 1943.
i ,
Forest products loading totaled 43,392 cars, an increase
1,627
1,759
Illinois Central System
15,626 cars, an increase
of
9,911
369
1,787
537
122
657
''ftft 28
Gulf, Mobile & Ohio
above the preceding week
'corresponding week in 1943. In the Western
the week of Sept. 16 totaled
1.053
4,234
4,177
Georgia & Florida
,
"of livestock for
2,671
1,231
9,877
289
Georgia
amounted to 20,118 cars, an increase of 2,165
but a decrease of 832 cars below the
Livestock loading
cars
2,450
690
11,346
345
Gainesville Midland
]cars above the preceding week, but a decrease of 7,567 cars below
the corresponding week in 1943.
ftftftftvftftft.ft''.
Grain and grain products loading totaled 50,110 cars, an increase
*of 6,489 cars above the preceding week but a decrease of 4,014 cars
'below the corresponding week in 1943.
In the Western Districts
alone,' grain and grain products loading for the week of Sept. 16
totaled 35,210 cars, an increase of 3,828 cars'above the preceding
.week but a decrease of 3,074 cars below the corresponding week in
*1943.
703
11,158
'
3,811
ft
Florida East Coast
;ft
:•
321
Hew
346
455
—
Durham & Southern
Loading of merchandise less than carload lot freight totaled
.107,697 cars,; an increase of 7,741 cars above, the preceding week,
and an increase of 6,042 cars above the corresponding week in 1943.
v
Coal loading amounted to 171,591 cars, an increase of 11,842
1943
385
4,518
Columbus & Greenville
v\'v
Connections
1944
1942
658
11,031
~
3,267
Charleston & Western Carolina
increase of 7,224
33,230 cars above the preceding week, and an
cars above the corresponding week in 1943.
.ft
——
Central of Georgia
407,126 cars, an increase
of
764
Hourly Earnings At
High In July
Says Conference Board
Received from
ft
276
737
698
Day holiday.
loading totaled
•
ft;
281
Atlanta, Birmingham & Coast
.
freight
1943
1944
*
Atl. & W. P.—W. R. R, of Ala
.
Miscellaneous
*
•
Alabama, Tennessee & Northern
•
Labor
Total Revenue
Freight Loaded
ft
-
.
Southern District—
freight for the week ended Sept. i 16, 1944,
•totaled 592,358 cars, the Association of American Railroads announced
on Sept. 21.
This was a decrease below the corresponding week of
1943 of 10,408 cars, or 1.2%', and a decrease below the same week
in 1942 of 10,741 cars or 1.2%.
;
V'' »
'
ft"' Loading of revenue freight for the week of Sept., 16 increased
66,405 cars, or 8.0% above the preceding week, which included the
Loading of revenue
'
.
•
16, 1944 Increased 66,405 Gars
Ended Sept,
Railroads
I,
ft
173,065
155,820
549,114
97
131,988
123,758
554,352
80
94
129,481
158,178
525,730
97
94
September
September
2
9
16-—
..
•
94
week, plus orders received, less production, do
unfilled orders at the close.
Compensation for
Notes—Unfilled orders of the prior
not
necessarily
equal the
reports, orders made for or
meats of unfilled orders.
delinquent4
filled from stock, and other Items made necessary
adjust-1
of
reporting
Compared to the average cor¬
responding week of 1935-39, pro¬
duction
10.7%
7.4%
ft
K Of
of reporting mills was
greater; shipments were
greater;
rfrootor
and
orders were
THE COMMERCIAL & FINANCIAL CHRONICLE
connected with the First National
Items About Banks, Tfnst Companies
%
Donal
C.
Robert
Vice-Presi¬
O'Brien,
of
dent of The New York Trust Co.,
elected
was
Dime
Mr.
O'Brien
Bank,
Sept. 18.
Trust
Mr. Cassatt
vania RR.
St.
40th
at
in 1936 Mr. Robert K. Cassatt
ness
and
and
from
his
Harvey L. Schwamm, President
National
Bank
New
of
charge
of
National
the
York,
the
will
A.V/v';
•
of
explained that he will
director of The Phil¬
as
Estate
Hires. Co., Mid-Conti¬
Petroleum
nent
Corp.,
Barahona
Sugar Co.,
Air Reduction
Co.,
Western Saving Fund Society, the
Waldorf Astoria Corp., and the
United Gas Improvement Corp.
Announcement of this
changes
Co.
New
Boston
York,
shares
are
of
Corp,
Rochester,
offering 5,000
stock
common
Uncoln-Alliance
Bank
&
Trust
shar©-will be allowed.
On
a
forma basis reported earnings
of the bank for 1943 were $4.10
per share.
The annual dividend
pro
rate is $2 per
1944,
the
shares
share.
bank
of
On Sent. 5.
offered
additional
Assistant
31,333
common
to
Groom,
from
Mr.
Robey
Cashier
to
Thomas J. Mor¬
Cashier, succeeded
Cashier.
John E.
as
Monk and George L. C. Scheirer,
Assistant Cashiers, were elevated
to the newly-created positions of
At
meeting
a
of
of the board
Baltimore
the
of
Na¬
tional
Bank, Baltimore, Md., on
Sept. 22, an increase in the out¬
The
rights expired
Sept. 19 and it is reported that
on
over
97%
of
the
stock
was
pur¬
chased
by the exercise of rights.
The bank is the third largest in
New York State outside New York
City.
It has deposits of approxi¬
mately $180,000,000.
I
Robert
H.
Gardiner,
President
and
organizer of the Fiduciary
Trust Co. of Boston, Mass., died
Sept. 15.
on
Mr.
age.
He
61 years of
was
Gardiner
also
was
prominent as an attorney, and
held
directorships
in
various
Massachusetts banking and indus¬
trial organizations.
He founded
the
trust
was
President in 1928.
of
company
which
Bank
&
"
Trust
Co.
36th anniversary,
The Corn Ex¬
change opened
Sent.'23, 1858,
on
known
at
on
the second floor of
"The
as
Second
St.),
in
and
Corn Exchange,"
Gold
Philadelphia.
Later
the bank, with its total
organization of five
permanent
a
corner
Chestnut
Sts.,
of
"omitted.
One
office
five
its
the
ever
has
become
located, and
employees have become six
hundred.
It
is
now
the
third
largest bank in Philadelphia, hav¬
ing
made
steady
pro¬
portion to their present holdings
at $20
and consistent
particularly during re¬
In June, 1934, de¬
totaled $74,103,985.79; by
posits
"The current market quotation
share bid,
a
$37 asked.
"A
special meeting of stock¬
holders has been called for Oct. 3
to
act
the
on
board's
recom¬
mendations.
"Proceeds from the sale of
stock
will
funds,
"After
with
used,
retire
new
other
the
$650,000.
the
issue
retirement
of
the
of
stock
new
old
ferred, the bank will have
He
pre¬
capi¬
surplus
of
of
in excess of $400,000.
"The
of
last
the
total
702,334
deposits
of
June 30; as
on
$96,110,105
a
$130,-
comnared
year
earlier—
increase in the last 12 months
an
of
statement
National Bank
Baltimore
showed
with
published
$34,592,229.
"Total assets of the bank stood
at
$134,714,830 at the end
June, as against $99,520,000
of last
the
on
date in 1943."
same
W. H.
of
the
Schwar/schild, President
Central
Richmond,
National
Va.,
Bank
of
that
announces
Robert C. Baker has resumed his
duties
as
a
Vice-President
and
director, after having served for
the bast two years as a Lieutenant
in
the
United
States
Naval
Re¬
.
Following
T.
J.
Davis
the
as
retirement
President
of
the
First
look forward
wh.i
National
a
and
ness.
1931.
the
elected Vice-President of
was
Reserve
Bank
C. F.
the
Kuehnle, President of the
of
the
bank
at
a
special meeting of the stockhold¬
will approve a dividend pay¬
able in stock on a bas's of one
ers
share for every five shares owned.
Chicago
"Tribune"
of
16, in reporting this, also
Sept.
said:
/
"The total to be paid would be
$100,000,
20% of jprgsent capi¬
Kuehnle said the pro¬
or
Mr.
ital
in
was
keeping with the
con¬
ruins
of
essential
have
resources
$300,000
in
to
tive
National
Bank
Vice-President,
elected
as
presidency.
his
of
has
successor
Both
men
Cincin¬
been
in
the
have been
mine economic life.
has
betterment
as
of
for all
which
not
solicitude
was
of
the
war
be
provoked such
than
tion that dangerous tendencies
manifesting
.
he
First Wisconsin
election
Wis.,
W.
of
the
announced
John
of
Trust Co.
Desmond
and
as
General
succeeding
late
the
17
Milwaukee
the
"Journal" reported this, stating:
"Mr.
the staff
of the trust
company in
1930,
viously
associated
with
the
been
Western
Inspection Co.
pre¬
Adjustment &
In 1937 he became
Trust
Officer
later advanced
to
and
was
Trust Officer."
The officers and directors of the
First National Bank of Hutchin¬
son,
Kan.,
the
death
with
announce
Sept.
on
President
and
15
regret
of
valued
their
business
associate, Fred C. French.
The
Farmers
&
Merchants
Bank, Marianna, Ark., became
member
Bank
of
of
The
the
St.
Federal
Louis
Reserve
a
Reserve
Sept.
on
Bank,
in
20.
its
an¬
nouncement, says:
"The
new
member was char¬
tered Jan. 9, 1942.
It has a capi¬
tal
of
and
Its
$50,000, surplus of $10,000,
total
resources
officers
of$722,392.
N.
are:
C.
Hodge,
President; H. L. Petty, Executive
Vice-President; W. V. Moye, VicePresident and Cashier, and Nellie
R.
Stallings,
The
Assistant
addition
Merchants
These
70%
Bank
of
of
St.
member
of
Cashier.
Farmers
the
the
Federal
Louis
banks
net
to
resources
hold
deposits
471.
the
■
the
of
a
Commerce, Oak¬
State
member
of
Federal Reserve
System, has
changed its title
to
Bank of Commerce.
is
just
the "Oakland
to
In
ate/the
worth for
of
bringing
forward
and
demonstrating to those who fol¬
relationships,
like
;
bonds
returns of
tions
they
ihdemnit}^.
tional
^
>...
"Similarly, small and medium
holdings in agriculture, the arts,
trade and
industry must be guar¬
anteed and supported.
Coopera¬
two
free
%
Arab
peoples of Syria and Le-:
collaboration.
interna-*
In welcom¬
sovereign nations, I am glad to
pay
^
tribute to the French people, who,
while fighting gallantly for their
a
-
ex¬
ing them into the society of free
At
own
-
new
political rela-
ciples of democracy and
decree of expropriation with suit¬
able
these
spiritual
this
banon have given ample evidence^
of their adherence to the prin-/
interest intervene,
issue
closer
^
"The
iiier-
.
or
with
these
find
States.
not
activities
that
in
*
It is wholly fitting,
should
pression
"When distribution of prooertv
an obstacle to this
end, wlfich is
its
"Our civilization has deep roots
therefore,
respect and protect the vital func¬
common
Wads-
Envoy
a step in which I,
American, can take
Middle East.
lofty aims in
continuing the fruitfulness of the
.
as
in the culture and wisdom of the
able to achieve their
tion of private property in its
and total value.
confirmation
4
Y../i"./7'/'/■ '/:
said:
oolicy organizing activity of the
State, of local bodies, of profes¬
sional organizations will not be
sonal
Sept. 20
George
of
name
every
economic-
unless
on
wholehearted pleasure." The Pres¬
ident, said Washington advices to
the New York "Times," further
listen to the preaching of truth.
economy
assured
Government is
joined, guaranteeing salvation and
well-being,to all who can give up
their prejudices and passions and
national
and
potentiary near the Governments 9
Syria and Lebanon, President * i
Roosevelt stated that "recognition
of the independence of Syria and
Lebanon
by the United States
important to the peaceful devel-
social" life and normal
freedom
of
the postulates of true equity and
Christian principles can be closely
and
justice, which
one;
Extraordinary and Minister Pleni¬ V"-
low other doctrines in theory and
in practice that in this
sphere, so
social
f
due—justice,
making known
task
"Future
f
takes
that he had forwarded to the Sen¬
so¬
cial idea has the arduous but noble
human
and
Wads worth Envoy To
Syria And Lebanon
channels, the problem of
of
due
everything to
gives love to all and
no
healthy
greatness."
strife between various tendencies
onment
measures out to
what
their
is worthy of truth and the mother
the future aspect of the social or¬
der will
be a
subject of keen
regulate
Bank
impartially
all
of
struggle the Christian
peace worthy
purifying the
is justice,
which does not give
New
human life and directed them in¬
In this
of
solution
from
"At the end of this war, which
has overwhelmed all activities of
is
all
in
in the
Calif.,
the
wrong
given
York "Times":
necessarily an outcome of pri¬
vate inheritance, the State should
The
which
a
everyone
banking institutions in the Eighth
land,
of
everyone but
to other
conclusion
and
name
address, Pope Pius
had the following to say, accord¬
ing to his message as reported by
over
of
the
spirit
In part in his
&
Re¬
to
the
"But the soul of
of
and materials necessary
and
the
temptation to conflict.
na¬
not
for her rebirth."
a
the
Bank brings the total
membership
serve
of
war
mission
Desmond joined
having
the
hostilities to
prevent
damaged by
place at Italy's disposal
were
of
after
the Federal Communications Com¬
Charles M. Morris.
Sept.
"Then he called upon those
He
peace, to safeguard the observance
of rightful obligations and
a
tions which
cessation
even
clared.
George B. Luhman, President of
peace."
evitably within juridically neces¬
and morally justifiable limits
abnormal situa¬
themselves,
to
sary
de¬
$55,000,000."
road
"The shadow of the sword may
cast over the transition from
the
are
an
the
formal conclusion of peace.
The
threat of the sword may loom in¬
The
from
-
indeed at times must
and
—
open
Italy have
-
>/•///'-';
added:
church's
Italy.
in
social fact must
the general good,
be governed by it and
must
can
directed especially
toward Rome and
as a
over
At the conclusion of his address
the Pope asserted that "the swordJt
handled according to divine wis¬
dom and the laws of nature.
the
so¬
Even technical prog¬
be subordinate to it."
violates
said
cornerstone of the
a
prevail
but
the rights
capital un¬
der anonymous forms, he said.
"The Pope said the institution
of
private property should be
Pope
Too often it
timidly
regarded
ress
as
the
of others and conceals
"The
as
cial order?
he said.
The
church is against exhorbitant cap¬
italism
yielded
before the necessity of maintain¬
ing and insuring private property
fundamental
a
not
to egoistic
exigencies and calculations greedy
to
increase
capital indefinitely.
.Why, therefore, should it not bow
the
more'
grown
1936
on
establishment
and organiza¬
"No technical progress will
the
founded
the
concerns
necessarily and inevitably deter¬
obligation,
results
said
the
proletarian
moral
deposits
He
be
war
toward
of individuals.
Pope asked that the future
on
is
gigantic
that must inevitably cause
collapse of a social system
based upon the private ownership
masses
principle of Christianity.
"The Christian idea regards
now
earnings.
the
organization, built
tinued upward trend of the bank's
and
of
suggestion be
the
should be bettered,
"The
directors
The
conditions
«■
the
tions
the maintenance of se¬
and peace throughout the
world
Central National Bank of Chicago,
111., announced on Sept. 14 that
of
aim,
the
Cleveland
years.
should
put forward that technical prog¬
ress
ideal
this
"He defended the rights of pri¬
vate property, while asserting that
director of
of
"Nor
counts said in part:
the Cincinnati branch of the Fed¬
for six
the social contract.
Summarizing what the Pope had
to say, the Associated Press ac¬
Nationa^board."
as
of
them
monizing the labor contract with
world for the benefit of all."
Corp., which he had organized
with Harry S. Layman, Chairman
Mr. Davis served
peoples is
the possibility of set¬
realization
provide
are most productive, the
pos¬
sibility must be afforded of har¬
up a new
curity
the bank in 1934 after retiring as
President of Midland Acceptance
of the First
on
must
still
will correspond in the widest pos¬
sible measure to the nobility of
director
since
of
nati, Ohio, W. E. Pierson, Execu¬
we can
statesmen
District."
serve. "
$222,642,195.79.
David
E.
Williams, President of the bank,
believes
First
a
June 30. 1944. they had increased
confidence and hope to the future.
the
Assistant
preferred
outstanding
in
the
now
amount of
and
be
to
stock
years.
fo
of
ting
period.
"Mr. Pierson has been
On
progress,
cent
same
of
share.
a
for the stock is $35.50
main
been
tion
capital has in¬
$10,935,897 on Jan. 1,
$16,755,75-3 at present.
Counsel,
in
and
Through the
dividend has
eleven, strategically
at
Second
where
office stands today.
no
moved
men,
location
northeast
years
(near Dock
has
he
years
bank
Vice-President
old
/ that year
to
building
a
the
to
of
Philadelphia quietly observed its
10
the
"The board proposed that the
25,000 additional shares be offered
$1,000,000,
$2,000,000, and undivided profits
Exchange
in accordance with<*>
principles of justice and equity
danger/'
Continuing, the Pope said: //:;
"Now in the light of such ter¬
rible experience, when the atten¬
President.' :./
Milwaukee,
tal
;•
On Sept. 23 the Corn
National
he
peace
the advantages of big busi¬
In large concerns, which
this, said:
stockholders
the
unions
the
existing
avoiding
tive
standing capital stock from 75,000
to 100,000 shares, $10 par
value,
was proposed.
On Sept. 23 J. S.
Armstrong, Financial Editor of
the Baltimore "Sun," in
reporting
.
stockholders.
serving
posed addition of $10^,000 to cap¬
directors
that,
with
tal.
Assistant Vice-Presidents."
of
Co. of Rochester at $48 per share.
Dealers' selling concession of $1
per
ris,
and
in
advanced
part:
Vice-President.
director of the
dealers
J.
Oliver Goodman,
"Francis E. Robey
by
in
was
Savings Bank
Mutual Fire In¬
First
made
was
Thomas
said
President of the bank for 10 years,
The
President
according
to
the
Washington
"Post," which in an account of the
old. It is learned from the
Brooklyn "Daily Eagle" of Sept. 20
that Mr.
Fleet, who served as
organizations
in the face of all external
ings of Washington., D. C., has ad¬
years
associated
a
concrete
by
surance
international
the
vanced four members of its staff,
a
of
'withput being tied down to the
responsibilities of the office of
eral
County
in
serve
creation
the
omissions and deficiences of the past, would be really
capable of pre¬
the
■":.
of Southold and
for
He
universal organiza¬
tion for peace, we willingly ex¬
press our sympathy and hope that
Charles E.
City
be in
Suffolk
Committee.
1934, to
Deposits
have ."/ increased
from
$48,959,457 to $203,001,749 during
National Bank of Cutchogue, L. I.,
N. Y., died on Sept. 18.
He was 89
tl
of the Executive
directors
Chairman
of
centered
William A. Fleet, first President
and
an
organizer of the First
trustee of the
On the fifth anniversary of the war (Sept.
1) Pope Pius XII,
speaking over the Vatican radio, reiterated the need of an interna¬
tional body for the preservation of peace, stating:
"In our Christmas speech of 1939 we
already expressed a hope
to
creased from
The Bank of Commerce & Sav¬
was a
of
the office
"During
"Inquirer"; director of
Briquet
Co.,
Arcade
Co., Midland Valley
RR., Electric Storage Battery Co.,
will be located at the main office,
150th St. and Melrose Ave., Bronx,
/
board
the
on
hold
continue
headed
Real
bank's consumer
Both officers
.,7
will
consultative and advisory capacity
Co.
American
credit department.
New York.
and
adelphia
was
formerly
Assistant
VicePresident, in charge of the Bronx
offices
of
the
National
Safety
Bank & Trust Co.
Mr. Jarrett,
of
20,
he served
the election of William
Goldfine and Henry W. Jarrett as
Vice-Presidents.
Mr.
Goldfine
formerly
Sept.
sylvania RR. and New York Phil-
Bronx
Bank of New York, announced on
Sept. 21
Davis
serve
with the Penn¬
was
of
delphia & Norkolf RR. According
to the Philadelphia "Inquirer" his
business enterprises were varied
and far spread, and at one time
and Chairman of the board of di¬
the
he
career
&
At the start
"Enquirer"
"Mr.
was
concerns,
Cassatt
the
banking house.
of
nati
son
other busi¬
industrial
Pope Pins Stresses Need Of International
Organization To Preserve Peace
held
which said:
on
the
was
connected with many
Madison Ave.
rectors
died
Before his retirement
aside
Co.
Pa.,
Alexander J. Cassatt,
former President of the Pennsyl¬
charge of the office of The New
York
Philadelphia,
both
and
years,
many
their respective posts for the past
decade.
We quote the Cincin¬
of the late
Vice-President in
is
for
years
retired senior partner in
age,
of
New York
City, at a meeting of the board on
Sept. 20, according to an an¬
nouncement made by William L.
DeBost, President of the bank.
Savings
70
the banking firm of Cassatt & Co.
trustee of the Union
a
Kelso Cassatt,
Thursday, September 28, 1944
:
liberation, have given prac¬
tical illustration of their ideals by
taking action to implement the indeoendence
of
the
Lebanese peoples."
Syrian
and
@FedFRASER