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fWWttftiAL'kW*
ESTABLISHED OVER 100 YEARSIn 3
Final Edition
New
Number 4418
162
Volume
Price 60 Cents
York, N. Y., Thursday, September 6, 1945
The Financial Situation
Copy
a
Autonomics and, Economics
For much the
greater part of its century or more of
London "Economist" has been highly respected
existence the
Sections-Section 3
By
ALDEN
POTTER
A.
Correct Valuation Essential to
Synthesis of Cooperation in Industry. Money Saving
influential than its rather limited list of read¬
Prevents Real Saving; Belt-Tightening Does Not Form Capital; Values Are Not Em¬
ers would; lead one to suppose.
Since, some years ago, its
editors decided to disassociate themselves from the ideas bodied Costs.
Progress, to New and Greater Values, Requires Continual Speculative
and far more
Bagehot nnd his
of Walter
which had given Diversion, Not of Consumption, but of Replacement Reserves (Savings)
"Profit" That Is Neither Interest Nor Wages Is Property Income
Into New
Affording
Capital
Gains.
Family
"Autonomy"
Cannot
Be
Translated
Into
Social
"Economy."
it has gained strength among- the professional reformers,
Prices Are Speculative, Not Cumulative, a nd Cannot Be "Indexed."
the New Dealers here and elsewhere; and of course, these
successors,
their organ its standing, the "Economist" has inevitably lost Channels.
its hold upon many, if not most of its older followers, but
<§>-
H.
adept at making Use of the standing of the
"Economist" to spread their own ideas among the peoples
elements are
of the world;
'
,
:
:
\
r-
,
,
other
first of all, that what the "Econ¬
omist" test week; had tb say
about lend-lease and oUr fiitdre
policy relating thereto is of first rate importance. Another
reason why. 'we think it well [at this time and in this place to
give some space to the "Economist's" analysis of the situa¬
tion is that the position assured by it, and its general line
of reasoning, explicit fjjid implicit, are so typical of much
said and is being r said, not only by those
that has been
abroad who would stand to
gain by
our
continued uncritical
unparalleled generpsity, but by many in this country
ideas of the forces, which create economic
well-being.
' ,r '
'
According to an account carried in the New York
not
eternal
of
vigil¬
t y ;
libwe
have
highly human
6ri this subject:;
had to say
©:!
'
;
through the next two years with reasonable husbandry can
be put at two billions.
But, if America's last word is that
(Continued on page 1148)
f'v
.:'/r '•
t h e;
in
-ti
Laboi Leaders Comment
an
has
demand
"capital")
so
ized
as
on
to
which
Alden A.
a
A theory
■
•
displaced by love (reproduc¬
tion)
as
the dominant motive,
consumption of the surplus (above
subsistence)
takes
the
form
of
an
autonomic
(self"
mature
In
of
synthetic
for
v
savings
reduced
is
(mis-called
the ? investment': of
to
a
fortuitous
"marginal efficiency" by the "law
Potter
organ-
for
recognized
been
productivity to cost is not an em¬
pirical result of the supply of and
or¬
—free to conf-
is
long
essential element.
der to be free
in
en¬
terprise that
mature
is
this theory the marginal ratio of
knowing the
truth
in
science of valuation in¬
rate of interest is determined.
bother about
pete
"Britain's reasonable requirements of dollars to get
-l
•
vn o r
-
would
the truth
interest
has
been
presented
motivated or profitless), system of
(Commercial & Financial Chron¬
investment in which the rate of
icle, Dec. 14, 1944) which applies
amortization
(time - distributed
to the development of capital val¬
cost) is also the rate of'return
ues
by capitalization of income
(time - distributed income). < In
and excludes lending as the field
other words, the income returned
in which the "pure" or natural
at maturity for repetitious contin¬
the
of
price
e r
as
would
be
not
with strange
,
the
terest
and
„
In
struggle to
survive,/
ance
judge
to
valuation.
the
in
which
by
proclivity" in-'
herent
margin for
population so that hunger
exceed the subsistence
i
were
organic
an
"alternative
an
opportunity" * in i n v e s t m e n t,
which is a constant.
always be in' some danger of subservience to- each
therefore, of conflicts that may eventuate in war. If > At levels of production which
and,
conflict-v
of
influence
the
of Investment
will
Men
.
k
What the British Think
It is for this reason,
The Autonomics
cooperation
require scientific standards
diminishing returns"
cessive
increments"
on
in
"suc¬
invest¬
ment; it is rather determined by
the- autonomic
of
uance
invest¬
ment in
offspring is identical with
the outgo or cost of the invest¬
ment, because the / reproductive
account,an end in it,self and
so is autonomically, but not eco¬
nomically, solvent. Being econom¬
ically insolvent, it can survive only
of income to
and any other
(economic) investment which fails
to
match its return ratio, even
by virtue of
a source
its
balance
cost;
though returns exceed costs other
than interest, is not a contribution
to the existing
"autonomy" and
"Full Employment" Bill
is therefore not solvent.
Higher Output Accompanied by Higher Consumption
then,
President, United Mine Workers of America
Labor
Mr. Lewis Says Problem of Providing Employment Is Associated With
Green, Contending That Private Enterprise Operates Within Controls
Question of Number of Hours Operated in Production. Because of
Which Result in Expansion When Profitable and Contraction When
Technological Improvements Increasing Man-Hour Output, He Wants
Profits Decline, States That Business Managers Have the Obligation io
Power Given Congress to Deal With Productive Hours Under Which In¬
Plan for Sustained Employment at Pay Levels Promoting Higher Living
dustry Will Operate and Thus Shorten Working Day.
Holds Congress
Standards.
Sees Workers' Productivity Constantly Increasing and Calls
Should Not Fix Wages.
Fears
Nation's
Productive
Capacity
Will Not
for a Similar Rise in Consuming Power to Maintain "Full Employment."
Be Absorbed.
Predicts Need for One Million New Jobs Annually and Outlines Future
.
The most deep-rooted, universally desired objective next to peace
itself, which the war has brought forth, is desire for security. Work¬
want pro-r
tection against £
inab i 1 i t y to ;
son
an
opportunity to earn the means
earn
to
sustain life itself, has becpme
ers
in
living ;
a
world
\ a
an
able and willing to
work, to
increasingly compelling
ideal
writes prop¬
industrial production has come
to more dominance in our econ¬
erty,
Loss
omy,
job is
a
that
as
undere¬
making unemployment cor¬
respondingly serious.
of
major
Speaking for the United Mine Workers of America, I speak in
approval of Senate Bill S. 380 in principle, reserving the right to dis¬
sent
from
possible '♦ amendments^
when the bill is in final shape • as Congress to take up the slack be¬
a
result of your deliberations.
I tween the job opportunities being
created by private enterprise and
doubt that it is necessary for me
the amount required.
Now, un¬
to make any detailed analysis of
the bill or to burden the
tee with a
commit¬
repetitive discourse, on
grounds, that have been covered
by previous witnesses, with which
substantially there is no dissent.
I call to the attention of the
ments in addi¬
employment" has become
committee this fact which I think
a worldwide ideal which peoples
is of vital and profound impor¬
of many nations hope to establish
tance* The problem of providing
and to maintain in the post-war.
employment/ opportunities in the
No one country can do it alone.
years to come is indubitably asso¬
The United States should lead the
tion/to
way.
catastrophe to
"Full
,
wage-earners. :
It may. mean-
loss of savings
and
in
v e s
•
t-'
dis¬
Its
achieyement /Will be fhe
test of our
organizing the t
supreme
life
institutions,
>
of
worker
the
and
Ploymen
leaves
spirit,
deep
William
Green
t ,;/:v
scars
a cost which
as
on
mind
society
,
w
absent
from
the
com-
lives
of
orkers.; The right of
every per¬
deals with
as
individuals must pay.
unemployment
is • never'
Pfctely
and
well
Fear of
:
responsibilities
of the Federal Government for
promoting "full employment". Its
statement of policy setting forth
the following purposes, makes a
S. 380
his depend¬
ents,/; Unem-•%'
democratic
ciated with the .question of num¬
ber of hours
and number of days
operate our production
plants in the Na¬
tion. This bill calls for the annual
that
we
and fabricating
survey
and report to the Congress
through the medium of the ma¬
chinery that is created here,
recommendations
for
with
action
by
questionably the length of the
day's" work and the length of the
work-week enter into any seri¬
computation of that problem
or any profound consideration of
the equations which are involved.
It runs to the question of the
ous
functioning of the entire economic
establishment of the Nation. The
quantity production per
employed will be greatly in¬
We
are
living in a marvelous age
when genius and science are per¬
forming modern miracles, in new
formulas, in the realm of chem¬
istry,
physics, engineering and
enormous
man
creased in the postwar years.
mathematics.
Every
day
we
are
increasing the productive capacity
of our employable and available
manpower
in the country. In other
Green before
words, we are abolishing work as
^Testimony of Mr. Lewis before
the Senate Committee on Banking
such and we are utilizing power
the Senate Committee on Bank¬
and Currency, Aug. 28, 1945^
(Continued on page 1153) i ^
ing and Currency, Aug. 28, 1945.
(Continued on page 1152)
v
*Testimony of Mr.
~
invested,
economically
be
i.
Mr.
Legislative Program by Congress.
create, or increase, this ob¬
jective surplus, or autonomically
investible
income,
costs
must,
By JOHN L. LEWIS*
By WILLIAM GREEN*
President, American Federation of
To
United Mine Workers Want Reduced Working Day
e., they may be diverted from
the natural or autonomic system
into
an
accessory,
economic system,
former is not
preferable alter¬
a
economic
An
native.
capitalistic or
but only if the
investment
is therefore appraised by a
(Continued
on page
defin-
1154)
i
GENERAL CONTENTS
•.•''J*'
..,?'.♦ ?:j,-
....
'
Editorial
/
Page
Financial
Situation..........,;., ,1145-
Regular Feature*].
Washington Ahead of the
News ,,V.............-.V.' .,'4. /
From
;
Moody's Bond
Items
Prices and
•
Yields*. .1156
About Banks and Trust
Cos.. 1160
.
Tiading on New York Exchanges 4. .1156
NYSE Odd-Lot Trading
115ft
State
General
of
Trade
.1:
1150
Review
Commodity Prices, Domestic
Ind3xU158
Weekly Carloadings
;
1150
Weekly Engineering Construottoni. .1158
Paperboard Industry Statistics..
.115ft
Weekly Lumber Movement...1150
Fertilizer Association
Price Index J.. 1156
Weekly Coal and Coke Output...i.. 1155
Weekly
Steel
*..1156
.1156
Review....,...*
Moody's Daily Commodity Index. 4.
Weekly Crude Oil Production. .*.i.
Non-Ferrous
Weekly
Metals
Electric
-
t
Output
Cottonseed Receipts to
Changes In
Holdings
.1157
Market.......-.1157
-
July 31..>.£1033
Reacquired Stock
"■Appears in Section I this
tNot available this week.
week.
'tThese items appeared in our
Monday, Sept. 3, on pages
{
* • 11033
.....
i
.
issue of
indicated.
-
THE COMMERCIAL & FINANCIAL CHRONICLE
1146
Congressional action, he said, any
Peacetime
Wartime
vs
"American workers
which
team
success.
made
•
.
.
were
possible
such
Economy
us
.
European
dedicate
now
lasting
ourselves
of
the- task
to
all
,
with
of
vices
and
the
al¬
ship¬
continue
to
also
ad¬
interview.
tain
been
.
The Japanese are act¬
.
,
a
friction
and
without
undue
/
•
said:
ob¬
General
its
shipments provided
it
to pay within 30 years at
MacArthur,
opening
the ceremony, declared:
"It is my earnest hope and in¬
2%% interest.
'w
deed the hope of all mankind that
The
ending of the lend-lease
from this solemn occasion a bet¬
program placed Great Britain "in
ter world shall emerge out of the
a very serious financial
position," blood and
carnage of the past."
in the words of Prime Minister
On behalf of Emperor
Hirohito,
Clement
in seeing in them evi¬
management of our economy as a peace¬
of procedure.
a
They
were
followed by serene-
faced Admiral Chester W.
Nimitz
signed
behalf
on
of
After Nimitz came
China's rep¬
The
United
Kingdom's
signa¬
followed by that
Soviet Russia.A
<
The Russian staff officer
was
of
signed
quickly.
.
y
General
MacArthur smiled
ap¬
provingly
as the Russian rose and
Quickly
Australian,
Canadian,
French, Dutch and New Zealand
representatives
signed
in
that
order.
The
Australian
General, Sir
Thomas Blarney, happened to
sign
Japanese copy first, with an
expression that denoted it didn't
the
make any difference.
The
Associated
Press
reported
•
that
signing for the Allies were:
United Kingdom—Admiral Sir
Bruce Fraser.
Soviet
Union—Lt.-Gen. Kuzma
Derevyanko.
-
R.
Attlee,
Associated
U. S. Terminates Lend-Lease ProgramBritish Leaders Disturbed by Cessation
The United States has terminated
has sent formal notice
to most
not have ended without
its lend-lease operations and
sultation,
governments participating in
cautioned members
of the
that
President
Truman
ordered
had
that
Governments are .willing to agree
'i...
where it is
the United States.
take them
in
the
States
over
interest
to
or
the
of
United
them."
The
United States it is pointed out
has spent some $40,000,000,000 in
lend-lease operations. The state¬
complete
ment of Mr. Ross
in
all
not be used for post-war
"The President has directed the
Foreign Economic Administrator
to take steps' immediately to dis¬
continue all lend-lease operations
and to notify foreign governments
receiving lend-lease of this action.
"The President also directs that
Mr. Crowley said, according to
"whose
lend-lease
policy
was
characterized by me as the most
unsordid act in the
the
interview, from Washington, Aug.
24, that the United States had
done everything possible within
the law to cushion the impact re¬
sulting from a quick termination
of lend-lease shipments. He dis¬
can
that
the
facilities
the
of
fort
\flfciile their
"last
States."
stated:
Export-Import Bank had been of¬ the British
is
under !end-lease.
except
in
the
interest
of the
United
to
Britain
effort
an
give her sufficient dollars to
tinue
States to complete them.
outstanding
orders
to
con¬
placed
"We also have offered them the
"The Foreign Economic Admin¬
the
rather
United
The
expectation
over
general
to
that
help
the long pull is
Congress¬
reassembling after their va¬
cation, but there is sharp reaction
among them to London criticism
among
men
of the end of lend-lease.
opportunity to obtain lend-lease
shipments stockpiled here or in
to negotiate with Allied Govern¬
ments for possible procurement
Representative Emanuel Celler,
Democrat, of New York, led off
the pipeline or even in the proc¬
in that direction with
by them of lend-lease inventories
under conditions that they pay for
them over a 30-year period at
istrator furthermore is instructed
in
now
stockpile or in process of
delivery.
"If the military needs lendlease supplies for the movement
of troops or for occupation pur¬
poses the military will be respon¬
r
sible for procurement.
1"It ds estimated that
pleted!
contracts
lend-lease
countries
ess
to
amount
of manufacture after V-J
interest," he said. In addi¬
tion, Mr. Crowley said the FEA
offered
"What
kept."
$1,000,000,000
termination of lend-lease brought
States' Foreign Eco¬
from United
nomic
Administrator,
In
ton
Thefconcern expressed by Brit¬
Leo
T.
have
priated approximately
supplies in stockpile abroad
ish: Government officials with the
a
statement
"proper substitute" will
a
found
if
England opens mar¬
kets for American goods in for¬
eign lands.
been
land out of her unfortunate debt
position, but she is not playing
cricket."
*
,
lend-lease
40 billion
to
was
be
Senator Arthur H.
Republican,
of
often
for
speaks
foreign
account
an
from
Washing¬
Aug.
24 appearing in the
Hartford "Courant" Mr. Crowley
was quoted as
saying: "The ques¬
tion wa3 not of a sudden end to
lend-lease but of a sudden ending
to the Japanese war."
-,
,
American people who have appro¬
lease
to between
could
done, I don't know," he said, "if
our promise to the
Congress and
dollars for
$1,500,000,000."
be
to
more
$2,000,000,000 and that lend-
amount
saying
Expressing belief that England
continue its pro¬ is keeping India and other ster¬
curement machinery now in op¬ ling bloc areas from
buying Amer¬
eration so as not to disturb the ican goods, Representative Celler
even flow of
added, "We want to help Eng¬
goods.
had
about
and
Day
2%%
uncom¬
for non-muni¬
tions and finished goodsMn this
country not yet transferred to
<
in
of
something will be done
fered
canceled
Vandenberg,
Michigan,
affairs,
who
Republicans on
said at a news
conference that he
was
surprised
surprised by
the end of lend-lease.
that the British
•
Senator
were
Robert
F.
Wagner,
Democrat, of New York, chairman
the Senate Banking and Cur¬
rency Committee, told newsmen
of
Crowley, on Aug. 24 the rejoinder
that "responsible British officials
possible" any British expectation
the time for the end of lend-lease
had been long knov/n and "I
must,
fyave recognized" that such
shipments would end on V-J Day.
that the United States would
can't
Mr. Crowley on Aug. 24 told re¬
Britain
Mr.
Crowley
tinue
labeled
"im¬
as
con¬
lend-lease
shipments
to
Japan's surrender
until
some
new
porters that "I had no discretion
type agreement
under
the
law and
under the j took its place.
after
Since
promises made to the Congress of
lend-lease
-
i
r
1
>
W
' J w,.
|
i
.J
•
...
< •/
from
sprang
I
.
'?
'
,
i
I
just
understand
their
attitude."
Representative Sol Bloom, Dem¬
ocrat, of New York, chairman of
the
House
Foreign Affairs Com¬
mittee, said that from the Amer¬
ican viewpoint British complaints
//, .'■ Zv:'/://
4 s. il 1 t «.
...
v
f
Shigemitsu carefully signed the
American copy first, then affixed
his name to a duplicate
copy to be
retained by Japan.:
Following him, General Yoshijiro Umezu, of the Japanese Im¬
perial
General
Staff, sat down
resolutely and scrawled his name
the documents.
on
! General
sign, as
mander,
torious
next to
was
Supreme Allied Com¬
on behalf of all the vic¬
Allied
General
powers.
immedi¬
■
General MacArthur
signed the
documents with five pens.
I
first
he
handed
imme¬
diately to Wainwright, the second
to Percival.
;
The third
board
Australia—Gen.
ordinary ship¬
pen.
to
then
pro-
"unreasonable, especially in
perfectly plain what
happen."
was
going
Representative Brent
Spence,
Democrat, of Kentucky, chairman
of the House
Banking and Cur¬
rency
ish
Committee, called
reaction
the Brit¬
"unsubstantial
view of the facts" but
should help with loans.
Conversations
in
said
we
former
Prime Minister Churchill and
the
President Roosevelt, it was
reported, always assumed that the
war with
Japan would last long
after
Germany for
the
victory
gradual
a
over
shift
of
trade away from lend-lease;
The
kind
of
France
monly spoken of here is
loan
There
is
either
a
at* very
still talk,
com¬
long-
a
low interest.
however, of
"grant in aid"
of
or
a
non-interest-bearing
loan
which
would
such
a
be
callable at
dis¬
tant time that in effect it would
be
a
gift.
V"
■
.
It
seems
certain
J
j
i
;
i.
Gen.
Netherlands
Jacques-Pierre
—
Admiral
E. L. Helfrich. •'
New Zealand—Air
Conrad
Vice
Mar¬
shal Leonard M. Isitt.
Admiral Helfrich, who
lied
commander
in
Al¬
was
the
tragic,
in 1942,
heroic
Java Sea battle
fiddled with his pen as he started
to
sign.
General
MacArthur
stepped
up
to help him.
and
The
Admiral
pen
Helfrich,
signing quickly, saluted.
President Truman, in a broad¬
cast from
Washington on Sept. 2,
primarily to members
forces throughout
the
world, after pledging that
everything
possible
"would be
of
armed
our
done
to
speed
-
civilian
life
their
and
to
to
return
their
assure
coming back to ;a good life'," de¬
clared, according to a special dis¬
patch from Washington on that
date to the New York "Times":
"On this night of total victory,
salute
you
of
the
armed
,
forces
of
the
job
you
have
you
for
United
States—
-be.
What a
may
done!
the
We
\
•-
.v
all
are
day
when you
us again. Good
God bless you!"
will be home with
luck
and
An
item
tiations
bearing on the nego¬
preliminary to formal
surrender appeared in the "Chron¬
icle"
on
Aug. 30,
page
:j ■'•-
976.
■——
h
President Approves
St. Lawrence
Seaway
Truman
that he intends to
Congress
passed to
has
stated
recommend to>
that
legislation
be
implement the construc¬
tion of the St. Lawrence
Seaway,
for
development
Lakes
and
implying
project.
St.
his
In
the
Great
Lawrence
River,
of
approval
of
the
reporting the Presi¬
attitude, the Associated
Press, in a Washington dispatch
on
Aug. 30, stated that several
bills
relating to development of
the
seaway are now before Con¬
The project, which would!
gress.
make
the
waters
of
the
St.
Lawrence navigable for ocean¬
going vessels, is estimated to cost
$421,000,000.
It would increase the
tonnage capacity of the river and
that whatever1 lakes by about
arrangement is worked out will
have to be submitted to Congress.
•■f
—
dent's
Anglo-American
economic arrangement most
term
Thomas
Leclerc.
President
between
late
enough
Cos-
.
wherever
MacArthur
view of the fact that the act
made
it
Sir
Blarney.
waiting
are
Moore
we
was an
Navy-issue
General
L.
addressed
MacArthur
ately called for Lt.-Gen. Jonathan
Wainwright, of Bataan and Corregidor, and Lt.-Gen. Sir Arthur
Percival, of Singapore, to step
The
Canada—Col.
grave.
worked
MacArthur
•
" ;■ v
:AWashington Aug. 25 it forward.
From
was
word
inches.
Ameri¬
/
where
Governments are willing
to agree to take them or where it
be
own
armaments were unprepared"
and that he felt that this was not
the
Foreign Minister Mamoru Shigemitsu signed first for Japan.
He
doffed his. top hat; tinkered with
the pen and then firmly affixed
his
signature to the surrender
document, a paper about 12 by 18
history of the
world, would proceed in such a
rough and harsh manner as to
hamper a faithful ally who held
all outstanding contracts for lend-
.
:
States,
the Associated Press report of the
closed
however,
the House
commenting
lease
Allied
;
rehabil¬
of
on the situation.
Prime Minister Winston
Churchill stated that he could not
Believe that the United
'/•'1
itation."
Attlee,
con¬
Former
The late Presi¬
dent Roosevelt, Mr. Truman, as
Vice-President, and I had repeat¬
edly stated that lend-lease could
given out at
as
the White House follows:
■:—;
Mr.
prior
exercise
"utmost
restraint"
within and without the Chamber
outstanding lend-lease contracts be canceled "except where ^ Allied
to
to
from
to
White House Secretary Charles G. Ross announced on
Aug. 21, according to Associated Press advices from Washington. The
stated
according
advices
London, Aug. 24.
Stating that his Government
had hoped that lend-lease would
the program,
announcement
Press
-
c
•
the
United States.
cere¬
document, Associated Press ad¬
vices emanating from the U. S. S.
Missouri at Toyko Bay Sept. 2,
partici¬
signa¬
saluted.
of surrender required only
a few minutes for the
affixing of
12
signatures to the
surrender
The United States has proposed
can
has
his
fifth, possibly
pily.
ture
"It
a
Wainwright and Percival,
both
obviously happy, saluted
snap,
land:
Reporting that the solemn
cussions next week.
completed
still
resentative.
mony;
pointed by Prime Minister Attlee.
They are expected to begin dis¬
President Truman.
he
with
who
Supreme Commander told
bloodshed." "
ap¬
be sent to
cheering parachute troopers as he
stepped from - the plane which
brought him to the conquered
out
formally stated
its position. Lord Halifax, British
ambassador, is enroute here from
that any nation which
pated in lend-lease still
Associated Press
ing in complete good faith.
I
hope that we can go ahead with¬
Britain has not
commission
proud port of Yoko¬
and air, the
Off.
their pledges in recent Conversa¬
a.
-
long, hard
road, but this looks like the pay-
plan in their original lendlease contracts and have renewed
with
*1
once
The
to the
London
trophy to be retained by
himself
;
reported, Aug. 31.
France, Belgium
already had agreed
an
ture
hostility.'
sea
said
tions, he said in
them with little outward show of
has become Gen. Douglas
MacArthur's headquarters for his
occupation forces, pouring in by
the
These
//> Then
hama
credit pro¬
pen, presumably to
Japanese homeland islands where
a
subjugated
people
received
The
formerly supplied
lend-lease.
Holland
agrees
time mode
goods
through
dence of too much faith in the wartime totalitarian-
collectivist
designed
gram
in war."—General Jacob
error
United States
a
flow
statements.
in
of
and
27 Associ¬
ated Press advices from Washing¬
ton reported Mr. Crowley as say¬
ing that Russia, China, France,
Belgium and Holland have indi¬
cated their willingness to "go along"
quite appropriate V-J-Labor Day-
We hope we are
decision
of Aug.
Under date
"May we, the people of this country, have the in¬
telligence and the energy to wage the peace and
the reconversion as completely and as successfully
as we waged total war.
"If we can do that, we can look forward with hope
and confidence to an era of high wages, employ¬
ment and a good standard of living for each and
every worker."—Secretary of the Treasury Vinson.
are
inevitability
States
by
had
lend-lease,
-
L. Devers.
These
realized
arrange for continued
ments on a credit basis.
must all continue the teamwork
us success
of
to
.
brought
whose, econ¬
nations,
the
Japan signed the formal terms of surrender to the
Allied nation*
the night of Sept. 1,'making Sept. 2,
1945, officially V-J Day
in
the presence of the Allied commanders, on board
the United
States
battleship Missouri, the representatives of the Japanese
Govern
ment, both military arid diplomatic, placed their signatures
on the
document which signaled their only defeat in their
2,600-year-old
history.
For days earlier United .»>—_ ;;
"
States
forces
had
entered
the j duced a fourth
ready "were cooperating with us"
Army Ground Forces
realize that the soldiers of the production line were
also a vital part of the armies that licked the Ger¬
mans and the Japanese.
"Now that peate is at last bringing the combat
which
and
termination
United
peace, a peace
we
weeks
omies also have been affected
"The combat soldiers of the
soldiers home
"taken
perhaps months" of negotiation.
Mr.
Crowley said that other
great
brilliant military
which will guaran¬
tee that; we shall never again have to go to war to
defend our way of life.
That is a job which vitally
concerns
every man and woman in America."—
Robert P. Patterson, Under-Secretary of War.
a
have
would
our
occasion, I want to extend my thanks
and congratulations to every one of them.
"Let
and
members of the
"On this
welding
also
6. 1945
Japan Signs Formal Surrender
would require
measure
new
Congressional approval
Thursday, September
20,000,000 tons an¬
nually, according to supporters of
the development.
v
-
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4418
Volume 162
Thailand Seeks Peaceful
Favors Continuance bf Drkft l
TrBiRan
Status With United Nations
Of Men 18 to 25 Years Old
\A
identical' letters to the Chairmen of the Senate and House
Military' Affairs Committees President Truman,-on Aug; 27, urged
Congress to continue induction into the armed forces: of men 18 to
25 years old on the ground that men will be seriously needed in the
Occupation of the Pacific area for some time to come, according to
the Associated Press on that date, in a dispatch from Washington; *
In
warned
also?
President!
The
'
a
stantial portion of our forces have
not yet been returned from over¬
seas.
I am confident1 that the
Congress
will£ take no action
which would place the
armed
forces in such a position."
^.
their
-
service who
«
have ; bome
•
establish
the
Associated Press:
v;r
; ''-
-
would
to me that it
"It occurs
"
■
according
commu¬
New
the
to
J'Times"
f The declaration of
war
by Thai¬
land
against the United States on
Jan." 25, 1942, was declared "null
and
ceiling prices for items going back
void,
textile, printing and paper I Volunteers to
machinery have been given T —
mill
factors, and this action also
vides
tors
of
manufacturers
lowing
pro¬
the fol¬
goods with fac¬
consumer
specific than those previousiy announced for the indus¬
try groups' of which they are
more
members;.
cleaners,
household //
vacuum
washing
machines and
ironers, all except electric stoves,
household
metaj
miscellaneous
The
unconstitutional and
furniture
and
as
Forces
helpful to your Committee in
planning its legislative program
to have my views on the matters
which
under your con¬
As yoq know, coinci¬
be
will
sideration.
with; Japan's acceptance of
terms; two iniportant steps were taken to adjust
•Army man power requirements:
A worldwide campaign to.obtain
the -maximum number of volun-t
teers was initiated, and Selective
dent
surrender
our
■
provide adequate
and
the
at
same
military
time
forces
restore
to
veterans to their homes is a mat¬
ter for determination by
the Con¬
it appears clear to me that
not depend solely : on
volunteers. / The. continuation of
inductions through ■ Sele ct i v e
Service at a rate depending upon
the rate of/volunteering' is the
only safe and acceptable, solution;
However, it is my view that tbese
gress,
dare
we
in ductions
should be
for
■:
a
Manufacturers
the
year;
which
be.. accepted;
can
that
can be en¬
listed directly, and there are some
ticable to do so.
legal uncertainties regarding reenlistment
bonuses, grades*
personnel -exclusive of these .vet¬
This
means
to obtain
erans to carry the burden of the
and
other occupational period.
Volunteers
benefits under the G.I. Bill_ of should
^ procured in maximum
Rights. These matters should <bd nUmbers and •>. the remainder of
clarified as rapidly as may be to whatever strength is required ob¬
the end that there will be no tained by post V-J day inductions
'
legal impediments to the maxi¬ through Selective Service.
mum procurement of volunteers.
"The War Department is stress¬
.In addition the Congress will wish
ing the procurement of volunteers
mustering-out
pay
,
,
consider
to
what
done in the way
ducements
of furnishing .in¬
will stimulate
which
voluntary enlistments.
who
men
be
can
more
can
The more
by this
secured
be
means, the fewer it will be neces¬
to induct into
sary
the
service,"
'
-
continue in
or
' /,
/■!
•
"The continuance of inductions
through the medium of Selective
Service will be one of your most
critical
From
problems.
.standpoints, I wish it
sible for
the
to
me
drafting of
altogether
and
many
were
pos¬
recommend, that
be stopped
But,
men
at
once.
sharing the deep feeling of pur
people that
have
,
those
given. long
veterans
and
who
arduous
service must be returned to their
homes with all possible speed, and
with the 'certainty that world con¬
ditions will require us during the
transition period to Settled peabe
to maintain a resd measure .of/oUr
military
I
cannot
so
"The situation in the Pacific
continues to have many elements
of
:
danger, and war-torn and dis¬
organized Europe-is facing a dif¬
ficult winter
ties of.
food,
from
recent
will be
the
items in¬
of the
ruling," the
new
"Times", continued, -are-allowed
to
calculate
their ; reconversion
that
Thailand
problematical
studies 300,000 appears; to
maximum to be expected
ready
was
to
re¬
materials
prices "and basic wage
rates, and to the adjusted! figure
they -will apply the appropriate
profit factor. The "Times" added;
territories
in
Malaya and eastern Burma
Which the Japanese had "entrust¬
store to [British control
ed to Thailand."
;
"
Acceptihg the views contained
in the proclamation to the United
States, Secretary of State James
F.v Byrnes' referred to it as' "a
,
welcome step in American-Thai,
relations," the "Times" stated and
added that Mr. Byrnes' statement
recalled that the Japanese occu¬
pied Thailand at the same time as
their attack on Pearl Harbor, and
that
season
scarci¬
.with
again be permitted to enlist in the
armed
situation.We
an
execu¬
by President
Truman, Aug. 29, which revokes
a ruling of Dec. 5,
1942, banning
voluntary enlistments in order
that available manpower for war
be equitably distributed under Se¬
Service.
is
action
ciated
The
described
Press,
in
President's
by the Asso¬
sion
ceilings
instead of
was
on
total, current costs
on an
adjusted basis, it
said.
reporting
of selective
the
it will not be
service re¬
possible to discharge
ever^ujulet
"Times"
The
continued:
United
States,
continued,
had
included
in
a
series of steps contemplated
in the Administration program to
obtain military and naval person¬
nel
we-,
the best opportunity
can-;provided^foT; ^eir ^arly
them
return to
.
-.
civil life.
:
"One "other ;imatter
J,
i
..;
<
by
voluntary methods to
extent
that
These
it
is
the
possible./
advices likewise said:
letter
to
In
military
committees
this week he proposed that this
voluntary
program
be
supple¬
mented by the continued draft of
men 18 to 25 for two-year perio'd.-j
to keep the forces "at safe levels."
a
The
President's
supplemented
action
must
move
be
Congressional
ceiling of 280,000
by
lifting
a
regular Army volunteers.
on
Mr.
Truman also has asked that Con¬
clarify laws governing vol¬
untary enlistments and offer in¬
gress
ducements to recruits.
| Both services recently announced
and
offer
would
it
to
the
House
Military Committee, of which he
member.
a
'
The President told Congress the
today's
cooking and/gas heating)—
3.7%; domestic washing machines
gas
the,, state¬
the
taken
position that the declaration did
not. represent the free will of the
people.
.
."Before the war Thailand and
and
ironefs-r-2.6; metal household
furniture—2.4;
vacuum cleaners—
4.6; miscellaneous hardware
(ex¬
cluding products under the new
regulation
covering
builders'
'
^whicb^>dej:
Chairman, announced
Mr.
tory of close
friendship. We hope
will be. even closer
that friendship
in the "future.
years
posed system as soon as. we would
like, we will have .the satisfaction
of knowing that the program will
give
one
as
of 1,200,000, plus supporting
troops in the United States.
pan
In this he took issue with
"Congressional
diate
some
advocates of imme¬
abandonment of induction.:.
Price Aide to Eisenhower
anese.
placements will/-only > accentuate
the number of veterans who must
be retained in the service.; While
all jof* them.;
Washington,
of
is
Products
,
number
from
order
With
action, and the applicable profit country "dare not depend solely
the! Japanese ih full control of
factors, are: Domestic stoves (coal on volunteers" to maintain an oc¬
the government of Thailand. The
and wood, oil-gas combinations,
cupation force for Europe and Ja ¬
we.
During the past four
have regarded Thailand
not 6$ an enemy hut as a,
to; be; libera ted from, the
country
enemy;
With that- liberation now accora*
plished we look to the resumption
bjg!«Oi£z )t$; formed place
in the
community of nations as a
/immediate; c^ns Jd^ ;independent
; - ation of your committee I is the
country."
- ^'My great concern at the pres¬ question of when the 'emergency'
ent moment is for those now in or 'war' should be officially ter¬
tiapportion of our forces;had not
the
armed
forces
whose r war minated. 'I-: must emphasize; the
service has separated them from danger that lies-, in fa too' early yet beeil returned from overseas.
.their; homes and loved ones for unqualified S formal';"termination. I am confident that the Congress
service of veteran soldiers.
under
issued
plans
for
extensive - voluntary
recruitments.;. The
Army
pro¬
gram
contemplates
enlistments
the
option of using either the for three-year periods.
profit factors announced today or I
Representative Kilday, Demo¬
their own average 1936-1939 mar¬ crat, of Texas, said tonight he un¬
gins over cost. Firms doing less derstood that the War Depart¬
than $50,000 business a year are ment had
drafted; proposed legis¬
permitted to base their reconvert lation raisirig enlistment'ceilings
Immediately following the Jap¬
occupation, a Free Thai hardware)—&1; paper-mill^ pulpMovement was organized by the mill, and paper products machin¬
for. the same period would pro¬
Minister in Washington, which had ery—4.2;- printing-trades machin¬
duce approximately 500,000 men.
"since
contributed
substantially ery and equipment—3.0; textile
On this basis there will be not
to the Allied cause," it was stated. machinery—6.0.
more
than 800,000 1 non-veterans
/ Furthermore,
the ' statement
and volunteers in the Army next
noted, a resistance movement de¬
Postmaster General to
July.
: "
veloped; within Thailand and "im¬
"It is certain that 800,000 men
portant aid" was received from Speak in New York
will be insufficient to meet ovhr* and
given to it by the American
all requirements next July. Gen.
Making his first public address
and British Governments.
'
since becoming Postmaster Gen¬
Eisenhower's and Gen. MacArIn
fact,
the Thai resistance
eral in the Truman Cabinet, Rob¬
thur's estimates alone total 1,200,movement had been "for a num¬
ert L. Hannegan will be honored
000, exclusive of the numbers re¬
ber of months" prepared to begin
guest and speaker at a luncheon
quired for supporting troops in
"overt action" against the Japa¬
the United States ands other v areas!
commemorating the 25th anniver¬
nese, but such action was deferred
The' difference between the 800,sary of the first Trans-Continent¬
'at the request of the United States
al Airmail Flight, at the Waldorf
000 non-veterans and' volunteers
ahd; Britain for "operational rea¬ Astoria on
and whatever total strength * is
Friday, Sept. 7, at noon,
sons." ;•/ !;?•• --':/v/
under the sponsorship of the Avia¬
required must be made ? up / by
'
The
State
Department
summar¬
tion
Section,
New York Board of
holding additional . numbers/of
veterans in the service. ;It. is evi¬ ized its reaction to the Thai com¬ .Trade,
in cooperation with the
dent that any curtailment hr the munication in the following.terms: Wings Club, Inc., John F; Budd,
cannot
stop the certain in-flow of re¬
placements into the armed forces,
.yuthout necessitating £ prolonged
services
order
tive
less than $200,000, however, have
weeks later, was made
,
determined largely by Gen. MacArthur >and Gen. Eisenhower, who
are
on
the ground and familiar
the
'
will
old
years
Producers with annual, sales of
declaration of war,
the Thai
seven
ment
by July next. Inductions, if con¬
tinued at the present reduced rate,
fuel and clothing,
occupation forces ; in those
areas must be held at safe levels,
with
the
be
many
but
past experience and the most
obtained
Our
.
is
How
in
1
strength,
recommend.
{
to the utmost.
State
cluded
Department asserted that the nul¬ ceiling prices as follows: They
lifying, of the declaration of war will adjust their 1941 total costs
dis* applied; equally to Britain, and for increases since that time in
period
must start at once
our
sta-
/two*
veterans who do not volunteer to
we
world
.
ser(vice_ or remain in the service should be
discharged discharged as soon as it is prac¬
for less than 90 days
•
;
of
establishment
The communication to
.
,
ments
-
38
to
.
.
only men now in the
those who have been
18
lective
hardware.
new
Armed
.
national
unless sooner
Service calls were reduced from charged
and should consist of
80,000 to 50,000 men a monthn:\! men in the age -group 18 to: 25,
(
"The first of these steps will inclusive.;;;- ;!
"It is my firm Ponviction," which
require legislative a s s i s/t£ n>c e;
Present laws r place a ceiling of I believe is shared by the majors
280,000 on the number of enlist¬ ity in this/ country, that War
.
wartime
a
Again Permitted
Men
.
be
the market after
on
of
ers
profit factors, which
contrary to the will of the Thai went into effect August 21, will
people." f " ^"r.f
% be used • with the reconversion
j The determination of the small pricing orders announced July 23,
These
orders,
the
Asiatic kingdom to restore the OPA 1 said.
friendly relations that existed be¬ agency stressed, are "basically re¬
lief ^measures;" but they; can bO
fore the Japanese occupation,
used also for working out satis¬
The promise of the repeal of
factory individual adjustments for
laws "prejudicial to our interests"
manufacturers in reconverting in¬
and "just compensation" for dam¬
dustries who are ready to resume
ages resulting from those laws.
civilian production ahead of other
/
The pledge of full Thai coopera¬
firms in the industry, it was said.
tion with the United Nations in
broad
the
stabilization.. The
p a special dis¬
patch from Washington, Aug. 19,
described a/ proclamation issued
by. the Regent of Thailand on Aug.
16,/eovering the following points:
the
shall
absence, according to special advices to the New York "Times" from
Washington, Aug. 21.
■
\
.
..
.
/
This is the first time that mak-^
—r
—
r-
nication,
past years,, I have
approved continuation-of induc¬
tions- until such time as. the Con-?
gress
stating that the Thai declaration
of war against the United States,
.York
policies to govern full
stated that he
occupation
and
could not recommend a discon¬ demobilization,
world security.
'
^
\
tinuance of Selective Service in*
"While the ^question of how to
ductions, adding, according to the
Truman
Mr.
consumer and industrial goods,
manufacturers in determining adjustments in current
to be used by
world
consideration- for all- themen-itf
burden of
The Office of Price Administration has established reconversion
"profit factors" for eight classes of
ceived. by the State Department
from the Government of Thailand,
Thailand is desirous of joining the
United
Nations
in
efforts
for
cost of
the
Profit Level Formula Provided Manufacturers
'
*
pending
re¬
made under Japanese compulsion,
had *been
eradicated
and
that
induction at the
requiring further sacrifice
of
from those who have already 4onp
by Congress, asserting:
V -j
"Tragic conditions would re¬ their;part,
;'-Based oh the present unsettled
sult if we were to allow" the pe-;
conditions in Europe; the /unceir*;
riod of militaify^ervice to expire
tainties of the Pacific, and 'decent
KV operatibri7df law while A sub*.
premature declaration
the end of the war emergency
against
communication has been
1147
serves \ the
:
Aug. 30.
address
a
on
Hannegan" will
gathering of aviation officials and
business executives on the future
qf
which
airmail,
the
should
define
future
policy of the present
administration as to how it will
The Unit-*
ed Airlines will present to Post¬
master Albert .Goldman a plaque
affect this vital subject..
this
airmail
achievement in the history of the
U. S. Postal Dept.- He will re¬
commemorating
the
ceive
plaque for the City of
Welcoming Mr. Han¬
Byron Price, former director of
the
recently abolished Office of
Censorship, has been named by
President Truman as adviser to
American occupation officials in
Germany on matters pertaining
to public relations, an Associated
Press
stated
dispatch from Washington
on Aug. 30.
It was added
that General Eisenhower and his
political expert, Lieutenant Gen¬
eral Lucius M. Clay, had especial¬
ly requested Mr. Price's services.
From the press advices we quote:
Mr.
former executive
AP, directed
Price,
editor
news
of the
censorship throughout the war.
Censorship ended the day, after
Japan's surrender, and Mr! Price
has been liquidating the
o^ice.;,
After conferring with the Pres¬
ident today,
Price said he
public relations
officer, but would advise on pro¬
cedure
to
be
carried
out. byothers.
He plans to leave around
Sept. 8 and expects the new job
Mr.
would not be
to
take
a
than
more
no
cation in four years.
Truman
Mr.
ference
two
After that—his first va¬
months.
Mr.
told
Price
-j
-
a
news
would
•
con¬
be
his
personal representative and would
advise
with
New York.
all
on
matters
concerned
public relations.
Mr.
Price
said
this
//a:;-/:;
would
in¬
.
.
Wended
able
periods.
An unforgiv¬
discrimination would result,
j£we
should favor those who'have
had no
military
service
by sus¬
result if will take no action which would
the^ period of place the armed forces in such a
service to -'expire*by op¬
Tragic conditions would
w^
were
military
eration
to
of
allow
law
while
a
substan-
position."-/
i
negan
will
Grover
be
Whalen,
Chairman of the Board, Coty
Inc.
Sumner Sewall, former
ernor
of
Maine
and
President of American
lines,
master
will
introduce
General
to
Int'l,
Gov¬
presently
Export Air¬
,
the
the
clude
German
and
radio, and the general subject of
relations
forces
publications
between
and
the
American
German
people.
In
addition, he will deal with cen¬
sorship of mail and other means
Post- /the German people might Use to
audience;
disseminate information.
4
!;
THE COMMERCIAL & FINANCIAL CHRONICLE
1148
to mask this fact
I
The Financial Situation
%
f;
f
■
v;
-
lend-lease ends
at
■/'S
further
ri
(Continued from first page)
•
and any
has to be
now
assistance
only think is reasonable.
sound
British
policy is to
"America is willing appar¬
borrow the smallest possible
ently to lend us dollars freely
amount
that
will
see
us
with which to buy supplies.
through the transition period It would not be surprising if
with
considerable
hardship they were willing to lend us
and to become independent of a
good deal more than we
long
on
y.'i
terms,
American
the
assistance
at
the
earliest
possible moment. The
danger is not that further
M
4f
V
l!
nitely the prospect of achiev¬
ing independence of further
assistance.
'Jv
'
'
5$
p
.
*»•?■?
■
Aiij
-"a
f*
that the
mess
hind. Or
'M
tem of trade.
#•
the
%
LJ
r
it
so
very
ments
Research lo Be Held in
What
Hobson, Director of the Armour Research Fn,,^
Found
Illinois Institute of
Technology and chairman of the
"to
ing committee for the forthcoming
^committee Jior the forthcoming Mexican-American Confer^
on
Conference
Industrial Research, announced on
Aug. 26 the names of ?
\
group which will represent Mexican
government; finance and
dustry at the conference in Chicago from Sept. 30
through
in America.
would
"That
of
course
could buy
mean
that
less
American
we
much
can not
to us, is
seems
of
essence
advanced
in
l $\i ■
much
so
aw '
bring about
countries
|
that it may be worth while to
restate the
position of the
■>*
1
Ordinarily this would mean
simply that American export¬
ers would be
obliged to turn
elsewhere to find buyers. But
things are going to be differ¬
»j{
the
sort
which
;Y'i$
highly
quire
novel
not
is
difficult
for
us
to
'0
unorthodox
financial
tional
Financiera,
if
Sada,
expedi¬
like
States
whose
the
United
currencies
are
"For such arrangements as
these Americans have fre¬
quently in recent
years
ex¬
no
than
more
do
the
American grants-in-aid.
think,
moreover,
■-'
"If the British
i.%
to
•;: J j:
>'Y
enjoy
which
< u
a
to
plane
people are
of living
themselves
seems
reasonably adequate during
coming two years, they
the
must find somewhere
abroad
a
&4~
people
willing to supply
them with about two billion
K
dollars,
•H
;
:Y;»
or
the equivalent in
goods, a very substantial portion of which must be an
out¬
right gift, for the British
■•>.4:
no
T
for
njieans of current
such
goods, and no
any ;
that
We
those
right who con¬
country would
profit immensely by contin¬
uing to give away its re¬
are
tend that their
have expressed himself:
,
have
payment
quantity
V
sources
and the
products of its
labor.
Rose President of
ceria
American Tariff League
The
Rose
election
of
President
as
H.
mulate
American
entitled
to
know
to for¬
us
policy. We
think, however, that
we
what
are
that
policy is to be—and perhaps
to let the people of America
know
what
we
should
feel
obliged to do in the event
that
live
we
find it necessary to
within
subsistence
during the war,
really intends to bring this
stream of gratis supplies to
t
i
$
.
IT
•
I
I
eud at
if, in other
words, from this time forward
an
*
we
British
our
own
.be
h'
4ble
once;
must live
means, we
soon N
to
■
within
shall not
attain
the
and.
50,000' officers in the
twelve
months.
The"
orpc*
.
.
Secretary Forrestal also
report¬
ed that the
Navy's point system
.
for discharge will be
altered
allow credit for
overseas
This
to
service
credit
will
be
included
the
in
discharge ' formula Y within
about two months without
reduc¬
tion in the present
scores
or de¬
in the credit for
age, serv¬
crease
ice
or
dependency.
End of War
~.
•
Agencies
announced
Monterrey,
our
own
Em-
stated
that
Dixon
Crucible
Co.
of
not need
with
men
will
be
figured
on
points
or
80
Southern sales manager,
following
year opened
sales office in the
South at
Charlotte, N. C. In 1935,
Manager of Sales for
staple fiber in the New
be
became
"Office of Defense Transnorta-
Viscose Corp. began to manufac¬
ture
that
cause
Rose
was
when
the
product.
American
In
1942,
Mr.
transferred to the
tion—Already trimming; will shut
down
strictions
"War
—Its
Fallacies Exposed
The false assumptions upon
which
and
such
the
reasoning
fallacies
rests
which
abound in it, are, we think,
rather plain when
expressed
in these terms.' The almost in¬
credible fact that the British
are
thin
actually asking alms; the
cloak
which
attempts
Y ; ;j
" j
bYYC*
•?.
:
only to enlisted
that it is his wish that all repre¬
sentatives of the press, without
cers, he said, a different release
figure will be set for
varying
branches of the service*
discrimination
as
to origin or na¬
tionality, shall have equal
to
the
news
Associated
therq
at
Press
dispatch
honed
from
mate] v
on
Aug. 22. Y The
went on to say that he
this
attitude
would be
ciprocated
by all other
throughout
the
world
American
•Y-,
General
;
•
newsmen.
!..i f,j"
1
(
)
i
re¬
'
'
-
158,200
nations
toward
:
r '
Henry, reported
re¬
'
Commission
either by La¬
soon
or
;
1
over
a
welfare
new
yX-'
Shipping Administration
tak¬
by Maritime Commission
-
:
~
,r
"Foreign Economic Administra¬
tion—May be absorbed by State
and
Commerce
be¬
Departments
fore many weeks.
"Office
and
of
Research
Scientific
Development—Director
says
it will.be liquidated soon.
"Smaller War Plants Corpora¬
tion-—Congress
it
to
to shift
expected
Commerce
Department
in
few months.
40,000
men
a
week to
week
a
a
in
"Fair
that
the Army will
step up discharges
from a present figure of
approxi¬
an
stated
President
re¬
as
•
access
Washington,
over
department.;^-*
en
For offi¬
men,.
V
;
Man-Power
before long.
"Accordingly,
President Truman in his assertion
lifted.;
bor Department
"War
now
means.
soon
—Its affairs probably will be
recomputed
to that date.
we
as
job-finding functions due to
be taken
at that time men wilt
have
men overseas who
have
approximately 72 points
will be eligible
for
completely
maining travel and few other
been given extra
points under the
score
from May 12
cor¬
poration's main office at Wilming¬
ton, Del., where he assists the
President in a general capacity.
important
an
role
"OPA—Legislation
carries it
through June 30, 1946. Main iob
will be holding
price line; with
most rationing slated to end soon.
than
more
over
by President
Truman; may be in business sev¬
The
what it
sounds,"
Mai.-Gen. Stephen G.
Henry, as¬
sistant chief of
personnel, told the
committee. "This will be true
be¬
office
"WPB—Assigned
present figure is 85 points.
3. All men with 60
points or
more will not be
sent overseas.
The present figure is 75
points.
"Actually the reduction to 80
points, when it is
announced, will
Vispose
consolidation
most; functions to be taken
by. Labor Department.
Press
discharged.
for
"War Labor Board—Few months
eral months.
2. All
Stabiliza¬
Economic
at
reconversion
May 12 basis..
year.
up by Congress
through June 30, 1947.
re¬
In
of
Information—
"OWMR—Set
to continue
porting the statements
of 'the
Army men, in a dispatch from
more
1924, Mr. Rose
rayon
MacArthur that he does
a
Art, and a member of the Execu¬
tive Committee of the Textile Re¬
search Institute. In
American
General
combat troops.
end
War
with Office of War Mobiliza¬
tion and Reconversion.
it
from
more
of
soon
outlined the program as
follows:
1. All points will
be computed.
At present points are
delphia Textile Institute, a trustee
of the Philadelphia Museum of
the
definitely
Administration for
by
"Office of
point
soon
Censorship—Out of
tion—Headed
as
as
Defense—
Has six months but
may go sooner.
discharge
system
of
"Petroleum
Army has plans
Washington, the Associated
Board of Governors of the Phila¬
York
"Office
War—Out
in readiness to liberalize
its
any
League president,
Chairman of the
is
Rose,
the
Civilian
business.
v;:
>
of
Already abolished.
Testifying before the House
Military Affairs Committee on
August 28, General Staff Officers
Schermerhorn, President of the learns
rayon
"Office
Many others,
Army, Navy Plans for
Reducing Mumkers
elected to the Executive Commit¬
tee.
Two new Board members
were also added.
They are: J. H.
he
de
agencies,
according to the Associated Press,
is approximately as follows:
"Office
Wheeler
McMillen, Editor-in-Chief, "Farm
Journal," and a member of the
League's Board of Managers, was
the first
agencies'functions
may be required in peace time.
The prospect of the duration
of
the various Government
Y
Committee.
President of the League.
as
Fabrica
Carton.
York in Mexico.
Roy
C.
McKenna, Board Chairman of the.
Vanadium-Alloys Steel Co. of Latrobe, Pa., was elected First Vice-
Corp.
Hojalata
William B. Richardson, director of
the National City Bank of
New
Thread Company, New York, who
became chairman of the League's
joined
Cerve-
equally prominent will attend the
conference, the group including
President of the American
Viscose Corp., succeeds Frederick
K.
Barbour,
President,
Linen
Mr.
S.A.,
and
de
paques
the
Joseph
of
Cuauhtemoc, S.A., Valvores
S.A., Banco de Nuevo
Leon, Credito Industrial de Mon¬
terrey, Cia." Fierro Y Acero de
today by the American Tariff
League.
Mr. Rose, Assistant to
Executive
that the President wants
oldline
Federal Departments to take
over
whatever of the
Roberto
•
been
2*
year or
advices add:
:
Lamina,
Wickliffe
was
S.A.;
Director
Industriales.
and in the
"But it is not for
of We
hope
supplying us with a sub¬
stantial part of our means of
2,500 000
18 months.
Now
per-
sonnei
next
re¬
immediate
shall be pardoned Favors Equal Access to
discharge."
reason to ex¬
for suggesting what the effect News for All
General Henry also
Newsmen
disclosed
pect- to be able to pay for
that the Army was
is likely to be on American T Another
step
toward mutual
planning a spe¬
them in the years to come.
cial point system for
understanding
among
the
peoples
discharging
industry and trade."
t-"If
officers. The present one
of the world has been taken by
America, which has
applies
-i 1J
hp
and
plan is to cut back
Naw
strength to 500,000 enlisted
the trap
Garza
to
conceive—this, it seems to us,
Americans
might be the way he would
:r'"M
1,500,000
a
the
Mexican delegation to this con¬
ference will be Ing. Evaristo Araiza, President of the Board of
re¬
ents.
them
• iHt
%
tween
within
search, methods of financing, man¬
aging and carrying on funda¬
mental and applied research will
be exchanged.
Among the members of the
was once
justly Americans. We should much
Jersey City, N. J., and D. Joseph
Bagehot could have
prefer to go on for another O'Connor, Vice-President pf the
ever
brought himself to give
Acme Shear Co. of
Bridgeport,
expression to such ideas— couple of years with liberal Conn. The new
,.rf
contemplated discharging
un¬
two
regarding methods used
tries in the field of industrial
noted. If
"S^
the
Through visits to university labo¬
ratories, research foundations, pri¬
vate
industry
and
government
sponsored laboratories, as well as
through
discussion
and
panels
with key men from : both coun¬
be led into
not
us
"St Ul~~
of supposing that we Directors of Banco de Mexico and
President Cia. Fundidora de Fiercan
grow rich by-supporting
ro
y Acerco de Monterrey;
Jose Foreseen Soon
half the world with goods for
Cruz y
Celis, President of the
President Truman has
which we get
indicated
nothing — or Confederation de Camaras Indus- his
intention of
ent here in the years to come. more
abolishing nearly
triales
and
President of Producspecifically, by giving
all the Government's
tos de Maiz, S.A.
emergency
We intend to manage our do¬ Britain
(Mexican, sub¬ war
goods which she other¬
agencies as rapidly as possi¬
sidiary of Corn Products Refining
mestic economy. We plan to wise
would
bar
from the
ble, the Associated Press reported
Company); Lie. Antonio Espinosa
from Washington,
engage in a broad program of country.
Aug. 19, adding
de los Monteros,
Manager of Na¬
pressed a cordial dislike. We
think they are right. We like
for which the
"Economist"
But let
between
in the solution of their respective
problems in research for industry.
to the aid of the
would be uncollectible.
"Economist" in plain English
—of
to
better mutual
a
derstanding
might be better
call these gifts grants-in-
case.
high in terms of sterling.
support
Plainly too we should have to
unintentional—in these words
It
aid rather than loans—which
argu¬
guile—possibly quite
'Avi
come
British.
than
goods
otherwise would be the
time to
?te
l'tos meeting has been called by®
the Foundation in order to help arm
policy the British
is probably beyond
and
Chicago Sept, 30-Qcl, 6
Dr. Jesse E.
tion of
bor¬ in evidence.
to
sensible
of Bretton Woods and
many make our own
arrangements
other schemes as well as fur¬
with countries with which we
ther lend-lease, and there is
could form a sterling 'bloc.'
''M
•i'
a
borrow
countries
Here,
■
are
we
Evidently we shall have
place a rigid limit upon im¬
rights in asking Americans to
ports for which we are ex¬
make it quite clear which
pol¬ pected to pay. These restric¬
icy they want."
tions will have to be particu¬
larly heavy as respects those
What?
TV
V;
They
The British Gov¬
ernment would be within its
I
,
liberal sys¬
have both.
ft'
■
But
have their socialization—which will
can
more
a
leaves be¬
war
they
desire for
f
r,i
J
Americans do
.
.
having this dilemma
put before them. They think
it is an attempt to bargain
by
threats of sabotage. But it is
no such
thing. The choice is
not posed by British
ill-will,
but
by facts from which
neither they nor we can es¬
cape; They can refuse to clear
up, by lend-lease methods, the
i'ti
}
.
not like
fJ
i!*f.
British could afford
row.
6,1945
Mexican-American Conference on Industrial
prudent people. We must pursue
as little as possible, or
our control.
It may be that
be forthcoming, but that it we should
presently find our¬ we shall feel a desire or a
will be
forthcoming only on selves bankrupt with Your
duty on humanitarian
terms that
postpone indefi¬ credit quite exhausted—even
grounds to continue for some
American assistance will not
' i
plane of living for which we
had
hoped, and which we
by claiming
at least by implication that
we
as
a
people could some¬
how make a large profit on
goods given away; the
strangeness of the notion that
somehow by shutting itself
from the world, socializing its
economy and extracting a few
Keynesian rabbits from John
Bull's hat, the British people
can
greatly improve its posi¬
tion—all this is now plainly
Thursday, September
peak of
Practices
Employment
Committee—Legislation continues
it
through next June
January.
on
"Office of Alien Property Cus¬
Secretary Forrestal outlined the
Navy's expanded de^nbib'ntion
todian—May
plans
to handle seized
•n^ooerty,
to
ously,
) Tr3 Y:
••
'■>
■
it
newspaper
is
pointed
i- '1Y". I :j:
l
i
3Y.Y
men.,
out,
Y
Previ¬
the
~ ;
sea
Y
reduced
-I't
budget.
etc."
■
1
■
'
H
be ^ound for years
patents,
YY
'I
Y"
}
r "
Savings Bank Deposits
President Truman's Report to Congress
^ On Lend-Lease; Objectives Realized Gain in Month of July
operations sent to Congress on Aug. 30
Truman,-commenting on the $42,020,779,000 lend-lease
aid extended by the United States to its Allies up to July, stressed
three things which the United States received as being more im¬
portant that a dollar basis settlement. These are, the Associated
In a
report on lend-lease
President
Victory
1
■' ygt
Germany
stated:
Press
over
than ; $5,600,000,000
last- March in reverse
More
2
through
lend-lease.
commitment .from all na¬
tions receiving lend-lease to join
in organizing
post-war interna¬
tional trade on the basis of low¬
ering barriers.
It was noted that the President
has ordered lend-lease operations
halted, effective on V-J Day, and
already has cut off requisitions
for
supplies
which
formerly
would have been ordered under
the mutual aid program.
Meanwhile, arrangements are
being worked out with lend-lease
countries to switch their com¬
merce over to a peacetime basis,
American officials .will begin con¬
versations with a British dele¬
gation next week for some sort
A
3.
credit substitute.
the matter of final
settle¬
On
report stated, according
to the Associated Press:
The overwhelming portion
of
lend-lease aid which now totals
ment the
,
$42,000,000,000 has been di¬
over
rectly consumed by our Allies in
the war.
And it continued, that
if this huge debt were
to be added
financial obliga¬
to the enormous
already incurred by foreign
tions
governments, the effect would be
disastrous on our trade with the
United Nations and "hence among
at
employment
and
production
home."
.
4
-
.
r
Associated Press
ppinted out, there has been talk
of repayment
"in kind." That
For years, the
States
if the United
that
meant
lend-leased tanks, trucks or ma¬
chine tools to a country which
had some left over after the war,
the return of those left-over ar¬
ticles could be
no
was
-
:.
-
.
said
officials
top
However,
there
requested.
thought ' of
any
requests along this line.
Such action, they added, would
only mean adding to the surplus
of munitions and war production
sizable
materials
already building up in
this country.
/
port
came
Byrnes
bearing on the re¬
from Secretary of State
Sept. 1, in which he in¬
dicated that there is no justifica¬
tion
on
for
the
lend-lease
assumption
all
that
—
flatly that
are
be
to
can¬
States
is
seeking dollar payments
settlement for Lend-Lease.
in
the
United
not
He said formal settlements
still
to
eiSn
be worked
out
are
with for-
governments.
Dollars
for
available
"to
total
The report set forth
be considered in con¬
to
settlements.
with £ the
nection
settlements
Those
amplifying
statement
no
are
for future
determination.
"The
the
:
Lend-Lease
and
war
we
win
to
settlment of
the
In
peace.
are
not
seeking
dollars
paper
contracts
to
pay
which
will
not
be
available
that
mean
there
r
tiated."
be
nego¬
>
speculative explanation for
One
statement
the
of
issuance
that
to
settlements
Lease
to
that does not
are
no
Lend-
But
debtors.
our
was
Byrnes sought to clear
preliminary to conversa¬
with British economic offi¬
due here next week to work
Mr.
the
air
tions
cials
peacetime credits
or
other measures to replace LendLease
to
Britain.
The United
States in these conversations in¬
tends to insist on a breakdown of
out
new
trade restrictions
will base its argu¬
ment on the Lend-Lease agree¬
ments for post-war free trade. >
President Truman's report to
British
many
~
not
Mr.
Byrnes said in a statement issued
by the State Department.
The statement, the Department
said,
was
prompted by
a
question
based
on
President
Truman's
Lend-Lease report to Congress, in
which
Save
the
notice
Lend-Lease
President
that
might
effect
in
the
as
costs
of
well
be
written off the books.
Q.r^le question
state
as
Department
'
and evidently
the
t
nd-Lease
light
was
Lend-Lease program.
The
following
letter
to
of
the
reports,
are
recent
we
to
assume that all Lend-Lease debts
to be cancelled and the
:
"This
Bond
savings
new
the
to
text
given
in
is
addition
War
to
purchases through the 131
banks of
$1,084,000,000 since the War Sav¬
ings Program started in May, 1941.
Our people, the seven million sav¬
ings bank depositors, are to be
heartily
congratulated
for
the
magnificent part they have played
in financing the war and in avoid¬
ing inflation. "Now that the peace
with Japan has arrived and we
look forward to the postrwar pe¬
riod, those who have had the fore¬
sight to save know the comforting
feeling of having a backlog in
their savings accounts."
Mr. Short explained that some
might have to draw upon these
savings during the reconversion
period, while others undoubtedly
would use a part of their savings
for the down payment on a home
by the Asso¬
Congress
of
the
United States of America:
.,r
the
depositors have saved more $han
enough for either of these pur¬
employment
"To
we
transmitting
i
herewith
nomic
conditions
earth."
costliest,
destructive
resulted
•
in
war
in
victory
history
for
whose ruthless plan for
world conquest and enslavement
came so
close to succeeding, the
United
States has
realized the
objective for which lendaid has been extended. That
major
objective, like the objective
as
a
whole,
fare
and
bloodiest
Powers,
effort
for
resolved to establish in
the
political and eco¬
period ending June 30, 1945.
war
peace
bitterly; and bloodily fought, we
firmly
foundation
must
lasting
and our Allies have so
and the other United Nations are
of operations
under the Lend-Lease Act for the
has
the
win
which
v
the twentieth report
"The
production
and
home and abroad.
at
I
concert
am
bf
was
our
the
speeding of victory and the sav¬
ing of American and other allied
lives.
Lend-Lease and reverse
Lend-Lease helped to unite in a
mighty and victorious fighting
partnership the separate efforts
of the combination of nations re¬
the
among
which are the
and wel¬
our
President's
The
of
nations
report,
that
Press
last
to
July
the pool of
armed might in accordance with
to
and capacities.
great task of Lend-Lease
ended. The programs of
Lend-Lease to our Allies are be¬
"The
has
now
conference which he
called to receive the reports
special
had
news
to
unjustified."
1
near
generals
$43,000,000,-
This includes $20,691,000,000
munitions ship¬
either was for
munitions
manufacture
or
for
war-supporting civilian use, such
worth of straight
ments.
food.
as
rest
The
*
the re¬
The cost of Lend-Lease,
port showed, represents approxi¬
mately 15% of the total United
States war effort valued at $280,000,000,000.
\
i
exports went to the
Kingdom.
These,, ex¬
Most of the
United
Russia was the next heaviest re¬
cipient with $9,000,000,000.
Of Russia the report
said:v
"Many of the munitions which
exported under Lend-Lease
to the U. S. S. R. for the war
we
"The con¬
President,
the
Said
clusion of the Secretary of. War
Marshall
General
that
is
matter with his
usual 'great skill, energy and ef¬
ficiency.' I associate myself whole¬
heartedly with this expression by
the Secretary of War.
"Indeed I have the fullest con¬
fidence in the skill, energy and
efficiency of all our war leaders,
both Army and Navy."
The following are the conclu¬
sions and recommendations of the
Army and Navy reports, as con¬
veyed to the New York "Times"
in
special dispatch from Wash¬
a
ington, Aug. 29:
vbr Army
The Japanese
attack was daring,
well conceived and well
catching
executed,
defenders
the
unpre¬
pared to either meet it or mini¬
mize its destructiveness.
Extent of the disaster was due
f^ase settlements required
ing terminated in an
and orderly manner,
expeditious against Germany
Enemy War Secrets
Open to U. S. Industry
'
in an exec¬
President Truman,
order, has taken steps to
make industrial information, in¬
utive
patents, seized from the
during the war, accessible
American industry, subject to
cluding
enemy
to
requirements of our
the
of the
release
national
Discretion as to
military security.
secrets has
enemy
placed under the jurisdiction
of the War Mobilization and Re¬
been
conversion
Board.
The President's
order, according
Press which
Associated
the
to
reported the announcement from
Washington, Aug. 27, gave no de¬
tails on the information now in
possession of this country, but the
Office of War Information, in a
Sunday,
issued
report
declared
some
26,
Aug.
technological
se¬
combed from Germany by
and British scientific
crets
American
sleuths might "shortly make some
American technical processes ob¬
Commanding
solete and outmoded."
General of the Hawaiian Depart¬
The following is the complete
ment, Walter C. Short, to ade¬
text of the Presidential order, as
quately alert his command and
given by the Associated Press:
the failure of the War Depart¬
"By virtue of
the authority
ment to direct him to take an
vested in me by the Constitution
adequate alert or to keep him ade¬
and statutes, as President of the
quately informed on the Ameri¬
United States and Commander in
can* Japanese?^diplqniatic negotia¬
Chief of the Army and Navy, and
tions.
'
'
1
in order to provide for the release
The action of Cordell Hull, then
and dissemination of certain sci¬
Secretary of State, in delivering
entific and industrial information
his counter proposals to the Jap¬
heretofore or hereafter obtained
anese negotiators on Nov. 26 was
from the enemy by any depart¬
used by the Japanese as the signal
ment or agency of this govern¬
to begin the war by the' attack
ment, to the end that such in¬
on Pearl Harbor.
formation may be of maximum
Gen. George C. Marshall, Chief
benefit to the public, it is hereby
of .Staff of the Army, failed in
.
his
relations
»
the Hawaiian
with
tenant General Short
derstood
message
a
ordered
as
follows:
v
had misun¬
and had not
"1. It is the
of national
military seciv-
that there shall be promp.,
public, free and general dissem¬
ination
of enemy scientific and
industrial information.
The ex¬
ity,
adequately alerted his command
give General Short on pression 'enemy scientific and in¬
information,'
as
used
the evening of Dec. 6 and the dustrial
morning of Dec. 7 the critical in¬ herein, is defined to comprise all
information
concerning
scientific,
formation
indicating an almost
immediate break with Japan, and industrial and technological pro^to investigate the readiness
of cesses, inventions, methods, de¬
General Short's command between vices, improvements and advances
heretofore or hereafter obtained
Nov. 27 and Dec. 7.
;
Maj; Gen. Leonard T. Gerow, by any department or agency of
Chief of the War Plans Division this government in enemy coun¬
of the General Staff, failed
to tries regardless of its origin, or in
keep General Short adequately in - liberated areas, if such infqrmrformed by making available to tion is of enemy origin or has
for war, to
Intelligence reports on
him Army
acquired or appropriated
been
bV
>
impending war situation, to the enemy.
"2. The scope of the authority"
send him a clear, concise directive
vested
in
the
director of; war
on Dec. 7, to realize that the state
of readiness reported by General mobilization and reconversion /jp
Short was not a state of readiness chairman of the publication board
for war, and to take the required and in the publication board Vy
steps to insuring the functioning Executive Order No. 9568 of Juft£
the
of
the
manner
Army
Navy
and
planned,
in
General Short failed in his
1945, is extended to include
scientific and industrial infbrmation.
The procedures " Oticlined in Executive Order NoJ 9568,
the 8,
enemy
-
du¬
To place his command in a
state of readiness for war, to at¬
ties:
applicable, are ex¬
declassification,
release and publication of gneiirty
joint plans, to inform himself of scientific and industrial infd>rnl&the
; fiJT
long-distance scouting con¬ tion.
tempt or reach an agreement with
the Navy leaders to implement
.
..
'
Navy position which requires the
exercise of superior judgment.
to the failure of the
were used by
subject to the Soviet armies in the war ducted by the Navy and to re¬
settlements for shipments un¬ military needs for the movement
place inefficient staff officers.
against, Japan.
\
used or
undelivered at the close of troops or for occupation pur¬
°t the
"When
V-E
Day
was
pro¬ 5 The Army Report made no rec¬
war?"v.*.'•'■it.V;;".
poses.
V * ' ~
4
' '
ommendations. ?
"Vclaimed shipments of Lend-Lease
"The United States is assisting
r.
8
Navy./Kfe Byrnes'
answer:
:• •
e
is no justification for in the relief and reconstruction supplies to European Russia, with
Admiral Husband E. Kimmel,
assumPHon.
Hasty general¬ of the war-torn areas of our Al¬ certain minor exceptions, ended.
Commander in Chief of the Pa¬
lies and in the establishment of
isations should be avoided. NothLend-Lease aid to the Soviet Far cific Fleet, and Admiral Harold
rp^m.°^e
should be read into the world trade on the high level East was continued."
B. Stark, Chief of Naval Opera¬
cent Lend-Lease
report than is necessary to insure full and use-
only
^re
Stark, both now retired, hold any
acted
this
throughout
neither
Admiral
nor
ments
Thus the real total
somewhere
is
000.
criticism
"entirely
Kimmel
ation, to send additional instruc¬
tions when it appeared that Lieu¬
stated,
commanding
in the field.
judgment,
his
in
that,
of General Marshall was
that
recommended
It
Admiral
the
In addition, Lend-Lease goods
amounting to $788,603,000 was as¬
signed
duties.
the
showed
total LendLease
amounted to $42,020,779,000.
These advices added:
Associated
superior judgment necessary for
exercising command commensu¬
rate with their rank and assigned
policy of. this gov¬
ernment,. subject to the require¬
Each clusive of services, were valued
at approximately $13,500,000,000.
principal fighting partners
contributed
in
Department tb keep it fully ad¬
vised of the tenseness of the situ¬
freedom
of
sisting the Axis aggressors.
of
action
holding Gen. George C. Marshall,
Chief of Staff, at least partially
to start a small business. "Many
or
is, President
Congress, ac¬
ciated Press:
"To
Army's
the
to
Board's
Harbor
Pearl
to
New York State savings
ful
companying the report, according
its full abilities
this:
in
on
Truman's
exception
sharp
responsible for the blow, the Asthe
huge sum of $2,242,000,000 ,■ sociated Press stated in its report
since Pearl Harbor." Mr. Short from Washington of the announce¬
ments.
The President told the
further stated:
increase
the operations under poses. The average savings ac¬
the Lend-Lease Act to June 30 count
now
amounts
to
$1,182,
was
transmitted in a letter in while both
deposits and number
which he Said "the great task of j of
depositors are at the highest
lend-lease has now ended," adding , level in
savings bank history, and
that "the programs of lend-lease we are looking forward to a con¬
to pur Allies are being terminated
tinuation of this trend." He added
in
an
expeditious and orderly that "the officers and trustees of
manner, subject to military needs
the savings banks urge strongly
for the movement of troops or that
everyone who can, continue
for occupation purposes."
to save regularly for future needs
It had previously been made and so prevent a buying splurge
known that the Allied nations had before
production has caught up
received on'Aug. 20 official No¬ with the demand."
tice
of
the. end
of America's
Congress
has
released by the
savings
-
Lend-Lease
of
purpose
win the
to
was
lease
payments are
our
debtors,"
which
factors
made
the
celled.
Associated, Press advices cause of decency. All peace-lov¬
from Washington bearing on what
ing men are resolved and deter¬
Mr. Byrnes had to say were given mined that the peace and freedom
as
follows in the "Wall Street we have won at such tremendous
Journal" of Sept. 1:
sacrifices shall be preserved.
Secretary of State Byrnes stated
"With the defeat of the Axis
debts
sents the 36th consecutive month
in
that report.
"I
"
v
A statement
«•
President
The
there.
President Truman made public on Aug. 29 reports of Army and
Navy investigations':of the Pearl Harbor disaster of Dec. 7, 1941,
which plunged the United States into war.
No indication was giv¬
A net gain of $79,043,484 in sav¬
en of whether
courts-martial will be asked, but the reports made
ings accounts for the month of
it clear that the Army-Navy investigators do not feel court-martial
July was reported on Aug. 27 by
proceedings are warranted.
.
*
1
' i
Myron S. Short, President, of the
Both
President
Truman' and$——;1 .'vSavings Bank Association of the
Secretary of War Stimson took tions, failed to demonstrate the
State of New York. "This repre¬
deposits have
increased during the war period,"
Mr. Short said, "and brings the
..
of
v.,;
A
and •written •
Army-Navy Pearl Harbor Reports Made Public
,
in
.
so
far
as
to
tended
the
.
"Nothing in this order shall
construed to
power
ine
limit
or
be
modify the
of the Secretary of
War or
Secretary of the Navy to
de¬
whether the ft ac¬
tional military
security permits
the release in whole or in partxf
termine
enemy
finally
scientific
information."
:
V-;.'b;-,
"
or
-
industrial
,
$
1150
I
;m
!>|
THE
Declines in July In Factory Employment
Dulles lo Be Byrnes'
And Payrolls in New York Slate Adviser in London
t'i
Continued
lay-offs
and
war
reductions
in all major
ployment and in total payrolls during July according to Industrial
-
sl
Commissioner Edward Corsi head
1
of
the
New
York
State
Labor
According
to
the
Department's advices Aug. 31, fig¬
I
based
ures,
of
on
final
tabulations
«
•■yft
Research and Statistics under the
direction
i
show
of
net
a
■
and
in
payrolls amounting
Payrolls decreased in
I**
*p).
but
in
a
tionery,
than
and
offset
branches.
every
delivery
the
A strike
men
firms
in
more
other
by newspaper
caused decreases in
printing industry.
During the past year factories
throughout the State have experi¬
enced
pi
,
in
4
■
reduction
net
a
the
of
number
of
The death of Thomas F. Wood-
11.2%
workers
lock,
contributing editor of the
"Wall Street Journal," occurred on
em¬
ployed and 9.1% decrease in
r|
■
'
T. F. Woodlock Dies
-
pay¬
Aug. 25 in his apartment at the
Hotel Croyden, New York, after
an illness of several weeks.
The
rolls,
though
average
weekly
earnings have advanced $1.13.
j4
¥!>V
A continued reduction of
.
near¬
'
'II
M
:U
pu
tries,
■
•TV
"Wall, Street Journal" in its
ly 5% in the metals and ma¬
chinery industry in July, follow¬
ing a decrease of more than 5%
in June, not only indicates the
impact of V-E Day on war indus¬
but
furnishes
decreases
Xi
pated
:S
-m
'
ii'S'l
which
index
an
be
may
count
of
on
educated
was
ac¬
issue
born in Dub¬
was
Sept. 1, 1866, and
at
Beaumont
Col¬
lege, England. Later he matricu¬
lated at London University. After
antici¬
one
affected
termina¬
brokerage firm, later joining his
of
father and brother in the London
Stock Exchange house of Wood-
a
by cutbacks,
cancellations
or
Contracts.
P-r
its
Aug. 27 said, in part:
Mr. Woodlock
to
in
career
result of the Japanese
surrender, Mr. Corsi stated.
All of the war industries were
as
tions,
il
his
lin, Ireland,
at the latter institution
year
he became
•
•M
of
their
The heaviest reductions
a
clerk with
a
London
?•?
h'-'.i
■y-$
■%k
10%.
•'
■
steel
mills
curtailed activity with a
■1
V
Most
reported
net drop
employment. Payrolls were up,
however, because of an increase
in one plant. Cutbacks were noted
also
in
entific
the
manufacture
instruments,
of
while
sci¬
a
net
increase
in
photo¬
graphic goods.
With many war
change firm of S. N. Warren & Co.
plants working fewer hours, pay-;
In 1918 he went with the Ameri¬
#
rolls
M
ery group
J. f
I®
.•oi
m
m
? Vj
.
International
can
dropped 5.1%.
later
its
eral
#1
Sh
reductions
a r p
establishments
men's
clothing,
dresses
were
closed
and
making
operated
with
Payrolls
de¬
forces.
12.4%
:
or
in
the
apparel
i
the
Pere
Marquette
vV
l->#'
Coolidge
appointed
Woodlock to the Interstate
Commerce Commission in 1925,
the
Senate
confirming his ap¬
pointment only after considerable
delay and his
the
Senate
appearance
Interstate
to
\
»};•
..'1:
>
ifv ■
■
A
''■■■
'A,
A
&■":■
■v
'<*
■
before
Commerce
on
.
.
.
employment and payrolls respect-' Interstate Commerce Commission
in September,
1930, to return to
ively. Other contributing factors
The Wall Street Journal staff. His
were Substantial
increases in the
column
on
the
editorial page—
production of dairy products and
the volume of letters and in¬
quiries reaching this office- abun¬
as
liabilities
Aug. 29.
meeting,
and
to
with
would
discuss the
reporters,
increasingly
evident
.
among
transportation facilities.
"From 1900 to
,
compared with
1939
the South's
700%,
national gain of
a
400%
"In
1910 the banking resources
little more than 3 billions;
today they are more than 23 bil¬
lions. In the same period
savings
,
were
it is
that
a
deposits increased from
from
New York "Times"
continued.
With the importance of
"On the liability side,
relied too much on a
in
crop
London,
events
mind,
Mr.
Byrnes
said
that,
while he would not take
any Con¬
gressional leaders with him for
what was clearly a
even
wait here
Day,
when
until
about
announcements
meeting,
soil
to
have
one
cash
deteriorate.
our
This
is
Nothing has happened in
past fifty years of such tre¬
mendous significance as the recent
I.C.C.
re¬
decision
to
rate, inequities.
correct
The
these
results
will
not be immediate, but in the next
five to ten years the South's
prog¬
ress
will be
tremendously accel¬
the
mills
have
suffered a
curtailed
output as a result of order
difficulty will be operating at a
higher level.
•.
Order
cancellation
volume a
approached, pre V-J
most steel
ago
Day
levels; however,
companies
have
cleared
order
business which has
been canceled and have
prepared
new schedules which
will go into
books
of
all
effect this week
v
In
view
of
on
a
finishing mills,
severe
drop, in
wiping out of steel
plate backlogs as well as a re¬
some
cases
a
duction in unfilled structural
or¬
ders, some of the larger steel
firms, the magazine notes,
were
forced to cut back steel
ingot out¬
put last week to a greater extent
than. others.
This i situation is a
temporary
until
one
steel
mill
schedules
we
the
after
Congress
than
more
,
South.
develop¬
stay there, and
might
to
.
being corrected by diversification
and soil building
programs.
"The freight rate structure has
long been a retarding factor in the
conference, he would report to the
Senate Foreign Relations
Commit¬
La bor
billions
system, and have allowed
farm
technicians'
tee when he returned on
ments during his
billions; life insurance
3%
30 billions.
the
half bil¬
a
events of paramount
importance
to the future of
Europe are about
to
be discussed in
lion to 3V2
which
steel
week
industrial production gained
con¬
but
here
other, we shall
its tremendous
by
the South's
assets are its raw materials, power
development, climate, a stable and
homogenous population and good
leave, prob¬
Dunn refused
one
up the
side and its
worth. \
"Important
remain in London to
carry on the
negotiations for the U. S. after
the Foreign Ministers
ference
on
the
on
impressed
net
alternate,
the
appraisal, add
South's assets
Mr. Byrnes also announced that
Assistant Secretary of State James
C. Dunn would be his
during
banker's
a
Wash¬
erated by this decision.
reflecting a good prod¬
have been established.
mix
uct
The magazine points out
that
contrary to some reports in the
industry large quantities of steel
for
non-rated
orders
will
immediately available.
look
for
not be
The out¬
October
indicates an
Since the Con¬
trolled Materials Plan will not
come
to an end until
Sept.
easier, situation.
30,
awaiting de¬
livery, before that time will be
shipped. With the substitution of a
much rated business
limited priority system at the
new
end of
of
September,
rated
business
a fair amount
will continue
produced
questions:
The first is whether
the United States intends to
agree
due to a good order volume the
past week..
:
;
enough foodstuffs and clothing to
supply its own needs. We must
at
continue to raise
The obligation of larger com¬
panies to ship small nonintegrated
however, leave
the
end
of
important
,
the
consultations
with the major Allies to
support
at the final peace
conference the
policy agreed on in the London
talks. The second is whether
any
commitment
or
understanding
will be reached in London
"The
South
has
"We need
dustrial,
leaders*
management
our
before
our
and
resources
of
many
constantly
to
im¬
develop
opportunities.
leaders have
our
been lured
away to other sections
of the
country.
"Recent trends
posed settlements with the For¬
eign Relations Committee. A third
is whether the London
conference,
like the Dumbarton Oaks
meet
con¬
in
the
South
we are
facing our prob¬
realistically and preparing to
the opportunities of the fu¬
ference, which was also "prelim¬
inary and exploratory," will also
ture.
be closed to the
press, as were the
previous Big Three conference
and the Dumbarton Oaks
confer¬
away from the one cash
crop sys¬
ence.
'
"
f
«
are
'
-
getting
"In the textile
industry
decade will
the
possible
Darda¬
ways ' of
dealing with Trieste, but,
as
far
be discovered, the entire
American delegation has not been
can
and
fact
attracting
plants
that
learn
mostly
many
from
eastern
our
the
tonnage
type
of order is
conversion,"
"further
during the war
of
making
for the
was
that
sure
finished
workers
stepl products from semi¬
finished.
material
have
would
adequate supplies. Part of this
system, "The Iron Age" adds, may
retained
by
Washington
awhile
and labeled
"small business."
as
for
aid to
an
Despite the flood of cancella¬
tions recently there
appears to be
little hope for
large-scale deliver¬
ies
of
before
cold
the
demand
rolled
fourth
for
to
appears
sheets
much
Sheet
quarter
quarter.
the
fourth
be well
in
excess
of
capacity with producers institin
ting an allotment system of their
to
spread
available
among customers.
tonnage
This action, the
trades, and
towns, is
magazine says, will tend to re¬
turn purchasing relationships to
new
industrial
large
congested
a prewar basis
and to eliminate
dislocated buying brought on by
the war.
skilled
in
This
as
purpose
own
"The
live
of
see
the
try.
rapidly
there,
up
future
the
business.
known
'
from
to
are
tremendous prog¬
modernization and
diversifying of our textile indus¬
in
ress
numerable studies of all the
ques¬
tions that will come
the
we
producing many new types of
high quality product and the next
has not been preceded
by any de¬
tailed discussion by the American
stipulated
a
orders each month may delay a
much greater volume of nonrated
be
-
rapidly
>
vi.
Unlike the San Francisco con¬
ference, the London conference
as
•
tem; dairying is expanding
rapidly
and farm
mortgage debt has been
greatly reduced.
.
nelles
*
"Farmers
mills
smaller companies manufacturing
show that
lems
steel
of semi-finished steel under WPR
people.
business and in¬
more
proving
Too
the executive branch of the
Gov¬
has discussed the
pro¬
not
the average per
capita income of
ernment
delegation on the policy"we are
going to follow at that conference.
"Wall Street
There* have, of course, been in¬
Very large increases in working as to
the fitness, of a
and payrolls in
canneries; man" for the office.
largely responsible for gains
Mr. Woodlock resigned from the
ih the food
group of 8 and 7% in
forces
ington stated
.
from
Mr. Hanes, "but if we apply
says
be
questions
answer
Were
small
cities.
>
Products virtually untouched by
making an effort to
on these overcome
our
handicaps in re¬ cancellations, according lo steel
dantly
questions.
r
food
v
1
•
\
proves—has
long attracted
preparations.
search, education, and technical producers, > included rails, 'track
Sugar
re¬
a
wide and attentive circle
fineries and candy factories reof
The agenda for the conference training,
accessories, concrete bars, tin mill
readers
are
throughout;
the
pdrted large decreases, while bak->
products, skelp and some stainless
country.
evidently
headed
by
the :v "The 1 South has made
great steel.'
He, naturally, played a large part Italian peace conference.
eries had small declines.
Alloy steels on the other
Soon progress. We still have far
to go hand
in shaping the
were hard hit by cancella¬
edi¬ after The: conferencestarts on to equal the economic
Employment losses on tobacco, torial policy and newspaper's
attainments tions
resulting in electric furnaces
giving it expres¬ $ept. 10, however, study groups of some other sections of the
textiles, lumber, furniture, glass,
counsion.
He
operating far below rated capacity,
consistently opposed may be put to work preparing try; but I predict that
apcl abrasives were between 3 and
bur rate
both deliberate and unconscious the German terms and
Wire producers
of
having cleared
progress in the
exchanging
6%; decreases in paper, printing,
next
decade
movements of a totalitarian slant, views on this and other
UP cancellations are operating on
questions, will surpass that of
chemicals ^nd leather ranged from
any
other a normal
basis
defending
and
therefrom
the
d
anticipate a
section."
ignity i The American proposal for the
1 To 2%.
Payrolls dropped con¬
and rights of the individual.
heavy increase 'in railroad and
creation of international commis¬ ; Steel
Industry—The
steel
siderably in all of these indus¬
indus¬ public
In
1943
utility purchases.
appeared
Mr.
Wood- sions to administer the internal try last week was
tries.
The American Iron and Steel
bringing to
lock's last book, "The J Catholic waterways of Europe will also be
completion
the
'
New York City
mechanics
of Institute announced last Tuesday
0,
Patt°rn"; its author was awarded discussed in London, though again handling the
avalanche i of can¬ that the
An employment loss of 7.5% in
the Laetare Medal
operating - rate of steel
by the Univer¬ it is said ; that all these matters cellations with which it has
New
York
been companies
City factories com¬
(including 94% of the
sity of Notre Dame as the out¬ will be dealt with in a "purely confronted in the
past few weeks,
pared .with a loss of only 1.6%
industry) will be 74.9% of capac¬
standing Catholic layman of the preliminary" way.
"The Iron Age" states
*?
;.: vl ;:
in its curin the remainder of the State was
ity.for the week beginning Sept.
year. He was a trustee of ManhatIn spite of the
emphasis that is
caused ,by substantial reductions
3, compared with 74.5% one week
tanville College of the
Sacred being placed here on the
explora¬ will undoubtedly be
in war plants and most branches
"preliminary" ago. This week's operating rate
Heart and had served other Cath¬
tory aspects of the Foreign Min¬ in the sense that the
of the apparel group, with smaller olic
Dumbarton represents an- increase
of 0.5%
institutions in a consulting isters'
Council, however, there is Oaks understandings were
from \last
decreases in all other industries
week's
rate
and
is
pre¬
capacity for many years. Honorary a growing conviction here that the
liminary;-they
could be changed equivalent to
except" petroleum.
Payrolls degrees were conferred unon him victorious
1,371,900 net tons
Allies
have
reached but they will be
supported jointly of steel ingots and castings, com¬
dropped 8.8% in the City and only by St. Francis Xavier College of the
beverages, with smaller gains in
meat packing arid .miscellaneous
'!■
St.
Mr.
•.
igt-
.
and
President
;
Committee
'
a
Louis & San Francisco railroads.
women's
explained by vacathe off-season and
entirely
creased
group.
\
sev¬
wrote
of
skeleton
,l;
he
years
millinery.
during
shortage of materials. Many firms
.
folowing
was
daily column for the New York
Sun.
It was during this
period,
too, that he served as a director
tions
/?5
Corp. and
secretary. During
tial decreases in
every branch ex¬
cept women's coats and suits, and
among
'
.
machin¬
Employment declined 11.2% in
apparel group, with substan¬
a
■
and
the
w#
■
metals
•
M
■:
for the
"Times"
unanswered several
September of
joined the staff of the
Mr. Woodlock became editor of
there
York
London
in
this newspaper in December,
1902,
but
resigned the editorship in
September, 1905, when he left to
join the New York Stock Ex¬
was
*
and
New
The
that year
Wall Street Journal.
in
>?
1892
uary,
John
convenes, in order to discuss the
conference, with his former col¬
leagues in the Senate at that time.
July occurred in aircraft, ship¬ lock Brothers.
In 1890 he began writing for the
building, munitions, communica¬
tion equipment,
and nonferrous. press as a "free lance." He mi¬
Aietals, lay-offs ranging from 5 to grated to the United States in Jan¬
in
.
advisers
as
ably about the end of September.
The Secretary would not
say who
else would go to the
conference
for the United
-States,: and Mr.
$48.76 in June to $48.06 in
July. The advices further state:
k
him
,
President, and Benjamin
Cohen, a special dispatch to the
V.
payroll loss of
bakery
gains
the European peace
Sep. 18, he plans to
on
with
Company
date for
cut in the number of hours
from
"■:tt
M.
Winston-Salem, N. C., expressed in an article headed, "A Banker
Apl
praises the South," appearing in the June issue of the bank's
house
magazine.'"
*
N
No region in the country has^
had such, a wide divergence of rent
summary of the steel
trade,
interpretation as has the South," It is expected that those
Foster Dulles, foreign affairs con¬
sultant to Gov. Thomas E. Dqwey
when he was Republican candi¬
payrolls in
In plants
than 21%.
In the food industry, relatively
large lay-offs in sugar, confec¬
dustry except food and petroleum.
Average weekly earnings dropped
A'
5%
more
5.5%.
in¬
to
a
worked caused
decline
a
of
making ; scientific; instruments,
employment decreased only 3.8%,
Meredith B. Givens,
drop in factory em¬
ployment of 4.1%
decreases
metals and machinery.
from
reports
3,200 factories
throughout the State, collected
and analyzed by the Division of
;j4-
in
both employment and
the rate of
see
progress in the South
sur¬
that of any other section of the country, in the opinion of
Robert
Hanes, President of the Wachovia Bank and Trust
meeting of the Big Four Foreign
Ministers, which will start nego¬
take
resulted
The next decade will
F. Byrnes goes to London for the
treaties
t-
$ Department.
f
Thursday, September 6,1945
pass
When Secretary of State James
industries, with the single exception
food products, have caused a considerable decline in.
factory em¬ tiations ^of
of
m
.
in
York
$
L-Hl
extensive
plants throughout New
State, severe cuts in the apparel industry because of season¬
al factors, vacations and shortage of materials in some
branches,
M
?!
4
COMMERCIAL & FINANCIAL CHRONICLE
v
''We
are
meeting in recent days
.
.
*
„
,i
-
.
.
2,9%
upstate.
Layoffs
in
New
all
war
industries
negotiating point for the final
York
City
and
Fordham
University.
'
settlement
The
*
"V--.V
i
,n*;,f
..
i
J.
of the
war
in
Europe.
understandings reached there
I
J
■■
i
i-:
:
by the major
port
will
powers and this
sup¬
undoubtedly determine
the terms of the final
settlement.
t.?
•
•
•
\
-»;3,.v
r.; -■
pared
to
week
and
ago.
A
1,364,600 net tons last
1,710,700 tons one year
ago the, industry
month
THE COMMERCIAL & FINANCIAL
Number 4418
162
Volume
at 87.9% of capacity and
95.1% one year ago.
Railroad Freight Loading—Carloadings of revenue freight for
the week /ended
Aug. 25, 1945,
was
,
Associa¬
American Railroads an-
853,426 cars, the
totaled
of
tion
•
.
northwestern.
prices
;cr6p
upward.
tended
offerings-
small
were
heavy;
with
Corn
July
having the most strength.
Trading
in
rye
influenced
largely. by Government demand
moved irregularly upward during
the week. Barley prices have re¬
Retailers reported that supplies of
sugar were
Retail
up
dollar
slightly.
volume
the
for
estimated 6 to 10%
Regional percent¬
age increases were: New England
4 to 8, East 7 to 11, Middle West
6 to 10, Northwest 7 to 12, South
3 to. 7, Southwest 2 to 7, Pacific
country
was
over last year.
Banks Ready to
Meet
Industry Credit Needs
Commitments and War
Loans
by 416 Banks /
War production
Federally and State chartered
banks of the United States stand
loans to manu¬
facturers of the nation and com¬
prepared and determined to pro¬
mitments for such loans reported
This was an increase of mained
generally
steady;
cash
200 594 cars, or 30.7% above the markets were weak. In livestock
Coast 4 to 9.
y
preceding week this year, which
markets, choice and good grade
Wholesale trade was up mod¬
included V-J Day holidays, but steers sold strong, with
prices erately from last week and was
51445 cars, or 5.7% below the corfirm; common, medium/ and low about 1 to 5% over last year. De¬
responding week of 1944. Com^ —good
mand was
vide the credit needed by all com¬
as
petent individuals and concerns,
both large and small, for all con¬
structive purposes, and to do so
of the country's larger
aggregated $7,575,860,332,
according to the semi-annual sur¬
vey of the American Bankers As¬
sociation released for publication
pared
H. McGee,
nounced.
-
new
1151
CHRONICLE
'
period of
of 50,631 cars, or
with a similar
.
decrease
5.6% is shown.- g
1943,
a
grades closed steady and
were slightly lower.. Hog
prices
markets remained
unchanged.
Cotton prices moved in a
wide
strong for most com¬
modities, particularly those which
had been unattainable during the
war; Buyers continued their cau¬
tious policy of careful selection.
Uneasiness
concerning changing
Government regulations has been
reflected
in
retailers'
fear
of
promptly and
with a minimum
according to Hugh
Chairman of the Credit
Policy Commission of the Ameri¬
can Bankers Association, who is
also Vice-President of the Bank¬
ers Trust Company of New York.
of
red
tape,
Production — The Edi- range last week. Trading was in¬
son; Electric Institute reports that fluenced
by price uncertainties,
Observing that "we have won the
the output of electricity increased reconversion
problems/ and f the
to
approximately
4,116,049,000 scarcities of offerings with the
war,"
Mr.
McGee
stated that
"Our next and immediate prob¬
kwh. in the week ended Aug. 25, spot market quiet.
stocking too far in advance. Re¬
:
lem
is
that
of
reestablishing
our
1945, from 3,939,195,000 kwh. in
for
fall
apparel
were
Business
in the
Boston wool quests
civilian
economy
promptly, and
the preceding week.
Output for market was
/ spotty
last;; week numerous.
the week ended Aug. 25, 1945, was
Department store sales on a enduringly. The sudden cancel¬
awaiting Governmental action on
lation of war contracts may mean
"6.8% below that for the corre¬
the price, of domestic wools. .Un¬ country-wide basis, as taken from
sponding weekly period one year certainties as to what will happen the Federal Reserve Board's in¬ a substantial demand for con¬
Electric
.
■
•
'
outstanding on June 30, 1945,
by
416
banks
on
Aug. 24. War production loans
commitments dropped more
and
than $1
billion in the mid-year,
compared to the total of $8,628,597,227 reported as outstanding on
Dec. 30, 1944, by 429 of the coun¬
try's larger banks. The survey is
conducted by the Association by
means
of
a
questionnaire
ad¬
dressed to the 500 largest banks.
.
•
ago.
to surplus wool restricted activity
Consolidated Edison Co, of New
in
both
foreign and domestic
York reports system output of
grades. Somes foreign wools were
166^600,000 kwh. in the week
purchased in the early part of the
ended Aug. 26, 1945, comparing
week, but business fell off sharply
with 166,500,000 kwh. for the c6tf
to almost a standstill. Australian
responding week of 1944, or ah wool was still in demand. The
increase of 0.1%.
current supply of wool piece goods
Local distribution of electricity
for civilian garment production
amounted
to
161,800,000
kwh.
remains tight despite military can¬
compared with 154,400,000 kwh'. cellations. Most mills1 are com¬
for the
corresponding week of
pleting the Government contracts
last year, an increase of 4.8%.
.
•
•
'
on
Produc¬
production
in the
Paper and Paperboard
tion—Paper
United States for the week ending
which work had been started.
Price
Food
Wholesale
D eelines In Week—The
food
Index
Wholesale
compiled by
Aug. 25, was 95.4% of mill ca¬
Dun & Bradstreet, Inc., dropped
pacity, against 67.8% in the* pre¬
2 cents to $4.06 in the week ended
ceding weekend 92.2% in the like
Aug. 28, 1945. While this is the
1944
week,
according
to
the
lowest level this year, the cur¬
American Paper & Pulp Associa¬
rent figure is 1:5% above the $'4.00
tion.
Paperboard output for the
of the corresponding 1944 week.
current week was 99%, compared
Advances during the current pe¬
with 67% in the
price
index,
dex for: the week ended Aug. 25,
tract
termination loans to indus¬
1945, increased by 6% and com¬ try," he said. "In September, 1944,
the
American Bankers Associa¬
pared with a decline of 16% (re¬
vised figures) in the preceding tion recognized this need and pre¬
week. For the four weeks ended pared to meet just such a condi-r
tion
as
now
exists.
Following
Aug. 25, 1945, sales increased by
7 %, and for the year to date by adoption of the Contract Settle¬
ment Act of 1944 by Congress,
12%/
— /
Association
published • and
The
influence
of
terminated the
Government restrictions and the circulated to the banks a manual
provides them with com¬
plete information and a. proce¬
dure for making contract termi¬
holding to. the belief that trade nation loans to industry. The Tprospects will continue good for loan procedure is streamlined and
the months immediately ahead are simple. It is based upon experi¬
seeking merchandise. ; Indications ence gained during the war period
at present, however, point to the when banks financed industry to
fact the day of long-term deliver¬ obtain maximum production by
use of V-loans," he added.
ies is drawing to a close.
of reconversion was felt
in the wholesale markets here in
New York
last week.
Retailers
progress
which
416 supplied data on
production loaning ac¬
tivities as against 429 in the previous survey which reported on
outstandings Dec. 30, 1944. The
Of
these,
their
war
Association further
states:
//
$7,575,860,332 of total
"Of this
and commitments, by
outstanding on June 30,
loans
war
banks
$7,316,843,246 represents loans and
commitments for war supplies and
materials and is a decrease of ap¬
proximately $1 billion from the
$8,307,266,875 reported in the pre¬
vious survey.
The lower figure
reflects
The
defeat
the
of
Germany.
remaining $259,017,086 repre¬
sents
loans
and
commitments for
plants and facto¬
ries, compared with $321,330,352
for the same purpose as of Dec.
building of
30,
war
1944."
In
a
letter to the
500
partici¬
"About 1,400 banks participated pating banks, Walter B. French,
According to the Federal Re¬
serve
Bank's index, department in the V-loan
program
which Deputy ; Manager of the Asso¬
store sales in New York City for largely served the prime and firstciation, said:
"The end of the
preceding week,
the weekly period to Aug. 25, tier subcontractors. Much decen¬ war brings these surveys to a
riod included wheat, rye, oats,
and 94% in the like 1944 week.
1945, increased, by 4% above the tralization of industry was accom¬ close. A vast amount of informa¬
and steers.
Decreases appeared
same period of last year. This com¬
Business Failures—Commercial
plished during the war period, tion has been compiled which will
in flour, barley, eggs* potatoes,
pared with a decrease of 24% in and small factories making war be of immeasurable value when
and industrial failures in the week
sheep and lambs. ..
the preceding week. For the four materials were located in almost a record is needed of
ending August 30 remained at
banking's
The index represents the sum
16, the same as in the' previous total of the price per pound of weeks ended Aug. 25, 1945, sales every village and hamlet of the participation in the war."
rose by 9%
and for the year to country. These communities are
week, reports Dun & Bradstreet, 31 foods in
general use.,
date by 13%.
;;
Inc.
desirous of keeping these small
However, concerns failing
Retail and Wholesale Trade; rrMail to Switzerland
exceeded the 14 in the comparable
industries, and an effort will be
Despite
country-wi^Je
lay-offs,
re¬
week of last year.
made to use their tools and skills
This marked
Postmaster Albert Goldman an¬
Commemorates
Woman
tail
trade last week sustained
the second time in August that
in peacetime. It is believed that nounces that information has been
.
failures have shown
a
:
''
^
Three-fourths
of
the 1944 level.
rise above
000
or
these
week's
the
There
more.
large
12
were
of
failures,
more
one
ing week
a year ago.
While large
•
failures
as
and
were one
heavy
as
a
half times
in 1944, small failures
involving liabilities of less than
$5,000
high.
were
•
two-thirds
only
Manufacturing and retailing
as
ac¬
counted for all except two of the
week's failures. An equal number
of concerns failed in each of these
lines.
In
manufacturing, failures
remained at the previous week's
level and were more than twice
•
the
number 'of
manufacturing
failures in the comparable period
last year.
On the other hand
failures
from
of .retailers
week
a
sharply
rose
than
ago,v; more
doubling their previous
"
but
•
s
number,
they were only slightly higher
/ sainie;r^ek/bf£ 1944.»
Three. Canadian
reported
the
failureswere
in,
;as.',coihpared^with
previous ?week; and1
none/in;
and
a
year
ago,
Suffrage Anniversary
the majority of the contractors
requiring T-loans will be these
sary. of ratification of the women's subcontractors, and, consequently,
suffrage -amendment,
President more banks will be called upon
ac¬
Commemorating the 25th anniver¬
cording to Dun & Bradstreet, Inc.
Many ..released workers were re¬
ported
eager
to
depleted
war
than last week, and, as well, they
exceeded the 8 in the corrspond-
'
week
vious
failures involved liabilities of $5,■
moderate increases over the pre¬
school apparel,
types, were
retailers with large
of wartime merchandise cut
drastically in
duce
an
inventories
which
called
he
home front in the
heavy.
stocks
prices
attempt to re¬
before
public statement
nation's
"truly
a battle front where women bore
a major part of the struggle," the
Associated Press reported from
Washington on Aug. 25, the eve
of the anniversary, and quoted the
in
of back-toboth the juvenile
college
A few
Truman made a.
Purchases
homes.
and
replenish their
wardrobes
and
peace¬
following
quality merchandise appears.
ment:
Food volume increased substan^
time
as
.
the
as
war
!'5
of war
.
With
-—
•
commodity
'
price
week, the Dun & Bradstreet daily'
Wholesale
^commodityvpriceMndex
moved
within a. narrow i range,
the index closed at 175.09 on
Aug.;
.
as against 174.54. on Aug/ 21,!
-
,
>
172.06bbt/this;;£mie/Iast
year;
Grain
markets
were-generally
although hedge
^ developed at the close :and
grain prices declined
fractionally,
.
steady last,
•
week
weakness in
cash
*nUSe^.
the
wheat
was
the
las* minute drop;
Commodity
Credit
Corpo-
\^u\0n
again reduced the price it
will
pay for
lar?
arge,
Spring wheat. Trad-
wheat
,lr\
';
futures
?,ecige se^^ns
.was
re-
0ats Was
with the movement
of the
all
classes
commercial
papers, samples of merchandise,
and small packets are limited to
-
>
•
.
j
and with
comprise
matter for the blind),
.
-
tluetuationa-uncertainVduring last
to
26.. 1945, will mark the with which the war against Japan one pound per package. Printed
twenty-fifth. anniversary of the ended may overtax their facili¬ matter for the blind may weigh
supplies eased all along the line. ;
ratification by the states of the ties. Many of these smaller sub¬
up to 15 pounds 6 ounces. Arti¬
Anticipated
removal
of the amendment to the national Con¬
contractors have most of their cles prepaid for dispatch by air
20% excise tax on furs, arid,hahdf stitution
granting
suffrage tp working capital invested in in-- mail are also limited to one pound
bags
has
appreciably reduced women,.
ventories and partially completed in weight.
*
sales in these lines.
Consumers
"Less than a century ago women
products ,and may need immediate
Ordinary (unregistered and un¬
expressed willingness to hold off in the United States were denied
funds to finance production of
insured)
parcel-post service to
purchase
indefinitely.
Trans¬ the right to vote and were classed
peacetime products//
Switzerland is resumed, subject
actions were large in all typeg
as inferiors under the law. In 1920
"The banks of the country, as to the conditions in effect prior
of cloth coals. In children's apf
there occurred one of the great
a
result of studies and work in to the suspension of the parcelparel, skirts 'and sweaters exf events in our history—the Federal
the field, have greatly intensified post service, except that each par¬
perienced the largest -demand;; Constitution was amended to ex¬
the cooperative efforts
of local cel must have affixed three cus¬
stocks of cotton dresses above the
tend suffrage to the women of our
banks with : their correspondent
toms
declarations
(Form 2966).
14 "year /level were/virtubilj^
that time the banks and have devised new. The
country. /Since
existent.
Sales of men's clothing
parcels will be subject also
movement- to raise the status of
credit techniques which will not- to the following restrictions: Only
increased as' the Army discharge
women: in-all of the fields has gone
only be important in the imme-- one parcel per week may be sent
program progresses,.
',*• y t
steadily/forward.
,
diate period of reconversion but by or on behalf of the same per¬
Dollar volume of housefurniShr.
g "In the total war through which will continue to serve the nation son or concern to or for thb same
ings declined slightly from" last
we ^have ; just passed the home after, the
emergency
is past.. addressee;, the weight of each par¬
y^ek^ihventpidesyw^efifc^^apd; f rwit&sbeen ho mere phrase* but Among these is the bank credit, cel is limited to 11 pounds, the
demand high I Sheets and sheeting
truly a battle front where women group.;
Such ; 'Regional
Credit length to 18 inches, and thb com¬
continued scarce/'The few metal
bore a;maj6r part of.the struggle. Pools' are organized in practically bined length and girth
to^noi
items that have already appeared
"Women-walked into the pages every state with aggregate re¬ more than 42 inches; contents are
in Kiardwaretstbres j'wero imihe^i--'
sources in excess of $6 hundred
limited .'to non-perishable' items
ately snapped up by anxious con- blv^^s history as good citizen^
million and are prepared to back which are not prohibited in the
.and good soldiers.
/^^TocpraisP women for making up local and correspondent bank¬ parcel-post mails to Switzerland.
In, the food .market; meat; sup'r
The postage rates applicable^for
intelligent-use of the ballot, or for ing activities in the field of credit.
plie$'.are'gradua^^
This has been an effort of bank-' mail
and parcel-post are those in
quantityof' vcorp/ I peacjbes.l .and dbing; their; share in winning the ing to prepare itself to implement
effect prior to the suspension of
tomatoes
was-y up' appreciably;, war,/ would be an-act of conde¬
the program of American business
scension the very opposite of that
the service.
!
,■/
prices hit a, seasonal low.. Canin its prompt return to a sound
equal respect symbolized by the
The licensing requirements of
teloupes /ands; honeydew melons
economy of peace and-the full
suffrage amendment. But on the
the Foreign Economic Administra¬
were abundant/ Blue b $ r r,i e s,']
emoloyment of our people.
tion are applicable to mail and
huckleberries,; and ^lafckberries twenty-fifth anniversary of the
"By
such
cooperative
effort,
19th Amendment, it is fitting that
remained "scarce and expensive:
parcel post for Switzerland.. A
business leadership is demonstrat¬
Shipping difficulties have , kept we, men and women alike, should ing the way in which we can
oranges
and other citrus! fruits give thanks for an America in achieve the objectives of the war who fought—and,
in
a
great
which women can stand on the
less
plentiful: 'Potatoes,onions,
and above all justify in some de¬ many cases, • made the supreme
beets,' and squash were also in level footing of full citizenship in gree the great sacrifice of those sacrifice."
good supply and lower priced. - peace and in war."
•
'Wholesale* Commodity 4) price !
Index
agencies are doing an
job in the settlement
contracts, the suddenness
"Aug.
tially over a year and week ago;
_
vth^qrresporiding^
contract
excellent
-
extended
participate in this important of regular mails, that is to say,
program.
*
letters, post cards, printed matter
/'The
Baruch-Hancock
study in general, printed matter for the
arid subsequent legislation have blind, commercial papers, samples
set the pattern for a prompt and of merchandise, and small packets.
equitable
contract
termination The advices state:
Printed matter (except printed
procedure.
While Government
'
•
partment at Washington, that mail
service to Switzerland has been,
to
the President's state¬
.
received from the Post Office De¬
*
r
•
&
1152
M
I
THE COMMERCIAL & FINANCIAL CHRONICLE
.
t
H-
v*ft-
:
wages
WILLIAM GREEN)
>
II
;
■ti
those who
burdens of un¬
uie
Workers
free
^enterprise through the investment
of private capital in trade and
•commerce, and
*
:
2—To establish the right of all
Americans able to work and seek*
k.S
•
V!*
'
,4 I
■Ji
flvs
Mt-
The bill
dent
directs that the
prepare
Presi¬
tion
v,
and
Employment
Budget.
1—The
estimated
size
of
the
insurance
1
work force.
.•» •>,
workers
2—The estimated volume of in¬
adequate
lU\
vi
full employment.
3—The
estimated
prospective
-C.16
*V«j
y.
-
In
no
Budget
directed
to
i
?3
i
1#
J :«
prepare
for
vestment,
prepare
agriculture, taxation,
security, the development
natural
and
resources,
The National
President
..
ture."
'
The result would be
V. .*
•)
Of
plans
a
program
and
specifications for
needed public works for
those not
I
IS
employed by private industry. An
orderly program of needed public
r;i?
works is an end in itself
and a
powerful stimulant directly to the
Construction
industry and indi¬
rectly to others. The
desirability
l
:|
:1l
fOf planned public works to
sup¬
plement private investment and
13
check trends toward deflation
has
••i'
•long been discussed with approval.
It was urged
during the depres¬
sion
of
Miction
r.w
the
on
'30's.
Constructive
the proposal is
over duet
of public
"full
works
are
employment"
essential
but
do
will
:g
to
come
ttiainly from placing responsibil¬
ity on private industry and re¬
quiring reporting on
stewardship.
As
the
right of persons to em¬
ployment becomes a moral obli¬
gation upon those in positions of
v
'If
rA
responsibility,
can
its
responsibility
be pressed home.
The initial
step in establishing
responsibility of private industry
£-t
r«*\.
is to r.mend Section 4
line 0, by
(c)—page 8,
substituting "shall" for
'
<T
&
.
AU
"may."
The
provide
for
section
would
then
regular consultation
representatives of the
between
■jii-
functional groups of private
terprise and the President in
is
viewing
read
The President
such
en¬
re¬
current situations and in
plans for "full employ-
making
hr/cnt," and would
as
follows:
shall establish
advisory boards
or
com¬
mittees composed of representa¬
tives
of
industry,
agriculture,
labor, and State and local
gov¬
ernments, and others, as he may
advisable, for the purpose of advising and
consulting
deem
•
on
methods
of
achieving
the
objectives of this Act.
Private
I within
;
,i
next
would
be
directed
aid
enterprise
controls
expansion
contraction
when
when
which
operates
result
profitable,
in
and
profits decline.
to
in
steps.
.
Unions have
■
^
rated
in
rates
and
union
contracts
hours
wage
standards
rising
to Amer¬
would enable workers to have the
duction
at
"full
pro¬
employment"
levels.
To stabilize production at
lower levels would lower national
income and result in
unemploy¬
ment.
Present
day demand for "full
employment" embodies many of
the ideals and desires of the
past
when we talked of good
sustained
business,
high
prosperity,
our
wage
economy, etc., and adds to
them the idea of mutual
progress,
life.
tively
rectly
concerned
in
terms
of
better
a
the market about 1928 sold for
on
about
In 1942, a
much better refrigerator was sell¬
ing for $100 to $150. Yet workers
in
the
industry had increased
$400
Unemployment
many
and
from
results
Under-investment
causes.
under-consumption
are two
factors.
Others, even
difficult to deal with, are
important
more
unemployment
due
to
technical
prog res s, population changes,
great social changes, like changes
in
transportation, communication
etc.
We
deal
can
with
unem¬
ployment due to these causes only
by studying the facts of each in¬
dustry
and
anticipating
forces
making for the industrial changes
affecting employment.
Our de¬
pendence for assistance with
employment due
is
to
these
un¬
causes
planning for the maintenance
of scientific research
and effective
use
of
new
tries.
leads
The
the
information by indus¬
United
States
now
world in
tive industrial
progress.
*t
making effec¬
of
use
,
.
>,
technical
;
w
,
.
Steadily rising productivity has
always
characterized
industry. The genius of
management,
skill
and
workers,
has
of
and
to
a
margin
the
business.
period
workers'
consu¬
prices,
left for profit
was
American
their weekly
substantially in
Rising productiv¬
ity and improved industrial tech¬
niques have reduced the price of
pay
automobile
tires
by# 75%
between
two
since
The
automobile cost
wars,
cost
in
workers as well as others bene¬
fited because their increased pay
envelopes would buy more. Their
from
..
,
.
Normally, we may expect pro¬
ductivity to increase on the aver¬
by aboutto 3% each
age
of
those
above
the
decrease
"real" wages increased 49%
to 1940.
u
.
•
years ago.
Work¬
in tire factories today receive
ers
1914
prices was reflected by reduction
in
living costs generally, and
1923
30
fore
increasing
managements.
made
in
Thus,
productivity
benefited workers, consumers, and
year.
This has been the rate
throughout
war
$738.
mobile
for
51-hour
a
by
his
1938
$1,115.
much
a
The
given
our
country
leadership
over the entire world
in production
per manhour.
This
rising
productivity makes
our
high standards of living possible.
American
wages
workers
earn
the
high
they receive.
Labor Department
figures show
required
to
produce a
victory ship were cut in half^ An
amazing record was achieved by
the aircraft
industry.
From the
beginning of the program up to
February, 1944, time needed to
construct military aircraft was re¬
tries
90%.
as
a
In
munition indus¬
whole, manhour pro¬
duction increased 47%
months from
in the
January,
September,
1944.
Startling
car
who
received
week
in
1914
and
reduced
his
hours
to 33 per
week. Management in
great industries has re¬
these
ceived its full
share of profits.
This increasing
productivity has
1943,
21
to
,
industry will be retooling, re¬
placing worn out machinery, and
incorporating
new
production
methods.
These measures will so
increase productivity that
experts
believe the first three
post-wSr
years will bring a 30 % increase
in
production per manhour in
American factories.
We
cannot
ployment"
unless
we
hope for "full
in
the
United
em¬
States
plan to direct this dy¬
namic foi'ce of
increasing produc¬
tivity so that it will create higher
consuming power, higher living
standards, and increasing mar¬
kets for
industries.
our
Because
buying
power
market
that
so
a
may
We
are
handicaps
due to natural
We
era
resources.
shorten
the
of
some
workweek
these
new
to
create
jobs.
Every
year
we
will have
to increase
wages so that workers will have
enough income to purchase their
proportionate
ic
on
energy
—
revolution
a
economy.
ery
possible
We shall need
protection
share
of
the
in¬
dealing with
some of
ture problems.
It will
what Ernest Bevin calls
mean
an
market for American
in¬
expanding
business, an
opoortunity for new industries to
bring new products and services
American
than
all
Peoole
$4,000
with
a
States.
that
forms
our
It
is
workers,
the
great
home
mar¬
incomes of less
year
consuming
United
people.
remember
power
economic base of
ket.
have
in
power
It is
70%
more
,
of
the
profit¬
able for
a businessman to
sell one
suit of clothes to each of 47 mil¬
lion low income
people with in¬
comes
sell
our
under
three
$4,000
a
suits
to
tool
a
these fu¬
give
us
human
a
citizens. But just as cost account¬
ing must be supplemented and in¬
terpreted by production account¬
ing, so our national balance sheet
must
be
supplemented
by
the
kind of national
plans and poli¬
cies that would result from
con¬
sultation
and
cooperation
be¬
tween Congress, the
President and
his
administrative
the
representatives
officers
of
the
and
major
functional groups of
private enter¬
year,
each
employment"
involves
more than
information and
much
expen¬
There must be
equal con¬
for all that makes for
effi¬
cient business:
progressive man¬
cern
agement, effective application of
experience, inform¬
ing production accounting
coupled
with cost
accounting, continuous
application of results of scientific
engineering
research, sustained efforts to
the
whole
creative
work
co¬
ability
force,
of
constant
study of markets, knowledge of
the development of
competitive
materials
and
components,
to
so
as
anticipate and prepare for
technical change. These and
other
considerations
are
ments
field
in
the
management.
already
The
achieving high levels
ment
with
involves
ment of
sitates
high
ele¬
of
efficient
problem
of
of
national
employ¬
income
than the
develop¬
machinery; it neces¬
more
new
the
cooperation
of
*
for the utilization of
periences and information in
groups
than jder
3xk
turn
unions on
with
production,
• and
has
by establishing and
maintaining machinery for union-
much to gain
purpose.
rest
Cooperative
relations
only on a foundation of
bargaining, fostered by
of
to
access
the
ma¬
chinery for justice. Any effort
restrict
restrain
or
rights
and
functions
management
of
either
labor, would
or
to
established
our
en¬
objec-
fives.^^
Plans
,
for
"full
should build
employment"
on
ly, with the world's best paid and
most
productive labor force. The
basic principles are, as we
know,
planning and responsibility by in¬
enterprises, with compe¬
dividual
tition
in
domestic
and
foreign
markets, collective bargaining be¬
tween;'. managements
and
free
trade unions.
ceptance
There must be
of
mutual
rights
ac¬
with
Action
this bill would
on
the
con¬
initial
responsibility
Congress, to be supplemented
by other legislation needed to
provide a national economic en¬
of
vironment favorable to "full
ployment." »'it
em¬
_
There must be guarantees to
agriculture to enable the farmers
to
produce needed amounts of
food and to maintain rising levels
of
living in agricultural
commu¬
nities.
Congress
dite
should
disposition
goods
in
ways
act
to
expe¬
of war surplus
to promote "full
employment."
Congress should
guarantee
a
high level of scientific research
in the interests of national prog¬
ress
and security.
Congress should raise the min¬
imum
rate
in
th6
Fair
Labor
Standards Act.
Congress should institute a na¬
tional housing program, assuring
high and sustained levels of pub¬
lic
and
that
private
all
construction
citizens
so
be well
housed, with opportunities for
home ownership.
"
Congress should enact legisla¬
tion to provide for the stimula¬
may
tion of
"Full
ordinate
to
of
budget or a national balance sheet
indicating our success in provid¬
ing useful opportunity for all
the
Increasing workers*
will
the
ev¬
against
waste
tion would provide us with
for
produce.
to
that
will affect the whole structure of
our
creasing goods and services they
come
'
the verge of a new
in which we shall
apply atom¬
are
diture.
new
man¬
stitute
furnish
million
of
of
in
cooperation for mutual progress.
plans for investment and
one
^Management,
consult
of chemists to produce
substitute
materials to overcome
America's industries will have to
about
agement.
responsibility
already utilizing infor¬
mation given us by
experiments
prise.
jobs every year to provide "full
employment." We will have to
industry
planning must
but the function of
remain the
most powerful nation economical¬
of
increasing produc¬
tivity and increasing population
Budget
ers'
mass
were
war
to
President's
we know that our main
problem will be to raise consum¬
future,
unemployment and
will be adapted to
peacetime pro¬
duction and used in civilian in¬
dustries.
Immediately after the
management
economy.
included in
National
data
the practices, pro¬
cedures and methods which have
made the United States the
world's
techniques of human resources. The National
developed during Production
a n d
Employment
Many of these techniques Budget
proposed by this legisla¬
war.
effec¬
individuals df
—
danger realization of
benefited consumers, workers and
businessmen. As we look to the
high
living
production, employment,
labor
force, national income and its
dis¬
tribution, investments and its ex¬
penditures, will furnish the
basis
for planning
by private
confidence
weekly pay to $30.50
co»"
free
a
factual
collective
$15
of
most
on
can
had
new
production
the
American
the
the
a
management cooperation for
that
Be¬
better
Yet the average auto¬
worker
raised
1914.
give business
its opportunity to go forward and
workers may steadily raise their
living standards.
recent years.
buying
with
The
300%
vital
American
and unions in
tured goods 18%, so that
benefited by lower
mers
American
combined
effort
economy
apiece.
those 14 years.
for
standard
Electric refrigerators which came
icans
mean
problems
desire
to banish fear of
unemployment.
high
wage,
will come
from the
can
gr°Ups
driving force
tire
that
purchasing power to sustain
The
should
duced
,
their
responsibil¬
ity for leadership in this new endeavor and for getting incorpo¬
not
•constitute the main
driving power.
"Full
employment"
f
Budget which the
would
Planning and timely initiation integrated effort, and the
i'J
t
great
cerned'ibility f°r aU
shows
past
force of
1914, and in addition today's tire
gives 40 times the service of the
manhours
pressing
home the responsibility of pri¬
vate enterprise and in
disclosing
such
*
'■
get the facts and
the
of
\ .j.I
made it possible to reduce whole¬
sale prices of finished manufac¬
encouraging
matters as may directly or
indirectly affect the level of non¬
federal investment and
expendi-
HI
.
to
face their consequences by indi¬
vidual managements as well as
Other
.•
seeking
asked Congress to authorize.
Of
•'
and
ing and currency, monopoly and
competition, wages and working
conditions, foreign trade and in¬
social
jV'i
Y
to work
with reference to bank¬
■*,»?
1
able
one
this
\
year.
During the war, far
industries, so that exercise of the
greater increases in productivity
non-federal investment and ex¬ right to do business shall be ac¬ were achieved
when management
penditure as well as recommenda¬ companied by obligation to plan and workers threw all their en¬
for sustained employment for the
tions
for
legislative
plans
to
ergies into production improve¬
Technological progress need not
Overcome the prospective deficit. work force at levels of pay enabl¬ ment
to reach Army and
Navy contribute to depressions and un¬
Such a program may include but ing workers to have rising stand¬
schedules.
For instance, in the employment if necessary
adjust¬
tieed not be limited to "current ards of living.
For this purpose
brief period of 11
months, from ments are made to bring our econ¬
'0 and projected Federal policies and we need the basic, economic sta¬
February
to
omy
to
balance
at
December, 1944, the
higher levels.
tistics which we have repeatedly
activities
recommendations
IS.
i
cooperate to the end that
were
•
■U
3f$
1
to
willingness
a
President is
■
fb
,V-T
National
not
em¬
work shall be denied opportunity
to earn a living. There must be
deficit in the expendi¬
ture and investment program, the
hi
■
the
case
"full
of responsibility on the part
private industry and willing¬
ness
"volume of prospective investment
and expenditure.
ihdicates
■'#
measures are
provide
sense
of
tain
'.IS
to
unem¬
-
ployment" under the definition
proposed. There is needed a new
eral, state and local governments
necessary to produce the "gross na¬
tional product necessary to main¬
fP
involuntarily
reduced by
The reduction in labor costs
34%.
We
provide incomes for
ployed. But these
vestment and expenditure by pri¬
vate enterprise,
consumers,
fed¬
M
to
hourly earnings 22% during
period.
At the same time
this
progress
This Budget shall set forth—
the
provided
increase
to raise the workers' av¬
unit labor costs
unemployment and considerable
has been made in sta¬
bilizing some industries. We have
accepted the principle of social
National Produc¬
a
.
the 17 peace¬
glancer at
what
Department's fig¬
over
$4,000 a
productivity
con¬
erage
have long discussed the economic
and
social
evils
resulting from
ment.
'
income
quently entails the; ;bblig^tioii to
respect the rights of others.
show that
tonishing
Over the years experience has
pointed out that the right to carry
on
business is effective only in
an
orderly society and conse¬
ing work, to useful, remunerative,
Regular and full-time employ¬
and
were
received better quality at
time years, from 1923 to 1940,
production per manhour in Amer¬
ican factories rose 83%.
This as¬
employment most advantageous to
and to promote their inter¬
ests
action.
through
collective
competitive
reduced
prices
sumers
ures
free to seek suitable
are
them
t
il
.ijii
to
,
m
11
borne
mave
employment:
•;
1—To foster
V'lT
■
appeal
A
possible to raise workers'
while at the same time
people with incomes
than
more
per
lower cost. The
(Continued from first page)
powerful
million
steady increase in pro¬
manhour, together
collective
bargaining
has
with
On "Full Employment" Bill
(By
■.w
the
duction
made it
1
•tVr
;*'4
how
Labof Leaders Comment
&
r
"
Thursday, September 6.1945
M'
,j4
&
to
reach
and
objective—with
an
maintain
all
planning and construction
community facilities such as
hospitals,, health centers, schools,
roads,
airports
and
other
im¬
of
provements.
Congress should promptly enact
emergency unemployment com¬
pensation legislation requested by
the President as necessary to pro¬
tect
workers
and
maintain
na¬
tional buying power.
Congress
United
ice at
should
the
maintain
States Employment Serv¬
the Federal level to pro¬
vide for efficient service to work¬
and industries for the main¬
tenance of "full employment."
ers
Congress should enact legisla¬
providing Federal aid for all
tion
schools
to
equalize
educational
opportunities and services for citi¬
zens in all localities and to make
such
aid
appropriations
for all
by
it.
effective
children needing
Congress should provide a pro¬
for the development, con¬
use of our national
gram
servation and
resources.
ex¬
or-
Congress
maintain
that
over-all moral
should
fiscal
develop
and
policies
conducive to "full employment.'
In our efforts to establish and
and
tax
Number 4418
162
Volume
THE COMMERCIAL &
FINANCIAL CHRONICLE
The
Labor Leaders Comment
On "Full
Mr,
ator?
(Continued from first page)
matic machine.
'
The atom is being broken down,
ber of workmen in the
years pre¬
ceding World War Number Two.
I emphasize this fact
in order
to
show you that
if
you
our
at
So
operating
are
we
constant
now
with
improvement in all
devices, utilizing power, and
and
a
our
full
In consequence, we are
making
pair of human hands in in¬
ment
the
on
Less
average.
men
less per man employed in the in¬
dustry, at a cost of less than onethird, f.o.b., per ton, sand with a
structure that is three times
high as the British wage struc¬
wage
as
ture on the
day
weekly basis.
or
There is the record
industry in
of American
industry that
one
is
reflects
itself
and
economy
in
of
commercial
lishment. So, as a result, quanti¬
tatively in the years to come, less
men are
going to be able to pro¬
duce
exceed
by
maintain
this
to
"full
country,
of the
same
one-third
employment"
we
relations
the
than
more
in
must be aware
of our problems
problems
in
other
countries, knowing that the prin¬
ciples of progress at home apply
universally. We can have secur¬
ity at home by
helping other
countries to have
security and
progress.
To sum
behalf
Federation of
up,
of
on
favorable action
the
Labor
S. 380,
with the
following amendments:
Page 6, line 13—end the sen¬
tence with the
words
Jaws/', deleting
thorizing
Page
on
"applicable
clause au¬
the
exemptions.
8,
line
9
—
substitute
authorizing
committee
We
the
to
utilize
uncompensated
concur
in
amendments
oenator Morse
self,
on
volunteer
services.
the
-
the
submitted
by
behalf of him¬
Senators Tobey, Aiken and
ganger,
to
tam
establish
living
and
standards
jnaiii-
for
those
engaged in agriculture.
We
propose, however, the fol¬
lowing
definition
ployment":
of
"full
em¬
(1)
in
which
able
to
pers°ns
the
number
of
work, lacking
seeking work, shall be
JuXlrnately equivalent to the
work and
mber of
opportunities for
wnXVe.employment
not less than
Drl;Q^rge standards
ina
pro-
at suitable
the prevail-
and
under
prevailing working conditions
for
minimW
the
and not below
law* And1
dards squired
by
frin^im^1 ,which
stitiftiwl
futing
there is no in°n basic rights con¬
economic freedom."
;v
The
the
time
have
con¬
sideration of the committee.
It is
are
right down at the
bottom of page 2, below line
24, a
new
section, number (d) (1), as
follows:
"In
to reduce the
to
maintain
sonable minimum standard of liv¬
ing
for health, effici¬
ency, and general well-being of
the workers, it is the responsi¬
bility of the Federal Government
necessary
to
adopt from time to time pol¬
looking to the
adjustment and shortening of the
hours of labor, thus stimulating
and stabilizing the national econ¬
omy and the even flow of workers
into industry."
Senator Taylor.
I ask
may
Mr. Chairman,
question?
a
In
have
we
than
duction.
assume
6
It
to
is
that the
the
wages that
are
now
pre¬
scribed in the Fair Labor Stand¬
Act of 1938.
Certainly I
don't
think
that
the
We have
It
is
our
we
enterprise
We cannot fix wages
Senator
a
a
in
by
domestic
curse.
Senator
and
it is
and free enterprise
republican form of Gov¬
ernment for the rest of the popu¬
May
point out with respect
I
to this amendment that
in the
the words
amendment, "a reasonable
minimum
standard
of v.
living
health, efficiency,
well-being of the
workers," is lifted verbatim from
necessary
and
the
for
general
Fair
1938.
I
Labor Standards
merely
call
that
Act
to
Attention of the committee.
of
the
should
I
be
in lieu thereof that
wages
fixed through collective
bargain¬
you
going to deal with
are
there.
I
think
you
are
treading on dangerous ground by
putting that in, because it will be
used
by the Government con¬
tractors in the remote
country
their
as
areas
defense
attempt to increase
any
raise the standard of
of the
against
wages or
living
or
to
increase the buying and consum¬
ing power of the population of
that
area.
I
have
1934,
this
and
National
in
mind.
1935,
In
from
does
An
when
Labor
the
Board
first
func¬
was
an
the
inventor's
work
destroys
men
our
of
100
the
becomes
economy
that
mind
men
buying
a
and
in
ator.
our
its
wisdom
and
com¬
dis¬
ard of
maintain the Stand¬
living in the Souths which
is unwholesome and vicious and
should be abolished. It should hot
done
by the Congress
by
or
the people of the
country.
-America has to look forward to
a
constantly
increasing standard
living, with greater leisure for
of
its
people,
greater
opportunities
for recreation and greater
oppor¬
for education. Otherwise
tunities
cannot
we
keep our economy run¬
Our productive
machine
ning.
will overwhelm
nomic
and
in every eCCK
us
social
were
I
recall
that, Sen¬
in Louisi¬
We found wages
the lumber industry
those
remote
cents
and
swamps,
hour.
an
ilar wages in
as
We
in
mosquitolow as 10
found
sim¬
Mississippi, in Ala¬
bama, and in Florida—10 cents an
hour; 15 cents an hour was al¬
most
excessive
an
of. those
the
lumber
of
in
wage
We
some
found
that
manufacturers
and
areas.
producers
west
and
the
Pacific
North¬
other
in
areas
this
country were compelled to
com¬
pete in the national lumber
mar¬
kets
with
the
10-cents-an-hour
wage levels of Louisiana.
time
same
they
a
that
plants
in
the
standpoint.
wage
to
Pacific
constituted
competition
here will be unwholesome and of
bad effect.
,
I. don't
know
that
there
are
other details I should discuss
any
here.
Anticipating
a
possible
question, because I understand it
has
been
matter
a
in the committee
of
discussion
hefe, the matter
expressed in section 2, paragraph
(b), on page 2, "it is the policy
of the United States to assure the
existence
at
all
times
of
suffi¬
cient
employment opportunities".
Well, that word "assure" is not
binding
because
it is dependent
Congress will do when
what
on
Congress gets the report from the
President
in
the
manner
pre¬
scribed, making suggestions
what
should
bind
can
be
No
done.
future
a
as to
one
Congress, and
the American people are
going tor
express themselves in the future
through their
tives
elected representa¬
in the past, and you can¬
not bind the American
people. I
as
personally
satisfied
would
if
that
"promote".
was
satisfied
as
with
be
I
"assure"
would
with
"assure"
perfectly
word
be
just
"promote"
because
as
think
I
neither
of them is
binding upon
Congress or upon the people.
They are simply a declaration of
policy. The desire to execute the
policy depends on the circum¬
the
stances
that
and
is
of
the
no
time.
So
to
me
importance
more
than the difference between "the"
and
"thuh".
Plans for Roosevelt
Dime and Bond
The
Treasury
Department has
plans for two tributes
announced
of
memory
Roosevelt:
first,
bear
to
his
issue
likeness
present Liberty-head dime, in
istence
29
to
years,
D.
Franklin
new
a
be
of
(the
ex¬
discon¬
tinued); second, his picture to be
on
war
loan
bonds
drive.
suitable
in
the
Also
on
utterance
of
next
the
war
bond
his,
to
a
be
selected by Washington
newsmen,
will be quoted.
Henry Morgenthau Jr., Secre¬
tary of, the Treasury, said at a
conference
news
will be minted
and should be
as
the
new
soon as
dimes
possible
ready for distribu¬
tion around the end of this year.
Only
three
other
Presidents
honored by the United States
Mint.
Lincoln is on the penny,
Jefferson
on
the
nickel
and
are
Washington
and
times
At the
being
were
quired to pay
six
consequence, the
dimes
Lewis.
sense.
not undertake to do
to. the
you
in
ana
It
Now, 1 do trust that the
And
curse
form of Government.
mittee
Chairman.
member
infested
of a blessing.
We must
that down through the popu¬
lation. :
If we progressively and
mathematically destroy the op¬
portunity ' for
employment
in
America, then in inverse ratio we
must give participation in the re¬
maining amount of work to all the
population. I don't think there is
any other answer if we want to
preserve
The
a
Mr.
invention
exploitation of the Negro
It will
race.
1933,
tioning,
of
which
the
distin¬
guished chairman of this commit¬
tee was Chairman—
'
pass
'
either
a
instead
a
'
and
v
We want those to be
Lewis.
of 98
7*'
■
Tobey. That is right,
job to devise ways
and
.
C
employes only two to run the
machine, that merely furnishes a
royalty to the inventor and a
margin of profit to the manufac¬
opportunity
sufficient floor.
a
this
stricken
our
power
' V
v
/,
turer.
1"1
achievements
blessing, Senator, instead of
ernment if
lation.
organize
Tobey. And we want
a
blessing instead of
der standards fixed by the Gov¬
and
to
us
and
to preserve free
Wage-
curse.
Mr.
arbitration, and we cannot have
the individual forced to mork un¬
we are
in
markets.
and means to do that.
Congress
cannot have compulsory
we
buyers
constantly reducing the
unit cost of production
through
the application of
improvements
comes
law,
the
are
that
America.
for
other .place to look.
no
in¬
out—either that "locally
prevailing
wages"
should
be
stricken out, or it should be in¬
economy on that basis because
to
free
and
possible for
should undertake to fix the wages
of American workers if we want
maintain
income
consumers
Mr. Lewis.
ards
finding her
an
Nation's
maximurri
in
working population of this coun¬
try that will permit them to be¬
by labor and industry?
mum
Hours act is
wages
come
a
think
markets, creating her own con¬
suming power, and providing for
and
opportunity
prevailing
locally
wages in many qf the rural sec¬
tions of the South.
I think that
the wage mimimum in the
ing, if
wage
the
will operate to maintain and con¬
tinue
indefinitely
substandard
own
a
I think
serted
the necessity of
those to be
mini¬
years
"Lo¬
reasons.
to
again.
also to legislate regarding wages?
Should we leave that to be set¬
than
coming
obvious
in the bill
minimum, but I think
it is unfair to
industry, to in¬
vestors, and to capital. I think it
pro¬
quantity
that
scientific
Other
our
reasonable
very
because
sell
So America is
again faced with
facilities.
Lewis.
8%. of
not
language should be
wages become
stead of a
find
to
that
for
it is not only unfair to the work¬
ers in
limiting their
past history
able to
I don't think
cally prevailing wages."
that
the immediate future will
permit
us
to sell any greater
and
tled
our
not he will
or
ployment is defined.
The
faced with
been
never
new
Surely.
is
all
Senator Taylor. You don't think
it is necessary for the Congress
Chairman.
in¬
through, work
foreign markets in which
more
rea¬
a
not
working hours.
Nation
to whether
as
for the type of
job available shall
be the standard
by which full em-
quantity of goods
certainly it will be necessary
and
than
order
54-hour
are
not absorb that
problem.
(c),
the
that
Certainly
10 (a) of the
act, it sets forth that
opportunity to engage in pro¬
ductive work at
locally prevail¬
ing wages and working conditions
will find that the market will
we
entire
section
a
filling up of our shelves and
warehouses with consumer
goods,
problems and to take such action
as might be deemed wise in
the
:
hours
during
least the power to consider these
We suggest to amend S. 380 in
section 2 by adding after sub¬
35
employment
With, the coming of
peace again,
the restoration of
normal, and the
brief, and we think broad
enough to give to the Congress at
circumstances.
working
Those
cient to carry them
a 54-hour week.
a
suggested amendment for the
work
the course of the
employment or those
whose physical stamina is suffi¬
human
prepared
are
But the miners
average
on.
nomic
So, iftV
Congress should
anything that
will put a burden upon the backs
views are accepted. I think that
of men who want to organize and
is a human trait that
probably bargain collectively in
harmony
prevails in the minds of a lot of
with
the public policy
of the
people as well as those who rep¬
United
States.
Certainly labor
resent labor organizations.
has a right to bargain in the open
In the amendment
presented on market for the only thing it has
the legislative
day of July 9, a got to sell, that is, the labor of
copy of which I have here, on
its hands and the time of its be¬
page 4 in the 12th line, section
ing. So I think this amendment
week's
-
Workers
to
The
I
i consult labor. We do like to be
consulted, whether or not our
now
35-hour-week
a
that
him
behind
couldn't hear
Certainly it should
optional. Certainly labor
so
now
was
jured
shall produce in a glutted
Mine
had
sitting
it should
not be at the whim of whoever
may be President 10 years from
a
we
and
be
and
25, 26, or 27 hours a
Now, under the stress of
Nation's
requirement, pro¬
duction has increased and
hours
have been lengthened and
the
Government
was
glad to know
un¬
wholesome and their vicious eco¬
be
am
interests, industry and labor
hours.
the
lightly done unless
Congress did have the power
to say how long the wheels should
long
the
week.
could not be
how
workers
anti-labor, to continue their
;
I
is entitled to have that consulta¬
tion with these
representatives of
other
em¬
^
got
week.
the
and
greater
lessening
wage agreement.
and
employers in the
South, notoriously anti-union and
and
well.
not
other way for the
pop¬
the country to have
mine
the War
week.
operate
of
of
never
I
screen
con¬
54-hour week in the
the country to
supply
country with coal. Prior to
men
the
Mr. Lewis.
read,
'
responsibility that Senate bill 380
-
Section 10 (a) the term
"full
employment" means a condition
of
providing jobs and assuming the
Mr.
of
ulation
mines
number of productive hours under
which American industry will
op¬
erate.
Certainly the question of
,
purpose
no
working
or
for
nothing
of
There is
increase
adjustment of
t h e
employment ■ opportunity
question in the future, to have
equal "power to deal with the
assumes
of
ress.
is
consideration
then
labor,
sug¬
in
the
fruits
of
genius and the benefits of
prog¬
vitally necessary for the Con¬
gress and the Government, in any
The
shall" for
"may."
Page 10, line 16—We question
the
wisdom of
snd
constant
icies and programs
American
I ask
the
re¬
participation
In consequence
will be faced with a reaction.
So inevitably I suggest that it
agriculture,
State and local governments.
The Chairman. Mr. Green
very
question
very
more goods, and it is a con¬
servative estimate now to believe
that in the first two
years follow¬
ing the war that the productivity
of the American
plant and equip¬
ment and American workman will
become
So, in consequence, the United
entire
estab¬
will
dustry,
it.
know
tractors
offered
"hours",
importance
in
considering"
ployment opportunity than
productivity.
market.
our
so
ware¬
been
gested that, too.
I
they buy will not keep
with
pace
That efficiency and that prog¬
ress
shelves
be
the
that
5, after the word "wages" in the
15th line, by
adding the one word
will
lumber industry in
passing as an
outstanding example.
This amendment, if it
goes into
this bill, will be utilized
by con¬
by some of the
The
President
shall
consult with representatives of in¬
ditions."
and
hands
vital and basic industry.
a
will
has
•
'it
considera¬
Senators.
That is right.
"Wages, hours, and working
machines,
we
com¬
produce more coal. We are pro¬
ducing now six tons per day per
man employed in and around the
industry, as against the British
production of one ton per day or
formulas
new
inevitably
and
ucts that
dustry more efficient.
Take the
mining industry with which I am
associated.
Its efficiency during
as
up
full
that very important sub¬
On page 8, section 4
(c), I
think—section 4 (c) on page 8, we
"may"
should
be
to "shall".
I see it is
suggested in an amendment that
talk¬
were
page
the', market
will
be
glutted, because the buying power
on the
part of the population and
their ability to consume the
prod¬
work.
pared with World War Number
One is probably a 40% improve¬
sitting
new
manpower
that
houses
You
on
page 2 it will probably be
quired to amend section 3 on
productivity of that plant
that
great
men
buttons and pull levers and
perform various tasks, so that the
power
and machinery. do
the
World War Number Two
plans and
new
that the
press
each
night to devise
and
in the minds of the men of genius.
of genius still
men
give
to
ject.
think
Now, following that amendment
once
1153
will
changed
wages. It does provide
increase in the
minimum,
an
is that right?
Mr. Lewis.
mighty productive machine, with
the devices that originate
but by
same num¬
achieve full employment with
this
work of extracting that
the great
Sen¬
me,
/
ing about
for
the productivity of the
power from Nature's storehouse
not performed by human hands
Pardon
cretion
tion
>
Lewis.
The Chairman.
and the automatic and semi-auto¬
by human hands, but by the
devices of Man and his mechani¬
cal and scientific enterprise, and
amend¬
increasing the minimum, is that
correct?
Employment" Bill
not
.This
ment does fix
wages to the extent
of
(By JOHN li. LEWIS)
.
Chairman.
four, five,
work
their
Northwest.
unfair
from
re¬
any
economic
national
I merely mention the
on the quarter.
authority from Congress is
required to mint the Roosevelt,
No
dimes.
ury
coin
The
law
says
the Treas¬
change the design of a
every 25 years.
Mr. Mor¬
can
genthau said the dimes probably
be produced at the Phila¬
will
delphia Mint.
•
.Thursday, September 6,1945
'Ml
n\
[THE COMMERCIAL' &
1KA
FINANCIAL CHRONICLE
7'U.i
■•m
tWyl
have
n*-:
'■
•
Autonomics and Economics
the eco¬
rates in¬
volved; that is, valuation involves
assembling, not merely economic
costs in toto, but also the total
itive relation between
nomic and autonomic
i!»{i
'
tj||
'M
i
■.
y
14
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"Wi1
Ill
.■
other
iJi
i
:
;
.
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■
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'h'-
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m:
•
I
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■MP
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t\\'L '
t'.f!
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be Jheld
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'111
•
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"l;fe
w;--
)
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m
1.
it.loi"!
&'l
■
I'PP:
1:1
m
ul'
'
its
mean
as
property can properly
Function of Saving
•
ft
(in
impose ; the owner's autonomy as
a cost in the price of the product
in trade, so that *what might be
called the equation of capitalistic
equilibrium is satisfied.
m ''
;■
constant
a
portionately more, and if it can
'illi
the
ically solvent, that is,•when it
just matches the "alternative op¬
portunity1* of the autonomic, re¬
turn-cost ratio. Capital which ex¬
ceeds that ratio is "worth" pro¬
"PH
'
to
value), we make total cost equal
capitalized
net
income
(total
value) when the account is in
economic equilibrium or econom¬
■
'i
.
m
l-tof.
%
"In my
New
opinion the claim of the
is
there
that
Dealers
too
In
saving
today
1
or
■Hi
*Mh"
j
■
:
of accumulation
as
Senator Taft
fusion in economic theory to speak
iMv
JsVtvT..
;iif
ai
think of saving (cost),
Ii
whether
by individual thrift, or by "forcqd"
saving in banking (as described
in
an
anti-Keynesian vein by
Father Dempsey), or by "exces¬
sive" saving by "monopolies" (as
described in the Keynesian man¬
ner1 by Mr. Boothby, Commercial
& Financial Chronicle, June 7,
1945)y as the origin of capital
values.
;|p
"demanded.")
It
is
a
preneur
non
sequitur
to
more
or
ad
If *k'
h
I (,
4i
'il:
|r
'
"III''
41 i-iLv
n
r:i
p--\
fi
U
b
ir.
1
asserting that the late, unlamented
depression was due to "excessive
value.
,
'*<■!
'
'
•,
-■
exchanged'defined by RicHrdo
But it does not
follow
determinate
theory 0f
a
value
be
can
terms."
*
cast
purely in such
/.
Cassel
this
be
can
so
and Marx.
that
was
far
so
tail-chasing
illusion in value
absurd
the
S
which
ductive
seduced bv
(tautological)
theory
as
to make
statement that
processes
"pro¬
in
resulting
material goods" have
"nothing to
do with social economy, which is
concerned with satisfactions of the
wants pf its members, whatever
be. . . ." If one adds
subtracts from the material
they
to
may
or
goods of a "social economy", just
why would the wants of its mem¬
bers be any
less involved than
.
individual
the
in
economy of a
Robinson Crusoe? Was the Garden
of Eden valueless to Adam and
before her (?) sin created
scarcity? Are the bounties of na¬
ture most-valuable to those who
have the least supply of them, and
Eve
vice versa?
without
Is progress a paradox
poverty?
logical faux
Cassel's
but in view of obsolescence
precipitated and offset by war¬
time innovations, this may prove
less of a capital loss than might
at first appear.) As to money in¬
comes, bad we sacrificed ("saved")
the whole national, prewar money
income (which has been far from
the case), it still could not have
sufficed to pay for the war budget
et.
Indeed monetary
savings
have not been as greatly involved
as Treasury statistics have
made
its
as
to reduce; the
the
widespread
notion
prevails that in the most terrible
and destructive war of history we
in lusions,
in
attempting to
pas
measure
came
value,
by an additive "unit of measure¬
ment", defined as if be were se¬
lecting
standard
a
by assuming
economic
all
that
values
are
homogeneous in character so that
an average can be struck, called
an "index," and used as a "unii"
or
standard/ Imagine physicists
confounded, protests against being
tied down to defining "wealth" at
all! From a more palpably Marx¬
lengths
employing
measured
unit!
professor (Maurice' Dobb of
Cambridge in "Political Economy
and Capitalism") we have a pene¬
trating analysis of the develop¬
ment
of the
"marginal utility"
concept
which
underlies
the
"econometric"
definitions
given
ian
'
by
-
What
weights
or
average
an
as
a
I'
,
needs
emphasized
be
to
i% that the implication of the anal¬
ysis of value offered by pres¬
ently dominant economic theory
is that value is
measured and de¬
termined by cost—by expenditure,
disutility, sacrifice, or other "price
above:
"Utility as something individual paid" in exchange for goods and
production" and
services.
This is variously de¬
predicting that without world¬ and subjective was the quantity
which
value was anchored. tailed as "purely relative," etc.;
wide "planning"—for scarcity! — to
"excessive industrial production" Value was expressed as a func¬ but it all boils down to the fatuity
will cause another depression.]
tion, not of utility treated as an of trying to harmonize a subjec¬
.
aggregate, but of the increment tive theory of value with the ob¬
of utility at the margin of con¬ jective facts of existence. Because
"The Theory of Econometrics"
a subjective rela¬ this objective background is not
the truth which, as it seems, sumption;
obvious
to
business,
tion
between
commodities
and directly
Senator Taft fumbled, was almost
limitations y (such, as
individual states of consciousness wherein
clarified not long ago by Rein-
cult to overcome what Dr. Joseph
Dr.. Benjamin Anderson in The
(in • "Managing the
Chronicle (Jan. 25, 1945, p.-404- E.f TGoodbar
People's Money," p. 10) has called
405), which needs no repetition
the "great difficulty" which "the
here, A recent paper exhibiting
average man has in understanding
the historical durability of this
how it is possible for banks to
dire confusion as developed by
accumulate
deposits
so
vastly
the theory that interest is con¬
greater than fhe current amount
tingent on saving and lending of coin and
currency in circula¬
(not on intelligence in invest¬
tion." There is thus little public
ment!) is the leading article in
understanding of the truth about
the current (June, 1945) Ameri¬
the most elemental facts of fi¬
can
Economic Review, on "Lau¬
nance which must be
dealt with
derdale's Oversaving Theory" by
politically and cannot without dis¬
Prof.
Frank
A.
Fetter, veteran
aster be left to automatic adjust¬
sponsor of the "time-preference"
ments.
;v'
;V '
theory, a concept which also ig¬
Fostered by these financial il¬
nores the speculative problems of
of
was
'th£
as
for
material
raw
by / saving money
income
spending it, that this parallels the
resentation that
the extent
of
process by which the real values
war materiel has been dependent
of the community arise and ac¬
on
belt-tightening
(saving)—an
crues; Money
"values" (p r i p e
appeal which ;is a tacit admission
totals) may and certainly do ac¬
that war bonds lack a ; sensible
cumulate, in the inflationary sense
of increasing with cash balances. appeal for most investors (out¬
side of banks) despite the rela¬
But it is precisely here that the
characteristic Keynesian confusion tively lugh; (though actually low)
rate of interest assigned. This es¬
as
to
"savings and investment"
sentially false pretense as to war
has arisen; witness the capable
finance makes it definitely diffi¬
correction of these fallacies
capitalization and innovation
"'formation and
obsolescence
carries this analysis to
July 11)
the extreme of its absurdities by
nance ;
appear.
In order to sell
bonds by patriotic appeal, so
formation
capital by savings! [Cf. "The
Challenge of Peacetime Abun¬
dance," by 0. Max Gardner, N. Y.
"Times" Magazine, July 8, 1945;
The
Financial
News
(London,
less for lack of mainte¬
it
All this and heaven
in the name of the
of
by
m
and it
_
libitum!
too
.
f/V'i
re
t
swelling of Treas¬
ury cash balances to bolster bank
"reserves," the Treasury has de¬
and
liberately developed the misrep¬
suppose
because the individual
can and does accumulate property
commodities
given thing)
import some "Keynes's
we
is
has implied in the above quota¬
tion. Here we shall show that it
is the source .of our greatest con¬
111
are
does market procedure
to set anything aside or re¬
based on ever in the sense of sacrificed or
completely unsound calculations. reduced consumption. Russia has
They include in the savings the benefited greatly by modern me¬
setting
aside
of
depreciation, chanics, though not as greatly
whjch is not saving. They under¬ as she might have benefited from
estimate the tremendous wear and their capitalistic development. She
tear in existing plant. They fail has not benefited by "tightening
to 'see that New Deal policy has her belt"; the Czars had that belt
checked the sound investment of too tight already.
(Cf. comment
saving so necessary to progress on Paul Baran in Remarks of Hon.
and prosperity." [From "Inflation Fred L. Crawford, Congr. Record,
and .How to Prevent It," an ad¬ Feb, 28, 1945; reprinted in Com¬
dress before
the Pennsylvania mercial & Financial Chronicle,
Savings and Loan League, Harris- March 29, 1945.)
burg, Sept. 26, 1941, by Senator
By the same token, we have not
Robert Taft.]
"tightened our belts" materially
;
If our analysis of the "auto¬
in order to form "capital" equip¬
nomics of investment" be correct,
ment for war; creation of physical
it follows that the truth in ac¬
equipment on a vast scale has
counting for value (as distinct
been accompanied by a general
from price) is not that it is the
increase in civilian welfare. (Our
result of antecedent cost. Capital
capital
structure
has
suffered
value is not the result of
much
ess
ii
they
no way
exchange-value
otner
entre¬ Since, admittedly, figures cannot
who needs very little be applied to "psychic" income
serve
which affords "ophelimity," there¬
profit incentive to keep him' at
strict
consumption if the true work"?) In attaining "full", pro¬ fore nothing having utility can be
pattern of capitalism in monetary duction, however, not only are evaluated in figures; and prices
trading has been followed. On the we ourselves to "consume accord-. are meaningless if these defini¬
contrary, as the use of capital ing to need"—or even greatly in tion are meaningful!
;
equipment is enhanced in effi¬ excess of that standard!—but we
This logical dilemma is identical
ciency, so that greater capital must, with the aid of BrettOn with that of Alfred Marshall and
values are developed, the rate; of
Wpods and other deficit financing many of his disciples, such as J,
consumption is continuously in¬ of "reciprocal" trade; lift Up all M. Clark.
Small wonder- that
creased; and the extent of in¬ men and vouchsafe to everyone, one outstanding "authority" on
crease
is the very occasion for
everywhere, all over the world, these psychic problems in valua-r
the development of capital value
not only freedom from want but ti on, Prof. Lionel Robbins of the
without saving anything what¬ four and
forty other freedoms, London School of confusion worse
because
p proc¬
;
define
duction and can be appropriated
post-war employment and pros¬
and exchanged." The word "capi¬
perity, is to keep the war mills
Let
us
say
simply that; that and factories operating by con¬ tal," he adds, "has been intro¬
which
has
not
already
been version to civilian production- duced into economics to designate
that part of wealth which has
"formed"
obviously cannot
be
profitless production, withal, for
been reserved to increase wealth."
saved. A competent money sys¬
they clearly cannot all be operated
Income, he explains, is "a result
tem, indeed, serves specifically to
profitably since they are not as
prevent saving anything valuable, of today of much capital value, of the expenditure of disutility or
that is, to prevent keeping it out and
^
only the most modern "of them the employment of capital." of use.
One must produce and can be converted to such value
But What is the "utility" upon ,
which these definitions rest?' It
surrender something for someone
because
of the obvious over¬
is "ophelimity" or a "satisfaction
else's use, in exchange for that
capacity. Nevertheless, our capa¬
which has no use (money), be¬
obviously psychic in character;
city for producing for civilian
and as_ yet there exists no ob¬
fore one can profit by acquiring
consumption has been put down
what one hbpes to use himself,
in the Utopian terms of the cost jective measure for itv"Yetsome¬
(What is bought and sold with of the war in dollars. On this basis how, not explained,the text goes
money is therefore not equated in we are told that OPA. can, and on to say that "goods," which as
value, that is, the relation be¬ eagerly will remove its controls wealth are "consumable Utilities",
tween
therefore
"ophelimic," are
prices and values in ex¬ when reconversion to full civilian and
change
is
purely
speculative. production has been attained. (In "measured in terms of a money
Economic goods, transferred with
unit"
when they are "income."
cases of profit-absorption by loss
money on this caveat or specula¬
accounts, how will these absorb¬ Measured, but not "objectively"
tive basis, are "demanded"
be¬ ers, left to shift for]f themselves measured? What kind of figures
cause they are presumably already
when profitable lines are released, are not an "objective measure"?
valuable, not presumably valuable bver get into production? Might None that have any meaning]
t
"autonomy"
(in excess of cost), and balancing
the two. In economic equilibrium
cost, assembled into a total cost
by the "life expectancy" of equip¬
ment,, must equal net income,
assembled into a total value by
the period of human immaturity
(20 years, more or less); which
is to say, that by introducing two
time factors (durability and im¬
maturity), one a variable and the
contribution
III
.
which
(Continued from first page)
SI'J
consistent with the
escape
"consumable utilities quirements of. a theory of valued
"It may be
perfectly proper to
require labor, for their pro¬
of all
/
M
If
it
sists
an
Wealth, however,, coiir
science."
saving; formed immense
by
capital values. All we haye now
to do, accordingly, to provide full
.
hardt and Davies when they ob¬
(Principles and
Sociology, p. 538)
that: "Taken as a whole, capital is
in
served
Methods
1932
of
not
normally the result of saving,
but is the product of the social
income arising primarily from the
earliest
unearned
of
increment
For by what kind of leger¬
demain
in
accumulating some¬
land."
thing produced and "saved", can
capital value *in natural resources
be formed? Not the bare physical
content, but the form and context
of its existence in
a
human social
was
taken
stant
in
.
.
as
the determining con¬
the
equational system."
"overhead"
Also the idea "owed its invention
emphasis • on
increments
of a
quantity and rates of increment."
While an economic theory must
be quantitative in
form "there
has
been
some
dispute as to
whether utility, so defined, can
properly be treated as a quantity
Of
:
the
"econometric"
explana¬
tion that "those skilled in mathe¬
the elusive matical analysis know that its ob¬
the physical ject is not simply to calculate
content of nature. Our wits, not numbers but that it is also em-4
our work or our wishes, contrib¬
ployed to find the relations be¬
ute value; and not always our in¬ tween magnitudes which cannot
dividual intelligence, but our luck be expressed incumbers," Dobb
in
acquiring title to resources would point out that "an eco-4
which become valuable:' through homic. law is not merely: a coh-«
techniques developed : by other ditional sentence; stating that if
peoples' wits, may be ■ involved* n situation be defined in this or
There can be no doubt that this that: way f it will necessarily have
is the nature of land 'rent; the that attribute. Such is mere tau¬
"unearned increment," -that gives tology."
It has. been, indeedr^a
land a capital value that cannot growing fasWoh t6^ay,';with Cas-»
be explained as the result of "in¬ sel">--~the Swedish veconomist; re-i
vesting" anything "saved."-;;' 0 cently deceased—"that a theory
The
implication
of. Senator ;pfN value, is unn^ssary-and that
confer
environment
quality of value
upon
,
.
Taft's; remark Itha$jctei^
reserves, are not savipigs;; because
aU-the;^
all they accomplish is the preser¬
an
be
of
by
price and wage levels, we have
developed a purely empirical cost
theory of value, more or less
camouflaged by an eristic term¬
inology regarding, the "formation
of capital" by "savings and in¬
vestment," all of which implies
that prices and values are one and
the same thing—that pricing is
a
cumulative, not a speculative,
phenomenon in which only (and
often, any—as in pleas for relief
in part to the use of conceptions
of the differential calculus with its
at all."
"meeting a pay¬
and
roll") are commonly a matter
monetary
costs
determined
enunciated simply in terms of
empirical theory of price." (Cf.
OPA
from
costs- are
antecedent
ceilings)
justifiable.
••
;
typically communistic
doctrine, money is a ticketing sys¬
tem^ (rather than a medium of
exchange) which represents, like
each share of stock in a corpO'
lb
this
ration,
title
and
paid
a share in* the
have been bough*
to
values:; which
for
■
s
expenditure,
by
'Adages - paid
initially
labor-hours
terms bedome
is not
out for
env*
which become
bodied" in values or
prices,'wnjett
synonylftous.1 value
^cCptinted>f6t;imf^ur^^*"
as a matter of cost; there
cept
simply is no'
recognized or redr
0gnjzabidv;>system^ .$>4
^a^ainst - 0^^
eouritirigv;; to ^ offset
.:8£cpim$ihg^
Hearings, <.House thattcanvbe -retiUced; t figures W
Banking and Cur4, any; procedure1 pthervthan .cu®il¬
of new capital—are "savings," to rency, H. R. 5479 (Price Control) lative costs (such as may be adaea
and averaged into an "index J se
be
so-called, because they: can FSept; 17, 1941, p. 694: "Exchange;
value is the power to command a Bassett Jones' article cited above,
only be the result of accumulating
on
the v statistical absurdities
_
what would otherwise have been price; viz., the power of which
price "level" to which this leads/.
consumed.
That
this is) highly pricetS > a; measure;®
i Thete is therefore no t»asic
:
"Prices (in this theory) are the
orthodox theory, with the virtu¬
vation
of
old
additions to
capital; :is that all
J.'
,
value-^all-Jforinatioh
M.
'
Clark,
Committee
on
~
4?^
-
aPP™^
empirically observed.; and eco¬ doctrines of Adam Smith ( Ad
Smith- called
the price »
nomics as a science of 'catalactics'
Theory (exchange) is presented as the terms of units of labor or s
Harold last word of amoral purity and ices, the real price"; Webist -
unified backing - of :social
"scientists," may be illustrated by
the following
definitions drawn
ally
from
a
recent text on "The
of Econometrics" by Prof.
T.
Davis, Indiana mathematician.
admitting
The author begins by
that
his
attain
treatment
the
strict
"will
fail
requirements
to
of
resultant of certain schedules
/.
;
ference
the
between
.
International Dictionary,
scientific objectivity," says Dobb,
continuing his oblique compliment
New
to
of
Karl
of
Senator
Cassel.
"But
is
this
escape
legitimate mode of escape?
a
Is it
Ed.
unabridged, p.
Marx;
1961) and
or
Taft or
th
between t
of George
Number 4418
162
Volume
THE COMMERCIAL &
FINANCIAL CHRONICLE
(in "Financial Accounting",
"distilled from experience," p.
"When property is new, cost
and
value
are
normally
the
same") and those of John Carson
in
his
analysis
of
"monopoly
nrofits" as against the "cooper¬
ative" system of "patronage re¬
turns."
(See Congr. Record Ap¬
pendix, Remarks of Hon. H. Jerry
Voorhis, May 26. and 28, pp. A2726
and A 2739.) All are predicated on
the illusory idea that money is
a standard of value, not a medium
of exchange in a competitive sys¬
tem of ..creative
intelligence in
developing value as a thing apart
from costs and involving intro¬
1155
May
Weekly Goal Production Statistics
as
67.
.
servatism" which has
a
hunch that
something is wrong with commu¬
nism but for its part is continually
devising devious ways of camou¬
000 tons.
The total production of soft
coal from Jan. 1 to
Aug. 25,
1945 is estimated at
381,076,000 net tons, a decrease of 7.7% when
compared with the 413,078,000 tons produced
during the period from
Jan. 1 to Aug. 26, 1944.
ESTIMATED UNITED STATES
Aug. 25,
Bituminous coal & lignite:
1945
Total, incl. mine fuel
12,000,000
Daily
*
average
2,000,000
Revised.
ment
incentive,"
alone
were
centive!
"The
not
See
Future
: as
if
interest
a
competent in¬
McCord Wright,
D.
of
Keynesian Eco¬
nomics," in Am. Ec. Rev., June,
1945, especially
Mrs.
Robinson
from
interest
cost; but
pp.
301-302.
.
profit
says,
has
As
,
aside
place as a
ignores the moral
she
justification, for
no
purely
specula¬
tive gains and losses as
not of
income, but of
a
matter,
capital ac¬
counting.)
In
of
"
entrepreneurial concept
"profit" system as a series
cumulative
commissions
Which Hayek wants planned but
fails himself to
plan for — as
against the ubiquitous, not to say
iniquitous, system of. "planning"
the simple-minded
accumulation
of costs and the distribution "ac¬
cording to need" of hypothetically
resulting values. As if the whole
competitive,: economy
''planning,"
same
r
could, by
subject to
non-competitive con¬
be
made
siderations
in distribution
as
is
within the individual
where no accounting is
developed
family
Illinois
perpetual Garden
,
76,000
.1,000
days.
Iowa
:
30,000
—
Kansas and Missouri
99,000
,-r--a
Kentucky—-Eastern—
Kentucky—Western—!
.252,000
—
:19,000
„
'
—2,000
—
Montana (bitum. & lignite)—
68,000
New Mexico-
16,000
———
North & South Dakota (lignite)
40,000
Ohio.,.;
Pennsylvania (bituminous).
Tennessee-,
435,000
——
1,375,000
66,000
——
Texas (bituminous & lignite)
1,000
Utah
64,000
Virginia——
Washington.
173,000
—
IWest
Virginia—Southern
tWest Virginia—Northern
Wyoming
Total bituminous & lignite-—
91,000
95,000
150,000
1,000
1,000
1,439,000
883,000
963,000
351,000
36,000
3,000
96,000
28,000
43,000
788,000
2,800,000
134,000
2,000
121,000
321,000
350,000
546,000
45,000
168,000
38,000
3,000
95,000
34,000
40,000
671,000
2,881,000
133,000
377,000
28,000
28,000
2,044,000
2,141,000
668,000
1,070,000
1,000
1,083,000
187,000
1,000
6,260,000
11,540,000
11,934,000
174,000
*
ind
tlncludes operations on the N. & W.; C. & O.; Virginian; K. &
M.;
on the B. & O. in
Kanawha, Mason, and Clay counties.
tRest of
the
Panhandle
B.
State,
?md Oregon.
District
and
Grant, Mineral,
1,000 tons.
♦Less than
and
Tucker
Nothing remotely resembling a
Garden of
Eden, with its freedom
from want, can
counties.
C.
& G.;
including
§Includes
Arizona
already
scarcity,
"business
"poverty
plenty".;
at
erratically
hand.
__
_
recurrent
Cleveland
_
_
—
____
Chicago
St.
-
_
Louis
San
17,482,000
146,097,000
52,500,000
1,904,000
54,404,000
64,890,000
9,990,000
74,880,000
367,168,000
71,690,000
438,858,000
City
reprinted
from
in the
Monthly
the
r.
Francisco
the
&
__
__
and
finance has
served,
by dangerous
inflation,
offset
the
peacetime
ary aspect of the
;
level, with
unemployment.
of
be
the
^[Editor's
the second
covering
a
commenced
with
Soviet
paper, the first part
having
appeared on the
cover
Section
page
of
309,000
2,103,000
$907,604,000
$4,324,245,000
about
the
possible
had
in
mind
the
his
discussions
that all questions
agreement which
meant
ated Press
continued, which were
frequently have been at odds with
the Central Government in Chung¬
king.
It is noted in these advices
a
race
between Chungking
2 of the
issue of Aug. 30. that
The next
and communist forces to occupy
part will be given in the
i
North China cities and capture
"Chronicle" of Sept.
13.]
1 Japanese arms there had brought
Just before his death, in 1925,
Sun declared in a letter to Moscow
that "I hope the day will come
when
in
Soviet Union will find
the
powerful China a brother, an
ally, and that both will work hand
a
in
hand
for
the
liberation
of
Council Formed
An
Inter-American
Social
Union
the
of
so¬
Delegations of the American re¬
publics agreed at the United Na¬
tions
Conference for Internation¬
al Organization at San Francisco
that the meeting to give "conven¬
tion form" to the Act of Chapul¬
tepec
would be held in Rio, de
Invitations already have
Janeiro.
been issued by the Government of
Brazil, which has organized the
forthcoming conference, f to the
other American republics to be
represented. ; '
;
"Little Steel" Revise j
Asked by 70 in Hoase 5
One
of the
last
of
acts
House
members before the long /summer
recess
ing
to
was
sign
President
the "Little
a
petition ask¬
Truman
to
revise
Steel" formula
under
which the Administration has lim¬
ited basic pay rises to 15% above
the
wage prevailing on Jan.
1941.
The petition was sighed
10,
by
70 House members, said the New
York "Times" in a dispatch froni
Washington, July 20, which
tinued:
'
'
The
office
con¬
V
,
of
Representative!
Holifield, Democrat of California,
a leader in this movement, made
public the list of the signatories,
saying that they were asking for
Inter-American
and
division
cial affairs.
nations."
Economic
Council
has
been
formed to "promote progress and
the raising of the standard of liv¬
"an
increase
of
the basic pay
oped
least
at
20%
in
rate," but it devel¬
almost
at
once
that
there
disagreement among his col¬
leagues as to just how this was
ing for all the American peoples
to be interpreted.
in the postwar period," according
At the office of Representative
to an announcement by the Board
De Lacy, Democrat of Washing¬
of Governors of the Pan Ameri¬
Union on Aug. 29, a special
dispatch from Washington to the
Byrnes presided
♦V*r*
over
the meeting
of the Board of Governors which
these
took
steps to cement more
the welfare and interde¬
The Act of Chapultepec cited in
today's statement provides for mu¬
1,794,000
$3,416,641,000
brought about by the activities of
|
tries.
The "Times" advices also stated:
Chinese communist elements who
1
coun¬
320,893,000
leaders; it was Rus¬
Associated Press stated,
be settled in an
ter's
populous
of
26,415,000
far wider range
Chinese
the
really
Note: The foregoing is
installment of Mr. Pot¬
most
two
294,478,000
threat of civil
a
capitulation
of
war
since
Nipponese
The agreement provides for its
own
renewal
automatically for
"an
unlimited
period,"
unless
within
tion
one
date
before the expira¬
year
of
one
the
notifies
other
the
signatories
that
it
desires
to end the pact.
Other outstanding
the
features of
the two
reported by the Asso¬
between
agreement
as
Press
Western
was
ton, it
signed
what
stated that he had
the understanding that
was
on
was
tual assistance should any one of
the
American
republics be at¬
tacked or otherwise be made the
victim of
Manchuria
all
as
nations,
a
but
free port open to
administered
by
Manchurian
city of Port
Arthur to be used jointly as a
port and naval base by Russia
and China.
Russia
jointly
and
China
to
operate
Chinese Eastern
the
and
Southern Manchuria railroads.
°
China
recognize the inde¬
pendence of Outer Mongolia if
the people there indicate by a
plebiscite
ence.
aggression.
By
the terms set forth in the Mexico
City conference, however, provi¬
sions of the act
period of the
The
new
nomic
and
named
to
are
Social
Eco¬
Council
was
replace the former In¬
to
they
want
independ¬
*
Russia
to
respect Outer Mon¬
golia's political independence and
territorial integrity.
Russia to avoid interference in
internal affairs of Sinkiang Prov¬
v;
of
the present
I
thought
not, so
specific rise as for
policy to take out
was
rigidity."
his
part,
Representative
Gearhart, Republican, of Califor¬
nia, another signer, agreed with
the
view
that
a
20%
fresh
in¬
being sought, stating
that this was very near to what he
had proposed in a pending bill to
grant another 15% or an aggre¬
gate of 30% above the level] of
Jan. 10, 1941.
Vcrease
Mr.
of
Inter-American
events
purpose
some
revision
a
all
central
much for
limited to the
war.
was
Holifield
The
town.
under his
name
himself
out
was
statement
issued
declared that the
President would be asked "to
vise" the
re¬
present wage policy by
order
ter-American Financial and Eco¬
executive
nomic Advisory Committee to the
Pan American Union. The com¬
original
mittee
such wage adjustments as may be
organized in 1939
was
emergency
functioned
the
at
Union during
as
necessary
Pan American
stantially
living."
the last six years.
and
authority
"restore
of
"All
affect
the
the
evidence
of
American republics
many
in the
case
the separate
direct
cut
Governments
for
the
be
to desig¬
The group
coordinating agency
official
all
as
care
may
the Union said.
nate,
will
and
Inter-American
"economic and social activities."
"Its purpose is to promote social
the raising of the
living for all the
American
peoples,"
the
Pan
American Union said, "and under¬
progress
standard
and
of
costii of
/•
layoffs, loss of overtime
as
the
War
direct
and which will not sub¬
representative from each of the
technical advisers
the
Labor Board to approve or
has
and
agency
The Council will consist of one
China.
The
act of
an
"At
added.
the
For
Hemisphere.
are:
The establishment of Dairen in
signed is said
broadest
first
sia,
1
between
56,852,000
something.
The
existing system
of bank
treaty ends a long undercurrent
credit and its more
or
less chronic
depression of busi-1 political strain between the two
ness below
great Asiatic Powers, the Associ¬
a
normal
resultant
the world's
an
which proposed
to
friendship
3,258,000
ciated
than
deflation¬
close
53,594,000
when Chinese Premier T. V. Soong
crudely
the old dream of Sun Yat-sen of
pendence of the republics in the
nations
scope,
July 5, 1945.) The
so-called abun¬
war is
illusory except as
war
Chinese.
firmly
simultaneously
nations
two
The agreement as
dance of
be
The Associated Press points out
that the alliance brought closer
67,483,000
Aug. 27.
to
3a, p. 91, Com¬
Financial Chronicle,
a
61,549,000
•4,604,000
Aug. 26, the Associated Press
reported
from
Chungking,
on
Scientific
noted in
footnote
mercial
in
113,002,000
on
Congr.
Russians
11,925,000
agreement of alliance and
friendship, to ruh for a period of
30 years, was signed at Moscow
on Aug. 14 by Chiiia-and the So¬
viet Union, and made public by
Record,
Jan. 21,
1944, vol. 90, p. 519. Cf.
also the
"social organism"
fallacy
the
10,248,000
An
(See
"Population
Problems of a New World
Order,"
by Prof. Karl Sax
of Harvard,
from
bloody siege in the Russian-Jap¬
anese war forty
years ago, will be
defended
by the
Soviet
Navy
under terms of the treaty, but the
civil administration of the
port
49,624,000
troops.
tion for the
notion that all
scarcity
is
needless.
purely commercial
a
102,754,000
62,879,000
Minneapolis
Kansas
128,615,000
v
cycles," is a needless
in the midst of
potential
but this is no
justifica¬
as
enterprise, except in case of war
with Japan,
when the railroad
will be used for transportation of
Russian troops.
Port Arthur, taken by the Jap¬
the
concerned with economic and
_
_
_
Chinese-Russian
in
Changchun Railroad" and will be
Union, and, in that capacity, di¬
rect
_
_
for
Some
"Chinese
eco¬
•
atomic energy
materially affect a
situation in which
an
excess
of
is
the
as
administrator of
serve as
being asked was a 20%
New York "Times" states.
increase on top of the 15% allow¬
Secretary of the Treasury announced on Aug. 29 the final
The Board also announced that
ed
under
the policy of the War
subscription and allotment figures with respect to the current offer¬ Oct. 20 a series of
meetings would
Labor Board.
ing of %■% Treasury Certificates of Indebtedness of Series G-1946, beginat Rio de Janeiro
among
Representative Voorhis, Demo¬
open to the holders of Treasury Certificates of Indebtedness of Series
representatives of the Inter-Amer¬
F-1945, maturing Sept. 1, 1945, or Treasury Bonds of 1945-47, called ican Conference for the Mainte¬ crat of California, said that he
had not understood so sharp a rise
for redemption on Sept. 15, 1945.
The offering was referred to in nance
of
Peace
and
Security.
was contemplated, apparently re¬
our issue of
Aug. 23, page 840.
This group will draw up a. treaty
Subscriptions and allotments were divided among the several to "give permanent form to the ferring to the interpretation made
in som quarters that what was
Federal Reserve Districts and the Treasury as follows:
principles embodied in the Act of
being urged was a policy permit¬
Certificates
Bonds
Total
Chapultepec" signed at the Mex¬
ting rises up to 20%.
Federal Reserve District—
Exchanged
Exchanged
Exchanges
ico City conference on Mar. 3, it
Boston
$126,072,000
$26,992,000
$153,064,000
"Perhaps I did not examine the
was announced.
New York
2,028,784,000
687,469,000
2,716,253,000
petition
critically
enough," /he
Secretary of State James F.
83,489,000
Philadelphia
35,318,000
118,807,000
more
power
consolidated
will
nomic and social activities of the
! The
Total
than a fraction of human
population. The best we can,do is
to
minimize scarcity
nor
can
The Chinese Eastern and South¬
Manchuria railways will be
ern
can
Subscriptions to and Allotments of Treasury Clfs.
Treasury
.
a people's
government set
along Soviet lines.
up
2,000
123,000
18,000
iOther Western States
under
will
5,000
1,084,000
124,000
_
1944
362,000
5,000
1,315,000
501,000
44,000
119,000
465,000
—
Aug. 19,
*
a
vast area
Siberian border
the
and rich in minerals, wool and
furs, actually has not paid alle¬
giance to the Central Chinese
Government since 1924, operating
anese
LIGNITE,
133,000
...
262,000
Dallas
-
.
realized
'
630,000 '
Indiana
Atlanta
be
4,000
•
63,000
—
Richmond
Ap if all of us could
transformed,: by "planning,"
into one great
happy family—a
"brotherhood of man" joyfully
of Eden!
1945
382,000
Georgia and North Carolina—;
called for!
a
4.6
AND
Aug. 11,
'
1945
Colorado——
be
cooperating in
on
COAL
for
Supposedly productive
services,
ho place in
legitimacy is left for
fhat speculative c omp e t i t i 011
the
2,035,000
224,000
Arkansas and Oklahoma
*
this
of the
413,078,000
1,906,000
Week Ended
.
-
Michigan.^.——
"invest¬
1944
381,076,000
t Average based
BITUMINOUS
Aug. 18,;
added to
an
1945
12,076,000
2,013,000
STATES, IN NET TONS
V"-VV
Maryland—
as
1944
Aug. 26,
weekly estimates are based on railroad carloadings and river
ship¬
ments and are subject to revision on
receipt of monthly tonnage reports from district
and State sources or of final annual returns from
the operators.)
Ala6ka_L_-_:
accumulation
tAug. 25,
(The current
of costs in price. This is in .pre¬
cise accord with the notion that
an increment of "profit" must
be.
interest
1945
6,260,000
tl,361,000
PRODUCTION OF
BY
Aug. 26,
Mongolia,
along
operated
——Jan. 1 to Date
""Aug. 18,
tSubject to current adjustment,
ESTIMATED WEEKLY
Iv '-.v.
.
market
Week Ended
,
State—
recent example, the
amendment, to
Wherry
OPA,
which actually passed the Senate,
added a farm "profit" as a final
the
PRODUCTION OF BITUMINOUS COAL AND LIGNITE
tin Net Tons)
-
Alabama
(For
increase
an
5,740,000 tons over the preceding week which included two
holi¬
day days.
Output in the corresponding week of 1944 was
12,076,-
v
flaging the same ideas.
cost to
tons,
of
duction of risk as between profit
and
loss.
No
understandable
theory < exists behind the' "con¬
Outer
lying
The total production of
bituminous coal, and lignite in the week
ended Aug. 25, 1945 is
estimated at 12,000,000 net
cutbacks,
pay and,
of merchant seamen, a
in the pay envelope,
right
national
policy is revised to permit
point to
economic troubles
ahead unless the present
wage
an
increase of at least 20% in the
basic
pay
rate
keep
in order to
mass
purchasing power and
avoid sowing the seeds of a dis¬
astrous depression in the immedi¬
up
ate
future," it
"We urge
was
asserted.
/
all members of Con¬
to sign this petition."
take studies and prepare reports
on
economic and social matters
gress
for
signing, 65 are Democrats, four
are
Republicans, and one—Rep¬
resentative Marcantonio of New;
the
use
of
the
American
re¬
publics."
The
ince, between Mongolia and Tibet,
which embraces Chinese Turkes¬
nors
tan.
general
Union's
will
Board
of
Gover¬
appoint the secretaryof the Council. He also
Of
the
members
70
far
thus
York—a member of the AmericanLabor
party.
,
-:
.
■
?!'.
•
•
:i;:,
:
Moody's Bond Prices And Bond Yield Averages
kAv
bond yield averages are
computed bond prices and
given in the following table.
Moody's
ii< VI.
•'
v}h
,') .> i-j-
a
r'^vj
,Z4
Z
U. S.
.vZ'
1945—
showing the greatest decline
the lowest point since Feb. 17.
slightly but was much more
than offset by the declines in the grains and livestock indexes.
The
grains index declined to the lowest point that it has reached in al¬
most a year, with lower prices for wheat at Minneapolis and :cor
barley more than offsetting the rise in the prices for wheat at Kansas
City and for rye.
The livestock index declined sharply as the result
of small declines in the prices for cattle and lambs and a sharp down¬
turn in the prices for eggs.
The foods index declined nioderately.
The fuels index declined fractionally because of lower prices for
bunker oil.
A small advance was registered in the textiles group.
m.AUg.31..**-...
■
30—
Z29jZ—
If
P,
to 4
;v.:
"{
i'i*
i
■
112.56
115.63
119.41
119.20
;r22.^._
115.63
120.84
118.80
115.82
107.80
112.56
115.63
119.20
121.70
115.63
119.41
115.82
119.41
.
r;
)
17-i—i_.
y
16—
Stock Exchange
Closed
Exchange Closed
115.82*120.84
Stock
14
122.09
13
122.11
-.
Jj«3 i-
«::
115.82
119.41
112.75
115.63
119.41
119.20
116.02
108.34
121,04
119.20
116.22
108.34
121.04
119.20
116.02
108.34
116.02
120.84
119.00
116.02
108.34
112.93
115.82
119.00
116.02
120.84
119.20
116.02
108.34
113.12
115.82
119.00
119.00
122.33
115.82
119.41
113.12
115.82
119.41
112.93
115;82
119.20
112.93
3^—:
122.36
120.84
119.20
116.02
108.16
112.93
115.82
122.30
116.02
120.84
119.41
116.02
108.16
112.93
115.82
119.20
115.82
120.84
119.41
115.82
108.16
112.93
119.20
122.28
115.82
1__.
122.39
115.82
120.84
119.20
115.82
108.16
115.82
121.04
116.02
122.80
remained unchanged.
•
series in the index declined and 3
vanced; in the preceding week 9 declined and 4 advanced, in
second preceding week 6 declined and 4 advanced.
119.41
116.02
108.34
112.93
115.63
119.00
112.93
115.63
119.41
Grains—
Fuels
Miscellaneous
121.04
119.61
116.22
108.34
113.31
115.63
119.61
119.41
116.02
108.16
112.93
115.63
119.61
116.02
121.04
119.20
116.02
108.16
112.93
115.43
119.41
29-..,
122.93
122.97
115.82
120.84
119.20
115.82
107.80
112.75
115.43
119.20
22—;™.
122.97
115.82
120.84
119.20
115.82
107.80
112.75
115.43
119.41
15—i-„
Materials
Fertilizers-!—
122.81
115.63
120.84
119.00
115.63
107.62
112.37
115.24
119.41
Farm Machinery
122.23
115.43
120.63
119.00
115.43
107.44
112.37
114.85
119.20
115.43
120.63
118.80
115.43
107.44
112.19
114.85
119.20
120.63
118.80
115.43
107.27
112.19
114.66
119.41
122.26
115.24
120.84
118.40
115.43
107.09
112.19
114.46
119.41
122.38
115.24
120.84
118.40
115.24
107.03
112.00
114.27
119.41
118.40
115.04
107.09
112.19
114.27
119.20
Apr. 27—
122.38
115.24
122.01
114.85
121.04
118.40 '
114.85
106.04
111.25
114.27
119.20
Mar. 31
121.92
114.66
120.02
118.60
114.46
106.04
110.52
114.08
119.41
—
—
1 Year Ago
Sept. 5,1944—
120.83
113.89
123.05
116.22
120.55
113.50
*
119.41
118.00
113.70
105.17
109.24
113.89
118.60
121.04
119.61
116.22
108.52
113.31
116.02
119.61
118.80
117.80
113.31
104.48
108.52
113.70
118.20
Metals—
Building Materials
Chemicals and Drugs
Fertilizer
119.67
112.56
118.80
117.20
112.19
103.13
120.30
111.07
119.20
116.61
111.44
98.88
106.74' 114.27
117.20
"Indexes
Sept.
Sept.
4, 1943-
113.89
117.00
103.13
Daily
Averages-
fit
•fZ
l
;-f 1 ■
,'C
:
•
'30
:
■
.
■;•1
'
—_
*
23—.—
;
•X-1
>
.
Zf
,7A<«"
:
' "
b
!>** h~
1';
fcl
'dliiZ
-
July -272Z—II
■a',.;! 20—Z—_
-
•-
June^O-t.-^
'
;22_L_
J»—
t. .'■■?) 15
, .8—
,
,
\r--
•i
May 25
;:1811-—
4fZ
27--
Apr.
Mar.y31__
vW
ff ■ I/:
rt'.'-.i.
f
23
Feb.
Jan. ? 26a„"
High 1945Low. 1945-—
•
*
2.68
2.68
2.70
2.85
3.26
3.03
2.87
1.67
2.86
2.62
2.70
2.85
3.27
3.03
2.87
1.69
.2.86
2.62
2.70
2.85
3.27
3.03
2.87
2.69
2.86
2.62
Exchange
2.87
,
2.86'
Closed
2.68
'3.23
3.03
2.87
2.61
3.29
3.03
2.87
2.69
month
2.61
2.70
2.85
3.28
3.03
2.87
2.68
shipment
Closed
2.34
3.27
3.02
2.68
2.86
2.68
Exchange Closed
Closed
H
2.66
261
2.70
2.86
2.61
2.70
2.85
3.26
3.02
2.87
2.68
2.69
2.85
3.26
3.01
2.86
2.68
Exchange Closed
1.65
2.85
2.60
1.65
2.85
2.60
2.69
2.84
3.26
3.00
2.86
2.68
1.65
2.85
2 60
,2.69
2.85
3.26
3.01
2.86
2.69
1.65
2.86
2.61
2.70
2.85
3.26
3.01
2,86
2.70
2.85
2.61
2.69
2.85
3.26
3.00
2.86
2.70
,
1.64
2.86
2.61
2.69
2.85
3.27
3.01
2.86
2.70
1.64
2.85
2.61
2.68
2.85
3.27
3.01
2.86
2.69
1.64
2.86
2.61
2.68
2.86
3.27
3.01
2.86
2.69
1.64
2.86
2.61
2.69
2.86
3.27
3.01
2.87
2.70
1.60
2.85
2.60
2.68
2.85
3.26
3.01
2.87
2.68
1.60
2.34
2.60
2.67
2.84
3.26
2.99
2.87
2.67
1.60
2.85
2.60
2.63
2.85
3.27
3.01
2.87
2.67
1.60
2.85
2.60
2.69
2.85
3.27
3.01
2.88
2.68
1.59
2.86
2.61
2.69
2.86
3.29
3!02
2.88
2.69
1.59
2.86
2.61
2.69
2.86
3.29
3.02
2.88
2.68
1.60
2.87
2.61
2.70
2.87
3.30
3.04
2.89
2.68
1.64
2.88
2.62
2.70
2.88
3.31
3.04
2.91
2.69
1.64
2.88
2.62
2.71
2.83
3.31
3.05
2.91
2.69
1.64
2.88
2.62
2.71
2.88
3.32
3.05
2.92
2.68
1.64
2.89
2.61
2.73
2.83
3.33
3.05
2.93
2.68
1.63
2.89
2.61
2.73
2.89
3.33
3.06
2.94
2.68
1.63
2.89
2.61
2.73
2.90
3.33
3.05
2.94
2.69
2.69
2.68
'
1.66
2.91
2.60
2.73
2.91
3.39
3.10
1.69
2.92
2.65
2.72
2.93
3.39
3.14
2.95
1.77
2.96
2.68
2.75
2.97
3.44
3.21
2.96
2.72
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.74
1.59
2.84
2.60
2.67
2.84
3.25
2.99
2.85
2.67
3.03
2.71
2.79
3.05
3.56
3.35
2.94
2.79
2.96
2.80
4, 1943—
1.83
3.11
2.69
2.82
3.09
3.82
3.56
*These prices are computed from average yields on the basis of one "typical" bond
(33Af/c
level
coupon,
o^
Illustrate
i
I
of
the
in
maturing in 25 years) and do not purport to show either the average
They merely serve to
average movement of actual price quotations.
more comprehensive way the relative levels and
a
yield 'averages, the latter being
the relative movement
the true picture of the bond market.
JThe] latest complete list of bonds used in computing these indexes was published
In the issue of Jan.
168.4
161.7
214.4
204.7
158.9
164.0
155.8
159.6
163.2
163.0
156.6
134.4
134.5
132.8
156.8
133.3
130.1
132.8
133.9
132.2
156.6
157.0
152.9
108.9
108.9
108.9
153.8
153.8
153.8
154.0
125.8
125.8
125.8
126.9
118.3
118.3
118.3
118.3
119.9
119.9
119.9
104.8
104.8
104.8
140.7
141.3
141.7
'
as
90% operations may
be reached
within the next few months.
"However, some improvement is
in
demand
for
heavy
noted
products, from railroads and the
building industry, in particular.
While building construction re¬
119.7
quirements should not reach full
swing much before spring, shape
schedules
are
tightening.
Rail
exceptionally
be
will
rolling
heavy for this season of the year.
There is a substantial, accumula¬
104.5
138.5
110.1, and
109.6; Aug. 25, 1945,
does not expect
peak wartime steel production to
be equaled, even though as high
104.3
-
tion
orders for rails and at
large producer will be
of
one
able
devote
to
rails this fall
The rail outlook
.
capacity to
more
than in a long time.
for next year is
"Steelmakers
are
importuning
Office of Price Administration to
allow an increase in steel prices
of about
on
$7 per ton. This is
increased production
14, 1943, page 202.
National Fertilizer Association Commodity
1
i >'
Z
A
Price Index Shows Substantial Decline
The
National Fertilizer Association and made public on Sept. 4, declined
rather substantially to 140.7 for the week ended Sept. 1, 1945, from
141.3 irt the preceding week.
This decline takes the index back to
the level of May 26, 1945.
A month ago the index stood at 141.7,
The
weekly wholesale commodity price index compiled by
based
costs and
oiace
prices."
level of ceiling
during the war.
companies
steel
"With
lost
all
nearly
of their
having
volume-
as
more
coming
market for heavy
steel
the
quantities of steel. It is under¬
stood that oil companies are es¬
pecially interested in the pro¬
duction of "one trip" steel drums.
that
believe
sources
steel
needed
to
cold
as
skilled
where
mills
rolled
sheets and
vanized
workers
are
such products
sheets, strip, gal¬
process
other peace¬
time steel products which require
finishing operations than
the output of the war period."
more
did
Institute
alone will
that
telegraphic reports which it
had
received
approximate the Army's
need for it.
Over the past few
years stocks of oil well casing and
drill pipe have dwindled rapidly
Sweden and Poland
trade
for delivery
from Poland,
to Swe¬
4,000,000 tons of coal and
800,000 tons of coke by Dec. 1,
1946, as well as certain quantities
of salt zinc, white zinc, soda, creo¬
den
of
sote, oil, etc., in
exchange for iron-
pulp wood, special steel ball¬
bearing machines, fish and cattle.
The advices further said:
ore,
Payment will be
in Swedish cur¬
clearing account
rency on a
within the
agreement
as
well
as
the settlement of
other Polish debts in Sweden. The
other half may be used for the
purchase of gold and foreign cur¬
in
chases
framework
Sweden
of
the
rencies.
Sweden has
land
a
for the
further
granted Po¬
100,000,000-kroner
purchase of Swedish
American
on
indicated
Part
that
the
operating rate of steel companies
ciaI commissions to
follow the
254.3
—
.
a
are
now
at
normal rate and most steel mills
have
already
for finishing
on
put
new
610,000
units into effect right
one
1,710,700 tons
month
"Steel"
summary
markets,
of
one year ago.
of
on
follows: "Reversing
as
trend, steel orders
output
over
the
Z
Sept. 3 stated in part
past few weeks.
ingot
„
and
Cleveland,
in its
the iron and steel
cancellations experienced over the
"Steel
ago,
Monday.
?.=< 4.2
254.6
254.3
254.3
cess
of
are
the recent
weir in
ex¬
cancellations, hastened by
Sept.
-----
3_
^
Tuesday, Sept. 4_
Two
schedules
the heels of the war business
tons
—-
weeks ago, Aug.
Month
ago.
21—---—
Aug. 4—
Sept. 2——
Year
ago,
1944
High,
Dec. 31-
Low,
Nov.
4
High,
June
Low,
Nov.
12—
1
1945
♦Holiday.
de¬
goods exchange
countries.
velopment of the
that the bomb programs
Cancellations
credit
goods.
Steel
and
Iron
Moody's Baity
Commodity Index
losses.
in the
Half of the
Swedish payment for the Polish
goods will be used for Polish pur¬
Sweden.
of
Bank
having 94% of the steel capacity between the two
of the industry v/ill be 74.9% of
have been practically eliminated; capacity for the week beginning
heavy ordering
of oil country Sept.
3,
1945,
compared
with
goods is currently in the making. 74.5% one week ago, 87.9% one
"On an overall basis total order month ago and 95.1 % one year
volume in this past week has been ago. The operating rate for the
relatively heavy.
Despite heavy week beginning Sept. 3 is equiv¬ Tuesday, Aug. 28—
Wednesday, Aug. 29__
cancellations during August, some alent to 1,371,900 tons of steel in¬
Thursday, Aug. 30
mills report that new order vol¬
gots and castings, compared with Friday. Aug. 31
ume has just about balanced their
1.364,600 tons one week ago, 1,- Saturday, Sept. 1__
now
have signed
agreement, according to
a
Stockholm report to the New
York "Times," Aug. 20, providing
a
of the credit may be used
immediately.ZZ.';|r- '
It is finally understood that both
Sept. 4 announced
Governments shall organize spe-
requirements over the next sev¬
eral months for this production
The
Sweden, Poland Sign
Trade Agreement
—
I
such
heavy products is not in prospect
and it i& mainly for that reason
promise of a strong
"The oil industry is also
into
and
2 Years Ago
Sept.
a
Some
2.94
1.82
167.2
211.4
157.2
of
replacement
Full
war.
soon as schedules guaranteeing war contracts and
normal level. Those with wage costs relatively high,
industries such as railroad freight the entire industry is intensely
car
builders, railroads and can interested in possible ceiling price
increases.
Most of the common
makers already have substantial
steel products are, according
to
orders on steel mill books and a
steel companies, being made today
minimum amount of reconversion
troubles.
Deliveries to those in¬ either at a loss or at a break-even
dustries are expected to be heavy, point.
Some companies have been forced
therefore, for some time to come.
Meanwhile the automobile indus¬ to go to a 40-hour week in order
try
is gearing itself for much to reduce their overhead, but this
higher output of new cars than action has not been entirely suc¬
quotas would have allowed, with cessful because labor shortages
the result that pressure from De¬
still exist in steel plants despite
troit upon the steel industry is layoffs elsewhere.
Most of the
and will be greater.
shortages are occurring in finishing
reach
2.86
164.8
212.7
.'
»
■.
all steel companies
substantial increase this
in nonrated business for
2.86
3.03
v"Z"
which contrib¬
particularly to pressure on
ingot production during the
—
expect a
2.86
3.27
163.1
163.1
Sept. 1, 1945,
September,
2.71
2.84
steel
at a much^1
next several weeks is expected to
had been expected
climb slowly to a level somewhere
and normal market factors such
between 80% and 85% of rated
as prices and wages have begun to
put in more of an appearance than capacity. The latter will represent
an
economic schedule of operahas been customary in the war
tions*which will exclude the use
period. '
v
of obsolete and high cost equip¬
"While CMP orders will con¬
ment which had to be operated
tinue
to
be -delivered
during
2.70
2.70
uted
ships,
and
items
heavy ordnance
other
and
ings
faster rate than
2.62
2.61
a
taking
been
*2.69
I Year Ago
Sept.-5. .1944—'
O ',7
2.68
2.87
Stock Exchange Closed
Zv:;13r— '
'.,.6,—r-—
l *
2.68
2.86
3.04
Stock
W;
M-;:
2.86
3.03
3.27
1.66
-
fel3,u
j'V« 4
:
3.03
3.26
2.85
1.66
"'4ZjZ—
-
•
3.26
2.85
2.70
1.64
'
'
2.85
2.70
Stock Exchange
7—ZZZ
■
:
2.70
Stock
—
2.68
2.62
1.67
11
2.85
2.62
17
10
3.03
2.62
2.86
/13_—
3.25
2.86
,2.87
-•
2.67
2.86
Stock Exchange
.-.
2.85
2.86
1.68
-14
3.03
1.65
18
it:—::
3.25
1.65
li '2lL,^
20
-
2.84
Closed
1.65
1.69
■*i"
Corporate by Groups*
P. U.
Indus.
2.70
place of shell and gun forg-
the
upward trend in activity, post-Labor expectation that a lower level of
industry on the home stretch as far operations will increase unit costs.
concerned," states "The Iron Age" Loss of profitable war tonnage is
in its issue of today (Sept. 6), which further says in part: "During a factor which is viewed as seri¬
the past week order volume has been heavy, steel ingot operations ously threatening the industry's
have been slowly climbing upward, steel consumer reconversion has earnings position at the present
"With
R. R.
2.84
1.69
4
;
2.70
>22L„
•:
Baa
2.61
Stock
25—
24
.
A
2.85
1.65
27—
-
.vVi
a
— _
As
and
Day reopenings found the steel
as reconversion problems were
Exchange Closed
1.65
;
•
2.62
2.85
Stock Exchange
Stock
:\;Zi29__
J 28
Corporate by Ratings*
Aaa
rate*
3
Aug. 312—
Yi'f.
Corpo¬
1.65
©epit 4——
.':V;
Avge.
Govt.
Bonds
■
plate, small bars and angles
similar goods. Not much in
current demand is noted to take
tin
Rise 0.4%—Buying Exceeds
Cancellations - Consumer Reconversion Rapid
(Based on Individual Closing Prices)
TJ. S.
combined
107.9.
1944,
2,
145.1
162.4
when they
;
"As had been expected, greatest
-
least
1926-1928 base were:
want and
? v
emphasis is on light products,
sheets, strip, some wire products',
Steel Output to
MOODY'S BOND YIELD AVERAGES
1945—
on
144.0
145.0
"
many
consumers
to know better
able
bright.
SY^ar&Aeo
.
All groups
100.0
144.3
145.2
—
Commodities
it.
140.7
142.5
145.2
—
——
121.04
Feb/ 23-——
:
Products
116.22
115.43
1944
Cotton—.—
r
ft
'ill
Farm
116.02
122.29
1945
163.1
122.89
122.31
Ago
Sept. 2,
Cottonseed Oil
122.92
25
Ago
Aug. 4,
and Oils
6-—
is——
Week
Aug. 25.
1945
Total Index
Fats
they
want
Year
Week
25.3
what
the
Sept. 1,
1945
13—:—
120.84
I'.M ■
t.- >A>,,
Group
been
that the industry
Month
Latest Preceding
Each Group
have
Association
Compiled by The National Fertilizer
1935-1939=100*
and
promises
;Z'
PRICE INDEX
WHOLESALE COMMODITY
WEEKLY
make fairly definite delivery
can
ad-
During the week
■
I!
of the index
8 price
All other groups
23.0
Exchange Closed
Stock
farm products group
Bears to the
121.04
Low; 1945———1
,-feT-
112.75
108.34
116.02
High 1945
i'z •'
108.16
116.02
116.02
Jan i'26
#■■■
i'Z.
116.22
119.00
116.02
li——
;
119.00
122.20
■;ka t==
May
112.56
122.15
•
;;
108.16
122.14
-
20
■
107.98
116.22
10.^-.
A'
June
116.02
119.00
Stock Exchange Closed
.ii
-
120.84
115.82
119.00
112.56
iu—-
July' 27_-
'
120.84
Exchange Closed
115.82
120.84
121.91
'
119.00
120.63
115.82
121.75
Stock
122.25
■
Closed
Exchange
119.20
"f!l
:
115.63
115.63
J/'-e
#■2
112.56
115.63
■■r
:>'Z
ttfv
108.34
112.56
e::::::
H
,
116.02
112.56
:c>;,
■y.t
.
120.63
107.98
15
.
-iVf
r
'
115.82
119.00
119.41
122.09
108.16
9
Zl^-I
4'ZM-
'
119.41
108.16
'
I'.""
zitz
.'
115.63
116.02
¥; -■
,"i
-
112.37
115.82
Ui'-.i'
>
,•
108.16
116.02
■
\
103.34
116.02
20_l
f,
Z.I
v|
,
116.02
119.00
119.00
ZZ
•'
119.00
120.63
119.00
r
*■(
120.63
115.82
120.63
'Z'f
1
119.41
115.82
122.09
'18
■
:i
119.41
122.09
120.63
iZ
v •
115.82
115.82
115.63
iA:',1!
■
112.56
112.56
112.56
115.82
'
f
108.34
J15.82
iy.i
*
116.02
121.91
;M}p
ti
116.02
119.00
121.61
rl_:
4,
<tH
108.52
120.63
121.69
'
'I
u"v
'Z4
■t
116.22
115.82
: 23——.
;
.hf.v<
120.84
122.09
-1
'■
'
'
116.02
119.00
119.41
122.09
Stock
.''55—
.
119.61
116.02
112.56
108.52
116.22
119.00
120.63
Closed
Stock Exchange Closed
Stock Exchange
;
it
•'6|-
rate*
116.02
122.07
Sept. '4t_4-w.
f'
a
Corporate by Groups*
R. R.
P. U.
Indus
Corporate by Ratings*
Aaa
Aa
A
Baa
Corpo-
Bonds
Averages
m
Avge. ;
Govt.
ZDally
.
index declined and one
during the week.
This group is now at
The cotton subgroup index advanced
(Based on Average Yields)
.ZZWZZ " :
The
1935-1939 average as 100.
year ago
advanced, with the
MOODY'S BOND PRICESt
,
'
•
fact that producers again are
"first reached June 16, and [the
reaching-the point where they
point of the index which it
at 138.5, all based on the
Association's report continued as follows:
Three of the composite groups of the
the highest
Nr
Thursday, September 6, 1945
CHRONICLE
FINANCIAL
THE COMMERCIAL &
i 156
$
254.7
253.7
255.2
250.1
254.4
245.7
253.0
245.7
Number 4418
162
Volume
THE COMMERCIAL &
FINANCIAL CHRONICLE
1157
Non-Ferrous Metals—Lead Restrictions to Be r
Daily Average Crude Oil Production for Week
President Wants Cliijd
Ended Aug^, 1945 Decreased 42,300 Bbls.
Further Eased—Silver & Cadmium Active
GareCenlers Cont'd
American Petroleum Institute estimates that the daily
The
aver¬
,
4 891
week and 9,350 barrels less than the daily
ceding
average figure
recommended by the Petroleum Administration for War for the
The current figure, however,
1945.
of August,
was 224,100
as
barrels
of the output in the: week ended Aug. 26, 1944.
production for the four weeks ended Aug. 25, 1945, averaged
Daily
Further ^details as reported by the Institute follow:
400 barrels.
4 920
Reports received from refining companies indicate that the in¬
whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,931,000 barrels of crude oil daily and produced 15,951,000
barrels of gasoline; 1,573,000 barrels of kerosine; 4,960,000 barrels of
distillate fuel, and .9,356,000 barrels of residual fuel oil during the
dustry as a
barrels of civilian grade gasoline; 37,848,000 barrels of
gasoline; 12,696,000 barrels of kerosine; 39,782,000
military and other
fuel, and 46,201,000 barrels of residual fuel oil.
barrels of distillate
AVERAGE CRUDE OIL PRODUCTION
DAILY
•State
dations
Week
Change
from
Ended
Ended
Begin.
Aug. 25,
Previous
Aug. 25,
Aug. 26,
1945
269,400
Panhandle Texas
North
—
—
Texas
Texas
1945
Texas-
1944
390,450
342,000
9,150
267,000
278,900
850
500
88.000
88,000
98.700
152.850
152,850
148,750
526.650
East Central
Week
2,000
+850
1,000
.
Week
+389,000
+266,550
388,000
'
274,000
—
Nebraska
West
526,650
484.950
145,600
145,600
147,650
Texas
380.950
380,950
371,700
Southwest Texas
361.650
361,500
321.6§0
Coastal
567,600
567,600
535.200
East
tive last week."
further went
Texas
The publication
to say, in part,
on
follows:
as
Copper
Sales
of
for
Texas
t2,195,012
2,190,000
—
2.223.300
2,223,150
2.108,600
Louisiana
Coastal
69,750
—
c.->
Louisiana
295,7C0
—
Louisiana—
Total
■'
v
400
+
360,000
400,800
365,450
80,000
53,000
77,836
79.000
69,750
73,560
295,700
288,950
+
400
365,450
—
950
79.750
80,900
1,450
53,600
45,900
.
Mississippi
Alabama
Florida
53,650
500
1,000
200,000
198,250
13,000
13,100
—
Indiana
—
50
950
200
50
201,200
205,500
350
13,300
13,000
—
Eastern—
200
23__
tic* production as well
Aug.
Aug.
stockpile
August is expected
385,000 tons.
Speculation on the position that
FEA will take in
tapering off
its
purchases of copper abroad
through MRC continues. Until pol¬
icy has been definitely fixed in
Washington,
FEA is proceeding
"tentative" program of
cancelling sonde contracts and al¬
with
its
lowing
other
purchase
agree¬
expire. In most instances
ments to
tober.
Options
65,200
Wyoming
Colorado
crude
to
is
the
50,600
85,100
ably to
19,600
1,050
11,500
8,650
102,900
106,050
3,981,250
—16,300
3,987,300
3,801.750
910,300
—26,000
933,100
865,700
11,750
105,000
—
+
102,900
§952,000
and
State
oil
only, and
produced.
net
basic
and
do
allowables,
include
not
shown
as
amounts
4,920,400
above,
represent
condensate
of
4,667,450
and
the
natural
{Recommendation
AND
TO
of
allowable
are
of
as
for
for week ended 7:00
Aug.
the
1
calculated
month.
entire
on
Aug. 22,
a.m.
31-day
a
the
With
basis
and
exception
of
Conservation
UNFINISHED
FUEL
OF
California
of
OAS
GASOLINE;
OIL
Oil
Producers.
OIL, WEEK ENDED AUG, 25,
Figures
in
estimate
.
mi,
,
—
■
this
of
,'V' „nr-,'i
FINISHED
FUEL
AND
Refining
to Stills
Capac- Daily
Ity Re- Aver- % Op-
porting.
Coast
Ind., 111., Ky
Okla., Kan., Mo.
:
42
gallons each)
include
section
amounts and
Bureau
of
I
reported
Mines
are
totals plus an
therefore on a
basis
5,257
9,041
1,726
1,262
81.2
62
124.0
184
533
184
244
653
of
M.
American
Bureau
tons
any
gasoline
o
refined
domestic
40,471
in
the
producers
in¬
lead
562
973
1,040
1,495
97.8
3,840
5.433
5,867
10,142
6.030
Prime
250
96.2
793
1,663
1,023
1,934
1,998
business
64
50.8
170
790
224
177
2,202
month
39
21
38
15
77
67.9
372
392
646
609
1,290
90.4
2,687
10,676
24,974
9,648
4,086
i
901
4,931
90.7
15,986
39,782
46,201
5,140
94.6
15.890
38,675
44,845
46,845
39,294
46,691
14,242
40,538
59,396
37,438
41,733
which
title
has
already
passed,
or
which
the
military
Demand
the
age
for zinc
quiet
side,
Western,
booked
has
been
continued
on
and, excepting
the volume ; of
for
far
so
below the
of recent months.
next
aver¬
Until pro¬
duction of automobiles and elec¬
trical equipment
in
the week ended
Aug.
of kerosene
12^046,000 barrels
a
at
week
26, 1944.
Aug.
25,
1945, amounted to 12,696,000 barrels,
earlier and
13,101,000 barrels a year before.
•</.
-
••
•>!I::* ?*
r<
U
as
52.000
52.000
99%
or
tin, continued
on
quicksilver,
Demand for quicksilver
during
the last week showed
no improve¬
ment, and the price situation on
quantity business was so confused
that
operators in most instances
refused to name even a nominal
figure at which the metal could
be
sold.
On
but
$120
In
in
25
on
August
Pacific
per
or
been
than
flasks
$125
flasks
have
more
fact,
the
three
around
would
able
to
one
asked
more
accept¬
direction.
one
shipment
Coast
from
offered
was
soon
as
demand
improves.
Nickel
Francisco
advices
'
1945.
Private
estimates
Demand
for
been
active,
ited
in
;
r ---}
tin
«.? t.
advices Stateji
President said that he
asked
Gen.
Administrator
Works
New
These
the
had
Philip Fleming,
of
the
" Federal
Agency, "if possible to ob¬
authority to continue the cen¬
ters," which he said were neces¬
sary for the benefit of
working
wives of service
Protest
men.
against
the closing of
schools, the "Times"
continued, coming from
the nursery
report
sized
the country,
over
continuance, by Presi¬
directive, and had empha¬
that
wives
service
many
had
to
keep
men's
working
on
until their husbands returned. The
"Times" advices added:
^
The
statement
by
President
Truman explained that
appropria¬
tions recently made for child care
centers "were based
the under¬
on
standing
that
such - assistance
would be terminated when women
workers
were
no
longer needed
production." It told, too,
for
war
of
"local
able,
communities
immediately,
needed
centers
not
to
yet
continue
without
.assist¬
ance," and pointed out that
typical situation is that in
"a
mothers,
of
test
wjii'ch
who
the
are
wives
promise
of
war-
volume
business
available
were
centers.
had
be the fact
lim¬
to
believed
was
that,
a
solders
have
been
interested
of
the
spread
All Federal
between
with
foreign and domestic prices that
favors the imported material.
The
London silver market
child
was
which might tide the care of chil¬
dren of working mothers
reconversion.
lation, such
Treasury
as
the Pepper bills for
discussed.
The Office of War Mo¬
bilization
and
direct
Aug.
31
that
are
the Children's Bureau and
the Of¬
fice of Education in
charge.
Average price,
99.905,
discount
Savings Asso¬
ciations
rate
the
,
,
-
•
Low, 99.905, equivalent rate of
approximately
0.376%
:
: *.
-
;*/
New
York
State
it is stated individual savings ac¬
count balances increased by $36,or
24%.
Resources
993,713 and their savings accounts
.
numbered 202,002.
Through the
Seventh War Loan Drive they had
sold 617,459 "E" bonds and had
invested and held in their
There
count
was
th*
!
,:-V; {
of
a
amount of
>
maturity of
bills
simSent. 6 in
on
a
$1,302,298,000.
•
•
:
t
•
/,
/
f
$59 498.000
in
own ac¬
government
bonds or 27.6% of their total resources;: "7*
;
: ^
.
1
of
j these 37 insured savings associa| tions on July 31 totaled .,$215,+
(34% of the amount bid for at
low price was
accepted.) <
issue
in-
month
of! 7-35,541
0.360%
•
of
$2,297,872 or 1.2%. for
of Julv, it was an¬
nounced on Aug. 21.
Gross sav¬
ings receipts for the month set a
new
high record, totaling $8,346,204. In the last twelve months
and
equiva¬
approximately
'
creased bv
.
mately 0.375% per annum.
Range of accepted competitive
annum.
/'
Individual savings accounts of
the 37 member associations of the
Council of Insured
approxi¬
High, 99.909, equivalent
-
ii
as
a
"
Savs. Accts. Up in
July
$1,306,033,000
on
'
■
$1,932,337,000.
(includes $48,420,000 entered
fixed price basis at 99.905
'
'
follows:
Total applied for,
Total
accepted,
a
were
Sept. 6 and to mature
Dec. 6, 1945, which were offered
on
Aug. 28, were opened - at the
Federal Reserve Bank on Aug. 31.
issue
Reconversion was
logical agency to
program
the
tenders of $1,300,000,000 or there¬
abouts of 91-day Treasury bills
The details of this
the
reconversion child-care
if the FWA undertakings
terminated, with long-estab¬
lished child-care
agencies such as
Secretary of the Treasury
of
through
Longer-range legis¬
and enlargement
grants, also was being
considered
rate
canvassing
today in the hope that
Congress would take some action
nursery schools
of welfare
Results of
on
were
long-range possi¬
bilities
last week at 25 ^d.
The New York Official for
foreign
silver held at 443/4c, with domes¬
tic at 70 %c.
The
agencies concerned
care
immediate and
unchanged
announced
concen¬
building activities
are becoming
that materials
available.
in
obtaining silver of foreign origin
because
to
a construction
as
elry
of
a
continue
agency, the FWA seeks to
trate on actual
'because
set
Underlying General
Fleming's order
foreign silver has
with
Fleming^ by
order,
here, pointed out, that funds
the
offerings. Both the jew¬
industry
and
makers
of
concen-
< m "- ;
that
the
Washington,
now
ilar
exported
27.
to
from
dearth in
contracts.
;•
Aug.
still
the
Bolivia
dispatch
"Times"
Mothers who organized to
pro¬
place
Silver
agreement with Bolivian produc¬
ers on extending tin concentrate
-f
special
closing date three months after
the end of actual combat.
;
July imports at 18,000 flasks."
per annum.
The FEA has not yet reached an
Con¬
administrative
sources
discount
..
a
York
Keeping the
under
indicates that 28,000 flasks of quicksilver were im¬
ported during the first half of
control restrictions
;5Tin
asking
gress to take the necessary.
steps
when it
reconvenes, according to
official
discount
-/•
draw support
Act " Fund
end termination of Federal aid to
child care, General
per
nickel mill
Lanham
date of Aug. 28 state: "Producers
not quioting.
Information from
Munitions. Minister Howe, Can¬
ada, announced last week that all
on
meet
from overseas."
San
bids:
products have been removed.
to
cease
the
to
open nursery
tne
country,
service
men,
must continue to
work until their husbands return
at
$118.
lent
as
how
which
terminates
Oct.
31, has
caused President Truman to seek
a
solution through
market for the metal.
accepted in full).
in this market
which will
from
dential
con¬
announce¬
being made in
Washington on Aug. 23. This ac¬
tion
carried no
weight in the
dian producers hope
share of business in
for a larger
High Grade
centers
communities all
ment to that effect
sellers
of
keeping
througnout
had asked
OPA has suspended
price
trol
gets going on a
large scale, stocks of High Grade
are
expected to increase. Cana¬
.
vely,
52.000
to be dated
,
again^tT^001"
52.000
29
Quicksilver
the total on hand
only 19,536 tons. In
Zinc
npo
st
Sta¬
of
refiners,
the
Government's
stockpile now amounts to roughly
90,000 tons, which compares with
1,032
100.0
52.000
52.000
52.000
addition to the stocks in the hands
77,3
,
52.000
52.000
at 51.125c per
pound.
creased during July to 41,145 tons.
The gain in stocks has been steady
ever
since the beginning of the
6,234
4,690
on
Metal
in
of
of
12,477
a
?
of
June, and
tons in July last year.
1,497
Actually have in custody in their own or leased storage. tStocks at re¬
ulk teri"inals, in transit and in pipe lines.
sNot including 1,573,000
barri
kerosene, 4,960,000 barrels of» gas oil and distillate fuel oil and 9,356,000
comnar
?esidual fuel oil produced during the week ended Aug 25, 1945, which
the
J1.627,000 barrels, 5,344,000 barrels and 9,934,000 barrels, respectively, in
resncnff,06!
? week and 1.424,000 barrels, 4,486,000 barrels and 8,558,000 barrels,
firmrino
bate
pro¬
refineries
tistics reports. Production in July
amounted to 40,300 tons, against
5,559
ln
for™!
early
an
difficulties.
domestic
"JlL ,des
<5tnr.tr
for
the
to 36,597 tons in July,
39,658 tons in June, and
42,966 tons in July last year, the
1,393
+
—
of
amounted
2.876
13
52.000
52.000
52.000
Chinese,
conditions
against
5,746
2,381
108
85.8
favorable
at
1,489
17.1
85.8
but
Shipments of refined lead
duced
2,804
,aviation and military gasoline, finished and unfinished, title to which
the name of the producing company; solvents, naphthas, blending
crS, cu"fntiy indeterminate as to ultimate use, and10,657,000 barrels unfinished
m 11,1
week- compared with 13 705.000 barrels a year ago.
These figures do
still
more
89.6
•
basis
AuS- 26. 1944
are
84.4
72.1
87.3
during
the recent low of 65,000 tons.
55.9
,
Grade
270
796.8
M.
vilian
Other
7,733
Arkansas..
basis Aug.
is, 1945*L S. B.
Ci-
tary and
494
Louisiana Oulf Coast"
Total U. S. B. of
M.
basis Aug.
25, 1945_
Total U. S. B. of
Mill-
of Residual
Fuel oil
11,091
Rocky Mountain—
•
Fuel Oil
285
1,210
4
& Dist.
Blended
2,291
89.3
3
Gas Oil
Inc. Nat.
tStocks tGasoline Stocks
69.2
•255
___
of
at Ref.
101.5
768
District No.
District No.
duction
Sales
settled,
year,
when
amounted to
101
396
California
tStocks
803
59.8
No. La. &
Pro-
76.8
78.3
,
V;
age :erated
87.2
Inland Texas
Texas Gulf Coast
been
Stocks
99.5
AppalachianDistrict No. 1—___
District No. 2„
•
month.
a
yet
1945
{Gasoline
% Dally Crude Runs
District-
tons
the last week involved 2,348 tons.
The strike at Federal has not
hands
unreported
—.
OF
STOCKS
DISTILLATE
AND
(Figures In thousands of barrels of
East
impression that con¬
sumption is holding at about 60,000
38,626
GASOLINE.
RESIDUAL
Committee
PRODUCTION
sufficient
was
to create the
1945.
exempted
STILLS;
9%.
Demand for lead
adjustment
exemptions
were
—42,300
4.891,550
entirely and of certain other fields for which
were ordered for' from
2 to 15 days, the entire S+ate was ordered shut down
-or 5
days, no definite dates
during the month being specified; operators only being
Required to shut down as
best suits their operating schedules cr labor needed to
operate leases, a total
equivalent to .5 days' shutdown time during the calendar month.
RUNS
time the reg¬
48,050
12,000
shutdowns
CRUDE
same
20,400
50
4,900,900
which
At the
ments.
52.000
52.000
52.000
—
problem
the need of
tain
52.000
52.000
ulations
115,050
—
46,700
952,000
be
shutdowns
fields
by WPB, which, among
other things, should divert more
metal into the production of
pig¬
300
—
20,350
tOklahoma, Kansas, Nebraska figures
iThis
eased
900
115,050
recommendations
of
be
to
Nov.
52.000
flask,
about
are
24,300
22,000
105,000
derivatives
Includes
Lead
restrictions
69,450
118,200
3,948,900
Total United States
production
be
is believed in copper circles here.
29,150
—
-
*PAW
not
in
it
64,350
+
28,400
—
Total East of Calif.
California
several
will
copper
taken up,
450
65,750
28,000
47,000
__
New Mexico
gas
Canada
through Oc¬
the purchase of
on
tonnages of
Oct.
28—
27—
to increase to around
4,650
•
:
25-——:
.
Aug.
Aug.
are
til-
Montana
between
as
regarding antimonial lead
to be revised,
lowering the
percentage of antimony that may
be contained in the
alloy, prob¬
(Not incl. 111., Ind.,
Ky.)
Kentucky
Michigan
Sept.
24--
362,450
6,850
+
200
__
Illinois
on the basis of
Straits quality
Forward prices were nomin¬
ally as follows:
Aug.
Lead
Arkansas
The
revision
a
per'pound for
Aug.
additional
North
on
Quotations held
52c
September
copper
copper contracts run
Total
issue of Aug. 30.
at work
was
for white
tin.
delivery will absorb the domes¬
ume, the Government's
at the end of
Actual Production
Ended
Aug. 1
380,000
Kansas
was ac¬
With current imports in
good vol¬
ables
August
Oklahoma
(FIGURES IN BARRELS)
4 Weeks
metal
25,000 and 30,000 tons of foreign
metal, market authorities believe.
Allow*
•P. A. W.
Recommen¬
The lead section of WPB last
week
lead order to release more
the
lead and other
products that have been held down
sharply during the period when
the supply situation
appeared to be uncertain. -Some
observers be¬
lieve that the revised order
will be ready in a few
days. 1 On Aug. 23
OPA announced that it has sus-«>
r——
pended price control on quick¬ trates
containing 24,718 metric
silver, aluminum, and magnesium. tons of tin in
the first seven
FEA
will
end
mica
purchases months of 1945.
This compares
abroad in December.
Inventory with 19,998 tons in the
Jan.-July
control on materials in
light Sup¬ period last year and
22,389 tons
ply continues. Demand for for¬ in
the same time two years
ago.
eign silver and cadmium
25, 1945;. and had in storage at the end of that week
week ended Aug.
46,845,000
of
month
day in excess
per
J. Metal and Mineral Markets," in its
,
stated:
crude oil production for the week ended Aug. 25, 1945 was
550 barrels, a decline of 42,300 barrels per day from the pre¬
age gross
;
,
.
.
'7.
:
'
„
„,.<r
<•
.iHhmwwH BI
'i\»4 ■
•
*!"m>1 '■'
f
7,
:
7>
•
Thursday, September 6,1945
iXX
in Philadelphia and;San ^r?n"
Quotations for cotton dropped
1.3%, reflecting the abundant supply and the
y X The Securities and Exchange Commission made public on Aug. government contracts for textiles.
The group index for_ arm p
29 figures showing the volume of total round-lot stock sales on the ucts was 2.3% below the level of a month ago and 4.0 /0 above the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
"Average prices for foods rose. 0.3% because of -the advance, for
members of these exchanges in the week ended Aug. 11, continuing fresh fruits and vegetables.
Quotations for rye and whea^flour
lower
in keeping with weakness m gram markets.
Oil the
a series of current figures being published weekly by the Commis¬
sion.
Short sales are shown separately from other sales in these average foods were 0.7% below late July 1945 and 2.5% above last
There were
•»>
'
and
cisco
IS'i?•'"■
*
kV
X
KU'
■
x
{•■'
W
*£
*' u
J
Govt. Seized Plants
price advances for eggs
decline in New York.
To Be Returned X
President Truman has issued
•//// '*•
>X:/XX
the Stock Exchange for the account of members
figures. Trading
$j
ill
;|p
-nh;
■ftl?
I
,ii
X
'ju
/'■
directing that all
and facilities seized
Government be returned
plants,
by the
mines
to their owners
as
soon
from
reported
as
practi¬
Commerce'"
cable, the "Journal of
-r-
•'
year.
an
executive order
wprp
tr
•'
a
Washington
Aug
There were no important price move¬ 20, adding that this would cover
the facilities of
Montgomery Ward
(except odd-lot dealers) during the week ended Aug. 11 (in round- ments for other commodities during the week. Mercury quotations
& Co., seized for defiance of
War
lot transactions) totaled 1,962,745 shares, which amount was 17.30%
dropped 3.2% continuing the downward movement which has per¬ Labor Board
orders,
as well as a
of the total transactions on the Exchange of 5,674,200 shares.
This sisted during most of 1945.. Ergot prices advanced 4.6% and there
number of other plants and
compares with member trading during the week ended Aug. 4, of were slight increases for bituminous coal, sand and gravel, and.
properries how^.Tuii by- governmental
1,378.040 shares, or 17.38% of the total trading of 3,965,850 shares. lime. Boxboard declined fractionally/ These changes did not affect
agencies.: No time limit was set
'On the New York Curb Exchange, member trading during the week
the group index for all commodities othet^ than'farm productS>aim
in
the order for return of
ended Aug. 11 amounted to 385.235 shares or 14.31% of Jhe total
food!, which remained at 100.1% ot its 1926 average, >1.4%-above seized properties, the "Journalthe
of
volume on that exchange of 1,345,985 shares.
During the week ended the corresponding week of last year." ;
/
;
Commerce"" continued, * but
the
Aug 4 trading for the account of Curb members of 306,860 shares
The Labor Department also included the following notation in its
White House announced that Wil¬
was 15.96% of the total trading of 961,490 shares.
report:
*'• :r";
•" *.
;
^
liam H. Davis, Director of Eco¬
ff®Ul Round-Lot Stock Sales on the New York Stock Exchange and Round-Lot Stock
Note: During the period of rapid changes caused by price con¬
nomic Stabilization had reported
Transactions for Account of Members* (Shares)
trols, materials allocation, and rationing, the Bureau of Labor Sta¬ that
action
WEEK ENDED AUGUST 11, 1945
already
had
been
Total for week
tistics will attempt promptly to report changing prices,
indexes
started for their return to private
JL Total Round-Lot Sales:
239.460
must
be
considered
as
preliminary
and
subject
to
such
adjustment
owners it was added.
t
Short sales..
5.434.740
tOther sales
and revision as required by later and more complete reports.
Heads of Government agencies
The
following
tables
show
(1)
indexes
for
the
past
three
weeks,
5.674,200
Total sales.
operating the plants were directed
for
July 28, 1945 and Aug. 26, 1944 and (2) percentage changes in
B Round-Lot Transactions for Account of Members,
by the President to
determine
Except for the Odd-Lot Accounts of Odd-Lot
subgroup indexes from Aug/18, 1945 to Aug. -25, 1945.
how soon they can be returned
on
Commodities
"Other
—
_
'
*.
,+i >
-
1-:
■
m
f ;';rr ■
<
Dealers and Specialists:
1. Transactions of specialists In
,
>
s
;
XJf-
WHOLESALE PRICES
stocks in which
registered—
Total purchases.
*
642.100
■
£06.970
tOther sales—
;:xfr!
m-
8-25
Commodity Groups—
11.08
615.500
Total sales.
J. Other
i*p
transactions initiated on the floor—
Farm
22.600
iC\H'
Hides and leather
f. Other transactions
Total purchases
"it* £ •"
!
'
*
'
Initiated off the floor-
products
Bousefurnishing goods
Miscellaneous commodities
Chemicals and allied
175.680
•:.••.
f#
'
'
Total purchasesShort sales.
989.895
Semimanufactured articles
152.630
Manufactured products
820.220
All commodities other
17.30
'
•■
Round-Lot Stock Sales on tbe New York Curb Exoknafu
Transactions for Account of Members*
(Sharso)
Ttitl
<:'r$4
-I
'
i
A. Total Round-Lot
t, Xu-
«
1945 1944
105.8 r 103.5
126.7
127.0
128.3
129.7
121.8
106.6
106.3;
106.9
107.4
104.0
118.5
118.%
118.5
118.5
116.6
99.1
99.1
97.6
85.2
-84.8
83.7
0
1Q3.8
©
AUGUST 11,
-99.1
v
104.8
104.8
117.3
117.3
95.2
95.2
95.5
106.2
106.2
106 2
106.2
106.0
0"
>. 94.6
^ 93.3
0 *•
118.5
112.5
95.3
95.2
>93.9
y:
102:0
101.9
101.0
i
94.6
94-6
117.7.
95.4:
102.1
100.7
100.8
100.1 :
99.9
.•
-
k
18,
1945. TO
99.8
and
Pruits
Bituminous
1.331,285
coal
it
•
1
,**£•'
'•'• /
s
.
1 Other sales.
128.155
&■
Civil
Civil
19.570
Total s&les.
li1
37.765
600
54.145
Total sales„
//if
jS
4. Total—
W
i;
54.745
177,180
Short sales
•;7,«
,*
6.185
tOther sales.
X '/*?
3.44
....
Total purchases.
'
■
1.55
201.870
i'H
'jji
'
'
'
:
.
'*1
Customers' short sales.
0
ICustomers* other sales.
54.317
Total purchases.
54.317
Total sales.
46,993
#
|
ft"
"members"
*The term
includes all regular
firms and their partners, including special partners.
|;. |
compared with twice the total round-lot volume on
♦
-
"71*
calculating
these
percentages
the
for
Exchange
volume includes only
J Round-lot
'
rules
MS-
105%
total of
v
,
members' purchases and sales is
the Exchange for the reason that
it
are
short sales
included
which
are
with
:
v
1%
"other sales."
Total U. S.
Primary market prices were generally stable, except for agri¬
commodities, during the week ended Aug. 25, said the U.
cultural
X
S.
it
in average
.
tiv
I'
fi
Department of Labor on Aug. 30. It reports that a slight decrease
prices for farm products counterbalanced an increase for
foods, leaving the Bureau of Labor Statistics'
index of commodity
prices unchanged from the preceding week at 105.5% of the 1926
average." Since the end of July the index has declined 0.3% to a
level 1.9% higher than in last August, 1944, according to the Depart¬
ment which also reported:
: +
"Farm
Products
and Foods—Lower quotations for grains and
L
acceptable-for dis¬
by surface means
are
patch by air
<.
0.3
.." -
.
The
or
Czechoslovakia.
face
0.1
0.1
x-
-
rates for letters
post cards to be sent by sur¬
and
^
postage
transportation is 5 cents for
the first
next
ounce
for
rate
and 3 cents for the
for letters, and 3 cents
ounce
cards.
post
dispatch
for
intended
subject to the postage
of 30 cents per half-ounce or
by air
are
fraction.
/
Private
Construction
Construction
__________
and
Federal
Municipal
___________________
Aug. 30, '45 Tr Aug. 23, '45
(five days)
$35,300,000
J
.
19.084,000
16,216,000
12,490,000
3,726,000
In the classified construction groups,
.
Aug. 31, '44
(four days)- (five days)
$22,990,000
$60,282,000
5,034,000
7.267,000
17,956,000
531015,000
: 8,518,000
6,104,000
9,438,000 ' 46.911,000
gains
over a
week ago
are
in sewerage, bridges, industrial buildings, and streets and roads. In¬
creases over the corresponding 1944 week are in waterworks, sewer¬
age,
bridges, industrial buildings,-and streets and roads.
for the week in each class of construction are: waterworks,
Subtotals
special-delivery,
Registration,
and
parcel-post
not available.
money-order,
services
are
NYSE Odd-Lot Trading
The
$546,000; bridges? $870,000; industrial buildings, $17,175,000; commercial building and private mass housing, $500,000; public
buildings, $3,418,000; earthwork and drainage,^ $730,000; streets and
sewerage,
It is made up of $11,423,000 in state and municipal bond
$21,000,000 in corporate security issues. The week's financ¬
public
made
on
for the week
ended Aug. 18 of complete figures
showing the daily volume of stock
transactions for odd-lot account
of all odd-lot dealers and special¬
ists who handled odd lots on the
Aug. 29
a summary
New York Stock Exchange, con¬
tinuing a series of current figures
being published by the Commis¬
sion.
The figures are based upon
reports filed with the Commis¬
sion by the odd-lot dealers and
specialists. ; X./♦ \
STOCK
THE ODD
FOR
TRANSACTIONS
DEALER*
LOT ACCOUNT" OF.ODD-LOT
THE N. Y.
STOCK EXCHANGE
SPECIALISTS
AND
Week
Ended
ON
18, 1945
Aug,
Odd-Lot Sales Ly Dealers—
Number
of
orders!
Total*
For Wee*
/ Number
of
shares_"____.
>
/ Dollar value JX-
,
.
"/
(Customers'purchases)
.
-
419,917
$16,263,868
-
Odd-Lot Purchases bv"Dealers—
:
•
(Customers' sales)
Customers"
X
'Customers"
short
T
saies____
\-
of
1*?
-
'
14,290
-
14.437
other sales—X
X
Customers' total sales_^
Number
/'
,
;
Number of Orders:"'
roads, $6,090,000; and unclassified construction, $5,034,000./
New capital for construction purposes for the week totals $32,423,000.
Exchange
and
Securities
Commission
$937,000;
Shares;**;
4,882
370,125
-
Customers'
short
sales.
^Customers'
other
sales—
-
3'
X Customers* total sales
Dollar
sales, and
ing brings 1945 volume to $1,601,763,000+a total 0.2% above the
than offset higher prices for fresh fruits and $1,598,152,000 recorded for the 35-week period in 1944. : I ;.
// _>
vegetables, reduced the group index for farm products 0.2% during
Postwar Construction Planning Volume $22.4 Billions 1 r'";the week. Rye quotations were off 4.6% with reduced demands for
Identified and recorded engineering projects proposed for con¬
food and distilling.
Barley, oats, and wheat were also lower, re¬
struction in the postwar years total $22,423,112,000 according to
flecting larger supplies. Corn advanced fractionally. Prices for cows,
reports to Engineering News-Record in the period from Jan. 1, 1943
calves, and steers declined with the heavy run of grass fed animals
through Aug. 23,1945.; Plans are under way or completed on postwar
to market Sheep quotations were fractionally lower.
There were projects valued at $10,188,433,000, 45% of the total volume proposed,
sharp advances for, lemons and oranges. Apples increased in New and on
$1,748,687,000 worth of projects all financing arrangements
York reflecting a ceiling adjustment, and in Portland, Oregon, but have been completed.
■.-.. ■■-.X/XXX
declined in Chicago. White potatoes and onions declined seasonally.
livestock, which more
post cards
to destinations in
.
exempted from restriction by the Commission's
SSales marked "short exempt" are included with "other sales."
V
$■- '<
> '
;
.
State
i:X
V'
•
and
State
-
1
V-
from
municipal construction, $218,880,000,,is 30%> above
last year.
; ~ '
'
*
.
Civil engineering construction volumes for the current week, the
short preceding week, and the 1944 week are:
ume.
,
Wholesale Prices Unchanged in Week /
Ended Aug. 25, Labor Department Reports
S:£
V r
•
$1,261,642,000
construction,
$393,911,000, is 45% higher than in 1944, but public construction,
$867,188,000, is down 12% due to 21% decrease in federal vol¬
sales.
+.;X
1 f
+1.4
greater than a year ago.
construction brings 1945 volume to $1,261,-
4'
^;i
+0.3
G99,000 for the 35 weeks, a figure slightly under the
reported for the corresponding period in 1944. Private
Public Construction
■">*'
98.7
0
the
.
the
I??#*-' 5^
*;
partment at Washington: that let¬
ters not exceeding 2 ounces and
99.5
construction volume in continental United
for the week. It compares with- $22,990,000
.
and associate Exchange members, their
¥J f
'
■
received from the Post Office De¬
+
+0.2
'
on
1.1
+ 0.2 :
0;
•
by
:
+1.3
oVj.
-0.1
.
made
Goldman
Aug; 30 that information has been
The current week's
14.31
"
/>' !
ft*-
-
208.055
O. Odd-Lot Transactions for Account of Specialists—
jr-
*
*
•
S
,
Postmaster "Albert
0.2+^.1.6
holiday-shortened preceding week, is 41% below
corresponding 1944 week, but is 3% above the
previous four-week, moving average as reported to "Engineering
News-Record. The report, made public on Aug. 30, added: Private
construction for the week exceeds the 1944 week's volume by 163%
and for the sixth time this year tops the week's public volume.
Public construction is 69 % under a year ago as a result of the 92%
drop in federal work, inasmuch as state and municipal construction
total
-
Total-sales
v-w
engineering
for the week is
/XX
•
Mail to Czechoslovakia
Announcement 3 was
reported for the
the
J
tOther sales
X*
,
21.070
Total purchases
Short sales
«e
I!■'*
+ 3.9
products _———__
Paper and pulp____J____^/__iui^ii:_
0.6
States totals $35,300,000
S. Other transactions Initiated off the floor—
S.5
■
1.4
Engineering ConstractioB Volume
$35,300,000 for Week "
9.32
1.500
tOther sales
x:r
•"'*-1
—
+:i.4
Cereal
0.6
—
I
20,650
Short sales
7
•
*
.•#
.
0
.
Articles
132.240
Total purchases
^
*
'U|
:
-0>.,
1.9
+ 0.2
0
each
4.085
Total sales.
t
;
1
poultry
2. Other transactions Initiated on the floor—
v-
+
—0.2
0.1
It is stated:
.*
owners
control of all plants the same day.
118.765
Short sales.
:
■
and
Grains
Total purchases
•
r;'' x.y/
►
they are regis terea—
M
V-r
.
Livestock
Transactions of specialists in stocks In which
i/fr
A!
-
1.6
AUG. 25, 1945
_——:.
properties
+ 1.0
1.345.985
S. Round-Lot Transactions for Account of Members:
1.
+
.
Other farm products
1.9
vegetables
ac¬
1.9
+
o>
—
■'Decreases
ffi ?
-
0.6
4
INDEXES
seized
gradually, although speedily. He
added that no attempt would be
made
to
relinquish Government
Increases
14.700
Total sales.
s
0
Total lor week
Sales:
2.5
+
5.4- 0.8
116^)
100.6
~
+
the
that
would be returned to their
-1.5
.
.>0
95.3
CHANGES IN SUBGROUP
PERCENTAGE
-
118.2
116.9
said
*
104.8
94.6
4.0
Mr. Davis.
statement
a
'
95.3
100.1
■took
0
0;
'
than farm
1945
Short sales
lOther sales.
■
—0.7
0
0.
+
in
latter
companying the President's order
8-26
—2,3
—0.2
118.2
116.9
The
v
104.8
10G.8
All commodities other
AUG.
ENDED
1945
105.7
102.1
:
•»
WEEK
1945
105.5
'"85.3"
with the approval of
♦
1245./ 1945.1944
0
—0.3 +1.9
1945
99.1
/
:
-
7-28
8-1C
8-26
7-23
than farm
products and foods
'
<xl
!
972.850
Total sales.
8-11
85.3
>
L
8-18
95.4
:
products
A
4v
—
Raw materials
tOther sales.
.
3.37
197.180
Total—
4.
t,
.
•
materials
Building materials—
21.500
Total sales.
.
Metals and metal products—
184.775
iOther sales.
i|'f
products-
Textile products.
Fuel and lighting
Short sales.
f
2.85
160.170
Total sales.
X;r;f.
products
Poods
137.570
/
i Percentage change to
Aug. 25.1945, from—
;
105.5.
163.020
Total purchases
*
Short sales
tOther sales.
■■
-
,
Ail commodities
h
1
*
108.530
Short sales
H-t
i ;*¥$
AUG. 25. 1945
FOR WEEK ENDED
...(i926^=ioo
they are
j!
$14.33
value
Round-Lot Sales by Dealers—
*'•
*
*
:
Number of Shares: >
Short sales _X_—_i-—
I
XOther sales
Total
"
-
1
sales
.
„
-9
94.68
Round-Lot Purchases by Dealers—
-
*
Number
*Sales
ported
of
marked
with
115,6®
"
shares
exempt"
"short
"other sales."
,
are
r«
k
to offset customers'
odd-lot order
and sales to liquidate a long
is less than a round lot are
position whicreported wit
t Sales
"other sales."
"
:
: ~
-r: :
^ :
Number 4418
162
Volume
THE COMMERCIAL
Freight Car Loadings for the Week
Ended Aug. 25,1945 Increased 200,594 Gars
Revenue
\
a
/-vl
—.
4»
-4> t>>
;
*~v
'
~
4««aa1w
J
\
a.
J
A
_
_
'
-
ri
Railroads
Alabama, Tennessee
i-
freight for the week ended Aug. 25, 1945,
853,426 cars, the Association of American Railroads annnnnced Aug. 30.
This was a decrease below the corresponding week
nf 1944 of 51,445 cars, or 5.7%, and a decrease below the same week
in 1943 of 50,631 cars or 5.6%.
•
Loading of revenue freight for the week of Aug. 25 increased
Loading of revenue
.
30.7% above the preceding week which included V-J
200,594 cars, or
^^M^cenaneous
freight loading totaled 354,307 cars, an increase of
fil 945 cars above the preceding week, but a decrease of 49,462 cars
hplow the corresponding week in 1944.
Loading of merchandise less than carload lot freight totaled 106,929 cars an increase of 15,523 cars above the preceding week but a
decrease of 3,644 cars below the corresponding week in 1944.
Coal loading amounted to 180,264 cars, an increase of 90,261 cars
preceding week, and an increase of 1,850 cars above the
the
oVmve
corresponding week in 1944.
Grain and grain products loading totaled 66,768
cars, an increase
above the preceding week and an increase of 17,44L cars
corresponding week in 1944. In the Western Districts
alone
grain and grain products loading for the week of Aug. 25
totaled 47 226 cars, an increase of 9,263 cars above the preceding week
and an increase of 12,394 cars above the corresponding week in 1944.
Livestock loading amounted to 16,457 cars, an increase of 2,273
cars above
the preceding week and an increase of 538 cars above
the corresponding week in 1944.
In the Western Districts alone load¬
ing of livestock for the week of Aug. 25 totaled 12,377 cars, an in¬
crease of 1,694 cars above the preceding week, and an increase of 233
cars above the corresponding week in 1944,
Forest products loading totaled 42,625 cars, an increase of 5,209
cars above the preceding week but a decrease of 9,766 cars below the
corresponding week in 1944.
Ore loading amounted to 75,251 cars, an increase of 12,334 cars
above the preceding week, but a decrease of 6,311 cars below the
corresponding week in 1944.
Coke loading amounted to 11,725 cars, an increase of 178 cars
above the preceding week, but a decrease of 2,091 cars below the
corresponding week in 1944.
of 12 871 cars
All districts
reported decreases compared with the correspond¬
1945
1944
1943
4
Weeks
of
January..-
3.001,544
3,158,700
4
Weeks
of
February.
3,049,697
3,154,116
2,910,638
3,055,725
5
Weeks
of March
4,018,627
3,916,037
3,845,547
4
Weeks
of
3,374,438
3,275,846
& Northern
Charleston & Western Carolina
Clinchfield
Columbus & Greenville
Durham & Southern-.
Florida East Coast
IIIII
Gulf, Mobile & Ohio
Illinois Central System
Louisville & Nashville
III
Macon, Dublin & Savannah
Norfolk Southern
Piedmont Northern
"
;
Winston-Salem Southbound
Great Northern
Green Bay & Western
Lake Superior &
Total
Alton
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois—1
Illinois Terminal
July——.
3,378,266
3,459,830
3,455,328
Missouri-Illinois
863,910
870,007
889,594
Nevada Northern
895,181
872,133
887,164
886,623
891,340
Peoria & Pekin Union
904,371
904,057
28,321,300
27,341,399
The following fhble is a summary of the freight carioadings .tor
LOADED
RECEIVED
AND
(NUMBER OF CARS)
FROM
.
Eastern District—
;
Bangor & Aroostook
Boston & Maine_«
—i._
:
...
Chicago,vlndianapolls & LouisvilleA,
Central Indiana
Delaware & Hudson—
Delaware, Lackawanna
& Western
Detroit & Mackinac
Erie
'
,,
Lehigh & Hudson River—
Lehigh & New England
Lehigh Valley
" IIIII—
Erie
——— w—■
1,142
5,048
8,153
1,096
6,492
7,843
166
Ligonier Valley
Bong Island
Co._
Midland Valley
Missouri & Arkansas
12,292
610
643
303
338
280
495
3.289
3,023
3,289
3,538
4,557
1,090
956
975
1,446
2,211
628
403
389
360
877
1.145
531
450
443
6,168
9.780
9,329
10,166
22,914
6,340
8.688
24,977
20,323
24,853
699
597
920
816
8.637
24,142
,
21,021
20,846
21,512
2.388
2,745
2,845
23,040
13,862
2,901
3,443
4,141
22,070
4,269
9,151
4,503
11.333
3,605
29,200
28,887
31,116
545
365
4,277
1,307
1,587
418
520
9,331
8,532
6,914
9,620
380
479
63
24 578
24,578
78
27,390
26,376
7,582
6,905
438
464
459
759
932
2.138
2,521
2,968
78
78
2,597
2,261
2,188
1,952
2,537
8.000
7,701
11*967
11.967
8,306
2,970
3.282
13,187
12,595
5,238
6.161
209
150
261
548
621
2.656
3,194
2,816
2,949
3.329
140.554
147,009
148,379
58,852
67,343
54,595
17.671
821
1,138
2,980
2,947
6,229
6,638
1,448
6-, 956
11,426
15,346
367
425
685
1,266
2,388
7,576
9.650
6,688
7,524
6.543
7,770
7,567
5,413
5,286
5,230
708
928
998
193
299
1.391
1,333
1
22
413
168
227
1,139
1,987
2.658
967
1.051
9,693
11,723
4.440
156.925
164.777
170.712
177,256
226.192
11,114
13.090
2,851
1,017
4,654
5,750
1,918
2,826
management the nostrike, no-lockout pledge, leading
3,777
5,032
5,619
5,963
6,708
to
members
the
833
77
38
1,212
1,644
2,345
2,065
2,422
2,003
2,015
2,014
1.513
1,304
1,083
637
757
nation's
1.473
1,531
2,134
84
105
1.112
1,280
1,160
leaders
978
982
1.259
29.241
4,164
1,164
1,963
t
t
318
t
t
1.641
1,198
1,851
14
5
6.077
7,053
7,379
14,526
21,177
469
561
666
31
56
May 19
184
235
234
11
11
May 26—
of
this
Period
1945—Week Ended
20
0
0
12,955
14.466
and AFL President William Green
327
1,588
1,984
351
19,713
16,757
16,660
18.958
679
485
6
5
have met, and Mr. Green has con¬
ferred with John L. Lewis, head
of the United Mine Workers—^but
576.
2.127
2,326
2,338
4,554
5,322
138.762
140,641
133,386
89,509
107.902
the
5
May
May 12
—
126,285
129,327
r
439
2,695
ment
Mr. Schwellenbach said he would
talk to Mr. Lewis and heads of
2,661
2,872
t
326
2,953
t
3.550
t
4.024
5,489
6,144
2,726
3.450
2.703
t
4,203
3,139
2,235
2,903
304
264
344
1,135
1,342
1.551
1,145
725
1,682
1,544
9,227
7,947
8,481
2,737
5,217
6.528
ence
13,583
5,305
5.817
4.723
5,685
by
5,891
6,259
7.402
384
5.101
20,093
118
84
130
119
406
9,982
-
tlncluded in Baltimore & Ohio
RR.
.
was
Mr.
indorsed, was attended
Schwellenbach,
Recon¬
version Director John W. Snyder,
Green,
Murray,
President
the
of
United
Eric
States
Chamber of Commerce and Presi¬
dent Ira Moshpr of the National
Manufacturers.:''!
Lumber Movement—Week*
Ended Aug. 25, 1945
a
represent
lumber
,
83%
of
the
total
statement each week from each
on
so
the
a
figure which indi¬
time
operated.
These
that they represent the total
...
Remaining
Tons
>
Percent of
Activity
Current Cumulative
605,892
97
95
602,717
565,867
94
95
97
95
95
95
96
95
115,768
491,287
June 16
81.686
91.071
88,288
53,554
66.189
June 23
13.865
15,268
16,225
21,149
29.158
June 30
11.222
18,765
21,312
4,354
6.884
4.270
4.810
4.361
9,718
i 12.553
July
7
July 14
July 21
July 28
129,618
—
Unfilled Orders
53.7,182
3,081
u
;
166,083
156,447
180,155
99,960
151,085
145,797
121,864
156,619
Aug.
Augv
Aug.
25
Notes—Unfilled
V
96
95
499,505
96
95
575,918
62
94
575,134
537,639
507,758
90
94
96
94
127,772
156,519
223,467
153,694
577,024
157,653
582.785
82,362
153,368
109,034
532,186
r'•94
; 67
131,952
161,763
488,289
99
'
95
-:>■
orders of the prior week, plus
;
.
of
unfilled
orders.
: J'
:■..V.
.
;
National
Barorfteter
production
orders
the
of
those
mills
1.2%
less
filled
order files of the
than
were
Un¬
production.
mills amounted to 90%
For
week^ of
Ill the sameIwfeek
Aug. 23, 1945.
new
re¬
Lumber
1.9% be¬
were
for
reporting
of stocks.
reporting softwood mills,
filled
orders
days'
production
are
For the year to
reporting
ceeded
equivalent
at
the
un¬
to"
30
current
date, shipments
identical
mills,ex¬
production by 3.9%; orders
by 7.4%.
Compared to the average
94
i
corre¬
sponding week of 1935-1939,
pro¬
94
orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made necessary adjust¬
ments
low
of
94
93
Trade
the
rate, and gross stocks are equiva¬
94
y,
94
shipments of 453 mills
porting to
lent to 32 days' production,
'
24.615
groups,
Association of
159,230
157,932
1,838
20.956
well
as
3,254
309
3,534
16,237
95
2,078
--57,713
industrial
11,678
151
5,811
18,508
97
1,868
'
the railroad brotherhoods
as
8.672
189
6.072
17,837
93
1,764
58.406
labor-manage¬
invited, and
if
2.895
127
6.403
18,141
97
189,674
57.300
conference
before the
preliminary meeting next week.
The
preliminary
August
24
meeting at the White House, at
which the principle of a confer¬
532,257
546,211
575,167
168,204
9—
2,415
he
477
2,018
157,794
153,359
159,228
2
June
1,599
the
282
5,760
161,764
153,111
158,532
June
4,957
attend
indicated
5,690
223,162
152,208
46
4,514
has
1.078
Tons
4.515
4.697
would
began.
war
Lewis
289
Production
48
7.993
three have not sat down to*
gether since the
3.751
Tons
3,107
6,447"
labor
present at a single
Since then M& Murray
32,722
Received
126
-22,652
influential
were
meeti ng.
4
Orders
2,073
22,293
most
208
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
160
21.154
the last time that the
was
34,247
.
2,230
14.207
That
425
production, and also
103
12,910
Labor
War
33.618
Association
2.700
~30,104
the
of
Board.
7
activity of the mill based
STATISTICAL
993
31,599
creation
838
figures are advanced to equal 100%,
21,550
31.449
labor-management
a
labor "and
868
industry, and its program included
cates
176.138
at
was
603
year's figures revised.
member of the orders and
730
132,057
It
conference in December, 1941, that
President Roosevelt exacted from
984
^
44,705
6,783
197,129
has
war.
The Associated Press added:
Johnston
The
718
196.876
the
We give herewith latest figures received
by us from the National
According to the National Lum-..
Paperboard Association, Chicago, 111., in relation to activity in the
ber
Manufacturers
Association,
paperboard industry.
"
47,290
5,649
•
WLB
the
during
12,503
Weekly Statistics of Paperboard Industry
607
:
which
handling
885
Texas & Pacific
46.016
•
differences
2,796
>
17
Government's new peacetime
policy collective bargaining is to
be relied upon mainly to settle
13,377
2,473
16
the
3.117
832
70.238
13,349
ma¬
13 592
10.362
tlncluded in Midland Valley Ry.
disputes
825
Quanah Acme & Pacific
Total—
labor
some
chinery to substitute for the ex¬
piring War Labor Board. Under
686
58,239
44,325
devise
2,854
j
Louis-Southwestern
no-
2,871
2.574
St. Louis-San Francisco
agree¬
strike, no-lockout pledges and to
Mr.
Missouri Pacific
some
place of the
'443
75,728
10,388
tinued, to substitute
ment to take the
13.042
75,444
2,381
56,395
The labor-management confer¬
ence's major objective would be,
the Associated Press report con¬
10,014
66,763
2,562
cooperate in the preparations.
20,401
8.116
9,525
Secretary of Com¬
A. Wallace, and
20,119
6,101
53,292
the
Henry
21,218
3,933
2.903
direction
76
3,831
9.519
meeting at his office, September
5, and that under the President's
4,403
3.530
49.J87
the date and place of such a con¬
would be decided > at a
14.206
Missouri-Kansas-Texas Lines
Note—Previous
pe¬
riod. Mr. Schwellenbach said that
60
46
33
dustry during the reconversion
3,134
57
454
at
a
discussion with
Truman to participate in a labormanagement conference designed
to chart a peaceful course for in-*
10,768
36
2.948
agreed
President
536
45
259
and
had
3,722
15
3,125
business
leaders
221718
83
2,429
that
union
638
54
6,275
Press
3,552
79
2,513
August 24, the
reported from
26,145
35
5,973
labor
Schwellenbach
on
'492
91
2.500
Associated
B.
3 6Q3
Weatherford M. W. & N. W
6.121
press
26.031
Wichita Falls & Southern
2,012
Lewis
the
ference
12,281
•
2.660
Total-
17,683
9,737
186
473
*
■IT
\
14,120
25,447
202
1.369
174.768
Norfolk & Western
Virginian
29,152,
26,096
217
17,804
Total
Pocahontas DistrictChesapeake & Ohio
28,718
26.526
1.195
Louisiana & Arkansas
industry.
Western Maryland
4,357
1,989
1,080
3,680
_
4,083
13,074
345
_
4,256
327
2,036
6,045
(Pittsburgh)—IIIII—.
4,193
,
Labor
Washington,
27,218
13,673
5,834
IIIIII
4,824
99
325
1,944
339
Seashore Lines
Pennsylvania System
708
100
13,637
5,614
Penn-Reading
2,482
24
50
' 375
5,659
Pennsylvania
2,378
543
n 787
District-
&
1,315
815
Kansas, Oklahoma & Gulf
St.
399
Cornwall
59
1,393
122
announce¬
ment
of
plans in prospect for
gearing the Government's labor
machinery to peace, Secretary of
told
1,310
Conference
on
Following his earlier
Southwestern District—
Texas & New Orleans
133
209
224
308
51
10
Total
2,183
5.704
& Youngstown__
Baltimore & Ohio
Bessemer & Lake
Erie———
Buffalo Creek &
Gauley.
Cambria & Indiana
Central r. r. of New
Jersey
1,357
Utah
12,451
6,037
———
1,209
6.903
Western Pacific-
10,238
"
—^.iA
1,282
City
Union Pacific System
2,080
2.057
'•
783
3
Southern Pacific (Pacific)
Toledo, Peoria & Western
9,353
8,238
IIIIII1 I
Akron, Canton
Union
44
14,707
Rutland
Reading
47
1,145
a-
Cumberland
41
9,089
& Lake Erie
Allegheny
28
197
Pittsburgh & Shawmut———I
Pittsburg, Shawmut & North
Pittsburgh & West Virginia——
"™—
2.045
9,006
Pere Marquette
Total
14,203
1,731
2,159
Susquehanna & Western—
_
521
11,809
1,354
197
New York Central
Lines
_
844
6,729
1,385
8,757
~
„
& Lake
1,304
6.941
1,212
2,308
N.X, N. H. & Hartford
York, Ontario <fe Western—
New
York, Chicago & St. Louis__
Wheeling
1,326
7,021
1,119
848
817
Litchfield & Madison
204
New
Wabash
1,385
9,056
Maine Central
Pittsburgh
1944
1,332
—2,209
__
Montour
N. Y.,
1945
245
1.790
_!
.
Grand Trunk Western
Monongahela
1943
259
4,784
720
22.650
Kansas City Southern
1944
303
Detroit, Toledo & Ironton
Detroit & Toledo Shore Line
Connections
421
7,719
1
Received from
1945
34
2,952
215
104
118.827
International-Great Northern—
Total Revenue
Freight Loaded
614
fV
Central Vermont
2,362
350
110
1,296
Gulf Coast Lines
Total Loads
Ann Arbor
1,682
199
86
Burlington-Rock Island
CONNECTIONS
WEEK ENDED AUG. 25
Railroads
1,756
240
840
North Western Pacific
the separate railroads and systems for the week ended Aug. 25, 1945.
During the period 55 roads showed increases when compared with
the corresponding week a year ago.
REVENUE FREIGHT
1,791
1,616
92,355
Colorado & Southern
August 4
Week of August 11—
Week of August i8—
853,426
3,851
1,541
5,483
398
144
Bingham & Garfield
of
27,880,386
3,785
409
Agree
been
Atch., Top. & Santa Fe System
4 Weeks
25—
3,777
459
Central Western District—
Fort Worth & Denver
August
3,670
121,010
Northern Pacific
3,363,195
of
9.886
133
Spokane International
Spokane, Portland & Seattle
4,003,393
Total
7,420
121,718
Ishpeming
3,152,879
Week
11,710
143
Minneapolis & St. Louis
Minn., St. Paul & S. S. M
4,338,886
*
10,739
other government officials would
3,441,616
652,832
9,965
118.354
Chicago, Milw., St. P. & Pac
II—"
Chicago, St. Paul, Minn. & Omaha_I_1
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic——"I
Elgin, Joilet & Eastern
Ft. Dodge, Des Moines & South
I
3,452,977
of
1,234
597
Chicago & North Western
Chicago Great Western
4,364.662
Week
334
2,571
780
merce,
June
April
265
1,993
717
Northwestern District—
of
May_
1944
Total
5 weeks
of
1945
659
~
Denver & Rio Grande Western
Denver & Salt Lake
4 Weeks
433
306
Richmond, Fred. & Potomac
Seaboard Air Line
Southern System
Tennessee Central
376
825
Mississippi Central
Nashville, Chattanooga & St. L
1943
917
Gainesville Midland
Georgia
Georgia & Florida
Connections
1944
863
Atlanta, Birmingham & Coast
Business-Labor Heads j
Received from
1945
684
Atl. & W. P.—W. R. R. of Ala
.
ing week in 1944, and all reported decreases compared with 1943 ex¬
cept the Centralwestern.
Total Revenue
Freight Loaded
Atlantic Coast Line
Central of Georgia
the
above
US'*
Total Loads
Southern District-
totaled
.
& FINANCIAL CHRONICLE
duction
7.8%
of
less;
reporting
shipments
mills
were
less; orders were 2.6% less.
^■1—ay.
was
5.1%
Mil
jii.!
mi
SJ'Jf
\
H;t
The Board of Directors of Man¬
dition to its main office at
ufacturers Trust Company of New
York has
declared the regular
change Place, Jersey City.
'
■
t-.V-H
.
quarterly dividend on the bank's
capital stock in the amount of 60
cents per share, payable on Oct.
1, 1045, to stockholders of record
on
Sept 10. This represents the
dpfi
increased annual dividend rate of
'm.\
$2.40 per share on the 2.062,500
shares of
capital stock outstand¬
ing as contemplated by the plan
of readjustment of capital recent¬
ly completed by the Company.
W:<\ I
,)
ml
■If
jh«
1 U
t
Kf
V
At the
Board
■
tional
I
Aug.
7f'
h-k; i
The
of
Directors
Na¬
was
City Bank of New York on
29t Robert L. McCullough
appointed an Assistant Vice-
President.
He has been with Mor¬
Stanley & Co. and began his
affiliation with the National City
gan
:kH:V,fit 1; I
.■
yf
.4 -•?
.
■
SM-ift.)*
7
1
ll
■
f
If!
5
I.?®?:
*
'i
-W&if
rplf.
ft! hi
i
..U'H
if.
■
Patterson
National
associated with the
was
j ciation's constitution. These
; jgency
A
special
holders
of
of
Bank
Calvert
Baltimore, Md. will be held Oct.
16 to act upon a
provide
powers
stock-| election
of
meeting
the
provisions of the Asso-
ergency
City Bank of New York,
6. iqac
emer-
the
for
of such officers by the
member of the Nominat¬
ternate
Committee, members of the
Council, and a "State
Vice President" of each of the
ing
Executive
con-
four A. B. A. Divisions at a meet¬
vention not held by reason of a
ing of Association members held
in the absence of
Council
a
proposed increase
war or other emergency. The new
f President and Vice-President will
ital stock and to declare a 50% be elected by the Council vested
stock
dividend,
the
bank
an-1 with the powers of the connounced on Aug. 28. according to I vention.
in the amount of authorized cap-
of
conventions
the
during
the
Since
associations.
state
bankers
state
bankers association conven¬
tions could not be held this year
Further
relaxation of
controls
might interfere with
the
for
acceleration in
which
hoped
thI
post-war
construction
was initiated
by the
program
appointment
t
by the War Production Boa
construction
a
"czar," Joseph W
Keenan, the Board's Vice-Chair
for
man
Labor
Production,
who
will speed up
construction activi.
ties
necessary
for
and
will
reconversion
WPB on the
represent
recently established
inter-agencv
committee for construction.
"
Mr.
Keenan's major
immediate
assignment, said the "Journal
of
Commerce"
pointment
in
reporting the
from
its
an.
Washington
bureau, Aug. 21, wRl be to
assist
in
stepping up production of
except in the cases of a few small
scarce
construction materials.
pointing out that imme- states, the A3-A. Administrative
Bond Department, specializing in of the Baltimore "Sun," who said:
The Board's relaxation of
Committee
adopted
an
arrange¬
condiately following the official anthe handling of corporate finance.
trols, affecting facilities to be
At present the bank has com- nouncement of the Japanese sur- ment last spring whereby these
used in the
elections
to
the
rcon stock of $400,000, surplus of
Nominating
Com¬
processing
and
render, bans on rail transportaassem¬
Russell
F.
Thomes
was
ap¬
$300,000 and undivided profits of tion and restrictions on meetings mittee, the Executive Council, bling of goods and materials, the
pointed Treasurer of the Central $268,000.
"Journal of Commerce"
and
the
Divisions
couM
be
ac¬
contin¬
requiring the attendance of more
Hanover Bank and Trust Co. of
ued, is one of a series begun sev¬
It
is felt
that
the following than 50 out-of-town persons were complished. These are as follows:
New York at a meeting of the
eral weeks ago,
1. Where a
State
Association
expected
to cul¬
arrangement would make a better relaxed by the Government, the
board of trustees on Aug. 23. He
minate by the first of
is holding a meeting of its govern¬
October in
structure of the capital assets of Association
says, however, that
succeeds Charles E. Sigler. who
the complete revocation of
the bank: Common stock, $600,- httle actual improvement in hotel ing group, such as its Executive
L-41,
has retired under the bank's re¬
the construction order.
000:
surplus, $800,000, and un- facilities available is foreseeable Council, Executive Committee or
tirement and insurance plan. Mr.
Administrative
Committee,
the
The
divided profits, $163,000.
"Journal of Commerce" re¬
in the immediate future, es¬
Thomes joined the bank in 1916
A. B. A. Vice President in that port continues:
sence the start of its business in
hi the large^ centers of
and became Secretary in 1936, a
state shall call a meeting of the
The order issued
by WPB—Di¬
position he still retains. He is 1901 with a capital of 5100,000 and P°P£ftion which dunng the war members of the A. B. A.
attending rection 7 to
a past president
L-41—lists three types
of the National surplus of 520.000, the Calvert Period were des-gnated as cr.tical the State
meeting,
to
be
held
at
of construction which will
Association of Bank Auditors and Bank has been able to pay a suband plaff.for carI?"V,g„°"t the same time for
now
mem¬
stantial cash dividend each year
be permitted without WPB
Controllers.
•
functions of tne annual A. B. A. bers to the A. B. electing
au¬
A. Executive
since 1940 and also to distribute convention by emergency measthorization.
Council and to its Nominating
At the meeting of the Board of to its stockholders two 100% stock ures in irany instanres have been
Construction of factories, plants
Committee, and also to elect a
Trustees of The New York Trust dividends, one in 1923 and the completed. The adwees irom the
and other units used
State Vice President for each of
primarily for
Association
funher
state
the
Co. on Sept. 4. a quarterly divi¬ other in 1943
manufacturing, processing or as¬
mv,«
r*Ur^
AJBJL Nominating Committee has the A. B. A. divisions. It is sug¬
dend of $1.00 per share on the
gested that, in order to curtail the sembling of goods or materials;
capital stock of the company was June 30 deposits of 533,152.473 and already been elccted by members
work on units not
number of persons required to at¬
primarily used
j in several States and election of
declared payable Oct 1, to stock¬ total resources of
for industrial work if the construc¬
$34,810,289.
members of the Executive Coun- tend the meeting, an A. B. A. Ex¬
holders of record at the close of
tion is to prepare a
part of the
ecutive v Council
member
be
business Sept 14. The institution
The Wheeling Dollar Savings &
and of officers elected a member of the A. B. A. irnit for such work; and construc¬
increased its quarterly dividend Trust Co of Wheeling W Va anfour Divisions of the Asso¬
tion of facilities owned
by a man¬
Nominating Committee.
from 87*z cents to SI on July 2,
the
of S. W.
?n and °f
Association
ufacturer that are necessary for
2. If no meeting of the Execu¬
the present being the second dec¬ Harper as Chairman of the Board
handling raw materials or
Sept. 4th
on
I
Even though restrictions on travel and meetings have been
Shepard H. Patterson has been j relaxed with the end of hostilities, it will not be practicable for the
appointed manager of the credit ? American Bankers Association to hold its annual convention this
department of the Peoples Pitts- year, according to Dr. Harold Stonier, Executive Manager of the
burgh Trust Co., according to an- Association, in an announcement Aug. 31, Plans effected several
noun cement
on Aug 30 by J. O. J weeks
ago will remain in force and the election of a President and
Miller.
Acting
President., We Vice-President of the Association *
quote from the Pittsburgh "Post will be carried out on behalf of
Under
normal
procedure
Gazette" which reports that prior the
membership by the A. B. A. A. B. A. members in each of the
to coming to the local bank, Mr. ■ Executive Council under the em- states elect a member and an al¬
regular meeting of the
of
*
?;■»/.
: A*
'
1 Ex¬
—
VVt
•
Thursday, September
Restrictions Eased
A. B. A. to Omit Annual Convention This YearOfficers Elected Under Emergency Provisions For Post-War
Boilding
Items About Banks, Trust Companies
>Vv
£U..j
.
THE COMMERCIAL & FINANCIAL CHRONICLE
1160
]' n
a
as
member of the
J. S.
Armstrong, Financial Editor
While
~
™
M
i'felf
'
fell
If -'ilA'M
■
S?,£y fail ballot
eStTon
nances
tive
laration at the increased rate.
f^ivHe Au]TP ^ PreSidtmt ^
s"
The stockholders of the Second
National Bank of Boston have ap¬
Sept 1, the ^Boston News Bureau"
reported that:
At
c.^e ,?
Slater,
the transfer of
$1,200,000 from surplus to capital,
increasing capital to $3,200,000
and decreasing surplus to
$4,800,this to
be
accomplished by
increasing the par value of pres¬
ent 80.000 shares from $25 to
$40;
and approved issue of 20,000 new
shares of $40 par at $100 per
share
on
the
share for
held.
basis
every
Of:
one
new
four shares
now
$2,000,000
new
the
raised
money
of
$800,000
will
be
.
„
,
Bank
?
Mo., became
The
new
Jan. 14, 1895.
tions
It has
a
of $102,000 and total
sources
of
Chas
are:
it is expected that the same divi¬
will be maintained on the
stock
new
the old.
ing
$4
previously paid
as
on
The stock has been pay¬
per
The consolidation of the Harri¬
National
N.
Bank,
of
Harrison,
J.,
with The First National
Jersey City became ef¬
fective on
Sept. 4 it was an¬
nounced by Kelley Graham, Pres¬
of
Bank
ident of the latter institution. The
Harrison National will be known
the
as
Harrison
First
National
City.
The
Office
Bank
of
consolidation
of
The
Jersey
creates
of the largest banks in Hud¬
one
County and extends the facil¬
son
ities of The First National to the
industrialized
area
in the western
of Hudson County. Horatio
W. Manning, who had been Vice
President of the Harrison Nation¬
part
al
Bank, remains as Vice Presi¬
of the consolidated institu¬
dent
in
tion
Office.
First
National
City is
Hudson
ing
charge
of
Established
one
the
in
Bank
Harrison
1864, The
of
Jersey
of the oldest banks in
With the open¬
County.
of the
Harrison
Office the
bank will have five offices
in ad-
the nominations to the
manager.
will
then
The nomina-
be
placed
on
a
ballot and sent to the members of
the Executive Council, who will
Slater
mittee
the
Federal
Louis
489.
to
York
mem-
Reserve
over
the
constitution
70% of
meetings
in
New
provisions
the
of
Treasurer
the
is
al-
elected
by the Executive
banking in- j Council, which this year will also
be by mail ballot. The
emergency
ways
of
j provisions
S.
Texas,
as
since
1926,
Dallas
died
'Times
on
Aug.
convention
planned
Mr. Coleman,
native of Ken-
a
Iwhich
tucky, had resided in Piano since I
entered
the banking business
Before that time he resided
in Arkansas and Oklahoma.
in New
result of the
a
the
Herald"
the
in
which
for Detroit
had
in
been
1942
but
was canceled at the request
c/
Government because of
^ transportation situation. Preto that tlme members of
|the Association met regularly
vlous
every,
ness
year
and
to
;
elect
transact
officers.
ments to the constitution
Succeed Rockefeller in
in 1943 provide for the election of
State Department Post
officers by the Executive Council,
in the absence of a general con¬
President
Truman
vention
Aug. 25
accepted the resignation of Nelson
state
A. Rockefeller
special
on
Assistant Secre¬
as
tary in the State Department and
appointed Soruille Braden as his
Mr.
Braden, who has
to
Argentina,
becomes in his new post the new
Ambassador
U.
S.-Latin-American
Relations, in which capacity Mr.
Rockefeller had served.
The
MacLeish
Holmes
was
of
as
and
of
Gen.
Assistant
referred
to
issue, page 967.,
in
■.
.
Archibald
Julius
or
■
The
reason
emergency,
of
the
of the
of
a
at
a
Council
of a con¬
amendments
for the
provide
adopted
election
of
also
offi¬
four Divisions of the
A. B. A. and of its State Associa¬
tion
Section
executive
divisions
Section.
ments
by
members of the
committees
and
of
In
the
by
State
addition
authorize
those
of
Board
the
of
Association
the
these
amend¬
division
Secretaries
our
f
C.
war
by
meeting
vention.
Control
resignation
omitted
vested with the powers
cers
Aug. 30
^
j
and
volume of 'putindustrial construction
in
cumbent
Councilmen
$889,000,000 in 1920.
expire
timates for "put-in-place" indus¬
Executive
their
terms
would
until
with
Dec.
successors
31, 1945, and
shall be appointed
by the A. B. A. State Vice Pres¬
ident. TThe incumbent member of
the
Nominating Committee
ternate member
next
meeting
shall
of
act
the
or
at
al¬
the
Executive
a
conven¬
tion, and the Vice Presidents of
the
Divisions
shall
be
appointed
by the Presidents of the Divisions.
This conforms to the -procedure
prescribed in the constitution for
filling vacancies occurring under
section
iballot.
elections
vt
by
A.
the
B.
A.
members
states
under
have
either
the above
in
most
the
were
years
1920
already
No.
1
acted
No.
or
2
construction
ity acting
under
No.
1.
Nominating .Committee
is
Thus
a
already
in
being and new members for
the Executive Council have been
chosen.
J
-
essing
assembly,
or
a
mail
ters,
invited
were
House
to
not
retail lumber
on
Washington
invited
the
on
at
17,
Press
were
United
China,
dinner
Aug.
Associated
the
White
according
advices
that
date.
research
(4) Food
and
processing I plants,
slaughter houses, commercial food
freezing plants, commercial cold
storage warehouses and food pack¬
ing plants, bottling plants, grain
elevators
butcher
and canneries
(but not
grocery stores or frozen
locker plants serving indi¬
or
customers).
similar
cotton
mills
establishments
(but
dressmakers' estab¬
lishments).
(6) Printing and publishing es¬
tablishments, including those pub¬
lishing newspapers or printing
books,. magazines or periodicals.
Retail
service
establishments
serving individual customers are
not covered
Those
pointed out.
by Direction 7,
•
WPB
*
of
France.
G.
Ross
New
Zealand,
Netherlands, in
addition to Secretary
of State
Byrnes, Secretary of War Stimson
and
Secretary Forrestal of
the Navy. Press
Secretary Charles
Canada
industrial
laboratories.
to
from
representatives
Kingdom,
Australia
yards).
(3) Pilot plants and
not tailors' or
President
are:
(2) Logging and lumbering op¬
erations, sawmills, planing mills,
and millwork manufacturers (but
and
by
are
erals and their conversion to fin¬
ished form.
(5) Textile mills,
The combined chiefs of
staff,
the staff set up
by the American
and
British armed services for
the joint war effort in all thea¬
1946
tions related to extraction of min¬
vidual
Chiefs of Staff
Truman
in
$1,000,000,000, WPB.,
over
(1) Mining, smelting and refin¬
ing, foundries and other opera¬
food
President Entertains
Present es¬
Chief among the types of work
considered manufacturing, proc¬
of
procedures, the major¬
through 1929
a peak of
$560,000,000, with
said.
of
busi¬
Amend¬
Truman Names Braden to
of
period, WPB said that the
average
likewise be elected by mail ballot.
3. In all other cases
the
in¬
1943
cancellation of
in¬
in-place"
constitution ordinary conditions.
York
as an
version
adopted at the Association's
were
Coleman, cashier of
figures
of the A. B. A. and alternate shall
Council held in lieu of
Sept. 27-28.
on
Under
These
its
at
pre-war
annual
trial
convention
Chief
Nominating Committee
slightly
brings the total
successor.
ber of the
in office
the First National Bank in Plano.
been
Vice
mem¬
the 1945 convention shall continue
by the SecAssistant to the Ex-
stitutions in the Eighth District,
he
State
will then be counted
the net deoosits of all
there.
Councilmen,
Secretary of the Association. They
of St.
The
tive
Presidents of Divisions and
Citing
dication of possible volume of in¬
dustrial construction in the recon¬
$2,000,000. Its officers
Bolte, President and
of
David
by mail ballot, the Execu¬
whose
The addition of the State Bank
bership
ficers
compo¬
nents, or for the distribution of
his products to the retailer.
vote them and return them to the
reports that:
son
Vice-President
of the
Board; J. W. retary, the
Jaques, Vice-President; H. Kleine,
j ecutive Manager, and the CompJr., Cashier; T. R. Haynie, Jr., j'troller as inspectors of the elecAssistant Cashier; and Frances B.
j tion. and the results will be ratiStrauss, Assistant Cashier.
fied by the Administrative Com-
29.
year.
a n d
Chairman
of
Bankers
re-
member banks hold
dend
organized
total capital
account
emergency
inate candidates for the offices of
was
State
Association is held, but the State
-
member
administrative
or
of the
Bankers Association elects its of¬
war
js executive
000
President T. P. Beal states that
member of
a
said:
Bank
$1,200,000 will be added
-to surplus making it $8,000,000.
SIatei% j
of
Council
committee
existing
the
federal Reserve System on J President
^gV2^oaC(i0]pding
f/°c? an<* submit
Uie Federal Reserve an%1i.es
Bank of St.
added to capital making it $4,000.and
.
ft*
special meeting, the stock¬
a
.
Eouis. which
holders approved
000,
c,
to
until the surrender of Japan, the
Nominating Committee will nom-
meet
:
:
proved the program whereby S2,000,000 of new capital funds will
be subscribed by stockholders. On
the
*
said
that
the
Presiden
the
since
soirye
officers
who
serv<
with the chiefs of staff soon
be
leaving for home. ::
wil
@FedFRASER