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In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Edition
Final
New
16Q-' Number 4314
Now that the election
campaign is about to get under
Urges Re-Election Of President
in earnest, a number of questions have arisen concern+
ing the propriety of tactics and techniques which are being
used.
One of them which has been attracting attention for
way
good while past is the political use, or what appears to many
to be such, that is being made of the Commander-in-Chief-
■o-
Of Experience In National
International Problems
Stresses Necessity
And
ship of the President of the United States. Another is the old,
familiar trick of "inspection trips" and "reports" to the peo¬
"The
Speaking in behalf of the re-election of President Roosevelt, the
was made on Aug. 31 by Senator Harry S. Truman that
i
challenge
s
ities
calculated
upon particular occasions believed well
to attract the attention of the public and to give the
or
sion that it would be the
lie office
one
so
impres¬
experienced and so closely in touch with
to say:
time like this.
other "handicaps" which the
our
the
of
for
future
process
of making
*
is
,
"This peace was
the
determine
and even
will
quickly and wisely by those
of experience
made
® for
who have had years
which
our
and
boys have
fought,
bled
made
week
in
na¬
own
our
It will be made in
many other places, at many other
times{< It is a continuing process,
already
years
effort
under
years
still
way,
in prospect. We are, in our
to make this peace, very
definitely in midstream.
.V'.vV,''
opportunities to
informed with re¬
fullest
the
last
tion's capital.
•
years,
future
opposition
,
months, even years ago.
%
generations to come, will have to
be made
quickly.
If they are
for¬
tunes
,
that
"Decisions
on
V-
.
"The
"Political Action Committees"
But there are
went
man
height of folly to release from pub-
everything that is going on in the world at a
Tru¬
Senator
suddenly,"
come
may
Senator stated:
.
in time
1
being made at
Casablanca, at Moscow, at Quebec,
Noting that "the end of hostil¬ at Cairo, at Teheran. It was being
..
.
many
v
world peace was ac¬
in the
tually
.-.;
seek is partly
Wnile the main task is yet
we
peace
ahead of us,
divergent per¬
sonalities as those dominant lead¬
ers who have guided the destinies
of our courageous Allies.".
such
thoughts of
ple by the President from time to time. Other related tac¬ today's prob1 em
The
tics expected by many to be brought into use before the camproven 'lead¬
paign is over include visits to the "fronts", or as near thereto ership of our
as a somewhat strained prudence will permit, perhaps ab- successes must
sence from the country on such journeys at particular points con t i n u e
1
made.
<S>-
"
<
of building for
peace," and he said:
declaration
"tomorrow's
Copy
Roosevelt
formed in the task
a
■
a
Accepting Nomination As V.-P.,
Senator Truman,
The Financial Situation
■
September 7, 1944
York, N. Y., Thursday,
Cents
60
Price
Volume
*
*
'
: ®
sit
*
"We comprise but a small per¬
well
to our national and inter¬ centage of the people of the earth,
national problems, we can have and we shall have to guide the
confidence that the next genera¬ way with wise counsel and advice
tion will not have to spill its blood if we expect to play our full part
to rectify our mistake and fail¬ in establishing a good and an en¬
become-
spect
and d.ed must
in this election. One of the most important of
these appears to be the organization of "political action
committees", if not among, then closely allied to, large
not be endan¬
of workers who are in the well-formed habit of taking
orders from above, and who, so the leaders of the movement
hope, will not be "balky" when told how to vote. This par¬
ticular movement takes on added importance by reason of
the fact that it is closely associated with the political party
of the present administration, and thus is able to work very
much in harmony with the President, the master politician
(not Commander-in-Chief).
This organization or group of
organizations is, as is well known, largely under the direc¬
tion, not to say domination, of Mr. Hillman, an old palace
favorite and one scarcely unacquainted with the ways and
wiles of practical politics.
Such tactics and such modes of procedure are being
The Senator also stated in his
substi¬
Making the statement that "al-.
tute for experience, which can be
speech that "winning the war and
though victory may be close at
concluding the peace are only part
gained only through years of ap¬
hand, it must still be won," Sen¬ of the. task facing us during the
plication aftd service."
ator Truman referred to the fact:'next fouryears.
We must also
The occasion of the Senator's
remarks
was
a
speech by him that "much work has been per-.^®,-' (Continued on page 1064)
formally accepting his nomination
for the office of Vice-President on
the Democratic ticket.' His accep¬
tance of the nomination took place
at a ceremony at his birth place at
"We are at the point now where we are going to
must carry
groups
'>
roundly and warrantably
condemned in many quarters. The
{Continued on page 1060)
gered by in¬
trusting them
Harry
t o
inexperi¬
enced hands. There is
S. Truman
during peace."
ures."
no
-
Quite So!
Lamar, Mo.
that "it takes time for
to familiarize himself
with a new job,t' Senator Truman
adaed: ' This is particularly true
of the Presidency of the United
Saying
one
any
going to try to go.
psychology in this
long, long time that when any pri¬
vate person, any State or com¬
munity gets into trouble; when an
decide in which direction we are
have
We
building
been
country for a
and com¬
in the world.
Even in
peacetime, it is well recognized
that it takes a new President at
least a year to learn the funda¬
mentals of his job.
We cannot
States, the most, difficult
gf ffill* AheadOf The
By CARLISLE
When Mr.
News®
BARGERON
Roosevelt announced that he
supposed some people
21 as political, he was
understating it. The fact is that he is upset by the tremendous
v attention which Sidney Hillman is receiving.
The speech is designed
to take some of the emphasis off him.
It is generally conceded that
Hillman's activities are driving some of the A. F. of L. vote away
would consider
from the
what
is not
Deal, to
f extent
exactly
...
In an
known.
head
off,
the
sident's
effort to
this
Pre
*) first
®
the
is
speech of
campaign
to
be di-
reeled
to
an
l|A. F. of
{group
L.
®
ar¬
ranged by his
{ old friend, Dan
T o b i n,
the
v
$40,000-a-year
of
the
velt
calmed
to
him,
jobs in the Council has been to
keep John L. Lewis out of the
A.
head
Roosevelt will
try to create on Sept. 1 is that it's
all wrong about his being tied up
with Sidney, he loves the A. F.
of L.
picture Mr.
just as much.
In the meantime,
Mrs. Roosevelt
hasn't been letting any grass grow
under her feet.
in
The Republicans
Pennsylvania thought they had
of
the Negro paper, the Pittsburgh
"Courier," which also publishes a
dampened the New Deal ardor
Philadelphia edition.
velt got on
'
*
attracted a
eyebrow-lifting. Mr. Roose-
Teamsters' publication
lot of
can
(Continued on page 1C63)
deny the challenge.
We
challenge. No people
long maintain
Washington
Ahead
of the
1057
Items
About Banks and
York Exchanges —1070
Trading on New
NYSE
1070
Odd-Lot Trading.....
State
General
Review.
Commodity Prices,
Trade
of
.
—'•
1058
Weekly Carloadings.
1071
Weekly Engineering Construction.,.1069
Paperboard Industry Statistics
1071
Weekly Lumber Movement...... —1071
Fertilizer Association Price Index.. 1086
Weekly Coal and Coke Output......1069
Weekly Steel Review
1068
Moody's Daily Commodity Index — 1066
Weekly Crude Oil Production
1070
Non-Ferrous Metals Market...
106.9
Weekly Electric Output
Money in Circulation
June
Building
Non-Farm
Half of
*
1061
Permits..............1088
in First
Mtge. Financing
1944
Retail Price Index. 1067
15 Living Costs in
Fairchild's Aug. 1
June
15-July
Cities
...1067
July Hotel Sales
1067
New Capital Issues in Gt. Britain.. J 0F.7
Cotton Ginned Prior to Aug. 16
1066
Large
♦Not
Hatton W.
get some money out of the
Federal treasury.
"We know that we confront
Sumners
two or three
available this week.
know
that
we
are
definite dangers. We
not too far from
the printing
for money, that when this war is over it is
going to be easy to sell bonds; that whenever
tax burden upon privately owned property is
press
not
the
.......
Domestic Index.. 10F9
democracy
that policy.
and
Yields —1066
Trust Cos.. 1072
a
We are
engineering
and
encouraging
people now, before there is any
developed necessity, to come here
1057
News
get
money.
"We
Regular Feature»
From
he or
refuse the
Page
-
Moody's Bond Prices and
F. of L.
The
Editorial
■
''
Situation <
however, and
him down. One of his main
got
Mrs. Roose¬
the train and went to
Teamsters.
Pittsburgh for a social visit with
Dan has been
Carlisle Bargeron
Mrs. Van, the widow, of the late
v.carrying the
Negro
publisher of the paper.
®New Deal ball in the Federation's
Within a few days it launched an
{ Executive Council all along, al¬
attack on the Republican Mayor
though some months ago he exof Philadelphia, charging that he
i pressed 't considerable
impatience was responsible for the recent
towards the New Deal bureau¬
transportation strike in that city.
cracy.
An editorial of his in the The CIO was responsible for it.
»
some
GENERAL CONTENTS
Financial
New
run
who pursue
•
initia¬
to Washington to
they
his speech planned for Sept.
IE:
situation that
tive and all of his resources
man
any
a
challenges him to use his
wholly inexpe¬
rienced in national and interna¬
tional affairs to readily learn the
views, the objectives and the inner
expect
a
individual faces
plex job
From Washington
up
greater than its assets private ownership
be attractive.
We know that there can be
sorts of ownership, private and public.
■
"Whenever we create a
wants to own
situation where nobody
work and man¬
and nobody wants to
there can be no owner except
Th'ere can be no democracy, no
age
the Government.
popular govern¬
vested in Gov¬
organization."—Representative Hatton W.
ment, where
ernment
will not
only two
ownership control is
Sumners of Texas.
Representative Sumners, or some
is seeing to it that as many as
possible of the American people are having their
attention called to this serious and highly pertinent
We
one
hope that
at all events,
warning.
THE COMMERCIAL & FINANCIAL CHRONICLE
1058
ican
From, the
people.
the
sentatives
of
and
results
O.
C.
I.
Motor Co.
Ford
Automobile
United
undertaking was ac- Workers, that the board favors
complished without drawbacks or moving additional aircraft work
friction of any kind.
However, into Willow Run if this can be
without
upsetting
such has not been the case, since accomplished
misunderstandings and selfishness production schedules and the war
effort.
on the part of some elements of
labor have worked, unwittingly at
Consumer Credit
Outstanding
times, to seriously impede our war consumer
credit
on
July
31
effort.
Records compiled by the reached a total of
$4,883,000,000.
Department of Labor bear elo- or a decline of about $60,000,000
quent testimony to the utter disre¬ for the month, an estimate of the
gard these groups have for the Federal Reserve System discloses,
welfare of their country and fel- Curtailment in
charge account in¬
lowmen making the supreme sac¬ debtedness occasioned
by the war
remarkable
;
.
Division of the American
report
covers ,9,005
state
banks, loan and trust
companies,
private
banks,
and
stock savings banks and 544 mu¬
tual savings banks, all of them
chartered by the states in which
they operate as reported by state
bank departments as of Decem¬
ber 31.
The report said of the $57,650,-
981,000
958,000
•
'
rifice
the
on
battlefields
of
the
accounted
world.
the
Leaders
of
the
major labor
entrance into the
gave their, solemn pledge that
large
reduction.
for
measure
Installment
loans
outstanding in July showed an in¬
crease, ' but
notwithstanding the
unions upon our
war
in
100%
since
increase,
about
were
their members would refrain from
that of last year.
striking for the duration.
This
pledge was short-lived, for after a
2%
below
bile
few
months
had
disorders showed
in
and
a
first
the
following
pledge
year
Pearl Harbor, the no-strike
violated
nearly 3,000 times.
The second year found more men
was
exercising
than
in
strike
the
privilege
of the 15
ceding Pearl Harbor.
any
Instead
found
of
pre¬
years
diminishing,
time
as
goes
number of strikes
it is
that the
on,
are
the in¬
on
So far this year there have
crease.
been four strikes for
every three
were
called last year, with
that
prospects
pointing toward
a
new
record of more than 5,200 strikes
by the end of December.
In the
were more
in
were
1928.
than
the strike
four
year
call, resulting in
from work
days
time
boom
of
For the year to
date, more
million men have answered
a
sence
year
strikes than there
the entire
on
each.
production
hampered
by
an
At
of
ab¬
an
average of
the
present
is being
coal
disorders
of
this
nature.
Not
all
have
of
these
disturbances
from disputes be¬
management and labor. In
sprung
tween
fact,
many
be
can
jurisdictional
attributed
disputes
and
to
own
ranks.
ernment
partnerships
amounted
As
in
with
us
cerned
ing
a
way
impose
all.
in
of
the
war
a
climax,
victory in the.
We
responsibilities
are
deeply
con¬
securing and maintain¬
lasting peace and the surest
of bringing it about is
by
unity within our own
Wholesome
relations
for
a
will at the
unselfish
devotion
unified
same
people
time set
which
a
good
WPB Conversion Plan— A
new
plan to aid conversion of industry
to
peace-time pursuits was an¬
nounced by the WPB in
setting
forth
a
current year close to
68,000 planes,
try
total;':to
all
an
time
closed
had
of
WeekV that
last
recommended
pansion in the future, at
what slower pace,
discontinuance
emergency
aircraft
recommendation
the
hands
chief
of
of
the
J.
A.
,
is
now
King,
WPB.
unit.
Mr.
in
acting
Wilson
the
ex¬
some¬
a
however," the
of United
curities,
States
by
Government
all
which
state
Dec.
on
se¬
supervised
31
aggre¬
gated $31,865,802,000, an increase
$9,794,780,000 for the year.
"A further study of this item
of
discloses
that
banks had
more
;
state
invested
resources
supervised
than 50% of their
in
government
securities," it continued.: "During
the past five years state super¬
vised
banks have
increased
fact
clearly emphasizes the
port
state
banks
are
Other
banks
securities
sup¬
lending
by
to
the
aggregated
Dec.
31,
$4,141,891,000
decrease of $605,-
a
542,000 or-12.8% during the year.
These other securities represented
a total of 6.6%
of total resources,
decrease
a
of
almost
erating
rate
(including
of
94%
steel
of
companies
the
industry)
beginning Sept. 4, compared with
97.1%
week ago. This week's
one
operating rate is equivalent to
1.710,700 tons of steel ingots and
castings, compared with 1,739,300
net
tons
tons
last
one
week
and
1,748,200
year ago.
Although
continued
to
incoming
bookings
run
heavy the past
of the steel
stood' that
ferred
policy of encouraging the
of war production from
to
industry. It is under¬
incoming bookings re¬
represent
requirements
set up some time
ago.
On
the
trends
that
surface,
appeared to
of
a
'
\
•
since
26%
similar to
Loans
discounts
and
declined
precede
an
up¬
development of this
condition depends
entirely on the
of the
sharp first quarter cutback in
Maritime
Commission {• require¬
ments, postponments ip|
steel
gome
of
lend-lease
quarter
•
(Orders
domestic
cutbacks, and hesitancy
steel
shell
delivery schedules^ substitu¬
tion
fourth
orders and
cleaning.
for
tinplate
on
fresh
inventory house
=
■;
Cutbacks in shell steel produc¬
the
magazine states,
will
probably be temporary, thus givtion,
(Continued
vt
com¬
end
of
61.3%
a
second
decrease
consecutive
in
this
on
page
1065)
:<
before
of
the
Rhode
Island
other
seven
states
held
state commercial banks
$413,232,000
to
compared
with
assets
Cash, reserves and funds due
from banks amounted to $11,618,decrease of $210,756,000
during the year and bringing the
a
cash,
and
reserves
funds to total assets to 23.2% dur¬
that
ing
was
evi¬
at the close of 1942.
denced, the major portion of the
year's loss was noted in loans and
1943,
Total
cial
compared
with
deposits of state
banks
discounts of mutual savings banks.
This
may
indicate
a
possible
increase
leveling
the
at
27.8%
of
1943
Bank,
Association,
Melvin
Bankers
New
C.
Miller,
Association*
;
City, secretary.
- • •
Nazis Will Fall
■
This YearUnder-Secretary of War Pat-V
terson, on his return from the;
European battlefronts, said that*
he
thought
the
German
armies;
would crack within the next four!
months.
According to a special'
dispatch to the New York "Times")
from
Washington
Aug:
on
31>t
which also gave the following re¬
marks of Mr. Patterson:
"Complete
commer¬
end
City;
New York
7.6%
18.0%.
was
Bankers
American
for
$34,113,000, the smallest decline
since 1941, and the ratio to total
State
State
York
the year.
The average percentage
of other securities to total assets
5.7%
Merchants
president, Union Trust Company,
.Petersburg, Fla.,
chairman,
executive committee; Walter
B^
French, deputy manager, Amer¬
decreased
for the year ended Dec. 31, 1942.
Loans and discounts decreased
on
supervising
making of the report include:*
M.
Brooks, president,
ican
$2,834,408,000
committee
St.
the
by
/
the
research
president,
Bank, Kansas City*
Kan, president; W. W. McEachern*
the
near
of
bank
Home
with
were
securities
absence
Association
figure of 52.0%.
Other
the
profits
who assisted in prep¬
aration of the material include:
; 4
Claude
F.
Pack,
58.1%,
Massachusetts with 56.5%, New
York with 55.7%, Maryland with
55.6%, Oregon with 55.4% and
New
Jersey with 54.5%, while
average
in
out,:
shown
net
charge income."
Members
state
have
of
Officers of the State Bank Di¬
vision of the American Bankers
total
states
dividends
would
wiped
Presho, S. D.
Delaware
cluded
would
instead
service
and
highest ratio while other
with
high
ranking
in¬
year
item
of
over
the
and
Germans
final
is
not
victor/1
far
off,
victory that will be won not by*
our
men
alone, but by the com¬
a
for
off
counts in
of
state
loans
dis¬
and
commercial
banks
with the
strong possibility of in¬
upward activity ; in sub¬
sequent periods."
creased
y
Cash,
reserves
and
funds
state
93.6%
was
commercial
Total
capital
by
banks.
$224,-
537,000 to $5,085,747,000 or an in¬
crease of 4.6%
for the year.
the
are
summarizing these changes,
significant items of interest
deposits, government securi¬
part of the
total
the public.
with
liquid assets of
As has been demon¬
$45,926,329,000, an
$7,317,866,000 or 19%
$1,465,582,000
or
9.4%
a
ad¬
Reviewing assets and liabilities
of
the
544
mutual
Government
securities
of
$6,094,879,GOO at the close of 1943,
increase of
an
$1,535,490,000
over
1942.
This item represents 46.7%
total
resources,
which com¬
of
favorably with that of state
pares
(commercial)
"All
banks.
gations.:
and
The total growth of all
held by businesses
assets
individuals
at
the
present
of increase occurred in
and
Wisconsin
at
Delaware
119.6%
and
,
to
assets
70.7%.
"Loans
off
ment
are
case
they
ernment
represented by gov¬
security holdings, or they
are
obtained from banks and are
reflected in the growth of de¬
posits.
Demand deposits repre¬
are
how?
for
without
defeat.
mobility
He
also
was
ripe
added
that
Agreeing with Secretary of the
Navy Forrestal's report that the
optimism coming out of General
Eisenhower's
headquarters '
optimism but sound
was.
rea¬
$223,859,000 or 4.8%
from the the Germans
end figures of 1942.
Oregon ards,"
their
with
dividuals and businesses, in which
of
soning, and that the General could
rightly say that if one could judge
were
Funds
govern¬
obtained either from in¬
told
mobility of the German army
is being severely hampered by
thej
Army Air Forces and that an'
discounts
,
and
had the highest ratio of loans and
discounts to total assets at 53.0%,
the
Mr. Patterson also
the
not pure
time, when the aggregate of pri¬
is not changing materi¬
ally, is roughly equal to the ex¬
pansion
of
the
public
debt.
by
of,
would:
ranged from 21.5%
vate debt
borrowed
Eisenhower
op¬
end
certain
holdings with per¬ strategic bombing had cut Geir-j
ranging from 25.1% to man gasoline production to "only
The highest percentages 20% of what it was a year ago."
centages
119.6%V
United
liquid
the
was
as
in government
103.4%, respectively.
The per¬
centage of government securities
obli¬
to
that he
the end of 1844 if everybody does
his part."-
army
the states showed increase
to total
Government
beliefs
the war, said
that General
savings banks
the. report said, "Mutual savings fulfill his prediction that "the war
banks disclosed holdings of United in Europe would be won before
strated, the other important kinds
liquid assets are currency, and
States
against the expression of such
timistic
vance.
States
rose
to
of
bined power of the armies of the
the
year.
New York con-^
United Nations."
tinues to disclose the largest dol¬
Mr. Patterson, who was
lar amount of increase in deposits
formally
due
represented
funds
amounted
of
war.
.
a
had the
the
ago, but, reports ties and
cash.
When the growth
magazine, tiny- cracks are and
distribution
of
deposits
is
materializing which may be in¬
considered, it must be remem¬
dicative of a gradual
levelling off bered that
they represent only a
or
which
may,
to
percentage of
week
The
28.6
during the year to
$13,468,850,000.
"While this was
the-
heaval.
the
at
assets of these banks.
041,000,
"In
steel .market
be
from
was
held
$257,972,000
will be 95.5% of capacity for week
with 41.2%
of the
banks,
1942.
their
holdings of government securities
$21,521,416,000
or
208%.
This
Steel Industry — The American
Iron
and
Steel
Institute
an¬
op¬
pared
the
All states participated in the in¬
rapid growth of deposits is creased holdings of government
reflected in the increased holdings securities with
a
ratio
ranging
1938.
Monday that the
of
assets
The
organizer of this agency
to speed aircraft output.
nounced last
coun¬
over represented 51.6%
total
of
the
by
banks the
losses
current
states
Bank & Trust Company,
Denver, Colo., chairman; W. J,
Breidenthal, president, Riverview
State Bank, :Kansas City, Kan,;
Louis E. Hurley, "president,
Ex¬
change Bank and Trust Company,
El Dorado, Ark.; Clarence M. Malone, president, Guardian Trust
dian
Trust
Company, Houston*
Tex.; C. H. Martin, president, Se-.
curity Trust and Savings Bank^
San
Diego,- Calif.,
and
H.
N;'
Thomson, vice-president, Farmers
report said.
on
the
The
members
high,
with the likelihood of further
holdings
States .securities
the
approximately an annual rate of
.Treasury financing." '.
100,000 planes, Mr. Wilson - dis¬
Indications the past week sup¬
porting the view that lighter de¬
mand may not be far off embrace
example to the rest of the world
groping in despair and confusion.
transfer
With production the
course
to one's
task, no matter how small,
will develop that accord so
neces¬
sary
of the WPB.
country.
period
An
by Charles E. Wilson,
executive ivice-chairman
retiring
between
labor and
management will go far
toward easing the difficult
ahead.
for
said
report
United
states
from
entirely
Central
securities."
The
ih
Elwood
This
increase, with
adjustments, is reflected
entirely in holdings of United
state commercial
dissolution
approaches
ultimate
will
upon
recommended
was
Four
the
year.
States
been
net
said, "At the close of the
1S43, there were 9,005 state
banks
engaged
in
commercial
banking business in the United
trend of time deposits has brought
which
Pacific certain to
follow, our re¬
adjustment to a peace-time econ¬
omy
duction,
upward
week, it appears the peak in steel
termination
Europe
and
bottleneck
continuous
ordering has passed, states the
"Iron Age" in its current review
are
the
APB, brought into
two yeans ago to
in plane pro¬
almost
a
"The
year.
corporations
$20,625,233,000, an
$2,337,169,000 for the
of labor
conflicts in large
responsible for la¬
bor's chief problems
to-day.
measure
Recom¬
and
to
of
decisions of gov-'
boards is another
The refusal
labor
being
APB
have
re-:
individuals, mindr
of
from banks amounted to $12,412,687,000 at - the end of 1943 of
These
cause.
of
mended—The
solve
other
forms of dissension within labor's
to abide by the
Dissolution
was
single month of May of this
there
trade, sales credit rose by
approximately 6% for the month.
elapsed,
labor
steady increase
In the automo¬
net
earnings
operations in
six
port
the
1938.
deposits
increase
banks
the
was
Time '
re¬
less than
the
out
Discussing assets and liabilities
.
than
same.;
from service charges. With¬
service chafge income*
come
currency."
deposits, $25,998,represented by de¬ States.
mand
"Total resources of state com¬
deposits
of
individuals,
partnerships and corporations,, a mercial banks on Dec. 31, 1943,
were
gain of $4,880,391,000 during the
$50,023,957,000, an increase
year and
an
increase of more of $7,539,810,000 or 17.7% during
total
the
"Another interesting thing about
the study is the impressive in¬
portion of the growth in
of state commercial banks the
in¬
Seven of these states
during
1942.
held in the form of time deposits
•
15.4%
ported net earnings
debt that has been taken by banks
and the proceeds of which are not
or
earn¬
period.
year
.
\
sent that
the
over
ings from current operations
public on Sept.
6, which shows total deposits in 9,549 state supervised banks reached
an all time high of $57,650,981,000 on December
31, 1943, an increase
of $8,378,333,000 over the previous year and 58% during the fiveyear period from 1938.
■■■
<£
The
7.0%
creased
Bankers Association made
commercial
increased
1942, while total net
year
importance and responsibility of state banks in the national
economy is emphasized in the 13th annual report of the State Bank
the peace of the world for many years to come.
That these efforts may prove fruitful and lasting is the desire of all
operations of state banks
in commercial business
in 47 states and the District of Co¬
lumbia
The
drawn up to assure
peoples endowed with a love for mankind and the respect for the
rights of others.
•
*
—
The people of the United States plants that may readily be recon¬
verted to civilian output to specialby the attack on Pearl Harbor by
the
Japanese were precipitated purpose plants. The board had the
-into the maelstrom of war.
Unity Ford Willow Run plant particu¬
of all the people at that time was larly in mind, since cutbacks in
B-24
Liberator
sought to prepare for a war that production ■■ of
would bring the transgressors of bombers at that
plant are ex¬
the moral law to justice and make pected to ultimately place 300,000
in
the
future wars impossible. America's workers
unemployment
answer to the challenge was her
category.
To
forestall, if possible, the
overwhelming production of arms
and materials made possible by large-scale
lay off of workers,
the genuine effort and great sac¬ Arthur II. Bunker, WPB deputy
executive chairman, told repre¬
rifices of ail classes of the Amer¬
engaged
Increased
Military successes of the Allied armies in Europe afford the United
Rations some reasonable yardstick to measure the time when peace
will become a reality.
Tentative plans are at this moment being
achieved it would appear that.this
current.
Deposit Responsibilities Of State Banks Vastly
The State Of Trade
'
Thursday, September 7, 1944 v
year
with Vermont and New York next
40.7%
and
40.4%,
tively."
The
//:, '
large
respec¬
"■
.
advance
in
by "normal stand¬
armies
should
be
ready to "roll over now."
;
The New York
ing
this
Patterson
"Times," report-:
information, quoted Mr.
as
saying that he had
witnessed
the
Southern
France
the
landings oil Aug. 15 and was imV
volume of business done by state pressed by the fact that the Ger¬
supervised banks in 1943 is re-_ mans had only "show-window"1,
fleeted
ings.
in
The
their
aggregate
report
said,
earn¬
"During
the year 1943 gross earnings from
defense
line."
"everything placed in
window, along the coast¬
;
—
the show
'.rTLXCi-.
Y.Y.
< ;
/.
Volume
.
\
'
V
1059
CHRONICLE
& FINANCIAL
THE COMMERCIAL
Number 4314
160
the
of
bility does not mean rigidity, and
power
the' past has ^ resulted
in extreme instability. A country
which
finds
that
its- domestic
member
Fund
to
warn
a
conditions
terms and
as
those pro^
though vided by the lease or other rental
that country may not be using agreement by which the maximum
rent was established.
the
Fund's
resources,
that the
2. Where the maximum rent was
conduct of its affairs is not con¬ :
economy is suffering greatly from
established by a "first renting"
inability to sell abroad, because sistent with the purposes of the
7
Such a
warning might prior to the effective date of rent
of an inappropriate rate of ex¬ Fund.
control in the area Y the landlord
Note—TA«« constitutes the full text of an official release
change and also finds it impossi¬ point'out to the country, that its
Bretton Woods while the Conference was in session.)
only constitutes a may collect a security deposit in
ble to make other adjustments to conduct not
rigidity in
Monetary Fund
country,
even
,
(Editor
s
distributed at
'
j
aspects
in the
-
Monetary Fund would
confusion about the International
Much
clearly understood that there
be avoided if it were
proposed plan:
/an
the
their imports. Exchange stability
Y Similarly, affects directly not only those who
be expected, are engaged in international trade
but also all those who produce
through
improving
trade
condi-
tions, to contribute to the main¬
tenance. of high levels of employ¬
ment and .real income as well as
to
the restoration of
disrupted.
goods a considerable part of which
finds its way into world markets;
economies and the development
of the productive resources of all
members, these matters are in the
nature of hoped-for consequences
of the successful operation of the
Fund rather than its immediate
A brief discussion of
.:
the three
phases of the matter is presented
yin the following paragraphs. No
attempt is made to describe the
Fund's operation or to cover all
the matters with which the pro¬
posal deals. In these respects the
document speaks for itself.
This
is
merely
attempt to draw
an
a
distinction
between
the
Fund's purposes, its methods, and
sharp
"
the
proportion of some countries' pop¬
ulation but one that directly con¬
possible
consequences
of its
operation.
Purpose
the
cerns
great
>
all
no
and
no
*;
prosperous
"prosperous
trade
world
of
majority
Infact,
people.
economies
persist in the face
fluctuations
in ex¬
Fund
recognized.
specifically, the Fund pro¬
poses to limit the right of member
countries to change their exchange
rates without going through a cer¬
tain procedure. The countries that
join the Fund undertake not to
propose such changes unless they
consider them appropriate to the
correction of a fundamental dis¬
No
More
country
the
from
Raw-material
producing
countries need foreign trade in
order to find markets for their
trade.
While
change
means
the
looks
acquisition of raw
in manufac¬
rials which they use
turing
their
and for the disposal of
products.
There are great
differences
between
foreign trade.
on
depend
ters
In some coun¬
tries foreign commerce
constitutes
exchange
members
in
For
world
large
these
reasons,
economy
a
restored
cannot • be imag¬
to ex¬
adjustments
will be
rates presented by
give the member
shall
benefit of any reason¬
able doubt.
It is indeed impos¬
sible to conceive of a Fund pos¬
sessed of such wisdom as to pro¬
vide immediately after the war
rates of exchange that will in all
country the
countries.
The Fund
kept in mind by
the proposal, and
.
-
"
4
innumerable difficulties and
which developed in the
two decades after the last war as
a result of increasing obstructions
to world trade.
If the Monetary
Fund can make a substantial con¬
tribution to its restoration in the
maximum possible volume it will
not have been in vain that the
the
frictions
representatives of 44 nations spent
much time and effort in promot¬
ing and
fashioning the plan.
%
.
'■
^ir
pursuance
throughoutthe * world that
count on a
-
is. not
the basis for max¬
conceived
.
defined specific purpose.
same
At the
time it is one of
Regulations
this was:
Amendment
;
33
Y/'/
to
'Y
the
Rent
Regulation for Housing; Amend¬
ment 30 to the Rent Regulation
for Hotels and Rooming Houses;,
Amendment 9 to the Rent Regu-.
lation for Housing in the Miami
Defense-Rental Area; Amendment
Hotels,
Miami
Defense-Rental Area; Amendment
11
to
the Rent Regulation for
Housing in the New York City
Defense-Rental Area; Amendment
12
to
the Rent Regulation for.
Hotels and Rooming Houses in the
New
York
City Defense-Rental
Area; and Amendment 3 to the
Rent Regulation for Housing in
spell out specifically provisions the- Atlantic
County
Defensewhich have hitherto been applied
Rental Area—all
effective Sep¬
largely by interpretation.
tember 1, 1944.
The Office of Price Administra¬
tion pointed out that the amend¬
ments provide that the term "se¬
N. Y. Slate
curity deposit",: in addition to its
customary meaning, includes any
Civil Serva
prepayment of rent in excess of
Rent Regulation for
7 to the
and Rooming
Houses in the
.
There
vided
are many
in
resources
safeguards pro¬
protect its
the Fund to
from uses that are
ex¬
in duration
Fund is expected to be a re¬
cessive in amount or
The
-
of
volving fund which
countries
which
a
they
measures
affords to the
breathing spell during
as
such
can
undertake
may
be necessary to
restore their economy
to a condi¬
equilibrium without in the
their foreign
or their domestic economies.
tion of
meantime disrupting
Temporary
Employees
one
month in advance.
amendments, land¬
establish need of a
deposit for recovery of such mov¬
able objects as keys and ice trays
may petition for permission to re¬
quire such a deposit.
The maxi¬
mum
which OPA will allow for
this type of security is ten dollars.
Today's action was taken, OPA
said, to prevent use of security de¬
C
Under these
Entitled To Full Pay
lords who can
Attorney-General Nathaniel L.
!
Goldstein of New
Sept.
during/ the
gency
York ruled on
2 that all temporary
civil service
are
State"
employees, promoted,
present war emer-.
entitled legally to
the
uses to, which
same salaries as those applying to
will be put are
permanent promotions, according
consistent with the purposes of
to Associated Press advices from
the Fund.,-This means that coun¬ posits as a means of evading rent
Albany,' N. Y.', on Sept. 2, which
control. In some cases, the agency
tries which conduct their affairs
also had the following to say:,
so that if the
agreement is car¬ in good faith in accordance with said,, landlords have been, requir¬
"Mr. Goldstein's opinion replied
ried out in good faith such changes the ; undertaking to act in con¬ ing advance payment of six months
to/ a request from. the division,
will not be an' arbitrary or com¬
formity with the purposes of the or even one year's. rent.Even
petitive
devaluation. < Further¬ Fund: will not ; in any circum¬ where a tenant does occupy rent¬ of the budget,- which inquired
whether. funds
may be oppormore; the proposal provides that stances divert; the resources of ed quarters long enough to use up
a
country
which "after having the Fund to inappropriate uses. In his prepayment of rent, OPA be¬ tioned from a supplemental appro¬
priation bill to pay employees
made a 10% change finds itself
international agreements between lieves that necessity for making
promoted on a temporary' basis
under the necessity of-making
sovereign States no method of en¬ these payments imposes an - un¬
another
change / without
delay
warranted burden on the tenant; the same salaries they would have
indicate
these
that
the
currencies
*
.
.
request the Fund's concur¬
in such a change and a re¬
provisions go a long way toward
diminishing the hoped for stabil¬
reasonably stable
level
of exchange rates ' would ity of exchanges. Careful consid¬
make
it very much easier
for
eration, however, would indicate
them to engage in their business.
that the opposite is the case. Sta¬
They would have the assurance
can
ment forming
countries that join the
hmmimmh To
However, even in that
case: ;the
country is required to
consult with the Fund and to act
in accordance with its purpose^,
rence
they
deposit
included in the rental agree¬
was
tablishment of a prosperous and,
through ex¬
consequently, a peaceful world.
the Fund pro¬
vides
a
method
of affording
countries
an
opportunity in, ef¬
OPA
fect to borrow foreign currencies
from the Fund, in exchange for
their own. This enables countries Ren!
that
are ; temporarily
short of
Amendments to rent regulations
means
for
making
payments which clarify the limitations on
abroad to make such payments the charging or retrention of "se¬
out of the Fund's resources.
The curity deposits" by landlords were
countries are thus protected from issued on Aug. 29 by the Office of
feeling immediately the pressures Price Administration, these reports
arising out of an unfavorable further said:
0
trade balance in a way that leads
Effective
September 1, 1944,
to
disruption, measures of re¬ these amendments represent little
strictions, blocked accounts, lim¬
change in present administration
itations of trade* etc.
of the rent regulations, but they
part of the pro¬
posed agreement deals with the ply must be given within 72 hours.
methods devised for the purpose Other changes can be obtained
of encouraging world trade.
The with the Fund's concurrence and
principal method is the restora¬ there are no prescribed limita¬
tion of exchange stability. * As¬ tions on such authorized changes.
surance tol producers and traders
It may be contended that these
greater
retained even if such a
or
stability
change
the Fund.
may
The
that
trade
world
store
also has other provi¬
obtaining the concurrence
a
important as
Unless the < landlord? shows he
of the
has special need for the collection
participants. The Fund's opera¬
of a security deposit for the re¬
tions are generally limited to cur¬
rent " transactions.'
With - reason¬ turn of movable articles and the
OPA authorizes such security de¬
able exceptions, the Fund is not
supposed to be used for the trans¬ posit, the ' following limitations
are applicable: • / ~
Y ;.
fer of capital or for purposes of
1. A landlord wnose maximum
relief or for rehabilitating a coun¬
try's productive plant.
Such op¬ rent was, established by a renting
erations must be handled through oii the maximum rent date, or a
other channels.
-V', /
Y. renting during the two months
An important incidental provir ending on that date, may require
same
a
security deposit on the
sion in
this connection is the
forcement can be as
Method
'•
out
provided
agreement under
accommodations' were
rental
the means posits,'similar to those already
mentioned, are also applicable to
which, in conjunction with many
hotels and rooming houses.
>
Others, offers hope for the reesThe OPA concluded by saying
of its aim to re¬
trade
establishment of
sions that add flexibility to the No
safeguard provided for the
world trade on the largest pos¬
system it hopes to establish.
It Fund is more important than the
sible scale and with the least pos¬
authorizes a. country to make-a
provision that the countries': re¬
sible obstruction.
This need not
10% change in its currency with¬
quest for foreign currencies must
be elaborated; suffice it to recall
ined without the
the
in
have on world prosperity.
me&ns of assuring the mem-
that it
threat¬
domestic affairs is not
In
the
that
countries' autonomy
member
the
proportion of total
national income.
In other coun¬
tries the percentage of national
income that is produced by for¬ cases continue to be appropriate
eign trade is small. But even in as the process of reconstruction
the latter countries it is often the
proceeds. There is, therefore, an
case that the marginal percentage
indication that the Fund will have
involved
in foreign trade may an
open mind in this matter and
spell the difference between pros¬ will proceed with due.considera¬
perity and depression.
tion for the needs of applying
very
a
were
framers of
necessary,
in
which the Fund is ex¬
on
pected to do, but . a reassurance to
the countries that these vital mat¬
stability as the principal
for the restoration of world
many
substantive lim¬
visions are not a
itation
and it is proposed that
the Fund in deciding on its at¬
titude to any proposals for changes
countries in
extent to which they
the
end,
the / rate,
explicit provision that
not reject a re¬
policies of the member country
proposing the change. These pro¬
These countries need the der to meet the internal condi¬
proceeds of the sale of their prod¬ tions of different countries;
It
ucts abroad for the purpose of
provides that during the period
buying goods for consumption as of transition, in view of the ex¬
well as for the development of
treme uncertainties that must pretheir country. Industrial countries
vail.after the war comes to an
for the
from
ground that it does not approve of
the domestic social or political
output.
both
mate¬
amount and on tne same
same
terms and conditions as
Fund imum rent.
in..the
4. No security deposit may be
narrow spirit of protecting the fi¬
required or retained for housing
nancial interests of traders and accommodations newly construc¬
their backers but in the spirit of ted with priority rating and hav¬
far-sighted
concern
about the ing a rent approved by the agency,
general well-being, it is indicated granting priority/ that the Fund proposes to con¬
5. For public housing or hous¬
tribute ; to
the
promotion and ing rented under the rent schedule
maintenance of high levels of em¬ of the War and Navy Department,
ployment and real income and to security deposits may not be re¬
the development of the produc¬ quired or retained unless they are
tive
resources
of
all ; member permitted in the rental agreement
countries as primary objectives of in effect on September 1, 1944, the
effective date of today's amend¬
economic policy.
ments.
Where such housing is
The Fund does not propose to
be a universal
panacea for
all rented for the first time afteiw
human ills but only a mechanism September 1, 1944, no security de¬
for the performance of a clearly posit will be permitted.
6. Limitations on security de-;
ber
quested change that is necessary
to
restore
equilibrium, on > the
trade, it recognizes limitations on
stability that are necessary in or¬
usually require foreign trade
of
0. rigidity
ened.
Fund
As
Fund* shall
the
equilibrium.
is completely free
influence
of foreign
'
influences resulting
there is an
developing
Monetary
International
an
was
the
it may
In order s to protect the econo¬
from any un¬
excessive
change. It is for this reason, and
as a result of painful experience,
that the necessity for
be prejudicial to the
mention the consequences
to
mies of the country
toward
can
violent
in accordance with the
are
general objectives of the Fund, is
a. contribution to stability rather
than an impingement upon it. 1
concerns
of
purpose.
they
is, therefore, not a matter that
merely a relatively small
It
obligation
.
trade* conditions.
while the Fund may
\
pro¬
to sell their product or /in
which they propose to pay for
pose,
end in itself but merely one of
means towards achieving bet¬
ter
;
they
the currencies for which
an
by joining the Fund
it
does
not-change it soon
which' the
enough but persists in maintain¬ country if in future it should wish first rented. However, OPA may
to have recourse to the Fund. :
. >
ing it after it has become unten¬
issue
an .order
decreasing the
To
summarize, " the ; Fund , at¬ the amount of the security de¬
able, there are likely to be serious
consequences both
at home and tempts to provide the greatest de-r
posit/or eliminating it entirely;
abroad.. Ultimately the rate will gree of exchange stability that is Where such an order has already
be " changed and probably by' a consistent with the economic ne¬
been issued, or where it is subse¬
larger amount than would have cessities of the members. It/in¬ quently issued, the landlord may
been necessary if the country had troduces stability without rigidity
collect or retain a security de¬
acted promptly.
Illustrations of and elasticity without looseness.
posit only as permitted by the
such cases are too common to need
order./•'/,':'.</./ YYv,'/; , Y:Y ■ Y''
;
Consequences * //•• •
mention.
\
3. Where the maximum rent is
In drafting the proposal it has
established by a "first renting" on
v
Therefore,
the
provision for
been the intention not only to in¬ or after the date rent control be/
orderly changes in consultation
with an International Fund and dicate the purpose and the meth¬ came effective in the area, no se¬
with its", concurrence, so long as ods of the Fund but also briefly curity deposit may be required
-
exchange and the maintenance of
its stability, that after, all is not
perform
undertaken
but also may
If
^methods proposed for achieving this purpose, and, three, the conse¬
quences that may flow from its achievement. * '
Y ~ Y * The purpose of the Fund is the restoration of world/trade
and
its
continuing .expansion.^
:
While
the
agreement proposing that their profits will not be ex¬
posed to the unpredictable risk of
the Fund deals for the most part
with matters relating- to foreign great fluctuations in the value of
'
to
failure
ternative but to
the Fund's purpose; two, the
one,
situation, has no al¬
change the rate.
the
correct
are'three separate
reliance
on
the good faith
.
received on a.
permanent basis.
with
wartime emer¬
gency provisions of civil service
rules, which apply to employees,
hired for. the duration and to fill
vacancies c a u s e d, by military
"The
question deals chiefly
promotions under
leaves.
"A
/
spokesman for
the civil serv¬
department said it was. im¬
possible to estimate immediately,
how many employees would be
affected by the ruling."
ice
■
-.
•
--ly■yili»1M Mi1"'i'
>*»*>
>h
■
r .r
-m
,
^^
HgMtinW* MW
t
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r
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'+nv;*r, ..v-ifv
1060
THE COMMERCIAL & FINANCIAL CHRONICLE
Continued from first page)
•
>
Thursday, September 7, 1944
be
House? And Senate Pass; Bills rFor Disposal rOf
? ? v Government Surplus War Property
?
The Financial Situation
v^ ;
:
sold'
;
a
granting small
business
priority»'?&£? obtaining
surplus
property in small lots.
"In
addition
to
calling for
arr|
one of
pointing to similar derelictions
The Senate on Aug. 25 by a voice vote which was
eight-man board instead of cen¬
apparently
by individuals or organizations with which critics unanimous passed a bill for the disposal of post-war Government tralized authority under one man,
have been or are suspected of having been connected or in surpluses under the direction of an eight-member board and ear^ the Senate bill differs in other
The bill was sent important respects from the House
close sympathy—which, of course, is no defense at all. 1 It marking the receipts to retire the national debt.
measure,
it would:
to conference to straighten out the differences in the
bill approved
;? ;
is not true that politics, any more than war, is a "sport", or
by the House on Aug. 22 which placed the authority in a
Place the departments of In¬
single ad¬
a "contest" in which codes of honor are
terior and Agriculture in .joint
closely observed in ministrator. The New Y o r
the chivalrous
manner
commonly attributed to college "Times" of Aug. 26 after giving Military Affairs Committee voted control of more than 30,000,000
teams.
On the contrary, both are serious efforts of life, and some of the proposals and amend¬ a favorable report on a surplus acres of land acquired by the Gov-;*"
ments that were defeated gave the
Farm¬
property bill for Senate consider¬ ernment during the war.
there is little reason to hope that either will be purified of
amendments that were approved, ation,
beginning tomorrow, which ing land would be disposed of by
all the elements which might offend the finer sensibilities. as follows:
the Agriculture Department under
threw the Baruch report out of the
a
The: Senate adopted an amend¬ window and
Elements in the population quite in contrast to the labor
system of purchase priorities
placed control of sur¬
ment, proposed by Senator Downey plus
unions and quite at enmity with the Democratic
property
disposal
in
the favoring former owners, tenants
party as it of California, under which States nands of a
and war veterans.
board of eight mem¬
is now organized and operated have in years
past been and political subdivisions could bers, to be
"2. The Office of War Food Ad¬
appointed by the Presi¬
guilty of much which most of us would not defend. It is buy real property, military camps dent, with four members author¬ ministrator Marvin Jones would
possible that they may indulge in similar tactics again at and cantonments and the like at ized to sit in as observers at the be given authority over the dis-1
50% of the highest price offered board's
posal of surplus foods, cotton and
some time in the future.
meeting.
All this, however, affords no real
by a private bidder.
"The House bill placed a limi¬ woolen goods, with instructions to
excuse for
any sort of misbehavior by any group in the popu¬
An
frame such policies as would
amendment
by
Senator tation on the
pre¬
defense is the familiar
in the past
•
,
:
■
lation
now
in the future.
or
v
sale of Government-owned trans¬
Unfair to the American People
objection to many of the tactics of Mr. Roose¬
velt, the politician, and Mr. Hillman and the others is not
that they are "unfair" in the
commonly accepted sense of
that term—that is, that they^
~
"
~
are
"unfair"
to
some
one
for that purpose, they would
communities
chasers,
them
because
the
American
system
mote
the
and
sane
decisions.
alone
can
This unfairness to
energy
could
and
entire
our
tween
been
guilty of the
plus medical and dental supplies
at the war's end)
heavy supplies
that
ceive
An effective
remedy for all
*
-
.
'
.
Special safeguards
"One
■
voter
used
eye on the ball and not on
the gyrations of the
umpire,
the pitcher or the?
bat-boy.
No one need for a
moment be
in the dark about the
themselves
and
of
were
property,
Government has
much better
than
more
vigorous
business
elected
Real
than
officials
managers
politically
would
ever
He
loudly
communistic
or
leanings—as
he is to avoid
disclaims
socialistic
must
if
giving offense
to
anyone
doctrines
this
year
,
is
very
It is,
plied to the type of policies
general nature
of the
favors.
next
Roosevelt Ad¬
The
important
thing is the real nature of the ministration will be.- 'Mr.
policies and programs. Prob¬ Hillman had no little to' do
ably Mr. Hillman himself with the development of the
New. t)eal in the first,
would not
place.
he
deny—except
pos¬
hlL
.
■
The
grams
the
are
vanced"
of
any
most
;
pro¬
"ad¬
seriously
to favor
precisely the sort of
programs Mr. Hillman spon¬
sors.
He has in the
past, how¬
¥'
A.
"
'■*
T-V
is
in
this
the
approved
over
a: report
of
less
released
and
by
Steel
In¬
Aug. 31, and which fur¬
/
v
>/ *
•
.
meeting all charges but
payments
to stockholders,
a
group of companies, represent¬
ing more than 90% of the indus¬
of
capacity showed aggregate
earnings of $86,099,000 in the
net
first
six months of 1944.
.Those
wartime earnings were 9% below
the total of
$94,522,000 earned in
the corresponding period of 1943
and
the
little
were
yesterday,
ment
than half of
more
during the first six
the House floor
of this year,
form
on
the
pares
such
an
months
less than 4.5%,
with
4.9%
in
the
com¬
corre¬
should
In
Associated
;
from
Press
accounts
;
Washington Aug. 22 it
stated
the
that
under
"
A
.
;
•
surplus
I
the
was
House
000
was
House
ord
„
bill
certain
which
steel,
the
subsidiary companies
not. produce iron 'and
do
to
new
half
of
rose
first
peaks.
this
During
year
vices
Aug. 22 without
Noting
that
a
rec¬
passage
after six days of
debate, ad¬
to the New York "Herald
Tribune" from its
Washington bu¬
reau, on
v
bill
Aug. 22, stated that while
adhered
of
to
the
the
recom¬
Baruch-Han-
cock report to the extent of
plac¬
.
set up
ing the authority in the hands of
single administrator, the meas¬
amended by the House
in several major details
wholly at
variance
with
the ? suggestions
board of
a
of-
ficials to advise the director and
report
to
months.
to
Congress
.
I
submit
three
every
.
-
,
-
,
a
■
more
than
public, governmental, educational
and charitable institutions
V
"Reflecting the
an
op¬
decline
a
chance
to
establish
businessmen
by
themselves
purchasing
of the equipment and allow
some
was
property owners a priority to re¬
acquire y what
the
Government
conscripted or got by condemna¬
tion from
.
them.
7
:
"The
ments
House accepted amend¬
requiring Congressional ap¬
proval
before
the
Government
net
payments to stockholders dropped
in
the first
556,000
and
of
half of
1944
to
$63,-
against
$69,372,000 in
5corresponding 1943 months
$72,813,000 in Tie first half
as
1937.1
:
-'v: -' -?
??>''The?: redpceCt^^
brought a decl'r
portunity to obtain surplus war
of
Federal
property, give returning veterans
as
in
earnings of the industry, dividend
the
"Policies set down in the legis¬
lation require the agency to
give
a
ure
would
measure
j the Administration's highest
previously passed by the i require the director
on
director
„
providing for the dis-;
vote.'
came
property 1
Department
ever, been under1 heavy ob¬
country—
equivalent of ligations to various other ele¬ made to Congress by William L.
saying that they borrow more ments in the population. This Clayton, present Surplus Property
Administrator. The advices from
extensively from the socialis¬ has been true of the rather which
we quote, added:
->■,
tic or semi-socialistic
Euro¬ conservatively inclined agri¬
"At the same time the Senate
cultural
pean systems. \
population, and of
sponsored
which
return
investment, it is in¬
important try's
.
the hands of the Administration."
for''disposition
i
1
i
mendations
and
more
posal of Government surplus war
property estimated at $75,000,000,-
sibly in
these policies
in
take, but the sponding 1943 period and with
issue was settled by a modifica¬ 8.3% in
-the first six months of
tion of the original
proposal'ap¬ 1937.'*
proved yesterday, which wpuld
"Although net earnings Were
have taken the disposal
of all down substantially, total payrolls
Navy Department surpluses out of of the
industry, including those of
during the
$5-35,385,816, would
Interior
for
that
money
industry
The
battle
Bankhead-Jones Farm
the
Mr. Roosevelt has
a Pickwickian sense
repeatedly
political purposes only-<— shown a definite inclination
of
in
on
before
special iund to be
a
amendment
the
acres
suitable
the
to
$1,318,264,000 were paid out
would
receive
$12,000
a
year, to employees of the industry, com¬
would dispose of
surplus land for j These
advices, as given in the pared with payrolls of $1,236,grazing and production of min485,000 in the first half of 1943
j "Wall Street Journal," also said:
er
a1s'
"...
'
' j i "Other provisions of the House and with $580,643,000 in 1937.;
*'
ute.'
elected .President
ask what the
and
of
rate
a
"After
Corpora¬
retirement
debt.
today
Tenant Act would be
disposed of
by the Agriculture Department
under the provisions of that stati. J* '*
large numbers of voters. solely or largely by reason of
however, not particular¬ the assistance of Mr: Hillman
ly important what name is ap¬ and his followers, no one need
acquired
a
for
of
steel
ther states:
bill
tatively
Vbgricul-
tural
under
typifies the whole
Hillman school of
thought.
If President Roosevelt
cost of
a
most
the
to
stirred
be inventoried and classified.
Land
which was classified as
type of be—disregard for these and
policies that Mr. Hillman fa¬ similar good . old American
vors.
34,000,000
at
war
which
the
for
the total of
$159,054,000 earned in
original bill
would have placed such funds, in the first half of 1937 when
pro¬
the miscellaneous receipts of the duction of steel was almost 30%
below what it is this
Treasury.
year?
"The ban on warship sales, ten¬
"The rate of return on invest¬
corporation
of
only
national
would be given power to purchase
keep his by the prospect of gain for
stitute
from the sale of surplus
property
this lies in the hands of
property for
resale
to
the*j°bs are to be had! and the small
business and to make or
American people —
assuming historically all. but universal guarantee loans to small enter¬
that
they really want to belief in this country that pri¬ prises in connection with the
remedy it. All that is neces¬ vate individuals spurred on acquisition of plants and facilities.
is that the
of
.be set aside in
surplus
sary
at
dicated
adopted
by the House before passage would
require that all funds realized
and aid by the Smaller War Plants
The
Finance
amount
the
the American Iron
being undertaken by the
amendments
business through wide¬
spread notices Of impending sales
Corporation.
by
was
Reconstruction
for small
neurial element in society if
completely upset the pres¬
Government sale of
now
floor
scheduled
the first half of 1944 declined still
further from peacetime levels and
tion.
inserted
are
total
s
than 4.5%
is
lease of surplus prop¬
or
erty.
responsibility for his or her
own welfare; the necessity of
an
employing 'or; entrepre-
similar, sins,
a
The
earned
of the surplus
property adminis¬
tration the disposal of surplus land
institutions would re¬
discount of 50% in the
purchase
electrical
lands in those of the Department
of the Interior. Under a directive
would be distributed
among them.
the
bill,
Declined 9% First 6 Mos.
the hands of the Agriculture De¬
partment and mineral and grazing
colleges
to
goes
tentatively
/■
v
Committee
Earnings of Steel Industry
transportation
facilities and
the
;
Senate
now
surplus land, placing farm lands in
non-profit
fundamental notion
radio
agri¬
single ad¬
a
jurisdiction of the Reconstruction
Finance -Corporation.".,
steel.
ent method of
agency and another. To
of the equipment
the
shipyards,
would
States, their political subdivi¬
sions,
tax-supported
and
other
else
or
and
and medical
(the Government ex¬
pects to have $264,000,000 of sur¬
in¬
iron
.
under
3fart today, would thus have the
effect of nullifying a recent order
by Administrator Clayton which
placed lands disposal under the
equipment deemed to be surplus.
"Further, the Senate measure
level
schools,
: a
and
plants,
institutions
each individual must bear the
same
one
the
"The
chemicals,
gasoline,
,
ministrator.
which
Lesser hindrance would be placed
on
the board's action on aircraft
who had opposed the pro¬
posal previously.
First disposals would be within
the
Federal
establishment,
be¬
in
tie
.
commodities
over-all suspension of
debate
would
duction of magnesium,
ators
raise
bill
aviation
Navy Departments, were effective
in winning the final votes of Sen¬
genuity ilegitimately7 applied;
ever
one
history
defin¬
ing and restricting the disposal of
contractor inventories by "owning
agencies," such as the War and
is pre¬ society functions most effec¬
damaging tively when by and large
as real and as
it would be had no
in
own
amendments
Senate
.
cultural
tight Congressional string to the
disposal not only of aluminum and
synthetic rubber plants, but those
built by the Government for
pro¬
by Senator La Follette of Wiscon¬
American people
cisely
as
pro¬
constructive
one's
"The
-
both farm lands and surplus
synthetic rubber and alu¬
plants and pipelines for
transportation of oil.
sin and accepted by the Senate.
Committee
,,
minum
Adminis¬
breakdown of farm prices.
House bill would leave
a
"The
.
owned
Electrification
ties and tax-supported institutions
under an
amendment sponsored
they becloud issues and suc¬ scarcely survive the opera¬
ceed in causing the elections tions Mr. Hillman and his fel¬
to turn on issues which either low travelers would perform
do not exist or at all events upon the American
way? of
are not
present in the form doing things.?^ What most of
us
the people are led to
have
always < supposed
suppose.
They are unfair to the Amer¬ were the very fundamentals
ican people because
they tend of sound fiscal management;
definitely to get in the way of the basic principle of permit¬
that calm, realistic and dis¬ ting continued
possession and
passionate consideration of enjoyment of the proceeds of
issues :which
pur¬
tration acquisition priorities would
equal those of States, municipali¬
they may keep out of obviously do great damage to
public office or turn out of our system of free enterprise
public place. The trouble is and individual initiative. In¬
that these tactics are unfair deed it would
scarcely be
to the American
people. They going too far to say that
to
prospective
approved.
was
Rural
whom
unfair
as
vent
Congression&l approval and requiring a
six-months'
notice' to
Congress
before the sale of Government-
mission lines to private companies
for a year, thus giving priority to
The real
are
powers of the ad¬
ministrator by preventing the sale
of naval ships without
Aiken of Vermont forbidding the
/,<;
'it
the amount
ahd? profits
taxes as compare.? -with the cor¬
responding 1943 period. A total
.
of
$253,138,000 in, such taxes
was
paid in the first half of last year,
same period of this
year
but in the
such
taxes
$185,807,000.
amounted
-
.
•
to•
only
•
"In consequence, total tax
pay¬
ments of the industry in the first
six months of fhf« v»?r were be¬
.
.
the
less
radical
elements
Against the American System
the so-called labor vote.
Whether or not
The
designed
forthcoming
in
in
many ways a crucial
and should be so
one—
regarded by
election is the American
people.
'•
dispose of
may
ber
or
the
than
synthetic rub¬
aluminum plant
big
oil
approval
before
any
,
of
anv
or
any
of
pipelines; requiring
the advisory board
nlaht
costina
$1,000,000,000 to build
more
low
the
year
000
ago.
corrern^rVRog
period
a
ago, amount'"* ta
as
$266,002,against $*35,478,000 a year
In the fircf-v-i* -f 1937 total
>5~ds aggre-
tax payments rf
maylgated only $86,439,000."
-
;
;
.r
160
Volume
'
THE COMMERCIAL &
Number 4314
1061
FINANCIAL CHRONICLE
•'*
■>The-payroll index was
: 273.7/ a tltfop- Of 3.5%
from the1
July, 1943, figure. Average weekly
earnings/ were $46.93,. compared
with $47.53 in June and $44.05 jn
July a year ago.; The foregoing
\
.year ago".
5 : IS
Explained In Statement By Stettinius
Policy At Dumbarton Oaks
■w-'
•
Under-Secretary of State, on Aug. 29
the secrecy policy adopted in the Dum¬
barton Oaks Security Conference, which was given in Associated
Press accounts from Washington on the same day as follows: ,
There has' been some misunderstanding about the reasons for
reticence in regard to our joint discussions at Dumbarton Oaks
concerning an international organization to prevent war and secure As Secretary of State Cordell Hull
Edward R.
issued
Stettinius, Jr.,
statement explaining
a
statements
tions by
Statistics
are
Would Undertake Post-War
based on tabula¬
the Division of Research,
and Publications under
M. B. Givens
reports from 3,157 fac¬
the direction of Dr.
and cover
tories in the State.,
"Severe declines
in employment
World Agriculture and
Food Problems
<
proposed constitution of the Food and Agriculture Organ¬
of the United Nations is now ready for submission to the
Nations Governments for, their acceptance, it was announced
The
ization
United
on
Aug. 22, by L. B. Pearson,
behalf of the United
Canadian Minister in Washington on
Food and Agri¬
Nations Interim Commission on
is chairman. The permanent interna¬
said so well at the opening of the and payrolls occurred among the
•peace.
';.
;
;—*
conversations:
;
4.
war " industries,
where decreases tional organization is designed to®*The
preliminary
discussions
production aniong social functional objectives
its
"It is the intentions of the Gov¬ were sharper than in any month advance" agricultural
such
elements
as
rural
•which are now taking place there
ernment of the United States that since the beginning of the down¬ and food distribution throughout
schools, roads, consumer and pro¬
•are
exploratory and designed to
The constitution of
after similar
consultations with ward movement. While cutbacks the world.
ducer
cooperatives,1 communica¬
reach a common understanding.
the
aircraft
industry were the food organization was written
the Government of China the con¬ in
tion, electrification, housing, sani¬
^Embarrassment would ensue to
clusions reached will be commu¬ mainly responsible for these de¬ by the Interim. Commission,
tation, land
venure
and other
the
conferring
governments if
nicated to the governments of all creases,
other war plants also created by the United Nations rural facilities.
piecemeal reports of expressions
in
the
general decline. Conference on Food and Agricul¬
the United Nations and of other shared
"FAO would have regional' and
of views advanced from day to
These include ordnance, iron and ture held at Hot Springs, Va., in national
peace-loving nations.; ;
>
v
organizational setups and
day were construed as represent¬
"It is our further thought;that steel, electrical machinery; ship¬ the' spring of 1943, reference to
would call upon experts from, all
ing unalterable positions or as
building,
and scientific .instru¬ which was made in our issue of' areas and nations.
a$ soon as practicable these con(It acknowl¬
having a binding effect. I am sure
The or¬
ments. Net losses for the metals June 3, 1943, page 2074.
edges as an immediate handicap
that anyone who gives the subject elusions will be made available 10
the peoples of our countries and and machinery group as a whole ganization will come into being the fact that experts of the vari¬
careful consideration will under¬
of all countries lor public study amounted to 3.2% in employment when 20 nations have accepted the ous Governments at present are
stand this. *' 1 "
c
'
y
constitution.
The advices: from
and 4.7% in payrolls.
and debate.?'
•
:, committed to duties in connection
It has always been recognized
"The apparel industry suffered Washington just made public re¬
with the. war,'which tends to de¬
throughout the whole history of
the greatest decreases in employ¬ garding the constitution' and its
lay the integration of such;neces¬
the United States, that an expres- n
ment and payrolls for the month, objectives states: ;• i?; ■
sary intellects, into its final, .con¬
sion of opinions in confidence is u
."The constitution, which - sets
amounting to 7.2 and 5.7%.* re¬
tinuing organization.)
an
indispensable "prerequisite to
up a permanent world body in this :
spectively. 1 Women's dress firms
"FAO would be given the legal
successful procedure in the pre¬ i@ser.p53B
reported drastic cuts with many; field, represents thv unanimous status of a corporate person rto
liminary work involved in reach¬
Dispensing of the old, 1 slow factories closed for vacations. Most approval of the representatives of
method
of
having
war
bonds other branches of the clothing in¬ the 44 collaborating governments perform .any legal act aopropriate
ing agreements.
to its purpose, within the powers
From the time of the Constitu¬ cleared through a Federal Reserve
dustry felt the effects of seasonal following studies and conferences granted by its constitution.
tional Convention of
1787 right Bank or the Treasury before they
declines;
these
included men's over the last 12 months. FAO is
"Any government member is
down to the present, private dis¬ can be turned into cash, the Treas¬
suits
and
furnishings,
women's shaped to undertake on a continu¬ given the right of withdrawal
cussions
have
always preceded ury announced a new simplified
blouses,
underwear and acces¬ ing basis after the war the world after four years from the date of
method of war bond redemption
public announcements.
and food problems acceptance of the constitution, and
sories, children's wear and fur agriculture
In our national political con¬ to go into effect Oct. 2.
goods.
Women's suit and coat that are being met only as a war¬ provision is made for inclusion of
ventions the committees hold pub¬
Associated
Press
Washington houses, however, continued to ex¬ time and war-connected problem
new members in the future.
Con¬
lic
hearings, but they go into advices further stated on Aug. 29
the
United Nations
Relief stitutional amendment will be by
pand and milliners reported in¬ by
executive sessions
to draft the chat "under the new plan indi¬
and Rehabilitation Administration
creases with the start; of a new
a two-thirds majority.
;
v,
4 platforms of the parties.
vidual owners or co-owners
of season. '
■, ,/ .
(UNRRA).
i,
•
•
y/;
"After 20 notifications of ac¬
In v the halls of the
Congress bonds can turn them into cash by
"In a report on the purposes of
"Large increases in the working
ceptance
the constitution shall
•matters are referred to commit¬ presenting them to any commer¬ force of canneries were the chief FAO and the constitutional ob¬
come
into
force.
Temporary
tees, which hold public hearings cial bank or trust company which reason for - an employment gain jectives, the Interim Commission
headquarters will ;be in Washingtand obtain the views of various has qualified for the service. The of
9.8%
in the food
industry. states that it seeks to take ad¬ ton, D. C.
">.-V
\V
elements, but the committees then bank will pay the full redemption Many factories doubled or tripled vantage immediately of the war¬
"Provisional budget of $2,500,and /immediate,, post-war
go into executive session and draft value immediately upon satisfac¬
their forces, some employing Ja¬ time,
000 is proposed for the first fiscal
documents which are submitted to tory
identification and without maicans and prisoners of war. Ad¬ 'conditions of fluidity particularly year,1 to be contributed by the
the appropriate Houses of Con- charge to the bond owner."
ditional workers were also hired favorable to the adoption oi sound founding members in the follow¬
Redemption agencies will be in the meat packing, ice cream, and thorough-going measures to ing percentages:
egress. Such is the practice of the
V;-;?;.Foreign Relations Committee, of paid 15 cents each for the first flour and cereal, baked goods, soft meet these problems (of agricul¬
"Australia, 3.33; Belgium, 1.28;
ture and food distribution)."
the Foreign Affairs Committee, of thousand bonds cashed, 12 cents drink
and
brewery
industries.
Bolivia, 0.29; Brazil, 3.48; Canada,
"Functions
of the Food
and
the Ways and Means Committee, for second thousand and 10 cents Some overtime was reoorted in
5.06; Chile, 1.15; China; 6.50; Co¬
and of all the committees of each per bond for all OVer 2,000 cashed breweries. Sugar refineries, candy Agriculture
Organization under lombia, 0.71; Costa x Rica, ; 0.05;
House of Congress; •'* :
v «.
and • condiment plants its'; constitution- arb--outlined as Cuba, 0.71; Czechoslovakia, 1.40;
during the quarterly payment pe¬ factories
.\v The object of this procedure is
riod.
Any incorporated bank or were the only ones in the food follows:
Denmark, 0.62: Dominican Repub¬
"1. The Organization shall col¬
to
obtain a calm
exchange of trust company may become a re¬ group to have decreased employ¬
lic, 0.05; Ecuador, 0.05; Egypt, 1.73;
views as; a contributing factor to demption/agency.
ment and payrolls." The Commis¬ lect, analyze, interpret, and dis¬ El Salvador, 0.05; Ethiopia, 0.29;
seminate information relating to
eventual agreement expressive of
The same report goes on to say: sioner further reported:
France, 5.69; Greece, 0.38; Guate¬
the ideas upon which those re¬
The plan applies to series A, B,
"Every branch of the textile in¬ nutrition, food and agriculture.
mala, 0.05; Haiti,. 0.05; Honduras,
"2. The Organization shall pro¬
and D savings bonds sold be- dustry showed decreased emplovv.
sponsible have been able to for¬
0,05;
Iceland, 0.05; India, 4.25;
and,
where .appropriate,
mulate a concurrence. •
tween 1935 and
1941, as well as men^ an^ payrolls.
Rayon mills mote
Iran, 0.71; Iraq, 0.44; Liberia, 0.05;
The conversations at Dumbar¬ the popular series E war bond, reported an unusual amount of shall recommend national and in¬ Luxembourg, 0.05; Mexico, 1.87;
ternational action with rbspect to:
t J ■:
ton1 Oaks are no different in this but it does not apply to series F absenteeism.;
Netherlands, 1.38; New;-Zealand,
"In the leather industry, plants >-V"a: Scientific, technological, so¬
yi
respect from any other confer¬ and G war bonds/
1.15;
Nicaragua,! 0.05;
Norway,
cial and economic research relat¬
In
announcing details of the making gloves and handbags ooerence, except that in this instance
0.62; Panama, 0.05; Paraguay, 0.05;
Pay¬ ing to nutrition, food and agricul¬ Peru, 0.71; Philippines, 0.25; Po¬
it is a matter of international as plan,
Secretary Henry Morgen- ated with fewer workers.
$ well as of domestic concern.
thau, Jr., said he hoped the sim¬ rolls increased in the glove indus¬ ture;
land, 1.19; Union of South Africa,
"b". The improvement of educa¬
try because of the settlement of
; The representatives of the other
plification "will not encourage
2.31; U. S. S. R., 8; United King¬
labor troubles in one firm and a tion and administration relating
agencies of -our Government in¬ bond owners to present bonds for
dom, 15; U. S. A., 25; Uruguay,
new
government contract in an¬ to nutrition, food and agriculture, 0.58; Venezuela, 0.58; Yugoslavia,
vested by this Constitution with payment except in cases of abso¬
other.
The shoe industry .had a and the spread of public knowl¬
necessity,"
because "huge
authority over these matters and lute
.0.71, and provision for new mem¬
are
being
consulted * and kept sums are still to be required be¬ slight increase in employment but edge of nutritional and agricul¬ bers, 2% (total 100%).
culture of which Mr. Pearson
,
.
simp
■
.
.
•
,
thoroughly informed of
ments.
.
•
01
-
»
■
develop¬
fore We
>
period."
agreed that the
of the three delegations will
has
It
'
been
can
return
to
a
normal payrolls
were
smaller.
,
The net
the leather group was a
decrease in emoloyment of less
than 1%/and a loss of more than
tural science and
>
practice;
'
Conservation of natural re¬
"c.
result fpr
sources
the adoption
and
of im¬
"The
report
foresees
a
neces¬
sarily gradual progress and recog¬
nizes that ;'men do not
readily ad¬
proved methods of agricultural
n
just traditional ways to new con¬
N. Y. State Factory Jobs
production;
4
2% in. payrolls."
ditions, and there arc many ob¬
statements which
"d. Improvement of the proces¬
will carry information about the Drop 2.1%, Payrolls 3.3%
stacles to be overcome.
But a
sing,, marketing and distribution
progress of the discussions. These
Change Eligibility Rule Of of food and agricultural products;, start ,can be made at once.
New York State Industrial Cornstatements will necessarily be gen- J
Changes in the economic and spe¬
an¬
"e. Adoption of. policies for the
Giannini Endowment Prizes
cial arrangements of nations will
era! in form. To go: beyond this missioner
Edward^:, Corsi
nounced on Aug. 16 that factory
Contestants
in
the
National provision of adequate agricultural be needed. The redirection would
and
describe the discussions in
employment in New York State Public Speaking Contest for the credit, national and international;
not be wholly new; it is in line
detail would be not only discour¬
"f.
dropped 2.1% between June and A. P. Giannini Educational En¬
Adoption of ijinternational with an evolution that has been
teous but improper, in view of the
July. This was the greatest de¬ dowment prizes at the 1945 con¬ policies w*th respect to agricul¬
hastened in bur time.' "
V
fact
that the representatives of
cline in any month since the No¬
ference of the American Institute tural commodity arrangements.,,
the other governments represented
vember peak. The cumulative de¬
of Banking will be reouired {to
"The scope of the FAO effort
at the conference must enjoy the
crease
for the .eight-months pe¬
Money In Circulation
will include fisheries, forestry and
opportunity to consult their own riod was 10.5%, said the Commis¬ complete only two Institute courses
The
Treasury Department
in
leading to certificates, rather forest
products
and
non-food
governments before "meeting of sioner, who also stated:
ithan the four certificate courses agricultural products.
Washington has issued its cus¬
•
minds'? can be arrived at.
"Further
reductions
at
war [
_
,
.
."Constitutionally FAO would be tomary monthly statement show¬
It needs to be kept in mind that
plants coupled with seasonal de- Previously needed to
as the top agency for the,organiza¬ ing the amoun|of rponey in circu¬
there; remain to be held the im¬
creases
in the apparel • industry 1 eligible for the contest,
lation after deducting the money
tion. and administration of inter¬
pending conversations with the were the predominating factors |
The change in the eligibility national credits in its field 'and held in the U. S/Treasury and
'Chinese.
•
causing the drop in July. Payrolls rule was announced on Aug. 31 should
participate in the manage¬ by Federal Reserve Banks and
I ; It should be obvious that in giv- decreased 3.3% with vacations, in¬
by the Administrative Committee ment of any dntjernationali credit agents. The figures this time are'
creased absenteeism an$ decreased
those of July 31, 1944, and show
ing full considerations to all sug¬
of the A. P. Giannini Educational organization 'in order to provide
that the money in circulation at
gestions which may be advanced working ; hours as contributing
for due consideration of agricul¬
factors.
*;• ;' ■ Endowment and. will apply to the
by the several governments en¬
tural' interests in the determina¬ that date (including of course that
gaged at this stage in the formu¬
Decreases
in employment and 1945 public speaking contest only, tion of getfpral international credit held in bank vaults of member
lating of the common proposals, payrolls were also reported in the according to a letter to AIB Chap¬ and
banks,
of
the Federal Reserve
inve§h?nent policies.',
the
participants in the;present tobacco, textile, leather and abra¬
System)
was
$22,699,352,632 as
"FAO in formulating its consti¬
ter Presidents, which said: "The
conversations should continue to sive industries. Food, lumber and
against $22,504,077,880 on June 30,
tution took the v'ew that 'in the
discuss with the Chinese delega¬ petroleum products were the only Committee felt that this change
1944, and $17,954,587,757 on July
struggle for food, mankind has
tion the approach of their Gov¬ industries with increases in both was necessary in view of presentbeen indifferently successful.
If 31, 1943, and compares with $3,ernment to the subject and to employment and payrolls.
day conditions and hopes that it millions have enough, more mil¬ 698,214,612 on Oct. 31, 1920. Just
before the outbreak of the first
bring the views of all the delega-r
J "The index of factory employ¬ will induce a greater number of lions have too little, and many
tions into a common alignment.
World War, that Is, on June 30,
ment
based on the average of
.' - ■
AIB members to participate in the starve.''
Before
any
binding commit¬ 1935-1939 as 100 was 144.5 in July,
1914, .total was $3,459,434,174.
»
heads
join
in issuing
.
'
.
..
.
,
qualify
~
.
•
.
#
.
•
ments are
will be full
for public discussion, a decrease
made there
opportunity
-
of 9.4% from July a 1S45
contest.
"The
organization envisages as
h
1
i
1
I
1062
THE COMMERCIAL & FINANCIAL CHRONICLE
Procedure Prescribed For Terminating BankGuaranteed T-Loans On Cancelled War Contracts
not
procedures for Federal Reserve bank guarantee of ter¬
(T-loans) made by commercial banks to contractors
contracts are canceled were prescribed on Aug. 24 by
assets
termination.
in
turn,
frozen by contract ♦>
The lending
bank, ment
is protected
on
its loan
by Federal Reserve bank guaran¬
tee.
Subcontractors, as well as
prime contractors, are eligible for
.T-loans.'
The procedures promulgated as
.
Regulation No. 1 of the Office of
-
Contract Settlement
formu¬
were
lated by a committee made up of
representatives of the War De¬
United
sion,
,
Federal Reserve
approved by the
the
Board and
were
Settlement Advisory
.Contract
•
Maritime Commis¬
States
and
Board established by
the Contract
Mr.
Hinckley said that to speed
up the granting of small loans in
the
field, the Federal Reserve
banks, as fiscal agents, have been
authorized
to
approve
T-loan
guarantees totaling
$500,000 or
less to a single borrower.
;
The regulation states in part:
"The requested percentage of
guarantee should not ordinarily
be questioned by the Federal Re¬
serve
Bank
or
the
contracting
agency if it does not exceed 90%;
and a contracting agency should
not
authorize
a
percentage of
guarantee in excess of 90%, or
95% in the case of small loans,
unless the circumstances clearly
justify the financing institution in
requesting it and other means of
interim financing are not prompt¬
ly available.
Technical
fecting
>
-
B
be
may
C
and
by
af¬
made
in
ments, the
Maritime Commission
the execution of this proce¬
dure the following policies will be
Reserve
Bank
agency.
After
the
called
loan
T-Loan)
(herein¬
guarantees
tent
agency
contracts if the borrower
war
has
or
forming
been
engaged
operation
an
related to
or
in
per¬
connected
production,
war
except in such classes of
cases
as
may
The
his
borrower's
investment
certification
in
termination
inventories and receivables and of
the
amounts
payable
tractors should
to
subcon¬
be
not
questioned
by the Federal Reserve Bank or
the
standard
or
which may be
contracting
there is
unless
agency
to
reason
believe
that it
the
contracting
,
i is
tially
/
•'
there
unless
agency
the
or
believe it is substan¬
to
reason
Bank
Appoints
Eric
A.
Johnston
of
the Chamber of Commerce of the
United States announced
Aug.
appointment of 29 of the
country's leading insurance execu¬
membership
1944-1945
the Cham¬
on
overstated
in
value."
its
T-Loan
Guarantee
•
Agreement,
Termination
Loan
Agreement and Explanatory Notes
»with
reference
these
to
'
mens.
<
the
enabling
July 1, 1944, are:
1.
<
of
the
Contract: Settlement,
in
J
•;
funcions
The
<
To
facilitate
production
agree-
Office
approved
maximum
during
of
outlined
as
Act
the
war
war,
and
from
•
'
reconversion
production to civilian
as
production
conditions permit.
war
^
'
2.
To
to
assure
prime contrac¬
tors and subcontractor, small and
large, speedy and equitable final
'
'
settlement of claims under termi•
nated
war
"
contracts, and adequate
interim financing until such final
settlement.
•
u-u
'
•
•
3.
•
To
assure
Government
•
policies
uniformity
among
agencies
in
basic
administration with
and
•
respect to such termination settle•
ments and interim
4.
of
financing.
Com¬
from 18
are
manpower, and fa¬
war
and civilian pur¬
for
by
tractors
providing
con¬
subcontractors
and
prime
with
notice of termination of their
contracts
.
.
•
war
far in advance of the
as
cessation of work thereunder
feasible
and
national
as
is
security.
5.
To
consistent
contractors and
with
the
the
assure
removal from the
expeditious
plants of prime
subcontractors of
'
termination
retained
,
6. To
or
use
inventory not to be
sold by the contractor.
all practicable methods
compatible with the foregoing ob¬
jectives to prevent improper pay¬
ments and to detect and prosecute
; fraud.
the
T-
a
agency which
utilizes the Federal Reserve Banks
fiscal agents for T-Loan guar¬
has
local
representatives
as
antees
in connection
therewith, it should
delegate to such banks authority
to
approve,
afterj consultation
with and in the absence of objec¬
tion by such representatives, all
applications
for
loans totaling
to
any
guarantees
(a) $500,000
requested
percentage
tee
in
is
(b)
not
or
less
when
borrower
one
the
of
of
excess
of
guaran¬
90%, and
$100,000
tee
that specific study may be
so
given to
plans and de¬
post-war
velopments relating to the growth
and expansion of these important
fields of insurance.
the
authority
con¬
ferred upon me by Sections 4 (b)
and 8 (c) of the Contract Settle¬
now
vital
more
than
ever
be¬
fore,
especially in the sense of
preserving
without
impairment
our
institutions and competitive
system.
/V
nation's
try—companies
in
and
war
in
insurance
and
indus¬
producers—
peace,
presents
a
splendid example of achievement
in the American system.
lic service institution,
As
a
pub¬
is
stabilizing influence for
a
American
tive,
of
produc¬
In the post-war era
power.
clearly
dented
our
and
economy
indicated,
ing agency which does not have
such
local
provide
'representatives
them
in
the
will
localities
where, and at the times when, it
expansion
peace-time
business and commerce, the insur¬
tain
industry will inevitably at¬
even
greater heights in ac¬
and
of
after
contract
termina¬
consultation
with
State
of
New
personally and address
understands,
and
I
to'be
hand.
on
of
Director/and in the absence
such
representatives
should
delegate such authority to the Re¬
better
how
the
in
are,
a
"Each
of
you
boards,
the
directives
wait
the
regulations
and
have
and
had
to
through what seemed inter¬
minable
delays
for
answers
to
vital
problems, meanwhile being
subject to mounting pressure to
"You
have
you
also
sought.
and held
seen,
though you were out¬
raged, how other, less patriotic
people have taken advantage of
the delays while you cautioned
patience, I know that the job of
your temper
other
than those
required under the standard loan
agreement should be prescribed
by the contracting agencies or the
Federal
Reserve
exceptional
Banks
only
circumstances
in
and
when
they are clearly necessary
to protect the Government's inter¬
est.
Additional conditions agreed
upon by the borrower and the fi¬
nancing institution, if'not unrea¬
not inconsistent with
sonable and
the
standard
loan
contracting agency
agreement,
by the
the Reserve
or
Banks.
4.
-•••'•
'
.
"■*'
-'
■.
'
The requested
percentage of
should not ordinarily
guarantee
be questioned by the Federal Re¬
to
cause
figliting
our
hope
will have made it
abroad*
men
possible for the
next annual convention of the New
York State Federation of Labor to
devote
its
to the
concentrated
attention
complex problems of
which will
confront
be
will
us.
peace
The
na¬
on
■
the
counting
American labor movement and its
leaders to make a major contribu-*
tion
to
lems
solving those vital prob¬
solving them in a new
and
way—I
mean
a
which
way
pro¬
vides not doles but jobs for all.
'You have, my best wishes for
making successful your delibera¬
tions in Syracuse. I know that
you
will, at this convention, as you
have always done in the
past, be
guided by counsels of moderation
and
wisdom
which
are the prod-<
experience."
ucts of your rich
to /
task
of
reconstruction.
The
Committee's various functions in¬
clude (1) recommendation of
nomic
in
eco¬
Almost $1,400,000,000 worth of lend-lease
supplies were shipped
by the United States to the China-Burma-India theatre of
operations
beginning of the war to May 1, 1944, according to a state¬
ment
issued on July 16 by Leo T.
Crowley, Foreign Economic Ad¬
ministrator, who added:
"Three-quarters of the supplies consisted of planes, tanks, guns
the
military equipment for^
Chinese, British and Indian
fighting side by side with
American
forces
in
this
theatre
against.the Japanese.
>, j?Lend-lease exports to the Chi¬
na-Burma-India theatre through
April 30 were as follows:
policy and legislative action
connection
with
questions
af¬
services
and needs of insur¬
with those of other business
represented by the Chamber; and
(3) the fostering of united effort
in
furtherance
.
r.
:
■: ;
>
-
$216,319,000
269,404,000
The first meeting of the new In¬
Committee will be held in
Washington, D. C., Thursday, Sep¬
tember 21, in the Chamber's board
room.
Closely related to the con¬
servation work of the Committee,
are the activities of the
National
Advisory
with
Council
Council
and
also
Health
aligned
Chamber's In¬
Department.
the National
surance
vehicles.
270,187,000
25,141,000
Agricultural products
65,177,000
322,328,000
items
$1,168,556,000
In
above,
the
to
than
more
totals
$217,000,000 of
to
materials have been consigned
Lt. Gen. Joseph W. Stilwell,
to
be
transferred
nance,
the
consisted
totaling
tanks
and
equipment
500,000.
nearly
and
$63,000,000,^
The
to
Chinese
The major share of these
consignments
000;
and
'
other
of
ord¬
$134,000,vehicles,
miscellaneous
$20,-
supplies,
;
^
Superfortress ..attacks
Japan's industry have been
sible only
thousands
^
on
pos¬
through the cooperative
of
worked with American
in
the
an
bored
to
Indians
engineers
creating the Indian bases for
big B-29 planes.
In China,
estimated 400,000 Chinese la¬
with
their
crudest
bare hands
kind
of
and
implements
lay out field surfaces of stones,
mud, plaster, bamboo and native
woods, and then with equipment
that
had
to
be
flown
"over
the
equip
the
hump" from
India
bases
giant planes.
for
the
listed
war
Allies in this theatre.
our
of
Recent
addition
forces.
Fire ' Waste
'
and
Industrial
V,: :\ ■/
tive year.
surance
Tanks
effort of
Tens
the
Ordnance
of tChamber
pol¬
j i
'/ ' V/.'
James, L. Madden, Vice-Presi¬
dent, Metropolitan Life Insurance
Company, will be Chairman of the
Committee for the third consecu¬
icies."
$1,159,000,000
from the
forces
contributions
'
'
real
efforts do not flag here
our
at home
achieved
To All Areas
Watercraft
Conditions
have
"We
that if
have
duplicated nationally.
Total Shipments In May Of 1944 At
ance
3.
together
be
Lend-Lease SEiipmenfs Of $1,400,000,000
To China And India Announced
By FEA
the
*
ernment
.
get the decisions
guarantees.
of appli¬
and the New
you,
tion
the
made"
record
industry, and the State Gov¬
cannot
lic welfare.
"You, too, have had to live with
has
that
to
realistically in the.
stability which
you
has been
elected by a constituency of
wage
earners
to
a
position of trust
which bears directly on the
pub¬
one
eo-operate
York
necessary
yourselves.
cations for and execution of such
is necessary to in¬
contribution
maintenance of industrial peace.
"I know of no reason
why the:
public officials
sense,
I like to think the
administration
having an understanding of
problems and being prepared
to
there
public officials. For
Aircraft
as
prompt processing
by
and
on
great record, and ifc
your
is probably no
group in the State
New York which can under¬
fecting insurance carriers and pol¬
icyholders; (2) the correlation of
Banks
serve
sure
state
know
After all,
a
represent.
you
you will too, that the press of my
obligations and responsibilities at
this time make it impossible for
me
strike
through the
responsiblity and character you
have given to the organizations
York
some
"He
valuable
its
volume
tions
appear
and other
tive
that
the
war-time
the lowest in the
has been made by you
the New York State Federation of
Labor.
Committee, representing as it does
all fields of
insurance/ is admir¬
ably adapted to make particularly
the
Chamber's work of speeding vic¬
tory and preparing the nation for
determined
of
its
among
"This is
you
of
they are re¬
quired, in the light of its prospec¬
is
to
a
both
are
nation.
hallowed precedent
and I respect.
That precedent requires the Gov¬
which
nation,
losses
the
once
unprece¬
complishment and service.
''Thus, the Chamber's Insurance
ex¬
Any such contract¬
breaking of
this
providing
bulwark of security for indus¬
try, family and individual, it rep-?
resents canitalism at its best.
It
centage of guarantee is not in
of 95%.
sanctioned
a
ance
■
to
of insurance in the public interest
■;
first among industrial states of4
the
President, Tom Murray,
mands
or
less to any one
borrower when the requested per¬
cess
York
have been
"The
contracting
should not be objected to
The text of General Regulation
No. 1 follows:
Pursuant
of
New
.
materials,
poses
proceeds
Albany ad¬
unnecessary
problems
we
have had to live with in wartime
have made almost limitless de¬
the Commit¬
must*
it
is
message as given in
vices Aug. 21 to the
disclosed that two special sections
on marine and aviation insurance
to
know
sideratlons.
following is the Governors'
stand
added
also
"You have done your job su¬
premely well and no one can dare
to question the patriotism of
your
organizations. Although New York
The
marine insurance.
time, Mr. Johnston
I
compensations
in
your
knowledge that you have put win¬
ning the war above all other con-*
of
same
But
have
mean
a
way which provides not
doles but jobs for all."
cities and represent principal sec¬
tions of life, casualty, fire and
are
used to retire the exist¬
are
2. If
the
To facilitate the efficient use
cilities
shall
right subsequently
T-Loan guarantee,
a
the
loan
ing loan.
war
'
expedite
if
Loan
made available the texts of
standard
its
apply for
even
Accompanying Regulation No,
1, the Office of Contract Settlernent
affect
not
to
unguaranteed
an
being a business agent or union
representative is hardly a bed of
roses.
on
Insurance
The members
the American
on
solving those vital problems and
solving them in a new way—I
the
At the
which will confront us.">
that "the nation d
counting
labor movement and its leaders to
make
a
major contribution r to
ernor
is
such
He also stated
will be
"Your
Insurance Executives
ber's
efforts do not flag here at
our
kin:
employed in typi¬
Eric Johnston
mittee.
hope that if
fighting
our
men abroad will have made it possible for the
convention of the Federation to devote its concentrated
attention to the
complex problems of
has
to
to
Labor, in an->
Dewey stated
"Herald Tribune," by Paul Toben-
general
maximums
In his announcement, President
substantially
overstated
in
Johnston said:
"The borrower's certification of value*.
Financing
institutions
his investment in termination in¬
"Today with the horizons of vic¬
should be encouraged to make un¬
tory more clearly discernible, the
ventories and receivables and of
guaranteed production and term¬
amounts payable to
subcontrac¬ ination loans, and the fact that protection of life and property
and the many other basic services
tors should not be questioned by a
financing institution has made
the Federal Reserve
home,
cause
next annual
cal classes of cases.
be prescribed by the Direc¬
tor.
of
of
specify
practicable,
by the con¬
having the pre¬
ponderant interest in the borrow¬ tives
tracting
with
contracting
consultation with
Governors
tracting agencies will, to the ex¬
31
should not be refused
is
the
or
of
Board
President
Termination
that "we have real
Federal Reserve System, the con¬
observed:
er's
questioned by the Federal
agreement
and the Federal Reserve Board.
after
by the financing in¬
upon
criteria
not
certificate
stitution and the borrower should
not be
In a message to the New York State
Federation of
nual convention at Albany on
Aug. 21, Gov. Thomas E.
peace
formula
$
Solving Peace Problems, Ggy, Dewey Declares
|
general, the percentages
loan
the War and Navy Depart¬
among
1.
In
the
agreed
exhibits
as
amendments
policy
exhibits
.
•
in
A, B, and C, respectively.
In
Settlement Act of 1944.
.
5.
Notes attached hereto
Department,
Navy
partment,
ly available.
1944, I hereby pre¬
scribe the procedure for the guar¬
anteeing of termination loans by
the War Department, the Navy
Department
and
the
Maritime
Commission through the Federal
Reserve Banks, outlined in the
Guarantee Agreement, the Loan
Agreement,
and
Explanatory
Thursday, September 7, 1944
Nation Counts Gn American Labor To Aid En
circumstances
interim financing are not prompt¬
of
Act
the
a
clearly
justify the financing institution in
requesting it and other means of
i
war
authorize
^
unless
Robert H. Hinckley, Director of Contract Settlement, in his-first
"general regulation. T-loans enable any war contractor to convert
into cash at his local bank approximately 90% of the sound value of
his
contracting
percentage ; ,of
guarantee in excess of 90%, or
95% in the case of small loans,
Uniform
war
the
or
,
agency if it does not exceed 90% ;
and a contracting agency should
mination loans
whose
Bank
serve
reports
to
from
i;;
China-
Burma-India theatre indicate
tinued
nese
by British,
successes
and Indian forces
lease
equipment
in
using lendaddition
that produced in their
tries.
mile
own
are
reported
Burma
British
17,700
front
action
Japanese
as
and
the
on
to
coun¬
Some 40,000 Japanese
ualties
con¬
Chi¬
cas¬
700-
result of
a
more
killed
in
than
eight
months by the Chinese-American
forces
under
General
northern Burma.
Stilwell
'
,
in
:
Volume
5
A.
James
i
Farley,
former national Democratic
Chairman, who
term nomination for President Roosevelt,
announced on July 21 that he would support him in the November
election. Associated Press accounts from Chicago reporting this on
I
the date above, stated:
;
•
;
Farley, who guided Franklin D. Roosevelt to the Presidency in
1932 and 1936, thus followed thef?>
sound credit to farmers will not
same course he did in 1940 when
*^he opposed a third term nomina- again be curtailed. Things have
tion but voted for the President changed and much has been done
2
against
voted
a
fourth
•
■
(Continued from first page)
Bridges Assails
Secrecy Policy At
•
to
''
that year.
avoid
a
return
the
to
experi¬
.
Security Conference
his
literature
The
"
outfit
is flooding
would alone cost
more
with
cautioned
was
Allan
Sproul, President of
the Federal Reserve Bank of New
on
Aug 28. by Senator Bridges against
the secrecy imposed on the Dum¬
barton-Oaks security conference
York, said in a booklet issued to'
employees of the bank on
July 31 that:
the
"The
Federal
Reserve
"not
has
grave
sur¬
the
second
world
rounding United States proposals
the
system
has played*a
and
vehicles for him to tell of his vir¬
tues.
Senate
The
Congressional
Hillman
'
'
'
perhaps be just as well
committees
aloiie.
They don't
seem
to be able to get anything
out of him. Instea'd, they serve as
the
let
Reviews War Activities
Mr.
;
It would
if
N. Y, Reserve Bank
Sen;
From Washington
Farley Although Opposed To Third Or Fourth
Presidential Term Will Support Roosevelt Ahead Of The News
:
1063
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4314
160
said
stand
which
the country
money than
for
for
international peace organ¬
an
ization it
the committees would seem to be
Congress
will
the double-talk"
was
revealed in Associ¬
cant
System
responsibilities in this,'
which
in
war
signifi¬
Your bank has corre¬
part.
spondingly grave responsibilities.
It is the biggest bank in the Fed¬
eral Reserve System; it is the cen¬
tral bank in the principal finan¬
cial center of the country."
years.
The able to find out has been spent. ated Press advices from Washing¬
Federal Reserve It is doubtful if this country has ton on Aug 28, which also had
the following to say:
v; of
Missouri for the Vice-Presi¬ System to discount farmers' notes ever known anything like it. They
From what has been learned of
has been greatly increased; the
dency today, Mr. Farley issued
are even distributing comic strips.
the
United
States
Federal Deposit Insurance Corp.,
proposal, he
Mr. Sproul also pointed out that
this statement.
/
And certainly Hillman is too mod¬
the number of the staff of the
"I have been opposed on prin- insuring as it does the deposits in est when he says he has no am¬ said, a projected assembly repre¬
more
than 90% of the banks of
senting all nations "will be a de¬ bank has more than doubled since
bition to take over the Democratic
ciple to a third or fourth Presi¬
bating
society
with no power 1940.
the nation, will beget confidence
\
v
•
dential term.
For that reason I
Party.
He has already done it
save
to discuss and advise" and
and stability in any economic de¬
: i
voted for the nomination of Sen¬
insofar as this campaign is con¬
The booklet of the Federal Re¬
"all power will be in the council,
pression.
cerned. There is not the slightest
ator Harry F. Byrd of Virginia,
serve Bank entitled "The Federal
which will be in the hands of the
"It
is important to note that
doubt that the
Democratic Na¬
"Having
participated
in the
Reserve Bank of New York and
Big Four." ,;7 v•":f;->
i proceedings of the convention I more than $4 billion available to tional Committee occupies a sec¬
the War," which also says:
Under
it, he
continued, the
farmers for loans is a minimum
accept its decision and will sup¬
ondary position in the campaign
"To lessen the threat of infla¬
States, -: Great
Britain,
figure, since it takes no account and that Mr. Roosevelt is looking United
port the party nominees."
tion the Government wants to sell
Russia and China will have per¬
of the vast- lending power avail¬
to - Sidney's campaign
Regarding the New York vote
to reelect
as many of its securities as possi¬
manent members on the council,
able to country banks through reat the Democratic National Con¬
him.
while all the other nations will ble to individuals and organiza¬
'• "
' * ■r ' *
$
vention in Chicago it was reported discounting at the Federal Reserve
other
than
commercial
have
only seven "and the • Big tions
Banks or at their city correspon¬
Bill Bullitt, who was one of Mr.
in July 21
advices to the New
banks. The Federal Reserve Bank
Four will have a veto on any¬
dents. If all excess reserves and
Roosevelt's aces in the "world ma¬
York "Herald Tribune" that Mr.
thing proposed and will have in of New York is helping with this'
if all potential borrowing power
■/J
chinery" before the war, a ma¬ its
Farley
rescued the convention
possession whatever force is job—
of the country banks were in¬
from a jam into which it had been
chinery that is now apparently authorized to enforce the decrees
"1. Through the aid it gives and
cluded, it is conservatively esti¬ to be surmounted with a superplunged on the taking of the first
of the league."
the services it performs for the
mated that they could lend from
ballot for Vice-President by the
duper structure, has again justi¬
Senator Bridge's speech came State War Finance Committees of'
$10 to $20 billion to finance the fied his reputation as a bull in a
neglect of Edward J. Flynn and
after
Senator-George
(D.-Ga.) the District. '
"
nation's agriculture this year." . • China
shop, with his magazine had
his lieutenants to poll the New
suggested that general ses¬
The Association says:
"2. Through your participation,
York delegation before coming to
story that we are letting Russia sions of the Dumbarton-Oaks con¬
"The figures obtained from 9,066
in the payroll allotment plan of
getting away with the communiz- ference be
the convention. The advices from
open to the press.
of the 11,000 country banks in the
the bank, and your purchases of
ing of Eastern Europe. Bill points
which we quote added:
Senator Bridges said President
United States which make crop out that after Hitler turned on
Government bonds for cash dur¬
H
*
"Mr. Farley suggested that a
Roosevelt's statement to the con¬
production loans show that far¬ Stalin, the emotional Harry Hop¬
ing war loan drives."
; •
fair estimate of the vote be anference delegates that '"the four
mers' need for bank credit may kins was sent over to Moscow
This report went on to say:
;; nounced by James W.
Gerard,
of us have to be friends, confer¬
vary with the types of farming and, without attempting to get any
f
"Due to the vast Government
former Ambassador to Germany,
ring all the time.'" confirmed
and products most prevalent in
agreement out
of the Moscow suspicions that the Big Four "in¬ financing program, however, it
when New York was reached on
the large geographical divisions
head, came back and ordered that tends to dominate and that they has not been possible for the Gov¬
the roll call. He further suggested
of the United States.
?•
;
/
lend-lease be extended to him.
that some one then challenge the
will decide the peace provisions ernment to obtain all its borrowed,
"Farmers in the North Central
Bill is concerned over the fate
funds from investors other than
vote as announced. Henry Epstein,
and policies of the world."
States, including the Mississippi that awaits Poland, and he has
v
an advocate of Vice-President
Saying this is not only the basis commercial banks. In the Govern¬
Valley, were largest users of crop reason to be. It was he, who as
for
Wallace, had agreed to do this
*"big
power
politics,"
Mr. ment financing of marketable se-v
production loans. In the States of our Ambassador to France, got the
outside, thewar
loan
anyway, as' he was apprehensive
Bridges added that the Presi¬ eurities
v
Ohio, Indiana, Illinois, Michigan, Polish Government to resist Hit¬
dent's use of the personal pro¬ drives the commercial banks have
of the vote that would be handed
Wisconsin, Minnesota, Iowa, Mis¬ ler.
It was he who brought the noun
"us"
raised
the
question stood ready
to
buy
whatever
to Mr. Gerard by the party chiefs,
souri, North and South Dakota, Polish Premier Beck to London
whether "'big -ruleT politics" also amounts could not be sold to other
who favored, Senator Truman,
Nebraska and Kansas a total of to
sign a pact with Britain and was involved tinder' thre domina¬ investors.
In addition, they have
"The
convention, unaware of
1,311,753 or 63% of all farmers France, He is said to ' be very tion of Roosevelt, Churchill, Sta¬ been active in purchasing securi¬
the cause of the c h alien g e,
borrowed from banks last year. bitter
against Mr. Roosevelt now lin and Chaing Kai-shek.
ties sold in the open market by
V
groaned when Mr. Epstein ques¬
Early in 1944 they had loans out¬ because the latter wouldn't let
ts tioned
Referring again to the reported other investors. The reserves of
the accuracy of the anstanding
of $464,955,009.
while him have a commission in the United States plan, Mr. Bridges these banks must be maintained
'> bounced
vote and demanded a
their banks had available for their American Army. He is serving as
said he objected to Secretary of so that they can continue to per¬
*:
poll of the delegation.
use in financing crops or livestock
a
Major with the French.
»-),•
State
Hull
asserting "that this form this important function of
"Mr. Gerard's estimated vote,
..K'•
/'
.P'V';
«
$2,257,674,000.
%
%
Government has no intention to assuring the success of Treasury
compiled by Paul E. Fitzpatrick,
"In States bordering the Atlan¬
set up an organization in which
It would not be surprising if
financing. Your bank, as part of
state chairman, was: Truman, 65;
tic Coast, where large numbers
the true story of Pearl Harbor these four big Powers will run the Federal Reserve, System, helps
Wallace, SOVzV Barkley, one-half.
of farms supply great metropoli¬
to see to it that the commercial
came
out during this campaign. the World."
The corrected vote, as announceo
tan
areas
with garden produce,
"If this plan is necessary, let banks have the reserves they need
The New Dealei's are finding it
from the rostrum at the close of
poultry and similar commodities a troublesome issue, particularly us understand it and debate it for for this purpose."
''
e poll, was: Truman, 69\k\ Wal¬
in cash markets the need for such
out on the Pacific Coast. Recently whatever it is," he added, "but,
It is also shown in this booklet
lace, 23; Barkley, one-half; ab¬ financing was less. In the North
New Deal Congressman Magnuson it is an insult to our intelligence
that the
Federal Reserve Bank
sent three,'*
Atlantic States, including Maine to
of Washington, who is running for to tell; us that it is not a plan has had much to do with the sell¬
Pennsylvania, 123,465 or 26% of the
Senate,
felt
the V heat
so under which we and our three
ing of Savings Bonds in 1936 pre¬
all farmers used crop production
strongly that he said, although he great Allies will dominate the war era, and now series E bonds
loans last year and $49,612,000 was
'
was
a
Democrat, he thought the world."
first issued in 1941.
outstanding, compared with $317,At one point Senator Bridges
story ought to be told.
He gave
The New York Reserve Bank
123,000 the banks have available it as his understanding of what interrupted his prepared address
mU A survey by the Agricultural and willing to loan to them. In occurred, .that the Japanese to demand more order. Looking has two functions not performed
Commission
of the
American the South Atlantic States, from "peace" emissary told Secretary toward the Democratic side, he by the other 11 organizations of
the
system.. It handles Federal
! Bankers Association shows that Delaware to Florida, 176,593 or Hull that unless our fleet was declared:
of all farmers used their
11 000 country banks in 1944 have 17%
"Apparently
some
Senators open-market investment opera¬
kept in the harbor he would not
tions and the accounts of foreign
*^4 840,555,000 available for crop bank credit in 1943 with $42,794,- be able to handle the War Party don't want to listen to plain talk central banks, -v In addition, it
000 outstanding, while their banks
Dumbarton-Oaks
immediately after the
te
-
nomina¬
of Senator Harry S. Truman
tion
ence
of
depression
of
ability
the
<
'■
v
■
*
.
1
"
;
■
.
,
.
-
1
v.
'
■
*
1
■
.
f'
•v. 'v
.
•
Fifth
Orsdil Available
Farmsrs Use Rat
Of
,,
^production loans, compared with
In
use
by farmers
The
'\of the year.
at the beginning
much
,tbe
capacity of
have
could
Commission said
indicative of
banks to meet all
that these figures are
j
*'financial needs of agriculture.
The Association points out that
the importance of the service ren¬
dered by banks in advancing far-
Hull
at home.
actually
I''$935,764,000 in such loans
as
The
served
them
with as
$371,122,000.
South
that not only
Central States, cov¬
the region including Ken¬
tucky and Texas, reported that
promptly said
not make
*
"
2,340.056 or 38% of all of the farin the United States used
4
'mers
Hsuch
1943.
>
,.i,
•
from their
loans
.
„
banks in
:
"The fact
farmers for financing their
is the answer to those who
sometimes charge that banks cannot be depended upon to take care
of farmers' credit needs,
asserted
Otis A. Thompson, Chairman of
-by
'
crop
-
*
t
'
t
of farmers vary
Agricultural Commission,
-who is also President of the Nantional Bank and Trust Co., Nor\\vic-h, N. Y. He added:
;the ABA
remained
outstanding
friends of this
erally accepted story
in Congress
the
$29,114,000 remained in use at
beginning of this year.
that the
The
Western
States,
Mountain and Pacific
including
Coast areas,
show
214,830
559,000.
mers
or
evident,"
mitted at Dumbarton
■HMH
$898,-
the Army benefit checks
country, and more
the entire
whether
surrounding
.
Senator Hill
all
vored
•
the
confer¬
The booklet
their
:,
savings
of
redemption,
cash to
in
taxes,
and
bonds
of
supply
its
banks in this
activities
ing
reviews the bank's
connections with the
functions in
district, its
collecting withhold¬
clearings
check
collections, ration
and
banking, war-
production loans, consumer
credit,
foreign funds
all of the other
foreign operations,'
functions
of the bank.
replied that he fa¬
publicity, but
possible
"they
can't - be
informed
what the conference does until it
has
had
time
sions."
Senator
man
and
to
reach its
•'; v". ■'
:
George,
Senate
Foreign
Com¬
Relations
,
....
that
•
.
Government
-
,(he believed in "all the
secrecy,
of which $2,382,000 re¬
checks.
all
of
20%
than
control as well as
Oaks;"
Bridges asked Mr. Hill
Senator
Nevada had only 786 far¬
22% needing such loans
last year,
or
extension of banks for such loans was
very
ence."
42% of all. far¬
mained in use Jan. 1, while 43,109
mers using bank services an 1943
for
crop
production loans,
of farmers or 33% in California
which $183,371,000 remained out¬
"The unparalleled liquidity of
sought aid from banks and con¬
standing, while the capacity of
iViA
hankine1 system should give
w,
_
tinued to use $72,774,000.
assurance
he said
"that
the
Senator, (Bridges)
is
disturbed by rumors.
He should
reserve his criticism until he sees
what the conference does.
I arr
is
"It
compared to Oklahoma, where for a long time. And members of
their information
153,941 or 86% of all farmers bor¬ Congress get
rowed from banks to finance crops from Naval officials.
and
processes
for
issuance
ference.
determination.
between the States as
That the fleet was really or¬ protesting against his rising on
Louisiana, where only 12,833 or dered into the harbor by Wash¬ this floor at this point, giving
9% of all farmers used crop pro¬ ington over the protest of high the impression that some griev¬
duction loans last year, of which Naval officers has been the gen¬ ous mistake is about to be com¬
needs
that banks had more
$6,878,000
the amount needed
than five times
widely as
shown by
con¬
ference—but they will get plenty
any
farmers ob¬
tained crop production loans from
banks last year and that $195,032,- to be answered.
If there is one
000 remained outstanding at the thingcertain,
it Js that Hull
This compares doesn't intend to let the respon¬
'•mers money to finance crop pro- beginning of 1944.
with $996,077,000 the banks have sibility
for ■ this
disaster
be
eduction was emphasized by 4he
available.
In this area financial pinned on him,; He has told his
survey figures which show, that
513,415 or 26% of all
the
about
such request of it the next few months."
After
Mr.
Bridges had com¬
but the State Department made
pleted 'his speech, Senator Hill
no such request of the Army and
Navy.
The question of whether (D.-Ala.), acting Democratic floor
the fleet was ordered to stay in leader, said the Republican ap¬
the harbor by Washington is yet peared to be pre-judging the con¬
sary
ering
very
did the peace emis¬
mittee, said he would open gen¬
eral sessions to the press
the
"so that
public here and all the
Nations
deci¬
ceedings,
could
and
follow
United
the
pro¬
understand
and
it
goes
_
former chair¬
present member of the
evaluate
along."
the
work
as
.
THE COMMERCIAL & FINANCIAL CHRONICLE
1064
Thursday, September 7, 1944
when, against the bitter we have increased, enormously
the our facilities for manufacturing
isolationists and their press, Mr. basic
commodities;
we *
have
Roosevelt
first
proposed- -lend- evolved new processes for shap¬
lease.
v -I■
ing materials, and new uses for
This
peace
was
in
process those materials. ;
We cannot go back to our pre¬
many months ago when two men
met in mid-Atlantic and drew up war status, for it is impossible to
a
charter, a set of principles for reshuffle our people into the old
Nor can we throw into
peace that have been cited and pattern.
used as guides by both Democrats junk heaps $20,000,000,000 worth
and Republicans alike ever since of
new
plants and equipment.
they were first set forth.
Only by using them can we hope
This peace was being made at to
provide good jobs for our
Casablanca, at Moscow, at Que¬ brave fighting men when they
bec, at Cairo, at Teheran. It was return, and for our splendid war
With those plants we
being made last week in our own workers.
nation's capital.
It will be made shall make more and better goods.
in many other pleaces, at many We shall
combine
full employ¬
other times.
It is a continuing ment with an even higher stand¬
structure
Senator Truman,
Accepting Nomination As V.-
criticism and dire warnings of
Urges Re-Eiection Of President Roosevelt
■
(Continued from first page)
re-establish
business, of labor
economy."
In his speech, Senator Truman
agriculture must all be
directed
with
initiative,
with
responded to a notification ad¬
dress by Senator Connaliy (D. of
with foresight and with
experience, just as
they have
been since the emergency actually
courage,
Texas).
the
of
text
full
The
man's
nomination
in
given
was
efforts
our
Asso¬
Aug. 31, as follows:
Mr. Chairman, members of the
notification committee and fellow
peace
and war.
citizens:
crises
we
on
"
I
honored
deeply
am
named
been
In each of these
anxious mo¬ process, already years under way,
We are,
faced the fearful still years in prospect.
No
forget the pray¬
preceded our
ever
can
one
in Africa, in Italy, in
France and in the Pacific. Those
fore. me.
;
Upon being nominated for the
our
4
possible
were
Democratic party.
members of the
I have wanted;
formed
since then to ad¬
the
but
space nor
fact
the
question
to
chief.
In
Roosevelt
Delano
commander
and
the
I
past
have
is
in
efforts to make certain that
those
policies are carried, out
promptly and efficiently by those
my
that
and
the
that
finally is
war
this
which
is
before
will make
won
difficult
most
a
task.
The
people of the earth will have to
rebuild a new and greater pros¬
today's themsleves to these
leadership tions, and must find
The proven
problem.
of
fortunes
which
must
successes
our
The
the
of
for
boys have fought, bled
endangered
our
and died must not be
sane
a
intrusting them to inexperi¬
hands,
There is no sub¬
intrusted with their administra¬ stitute for experience, which can
be gained only through years of
tion.
good and enduring peace,
We have long been engaged in application and service.
;
The end of hostilities may come
a
I am confident that the people
desperate struggle to preserve
of the United'States, and I know suddenly.
Decisions that will de¬
our liberties and to safeguard the
termine our future for years, and
American Way of life.
Many of that the people of my own home
state of Missouri, may be trusted even
generations to come, will
our
brave
citizens
have
given
If they
their lives to win for us the cer¬ in this vital hour to choose their have to be made quickly.
tainty of victory, now assured. President from a standpoint of are made quickly and wisely by
by
enced
t
,
experience and qualifica¬ those who have had years of ex¬
win this most terrible of all wars. tion.
They will not choose' for perience and the fullest oppor¬
Victory is now in sight.
Our President, by political chance, a tunities to become well informed
with respect to our national and
courageous,
well
trained
and man who lacks experience.
In the struggle to rid the world international
problems, we can
completely equipped soldiers and
sailors
are
beating
down
the of the enemies of democracy, the have confidence that the next
enemy wherever he can be found. firing of the last shot on the bat¬ generations will not have to spill
Their unequaled valor under the tlefield marks but a beginning. its blood to rectify our mistakes
greatest leadership ever given a Military victory over Germany is and failures.
It takes time for any one to
Military victory over
fighting force guarantees this vic¬ but a step.
tory. ■■'■J;
Japan, though it may follow with familiarize himself with a new
This is particularly true of
The task of the government has all possible speed, will be but the job.
Presidency
of the
United
been to provide that leadership, completion of one turn in a long the
road.
States, the
most
difficult
and
as well as the foresight which will
War has taught us that, whether complex job in the world.
Even
enable victory to be won as soon
in peace time, it is well recog¬
we like it or not, we cannot build
as possible.
When victory is won,
All of
us now
toil and sacrifice to
government must provide for our
returning
workers
an
sacrifices
they
and
veterans
assurance
were
will
not
return
in
to
war
our
that
their
vain;
that
country
a
worth
fighting for; that they will
have an opportunity to earn a
good living; and that the same
humane principles
and policies
for the protection of the average
man
and
woman
carried out
twelve
tinued
at
will
years
under his
be
con-
are
still
numerous
and
well
equipped.
They have the
advantage of fighting on the very
threshold
of
their
We
homes.
must
fight in every-climate and
on every terrain.
We must transport our armed forces and their
equipment—and maintain them—
thousands
shores.
of
miles
Our enemies
}
from r
are
Our
States.
around
very
the
exist¬
depends upon the establish¬
our
fanatical
nized that
dent
it
not expect
perienced
throughout
peace
the
world.
If
national
ask
you
the
historian
why
about a lasting
War I, he will
answer: "A partisan struggle for
we failed to bring
peace after World
Let us rememher the warning of Woodrow Wil-
He stressed that in an effort
make peace partisan politics
son.
ish2pX^
_
no
said'; "has
H<uUsan politics, he said has
p
"a \
,?■
0Y?
J?
n.°w „°
Clde-
,
.
,Hl«
^1SCUS£LJ
baf been
a
new
a
Presi¬
to learn the
year
fundamentals of his
and
just
takes
least
at
ment and maintenance of a sound
I to
leadership.
Although victory may be close
hand, it must still be won. Our
enemies
ence
isolation
of
wall
a
xin- 'political power."
der Franklin D. Roosevelt for the
past
proven
United
job.
We
can¬
man wholly inex¬
national and inter¬
any
in
affairs
to
readily
learn
tions.
He
knows
tfcr, and
as
new
products discovered
during the war, and by encourag¬
ing further research and inven¬
tion, we shall insure the position
of
the
United
States
of world progress.
The achievement
as
leader
a
goals
post-war nation will not be
ment.
as
he
respects
their
so
opinions,
so
are
them
problems.
completely
None
has
ever
their .confi¬
won
been the fate of
tell
can
On
goods at
prices within the reach of all.
We
must
not
his
this
and
v
idle.
The Administration proposes to
to it that these plants are sold
leased
ture
ate
terms
them
use
those
to
manufac¬
to
consumer goods, and to cre¬
employment for our fighting
and
men
our
workers.
If
v
fair
on
and
men
j
devote
we
the
inge¬
same
nuity to production for
peace
in
given
to
have
we
the making
tion,
be
of engines of destruc¬
this war, our future will
in
But
secure.
this
do
to
will
require energy and courage.
forces of
The
reaction, and the selfish¬
fear any
of those who always
ness
kind
of
change, will have to be
overcome.
We cannot go back,
as
tried
we
cannot
to
stand
do
in
We
1920.
We
still.
must
go
all
of these great
that
President
know
will take
issues we
Roosevelt
progressive and
a
was
years
for
the
unemployed,
protect the savings of small
depositors and for security regu¬
prevent a repitition of
financial excesses of the '20s
the
that brought on the
You
remember
cour¬
position, because his past
record
of
able
and
forthright
action speaks for itself.
depression.
the
battles
know the
position.
the
opponents are still
But which of these
programs
wjlling to tell
destroy?
the
and
acid
they
are
they
you
Those
.
the
now
propose
programs have
test
of
the
President's
not
Ask
v
As
early
Oct. 5,
as
1937,
dreamed that
use
when
war
was
approaching, Franklin Roosevelt
in a speech at Chicago, warned
that the peace and
freedom of
90% of the world's people were
being jeopardized by the remain¬
ing 10%, who were threatening a
breakdown
of
international
all
law and order.
You
reminded that he
was
years,
opponents
openly attack them.
yourselves
to
intrust
velopment
whether
the
service
a
great
that
and
army
enabled
not
to
supply
Countless thousands of lives
were
saved
He
by this one prophetic act.
advocated lend-lease, which
enabled the British and others to
let
that
contracts
year's
start
He declared
on
a
us a full
production.
gave
war
national emergency
de¬
only
who
without the ability
were
develop
these
programs
but
the foresight
lacked
even
and courage to support them.
;
Ask
the
yourselves
whether
you
intrust the negotiation of
to
of
peace
who
the
world
those
to
familiar with world
not
are
affairs.
'
•
1
-
.
The welfare of this
nation and
its future, as well as the
peace of
the whole world
depends upon
decision
your
7 You
Nov.
on
can't
chance.
to.'take
afford
a
You should indorse tried
and experienced
leadership—you
shouldre-elect
Franklin
D.
Roosevelt President of the United
j
-
,
-
"
■
.
;
,
Lordan Assistant To
/,.4;;
Cotton
John
the
Exchange
T.
New
Scatterty, President
York
announced
Cotton
on
Aug.
of
Exchange,
29
the
ap¬
pointment of F. P. Lordan, previ¬
ously connected with the futures
brokerage
Moore
of
concern
&
Co.
to
Robert
the
position of
Assistant to the President of that
Exchange, to
Mr.
into effect Sept. 1.
go
Lordan
member
of
also
the
had
Board
been
of
a
Man¬
agers
directing activities of the
Exchange to enlarge service, to
members, to the cotton industry
and
its
Lordan
distributive
is
trades.
Mr.
trying
to increase a
broader scope of relations between
the Cotton
Exchange, Public and
Government.
The
"Journal
of Commerce"
in
reporting this also said:
Mr.
us
and to dis¬
its
needs.
you
further
and
growth of these
great social reforms to those who
need not be
then called
op¬
His
same.
stood
of his
sources
ageous
few of
he
fought to accomplish all this. And
States,
forward.
On
he
as
to
dare
,
America
that
issues,
farm program which saved
farmers.
Just as he battled
the
women war
'
.
just
relief
dare
who' will
all
a
World
or
of
through protective legislation for
labor, social security for the aged,
work
dare
see
required to win
greatest
time,
the kind
of thinking that during the 1920's
kept
Muscle; ; Shoals and other
accept
War I plants
years
ahead of his time when he
fought
for freedom from want and forced
to
consumer
more
the defense of the
country, Presi¬
dent Rosevelt was years ahead of
tion
flood of
Who
nation?
our
many
the war, and at what greater cost
in* lives?
' (
great
a
how
would have been
plants, from hiring workmen and
putting into civilian produc¬
from
to train
and
and preparation what would have
if they can, they
will;; prevent new independent
enterprises from acquiring these
reasons
do they respect
^
Without this kind of leadership
you
cover
Just
co-operate
produce this inspired achieve¬
to
easy.
selfish interests
some
In¬
were
did
and
lations to
\
the
of
the Administration has set for the
selective
the
which govern their decisions.
We have another historical
parallel today. Make no mistake him. At no time in our history
about the fact that once again we has a President possessed such
a^so have among us a group of knowledge of foreign leaders and
determined, as bitdangerous as the band
utilizing
views, the objectives and the an alarmist and a war monger by
inner thoughts of such divergent
the isolationists and their press—
personalities as those dominant the same
group that now seeks to
leaders who have guided the des¬
block every advance he makes for
tines of
our
courageous Allies. the welfare of the
country.
There will be no time to learn,
Despite
strong
opposition1 he
and mistakes once made cannot
pushed through the national-de¬
be unmade.
Our President has
fense
program.
He
steered
a
worked with these men during
course
toward
preparedness.
these trying years.
He talks their
Through his efforts we obtained
language—the language of na¬
their
as
and
By
the
Proved by the test of time,
isolationists
methods
condi¬
new
and
sensible means of living together
in
friendship and with mutual
advantage.
We comprise but a
small percentage of the people of
the earth, and.'.we shall have to
guide the way with wise counsel
and advice if we expect to play
our
full
part in establishing a
continue.
future
living.
already complaining,
-
occur
Tomorrow's challenge is
sup¬
ported the policies formulated by
him to protect and advance the
welfare of our nation.
I will con¬
tinue to do so and will continue
that
perity from the ashes of the ef¬
forts of the many generations that
cession of victories in the annals preceded
them.
The
nations,
of warfare.
great
and
small,
must
adjust
'
leader
occurred
has
of
Already
;
•
destruction
reasonably certain to
Roosevelt
did
make
felloW Americans every¬ Franklin
where, regardless of party, so that those vital decisions in collabora¬
I might offer a statement con¬ tion with the great leaders of our
allies.
Those
decisions
cerning the critical times that lie war
brought about the greatest suc¬
ahead.
Franklin
have been allowed
war
interrupt it.
The
dress my
my
the personal hazards of
world at
a
unin¬
most
definitely in midstream.
this peace has been given
and certainty by
high resolve of the men who
making it.
Neither time nor
are
fighting men had what they
None
ard
movement
the
because
needed, where they needed it and
office of Vice-President
of the when they needed it. Much of the
United States, my first wish was credit for this must be given to
to express my appreciation to the the wise decisions of the Presi¬
dent.
make this peace,
And
life
successes
successes
effort to
our
very
that
moments
erful
Presidency and accept with humility and a prayer for guidance
that I may perform honorably and
well whatever tasks are laid be-
in
disaster.
national
possibilities of
Vice-
the
for
candidate
party's
that
had
have
ments when we
have
to
Democratic
the
as
date
to
leadership of
President Roosevelt these objec¬
tives will be accomplished.
Under his leadership we have
met one crisis after another, in
under the continued
Press advices from Lamar,
ciated
of
cess
accepting
Vice-Presidential
Democratic
We know from the suc¬
began.
Tru¬
Senator
formally
speech
of
and
co-ordinated
>
the military, of
domestic
own
our
tained and even surpassed.
dustry, labor and agriculture
Lordan
enjoys broad
expe¬
rience in various branches of the
cotton
industry and is
identified;
in the trade by his close attention
to
Washington developments dur¬
ing the
past 10 years.
He is a r
native Texan, where he spent the
early part of his cotton career in
association
with
the
-
company
of
P.
G.
exporting
Pauls & Co.,
Galveston, Texas. In 1934 he was
■.'/
against the dence and admiration.
that enabled our own defense pro¬
a
member of the group that or-7
hymns of hate and utter threats League of Nations and gave to
Winning the war and conclud¬ gram to make progress beyond
ganized the south wide Cotton In¬
that before they succumb they Wilson's peace in 1920 a stab in
ing the peace are only part of the anything ever before achieved in
dustries Association and served as
will destroy the foundations of the back.
■
task facing us during the next the
history of the world.
I need
and
desperate.
They
chant
who set themselves
,
civilization, so painfully and j
Much work has been performed four years.
We must also re¬
slowly erected by the hard work in the task of building1® peace. establish our own domestic econ¬
of generations of mankind.
The peace we seek is partly made
omy.
our
carrying out of plans al7 While the main task is yet ahead
ready made to overwhelm the °I us, world peace was actually
enemy, and
the formulation of in the process of making many
new policies as the occasion
de¬ months, even years ago.
The administration of Franklin
mands, require the co-ordination
of all bur resources and all of our D. Roosevelt was preparing the
people.
The skill and ability of ground to support
inis
peace
The
.
To win the
war we
have shifted
millions of workers hundreds and
thousands of miles from their old
homes;
sands
of
we
.have
fine*
new
built
thou-
factories
and
not
recall
to
violence of the
measures—nor
President
of
the
Texas
division
you
the vitriolic
until 1935, when he came to New
opposition to these
York
City to become affiliated/
the
identity
of
those who opposed
them.
Franklin Roosevelt set production goals that were ridiculed as
fantastic and misleading.
For ex-
with Robert Moore & Co.
admitted
company
to
He
partnership, in
was
that
Jan. 1, 1944, and recently :
terminated
that
ample, his request in June, 1940,
equipped them with tens of thou-. for 50,000' planes.
But under his < the New York
5,cu.ua
ui tne
best machine tools;
leadership those goals were at-appointment.
.
status to
accept/
Cotton Exchange ;f
Volume
Number 4314
160
THE COMMERCIAL & FINANCIAL CHRONICLE
of
The State 0! Trade
7,650 barrels from the record
reorders
1065
still
were,
sizeable
with
ground for the exchange of ideas.
large backlogs'accumulating.
Ir¬ They also report that as a byprod¬
Aug. 19, 1944. When compared regularity featured
deliveries, with uct the course gives their em- v
with the
corresponding week last some lines running 60 days in ar¬ ployees a better
knowledge of
year, crude
oil production was rears.
Shortages and late deliv¬ their own institutions and their
471,200
barrels
per
day higher eries of some staples have induced functions. In
the process of ap¬
The current figure was also
11,- a spirit of caution and careful se¬ plying the information
studied to
150 barrels above the
daily aver¬ lectivity, even though inventories their own
shops, questions are
age figure recommended by the are below those of
a year
raised which provide opportuni¬
ago. ;
output
reached
the
week
ended
.
(Continued from page 1058)
ing mills
chance to catch up on
rail, heavy bar-and
a
structural
Coal Production—The U. S. Bu¬
of Mines reports production
reau
semi-finished
steel
backlogs. of Pennsylvania anthracite for
Despite small but possibly signif¬ week ending Aug. 26, 1944, at
icant trends, orders the past week
1,290,000 tons an increase of 121,almost -approached those of a week 000 tons (10.4%), over the
pre¬
previous with pressure applied ceding week, and a decrease of
for deliveries of most steel prod¬
13,000 tons, or 1% from the cor¬
ucts and unfilled order backlogs responding week of
1943.
The
1944 calendar year to date shows
reflecting little or no change,
an
Almost complete apathy ruled
increase of 6.5% when com¬
all
with
the
scrap
markets the previous pared
corresponding
week,
with
prices
whenever period of 1943.
The report of the Solid Fuels
quoted, being purely nominal, and
represented for the most part lost Administration placed bituminous
sale levels or a figure which sell¬
production for the week ended
ers would be glad to lose a firm
Aug. 26 at 12,010,000 net tons,
commitment.
According to the against 11,950,000 (revised figure)
"Iron
Age", the softness in
will
markets
continue
tons
scrap
until
a
firmer, but lower level is estab¬
lished.
-Auto Industry
ing before
of
mid-
and trade
Estimated production
of bee¬
hive coke in the United States for
the week ended Aug.
26, 1944,
reported
shows a
pre- war years and that passenger
would be rolling off the coip-
when
cars
the
Production
The
—
silver
continued
one
year
reached
Senator
gain of 2.2% over
when
output
ago,
system
hours, compared with
kilowatt-hours
for
of
2Q;2%.
"Those
so-called
prices for gold and silver on
ground that this would con¬
a
Elaborating
ham
;
a
8,680,000
barrels
during the
ending Aug. 26, 1944. Stor¬
age
supplies
at
the
week-end
totaled 80,740,000 barrels of gaso¬
line; 12,921,000 barrels of kerosine; 41,543,000 barrels of distil¬
late fuel, and 59,339,000 barrels of
residual
fuel
oil.
The
above
ures
apply to the country as a
whole, and do not reflect condi¬
tions
the East Coast.
on
Paper Production
in
above
source
5%
8%
of
retail
country
to
sales
the
the
week
same
a
week
throughout
the
over
estimates
for
in
.Regional increases were:
New England, 2 to
4%; East, 5 to
8%; Middle West, 6 to 9%; North¬
west, 5 to 7%; S9uth, 8 to 10%;
Southwest,
10
to 12%, and the
7 to 11%.
A,
to Federal Reserve
Pacific Coast,
According
index,
Bank's
sales
in
department
New
York
weekly
period
creased
by 20%
riod
of last
with
a
to
year.
figure)
in
four
9%
(revised
weeks
.
trade
market
week.
in
merchandise
active retail
an
New
26,
against 91.3% the preceding week,
and for
the week ended Aug. 28,
year,.91.2%, the American
Paper & Pulp Association's index
of mill activity disclosed. As for
paperboard, production for the
same period was
reported at 96%
last
of
capacity, compared with 95%
in the preceding week.
gains
York
Although
the
percentage
the week,
increase for depart¬
average
ment stores
more
year.
a
was
estimated at 15%
the
over
like
week
and
Retail
Store
basis,
on
taken
as
from the Federal Reserve Board's
were
18%
ahead of
a
year
tor the week ending Aug. 26
compared with a revised figure
2%
in the preceding week.
ago
of
For
the
four
"In
announcing the course the
cites six benefits which
may
be expected to accrue to
any bank
AIB
adopting it. These are: increased
efficiency of the staff and thus
banks; better service to de¬
of the
positors
in
fall orders
and
communities,
better
public
and
relations;
earnings resulting from
efficiency'and better service; bet¬
ter
employee-employer relation¬
ships; increased volume of y/ork
from personnel
staff, and smoothworking bank teams with knowl¬
edge about what each other is
doing."
Information about the
available
the
course is
headquarters of
the
at
American
Institute
of
Bank¬
ing at 22 East 40th Street in New
York City.
...•
•
'
v
"
'
sales
were
far
so
as
concerned.
Truman Quits Senate
last
Wholesale markets reflected
decrease
experience
smaller in
were
the
or
actual
on
■■
■
purchases featured
based
■■■..
pro¬
for the week ended Aug.
was at 93.2% of capacity as
index
dures
and
proce¬
with them.
therefore
the
Back-to-school
discussion
increased
preceding week.
ending Aug.
26, sales rose by 8%, and for the
year to Aug. 26, they improved
by. 8%.
the
intimate
store
26 in¬
the same pe¬
This compared
of
for
for the
City
Aug.
over
decrease
For
past
Paper
—
duction
country-wide
ties
explanation of policies and
1943.
fig¬
Sales—Department store sales
economists
fiting from high prices abroad."
sponding week of fast year, a de¬
crease
(on
The
gain
Inquiry Committee
: '
new
A
Badly-
recommendation
to
Congress
investigation
needed goods were under pressure
for early
activities
effort to increase scant allotments
of cotton goods was made.1
"f< ' *
its power and prestige, was made
oh Aug. 7 by Senator
delivery, and
genuine
a
that
it
expand
as
a
nominee
President.
Training
Program Study Course
Will Earn Credits Toward
AIB Certificate
of
raising
Truman,
Democratic
AIB Extends
its
means
Senator
for
Vice-
Truman, who
resigned
on
ate War
Investigating Committee,
in
order
the
Aug. 3 from the Sen¬
have
to
Democratic
free
a
sented to the Senate
last
report
hand
campaign,
on
Aug. 7 his
Chairman
as
in
pre¬
of
the
x.
Committee, at which time he said:
weeks
ending Aug.
."In my opinion, the power of
'Training facilities of the Amer¬
by 9%. ican
Institute of Banking are to investigation is one, of the most
department
be made available • toy all banks important powers of the Congress.
store sales for the year to Aug.
The manner in which that power
everywhere regardless of location
26, 1944, over 1943 was also noted.
is exercised largely will deter¬
under an
extension of the AIB
v
subsidy hardly could ob¬
ject to domestic producers bene¬
corre¬
stills
week
A
who object to higher U. S. Treas¬
193,500,000
to
ran
Mines
distillate fuel oil placed at
4,566,barrels and residual fuel oil
26,
stitute
of
000
at
a
to take the advantage
high world prices" adding:
the
1944.
barrels of gasoline. Kerosene out¬
put totaled 1,401,000 barrels with
of
ury
August
basis) approx¬
imately 4,698,000 barrels of crude
oil daily and produced
14,112,000
as
>
whole
a
Bureau
permitted
kilowatt-
the
as
proposing the legislation to the
Senate, Senator Scrugham said, "it
is high time our producers were
166.500,000 kilowatt-hours in
week ended Aug. 27,
1944, and
compares
with 205,100,000 kilo¬
watt-hours for the corresponding
•week of
1943, or a decrease of
18.8%,
'
Local distribution of electricity
of
•
In
of
the
month
Department
gold and silver in world markets.
output
amounted to 154,400.000
co-
the
Aug. 26
daily output averaged 4,665,150
barrels.
-U-:.v;;
• y .v.-:••
Reports
from
refining
com¬
panies indicate that the industry
with
gress to permit the free movement
of
newly-mined
United
States
4.322,195,000 kwh.
reports
Scrugham, (D., Nev.,)
Repres. Engle, (D.,
Col.,) proposed legislation in their
respective branches of the Con¬
Consolidated Edison Co. of New
York
with
Silver Legislation —•
the close of last week
sponsor
Aug. 26
from
4,451.076,000 kwh. in the
preceding week.
The latest fig¬
a
44%c,
Gold and
the week ended
represent
at
domestic silver at 70 %c.
Edi¬
Toward
ures
tons
for
For the four weeks ended
output
Aug. 19, last,
38,100 tons from
corresponding week of 1943.
the output of electricity declined
to.', approximately
4,418.298,000
in
11,200
compared with the
kwh.
I
same' source,
of
Silver-—The London market for
Electric Institute reports that
son
the
as
silver was unchanged at 23
^4d.
The New York official for
foreign
employment of about 8,000.
Electric
by
decrease
for the week ended
and a decline of
pany's assembly lines six months
after Germany surrenders.
Some
expansion
of
facilities
would be needed, he added, to
employ about 14,500 to 15,000 men
and women, compared with pre¬
war
(revised
7.4%.
last
week, Paul G.
Hoffman, president of the Studebaker Corporation, said that the
production
schedules
at
Studebaker would be double that of
,
preceding week and
12,242,000 tons in the correspond¬
ing week of last year, while out¬
put for Jan. 1 to Aug. 26 totaled
figure) tons,
as against
384,665,000 tons in the
same
1943 period, or a
gain of
-journalists
,
the
412,980,SH)
Forecast—Speak¬
conference
a
western newspaper men
in
Petroleum Administration for War
said:
further,
"The
Mr.
Scrug¬
specifically
bill
1944,
7%
sales
increased
increase
in
:>
August Meat: Output—Beef arid
mine the position and prestige of
educational; program, William C.
veal production for the month of
the Congress in our future.
An
Way, President of the Institute,
August in federally inspected meat has announced. This extension in¬ informed Congress is a wise Con¬
packing
plants
surpassed
any cludes the
offering of a new study gress, and an uninformed Con¬
other month in history, the Amer¬
course
in
the
fundamentals-: of gress surely, will forfeit a large
ican Meat Institute reported/ The
banking which can be given to the portion of the respect and confi¬
all-time record output in August
staff of any bank in anv place dence of the people." (}
was
600,000,000 pounds, 28% under
competent leadership right
Reviewing
the
Committee's
greater than July, and 21% above in its own
shop. As indicated, three and a half years of investi¬
August, 1943. This unusual record this
course,
which is especially gation under his Chairmanship,
was
attributed to heavy market¬
valuable to present-day personnel,
Senator Truman, the Associated
ings of grass fed cattle which pro¬ is available to all
banks, but is Press reported, reminded his col¬
duce
lean,
non-rationed
beef. directed
particularly to the 8,000 leagues that the Committee called
August pork production, however, to
10,000 banks which are not as early as last November for a
declined 12% below the July level
close enough to populous areas in start on reconversion problems.
and
19% under that of August, which AIB
chapters are usually
"Specific methods of dealing \A
1943.
located to be able to use the facil¬ with
those
problems
were
set
Progress was noted the past ities of the
chapters.
The an¬ forth in the Committee's third
week in .retail buying for the na¬
nouncement states:
annual report," he said. "Progress
tion at large, while wholesale ac¬
"The object of the new-course has been j disappointing, because
tivity continued its steady course.
is to provide the means for giving, many new needs have, arisen and
In
accounting for the improve¬
all employees a working knowl-, because the armed services have
ment, Dun & Bradstreet ascribed
of
the
fundamentals
of been bitterly opposed to taking
the rise in consumer demand to edge
'
v
•
cool
weather and the
fact that banking and to give this knowl¬ any action."
.
,
.
R.
R.
Freight Loadings
—
exempts export of such metal
Car-
is needed in the
freight for
the week ended Aug. 26 totaled
905,724 cars, the Association of
loadings
of
Railroads
American
This
revenue
was
an
"I
increase
of
out
R. R. Operating
railroads
of
agreeing to
plan should
of
000
the
Lumber
1944
orders
net
railway
operating
income,
rentals, totaled
$650,037,566 compared with $840.026.082 in the same
In the 12
period of 1943.
months ended July 31,
—
The Na¬
these
26, and
mills
new
8.5%
were
to
102%
of stocks.
For
reporting softwood mills, unfilled
are equivalent to 38
days'
production at the ( ' current rate,
and
to
to
gross
35
stocks
equivalent
are
days' production.
shipments of
For 1944
date
reporting
identical mills exceeded produc¬
tion by 4.4% and orders ran 7.1%
above
months of 1944
before interest and
the
orders
decline,
'
of
amounted
in July, 1943.
It should be noted that July is the
14th consecutive month in which
the net earnings of the carriers
first 7
Woods
over
below
production for the same
period, while unfilled order files
of $127,849,936
the
Shipments
the week ended Aug.
July, net railway operating
income, before interest and rent¬
als was $98,630,425 and compared
with a net railway operating in¬
For
happy
obtaining
sociation
reports, that
lumber
shipments of 504 reporting mills
were
6.3% below production for
In
a
Bretton
be
tional Lumber Manufacturers As¬
$381,000,compared with $527,936,159 in
corresponding period of 1943.
has shown
the
to the common fund."
and rentals, totaled
come
re¬
possibility of
more of
precious metals to contribute
estimated net income, after inter¬
est
with¬
backing in
In my opin¬
the
roads.
months
silver
sales
1943, according to reports
filed
by the carriers with the
Bureau of Railway Economics of
the Association of American Rail¬
7
and
pleased at the prospect of foreign
being made.
The nations
Revenues—Class
U. S. in July,
the
in July,
first
gold
"Those
who
complain
that
Treasury already holds too
much gold and silver should be
compared with $82,278,032
the
Bretton
our
1944, had an estimated net income,
In
monetary
the
ion, Congress will do well to
ject the plan as it now stands.
after interest and rentals, of $58,500.000
the
at
substantial amounts.
or
1,667 cars, or 0.2% above the cor¬
responding week of 1943.
Com¬
pared with a similar period in
1942, an increase of 6,319 cars, or
0.7%, is shown.
I
think
not
evolved
Woods conference is sound
18.278
2.1% above the preceding
week this year, and an increase of
cars,
do
plan
announced.
as
effort.
war
>
output.
Compared to the corresponding
of 1935
39, production
of
reporting
mills
was
24.2%
greater, and orders, 21.4% greater.
weeks
Crude
-
Oil
Production
—
Daily
oiL produc¬
average
investment averaged1 4.30%
comnared with a rate of return of
6.07% for the 12 months ended
tion for the week ended Aug. 26,
as
estimated
by the American
erty
July 31, 1943.
gross
crude
1944, the rate of return on prop¬
Petroleum
-
,
schools are due to reopen shortly.
Increased sales are general at
this
season,
but
this
year
retail
volume
was
greater
than that
registered last fall. Apparel and
accessory
buying was unusually
pronounced. This was especially
true for students' apparel and ac¬
edge to them quickly. To that end
it has been set up in such a man¬
ner
that
few
as
or,
conference
hours
the
it
each.
be
covered
winning
mentals
record.
complete,
Interest in sportswear was pro¬
nounced
with
black
velveteen
and
as
of
sessions
two
Students
with
cessories, though houseware, too,
was
in
demand, in the face of
shortages in some lines. Restau¬
rants, drug stores and auto supply
stores also approached last year's
in
completing
credited by the
work
of
done
toward
pre-standard
a
certificate.
Institute's
text, the ^'Funda¬
Banking.'
This is a
of
over-all,
of
text
topics
or
easy-to-read
some
covering
24
the
cpurse has been given a
thorough tryout in a number of
slightly
banks
that
of
the
same
Food sales, too,
moved above the figure recorded
ja year ago, with dairy products
1 sufficiently scarce in some sec¬
tions that retailers felt warranted
j in rationing them.
Wholesale trade remained
Institute, was 4,667.450
barrels. This represented a decline par with the
preceding week.
"The
banks.
report
before being offered to all
Those which have used it
that
stability
it contributes
of
their
and
the
organizations
through giving their staffs
teresting
to
helpful
an
in¬
knowledge
about the business in which
they
on
advices
and
Republicans
sought to persuade Senator
Truman to continue
Committee
head of the
as
which he has pre-'
for three and a half years,
sided
over
but he told them
is. the
continued to hold up well, though
demand for autumn clothing rose
above
Press
-.
Democrats
alike
"it wouldn't be
:
-
■
''Anything I might
new
understand
chapters
course
popular.
In the higher- fundamentals
of
banking
and
with
simple
charts,
field, coat and suit sales elucidated
tables and illustrations
used to
were
specially
marked,
while
summer
sportswear for men still help clarify various points.
year ago.
•
fair."
"The heart of the
price
a
Associated
■
.
dresses
week
ington
stated:.
enjoyable class
will be
course
Institute
the
can
15 easy and
Under date of Aug. 3, the Wash¬
a
are engaged and
through bringing
Fall their siaus together on common
member " of
a
would
be
he said.
it
say or
the
construed
do
as
Committee
as
"It is best for
political,"
me
to leave
entirely."'
In
the
end, they agreed to
re¬
spect his wishes.
They offered the
to
Senator
Tom
Chairmanship
Connally, Democrat,
Texas, but
decline because ojd his
heavy duties as Chairman of the
he
had
to
Foreign Relations Committee.
On
Aug.
Mead
was-
man
4
Senator
James
M.
(Democrat) of New York
unanimously chosen Chair-'
of the Committee.
ination
of
Senator
The
nom¬
Truman
as
Vice-President of the Democratic
Party
Aug. 3,
was
noted
page
519.
in
cur
issue
of
""
7, 1944
Thursday, September
CHRONICLE
COMMERCIAL & FINANCIAL
THE
1066
And Bond Yield Averages
Moody's Bond Prices
18
Z
1944—
Daily
/
Avge.
U. 8.
■
103.13
106.74
114.27
117.20
112.00
10343
106.74
114.27
112.00
103.13
106.74
114.27
117.20
112.19
103.13
_
High
2193—J
Low
1943
1.^
113.80
112.56
119 83
-
21——
19
Stock
~
29——
28
-
26—
-
25
24
—
23
—
22—
;
V
112.75
112.19
—
—
16—
2
106.92
114.27
117.20
106.92
114.27
117.20
112.56
103.30
106.92
114.27
117.20
112.37
103.30
106.92
114.03
117.20
112.37
103.30
106.92
114.08
117.20
112.37
103.30
106.92
114.08
117.20
112.37
103.30
106.92
114.08
117.40
112.37
103.30
106.92
114.08
117.20
114.08
117.20
114.08
117.20
106.92
114.08
117.00
112.19
103.30
106.74
114.08
112.19
103.30
106.74
114.27
117.00
112.19
103.30
10G.92
114.27
117.20
106.92
114.27
117.00
Cotton on hand in consuming
on
amounted to an
31, was 2,117,343 bales, and in public storages
compresses
than $100,000,000 a year in the
704,181 bales.
The number of active consuming cotton
New York rent bill. The present'
the month was 22,654,790.
rent bill for the city is estimated
In the interest of national defense, the Department of Commerce
to be over a billion dollars a year.
112.19
103.30
112.19
103.30
106.74
114.08
117.73
has
112.19
103.30
106.74
114.08
117.20
103.30
106.92
114.08
117.20
cerning imports and
112.19
112.19
103.30
106.74
114:C8
117.20
112.19
103.13
106.56
114.27
117.00
112.19
103.13
106.56
114.27
117.20
112.19
103.13
106.39
114.08
117.40
117.20
112.37
102.96
106.21
114.08
117.40
102.80
106.04
113.89
102.63
106.04
113.89
117.20
112.00
102.63
105.86
113.70
117.23
111.81
102.46
105.69
113.89
117.20
116.61
111.81
102.46
105.86
113.89
117.00
116.80
111.81
102.30
105.86
113.89
117.CO
116.80
111.81
102.13
105.86
113.89
116.80
116.80
116.80
111.81
101.64
105.52
113.89
111.62
101.47
105.52
113.70
111.62
105.34
113.70
116.41
116.61
101.47
111.25
100.81
104.66
113,70
116.22
116.41
111.07
100^32
104.31
113.50
116.22
116.41
111.07
100.16
104.14
113.31
116.41
116.22
112.75
118.80
119.34
118.20
111.44
107.44
112.56
103.30
106.92
114.27
110.88
99.04
103.30
113.12
117.00
111.81
99.36
103.47
114.27
108.88
97.16
111.81
114.46
113.89
1 Year Ago
111.07
119.20
116.61
111.44
98.88 103.13
107.09
120.30
1943—
4,
Sep.
117.00
113.31
108.34
92.06
2 Years Ago
117.80
1942—
5,
Sep.
MOODY'S BOND YIELD
(Based on Individual
U. S.
1944—
Govt.
Daily
5——-
Sep.
ceiling levels with no changes
crease in the price of eggs was the
113.89 1X7.00
Exchange
Corporate by Groups*
R. R.
into
3.05
3.56
3.35
2.94
2.79
Closed.
2.71
2.79
3.06
3.56
3.35
2.79
3.06
3.35
2.79
3.03
2.71
2.94
1.81
3.56
Aug. 31— —
2.71
2.79
3.05
3.56
2.79
3.03
3.35
30——i
1.81
2.94
2.71.
2.78
3.05
3.55
2.79
3.02
2.94
l
1.81
3.35
29—
3.02
3.35
28—
2.71
2.79
1.81
2.94
advanced fractionally last week, only 2 price
declined; in the preceding week there were 6
advances and 3 declines; and in the second preceding week there
were 7 advances and 3 declines.
2.79
3.03
2.94
1.81
Exchange
2.78
3.55
3.05
Latest Preceding
%
Stock
3.02
2.71
2.78
3.05
3.55
3.35
2.94
2.79
Sears to
1.81
2.79
3.05
3.55
3.35
2.79
1.80
2.79
22
3.04
3.55
'3.34
3.02
2.78
3.04
3.55
3.34
2.94
2.72
2.79
3.03
3.55
3.34
2.94
2.79
*
1944
Aug. 5,
1944
140.2
141.6
138.8
138,000
145.1
145.1
146.0
more
163.1
163.1
162.4
161.0
162.9
156.4
203.7
16
201.5
195.0
unit in a city the
155.9
157.8
148.3
N. Y.
155.8
158.7
152.6
2.79
3.04
3.55
3.34
2,72
2.79
3.04
3.55
3.34
2.95
2.79
3.03
2.72
2.79
3.04
3.55 ::
3.34
2.95
2.79
1.81
_
2.72
2.79
3.04
3.55
3.34
2.95
2.78
17.3
2.72
2.79
3.04
3.55
3.34
2.95
2.79
10.8
2.71
2.79
3.04
3.55
3.34
2.95
2.79
8.2
2.71
2.79
7.1
Metals
Building materials
Chemicals and drugs.
3.03
1.80
3.02
1.81
3.02
12
j j-
(U
1.81
3.03
10
1.81
3.03
n
9
1.80
'
"•
8
r
3.03
1.79
•
•
t
3.55
3.34
3.55
3.34
2.95
2.80
6.1
3.05
3.55
3.35
2.95
2.79
1.3
Fertilizer materials
Fertilizers
3.55
3.05
3.35
2.94
2.80
3.34
2.94
2.73
.3
3.03
2.71
2.80
3.05
3.55
1.79
3.03
2.71
2.80
3.05
3.55
3.34
2.94
1.79
3.03
2.71
2.80
3.05
3.55
3.35
2.95
3
1.79
3.03
2.71
2.80
3.05
2
1.79
3.03
2.71
2.80
1-
1.79
3.03
2.71
2.80
1.79
3.04
2.72
1.79
3.03
2.72
1.78
3.03
2.72
3.35
2.95
3.05
3.55
2.95
2.7J
3.05
3.55
3.35
2.95
2.81
3.05
3.56
3.38
2.94
2.80
3.03
3.56
3.36
2.94
2.79
3.05
3.56
3.37
2.95
_
3.04
3.57
3.38
2.95
1.78
7
3.03
2.72
3.39
2.96
2.79
2.78
2.78
1.79
3.04
2.72
2.81
3.06
3.05
2.73
2.81
3.06
3.59
3.39
2.96
1.80
3.05
2.73
2.82
3.06
3.59
3.40
2.97
16.
1.82
3.05
2.72
2.82
3.07
3.60
3.41
2.96
"Indexes
1943,
3.05
2.72
2.81
3.07
3.60
3.40
2.96
2.80
3.07
3.61
3.40
2.96
2.80
1.84
3.05
2.73
2.81
19
1.84
3.06
2.72
2.81
12
1.85
3.06
2.72
2.81
5
1.85
3.07
2.73
2.82
May 26
;
2.81
in
2.96
2.81
the
3.08
3.66
3.42
2.97
2.83
2.83
Mar. 31
—
1.83
3.09
2.74
2.83
2.97
3.70
3.47
2.97
2.84
of
2.98
2.84
killed
.
Feb.
25
1.81
3.10
2.74
2.83
3.11
3.73
3.49
on
23
1.87
3.11
2.74
2.84
3.11
3.74
3.50
>,
2.99
1.87
3.13
2.74
2.84
3.12
3.81
3.55
a
3.00
2.85
1944—
1.77
3.02
2.71
2.78
2.03
3.55
3.34
/
2.94
2.78
1943—
2.08
3.31
2.81
2.96
3.23
4.25
3.93
% 07
2.93
2.94
2.78
2.96
2.80
have
High
Low
High
Low
1944
1943—
4,
1943—
2.68
2.80
3.07
3.79
3.54
3.11
2.69
2.82
3.09
3.82
3.56
German
or
lost
least-325,000
at
campaigns by
soldiers
the number
have
they
captured. \
Associated
London
ad¬
on
Aug.
29
tween
Aug.
10 and 25,
of whom
to 45,000 were taken
Sep.
5,
1942—.
2.03
2.99
3.26
4.27
3.97
-3.08
2.95
basis of one "typical" bond
(33A% coupon, maturing in 25 years) and do not purport to show either the average
level cr the average movement of actual price quotations.
They merely serve to
Illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages, the latter being the true picture of the bond market.
tThe latest complete list of bonds used in computing these indexes was published
In the Issue of Jan. 14, 1943, page 202.
•These
prices are computed from average yields on the
119.7
119.8
and not by
104.5
104.5
104.1
138.4
138.8
135.5
in
the
Falaise
pocket area.
ern
Rome
France
raisng
close to
the
at
more
total
400,000.
Associated Press
for
Aug.
ordered
on
of the Office of
Management's branch
the Division of Central
than
all
of less than
decline in occupancy,
changed rental rates.
"After
reviewing the request
for an alternate maximum
rent
the
that
stated
OPA
date,
pro-
different
from that of any other landlord
who contends after the establish¬
ment .of
rent
control,
that he
would not have reduced his rents
had
if he
is
situation
testants'
no
lower rents
known the
would become his maximum rents.
"To
liquidation
grant relief under these cir¬
would be wholly in¬
Emergency
cumstances
known as
consistent with the maximum rent
Administrative Services.
division
This
ployed 3,700, all of
absorbed
other
in
date
of the OEM em¬
which will be
The Associated
Press report also
The division has
administrative
been perform¬
services
for
agencies
Government, and in the
most of the civilian war
of
the
main
its functions
will be trans¬
agencies it has been
serving, along with
This
change was
50,000,
by Division
France
and
the
Committee.
the employees.
recommended
Director R. R. Brown
Appropriations
House
the Emer¬
the purposes of
gency
Price Control Act."
-
Government
says:
ing
method, OPA said, and would
defeat
Moody's Daily
Commodity Index
Wednesday,
Aug.
30
31—
Friday. Sept. 1—
Saturday, Sept. 2—
Thursday,
**^rtHoT7
Aug.
pc-ot.
A™
A
vd
wucKs
ago,
Aug.
AUg.
5
249.6
250.4
249.8
246.8
249.8
22
,
Sept. 4, 1943——-
Year
ago,
1943
High,
Low,
1944
ago.
«
_
„I__
Tuesday, Sept. 5—
Month
250.8.
250.2
250.5
250.3
250.1
1944
Tuesday, Aug. 29,
♦
dispatch yesterday es¬
timated German losses in south¬
A
Liquidate OEM Branch
We learn from
ferred to the
2 Years Ago
2.80
119.7
138.5
the
hav¬
monthly rental
$30, and that this was
caused by a
119.7
jobs.
Press
further stated:
Supreme Headquarters an¬
nounced On Aug. 29 that 92,000
prisoners had been taken by the
vices
from 42,000
3.33
117.7
Washington advices that
27
President
Roosevelt
Allies in northwestern France be¬
1.83
127.7
118.3
Sept. 2, 1944, 107.9; Aug. 26, 107.8, and Sept. 4.
V.
1 Year Ago
Sep.
3.09
1.79
combined
1926-1928 base were:
Armies still to report
2.83
Jan.
■
126.9
118.3
104.5
forces, with the
Canadian First and British Second
3.43
3.10
154.0
126.9
—,
American
3.66
3.08
154.0
113.3
machinery-
All groups
expe¬
average
an
152.5
—_
the most recent
2.96
3.42
2.82
ing
were
property
in
chiefly
126.9
The German armies in northern
3.40
2.73
rienced
104.4
105.6.
France
3.65
3.07
150.5
L04.4
adverse
that
found
conditions
154.0
Men In France
3.62
1
1.86
Apr. 28
2.79
..
3.07
3.07
'
152.4
104.4
_
.
Germans Lose 400,000
2.79
1.81
—
:—
152.8
2.79
>
1.79
2
operating
2.80
23_
9—
131.0
...
2.78
2.80
2.79
,
3.58
June 30___
"
100.0
2.79
3.34
—
122.8
132.2
2.79
3.55
'
14...
Farm
.3
2.80
V
130.1
104.3
3.05
2.80
also
152.9
3.04
size of Buffalo,
New Orleans, La.
or
"OPA
132.2
Textiles
2.80
2.72
crease
132.2
commodities
Miscellaneous
.3
dwelling units, which is
equivalent to an in¬
for every rental housing
than
130.1
2.79
1.80
_
_
2.80
'
156.6
—
2.72
4__
_
LivestockFuels-
2.72
5
21
'
2.95
7—
July 28
155.8
■Grains—
2.72
3.03'
11
v-
101.7
:
3.03
1.81
;
Cottonseed Oil
3.03
14—
■
163.1
Farm Products-
Cotton___
1943
—.
_
2,95
15
.
Fats and Oils
23.0
Closed.
—
•
1.81
17
;Y;
-
1.81
18
•
Foods—'
2.79
3.02
Stock Exchange
_
-
2.79
2.72
1.81
'
19
2.72
1.81
_
21
V
3.03
Ago
a
occupancy
Sep. 2,
Group
the
less
substantial in¬
has more
than compensated for this rise in
expense.
V
"Moreover,
OPA stated/ bne
reason for initiating rent control
was that between March and Oc¬
tober
1943, rents in New York
were
raised
for
approximately
in
1944
25.3
23
Year
Sep. 4,
is
expenses
the last four years.
Aug. 26,
I'otal Index
2.72
2.78
1.81
3.03
2.95
24
Month
Ago
Week
Week
in
that
said
OPA
crease
1935-1939—100*
25
2.94
York landlords
New
of
increase
all
Association ? - ^
The National Fertilizer
Compiled by
Sach Group
Closed.
that the operating
survey
than 5% during
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
26—
'
All other in¬
change in this index number in over two years.
remained unchanged from the previous week.
series advanced and 3
Closed.
Stock
the
position
Although the index
Indus,
P. U.
2.79
l——
,
of
This increase in eggs also caused the foods group to move
for 1944 is better than it was in,
higher ground.
A slight increase in raw cotton reflected only a frac¬ any of the years 1939-1943.
Al¬
tional advance in the textiles group.
Lower prices for scrap steel though some individual items of
caused a fractional decline in the metals index number, marking the expense have increased, the over¬
96.54 , 111.62 114.08
2
■
mately 50,000 dwelling units.
"It was estimated on the basis;
only cause for this group advanc¬
ing.
first
Corporate by Ratings*
Aa
A
Baa
2.71
3.03
/i Stock Exchange
4_—_—
wheat and rye
prices held at
in hogs; cattle, and lambs. An in¬
Closing Prices)
Aaa
rate*
1.82
represent rents agreed on by land¬
lords and tenants in a free com-,
Slight Advance
dexes
Corpo-
Bonds
Averages
They did not
increase.
10%
question the propriety of estab¬
lishing rent control in the area atproper maximum rents. The pro¬
test stated that the rents in effect
on the maximum rent date do not
only a moderate advance in this group.
Weakness in
featured declining grain markets last week.
Livestock
AVERAGES
Avge.
accompanied by
petitive market prior to war ac¬
wholesale commodity price index, compiled by The tivities. War activities in the area,
Association and made public on Sept. 5 continued those protesting said, adversely
to advance slightly in the week ended Sept. 2 to 138.5 from 138,4 in affected their operations.
the preceding week.
A month ago this index stood at 138.8 and a
"In a 12-page (brief)
opinion
year ago at 135.5, based on the 1935-1939 average as 100.
The Asso¬ accompanying an order denying
ciation's report went on to say:
the protests, OPA set forth
the
Due to the few price changes in the farm products there was results of a
survey
of approxi¬
117.40
92.35
the
fair and;
not generally
The weekly
116.02
116.80
1943
were
equitable unless
National Fertilizer
117.40
117.40
116.22
119.41
116.85
—
110.70
120.87
1944
Low
111.07
Index Continues
116.41
116.61
Commodity Price
National Fertilizer Association
116.80
118.20
118.20
118.20
120.44
omitted from this re¬
such data are being
the maximum
area
difficulties in obtaining de¬
117.40
112.00
112.00
116.61
119.47
-
that
conditions and the
pendable world statistics
port for the time being.
protesting parties claimed
rents for the
"The
exports.
World Statistics
116.80.
118.60
118.60
118.40
publication of statistics con¬
discontinued until further notice the
Because of war
116.80
118.40
1944—
117.20
117.00
111.44
28—
831/705 bales.
117.00
111.81
High
establishments
July
and at
7,spindles for
all
would have
increase of more,
city
the
in
rents
106.92
116.80
119.68
Jan.
agents in New York City.
"The addition of 10%
to
103.30
118.40
111.25
and
owners
103.30
117.00
119.35
120.21
estate
real
of
103.30
117.00
Apr. 28—
25-
tion
112.19
117.00
Mar. 31
Feb.
associa¬
Fair Rent Committee, an
United States
—
filed by a
were
112.37
118.40
118.40
118.60
118.60
-
and
month of July, 1944, amounted to
consumed during the
Cotton
117.00
112.19
112.19
112.19
112.19
112.00
112.00
111.81
Stocks
protests
of apartment house owners
sponsors by the Metropolitan
group
112.37
118.60
119.59
119.48
119.48
Consumption and
117.00
112.37
5
"The
for 1943 and 1 for
106.92
118.60
112.19
1944 in this report are subject to revision when
1942.
Thes tatistics for 1944 in this report are subject to revision when
checked against the individual returns of the ginners being trans¬
mitted by mail.
108.74
103.30
103.30
118.60
118.60
118.60
119.66
James
announcement he stated:
The statistics for
103.30
112.19
Acting Price
*
of 1943 and 1942.
bales of the crops
Administration,
Administrator
Rogers announced. In his
Price
of
Office
March 1, 1942
30 by the
Aug.
on
117.00
112.37
26
May
117.40
denied
were
117.00
112.56
112.56
112.56
119.88
119.99
9
114.08
the supply lor
in
lower than on
were
Aug. 1 which was
107,053 and 48,626
of the crop of 1944 ginned prior to
the season of 1943-44, compared with
bales
48,182
'Includes
requesting an alternate maximum
rent
date
for
those landlords
whose
rents on
March 1, 1943
117.00
120.13
120.01
-
114.27
other
1942
*233,335
5,579
v: v.
1,071
28,591
1,843
194,828
1,421
117.20
120.15
7-
2,244,
154,*3.9
states—926
——
——
a
all rents in the area
117.20
120.10
June 30
106.74
..,',..5,820
—
'
1943
*351,930
11,795
1,580
28,336
14,940
284,191
11,088
Defense-Rental Area,
petition to increase
by 10% and
City
including
117.00
120.18
120.23
120.27
14
103.30
117.20
112.19
':.J
*164.346
' 594,
273
-
—
counted
112.37
118.60
118.00
118.60
118.60
118.80
118.80
118.80
118.80
118.80
118.80
21__—
117.20
112.37
118.30
112.56
112.56
112.56
112.56
112.56
112.56
112.56
112.56
112.56
112.56
July 28
: 117.20
114.27
117.20
119.88
_
117.20
114.27
117.20
11—rr'119.84
10
119.88
9
120.01
8
120.03
7
120.00
5—
120.05
4
120.08
3_
120.14
2
120.14
1—_
120.09
14
114.27
106.74
J06.74
117.20
118.60
118.60
118.60
113.60
118.80
..15—-
All
106.74
103.30
117.20
112.56
112.56
112.56
112.56
112.75
16
Texas.-
117.20
119.84
119.83
119.83
119.88
119.92
17——
117.20
■
—
—
:
—
Louisiana
103.30
Closed
Exchange
—-
-
—.
—
Georgia
117.20
112.19
117.20
112.56
118.80
119.82
117.46
112.75
118.80
119.87
117.40
112.75
113.80
119.89
Stock Exchange Closed.
117.40
118.80
112.75
119.89
117.20
118.60
112.56
119.89
117.20
118.60
112.56
119.92
117.40
118.60
112.75
119.88
117.20
118.60
112.75
119.88
30—
:
Alabama
1944
'
'
States
United
117.20
Florida
Stock Exchange Closed
—Stock Exchange Closed
119.81
112.56 118.80
-
2_
31
Baa
112.19
Aa
State—
R. R.
A
117.20
Aaa
118.30
112.56
119.64
5
Corporate by Groups*
Indus.
P.U.
Ratings*
Corporate by
Govt. CorpoBonds rate*
-
"
,4-.
Aug.
round as half bales and
excluding linters)
..■■V:
Averages
lation
York
(Counting
Yields)
(Based on Average
Oily
against the Rent Regu¬
for Housing in the New
Protests
and
and 1942:
PRICESf
MOODY'S BOND
In New York
census
dividual returns
following table:
given in the
Sep.
report issued on Aug. 23, compiled from the in¬
of the ginners shows as follows the number of bales
of cotton ginned from the growth of 1944 prior to Aug. 16, 1944,
comparative statistics to the corresponding date in 1943
RUNNING BALES
The
»
bond yield averages are
bond prices and
computed
Moody's
CPA Denies Rent Rise
1944 Prior to Aug. 16
Coffon Ginned from Crop of
April
Jan.
1—„
Low,
'Holiday.
Jan.
240.2
251.5
2_U._
High, March 17
5
_
;
'
247.0'
Volume
Number 4314
160
THE COMMERCIAL & FINANCIAL CHRONICLE
Fairchild Retail Price Index
August I Unchanged
living of such factors
as lowered quality, disappearance of low7priced
goods and forced changes in housing and eating away from home.
V It does not measure changes in total "living costs"—that is, in
'
For Sixth Consecutive Month
;
Since March
the total amount families spend for living.
subscriptions
1, 1944, the Fairchild Publications Retail Price Index
has remained unchanged at 113.4.
The current index is 0.4%
.
COST
above
OF
on
63.4% gain.
a
The present quotations
,
gains in comparison with a year ago.
This
is particularly marked in furs, women's underwear,
aprons, men's
shirts, infants' and women's hose, and furniture.
\
"Analysis of the individual items indicates that advances
from pre-war levels have been very great. The largest were recorded
in furs
61.8%; cotton piece goods 39.3%; blankets 31.6%; aprons and
39.3%; furniture 37.3%; and floor cover¬
ings 32.6%.
housedresses 34.3%; sheets
on
staple items, and with quality
deterioration not reflected in the index, it is expected that the index
will continue comparatively stable until the end of the European
war,
but that
Clothing
Rent
98.6
93.5
100.3
104.3
seriously affected by wartime quality deteri¬
oration; distributors will tend generally to liquidate these goods be¬
fore post-war items are made easily available."
FAIRCHILD
PUBLICATIONS
RETAIL
furMiscelnishings laneous
15———
100.8
97.8
100.7
105.0
100.8
100.1
15--_
116.0
121.6
126.2
109.9
104.9
122.2
,V.
Sep.
15
117.8
126.6
125.8
108.0
106.2
123.6
1943:
July
15-
123.9
139.0
129.1
108.0
107.6
125.6
1944:
June 15——
125.4
135.7
138.0
108.1
109.6
138.4
July
126.1
137.4
138.2
t
103.8
138.5
15
15——
PERCENT OF
97.5
items
1944
15,
to July
Food
15,
1944
+
0.6
July 15,
1943
15,
1944
+
1.8
Sept.
1944
+
1944
+
15,
to
July
May
15,
1942 to July 15,
1942 to July 15,
Jan.
15,
1941
Aug.
15, 1939 to July 15,
*These
to July
indexes
and
earners
tRents
101.9
111.4
116.1
are
at
+
0.1
+
7.0
+
0.2
+
0.1
+
+
10.3^
+
4.9
+
based
7.0
+
8.5
+
9.9
+
3.4
+12.1
+
9.3
+13.0
+
9.5
—
1.6
+
4.7
+ 13.3
+
9.8
+40.5
+37.2
+
3.0
+
8.9
+38.4
+ 19.5
+47.0
+37.8
+
3.6
+12.6
+37.7
+21.3
changes
on-
workers
in
in
large
dates
the
cost
cities.
March
of
goods
by
purchased
wage
+
15,
June
In
0.1
2.0
8.7
quarterly
15,
Sept.
15,
15.
Dec.
12,000 country banks hav¬
of less than $5,000,-
resources
The formulas are applicable
only to commercial banks.
laneous
+ 27.9
1944
the
000.
ings
+
0.1
as
to
t
+
on
Operations of the
Bankers Association
service is available without charge
0.1
;
the Commission
Country Bank
121.8
+25.1
15,, 1944
lower-salaried
surveyed
1.3
1.2
+
—
may
121.7
'
House
and ice
by
have
program
banks
the fourth major step this year in
its service to country banks. This
110.9
'
announced by
ing
Clothing {Rent
analysis
country
American
CHANGE
Fuel,
Date—
June
100.4
100.6
Allelectr. furnish- Misccl-
.V'
v
letter
recent
a
the banks
to
announcing the program, Kenneth
J.
McDonald, chairman of the
Commission who is also president
of the Iowa Trust and ' Savings
Bank, Estherville, Iowa, stated
that, "Under present operating
conditions
{Changes through June 15, 1944.
bank
it
is
know
that
vital
its
costs
every
well
as
as
comparative costs of other banks
which have been most
Tin:
and ice
May
prices will develop soon after that
time.
According to A. W. Zelomek, economist, under whose super¬
vision this index is compiled, the decline will occur in those products
•
Food
cost
their costs expertly determined is
House-
electricity
■
All items
Jan.
downward revision in
a
1935-39=100*
1942:
''Not only is the composite index unchanged but every item inno change for the last three months.
However, a
chiefly
+ '■"
A
which
1941:
eluded in it shows
"With the index based
CITIES
Aug.
number of the items show
■
LARGE
1939:
the other base periods which we use for comparisons."
The Fairchild advices continue:
>
.
IN
Fuel
■:
-
Date—
well above
are
LIVING
Indexes,
corresponding month last year, said Fairchild's re¬
Aug. 15, which also stated: "As compared with May, 1933,
the index shows
Income taxes and bond
ABA Cost Analysis
Service To Rural Banks
not included.
are
the index for the
port
1067
of
Sates Higher
g!
the
only
In its September
size.
same
you
this
In
way
reduce unnecessary
can
INDEX
bulletin, Horwath & Horwath, New York, public
accountants, report that "increases over last year are dwindling, and
expenses,
minus
PRICE
charges. Therefore from both the
public relations and internal man¬
ices
develop profitable serv¬
justify
your
service
and
"
JAN. 3, 1931=100
Copyright 1944 Fairchild News Service
„
signs are becoming quite numerous in our table.
In July,
Philadelphia and Washington both had decreases in total sales and
.
May 1,
Aug. 1,
May 1,
June 1,
July 1,
Aug. 1,
1933
1943
1944
1944
1944
.
113.0
113.4
113.4
113.4
113.4
112.2
112.2
112.2
112.2
112.2
Men's Apparel-.
.
105.3
105.3
105.3
105.3
105.3
Women's
112.7
113.7
113.7
113.7-
113.7
Apparel
71.8
Infants'Wear
76.4
-
Cotton
Wash Goods-:
Domestics
Sheets
——
'
84.7
108.1
108.1
143.8
143.8
143.8
143.8
143.8
126.8
126.8
.
126.8
126.8
134.9
134.9
134.9
Furs,
126.8
134.9
-
and
the
Pacific
Coast
with 13%.
90.0
90.0
90.0
140.5
140.5
140.5
111.2
111.2
66.8
140.0
145.1
145.1
145.1
145.1
102.9
102.9
102.9
102.9
92.4
92.4
92.4
92.4
92.4
108.1
108.1
108.1
108.1
108.1
69.6
114.8
114.8
114.8
114.8
114.8
74.3 )
99.1
99.3
99.3
'99.3
99.3
69.7
Infants' Wear
94.3
94.3
94.3
94.3
94.3
;
»■' 'v;
70.1
105.9
105.9
105.9
109.6
109.6
109.6
109.6
109.6
'
74.0
Shoes.-i—-
114.6
114.9
114.9
114.9
114.9
74.3
»»
Furniture——
105,9
1
;
103.7
103.7
103.7
103.7
103.7
Coverings-
79.9 I
106.0
129.4
129.4
129.4
129.4
146.9
146.9
146.9
146.9
146.9
66.8
66.8
66.8
66.8
66.8
106.0
69.4
—
-
106.0
129.2
80.9,
j
'
106.0
76.3
—
Socks
-
106.0
'
106.0
•
Radios—
.
—;
—50.6
60.1
Note—Composite index is
of
..
a
94.7
94.9
94.9
94.9
94.9
72.5
...
Electrical Household Appliances
China—
93.5
93.5
93.5
93.5
81.5
110.6
110.6
110.6
110.6
"There
weighted aggregate.
Major group indexes
are
three decreases in
restaurant
sales, and again the
showing than food nearly every¬
where, thus continuing the reversal pointed out last month, for the
beverage gains for a long time exceeded those in food sales.
The
were
beverage business made
a
poorer
drops in total restaurant sales from
shown by Phila¬
delphia, Washington and Cleveland, and in the last named city it was
entirely in beverage sales, which were down 16%.
Two other places
a year ago were
The firm
supplies the following statistical data:
110.6
COMPARED
1944,
■i
Sales,
York
New
Increase
WITH
JULY,
vegetables, accounted for most of the 0.6%
rise
living
July
in retail prices of
15," Secretary of
"Increases in other elements of the family budget were: small," she said.
"During the past year, average prices of family living essentials
have risen by 1.8%, compared to advances of 6% and 11% in the years
ending July, 1943 and July, 1942.
The advance over the year has
been primarily in clothing prices, housefurnishings and miscellaneous
services.
Food prices as a whole are slightly lower than they were
during the month ending
Labor Frances Perkins reported on Aug. 18
essentials
+
included in: the Bureau's index, reflecting higher
prices for shippers established by OPA on some of this season's crops.
The average price of 13.6 cents per pound for apples represented an
increase of 12% over June, where there is usually a decline, and
advanced by more than 5%.
Higher prices were reported
for potatoes, sweet potatoes, spinach, and onions in July, but there
were large decreases for cabbage, lettuce, and green beans.
"A contraseasonal decline of 0.4% was reported for meats, with
;rmost cuts reported lower than in June.
In comparison with July
1943, prices for meats, eggs, fruits and vegetables as a group were
■lower, and cereals and bakery products were slightly higher.
"Except for foodstuffs, average prices paid by moderate-income
city families for goods and services showed only occasional small in¬
creases between mid-June and mid-July.
There were scattered price
advances for men's work shirts and summerweight suits, and for
women's wash frocks and rayon underwear.
Coast
'
,^
<
daily newspapers and laundry work caused an 0.1% rise in the cost
f:of miscellaneous goods and services.
Average fuel prices rose 0.2%
f
•
«•
the month due to some increases in
+
Year
surveyed in July."
Note—The BLS index indicates average changes in retail prices
8%
+
11%
+
1944
8%
+
.6
6
+
3
9
78
74
+
5
—16
9
90
86
+
2
4
90
88
+
also
will
obtain information that
after
out
+
in
McDonald
said
87
85
82
82
+
4
79
77
+
3
82%
80%
+
5%
83%
+
5%
+ 11
6
+
7
f
4
7%
+
8%
+
6%
+ 15%
87%
+16%
May
+
....
-
-
9
4
FOR
7%
+
8%
+
SIX
+
.
+ 11
80%
+
were
the
to
t-rrm
84
+
5
8
88
85
+
4
+ 18
+ 18
+ 17
88
83
+ 19
+ 19
+
20
88
83
+
82
+
5
+ 13
+ 21
wherever
used
*Rooms
+ 20
refers
and
to
the
to
the
One
by
indicate
its
participate
and
by
be
can
as¬
signed to it, and the second list¬
ing five pilot questions which
answered will provide the
commission with data to adjust
its
procedure
to
geographical
variations, if necessary.
will
mailed
be
soon
to
banks on which
November
October,
88
+ 22
average
sales per
occupied
room
and
Decem¬
The Commission said that it
ber.
a
bookkeeper only a few>
each
to
day
obtain
the
information.
the
At
•;
6
"rates"
letter
cards.
will
when
necessary
5
+ 11
scheduled rates.
not to
his
two
bank
code number
a
5%
88
+ 12
+ 17
tThe
with
Enclosed
banks
minutes
82%
6%
+
prac¬
tical and "extremely valuable" to
they will count certain items and
during the months of
12
+ 14
March
Mr.
during the test proved both
the participating
MONTHS
+
+ 15
.+ 14
+ 10
7
LAST
years
obtained
results
transactions
+16
April
md
TOTALS
8%
two
banks.
300
the banks.
Forms
+ 10
+ 20
—7
+ 14
8
•
than
more
experience
6
—
16
+ 16%
+ 10
+ 12
June
close
the
of
year
par¬
ticipating banks will send yearend figures from their books for
which forms will be provided.
restaurant, only.
A
special staff of the Commis¬
all of the compiling,
sion will do
New
The
computing and translating of this
Capital Issues In Great Britain
These
to
compilations of issues of
new
capital, which
subject
are
serve
to
vendors; allotments arising from the capitalisation of re¬
funds and undivided
which
add
profits; sales of already issued securities
nothing to the capital resources of the company whose
securities have been
offered; issues for conversion or redemption of
in the United Kingdom; short-dated bills
sold in anticipation of long-term borrowings; and loans of municipal
and county authorities which are not specifically limited.
In all
cases the figures are based upon the prices of issue.
%
securities previously held
NEW
CAPITAL
(Compiled
ISSUES
by
the
IN
THE
UNITED
March of next year, 1944
figures will be in the hands of
each of the participating banks,
i
Midland Bank Limited)
Countries
Countries
£80,661,000
£15,633.000
.___
half
58,107,000
9,305,000
6,078,000
United
Kingdom
1940,
half
74,051,000
56,139,000
14,916,000
2,996,000
half
44,046,000
36,607,000
6,368,000
1,071,000
1st
half
57,145,000
39,906,000
17,018,000
221,000
2nd
1939,
1st
2nd
1938,
half
9,149,000
3,429,000
1,295,000
4,425,000
3,068,000
2,716,000
157,000
195,000
1st
half
2nd
1942,
1943,
half
1,028,000
828,000
200,000
1st
half
1,280,000
1,031,000
249,000
2nd
1941,
half
1,046,000
896,000
150,000
1st
half
2nd
2nd
1944,
1st
half
half
»'—
-
—
formula and
apply it to their
and
do
for
asks
all
the
the
work.
essential
information and after that it will
do
the
all
work
itself.
In
other
words, it amounts pretty much to
having
an
outside staff
come
into
the bank and personally do a cost
analysis job.
The results
are
the
—
same;
660,000
half
bank
giving
not merely
is
the country banks a
simply
The
nationwide basis.
-
660,000
3,247,000
3,211,000
36,000
3,731,000
—
half
1st
a
on
£1.122.000
73,490,000
half
taken
It
£97,416,000
Total
2nd
of
secretaries
to
feankers
Commission
Foreign
British Overseas
1st
letter
a
Associations,, the
Commission said, "It should be
kept in mind that this program is
unlike anything heretofore under¬
own
-Geographical Distribution-
1937,
In
State
asking them to
KINGDOM
estimated
is
that by
revision, exclude all borrowings by the British Government; shar.es
issued
it
and
information
following statistics have been compiled by the Midland Bank
Limited:
represented 70% of the expenditures of families who had incomes
ranging from $1,250 to $2,000 in 1934-36.
The index does not show the full wartime effect on the cdst of
+
77
+
+
+
MONTHLY
July,
goods, rents and services bought by families of wage
and lower-salaried workers in large cities.
The items cov-
ating efficiency particularly
in
comparison with banks
of the
same
size, and obtain a factual
base for its service charges.
It
will take
selected
ered
85
+
6
+ 13%
Date-
to
81%
+
8 %
5%
88%
78
—
0
+
Deer.
87
9%
+
+ 13
6
+
!
4 '
+
or
15
+
-
6
_
1943
—18
8
—16
.-6 .1+"
8
+
others
Total
bituminous coal prices.
"Rents were not
earners
+ 15
__
■
7
—
6
+
small increases were reported for prices of cook stoves and
-.bedroom suites in a few cities.
HOf
+
r
Increase
July
1944
Beverages
11% ::••;•+
+
.
In the housefurnishings
■J-"Scattered advances in prices charged for beauty shop services,
?,
6
Texas
vegetables
Jover
+ 11
—
dozen after declining rapidly during the spring.
"There was a net rise of 2% in July in prices of the fresh fruits
group,
2
Detroit
increase in food prices over the month was primarily
oranges
-
—
Cleveland
"
•
—17
+
+ 11
4
-
Ratet
Occupancy
July
Food
+ 10%
8
+
—
___
Washington
All
+ 14%
+
6
9
+
-
Philadelphia
February
year ago.
due to egg prices, which rose by 15%, to an average of almost 53 cents
.
own
oper¬
Room
1943
Decrease
or
Restaurant
Rooms
+ 12*
City-
Chicago
Pacific
"Higher prices for food; particularly eggs and fresh fruits and
;
bank
country
analysis of its
an
costs, secure a check on its
which
JULY.
arith-
Living Costs In Large Cities Up 0.6%
June IS^iily 15, Labor Dep't Reports
and
analysis
cost
average
desire
beverage sales—Detroit and Texas."
Total
per
the
will obtain
Commis¬
by the
this
by
which
increases in total restaurant business showed declines in
*Which had
93.5
subgroups.
"The 1.3%
that
highest for July was 90%, reached by Cleveland and Detroit., will
be
helpful
in
explaining
Chicago registered 87% for the month of the Democratic convention, service
charges to customers.
one point lower than in the month of the
Republican gathering.
Methods for developing the cost
"The total rise in average rate was 5%, the biggest individual
study are simple and were worked
advance being 10% for the Pacific Coast.
Total*
a
believed
is
study
It
the
102.7
.•
Underwear—
•
closely
following
111.2
64.9
Clothing inch Overalls—
Shoesr^__>.—„•
^
averages
14%
of
one
90.0
'
76.5
Shirts & Neckwear
metic
with
111.2
Underwear
■
in total sales this July over last,
"There were increases all along the line in room sales, New York
140.5
iL
Luggage
It
sion
This does
general estimate.
a
facts, and facts only."
means
12% for New York
was
widely scattered miscellaneous hotels, All Others, was up only 6%
leading
mean
That indicative group of
Chicago had the third largest, 9%.
89.3
:
Hats & Caps
Floor
84.7
continued,
140.5
75.5
•
Hosiery—
A
or
agement point of view every bank
should know its costs.
not
111.2
59.2
__
Shoes
'.
section
T~Ccity," the report
"Nearly all the occupancies were considerably lower than in
June, Philadelphia and Washington showing only 78% each and All
Others, 79%.
New York had only 88% against 94% last month, and
Men's Apparel
,
/
,
Corsets & Brassieres
Underwear
84.7
108.1
135.0
a
the
8%,
only
69.2
—
.
84.7
108.1
•
largest gain for
was
83.6
Hosiery.
;
Aprons & House Dresses-
.
84.7
72.9
"The
gain
To date in 1944, the increase
"was 15% for the Pacific Coast and the next
108.0
65.0'
_
quarter.
in total sales is 13%.
City.
68.6
Blankets & Comfortables
Women's Apparel
a
over-all
108.2
69.2
-
and
years
The
115.6
,
57.4
,
smallest in two
increase.
108.2
115.6
,
Woolens
no
115.6
108.2
115.6
'
Silks
.
108.2.
115.5
'
Piece Goods
,
108.1
70,2
Home Furnishings——
-
had
1944
69.4
,65.1
70.7
Composite Index
Piece Goods_____
Cleveland
2,503,000
588,000
639,000
4,852,000
4,555,000
57,000
2,149,000
128,000
—*—:—
fact
240,000
2,277,000
in
V '
'
experience
'■
suits in
little
the
Commission's
indicates that the
some
better,"
re-*
instances may be a
Thursday, September 7, 1944
CHRONICLE
COMMERCIAL & FINANCIAL
THE
1068
months
not exceed those
may
of
non-residential construction, one mohtTi at
present. 1
/VI-T -•
may be expected as a result of late notifications of contracts awarded.
Non-Farm
•jt "This does not imply that ship¬
Urban building put under construction during the first, six.
yards, jeven tjibse producing cargo
months of 1944 was valued at $565,000,000 or 13%? less than the $646,-;.
ships, will not be busy for some
000,000 for the same period of 1943.
Reflecting the virtual comple¬ time further, especially in view of
The first half of 1944 was marked by a steady month-to-month
tion of the Federal war construction program, Federal building con¬ the time required for rolling steel
gain in home financing activitiy that resulted in the largest half- struction during the first six months of 1944 was half that for the for this purpose, :• Further sub¬
same period of 1943, while non-Federal building increased almost a
year aggregate recordings of non-farm mortgages of $20,000 or less
stantial' ship
contracts may be
since 1941, it was reported by the Federal Home Loan Bank Admin¬
third.
The volume of new residential building was one-third less
placed1 but so far as'steel require¬
than last year and new non-residential construction one-tenth less. ments are concerned they should
istration, which further stated: "The total volume for the six-month
period was $2,176,000,000, or nearly 28% more than the amount of Additions, alterations, and repairs, however, increased by nearly one- be decidedly less by early next,
mortgages recorded during the January-June period in 1943 and only half.
year, it is believed;
s\
2% less than the record high established for the series in,-1941."
valuation of building
construction in all urban areas by class
"This will have a pronounced
The FHLBA's report went on to say: "All classes of mortgages,
of construction, first 6 months of 1943 and 1944
bearing on various major steel
-Federal-Totalexcept insurance companies, participated in this year's increased
—i——First 6 MonthsFirst 6 Months
products, plates, shapes, bars and
volume.
Individual lenders led with a gain of 40% over last year
1944
1943 v
1944
1943
/
Sheets.
Any: lessening in plate
Percentage
while savings and loan associations followed with a rise of 35%.
(In thousands
Percentage
(In thousands
demand will affect first and most
change
of dollars!
change
of dollars)
Other gains were: Banks and trust companies, 24%; miscellaneous
Class of construction—49.5 w
178,949
354,009
importantly continuous strip mills
565,462
646,349' —12.5 v
construction
lenders, 23%; and mutual savings banks, 14%.
Recordings for in¬ AllNew residential
—78.4
132.921
—33.9
23,670
now rolling plates at the expense
198,094
299,631
ward revisions
in Federally
financed
Higher
Mortgage Financing Activity
„
III
{?!?-? cIn First Half Of 1944
)•
-
companies declined 7%; r
surance
of the
the
period in 1943. This year the proportion of mortgages recorded
by savings and loan associations and individual lenders increased
2 points each, to 33% and 24%, respectively.
Recordings of insur¬
companies declined to 2% to 6%, while the proportion of total
lending activity accounted for by banks and trust companies, mutual
savings banks, and miscellaneous lenders changed by less than 1 point.
"Only slight shifts occurred in the relative participation
various mortgage lenders as between the first half of 1944 and
2
New
".
i
same
ance
June 194-1
•Cumulative Recordings-
Ch'g.
from
'.-.'••Type X'V
& L. Assns,
Ins.
Total
Total
1944
1943
+
4.4
$113,431
'32.5
$725,872
$539,302
+
34.5
.+
1.9
26,613
7.6
125.678
135,763
—
5.3
424,070,
340,823
<
1944
CC0)
13.8
79,453 T
CqI
+
0.5'
65,656
16,8
+
4.4
14.718
4.2
73.056
64,256
-i-
34.6
7.4
24.4
15,535
99.140
23.5
+
3.6
75,183
21.6
518,318
371,143
-I—
59,394
10.3
53,445
15.3
303;853
251,382
——
$421,631
100.0 * +
4.1
$349,046
100.0
$2,175,827
$1,702,679
+27.8
—
"Mortgages of $20,000 or less recorded in June totaled $422,000000, an increase of 4% over the previous month and 21% above
June, 1943.
All classes of mortgagees recorded a larger volume of
loans in June than in May, the gains ranging from 10% for miscel¬
laneous lenders to one-half of one percent for banks and trust com¬
Recordings of savings and loan
panies.
associations ($145,893,000)
the largest amounts for
any month on record.
Insurance companies were alone in showing
a lower volume of recordings in June, 1944, than during the same
and
($99,140,000)
lenders
individual
month last year/,'
*
,
.
and
repairs.
143,795
+ 47.3
6,434
Bldg. Permit Valuations 7% Over Lest Year
—31.8
210,902
;
Should merchant ship
of sheets.
.10,186'
-
-—36.3;
production be curtailed as much
as now indicated for first quar¬
four-fifths of the dwelling units
highest in valution of urban building construction started, together
for nearly half of the total valuation.
Five regions
showed increase in valuations over May, which were almost offset
delivery
December is the average
accounting
Some
promise by most makers.
by declines in the New England,
and Pacific States, the latter falling
producers
of
large
hot-rolled
rounds,
especially
in
quality
steels, are booked through? the
showed moderate declines.
drawers,
West South Central, Mountain
by over one-third.
"Non-Federal construction begun during June was 17% more greater portion of first half.
Ef¬
fect of the increasing shell pro¬
than in May, resulting from increases in 6 of the 9 regions, ranging
from 4% in the Pacific States to 49% in the East North Central
gram
is felt by diverting steel
regular
channels.
Cold
States.
The New England, Middle Atlantic, and Mountain States from
"Five
valuations
regions contributed to the 7% increase in
of all building construction started during June 1944 as
geographic
compared to June 1943.
The volume of privately financed building
construction started during June exceeded that of a year ago in
With only the Middle
Atlantic, South Atlantic, and West South Central regions having
increases, Federally financed construction valuation declined sharply,
showing a 29% decrease from June 1943, and a 24% decrease from
6 of the
June
—10.2
97,649
started in the first ter sheet capacity will be ex¬
privately financed as compared with less than panded sharply.
,
one-half during the same period of 1943,
While there was a slight
r
"Sheet buying continues rela¬
decline in the number of units built there was virtually no change
tively dull but deliveries show no
in
valuation.
Federal construction declined about four-fifths in
improvement, most promises on
number of new dwelling units and also in volume of contracts
current
inquiries running into
awarded.
first quarter, in some cases to late
"One-family units show an increase of 8% thus far in 1944, while February and March.
Galvan¬
2-family and muitifamily units show a decrease of 19 and 31% re¬ ized sheets are not available from
some mills before April.
spectively. '
'
l{* .
"The East North Central and Pacific States again in June ranked
"Steel bars continue tight land
were
.
.
"More than
'+ 22.9
+
249,069
143,826
6 months of 1944 were
+ 39.7
14.1
'
Total
.
+13.7
3.7
Individuals
Others
J
22,215
Svg. Eks._
Mut.
Chg.
ooo)
Cos.
Ek. & Tr.
Voiume 10901
of
Volume
SHS.S^'
;■
Mortgages
S
—;—-~J anuary-June——
June 1943
—
May
Of
r/r
Volume
of
.
223,542
nonresidential
Additions, alterations
regions, resulting in a 31% increase.
urban areas of the United States May 1944."
during June was valued at $112,000,000, or 7% more than a year ago,
with a decline of 29% in Federal construction offset by an increase
of 31% in non-Federal construction, it was stated in a report recently
Steel
issued by Secretary of Labor Perkins, which continued by saying:
"New residential building decreased by 15%?, while new non-residen¬
Of
tial increased 16% as a result of a permit issued for a $6,000,000 pri¬
vately financed power plant in Dixon, Illinois. Additions, alterations,
"Although steel mills this past week noted 'little change' in the
and repairs increased by one-third."
The Secretary of Labor's report volume of steel bookings from a tonnage standpoint, there were
Building construction started in
Operations Off Due To Holiday—Price
Scrap Declines—Buyers Exercise Caution
ing
as
taking
though
volume,
stantial
are
sub¬
a
not specify¬
heavily as a few weeks ago.
in the scrap market
"Weakness
increases
and
in several districts
sales have been made well under
In other areas consum¬
ceilings.
are
ers
out of the market or are
offering
below ceilings,
transactions
at
prices
Without
actual,
lower levels.
{"For
than
first time in more
years,
since ; April,
the
three
1941, the average
qf Steel and
a
composite price
iron products'shows
of. heavy
Reduction
change.
steel in the East has
brought the composite for steelmaking scrap to $18.83 per ton
after holding at the ceiling
of
melting,
'
'
'
'
u
additional signs that the actual number of orders appeared to be
construction started this month exceeded the May, on the decline," "The Iron Age" states in its issue of today (Sept. 7),
1944, total by 3%?.
New residential and new non-residential build¬ further adding: "This condition was being viewed in some quarters
$19.17 since OPA established its
ing were virtually unchanged, while the value of additions, altera¬ as further evidence that extreme caution would be exercised by steel control.
Finished
steel
com¬
tions, and repairs increased by 8%.
Federal construction declined by buyers until such time as clarifi-^
.■:
posite
remains
unchanged'., at
nearly one-fourth and non-Federal construction increased by 17%. cation is forthcoming on the prob¬ had taken an even tighter rein
$56.73, semifinished steel at ;$36,
in June,"'
r; •'
'
*
over inventories.
x; :
steelmaking pig.iron at $23.05.'{/
J'
"IF*Jf
:
V
*
i
' « 'i
,
i
"i able end of the European war.
summary of building construction in all urban areas,
v!
?"On the steel market front this v.;
——1
{"Orders
responsible
for
the
June 1943, May and june 1944
week it was noted that steel in¬
heavy steel tonnage in the past
Valuation—
—Number of buildingsA few
week involve war orders such as gots were going begging.
Percentage
Percentage change
frotn1 June 1944
change from— Navy
flat-rolled
requirements, months ago steel ingots were in
June
June
(In thousands May
June
May
landing-mat needs, and such items heavy demand and were being
1.943
1944
of dollars)
1943
1944
1944
Class of Construction—
processed by companies whose
as structural requirements for the
+
7.4
+
2.6
1.1
111,714
+ 10.7
66,904
All building construction—
"The
United
Mine
Workers
—14.7
+
3.2
—14.5
Army and Navy bridge programs. finishing facilities were adequate
35,723
+
6.6
New residential
9,764
•;*
.7
+ 15.8
7.8
printed an editorial on
46,780
Another factor which has swelled to meet this need. Recently, how¬ Jounal"
New nonresidential
7,552
Additions, alterations,
tonnage volume was railroad re¬ ever, a drop in lend-lease require¬ Aug. 30 attacking seme unnamed
+ 34.2
+ 7.7
+ 19.g
1.4
29,211
49,588
and repairs
;
ments and manpower shortages at labor leaders as being "too cow¬
quirements for rails and track ac¬
"Less than one-tenth of one percent
plants which heretofore were able ardly to press forward for labor
cessories.
Miss Perkins continued:; .
iifgots
from
other gains," and that President Roose¬
"There was additional evidence to * process
"The total of 11,266 family dwelling units for which permits were in the past week
that Martime sources finds the supply outrun¬ velt was "'smart enough to trick
the Simple minds of thfef rturieadIssued on Federal contracts awarded during June showed little chanee plate needs will be down consid¬ ning the actual demand."
from the May figure, but:was one-fifth less than that for June, 1943. erably in the first quarter of 1945. { 'The American
Iron and Steel ers of labor into! believing1 that
added:
k
*
,
,
.
"Building
_
"
,
.
—
Mine Workers Journal'
—
Attacks FDR On Labor
'
—
_
_
—
-
—
.
.
—
,
.
-
-
world
to hell unless
and design of the
will
The 9,973
the
slightly
the full pattern
privately financed dwelling units started this month were According to steel reports, the an¬ Institute on Sept. 5 announced that
than those begun during May but 13%? under June, 1943. ticipated cut in Maritime plate re¬ telegraphic reports which it had
Eleven percent of the June total, or 1,293 dwelling units, wete in quirements
is. being viewed as received indicated that the oper¬
Federal war housing projects. ;A year ago, 2,710 Federally financed more of a certainty this time than ating rate of steel companies hav¬
has been the case
in the past. ing 94% of the steel capacity of
units accounted for 19%? of the total.
When and if this substantial re¬ the industry will be 95.5% of ca¬
/.
"Data from building permits are collected by the Bureau;! of
Labor Statistics directly from local building officials in every State duction in plate rollings material¬ pacity
for the week beginning
more
.
go
present Administration as regards
all things is accepted in toto by
labor," it was said in a special
dispatch to the New York "Times"
from
Washington on Aug.
31,
..
New York, North Caro¬ izes, it will be a signal for a rapid Sept. 4, compared with 97.1% one which also; said: J,
This was presumed to be a pre¬
lina, and Pennsylvania, where State'departments of labor collect and clean-up on hot-rolled sheet ton¬ week ago, 97.0%? one month ago
The view of a "full dress" attack on
forward the data to the Bureau.
Notifications of contracts awarded nage which has been piling up on and 100.3% one year ago.
operating rate for the week begin¬ President Roosevelt and his labor
for Federal and State projects, for which building permits are not mill order books.
"Post-war plans for many firms, ning Sept. 4, 1944, is equivalent to leaders by John L, Lewis who v/ill
ordinarily required, are sent in directly by the agency awarding the
contract. •'
v-' ;
v • Xl'y:■■■;■"
'•'.VY.X? h notably those in the-automotive 1,710,700 tons of steel ingots and probably begin a campaign against
"Figures on building construction shown in this report cover, the group,-; now have advanced to the castings,- compared to - 1.739,300' th^:; Administration at the Mine
entire urban area of the United States;-)which, by; Censusdefinition^ point where these companies are tons one week ago, 1,737,500 tons Workers Convention at Cincinnati
includes all incorporated places with a population of 2,500 or more in able to place tentative production one month ago and 1,748,200 tons on Sept. 12.
1940 and, by special rule, a small number of: unincorporated civil plans in the hands of steel suppli¬ one vear ago.
The
Labor
Day editorial re¬
1
'"Steel"
of
Cleveland,
in
its
divisions.
Valuation {'figures," the basis for statements concerning ers.; Some automotive firms, it ap¬
called
the
denunciation of the
volume, are derived from estimates of construction costs made by pears, will be able to: supply a summary of the iron and steel War Labor Board's "Little Steel"
prospective private builders when applying for permits'to' build and trickle of cars well in advance markets, on Sept. 4 stated in part
except Illinois, Massachusetts, New Jersey,
(
from
the
ments.
value
No
of contracts
land
costs
are
or Statd: govern¬
Unlessi! otherwise hhclicated,
awarded by Federal
included.
only building construction within the corporate
areas is included in the tabulations.
limits of cities in'
lirban
of the 90
necessary
days often quoted as
reconversion period.
th'e
It
seemed clearer thah ever this week
that while war
production was at
from a high point, steel production at
levels and steel backlogs
cities containing between 80 and 85%? of the urban population of the high
country and provide the basis for estimating total number of build¬ changed but little, more and more
ings and dwelling units and valuation of private urban building con¬ thousht was being placed upon the
struction.
The same data for1 Federally.financed urban building con¬ practical aspects of reconverting
civilian
manufacture.,' Addi¬
struction arp compiled directly from notifications of construction con¬ to
tional reports were available this
tracts awarded as furnished by Federal agencies.
<
• >. ..
All figures for the current month are preliminary.
Major up- week indicating steel consumers
"Reports of building permits were received in June, 1944,
as
follows:
formula
by
labor,
.
,
but
,
said
that
.
.."Shipbuilding, which has been such attacks, like denunciation of
a
major factor in war demand sin, would net do away with that
from the beginning, is due for a
formula.
sharp decline
in first quarter,
The reasons why the President
from all present indications.
"Maritime
Commission
quotas
probably will be fairly well sus¬
tained through January, with ma¬
terial curtailment expected there¬
did
not
act
to do
away
with the
"Little" Steel" formula was (1) his
ability to
/'trick" the labor men
and (2) the "weak-kneed leader¬
with possibility that mer¬
chant ship requirements for three ship-? by-the union leaders.
after,
'
V'
t!
* '•
fry
Volume 160 ' .Number "4314
i.S'i'
THE COMMERCIAL & FINANCIAL CHRONICLE
*
:
,•!
ings, $34,217,000; earthwork and drainage, 7 $3,734,000; rstifeetS and
roads,- $4,529,000, and unclassified construction,- $9,853,000. 7 777' •
New capital for construction
purposes for the week totals $2,860,000, and is made up of $1,860,000 in state and municipal bond
sales, and $1,000,000 in RFC loans for private industrial expansion.
Weekly Coal And Coke Production Statistics 7
;;
The
week's
for the 35
totaled 412,980,000 tons, as against 384,665,000 tons in the same
period
in 1943, a gain of ,7.4%
'
a
.■
;
132
to
date
shows
increase
an
of
6.5%
when
Wholesale Prices Down O. 1For Week Ended
Aug. 26,1944, Labor Dept. Reports
compared
with the; corresponding period of 1943.
The Bureau of Mines also reported that the estimated
production
of beehive coke in the United States for the week ended
Aug. 26,
1944 showed a decrease of 11,200 tons when
compared with the out¬
put for the week ended Aug. 19, 1944; and
38,100 tons less than
was
week of last year.
for the corresponding week. Of 1943.
"Farm
■Si
f-
and lignite—
1944
,
Total incl. mine fuel
Daily
:—Week Ended
Aug. 26,
'Aug. 19,
1944
•
11,950,000
2,002,000
1,992,000
,
•Revised.... (Subject, to current
ESTIMATED PRODUCTION
-January I
..
Aug. 28,
1943
.
12,010,000
average
v'.-v
t Aug. 26,
to Date
' "7
Aug. 28,
j
tions for
York
PENNSYLVANIA ANTHRACITE AND COKE
Week Ended
Penn. anthracite—
-Total incl. coll. fuel
(Commercial
1944
Aug. 28,
1944
produc.1 1,238,000
1943
1,303,000
1,122.000
1,251.000
States
total
123,900
135,100
operations,
end
are
State
subject
sources or
to
revision
based
receipt of
on
<
,
38,618,000
32,057,000
truck
L.
Aug. 12,
authorized
5,COO
5,000
5,000
Indiana
88,000
'60,000
152,000
1,000
1,408,000
1,000
556,000
40,000
—.
—
^
■
Kansas and Missouri
—'
Kentucky—Eastern—
178,000
1955,000
700,000
544,000
ts
,
272,000
-
*46,000
.
170,000"
52,000
152,000
1,003,000
'.
*
,113,000
--947,000
681,000
41,000
3,000
7,000
Montana (bitum. & lignite)
85,000
44,000
(jieyf Mexico--——
North & South Dakota
1—
Virginia—ul—
27,000
28,000
17,000
661,000
436,000
2,890,000
2,970,000
3,011.000
2,000.non
,130,000
2,000
140,000
136,000
3,000
3,000
126,000
366,000
—--
t West Virginia—Southern.-—.
2,096,000
iWest Virginia—Northern—1,115,000
Wyoming—
168,000
—,,
0
.
'
128,000
'
j
"
WHOLESALE
7'
the
& O.
B.
Panhandle
Oregon.
in
.
District
Grant,
—0.4
121.8
122.3
124.8
124.1
124.0
—-0.4
—1.9
104.0
104.5
106.1
105.3
105.5
—0.5
—1.2
116.6
116.4
116.8
116.8
118.4
+ 0.2
—0.2
97.6
97.5
97,5
97.4
97.0
+ 0.1
+ 0.2
+
83.8
83.8
83.9
81.8
—0.1
—0.2
+
2.3
*103.8
*103.8
products
Arizona
and
;—
?oods_
aides and leather products
products
Fuel and
lighting materials
is 62% higher than in the preceding week, and 35% higher than the
previous four-week moving average, but 2% under the volume for
the corresponding 1943 week.
«
;
;
•
Private construction tops last week by 41%, and is 8% higher
Metals and metal products
decrease in federal.
$271,706,000, is 6% below last year,-and public work, $989,936,000, is
50% lower due to the 56% drop in federal volume.
Civil engineering construction volumes for the 1943 week, last
week, and the current week are:
>
.»
-
Sept. 2,1943 Aug. 24,1944 Aug. 31,1944
Total U. S. Construction$61,674,000
$37,309,000
$60,282,000
Private Construction
6,754,000
5,157,000
7,267,000
Public Construction
•—
54,920,000
32,152,000
53,015,000
State and Municipal
3,776,000
4,511,000
6,104,000
Federal
7
51,144,000
27,641,000
-46,911,000
—
-
are
in
industrial, commercial and public buildings, eathwork and drainage,
streets and roads, and unclassified construction.
Increases over the
waterworks, sewerage, industrial buildings, earth¬
and streets and roads. Subtotals for the week in
class of construction are: Waterworks, $680,000; sewerage, $465,-
work and drainage,
bridges, $215,000; industrial buildings, $5,374,000; commercial
buildings, and large-scale private housing, $1,215,000; public build¬
000:
lead
during
by
May,
June, and July, in tons:
May
Ammunition
July
11,177
6,897
1,653
7-
June
8,838
Cable
960
2,813
Foil
461
Batteries
!•
7
734
<?,£06
7-—.
Brassmills
?,5,455
654
*Unclassified
*
813
4,423
606
20,396
21,146
48,1427 43,485 >
Includes
other
white
oxides,
5,453
V".446
:
22,950
Totals
and
810
•e
7401: 7 - 456
6,240 '
3,861
Jobbers __L
lead,
red
sheet
lead,
and
42,966
litharge
pipe,
babbitt,^ and lead for tetraethyl
r
•
would
and
ing
Some
•'
■
.
solder,
for
gaso-
■
normally
the
use
high rate., as galvaniz¬
automotive equipment.
observers
feel
that
of zinc increased about
-
—
—
stocks
10,000 tons
1.8
mains
—
*103.8
»103.8
103.8
7707.
116.0
116.0
115.9
112.1
0
+
0.1
+
3.5
105.3
105.2
105.2
100.2
0
+
0.1
+
5.1
Houscfurnishing goods
106.0
106.0
106.0
106.0
104.2
7ov7
0
+
93.3
93.3
93.3
93.3
92.4
0
0
+
112.5
112.8
114.3
113.8
112.8
—0.3
—1.1
93.8
93.8
93.8
92.3
+ 0.1
+ 0.1
+
*101.1
"101.1
100.0
—0.1
—0.1
+
1.0
other
than
*99.5
commodities
..
*99.5
*C-3.7
<
*99.5
*99.5
98.4
0
*98,7
*98.7
*98.7
97.3
0
o
+
1.1
o7
:
+
1.4
•
-^Preliminary.
available
from African
The ' jifice
(
<w
Aug.
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
AUG. 19,1944 TO AUG. 26, 1944
"
;
,
and
Cotton
skins__i___
1.1
goods
••
"7:7 77;7:v;
vegetables
farm
Petroleum
Livestock
0.4
24
52.000
52.000
poultry
0.2
...
0.1
—+
'
products
52.000
and
Other
Grains
products_j.,—0.3
Paint
foods
0.2
0.1
——
and
52.000
52.000
52.000
• 52.000
j
28
52.000 7
52.000
August
29^-—
52.000
52.000
August
3C__
52.000
52.000
Chinese,
2.9
0.8
;
Oct,
52.000
s
.
52.000
25
26
August
Meats
and
Sept.
-*'
August
M''' Decreases
■
Fruits and
Other
in
August
August
.,
Increases
Hides
sources.
tin re¬
unchanged.
Straits qual¬
ity metal for shipment, in cents
per pound, was nominally as fol¬
lows: 7 m77:.777v7'..' -.•■- 7777: •> .77
situation
mains
than
farm products and foods.
Salvaging of tin remains an im¬
portant factor in the supply situa¬
tion, WPB officials contend. The
stockpile of tin has been declining
slowly, despite increased supplies
1.2
*101.1
farm products
All
1.7
1.0
0.3
93.9
other
compioditles
—
.: *101.0
Manufactured products
All
0
'7
Tin
1.5
116.0
0
re¬
unchanged.
1.4
or
at 51.125c per
,,
52.000
52.000
52.000
99% tin, continued
pound. 7 7
O.i
paint materials.
Quicksilver
week ago,
The current week's construction brings 1944 volume to $1,261,642,000 for the 35 weeks, a decrease of 45% from the $2,285,762,000
reported for the corresponding 1943 period.
Private construction,
each
refined
during August. / :'hv1!'7'7.-:
The price situation in zinc
105.3
.
last week
of
refineries
0.6
3uilding materials
Miscellaneous commodities..
$60,282,000 for the week, the third highest weekly volume reported
to "Engineering News-Record" in 1944, and made public on Aug. 31.
The week's total, not including the construction by military engineers
abroad, American contracts outside the country, and shipbuilding,
1943 week are in
+
Chemicals and allied products
Civil engineering construction volume in continental U. S. totals
a
Shipments
domestic
0.6
83.7
8,272,000
ilncludes
over
1943
—O.l
Engineering Oostslraclion $80,202,000 For
Third Highest Weekly Volume Reported In 1044
gains
8-28
102.9
Civil
in the classified construction groups,
7-29
*103.9
Semimanufactured articles
r
8-19
*104.0
Saw materials
■
8-28
*103.6
/
but 3% under a year ago as a result of the 8%
7-29
n03.5
557,000
Public work is 65% above
8-12
All commodities...—
7,715,000
than in the week last year.
8-19
•
1,259,000
,
Aug. 26, 1944 from—
•
544,000
12,112,000
counties,
<
1944
1,239,000
Tucker
,8-26
1944
12,200,000
and
: •,
,
1943
1,169,000
Mineral
\ >
1944
the N. & W.;. C. & O.; Virginian; K. & M.; B. C. & G.; and
Kanawha, Mason and Clay counties.
(Rest of State, including the
and
of foreign
tonnage
lead will be required to round out
total deliveries.
metal at 9
1944
'
13,371,000
substantial
a
that
1944
87,000
161,000
'Less than. 1,000 tons.
26,
1944
(Includes operations on
on
AUG
1944
1,000
13,439,000
ENDED
(1926=100)'
Commodity Groups—
11,950,000
13,119,000
—
> ■ ■
,
.,*.i
Textile
Total, all coal—
WEEK
FOR
'
;
'
Percentage change to
!'
30,000
.''arm
Total bituminous & lignite—
Pennsylvania anthracjte—
PRICES
;
1,732,000
995,000
156,000
between
.,
257,000
29,000
indications,
absorb
65,000 and 70,000 tons .of lead dur¬
ing September.
This means that
;
'
2,296,000
present
■
91,000
384,000
33;000'
;
2,075 tons in
Consumption
plete reports*p'
' ^777, 7 7.7 Yv7 line.
;77 7-v
7:,7.
+;v,. > ^ rr;
'The following tables shdw (1) index numbers for the principal
-7
Zinc
■■•7V '
'
i '
v {'
•
•
v
'»
Y..
groups of commodities for the past three weeks, for July 29, 1944,
Production of zinc continues in
and Aug. 28, 1943, and the percentage changes for a week ago, a
excess
of
current
consumption,
month ago, and a year ago, and (2) percentage changes in subgroup
largely because of the restrictions
indexes from Aug. 19,1944, to Aug. 26, 1944.
that are still in force in industries
56,000
2,216,000
1,162,000-
i
market for
signs of slacken¬
no
will
Sundries
2a,0UU
106;000
385,000
Washington—30,000
r
•
36,000
683,000
■—
JOther Western States
35,000
28,060
42,000
Texas (bituminous & lignite)—
:
31,000
*
674,000
—
Pennsylvania (bituminous)—
Tennessee—,—
Utah!
P^l23,Q0(T
«•
83,000
33,000
—.
(lignite)
Ohio——L——
94,000
domestic
From
consumers
Note—During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
tistics will attempt promptly to report changing prices.: Indexes
marked (*),,however, must be considered as preliminary and subject
to such: ad j ustment ahd revision as required
by later and more cpm-
^
Kentucky-rr,Westerii——360,000 •'948,000^
Maryland-.;--———
L-.'
37,000'
r
36,000
Michigan—2,000
2,000
-
the
tons, against
previous.
ing.
tion:
85,000
"
l,51o!o00
549,000
36,000:
in
4,480
were approximately 2% lower
The Labor Department's report also
year."
resin, for formaldehyde, and for gasoline at mid-continent refineries."
The Labor Department report also contained the* following nota¬
3,000
87,000
140,000
—1,432,000
Towa
1937
249,000
1,000
Georgia and North Carolina.—
Illinois-;
1943
378,000
95,000
——
last
The new pricing formula for cotton goods brought
quotations for print cloth up more than 5%. In the mercury market
greater activity combined with decreased production brought prices
up nearly 3%
during the week.
Lower prices were reported for
Aug. 21,
151,000
Arkansas and Oklahoma———
Colorado
Aug. 21,
1944
'
cotton,
prices for farm
skins advanced.
:—
■
388,000
372,000
Sales
the week ended Aug. 30 involved
for
during the week.
Demand for rye flour improved and prices
3%, and cured pork advanced nearly 4%.
Average prices for
foods were more than 1% lower than at the end of
July and 1.4%
lower than at this time last year.
1
"Industrial Commodities—Very few
changes were reported in
prices for industrial commodities. Markets for goatskins and sheep¬
2,355,300
from
SRevised.
—Week Ended
1944
1
Alaban)a._——
'Alaska—;—
reported
0.5%
5,096,800
by
the operators.)
Aug. 19,
v
State—
also
were
"Led by a decline of nearly 3% in fresh fruits and
vegetables
markets and by the decrease in eggs, average
prices for foods dropped
carloadings and river shipments
tonnage reports from district and
—
prices
In the past four weeks average
said:
railroad
monthly
of final annual returns from
-v'
-
on
consumers' requirements for Sep¬
tember have been about covered.
1937
(In Net Tons)
are
Higher
lemons.
time
i:i
Lead
33,744.000
ESTIMATED WEEKLY PRODUCTION OP
COAL, BY STATES
(The current weekly estimates
Boston.
this
tons
Buying of lead was in moderate
volume
during
the
last
week,
which was fully expected because
rose
washery and dredge coal and coal shipped
tExcludes colliery fuel.
tSubJect to revision,
301,745
months of, the year,
and
1943
5,010,200
'Includes
totaled
seven
40,227,000
41,111,000
162,000
industry,
the first
against 272,759 tons in the Janu¬
ary-July period of 1943.77-r<
of lead shows
Beehive coke—
United
this group, which embrace about
95% of the total for the entire
.****•
,
f
March,
brass
35,972 tons
Shipments by
the week
at
in
j;/,.-
and
year,
than
1944
42,823,000
tons
June
products have declined nearly 2% and
' Aug. 28,
Aug. 26,
1,169,000
1,290,000
..
in
last
Aug. 28,
Calendar Year to Date
5Aug,,19.
and
Peak produc¬
499,363
tons
in July
Chicago and New York
Chicago but higher at New
onions and
was
77..;77
Shipments of ingot
677
live poultry dropped in both the
White potatoes were lower at
markets.
(In Net Tons)
tAug. 26,
,
j
quotations for barley were somewhat stronger than a week
ago.
Apples were considerably lower in most markets and oranges
dropped nearly 5%. Prices for eggs fell more than 1% and quota¬
1937
12,242,000 412,980,000 384,665,000 287,679,000
2,040,000
2,034,000
1,886,000
1,421,000
adjustment.
OF
-
compares with 456,May and 457,671 tons
tons,
according to the Defense Council
of the Ihgot Brass and Bronze In¬
dustry, ■; This compares with 40,-
while
Aug. 23,
1943
1944
^
im
-JLX
and
bronze during July by 55 manu¬
facturers amounted to 40,532
Foods—Average prices for farm products
dropped about one-half of one per cent during the week.
Grains
declined fractionally with lower
prices reported for wheat and oats,
ESTIMATED, UNITED STAGES PRODUCTION OP COAL, IN NET TONS
Bituminous coal
-
Products
in
last year.
1943.
vania anthracite for the week ended
year
This
tons
tion
r
Seasonably lower prices for apples and potatoes together with
declining markets for live poultry and eggs brought the Bureau of
Labor Statistics' indext of
commodity prices in primary markets
down 0.1% during the week ended
August 26, said the U. S. Depart¬
ment of Labor on Aug.
31, which further stated: "At 103.5% of the
1926 average, the
all-commodity index was 0.4% lower than at this
time last month and
only 0.6% higher than for the corresponding
^
,
ox
in June
.
calendar
J
■
?7 7 7
WPB.
'
According to the U. S. Bureau of Mines, production of Pennsyl¬
Aug. 26, 1944, was estimated at
1,290,000 tons, an increase of 121,000 tons (10.4%) over the preceding
week.
When compared with the output in the
corresponding week
of 1943, there was, however, a decrease of
13,000 tons, or 1%. The
'
mills
produced 447,090,
products during June, ac¬
cording to the Copper Division,
financing brings 1944 volume to $1,598,152,000
total 45% below the $2,928,978,000 for the corre¬
1943 period.
t
^
.Brass
new
weeks,
sponding
,
tons
>
The Solid Fuels Administration, U. S. Department of the Interior,
in its latest report, states that the total production of soft* coal iri the
week ended Aug. 26, 1944, is estimated at
12,010,000 net tons, an in¬
crease
of 60,000 tons, or 0.5%, over the
preceding week.
In the
corresponding week of 1943, output amounted to 12,242,000 tons.
Cumulative production of soft coal from Jan. 1 to
Aug. 26, 1944,
w
'v
With supplies of spot and near¬
Non-Ferrews lelaSs—Fnrther AlumiRssm Osstpt
Cutback Ordered—ZIbs Ssrplus Increasing
"E. & M. J. Metal and Mineral
Markets," in its issue of Aug. 31,
stated:
"Though production schedules for aluminum have been cut
back sharply since the beginning of the year, output of copper, lead,
and
zinc
has been maintained at as high^ safe as labor conditions
possible to operate the mines, smelters, and refineries. Dur¬
ing the last week it was announced in Washington that monthly pro¬
made it
duction
duced
000
of aluminum
will be
re-^
This
compares with a
peak aluminum production of 94,000 tons a month established last
winter.
was
try
Zinc business
last week
in fair volume, but the indus¬
feels
certain
still increasing.
Lead
consumption
tiveThe
went
that
Copper
on
stocks
was
remains
publication
to say in part:
are
quiet.
ac-
further
quicksilver
last
hands,
quote
pending
stockpile legislation than in other
problems. September business has
of, and supplies
care
available from all
to
the
be
more
needs
should
than
of
some
develop.
sources are
ample to
on
to
the
$108
quan¬
tity. : For spot metal some sellers
viewed $106 as the low for round
lots.
Uncertainty
the
phase
general lack
terest in forward shipment
war
dura¬
over
tion of the European
caused
of the
of in¬
metal.
consumers,
held
\
London
even }■
'
reports
a
steady
mar¬
ket for silver, with the price hold¬
ing at 23V2d.
Current imports by
are
being
used
chiefly to fill essential industrial*
Great
Britain
requirements.
cover
unexpected business
"
in
unchanged.
$105
flask, depending
per
The copper market appeared to
taken
from
and
situation
price
Silver
be more concerned about
been
moderate
the
remained
week
Sellers
Copper
immediately to around 45,-
tons...
by
firm
The
New
for foreign
at
at
44%c,
70 %c.
York
Official
price
silver was unchanged
with domestic metal
,
Thursday, September 7, 1944
FINANCIAL CHRONICLE
THE COMMERCIAL &
1070
week in the transportation
equipment group reflected a large
drop in employment and a very
per
Trading On New York Exchanges
Daily Average Crude Oil Production For Week
Ended Aug. 26,1944 Decreased 7,650 Barrels
and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended Aug. 12, continuing
a series of current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these figures.
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended August 12 (in roundlot transactions) totaled 2,428,345 shares, which amount was 18.23%
of the total transactions on the Exchange of 6,659,860 shares.
This
compares with member trading during the week ended Aug. 5 of
1,832,330 shares, or 17.93% of the total trading of 5,111,310 shares.
On the New York Curb Exchange, member trading during the week
ended Aug. 12 amounted to 407,535 shares, or 13.55% of the totkl
volume on that exchange of 1,504,225 shares; during the Aug, 5 week
trading for the account of Curb members of 314,310 shares was
crude oil production for the week ended Aug. 26, 1944 was
4,667,450 barrels, a decline of 7,650 barrels from the record output
reached in the preceding week.
When compared with the corre¬
age gross
sponding week last year, crude oil production was 471,200 barrels
day higher.
The current figure also was 11,150 barrels per day
in excess of the daily average figure recommended by the Petroleum
Administration for War for the month of August, 1944. Daily output
for the four weeks ended Aug. 26, 1944 averaged 4,665,150 barrels.
per
reported by the Institute follow:
Further details as
'
that the in¬
refining companies indicate
Reports received from
to stills on a Bureau of Mines basis approxi¬
mately 4,698,000 barrels of crude oil daily and produced 14,112,000
barrels of gasoline; 1,401,000 barrels of kerosine; 4,566,000 barrels of
distillate fuel oil, and 8,680,000 barrels of residual fuel oil during
the week ended Aug. 26, 1944; and had in storage at the end'of of that
week: 80,740,000 barrels of gasoline; 12,921,000 barrels of kerosine;
41,543,000 barrels of distillate fuel, and 59,339,000 barrels of residual
fuel oil.
The above figures apply to the country as a whole, and do
not reflect conditions on the East Coast.
dustry as a whole ran
Actual Production
♦State
Allow¬
Week
ables
•P. A. W.
Ended
332,000
Kansas
Nebraska
340,000
t342,000
274,000
Oklahoma
269,400
f278.900
—-
t500
1,000
—
;
2,000
340,200
270,450
297,600
50
700
' •
of specialists in stocks
registered—
1,800
—
they are
Total purchases
;
Short sales—
-y
148,750
484,950
484,950
258,400
East Central Texas..
147,650
147,650
129,950
East Texas
371,700
371,700
371,000
Texas
Texas.
West
321,650
535,200
Coastal Texas
2,108,600
2,099,000 $2,101,382
_
73,500
North Louisiana
-V—■—■■
vv
"
Coastal
Louisiana-
Total
Louisiana-
73,700
497,850
—
80,900
+
250:
80,800
+
150
46,050
initiated off the floor—
—.—!i———.
'
Total
4.
v/
200
215,000
Eastern—
1
'
incl.
1,107,485
hourly earnings. In elec¬
for
instance,
weekly earnings were up by 1.7%;
average hours and average hourly
average
13,000
5,000
12,900
+
v'K
vr
100,000
Montana
24,000
7,900
8,650
_
110,000
—
51,750
the New York Curb Exchange
of Members* (Shares)
on
AUGUST: 12,
8,350
107,250
105,050
—12,050
3,807,150
3,426,350
4,400
858,000
769,900
7,650
4,665,150
4,196,250
t%
hour, were up slightly
from a month before, in ail but
three of the major groups.
This
includes
payments at overtime
rates for overtime work.
There
cents per
1,504,225
they are registeredTotal East of Calif.
California
3,790,300
866,000
_
+
Total
tOther sales
Total United States
and
recommendations
•P.A.W.
—
4,667,450
4,656,300
y
allowables,
state
above, represent the
condensate and natural
shown
as
and do not include amounts of
production of crude oil only,
tOklahoma,' Kansas, Nebraska figures are for week ended 7:00 a.m. Aug. 24,
$This
the net basic
is
shutdowns
Includes
which
fields
several
shutdowns
and
were
ordered
were
allowance
as
from
calculated
1
Aug.
on
a
tOther sales——.
1944.
31-day basis and
15
to
1
days,
no
Total
RUNS
CRUDE
AND
TO
STILLS;
UNFINISHED
PRODUCTION
GASOLINE,
RESIDUAL FUEL OIL,
GAS
OF
OIL
STOCKS
GASOLINE;
DISTILLATE
AND
OF
Total purchases—
FINISHED
Short sales—ii
FUEL AND
tOther sales.
1944
WEEK ENDED AUG. 26,
(Figures in Thousands of barrels of 42 Gallons Each)
reported
tial
% Re-
.!
Combin'd East Coast
Gulf,
Texas
iana
and Un-
Oil and
sidual
Distillate
% Op- Natural finished
Daily
tStocks tStocks
of Gas
of ReFuel
Oil
Rate porting Average erated Blended Gasoline Fuel Oil
District—
*
Includ.
Runs to Stills
Poten-
Total sales..
tStocks
Finished
i;.
y,
;r
♦The term
firms
the
,
tRound-lot
90.3
2,518
Texas..
inland
99.2
2,498
22,182
36,776
7,045
partners,
calculating
these
reports filed with the Commis-r
sion by the odd-lot dealers and:
specialists.
36,141
....
'""y:
Exchange members, their
LOT
percentages
the total
of
are
short sales which
included with
{Sales marked
19,128
are
exempted from restriction by the
Commission's
116
83.9
130
1
89.2
"short exempt"
are
Kans.,
87.2
85.2
749
90.9
418
Mo
80.2
383
91.6
»
13
District No. 3
1,435
225
178
2.718
17,783
5,987
4,290
1,428
,
6,609
1,922
1,432
'
'
"
•
Rocky Mountain—
V/ 177
125.5
59
47
824
District No. 2
329
,
ir'vV"
•••.'•
11
17.0
84.6
'
58
34
9
30
33,332
141
58.3
99
70.2
371
1,971
817
District No. 4
California
89.9
783
95.8
2,010
13,926
10,330
Total U. S. B. of M.
basis Aug. 26,
4,908
87.2
4,698
95.7
14,112
t80,740
41,543
59,339
4,908
1944_
87.2
4,694
95.6
13.757
1181,477
40,308
58,737
Total U. B. B. of M.
basis Aug.
19, 1944.
12,398
4,277
basis Aug. 28, 1943.
71,636
36,410
i
the
request of
the Petroleum
produced during the week ended Aug. 26, 1944, which compares with 1,487,000 barrels
4,819,000 barrels and
9,136,000 barrels, respectively, in the preceding week and
1,383,000 barrels, 4,328,000 barrels and 8,777,000 barrels, respectively, in the week
ended Aug. 28, 1943.
DRevised due to error by reporting company.
Revision effective
in "Combined Area" as to finished gasoline.
Note—Stocks
of
kerosine
at
Aug.
26,
1944
against 12,816,000 barrels a week earlier and
amounted
to
12,921,000
barrels,
10,128,000 barrels a year before.
Total
for Week
Number
orders
of
.
.16,751
shares
:
481,602
$18,494,137
:VV,
value
Factory workers put in almost a million more
May, the first upward trend in
man-hours per
aggregate hours
since November, 1943, Secretary of Labor Frances Perkins reported
on
Aug. 24.
"The average number of hours worked per man per
week, 45.5, while only, slightly longer than in May, was sufficient to
offset the employment decline of 35,000," she said.
Miss Perkins
(Customers'sales)
"In
*
.
hours
1944.
in
in
June
same
the
mid-week
Inasmuch
as
as
of June,
the work-week
averaged
exactly
in November,
the
declines in
totaling
more
than
short
Customers'
total
Customers'
Dollar
million
crease
"All
wage-earners,
responsible
entirely
number-
two
of
June than in
almost
de¬
in total hours.
but
of
three
durable-
greater
aggregate hours in
May. The decline of
million
,
^
u
-V
166
;*•
16,878
sales
17,044
■..;••>>>•
4.914 :
sales
450,664
sales__I_
Number of Shares:
'
/
455.578-
!
value
$14,970,277
Round-Lot Sales by Dealers—
v-
"
"
^
Short sales
:
1".
Total sales
-
120
115,280
a
man-hours
115,400
T
Round-Lot Purchases by Dealers;
Number
the
.
were
for the
goods groups reported
.
y
>
s^es
other sales....
♦Customers'
tOther sales
one
/
.
»
/•
Number of Shares:
v
as
employment,
total
Customers'
;
•
other sales.—
'"Customers'
7
comparison with November,^
1943, the peak month of man-hour
utilization,
there
were
almost
47 million
fewer manufacturing
short
Customers'
i-v,--7
l-Vy
...
.
r
Number of Orders:
week in June than in
66,724
Administration for War.
tFinished, 68 108 000
barrels; unfinished, 12,632,000 barrels.
tStocks at refineries, at bulk terminals in
transit and
in pipe lines.
{Not including 1,401.000 barrels of kerosine, 4,566 000
barrels of gas oil and distillate fuel oil and 8,680,000 barrels of
residual fuel oil
♦At
of
Number
-
Factory Workers Hours And Earnings Up
In June, Labor Department Reports
added:
U. S. Bur. of Mines
■
r
Odd-Lot Purchases by Dealers—
659
359
■
19, 1944
(Customers' purchases)
included with "other sales."
290
529
2,182
EXCHANGE
Sales by Dealers
Odd-Lot
"other sales."
Dollar
Ind., HI., Ky
Okla.,
STOCK
Week Ended Aug.
only sales.
Appalachian—
District No.
'■
DEALERS •?
SPECIALISTS ON THE N. Y.
V
ACCOUNT OF ODD-LOT
AND
members' purchases and sales Is
Exchange for the reason that
■'
'
TRANSACTIONS FOR THE ODD-:
STOCK
including special partners.
Exchange volume includes
rules
North
;
"members" includes all regular and associate
their
and
tin
Louisiana-Arkansas,
and
51,428
compared with twice the total round-lot volume on the
Louis¬
Gulf,
published by the Commis-J
based upon,;
The figures are
sion.
51,428
*
at Refineries
Crude
'
,
Production
Daily Refining
Capacity
—.
......
......
-
Total purchases.—
/V
SGasoline
.,
,
Include
Exchange, con¬
being
0
Customers' short sales
{Customers' other sales
section
Stock
York
tinuing a series of current figures
Odd-Lot Transactions for Account of Specialists—
C.
totals
this
in
odd lots on the
New
13.55
214,200
plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis
Figures
ists who handled
196,055
Total sales
'V,
v
on
and special¬
of all odd-lot dealers
193,335
18,145
...
—
....—
.....
„
.
public
showing the daily volume of stock •
transactions for odd-lot account
2.53
Total-
4.
Exchange
and
made
Aug. 30 a summary for the week
ended Aug. 19 of complete figures. [
45,290
—
—
~rkl 'V./-/
iwja.iw
Securities
The
43,590
Total sales
'
Commission
1,700
—
'
NYSE 6dd-L@3 Trading
2.97
30,670
tOther sales
Committee of California Oil Producers.
V.:V-V'../'
floor—
purchases
Short sales
definite dates during the month being specified;
{Recommendation of Conservation
month.
...
44,710
Other transactions initiated off the
3.
operators only
being required to shut down as best suits their operating schedules or labor needed
to
operate leases, a total equivalent to 7 days shutdown time during the calendar
for 7
down
—.——
.
Total sales
entire month.
With the exception of
and of certain other fields for which
days, the entire state was ordered shut
the
entirely
exempted
for
of
for
exemptions
44,730
8,900
35.,810
;
Shortsales
y
y
hour."
initiated on the floor—
Total purchases—
in
straight-time average hourly earn¬
ings which were 94.4 cents per
8.05
124,200
.
change over
the
estimated
substantial
month
the
116,655
_
Total sales
2. Other transactions
derivatives to1 be produced.
gas
7,545
...
no
was
117,935
purchases
Short sales
101.8
"Average hourly earnings,
21,520
Round-Lot Transactions for Account of Members:
1. Transactions of specialists in stocks in which
8.
by
higher
both
were
0.8%.
1,482,705
.
Total sales—.....
7,300
50
.
earnings
1944
Total for week
Round-Lot Sales:
tOther sales———...
21,350
21,250
200
+
and Stock
Account
for
Short sales—:
,
96.850
+7
3,801,750
865,700
A. Total
56,950
88,750
2,200
—
106,050
866,000
110,000
Mexico
1,200
2.350
.+
19,600
Colorado
22,600
24,950
250
—
24,300
50,600
85,100
..
Transactions
'
73,950
73,950
450
+
69,450
51,000
_
'
-
*
23,000
—i7—c.-
\
Sales
Total Round-Lot Stock
14,700
.'V;.. 1
WEEK ENDED
71,400,7 >j-'-fj V-V;;
_
211.800
208,250
150
—
machinery,
trical
18.23
1,230,325
Total sales
.
111., Ind.,
Michigan
New
,
122,840.,"
.—
tOther ;sales———
200
—:
•■•'/i-'V-
Ky.)
Wyoming
:
2.95
\*
50
205,500
14,000
...
Kentucky
While in most
groups
this increase in weekly
earnings was largely due to the
longer
work-week,
in
several
cases there were also increases in
_
...
Indiana
(Not
—
50
Illinois
' •' v',
1,198,020
—
week
per
man
per
ex¬
equipment,
unchanged.
were
208,495
——
—
„
hours
where
16,100
all of the groups
in
transportation
cept.
192,395
°
-i
for
creased
184,340
....
———
earn in g sj
manufacturing,
in¬
weekly
"Average
$46.28
7.80
52,200
Alabama
Florida
•••.
523,980
tOther sales——..————
76,350
45,900
78,235
40,00#
—
r.
tries.
;
482,480'
-——
.
Shortsales
...
of one hour less per week
due to strikes. Hours worked in¬
creased in other mining indus-r
7.48
.
—_—
3. Other transactions
350,400
'
;
,
——41,500
Total purchases
78,000
Mississippi
miners worked an
"Anthracite
515,070
Total sales
Arkansas
work¬
longer
>
weeks.
/
268,500
362,700
250
—
362,450
394,600
350,000
about
and
employment
—
—
Short sales.—
tOther sales
,
81,900
288,900
——
industries
by greater
beverage
brought
were
<
transactions Initiated on the floor—
Total purchases
Shortsales—
250
—
.
288,950
in both the baking and
The gains
^
•
1,711,250
2,108,600
the
canning industry, was due entirely
to seasonal employment increases.
498,610
——65,240
»———.—
432,610
Total sales
Total Texas
contributed
over-all rise in total hours.
largest gain, reported by
The
.
in which
Total purchases
474,450
:
....
Total sales
2. Other
239,050
535,200
321,650
Texas
Southwest
and amounted ta
1V2 million hours. Each of the in¬
group
average
98,000
140,400
North
occurred in
in total hours
food
the
6,468,210
—
tOther sales
98,700
148,750
98,700
Panhandle Texas
ammunition.
arms
to the
.»
further
reflecting
production of small
The largest in-r
in
cutbacks
nonalcoholic
7
.
week in the chemicals group
due entirely to declines in
employment,
Accounts of Odd-Lot
1. Transactions
326,200
6,400
+
—
per
was
6,659,860
.——.
—
hours, the largest
manufacturing
occurring in the chemicals group.
The decrease of 355,000 man-hour.4
Transactions for Account of Members,
Except for the Odd-Lot
Dealers and Specialists:
1943
1944
V
8. Round^Lot
Aug. 28,
Aug. 26,
Week
1944
Aug. 1
August
V;
,•
Ended
Ended
from
Previous
_
dustries in this group
191,650.
*—•
Total sales
Week
4 Weeks
Change
Aug. 26,
being.
dations
■
■
three
crease
tOthersales...—-———-—.
" 1
•
11 nondurable groups,
showed
declines in total
"Of the
Total for w?ek
Short sales—.
Recommen¬
stated:
12/ 1944
WEEK ENDED AUGUST
(FIGURES IN BARRELS)
OIL PRODUCTION
AVERAGE CRUDE
DAILY
entirely to employment decreases."
The Secretary of Labor further
Roond-Lot Stock
Stock Sales on the New York Stock- Exchange and
Transactions lor. Account of Members* (Shares)
Round-Lot Sales:
A. Total
work-week,
of 1,122,360 shares.
14.00% of total trading
Total Round-Lot
decline
in
the average
while the decline of
160,000 hours in the automobile
group took place in spite of ai
larger ^work-week and was due
the
figures showing the volume of total round-lot stock sales on
New York Stock Exchange and the New York Curb Exchange
30
estimates that the daily aver¬
Petroleum Institute
The American
made public on Aug. slight
and Exchange Commission
The Securities
yi-
*Sales
ported
of
shares
marked
with
"short
y
exempt"
"other sales."
155,478->
are
.
re- *
■
V tSales to offset customers' odd-lot orders,,
and sales to
liquidate a long position which
is less
than
"other
sales."
a
round lot
are
reported with
Volume
Number 4314
160
THE COMMERCIAL
Loading of
freight for the week ended Aug. 26, 1944,
totaled 905,724 cars, the Association of American Railroads announced
on Aug. 31.
This was an increase above the corresponding week of
1943 of 1,667 cars, or 0.2%, and an increase above the same week in
1942 of 6,319 cars or 0.7%.
'
^
;
Loading of revenue freight for the week of Aug. 26 increased
18,278
revenue
2.1% above the preceding week.
'
Miscellaneous freight loading totaled 403,502
of 6.925
cars,
increase
an
above the
preceding week, and an increase of 5,080 cars
above the corresponding week in 1943.
Loading of merchandise less than carload lot freight totaled 109,499 cars, an increase of 3,121 cars above the
preceding week, and an
c:-.rs
increase of 7,020 cars above the coresponding week in 1943.
.
Coal
loading amounted to 179,716 cars, an increase of 5,691 cars
preceding week, and an increase Of 899 cars above the
corresponding week in 1943.
the
above
*
Grain, and grain products loading totaled 49,306 cars, a decrease
of 607
•
cars
below
preceeding week and a decrease of 4,982 cars
corresponding week in 1843.
In the Western Districts
alone, grain and grain products loading for the week of Aug. 26,
totaled 34.811 cars, a decrease of 348 cars below the preceding week
and a decrease of 4,250 cars below the corresponding week in 1943.
Livestock loading amounted to 15,918 cars, a decrease of 518 cars
below the preceding week and a decrease of 471 cars below the cor¬
responding week in 1943.
In the Western Districts alone loading of
Forest, products
loading totaled 52,395 cars, an increase of 2,187
cars above the preceding week and an increase of
4,097 cars above
the corresponding week in 1943.
Ore loading amounted to 81,572 cars, an increase of 1,877 cars
above the preceding week but a decrease of 8,919 cars below the cor¬
decrease of 398 cars be¬
decrease of 1,057 cars below the corre¬
low the
0
Weeks of
4
January—
of
February...
weeks
4
weeks
of
of
weeks
weeks of June........
weeks
Week
of
Week
May.
3,122,942
3,924,981
4,209,907
3,446,252
12_...._.__
of[ August
4,139,395
3,431,395
872,133
896,172
......
3,311,637
.
4,003,393 ;"t.
3,455,328
,
890,458
August
3,174,781
3,363,195
4,343,193
3,463,512
-
July—
Week of August 19
Week
3,055,725
3,073,445
4,068,625
August
of
3,858,479
3,135,155
__
....
5
3,531,811
3,159,492
_________
March.......
4
of
3,796,477
'
5 weeks Of April...
4
■
850,221
887,164
-
868,845
______
887,446
891,340
869,434
...
-
905,724
904,057
899,405
26—...
28,992,506
28,736,441
27,962,572
The
following table is a summary of the freight carloadings for
and systems for the week ended Aug. 19, 1944.
During the period 66 roads showed increases when compared with
the .corresponding week a year ago.
the separate railroads
REVENUE
FREIGHT
LOADED
AND
RECEIVED
FROM
Received from
'
i
District—/-
:
1944
825
659
767 "
717
705
2,571
1,234
2,659
917
10,739
11,710
12,097
9^886
lo!735
3,777
3,785
3,828
5,483
4,2^6
403
398
367
1 616
1 619
1,785
2',952
2-84 3
393
308
201
106
848
649
Atlantic Coast Line
Central of
...
Georgia
Charleston & Western Carolina...
Clinchfield
Columbus & Greenville
1,756
1,682
199
350
HO
104
783
1,282
—
Durham & Southern.
.
Florida East Coast—
1_,
•'/;■
^334
838
864
614
373
6,729
6,474
14.203
14,471
1,354
1,476
2,045
41
21
44
1,097
2,183
2,389
60
.
1,142
1,096
6,492
6,234
12,451
11,294
8.153
7,843
7,917
10,238
12,933
224
Detroit & Mackinac—
209
541
166
103
2,352
1,944
1,369
1,279
296
2,660
2,484
13,673
12,277
17.804
19,284
3,831
!—
Erie.__i._-__.
1,595
327
13,637
Detroit & Toledo Shore Line.
2,036
325
Detroit, Toledo & Ironton
3.933
4,755
197
156
2,473
2,374
2,057
1,741
9,008
8,765
14,707
1,357
2,429
2,317
2,943
50
38
99
8G
1,315
1,439
2,482
3,036
815
543
417
708
4,193
4,256
4,428
4,357
4,452
28,718
29,152
28,200
17,683
18,681
26,096
25,447
26,650
12,292
12,516
202
186
194
643
338
280
191
628
577
3,023
3,289
3,381
4,557
5,019
Gulf, Mobile & Ohio
Illinois Central System
;
»
Louisville & Nashville
Macon, Dublin & Savannah
Mississippi Central
Nashville, Chattanooga & St. L
L_.
Norfolk Southern—
956
—
•
975';;
Piedmont Northern—
389
450
443
'
360
Richmond, Fred. & Potomac
Seaboard Air Line
1,215.
-
1,145
466
.
6,275
Hartford..——:
2,387
33
10,166
10,446
8,688
22,914
24,207
24,853
497
545
816
1,014
Winston-Salem Southbound
133
144
196
1,296
982
;/ 121,718
121,010
123,680
118,827
1L7,78£
Total
Chicago & North Western
20,846
Chicago Great Western
"
Ft.
54,595
10,383
10,068
17,671
1,448
1,091
2,947
7,886
15,346
414
2,388
/ 7,567.
7,713.
9,650
9.005
5,230
5,575
7,524
7,695
998
842
22
209
413
1,189
339
345
410
1,051
5,834
6.457
9,982
6,045
5,885
4,440
165,749
170,712
163,485
224,451
—
.
Vf31,116
31,574
365
345
1,587
1,220
520
9,331
8,532
10,093
11,305
9,620
380
479
557
7§
27,390
26,376
28,816
6,905
6,333
*464
459
455
*1,004
1,045
2,521
2,968
Bay & Western—
Ishpeming
;
2,120
'
123
78
55
2,261
2,188
2,238
2,537
2,403
7,701
8,306
8,417
3,282
2,829
13,187
U 12,595
12,644
—...
...
150
261
2,816
Total
6,161
243
3,194
2,893
147,009
148,379
6,216
621
152,439
.547
3,329
-
32
292
1,112
12,237
-
4,485
234,296
3,882
67,415
70,249
Central Western District—
Atch., Top. & Santa Fe System..——
'
718
Bessemer & Lake Erie
'*
730
5/649
;
44,705
678
318
■•
275
compa¬
standard
The others have lib¬
their underwriting rules
recent years and novy issue
in
standard
large.
used
by
strict
policies at regular-
'
and
The standard policy form
a few companies does re¬
transocean
,:
travel
outside
and
the
other
United
air
States
r
Canada.
"This liberalized
underwriting
practice of life insurance compa¬
nies, almost wholly developed in
the past 10 years, is in keeping
with the usual practice of life in¬
surance to keep pace with
changing conditions and needs," the
Institute
"When
said.
in
riages.
"The
536
Chicago, Burlington & Quincy
Chicago & Illinois Midland
20,119
20,401
2,871
2,854
2,614
825
1,035
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
13,377
12,503
12,666
13,090
12,759
2,796
2,851
2,881
was
a
5,750
6,451
885
1,017
885
2,826
1,998
ests
of
5,032
5,619
4,459
6,708
6,251
.
&
railroads
the
steam
new
Denver & Rio Grande Western
Denver & Salt Lake
4,913
76
56
21,373
13,042
12,599
-
: >■
i
833
776
38
868
1,212
1,624
2,345
2,422
;
2,003
1,862
2,014
2,002
1,304
....
1,083
1,348
757
Nevada Northern.
650
2,134
1,160.
2,164
105
117
1,531
1,280
»
North Western Pacific
Peoria & Pekin Union
'
982
804
20
'Ml
0
0
32,722
33,522
14,466
14,548
208
327
271
1,984
2,153
19,713
16,757
16,750
•
...
System
__
:
18,958
v>' 5
17,929
463
2,419
5,322
133,386
140,651
_
it
insurance
life
became
natural
the
a
standard part
protection. This
in the inter¬
move
main
134,716
107,902
103,136
"The
'-6
same
body of policy¬
commercial
the
true
was
airplane arrived
as
a
transportation.
establishment
companies
limit of six trips
the
of
of
With
scheduled
generally
set
which
accepted without
would be
year
an ex¬
tra premium.-
"As
when
medium
a
airlines,
4,259
.
576"-a;t
2,336
___
'
2,338
485
Western Pacific
Total
1,297
4
./••'
Toledo, Peoria & Western
before
of
25
•
34,247
;
.•
safety
of
railway
had to be proven
transportation
1,726
__i,
Missouri-Illinois
Utah.
13,147
4,403
563
838
Fort Worth & Denver City
Illinois Terminal..,
Union Pacific
14,206
3,559
safety
a
•
---r.
improved
the
-•
limit
raised until today extra pre¬
are seldom required, even
for trans-oceanic travel.
As each
was
miums
282
945
439
220
5,760
4,975
2,695
' 3,511
2,661
2,872
3,334
3,550
3,434
334
326
366
983
,1,210
5,489
6,144
3,450
2,764
4,203
3,139
4,802
4,218
2,903
2,722
264
344
811
725
771
189
151
208
6,072
5,811
17,837
18,508
■.
Kansas, Oklahoma & Gulf—
City Southern....
...
Louisiana & Arkansas—
Litchfield & Madison.
:
Midland Valley
Missouri & Arkansas
Missouri-Kansas-Texas Lines
Missouri Pacific
*
Quanah Acme & Pacific
—
365
1,342
1,700
561
313
384
401
5.764
5,101
5,535
18,574
20,093
20,583
,
84
130
82
406
356
9,982
9,227
9,717
8,481
9,402
3,254
2,737
2,961
6,528
11,678
13,583
12,016
5,817
6,952
5,633
5,685
5,891
4,648
7,402
6,44)
79
83
118
57
i: 34
54
15
18
46
17
—
3t. Louis-San Francisco
:
St. Louis Southwestern—
—
Texas & New Orleans
—.
Texas & Pacific
—
Weatherford M. W. & N. W.__
1
Wichita Falls & Southern
.
75,444
'Previous
week's
75,728 /
73,882
70,238
71,234
figure.
Note—Previous year's figures revised.
We give herewith latest figures received by us from
|he National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
members
of
this
rules
in
represent 83% of the total
statement each week from each
program includes a
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
figures
are
advanced to equal 100%, so that they represent the total
insurance, there are
still
some 'companies
amounts, insured, or
charge extra premiums where they
regard the extent of air travel as
greater than normal." The Insti¬
tutes concluded its statement by
which
STATISTICAL REPORTS—ORDERS,
saying:
"It will
PRODUCTION, MILL ACTIVITY
Production
.;
Orders
Period
4
Received
1944—Week Ended
Percent of
Tons
Remaining
.
Tons
some
time
^
special consideration in the
application questions and in homo
office underwriting, but the air.
traveler is rapidly becoming gen¬
erally accepted as no different
from the traveler in any other
Lumber Movement—Week
Ended
Aug. 26, 1944
According to the National Lum¬
Association-,
Manufacturers
ber
lumber shipments
porting
Trade
new
Activity
-
1,198
1,851
2,072
5
5
Central R. R. of New Jersey
7,053
7,379
7,704
21,177
21,323
May
6
186,666
158,534
628,495
98
95
561
666
63.9
56
55
May
13.
144,921
150,435
620,728
95
95
25
May
20
47
Tons
probably be
before all applicants for insurance
who use airplanes will be exempt
to
the
of 504 mills re¬
National Lumber
Barometer
were
6.3%
be¬
production for the week ended
Aug. 26, 1944. In the same week
Unfilled
Orders
limit
low
.
,
life
naturally
Association
industry, and its
un¬
type of carrier."
Weekly Statistics Gf Paperboard Industry
The
own
derwriting
rules
competitively,
there being no uniform rates or
from
Total
determines its
company
1,078
5,690
Gulf Coast Lines
Cambria & Indiana.:—
Current Cumulative
orders
of
mills 'were
these
below production.
Unfilled
order files of the reporting mills
8.5%
amounted to 102.0% of stocks. For
'
Cornwall~i——
———
235
Cumberland & Pennsylvania
Ligonier Valley——
Long Island———......
—
Penn-Reading Seashore Lines——
160
...
234
264
'
126
138
11
46
■-K"
May
;„9o
1.868
2,073
1,868
3.560-
4,136
June
3,081
3,146
June
91.071
88.288
602,062
155,105
582,090
96
95-
152,461
599,322
93
95
144,384
10
87,566
2,078
'
reporting softwood mills, unfilled
orders are equivalent to 38 days'
95
157,370
138,501
157,794
584,083
96
95
140,287
3
2,199
'
170,421
27
1,176
.
1,802"
'
"
•
V
97
production at the current rate, and
gross stocks are equivalent to 35
days' production.
.
,
•
Western
Maryland
.
•
Total
„
66,189
70,515
June
17—w—
147,689
95
15,594
29,158
26,603
June
24—
130,510
154,137
156,338
95
16,225
*•*"549,830
96
95
21,312
21,995
6,884
7,777
July
1
152,954
155,170
544,454
95
95
4,361
4,231
12,553
12,019
July
8.—
145,317
98,235
586,379
60
94
July
.
18.765
4,810
.
—•
.
————-—
15,268
15
145,775
147,478
586,103
91
94
ceeded
196,747
\97.129
194.670
175,187
179,363
July
22
157,041
152,402
590,263
94
94
ders by 7.1%.
July
Pennsylvania System
Reading Co.——
Union (Pittsburgh)..
29
139,743
157,720
570,626
96
94
91,071
J5.268
/
:
577,721
i>."
•
District—
Chesapeake & Ohio
._
195,161
160,568
604,299
96
158,849
31,599
30,104
23,575
14.207
14,441
585,316
95
94
August 19
136,936
', 155,516
562,744
95
94
156,921
534,174
96
94
22,293
22,652
23,416
7,993
7,076
4,514
-
4,957
4,542
2,415
..
54,046
57,713
56,533
24,615
23,776
128,596
August 26—_
2,259
Notes—Unfilled
not
Total—-
5—
necessarily
orders
equal
of
the unfilled
orders
other Items made necessary
to
the
by
4.4%;
average
or¬
cor¬
responding week of 1935-39, pro¬
week, plus orders received, less production, do
orders at the close.
Compensation for delinquent
and
production
.
the prior
reports, orders made for or filled from stock,
ments of unfilled
year-to-date, shipments
identical mills ex¬
reporting
Compared
94
140.338
For the
of
'
Norfolk & Western
Virginian—
•
.
'
August 12
August
Pocahontas
;
car¬
holders.
.
Colorado & Southern..
23,213
'
'
4
their
eralized
3,722
2,021
'
299
Buffalo Creek & Gauley.:
line travel.
22,718
30,372
/; 1,963
issue
now
638
1,315
29,241
6,877
6,783
1.259
43,262
-
currently
policies
3,552
Bingham & Garfield
*
47.290
of the
survey
Nearly half of the 200
nies;
26,145
Alton
Allegheny District—
Baltimore & Ohio...-
a
senger
'
Akron, Canton & Youngstown
pleted
were
new,
protection was
not*
available while riding as a pas- '
industry.
•
in
issued life insurance policy forms
and underwriting practices of 200
life insurance companies.
655
:
Northern Pacific
2,644
2,658
5,614
---i
Total..
<
227"
384
1,139
5,659
"e
£—______
Wheeling & Lake Erie
4,713
Spokane, Portland & Seattle
2,263
1.333
Pittsburgh & West Virginia...—
4,277
1,307
—
Minneapolis & St. Louis
16,805
685
7,770
Pittsburg, Shawmut & North-
4,509
Minn., St. Paul & S. S. M..^
2,620
6,956
5,288
928
Pittsburg & Shawmut
4,269
18.673
425
——
3,124
11,610
3,605
57,331
1,138
Pittsburgh & Lake Erie.:—
Pere Marquette
15,064
3,443
11,333
28,887
Dodge, Des Moines & South
Lake Superior &
13,862
2,554
21,919
2
Great Northern—.:—
Green
22,187
2,845
22,070
"
Duluth, Missabe & Iron Range—
Duluth, South Shore & Atlantic
Elgin, Joliet & Eastern
21,512
2,745
23,040
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha
risk
insurance underwriting,
according to the Institute of Life
Insurance, which has just com¬
rates unless the applicant's use of
airline transportation is especially
'.
"
standard
a
most life
their
Northwestern District—
365
49,346
6;638
Susquehanna & Western.—
Rutland—
2.381
56,395
9.525
Chicago & St. Louis.
:
699
444
454
6,338
2,562
53,292
York, Ontario <& Western.
:.
9,780
9,329
...
on
expansion, it will be
as
containing
no
airline
1,400
travel
1,183
restrictions,
at
regular
9,733
rates regardless of the
contem¬
8,165*
plated amount of commercial air¬
23,784
24,977
System
accepted
% ir
Decreasing
When airline travel takes off
its post-war
601
2,211
341
.
-
498
•
Tennessee Central
Southern
2,779
5,973
—;
1,461
59
Georgia & Florida
Air Travel
1,191
14,293
2,513
New York Central Lines.'.'
411
;
2,549
2,159
0,757
Maine Central.
8,116
197
,Lehigh & Hudson River
Lehigh & New England
Lehigh Valley.—
8,362
2,308
Grand Trunk Western——
Waba sh
844
6.020
—
Delaware, Lackawanna & Western
N. Y.,
1,491
1,385
—.——
Delaware & Hudson
New York,
1,385
28
Central Vermont
Monongaliela
Montour.'
321
6,941
...
245
1,304
Chicago, Indianapolis & Louisville
•
1,393
Georgia
Kansas
Central Indiana—
New
1943
259
Bangor <fe Aroostook
N. Y.. N. H. &
1944
,
Ann Arbor..——.
Boston & Maine...
1942
1943
*1943
Atlanta, Birmingham & Coast.
International-Great Northern
Connections
Freight Loaded
•
1944
>
390 '.
' i
306
>
Southwestern District—
Total Revenue
.'Railroads
Eastern
.
1942
Atl. & W. P.—W. R. R. of Ala
Burlington-Rock Island
Total Loads
•
1943
433
CONNECTIONS
(NUMBER OF CARS) WEEK ENDED AUG. 26
.
Insurance Risk For
Connections
Alabama, Tennessee & Northern
Southern Pacific (Pacific)
Total
•
1944
Received from
cars, a
preceding week, and a
sponding week in 1943.
A.11 districts reported increases compared with the correspond¬
ing week in 1943, except the Eastern, Allegheny, Northwestern, and
Southwestern and all districts reported increases compared with 1942
uexcept the Southern and Northwestern.
%
1944
1943
1942
■
Total Revenue
Freight Loaded
'.
Spokane International.:
responding week in 1943.
Coke loading amounted to 13,816
<
^allroads
I.
the
below the
live stock for the week of Aug. 26 totaled 12,143 cars, a decrease of
118 cars below the preceding week, and a decrease of 227 cars below
the corresponding week in 1943.
.
V: ^
Southern District—
Gainesville Midland
cars, or
1071
TotalLoads
Revenue
Freight Gar Loadings During Week
Ended Aug. 26,1944 Increased 18,278 Gars
& FINANCIAL CHRONICLE
duction
24.2%
21.9%
t
of
reporting
greater;
greater,
adjust¬
21.4% greater.
mills
shipments
and
orders
was
were4*
were
COMMERCIAL & FINANCIAL
THE
1072
Thursday, September
CHRONICLE
President, Guaranty
Items About Banks,
important part
States
United
the
period,
is exhibiting in
the windows of the Rockefeller
Center Office*-of Colonial Trust
Rubber Company
Company a display
materials, many of
$4.10 per share. For the first
months of 1944 earnings
were $2.15 per share from current
was
which
foreign commerce will play in our
national economy during tne post¬
war
and net profit
current operations
wider knowl¬
In the interest of a
edge of the
Trust Companies
Program Announced For ABA Second War
Service Meeting fn Chicago Sept. 25-27
featuring raw
which are im¬
seven
operations alone. These earnings
per share are on a pro forma basis
of 188,000 shares and give effect
to the issuance of the 31,333 new
shares.
It is also announced that
the bank is currently paying divi¬
from Latin America and
of the world, and fin¬
ished goods both for export and
domestic consumption.
In com¬
menting upon the exhibit, Arthur
S. Kleeman, President of Colonial,
said: "This display is sponsored
ported
other parts
dends
the common
on
rate of $2
stock at the
share and it is
per
the
present intention of the board
subject to changes
of
in
affect¬
ing dividend policy, to continue
that rate on the increased capi¬
talization.
On a pro forma basis,
by our Foreign Division which, of
the bank's capital funds per share
course, has a deep interest in fi¬
of
common
stock, would have
nancing imports' and exports to
trade may
maintained to
the mutual benefit of the United
States
and
those countries
throughout the world with which
we
maintain
commercial rela¬
that two-way
the end
established and
be
tions."
directors,
earnings and other factors
been
share on
a
Lincoln
Alliance
-
.
B
k
a n
and
Company's holdings of Gov¬
ernment securities total $119,000,-
Trust
within
000, 26% of which matures
one
H
$48.72
equal to
1944.
June 30,
33% in one to five years
year,
The
The
14,415 shares of common average maturity of Government
holdings is less than 4\k years.
stock of the Manufacturers Trust
Co. of New York, which were of¬
fered
in secondary distribution,
It was made known on Septem¬
have been sold and the subscrip¬
ber 1 by Ralph E. Flanders, Presi¬
tion books have been closed, ac¬ dent of the Federal Reserve Bank
cording to an announcement by of Boston, that on that date the
Goldman, Sachs & Co., who of¬ Brattleboro Trust Co. of Brattlefered the stock at $51.50 per share. boro, Vt., was admitted to mem¬
bership in the Federal Reserve
On August 30 Arthur L. Burns, System.
The officers of the new
retired Vice-President of the Na¬ member
bank are:
Charles A.
tional City Bank of New York, Boyden, Chairman of the Board;
died at his home in Mamaroneck.
Henry
Z.
Persons,
President;
Until Mr. Burns retired in 1929 he Harry E. Clafk, Vice-President;
was associated with the Fifth Ave¬
Frank
G. •; Shumwav,
Treasurer
nue Branch of the bank.
He be¬ and Trust Officer; Marguerite H.
came
Vice-President of the Na¬ Daley, Assistant Treasurer and
tional City Bank in
1922 after Assistant Trust Officer: George A.
having been Assistant Cashier and Boyden and Elizabeth M. Ranney,
a
Vice-President of the Second Assistant Treasurers.
National Bank of New York. Mr.
and 33% in five to ten years.
started his banking career
Burns
1893
in
as
messenger
a
for the
Second National.
William
of
Bank
City
retired
Mv- Vermilye,
-
Vice-President
National
the
of
since
York
New
early this year, died at a regional
meeting of the War Labor Board
August 29. Mr. Vermilye, who
a substitute industry member
on
was
WLB,
the
of
attending
was
a
regional meeting in Hershey, Pa.,
of the Board.
Aside from many
high offices he held in vari¬
ether
Mr. Vermilye,
who was 64 years old, originated
the Vermilye Medal for industrial
contributions
awarded
by
the
Franklin
Institute
of
Pennsyl¬
corporations
ous
vania.
retired
Nicoll,
man¬
had
Nicoll
August 29.
served
ini the
Mr.
from 1919 to 1931.
post
Bank
Reserve
Cleveland
of
is
preparing information relative to
qualification of incorporated
banks and trust companies as pay¬
Trust
largest
Company,
bank
in
Rochester, N. Y., and third largest
in the State outside of New York
offering
is
City,
its
to
present
stockholders 31,333 shares of com¬
stock
mon
•
in
for
ratio
of
shares
five
one
now
The offering price is $42
owned.
per
the
each
share
share. The First Boston Cor¬
is underwriting the is¬
poration
sue
in association with George D.
Bonbright & Co., Little & Hop¬
kins, Inc., and Meyer & Ewell Co.,
Inc., of Rochester. Rights to sub¬
B.
will
September
19.
It is pointed out that the in¬
crease in the bank's capital is in¬
scribe
dicative of
expire
a
on
trend in commercial
banking to increase capital funds
since
have
to
these
not
in
funds
increased
deposits,
commercial.
both
most
in
war
cases
proportion
loan and
Banks in this
man¬
preparing themselves for
the anticipated increase in indus¬
ner
are
for
program
would
meet
declare
September 5 and
on
the new
on
dividend
a
present prices will yield
mately 3.75%.
ings bonds. This information, to¬
gether with the appropriate Treas¬
regulations, should reach ail
the
in
Federal Re¬
Fourth
District early next
serve
week."
authorization
of Chicago received
stockholders
its
Bank
National
Mercantile
$1,000,000 and to change the par value
of outstanding shares from $100 to
The
$20.
Chicago "Journal of
Commerce," from which this in¬
the bank from $600,000 to
formation
is
went on to
learned,
"The
member
new
1938.
tered in
surplus
Vice-Presi¬
Secretary; Hazel Martin
dent and
and
Bretz,
Assistant
of
L.
Marion
Hamilton
Cashiers.
say:
"Upon final approval of the
change by the Comptroller of the
Currency, shareholdes will be of¬
fered the new shares at $20 on the
addition
"The
of
Federal
the
St. Louis
basis of two
new
shares for every
banks
three shares
now
owned. The pro¬
deposits
ceeds,
amounting
raise
would
to
the capital
count of the bank to
$400,000,
stock
the
Bank brings the total
to
hold
membership
Reserve
470.
over
of
Following the death of the late
T. Jaffray, William G. More,
former
Assistant General
Man¬
H.
Announcement
made
Merrill
by
Fenner
&
recently
was
Lynch,
Beane
Associates
and
that shortly after
Pierce,
Labor Day they
would offer 37,315 shares of com¬
mon
Mo.
The bank
August 26 increased the num¬
ber of common shares from 60,000
Imperial
the
ing this, said:
"The
a
new
General
Manager is
break from the tradition which
heretofore
drawn
ent
-
over
$190.-
Alliance
Bank
of
Trust
000.000 at present.
new
financing
Commerce
bank
original
on
Trust
is
the
bank
the part of the
Co.
The
successor
called
the
pres¬
to
the
Kansas
Division
Maine
Address of
F. Lawrence,
—
Bank,
Savings
Portland, Me.
Spending
Chief Editorial Writer,
Cleveland
Plain Dealer, Cleve¬
Weisman,
land, Ohio.
and Savings
Some Observations"
Hem¬
Banking in England—W. L.
Bank
Commerce
St.
Mercantile-
President,
ingway,
Mo.;
Louis,
President
Co.,
Trust
and
Immediate
Past
3
Senator O'Mahoney
Meeting of Secretaries and other
Officers of State Bankers Associa¬
*
of Wyoming
quoted by Associated Press $
Washington advices on Aug. 23 as
saying:
~
v
' The
Federal
Government lias
was
during
the
war,
more
of land, ex¬
clusive of tracts taken over by
the Defense Plants Corporation, iThe total value, is undetermined
than 34,000,000 acres
but
the
Government already
has £
paid $565,325,816 for the proper¬
ties.
A bill to make this
surplus land
returning veterans
has been introduced by the Sena¬
Section— tor who further said:
of the A. B. A.
Association
State
Acquired 34 Hon
Saving Our Way
Prosperity—Russell acquired,
or
Post-War
to
General
who have
had wide experience of banking
in various parts of Canada and
having
a
from' those
as
well
as
period of service at the
head office.
Mr. More's whole
ex¬
perience in Canadian banking has
k,v.en
in the
head office."
■:
/
•
.
'
'
'
MONDAY, SEPT. 25
National
dress
The Toronto "Globe," in report¬
The bank, in
1943, earned $3,54 per "share from
Lincoln
value.
US
available
More
to
than
the total, was
acres of
acquired for direct
and in excess of ^
25,000,000
F.
President. First statement by adding that: "
National Bank, Paterson, N. J.
The War Department has de¬
Bank Credit—The Beginnnig or
clared 2,750,000 acres of its hold¬
End of an Era—W. G. F. Price,
ings as surplus for post-war pur¬
Vice-President,
American
Na¬ poses and the Navy is expected
tional Bank and Trust Co., Chi¬
to determine that about 4,000,000 *
cago, 111. '•
i acres are in this category.
Of
Bank Investments—Dr. Marcus these lands, 1.576.000 acres have
Nadler. Professor of Finance, New been tentatively classified as good
of
elsewhere in branches
and
resources
par
National Bank,
the President, Fred
Treasurer,
4
Ore.
Episcopal Church, Portland,
ager.
on
$20
County
a
Baxter,
of the Methodist
tions.
stock of the Commerce Trust
Co. of Kansas City,
of
Harl, State
Commissioner, Denver, Col.
Savings
Bruce R.
Address—Dr.
Com¬
Bank, To¬
ronto, Canada, has been promoted
to the position of General Man¬
ager
Pacific Coast and do not represent
With
000,000,
net
ac¬
$1,000,000."
Company's deposits
have risen from about $80,000,000
at the end of 1939, to about $180,-
post-war
the
all banking institu¬
tions in the Eighth District."
of
Managers
the
of
Bank
These member
70%
Secretary of Banking of the
monwealth of Pennsylvania.
D. Reese, Presi¬
The Park
Newark, Ohio.
dent,
Bank
Session—Address
C. Freeman, /
William
Resident Bishop
Views
Banker, E.
Seat
Bank,
State
City, Kan.
Post-War
dent; Elmer E. Clark,
300,000 shares
The shares to
be offered are being purchased
from large
stockholders on the
in
char¬
of $30,000, and
total resources of $1,433,899.
Its
officers are: L. G. Ehlers, Presi¬
$25,000,
Home
President,
Kansas
capital of
a
President, Claude F. Pack,
Address—Maple T.
was
It has
of
borrowing
Bank's
System. The Reserve
statement also said:
of $100 par value to
trial
that day
on
member of Federal Re¬
a
serve
August
on
capital stock of
had
Mo.,
Hamilton,
become
The
of
Bank
—Senator
Division—Address
Bank
State
of the
announced on Aug¬
30x that the Hamilton Bank, of
ust
Final General
SEPT. 25
MONDAY,
approxi¬
Reserve
Federal
The
order is as follows:
at
St. Louis, Mo.,
has
period.
■■-if
interests of country
to the
the
ing agents for United States sav¬
28 to increase the
The Lincoln-Alliance Bank and
Veterans *
<
300,000 shares of stock, which
from
i
S.
Washington, D. C.
—
the
of the Loan Department of
the Bank of Montreal's New York
on
Veterans
Administration,
V
ing banking's post-war plans for service to business and agriculture,
What a Good Trust Department
was announced on Aug. 31
by A. L. M. Wiggins, president of the Means to a Bank—James E. Shel¬
Association.
The program will bring together a notable group of
ton, Chairman of Executive Com¬
speakers.
Those at the general sessions will include Dr. Bruce R. mittee,
Security-First National
Baxter, Bishop of the Metnodist*3>
Bank, Los Angeles,'Calif.
Episcopal Church, Portland, Ore.; two general sessions and the annual meetings of the Association's
GENERAL SESSIONS
Senator William C. Freeman, Sec¬
four divisions and its State Asso¬
retary of State for Banking in
First
General
Session—Tuesday,
ciation Section.
Committee meet¬
Pennsylvania,
and William M.
Sept. 26
ings will be held mostly on Sun¬
Jeffers, president of the Union
Address of the President of
As was the case a
Pacific R. R. and former U. S. day, Sept. 24.
year ago,
banks sending repre¬ A. B. A., A. L. M. Wiggins, Presi¬
Rubber Administrator.
sentatives have been asked to re¬ dent, Bank of Hartsville, HartsSpeakers to be heard at the di¬ strict attendance in keeping with ville, S. C.
visional
meetings
will
include wartime travel conditions by lim¬
Address
William M. Jeffers,
Maple T. Harl, Banking Commis¬
iting their representation to one President, Union Pacific Railroad.
sioner for Colorado; W. L. Hem¬
person or one person in addition
Tues., Sept. 26
ingway, immediate past president to such officers of their institu¬
of the A. B. A.; Dr. Marcus NadMeetings for Country Bankers
tions as may be serving as memier, Professor of Finance at New bers of A, B. A. committees, com¬ 2:00 to 4:00 P. M.
York
University;
Edward
D.
Round Table: The Bank's Re¬
missions and councils.
Odum, solicitor of the U. S. Vet¬
to the Community.
The program sessions will get sponsibility
erans
Administration; W. G. F.
This will cover helping farmers to
under
way
Monday
morning,
Price,
Vice-President
of
the
build financial reserves, the farm
American
National
Bank
and Sept. ! 25, with the annual meet¬ land price situation, and the pub¬
ings of the Savings Division, the
Trust Co., Chicago; E. D. Reese,
State Bank
Division, and State licizing of the bank's usefulness
President of the Park National
Participants will be
Association
Section.
The
Na¬ to farmers.
Bank, Newark, Ohio; James E.
tional
Bank
Division
and
the W. W. Campbell, president, Na¬
Shelton, Chairman of the Execu¬
tional Bank of Eastern Arkansas
Trust
Division
will have their
tive
Committee,
Security-First
at Forrest City, Arkansas, C. D.
National Bank, Los Angeles, Cal., meetings Monday afternoon, and
Tedrow, president, Citizens First
and Russell Weismaji, chief edi¬ thq, State Association Section will
National Bank, Princeton, 111., and
torial
writer
of the
Cleveland have a second meeting Monday Warren
Garst,
cashier,
Home
afternoon.
Plain Dealer, Cleveland, Ohio.
State Bank, Jefferson, Iowa.
The first general session will
An additional feature this year
Round Table: Effective Corre¬
take place Tuesday morning, Sept.
will be a whole afternoon devoted
U.
of the American
ager
Branch, died
Can
of " the Present
War—Edward D. Odum, Solicitor,
Serve
.
banks
C.
Completion of a program for the Second War Service Meeting
Bankers Association in Chicago, Sept. 25-27, accent¬
Trust Com¬
New York City.
Trust
Institutions
How
Mr. Jeffers and Mr. Wiggins spondent Bank Relationships Be¬
banks, 26.
will be. speakers at this session. tween City and Country Banks.
which includes
The second and closing one will Subjects covered will include the
two round table discussions and
follow Wednesday morning, Sept. investment
portfolio,
operation
an
address by Chester C. Davis,
27.
promotion
methods, < and
Bishop Baxter will address and
president
of the Federal Re¬
credit extension. The participants
serve
Bank of St. Louis.
This this session, as will Senator Free¬
are:
man.
Clyde D. Harris, President,
country bank session will occupy
The War Service meeting will First National Bank, Cape Girar¬
the entire afternoon of Tuesday,
be preceded by committee meet¬ deau, Mo.; B. M. Harris, President,
Sept. 26
Yellowstone
Bank,
Columbus,
The meeting will be a stream¬ ings on Sunday, Sept. 24, and by
a
tea
tendered by the Chicago Mont.; B. P. Allen, President, First
lined affair of two and one-half
Bank,
Wabash,
Ind.;
banks to the assembling delegates National
days' duration. It will open Mon¬
John Neville, retired Vice-Pres¬
that afternoon at 4 o'clock.
The Hugh L. Harrell, President, First
day morning and close Wednes¬
ident of Fidelity Union Trust Co.
other social function will be a re¬ National Bank & Trust Co., Okla¬
day noon.
These two and oneof Newark, N. J., died on August
homa City. Okla., and Carlisle R.
half days will be crowded with ception at 5:30 o'clock, Tuesday
29 in the Newark Memorial Hos¬
Vice - President, Stateafternoon, also tendered by the Davis,
pital. He was 66 years of age.
Planters Bank & Trust Co., Rich¬
Chicago banks.
City Savings Association, estab
•
The retiring Executive Council mond, Va.
In connection with the simpli¬
lished in 1865.
Address by Chester C. Davis,
will meet Monday evening, Sept.
fication of the redemption of U. S.
In terms of total resources, the
25, and the new Council, consist¬ president, Federal Reserve Bank
Bonds, Series E, announced by the Commerce Trust Co. ranks, it is
of St. Louis, Mo.
Theme—Amer¬
ing of members elected during the
Treasury Department, M. J. Flem¬ stated, as the largest banking in¬
ican
Agriculture in the Future
past spring, will hold its organiza¬
ing, President of the Federal Re¬ stitution in the Tenth Federal Re¬
and
the Country Banker's Re- fc
tion meeting at lunch on Wednes¬
serve Bank of Cleveland, reported
serve District.
sponsibility to It.
day, Sept. 27.
cn
It was expected that directors
August 29 that: "The Federal
The
program
in chronological
Wednesday, Sept. 27 *
ury
James
pany,
7, 1944
mond
York
of
Bank
the
Division
President,
war
purposes
one-third of the total was taken
Ad¬ from the public domain.
Ray¬
Mr. O'Mahoney concluded his
—
Peterson,
University, New York City.
Trust
agricultural
lands.
2.197.000
as
Division—Address of the grazing land and 2,107,000 as for¬
President, Henry A. Theis, Vice-
ests.
@FedFRASER