Full text of Commercial and Financial Chronicle : April 11, 1946, Vol. 163, No. 4480, Section 2

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

--U-:

Final Edition

ESTABLISHED

OVER 100

In 2 Sections-Section 2

YEARS

•
-

Reg. U. 6. Pat. Office

Volume

163

New

Number 4480

York, N. Y., Thursday, April 11, 1946

Wheminancicd^Situation
By HON. HENRY A. WALLACE*

The long and bitter argument about the proposed rais*
ing of the national minimum wage, particularly about the

Secretary of Commerce

Asserting that there is no inferior
race in U.
Secretary Wallace
lauds the progress of Nejpro farm¬
ers in farm
Ownership£ * Points out
that Negro schools are poorly
equipped and that certain indus¬
tries are operated exclusively by
white men though many Negroes
are educated for good jobs. Praises
Fair Employment Practice Com¬

inclusion

mittee.
Founders'

Day is

a

in

the

many

good time

Every ► individual,
every business establishment, every
; college; :and
every country should,
from, time to

What

are

my

which

would increase

legislation of the sort we have grown
during the past decade or so obviously is of this
type, but it is certainly not alone in this respect. The entire
farm "parity price" so dear ta the heart of Mr. Wallace*
and i now to the rank arid file of the farm politicians, is of
this same order.
The effort last autumn pf the Adminis¬
so

What progress

;

clause

Many Instances of It

"have; I made?;t ■
assets

a

Minimum v Wage

time,"vsay-f";
What

of

whose heart all too often rules their heads.

to take stock*

;

law

"parity prices," focuses attention, or should focus attention
Upon a certain type of folly frequently in evidence during
the past dozen years.
It is the determination of the poli¬
ticians;-goaded by well-meaning but not very profound ele¬
ments in the .population, to apportion by law to large groups
of the less competent or less energetic a segment of the
current output greater than they contribute,;
It is not
difficult, of course, to make such an effort "appear human¬
itarian in the extreme, and thus to obtain the support of

;f,SB|

..

fond of

tration, to bring about. a general rise in wages was

another.

findings upon which much of this^'effor^
now been more or less repudiated by those who had previa
ously Urged them successfully upon thei Preside;^;,b^^
can be little or no doubt that the Administration is dbfinitely
behind the current wave of wage boosting which is taking
the pay of many if not all of the so-called beneficiaries
above their contributions to current output, measured by

The

B^*^BB
11

Washington
came" to

^

kegee we had
yet recov-

not

from the

f
1

e

r

of

our

prices in effect at the time such

■

Of course, in a
jfouy A* W«lUe«

popu-

lation had recently

slavery.

"
'
emerged from

A

There were few public

at the

by Secretary Wal¬
Founders' Day Cere¬

Institute, Tus-

monies, Tuskegee

kegee, Ala., April 7, 1946.
(Continued on page 1996)

A head




GENKRAL CONTENTS

of the News

Editorial

J

Page

Financial

1981

Situation

Regular Feature$
From

Washington Ahead of the

1981

News

-

Moody's Bond Prices and Yields... .1991
Items About Banks and Trust Cos.. 1996
Trading on New York Exchanges.. .1992
NYSE Odd-Lot Trading.... a
1992

of

State

Trade

Review.
Commodity Prices, Domestic

1982

General

Weekly Carloadings
Weekly Engineering

Index. 1993

1995
Construction. .1992

Paperboard Industry Statistics...... 1995
Weekly Lumber Movement.
1995
Fertilizer Association Price Index... 1991
Weekly Coal and Coke Output
1994
Weekly Steel Review
1992
Moody's Daily Commodity Index.... 1991
Weekly Crude Oil Production
1994
Non-Ferrous Metals Market......... 1993
Weekly Electric Output...
1991
Crop Planting Prospects as of Mar. 1.1986
Changes in Reacquired Stock as of
Feb.

*1915
*1915

5

NYSE Share Values

at Feb. 28

Moody's Common Stock

Yields....*1916

Department Store Sales in N. Y.
District in-January....
*1915
U. S. Savings Bonds Issued and
Redeemed Through Feb. 28
*1915
Federal Reserve January Business
■

Indexes

Bankers'

',<»•'...v..v;Y.*..v,v..»v.*1914
Dollar

Acceptances

Jan. 31.•...

February Civil
struction

at

.....». .............

*1914

Engineering Con¬

*1914
*1913

Hotel Sales in December;

RR Earnings for Dec..* 1913
Cottonseed Receipts to Jan. 31....*1916
Gross and Net

Census

Bureau

Report on Cotton

Ginning as of March 20
NYSE Bond Values at
•These items

*1916

Feb. 28...,.*1916

appeared in our issue of

JMphday, April x8» on pages

indicated.

-

such
Ah^itein|wrary success tbaet they

fully free7 and competitive society

efforts 4Vould be in vain.

*An address
lace

increases are being put

into effect.

wreckage of
the-Civil War.
Te h
percent

(ContfaUed bit page 1984)

THE COMMERCIAL

1982

& FINANCIAL

Thursday,

CHRONICLE

April

H

ig45

Olass I RR. Gross

Fek

Expenditures for
Private Housing Up

In

Earnings Off $133,262,072
February—Net Declined Over $! 1,370,009

TheClass I railroads of 'the JUhited States^
^b$t&ted^et; ihcoiiie^^after* interest' and■: rentals of-j&e nnn nS?
at an average * monthly* rate of compared .with $37,378.247: in - February, 1945, ^ccbrairig^'^!0?'
Overall industrial production the past week continued to reflect
nearly $13,000,000 since February filed by the carriers with the Bureau of Eailway. Economics nf lu
the upward trend of the last four weeks. A decline in unemployment
a
year
ago,
the United States Association of American Railroads and made public April 4 tm t
«dmpettSatioft eleimsi was registered'foi* the thirdsuccesSive week, the
Bureau of Labor
Statistics .' an¬ railway operating income before interest and rentals of $57
number during the jreek ending March 23, being 5,3% under that of
nounced on Majrch 7. Though some compared with a net railway op*<^
*—/ mi
--—_
the previous week.' Notwithstanding this decrease in^ciaimSi unem*
of the increase in expenditures crating income of $74,663,603 ; in in the first two, months of
ploynieht is idsingWith;close to 3,000,000 individuals peeking employ¬
for housing^has been ablorbed -in February, 1945. The Association totaled $533,070,090, a decrease If
ment.
With the return of former^

Expenditures for privately fi¬
nanced housing have been' rising

:

.

^

""

servicemen

the

to

civilian

ployment field the number of un¬
employed is expected to jump to
between 3,500,000
and 4,000,000
before

July 1.

v

output

will represent an unnecessary loss

company was forced to lay off 35,000 workers due to the lack of

in output.
If the strike continues
for four tweeks or more with no

steel after having stepped up pro¬

duction following the steel
to its highest postwar rate.

shortlived* building

tive curtailments- of steel

At midweek the

point.

is

states - the magazine; i the/protect

The Ford Motor Co. is a

in

strike

the

If

tinued to hamper production gen¬
case

strike signsr-of an agreement, the indusT
The try will face a sharp and drastic

to be for no curtailment which would take the
than one week.
Ford's operating rate below 50% of ca¬
production rate prior to the layoff pacity, Such a sifuatioirwbuict be
gave evidence of climbing up to another blow tc reconversion and
the million-a-year mark. Produc¬ to the forward, movement of the
tion schedules of leading automo¬ heavy steel demand and produc¬
layoff is scheduled
longer

<

bile and truck manufacturers in¬

dicate

the industry

rSach

may

3,000,000

unit annual rate
tmonth.■ \

a

this
-

The fight to
extend Federal
price control gained momentum
during the week as Government

heads

stabilization

the

stressed

extending the stabiliza¬
tion program by necessary legis¬
lation. -These officials expressed
the belief that if Congress enacted
need for

this

legislation the danger of dis¬

astrous inflation would be passed

Within a yekr.
Urging the con¬
tinuance by May 15 of the Emer¬
gency Price Control Act "Without
crippling amendments," these of¬
ficials stated that it would cnaWe
businessmen to plan ahead "confi¬
dent" that prices and costs would
remain generally stable, in the

One

other

recommendation

stabilization

chiefs

was

and thus make the job of the

Conciliator

Steel

the

This

continue them another

to

year, as

is

now

advocated by Gov¬

did

:

t.

expenditure*

for

The

atively inexpensive
bilizing prices."

ty

no

ahead

ship¬

of

available supplies.
With
machine

"which

definite certain¬

to its duration. In the mean¬
time
there
was
some
slewing
down of steel production with the
as

current and prospective needs,

/
Expenditures for., hew private
nonresidentialbuilding/ i*. whiCJf
competes directly with home con¬

than

-

a
poor4 construction
month is attributable entirely to

building. All other cate¬
gories of construction expendi¬
tures remained stationary or de¬
clined seasonally.
Curtailment of publicly financed
activity, first apparent in June.
1945, continued during February.
1946.
The $85,000,000 expended
for
public I construction
this
February was the lowest -figure
for any month in recent years and
about half the

was

amount spent

builders

Public

:

■- v

construction

over

the

tures

are

domestic

level

for

expendi¬
low

of alleged graft
in the disposal of
Government-owned machine tools
and

an

expose

bribery

through

the

local

office

of

the

War Assets

'^dmirilstratidh was on
its way to a climax.
Washington
officials have an FBI report which
is to be sent back to Cleveland
shortly for /Grand Jury consider¬

present

Included M this repbrt will be
•the results of the
investigation of
charges that some surplus ma¬

able

except

machines and

sold

them

to

fb;ov^rs inot^titleid'96'.stb^ni;--;. < The steel industry, the maga¬

dilem¬

according to the "Iron Ace" zine reports, has been advised that
national metalworking paper. The production directives will be
is¬
universal lack of knowledge as to sued for about 600,000 vtons pf

ma,

long the coal strike will

small loss In steel

will

last

cause

production

Many companies last0;Week in
order

to conserve fuel * for the
blast furnaces curtailed steelmak-




products

for

/export other than

tmplate, for which

a

or a

drastic curtailment from which it
Would take weeks to recover. ;

1

The earnings

reported above as
/railway ^operating income

net

Those

.

two

roads

same

months

of

in

19.46

the

had

first

a

net

Western District

in the first two

months of 1946 had

an

^: in Jhe ^outhern Region, and

net

interest

15 in the Western District.

rentals

after

income,

estimated

and

of

with
riod

Eastern District

,

railroads

in

$33,000,000, compared
$38,377,056 in the same pe¬

of

1945.

For

the

month of

the

February alone they had an es¬
Eastern District in the first two timated net income, after inter¬
months of 1946 had an estimated est and rentals, of $15,000,000 com¬
net
income,
after interest and pared with a net income of $17,rentals of $15,000,000, compared 228,198 in February, 1945.
with a net income of $20,490,801
Those same roads in the first
in the same period of 1945. For two months of 1946 had a net
the
month
of February
alone, railway operating income, before
The

their

Class

I

estimated net income, after

interest

and rentals, was $5,000,compared with a net income
of $12,166,204 in February, 194o
000

Those

same

roads

in

the

firs

interest and rentals, of .$62,377,118,

compared with $68,314,998 in the
same
period of 1945. Their net
railway operating income, before
interest and rentals, in February
amounted, to
$26,710,105, com¬

The

months

two

of

1946

had

net

a

.

February.

"

'v

'

•

(Continued

on

page

According to
nouncement,
Mrs

^

Truman

a

the
are

Party

White House
President

ans

operating
vevenues__
operating expenses.__

a

gar¬

to be held on the afternoon

given by President and Mrs. Wil¬
in August of 1919' and Presi¬

dent and

Mrs. Roosevelt in 1941.

Tbat'.bf;&d:;^!i0^^e' Asspciat-

j^^ressK^tated-iln- the dispatch
from

Washington April 1,

man's tentative plan

veterans

from

$579,142,025
v

$712,404,097 $1,220,013,905

499,458,S7fi

440,221,092
'

ratio—per

76.01

cent

i

59,902,120

^40,280472

Jj

$1,463,316,074
1.029,503 7^

v-: 77.07

"

J8.35

129,125,827

256,212,27!)

663,603

128,659.362

37,378,247

69,000,000

150,705,753
76,424.773

125,749,789.

railway

operating
income before charges
Net inc., after chgs. (est.)

^811^68

74

and

planning

May 23, similar to the parties

son

Net

an¬

was at¬

Steel

1989)

Total

Taxes

White House Lawn

a
155,000-torv tended by 800
veterans, Cabinet
already been estabmembers and
high-ranking Army
} .
,
,
. ,
and Navy officers. President' Tru¬
American. Iron

Institute announced on
Monday of
this weak thev operating rate
cf

Total,

Operating

v

and

.

i

urogram has

«shed>
'

1946/of which

in: tha -Eastefn District.

were

y

ation.-

during wartimes, the industry the

is the factor which

845

;

expenditures for railway operating income, before pared with $32,602,576 in Feb¬
public works projects •interest and rentals of $42,698,239, ruary, 1945. ;
(highways, community facilities, compared with $54,931,244 in the
Operating revenues of the Class
conservation work, etc.) have not same
period of 1945.
Their net I railroads, in the Western Dis¬
begun to expand. The volume of railway operating income before trict
in the first two months of
highway
construction, for
ex¬
interest and rentals, ia February 1948
totaled $509,124,593, a de¬
ample, amounted to only $16,000,- amounted
to
$18,569,495,
com¬
crease
of 18.4%
compared with
000 in February, 1946, as com¬
pared with $28,425,828 in Febru¬ the same
period of 1945, while
pared with prewar levels for the ary/1945.
operating expenses totaled $375,corresponding month of $37,000,- ^
Operating revenues of the Class
"46236, a* decrease of 8.8% below
000 in 1939. Expenditures for con¬
1 railroads in the Eastern District 1945.
servation and development work
totaled $24,000,000
CLASS I RAILROADS—UNITED STATES
in February
Period End. Feb. 28—
1941, but only $10,000,000 this
i94flZ/Manth—1943 » /
' 1S46—2MOS.—1945

of

how

1945.

peacetime

some agency employes
destroyed
Or lost priority records fbt desif«

worst

February,

because

outlook

their

at

ready to enter a period of produc¬
tion which will probably surpass

past week faced its

compared

000.000, compared with $7,983
in

advance in all privately financed

denptrtyfor disabled wahveteft

output

income of $17,556916
period of 1945. For

same

$6-

8.8°% foMhe 12 months ended

Feb. 28, 1945.

nonfarm

appeared in the trade at normal
used machine prices; and that

yearly

$12,000,000,

net

a

the

in

estimated
interest and

after

of

1946, the rate of return on prop-: the month of February
alone, thev
had
an
estimated, net income
compared with a rate of return after interest and rentals of

first two months of

$624,what is

in

:

logs approaching record peace¬
time levels and with the
industry

other

with

the
tw*

I ?rty investment averaged 2.98%

19

gain

normally,

.

any

;

income,

rentals

In the 12 months .ended Feb. 28,

January total of

i&ihbtuary,. 1945.
tool

prospects of a
decrease in raw chine tools were sold
before they
steel output very possible should
Were
legally declared surplus:
the outlook for a quick settlement that
some machines were declared
become clouded.
>
scrap and sold at scrap prices
; X Steel Industry—With steel
back¬ when they were valuable and re*

.

net

659,362, compared with $150,705,753 in the same period of 1945. ;r
!

Class

I railroads in
Southern Region in the
first
months of 1946, had an

Net

$128,'-

interest and rentals totaled

This

the

immediate

won

means of sta¬

monthly rate

which must be attained to satisfy

temporarily pessimistic

machine tool orders, interest was
focused last week, according tc
the above
authority, on Cleveland

The strike the past week of the
bituminous coal miners continued
in effect with

because towards the lat¬

w'll place as much tonnage as
pos¬
sible for shipment in order to be
in
line for their ; percentage of

food

support at the beginning on the
strength of the claim that a sub¬
sidy program would be a compar•

war.

backlogs,

books, long before the steel strike
occurred, customers in the future

foregoing figures show the
of a program, "Business
where
out,

the

of

Having suffered the pen¬
alty for not getting on steel mill

growth

points

end

reduce

any

ments.

subsidies to $3,550,000,000.

Action"

the

not

somewhat

were

require $1,~
750,000,000 / additional, according
to official estimates, thus bringing
total

March

during

of the month and extend¬
into last week, new orders

ing

ernment officials, will

the

still far below the

000.000.

ter part

"indivisible."

three-year period ending June

U. S.

difficult.

shipments

month since

of

sidies as a means of keeping com¬
modity prices in line, their con¬
tention being that effective price
control and the subsidy program

30 and

more

probably the highest of

,were

the

Federal subsidies on food prod¬
ucts will total $4,800,000 vw
or

ruary;fi946,#totaied $l75,OQO^O(h
higher than for any Februaryduriing the period for which monthly
data are available (Jan., 1939 to
date) and^eight times the'&moun/
in February* 1945. In spite pF the
continued gain /during dhe» rpas£
year, however; home building -is

Southern Region
The

■■

.

continuance of Federal food sub¬ however,

are

these mifopds. which represent a

put in place during Feb* corresponding period Of 1945.

2°

compared with the
of 1945, while
operaw
expenses totaled
$433,164,716 0 ?
decrease of 9.3% below
1945.

period

1946,

railway operating income, before
tion now existent.
the
payment of operating ex¬ interest and rentals, of
for
.critical; building
$23,584
The more blast furnaces which struction
penses and taxes, but before in^ .005, compared with
$27,559,511 i'n
materials* rOse $22,000,000 during
are taken off in order to conserve
terest, i- rentals and other fixed the same period of 1945.
Their
fuel for the remaining ones, the February, 1946 and $170,000*000.
charges are paid. Property in¬ net railway
operating income, be¬
longer it will take the industry to from February;^ 1945;'$While* ail vestment is the value of road and
fore interest and
rentals, in Feb¬
climb to prO-strike levels of ac¬ types of private1 non-residential
equipment as shown b^the books
tivity after he coal controversy building participated in the in* of the railways including: mate¬ ruary amounted to $12,537,366
compared
With.4 $13,635,199 in
crease1 over the year, the .greatest
has been settled.
rials, supplies, and. cash. :. "< \: . rv- February,1945. i
There is no optimism among gains occurred in expenditures for
Total operating revenues in the
coal operators for a speedy settle¬ industrial building, ;which?mearly
Operating revenues of the Class
first two months of 1946 totaled
I railroads in the Southern Re¬
ment of the mine impasse.
The tripled between February* /194§
$1,220,013,905 compared with $1,- gie a in the first two months of
two
demands—a
welfare
fund and February, 1946«(from $39,*
supplied by the operators and 000,000 to $121,000,000) and for 463,316,074 in the same period of 1946, totaled $177,819,222, a de¬
controlled by the union; and the commercial building, which in¬ 1945, fit b. decrease Of 16.6% . Op
crease
of 19.6%
compared with
the same period of 1945, while'
organization of supervisory forces creased ten times (from $7,000,months of 1946, amounted to $940,—represent the hurdles for a rap¬ 000 to $72,000,000).
operating expenses totaled $131,id ending ;of5 the strike, the "iron
Estimated: total: construe tionex* 280,172 compared with $1,029*503,- 469,220 or a decrease of 6% under
729 in the corresponding period
1945.
Age" points put;
(including
minor
They are also penditures
thfe points on which some of the building ^repairs}.... hfc;«ontihental. of ,1945, or x decrease of '8.7%. Western District
old-time bitterness between the United States approximated $654,- / Forty Class I railroads'failed
The Class I railroads in the
"o earn interest and rentals in the
two
factions may be generated (H50,000 this February^ %^mtbre

critical months ahead. The Price
Control Act at present in effect
terminates on June 30 next.;
the

In the first two months of

total, of 227,801 miles* had an es¬
however, steel production was ex¬
pected to drop *haroly by the end provided, says the Bureau, which timated net income, after interest
further reported:
,and rentals of $60,000,000 com¬
of this week if signs of a coal
The value of new-residential
pared
with $76,424,773
in the
agreement were lacking.

Shortages of raw materials and
various key component parts con¬

erally.

13.8%

further reported as follows:

higher prices for somewhat larger
houses than Were built a year ago,
much of it reflects a
increase in
the number of awelliags
being

ing operations, f Others expected
to hang on at present levels for at
least two week3. In the aggregate,

em¬

is

to

hospitals

Washington vicinity.

26,000,000

W. 6. Gould Heads
N. Y. lis.

Dept. Div.

SupCTixitendefit Robert
E.
Dineen of the New York State In¬
•

^Department announced
April *1 the appointment of

surance
on

.

William C. Gould as Chief of the
Mutual and Fraternal Division of
the New York Insurance Depart¬

ment effective

as

of"Aoril 1 ..Mr;

GouldJiad been serving as Acting
Chief of the Bureau since Nov. 16

*945, at which time he; succeeded
John/rE// Watsbn, retired.. d.Mn
invite
Gould/has/been associated wit*

in, the

the New York Insurance Depart¬
ment Since Sept. 16, 1926, when

he

appointed by the l?te
Behavthe then Superin¬

was

James A.

tendent, as an Examiner and as¬
signed to the / Rating DivisionPrior to that, he was connecter
with

the

Teacher^-Rehrernent

System^m/the City:6f;New
and- the New York

later

transferred to

Division

of

an0
Cni
Wheeler, e

Department

the

in 1932 became

assistant to

Examiner Charles A.
was

York

City Employ

System. He wathe Casua •

ees' Retirement

promoted to

Associate Exam
Division on

her of the Casualty

April 1, 1941.

of America.

as¬
Institute

Mr. Gould is an

sociate of the Insurance
'/■,

Volume

THE

Number 4480

163

Adverse Effects

cqmmerc!AI>^liNANCiAS CHRONIC

of Price Oontrols on Cotton

National Bank of Boston calls attention to stimulation1 of
foreign cotton goods exports. Holds competition of synthetics has
been encouraged and root of cotton problem lies in bringing price
First

1

product to

natural level in world markets.

"In view of the clamor in some quarters for. Government priceand subsidies, it is well to ;look at the record to pee what has
ened ; as "a' result
of the^
v. ..

of

J*.*

.

Si Chamber

Wyatt to Speak at MBA
Conference in N. 1.
Wyatt,
National
Agency - Administrator

and special expediter for the Gov¬
ernment's housing program, will

Urges End of All Price Controls
By Oct. 3 lr Except Rents

-

;

Wilson 1 * %.
Housing

1983

Sees Government Operations Promoting Inflation
Final qiimiriatibn ;pf' all

price, controls, .except oh

rents, by Oct.

31 of this year was recommended on March 28 by the Board of
Directors of.the Chamberof Coirimeice of the XJriited States. At the;
,

address members of the Mortgage
Bankers Association of America

time, the Board proposed that wartime subsidies also) be dis-;
Continued as of the same date. Continuation of rent controls until Waldorf-Astoria
markets, but this involves so many
Hotel, March 31, 1947,' was recommended. /
/
Ston, which has been under political difficulties' that it
may New York, April 29 and 30, Byron
The Chamber Board's position^ *
Government protection for / the never materialize. It would mean jV. Kanaley,
.Chicago, Association Was taken after it had considered (iisappear more
promptly.
Be-(
nast decade and a half,"-says the
a
drastic shift to full,, modern President, announced on March
a) ^etailodi report iof: ai apocial cause bt the ^distortions^^already >
Sirst National Bank of Boston in
mechanization, and the concentra¬ 30, Mr. Wyatt will speak on the Chamber Committee on price con¬ createdthe
economy :durih| ^he^
current "New England Letter." tion of
cotton-growing in the low¬ housing "program, legislation for trols and their relation to infla¬ war and since V-J Day, additional
the Bank says:
"No
01HA1JlWAlio>
i".
est producing areas. ; Mechaniza¬ which is expected to have passed
)ur
tionary tendencies. Coupled With adjustments are inevitable.
In-'
segment of our economy is more
tion, ;howevbxvcall$ for faf-reach^ both, houses of Congress" by) that the statement on prices, is the rec¬ stead of frustrating these!adjust-important than cotton; since it
ling adjustments as the region east time.-The meeting will be spon¬ ommendation that even before ex¬ meats, the Government should try;
furnishes a livelihoods for about
in cooperation € with the
of the Alleghenies is not suitable sored
piration there, should be the pro¬ i ;o guide them along natural lines;
one-tenth - of
our * population. 'for modern
Jersey Mortgage Bankers
methods because of New
gressive elimination of such" price so that gradually we will have an'
Moreover, in the past raw cotton
Association... John.
the - small-farms.^lt^ is estimated
Thompson controls as circumstRnces will perjErffectively functioning free econ-1
constituted our most • important
President \ of
the
New
:
that ; approximately '^heRbalf^'pf
Jersey
1
v
J
;
*
timy-^with; high level erriplbymerit*
export. Consequently, the fate of
Co., Newark, heads the | The report of the Committee ht
the farmers iit;i this <ar£a i would Realty
good.wagcs.",
cotton is of deep national concern.
committee arranging the confer¬
have to be transferred to other
goes extensively into Government
The report/upon which the Naence.,
"
"Under the protection of the pursuits,' while! the
remainder
ional Chamber's Board * bases its
operations, which it holds have
Other speakers announced, at
American price umbrella, for¬ would • be caUed .uponP to • expstod
Iprbmotedmfl^tion; ^deelares^^that Rfecommendations is a comprehen-'
eign
cotton-growing has I been their acreage and engage in diver¬ the same time.include George S. a balanced—or preferably over¬ isive Study of the economic factors!
greatly stimulated.
In 1920, to¬ sified farming. This plan - would (Van Schaick, New York-, Vice- balanced
Government budget
hat have brought about the sit->
tal foreign production was only involve expenditures ; of several President of the'. New York Life would
go a
long way towards nation in which the country now
about one-half as much as the billion dollars to compensate those Insurance Co. and, head of its making price controls no longer finds itself.
production of American cotton, who are tobedisplacedandtrans- ;mor'tgage loan department; necessary. • Government encour¬
.Douglas
tout for the last five years of
Whitlock, Washington, agement of wage increases is anported elSiewherei and an ;addithe 1930's it was over one-fourth tional substantial amodnt in the jDi C.7 Chairman of the advisory lother inflationary factor. ~ v?v
board of Producer^', Council; John !
more. As a result, world consump¬
The
recommendations, with
form of loans to the remaining
Thomas Taylor,
tion of American cotton during farmers
Washington, D,. C., jwhich thd Committee concluded
forexpansion,machinery,
Director of the legislative com¬ its report> and which were
the 1930's declined by 7% in con¬ and
the like. In
adopted
addition, the
Edward F. Barrett, President of.
mittee of- the American Legion; as a declaration of the Board, are
trast with a gain of around 50%
growers would be compensated,
he Long Island Lighting Co., has
for foreign cotton.
Whereas a for the losses caused by the de¬ Donald B. Woodward, New York, ias follows:
been appointed a public, governor-,
Assistant
to
Lewis
couple of decades ago about one- cline in the price of- raw cotton Research
j "Spiraling wages and prices can of
the New York Curb; Exchange,;
half
of
ouri cotton
crop
was
Douglas, President of the Mutual ido nothing but harm to our econ¬
to the world level.' -^hesev "pay¬
dwin Posner* President of the
Life Insurance Co. of New York; omy and its
absorbed abroad, in the last half
people. Every effort
ments wbuld*be o& a descending
Curb " Exchange, announced T on.
and F, G. Addison, Chairman of. should
of the 1930's this proportion was
be
made
to
stimulate
scale over a period of about five
April 3 following the regular
the Federal legislative committee
sharply reduced, while during the years
stable, productive employment for
and
then
discontinued
meeting of the Board - of Govern*
of the American Bankers Associa¬ ithe* months-and
war period our exports practically
years ahead with
While the proponents admit this
nors,
The. appointment fills a
tion.
vanished, with most shipments on
reasonable price stability; this re¬
plan is costly, they contend that
;
The .conference is being called quires close cooperation of Gov¬ vacancy created by the recent
a Lend-Lease basis.
it would eventually not only stop
: resignation
of Victor F. Ridder,
to study the part mortgage bank- ernment, agriculture,
labor and
uAs a consequence of the dis¬
the drain on the Treasury bu
l^ew York publisher.
iers
will have in financing the business.
Business commitments
ruptions caused by the war, there also when pbrhplefed vpul&piaca
Mr. Barrett,.it is noted, has had.
transactions must extended
is also a large potential foreign raw cotton on a sound basis". There housing program. The four prin¬ and pusindss
experience in financial
cipal topics to be discussed dur¬ rest on a foundation .of confidence
demand for cotton cloth estimated are no assurances, however, tha
and busihessqircles, N© has been
in the value of currency and in
at more than three billion yards after appropriating the proposed ing the two-day session are home
President
of. the Long Island
building, trend of interest rates, the Reasonable stability of prices.
annually until rehabilitation work billions the program would be
Lighting Co.,and three of its sub¬
future
of the Federal Housing We renew pur pledge, in support
abroad has- beph largely ^ com¬ carried through according to blue¬
sidiaries, Queens Borough Gas and
Administration and the GI. lend¬ of this program.
The expansion
pleted. But it Is uncertain to what prints, as the uprooting of so many
Electric, Co., Nassau and Suffolk
of controls eight months after Vextent the American mills will be families is such a serjous under¬ ing program as recently amended
Lighting Co., ahd Long Beach Gas
J Day, rather than their contrac¬
by Congress.
able to share in this business.
Co., Inc., sihed 1937. He has been
taking, although in the long run
tion, arid the upward price pres¬
director' of all of these com-4
During the next year or so domes¬ it may be for their own best in¬
sures, are evidence to every man
tic demand may take practically terests.
sanies and pi Kipgs County Light¬
that we are npt mbvihgyloRward
all of the output,of our mills.
ing C6^ a fourth subsidiary," since
to a flee
"Here, then, is a striking ex¬
society with Tqw -prices* 1934, when he origmally became
Furthermore, the continuation of
ample of the folly of governmental
We, therefore, require a re-exam¬ affiliated with
the Administration's price-support
Long Island Light¬
interference with economic laws.
ination of our reconversion pol¬
ing Co. as financial Vice-Presi¬
policy may cause the virtual elim¬ The artificial
With efforts by socialistic agi¬ icies.
'
props provided have
ination of our mills from the cot¬
dent.;! tj
; ■
•! ' ''t-rfe
"We recommend a gradual elim¬
virtually priced American cotton tators to take over industry for
The announcement of the Curb
ton goods export market when the
out of world markets and. have control and operation by the Gov¬ ination of price controls on com¬
Exchange also says:
foreign cotton; textile industry,
seriously undermined its domes¬ ernment increasing in intensity, modities, and that the final Mate
"Prior to his association with
with its cheaper labor and lower
tic outlets.
So after fifteen years fresh attacks on industry and the for the elimination' of all such
the; public utility industry, Mr.
priced cotton, is restored. In other of Government aid, raw cotton is American economic system can controls be
(Oct. 31, 1946, and we Barret was aiVicerPresident of
thq
words, both our raw material and in a
desperate condition requiring be expected in the months ahead, further recommend that rent con¬ National City Bank of New
Yorkf
finished goods are being driven,
such a drastic remedy that it may was the view expressed at Chi¬ trols, properly modified, be ex¬
having, entered the banking busi?
out of world markets: "
not be politically feasible to carry cago on March 27 by James W. Ir¬ tended to March 31, 1947. 7 Con¬ ness in 1918 With the National City
"The domestic market is being it out. What started out as a tern-; win in addressing the Controllers' gress, should eliminate all war¬
Co. Be is still active in the bank¬
threatened by synthetic competi¬
porary
unfavorable
situation: Institute of America on March 26. time production and price depres¬ ing field, being at the present time
tion, which has been intensified growing out of the world depres¬ The. grasping for power over pro¬ sant subsidies within the next six First Vice-President and a trustee
by the artificially ' high cotton sion has developed into a critical-1 duction,
prices,
dividends and months;
Costs 4 of Government of East River Savings Bank; and a
must be drastically reduced. Def¬
prices. The outstanding competi¬
director of public National Bank
ly Complicated problem - that in- | every other-phase of management
tor-of cotton is rayon, which has volves in its scope grave social and, is manifest, said Mr. Irwin, who is icit financing must be terminated. and Trust
Co!, both of New York,
enjoyed a phenomenal* advance economic consequences as well\asj senior partner of a Chicago and Every.proposal for new govern¬ and a director of Nassau County
during the past two decades, in¬ the future welfare of the entire New York firm specializing1 in mental- expenditures should be Trust Co. of Mineola, L. I. He is
creasing its proportion of total South. And thus another chapter corporation consulting work. The coupled with 'definite methods for ialso a V!»re-Presidenl and director
textile
production
during
this has been added to the record of a New-■ York"Sun" in an account raising the required revenues.; The pf tbi tfrilRies, Mutual Insurance
period from 1 to 10%.
Fifteen long list of commodity price-fix- from .Chicago March 27 from budget should be 1 overbalanced Co. and Treasurer and director of
which the above" information is and debt retired, Foreign lending the American Gas Association."
years ago the price per pound of
ing; experiments that failed be¬
taken,, further reported Mr. Irwin should be geared into our own
Mr. Barrett, a native New York¬
rayon staple fiber was more than cause
,of deiyiag economic laws:
domestic supply and demand con:
7
: ; v r.
five times as much as raw cotton, and wrought havoc with the very as §aying:v , .
er, at one time served as Deputy
ditioris.. Congress: should make ;a jChamberlain of the City of New
but it is now about two cents less,
"The right of the individual and
groups
they were designed to
thorough investigation of Treas- York under Mayor John Purroy
and it is predicted thai it may in
benefit."
Mr '
'
! particularly •the-right of arcprpprthe course of time decline below 15
■
' *"•
ation, head .to express his opinion .URy fiscal policy and make recom¬ Mitchel. ;; -"i.
;>■?. ^
*'.
cents a pound. Hay on is offering
in opposition to some hairbrained; mendations as' to interest rates,
borrowing and budgetary proce¬
stiff competition to cotton in both
proposal of the politicians or..thes
Clarke l^anhed to Post
textile and industrial uses, with
labor unions will be discouraged) dure designed to minimize infla¬

pohdes

ft

i

pursued in the case of

find

.its

natural

level

in

world

ta
t

same

special conference to be held

the

,

•

fl

•

.

,

.

•

,

.

.

.

,

Sarret! Public Gov.

Of N. Y. Curb

Exchange

.

-

,

.

Warns

Against Incr.

In Socialistic Trends

.

•

.

■

v

•

1

■

Mfrs. Trust Co.

the

most

wade

in

striking
the

inroad

tire

cord

whereas in 1939 the

jn the tire
thirty times

cord

,

use

being

business,

pf Cotton

business was

much

by
1945 it was
only 50% more. It is
apparent that a great expansion
will take place in
rayon and other
synthetics in the near future, and
this together with the
competition
as

as

rayon,

G!

Mtge, Loan Plan

Harvey

Company,
that the bank has com-,
Trust

pleted plans for the" expeditious
handling, of veterans' mortgage
loans under the terms of the G. L
Bill of Rights as recently amended.
From
August, 1942, until May,

public official-who dares'

tionary pressures.
"Since1

V-J: Day eur policies
uphold the law'in*thematter
have been -based largely on. the
v

of

Manufacturers
announces

"The
.to

property against- union

goon

paper, glass fiber,




Effective April l,

the Board o2

Directors of the Federal Reserve

appointed
Special
Attorney in the Legal Department,
find himself the target -of the
Assistant; Counsel and Assistant
to a misdiagnosis of our problems
elaborately orgaoizedt emear
We;Mve 'Wa&G inflation, we have! Secretary ef. the bank. Mr: Clarke
gades of the Political Action jCpiu-|
succeeds Robert H. Brome, Assist¬
currency inflation and we have a
mittee.
'
")*"
delayed or frustrated price infla¬ ant Counsel and Assistant Secre-.
squads

j

apd massed - pickets will

conception that we are faced With
a problem 'of mere price control
The failure of these policies is due

"The office holder^ or rugged tion, The solution can come only
productssuch as 1945, Mr. Gibson served the Amer*
and the like, ican Red Cross as Commissioner individualist who jeopardizes' his through a coordinated p o 1 i cy
will be a
which deals not purely with the
serious threat to raw to Great Britain and Western Eu¬ own
political or business^ future
cotton.
'
symptoms of -inflation, -as does
rope.
Consequently, he -is ex* by, fighting vfpr good American
price - control, • but with the rea
"Various proposals have been tremely conscious of the needs of
principles probably will find- him-j causes -of the inflationary pres¬
jnade for the solution of the cot¬ the returning veteran and' has
self "deserted by those for. whom sure? which abound in. mahyseeton
problem, most of them dealing been most anxious that Manufac-r
tor« of the economy,
]With the fringes, but the only one turers Trust Company should be he is. fighting and who have-the
"finder I the: policies Qsugg^steC
Pat goes to the root of the trouble instrumental in making it possible most to proteCt, when he -aets into
is the
herein, some prices may rise
proposal to reduce sharply for the veteran to finance the "pur¬
a /.tangle
with the: mudslinger? others may fall. Product'on, wil
jfje cost of production and allow chase of a home as advantageously and reputation destroyers.",
^
be stimulated and bottlenecks will
price of American cotton to as possible.
irom non-textile

At N. Y. Reserve Bank

.

Bank of New York, has

John J« Clarke, formerly

tary, who has.resigned as an offi¬
cer

of the hank in" order to prac¬

tice law in Basin,, Wyoming.

Clarke

joined the

the bar k in 1941.;
ized in the legal

Mr.

legal staff of
He has special¬

aspects of foreign

funds control, and last year spent
six months in Europe

assisting in

.the institution and administration
of financial controls in Germany.

THE COMMERCIAL & FINANCIAL CHRONICLE

1984

social

the

The Financial Situation

greater?
In other

,

(Continued from first page)
seem

to attain

would quickly

efforts

influence

much

of

will

product
Y/ *
r
cases

on a

be

Enterprise Endangered in Bill
To Finance Development of Inventions.
Etc.

do not such
.

broad front sim¬

enterprise would be endangered through unwarranted o,
competition in a bill introduced by Senator Fulbriiht
(D. Ark.), R. J. Dearborn, Chairman of the Committee on Patent
Free

ply result in consumer price
today which assert that
Another,
adjustments which take from
The compensation of each ele¬ other systems are far superior
the v recipients of
higher
ment, of production and each to the competitive system in
money payments any advan¬
that
they provide for the
group
of producers would
tage that they may tempora¬
tend to approximate the con¬ weaklings, the indolent and
rily have enjoyed by the meas¬
tribution of that element or the unfortunate in relative
group. Except for the abundance regardless of the
a

powerful central gov*

erhment, of many paid mould¬
of

public thought, and of
monopolistic combinations of
workers largely freed in ac¬
tual practice not only from
all laws designed to prevent
pr destroy monopoly but even
from many of the ordinary
ers

laws of the land, wage rates,

and many of the senselessly
restrictive working rules or
conditions of the
never

day, could

have been forced down

the throat of employers. After
all an employer of labor is

really a sort of middleman
acting to bring the workman

relationship.

Directly

some

such doctrine. It may

or well be doubted,
(or whether the great

not

Inflationary Situations

stopped

underlying

to

ponder
nature
of

t

us

It may J be,r and i doubtless :me^tN^they^are irifchjedj $>
SPmetimtes j^true, that in an support,* or their, ultimate
abhorinal situation the public working out in practice.

and will pay if neces¬
Time to Consider
sary,, much higher than cur¬
It is time, however, that
rent prices for what if wants*
Such conditions usually arise they give such things the
when as at present the mar* ||hought they deserve, and
when they do one of the first
kets |have, for some extra¬
ordinary! reason, | Be c o xd% ■questions which will come to
their mind is this: "Is it
rather bare of goods greatly
pos¬
sible, as a matter of fact, in
desired by "the public and
When inflationary f orces any society short of complete
communization
to
provide
operating over a considerable
large elements in the popula¬
period of time have resulted
in a large accumulation of tion with incomes grossly out
of correspondence with the
"purchasing power" in the
can

pay

hand of the

consumer.

arituationf

ecbnoirpc system^^ ^

that

persistent effort to do
such thing will result,
first, in a very considerable
loss in. the
efficiency of pro¬
any

equipment
streets

duction and, second,: in some

"The

cial

or

Now there

are

,

the

Secretary of Com¬
following:

To keep records of inven¬

tions,

products,

processes

(not* specifically
the
Commissioner of
Patents, but the
Secretary of Commerce); (b) To

To

and

on

license inventions

or

for private

inventions and

discoveries; (d)

mining what research

or

develop¬

ment is
necessary; (f) To conduct
studies of the possible effects of

the

new

inventions

on

the

econ¬

(g) To finance the develop¬

omy;

ment

of

thinks

refuse

profitable jobmaking item for industry, the
Department may advance the ap¬

inventions

are

.

which

practicable;

such

the person

financial

(h)

aid

he

To

unless

filing shall sign a writ¬
Secretary,

ten agreement with the

plicant funds to pay patent costs,

granting

a license to the United
States without payment of royal¬
or
other fees, and granting

limited amount for further de¬

velopment, and may even under¬
take to provide such further de¬
velopment as mayJ be necessary.
This, the NAM feels, is a function
of industry rather than Govern¬

ties

ment

of the invention"'

the

as

determination

as

non-exclusive licenses to any ap¬

plicant; (i) In cases where the in¬
vention is assigned to the United
States, to undertake the patenting

to

'

the

likely

can

be made

success

of

an

only after

tion is tried out.

7 7

invention
an

•

The

inven¬

1

Fulbright'bill, the NAM

therefore believes, contains activities
which
overlap with other

-

"In providing advice on specific
technical and scientific problems

proposals before Congree and, if

enacted,

industry and the
undertaking of research of prob¬

and

lems of individual business firms

heavy
through the

proc¬

To establish field offices for
all of
these purposes;
(e) To conduct
surveys for the purpose of deter¬

departments.

mercial value of the invention and

and

or

exploitation; (C)

publish and disseminate data

if it appears to be a

which

sub¬

mitted

to inventors.
Department of Commerce engi¬
neers would make a preliminary
appraisal of the probable com¬

a

manner

would

confusion

create

general.

difficulty h for

business

in

of

Food Research Institute Proposed

silently watched as they
the Imperial Palace in

nese

passed"

Tokyo.

Food ResdarchVlnstitute was
reported favorably by the unofficial Republican
Congressional food
study committee to the Republican House

t,rt

.

"General
that

.bill to. briabiisK'a+evr National

,

Eichelberger stressed
who

men

fought

the

have gone home and the

occupation
peared."

Army

Martin of

war

qriginal

has

.

House/by Representative Hope of

Treasury

Kansas,

The Secretary of the Treasury

April

that

8

$1,300,000,000

or

of new arid wider industrial and
food uses for agricultural prod¬

committee member, and
proposed that some functions of
the Commerce "Department also
should be transferred to the insti-

'

about of 91-day

Press, which stated that action on the program
virtual reorganization of the
Agricultural Depart-

hient, .Trio committee. listed eight Department agencies which would

glBill|0ff|lniY7
on

a

be affected under; the measure in-^ • ■
v.' Y- / /
—"
troduced on March 30 in the concerned with the development

Result of

tenders for

leader, Representative
Massachusetts, according to Washington advices of Mar. 30

Associated

would result in

disap¬

v.;

announced

the

to

a

ucts, including facilities of the re¬
gional research laboratories.
"4. Bureau of Human Nutrition

tute»+;[ / Y Y YYY.., *;i
The object of the bill, the Asso¬

and

■

the

there¬ ciated
lish

Treasury bills to

Home

Economics—All

tions

necessary to carry
purposes of the bill.

Press continued, is to estab¬

func¬

out the

the national

institute, under
"Farm Credit Administrationcertainly if be dated April 11 and to mature a $12,000-a-year director to be ap- Functions of the
cooperative re¬
carried too far, the creation of
pointed by tho President, as a sci¬ search and service division.
July 11, which were offered on
a
entific approach to the production,
condition in Which those
"6. Office of Marketing Serv¬

sought to be helped

April

5,

were

opened

at

the

utilization

are un-

ribletri [obtain Work at all 6r
Totah applied for $2,050,149,000.
at ' the very least With
very
Total
accepted - $1,317,058,000
great difficulty? If carried to
(includes $44,353,000 entered on a
extremes as has been the case
fixed pride'basis of 99.905 and ac¬
with
agriculture;in this'cbhh^ cepted in full). '■ ; *M'""
try, is not fhe -end result al¬
7'Average ririce; 99.905+; equiv¬
most certain ta, be a failure
alent rate "of* discouhf" approxito ■ adj ust to new conditions

^atel^ 6.875%

Which must be respected at

manpower in

High/ 90.907, equivalent
discount' approximately

industry al¬
ready overproducing (apart
from the immediate war-born

discount

situation) whdn there ought

per arinum.

an

agency,

59%

of the

"*

There

was a

except those

carrying ou^ ancl

nomics—All
with

functions

concerned

distribution,
standardization, 'marketing ancl

functions
Id the instil

the processing,

utilization of food products.

tute.

Y
2
"8. Agricultural Research Ad¬
The. committee listed the fol¬
ministration.; All functions conlowing as the agencies and bu¬
^

reaus
was

cerhed

which would be affected, it

with * food

utilization aS

; reported

-

0.376 %

Y'

accepted.)'

maturity of: a sim¬

lar of the Bureau of Foreign

"2. Bureau of Plant Industry—

Domestic

Soils and agriculture engineering
functions pertaining to research

Commerce

relating

the processing, distribution
marketing of food.

storage for grain and vegeta¬
bles, and on temperature and hu¬
midity control in the transportaof perishable fruits and vege¬
tables."
/ VY"""
on

ami

tcj

anc

:"The report added that the in¬
stitute's laboratories, facilities ana
services would be available to in¬

dividuals, groups and concerns n
April lit in
Y "3. Bureau of Agricultural and the food industry on a fee or co$1,316,110.000.4
Industrial ; Chemistry■*+ Functions operative basis.

issue of bills on

the amount of

concerned With

.

amount bid for at

the low price was
T

ices—All functions

the" agency's

wpuldJo^transferred
..

;

approximately

of

by".: the; Associated distinguished front:-food produc¬
tion. ;
; '
Press:, j
■;/
-*• **
| i
/
"The report said the' functions
['1. Bureau of Dairy Industry—
rate'Of
Functions concerfied. with devel¬ of the Commerce 'Department.t0
0.368% opment of hew
Abducts arid hew be transferred td} the proposed in¬
stitute would be those in' particu¬
processes of manufacture.

LoW, 99,905; equivalent rate of

occupa¬ ilar
to

v

per annum.

distribution

functions
conflicted
with those of another Government

Range 6f: accepted competitive
bidsY(il.<-Y
Jfj7.
'"

and

be ahswetablb billy tb 'thb Sec¬
enforcing regulations. <
retary of Agriculture. " Where the
"7. Bureau of Agricultural Eco¬
institute's

pfer anniim!

'

•

food.. The institute director would

-

"ideologies" tions where contributions




paraded

are

(a)

of business and

troops

that

merce

assistance

through

a

Mr. Dear
stated.
The NAM
among
the powers

granted., the

of worthwhile inventions

Tokyo and Yokohama
first time in [more than
months of occupation. Japa¬

seven

to

«,

states

Fulbright bill aims to has¬

use

further

for the

circumstances,

r

tive

organizations

research

and

business,

born

ten the introduction and commer¬

further stated:
"American

esses

research

provide comneti'
private research organi"

which could be used in
inimical to

Mr. Dearborn also said:

• ■

be and sooner, or later will
"bargaining"
rest—whethejo<pollec- haye to\be a shifting: frbm
otherwise.
Yq
agriculture to .other

sired than upon

Yokohama,

A::

sponsored by

industrial

were made in an Army Day ad¬
dress, according to the Associated
as given in the New York

from

*

sell

vate

the world." His comments

"Times"

:

*

would

research divisions nf
industry."/: 7^7
The bill gives the
Secretary 0f
Commerce unusually broad
powers

the Govern¬
ment; and (5) competes with pri¬

has lost
standing in the

our

zations

those

Press

.

production system in a freely
competitive system depends,
therefore, in the long run
much more upon the volume
of output of things,,mpst def

of

i

available

bill

believes, Mr. Dearborn
stated, that this measure (1) would
severely interfere with industry's
efforts to develop any devices and
processes which can actually be
put into use/ (2) gives unusually
wide powers to. the Secretary of
Commerce; (3) provides for an
expenditure, of
the
taxpayers'
money on many items of doubtful
value; (4) places industry promot¬
ed items at a disadvantage with

Inviting War

likely

ultimate, economic welfare of one time or anotheri.e. in
-all, and of each element in the this instance the [freezing of

and the

much

the

NAM

world—"already

eyes of

Such contributions of these ele¬
both ments to the social product?
Is it not much more

employee and employer a tem¬
porary opportunity to enlarge
their exactions from the
public-^which; however, is none
other but themselves.
Apart
from strictly
temporary ad¬
vantages of this or that indi¬
vidual or element engaged in
producing the goods and serv¬
ices desired by the public,
both.employee and employer
in a frees society get
precisely
,what is produced and nothing
jmore,n and each producing
agent definitely tends tq be
paid the equivalent of that
Which he produces or con¬
tributes to, the fotai product
jot the

the

bin
—

.

tion with

by the Senate Committee on Com¬
merce.

the too rapid demobilization of our
the Army—the greatest in the history
of

Manufacturers, dechria

from the NAM state that the

nology and industrial know-how
through on "Office of Technical
Services"- in the Department of
Commerce.
It has been approved

indirectly he estimates
rank and
as
guesses) what the public is file of the American people
Too rapid demobilization of its
willing to pay for the prod¬ have ever given the matter a
ucts of the labor of certain great deal of thought — at Army by the United States has
invited
aggression, Lieut. > Gen.
wage earners, and then offers least not in such terms as Robert L. Eichelberger, Eighth
these wage earners compen¬ these. They respond emotion¬ Army Commander, told his occu¬
sation which corresponds to ally to appeals in behalf of pation troops at Yokohama on
the prices the public will pay the "under-dog," as Ameri¬ April 6, it is learned from Associ¬
ated Press accounts which report¬
for the finished goods.
cans are
ljkely to do, and have ed the General as saying that the

By U. S.

-

.

Sees Fast Demobiliza'n

however,

The advices

28.

designed, according to its sponsors, to benefit employment, industrv
and commerce through the estab-<S>
"' ;
• 1
7
lishment
of
a
central
clearing on a reasonable cost basis
wherp
house for applied science, tech¬ private facilities are not

almost of

this

March

on

necessity
productive effort they' put the result when
higher money
forward or the success attend¬
payments are made in con¬
ing these efforts. Such is sup¬
junction
with 7 provisions
posed to be the Communistic which curtail
production? • •
doctrine —from each accord¬
If, indeed, the matter is
ing to his ability and to each
pondered with the care it de¬
according to his needs—but
serves, the question must in¬
so far as the .outside wqrld;is
evitably' arise whether as a
able to learn it has little or no
practical matter it is possible
standing in actual practice to reach such
objectives even
inside of Russia today. There
in a completely totalitarian
are among our
intellegentsia,
regime. Evidently Russia has
so to speak, those who
profess
given up the idea—arid has
such
ideas, and there are moved so far
away from such
among those whose life work doctrines that it has
difficulty
is that of ministering unto the
in understanding some of our
needy and unfortunate a large
number who tend to believe "experiments" with it.

and the consumer into fruit¬ in

ful

ures

not

and Research of the National Association of

taken in their behalf. Is

,

that

aid of

ernment

world

vanish jn one way or

11, 1945

Sees Free

^

the

in

Thursday, April

-

Council

Allied

THE

Number 4480

163

Volume

MacArto

Urges War Renunciation

•••/*? .v.A

& FINANCXAI; CHRONICLE

Employment Service; Bureau - of.
Labor
Statistics; v Conciliation
Service; Apprentice T r ai n i n g
Service, and the Wage Adjust¬

Meets,

Japan

for

COMMERCIAL

ment Board.

General Douglas MacArthur, Supreme Commander for the .Allied

PresRfoit

national

waged."

thought

and

declared that, "that

standard

<$>-

Asserting that the Government

tion by private
000
medium

builders of 2,700,and
low-priced
dwellings by the end of 1947, rep¬
an

investment

Thereby may we further Universal
Council, composed of rep¬ adherence to that higher law in
resentatives of Russia, Great Bri¬ the preservation of peace which
finds full and unqualified
ap¬
tain, China and the United States,
tne

to

hold

prices at

estimated aggregate

of

this

proval in the enlightened consci¬

gressional

convention, that "the Fed¬
not, and it
need not, try to get full employ¬
ment by means of a controlled
economy."
V!
A Urging cooperation of all, Mr.
Wallace pointed out to the retail¬
The
residential building pro-; ers that during the war Americans
"The first quarter's sales this
had demonstrated their capacity
year were 79%
of those in the gram will be substantially larger
for this cooperation as soon as
first quarter of 1945, when we than in any year since the 1920's.

when the

other

and

*

council

was

quarters,

agreed upon

ence

of all of the peoples of the

rials."

earth."

The statement said:
An agreement

The. Federation

defining the role

of the U. S.

Department of Labor
in the Veterans Emergency Hous¬

Sales of U. S.

Savings
Bonds in|March |

MacArthur's authority.

.

Disagreeing with "those through¬
out the Allied world who lift their
sharp and ill-conceived

voices in

criticism of our ocupational poli¬

were

at

of

U.

A.

ing Program has been concluded
by the Department of Labor and
the National Housing Agency.-

will

be

times the

five

size

of

and

the

Americans want to continue sav¬

communities to recruit

Japanese economy to produce for

ing through regular investment in
U.. S. Bonds."

readjust

people, "after reparations, an
equitable standard of life." ' ^

Nearly

The Treasury Department
at
the same time reported:
I ^'
of the ; new Japanese
'Ttedemeptions off BerteS'Constitution, stating that it was
and G Savings Bonds in March
the subject of healthy and free
were $603,688,316, and in the first
discussion among the people who
quarter v$l,727,786,000, current
were readily inclined to "subject
value.
Of the sum total of all;
all provisions thereof to critical
Savings Bonds issued since May 1,
public examination through the
1941, only 21% had been redeemed
media of press and radio." The
by the end of March, which means
General continued, according to
that 79 cents out of every dollar
_

He took the occasion to express

approval

the

Associated

Press:

invested

"Regardless of changes in form
and detail, which'hriay well result
from-this open form of public
debate and the ultimate consider¬
ation of the National Diet and the

Allied

Powers, if the underlying

remain § substantially
finally adopted;
the instrument will provide the
structure that will permit devel¬
opment in Japan of a democratic
state, fully conforming to existing
Allied policy.
"If we are firmly to implement
that policy, it is incumbent upon
us
to encourage arid assist the
Japanese people in reshaping
principles

-

the

when

same

their lives and institution* there¬

under—scrupulously avoiding

su¬

perficial and cynical criticism of
motive or purpose and destruc¬
tive influence upon their will to
do

just that .which it is

our

they shall

V

purpose

firm
«

-T [■:

General MacArthur concluded
his
thought-provoking
address

with the; assertion:

.

,

"No thoughtful man

in them

was

still in the

all

totaled, $30,-*
631,000. in March, the greater part

ten years and, like the
citfient E Bonds, paying four dol¬
lars for each three invested.
"Actual

transactions

■

March

in

and the first quarter were even
greater than the totals reported, it
was

explained, since five of the

twelve

Federal

Reserve

-

Batiks

during the. month discontinued
daily telegraphic reports and be¬
gan to eend in Savings Bonds fig?
ures by mail.
Furthermore, the
last business

day of March fell 0#

Saturday and np borid transactions
that day were reported in time to
will fail to be included in theiMarch totals,*' [

'

Labor Bureaus to Act on

cannot, despite the( yawning
abyss at our very, feet, unshackle

dition,t;but

still

mankind to
we

we

-

faith Vin

thb

Manpower Problems of
Housing for Veterans

in

the

Five bureaus of the tJ. S. De¬

.

uurselyes from the past, S Therein
lies

the

%

future—a

•

childlike
>

faith

that,;

as

head, expressing confidence

OPA

1947, "the great
price control task will

that by June 30,
bulk of

our

work together.

The

the mechanJ
the Govern-

have been

his

clared

the need to defeat the

was

amendment to the mini¬

Russell

wage bill, which, he said,
providing for a recalculation of

mum

farm

would cost
in high¬

prices,

parity

housewives $4,500,000,000
food prices.

er

UNRRA Council Recesses; La
:

•

Guardia

employ¬
ment must be maintained through¬
out 1947 to attain next

year's goal

comprise three out of every
of the on-site construction

five

about

total

tions to the central

committeeiion^, siroy. There is no precedent In

world'food; law or international law. There is
shortage.'"' _£:-: i precedent—the spirit of' UNRRA.
There is precedent for it in the
In his speech of acceptance Mr.
old scripture, in the new scrip¬
La Guardia asserted that he would
seek
wheat
directly from the ture, to love ourv neighbor, to aid
the needy.
That is not original.
Argentine Government; and aftef
It just hasn't been carried out."
having sounded out nations with
As far as; Argentina is con*
food stocks would report to the
and unskilled
Washington conference Von what cerned, little, hope can be enter¬

40,000
325,000. •>

about

workers

.;

the

how best, to meet .the

the UNRRA may expect for

relief

supplies.
.
;
Speaking to the receiving na¬
least 1,200,000 more workers will
tions, Mr. LaGuardia hit at the
be required for construction other
black market.
"We will start off
than housing—hospitals, schools,
at scratch," he said, according to
highways
and
other
essential the text of his address in the New"
public and private construction York
"Times," "and have a com¬
projects—and at least an equal
plete open mind, on the conditions
number A will be:needed^ for offf
and methods of distribution and
site 'manpower requirements
in control of foods in all receiving,
this phase of construction.
countries., I shall wait a sufficient
>
The. housing need today
is time, for accurate observatlori and
greater than at any: other time in accurate reports. I expect all re¬
the nation's history. The previous
ceiving countries to invoke all the
high average, between 1922 and force and power of government
1928, was-833,000 homes/annually, td. curb. black markets." He added:_
but<: even 1 then: construction did
"In all periods of shortages there"
not meet the demand,, particularly are apt to be black' markets, v We
least

high

a

rate' was

subsequent years,

something! over
homes were started

first

At

required

cdunti^v l h&d
great deal of/experience- with it
^ in

have
a

ais

chief

our

pwh

executive

bf the

annually.

City

I' have jailed and
black marketeers than

only

fined

new

190,000

oil the rest of the

In-

post-depression year-f
,

tained

more

country cori*bined.- And I don't like them; A
black 'marketeer and a profiteer
in" food are no different in what¬
-

ever
:

country you may findvthem.

i "Black' • marketing.. is^the :one

thing

tries^ cannot
is

sent into

into

verted
markets

'

supplying coun¬

the

that

our

understand.: If food

country aha di¬
off: black
whole purpose here

the

channels

grain
it

of herv contributing

for UNRRA relief purposes, as

.

but during Government.

the. depression 0U average; of

the

At

the low income groups.

as.

Relief

session of the United Nations

Administration forty-eight nation Council, which
had been holding its session at Atlantic City, N. J., came to a close
on March 29, when Fiorello»H.1 La Guardia
accepted the post of
UNRRA Director-General.
After a short recess the Council: - will
again assemble at Washington, where the organization's Committee
on Food will make recommehd^■
.: ' ■
■.
■ ,
' , —
and Rehabilitation

1,500,000 additional, homes.
Skilled workers and foremen

will

Accepts Directorship, Appeals for Aid

The first part of the fourth

1941^—715,000 new homes were
past,: the world can : somehow
partment; of Xabor; will bear., the
'Manage to survive yet, another
primary responsibility. ia;'meeting constr ucted j less than enough to
universal, conflict.:' In that irrer
thb ^manpower. 'problems pf vthb supply .the: current demand
withj*
sponsible ; faith lies civilization's
Veterans •. Bmergeney
"Housing out reducing the back-log built
gravest peril-. .'' > 1:r* *f
Program^according :toV a: joint
up over the depression ryears.
/ ,■
'We sit here in
Council, reprer etatem ent issued on March 30 by
An
average - monthly i starting
entatives of the military .might Secretary ;of Labor L..B. Schwelv
J1
strength of the modem lenbach and National Housing Exf irate "triple Ihe ^0^000 new; homes
our responsibility and
pediterj Wilson W. Wyatt,rwho alsp.

*

of

Director

Bowles,

Chester

workers will

be achieved. That rate of

in

pro¬

in.

among

perihesitate, still

may 'blast

be

Economic Stabilization and former

employment act of 1946, Mr. Wal¬

and train

These figures apply only to
Of this sum. being paid out on Ar
and .B Bonds, now maturing at the construction of -new homes.

end of

financial

reserves

tected.

employment picture' was deas making it possible for

of us to

lace added, sets up
ism through, which

Similarly,, ouly 26.70% employees. For the housing pro¬
pf the E Bonds, h^d been yedeemr gram alone these will be divided
ed and 73.3 cents out of e^ery dol¬ roughly as follows: 320,000 car¬
lar's worth of these bonds was still penters;
80,000 painters; 50,000
in the hands of the original own¬ plumbers;
nearly: 40,000 brick¬
ers at the month's end.
layers; and about 30,000 each of
electricians and plasterers. Semi¬
"Redemption of Series A, B, C
and D Savings Bonds, all issued skilled workers are expected to
before: May 1,. 1941,

Mr.

in this way

coujd the value of their
and inventories

group,

scribed

production of, builders'
supplies at the peak .iff this year's
goal of 1,200,000 new homes is to

>

who told the

round."

want to win the last

reported: •'
"The Government's part in the

employed on the building sites,
slightly more than that num¬

ber

of

can

ironing

Porter said that only

the

full

with

Trea$ury,:

recognize that with the develop¬
ment of modern science another
war

be

1,000,000

addressed

Associated Press also

workers who will be needed.

the

to

undertake to do its part.

completed," added that
'optimism is based on sev¬
eral vital assumptions," including
passage of the price control act
with necessary subsidies "to hold
management and labor "knew an down the price of food."
Another
all-out job had to be done." i The important factor Mr. Bowles de¬

..

lords- and

was

eral Government must

It will offer
Japan," Secretary Vinson ob¬ the 1945 program.
cies," the General reported on the served. "This reflects great credit the greatest number of job op¬
status of the occupation, advising
upon the many thousands of vol¬ portunities in the history of the
that the Japanese war machine unteers who are continuing their home building industry. In order
had been "neutralized," and that
patriotic services to the, bond pro¬ to assure an adequate supply of
steps had been taken to eliminate gram in peacetime and it certainly labor, however, action will have
the authority and influence of the demonstrates
that
millions
of to be taken immediately in many
war

Wallace

on

.

It

ward

according to the Associated Press
which reported from Washington

S.

with both Germany

war

Business

by Secretary of Commerce Henry

Savings* Bonds
FiveDepartmenfcofLahojvbuby Secretaary
of State Byrnes reported in March totaled $626,- reaus will actively participate in
with the Russian and British For¬ 371,490 and sales for the first the program. Special services will
eign Ministers at Moscow last quarter of 1946 were $2,208,334,- be contributed when' necessary by
December, as to whether it might 000, the Treasury announced on other divisions of the Labor De¬
result in a lessening of General April 4.
partment.
Sales

can

go a long way to¬
out tne ups and
Mr. Truman told, the gather¬ downs of the business cycle by its
ing that an era of unprecedented own management decisions, he
prosperity lay ahead for the United said."
States.
Another Administration, leader,
Describing as; the *'goaT?
a
condition of "full production, Paul Porter, director of the Office
full
employment, mass market of Price Administration, who was
economy with the high standard unable to be present at the meet¬
of living and security that it will
ing in person, in a speech which
bring to all," the President point¬ was read to the meeting, warned
ed out that "to reach that goal we that price control easily could be
cannot now relax our vigil against "amended to death."
Reviewing
the
inflationary
forces
which the wartime record of OPA, he
threaten the stability of our econ¬ urged retailers to "stick with this
omy."
•
*
,
\
fight against inflation p. . if they
a

afford to

can

"will be advi¬
and consultative." "It will
not," he added, "divide the heavy
administrative
responsibility of
the supreme commander as the
sole executive authority for the
Allied Powers in Japan."
There
had been some misgiving in Con¬
its functions

that

sory

-

merit

pay,

year requiring the em¬
ployment of approximately 2,000,000 on and off-site, skilled, semi¬
skilled
and
unskilled
workers,
nearly three times the present
estimated total of 700,000 workers
employed at housing sites or pro¬
ducing residential building mate¬

action.

how

level which millions

$11 Va billion.
Of
1,200,000 units are called

these,
for

knows

good returns for business, for

means

workers and lor. farmers,"
.

General MacArthur made clear

to

ards

calls for start of construc¬

resenting

Federation

annual

the threshold "of an era in which we can enjoy the highest stand¬
of living this "nation has ever dreamed 61."
Continuing; he

on

Housing Agency also said in "part:
"The emergency housing pro¬
gram

Retail

Leaders

meeting of the American Retail Federation on'
April 1 a message from President Truman was read to the confer¬
ence in which the President expressed assurance that tne country is

/Chief among the aims of the
in the Pacific, addressing on April 4, the first meeting of the program will be the employment
Four-Ppwer Allied Council for Japan, urged the nations of the world of veterans bt a greatly acceler¬
to renounce their sovereign right to wage war, the Associated Press ated; rate, - The advices from the

reported from Washington. In no other way can world peace be
attained, the General declared, adding that without such a policy the
international police force wih<^
"As we thus deal in the inter¬
be "at best but a temporary expe¬
national sphere with some of the
dient." The issue confronting all
decisive
problems I
have but
the people everywhere, he said,
briefly outlined, it is incumbent
was, "Whether the world is yet
ready for so forward a step in the upon us to proceed on the high
relations .between
nations," or level of universal service that we
whether another and totally de¬ may do our full part toward re¬
structive war . . . must first be storing the rule of reason to inter¬

Mmi»i$lration

and

Address
At the

,

Powers

UN

1985

disclosed

was

• on

.

March 29, ac¬

cording to United Press advices
from Buenos; Aires, that the Ar¬
gentine
charge
d'affaires
in
Washington > had been. instructed
to tell, the world relief organiza¬
.

tion

could not

country

that his

;

invitation

thetardy

accept

of

UNRRA to become a.member and

that' aU

exportable

Argentina's

already been

grain surpluses have
contracted for.
The

new

.

..Director-General

of

UNRRA appealed in his Sunday
of

March 30 to

the. fmmiers of the

United States

broadcast

radio

:

to sell their wheat to

.UNRRA for

distribution in the famine areas.
He

told his

the New

listeners,

"Times"

York

that

stated,

would work out within a

he

week a

handle

satisfactory

method

such sales of

w%at. Mr. LaGuar¬

pointed out' that

dia

to

hundreds of

thousands of tons-must
in

be shipped

April, and .May to make up for

; failure-

pf - shipments: in: February

March, - as the- situation

and

had

.,

•

.

.
*

ct/ p^rpose to consolidate and. is.fAdministratorof'thecNatiohal
the peace won .at the Housing:Ageiicy."The'DepaEtrnent
staggering cost of war.:bureaus: are:'"The United Stated:




.

l^gunA

iMft

off 1,200,000^:*esidtencesrAi A:
-

'V

V;

v'

-

J

..... -

Mr. LaGuardia
"

rml;
w.-l

■ ■

v? -*,

-

,

v

.

Asvthe:speech!xirev^tb avblose^

^wili i

be:attaih£d>to jn^eb the

'

has-failed." V:

V "'We are

^asserted:'Umi?>
life,

united1 to preserve

tbibuild^ofc ?tookU%ftot!:de
%

J'J-i

■■

bebnffi^h.^^cal,;

{■*.

;'

^^^rl^r^Cbio^Mr^LaGuardia's
new

^t|appeared in
page.i834/ ^;

tissue,

Vv;V';;;•

t-.-1^

pur
.

'■* ■:r:M'''

April 4
^

m

■

IS

amourit of new? labor
saving
ported- laborers are? not likely to than, the ? record acreage of. this

Prospective Plantings for 1946

be- available.

The

Crop Reporting Board of the U. S. Department of

ture made on; March' 26, the following report for the United States,
on the indicated acreages of certain drops in 1946,'based upon reports
from farmers in all parts of the country on or about March 1 re¬

crop already reported,; because it
Is a*?heavy producing; field crop

returning; to take
withretetivelylow
over, and help out on the? home
ments; The 1946 support price for
farms, -but few are available as

chinery in

the
the

farmers

about

announced

soybeans,

the

decline,-an offsetting increase
in barley acreage is
indicated in
a

the

at wages

think

ma

view| In Wisconsin,

State of the group to
show

omy

they can pay. ? The volume time farmers Were making their
of new farm machinery becoming reports, may not be fully reflected
available is inadequate to supply in the intended acreage; on the

hired workers

North

Central States
west

Mississippi

decreases

in

River,

of

intended

Minnesota,

North

Dakota,
and
Nebraska
offset
hand, higher ceiling prices prospective increases in Missouri''
current demands, while re¬
garding their acreage plans for the 1940 season.
*,*
competing corn
and other South Dakota and Kansas, result'
The acreages for 1946 ate interpretations of reports from pair parts to maintain used ma¬ for
chines in operation are also diffi¬ grains may. tend to offset its in¬ ing in no charnge from last year
growers and are based on past re-$
for the area. Iowa corn
lationships beiWccii such reports be larger or smaller than indi¬ cult to obtain. Many who have fluence. The increase in the sup¬
acreage
intentions call for the same
and acreages actually planted.
acre¬
j cated, by reason of weather con¬ power machinery are increasing port price for dry beans in 1946
The purpose of this report is1 ditions," price: changes, labor sup¬ its#:effectiveness #by : Increasing was announced on March 15. The age as in 1945.
other

the

,

-

many

Of course;

war-veterans are

:''iiii|As of March 1,1946^^[|?l
Agricul¬
''

.Thursday, April U, 1946

CHRONICLE

THE COMMERCIAL & FINANCIAL

i

to

assist

making

generally
changes

growers

further

sucn

in
in

agricultural program, and the ef¬

their acreage plans as may appear!
•desirable.
The acreages actually fect

planted in 1948

of

report itself

this

ti^on

farmers* actions.,

turn out to

may

the

conditions,

financial

ply,

;

'

CROP

,

1846

1945

1935-44

1946

Indicated

;

Corn, all
<
spring wheat—*.,.

94,772

.

All
*■

Other

spring

12,856
16,545
41,191
14,918
3,054
-1,188
16,792
3,053

i.,

Barley
Flaxseed

....

Rice

Sorghums for all 'purposes-iu-i^.*

'Potatoes

.

*

19,401

...

.Durum'

*

ii.iiiiWJsi.iiu,

I

V"?

Percent

92,993
'

1100.11-

18,961

101.6

2,447

92,867
18,658
2,010
16,648
45,234
11,429
4,066
1,517
15,837
2,896

121.7
102.7

11,521

100.8

3,497

86.0

1,575
14,787

103.8
93.4
94.6

2,738

781

715

712

1,846
1,760

1,954

.

99.5

;1,554

Swectpotatoes

.

r

99.2

16,514"
46,444

105.9

'

Tobacco41

—_—__—

Beans, dry edible..

1,673

95.1

}"•• 415

528

462

87.5

9,886
3,034

.

13,412

11,840

88.3

1,616

1,468

90.8

2,938

3,958

3,759

95.0

57,879
! 853

59,905

59,791

99.8

'775

933

120.4

—:J

;

[2,089

Peas, dry field...—
Soybeanst
Cowpeast
...—

Peariiitst

-——

Tame hay"1

Sugar

—-

beets

by do¬

crop acreages or

many operators who are advanced
in years, or who Otherwise are

hired labor

upon

are

either finding it necessary, to quit

as

pet. Of 1945

-Thousands-

own

ing custom work for less fortunate
neighbors.
On the other hand,

dependent

PLANTED ACREAGES

Average.

their

.'1.'.'-??'i;V..;
Partly duplicated

or

mands upon them

.in

much

resulted

the

Aggregate
1946

^ ,, .....
in hay acreage.

and their farms
manner

that
sea-!

same

heavy

wartime produce
,tion. - Ah acreage of principal
crops
equalling
the
relatively
high level of recent years will be
sons

planted this 'year* if werithef:p£z4
mits farmers to cany nut their
plans as reported in March to the
Crop Reporting Board, Producers

"

anticipate that they will have to
contend

with

than Usual

more

^difficulty with respect to certain

(major factors essential. to their
.operations, chiefly in the matter
of adequacy of the
supply, of hired
farm

■

;
j

labor

and

new

machinery

for replacements. In spite of these

handicaps; they
maintain

acreage

relatively

high

are

planning : to

of crops at the

level

is

crease

needed

are

planned

acreages

near

maintain

a

seeds

are

well below recent

high

of

1932,;||.y-

:

The aggregate
acreage now in¬
tended

pared

•

t

.

same

for

16

with

major crops, com-

the goals for these
established >for 1946,

crops

eritly is to be about the
harvested last year.
of

for

6%

in

acreage

is

in

prospect

tobacco; rind of 20%' for

beets.

Reports

as

from

sugaf

vegetable

but slightly growers received to
date, without
Exceeding the all areas represented, indicate
goals are. all wheat; oats, peanuts; that plantings
of vegetables tor,
tobacco
and
rice, while corn, canning and processing are

above
;

same

An increase

is 3% below the goals

.

apparf

last

year.

,

,

•

tame

hay, sorghums, barley, soy¬
abeans for:; beans, flax, potatoes,
sweet potatoes, sugar
beets, dry
beans

?

and

these tame

peas

fall

below.

Of

likely

to

be increased

10%

and

acreage
of truck crops for the fresh
marr
ket may be 5%

larger than
harvested last year.

was

hay was produced in
adequate supply over

Farmers in all parts of the court*,
try indicate by 'their comments
country last year and that
they are fully aware of the
may be nearly equalled by the
problems they face in continuing
1946 prospective,
production.
to carry out the huge
production
The acreage which farmers in- program expected of them. Num¬
tend to plant to feed
grains and bers of livestock and
poultry on
sorghums shows an" increase of a. their farms continue to
require as
1 third-million
acres, or 0,2%, over large quantities of feed as
last
V : 1945 plantings. The intended in- year and
carryover, farm stocks
1. crease of 2.7 % for oats, 0.8% for will be at a
relatively low level,
barley,
0.1%
for ; corn;
while particularly in deficit
producing
slight, are more than enough to areas. The
tight labor situation is
offset a 6.6%
decrease in pros¬
slow, to improve and farmers who
than

more

most of the

v

.

,,,
•

•

-

pective
\

1

With

acreage of all sorghums.
the number of grain con-

suming animal units (including
chickens) on Jan. 1, 1946 slightly
above

a

year

earlier, such




an

in¬

depend
pressed

upon

* hiring

increased

labor

ex¬

apprehension

the South Atlantic
States

Labor

1%

in

prospect,

as

a

the

many years

shortages, a good carryover
producing corn, ability

to grow as
a

is

farms

much

or more corn
on

reduced acreage by

while

and

Fall

1945

Western

seeding in most South Atlan¬

tic and South

Corn

Central States and

The Nation's cornfield this year
appears

likely

conditions
favorable
ducers.

to

the

The

'

rather

are

delaying

excessive

moisture

has

more

been

or

generally

aims

in
less

of

pro¬

effect

of

the «South
overcome

to " be

approxi¬

mately the same size as last year,
but some changes are expected by
regions. Farmers in the Corn Belt

date.

The

western

Plains

year

ago

if

poultry is included, and the
larger spring pig corp in prospect.
On the other hand, labor is rela¬
tively short and may continue so
and

chinery will not be available

has

areas

a

iri

March weather
threatened drought

Great

ing animal units than

to

favorable

by

new

labor

the

other

States

show de¬

ranging from 1 to 8%. The
largest reduction is in Texas,
creases

#

•

,

on

States east of the Mississippi River
The intend¬ in some East North Central States
and in the Northeast intend to in¬
of feed crops for 1946 reduced acreages of
oats, barley crease
acreage.
For the other
is about 1 % below the 10-year
and wheat and consequently the
regions, smaller acreages'-are in¬
average for the group.
aggregate in those areas. If spring
dicated by farmers' intentions as
The 3.6%'. increase in
wihterj conditions remain favorable, it is of March 1. The total of
wheat seedings last fall is now
92,993,000
conceivable that spring plantings
acres farmers intend to plant this
expected to be augmented by aj in these latter areas
may be in¬
year is only slightly more than the
1.6% increase in spring wheafy
creased, particularly, if the year92,867,000 acres planted last year,
supporting earlier hopes for an-; round labor
supply becomes more
but is 6% below the 98,561,000
other billion-bushel
wheat crop
nearly ample.
acres
in 1946.
Rice acreage as planned
planted 2 years ago and
Prospects for crops in midabout 1% million acres or 2%
will reach an all-time record of
March tend to enable producers
under the 10-year (1935-44) aver¬
1,575,000 acres, 4% above the 1945 to
carry out their expressed in¬
age of 94,772,000 acres*.
acreage. Rye acreage planted last
tentions. Assuming that they have
fall was 17% less than for the!
A substantial increase in corn
correctly evaluated the situation
1945 crop.
But as a whole, the as to farm
labor, machinery, seed, acreage might .be expected be¬
food
grain acreage planned
is fertilizer- and
cause of the smallest corn stocks
supplies, the other
2% above that planted for the
factors that will chiefly affect the on farms in recent years, the cur¬
1945 crop.
rent general shortage of all feed
| outcome
are
weather
and
soil
The prospective acreages of oil¬ moisture."At
this stage, weather grains, more, feed grain consum¬

-

'

Northwest, or -the
acreage of
Sorghums to be planted in the
southern Great Plains and the

ed acreage

•

a

decrease in

where the tendency is toward
and improved varieties of

saving com

ma¬

in
sufficient amounts to meet farm¬
ers' demands. In the Corn Belt

new

sorg¬

hum

which

more

feed

give

per

assurance

and

acre

at

of

less

cost.

livestock production.

recent levels.
The intended acreage iri
years, insofar as possible, in otf±soybeans grown alone shows a
1
der to meet domestic 'and. world
decrease of 12%, of flaxseed
14%;
'b
DcedS'/v!:;:;;:f•• J:::
and of peanuts grown alone
5%;
;
The aggregate acreage of crops compared with 1945 planted acre-r
•now planned may slightly exceed
ages. With about usual conditions
; that? finally planted last year! In
during the growing season and
'
view of all conditions, this would
plantings as now indicated, the
represent a big undertaking for
acreage of soybeans threshed for
farmers as now situated. Allowbeans may be 14% less than in
" ing for duplications and for wild
1945 and
acreage of peanuts to be
hay- arid various - crops not yet
picked and threshed may be 6%
surveyed, the total of principal less, The
acreage of cowpeas iS
crops planted or grown in 1946
expected to decline for the fifth
j is likely
tor reach 357Vi million
succes$iv6 -yedr/ Other declined
acres, compared with 357 million in
prospective acreage are in poj
last year, an average of 255 miltatoes and dry beans, f>%; dry
; lion in the pervious 10
years and
the peak of 375 million acres in peas, 12%; and sweet potatoes,
0.6%.
Tame hay acreage
'

third

in

above

or

Central

North

ern,

to

of

nitely affect the acreage of spring
wheat to be sewn in the Pacific

may

pendence upon hired labor.

de¬ continued relatively high level of

peacetime

four, successive

in

of

tfief

responding to

are

heavy

drop

winter

to

States. Unfavorable conditions for

Farmers

currently

In

-defi¬

the

growing hy¬
Southwest; since these crops Usu¬ brids, and shifts to small grains
reduce -operations to a size they ally
replace abandoned winter for feed and hay for roughage, are
wheat.
Excessive
can handle and shift to crops with
spring
rains factors contributing to the 'de¬
lower labor requirements. In gen¬ could
considerably
delay
or cline. All States in this area show
eral, farmers will try to produce finally prevent planting full in¬ decreases ranging from 1 to 4%
an
adequate supply of feed for tended acreages of certain crops. except South Carolina and Flor¬
their livestock and to help out in There is little lack of spring mois¬ ida, where no change is intended
In the South Central States
supplying the world demand for; ture to date or of seed supplies,
a
food as far as their facilities per¬ except perhaps good quality hy¬ drop of over -1% from last year
mit. Otherwise they will shift to brid corn in some areas. Finally, is expected. Half of the States in
crops
that do not demand too the knowledge of what others are this area—Kentucky, Mississippi,
much of their soil fertility and planning to do may effect changes Arkansas
and
Oklahoma—show
which require a minimum of de¬ in acreages of specific crops.
increases ranging from 1 to
5%,

farming, to rent out fields,

planted totals in most Northeast¬

♦Acreage harvested."
tGrowh alone for all purposes.

wheat

survives

winter

which

to

extent

The

biggest drop in acreage is

intended--'? in

Only

the

Western

'Montana

show

and

increases.

dominant

States.

California

Colorado,

the

State in the West,

corn

farmers plan a
age

than last

wheat

has

5% smaller acre¬
In that State,
expanded
into the
year.

principal 'corn area and wheat
looks promising at this time. The
acreage of irrigated corn in Colo¬
rado is expected to equal or ex¬
ceed that of last year.

Abandonment

j.of corn acreage

has averaged less

than 2% in the
past 5 years. In the abandonment

series beginning with 1929,
over the years has

aband¬
ranged

onment

from 1.3% in 1929 to 8.6% in 1936.
Last year

it

was

1.8%. Assuming

abandonment in 1946 should about

equal the 5-year (1941-45) aver¬
age, and current conditions do not
indicate
of

otherwise,—the

tended
over

acreage

for harvest front the in¬

corn

acreage

91 million

would be a little
With the ex¬

areas.

Subsoil moisture is still short alsri
in
western
parts of all Great

this would be
less than in any year since 1942.
there may be a shortage of good
There is no doubt that hybrids
quality hybrid seed. Corn is also will
continue to expand.
How¬
meeting some; stiffj competition
ever, with the Corn Belt near the
from improved varieties of oats
saturation
point, the expansion
from a feed grain point of
view, must necessarily occur elsewhere
from grasses as far as
silage is —in the
irrigated areas of the
concerned, and in the Corn Belt
West, in the States bordering the
from soybeans.
Finally, the acre¬ Corn
Belt,? and! ? in the South
age of higher-yielding corn hy¬
brids is increasing and that means where, with adapted hybrid seed
available in increasing amounts,
a
; smaller acreage is needed to
marked
expansion
during the
produce a given quantity. The net

Plains

result of.the factors

encouraging

changes,

and

been relieved by timely Tains, so
that normal spring rains, if they
occur, should be ample for carry¬
ing the growing and proposed
acreage of corps. The chief except
tion

<

to

the

generally

favorable

outlook aire dry land areas in New

Mexico, Arizona and
southern
California. Irrigated areas are as¬
sured
ample water;- except

it)

parts of New Mexico and Nevada.

States from North

Dakota

to the Texas Panhandle. Practical-*

ception

of

1945,

■

both

plus

certainty.

next few years seems a

Because

the

of

unfavorable sea-

minus,

soii? for .maturing; the 1945 seed
lyall other areas-are well forti¬ seems, to poinf|obut^little change
crop; doubts have been expressed
fied in this respect, a
:
j in the 1946 corn acreage from that that good quality adapted hybrid
of. 1945,;... >
* *
?: serid in parts of the Corn Belt win
Relatively small acreages of
In the
some
crops,
such as corn; soy¬
Northeast, a, deficit feed be available in ample amounts.
beans, potatoes, dry beans * and area* where- the feed shortage is More than-64% of the 1945 total
others do not necessarily mean, now- acute, an increase of about
acreage was planted to hybrids
limited production. This factor 1 % i& indicated* .The New England
and; it* is reasonable to expect a
may ; facilitate
more * intensive Statesi"as a whole show a, slight
greater percentage this year.
cultivation and better
yields, bef drop, New?. York and Pennsyl¬
Assuming that the combination
cause of favorable
vania increases, and New
crop rotation^,
Jersey of all contributing factors in 194o
a slight decline. In
better fertilization, the
the latter State would result in yields, by State*
shifting of
crops to lands better adapted to there was considerable "wet" corn
equal to the average of the pa*j
them? arid use of improved seed. last year.
5; years, probable production o
.

,

.

_

,

Increased

use

of

corn

hybrids, im¬

proved varieties of such crops as

In the North Central States
east
of the Mississippi the

largest In¬
and barley may crease in any area,
nearly 3%; is
offset to a considerable degree the expected. Here
the expected num¬
effect of smaller acreages in the ber of sows to
farrow this spring
total

soybeans,

oats

outturn,5;

J

,

.■

<

-5

j;

is

up

7%, and intended soybean

Numerous factors may modify acreage is down. In Illinois, low
farm stocks ol
corri, a tight feed
plans made at this stage, which
for much of the
country is wen

situation,

a

.

prospective increase in

spring pigs, and a shift from soy¬
ahead of planting time.
March! beans, have resulted in
plans to
weather already has favored
seedl¬ plant ? 5% more .acres than last
year in- spite of some,
ing of oats earlier than
expected

corn

for

shortage

may

more

of

good

quality hybrid
seed, the increased soybean! sup¬
port. prices and a relatively small

purpose^

billibn bushel
Since

(grain, si-

corn

either

crop.

increases

or

no

intende
higher yiel

change from last year is
in the acrege

in the

since a
hybrids in °

ing Corn Belt States and
,

further expansion of
the

lower

usual iri

that the labor supply may be short much of the
Great Plains and
now that prisoner of war and im¬
tempt farmers to seed even

all

hogging, fodder, etc.) wou
reach 3,097 million bushels. I'-1*
would make the fifth successive
age,

acreage

this
acre

year

for

yielding areas

decreases
the
the

are

average

where

expec e

yield P<-

country as a

w °

likely to tbe-aboyiB the

1946 is

•„

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4480

163

Volume

of ^e^ast^^years;."-Mm

average

;^|Wheat
.plantings ofl8,961,000 acres bf
II spring wheat are in prospect
Lc vear. Prospective planting?

Ire

16% larger than;the;18,658r
planted 4ast; year. A
Sal 1946 plantedacreageof all
wheat of 70,901,000 acres is inj!Pted, by combining the prospec¬
nod acres

tive
the

Central groups of States, whereas
moderate decreases are indicated

average, production of barley

for all other groups. The greatest

els.

acreage expansion is expected in
the. North Central States, where

considerably below last

1946 seedings may exceed by more
than
5%
the
33,684,000
acres

planted last
this

area

substantial

in¬

in
plantings over last
However, compared with
last year, Wisconsin expects a 2%
decrease, Minnesota no change,
creases

year.

spring wheat acreage with
North
winter wheat planted acreage

Dakota

an

This

below

production

8% decrease, and

would
year,

the

and

average

be

and

smallest

Potatoes

Prospective plantings of 2,738,300 acres of potatoes are indicated
for 1946 by growers' March 1 in¬
tentions. This prospective acreage
is

$4,8(0,554,000 Treasury Clfs. Offered in
! Exchange; $2 Billion to Be Redeemed in Gash
Announcement

since 1937.

crop

Most States in

year.

expect

will

amount to about 247 million bush¬

5%

than

smaller

2,896,100

the

planted

acres

total

of

in

1945
10-year

South

1987

made

was

on

starch

19

Secretary of

by

the

Tresury Vinson of an offering, through the Federal Reserve Banks,
of %% Treasury Certificates of Indebtedness of Series D-1947, open
on an exchange basis, par for par, to holders of Treasury Certificates
of IndebtednessonSeries C-1946* in the amount of $4,810,554,000^
which will mature on April 1, 1946.
On March 26 Secretary Vinson
announced the subscription fig¬ than $1,993 for each American, to
ures

and the basis of allotment for

the

offering.

announcement

His

lqyel of about $275,000,000,000

a

after the

pay-off next month.

Dakota, a 1% decrease. and is 10% below the
estimated last December. Such
That figure is the one that Pres¬
said:
average
of
3,053,400
an all-wheat
acreage would he Principal factors contributing to (1935-44)
"Reports received from the Fed¬ ident; Truman promised in his
the acreage expansion in the area acres.
Growers'
intentions
in¬
an increase of 3% over last year
eral Reserve Banks show that January budget message would be '
as a whole are the
increasing uses dicate that the 1946 acreage will
and the largest acreage planted
aggregate
$4,741,- attained when this fiscal year ends
of improved higher-yielding rust- be the smallest planted since 1893. subscriptions
since 1938. It would-be 1% above*
000,000. Subscriptions in amounts on June 30. He said he planned a
resistant varieties, exceptionally Following
the ' difficulties
enthe national. wheat -acreage goal,
further: reduction: to $271,000,000^:
up to and including $25,000, total¬
exceeding the goal largely in the good yields last year, the present Countered in marketing the large ing about $45,000,000, were allotted 000 during the following twelve •
1945
tight feed grain outlook, and lower
crop,
the Department of in full..
hard wheat States. ^
^
'
Subscriptions in amounts months^
as

The spring

wheat acreage

pros¬

considerbly between

pects vary

different spring wheat areas.

the

Substantial increases are in pros*
pect in the

northern Great Plains,

in
Minnesota, North
Dakota and South Dakota, where
land not cropped last year be¬
cause of the wet season and labor,
shortage is available this year for
wheat. The crop is in favor too
because of the high
yields for
several recent years, good returns
centering

other crops and the

in relation to

urgent world need for wheat. In
area
the
spring
moisture
situation to date is favorable. On
this

hand,

other

the

smaller

spring

wheat acreages than last year are

expected in most of the Western
States where,1 with
ample fall
moisture and

favorable

a

winter

winter wheat acreage was
increased
sharply
and
winter
losses so far are light.
The prospective planted acreage
of durum wheat is 2,447,000 acres
—up nearly 22% from last year's
2,010,000 acres.
The increase is
season,

iaoor

requirements for oats, per
unit of production. Although very
little seeding has been completed

to

date,

oats

are

ample supplies of seed
reported and the soil

moisture

situation

favorable.

is

generally

,

Compared

with

1945, intended
plantings for the 1946 crop show
^eductions of 9% for the South
Atlantic States, 8% for the South
Central, and 2% for the Western
States. Moderate to sharp acreage
reductions from last year are in¬
dicated for a majority of States
in those three areas. However, a
few States in these areas expect

ranging

increases,
Montana

12%

to

from
for

1%

for

Kentucky.

Heavy acreage reductions are in¬
dicated for Mississippi, Louisiana,

Georgia,,

Arkansas,

Utah,

Carolina.

South

In

the trend during recent
years has been toward heavier
fall plantings of oats. However,
unfavorable weather during the
fall of 1945 and competition for
areas,

recommended

-

the

planting of a smaller acreage in
1946. The prospective acreage is
febout
1%
below
the National
Acreage goal, which took into ac¬
count the acreage shifts in recent
years from low yielding to com¬
paratively high yielding areas.
«

If

growers plant the acreages
expected, and yields in each

now

of the States

over
on a

pot less than $25,000 to any one
subscriber,

adjustments,
high¬

with

,

Where necessary, to the next
est $1,000.

!

"Details

as

allotments

when"«final

to subscriptions and
be
announced

will
v

reports ate\ received

from the Federal Reserve Banks."
The advices

in line with the

are

$25,000 were allotted 59%
straight percentage basis, but

from the Treasury

March 19 stated that "since it is

1940-44 averages, a crop of 388,705,000 bushels will be produced

on

in

000,000 of the maturing certificates
on cash redemption, subscriptions
Will be received subject to allot¬
ment of all holders on an equal

1946.

Such

crop would be
9% smaller than the crop of 425,a

131,000 bushels produced in 1945
(the third largest crop of record)
but slightly larger than the 1944
crop of 383.134,000 bushels
and
4% above the 10-year average of

372,756,000 bushels.

and

Southern

the

Agriculture

Prospective acreage in the 18
late States is 1,695,600

with

compared

1,839,300

fecres planted in 1945 and the 10-

of 1,912,800 acres.
the only State in this

average

year

is

Maine

to

retire

about

$2,000,-

percentage basis, except that sub¬
scriptions in amounts up to $25,000 will be allotted in full.

Cash

subscriptions will not be received."
The Treasury advices also stated
'

surplus
acres,

planned

in
■\

will be

certificates

now

dated April

1,

offered

1946, and

will bear interest from that date
the rate

at

of

% of 1%

per

an¬

with

the

crops

group indicating an increase over
1945. Compared with plantings in

Accompanying

in

crease

seeded

winter

the

wheat

in¬

acreage

last

?Fe?£e. is

fall,. spring wheat
less than last year in

of other grains has

ings 7% from those of 1945. Acre¬

and Colora¬

duction.

acre¬

larger

also is
than last

,If the

expected

to

be

y^at.

prospective spring wheat

;1937-44,

years

continue

ages

all

In

of

the

States

extending

New York
to Montana and Wyoming and in
the four States of Oregon, Cali¬

from New England and

fornia, Arizona and New Mexico,

by

Increases in these

year.

downward

their

trend in the 5 central other

late

Virginia,

Ohio,

Indiana, Illinois and Iowa.

Grow¬

of

States

acreage is seeded and- yields
per
barleys acreages are expected to
seeded acre are
equal to the aver-.' be equal to or greater than those
for the
of last^
,

intentions to reduce plant¬

in

ers

West

the

two

Southwestern

expect about the same
was

;

$2,000,000,000

exchange for the "balance: of ;$4,-».
810.554,000 in similar certificates
maturing on that date*

Vinson

Appoints Two

;

to Bond Posts"
•Secretary of the Treasury^ Fred "
on

March 24

-

the; appointment l of ^Edward i
Letchworth

State

as

John

and

H.

Callen

Vice-Chairmen

Treasury's

York.

^

the

of

-

Savings * Bonds;

"in

the

red"

for

month

the

and

the fiscal year so

far, the Govern¬
ment will reduce the national debt

1

.

The pay-off funds

'

They

lifewis

successor

will

Di- *
to the '
*

under

serve

E,Pierson,newlyappointed

State Chairman. Both

*

served

•

during the war with the War Fi¬
nance Committee, Mr. Letchworth

*

men

upstate Chairman, while Mr.

was

Callen was

director of the Payroll

Savings Division,

'

1

<.

;

iJ Mri Letchworth is a director
and

general counsel for the Ma- 1
Company and is a mem-v
of the law firm of Kenefick, J

rine Trust
ber

Cpdke,' Mitchell,'- Bass: find Letch-{
worth: of Buffalo." He is also a|
director and Chairman of the

;

ex-

ecutive committee of the Marine
Midland
of

tor

Corporation, and

the

New

a

direc-,

York Telephone'

Co., Niagara Share Corporation of

Maryland;^ahd^ the^ JleWitt Rubbfer
He is a member of

Corporation,

the Bar of Erie

State: and the
1

regard to the Treasury
for reducing > the national
debt by $2,000,000,000, Associated
Press
advices from -Washington
March 15 stated that although still

advices continued:

reduction<from the 1945

the

retirement, an offering of'
one-year % of 1% certificates in

With

plans

Mexico

planted last year.

The 3%

addition to

cash

War Finance Committee for New

by another $2,000,000,000 in- April.
Using bnheeded cas^
acreage as pay off obligations,
The press

States of Arizona and New

in

vision, peacetime

March 25.

country

proved a deter¬
rent
upon
return to
previous
higher
levels
of
barley
pro¬

fall in
Idaho, spring wheat

acreage

the

express

age was increased last
and

of

wheat

Washington, Montana
Although winter

do.

Qregon

much

In

1927.

availability of improved varieties

Also, they said, it was the great¬
est percentage reduction—though,
less than 2%
altogether — in at
least-fifteen years; >
The April 1 transaction involves

Oct.

,

Dakotas.

$4,750,000,000 pay-off total

said by Treasury officials to
be the largest sum ever devoted to
debt reduction in sb short; a time, 1

num,

payable semi-annually on
1, 1946, and-April 1, 1947.
They will mature April 1, 1947.
distributed quite evenly among then being harvested materially
1945, reductions of 5% are in They will be issued in bearer form
the durum wheat States of Min¬
reduced seedings of fall oats in
prospect for the 3 Eastern States, only, in denominations of $1,000,
nesota, North Dakota, and South these States.
7% for the 5 Central States, and
$5,000,
$10,000,
$100,000
and
Dakota. Other spring wheat aCre~
Production in 1946 may reach
12% for the 10 Western States.,
$1,000,000.
age m prospect fbr this area is.
up 1,392 million bushels if farmers Despite this heavier reduction in
"Pursuant to the provisions of
from iast?year^but:the;increases
the Public Debt Act of 1941, inter¬
carry out their acreage intentions the acreage expected to be planted
here is practically offset
by the and if the yields per planted in the Western States, the pros¬ est
upon the certificates now of¬
decrease in some important'West¬
acre, by States, equal the 1941-45 pective acreage in this group is fered shall not have any exemp¬
ern
States.
The total intended
above average, while plantings in
average. This would be 10% less
tion, as such, under Federal tax
acreage for other spring - wheat
than the 1945 record corp of 1,548 prospect in the Eastern and Cen¬
Acts now or hereafter f enacted.
in all States is
16,514,000 acres, or million
tral
States are below
average. The full provisions relating to tax¬
bushels, but 23% above
practically the same as last year. the 1935-44
Growers in some of the Western ability are set forth in the official
average.
The
prospective
all C spring
States are increasing the sugar circular released today.
wheat acreage in the 3
Barley
beet acreage, apparently at the
important
"The subscription book? will
States, Minnesota, North Dakota
A slight increase over last year expense of potatoes. This is espe¬
close at the close of business Fri¬
and
South'Dakota^ is a million is expected in the 1946 acreage cially true in Idaho, where the day, March 22, except for the re¬
acres
larger than the: acreage of barley planted and
to
be
prospective acreage is 17% below ceipt of subscriptions from holders
seeded last year. This
of $25,000 or less of the maturing
acreage in- planted. The total of 11.5 million
the 1945 planted acreage.
crease is about
equally shared by J acres in prospect, however, is
certificates..
The
subscription
durum and other
spring wheat, al- - nearly one fourth smaller than the ; Among the other late potato books will close for the receipt of
though the percentage increase is 10-year average and, except for
States, growers in the 5 New subscriptions of the latter class at
greater for durum wheat in the last
year, is the
smallest since England States (excluding Maine) the close of business Monday,
labor

available

The

M. Vinson announced

part:
"The

.;

was

Mr.

Callen

P.

Stevens

J.

,

Cquntyi New York;
American Bar ^As-;
is associated with
and Co., Inc., and

has been active in New York busi¬

and philanthropic work;

1%
largely respon¬
of the
Payroll Savings Plan in New York
State, ~:;Bothi men?^ will: maintain'
ness

is stated that he is

sible

for

the- organization

their business tohnections* sery? ^

ih^bber Treasury
"dollar-a-year" appointments lit
advisory capacities,

will be drawn

from a, cash balance of more than
Moneyiii Circulation
$24,680,000,000, made up in large
The - Treasury Department in:
part by money borrowed in the
Washington- has Issued its cusr;
(Victory Loan Drive thai ended
tomary monthly statement show-:
last Dec. 31 but not needed now .as
ing the amount of money in cir¬
current, income approaches the culation
^af ter >deducting:;the:
level of spending.
money held in the U. S. Treasury '
;
Nevertheless, the Treasury's latest, figures,;tarrying ; through and^fe: ifedera} |teserve: Hanks:
March-13, showed deficits of al¬ and agents., TheTigures-this time *
most $19,700,000,000 for the fiscal are those of Feb. 28, 1946, and"
yJLS t^an^tiie)> recorcl crop, last,
year and $124,394,000 for March
2?*'L^utf the., /Nation's fourth total planted acreage. In the low* fbSplanted in-1945 an<| to date. Experts said heavy in- show that the money in circula-.
°P of over a billion
er Corn Belt States and the Cotton
6
above iiverage/? > The acreage come tax receipts probably will tion at that date (including of;
bush^js^s;
Belt, where barley runs strongly
pfecte dl.:
nibst bring about a March surplus, how? cpurse, that held in bank vaults:

Wes, productipn:. of, all;,spring, States, however, will be very planted acreage in prospect in the
wheat would be
silghtly less than, nearly offset by uniform, declines 7
intermediate
States
reflects
l u ^U*011 bushels. . This spring throughout the rest of thfecounr largely a decline in New Jersey.'
wheat production
combined with try,
*•'>.
:
v Gro wers in this State experienced
.fe estimated winter wheat, crop
Encouraged by favorable yields
?ut 751 Trillion bushels as of-<; last ;? season, I producers in difficulty in marketing the unusu¬
ndicated last- December, would.
Michigan, Wisconsin, Minnesota, ally, large 1945 crop through the
§ve an
indicated all.wheat pro-; North Dakota and South Dakota,
Regular trade channels. action of about
1,007 million
plah^the ^most
j The prospective acreage for the
w
It This would be about i0% :
States'i3 2%,abbve
-

-

.

;

r

ne

;4

aWter

J^eage
s

hi

»

Oats

acre-

varieties, yields were
last year, ahd^de*

less favorable

are

attained, such

acreage

" would
exceed that
% the 1945 crop by

% anti be

the

10-year

;

about

.

13%

average.;

o'nJi?spec*ive plantings this

tended

the

of

are greater
North Atlantic and -North




has been planted,
seedings.
Wheat has
to displace barley in much pnd in California an early .acre¬
lower two-thirds of the age only -1,000 acres below the
record

acreage

acreage

are

acrej

indicated

carried

acreage

out

and

by States, equal

intentions

£yer,;;|4^;^

ofrmeniber banks jof the Federal

The- $2,000,000,000- reduction, an*
nounced today for April 1 brings
to
approximately $4,750,000,000
the debt-reduction programmed
by the Treasury in the last thirty
days.
A $2,750,000,000 reduction
is to be accomplished this month,
iThe program contemplates re¬
ducing the debt, which reached a
high record of $279,764,369,348.29

Beserve System) was $27,954,295,-;

{

of

Plains and in the-central
Rocky Mountain Area.
planted. Growers
If

exceeds the

planting^

jarge

Great

year,

in+uare(t wtih 1945,
111
the

States in this group
1945

^,0°0;^acresf,js ^2%"an ^e previous rechrd inhibited
seeded in 1932. If grow-

intentions

ahS
ove

winter

to

prospective 1946 oats

1945 is

being

.of commercial

early potatoes in the early States

yields per marketed -their 1945 crop at or
bnEeh, 28 for
bear ceiling prices.

the 5-year

an

average-of more

890, as' against $27,917,081,002 on
Jan. 31, 1946, and $25,751,204,220
on

Feb.

28,

1946,

and compares

Oct.

31;

with

$5,698,314,612

1920.

Just before the outbreak of

the" firsf !World

Jtrne;

on

;Waiv that is; on

8^i91 C&

total was $3,-

:459,434^4iSi^®^^

THE COMMERCIAL

1988

"The

;

.

(Continued from first page)

probability will business pur¬
chases of equipment and of goods
for inventory.
As a result, the
total output of goods jand services
in the Nation, although it may

\

critical shortages, most notably

and salary payments, which Jbn textiles and housing,
dipped snarply after V-J Day,
• "The measure
of the Nation's

fluctuate

.

around the V-J Day

level.

is that, while it has been

success

which necessarily meeting these problems — even
to give us our airplanes 3nd while it has been beset with tem¬
has now stopped rising and porary; stoppages of production in

gyns,

our revenues

and expenditures are

vital

translated into action without los¬
ing vital ground to inflation, and
many industries have signed la¬
bors-management
contracts
arid
are ready for uninterrupted pro¬
duction.

More than

nine million

have received wage in¬
since V-J Day. This, little

creases

known fact—overshadowed by the

tribute to management and labor
in many industries and companies,
who have

quietly composed their

differences with wisdom and dis¬
must- not; be

complacent

about these good signs of progress,
We cannot afford to relax fori one

minute

our

tion^; Our

battle against

progress to date

infla¬

will be

completely nullified if we do not
an early extension of our
price control and stabilization

have

laws,

for

without

will

be

turned

chaos.

them progress
into
economic

Likewise, protracted work

stoppages in any one of a number
of important fields—-for instance
in the coal industry—could
seri^
ously delay our progress. Hous¬
ing j too, is an immediate problem
requiring immediate action.
"These

but

critical

are

they

being

are

great country that is
of

its

war

years

as

problems,

faced

by

a

coming out

a

strong and

healthy nation.

;

"'We

have

jobs
'7;

power to move toward an age of
full employment and

hope, for

a

united Nation

can

Snyder Report

.

be

in

under

gaining should

any

•

uninter,

"Vigorous programs haye been
formulated to meet the most




are

continu¬

counterbalanced

in

large part

war

of

veter¬

Bach decrease in the armed
forces .will be accompanied by a
substantial increase in the
ciyijian
labor force,
-.
''
ans.

t

:

^Barring further serious work
stoppages, however, production
should rise rapidly
during the
second quarter of 1946, and
.jobs
Should be available for most of

the added workers.
in

There were

February}; there

3,000,000

.

now.

t

;

may

be

The number may4

increase within

months,; but the

the

next

three

average for the

coming quarter will probably
hot be' above 3,500,000.

the

contracts

<foh/7;

the

prospect of increased out¬
put has been greatly improved by
collective

bargaining

ments reached in
many

major in¬
collective bar¬

runted production.;

forces

during

The

many

assure

armed

demobilized

temporary withdrawal

readjust-

tion without
losing vital ground
to the force of inflation. -

dustries

be

12,700.000 active^ jobseekers early

price adjustment have been
met
a
way to stimulate produc¬

established

pay

workers
from the labor force and
by the

eco¬

in

"Labor-managment

war

by the withdrawal of

ol

ment, the Nation made solid gains:
"Major issues of wage and

■i

will continue.

"No longer will demobilization

brought into har¬
balance for full produc¬
tion—were just
beginning to be

7

And while

ing...;

monious

:

decline.

employment

less, since inductions

in Which
men, materials and com¬
ponents must be

major

to

/

quarter but the net decline of the
armed forces will be
somewhat

justments of Phase II—the
period

.

continue

al members of the

!£? use—had been virtually com¬
peted, : The more complex ad¬

of

during

the

year, .and
-

and

industry-wide

in

individual firms, and to actions to

of

amount

:

first

the

have; been
policy

on a

move

or

agree¬

industries

quarter

special

the

Of the new

current

"This

will, reduce

inflationary
pressures, since the excess Of pub¬
lic' expenditures, oyer
receipts
augments
private incomes and
hence private demand.

with

the

shrinking

of

steps

the

that

taken to (put: price
flexible basis and re¬

March,

machinery products in which steel
was a

Commenting
the

on

new

wage-

price formula, Mr. Snyder offered
the

following:

present wage and price
policies, as outlined in Executive
9697

on

which

Feb.

collective

14,

a

are

de¬

situation in

bargaining

in

;

'

specifically,

the

°

hardship

employer.

,

to

an

;

nomic^ Stabilization has been re*

established; and.both the National
Wage Stabilization Board

be

small.

If

as k whole should

work

and

Senate

and

thoroughly

in

the

on

floor
the House of

[t

com

thl

of

Renre

sentatives, as well as bv industry
labor, agriculture, State and local
governments, and individual citi
Under this act, the
Nation
an effective
implement

zens.

has

now

to

foster the free and

tio.Pi?g

efficient func

0U1; comPetitive

system

"The Employment Act
directs
the establishment in the
Executive
Office of the President of a

Coun¬

of

cil

three

whose

economic

advisers

responsibility it will be to
and interpret economic

analyze

developments, i to appraise pro¬
grams and activities of the Gov¬
ernment in the light of
the de¬
clared national
mulate

policy, and

to for¬

and

recommend.«national
economic policy.
The President
will make

bnriual economic re¬
Congi'ess. A Joint
of (both Houses will

an

the

to

port

Committee

the

consider

recommendations of

the report.
"In this way, the Executive
and
Legislative branches of our Gov-

ernment will' have

at their joint

disposal timely arid authoritative
information on economic
develop¬
ments and economic

trends,

on

the

basis of Which careful plans can
be laid to meet changing needs of

production and employment."

Claims'Paid by

War

Life Insurance Go's
Payment last
000

death

in

of $129,520,-

year

benefits

insurance^ policies

under life

owned

by

members 0f the armed forces

brought to nearly $290,000,000 the
total of such
American

war

claims paid by

insurance

life

compa¬

nies since the start of the war, the

Institute'(of Life Insurance
ported on F£b. 28. Last year's
claims

numbered

108.900.

re¬
war

bring¬

ing the total for the entire

war

to

243,700.
"These

payments
of great benefit to the fami¬
dependents of members

were

lies

clhim

war

and

of the

who died in

armed forces

service, substantially supplement¬
ing benefits received from Na¬

industry.

controls

As

this

•

'

•:

in

any wage increase

conforming to
indicated pattern.1 By this
means, both management and via-.

same

in 1945 as in

1941,

payments."

Analyzing the war claims

paid

by life insurance companies in

can be removed."

"we have reason to be
optimis¬
tic -about ^ the- future. The;

the

the Institute reports
that battle deaths accounted for
four

years,

71% of total death claims on ser¬
vice

while acci¬

and women,

men

our

in large part the
result "of wartime activities, ac¬
dental

economy; has
been subjected
since V-J Day have proved it is
healthy and resilient.
Behind

deaths,

counted

I the

headlines about the more
dramatic work stoppages, steady
progress has been made; mass

Only

for

an

additional

service

men

were

22%'

claims on

7% ; of the war

disease

due to

production of (many peacetime I deaths.
The claims were as fol¬
| goods has been attained.'; As we:
lows: battle deaths,; i73,900; acci¬
\

j

and the

Board is able to identify industries
and areas where
wage patterns
have been
established, it will issue
orders giving; prior
approval to

ratio of

paid to total

spite of the 10% additional war

claim

continue to go forward we must
keep our goals firmly in mind

dent

Office \ of; JPrice: Administration ;j and settle our future problems, ;
have adopted > streamlined proce¬ i as;we have those of; the
past
dures.
The
Wage Stabilization i quarter, in the light of the ob¬
Board Will give pre-approval of
wage adjustments to the maxi¬
mum
extent
possible.
As
the

death benefits

tically the

occurs,

stresses and strains to which
i

matter of fact, the

a

life insurance in force was prac¬

stoppages

As to the outlook for the
future,
Mr.
Snyder states boldly that

v./.;

policy, the Office of Eco¬

living costs

after

"To expedite the administration

prevent bottlenecks in the
production and distribution, j" 7. ;

discussed

mittee

As

supply will gradually begin to
approach demand in industry

Stabilization Board shall approve
any future wage increase which
conforms with; these established

of this

Before this policy became
law
was

total

plant shut-downs are at a
minimum in the months ahead,

policy

patterns, and that OPA shall grant
price relief when approved wage

at a reasonable profit.
The effect of the revised policy

and

provides that the National Wage

cause

l0na

promoT

country while inflationary pres¬
sures continue. The adoption of
the 'pattern' standard for wage

on

principle of accepting as a pattern
for guidance in approving wage
adjustments in a given industry or
locality, those which have already
been
out.
voluntarily
worked
There are parallel provisions deal¬
ing with inequities.

increases

a

ing maximum employment Drn
duction, and purchasing power

tional Service Life Insurance," the

goods

important sections of the economy
has established wage levels appro¬
priate to current prides, The poli¬
cies are, therefore, based
upon the

"More

which establishes
national policy of

••

;

"The

Order

1946,
range

]946

Institute said.; / "They did not,
however, represent a large per¬
centage of to tat pol icy^claim pay¬
ments by the companies.
During
adjustments should provide suf¬
1945, when war claim payments
ficient flexibility to enable emwere at their peak, they amounted
ployers and employees to bar-,
to only about 10% «of total life
gainmore
effectively
oyer
insurance death benefit payments,
wages. Granting price relief to
and for the war period as a whole,
j! industries and firms who are
to: only 6%: of aggregate death
experiencing hardship will en¬
benefits paid in the four years.
able them to produce needed

Policies

the working of

Administration's

large element of cost.

"This wage-price policy is de¬
signed to meet the needs of the

1

Wage-Price

price

fabrication and for miscellaneous

But even

deficit,

<■

Present

additional

adjust¬
ments had been made for 10 major
branches of steel processing arid

the
heavy excess of private demand
over available supplies vwill con¬
tinue."
•
^
; /
»

wage-price policy and

the settlemeht of the steel wage
issue.
By
the
third
week
in

deficit Will steadily; shrink.
,

an

will

peace-

problems inevitable in

both

cies,

purchases, and result in
output several bil¬

Approximately 1,500,000 addition¬ signed to deal with

reconversion — the
physical
changeover of plants to

"In meeting, the turbulent

given to acute supply emergen¬

total national

the

*♦«!.;

will probablly fall by a
fifth,
annual rate of $20 billion.

use

to

volume unprecedented

period

new

rolls plus
purchases of goods arid services
from private business for
military

ReCphversion, dated

;in our peacetime .history.
As the year began, jPhasd i

such

move."

output and

( "Federal

pro-

nomic

will

pressures

"In the first 3 months
of1946 the
Nation met and
surmounted many
difficult obstacles on its road
to
uI
l-civilian production*
The
quarter ends with
industry

,

of

demand, heavy inflationary

cess

on

a

a

.

the increase in supplies Will some¬
what relieve the pressures of ex¬

dealing with the Progress in Pro¬
duction begins thus:

ducmg at

thousands

win continue to rise.

wq

which Mr. Truman's
statement is based, contains on the
whole, a favorable view of the
progress made since the first of
the year in return
to normal
peacetime conditions. The section

r,

of

we

as

Nonwar

The report of John W.
Snyder,
Director of the Office of War Mo¬
bilization and

April 1,

.,

.

,

Prospects for the Coming
Quarter

tures

united World." t

The

7

Regarding the immediate eco¬
nomic outlook Mr. Snyder reports
optimistically that "during the
coming quarter, Federal expendi¬

production,
high standards of living and of
active world trade. They give us
the determination to be
united,
knowing that what is best for all
of Is likewisei best for each of
usj
of

a

(

*

,

and economic health. But
they are
the source of our confidence and

"Only, as

is$■ being

priority

lion dollars above the level of the

hundreds

not

always suffi¬
ciently; appreciated - this strength

.;

at

'

patch.
"We

large

cases

,

few critical disputes that have re¬
ceived widespread publicity--is a
;

its

stimulate larger output of low
priced goods. Methods have been
"Total
civilian
production
developed for quickly adjusting
quarter just ended. \
now stands at the highest level
"It is important not only that data already on hand to reflect
ever reached by the Nation, in
output rise, but that output of cer¬ Current operating conditions, and
war or in peace: an annual rate
tain types of ; goods and services Simplified forms for telegraphic
(of more than $150 billion.
rise with especial speed. Most im¬ response have been designed for
"'Non-agricultural employment portant,
every
feasible
device use where additional data are in¬
,f
is higher now than (before < V-J must be used to accelerate housing dispensable.
! "In the case of some products
Day: Total employment, exclusive construction.
of lesser importance in the econo¬
of those employed on farms, was
"The increase in supplies avail¬
my, simple formulas have been
44,700,000 in February. ("
able to civilians will reduce, infla¬
adopted for interim price action
"Private wage and salary pay-,
tionary pressures which now are
ments, which dropped to an an¬ very serious. Only.( the vigorous Covering industries or * groups Of
firms where adequate information
nual rate of $75 billion after V-J efforts of the Federal
agencies
Day,
have
now
returned al¬ concerned, and the cooperation of for final action is lacking.
most to the pre-V-J Day level "of
"As a iheaiis of concentrating
businessmen and consumers; have
itsTimited manpower on the more
$82 billion.
kept prices from rising rapidly.
("But the difficulties of the
important cases,. OPA is also en¬
"The reduction in the Fed¬
quarter have also taken their toll.
deavoring to work out a program
eral deficit is aiding in the cam¬
to exempt from price control ad¬
While) prqduction has been good,
paign against inflationary pres¬
it would have been even better if
ditional commodities" which are
sures. The hiffh level of national
labor-management disputes had
hot significant in the cost of liv¬
income and output is holding
hot put out the fires in steel fur¬
ing or in business costs, and to
federal tax receipts above ex¬
naces, stopped some automobile
provide for some extension of au¬
pectations, and war expendi¬
Assembly lines,- curtailed produc¬
tomatic self-pricing by business in
tures are being cut faster than
tion of electric equipment and
commodity fields where uniform
had been anticipated. As a re¬
other
vital
components.
These
pricing was not the rule and
sult, the deficit 7 for-the fiscal
losses slowed down the flow of
where
looser
pricing
methods
year ending June 30, 1946, will
consumer goods to the market and
Would not substantially threaten
be; several billion dollars less
increased the inflationary pres¬
general economic stability.
than was anticipated when the
sures which stem from shortages
"The result of such streamlining
j President delivered his budget
in the'face of huge demand^ I
^
were illustrated; by the rhpid han¬
message. During February and
"The quarter Jiaj been sobering
dling of price adjustments in basic
March, when heavy tax pay¬
and
but
tremendous
difficult,
steel and the steel processing and
ments are made, revenues ex¬
gains have been made and, as: a
ceeded total expenditures. They
fabricating industries. Price in¬
result, we are moving steadily and
creases covering the whole field of
will again fall below expendi¬
swiftly toward our goal of an ever
basic steel products were issued
tures in later months; but as ex¬
rising standard of living, creating
within two weeks after adoption
penditures continue to decline,

,

persons

individual

Similar

once.

pay

rolls and

to increase.

nearly in balance.
/'The wage-price policy is being

more

Federal

in

for the
civilian market continued steadily

Of

of handling

way

numbers

a

reductions

offset

areas—production

at

streamlined

also

peditious

short periods, will

over

has

procedures in line with the new
policy. Priority is given to in¬
dustry-wide
adjustments,
this
being the most efficient and ex«*

high level. It is
quite possible that the increases
in civilian output may more than
continue

The public debt,
grew

tration

all

wage

are now

advance

of the limits to which their wage

fore, should continue to increase bargaining can go and the num-r
'during the coming quarter. Ex¬ ber of individual cases that come
ports will continue, construction to the Board will be reduced, v.
"The Office of Price Adminis¬
activity will increase, and so in

~

r

Thursday, April 11,

bor will be informed in

supply of goods and serv¬

ices available to consumers, there¬

Cites Snyder Production Report
As Challenging Skepticism
lower than any of us thought pos-^
six
sible
six
months
ago.
Private

&" FINANCIAL CHRONICLE

jectives -the
{
.

high

Nation ! has

production,

a

set— '

sustained

derive the benefits of

a

s

"We have

some

of the tools

;

from
from

causes,

external
.

'The total

were:'

$185,440,00

deaths;

$74,090,00

''l accidents;; and

$30,370,00

benefits paid

77 Of

battle

;

we

war

claims,

under

109,400

the; aggregate

$225,560,000

steadily

| riyng standard of living..

other

from disease.

high level of employment, and

j: increased opportunity for busi¬
ness, workers, and farmers to
i

and

54,000; disease, 15,800.

were

or group life insurance
$64,340,0001 were under
134,300 (industrial life £ insurance

ordinary

claims;'

need.7 On Feb.'20 the President
signed the Employment -Act of ■ciaims.7;?->7\:

..t•

THE COMMERCIALS FINANCIAL! CHRONICLE

Number 4480

•Volume 163

inlimiiiifiifii

i

$hovra

The State of Trade
(Continued from page 1982)

companies, having -94%, of
the steel capacity of, the industry
will be 78.3% of capacity for the
cteel

week

April

beginning
..

~

8,

....

v

corn-

pared with 89.4% one week ago
83.6% one month ago and 94.3%
one year ago.
This represents a

and

weeK

the

100% in the like

1945

week.
Second Quarter Car Loadings—

ly

loadings in the second
quarter of 1946 are expected to be
car

4.2% below those in the
riod

ending next Sept. 30.
easily at steady
Receipts increased slight¬

year

Hogs

cleared

prices.

Freight

in

further tightening due to

a

the announcement of reduced al¬
locations to the United States for

same

pe¬

in

the

above

a

week

year

and

well

were

Demand

ago.

for

lard and pork fats continued ac¬
tive.
Prices remained at ceilings

1945,

according to esti¬ and despite expanded hog market¬
decrease of 8.8 points or 10.1%
just * compiled by the 13 ings, available stocks have not in¬
Shippers Advisory Boards and creased to any appreciable extent.
from the previous week.
This week's operating rate is made on Friday of last week.
Cotton values last week again
On the basis of those estimates, moved
equivalent to 1,379,900 tons of
sharply upward. Substan¬
steel ingots and castings and com¬ freight car loadings of the 30 tial advances were shown for the
week despite some easiness which
pares with 1,535,000 tons one week principal commodities will be 7,ago, 1,473,400 tons one month, ago 425,389 cars in the second quarter followed
the
establishment
of
and 1,728;100 tons one year ago. of 1946, compared with 7,753,496 new 22-year highs last Friday.
Last week's rate, originally esti¬ actual car loadings for the same Inflationary
forces,
aided
by
mated at 89.4 %,: has been revised commodities in the corresponding WashingtPndevelopmentdesigned
to 87.1%, equal to 1,535,000 tons. period in the preceding year. Five to increase the farm-parity level,
Electrical Troduction^--TheEdi« of the thirteen Shippers Advisory continued to the fore and acted Ms
Boards estimate i. an increase in a stimulus to prices.
Son Electric Institute reports that
Bales vol¬
the output of electricity decreased carloadings!foi the second quarter ume held to moderate proportions
of 1946 compared with the same with traders
to 3,992,283,000 kwh. in the week
/generally;/ showing
ended March 30,1946, from 4,017,- period in 1945 and eight estimate caution
pending
announcement
mates

kwh. in . the preceding decreases.
Output for. the week eridr ! Business Failures Continue Low
ed March 30, 1946, wds 7,8 % be¬ —Although a little higher than in
low that for the,, corresponding the
previous week, commercial
and
industrial
failures
in
the
weekly period one year ago.
week ending April 4 were not as
Consolidated EdisoAjCo* of New
310,000
Week.

York

-

reports ^system

of

output

176,500,010 kwh. in ^mev^ek end¬
ed March 31,

1946, compared with

160,300,000 kwh. for the corre¬
sponding week of 1945, . or an in¬

numerous

of 10.1%. Local distribution

electricity amounted to; 174,900,000 kwh., compared with 158,800,000. kwh.. for the correspond¬

of

ing week of last year, an increase
of 10.1%.

/\ g

,

the

comparable

Dun &

Inc.
Nineteen
con¬
failed, as compared with 18

Bradstreet,
cerns

a week ago and 23 in the corre¬
sponding week of last year. In a
12-week period, this was the third
time, and the second consecutive
week, in which concerns failing

have fallen below the

1945 level.

Two-thirds of the week's fail¬

/

5

in

week of last year, reports

.

crease

as

of; revenue "freight for

of .American' Railroads an¬
nounced.
This was an increase of

tion

4,536

(or 0.6%) above the
preceding week and 26,858 cars, or
cars

new

OPA.

In

the

margin order by the

line /with

Department

expectations,
Agriculture

of

buying was
brisk in most handbag and glove
departments. The advent of warm

other

hand,

small failures
$5,000 were only

the Federal Reserve Board's index
for

the; week

ehded

30;

March

weather tended to

1946, increased by 12% above the

sumer

same

discourage con¬
interest in furs, as seasonal

interest in fur storage was becom¬

ing apparent in

localities.
Selections of hard goods were
slightly larger this week* Interest
centered mainly on electrical apDlicances

many

metal

and

period of last year. Thi&7
compared with a like increase* in?
the preceding week.
For the four
weeks ended March 30,1946, sales^
increased by
to date

that

goods

13% and for the

year

by 15%.

Retail

trade

in

had been difficult to obtain during
the war. Supplies continued to be

week ago rose to

limited somewhat.

New

York

a

chases

Furniture der

els

of the

year.

the highest lev¬
As Easter pur¬

buying had declined this week but

gained rapid momentum8, /
department store sales were esti¬
mated as 45 to 50% ahead of the

remained

well

like week last year,

year ago,

Interest in floor cover¬

partments reported that consumer
above

that

of

a

ings remained high. Garden fur¬
niture and supplies were growing
in popularity. Limited selections
of sport equipment such as golf
clubs and balls, tennis rackets,

fishing rods discouraged

and

Consumers.

which, hou*the post-Easter period.;
The; Volume for apparel specially^
shoe and variety shops showed/
substantial reasonal gains.
Fbed;
sales in the week were strong, but/
tapered slightly due to shortages^
ever, was

many

'

Retail YOlume for the country
was
estimated to be from 12 to
16% over the corresponding week

primary ' textile

;; The:

werey^confronted/ with

marketed
: another:

Government
regulation
which*
again halted selling ahead.
The?
regulation, M-317A, covering see.*
ond quarter set-aside of cottons*
created new problems for apparel
manufacturers in obtaining sufi©*

Middle

cient

15 to

needs,

the

at

crop

as of March 15,
with 21.45 cents

pound

per

which

compares

a year

beginning

of the current
Cotton registrations

season.

under the

West 6 to 10, Northwest
19, South 17 to 20, Southwest

10 to 14 and Pacific Coast 5 to 9. 7

Wholesale

volume

this

ords.

rec¬

Aggregate

registrations
since the program was instituted
in
1944
amounted
to
1,628,743

moderately above that of the
corresponding week a year ago

Business

in

domestic

wools

in

was

the weekly period

1946,
same

than 30%

covering

over

a

that of

to be
a

more

year ago

wide variety of goods.

to March 30$,

^

increased 18% above tttfc
period last year. This com*

n

If

pared /with 4an increase of
(revised figure) in the precedtog,

remained low, with the volume of
back orders reported

bales.

thei*y

store sales in New York City finr

Inventories generally

week.

last

meet

According to the Federal Kb*—
Bank's index, department

and was about even with that of

previous

to

Serve

was

March 23, broke all

materials

"

week

export program, total¬
ing 175,542 bales the week ended

the Boston market during the past

the

/ Department .store sales
om &
country-wide basis, as taken from;

cents

rise of 43 points in

week

with losses under

and

ago.
Estimates .of regional
percentage increases were: New
England 8 to 12, East 18 to 21.

a

or more*

and exceeded the mine occurring
in the same week of last year. On

attention

the parity price of cotton to 22.20

announced

ures

involved liabilities of $5,000
Concerns failing in this
the week ended March 30, 1946, group increased from 10 a week
ago to 13 in the. week just ending
totaled 809,142 cars, the Associa¬
Railroad Freight Loadings—Car

loadings

of the

plousesAh^iihitlinet^ commartdecf
much

For the four weeks ended^

week.

March 30,1946, sales rose by:
and for the year to date by 22 %■.

quite active with total

volume consummated

only slight¬
ly under the average for the pre¬
vious three weeks.
Buying, as for
some
months past, was chiefly
for the account of woolen

From

Washington
Ahead of the News

manu¬

facturers, with top-makers show¬

(Continued from first page)

little interest in domestic fields, the so-called company doc¬ to tear them down. In the wave of
Trading in foreign wools tor, etc., they realized it would strikes/which; we haye/had» since
was slower, due partly to a nor¬
year, amounting to less than onealways be the subject of agitation, YJ-day, many of them of long,
half the number in the corre¬ mal falling off in offerings at this therefore John could
the
strength
of
no
just take duration,
time of #ear and to inferior types over the administration of it.
sponding week of ,1945.; ,v -3 ,r,.?r
shown.
V
single union scemsTovhave/been?
Concerns failing this week were of wools offered. Arrivals of for¬
Had John grabbed up this offer impaired; The Yale Arid TOwne?
RE, Earnings
in
February
most numerous in manufacturing eign wools continued in excess o:: he
would
certainly have had and GM strikes Are cases in point*
Class 1 railroads of the United
where failures were four times as the total rate of consumption of
There is a: serious question to*
something with which to crow
States in February* 1946, had' an
bigl^as in ;^y*othen trade pr in¬ raw wools. An aggregate of 18,- over Phil Murray. He would have day whether a strike can be
estimated hef income, after inter*
dustry group., In, fact* manufac* 134,600 pounds were received at achieved the same wage increase broken. In the case of coal the
est and rentals of $26,000,000 com¬
turers were the only group to re¬ Eastern ports during the week as the CIO, and other concessions only thing for the operators* tor
pared with $37,378,247 .in Febru-.
Practically all without a single day'sport more failures than in the ending March 22.
loss; of do, or so they think, would be to
ary,
1945, according to reports
previous week, and, as well, a arrivals were sold previous to work on ;the part of his members!; sit it out and. wait until the
filed by the carriers with the As¬
larger number thaha year ago. shipping dates.
The operators thought. surely thil! miners are hungry enouglr tci^re*
sociation' of Amerteah; Railroads.
Failures in retail trade, down to
Wholesale Food Price Index At
In the first two months of
woul$: appeal to him. But John turn. Even then, on the basis, of
1946, three in the week just
ended; New Peak—An advance of 1 cent seem^J determined to pull a recent strikes* they would returm
estimated net income, after inter¬
were
only about one-fourth the in the latest week brought the strike: To those Washington ob¬ under the banner of John L.
est and rentals of
$60,000 com¬ number
occurring in the compar¬ Dun & Bradstreet wholesale food servers who have been the friend¬ Formerly,
the
operators could
pared with $76,424,773 in the cor¬
able week of 1945.
7
price
index
for
April
2
to liest to him, his present attitude have reopened their mines after
responding period of; 1945.
A ''marked
concentration
of $4.19, representing a new high is inexplicable. There seems no a week or so and recruited labor
The roads in
February, 1946, failures appeared in the Pacific level since Oct. 7, 1920, when it escaping the fact that he is will¬ from around the country. When
had a net rahway;
opetetitig, In-; States, accounting for almost half stood at $4.24. The current figure ing to sacrifice everything to keep the miners saw this labor going1,
come, before interest and rentals the
peek'sfailures; and, compared compares with $4.10 at this time a his name in the headlines. 7
into the mines they would break ;
of $57.81-3,966
compared with $74,- with the previous week, the Pa¬ year ago, a gain of 2.2%. Higher
The operators, however, are not and go back to work themselves^/ *
663,603 in February;; 1945; Id the cific States represented the only
quotations for rye,
sheep and amazed at their experience. They And they would go back Under
first two months of 1946 a net
region where failures were up by lambs contributed to this week's have been having
experiences non-union auspices. Nowadays* it
railway operating income, before more than one or two.
rise.
The index represents the with him for, a .long Time./.But is against the law to recruit labor
interest and rentals, amounted to 7 Three Canadian failures were
sum total of the price per pound
what is giving them some be¬ to break a strike from outside the
3128,659,362 compared with $150.- reported as compared with two of 31 foods in general use.
wilderment is the advice they are State. It is highly significant that
705,753 in thhiame period of 1945. both in the previous week and in
Wholesale and Retail Trade— getting m high and low Wash¬ in none of the recent strikes, in¬
In the 12 months ended Feb. the corresponding week of' 1945.
Retail volume continued to rise ington circles alike, to the effect sofar as we have the record, did28, 1946, the rate of returii on
Wholesale Commodity Price In¬ this week and was well above that that now is the time to wreck the company try to continue to
Property„ investment average d dex—A continuous rise since the of last week and the correspond¬ John L. and get rid of him for operate. The workers went on
2.98% compared with a rate of rebeginning of the year, amounting ing week a year ago, according to once and all. Some of this -advice strike and the company simplyturn of 3.89% for the like
period to 3.9%nhaA lifted the Dun & Dun & Bradstreet, Inc.. in its cur¬ is coming to them from right au¬
of 1945.
shut down. In the case of the
Bradstreet daily wholesale com¬ rent survey of trade. The demand thoritative quarters; Having been,
Total operating ! revenues in the modity price index for Aoril 2 to for seasonal items increased gen¬ kicked around since edrly 1933 as mines, picket lines are not even
3.2%

below- "the.

corresponding
Compared with
the similar period of 1944, an in¬
crease of ,23,036, cars, or, 2.9%, is
week

1945.

for

;

down

but

slightly from

fell Tar

short

a

of

week ago

ing

those

wools.

last

■

.

t

-

iirst two months of 1946 amount¬

ed to $1,220,013,905
of

1945,

or

Operating

a new postwar high of 188.99. The
compared with gain over the comparable 1945
\ same
period figure of 176.63 was equal to 7.0%.

decrease

a

expenses

in

of

16.6%.

the

V

With continued heavy demands

first

noted, both for domestic and ex¬
1946, amounted to port account the tight situation in
$940,280,172 compared with $1,leading- grains showed no im¬
029,503,729 in the similar period
provement and prices with few ex¬
of
1945, or a decrease of 8.7%.
ceptions held firmly against'per¬
Forty class 1 railroads, failed to missible ceilings. Extreme tight¬
f.aro interest and Centals in the ness ruled in the flour trade as a
Lrst two months of
1946, of which result of the rapid disappearance
? were ;in. the Eastern district. of .visible stocks I and; small coun¬
the Southern'region, and try offerings of that grain which
10 m
the Western district.
may force a number of mills to
Faper and JPaperboard Produce shut down or curtail operations.
lion
Paper production - hr. the An amendment to the Department
^oited States for the week ending Pf : Agriculture wheat conservation
March 30 was 104.9% of mill ,ca- order was issued on' Monday of
aSainst 105.0% in the ore- last week, limiting wheat inven¬
ceding week and;88.9% in the like tories of flour millers and feed
manufacturers to a 30-day supply,
week,; according ■> to
the
two months of

.

,

»

f^nierican Paper
mn.

-

Pulp Associa-

Paperboard output for the
urrent week -was
100%, compared iyithv99% in the
preceding




vr

Arrivals' bf^ocoa; are < buff ently

running at
ings

ready

a

on

a

thrown up any more.

,

and

it remained

well above that

his place

in

has been added the

come

In
think

Strikes have

to be 100% efficient.

the

coal

the

strike, you would

workers

be

would

poultry voibe of Harold Ickes, The Leftist highly indignant at being called
supplies were adequate with meat press generally wants this done.
out when it was utterly unneces¬
It is a funny and most unusual
selections becoming more limited
sary. But the operators are ; Su*
than during the previous several position for the operators to be in.
weeks.
Spinach, celery, cabbage They frankly don't know what to thority for. the statement that they
and snap beans were generally the do/about/l^ybwt fphm .,X* in aren't. They rather like to take- a
most abundant of the fresh vege¬ his place means, of Course, to fight lay-off in the spring to go
squivrel,^
tables.
Oranges and ' grapefruit it J 2ojUt "with him1 And /break. the hunting and fishing.
They l»okV>
strike. None of them with whom
continued to
appear most -fre¬
this"'writer has talked seems in upon the present strike as good
quently in the fresh fruit line. The
butter- and vegetable oil shortage the slightest disposed to do this. clean fun. It is rather a commen¬
Just as they winced under .the den
remained acute.
tary on the propaganda picture
nunciations which they used to get
we have been getting of them as
Spring apparel continued to at¬
from the* "friends of laborso
tract much attentionWith .chil¬
What
they are^ how wincing/at the ad¬ poor downtrodden people.
dren's departments receiving
we are getting now is a clear cut
vice being given to them.
large share of this interest. Slight¬
The facts, as they realize, are picture that they are wholly im¬
ly larger selections of men's suits
tended to stimulate consumer in¬ that the forces which /have built provident as a rule, when they getof

last

year.

Fish

and

heavy rate but offer- terest but. stocks of > shirts /'re¬
markets, al- mained low. j Interest in women's
ummcu iww.
unwvui, »» wwmvurestricted basis, have suits and coats Was very high, but

primary

from

erally and larger selections were no other group of people, the
more usuaU
• j ;■]
• '7
seeming friendship Which 4 they
Retail food volume was slightly now find on all sides baffles them.
lower this week than last week To the chorus that they put John

up
a

«

these Big Shots have dohe

good •'"'7 that ■W'»L'L most
job,
it is
,

such

diffi

cult, if not well nigh impossible

a

feW'dollars in their pockets

want" to loaf.

•

they
*

-

*

'

1990

THE

COMkERCiAtl& FI^ANCIAX^ CHRONICLE'
be a next

World Leadership Means

-

And

Military Preparedness: Trnman

v'

V!

ship

officers who

led

this

Of the 850,000

or manpower.

in

it

strength and leadership?
I
have, during the last year, given

only
16,000 were professional soldiers.
Of the 10,000,000 men and women

51

y

who

m

at

time

some

war

served

in

what

it,

This
for

fc

Army Day is
to

us

look

past and

&

fitting day

a

scorned us as too soft and too
cowardly to fight. The survival of

&

a

free

a

.Pi

civilization

for the

ii-

.No

,ih

our

Unification
subordination

reward

think of the great

Army without thinking

of those leaders

of

victory, those
commanding officers, who now
take; their place in history with
the

immortals of the

the

Army

fp
'ft

American

%<

itself

remember

•

t

as

people
the

past.
And
well as the

will

an¬

Past is history.

won

thoughts and energies
of the

world

mankind

if"
II

Is jupon

Let

in

the

on

which

us?

look clearly at today and
tomorrow.
The facts are plain,
us

our

is

course

means

If
ft

have

and

ted

assume

leadership

international
or

faith

carelessly,

ourselves

we

to

ever

;

•

United States

in

and

home.

go

the

and other nations have important
interests in the Far East. In re¬

„°*Jr

of

peace

-

that the war is really
[ JiJiJS.,■„

we can say
won.

.

5

The American people recognize
fact. But the process, is long
and exacting, It requires an army

It

we

of many men.

and

And that army of

many menicah be

cohtinously and

adequately supplied for another
only by the Selective Service
Act.
.
;
:
If the act is not extended be¬
year

-

unpre¬

.

rehabilitate

and her factories.

her

turn

recognition

expect

we

them that

We have been1

these
products
long-term credit

to
and

we

also have

| We seek to lay the groundwork
a world-trading system which'

pf

will

We want no return to the'
kind of narrow economic nation-'
^lisih which * poisoned interna¬

and

expect them to
objectives.

the

pursue

relations

standards between Uhe two

undermined''

World wars.
The Congress is now consider¬
ing, and I hope will soon approve,'
(

by

same

and

tional

jjiving

financial

the

inter¬

an

strengthen and safeguard the

peace.

agreements

Britain.

Great

est in

iustice; and it definitely rejects
any selfish advantage for our-

These

with

arrange-'

riot been made merely '
to support, a faithful ally. They!
are
of vital importance to our
own country as a means of open¬
ing the channels of world trade to
An\erican .enterprise.
ments have

....

We shall work to achieve equal

Our Policy in Near East

opportunity in world trade, be¬
Turning to the Near East and cause closed economic blocs in
Middle East,
we
find an area Europe or any place in the world
It is my conviction that the Se¬ which presents grave problems. pan only, lead to impoverishment
This area_^3pntains vast natural tmd isolation of the people who
curity Council of the United Na¬
inhabit it.
\
'
tions, now meeting in New York resources-^ lies across the con¬
City, is fully capable of reaching venient refutes of land, air and ! We shall press for the elimina¬
agreements between the peoples water communications. It is con¬ tion of artificial barriers to inter¬
of the world—however different sequently ah area of great eco¬ national navigation, in order that
nomic and -strategic importance, ho. nation* by accident of geo-,
their traditions and
philosophies,
are
not
and however, divergent their. In¬ the 4 nations* of ^ which
graphic location, shall be denied;
strong enough individually or unrestricted access to seaports
terests.
The essential
require¬
ments to that end are that its collectively to withstand power¬ tind international waterways.'
I

,

>

member

tates of

nations

follow

the

dic¬

justice, that they consider

and respect the legitimate
aspira¬
tions and needs of their fellow

•

ful aggression.

.It is easy to see,, therefore, how
the Near and Middle East might

become

an area

riyalry

of intqnse

The Western Hemisphere
'

The

American

republics

pro-,

to settle differences between
the nations* of. the Western Hemi¬

pose

yond the next month, when it will members.
between outside powers, and how
♦ otherwise expire,■' we face these
All citizens of the United States such rivalry might suddenly erupt sphere as good neighbors by con¬
alternatives:
Either we
shall
sultation. in the common cause of
worthy of the honor of that into conflict.
We still have much to do, We have to keep men indefinitely in
No country, great or small, has peace and national well being—
foreign - lands who, by reason of citizenship are determined to pre¬
serve our democratic form of Gov¬
legitimate interests in the Near consultation in which all of them,
w
^Lned to remaln strohg.
We still have all the duties of long service, are justly entitled ernment.
They will not, on the and Middle. East which cannot be will have equal representation.
to come home to their
families, or
W
of ocoupation. We still we shall turn our backs upon the other hand, interfere in any way reconciled with the interests of The United States intends to join
with other sovereign republics of
with the Governments of other other nations
nave^to do our share in supervis- enemy before the
through the United
victory is final¬
Nations. The United Nations have America in a regional pact to pro¬
peace-loving people.
enforSe^enemy ^rnments, ly assured/
enforcing the peace terms, disPeace is not a reward that a right to insist. that the sov¬ vide a common defense against,
Justice to the men still in
,

.

-

.

-

*

'

Determined to Remain Strong

1

..

•

il

frtSlS 32

rePatriating

the

enemy

armed forces, justice to all bur comes automatically to those who
It must be pursued,
people and to civilization itself, cherish it.
forbids the choice of either of unceasingly and unwaveringly, by
nn
i ? ve to service and supply these alternatives. And the Con¬ every means at our command.
have
tn
iwS overseas. We still gress, I am sure, will hot choose
In the pursuit of
peace, there
a
protect and preserve
is no single path. We must have
American property all over fhZ either,
*

!f

tw,

•p

f care of hundreds of

|Sj« displaced

M
««

i

il

persons!

.

•

,

The third essential of a strong
hWe to destroy
materiel and the war- America is a program of univer¬
making industries of our enemies. sal training, Let us understand

..world. We still
the

.&>

war

and

hel»nS'

above

all

this clearly. Universal
training is
not conscription. It does not mean
that our

those

imust long as wereremain strong
so

because We
only

pearcofth? 'can .weD ensure the
b^h„m lworld> Peace has to
Tncf;^
P
power for good,

I
■k)'w

.

fl
M

a
are

unless the!

d ,good wil1 We cannot
and good
not enough.

-t;*$

#/
il
.

Congress declares

emergency and calls

an

them to

upon

ereignty

and

integrity

of

the

countries of the Near and Middle
East must not be threatened
by

coercion

or

penetration.

If peace is to be preserved and
strengthened in this important
section of the world, however we
can

sure

not be content

to'

merely
self-government and

as¬

inde-

The people of the Near

attack.

:

ergy so that this vast new force
may not destroy, but instead may
serve, mankind.
Our country has
joined with all . the United Na¬
tions in a determined •- effort to
devise international action which,

will achieve

which

Remember

that

cational

task.

War

some

day be involved in a matter
threatens the peace.

of
broken in

raise

in Serbia; that the
Versailles
was
first

n^+1LriSto+ISards M0f do its
tiding.
United States will

The

Manchuria;

began

peace

the

opportunities

and

helping tcTbripg this about,

the

First

World

and that

part in

Second World War began in

in

other

-

Jf^r"inglo

I

•

Perhaps the greatest challenge,
which the war has bequeathed to,
us
is the control of atomic en¬

and Middle East want to
develop
their resources, widen their edu¬

the \ armed forces y/ith Poland. Our
Policy Toward Europe
foreign! policy pvst
citizens.
be universal.
Whatis proposed is that each
Earope- we find her
suffering the terrible pangs of
individual be trained and fitted
policy in Far East
I*! §
hunger and privation. Economic
In the Far East our
by his nation to take his place
program reconstruction
serve

world, and on
"e.xt day call for immediate
scrapping of our military might.

m

U is

rippHe
deeds

to'5?Pvpaf pr°claim
intention
intHl
unjust aggression and
oppression in the

§>!'■

t'-ti

young men would have
to serve in the
Army or Navy for
any
period during peace time.
They remain citizens and civilians

a
policy to guide our relations
with every country in every
part
of the world.
No country is so
remote from us that it may not

pressing
We

on

ends.

these

steadfastly

realize that

We are

in this.
we must,

pring tov it' political imagmatioh t
jas great as the scientific 'genius
Which unleashed this mew force,.
The same unswerving determma-

jtion and effort - which produced.
the release of atomic energy can

and will enable mankind W riy®
without terror and reap untoia

benefits from this new product ox.
is first of all a task
man's genius.
for peace is designed to- combat for the
m
people and- the govern—
and
I am not pessimistic about the
again.
remedy the conditions, that merits of
Europe, Help from outmade it possible for
future. * I have: ■ confidence Jjhav
if;|t is jio answer to say that-wb
Japan to turn
our
views
upon
the * world by do not need
a large
quicken the there is no internatkmal ^oblem^
army in the upon her neighbors. We have dis¬ pace of
reconstruction and reduce
armed Japan, and are
which cannot be* solved if there
battle withstrongna- atomic age. No one knows yet
any
/,on. We must remain
promoting
in
reforms which we hope will
united c+m+ hu^an a
bring TTifnS States is in n^ery.: The are the will and
Precisely what wp shall need-^ri
position to
into being a democratic and
peace¬
and'w ?h
solve it through the United Na-.
ana, with all our°Ur
resources, ex- terms
of
infantry,
artillery, ful nation. But the control and re¬ chin'
?re
now, and we
shall, continue to help.
lions which ^ we have all ereated. pilots, paratroopers, ships, radar, form of Japan is only a beginning;
fc^fter of peace and behalf of
a
on harmonv
world
In the Far East, as
We attained overvdielming yic^e shaU
because we know
planes, rockets or bombs.
elsewhere, we

if

We must remain strong, not because we plan or want to
impose

war

unhappily

should

ever

.

-

.

.

come

^

_

^wever^wiU

fkfne,wr

^

lead*

Jat leadership

?atTs and a11 P^Ples
if fc I
it is a firm onuI:Y °ur moral duty;
obligation which we
Thafl

r

as

a

the United Nations.

member of
^

Proposals for Military Strength
From

the

View, how

military

can

we

point' of
best maintain




We do not know this:
Modern

.

war

balls for the total, mobiliza¬

tion of all

men

we

likely again to be given
more

by heroic

are

not

two years

allies

to

get

ready. Next time—if, there must

encourage

spread pf
liberties.

and all energies.

We know, too, that
or

shall

In

,

Korea

the

tnat

growth

we

are

even

we

and

democracy; and -civil
now

working

with our Soviet allies
and with Korean leaders
to create
provisional democratic govern¬
ment. Our aim is to
speed the day
a

when Korea will again take
her

•

shall continue

we

New York City

pursuit

to

to do so,
Bil¬
The roots of democracy, how¬
lions of dollaxs for reconstruction
will not draw much nourish¬
have been made available by the
ment in any nation from a soil of
Congress through the Export-Im¬
poverty and economic distress. It
is a part of our strategy of peace, port Bank and through the Inter-'
national Bank.
therefore, to assist in the rehabil¬
.<£I,/-,$-;y'' [\,\' > t
•.M0:r-v
■
'
itation and development of the
; Groundwork for World Trade
Far Eastern

on

upon

for

materials

<

the pursuit of peace and we shall

backs

different from baseball

must be rooted out from the
very

if, conpermit¬

be

Europe on

; !

areas.

is

ever,

foreign policy. I stated the fimdamental foreign policy of the

pared to fulfill that responsibility.

ii
>

to

ereigns in all

are

a solemn that

humility.
that with such strength

sciously

,

|:|

•

cfls for
due

supplying

their

Soul of thfi{ enemy nation before

ffre^.fsP°nsibility. It .would be
Mragic breach of national duty

*:§• ■:
I«

jl.w

and

ences which have arisen between
colonial peoples and colonial sov¬

and Union, the British Commonwealth,

peace

food, Europe's greatest
machinery and raw

transportation systems, her mines,

maintaining peace and se¬
curity in that area. We expect
understanding on their part that
our objectives are dedicated- to

,

thought

for

freedom is the very

the war; we must now make

aggression and tyranny. Tyranny

also

The United States
today is a
strong
nation; there is none
stronger This is not a boast U is

f'l

desire

the

Next to

need

peaceful settlement of the differ¬

games where, at the end of the
game, the teams get dressed and selves.
leave
the
park.
In wars
the
The immediate objective of our
victors must make sure that there
foreign policy is to support the
will not be recurrence of enemy
United Nations to the utmost.

Jl3* atomic future of
the

thmk

For

_

released

July Fourth next, will become
fully' sovereign and independ¬
ent nation. ' We hope for the

^Unification

meten

so

••

will avert starvation abroad.

on

turn

What

Army days
age

food when the; food -

Wars

it is the
now.

democratic

«

Navy Day last October and in
the victory secure. Victorious na¬ my message to the Congress J***1,
21 1946
That policy remains the
tions cannot, on the surrender of
k vicious and dangerous enemy; same today. > It is based squarely

future to which we must turn our

I
I

peaceful
c

inflicted

a

any branch
does not mean

I hope that the second
objec¬
tive will very soon be achieved
in the Congress—the extension of
the Selective Service Act. We have

always

inspiration,

Housed

ill

not

by

wounds

.

The Philippine Commonwealth,

of

of the world,

peace

lead¬
ership, courage and determination
which
came
from
that
gallant
warrior in the White
Franklin D. Hoosevelt

W-3

does

unity

processes.

be

man can

from

our common enemy.

Food is Europe's most
critical
heed;; It' is not jenough to share
our surpluses, for to share"
surpluses is not really to share at all.
No worthy American will
hesitate
to reduce his own
consumption of

sppporting a

of the armed forces,
of temporary extension of ike
^olecthe service. It
a
tive Service Act, and a universal
countries.
We seek
loss of identity.
It means just training program—those are the
what the word says—unification. foundation stones which hold the to encourage a quick revival of
It means
a
concentratidn
and promise of a strong nation. They economic activity and interna¬
Cohesion of our best military are essential if we are to maintain tional trade in the Far East. To
thought' and our best military re¬ our leadership * on the road to. do that we stand ready to extend
credits and technical assistance to
sources, geared to maximum ef¬ peace and fraedom.
help build the peace.
ficiency. It means using our ex¬
;
Root of Our Foreign Policy
We recognize that the Soviet
perience in World War II for the

fighting forces.

one -can

American

(}*

the

struggle and battles of the

of

men

is

Other¬

way

one

to do only whatever Is
required in modern warfare.
A
nation whose people want it to be
a leader, to be a bulwark
tyranny and oppression, ^ams
surely
cannot expect less of its people
than that they be made
ready^ to
light or to work to preserve the

Army of democracy—of I They are: First, unification of
every wa,lk of life, of every faith, all our armed services in a single
of every
second,
temporary
national descent—was department;
victorious over the professional extension of the selective service
armies of the dictators who had
act; third, universal training.

fv

only

are

we

valescing

by
.

democratic government.
Through the wise counsel of Gen¬
eral' Marshall the Chinese leaders
are on the road to achieve political

trained

Our

iV-H

is

China

\ and

free and

that
ready That way
is by training ahMd of time. H
will not be trained to do things
which are obsolete. He will be
each

consider

pf decay, I emphasize those
swers again today,

thankfully at the

hopefully to the future.

In

ready

t0^ take his
forward^not at W

There

appropriate an¬
swers to that question, to
the
Congress and to the nation, Be¬
cause time passes
quickly, and
because delay is itself a process

only 300,000 were regulars.

I?

I

.

short notice, bach

on

place and go
end of * few;
years, but immediately.
wise it may be too late.

(Continued from first page)

V
V;
V.'

so

•; an
independent
democratic nation.

■

■

p

must be

man
•

place,' as

time-p-we are likely to

be the first target.

Thursday, April-11,1946

ourselves

cannbt

'

eniov

Ftn°cfPnrlty i!?xra world of economic
stagnation. We shall

help because
economic
distress, anywhere in
the world is a fertile
breeding
ground
heaval.

for

violent

And

we

political

shall

help

up¬

be¬

cause we feel it is
simple humanltarianism to lend a hand to our
friends and allies who are con¬

tory iii- close: union- with the free
and peaceful

Jm the

same

nations of the. world.
kind of union with

them, and with the help of
-

same

heroic

men

and women

the>
who

fought the; war! and ! whom we
honor today, we can attain a

last--

163

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number! 4480

•

1991

National Fertilizer Association Commodity Price Moody's Bond Prices and Bond Yield Averages Subscriptions to %%|
Moody's computed bond prices and bond yield averages are
Index Again Advances to New High Level f§ given In the-following table.. %
U
-ZZ-Z >•*/',
Z
Treasury Clfs.
*

'U.S.

-

Govt.

rate*

125.86

121.88

120.02

123.99

122.29

117.60

120.43

125.89

120.02

123.99

122.29

119.61

114.46

117.60

120.22

120.02

123.99

122.29

119.61

114.46

117.60

120.22

122.09

125.92

120.02

123.99

122.29

119.61

114.46

117.60

120.22

122.03

4

125.89

120.02

124.20

122.29

119.61

114.46

117.60

120.43

122.29

Series C-1947, offered in exchange

124.20

122.29

119.61

114.46

122.09

-

of

Certificates

3

125.92

119.41

114.46

117.60

120.43

122.09

125.86

119.82

123.99

122.29

119.41

114.27

117.40

120.43

122.09

125.64

119.82

123.99

122.29

119.41

114.27

117.40

120.22

122.09

119.41

120.22

122.09

Indebtedness

120.02

$3,147,310,000 certificates of
B
1946, maturing March
1,1946. Subscriptions for amounts

Mar. 29

125.61

119.82

123.99

122.29

114.27

117.40':

22

125.74

119.82

123.77

122.29

11941

114.08

117.20-

120.22

122.09

15

125.70

jl19.82

123.77

122.29

119.20

114.27

117.00

120.22

122.29

8

125.86

119.82

123.56

122.50

119.20

114.46

116.80

120.43

122.29

1

125.84

119.61

123.56

121.88

119.20

114.27

116.61

120.22

21_:

126.02

120.22

123.34

121.88

119.00

114.27

116.41

120.22

122.09

tions received were

126,14

119.61

123.56

121.88

119.20

114.27

116.80

120.02

122.29

while

8—126.15

119.61

123.34

121.88

119.20

114.27

116.41

120.02

122.29

1—-

126.05

119.20

123.34

121.46

118.80

113.50

115.82

119.41

122.29

25

126.28

119.00,

123.12

121.25

119.00

113.31

115.63

119.41

122.09

18

126.06

118.60

122.50

120.84

118.60

112.93

115.24

118.80

121.88

11—

126.11

118.20

122.09

120.63

118.20

112.56

115.04

118.40

121.46

117.80

121.67

119.82

114.66

Peb.

15

/an.

High

117.60

112.37

117.80

120.02

124.20

122.50

119.61

114.46

117.60

120.43

124.97

121.46

119.82

117.40

112.19

114.46

117.80

115.04

120.84

118.40

115.04

106.39

111.44

114.46

111.44

118.20

116.61

111.44

100.98

104.83

113.70

divided

among

9,

1945-

Federal Reserve Districts and the

116.22

Total Sub- Total Sub¬

scriptions

8,

1944-

Corpo¬

1.34

2.65

2.46

2.65

2.46

2.54

Indus.

P. U.

2.67
.

2.93

2.77

2.63

2.67

2.54

1.34

R. R.

Baa

A

Aa

2.93

2.77

2.56

2.64

,

2.55

1.34

2.65

2.46

2.54

2.67

2.93

2.77

2.64

2.55

5

1.34

2.65

2.46

2.54

2.67

2.93

2.77

2.64

2.55

4_

1.34

2.65

2.45

2.54

2.67

2.93

2.77

2.63

2.54

__

..

$106,878

1,699,831

73,234

Philadelphia
Corporate by Groups*

Corporate by Ratings*
Aaa

rate*

$140,217

2,234,976
87,357
161,882

Richmond

Avge.

Govt.

Bonds

.

Latest Preceding

Week

Each Group *

Atlanta

-

:

„

Apr. 6,

/

Group

r

,

Farm

;

163.1

92,418
85,120

163.1

15

1.34

2.66

2.47

2.69

2.94

2.80

2.64 '

2.54

166.4

8

1.34

2.66

2.48

2.53

2.69

2.93

2.81

2.63

2.54

1

1.34

2.67

2.48

2.56

*■2.69

2.94

2.82

2.64

2.55

2.70

2.94

2.83

2.64

2.55

2.69

2.94

2.81

2.65

2.54

2.69

2.94

2.83

2 65

2.54

2.54

;

on

1945,

and

1.33

2.67

2.49

2.56

161.1

15

1.32

2.67

2.48

2.56

126.5

130.4

8

1.32

2.67

2.49

2.56

134.3

133.9

133.7

1.33

2.69

2.49

2.58

2.71

2.98

2.86

2.68

166.1

161.3

156.1

Jan. 25

1.31

2.70

2.50

2.59

2.70

2.99

2 87

2.68

2.55

117.2

drugs

173.2
159.5

128.4

166.9

117.1

116.9

104.7

18

1.33

2.72

2.53

2.61

■2.72

3.01

2.89

2.71

2.56

167.8

—L_—

173.4

,160.7

133.8

—

167.8

162.5

154.2

11

1.32

2.74

2.55

2.62

2.74

3.03

2.90

2.73

2.58

127.2

127.2

125.4

4

1.38

2.76

2.57

2.66

2.77

3.04

2.92

2.76

118.2

118.2

118.3

1946

1.40

2.77

2.58

2.66

2.78

3.05

2.93

2.76

119.8

119.8

119.9

1.31

2.65

2.45

2.53

2.67

2.93

2.77

2.63

105.3

105.2

104.8

1.64

2.90

2.61

2.73

2.90

3.37

3.09

2.93

2.69

1.83

3.09

2.74

2.82

3.09

3.69

3.46

2.97

San Francisco

297,904

'

118.2

119.8

;

105.3

machinery—..

162.8

Peb.

21

High

1946

Low

140.2

113.5; March 30, 1946, 112.9, and

1946,

April 6,

142.9

144.9

145.7

were:

esti-.
and

power industry of the United States for the week ended April 6
.1946* Wak 3,987,673,00(1 fcwh#, which compares with 4,323^794,000 kwh

corresponding week

week ended March

and 3,992,283,000 kwh. in the
The output for the week ended Apri

30, 1946.

7.7% below that of the

week in 1945.

same

Major Geographical Divisions—
England

Middle Atlantic.
Central Industrial

0.2

•
;

-

States——IZZZ—~I
Mountain_i.^..L.___u.i.Zi__

13.6

Pacific Coast..

13.5
1.2

8.4

8.9

9.9

§4.0

§1.2

10.8

13.4,

10.0
#

7.7

3.0

•

§0.7

§3.8

!

12.2

Total United States.

4.2

13.6

0.2

9.4

§4.7

-

3.6

1.4.

.

2.5

Southern

March 16

.6.1

2.7

.

11.6

~~~

March 23
'

1.0

I

West Central

*

DATA FOR RECENT WEEKS

!-

*

-1946 >*

:

2—ZZ— Z:
9—"

: under 1945

4,614,334
4,588,214

-

1932

•

.

r

—11.9

1,588,853

—12.2

4,505,269

4.532,730

~11.7\

4,511,562

—12.3

4,444,939

3,948,620

4,472,298

4,473,96^

4,000,119

4,472,116
4,446,136

3,987,877

4,397,529

—

4,017,310

4,401,716 $

—

4,329,476

3[992,2S3

-.

1,726,16:.

1,545,459
1,512,158
1.519,679

4,524,134 '

^-11.6

1,733,810
1,736,721
1,717,315
1,728,208

1,578,817

4,523/763

4,538,552

'

1,718,304
1,699,250

C73

3'88?'b7'
-

"Chronicle"

the

of

on

page

averages

given in the Nov. 22,

was

2508.

1945

.

Threatened Utility Strike ts Called Off Following
Draft Move by Virginia Governor

1,538,452

-

—10.6,

4,464,686

.—11.1

'

9.3 '

4,425,630
4,400,240

8.7

4,409,159

—

7.8

4,408,703

—1,683,262
1,514,553
1,679,589
1,480,208
1,465,076
1,633,291

—

7.7;

1,537,747
"

<

-

•

:

4,361,094

1/480,738*

1,696,543

4,332,406

4,307,498

1,469,810

4,344,188

4,415,889

4,336,247

1,454,505
1,429,032

1,709,331
1,699,822

4,321,794

*

the State

to

maintain

move

a

nounced

on

April 1 that effective
weighing

at once ordinary letters

not

agreed

pany

April 9.

were

to

reconvene

in

excess

of

one

ounce

non-illustrated postcards

and

be

may

accepted for mailing to all of Ger¬
many.
In his advices, Postmaster
Goldman stated:

on

1,600

under

drafted

an

workers
obscure

section of the Commonwealth

In the order sent

to the com¬

pany's employees, Governor
said:

•

"You

are

;;

been

Tuck

,

hereby notified

1,688,434

have

"Such

stricted

-

.

company's

The

you

Z1

of the Virgina Electric & Power Co. set for

workers into

in

that

drafted by the

announcement Feb. 25 the

an

Announcement of the offering
certificates was

of Series C-1947

m^dd by the Treasury Depart¬
ment

Feb#

on

the

are

re¬

of

Banks,
of

%%

C-1947, open on an ex¬
change basis, par for par, to hold¬
ers

of

Treasury

Indebtedness

of

Certificates of
B-1946,

Series

planned to retire about $1,000,000.000 of the maturing certifi¬
cates
on
cash redemption, sub¬
scriptions will be received sub¬
ject to allotment to all holders on
an equal percentage basis, except
that subscriptions in amounts up
to $25,000 will be allotted in full.
Cash subscriptions will not be re¬

is

ceived. '
certificates

"The

now

at the rate of

seven-eighths of 1 %
payable semi-annu¬
Sept. 1, 1946, and March

annum,

ally

on

1, 1947.
bearer

prohibited.

$100,000 and $1,000,000.
should

"Communications

bear

street
number* town postal
district,
number
province
and
zone
of occupation.
The postal

and

name

of the addressee,

house

district

number

and

the

zone

of

occupation should be included as
part of the address if known but
mail will be accepted without this
information.
The province and

offered

will be dated March 1, 1946, and
will bear interest from that date

personal or family character
and
any
enclosures of checks,
drafts, securities or currency are

the

Of

Series

1, 1947.

a

*

Treasury

Indebtedness

present to those

of

r-

1

"The Secretary announced the
offering, through the Federal Re-f

per

communications
for

18, at which time it

said in part:

tions

They will mature March
They will be issued in
form

"The
close

only, in denomina¬
$1,000, $5,000, $10,000,

of

subscription
the

at

close

"

books
of

will

business

Wednesday, Feb. ' 20, except for
the receipt of subscriptions from
holders of $25,000 or less of the
maturing certificates.
The sub¬
scription books will close for the
receipt of subscriptions of the lat¬
ter class at the close of business

Saturday, Feb. 23."
Governor into the service of the
zone
of occupation need not be
of 357 per spindle iii
Commonwealth to execute the law shown on mail addressed to Ber¬
place, compared with 7,732,919,207
The Bureau of the Census anr
which requires you to provide lin.
an average of 325 per spindle
"Box numbers may be used as
jounced, on March 21 that, accordj- place, for last month and 9,955, electric service to the people bl
part of the address provided the
tro
*° Preliminary figures, 23,- 968,062 an average of 386 per Virginia. •
'
name of the box holder is shown.
™44p /^cotton spinning- spindleb spindle in place, for Feb. 1045
"You are therefore ordered and Correspondence shall not be ac¬
were
in
place in
the
United Based on an activity of 80 hours
Tuesday, April 2, 1946—
273.6
commanded to report to the com*- cepted for mailing when addressed
Wednesday; April 3——J———----- 273.9
01
011 Feb- 28> 1946, of which per week, cotton spindles in the
General Delivery.
Thursday, April
' 273.8
jl,628,796 were operated at some United States were operated dur manding officer, Virginia State
time
273.£
"The postage rates applicable Friday; April 5-^-^4.——.,—*
during the month, compared
Saturday, April 64,__——————274.2
ing Feb. 1946 at 113.1% capacity Guard, at the Virginia Electric &
With
21,629,882- in January, 21,f
are letters 5 cents each, postcards
Monday, April
273.0
The percent; on the same activity Power Co. office within 24 hours
551,960 in December, 21,605,060 in
Tuesday, April 9___—
273.9
3 cents each,
*.-271.8
I two week?, ago, March 26Jtovember, 21,721,792 in October, basis, was 110.7 for January after receipt of this notice and
;h 9
:
271.5
"Air Mail Registration, Special I Month ago, March 9__——— 271,3
f1.911,746 in September, 22,170,180 101.5 for December, 104.6 for No
thereafter be and remain obedient
Yea^ „ago, April 9, 1945
—255.6
io^
gust» and 22,219,696 in Feb. yember, 105.0 for October, 111. to the command of said officer or Delivery, Money Order, and ParDec. 2?_1—L—— 265.0
1945. The
aggregate number of
such other officer as may be set eel Post Services are not available I X946lH°ighJApVufe^
Active spindle hours reported for for. September, 100.5 for Augus
264.7
at this time," 1 . "
' *
'-'Low/'Jan./i.z
over you."
month was. 8,497,233,222, ah and 122.1 for Feb. 1945.
average

Moody's Daily
Dommodily Index

,

'

$3,131,710

Treasury Department stated that.
subscriptions in amounts up t6
and
including $25,000, totaling
about $50,006,000, were allotted
in full, Subscriptions in amounts
over
$25,000 were allotted 76%
on a straight percentage basis, but
not less than $25,000 to any one ~
subscriber, with adjustments,';
where necessary, to the next high¬
est $1,000.

Certificates

maintenance employees

3,035

$4,104,216

—

serve

of
Virginia's code to prevent then)
1,706,71^
from- going on/strike. This actiop
1,702,576
1,687,229 was believed to be unprecedented

4,411,325

'.C. b 607

issue

compiling the

used in

list

NOTE—The

the true picture of the bond market.- Z

the latter being

averages,

3,970

,

-

.

~

- r

yield

parties agreed to submit
all issues not already decided to
arbitration. The negotiating com¬
mittee of the union and the com¬

1929

\

1,602,482
1,598,201
1,588,967

4,531,662

3,952,539

:

1944

4,539,083

—9.7

,

4,576,713

Cotton Spinning for Feb.!

•

.

.

4,567,859

9.8

3,982,775 /
3,983,493

1,11

'

%

\

—12.7
—.

.3,922,796

<:•

ZIZZZ

April 6-—•
April.13April 20—
April

'

•

*

of

Both

(Thousands of Kilowatt-Hours)

4,427,281

4,163,208

19—»__..—4,145,116
Jan. 26—
~ZZ
4,034,363

1945

-

5—. 3,865,362*

Jan.

.

;•

1944_

8,

service.

9.3

8.7

7.8

% Change

9

'

2 Years Ago

April

militia

'

23——.ZZZE
Warch ap——:"Z

1945_

9,

electrical

§Increase.

March

2.53

1 Year Ago

lUchmond; Va.;v which further added in partb
.
.
Governor William Tuck immediately declared an end to the
emergency he had proclaimed on^
March 29 prior to issuing his order Restricted Mail to
Germany
the following
day drafting the
Postmaster Albert Goldman an¬

Week Ended
March 30

April 6

New

March l6_.__~~Z~Z

2.62

April 1 was called off late on March 30 by agreement by the Union
and the management, according to Associated Press dispatches from

PERCENTAGE DECREASE UNDER SAME WEEK LAST YEAR

-'?"~

;

2.61

\

a year ago,

'

,

1

bond
prices are computed from average yields on the basis of one "typical"
(3%% coupon, maturing in 25 years) and do not purport to show either the average
level or the average movement of actual price quotations^
They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement

The Edison Electric Institute, in its current weekly report,
.mated that the production of electricity by the electric light

2-—-"

.

;
'

*These

Output for Week Ended April 6,1946
7.7% Below That for Same Week a Year Ago

12-i—•

•

391,354

Total

In

73,353

,

Treasury

2.84

127.2

...

i_

—

1926-1928 base

Week Ended—.

2.54

131.7

109:2.

was

-

66,132

103,745

'

207.4

56,409
85,545
376,161
71,887

-

491.593

2.55

172.4

124,036

V

Minneapolis
Kansas, City,.—; 134,845
Dallas
95,850

2.55

2.64

253.8

Electric

March

2.64

2.79

259.0

All groups combined

"Indexes

March

2.78

2.95

163.1

...

Fertilizers

100.0

•

2.94

2.68

173.4

Fertilizer materials

peb. 16--..
Feb. 23

2.68

2.54

174.0

April

peb.

2.54

2.47

2.66

22

161.3

Building materials
Chemicals

.3

.

2.46

2.66

1.35

145.3

L_

.3

«n.

2.55

1.36

141.8

;

1--

.3

Jan.

2.55

2.64

Mar. 29

141.6

Livestock-

Metals—
•

1.3

Rocky

2.55

2.63

2.78

k

264.1

I Textiles.—

7.1

'

2.63

2.78

2.94

2.46

146.6

Miscellaneous commodities.*..

10.8

6, 1946

2.77

2.94

2.68

2.45
2.46

2.66

163.1

Grains——
.

Fuels

17.3

in the

2.93

2.68

2.65

2.66

1.36

175.0

Cotton

April 7,

2.68

2.54

1.34

1.34

147.4

i Cottonseed Oil

6.1

2.54
2.54

3

2

1945

144.0

Farm Products

23.0

:

Ago
Apr. 7,

9,

1946

147.4

Fats and Oils

8.2

Ago
Mar.

30,

1946

144.0*

Foods

25.3

f

Mar.

1946

Total Index

66,794
J

111,760

„•

—

Chicago
St. Louis

—————

1

the

Bears to

Year

Month

Week

(000's
Omitted)

Omitted)

Cleveland

U. S.

Daily

6_

Fed. Res. Dist—

New York-—

(Based on Individual Closing Prices)

8

Allotted

v-ZTUOOO's
Boston

MOODY'S BOND YIELD AVERAGES

1946—

scriptions

Received

2 Years Ago

April

allotments
the several

Treasury as follows:

1 Year Ago

April

Averages
April 9

PRICE IltDEX

Subscriptions Zand
were

119.20

119.81

Thetotal subscrip¬
$4,104,216,000
subscriptions allotted
$3,131,710,000.
the

120.63

122.36

1946-.-

were

122.50

117.60

$48,974,000.;

120.84

126.28

1946——

Low

122.09

up to and including $25,000 were
allotted in full and. amounted to

-

:

of

Series

1-

v

for

2

1935-1939=100*
s.

the

125.92

Fertilizer Association

%

28

subscription and allotment
figures with respect to the offer¬
ing on Feb# 18 of % % Treasury

5

high level. The metal index advanced slightly because of higher
quotations for copper sheets. There was a small decline in the mis¬
cellaneous commothtiesgroi^
decline in the price for
leather. The small increase. in the price of dressed fowl was riot suf¬
ficient to change the food index. All of the remaining groups of the
composite index remained unchanged.
During the; week * nine price series in the index advanced and
two declined; in the preceding week six advanced and one declined;
in the second preceding Week 16 advanced and n6ne declined.

The National

Feb.

on

final

Indus.

P. U.

6

new

by

R. R.

Baa

A

Aa

8—

fuel- group showed the greatest gain and was
principally responsible for the increase in the general index. The
fuel indek Advanced 2.6% becdiise of aclO-cent rise in the price of
crude petroleum at the wells. The farm product index advanced to
a new: high - point; the cotton index again advanced to a new high
peak, and the livestock subgroup advanced due to higher prices for
good cattle, lambs, sheep and poultry. The quotations for timothy
hay at New York declined. The textile group advanced*;-reaching a

Compiled

Corporate by Groups*

Corporate by Ratings*
Aaa

announced

son

•U;

Avge.
Corpo¬

Bonds

Daily
Averages*
April 9

latest week the

WEEKLY WHOLESALE COMMODITY

Secretary of the Treasury Vin¬

(Based oh Average Yields)***
1946—

of the index that advanced during

Of the* four component groups
the

.

MOODY'S BOND PRICES

wholesale' commodity price index compiled by The
National Fertilizer Assdciationr and made public On April 8 advanced
06% to 145,7 in the week ended April 6, 1946,. from 144.9 in the
Preceding week.* This is the fifth consecutive week in which the
index has -risen to new high, peaks. The index is now only 7,4%
higher than it was at the beginning of May 1943 when the "hold-theline" order became effective.' A month ago the index stood at 142.9,
and a year ago at 140.2. all based on the. 1935-1939 avSfhge as 100,
The Associatioii's statement further goes on to say:
weekly

The




is

—

[lgS^fgh.

2^2

.

Thursday, April 11, 1945

CHRONICLE

THE COMMERCIAL & FINANCIAL

1992

mulative total for the corresponding period of
■

'f

Trading

t

New York Exchanges

on

The Securities $ndvExchange,Commission made public! on:April 3
illumes snovviiii" «Ae volume of total -round-lot -stock, sales on; the
'

,

New* York! Btock Exchange'and the New york-Curh^Exchange^and
the vdlume^sof rbtmd-lct stock -transactions for the account of I all
members of these exchanges in the week ended March 16, continuing

being published weekly by the Commis¬
these fig¬

series of current figures

a

sion.

Short sales are shown separately from other sales in

ures.

1945

facilities for galvanized sheets

whereas state

are

_

scheddled^^tp
construction, $257,116,000 to^date, is 425% above >945. atlon before bab)tchghbii^doper^
next year and
apparl
Federal construction, $120,900,000,. dropped ;51% below the 14-week
ently not much- such capacity. Not
total of 1945. *' 4
11
1' '^ •s" ?" ■" i
1
*
*
all; existing facilities are
being
Civil engineering construction vclume for the current week, last
fully utilized at present because
weekend the 1945 week are;
•t
,»•>
i
of lack of trained workers.
'•'
April 4,1946 March 28,1946 April 5; 1945 1
y{fin Spite of the tteW construc¬
Total 11. S. Construction$130,993,000 $134,912,000 $33,709,000 tion limitation" Order planned
to
5,177,000
Private Construction
.79,870,000
100,681,000
facilitate
the housing program
28,532,000
Public Construction
51,123,000
34,231,000
no early material easing is ex¬
9,621,000
State and Municipal—1—
-40,148,000
?0,791,000
18,911,000 pected in the position (of shape
Federal
10,975,000
13,440,000
mills, .With substantial!
backlogs
?
^
In the classified construction groups, fottr of < the-tune classes practically ? ally shape mills are
recorded gains this week over the previous, week as follows: water¬ quoting late second half delivery
works; bridges/public buildings and streets and roads construction. There will be adj ustments in
and municipal

■

,

,

-

,

.

Trading on the Stock Exchange for the account of members
odd-lot dealers) during the week ended March 16 (in

(except

totaled 2,290,310 shares, which amount was

round-lot transactions)

17.88% of the total transactions on the Exchange of 6,403,750 shares*
This compares

with member trading during the week ended March

9

shares,

of

■

trading of 5,633,730
'

the New York

Curb Exchange, member trading during the

1,931,142

shares.
On

17.14%

or

of the

total

■

week ended March 16 amounted to 635,635

shares,

or

14.71% of the

that Exchange of 2,160,945 shares. During the week
ended March 9, trading for the account of Curb members of 540,590
total volume on

i

^hai^s

was^ 12.49% of the total trading of 2,163,680 shafes.;

Vziai, Round-Lot Stock Sales

oil

,r

the New York Stock Exchange and Bound-Lot Stock

Transactions lor

(•'

WEEK ENDED

Total Rouno-Lot Sales: vr

*.

»5nort sales..

MARCH

16,
;

—

r-^!i:tOther:

6,206,290 '

Total sales..

follows^^ Waterworks;/sewerage,
work and drainage, industrial buildings,
unclassified construction.

130,580

;IOthef.sales^««-*«^---i««i^

634,640

;" Total

11.94

765,220

1. Other transactions initiated on the floor—

purchases

118,850

Short sales-

%Mli900

-——

lOther sales.MWM.m.,H..HMMM..M.w

Total fiale3——n^—i.

iC ; ShOrt sales—
;;; :>■ r
tOther sales—.
Total sales

'I
all *>»

awiiw

*i»«*

T0taI^://>?^

4.

250,708

?{'

■—»—■»» now* W'iimw—mmrnmmmmm»«■>

271,118

Snort sales

—

Total sales-.-.-—.

■

Total

1,116,702
162,890
1,010,718

i

touier sales

Round-Lot

Stock

1,173,608

Sales

Transactions

the

on

for

New

Account

of

York

"

'

'

'

•'
■

16,
*

V

sa

'

'•fcjfc-V-

r--

and

.

Stock

t%

-v;

2,160,945

t c/o

Transactions for Account of Members:

Roui-d-Lot

1. Transactions of

specialists in stocks in which
1he.»^are registerea*--' v ■*- cTotal purchases——
i
^ShorLsales-^.i-:^----^-.---;;

JLUJ

"

vf tOther sales-'-—:

'

^

t

"

'■

'

into

10,350

Workers

have

the

with

mines owned b,y
steel companies. Thus an industry
which is not connected with the

900

main coal controversy in a com¬
mercial way has in the past sev¬

31,410

115,025
124,425

4.03

T«Jta! purchases—

285,515
20,650

Short sales
tOther sales

329,470

pdtal sales—

350,120

...

14.71

Ch Odd^Loi Transactions lot
Account of Specialists.Cusiuiiu rs' short sales.
,

ICimomertfhi^r'ggleg^^..:..\.
Total

, „

,

'

,,

87,179

purchases...

87,179

•tr'Ky>,i '> •'
Total *ales—.

98,201

''me?1^ers^". -tocludes all regular and associate Exchange
,^^k'-Partner^.in<jluding:speCial/partnersi^^^a'^'-pK;^
firm®

members

on

,he

their
v

sales ■ is

activity, but

Civil

'

'

i

1

■

■-

.

A.-.'W'

of stepping up production of

;

;
\'s. '. h:.

" zS

sharply.

Engineering Construction Totals

steel

Optimistic sched¬

Up

to

consumers

for

most steel

wow

municipal construction, $40,148,000, 93% above
week;
Federal"; xohstriictiohL

t/Week^is also 317% above the 1945

;

fr
;

1CSS than last week an^ 51% less than the

engineering construction

for the

14rweek

repords a cumulative total of $1,111,276,000, which

have

their

held
was

near^term

Public construction,

week




a//;

It

announced

was

on

March 27

by the Board of Gqv'ernors of the
that
allojr steel Was not; advanced as Federal.., Keserve ;; System
much as the industry was led to Ralph A.
Young has been ap¬
believe has fprced an increase on pointed as an Assistant Director
hand labor costs and the fact that

,

of

stainless steels."

The

on

Division

of

Re¬

Steel

search and Statistics and assumed

Monday of this week

his new duties on March 20. Prior

American

Institute

Board's

the

Iron

and

announced

that?; telegraphic

re¬

capacity for the week search and, concurrently, as Pro¬
beginning April 8, compared With fessor of Economics at the Whar¬
87.1% (revised figure) one week ton School'of Business and Fi¬

be 78.3% of

Penn¬

of the University of

ago; 83.6% one montli:^Ago eild
94.3% one year ago. This repre¬
sents
decrease of 8.8 points or

nance

10.1%yfroih;^he!^precedingyw^eki

NYSfOdd-Lot Trading

sylvania.

The

;

:

is 168 % above the

the

figures

torch/!23/^

soft

#rbck

'coal'^h^^is'icau^^cur^

on

to

enough
output

Weak

consumers.

This is made

were

1946

23,

Total
for

Numbdr 'of Shares^.

'"r

Wee*

32,016
935,920

'

~""

42,417,798

DonatiValue

Odd-Lot PurchasesJjy Dealers—

Snut uown

^^(C^^raers'^alasll;^

foi^lack of cokepromised a shbse^
quent drop in :steel output, likely

jto-Jncreasersteadily/'^:^--:^

March

'

'5

furnaces

Ended

Odd-Lqt Sales by Dealers—
:(CustoIners, purchases)
Number of Orders____——

tailment in
Diast

ODD-LOT DEALERS
ON THE N. VEXCHANGE

SPECIALISTS
STOCK

if the strike lasts many weeks.

as

i^ANSA^lDNS^R'^E ODD

LOT ACCOUNT-OF

y AND

Number of Orders:
Customers'

short

t"!

•

-

137

sales^

28,673

/r :^/jCustomcrs/mther7-salw^--'.,

^Most Critical; items ; how. are
small hot-rolled, carbon
bars, nar¬

28,810

"

Custdm'ers!

total sales/l.*...-

*

NunSber

pt Shares:;

(

row >hot4rolled stripy cold-rolled
Customer^ short'sales --.
$heets^:galyanized/ andi electricaL ^TJ'yCustpmersvipthef^ale^^
sheets^ and; pipe. * Production^ bL
Customers' total sales---~

4,557
,804,088

...*

more

serious

V

808,645

by losses al¬

.

__———

.

period of 1946

$378,016,000, is 42% greater than

;V.

<

■

electrical sheets, on which there
35^340,867
Dollar ValUb
^_-^-^-Ji--:
was a recent increase of
$12 pet Round-Lot Sales by Dealers^ * '
ready incurred because of the coal
ton, has been enlarged somewhat /^Number pf Shares: , av - > strike and those which will ma¬
50
in the Chicago district.
No apabort aales..,--^-^
•
terialize over -the next several
167,610
preciable increase iii Ibis, grade
/ Other sale&t.
—f—— ^ ) v
weeks.
expected before September/WhenTotal sales
-167,660
"Substantially all makers of new facilities should be reaxiy foi:
RoUnd-Lot^PurchlftSes by Dealers-^ ■
70
stainless steel which is not under
operationV/// u//
.Numbbr ;of
7'
'
OPA eontrol have advanced their
^Galvanized, sheets promise ten jifSalea.vhwrXed^rahca^ jexemptV -are
all the

prices 8.2%.yWhether

Or mot this

totalior a like -period of 1945..; On a cumulative basis, private con4 advance will stick in alt
ftruction in 1946 totals $733^60)000;^ch:4s
^e^boyeithatlfo^ mains to be seem Due'-to
1945.

increase of

Reserve Bd's Research Div.

price goes too? iigh# pir;the other

"During the first few days of
the coaWstrike steel production
this week most rwasjweil sustained"but earivi ;fur|

the belief that there

r,,^'T^te, ^trUCuti0n Sis week' $79,870,000, is 21% below last
K1i9/non
®teVe fhe. week last year- Public construction,
ioi. vfiIl. cf
above last week and 79% greater than the week
last year.
State and

Total

an

Young Named to Post in

other metals of the stainless steel

ules of operations for the immedi¬
ate future will have to be trimmed

tomers.

fast'9year°0'

April I."

quite elastic, in certain
Some steel sources are
seriously worried about the in¬
roads which might be made by
come

•

ported ta «,Engineerinr News-Hecord.,i -This yQlume is
3% beloW
"The significance of the terrific
^ ^J10"5 weS?'
% above the corresponding week of last year steel loss during the steel strike
and 55% above the previous four-week
moving average. The report
Is? only now being realized by
issued on April 4 went on to
say:

;

allowed

in base prices of bolts, nuts,
screws
and rivets, effective
7%

maintain

autos, refrigerators and other
items actively sought after by cus¬

;

OPA has

periods.

civilian

steel

'

makers for some time after other

an

of

;

delayed by these steel¬

higher prices were put into effect.

pro¬

cess

steel situation.

•f^r;J8ales niarkedi**8hort .exempt!*,are%cluded%irith "othei? sales.".-"
.

.

crease was

production,
goods are in for several {ailment/, iof! steel
Es^ange ^ *»»»»«« headaches because of the tight which promises to; he intensified

totat?idf membet's* >purchases. and

f

base

spearhead

able this week to

maximum

'Total—

.

advanced

prices and extras on all stainless
products 8.2 %
Action on this in¬

ago, 1,473,400 tons one month ago,
showing the daily volume of stock
impor¬ and 1,728,100 tons one year a?n transactions for odd-lot account
tant segment of the industry has
"Steel" of. dleveland; inPfts
of all odd-lot dealers and special¬
been forced rapidly to reduce its
summary of the iron and steel
ists who handled odd lots on the
output to extremely low levels, merits, on April 8 stated m pari New York Stock Exchange, con¬
thus bringing down the average as follows:
/ V
tinuing a series of current figures
for the country. Within two weeks
"For the second time this year
being. published :byvthe Commis¬
those steel firms which have been a major nation-wide strike is be¬
sion/The figures are based upon
able to maintain output must cut ginning to have its effect on steel
reports filed with the Commission
back sharply if there are no signs production. After the steel
strike, by the odd-lot dealers and speof a coal settlement.
Which cost a loss of close to 8,000,000 tons of ingots, stoppage.of
"Steel users hastening the
were

Total sales-..

have

producers

steel

^

9,400

tOther sales,

pro¬

more > stainless

operating rate for the week
beginning April 8 is equivalent to
The Securities and Exchange
which has been involved in the 1,379,900 tons of steel ingoisr&nd
Commission made public on April
ultimate settlements,
castings, compared to yl,535,600 3, a
summary for the week ended
v
"Most major steel companies tons {revised figure) one. Week
eral years become the

1.23

49,835

—

-•

Mine

written

are

which

21,800

Sdort sales;

!

upon

contracts

30,510

.

:

the

the "captive" coal

9.45

■

V:

be

Short :6ales_-,

•!'Q:-x-".J "
Total sales.—.—.m.
Other transactions initiated off the lloort.
Tutal purchases-—
mi

.

agreed
the

United

194,285

'

i

will

totlwty^alesL—

•':

I-

scales
213,880

183,935

Total sales.,T^r^
Other transactions initiated on the floorT^ta i purchases.

A-

"Several

Their

2,135,045

...

strike

steel

steel

to joining the Board's staff, Mr,
representatives,
however, ports which it had received indi¬ Young served for a number of
must attend the negotiations cated that the operating rate of years as. Director ,of The Finan¬
between the coal operators and steel companies having 94% of the cial Research Program of the Na¬
John L. Lewis because the wage steel capacity of the industry^will tional Bureau .of Economic Re¬

25,900
—

the

with the commercial sale of coal.

;

ies..,—-.

own

sounding board for various at¬
tempts to end the coal impasse.
"Factually steel companies are
only remotely connected, if at all,

.

Total for Week

TOtll Round-Lot Sales:

f fel ort-WiCbww^L-.*.
tot her

of

Exchange
(Shares)

1948

"•

V.

17.88

Curb

Members*

WEEK ENDED MARCH
•

3.94

/

Total

•

a large user from
mines, has reluctantly be¬
come the focal point from which
the Government will attempt to
end the coal mining stoppage. The.
national prominence and the se¬
rious aspect of a new steel crisis
followed so soon after the ending

its

renewed

duction after the strike.

Lewis has banked to push action on

seller of coal but

233,402
20,410

—

•■aw

2.00

1^7,270

.

■

Other transactions initiated off the floor—

.

.

<125,370.

for

material

which John

miners are well on their way this week,

764,450

Short sales-..

f.

steelmaking be
length of time
hoped stocks may be in¬
creased during the lull, providing

his demands for the coal
according to "The Iron Age,"
national metalworking paper. "Within the next 10 days or so, the
steel ingot rate will take another sharp drop which will be followed
by all the unbalances and trouble in getting started again towards
higher ground after the coal striked
—
is settled" adds the same publica¬ the highly competitive setup in
tion, which further goes on to say the stainless steel industry, posted
in its issue of today (April 11):
prices have not always been main¬
"The steel industry, not being a tained and going prices have be¬
L.

'

taking all material

is

it

Expected—^Goal Strike May Cause Out Back
The national crisis and the blow to reconversion on

are

Should

cut down for any

Steel Output Drops Sharply—Further Decline

-

6,403,750

% -Transactions of specialists ih stocks in Which
;< they are registered^* , •'< •/.
•
4 • ■
total purcbasea^.U«.i

.

types bf construction is applied.
"Already production of consum¬

•'

offered.

Transactions for Account of Members,
the Odd-Lot Accounts of Odd-Lot
'OealerF a lid Specialists; .•
4."
•

Total

,

er goods! is; being hampered
by
New-capital for construction purposes this week totals $25,988,lack of steel and this condition is
000, and is made up of $11,868,000 in State; and municipal bond, sales
and $14,120,000 in corporate security issues. New capital for the 14- expeeted to become increasingly
evident under, present difficulties.
Week Period of 1946 totals' $383,206,000/48%; greater 4han4he $25$>^
"Scrap- shortage persists and
365,000 reported for the corresponding period of 1945,

Except/lot

-

:■' T

-

New .Capital

Round-Lot
.

this week over the 1945 schedules as time goes on, with
less tonnage of heavy
shapes, as
bridges,, lughway$,
commercial buildings and suspension of non - residential

+ <&
t%

:

197,460

>

Eight of the nine classes recorded gains
week

consumers

Total for Week

-

.

1946

'

cu-

tion

from

other

cases re+

'cOmpeti* •

materials'- and

be even scarcer, than at present
POEtedr
'rW^b" V*OthW
Demand- contiiiues tor accumulate';
andthe- housingp'rogram.will-add
■

ta this totaL

Meanwmle/ncgneWil^hm<^
•

mtm

r

:RJeS,?';

<;

>'•/

y: •'

'i'»^

••' »•'

'•

J'

<:■

..

J

''

;■

THE COMMERCIAL & FINANCIAL
CHRONICLE

Number 4480

163

Volunie

the .second-quarter period.
Contracts that expired last pro¬
ber were closed on the basis-of
11.25c., Chiles
\J

pvpr

Wholesale Prices Rose 0.3| in Week Ended
March 30, Labor Department Reports

,

It

fresh fruits and vegetables, cotton and cotton
primarymarketprices 0.3% during the week
fnded March 30, 1946, it was indicated on April 4 by the Bureau of
f flhor Statistics, U. S. Department of Labor, which reported that
♦he wholesale price index of the Bureau advanced to 108.7% of the
1026 average, 1.0% above a month ago and 3.4% above the corre¬
sponding week of 1945. The advices from the Bureau continued:
Farm Products and Foods.
The price advances for fruits and
vegetables and cotton raised market prices of farm products by 0.3%
durintf the week, bringing quotations for this group to 2.0% above
♦he end of February 1946 and 4 7% above late March 1945.
Antici¬
pation of a revision of the parity formula to include agricultural
wages caused market prices of cotton to advance. Apple quotations
rose with continued short supplies, and oranges were higher with
improved quality, White potatoes moved up sharply with larger
quantities of new crop potatoes on. the market, and sweetpotato
quotations advanced seasonally* /Decreased marketings of poultry
were reflected in higher prices; egg prices were lower.
Quotations
for oats were up as foreign demand, increased and rye prices ad¬
vanced fractionally. Prices for calves increased with' short supplies,
while lamb quotations! dropped with reduced demand by large
Higher prices for
raised average

Great

years,

substantial

in

of this

CPA

.

from
to

*/•/"

.rf

In general, the
Ifcose charged by manufacturers or producers or are .those
on

changes

primary markets.

r*

monthly index.

•

It is designed as an indicator of week

should

and

be compared

not

directly with the

The following tables show (1) indexes for the past
for March 2, 1946 and March 31, 1945, and

Commodity group—^
.
-,-1946
commoditles^-..jL-.._«^..—. 108.7,

All

1946
+0.3

132.9

133.1''430!7

+ 2.0

+ 4.7

109.4

109.5

107.9

127.3
104.8

+ 0:3

109.5

+ 0.1

+ 1.5

+

120.1

120.1

120.1

120.1

118.3

0

O

102.4

101.9

101.4

99.2

+ 1.9

+ 2.9

85.4

85.4

83.9

86.4,

85.4

Metal and metal products——

—123.6

123.6

Chemicals and allied products— " 96.0
goods—108.5

96.0
108.4

96.0
108.4

Housefurnishings

Miscellaneous commodities
materials

104.5

104.3

104.3

103.7

All commodities other than'farm

....

103.0

103.0

///■/
102.3

-.

102.5
...

101.9

102.0

O

an

upward

removed

PR-32, and
a

30-days'

revised

'V 7.3

—

4.0

.

t- • v

.'

Other

■£ .r.

.

ments.

cable

;'Vv

+ 5.7

ket.

of

will

tight situation in
producers and con¬
showed only moderate in¬
revised

the

in

of

lead

Sales

limitation
last

week

3,144 tons.
Zinc

The zinc situation remains about

negotiations

as-wage

Mine

+ 1.3

+

+ 0.9

+ 5.9

+ 0.3

+ 0.8

...

,n„

_

99.4

101.5

and

farm

0.6

Dairy

a

+0.3

fta

+0.8

products

52.000

52.000

52.000

his

ties, public and private, to steer!

52.000

^

raise

the

to

In Mr. BrownelPs report to

meeting,
declared

thO

the retiring Chairman
that
the
1946
Con¬

gressional campaign was in "full
swing." He added, "all the ener¬
gies of the headquarters staff of
the national committee are being
devoted to this campaign to win a
minimum of 27 additional seats to

save

in peace

this nation

as

we

all struggled successfully -to, save

it

in

it strong
to occupy : its rightful'
place in world affairs as Wendell
Willkie so masterfully said in
war.

price of

prospects^ for 1940, !Only the productive

ounce, are

able

by

jervers

reports.

regarded

politically

as

favor¬

minded

,

pb-

in Washington.

The New York Official price of

'oreign silver

Combined

was

unchanged last

.

can

be

can

be

strong and only the strong

free... .*

"The Republican Party must
do its utmost to wipe out foe kind,
of subversion that seeks by force
and violence, by deception Rnd
stealth to overthrow this nation.

The Republican Party must do its
utmost to eradicate class hatreds
and

suspicions, sectional jealous¬
ies and strife, racial suspicion and
enmity. \ . The Republican Party
must do its utmost to preserve our
.Constitutional Government,
our
,

DAILY PRICES

1.7

OF METALS ("E.

28

11.775

29

6.35

8.25

52.000

6.50

6.35

8.25

6.50

6.35

52.000

6.50

6.35

8.25

52.000

6.50

6.35

8.25

52.000

6.50

6.35

.8.25

; ;

52.000

6.50

6.35

8.25

i

.

Apr.
12.050

11.775

1

11.775

5-

:<v'

St. Louis

6.50

11.925

0.1

Non-Ferrous Metals—Ceiling Prices Remain

New York

52.000

11.925

11.775

12.050
•'*,

,

11.776

12.650

11.775

Average

11.996

—Lead—>

Zinc

52.000

11.975

11.775

& M. J." QUOTATIONS)

Straits Tin,
New York

—Electrolytic Copper—
Refy.
Exp. Refy.

Dom.

Mar.

0.5

0.1

products

52.000

52.000

compromise that would lift tho

m

51,000 tons, the

30

pharmaceuticals—

52.000

52.000

——

Tin Committee
veek at 703/4c. an ounce troy.
«Q
+2.9 announced last week that it ha;
made further interim allocations London was unchanged at 44d.
The

that

the party in the 1948 Presidential

price to slightly more than $103

Tin

,

52.000

—

silver continues and

48,137 tons, againsl 52,995 tons
January and a monthly ser-

age for 1945 of
Bureau of Mines

suggested

organization at na¬
tional headquarters which he built
up since 1944/^At the April 1
meeting leaders were agreed that
the Chairmanship should be a fulltime salaried position. Mr. Reece
is reported to have indicated that

enbugh

in

States

be asked to retairi the

year-round

campaign*.

.

n

+ 3.0

—i.——

Silver

the

in

zinc

He

successor

52.000

consumption this year will greatly
exceed 30,000 flasks.
*

+ 2.6

Fruits and vegetables—
Other

of

practice.

52.000
r

market authorities doubt whether

February in
terms of recoverable metal came
United

0.2

100.3

52.000

*

—

Pressure

output

to be free to devote his
entire time to his New York law

.

sumed.

+

o

52.000

52.000

30 4

re¬

were

wanted

gain control of the House of Rep¬
served, and the market last week resentatives
and* nine additional
was quiet.
Prices covering spot seats to
gain control of the United
and nearby metal were unsettled.
States Senate."
Spot quicksilver was offered at
The
incoming Chairman, Mr.
$104 per flask, or $1 lower than
Reece, expressing appreciation of
a
week ago.
Nearby metal was
his appointment, according to the
available at $103,
Agents repre¬
report given in the -New i York
senting Spanish producers ap¬
"Herald ^ Tribune,"
decried * the
peared to be anxious for business,
record of the New Deal, and in
and it was reported that they of¬
fered metal for shipment at prices pointing out the place he consul*
ered the Republican Party held ih
ranging from $100.50 to $101.50
the nation, said in part: ,>
per flask. '
r "The great issue which faces
Though new uses have been
developed for quicksilver, some the American people today is to

both

terest

+ 0.2

,

52.000

29

April -1
April 2
April 3

aviation fuel.

order.

94.9
101.9

...

June
52.000

March

be

served as Chairman/without!;
salary since the 1944 national con¬
vention, in resigning,; said that he

he would relinquish -his other du¬
May
52.000

tonnage

sumers

116.2

+ 0.8

pound, was

per

follows:

28

March

to use 66,000 tons of
the second quarter, the

100 octane

+ 1.1

...

as

April

tons in the first quarter to
tons in the second quarter.
manufacturers

mar¬

52.000

March

In view of the

0

+ 0.2

in cents

nominally

and CPA ap¬
proval is required for production

0

....

likely,

Straits quality tin for Ship¬

ment,

limited to 80 octane,

in

4.2

that

ments in tin in the domestic

A
order,

supply.

Other

Chairmanship/

who

Chinese, or 99% tin, continued
as
in the Jan.- at 51.125c. per pound.
period. The order limits
Quicksilver
delivery of ethyl fluid to 27%.
monthly of the quantity used in
With foreign metal being of¬
November, December, and Jan¬ fered rather freely for forward
uary.
Motor gasoline is to be delivery, buyers became more re¬

to

94.4

is

revision

the

but the vote went to Mr. Reece oh
he third ballot.
Mr, Browheli,'-

owing to rising costs.
There were no price develop¬
than

Allocations of lead to the

in

believe

February.

for

former
Senator John
A.
Danaher of Connecticut and John
W, Hanes of New York, former
Under Secretary of .the
Treasury,

March

Decreases

j
Drugs

to

industry have been cut from

same

—

foods

■

lead

0.2

a; Furnishing

■-*

inventory

lead-chemical

kkincreases

.

<

M-38

authorities

last

as

•

have been

L-354, further restricts use of lead
in chemicals, insecticides, and pig¬

+ 2.2

SUBGROUP INDEXES FROM
23, 1946 TO MARCH 30, 1946

■

Other textile products
Cotton goods

from

consumers

requested not to carry more

+1.2

0.1

the

front

been

0

+

PERCENTAGE CHANGES IN
MARCH

+ 2.1

0

94.9
106.2

95.4
119.5
99.6

+ 1,8
+ 3.5

+

tons;

tin

+ 0.5

S6.0

95.4
121.0
99.7

95.4
120.9

104.3
116.9

108.0

100.3

All commodities other than farm j
products
—*—^,103.3

—;

121.0

95.4
121.1
100.5

J

Semi-manufactured articles.—
Manufactured products

products and foods

107.9

107.8

107.7
123.3

107.9

0

0.1

0
O

150

but

+ 5.1

4.5

States allotment,
be obtained: from

may

230,000 tons,
against 257,000 tons in the first
quarter.
Inventory control > has

+ 1.5

104.3

Building materials

will

1945 Strike action at Anaconda's zinc
+.3,4
plants in Montana was postponed

-

products

lighting materials——

,

1946
+1.0

133.3

leather

Textile products—

Raw

1945
1G5.1

_

Farm products
Foods

Fuel and

1946
107.6

1948
108.4

1946
108.4

second-

Demand for
both
Special High
Grade was fairly active last week,
Percentage changes to
reflecting a high rate of activity
Mar. 30,1946, from—
3-31
3-23
3-2
3-31 in. galvanizing and die casting.

3-2

3-16

3-23

United

early

nominees
were

The British Ministry of Supply
has reduced the British export
price of tin from £375 to £ 357

Prime Western and

.

the

Siam: and

unchanged.

CHANGES IN WHOLESALE PRICES BY COMMODITY GROUPS"
*'
FOR-THE WEEK ENDED MARCH 23, 1946

3-30

Of

about

three weeks,

(2) percentage changes

in subgroup indexes from March 23, 1946 to March 30, 1946.

Hides and

to

totaled

/

+•.?>-. .•

that

allocations

replace Her-'

bert Brownell, Jr., who had indi-,
cated his intention of resigning as

pen long ton.
The price in the
home market continues at £300,

commodity exchan ges. The weekly index is calculated lead,

one-day-a~week prices'.

week

data, for the

Statistics* wholesale price

Kingdom and
Belgian
and, in regard to South

2,000 tons

moderately

were

largely from

America, from the United States.

outside

pine left average permitted

continued to advance, reflecting reduced sup¬
plies from foreign sources. ' :
'
The Labor Department included the following notation in its re-

prevailing

lead

amount

Carbon tetrachloride prices dropped and
declined with larger estimates of commercial Sup¬

of Labor

market

announced

Battery

part, represent prices in

the

available

Netherlands East Indies.

quarter

phices unchanged.

pricesT&re

from

Lead

33,000
goods prices ranged from,9% to 15%.
27,000
Northern pine lumber, advanced as ceilings were in¬

lower mill realizations for Western

made

sources,

higher.

Carded cotton yarns averaged about 3% higher, and

The Bureau

by the Gov¬
foreign producers

abroad last week

plies. Mercury prices

most

be

country and prices realized

increases in.cotton grey

port:

America will be made at a later
date. The tonnages concerned will

copper

strengthened

.

ergot quotations

rUnitediStates, 6,659. A fur¬
ther interim allocation to South

United

ernment

National Chairman

the

1943.

Buying of

cotton fabrics and other cotton goods, in accordance with pro¬
visions of the Bankhead amendment to the Stabilization Extension

lumber

Chilean

electrolytic), against 539,tons in 1944 and 538,509 tons

831

|?eece Hew Republican

At a meeting in
Washington on
disf, 960; Middle East, 350; Nether*
April 1, of the Republican Nat¬
South
ional Committee, Representative
America, 200; Sweden, 200; Switz¬ B.
Carroll Reece of Tennessee was
erland, 400; UNRRA, 3,000; and
elected Chairman to

consumed

of

The total quantity
of pig tin made available to vari¬
ous countries now stands as foil

lands, 360; Norway, 220;

ard and

yarns,

Prices for

Britain

tonnages

against requirements for the first
half of 1946.

lows:
Canada, 1,500 long tons;
Denmark^OO; France, 4,260;/Ihf

fire-refined copper.
During 1945, Chile produced
509,331 tons of bar copper (stand¬

packers.
'.
■
Higher fruit and vegetable prices were largely responsible for
the advance of 0.1% in the group index for foods. In addition, rye
flour quotations rose with reduced offerings. Average food prices
were 1.5% above a month earlier and 4.5% above a year ago.
Other Commodities. Average prices for cotton goods advanced
4 0% following ceiling increases recently granted by OPA for cotton

creased but

.

also revealed that Great

Britain has arranged to purchase
30,000 tons of copper from Chile
on the 11.875c.
basis. In prewar

<rnods

Act of 1944.

was

1993

.

V'

f

J

<

St. Louis

.

free economy and our; free

sppie-

ty; the Republican Party will
work with wage earners, union

8.25

members, veterans, Legionnaifel,
farmers—every class everywhere.
The only people who are going to
save:our nation froip bankruptcy,
frbm bqing,forn asqnde|]foy civil
strife or by political* biocs are the

.Average prices for calendar' iyeek end^ HRrch 30 are: Domestic
f.o.b. refinery, 11.7750; export copper, f.o.b. refinery, 11.9330; American people. The only people
Straits tin, 52.0000; New York lead, 6.5000; St. Louis lead,'6.3500; St. who are .goiri£ to restore normal/
life, cooperation, productivity and
Louis zinc, 8.2500; and silver, 70.7500., <•
:
:
.
/ :1.
>
J! •
in the United States .are
The above quotations are "E. & M, 3, M. & M. M's" appraisal of the major United peace
' '
States markets, based on sales reported by producers and" agencies.
They are reduced Americans."'
.j
to the basis of cash, New York or St. Louis, as noted. All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
Sherrill Director of L. A.
deliveries; tin quotations are for prompt delivery only..
^
In the 'trade," domestic copper prices! are quoted on a delivered basis: that Is,

copper

"E. &M. J. Metal and Mineral Markets," in its issue of April 4,
stated: "Non-ferrous metal producers learned last week that higher

resulting from wage increases will be met through liberalizing
Jhe subsidy payment plan, and current price ceilings for copper,
lead, and zinc are to be retained. This action by Stabilization Di¬
rector Bowles disappointed those producers who maintain that higher
ceiling prices would soon. result^*

costs

Copper

hi

increased production, the pri¬
mary requirement under present

conditions.

Strike action at Ana¬

conda's

plants in Montana was
Postponed as negotiations were

An understanding oil

the terms

Pf sale has finally beeq reached
between the authorities in Wash-;

ington and Chilean popper/ pro-;
feature ducers for the renewal of cPfo*
the Government's program tracts that expired last October.
for buying the metal in quantity The
settlement
basis will be
from
foreign
producers.
Pur¬ 11.875c. per pound, Lo.b. point of
chases
are
expected
to
total shipment. A total of 90,000 tons
around 120,000 tons for delivery
will be involved in the sale and
t>ver the second
quarter." The
resumed.

In

copper

As delivery charges vary with the destination, the
net prices at refineries on the Atlantic seaboard.
Delivered
prices .In Ne^r.JShgland average 0.225qv per pouxid above the refinery basis.->.
•i^ EffectiVe^^ March; 14, the exporl guctatiott for copper reflects prlces obtalnlhg in
the-open'market and is based on sales in the foreign market reduced to. the f j),b.
refinery equivalent, Atlantic seaboard,'/Oh/l.a^./transactiohs we deduct 0.075c,: lor
lighterage, etc., to arrive at the f.o.b* refinery quotation.
delivered

the

Was

i

Publication

further went
say in part as follows:




on

to

deliveries

are

at

consumers'

Branch of Reserve Bank

plants.

figures shown above are

to be made at the

rate of about 30,000 tons a month

For
for

The Board of Governors of the
,

Federal
nounced

ment

Quotations for copper are for the ordinary forms of wirebars and ingot bars
standard ingots an extra 0.05c. per pound is charged; for slabs 0.075c. up, and
cakes 0.125c. up, depending on weight and dimensions; for billets an extra 0.75c.

depending on dimensions and
discount of 0.125c. per pound. <;
up,

_

quality.

Quotations for

Cathodes in standard sizes are'told, at a

direqfor

v.

prices obtained for common lead only.

of

System

an¬

April 4 the-appoint¬
G.

Fred

G.

Sherrill, Vice-

Boswell

Com-

pany^^LiOs' Angeles, Calif., as a
Branch

.

,

of

of

the;
the

Los

Federal

Angeles
Reserve

Ban#* of San Francisco for the
f

lead reflect

on

President, J.

Quotations for zinc are for ordinary riime Western brands. Contract prices; for
High-Grade zinc delivered in the East and Middle West in nearly all instances com¬
mand a premium of 1c. per pound over the current market for Rrime Western but
not les$. than. lc. over the "E. & M. J," Average for Prime Western for the previous
month.

Reserve

unexpired portion of the term
ending Dec. 31, 1946.

I

\f

1994

i|
*1:

Daily Average Grade Oil Production for Week
Ended March 30,1946 Decreased 6,800 Bbls.

■■

F

t»-fc

■

iVf

#?:'

f
';*IV<
'

'itt

f:'
mi

Ufi

p
if
*«'

?**

^ totalt'^cbisd-yeMled-30, 1946 (the last, wooing week before the strike), as estimated

by

Wage

Bill With Farm Rider

The Senate passed by, voice
vote
mately 20,000 tons below the output for the week^ended^ March^, ori April 5 : a bill to increase the
minimum
wage to
65 cents an
1946 whea It reached a new 49-year, high of W029O^0r^^.-v;.|^o^
duction in the corresponding,week of 1945.was 12^297,000 net tons. hour, to begin 10. months after

13,270,000 ne^

the United States Bureau of Mines, was

,

nfr<M

}V!'<*■ :■;

i4$
Ifyf,

-

pmpared.with th^ corresponding
week 104,715,000 barrels of finished and unfinished gasoline; 9,period of 1945.- ; ' ' ' '
307y000 Jteriels'Mkerosene; 28,240,000 barrel? of^distillate fuel^ and r ^Tha Buie&u ^ildines hlsd]piwfted *|hat4he-e^im^
^
bf beehive cbke^Qr^he^w^^l®?1^^^
4940 sho^d an
37,746,000 barrels of residual fuel pil,
"
increase o| 1,100^Ctdni: ^e?t con^hred ^tth; thO^o
the week
DAILY AVERAGE CRUDE OIL PRODUCTION
(FIGURES -IN
gbows an increase of 10.0% when

m

i

x

iii

x

.

,

; i\'.

M

RARRELS)

Actual Production

•B. of Nt.

k'vl

i

Calculated

z*;2*

Oklahoma
Kansas

■'4i

366,000

—,

from

1365,200

245,200

;

800

f253,200
I80G

f

Mar.

Mar.

30,

—

2,300

ESTIMATED UNTTEP RTATES PRODUCTION OF
;
! :
(la Net Tons)

—

6,200

252,500
800

Mar.

average
♦Revised.

Panhandle
North

Texas

Texas

West

Texas

East

Wi

Central

Texas.

East Texas—.—

Southwest Texas
Coastal Texas

l&j

1,817,500

1,910,000 U.791.553

Total Texas-

fef!

146,050
436,550
127,500
317,400
290,200
418,800

88,000
149,300
477,400
146,700
381,000
352,150
564,450

1,817,500

2,159,000

.81,000

61,000
146,050
436,550
127,500
317,400
290,200
418,800

—-

%:?■'<

1946
i946
13,270,000
13,290,000
;—
2,212,000
2,215,000
tSubject to current adjustment. , •

.

1945

i: 1946

§Mar. 23,

1,310,000
tCommercial produc. 1,258,000

107,10()

total

States

1

83,850

Louisiana—

293,350

North Louisiana

■m

Coastal

p!

1,400

82,800

70,500

—

+

293,350

131,300

1,185,700

1,489,200

951,100

|i''

Is

<The
Louisiana—

Total

372,000

406,454

377,200

1,400

+

376,150

366,150

$

by truck from authorized
§RevisecL
: . .

and

State

BY STATES, IN NET TONS

"

.

weekly estimates are based on railroad carloadings and river
subject to revision on receipt'of monthly tonnage reports from

current

shipments and are
district

I r-A

■M

~

ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL AND LIGNITE,

/

sources

of final

or

annual returns

from

the operators.)

Arkansas

76,000
52,000

——

Mississippi
—.
Alabama—.-i.—

ill

Florida

$11

«.

m «. tm

mJrn m

ff:

77,200

80,600

1,750

55,650

52,300

1,000

250

1,000

;'' V

■

100

100

15

209.700

1,050

208,100

18,400

198^000

Indiana

■Si

200

57,000

600

77,050

750

18,150

188,300
10,100

mm

Illinois

it>"

79,603

f

13,000

———————

.

v

Ky.)
Kentucky
Michigan
W yoming

fli
&»''i

Montana

[nil
tU

■.

*»

HI., Hid,
61,200
29,000

«+«*

3eorgia and North Carolina

^

—

65,850

...

__

New Mexico-

$
Hi

2,200

64,600

300

31,750

16,750

Kansas and Missouri

46,900

2,600

44,900

47,000

108,500

3,150

Kentucky—Eastern

108,300

105,900

20,150

50

19,900

19,950

23,150

600

24,800

9,550

95,650

50

95,600

103,850

.

106,000

i

68,400

■■■ -1

i'

"•

■<

!

§824,000

838,0^0

t

4

3,569,650
' 854,500

1,100
5,700

—

—

3,568,450

3,877,915

849,800

903,500

-

Kentucky—Western
Maryland
Michigan
I
Montana (bitum. & lignite)
flew Mexico

Total East of Calif* 13,612,000

.California

Iowa

—

Morth & South Dakota (lignite)—w.
3hlo

——

-

Pennsylvania (bituminous)—
Tennessee—

Total United States
♦These

4,450,000
of

Bureau

are

4,424,150

Mines

calculations

of

6,800

—

4,418,250

4,781,415

the

requirements of domestic crude
(after deductions of condensate and natural gas derivatives) based upon certain
premises outlined In its detailed forecast for the month of March.
As requirements
may be supplied either from stocks or from new production, contemplated withhdrawals
from crude oil inventories must be deducted from the Bureau's estimated
requirements
oil

to determine the amount of new crude to be
produced.
In some areas the weekly
estimates do, however, include small but indeterminate amounts of condensate which

is mixed
■m
iv

•

the field.

tThis Is the net basic

shutdowns

Includes

'M'-i

oil in

and

allowable

exemptions

as

wo for week ended 7:00 A.m.,, Mar. 27, 1946.

of March

for

the

1

calculated

entire

month.

on

a

With

31-day basis and
exception of

the

those fields

which were exempted -entirely the entire state was ordered shut down
days, no definite dates during the month being specified; operators only
being
required to shut down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to 10 days shutdown time during the calendar month.

i|j;

/irginia—
Washington—

——.

1
j;

^

400,000

23,000
2,282,000
1,130,000
194,000

—

'West Virginia—Southern

tWest Virginia—Northern
Wyoming
{Other Western States.

1,000

Total bituminous & lignite

.

tOklahqma, Kansas, Nebraska figures

4

m

with crude

Texas (bituminous & lignite)
Jtah__—
:
—

♦

1,603,000
578,000 '
37,000
129,000
1,150,000
475,000
60,000
4,000
82,000
31,000
31,000
787,000
3,272,000
165,000
2,000
.150,000

—

32,300

46,000
94,000
20,400
23,000
98,000

■'!

$

91,000
160,000 /<

Indiana

—

Colorado

—-

Arkansas and Oklahoma

Colorado
Illinois

MWot incl,

&

ilaska-

446,000
7,000

-

Ea«.ern— '

$

Mar. 23.1946

State—

ilabama

13,290,000

Mar.

f6,1S46

Mar. 24. 1945
■

460,000

370,000
7,000

7,000

100,000
140,000

:

1,598,000
567,000

33,000

45,000
139,000
1,036,000
366,000
-38,000
2,000
104,000
37,000
33,000

138,000

1,165,000
474,000
57,000
3,000
92,000
23,000
42,000

-83,000
161,000

1,000
1,501,000
541,000

1,000

•

134,000

1,000

1,000

147,000

140,000
377,000

408,000

:
-

•

•
-

2,300,000

1,082,000
190,000
1,000

35,000

2,115,000
,

1,068,000
188,000
'■»1

-

ft' ft

§ Recommendation of Conservation Committee of California Oil
Producers.

:

I

CRUDE

RUNS

TO

STILLS;

AND UNFINISHED

tlncludes operations on the N. & W.; C. & 0;J Virginian; K. & M.;
on the B. & G.ln Kanawha, Mason, and
Clay counties.
fRest of

AND RESIDUAL FUEL

iVj'.j.

;*«5

OF

GASOLINE;

STOCKS

OF

FINISHED

§ Includes Arizona

' ~

OIL, WEEK ENDED MARCH 30, 1946

(Figures in thousands of barrels ol

Figures in

this

42

section

si

'

reported totals plus

§ Gasoline fFlnish'd
% Daily Crude Runs

Capac.
District-

•

Bast

to Stills

Daily % Op-

Report'g?' Av.

Coast

Produc'n

erated

99.5

737

93.2

76.8

93

at Ref.

;

District No. 1_

of

& Dist.

Resld.

Kero-

Fuel

sine

Oil

1.635

23,081

4,397

9,084

322

2,887

187

449

V.'J

?!

District No. 2

81.2

48

s>;f

96.0

159

25

88

?fnd.. 111., Ky
Okla., Kan., Mo

87.2

747

87.2

2,383

24,150

78.3

1,255

3,222

391

83.4

1,398

Texas

10,198

389

59.8

229

1,513

69.4

f Texas Gulf Coast
Louisiana Gulf Coast-

89.3

1,157

93.5

3,529

96.8

336

129.2

920

No. La. & Arkansas—

55.9

47

37.3

138

inland

:

>

t Rocky Mountain—
%District No. 3

$

District

No.

:

1,187

915

;

313

■

311

1,400

3,134
15,887 7
4,562
1,800

4,791

/,

1,339

427;
257

487

17.1

13

100.0

43

120

'20

36

117

73.G

372

2.483

108

404

86.5

-

basis Mar. 30,

basis Mar.

23, 1946

769

79.5

2.082

15,226

520

6,51®

85.7

4,684

86.7

13,896 *104,715

4,683

86.6

13,732

104,562

U. S. B. of M. basis
Mar.

14,876

t97,602

28,240

37,746

■

*

8,917

26,667

37,906

6,894

26,682

41,111

unfinished

stocks

gasoline- stocks of 8.691,000 barrels,
tlncludes unfinisher
of 11,788,000
babels. tStocks at refineries, at bulk terminals ir
pipe Unes.
SNot " including 2,011,000 barrels of
kerosine, 5,357,00f

trans t

and

barrels

of^gas oil and d stillate^fuei oil and 8,738,000 barrels of residual fueloi
30', 1946.: ™hich compares with 2,334,00f
5,514,000 barrels and 8,596^000

ir
barrels,
and
week

in

barrels,

1,603,000
ended

barrels,

MErcb

31}

4.660,000
1945,




bairrels
*.•.

a

further

between

race

The 65-cent wage

minimum

was

after the Senators had
reaffirmed
their
farm
parity
approved

-

stand by a vote of 46 to

38

on a

proposal

will

go along with the Senate on
the farm price boost provision.

Ifl.-Wis. Savs. Loan

Associations Report
Record Assets in 1945
I Maintaining
a
percentage of
liquid assets, available for 1946
home
loans, at practically the
same high point it reached in the
middle of 1945, the Illinois and
Wisconsin savings, building and

loan

associations

reached

of last year. -

new

a

record in total assets at the

close

This, it is stated, is

apparent from the figures for the
member associations of the Fed¬
eral Home Loan Bank of Chicago,
whose statistics were
able

on

made avail¬

April 1 by A. R.

Gardner,

President of the Bank.

.

■

4,653

to

.

9,307

>$!

31, 1945—

♦Includes

gasoline

85.7

lead

prices and wages. Senator Barkley expressed himself as "open
minded" on the need for revising
the parity formula/ but added that
the proper way to do so would be
in separate legislation, not in the
minimum-wagebill.

.

Total U. S. B. of M.
K

days' supply, and on. Jan. 1 they were about 45,665,000 tons,
average of 27 days' supply, Administrator Krug said. ■ In
fact, he
added, the total stocks on March 1 were higher than tho?e at the
start of any month since Oct. 1 last fall when stocks of
53,350,000 tons
had been piled up against the winter's burn.
«■
'
vI,
an

June

days' supply and

1946

re¬

price increases which would

From the
Bank's advices we also quote:
Oil;
The 458 home financing insti¬
6,030
Retail' dealers' stocks "of soft coal were about 20% /higher oh
tutions which the Bank served in
March % than on Feb. 1, totaling-an .estimated
3,111,000 tons. This the two states closed the year witn
220
235
represented an average of six days* supply. " - * ™ ^
'
assets at an all-time-high of $771,3,019
Electric powefr utilities had; ;on March 1, fotal
stb^ approxi1,072
Figures from
mating .14,802,000 tons, or an1 aver age of 84 dayf subplyfiihrmcrease 547,000, he said.
654
annual
reports
of associations
of 7.7% over their stocks as of Feb. 1.
Steel and rolling mills had
4,476
show that the gain for the last
1,004 stocks of about 704,000 tons on March U
hveraglh|t;50; days? Supply, half of the year was greater botn
247
an increase of 42.9% over the
preceding monthr Genefal manufacby volume and percentagewis
turing industries had about 14,460,000 tons, averaging^T days* sup-'
32
than it was during the first hai.
'•V-'foply, an increase in the month of 15.6%, and first-class: railroads re¬
Assets* went 1 up
12.7% betwee
20,149 ported stocks of approximately
11,069,000 tons, or an average of 32
Fuel*

Total U. S. B. of M.

kif'l

posed increase would result in

*

j 72.1

4

California

:

^3r|

*

age of 28
of

:

on

On Feb. 1, stocks were estimated at
46,528,000 tons, or an aver¬

a

Gas Oil

•

Inc. Nat. Gasoline '?
Blended
Stocks

63.7

an

on

tStks. of tStks.

tStocks

-

Unfin.

Appalachian—

j,

and

hand Fpb.

1, Solid Fuels Administrator J* A. Krug an¬
April 4. This represents an over-all average supply for
days' burn. [According to a United Press dispatch from Washing¬
ton on April 5, it was estimated that there were
56,000,000 tons above
ground on April 1, 1946.]
—
on

31

gallons each)

include

estimate of unreported amounts and are therefore
-Bureau of Mines basis

Refin'g

stocks of Bituminous Coal in Consumers' Hands Higher
: c
Stocks of bituminous coal in consumers' hands on March 1 were
estimated at 51,182,000 tons, which was an increase of 10,7% - over
nounced

amendment contend that the pro¬

B. C. &• G,;

Stdte, including

those
PRODUCTION

GASOLINE, KEROSINE, GAS OIL AND DISTILLATE FUEL

generally favorable to agriculture.
Opponents of the farm price

.

for'10

If

which prevailed in a base period

: 11,817,000

13,210,000

Grant, Mineral, and Tucker counties.
♦Less than 1,000 tons.

in which the farmers

way

that prospects are that the House

.

•

174,000

25.000

a

get a price for the things they
raise, in terms of the things they
buy, commensurate with the ratio
can

607.000

.

867,000
3,110,000

Panhandle District

and Oregon.

labor in the parity
Sponsored- by Senator
Russell (D.-Ga.), the amendment
formula.

by
Senator
Russell.
Congressional leaders have stated

.

and

and

farm'

2,690,000

,

the

/

the

of farm

cost

tail

Week Ended-

'■WV3
.fey

attach

lish

13,232,000
12,570,000

washery and dredge coal at)d coal shipped
operations.1 ^Excludes colliery coal. tSubject to revision.

295,650

to

price increase amendment to the
wage bill, declared that the maior
organized '* farm igroups' such as
the American Farm Bureau Fed-'
eration, the Grange and the Farm¬
ers' Union; all opposed, the provi¬
sion, which seeks to include the

Apr. 3,

..«

1945

13,878,000
13,323,000

♦Includes

■tm

Mar. 31,

15,262,000
14,651,000

"

Beehive coke—v
United

(D.-Ky.J, In urging the'
hot

1937

Calendar Year to Date—r-f

1,182,000
1,135,000

106.000

♦Total incl. coll. fuel

Barkley
Senate

revise the parity formula
by taking into account wages paid
out by the farmers.
The present
formula simply attempts to estab¬

1946

1945

•

Mar. 30,

Mar. 31,

1946

1,301,000
1,249,000

•

.

Press reported. Senator Alben W

would
ANTHRACITE AND COKE

(in Net'Tons)
-Week Ended
Penn. Anthracite—

Mar. 30,
1945J

tMar. 30,
1946 !

'

12,297,000 160,939,000-153,595,000
2,050,000
2,115,000
1,979,000

ESTIMATED PRODUCTION OF PENNSYLVANIA

tMar. 30,

"

'

—Jan. 1 to Date—
Mar. 31,

30,♦^ar.J23,

fuel-

including mine

COAH1tIGNITE

:

Bituminous coal & lignite—

Total,

Daily

J!
II

BrTUMINOUS
.

-Week Ended-

—

372,950
275,850
1,000

371,450

v

,

31,

.

.

1945

1946

Week

*

Ended

Ended

>

Previous

30,

.1946

359,525:

252,000

——

Nebraska

Mar.

Begin.
Maf. 1

March

sponding week of 1945.,

Week

4 Weeks

Change

Ended

ables

.

Requirements

%

Week

Allow-

-

24;200 tons less thaii for the corre¬

ended March 23, 1946; but was

,:t|

•^5)

!$■)<

Pass Minimum

Weekly Goal and Coke Production Statistics

i

barrels per day from the
The output for the March 23, .1946 week was the highest since the finab enactment of the legislation,
preceding week and 357,265 barrels per day less than in the corre¬ week ended March 26, 1927 when it reached 13,320,000 tons. The all- and sent the measure on to the
sponding week of 1945. The current figure was also 25,850 barrels thne ^epbrd^w aet in tha week ended Dec. 4, 1926, when4he ttunes House where it is believed it may
be
the center
of
a
fight even'
below the daily average figure of 4,450,000 barrels estimated by the turned biit^^44^51,000/|6nsii:Fbi?< the; period from Jan. 1,; 1946 to
March 30, 1946, production amounted to, 160,939,000 net tons, an in¬ stronger than that which waged
Unitedstates Bureau bl Mines ^as the; Teqhirejnehfc^^
in the Upper. Chamber for
crease of 7,344,000 tons, or 4.8% over the 153,595,000 tons produced
more
of March, 1946. Daily production for the four weeks ended March
than three weeks.
As passed
by
during the period from Jan. 1,4945]to March 31,1945,
the Senate the bill carries a rider
30, 1946 averaged 4,418,250 barrels. Further details as reported by
Dituminous- coal output during th^ month of March, 1946, was esti¬
to
Associated
the Institute follow:
Press
mated at aboiit 56,800,000 tons,4he highest production-for any calen¬ according
Washington- adviees,: to- increase
Reports received from refining companies indicate that the in¬ dar month since March, 1927. J, A.i Krug, §olid.Fuels;Administrator,
farm parity prices, despite the
announced on ..April 0.
V/4- .Z
.■
fact
^
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
; I
Production of Pennsylvania anthracite for the week ended March that V President $ Truman has al¬
mately 4,684,000 barrel? of crude oil. daily and. produced .13,696,000 30^ 1946^ as estimated by the BureaU ;Of-Mihes^Wa^l,310,000;tons,tan ready;/ seiryech Tiotice; thaf he will •
veto such: a measure if
finally en¬
f barrels of gasoline; 2,011,000 barrels of kerosene; 5,357,000 barrels pf: increase of 9,000 tons (0.7%) over the preceding week.- When com¬
acted. ;
/distillate fuel,; and 8,738,000: barrels of residual fuel oil during the pared with the output in the weekl ended March 3r, 1945, there ,was
On March 28, the
Associated
week ended March 30, 1946; and had in storage at the end of the jah increaab] of 428^)00 fdns; or 10,8%;,.. The rcaiendar jaar Ito date
4,424,150 barrels, a decrease of 6,800

was

M:.\

♦iff

March 30, 1946,

crude oil production for the week ended

erage gross

••>'&;,
ft?..

■i'fv

Institute estimates that the daily av¬

The American Petroleum

Thursday, April 11,1945

FINANCIAL CHRONICLE

THE COMMERCIAL &

'■* f

and

respectively, in the preceding week
barrels, respectively, in the

8,834,000

.-v-

.>>.»,

an increase of 10^% during the mohth.: i
\ :
Estimated consumption during-the month of February was about
12% less than during January.
Estimated burn for-the month was
as follows: electric power utilities,
4,937,000 tons, a decrease of 13.5%
below that of the preceding month; by-product coke ovens

3,638,000
decrease of 31.3%; steel and rolling mills, 396,000 tons, a
decrease of 28.3%; general industries, 11,087,000
tons, a decrease of
14.1%; first-class railroads, 9,547,000 tons, a decrease of 13.0%. Retail
dealer deliveries approximated: 14,963,000
tpns, 'a decrease of 2.1%;
tons,

a

below those of January.
The estimates of days'
for individual consumers.

-

.

supply are averages only; and vary Widely
■

'

.

.

'

and

30

Dec.

31,

and only

11.9% from Jan. 1 to June
Cash

and

constitute

which

30.

boncts,
prmcip

Government
the

liquid assets, made up of 28,9 ^
associations' assets on v

these

31 and 29.7%

six months

'

the

"Tor

first

•

«arliel-

time in

some

increase -In P^va
shareholdings in the associat
was
relatively smaller than tnc

years

gam

9.02%

the

the
as

previous six montn »
compared with 9,91 /<?.

THE COMMERCIAL &
FINANCIAL CHRONICLE

Number 4480

163

Volume

1995

'

itiveniie Freight Car Loadings During Weekfp
Ended March 30,1946 Increased4536 Gars

below the

corresponding week in 1945.-

below the preceding week and

ffifpw ears

corresponding week.in 1945.

the

Ore loading
the

,

5,308

491

341

1,673

6,115
1,684

1,608

1,601

3,482

3,418

227

v*

cars below

79

47

50

1,031

450

348

4,664

3,845

27,996

4,110
15,949

26,054

26,679

25,742
23,862

.

215

399

220

3,739

3,794

3,392

1,118

886

335

12,453 cars below the corre¬

437

4
4

782.397

786,202

Week of March
Week

of. March
of March

Week

of

Week

9—

12,662V
12,062

11,986

10,977

26,109

21,308

9,166
25,906

625

685

829

886

141

146

154

1,040

1,089

133,025

118,851

116,116

134,339

•

136,762

15,990

23ZZII-—^

March

809,142

816,741
836,000

10,078,230

735

210

meht with the Italian:

399

11,881

12,051

10,443

REVENUE

LOADED

AND

(NUMBER OF CARS}

-

-

•

FREIGHT

468

4,337
1,108

326

101

1,975

5,053

9,216

10,158

2,293
3,678
4,801

2,646
3,208
6,021

76

6,621
1,052

238

94

436

2,583

2,440

86,810

64,394

22;725

25,586
3,759

21,540

16,128

2,828

3,074

483

11

71,912

»'

-

V'
5:fi>Y
>>■■•<•> -H r
v

t

Eastern District—

FROM

■

359

.

20,424
3,021
12,439

17,944

11,147
835

929

12,665

14,024

3,311

4,365

2,404
6,613

12,979

759

693

1,574

3,327

3,355

3,974

513

648

70

31

689
978

938

745

1,291

2,081

2,498

2,035

1,724

1,544
2,362

1,139
1,826

640

728

—

—

Missouri-Illinois

1,087
1,421
543

700

—

25

2

27,689

North Western Pacific—

27,993

Peoria Ac Pekin Union

Southern Pacific (Pacific)

Toledo, Peoria St Western

'

1,223

—

Nevada Northern

976

0

—

Union Pacific System.—

113
511

828

0

0

.; 29,286

10,038

312

0

16,287
2,400
17,234

,

16,086

15,515

539

12,308

571

1,817

1,779

2,016

117,738

Total

v

126,394

117,729

'

tK. O. St G., M. V. At O. C.-A.-A

30

Kansas

Total Loads

Received from

.—

Chicago, Indianapolis" &
Centralfr dianA-————————

7,297
1,252

29

.

v:V

6 V;I

V 2

;

4,690

76,413

107,246

451
189

1946

viissouri-Kansas-Texas Lines

1,618
477'

Missouri Pacific..—

'424

1,320
33

73

5,461

456 !

5,951
16,174

133

4,048

1,907

5,891

V 2,255

.

..

•

1,867

3,483

2,939

;

288 r

'

.

i

3,083

2j665

1,298 i

1,193

390

6,096

15,446

4,354
14,727

20,017

no

7,296
16,347

185

198

433

7,469

8,373
7,204

161

118

9,698

St.

2,584

9,514
3,548

3,085

10,779

11,961

!

-

5,215

7,620;

Central Veririont-^*^^i----i^i^---

1,184

1,160

1,035

2,156

5,414

5,003

84

83

81

8,401

8,383

7,649

12,358
9,467

Wichita Falls & Southern——

5,484

4,876

2,309
15,983

5,481

Delavare St Hudson.———-,-^--.*—
Delaware, Lackawanna & Western

12,592

Weatherford M. W. Ac N. W

36

44

22

298

185

241

192

74,287

5,956

1-50

62,770

475

5,736

5,039

9,165
4,317

Louis-Southwestern

Texas Ac New Orleans—

3,006

;

'

919

St. Louis-San Francisco

43

415

.

3,669

tjuanah Acme Ac Pacific

2,376

:

2,270

2,123

354
'

441

7,684 i

3,398

Missouri At Arkansas

17,471

*

2,874

2,203

1946

15,444
2,141

404

7,155
2,871
1,301

Litchfield St Madison.—..

2,104

.2,327
7,309

36

City Southern.——

Louisiana Ac Arkansas

Connections

232

3,239.

8 235

1,227

Boston As Maine---———.

309

5,256
2,142
1,176

—

tntemational-Great Northern

—

297

3,648

,.j:„

2*993

*

Southwestern District—

'

-389

.....

Bangor & Aroostook——

106

'i

;

768

"V -9

:-7

330 i

"14,283

Western "Pacific

CONNECTIONS

Revenue Freight Loaded
1946
1945
1944

Ann Arbor-.-.-^--—.—i.-~-—

76

2,795
10,577
2,644

3,143

>

16,146
4,499
A

March 30, 1946

~apf

Total

•

Detroit & Mackinac—z—,——-—-

2.637

Detroit, Toledo

& lronton_.;
Detroit & Toledo Shore Line—

I,943

1,763

I,582

464

307

3,334

13,766

15,574

3,258

4,437

3,813

7,827

——

Total

19,060
10,145

6,792

,

%

x

199

162

-.•167

2,877

4,344

Lehigh & New Erigldhd^*^*-^
Lehigh Valley.....
Maine Central

2,428

1,731

2,041

1,771

1,530

9,162

8,478

8,985

8,302

12,662

2,891

2,535

2,317

5,800

Mon{mgahela_--^.^.«U^.-.-.i-i-^i

5,568

278

38
13 :'M:':v.;3l

70,390 "

g

59.571,

3,135

24

in

Atlantic

Gulf

Uy.

Coast

Line

includes Midland

RR.

only in 1944 and

also

Oklahoma

Valley Ry.

73,052

and

Kansas

Ry.

in

5,224
427

Itontour.

6,512
2,179

tIncluded
Oklahoma St

8,508

,51

4,255

13,222

Grand Trunk Western——£

Lehigh & Hudson

Texas Ac Pacific

1,614

285

12,165

Erie

37

River.

47,993

53,701

N. R. & Hartford-^-^^—
York, Ontario Si Western———

.10,847

6,094
2,680
50,744
II,004
914

10,965
1.033

16 566

990

2,800

New York. Chicago & St. Louis..——.

5.976

7,056

6,237

14,682

and

NOTE—Previous

17,655

New

50.612

—*—

N.

Y., Susquehanna & Western
Pittsburgh St Lake Erie.—
Pert Marquette^^^^^ifc-^^-'

•-,424

..

448

7,738

Pittsburgh St Shawmut—
Pittsburg, Shawmut & North
Pittsburgh & West Virginia--..
Rutland_-a^.-.-ft—.

8,559

5,454
1,174
.278

>469
v

874

.

:

247

^

2,106

8,222
4,932
■l
778.

5,353 ;

8,087

\

285-.

Lake; Erie..

1,007

988

405

400

-5,927

V

—,

Total..

4,£44

298

1,201

II,960

218,712

.

*

257,915

CornwalL_;:'.^.^—

813

.,^05

2.044

"':i,259

11,522

42,°85

1,453
25,479

2,732
1,616

6,537

•

6,837

404

^

Cumberland St Pennsylvania
Ltgonter Valley:
'
Umg Island.

,

4^,957^

•44.6«0

—

Bessemer & Lake Erie
——
Cambria k Indiana—————
Central R. R. of New Jersey.——-,

Penn-Reading

.691

,

"133

1,591

1,863

1.796

2,178
88.367

84,639
15 680

18,308

4,936
182.868

■

**>-'

"

St

j.V

;v'v*'-v/r/ 'Jr

.

:

■

Ohio—,. ^

5,469

2,200

2,615
68,965
35,202

61,877

14,623
20,373

28.278

4,322

-189,834/

.

12,245

3.852

178,709
;

■>'

92 484

Norfolk & western -I

4.455

-

:'

28,920
21,543
" 4,600

.

.

'•'•v

161,245

4,712
15,757

i-'r-.

.'

'

27J41
4,209

'

'

Orders
,i

Period
v

19

Jan.

,

,

,,,




v-:

■

S9,«4R

55,065

53,734

'''

'

'

Jan. 26—————

,

142,142

Feb.

2
9

169,482

Feb. 16——

139,681

details of
at that

made

-

'

-

>

Group^^

At a preliminary
meeting of the
International Assembly of Wom¬
en, Which was the occasion for a
dinner in honor of Mrs. Franklin
D.

Roosevelt, a message from
President Truman was read in
which the Chief ^Executive
hailed
the proposed
organization's inten¬
tion to work for peace

expected to meet in October, 4s
comprised
of
many
women's
groups, and plans to draw to¬
gether representative women of
the United Nations. Its sponsor is
Mrs* Roosevelt, who addressed the

dinner group on April 3 at the
Waldorf-Astoria' Hotel in New

York; according to the account in
the

New

stated

York

that

Mrs*

"Times "

which
Roosevelt had

urged the American people to ex¬

ercise

"self-discipline, vision and
courage," particularly in the next
two years, in order to relieve Eu¬
rope of

misery.
Truman's message,
according to the "Times," said in
part* "Such an assembly Will gain;
rather ihan lose in significance

President

because
its
members
represent
peoples rather thaii government"
A message was also
presented to
the meeting from Trygve Lie, Sec¬

'

Remaining

139,993

155,381

198,985

161(122
158.229
167,243

2—.........

Mar.

9—

■

152,066

.178,443

157,237
169,355

14,362
10.000

Mar. 30—--i-

Percent of Activity

183,509

164,267

167,541

*8

523,672
507,651
499,955

i

>

'

—-

same

Current Cumulative
i

93-

516,776
529,767

>95

549,928

90
f

v.

93

98

cr:

99

99

100.

95

95

Notes—Unfilled brdert bf the prib^ week^ pius ordera
ttseeiVedi, • !rt'r;pfbd«dttatt'r4^
necessarily equal the unfilled orders at the close.
Compensation for dellndtient
reports, orders made for or filled from stocx, and other items made
necessary kdjustmentA of unfilled orders.
;■

-

;'5.

-

S

;

-

v

:' -

■

."fe?t I

-v

mills, unfilled orders are equiv*
alent to 31 days' production at the
current rate; and gross stocks are
For the

94
,

were 9.1% above
production.
Unfilled order files of the report*
ing mills amounted to 90 % of
stocks.
For
reporting softwoodf^

year-to-date Shipments
reporting identical mills ex¬
ceeded production
by 10*0%; or¬
ders by 10.6%.

Of
-

94

100

production for the Week
March 30, 1946,
In the
week new orders of these

equivalent to 33 days' production.

92

97

":•<

:

91

94
:

■

88
89

">■ 97

533,794

551,081
538,572
539,109

.

94

516,211
500,507
V,

78

> 85,

94

According to the National Lum¬
Manufacturers
Association;
lumber shipments of 420 mills re¬

mills

'

,

through in¬
ternational discussion of'commoi#-^
problems. The assembly, which is V

ending

"

149,794

178,590

....—*

..I—

'

Tons

'

27,607

be

A further

Women to Organize
International.

above

Unfilled Orders

Feb.

s'eb. 23.

'■

526,891

Mar. 16———

22,122

.

the

porting to the National Lumber
Trade
Barometer
were
13.1%

these

MILL ACTIVITY

""•

Tons

Mar. 23—

3,245

,l"

"

111,967
144,482
143,550
143,101
150,634

.

'

•

PRODUCTION,

froOtietioa

143,366
134,265

—

Mar.

7,013
1,486

figure which indi¬

a

176,346

—

Jan. 12

191,719

13,623

|

of

the credit will
time»n

ber

from each

the time operated*

Tons

;S——

not

Tftthl

on

ti-c

Received

* ■>:

1946—-Week Ended

Jan.

tr.—J—v

■

—

5,473

;•

80.150

4,287
•

•••;. 49

v.

production, and also

activity of the mill based

STATISTICAL REPORTS—ORDERS,
:i'

■%•<* '•

10

8

1,772

19.316.

w,

71

10

1,256

14.990

Union (Pittsburgh)—^.
Western Maryland
,.

71

163

105

statement each week

a

figures are advanced to equal 100%/ so that they represcnt the totai
Industry.

23,509

>'208

Pennsylvania System
Reading Co.—

Chpsapeake

18,328

62

Seashore Lines.

District

.2,102
■<12

361

—.

Pocahontas

14

7,041
■> .591

565

1,957

announcement

Lumber Movement-—Week
Ended March 30, 1946

Chicago, I1L* in relation to activity in the

member of the orders and

cates the

31,724

3,101
1,494

found; in good, order;

sembly.

tbcubfMatffli:-'3 of'the tOftal

.

.

will

herewith latest figures received by us from the National

industry, and its program includes

5,579

159,883

credit

"

13,953

3,724

the

of the United Na¬
tions. in which Mr.-Lie expressed
his "admiration" for the^
purposes
1 nsmrj
rig Organization of the as¬

papert>oard industry;

3,604

5,124

167,641

165,882

Allegheny DistrictAkron, Canton Ac Youngstown
Baltimore & Ohio

245
.

that

become

retary General

year's figures revised.

Paperboard Association,

19

1,337

'

5,405-

6,69«-r

2,633

1»931

395

6,632

Wheeling At

I-, 993

.

We give

9,440

1945

Weekly Statistics of Paperboard Industry

'

8,151

7,816
.'29

City-Ada-Atoka

1946.

58,687
21,112
3,366

New York Central Lines

N.

-

banksv of¬

Export-Import Bank

operative until the
signed documents have been re¬
turned to thc^ United States arid

3,769

89,754

hot

545

2,264

83,477

Gulf Coast Lines——.

RECEIVED

emphasized

86

2,055
4,298

2,204-

Fort Worth St Denver City
Illinois Terminal...

'

WEEK ENDED MARCH

:.?!•*; nVrvW

y:

Railroads
"

'

>

ficials of the

94

501
v

2,156
5,132
8,978

—

163.

\

:

credit of

11,197
3,950

'320

468

234

providing

632

364

—

agree?

of " China

13,386

688

9,202

;

an

574
10,775

551

442

into

Bank

the

286

9,416

Burlington-Rock Island

'1

entered

for a
special- cotton
$33,000,000.
In making the announcement
of the signing of the Ioah
agree-

638

-

During this period 54 roads reported gains over the week ended

1945.

als6

3,841

6,207

——

The following table is a summary of the freight carloadings for

March 31,

has

14,654

■

the separate railroads and systems for the week ended

cotton to European countries/ As
previously announced, the Bank

3,457
11,207
4,814

817

^

Total

Export-Import Bank in October,
'1945, to finance the shipment of

13,874

15,447
2,669

3,414
4,175

—

10,228,853

■/>;

——-

30——4——-

28,178
'

2,706

2,639
21,332

1,049

to

19,784
3,207

17,090

2,499

21,194
3,767

-

785,195
777,578
786,106

,

.

mentv with

v
2,997
Bingham As Garfield.
3
Chicago, Burlington St Quincy.
? 19,84*
Chicago St Illinois Midland—
2,887
Chicago, Rock Island St Pacific
11,787
Chicago St Eastern Illinois
2,804
Colorado & Southern
737
Denver St Rio Grande Western—.w—*
2,721

786,893

816,556

' 799,882

„

1,775

10,623

Central Western District—

780,265

9,732,559

16

Week at March

*67,055

2,866,710

Italy is the second allocation

1,433 be made from a general credit of
12,918 $100,000,000
established by the
9,640
I

1,499

407

,

595

1,640-'

444

-

200,000
Export-

Import Bank, which also stated:
"This special cotton credit to

5,266

27,230

Atch., Top. As Santa Fe System

1944

3,003,655
3,052,487
785,736

442
"

Alton

3,158,700
3,154,116

2,883,620

Januaryweeks of Februaryof

weeks

1945

1946

466

490

.

Denver & Salt Lake—

'

...

of approximately
bales of cotton, said the

13,004
1,127

4,133

1,337

-

TotaL

Pocahontas and Southern, and all reporter
compared with" 1944, except, the Northwestern and South¬

V':-

179

export

18,351

1,076
394

——^

—

Spokane International
Spokane, Portland As Seattle

,

week in 1945 except the

*'

209 1

in the United States for
shipment to Italy.
If fully Util¬
ised, the credit will finance the

4,569

v

10,094

agreement with

cotton

2,959
.942

845

4,779
27,699

_

& loan

Export-Import Bank provid¬
ing for a line of credit of $25,000,POO to finance the purchase of ra#S

734

2,416

of

the

1,421
151

'

147

1,226

banks afid by the Italian Govern¬
ment

273

749

1,695

Northern Pacific

corresponding week in 1945.- " • -;
>■, .
All districts reported decreases compared with the corresponding

-

324

108

4,191

455

_

bake Superior As
Ishpeming
Minneapolis & St. Louis
Minn., St. Paul As S. S. M—*«*

preceding week, and h; decrease of 2,457 cars below the

.

207"'

125

3,764

1,223

Great Northern..
Green Bay As Western

,

western..

t

103

.

•

Increases

%

1,840

Chicago As North Western
Chicago Great Western
Chicago, Mllw., St. P. As Pac.
Chicago, St. Paul, Minn. & Omaha.
Duluth, Missabe As Iron Range.
Duluth, South Shore As Atlantic
Elgin, Jollet As Eastern
Ft. Dodge, Des Moines & South

sponding week inl945.:V jjj!:!
>> •>>r
Coke loading-amounted-to 13,182-cars, a decrease of 267 cars
below the

3,801

Northwestern District—

a

amounted td 9,748 cars, a decrease of 568 cars below

preceding week and a decrease of

14,958

3,999

_

Total.

loading totaled 39,508 oars, a dccresse of 2,149

2,266

10,737

402

,

Tennessee Central
Winston-Salem Southbound-

below the corresponding week in 1945.

below the preceding week and a decrease of

1,945
sj

515

,

corresponding week in 1945.

Forest products
cars

820

13,285

576 >

jtaly

386

t

Piedmont Northern

feeing Week, andamiticreaseof 1,002
above the

I

The

Export-Import Bank re^
ceivedi"word pit <April I of the
2,618
iste&t signing by a number of Italian

279

15,075

—

Richmond, Fred. As Potomac
Seaboard Air Line
Southern System

chfresnohding week in 1945;

cars

907

-

1945

4,675

.

preceding week and an increase of 1,333 cars above
In the Western districts alone load-

above the

rflfc

24T

3,996

Norfolk Southern

Livestock loading amounted to 15,854 cars, an increase, of three

♦hJ

413

1946

,

t

Macon, Dublin & Savannah
Mississippi Central
Nashville, Chattanooga As St. L.

of 16,320 cars above the corresponding week in 1945. v.;
Coal loading amounted to 186,217 cars, a decrease of $.841 cars
h glow the preceding Week, but ^n increase Of 14,542 cars above the
corresponding week in 1945.
Grain and grain products loading totaled 42,631 cars, a decrease
f 8^6 Cars below the preceding week , and a decrease of 3,929 cars
kIiaw the corresponding week in 1945, in the Western districts alone,
and grain products loading: for; the. week of March 30 totaled

\

Cotton Credit to

Connections

1944

"

Illinois Central System!
Louisville As Nashville

increase

;?

|

Received from

16,403

Gulf, Mobile As Ohio

v

1945

946

As Coast

Georgia
:
Georgia As Florida

of merchandise less than carload; lot freight totaled
an increase of 3,72f cars abovetthe preceding weel^ and

decrease of 1,569 carS

382

Florida East Coast

0.6% above the preceding week, /;>

»ars?a

NcTtheriuil^.i

Gainesville Midland

frdfiVcars

i*H *42 cars

>194*

Charleston As Western Carolina
Clinchfield
Columbus & Greenville
Durham As Southern
*

freight .loading totaled 373,260 cars, an increase of
above the preceding week, but a decrease of 37,948 cars

an

;»■

&

Atlanta, Birmingham

Miscellaneous

Loading

Total
Revenue Freight Loaded

Atlantic Coast Line
Central of Georgia

809142 cars,

.

:'

.•

Atl. & W. P.—W. R. R. of
Ala

oading of revenue

4 536 cars, or

Total Loads

Railroads

lUntliera Diitr let—

Alabama, Tennessee

freight for the week ended March 30, 1946,
the Association of American Railroads announced
-Anril 4
This was a decrease below the corresponding week of
to45 of 26 858 cars* or 3.2%, but an increase above the, same week in
1944 or 23,036 cars, or 2.9%.
N
t
hading of revenue freight' for the week of March 30 increased
T

♦Mated

■

■

...

Compared to the average corre¬
sponding week of 1935-1939, pro¬
duction of reporting mills was
3.6% below; shipments were 2.7%
below; orders were 5.6% beloWj o

THE COMMERCIAL & FINANCIAL
from 1922 until February of

CHRONICLE

Negro Progress and Racial Bias

year

Items About Banks,

(Continued from first page)

Balti¬

of

Bank

National

First

ers by
developing: new methods
bankrupt. Booker ;T.; Wash¬ for /
dealing^ am
wRh agricultural
I
ingtonknew, that opportunities for problems.
.sure
that th«

schools, and half, of our country

more;His;first empldyriient it JfS

c

TrustiConipanies

was

learned, from the Baltimore "Sun'
as-

was

Alexander

to

secretary

his students and for the members

Brown, of the banking house that
bears that nahie." 'He became a
Sloan

<

of New York,

April 2 the election
of Edmund F. Ebert, formerly As¬
announced

on

jf

Earle also

elected

was

Ringe

the

of

from

the

"Eagle" of
April 5. Mr. Ringe is also director
of the Fidelity National Bank of
Queens.
Brooklyn

Assist¬

an

Approval

of

Department. Edgerton P. T.• Jenuison /and Harry F. Tappen y^ere

Co.

Assistant

Treasurers

and

^continue
their association
with the Credit and Security Re¬

will

sf
I

search

Department

of

merger

a

Manufacturers

elected

ad¬

Savings

Ridgewood

W. F. Rutherford in the Personnel

¥

been

Bank, Queens, N. Y., it is learned

ant Vice-President and will assist

>4

has

vanced from the post; of First
Vice-President tb that of-Presi¬
dent

Assistant
Vice-President.: Mr. Ebert will be
associated with E. S. Chappelear
inithe Commodity Division of the
Banking Department.
Edgar C.
sistant Treasurer, as an

J

Herman

of

President

Colt,

Bankers Trust Co.

&

Traders

N.

Buffalo,

of the
Trust

Y.,

and the
Farmers Bank of Springville, N.
Y., by directors of the two insti¬
tutions

was announced on ;March
by President Lewis G. Harrl-

27

man

of the. M. & T. and

Presi¬

partner in the firm of Alexander

worker

on

return to

paper we

the battlefront.

Trust

Guaranty

O'Brien

C.

Edmund

Stanley/ Aldrich

would

influence

be

ready

for those

opportunities when they
we help make
our own opportunities and he la¬
bored in the vineyard to make
this a country in which people
came.

On his

Baltimore, he was elect¬
of the Export and

He knew that

Import Board of Trade and imme¬
could advance.
diately set about propagandizing
Baltimore's harbor#
;
j.' -■ *, TV Washington

but because he was a great
educator and a great man.
gro,

Subsidiary Council of the United
States Chamber of Commerce. A

;

During the past 65 years * men

and! women/ha v© left this school,
and other schools like it, to teach

later hd' was' Chairman' of a
of the /United / States
Chamber of Commerce appointed
year

committee

and

Everett

"The consolidation, which must

also be approved by stockholders
of both banks and the New York

Department State Superintendent of Banks,
at She company's main office, and will be
effected by an exchange of
both Mr. O'Brien and Mr. St. Au- stock of the two banks on the
byn have been on leaves of ab¬
sence

with the Armed Forces.

basis

Arthur S. Kleeman, President of
^Colonial Trust Co. of New York,

April 8 the appoint¬

on

ment of William H. Bassett as As¬

sistant to the President.

816

shares

of

M.

&

T.

stock for each share of the Farm¬
ers

announced

of

Mr. Bas¬

sett will make his headquarters in
the institution's principal office in

Rockefeller Center, and will Work

rehabilitation

Homer,

as President of
Bank of Baltimore,

Jr.,

advisory board for the Spring¬
are under the active chair¬
manship of W, A. Davis. Mr. Aidrich: will become a Vice-Presi¬
dent

of
the Manufactutars, &
Traders/arid will be in charge of
-

No Inferior Race

two months later."

/There is

capacities for 19 years, will
continue unchanged."
/during which time he represented
that organization in the metropol¬
The-'New York State Banking
itan area.
Department announces that on
April 3 approval was given to
The statement of condition of
plans of the Erie
.

stock,
Surplus and undivided par $25 each.
profits amounted to $3,838,415 as
compared with *$3,324,458 on De¬
A change in the - title
of She
cember 31, 1945, and $3,355,279 a Pittsfield Third
National Bank and
year ago. Cash in vault and with Trust
Company of Pittsfield, Mass.,
year ago-

Bank

nounced in the Bulletin issued
the Comptroller of the

$50,140,917

office.

852,878
598,473

on

a

compared with $49,Dec. 31, 1945, and $41,as

recently

an¬

by

Currency's

•

Shanahan, President ly by the Treasury Department.

deposits of $39,-

&■

547,893, and total resources of
$44,510,501 against $37,618,806 and

•$41,744,253,

respectively,

of

as

Dec. 31, 1945.
Cash on hand and
due from banks
amounted to

i

-®j

$8,397,701 against $9,922,247/ Hold¬
ings of United States Government
Securities totaled $12,205,960
against $16,874,401. Loans and

I,
1 f:

discounts were $13,197,737 against
$9,400,785. Capital remained un¬
changed at $1,500,000. Surplus
reflected

400,000 to

iM.

ed

: *

had

been

increased

Lewis

Fuhr, Assistant VicePresident of Kings
County Sav¬
ings Bank of Brooklyn, N. Y., cel¬
ebrated his 45th
anniversary with
that Institution

on

April 3.

The

Brooklyn "Eagle" .reporting this
*He is

authorized the transfer of
$140,000
from undivided
profits account to
surplus account, thus

increasing

For the firfct

In

Anouncement has been made by

E.

E. Bewley, Chairman of the
Board of the Fort Worth National
Bank of Fort

Worth, Tex., that an
increase in- the surplus from $3,000,000 to $3,500,000 was author¬
ized at the meeting of the board of

change made in the capital
structure of the bank in 1946. On
Jan. 3, 1946, capital was increased

from

$2,500,000 to $3,500;000 and
surplus from $2,500,000 to $3,000,000

as

a

result

of

20% stock
to $500,000
and sale of 25,000 shares of stock
dividend

at

a

$40.00

of

share,

or

owners

Negro farm ten¬
States. Sixty?
later—today,/ while we

five years

taking; stock, let it be noted
are 202,000 Negro farm
owners and 520,000 1 Negro farm
tenants. There were no Negro
are

that there

doctors in the

United

There

years ago.

of

Montreal

announces

that Charles J. Burchell has been

appointed

a director of the bank.
Mr. Burchell is the senior
partner
in
the
law
firm
of

Burchell,
Smith, Parker & Fogo, of Halifax.

United i States^

Pittsburgh, Pa.,
banking field, died on April 5. He

;; V

the

•

oldest

employe in

point of years of service/. Mr.
Fuhr is in charge of the Williams¬

burg office of the bank"




McEldowney

retired in May, 1942,
Vice-President and Director of
the Mellon National
Bank after
40 years'
service, Mr. McEldowney
continued his association in an

/

^

.

ad¬

Austin

Company

on

'

from

Apparently prompted

between April 19
29, Senate Majority, Leader
Barkley announced to his col¬
leagues from the floor of the
and

Senate

on

April 3 that he was
opposed to any Raster
recess, be¬
cause

McLanahan, President

Savings Bank

railroads,

and

buses'

of whose customers
are Ne¬
are operated almost alto¬

gether by white operators.
black and

men—one

one

If two
white-

equally qualified by education
and experience for a
job, the
are

This condition can be
improved

to

some

extent

it

would

be

"inexcusable"

to take time off with
all the work

of

of

year.V /

by

a

permanent

not

answer, however, lies else¬
where.
This, I believe, is the an¬

swer.

When, by education, you at
Tuskegee and at fether schools
throughout the land, have pre¬
pared the Negroes of America to
do useful, skillful, and remunera¬
tive work, they will be
capable of
and ready to ? go forward
happly
and prosperously in a prosperous
America,; All we need, then, is
such an America. We mtist have
continuous full, employment op¬
portunities here at a fair minimum

wage/ The average Ameri¬
laborer, farmer, school teach¬

can

er,

and professional

fear.

He has

seen

lives in

man

depressions be¬

street-car, he thinks, "Tomorrow,

|

and five white families lived on a
plantation which had been aband¬
time

all

of

white

This Negro

man's

job.

no Negroes operat¬
ing street-cars." Some carpenters,
At bricklayers, and fanners feel the

farming.

these

be bad.

There must be

families

were

same way.- So do all white Amer¬
icans who feel insecure*

made it possible for them to

It is you
duty, and the duty of
all of us, to work diligently for

bordering on starvation. The
Farm
Security Administration
begin
buy the land. It took time to
build up the soil.
Finally they
went into. sweet potato
raising
and,. working cooperatively and
to

scientifically, they formed an as¬
sociation, built curing houses, sold
their

education, and more diligently for
production, full employment,
full Use of all our resources, and
a more abundant life in America.
full

When

full

is

employment

advantageously, and achieved, when the

crops

live prosperously, and help
America. They were given

opportunities.

They took advan¬

fear of inse¬
curity is gone, all of the races
which make up this great country
can dwell
together in peace.

tage of them.

Kerr

facing the Senate. "It is my earn¬
Baltimore, est hope," Mr. Barkley said, ac¬
Md., for 23 years, and
formerly cording to United Press
Washing¬
President pf the National
Associa¬ ton advices, "that we
will -all
tion of /Mutual
Savings Banks, stay here and work on our
tasks
died on April
3, at the age of 74. with a diligence that
will permit
Mr. McLanahan was
President of us some time around
July to go
the Savings Bank 5 of
Baltimore home for the rest ©£
the*
♦he

groes,

A.few years ago in the Santuc

need more.

^

^

Progress In Farm Ownership
.

prominent in the

visory capacity.

some

al¬

men

fore. He expects depressions
again.
When he sees a Negro operating a

feed

Trustee

Senate Hopes of Recess Dim

high of $23,552,446.
Allen W.

industry is operated

cars,

We

Executor
as

That

now/

nesses/ in the United States.

now

and

65

enough, either. There are 286,000
Negroes operating their own busi¬

The Midland Bank Limited of
announced on March 18
that Walter
James/ Secretary of
the bank and of the Midland
Bank
London

Limited, would retire

States

4,000 Negro

are

doctors in the. United States now.
That is not enough.
There are
64,000 / Negro
teachers
in
the

that
Bank

McEldowney, formerly

$898,669, reaching

Street

Community ;in Union County, business will
South Carolina, 55 Negro families is
taking a
which

of
$500,000 was placed to capital and
$500,000 to surplus.
per

few Negro

were

ants in the United

amounting

a new

months of
1946, total de¬
posits of the bank showed an in¬
crease

struction

T-

U. S.

handicap.

no

1881 there

farm
(

pension
March 31,; and that W.
Chalmers
had
been
ap¬
pointed to succeed him.

three

as

$468,237 to $482,383.

«aid;

Philadelphia^ have

surplus to $300,000.

are

real

man's skin is

Redeem Land Bank Bonas

Here in the South, in the heart

Through New Offering

of the Temperate
Zone, men who
are
willing to learn and to work
can better their lot and
the lot of
their children If they are en¬

by the
remark of Speaker
Rayburn on
an
increase from $1,- was 76 years of age, according to
April 2 that the House
the
might be couraged, and the best
Pittsburgh "Post-Gazette" Mr.
$1,500,000 and undivid¬
able to recess

profits

from

The directors of
Industrial Trust

Company of

they

most/exclusively/fey/white

tion, and opportunity the color of

of the

Federation Bank & Trust
Co. of New York
reported as of
March 30, 1946,

Many'Ne¬

are

In most stores^
clerks—in¬
cluding clerks who sell to
Negro
customers—are white. The con¬

a

Treasury. Department
Washington issued April 1.

ago.

March 20, was
announced recent¬

Thomas J.

equipped.

well prepared
by
education for good jobs are
unable
to secure them because

letin of the

were

w

i

ih the

no

oned for commercial

An increase in the
Loans and
capital stock
of the Northern
$27,049,754
as
Valley National
compared with $28,372,304 on Dec. Bank of
Tenafly, N. J., from
31, 1945, and $17,261,572 a year $100,000 to
$150,000 by the sale of
ago. '
: 5
•
$50,000 of new stock, effective
year

discounts

provided for
Negroes

poorly
who

groes

at

County Trust
the^Grace: National Bank of >Ne^ Co. of East Aurora, N. Yn to in¬ directors
held on March 28. Capi¬
as of March 31,
1946, shows crease its capital from $150,000, tal of the bank now stands at
$3,deposits - of - $90,000,002 as' com¬ consisting of 6,000 shares
(par 500,000 and surplus at $3,500,000
pared with $95,13*9,-301 on Decem¬ value. $25 each) to
$250,000 con¬ or a total of $7,000,000. This is the
ber 31, 1945, and $74,708,654 a
sisting of .10,000 shares of
second

the Pittsfield National
effective April 1 was

schools

are

Employment practices Com¬
mittee.
It can be
helped by abol¬
contributed to the welfare of this ishing the poll tax.
It can be
aided by educating white
country because of ill health, lack
people.
of education/or lack of opportu¬ A; revival of
religion in the hearts
nity. Given good health, educa¬ of all of the people will help. The

$200,000 stock dividend was
declared on March 28, by the First
National Bank & Trust Company
of Kalamazoo, Mich., thus increas¬
ing the capital stock from $600,000
to $800,000, according to the Bul¬

York

to

the farm, in
business"
professions, it is never-!
true that
today most pub¬

Fair

A

official

com¬

lic

inferior race in the
United States. There are people in
the United States who have never

■

pared with $22,211,860 on Dec. 31,
1945, and $15,534,161 a year ago.
U. S. Government Securities were

cation,

the Savings and those who worked with him
in February, at Tuskegee, There are preachers,
White man gets the job.
1922, at which time he resigned scientists/ and doctors who, Would
from the Brown banking house. not fee
serving America so well What Fair
Employment Practice
He resigned the presidency of the had it not been for this
college.
: Committee Can
Do
Eport and Import Board of Trade

an

Springville office. H.B. Rich¬
correspondent bank bus¬ ardson will be an Assistant Secre¬
iness and broker relations.
Mr.
tary, Donald J. Smith and Ken¬
Bassett was formerly an Assistant neth
R. Hooper will be Assistant
Vice-President of the Grace Na*
Managers of the' office, and the
tional Bank/ serving in various
present staff, of the Farmers Bank

as

in the United States who
have profited by education spear¬
headed by Booker T. Washington
men

pro¬

ville

ment of

'banks totaled $15,811,095

thousands of business

are

Notwithstanding the great pros,
ress which has been
made by the
colored people of
America in edu

.

Bank of Springville stock.

"Present directors of the Farm¬
ers Bank will continue to serve as

'With Mr. Kleemanin the: develop¬ the

i

to the

ports

gram.
"He succeeded Charles C.

There

farmer in

black.

children to live uprightly and to

report on the relation of such free

bacteriologists who will
indirectly help everv
the country.
^

theless

^

represent Baltimore at the

1921 to

more

least

at

is ^n the Hall of

Fame—not because he was a Ne¬

was

more

and

on
and in the

chosen in

"Mr. McLanahan

Swift & Co. grant for the
use of
the Carver Institute
will be helo
ful, for in the Carver
research
laboratories you will train

A bust of Booker

of

ed with the Foreign

■

determined that

was

Co,

St. Aubyn as Assistant Secretaries
of She ^company*, All are associate

:

could

President

ed

and he

come

his students and others whom he

quote:
"In 1918, during World War I,
he went to Europe as a Red Cross
same

to draw up a program for reha* do useful work.
the bilitating the nation's merchant
There are thousands of farmers
of New Springville bank, it is learned
marine. In addition he was chair¬ who are better farmers and bet¬
York-announced on April 4 the from the Buffalo
"Evening News," man of the organization's free ter citizens because; they are bet¬
appointment of Edwin Furman, from: which we also quote:
zones committee which drew up a
ter educated than their fathers.
dent

.

iff;

of his race were, at that time, few.
He knew that opportunities would

Brown & Sons in 1902.

From the

1945

last

when he became Chairman
of the board; He was also a mem¬
ber of the board of directors of the

v •:

Thursday, April 11,

couragement is

a

on

and

then

which

ments

down payments
pay for out of their
In the Bricks Commu¬

nity of North Carolina there were
only eight families 10 years ago—
none

of whom

solvent. Today
there are 400 families in
that com¬
munity who are on their way to

owning
story

their

can

be

was

own

farms.

repeated

in

This

Alabama.

-

"

-

w.

^

on

April 4 by

May

are

completing

for the

1,

1946

arrange¬

redemption as of
of all outstanding

Consolidated Federal Farm Loan
3 % Bonds of

May 1,1916-56.

Mr.

Rhea

that

for

this

stated

funds

purpose are to be obtained

from the proceeds of

fering

of

a

chiefly

public of¬

Consolidated

Federal

Tyrell Farm Loan Bonds and borrowings
Walker teom commercial* banks. Ho said

County, North Carolina;
County, Texas, and at Tuscaloosa,

In

announced

sioner, that the 12 Federal Land
Banks

they can make

earnings.

was

en¬

sort of

farm

It

W. E. Rhea, Land Bank Commis¬

—

that details of the

public offering

At Tuskegee Institute
of consolidated bonds will-be an*
you can
feeiincreasinglyv usefulr to-term¬ nounced at a later, date/