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Final Edition
ESTABLISHED 1839
In 2 Sections-Section 2
Th £
Financial
Reg. U. 8. Pat. Office
Volume
165
Number
4586
New
Current Economic
York, N. Y., Thursday, April 17, 1947
Portrays Florida
As
Trends: Their Promise
By DONALD B. WOODWARD*
Insurance
economist
stresses
scientific knowledge
increasing
in prevailing fiscal and monetary policies, as well as the barriers
imposed by labor and by monopolistic restraints. Sees encourage¬
wider
it
the
appears.
The
last
erati
seen
has
great im¬
best
minds of each
country,
and
for,
carrying
these
ical
a
Here
we
♦Part
in-
annual
Norris, President of
!
his
report
the
at
Con¬
vention of the
Association at
have the mechan¬
wisdom,
and,
indeed,
a
states
of address of Mr. Wood¬
ward before the Cleveland
Robert
the ter of
basis for the development of
wider
common
Fla.,
1
Donald B. Woodward
the out of the way corners of
earth.
the
(Continued on page 6)
to
even
common
Frank W,
the Florida Bankers Association,
and Vice-President of the
Barnettj
National Bank of Jacksonville,
When the bloodiest and most expensive of all wars was
finally won in 1945 and this country at length really faced
the problem of reconversion, there arose an influential
clique in Washington which convinced the President that the
In its application to the Boca Raton,
important problem facing Fla., on April
today, the bounty of 3, called atscience
holds
a
promise
that tention to
improved
communications
and Florida's prog¬
greater opportunity for travel will ress in bank¬
further the growth of international
ing as com¬
understanding.
Furthermore, if pared to other
made
the
to
de-
world
our
the
facts
by
contribute
of bank
most
interpretations
©f
the
redaction
Morris
of
Association
Cleveland
and
Chap¬
Associates
in
country was soon to be face to face with
pression, and that the way to avoid it,
v en
the
sam e
the
out
'
pointed
time,
_
.
4
„
,
Frank.v5,I?°rrl'
dan-
Men, Cleveland, O., April gers and pitfalls which may con11, 1947.
front
the
banks
in the years
ahead.
His remarks
this
on
occa¬
sion follow:
I have
with
SYKES*
ance
-
-
-
~
sbort recession ahead due to disappearof black markets and accnmulation of inventories. Says prices
too
sees
high and there is approaching
consumer
present extravagant practices in business must end,
At the moment many are faced with problems of
but
I
think
that
the
difficulties
that
the
arise
from
materials
steel
industry,
procurement,
lack
banks
for
the
seven
31,
1939
cember 31, 1946.
of
raw
in
December
being solved
rapidly.
The
demand for all forms of
situation
been
has
particu¬
larly acute
as
regards
met¬
als.
have
We
had, of course,
the
post-re-
con
version
rush
of every
business to get
back into
m a
Wilfred
M.
Sykes
1
produc¬
tion and to re¬
trieve
tain
nor-
or
re¬
though
lines
it
in
is
to
be
for
13,359,
or
Florida
decrease of
a
for
162
were
those
banks
(Continued
From
or an
posits
nationwide
1939
showed
to
000,000.00
respec¬
from
144%.
or
Florida in
176
December
In
there
increase of 14.
increase
an
were
175.
periods,
and
tively,
ber
there
an
31,
of
1946
$80,953,-
The banks in
1939 showed
total
A.ori]
of
Commerce,
10, 1947,
on
page
steel, al¬
peak is over. There still remains
the great unsatisfied demand for
lighter items, such as sheets, al¬
though the mills of the country
are producing this commodity in
much greater volume than ever
before.
the demand is made
not only of the actual current
needs but of the desire to build
Page
It.......
ucts, and our ideas as to reason(Continued on page 8)
on
all
a
r
with
other
tired
want
They
sound people to run
the
the
wiseacre
ob¬
when
Regular Features
things, the people are
of cleverness, of smartness. '
-
and M
up
This writer,
if,
they
came
Items About Banks and Trust Cos..
10
11
11
16
into
of
bill.
General Review
Commodity Prices, Domestic Index.
Weekly Carloadings
Weekly Engineering Construction...
Paperboard Industry Statistics......
Weekly Lumber Movement
Fertilizer Association Price
Index...
Weekly Coal and Coke Output
Weekly Steel Review....
Moody's Daily Commodity Index,...
Weekly Crude Oil Production.
Market.........
Weekly Electric Output
Dec. 31, '46
Bank Debits for Month of March;...
Banker Dollar Acceptances Out¬
standing on Feb. 28
Department Store Sales in
mess.
15
12
14
5
10
13
14
10
13
12
11
N.
Y.r
Federal Reserve Distrlot in Feb....
11
would prefer the
Carlisle Bargeron
of
now
be in
a
pretty
Instead of the Gallup Poll
showing 60 % of the people ap¬
proving him, we are told, he
would
be
lower
down than a
snake's stomach,
f
But
if the Republicans were as polit¬
ically "smart" as this, as politi¬
cally clever, they wouldn't be
Republicans.
They came into of¬
fice, presumably, because among
Not
Republican and a Democrat, I
Democrat. With
the Republican I might get two
cocktails before dinner and a lot
a
and
wouldn't he
in
party with, and the Republi¬
the people to run the gov¬
If I have my choice any
time between having dinner with
have
it
lived
a
ernment.
Truman
vetoed
reared a
has
cans
Case
would
was
to
Congress
the
Republicans
had
passed
the
who
long time, came to
the conclusion a long time ago
that the Democrats are the people
"anti-labor"
State of Trade
who
and
Washington
Cover
Moody's Bond Prices and Yields....
Trading on New York Exchanges...
NYSE Odd-Lot Trading
some
government.
Democrat
s,
control
first
News
Condition of Nat'l Banks
undoubtedly guilty
beautiful position the Republicans would now be in,
nationwide
*
What
........Cover
Washington Ahead of the
Non-Ferrous Metals
are
.
serve
From.
They
acting
again,
Editorial
up
up inventories so
as
to insure
operations against delays due to
the lack of raw materials.
Now
political cleverness.
John L. Lewis f
GENERAL CONTENTS
See
BARGERON
on
counts.
a
7)
of
lack
likely to hear
telephone
As We
CARLISLE
most every hand around Washington
about how the Democrats are out-propagandizing the Republicans,
about the ineptness of the Republicans in politics, about their general
strike
of the heavier
obvious that the real
place in the markets of the idea as to what insurance is
country.
Consequently the necessary varies a great deal
demand in many lines
has far among different concerns. Many
exceeded supply, although supply companies, I am satisfied, have
is generally much in excess of acquired, or are trying to acquire,
what it was in pre-war years. In stocks out of all reason in relation
to their normal peacetime busi¬
♦Address by Mr. Sykes at the ness.
We must not believe, that
Personnel and Management Con¬ there is always going to be an
ference sponsored by the Chicago insatiable demand for our produAssociation
4)
Washington
Ahead of
By
One is
de-
insatiable
its
Junior
page
on
De¬
Decem¬
instance,
the
Chicago, III.
any
De¬
some
Of course,
rue
from
years
through
1946,
Continued
the
seems
to
higher
the cure-all which could be applied with equally
good result whether a "boom" or a "bust" confronted the
December
for<^
many ); manu¬
facturers
are
there
cause
wages were
'
4#4':<4
short time had
closest advisers of the President of their faith that
1939, there were
13,535 banks in the United States;
resistance. Warns
and calls for
less government interference.
Holds labor troubles are result of
political maneuvering and have fostered class consciousness.
Scores taxation policy which hits risk capital and punishes success.
are
recently been furnished
interesting figures
December
In
President, Inland Steel Company
Prominent industrialist
a
showing the progress of Florida
Recession
By WILFRED
limit its effect,
product to wage
of the current
phenomenon which plagued him was not
a
depression but a boom. These wholly unforeseen (by the
planners in Washington, at any rate) and swift changes in
the complexion of things did not rob those who had been the
fbw
a
reconversion de¬
a
or
such course, for the
at
and
more
The President in
earners.
a s
years,
Credit
Management Problems in
divert much
to
was
the
t„js e
sensing (so it thinks) the approach of one, can
by pulling this string or that prevent a "boom" from bring¬
ing its own "bust." His efforts early in the 1929 depression,
though strenuous, failed. By the time President Roosevelt
entered the White House the country was wearied of pro¬
longed bad times, and was for a while, at any rate, persuaded
that new procedure might succeed where the old had failed.
The New Deal, was, essentially a philosophy of profligacy
and it, too miserably failed, although no one is
likely to
accuse the New Dealers of want of
ingenuity or "boldness?
in applying their ideas.
upon us or
good.
collecting and
transmit ting
and
of
importance
which
provement in
facilities
for
facts
By the
appreciation of
an
con¬
posits3u;;.;is), £ '/K4,.
good over selfish interests and an
understanding
of
the
elements
gen-
o n
mean
Sees
tinuous
of morality.
sense
I
as
possible period of almost
As science has contributed to the development of opportunity
for man—and for woman—so has it
provided the physical basis for
latter
j
re-
burden of National-Debt.
on
domestic scene in improved political and economic
atmosphere! developed recently and, concludes, though we will
continueto have cyclical readjustments, we are in fact "moving
fast to better things.''
ment
as
We See
Bankers
factor in current economic progress, and cites impediments to its
opportunity
Copy
President of Florida
Again and Again and Again
r
Association, discusses
It would, perhaps, be unfair to say that President
advances made by Florida ;
Hoover started it, but he was certainly the first to give it
banks in last seven years. Warns )
the prominence it has since rather steadily
enjoyed—this
of over-optimism: and stresses
idea that somehow
government, either seeing a depression
port
as
use
preparing him
to grasp that
a
EDITORIAL
Frank W. Norris, in annual
Second Vice-President, Mutual Life Insurance Co. of New York
Price 30 Cents
.
unlikely this is true.
profound
conversation.
With
the Democrat I would get a com¬
plete
drunk,
brilliant
a
lot
of
conversation,
so-called
many
a
not get
dinner but have a hangover
following day.
However, in
suffering I would realize that
good laugh, very probably
any
the
my
I had had a hifalutin' time.
One
to choose his com¬
panions, and for companions, I
take the Democrats.
Even the
has
a
right
(Continued on page 5)
m
..v<
1
«
/,l"1 •".; J'7/7•
/
.
(2114)'
2
7,
>
'-
■
,
••
,
j '
'•!•
■* *
„j.\}...
,
■; ' •,
V
•
Senator
try's international commitments in
the next 15 months as reaching an
approximate
"We
can no
longer rely
advices stated.
We
are
in the
forced to
ancl
the NLRB to carry
upon
We
us.
recognize through our experience
when the situation demands to carry
out the intent
Great
"fin governmental offices.
losing fight to the last
Britain
of
as
March
1
out
that
Rule
a
decision
countries—$350,000,000.
of
in
Federal
Jaw.
American-occupied
countries—$1,-
enemy
fhe
Export-Import
Bank
loans,
excluding the $500,000,000 ear¬
a
marked
Labor Bills
for
China
smaller
and
for commercial type loans
Philippine/aid—$663,000,000.
Republican members of the House Labor Committee on April 9
ready labor legislation which, having their approval, was ex¬
pected to pass the House when it comes up for vote.
The measure,
v
House
Abolish
the
Free
transfer of surplus war
properties to foreign countries
on
shop.
National
Labor
Create
a
Labor
new
Board
—$207,000,000.
Completion
Labor Relations Board
ing in
some
Participation in the Interna¬
Refugee Organization—
$75,000,000.
bargain¬
Maritime
Ban foremen's unions.
learned from Associated Press
Ban
counts:
When
decided that
tire
picketing, wildcat strikes,
featherbedding
and
sit-down
with and
prevent jurisdic¬
at
unions
equally
liable
Hartley said also that the
designed to insure that
rulings by the new Labor Board
of
the
on
"the prepon¬
evidence"
rather
"ex parte" decisions.
He
Said it would clarify rules of pro¬
cedure for the Board.
than
Before the bill received final
approval from Republican com¬
mitteemen it met with a couple of
'
One
other
authority to
bargaining units among
their employees. •
'
''
''
posed ban
on
a
jurisdiction
lost
Board
the
of
the
State
the
six—three
Supreme Court
the
New
decision of
the
April 7 upset
on
York
Board's
order
the recognition by the steel
panies of foremen's unions.
for
com¬
Jackson, who wrote the
majority
opinion,
flict might
said
that
con¬
develop if two differ¬
ent boards had concurrent
powers,
and declared that the NLRB "has
jurisdiction
of
the
industry
in
which these particular
employers
are
engaged
and
has
asserted
control of their labor relations in
-•
for
room
State
the
operation
of
the
asserted,"
authority
he
added.
If the NLRB
had not gone into
at
all, Justice Jackson's
majority opinion said, the ruling
might have been different. Justice
Frankfurter
wrote
dissent
a
had
would
election
hold
to
Murphy and Rut-
Lawyers
said:
Assn,
Associated
Press
dissent
secret
a
ald
S.
•/.
■,,
w
forcing
State
laws
agencies enthe Wagner
like
Act to divide, with due regard
to localinterests, the domain
over which
Congress had given
the
National
Board
abstract
discretion but which, practical¬
ly,
be
cannot
covered
it
by
alone."
The
dissenters
argued that
legislation,
like
the
Wagner Act, must be construed
Federal
with due regard to accommoda¬
tion between the assertions of
Federal
new
functions
authority and the
of
the
individual
states.
In
7;
the
counts
Associated
from
Press
Washington
it
ac¬
was
also stated:
today's
the Court did
case
not go into the general issue of
rights of the foremen's
organ¬
ization, merely referring to that
matter as having been
passed
in
the
Packard
Motor
Car
Company foremen's case.
In
the Packard case, the court held
that foremen have the
right un¬
der
the National Labor Rela¬
tions Act to organize unions and
bargain collectively.
That
case
to
settle
conclusively^
however, the question whether
Frankfurter
argued
that
in
the
his
Court
same
union
representing
rank-and-file workers may also
represent foremen.
Kelly, President of the
Trust
Co.,
N.
Y.,
and
Stralem, Chairman of the
Others elected at the
Board.
with
agree
i
the
•
Justice
-.7
•
failed
the
part,
Bill Asks FDIC
Repay Funds Obtained From
treasury
Also provides for reduction of
been
determine
in
not
that it is beyond the pow¬
the
National. Board
to
of
er
In
leaves
for
cculd
Justice
mean
general."
this
be¬
agency
Frankfurter said h6
reads the majority ©pinion "to
bargain¬
as
dispute in New
They then appealed
Supreme Court.
The
In
same
Maxwell L. Scott, VicePresident' of Cross & Brown, Inc.;
assessment
on
Member Banks
Senator
Homer
E.
Capehart (R.-Ind.) on April 8 introduced
legislation which would require the Federal Deposit Insurance Cor¬
of
time
were
poration to repay the government funds with which it started
opera¬
Included in the measure, according to Associated
Press Wash¬
tion.
Dr.
Joseph P. Day, Vice-President ington
advices, was provision to reduce the assessment on member
Joseph P. Day, Inc.; Howard
banks when assets of the corporation were in excess of
$1,000,000,000.
Dietz, Vice-President of »Metro-;
would be up to Congress to take
The
Corporation's
Chairman, <§>—
——
t——
Goldwyn Mayor, Inc.; and JameS
whatever action it saw fit.
T.
Harl, had two days the Associated Press) Mr. Harl
P. McAllister, Vice-President and Maple
Asked what Congress could General Manager of the McAllis¬ earlier, according to the same ad¬ stated that in 1946
only one bank
do, Taft replied:
"That's the ter Lighterage Line, Inc.
The! vices, recommended repayment of received aid from the Corporar
the stock. "The Corporation pre¬
$64 question." 7 -• "Junior
7
Republic"
of
tion, and none was placed in re¬
| George
He said, however, that Gov¬ which Dr. Alexander Forbes of viously suggested a program for ceivership. In the agency's history,
Boston is President, was founded gradual
repayment,"
Mr.
Harl he said, 402 insured banks were
ernment seizure would be
on^ by the late William R.
of the steps open to Congress.
George, 52 said, adding that it "now repeats closed but 98% of their deposits
that proposal." He said that the "were made available
years ago.
It was he who con¬
promptly
When
the situation.
It then
on
ceived
ment
■ the- -plan- • of
self-govern¬
by teen-age boys and girls
It
has
used
if
Redeem Belgian Bonds
Kingdom
served
of
(
r
P.
Morgan &
Co., Inc.,
or
as
a
pattern
extensively by Occupational
Forces in stabilizing youth in Eu¬
Belgium external
The Senate also was roused to loan 30-year sinking fund 7% gold
action on changes in the labor
bonds due June 1, 1955, in the
laws, Associated
Press
advices principal amount of $211,000 have
Stated.
Senator Taft (R.-Ohio) been drawn by lot for redemption
on
April 7 said that provisions through the sinking fund on June
designed to avert "national paral¬ 1, 1947. Payment at 107%% of the
ysis" strikes by court injunction principal plus interest to the re¬
are
included in the preliminary
demption v4ate will bemade at
draft of a
J.
Corporation had
an
earned
sur-
plus of $769,000,000 at the end of
1946 which, added to the funds
as a program of character-build¬
ing and training for citizenship. furnished by7the Treasury and
the border line
for
as to whether it affects national
youth
organizations throughout
health and safety."
the country and the plan is being
cne.
ropean
countries.
Michael
Can-
della of Brooklyn, New York, 16
years of age, and
ear are
Jeanette Brash-
President and Vice-Presi¬
Federal Reserve
Banks, gave the
Corporation assets of $1,058,000,000.
Mr.
as
to maintain at all times
a
fund
adequate for the protection of de¬
posits in insured banks."
The
method proposed by Sen¬
Capehart would be to con¬
ator
tinue
an
assessment rate of
York
of
were
adopted,
additional
construction
housing
during the Summer
or
to
begin
early Fall.
assessments would be halted until
surplus dropped below $990,-
000,000. Then they could be
sumed
-
temporarily at
1/24 of 1%.
In
itors
his
' '
report
a
re¬
rate of
.'7:7.,
(we quote
from
held
accounts
$5,000 -that
tected."
in
not
were
excess
fully
of
pro¬
Continuing the Associated
Press said:
Total
:
'7
deposits
in
the
banks insured
13,550
by the Corpora¬
tion
6%
declined
from $158,*
000,000,000 at the end of 1945 to
$149,000,000,000 last Dec. 31,
Mr. Harl said, and added:
"The
1/12
dent, respectively, of the "Junior
Corporation's assets equal or ex*
Republic." Plans to increase the ceed
$1,000,000,000.
Thereafter
the
without loss to the depositors" and
"less than *4"of 1% of the depos¬
"The method of repayment,"
Harl stated, "should be such
of 1% on member banks until the
facilities of the Republic through
model town planning at its pres¬
at ent location at Freeville, New
(approved by the committee April Guaranty Trust Company of New
14), of which he is Chairman. As York, sinking fund administrait stands, the bill was described
tors.
deal with them.
Relations
York courts.
safety," Philip Isles,' partner of Lehman
or
settlement
"I think it's
both management and labor want
general labor bill be¬
fore the Senate Labor Committee
asked
Labor
certify them
which Justices
Elected Directors of
en¬
telephone strike, Taft saicj
he thought it would.
He added:
pro¬
the union shop
health
ent
provide a
and arbitra¬
remove
reasons
Chapters of the Foremen's As¬
America
controversies
Federal
,
State
delegated to
was-
the
,
of
group
such
the New*
whereby the
/budgetary
tions Board alone had
York
and
Board
handle
cause
determine
sociation
the NLRB
State
State
,
Rela¬
ledge joined.
Orie B.
an
"imperil
asked whether the pro¬
would
would
would
foreign
—$50,000,000. '
threatened strike
posal would apply to the presT
period of mediation
tion for settling strikes which the
bill defines as affecting the na¬
tional health, welfare and safety;
the
tween
..
<
on
changes:
to
military supplies
utive Committee of that organi¬
by the disputing parties zation in its New York
office, on
end of that time, the
April 2, it was announced by Don¬
gress on
was
be based
assistance
President would report to Con¬
Mr.
would
Direct
countries from
whether to go on strike. If they
decided to strike; the injunc¬
tion would be dissolved and the
Make anti-trust laws applica¬
ble to labor "monopolies."
derance
the
ballot
with management for breach of
contract.
bill
no
workers
tional strikes."
Labor
could
reached
"effectively
Make
a
"substantially
national
If
strikes.
National
the
merce
petition for a sixty- Brothers, were elected members
of the board of directors of the
day
injunction to
block
the
George "Junior Republic" Asso¬
strike.
ciation at a meeting of the Exec¬
he
contended,^
York
the field
Attorney-General
industry"
the
mass
and
the
affecting
union financial statements.
Prohibit secondary boycotts,
prohibit
7
Bethlehem
ognize foremen's unions. The cor¬
porations replied that since they
were engaged in interestate com¬
ship
transfers—$73,000,000.
'
membership
and
the
United
States Department of Labor of
Deal
ac¬
Commission
by
mills at Dunkirk,
brought the ruling, the New York State
on
cases.
covered under
are
appeals
on
should have upheld ian arranger
ment formally entered into be¬
"We do not believe
tional
Discussing the bill at a news
tors, and examiners would have conference, Mr. Taft emphasized
to be confirmed by the Senate.
that the proposed bill was "liter¬
Remove mediation machinery ally and completely tentative." He
from the Department of Labor.
said • that the provision proposed
Return to employers the right to aim at national
paralysis strikes
of free speech.
would
operate
like this,
it is
*
this country's
investment in the International
whose members, regional direc¬
industry-wide bargaining
but permit company-wide bargaining.
Require filing with the union
of
given
according to the Associated Press,,
that it had authority to require
the two steel corporations to rec¬
Bank—$159,000,000.
agreements, prohibiting secondary
boycotts and jurisdictional strikes
and curtail industry-wide
Relations Board.
for
settlement
UNRRA—$552,000,000.
April 10 by Representative Fred A.
Hartley (R.-N.J.), Chairman of the Labor Committee, was described
by Mr. Hartley, according to Associated Press advices of April 8
from Passaic, N. J., where he ad-3>
:
dressed
the
Chamber
of
Com- by
Mr. Taft as outlawing the
closed shop, restricting union shop
merce, as making provision to:
Ban the closed
final
The
had
the
was
affecting it$ mill at Lackawanna, N. Y.„ and by
In the action which
Justice
in
labor disputes which
on
decision
Allegheny Ludlum Steel Corp., operator of
N. Y.
to the
—$944,100,000.
introduced
The
Steel Co. in a case
the
120,000,000.
sums
on
April 7 the United States Supreme Court ruled
on
Funds requested by the Presi-'
ing agents for supervisors in the
for
relief
in
liberated
plants. The firms which disputed
areas
man.
Congress to Act
Labor Disputes Covered by NLRA
on
States cannot rule
New
Relief
their friends elsewhere too.
;
figures
by the
(
In
Board to
lost their fifth column
many of
fight
Senator
on,
Thursday, April 17, 1947
dent
They have lost
It would be unfortunate if they chose to
Press.
based
are:
aggressive
more
is
$3,750,000,000 credit. Other
items, said the Associated Press,
;
the
total
y i
of Ihe
employer's unfair practices."—The Inter¬
national
Longshoremen's and Warehousemen's
Union (CIO).
;
;• In
substantial measure
labor unions appear to have
by Presi¬
compiled at his request
Budget Bureau. Its largest item
is $2,850,000,000 still available tc
the
-
Associated
Byrd's
of the act, the recognition of the majority of the
workers in collective bargaining or elimination of
f.
The aid to Greece
Turkey requested
the
forced to take economic action
are
of
dent Truman would add $400,000,000 to this amount, according to
Relations Act.
past year that we cannot rely upon the board
to aid
total
$7;043,100,000, Associated Press Washington
if.
out the intent of the National Labor
.'
ijjHarry F. Byrd (D.-Va.)
Aprils summarized this coun¬
on
entitled.
we are
%
%
legis¬
United
States aid to Greece and Turkey,
''
%
•.. »
Supreme Court Rules Slate Board Cannot
upon his fellow
caution in voting
lators
economically.
the increases to which
secure
•./
Urging
It is prepared to resist
any further wage increases whatsoever.
We must
not anticipate any easy gains. It is the firm conviction of this convention, however, that we should
drive ahead in all segments of our jurisdiction to
:
''
Commitments Abroad
"The battle from here on out will be increasingly
7;: §^ll^otlghi The opposition is entrenched politically and
*
77
.
Byrd Shows U. S.
7;
is arrogant
'.... 7
.
THE COMMERCIAL & FINANCIAL CHRONICLE
■
:
,
Theii Filth Column Gone?
7
*
VCyrV**>*v"V?'-»'"'•
decline
was
confined
chiefly to the war-loan accounts
of
the
United
States
Govern¬
ment, which were drawn upon
to permit cash
redemption of
some
of the Federal government
obligations maturing during the
year.
"Deposits of individuals, part¬
nerships and corporattions con¬
tinued to rise in 1946",
•
'Volutne"i65'i' Number :5tS86
'THE COMMERCIAL & FINANCIAL CHRONICLE
—
*
.*
mm
t
(2115)
3'
Glass IRR. Gross
Earnings Up WWW W Romania Orders Wage
In Fefcruarj—Net Income Off $7,600,000 Increases Up to 7flO%
r
I
The Class I railroads of the United States in February, 1947,
had
estimated
an
net income, after
interest and; rentals,-of about
vA Rumania
on
April 9, after
calculation of the nation's
scale,
wage
which
is
a re¬
sliding
geared
to
$14,600 compared with a net income of $22,200,000 in February; 1046, price -levels, • ordered
wage
in.according to reports filed by the carriers with-the Bureau of Railway. ceases;'ranging up to 700% " ac¬
Economics of the Association of American Railroads and made public cording^1 to., delayed
Associated
Aprils.
-an
Net railway operating income, before interest and rentals,
amounted to
Press
advices from
Bucharest
on
April 9, which - appeared in the
New York "Times," and ; which
^1 There
was little in the developments of the past week to cause
business and industry to show any great
degree of optimism over the
prospects for the immediate future. Beset as it is with a nation-widetelephone strike which up to the present has produced no
meeting ©f
the minds on the essentials of the
dispute, plus the safety strike the
bituminous coal miners have been
staging since the Centralia disaster-
$43,145,572 compared^
are ^sufficient
in themselves
to<3>
•'
•
=
•-■■■ v
v •, i.
railway operating in¬ and rentals in February, amounted 1 added:
to $10,892,796 compared with $11',-.
produce a country-wide state of ment request that it
come of $50,521,963 in
drop all fur¬
The increases are expected to
February,
economic unrest. ^ l
249,289 in February, 1946; - ^ K
ther consideration of the action.
« «
1946. The Association further re¬
" -.w
■.:
;
"V f.-'-'b*
^ ; bring total wages Up to approx¬
Present stocks of coal of the This
request was made by theOperating revenues of the Class imately 50% of the amount of steel mills have
ported as follows:
with
net
a
•
<
-
In the first two months of
these roads,
which
-
total
of
a; totaled
227,313 miles
(excluding
Railroad),
had an estimated net
income, after
interest and rentals, of
$43,900,000 :
Missouri
&
compared
Arkansas
with
income
net
a
an7-increase
of 13.6% compared with the same
period of 1946, while operating
expenses totaled $497,279,891, or
increase of 11.5%
an
pared
with
$116,469,855
in
months of
had
1947
estimated
an
income, after interest and
rentals, of $11,200,000 compared
period of 1946.
Operating
expenses
for
the
month of February, 1946, and the
-
with
net
five
from
after interest and rentals, of $4,-
February, 1946,
in
|
only partially reflect the retroac-j
wage
increases
applicable!
of
Jan.
the
1, 1946.
railroads
periods
are
tent
the
of
Net earnings
for
1946
those
overstated to the
exclusion
of
the
{
ex-
j
the
12
Feb.
1947, the rate of return on
property investment averaged
-2.62%, compared with a rate of
return of 3.61% for the 12 months
ended Feb. 28,
1946.
railway operating income
the
payment
and
amount
of
taxes,
rentals
and
paid.
are
the value
after
other
rep¬
the
expenses
months
of
in
1947
the
had
and
amounted
with
come
to
net
a
of
rentals, in February
$9,111,885 compared
railway operating in¬
$12,549,511 in February,
1946.
Operating
of the Class
revenues
in
equipment
books
of
the
sup¬
Total operating revenues in the
two months of 1947 totaled
$1,321,473,786 compared with $1,219,946,495 in the same period of
or an
increase of 8.3%.
the
first
totaled
two
months
$193,583,906,
of 8.7%
Region
of
period
in
increase
1946,
while
1947
increase
an
compared with the
expenses
same
operating
totaled $150,116,727, an
of
14%
Western
Op-
in the first two
net
railway operating income, before
of road and
the
a
first
compared with $23,602,712 in the
same
period of 1946. Their net
interest,
first
1946,
roads
I railroads in the Southern
by
the
been
figure
published
Rumanian
National
nationalized
:
last
.
.
for payrolls cannot be met be-
-
cause of the lack
and bank credits.
.....
of
currency
above 1946.
Justice
a
range
viewpoint,
to
States
Cincinnati
after
Circuit
dismissed
the*
Court
in.
the
appeal
who lost
of
company
workers
their suit for retroactive pay.
The workers and the company-
it
could well
disastrous
to
our
be
Department
United
whole economy.
Suffice it to say
that indications at this time
point
to an early resumption of soft coal
agreed in the Circuit Court to dis¬
missal of the case, which touched!
off other portal-to-portal
wagfr
mining^ in most of the nation's
suits
since John L. Lewis, the
United Mine Workers head, is not
000.
pits,
:
totaling close to $6,000,000,<;
Touching
industrial
upon
out¬
of commodities have prone to jeopardize further the put for the
country as a whole, it
soaring daily, pulling with financial position of his union by is noted that total production re¬
.them the price of gold and for¬ flouting the government and its mained close to the high levels of
Prices
-
been
eign exchange
on the free mar¬
Monday the price
of gold has doubled.
^
courts.
' '
'
The stock market last week
ket. Since last
denominations of 1,000,000 lei are expected to be is¬
sued about April 20.
Large
acted
previous
,
re¬
unfavorably to the confused
business
and
industrial
mines,
situation
call
for
a
downward
flood
conditions
in
some-
sections of the Middle West and
by breaking through its January
lows at the close of the week.
weeks, notwithstanding'
stoppages in many soft coal
work
telephone strike.
The
backlog of orders in many indus¬
tries remained large and produc¬
revision of
tion of small electric motors
market.
Weinhandl New GEO
week
at
a year ago.
Automotive production
in the telephone
strike up to Tuesday of this week
A. R. Weinhandl, President-of had reached a point where Lewis
the
First
National
Bank,
of B. Schwellenbach, Secretary of
Minot, N. D., has been appointed Labor, at midnight on Monday
Chairman
Community
of
made
wast
high level, being considerably
that of the corresponding
a
above
Negotiations
Minot
a
national
The
prices both at the retail
and
manufacturing level also proved
particularly demoralizing to the
in
the
week dropped below the expected
of more than 100,000 units
mark
and
was
attributed by Ward's Au¬
tomotive Reports to curtailment of
proposal to the National operations by widespread flood
Federation of Telephone Workers conditions
in
Michigan
plant
velopment, it was announced on
American Telephone and areas, shortage of steel and the
April 17 by Walter Fuller, Presi¬ Telegraph Company to submit to one-day shutdown of Ford Motor
dent of the Curtis Publishing Co., a five-man arbitration board for Co. factories in observance of the
and Chairman of the newly formed consideration, five national ques¬ death of the founder.
CED National Information Com¬ tions raised by the union and any
Output of cars and trucks in.
mittee. In addition to his duties as other issues they may desire to the United States and Canada last
president of the bank Mr, Wein¬ bring to the attention of the board. week was estimated by Ward's at
the Committee for Economic
a
De¬
and the
handl has been active in business
and
civic
nity. He is
a
in
his
commu¬
director of the North
Association, to the board and that
Projects As¬ awards be made in each
addition, he is Vice-President
97,988 units, compared with
that both labor and management
be permitted to submit their cases
Missouri-Souris
sociation, the Minot Rotary Club
Minot Community Chest.
In
Mr. Schwellenbach made it clear
Reclamation
Dakota
the
affairs
and the
District
to
large extent the dire effects such
a
lay-off could produce on the
output of steel, but from a longprove
As a result Rumanian heavy
industries—especially steel, iron;
oil and coal—are facing a crisis,
February,
railway operating income, before
interest and rentals, of $19,068,473
fixed
railways including materials,
plies and cash.
crating
net. in¬
a
in
charges
Property investment is
shown
as
left
operating
but before
$6,900,000
same
interest
The earnings reported above as
net
resent
of
not
re¬
28,
.
modified
1946.
Those
ended
:
same
come
two
months
a
the
800,000 compared with
troactive wage payments.
"■'i In
■
income
of $12,900,000
period of 1946.
For
the
month; of February alone,
they had an estimated net income,
•two months ended
circulation1-1-®
has
; Bank
was
t,,Jan. 1.
above 1946.';
net
that
since
of
the
in
botes
.
V'
$605,483,776,
$52,000,000 in the corresponding
Southern Region
period of 1946. Net railway oper¬
The Class I railroads
in
the
ating income, before interest and l
rentals, totaled $101,202,013 com-j Southern Region in the first two
same
•
,,
I railroads in the Eastern District
in the first two months of 1947
1947,
represent
■
■
The
separate
case.
a
re¬
vised figure of 97,385 units for last
week,
^ -"I"Of the
:
tion,
current
67,693
week's
passenger
Secretary further proposed 25,045 trucks
produc¬
cars
and
turned out i»
this country and 3,310 and 1,940 ii*
that the parties at once "enter into
intense negotiations" for forty-
were
Canada.
of the North Dakota Bankers As¬
eight hours to resolve the five
In the comparable period last
the contentious issues in their dispute year, 49,425 units were produced
$1,- Western District in the first two
Minot Association of Commerce and that he would expect the par¬ and
99,260 in the corresponding
<048,327,763 compared with $953,- months of 1947 had an estimated
and a member of the National ties to reply by 5 p.m. on Tuesday. week of 1941.
037,483 in the corresponding pe¬ net income, after interest and Relations Committee of the Cham¬ He
added, that he would expect
Total
retail
volume
declined
riod of 1946, or an increase of 10%.
rentals, of $25,200,000 compared ber of,- Commerce of the United a report on negotiations forty- moderately in the week with dol¬
Thirty^eight Class I railroads with $34,800,000 in the same pe¬ States. Mr. Weinhandl recently eight hours after that at 5 p.m. on lar volume slightly above that of
was
Should the disputants the corresponding week a year
appointed a member of the Thursday.
failed to earn interest and rentals riod of 1946.
For the month of
Committee of Seven named under agree to the proposal it was pre¬ ago.
The usual post-holiday de¬
in the first two months "of 1947, February
alone, they had an esti¬ sponsorship of the U. S. Depart¬ sumed that the strike would be cline in apparel interest was off¬
<of which 17 were in the Eastern mated net income, after interest ment of Commerce to
called off at that time.? v
carry on re¬
set to some extent by the contin¬
Latest reports pertaining to the ued
District, five in the Southern Re¬ and rentals, of $11,500,000 com¬ search and development work in
heavy demand for food and
automotive industry revealed that many previously scarce durable
the State of North Dakota.
gion and 16 in the Western Dis¬ pared with a net income of $17,one phase of the conflict between
"The Committee for Economic
goods.
trict.
300,000 in February, 1946.
labor and management over in¬
There was a slight decrease in
Development is now engaged in
Eastern District
creased wages had been breached wholesale activity too, with total
Those same roads in the first
an intensive program of research
on Monday of this week with the
dollar volume moderately above
The
Class I railroads in the two months of 1947, had a net
leading to the formulation of re¬
recommendations
de¬ acceptance by the United Electri¬ that of a year ago. Order volume
Eastern District in the first two railway operating income, before sponsible
signed to encourage national eco¬ cal* Radio and Machine Workers generally was limited to small
months of 1947 had an estimated interest and rentals, of $48,448,456
nomic policies contributing to the of America, CIO of General Mo¬ fill-in orders and many buy.evsr
net1 income,
after interest and compared with $62,425,572 in the maintenance of high levels of tors Corporation^ <m&t to grant a were hesitant to place orders for
15-cent pay rise.
Of this amount delivery in the third and fourth
rentals, of $7,500,000 compared same period of 1946.
Their net production, distribution and em¬
ployment in this country," Mr. 111/2 cents will be paid as direct, quarter at current prices.
-with a net income of $4,300,000 railway operating income, * before
Weinhandl said. '"Only through hourly salary advances and ZV2
The American Iron and Steel
in the same period of 1946.
For interest and rentals in February better
public understanding; will cents as:adjustments for paid holi¬ Institute announced on Monday of
the
month
of
days and other economic factors.
February alone amounted to $23,140,891 compared come the new policies which will
this week the operating rate of
This. settlement by some union
their estimated deficit after inter¬ with a net railway operating in¬ help us avoid sharp dips in busi¬
steel companies having 93% of the
and management officials in De¬
ness activity and employment and
steel capacity of the industry will
est and rentals,
was
$1,700,000 = come of $26,723,163 in February,
troit, it was reported, was inter¬ be
bring about continuing economic
94,5% of capacity for the week
compared with a deficit of $2,- 1946.
••
•. '
preted as a blow to CIO bargain¬
progress," he added.
beginning April 14,1947, as com¬
ing efforts on an industry-wide
©00,000 in February, 1946.
Operating revenue of the Class
pared with 95.1 % one week ago,
basis by making it difficult for the
06.4% one month ago and 77.4%
;
The same roads in the first two I railroads in the Western District
United Automobile Workers to
one year ago.
This represents a
months of 1947 had a net railway in the first two months of 1947
press their demands for a 23 Vz decrease of 0.6
point or 0.6% from,
cents increase. "
•
'
operating income, before interest totaled $522,408,105, an increase
the preceding week.
Walter P. Reuther, international
and rentals of $33,685,084 com¬ of 2.7% compared with the same
The week's operating rate is
president of the union the same
pared with $30,441,572 in the same period of 1946, while operating
Payments to policyholders and day declared that the 15-cent equivalent to 1,653,700 tons of
period of 1946. Their net railway expenses totaled $400,931,145* an their beneficiaries during January hourly increase to' the corpora¬ steel ingots and castings compared
with 1,664,200 tons one week ago,
tion's 30,000 electrical workers "is
operating income before interest increase of 6.8% above 1946.
by the country's life insurance
1,686,900 tons one month ago and
public proof that the extremely
CLASS I RAILROADS—UNITED STATES
companies were $266,447,000, a
favorable profit position of Gen¬ 1,364,100 tons one year ago.
expenses
months of
1947
The
Class
I
in
railroads
the
sociation,
amounted to
also
a
,
member of
.
January Life Insurance
Payments Were High
Period Ended Feb. 28—
1947—Month—1946
Total
operating revenues
$635,939,761
Total
operating expenses
509,379,547
Operating
railway
; (before
charges)
income, after chgs.-(est.)_
-
80.10
70,410,658
456,291,303
•
78.79
61,161,906
1,048,327,763
•'
79.33
146,069,712
V
43,145,572
14,600,000
.
i'\ 2%
953,037,483
/
78.12
-'X 50,521,963 >' '101,202,013
22,200,000
43,900,000
increase compared
ments in
with
pay¬
eral
Motors enables it to grant a
January, 1946, the Insti¬
still
larger wage increase."'
tute of Life Insurance
reported on
March 26. Death benefit payments
128,628,777
.'**■
i.
operating income
-
Het
;
—:
Taxes
!Net
ratio—percent—
1947—2 Months—1946
$579,105,827 $1,321,473,786 $1,219,946,495
f '116,469,855
52,000,000
decreased
nearly
ments to living
creased
more
4%,
but
the Mount
pay¬
policyholders in-=
than
6%.
Final determination of the longdrawn out
portal pay suit against
Clemens (Mich.) Pot¬
tery Company ended on Monday
of the present
preme
Court
week when the Su¬
granted
a
govern-'
r
Steel
Industry—As if the steel
industry didn't have enough trou¬
ble this week with its coal mines
abruptly shut down over a union-
government
attention
the
steel
safety
squabble,
its
forcibly focused om
labor outlook which is
was
(Continued
on page
9)
4
THE COMMERCIAL & FINANCIAL CHRONICLE
(2116)
ful
As We See It
V (Continued from first page)
such
reasonable;
nation—or, in fact, whether thinks sound and
really knows which,
either, is in the offing.
any one
if.
and much
more
and
omniscient
Delusions Persist
•f.
little.
a
He
same
of
an
omnipotent
government, somehow rising
But this time the President
hesitates
of the
notion
The
order.
seems
men
pose
select
and
it
who
com¬
the
far above the
preventive of
'event, of
but promoted under
course,
f
■
validity
"bust"
a
men
who
as a
in
any
circumstances
and
undesirable
to
involve
haz¬
suppose that
does
not
"do
The
sidered.
President
is
two or three dozen
figures in the na¬
tion
who
are
crying unto
heaven
that
something be
"done about prices," and that
steps be taken to "save us"
from >• the
"coming depres¬
among the
influential
~
he'
sion"—and
seems :
to
be
collision
its
with
government' wishes to* be
really helpful, let it cut ex¬
penditures sharply, reduce its
Coolidge that the
debt, and get its obligations
practice developed of asking out of
the banks—and thus
and obtaining clean bills of
cut the ground out from un¬
health from the Department
der the
inflationary tenden¬
of
Justice
when
action
trust! laws.
It
was
under
President
thought possibly to be in
cies of the times.
con¬
Grady Confirmed
official-worries
,
of farm
votes—and
prices are not reduced
promptly; certainly if prices
continue to rise, we must in¬
evitably come upon hard
times, now commonly called
a
"bust."
The
remedy failed for other
and very
fundamental reasons
(which also apply now), but
after its failure
business
men
with the
number of
a
who had acted
blessings of. Wash¬
ington, faced criminal
Dubious Remedies
prose¬
cutions in courts which would
*
not hear
;5; Many
even among those of any
tis1 who look with .'consider¬
able .uneasiness upon the; re*
or
at any rate
give
weight to what Washing*
ton had said to them.
It
was
the
of
Italy. The appointment of
cif course^ object to -such an
of
on
of all
careful control
a
side of the authorities
reduction of the
non-essential
and
goods
will
-
be
*
government
control
the
on
formal
as
a
nature.
It
contends
country
United States.
Asaf
and
list
attached
to
this
Ali, India's
first Ambassador to this country,
presented his credentials toPresi¬
dent-^Jruman about two months
ago.
';
r-■■■-'
'' c-/-
-
:y
mmm*"■
'
'
'
ri
-
v
make
,
a
bad; matter
worse.
According to such doctors* the
■f? government: must do this or
that.
It must • "encourage
ficulty
.p e r s u a
thoughtful
dhect
man
ding any
proceed in
to
violation of the anti¬
„
sellers
t
..
a.
&
c
to
reduce
prices;
trust laws
it
(as they have been
must "discourage" consumer repeatedly interpreted by the
Supreme Court) upon: the
buying at current price levels
mere assurance thai no prose¬
in-order to oblige sellers to
would
ensue.
The
reduce costs; it must, if neces- cutions
"Tunes" stated
April 9,
on
"We
formal
The
consultations
and
between
American
that
receive
American
less
no
of
the
country's,
with care and
crops
protection,
as one
"which,;
can pro¬
sary, revert to
order
to
price controls
dictate
notion of firm
agreements to
x-
.;
1
s
that the Finance Committee and
the Senate do not have to wait
for
The
-
tax-cutting bill passed by
the House
in
to
the budget contro¬
going to work on the
of
versy before
tax bill.
our
18*37)
on
March 27
(referred
issue of April
provides
20%
a
10, page
reduction
for most
taxpayers, a 30% reduc¬
tion for those with the lowest inand
comes;
a 101/£% cut for
those
highest brackets. Senator
Millikin said that he did not know
whether the Senate bill would be
in
the
in the same
amounts; but he de¬
clared that the cut would be sub¬
stantial.
There appears to be a
general assumption that the Sen¬
ate version will delete
of the House measure
a
provision
making the
1, 1947.
tax cuts'retroactive to Jan.
Treasury
in
to Retire Bilb
*
Secretary of the Treasury Sny¬
der
announced
on
April 9 that
offering of Treasury bills on
The
Spanish
Swedish
-
trade
agreement, for instance, calls for
the importation to Sweden of cer¬
tain quantities of oranges from
Spain. Therefore, the orange ex¬
porters in Florida and California
equality
licenses
x>n
-a
-
basis
'
that the amount
so
outstanding will be
$200,000,000.- ; 7 ':
reduced
by
"
■
The
of -is
with
ments, which is necessary in order
of
alleged dis¬
crimination, will be put* at the
disposal of the American Legation
port
$1,300,000,000,
Secretary said that Shfe
guaranteed to get Swedish reduction
4200,000,000 in biHb
import
surance
17 will amount to
$1,100,000,000, adding that the total of
bills maturing on that
date
cases
The
Swedish
au¬
given their as¬
that the granting of im¬
licenses
will
be
not
deter¬
mined
continuation of the
Treasury'*
debt
held Jby ,tbe banking
system. The
Treasury advices further said that
"there
are
no - other
securities
a
polic^r fo^the retirement^of
•maturing imiil June t^-fhe Miy 1*
certificate
was
paid
off
last year—and since the
has an ample - cash
in
fuU
Treasury
balance, part
of
it
is;
being applied
Treasury bills; now/-;.-;
to
retire
v
,
The - Secretary pointed out
that
the Treasury began its
debt; pay¬
off program on March
1,1946 and
that since that time the
debt has
been
reduced
by
In response, to
$22,OOOjiOO*bQOt
an
inquiry, ■ the
duce endless harvests of essential
Secretary stated that the retire¬
timber."
the
ment
tion
Mr.. Truman drew atten¬
the responsibility resting
to
on
farmers
owners,
-
and
who
-
small -woodland
own
•
prices it reduce prices is of very doubt¬ country's commercial
h-f'
Milli¬
by the: existence of
a
supply of certain currencies. Thus,
-
*
President
Senator
says,
settlement
the
Stockholm.
considering, trees
the
cut
oh
however, Associated
Press Washington advices
stated,
goods
favorable
thorities have also
problem/'
to
budget.
of
between
conferees
April
in
real -fofresi
now
country.
need for
very,
a
kin
treatment than goods from a third
President said, and pointed to the
without question*
resolution
Fi¬
attitude
Senate
and
the
over
agreement
as¬
American Legation
the
the
restive
for
Truman's
the
importa¬
luxury goods.
series of
by
group may take up
within
the
next
Committee's
waiting
Govern¬
undertaken to allow the
a
becoming
proce¬
dure stipulated, if this should be
considered suitable. Sweden states
it has no intent whatever to re¬
4
couple of weeks and send it to the
Senate floor early in
May. Senate
Republicans have been reported
treaty.
House
discuss
today,
measure
observance
to
have
that his
the
nance
the
Aoril
on
Millikin
said
as
the
to bring about
in
1947
(R-Colo.), Fi¬
Committee Chairman, who
Swedish Government wants
to discuss this question in the
way
prescribed in the treaty and with
of
f
reductions
announced
nance
The
will be
Developm't
tax
Senator
regards the goods enumerated in
sured
the
were
Treaty with the United States will
depend on the manner in which
the right of the government to
Stockholm
that
income
whether it contravenes the
stipu¬
in Article 7 of the 1935
the
total
Hearings /
delay in legislation
that
imports will be exercised
will
the
Plans in the Senate to end
a
lations
limit
Sweden
extent
Group to
Hold Tax
im¬
of
measure
for
what
Swedish import control.
of
import regulations were
instituted.
The imposing
will
Detween
goods
to
to
be
ex¬
exports from various countries in
reality will be affected by the
ernment has notified the Govern¬
ment of the United States that
tion of
Am¬
those
decide
Through the American Legation
in Stockholm, the Swedish Gov¬
Spain as long as.;
Sweden allows the importation of
over-simplified diagnosis f of
A statement issued
We should-,
by President Spanish oranges.:*/The proportions
suppose that all
Truman
that we have been
commemorating
Arbor I will be settled during discussions
saying, and
Is
indeed1 much more of the Bay," April 10,, emphasized the with the- parties concerned. The
-general nature of the remeSwedish authorities have prom-;
same/order, would, be so well need for reinforcing foe nation's ised that all such information
dies proposed.
by so. many of
MpTTOlfo> lhe 'business- com¬ timer ;tesourrev*& dispatch from concerning goodsi affected^ by
4he critics ol the day, and . the:
munity that: President Tru- Washington to the New York Sweden's : bilateral trade agree¬
-consequent :dangerr of xsteps
*
jmani- and his Administration
which could
scarcely fail to would have
considerable dif¬
of
ef¬
such
an
Therefore, the relative importance
a
"JV
:
on
dispensability.
on
cthe^current-situationfbutwhat
'
limited must be based
amination of their
imports of certain
fected.
ing of formal diplomatic relations
OfTimber.Resources
bouidi^iri^
however, pointed
The impor¬
goods will be
other
submitted to
the
equal treatment applies to all
kinds of goods. The Swedish au¬
thorities have,
special free list.
a
tation
The Swedish authorities have
an
equal
concerning
out that the selection of
the goods
of which the
importation will be
bassador to India marks the open¬
a. sadv
day for these" business
Truman Urges
must; men4—and la^sad
day for the
Hc^f^i^iayior
section
economic
on an
assurance
ish economy such as
oils, indus¬
trial raw materials and machines
Swedish
the Allied Control Commission in
necessary to
allowed
an
pudiate the treaty.
same
dent
:
immediately to put certain
categories of goods which are of
essential importance for the Swed¬
Associated Press Washington ad¬
vices stated. From San Francisco
day the Associated Press
reported that Mr. Grady, who is
It
that if
-
The
the
former
f
appear now
ments may lead to results
remained, however, for
which,
$o be centered chiefly upon the Roosevelt Administration President of the American Presi¬ in no way, conflict with the stip¬
dent Lines, had declared, "I am
ulations of the treaty.
On the
the price situation, the all but to cap the climax of this folly,
proud and very much pleased that other
hand, it is possible that the
unanimous view being appar¬ if not bad faith with the busi¬
the President has selected me as
parties will consider it expedient
ently that the danger of infla¬ ness community. It, too, wish¬ the first American Ambassador to to make a temporary agreement
India."
concerning the applications of the
tion is anything but over. The ing to obtain mass action from
Stating that he had been in list mentioned above. The Swed¬
various official and semi-offi¬ business
men,
soon ' found
India twice since 1931 "on vital ish Government is
willing to dis¬
cial utterances; upon the cur¬ statutes and indeed common
war
missions," Mr. Grady said cuss the effects of the Swedish
rent situation do not
law provisions directly in the that it would be a
always
pleasure to re¬ import control on American ex¬
mesh very
well, but it ap-: path of those from whom it! new the many friendships he had ports not only as regards goods
pears generally to be the view was soliciting "cooperation" made; there.
A native of San on this list but also other goods
of a mutual interest. In the
that prices are far too
ap¬
high— —cooperation with one an¬ Francfspq^and^es years old, .Mri
Grady during the first World War plication of the import regula¬
that is, except farm
prices other as well as with the gov¬
performed technical trade serv¬ tions, no discrimination against
(the highest of all), which are ernment. It was not
imports from the United States
long be¬ ices for the
Government; during will be made. In several bilateral
a& always under the protec¬ fore the NRA had
emerged the last war he was Vice-Presi¬
trade
agreements,
Sweden has
tive wing of a considerable to "correct" this situation.
; number
:
a
;
tends
Government
aligned with those who have was in contemplation.
The
as
never for a moment given up
"trade practice conferences"
the idea that business can of that day resulted.
More Ambassador to India
lift itself up by its own boot¬ than a few business men who
The first Ambassador from the
straps and must do so or else had been acting under what United States to India will be
Henry ,F.
government must "step in."
they supposed were letters of whose nameGrady of California,
for the post was sent
Although no less a person¬ immunity, or something of the to the Senate by President Tru¬
age than the Chairman of the sort, from the Attorney Gen¬ man on April 7. The nomination
was confirmed
by the Senate on
Board of Governors of the eral's office, grew quite warApril 9. The fact that Mr. Grady
federal Reserve System only rantably uneasy only a very had been chosen for the Ambassa¬
a
relatively short time ago few years later when the dorship was revealed by Underannounced
from
Olympus Hoover regime repudiated Secretary of State Dean Acheson
that the danger of inflation any such steps taken by gov¬ at a news conference on April 4,
passed (or words to that ernment officials of
effect), official attention and regime.
us.
ports is regarded by the Swedish
flict with the laws of the land
had
against
currency
raw
It may or may not be true
issue a general order putting all<8>that higher prices or failure
imports under the control of the' such goods is
to get prices down within a
government. The government in¬ basis.
anti¬
own
oils, industrial
as
WASHINGTON.—Because of the increasing
scarcity of foreign
currencies, the Swedish Government has found it to be
and support it, dies
if someone
very
short period of; time
something" hard—if indeed it dies at all! would
result in a "bust," or
about prices, wages must rise,
Perhaps history never re¬ that
getting them down would
but evidently he is not ready peats Itself as we often hear,
prevent such a "bust" What
to rest his case with a demand but it certainly seems to do so
is clear, is that
many of the
for higher wages.
Again current
For this frequently enough.
proposals are not only
much the: public may, per¬ government, wishing to per¬
certain to be
impotent but are
haps, be grateful, but there is suade business men to do this
heavily loaded with hazard.
or
a great deal more to be con¬
that, has found itself in
If
to
scarcity. Essentially Important
materials, and machines placed on
free list. Swedish Government denies any intent to
repudiate 1935
Treaty with U. S., assuring there will be no discrimination
bring
serious
prompted by foreign
goods
results
ards.
§ Sweden Controls All Imports
Act
* as' mow
exist it could not fail to
wholly
!
Thursday, April 17, 1947
64 %
<
of
the
forest lands:
importation of French cos¬
preparations will not be
metic
allowed because of the existence
of
relatively
supply of
French francs unless the impora
tation from
the
'
good
United
of bills has
relation to.
no
Treasury policy with
respect
interest rates and that
no
in
policy
is
States of plated.
presently
to
change
contero•*
.
'
iii
bcr;ti~•»)q ''a• »oJ.
f
i
v,
*
'
>
:.»•
i
r. ■
>
[Volume 165
Number 4586
THE COMMERCIAL & FINANCIAL CHRONICLE
Steel Operations Maintained at
Laher Treuble Feared as
High Level—; Trade Commission I '
Urges Anti-Merger
Wage Talks Stall
in
past week to change the serious
any new developments of
optimistic Amendment Changes /
+?3S,h^ppened
U4 ^0f^~n0r a,r
an
£
week »,according to "The Iron Age," .national
Paper'
' m lts issue of today (April 17), further
ctooi
»
The
«
adds'
the
Gwynne subcommittee
House
Judiciary
of
Committee
sionally
^tween steel fiiins
the middle of
since
•
and the steel union, held
Jan-@>
have produced nothing. - •
/"The United States Steel Corp.
•
occa¬
-
<
completed.
The
possibility of a
steel strike, the
high level of pig
iron v output / and
better 1 scrap
shipments are all having their
Washington Ahead of the News
(Continued from first page)
New Dealers are irrepressible
their chances for 1948.
on
They can say the most
brilliant
things. * But
when
it
comes to running the government,'
take the Republicans.
I take
them
Trade Commission Act), on March
26 was told by Judge W. T.
Kelly,
vinced that - this •
notwithstanding
Gallup Poll against them.
now,
From
substantial
instead
purely
coun¬
in.
men
the
of
government,
so-called
reckless
brilliants,*, and that's the reason
they voted the Republicans in.
no doubt that the country
the
There is
feels
study I am con¬
long
a
The
try wanted slow-goingr plodding,
Darties;
is conducting hearings on
legislation to amend the Clayton
Act (known also as the Federal
which
uary,
From
relief
tremendous
a
which
Roosevelt
commer-;
Truman
from
is,
and
enterprise is not a very ac¬ that that.is.reflected in the ex-,
} was still insisting this week that
Chief Counsel: tcr ^ the*4 Federal curate
measuring/ rod between pressions of people when a pollster
the portal question must be
elections.
legis¬
They go around, with walks up to them and with poised
Trade Commission, that the
pend¬
lated
satisfactorily before any effect on the • downward trend* ini ing
their so-called scientific sampling, pencil and pad,, asks, what do you
Kefauver-O'Mahoney measure
wages
commitments
could
be scrap
I, myself,
is' "too rigid" and at the same asking, do you believe there are think about Truman.
prices. :A¥'
■: /■
made.
The
union
so
far
has
would utter a wholehearted ejac¬
The decline in the steel ingot time an
"inadequate remedy" for too many divorces; do you prefer
rial
.
named
definite
no
II except to ask for
demand
wage
substantial in¬
a
The steel firm has at no
made a wage offer./ This
crease.
time
rate
this
icant
;
fluctuation to be
such
next
stitute
when
both
sides
will
be forced to attempt to do in 10
days what could have been done
in
the past 3^
months.
-
-
-
-
"Mr.
Murray by next Monday,
April 21, will have received the
authority from his strategy com¬
mittee,
representing* all
steel
workers, to call a strike for May
1
if efforts
obtain
to
fail.
crease
a
Unless
down by a
•'
\ "The
tween
hour
an
settlement
Motors
workers
raise
and
going
which
for
the
on
includes
final
a
steel
that
announced
erating
indicated
rate
of
that the op¬
steel companies
ago.
year
"Steel,"
of Cleveland, in its
summary of the latest news devel¬
opments in the metalworking in¬
dustry, on April 14 stated in part
as
follows:
"Optimism
is
less
in
Steelholding
buoyant
the iron and steel industry.
"One factor in the current steel
situation
which
pected to
pounce upon
the
union
is
fourth quarter net income
are ex¬
April
on
Steel officials insist that the
ficient time
on
are
supplies and .demand shows no
sign of abating, but the imme¬
pected to be announced
quarter is insuf¬
one
operations
well in the face of curtailed coal
Corp. for the first quarter of this
year.
These figures which will
show- quite
an
increase ' from
showing for
making
ex¬
will be the
steel earnings report of U. S. Steel
29.-
In¬
which to base per¬
diate
future
dustry
the
in
outlook
in¬
threat of
serious labor trouble in the offing;
is
clouded
by
"Current coal mining
stoppage
petering out, al¬
though the ominous threat of
widespread shutdown of furnaces
to
appears
be
Even
for lack of fuel continues.?
manently higher wage rates.
though the coal barrier is hurdled
quarters prospects for continued high steel
that the steel price structure may production over the remainder of
not
withstand
a
severe
testing the year are darkened by lack of
when supply begins to outrun de¬ progress in working out a new
mand late this year.
Most steel steel wage contract.
officials believe that the earnings
"Government officials continue
in the first quarter of this year to press for lower prices and the
will have no bearing on the year's heat has not been taken off the
-
"There is fear in
costs
not. be
that
and
taken
as
a
they should
for
reason
much
higher wage rate.
"None of this opinion is shared
by Mr. Murray who is expected
to score heavily with the public
when
is
the
steel
announced.
earnings report
can
point to
He
the fact that the union agreed to
contract extension for a longer
a
period
than
has
been
ever
done
before and also point out that so
far no offer of a wage increase
has
been
Between
Jand
made
by
the
company
the middle of this week
the
there is
middle
of
week
next
chance that higher of
ficials in the Steel Corp. may take
negotiations.
over
.was
a
taken during
Such
the
a
step
labor
con¬
troversy in- 1946.
;
-
'Neither
tide
wants
..
the
inter¬
vention of the government in the
'.present steel wage deadlock. With
the
/Administration's
future
a';
.stake the government will defi¬
nitely, be in the picture unless Mr.
Murray and the Steel Corp. can
/.reach
..-/May 1.
"The
settlement
some
before
scrap
as
market, sometimes
a
sensitive
bar¬
ometer of
.further
industry despite the state¬
Benjamin Fairless, Presi¬
dent of United States Steel, that
consideration of price policy must
settlement
things to come, slid off
this -week.- Prices for
the
of
wage
including
effec¬
officials,
government
President Truman, will be
tive remains to be seen.
Some
market
opinion leans to the view
a
token cut of $1 to $2 per ton
in base steel prices may be forth¬
coming,
especially
should
first
quarter data show steel earnings
Age" steel
,
of
Buffalo.
The
"Iron
composite price
.this week was $34.75 a gross ton,
/down 67c a .ton from last week's
level of $35.42.* , A more severe
scrap
*
The
Ke¬
seeks
to
revise
this
section
by
later in the year when supply and
come into balance.
This,
recently
changes
initiated.
'
,
breaking
recordpeacetime
during
for
first quarter.
Output totaled 20,-
516
also
set
a
peacetime record.
(we
quote from the "Journal of
Commerce" advices) as prohibit¬
ing
"desirable
acquisitions"
as
well
undesirable
as
not
and
ones
being
"broad enough to
conglomerate and vertical
cover
mer¬
gers,"
account said:
same
Cited
The
example
an
as
of
following, the same press
continued, • is
Judge
advices
.
Kelly's
recommendation
for
amendment of Section 7:
"No
corporation
the
engaged
assets
of another
corpora¬
tion engaged also in commerce,
where in any line of commerce
or in any
section, community or
there
area
probability
that
reasonable
is
the
effect of
to sub¬
stantially lessen competition or
to tend to create a monopoly
of any line of commerce."
such acquisition may be
President
nomic
in
Truman
report
to
his
eco¬
urged
Congress
amendment of the Act to prohibi
both types of mergers, and re¬
cently the Federal Trade Commis¬
in its annual report to the
Senate Judiciary Committee rec¬
ommended the change.
sion
«
\f" J
>V
-«
•$,
4
Department Reports Consumers' Price
! Index Down 0.2% to February 15§jiff
in
acquire, directly
or
indirectly, the whole or any
part of the stock or other share
capital and no corporation sub¬
ject to the whole or atly part of
trade
Labor
>
shall
commerce
the
•y
>,
" "
J,
.
,'rt
t
.
' V. »
-
«■ *
t
!
!
J
according
of Labor.
said the Bureau,
all
other
(1935-39 = 100). In mid-February
goods and services used
announced
was
on
April
that the Board of Directors of
as
1
Bapk of St. Louis
April 14, to succeed Clarence M
who
will/assume
the
managership of the Little Rock
phen
on
will
June
LL.B.
May 1. Mr./Carstar
continue to
Counsel
General
which
-
of
serve
the
manufacturer's^
prices.
creased 0.6%
between mid-Janu¬
ary
as
Bank,
food
prices
in
large
cities declined 0.8% between
all-time
mid-N'ovember
high
of
(1935-39=100). A seasonal
drdp of 6.5% in egg prices was
accompanied by a 3.6% decline
for
dairy
products
and lower
prices for meats, fish, poultry.
Fresh fruit and vegetable prices
household cleaning
"Based
187.7
advanced
2.8%
on
the
average
during the month as green beans
increased
35%
and
lettuce
rose
on
supplies*^-/
rent change
in' six"
cities, it was estimated that .the
rent index for all large cities com¬
bined increased 0.1 %: to-408.9%
Feb. 15. 1947.
on
Rents advanced
in Memphis and New/Or¬
leans and 0.4% in Washington;t?e^
0.3%
tween
ary
September 1946 and Febru¬
1947 and 0.4% in
Philadelphia
between August d946; and Febru-*
position he has held since 13%. Retail prices of coffee and
v j ary 1947. c : :c.
h 1938. After receiving his sugar continued to advance,
"Clothing prices, advancing for /-"Fuel, electricity//and ice-costs
degree from the University
the
44th, conservative
month, rose 0.2% on the average. Changes
Louis, in* the practice of law
until
in
prices for gasoline, newspapers,
midf motion "picture" admissions/' arid
January and mid-February, and beauty Shop services more than
the
offset' slightly lower- pricey gfor
on Feb. 15
were 2.9% below the
"Retail
Secretary of the bank effective
Stewart,
creases
\
,
It
—
tween
and mid-February as/ prices
by families in large cities were of washing machines, gas Stoves,
17.9%
higher than/a year ago and floor coverings continued to
Miscellaneous
goods
and
and 51.6% above the Jan. 1, 1941 rise.
services costs rose 0.1 %. Higher
level.
consumers
Taylor,/*; Chasnoff
year
ad4<$——
mid-Jan-
all-time
St.
this
essentials
between
high—is in contrast Prices of men's suits and topcoats,
to the rapid advances of 1% and and work clothing, also rose in
Prices of footwear
2% a month during the last half most cities.
of 1946. The consumers' price in¬ advanced 1.2% during the month.
"Housefurnishings p r 1c e s in¬
dex on Feb. 15, 1947, was 152.8
ber
of
output
0.4%
the second since the mid-Decem¬
were
result ein; an
which stated that "retail food prices dropped 0.8%;
living
mid-January
and
uary
and mid-February."
The February. Higher prices were're¬
Department further reported: - • j ported for cotton housedre^es^
."This small overall decline be¬ rayon dresses, hosiery, and; under¬
tween
January and February — garments reflecting earlier -in-*
vanced
ary
would
lower, ao Feb, 15 than on Jan. .1.5,.
the U. S.^epartment
Further decKnes in the, family food bill more than offset
the Bureau of Labor Statistic*,
higher prices for all major groups of items in the family budget,
of Missouri in
1947
essentials commonly bought by moderate-
Retail prices of living
incorne city/families averaged <X2%
pheit Was, associ&
of
remainder
servation post you get the impres¬
casts can be measured.
At this tional statesman because he gives
the time, too, they have available to $400,000,000 to Greece and Tur¬
conglomerate merger was the them, the findings of the Wash¬ key; when they make a dramatfc
acquisition by a leading steel ington correspondents who have figure out of Vandenberg when
he is one of the political tragedies
producer of several steel drum toured the country, they have the
fabricating concerns since 1940. findings of all sorts of -experts. of our times, you can understand
Such an acquisition, Judge Kelly I have never known, for example, just how much weight these fel¬
pointed out, would not be cov- a forecast to give me any infor¬ lows carry.
I never thought I'd/ live to see
vered by the Kefauver standard, mation which I did not already
the day when it was a crime to
v-'./
as
steeL producers and drum have. I-,,
So when these polls now tell cut the government's budget and
fabricators are not in competi¬
tion with each other and the me that Truman is in 60% favor try to reduce taxes; along. with
of the country, I do not assume the debt,, but you have only to
effect of merger could not be
the; Republicans in their read many Eastern newspapers to
"to substantially lessemcompe¬ that
'
tition between -them." <?* ' *
plodding way, have thrown away /learn that it
The
rate
the
one
though, that while Roosevelt is
gone and the country has voted
definitely against the New Deal,
the New Deal propagandists are
still, in positions of importance;
indeed, .have increased their posi¬
tions, in the mediums of informa¬
tion.
From the Washington ob-»
sion, that they ran from their
lim; when on a recent trip which government jobs to places as edi¬
made outside of Washington, "
tors, columnists and assistant pub¬
could find but few people who lishers on the Eastern newspapers,
and they've fallen on the radio
knew what Lilienthal was.
These so-called scientific polls networks like nobody's business.
When
have a way of tightening up in a
overnight, almost, ; they
national election when their fore¬ build up Truman to an interna¬
Sustained operations at the March
over
in
are
lessen
competition land, and against cutting down
the budget on the other.
They
acquiring and the ac¬
will find the people* overwhelm¬
quired concerns.
But Judge Kelly was reported ingly for Lilienthal and against
to have criticized this proposal the Senators who voted against
Branch
"Steel production was
living, find that we
between the
has elected Lewis H. Carstarphen
with
our
substantially
it
price action in iron and steel in¬
volves revision of extra cards to
been added to the craziness
lave
favor of tax reduction on the
of
Federal Reserve
said, should begin to show
up in some products late in the
summer.
At the moment the only
with, outside of the intellectuals,
are against it.
These polls, which
sition
demand
is
,
of
mergers where acqui¬
stocks or assets would
Of St. Louis F. R. Bank
long-term it is generally felt
competitive forces will begin to
whack at the steel price structure
But it's relative,
to Russia; are boys and ulation of relief.
/
\
girls necking now more than they as everything is. . 10 years ago.
Coming out of Russia several
It is a rather
:iunny thing that they will find years ago, I thought I had come
the people are overwhelming for from darkness' into iiight when I
r
w
f
permanent military training,;»for reached Poland..
There is no mistaking the fact,
example, when everybody I talk
Greece
were
prohibiting
the
of/approximately 85,000,000
test of scrap prices is expected tons: of ingots, which would be
^ 'next week when many old- high- 19,000,000 tons
more than were
/ priced;- orders
will
have - been produced in 1946." / — < i s —
physical assets.
fauver-O'Mahoney bill, it is said,
Carstarphen Becomes Secy
melting steel declined at 919,055 tons, almost double pro¬
'Pittsburgh, Philadelphia, • Cleve¬ duction in the first three months
r/land,
Youngstown,
New
York of-1946. March output at 7,284,and
by acquisition of
mergers
substantially above those in the
last quarter of 1946.
This view
applies to the near-term.
For
.heavy
Detroit
Commerce"
stock control, but Section 7 of the
Act -permits mergers by acquisi¬
question.
Whether the psycho¬
logical pressure on industry for
price reductions being exerted by
conform
■
accepted
steel'
ment of
await
to the New
of
The Clayton Aet prohibits cor¬
some
•
labor
7
;elegraphic reports which it had tion
received
set¬
tlement.
.<
1
week
"Journal
//>/; porate
The American Iron & Steel
this
advices
cases,
when from its Washington bureau stated.
expected
high rate."
a
one
150
straight 111/20 an hour increase
plus 3V20 an hour to take care
of paid vacations may have some
influence
York
the
industry will be shut
General
electrical
many
normal
be¬
in¬
wage
conditions
strike.
contract
signif¬
a
having 93% of the steel capacity
of the industry will be 94.5% of
capacity for the week beginning
April 14, compared with 95.1%
one
week ago, 96.4% one month
ago and 77.4% one year ago. The:
operating rate for the week be¬
ginning April 14 is equivalent to
1,653,700 tons of steel ingots and;
castings, "compared to
1,664,200
tons one week ago, 1,686,900 tons
one month ago, and 1,364,100 tons
change radically from what they
are this
week, it is a 50-50 chance
that the steel
not
was
represents
the level has-been maintained at
fussing around is expected to be
eliminated by the
beginning of
week
week
and
he
-
1932, Mr. Carstar
joined the
&
Willson
staff of the
Federal Reserve Bank. •/av:*"5:-
have
1.1% higher in
than
in
risen ' almost
August
mid-Februr
mid-January -and
80%
1939. \ Prices of
clothing/advanced
since
women's
sharply be-
in rates increased
to
domestic
delphia
by
and cost'of gas
consumers
in Pftila-v
11%;
reduction
lowered electricity
ver
consumers
rate
costs to Den*
by 2.1%.
,
6
(2118)
THE COMMERCIAL & FINANCIAL CHRONICLE
adoption reflected efforts at
Current Economic Trends: Their Promise
tributed that
not
and
men
dissuaded
from
women
taking
markable
na¬
are
risks here indicates strenuous efforts to
inimical
the
to
maintenance of
Both the evidence
■dangle before us.
barriers to the free flow of ener¬ of history and outlines of logic
viction, shared by many students
gies and resources, both legal bar¬ are so clear, to me at least, that
The Federal Government cannot
and
businessmen
knowing
far
riers, those involved in the com¬ I am convinced this is a unitary
more of science than ever I shall,
levy taxes on a "heads I win, tails binations of various
groups and' world, and if we stubbornly and
that they are realizable—if, but you lose" basis and expect maxi¬ those
grounded in custom and pig-headedly impair that unity,
only if, to use the blunt expression mization of effort in this economy. trade practices.
Legal obstacles we shall reap—and in the not dis¬
again, if we have the sense that Nor must a debt management and to the free flow of trade and
future
the
great,
labor tant
great
God gave the gabbling geese.
operation be carried on
But fiscal
include,
among
others,
State granddaddy of all the whirlwinds.
which
feeds
These
the
are
and
exerting efforts to increase
their incomes in ways that
bring
about more goods and services.
prizes
which
I have the con¬
remove
minimize
or
all
types of
world
ard;
as a
that
remember
low stand¬
geese
or
continuously income
threatens to feed the fires of in¬
once
flation
saved the Roman
taxes
against
discriminating
residents,
out-of-State
and
Nor
•
I
am
other
quires reduction in expenditures— which beset
interstate trucking,
major reductions—so that
both etc.
Legal interference with
taxes and debt can be cut.,
If
prices, like State fair-trade laws,
the possession of the
We can, if we will, thwart
assure
us
prizes.
countries.
and frustrate and
even
render im¬
taxes and the debt cannot be cut
potent and sterile the scientist and
in the greatest
the salesman, the biologist and the
businessman, the pioneer and the has
producer.
This
we
can
do,
is
and
ever
in
boom this country
and
Federal
warrant
parity
prices,
reexamination
also
from
the
experienced, the country economic
viewpoint.
sad
a
state
indeed.
This
whole
I
include
in
was
category
of
trade obstructions, of
course, bus¬
'
r
lems with which
irigi
And
we are now
we have to
for ourselves.
answers
deal-
find these
'No
mys¬
terious entity, be it government or
Cod, will solve our problems for
us.
God still helps those who
help
themselves.
We
have, for
to help
thrift
and
with
In
money.
the
value
devotion
our
to
of
de¬
featist economies
during the 1930's
and then under the
compulsions of
war
adamantly rigidified
on an
interest rate policy that
penalizes
thrifty in the mistakenly
selves and our families to personal assumed
interests
of
the
big
-security through, the purchase of debtor: the Treasury.
To effec¬
life insurance.
Now let us raise tuate this
policy it utilizes mech¬
our sights
still further and help anisms that feed the most
griev¬
ourselves to a higher standard of ous
inflation
this
country
has
life and to international
security ever had. Unless there is a turn¬
again by our own efforts.
ing in this road, it leads away
;
There are two broad sets of eco* from the attainment of
the prom¬
nomic problems, those of
ises of science.
producThis factor is dis¬
tion and those of distribution. In cussed in a recent
publication of
the last 15 years we have been the Committee
on
Public Debt
accustomed to hear that we have
Policy which I urge you to read.
! solved the first problem, so that
ample,
been
wont
ex¬
our¬
the
all
live
in
glass
the
of
the
strictions
Finally,
the
promises
government
also grievous
are
old
evil
forces
of
restrictionism
the
as
and
1930's,
they
uncontrollable
itself
rolls
over
rampant
run
until
disaster
But
us.
fortu¬
re¬
re¬
construction.
in¬
laws, and
local
and
efforts
some
of
domestic
*
International
the
it
Field
international
field
now
*
the
in pro¬
in Geneva promises to im¬
pel the world on the first step
back to freer trading, and unlike
the period after the First World
gress
the
States
people
of
the
United
seem
ready to accept their
responsibility to adopt policies
which will implement this trend.
The
U.N.
is in operation
organized
andj has
number of subsidiary
The
International
a
endeavors.
Bank, the International Monetary
Fund, the international aviation
organization,
the
food organization
international
others
among
—
—are
functioning. The Council of
Foreign
Ministers
is
holding
nately, this is a derived problem.
Only the defeatist. economist and
regular meetings.
We will undoubtedly
their
to have the cyclical
readjustments
which seem implicit in a free and
disciples,
now
happily
diminishing in number and lungbelieve
power,
the
afflicted
us
with
chronic
will
fiscal
take
the right road of
monetary and labor
and
policy, if
as
dynamic
now
economic
have
we
new
continue
system,
but
of miti¬
means
gating the severity ,pf these flucuations. For one thing the weight
of
Government
in
the
economy
we
will turn boldly and is, and will continue to be much
irrevocably away from domestic greater than it has been in the past,
and international restrictionism— and the
machinery of the Full Em-r
Lot's
wife
not,
was
Flow of Investment
turning back—then the
resulting
enterprise,
production
Funds
on
anti-trust
regional
are
formation of the ITO
require
aggravated with every sizable
slump — and with a major one,
showing
1
the
are
been
the
The
In
of
of
science
trade
of
Department of
making
aaginst other forms
restrictionism.
reasonably full and reasonably
steady employment, or fairly con¬
stant prosperity. The
spirit of en¬
terprise is paralyzed and the age
in
Restraints
groups
War,
realization
of
of
industry,
Science
obedient,
local
on
ment
ism.
Promises
has
barriers
on
creased vigilance in the enforce¬
30's,
and
straints
Justice
credit
in point. Attacks
being made
and resources. The
powerful country at present,
in the absolutely
necessary
direction of anti-dis¬
crimination and anti-restriction-
of
a
regional
impeding the" free flow
the
methods of producing
goods—pre¬
fabricated housing is an outstand¬
other
case
are
also
small
and
newer
pools
to lead the way
Realization
for
Bank
are
houses.
cause
funds
businesses.
the
slump, the dominant
propensity to stagnate. If we can
and
vide
commercial
of
and
exists,
business
statesmanship
are seeking ways
to, take and share risk and pro¬
after the first world
depression
problem
Private lenders
adopted by the
was
business recogni¬
some
this
voluntary price reductions attest
at
against out-of-state materials, and
discrimination
against"
new
finance, monetary policy has ing example.
Many of the zoning
become
of
rocks
of
growing
which
inaugurated this vicious
circle. It is up to us as the
greatest
offender of the past, and as the
•
<
We
major
a
tion
most
this
subject will be ably dis¬
cussed in an early publication of
iness combination, some trade as¬
the
Committee on Public Debt
and nationalistic economic poli¬
sociation activity, price discrim¬
cies.
We can hide this great light Policy and I need not dwell on it
ination, tie-in agreements, and
under a bushel, if we wish, and in further here other than to empha¬
particularly any attempts to block
size that the country is precari¬
*the
words
that
Thomas
Gray
technological advance for the pur¬
; might use if writing his Elegy toously
close
to
heeding selfish pose of
protecting existing in¬
.day, "leave the world to darkness pressure group counsels at peril vestments.
Any
arrangements
to the promises of science.
and the bomb."
While which
enhance price rigidities are
I fully realize that the
government
No, the prizes from a growing
particularly undesirable. They not
must
shoulder greater domestic
knowledge of natural science and
only tend to misdirect the flow of
and foreign responsibilities than
■its application will not drop into
resources, but also accentuate the
any of us would have been pre¬
our laps like ripe apples from a
problem of distributing the prod¬
tree, We shall have to earn them pare^ to admit before the war, I ucts of
industry, and contribute to
do not believe that
if we are to possess them.
$37 V2 billion is the
We
cyclical
instability of our
required for necessary government
shall have to earn them by
doing
economy.
the things and creating the en- activities.
I would also cite the interfer¬
vironment that cause them
to
ences which have been
introduced
Monetary Policy
grow and then exert effort and
by labor unions, and their number
skill
in
A
plucking them.
More
related factor is
is legion. They include
monetary
conspira¬
'specifically, we shall have to find policy.
Like taxation, monetary cies with
employers to fix prices,'
the right'answers to the
economic, policy deals basically with the re¬ requirements for the use of un¬
'the political and the social
prob¬ wards offered to enterprise and necessary
labor,
discrimination
easily, too, by devotion to bad
economies, pressure group politics
war
world
increases,
*
throwing
impairs the value of health,
sanitary and quarantine most brittle
money if enterprise is to be en¬
regulations like the Florida ex? Undoubtedly,
of natural science and its applica¬ couraged.
Avoidance of incentive elusion of California
citrus fruit, policy which
tion alone does not and will not paralyzing taxes and inflation re¬ the
many
annoying regulations United States
Capitol.
For possession of the knowledge
vindictiveness
of
of price increases over wage
cess
peace.
•—
don't think of this
lack
tional
self-sufficiency in self de¬ and an attitude of thoughtful
fense against both political fears deliberation which makes it
ap¬
when I say work, I mean work.
and > depression
insecurity.
But pear
unlikely
that' repressive
The second broad range of
prob¬ one control invites another, and labor legislation will stir up fur¬
network
lems
which I
cited
spread ' like; the ther t strife. Although some ob¬
is
that of the
assuring the most appropriate di¬ plague during the thirties. This, servers believe we face a shortage
rection of our energies and re¬ in turn,
intensified these : same of consumer purchasing power as
sources.
The signpost for
policy political fears and suspicious, so the result of this past year's ex¬
(Continued from first page)
j* One of these is the fiscal policy'
the benefits of science Can be ex¬ and operations of the Federal
tended to raise living standards Government.
Federal taxes, indi¬
throughout the world, the root vidually and in the aggregate,
must be at such levels and so dis¬
cause of international friction be¬
tween the haves and the have-nots
will be largely removed.
Thursday, April 17, 1947
and
never
ployment Act is available to at¬
tempt to cordinate the variety Of
Government
activities
with
this
,
.
.
we are left
only with that of find¬
ing buyers who have the ability,
as well as the
desire, to take the
enormous
flow
of
products
and
services which this
eebnomy can
turn out.
I do not mean to
depre-
v
Labor
Policy
Another factor very relevant to
quest for the prize of science
policy. Scientific devel¬
opment has involved la
shift for
the major
part of our population
Although
sion
of
is labor
hear less
we
them
in
this
discus¬
context,
re¬
straints also impede the free flow
of investment funds. For
example,
savings institutions
are
restricted
both
by law and by custom to
investment in certain specified
types of obligation, and in some
instances they are restricted as to
the geographical area in which
they may invest as well. While
we
realize
our
that
such
restrictions
seem
appropriate and necessary in
view
of
the
stewardship
and
trustee responsibilities of such in¬
] ciate the importance of the distri¬
stitutions, these restraints for the
bution problem. But I do want to from self-employment to working most part
acquired force many
for hire, with
production concen¬ years
j emphasize,
and perhaps to over¬
ago and in a very different
trated largely in the
hands of a
emphasize, to drive my point
environment, and now merit re¬
small number of
large firms.
A examination
home—that we cannot take prowith
a
view
to
concomitant development has been
: Auction for
granted, that the existachieving the maximum
,
1
•
ence
of
degree of
the rise of the
corporation and the
a
cornucopian technology
compatibility,
and
adjustment,
trade union, with
-does not assure output.
wages, the • price between these requirements
In the
and
of
first place, the drive of human
labor—and, consequently, re¬ the needs of the
economy as a
turns to investors and
"will,
or
,
the maximum potentialities
unless
energies and resources are chan¬
neled in the most
j rection.
Therefore,
♦
*
.
should
in
sufficiently
their
limit
the
and women.
do
things,
not
some
we
broad
that
moves
men
and
vated
Men and women
must remember-
impersonal force
like
women
theoretically bal¬ gies
and
scientific
knowledge
workings of a free market. have been
listed. The barriers
As a result, when this
balance of which stand between
appropriate dicountries
power swings to one
side or the which
impair the most productive
other,
distortions
and
stresses
one of the most important aims of economic
policy
should be to promote
enterprise of
men
approach to the
the
tides—and
must
to
be
moti¬
anced
usually appear—on the
inordinate labor costs
reasonable
which may
or, on the
pendulum,
to
of
strife
and
international
one
hand,
and
un¬
disorder
discourage enterprise,
reverse
swing of the
wages so
low relative
prices that the largest segment
the
market
has
.
insufficient
sources
to
are
list.
utilization
of
re¬
almost too numerous
They
include
bilateral
trade
agreements, state trading,
and particularly. state
trading on
a
political
basis,
international
cartels, tariffs, exchange controls
import quotas. Here we have
and
seen,
and
unfortunately, are still
by purchasing power to take indus¬
seeing, a vicious circle of adverse
doing so. try's products off the
market. economic afnd
So let us look at some of
political develop¬
the fac¬
Management and labor must learn ments.
tors which,
Although in many cases
if properly guided, to
work together and
will help motivate
government these
instruments
of
economic
action, but if to facilitate rather than
impair warfare have been deliberately
inappropriately constituted, may
relations if that light is not to be
used for purposes of
discourage action.
political ag¬
a
act, not discouraged
host of obstacles from
hidden
under
that
bushel.
And
gression,
in
other
cases
their
fluc¬
both
depth and time
deprive them of
to
terror
their
and
harmful-
I
have
list
of
recited
threats
formidable
a
to
the
attainment
of science's promises.
with the
one
Only some¬
mantle of prophecy
foretell whether those threats
can
will
*
and
materialize
do
I
cannot
not
be
or
have
avoided,
it.
if
But
I
prophesy, you may wish
attempt to evaluate our
to
me
end in view. Fiscal and
monetary
operations have especially great
promise, and the development of
theory plus the varied experiences
of
ness.
far. With real
course
so
I shall
try.
humility,
the past two
more
will
the
likely
be
The
Historical
look at
we
am
sure
ment
the
collection
a
of
more
than fragments.
that it is not necessary
signs of
it
so
a
less favor¬
again—though as
in this discussion,
earlier
seemed
to
If
that
me
without
^here were
favorable one
some
this
is
so, *
the
case
still to be open.
times in his¬
our
for encourage¬
alarms of this or
Moving to Better Things
more room
than
moment
any
quite
developments, and the
to array the
I did
opposite.
Perspective
they
effectively in
able nature here
torical perspective, it seems to me
there is
is
collection is
seems
If
it
that
not
more
future than in the past.
favorable
I
decades make
than
used
This
none
usually
indicate.
4-"
•
1
■
,
One
final
large in
my
consideration
-r. '
looms
mind. Not 20 months
domestic
have yet passed since that historic
scene, we see that both the poli¬
tical
and
the
economic
atmos¬
ceremony on
the Missouri in
Tokyo Bay, ending the shooting of
When
look
we
the
at
managers— whole.
something we familiarly
set by contest
among titans, or by
"enterprise," is required to
Thus far domestic
impediments phere is more favorable to
exploit these possibilities. In the government administrative deci¬ standing in the
way of the most prise than it has been for
second place, we cannot realize sion, rather than by any remote efficient
utilization of our ener¬ years
past. In fiscal
1 call
-
trade
tuations
enter¬
many
policy, for
unanimity
exists
among
widely
different
groups on the desirability of tax
example,
remarkable
reduction, debt reduction and
pense
reduction;
it
seems
ex¬
more
the
greatest. upheaval the
had seen far less progress in the
establishment of international or¬
ganization, and, though it is more
debatable) ■: I think rather less in
likely than not that their varied
domestic
efforts will find
months after
All
success.
some
measure
reports indicate
of
that
monetary
policy
j ected to
most extensive review,
a
is
being
sub-
and those in
esy
tell
—and
see
us
a position to proph¬
to expect some change
soon.
some
On the labor front
evidence of
a
more
we
ma¬
ture" and reasonable attitude, and
extensive determination by Con¬
gress
cesses
the
to correct
of recent years.
background
years,
some
Congress
of
of
the
ex¬
Considering
the
past
exhibits
a
two
re¬
world
has known. Twenty months after
the ceremoney in the railroad car
in Compiegne Forest in Nov. 1918
nation
far
reconstruction.
than
more
town
fied:
Appomattox
more
Twenty
saw
this
brutally divided by
now.
And
not
for
far
than 20 months after Yorkwas
the
indeed,
Constitution
it
was
seven
rati¬
long
y£ars and four months until the
ninth colony ratified — and then
nine months more passed before
the
Government
Constitution
Or
verse.
let
me
to
declared
be in
the
effect.
put it to you in re¬
years passed after
Twelve
Yorktown
before
the
cotton
gin
'
THE COMMERCIAL & FINANCIAL CHRONICLE*
.Volume 165 'Number '4586
j;
invented, and 44
was
first
the
years passed after Appo¬
mattox before the telephone was
i invented,
14 years before the
electric light began to flicker, 28
.
^machine began to fly.
far
Armistice
that
the
20
than
more
.
months
day
of
trial* real estate,
and
loans
offset
It was
.
.
after
In short,
of
let
^progress,
that
remember
us
of Home did get built
though the process required
more than a day. We are in fact
moving fast, not slowly.
prizes
of purchasing or
Commercial
48% to
that
evidence
turned
natural
of
science
from a
peak of $6,771,000,000 at the close
of 1945 when the Victory loan
$3,127,000,
drive ended.
advices
further
The
yet
have
we
to
decreased
the
from
k
.
"Total
•
'•.'•
•
,
At
insured
of individuals, part¬
and corporations in all
commercial and mutual
savings
banks
continued to rise
accounts
sets.
31,
'
Chairman
Maple T. Harl of the Federal De¬
Dec.
on
1946,"
31,
total
with the
during
We
first full
year's operations since the close
The ratio
1946,
"The
6.3%
was
191
of formal hostilities of the Second
World War.
In the recent report
Comptroller of the Cur¬
rency," it was called to our atten¬
tion that while the banks success¬
of
Dec.
5.5%
mutual
the
fully shouldered the heavy re¬
sponsibilities placed on them in
Connection with the financing of
1945.
insured
the
the
on
compared with
as
at the end of
ending
are
de¬
assets
brought about an increase in
the ratio of capital to total as¬
during the past year, reaching an
all-time high of $124,085,000,000
"A
imes
have. done-
and
War.
wise
debt
policy will at
difficult, drastic
unwelcome
action
by the
call
for
Government."
Such
action
re-
quires not only wisdom and cour¬
age by the Government but also
understanding by and support of
the
the
80th
he
*
obtaining that under- ?
>
standing and support.
In
•
We can and should
people.
do much in
President's
message
to
he asked, for
Congress,
billion for the operation of
the fiscal
$37 Vz
i;he Government during
Agriculture
,
year
"
of the Department of
be
year
beginning
July
1947.
1,
I
people realize
disappointing and alarming
j'act that there was no provision
the
with
together
in
cline
The Hon. C. M. Gay,
to
wonder how many
31, 1946
$8,672,000,000
at the end of 1945, a growth of
7%. This increase in total capital
"Deposits
nerships,
committees
Your
World
We
Comptroller, appearing on our of the University of Florida.
tomorrow, is in much were honored by the attendance
here of A. G. Brown, chairman
better position than I to acquaint
you
with the splendid job the of the Agricultural Section of the
records show you have performed. American Bankers Association.
accounts of in¬
capital
compared
as
na¬
increase
estimated
$1,981.00 or about $7,000.00 for a
family of four, and represents a
per capita financial burden eight
times greater than after the First
program
'
.
to $9,288,000,000 on Dec.
Deposits
Ail-Time High
an
After
is
indebtedness
our
-r.
.
sured commercial banks amounted
FDIC Insured
Loans in the
showed
their record.
FDIC state:
backs to them.
our
outstanding
Security loans
at the end of 1946.
banks
could
earnings, after income taxes, for splendid work, and I am deeply
the
nation
during that period grateful for their time and accom¬
showed
an
increase
of
128%, plishments.^^ Tom Mixson, chairwhile earnings in Florida banks nan of the Citrus Committee,
leld a most interesting and in¬
showed an increase of 216%. Divi¬
dends nationwide increased 27%, structive meeting in Lakeland this
While the Florida banks showed past summer.
Ray Carroll was;
an increase in dividends paid of
present at a meeting of his Live¬
stock Committee at .the
recent
69%.
Though we have had our
Pic Holshare of "booms" and "busts," the Cattle Show in Ocala.
above figures indicate that Flor¬
inger'sf Agricultural Committee
ida banks can be justly proud of met at Gainesville with officials
loans to individuals rose
40% to $3,308,000,000
for the taking, and I see
ours
to
52%
of 324%.
tion's
accomplish a great
all, the Executive
Council, or your directors, if you
please, are elected by and at these
group meetings.
»..
,1
group,
deal.
of 82%, while in Florida an in¬
crease of 171%
was shown.
Net
real estate loans
$7,106,000,000, and
$14,019,000,000
rose
consumer
the .glory
The
crease
de¬
securities.
carrying
even
no
the
to
for the purpose
while we today are,
impatient for faster
course,
are
consumer
and industrial loans rose
way.
:
loans
in
ourselves, but it would appear
hat two meetings a year of each
(Continued from first page)
posits of $408,922,000.00, while on
December
31, 1946 ^his figure
stood at $1,732,850,000.00 or an in¬
brokers and
dealers in securities and to others
great industrial flowering of
'twenties was visibly under¬
the
than
more
crease
that
1918
Portrays Florida Banking Progress
indus¬
volume of commercial and
years before the automobile began
to.. sputter, 39 years before the
.
7
banks
$30,740,000,000 as of
Dec. 31, 1946 compared with $25,769,000,000 on Dec. 31, 1945, an in¬
crease of $4,971,000,000
or nearly
20%. Substantial increases in the
amounted to
came.
,
commercial
sured
before
years
railroad
steam
^Twelve
(2119)
sav¬
that request for reducing the
$260 billion dollar public debt. ;
in
I
Frank
Sherman, chairman of
Of our many natural resources,
he Educational Committee, has none is more important than our
done a fine piece of work in re¬ forest products; and of our manyestablishing the Bankers School, industries, none is more important
;o be held this June at the Uni¬
than
our
citrus industry. . We
versity of Florida. You will hear thought it wise to give space on
ater of the splendid work of W. this program to a discussion of
R. (Bill) McQuaid, chairman of each and have been fortunate in.
1 ;he Legislative Committee.
That securing exceptionally well in¬
committee met for one full day in formed speakers to present their
Jacksonville and has practically views.
There is hardly a bank in
-
'
production of war materials and
spearheading the Government's seen in continuous session by cor¬ the State that is not vitally inter¬
The ested in at least one of these sub-*
crease
in
the
deposits of the amounted to $11,428,000,000 and bond drives, we have an equally respondence for some time.
serious problem in participating Trust Section has also been active, jects.
•
private sector of the economy was $12,637,000,000, respectively, at the
in the reconversion program.
The and recently held a meeting of its
We are meeing today, in con¬
accompanied by a substantial in- end of 1946. Holdings of TJ. S.
;
Legislative Committee in Jack¬ vention
Government obligations increased Comptroller
believes "that we
crease
in bank loans," said Mr,
assembled, . to
discus3
sonville in conjunction with Mr.
Harl who added "the Federal debt 11% over Dec. 31, 1945, and loans also appreciate the importance of
many problems that are of prime
rose
about 5% during the year. restraining credit for speculative McQuaid's committee.
retirement
program
brought
a
importance to the Florida Bank¬
Bob
Conn, chairman of the ers Association. It is a legislative
decline
in the deposits of
the The, ratio of capital accounts to rather than productive purposes
total assets' of these
banks in¬ and of avoiding basing loans on Public Relations Committee, has
U. S. Government and in bank
year.
We have not attempted to
inflated values."
We have had done considerable work in its be¬
holdings of U. S. Government ob¬ creased from 9.1% to 9.3% during
request our friends in the Legis¬
ligations which resulted in de¬ 1946 since surplus grew at a more pur own reconversion problems, half by visiting most of the banks lature to divert their time from
which have resulted in the in¬ in the State during the past year. the
clines in total deposits and total rapid rate than assets."
problems of a war-torn econ¬
crease of salary schedules in the
The reports of all our committees
assets of all insured banks." Total
omy to give attention to some
light of changed conditions; and will speak for themselves.
It is much-needed legislation required
deposits, including public funds
'other general increased costs of through the work of the commit¬ in matters
and other types of deposits, on
directly affecting the
Operation. This we face—as some tees that the results of our Asso¬ banking profession.
Dec.
31,
1946
he
reported,
Consequent¬
believe—in a possible period of ciation will be felt.
amounted to $148,457,000,000 as
ly, this year we are asking their
declining deposits. Many thought¬
Our Association was honored cooperation to consider some bills
compared with $158,174,000,000 at
ful students of finance expect tha*:
the end of 1945, while total assets
The Board of Directors of the
by a request from the Governor which we think are quite import¬
the experience of war. years-.anc
We feel that any,legislatiori
decreased from $169,006,000,000 on- Reconstruction Finance Corpora¬
to. be represented in Tallahassee ant.
conditions prevailing through the
Dee. 31, 1945 to $160,001,000,000
tion announced on April
at his conference on KEEP FLOR¬ affecting banks is of direct inter¬
9 the
latter half of 1945 may lead to a
on
Dec. 31, 1946. All of the de¬ 'resignation of Charles B. Hender¬
IDA GREEN.
Mr. George Ware est to the business life of our
Several vital
creases
occurred in commercial son as its Chairman and the elec¬ period of over-optimism in bank¬ ably represented us at that meet¬ State as a whole.
banks while mutual savings banks
tion of John D. Goodloe, a native ing as well as in other sectors of ing.
Your president was asked to matters of our own are to be con¬
our
economic system.
The past
continued to report growths in of Richmond, Ky., as his successor.
keynote the annual meeting of the sidered at the business session
However, I am quite
deposits and assets. It is further These actions were taken at a year has shown that we are more State Chamber of Commerce at its Saturday.
and more re-entering the proper
indicated:
convention in Miami, in Decem¬ sure that all of our problems will
Board meeting on the 9th.
Mr.
field of commercial loans.
I am
" "The
ber.
It was my privilege to do be happily resolved and not • ac¬
13,359 insured commercial Henderson on April 8 submitted
'quite hopeful, however, that this so on your behalf.
I,
Your Execu¬ centuated.
banks reported a decline of $10,- his resignation to President Tru¬
experience will prevent our ad¬ tive Council have felt their re¬
782,000,000 in their deposits from man as a member of the Board of
venturing in this field without a sponsibilities
Directors
of
the
Reconstruction
quite keenly and
a total of $147,811,000,000 on Dec.
Finance Corporation, effective proper appraisal of the risks in¬ have held two full meetings, each
; 31, 1945 to $137,029,000,000 on Dec.
volved.
The
immediate future
lasting an entire day.
31, 1946. U. S. Government de¬ upon the appointment of his suc¬
demands of bank management an
Secretary Carlisle Rogers, and
posits
declined
$20,794,000,000 cessor. Mr. Henderson's physicians increased and a constant vigi¬
also Floyd Call during his short
during
the
same
period
and had urged him to relinquish his
posit
Corporation
Insurance
nounced
on
23.
March
an¬
"This in¬
ings
banks
total
reported
deposits'
total
and
their
that
in
assets
•
<
John Goodloe Becomes
Chairman of RFC !?
*
■
'
Draft Law Ends:
'
Records to Be Saved
totaled
only
$3,052,000,000
on
individ¬
Dec. 31, 1946. Deposits of
last
work
the
but
summer
of
pressure
owing
to
RFC
post-war
uals, partnerships, and corpora¬
tions, amounted to $112,664,000,000 on Dec. 31, 1946 as compared
business, he delayed his resigna¬
with
Director
$101,901,000,000 on Dec. 31,
1945, an increase of $10,763,000,-
000
I,
insured
the
of
assets
"Total
commercial
names
continue
will
derson
While Mr. Hen¬
now.
until
as
President
the
his successor,
RFC
an
he will leave
amounted
banks
to
of Dec. 31,
1946, a decrease of $10,217,000,000
or 6%
during the year. This de¬
cline was confined to holdings of
$147,365,000,000
as
In
acted
sion
opinion, our Convention
quite wisely at its last ses¬
in
voting unanimously to
my
establish
office
the
of
a
perma¬
secretary.
The information
that can and will be distributee
nent
securities.
;
U.
S.
Government
during
by
1946
was
material
a
obligations
partially
increase
volume
of
ported.
"Financial
loans,"
Mr.
offset
in
Harl
ida Bankers Association was
well
represented by them in many im¬
portant places. Both of these gen¬
tlemen were called by the Secre¬
Selective Service Act, un¬
which' 10,200,367.;imeh^ini..;the,i':'
United States were inducted into
the armed forces, expired at mid¬
The
der
March 31. Earlier thes
President
Truman!
signed
legislation to
preserve?
draft
records
and, keep
local
night
same
on
day
central
should be most valuable to
a
on
trip to Honolulu for a
month's rest.
Mr.
Goodloe
member
of
was
appointed
a
last Janu¬
Board
the
ary
a
George E.
to succeed
after
having
served
as
sel, Secretary and General Coun¬
_
us,
tary of the Treasury to meet in
office Washington with representatives
all of of other states, to discuss the dis¬ boards in nominal existence, As-,
us.
We certainly need all the in¬
tribution pf Sayings Bonds.
The spciated Press Washington advices
formation we can obtain on prob¬
stated. The President also nomin-.
bankers of America sold or dis¬
ated Maj. Gen. Lewis B. Hershey,.
lems
pertinent to our business
tributed most of the bonds that
such
through
ture
and an outlet through which we
Allen,
can express and show the strength
General
;of
our
unity.
Your Executive
Counsel of the Corporation since
] U. ■* S.
Government
obligations
Council has
followed your in¬
January, 1943. Earlier he had held
! which decreased $15,358,000,000 other
structions, and the office of a
positions in the legal de¬
to a total of $73,575,000,000 at the
partment of the Corporation. Sub¬ permanent secretary is now in
force, with offices in the Rutlanc
end of .1946.- Federal debt retire¬
sequent to the transfer of Com¬
Building, Orlando, Florida. Those
ment involved primarily Treasury
modity Credit Corporation from who had the responsibility of fill¬
notes and certificates of indebted¬
the RFC to the Department of ing this office feel that we were
ness
and these were the issues
Agriculture, Mr. Goodloe served mostfortunate in obtaining the
services of Mr. Floyd Call; anc
chiefly affected in the reduction successively as Assistant. Secre¬
we feel quite sure he will justify
in bank holdings of Government tary and Assistant General Coun¬
your confidence and fullest
co¬
01 "The decrease in holdings of
attended many
meetings; and I feel that the Flor¬
with
time
Washington in the immediate fu¬
11%.
or
until
tion
lance.
sel
Vice-President and Gen¬
and
eral Counsel of Commodity Credit
Corp.
Mr.
the
appointed
re-
President
Henderson
first
was
Director of RFC
a
Roosevelt
in
by
February,
culminated in our present
Government debt.
mendous
tre¬ Director of the Draft, to be direc¬
We tor of the newly established Of¬
glad to do our part in facili¬
tating the financing of the war.
were
So much has been written
the
Federal
debt
that
a
about
great
people are becoming apa¬
thetic in their viewpoint toward
fice of Selective
The
new
Service Records.!
is expected to
agency
operate until March 31, 1948.
will be the assembly
Selective
Service
records,
task
.
many
by
^commercial banks to business in¬
creased
full year
time
substantially in the first
of reconversion to
peace¬
pursuits." Total loans of in¬
1934 and has served
since
that
Chairman
1941,
the
was
Board
elected
July
1,
he' succeeded- Emil
when
Schram.
He
time.
of
continuously
*
;
'*
>•>.
;
o£
for,
permanent storage, in the State
capitals. The law contains no au¬
problem.. However, I think
thority to draft men.
: -i that we bankers, of all people,
A statement issued by the Pres^
should not drift into this* view¬
chronicling the achieve¬
point, but should do what we can ident,
ments of the selective service pro¬
to impress the public with the fact
that this debt affects the life of gram concluded by saying: "I ex¬
operation.
tend my heartfelt appreciation on
every j man and woman in the
It is a pleasure to report to you
behalf of the nation to the Selec¬
country, and will continue to do.
that we have had five of our six
so for a long time to come.
It will tive Service system,; not only to
groups
hold
regular meetings
the unpaid
officials but to theinfluence :the number
of jobs
The attendance in all but one was
thousands of loyal clerks who
open, the wages or income people
gratifying.
It was my pleasure
have worked so faithfully through^
will receive, what aiid how much
to attend four of the five meet
these long years."
/
Ftj!
they can buy, and what their sav¬
ings; and I became much im
I A " reference to the. plans for
ings will be worth. The full real¬
pressed with the importance o
the preservation of draft records
all of our groups holding regular ization should be forcibly brought
appeared in our issue of April 3,
to the attention of all, that each
this
,
.
assistance
Its
meetings.
I
should make
do
not
think
we
this burdensome on
individual * citizen's share
of this
page
1851.
.
8"
(2120)
[THE COMMERCIAL"
FINANCIAL CHRONICLE
&
Thursday, April 17, 1947
of strikes is much greater than been killing the goose that lays
just the number of man-days lost the golden eggs.
as
It is interesting to look at the
reported by the Bureau of
Annual
ment There are always excellent Labor Statistics.
Report of the United
reasons for adding new functions
To a
great extent these dis¬ States Steel Corporation for 1946
Management Problems in Threatened Recession
(Continued
irom
first page)
able inventories should be in
some
regulated by our pre¬
experience. This attempt to
measure
war
build
excessive
inventories
carries with it considerable dan¬
up
above their real values.
And, of
they have been able to sell
large quantity of goods, but this
course,
a
was
because
we
had
practically
five years during which consumer
and
new
activities
which
are
k
all
turbances
our
of
the
the
solvency
smaller
of
concerns
many
because
the
were
goods, to a great extent, were not
produced.
During
this
period
urgent
needs
were
developed
they are likely to be caught with wnich had to be satisfied regard¬
Government Interference
slow-moving goods and unfinished less of price, and generally of
material far in excess of what they quality. However, I think we are
The duration of this period of
can
finance in a period of low rapidly emerging from this state recession or depression, whichever
business activity.
of affairs, and consumers are be¬ word you like, may be affected by
ginning to question both price and a great many factors.
If we can
Black Markets
quality to an increasing degree be free from government inter¬
I think we should recognize also which will be accentuated as the
ference, and free from all the dothat people become panicky and year goes on.
gooders who are going to solve the
create
black
marke.s
by their
world's
problems, industry will
willingiess to pay excessive prices
Consumer Resistance
pull out rather quickly. But if we
for
ger
were
where figures are given showing
and
unnecessary
political ma¬ the ^effect of government policies
goods.
We must ask ourselves neuvering with an eye on the 1946 which have narrowed the margin
frankly and honestly what real elections.
The maneuvering was on which American business can
In the first five years,
values, proposed changes have in not very successful as the elections operate.
The
promoting our business activities. showed.
people
of
this from 1902 to 1906, employment
costs
represented 30c.
of
each
country are fed up with strikes
costly and add to the cost of
result
of
dollar
and with the arrogant methods of
leaders
labor
who
purposes never
for
their
there
own
taken
was
in.
hesitate to destroy charge, but the
the livelihood of large sections of
to
the country and to inconvenience
more
make
that
At
considerable
a
able
something
company was
profit
a
time
interest
of
than 16% on its sales.
Dur¬
public generally. These men, ing the five years from 1942 to
perhaps, should not be blamed so 1946 employment costs amounted
much as the politicians who built to over 45c. of every dollar taken
Taxes had increased eight¬
them up with the thought that in.
Interest had been practithey were thereby acquiring po¬ fold.
for
immediate
accommodation.
are to have the government rush¬
litical strength.
But I think the calley eliminated, but the net re¬
In many lines we are now seeing
None of the reputable manufac¬
ing at the first sign of any reces¬ public have awakened to the real turn on sales dropped from over
consumer resistance, and -from a
turers tolerate black markets, and
sion
in
business and trying to conditions that exist, and I hope 16% to 3.7%.
Now, this is what
I am sure all of them do their great many sources, in and out of
regulate it from Washington, then the politicians, of both parties, has happened to one of 4he largest
our own company,, I find that it
utmost to avoid having their ma¬
we
can
look for a much longer will realize that no one in this .manufacturing companies in the
is becoming more and more neces¬
terials flow into black markets,
period of disturbed business and country can adopt a public-be- country with a capital investment
but unfortunately this cannot al¬ sary to sell our goods, rather than
damned
attitude
and
get away of about one and one-half billion
fo dole them out to eager buyers. unsatisfactory conditions.
ways be done. For instance, in the
If we had not had all the gov¬ with
If they could earn only
it
indefinitely.
I think, dollars.
However, prices are still too high,
steel industry I have been asked
ernment interference and all the therefore,
that in view of the 3.7% during the last five years,
and
it will take a recession in
how it is possible for people to
cock-eyed schemes for lifting up legislation now before Congress, what are their chances of earning
business of more or less severity
buy steel from strangers which
the country during the 30's, we we
can
expect to have
fewer any kind of reasonable return on
to bring about a reduction. As the
when it comes to their plant has
would not have required a war to strikes against the
public interest the investment when business is
urgent needs are satisfied I think
the Inland stamp on it. This has
put us on a prosperous basis.
We than we had in 1946, and to that bad and competition at its keen¬
we would be foolish not to realize
'happened in some cases very much
would have come out of the de¬ extent we
may have a chance of est?
that we must go through this pe¬
to our embarrassment.
There is
Hitting Risk Capital
riod of readjustment when prices pression, severe as it was,- within getting over our difficulties more
one way that I know this is
two or three
being will be
years,
and would quickly.
Now we have hit the source of
brought more in line with
done. People have obtained allot¬
have
been on a much sounder
Do not think that I believe our risk
capital in two ways.
Risk
ments from the Housing Adminis¬ values, and this, of course, only basis than
we
were
before, but labor leaders have reformed—not
capital
came,
to
some
tration in Washington on state¬ spells a reduction in volume until this whole
extent,
process was upset and
at
all—but
such a goal has been reached.
most
of
them
are
from people who had accumulated
ments that they were making cer¬
we
never
really got out of the scared as to the effect that
I think we should all face the
legis¬ money and wanted to find ways to
tain products for -that program.
depression until we were running lation
may have on their vested invest
fact that during the war years
their
'The amounts of materials asked
accumulations, but
all out in
preparation for war. interests.
However, in the case of largely it came from those who
business standards deteriorated. In
dor and allotted have been exces¬
The war
prosperity, of course, was the leader of the coal
mines, I am were in the upper salaries brack¬
general the executive and sales no substitute for
sive, and it has been more profit¬
real recovery of
satisfied in my own mind that we ets and
who, in spite of popular
able to sell inventories than to departments were concerned more
business, although a lot of people are
dealing more with a psycho¬ ideas, did not blow all their earn¬
manufacture the goods the steel with service than with the job of have been fooled into
thinking that pathic case than with a normal
ings in riotous living. They actu¬
was supposed to be used for. This
running a highly competitive bus¬
they were really prosperous dur¬
American, and if the government ally were the foundation on which
can
occur
because there is no iness, which necessitates continued
(adequate
ments.
because
.source
able
policing
of
the
allot¬
I mention this only as one
to
trace
we
have been
down
some
of
un¬
the
effort to insure
success.
Our
ing those
manu¬
facturing departments deteriorated
due
came
to
the
fact
that
volume
the sole criterion of
be~;J
succes-
All
years.
borrow
and
heavily
we
on
increase the burdens
have
to
come.
carry
for
a
did
was
the future
we
sources. %
operation rather than eco¬
j
-.What I have said about steel nomical conduct of manufacturing
applies equally to most of the operations. All these and other
mother metals, Copper is short, and elements have contributed to a
of
electrical manufac¬
turing companies are being limited
our
general let-down in management,
is
long time to
•
realistic, they will treat him
The sad part of all these labor
has been that they
disturbances
have
Recession
While I
be
a
am
Will
satisfied
temporary
business
Be
which
there will
slow-down
is
brought
sciousness
Short
in
as
such.
will
ful
<other
(Some
to
the
content
not
and
about
class
have fostered
con¬
dis¬
that
today people are
looking forward to the oppor¬
so
tunities that exist, but are grum¬
necessary to
adversity to bring about realistic
bling about their present condi¬
prices and
quality, I am also equally positive tions, and they are being told that
in this process of getting down to
they don't have to go out and
that such a period will be rela¬
earth we will have to devise the
work to improve these conditions,
tively short if we are left alone.
but that in some mysterious man¬
ways and means of producing our There
category.
is
an
enormous
pent-up
The situation
regarding all of goods at prices that people can demand for things really needed ner they can get something for
.these metals was aggravated
We cannot blame the
by afford to pay. We will have to in this country which will take us nothing.
restrictions imposed by the learn again that quality must be a decade to
workmen too much when we have
fill even at a maxi¬
*QPA which prevented the build¬ commensurate with price; that we
our
government
mum rate of
preaching this
operations. So much
ing up of adequate backlogs. Tne cannot charge high prices for of
doctrine.
V
four housing, public utilities,
v>orld market was much
higher poor quality goods. I think that manufacturing facilities, etc., re¬
U^ian the ceilings imposed in this everybody will agree that we have
Incidence of Present Taxation
quire rebuilding or rehabilitation
<
"nuntry. Consequently we could a hidden inflation which is not re¬
that, I believe, the estimates that
I think the most disturbing fac¬
^depend only upon domestic sup¬ flected by statistics and which is have been
made rather under¬ tor that will affect
business, not
ply which normally does not meet due to the fact that quality has state the
problem.
Our civilian only in 1947, but in the years to
our .needs.
However, I believe declined while- prices have in¬ needs can provide us with a
pe¬ come,
unless something is done
there are signs that even in the creased. As part of our
process of
riod of business activity and pros¬ about it, is the incidence of our
most critical lines the supply is getting down to earth we will
perity equal to anything we have present taxation. * We have been
^catching up with the real demand. have to cut out a lot of extrav¬ known in the
past if our efforts following for the last 15 years a
agant practices which have grown and
resources can be directed to¬
Coming Business Pattern
plan of taxation intended to penal¬
in most businesses
during the last ward
supplying these needs.
If ize anyone who was successful,
This brings me to the second few
years.. And we will have to our resources
are to
be siphoned with
the
consequence
that we
point I should like to discuss, and become more conscious of
tight¬ off by taxation
and used for no have, to a great extent, strangled
that is what kind of business
pat¬ ened
budgets
as
part
of
the
productive purposes, then we can American initiative.
If you, will
tern are we likely to follow in process of
reducing costs so that take the
other
road
and
slide study
the next year or so. If our busi¬
almost any of the large
prices can also be reduced. We
downhill just as other countries successful
ness follows the historical
companies, you will
pattern, will have to learn a good deal have
done in the past, and as we find that they were founded by
we may
expect a slump this year more as to where our
money goes see
England doing today.
which will
energetic, resourceful and hardmaterially slow down and what is essential and what is
the business tempo.
working people with small capital
This reces¬ waste. I think if businesses would
Labor Troubles
who were willing to put every¬
sion in business is not
only histori¬ so organize their accounting sys¬
During 1946 we had the worst thing they had into building, up
cal, but it has a real basis. I have tems that the top executives could
labor
troubles and
disturbances their enterprises.
Year after year
already touched on one of the readily scrutinize the
way
in that any of us remember.
They they plowed back surplus earn¬
reasons, "and that is the accumu¬ which the
money of the company cut
deeply into our economy and ings until the concern was in a
lation of inventories which at the is
used, they would find that there
first
sign of a slump become are many hidden sources of waste delayed recovery and reconversion position where if it needed credit,
from
the
war.
excessive in relation to current and
They affected it could command it. Today, that
expenditures that do not con¬
practically every phase of indus¬ is not the condition. The taxes on
demands and may seriously affect tribute to the
successful opera¬
try, and we lost production which business are such as to discourage
the financial
stability of manu¬ tion of the business..
can never be made
As a matter of
up.
For in¬ new industries.
facturers.
This accentuates the
And then again we will have to
stance, in the steel industry in fact, we discriminate against busi¬
depression because manufacturers scrutinize
rather carefully some of 1946, we
dropped to about 72% ness by double taxation. We not
immediately
stop
buying
raw
the
extravagant ideas
of
our of
capacity, whereas we might only tax the earnings of the com¬
materials and attempt to liquidate
bright boys in business. We will have been
the stocks which
running at 100%. This pany, but we tax again the divi¬
they have in find out, as we have found out was
caused not only
their plants. Under these circum¬
the
individual
receives.
by the steel dends
before, that a period of boom al¬ strike', but also
by two coal The consequence is that consider¬
stances, of course, the worst swings
ways brings along the bright boys
strikes, and by the transportation ing the risk of business and the
occur in the rates of
operation of whose balloons
are
punctured strike. The disturbance to indus¬
the raw material
generally small returns, even if
suppliers. > > '
when adversity strikes. There is
try is not measured by the num¬ the business is successful, people
We have gone through a certain one characteristic that
is always ber of days that a strike
amount of inflation—about 50%;
continues, who have resources are not in¬
present during a boom period, and but
by the fact that recovery is vesting them where there is con¬
We have followed
the
pattern that is the abundance of
bright always slow, and it is not possible siderable risk and the
after World War I in that
possible re¬
prices ideas for spending money, backed to
immediately start up a large turns are very low.
have
risen,
and
manufacturers up
by plausible stories of the complicated
industry and get all
have hurried
into
the
It is industry that has produced
market, great benefits to be derived. We the. materials
flowing *. smoothly
sometimes y with
inferior goods, find this not
only in our business, through the plants after they have the jobs that have made this
demanding
prices
considerably but on a vaster scale in govern¬ been shut
down, so that the effect country what it is. But we have
in their production
by. the inabil¬
ity to bbtain this vital component
M electrical
machinery. Lead and
zinc are in the same
and it will take some
bring
us
down to earth again. And
"
,
-
,
practically
all our business de¬
pended for risk capital.
Now we
have
taxed
the incomes-of
they have no
longer any funds available.,,for
risk, and we have frozen those
this
class
past
away
that
so
accumulated
those
who
funds,
control
because
them
realize
that it would be foolish to venture
the loss of their
capital when the
possible return is
While
the
from
came
income
of
people
brackets
re-invest
iheagre.
so
bulk
in
risk capital
the upper
who
wanted
to
their
savings in active
businesses, we must not overlook
the impetus that was given to the
development of business by those
who were handling the accumu¬
lations of the past.
I know of one
prominent investor who is pretty
well confined to dealing in real
estate or trying to take some ad¬
vantage of the stock market.
He
is very unhappy about it.
In the
past he always had 10 or 12 ven¬
tures going at any one time, of
which
one or two might turn out
right and the others would be
flops.
But those that turned out
all right became new businesses
requiring equipment and capital
goods
expenditures
and
giving
employment
to
many
workers.
Now, under present conditions,
all
this
man
hjs
capital where he takes
losses
a
and
good
risks
is foolish if he ventures
the
government
part of
and
don't balance.
The result
;
««
-
is that
forces
which
tirely
discourage
tend
t
The
just
*
>
we
to
the
takes
profits.
possible profits
any
have two
almost
the
en¬
growth
of
small
businesses,
which
might
grow into large businesses, both
arising from the theory of taxa¬
tion which endeavors to punish
anyone
Of
who is successful.
course,
this
„
does not
mean
that
people are not saving, but
their savings are not going into
the
development
of new ^ busi¬
nesses, but rather into such things
as
life insurance, annuities, etc.
And, of course, such funds can-*
not be used for risk capital. They
can
be loaned
as a
iting businesses
mortgage on ex¬
so
and solvent concern
that any large)
can
command
capital through the sale of bonds
which will enable it to add to its
manufacturing |
to
its
facilities
and add
strength and stature.
This
[Volume
means
165
Number 4586
that,
in
spite of all the
in
Washington,
chest-thumping
the cards
stacked
are
THE COMMERCIAL
& FINANCIAL
CHRONICLE
small
business which is
trying to
in favor of the
large and
established
business.
Actually,
these policies are
helping to create
monopolies of the sound,
Daily
J
-
;vf.V (Continued from
§
Wholesale
rice Index—The
Commodity dropped
sharply
daily wholesale
and
considerable
resistance to
the high
page 3)
*
commodity price index, compiled
prices of all
urning darker every
;ypes
of
apparel
day, accord- j
was
reported.
Railroad Freight Loadings—-Car by Dun & Bradstreet, Inc., was
mg to "The Iron
Numerous
Age," national loadings of
post-holiday clearance
revenue freight for the comparatively steady at a lower sales
metalworking paper. With conmet
with
evel
grow,
.
,ract
going
pected that
enterprises.
workers
end
This is not good for
for the American
way
The" free
.
of
this
month
it
is
American
ex-
Philip Murray, steel- This
union
head,
postpone the issues.
or
not
will
<
week ended
April 5, 1947 totaled
715,159 cars, the
Association of
extensions running out
the
concerns* and discouraging com¬
petition that might arise from new
America
(2121)
The State of Trade
against the
again
during the past week. The
index closed at 262.43 on
April 8,
as against
265.81 a week
ago, and
89.46 on the
comparative date
Railroads announced,
decrease of
114,253
was
a
cars, or 13.8%
moderate
A
slight improvement
supply of men's shirts and.
suits was
reported. There was
a
moderate increase in
the demand
for
children's, apparel.
Retail
grocery
volume
con-
ast year.
below the
only
,
response.
in the
precedI ing
life.
Grain markets
week, due largely to the coal
competitive
A real crisis
during the past
in steel labor
business has been the foundation
reminers' work
stoppage, and 71,515 week were again unsettled with inued at
ations—more serious than
of this
the high levels of
any cars 0r H-1% above the corre- prices fluctuating
country's growth.
pre¬
This since
irregularly over vious weeks.
early 1946—will be
Total food volume
system we must preserve. Other
reached sponding week for
fairly wide range. Wheat ad¬
1946, both of
around the middle
was
of April.
nations clamor for our
vanced at times on
At which weeks included coal
moderately above that of a
mine
reports of in¬
products, that time Mr.
year ago, despite
fihe result of our
Murray will report labor difficulties.
many reports of
system; yet their to his
Compared with creased buying, but a lack of sus¬
policy committee on. the the similar
consumer
^ideologies would destroy it.
selectivity and price re¬
period of 1945, a de- tained aggressive support was at¬
I results
obtained so far in collec- crease of
sistance. The
tiiiope you men will realize these
supply of meat and
50,513 cars or 6.6% is tributed to the belief that foreign
i;ive
bargaining meetings with the shown.
dairy products was ample with
tfacts and see that our
demand for
way of life
old-crop wheat
of
ais not lost.
,
^
'
,
«***
magazine,
be
can
summed
(George Garrett Named
two
Minister to Eire
firms and the union
thetic.
Both sides
.
^
the
pTrlal^av'no^sihnii
invest¬
Savings Bank
In
1912
he
in
Trust
T.
of
elected
Garrett
1917
to
enter
he
banking
became
business.
the
Garrett, who
in¬
rated
con-
although showing
from 53
49
versy
next
times
week,
as
were
numerous
almost
as
a
three
year ago
when only 17 failures
occurred in
this size
group.
Small failures
with losses under
$5,000 also fell
off from last
week's
steel strike
and last week
such
a
Cotton prices moved
in
P°\nf to 95.5% of
Twice as many concerns
failed
If the coal contro-1
this week in
cleared up within
manufacturing as in
the
any other industry or trade
10 days no
substantial drop
steel output will
shutdown takes a
week from
will be forced to
a
occur.
more
now
week
ports of consumer
the current
group,
remained the
serious
same
vious
week;
corresponding
sharp cuts they
their
wage agreement
in a moderate
gains
likely.
in the precompared with the
week
of
last
Other
ences were the
ports
year
to
tracts
stated
signed with the USWA.
Further downward
adjustments
on
by
President anc
Cabinet will meet
President
Aleman at the National
tiis
April
Airport
29.
Following appropriate
military honors there, said the As¬
sociated
Press,
the
Mexican
President will stop at the
District
Building to be welcomed by the
Commissioners of the District of
Columbia.
He
will
drive
to
the
wire
or
steel
dollars
from
will
10ns
Mexican
move to the
Embassy
that he can
give a dinner in honor of
Presi
dent and Mrs.
Truman.
On
May 2
so
President Aleman
and his party will
go to New York
for two
days. He will pay a visit
to West Point on
May 5, and from
there will fly to
several
save
million
year.
About 30 days
additional extra revisbe made on
pipe and
tubular goods thus
ther savings.
effecting fur-
Electric Production
The EdiElectric Institute
reports that
the output of
electricity decreased
—
to
4,693,055,000
week.
April
kwh. in the week
April 5, 1947, from
4,728,kwh.
in
the
preceding
Output for the week ended
1947, was 17.7% above
5,
that for the
period
one
corresponding weekly
year ago.
reports
system
kwh.
in
203,200,000
ended
April
6,
failures
in
a
resistance
depressing
to
failed
in
A total of
the
Middle
States; 15 failed in the
Pacific States.
In the Middle At¬
lantic region there
was
a
slight
rise from the
previous week and a
Atlantic
increase from the 1946 level
with four times as
many concerns
failing this
the
up
week
Pacific
as a
States
the
a
In
went
last week's leve
as well as from
that of a year ago
Almost four times as
many con
cerns failed in the
Pacific Region
as a week
ago, two times as many
as in the same week of 1946.
Six Canadian
failures
ported,
were
re-
as
compared with none in
previous week and three in
the
corresponding
ag0#
week
a
or
authorities
re¬
in¬
of
Kansas
City,
afternoon will leave
.City.
and
for
that
179,700,000
Mexico
kwh.
for
Wholesale
Food
Price
Index
registered
further
a
drop to stand
at
$6.41
moderate
on
April 8,
on
the
corresponding
date
Advances
v
coffee, cottonseed oil,
raisins,
V 'i
sponding week of last
year,
increase of 6.8%.
-
an Hjjg
[ in
>
y "
"
"
"vi
iw
'•*<■
>
1l
items
re¬
mained strong.
Retail volufhe for the
in the week
ended last
day
to
cotintry
Wednes¬
estimated to be from 5
above that of the ^fcorre-
was
9%
5
to
9,
Middle
8,
and
ately above that'.bf
West
Pa6ific
a; year -ago.
Department store sales on a
country-wide basis, as taken from,
the Federal Reserve
Board's index
for the week
preceding
was
ac¬
season.
Activity
was
centered in goods
prompt shipment with prices
firm despite
increasing
resistance from various
sources.
for
Sales of
Boston
domestic wools in the
continued
very
market
small last week
as
manufacturers
limited purchases to cover
imme¬
diate requirements.
Domestic wool
prices were advanced 2 to 3 cents
per
pound,
further
basis.
in
clean basis, due to
increase
in
the
Fair
long
a
parity
activity
staple
wools and there
was
reported
scoured
pulled
was
moderate de¬
mand for scoured Texas
wools.
week.
In
New
retail
York
trade
rather
the ' four
the
past
results
wee&
compared
unfavorably with the high.
pre-Easter
cording
volume
to
of
reports,
1946.
Ac¬
department
store
sales in the week: declined
by as much as 15% or more in die
of
case
individual stores with
declines
estimated
as
ranging from 5 to 10%.
average
Activity in wholesale markets
was a trifle better
with a limited
number of buyers
seeking goods
for
special
promotions.
Rayon
piece
goods
reports
tinued
in
cottons
A
For
weeks ended April
5, 1947, sales
increased by 12% and for
the'year
to date by 13%.
holding
ac¬
cording to Dun & Bradstreet,
Inc.,
in its
weekly review of trade. De¬
were
strong
state,
con¬
demand
still
spite
an early
Easter this year,
increased supply of durable
goods and high prices kept total
general use.
".r
and
selling
demand
tions
and
:
ahead,
Board's
serve
store sales in
the
sales were
numerous
of the week.
Women's
suits
during most
same
Spring
continued
to
and
Summer
attract
many
interest
in
women's
coats
Re¬
department
New
York
to
increased
7%
City for
April
above
.
5,
the
period last year.:This coftb-
pared with
in
goods
Federal
index,
period
weekly
1947,
with
price reduc-
in evidence.
now
1946.
slightly above that
corresponding week of
Clearance and mark-down
and
According to the
dollar volume
of
the
while
.
supply
easier to obtain
the
shoppers. The " demand for ^ hats,
price'per pound of 31 foods gloves, and shoes remained
strong,
./O
yyy
holiday
?^rran^U hogs. the lamb/;. T'J,/
index represents a,nv.d sum
total of
corre-
and
and
slight drop in the volume of with
Shows Further
slight reductions reported on
Drop—Food prices consumer
at wholesale
purchasing in the two sport goods.
again trended downdays before Easter together with
ward in the past week
and the the usual
The hosiery
market, it is under¬
post-holiday decline re¬
wholesale food price
index, corn- sulted in a moderate
decrease in stood, has reached a balance of
piled by Dun &
Bradstreet, Inc., total retail volume last
week
a year ago.
the
carded gray cotton
goods
centuated by the
Retail and Wholesale
Trade
week
,
_
these
New order volume for
most Soft
goods fell off considerably as re¬
tailers attempted to clear :
their
shelves of as much
Spring stock
as possible and
to reduce inven¬
tories in general.
March,
year
with
during the week in183,800,000 kwh. for the
Chattanooga responding week of
cor-1 eluded beef, butter, cocoa, eggs,
Tenn., to inspect installations
1946, or an 1 potatoes, and
of increase
of 10.5%.
steers, while dethe Tennessee
Local distribu-1 clines
Valley Authority tion of
appeared in flour, wheat
On May 7 he is
electricity amounted
to receive an
to] corn, rye, oats, barley, bellies,
191,900,000 kwh. compared
honorary degree from the Univer
with Uard,
sity
demand for
ended April 5, 1947,
continued to be retarded
by cooj increased by 17% above the
same,
weather and wet soil
conditions period of last
year.5 This compares
in most .of the
central and eastern
twith ;an increase of<<
10% in the
sections of the belt.
Quietness in
!
compared
1947,
year ago.
failures
sharply from
$4.19
of
the
Trading in the majority : of
wholesale markets was
restrained
during the week. High' prices' and
increased supplies of
merchandise
especially in durable goods lines,
kept total dollar volume moder¬
bringing the total for the month
to 50,000 bales.
Crop preparations
1946'
against $6.45 a week earlier.
The current level compares with
of New
output
gas stoves,
refrigerators
washing machines was noted
Southwest
influ¬
publication
by private
bales im the final week
of
tota
three-fifths
failures.
as
Consolidated Edison Co.
York
of this
week's
22 concerns
the
son
885,000
House State dinner at 8
that night
The next day he will
a
now
night guest. There will be
White
on
within
the
next
These minor revis-
consumers
ended
a
so.
ions, the magazine
adds, will
White House at 5
p.m. to be the
States President's over¬
United
physical charac-
products
week
retail
charges—charges sharp
already made will take
place
President. Repaying the
courtesy
extended
to
President
Truman
when he visited
Mexico in March
the United States
extra
teristics which are
added to the
base price—in
addition to those
Mexican
a
steel
for chemical and
Apri
It will be the
first official visit
Washington
un-
are
This compared with
nine
The Middle Atlantic
and Pacific
states accounted for
base prices
on
way or the
other, however,
will be taken until
after final con-
by
the
Associated Press
House,
Washington advices
No action
were reported.
Some improvement in
the supply
South 4 to
Coast 8 to 12.
high level of textile
prices.
as
corresponding. week,
substantial wage
increase,
one
announced
White
a
moder¬
requests
of
and
were
week.
of
cut in base
prices would be
a
Plans for the
reception of Presi¬
dent Miguel
Aleman of Mexico
when he arrives in
Washington on
April 29 to visit the United
States
been
re-
the
probability of a basic price reduction would be
good.
If the union
Mexican President to
Visit U. S. April 29
liave
would
increase,
suit
equipment increased
ately, while numerous
for lawn furniture
irregularly
pecially weak, reflecting ; uncer¬
tainty of mill demand due to re¬
Totaling 29, manufacturers
failing
If the
steel firms
make
the
nearly six times as fre- dicating much larger increases in
Emergency Hospital, Washington
schedules to conserve
quent.
stocks of coal on
D? C., and
Retail trade and whole- new crop acreage than had pre¬
Vice-President and
hand, the
trade
Director of the National
authority points out. £t?PYe| saje. trade accounted Idr about %n viously been expected. The parity
Sym¬
price for cotton as of
equal number
of
mid-March
The steel
failures this
phony Orchestra. President Tru¬
price situation looked
reached a new record
week, with 13 and 10
man
clear-cut the past
high of
recently appointed him
respectively 28.40
week.
If the While the number
cents per
of wholesalers
member of the District of
pound, an advance
Colum¬ union were to agree to a
of a full cent over
contract failing varied
a month
bia Redevelopment
only slightly from
pre¬
without a wage
Land Agency
increase—too un- the number
vious. Sales of cotton
Air. Garrett has
occurring a week ago
registered
long been active likely to consider—steel
under
the
prices the number of retailers
in
Government export
Washington civic and chari¬ would be cut
failing deimmediately. If the clined sharply, from 21 to
program jumped
table affairs.
shdrply to 18,200
13 this
final
m
and
light
,
.
inadequate
gardening tools
just ended. Values sponding week a year ago!- Re¬
level, num- fell about two-thirds of a cent gional estimates exceeded 5 those
bering
.10
of a year against
18.
pound
Little per
ago by the following
largely due to
change appeared in the small-size slackening of trade
and mill
buy¬ percentages: New England and
failures from the 1946
ing. New crop months were
Northwest 7 to
record.
11,
East : and*
es¬
Mr.
is
in
turn
in the previous
week to
this
fish
scarce
to meet the
estimated current de¬
mand. Interest in
duction in cold
storage stocks last
month. Cash
lard also showed
weakness on the
prospect Of
much better
supply of competing
oils and fats. Steers were
firmer
and hogs turned
upward after
early weakness.
small decline
a
in
high and stocks
fruits improved
moderately.
demand for furniture and
house
furnishings remained at a
high level last week. The
supply
of bedroom and
dining-room fur¬
niture continued to be
receipts. Lard futures continued
to trend
downward despite a re¬
^ laifu'res
vege¬
The
new-
and
and
Interest
and
quiet with buyers
the hope of oti-
;aining lower prices when
corresponding better shipping demand
capacity.
Mr.
Washington
the
I^
"The Iron
committee
that question
soon.
Steel ingot
production declined
onJ.y one-half a
as a first Lieutenant
during
World War I, is President
of the
59
i
fruits
previously
lolding back in
Dun &
of the week's 59
failinVnivpd liahiiitipe: nf
^nnn
nrp<?
will decide
served in the
'lour remained
in the
as
With
market, trad¬
ing in cash wheat was
exception¬
ally light. Domestic demand for
more
Forty-nine
elimi-
possibility was not remote.
Murray and his policy
Army
>
pay
in
week last
year.
the failure of
Con-
responsibility for
a
resident partner of Merrill
Lynch
an 1941.
Mr.
reported
can
promptly many weeks
specific question of the
issue will
place on it
it one
occurs
&
re¬
the
numerous
Bradstreet, Inc., reports
I eerns failed
in
..
ago^on the
portal
Vice-
Washington, D. C.,
signing in
vestment
.
gress to act
Chicago in 1910.
was
,
it looks as
if
President of the
Dupont National
Bank
are
law, observes
sin, in 1888, and attended Cornell
Harris
as
be
comparable week of 1946.
be I
week to 10
days if
outlook is to re-
portal pay
possibilities
nated by
University and the University of
Chicago. He began his business
the
that
must
definite wage
negotiations
banking firm of Merrill
Lynch, Pierce, Fenner &
Beane,
was born in La
Crosse, Wiscon¬
with
than twice
to
fresh
adequate.
canned foods was
of .certain
11
ment
career
a
level, but continued
syn-
aware
action
pnf1in£, Anril in
ending April 10
of
tables
.
Garrett, who is Washington
of
now
k
declined from the
previous week's
J
are
stocks
fall
the week just crop wheat flour
the. steel labor
becomes avail¬
j ended. This total was lower than able. Cash corn was
in fairly good
9? an ©yen keel. There is I the 71
reported a week ago but demand and
prices held quite
uC jnC9.
t.the Steel Corp. considerably
higher than the 24 steady. - Oats were firm
W1-j b9 Se from its position that
aided by
no
Ireland.
partner
definite
'aken within
Garrett re¬
places David Gray, who
recently
resigned the post of
Envoy to
resident
,
some
vestment banker of
Washington,
D. C., to be Minister
to Eire and
April 9 the Senate confirmed
the nomination. Mr.
th
.
are
Truman on April 7
George A. Garrett, an in¬
on
Mr.
....
would
Winter wheat outlook.
;he GCC out of
the
:
woras—nothing accomplished.
^
'
Cordial relations
between steel
<
President
named
in
up
and
flour
off sharply and
Failures Remain
High to the excellent outlook for the
Commercial and industrial
fail- new
be
the
a
like increase of 7%
preceding
four
weeks
sales
rose
ended
week.
For
the
April 5/ 1947
9% and for the year to
date increased to 13%.
•'
*
THE COMMERCIAL &
FINANCIAL
exchange books,
j,
Bond Yield Averages
Moody's Bond Prices and
table:
given in the following
Yields)
(Based on Average
1947
U.S.
./
Avge.
■
Govt,
:: V
i
Bonds
Averages
A
Aa
Aaa
Corporate U. Groups*
by Indus.
P.
R. R.
Earnings*
Corporate by
Corpo¬
rate*
Baa
112.37
118.80
121.04
121.86
117.40
122.50
320.43
116.80
110.15
14
121.95
116.80
121.04
122.43
118.80
122.50
112.37
117 40
112.56
121.04
120.43
118.80
122.50
110.34
.a
;V'V 117.40
116.80
12
116.80
110.34
121.25
pared
120.43
118.80
122.50
112.37
117.40
116.80
110.15
112.37
118.80
121.25
and for forest
120.43
110.15
112.37
118.80
121.04
$148,984,000 in the past year com¬
compared with $77,038,000 in the
pared with $136,962,000 in the pre¬
preceding year, and for track fast¬
ceding year.
enings, track bolts, spikes, and
Expenditures for iron and steel other such materials used in con¬
products of all kinds amounted to nection with the laying of rails,
$520,546,000 in 1946 compared with the railroads expended $61,686,000,
$520,876,000 in 1945, and for mis¬ a decrease of $734,000 below the
cellaneous materials their expen¬
preceding year.
ditures amounted to $347,872,000
For wheels, axles, and tires, the
UL
April 15
.
122.02
n
;
For
117.40
122.50
122.20
117.40
122.50
120.43
116.80
120.43
118.60
122.50
112.37
117.40
110.15
122.20
116.80
121.04
8
116.80
121.04
120.43
118.60
122.50
112.37
117.40
110.15
122,20
'
122.11
9
*~
116.80
110.15
112.56
118.60
121.04
120 43
121.04
111,1 o ~™——,
^:dfer£
122.50
117.40
a
Market
Closed
122.50
116.80
110.15
112.56
117.40
120.43
118.60
322.17
117.00
121.04
120.43
118.60
122.50
112.56
117.40
110.15
122.17
3
110.15
112.56
118.60
121.04
117.00
120.43
122.50
122.11
117.40
117.20
121.04
120.43
118.60
122.50
112.75
117.40
110.34
122.27
117.00
121.04
120.22
118.40
122.29
112.56
117.20
110.15
122.24
112.75
120.84
117.20
117.00
110.34
122.27
120.02
118.20
122.09
117.00
120.84
120.02
118.40
122.09
112.75
117.20
110.52
122.17
118.40
122.09
112.75
117.20
110.52
122.20
117.00
28—
120.02
120.84
121.04
120.22
118.40
122.09
112.93
117.40
110.70
122.14
111.20
21
110.88
118.40
122.20
117.20
14
120.02
120.84
122.09
113.12
117.40
120.84
7
120.22
118.60
122.09
113.31
117.60
111.07
122.20
117.20
120.63
31
122.08
117.40
121.88
l-~~"
;
28
Mar.
ifczr
"
:
7
Feb.
120.22
117.40
110.88
113.31
117.40
110.88
117.40
113.12
118.40
120.43
121.67
110.52
122.17
117.20
10——
119.82
112.75
118.00
120.02
122.39
1947—.
Low
121.95
1 Year Ago
125.77
15, 1946—
Apr.
12, Years Ago
•
1947
122.59
1945—
Apr. 13,
Avge.
U. S.
■
Daily
1.55
.2.78
14
1.55
2.78
12—
V- v-
a
2.78
•
1.54
2.78
1.54
2.78
1.53
2.78
1.53
2.78
1.53
2.78
11-
10—
,
s
Aaa
rate*
Bonds
; April 15——
-
Corporate by Earnings*
Aa
A
Baa
2.53
2.63
2.81
3.16
2.53
2.63
2.81
3.16
2.53
2.63
2.81
3.15
2.53
2.63
2.81
3.15
2.53
2.63
2.81
3.16
2.53
2.63
2.81
3.16
2.53
2.63
2.81
3.16
2.53
2.63
2.81
3.16
2.53
2.63
2.81
3.16
Corpo-
Govt.
•.
Averages
8—
9-U—
7—.
i
2.73
a
■
decrease of $9,707,000
with the preceding year,
Corporate by Groups*
Indus
P. U.
R. R.
2.71
2.60
3.04
2.71
2.60
3.03
2.71
2.60
3.04
2.71
2.59
3.04
2.71
3 04
2.72
3.04
2.71
2.60
3.04
2.72
2.60
3.04
2.59
2.60
3.03
2.72
2.69
2.81
3.16
3.03
2.72
ucts amounted to
2.78
2.53
2.80
3.16
3.03
2.60
2.53
2.63
2.72
2.78
3.16
3.03
2.72
crease
2.80
2.60
2.63
3.15
3.02
ceding year.
1.54
2.78
2.53
2.79
2.60
2.53
2.63
2.72
2.78
2.80
3.15
2.60
2.54
2.64
2.73
2.78
3.02
1.53
2.54
2.80
2.60
2.64
2.73
2.79
3.03
1.53
3.16
2.80
3.15
2.61
2.65
2.74
2.55
3.02
2,79
3.14
3.02
2.73
2.61
3.14
3.02
2.73
2.61
3.13
3.01
2.73
2.61
1.56
.
14
1.57
2.79
2.55
2.65
2.80
1.56
2.79
2.55
2.65
2.80
1.57
2.78
2.55
2.64
2.79
21—
2.78
2.65
3.12
3.00
1.58
2.79
14
2.55
2.73
2.72
2.55
3.11
2.99
2.77
2.79
2.61
2.64
I
7—
28—
Feb.
-
'
'
V'j" ' 7—.
.
;
1.56
,
2.64
3.12
2.78
3.12
24—
2.64
2.78
3.13
2.72
2.78
2.56
3.00
1.56
3.14
3.00
2.73
compared
Tv.>.
1947
1947
Low
i
2.57
2.66
which
2.81
3.16
3.02
and
2.81
3.16
3.04
2.63
2.78
3.11
2.71
2.45
2.55
2.68
2.95
2.77
2.66
2.64
2.56
2.93
restaurants;
added:
Both Mr.
Schwellenbach and
Mr. Warren
said that the $598,400
2 Years
Ago
the
of
i
from average
coupon, maturing
the average movement
(3%*>
or
Illustrate in
a
more
of actual price quotations.
comprehensive way the relative levels and
yield averages,.the latter being the true picture of
NOTE—The list used ih compiling the averages
issue of the
modore
lined
yields on the basis of one "typical" bond
in 25 years) and do not purport to show either the average
prices are computed
♦These
They merely serve to
the relative movement
the bond market,
was given in the Sept. 5, 1946
"Chronicle" on page 1321.
a
designed to overcome these
obstacles, said the New York
for Week Ended April 12,1947,
15.1 % Ahead of That for Same Week Last Year
The Edison
that
Electric Institute, in its current weekly report,
amount of electrical energy distributed by
the
electric light and power
industry for the week
»
•
ended April 12, 1947,
the corresponding
Division—
New
The United States
-
.
Apr. 12
Southern
J.„
—
States
16.3
—
Tetal United States.*.--*
DATA
FOR
12.1
23.3
16.3
18.4
21.4
24.2
;;
16.3
17.0
12.2
13.6
9.1
19.9
WEEKS
20.2
18.5
18.5
and
10.6
19.6
24.7
17.7
15.1
RECENT
11.8
23.0
13.6
24.4
18.0
'if-
20.0
Pacific Coast
11.5
11.5
18.2
23.1
political police, its denial of per¬
sonal liberty* its resorts to cruel
Mar. 15
Mar. 22
10.8
'
15.5
Rocky Mountain
r
13.1
21.1
6.4
16.9
Industrial—.—.
Central
graphical position seem to have
encouraged the growth of a tra¬
dition of absolutism, with its
LAST YEAR
Mar. 29
5
8.9
6.9
Middle Atlantic
Central
Apr.
-
(Thousands
% Change-V
.
25
4,573,807
4,852,513
4,856,890
4,856,404
1
4,777,207
Jan.
4
Jan.
11
Jan.
18
Jan.
Feb.
1947
,
Feb.
8
4,801,179
Feb.
15
4,778,179
4,777,740
Over 1946
+18.3
3,865,362
+ 16.6
4,163,206
+17.2
4,145,116
+ 20.4
4,034,365
+ 19.9
3,982,775
3,983,493 ■■.o"+20.5
the world into two camps
14,588,214
1,588,967
4,576,713
4,538,552
1,588,853
1,578,817
4,505,269
4,472,298
1,545,459
1,512,158
1,519,679
1,538,452
1,537,747
1,514,553
1,480,208
1,465,076
1,480,738
1,469,810
1,718,304
1,699,250
1,706,719
1,702,570
1,687,229
1,683,262
1,679,589
1,633,291
1,696,543
1,709,331
+ 21.0
15
4,763,843
Mar. 22
4.759.066
3,948,620
3,922,796
4,000,119
3,952,539
3,987,877
4,017,310
Mar. 29
4,728,885
3,992,283
+ 18.5
5
4,693,055
3,987,673
4,014,652
3,987,145
+ 17.7
Feb.
22
Mar.
1
Mar.
8
Mar.
Apr.
Apr.
12
Apr.
4,797,099
4.786,552
4,619,700
19_:
26
Apr.
3,976,750
4,473,962
4,472,110
-.4,446,136
4,397,529
4,401,716
4,329,478
4,321,794
-4,332,400
+ 21.8
+ 19.9
+21.1
+ 19.5
+
+
4.427,281
4,614,334
18.5
15.1
1,598,201
,
:
.
4,411,325
•v.
v.
1,454,505
1,699,822
4,415,889 r
1,429,032
1,588,434
which,
except for the period of Fascist
power, have
continued to the
1929
1932
1,602,482
1,733,81®
1,736,721
1/717,315
1,728,208
1,726,161
r
and its after¬
math; have left a heritage of
fear, suspicion and hostility,"
Dr. Counts declared. "It divided
"
present hour.
"On
their
-
Soviet
side, the
reputiated numerous ob¬
ligations, raised the banners of
leaders
revolution, proclaimed
their intention of overthrowing
world
all
existing institutions, estab¬
a ruthless dictatorship at
lished
international
organizations ? to
home, and founded
;
•
money
is for the
beginning July 1.
'
the revolu¬
We were thus a
of the Truman Drops Mississippi
of the
which resulted in se¬
and widespread
starvation in Russia in 1920-21."\
economy,
famine
vere
also
Counts
Dr.
World
held
that
created a condi¬
War II
;
Speech; Others Scheduled
,
announced by the White
April 2 that President
Truman's plans to speak at Cleve¬
land, Miss., May 8, at the annual
It was
House
on
gathering of the Delta Council,
foster intense had been cancelled because of
the two coun¬
"pressure of business — interna¬
tries, and that-the general tional events and domestic af-.
condition of insecurity, anxiety
fairs."
In making the announce¬
and misery now^p r e v a i 1 i n g
ment
Presidential Secretary
througout the world encourages Charles G. Ross saicl there was no
the weaker nations to gravitate
"specific reason" to which the
into one camp or the other, thus
cancellation could be attributed,
tending
to
rivalry between
sharpening the
rivalry.
but that it seemed "an inoppor¬
and apparently tune time" for the President to
irreconcilable ideological differ¬ get away from Washington.
No
ences
must not be ignored or change has been announced in the
glossed: over, Dr. Counts said. President's plans to go to New
This, he suggested, may be the York April 21 to address the an¬
supreme obstacle to the develop¬ nual luncheon of the Associated
ment of mutual trust and col¬ Press, and to Princeton University
June 17 to receive an honorary
laboration.
Free communication between degree. The latter occasion is that
the peoples of the two countries of the Princeton bicentennial con¬
is now impossible, he said. Dr. vocation, at which; the President
Counts listed as another obstacle is scheduled to speak, and which
will attract several hundred dele¬
the fact that Soviet educational
institutions
"The revolution,
of Kilowatt-Hours)
1945
1946
punishment and
disregard of human
life.
,
Week Ended-
inhuman
callous
its
19.5
•
and Russia
profoundly different in their
origins, history, institutions and
philosophy, Dr. Counts asserted.
Russia's history and her geo¬
are
-Week Ended-
England—
West
OVER SAME WEEK
year
Deap-seated
rope.
week in 1946.
INCREASE
PERCENTAGE
ignorance
to, Rus¬
of
sia, Dr. Counts said. This, he
explained, is because the tradi¬
tional orientation of our schools
has been toward Western Eu¬
es¬
the
also compares with 4,693,055,000 kwh.
ended April 5, 1947, which was 17.7% higher
Geographical
begin un¬
handicap of a
about, and indifference
4,014,652,000 kwh.
produced
than the
'3,987,673,000 kwh. produced in the week ended April 6, 1946. The
largest increases were reported by the Pacific Coast and Rocky
Mountain groups which showed increases of 23.1%" and 20.0% re¬
Major
severe
tradition
long
The current figure
spectively over the same
the
der
went
cuts
House
The
omy."
apd military in¬
party to the prolongation
civil war, the devastation
tion
In this country we
•
was 4,619,700,00 kwh., an increase of 15.1%
over
week last year when electric output amounted to
in the week
which
of Dr.
"Times" of March 22 from
remarks
also taken:
end strikes.
through,
Mr.
Schwellenbach
said, the effect would be to cut
off "services vital to the main¬
tenance
of a stabilized econ¬
Revolution and
means, in¬
economic boycott, poli¬
tionary forces.
gram
following
or
the
tervention, to crush
g
Counts were
timates
Government's
prevent
of the
tical isolation
in the Com¬
Hotel on March 21, out¬
list of major obstacles
prevent understanding be¬
tween peoples of the Soviet Union
and the United States and a pro¬
that
the
Electric Output
cluding
Professional
of
Schools for Teachers
reduce
ability to
serviee would
ciliation
by various
sought
session of the
Association
Market closed.
a
level
3.36
2.90
2.72
2.61
2.90
1.62
Apr. 13, 1945•Vv
3.07
enemies
speaking at a lunch¬
Eastern States
Dr. Counts
eon
funds for the con¬
House cut in
train,
U. S. Soviet Accord
Giles Obstacles lo
2.69
1 Year Ago
Apr. 15, 1946-
he
If
2.59
2.53
2.99
2.77
denied
Mr. Warren asserted
reorganized the concilia¬
tion service with emphasis upon
decentralization and that both the
Senate and House gave approval
last year; but that now the House
that
electrical materials;
and car cast¬
in 1946 compared with
$23,313,000 for locomotive,
$55,709,000 in the preceding year.
and station supplies..' .
Purchases of steel rail, including
2.65
2.60
2.07
2.76
2.81
Constitution
the
Congress.
,
482,000
2.65
2.59
2.67
2.75
2.81
1 35
»
2.79
1.53
-
3-—-—,
High
1.57
1.57
1.67
10;
2.79
to
trying
was
$52,678,000, a de¬ ing; $59,500,000 foe; commissary proposes to oust him for the re¬
below the pre¬ supplies for dining cars, camps, organization. The Associated Press
locomotives
For
2.63
«.
the House
exercise power
dismiss Mr. Warren
to
of $206,000
2.61
'
*?<"»» > ft
Mr.
9.
said
that
the
House's reductions, to $18,136,200*
Schwellenbach
2.62
2.56
2.63
2.71
2.77
2.99
1.55
V
April
stated ? on
vices
2.62
2.56
2.71
2.78
2.99
1.57
2.78
Jan, "31--—
.
House was asked of
a Senate Appropriations subcom¬
mittee by Secretary of Labor Lewis
B.
Schwellenbach and Concilia¬
tion Director Edgar L. Warren,
Associated Press Washington ad¬
'$28,359,000 for
$16,327,000 for
ballast; $34,459,000 for non-ferrous
ings, beams, couplers, frames, and
metals and products; $11,431,000
car roofs, the railroads spent $67,for passenger-car trimmings; and
2.60
21
,
denied
funds
of
Restoration
them by the
1946, an in¬ plies; $29,334,000 for lubricating
$12,228,000 above such oils and grease, illuminating oils,
boiler compound, §jid waste; $26,expenditures in 1945. Purchases of
lumber and all other forest prod¬ 706,000 for stationery and print¬
2.63
1.53
;
.
Funds Restored in Bill
of
crease
1.53
28
between the two
Schwellenbach Seeks
pended $96,306,000 in
1.53
25
ences
Among the miscellaneous pur¬
wood, and fuel for illumination,
expenditures amounted to $7,- chases, the Class Lrailroads spent
$39,897,000 for gla^s, drugs, chem¬
096,000.
For cross ties, including switch icals, including chemicals for tim¬
and bridge ties, the railroads ex¬ ber treatment, and painters' sup¬
2.60
Market Closed
Mar.
profound differ¬
countries.
cept the fact of
$42,374,000
expended
railroads
recognize and ac-'
to
the young
unfabricated rolled shapes, wire from $31,850,700 asked by Presi¬
while an¬ netting and chain, boiler, firebox, dent Truman, were particularly^
110.15
116.80
119.61
121.25
116.80
thracite purchases totaled $4,745,- tank, sheet iron, and steel of all untimely because the Labor De¬
121.25
118.80
113.31
117.60
122.50
120.43 117.40 111.07 112.37 117.80 120.02 000, an increase of $840,000 com¬ kinds, their expenditures amounted partment, although "the smallest
116.80
121.04
119.61 116.80 110.15
pared with 1945. Purchases of fuel to $32,298,000 compared with $30,- Executive Department" with only.
oil in 1946 amounted to $149,033,- 960,000 in the preceding year.
7,227 employees, was facing "one
119.82
124.20
122.09 119.41 114.08 117.60 120.22 121.88
Purchases of interlocking and of the most complicated and diffi¬
000 compared with $142,656,000 in
the preceding year.
For gasoline signal material in 1946 amounted cult problems in our domestic
115.04
120.84
118.60 115.04 106.56 111.81 114.46 119.20
there was an expenditure of $5,- to $28,987,000, and for standard economy."
MOODY'S BOND YIELD AVERAGES
Mr. Schwellenbach also told the
815,000 in the past year, while for and special mechanical appliances
(Based on Individual Closing Prices)
all
other fuels, including coke, for locomotives, $18,822,000.
Committee that in directing him
117.20
122.14
1947-..
High
second-hand except scrap,
to $65,302,000 in 1946
amounted
compared with
past year
and
new
training, and prepare'
military
$359,411,000 in 1945.
compared with $44,794,000 in the
For bituminous coal only, their preceding year, and for bar iron
purchases totaled $386,464,000, a and steel, spring steel, tool steel,
120.84
120.22
118.60
121.88
113.12
117.40
110.70
122.24
with $555,155,000 in 1945,
products they spent
the
in
120.63
120.43
118.80
117.60
121.88
113.31
122.39
17
''•A
118.80
24__„_
Jan.
nationalism
reported as follows:
$553,153,000 in 1946 com¬
in this connection further
fuel alone, the railroads expended
The Association
110.15
organized
from
eliminate
doctrines of extreme'
and all forms of
schools all
spent $1,570,connection with
announced,
$1,572,404,000.
and materials and supplies used in
their operations, the Association of American Railroads
on April 7.
Similar expenditures made in 1945 totaled
555,000 for fuels
conduct
to
tempt
propaganda;
United States in 1946
railroads of the
The Class I
PRICES
MOODY'S BOND
Daily
For Fuels,
and bond yield averages are
computed bond prices
Moody's
magazines and-'
professional literature; repudiate'
without qualification every at¬
$1,570,555,000
Materials and Supplies in 1946
Spent
Class I Railroads
1947
Thursday, April 17,
CHRONICLE
(2122)
10
agencies
and
achieve their purpose,
"On our
t.
side, we joined
,
the
are
engaged in
building in the minds of the
Russians myths that their coun¬
try is the
largest and greatest
in
the world.
Dr.
come
Count's program
to over¬
obstacles were:
Each country
should make the
of the other one of
major foreign languages in
schools; strive to give to
language
young
a
friendly
fair,
balanced
the
its
the
and
account of the geo¬
graphy, history, institutions, lit¬
eratures and peoples of the other
country; cooperate in a generous
exchange of students, scholars,
scientists and artists; exchange
a
mission of leading educators;
gates from
out the
universities through¬
world.
-
Moody's Daily
Commodity Index
Tuesday, April 8——-———_
Wednesday, April 9___;——
10——
Friday,. April
11
—
Saturday, April 12_.—
Monday,
April 14—,_„
Tuesday ^April
J 51_—_—
Thursday, April
Two
Year
March 15
415.5
416.1
417.3
416.5
415.3
410.7
410-5
422.1
weeks ago, April
Month ago,
I
430.1
—
272.9
ago
1946 High
Low
1947 High
Dec. 24
Jan. 2
380.6
264.7
„
March 26
Low Jan.
...
431.3
...
20—;—_—-
—
371.5
.Volume <165
Number7,4586
Trading
;
The Securities
figures
„j*
SI
New York
on
and
THE
COMMERCIAL
Exchange Commission
a
made public
BANKERS
Round-Lot
'
Stock
Sales-on
the
-
-
-
'
.
Transactions
+
v
-A. Total Round-Lot
Sales:
New
York
Stock
Exchange
ENDED
"
'
MARCH
22,
and
Round-Lot
4
6
sales—
;
for
for the Odd-Lot
Dealers and Specialists:
Account
of
Atlanta
of
;
.
———
Minneapolis
10 Kansas
City
11 Dallas
12 San
_I ~"
~1.
—
Francisco
,
initiated
410,060
the floor—
on
on
or
bills
$76,240,000
HELD BY
Bills
of
10.79
120
150
101,700
;
676,170
99,630
sales
sales—
Federal
Sales
WEEK
on
the
New
Account of
ENDED
York
17.01
22,
'
Total for Week
—
sales
_
'
>"
they
Transactions for Account
1,013,435
of Members:
stocks
in
registeredTotal purchases
are
Short
which
5,350
sales—.
transactions initiated
Total
purchases
Short sales-i,;
the
on
Second
9.62
floor-
_
__
{Other sales—
J.
1,800
Total
initiated
off
the
purchases
Short
14,850
1.73
Poughkeepsie
Total
{Other
•
181,700
11,950
Customers'
short
sales
[[Customers'
other
of
155,100
6
♦Chiefly New
purchases.
9
+
♦The
'.firms
term
and
L/m:- tin
"members" includes all
regular and associate
Exchange members,
partners, including
their
special
calculating these
compared with twice the
partners.
percentages
total
the total
round-lot volume
'the Exchange volume
includes only sales.
of
+ 54
+ 13
+ 58
+ 11
+ 63
+ 15
+ 50
+ 21
5
4
on
the
purchases
Exchange for
the
and
reason
Sales
that
3ales
"
■r-;h
{Round-lot shcrt sales whieh
rules are included with
"other
»SSales
+ 18
+ 61
+ 14
+ 15
exempted from
marked
"short
exempt"
are
included
with
restriction
+ 58
+ 10
+ 58
7
2
+
+ 15
7
+ 56
+ 17
"other
5
2
+ 57
+
York City.
--
+ 66
28,
sales."
31
total, according to the
March
17
a
DEPARTMENT
STORE
before, the
Jan.
186
392
{182
-
207
188
232
228
224
213
SALES
FOR
survey
issued
of New York.
As cornFeb. 28 total
represents an increase of
In the month to month
comparison, Imports, Exports, Domestic
.Shipments, Domestic Warehouse
Credits and the
figures based on
shipped between foreign
countries were all lower
28, than on Jan. 31; while
the only increase
was dollar
! exchange.
or
Feb.
=:
the
yearly
analysis
all
items
except
and
exports
170
231
Average
Feb.
IN
THE
;
Jan.
Feb.
,
202
,395
244
404
180
191
194
160
363
•153
161
441
421
-
175
York. City
„
*191
.Buffalo
y
tSeasonal
adjustment
Number of shares
revised;
29,
1947
Total
For Week
22,008
632,773
—
value
Odd-Lot Purchases by Dealers—
(Customers' sales)
Number of Orders:
$25,912,510
;
short
sales
348
other
sales
18,772
Customers' total
Number of Shares:
sales
19,120
sales
13,106
♦Customers'
other
sales
516,384
total
sales
529,490
199
412
198
Customers'
*233
164
220
♦199
V
*202
7:7
191
*267
269
256
*254
237
241
*323
330
available
218
upon
value
$20,595,719
-
Round-Lot Sales by Dealers—
Number of Shares:
.
,
"
256
177
227
|7
205
192
241
7
*251
*194
factors
March
192
272
——
Ended
short
212
♦Revised.
Week
Odd-Lot Sales by Dealers—
(Customers' purchases)
Number of orders
Customers'
1
•202
—+
%' Newark •;
>
the
on
March
145
-
539
v
149
special¬
Exchange for the
ended
148
389
209
___________
April
on
29, continu¬
a series Of current
figures be¬
ing published by the Commission.
The figures are based
upon re¬
240
173
________
Exchange
a
185
527
201
___,
Trading
and
Commission made public
Dollar
{Average daily, seasonally adjusted:
New
♦156
178
i._
Bridgeport
•
195
355
412
___.
Securities
Customers'
7
135.; 7
Rochester
Syracuse
a
*
♦Customers'
381
198
Buffalo
Senate
by
1947
431
■
;
and
NYSE OM-Lot
Dollar
144
City__
House
.
CITIES
Dec.
161
daily,' unadjusted—
New York
Newark
the
;
249
DISTRICT
100j
Bridgeport
Bridgeport
imports
LEADING
19'46
-
In
SIX
FEDERAL RESERVE
...
Syracuse
adjust¬
of
its approval of the
conference re¬
port on March 11 by a vote of
342 to 49, while the
Senate agreed
to the report on
March 12
Feb.
188
*<;
ment
provisions; the House registered
®
385
:
174
Buffalo
I
»goods stored in
originally passed by the
House on Feb. 18, and
by the Sen¬
ate On March
5, on which date it
went to conference for
FOR THE ODDLOT ACCOUNT OF
ODD-LOT DEALERS
AND SPECIALISTS ON
THE N. Y.
STOCK EXCHANGE
Dec.
157
[1935-39 average
Newark
appropriation
STOCK TRANSACTIONS
i
-1947-
Feb.
Average monthly,
unadjusted:
New York
City
the
monthly acceptances
by the Federal Reserve Bank
year
$63,179,000.
on
OF
,<
deficiency
was
ports filed with the
Commission
by the odd-lot dealers and
spe¬
cialists. *
r
{155
SECOND
volume of bankers dollar
acceptances outstanding on Feb.
to
$230,031,000 a decrease of
$11,405,000 from
spared with
;
District
amounted
Jan.
ion
Reserve
{206
seasonally adjusted
167
238
{234
♦Seasonal adjustment
factors for 1938-1946
revised; available upon
{Revised.
request.
Bankers Dollar
Acceptances Outstanding
On
February 28, $230,031,000
The
f
bill
ing
+ 44
+ 15
+ 14
—
"Stocks,
by the Commission's
$145,-
000,000.
The
week
+ 63
+ 15
+
(average monthly), unadjusted
(average daily), unadjusted
(average daily), seasonally
adjusted.
INDEXES
-
7
are
sales."
•
a
ists who handled odd lots
New York Stock
+ 71
+14
-1946
Is
which
summary of complete figures
showing the daily volume of stock
transactions for odd-lot account
of all odd-lot dealers
and
+ 40
6
+
Federal
em¬
Government
9
[1935-1939 average=100]
sales
the
agencies. The Veterans Admin¬
gets
the >. biggest
amount,
approximately
The
+ 31
+ 25
8
+
State
—
voice vote.
v
+ 60
+ 11
+ 10
their
3ales
members'
appropriation Measure
+ 55
+ 13
+ 22
*
claim
than
the House
passed yesterday and
sent to the
Senate—are funds
for a number of
+ 60
+ 15
+ 13
Second
47,258
officials
more
+ 43
INDEXES OF DEPARTMENT
STORE SALES AND
STOCKS
sales
well
agency
istration
Hand
59,556
Total
.
may cease op¬
before J tine 30
ployees, and Closing its business.
Included in the
Deficiency
+ 39
+ 18
+ 17
17
+
Niagara Falls
Rochester
•Apparel stores s...
0
59,556
Total
-+
+
_
York
the
and
+ 35
+ 12
,_
sales—
.
8
+ 13
_
New
Buffalo
16.62
Specialists—
on
Civilian
+ 47
+
+
_
sales—
transactions for Account
on
2
+ 13
Syracuse
Northern New York
State
Southern New York State
Western
Total
the
April. That sum is all
available
for operation
between now and
those
Feb. 28, 1947
+ 49
+ 14
+ 10
Elmlra
C. Odd-Lot
for
The
over
9
+ 14
Binghamton
143,150
;
49%
Stocks
_
Mohawk River
Valley
Utica
5.27
'•Wi
sales—
were
Jan.--Feb. 1946
0
Central New York State
49,855
be
Actually, OPA
hand in
on
+ 13
+
.
sales,,,
will
accounts
/
13% from
8
+ 10
Schenectady
45,055
Total purchasesShort sales
were up
+
Jersey,,
Upper Hudson River
Valley
Albany ^
^
4,800
4. Total—
before.
year
+
Lower Hudson
River Valley
56,890
sales,
{Other sales
a
Net Sales-
Westchester and Fairfield
Counties
Bridgeport
floor-
business
Associated
said
July 1, for paying off OPA
+
_
13,050
Total sales
3. Other
transactions
over
Stocks of merchandise
City
Northern New
Newark
20,250
_
8%
Feb.1947
District
New York
;
12
erations
-Percentage Change from
Preceding Year-
SO,3S5
OPA
Temporary
1947
SALES BY MAJOR
LOCALITIES
Federal Reserve District
Department stores
Total
Administra¬
and the Office of
Controls. The same
advices stated:
$170,764,000
STORE
Second
of
$14,000,000
for its liquida¬
tion will last at most
through
increased
85,045
Price
Production
Administration,
Office of War
Mobilization
#!*
DEPARTMENT
104.560
sales
{Other sales
2. Other
March
5%
a
whi
$14,000,000 for
Washington
slightly
January and February 1947,
same month
than
of
bills
allotment
Reconversion
The apparel stores in
the New York
Reserve District
reported
loss in net sales
in
February. Their stocks on hand at the
close of the month
were 57%
over the figures for
February 1946.
The details as made
available by the Reserve
Bank follows:
999,860
1. Transactions of
specialists in
Total—
Office
along with
February, 8% Over Last Year
District
final
a
more
finally provided
February 1947
pf the
~ {%
13,575
sales
'
others..$94,524,000
Confer
thereon, following th
appropriation
Press
ACCEPTING BANKS
similar period the
previous year.
department stores at the end of
Exchange and Stock
(Shares)
1947 1
Reserve
combined sales of
Curb
Members*
MARCH
Round-Lot Sales:
B. Round-Lot
,
The Federal Reserve
Bank of New York
announced on March 21
that February sales in
department stores, in the second
(New York)
sales.
Transactions for
Total
178,000
,
in N. Y. Federal Reserve
District in
purchases.
Short sales
13,000
o
ap
tion and a rider
which directs
the OPA and other
wartime con¬
trol
agencies
to
liquidate
by
June 30. Going out of
13,396,000
17,899,000
14,928,000
VU
3.53
651,640
{Other
the
$108,933,000
17,805,000
i%
Dept. Store Sales
552,010
Total
'
,
139,880
Round-Lot Stock
ciency
\y/»
sales.
report
slightly
Feb. 28, 1946
2.69
20,890
sales
completed
Senate
the
Senate-House
included
31, 1947
$171,740,000
34,986,000
7-7 12,033,000
135,650
4. Total—
Total
$166,852,000
%%
180
sales
118,990
Total
ence
7/a '/o
90
11,600
a
when
approval by the House of
the re
port on March 11. The
report ha
to do with the
$179,645,688 defi
$63479,000
Jan.
shipped
,
Short
$241,436,000
for year
12,524,000
7
104,000
.
—
goods stored in
108,110
__
purchases
Short sales
{Other
631,000
was
12,
proved
22,511,000
Decrease for month
$12,359,000
CURRENT MARKET
RATES ON PRIME
BANKERS ACCEPTANCES, MARCH
17,
Days
Dealers' Buying Rates
Dealers' Selling Rates
30,
7/a%
60
\l%
67,140
transactions initiated off the floor—
Total
March
'
11,749,000
......
BILLS
Own
sales
Total
4,6277000
$230,031,000
$11,405,000
Increase
:
exchange
90,100
{Other
legislation
5,029,000
963,000
184,000
7,340,000
7,736,000
S,641,000
This decrease
may be considered seasonal
as since 1925 there
creases as
have been 17 de¬
against six increases
in
the month of
coffee, burlap, and
February.
Declines in imports of
skins, and in domestic
storage of cotton accounted for a
part of the
decreases in the
large
respective classifications.
.
Total purchases
Short sales
Total
5,892,000
35,081,000
Feb.28, 1947
$163,775,000
34,539,000
between foreign
countries
342,920
Total
1,637,000
*
ACCORDING TO NATURE OF
CREDIT
Based
432,410
__
3. Other
President
Truman provides fo
the termination of
OPA and othe
wartime control
agencies by Jun
30. Congressional
action on th
'
{Other sales
{Other
,
Domestic warehouse
credits
Odd-Lot
Total purchases,Short sales
Total
sales—
2. Other transactions
3,783000
32,710,000
Import*.,
Exports
Dollar
specialists in stocks in
which
registered—
are
$23,250,000
93,469,000
11,633,000
1,647,000
936,000
Agencie
Legislation enacted
by
Con
gress, and signed on March
22 b
Feb. 28, 1946
$17,832,000
150,093,000
16,716,000
1,516,000
Grand Total
Decrease for month.-—'
t. Transactions of
they
Jan. 31,1947
4,833,000
7,914,000
1,644,000
244,000
1
To End June 30
OUTSTANDING—UNITED STATES
$15,785,000
147,465,000
14,825,000
1,983,000
1,016,000
3,916,000
6,421,000
1,900,000
227,000
__I
"
Domeaticshipments-;
3,904,600
Members
Accounts
Except
0PA and Other
7
Feb. 28, 1947
St. Louis
9
(Shares X
'
Transactions
7+
<
FEDERAL RESERVE DISTRICTS
—IT—
Chicago
8
Total for Week
'
Total
.B. Round-Lot
•*./
''
Cleveland
Richmond
7
Stock
164,470
3,740,130
•
,
Philadelphia
5
:
L_
YorkJ—i
3
1947
sales____
•
DOLLAR ACCEPTANCES
Federal Reserve
District—
member
for Account of
Members*
WEEK
Short sales—
{Other
Exchange,
X
+.
28, 1947, from the
corresponding date
1 Boston
2 Ne#
trading of 5,106,070 shares.
trading during the
March 15 amounted
to 336,800
total volume on
shares, or 16.62% of the
that
Exchange of 1,013,435 shares.
ended March 15
During the week
trading for the account of Curb
members of
shares was 13.71% of the
342,392
total
trading of 1,249,110.
.Total
Curb
•-
BY
transactions) totaled 1,327,810
shares, which amount was 17.01%
-of the totab
transactions on< the
Exchange of 3,904,600 shares. This
compares with.member
trading during the week ended
March 15 of
1,768,920 shares, or
17.33% of the total
New York
-
Feb.
on
The Reserve
Bank's report follows:
•
On the
a
decrease
before,
v.
year
on
April
showing the volume of total
round-lot stock sales on
New York Stock
the
Exchange and the New York Curb
the volume ol
Exchange and
round-lot stock
transactions for the account of
members of these
all
exchanges in the week ended March
a series of
22, continuing
current figures
beiiigf published weekly
£i0zi,.
by the CommisShort sales are shown
separately from other sales in these
•figures,
y ■• .■
';77-:>7%777r ='/■:'
' V, 7 v'.:,.
Trading on the Stock
Exchange for the account of members
(except odd-lot dealers)
during the week ended March 22
lot
(in round-
week ended
FINANCIAL CHRONICLE
(2123)
showed
Exchanges
&
203
request.
333
213
Short sales,,—
{Other sales
Total
0
161,050
—
sales
Round-Lot Purchases
by Dealers—
Number of shares
♦Sales
ported
{Sales
ders
and
which
with
marked
with
to
customers'
are
re¬
odd-lot
or¬
sales."
offset
sales
to
is less than
"other
"short-exempt"
"other
161,050
256,150 X
liquidate
a
sales."
.
a
long position
round lot are
reported
I2
THE
(2124)
wholesale commodity price index compiled by The
Association declined to 199.5 for the week ended
April 12, 1947 from 200.4 in the preceding week.
This is the second
3 consecutive week in which the index has fallen.
A month ago the
The weekly
based on the 1935-
| index stood at 199.6 and a year ago at 145.8, all
1939
average
continued
.1
'
-
*
,
week four of the
while four advanced; the
;
»
composite groups in the index
other three remained at the
level
preceding week. The price rises for grains, eggs, and wool
than offset by declines for cotton and livestock, with the
result that the index for the farm products group fell.
The drop in
the index for miscellaneous commodities was due to lower quotations
•for rubber, cottonseed meal, bran and middlings.
The textiles index
of the
1
,
report issued on April 14,
The Association's
100.
as
follows:.
During the
l declined
•
as
more
were
materials index declined slightly. Prices for bellies,
and oils fell, but higher prices for flour, potatoes
caused the foods index to rise.
The fuels index rose
f. and the fertilizer
meats and some fats
"and
sugar
j- slightly. The drop in the price of steel scrap was more than offset
j. by higher prices for tin and silver, and the metals index rose 0.4%.
Higher prices for alcohol, both denatured and ethyl, and creosote oil
domestic
Employees of Class I railroads
Quotations for other grains also declined. Large of the United States, as of the
supplies brought lower prices for good to choice steers but prices of middle of March, ; 1947, totaled
other cattle advanced as demand centered on lower priced grades.
1,326,337, a decrease of 2.97%
Hog prices declined as supplies improved slightly. Live poultry quo¬
compared with the corresponding
tations were higher. Domestic wool prices again advanced as CCC
month last year, and an increase
raised selling prices to meet parity requirements.
^
of 0.11% over February, 1947, ac"Average prices of food decreased 1.3%, with declines in all sub¬ cording to a report just issued by
groups except cereal products, which advanced fractionally.
the
Bureau
of Transport Eco¬
supplies, coupled with resistance to prevailing high prices, particu¬ nomics and Statistics of the In¬
larly for pork, brought declines for meats. Prices of dressed poultry terstate Commerce Commission.
and eggs advanced with Easter demand. Average prices of fruits and
A decline under March, 1946, is
vegetables and dairy products'were lower. Sugar prices were higher shown in the number of /, em¬
as the Office of Temporary Controls raised ceiling prices to cover
increased ocean freight rates.
Prices of salt were higher due to in¬ ployees for every reporting group
with the exception of executives,
creased production costs. Lower prices were reported for black pep¬ officials, and staff assistants, and
transportation (train and engine
per, lard and edible vegetable oils, largely reflecting lack of
service), which shows increases
at prevailing high prices.
On the average foods were 3.7% below
of 0.11% and 0.69%, respectively.
level of early March and 49.9% higher than last year.
The percentages of decreases are:
"Other Commodities—Prices Of all commodities other than farm
and European crops.
Ample
demand
the
Professional, clerical, and gen¬
•
Higher raw material costs
During the week 27 price series in the index declined and 16 caused sharp advances for some chemicals, including acetone, ethyl
advanced; in the preceding week 26 declined and 15 advanced; in the alcohol, benzene, and lead arsenate, but there were declines for cream
-second preceding week 22 declined and 24 advanced.
of tartar and' tartaric acid, reflecting lower costs, and for ergot,
chemicals and drugs index to advance.
caused the
•
'"
Bears to the
/
Apr. 5,
Apr. 12,
>■•'••
Group
Ago
■Week
Week
Ago
Mar. 15,
Apr. 13.
1946
1947
1947
1947
Total Index
Year
Preceding Month
Latest
%
Each Group
222.6
221.9
224.4
144.0
317.8
32C.7
321.4
147.4
433.1
433.1
427.4
163.1
247.6
250.8
256.0
175.1
327.8
336.1
263.8
Cotton.—.
335.1
258.3
246.2
253.1
173.8
Grains--.
235.6
242.9
249.5
161:5
170.3
170.2
159.2
131.7
158.6
162.4
162.6
133.9
216.5
217.2
211.1
166.9
148.3
147.7
147.8
203.4
203.4
203.0
154.5
154.5
127.5
Fats
and
Oils
Cottonseed
Farm Products—
23.0
Livestock
;f
Fuels
17.3
W':)
10.8
Metals———_——
■
Chemicals
t 1.3
Fertilizer
< .3
.
.3
Farm
,
;
and Drugs
117.2
127.6
128.0
128.0
133.7
133.7
126.3
126.3
199.5
200.4
199.6
145.8
Machinery
All groups
combinedf,
April
13,- 1946,
155.4;
April
5,
1947,
156.1;
4-5
1947
Farm
Civil
V-
148.8
Engineering Construction Totals
$125,198,000 for Week
and leather
This volume is 4% below the
; previous week, 5% above the corresponding week of last year, and
124% above the previous four-week moving, average. The report,
'f' issued on April 10, added:
1
'
* ,
V*(
' Private construction this week, $42,973,000, is 28% less than last
week, and 46% below, the week last year. Public construction, $82,225,000, is 15% above last week, and 111% greater than the week
last year.
State and municipal construction, $60,139,000, 19% above
last week, is 139% above the 1946 week.
Federal construction, $22,'■! 086,000, is 6% above last weeky and 59% above the week last year.
Total engineering construction for the 15-week period of 1947
,
176.7
175.3
124.0
+
133.0
130.6
96.0
+
126.6
126.1
103.7
+
114.9
114.6
111.9
95.4
165.5
164.3
162.5
122.2
145.6
142.8
145.1
145.1
144.0
100.6 -+
0.3
+
143.3
143.1
143.7
104.6
—
0.3
—
141.9
141.6
141.4
103.4
—
131.9
131,3
' 129,4
products and foods—
MARCH 29,
week, and the 1946 week are:
S. Construction
$125,198,000
$130,762,000
Private Construction
42,y73,000
59,421,000
Construction
82,225,000
Total U.
Public
// State and Municipal
the
classified
71,341,000
60,139,000
22,086,000
//•Federal
In
Lumber—
Leather
Plumbing and
;
construction
New
.
50,464,000
20,877,000
.
groups,
,
April 11, '46
$118,860,000
79,809,000
39,051,000
25,168,000
13,883,000
waterworks,
Capital
heating
products
Cement —
Furniture —
Cereal products
feed
Livestock
and
Fruits
sewerage,
s
on the BLS
changes in the
."Based
Hides and
Oils
Fertilizer
materials
Clothing
1
designed
directly
as
an
with the
:—
—1
C.l
weekly index of prices
1925.
Rubber Bill Signed
The weekly
indicator of
monthly index.
of
Bank Debits for Month of
give
Federal Reserve System issued
of "bank debits" which we
Governors of the
SUMMARY
BY
DISTRICTS
FEDERAL RESERVE
(In millions of
:'■+/
dollars)
iJ
i 1
4,061
36,559
.
•
]
4,053
5,921
•'
Richraond^^^^l-i^—
i
3,568
i
;
Philadelphia
5
——:
.
.
—
;
15,132
filnneapolis
——
—
.
,
Dallas—
.
—
;
2,019
,
r
8,900
40,929
.
2,969
>■:
2,823
2,592
8,268
,«•.
.
..
„• •
ky. substantial, declines f
—
*
} + ■ 33,547
Z/fNew York City,—
193 other centers
L—
•Included in;the national series
-
the
jurisdiction of the
tion
was
Reconstruc¬
Cpptoration//wlfic^
Financesole purchaser
wartime,
and seller ir*
/
/
'
over domestic allocation
-
Control
" *'
of both
t
natural and syn-
ana
thetic rubber: is retained, said
Associated Press, in order to
250,684
268,388
.,
C> 104,987
Ci:i121,636
8,459 : +/ 28,430
24,061
:
beginning in 1918.
use
the Z;
in¬
sure against; individual companiea
acquiring and hoarding the stillscarce material,* to the' detriment >
22,985
142,311
covering 141/centers, Available
the natural
it* froih
rubber trade, and removes
7,426
8,800 :
26,394 J
35,67d-97.597
43,449-
■
9,814
..
y;;.
49,958
*i40 other centers.
|
87,579
93,319
Total, 334 centers—,..,—.
■
private [industry
to
•
♦
permanent * fu bber
8,054
9,998
c
+
fixes a
policy for the natiop^i/ de&pse,
the bill at the same time/restores
4,593
.>•
'
March 17.
6,812
.5,777
• -
on
Designed to keep the synthetic
rubber industry goinguntil Con¬
34,728
8,383
2,423
1,594
3,407.
tion
8,981
10,504
'
had
14,164
10,392-
/
12,832
:
9,076
San Francisco—™
+
10,846
11,943
17,140
3,108
/
2.878
i.
'
3,159
.
1946
10,774
112,419
4,957
,
3,676
}
Atlanta—
•>:
S.808
Cleveland——————
With lower prices for agricultural
38,270
♦ -
1
11,767
106,361
3,745
vc
March
1947
Z -1946
1947 ":-
Months Ended
March,
March,
March,
March 25,
agreed
resolution/a's'ij; J^Ssed
March 2C.Th&lfouse
previously passed the/resolu-.,,;
gress
/
3
April 5, Labor Department Reports
wmmueu. >
joint resolution on
a
that body on
below:
New York™
Government
ments in the
March
April 11 its usual monthly summary
on
period of 1947 totals $475,-
T"/""
year,
28 commodities.
producers or are
when the House
Wholesale Prices Decline 0.4% in Week
Prorii.pt*
is
pany,
of about 900 commodities
prices. This index should March 31, this
For the most part," prices purchasing
of
those prevailing on com¬
general* level c'f primary market
Federal Reserve District-
"Farm
to
cording
natural rubber.
index is calculated from one-day-a-week prices. It is Congress completed action on the
week-to-week changes and should not be compared legislation, which is in the: form
The Board of
commodities, average primary
market prices declined 0.4% during the week ended April 5, 1947,
according to the Bureau of Labor. Statistics, U. S. Department of
Labor, which on April 10 added that "nonagricultural commodities
continued to advance."
At the same time' ,it was. stated that the
Bureau's index of commodiy' prices in primary markets dropped to
148.8% of the 1926 average,,0:1% higher than-four weeks-earlier
/and 36.4% above a year ago. The Bureau's.advices, continued:"
skins
and fats—.
pharmaceuticals---
distinguished from the daily index of
are
those charged by manufacturers or
be
modity exchanges.
the
capacity of
operating, ac¬
Lamborn &. Com¬
greater than that of
currently
mills
March 29
0.9
0.7 signed a bill to extend, until
0.6 March 31, 1948, the Government's
0.6 allocation authority over rubber.
0.3
0.2 The legislation also authorizes the
Government to continue in the
synthetic rubber producing busi¬
which ness, but ended, as of midnight,
Other foods
tRevised.
measures
grinding.:'T83
in operation in 1925.
grinding
The
0.1
0.1
products
1.8
1.1
Drugs and
mills were in
161
President Truman on
Dairy
Boston
»-
Last year
0.3
0.3
02
0.2
0.1
materials
2.1
;
poultry—
vegetables
and
.
r
1,754,000
operation and the same number
is expected to operate this-year.
0.4
Furnishings-™
Other building
2.5
Meats
761,000, 19% greater than the $400,655,000 reported for the corresponding period of 1946.
'• 1
.
^
*
Ended
tons as against
1,571,000 tons for thesame
month last year and 1,380,000
tons during March of 1925.
0.5
—
31,
of
production to¬
March this year
160 mills are now
"
4.7
3.6
Rubber
'
for construction purposes for the 15-week
FROM
Decreases
"•"New capital for construction purposes this week totals $24,228,000 and is made up of state and municipal bond sales.
New capital
<
and
Petroleum
bridges, highways, public buildings, and unclassified construction
gained this week over last week. Seven of the nine classes recorded
gains this week, over the 1946 week as follows: ./Waterworks, sewer¬
age, ^bridges, highways, earthwork and drainage, public buildings,
and unclassified construction.'
: *
:
1.0
1.0
1.0
0.9
0.7
0.7
0.6
goods
miscellaneous
Other
Cattle
April 3, '47
2.2 + 29.2
Other textile products
Bituminous coal
;
Other farm products
tile
and
Brick
Cotton
construction volume for the current week, last
April 10, '47
+34.2
+44.7
+36.5
worsted goods
Woolen and
2.8
Grains
Civil engineering
1925,
mills were
3.0
and pulp
Paper
of 1946.
:
0.9
1.1
0.6
tWfc
1947 TO APRIL 5,
Chemicals
cumulative total of $1,443,836,000,
total for the corresponding period of 1946, whereas state and munici¬
pal construction, $416,456,000 "to* date, is 48% above 1946. Federal
construction, $130,455,000 dropped 3% below the 15-week total
V
+
2,780,000
last year
3,761,000 tons to March
During the month
and
Increases
which is 17% above the
; total for a like period of 1946.
On a cumulative basis, private coni struction in 1947 totals $896,925,000, which is 10% above that for 1946.
Public construction, $546,911,000,! is 31% greater than the cumulative
>j
0.9
102.4 + 0.3 +
SUBGROUP INDEXES
IN
CHANGES
PERCENTAGE
—
approximated 3,■-
year,
527;000 tons as against
tons to the same date
0.1 + 0.2 +37.0
132.3
—-
+
this
taled
...
,
a
5.2+21.5
0.4 +29.9
0.5 + 1.4 +43.4
1.3 + 3.0 +40.1
0.1 + 0.5 +16.6
0.7-+ 3.4 +21.3
126.6
Production since
grinding, to March
the start of
31
harvested.
In
amounted to
were
outturn
the
4,476,000 tons.
+
132.8
tons
1946
+
0
177.0
than
«
records
85.5
108.0
140.3
134,5
126.7
115.7
products—
All commodities other
Farm
104.5
98.8
140.3
commodities other than
All
1.3
0.1
+■ 0.4
+ 0.4
141.7
...
Manufactured products—.
Farm
+
139.7
000
177:8
Semi-manufactured articles
y
1.4
—
120.1
137.4
4-6
1946
+
140.3
Raw materials
*
—
109.7
attained, it will be a
new
all-time record crop for
Cuba.
The previous high' was
established in 1925 when 5,894,-
0.1 +36.4
— 0.3
+34.0
— 3.7
+49.9
+ 0.1 +45.1
+ 1.4 +33.3
0.4
135.2
174.2
—
164.0
Special Groups—,,
;
166.2
174.2 174.9
139.3; 138.7. 138.7'
103.9 103.5 101.7
products-——™lighting materials
Metals and metal products
Building materials--————
Chemicals and allied products—
Housefurnishings goods
,
Miscellaneous commodities-.
Fuel and
ported by "Engineering News-Record."
182.9
166.5
174.3
products——
Textile
engineering construction volume in continental United
totals $125,198,000 for the week ending April 10, 1947, as re¬
183.8
1947
109.1
148.7
181.8
170.7
149.0
164.4
Hides
149.4
181.2
products™
Foods
Civil
States
1947
3-8
1947
3-29
4-6
1946
3-3
3-22
1947
3-29
1947
Commodity Groups—
All commodities
■
Percent change to
April 5, 1947 from—
and
estimate of 6,137,-
Should the
000 tons be
5, 1947
113.6.;
further state:
the latter
COMMODITY GROUPS
IN WHOLESALE PRICES BY
FOR WEEK ENDED APRIL
CHANGES
(1926—100)
'
100.0
ventory
105.3
.
The advices from
brokers.
sugar
of in¬
higher following relaxation
restrictions by the Office of Temporary Controls."
119.8
126.3
Higher labor and raw
seed meal.
prices of Manila hemp were
and
116.4
I 133.7
Materials--
Fertilizers
*3
V
——:—
Building Materials
6.1
!■
Commodities^
Textiles——_—-—;
7.1
>
——————
———
Miscellaneous
.
8.2
?
Oil-,
-
and structures,
material costs portation (yardmasters, switch-*
newsprint, woodpulp and box board, tenders, and hostlers), 5.40.
and for some housefurnishings.
Prices of Ponderosa and sugar pine
rose, reflecting the general shortage of mill work lumber and cedar
Cuban Sugar Crop
siding was up sharply.
With restoration of free trading in crude
Over 6 Million Short Tons
rubber, prices of smoked sheets and Amber No. 3 declined but latex
The current 1947 Cuban sugar
crepe, in short supply, rose sharply.
There were further substantial
crop, estimated at 6,137,000 short
increases in soap prices.
Cattlefeed prices were lower. Higher prices ons, is being harvested at a rapid
were reported for brick and other building materials, gasoline and
rate under favorable conditions,
lubricating oil and tool steel.
Quotations for bar silver declined. according to cable advices re¬
ceived by Lamborn & Company,
Prices of certain fine cotton goods and wool dress goods advanced
167.8
158.4
Foods—
25.3
maintenance of way
6.58; maintenance
of
equipment and stores, 3.43;
transportation (other than train,
engine, and yard), 4.11; and trans¬
1.87;
eral,
brought price increases for
also
1935-1939=100*
,
0.3% as a group.
products and foods rose
tallow and cotton
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by The National Fertilizer Association
1
/
/,
,
,
'
1947^
Thursday, April 17,
<;
0.3% below a month ago and 34.0% above
April, 1946. Wheat quotations dropped nearly 7% in the
government purchase of flour as there were reports of better
reaching a level
"National Fertilizer
4
during the week, No. of R. R. Employees /
early
absence of Increased to 1,326,337
products decreased 1.4%
grains, prices of farm
Fertilizer; Association Commodity
Price Index Shows Decline
The National
/
./•
FINANCIAL CHRONICLE
COMMERCIAL &
of other.•
users.*/-;-, -♦,
[Volume
,
165
Number 4586
THE
COMMERCIAL
Daily Average Crude Oil Production for Week %
Ended April 5,1947 Increased
26,500 Bbls.
Reports
received
whole
as a
refining
to stills
mately 14,772,000 barrels
of
on
companies
Condition of National Banks
crude oil
barrels of
gasoline; 2,138,000
of distillate
fuel, and
week
ended
000
:
April 5,
of
barrels
of
DAILY
CRUDE
OIL
State
*B. Of M.
Begin.
Apr. 1
March
•♦New York-Penna.—
;
Virginia
——
'
+
32,800
42,650
46,400
650
750
4,700
236,000
368,500
Demand
300
7,000
3,550
84,800
36,500
35,100
475,450
130,900
150
84,700
2,150,550
2,060,000 42,186,125
+20,800
2,134,950
1,864,100
95,200
84,850
312,600
400,000
———
———
'
-
-
■.
-New Mexico—So. East!
New
447,000
+
101,000
.—.
Bills
+
——
Total United States-
§843,200
than
other
on
4,745,000
includes
several
shutdowns
fields
and
which
CRUDE
<
for
|the
exempted
RUNS
TO
of
-
,
J
L
STILLS;
Reserves
-950
22,050
2,350
11,400
906,900
+26,500
4,865,700
62,250
—
+
2,500
but
not
and
corporations
-
-—-
—
checks, etc.)
1
and
on
other liabilities for
borrowed money
bank premises and
other real estate
or for
account
of
reporting banks
and
outstanding
other income
collected but not
earned
expenses accrued and
unpaid
1
71,061
43,367
.
221,003
'
—
liabilities.
CAPITAL ACCOUNTS
(see memoranda
below)—.;
and
—
retirement account for
preferred stock
accounts
MEMORANDA
Common
7:00
calculated
entire
on
month.
a.m.
a
With
April 3,
———.—
f
.
—•————
stock
1947.
Committee
of
Figures In
this
1,683,677
Retirable value of
preferred capital stock:
Class A preferred
Class
of
B
stock
preferred stock
59,128
—-—..
•
r
California
section
include
Oil
—
Assets
pledged
(including
Producers.
reported
totals
.
-Trtd.7
:
-
Okla., Kanfi+ Mo.—— ;>,7B.3n
Onload .Texas '"-
.
:
59.8
«
—
65. ,104 8
799.
386
,
82.3
208
-California
'•
ment to
or
notes
assigned
and
-19.0
Deposits
plus
-
180
f
2,680
>1,011
on
a
23,86^
10,726
4,486
B.
1,168
-
Deposits
of
15,192 vr 1,651'
5,221
692
2,034
209
of
:
«
branches
-branches ,of
credit and
the
of
-
v,
42,360,021
v.
—
7,431,239
* ther
United
States
(including
3,664,746
private
bsmfcs;and.
foreign. coimtries
American
b
(including ebalances 'of loreign
anksr Irut fixcluding amounts due tb
bwn
—
—i—
652,783
(including dividend checks), letters
of.
travelers' checks
sold for
account)
jcash
and amounts due.to Federal
i——
-—
1,240^87;
62,859,192-
61,651,040
17 J7M98
1,785,
17,718^74
466
45
82.9 »
487
2,152
16,522
802
10,521
9,213
32,358
14,396
107,576
9,572
9,831
Postal
32,737
13,332 1103,687
individuals, partnerships
Deposits of IT.
34
14,374 • 106,966
savings
and
corporations:
s.
74,217
deposits
respectively,
in
,2,787
35,837
;
'
2,944
417
.
•
42,703
the
'
banks in foreign
countries
(including balances of foreign
branches of other American
banks, but excluding amounts due to
own
6,802
week
V.
Total time
deposits
;—
;.Sif-t'i"&!
-
1
18,218,594
Ratio of required reserves to
net demand
plus time deposits:
Total, Central Reserve city
banks——————
18.72%
Total, Reserve city banks
—
Total,
Country banks
.
■V
Total, all member National banks
'
f^
it; 1 f
18.68%
16.32%
16.32%
11-10%
11.12%
'
"
35,228
7,302
17,635,566
14.78%
.
78,762
375,332
35,644
.
2,892
*342,013
Deposits of 8tates and
political
subdlvisions....-^.r.M..~.-..M+-.~...
Deposits ot banks In the
United States
(including private banks and
American branches of
foreign banks)
——L
Deposits of
30,467
barrels,
1,102,473
Total demand
deposits-
Deposits of
8,197,000
4,791,103
187,958
subdivisions
loreign
Reserve banks'(transit
gasoline stocks of 8,548,000 barrels.
{Includes unfinished
gasoline stocks of 8,870,000 barrels, 'fStocks at
refineries, at bulk
transit and in pipe lines.
terminals,
§In addition, there were
produced 2.138.000 barrels
-Ikerosine, '5,653,000 barrels of gas oil and distillate fuel oil
and 8,206,000
barrels of
a-esidual fuel oil in the week ended April
5, 1947, as compared with
2,064,000 barrels
barrels
5,959,000
barrels
and
8,668,000 barrels, respectively,
in
the
preceding week and
-1,898,000 barrels. e,0cn.m barrels
5,186,000
corporations
..
3,127
and
60,193
agree¬
——_
Certlfie'd and .cashiers' checks
•
unfinished
April 0, 1946.
with
—
in
foreign branches)
1 6,122
360
4,533
sold
63,594
purposes
,.
and political
banks
ot lwihks in
291
16"
of M. basis
•Includes
.
68 5
87.1
other
14,739,870
1,196
164
87
4,843
for
rediscounted and securities
individuals, partnerships and
American
2,388
331
38
85.9
and
repurchase)
Deposits of States
61
84.6
4,772
85.8
April 6, 1940-——i
-
370
38
-
Total U. 8.—B. of M.
basis Marl 29, 1947
.
.166
824
85.8
liabilities
War loan and
Series E bond accounts
Other accounts
;
113
'.^ 85.5
secure
Deposit of U. S.
Government:
an
8,637
11
70.9.
Total U. s.—B. of M.
l ;>. basis
April 5, 1947- '
1,009
to
bills
Demand deposits:
sine
3,831
•**•'T*
'
994
i xi3,412:;
51.6
1
,
2,632
•1,326
107.5 1
^
Mt.—_
———
88.0
'
259
,219
63.0 j
'RocScj, itountaiinti ':M
-—
i
!
91.8 1'
-Trexas* Gulf'. Coa^i——"'^89.2- 1,679
JUmialana Gulf Coajst- "
y9.7v4-^ 345
-No. Xa. & Arkansas—" '* 55.9 *"
65
Mexico
Other Rocky
'
K
i
*o;2i;--lX ...84.7
New
'Btocke
22,817
.1
,%yrv:/^xmriei X0W2&XT
; ;Diatrkt
1,793
{
55,911
4,466
Total
,
—
Blended
;
Coast
3,318
1,636,253
—rr—
the
.estimate of unreported amounts
and are therefore
i
Bureau of Mines basis
7
Appalachian—
•
1
<
30-day basis and
exception
44,106
r
Class B preferred
stock
•
ended
accrued
LIABILITIES
Par value of
capital stock:
Class A preferred
stock
,
H
or
Total liabilities and
capital accounts
36,750
PRODUCTION OF
:
.
.:.
•
earned
4,446,100
61,100
—
:1 §Gasoline {Finished
tStks. oMStks
vfX7 % -Daily Crude Runs f Product'.n
and '
{Stocks -Gas, Oil
of
,Refin'«,;; ,to6tills
t
at Ref. ,-Unlin.
;
of
& Dist. Resid.
-^jCapac, Dally % opi Inc. Nat.GasolkiV
Kero-
S.
income
(certified and cashiers'
Total capital
104,200
20,150
each)
:•
...
o,
-
other
individuals, partnerships
individuals, partnerships
other liens
or
500
GASOLINE; STOCKS OF FINISHED
UNFINISHED GASOLINE,
KEROSINE, GAS OIL AND DISTILLATE
FUEL AND RESIDUAL FUEL
OIL, WEEK ENEDED APRIL
5, 1947
s -. 't (Figures in thousands of
barrels of 42 gallons
?
.
or
—
month.
Conservation
AND
4
premises'
-
Undivided profits
103,700
week ended
April 1
exemptions
were
§ Recommendation
.>
bank
!
deposits
Surplus
110,900
0
v
;
outstanding—
......
t,
■;
18.661,851
deducted, as pointed out by
to determine the
amount of new crude
Figures for April not yet available.
for
63,952,583
81,
371,650
entirely and for certain other fields for
shutdowns were ordered for from 4 to
which
12 days, the entire
State was ordered shut down
'Tot 4 days, no ucuunc dates
+
aays,
definite
during the month being
v.-..........
specified; operators only being
arequired to shut down as best suits their
operating schedules or, labor needed to
operate leases, a total equivalent to 4
days shutdown time
during the calendar
;
and
-
Oklahoma, Kansas, Nebraska figures are
tThis is the net basic allowable as of
153,359
-
-
286,800
-
3,500
—
-
65,911,762
cash
—
indirectly representing'
••
--
,
liabilities—
Total
1,050
60,850
and
1,986,327
153,448
-
!
.
Capital stock
+
4,891,600
balances,
2,659,598
;
—
acceptances
rent
..."7,780
1,971,204
„
Bureau, from-its estimated requirements
be produced.
-Cast
reserve
17,309,767
41,835.752
2,670,103
143,654
66,515,182
,
45,315,509
I
bank premises
assets
payable, rediscounts
Other
85,450
910,000
1
.
other
Acceptances executed
by
•These are Bureau of
Mines calculations of the
requirements of domestic crude oil
based upon certain
premises outlined
in its
detailed forecasts.
'condensate that is moved in crude
They include the
pipelines.
The A. P. I. figures are
'"As requirements
crude oil only.
may be supplied either from
stocks or from new
I fcemplated
production,
withdrawals from crude oil
inventories must be
the
including
collection^--
Interest, discount, rent and
Interest, taxes and other
73,800
108,350
21,200
36,850
•♦Pennsylvania Grade (included
above)
to
banks,
]
deposits
Mortgages
406,950;
.
500
100,000
24,000
38,000
850,000
-
31, 1946
(5,013 banks)4
deposits-
Time
311,750
„
1,250
73,300
86,300
1,300
103,150
Mexico—Other—)
—
1,150
>'407,550
79,000
77,000
2,100
100
,
Dec.
J
•
2,454,265 ;
1,945,946
Federal Reserve
banks—
——
Total Louisiana
Alabama
800
94,950
Louisiana—
3946
—
Other deposits
20,600
157,900
111,050
—
other
15,801,498
47,465,475 '
;
of
Deposits of U. S.
and'corporations———.
Government and postal
savings
Deposits of States
and political
subdivisionsDeposits of banks
—:
133,550
X
31,
-
t
38,250
316,150
36,750
35,700
480,700
stocks
estatel
Time deposits of
150
Vin
DEC.
Sept. 30, 1946
(5,014 banks)
14,498,441
f.
7,401
owned, furniture and
fixtures
assets
300
IX
AND
i
"■
——
-
12,550
+
111,300
debentures
Demand deposits of
271,500
371,250-
8,850
—
.
SEPT. 30,
2,350
50
38,150
VII-C
with
liability
17,800
100
325,550
1946,
dollars)
.'
Total assets
188,100
'*
27,150
1,200
+
L
Government
collected
7,600
'
150
—
29,
6,450
100
—
JUNE
48
'250
—
ON
—
Interest, commissions,
Ended
5,800
+
STATES
political subdivisions-
including
and
real
Total
North Louisiana——
California
other
Customers'
486,350
242,000
VH-B
Wyoming
Investments
3,850
VI
Total Texas
{Montana
Colorado
800
350
20,650
157,950
483,450
242,000
East Texas
Other Dist.
Mississippi
balances
Bank premises
Other
—_
378,125
and
items in process
of
and
47,050
T650
District IV
District V
^Arkansas
1
—
t276,450
1379,250
District I
District II
District in
Coastal
+
27,250
43,050
700
Texas—
-
+
18,300
184,300
275.000
Cash,
Anr. 5,
1947
1,350 «'■
UNITED
.
150
7,700
270,000
375,000
bonds, notes
and
Total loans and
securities.
Week
,
Ended
Week
+
2,300
——
of States
Corporate stocks,
'
6,550
18,000
210,000
29,000
47,000
—
Nebraska
Kansas
*
*•
46,600
8,000
Illinois
Other
BARRELS)
Previous
1947
)
Kentucky
"Michigan
•
from
Apr. 5,
8,000
—
Ohio—Other
'Indiana
by U. S.
Obligations
barrels
fuel,
4 Weeks
150
»•♦Ohio—Southeast—7
District
District
District
District
District
IN
Change
Ended
48,200
Florida
■>
distillate
(FIGURES
Week
ables
'
discounts, including overdrafts
S.
Government securities,
direct
obligations
Obligations guaranteed
gasoline; 9,213,-
Actual Production
Allow¬
Requirements
Oklahoma
of
THE
U.
the
Real estate
owned
PRODUCTION
Calculated
.♦♦West
barrels
IN
ASSETS
Loans and
during the
of residual fuel oil.
AVERAGE
;
of residual fuel
oil
of finished and
unfinished
kerosine; '32,358,000
.
kerosine; 5,653,000
NATIONAL BANKS
June 29, 1946
(5,018 banks)
1947; and had in storage at the end
of that
106,966,000 barrels
43,541,000 barrels
that
OF
(In thousands of
daily and produced 4,374,000
barrels
8,206,000 barrels
week
indicate
y?i
*
CONDITION
Bureau of Mines basis
approxi¬
a
i;
The statement of
condition of the National
Banks under the
has
recently been issued and is
Comptroller's call on Dec.
summarized below. For
31, 1946,
calls back to
purposes of
and
comparison, like details for
including June 30, 1946, are
previous
included.
statement follows:
from
ran
FINANCIAL CHRONICLE
(2125)
The American
Petroleum Institute estimates
that the daily aver¬
age gross crude oil
production for the week
ended April 5, 1947
was
4,891,600 barrels, a gain of 26,500
barrels per day over the
pre¬
ceding week and an increase of
445,500 barrels per day over
the
corresponding week of 1946. The current
figure also exceeded
146,600 barrels the daily
by
average figure of 4,745,000
barrels estimated
by the United States Bureau of
Mines as the requirement for
the
month of
March, 1947.
[The estimate for the month
of April was
•not
available.]
Daily output for the four weeks
ended April
1947 averaged
5,
4,865,700 barrels. The Institute's
industry
&
14.76%
18,581,081
18.66%
16.30%
11.1575,
14.76%
•
'Wn-
y)!
ThufsdayvAprill 7,1947
CHRONICLE;
THEf COMliffiRCIAIr A FINANCIAL
(2126)
[14
er charges, £oJb. South American
out sub¬
[
taxing ports.^^[r. '
Forward quotations for Straits
the capacity of some smelters to
U.
handle .this- material.. Lfead ore qhalifcy tin; iu: Cents per - jpound;
Production Statistics
Weekly Goal and Goke
production of soft eoai
estimated by the United States
The total
:
as
i
i
Quotations
of 1946.
sponding period
also reported
The Bureau
-
Mine
States
for the
for the
ESTIMATED UNITED
(In Net
Tons))
April 8
April 9
Chinese, or 99%
the United States
of
Zinc
situation last week in
unchanged.
The price
was
of the
revealed
statistics
March
The
American Zinc Institute
during 1947 are
Army
Week,
emphasizes f the
Army's contention that prepared¬
ness is the best and cheapest in¬
against war. The number
69,000 tons,
substantial withdraw¬ of dead reported for the 100-year
was
526,081, Associated
als from government stocks, the period
Press Washington-advices stated,
Civilian Production Administra-:
and the cost in money, $362,981,!tion> informed the Tin-Plate In¬
dustry Advisory Committee.
No 660,048. In reporting details of
war costs during the Century, spe¬
change in existing controls on tin
cial
advices to the
New York
and tin-mill products ds under
"Times" from Washington said: '
consideration at present. Author¬
World War II, with 10,200,000
ity to control tin, which CPA ex¬
military personnel participating
ercised until March 31 under the
took a toll of 313,000 lives and
Second War Powers Act, has been
cost the country $340,000,000,extended by law to June 30, 1947.
000, or about 87.5% of the en¬
Under
an
agreement signed
surance
including
of the current year..
zinc
available in
likely to exceed
not
of
tin, 79.125c.
Supplies of pig tin
>
in January
with 1,015 tons
pares
Jan. Lto date
Week Ended
April 7
production in February was 1,055
tons, the highest level attained
since November 1945,.*; and com¬
COAL AND LIGNITE
OP BITUMINOUS
STATES PRODUCTION
April 5
production of recoverable
February in the United
was
29,546 tons, against
31,476 in January, the Bureau
Mines reports.
The daily rate
United States ior the week ended April 5, 1947,
a decrease of 88,400 tons when compared with the output
week ended March 29, 1947; but was 29,100 tons more than
corresponding week of 1946.
<
\
showed
in
lead
production of bee¬
that the estimated
April 4—
amounted to 5,137 tons.
coke in the
hive
continued oh the
New; York, and
'
lead for the week
15c.,
of
Sales
Figures were released by the
War Department on April 8 show¬
May ,
June
80.000
80.000 ing the cost to the United States
80.000
80.000 in lives and dollars in fourwars
80.000 t 80.000
80.000
80.000 against foreign powers in the past
80.000
80.000 100 years. The summary, issued in
80.000
80.000 connection with observance of
April
80.000
80.000
80.000
80.000
80.000
80.000
April 3
14.80c St; JLouiSr^
preceding week. .When
corresponding week of 1946
24.2%. The calendar year
compared with the corre¬
decrease
compared
of
basis
production and shipments of
zinc were about in balance, April 4, Siam will release 16,000
Total
3,800,000 12,150,000
938,000 166,222,000 162,468,000 with the result that stocks de¬ tons of tin accumulated during
the war years. A previous agree¬
Daily average
t760[000 2,025,000
188,000 2,075,000
creased only 412 tons during the
♦Subject to current adjustment.
tApril 1, "Eight-hour Day," is a holiday in
ment, signed Dec. 7, became inop¬
month, to 162,099 tons. Production
soft coal fields.
in
March
totaled
75,376
tons, erative pending settlement of war
claims. Parties to the agreement
ESTIMATED PRODUCTION OP PENNSYLVANIA ANTHRACITE AND COKE
against 65,198 tons in February.
(In Net Tons)
are
Great Britain, the United
The daily rate of production for
Calendar Year to Date
Fully one-half
W'
Week Ended
March was 2,431 tons, against 2,- States and Siam.
Apr. 5,
Apr. 6,
Apr. 10,
$Apr. 5,
§Mar. 29,
Apr. 6,
of the tonnage will be shipped to
1947
1946
1937
329 tons in the preceding month.
1947
1947
1946
Penn. Anthracite—
14,956,000
16,323,000 14,873,000 March and February figures are the United States and the re¬
804,000
1,190,000 1,061,000
♦Total incl. coll. fuel
14,380,000 15,695,000 14,129,000
mainder to Britain and Australia.
773,000
1,144,000 1,020,000
summarized as follows, in tons:
■{•Commercial produc.
fuel.
(The current
subject to revision on
State sources or of final annual
are
1,200,200
1,618,300
BITUMINOUS COAL AND
BY STATES, IN NET TONS
weekly estimates are based on railroad
v
and
tSubject
reported by 10 railroads.
WEEKLY PRODUCTION OP
ESTIMATED
1,014,700
coal shipped by truck from authorized
to revision. §Revised. flEstimated from
17,800
135,300
dredge coal and
washery and
weekly carloadings
ments and
slab
March
{Excludes colliery
operations.
—_—
Arkansas
Colorado
——«
—
——<
Georgia and
North Carolina-,
Illinois
——— —*————-
Indiana
—
-
-
Kansas and Missouri———«.—-
Kentucky—Eastern—
Kentucky—Western
Maryland—
—————
(bituminous and
Montana
New
.—
.——
Michigan
lignite)
Mexico
North and South
Ohio
Dakota (lignite)
—
—
Oklahoma
—
Pennsylvania
Tennessee
(bituminous)
—
(bituminous and
lignite)—
—
Texas
'
Utah
Virginia—Southern
Virginia—Northern
IWest
Wyoming
i—
—
SOther Western StatesTotal bituminous
640,000
40,000
122,000
and lignite
1,185,000
452,000
1,212,000
496,000
45,000
62,000
3,000
68,000
33,000
34,000
811,000
1,000
60,000
58,000
29,000
48,000
750,000
55,000
2,762,000
139,000
2,000
146,000
*
7,000
1,474,000
34,000
50,000
770,000
62,000
54,000
3,327,000
155,000
2,925,000
139,000
3,000
2,000
169,000
148,000
418,000
399,000
23,000
2,252,000
1,077,000
164,000
2,265,000
1,046,000
.
155,000
1,000
29,000
2,384,000
1,075,000
19,000
218,000
1,000
13,282,000
12,885,000
12,150,000
the N. & W.; C. & O,; Virginian; K.
on the B. & O. in Kanawha, Mason and Clay Counties.
tRest
Panhandle District and Grant, Mineral and Tucker Counties
"Si;* Oregon.
•Less than 1,000 tons.
tlncludes operations on
at
75,788
162,049
Production
totaled
198,787 tons
January-March period of
& M.; B. C. & G.; and
of State, including the
§Includes Arizona and
in
the
1946.
Tin
was
foreign copper
confused, and pricqs
most
a
wide range throughout
Most
sumers
sellers
are
less
World War II.
87.5%
Not
only are "wars progres¬
sively a greater liability to the
nation, but tend to highlight the
axiom that adequate peacetime
until effective inter¬
established
defense is,
national controls are
reliable deterrent te
war," the War Department com¬
mented in releasing the figures.
the
estimated at 2,387,-
PRICES
OF
("E.
METALS
&
M.
only
New
York
cepted throughout the world as
international currency.
Zinc
St. Louis
St. Louis
today that the
said
has to keen buying
foreign gold so that the metal
will continue to be freely ac¬
Otherwise the
States
holding the
United
15.000
14.800
10.500
15.000
14.800
10.500
4
80 000
22.675
80.000
14.800
10.500
21.225
15.000
5
80.000
10.500
22.750
14.800
21.225
15.000
7
14.800
10.500
than
585.300,000
21.225
80.000
15.000
April 8
23.425
80.000
more
than $20,485,000,000 at the
April 9
22.675
14.800
10.500
21.225
15.0C0
23.021
80.000
15.000
14.800
10.500
21.225
the
Average
.
report that con¬
excited about ob¬
bag
f.o.b. refinery, 21.225c;
Straits tin, 77.500c; New York
The
April 5 are: Domestic
f.o.b. refinery, 22.863c;
lead, 15.000c; St. Louis lead, 14.800c;
zinc, 10.500c, and silver
lead and zinc quotations are
tin quotations are for prompt
Copper,
In
the
delivered
75.800c.
domestic
trade,
at
copper
plants.
consumers'
As
2,
"E.
1947.
prices are quoted on a delivered
delivery charges vary with the
'Y
■■■■■-'l,..
■
& M. J. M.
& M. M.'s" export
.
For
for
basis: that is,
destination, the
wirebars • fend Ingot bars.
for slabs 0.175c up, and
for billets an extra 0.95c
Cathodes in standard sizes are
.
all
the
the United
commercial re¬
pays the
standard
It
-
'
':-
*
■
country likes.
2.
.
In
payment
for American
goods or settlement of an un¬
favorable
balance
with
the
United States resulting
•
from the
gold seller's spending more for
American goods than it gets for
.
.
gold is ac¬
Swapped outright for dol¬
lars, to be used as the foreign
sold at a
:■
r,
buys
1.
.
'
;
it is:-
to the f.o.b.
deducted for
Quotations for zinc are for ordinary JPrlme Western brands.
High-grade zinc delivered in the East and Middle West in nearly
mand a premium of 1c per pound over the current market for Prime
not less than lc over the "E. & M;-J." average for Prime Western for
.]V;
of $35 an
cepted by the Treasury whether [
reflects prices obtaining in
Quotations for copper are for the ordinary forms Of
standard ingots an extra 0.075c per pound is charged;
cakes 0.225c up, depending on weight and dimension;
••
Treasury
lations.
*
quotation for copper
quality.
worth,
$35 an ounce.
Atlantic seaboard. Delivered
the refinery basis, effective
open
depending on dimensions and
discount of 0.125c per pound.
value
States
Officials said the
market and is based on sales in the foreign market reduced
refinery equivalent, Atlantic seaboard.
On f.a.s. transactions, 0.075c is
lighterage, etc., to arrive at the Lo.b. refinery quotation.
the
ounces,
States maintains
based on
delivery only.
above are net prices at refineries on the
prices in New England average 0.275c per pound above
Jan.
stockpile of more
countries with which
major United
reduced
pound.
sales for both prompt and future
figures shown
a
gold
(except. former enemycountry gold) offered by gov¬
ernments or central banks of
quotations are "E. & M. J. M. & M. M.'s" appraisal of the
States markets, based on sales reported by producers and agencies.
They are
to the basis of cash, New York or St. Louis, as noted. - All prices are in cents per
The above
deliveries;
with
itself
ounce.
calendar week ended
export copper
Average prices for
copper
St. Louis
find
would
United
up,
&
Officials
Treasury
QUOTATIONS)
J."
Lead
—Electrolytic Copper— Straits Tin,
New York
Dom. Refy.
Exp. Refy.
ranging from 22.75c to 23.75c, f.a.s.
precentage of costs in
the national wealth
has risen from six-tenths of 1%
in
the
Mexican War, to the
The
80.000
Lead
?
dead,
relation to
(except
Contract prices for
all instances com¬
Western but
the week.
The same buyer ob¬ taining lead, but they are taking
the previous
all that is being offered to them.
tained
copper
from
different
month; the premium on Special.'Higk^Gradcrint prost rinstances < is 1 Vic. * *■
sources on one occasion at prices In-other words, demand is just as
Qutations for lead reflect pjrices obtained for common lead only.
active as it has been. Prevailing
covered
$992,159,840, and 6.and World War I,
$21,850,000,000,
and
1898-99,
472
23.300
over
in
to
23.300
Copper
situation
1846
1848, cost $139,500,208, with 12,946
dead;
the
Spanish war,
21.225
total tonnage produced for the
month showed a drop of 3%, the
the date on
Bureau of Mines
reports. Pro¬
which the duty on foreign copper
duction in February totaled 68,will be temporarily suspended re¬
412 tons, against 70,415 tons in
stricted operations last week in
both foreign and domestic metal. January.
The
War,
Mexican
21.225
higher levels, with business^passing over a wide range—from basis, on a single day. The E. &
M. J. average for the week: in for¬
22.75c to 23.875c, f.a.s. New York
slightly
equivalent. The domestic market eign copper advanced
for copper was unchanged.
The more than 40 points.
Business transacted in domes¬
government has fixed the price of
tic copper suffered in comparison
tin for April at 80c a pound. Sil¬
with recent weeks, with the quo¬
ver was moderately higher. Quick¬
silver
was
unsettled.
Tungsten tation unchanged at 211/fcc; Con¬
necticut Valley.
ore
was
in demand and quite
There was a slight increase in
firm."
The
publication further
the daily rate of mine output of
went on to say in part as follows:
,
February was
deal with Bolivian pro¬
a
,
at
Uncertainty
$700,000,000,000.
estimated
an
The
3
April
April
April
April
sold
in February, although
to
Patino) on the 289 ozs., against 2,540,921 ozs. in
basis of 76c per pound of tin con¬ January, the Bureau of Mines re¬
tained in concentrates, less smelt¬ ports.
together with
further
copper
such
veterans'
■
closed
Up
"E. & M. J. Metal and
Kingdom to a higher level than seemed warranted,
the delay by Congress in acting on the tariff, resulted in
uncertainty last week over the price situation. Foreign copper
war,
benefits, etc., will
raise the bill for World War It
as
on April 2, after the E. &
quotations were established
ing week was largely responsible
for that day, the Reconstruction
for the unsettled market, most ob¬
Finance
Corporation announced
servers feel.
There was no word Russian Gold Sold to U. S.
that it would sell "Grade A" tin
from Washington in reference to
It was reported on April 4 that
to domestic consumers for April
the
metal
brought
here
from
Russia is again selling large quan¬
on
the basis of 80c per pound.
Japan by the government.
tities of gold to the United States,
The new price was in line with
last year rising to
third place
trade estimates that a rise of at
Silver
among, nations whose shipments
least 10c per pound would take
In the absence of pressure from
have
increased the government
place. This rise marked the sec¬ abroad the silver market was
stock of gold here to approximately
ond
sharp advance in the do¬
fairly steady last week, advanc¬ three-fifths of the world total.
mestic quotation for tin since ceil¬
ing one-quarter cent on April 4 Russian sales, which lapsed during
ing prices were removed early in to 76c an ounce. This price pre¬
the waif, recommenced Jast April,
November last year. The ceiling
vailed up to the close of the pe¬ Associated Press Washington ad¬
price for the war period was 52c riod under review, with demand
vices stated, and continued:
per pound.
The prevailing price described as sufficient to absorb
The $33,729,000 Russia got for
of tin is the highest named for
offerings.
The London market
its gold in 1946 was in addition
the metal since 1918, and reflects
was
closed on Friday and Mon¬
to more than $48,000,000 it net¬
the adnormal conditions that still
day, owing to the Easter Holidays.
ted on cash trade transactions
obtain in the world's leading tinU. S. mine output of silver in
with the United States last year.
producing areas. Recently, RFC
Late
M. J.
Committee Votes
Suspend Copper Levy—Foreign Markets
the
with
connected
by
directly
193,663 dead.
the
of
policy
and Italian producers,
buying last week remained in¬
active and the undertone of the
market in most quarters rather
easy. Spot metal continued at $86
and upward, depending on quan¬
tity and seller.
Forward metal
was
unsettled, with the price a
matter of negotiation between the
buyer and the seller. The sale of
a
round lot by the Cartel that
came to the surface in the preced"-
zinc in the
of slab
sales
future
uncertain over
Spanish
first three months of 1947
Mineral Markets," in its issue of April 10,
stated: "The recent move by the British Ministry of Supply that
raised the delivered price of copper for consumers in the United
•
57,031
.
DAILY
To
76,074
162,461
56,609
end
orders
Unfilled
ducers
Non-Ferrous Metals—Senate
10,718
the
212,906 tons, against
34,000
172,000
1,000
1,541,000
593,000
40,000
150,000
27,000
148,000
1,000
123,000
1,152,000
450,000
41,000
2,000
30,
434,000
7,000
6,805
Totals
1946
396,000
373,000
Virginia — „——;
Washington — —
tWest
1947
409,000
7,000
27,000
135,000
1,000
1,362,000
553,000
40,000
65,356
Export and drawback
LIGNITE,
Mar.
1947
State—
Alabama
68,983
costs
accruing
1972,
And,
wealth.
national
tire
1917-21,
Quicksilver
With consumers
Domestic
carloadings and river ship¬
from district
22,
65,198
Shipments:
Stock
Mar.
Feb.
75,376
Production
receipt of monthly tonnage reports
returns from the Week Endedoperators.)
Mar. 29,
Alaska
that
2,003,000
the
46,900
total
States
•Includes
Apr. 6,
1947
1947
B6Gliiy6 Coke
UUnited
*Apr. 5,
Apr. 6,
Mar. 29,
Apr. 5,
coal & lignite—
including mine fuel
Bituminous
',1A
S. in 100 Years Cited
nominally as follows:
were
freely from foreign sources.
more
of 386,000 tons (32.4%) from the
with the production in-the
there was a decrease or 257,000 tons, br
to date shows a decrease of 8.4% when
a
being offered
and concentrates are
8,350,000 tons from the preceding week. Out¬
put'in the corresponding week of 1946 was 938,000 tons. Production
of bituminous coal and lignite during the current calendar year^w
April 5, 1947, approximated 166,222,000 net tons, an increase of 2.3%
over the
162,468,000 tons produced in the corresponding period of
last year.
'.'.'/"-.v v ... v:
Output of Pennsylvania anthracite during the week ended
April 5, 1947, as estimated by the Bureau of Mines, was 804,000 tons,
decrease of
net tons, a
-
in the week ended April 5, 1947,
Bureau of Mines, was 3,800,000
jM
Rising Cost of War to I
quotations are bringing
stantial tonnages of scrap,
goods sold to the United States.
3.. Put up in. settlement of an
unfavorable trade balanee-with
.
;
a
third country,
i,
;
Volume
165
Number
"
4586
THE
,..i'
During Week
6.6% below the
week
1946,
difficulties, but
same week
Loading of
in
of
which
weeks
decrease of 50,513
in 1945.
Atl.
&
Tennessee
W.
Atlantic
P.—W.
Coast
Northern
RR.
of
Ala.
Durham
or
&
.
-
...
Nashville, Chattanooga
Norfolk
increase of 31,212
•
,
a
I,.
-
,
Richmond, Fred.
&
&
System
Tennessee
corresponding week in 1946.
loading of livestock for the week
decrease of 1,278
2,578
below the
cars
below the
cars
to
Ft.
above the preceding week and
an
increase of 8,126
Green
Lake
Coke
to
11,478 cars,
preceding week, but
corresponding week in 1946.
an
decrease of 2,884
a
increase of 2,587
•
.
All
Four
Five
Weeks
of
January
February
of
Weeks
Week
of
March
April
;
3,168,397
3,179,193
.
4,170,420
715,159
5
'
.
RECEIVED
North
4,022,088
1947
Arbor
Bangor
10,843,902
&
Erie-
&
Toledo
—
Grand
——^—:
Trunk
289
&
3,608
16,201
9,177
218
206
2,502
3,003
2,237
1,717
1,479
8,230
1,291
7,941
8,119
2,680
4,790
Hartford
Ontario'& Western
4,226
240
43
<-1,546
21
46,218
JT
952
15,565
430
6,179
"7,490
6,900
5,648
3,292
^<5,040
566
8,408
146
687
43
141
170
2
117
248
*775
2,660
1,966
370
6,466
412
"
>
396
12,312
2,131
372
6,402
1,349
5,589
1,189
5,945
3,902
——
12,157
.2,624
10,649
*+"5,446
4,731
3,485
154,235
138,511
+51,015
207,542
181,474
769
28,547
.v-^836
: 40,324
1,931
901
2,047
308
1,681
3
988
6
6,341
6,443
6 , 696
18,626
15,221
401
69
68
139
13
7
Jersey
,473
.—
Cumberland
.—
—.—
Reading
--—
Union
Co
(Pittsburgh).
Western
Total
Maryland—
Chesapeake
&
497
768
620
8,984
10,267
8,148
350
175
106
9,880
415
411
204
1,634
14,242
.5,796
The
1,610
1,830
2,684
4,544
9,693
3,956
3,608
5,413
4,474
8,646
2,235
84
240
641
2,413
.3,136
98,224
68,408
24,834
10,469
9,972
2,442
3,918
3,590
3
3,092
382
94
17,458
15,588
18,360
515
12,740
182
2,580
854
12,355
1,951
11,398
2,303
14,695
2,264
12,146
561
3,364
556
4,204
599
1,991
1,333
2,899
4,423
220
■
;
13,159
(2)
City
1,975
3
■337
43
90
973
1,963
1,370
2,480
1,542
1,769
990
1,570
984
582
542
1,338
1,318
134
839
93
522
673
562
523
20
2
0
0
10,111
29,216
28,288
28,582
be
dated
July 17,
April 11
r«*ra9,615
258
f Total
194
0
16,178
12,385
(includes
10,396
380
5
3,296
2,461
105,816
121,258
82,843
71,729
.
423
f-
5,773
2,371
of
2,454
4,131
3,263
3,284
2,411
per annum,
1,246
3,161
2,454
2,543
325
338
314
440
1,375
197
119
§
High, 99.907; equivalent rate of
approximately
0.368%
346
5,328
13,538
7,041
4,798
4,365
15,477
14,541
16,812
139
150
416
25-
18
1,338
263
8,515
7,542
6,949
2,643
2,669
9,660
9,376
3,108
10,803
5,577
6,380
5,080
4,443
4,478
6,022
7,906
70
6,974
91
95
52
58
22
31
35
15
discount
166
8,007
17
per
-
61,710
-
59,382
68,673
67,286
approximately
Weekly Statistics of Paperboard Industry
We give herewith latest
figures received by us from the National
Paperboard Association,
Chicago, 111., in relation to activity in the
paperboard industry.
industry, and its
of
There
was a
Association
program includes
diember of the orders and
a
are
represent
83% of the total
statement eich week from each
production, and also
cates the activity of the mill
based
advanced to equal 100%,
on
so
industry. -"
a
figure which indi¬
the time
operated.
These
that they represent the total
24,128
6
10
1,875
4,489
5,388
Feb.
1,998
67,506
2,044
60,691
2,202
Feb.
75,167
13,846
51,007
18,347
14,348
14,950
14,795
24,402
47,103
21,574
18,837
2,891
2,497
4,068
10,830
9,366
167,477
142,707
8,034
Norfolk & Western
8,919
■:
21,328
15,361
11,310
6,835
Virginian
6,461
637
5,672
3,150
2,088
1,271
15,506
39,839
19,859
16,514
838
21,903
V !
9,571
lumber shipments of 399 mills
production
for
orders
new
8
83
173,043
580,026
102
94
178,556
577,269
103
'
of
+
amounted
orders
are
—
599,009
178,458
589,544
102
147,458
177,282
565,571
103
181,709
574,856
102
101
102
101
17.8%
101
above.
179,025
614,471
179,819
595,648
176,918
574,090
155,794
99
,
100
+i04+t
+
,
103
.
101
160,450
180,729
549,774
102
100
228,306
181,064
597,373
102
102
not
For
the
current
are
rate,
equivalent
year-to-date, shipments
100
237,292
at
reporting identical mills
181,017
:
of stocks.
stocks
10.8%- above
were
:++Q2+/I T.TT09T:+
NOTES—Unfilled orders for the prior
week, plus orders received, less
production
necessarily equal the unfilled orders at the
close.
Compensation for delinquent
reports, orders made for or filled from
stock, end other items made
ments of unfilled orders.
necessary adjust¬
do
For the
of
557,140
•
were
to 35 days' production.
579,562
104
week
mills
equivalent to 28 days'
gross
173,720
98
ended
same
to 75%
97
101
week
these
reporting softwood mills, unfilled
179,347
163,207
—
Mar. 15_
5
85
the
In the
above production.
Unfilled
order files of the
reporting mills
102,670
-
1
Mar. 29
588,406
re¬
4.3%
160,624
-1.—
$1,315,701,000.
porting to the National Lumber
Trade Barometer were 4.3% above
202,189
—
sim¬
in
17
According to the National Lum¬
Manufacturers
Association,
155,432
Feb. 22
Apr.
142,338
•
a
April
ber
204,033
—
Feb. 19-—
Mar.
Tons
173,831
—-
8_
Mar. 22
12,146
Total
1
Mar.
127.493
Percent of Activity
Current Cumulative
Tons
171,420
Jan. 25
-vsr«64
132,889
Remaining
Tons
—
Jan. 18-
0
2,352
Production
on
Weekly Lumber Shipments
4.3% in Excess of Output
and
"
196,927
Jan. 11
1,682
3,310
MILL ACTIVJTY
Unfilled Orders
Received
1947—Week Ended
1,538
District—•
Ohio
Period
1,295
.
Orders
maturity of
ilar issue of bills
April 5, 1947.
this
0.376%
58,493
NOTE—Previous year's figures revised.
members
.
(64% of the amount bid for at
the low price was
accepted.)
4,842
tIncludes Kansas, Oklahoma
& Gulf Ry., Midland
Valley Ry. and Oklahoma CityAda-Atoka Ry.
§Strike.
The
-
annum.
the amount of
Total
1,066
J
Low, 99.905, equivalent rate of
14,012
89
8,576
Southern
approxi¬
per annum.
1,154
§
:
discount
bids:
1,810
5,378
Lines
>
discount
2,681
1,086
2,347
April 14;
$1,693,278,000.
Range of accepted competitive
677
4,614
2,189
6,561
2,424
1,223
4,873
Weatherford M. W. & N. W
figures
rate
3,142
2,909
C.-A.-A
on
Average price, 99.095+; equiva¬
367
2,415
Northern
Orleans—
&
-223
5,748
offered
were
accepted $1,108,078,000
$20,798,000 entered on
mately 0.376%
Island—
to
a
fixed price basis at 99.905 and
accepted in full).
0
1,820
the
there¬
opened at the Fed¬
Total applied for
0
119,303
-
Southern
Falls
which
were
eral Reserve banks on
13,023
3
that
or
April 17 and to mature
135
1,924
Treasury
14
Treasury bills
16,473
—
the
April
on
tenders for
$1,100,000,000
about of 91-day
2,992
125
924
Treasury
Offering
Secretary of
announced
1,494
1,107
1,636
—
The
830
1,185
Pacific—.
Wichita
all other
on
Bill
10,336
■
10
V.-O.
Government,
57,660
22,286
borrowed,
basis, as of
$86,301,025;
collateral, $204,554,777; total, $290,855,802.
2,396
78,062
same
or
States
497
2,254
money
the
February 28,
direct obligations
obligations guaranteed as to
principal or interest by the United
of
68
4,820
of
on
the close of business
1947 was (1) on
890
•V
100
total
compiled
4,736
1,006
,
business March 31,
aggregated, $301,958,883.
Results of
Lines
New
1.892
152,982
—
Pocahontas
75
—.
Penn-Reading Seashore LinesPennsylvania System
-
.
& Pennsylvania—
Valley
Long Island———
Ligonier
487
454
25,125
Pacific
21,756
J,378
t
2
Indiana
New
675
37,278
& Ohio
Bessemer & Lake Erie—,
of
1947
315
STATISTICAL REPORT—ORDERS, PRODUCTION,
Akron, Canton & Youngstown.
Cornwall
3,442
303
production
Baltimore
Central RR.
4,474
10,921
1,523
G.-M.
&
Allegheny .District—
Cambria &
3,162
1,000
District—
&
32
27
—
of the close of
3,543
3,052
9,766
161
Louis-Southwestern
6,581
443
-
13,307
3,679
10,907
8,061
$101,427,521;
collateral, $200,-
reported by New York
Stock Exchange Member
Firms as
15,103
2,308
2,741
(Pacific)—
Acme & PacificLouis-San Francisco
15,351
3,030
2,419
14,298
1,469
408
——
10,251
940
5,923
5,699
—
&
other
19,168
293
6,863
Pittsburg- & Shawmut—a
Pittsburg, Shawmut & Northern—
Pittsburgh & West Virginia
Wheeling & Lake Erie-
10,494
980
^
Coast
39,510
7,493
all
17,827
27
47,422
Government,
on
15,396
4,698
212
41,854
States
531,362;
199
Texas
8,009
2,387
excluding borrowings from other
members of national
securities ex¬
changes, 41.) on direct obligations
of or obligations
guaranteed as to
principal or interest by the United
2,542
18,666
Union
Pacific
Texas
245
1,220
2,365
12,839
7,482
3,987
102,954
5,161
10,304
-
O.
St.
9,199
273
1,562
599
Pere T Marquette-
Total
9,255
214
1,659
2,417
Y., Susquehanna & WesternPittsburgh & Lake Erie
Wabash
7,352
295
2,172
12,175
109,213
221
Quanah
St.
2,015
10,820
3,721
118,286
482
Pacific
Missouri
47
2,244
12,818
47,379
10,092
N.
■
34
1,055
4,593
3,081
JNew-York, Chicago <fe St. Louis
Rutland
28
1,072
4,494
1,621
Monongahela i
___!
York
1,846
12,080
113,478
501
Missouri & Arkansas
14,273
2,511
429
839
1,737
—
Missouri-Kansas-Texas
1,726
7,386
Montour
Flew
14,383
1,009
39
>•
591
886
28
the
The
lent
431
6,990
992
181
Central—
Y., N. H.
484
4,911
._
"Hew York Central Lines——
,N.
1,622
12,835
—
Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine
273
2,982
452
Line
849
130
476
Arkansas
398
8,071
648
129
9,988
8,597
Madison
371
Shore
22,056
com¬
figures for Feb.
total of
money borrowed
from banks, trust
companies and
other lenders in the
United States,
1,414
Pacific.-—-—.--.
Pekin
&
2,804
Detroit, Toledo & Ironton
23,740
2,308
&
3,042
7,632
7,323
Detroit & Mackinac
8,418
23,056
505
■
Total
Kansas
997
& Western-
8,851
9,498
11,727
.
Louisiana
5,117
Vermont
1,737
453
11,304
327
Litchfield
18
Delaware, Lackawanna
433
448
States
$290,855,802. Advices from
Exchange follow:
3,296
Denver City
Received from
1945
458
13,233
24,667
3,074
—Connections—
1947
1946
1,246
Delaware & Hudson
Detroit
&
Western
tK.
7,571
Maine
Indiana
Central
1946
1,584
1,424
-
Gulf
4,256
Aroostook
Chicago, Indianapolis & LouisvilleCentral
&
International-Great
325
&
Boston
1,508
trust
United
$301,958,883,
pared with the
2,315
& South
Toledo, Peoria & Western
Union Pacific System—.
765,672
Total Loads
Total Revenues
1,010
the
16,558
Lake
Western
Peoria
Southern
CONNECTIONS
Freight Loaded
3,902
in
to
of
District—
Northern.
Utah
FROM
422
4,198
companies
amounted
20,143
Terminal
3,003,655
WEEK ENDED APRIL
5
Railroads
Eastern District—
Ann
Salt
Southwestern
AND
/'l' 424
the
(2)
& Santa Fc System
Burlington-Rock
(NUMBER OF
CARS)
*
Western
&
3,052,487
April 6, 1946.
LOADED
1,264
464
3,372
139
Pacific
Fort Worth
The following table is a
summary of the freight
carloadings for
the separate railroads
and systems for the
week ended
April 5, 1947.
During this period 87 roads
reported gains over the week ended
REVENUE FREIGHT
\%
85,834
Illinois
"
10,376,623
373
1,378
Total
Denver
Total
11,233,174
ft*;
3,238
Ill-
Western
1945
>
9,928
1,047
4,089
728
Missouri-Illinois
1946
2,883,863
2,866,876
"3,982,240
643,644
•5
10,605
229
934
?.
25,684
International
Spokane, Portland & Seattle
Nevada
1947
of
19,126
282
2,247
505
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande
1945 except the Eastern
and Southern.
Weeks
11,054
2,181
13,100
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
cars
districts reported increases
week in
4,172
14,580
426
Spokane
Atch. Top.
compared with the correspond¬
ing week in 1946 but all reported
decreases compared with the same
Four
786
4,542
26,569
Ishpeming
Alton
above the
cars
371
362
Bingham & Garfield
loading amounted
1,205
501
_
Bay & Western
Superior &
Northern
cars
corresponding week in 1946.
below the
1,378
of
and
114
>.
close
April 3, 1947, that
of
business oh
March 31, 1947, the total of
money
borrowed from banks
544
124
Exchange
on
as
T 1,725
1,069
Minneapolis & St. Louis
Minn., St. Paul & S. S. M
Central
above the
cars
644
1,635
;AT
4,514 :
19,741
14,152
The New York
Stock
announced
298
94
3,550
:'
'
3,251
IIIII~I~I
Dodge, Des Moines
Great Northern
decrease of
increase of 4,513
an
94
4,658
—_
decrease of 3,267 cars below
In the Western
Districts alone
of April 5 totaled
9,792 cars, a
17,735 cars,
113
19,194
II""
L_—
Central
;
4,171
22,525
Chicago & North Western
Chicago Great Western
Chicago, Milw., St. P. & Pac
I
Chicago, St. Paul, Minn. &
OmahaDuluth, Missabe & Iron
Range:
Duluth, South Shore &
AtlanticElgin, Joliet & Eastern
Forest products loading totaled
47,394 cars, a decrease of
3,109
below the preceding week but
an increase of
4,744 cars above
"the
corresponding week in 1946.
loading amounted
10,631
4,733
373
cars
Ore
267
2,053
.4,559
Northwestern District
a
a
274
396
119,186
12,739 cars, a decrease of
1,382
preceding week, and
corresponding week in 1946.
2,386
2,146
9,804
3,772
Total
-
Grain and grain products
loading totaled 49,189 cars, a decrease
cars below the
preceding week but an increase of
11,615
the
corresponding week in 1946. In the Western Dis¬
tricts alone, grain and
grain products loading for the week
of April
5 totaled
33,451 cars, a decrease of 1,988 cars
below the
preceding
week but an increase of
8,597 cars above the
corresponding week
in 1946.
:
the
1,492
3,051
969
14,340
'
1,259
illl
I_
III"
II"
St.
Winston-Salem Southbound
cars above
below the
preceding week and
1,678
1,486
235
Potomac
Seaboard Air Line
of 2,067
Livestock loading amounted to
477
834
97,
-
cars
501
387
—III
Northern
Southern
above the
cars
-
891
4,695
on
N. Y. S. E. in March
238
16,301
117
Southern
1946
.
465
"—11!
~I
.
Illinois
the preceding
week, but a
corresponding week in 1946.
64,830 cars, a decrease of 110,160 cars
,
243
1,204
^
Central System
Louisville & Nashville
above
an
365
2,712
.
Gulf Mobile &
Ohio
below the
corresponding week in 1946.
.
1947
485
v
977
4,384
Midland
Georgia
Georgia 6 Florida-—
Piedmont
loading amounted to
below the
preceding week, but
1945
14,929
Southern
East Coast-—.——:
Loading of merchandise less than carload
freight totaled 126,841
cars, an increase of
cars
**«*_
-
Borrowings
—Connections—
1946
406
■
III
Florida
Gainesville
*
1,707
J
_
Line
Macon, Dublin & Savannah
Mississippi Central
cars
1947
.
stoppage.-TT/T+:T;++ •'TT;p:.
Coal
&
■.
f;''
Received from
•
-Freight Loaded&
Miscellaneous freight loading totaled
384,953 cars, a decrease
of 871 cars below the
preceding week, but an increase'of
17,685 cars
above the
corresponding week in 1946.'
decrease of 1,187
*" 3
Total Loads
Total Revenues
Central
freight for the week of April 5, decreased
114,253 cars or -13.8% below the
preceding week due largely to the
coal miners work
-
'
of
Georgia
—II
Charleston & Western
Carolina—
Clinchfield
Columbus & Greenville
revenue
'
vs v f ■+-:
.
Alabama,
in¬
cars
'■
Southern District—
114,253 Cars
both
a
>'
FINANCIAL CHRONICLE
t: '"■* Railroads
v
v
Loading of revenue freight for the week
ended April 5, 1947
totaled 715,159 cars, the Association
of American Railroads an¬
nounced on April 10.
This was an increase of
71,515 cars or 11.1 %
above the
corresponding
&
15
Revenue Freight Gar
loadings
Ended April 5, 1947 Decreased
cluded coal mine labor
-*IV.,
Jr
COMMERCIAL
18.4%
production;
above production.
Compared to the average
sponding
duction
15.0%
week
of
were
orders
of
reporting
above;
corre¬
1935-39,
shipments
above; orders
were
Compared to
pro¬
mills
the
was
were
15.0%
corre-
sponding week in 1943, production
of
reporting
above;
above; and
above.
mills
shipments
•
was
11.7%
were
16.5%
new orders were
13.4%
I,16
THE
COMMERCIAL & FINANCIAL
(2128)
John L. Meighen,
Items About
Trust
Banks,
Companies
formerly Bank
elected Comptroller
of the Colonial Trust Company of
Pittsburgh, Charles A. McClintock,
President, announced on April 12,
it was made known in the Pitts¬
Auditor,
was
burgh "Post Gazette"
which also said: v
of April 12,
Meighen h^s been asso¬
ciated with the Ccrtqnial Trust
Mr.
Thursday, April 17, 1947
CHRONICLE
tional Bank of
Medina, Ohio, has
from $400,000
increased its capital
to
is
of
March 24, it
learned from the Comptroller
Currency's weekly bulletin.
$500,000, effective
Resume Rubber
On
Effective
April 3 the
National
Commodity Exch.
Crude
rubber
futures
trading,
since February 6,
1942, because of the war emer¬
gency, will be resumed on the
Commodity Exchange, v ihc.i ?kbri
Thursday, May 1, the Exchange's
in
Security Bank of Chicago has in¬
creased its capital from $500,000
Trad'g
suspension
to $600,000 by the sale of $100,000 Board of Governors announced on
Company since 1939.
of the Marine Trust Company of
of new stock, it was stated in the
April 1. In making this announce¬
He succeeds George R. Haas,
Shanahan, President Buffalo, President Charles H. DieMarch 31 Bulletin of the Office ment the
Exchange said:
who recently retired as Comp¬
of the Federation Bank and Trust
fendorf announced on April 7. In
of the Comptroller of the Cur¬
Rubber was restored to private
troller.
Company of New York reported the Buffalo "Evening News" of
rency.
industry
through
adoption
by
as of March 31, 1947 deposits
of April 7 it was noted that Mr.
Congress last week of the Craw¬
The Berks County Trust Com¬
$32,782,889, and total resources of Bates has been a Vice-President
ford bill, which continued con¬
Through a stock dividend of
$37,295,211 against $35,274,886 and of Marine Midland Group since pany bf Reading; Pa., has sold
$39,756,147 respectively as of Dec. 1930 and has been connected with 53,200 shares of stock, Sidney D. $100,000, the Merchants National sumption and inventory controls
Bank & Trust Company of Fargo,
of the commodity another year
31, 1946. Cash on hand and due Marine Trust Company and affil
Kline, President, announced on
North Dakota increased its capital but specifically ended exclusive
from banks amounted to $7,946,iated organizations since 1922. The April 3. Advices from Reading to
on
March 27 from $150,000 to government buying and importing
727 against $9,250,949. Holdings of
same advices
said that as Vice- the Philadelphia "Evening Bulle¬
of
crude
rubber
last
Monday,
United States Government secu¬
President of the group he has had tin" indicating this went on to $250,000, the Office of the Comp¬
troller of the Currency reported.
rities totaled
$7,763,347 against
(March 31).
•
supervision of loans and credits say:
$9,890,655. Loans and discounts for the Marine Midland banks. He
As a result of the sale, capital
The trading unit, an exchange
were $12,347,250 against $11,668,The election of Lewis W. Cole official said, would be ten long
of
the
bank
was
increased
is a director of the Robert Morris
949. Capital of 1,500,000 and sur¬
$266,000 to $2,500,000 from $2,- as a director of United States tons, as it was before the war,
Associates.
plus of $1,500,000 remained un¬
234,000, while the surplus was Trust Company of Louisville, Ky., with delivery at New York City
changed, and undivided profits
four
tenderable
boosted by $372,400 to $2,606,400 was announced on April 7 by A. of
grades,
of
Announcement is made by the
had been increased from $561,407
from $2,234,000.
Directors also B. Comstock, President of the in¬ which No. 1 ribbed smoked sheets
National Rockland Bank of Boston
to $574,343.
transferred $18,600 from undi¬ stitution, according to the Louis¬ will
be
basic, No. IX ribbed
that William T. King recently be¬
"Courier Journal" which smoked sheets at five points pre¬
vided profits to surplus to bring ville
came associated with the bond de¬
The opening on April 14 of the
the total surplus to $2,625,000. also said:
mium, No. 2 at 50 points discount
partment of the bank. We quote
new office of the Batik of the
Active in business and civic and No. 3 at 100 points discount.
from the Boston "Herald" of April
Manhattan Company at 185 Mon¬
life of the community for many
First delivery month, at the re¬
Vernon G. Peirson, Pacific Coast
9, which also reported:
tague Street, was attended by
years, Mr. Cole in 1918 organ¬ opening, the Governors decided,
Before the war he was asso¬ Manager since 1929 for the Fidel¬
many civic leaders and prominent
ized the Piggly Wiggly Valley will be September 1947 followed
ciated with the First Boston ity and Deposit Company of Mary¬
citizens of Brooklyn. This office
Company and was its President by each succeeding month up to
Corp. as Assistant Manager of land and its affiliate, the Amer¬
replaces the one which had been
until
it was
sold to Kroger and including July, 1948.
the municipal department of the ican Bonding Company of Balti¬
located at 26 Court Street, Brook¬
Grocery & Baking in 1928. Until
Crude rubber futures trading
Boston office. Later, he joined more, has been elected a Vicelyn, since 1928. These new, mod¬
1934, Mr. Cole was President of went into Commodity Exchange,
F. S. Moseley & Co. as Manager President of both companies. He
ern iahd fully equipped banking
Bernheim Distillery. In 1931, he
of their Boston municipal de¬ will continue as before to be con¬
Inc., consolidated market in 1933.
quarters, located in the heart of
organized the Steiden Stores, of
Previously, it was conducted on
partment. He is a former Pres- nected with, ,the companies' Pa¬
the proposed Brooklyn Civic Cen¬
which he was Chairman of the
the separate Rubber Exchange of
v, ident
of the Municipal Bond cific Executive Office in San Fran¬
ter, are regarded as an expression
Board until its sale in 1945 to
New York, Inc., founded in 1926.
Club of Boston. During the war cisco. A native Marylander, Mr.
of the faith of the Bank of the
Winn and Lovett.
Mr. Cole is
Peirson has been a member of
he served three years in the
Rubber was declared a strategic
Manhattan Company in the future
President of Point of Sale, Inc.,
the F&D's field organization since
and critical material necessary to
Naval Air Force.
of the ever progressive Borough
a merchandising organization.
1920. Prior to going to the west
the national safety in the summer
of Brooklyn.
.
coast in 1926, he had served for
Chester W. Ewing retired on
of 1941 and the government took
five
years
as
Manager of the
Directors of Bank of America over control of the commodity
At a regular meeting of the April 1 as Assistant Treasurer of
The New Haven Savings Bank of F&D's branch in Syracuse, N. Y. at San Francisco, at their regular Aug. 13 of that year. Free trading
Board of Directors of The National
New Haven, Conn., after 34 years'
monthly meeting, were informed was suspended as of that date
City Bank of New York held on
association with the bank. Accord¬
"for the duration" and all open
The election of William L. Paul by L. M. Giannini, President, that
April 15, Harold L. Hammond
interest in futures was liquidated
and D wight Smith were appointed ing to the New Haven "Register," as an Assistant Vice-President of while deposits in the first quarter
Mr. Ewing joined the bank staff
of this year declined seasonally, later under government price su¬
.Assistant Cashiers.
the Ohio- Citizens Trust Co. of
in 1913, and served successively
total deposits of the bank other pervision and the market placed
Toledo, Ohio, was announced on
? On April 7 the Brooklyn Sav¬ as teller, head bookkeeper and April 1 by Willard I. Webb, Jr., than War Loan deposits as of in complete inactivity early in
ings Bank of Brooklyn, N. Y., Assistant Secretary before being President of the institution, it is March 31, 1947, showed a gain of 1942.
first savings bank to be organized elected Assistant Treasurer.
Since 1910, the price of spot
learned from the Toledo "Blade," $279,649,000 over a year ago. Loans
in Brooklyn and Long Island, cele¬
whose
Business
Editor, Frank on March 31, 1947, totaled $1,928,- crude natural rubber at New York
brates the 120th anniversary of
263,000, showing a gain of $847,- has fluctuated between a high "of
Payment of dividends on its Skeldon, said:
its founding, it was announced by
246,000 over a year ago. Total $3 per pound in that year to a
common stock, 25 cents a share for
Following his graduation from
resources at March 31, 1947, are
Gilbert C. Barrett, President. The the first
low of 2%c per pound in 1932.
quarter of 1947, was re¬ lt. college in 1930, Mr. Paul be¬
Brooklyn "Eagle" of April 7, from sumed on April 1 by the National
came
associated with the Na¬ reported as $5,538,321,000 as com¬ When the free market was sus¬
which the foregoing is taken, also
State Bank of Elizabeth, N. J., it
tional City Bank of New York pared with $5,538,894,000 on March pended in 1941, the Governmenthad the following to say, in part:
31, 1946. War Loan deposits de¬ fixed price at New York stood at
was stated in the Newark "Eve¬
and, in 1934, with the Federal
creased $335,347,000 in the? same 22%c per pound. This same price
Incorporated by the State ning News" of April 2, which
Reserve
Bank of New York.
v
period. Capital funds, after amor¬ was resumed when Japanese in¬
Legislature on April 7, 1827, the added that:
Later he was employed by the
tization and depreciation, increased vaders were driven out of the
bank conducted its affairs sev¬
It was the first dividend paid
Reynolds Metals Co. in the fi¬
eral evenings a week at the very
$11,842,000 in the first quarter of Middle East producing lands but
on that stock in 15 years, offi¬
nancial department.
this year as contrasted with a gain recently was raised by the gov¬
beginning because, according to
Mr. Paul entered the U. S.
cials said.
of $8,257,000 for the first quarter ernment to 25 %c per pound. Thje
Mr. Barrett, there wasn't enough
John Kean, President, said it
Navy in December, 1942, and
of last year on a comparable basis. competitive
business
to
justify full-time
material,
synthetic
was
served until November, 1945,"
equivalent to an annual
operation.
rubber,
made .in
governmentholding the rank of Lieutenant
dividend of 4% on the $25 par
r- Today it serves 66,000 depositors
owned American plants, currently
stock.
Shareholders were ad¬
at the time of his release.
and its assets total $123,000,000.
is selling for 18^c per pound.
vised that, for the immediate
Its first branch, at Bay Ridge
future, dividends at that rate
Rubber is to become the second
The Corn City State Bank of
; Parkway and 13th Ave., is ex¬
are contemplated, payable here¬
"open market" commodity traded
Deshler, Henry County, Ohio, has
pected to be in operation by the
after at the rate of 50 cents a
on
Commodity Exchange, Inc.,
become a member of the Federal
The dates for the 1947 Institute
vend of the year,
share April 1 and October 1.,
since the war. Raw hides futures
Reserve System, it was announced of
Industrial Banking and the
V - The bank's first quarters were
resumed trading on the exchange
on
in
the
April 14 by President Ray convention of the American In¬
Apprentices'
Library
The new banking building of M. Gidney of the Federal Reserve dustrial Bankers Association have Nov. 19, 1946. Other commodity
Building, Henry and Cranberry
the Real Estate Trust Company of Bank of Cleveland. The announce¬ been announced as June 9, 10, 11, futures traded on the exchange
: Streets.
before the war were raw, silk,
and 12, the meeting to be held at
The bank built is own build- Philadelphia, a three-story struc¬ ment states that: >
copper, lead, tin and zinc.
"The Corn
City State Bank, Denver, Colo.
;
Ing at Fulton and Concord ture in which an attempt is being
Streets in 1848 and remained made to re-create a bit of old founded in, 1911,
is capitalized
The tentative program for the
there for 46 years. In April of Philadelphia, is expected to be with $30,000 common stock and Institute and convention calls for
Money in Circulation
;
1894 it moved to its present loca¬ completed in November, it has $50,000 capital debentures, has a a meeting of the board and
The
Treasury Department ira
tion at Pierrepont and Clinton been announced. While it follows surplus of $20,000 and deposits
registration on Monday morning,
the colonial style of the Inde¬ totaling
$2,069,000.
The bank June 9, with the first formal ses¬ Washington has issued its custom¬
^Streets, ^: $
Mr. Barrett, who is the 11th
a
population
engaged sion of the Institute on Monday
pendence Hall group, the building serves
ary monthly
statement showing:
President, took office on Jan. 23, will have the most modern facili¬ chiefly in railroading, cattle feed¬ afternoon, following a luncheon
the amount of money in circula¬
1947, succeeding ' Adrian Van ties, according to Frank C. Roberts, ing and general farming. Its offi¬ meeting. An informal session is
Sinderen, a great-great-grand- Jr., President of the institution. cers are: H. L. House, President; scheduled for Monday n i g ht. tion after deducting the money
As an example, the Otis Elevator T. B. King, Vice-President; H. L.
son of the first President,
i*
Morning, luncheon and afternoon held in the U. S. Treasury and by
He said that in 120 years of Company is installing a passenger Challen, Cashier, and B. C. King,
sessions of the Institute will be Federal Reserve Banks and agentsbusiness the Brooklyn Savings elevator with collective control, Assistant Cashier.
Directors of held on Tuesday, with the annual
200-foot- the bank are: H. L. House, Presi¬ banquet Tuesday evening. Wed¬ The figures this time are those of
Bank has paid out more than 2,500-pound capacity,
$129,000,000 in dividends to its per-minute speed, and automatic dent since 1914; T. B. King, Vice- nesday morning's institute session Feb. 28, 1947, and show that the
doors, with self-leveling of the President and also postmaster of Will be followed by a pleasure money in circulation at that date
depositors.
v
car at each floor and other fea¬
Deshler; H. L. Challen, Cashier;
trip to Echo Lake, in the moun¬ (including of course, that held in
i The First National Bank & Trust tures, and one of its latest model W. S. House, Mildred King and tains above Denver, in the after¬
bank vaults of member banks of
elevators.
In addition, R. W. Buck."
Company of Tuckahoe, N. Y., on freight
noon and
a buffalo
steak roast
the Federal Reserve system) was
At the same time the Reserve that
there will be an electrically-oper¬
March 27 increased its capital from
evening. The Institute will
$100,000 to $300,000 by a stock ated Otis dumbwaiter, for carry¬ Bank said:
close with a session on Thursday $28,303,507,022 as against $28,262,"Member banks in the Fourth
dividend
of $200,000 and from ing cash and securities directly
morning, June 12 and a luncheon 149,666 on Jan. 31, 1947, and $27,$300,000 to $500,000 by the sale of from the tellers' cages to the vault. [Cleveland] Federal Reserve Dis¬ meeting at nocn. Thursday after¬
They hold noon has been set aside for the 954,295,890 on Feb, 28, 1946, and
$200,000 of new stock. This was It is believed this is possibly the trict now total 724.
reported in the March 31 Bulletin first time a dumbwaiter has been more than 86% of the total bank annual business meeting of the compares with $5,698,214,612 on
installed in just this way.
of the Office of the Comptroller
The assets and about 85% of the total Association, when the election of Oct. 31, 1920. Just before the out¬
of the Currency.
building is under construction at bank deposits in the district."
directors --and officers
will take break of the first World War, that
the southwest corner of 15th and
place, and at which the selection
is, one June 30,il914, the total was
John C. Bates, Vice-President Sansom Streets. Sydney E. Mar¬
of the site for the 1948 Institute
Through the sale of $100,000 of
' '
i
of Marine Midland' Group Inc., tin is the architect, and John P.
and convention will be decided. $3,459,434,174.
new stock, the? Old Phoenix Na¬
has been elected a Vice-President Hallahan is the general contractor.
'Thomas J.
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Meeting of Institute of
Industrial Banking
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