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ESTABLISHED
Final Edition
'Vi'r-'"'V-'
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In 2 Sections-Section 2
YEARS
Reg. U. S: Pat. Office
jVolume 163
New York, N. Y.,
Number 4484
Price 60 Cents
Thursday, April 25, 1946
Terms Federal
Getting Results Through
Insurance Research Data Misleading
$Z '
^
By FRANK LANG
Assistant Director, Division of Research,
Association of Casualty and Surety Executives
i
(' Mr. Lang declares scientific operation of insurance necessitates
extensive research. Views past research efforts as having been
Brig. General Ayres says there is
danger that area of pressure-group
Worldwide and domestic problems, whether threat of starvation,
political statistics will be enlarged.
Questions Treasury reports that
nomic and social
devoted to loss prevention, contract
being an organ¬
ized method of trying to find out
touches
everything
come
in
tact with, and
no
other individ¬
formerly
having
was
n m
To the careless observer such current
what
to
calls
he
Gov¬
by
ernment itself
lines
which
behalf
on
of
selected pres¬
groups."
sure
General Ayres
scientific; yet insurance has per¬
formed, in many of its branches,
outstanding
research investiga¬
Its assets have
tions which have served as models
statistics
the
last quarter of
for other types
the
great
ume
a
vol¬
of money
transactions.
grown
a
in
vifmr
Federal
IIow Insurance Has Used Research
behalf
During the Past
lected
of
paternalistic, totalitarian, socialistic ideas which
antithesis of traditional American conceptions
of sound public policy, and upon which during the war
certain other equally fantastic, notions about international
relations were grafted*
se¬
pres¬
Ayres
.
sure groups is
Following are some more or less
the issue which is producing vio¬
55 billion dollars; it produced dur¬
arbitrary classifications which will
lent
argument
in
Washington.
ing 1945 premiums of 9 billion convey an idea of the broad scope
First there was the scandal which
dollars; it now gives, employment of the research now being con-,
resulted when it became known
to approximately 600,000 persons. ducted by insurance companies:
that a Department of Commerce
1. Prevention and Conservation
V
Where does research fit into
report had been secretly made
this picture? Insurance companies Research—To eliminate the cause
available to the automobile union
of loss. - v-v:
soon learned from bitter, experi¬
2. Contract and Legal Research of the CIO last summer, and Used
ence that, in order to exist, their
as a basis for its demands for a
simplify
and
standardize
business had to be based on scien¬ —To
30% wage increase for General
tific principles.
These principles their contracts.
Motors employees.
Later on it
3. Investment Research — To
had to
be established
through
became part of the evidence made
(Continued on page 2276)
painstaking research—"research,"
available
to
the
fact-finding
the
by
pudiated
(Continued
Federal bureaucracy of causing shortages by hindering American
Commissioner
as
tistics
of
Dr.
been
A.
of
Labor
Secretary of Commerce
Sta¬
Secretary Wallace reiterates his view that Democratic Congress¬
should be loyal to party principles, and points out that those
not loyal should be punished by exclusion from important com¬
mittees.
Upholds party government and lauds Democratic Party
policies as progressive, asserting "we welcome every citizen, white
or black who believes in the rights of man, into the Democratic
office has
for
(Continued
Commis¬
His
six years.
many
years
on page
com-
2275)
Party."
GENERAL CONTENTS
For
can
party
to
pro¬
poses,
this
year
save
do
to
your
representative
republican
We
are
at the crossroads of gov¬
in the United States.
ernment
This is the year of decision.
The
nation is called upon to decide
whether it will restore and
tain
mahH
its
system of free govern¬
form of gov- ment; or go faster than ever tto¬
ment. My re¬ ward rule by a political mdn-?
marks are ad¬ opoly,
We may never have an¬
dressed to
all
Ame
ricans,
regardless- of
party affilia¬
tions, who are
B. Carroll Reece
jinterested
the
in
other
chance
to
make
that
de¬
cision.
Already we have drifted
dangerously; close to the rocks of
state
socialism—the
same,
rocks
upon which other republics
been wrecked in the past.
From
its
have
Editorial
Page
The
..2270
pNews
Moody's Bond Prices and Yields....2279
Cos..2284
Items About Banks and Trust
OddfL^Tmding...,.,.2281
Trading on $jfw-^qc9c Exchangesv£^ .2281
NYSE
•
'<*'
A J
»•
.
-
,
.
,
• >
V"!
State of Trade
■
.v. [.....
;>.2271
Commodity Pricgsj*. Domestic Index.2281
General Review
.
Weekly Carloadings...... f£.,..
.
.|l.rj2283
.2283
form of government.
♦A radio address by Mr, Reece
fourteen years, due
over
the National Broadcasting
to causes which time limits will
not permit me to review here to¬ network. April 19, 1946,v
(Continued on page 2277)* ;
night, we have been drifting away
Weekly Steel Review.............,. .2280
tion of that
For the last
^
to
Moody's Daily Commodity Index... .2279
Weekly Crude Oil Production
2280
Non-Ferrous Metals Market
2282
Weekly Electric Output.............2279
didn't
died
the
were
only pio¬
neers
in
economic
sources
de¬
neers
ting
"The cowards
the .weaklings
along the way."
versed the process and gone East
0
re¬
represent California in the halls
of the national Congress. For fear
of the
of
I will not say that
delegation is the
best Democratic state delegation
in Congress. But I will say this—
1 challenge anyone to name a bet¬
ter
state
delegation. - Senator
nation; they
were
words:
start—and
Lately, forward looking, men
andvwomen of the West have re~
veloping the
reprisals
the
also pio¬
in put¬
progres¬
sive ideals in¬
to
political
practice.
These
pio¬
Index,;. .2281 neers. having
Weekly Engineering Construction. .2280
Paperboard Industry Statistics......2283
Weekly Lumber Movement
not
undying
pushed
Pacific
Ahead of the
<8>-
frontier
back
Regular Features
Weekly Coal and Coke Output......2282
very
who
who were not cowards,
have come to California. The
than 100 years men and women
plain people
the
Fertilizer Association Price
beginning
•,...2269
Financial Situation
From Washington
more
and who did not die along the way,
the
preserva¬
2272)
By HON. HENRY A. WALLACE* : \
Hinrichs
Ford
Acting
sioner for nearly
This is my first
.
on page
men
has
who
productive capacity. Foresees Republican victory in elections
despite "expenditures which may be made by Political Action
Committee." In earlier address, stresses GOP liberalism.
opportunity to address a nation-wide audience as
chairman of the Republican National Committee. I want to talk to
you
tonight$ " v."in"
''V -■■■- '■■■7;
about
what from our.historic system of govthe
Republi¬ ernment for and by the people.
some
Implications of Party Loyalty
labor
to nrevent the nomination
groups
spokesman, stating there exists a tendency to
confuse liberalism with radicalism, scores delays in Congress which
handicap reconversion and recovery. Sees drift to State Socialism
in Truman Administration and accuses "pink puppets" in control of
...
with
,
"More recently, strong pressure
New Republican party
•
assume,
of
Secretary
has been brought to bear by
Chairman, Republican National Committee
food situation—we
hesitation, that it is as bad throughout the world as we are
told it is—is, of course, but in limited degree a result of
any postwar procedures having to do with production, since
the war even in Europe continued so late in the year 1945, as
to interfere seriously with last year's crops, and since suffi¬
cient time has not yet elapsed for herds to be replenished.
There can, however, be no question that our extreme policy
Commerce.
By B. CARROLL REECE*
jT -
Production and Food
The .horrible
settled
was
Republican Party Prospects
'
The day after the strike
the report was re¬
board.
great
the very
are
Frlu,k Lan»
to
m
during that conflict virtually all over the world. The
tions of them all rest upon the same underlying
turn of
by
Govern¬
ment itself on
century
lion1dollars
of business.
antedated World War II and which blossomed forth
"Corruption
of
the
aggravated form in many foreign lands, and the
vagaries of the OPA of which we hear more and more with
each passing day, may appear unrelated. They are, however,
as a matter of fact not so.
On the contrary, they are all
inevitable results of an economic and social philosophy, and
gn attitude toward government and bygovernment^which
Fed
statistics
tionf of
the
as
even more
"corrup
eral
phenomena
world-wide threat of starvation, the housing shortage about
which we hear so much in this country but which exists in
calls attention
ing to do.
Unquestionably some
of the past and present research
efforts in insurance have not been
along
a
statistician,
comments:
so
Ayres,
Gov-
General
t
n
e
the
Trust
who
r
of
Cleveland
should be characterized as strictly
involves
housing shortages, etc., are the inevitable results of new eco¬
philosophies that have paternalism and. totali¬
tarianism as underlying strata.
By placing "other objectives"
ahead of production, these philosophies are responsible for short¬
ages both abroad and at home. Thus, progress toward restoring
our
economy to healthful vigor is discouraging* and the Adminis¬
tration seems more interested in maintaining planned ecpnpmy
than in following the one road to plenty—Production.
or
published
Brig.
trouble doing what you are aim¬
conducted
industry
ual
purpose,
what to do when you are
we
con¬
probably
our
issue
Bulletin,"
the
Company,
e
a
""
for
It
stitution.
current
by
•
in¬
in-
economic
the
In
"Business
service industry offer¬
ing protection to millions of individuals and businesses — it is an
than
Insurance in this country is more
Financial Situa
The
Federal Budget is balanced.
simplification, investment oper*
ations, actuarial calculations, policy distribution, and administra| tive procedure. Says important new opportunities for research
consist in (1) use of public opinion polls, (2) marketing practice,
and (3) centralized departments of investigation.
Copy
a
California
Sheridan Downey believes in the
Henry; A. Wallace
every
.conceivable
experienced
hardship and danger, were blunt
and honest folks. They had no time
for mincing words. They said what
they meant. And typical of what
they said and meant are these
people
as
Andrew Jackson did.
By and large the
members of the
♦An address by Secretary Wal¬
lace before the National Citizens
Political Action Committee at San
Cal., April 22, 1946.
(Continued on page 2275)
Francisco,
2270
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, April 25, 1946'
ii
mi.
sy;.
N. Y. Clearing House to
From Washington
Ahead
By
Let It Grow
Close Sat. from JuRe
4
"As Governor of the State of
To End of September
of the News
Announcement
CARLISLE BARGERON
was
made
the; principle
essential to national
"I
Fellow Jim Mead.
s
p*e
<J>
moving
is
Whl'te
is
greater
House, if
dont sustain
we
Mm this time? It is not generally
realized that the man might quit
is
Bowles
during
:
subsequently lead the radicals .to
whether Ches¬
ter
:
the Senate, how on earth can he
ctac 1-e
Which
—
'
ito retain con-
himself.
ographer of
his, whom
we've
read, that the
question
of
interested
confi¬
having
'Carlisle Bargeron
dence in him¬
al-
has
self
been
ways
one
of Chester's prob¬
this biographer,
friendly, Chester was born to
John' L." Lewis. :'is
inclined to say of some of
the coal
operators who appose him; indeed
&s the -New Deal propagandists
are UccUstomed to say about Most
wlio opposes them.
-anyone
But
,
.
notwithstanding
this,
he
we were over
to
man's mission in
literate
people
in
fulfilling this mis¬
March
columns
The
governments,
21,
announcement
jointly by
the
number of State Governors.
a
How
encouraging it would be if this were to
the beginning of a movement too powerful
for. even the spenders to halt!
Let it grow.
Let it grow. Let it grow.
prove
follows:
liilernari Atomic Control Plans Progressing
U.S.
olution, which was unanimously
adopted by the New York Clear¬
ing House Association today, the
the New York Clearing House will re¬
main
closed
Ches¬ from
off the sive:
June
"Whereas,
struction
each
Saturday
September inclu¬
on
to
the
Law
General
of
New
Con¬
York has
propaganda job we have ever
in this country and mani¬
festly,
The United Nations'
Secretary-General, Trygve Lie, is reported
urging the 12 member nations of the UN Atomic Energy Comr
mission, set up by the General Assembly in London on Jan. 24, to
immediately complete the selection of their delegates so that a meet¬
ing of the Commission may be called in New York.
Bernard M-.
Baruch was named as the United States representative on March 18,
and on April 5, his appointment *
was confirmed
by the Senate. It ously constructed property, like
•
.
*
.
.
in point.
Apparently it is utterly
essential for Chester to retain
,
of
government such as the
Agriculture, the ICC, or
some
other
alphabetical
body,
; would not suffice. Chester chews
on
very raw meat.
We
talked,
with
peop'e
the other night who 'had been out
at Chester's home. They reported
that he was fit to kill, that he was
unquestionably the country's No. 1
some
■did not like OP.A, but they asked
in all seriousness: "Are we, as a
1
no
the
Bank,
These
transfer
Bank
of
35,000,000,000
the gold reserves of
of France to the Ex¬
-
-
"Therefore^ Be it'Resolved. that
change Equalization Fund will, be
reported tomorrow in "Figaro." The the New York Clearing House remam
closed -on each
Saturday
newspaper will say the transfer
from June to September inclusive,,
was necessary to pay for French
imports of the next three months. subject to such regulations as the
The operation will reduce the gold Clearing .House. Committee, may
consider necessary, due notice of
reserves to below. 100,000,000,000
francs.
France recently ordered which will be. given by the Manrepatriation
of
to the colonies
transported •ager."
gold
and
recovered in
doubt that
?
•"
L8, #tge £i44*
.::a-
r
t
■
a
•
such
manner
common
•
pro¬
V;
„
as
to
defense and
assure
secur¬
ity," the commission would
con*-
trol the dissemination of scientific,
technical and military informa¬
tion.
It would
tions
on
to be
draw up regula¬
how this information was
passed out and to whom.
"Willful" violation of its
secur¬
ity regulations would be punish¬
able by fines ranging tram $5;000
to a
maximum of $20,000 r and
twenty years in jail.
•
!^
But Senate committee members
pointed out that the commission
would have to make semi-annual
reports to Congress and go there
for money
to continue its ac¬
'
tivities.
-
The commission would have t6
keep the proposed fourteen-member joint committee "fully and
currently informed with respect
the commission's activities."
to
The committee
technicians"
atomic
time
to
the
in
were
:
its
and
the
up on
and members
required' tb report ffom
time
on
have
check
to
commission
would be
House
would
consultants
"experts,
own
the 'Senate
to
how
control
and
things were going.
plans for jpining
of
disclosed to
atomic
some
energy
extent hi
It could dis¬ the information sent to the New
tribute them in "this country, with York "Times" 'from London On
or
without charge, for research
"April 8, stating that Prime Minis¬
-and medical therapy. Under the
ter Attlee, declining to make any
supervision of Congress and the kfatemeht. on a oontfbl
ptograhv
President, it would license the in- in the House of
Commons, in¬
•duSfrial use of atomic energy.
formed the members that Britain
The bbMmferion WdUld ;teect would leave discussion Of atomic
research and development o i mili¬ energy to the United Nations com¬
tary phases and, when the Presi¬ mission appointed for the purpose.
dent
approved,
could produce Under-Secretary Hector McNeil,
active
by-products.
atomic-bombs
weapons.
The
and
other
President
similar
replying to another question in
would dotmnonsl^tatedi ucbording to the
direct when -and in what quanti¬
%J
commission's
ownership
would extend beyond
fissionable
The
materials and atomic weapons to
patei&a^diiwen^
L. i,
-J
i
.
New
York
"Tlmes,w
that
the
ties it would deliver atomic weap-' Soviet Union, China and Mexico
ons
the armed forces.
had not yet appointed representa¬
all of the plants and facilities for
to over-subscribed. Thevoffering was
processing and producing ffesionpresentIpo^t, was Ambassador' referred to hi btotoissiiie: kA April 1 aMe materials.; It would oWn ail
Hqw ^oh earib can he go to to
the
4
installat¬
was
-
Land
n*
Bank Bond Offering
Ms
"In
bomb
Great Britain's
and own all
materials and radio¬
Sold Pawley before Ms designation
.that,burs is the land of. oppor
District
where the
duced.
continued:
ft would produce
f's^onable
Manhattan
*
Oo.«e Rook*
Senate Confirms Pawley
downing Chester will destroy our
Charles Tt. Dunn, Fiscal Agent,
face before the world, particularly
Cn April 1%, the U. S, • Senate
*<.-•»
Russia. How can we ever, go ber confirmed
foie the Russians and - those other liam D.Pawleyo£Florida to 'be at/&.£\ M« en: April 10. on the
peop'e whom they dominate, sell¬ United States Ambassador to Bra $21.7,009,000 Federsfl -tLi&Rdv Bank \
ing democracy, if it turns but that zil. Approval was-by voice Vote,
1% % Consolidated Federal Farm
without objection.
We have heen, so undemocratic
The nomina¬
Loan Bonds due May 1, 1952 and
.to .deliberately press down mi? a tion was sent to the ^Senate by
that the issue has been heavily
man who is trying to come up, as T^ident to
on April 9; Mr.
5s Chester. We have always
;
committee,
the
Associated
Press
reports that the special
commission, could do just about
ate
advices
the
ions
drawn,
anything it considered necessary
to advance atomic developments.
The
,,
\
now
Incorporated, United Sta+^s Truct
Company of N. Y., Grace National
to the New York "Times'.'
„
to be
is
francs from
message
said:
.
seems
As the measure
subject to final action by the Sen¬
April 13.a wireless
people, to be-In theilight lot-tie*| Martinique and in .Senegal.
£troying a mah*s faith in hhnSell?" i
J,
—:
There
sponsor
atprnic controls arid to
legislation affecting them.
Company, New York Trust Com¬
pany, Commercial National Bank
& Trust Co., Public National Bank
& Trust Co., J. ?P. Morgan & Co
From Paris
the
FCC,
Company,, Marine • Midland
Company, Lawvers Trust
Trust
con¬
fidence
in
himself, to slay a
dragon. To bowl over an agency
Trust
mam
France Cuts Gold Reserve
I
to be
been so amended by Chapter 111
of the Laws of 1946 as to permit
it
Should give
Chester each bank and trust company by
'lLi^;]ij^inSt the ]&3LMembers of plenty of confidence in himself resolution of its Board of Direc¬ is expected that those nations
Congress, the. Senate and the Mr. Truman recently bawled, out tors or Trustees to remain closed which have not already named
Navy
for
propagandizing on any one or more o'f> the Sat¬ then- representatives will do so
House, we understand he will just the
fold up. He will have lost his per¬ against his proposed merger bill. urdays from June to September in the early future.
suasiveness, so his friends say. He taid he thought people inr inclusive; and
Meanwhile, in Washington, the
Apparently we will have some¬ volved should express their oplni"Whereas,
all
the -member special
Senate
Atomic Energy
thing like another G1 pyschiatric icm before the Congressional com¬ banks of the Association, as fol¬
Committee, after months spent in
mittees and let it go at that. He
case on our hands, and there is no
lows, have advised the Clearing the preparation of legislation de¬
should have been, but was not, House Committee of their deci¬
; provision to fake < care of it. Un¬
signed to control use of atomic
doubtedly, too, Chester will be in asked about the OPA's propa¬ sion to remain closed on all Satur¬
energy for peaceful ends is re¬
the mood to write for the "Editor ganda against the House's action
days during the four months' pe¬ ported by the Associated -Press to
'.and- J^rMidheifV vthe *ueufepapet on OPA. The two ore quite simi¬ riod mentioned:
have nearly completed a measure
^todeimagazine*ihat nothing Is to lar. The funny thing though is
Bank of New York, Bank of the which can be brought before t - e
he accomplished , by advertising that Congress gave Chester an apr
Manhattan
Company,
National legislature. Plans are said to be
because he has certainly used propriation for propaganda to ge|t
City .Bank, ~ Chemical Bank & Included for a joint standing com¬
every advertising wrinkle under •people to cooperate with the CPA,. Trust
Company, Guaranty Trust mittee of the Senate -and House
the sun to beat the legislative He is using that, now, and more, to
Company,
Manufacturers
Trust to act as a liaison between Con¬
branch in this case.
prevent Congress' will. But don't
Company, Central Hanover Bank gress and the Civilian Atomic En¬
think he isn't being effective. His
and
Trust
Frankly, we don't think that
Company, Corn Ex¬ ergy Commission so that Congress
the American people realize what agents have got the CIO to ap^ change Bank Trust Comoany. First may be kept informed, as Senator
is at stake in this fight. Chester ply the works, .the Federation of National Bank "Irving Trust Com¬ Hickenlooper put ft, "of what is
has put it up to them as a proposi¬ Women's Clubs, every other or¬ pany, Continental Bank & Truet going on in the atomic energy
which
the
capable Company, Chase National Bank, field." This group, according to
tion for: or against inflation when ganization
these
days. Fifth
the real proposition is Chester's propagandists i use
Avenue, Bank,
Brooklyn the Associated Press, would be
After all, he learned something in
Trust
retaining confidence in himself.Comnany, Bankers Trust authorized to make a continuing
his
days as an advertising man.
That he should have picked the
Company, Title Guarantee and study of
Congress of the United States to
try;to overthrow is not so much
f;
ft
page
of
seen
,
If Chester now'loses his great
-
a
•
;
"Pursuant to the following res¬
We will say this much: If
est
.
port their Congressmen in the achievement of this
important result." — Text of statement issued
mobilizing them they ought to be
was a time. We are ter succeeds in
killing
told, when he wondered whether House amendments to the OPA
his highly successful advertising extension bill, it will be the great¬
was
these
the Association
most
practices is a. conposition of our
threat to their fiscal
"I, therefore, sincerely hope that Congress will
provide a balanced Federal budget beginning July
1, 1946, and I urge the people of this State to sup¬
in the State to close on Saturdays
during June, July, August and
September was referred
to
in
about
morale, but who are sitting
drawing their checks for
reading
magazines
and
news¬
papers. If we ever succeed in de¬
of such
"That, if- these trends- and practices continue,
they will lead inevitably to increased costs, in¬
creased prices and increased taxes; and thus affect
adversely every individual in this country.
to this end. All of the mutual sav¬
there
|ife^!There
business,
sion.,
solvency; and
Clearing House, April' 18, signed
by Frank K. Houston, Chairman
of the Clearing House 'Committee
and Edward L. Beck, Manager of
world.
a
continuf
use
24 banks which have taken action;
1531.
Parenthetically,
the
,
State and local
the
those moiuns; .thej
Clearing House gives a list of
1
to the constitutional
menace
riods during
the Pentagon building this after¬
noon and you would be amazed at
the number who aren't concerned
Of
able to fulfill
men
morale.
Wondered shortly after he
gptoirt
college whether he would be
in these
ing to do their harassing job to
American industry, you must do
something
to
keep
up
their
lems. According to
very
stant
,
practices;
"That the further
,
,
just
5
major threats to the nation's welfare;
are
pe¬
OPA,
bi-
a
fiscal
]
1 *
■/.
.
alarming growth of inflationary trends
increasingly, aggravated by unsound Federal
is
various banks in the c.ty have in¬
dicated that they v>ould .Pkgwise.
observe the Saturday closing
'
*>■-
"That the
ings banks in the "5 boroughs are;
Paul Porter, has warned likewise to
close on .Saturdays
that he is having a tremendous lot
during the summer months. The
of trouble keeping his staff to¬
action of the "Stock Exchange was'
gether. These government job¬ noted in
our -issue
of April 11,:
holders, we are told, are losing
page 1941. A bill signed, on March,
their morale. They aren't losing
14 by Gov. Dewey of New York,
their salary checks but if you are
permitting all banking institutions
We
understand
from
government, his confidence in
our
himself destroyed. His Successor in
in
f idence
rowing
Saturdays
months, and
-the- fourth
convinced:
:"That further deficit, spending and continued bor-
on
'
The
,
am
I endorse
balanced Federal budget is
solvency.
•
%.
tno^in^ spectacle in this "country, fat
cision to close on all the 1 Satur¬
^mbfe dramatic* we think, than the Nuremberg trials. Over there you
days from June to September in¬
have the picture of whether our Bob Jackson, will do well enough
clusive. The New YorkJStock Ex¬
<to~ be; a candidate for Governor of New York, against other such
change made known on April 4
celebrities as Mrs. Roosevelt, or the former railroad man, Good]
that it would close
a
on
April 10 by the New York Clear¬
ing House Association of its de¬
—Is 'a tremeiidou^^
that;
-
tives to the atomic-bomb commis¬
i i. i*
•
Brazil, Canada,
France, the Netherlands. Poland,
the^^United States "and fhd
Kingdomi; had 'Mread^uppointed:
p&e'gafestechnical^experts, he
t
isaid.
>
Australia.
sion.
_
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4484
Volume 163
settlement
Calk
Clarification
industries.
^Guaranty Trust (o, publication $ay$ present inequities in labor>
laws destroy collective bargaining and there is need for a revision
of policy and legislation if collective bargaining is to become a
universally accepted principle in industrial relations.
>
1
tragic obstruction of reconversion by industrial disputes
room for doubt as to
the urgency of the need for re¬
"The
;
has left
no
examination of
our
expression of a con¬
national • labor
policy
the traditional view that
current
tinuing
based
on
labor
needs,
against exploitation.
In the be¬
ginning this view had a validity
has
The
eleven
This requirement cannot be
a
section of management
becomes subject to the authority
of labor organizations,
"Finally,
i
tions in this country and
Present
inevitable consequences.
0
free
competitive industrial system, it is
fair to ask whether a system of
bargaining can be
"The Sur¬
true collective
binations
made
in
subject
laws, in¬
equally
restraint
of
com¬
trade
Federal and State laws should be
so
amended
actions
>
as
for
to facilitate
legaj
sustained
damages
ceding.
production
come a
ciple
-
rose
tries.
ued
While
employment contin¬
the
on
upgrade
man
cut
midweek by
shutdown., The low level of coal
being
and
pro¬
man¬
forced
mediation
-
tc
ma¬
and
chinery should be improved, and
readily available facilities should
be
provided for arbitration in
one
labor
or
one
supplies at
the
end, however, provided
of impartiality,
of bias in favor of .either
management."-
to
exist
today,"
in industrial relations;
but
part of a free enterprise system, "it
must be collective bargaining in
the
true
sense.
*
and their leader'
from responsibility for-acts tha'
yrould be clearly illegal if com¬
other individuals o*
groups.
Barring products from
the market and fixing prices have
been held not to be illegal prac¬
tices if performed by labor unions
mitted
by
[House Group Recommends
Acts that would ordinarily be de¬
scribed
as
'racketeering'
are cov¬
ered by the same cloak of immu¬
nity.
The United States Supreme
Court recently ruled that the law
has no power to prevent union
officials
from
collecting
'kick¬
backs' from their own members.
? "The law
as
it
np\y
stands cbri-
tains nothing
to prevent unions
from strengthening, their monopo¬
tried to dictate, the terms of a
settlement.
As long as govern¬
or
mental
go
price
form
with it.
trol
is
of
control
continues,
control must
But when price con¬
wage
Cut in
Department Funds
[ The House Appropriations
mittee
on
every
Com¬
April 9 sent to the floor
at
the
foundations
of
directly
business
the people of the
of
world to the end
that the conditions which lead to
allowed
no
ment's separate
tary methods and to avoid settle¬
chopped its estimate for expanded
by governmental decisions.
An exception must be made in the
case
;
roads
rates
of
industries'such
and
are
The railroads last week sought
25 % increase in freight rates to
compensate
for
higher
wages;
Smaller increases would apply for
0
specific products such as lumber
and wood pulp, iron ore, iron and
steel,: coal and coke, sand and
gravel, .cement,
There
be
can
no
brick
and,;'tile,
question but that
hIgher;;freight;Crate^ will in the,
tified by
be
73.6%
for higher rates are no
wages,,
dodbt jus¬
increased costs due to
maintenanceI and
opera-
as
rail¬
public utilities; where
subject tb goy^rhmenfai
intelligence unit;
ment and other improvements to
*
Steady depletion of bituminous
by consumers and
increasing appeals for emergency
coal stocks held
through the medium of the Office
of
Administration
Price
thwarted
House
last
voted
was
the
when
week
extend
to
have termed 'spending
psychology'
arid the committee is fearful that
this
spending" psychology has be¬
come
somewhat
too
deeply
en¬
trenched in the minds of the
pffir
didly ^ced and provision made
Cialsjresponsible for the operation
for
of
'fact-finding' or some "other
fojmW governmentally sponsored
our
Federal establishments. It
must be "eliminated."
"
made?
in
by the
1945
totaled
American Railroads. The total for;
1945 represents an increase of
$2,-
5868,000 above thrit of 1944/i*
:r The ? lowest" total of
-
.
capital irix—
penditures/pf Ithe^carriers in? the
past 16 years was m the depths'of
the depression in 1933, when the
figure amounted to $103,947,000.
By 1937, these expenditures ad- *
vanced
to $509,793,000, and after
sharp decrease in 1938 arid a
slightly smaller one in J939, they
rose to- $429,147,000 in
1940 arid
held well above that figure in suc¬
a
ceeding
years.
'Steel
Trade—Gambling
the
on
chance that the coal strike would
be settled in time to prevent a
drastic shutdown in the steer in¬
dustry,
companies last week
higher
operating
rate than had been expected. An¬
many
maintained
a
other
segment * of the industry;
was forced to
curtail
operations further.
Diminishing
supplies of coal and coke at the
however,
weekend
forced
industry
to
the
whole
steel
scrutinize
operating
schedules on a day-to-day basis,
according to the "Iron Age," na¬
tional metalworking paper, in its
review of the steel trade.
A
life
the
•>
.
continuation of the - coal jimwhich
now seems likely will
operations lower this
steel
week.
Up to last weekend more
350,000 tons of steel have
by
left
which
crippling
little
the way of prices to control.
such amendment known
as
in
One
the
"de-control
provision" calls for
the removal by OPA of price ceil¬
commodities when they
plentiful as they were
and sharply pared Com¬
before Pearl Harbor.
Another
amendment
requires OPA
merce
Department requests. .for
to guarantee manufacturers and
the Census Bure.au and the Civil
retailers a "reasonable profit" on
Aeronautics Administration.
items they sell.
.
4
Of Federal spending generally,
From the present attitude of the
the committee had this .to say:
Senate
on
price
control
the
"There seems to have developed chances of restoring some of the
some
railroads
force
ings
on
in 1940-1941,
what
I
passe
become
years
class
teeth
its
cultural relations activities, almost
war
railway; property
of OPA for nine more months, but
in half,
during the
;
$562,980,000, the greatest for any
year Since 1930, when expendistocks held under Government or¬
der was disclosed last Thursday by ;tures amounted to $872,608,000,
according to the Association of
J. A. Krug, Solid Fuels Adminis¬
as
.
regulation and where continuous
Capital expenditures for equip¬
compared .with
:77.4% in the previous week.
amendments
Committee
The
funds at all for the State Depart¬
ment
nue.
pacity for the current week begin¬
ning April 22, as estimated by the
withdrew
will- be removed."
war
settlement of disputes b.v volun¬
unless curbed,
so
improve the
should be made to encourage the
.
/'Few recent trends in industrial
which will
social and economic well-being
effort
listic position by; a combination operation is indispensable to pub¬
pf closed-shop agreements and lic health and welfare. The nom¬
rules of
admission restricting inal right to strike in such indus¬
membership, .or even arbitrary
exclusion
or
expulsion
from tries is a. legal fiction, since it is
membership.
While if does not obvious: that, as a matter of prac¬
apnear that this *power has been tical necessity, such^trijces /riaust
widely abused; it could ^become h
be'prevented 'in, one way-or uhrprolific source of future difficulty Other. This fact should be can¬
relations have struck
measures
,•
abandoned,
and
volume
final analysis be reflected in in¬
'
It
Government in the unenviable po¬
sition of having virtually dictated,
some
stimulate
creased consumers' costs. The need
'
organizations
will
Scheduled out¬
will
between
on
it
American Iron and Steel Institute
bargaining has be¬
universally accepted prin¬
if it is to continue as a workable
ried
vey" continues.
price will
alter¬
•a $358,825,758 bill to finance the
must be car¬
free, equal and State, Commerce and Justice De¬
partments as well as the Federal
(•''* "One obvious weakness of ex¬ responsible parties and must be judiciary for the fiseal
trator, who declared that since theyear start¬
cleared of all'taint of monopoly.
isting law is the fact that man¬
beginning of the mine strike • on
It is very doubtful whether these ing July I, 1946, and urged elim¬
agement can be guilty of 'unfair
ination" of the spending psychol¬ April 1, approximately. 28,000,000
requirements can be met under
labor practices,' .whereas
labor
which it said has existed tons of potential coal production
the laws and administrative poli¬ ogy
had .been lost. The soft coal strike
legally, cannot. The Wagner Act
cies that have developed in recent among Federal officials, accord¬
for example', is designed to en¬
ing to the Associated- Press in its entered, its fourth week with no
years;
Since the Wagner Act was
courage
collective . bargaining;
Washington dispatch.
The total sign of a break in deadlock nego¬
passed, industrial disputes have
but it requires such bargaining
amountof
the
appropriation tiations, and, according to Secre¬
been more numerous and more
only of employers, not of em¬
measure represents a 13% reduc¬
tary of Labor Schwellenbach, he
costly than they were before, al¬
has been unable so far to com¬
tion in budget estimates, but an
ployees. In some recent instances
though the period since the en¬
labor organizations have present¬
increase of $40,510,759 over cur¬ plete arrangements for resuming
actment of the law includes the
ed their demands with the state¬
rent -year funds.
Of the total talks the present week between
war years, When strikes and lock¬
ment that they were not subject
$143,024,000 was designated for mine operators and John L. Lewis,
outs
were
banned
by
mutual
to
negotiation.
In some caseF
the Commerce Department, $104,- chief of the United Mine Workers
agreement.
Almost without ex¬
strikes have begun before man¬
783,408 for the State, $95,168,256 union.
ception, industrial executives Who
Automobile output was estimat¬
agement has had an opportunity
for Justice, and $15,850,100 for
have expressed an opinion on the
to reply to the original demands
the Judiciary.
From the Asso¬ ed at 49,425 units last week, being
subject have voiced grave mis¬
In other cases the strikes havf
3.5% above that of a week ago.
ciated Press we also quote:
givings as to their ability to oper¬
begun without even so much as a
Production of small electric mo¬
The
Committee
approved
a
ate
successfully
under
present
request to management for the
State Department budget almost tors, an integral part of many
laws and policies.
opening of negotiations.
Action.'
five times as large as the last pre¬ electric appliances, was impeded
"The
fact-finding
procedures
of this
kind surely cannot ,be
somewhat by shortages of materi¬
followed in the recerit past and war budget after hearing Secre¬
called collective bargaining, bu*
tary of State James Byrnes -be¬ als, while lumber production for
proposed for inclusion in Federal
they are not unfair labor prac¬
the week ending April 6, ad¬
hind closed doors.
labor legislation fall far short of
tices within the meaning of the
vanced 2.7%.
Shipments on the
Briefly, Mr. Byrnes told the
meeting the need.
Fact-finding
law.
other hand dropped 9.9% and new
by Government boards tends in¬ Committee in that part -of his
1
Special Immunities
•orders by- 5.4%.
evitably to develop into some¬ testimony made public: "We are
"Another fertile source of diffi¬
The Government's
struggle to
thing closely resembling compul¬ still concerned with the preven¬
culty is the immunity of labor sory arbitration ahd leaves the tion of future wars and with check inflation in the country
said
that
on
offset the drop in per-unit reve¬
week¬
no
announced
put of the steel companies having
94% of the industry's steel ca¬
day-to-day basis.
And the general spirit underlying
both law and administrative pol¬
icy should be
coke
has
th^ prices
residential bitu¬
minous. coal stokers by 15%, ex¬
pressing, the hope that, the lower
native to the steel industry but to
examine operating schedules on a
where both parties desire it.
cases
increase
at
conciliation
'clear line of demarcation between
Westinghouse Electric will
the price of its heavy
equipment by about 15%, but in
contrast to this policy, Iron Fire¬
ends,
reduce the number of its workers
unionize itself.- Federal and State
of such damages
to increasing the sense of re¬
sponsibility
of
the
contracting
parties.
The law should draw a
from
the effective date when its, strike-
and unem¬
ployment
compensation
claims
dropped by 2% during the week
ending April 6, the Ford Motor
Company was forced to sharply
the recovery
effectually prevently
ceilings on hard goods now /in.
effect, higher price are already
being announced. Depending upon
slightly, notwith¬
standing declines in some indus¬
"Collective
!
In a comparison with the like week a year ago; however,
must be given to the fact that retail establishments
on {Saturday in memory of President Roosevelt,
v
•,
For the week overall industrial *>-
as
agement
in many ways with
one
closed
laying off 45,000.
At the
beginning of April the
company
found it necessary to
lay off 35,000 for one week, since
it was consuming steel faster than
it could replenish stocks." Many
steel
companies the past week
continued to operate at a high
level of output hoping that the
coal
strike
would terminate, in
time to prevent an industry-wide
'to
eventful
an
consideration
were
through violations of labor con¬
tracts, not so much with a view
;not
vNeed for Revision
ing
and successful operation of a
opera¬
subject
to enforceable penalties, the re¬
sult can hardly fail to be an irre¬
sponsible
attitude
toward
the
whole
bargaining1 process,' with
commitments
lightly made and
readily broken, and with frequent
disputes and perpetual distrust as
.
Quality, essential to the equitable
successful
contract without becoming
condi¬
abroad."
"If the term collective bargain-,
implies, as it should, the posi¬
tion of approximately competitive
indispensable con¬
agreement. As long as either party
is able to violate the terms of a
review
.
an
the
be
form of bargaining is -labor and management, with
validity of the bargaining visions
the
Guar¬
Inequities
for
dition
anty Trust Company of New York
in the current issue of "The Guar¬
anty Survey," its monthly
of business and financial
Labor
tion of any
organization that enjoys semi^inonopolistic
advantages,
and
management that seems to occupy
/the
inferior • position and need
legal protection," states the
collectively in good
and
management
bargain
faith.
cluding the iaws prohibiting
if
The week just passed was
retail trade for the: country as a whole an outstanding feature, rising
in the wc*ek to 61%, compared with a gain 50% in the week pre¬
ly stated, especially the obligation
visory employees, and the increas¬
ing tendency of governmental pol¬
met
'
peace.
to the civil and criminal
age.
tion in which the inequality of
bargaining power has to some ex¬
tent
been
reversed.
In
many
cases it is now the powerful labor
industrial
of
should
which
during
foundations
The rights and obligations of labor
and management should be clear¬
tion- of foremen and other super¬
cessful
the
Policy
industry in general, the
foregoing
enumeration of out¬
standing weaknesses' in the cdllective bargaining
system suggests
the broad guiding principles to
be followed in strengthening the
have been made for the unioniza¬
Wagner Act has been in ef¬
fect have brought about a situa¬
years
demands. that
disappeared. management shall be free to man¬
gradually
that
the
icy to support these demands.
It
is a basic requirement for suc¬
business
operation that
protection
legal
as
last resort in such
"For
to
confidence
policy
period is merely
of the transition
the
national labors-
wage-price
The
policy.
a
/;v<
Elements of Sound
Of Labor Policy
v
as
2271
than
been lost to the reconversion pro¬
grams because of
the coal "strike/
Hopes that 1946 would show the
biggest peacetime production of
steel have been, dashed because of
.
the tremendous losses due to the
steel strike and the coal stoppage,
the magazine states.
v .
Significant steel market changes
-
were
it
disclosed the past week when
became
apparent
markets close to
the
that
steel
active
mills and
high cost of freight absorp¬
are
rapidly accomplishing
that will in all probability
be taken from OPA through the
tion
House
sion has unsuccessfully attempted
power
admendments
mote.
Senate
opponents of OPA
work under the
ator
who
seems
re¬
On Thursday of last week
Elmer
introduced
an
that would lift all
With the
on
to
leadership of Sen¬
Thomas
except those
set
(D.,
Okla.)
amendment
price controls
what the Federal Trade Commis¬
to achieve for years
by regulation.
rapidly with¬
drawing from distant territories/
Nearly every steelmaker isreestablishing the areas in which he
Many steel mills
'
can
to
rents.
suspension by OPA of
are
sell profitably
off sales
cut
arid has started
beyond these
(Continued on page 2278)
V'/-
T
T>
1
THE COMMERCIAL & FINANCIAL CHRONICLE
2272
Thursday, April 25, 1946
i
us
The Financial Situation
.
"unconditional surrender" and
demanding
our
open
avowals of intention to execute most if not all of the enemy
leaders ;in Europe and Japan very definitely prolonged the
war
and made necessary
Federal Government is xqore
interested in certain reforms,
in
manifold controls, in the
permanent establishment of
much greater destruction of all
planned
of property in these enemy and bordering countries
the
kinds
than
reason
why we are
making greater progress
is found in the fact that the
(Continued from first page)
of
that the
not
otherwise
been the case,
be put
would
have^
and thus must ing
of the ma¬
jor causes of the extreme
plight of peoples we are now
down
asked to
economy than it is
abundant production
as one
succor.
'
But we are being told, and
apparently with good reason,
thai' this is no temporary
state of things.
We are daily
informed
that
this
year's
crops will not provide sus¬
tenance for the peoples of the
a
in
of
want. The
the
things all of us
central, systemic or¬
keep them all going only other possible explana¬
tion is that those who repre¬
in harmony.
sent lis in Washington are
In France, the public ap¬
stupid enough to suppose that
pears, so far as one can tell
any
gans to
from
such
a
monster; as the OPA
distance, to be more
has grown to be could pos¬
interested in old, political
a
sibly roam the countryside
getting
without interfering seriously
reviving
with production, or that it
French industry and trade. If
even
helps to stimulate pro¬
the economy of that unfor¬
tunate country were really duction:; to believe that these
fantastic procedures of the
world until still another crop beginning to function nor¬
Housing Expediter can pos¬
is harvested—or at least that mally, or were even making
marked progress in that direc¬ sibly fail to strangle produc¬
in;;: such places as most of
tion of what both the return¬
tion in the circumstances now
Europe, the danger of hunger
ing veteran and all the rest of
next: winter and spring and existing, the fact should be
us
want; and to take for
the summer of 1947 is almost set down as the eighth won¬
der of the world.
In Britain, granted that the politicians in
as
great as the reality of to¬
have somehow
the central Government is, Washington
day. Not very much is being
found the wisdom to accom¬
for all appearances, more in¬
said at the moment of cloth¬
terested
in ."nationalizing" plish what no one else any¬
ing and shelter for these mil¬
where has ever been able to
the economy than in seeing
lions, but one need hardly be
do—to operate an entire eco¬
told^ that these same peoples industry get quickly down to nomic
system from a central
work to supply the people
are'as'badly off for these nec¬
office.
essaries of life as they are for with ihe million and one
There is but one road to
food, and are likely to suffer things they: so desperately
Certain reports which plenty, and that is production.
from- these shortages as long need.
have of lata been coming from
as
they are from lack of ade¬
some of the formerly occupied
quate food: Our own housing
Mm.
countries bri the Continent
shortage goes back to the un¬
seem to
suggest real progress Named lo
productive^
of the New
hr those areas, but for the
Deal, and was naturally great¬
most part the picture is dole¬
ly intensified by war condi¬
squabbles
down
to
than
work
in
at
Kirfay Smith
Housing
tions
which
could
Program Post
ful.
Hear
Admiral
Kirby
Smith,
USNR (Civil Engineering Corps),
hav<e been avoided, but our
Much the Same at Home
it was announced on April 14, has
lacftiniassort of progress or
When we turn our eyes- to been appointed General Deputy
promise of progress in reliev¬
Expediter for the Veterans Emer¬
our. <rwm* countr^ weffiid; a
gency Housing Program by Wilson
ing if iindirectly chargeable similar
H. Wyatt, National Housing Expe¬
to postwar blunders.
Much of course with some
typically diter and Administrator of the Na¬
the same is to be said of the
American touches, but none¬ tional Housing Agency. The an¬
multitude
of
other
vacant
nouncement says:
theless at bottom essentially
Admiral Smith, one of the Navy's
places in the market of this, if
similar.; From soon after the
top-ranking construction men dur¬
not of other nations.
outbreak of war in 1939—
ing both World War I and II, was
largely responsible for developing
Putting Other Things First and, ■ for that J matter, even and
supervising a $4,500,000,000
prior to that—until Pearl
cause of all this
building program for the Navy
may Harbor
we, or at least; the
Department in the United States,
be expressed in very small
President, repeatedly talked Hawaii, the Canal Zone and other
compass by saying that it re¬
of vast aid to the enemies of strategic outposts. He retired from
sults. from an almost world¬
The Ad¬
Fascism and Nazism when we active duty last week.
wide determination to place
miral will be General Deputy for
had almost literally nothing Mr.
Wyatt in charge of all opera¬
other ^"objectives" ahead of
with which to extend such tions of the program, with its goal
production. Abroad we find aid.
Now, the powers that of 2,700,000 homes started by the
it in an expressed determina¬
end of 1947, but will concentrate
be are similarly fond of ap¬
tion to "crush" all
in the coming months on problems
enterprise
pealing
to
the
people
of
this
of supply and production. The new
in Germany which "could be
country to extend aid to the appointee is known throughout
used to make another war,"
not
well
'piftura^mle^^hed
suffering peoples of the world
which of course is another
when there are inadequate
way',, of saying all sorts of
supplies here out of which to
modern industry. We find it
afford the aid demanded.
It
also in the carting off to Rusis true, of course, that con¬
sia-rrwe here
are
not
concern¬
ing ourselves with questions
of abstract justice—■ equip¬
ment from Germany, and the
rearrangement of boundaries
in: such manner that
major
changes in the economic unit
which
was
.
Germany
must
now~.be rebuilt (if that is in¬
deed possible)
along different
lines
before
Europe we live
luxury in this
country.
It is likewise true
that compared with the plane
of living to" which we are ac¬
customed
and to
United
advices
Press
from Washington March 26 said:
They discarded
Senate
both
version
much milder
a
and
chambers
back
sent
provides a $1,000 fine and a
in prison for violation of its
visos.
pro¬
ing
bill
the
would
outlaw
alleged
He
is
Chairman
of
of
use
force
to
-
Savings Banks Bond
Men Elect Officers
At the annual meeting of
the
could
also
mercial
Although it
and
aimed
be
educational programs.
or
Petrillo
not
non-com¬
does
his
specifically
not
mention
union, it was
at curbing
dealing with
Petrillo's methods in
radio stations.
of
conference
The
vote
not
was
made
public, but one member said
"we reached agreement with no
great trouble."
The conferees upheld the posi¬
merce
Committee which said in
a
report that the bill was neces¬
sary to protect broadcasters from
"ever-increasing extortionate and
racketeering demands to which
-
appeared
24, page
the
House
vices
New
the
to
From
21.
The
provides penalties
year's imprisonment and
$1,000 fine for compelling or
trying to force broadcasters to do
the following things:
measure
to
up
a
Hire
employees than they
more
need.
1
President Truman
he
never
feels
has in¬
about
the
graph records.
Pay again
transcript of
for
broadcasting a
previous program.
a
Halt programs originating in
foreign lands or any type of non¬
commercial, cultural or educa¬
The bill
.
introduced by Sen¬
was
Vandenberg, Republican, of
Michigan, who took exception to
the
action
James
of
C.
Petrillo,
head of the American Federation
measure,
of
would take from all workers their
festival at Interlochen, Mich. The
bill was broadened in the House
right to strike.
Its supporters
counter, however, that it does not
those
but its opponents, in¬
cluding Rep. Vito Marcantonio
(A-L-N.Y.), have charged that it
FDIC Reports Deposits
of Ins. Comm. Banks
of
all
insured
commercial banks reached $147,811,000,000 on Dec. 31, 1945, a
gain of $13,529,000,000, or 10%,
from the June 30, 1945 total, and
deposits
18% above
a
year ago,
Chairman
Maple T. Harl of the Federal De¬
posit Insurance Corporation an¬
nounced on April 7.
Most of this
deposit increase, Mr. Harl re¬
ported, occurred in accounts of
individuals, partnerships, and cor¬
porations. These accounts amount¬
ed to $101,901,000,000 at the close
of 1945 as compared with $91,871,000,000 on June 30, 1945, an
increase of 11%. Mr. Harl further
reported:
There
was
a
moderate increase
on
Dec.
31
amounted to
Musicians, AFL, in forbidding
the broadcast of
and
of
the
the
increase
in
total
for
assets
£ny
rate of increase in total
the
last
six months
the highest for any
riod
since
when
the
of
assets in
1945
half-year
was
pe¬
the last half of 1942
Federal Government's
year.
was
526,000,000
increase
in
half of the year and
the
first
well below
the increases shown since the first
half of 1942.
Chairman Harl called particular
to the fact loans and
attention
discounts of all insured
cial banks reached
commer¬
record peak
a
of
$25,769,000,000 at the close of
1945, the highest level since the
beginning of deposit insurance.
The year-end total was a gain of
10% from the June 30, 1945 level
as compared with a 9% increase
in the first half of the year. Most
significant, said Mr. Harl,
increase of $1,960,000,000,
in
commercial
loans.
and
the
26%,
was
or
industrial
These loans have been in¬
creasing substantially as recon¬
version of industry has rapidly
progressed. Loans to brokers and
dealers
in
securities
and
other
loans for the purpose of purchas-
ing
and
carrying
amounted
to
December
bank
represented an increase of
$14,126,000,000 from the mid-year
total and was the largest dollar
accepted most of
1 ''
u'"n
over
above
This
student music
a
The $6,511,000,000
the June 30, 1945 level
about the same as the $6,-
gain
$157,582,000,000
Dec. 31, 1945.
Senate
changes.
The 13,302 insured commercial
banks reported total
assets of
on
i
*~
Pay for services not performed.
Pay unions for using phono¬
ator
mittee, was passed, 222 to 43.
Total
sd
"Times'*
York
said in part:
of the Interstate Commerce Com¬
how
Feb.
on
Washington April 16 special ad¬
tional program.
dicated
Jan.
columns
these
they have been forced to yield
by coercive methods."
The House bill, introduced by
Chairman Clarence Lea (D-Cal.)
1945, the increase in total
it can possibly
from affluent.
What is far
ast Biver SavingSiBank of New
effectively. We find more
significant,
and far York/ Vice President, George P.
it in the* partition of Germany
more
discouraging, is the fact Montgomery, Vice-President of
into water-tight, we had per¬
that we are making such un- the Seamen's Bank for Savings of
haps better
napb
ueuer say airtight,
auugiu, comsatisfactory progress in re- New York; Secretary, William G.
payments, leaving sections of
storing our economy to its Licklider of the New York Sav¬
a onte closely knit economic
normal health and vigor.
J ings Bank, New York; and Treas¬
system in several sections
urer, Jarvis S. Hicks, Jr., ViceThe Reason
President of the Long Island
quite separate from one an¬
City
other and barred from havr
It appears quite obvious to Savings Bank.
industry.
References to the bill
tion of the House Interstate Com¬
Savings Banks Bond
of t$e half, year period since early.Jn
which the State of New York thelfollowing the war. During the last hal£;pf
our
entire radio
a
assets
productive ef¬ officers were elected unanmously:
o^ll insured commercial banks
forts have always in the past President,
was
10%
as
compared
with
7%
Alfred; b.; Middlebrook,
entitled us, we are today far
Assistant Vice-President of the in tiie first half of the year. The
success
provide penal¬
reach throughout the
and to
ties
Broadcasters
prevented from carrying
$23,846,000,000 only slightly above
the mid-year total.
of Civil Engi¬
the
Senate version for one of its own,
440, Jan. 31, page 620 and March
14, page 1400, the last named item
noting the passage of the bill by
American Society
•
House later substituted
The
in
ernment
f
cultural broadcasts.
or
make
stand-by musi¬
cians and pay union royalties for
broadcasting recorded music.
the Construction Committee of the
neers.
1,1945, the Senate passed
its bill to curb Petrillo's union,
but it merely sought to prevent
any interference with educational
broadcasters hire
$13,884,000,000 at the end of the
year. Deposits of the U. S. Gov¬
abroad.
On Feb.
but amended it to
restrictive union practices, includ¬
V
legally.
year
,
,
The
to
which
measure
a
military—both in this country
and
function
legislation
in interbank balances which were
as
trasted with the conditions of
many parts of
in the lap of
ferees of the House version of the
well
construction circles—civil
as
Truman Signs Bill to Curb Peirilio
President Truman signed on April 16, the bill to restrict the
powers of James C. Petrillo, President of the American Federation of
Musicians (A. F. of L. affiliate) exercised over the radio.
The legis¬
lation signed by the President was in the form agreed on by Senate
and House conferees, the bill as thus accepted having been approved
by the House on March 29 by a vote of 186 to 16, and by the Senate
on April 6 by a vote of 47 to 3.<S>Noting the approval by the con¬ deny anyone the right to strike
•
securities
$6,771,000,000
on
31, 1945, only slightly
the
June
30
total.
These
•
largely reflected
borrowing by individuals
:
and businesses for the purpose of
i
security
loans
purchasing
U.
S.
Government
,
:
obligations offered in the Victory
>
Loan.
*
,
,
Mr. Harl added:
The
growth
in total capital
of insured commercial
accounts
banks during the last half of the
failed to keep pace with the
increase in bank assets. As a re-
.
year
•
suit, the capital ratio declined to
5.5% on Dec. 31, 1945.
Capital.
stock.showed
a
net
increase
of
.
$54,000,000 in the lost six months
of
1945, and $227,000,000 was
added to other capital accounts f.
bringing the total of capital ac- ¥
.
war
into
financing
high gear.
program
moved
Insured, coipmercial bank hold¬
ings of U. S. Government obliga¬
tions^again riricreased^^^
half of 1945 and reached a new
high of $88,933,000,000 at the end
counts
on
Dec. 31, 1945 to $8,672,-
000,000. V
V -if
A previous reference to the re- '
port of the: FDIC appeared in
these columns April 4, page 1840.^
) JVolume 163
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4484
.
t'TY;'W >'i >-rp3'
M-y*.t</,
/,
made for
York
National Bank Assets Dec. 31 Over $90 Billion;
Deposils Exceeded $85 Billion
Arrangements would be
places.
special broadcast program on April 19, President Truman,
Herbert Hoover, United Nations' Relief and Rehabilitation Adminis¬
a
a
City
large meeting in New
for
and
others
else¬
'•2273
M. fi
lie-response in ways to draw more;
wheaHrom the farms and to save
more food
in homes and eating
Truman,With Hoover; La&uartiia, Anderson,
f
IW Pleads for Food Exports
In
:■
The assets of National banks
Dec.
on
31,1945 totaled $90,536,000,-
March 22 by Comptroller of the Currency
i 3reston Delano.
trator LaGuardia, and Agriculture Secretary Anderson appealed to
Returns from the call covered the 5,023 active Na¬
The Associated Press added:
the American people to reduce their consumption of food so that this
tional banks in the United States and possessions.
The assets re¬
"Mr. Truman also appealed to
country might share its supplies with the famine-stricken millions
farmers, grain cooperatives and ported were $8,741,000,000 greater than the total reported, by , the
5.021 active banks on June 30,1945, and an increase of $13,586,000,000
throughout the world.
The President told his radio audience that other handlers of wheat to
help
over the amount reported by the<^
'America is faced with a solemn^
—
make the wheat certificate plan
"In
obligation," he went on to say.
making our estimates of work and get the grain from 5,031 active banks on Dec. 30, June 30, 1945, and 15,94 on1 Dec.
"Long ago we promised to do food which must be imported to farms to ships. The plan will per¬ 1944.
30, 1944.
The deposits of National banks
our full part.
continental
countries
from mit farmers to obtain certificates
"Investments by the ^anks iij
Now we cannot ig¬ the
nore the cry of
on
Dec,
31, 1945 totaled $85,243,- United States Government obli¬
hungry children. overseas, we have used the grim for delivery of grain but receive
Surely we will not turn our backs rind dangerous base of about 1,500 pay,.for it at some later date at 000,000, an increase of $8,417,000,- gations^ directand guaranteed,"ax §
on the
millions of human beings calories, with less for children and the price then in effect."
000, or 11%, since June, 1945, and the end of December,: 1945 ag.~
an
increase of $13,114,000,000. or gregated
begging for just a crust of bread. more for heavy workers/ In this
$51,468,000,000;. ;which
Representatives of Britain, Can¬
The warm heart of America will figure of 1,500 we have included ada and the United States on the 18%, since December, 1944. The was greater by $4;212,000,000 than
respopd to the greatest threat of the domestic as well as the im¬ Combined Food Board met on Comptroller's advices also stated: the amount reported in June,
mass starvation in the history of
ported supplies and the unra- April 17 but were unable to agree
"Included in the current deposit 1945, and an increase of $7,989,-
l,
"We
if
would
did
we
At this level
tioned foods.
mankind.
1
wish
not
Americans
be
not
share
to
our
comparative plenty with suffering
people.
I am sure I speak for
where."
be¬
we
lieve most of the adults can come
through the short period of four
months until the next harvest. The
DOO, it
on what should be done by each
figures are demand deposits of
country in providing more wheat individuals, partnerships and cor¬
and flour for the needy regions.
porations of $40,971,000,000, which
was
children's health will be weaken¬
American when I
every
the
United
to do
States
everything in its
relieve
famine
the
that
say
determined
is
to
power
half
of
the
morally and physically. They
will become susceptible to disease.
Many of the children and the aged
will fall by the wayside."
,
\ r.
500
bankers, life insur¬
officials, bankers
to ex¬
and real estate and title and trust
port during the first half of this
spoke of the monumental task of
company
getting supplies to the distressed
regions in time to be of use to the
the country will open a two-day
conference in New York at the
millions of
Waldorf-Astoria
is taking strong measures
year
million
a
wheat
of
tons
a
month for the
Asia
starving masses of
Europe.
Our reserve
and
stocks of wheat
low.
are
going to whittle that
We
are
reserve even
further.
"America cannot remain healthy
and
happy
where
der
the
in
world
same
millions
of human beings
A sound world or¬
starving.
are
can
built
be
never
upon
a
foundation of human misery."
;
Mr. Hoover's speech originated
in Cairo, Egypt, where the former
President had stopped over in his
tour of the hunger areas through¬
out
the world,, after having
has
the
taken
people dying of hun¬
ger. "Czechoslovakia, Poland, Yuoslavia, Greece, Italy, Austria, Al¬
'.
June 30:
flour to 75%
tails of the broadcast, was part of
Mr. Hoover's statement:
comes
part of the world food crisis
pean
domestic
of
delivered
months last year.
effective at
day.
"(2) The Government will offer
farmers
bonus
a
30
of
cents
bonus
is
Russian
ward
of
frontier
few
to
about
the
small
continent
the
on
A
English
countries
comprised
40,000,000
of
wheat off
farms
cents
largely
to
Thus there
feed
are
them¬
170,-
over
000,000 people remaining, mostly
less
than
themselves
and
10%
from
can
black
support
markets
their country relatives.
final remainder of about
from
"The
150,000,000
mostly the lower
income
groups
and must
have
overseas supplies during the next
four months if widespread famine
is to be prevented.
are
bushel
a
prices.
crisis.
and
bushels of
a
over
bonus
current
of
30
be
in urgent need.
manufacturers will
required to limit their
use
of
wheat in the manufacture of prod¬
ucts
for
domestic
human
con¬
sumption to 75% of the quantity
used in the corresponding months
of 1945.
turers
will
22.
reduce
domestic
more
this
reals.
gap
of 5,000,000 tons of
ce¬
I believe this could be done
by self-denial and cooperation of
the people of the better
rations of the world.
supplied
are seven substantial
where these supplies can
■Jfi "There
sources
possibly
Canada,
Britain,
come from.
They are
the United States, Great
the
Argentine,
Russia,
Australia and Siam. And to lower
this
5,000,000-ton
gap
between
supply arid the minimum needed
to
to
make
available for export.
buy
an
unlimited
amount
from
millers
for
the
Association's
of
export
ing; his trip into the Orient rind ^ Postmaster Albert Goldman an¬
"forcibly rind dramatiriany*®riy nounced on April 17 that mail
before the American people the service to! the Italian provinces of
urgency of the need for f6od?Sn Gorizia, Trieste, Pola, Fiume, and
the hunger-stricken areas.
The
resident in his cable to Mr. Hoo-
is extended to comprise all
classes of regular (Postal Union)
Zara
mails, that is to, say,; letters', post
cards, printed fnatter in general,
say
of
Committee,
American
Bankers
Association; W. C. Keesey, Phila¬
hungry areas."
delphia, The Fidelity Mutual Life
President Truman, on April 18, Insurance
Company; and William
sent a message to Herbert Hoover, L.
Maude,
Newark,
President
who has been touring Europe to
Howard Savings Institution.
study the famine emergency, sug¬
gesting that the latter return to
the United States before continu¬
Increased Mail to Italy
oatmeal
vrir, according to Associated Press
that Washington advices, added: :
"The famine emergency com¬
my personal
views. I shall state them bluntly, mittee in session yesterday with
as the gravity of the situation re¬
representatives of the
Govern¬
quires.
If there are criticisms of ment departments concerned, in¬
these suggestions they should be cluding the Departments of State,
directed at me alone.
Truly
Agriculture and Commerce, felt
have
had
some
experience- in that with only 75 days left in the
these matters and, it is my duty current phase of the famine re¬
to exhaust every possibility of lief program, nothing should be
left undone that can increase pubsaving these people.
me
Loan
to
to-save these lives J have six "sug¬
gestions.
And let
these proposals are
and
I. loan committee; Raymond
Foley,
Commissioner,
Federa
Housing Administration; George
B. Underwood, Irvington, N, J.;
F.
G.
Addison,
Washington
Chairman.
Federal
Legislative
"(6) The Government will offer
to
Savings
G.
21
wheat
Federal
Chairman
be
supplies there are not much over
6,000,000 tons available. The prob¬
lem before us, if we would pre¬
1,
months^, respec¬
'
,2,
unimpaired capital stock
banks on Dec. 31y 1945rwas
"The
of the
$1,659,000,000, including $70,000,*/
000 preferred stock/ Surplus was
$2,011,000,000, undivided profits
$689,000,000, and reserves:' $297;*
000,000, or a total of - $2,997,000,000. / This ^ivris:. an increase
"Loans and discounts
were $13,increase of $1,559,000,000, or 12%, since June, and
an
increase of $2,450,000,000, or
21%, since December, 1944.
The
948,000,000,
twelve
and
tively.
an
$149,000,000 over ■' the "'Sfctplus,
profits and reserves in June, *1945,
and an increase of ?.$280,OQ0,OOO
,
the aggregate of these-items
over
the end of December
at
the, year
capitaf
Total
previous,
funds
amounted to $4,656,000,000;
of Morris Plan Bankers
Association; F. X. Pavesich, Wash¬
ington, Veterans Administration;
James
W.
Rouse,
Baltimore,
"(5) Millers and food manufac¬
fact is that in normal commercial
.up
six
deposits, including
accounts, of .$14,160,000,000, which increased $955,000,Loan
By U. S. Corporations
road
This action also becomes
effective Monday, Anril
May
millions of lives, is to make
War
Spooner Elected Secy,
Producers' Council. Also
Woodward, New York,
Assistant to the President, Mutual
Life Insurance Company of New
York; Miles L. Colean, Washing¬
ton, housing economist; Robert C.
Effinger, New York, Vice Presi¬
dent, Irving Trust Company; John
T. Taylor, Washington, Director,
national
legislative
committee,
American
Legion;
George
L.
Bliss, New York, President, Rail¬
ceiling
wheat.
serve
Government
ri total of
$20,179,000,000, increased .\$2;566,000,000 and $2,542,000,000 4n
Dividend Paymenls
board,
processors
Food
with Federal Keserye
Inc.;'f Edward B. Carr, Washing¬
Donald B.
corn
Corn obtained under the
"(4)
reserves
banks of $10,451,000,000,
ton, President, Metropolitan Home
Builders Association of Washing¬
-
,
"As against this need the grave
❖
April
ton; Douglas Whitlock, Washing¬
ton
Chairman
of
the
advisory
cur¬
limited, effective
days' inventory of
This action is designed to
*
v
on
Government's
istrator; J. C. Taylor, Jr., New
York; President, American Houses,
bonus would be resold to feeders
in towns and cities, of whom per¬
haps
the
"(3) The Government will offer
about one-third of the remainder
able
during the
world famine
rent
next harvest. Of the other nations
are
Hotel
the
with other banks of $8,719.,000,000,
rind
National Housing Agency admin¬
by
May
25.
The
designed to entice up¬
130,000,000 bushels of
to buy 50,000,000
from farmers at
selves.
a
Government
have
people
enough food to last them until the
review
over
reported
previous year.
Other bonds, stocks and securities
held
totaling $4,144,000,000,* in¬
cluding- obligations of StatesJmd
political subdivisions I of $2,342,r
000,000, showed an increase since
June of $379,000,000, and ail in¬
crease of $600,000,000 in the year.
"Cash of $1,009,000,000, balances
in December of the
which
sessions.
was $183,000,000
and $381,000,000
percentage of loans and discounts
Speakers who will address the
greater than at the end, of . the
This order be¬
conference
are
William Divers, total deposits on Dec. 31, 1945 was previous six and twelve months,
12:01 a.m. Mon¬
special assistant to Wilson Wyatt, 16.36, in comparison with 16.13 on respectively."
^
of the amount they
in
the
corresponding
bushel of wheat delivered to
Channel.
to
executives from all
tion, will give the opening address
and John C. Thompson, President
of the New Jersey Realty Com¬
pany, Newark, will preside at the
r
distribution
be quickly summed up. There
are about
300 million people on
tke continent of Europe from the
can
company
President of the national associa¬
"(1) Millers will be required to
sur¬
Euro¬
29
>•
•
Europe,. and the .following, ac¬
cording to Associated Press Wash¬
ington advices which gave the de¬
this
period ending
program, to cover a
limit
of
ance
000,000 over the amount
housing plan, the future of the 000 and $2,993,000,000 in the six
bania and China will be without Federal Housing Administration, and twelve
months, respectively;
bread in a matter of a few days the new G. I. lending program deposits of States and political
unless we rush boatloads of wheat and the question of interest rates subdivisions of
$3,488,000,000, an
on mortgage investments.
at once," he declared.
It will increase
of
$334,000,000
since
be
sponsored
by
the
Mortgage
June,
and
an
increase
of $417,000,Secretary of Agriculture Ander¬
Bankers Association of America 000 in the
son announced
the Government's
year; postal savings of
in cooperation with the New Jer¬
$3,000,000; certified and cashiers'
order, effective at 12:01 a.m. April
22, for a cut in flour consumption sey Mortgage Bankers Associa¬ checks, etc., of $1,430,000,000, and
tion. Byron B. Kanaley, Chicago,
deposits of banks of $9,231,000,000.
as part of the following six-point
veyed conditions in 17 nations of
"The dimensions
since June, and an in¬
$4,650,000,000, or nearly
13%, in the year, and time de¬
posits of individuals, partnerships
and corporations of $15,960,000,000, an increase of $1,645,000,000,
or
11%, since June, and an in¬
crease
of $3,305,000,000, or 26%
in the year.
Also included in the
current figures are United States
of
crease
LaGuardia, who
place of Herbert
Lehman at the head of UNRRA,
"The United States Government
-
About
Former Mayor
world.
.
Mortgage Bankers
Confer April 29
increase of $3,844,000,000,
an
10%,
or
.
ed
was announced on
printed matter^for the blindf Com¬
mercial papers and samples of
merchandise, except that specialdelivery service is not available
at this time. The registry fee is
20
cents in
addition to the post¬
Merchandise is not accept¬
mailing to any place in
Italy in packages prepaid at the
age.
able for
:
letter rate of postage.
During the three-month period
ending
Feb.
28,
1946,
United
States corporations making public
reports paid $1,253,500,000 in j div¬
idends,
and
on common
preferred
1% more than during the
corresponding period a year ago,
the Office of Business Economics,
stock,
of
Department
said
Commerce,
The return of Major Robert R.
v
Spooner from the Army rand his
election as Secretary of the Morris
Plan
Bankers Association as Of
April 15 was announced at Wash¬
ington, D. C., on April 13 by Gary
M. Underbill, Executive Director.
Major Spooner's return makes, a
Association's
the
of four of
total
Apr. 10. The advices added that
during Feb., 1946, publicly re¬
ported
dividends
amounted
to
present officers who served- in the
armed forces.
Joseph E./Birnie,
$149,500,000; Jan., 1946, dividend
payments totaled $358,400,000 and
Dec., 1945, $745,600,000. Stocks of
financial and trade corporations
in
on
President of The Bank of
Atlanta, who
was
Georgia
elected Presi¬
dent of the Association at the an¬
nual convention last
a
fall, served as
Lieutenant in the Naval Reserve.
during the three-month
period 12% more in dividends
than during the corresponding pe¬
Gary M. Underhill also se.vyed as
a
Lieutenant in the Naval Re¬
riod
urer,
each paid
a
year ago.
Commerce
The
Department's
and Calvin C. Vane,- Treas¬
serve;
was
a
Staff Sergeant in the
Army until his return early .this
report also said:
"Dividends paid by corporations
yeai.
in the miscellaneous group, repre¬
ceived his honorable
than
other
transportation
chiefly
senting
railroads,
showed the
greatest decline, 9% from a year
communications divi¬
down 6%. Manufac¬
turing corporations' dividends de¬
clined 2% compared with a year
and
ago,
dends
ago,
were
but individual
that group
manufacturing
the
"Within
group,
chemicals,
leather
industries in
showed great diversity.
and
textile
14%
dividends
paid
••
■■■k
^ „■
vw>.
recently
Spooner,
Major
re¬
discharge
Fort
McPherson, Ga.y aftef nearly
four
years' service with the' Army
Air
Forces.
enlisted
at
the
He
men's
center-at Fort
separation
McPherson.
chief of the
was
counseling 'branch
Previous r;'toufs
-of
duty in,the Army took him to* "Air
Service Command installations/at
Patterson
Field,
Field/ Utah;
Ohio, and: Hill
At. the time of.being
ArmyIriMriy,
higher than a year ago; paper and
commissioned in the
printing industry's dividends were
1942, he was Assistant: Secretary
up
12%; nonferrous metals up 5%;
arid electrical machinery
"On the
dividends
ments
7%/
other hand oil refining
were
transportation
facturing
up
was
down
11%
of
Morris Plan Bankers
tion in
^
All ot the Associatioa's.,officers
and and board members hold'similar
equipment manu¬
down 10%, and pay¬
by iron and steel, and ma¬
capacities with the affiliated
sumer
Bankers Association; incorr
porated under the laws of the. Dis¬
chinery (except electrical) groups
trict of Columbia. It has
were about 6 %
in 27 states, with
ago.";
J
Associrir
Washington;
lower than a year
in 85 cities.
memberri
banking
offices
v,
.•
-sc*"1;
2274
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, April 25, 1946
House Extends Draft With Suspension Period Yandenjberg andvMonroney
Approval of British Loan Agreement
Receive Congress Awards
:jj Both Legislative Committees Appfoved CdntinuanCe^
Senator-Arthur; HJ Varidehberg
Michigan and Representative
A. S. Mike Monroney of Oklahoma
The House on April 15 passed by a vote of 290 to 108 a limited
bill to extend the Selective Service Act for a period of nine months
beyond its expiration date of May 15, but with the stipulation chat
no inductions
were to take place
between May 15 and Oct. 15, at
which
time
the
would
President
have the power to
of
the recipients on April 11 of
the first annual Collier's
Congres¬
sional" awards for the best-service
in the nation's interests at a cere¬
were
reinstitute in¬
ductions by Executive Order. The House-passed measure also pro¬
that no 18 or 19-year-olds ^'
are to be drafted, which is a blow
15 to 8, the House committee lim-i
to
War
Department plans for ited the period to nine months
maintaining Army strength a$; beyond May 15, recommended
this
group
has. been the chief that the induction of fathers be
source, of inductions. ' The bill: banned and service limited to* 18!
vides
;
also exempts jfathers from service,!
months.
and limits to 18 months the
maximum
ice
i
serv-
peripd for inducted
It
also
would
draft
lower
from
age
the
44 to
at 18.
:;;vv
Another • provision would -limit
"In that year
j there
mechanism
of
Selective
:' •.;
■
v--1
ject td conference.
tion
sent
as
to
Committee
If; the legisla-j
White House;
the
does
contain the provision halt¬
ing inductions, Willianr S. White
of
the
New
York
"Times"
tinued
re-;
tain
should
volunteer
a
Army
and
sus¬
the
Patterson
The Senate committee in giving
itsr approval to the legislation at
the same time sent along for Senconsideration four different
be reached by Sept. 1.
But, he added, ending the Selec-j
tive Service Act, thus removing;
service pay increase plans, which
the
Chairman,' Senator
Elbert
would seriously affect the
Thomas
sented
(D.-Utah)
said
the incentive to enlist
by
Senator
vision.
mittee
,
\
date
same
in
1947.
It
duction
between
on
would
require; "consistent", monthly
those
release
mean
of
various
40,000
posal sent
cluded:
pay
to
on
men
increase
the
$ Gurney's
plan
for
increasing
of enlisted men. Lowest
grades would be boosted from the
pay
were
he
present $50 monthly to $65, with
staggered increases
giving
top
grades*-'$150 compared with the
present $138.
An identical
would
!
as
a
sep¬
by Senator Maybank (D.which would grant $50. ad¬
ditional monthly to all officers
men
while
of
the
serving at
armed
sea or
be
1
V" A
naval
bill by
Chairman Thomas
which would provide a flat
20%;
pay
increase for all men and
officers
-This
and
,
.
was
in
the
armed
ate
8,
Gen.
Di
Sen-
energy
serving eighteen months, ad¬
mitting that 18-year-old youths
occupation
against
targets not
pre¬
tests, which
are
in
In
approving the extension
on
an announced vote of
times and the needs of the future."'
in
The
if
and
Hungary,
agreement
German
a
be¬
Russia, «Czechosolvakia
Yugoslavia, which
be
may
a
and
as "in the interests of ?
the United States," through action
taken
by its Executive Council,
during its annual spring meeting
at French Lick, Ind. The Executive
Council is the governing body ofi
the
Association,
consisting
of
representatives elected by ABA
ther the aims of the
present Brit¬
ish
Government, which leans so
strongly toward socialism. On the
contrary, if the loan is made and
the
members
pre¬
view of what is in store
generally
for the war losers, was announced
on
April 7, it
was
Prague,
Czechoslovakia,
which further reported:
Hungary
is
toward
attract
mittee
der
in the
to
pay
16
$30,000,000.
to
to
make
with
the
a
5%
in
monthly
unpaid
balance
six
years,'
penalty
if
on;
payment
j
lags.
recovery, and contribute materi¬
ally to future world peace. The
ABA also states:
sterling area, continue the
dollar pool, and strive for
greater
between
and
5
by
Belgium
the
the
was
State
United
made
States
April!;
on
Department,
ac-;
cording to>: Associated Press; ad-J
Washington
on
that
!
In its report the Council stated
that the loan should not preclude
program
reduced
trade in other parts of the
world,
as well as that with
Great Britain
of domestic
economy,
Government
and
recognized
balanced
expendi¬
budgets.
It
the trend toward
so¬
cialization
of some of the basic
industries of the United Kingdom
Inconte Fayinenis iit
being, incompatible with the
philosophy
of the
loan
agreement, and pointed to the re¬
as
broad
Feb,
Reported by
Commerce Dept.
Inwm& pd^emts to Individuals
February totaled $12,106 mil¬
Announcement .of :the conclu- lions, 5% less than in February
1945, the Department of Com¬
sion of a commercial air
agree-j merce Reported on
April 12. The
ment
U. S.-Belgian Air Pact
economic
it will
barriers, promote world economic
United States.
Further, that with¬
loan, if she is to save her¬
self, Britain will have to expand
out the
herself."
complete payment;
Czechoslovakia
world's
assist iri
the removal of international trade
the
By agreement Hungary under¬
took
the
to
well-being, that
tures,
Czechoslovakia
the
unique point, working capital es?
sential
000,000,
$70,000,000
of
expressed
the opinion that
other things the proposed
a
and
President
loan will provide at a critical and
$300,000,000 in cash, materials and empire preferences, all of which
will
seriously affect American
labor, Russia will receive $200,Yugoslavia
un¬
Chairmanship of W. L.
among
the
required
and.
Commerce,, Bank &>
Trust Co. of St. Louis, Mo. The re¬
port adoptedby the Council on Apr.
import
past, that it will
of
Special Activities,
on
the
Hemingway,
left
always
people who are
seriously affect the trade
states
Mercantile
forgotten that if
the loan is not made ana Britain
is unable to continue to
us as
48
posed British loan agreement by
the Association's Advisory Com¬
under great stress.
"It must not be
from
the
Action by the council was taken*
after weeks of study of the pro-'
the
a
in
District of Columbia.
people
become
much
greater, that the Government will
go more and more toward the left.
The false promise that lies in
pro¬
to
-h-
Loan
Association
.
cedure
■-
British
„■
agreement now pending before
Congress was endorsed on April
financial, 16
by
the
American
Bankers
"Many fear that if the British
loan is made, it will serve
to fur¬
ally, acts
proposed
great
as
reparations
of
make for
the
British
A
billions rate
British Loan Pact
construc¬
the recipient of:
check, the "Times"
tween
$74.7
ABA Endorses
Vandenberg designated begins
Hungary Reparations
the
September, the first month of
reconversion.
standard of living in Britain
to rise, it is fair to antici¬
pate that the people will then na¬
his $10,000
turally
desire^ greater
freedom
stated in its. Washington account
from Government controls.
of the occasion, and Mr.
Monroney
"On the other
hand, it is very
stipulated the Episcopal Diocese probable that if the
loan is not
of Oklahoma for his
money award. made and the difficulties of the
Senator
the Red Cross
-thej vices from
a
laboratory experiment,
in
our
defense
ments."
i
Senator
establish¬
i
Huffman's
J
resolution
troops but stating that the Army
»Was ordered to "lie on the table"
would be short in
manpower un¬
where, the Associated Press points
less the draft extension was
per¬
out, it is in position to be moved
mitted.
April 9, by
above
last
operations between governments^"
The statement continued:
cent action of the British Govern-;
ment
closing
permanently
the
Liverpool cotton market and re¬
placing it with state trading in
cotton as something "not reassur-*
ing to those who seek the revival
of private enterprise in trade be^
in
announcement continued:
i
v
The Department's index of total
income payments, which is based
on
evaluation of the effect of atomic
inducted
men
:do not make the best
resentative government in meet¬
ing the functional test of these
that. lie
menaces
that;
despite the drop in factory pay-,
rolls, total wage-and-salary dis¬
bursements by private, industries
were
virtually unchanged from*
January to February. Private-in-?
dustry payrolls were at the sea¬
sonally adjusted annual rate of.
$77.5 billions m February—4%
1935-39=100, and makes allow¬
ance
for
seasonal
influences, de¬
in January to
tween nations.
.
.
<H
.
"If the present world were
t
of
balanced
economies
such
one
as
prevailed
prior to 1914" it obr
served, ^objections of this sort
might outweigh the advantages of
the
proposed credit agreement,
■) but in the; war-tortt world of to!*'
should give us the information
Income payments in
Under its- terms, thisFebruary, day actions must be directed to-'
nations after
seasonal
which is essential to
adjustment, were ward what seems the best way out1
intelligent air lines will be permitted entry!
of unprecedentedly difficult con¬
planning in the future and an at Brussels on .a pouter from the equivalent to the annual rate of
ditions.
urge a one^year
with
they
beginning
Associated
weapon
and other
nature of
War
Dwight
went before the
Committee to
draft
extension,
new
"These
Navy departments.
On April
Eisenhower
rent needs and thus facilitate
rep-i
that
viously exposed to it.
services.'
asked by both the
conducted
as
lutionary
4
assured
cers will be
working in ignorance
regarding the effects of this revo¬
services
outside the
to
adapt
Congressional
equipment and procedure to cur-;
importance and that
been
:United States.
•
resolution
ships, aircraft and military ground
equipment, as well as our strate¬
gists, tacticians and medical offi¬
A bill
and
a
"Without the information from
these experiments, designers of
.3. C.)
•
Senate
tinued:
.
use-j
fulness
intro¬
scheduled,
Press Washington advices state:
The
President's statement con¬
increase plan
by Senator Revercomb (R.-W. V.)
arate measure.
of vital
had
July
pay
•which would be offered
the
!
"Without the aid of seniority he
has worked with conspicuous
stated in Associated Press advices
calling for cancellation of atomic
bomb tests, President Truman on
April 12 stated that these, tests
■
Young continued:
from
recently
better¬
terms,
discharged servicemen.
The Department noted also
;
ability to trade with the United
also! States is certain to grow.
All of
this being true, the loan
agree¬
we
that
On, President Says
who
growing
to
in the standard of
was
in its final form
duced in
in¬
"Times"
''A" BombTesfs to Go!
(D.-Ohio)
pro¬
Senate
May 15.
a
Representative1 ment, as arranged, is a
selected because of tive document whose
carried out, should not
his
work
toward
streamlining!
Congressional procedures,
Mr. waste, which is one of
Stating
Monroney
his
In what appeared to be a
reply
to the move of Senator Huffman
monthly.
the
add
re¬
levels.
Senators estimated that this would
The
to
the country if the Selective Serv-i
ice Act were permitted to
expire
>
Only one major change was
:
made:; in the Gurney bill.
This
•fixed* the strength at
1,550,000
next July 1 and at 1,070,000 for
-
21
Gurney (R.-S. D.), voice to those urging extension of
the draft law.
Mr. Byrnes
a- pay increase
pro¬
pre-|
press
advices we dieted a critical situation before;
•
.
March
on
From
quote:
the
j
4
Secretary of State James F.;
Byrnes also went before the com¬
The draft extension bill, prepared
also included
Navy'sj
program.
repre¬
committee "compromise."
a
voluntarily,!
the
quote:
.
'
enable
in
From
of
ports that proponents of a strong¬ requisite
size,"
Mr.
er measure
will urge the Presi-, said,
"the military position of;
dent to veto the bill.
this country, and therefore our.
*
The
Military
Committees of ability to preserve the peace we
both the ' House and Senate ap¬ have won, would become
precari-i
This country cannot afford.1
proved extending the Selective ous.
Service Act, the Associated Press to take chances on man power for
reported from Washington.
The the Army," he added. '5
Senate group on April 11 recom¬
Secretary of the Navy Forrestal
told the Committee that he be-i
mended a full year's extension;
the House Committee, on April 9, lieved the Navy's two, three, four'
and six-year enlistment contracts
•recommended
an
extension
for
nine months instead of the full would offer sufficient inducement!
for
voluntary enlistment and that;
year
sought by the Army and
the Navy's manpower goal would
Navy.
ment
for
recruiting: bility well."
our
fail to establish and
to
out into
many,
the opinion of a
majority: many countries of the world. As
of the committee he met this
great; such standard of
living in other
opportunity and great responsi¬
foreign countries improves, their
on
and
be
foreign
Mar. 21 to urge the!
draft's extension. "Should the Se-i
lective Service Act not be con-!
program
<1945)
especially
great need, as there has
was
been
i
House action would then be sub¬
with Great Britain."
"The effect of the loan should
living of
a
generation,. that the: Great Britain," said the
Associa¬
policy of the nation on tion's
statement.
"This, should
major questions be unified, so result in
reducing governmental
that at the frontier our
people! controls and
furthering private
speak as one..
The opportunity!
enterprise.
If world trade is re¬
came
to Senator
Vandenberg, as: built, the same value—that
is, an
a member of the
minority party,! increase in the standard of
living
to bring about the needed results;
—should
reach
Service
meats, to provide an Army of 1,070,000 a Navy of 558,000 and a;
Final action on extension of the; Marine Corps of
108,000 on July
draft has yet to be taken by the
1, 1947.
Both Secretary of War Patter¬
Senate, and Administration lead¬
ers are hoping that any measure;
son, as well as General Eisenhower
and
■passed by:this^.bp(^!.wS8' not call;
Secretary of the Navy Forres-!
for a period of suspension.
The! tal had gone before the House;
'
Industry Association of New York on April 11 following a-study of
the economic,
sociological and political implications Of the problem."
One reservation was made
by the Association in its all-out endorse¬
ment of the loan:
"In view of the recent decision of the BritisH
merce
"Times":
the draft law in effect beyond its. inductions to only such
numbers,
"expiration
date,
leaving
the as would be neeesary, with- enlist-
operative.
interest of the United States, Congress should
approve
the loan agreement with Great
Britain," declared the Commerce and
in the Rose Garden of the
Government to buy cotton in
bulk,<^
White
House
where
President; which is
against the interest of
However, income payments to
Truman made the presentations;
world trade,, if the loan
agreement civilians advanced slightly dur¬
of a silver plaque and check for
is to be approved
by Congress, ing February because of contin¬
$10,000 to each winner. Regarding
foreign
traders
in
the
United ued gains in income paid out by
the choice of Senator Vandenberg
States should be assured
by our trade and contract construction
for the award, Oweii D. Young,
Government that it will
protect establishments, a rise in agricul-r
Chairman of the Awards Commit¬
the rights of United
States na¬ tural income, and a large in-*
tee, stated, according to Washing¬
tionals to engage directly in com¬ crease in
ton
unemployment benefits«
advices to the New York
mony
30, while retaining the minimum
The
only apparent purpose; in
the
House-passed bill is to continue
Urged by Commerce & Industry Assn. ■1
"In the
date, from which
we
also
quoteij
clined
from
232.4 in
233.5
February.
$156.1 billions compared with the
United
States, via Great Britain actual
andrBelgium, to Iridia. They alscj
wilt,be allowed entry at Leopold-;,
ville, Belgian Congo,
on
a
record total of $lo0.8 bil¬
lions in calendar year 1945*
"In the efforts this country is
making to establish international
The-February decline in the in¬
peace and
well-being we need
partners on whom we can rely it
dex of total income payments re¬
route
sulted in part from a sharp * reBouth duction in total
military ■ pay
stated, who share
our objective^
proved
herself a:
In return, Belgian air
by continued demobiliza¬ staunch and loyal partner. Today
tion.
of
the
armed
Britain
forces.;
Con¬
needs our help to rebuild
services will receive the
right to
traction in factory payrolls—at¬ her
to the floor at any time should
strengthtomake her a morfe1
any operate on a route from
Belgium tributable to work stoppages—also
effective
partner. It is in our in¬
Senator wish to take it up.
to New York.
was an important factor.
terest to strengthen Britain."
:
from the United States to
Africa.
caused
Britain
has
.Volume 163
Number 4484
CHRONICLE
THE COMMERCIAL & FINANCIAL
of
*
(Continued from first page)
Democratic
delegation
in
the
House of Representatives were
elected because they believed in
the people and the President who
that it is
Party Loyalty
fraud upon the voters
a
tured material came from the East
and
the
Middle
You
West.
2275,
Describes Federal
ffewYori$ Mutual
Data
Saving* Banks, to Close
Saturdays During Summer
Misleading
as
All of the 55 mutual savings
(Continued from first page)
in full agreement with President growing up.
You now have the piled' the monthly figures showing banks in the five boroughs of New
Harry S. Truman" if he then votes biggest bank in the United States. changes in the cost of living. The York City will not be open for
in Congress against the forwardThis means that the people of case of
organized labor against business on Saturdays during the :t
represented the people—Franklin looking program enunciated by California have made and saved him is that he refused to change four summer months starting SatD. Roosevelt. The votes of most President Harry S. Truman..
money
and deposited money in the official figures so as to sup¬ ttrday^ June 1 through Saturday^ t,
o'f the Democratic Congressmen
New issues arise from time to that bank. If you and your elected port the claims of the unions that Sept.
28, according to an an¬
from California have, been in line time
Democratic
representatives will they must have wage increases nouncement
made
jointly
on
upon which parties have not
with the promises they made to
taken stands in their platforms. fight continuously against mono¬ because the cost of living had ad¬ April IB by Harris A. Dunn and 1
the people of California
when When an important new issue polies and cartels, and for the in- vanced more rapidly than indus¬ Raul W. Connelly, Chairmen re- y
dustrializatibn of& the ? West, you trial pay.
they stood for election. Most of arises, if the
spectively of Groups IV and V of »
;■
;
President, the Presi¬
the Democratic Congressmen from dent Pro Tern of the
Canr surpass your
great *. accom¬ I ""Impftcations of these "develop-' The Savings Banks Association of
Senate, the
California have realized that they
owed
a.responsbiility to the Dem¬
ocratic Party.
'
I I recently made some remarks
about party responsibility.
I do
„
,
wnen
Rouse; and & party caucus
when the issue is up for a vote iri
Congress, be governed by such
majority agreement. A Congress¬
the matter further.
two-party system is the
only system that has worked, and
can
work, in the United States.
Committee which
of
son's day. It is true now. The only
third party which has attempted
of
man
room.
have subscribed to
Ex-President Herbert Hoover
believer
a
It
is
in
the
-
.
The mil¬
ments are sinister in the extreme.
the State of New York. The Asso¬
Nothing will more quickly and ef¬
fectively destroy the public's con¬
fidence in the Government's fact-
ciation states:
j Whiles I
voters, who
through
party organization that our people
can
give coherent expression to
only
of
are
and
good faith with the people
Who support a party at the polls
require that party, when it enters
office,
to
the
assume
control
during the
~
living in the Far East. When the
standard of living is raised any¬
where in the world, it is raised
everywhere in the world. As the
Orient prospers, the West pros¬
pers.
As the West prospers, the
nation benefits, for we are mem¬
never
bers
that
often the balance
in
when I called for party responsi¬
bility the other day reminds
debating
society.
members offered
other
member
One
of
The
resolution. An¬
a
made
to
bitter
a
speech against the resolutidn. He
finally said, "To tell you the
truth, I do not object to the reso¬
lution. I object to the so-and-so
who proposed the resolution."
A
who seeks to
man
secure
independent
Reactionary
actionary South.
We live iri
can
the Re¬
no
ary
because
served
call
*
Senator
Ellis
There
the
are
in
the
subservient
few
a
House
Republicans
Representatives
of
Senate
the
to
who
rulers
are
not
of
the
as
ple in the South who follow their
There
the
are
a
few
Democratic
men
label
who
who
lead,
wear
for the
welfare
of
the
These
are
our
objec¬
are
no
superior
races
We welcome every
and
in, and
out, of Congress who upheld the
good right arm of Franklin D.
men
Roosevelt.
We
women
can
use
some
ditional
good Democratic
gressmen from California
fight for progress and
ad¬
Con¬
as
we
peace. *
United States Recognizes
Yugoslav Regime
Democrats and progres¬
The overwhelming majority
are
people of the United States,
North, South, East, and West, are
against bigotry and reaction.1
sistently vote against the general
energy.' We be¬
employment and
the rights of man. We are grate¬
ful to California and- to the West
of the
con¬
Upon
slavia
the
of
Yugo¬
that, it accepts all treaties
assurance
existing between it and the United
We ask them to repent, to live up
States, this country has agreed to
full diplomatic recognition of the
| to* the principles and platform of
jectives.
We are short 33 million
Tito Government, which includes
the Democratic Party and to fol¬
homes in the United States now.
the exchange of representatives of
low in the path of Franklin D.
This is a good time to prove to
the two nations.
Roosevelt.
Our welcome mat. is
When the State
real estate lobbyists, lumber lob¬
out for them too.
Department on April 18 made an¬
byists, household material lobby¬
nouncement of the acceptance of
ists, and others who- speculate
v ■ L
Upholds Party Loyalty
the Yugoslav regime, it also stated
while people are homeless that we
vrUnless a member of the major¬
that; American willingness had
really believe in the general wel¬
been indicated to accept as Yugo¬
ity party in Congress votes in
fare.
■/
•
1 /
slav Ambassador Sava N. Kosanofavor of major issues upon which
The President and Congress are
he and other members of his party
vic, Tito's, Minister of Information
vigorously tackling the housing at. Belgrade, the Associated Press
were elected, the legislative
branch of our government ceases shortage, but you in California reported in its 'Washington dis¬
to function.
The voters do not can lead the way in housing just patch.
Richard C. Patterson, Jr.,
have an opportunity to reject him as. you have led the way in pfo-. will be United States Ambassador
for two years. To prevent a stale¬ gressivd irieasuros frojri the early; to Yugoslavia. Mr. Patterson;-was
mate, his party in Congress should days of Hiram Johnson until this formerly ■„ envoy to the former
discipline him immediately. Much good hour. If and when yon elect Government
Peter,; and
American people.
j
Let
us dedicate ourselves to
realization of a few primary
the
ob¬
.
•
:
progressive, , .forward-looking,
the work in- Congress is done a
through committees, and the most hard-hitting Democratic Governor
of California this fall, he and you
effective way to discipline a mem¬
will make certain that there are
ber who has turned his back upon
has recently been political repre¬
of
his party is to'deny
him commit¬
tee
appointments,
x
x- ! t: v
Believing as I do that the peo¬
ple have a right, not only to
choose their representatives but
to vote on important issues, I say
a
full
of
pressure
be
national
the
debt
has
been
If the volume of indus¬
production increases vigor¬
ously just before the fall election,
shall we believe the figures? When
the next Census is taken shall we
take
seriously the announced pop¬
ulation figures?"
sentative at Belgrade.
due
summer without uriinconvenience to depositors.
banking hours in ef¬
The special
evenings a wee!* :
at most savings; banks accommo-y >
date
those
who
are
unable to •
fect one or more
during the-
transact their business
normal banking periods..
-
*
"Further,- according to a survey
just made by one savings bank,
depositors generally favor Satur¬
day closing during the summer
months. In response to a quesi*
tionnaire sent to depositors who
.
•
.
transacted business withthebank
only;
were
plan,
on
Saturdays,
seven
the
replies
;
to one in favor of the
irrespective, of any. incon-, •
it might
cause them, / *
Would Make President's
while only 71 were opposed.
those not in favor, 21 were
active savers."
Term Six Years
I A
;
a
move
year ago
which began more than
to amend the Constitu¬
X
-
Reference to the bill
mits
••
which per-t
closing
Saturday
Of
not
all
York
by-
banking institutions in New
State, was made in "The Chron- 1
icle" of March 21, page 1531. The
decision of the Stock Exchange to
of office comprising one term of
close on Saturdays during the four
six years instead of the present
months was noted in our April II
system has been revived by its
sponsor,
Representative Dirksen issue, page 1941; similar action '
has since been taken by the Clear¬
(R.-I11.), according to Associated
ing House Association.
" .'
Press advices from Washington on
tion
so
United
that the President of the
States will have a tenure
April 8. The movement it is stated
is supported by a strong group of
Republicans in the House, includ¬
ing the minority leader, Repre¬
sentative Martin of Massachusetts,
who have started a drive to obtain
I
.p 7
.
*
N
;•
•
..p~,
Truman Addresses
Pan-American
Group
April 15
Board of
Pan-American Union in the
President Truman on
addressed the Governing
Representa¬ the
which would be sufficient Hall of the Americas at the Pan- \
to have the amendment removed American Building in Washington,
from
the
Elections Committee, urging the American republics to ;
where it has
been pigeonholed help eradicate "the poverty and
since its introduction, and brought despair" which breed wars, the
Press reported.
De¬
before the House for a vote. Mr. Associated
218 signatures among
tives,
the danger of war ;
completely elimi¬
"the economic
ills
forthcoming.
which constitute the roots of war
Before a proposed amendment
are
themselves eliminated," the
becomes effective, it must be rati¬
President continued, in part:
fied by the Legislatures of three"We must achieve the kind of
fourths
of
the
States,, it
was
life—material,; cultural and spirit¬
pointed out by the Associated
ual—to which the peoples of this
Press, which also stated:
world are entitled. To that object j
"Next year most of the State
tiye we must dedicate all; our j
Legislaturesrwill be in session and
energies and resources."
,/<■** .»
if the amendment is submitted to
This, objective, he sai(t is
•
them now there will be time for
bodied im the word "democrary^
action before the 1948 Presidential
Martin has
predicted that the re¬
quired signatures will be readily
claring
that
would never be
nated
until
,
,
;
which*- -is. the, rallying, cry .today.
election," Mr. Dirksen said.
for free men everywhere rife,their
! "A
situation
has
developed
.
whereby the President in his ca¬
pacity as the head of a political
party,, plus the power of appoint¬
ment which is vested in him, plus
t
.
struggle for, a better human, life."
;
Asserting that "deDdricracy" car*
ries/"different meanings in differen.t languages,"
he added: ; "It is
»
fortunate that we of, the Panr* »
of propaganda, plus the
fact tHat people naturally associ¬ American nations do have certain '
ate any President with, benefits c <5 m iri q ri, fundamental under- '
which ' flow from the ' Federal
standings of what the Word 'de^
Treasury, may be able to perpetu¬
mocracy' means.
ate himself in office."
the power
Conceivably our recognition of
"Despite our differences in lan¬
That
Yugoslav government is of
situation, he contended,
good homes at fair prices for all particular interest to Moscow, as it would exist, whether the President guage and cultures, we do have
of the people of California.
was a Democrat or a Republican*
removes: one 'More; country from
Un common a love of liberty,; a
In California you built ships and the group? not yet recognized by
arid the people should have a
recognition of the dignity of man
airplanes
and
produced
steel the United States because, in most, chance to say whether "such enor¬
and a desire to improve the welland aluminum during the war. A instances, of differences with. Rusmous powers should be subject to
few years ago all of the manufacsia on their policies.x
some limitation."
being of our citizens."
the
;
venience
the
of
in
cit¬
izen, white and black, into the
Democratic Party, who believes in
hundreds of thousands of peo¬
sive.
■c?
There
there.
out for them.
secure
trial
in ^civilian
to work for full
America.
of
Republican party. We invite them
to join us.
Our welcome mat is
full
abundance.
Martin
from
and
believe
to
Now there is danger that the
statistics will
blessing
to the people of
States
We
able
group political
enlarged to in¬
clude more departments and agen¬
cies.
Ought we to credit reports
area
a
tives.
are wrong.
Texas reaction¬
comes
ter.
or
employment
and full production and an age of
Georgia, Claude
Pepper of Florida. Luther Patrick
of Alabama, Kefauver, Priest, and
Gore of Tennessee, Homer Rainey
of Texas, and other Southerners
in arifcl out of Congress, as well
cratic Party
<
and
tinue
Dies once
than you can
reactionary
because
Taft
Arnall
United
been
disclosure of the facts in that mat¬
atomic
that
will, be
curse
lieve*1 that
in Congress
Ohio
ucts are
fight
full production can be attained in
the United States.
We shall con¬
liberal America. You
call
believe
prices for farm prod¬
computed, but they have
control of atomic
see
■
Welcomes Republicans to Demo-
in
a
more
a
world.
South?
They
We
not
the
eral North and West, and the re¬
of the United States is wasting his
time.
>*
will
days of normalcy.
in standing
unalterably opposed
by
which parity
reduced?
believe
are
the theory that we must
and
op¬
that, and it will deserve to lose.
publican nomination for President
*
voters
old
not
We
energy .can, and
Some people talk about the lib¬
forward-looking, progressive
do
Russia.
profitably and free from
threat of monopolies; it will
lose control of the government.
the
good
anybody, whether it is England
the
of an incident which occurred in
a
to
of another,
one
We
to
If the Dem¬
erate
me
thou¬
We Democrats do not believe in
remains progressive.
men
hundred
one
j No Belief in Old "Normalcy"
still.
right of business
cities, of
the
certain that the Democratic Party
the
:
.
which has just
canvass
a
doubt and distrust the methods
farmers' right to fair prices, upon
t
of
a real foreign trade you must buy
from other, countries.
You will
thus help build up the standard, of
Party ever turns its back
upon labor's right to organize and
bargain
collectively,
upon
the
that portion of the government to
which it has been elected."
The furor which
was
raised
;
completed of all of the sav-* •
picion that their reported statis¬ ings banks in the area, following
sand people which do not even
tics are shaped by politics^
The the permissive legislation enacted
appear on the ordinary maps.
It Treasury Department has recently this year; extending the Saturday ;
is time for the people of the Far issued a news release
reporting closing privilege from July and
West to shake hands with the that the budget was balanced in
August,
to
the
four
summer .
people of the Far East. Mora than February and March.
That is a months. The savings banks strong¬
;ualt of the people, of the world condition of
political value as well ly supported ■ this change in the
live across the Pacific.
The ports as of economic solace. • But it is law; as
nearly all of them in the
of the Pacific are destined to- han¬
really so?
How would an ordi¬ City have remained closed, on Sat* §
dle more traffic than the ports of
nary,
private citizen go about urday during July and August in •
the Atlantic.
San Francisco can, finding out whether it is really so. recent years except during, th«r
and
will, become
the
world's or not?
war emergency. This extension to
f
greatest port. You will sell to the
"Cynics -among the economists four months enables bank em¬
Far East, but in order to build up and statisticians have long held in
ployees to enjoy longer weekends
ocratic
of
suit
been
elections, are en¬
titled to know before they vote,
whether the candidates they vote
their views on great issues which
for are masquerading under phony
affect the welfare and future of
labels. We cannot tell the Repub¬
the Republic."
President Calvin lican
Party that it must remain
Coolidge added, "Common honesty
reactionary, but we can make
power
ip Soviet: Asia I
gathering agencies than the sus¬
saw
voters in the United States. These
party
was
4
,
"The announcement was the re-
.
power
legislation
.
are
lions who- are here; the ^pillions
who will come, and Siberia, India,
and China will be your customers,
plishments of the past.
There are, and I am glad that
there are millions of independent
Republicans
am
has
over
his guide, but he should not
expect any ice cream and cake
if he has set fire to the living-
-.The idea of party responsibility
so non-controversial that even
"I
death
be
is
government.
or
member. He can vote as he
pleases. He can let his conscience
years.
says,
life
any
buried in Wisconsin the other day.
It. had been dead for twenty-two
it.
party's
by his party. ;
Nobody is trying to stifle the
ffee speech or the free vote of
officially
was
his
sponsored
to operate on a national scale in
the
United
States
within- the
memory
is against
should not
expect his
party to make him Chairman of a
program
true in Thomas Jeffer¬
was
who
man
The
This
agree
Upon it, the members of the ma~
jority party in Congress should,
said and, because I feel so deeply
on
the subject, .1 would like to
*
"X stand
says,
Speaker of the House, the Major¬
ityv Deader^ - in the Senate and
npt wish to take back anything I
pursue
candidate
a
2276
THE COMMERCIAL & FINANCIAL
CHRONICLE
1944, 68% of the pollees approved
extension of the social security
laws to provide doctor and hospi¬
tal care.
Of these, 58% still fa¬
Getting Results Throngh Insniauce Research
.
(Continued from first page)
bring about a better utilization of
insurance reserves and funds,
4.
■v
Actuarial Research—To pro¬
vide
a
ance
rate structure.
5.
U
sound basis for the insur¬
Distribution
fire
prevention
shown
.
Losses.
Research
—
To
information on agency
management, recruitment, costs,
causes
of lapses, production, fi¬
nancing and innumerable other
matters of importance in the dis¬
by
the Index of Fire
This Index, using 1926 as
its base year, shows the relation¬
ship
between
the amount of in¬
written each year and the
amount of loss caused
by fire.
In
Continu¬
1930 the Index was 94.0.
fire prevention effort reduced
ous
this
figure to 49.7 by 1942.
Companies
Casualty Insurance companies,
General
Management
Re¬
improve general ad¬
as
result
a
of
the
losses
which
ministrative procedures, working
they sustained in the early days,
conditions and employee relations.
soon
Let
turn
us
to
now
one
of these
major fields-—the one directed to¬
ward^ reducing loss: Prevention
Research—and
Conservation
and
'few
a
the
of
major accomplish¬
by various branches
ments
made
of
business in this field.
our
The
Life
Insurance
companies
have "long been engaged in all
types of research, aiming toward
increasing the life span of our
population.
Committees of the
Actuarial Society of America and
the Association of Life Insurance
Medical
Directors have
gaged for
research
been
en¬
26 years in joint
over
insurance
medicine,
resulting, for example, in the table
of; average weights in popular use,
well
as
of
as some
the
oft
011
adverse
our
knowledge
effects
of
over-
Weight on health and longevity.
Probably the greatest single or¬
ganization for
research
is
any
the
type of medical
Life
Insurance
Medical Research Fund.
began to turn to research in
order to learn
tors
they
This
more
about the fac¬
influencing losses on the risks
were. insuring.
Research in
accident
prevention
has
resulted
in
such
tremendous savings in
working conditions that an indus¬
trial
worker
3
1
to
today has almost
chance
worker
Increasing the Life Span
'
of
over
1913
of
a
the industrial
never
being
killed at his job.
Almost every
ance
of
casualty insur¬
today has its staff
company
engineers continuously
carry¬
ing
on
inspections, surveys and
consultations for their policyhold¬
ers.
Typical/research carried on
by companies^ includes the devel¬
opment
of
special types of ma¬
chine guards for mechanical haz¬
ards.
Many companies maintain
experimental
the
machine
shops for
developing and perfecting of
such devices.
!
!
-
In
addition #0 their own work
in industrial safety carried on in¬
dependently |b| each other, insur¬
ance
companies have long
ated
with
or¬
cooper¬
which'
together
constitute
"the
Norl killer" in America. Of equal
importance are the general wel¬
fare research programs conducted
by life insurance companies, both
individually and jointly, among
which-are' nursing services for in¬
dustrial policyholders and the dis¬
tribution of welfare pamphlets,
millions < of which have been dis¬
tributed, over all
parts of
the
world, 1 translated
into
almost
Research result¬
which for more than 20 years has
workej&yAfty. combat accidents oc¬
curring in the -'home, in public;
mortality exper¬
ience of policyholders have been
most;-valuable to outside health
agencies and has stimulated sim¬
ilar methods
by Federal, State and
city health departments.
Prevention
Fire Insurance companies have
carried on individual and
cooper¬
research in fire prevention
ative
since the early days of this busi¬
The National Board of Fire
ness.
for
example,
has
been responsible for the establish¬
ment of the
Underwriters Labora¬
tories,; Inc., a non-profit organi¬
zation,-familiar to everyone who
has
ever
bought electrical fixtures
for
his home, as its tag of
ap¬
proval is' a guarantee of safety and
good workmanship. The National
Board J has been
conducting
search activities
ag
reports
on
re¬
its own, such
fire hazards for spe¬
industries, and recently it
cific
on
established
^a
special Division of
Research which will
keep abreast
of the latest
technological devel¬
opments
ards.
fire
and
Protective
of
study
special
haz¬
The most important
private
organization is the National
Association, composed
Federal,! State
and local agen¬
cies
and. other individuals inter¬
ested ;in, fire
prevention, which
sets up technical standards of fire
prevention. Although it is a noninsurance group, the Association's
founder
dents
Fire
and
have
several
been
Insurance
of
its presi¬
insurance
companies
men.
have
made detailed surveys of entire
cities and made special recommen¬
dations'^or eliminating all discov¬
erableTire" Haziards?^
progress
has/ been made; through
more
extensive
public opinion polls;
of market research
niques; and "(3) the setup of
tralized research
For
cen¬
2%%
of
would
be
1%.
departments.
number of years many
a
the
vored
(2)
tech¬
to
in¬
Of
companies have used polls
of agents' opinions
concerning com¬
taken
the
instead
out
68%
same
of
referred
above, 48% preferred that the
Federal
surance
plan if it meant that
people's
pay
checks
Government handle such
plan.
a
and
advertising
However, polls on the
opinion of the general public, re¬
lating to insurance company man¬
Whereas all three surveys show
the great majority of the
American people prefer a system
agement, Government regulation,
need for new coverages and other
subjects vital to the insurance
imented medicine, there are three
policies
pany
business,
tention
of
were not
given much at¬
comparatively re¬
National polls by insur¬
until
cently.
trade
ance
that
associations
on
the
public's opinion of the business as
a whole, have been conducted for
a
number of years
by the Life In¬
private insurance and non-reg¬
traffic
and
casualty insurance, over
initial purchase.
of agency opinion was
made in the late war years by one
of the larger companies.
Accord¬
ing to that same study, the ma¬
jority of agents believed that their
best potential markes. for casualty
insurance would be in the automobile comprehensive lines,
windstorm,
automobile collision
and use and occupancy insurance.
Among statistical estimates of in¬
surable
risks, I would like to
mention one which showed that
in 1938 the market in New York
A
above their
J^^>|shbnesty
Suret^fpmpariies also have re¬
cently .installed research depart¬
ments
auping to prevent embez¬
zlement and loss through dishon¬
esty. Careful studies are made of
the cause of losses, audit systems
used
by the employers are ana¬
lyzed, and reports are rendered of¬
fering suggestions to prevent the
repetition of such losses.
Surety
research d evelops techniques
which make it increasingly diffi¬
cult for an employee to be able
to
steal.
One large wholesaler,
example, showed 85 defalca¬
tions in a single year before such
a research investigation was, made
of his business; after the research,
only 14 occurred during the year.
for
These
surveys
claiming an. answer to
substantially the same question
that 48%, 44% and 16% of our
City for fire insurance on homes
was 60%
covered for fire insur¬
people are approving a certain
type of program.
Space does not
permit the analysis I would like
to, make here, but I believe it
would be possible to explain the
divergence by breaking down the
passenger automobiles
and for health and accident
furnishings only 18%,
for
ance,
for
13%.
•
Many
surveys
their
to
utilized
'
instances
of
\
£
20 %»
needs
4
■
not been
have
extent be¬
full
organizations,
Institute, and a similar
timing, which did a slpendid job of sci¬
survey
is now being sponsored differences in the composition of entific
sampling and tabulation of
by our Association of Casualty & the sample selected and, most im¬
results, *vdid not understand some
Surety Executives.
portant, variations in the choice of of the
problems peculiar to insur¬
charts
surance
Public Opinion
Polls
ance
conducted
words and the order of questions
Polls
for
the
employed
insur¬
this
are,one of the major
keep ""management in
to
whole has
ward
heear mpsf
not
seem
to favor
though it may not quite
type of reform it wants.
iw the
-as -a
|§
friendly.,^
Polls
Opinion
One ofihe" fkst/pdlls found
methods
on
Distribution
polls
on
distribution
of course, of vital
general pbput 96%, oi#J& importance to both companies and
public had absolute .confidence-lb agefits. According tp the surveys
the safety and..stability pf
insuy.? made, nearly half of the policy¬
are,
that in
ance
holders in fire and casualty insur¬
compa^|^^
ance
companies could not give the
name
92%
anC/^^b^Mjg^ple
of the insurance companies
which .covered their policies.
Of
interest are the reasons why peo-
had
iavoraBle>lmpressidns ojuthe.in^
sqrance %u$lnessF This latfer ,pplt ple'buy from
indicated fMt B^fen '83%
90%
the
of
people
mid
interviewed
had
the
particular agent or
broker! The major reason, accord¬
ing! to all surveys, seems to be the
quality of service which he ren¬
oh
insui^h^'Bh^ess-Itlflv^e^
a
der^., (The percentage of people
afurvey, 63 % buying insurance from
consid€i^d^tetiran^^ompan|e§ because of his service
cording to
•
an
agent
varies
in
A*
interpret
properly.
them
a»
type of reform in the eco¬
nomic structure of U. S. medicine
even
insurahde;^
ment.
issue is
claimed in certain
sofine
important issues treated by
various surveys.
The
consuming-Public
as
quarters, but it does
trends, par¬
ticularly the opinion of the pub¬
lic.
Let me jpltg^just one of the
survey
and were unable to
ance
the questionnaire.
public opinion on
controversial
crystallized
touch with important
more
in
Undoubtedly
business
ways
the
cause
to differences in
as
*
^ihe-^j^id^^evenM-on work i-43% deal with friends
74.^Mytha^Mghway safety tives; 18% buy because
&nd
programs
-
deyjsgdt
.^insurance
compani^^pe|soff]lyr? benefited
them.
A
that-85%
fourth 'survey showed
bf th§. people thought
•
that insurance companies contrib¬
uted to the general welfare of the
agent; 14% ex¬
pect business reciprocity; to 11%
the agent represents a well known
company and to 4% he did a good
job of selling.
Still another sur¬
vey lists 15% choosing an agent
because
and
of
development of this country.
ment
the extension
of Govern¬
control
number
of
over
business, a
interesting polls have
been conducted
on
the attitude of
the public toward such
regulation.
In this connection, public opinion
major is¬
sues of social insurance, particu¬
larly in the fields for which pro¬
has been polled on the
tection is
now being provided by
private insurance.
rela¬
some one
recommended the
people and 75% thpught that the
companies had aided the growth
With
and
surance
of
confidence
company
in the
in¬
and 4% because
price.
Agents'
opinions of company
advertising
vary
greatly.
One
shows 37% of the agents
as
considering most insurance
promotional material uninterest¬
ing and lacking sales appeal. Ac¬
cording to the same survey, 50%
do not use any of the material
sent to them by the home offices
or if they do, they use it only to
a negligible extent.
Blotters and
survey
are
only in¬
Let me call your attention to folders were considered the most
outstanding re¬ just one
question which is much effective methods of advertising;
strides undertaken by in¬
in the news today, and which was newspaper and radio advertising,
surance companies in
preventing researched
by several national as constituted at present, rated
and
eliminating ■ the causes of polls. I am
v
»
Referring to the con¬ low.
losses, / Companies today recog¬
troversial issue
of
Government
Market Research
nize that they cannot simply in¬
extension of the Social Security
Little has been done in market
sure against
existing hazards, but Act to include accident and sick¬
research
of
potential, insurance
must seek in every possible Way
ness insurance.
which could be sold.
The few
to diminish the hazards
against
In the first survey conducted surveys made may be classified
which they offer protection. This
1943, 32% of the according to (1) consumer opin¬
practice is not only good business during July,
American people approved of a ion on coverage they intended Ho
but good public
relations, and in¬
plan,, increasing
social Security buy ; (2)',agents' opinions as to cov¬
surance companies
recognize it to
taxes for the use of a medical and erage they believe will be sold;
be both.
hospital insurance program.
Of and ' (3) estimates of insurable
New Fields for Insurance
these, 16% would still approve if risks which are not covered. Ac¬
Research
this meant the increasing of social cording to one survey, of small
During the last few years, in¬ security taxes to '3%.
According home owners, 52% of the people
surance, like most other
businesses, to a second survey during August questioned intended to take out
has
turned
toward
new
fields of the same year, 59% favored an some form of
casualty insurance
of
research,
realizing * that its extension of social security to in¬ bh- their homes!?' Another survey
operations had reached a
point clude health insurance and 44% made of a small community in
where it had become a trustee of
of those favoring were willing to California discovered that roughly
public funds with definite social
pay 6% of their salary to make 50% of the families take out addi¬
obligations to fulfill. This new re¬ .this
program possible.
In a third tional fire insurance, 20% addi¬
search involved three new devel¬
survey undertaken during
August, tional life insurance and 17% ad¬
dicative
'■j* 0!
survey
...
Centralized Research Departments
certain major
In
fields of re¬
insurance has used cen¬
tralized research methods for a
search,
long time.
I am referring to or¬
ganizations such as the Life Insur¬
ance Agency Management Associ¬
ation (formerly the Life Insur¬
ance Sales Research Bureau) and
the National Conservation-Bureau,
referred to above. In others, cen¬
tralized research is new or just
developing.
In the development of central¬
ized
research,
sincere
tribute
should be given to the signtfP
cant contribution made by the in¬
trade press and organiza¬
responsible for insurance
publications. For more than
half a century they, almost single-'
handed, have compiled over-all
statistics for our business.
Inas¬
surance
tions
trade
much
the Government had con-?;
as
4
cerned itself little with insurance
great part of the gen- >
eral research data had to be based,
statistics,
a
elsewhere/ and
Preventing/ Losses Through
i
ditional
and
different' surveys between 43%
horiFsfly^T^bs''same Offititvey and 58%,) Thirty-six per cent of upon compilation of trade publi¬
In-addiilpj^toja large number of also fourrcTmajority hf the people, according to one cations, and I would like to ex¬
books, p^rRphljets and booklets on thepe6ple"'fhTt"that
personal¬ study,...choose an agent because of press my personal thanks on be¬
safely^fiibe jBqr eau has published ly benefiW^toi#^h^'isefvib'eSJ \/the' company he represents; 29%
half of our industry to the
splen-j
the
Handbook
for
Industrial performed 'by insurance Compan¬ deal with' him because he is a
did assi'stance and help which we '
Safety/Standards, which has been ies.
Insuraircff/'-fire? prevention' friend; and 3% because of busi¬ have been
always receiving from
accepted "as tpxt throughout the work wag cornsideredbeneficial by ness reciprocity.
those in charge of such publica"~84% of dheipewple; 77% approved
According to a second survey, tions.
countryyygy .-ji ~
places,
ing in detailed statistical records
Underwriters,
of
use
*and:; aided other agen¬
group of companies maintain the
National- Conservation
Bureau,
of the health and
2J Lire
use
the
(1) the
cies.
"Theys have, for example,
played a heading role in both the
National^ Safety Council and the
of mdre than $3,500,000 over the
America'fi^Standards Association,,
next six years, and as its first re¬
from the time|these organizations
search project will concern itself
were
founded;
Cooperatively a
with heart and arterial diseases
ganization, -started in November,
1945y/Will be supplied with funds
every language.
opments:
an
methods.
Research by the Casualty
tribution of life insurance.
search—To
is
as
surance
provide
6.
research,
'
Thursday, April 25, 1946
the
search
,
.
One major study on workmen 9 '
compensation will be published
in a fully documented book,
"Workmen's Compensation Insur- ,
ance: Monopoly—or Free Compe¬
tition?"
The study, based primar¬
ily on original research, aims to
determine the accomplishments of
private carriers as opposed to
those of monopolistic State funds,
particularly in medical, rehabili- ■*'
tation
and
accident
prevention
work, with many
case
studies
taken from company files.
An- ;
other major project
covers the
employment opportunities in cas- ;
ualty and surety insurance, de¬
scribing in simple language the i
functions of insurance, the various !
forms of coverages, the organiza- j
tional set-up of companies, the ac,;
tivities
of
the
various
depart¬
ments and, finally, the qualifications necessary for a successful /
soon
,
career
in the various branches of
the business.
{
In addition there are reports on
such diverse subjects as an analy¬
sis of fidelity and surety experi¬
15-year period, insur¬
companies owned and oper¬
by finance companies, and
ence over a
ance
ated
the outlook of insurance in South
America. Throughout our research
projects, I have followed the prin- f
ciple that while our studies are
strictly impartial and unbiased,
they must offer practical solutions
to current, and, more important,
to coming problems.
From this sketchy outline it is '•
that insurance research )
evident
has become
important function
business, impor¬
only for its accomplish¬
an
in the insurance
tant not
ments
of
the
past,
but
for
the
promise,it. holds for the future.
Insurance
today
is
a
bulwark
Volume 163
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4484
v
of competitive private enterprise,
directed by men with conscien¬
tious objectives and trained abil¬
ity, and imbued
with
the days ahead.
Hundreds of pri¬
vately owned insurance compa¬
nies give to the public, through
(Continued from first page)
register
Republican party has been dedi¬
excess
cated to the protection and pres¬
ber
of human freedom.
ervation
gain
a
of that number.
in
1942, which
was
The
in
.
Bank Employees
Congress,
more,
option
Republican
of putting into effect a
Retirement and Insurance Plan
for
their
employees. Authoriza¬
tion for such a plan was granted
by the General Assembly last
year with the provision that the
plan be approved by State Bank
Commissioner
Richard
Rapport
and
that
at
least
scribe to it.
committee
As
of
a
banks
sub¬
result, a special
Savings Bank
the
Association
headed
10
of
Avery of New
London, submitted a plan to
Commissioner Rapport
and
his
approval
13, 1946.
obtained
was
March
on
the
plan
trust fund
through
or
either
insurance
an
pany, the committee
have all the benefits
by
a
com¬
decided
to
guaranteed
insurance company and se¬
the Aetna Life Insurance
an
lected
the
past
Republican
of our states
decade
and
constructive
which
its liberal tradition.
of
the
today
steal the
Red
who
of
name
sought
to
they mean by liberalism is being
liberal with other people's money
wasteful
and
of
other
The
who
men
laration
wrote
of
Here is
has
both
is
an
houses
What
now
unable
j
we
to
made
need, and what
have,
Theref orertheyhaveClaim;
is
we
we
Company of Hartford
the
as
un¬
derwriter.
of
these
made
men
monopoly
any
central
Lincoln.
out
of
it
in
power
government
that! quarrels
clear
pro¬
from
fields where
be
i
would
the
:
ministration,
*
many
dangerous, if not fatal, to American freedom.
in the maintenance of freedom ol
contested
state
and
Every true American, regardless the press. You have in recent years
of party, has an
important stake seen many infringements hUj?o»
the
of
success
We
the
are
our
system of
this
to
translate
any, elsewhere.
and
nence
maintain
to
years
of
prosperity
We
a
fringements were made under: the
plea
of
war-time.
necessity.
Whether or not they were:'justi¬
are
system
war
months after hostilities have end¬
striving to
during
ed, attempts' on -. the
able in three
and out¬
only
the
dictator
had
been
prepar¬
which
fied* need not be dismissed mowv
but you are
also seeing 'today*
unequaled
which
was
not
has
pre-emi¬
catch up with,
produce,
nations
nation
position
family j posed
present au- i genius
oy
upon
the very moment when millions of
j
those
are
so
other
Netherlands
so-called
vious forms of
by Export-Import Bank
The approval by the Board of
Directors of the Export-Import
Bank of
credit of
a
the Kingdom
was
$200,000,000 to
of the Netherlands
announced
William
March
on
McChesney
Chairman
of
the
22
by
Martin, Jr.,
Board.
Mr.
P.
Lieftinck,
Minister of Finance,
represented the Netherlands Gov¬
ernment in the
credit.
Mr.
negotiation of the
Martin
commented
that this credit is for the purpose
of meeting the most urgent re¬
quirements of the Netherlands for
dollar
financing
pending
the
time when the facilities of the In¬
ternational
Bank
will
become
available to the Netherlands Gov¬
"It is my understand¬
ernment.
ing," he said "that the Nether¬
lands Government intends to ap¬
ply for
tional
an
a
loan from the Interna¬
Bank
as
soon
as
it
is
on
operating basis."
It
was
tails
indicated
that
full
regarding the terms
credit
and
which
the
private
de¬
of
the
conditions
capital
on
may
par¬
ticipate in the credit will be
nounced
later
by
an¬
the
Export-
Press
advices
Associated
from
Washington,
stated: Mr.
was
turned
March
22,
Lieftinck, who
recently
from
the
it
re¬
first
meeting of the Board of Gover¬
of
nors
and
the
International
Bank
Monetary Fund at Savannah,
Ga., said he will apply for
from
soon
the
as
International
a
loan
Bank
as
it is opened for business.
He expressed "great appreciation"
for the understanding he said he
had found in the United States of
the
of
stand up
Netherlands
reconstruction
program.
and be counted in supof true republican princiBut the assistance of "cap-
port
pies.
j less ceiling prices pasted
walls of stores.
or wear ceiling
on the
You can not eat
prices,
tive
Democrats"
in Congress
is i
It seems to me that the opink
fully effective so long as they | puppets in control of the Federal
are
compelled to support their bureaucracy have determined to
party on organization issues. Let prevent American productive
not
me
illustrate
what
I
gress
functions through
Con¬
commit¬
tees.
These
consider
all
bills
and
resolutions
measures
come
to the House
has
majority
a
That
as
in
or
to
Senate floor
Whichever party
in
dominates
means,
before
permitted
are
for final action.
Senate
mean;
committees
such
the
all
House
or
committees.
practice,
the Democrats have
so
even
long
nom¬
capacity from supplying the needs
of
the
people.
So much cornfusion
must
be
cannot
be
the
accidental.
It
result of planning—
planning to produce chaos. In any
chaos has been the result.
The way to bring order out of
this
chaos
is to
dislodge these
event,
alien-minded
omy
wreckers
econ¬
our
who apparently hope to rise
to power and fatten themselves
on
inal
majorities
in
the
two the remains of the greatest na¬
houses, no Republican bills are tion the world ever knew.
reported out of committee.
So, I say to you the welfare of
Therefore,
no
opportunity
is the nation requires the election
ever
given to vote upon Repub¬ of
a
Republican
Congress — a
lican
measures,
and a Repub¬
Congress in which the Republican
lican legislative program is never
party will have workable majori¬
permitted to see the light of day. ties in
both houses—a legislative
The
only effective
solution
of
body which will be both able and
this problem
is the election of
willing to act promptly and effec¬
Republican majorities
to
Con¬
tively.
That
gress.
is
what
we
propose
to do next November.
I
Import Bank.
In
Democrats, both in and out! actual price you nave 10 pay for I wliy we
Congress, who are willing to i actual commodities—not meaning- world.1
are
many
am
tance of
emphasizing the
this legislative
impor¬
situation
tonight because I have found in
some
;
quarters
a
the part of a few
be
satisfied with
disposition oil
Republicans to
representation
in Congress by what
they call
"sound Democrats."
Remember
that
however
"sound"
We
a
an
easy
been
ers
elect
can
must
we
put
of
mittee
not
task.
on
a
—
the
it
Already
but
will
be
have
we
notice by the lead¬
the Political
reactionism
Congress,
assume
Action
spearhead
in
the
in
Americans,
their
praises
government, I
that practically
confident
will
sure
been- done.
for
reason
no
-
com¬
placency. The time to prevent the
the envy of the entire
is
a
good
very
dom
reason.
is
before,
and not after, it
has been undermined.
American system of free
government.
Let's make sure we
our
All
of
:
tu '*»•
.
In an address at a luncheon of
the National Press Club in Wash¬
here today know
that Republicans in Congress, and
out of Congress, have been vigi¬
lant in opposition to attempted
infringements upon such 'basic
rights as freedom of the oresshnd
ington
of the air. They will continue that
keep it by electing
Congress next fall.
'I*
on
supported
that
v
a
Republican
*!•
April 17, Mr. Reece
further his contention
vigilance. That is another'reason
why the Republican Party is ac¬
the
Republican Party is a
"liberal"
though not a radical
party. In his speech, he stated:
I know
of no
group
in this
country which has fought harder
or
more
consistently to prevent
governmental infringements unon
personal rights than the Republi¬
can
Party. You may be sure the
fight will continue. It is upon the
tually the liberal party in Amer¬
ica.
now
publican
reiterate,
Party
is
that
in
the
reality
George S. Messersmith of D*la- *
recently
became
United
Ambassador to Argentina;
his nomination to that post, sent to
States
the
Senate by President Truman
April 9, having been confirmed
by the Senate on April 11., Before
assuming his new office Mr. Mes-
the
sersmith
was
is capable
of participating on a basis of full
equality with all other citizens in
his Government. Let me illustrate
what I mean by analyzing our op¬
Ambassador to Mex-; 4'
ico.
The
last
September,
when
Snruille
Braden resigned to become Assist- v
ant
can
position—the party which is mis¬
Secretary of State for Ameri
Republic Affairs, r-
United
Buenos Aires
the
advices1' f
Press
h
stated1 thai
Government had. '
consented; to
Mr. Messer-'.
Democrat
President Truman and Secretary
of
State
Byrnes at the'AWhite
of
may
be
made
by
the
Political
Party
is composed of
those who draw their political in¬
spiration frpm Moscow. Since the
full fruition of their ambitions
would
Sovietize
the
United
we may justifiably look to
their model abroad for a picture
of the system which would
pre¬
here
Press
on
*
States,
vail
Messersmith
House
if
they should be
cessful^ I take it there is no
suc¬
one
'
.
the new Ambas*°dor to
be
members
'
"
na
that country.
defeat
¬
April 3
Argentine
as
r
Democrat Party can not be called
liberal. The other section of the
to
<
f
post of Ambassador to »
Argentina has been vacant since *
lieve the average man
they,, are raising a cam¬
paign slush fund of $6,000,000 to
used
•
on
liberal party in this nation.
It is
the only party for those who be¬
Certainly that part of the
-
ware
Re¬
labeled the Democrat Party.
One large element in that party
v
Messersmith to Argentina
basis of this record I have asserted,
and
you
smith
Demo¬
we
is
izens.
.
am
has
damage
that
against millions of American cit¬
Congress who refuse to do their
Representative or Senator bidding.
::•»*
*
may be, he is required to vote
perhaps I should remark in
with his party on questions such
passing that existing law limits
as the election of presiding offi¬
expenditures
by
the
national
cers
and
the
appointment
of committee of any political party
Congressional committees.
to
$3,000,000 in any one year.
We are on our way to a great
Apparently, however, under the
victory.
In the House of Repre¬ law as enforced by the
present
sentatives the winning of only
Administration, there is no limit
twenty-seven >seats will give us upon
the
expenditures
which
I
But
Red
crat
control.
serious
that night officially
the appointment of
—that
am
freedom of the air will be dead. ;;v
It may be true'that:so far no
Com¬
States
I
also are familiar
similar attempted 'infringe¬
ments upon the freedom of the
air. If any governmental agency is
ever permitted to control, the ra¬
dio programs of the nation, then,
you
maintains itself in power by out¬
rageous
racial
discrimination
of
United
censorship used in
nations.
destruction of the edifice of free¬
There
It is
of
many
of
do not wish to be
j
Such a substitution would-be
dangerous as the more ob¬
as
totalitarian
that
to
reports of Amer¬
services and Incwspa-*
news
news
pers.
just
as
More Credit
news
with
loud
forms
to
called "official"
ican
American productive
bungling bureaucrack
;pai£.pf this;
substituted
for the un-
Administration
trammeled
by
in Washington..
of
of those, in¬
that freedom. Some
this
government
which
a
efforts
striving to main¬
understood i returned war veterans, eager and ask,
why is it
j
saying,
or
even
intimating i able to produce those necessities, every foreign nation is now seek¬
ing
loans, or gifts,' or food, or
only Republicans are^ de- ; are out of jobs. Already we have |
voted to the maintenance of our i experienced an inf lationary rise i clothing from the United States?
form of government.
Surely
there must be some reason
There are,; in prices. I am talking about the
I
control can
Congressional district throughout
Of
Today we have shortages in
of the necessities of life at i who
be
such
no
the land.
and 1
the
am
justified. Many of you, I. as¬
sume,
are interested
particularly
Congress,
witnin
I
have noted an increasing
tendency on the part of itherAd-hJ
ministration to exercise-more and ^
more
governmental
control, in
nation-wide
a
springing
every
of
than six months
All! more
to^;
sure,
are
the smallest precinct and embrac¬
this t the recent
Abraham
and
*
the past fourteen years, have no
real, honest interest in protecting
the
rights
of
the
individuaL
avail¬
Independence
and
in
that! to act promptly.
We have seen ing for war for decades but all
Constitution,
as
did
George j essential reconversion irom war the rest of the world as well—and
Washington and Thomas Jeffer- i to peace production delayed fori this despite the handicaps im¬
son
outstanding example.
ing
reached
Constitution
be
building, and what
pose
Independence
and program into actuality.
In
certainly were fact-moving age, no great nation
liberals.
The Republican party jean long survive with a governstill believes in that Declaration i ment which is unable to act, and
the
will
organization
important part of irs legislative
of
.
j
appre-; in
of
an
The point I am striving to make $
is that the groups which, queerly
But the national committee
it-, the title of liberal.
,
.7
self cannot elect these candidates.
Many of you in this room,
we
majorities
forces
by Mr. Pehdergast in KahsaS' City f
support Republican can¬
didates duly nominated in their
respective
states
or
districts.
the
administration
as¬
to
Administration 1 under
substantial
entrenched
Committee
national
with
these
tain
in
Dec- \
sense
mixed
to
is
ed by the Truman
yet
the
a
committee
party
which the one formerly operated
year.
today.
•
,
of
Democratic
principles of government.
However, despite the strength
hension, at the spectacle present- \
which
people's
rights.
way
by the national
committed the crime of
voting
for the maintenance of American
able
legislation program
already received the
humiliation
What
liberal.
feel
must
reactionaries
have
has
only
enactment
Republican national organization.
Many of my listeners tonight
is true liberalism, in con¬
trast to the philosophy and prac¬
of
is the
the average citizen
any
are
reaction,
we
are
confident
of assorted
though they may be,
Republican victory.
Every fa¬ have combined to control the Gov¬
cility of the Republican National ernment of the United States for
enthusiastic approval of Republi¬
can
members of Congress, and
the
hearty indorsement of -our
conclusively
the
party has remained
This
tices
That
guarantee
Remember
of
Advices coming to us state that
although the law permits financ¬
ing
many
proves
true to
Connecticut,
C. L.
by
during
of
and
Governors in
It is learned that approximately
70
savings
banks
throughout
Connecticut will soon have the
.
times.
committee.
the
of
Retirement & Ins. Plan
can
SoViei Russia ^is'Vlibersd^r
sense
fined with accuracy so far as ide¬
ology is concerned because it has
sist the P. A. C. in its current at¬ no ideals except pure selfishness
tempt
to
"purge"
Democratic That is the element composed of
members of Congress who have the corrupt political ^machines;' of
of
—
Washington.
Certainly the rec¬
ord of Republican members of
Action
spent
of
means
the
in
has
rights which, the rulers^
compelled to respect.'There is •
Remem¬ that this
$6,000,000 fund is in still a third element, in the Dem¬
the last addition
to
whatever may
be ocrat Party which can not be de¬
considerably
Congressional election in a nonresearch, the best party came into being for- the Presidential
year,
we
actually
protection money can buy—each express
purpose
of
freeing
a gained forty-seven seats
in the
company fully cognizant of its large element in our population House
twenty more j than we
public
responsibility,
operating from outright
chattel
slavery. need to win control this year. In
along the line that its own wis¬ The party is determined that no the Senate we need elect nine
dom and experience indicates to new forms of
slavery shall suc¬ more
Republicans
to
organize
be the right course for
The
achieving ceed the old.
Republican that body.
In 1942, we gained
most efficient results. Let us con¬
party
is
the
liberal
in ten Senate seats.
party
tinue, to an even greater extent, America.
Today
with
Republican
ad¬
in bringing to the insuring
Iii recent years there has been ministrations
public
in
twenty - three
the benefits of research which
they a tendency to confuse liberalism states containing 56% of the total
have been enjoying from such with radicalism.
A real liberal population of the
nation, it is
competitive private enterprise.
fights for the rights and liberties apparent our prospects for victory
of the individual against any at¬ are indeed bright.
However, it
tempt to disregard or destroy will not be enough to win only a
them, whether by a monarch, a hairline victory.
We must have
self-anointed
dictator,
or
a
majorities sufficiently large to in¬
ruthless
political
machine
in sure definite party control at all
the
ment of
Republican Party Prospects
vision for
a
2277.
'• w-V-. V
on
Indicating'that Mr.
had
April
accounts
conferred
with.
.
v,.
Associated.
11,
from
Washington
that day stated:
said that current
"He
relating to his work
as
dor to Mexico and his
!:Jv
matters t'
Ambassa-J
forthcoming
mission to Argentina were reviewed and expressed keen interest in
who would attempt to argue be¬
fore this audience, or any other
served
intelligent group, that the Govern¬
eral in 1928 and 1929."
returning to Argentina where he
as
American
Consul-Gen-
...
2278:
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, April 25,
1946
cottons,
re-*
—
wholesale commodity price index,
o! Trade
<■; iti:••
economic
(Continued from page 2271)
boundaries
products.
certain
on
Simultaneously,
low
items are being dropped,
altogether from schedules.. The
realignment has hit particularly
.
profit
hard .the
Chicago,
Western, and
Pacific Coast territories oh
sheets,
1945.
Compared with the similar
period of 1944,
489; cars, or
a
decrease of 149,-
18.7%, is shown;
Railroad Equipment—On April
1, 1946, the class: I railroads had
40,217 new freight cars on order,
compiled by Dun. & ^Bradstreet,.
Inc., turned irregular after reach¬
ing a further new peak of 189.64
on April 10.
The index closed at
189.09
on
April 16, as against
189.46 a week earlier, and 176.63
at this time
a
year
ago.
Active
trading in oats and rye
featured
grain futures markets
last week, the latter grain selling
at
new
record
highs, aided by
strength
in
the
cash
market.
Wheat, corn and barley continued
in
tight
supply;
trading
was
slight
as
prices
pressed hard
Inc., in its review of trade. Slight¬
ly increased selections of many
previously
goods
scarce
available
continued
to
limited
be
were
inventories
although
in
food
increased
volume
slightly this week.
The supply of
meat
decrease
continued
to
their
order
booksh
already
Paper and Paperboard Produc¬
in the
deliveries scheduled
United States for the wek ending
far into the: future. This, tightenApril ,13 was 103.6% of mill ca¬
ing up and revision of sales poli¬
cies is a direct aftermath of the pacity, against 104.1% in the pre¬
ceding week and 87.4% in the like
wage and price increase.
1945
week,
according
to
the
^Aggregate "steel order? volume
American Paper & Pulp Associa¬
this past week remained, heavy
tion.
Paperboard
output
for
the
with deliveries extended far into
current week was 101%, compared
this year. Tubular products of all
with 99% in the preceding week,
iypes including: pressure tubing,
and 97% a year ago.
mechanical tubing and oil coun¬
March
Building Permits—Re¬
try goods are in extremely heavy
demand, with all firms having un¬ flecting the huge pent-up demand
for all types of construction, the
usually ;' heavy
backlogs.
Flatrolled steel vis currently tighter value of building permits issued
the country during
than at any time in years. Com¬ throughout
panies which have been affected March soared to unprecedented
with
loaded
tion—Paper
production
heights, exceeding all previous
ing attention on the output of monthly records, with the one ex¬
sheets and strip, in an attempt to ception of April, 1929, according
alleviate the critical supply out¬ to the latest compilation by Dun &
look.
' r
Bradstreet, Inc. Volume of March
n In
the -nonferrous
field, the permits for new residential build¬
plight of the low cost producers of ings, new non-residential build¬
metals such as copper and lead,
ings, additions, alterations and re¬
which the Premium Payment Plan pairs in 215 identical cities of the
States
rose
114.8%
to
is not designed to aid, has been United
brought to the attention of Con¬ $426,864,210, from $198,686,543 in
It was more than six
gress, according to the "Iron Age," February.
adding, considerable pressure has times the March, 1945, sum of
been brought to bear on the need $66,602,227.
for legislative action in the inter¬
Excluding New York, permits in
by the, coal strike
,
are
concentrat¬
.~
est of such
producers. These pro¬
ducers have been squeezed be¬
tween £ higher
costs
and
fixed
prices, but the country's need for
their products would prevent any
closing down of mine properties.
The
American Iron
and
cities
outside
214
month
last
reached the highest total ever re¬
corded—
was
and represented an eightfold
increase
March last year.
over
Failures
Business
Steel
This
than twice that for Febru¬
more
ary,
$384,501,964.
Decline
—
decrease
of
3.8
on
points
or
4.9%
'
rate is
equivalent to 1,297,100 tons of
steel ingots and castings and com¬
pares with 1,364,100 tons one week
1,559,700 tons one month ago
1,707,100 tons one year ago.
ago,
and
this week
Electrical Production—The Edi¬
at the lowest level
were
in the past
from the previous week.
This week's operating
weeks of 1946;
compared with the corresponding
week last year, this was the fourth
seven
time in 14 weeks that the number
of
failing has fallen be¬
concerns
low the
1945 level.
decline Occurred
The
in
both
large and small failures. Concerns
son
Electric Institute reports that
failing
the
output of electricity increased
more
with
losses
of
$5,000
or
fell from 17 a week ago to
this
12
to 4,014,652,000 kwh. in the week
ended April 13, 1946, from 3,987,-
week, exceeding by one
the number occurring in the same
673,000
kwh. in the preceding
Output for the week end¬
ed April 13, 1946, was 7.3% below
These large fail¬
comprised, three-fourths, of
this week's total. Only four con¬
that for the
cerns
week.
period
'-
corresponding weekly
week last year.
ures
failed with
$5,000.
one year ago.
Consolidated Edison Co. of New
Yorkreports
system output of
183,600,000 kwh. in the week end¬
ed April 14,
1946, compared with
160,000,000 kwh* for the corre¬
sponding week of 1945, or an in¬
there
the
In
were
size group
seven
liabilities under
week,
failures in the
previous
and 13 a year ago.
Manufacturing
and
retailing
each accounted for six failures in
the
week just ended.
Concerns
failing in manufacturing, up one
from
last
distribu¬
week, were also higher
tion of electricity amounted to than in the
comparable week of
177,600,000 kwh., compared with 1945. Retail failures, on the other
158,400,000 kwh. for the corre¬ hand, were not only a third lower
crease
of
14.8%.:, Local
-:r: sponding week of
crease
last year, an in¬
of 12.2%.
than
in
the
preceding week, but
also amounted to only half those
f Railroad Freight Loadings—Car
loadings of revenue freight for
occurring last
the week ended April 13, 1946, to¬
taled 649,194 cars, the Association
four, the
of American Railroads announced.
ported as compared with three
both in the prior week and in the
This
(or
was an
0.7%)
week
and
increase of 4,531 cars
above
197,819
the
preceding
trade concerns
One
year.
In wholesale
failing remained at
same number as in 1945.
Canadian
failure
re¬
corresponding week of 1945.
23.4%
Wholesale Commodity Price In¬
below the corresponding week for
dex—The movement of the daily
cars,
or
Agriculture
in its April 1 report forecast this
year's
yield of
all-time
an
bushels.
on
000
Winter
record
of
wheat
at
830,636,000
Stocks of wheat
on
farms
April 1, estimated at 204,000,bushels, were the lowest re¬
corded
that
on
date
since
bution.
Responding largely to develop¬
in
Washington,
cotton
prices fluctuated over a wide
range in the past week. The gen¬
eral
upward trend appeared to
quate.
An
abundance
of
greens
for several weeks.
in
crease
the
A seasonal in¬
demand
was
for
candy
the
pronounced
very
past
<
Apparel
continued
much attention.
in
est
to
attract
vealed
increased
United
wear
Stocks
adequate
were
generally well-rounded. Main
floor items such
as gloves, blouses,
handbags drew throngs of
shoppers. Women's suits and coats
and
continued to rank among
sellers
along
Many
shoes.
slightly
with
the best
dresses
larger selection
of
the
and
higher margin require¬
on April 9.
Subsequent
sharp
declines
in
values reflected strong Presiden¬
tial opposition to any legislation
that would change the existing
parity formula. Demand for the
staple in leading spot markets
was slower, with buyers inclined
to
exercise
caution
pending a
new
ments went into effect
was
dis¬
of shirts.
The variety of durable goods
appearing in retail stores contin¬
ued to increase. Frequent requests
for garden supplies and hardware
were made. Jewelry and gift lines
age
clearer view of the situation.
Registrations under the cotton
export
program
dropped
quite
sharply to 62,050 bales in the
week ended
April 6, from 139,802
preceding week.
in the
Trading in the Boston
market
wool
for
specific types but actual volume
sold on the whole was only mod¬
erate.
Activity in spot foreign
wools
declined
also,
reflecting
continued
eign
heavy arrivals of for¬
Imports of foreign
and scoured wools com¬
wools.
grease
by consumers, though selections of
piece goods remained limited.
volume
was
estimated
45%
over
the
for
to
country
from
be
40
to
the corresponding five-
day week
Estimates of
increases
were:
New England 20 to 24, East
50 to 54, Middle West 42 to 45,
a year ago.
regional
percentage
Northwest 27 to 30, South 29 to 33,
Southwest 38 to 42, and Pacific
Coast 37 to 41.
A
week.
demand
steady
was
raw
last
slower
was
a
est in modern
Retail
rise
in
wholesale
reported last week,
being well above that of the cor¬
responding week a year ago. New
order
was
and
high and
that it
that
volume
re-order
the
much
similar
as
was
indicated
reports
some
was as
of
25% above
week
a
year
Wholesale food volume, too,
ago.
continued to be well above that of
like
the
week
last
and
week ago.
year
bined^ in the ports of Boston, New
slightly above that of
York, and Philadelphia during the
week ended April 5 totaled 108,-
Department store sales on a
country-wide basis, as taken from
168,300 pounds.
the
A
sharp
prices
was
of
noted
the part of
on
importers of South African
wools, due to inability to find
storage space.
Supply problems
continued a major factor in the
some
woolen
worsted
and
Deliveries
industries.
of
spring men's wear
reported still under
way
with many inquiries being
received regarding manufacturers'
fall preparations.
fabrics
the
Peak—Up 1 cent in the week,
Dun
&
wholesale
Bradstreet
Board's
Reserve
in¬
April 13,
In
using year-ago comparisons
for the current week
should
be
an
allowance
in addition to
that made for the differing dates
of
Easter,
year
many
either
all
made,
part of Saturday,
day of mourning for
or
per
pound; of 31
Wholesale
foods in
*'
■
and
Retail
Trade—
freavy constimqr buying, last week
was
reported in almost all lines as
retail volume continued to mount.
that
of
retail volume^ exceeded
last
week
and
was
con¬
siderably above that of the fiveday weak a year ago when stores
throughout the nation were closed
in mourning for the late Presi¬
dent, reports Dun
&
variety, general mer¬
chandise and food sales were also
demand. Impetus was
given to food purchases as a'result
of reports of the food situation
heavy
abroad.
With
legislative
changes
in
prospect in the OPA framework,
in addition to
that of pre-EastOr
.
inter-American sys¬
the
arrangement, to
Under the new
majority of the 19 other "
American republics have agreed,
Col. Peron's Government will be '
which
a
given a reasonable time to fulfil
promises Argentina made at the
Chapultepec conference in Mexico
City early in 1945.
It
from WashApril 8, according to the
York
"Journal
of
Com¬
also reported
was
ington
New
,
on
normal trade relar*
the United States :
Argentina would be resumed 4
the near future, and that in co-
tions
that
between
and
in
.
operation with the State Depart¬
ment, the Office of International
Trade of the Commerce Depart¬
preparing the ar¬
which will place our
commercial activities with Argen- '
tina on the same basis as that of Allied countries.
The friendlier is
ment
now
rangement
between
the
two
anticipated with an
Department
an¬
nouncement that the United States
would
send
an
Ambassador to
relationship
countries
was
'
'
State
earlier
Aires.
Buenos
This
'
1
country has '
Ambassador in the Argen¬
no
capital since Spruille Braden
post nearly six months ;
ago to become Assistant Secretary '
of State for American Republic :
tine
that
Affairs.
;
S. Messersmith, previ¬
ously Ambassador to Mexico, re¬
cently
became
Ambassador
to
Argentina.
George
•
Senate Confirms Foley
a
However,
in
have
of
rity
for the fact that last
stores were closed on
April 14, a
price index rose to $4.20 on
President Roosevelt.
Apirl 16 to register a new high
Retail trade in New York last
level since Oct. 7, 1920, when it
stood at $4.24,
The latest, figure week, the peak of the Easter sea¬
represents a gain of 2,2% over the son, continued to rise sharply and
comparable 1945 index pf $4.11. according to estimates exceeded
Potatoes dropped slightly during department store volume by 50%
the week but advances ppcurrpd in of that for a year ago. Most con¬
rye,5 sheep and lambs.; TheUndex sideration was given to accessories
arid last minute Easter gift items.
represents the sum total of the
general use.
which
left
preceding week. For the
four weeks ended April 13, 1946,
sales increased by 34% and far the
year to date by 21%.
from
of Axis influences
threatened the secu¬
tem."
in
food
price
taking to be the "elimination
this, hemisphere
had
the
this
that
tinued, "there must be deeds and *
not merely promises," and it went
on
to describe the chief under- :
1946, increased by 81% above the
period of last year.
This
compared with an increase of 50%
same
were
Food Price Index at New 2514Year
Federal
a
dex for the week ended
offering
lowering
which Mr. Byrnes
indicated
merce,"
moderate
volume
issued it
country1
was
ready to relax its earlier'
stand of refusing to sign a defense ;
treaty with Argentina if the Peron
regime "will give prompt imple- .
mentation by positive acts to com- ;
mitments under the inter-Ameri- •
can
system," a Washington dispatch to the Associated Press
stated.
But, the document con*-;
dum
level
after
signed if the new Government of >
D. Peron lives up to its
commitments.
In the memoran-,
Juan
the
suits
were
States
Argentina by
hemispheric defense agreements
including
Argentina would
be
and
welcomed
men
available last week but
tained at
conference .on
a
change in
news
Consumer inter¬
children's
noticeably.
and
at a
April 8, re¬
the official!
attitude
toward
indicating that a
Secretary of State Byrnes,
week.
high level and inter¬
designs was mount¬
ing although demand was more
frequently directed toward tradi¬
tional pieces. Curtain and drapery
departments were well attended
mid-week
28%.
to date by
year
more-plentiful than they had been
attracted many eager consumers.
Retail furniture volume was sus¬
at
period to April 13,.
increased 89% above the.
same period last year.
This emupared with an increase of 55% ixt(
the
preceding week.
^or the
four weeks ended April 13» 1945,
sales rose by 40%
and for the,
weekly
1946,
fresh vegetables was evident
and varieties of fresh fruit were
ments
off
According to the Federal Re¬
Bank's index, department
store sales in New York City for,
serve
and
couraged by the continued short¬
1941.
Hog receipts were moderate with
demand good at full ceiling prices.
Cash lard was slow with trading
confined mostly to packer distri¬
Over-all
was
trade.
The Department of
There
Monday of Turning downward in the week
this week the operating rate of ending April 18, commercial and
steel companies having 94%
of industrial failures were a third
the steel capacity of the industry below the number occurring in
will be 73.6% of capacity for the the previous week and in the com¬
week beginning April 22, com¬
parable week of 1945. Dun &
pared with 77.4% one week ago, Bradstreet, Inc., reports 16 con¬
cerns
88.5% one month ago and 93.2%
failing against 24 both last
one year
Failures
ago.
This represents a week and a year ago.
Institute announced
domestic
with
shortages in some localities
acute.
The supply of fish and
poultry generally remained ade¬
-
-
mained unabated.
the
Retail
the
according to the Association of
wire
rods,
wire
and
tubular American Railroads as
compared
products.
Reflecting this situa* with 36,272 on the same date last
tion, one large pipe manufacturer
year.
notified ; its customers last week
They also had 494 locomotives
that it would close its Chicagoon
order April 1, this year, as
sales office and withdraw from
against 564 on the same day ' in
against ceilings. Due to the con¬
business in that territory and ad¬
1945.
tinuing drop in available wheat
jacent Western states.
The class 1 carriers put 8,006
supplies, many additional flour
Withdrawals from these various
freight cars in service in the first mills were
reported reducing their
markets have left in their wake
three months in 1946 compared
output and offerings shrank to
scores
of
customers without
a
with 12,993 in the same period
very
small
proportions.
Users
source of steel.
Local mills have
last year and 31 new locomotives
sought to obtain as much flour as
been forced to turn a cold shoulder
as against
a total of 136 in the
possible pending issuance of a new
to pleas t>f steel users to be placed
same period last year.
order restricting deliveries to the
on
schedules.
These
companies
find
some
lines.
especially
fabrics,
The U. S. Senate confirmed on
-
the nomination of EdFoley Jr. to be Assistant
Secretary of the Treasury in place "
of Herbert
E. Gaston resigned, I
April
10
.
ward H.
The
nomination
Senate
April
was:
sent
to
the
by President Truman on v
8. Under date of April 8 *
,
Associated
Press
advices
Washington said:
*
from '
' ~
-
"
Mr. Foley left a law practice in :
New York in 1932 to join the legal staff of the Reconsrtuction Finance
Corp. The following
with
year
the Public Works
he went
Adminis¬
[
tration, then under Harold Ickes. '
In 1937 he entered the legal di- "•
vision of the Treasury Department ;
and became General Counsel May
8,
1939.
July,
He held that post until ~t
1942, when he entered the
'
wholesale Army as a Lieutenant Colonel to *
garment and textile lines were the set up a legal division .in the ;
week,
conditions
Bradstreet, quietest of the
year.
in
Demand for
Quartermaster General's office.
(Volume 163
Number 4484
THE COMMERCIAL & FINANCIAL
CHRONICLE
2279
..'V
'■*
7
■
n-'*'
u-
Moody's Bond Prices and Bond Yield Averages Electric Output for Week Ended April 20,1946
Freight Cars on Order
Moody's
yield
computed bond
given in the following table.
prices
MOODY'S
(Based
; 1946—
on
U. S.
Avge.
Govt.
Corpo-
Averages
Bonds
rate*
•April
124.74
119.41
123.77
Daily
2322
124.99
119 .'61
123.99
125.24
119.61
123.77
V
A
Baa
121.67
118.60
113.50
121.88.
119.20
113.89
117.20
120.02
121.67
121.88
119.20
113.83
117.20
120.02
121.46
R. R.
P. U.
117.00
119.61
Indus.
121.25
125.30
119.61
123.99
121.88
119.20
113.83
117.20
120.22
121.67
125.45
119.61
123.99
121.88
119.41
113.89
117.40
120.22
121.67
16
125.58
15
125.77
125.74
•
120.02
124.20
122.09
114.08
117.60
120.22
120.02
124.20
122.09
119.41
114.08
117.60
120.22
121.88
120.02
123,, 99
122.29
119.61
114.27
117.60
120.22
121.88
120.22
121.88
119.41
12_.
125.77
120.02
123.99
122.29
119.61
114.27
117.60
11
125.83
120.02
124.20
122.29
119.61
114.27
117.60
120.43
121.88
10—
125.86
120.02
123.99
122.29
119.61
114.27
117.60
120.43
121.88
125.86
120.02
123.99
122.29
119.61
114.46
117.60
120.43
121.88
125.89
120.02
123.99
122.29
119.61
114.46
117.60
120.22
122.09
6
125192'
120.02
123.99
,122.29
5
125.92
120.02
123,99
122.29
4
Year Ago
a
The Edison Electric
Institute, in its current weekly report, esti¬
mated that the production of
electricity by the electric light and
power industry of the United States for the week
ended
April 20,
3,987,145,000 kwh., which compares with
4,411,325,000 kwh.
corresponding week a year ago, and 4,014,652,000 kwh. in the
week ended April
13, 1946. The output for the week ended
April 20,
1946, was 9.6% below that of the same week in
1946,
was
in the
PERCENTAGE DECREASE UNDER SAME
WEEK LAST YEAR
121.88
119,611
114.46
117.60
120.22
122.09
119.61
114.46
117.60
120.22
122.09
-
125.89
120.02
124.20
122.29
119.61
114.46
117.60
120.43
122.29
3
125.92
120.02
124.20
122.29
119.41
114.46
117.60
120.43
122.09
2
125.86
119.82
123.99
122.29
119.41
114.27
117.40
120.43
122.09
125.64
119.82
123.99
122.29
119.41
114.27
117.40
120.22
122.09
29:::::;
125.61
119.82
123.99
122.29
119.41
114.27
117.40
120.22
122.09
22
125.74
119.82.
123.77
122.29
119 41
114.08
117.20
120.22
122.09
15
125.10
xl9.82
123.77
122,29
119.20
114.27
117.00
120.22"
122.29
t
9.0% Below That for Same Week
1945,
Closed-
Exchange
18
8
i
Aa
Corporate by Groups*
17
9
r-
are
Average Yields)
-Stock
1 '1'
J. O
',
averages
BOND PRICES
Aaa
19
f
bond
Corporate by Ratings*
20
•_
and
t
•
—
—Week Ended
Major Geographical Divisions—
April 20
Mew England
—2.3
Middle Atlantic-—-.—
3.0
Central
Industrial
West Central«w.
...
Southern States
Rocky Mountain
——
^
Pacific Coast—..
Total United States—:
April 13
April 6
March 30
§0.1
1.0
§0.5
0.2
1.4
11.0
8.8
11.6
13.6
4.1
0.5
2.5
123
0.2
10.8
9.4
8.4
§3.8
2.7
14*1
4.8
§4.7
12.6
12.9
12.2
10.0
9.6
7.3
7.7
7.8
§Increase.
i
.
Jan.
1945 amounted to 36,272.
Low
1, 1945, they had 564 locomotives
order, which included
138
5
3,865,362
4,427,281
4,614,334
4,588,214
4,576,713
4,538,552
4,505,269
4,472,298
—12.7
1929
4,163,206
4,145,116
4,034,365
3,982,775
3,983,493
3,948,620
4,567,959
4,539,083
4,531,662
4,523,763
4,524,134
4.532,730
4,511,562
1,733,810
1,736,721
1,717,315
1,728,208
1,726,161
1,718,304
1,699,250
1,706,719
1,702,570
1,687,229
1,683,262
1,679,589
1,633,291
three months of 1946+which in-*
eluded 2,277 hopper cars, includ-.
4,444,939
4,464,686
4,425,630
4,400,246
4,409,159
4,408,703
1,602,482
1,598,201
1,588,967
1,588,853
1,578,817
1,545,459
1,512,158
1.519,679
1,538,452
1,537,747
1,514,553
1,480,208
1,465,076
tives in service in the first three
123.56
122.50
119.20
114.46
116.80
120.43
122.29
Jan.
119.61
123.56
121.88
119.20
114.27
116.61
120.22
122.09
120.22
123.34
121.88
119.00
114.27
116.41
120.22
122.09
Jan.19
Jan.26
126.14
119.61
123.56
121.88
119.20
114.27
116.80
120.02
122.29
126.15
119.61
123.34
121.88
119.20
114.27
116.41
120.02
122.29
Feb.
2
1
126.05
119.20
123.34
121.46
118.80
113.50
115.82
119.41
122.29
Feb.
9
25
126.28
119.00
123.12
121.25
119.00
113.31
115.63
119.41
122.09
Feb. 16
126.06
122.50
120.84
118:60
112.93
115.24
118.80
121.88
Feb. 23
3,922,796
118.20
120.63
118.20
115.04
118.40
121.46
2
—12.3
112.56
March
4,473,962
122.09
4,000,119
117.80
121.67
119.82
117.60
—10.6
114.66
117.80
120.84
March
4,472,110
112.37
9
1946..:
3,952,539
126.28
120.02
124.20
122.50
119.61
114.46
117.60
120.43
122.50
March 16
3,987,877
112.19
114.46
117.80
120.63
March 23—
4,446,136
4,397,529
4,401,716
4,329,478
124.74
117.60
121.46
119.82
117.40
4,017,310
March 30
122.38
115.04
120.84
118.60
115.04
106.50
111.81
114.27
119.41
119.75
111.62
118.40
116.61
111.44
101.31
105.17
113.70
116.41
3,992,283
April 6
April 13
3,987,673
4,014,652
April 20
3,987,145
4,321,794
4,332,400
4,411,325
(Based
Daily
Govt.
Averages
Bonds
"
on
Avge.
Corpo¬
Aaa
Aa
A
1.42
2.68
22
1.41
2.67
20
1.39
2.67
18
1.38
2.67
2.46
2.56
2.69
17
1.37
2.67
2.46
2.56
2.68
2.47
2.98
2.80
2.46
2.56
2.69
2.96
2.47
2.56
2.69
2.96
Exchange
P.U.
Indus.
2.67
2.59
2.79
2.65
2.57
2.79
2.65
2.58
2.96
2.79
2.64
2.57
2.96
2.78
2.64
2.57
2.56
Ciosed-
2.65
2.45
2.55
2.68
2.95
2.77
2.64
2.65
2.45
2.55
2.68
2.95
2.77
2.64
2.56
1.35
2.65
2.45
2.54
2.67
2.94
2.77
2.64
2.56
12
average hourly earnings
factory workers rose moder¬
ately in January and stand now
1.35
2.65
2.46
2.54
2.67
2.94
2.77
2.64
2.56
11-
2.65
at the
1.35
2.45
2.54
2.67
2.94
2.77
2.63
2.56
1.34
2.65
2.46
2.54
1.34
2.65
2.46
2.54
2.67
2.93
2.77
2.63
S
2.56
6
1.34
2.65
2.46
2.54
2.67
2.93
2.77
2.64
/
2.55
2.67
2.94
2.77
2.63
2.56
5
1.34
2.65
2.46
2.54
2.67
2.93
2.77
2.64
2.55
4
1.34
2.65
2.45
2.54
2.67
2.93
2.77
2.63
2.54
3
1.34
2.65
2.45
2.54
2.68
2.93
2.77
2.63
2.55
same
level
ning of 1944, just
as
in the begin¬
over
$1
per
hour,
2.46
2.54
2.68
2.94
2.78
2.63
2.46
2.54
2.68
2.94
2.78
2.64
2.55
2.66
2.4G
2.54
2.68
2.94
2.78
2.64
2.55
22-—
1.35
2.66
2.47
2.54
2.68
2.95
2.79
2.64
2.55
December by % hour and weekly
earnings by 13 cents to 41.1 hours
15
1.3%
2.66
and
8
1.34
2.66
2.55
2.47
2.54
2.69
2.94
2.80
2.64
2.54
2.48
2.53
2.69
2.93
2.81
2.63
2.54
1
1.34
2.67
2.48
2.56
2.69
2.94
2.82
2.64
2.55
21-
1.33
2.67
2.49
2.56
2.70
2.94
2.83
2.64
2.55
15
1.32
2.67
2.48
2.56
2.69
2.94
2.81
2.65
2.54
8
1.32
2.67
2.49
2.56
2.69
2.94
2.83
2 65
2.54
1
1.33
2.69
2.49
2.58
2.71
2.98
2.86
2.68
2.54
25
1.31
2.70
2.50
2.59
2.70
2.99
2 87
2.68
2.55
18
1.33
2.72
2.53
2.61
2.72
3.01
2.89
2.71
2.56
11
1.32
2.74
2.55
2.62
2.74
3.03
2.90
2.73
2.58
4
1 38
2.76
2:57
2.66
2.77
3.04
2.92
2.76
2.61
1.42
2.77
2.58
2.66
2.78
3.05
2.93
2.76
2.62
1.31
2.65
2.45
2.53
2.67
2.93
2.77
2.63
2.53
1.63
2.90
2.61
2.72
2.90
3.36
3.07
2.94
2.68
1.83
3.08
2.73
2.82
3 09
3.67
3.44
2.97
2.83
" * • 'These prices are computed from
average yields on the basis of one "typical" bond
(3%% coupon, maturing in 25 years) and do not purport to show either the
average
'level or the average movement of actual price quotations.
They merely serve to
Illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages, the latter being the true picture of the bond market.
.
of
the
list
used
"Chronicle"
in
on
compiling
page
the
averages
was
given
in
the
Nov.
22,
1945
2508.
a
$41.27, respectively, reflecting
shorter scheduled workweek in
plants. Weekly earnings are
almost 13% below January of last
many
year.
The
Department's
announce¬
Cotton Spinning for March
The Bureau
The
Secretary of the Treasury
announced on April 22 that the
tenders for
$1,300,000,000 or there¬
about of 91-day Treasury bills to
be dated April 25 and to mature
;July 25, which were offered on
April 19,
were opened at the Fed¬
eral Reserve Banks
on
April 22.
Total applied
'
.
in
the
Census
an¬
on
place in the United States
on
31,1946, of which 21,957,254
were
operated at some time dur¬
ing the month, compared with 21,628,796 in February, 21,629,882 in
January, 21,551,960 in December,
21,605,060 in November, 21,721,792
in October, 21,911,746 in Septem¬
ber, 22,170,180 in August and 22,231,952 in March 1945. The aggre¬
for, $1,902,106,000.
accepted,
$1,315,262,000
(includes $42,492,000 entered on a,
fixed price basis of 99.905 and
ac¬ gate
Total
of
April 18 that, accord¬
ing to preliminary figures, 23,815,614 cotton spinning spindles were
March
cars in
service in the first
ing 55 covered hoppers; 1,545 gondolas, four refrigerator, 55 flat,
835
automobile box
and
3,290
plain box freight cars. In the first
three
months
roads
put in
of
10 cent increase
a
months
this
year,
more
the
This level
was
ufacturing is
for
all
man¬
almost 10% be¬
now
"Weekly
earnings
Day to
level of $0,985 in Octo¬
a
ber.
A.
Commenting on these figure?
F. Hinrichs, Acting Commis¬
sioner
of
Labor
decrease
in
Statistics
gross
said:
average
for
av¬
is
due
almost entirely to decreased
earn¬
ings in the durable goods group
which
about $10 or 17% % be¬
low the level of last
January. In
the
nondurable
group
weekly
are
slightly higher than
The increase in hour¬
ly earnings in the nondurable
goods group has been sufficient to
are
year ago.
offset
the
effects
workweek
on
of
a
to
due
was
durable
groups
both
and
were
to
responsible
goods
for re¬
storing
hourly
manufacturing
earnings for all
industries
com¬
bined to their position above the
$1 mark in January.' Preliminary
estimates
indicate
that
hourly
earnings will continue at this level
in February.
M—"»■
(unregistered and uninsured) gift
parcels not exceeding 11 pounds
in weight will be
accepted for
Tarakan.
„
In
Goldman's advices state:
The
parcels will be subject to
conditions
of
and about to be
discharged would:
their reemployment bene¬
fits and their rights to their origK.
nal
positions
civilian
if they
service
with
accepted
the
War ori
Navy Departments in the occu¬
pied zones. In this way the Presi¬
dent
hopes, according to a dis¬
from Washington to the
New York "Times," that military
personnel will be replaced by civilion workers wherever possible
patch
and at the
same
States will
time the United
maintain its commit¬
ment to assume
a
portion of occu¬
pation service.
Announcement
as
were
in
Assistant
Vice-President
of
the
Company,,.
Montpelier, Vermont. He has been
with the
St.
Louis Reserve
since the spring of 1941.
miston received his
Missouri
ton
A.
Bank
Mr. Ed¬
B. degree
in
University
1928,,
degree at Washing¬
University, St. Louis, in 1929.
After
ing further restrictions:
U.
parcel per week
may be sent by or on behalf of the
same
person
to
the
same
ad¬
on
National Life Insurance
Yale
one
made
was
April 16 by the Federal Reserve
Bank of St. Louis that Henry H.
Edmiston, Vice-President, has re¬
signed effective May 1, to become
prior to the suspension of
the service and also to the follow¬
Only
effort to hasten demobili¬
an
and his A. M.
effect
(1)
?
military forces in oc¬
cupied areas, President Truman
on
April 12 issued an executive
order ruling that former Federal
employes now in the armed forces
at
Mr.
same
Employes Abroad
Guaranteed Jobs
Edmiston Quits St. Louis
to Be Ins* Official
On Oct. 15 Postmaster Albert
Goldman announced that
ordinary
the
——
Netherland Indies Fed. Res.
decreases of
nondurable
Civil
weekly earnings."
mailing when addressed to the
following cities in Netherlands
employment in higher wage in¬ Indies: Balikpapan,
Bandjermasin,
dustries and to reduction of over¬
Bandoeng,
Batavia,
Buitenzorg,
time hours paid for at
premium Makassar, Medan, Menado, Parates.
Numerous wage-rate in¬
dang, Palembang, Pontianak, Sacreases
equally evident in both bang, Semarang, Soerabaja and
ers
ste^iAy and
shorter
—MB—i
Parcels
in the
totaled 136,
year
of which there were 10
117 Diesel.
retain
factory
January
J
20
Diesel.
were
installed
period last
same
zation
workers average
$41.27, only slight¬
ly less than in December. The de¬
cline since last
fairly well
dropped sharply after V-J
re¬
was a year
ago, but
still averages over 41 hours
indi¬
maintained through May 1945. The
average
per
wage increases.
workweek
new *
which
of
steam, and 11
were
.
"The
rail¬
12,993
over
ago, and is 3 cents higher
August 1945. Workers in
the apparel industries
averaged
about 91 cents or 3.6%
as
the
•
freight cars.
They also put 31 new locomo¬
year
hour than in December
sult of recent
1945
service
,
a
than in
a
"Gross average hourly earnings
of factory workers reached the
highest level of the war in Janu¬
ary 1945 when they amounted to
'The
nounced
>
,429,032
1,699,822
1,688,434
earnings
ment continued:
hourly earnings of factory work¬
Result or Treasury
.
1,709,331
54,505
hourly earnings ever reported.
The 94 cent figure for
January
facturing industries declined from
$1,046.
2 Years Ago
NOTE—The
1,696,543
69,810
4,336,2
cating a scheduled workweek
eraging about 43 hours.
on March 29.
Average
hours worked per week for manu¬
2.66
April 23, 1945-
1,480,738
4,344,1'
reported
2.66
•April 22. 1944_
4,361,0$
4,307,
9.6
low what it
1.36
1946
7.7
7.3
the Bureau of Labor Statistics of
the U. S. Department of Labor
1.34
1 Year Ago
Issue
for
1.36
'
,
Gross
1.35
1946
—
represents
Depl. Reports
Earnings
Down in January
1.36
_
—
Hours and
13
„
—
7.8
est
15
1
—
Labor
1 16
2
Low
R. R.
2.71
-Stock
Mar. 29
■High
Corporate by Groups*
2.57
19
9
8.7
freight
New locomotives
Baa
April 23
10_
9.3
—
Individual Closing Prices)
Corporate by Ratings*
rate*
—11.1
—
4,415,889
MOODY'S BOND YIELD AVERAGES
U.S.
Jan.
—11.7
125.18
1946—
Feb.
—11.9
—12.2
—11.6
126.11
2 Years Ago
.-.j,.
9.8
9.7
4
April 27
,
—
18
April 22, 1944.
I
—
11
1946
steam, two electric and 424 Diesel.
The Clsiss I railroads put 8,00-3
% Change
Jan. 12
119.82
126.02
(April 23, 1945.
<
(Thousands of
Kilowatt-Hours)
1932
125.84
1 Year Ago
■
WEEKS
1944
8
High
They also had 494 locomotives
order April 1, this year, which
on
included 82 steam, six electric and
406 Diesel locomotives. On April
under 1945
125.86
118.60
on
new
1945
I
15
April
freight
cars on order, the Association of
American Railroads
announced
on April 22.
This included 13,721
hoppers, including 3,575 covered
hoppers; 5,121 gondolas, 1,163 flat,
13,576 plain box, 4,963 automobile,
1,568 refrigerator, and 100 mis¬
cellaneous
freight
cars.
New
freight cars on order on Mairch' 1,
last, totaled 39,191 and on April, 1,
1946, had 40,217
1946
8
2i—::::
Feb.
Ended-
Class I railroads
The
1,
on
DATA FOR RECENT
Week
."V-t
Increased in March
.
1
Mar.
v
S.
serving
he
an
instructor at
joined the
staff of the
as
Treasury Department,
subsequently served
on
and*
the staff
of the Board of Governors of the
"Eighteen of the 20 major groups
Federal System in Washington,
reported gains in hourly pay in dressee.
)/.Average price, 99.905+; equiv¬ 9,102,696,150, an average of 382 January. Decreases occurred only
.(2)
Contents
are
limited
to
■t
alent rate of discount' approxi-t per spindle in place, compared in the electrical machinery and
nonperishable items which are not
with 8,497,233,222, an average of transportation equipment groups.
mately 0.315% per annum.
prohibited in the parcel post pails
In
the
357
Range of accepted. competitive j
per spindle in place, for last
transportation equipment
to Netherlands Indies.
bids:
! montli and 9,955,968,062 ah aver¬
group a reduction in the regular
The parcels and relative cus¬
bonus
age
of
429
payments,
for
per spindle in place,
shipyard toms declarations
High, 99.907, equivalent rate of
.272,9
Tuesday. April 16. 1946————
must be con¬
for March 1945.
Based on an ac¬ workers contributed to the decline
discount
272.7
Wednesday, April 17
approximately
0.368%;
spicuously marked "Gift Package"
in average hourly
273.6
Thursday,
April
18
tivity
of
80
hours
per
earnings.
In
week,
cot¬
per annum.
*
by the senders, who must clearly Friday, April 19
ton spindles in the United States electrical machinery, the figures
state the contents and value on Saturday, April 20
Low, 9&.905; eqtiivaleht rate of
273.5
were operated
during March 1946 reflect primarily the influence on the
273.2
Monday, April 22
discount
customs declarations.
approximately
0.376%
the average
at 101.7% capacity.
273.7
Tuesday,, April 23
of the closing by
The
percent,
per annum. :
:
The export control
regulations
on
thd same activity basis, was strikes
of
Twc weeks ago, April 9, 1946273.9
establishments
with
of the Office
of
j
(66% of the amount bid for at 113.1 for
International Month ago, March 23
271.9
February, 110.7 for Janu¬ earnings above the average of the
255.6
Trade, Department of Commerce, Year ago, April 9, 1945
/the low price was accepted.)
ary, 101.5 for December, 104.6 for industry.
265.0
Washington 25, D. C. (formerly 1945 High, Dec. 27
^
There was a maturity of a sim- November, 105.0 for October, 111.8
"Nondurable goods
252.1
Low,
Jan.
24
the
industries,
Foreign Economic Adminis¬
J ilar issue of bills on April 25 in for September, 100.5 for August, curtailed during the
1946 High, April 6
274.2
war, are to¬ tration), are
applicable
to
the- amount of
parcels
and
121.8
for
March
$1,316,891,000.
264.7
1945.
Low, Jan. 2
day paying the workers the high- for
delivery in Netherlands Indies.
cepted in full).
of
active
spindle
.
.
-•
■
number
hours reported for the month was
-
-
-.
.
-
Moody's Daily
Commodity Index
.
»
*
'
^Holiday.
V-T—WlW*.
..
THE COMMERCIAL &
2280
Civil
Dally Ivgrage Crude Oil Production; for Week
Ended April 18,1946 Increased 245,000 BBSs.
that the daily aver¬
age gross crude oil production for the week ended April 13,1946 was
4,691,400 barrels, an increase of 245,000 barrels per day over the pre-*
ceding week, and was-71,400 barrels in excess of the daily average
figure of 4.620,000 barrels estimated by the United States Bureau of
Miiies as the requirement for the month of April, 1946.
The cur¬
Civil
Petroleum Institute estimates
The American
i
>•,
-
refining companies indicate that the in-
Reports received from
dustryVas
!•,
basis approxi¬
13,351,000
1,985,000 barrels of kerosine; 5,265,000 barrels of
8,608,000 barrels of residual fuel oil during the
whole ran to stills on a Bureau of Mines
a
barrels of crude' oil daily and produced
mately 4,636,000
foaryei^ 6f gasoline;
distil'fate fuel, and
week ended April 13,
1946; and had in storage at the end of
the week
barrels of finished and unfinished gasoline; 10,409,000
of kerosine; 30,047,000 barrels of distillate fuel, and 37,862,000
102,444,000
barrels
parrels of residual fuel oil.
i
,
--
April
Apr. 1
367,000
367,000
250,000
245,200
*i.;
*
f.v*h
f
■■■•
„•
370,150
251,950
Private Construction
378,300
268,150
Public Construction
State & Municipal
v
950
750
•
• •
Texas—
Central
81,500
82,000
158,700
495,000
139,700
Texas.
9,700
149,950
45,000
454,500
9,200
-.131,300
East Texas
372,000
44,800
333,500
Southwest Texas.
326,500
300,650
Coastal Texas_„:_
480,700
30,800
50,700
:
Apr. 19, '45
$22,181,000
6,131,000
16,050,000
3,040,000
13,010,000
Apr. 11, '46
$118,860,000
79,809,000
39,051,000
25,168,000
13,883,000
90,000
-
150,000
489,500
-145,550
378,100
352,150
565,250
437,100
construction groups,
classified
the
In
Total Texas—
2,170,550
1,888,500
190,200
+
2,054,600
2.080,000 $1,816,819
-
five of the nine classes
buildings, commercial build¬
Louisiana
Louisiana:—
Coastal
-
398,022
374,000
Louisiana—
85,200
286,800
+
372,000
+
84,100
71,050
290,100
295,000
374,200
366,050
550
350
capital for construction purposes
New
Arkansas'' i
55,050
53,000
Alabama
—
Florida
•Indiana
—
"f*T **"T-
50
1,050
100
15
197,000
+
2,900
209,850
187,250
14,000
21,500
+
2,350
19,150
11,700
61,900
29,500
30,600
—
100
Michigan''
J_r_
__.
_
i.
Wyoming
Montana '_•
New
_
.
•Colorado
■
i.—„
Mexico.
j
f.
California
f
■Total United States
106,350
46,000
49,250
+
92,000
113,400
+
9,200
109,450
21,000
22,000
100
20,100
25,200
1,750
23,600
9,550
95,700
104,800
—
20,050
—
+
53/400
19,750
3,833,900
+
242,600
'3,641,400
3,898,465
857,500
+
2,400
856,850
912,600
+245,000
4,498,250
4,811,065
§830,000
4.691,400
4,620,000
*
95,800
106,000
+%»
v
65,650
22,950
2,200
2,850
3,786,000
834,000
-
65,000
31,900
46,700
1,700
+
66,100
99,000
-
300
-
1,100
Eastern-^,
: (Ndt lhiC!. 111., ind
n: Ky.. >
Kentucky
80,550
52,200
211,950
'
-
77,450
55,800
800
»
-
«
Illinois'^—______
400
800
+
77,900
81,526
78,000
Li
Missis ippi
•
"■^s+^.Tfttfsfi8; ti« Bureau of Mines calculations of ttxe requirements of domestic crude
oil (after deductions of condensate and natural gas derivatives) based upon certain
in its detailed forecast for the month of April.
premises outlined
.
As requirements
may be supplied either front stocks or from new production, contemplated withdrawals
from'crude oil inventories must-be deducted from the Bureau's estimated requirements
to determine the amount of new crude to be produced.
In some ateas the weekly
do,
estimates
as
however,
mixed with
crude
include small but indeterminate amounts of condensate
the field.
+
»
which
oil in
(Oklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m., April 10, 1946.
the net basic allowable as of April 1 calculated on a 30-day basis and
shutdowns and exemptions for the entire month.
With the exception of |
those fields which were exempted entirely the entire st,ate was ordered shut down
for six days, no definite dates during the month being specified; operators only being
required to shit down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to six days shutdown time during the calendar month.
SThis is
includes
^Recommendation
CRUDE
RUNS
TO
of Conservation
AND UNFINISHED
'"•••
•;
STOCKS OF FINISHED
GASOLINE;
GASOLINE, KEROSINE, GAS ;OIL AND DISTILLATE
AND RESIDUAL
»Figures
•
Committee of California Oil Producers.
PRODUCTION OF
STILLS;
thousands of barrels of
in
FUEL
OIL, WEEK ENDED APRIL 13, 1946
Figures In
42 gallons each)
this section Include
reported totals plus an
therefore on a
estimate of unreported amounts and are
-Bureau of Mines basis
% Daily Crude Runs
Refin'g
to Stills
Capac. Daily % OpReport'g
Av. erated
District-
East
Coast
99.5
733
76.8
92.7
JStks. of tStks.
SGasoline IFinish'd
Produc'n
and
tStocks
at Ref.
Inc. Nat.
Blended
1,749
GasOil
of
of
& Dist.
Resid.
Kero¬
Fuel
Fuel
Unfin.
Gasoline
sine
Oil
Oil
4,814
9,980
6,273
Stocks
22,982
Appalachian—
District
No
1
District No
2
Ind.. 111., Ky
323
2,843
101
69.2
81.2
56
112.0
161
1,221
87.2
743
86.7
2,583
23,600
433
210
r.
205
35
71
227
"■
1,437
3,621
3,109
436
1,570
1,086
381
81.2
59.8
225
68.2
843
3,041
328
324
738
89.3
1,144
92.5
3,209
15,782
1,638
5,171
Louisiana Gulf Coast.
96.8
316
121.5
352
3,964
659
1,456
4,026
1,066
So. La
257
Okla., Kan.. Mo
Inland
78.3
Texas
Texas Gulf
Coast
1,222
9,357
„
55.9
51
40.5
126
1,850
257
479
District
No
3
17.1
14
1.107.7
42
114
15
38
^District
No
4
72.1
114
71.7
361
2,382
111
758
78.4
1,880
15,308
474
Arxansas—
Rocky Mountain—
California
Total O
86.5
S
n
4
basis
R
Apr.
609
20,218
-
4,636
85.8
13,351
"102,444
10,409
30,047
37,862
"Includes
1946.
85.7
4,533
83.9
4,813
unfinished
stocks
of
13,718
104,226
10,134
29,253
37,289
14,686
t95,777
7,645
28,071
41,228
gasoline
11,928,000
stocks
barrels.
of
8,800,000
barrels.
tStocks at refineries,
(Includes
at
bulk
unfinished
terminals
'-n
transit and in pipe lines.
§Not including 1,985,000 barrels of kerosine, 5 265 000
barrels of gas oil and distillate fuel oil and 8.608,000 barrels of residual fuel' oil
produced during the week ended April 13, 1946, which compares with 1,946,000 barrels,
5,060,000 barre*s and 8,401,000 barrels, respectively,
in the preceding week and
1,391.000 barrels 5,083,000 barrels and 8,875,000 barrels, respectively, in the week
ended April 14,
the end of next week the coal mine stoppage will have
than 1,000,000 tons of steel ingots and in terms
of finished steel products about 700,000 net tons, and before the
strike is settled, the ingot loss may exceed 2,000,000 tons," "The Iron
Age," national metalworking paper, states in its issue of today
(April 25), further going on to say:
"Considering the 7,500,000 tons.<^
of steel ingots lost because of the out the country are finding it im¬
steel strike earlier this year, and possible to obtain various types of
the 1,000,000 tons which will be steel products in order to round
out their own production program.
irretrievably lost by the end of
Unless some means is found to
next week because of the coal
take care of these small consum¬
strike, this 8,500,000 ton§ of raw
represents the disappearance
approximately 5,900,000 tons of
finished steel—the total shipments
to the automotive industry during
the full year of 1939.
"While
some
steel companies
1245;'
V
ers,
fair
able to maintain
been
production so far are on the point
of sharply curtailing and those
already
seriously affected will
make further
week
or
so.
reduction within a
The sharper the de¬
general the longer it will
regain normal stride
after the coal dispute has been
cline in
settled.
"Meanwhile, steel and iron con¬
sumers
wholesale shutdowns and cur¬
being increasingly af¬
Various foundries report
are
fected.
that coke is
than
becoming more of a
pig iron and some
nonintegrated producers are con¬
fronted by greater scarcity of fuel
than of iron.
However, there is
little easing of pressure in any
quarter.
"By
cost the country more
"In finished steel,
,
production of
being effected
after having held up better than
most
other
major lines;
Pro¬
ducers operating on a quarterly
sheets and strip is.
basis again
have postponed setting
quotas for third quarter, with
likelihood that action will
taken before
some
time in
up
little
be
May.
"The
in
situation
bars
is
in¬
hotrolled and cold-drawn.
Only in
large rounds and flats can ton¬
nage be had before fourth quar¬
creasingly
in
tighter,
both
Large users
series of head¬
aches within the next few weeks
ter and in smaller sizes most sell¬
because many of their sources of
ers are out of the market for the
steel supply will be curtailing op¬
entire year.
continue to operate at high levels erations and shipments.
"The discussions between the
"Tin plate producers are feeling
this week, by the end of next
week at least two large firms will OPA and the Steel Industry Ad¬
the effect of steel shortage but are
visory
Committee
over
the
ade¬
be forced to cut nroduction by as
pressing for all the tonnage they
much as 50%.
The United States quacy of the 4% price rise on
can produce, to provide material
Steel Corp., which began to re¬ alloy steel will soon bear fruit.
duce activity
early this month, Around May 2 the OPA is expect¬ for cans for the seasonal food
will by the end of this week be ed to revise the Increase on alloy
It seems likely the ton¬
steel from
4% to 8.2%.
Many packs.
operating at new lows in the Chi¬
nage earmarked for export dur¬
steel firms have not billed their
cago and Pittsburgh districts. The
customers
on
the 4%
increase ing second quarter will be pushed
gamble which many companies
took that the coal strike would be basis, but have ndtified them that into third quarter.
short-lived
has been
definitely when the price question is finally
"Tightness in pig iron is increas¬
settled, additional billings to com¬
lost.
ing as supply of coke for blast
"Indications this week are that pensate for the price increase will
furnaces becomes more problem¬
the coal strike will run well into be made.
"It is certain that at the end
atical. Every effort is being made
May. Governmental plans for end¬
of the 90-day period from
the to distribute production to best
ing the tieup, so far have no sub¬
time steel prices were) increased,
stance, and" the; controversy has
advantage and foundries have not
settled down to the usual coat dis¬ the steel, industry? will require
further action from OPA on the suffered so far, but inventories
pute
pattern—a waiting - game.
It may be are being depleted and castings
In past bouts with the coal oper¬ steel price structure.
that the unbalances claimed.^ by
ators, Mr. Lewis has held out for
production
must inevitably be
his demands without budging an the industry Will be straightened
out by a revision in steel pri£,efex- curtailed if coal mining is not re¬
inch, despite the drastic effects
of
of the coal shutdown,
"There
,
is
more,
J]':
SOs-SO
.*
-
than
industry will
paralyzed$ and reduced to
air"insignificantoperating level
before the' coal situation is cleared,
basis
14, 1945
gasoline
Operations at 73.6% of Capacity—Fuel
Shortage May Bring Sharp Reduction Soon
Steel
become
85.7
corresponding period of 1945.
steel
producers who
large
"Various
factor
chance that the steel
K*
-
Apr. 6,
U. S. B. ol M
43
380
6,524
of M.
ff l vt: basis Apr. 13, 1946
Total,U. S
•
■
this week totals $23,253,-
000, and is made up of $18,153,000 in state and municipal bond sales
and $5,100,000 in corporate security issues.
New capital for the 16week period of 1946 totals $423,908,000, 56%
greater than the
$272,249,000 reported for the
drastic.
will be much more
have
output
the reduction in
into May
take mills to
New Capital
If \
North
and few
signs of immediate settlement, in¬
dications point to loss of about a
million tons of steel this month,
and should the strike continue
gains this week over the! previous week as follows: sewers,
streets and roads, earthwork and drainage, commercial buildings and
unclassified construction.
Eight of the nine classes recorded gains
this week over the 1945 week ass follows: sewerage, bridges, high¬
earthwork and drainage, industrial
ings and public buildings. 4
! ;
strike now
"With the soft coal
entering its fourth week
recorded
ways,
-
week, last
m
*
West Texas
East
10,900
Total U. S. Construction__
Federal
PanUancJlc Texas
North
1945
23,150
(750
800
Nebrscska i-+^
1946
Apr. 14,
1946
Week
Apr. 18, '46
$154,743,000
104,944,000
49,799,000
32,077,000
17,722,000
Ended
Ended
Apr. 13,
Previous
f379,400
1259,150
j
c
,
engineering construction volume for the current
Civil
Week
4 Weeks
from
Ended
Apr. 13,
Begin.
ports which it
cated that the
week and the 1945 week are:
Change
Week
ables
Calculated
Requirements
Oklahoma.
kansas- 'iL_-
total of 1945.
Actual Production
State
Allow¬
*B. of M.
announced
had received indi¬
operating rate of
steel companies having 94%
ot
the steel capacity of the industry
will be 73.6% of capacity for the
sponding week of last year and 10% above the previous four-week week beginning April 22, com¬
moving average. The report issued on April 18, added:
pared with 77.4% one week ago,
Private construction this week, $104,944,000, highest since March
88.5% one month ago and 93.2%.
30, 1930, is 32% above last week and 1,612% above the week last one year ago.
This represents a
year.
Public construction, $49,799,000 is 28% above last week and decrease of 3.8 points or 4.9%
210% greater than the week last year... State and municipal construc¬ from the preceding week.
The
tion, $32,077,000, 28% above last week, is also 955% above the 1945 operating rate for the week begin¬
week.
Federal construction, $17,722,000 is 28% above last week and
ning April 22 is equivalent to 1,36% above the week last year* ^ j\
v.
297,100 tons of steel ingots anct
Total engineering construction for the 16-week period of 1946 castings,
compared to 1,364,100
records a cumulative total of $1,384,879,000, which is 184% above the tons one week ago, 1,559,700 tons
total for a like period of 1945. iOn a cumulative basis, private con¬ one month ago, and 1,707,100 tons
struction in 1946 totals $918,013,000, which is 502% above that for one year ago.
1945.
Public construction, $466,866,000, is 39% greater than the
"Steel"
of
Cleveland, in its
cumulative total for the corresponding period of 1945, whereas state
summary of the iron
and steel
and municipal construction, $314,361,000 to date, is 457% above 1945.
markets, on April 22 stated in
Federal construction, $152,505,000, dropped 45% below the 16-week
part as follows:
(FIGURES IN BARRELS)
OIL PRODUCTION
AVERAGE CRUDE
DAILY
Monday of this week
that telegraphic re¬
Institute on
construction volume in continental United
for the week ending April 18, 1946 as re¬
and Steel
American Iron
The
ported to "Engineering News-Record." This is the highest since the
Nov. 12, 1942 weekly volume which reached $304,000,000.
This vol¬
ume is also 30%
above the previous week, 598% above the corre¬
The Insti¬
barrels.
April 13, 1946 averaged 4,498,250
tute further reported as follows:
industry." ;
and brass
States totals $154,743,000
rent figure, however, was 119,665 barrels per day below the produc¬
tion for the week ended April 14, 1945.
Daily output for the four
weeks; ended
Engineering Conslruclion Totals
$154,743,000 for Week "
engineering
1946
Thursday, April 25,
FINANCIAL CHRONICLE
up.
East
Several
and
in
companies
some
in
the
other parts of
the country will be able to oper¬
ate on cold pig iron and scrap
bpt even these firms
will be hampered
due to the
growing scarcity of pig iron due
charges,
to blast furnace shutdowns.
.
"Many
small
through¬
plants
tailments will result.
of steel are in for a
tras/^
sumed soon.
w
■aj-The strike,;wage and priqsfsituation in; the nonferrous indus¬
tries is very rirpilar? to that $fthe
steel industry some three months
ago, -with
the establishment of
fact-finding boards to study the
wage, and price structure of cop¬
per mines and smelters.
Price in¬
creases have now. been granted
to the brass mills, and all but one
major wage adjustment have been
settled in
the
industry. Other
stoppages in the lead and zinc
mines are awaiting the establish-
'
"Scrap
'
scarcity
continues
great as ever and demand
abated.
Steel
mills,
as
is un¬
though not
producing as much steel as usual
nevertheless
require more scrap
to eke out shortened pig iron sup*
ply for open hearths.
of cast scrap are
as
Consumers
paying as much
$12 per ton freight to move
material
from
remote
areas,
so
great is need."
,
"7
(PES
set"
JVolume 163
Number 4484
.
THE COMMERCIAL
FINANCIAL CHRONICLE
fSt'.fJfc
;>%■
vM-:
2281
-——mmmm m
Trading on Hew York Exchanges
volume
of round-lot
Exchange and
stock
transactions for the
of
account
all
members of these
exchanges in the week ended March 30, continuing
current figures being published
weekly by the Commis¬
series of
a
sion.
Short sales
are
shown separately from other sales in these
fig¬
ures.
>
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended March 30 (in
round-lot transactions) totaled
2,397,448 shares, which amount was
16.13% of the total transactions on the Exchange of 7,430,600 shares.
This compares with member trading
during the week ended March
23 of 2,413,088 shares, or 17.24% of the total
trading of 6,999,770
shares.
On the New York Curb
Exchange, member trading during the
week ended March 30 amounted to 648,620 shares, or 12.95% of the
on that Exchange of 2,504,250 shares.
During the week
total volume
ended March
shares
23, trading for the account of Curb members of 597,650
13.46% of the total trading of 2,219,875 shares.
was
Stock
Round-Lot
Sales
on
the New
York
Stock
and cbntinued strong
demand from: Eastern border buyers.
Prices for bats, in increasingly short market
supply, rose aboiit 1 %l
"Higher average prices for fresh and canned fruits.and vege¬
tables were primarily responsible for the
0.2% rise in the group index
for foods.
In addition dressed poultry prices increased on
holiday
buying, and rye flour quotations rose with declining market supplies.
"Other
WEEK
ENDED
MARCH
30.
the
responding
advance
t %
240,390
7,430,600
155,200
612,860
higher ceilings granted earlier and cotton yarn quota¬
tions rose nearly 2% with revised
ceilings.
Men's top-coats were
higher with increased ceilings. Further price advances were reported
for crude
petroleum, bringing prices to new ceilings recently granted.
Quotations for. bolts, rivets and,screws rose approximately 7%, fol¬
lowing OPA ceiling adjustments to cover cost increases which
occurred prior to 1946.
Southern pine lumber prices continued to
advance
fractionally with further adjustments to higher ceilings.
Quotations for quebracho extract rose about 12 % with OPA
approval
reflect higher world market
prices.
Manufacturers' prices for
mechanical refrigerators were
reported at levels slightly higher than
prewar."
to
The
Foods
25,150
Hides
and
Textile
311,698
;
4.00
1,187,810
on
the
New
Account
of
York
Curb
Exchange
(Shares)
Members*
ENDED MARCH 30,
1946
13,
Total Round-Lot Sales:
Short sales—
GROUPS
products
16.13-.
and
Stock
3-30
3-16
4-14
4-6
3-16
4-14
1946
1946
1946
1945
1946
1946
1945
109.1
108.7
108.4
105.5
+0.2
+0.8
+3.6
128.9
—0.1
135.2
133.3
133.1
+ 1.5
+ 4.8
109.9
109.7
109.5
109.5
105.5
+ 0.2
+ 0.4
+ 4.2
120.3
120.1
120.1
120.1
118.3
+ 0.2
+ 0.2
+ 1.7
105.0
104.5
104.3
101.9
99.1
+ 0.5
+ 3.0
+ 6.0
86.5
85.5
85.4
85.4
84.0
+ 1.2
+ 1.3
+ 3.0
108.0
107.9
107.7
104.3
+ 0.2.
Building materials
124.0
124.0
123.6
123.3
117.0
96.1
96.0
96.0
96.0
94.9
108.7
108.7
108.5
108.4
106.2
—
lighting materials
materials—
Semi-manufactured articles
Manufactured products
————
products
—
products and foods
APRIL
2,504,250
the|Government be reduced to the
2% wvhich the British will be ex¬
pected to pay on their borrowings
after 1951.
Senator Stanfill de¬
clared his intention of
supporting
the legislation to extend the .credit
to Britain because "it is an invest¬
ment
in peace and' prosperity/'
Asserting that "we can no more
survive
than
Senator Stanfill went
according
and
and
Iron
+ 2.4
94.6
0
0
+ 0.8
117.3
+ 0.5
+ 1.5
+ 4,7
100.8
100.6
100.5
99.7
94.8
+ 0.2
+ 1.1
+ 6.3
104.8
104.6
104.5
104.3
102.0
+ 0.2
+ 0.5
+ 2.7
103.7
103.4
103.3
103.0
100.4
+0.3
+ 0.7
+3.3
102.8
102.4
102.3
101.9
99.5
+0.4
22,275
—
+ 0.9
+3.3
Washington
Cement
advices,
though I want
Summing
military
no
his
up
alli¬
viewpoint
Senator Stanfill said he felt that
the lifting of trade restrictions
which the British promised if the
loan goes
through/holds; th^ml^
*
-t
Without
the
loan,, h<? ' "said
"there can be no hope of creating
conditions under; which the na¬
tions of the world can- trade to¬
gether in
peace.
I believe Amer¬
ican business will
reap dividend.'
by
gettmg
free
to i these
access
markets."
the
on
proposed
April 17, stated it
that
it
"an
was
sity in
our
"This
not
0.2
Grains
0.2
0.7
Livestock
0.5
Lumber
0.1
0.3
Meats
0.1
0.2
Other
poultry
0.1
c
necer
best interests."?! 1
matter
a
of cha¬
tty," he said.
"It is an effort 1
bring economic stability tokth
The majority leader frr
used the term "line VV
than
"loan"
in
rc
ferring to the proposed transac
tion.
Administration leaders ar
optimistic of eventual passage c
the
in
measure
the
0.1
materials
loan
his opinio-
as
economic
own
is
credit" rather
Chemicals
1.0
building
he
ance."
quently
3.1
182,210
that
<
thought the "democracies of the
world ought to stand together, al¬
world."
1946
and
^ar,v
to 'Sayy
on
Associated ! Press
bate
+ 0.3
95.4
121.0
vegetables
steel
to
0
95.4
Clothing
economic- f war
.
another; atomic
Senator Barkley of
KentuckyDemocratic leader, in
opening de
121.1
products
another
we can
+ 1.3
95.4
13,
by Senator Wil¬
StanLll(R^
A,
with the granting of the1 loan, in¬
terest on veterans' loans made by
+ 6.0
122.2
1946 TO APRIL
Great Britain opened
+ 3.7
95.4
goods
Fruits
224,545
t Other sales
and
Petroleum
Cotton
registered—
Short sales
liam
to
proposal
+ 0.1
122.8
6,
a
+ 0.6
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
k
loan
+ 0.5
Increases
Total purchases
000
with
0
All commodities other than farm
t %
2,467,450
-
The second day of debate April
on the Senate floor over
legis¬
lation to approve !h£: $3)750,000,!
+ 0.1
All commodities other than farm
/
'
•
Total sales
*
18
in the future.'
108.2
36,800
Bound-Lot Transactions for Account of Members:
1. Transactions of specialists in. stocks in which
'
m
prospect of peaceful world trade
1946
Metal and metal products—
Raw
Total for Week
hi tOthersaies
products
Miscellaneous commodities
1,209,638
WEEK
COMMODITY
APRIL
1946
135.1
leather
Housefurnishings goods
1,020,788
Sales
its
109.3
Chemicals and allied products—.
188,850
Total sales.
are
products
Fuel and
Total sales-
they
commodities
283,170
286,548
Stock
BY
ENDED
4-6
1.67
Farm
Short sales
Transactions for
PRICES
WEEK
Commodity group—•
All
tOther sales
Round-Lot
THE
4-13
129,880
tOther sales
in
Percentage changes to
April 13,1946, from—
121,380
I. Other transactions initiated off the floorTotal purchases—
Total
FOR
8,500
Total sales
.
IN WHOLESALE
117,770
Total purchases
Short sales
notation
following tables show (1) indexes for the past three weeks,
the floor-
JOther sales
Total—
Department included the following
10.46
768,060
on
Short sales
t
Labor
CHANGES
Total sales.
-
to
The
tOther sales
I. Other transactions initiated
Total purchases
months.
for March 16, 1946 and April 14, 1945 and (2) percentage
changes in
subgroup indexes from April 6, 1946 to April 13, 1946.
786,870
Short sales
p
Senate Qpens Relaford
Oil BrilishLoaai
index.
1. Transactions of specialists in stocks in which
they are registered—
Total purchases-
v
rose
recent
data, for the most
part, represent prices in primary markets.
In general, the prices are
those charged by manufacturers or
producers or are those prevail¬
ing on commodity exchanges.
The weekly index is calculated from
one-day-a-week prices.
It is designed as an indicator of week to
week changes and should not be
compared directly with the monthly
■. Round-Lot Transactions for Account of Members,
>
Except for the Odd-Lot Accounts of Odd-Lot
Dealers and Specialists:
r.
of
The Bureau of Labor Statistics' wholesale
price
7,190.210
Total sales
rise
was
report:
1946
Total for Week
tOtlier sales
0.4% during the week, continuing
The group index for these
0.9% above a month ago and 3.3% above the cor¬
week of 1945.
Prices for cotton fabrics continued to
accelerated
commodities
Exchange and Round-Lot Stock
(Shares)
Short sales
Commodities—Average prices for all commodities other
than farm products and foods
Transactions for Account of Members*
A. Total Round-Lot Sales:
m
market
The Securities and Exchange Commission made
public on April
17 figures showing the volume of total round-lot
stock sales on the
New York Stock Exchange and the New York Curb
the
i
Senate
by
r
margin of 12 to 18 votes.
Decreases
Total sales
t. Other transactions initiated
Total purchases
204,485
on
Other
1,500
38,900
tOther sales
Total sales-
40,400
I. Other transactions initiated off tho floorTotal purchases
1.55
9,250
The
74,275
Total sales
83,525
l_
Total purchases
Short sales
320,210
for the index.
295,385
at
Total sales
328,410
.12.95
Customers' short sales
Three
0.1
112,634
Total purchases.
112,634
Total sales
of
110,279
*The term
"members" includes all
regular and associate Exchange members, their
firms and their partners,
including special partners.
tin calculating these
percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on
the Exchange for the reason that
the Exchange volume includes
only sales.
tRound-lot short sales which are
exempted from restriction by the Commission's
rules are included with "other sales."
included with "other sales."
Wholesale Prices Rose 0.2% in WeekEnded
the 1935-1939 average
follows:
on
as
100.
year
a
ago
The Association's
showed
small rise because of
a
higher prices for rye. The livestock
higher with advances in the prices for eggs and fluid milk
more than offsetting lower
prices for lambs. The food index ad¬
vanced fractionally. The textile index advanced slightly, registering
a
new
hi?h point.
The rise was due principally to higher yarn
prices. White lead prices advanced but the rise was not sufficient to
change the index of the building material group.
ice series in the index advanced and two
During the week
week six advanced and one declined; in
declined; in the prec
index was
the second
preceding week nine advanced and two declined.
A
a rise of 0.2% in
average primary market prices dur¬
ing the week ended April 13, 1946," said the Bureau of Labor
Statis¬
tics, U. S. Department of Labor on Ajiiil 18, its advices
adding that
the wholesale price index of the
Bureau rose to 109.3% of the 1926
average.
This was 0.8% above mid-March 1946 and
3.6% above a
year ago, it was noted by the Bureau, which likewise
reported:
a
"Farm Products and Foods >—
Primary market prices for farm
products averaged fractionally lower during the week. Prices declined-for lower grades of eggs.
Average prices for lemons dropped
with an increased proportion of smaller sizes
on the market and old
potatoes moved lower in most markets. Quotations for
hay
were down on light demand as
pasturage improved.
Slightly lower
prices were reported for'some foreign wools
as^poorer evades came
on the market.
Potatoes in Eastern markets i and
onions, ;soldjjat
higher prices during the week reflecting new crop
shipments, and
apple quotations were fractionally higher.
Cotton prices continued
of,
rota! Index a l
the
Group
Foods!.
■
Apr. 20,
T'
•.on
*U£-
Fats and Oils.
•
r>rr
Cottonseed Oil
Ago
for
odd-lot
ists who handled
odd lots
Exchange,
York
tinuing
Stock
con¬
series of current figure*
a
sion.
The figures
based upon
are
reports filed with the Commission
by the odd-lot dealers and
spe¬
cialists.
STOCK
TRANSACTIONS
LOT ACCOUNT OF
AND
STOCK
FOR
ON
THE
ODD
N.
Y.
EXCHANGE
Week Ended
April 6, 1946
—Odd-Lot Sales
by Dealers—*■■■■
v!
...
(Customers'
THE
ODD-LOT DEALERS
SPECIALISTS
iv Total
purchases):;
Per Week.
Number
of
orders
.
Number
of
shares
—
,4)39,329
1,165,554
$51,765,771
+
*
*'
short
salesw!fe.f.t£&•"'90
Customers'
other
sales—vyr 39,416
145.3
Customers'
short
sales
^Customers"
other
sales-—
Customers'
total
sales---!
254!
211.4
173.8
173.3
163.5
162.2
161.5
160.5
160!
131.7
131.7
126.5
130.4
133.9
133.9
134.3
133.7
165.4
156.6
117!
104.7
166.9
5
*
'<4$
Cirtomers'
141.9
173.9
|
••',!!
*,<;.
147.4
117.2
thf
on
being published by the Commis¬
144.0
167!
accoun
special¬
New
147.4
Livestock
Customer! total
Number of Shares:
sales—!
Dollar value
«
A
,
2,718
1,083,448
1
k
1,086,166
—J__ $46,769,261
Round-Lot S"les by Dealers-^
Number of Shares:
Sb->rt
39,5.06
;
r
•?
"•
*
'
-
}.
'
sales-.:
90
tOther sales
240,000
'
167.8
drugs—..—
167.8
167.8
127.5
127.5
127.2
118.2
118.2
118.2
118.3
119.8
119.8
119.8
119.9
105.3
105.3
105.3
104.8
•
y,
v
145.9
'
125.4
Tot-1
sales—...
-
240,090
Round-Lot Purchases by DealersNumber
^Sales
of
shares
marked
323,000
"short
exempt"
ported with "other sales."x
are
re¬
-
tSales to offset customers' odd-lot orders
145.8
ApriL20, 1946, 113.7; April
—
154.4
!
*
A
All groups combined.
.
transactions
of all odd-lot dealers and
144.0
Grains
109.3.
complete figure*
showing the daily volume of stocl
144.3
166.5
1926-1928 base were:
for the week end¬
of
147.4
163!
Farm machinery-
on
6
Apr. 21,
173.2
FprMUaerfi...A;.'/ !!,!!V" ~;*:i
1945,
23,
163!
Fertilizer materials—
21,
April
1945
117.2
•^Indexes
a summary
1946
175!
and
Exchanp
1946
163!
-
April
Ago
Mar.
Apr. 13,
263.8
Chemicals
17,
ed
Year
175.7
Fuels
and
1946
163!
Miscellaneous commodities
Textiles
100.0
Month
264.2
.
Building materials
Securities
Odd-Lot Purchases by Dealers—:!C
(Customers' sales)
>
7
Cotton
Farm Products
23.0
The
Commission made public on Apri
Number of Orders:
tech Group
Sears to the
):•
INDEX
Latest Preceding
Week
Week
ki
V25.3
PRICE
1935-1939=100*
crop
on
COMMODITY
NYSE Sdd-Lol Trading-
Dollar value—
by The National Fertilizer Association
(L
>\%
responsible for
WHOLESALE
Compiled
>£{}
"Higher prices for non-agricuUui^cta
reflecting short supplies
as
high level
a new
the
WEEKLY
April 13, Labor Department Reports
rose
risen, each week reaching
composite groups of the index advanced and the
remaining groups were unchanged. The farm products group showed
a small gain
lifting the index to a new high peak. The cotton sub¬
group resumed its upward trend and reached another new high point,
after registering a decline in the
preceding week. The grain index
0
iCustomers' other sales
food-
A month ago the index stood at 144.4, and
104.3, all based
report continued
0. Odd-Lot Transactions for Account of
Specialists-
Sheep quotations
Other
weekly wholesale commodity price index compiled by the
week that the index had
33,025
tOther sales
to advance.
0.1
National Fertilizer Association, and made public on April 22, was
fractionally higher in the week of April 20, 1946 when it rose to 145.9
from 145.8 in the preceding week. This was the seventh consecutive
2.83
Total-
are
products
National Fertilizer Association Commodity Price
Index Continues to Rise
58,365
Short sales
tOther sales
SSales marked "short exempt"
farm
37,300
Short sales
4.
8.57
the floor-
13,
144.4
140.3
1946, 113.6; and
and sales to
liquidate
is Jess
-
"other
sales."
a
loijg position which
round lot
are
reported with
•
Statistics
Weekly Goal and Coke Production
'
of soft coal in the
The total production
week ended April i3
of Mines, was 650,000
for the week endec
estimated by the Bureau of Mines, was 1,339,000
tons, an increase of 278,000 tons, or 26.2%, over the preceding week.
When compared with the corresponding week of 1945 there was an
increase of 93,000 tons, or 7.5%.
The calendar year to date shows an
increase of 9.3% when compared with the corresponding period of
bee¬
1946
decrease, of 11,200 tons when compared with the output for
ended April 6, 1946; and was 61,900 tons less than for the
which
Lewis,
the United States are idle
Negotiations for a new working agreement
Mine Workers of America and the operators
began in Washington on March 12 collapsed when John L
President of the mine union walked out on the wage con¬
the United
between
ference.
^
soft coal production for
in excess of 13,000,000 tons
The rate of
the strike was
\t&'';,
JApr. 13,
A
1946
coal & lignite—
mine fuel—
Bituminous
Total, including
average
'>/. "Subject to
■
Week Ended-
1946
1945
1946
1,339,000
1,061,000
17,662,000
1,285,000
1,019,000
1,246,000
1,196,000
6,600
17,800
68,500
1,206,800
1946
Anthracite—
fuel
tCommercial produc.
Penn.
i
"Total incl. coll.
f
'•'
•
bpuh ive
cokc
United States
*
washery
and dredge coal
tExcludes colliery coal.
operations.
16,955,000
ESTIMATED WEEKLY
,
and coal shipped by
1QA<5
1937
16,160,000
15,514,000
16,526,000
15,700,000
1,632,600
1,^6,800
BITUMINOUS
COAJL AND LIGNITE,
NET TQNS
by
gTATES) IN
1946
Mar. 30,
Apr. 6, 1946
Apr. 7, 1945
122,000
6,000
447,000
6,000
Ai
Oklahoma
and North
172,000
Missouri
44,000
26,000
137,000
126,000
472,000
62,000
4,000
DATA
lignite)
NOT
74,000
AVAILABLE
34,000
34,000
28,000
824,000
456,000
3,347,000
150,000
1,720,000
Dakota (lignite)
Ohio----^.—-—
Pennsylvania (bituminous)
—a
Washington
Virginia—Southern—
Virginia—Northern
46,000
Total bituminous &
ulation
either to abolish ceiling
Aluminum
The British Ministry
lignite
13,270,000
7,716,000
C.
&
G.;
.
tRest of State, including
counties. §Inciudes Arizona
Non-Ferrous
tons.
Commercial and
Financial Chronicle" of April 18,
before the meas¬
for further details.—Ed.]
Work
ure comes up for debate.
Indus¬
stoppages accounted for the se¬
try leaders have maintained all
vere
decline. The supply situa¬
along that higher ceiling prices,
plus
'
even
subsidies to
marginal pro-
ducers, are necessary to bring out
volume production to cope with
present situation." The pub¬
lication further went on to say in
tion has shown
obtain needed shapes in
to maintain
the
part as
may
Copper
March copper satisfies re ¬
vealed that production of refined
in this country dropped to 20,139
The
tons, with
tons.
590
deliveries down to 58,This
compares
with
quantity
production.
specific price relief to
is expected, which
mills
hasten the end of strikes at
fabricating plants.
Prices obtained for
the foreign
irregular,
copper in
market last week were
owing chiefly to the
fact that some
for
delivery to
fair tonnages sold
points that took
production of 49,923 tons and de¬ somewhat lower freight charges.
86,998 tons in Febru¬ The undertone remains firm.
liveries of
ary.
[See report
of the Copper
official
also
de-
price to the British con¬
reduced from £ 85 per
is
countries
52.000
52.000
52.000
52.000
52.000
52.000
pressure
to force sales, either
foreign
or
previous loans the total amount
outstanding was only $523,000,000
as of Dec. 31 compared with $516,000,000
the
Government
relatively
showed
by
outstanding advances were down
$25,000,000 chiefly because of de*
liveries of sugar against advances
by the Department of Agriculture*
,
Financial
aid
extended to for-r
eign countries during the quarter
comparatively
remained
commitments showing
and disbursements
no
steady,
change
increasing only
$2,000,000.
and financial
countries currently
represent a considerable part of
the Government's lending activity.
These may ultimately be exceeded
industry.
Senator
McCarran
(Nev.) again said he would agree by lend-lease credits, foreign sur¬
plus disposal credits and open
to a price of $1.03-an ounce for
and consumers re¬
main apart in their views on the
price at which Treasury metal
should be released for use by
one
year/but thereafter the
would, have to be raised to
.
Spokesmen
silver
for
turers
insisted
would
suffer
price
$1.29.
manufac¬
that the industry
under
the plans
presented by those representing
producers: It was^rstated unoffi¬
cially. that a compromise offer
was made to end the debate.
Zinc
—Lead—
New York
St, Louis
St..Louis
Exp. Refy.
11.775
12.020
52.000
6.50
6.35
8.25,
12.275
52.000
6.50
6.35
8.25
12
11.775
11.775
12.175
52.000
6.50
6.35
8.25
13
11.775
12.000
52.000
6.50
•6.35
8.25
15
6.35
8.25
6.35
8.25
.
16
11.775
12.175
52.000
6.50
17
11.775
12.175
52.000
6.50
11.775
12.137
52.000
6.50
Average
by
purchased abroad
little change
from the previous quarter. Com¬
mitments were up $7,000,000 while
articles
for
Outstanding
advances
equalled
domestic producers.
statistics are $59,000,000 at the end of the fourth
quarter.
being issued monthly
New York
1
Sept. 30.
on
Advances
that producers
OF METALS ( E. & M. J.
Straits Tin,
—Electrolytic Copper—
Refy.
their lines
in
of repayments of
upon
only $40,000,000
for
Domestic quicksilver
DAILY PRICES
Dom.
drew
Because
loans.
The New York Official price of
aluminum
in
Canada increased substantially in foreign silver continued at 70%c.
the war years to meet heavy de- London was unchanged at 44d.
Apr.
1945, various foreign
31,
credit
of
of
Production
three-month period, Sept.
30-Dec.
advances
Loans,
aid to foreign
items
account
such
"bills
as
rendered" in connection with the
War
Department's civilian supply
operations abroad.
Parcels Post to Siam,
French Indo-China, etc.
Postmaster Albert Goldman an¬
nounced
on
April 15 that, effective
,ordinary (unregistered
and uninsured) parcel-post serv¬
at
once,
ice. to
Siam, French
Indo-Chma,!
Macao, Hong Kong, Burma, Brunei/
Malay,
(Nonfederated), North
Borneo,
Sarawak,
and
Straits
Settlements, is resumed subject
Federated
Malay
States,
States
i;o
the
same
conditions
as were
in.
to the suspension of
he service. The parcels will be
subject also to the following fureffect prior
8.25
' 6.35
.
calendar week ended April 13- are: Domestic
her restrictions:
copper f.o.b. refinery, 11.7750; export copper f.o.b. refinery, 12.1700,
(1) Only one parcel per week
Straits tin, 52.0000; New York lead, 6.5000; St. Louis lead, 6.3500; St.
may be sent by or on behalf of
Louis zinc, 8.2500; and silver, 70.7500.
the same person or concern to or,
The above quotations are "E. & M. J. M. .& M. M's" appraisal of the major United
■ t
States markets, based on sales reported by producers and agencies.
They are reduced for the same addressee.
to the basis of cash, New York or St. Louis, as noted. All prices are in cents per pound.
(2) The weight of each parcel
Copper, lead and zinc quotations are based on sales for both prompt and future
is limited to 11 pounds. '
'
\4 f
deliveries; tin quotations are for prompt delivery only.
'
'•
t
In the trade, domestic copper prices are quoted on a delivered basis: that Is,
(3) Contents are limited to non-«
delivered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered perishable items which are not^
prohibited in the parcel post/
prices in New England average 0.225c. per pound above the refinery basis.
Effective March 14, the export quotation for copper reflects prices obtaining in
mails to those conutries.
'.
the open market and is based on sales in the foreign market reduced to the f.o.b.
It is added that the export con- ,
refinery equivalent, Atlantic seaboard.
On f.a.s. transactions we deduct 0.075c, for
lighterage, etc., to arrive at the f.o.b. refinery quotation.
; . "
v
troi regulations of the Office of *
Quotations for copper are for the ordinary forms of wirebars and ingot bars.
For standard ingots an extra 0.05c. per pound is charged; for slabs O.075c. up, and
nternational Trade, Department'
for cakes 0.125c. up, depending on weight and dimensions; for billets an extra 0.75c.
Washington 25,
up, depending on dimensions and quality.
Cathodes in standard, sizes are sold at. a of Commerce,
Average prices for
.
Further
brass
follows:
,^..
further deteriora¬
wire mills unable to
with
tion,
it was
to £67. The lower price
equivalent to 12.05c., United
11
April 18,
stated: "Authorities in Washington are becoming increasingly aware
of the need for speedy action to end work stoppages in non-ferrous
metal mines, mills, smelters, and refineries, and this has opened up
the subject of price relief in copper, lead, and zinc along the lines
incorporated in a bill presented earlier in the year by Senator Mcilar plan
the
that
not
States currency.
Markets," in its issue of
Farland, OPA, it was believed in^
Institute in "The
market circles, may act on a sim¬
However,
were
ong ton
Metals—Upward Revision of
Metal and Mineral
announcement in Lon¬
divulged.
ivered
of
in 1947, accord¬
The terms of sale
announced
Ceiling Prices Likely So Lift Onlpnf
"E. & M. J.
tons
for ship¬
aluminum from Canada
ment in 1946 and
sumer was
Virginian; K. & M.;
& w.; C. & o
tlncludes operations on the N.
and on the B, & O. in Kanawha, Mason, and Clay counties.
the Panhandle District and Grant, Mineral, and Tucker
"Less than 1,000
of Supply
215,000
purchased
nas
393,000
26,000
2,198,000
1,115,000
215,000
114,000
currencies.
hedging against weak
—
850,000
demand abroad represents
cotton.
In the
52.000
situation as
It was felt that
most of the metal that arrived
here from abroad in recent weeks
has been absorbed. There was no
to
$20,000,000; to Finland
by $5,000,000; and extended $95,000,000 in additional credits to
various countries for the purchase
52.000
pound.
$50,000,000,
by
Netherlands
Mexico by
upward to bring quo¬ no longer
approximately in line with The Bureau of Mines, however,
those prevailing abroad. Foreign plans to issue the figures quar¬
buyers
have been bidding for terly.
Silver
platinum at prices ranging from
$45 to $50 an ounce troy. There
Last week's hearings on
pro¬
is a possibility that -at least some
posed- silver legislation revealed
don.
850,000
gium; and $5,000,000 to Saudi
Arabia, the Clearing Office said.
In
addition, the Bank also in«?
creased the lines of credit to the
52.000
tin, continued
$100,000,000 to Bel¬
000 to France;
tations
of the
quarter totaling $550,000,^
fourth
52.000
general
revise them
ing to an
27,000
1,462,000
prices or
Export-Import Bank opened
of credit during the
lines
52.000
52.000
52.000
52.000
52.000
the market was quot¬
at $102 to $105
the
The
new
of
about unchanged.
whether OPA intends
on
per
partment's advices we also quote:
52.000
flask, or $1 lower than in the
week
previous,
sellers looked
widespread spec¬
here and led to
2,000
105,000
«
§ Other Western States
States
foreign transactions of the United
From the De¬
52.000
week
last
upon
Department of Commerce, which
compiles
statistics covering all
52.000
Quicksilver
Though
per
of
undrawn
Dec.
June
May
April
51.125c.
able
situation in refined
outside of the United
has tightened the market
215,000
(bituminous & lignite)
and Oregon.
at
strong
4,000
141,000
Tennessee—
t West
IWest
289,000
26,000
2,000
70,000
21,000
445,000
Michigan
Virginia-
233,000
1,147,000
Kentucky—Eastern—
Kentucky—Western—
Maryland———
Texas
1,126,000
1,537,000
622,000
Indiana-.-——,
North & South
*
1.0G0
Carolina
Montana (bitum. &
New Mexico-!
...
67,000
105,000
91,000
Illinois
Kansas and
Baltimore.
to
taken from a stock¬
platinum
railroad carloadings and river
of monthly tonnage reports from
from
operators.)
Weekthe
Ended-
tmie-
A
tin for shipment
Chinese, or 99%
Platinum
truck from authorized
current weekly estimates are based on
shipments and are subject to revision on receipt
district and State sources or of final annual returns
Georgia
April
left by
metal
lurgical ore remains relatively
active, owing to expected gains
in consumption of special alloys.
§Revised.
JSubject to revision.
PRODUCTION OF
(The
Arkansas and
was
April
April
April
period
three-months'
follows:
as
April
'
total-
•Includes
Apr. 17,
Apr. 14,
Apr. 13,
Apr. 14,
§Apr. 6,
$Apr. 13,
of
consigned
ore
the
Straits quality
was
This
in
preceding
pile at the Masinlpc mine
the Japanese. Demand for
Date-
for
period, but consumers will be
permitted
to use metal carriec
over,
which should raise actua
consumption in the second quar¬
ter to a higher level than in the
April
$1,311,000,000
upon
as* of
31, according to the Clearing
Office for Foreign Transactions,
credits
unused
remained
consume
consumption of tin in
industries in the Jan.-March
Chrome Ore
Offerings
quota
may
processors
approximately the same as that
some
ing at a high rate.
pines
-Calendar Year to
financial
curtailed
available, indicating that galvanizers and die-casters are operat¬
ANTHRACITE AND COKE
PRODUCTION OP PENNSYLVANIA
(In Net Tons)
if
hastened
be
render
first quarter
CPA announced recently. Strikes
High
on
this figure the
second-quarter
established
refractory grades
of chrome ore have been increas¬
ing and prices have been easier.
162,939,000 171,536,000 Recently, a shipment of 5,500 tons
1,865,000
1,932,000 of refractory ore left the Philip¬
1,704,000
current adjustment.
ESTIMATED
itV
•
was
is
High Grade are being sold about
as rapidly as these grades become
the four weeks preceding
10,225,000
850,000
170,000
650,000
108,000
Daily
April 1. Though
Department stated,
represented a substantial increase
over
previous lending activity,
said
merce
will
to
foreign
various
to
$825,000,000
countries, the Department of Com-
States Government.
that
tin
78,610 tons Prime Western.
Prime
Western
and
Special
per week.
PRODUCTION
OP BITUMINOUS COAL AND LIGNITE
(In Net Tons)
Week Ended
—Jan. 1 to Date—
§Apr. 6,
Apr. 14,
Apr.
13,
Apr.1946
14,
Apr.
17,
1945
1945
1946
STATES
ESTIMATED UNITED
162357
The
by
Grade, 7,879 tons Special High
Grade, 5,588 tons Intermediate,
16,736 tons Brass Special, and
the strike.
because of
tons
149,119
which
owned
zinc
slab
at
amounted
J
„
.
offer
of
lines
vanced
released.
the end of March
to
257,932
tons,
of
RFC
the
held by consumers
and increasing appeals for emergency stocks held under government
order was disclosed on April 18 by J. A. Krug, Solid Fuels Adminis¬
trator, who declared that since the beginning of the mine strike on
April 1, approximately 28,000,000 tons of potential coal production
4,200 soft coal mines in
of
Stocks
1945.
depletion of bituminous coal stocks
More than
Malaya
1945
Government adr
credit totaling
the United States
assistance at low interest
Zinc
corresponding week of
a-:
in
an
U. S.
During the fourth quarter
through
the
Malayan
Government
is
claimed.
accepted, London advices state
Sales of lead during the last The Malayan Chamber of Mines
week totaled 3,431 tons, against is expected to agree to the terms
5,380 tons in the previous week. details of which have not been
also reported that the estimated production of
hive coke in the United States for the week ended April 13,
had been lost.
Countries By
Rehabilitation of tin properties
sidy payments
alone will not
bring out the metal to meet heavy
demands
of
consumers,
it
is
The Bureau
Steady
Credit to Foreign
Tin
ceiling price is necessary to stim¬
ulate production , once the strikes
have been settled. Higher sub¬
April 13, 1946, as
the week
New
this country.
to
that a higher
maintain
situation
period from Jan. 1 to April 14, 1945.
Production of Pennsylvania anthracite
showed a
States.
possible by advances of $68,500,000 by the United States Government to the Canadian producer
stockpile of lead, which stood at
The aluminum Co. of Canada ob¬
41,219 tons at the end of March,
tained orders in 1941 and 1942 to
has been declared frozen. Those
best qualified to pass on the lead supply 500,000 tons of aluminum
the preceding
amounted to 10,225,000 tons. For the calendar year to April 13, 1946, production of
bituminous coal and lignite amounted to 162,439,000 net tons, a de¬
crease of 5.3% when compared with the 171,536,000 tons produced in
1945.
for
United
asked
has
the
mands
producers "to
ration available supplies of lead
because of the state of emergency
that exists in the industry.
The
CPA
1946, as estimated by the United States Bureau
net tons, a decrease of 200,000 tons, or 23,5% from
week.
In the corresponding week of 1945, output
the
metal from the
facilities to
raise Canada's output were made
Lead
...
Wb
Thursday, April 25, 1946
FINANCIAL CHRONICLE
THE COMMERCIAL &
,
discount
of 0.125c,
per
pound.
v
Quotations for zinc are for ordinary Prime Western brands.
Contract, prices for
High-Grade zinc delivered in the East and Middle West in nearly all instances com¬
mand a premium of lc. per pound over the current market for Prime Western but
'
ttonth*'811, °?ep the/'E. Ss M. J/' average. lor. Prime . Western
for the previous
Quotations for lead reflect prices obtained for common lead-only.
^
C. (formerly
nomic
the Foreign, Eco-?
Adnjhtistratipia), are; ap* ;.
plicable to parcels for delivery /
in the countries mentioned. :: v
Volume
163; Number 4484
v
^
-
•"
■
•:
••■
"*'■ •*'
*.
i1 '"li a
T v.
v1"^.v):V'1":,...' .*».^rr-v'•
••.v
•
-j j-
w
April 13,1946 Increased 4531 Oars
,
Loading of revenue freight for the week of April 13, increased
4,531 cars or 0.7% above the preceding week. •
freight loading totaled 373,220
cars,
below the
•130,548 cars,
of merchandise
increase of 2,234
an
&n increase of
15,843
.
.
.
than
less
of 26,822 cars
.
.
above the preceding week, and
cars
Central of Georgia..
,
Charleston & Western Carolina
loading amounted to 31,561
below the preceding week, and a decrease of 122,763 cars
t
10,119
4,484
465
4,661
1,441
5,883
494
1,629
1,583
'2,135
2,691
229
240
243
264
97
109
118
299
614
4,129
2,263
4,289
1,676
1,515
77
53
48
97
1,468
1,112
1,336
2,060
412
—
Gainesville Midland
Georgia^.—
Georgia & Florida
Gulf, Mobile & Ohio
Illinois Central System
-
2,341
cars
433
......
452
377
913
4,752
29,808
3,992
26,211
24,428
13,135
•10,226
142
1,209
319
374
408
Southern System
Tennessee Central
Total
3,130
3,687
'1,022
432
473
400
1,395
1,187
4,545
1,549
1,213
437
10,340
13,044
23,032
cars,
1945.
week in
corresponding
above the
Chicago, Milw., St. P. & Pac
10,623
22,798
705
822
491
720
131
138
120
763
1,211
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic
17,534 cars, an increase of 1,552
In the Western Districts alone load¬
April
above the
101,312
127,943
15,788
19,014
17,299
12,200
13,792
2,600
2,934
2,412
2,712
3,591
19,378
19,806
19,152
8,252
10,698
3,429
1,004
3,384
21,096
3,029
3,942
,3,847
loading totaled 43,703 cars, ah increase of 1,037
7,500
decrease of
a
cars,
1,449 cars
'€
weeks
of -January
of -February
__
April
"Week of April
6
Lake
198
2,077
1,778
1,930
44
58
Superior & Ishpeming
'
1)686
1
:
13—
following table is
5,722
9,020
9,759
Spokane International
Spokane, Portland & Seattle
116
169
112
484
601
1,935
2,475
2(510
2,076
3,448
116,492
107,451
22-801
25,910
21,528
2,595
3,927
2,871
2
357
530
15,378
19,262
17,841
9,832
16,032
2,633
4,214
6
68
9,709
12,082
798,683
over
820
985
11,217
13,454
4,653
Jan.
15
Feb.
1,895
15
6,469
1,181,222
141
442
709
82
23
Mar. 15
..1,015,772
1,032
932
783
1,483
1;519
Illinois Terminal
Apr. 15
2,209
2,541
1,987
1,346
2,421
Missouri-Illinois
1,079
1,081
962
505
648
1,477
1,359
1,754
31
117
555
726
804
473
611
8
5
1
0
0
29,640
29,314
29,242
10,402
15,492
City
.
Toledo, Peoria & Western
O
,
13,206
LOADED
AND
(NUMBER.OF CARS)
RECEIVED
FROM
_-r-
,
Mi•
t-
-
—• +
•
TotaL
CONNECTIONS
Kansas
2,772
4,875
108,597
127,522
115,671
69,564
105,916
1,309
1,628
Bangor fe Aroostook.
3,614
2-836
2,048
409
514
Boston & Maine.—
7,707
.7,208
6,649
12,913
16,300
960
1,238
1,224
1,688
38
28
33
Central Vermont—..
Delaware, Lackawanna & Western
Detroit & Madkinac
&
•Erie
Grand Trunk Western
.
Lehigh & Hudson River
Lehigh & New England
lxehigh Valley..
1,210
1,904
2,214
4,934
5,089
4,'618
9,682
14)079
8,048
7,917
7,068
8,446
11,841
1.017
-
248
268
1,834
1,638
320
461
296
2,684
3,527
12,293
12,694
13.118
11,690
17,991
4,261
4,282
3,664
6,531
9; 084
219
185
165
2,337
4,071
2,573
1,672
1,865
985
1,528
8,645
220
7,780
7,002
12,254
4,260
4,583
263
280
36
26
2,569
2,332
173
5,396
6,625
19
2,012
2,448
43,111
51,178
44,574
34,549
10.512
10,968
10,331
14,392
1,049
1,063
1,038
3,072
Neto York, Chicago & St. Louis
6,144
6,995
6,198
11,327
16,104
*N. Y., Susquehanna & Western
475
451
448
1,486
2,218
5,775
7,484
7,720
3,044
7,594
5,775
5,144
4,695
5; 617
8,451
142
849
642
36
21
144
262
310
145
295
'
"
i,
Montour
'New York Central Lines
Y., N. H. & Hartford
New York, Ontario & Western
.
Pittsburgh & Lake Erie
—
.Fere Marquette
;
Pittsburgh & Shawmut..
'Pittsburg, Shawmut & North
Pittsburgh &.West Virginia....
222
•__.
Wabash
Wheeling & Lake'Erie
——-
943
,
■
ing month of last year, the Asso-
455
2,502
2,860
2,199
4,555
4,283
nounced
2,154
fic amounted to 52,000,000;000 tonmiles, according to estimates 'based
on
reports just received by the
976
1,229
1,649
2,974
4,961
6,332
3,338
3,420
2,590
3,057
3,327
2,547
3,172
269
349
1,126
118
185
345
441
7,161
6,013
4,296
6,115
•16,240
15,349
14,978
19,583
128
115
118
189
450
8,502
7,894
6,901
8,436
St.
2,696
3,970
3)009
8)897
Texas fe New Orleans
9,387
11,524
12,316
4,777
5,705
Texas A Pacific—
5,114
5,218
6,227
7,321
8,582
84
76
83
48
42
Wichita Falls & South era..
22
35
19
21
34
72,695
72,220
60,877
76,829
Total
Compared with two years ago, the
decrease
%'
ln4fi
Oklahoma
and
,
&
Atlantic
Gulf
Ry.
Line
Coast
only
in
RR.
1944
^Includes
and
Midland
also Oklahoma
Valley
Ry.
and
Mo. of J*n._
Kansas,
City-Ada-Atoka Ry.
in
1,162
2;008
340
349
1,050
3,171
1,199
9,420
12)669
'2,648
5,904
5;097
4,944
3,165
5,270
Akron, Canton & Youngstown
•
Baltimore & Ohio
—
Bessemer fe Lake Erie
'Csmbfia
fe
Ind'ana.-.
Central R. R. of New
i^rsey——
■
Mo.
of Feb._
*45.000,000
55,462;059
19.0!
of
152,000,000
64,424,041
19.0
855
4,288
25,933
45,390
41,414
20,113
29,309
756
5,838
3,594
768
1,541
3
•1,263
1,523
7
10
6,604
6,810
13,826
22,043
43
66
21
10
452
535
527
25
163
224
Penn-Reading Seashore Lines
Pennsylvania System—
year's figures
•
——
——
Uriion (Pittsburgh)
Western
-
Maryland.
—
ber
The members
of
this
Association represent
industry, and its program includes
member of the orders and
Manufacturers
^ Association,
shipments of 436 mills re¬
porting to the. National Lumber
Trade
low
of the
83%
figures
-
Virginian—..
week
Orders
1946—Week Ended
94
92
155,381
500,507
'97
93
•198,985
161,122
t>33,794
98
'-93
178,443
551,081
99
94
139,681
139,993
2
9
Fpb.
9
2,041
80,260
43,260
17,239
9,983
14.914
44,634
20,076
1,727
6,492
Mar.
2,642
4)021
4,325
"7,910
14,634
Mar.
129,243
183,789
177,188
112,815
180,609
169.482
Mar. 23
April
28,110
8 465
16)283
20,594
5,544
'9,216
4,421
.4,078
1,150
3,307
1
__
__
6
April 13
...
'
157,227
158,229
167,243
169,355
164,267
539.100
133,509
•167,541
'549,928
225,192
164,562
607,799
154,235
169,627
591,661
Notes—Unfilled orders of the prior week,
15,802
'
53/272
\
52,782
15,159
28,8061
97
'
538,572
.
;
100 1
"
/
99
-
•
.
100-
•
99
^'4,
101
plus orders received, less
b*aers; bit "the close,
Total.
mills amounted to 92%
For
reporting
are
mills,
equivalent to
32 days' production c?t the cuiTent
-
M
91
*
'•
95'
are
For the year-to-date,
reporting
ceeded
identical
production
-
uquiy-
Shipments
mills
ex¬
v '8.7% j
by
orders by 8.8%.
95' '•
:•
:
of
94
■
' '
-
90
•
•
95
Compared to
responding
the average
week
of
cor¬
1935-1939,
96:
production of .reporting mills Was
production, do
1.8%
tfompehs&tioa lor aieiinquhrft
1T1%
"oilers 4nkde for olf filled from Sto&, «nd ether-items made necessary
-adjust-
'mehts of mfflled orders.
of stocks.
softwood
ratte, and gross stocks
149,794
Feb. 16
1,801
84,391
15,894
mills
these
•alent to 33 days' production.
95
Feb. 23
2.008
15,507
of
above production. Un¬
Current Cumulative
Tons
516,776
529,767
516,211
be¬
week
filled order files of the reporting
<
•
Tons
30,748
1,941
'62,652
the
Percent of Activity
150,634
152,066
2,704
65,720
2___—
Remaining
Tons
66
5,978
Feb.
Production
•178,590
7
4.878
21,193
These
Unfilled Orders
Received
130
'27,658
operated.
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Period
1,152
891
figure which indi¬
orders
new
1.4%
unfilled orders
STATISTICAL
90
6,835
a
the time
advanced to equal 100%, so that they represent the total
are
1,865
8,076
on
0.1%
were
for
ending April 13,1946. In the same
total
industry.
-
Chesapeake & Oftlo—.
-Norfolk & Western
production, and also
Barometer
production
a statement each week from each
the activity of the mill based
Mar. 30
For a ho rit as District
estimate.
lumber
paperboard industry.
Mar. 16
TOtaJl
tPrellminary
Lumber Movement—Week
Ended April 13, 1946
revised.
We give herewith latest figures received by us from the National
•
"
Reading Co,_
'
Mar.
1945
Paperboard Association, Chicago, 111., in relation to activity in the
cates
718
15.1,
Mo.
^Revised.
Weekly Statistics of Paperboard Industry
233,313
813
1,609
—.—
—
162,571
636
0
'Llgonier Valley
150,649
■
Deer.
56,808,024
According to the National Lum¬
-»
7,044
Cornwall
Cumberland & Pennsylvania.
Long Island
-.163,846 *
'
ln45
*8,241.378
1946.
NOTE—Previous
3,491
'6-607
•
17%.
preliminary ton-mile statistics for
the first quarter of 1946 and 1945
(000 omitted):
-
18,736
449
.
was
The following table summarizes
50,421
.
5,362
142,607
;Allerheny District-
April 22, March traf¬
on
Association from Class I carriers.
5,943
62,118
.
•
elation of American Railroads an¬
1,456
260
8,043
in
ton-
3,366
Quanah Acme & Pacific..
tlncluded
in
freight, decreased
412
St. Louis-SanFtancisco.
Weatherford M. W. & N. W
measured
under the correspond¬
2; 669
were
>
1946,
miles of revenue
1.344
.2,657
...
Monongahela
March,
traffic
railroads in
I
277
5,475
14,101
Louls-Southwesttern
freight
7,547
376
—
of
337
,
Missouri Pacific—
181
868
volume
7)023
1,233
,
Vtissouri-Kansas-Texas Lines
39
2,214
9,193
Maine Central
The
handled by Class
308
-
Missouri & Arkansas
2,189
.25
1,091
377
Ironton
"Detroit & Toledo Shore Line..
Off 19% From Last Year
6.825
—
—
-Litchfield & Madison
1945
290
'Delaware & Hudson
5
1,774
i
City Southern
Louisiana & Arkansas
Connections
1946
256
.
2,467
17,886
±
1,950
fK O. & G., M. V. & O, C.-A.-A
Received from
389
Central Indiana—
0
10,482
...
528
about 19%
International-Great Northern
WEEK ENDED APRIL 13)
Revenue Freight Loaded
1946
1945
1344
Chicago, Indianapolis & Louisville..—
14,359
•
Southwestern District-—
Total Loads
—
294
i
553
1,918
,
,
O"
994,375
....
March Freight Traffic
April 13, 1946.
Total
Eastern District—
,283
16,576
.
"
Utah,-.-,
the week ended
.1,270,098
1,422
3,647
3urlington-Rock Island
FREIGHT
1946—
642
Southern Pacific (Pacific)-
of the freight carloadings for
a surrmary
3,104
10,619
2,701
—
15
Dec.
3,254
2,258
—1,404,483
1,566,015
1,465,798
•_
3,081
765,072
11,815,521
15
Nov. 15
'
644,663
847,013
Oct.
...
519
Peoria & Pekin Union..
Railroads
Toledo
67,612
12,908
2,409
1,361,495
...
May 15_--_._.--.-___..-U;486,504
*
..1,554,069
July 13-_.........
.1,420,574
Aug. 14
...,.1,305,780
Sept. 14
.:
....1,327,109
309
3ulf Coast Lines..._
Detroit,
Apr. 13
12,240
2,056
year:
3,214
North Western Pacific
11,690,915
during the past
1945—
626
Nevada Northern
"
,
3,167
5,737
1,325
3.154,116
649,194
following table compiled by
terest
52,891
'
short interest of
a
shows the amount of short in¬
us
June 15
77,722
...
3,158,700
•
50,-
was
eurred dufing the month.
2,385
5,466
8,522
Fort Worth & Denver
April 14, 1945.
Ann Arbor
2,324
3,410
4,630
4,678
Northern Pacific
3,916,037
787,985
•11)026,416
REVENUE
2,095
Minn., St. Paul & S. S. M
3.052.487
3,003,655
As
or more
The
898
4,022;088
During this period only 39 roads reported gains
•
110
6,731
2.866,710
2,883,620
the separate railroads and systems for the week ended
.
83
826
Western Pabific
,
361
4,372
Union Pacific System
,
412
Denver & Salt Lake
1944
1945
1946
;
Total
The
473
467
3,982.??9
.
^
March-
of
687
11,618
Denver & Rio Grande Western
1945 and 1944.
4 weeks
weeks
Week of
607
6,716
17,062
Colorado & Southern
decreases compared with the corresponding
.
ac¬
shares ^existed, <or in
which a change in the .short posi¬
tion of 2,000 -or more "shares oc-
244
666
8,365
427
Bingham & Garfield
Chicago, Burlington & Quincy
Chicago & Illinois Midland.
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
week, and a decrease of 5,035 cars below the
Corresponding week in 1945.
,5
213
784
9,169
18,164
Itch., Top. & Santa Fe System
"below the preceding
All districts reported
odd-lot
dealers.
in which
5,000
Central Western Dlstrlot—
in 1945.
-sponding week in 1945.
•
16,827
568
6,915
445
Total.
Ore loading amounted to 9,832 cars, an increase of 225 cars above
•the preceding week but a decrease of 49,002 cars below the corre-
amounted to
the
sues
listed on the Exchange on
April 15, 1946, there were 59 is¬
sues
9,987
,
V..
loading
in
shares, compared with 48,812
on March 15,1946.
The Exchange's report added:
Of the 1,281 individual stock is¬
preceding week and an increase of 2,335 cars above
the corresponding week
'
812
Green Bay & Western
Minneapolis & St. Louis
13,586 cars, an
totaled
13
the
all odd-lot
odd-lot dealers' accounts
122,722
-
Great Northern
above the preceding week, and an increase of
cars
Forest products
weeks in
9,165
26,617
of
as
the April 15,
April 15, 1946 settlement
date, the total short interest in, all
129,397
Elgin, Joilet & Eastern
Ft. Dodge, Des Moines & South
above the corresponding week in 1945.
Coke
8,128
20,648
carried
counts of
•
•
on
of the
113,105
uuiuftfeo, oi. rum, Miim.-os uutuiiu
below the corresponding week in
ing of livestock for the week of
increase of 1,226
cars
25,711
527
Chicago Gren t Western
preceding week and an increase of 2,088 cars above
"the corresponding week in 1945.
cars
492
11,868
Chicago & North Western
13
preceding
1,885 cars below the
decrease of
a
decrease of 10,214 cars
Livestock loading amounted to
-1,484
477
13,109
24,387
tions
Northwestern District—
.1945.
cars
13,021
1,008
1,197
interest
Shares
In the Western Districts
the
•
+
below the preceding week and a decrease of 14,463 cars
grain and grain products loading for the week of April
a
450 '
3,634
Winston-Salem Southbound
below
Week and
211'
350
4,394
19,006.
3,296
1,256
i
Seaboard Air Line
23,216
252
-
New York Stock Exchange from
its -members and member firms,
was 994,375
shares, compared with
1,015,772 shares on March 15, 1946,
both totals excluding short posi¬
795
3,912
•
short
1946 settlement date, as compiled
from information obtained by the
2,359
4,606
Norfolk Southern
Piedmont Northern
!alone,
•totaled
The
close of business
151 i
20,197
13,898
-
Macon, Dublin & Savannah-^...,.....« Mississippi Central
Nashville, Chattanooga & St. L.
grain products loading totaled 35,296 cars, a decrease
Grain and
of
lowing:
1,499
"
Florida East Coast
^corresponding week in 1945, due to coal strike.
v
The New York Stock Exchange
made public on April 18 the fol¬
t;
13,479
595
,
April 15 Reported
2,400
»
-
494
—
To
392
1,991
782
13,776
4,029
-
Durham & Southern
below the
843
t
Inkresl^
1945
182
14,927
4,099
Columbus & Greenville
decrease of 2,340 cars
a
cars,
•
t
.
Clinchfield
392
925
Nm Short
*
Connections
1946
:
16,577
—
Atlantic Coast Line
Richmond, IFred. •& Potomac
Coal
2283
'-
•
,
-
vRecetvedfrom
450
980
Atlanta, Birmingham feCoast
above the corresponding week in 1945.
cars
~
Total Loads
,
Total
.
441
.
lot freight totaled
carload
i
Revenue Freight Loaded
1945
1944,
1946
;
MnnKtHUa
corresponding Week in 1945.
Loading
increase
an
'
Atl. & W. P.—W. R. R. of Ala.
Loading of revenue freight for the week ended April 13, 1946
649,194 cars, the Association of American Railroads an¬
nounced on April 18. 'This was a decrease below the corresponding !
week Of 1945 of 197,819 cars, or 23.4%, and a decrease below the same
Week in 1944 of 149,489 cars or 18.7%.
,
1
Railroads
-
Alabama, Tennessee & Northern
totaled
Miscellaneous
,
,
''.v.-
ftenthern District—
of 5,613 cars above the preceding week, but a decrease
-
»-j
Revenue Freight Car Loadings During Week
Ended
'
THE COMMERCIAL & FINANCIAL CHRONICLE
-
'^.w-wSfV.;-••"*;•y~~r'■
beidw;
below;
below.^
drdefs were
r-r.
-
\ -
the
In
17.
News" it
"He
Items About Banks,
Companies
known
director
a
of
numerous
corpora¬
tions, including Paramount Pic¬
City 6f New York has been pro¬ tures Inc., Madison Square Gar¬
moted to Assistant Vice-President den Corporation and Bonwit Tel¬
and will head the Bank's new ler, Inc. He served for many years
Bank
of
Savings
in
the
Broadway
and
86th
Street when it opens later this
at
office
spring. Mr, Cartmell was former¬
ly auditor, and joined the Bank
1927a
in
Federal
prosecutor and was
with the War Production Board
during the late war.
a
as
Schwep was nationally
a metallurgist and was
currently quoted above $500 a
share, the ten-for-one exchange
would tend to give the issue the
benefit of a broader market, Mr.
as
G. Tuckerman has
returned to the Chemical Bank &
Bowdoin and
Trus¬
years [sOmce with
the United tees of the bank. Mr. Bowdoin is
States Army.
He is an Assistant a
grandson of George S. Bowdoin
Manager at the bank's Madison a former Trustee and is associ¬
Trust Co. of New York after four
Avenue and 46th Street
office.
tion
of
George
T.
Thatcher M. Brown, Jr. as
Association
of Credit Men. During the war he
At a meeting of the Board of served as an officer in the Navy,
Directors of Bankers Trust Co. of Mr. Brown succeeds his father, a
N. Y. held on April 16, G. Ronald
partner in Brown Brothers Harriated with the National
Ince, Frank J. Jones, Joseph C.
Kennedy and Robert P. Ulm were
elected Assistant Secretaries, and
will
continue
their
association
with the Corporate Trust Depart¬
ment.
Charles
A.
Frank
was
elected an Assistant Treasurer and
Division III of
Department. Messrs.
recently re-
will be assigned to
the Banking
Frank ! andn Jones
;
turned from active duty with the
Lieuten¬
Navy with the rank of
ant-Commander, and Mr. Ken¬
nedy from the Army with the
grade of Master Sergeant.
Joseph C. Bickford and Gordon
formerly
Assistant
Treasurers, were elected Assistant
Vice-Presidents, and will continue
their association with the Credit
and
Security Research Depart¬
ment. Effective May 1, Mr. Bick¬
Woodward,
ford will be in charge
of answer¬
ing inquiries and providing in¬
vestment service for correspond¬
ent banks and other institutional
investors.
work of the
On
Woodward will
supervise the credit
Mr.
to
continue
department.
April 29, C. A. Hemminger
a
member of the
become
will
newly created Development De¬
partment of Bankers Trust Co. as
advertising manager. For the last
three and a half years Mr. Hem¬
minger has been director of the
New-York. State Bankers Associ¬
ation's
news
bureau and editor of
the New York State
Banker. Prior
joining the State Bankers As¬
to
sociation Mr. Hemminger was di¬
rector
of
public information for
the Taxpayers Federation
nois Department of Public
and Buildings
of Illi¬
Works
and editor of sev¬
Illinois newspa¬
eral
downstate
pers.
W
4
Arthur S. Kleeman, President
Colonial Trust Co. of N. Y.,
nounced
to
the
on
of
an¬
April 18 the addition
official staff of
bank's
Earlier in his associa¬
tion with the
Ingersoll-Rand Co.,
them in Africa
he had represented
and Sweden.
"Other activities included serv¬
as
Mortgage Guarantee Co.,
senting
Trustee and is
of his fam¬
ily to serve the bank.
He is a
partner in G. R. Walker & Sons,
man
&
Co.,
as
a
the fourth generation
returned recently af¬
ter service overseas as Red Cross
Commissioner in the Paris area.
to which he
a
member
of
formed in 1938, con¬
stockholders of the old
Union- -Trust
Co.; received
one
board of directors of the Fidelity
Union Trust Co. of Newark, N.
on
J.
April 16. Announcement of the
election of Mr. Conklin
was
was
share of Union Bank of Commerce
the
made
Stock for each
22, the old stockholders will then
own
half as many Union Com¬
merce'shares
in which it was also noted:
ing
of Flood
& Conklin Manufactur¬
ing Co. of Newark and a director
of Prudential Insurance Co., New
Jersey Bell Telephone Co., Amer¬
ican
Insurance
Co.
and
Bankers
Indemnity Insurance Co.
"He also is Vice President of the
Essex
old shares on
Which liability had been paid. If
the exchange is approved on May
by Horace K. Corbin, President of
the bank, after a board meeting
said the Newark "Evening News,"
"Mr. Conklin is Vice-President
20
as
with
cooperation
In
Purdue
University, the Mortgage Bankers
Association of America will spon¬
[ "When the Union Bank of Com¬
merce
elected
By MBA May 20-24
also state:
director of the North Plain-
Course
Farm Mortgage
Thompson said.
Such a change
has been suggested from time to
time by various shareholders, he
added. The advices from the bank
field Building & Loan Association
and
of
the
Plainfield Title &
was
shares of $10 par value
voted on by the bank's
ing - May 22, President J.
K.
Thompson announced on April 20.
As Union Commerce shares are
member of several engineering
ing
be
He had been associated
Co. about 50
born in Easton,
Franklin Conklin Jr. of Newark
Fales, President of
The Bank for Savings in the City
of New York announces the elec¬
DeCoursey
Col. Alfred
will
with Ingersoll-Rand
"Mr.
353,000
Pa., 76
was
societies.
the
"Evening
Newark
stated:
shareholders at the annual meet¬
years ago.
a
J. Milton Cartmell, Comptroller
was
years.
Trust
of
Thursday, April 25, 1946
ffit! COMMERCIAL S PiNANClAfi ra
2284
they held in the
old Union Trust Co.
Seminar
firms and other insti¬
Lester
W.
Miner, Assistant Vice-President of
the First National Bank of Chi¬
mortgage
investors,
tutional
and Chairman of the Farm
cago
Association's f
announced ?
The Seminar is part
Loan Section of the
■
Education Committee,
on
April 2.
organization's educational,
of the
program and is designed as an.
advanced study course for dealers
buyers of farm mortgage
Principal phases of the na¬
tion's economy will be covered by
in
and
loans.
including appraising, v
cropping and livestock systems,
housing and agricultural in¬
come.
The course is open to any¬
the lectures,
rural
one
interested in farm loans.
principal speakers
Chief,
Division of Agricultural Finance
Among
the
will be Dr. Norman J. Wall,
day in January in each year, in
order to conform to general bank¬
County Park Commission,
insurance
life
day in May to the second Wednes¬
ing custom, and to remove the ex¬
isting limitation on the bank's use
of its trust powers, in order to
executives of banks,
companies, farm
20 to 24 for
"The notice of the annual meet¬
also contains proposals to
change the date of the annual
meeting from the fourth Wednes¬
Mortgage Bankers Farm
at Lafayette, Ind., May
a
sor
of the Bureau of Agricultural Eco¬
nomics;
Walter B. Carver and
Darryl Francis, agricultural econ¬
omists of the Chicago and St. Louis
permit it to conduct trust com¬
Federal Reserve banks, respec¬
pany business.
of the University of Newark and
"The
later
proposal, Mr. tively; True D. Morse, Doane's
President of the board of trustees Thompson stated, is being pre¬ Agricultural Service, St. Louis; Dr.
E. Chester Gersten, President of of Newark Museum."
sented so that the Union Com¬ John D. Black, Division of Agri¬
The Public National Bank & Trust
merce,
primarily a commercial cultural Economics, Harvard Uni¬
Co. of New York announced on
Special meetings of stockhold¬ bank, can round out its service to versity; A. G. Brown, Deputy
April 22 that Henry C. Weisbecker ers of the First National Bank and corporations and organizations by Manager, American Bankers As¬
has been appointed an Assistant the Peoples-Pittsburgh Trust Co. serving them in various trust ca¬ sociation and head of its agricul¬
The bank actually has tural credit operations; and Dr. i
Manager of the Foreign Depart¬ of Pittsburgh, Pa. have been called pacities.
for May 20 to take action on a possessed broad trust powers from O. B. Jesness, Division of Agricul¬
ment.
proposed consolidation of the two its beginning, but use of them has tural Economics, University of
Minnesota.
Howard A. Grant, and Peter F. institutions it is learned from the been restricted by its own code of
Members of the Purdue faculty
X.
Sullivan
have
recently re¬ Pittsburgh "Post-Gazette" of Apr. regulations."
who will speak include Dr. E. C, .
turned
to their posts with the 19, from which we also quote:
"The plan to merge the First
The
City National Bank
of Young, Dean of the Graduate
Sterling National Bank & Trust
National and Peoples-Pittsburgh
Co. of New York, following their
Houston, Houston, Texas has in¬ School; Prof. T. M. Bushnell, H. J.
was
reached without dissent by creased its
capital from $2,000,000 Barre, R. H. Baumann, Dr. I. M.
discharge from the armed forces;
the boards of directors of each to
$4,000,000 by the sale of new Sears, J. C. Bottum and Prof. N. S.
they are both Assistant Cashiers
bank and announced in January. stock
to the amount of $2,000,000 Hadley. Dr. E. L. Butz of Purdue's
of the bank.
The agreement of consolidation, it was
reported by the Comp¬ agricultural school will direct the
preliminarily approved by the troller of the Currency on April course. George H. Patterson, As¬
William L. DeBost, President of
sociation Secretary and Treasurer,
Comptroller
of
the currency 15.
the Union Dime Savings Bank of
will be registrar.
Wednesday, April 17, is subject to
New York has announced that in
ratification by at least two-thirds
The issuance of a charter on
accordance with a recently en¬
of the stockholders of each insti¬
April 16 for Santa Fe National
acted banking law, the Bank will
tution. The merger proposal would
Bank, of Santa Fe, N. M. was an¬
not be open for business on Satur¬
name
the
new
enterprise the nounced in the April 22 Bulletin
days during the months of June,
"Peoples First National Bank & of the Comptroller of the Cur¬
July, August and September, 1946. Trust Co.
rency.
The capital stock consists
However, at the meeting of the
New life insurance purchases in
The proposed consolidation was of
$200,000 all common stock.
Trustees held April
17, it was referred to in our Feb. 7 issue,
the United States in March were
Primary organization is reported
voted to have the Bank remain
41% greater than in the corre¬
page 772.
with L. C. Wright as President
open on Mondays until 6:30 p.m.,
sponding month of last year and
and E. B. Healy as Cashier.
except on Labor Day, for the con¬
nearly double the total of March
Stockholders of the Pitt Na¬
venience
of
depositors during
in pre-war 1941, it was reported
tional Bank of Pittsburgh, Pa. on
R.
Langford James, after 21
these months.
on April 18 by the Life Insurance
April 18 approved without a dis¬ years as a Director of the National
Agency Management Association
senting vote a merger with the Bank of India Ltd. during which
of
Hartford, Conn. Total pur¬
The statement of condition of Farmers Deposit ' National Bank
he was Chairman for the last 10 chases in March were
$1,826,315,the Brooklyn Trust Co., B'klyn., of Pittsburgh.
Referring to the
000,
compared with $1,292,337,000
years,
decided
to
relinquish
his
N. Y. as of March 30 reported total approval of the merger on March
in March of last year and $951,resources of $287,271,979 and total
14 by the director of Pitt National seat on the Board as from March
deposits of $270,113,996 compared and Farmers Deposit the Pitts¬ 31, it was made known under date 844,000 in March, 1941. The Asso¬
ciation under date of April 19 fur¬
respectively with $295,538,969 and burgh "Post Gazette" on April 19 of
April 3.
Walter Shakespeare ther said:
■
*278,403,262
on
Dec. 31,
1945. added:
also decided to retire as from the
Purchases of ordinary life in¬
Holdings of United States Gov¬
"Under the
President of the board of trustees
,
Life Insurance Sales
-
Higher in March
ernment securities was shown
at
Lionel C. Perera, as Assistant to $190,996,504 in the most recent re¬
the President.
Mr. Perera will port against $189,976,038; cash on
hand
and
due
from
banks
make his headquarters in the in¬
amounted to $48,218,634 compared
stitution's principal office in
with $52,002,083 three months ago,
Rockefeller Center. Formerly an
while loans and bills purchased
officer^ of the Central 'Hanover
was
shown
to
be
$31,250,903
Bank and Trust Company, Mr.
against $35,896,787 on Dec. 31 last.
Perera has returned from four
The capital remained unchanged
years' service with theU. S. Army.
for the quarter at $8,200,000, while
Mr. Perera held the rank of Major
surplus and undivided profits both
and while in Europe was the Chief
advanced.
Surplus of the bank
Military Government Finance Of¬
advanced to $5,600,000 from $5,ficer for General Patton's Third
U S. Army* He is the son of the 400,000 while undivided profits
rose from $1,592,639 at the end of
late Lionello Perera,
who for
1945 to $1,667,075 at the present
many years conducted a private
time.
banking business in New York
City under his own name.
Mr.
Michael T. Kelleher, Vice-Pres¬
Perera
attended
the
Harvard
Graduate School of Business Ad¬ ident and Director of Marsh &
ministration and is a former Pres¬ McLennan,
Inc.,
prominent in
ident of
the Harvard Business Greater Boston business and char¬
?
itable
circles
was
on
April 15
School Club of New York,
Farmers
agreement the
acquires the
Deposit
same
date after 17 years on
the
Board of Directors.
J. K. Michie
institution.
"With the resumption of busi¬ has been
appointed Chairman in
ness tomorrow—following today's
business of the other
in March were
$1,356,821,56% over March a year
ago and 127%over March, 1941.
surance
000,
up
life
Industrial
insurance
pur¬
place of Mr. James.
chases were $355,691,000 in March,
holiday—the Farm¬
On April 9 it was announced an increase of 17% over the cor¬
ers Deposit will conduct a branch
responding month last year and
to be known as the Pitt Branch of that A. N. Stuart has been ap¬
18% over March, 1941.
"
the Farmers Deposit in the quar¬
pointed Deputy Chairman of the
Group life insurance purchases
ters of the Pitt Bank at Liberty
Good Friday
and.Fifth Avenues.! ;
"All the executives
ployes of the Pitt
Board of Directors of the National
and
em¬
National will be
the new
Bank of India.
m;
were
$113,803,000 in March, a de¬
of 3% from the previous
crease
March,
March,
but
more
than
double
1941.
These
purchases
represented new groups set up
|
and do not include additions of
approyal of the
insured personnel under group in¬
merger, and details of: the con¬
I CHarry C. Kilpatrick, Vice-Presi¬
surance contracts already in force.
solidation were reported in our
dent of Manufacturers Trust Com¬
[ For the first quarter of the year,
is^ue of March 21y^age-1556. ?
pany of New York in charge of total
life
insurance
>i
purchases
f
the real estate and mortgage man¬ were $4,694,063,000, an increase of
increase oh
retained
to
operate
branch."
The directors'
Kilpatrick Named Director
Of NY Mtge. Conference
'
jApril 12 in ; the
capital of the Conestoga National agement department, has been
Bank of Lancaster, of Lancaster, elected a Director of the Mortgage
Pa. from $400,000 to $600,000 by a
Conference of New York, an asso¬
stock
dividend of $200,000 was
of
lending institutions
elected a Director of the State made known in the April 22 issue ciation
Street Trust Company of Boston. of the Bulletin of the Comptroller which hold mortgage investments
At the meeting of the Board of
of the Currency.
of Title Guarantee and
C. Frank Schwep, one of the or¬
Trust Co. of N. Y. held April 16,
A proposal to change the 35,300
Edwin L. Weisl was elected a ganizers of the Mid-City Trust Co.
shares of $100 par value capital
member of the Board. Mr. Weisl of Plainfield, N. J. of which he
stock of the Union Bank of Com¬
is a partner of the law firm of was Chairman of the Board, died
merce
of Cleveland,
Ohio into
Simpson, Thacher & Bartlett and at his home in that city on April
38%
the first three months
over
78%
of 1945 and
the
over
same
period of 1941, First quarter pur*
chases of ordinary insurance ac*
counted
for
$3,503,652,000,
up
,
Trustees
.
in. Greater New York.
Mr. Kil¬ 49%
from
last
patrick returned to the bank re¬ greater than in
year ;
and
111%
194^ Industrial
cently after serving; as a Lieuten¬ insurance accounted for $938,412,ant Colonel in the Corps of En¬ 000; and group life insurance iot
gineers during the war*
$251,000,000:
v
'
@FedFRASER