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ESTABLISHED 1839
Final Edition
In 2 Sections-Section 2
Reg. IT. S. Pat. Office
[Volume 164
New
Number 4516
Price 60 Cents
York, N. Y., Thursday, August 15,1946
a
Copy
Employer-Employee ,
By ROGER W. BABSON
Former diplomat^ in commenting on overthrow
of dictatorship in
Bolivia, ealls attention to censorship of press as means of destroying democracy in the Americas. Points out there has been private
as well as public censorship, and cites biased information on Ar¬
gentina sent out by U. S. newspaper correspondents. : Lauds American Society of Newspaper Editors' efforts to promote freedom of
■
\
Asserting high productivity is only
method
recent revolution in Bolivia which
President Villarroel and set up in its
its policies
and
the
-
op¬
portunity
o f
expressing the
hope that the
free
the
torship
early
in
June.
that
the
Sumner Welles
tatorship ^ had expropriated two
great newspapers in the capital of
the republic. It had thereby stifled
the last remaining
remnant^of
<
freedom
lead¬
My
of information available
to the Bolivian
people.- This ex¬
propriation had been perpetrated
by the government solely because
these two newspapers had opposed
♦An address by Mr.
Welles
over
radio station WOL, Aug, 4, 1946.
is:
answer
VW-hen all
people change
a
selfish
their
attitudes.
ascendancy of that principle
Otherwise, 7 I
the
fear
now
chronic
em¬
ployer - em¬
ployee-con¬
Assembly of the
for. discussion,
sumer conflict
hope for determination, at
will continue."
its approaching meeting this Sep¬
Yet, isn't the
employer also
an
employee
of
the
Nations
United
and I
dic¬
Bolivian
it be
Nations in extending
agenda
At
time
longer will
we
throughout the world.
;■ The
issue of freedom of infor¬
mation has been placed upon the
act carried out
dicta¬
much
,
widespread improvement has taken place in the business
recent
that the
Now
;
the United
an
by the
Blames labor
war.
practical way in behalf
of the principle of freedom of in-1
.formation and in order to assist
openly
condemn
"How
before
ership in
Americas
would
did in time of
and denounced its ac¬
of the New World to assume
press
throughout
the
of
Congress has "gone home." It need not be added .that
are now likely, to think of little but the
forthcoming elections in November. For the time fcejhg,
then, it is politics in bold face caps. Recent reports have
it that the professional politicians among the "opposition"
are now less
optimistic than they were some weeks 'ago--at least than many were some weeks ago-—when popular
dissatisfaction; with almost everything was at high tide.
There can be but little doubt that on the surface at least
most of its members
can enjoy our rightful
Bolivian standard of living?" This summar¬ Situation, and that production records may be often broken
dictatorship is ended it seems to izes the questions with which I from this time forward for some months to come-—provided,
me that an appropriate opportuni¬
am
being of course, first, that the revived OPA and the other meddling
bombarded.
ty is afforded to all of the peoples
government, I
took
superior
a
for much of decline in productivity.
tions. '
democr atic
assuring
living, ! Mr. Babson
points out that, inasmuch as all are
consumers, the employer, the em¬
ployee and the consumer should
pull together in time of peace as we
A few weeks ago, before the
sional
of
Standard
information throughout world.
-overthrew the dictatorship of
stead a provi¬
The FintiMial Situation
Consumer Relations
By SUMNER WELLS*
Secretary of State
Former Under
tember.
Were it
possible for the
free press and the free radio in all
of the American republics to take
action in an affirmative sense to
further
regional un¬
the maintenance of
within, our
own
through
derstanding
information
some
hemisphere before that time," I
believe that the Americas could
make
a
great contribution toward
(Continued
r
on page
939)
"
Roger W. Babson
*
"
*
t
"
and
aren't
both
consum¬
agencies of Government in Washington do not throw too
much sand in the gears', and second, that labor can summon
the good sense to stay steadily at work rather than to per¬
mit itself to be drawn into
disputes which keep the economic
of the time.
machine at Washington is
already rather more than well occupied making certain
that the country at large is informed and will be kept in¬
mechanism half out of gear most
At any rate the propaganda
formed about all the
good fortune that allegedly is coming
way .This constant stream of
claims, sometimes more or less valid, sometimes rather ab¬
surdly exaggerated, must of course be, set down as a very
influential factor in the forthcoming political campaigns,
bur way pr
has
come our
and will be worked overtime from
why not ; stop
the silly
bickering and settle-down to do a
ers?; So
good job and profit from the re¬
sults?
Labor's Blame
cline in productivity
experienced
-
.
.
,
.
/
Vital Considerations
is the current situation as viewed by the
professional politician thinking of the votes to be counted
This, of
course,
Most of it
next November.
Much Of the blame for the de¬
now on.
at least
far
so
as
we
can
(Continued
in many industries since the War
and must be left to them—-
There
concerned.
are
on
page
are
a
number
936)
properly belongs to labor. The
Furnishes Postwar Blueprint
Of Agricultural Policy
v
*
-
,
Special House Committee on Postwar Economic Policy, beaded by
Representative William M. Colmer, emphasizes need of maintain¬
ing family farm witb use of modern technology. Wants production
and markets in normal periods largely free, and calls for a system
of flexible agricultural prices.
Recommends expansion of crop
insurance, storage facilities and encouragement of marketing cooperatives.
extensive development
and
of
use
machines by American workmen
enabled the United States to pro¬
duce two-fifths of the
Yet,
the
«o
of
labor
manifest
unrest,
not
the job, reduced output per man|
economy.
presented the
iar - reaching
(Continued
on page
the
The
was
The
Report
House.
report
prepared
Wm. M. Colmer
;
; .7.
comprised of Orville
merman, Chairman, (Mo.);
Voorhis (Calif.); John R.
dock (Ariz.); Clifford R.
<Kans.); and Sid Simpson
by
a
sub-corn-
mittee
It was stated that
not
Zim¬
Jerry
MurHope
(111.).
the committee is
presenting detailed programs
fcut has limited itself to outlining
fundamental principles to be fol¬
lowed
to
Except
Trading on New York Exchanges.
NYSE Odd-Lot
achieve the goal.
^oal was described as:
"t\.,
This
r ;4
committee, looking at the
longer range objectives /toward
which
our
agricultural
policy
should focus,
recommends con¬
sideration of the following major
points in the Nation's long-run
objectives for agriculture: - '
1. Return to a
system where
flexibility of agricultural prices,
largely controlled by supply and
:
demand, will replace the prewar
system based on acreage restric¬
tions, marketing quotas and parity
prices. The report does not, how¬
ever, advocate renouncing of the
temporary price support program
(Continued on page 941) v«
,
945
,
Trading............ 945
Items About Banks and Trust Cos.. 948
he
was
ing
to
that
t
r
y
maintain
945
.7...........
947
Weekly Engineering Construction...
943
Paperboard Industry Statistics......
947
Weekly Lumber Movement.......... 947
Fertilizer Association Price Index...
944
Weekly Coal and Coke Output
946
Weekly Steel Review...
938
Moody's Daily Commodity Index....
943
Weekly Crude Oil Production....... 944
Non-Ferrous Metals Market...
946
Weekly Electric Output
944
940
Moody's Common Stock Yields...... 945
Federal
Reserve
Indexes
June
Business
.♦?, ,><>
4
7 '
it
943
the Federalized health program—
this
about
is
that
time
in
was
New
the
Deal; or- the
and : as J a Sen¬
endorsed every; one'
Roosevelt program,
the
ator
commentators
be
Commission,
Practice
ployment
this
thinks
writer
he
had
lit tie
of these items.,
analyti¬
Congress turned cold- Shoulders
on the program and he hasmever
a
have
we
the
■
r
this
about
seemed
White
to
be
the
slightest i
an¬
noyed, except when the agitation
began that the CongressWasn't
House.
paying any attention to' him; that
his leadership was not proving ef¬
fective.
He didn't care anything
which he has
done which we find hard to ex¬ about exercising leadership but it
was obviously annoying when the
plain. For example, the program
it
which he earlier sent up to Con¬ Leftist papers kept throwing
There
are
things
many
Carlisle Bargeron
up to him that he did not domin¬
to the dot ate the legislative branch.; as did
think.we wrote
his predecessor, and we think that
and which was
the CIO-PAC program
gress
of
an
of
"I".
issues
ator
As
we
before, this was a
on
which he
had stood
"'i
employment program, thelricriease
of minimum wages, the Fair Em¬
la¬
Frankly,
once
Agricultural Department's Crop
Report as of Aug. 1.
program to Congress—let's- see,- it
called for the passage of-the full
alliance.
bor
man
Commodity Prices, Domestic Index.
V*
the
Roosevelt
cal
General Review
Carloadings
Monday in announcing through his
on
seize the< Case
befuddle those
commentators who have figured that he wari Hed up definitely( with
the CIO-PAC. This. was a tremendously big issue, as big as that'in¬
volved iri his veto of the Case bill, which was interpreted to ;mean
more
State of Trade
Weekly
BARGERON
CARLISLE
President Truman's action
press secretary that it was against the public policy to
and Allis-Chalmers farm implement plants must really
943)
Moody's Bond Prices arid Yields. .7; 942
tion not restricted." r;•,'
program
in
the
group's
to
stable
in this important segment
special;
mmittee,
Tenth
more
By
tices to cut down output while on
purchasing power
of the
during severe
depressions, prices and markets
would be largely free and produc¬
a
Washington
Ahead of the News
only by strikes but also in prac¬
A long-range blueprint for American agricultural policy, drafted
GENERAL CONTENTS
by the Special House Committee on postwar Economic Policy and
Planning, was
Editorial
made
"A progressive and prosperous
'y'public,
xf.'s';7'
on August 7.
agriculture adjusted to maintain Financial Situation
the family farm and make use of
Representa¬
Regular Feat urea
tive
William
modern
technology.
This
will
M.
C o 1 m e r
benefit, the Nation as
a
whole From Washington Ahead of the
933
(D. of Miss.),;
through abundantproduction and 7 News
chairman
From
world's in¬
dustrial output prior to the War.
At: the
time
for
manifestly
"collection
as
a
Sen¬
affirmatively.
hei submitted
this
the unfairness of
this charge was
that these Leftists
,,
overlooked the
(Continued on page 943)
•
934
THE COMMERCIAL & FINANCIAL CHRONICLE
-k
An
$400 for.
iy-1
Impossible Task
,We ;♦ will < withhold those ■ which cannot be
ment and avoid
clearly '
'gives-uHmit of sixty days, T
am certain that if
industry provides^ all necessary
information, in a large number of cases results will.
-be available before the
sixty-day deadline. •'•>,
■
"We are determined to grant adjustments on a
business-like basis, and urge industry to present
'Complete information when asking for adjustments/
do not intend to engage in collective bargainr
/ing/ We intend to grant adjustments which will be
-
{,f"The
I.
jion,
the formula
sooner;
the
sooner
^controls
-
■
Immediate
Unless
called
Sweeping
as
national
as
of
functions
one
feated).
'
3. Provided
i
And
for
6.
Administration to cut tariffs
mv return for
concessions from
Other nations.
7. Authority
:
President would
summon
foreign
reorganization
V
•
'
capital, many
Congressmen have expressed fear
that Mr. Truman would do so in a
attenipt; to accomplish some
the domestic measures which
of
he has
repeatedly classified
one
Congress
The
record
Oh ex¬
:Mr. Truman
a
issue of the "Wall Street Journal"
18-year-olds.;;
it
Congress also took the follow¬
ing action? on domestic problems;
was
has
stated
informed
that
callers
recent
he now sees no
President
the
that
necessity for;Coh*
to return before its next
regular session in January. The
fears;; Of
runaway
prices,
ex¬
pressed in his last OPA message,
of
World
the
Court
meet
of
international
o n n a
11
Chairman of ihe Foreign Relations
listed
immigration
and
operation of the Panama
Canal; in this category. Neither
Committee,
could
the
which had
Court
been
act
or
in
are
matters
submitted
to other tribunals by agreement.
The 79th Congress was distin¬
guished 'for
ences
its
constant
with the President
differ¬
on
mat¬
ters
the
Broadened
"4.
when
the
in
a
pointed
As
out
dispatch from Washington on
k££ K.V
i-.uv
ii"
ended.)
000,000.
" ;
debt
,
;
-
Increased pay of members of
Congress from $10,000 to
$12,500
the
$2,500 tax-free
a
(Mr.
//>>
>
U\i.
ours.
'''"'Hi■'"":/;i
3. To
permit
$20,000
nay
of
ex¬
salary):
Federal
in
wheat
to, time
•-
-
conference
as
the
governments
such
~
repre
de-
may
■
The
principal item of business
today's meeting was the ap- "
at
pointment of
mittee
Inquiries by Congress
to
vention
on
in
to
until
or
om that Uotincil
termine." ; / '
tary mrision* to many countries
glohe.
ac¬
wheat
a
Preparatory Com¬
revise
drawn
submission
departing
Congress ;found; time^--to conduct
the
an
each
of
Con¬
.
international
conference.
invited
Draft
in 1941-42 for
up
to
of
scores
referred
with|aented
around the
In addition to its work
tual
legislation, the
re-
paragraph 3 above
■
■
sending of mili-
;;
Convention, shall
>
being pending the con¬
of
the
international
;
The
Council
*
13
govern-
-
the
.
:
■
.
,
•
,
;
Rebates oyer the methods it used.
Reported Not ^
Legal in Missouri
;
.
1
kellev
From
ill RFC Post
Aug/ 3,
The Board :of Directors, Recon¬
struction
Finance
Jefferson
Corporation
on
City, Mo./ on *
United Press advices/
Attorney General's
Stated that the
Office held
on
v
that day that banks
Aug.: 8
unhdubced; the /appoint¬ or trust companies in Missouri/
/Bernard 7 J/; Keliey; ;as Could not establish branch offices
Manager
of
the'. Corporation's for the purpose of
accepting de-^
Philadelphia Loan; Agency, effec¬
t>osits or paying chepks. The ad-!
tive Aug. 15, to succeed E. Ray¬
vices from which we
quote - as;
mond Scott, deceased. Mr. Kelley,
in
the RFC's advices of Aug. 8 added, given
the
Dallas "Times/:
ment 7 of
-
Herald," added:
r
"Iri
G.
an
/
(
opinion addressed |0 H.'
Shaffner,
Commissioner
of.
■
health
and
medical-care
program.
Adoption of
eral public
Truman
judges from $10,000 to $15,000 and
of Federal workers
14%
(about
■
chiefly
' ,"/
Liberalization of unemployment ate - matters: and • reorganization Finance, the legal body said the/
litigation.
.From
1935
through practice ms unlawful under Mis//
compensation benefits. 1939 Mr. Kelley was Deouty At¬ souri
Establishment
statutes despite the fact sev-of
a
prepaid
Federal
4.
recommended
countries,
v
-
dent.
allowance
main
broad program
"
;
of the Draft
military cooperation with oth^r
American
.
-
fol¬
as
The
clusions
Standardize their equipment
5
International Wheat
Council, referred to in Article VII
appro¬
Permanent
Fair
Emnloyment has been engaged in the practice
Practices Committee.
(The tem¬ of law "in Philadelohia for a numporary one was finally
-fprced to be'r of years • and has had a ? wide
close down.)
and varied experience in corpor¬
limit
until next
January, instead of for
five years, as asked
by the Presi¬
// V
;;;.
Domestic
gram.
*
to $275,000,
«-
a
:
Merger of the Armed forces.
Universal military tralning pro-
•
3. Extended the life of the Re¬
construction Finance
Corporation
yearly plus
Measures Which Failed-—
.
$98,000,-
,
increased
Pre«<a
war
c.
-
about
$300000,000,000
tion
in1 international "affairs.
-■:,
{■ 2. Cut the national
from
'
•
000,000 for the Federal establish¬
ment. (Later,
however, about $64,000,000,000 of this was retracted
pense.
Associated
veteran
"
Appropriated
on
sicians and he already has insti-r
tuted a court test
against It. " ? -
Financial
pertaining to domestic af¬
fairs, While on the other hand
giving almost consistent coopera¬
the
for
amputees.
I.
a
-
s
2. Banned union restrictions
[
provisions of
legislation.
and autos
President to
iuse of records by radio stations.
Thisr was aimed at the broad
powHf James;
Petrillo^4iaad:T0ff
the American Federation of, Mu¬
;
deficiency bill pro
financing
for ; terminal
pay
To establish
won
;7
"5.
as¬
,
Passed
leave
obliga¬
(D.-Tex.),
y
3.
>
its; own/■ domesticbusiness.
;/C
schooling provisions. :
viding
the United States considers strict
Senator
of the
the GI insurance
in
tions, and reparations. The court's
jurisdiction
would
not
be
ac¬
cepted, however Associated Press
advices: stated, in matters which
Jy
$600,000,000
needs of returned service¬
and their families.
2. Liberalized
the
GI Bill of
Rights to encourage greater use
matter? pertaining to treaty inter¬
pretations,
international
law
breaches
!
men
leaving was to vote,
60 to .2,- .approval of a resolution
authorising the President to de¬
posit with the United Nations this
country's agreement to abide by
2.
paragraph
'
housing pro¬
particularly to
designed
gram,
allayed.
I
of
lows:
(One measure
country about 100
give that
surplus naval vessels
val, however.)
of
therefor
v
China.
to"
of
.
Veterans
-
;
military
Memorandum
.
Agreement of June, 1942 by the
deletion of paragraphs
5, 6, 7, and
8
thereof and
the
substitution
.
-
-.
1. Appropriated
for> an;
emergency
before
decisions
*
-
A last-minute action of the Sen¬
ate
-
Measures Passed—Domestic
gress
have been
y
Provide
to
.
s
haying
on
#
,
.
agreed to,
ar5e5"
ex-
•
,
e.u
j
V"
r-;.
>
special hivf stigations ments now
comprising its mem¬
be needed in event of future war. Iritb pressing wartime and recon¬
bership to appoint a representa-(Mr. Truman-objected td: a "Buy version problems. Among the Jn* tive on the
Preparatory Commit-qpiries which aroused great oih/
American" clause in this
tee.
The Council agreed to invite
measure,
terest
but sighed it heverihelesS.
were:/
4
p v
j
representatives of^ the Eood and
1. The current
inquiry by the Agriculture Organization and the
/',/,, t: Labor
V
Senate War
Investigating Com¬ Economic and Social Council of
1. Extended the "anti-racketeer.^ mittee into alleged war contract
the United Nations to
attend its
ing" laws to cover labor unions, profiteering and the connection of
meetings and those of its comin a measure known as the Hobbs Chairman
May of the House Mill- mittees.
The
Preparatory ComBill. If would- make it a
felony to tary Committee with activities of mittee will hold its
first meeting
interefere by "robbery or extor* the Garsson munitions combine,;
on
July 17 to elect its Chairman
tiOn," or. by threats of violence
2.' A lengthy, highly publicized' and organize its work
with a view
with movement of goods in inter¬
inquiry of many months by a Sen- to reporting thereon to
the Coun¬
state commerce.
Sponsors Said the ate*House group into the Pearl cil at its
next Session which will
thief ^ objective Was : to
allow Harbor disaster.
be: held in
Washington on Aug.
farmers to move- goods to mar*
3.. A series of investigations by 19, 1946.
:
ket without being compelled to
the House Committee on Unjoin unions or hire union mem¬
American Activities,, which, found
bers- to assist them.
v
Itself the :centeriof frequent sha^ Branch Banks
President
as
he would insist
the
acquire and build Hp; stockpiles of
Strategic materials which might
has gone askedfori; its Cohtinhahce until
stated that June 30, 1947, with no changes,
special -ses¬ ine iegislauits finally edoptew a
sion if: economic problems got out bill extending the draft, ta March
of hand; however, in the" Aug. 9 31, 1947, but banning induction
oj
sential.
op
Authorized
8.
jndjbr'ppmpro'hais"e'W9l
tension of the ;draft.
as es¬
i
1
scarce
such as sugar and critically
went needed
production-articles,
In the, domestic legislative field
■last ;
To
.•
W
.This included a statement of the reasons why the Governments of Argentina, Australia,
United Kingdom and
and scien-
International
1.
v.;
'
1
.
>i.
Measures Which Failed—
sistance
T
'
s
,
with
including
of educational
.v
d-o-
relations
countries,
rbanee
broad
a
tific information.
items;
down the line almost all the
way
with the late President Roosevelt
and his successor.
* ; "
makers back to the
for
cultural
.
other countries.
Ia this
field,
the law¬
of
Rram
i
Tha ;;.Chairman gave, for the
Reciorocal--Jf11®?4 of.,the new members of
Act, enabling ^i^^&#Tesume of its work
'
of'the
the
streamlining of Congress, in¬
,
the
Extension
Trade Agreements
vari¬
-
Co/.
inwinff
agency, was de¬
•/.v J1.t;
'
W .representative pf.botl*
(halted at the war's end
program
agencies (a third proposal,
to unify all Federal
housing
activities in
into
between
,
that
Socialist' Republics
and; Yugo>
slavia, had been invited to join
the; Council: in Hider la make if
Monetary agreements
by Executive Order),
preliminary step to making it a
new Cabinet post.
The other in¬
volved transfer of more than a
bad,
(
House
ernments of the Union of Soviet
.
as a
special
cluding a reduction in the num¬
by'the President, adjournment will be until the new Con¬ ber of
standing House committees
the eightieth, is ealM to order in January. All seats in the
from 48 to 19 and of the Senate
House of Representatives will be contested in the November elec¬
committees from 33 to 15.
tions, although,;: as the Associated.
/
■■ ;
*4. Call for return of the United
Press pointed out in its Washing/, Aug. 2, the chief disputes between
States
Employment Services to
tqn dispatch, some "of the -contests Mr. Truman and Congress were
the
States next; November,
in¬
already ■ have beendecided
in over labor legislation, price con¬
stead of delaying
it until next
Democratic.
primaries
in
the trol,
political matters and the
June, as asked by the President.
South. In the Senate, 36 seats are nomination of his close friend
5.
Edwin W. Pauley, to be Under*
to be filled.
Centralized the'surplus-prop¬
MuCh
Of
the
legislation re¬ Secretary of the; Navy. The same erty-disposal
administration
in
one
man, as requested by Mri
quested;; of .the 79th Congress' by advices continue: '
Truman.
The discord on internal
President. Truman has been left
prob¬
behind" ignored or rejected, and lems was in sharp contrast, how¬
6. Set up a formula for sale of
although 'House Speaker: Sam ever, to the general acceptance of surplus ships.
*
a$
bills designed to
place the United *"'7. Extended the
RaybUrri (D.-Tex.) told Reporters
Government's
States
in
all-out cooperation with
that he had had
no
indication
power to allocate and ration
White
Agriculture Organization of the
United Nations.. .These eight gov¬
ernments, .together with the gov¬
importing and wheat, ex/
Natwna Relief and Rehabilitatlon:,
porting countries. The Councirs
Administration.'.
i 5 Extension of the ^^^/udvices
July; 15 alsn had the ioU
Lend-Lease
session
the
,
a
.
•
Agency
score
back
broad
proposals he submitted. One was
centralize welfare activities in
the Federal Security
One
bound.
President-
gress,
from
t
_
Authority for full participa¬
tion * in the j Bretton iVbods Inter¬
to
Congress which was in session when World War II came to
clbse finally adjourned late on Aug. 2 and the following day most
.
(
Parsed—International
///
:V
I 2. Accepted two reorganization:
Congress Adjourns
homeward
(U. S.) welcomed the
.
a
long-range Fed¬
housing
Designation
of
program/
the
Speaker
the
p—oitfA*-.* and
VjrA-prp«ident.-i':y%
Establishment of a single agen-
Vv
!
torney General for the
wealth
of
Common¬
Pennsylvania and
was
edly
vision
Kansas City."
the
of
Mr,
/ Department
During World War II
Kelley re-entered
and served
as
Officer at the
Yard.
He
of
was
with the rank
the
Navy
IPl
:
Philadelphia Navy
recently discharged
of Captain.
.
have:; been
result of
as
Kemper,
National
Kansas
established
-
,
The opinion
Industrial Relations
'»i:4i•/>.vj'J• H': yr:
1
eral Suqh branch agencies
report¬
assigned to the Closed Banks Di¬
Bankine.
of
House ; as successor to
the
President in event of death of the
-iia
..
-
cies, although not
he asked.
The
were
,third to give the Chief Execu¬
a
aid to
power to reorganize Federal agen¬
ous
a
•
t
program permanent.Established a ; program
.
1. Gave:" the
or
Agrefemenj; beArgentina; Australia, Can-
tweeh
j
provided by Congress.
removed.
established in Au¬
was
cre¬
•
Good law or bad law, good administration
|the system simply will not work.
members
dustrial disputes.- One was" to
$75,000,000 yearly by the Govern¬ ! 1. Ratification of the
United Nament for five years to/build. new
tjions Charter.
/
'
:
hospitals and improve old Ones./ y I 27 A: loan Of
$3,750,pOO,006 to
(jlreat Britain.
f
:
,v ••'
Government !
//
3.
-
79th
idehtialpropotalsdeallngwithih^
re-
The international Wheat Coun¬
gust, 1942 to- administer the • In*
lernational Wheat
three Pres-
were
.
"
•
[Also rejected
.
production
means immediate
money in the bank, a high level
mf employment and the approach of'dewitrol^
'P:
—Paul A. Ported
,
em¬
^
cil, which
representa;t)f tive authority to draft workers iri lives
of the Governmentsi of Belencourage nation- strikebound
plants taken over by gium; Brazil, China, v
Denmark,'
yyide:development and ^improve¬ the.
Government.]
France,
India,
ment of airports,
Italy,- and/ the
i
;
Netherlands, and of the Food and
3. Authorized
1 Measure
expenditure
of
2.
Federal
manufacturers get into full produce
they will reach the stage where all
be
can
Recoivenos Aug.19
Act
'the ^ Johnson
7/7./|||
f?Thoug&the daw
on
;' of
ada; the United • KidgdoM bnd' the
pealed the excess profits tax.. /
ate special
fact-finding boards, an¬ Unitedi;States, held; its .Twelfth
other:to set up a jpint Congres-: Session -ih/vthe
vUep^tment ; Of
iriil^^iSsociai
sional committee to recommend
Agriculture, Washington, on July i
1. Made the Federal-aid school
lorig-fange labor legislafion; arid •15/ The "Cbairman/L. A*. Wheeler
lunch
justified1 under the; standards' set
:based
a
lal'l Wheaf Cosneil
prohibiting private loans to for¬
eign nations in- default ..on exist¬
ing Joans.
bill set¬
Federal goal of "full
ployment" fori all.)
6. Cut "Income taxes1 and'
ting'
re-
Lakes-St. Lawrence -Wate? way;
J Repeal
depressions..(The
a
scientific
;
y
^: v
-l
Provision for the proposed Great
'
Set up a three-member Eco¬
nomic Council to recommend
ways
to maintain; maximum employ¬
President had asked for
coordinate
search;,^
5.
legal price adjustments.: If production is slowed up.
it will certainly not be the fault of the OPA. We
will grant all price increases called for
by the law.
to
cy
Congress' eligi¬
contributory pensions. / ■;//
ble for
'///? p—«'Our price people have been given orders to use
every means possible to expedite the granting of
:
majority of them). Also
a
made members of
Thursday, August 15, 1946
an
was
';
'
■
Irt
*
i
handed down
inquiry by Crosby :
the CityK
President,^of
Bank
and
Trust Co. of_
City., ^-/
'
f'dt m
c: xx
^
4.
% •
"4
j,
>') • V/
;
1 i I
i'.
?. A
I
*
Volume
Number
164;
THE COMMERCIAL &
4516
Proposesa WoiMfS^t^p
■
:.;Vv
;
...
r
935
^i'^^cpuntry^inoxportbi^^im^ort. assort
'J'- X'X:
eiations./
For Cartel Control
.
FINANCIAL CHRONICLE
?
Ed yard S.
JMason, in study prepared for CED, recommends inter- ,j.
national action to regulate «r; turb Ihtwnatiohal Commodity agree- 4
ments.Sees Ineffectiveness of national laws, and points to ILS. |
u-, \ participation in international commodity" agreements.* ptes agreei
meal if Jiis proposals with objectives announced Jby Siato De-v * ;
Apartment
-
.
<•
•
J. t /
i
"2..TQ require the registration,
by their nationals 'of the terms of
ijueir
participation in
interna¬
tional business agreements of an-,
enduring cnaracter and ot such
inxormaiion
lauOiiShips
hY
•r;
rice
/
of
an-
as
foreign afoliate re-
requested
be
may
Business
Incernational
-mbe •estabhsned.
*•
:
^
'
-
an
production last week showed
t
establish, as: an adjunct
international' Commerciaa
no.- important
change
high-level of^the previous week,^ During the week sortie
^rfases ^ere reflected in manufacturing which were offset by de~
e
.
9,fber.s. Inventories of goods have
Of4-
r
"3; To
'
1
ownership of forr
on
eign assets or
riast
shown steady
progress
anH ir> fho
past VPar
year and in the last two months finished goods such
sell durables and semi-durables have shown the
v.
the*
»j_.
.
ready-to~
largest advances,.
iN.otwiinsianding
itriis i progress, ♦
as
■
/-
—
total
current inventories are re-i pelling the reluctance to sell inan mternaL ported to be about
$7,000,000,000. duced by price uncertainties.
business and commodity agreements in foreign trade is. urged by iiotiai-Busuitss Office to Study, oh.
under the amount
necessary to fill
Steel Industry — Despite the
Edward S./Mason, of the Grad-^
the basis of information 'supplied;
;
>t
everyone's requirements satisfac¬ dire
uate School-of Public Ad-minis-, sizable, portion, of the jiew^warr
predictions by high .officials
by the- participating governments,
torily,; and at the present rate of that steel
time capacity, continue
operations would /be cut
tration, Harvard University, in a Ktvw1
f,rin+irnilp in opera
nr>pra- business/ pitactices/ tnat-! tend to;
says:;
the restrict iniei national trade and to accumulation, it will take a good; because of the scrap and.freight
study prepared for the Committee tion, ' Mason
part
of
two
years
to
catch
up. As
car
fOr Economic development,
shortage, the steel industry
re- United States, on the basis of the recommend remedial action to tho
backlogs "of orders stand today, set
pleased
on up to operate at a bate of
Aug.
12.
Entitled,: above estimates, would be hide/, signatory -states..
1
i,
they are huge and both new order 90.5% of
'Controlling World Trade—Cartels penderd of nitipgen.importstinder l»"4. TOs
capacity for thei third
^exchange on a ticmi vdlume and shipments continue
economic
conditions
consecutive week,
and Commodity Agreements," the favorable
according to
international action to regulate"or to curb restrictive Polity Organization,
Cooperative
.
.
rertrictive ibasikItridustrM tech| at ja high level,
niques developed in governmentsSkilled labor, raw materialsmight have a surplus iot
supported
research
institution^
shortages and component parts
pxport.
It is clearly bur' :prei and
patents' and processes acf still
continue to restrict the out?
rogative to safeguard ' our; ;owri
quired, as a condition 'of the peach
nitrogen position with<mt consult^put of some manufacturers. Em¬
srttlemetit, from enemy
coun¬
ing other;/ countries, buii-by-rs6
ployment figures -are at : a high5
world trade.
'
1
tries."
'
level and for the week ended July
doing we shall
Like other CED research stud¬
respect, to intergovernf 27,
the interests of other countries. ;; With
total unemployment' compen¬
ies, this report presents the findmental * commodity
agreements^ sation claims dropped by 2.9%.
^
i A . ratiohsd scaling-dowh
ings of the author, who has com¬
ivmson"
of excess nitrogen capacity by in/
strongly tindbrtes/the
A decline was noted in hutdplete freedom to voice his own
tergovernmental agreement might veiopment of international con¬ mobile production the
conclusions^
It does, not/neces-'
past week
forestall pressure for cartelization. sultative groups, usually referred with
output of passenger; cars and
sarily represent the views of the
Since any such program would to as "study groups" and already
trucks.in the United States and
CED trustees, its: Research and
set up for rubber and for cotton!
hinge on what was done with
Canada estimated by Ward's Auto¬
Policy Committee, Research Ad¬
Their function is not only gather¬
goverament-crwned nitrogen CaL
motive
reports at 78,597 units
visory Board or Research staff.
pacity in the United States, this ing of complete -data on produe* compared with a revised
/ figure
Mason finds both cartels and
consumption,
prices
and of
government's participation is es¬ tion,
78,885 in the week pervious,
intergovernmental commodity sential- to
anyi full <Jj^tissi<m
stocks of the commodity; an ques/ Results for the first full week of
agreements restrictive of trade. the reduction of excesse capacity!, tion, but also the appraisal of
August indicate that the month's
that increased and
of dealing
report addressed".itself to one of
the most entangled problems of
future world trade, namely, the
type of business and governmental
agreements that shall operate in
t
-
,
r
.
.
,
,
and under less if avhrable//edndi/
tions
.
-
.
_
.
$
t
:
Believing
ex¬
The United States has both a se¬
panding world trade, is essential curity and an economic interest
in solving the primary problem
in the soundness and solvency of
* f
acting all nations—high employthe; jC&Heaiv ^ w
other
*■
ment and the'; bttairimenf of imAmerkah 'ecpiabmies. > <. <!hiie
«' proved living standards—Mason
may lose a substantial part of her
alternative
with
ways
surpluses;
r
-
f
forecast
of
United
405,000
units
for
operations
States
"The Iron Age," national metalworking paper. This high fe^el of
operations, is £ contradiction of
previous statements
gloomy
wartime
the. many
on
prophecies
on.
steel
output that had to be quickly
and quietly interred because the
industry /did/!What! ;its members:
said was impossible. 1
The
on
reinaugtii-atibn! ' probably
Oct. 1, of the CPA's MM and
CC
priority system, states the
magazine,
will
inevitably dis¬
locate mill schedules and elimin¬
ate
from
that
them
customers
many
steel
producers feel Should
be supplied ; with steel.
The in¬
sertion of priority orders into mill
schedules,
which; have
those schedules
on
changed
.
almost day-
an
plant
to-day basis, has taken & toll oil
will/not bo realized unless /basic steel production.
;
'
//
matertaL component supply and
Producers are adhering to,! their!
posals for Expansion of World labor situations show
unexpected quota system on steel production!
Trade and Employment" advanced
improvement, the above authority with little thought about 1947
calls for concerted international nitrate
market and along with it last December by the Department states^'"
business except where material is
action to diminish to as great an an
iinpbrtantsource of foreigil of State and to be considered
Newsprint demand iri the past
extent as possible the /restrictive
prckluce contract buildexchange andV government! /feyi by; / l8.;/fia1i6iis ;'/ht//pr^)araiory
^ek/continued: lo outstrip sup- kg jobs.; Shapes" and plates«f
features of such agreements, v. 1/
enue. ^ In that case,- it inighi b^ Trade and Employment meetings,
ply;|n/the'^faee
/of
ke
high'levelisuc^^^^^
c
4 He Warns against: the. assump¬ to our interest to assist Chile to
iipwt sc h e d.ul e4 fpf .Octooeri of
.n^wsprtnl production!,-forcing promised; in 1947 with some detion, however, that the undesir¬ develop alternative, Sources of ern/ IViasohgbes fiirtheti than ttie Statd
liveries
.
Masori's' proposals agree in
sentiai
es«|
objectives with the "Pro¬
-
.
.
'
ployment,
and government
will
*
commodity'
'
agreements
of
be eliminated merely by the
governmental
commodity
^evolved:7as partial
to problems that
-
^d
•-
agreements, buffer, stocks, 5.;atiaf5
'
-
\ r"He;'sees ^the;iprdicorm^
National Coherence ion -Trade and
Employment
*
offering; a signal
„as
-}
exist and do
pluses of raw.'materials,
.
agree-
pate,- Mason -points out that {pro
answers ducers of ;
(Commodities / ip; surplus
t
opportunity to advanee the inter¬
ests -of all nations by
to^cbp^mtlrthb'preisei^ tib^ofmal!
.situation.^'
Such
vin/
measures /••.may
ariy
:teilluirtsd!-:w3^
event
etsablishing ous nations tire
findii^/aiterna/
machinery that will expedite and tivev
emptoytiaent for labor! and
p6t retard rational trading.
capital now committed to products
jU*Mason .cads attention.; to,, the in ;suiplus. r Professor" Mason
^acute problems 'facing particular stresses the need fOr simuIaneouS
hations because ofdisto'rtions'iti efforts to increase / world
■
raw
^as:an
print Service Bureau report July
of Jech^
production Of newsprint, at 424,316 tons, a decline from the 457,-^
C In /ekarniruhg; cartel , activities!! 673
tons-in-May, hut ahead of the
Mason weighed their relationship
355,120 tons" produced in' Juhe.'
to national security.
His conclu-t
Unfilled
orders
of
aircraft
bon! is/fhai; -the pitiwi* pafticipa4
makers at theroiose of June were
fiPrr: of !Ai^nc^>fir^ in uater/
valued :at ^I,!O55l)0O,OOO, acfeo^tiali^aT/Hrt^/4id!/not hamper5
Buerau; pr-'m
increase; of /3 % in .^quantity' and
any/ si^ficant/^egree/ arid fhat 2%/iti
yaiUe/OVer Unfilled orders
Germany's cartels; were/ not a, a nmnth'
eartier.^^Jttoe deliveries
pf - aggression, but rather a
by manufacturers totaled 3,489
convenient tool.
With military!
platies valued at $32,400,000, a 9%
ibwer the chosen goal of Hitler
increase, m quantity, but a. 26%
•Germany, the •cartelization •; tbiit
decline jn .yalqe /from May /sHphad
long existed in
Germany
mehts; it is'UndmtootLi h! ;
prP3^;ti^useful-machinery of con/
/ /Ttomestrc rayon production for
trol /Says "Mason: V
./con/
materials
exchange
.
r
"
"
areas, surpluses arc likely to re-
appear in wheat, sugar, tea and
-coffee and may occur in fats and
oils.
'•«
-
against unilateral national action
in
world
trade.
Such
practices
pboicy^ and the
power
of the state
is'extensively relied on * /not
by the United States are hardly only to protect the .domestic mar/
.v.
as large
consonant with our insistence/on ketvbut to secure
a quota
What the war did to nitrogen freer World
as possible in thef total
trade^ he points omtl .business of the cartel."
Mason
production is illustrative of the
For long-term' America^ poiicy
sees any growth of this practice
/kind of problem / that - must be
with respect to cartels, he' recbfhi as
fraught with. 4anger; - •
Reckoned with.
The only important export source of natural ni- mends the following course:
-The author of the report was
; trogen is Chile, and uitrogen has
United. States should prq-i Ghaiiman r of ■$£ the
Interdepartlong been a major, ; factpr in
mental -.Committee -on Cartels and
pose an international /convention
Chilean government revenue/ Iii
Rxiyate) Monopolies in 1943-1944
<
,
-
"
prewar,
cartel,wsome 50%" of whereby: the /signatory/;po$yerS
came
to would agree:
Synthetic ni¬
trogen production in the United
Chile's
nitrate
United
the
States
rose
on
exports
States.
during the
.
.
,
^l/^d>^pireynnt/-''-
-
war
to" bet-
'(
.whatever,
means^^afeappropri^e/^ibb
will
are
and
Deputy to the Assistatit Sec'-!
retary of State in charge of eco¬
nomic/affairs. in 1945« .He-also'
served- as Ghief Economist of
the
only ra-trifle
-
"{/
Commenting
an
•clation made by
Of
Agriculture
the
recommen-
trade.1
goods /in
international since 1923. -1
This convention would htit
'
-v -
\
'
=
:
^'.
J"
//The report has been published;
former Secretary apply to the organization of the by the McGraw-Hill Book' Com-^
Wickard
*
that /
a
are
inserted
held with the
tonnage
the boofi^s
once
'
.
.
^',//
'
are
"Iron
share :!tif: / allocations,
the
Age" notes. The original
quota
f9i/;;tixport,?Zs$t / at 70,000
tons
.
month starting in Septemberi limited allocations to specific
a
producers at 2% of their monthly
output, v It is claimed that some
CPA
directives
far
exceed
figure. >
Scrap ^and freight
exporters or-importersofa single pany^Iric;
*
this
cars
i
remain;;
the'
most
criticaL items
that
threaten steel output, along witii;
a future shortage of coal. Indica¬
tions
are that the scrap crisis has
just passed its peak-, but it never¬
theless ; will ' remain 7 a 'serious
Textile Economics Bureau points
problem for some
time. / Some
out
in
its
paper /"The
Rayon hope is
gained from the fabt 'that
Organon." For. the six month's fabricators'
scrap
lists tiro * be¬
period of the year, total output of
ginning to look better, arid with,
rayon was placed at: .425,900,000 the
anticipated shipwrecking pro¬
pounds, setting a new half-year gram
underway
an
additional"
mark and exceeding output for .the
source of scrap will be tiv$ilable
first half of 1945 by 8% and that
by mid-winter,
i.;
of the last half of 1945 by 7%.
Sharpshooting
at the
basing
Stimulated by the- impetus of point system has started again in
seasonal. promotions retail sales Washington, the! above tfadd au¬
volume showed a moderate rise thority points out. Criticism of
the;'
the past week and remained con¬ single and multiple
basing point1
siderably above that of the like plans used by industry throughout!
period a year, ago; / Among the the country has appeared .in the;
best
/sellers,/housewares and fur- July; issue !: of
niture/fahked high: Consumer at¬ merce", publication of the
:De/v
tention In the' week, gave evi¬ partment of Commerce and the
dence of turning to Fall fashions magazine believes it to
bd; thfe!
in apparel. lines,/ while popular opening gun for the
coming head¬
clearance sales held dollar volume; ings by the sub-committee, of the.
of summer styles at a high level. Small Business Committee
/of .the
Retail! food. volume in the week House, where FTC and -the Dept.
was
one
!5.8%/pvjerj
agoi
year
,
.
1943)./.-d/:/c;
books,
opened.
their
under^fker^r-eeord
first-quarter level,
the> same' period
•
of
as far as
April.!
orders, although; not
protesting • the
CPA export priority plan, claim¬
ing that in some instances thc?y
are being loaded with more than
of Justice will
tories
and
.
deliveries
proved/New
ceived
order
encouragement
announcement of
ings
were
volume
on
some
new
-
im¬
re-;
from the
price ceil¬
commodities,
de¬
renew
their attack
the basing point system. /;/>/
The /American Iron • :ancj/ Steel
on
.
flow
be
Producers
the second quarter of 1946, though
;ter than 1,300,000 tons. Assuming and / Institutions of / the s several Office / of Strategic Services and
moderately / favorable / conditions, Countries/the particrpationof their was tine of - the; American*" repre-; also continued; to itiPrea®ei'/'/:Z
the
A .slight rise secured in whole- •
DepartmeipgoLJAgrttmlture nationals in Internatiotial business petitatiyes bn the Joint • Intelli'estimates postwar • nitrogen ' fersale;.volume lasLweek, continuing
agreements that > fix prices, limit •®enher/-Sta£f.:- V hhiw ^ Pibfessor; tif
•tilizer consumption in this coun¬
well over.that of the correspond-;
output of exports, allocate mar/ Economics; he has been a member
try of
750,000 v tons
ing period in f 1945.; Fractional
(compared
or
otherwise restrain
the of the Harvard University faculty increases were noted in dnven-;
with a peak consumption of 631,- kets
000 tons in
actual
mill
understanding!/ that the
.
.
.the
The
-
production result¬ sumption of these products if
fe/
ing from the war.
Complicated strictuve measures are not to be¬ / "The real hazard to interna/
«by. the wartime expansion of- syn/ come permanent..
| tional security in the cartelization:
>rthetics, ' Serious .surpluses *..ui
^Jhas * its owri p^wprld kade lies in/the coopera-!
productive
capacity / / (measured
tion of governments with business
surplusesf notably/cotton;' vMason
against prospective demand)*;prein the exploitation of foreign marJ
*
warns that persistence in our pre-2
vail in rubber and nitrates, along
kets.
Except in the United States
war
policy of subsidizing cotton
7 with excess cottony wool, alumiand a few other
countries;, a close
or other agricultural' exports'will
*rium and magnesium.
When food
connection generally exists be¬
seriously r weaken bur; argument
-production is restored in the war
tween foreignrtrade and foreign!
*
scheduled
con-
r.
..in the.absence/cd concerted^ ac4
fie points tion, in which consimaesr/as! well international
put that both the cartel and inter¬ as supplier nations should particii nplbgy!"^"'
-inent
of newspapers to
foreign!/CxclMinge Department proposals in imple/
timie!-rtitip!hjngi of adv^tising/ Iti/;
revenue." / /:</
metititig^ti/carttiLpbjec^
complete Jstatistics of the News¬
in offering such measures
nations passing laws,
-
number
a
able features of cartels and inter¬
national
••
\
Institute announced
Monday pi
operating rate pi.,
steel companies having 94%/of
the steel capacity of the industry
this
week
on
the
.
will be
week
90.3% of capacity..tor the
beginning Aug. 12 as-tigainst
one week ago,/ 87.9%
one
(Continued on page 942)
89.0%
scjys
• v$:
*$3
>
<
.v.
•,:■■<
..
THE COMMERCIAL & FINANCIAL CHRONICLE—=
it**.- td^r-i' ■.■dwf^rtctfv us .*.-p aL*«i
:ip:;V.'riJ-^
a'*'.
r4
of the
TheTinancialSituation
■>■
•
f.;v<
.4,."<-y
;.<♦>*
--Ki-x
a
(Continued from first page)
•
.
question." The conclu-
will
groups
find ; fhe
pever
i'
...:
.
.
.
Residential Gas Sales
sfoA/ikm^
s.^;i
'*
$1I.
•
Thin:sda7rAxig^stvt$^T1946
No Immediate Tax Cuts Increaseld
During June
time appropriate for return
pflVital considerations, how- thing in this land at all events
Sales of gas by utility com¬
Senator Walter F/ George (D to normally—-any more than
ev^yWhicft must hot be left in a thoroughly "topsy-turvy the late President Roosevelt Ga.), Chairman of the Senate panies for residential and com¬
Finance
mercial
use, ip accordance .with
Committee, on Aug. 4
to-the-prefessional politician, state. It must arrive in Washpredicted that the present high an apparent long-terih;
trend^in^
ington Tully impressed that
,
for that matter.1'
the!p)ublic ^ ;tHe; "bver^helrfo
medially,: .the current situ ]itig foiijpxity
lj t^4 ■peopfo
..
,
ation),is by no means so sound
who do
afitj:^rbmisirig; as the propa¬
gandists would ; have us be¬
Conscious
lieve/V Every
business
man
'
knows the uncertainties, the
impediments,
the
>
;•
'efforts :tOv get .on,
of the " fact? that
year after the last gun 'was
fired in the most costly war
of all history, the President
extraor- of the United States possesses
dih^y5 difficulties which surround/;'his£activities and4his
44
thb.VQtihg^iSi quite
almost
as
much power as he
did when our sons and broth¬
sound and ers: were dying on European
It
permanent basis of opera¬ and Eastern battlefields.
tions. Their name is legion. must
have indelibly
im¬
Every 'careful student of gen- pressed upon its mind that
er^^eni(teof policy, in Wash¬ the American people insist
ington
understands
well that Something be done4 with¬
enough1 why/ it is > that t so out delay about all this. Un¬
.(Qualifications ■ must "be less something of this sort
macfe9' in quoting favorable takes place, there is abso¬
statistics and the like, and lutely no telling when v/e
why.h so many have their shall get back to the Amer¬
fingers crossed about the fu- ican way of living and doing
tliteri
things—or the American way
4 i These
things the rank and of moving ahead on a broad
4.
..
„
.
..
a
.......
..
.
....
fully aware economic front.
|r pfy and fully determined to Politicians Will Not Do It
rectify at the earliest feasible
It has long been clear that
jnopaerifc
for the pradr
file must be made
tical'j business
is
man
the
meaning of the coming elec¬
.
those
entrusted
■
to
power
bims^ifo tfrat hefT 'could lay
down ?>the
without
burdens
of
office
^exp^sing thefooUntty
mafoier ; * of hazards
to
;ali;
which he apd only
ward off. /J
.*.
the
!he, could
v*
matters
tion of items
hands., '
' their
m
own
quences
so
taxes: one—the size of the budget
entirely too high," and
necessitating, therefore, the rais¬
ing of as much revenue as pos¬
sible; the other, the difficulty of
drafting a thorough tax revision
The time to make themselves
bers of
when
now
ability
mem¬
in
made
Vast mass of voters can make
the
Army and Navy
if there is to be any
prospect bf the United States liv¬
ing within its income at some fu¬
themselves
ture date.
from
arise
they
roots
as
the
grass
the jargon has
it. The
effective
at
any
spending,
"I don't know whether
ideal
occasion
for
such..
a
the recommendations of the mili¬
thoroughly.
But
only two places
major savings can be made. We
Now is the time for all
r~at,least' no such assurance suggest that something had
better be done—as in the case good men to come to the: aid
lias yet forthcoming.^num¬
of
rationing off consumer of their country—if not " of
ber, of .Republicans have been
their
party.
more
the
defects
and
the
f irmities of' the so-called
in-,
has
there
been
action
of
New; importance by the President
'; .13^^.1^ ^i^osppliy^, •
which; unafflicts both
to, return to a normal peace¬
of life in this coun¬
foriunate^y now
Almost nowhere has
of the major political parties. try.
These rebellious members of Congress done anything at
all about it all—except renew
fhb' '.Ptfk&derit's. party have,
or extend control
legislation
.moreover,taken about as
in those instances where stat¬
much pains as more or less
utes granting power to the
likerhiinded Republicans in
President were to expire on
time way
.
letjtfo^ the people know what
they would do
control of
as
were they in
4hings~-and aboiit
timid'about it,
'
-
'
■'Letting Congress Know
some
set
date.
In the
early postwar weeks,
a
good many rather vague
assurances were given about
later action, but the "danger"
of a collapse, or semi-collapse,
able all taxpayers to reckon with
considerable assurance just what
they will be required to pay in
1948 and 1949.' The Press advices
as
given in the Wall Street "Jour¬
nal" added: 4
of the Democrats in
the
Robt B. Armstrong
Dies
Robert Burns
Armstrong, for¬
Secretary of the
Treasury and one-time;/newspaper
man, died on Aug. 5, at, the age
mer/Assistant
>
of
72, it was reported from Wash¬
ington by the Associated Press.
Early in his career, Mr. Arm¬
strong was editor of the Chicago
"Record," and later was in charge
of
the Western office of the New
economists of
a
government
cqqyinced that the country is which was to "plan" for all
sick >unto death with OPA began one after the other to
and 'all its nonsense, of CPA "go sour"; when
finally de¬
and .its.';'"phoney" wisdom, of spite all difficulties produc¬
alf tjie,pther boards, special tion (spotty and unbalanced
agencies, v a n d government production, it is true) and em¬
corporations through which a ployment began to reach for
managed economy minded new peacetime records, then
little1'group of serious think¬ it was inflation which made
ers
]lundertake to - run the the control-mad authorities
couhtly (if not the world) and
succeed
in
keeping
every-
feel that return of business to
business
men
was
again "out
the 4
total' sales of
for
companies
gas
June
.
amounted to 1,942,000,000. therms^
a decrease
of about 4.4% undef
sales for June, 1945. * For the 12
months ended June 30, 1946, total
sales
of
utility
to
gas
ultimate
more
than
20
years
ago.
American Gas Association is
developing: separate
pertaining
The
now
information
comprised of mixtures of
manu-r
similar
a
from/the House during the
long Congressional recess and dis¬
cuss
all phases of the tax pro¬
group
gram,
•
,
,
"The
also
plans
to
appoint five specialists from out¬
side
the
ance
with
Government, in accord¬
a
resolution the Senate
Cusack in Waterways Post
Advices
the
in
assistant publicity director for the
Calvin Coolidge campaign in 1924.
Mr. Burns moved to
Washington
in 1902 and became
correspondent for "The Los An¬
geles Times."
r: - - . "' " ■
In 1934 he
ganizer
of
listed
was
America
as an or¬
Appointment of S. F. Cusack as
a member of the Advisory Board
of the Inland Waterways Corpor¬
ation * Was announced on Aug. 7
by Secretary of Commerce Henry
A. Wallace.
Mr. Cusack, a resi¬
dent of Sioux City, Iowa, suc¬
ceeds Thomas J. Mulgrew, Whose
term
of appointment has. ex-f
pired. The advices from the De-*
partment of Commerce also state:
ities
originating within the New
Deal."
Bank
Chief
Wichita,
Reviewing 4Ap¬
Kan.,
and
has
been
succeeded by James M.
Flinchum,
it
Associated
was
Press
announced
.advices
July 30.
was
;,
created
by
an
act of
in
from
Wichita',
"
on
the
..
classification*
utility sales of natural gas i I to
utimate
consumers
in 4
(June
new
,
amounted to 1,697,000,000 therms,
a decrease of approximately 4.9%:
The
Association's
index
of June
natural gas sales stood at 192% of
the 1935-39 average*
For . the 12
months ended June 30, 1946, total
of
sales
natural gas
declined to
for.; the
previous 12 months^
Jo lUd
Sales of mixed gas during June;
about
2.1 %
under- those
,
1&46; totaled
thaAy87,000,000
more
gain of 0.2 % over June*
The J'une, :1946 index* of
a
1945.
Manufactured gas sales in June
continued to record the effects Of
the coal strike1 as? well as the drop
prodhbtibhi; decli^
157,500,000 thernis, a decrease Of
1.5% under June, 1945.
For the
12-month
period
manufactured
gas sales showed a decline of
0.7%, The Association's June in¬
dex
of
stood
manufactured
at
140.2%
of
average,
gas sales
the 1935^39
■
Coinage Bills Signed
Although stating that he Would
in future "look with disfavor" dhi
such measures,
on
President Truman
Aug, 7 put his signature to
providing for coins com¬
bills
memorating Iowa's admittance a&
a
state and honoring Booker X.
Washington.
The President sug¬
gested, according to
a
Washing-
toil^^ /^Associated/ .Press4;:dispatdq^
that special medals be struck off
in
future. for4 such" commemora¬
rather than the
number of designs on American,
coins being increased.
One of the
present bills gives recognition to
tive: purposes
the centennial of Iowa's statehood
with
authorization
for
ing- of
100,000
coinage
of 4 5,000,000
the
coin¬
50<S_fj)ieces; the
Congress approved June 3,-1934;
other, honoring the" [ late Negro
and transferred to the Depart¬
leader and
ment
of
1939.
Other members of the Ad¬
Commerce
on
July
1,
v
D.
re¬
praiser of the Federal Land Bank
of
ation
South Trimble, Jr., Washington,
George E. Ward has recently
as
1
The Inland Waterways Corpor¬
visory Board are:
Ward Retires
tired
City, director of the Chamber of
Commerce, and is active in civic
affairs."-
First
Inc.;
formed to "combat and expose the
propaganda and subversive active
Under
ih^ Ws^
'
.
Chairman
He was national director of pubrlicity for the. Warren G. Harding
fcre-convention campaign and was
"Herald."
gas.
1935-39 average.
with
meet
New York "Herald Tribune" Aug.
5 said:
York
the heating content of the
•'; 4.'
upon
mixed gas sales was 168.8% of the
to
passed/ Tuesday, (Aug. 2), to go
into every /aspect ot the Social
Security?
question . and
make
recommendations."
* '}•<;
coq^y
irigtdtfJ; hext/- January;; fully
and
Utility'
"To
lay the groundwork, he
plans to name a budget subcom¬
-
return to Wash¬ unions—which are never con¬
ington^ or rather the new trolled, of course; when the
Congress must come to Wash- forecasts of the officials and
sales
mittee
,
gress; {hjust
industry j Jo,; attain its
wartime ; production .peak, offset
residential ahd commercial ,ga$
therms,
private secre¬
tary to Leslie M. Shaw, Secretary
must be insisted upon
of the Treasury. In the following
if theoCpming elections are to of the economy was too great year he was
appointed an Assist¬
contribute anything at all to to permit of very much de¬ ant Secretary of the Treasury.
Two years later he left govern¬
; 4 a
prompt return of the controlling then, so it was
ment service for the insurance
to sanity, and eco¬ said. As time passed; and the business, and in 1907 went to
nomic health is that the pow- only real threat bf
anything Pasadena, • Calif., returttihg^:' to
"Mr. Cusack is U director of the
ers that be make a real belike a collapse came as a re- Washington -10 years later as First National Bank of Sioux
ginriihg Jin that return. Con¬ Suit/ of the acts of the labor
in¬
of
circumstances^ will
as a
cpntrol of Congress
lar
industrial
of
justify more factured and natural gases. These
matter of fact, if
reductions in ^ those two depart¬ data
were
formerly
Included
are sufficiently aroused
ments,^ Mr. George is said to have either in the manufactured pr the
and determined to do so. The stated;
"I would have to study natural
gas
series, ; dependent
time,
they
-
goods and in the more ex¬
treme control of industry pre¬
revealing
the ■shqrtcdmings of the Ad-; sumably ; essential to concen¬
tration upon arms production
ministration, and in particu¬
sales
.
tion of
SuCdessful as/some
in
through- the; continuing.
are
doing any such thing a political campaign is under
tions. It is no matter of mere
as this.
They
have found first way. Then it is that the voteir can save a little by cutting down
party or partisan politics,
oh: the number Of Federal em¬
one, excuse and then another has an opportunity to impress
There is;- no - assurance that
ployes, but not enough."
for deferring the day when his legislator and an oppor¬
the .situation would be very
! Senator freorge wants to see
even a significant beginning tunity to select his represen¬
drafted, after full deliberation, a
greia^lyi iirnproyed by merely
tatives
in
accordance
witli
is made. Only here and there
comprehensive measure said; the
substituting one party for the
Associated Press which Will en¬
where
''politics"
strongly their receptivity.
bthef^rr
ab^t
for, tnq
gas
-4"S.:'
at home, bill' "of constructive nature" to consumers' expluding sales to
v and when other aspirants for take effect prior to 1948.
other utilities, aggregated 25,683,The Senator, is reported to have 000,000
therxhs; at decline of about
Congress are seeking support
declared that the Government has 1.8%
compared with the like
daily. Decisions such as these far ; too many employes,
."
iwith;; 3 period a year ago,
!;
in a demotrapy usually spring million on the
For the first time since its sta¬
payrolls, and that
from the people themselves--- major savings will have to be tistical activities were established
Congress
tary men
slightest inten¬ movement, however, is when those are
have not the
"no sub¬
saw
—"still
delay, the conse¬
will not be pleasant.
effective is
gas
natural
.
Declines
bearing heavy
,
without
and
month.;:
the committee head
change" in view.
Sena¬
tor George cited two reasons for
his forecast.. of 1 continued high
Indeed, if - they
hands and do
now
mixed
special rates, but other than that
stantial
do not take them -into4 - their
further
Senator; intimated/ according three categories of manufactured,
to; Associated Press Washington
advices, Jri order to spur produc¬
tfaht:ihe jpeopje
It is time
took these
own
level of tax rates, would continue
cKeased in Juno, the Apieric,an
fpr ipdividu^Is/; and. vcorporations Gas Association reported; on Augr
at, least thrpugh. 1947.
A cut in •jf.; Jncrease? H presidential ;ga?
eixcisip- taxes migtit i come., sooner; sales were, reported: ip; each, of ,toe
C., chairman; T. J. Maloney,
Chicago, 111.; Mayor Hubert H.
Humphrey,
Minneapolis, Minn.;
Frank E. Bourgeois, New Orleans,
La.; Thomas N. Beach, Birming¬
ham, Ala.; Colonel Malcolm El¬
liott, St. Louis, Mo.
;v44;4 4The
Secretary of Commerce is
Governor
and
Corporation.
Director
of
the
-educator,
The
President
in
authorizes
pieces.
500
his
statement
said he agreed with the Treasury
that so many designs on Ameri-{
can
coins resulting from
commemorative
pieces
minting
tends:
"To create
confusion, to increase
possibility of counterfeiting,
to encourage traffic in commemo¬
rative coins
for
private profit,
and, in general, to detract from
the
fundamental; purpose
for
the
which money
provide
a
is issued, namely, to
medium of exchange-";
Volume 164
937
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4516
cT
deleted.
visions-were
Congressional Reorganization Bill Signed
"July 26 by voice vote to House ap¬
proval on "July j25 of- changes in the legislation" raising the pay of
•legislators and reorganizing the Congressional set-up, the measure
was sent to the White House on July 27, and the bill became a law
on Aug. 2, when the President signed it.
As explained in special
advices from Washington to the New York "Times" on July 25 from
can
ticipate
that
C; :*'FS Trusell,?1 the
House that<e>—
night " passed its 1 own fCongres- not befcome effective1 until ' the
sional reorganization bill, a meas¬ 80th Congress convenes next Jan.
ure
designed to modernize the 3,-but:-the requirement 'that )ali
legislative branch so
it
might paid lobbyists register with Con¬
meet more effectively the impacts gress went into
effect immedi¬
or the present-day load—and in ately.
'
:
Major points of Congressional
doing it rejected a pay increase
for each member from $10,000 a reorganization in the new law are:
1. Slashing the
zation
an
account
expense
$2,500
of
Committees
year, payable in monthly install¬
ments, which would not have to
be accounted for to anyone.
*
"Let's
way,"
honest
the
it
do
shouted
Representative Clarence
L Brown, Republican, of Ohio,
sponsor of the change.
v
: <
Many figured that the arrange¬
,,
,
ment would
more
mean
.
than the
British Loan Purchases Slow
-
High American prices have been described as one of the reasons
for the delay by Great Britain in making extensive use of the $3,750,000,000 credit recently granted by the United States. First drafts
have already been made, however,. Associated Press advices, from
Washington stated on Aug. 4, on the $300,000,000 advance on the loan
which has been deposited in New York.; Embassy officials, withbut
The expanded staff of the
Congressional committees and of
the
agencies in the legislative
gress.
number, of Sen¬
and Naval Affairs
of both Houses be
.
branch
; become
can
link % between
valuable
a
the policy-making
deliberations of the Congress and
the
administrative
practical
ex¬
perience of the executive branch.
} "The legislative budget and the
the handling of ap¬
propriations will undoubtedly re¬
provision
sult/ in
tees
on
on
cleaig: and more realistic
into two single commit¬
national defense.
tive budget and the. national pro¬
the
Brown hereafter, can be authorized only
gram for maximum employment.
resolution of
amendment specified that the $2,- by; a ; concurrent
The Joint Committee will now
500 expense account would not Congress.
present its findings and recom¬
be subject to income taxation. '
3. Provision that each commit¬
mendations to the Congress before
Just before taking the passage tee have four $8,000-a-year re¬
Feb. 1,
The, four revenue and
vote, the House concurred with search experts.
appropriation committees in car¬
the Senate in approving a plan
4. Raising of both Senators* arid
rying out their new responsibiliunder which members
of
Con¬ Representatives'
salaries .f r 0 m teis under the Reorganization:
Act,
gress could qualify for entry into $10,000 to $12,500 a year plus a
therefore, will have the benefit of
the Federal retirement and pen¬ $2,500 tax-free expense allowance!
the- Joint Committee'st repbrt for
sion system. '
: 1
Legislators who have served six their over-all
appraisal and rec¬
The final passage vote was 229 years—-paying into the civil serv¬
ommendations on Federal receipts,
to 61.
ice retirement fund—may retire
expenditures, debt and surplus.
Noting the acceptance by the upon reaching the age of 62 with
This timing
is essential today
Senate on July 26 without oppo¬ the same pension benefits as other
when Federal fiscal policy is so
sition of the bill the House passed Federal employees.
closely related to the nation's eco¬
the previous night to reorganize
5. Requirement that all persons
nomic conditions.
-; • -: ■ ■
and modernize the Congress, Mr. paid to influence legislation her
"One other provision of the bill
Trusell, in his account to the fore Congress must register yearly
special- praise t-v that
"Times" on July 26 of the final with the Clerk of the House as deserves
which raises the salary of mem actioh, said in part:
lobbyists, under penalty of $5,000
bers. of Congress from. $10,000 to
Although the House measure fine and/or a year's imprisonment:
lacks many of the reorganization
6. Requirement that: Congress $12,500 plus an expense allowance
of $2,500.
This is a long overdue
provisions which the Senate had adjourn each year from Aug. 1; to
step in providing adequate com¬
adopted earlier this month in a Jam 1,
ostensibly - to allow'■ Coii? pensation for our Federal legisbill of its own', it' was
rushed
$15,000
salary
B-f-
exactly
how mucn hat>
spenh said that the first giUm,; where the America^ ^oan
slice of American credit would dollars, are worth more.,.;]
;
"Under terms of the. loan,; the
pay for "essential purchases" such
British have the right' to1' spend
as dried eggs, cotton, motion pic¬
the
American )1 credit
ture films, wheat and other food
wherever
items. The officials, whose names they choose.v; American fipancial
were
not disclosed, said that all
experts who negotiated .the Jpan
these represent purchases such as figured
the • dollars
eventually
Britain made in the United States would all be spent in the United
stating
relationships between the income
and
expenditure sides of
the
2.
Strengthening of Congres¬ budget.1 Further,; the changes in
the dates for the transmitting of
sional budgetary powers, by . re¬
the President's economic; report
quiring that taxing and spending
and the report of the Joint Com¬
committees of both Houses must
mittee on the Economic Report,
meet jointly at the beginning of
each session to balance natipnal required under the Employment
Act of 1946, Will result in- proper
expenditures
against
revenues.
This means that deficit spending, integration Between; the legisla¬
merged
a
problem not yet solved.
"The present act should permit
easier and closer relations be¬
tween the executive agencies of
the ; Government and the'C6n-
33 to 15 and
House committees from 48 to 19,
with additional requirement that
the; Military
will
Congress
attention to those
parts of the legislative reorgani¬
ate committees from
Instead, the House voted, by
voice, that the salary rise be to
$12,500 a year, but added to this
the
continue to pay
.
to $15,000, such as the Senate
recently approved/- The "Times"
account added in part:
>
.?• '
shows that
be made, and I an¬
progress
;; sWitn Senate concurrence on
year
However,
the passage of this act
as
.
been
during wartime but which would
have, of necessity, been cut dras¬
tically if Congress had not ap¬
proved the loan; it was estimated
that the
$300,000,000 instalment
would
three
last
to
months
four
under present
market conditions.
Rising prices for scarce Ameri¬
can
products, the officials' state¬
ment continued, according to the
Associated
Press,
arev causing
some British economic experts to
favor delaying large-scale order
,
until the cost situation appears to
be
leveling off.
From the Asso¬
ciated Press advices, published in
the New York "Herald Tribune,"
also quote:
we
..
"Orders for machinery, needed
to modernize'/Britain's coal and
other
industries, - may be post¬
for this reason and also
because
the
Labor
government
has not yet determined how it
.
poned
•
prices are
climbing steadily,
the
officials
said British purchasing agents are
examining the possibility of plac¬
ing additional orders in countries
like Canada, Sweden "and Bel-'
>
;
officials
,
reported
also
is well,un¬
with its plans to''fulfill
the trade promises made" to' the
United States in connection-with
that their government
der
way
the, loan.
.-/r
-
,
,
>
delegation, they-said,
is
preparing ; to attend a. pre¬
liminary 18-nation trade' boriference in London, Oct. 15 and-'Sup¬
"A
trade
States in
other nations
port the United
forts
to
persuade
to abandon restrictive
trade prac-
lower tariffs.;,™"■
and to
ices
addition,
they
saidL':the
government is: making" ^de¬
tailed
preparations to endthe
dollar pool in about 11 months,
thus keeping the pledge to elimi¬
nate it within a year after : the
loan agreement went into,effect.
"In
Attlee
business
"American
American
"Because
first.
"British
items.
will distribute these
regardless of where they
States,
went
men
had
complained that the pool made it
impossible to conduct trade with
the British empire and associated
countries because all the dollars
earned
nations
these
up
in London,"
were.ctied
1
^
,
.
•
morq;^me.^m0ng; theif
gressmeri
through % to
exodus
of
prevent
members
growing
a
constituents.
Wash¬
from
7. Increasing
eral
the powers of Fed¬
ington from almost certainly de¬
feating the whole reform pro¬
will/ not
gram.
claims, pension and local bills,
1
To
-
have attempted
to send the
agencies,
have
President
justment
which
have
differences
would
them,, it. was con¬
ceded, ,to parliamentary tactics
through which a small minority
exposed
of dissenters
could
have
blocked
whatever agreement the conferees
might reach.
/
*v
tial
Presiden¬
Congress voted to
approval,
take
increase
an
in
the
annual
salary of each member from the
present $10,000 to $12,500, rather
than to $15,000, as the Senate first
voted.
*
;
However,
-
because
of
an
addi¬
tional allowance to each member
that
to
act
Congress
minor
bn
the
described
he
bill
vances
in the organization of the
Congress since the establishment
of that body." The "Herald Trib¬
une" advices also said:
President
Truman
signed
Jr., Progressive, of Wisconsin, and
Representative- A. S. Mike Monroney, Democrat, of Oklahoma.
The President's statement fol¬
lows:
'.
tit
:i-.c i:
I "The
Legislative Reorganization
Act of 1946, which
is one of the most
$2*500, tax free, it was figured by
revenue
experts that the net re¬
ceipts of members would come
much closer to $16,000 a year
body.
annual
an
expense
account
of
than
the
and as
-For
a
member,
married and
with two dependents, the income
taxds on a $15,000 salary, with
cedural traditions that have bur¬
routine exemptions, would be $3,-
problem of reorganizing and mod¬
638.50,
leaving
after taxes.
At
a
-
him • $11,361.50
$12,500 salary
a
"Both
United States Senator
as
President, I have had oc¬
casion to observe some
moded
organizational
pf the out¬
and
dened the legislative branch.
pro¬
The
ernizing the Con^
peculiarly difficult one, and ses¬
the
taxes
would
be
$2,688.50,
leaving him $9,811.50 after taxes.
With the $2,500 non-taxable ex¬
sion after session the members of
account for the meeting of
obligations prompting the pay-in¬
crease movement, he would have
$12,311.50 left, and would be bet¬
ter
of by $950 than under the
straight $15,000 salary subject to
tackling the problem^
"The 79th Congress, however,
taxation.
vestigation r of Congressional Or¬
ganization was conducted and par¬
pense
>
The
measure,
it: is stated,
duces the number of House
mittees from 48 to
re¬
In
com¬
19 and Senate
to.the
-
Washington
special
New
York
the
to
approached
the
ner.
with vigor
orderly man¬
task
and in a sound and
I have nothing, but admira¬
tion for the way
ticularly
formed
in which the in¬
advices
Trib¬
for
the
leaders/ who
special investigating
and
who wrote-;, and
the
committee
"Herald
found. themselves
take decisive steps in
Congress
unable
sponsored the bill.
&-v
I.
"I realize that in the process of
_
une" Aug. 2 by Robert E. Nichols,
Congressional consideration
it was stated:
promises and adjustments had to
Most
r-
'
provisions of the bill do
be made and
some
lr P.ager 663.
Medal for Pershing
resolution
A
•
by5 'Con¬
passed
gress before its adjournment
viding for
pro¬
.
special medal to- be
a
struck and
World
presented to General
War, was signed by Presi¬
dent Truman on
from
Aug. 8, accord¬
Associated Press advices
ing to
which
Washington,
that General Pershing's
G.
E;
:
Adamson,
added
aide, Col.
said
that
he
thought the award would come as
surprise
a
has been
a
the
to
patient at Walter Reed
resolution
medal
gold
who
General
Hospital for several
to
years.
authorizes
be
struck,
"a
with
.
suitable emblems, devises and in¬
scriptions,"
presented .to
to toe
Gen. John jr. Pershing, "in recog¬
nition
of his fearless
heroic
achievements
military victories,
as
leadership,
great
Expedi¬
tionary Forces in Europe in World
War I
and
*
*
* and for
unselfish
service
of
his
contribution
to
his
-
gallant
devotion
to
the
country
and
his
the
Business failures
preparation
July
were
,
;
shall
been" struck,
cause
the
totaled 74 and involved
$3,434,000
liabilities as compared with 69 in
to
sented to General Pershing
pre¬
in the
name
of the people of the
States of America."
United
and
Central, and j South
America, has been elected
jTesir
;
July from $1,996,000 in June.
in
bered
5
liabilities
4
against
,
in July num¬
failures
Wholesale
in
down
were
but
.tp. $76,000
June
from $80,000 in June. Re¬
tail failures in July fell to 17
from 24 in June, but liabilities
rose
to
$835,000 in July fyom
$661,000 in June.
Construction
liabilities in July were down to
.9 from 13 in JunO and liabilities
were lowered to $162,000 in July
in July
from
$262,000 in June.
,
Commer¬
cial Service failures in July were
to 7 with liabilities of $413,3 in June with liabili-*
underv the ^Secretafy Mbf/ State.
From the State
Department's;an¬
nouncement
also,
we
quojg;;^
"Colonel Harris will assume his
as
common
President of
corporations
immediately
and; will administer ;the exte^ive;;
health and sanitation, agricdltural
duties
these
and
educational progranihtthey
the other A^grican
conduct.... j n
Republics. These cooperatwe pro¬
grams are carried out by^mall
fiel<L parties
of United OStates
technicians, working in
eQV
000 from
laboration with governing ex:
perts! of these neighboring coun¬
ties of
tries.
'
to
$7,000.
demdnriratih^nhe'iise
By
divided in¬ of the best practices: an^otechr*.
Federal Reserve Districts, it is niques in the sblutiomggthhasic
When the country is
found
that
Philadelphia, At¬
the
lantic,; Kansas;
Francisco
San
City,' Dallas and
Reserve
had more failures in
June,
while
the
Districts
July than in
remaining dis¬
fewer
June.
failures in July than
When the amount of
* shall liabilities involved is considered
it is seen that the Boston, Cleve¬
be
a
dent of both the Institute of In¬
June, involving $3,006,000 liabili¬
ter-American Affairs and -the In¬
ties, and 72 involving $3,659,000
ter-American Educational! .Foun¬
liabilities in July a year; ago.
dation.; 'f.
All groups into which the re¬
This announcement wasr.made
port is divided, with the excep¬
on
Aug.
1 at - Washington by
tion of the retail g^oup and the
Spruille Braden;: Assistant Secre¬
construction
group
had
more
tary^ of Statb in charge'bftAmeri-;
failures - in July
than in June.
can Republics Affairs' and chair¬
When the amount of liabilities is
man' of the Boards of .Directors
considered : only the ; retail and
of these Government corporations
commercial
service groups had
on
which
Assistant Secretaries
more liabilities involved in July
Benton, Clayton and Russell* are
than in June..,
v
also represented. They were;or-;
Manufacturing failures in July ganized as part of the,former Of¬
rose to 36 from 25
in June but fice of Inter-American Affairs,.
liabilities were down to $1,948,000 and
recently were placed clirectjy
the President
same
R: 'Harris;
Arthur
officer of the United1 States
-
in
* *
Colonel'
career
July a year
Army who formerly headed the
ago, business failures in July were
Latin American, Military;Attache
higher in, number but lower in and
Foreign Liaison Sections of
amount * of ^.liabilities
involved.
the ! War
Departmentf-. and " has
Business failures inf July accord¬
Served ! as'*'■ a Military1 fAttache .in
ing to Dun & Bradstreet, Inc.,
Mexico
had
"When the medal
have
-iv, iT
InteivAiri^rican-Instittite
in June.
than
involved
liabilities
for the prosecution of World War tricts, with the exception of Cleve¬
land which had the same number,
ii."
■
The resolution added:
Harris, President of-
When compared "with
land,
serve
and
Districts
health, sanitation, agriculti^hLand
educational problems, they' con¬
tribute
tangibly to rdTse living
standards and improve ithe '^gen5eral
welfare.
In discharging;
his
important functions, Colonel Har¬
ris
will
maintain close" liaison
with
Public
Health,
AgrMilture,
Educational Mini stries'JOf the
other American RepubUq^^q,, > >
and
;
t'Colonei;^^Harris^^
madqb^hcleafwill
election
vbjmg no
Francisco Re¬ change in the objectiyes^pf *.thf
had less liabilities programs for which he now-isr?r?~
Richmond, St. Louis, Min¬
neapolis
com¬
desirable pro¬
in
in July
higher in number and amount of
up
and
commander
in chief of the American
v
committees from 33 to 15.
t
and Aug.
The
originally voted $15,000. : v;
Examples such as the following
were given:
-
,
References to the bTl appeared
our issues of July 25, page 531,
John J. Pershing, head of the
the American forces
during the first
bill in the presence of its soonsors.
Senator Robert M. La Follette,
I signed today,
significant ad¬
vances in the organization of the
Congress of the United States
since the establishment of that
of
in
as
"one of the most significant ad¬
.
In the bill ready for a
so
In signing the bill on Aug. 2 the
issued a/statement in
two bills to conference for the ad¬
of
^:v;^
' •"
Business Failures
that
his
San
involved in July than in June.
sponsible."
'
'•'
938
THE COMMERCIAL & FINANCIAL
CHRONICLE
Steel
tional ships in service for the re¬
mainder of the season this deficit
OperafisRS Highest Since Start
Reconversion
Scrap Stilt Immediate Problem
-
July shipments
10,848,385 tons/only 523,897
were
-
; : steel operations this week; hit a new postwar high, With the in¬
dustry set up to produce at the rate of 91.5% of capacity, a point
higher than it has operated during the past three weeks, according
to "The Iron Age," national metalworking paper. '
Thus, while facing
shortages of scrap, freight cars and. coal, steel production continues I Production
^ / steel :
its upward trend.
Production.of steel at the rate established for this steel for castings;
during
"week will amount to somewhere^
the highest of
any month since
in the ^.neighborhood of 1,500,000 one month ago, and .1,511,100 tons
July last year, ? according to
net
itons 'of
ingots
or
about one year ago.
American Iron and Steel
Institute,
"Steel"
of
1,000,000
net
tons
of
finished
Cleveland, in its Which further stated:
products. ."The Iron Age" in its summary of latest news .develop¬
the
first
issue.of today (Aug. 15) further ments in the metalworking indus¬ I Preduction ? during
seven
months of this year was
states in part:
''
try; on Aug. 12 stated in part as
,
"Scrap continues to be the immediate problem of the steel in¬
•
dustry, ( and
events
of
the
clarification,
some
ducers
The Scrap Institute's national af¬
fairs committee
dpi not: know what they will be
meeting in Cleve¬ called
land, at which it was determined in the
to
seek
a
$3.50
a
ton
temporary
price increase resulted in dealers
.
of steel
and
pig iron still
to supply in that period
on
way
8
third of the
nation's
credit
on
questioned on Aug. 7 by A. E. Duncan, Chairmanbf the
Board
of the Commercial Credit
Company of Baltimore, it was indicated
in the Baltimore "Sun" of
Aug. 8, in which it was noted that his
statement followed a recent amendment to the
Government
known
as
ruling
"Regulation W," whicl "
has served
credib
It
as
curb
a
added
was
on
use
that
Duncan, asserting that the
of
installment purchase of
any aver¬
age low or moderate-priced fam¬
ily car will be under $1,500—has
no such
choice; he must
Mr.
con¬
tinuation of Curbs
on credit is in¬
to check inflation, .said
that "a basic cause of inflation,
tended
the transaction
on
complete
terms restricted
by the Government.
shortages of goods, will be rapidly
"The
inconsistency s of ; thia
dissolved
by
production
gains
in
period last year.
amendmentmayinvolve serious
the period
immediately ahead." economic implications*
'[■Theindustry in July; 1946, pro¬ From ,the
These are
Baltimore "Sup- we
duced 6,598,864 net tons at an
suggested by the results nf a re~
also take the
following
regarding
cent
average rate of capacity of 84.7%.
survey of the spread of na¬
Mr, Duncan's comments—an Edit¬
tional savings among various in¬
This compares with production
or's note
below, also being from come
during July, 1945, of 6,985,571 net the
groups, conducted by the
same paper:
,;,r
tons at a rate of 86.3% of capacity.
Federal Reserve Board and the
i "A Strange situation has been Bureau of Agricultural Economics.
According to revised figures, created
pro¬
week tend to make matters worse.
continued "freezing of
was
33,928,018 net tons, compared with
50,128v653 net tons in a similar
follows: "While priority regula¬
tions for fourth quarter have un¬
past dergone
The
Advisability of Continuance of
Federal Reserves Credit Curb
)
wisdom of
purchasing power" by the Federal Government's policy
July Sleet Output Sip
:
15, 1946!
Duncan Questions
be reduced.
may
Thursday, August
of preference tonnage.
Directions 12 and 13 ^ applying to
steel and pig iron, respectively,
'
possibly many producers— originally set up ta provide es¬
by which the Govern¬
"The
withholding scrap shipments in sential requirements for housing, production of steel ingots and ment's
survey
concluded that
^temporary wartime P re¬ 60% of. the
anticipation of higher prices. Pro¬ agricultural equipment and rail¬ Steel for castings during June of
savings in this coun¬
strictions on credits have now
try are held by 10% of the na¬
duction,; of scrap is increasing in road brakeshoes, in third quarter, this year was 5,624,826 net tons at
been removed in so far as
they tion's families, while the
volume
steadily in fabricator's will be permitted to expire Sept. an average rate of 74.4% of capa¬ affect the time
bottom
purchaser in the third of the
'
plants; but much of it is being 30. At the same time CC ratings city. ■
population holds little
tipper brackets, while they con¬
or no
will
—and
:
•
,
stalled
w
on
its way to the mills.
"Scrap dealers, in the face
be
of
increased costs of materials and
help, feel they need higher scrap
reinstated,
of Oct. 1, to
as
tinue to be imposed
speed
procurement by manufac¬
turers' of sufficient
tonnage to
Parcels for British Zone
,
of
maintain
economical
Operation Of Germany
will, through -.special .pro¬
attempt to gain
J Effective, August 12, ordinary
the $3.50
a
ton permanent1; in¬ vision^- bq ^phed also to dnn^ge
gift parcels are accepted for de¬
crease, plus an increase of $1.50 a ;needed ini making ;certain items
for the veterans' housing program. livery to the British Zone Of Gerton (to $5.00 a ton) for
prepara¬
;many, except Berlin, Postmaster
tion of scrap.
Opponents of this Precisely what this* and certain
General Robert E. Hannegan ah^
price increase, mainly in the steel other changes^, including revok¬
noUnced in a recent
r^ort/;Thq
industry, point out that this will ing of some previously suspended
result in a flat cost increase of ratings,- will mean in terms "of ; Ipost Office Department advices
said in part:
between $1 and $1.50 a ton on preferettde
toniiage % la
fourth
prices
and
will
*
on
savings.,;,
the large
and
more
v
,
time, sales.;,
sales: of
W, which applies to
of
automobiles
and
arid
,
petus
that is
an
unnecessary
I "Parcels
remains, to be >seen; the?
quarter
im¬
must
not
exceed
li
the inflationary spiral
already gaining speed.
states.;
"While pig iron output is
pretty
to the capacity of all fur¬
naces in
operation, there is not
nearly
enough
to
fill
current
needs.
Southern
producers
close
screamed to CPA that their entire
output fell under the iron alloca¬
tion plan,
shutting off the iron to
many foundries without certified
orders. Some easing seems
.
metalworking
0,,.
<
.
.
-
v
Home
<
credit.
durable
underwritten by
>
%;%!?/'''.■.$#
underscores
unrestricted terms to the prosper¬
minority who hold ample sav¬
ings, while limiting the terms on
which credit can be extended to
the third
families
with
negligible liquid assets whose
buying ' power : exists
mainly
through credit based on current
earnings.".
/
•
\
..
went into effect, up until last 0c*
tober when the controls on build¬
Mortgage;
ing were iirsf released^
repair schedules of I "Parcels and customs declara¬
Newly buRt or newly started
generally.
One
large tions must be marked 'Gift Par¬
have tried to
j For, 1 the firsttime; im the na- homes caused the savings and
eastern carrier recently increased cel' by the senders, and the value
tioh's l history; as much as
of scrap in their
$1(1,4 loan institutions' to lend eight
amd contents -must Ibe
melts, but aside its monthly repairs 50%.
stated'pn
times as muchlpn hew construct
from the fact that
the 1 customs declarations. Unde- 000,000,000 of new. home mortgage
scrap is hard to
"It appears likely that the
gov¬
loans
will be contracted for this tion during the first months of
get,; they are having trouble with
ernment program for additional liverable parcels will not be reyear, the United States Savings 1046 as in the like months of 1945,
their" castings.
freight cars, first placed at 50,- tjurned to the senders but will .be
apd Loan League predicts in an The tabulation shows savings and
"Textile machinery manufac¬ 000 units, will be reduced to
40,- tjurned over to authorized Ger¬ analysis of why the dollar volume loan construction loan volume is
turers'
foundries, with a backlog 000, if it, takes tangible form. man relief organizations^ for dis¬ is
going to pass all previous peaks, as follows: J % *
of five to six
years work, recently However, if the roads themselves tribution to the needy.
such as those in the 1920's.
1945
1946
An
formed what amounts to a bloc continue
ordering at the recent | "Parcels should*bear the. name announcement
issuedby
the January ...$3,772,000 $30,807,000
among themselves to
rate
of
the.
bring pres¬
the; government may not
addressee, street and house League on
sure on
July 20, which made
Washington for relief. Be¬ press this plan^ However; prefer^ number,
town,
postal
district this statement also had the fol¬ February ' 7.. 3,6$1,000 30,866,000.
ing financially strong themselves ence for steel will
March
be necessary in number if known, province, and
7,406,00B 45;391,000
lowing to say: 7 and having some
'< "' powerful friends, any event to assure completion of the indication 'British
Zqne, Ger*?
April
9,541,000 53,202,000
the outcome of
"Four principal factors
their fight will be the cars
leading
during this year.
many.'- Box numbers may be; used
the country's home mortgage debt
I Mr. Irr said that 1946 will be
interesting.
as part of the address
provided the
"Meanwhile; pig iron" allotments
upward by a larger leap than the first year that the GI home
:"OPA's refusal to grant further
set up under Direction 13 for this name of the box holder is shown,
ever, before are listed by Benry loans will have any substantial
pig iron price increases is taken to
quarter are reliably reported to parcels will not be accepted for P.
Irr, Baltimore, President of the effect in swelling the volume
indicate
an
intensified
move
of
be undergoing a further
screening, mailing when addressed 'General 54-year-old nationwide organiza4 new mortgage loans. He
through the RFC and the National with manufacturers
judges
of some
Delivery,'
or
when
addressed
to
types
tion of savings and loan associa¬ that 20% of all
Housing Administration for sub¬ of stoves not
savings and loan
'
included under Di¬ Berlin.,
g||
tions and cooperative banks:
sidies for marginal
hpme mortgages today are being
furnaces, and rection 13 pressing for preference i "The British Zone
includes the
also an intensified action to re¬
1 "L * The veterans' home buying recorded for veterans of World
action to keep from
following
being
forced
regions
of
German:
The
lieve individual
transactions have swelled the total War IL
"hardship" cases. down completely, and with
many entire province of• Schleswi^Hol- volume
OPA
of mortgaging tremenMr. Irr said that the 1946 mi-'
Administrator, Paul Porter, others also- applying for relief.
stein;
with
the
city
area
of
Hanv
said that the - $2; a ton
increase
(fously; and are* doing it at an in¬ gratioh seems to be mainly of
! "Preference granted on both
burg
<Postal
District
.24),.thee»just granted offsets added
pig
creasing rate all the time.
white, collar workers being trans¬
costs, ; iron
and steel appear to have tire provinces and. areas of Han¬
and studies indicate that
any fur¬
;."2',. ,The price"increase.in exist¬ ferred .because corporations are
overshot their mark as far
nover, Oldenburg, Braunschweig,
ther oyeralf. increase would not
as
the
be
adapting their operations to war¬
practical application in the cur¬ Lippe,
likely
"to
Schaumburg-I Jpoe, and ing .homes has to be taken > into time changes in factory locations
increase
production
the Bremen Enclave (Postal Dis¬ consideration in any analysis- of
rent quarter is concerned.
from furnaces now in
A
car¬
operation."
an
tricts 20 and
Upturn;;; in "total mortgage and to. usable facilities in new
ryover
of V self-certified
Those not in
23), the entire prov¬
orders
operation, however,
volume* just, as in surveying in¬ places. which will mean a per4
ince of Westfalen
are likely, to
f Postal District
plead for individual ; under Directions 12 and 12 at the
relocation
for; tens, of
creased dollar volume of produc¬ manent
end of September
price
increases
appear virtu¬ 21), the. northern Portion nf the
to
cover
their
tion,the higher prices of goods 'thousands; of .officel workers an^
higher costs, and. in doing so, get ally assured and to meet such a Rheinf Province MPostaL«£yisjfrictexecutives.
The advices from the
must be considered a factor.
;
the
contingency Washington has is¬ 22), jlncludihg 17the; 7 cities: fand
support of RFC and NHA."
"3.A tremendous shift in the League add:
Kraise
sued a new regulation
of * Aachen;
(Cologne);
The American Iron
providing
and Steel
population is still in process. The
t "The
1946 new mortgage loan
that any carryover
tonnage of this Duren, Schleiden Eusirchen. Bonn.
Institutes on Aug. 12 announced
Siegburg and Guromersbech, and move of a family from the home volume which the League expects
character be given CC
that telegraphic
rating for
reports which it
it Owned in one £ity to the home to reach $10,000,000,000; will: be
places north thereof.
had received indicated that the October.
ii mUst buy iri another city gener¬ handled by all types of lenders
operating rate of steel companies % "In view of the continued un¬ : "The cities and Kreiss of Pnim,; ally results in the
exchange of a and no violent swings in the com4
having 94% of the steel caoacity certainty with respect to prefer¬ Daun, Ahrwsiler. KoblenzlINeusubstantially
paid-down mortgage petitive positions: of the various
weid and Altenkirchen
of the
(Wester- loan for
industry will be 90.3% of ence tonnage over the remainder
a.
new
debt
which is a sources of mortgage money are
capacity for the week beginning of the year and because of severe waldl and nlaces south thereof in
larger percentage of the property expected to show this year; in the
Aug. 12, compared with 39.0% one shortage in pig iron and scrap the Rhein Province, although lo¬ value.
1
opinion of Mr. Irr.
The savings
there appears to be little likeli¬ cated in Postal District 22, are
week ago, 87.9% one
month ago
v
;..*'4i pv Ne\y .home
construction and loan associations and coopera¬
not in the British Zone or
hood of early
and 82.5% one year
the
opening
of
books
for
ago. This rep¬
was
represented by 278,000 new tive
next year.
American
banks, largest single source
resents an increase of 1.3
Zone, and
\ \
therefore houses
points
begun during the first five
parcels may not be sent there
of home financing in the country/
or 1.5% over
)
"With
the
the preceding week.
months of the year and substan¬
navigation season at
from the United States. '
7\>
the
The operating rate for the week approximately
tially all of these have already are: doing about 36% of dollar
mid-point,
"The export control
movement
of Lake
regulations necessitated some kind of mort¬ volume, with the banks and trust
Superior to
beginning Aug. 12 is equivalent to
Aug. 1, totaled 23,843,849 gross of the Office of International gage credit outlay.
This is the companies
handling 24% of it,
1,591.400 tons of steel ingots and
tons, a decrease of 15,548,029 tons, Trade, Department of Commerce, natural source of new home mort¬
and the individual lenders com-*
are applicable to
castings,, compared
to
parcels
for
de¬
1,568,500 40.96%, from the total at the same
gage volume, which had been dry¬
livery in. the British Zone of ing up gradually from
tons one week
ago, 1,549,100 tons \ date last year.
April, 1942, ing third, providing 20% of to¬
With some addi¬
Germany. *.
when .the stop - building order day's home mortgage credit."
increase
appar¬
ent
on
this score.
Small foundries
turn to greater use
railroads
Loans This Year
in
>
,
,
-
•
,
-
.
.
"
,
■
,
>
•
„
v
the
ous
*
-
accurate,
paradox of:■*!. regulationwhich^le?
galizes the extension of credit on
.,
1; "In effect," Mr. Duncan
added,
"the man who can. afford to buy a
p ap fer
;
be
1 ."This.-survey
pounds in weight or 72 inches in high-priced car on time can now
take as long as he chooses* in^ so
length and girth combined. Only
far as. Regulation W is
one parcel a week may be sent
concerned,
"However, much talk is heard
to complete his payments on a
of possible establishment of ^car- by any one person to the same
tialapce
exceeding $1,500.; The
addressee. Contents are limited to
building steel on a preference
buyer of the low-priced car—the
essential
relief
items, such as
basis,so critical has become the
customer whose balance on the
foods,
clothing,
transportation
situation.
This non-perishable
would apply to steel needed for soap; medicines. No writing or
repairs, as well as new equipment. printed matter of any kind may
.Significant of the shortage of be included. ThO postage rate" is
14 cents a pound.
\
transportation equipment is the
\
national
to
sur¬
automobile^ refrigerators
must
consumer
ma¬
,
steel, and is
this
other long-awaited
goods
other listed
articles, places unpaid
balances of more Than $1,500 out¬
side the. down-payment: .and
turity terms; of the ruling.! 7
of
near
large
[Editor's note: The amendment
to Regulation
anywhere
are
it is therefore evident that
among
masses
of the people the
.
,
I
vey
moderate means," contin¬
ued Mr. Duncan.
V
"If the conclusions
majority of the nation's families
.Volume 164
"
THE COMMERCIAL & FINANCIAL CHRONICLE
Nu'mber -'4S 16-
Significance of
(Continued from first page) ^
securing the adoption of the nec¬
*
essary measures and of the
neces¬
by the
United Nation*itself.
\
V/f
.
Washington, Chicago,'; and San demnihg/those official* abuses ; in
countries where
Francisco, and every other city in the; American
the United States were the prod¬ censorship is applied and - thus
,
NOW/; of course/
are
so
i
the/f eal facts
notorious that there is no
useful purpose to be'served
bymy
doing more than remind you that
censorship wasoriginallyirnpbsed
im Argentina ^ when -the -Western
countries of the right of the peo¬
ple to- free access to the truth; ^/ Hemisphere'was drawn : into- the
/ Needless to ^y^theteere' mahy^ war, and that such censorship bef
other obstacles to the
rapid growth came much more rigorous when
and
strengthening of real democ¬
racy in the Western Hemisphere.
Democracy will become consis.the
low
standards
many republics are
the
subsequent dictatorships X of
General Ramirez and of General
Farrell were established. Censor¬
.health and
1
ship was: employed" far more ;to
living fin prevent public? criticism of c the
raised, as educ¬ policies/and; aotsiof fho/diotatoc-f
of
.
ational facilities are improved, a&
:
For
ships
which had imposed them/
arc
ameliorated,^ and* as communica-
selves on the Argentine people
than for any/purposesXconnectecf
t^h§"
with
social; conditions
bhiec*
the
war
situation/ There is
I
tatorship which the peoples of the
can
possess.
Work of American Society of
x
Newspaper Editors;
,
the
-'
ftnow of np more useful insti¬
tution which has recently been
established by private initiative
than the committee created
by the
American Society, of Newspaper
under the presidency-of
Wilbur Forrest, of the New York
"Herald Tribune," to further the
firm establishment in every part
of the world of freedom of infor¬
responsible Argentine citizen mation. This committee has alwho/wouldattempt-lAdeny fthar rcadj^made/itSk contacts; in ai; ver^
no
achieved through the progressive
industrialization of the American
the La¬
Department's: report, which
June
on
23 * added:
Consumers'
Clothing prices rose 0.7 % be¬
April and May, mainly due
higher prices which were re¬
tween
to
ported for apparel which was pro¬
orders
rent
Under
duced
between April 15 and May 15, as
higher prices allowed to manu¬
facturers for wool rugs and mat¬
tresses
passed
were
sumers.
.
Gas
and
*
>
less
con¬
;*
costs''
electricity
tinued to decrease and
7%
to
- on '
■,
.
,
con¬
cost
now
the • average than in.
on
prices are now one-third higher August; 1939. Rate reductions ia
than at the outset of the Second April and early May lowefed the
World War in 1939; from the bef average cost of electricity ;:to con¬
ginning of the First World War sumers in St. Louis, while gas
to the high point of 1920 retail costs declined 7% in Chicago, as
prices
more
lower
than doubled.
Since the end of the
war
in
Japan in August, 1945, consumers'
briecsTxay^m
House furnishings
advancing 6.1 and 4,4%, re¬
clothing "and
costs
rates
effective
became
on
May/1. / The usual seasonal de¬
crease in New York City gas rates
was reflected in May bill# !
•
Rents
May.
not
were
-
surveyed
' V'./
every ^
thereafter in the
ta
/'
■
large/number; oL countries; It via spectively, while food prices have
Argentine press cooperating with vthe- Social t and gope
republics,i
,*/ .j '< *•<-/'"'1
:
/ Nearly all of this OPA Raises
iVs The peoples/of/£atim Amferici had to be approved by the official Economic Council of the United rise has occurred
since raid!
are profoundly individualistic in censors and that, even more thari Nations and with our own Gov¬
Prices on Silyer
February, 1946, /
; , *
;
ernment/- and
it < has s pheady
k
to' en¬
courage
production. / Prices of
house furnishings increased 0.7%
1935-39 average, says
bor
I
Editors
living essentials for
month ending May 15, 1946,
according to the Bureau of Labor
Statistics, U. S. Department of
Labor. ' Higher prices for food,
clothing, house furnishings, and
miscellaneous goods and services
contributed to the 0.5% increase,
which brought the May 15 conf
sumers* price index t6 131.5% of
expressed public opinion is the
greatest deterrent ~to authoritari4
anism or to any other form of dic¬
Americas
of
the
repeat my often-expressed
conviction that the force of freely
■
.tentlymoreiirm^
Prices
offset
moderate-income families in large
cities continued
to rise during
uct pf deliberate fabrications con«cocted by American, press* corre! tary and beneficial influence felt.
/ spondOnts in'Argentina.;
kLoiig ago I reached the ^onclu*
sion that there exists no
greater
obstacle to the steady growth of
democracy in the Americas than
the recurrent abolition in
many
7
Depf. Retail
Price Index In May
have the chance to make its salu¬
methods for the enforcement
of the underlying
principle
sary
bage, lettuce, onions and; spinach
higher prices for apples,
oranges,
carrots, potatoes, and
sweet potatoes.
vs./
Labor
Free Press
a
939
•"
Ceiling,//
,
their manner of being. They are that, editorial comment had fre7
Inherently opposed vtofauthoril quently to be so restrained as tq
and to regimentation. avoid even the implication that
They are wedded to the concept the newspapers were opposed tq
of vthe greatest measure, of indi- governmental policies. It was a
t-yidupl" fyeedomf compatibte »;With matter for consternation throUgh4
tarianism
»
the true interests of the majority
and with orderly and
enlightened
'»
*
I
government, but unless they are
r
guaranteed
freedom
of
informa-
tion they cannot accurately assess
i
-
for
themselves
the; errors/ into
which their own governments; or
other, governments, may fall/ nor
:
:
have
the
opportunity of making
their voices heard in attempting to
remedy such errors. \:f: /1
;
In
the course of my earlier
broadcast I spoke of "La Prensa'?
and of "La Nacion" of Buenos
.
brought -" about- concrete > result^
which!wefce not ^ofeseonx ^y^nr 'g
short-time ago.'
H
^<•
>
"^bjtmy/J^dicafed/arto
'?
* /
■
las|
^dek^ j|VentUred JI^Alsuggestidn
hemisphere when that that this committee, representative
pillar of a liberal and free bf xthe^me/press> of the; United
press, "La Prensa," was actually States, could attain an objective
closed down by official order for of the highest practical value if
some time because it was alleged
it were,how to communicate with
that it had violated- the; regular
bbt^tahdihg leaders bf; the. Tree
lions imposed.' ' •'
V"/.•'
press in all pf the other Ameri¬
■i'-*J
i can republics in order that a com¬
American News of/Argentine 4
pletely unofficial inter-American
Biased-'
-'/'/ ?•. - f conference bf the press and per¬
-•NowI am/quite: willing.toagree haps of the radio might be held in
with "La Epoca" that a few corre4 the/hear/futucd
rit; seems to md
spondents of; newspapers in the that -such a conference' could, at
out
the
stalwart
4.
United States who were then re¬
tration
when the President's "hold-the-
Treasury
iine^order became effectiVe/Fodd
thorized
prices in May, 1946 are at about
announced
the
ury's
same level
as in May,
1943;
clothing and house furnishings
costs, However, are • almost 22%
higher.
Effects bf the recently
announced! higher/ ceiling prices
for a number; of dairy,/bakery,
and' j^rbal/prbducts/Will/hbtl be
reflected in the index until June,
and July.:;
Meats,
/
^
butter,
.
>
oleomargarine,
and / some
shortening,
bread,
Canned foods
were scarce
in most
The
■
Office
of
Price
raised
has
Adminis¬
ceiling prices
of silver to conform with the new
Department prices
au¬
by' Congress/ the /agency
Aug. 1. The Treas¬
fixing the sale of
on
action,
silver at
91
cents
referred to in
an ounce, was
issue of Aug. 8,
our
793 in which item the Con¬
gressional action on the silver
legislation ( was also noted./The
advices from the OPA
stale;// / ^
page
"Effective Aug. 1,1946, the ceil¬
ing
price for standard commer¬
cial bars of silver will be fixed at
9Q.5 cents per fine troy ounce or
the
Treasury's
selling
pric&*
Silver is
in May.
being kept under control, OPA
impossible x th ': obtain; the usual said, to assure that the price of
comhibn/abcprd /amXinter xAmeri
number of food price quotations
foreign silver does not exceed the
can
charter > setting
forth
the: for the
consumers* price, index;
Treasury selling price for-domes¬
fights and Obligations of the press
achieve
three
great results.
It could undertake to establish by
once
Aires as two of the
outstanding porting /events:< frdm / Argentina
Newspapers in the world of today were individually so prejudiced
•; not only because of their liberal and !So biased^whensthe Argentine
; imdlprpgreSsiyeeditoriClpQlicies; political situation began to be4
but also because of the
amazingly com4 crystallized/ and/that/ the^y in every AmericadcountryrSecx
wide coverage of news from all
in the Jiabit /ofx/gafhering ond, it could agree upon the meas¬
*
Retail prices of goods and serv¬
ices used by city families are now
5.1% above the level of May, 1943,
in the United States
These scarcities made it
large cities
whichever
is
(higher.
.
"
the
over
world
which
they give
Jheiry readers;? ;/T- said that if
seemed to
me
that it was
an amaz-
ipg /paradox: that/such/:gfeat and
universally respected organs of
public opinion
;
as
these two
news-
should; Havebeen/eom4
1 papery
.pelled shot long ago to suffer thd
censorship imposed by the dicta¬
torships installed in Buenos Aires
between June
of/1943/ and the
'
time when national elections
'
held .last
added
winter,
It
were
should
ha
that
censorship had been
eyen^earlier imposed by the Ar-r
gentine
Constitutional
Govern¬
ment before it was overthrown
by
/the military revolt of Juhd^ 1943/
r
Argentina Has Liberty of Pre«s
-
.J am glad to say that the Argonvtine people today/mhder ;u!Gohsti4
tutional and freely elected
govi
7
*
ernment
are
liberty/of the
;
enjoying
press.
complete
I most earn4
-'?ihey?inoybjr!agalrt
will be condemned to
suffer from
1. the evils of
~
/ But the
:
*
censorship./'
-v,
s
manner in which demo-
cratic
thinking deteriorates, -. and
mental processes become
distorted;
once the sinister precedent
of censorship of the free press and of the
: free radio has been created, i$
graphically / demonstrated fin an
article published in the newspaper
1 "La Epoca" of Buenos Aires on
*
July
8; referring: to my recent
? mention pf the
censorship imposed
■t upoh that newspaper's colleagues;
,"La Prensa" and /%a Nacion," / r *
v
In this article "La Epoca"'states
that, and I quote, Censorship was
v
-
*
r
.
never
imposed
4rol of the North American pres$
/ agencies which never at any time
'
was
"•
-
news
so
exclusively
from
connected with the groups
of cooperation and of imme¬
diate assistance to be undertaken
these
scarcities there
been
more
reports
of
have
tic/silver,
sales
maximum
are
ricated
ures
At
the^ /same;/ time,
•
increased
through black markets which
not reflected in price reports
to the Bureau.
by the press^;ln/the bthec AhiOf!
The shortages of meat were so
ican republics should the governacute that in a few cities none
ment xof j/any ; one A m OTi b a d
of the independent; stores from
yelopmehtsJh-ArgontiiMi''^e^jlid- country / violate the legitimate whicH/tHHvBurbuU fCgulariy coLnot give the American people ac¬ rights of the press in that country
lects prices had any of the standcurate information.
As a result, by Censorship of by' any other
fe-[ ard list of, raept products during
for example, the American people striction upon freedom of infor¬
the pricing period*
Under these
mation. And finally, it could, by
as a whole were very often unable
cpnditions the / usual method of
realistically to recognize the fact creating such a regional under¬
computing average prices could
—which a few of us who were in standing between the free press of
not ;be used,/' Jn order - that in¬
close touch with developments in the Western Hemisphere not only
dexes for food prices as a wjiile
Argentina had long since realized help to carry out the principles
and. foy all commodities in com4
—namely, that Colonel Peron, now envisaged at the Mexico City Con¬
bination. might be. published,/it
the President of the republic, had ference of the governments of the
was /assumed: that/meat
prices
obtained a very large and a very American / republics*; ; but /also
were
unchanged between April
real popular support among the thereby offered a practical dem-i
and May in .-five;<dtiei-/^rbvisidn
masses
of the Argentine people bnstration; to; thp United r Nations]
has been made to reflect -changes
and: that if ^fair /elections; were Assembly/Whe»; it inaets of how
in meal prices in these cities be¬
the free newspapers of the Amer¬
held, as they eventually were
tween April and June if meat is
held, Colonel Peron had a very icas have already contributed to available then.1
good chance of being elected, as the consecration of the principle
For the month of May this lack
he was. President of the republic of freedom of information in the
of; meat prices has not affected
'
:by/a; large majority* ' i/z -XXXx 1 New World.; •
the total index, seriously and the
I iilbw utterly; ditierfint thejtwo
national average increase of 0.5%
issue raised .J^^14ai/Epoca^really
State Supreme Court Holds for- meat > prices 1st a/significanf
are. Both are. deplorable. But how
figure.
Shortages of other prod¬
different in their significance. Oil OPA Unconstitutional
ucts were not sufficiently acute to
the one hand you have the" case
Press, advices (INS)r from Olym¬
produce the same kind of pricing
of^very few; private tndiw
piad; Wash., reported. That the, problem that was experienced in
who^as press correspondents have;'
Washington State Supreme Court; meats. Thus, the Bureau is rea¬
for one reason or another, rex
in/; both majority /and minority
sonably r confident" in 'reporting
portedm^ws1 jhaceufdtelyxfM fh^ bpihions! ih > a - decision/ handed
that food prices as a whole adother hand it is the government down that day declared
flatly that vanced/ about /0.6%r over ? April;
itself which is preventing the pCoJ the
UPA has "brought financial
though a more complete coverage
pie bf the country over which it ruin to tens of thousands of Amer¬
of stores .would
probably have
exercises jurisdiction from having
icans, including the , loss of 10 bilgiven a slightly higher figure for
the- opportunity fully to
know libn dollars in postponing settle¬
meat andxhenee/;fbr^all foods./
what that Government; is doing ment of the recent steel strike." i
/ Fresh: fish prices dropped 1.6%
and, consequently, / from having X The advices from • which we
with seasonally larger supplies of
the chance openly to debate tlie
quote were given in the Washing¬
lower
priced varieties reaching
actions of their government and ton
JD.-* C.) - "Post". They ;conmost markets. There were further
the
chance
freely
to / criticize
increases
in the cost of bread in
those actions for the purpose of -: "Justice John
Robinson, author
Correcting them; And what in the of the majority opinion^ said that May, when additional cities au¬
thorized weight reductions in line
larger sense is even for profoundly Some of the" judges who signed it,
important, governmental censor4 'including the author thereof,' be¬ with the nation's program to con¬
serve
grains.
Rye bread prices
ship of this character. makes it lieve the act is unconstitutional,
advanced
16% as new ceilings
wholly impossible for public opin-z at least insofar as it arbitrarily re¬
opposed to President Peron^ that
in the stories which they cabled
tbthfcUhitedSt
-
silver
for,; semi-fab^
prices
articles
silver
for
and
have been raised to
scrap
reflect the increase in the
price of
rilyer bullion. The maximum price
for
silver
scrap
of
ounce
livered
free
of
fine
per
silver
all
base
de¬
charges,
fixed at .26 cents below
mum
troy
contained,
tb^maxi-;
standarjd
for
price
was
commercial bars.
"OPA explained
that the Treas¬
Jor/dqmestfc
ury's buying price
silver
raised from 71.1X cents^
was
the former ceiling,
ia.st
to
90.5 cents
by congressional action,
per ounce
week. At the same time, the
Treasury
at
users
less
not
As
for
necessary
silver price
interfere
to
industrial
than
90.5 cents
silver
ounce.
per
authorized to se|I
was
unallocated
result,' it
a
OPA
the
ceilings so as not to
with the: purchase and
of silver by the
sale
was
raise
to
Treasury. '
"Because OPA was advised that
thq: Treasury/may sell silver at /a
the minimum fixed
price above
for such sales, it was necessary
to
to
seeing, price
permit the Treasury
become(the ( maximum price
higher than 90.5 cents
when it is
per ounce.
(
"In
semi-fabricated (/.articles,
silver is the most important cost
factor
and
the
substantial
in¬
,
in
Argentina f by
anyone, -but, on the contrary, een4
f sorship was imposed in the-United
: States of America under : the con-/
gave a
their
sources
-
With
truthful account of what
-,
taking place in Argentina." It
- by
stating that the
continues
cables which reached New
York,
.
ion in the rest of the Americas;
were
stricts -jurisdiction to
where the press is free, to be af¬ administrative
forded the j opportunity of con- der."
act
question any
done thereun¬
established.
Fresh fruit and
vegetable prices declined 0.1% as
lower
prices for green beans, cab¬
crease; in
be /
the silver; price cannot;
without "financial
absorbed
hardship,
price
is
OPA
said.
increased
maintain the
The
scrap
in ?order
to
customary relation¬
ship with the price of silver bul¬
lion and thus to allow the
flow of necessary
scrap."
orderly
940
\iV.
'u
"'Vt
v^HE COMMERCIAL & FINANCIAL CHRONICLi
-
AgriculturalDepartment General Crop Report
.v.
crops continued to improve dur¬
ing July. Aggregate production of
the principal deciduous fruits.
i$
indicated to
now
■:
than
last
be
15%
greater
10%
and
year,
above
•
.Thursday, August 15,; 194$
varies from harvesting in Texas, to dence of yields exceeding earlier*
silking irnNorth;Dakota;,,
p..
expectations. This is a record win-On August 1 rain was S. badly ter wheat
crop* exceeding the pre- i
needed in a large area embracing
yious/ jrecord of 825 million bushel
northern Ohio and Indiana, south¬ els in 1931
by 6.6%. From: Ne->
ern Michigan and
Wisconsin, east- braska northward, harvesting op-r
em 7 Mirinesota and northeastern erations
provided additional evi¬
,
,
$he Department of Agriculture at Washington on Aug. 9 issued average.
Prospective production
its crpp report as of Aug. 1, 1946, which we give in part below;
of commeraal apples Increased
Aggregate crop production in 1946 still promises to exceed about 5%
during July and is now Illinois.
Early August rains
the outturn of any previous year. Changes in the national situation
only about 8% below average. brought relief to
dry sections; of
during,July were upward as a whole. As a result, total production
Peaches and plums are indicated southeastern South Dakota, north¬
is estimated, at 2%% above the. 1923^32 average, 6 points above 1945
to be record
crops,, with pears, western Iowa and most of; Nebt
and;
points, above the previous*
grapes and cherries near-record. raska.
Southern Kansas ;is very
high; mark set in 1942. The im-' gree during the latter three weeks Prunes
and; apricots are both in¬ dry; arid this combined with high
proved outlook on August 1 re¬ of, July but, was still suffering
dicated;
above average.,Large cit¬ temperatures caused,
heavy dam*
flects .almost ideal conditions for from drought conditions pn Au¬ rus
crops are in prospect for all age.
Fortunately, in £the other dry
the maturing and harvesting of gust 1.
In two widely separated
•
grains
unpractically all
areas
dur¬
ing July.-
the
areas,
North-east
Missouri- .and
southern
and
in
northern
ise of,
record
a
filled*;;,'The
ful¬
estimate is
crop
appears
current
nately, soil moisture supplies had
earlier months in
more'than on July 1. Growing
Conditions' for cotton improved in
that subnormal precipitation in
July did not seem a
serious
threat,
most
of the South. Corn improved
the whole above the July 1
on
outlook, boosting the new record
34 billion bushels. But on the
fringes of the main Corn Belt
to
conditions on August 1
than earlier and in
sorghum area of the
Southwest they were definitely
growing,
were
poorer
the
main
unfavorable.
Growing conditions during July
favorable for the country as
whole. Grain crops reached ma¬
were
turity earlier than usual, but this
was
due chiefly to their early
start.J Soil
moisture
was
mostly
adequate and rains were timely.
Small grains were at filling and
ripening stages, usually too well
advanced to be adversely affected
by
high
temperatures,
which
rarely occurred in any area before
harvest
time,
and .seldom were
accompanied bv damaging winds.
The
favored
weather
grain
and
harvesting
generally, so
hay
that the work
nrogressed rapidly
were
held to a min¬
losses
and
imum. :
doing
Itinerant
custom
combine
work
crews
also
were
a
factor hi the progress of harvest.
Progress
rapid that trans¬
was
portation facilities
were
quate for moving
tee
not ade¬
gram
and
some
was
temporarily p^led on
gronnd-^perbaps more' than
the
usual.
'Toward
month,
the
however,
!
of
end
drought
the
areas
were
developing and
in
some
large sections late croos had be¬
deteriorate, particularly in
gun to
the
southern Great
ical conditions
Plairs.
Crit¬
developing in
were
the Lakes area,'which mi<*M
se¬
riously affect late crops;"Little
re¬
It
been built up in
most of the North Central
of
is forecast about one-fourth less
than that of last year but
nearly
a
1,160' million bushels, 70 million
a
The pecan crop
Arkansas, an incipient; drought
equal to the average production.
was
checked
.about ' mid-July,
good start made
Walnuts, almonds and filberts are
spring wheat, the earlier prom¬ averting serious damage. Fortu¬ each indicated to be record
crops.
With.most of the winter wheat
harvested and
on
producing States.
region,
so
,
A
large portion
of the Lakes
lower
Lake
now
appears
that 1946
acre¬
temperatures have
been
Over a. large part of
areas
moderate.
the
,
North
Central
States, how¬
growing conditions generally
favorable enough to far out¬
weigh - the
effects - of: adverse
,
ever,
were
weather.
As
a
result,
dence that
heads
despite the short straw,
filled much■ better;;
were
than
expected * and \ kernels were?
plump and:! of high test weight.
August 1 preliminary yield ,
estimate for winter-wheatis 18.6;
The
bushels
than
above
per
bushel higher ?
2.7 bushels
per .acre, a
last
and
The
year
average.
acre
j
shows
of half a bushel
estimate.
S. yield
U.
v
improvement )
since ,the July; l.r
an
.
Except in the southcen-* |
tral to southwestern Great Plains,
where
-
f
harvesting was advanced,
fend; yields well determined byj
pects in this group of-States rose
•July 1, the fields oniA<ifi^ist^fir^vi
132 million bushels or 5%
above, duite generally a half; bushel or
f
the July outlook*
The estimated more
higher than a month earlier^
yield per acre is up, 2 bushels The most
striking increases are in
from last month in Iowa, Nebra¬
Nebraska and South Dakota with;
corn
pros-,
,
age and production of commercial
truck crops for the fresh market
.
will establish new high records of
than 2 million acres and -9
more
million tons.
Last year,
1.9 mil¬
lion acres produced about 8.4 mil¬
lion tofts; Acreage in 1946 seems
ska, North Dakota, Minnesota and
Wisconsin, 3 bushels in Ohio and
2.5 bushels in each case, Wyoming
with 3.0 bushels above July 1 and
likely to exceed the 1935-44 aver¬ Missouri, 4 bushels in Illinois and Montana with 3.5rbiishels above- a *
ever* and rains are needed to1
Indiana and 5 bushels in South
age by aPProxbnately one-fifth*
month ago. A considerable part,
maintain prospects.*. The drought
While production exceeds average Dakota," The Michigan yield re¬ of these; increases^ Was'evident
by;^
iri southern Kansas, westernj Okla¬
by slightly more than one-third. mained unchanged but that for mid-July.
A few J States shbw, *
homa and, western
Texas
has
With harvest -well along on most Kansas took an 8 bushel slump. lower yields than
earlier—^Illinois,
caused * serious
deterioration
of
of the acreage** another record Corn Belt States east of the Mis¬ and Missouri due''
principally, to
corn and
sorghums, particularly
supply of; summer, season truck sissippi Riveri have; a considerable fly damage continuing during July
in j late planted fields.
Northern
acreage
of
late
corn
which* for and some of the East Central <
crops appears almost certain. The
portions of the Great Plains and
combined tonnage of these crops the most part, appears to have States where the grain yield was*
parts of some Western States are
is indicated to be one-fifth great¬ "caught up" except in Ohio where not proportionate to straw growth.
beginning to show the need for er than in 1945and one-third an early frost - could do heavy Harvesting is being completed a?
more moisture.
In spite of the
In Illinois the crop is week or more earlier than usual.
above the average. Record - high damage.
excessive rains in much- of the
summer crops of cantaloups, ear* coming into tassel at about the This
early harvest and the treSouth, therewere enough oppor¬
usual time.
West of the Missis¬
mendous volume of wheat moving* *
tunities to work fields and harvest rots, cucumbers, Honey Dew mel¬
ons, lettuce, onions, green' pep¬ sippi the crop is farther advanced out of the fields, is placing a '
grain so :that losses were held to
than average and much ahead of
pers, spinach, tomatoes, and wa¬
heavy loan on farm and local,;
a minimum.
termelons are indicated and sup¬ last year. In Iowa, where early market storage and transportation' ;
Improvement s ho w n during plies of most other
fields were just tasseling, at this
vegetable
facilities; Wheat is being pited on;
July by corn, oats and barley
time a year ago over half is now
crops are expected to- be rela*
the ground in some areas to facilipromises the most liberal feed
in
tassel.
In
Missouri,
80%
is
in
tate tiririely harvestings but reP°t« !
tively
abundant.
Green
lima
supply per animal unit in history beans and cabbage for summer tassel compared with around 10% to date do not
give evidence of"
despite the relatively small crop markets
probably will fall short on August 1 last year.
any serious amount of spoilage of
of sorghums and small
In x the
Northeastern
carryover of last year and also will be be¬
States, wheat piled on the ground iexceptte
stocks. This is particularly true
low average. Green pea produc¬ where the August 1 production in some cases of wheat harvested
since numbers of livestock are be¬
tion, although below average, may outlook shows an improvement of with
high
moisture - content.;*
ing reduced* Likewise the crop of exceed that of last year.
2% over that of a month ago, soil
Wheat has moved rapidly' froni*;
new hay, augmented
by record
The largest supply of process-* moisture is adeiiriate fmr^current such outside storage in the south¬
carryover stocks, will provide lib¬
heeds*; Because of the prolonged
ern Great Plains; area;
'
eral supplies per animal unit. Pass ing vegetables in history appears
to be shaping up on August 1; planting season there is more than
All spring wheat production, in- .•
tures did not furnish as much feed
the usual variation in stage of de¬
Tonnage estimates for four major
dicated at 280,472,000 bushels on ;
as in July of last
year, but the
vegetables, green peas, snap beans; velopment. An early frost could August 1,
August 1 condition was .reported
cause
heavy
damage
to
the
late
sweet corn, and 'tomatoes* indicateyear's production, pt 299,966,00u ..
aboye average. An unusual heavy that this
Crop, especially in New Jersey.
bushels but is 24% above aver-,
year's aggregate produc¬
decline in condition of, western
In
the
South
Atlantic
tion may exceed the 1945 aggre¬
States, age. August 1 indicated produc¬
ranges was reported due to dry,
production
prospects
also
im¬
gate tonnage for these, crops by
tion represents a 48 million bushel v
hot jweather in,most of the range
about 15% and the previous rec«? proved 2% during July* Although increase over a month searliei^ 7area. Late summer and fall
graz¬
still* spotted the crop made good
ord, set in 1942 for the same
Timely rains over most of the
ing prospects are only fair. July
crops, by as much as 2%. These headway toward over-coming the principal spring wheat belt dur- ;
movement of cattle was heavy
four vegetables constitute from 85 handicap of earlier wet weather.
ing July, together with moderate17
and fall movement is expected to
to 90% of the total commercial In the South Central States indi¬
temperatures during the heading 7
be larger and / earlier than last
production of the 11 processing cations were for an improvement and fillirig : stage* have been con-* ?
fall.;;;.
vegetables for which estimates are of 5% in production prospects, al¬ tributing factors to this increase, j
Milk production declined sea¬
made. The 1946 crop of tomatoes though; ; Louisiana^ reported
too
The August X indicated, durum
sonally, but the July total was for
much rain and Texas and Okla¬
processing is expected to total
wheat production reflects the fa¬
second only to that of last
year. 8,194,800 tons, about 1 % above the homa reported too little. Tennes¬
vorable weather during July in
Milk production per cow was the
previous record set in 1944. The see and Kentucky expect record the three important durum wheat
largest in 22 years of
record, but record 1946 crop of green peas* high yields but in the latter State,
States of North Dakota, Minne¬
coHld not offset
a
where planting was very late, the
decrease of estimated in
mid-July at* 53i,200
sota* and South Dakota. Durum
kbout 4% /in cow numbers
since tons, is 7% above the 1945
biggest
acreage
is
not
yet
in
the
pro*
wheat production, estimated at
July 1945.
Summer feeding of
duction. The August 1 indicated criical pollination stage.
35,142,000 bushels, increased 35% \
concentrates to milk cows was
1946 production of 1,270,700 tons
The corn crop in the western from July 1 while other spring
liberal, but not as heavy as last of
sweet
corn
for
processing States shows a gain of 2% over wheat, estimated at 245,330,000
year.
About 5% fewer layers on comes
within 1% of equalling the the July 1 estimate. Colorado, the bushels on August 1, increased
poultry farms produced 8% fewer record 1942
production and is principal corn State of this group, 19%.
,t\;
eggs than in
July last year but about 12% more than the 1945 has an excellent outlook on irri¬
16% above average for the month.
Practically all sections of the
production. Snap bean production gated land and in other areas
spring -wheat; area showed imProduction for the month was be¬
prospects improved slightly dur¬ July 1 prospects have been main¬
low that of last year in all sec¬
proved spring wheat prospects on
In Montana, Idaho and
ing July and on August 1 a total tained.
tions. the reduction
being least in of 210,200 tons was indicated—2,«? Washington July 1 growing con¬ August 1 as compared with a
month; earlier.
area
adjacent
to
Michigan is critically dry, how¬
.
.
,
,
-
t
lief occurred
in
this
during
area
the first week of August.
.
Major contributions to the larg¬
est
aggregate
ever
volume
produced
of
crops
peaches,
are
plums
near-recbrd
of
crops
made by record
wheat,
corn,
,
tobacco,
truck
and
crops;
oats,
of
rice,
peanuts, potatoes, pears, grapes,
cherries,; and f; sugarcane;
and
croos
or better crops of hay,
soybean^, dry peas, primes, apri¬
cots, arid sugar beets. Production
average
of sorghum grain, flaxseed, buck¬
wheat;5 dry beans, sweetpotatoes,
pecans''^and
particularly cotton
and fvb'are below average. Yields
are
ab'OVe average for practically
crops.
For both the food
fell field
grain'feud food grain grouos. the
aggregate production is the larg¬
est in--history.
Despite large
crops
of soybeans and peanuts however*
oil
crops
are
below last year,
chiefly
because
of
small'-*flaxseed
fruit
production
both
July
is
and
average
a
crop.
relatively
Aggregate
well
precipitation varied widely
tb^' co'mtrv. from
over
above
last year.
excess've
?in much of the Gulf area to
prac¬
tically hone in parts of southern
Kansas;' western Oklahoma, and
western5Texas.
koats,
which
Areas in
Montana
and
dry f at
were
the Da-
Nebraska
the
end
of
.
,
the West and greatest in the South
Central States.
of
Almost without
exception, yields
crops for which comparisons
available are better than a
month ago.
are
either.
In
no
a
few cases there
changes
or
very
v e
d
?
timely-
rams.
normpl in quantity
for the'month in Nebraska. North
and South Dakota, tbesn rams fell
second
record.
Arizona-New
crop
Mexico X- drought
during
July
1945
the
ing of small grams.V- Much of the
received rains in varying de¬
Favorable
average
each
will be relatively small.
7 Prospects for fruit
and
nut
ditions
were
The
growing
weather
over
most of the
yield
bushels is also
yield
of 38.2
high. The
per * acre
record
a
was
33.1
bushels,
the
1935-44 average 28.5 bushels. Most
of the improvement took
place
early in the month. As July end¬
ed, dry weather in scattered parts
of the Corn Belt
the
crop
year.
for
,
near
New
ideal.
Mexico was still dry* 7
.
Wheat
Corn
els,
desired level than had been honed
since acreages are smaller
than last year.
The broo^corn
area
forecast
1945 production.
boosted oats to 1.5 billion bushels
and potatoes to 445 million bush¬
for,
i
was
country added over 155 million
bushels to the July 1 estimate of
barley* flaxseed, potatoes, and dry this year's record-high corn pro¬
peas are marked, with those for duction prospects.
On August 1,
oats, rye, hay, tobacco, arid sugar the Nation's corn crop was esti¬
beets of less degree. Besides add¬ mated
at
3,496,820,000 bushels.
ing to the production of corn and Such a production would be 16%
wheat, already at record levels on bigger than that of 1945 and 34%
July 1, these yield improvements above the 1935-44 average. The
at opportune times for the matur¬
e
than
more
July 1. but 5% less than the
minor fluctuations. But improve¬
ments in yields of
corn, wheat,
Though' below
f efc
on
are
largest of
Improved yield prospects
for soybeans, flax and
peanuts,
raised these oil crops nearer the
June
300 tons
the
was
threatening
first
time
The progress of the
this
crop
indicate production
of all
1,160,36-3,000 bushels, is
37 million bushels above
wheat of
about
previous record of 1,123 mil¬
lion bushels set last year. Winter
wheat yields exceeded earlier ex¬
pectations, and timely rains in the
spring-wheat belt raised the pro¬
the
duction outlook 70 million bush¬
els above the
July 1 estimate. The
greater part of this improvement
in the crop occurred in the first
half of July, as the August 1 esti¬
mate is 28 million bushels above
special mid-July estimate of
1,132 million bushels. All wheat
production is the largest on rec¬
ord in Oklahoma, Nebraska, Idaho
the
and
Washington.
,:
Winter wheat production
million
bushels
is
of 880
indicated
as
completion of harvest progressed
northward
with
continued
.
evi¬
large \
impor-; >
tant producing States of North C,
Dakota, South Dakota and Moritana. Dry soil conditions in these
Especially
gains
were
evident in the
.
States
were.
alleviated
by ■ rams
,
during the first half of July. .To¬
ward the end of July these States
were
again somewhat dry and ;
temperatures reached the 100 de¬
gree niarlc on; several days/ Hot ^
winds were absent, however, and
the crop was not seriously affect- Much; of the; appreciation; iri :
ed.
J
spring wheat crop; occurred ;;
prior to July ,15, except in Moii-^
tana. Kains continued during the ;
latter half of July in that State ^
and spring wheat prospects con- "
the
-
tinued to improve.
On
-
harvesting of A
spring wheat was general or com¬
pleted in all except North Da- 4
kota, Montana, and Washington, ;
and some wheat on high altitudes
in
the
states.
August
1
Western
Great
Quality was
Plains in¬
reported as ;
«
v'
yolurrle*' 164 %Number 4516
fair
to
test
weights running high/ i ^
THE COMMERCIAL & FINANCIAL CHRONICLE
States
harvesting'" was "/ in full past month; The outlook in Min¬
swing on August I1'with' almost nesota has changed only slightly
from : a month ago, but irr ■ the
Yield : prospects of all spring ideal" weather-prevailing;. ,: \ > 1
northern end of the Red River
wheat increased from J2.7', bush*/
Rye
els' per: acre on July. 1 to 15.2
Valley the crop showed, marked
The indicated production of 21,- improvement following rains in
toushels on August —a jump^of
late
June and early July.
410,000
bushels
of
2.5 bushels per acre.
The
rye is slightly
This indi¬
cated yield is below last year's higher than the July estimate, but North Dakota crop made good
19%
below
last
progress
in
July.
In
South
Da¬
year
and
only
half
yield of 10.6:: bushels but above
the-average of. 13.9 bushels. Du* the 1935-44 average production. kota, late blight is appearing
runi'wheat yield of 14.6 bushels is In only two other years since rather early in some, of the com¬
Sharply up-^-nearly 4 bushels froth 1881, 1933 and 1934; was produc¬ mercial fields.
tion lower. The1 low production f Yield prospects continue; favor¬
the July
2
in most'areas with
good
Fuinishes Postwar
vr:
•
'
;
the
good
estimate—-reflecting
rains in durum wheat
able in each of the1 western fciir r
this year is'due to the low acreage
territory, especially in early July. for harvest as grain since the har¬ plus late States. The Idaho crop
JThis yield, however/ is much low* vested yield of 12.1 bushels per is Kgerieraliy > uhi^bnxi ^in: ' stand;/
Plants are well developed arid' are
er
than last year's good yield. acre is about average;
Conditions during July were beginning to bloom in the late crop
Other spring wheat yield, esti¬
,
,
mated at 15.3 bushels per
acre,-is
up 2.4 bushels from a month ear¬
lier but
is
1.2 bushels lower than
last year. Yields on August 1 were
above July 1 estimates in all im¬
generally favorable for comple¬
tion of harvesting and threshing.
The operations were largely fin¬
ished
by August 1, except in
northernmost sections where
some
portant spring wheat States, the harvesting wa$ still in - progress.
In a few scattered States yields
greatest increases 1 occurring
in
North Dakota, South Dakota and are lower than expected earlier,
but in most, States yield s turned
Montana.
Oats
*The indicated 1946 production
of oats, on a near-record
acerage
isf
•941
I?499 million bushels, 2%
districts.
In the commercial areas
of
Wyoming, the crop has made
good ' growth. The increase
in the prospective crop in Colo¬
rado
reflects
the
exceptionally
very
productivity of farmers.
Improved
permit the
farm-family to cultivate
average
land
more
less
in
area.
Utah
is
also
quate diets. Low income wa's bnly
-
methods
be
help. The family-sized farm,
that fewer people
mean
I needed
in
ment if
further
a
to
of
ulation
and
the
size
edge of the principles of
and
of
our
nutrition
toward
actual efforts
ap¬
plication of that knowledge is. yeiy
wide," it was said. "The sff&ngth
and efficiency of a nation
pendent uplon; the health pf,, 'it&
people. A nation which hasvrieek
employ¬
be
farms
of
"most
Americans
many
ladk
the1' part
to ? correct
on
dietary; habits.
" '
•'/
'
"The gap'between our knowl¬
adjustment of farm pop¬
termed
reported; for
were
desire
poor
of
their income is not to
cut. This
or
and
shift
other
reasons
others
will
agriculture
be
the
The
knowledge
particularly in the South, needs
to be enlarged, it was said. This
will
of
one
this.
the same land with
or
workers
Washington, yields of early pota¬
is
fundamental
aghcUlturai ?|ur-
plagued; with
long-run problem facing agricul¬ 'pluses shririld not
permiti>rf>rie—
period."
third of its people to suffer the
crop is developing exceptionally
3. Maintenance of a high-level
many
ill
effects
associatedf;.with
well;'The early ? crop' in; Malheur
of
dncome
and
employment poof .nutidtioh."'
County, Oregon, is producing ex-'
•''wdh ''
throughout the Nation, so that a
At the same time, referj^g^.w
cellent yields. The late crop in
both? ;;ihe^'.(^Q0ktDj^qktties and rising demand for farm products the widespread reports concerning
may/be maintained and' so' that the large numbers of
Klamath Falls
toes
A
have
run
high, and the late
tnonth ago and. second only .to
Ar crop of 5% greater than that
crop of 1,548 mil¬
of last year and 19% above the
lion bushels. The present estiihate
1935-44 average* is estimated fbf
is almost a third3 larger 'than the
this year, oh the basis of August
10-year average of 1,129 million
1 conditions. The prospective crop
areas
has made
bushels. '
of 445,026,000 bushels' is 13 mil¬ good
progress, /In 'California,
The prospective yield per acre lion bushels more than was indi¬ weather has
generally been favor¬
of 34.8 bushels compares with 34.2
cated a month ago, and is second able except in the Tule Lake area
last month, 37.3 bushels in 1945
only to the 464,999,000 bushels for where some frost damage occurred
and the average of 30.7 bushels.
1943.
Production
last
year early in the season.
State yields per acre range from
In
the
amounted to 425,131,000 bushels
New England States,
above average to unusually large and the
average is
372,756,000 other than Maine, crop prospects
except in North Dakota and a few bushels.
Conditions
throughout are slightly lower than on July 1
Southwestern States. Ohio, Mich¬ the
country during July generally owing to a decrease in the Con¬
igan,- and Illinois have the high¬ favored the development of po¬ necticut crop.
Insufficent moisi
est yields this season. There have
tatoes; Another factor fcontribut- ture during the first 3 weeks of
been some gains and losses within
ing to the favorable crop* pros¬ July retarded growth in many
States. Quality varies more than pects is the effective use of D.D.T. areas of these
States. However,
usual and will be lower than last
by many growers in combating the crop has made rapid recovery
year.. In the North Central States,
insects. ;: The^ Abdicated yield of since the rains of July 21-23.
which* have 79% of the U. S. acre¬ 153.3 bushels
is 12.7 bushels high¬
The prospective yield for the
age, the yields per acre are well
er than the rocbrd^ yield ^of l5Q.6
group
of 5 other late central
above average except in the Dabushels harvested in 1945.
States (West Virginia, Ohio; Indi¬
kotas. The total production out¬
Despite the large national 6rop, ana, Illinois, and Iowa) is slightly
look for these ,12 States is 1,239
prospective production of 327,- higher than the yield indicated a
million bushels compared with 1,620,000 bushels for the 30 late month earler because of some im¬
v
298^milliph bushels in 1945, Pro- States is slightly below the 328.- provement in Ohio. Production of
ddctiprtPiestimates for pthey re¬
989,000 bushels oroduced in 1945 ^potatoes in this area has become
gions range from larger than last
Production
indicated, in ' these1 moren commercialized and" indi¬
year for the Atlantic' States to
cated • yieldsare
considerably
less in the South Central area and States, which furnish the bulk of
fall and winter supplies, is; 10% above average.
about the same in the Western
lower than the record crop of
The prospective crop in the in¬
; Region.;'/" ;;/
364,011,000 bushels harvested in termediate States is 5% higher
Threshing and., combining are 1943.
However,
prospects im¬ than the crop indicated July 1.
KtioWv uhderway. in the Northern proved
during July in Maine, New Timely rains in New Jersey were
border States and completed1 - or
York, North Dakota, Nebraska, very beneficial to potatoes. The
nearly completed southward. Har¬ Idaho,
Colorado, Utah, Oregon, commercial early crop in Virginian
vest started early and has contin¬
Ohio, New Mexico, and Arizona. Maryland,
Kentucky,
Missouri;ued •' ahead
of
schedule.
Dry
Prospective yields for the 3 arid Kansas • yielded higher than
weather during July favored effi¬
eastern surplus States of Maine, indicated a month earlier.
*'/
cient use of machines and ex¬
New York, and Pennsylvania ex¬
; The
1.5 million bushel increase
change of work between farms
thus shortening hired labor re- ceedboth the 1945 and; the 3935- in the crop indicated in the early
44 average yields. In. Aroostook
States reflects the
| quirements.
highe| yield
County, Maine, weather during estimated for California where
Barley
///■ 's„:
July was very favorable. Rain¬ shipments are much heavier thari
Production of barley in 1946 is fall to
August 1 has been ade¬ a year earlier.
;
'
estimated at 251 million bushels.
quate, but not excessive, and both
This is about 5% less than the
foliage development and stands
264 million bushels
produced in are unusually good. Recent rains
1945 and, 13% below the 1935-44
in upstate New York were benefi¬
average of 290 million bushels. cial.
Except for early varieties,
The. crop
showed marked ima
.
farm
Gil'crest-
the
the quality
Potatoes
creased
ings harvested
out equal to or better; than expec¬
tations. Heads were well filled and
thH
t
must
The early acreage
producing good
yields" and-irrigation water "is
plentiful; itl the late areas.' In
above
effect under the
there
Greeley
of grain is good.
(Continued from first page)
steagall duction are not desirable as'Tong-*
Amendemnt.'
run
programs/ They need -'tp^toe
1 1
2. Programs and facilities to aid
replaced with more constructive
farmers to make shifts to more policies." '
1
H;
productive activity either on the / Statistics were quoted on' feed
same farm or on better farms or
consumption in the, United States,,
in ■ non-farm
employment.
The arid a trend' :was reported toward;
flow of farmers
into
non-farm a
better balanced average'' diet.
jobs is a natural result of the But it was ridted that several mil¬
technological« progress
and
in¬ lion families still exist on-Inade¬
in
now
good yields of early potatoes be¬
in:
mt'i
Blueprint
the-record 1945
ture in the postwar'
'
,
.
,
.
,
„
ResuSi of
prbvement during July especially
in the northwestern Plains States.
The indicated yield per acre of
24.9 bushels
on
August 1 is
an
in¬
crease-of 2 bushels since
The
still
current
1
per
acre
below the
high yield, of last year, but is well
above the 10-year average of 22.8
bushels,
sig
WtM
' ■■
Timely rains during July in
North Dakota, South Dakota, Ne*
braska, and Montana improved
yields considerably in those heavy
producing States.
Increases
in
yields ranged from 2.5 to 6 bush¬
els per acre above the July indi¬
cations. Heavy rains in the north¬
eastern counties, of Montana in;
duced
a.
considerable
amount
of
secondary growth in fields which
had been severely affected by
drought. This acreage, will ripen
unevenly, but yields may be well
above previous expectations.
Harvesting
of
the barley
crop
tensive
damage to Cobblers in
Suffolk County.
The effects of
these rains were not considered
in' the August T estimate.
Late
varieties are in good condition on
Long Island.
While the general
outlook in Pennsylvania is favor¬
able^ condition
spotted.
of
the
crop
is
and
on
In
the
higher elevations in the Western
were
opened at the Fed¬
eral Reserve Banks
Total
on
Aug. 12.
applied for, $1,816,484,000.
Dakota
are
about in line with the
July 1 report. The yield indicated
the
1945
area
average
yields
each
these
the
of
southern
were
is somewhat below
yield.
hurt
However, above-
are in prospect for
States. Potatoes in
part
of
Michigan
by dry weather but in
other commercial
Wisconsin
by
hot,
districts in the
99.905-f;
equiv¬
Prospects in
bids:
(;
to
jected
f of,r physical re&sori^/ th^
report states that "a fuller^ ahaly-'
of
out
move
agriculture.//',
sis of the draft
4. Development of a broad pro¬
discountapproximately
0.364 %
per annum.
;
Low,, 99.905; equivalent rate of
discount
approximately;
0.376 %
per annum.
There
was
a
maturity of
a
the fact that our standards
where
better^
for efficiency.
necessary
The
hav^
:
soldief is"
average
inch taller and
1
'
correspondingly
developed than, theWT.
;
5. Improvement, of rural edu¬ draftees. There is i'soniie ;eVidfenc^
cation so that farm children mov¬ that an
improved i diet'^s asso¬
ing into other occupations, are ciated with' this larger" stature'
better
equipped
to
do
skilled and
better
muscular ;develops.
work, coupled with the improve¬
ment of employmeht services and
assistance to families wishing to
relocate in
In
addition
committee
jobs.
new
to
•//
the
above,
recommends
the
The ••/committee'
the
fol¬
;&®de^e^ie''phce^
prices have these pad fesul(sr3 i
lowing to reduce short-run fluc¬
tuations in prices and income;•
'f:
I. They curtail
,
our;expofkjari^^
jtend. to raise world pf^esj thps^
1. An expansion of crop insur* encpuraging increased pr^diri^v
.
ance.
^4''
v i
*lf
tiPri
2. A storage program for nonperishable products, with definite
; *
a
quantity limits.
' "
■
-
'
both
ess
farmers'
to
as
'
procure¬
The
former
taliation
leads
.encourages use
nection!
4.
An expansion of
3.
developing
consumption, price
production policies for a few
problem
commodities
during
periods of necessary readjustment
but
trition
in
in
stress
diets
7.
for
A
periods
order
to
assure
low-income
system of
proper
consumers.
cushioning de¬
clines in prices and income in the
event
of
a
business
were,,
termed
that the cpriririittee/
to
seek
cooperate. r inters
nationally in opening \yider<:majg?
kets. High-cost producers should
be aided in turning to other (prpd-v
ucts. ^ Cooperative
internaticiw
action rather than unilateral*na¬
tional action was urged to, control
violent
fluctuations
in jjwQvJa
prices.
;
The
committee
recompaehded
improve nu¬
of economic
to
program
criticisms
"serious."
recession, by
■
of
use
or
price
income
or
supports
other devices.
The
reviewed
committee
long-run
trend
tion
the
over
of
years
"mark of
specifically that export subside?
withdrawn and "apprqpjqiate-
the
be
popula¬
and reported
farm
international action be taken^yoi
use
and other mechanical
familyrfarms and
tion. in
a
further reduc¬
farm population
was
ad¬
vocated.
"From the
point of view of the
long-run welfare of our people as
a
whole,
low-cost
production
should replace high-cost produc¬
tion if the benefits of mechaniza¬
was
are
to
be
fully realized," it
stated.
production controls which restrict
the expansion of low-cost produc¬
tion and mairitain high-cost pro-
vJ!
Increased effort in soil/COPsecr
vation.
•
/'
/
w
-JDO'iq:
h •>
living more satisfy¬
Better housing, roafonod¬
Make farm
ing.
of tractors
aids, larger
recommendations
Other
report:
progress" rather than of
decadence. Greater
:
•>-
native which they favor is'tp .ac¬
cept world prices for,our exports:
each
production period.
6. A
productioiif
„
incomeeven/ if
urged that the domestic policies
causing them should be abandoned;
as rapidly as possible. The. .alter¬
development of a sup¬
port price system which would
establish protective priCe: floors
during
farm
These
so
5. The
market
of substitutes .and
at a disad-»
users
prices are maintained,
of international resources.
the
fpr^igp re^:.
t ,yvorld:
high domestic :price,
Gurt^lment/ of
reduces
and
under
a
puts domestic
vantage. /1
world trade
cooperation in
international
and
to.
jotted witb:1^
trade; The
tenance of
con¬
.
strangles
and
products.
co¬
of, , pijipes. -cati,
,2r Maintenance
ment and the distribution of their
Encouragement of
operatives is stressed in this
cpuritries.^,^
in. other
only be achieved by, sufedizipg
exports or reducing., production^.
3. A program to improve the
efficiency of the marketing proc¬
A
said" thet^ tfcsV
hearings
had
clearly
indicated'
that present policies wniehv iriaim-r,
,/<
"Price formulas associated with
sim¬
explained h?:..
techniques of farming,
purchase necessary equipment and
enlarge their family fa'fm unit
advanced.
ree^;
reassuringt^Mahy;'
rejections have been
modern-
tion
(70% of the amount bid for at
the low price was accepted.),
.examiriritlbr^
ords is somewhat
to enable farmers to adopt
gram
.
.High, 99.908; equivalent rate of
reduced slightly ilar issue of bills on Aug. 15 in
dry weather during the the amount of '$1,301,341,000.
were
desiring
accepted,
$1,313,714,000 thaft in the past 35 years, the
(includes $38,101,000 entered on number of persons employed in
a fixed price basis of
99.905 and agriculture declined about 15%.
accepted in full),
This trend was
described
as
a
alent rate of discount approxi¬
Prospects in the 5 central States
Michigan, Wisconsin, Minne¬ mately 0.376% per annum.
sota, North' Dakota, and South
Range of accepted competitive
for this
those
Total
of
torily during July.
little loss.
States
Aug. 9,
Average price
State the crop developed satisfac¬
very
Secretary of the Treasury
were
country, with
Northern
The
extremely helpful to announced on Aug. 12 that the
the crop on Long Island, where tenders for $1,300,000,000 or there¬
digging of Cobblers is now active. about of 91-day Treasury bills to
July
has been completed under favor¬
able conditions over much of the
the
EiBS
plants remain in excellent grow¬
ing condition.
Timely rains in
July 1. However, heavy rains on August, be dated Aug. 15 and to mature
however; is 7 are reported to have caused ex* Nov. 14, which were offered on
yield,
bushel
Treasury
Offering
drafteri^'re¬
alternative jobs are available for
ical facilities are some
gestions here.
,
>
.
,
of the Bonknepd^
Jones tenant purchase program;-to
aid farmers who want to, ppr£l?a^
Amendment
additional land.
.
//»-
Public and private
cies
be
credit . agen¬
encouraged to
ni^e the
kind of loans necessary,
facilities
.to,^install
required; to ; op^rfit^ s; ^
modern farm efficiently,
Serious
problem
study be given.ijtfh the
of
rural
health
-
Which
should include examination of the
possibility of using surplus )Army
equipment.
medical
'*
.ft- 'ftoMtL, Vwfc
'r
942
"
-i*T*»«»
vOi
.
^
'vy''A"'V!
V'.j
t
THE COMMERCIAL & FINANCIAL
Thiirsday^^'■August 15, 1945
CHRONICLE
Si
Moody's Bond Prices and Bonil Yield Averages
Moody's
computed bond prices
given in the following table.
■:
..v
;•
;
$ %
I
naUy^^&^->v
Averages
;
Augi
:
12—
V
,
U. S.
Avge.
Govt.
Corpo
Bonds
rate*
118.40;
123.52
118.40
Mar. 29
Feb.
21*^
Jan.
25
m
High ,1946
Low 1946,^
;:j Year Ago
Aug.' 13, 1945
2 Years
-
Aug.
12,
_
A
Baft
120.63
118.20
112.56
145.24
119.00
122.92
120.63
118.20
112.56
115.24
119.P0. 121.40
120.84
118.20
112.56
115.24
121.25
123.13
119.00
121.46
118.60
123.13
120.63
118.20
112.56
115.24
119.00
121.46
123.13
120.63
118.20
112.56
115.24
119.00
121.46
118.60
123.13-
120.84
118.20
112.56
115.43
119.00
121.25
118.60
123.13
120.84
118.20
112.56
115.43
119,00
121.46
Exchange Closed
123.13
120.84
118.20; 112.56
115.43
119.00
123.49
118.60
123.13
120.84
118.20
112.56
115.43
119.00
123.77
118.60
123.13
121.04
118.40
112.56
115.63
119.20
121.46
123.83
118.81
123.34
121.25
118.40
112.37
115.63
119.20
121.46
124.14
118.80
123.56
121.25
118.60
112.56
116.02
119.20
121.46
124.24
118.80
123.34
121.25
118.60
112.37
115.82
119.20
121.46
124.11
118.80
123.34
121.25
118.40
112.56
116.02
119.20
121,46
124.17
118.80
123.34
121.25
118.40
112.56
116.02
119.20
121.46
124.17
Apr. 26
:
Corporate by Groups*
P.U.
R.R.
Indus.
•
•V Aa
122.92
118.60
123.45
3---
Aaa
118.69
123.45
,••
<
123.49
123.45
l
Average Yields)
123.49
Stock
i
are
Exchange Closed
123.49
'
on
Corporate by Ratings*
123152 *
Stock
',
averages
^
<
MOODY'S BOND PRICES
(Based
1946
and bond yield
f
/
118.60
r
121.25
121.25
>
118.80
123.34
119.00
121.25
124.02
118.80
123.13
121.25
118.40
112.56
116.02
119.00
121.25
123.99
118.80
122.92
121.46
118.40
112.56
116.22
119.001 121.04
i
118.40
121.25
112.56
116.02
121.46
118.40
112.56
116.22
119.00
121.04
122.71
121.46
118.20
112.56
116.20
119.00
121.04
123.83
118.80
122.92
121.46
118.60
112.75
116.41
119.20
121.04
124.49
119.00
122.92
121.67
118.60
113.12
116.61
119.41
121.04
124.33
119.00
123.34
121.25
118.40
113.12
116.41
119.41
121.04
index
125.61
119.82
123.99
122.29
119.41
114.27
117.40
122.09
126.02
120.22
current figure compares with $4.09
123.34
121.88
119.00
114.27
116.41
120.22
122.09
126.28
119.00
123.12
121.25
119.00
113.31
115.63
119.41
122.09
126.28
120.02
124.20
122.50
119.61
114.46
117.60
120.43
122.50
123.45
117.60
121.46
119.82
117.40
112.19
114.46
117.80
120.63
122.11
115.82
120.84
119.00
116.02
108.34
112.75
115.63
119.41
iiisg
120.22
xiiM: 112.37103,30
100,02114.08
itwo
U.S.
Govt.
Corpo
Bonds
rate*
13
2.51
1.51
2.73
2.51
V
■
2.59
2.89
2,70
2.58
2.58
Exchange Closed
2.72
2.50
2.61
2.74
3.03
2.89
2.70
2.72
2.50
2.62
2.74
3.03
2.89
2.70
2.72
2.50
2.62
2.74
3.03
2.89
2.70
2.58
6»^
1.51?
2.72
2.50
2.61
2.74
3.03
2.88
2.70
2.59
1,51
2.72
2.50
2.61
2.74
3.03
2.88
2.70
2.58
2 61
2.61
2,74
3.03
2.88
2.70
2.59
2.74
3.03
2.88
2.70
2.59
— —
pfmt
Stock Exchange Closed
2.72
1.51
2.50
1.51
26_
YY
2.70
3.03
1.51
3
July
Indus
2.89
2.74
7.,'-.-—
■
*
P. u.
3,03
1.51
*:n-
;
R. R.
2,74
1.51
.
V'-Yh
•
2.62
Corporate by Groups*
Baa
A
Aa
2.73
Stock
■"*
Corporate by Ratings*
Aaa
1.61
-
2.72
1.49
2.73
2.71
1.47
2.71
;
:
.
"
2.50
2.58
2.60
2.73
3.03
2.87
2.69
2.58
2.49
'2.59
2.73
3.04
2.87
2.69
2.58
2.48
2.59
2.72
3.03
2.85
2.69
2,58
5
1.46
2.71
Jfuna 28^.^.^.
1.47
2.71
2.49
1.46
2.71
2.49
,
2.49
2.59
2.72
3.04
2.86
2.69
2.58
2.59
2.73
3.03
2.85
2.69
2.58
2.59
2.73
3.03
2.85
2.69
2.58
'
21
iYY
;J;: -¥:
■
14
May
h V
■
1.46
2.71
2.49
2.59
2.73
3.03
2.85
1.47
2.71
2.50
2.09
2.73
3.03
2.85
2.70
2.59
1.43
2.71
2.51
2.58
2.73
3.03
2.84
2.70
2.60
24
1.48
2.71
2.50
2.58
2.73
3.03
2.84:
2.70
2.60
2,70
2.60
Apr. 26__.
Mar. 29_.
Feb.
21
2.59
1.47
2.72
2.74
3.03
2.84
1.49
2.71
2.51
2.58
2.72
3.02
2,83
2.69
1.44
2.70
3.51
2.57
2.72
3.00
2.82
2.68
2.60
1.45
2.70
2.49
2.59
2.73
3.00
2.83
2.68
2.60
1.36
2.66
2.46
2.54
2.68
2.94
2.78
2.64
2.55
1.33
2.52
2.58;
'
-
2.60
2.67
\,2.49
2.83
2.64
1.31
2.70
Y 2.50
2.59
2.70
2.99
2 87
2.68
2.55
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
1.66
2.86
2.81
2.70
2.83
3.26
3,C2
2.07
2.68
1.81
3.02
2.71
2.79
3.04
3-55
3.34
2.95
2.79
1946
Low
2.70
"
1.51
Jan.
High
,
31
10
.., a.i
1946
2.56
:
2.70
2.94
2.55
1 Year Ago
Y
Aug.
•»
13,
1945-
2 Years
Aug.
12,
Ago
1944-
in
1916.
The
Favorable
consumer attendance at
made: near the tfose of the week
sales of apparel an<i fur¬
by ? large • packers were looked
niture as well as rising food sales
upon; as
token shipments apd
volume resulted in "a moderate tanners and: shoe manufacturers
summer,
on
the corresponding date • last
rise in retail dollar volume during
year, an increase of 30.1 %. Comf
the past week. Retail volume con¬
modifies
advancing during the,
tinued to be well above that of the
week
were
flour, oats, barley,
hams, jellies; butter; cheese; hogs
and lambs. Declines were shown
for
wheat,
corresponding week a year ago,
according to Dun & Bradstreet,
Inc., in its weekly review of trade.
endeavoring to learn' from
were
.
this week's output'
what produc¬
tion levels may. be attained in the
near future,
f^
:-:'?Mc6fdiih8 ;:tb"the^Federal-:1le~
corn,
rye, potatoes,
serve Bank's index, ^department
sheep. The: index rep¬ Tl^rdiwasia imarked^to^^tor, fetore: salesrin NeW^Ybrk* City for'
resents the sum total of the price ward greater selectivity: as many the
weekly period |o Aug- 3» 1946,
consumers
sought;.the - higheY, increased 32%s above the same %
per pound of 31 foods in general
priced luxury items and the bet¬
period last year. This coinpm'ed
staple .goods,
with an?increase- of 36% revised
Retail food volume rose slightly
The daily wholesale price Index above the
figure
imthe preceding week; For
high levels of previous
of 30 basic commodities, compiled
the four weeksr ended Aug, .3,
,weeks.v The available supply of
by Dun & Bradstreet, Inc^, turned meat and butter continued to in¬ 1946, sales rose by 34% and for the
year to date 34%.
r
;
;
upward in the past week," regainf crease
though spotty distribution
in——
'
1
ing most of the declihe-'suffered resulted in apparent shortages in '■■yt; h imm
in the two preceding weeks. The
some: localities.
/ Consumer
de¬
m
index rose to 228.53 on Aug. 5
mand for bakery goods was' high
and closed at 225.41 on Aug. 6, and
the; volume rose: slightly.
The latest figure showed a gain
Many shoppers continued to be
of 2.4% over the 220.09 for July
attracted by the large and varied
The assertion by Secretary Wal¬
30, and was 28.4% higher than the selections of fresh
fruits and veg¬ lace that the country is headed
175.51 recorded a
use.
•
•
•
•
•. -'
Daily. Wholesale Price Index
ter known brands of
—
.
2.50
1.49
started
preceding. An aggregate of 12,departments.
* >'
j. - \ j ■
624,950 pounds of domestic wools
r pisappbinfment was registered
were
appraised for purchase by
in the apparel trade as a result
the CCC for the week ended July
of mill releases not reaching the
26, bringing total apraisals to that
vb 1 u m e
anticipated following
date to; 157,589,917 pounds, 'agajnst
OPA's action on priced Deliveries
173,659,644 last year.
" ■
of fall coats and suits moved; along
Wholesale and Retail iTrMe r- satisfactorily, but hide, shipments
steers and
(Based on Individual cjojtfflgPrice#)
Avge..-;
1940—«•
«-
by Dun & Bradstreet, Inc., broke
through the 1919-1923 peaks to
stand at $5.32 on August 6, the
highest level attained since this
123.13
118.60
.Daily
A**rage»
■
— Rising
8 cents,
1.5%, in the week, the whole¬
sale food price index, compiled
or
118.80
MOODY'S BOND YIELD AVERAGES
Aug.
ord High Level
was
improve as a result of the higher
,,.
Food Price Index Reaches Rec¬
123.99
mas
-
corresponding week of 1945,
124.14
Ago
1944
1946; increased , by 30%- above the
as the comparable week of last
ceilings announced by the OPA. same period of last ] year. This
The
movement
of
domestic compared with an increase *of
year.
!
Manufacturing, the only indus¬ wools continued at a slow pace in 33 %■ in the preceding week. For
the
Boston
market
last week, al¬ the four weeks ended Aug. 3,
try to show a marked change, ac¬
counted for 12 of this week's though demand assumed a more 1946, sales increased by 29% and
failures. In this line concerns fail¬ diversified character. T r a din g for the year to date by 28%. ^
ing were six times as numerous was ;restricted to a large extent
The woiume of retail :s0les here
as last week and a year ago; Comby reports of imminent downward in New York the past week held
price
adjustments
by
the
CCC.
pared with the prior week; and a
to the high levels which were es¬
year ago, all other trade and in¬ Desired types of foreign, wools tablished at the beginning of sum¬
dustry groups showed a slight continued in scarce supply. Ap¬ mer, being approximately 40%
rise or else remained at the same parel wool'imports into the ports above that recorded in the simi¬
level.
of:Boston/ New York, and Phila¬ lar period one year ago. With the
,:
One Canadian failure was re¬ delphia during the week ended improvement
in ' the supply of '
July 26 totalled 9,971,300 pounds, merchandise in the various lines,
ported as compared with 3 in the
as against
11,077,600 in the week purchases were substantial in all
preceding week and none in the
than three times as large
more
♦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
pf yield averages, the latter, being the true picture of th» bond jnarfcefc; >
*
Small Disputes Wallace
On "Boom-and-Bust"
year
ago.
etables.
for
period,
"bbom-and-bust';
a
Uncertainty ruled, }h leading
Interest in apparel, stimulated was disputed on Aug. 6 by John
grain markets due to the possiby seasonal promotions, continued D. Small, Civilian Production Ad¬
bility of the reestablishment of to rise.
Displays of Fall clothing ministrator. who, according to As¬
price ceilings after Aug. 20. Vol¬ attracted
Press
accounts - from
much
attention
with sociated
ume of trading
on the Chicago
consumer ^demand : for^^^ summer Washington;^ told reportersvihakif
Board of. Trade was below; the
apparel also holding at a high industry can maintain rising pro¬
preceding week and prices showed level. The success of clearance
duction ihi the momhs>ahefedf«^
only slight net changes; for the sales
resulted in a general decline hampered by strikes and other
week Cash- wheat remained
in the stocks bf, summer dresses setbacks, "we can reach a period
steady but future prices in the la
many retail stores. The dollar of prosperity such as we have
Minneapolis market declined
The Associated
vplume of men's clothing rose never known,"
rather sharply. Cash corn trended
again, this week. Limited selec¬ Press advices, as given in the New
slightly lower. The crop received tions of men's suits were
reported York "Sun," went on, to Bay;
benefit
considerable
showers
the
in
Mid-West
from
where
moisture had been deficient. Cash
to
be:pnly slightl^larg^tnah ih'
"Fifty-seven miUibd^ are
preyious week and a moderated employed," the ? CPA. chief i ob¬
increase was also; noted, in the served
"We are again scraping
supply of shirts and shorts.: Men's the bottom of the manpower bar¬
.
NOTE—The
list
used
Issue of the "Chronicle"
In
compiling
on
the
averages
page 2508.
-
given In the Nov. 22,
was
1945
-
awaited
(Continued from page 935)
and
82.5%
one
year
for
week
1945.
Compared
the similar period of
1.3
crease
points
or
ceding week, This week's operat¬
ing rate is equivalent to 1,591,400
tons of steel ingots and castings,
compared to 1,568,500 tons one
week
ago,
tnorttfr ago
1,549,200 tons
and 1,511,100 tons
one
one
yeapfego.
Electrical
Edifebn
Production
Electric Institute
The
«-«*
Reports
that the output of electricity de¬
clined slightly to 4,351,011,000
kwh.uln the week ended Aug. 3
of
issuance
new
ceiling
prices which were set at $1.11 per
ago. This represents an
increase of
1.5% from the pre¬
irregular and final quo¬
slightly under a week ago,
reflecting large available supplies
of
that cereal. Flour offerings
were at a minimum as the trade
tations
The State of Trade
month ago
oats were
with
1944, an in¬
of 8,801 cars, or 1.0%, is
shown.
hundred-weight
maximums.
Hog
soared
cago
to
over
prices
a
new
June
30
at Chi¬
all-time
high of-$24.50. Swine receipts at
Western markets - were: smaller,
tion
Paper production in the totalling
279,400
head,
against
United States for the week ended 357,000
the week previous and
Aug. 3 was 105.2% of mill ca¬ 181,500 for the same week last
Paper and Paperboard Produc¬
—
pacity
as against 104.7% for the
preceding week and 93.6% in the
like 1945 week,
year.
.
and export account, was
quite liberal. Lard as well as other
pork products advanced, reflect¬
ing higher hog values. Top grades
of
higher rel.
demand than during the preced¬
"But X think full employment
ing week.
is a good thing for the country^—
_
,
Traditional
tions evoked
from the
cattle
eased
a
furniture
promo¬
favorable response
the
and
dollar Volume
that of a year ago in many lo¬
calities. Interest in housewares;
94%
home
appliances,
wallpaper remained high, though
selections
remained
limited
but
of 4.8%.
;
ported last
Railroad Freight Loadings—Car
loadings- of
freight
revenue
for
the .week
totaled
tion
ended .Aug.
3.
1946,
898,395 cars, the Associa¬
of
American
nounced.
12,118
This
cars
preceding
or
4.0%
failing
was
or
week
Railroads
a
decrease
1.3%
and
an¬
below
34,485
of
the
cars,
above the corresponding
Despite
with
to
the 8
1
upswing,
under
2
re¬
:
failures
$5,000
from
than
more
as
year.
this
losses
downward
were
large
as
turned
the
4
re¬
ported last week but exceeded by
1
the
number
recorded
a
year
ago. On the other hand, failures
involving liabilities of $5,000 and
over
were more
many as
than two times
as
the preceding week and
were
advanced
at the
ste^tile prices
an
mill level
average
above
of 17%
the June
30
maximums.
Aggressive - mill
buying against textile orders and
strong foreign demand also aided
in the upturn. Buying was stimu¬
lated to
some
unfavorable
extent by reports of
in central and
rains
Retail
volume
for
the country
to
be
from 25 to 29% above that of
the
last
week
was
estimated
year
ago..
The
rising
someH commodities
was
supply
of
reflected
deliveries. The an¬
nouncement of new price ceilings
on
some
goods resulted in* the
booking of orders that had been
refused while price uncertainties
in
improved
existed.
for
dex
portions of the belt. Sales
carded
some
gray
time,
are
expected to
'
interview Saturday,
an
V
^
that the
but
numerically,
achieved
clared this record was due to
de¬
in¬
.
for
said the bust will not be as severe
as some
ful
the
week
ended Aug.
3f
economists fear, but care¬
planning is needed to cushion
,
the shock.
held, - on the other
production ran beat
Mr, - Small
v
hand,
-
that
inflation,; even. though .the wages
spent by the unprecedented army
of^^eacetjmb workers ?a*e;?ab
flationary factor.;
delicate: balapce'^
Right
now
a
exists, ^b^aid»
between - rising output and rising
prices.
'
/ 1
'
—
.
'Tf;
prices go Tip so rapidly.thpt
labor
gets-disturbed, there wtfL
be another round Of wage* de¬
mands
and' strikes -- we'll go
through the same thing we had
parly this vear.'.' he said. J "But if
we
get through thenextV few
montns safely,.. I think we, can
:
avoid
reach
Department store sales ' on a
country-wide basis as taken from
the Federal Reserve Board's in¬
of
'
Stocks of paint and
cotton cloth
staples, which had been dormant
eastern
:yi
slightly higher^ than in^pre¬
:
concerns
down."
flationary pressures and lacked
stability; Present-day full employ¬
ment,
the Commerce Secretary
varnish fell below; the low level
predicted, cannot last long.r* He
of the preceding week.
were
for the corresponding week
three times
few
go
full employment goal of his book,
hardware and "Sixty Million Jobs," has been
—
800,000 kwh. for the correspond¬
ing week of last year, an increase
can
we
Secretary Wallace conceded, in
far exceeded
slightly
after
corresponding week a year ago.
climbing to an all-high of $27.50
a year ago.
Regional H percentage ^ increases
oh Tuesday of the previous week!
:
were: New England 16 to 20, East
Sharp Rise In Business Failures
Following the sharp declines of
York reports system i output of
30 to 33, Middle West 26 to 30,
After remaining at a low level the previous week, cotton prices
Northwest 28 to 32, South 23 to
; 178,900,000
kwh. in the week for the past two
weeks, commer¬ advanced about 2Vz cents % per
ended Aug. 4, 1946, compared with
27;^Sotithwest 20 to 24; 8pd:Pacicial and industrial failures turned
pound in wide and erratic fluctua-i
fic Coast 18 to 22.
•
163,600,000 kwh. for the corre¬ sharply upward to 27 in the week tions
during the week; Expecta¬
sponding week of 1945, or an in¬
Wholesale volume continued to
ending Aug. 8, reports Dun & tions of higher textile ceilings,
crease of 9.4%. Local distribution
Bradstreet, Inc. Almost twice as which were announced late in the increase slightly during the week
©f electricity amounted to 169,and remained considerably above
numerous as in the previous week
week, were a major factor in the
500,000 kwh. compared with 161,- when 14 failures were
that of the corresponding week a
recorded, jdse. :BasiC< cotton
1946*. from 4,352,489,000 kwh. in
the preceding week.
Consolidated Edison Co. bf New
If
it's inflationary.
get production in the
months, prices surely
believe
don't
I
consuming public dur¬ next
initial week of August will
ing
vious weeks.
Trading in lard, for both do¬
according to the mestic
American Paper & Pulp Associa¬
tion. Paperboard output for the
current week was 98%
against
95% in the preceding week and
and women's shoes were in
as
we
The
a
boom-and-bust and
.
can
period of prosperity such
have never known.";.
'
"boom-and-bust" views of
a
Secretary Wallace were referred
to in our Aug. 8 issue, page 820. V
Volume 164
Number 4516
THE COMMERCIAL St FINANCIAL
CHRONICLE
V Federal Reserve June Business Indexes
Civil
The Board of Governors of the Federal Reserve
System, issued
July 26 its monthly indexes oif industrial
.
on
employment and payrolls; etc. At the. same
time, the Board made
available its customary summary of business
conditions; reference to
this was made i» our August 1
issue, page 662. The indexes
*Y
■
L
•
'
>
1939
^
rY
0
average
1923-25
v
..
.
«£•
;
■••/'
J';
•
'
;■
.
Yyi<
Total''-—■
Manufactures—
•170
•
June
•161
/: .Total
other
:t
308
s
173
;
•
144
* 169
t'
•17lf
i
/
-■
/
the total for
176
308
V s161
159
173"
*144
;ii5
147
■■/.'• f
203
59
y
t
73
234
211
138.1
157.2
•138.4
-
■
like period of
1945.
,
156.9
•156.2
154.8
204.3
•156.2
154.8
204.4
124.9
120.1
•124.4
123.Q
119.5
t
Nodurable goods
-
—
133
106
140
sales, value-
•275
$256
202
Department store stocks, value
*
200
179
Departmest
store
•Preliminary.
«»
the 1945 week
tData not yet available,
246.2
314,6
t
263.1:
414.2
229.7
217.3"
Private Construction
107
145
Public Construction
•253
248
186
*
200
175
indexes
To
-
to
convert
sales
indexes
based
on
daily
minerals
manufactures, nondurable manufactures, and
index, shown in Federal Reserve Chart Book,
Construction contract indexes based
multiply
mercial
y,
seasonal'
;
-
adjustment,
.
.
and
payrolls
index
compiled
i
•1946'
Iron
and
steel
•155
Pig iron &£
Y
Open hearth—
Electric
Machinery
Transportation
equipment—
Y Automobiles
—
Smelting
Lumber
and
and
refining
products
Y Lumber:
Y Cement
■
86
181
126
214
143
98
173
143
98
173
341
319
505
341
319
505
393
*241
230
393
•241
230
•236
239
572
*236
239
-572
•166
162
207
*16o
162
207
t
130
219
t
130
219
*110
109
184
*109
'109
183
•130
129
116
*137
131
121
*133
,126
and
138
*145
142
166
*192
181
119
133
Y Wool textiles
Leather
Cattle
.
Y Shoes
172
*198
190
175
*240
226
298
*165
164
149
144
152
149
144
246
220
240
246
220
t
174
144
t
174
144
t
126
127
t
126
126
t
105
119
t
105
116
132
t
125
137
t
125
t
74
97
t
71
t
49
56
t
48
118
137.
t
t
140
132
*137
14',
151
*136
135
150
•93
*93
138
*89
*89
*82
120
141
*81
120
139
foods—
*150
153
155
*141
138
Processed fruits and veg._
146
•145
142
139
*112
92
107
manufactured
Tobacco
products
t
Y Cigars .I——
Y Cigarettes Y
Other tobacco products
—*
—.
Paperboard
163
t
164
110
93
t
110
93
t
219
177
t
219
186
t
71
90
t
71
92
143
142
t
143
142
160
160
164
160
160
83
79
84
83
80
106
t
.
,
-
•
83
—
Printing and. publishing
Newsprint cpnsumption-^—
*129
.
h-: ■■
.•
/
t
Kerosene
•
'.
—YYy-^Y.---.
Industrial chemicals.—
t
t
t
*138
148
*139
*138
148
177
t
t
177
5
t
j
»•:
t
t
;
t
75
]T4
*239 /'■■
233
■
136
■'
t
ti&m
"
•264
261
*399
387
*221
215
•
Crude
Metals
^....-4.Y~Y-«.~ Y;
■Iran ore
*156
•
i
petroleum
••;
/
:
105
84
269 *
136
t
t
.
Z
24
155
t
75
155
421
*270
14
421 /
.
*86
•
163
—
get that among, those who were
predicting 8,000,000 unemployed,
was
tee
Mr. Paul Hoffman's Commit¬
for Economic Development.
not being looked
radical, the story of the
387
412
*221
215
222
young economist who' barged in on
this business man will sometime
*156
;
luxuries
—
much to
the
which contribute
sa
Consumers Must Play Their Part
take a long-range
in favor of the labor
outlook.^ Prices
Therefore, I plead with all —"
employer, employee, consumer >—
to pull together now in time, of
peace as; we did in time of jjiyar.
To the employer, i say,
is
the time for you to prove your¬
self a true statesman," to labdr,
more collective bargaining at the
^Remember that you, too,,must
plant level. In addition to the dis^ ishare in the losses as well
hs.Jn
advantages to which the employer the gains in
industry"; and to()the
is now placed, there would have
consumer, "Let your neighbors
been, this additional threat over
well as yourself enjoy jtlao
faultshis head—that of seizure if he
of production."
: didn't
agree with the union.
There
was
tremendous
,
pres¬
interesting reading. Never¬ sure On Mr. Truman to seize these
theless, it was a committee sup¬ plants. Doubtless* it would have
posedly, and we may repeat sup¬ been upheld by the global think
'^>129/
.
coal
153
151
V
'/>'
*86
*154
1
109
125
129
148
151;;;
66 ;
116
>
posedly,
129 ::
301
-
62
81
*
126
•
146
181
138
155
96
144
155
*
170
213
123
146
139
74
68
8t
and miscellaneous
indexes
to
'
123
121
125
66
•
143
114
/.
points in
■
•
,
68
143
61
178
111
158
103
: 99
130
149
103
263
125 •//.'
150
74
-
68
total index, shown
multiply coal by. .213 and miscellaneous by .548.
dominated
by
business
ers as
Moody's Daily
Commodity Index
drastic, but necessary to get
It is another fact, too, that food
to
the
hungry European
regardless of Truman's predelic- countries.' Mr. Truman's own sec¬
men.
tions; organized labor
headed retary. of Labor* Mr. Schwellenfor an increase. No Truman or ho
bach, was trying to gethim to
law, could have prevented > this seize. The CIO leaders, had been
was
after the regimentation of the war.
=l6ojr
140
137
Chart Book,
150
60
CARLOADINGS
68 Y.
135
l.c.l———Y—.
convert
123
*
68
/
149
.
—
NOTE—To
appro¬
pro-
*399
153
146
127
Misce'laneous
In Federal Reserve
a
upon as a
60
148 /"
126
...
_——_———
products———.—.—-
Merchandise,
not
243
v^Yt
————.:■.
Grain
Forest
the
months immediately
ahead.
Long and hard usage have ren¬
dered much equipment beyond
repair and ready for the scrap
pile.
Money
is
plentiful
and
people are in a mood to buy. Now
is the time to produce and release
those necessities — yes, and even
$235,455,-
Truman does not believe that
with him that he en¬
couraged the raising of wages, at The CIO was laying great store by
And if
the same time trying to hold the seizure in this instance.
price line. There was a lot of they had established the seizure
amateurishness here, but it was police; it was to be their form of
with a sincere thought that we collective bargaining in the fin
ture. There would have been no
were facing deflation.
Don't for¬
Mr.; Hoffman
tData not yet available.
or estimated.
—_
Livestock
ties and tools of all kinds prom¬
ises a golden era for producers in
Now, a word to consumers. We
have waited long and patiently to
the theory of doing something to replace our worn-out materials*
Labor. It was badly drawn in that but let us remember that i some
spending money for war.
light and should not have been 140,000,000 other people in:• this
The better appraisal of Tru¬ placed on the statute books.
country also need to replenish
their supplies. Hence, we should
man, we think, is what he has
We began by telling of Jbis an¬
not make all our purchases at one
don^ about propositions or con¬ nouncement ;
through his r- preiss time. We
should buy only what
troversies
that
have originated secretary, Mr^
Ross,; that, seizure we need for use
over a reasonable
under him, not the hold-overs of the strikebound
Case and Allisfrom the
period and give our neighbors a
Roosevelt administra¬ Chalmers
plants was against the
chance to- have a share in the
tion.
We
have
seen
him
act public
policy. This was a tre^
products as they come into the
strongly in the matter of the rail¬ mendpus blow against the
CIO; market.
road strike* offending some Labor and we haven't
the slightest doubt
leaders no end. As the Conserva¬ that Roosevelt in the
We
must
remember, too, to
same posi¬
tives look at it, he bowed before
prices.. The
immediate
tion, would have seized the plants watch
Labor in the matter of the Steel
under the;, guise that their op¬ future will be particularly criti¬
and Automobile strikes.
Accord¬ eration was
cal; Potential devastating ; infla¬
necessary ta the "war
ing to the commentators, he was effort,'* the
tion lurks behind the price we are
peace not yet boing
carrying on the pro-Roosevelt la¬ won, they were
necessary to feed willing to pay for the/things we
bor alliance at that time. The fact
a starving world.
buy.
Therefore,
before
buying
is that he
was
terribly misin¬
The difference, as we see. it,, is anything let us be sure that it is
formed, i and deliberately so, by
necessary
to
have
it.
We
should
that Roosevelt decided everything
his subordinates as to the
315
*150
(1935-39 average
Coke
I"
-
well-being and; hap¬
piness of the people of the world.
261
«
'
The pressing need for commodi¬
$1,515,176,000 reported for the corresponding period of 1945,
232
Y';—
——
fidence of workers*
$60,278,000 in state and municipal bond sales,
*264
150
•/« 125
t
FREIGHT
Coal-
purposes this week totals
$2,000,000. in corporate securities, and $173,177,000 in federal
*236
'
•Preliminary
methods.
He must be ready : and willing to
New Capital
318
Y22
major
a
hew ideas and modern
.
243
123
•
v
*154
—...i
...
/'
•150
—
;";:■ Anthracite-.
last
A
All of the nine classes recorded
gains this week
was
73
412
'
-
t
z-t-
play
$115,712,000/ $30,184,000 make innovations which will pro¬
60,125,000 / 16,639,000 vide Employees with the methods
55,587,000 k
13,545,000 and tools necessary to produce*
35,343,000
4,908,000 prio^e, and better, goods. And?he
20,244,000
8,637,000 must merit the respect and/ten-
Labor bias
f
...
should
He must at all times keep abreast
of additional sources of materials,
make
YY-—Y_YYY-.---.BttuxninouS'.'CoalYYYYYY;
Ore
■
32. v
163
.,
Employer's Responsibility
$119,633,000
68,815,000
50,818,000
' 43,727,000
7,091,000
coun¬
MINERALS
Fuels>
t
•.
*270
.•,
Rubber'
/;//
t
t
*
.
t
rJV;
Rayon
-
.
112
t
t
——Y^~.
C^micai£——iY-YY-YY;;'
i
*
■'-
i'j' "-'■Byproduct vY-Y*-YYYY'
'
BeehiveYY~Y; Y Y Y-Y'J:
Z
126
115
269
t
—
Lubricating oil——i—
-
.
*139
—
*129
85
t
108
"i
t
Gasoiine.%
Fuel;, oil
♦
124
316
Petfroleum and coal
products^
petroleum refiningi.w-—i-
of living.
unions, par¬
potential
economic
situa¬
paid now may well determine the
ticularly the CIO, as part of a
tion. It is,,a commentary on him
kind of country in which we shall
long-term program of reforming
that he is gradually trying
live five years hence!
to the
country. The unions were al¬
make it uncomfortable for these
ways: right.
Conclusion
subordinates. It
"
'
method
superior
Aug. 1,1946 Aug. 9,1945
try's
145
t
164
———
Newsprints production.
139
132
'
Paper and products———--i-
•
57
132
only
.
135
140
__
'
99
127
t
—
Other
'
150
152
240
t
Manufactured food products
,
43, A
350
leathers
•
120
298
High
obvious.
the
*
102
164
is
current
crystal clear
fact that Roosevelt had ceased to
dominate it except in matters of
113
187
I
fe Wheat flour
Yi Meatpacking.
(
133
140
solution
is
part in every employer's program.
Ahead of the News
138
135
his
com¬
(Continued from first page)
166
225
Sheep and lamb leathers.
,
*146
~
•194
—
hide
.
a
121
,
v
•165
Calf and kip leathers
Goat and kid leathers
,
sr.,.
119
95
140
t
•240
products
Tanning
43
128
*147
products
104
142
176
Cotton
consumption
Rayon deliveries
■!'
123
*145
*190
and
the
the
for
reason
muddle
;
From
192
t
168
—
Gypsum and plaster products
/Abrasive -and asbestos prod.
Textile
109
181
214
a-
—
Y Clay products—
*155
86
126
*122
*
Stone, clay and glass products
Plate glass
192
109
June
May
t
Nonferrous metals and products
>
June
168
——
i
June
the
Research
Seasonal Adjustment
1946.1945
1945
1
May
our
of assuring ourselves of a
Without
Seasonal Variation
own
Aug. 8,1946
New^ capital for construction
:
?M Steel
the 1945 week.
000 and is made
up of
the
(1935-39 average = 100)
Adjusted for
June
,
v
its
contribute
Reduce
economic
standard
priations for military and departmental construction.
New capital
for the 32-week
period; of 1946 totals $2,436,315,000, 61% more than
INDUSTRIAL PRODUCTION
MANUFACTURES
■
on
by $226,132,000.
}
—_
.
labor.
of
productivity
basis, private
classified construction groups,
bridges, highways; com¬
buildings and unclassified construction gained this -week over
the previous week.
over
•'
3-month moving averages, centered at second
month, of F1 W. Dodge data for 37'Eastern States.
To convert indexes to value
figures, shown In the Federal Reserve Chart Book,
multiply total by $410,269,000, resi-,
dential by $184,137,000, and all other
'Employment index, without
by-Bureau of Labor Statistics,
cumulative
built
and
survival demanded
economic structure to the
simple terms of primitive society
and
In the
store
durable
points in total
.379, nondurable by .469; and minerals by ;152.
durable by
a
are:
State & Municipal
Federal
$Revised.
Note—Production, carloading, and department
On
food
mere
plex
.
,
S. Construction
t
137
,
Total U.
*
averages.
when the family
clothing, provided
each member
share
,
Y
Civil engineering construction volume for
the current week;
week and
■
137.0!
•125.0
Freight carloadingsu_^__
J
•
•
own
own
that
week total of 1945.
Nondurable goods
Durable goods
H
its
shelter,
Public construction, $5Q,greater than the week last
1946
Fa.ctory payrolls—
Total
year.
totals $2,044,413,000, which is 490%
above that
for 1945.
Public
construction* $1,359,712,000, is 68% greater than
the cumulative total for
the corresponding period of 1945, whereas
state and
municipal construction, $858,862,000, to date, is 350% above
1945. Federal
construction, $500,850,000, dropped 19% below the 32-
87.
■;■■■*
•
a
construction in
24
196
t
Durable goods
j:Y
its
made
Total engineering construction for the 32-week
period of 1946
records a cumulative total of
$3,404,125,000, which is 195% above
•:
-
166
«193
22
161
•138.7
Y-
In the long ago
last
above
last year,
220
■
1
,
Total
1945!,
week and 275%
State and municipal
construction, $43,727,000, 24%. above last
week, is 791% above the 1945 week* Federal
construction, $7,091,000,
is 65% below last week and
18% below the week
June
159
•
$68,815,000;'is 14%
818,000. is 9% below last
1945
Factory employment—
/
(Continued from first page)
nearly 43% from 1939 to
hour
year-
*176
50
•
179
,
t
—
233
115
-t
■
Resicfentlal_„__—v—_——
All
;160
■
I
;
May
;Y-*
,
175
•141
/
220
•
167
*
•192
■
«
construction this week,
week and 314% above the week
last
/;
::fc
vm>
"
•175
[.v ;/■> Nondurable
«:
159
-
",'y
Total
vDurable-Y.-
M^erals
•!•■
ConstEuctiohcontracts,value~
Private
1946
June
•.
I
/
United
3% above the
week,; 296% above the corresponding week of last
year and
below the previous four-week
moving average. The report
issued on Aug. 8, added:
Without
Industrial production-—
•;
continental
10 %
Seasonal Adjustment
1945
May
,
in
N
—1946
June
.
volume
-
Adjusted for
Seasonal Variation
.
'.
construction
_
factory employment and payrolls;
100 for construction contracts;
average == 100 for all other series
=
,
•
engineering
previous
for
"
Civil
,
follow;
year ago-
BUSINESS INDEXES
100
=
average
1935-39
.
~S:-i
Y"
,
a
Employer-Employee-;
Consumer Relations
States totals $119,633,000 for the week
ending Aug. 8, 1946,> as re¬
ported by "Engineering News-Record."
This volume is
for June
for a month and
Engineering Construction Totals
$ N 9,633,000 for Week
production, factory
toother with comparison
94?
Since that
time* we defy any
writer to show where Truman has
telling their hapless workers from
the
beginning that they could rely
seizure to enforce their de¬
upon
sought to play ball with labor as mands. Mr. -Truman said no. We
think the gentleman is awfully in¬
against the
public
interest, as
Roosevelt would have done. > He ept on occasions, but we don't see
vetoed
the
Case / bill.
Yes—so him playing ball with anybody.
would have we* had we been in We think he feels too independent
his, place.
It
was a
bill based
on
to do so.
Tuesday,
Aug.
6,
'Hn 'if
349.^
1946———
i
Wednesday, Aug. 7, 1946—^—
345.4
347. T,
Thursday, Aug. 8-, 1946—
Friday, Aug.
9,
1946-——
Saturday, Aug. 10, 1946—
Monday, Aug.
12,
^351.2
—
1946—:n—.--
weeks ago, July 30,
Two
Year
ago,
1945 High,
•
-•
■
1946--—
July 13, 1946^-
Aug.
Dec.
13,
1
1945—
349.9
347.8
^328.T
Y?54;dz
.252.1
Aug.. lY
Low, Jan.
f
265.0
27
LbWv.: Jan.-
1946 High,
v:351.2
'348.2
Tuesday, Aug/13, 1946^.w_w——
Month ago*
■
2—
;—~-——
,
; 356.3
264.7
;! I'i
944
THE COMMERCIAL & FINANCIAL
v.-v-:
•"r
*v
•
if-
•
ff-
,
15,1945
Thursday, August
CHRONICLE
•;* V' p; '
r./-, >V
..
stnt" higher^Jthaifi in - any*otheir
major *grdup^;;'^t^;: ^
Daily Average Grude Oil Production for Week Electric-fw^eek
iitfled Aug. 3,1948, Decreased 44,650 Bbis.
0.4|flhead of That for Same Week Last Year
of ; ftoHalrs; and cents,
largest'- increase * in weekly
earnings since May 1945, $4.42,
:
The Etfi6on tilectric Institute, in its current weekly report, esti¬ was reported by; plants, in tn^:
-The American
Petroleum
Institute estimates
that
the daily
mated that the production of electricity by the electric light and printing
and publishing group
average gross crude oil production for the week ended Aug. 3, 1946,
where
earnings
now
average
was
*4,881,400 barrels, a decrease of 44,650 barrels per day from the power industry of the United States for the week ended Aug. 10, 1946,
was 4,411,717,000 kwh., which compares with 4,395,337,000 kwh. in the
$51.05.: Percentagewise, however4
preceding week and ,40,700 barrels per .day less than for the corre8the relatively low-paying; textile
spending week of 1945.
The current figure, however, was 107,400 corresponding week a year ago, and 4,351,011,000 kwh. in the week
ended, Aug, 3,. 1946.,) The output for the: week; ended tAug. 1Q, 19.46, an& apparel groups were: M,the
excess;
exceeded that of the same week in 1945 by 0.4%.
lead.,
Despite
gains of about
estimated' by 'the. U..SV Bureau, of Mines as the.
Ir terms
.
the
'
,
requirement for the
Qf. August, 1946.; Daily output for the four sweeks, ended
Aug! 3^1946, averaged 4,919,750 barrels. The Institute further reports
.
*!
,
as fbllows:
dustry
to stills
ran
on
'
■'
<
\'i ■■■■W<elc:gnded'i-".ij
iliddle Atlantic
Central
West
■ ...^.
Rocky Mountaln_2^—,___^—-;
1.0
3.6
§6.7
§2.8
2.3
1.7
§6.2
§8.5
2.8
3.6
4.5
§0.4,
1.8
1.9
..
Calculated
j.
-
*
ables
Ended
Begin.
Aug. 3,
AUgUSt
>
_»•
*New KYorl?-Penna.»-.,
1946
Aug. 1
•48,000
i
.,
**Ohio»4-Southeast
Ohiw-^yier
p.
^
tuMf-
V
—
8.8
4,302,381
—
9.1
Ended
Ended
May 18
Aug. 3,
Aug. 4,
1946
Week *3
2,050
,+
;
V'200
f
7,600
1945 •
49,100
49,750
19.000
18,250,
-
200
8,250
5,000
5,750
"2,350
2,600
18,550
13,450
203,100
'
2,450
—
',200
•450;
.
" "
'•'
250,
—
700
—
'
Illinois
215,000,
'
'
•
500
—
30,950
-
45,700
.
.
.209,200
200
.31,250
29,550
250
<47,100 %
48,500
—
800
t80O
260,000
270,000
(264,100
384,000
387,220
(381,100
,
Oklahoma
:
-■
800
,
Kansas'
5.0
5.0
U
2.1
3.2
■
7,400
270,800
257,550
2,550
383,300
390,850
—
—
850
1,698.942
1,704,426
1,705,460
1,381,452
1,615,085
1,689,925
1,699,227
1,702,501
3,939,281
3,941,865
3,741,256
4,377.221
—10.0
4,329,605
4,203,502
9.0
4,245,678
4,291,750
—11.0
4,144,490
1,435,471.
June
8_
3,920,444
4,327,028
9.4
4,264,600
1,441.532
—
—
—
7.3
4,287,251
4,030,058
4,129,163
4,348,413
4,358,277
?*W-6.3.^.
June 29
4,132,680
4,353,351
•
July
3,978,426
July 13
3,741,006
4,156,386
July 20
4,293,280
4,384,547 t
4.434,841
June 15
22,—
i_
6
-
—
5.1
—
6.0
4,295,254
July 27
4,352,489
3
4,351,011
4,432,304
Aug. 10
4,411,717
4,395,337
Aug.
157,150
V:
„
••"••:•
? !
''
■
.'
'
•
'5;'
:
•
fi
315,600
..District I
-
350
44,050
600
315,150 :
;
i 650
28,000
22,450
563,550
800
129,500
100
85,100
—
<•
V~i
—
p
-
1,440,541
.
1,415,704
1,723,428
1,592,075
1,711,625
1,433,903
1,440,386
1,727,225
1,732,031
4,325,417
1,456.961
4,327,359
1,341,730
3,940,854
3.2
«
4,377,152
2.1
1.9
1.426.986
1,724,728
1.8
4,399,433
1,415,122
1,729,667
+
0.4
4,415,368
1,431,910
1.733,110
—
3,939,195
4,451,076
1,436.440
1,750,056
Aug. 24
4,116,049
4,418.298
1,464,700
Aug. 31
4,137,313
4,414,735
1,423,977
1,761,594
1,674,588
-••j-'.'Mtii'..
2,196,350
2,120,000. (2,164,526
"T-r
Coastal.-, Lo
compiled by The National
reached another
new high peak, rising 0.6% to 173.4, in the week ended Aug. 10, 1946,
from 172.4 in the preceding week. A month ago the index stood at
165.3, and a year ago at 141.6, all based on the 1935-1939 average as
aX
The Association's report went on to say:
100.
2,222,750
2,219,650
31,100
-
..V
•' '• ■»-. }*:
—
(.-
•'
i
■
83,550
*• +
150
83,150
301,300
k +
650
300,800
384,850 '
+
800
383,950
73,700
+
50
74,300
-
70,500
295,700
380,000
427,000
78,000
1
60,000
.
Alabama
78,766
i
This rise of 5.-3% was due principally to the new ceiling prices
permitted for cotton cloths and yarns. The food index resumed its
upward trend with, prices mixed. The priCQ advances for most meats
more than offset lower prices for butter, corn meal, potatoes, lamb,
and dressed fowl.
The farm products group-feihaihed unchanged;
cotton climbed to a new high peak and the advance just offset the
decline in most grains and livestock. - There was a slight decline in
the building materials index because of lower prices for white lead.
All other groups of the index remain unchanged.
During the week 22 price, series in the index advanced and 18
declined; in the preceding week 21 advanced and 28 declined; in the
second preceding week 13 advanced and 13 declined.
368,200
62,800
V-
Mexicb-^-SOi East)
+ '
99,000
100,050
106,000
50
52,750
1,150
•
950
,
98,600
1,900
+
80,050
64,700
2,150
—
1,200
2,200
102,450
'
New Mexico-rrO
ther-_f
Wyoming
110,000
Montana'
.2-.-''
Colorado
California,
-.•Sj." ■•pj.p. '
Total United States.
*-<■
.',,
23,650
30,000
36.200
111 '
■
109,550
■
24,000
500
400
1,700
111,800
112,050
+
20,350
24.S50
;
450
36,650
12,100
1,400
878,250
942,300
—
-rnTimp.
*—-ain'.i iVm 7 m
4,881,400
—44,650
4,919,750 4,922,100
■■■'•"
1
■
4~100
—
—
874,500
§847,400
850,000
i".v ■
M
wfiOO
1
4,774,000
WEEKLY
•♦Pennsylvania Grade {included above;
64,200
61,700
2,550
+
COMMODITY
INDEX
PRICE
Month
Latest Preceding
Week
Week
Bears to the
Group
from new production, contemplated withdrawals
from crude oil inventories must be deducted from the Bureau's estimated requirements
to
supplied either from stocks
Ago
July 13,
1946
|V
1946
1946
Aug. li,
1945
determine
estimates
the
amount
of
crude
new
181.5
V
in the field,
areas
some
the
Foods.
25.3
weekly
shutdowns
fields
shutdowns
and
which
exempted
were
ordered
were
exemptions
for
from
5
226.7
226.7
183.7
202.3
202.3
202.3
Farm Products.
23.0
for week ended 7:00 ajn., July 31, 1946.
are
Cotton
of Aug. 1 calculated on a 31-day basis and
the entire "month.
With the exception of
entirely and of certain other fields for which
as
lAvestoclc!!..^^-.—
for
to
10
days,
the- entire
State
ordered
was
the'highest of any
the 195 recorded in
the industry's peak
182.1,
was
June except
June * 1943,
Approximately 79% of all ton¬
in the month
of general
freight. The volume in this cate¬
gory decreased 8.7% below May
and 0.4% below June, 1945.
transported
nage
was
hauled by carriers
f
219.0
219.0
207.5
167.8
320.7
322.1
214.3
208.7
218.1
237.2
205.2
206.4
182.4
163.0
151.5
151.5
138.6
134.2
147.1
1945.
May End 5.3% over June,
of
iroii
and .steel
hauled about 4% of the total ton¬
Carriers
traffic
Their
volume
de¬
About 3% of the. total tonnage
reported consisted of miscellan¬
eous
commodities, ineluding
tobacco, household goods, textiles,
groceries, automotive equipment,
building materials, wood, rubber
products, >motor vehicle parts and
motor vehicles. Tonnage in this
r
145.0
162.4
..
339.2
,
;
144.2
,
petroleum
of
Trasportation
products,
accounting for about
14% of the total tonnage reported*
showed an increase of 5,2% over
160.7.
147.8
147.3 i
133.9
class decreased 14.3%
below May
TextUes
204.2
193.2
207.8
157.0
and 1.7 % below J une
1945.
Metals
124.1
124.1
125.3
103.9
Building materials-^.—
177.4
177.6
169.4
153.8
Miscellaneous
shut
down, for 5 days, no definite dates during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
to operate leases,
a total
equivalent of 5 days' shutdown time during the calendar
month.
■:
-2^ ;;i'V
■ 12•;
5 ■.. ■; ■
167.2
179.2
Fats and Oils.
Cottonseed OH
t
,
(This is the net basic allowable
several
In
produced.
r
•(Oklahoma, Kansas, Nebraska figures
.
be
to
do, however, include small but indeterminate amounts of condensate which is
mixed with prude oil
includes
Total Index
or
Year
Ago
Aug. 3,
-
may be
-
puted on the basis of the average
monthly tonnage of the reporting
carriers for the three-year period
of 1938-1940 as representing 100,
nage.
Aug. 10,
Cach Group
,
,
com¬
creased 11,1% below May but in¬
creased 0.5% over June, 1945.
"
Wife
k *These are Bureau of Mines calculations of the requirements of domestic crude' oil
(after
deductions of condensate and natural gas derivatives) based upon certain
premised outlined in its detailed forecast for the month of August.
As requirements
WHOLESALE
Compiled by The National Fertilizer Association
v
1935-1939SS10Q*'; v^;'.-
63,100
figure,
year.
largest gain during the week was registered in the textiles
group.
-
Arkansas;J*
\... ^„...
s
index
ATA
The
The wholesale commodity price index
'
.i '•>'<*
trans¬
of freight
according
to
American
Trucking Associations, Inc., which
further announced as follows:
•.
Comparable reports received by*
ATA from
194 carriers in 39
states showed these carriers trans¬
June, 1945. (v,
Fertilizer Association and made public on Aug. 12
The
•
^
>*'/:■
ported an aggregate of 1,758,734
June, as against 1,896,992
tons in May and 1,752,464 tons in
National Fertilizer Association Commodity
Price Index Again Pushes Higher
c.".
"•'■i
100.3
'
.
year,
—
iff;
volume
The
4,380,930
4.390.762
—
Aug. 17
-
>* '
■-
•■■Total Texas!ui^i.
New
.
ported by motor carriers in June
decreased 7.3% below May and
increased 0.4% over June of last
———
32,050
150
+
+
85,050
*•
107,650.
150
v.-+
130,100
District -X
v
227,700
•y
28,100:
546,700
•
•
•
1,100
—
__
32,150
^District VII-C_____
b District: VIIL-.i^
157,850
509',550
+
107,150
'?.• '.s;'?!.
-
District VH-B___—
'
—
43,800
'•j."-' I'A;
~
»
'
950
7,250
;
226,900! qo
'
East Texas~_:_.~.
;.Other Dist. VI
Mississippi
V I--—MP—
Mil'
w,
108,0
39.9
39.7
40.1
,
;
Decreased 7.3| in June
19,500
50
+
504,100/
S.K.
V..'
.
*
$43.10
45.98
40.25
.
tons in
19,550 V
4-i-District. II________
District IDL*......^ "District" IV**-•District' V
«
-i—-
,
Motor Carrier Tonnage;
1,436,928
1,435,731
1,425,151
'
b -District * -T.2_____
j
"i;Earnings
•
Durable goods—
Teixa^nX;:
v
k
h
Wkly. Earnings
'Hours (Cents>t
Weekly
.
Hourly
:
,
1929
1932
4,233,756
4,238,375
1
June
'
;
■
47,000 r
Nebraska
210,300
'
31,0u0
-
'
j
T
presented below:
§2.3;
§4.4
June
May 25
'6,950
'
<6,950
,';V 5,300
.
■'
Kentucky
Michtgatv;i^—
are
3.6
0.7
•'*■■
1944
under 1943
3,910,760
4
May
Previous
.
1945
4,397,330
May 11_______
4 Weeks
/
-
from i,
..
51,950
?
- j ••
; ..
8,400
—)
|
(Thousands of Kilo watt-Honrs)
'Week
'
Change
1946
4,011,670
Week Ended—
'
Flori^q, /
-••Westr^Virginia-J-i-
§2.5
.
(FIGURES IN BARRELS)
Week"
Allow¬
Requirements
■
Preliminary averages for Junet
Nondurable goods
DATA FOR RECENT WEEKS
Actual Production
state
::
-••
for all majou
groups.
% Change
DAILY AVERAGE CRUDE OIL PRODUCTION
I!
4.6
§4.7
4.6
§2.6
§9.9
barrels* of residual fuel oil.
n
1.8
5.5
§ Increase.
barrels of kerosine, 45,670,000 barrels of distillate fuel and 50,138,000
|
2.0
<
$35, almost* a low
§1.0
§1.9
•
*
AH mfg.
Total United States
weeK^(6,856,000 barrels of finished and unfinished gasoline^ 15,905^000
;
>
•
■
§0.3
Coast
Pacific
distillate, fuel, arid 8,273,000. barrels of residual fuel oil during
week ended Aug. .3, 1946, and had iii storage at the end of that
*B. Of M.
§3.4
,
0.4
2.0
14V2%fc in each of' these groups,
earnings averaged only
weekly
■-
11
,
July 13
July 20
"
Southern ;States«,^»^.-.,
the
f£
July 27
Aug. 3
§5.3.
§0.3
Industrial
Central
Bureau of Mines basis approxi¬
a
mately 4,849,000 barrels of crude oil daily and produced 14,837,000
barrels of gasoline, 1,899,000 barrels of ; kerosine, 5,556,000 barrels
of
i.
tfew
whole
as a
"j,
Major Geographical Divisions— Aug. 10
§4.4
England--.
,
^Reports received from refining companies indicate that the in¬
.
•„'f
PERCENTAGE DECREASE UNDER SAME WEEK LAST YEAR
month
commodities
'
,
^f;:'4RecommendatioA of Conservation Committee of California Oil Producers,
-x
-;;/;/• -V,
CRUDE. RUNS
'>
«•<-
f
U'k vl
'
U>.
estimate
this
of
section
unreported
•
ft£:c..CC-
include
reported
amount's
and are
Bureau of Mines
—
Crude Runs
Refln'g
•(ih'.Ck'tt
^DistrMr-
Product'n
at Ref.
to Stills
kk Capac.
-
Daily % Op-
Report'g
Av.
erated
Inc. Nat.
Blended
and
J
Aug. 11, 1945
(Stocks
Gas Oil
of
of
& Dist.
Resid.
Unfin.
Gasoline
Kero¬
Stocks
Fuel
89.9
1,905
22,507
sine
6,755
14,539
9,559
76.3
98
68.5
304
2,358
348
435
244
District No. 2
84.7
53
85.5
171
880
68
124
159
87.4
827
95.1
2,894
16,004
2,590
382
81.4
1,339
1,159
6,809
2,941
4,601
78.3
_______
Louisiana Gulf CoastNo.
La.
& Arkansas
v-.r.
Oil
i
^
421
477
2,011
7,069
4,813
1,310
2,465
1,564
The
55.9
57
45.2
125
1,819
276
489
141
20
44
say:
92.3
38
4,849
87.2
14,837
*86,856
91
.
174
...
*
772
9,832
26,056
15,905
45,670
50,138
.
-
1
4,896
88.1
14,535
88,626
15,619
44,316
shorter
a
49,517
„
Aug.
5,070
16,374
t85,018
31,375
v^lAPjudcs unfinished gasoline stocks of 8,233,000 barrels.
11,058,000
barrels.
(Stocks
at
refineries,
•
36,581
•
43,337
bulk
terminals,
in
•
ttranpitfiand in pipe lines.
§In addition, there were produced during the week ended
Aug, 3,r1946, a total of 1,899,000 barrels of kerosine, 5,556,000. barrels, of gas oil and
8,273,000 barrels of residual fuel oil,
as
compared with
1,851,000
oarJ$}yi:'5til7,000 barrels and 8,217,000 barrels, respectively, in the preceding
4,728,000
phded Aug. 4 1945.
barrels
and
9,501,000
barrels,
respectively,
in
week
the
to$
hourly
erage
workweek
industries.
To
in
than
1946
in
a
earnings
year ago.
only half of the
weekly
average
in i May
However,
groups
earnings
were
above
virtually
groups
of May 1945.
In the
which were directly con¬
extent,
cerned
with
some
level
the
the
war
effort,
the
the decrease in average hours per
week results from the adoption of
so-called munitions groups, week¬
shorter scheduled workweek, but
in the main, it was necessitated by
year,
week
the
shortages of coal and other
during the coal strike
and the freight embargo.
Each of the 20 major manufac¬
and
materials
tion
turing groups reported higher av¬
ment, earnings in that group are
a
(Includes unfinished
at
on
earnings, weekly earnings in man¬
ufacturing declined from $42.87 in
April to $42,46 in May, reflecting
all
85.8
went
'
"Despite the increase in Kourly
44
446
•'773
-
announcement
j
ly
earnings ■ declined. Over the
decreases of $5 or more per
were reported by the iron
steel, machinery, transporta¬
equipment and automobile
groups.
over
Chicago to
12-month
period
1946 is. witness-to
the first postwar year's emphasis
on homes and money with which
to get them, says A. • H. Gardner;
the
in
President of the bank.
Tbe- an¬
issuedc by. the,-.bank
on Aug. 6, from which we quote,
also said that this reserve institu¬
nouncement
tion for; savings, building and loan
associations in the Illinois and
Wisconsin
,
area
had
$40,703,701
outstanding: in ' advances as of
June 30 compared with $26,201,^
750 on June 30, 1945.
In further
analysis of the bank's
on
June 30, Mr.
balance
sheet
Gardner
said that its total assets
reached
$47,791,052 at mid-years
it is using $5,000,000 of
and
that
deposits from some of the other
10 regional- Federal Home Loan
which
Despite a weekly drop of
Banks
;
equip¬
where
the
$7 in transportation
Illinois and
ended June 30,
4,004
12
of
tions
13,441
783
:.ky
of
Wisconsin home mortgage institu¬
Average hourly earnings for production workers m manufac¬
turing continued the upward trend to a new high of *$1.07 in May,
the Bureau of Labor Statistics of the U. S. Department of Labor
1,402
Up
17% in the
volume of advances outstanding
from
the Federal
Home
Loan
increase
An
; ;
v
^
910
85.8
week
>
r
^
Loan Volume
Bank
B, of M.
an(L 1,458,000 barrels,
r'
for May Reported
By Labor Bureau
Total U..S. B. of M.
and
s" v"/4
1,027
1,503
distillate fuel oil
110.3
r;.
3,484
13,955
of
1946,
97.6
353
gasoline' stocks
165.3
141.6
172.4
135.1; Aug. 0, 1946, 134.3; and
173.4
'
^
10,
Aug.
65.2
2,287
U. BJ Bi pt;M. basis
were:
105.0
:
80.3
rjpisj 27, 1946
base
337
72.1
basis
1926-1923
215
119
1946
on
1,197
798
3,
•«;
59.8
85.5
A'lig.
TotafiU?S«
J'.. .••!•;
*.
97.4
70.9
•basis
v
-'i.
III. S Wise. Home
89.2
Efisfrrct kb.
4
104.8
reported on July 21. Preliminary estimates indicate that gross hourly
earnings, which have been increasing at an average rate of 2 cents
a month for the past 3 months will continue to rise to $1.C8 in June.
District, No. 3
£
109.0
7,669
2,625
19.Q
>
115.1
-
Hours and Earnings
Rocky Mountain—
California
115.1
Fuel
754
Inland,jTexas
fifi}?. Coast
t
•rv
iStks. of fStkSr
99.5
Texas
119.9
basis
Appalachian—'
f.-: District No. l
ill.,
Okla., JKaUi, Mo.—
118.3
119.8
L':'"
•Indexes
?Eastr.poast
; ind.,
125.8
118.9
119.8 ;
drugs
All groups combined—
100.0
totals plus an
therefore, oh a
§Gasoline fFinish'd
% Daily
127.6
122.5
119.8
and
^,,,,,'y,
Farm machinery
!
(Figures in thousands of barrels of 42 gallons each)
Figures in
127.5
122.5
•;*-
TO
AND RESIDUAL FUEL OIL, WEEK ENDED AUG. 3, 1946
.
127.5
Fertilizer materials
PorHUgpra
Chemicals
*
?
STILLS; PRODUCTION OP GASOLINE; STOCKS OP FINISHED
AND UNFINISHED GASOLINE. KEROSINE, GAS OIL AND DISTILLATE FUEL
Hi V
~
k
Inot
so
home
serve
loan
-' districts
demand is
great as it is here.
*. :
,
.
r>r
;..,;;:
THE COMMERCIAL & FINANCIAL CHRONICLE
Number-4516
m
wttfv+fi-'?
r
~945
■iff
?;i
Trading
,m,.
n\
HmT'
Hi
4
"$>lume
7, figures showing the
iieW
Exchange and
fhe volume of tround~lpt stock transactions for the account of all
|ile"mber& of,
ithese^exchanges
A#
.
?
Etrl_r,
Wholesale Prices Advance
>*V*
T. 1 5
I..
i,
■
,
in, the; week ended July 20, continuing
III
O
$r,
r
t
ls|*«
vr
^
m%:
Show New Products
EndedAug,3 ,LahorDepartol Refjcrls
of total round-lot stock sales on the
York Stock- Exchange and the New York Curb
-
* V|
New York/Exchanges
on
■li
:
m
r?
>The Securities and Exchange Commission made public ■ on Aug.
V
s
11
•
"Wholesale prices averaged 0.7% higher, during the week ended
Aug. 3, with varied. price movements following the reinstatement
of OPA," said the Bureau* of Labor Statistics, U. S.
Department "Of
Labor, on Aug. 8. The advices added that "the index of commodity
.
Atlantic
Cily Oct. 7-11
'new
Many
in
technologic^jri3dT
ma^yiacr
current figures being- published weekly by the CommisH prices in-pnmai^;markets'redfchddU25vO%^ of the^X926 avorSg^l 10^^' turers'in the gas appliari^ejj^qqipr
above the " end of1 Juiie -when ^rice: .controls f were i;susp6hded,
and1
ment
Shlprtisaies are;; shown-/Separately from, other, sale^ iri^ these
andsupply field*,
t^e
biglily'thau af the end Of' the war;:'
Bureau^further presented for;, the first time; puh+
figures, f1 '}.?■ <v,j 2 ~
> s,vances
developed;: by
.fifferies:(of
j.
:
Trading
^
■
* «-•/
!;i
.+**•-
*. »■»
the Stock
Exchange; for the account of members
(except odd-lot dealers) during the week ended July 20,'(in roundlot transactions) totaled 1,754,565 shares, which amount was 17.34%
on
13 of
with member trading during'the week ended July
compares
This
5,058,460 shares.
of the total transactions on the Exchange of
$77,025 shares or 16.81% of the total trading of 4,863,150 shares.
On the New. York Curb Exchange, member trading during the
tweek ended July 20- amounted to 453,820 shares, or 16.28% of the
'
'
of 1,393,115 shares. During the. week,
July' 13'trading for 'the account of Curb members of 487,465
total volume on ;that exchange
ended
^hares was
.4 V
4.
.
WEEK ENDED JULY 20, 1946
■
■
Round-lot Stock
.
Short
tother
w,
'
and
apples decreased, following
demand from
554,150
17,200 i
3. Other transactions
,
niynm
-
v,
;•
.'.
off the floor—
"Other
Total sales
940,695
clined to former ceilings.
of cotton
by OPA to
Total Round-Lot Stock Sales on the New York .Curb Exchange and Stock
Transactions for Account of Members* (Shares)'
1946
V;
;
;
pha^e
> •-
1,383,620
r
'•/ Total sales
B. Round-Lot Transactions for Account of Members:
1. Transactions of specialists in stocks in which
.
'
#■/'
•
.
1,393,115
♦Other
itik'/t
ceilings to
f,143,925
track
148,810'
Total sales...
11.37
Total
purchases
/
Prices of
Total. sales——■
:———
:
and
pig ;iron«
.
;
.
Total
purchases—
7&.
-
PRICES
BY
Commodity group—
Total
-
-
56,480
purchases..
—.
sales-———,.
Total sales—
„
221,530
Hides
7,885
224,405
Fuel
16.28
232,290
Total
/£#<>;
ty.
of
7-20
1946
,1946
124.2
159.2
142.3
140.7
142.0
products
JA
1
Manufacturers
the creation of
processes, #nd
the improvement
of ;old ones, interest in the Exhi¬
bition is
keeni^JJse of new mate¬
rials and processes in the gas in¬
will
Ferccntetge changes to
>: ,, Aug. 3, 1946, from—
>
7-6
.
8-4
1946
1945
<
7-27
-w7-6
1946
1946
8-4
1945
117.2
turers
+ 0.7
+
6.7
152.9
129.1
—0.5
+
2.4
+ 21.2
121.1
107.0
.+
1.1.+ 17.5
+ 33.0
118.5
—0.7
+ 18.3
139.3
124.0
109.5
108.8
99.1
S0.2
90.2
89.5
; 84.8
Metal and metal products
+ 2.5
+
3.4
+
9.1
113.1
113.3
113.2
112.6
104.8
—0.2
+
0.4
Building materials
+
7.9
132.0
132.6
132.5
130.7
117.3
—0.5
+
1.0
+
12.5
95.2
—2.2
—
0.1
+
3.0
revealed,
from
all
sections
it
o£;,';the
More
than
10,000
gas 'utility
executives, members of the Lir-
quefied-Petroleum
and
others,
Gas
Industry
expected to attend
American
Gas
Association
the
are
Convention.
This is the first
ex¬
hibit held
by the industry since
the war, and according * to early
reports, many new,, abd.^hoyeL
techniques in the art of exhibit
display, will be employed by? old
new manufacturers.;
The;.iof-
and
ficers of the American
Gas Asso¬
ciation 2i:e at 60 East 42nd
New York.
.• = ;
p'A'-.A'
mmm>.
■
—.
Street,
.V10".
:.
NYSE Odd-Lot Trading
The Securities and Exchange
Commission made public on Aug.
7,
a
ed
summary for the week end¬
July 27, of complete ■ figures
showing the daily volume of stock
transactions
for
odd-lot
account'
of all odd-lot dealers and
special*
ists
who handled odd lots on " the
New York Stock Exchange, con¬
I
+
+15.3
1.2. +
'
allied products
reports- filed with the Commission
by the odd-lot dealers. and
98.1
SPECIALISTS
100.3
ON
THE
Week Ended
100.0
98.2
+ 20.7
1.8.
July 27,
"'
.
.
...
'
•
shares..—___.r__.,t,'"'-925,409#
.....
Odd-Lot Purchases by
$4d,07.1,989
Dealers-—"#::
',
(Customers' sales)
Number of Orders:
+ 11.8
Customers'
sales234
short
•Customers' other sales
24,545
r.-'.frrm
Customers'
•
total
•14-24,779
9,096
715,832
Number of Shares:
106.2
+ 0.4
2.1
+
6.4
98.8
98.0
Customers'
short
sales.—
94.6
—0.1
3.7
+
7.4
135.2
^-Customers'
other
sales
118.1
+ 0.3
4.0
+ 19.1
109.0
109.0
108.5
106.1
95.2
Manufactured products-—120.6
Ml commodities other than farm
119.3
118.9
Customers'
total
sales—
110.9
101.9
——118.1
+ 1.1
2.7
+ 14.5
8.7
+18.4
products and foods
109.2
:.-u
sales—.
141.4
V'O
'
Dollar value..——-ww——_
140.2
110.7
Y£;
#
.
Odd-Lot Sales by Dealers—'
'"/Total
(Customers' purchases) ^ •'Per Week
Number of orders.—^—-/.— "
32,680
112.5
112.5
6Db-
N.
1946
101.7
.
spe¬
ACCOUNT OF ODD1LOT DEALERS
113.0
-
724,928
Dollar value
$32,529,692
Round-Lot Sales by Dealers—
116.8
116.6
109.4
100.6
+ 1.1
+
8.0
+17.4
108.6
107.8
106.3
•99.9
'+0.6
+
2.7
+
Number of
.
9.3
'
~
!
Shares:
.Short sales.;—110
fOther sales—,.—!..——...134,09ft
/
s
'
? ■•V.UlT.lftt't *
.
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
JULY 27,
1946 TO AUG. 3,
~
Total
'
7
1946
Sales
—'
—-
,w;l34l,200
Round-lot Purchases by Dealers-^d'VUii
Number of shares———; ^' BQO.OGO
Increases
.
,
,
.
-
,
„
....
,
t
i ^ JSales marked "short^exempt'* are Included with ''other sales."
Leather
10.7
———
Livestock and
Petroleum
and
poultry—A?.7.1
products.--
Fertilizer materials-
A 6.4
—
4.2
—»
Shoes
:
06
Furnishings
05
„
Paper and pulp.'
Iron and:
0 5
steel--_~II"-„-IZI-"I—
0.4
Meats:i4£++^-^-.^,£+»i££+£i-^,/;::;4.2.:other: textiie'.pr6dpcts---«.-p.---,
Cotton
Moody's Common Stock Yields
For yields
in prior
<4Chronicle": 1941
the following back issues of the
annually from 1929), Jan. 11, 1942,
(also
——
2218; 1942 levels, Jan. 14, 1943, page 202; 1943 yields, March 16,
1944, page 1130; 1944 yields, Feb. 1, 1945, page 558; 1945 yields, Jan.
JL7, 1946, page 299.
Bituminous coal——
——
Woolen
and
«
2.4
product^—---—...
Hosiery and underwear
0.8
Lumber
0.7
Other building materials
worsteds—
Hides and skins—
Oils
and
i
fats——
Average
Railroads
(125)
1945
/Kov.j
Pec..
1945
January,
—
———;
1946—
(25)
3.6
;
4.8
-
;
3.6
3.4
4.5
•
•'.A 5.1
3.6
1946
April, 1946
May, 1946
June,
1946
July, 1946
3.4 Vffr
5.1
5.1
3.3
3.2
/
4.0
--4.8
:
=
-
3.3
3.7
•:/;
3.6
3.7"
•'/> 3.9
Insurance
«(10)
3.2
"
.
;
3.1
>:
Yield
(200)
,
<
; .2.9
;; 3.4
£;#]
'■HA 4.0
/' •''3.9'
-
3.4
;
3.2
4.0
3.8
.
;'+r;
Banks
(15)
(25)
'••^4.1,;;/::/
4.5
February, 1946
March,
Utilities
Cattlefeed
12.2
Grains
3.7
>
1.6
3.0
AV3 0
3.6
3.6
3.0
3.7
-
v" 3.7
r.
3.5
.a;
,3.0
-A3.1
3.5
5.2
"v 3.9 A.
3.7
:•
3.2
■#;
.
3.4
:3.5
■
'
•
3.7
.
•Based
0.7
*• 0.6
0.5
————
2.5.;.Other fy»ds.J.v_r.rr—
Other miscellaneous—————
0.1 ■■■■.'
,
,,
t 0.3
0,3
•
'
the
BLS weekly index of prices of approximately 900 commodities
changes in the general level of primary market commodity prices.
be distinguished from the daily index of 28 basic materials.
For
the most part, the prices are those charged by manufacturers or
producers or are
those
prevailing on commodity exchanges.
The
weekly
index is calculated from
one-day-a-week prices.
It is designed as indicator of week-to-week changes and
should not be compared directly with the monthly index.
which
This
'
:
A
_r:
Coke
Anthracite
,
than
liquidate
a
round
a
are
re¬
;
odd-lot, orders
long position which
are reported with
lot
"other 'sales.";
t
Redeem Panama Bohd$
of
26-year 3%%"1exrefunding bonds,
series B, due March 15, <3.967, of
the Republic of Panama are being
notified that
$115,000 principal
secured
amount of these bonds have been
drawn
by lot for redemption
through the sinking fund bhJ Sept.
.
.;; % 2.5 r
;
3.8;/
'
2.5
is less
Holders
1.2
—
-
exempt'^'
"short
0.1
,
Paint and. paint materials—-^—-.
3.7
$ 4.4
—
and sales to
ternal
12.8
marked
tSales to offset customers'
0.1
o.l
Fruits and vegetables——!——
6.2 Chemicals
Other farm products.—,-^!- ^
;5.4-"Brick and tile———i-.—^
Drugs and pharmaceuticals.
Nonferrous metals—^..—
"Sales
ported with "other sales."
O.l
—
——
-
iustrials
V * o.t
—
———
Decreases
page
MOODY'S WEIGHTED AVERAGE YIELD OP 200 COMMON STOCKS
0.2
2.9 'Cereal
—
Dairy products—-————-——
Clothing1
years see
yields
goods—
on
measures
index
•
The figures are based upon
sion.
101.6
140.6
materials
products
IRound-lot short sales which are exempted from, restriction by the Commission's
rules are included with "other sales."
»
C
be
United States, have already-signed
for
space
for
the
Exhibition;
Number of
105.7
111 commodities other than farm
#
also
explained. Accordingi tbuMr.
Harvey more than 125 mahufae-:
AND
144.0
members, their
tr
as a result
the
during the^war in
new products and
progress made
LOT
109.5
and
Association,^1 stated
Aug. 6 that
on
STOCK TRANSACTIONS FOR TlIEf
-M
92.5
lighting materials
members' purchases and sales is
the Exchange for the reason that
"I
.
for
143.0
C
87,231
on
7-27
157.3
Miscellaneous commodities
•The term "members" includes all regular and associate Exchange
firms and their partners, including special partners.
fin calculating these percentages the total
compared with twice the total round-lot volume
the Exchange volume includes only sales.'
reported
—110.8
Raw
87,703
Total sales—
n
allowed
allowed for
were
were
.
8-3
1946
124.1
Housefurnishings
87,703
purchases^——
sociation, it was reported'in New
on Aug. 6.
Lyle C.lf^vey,
President of, th^ Gas
Apj^jijancq
STOCK EXCHANGE
125.0
Semi-manufactured
31.3^
'•i
other sales
3, 1946
,'r.j ■'
—it 156.5
products
and
Chemicals
0
Customers' short sales
SCustomers'
leather
and
Textile
C. Odd-Lot Transactions for Account of Specialists—
/;<;
products
Foods
>
Short sales
{Other
commodities
Farm
3.11
Con¬
>
Qa.l As¬
York
.......
\11
4. Total—
was
J.^iri.^ri^
Annual
the
vention of the American
(1926=100)
54,380
Total sales—,
prices under
COMMODITY GROUPS
i
2,100
prices,
allowed late; in
corn
City,' N;
with
cialists* -iM:\aaaa
,
1.80
V;30,255
—
'Short
..
plios-
prices reflected
w>
3. Other transactions initiated off the floor—
p{'•♦Other' sales—.,,,,
with increases allowed
■
»"
.Lowera prices
,
''
Coke prices de¬
ceiling increase
a
FOR WEEK ENDED ANG.
27,000
—
up
cotton.
increases and other costs
cover wage
26,100
i
were
Atlantic
sewer
CHANGES IN WHOLESALE
900
i-
—.
sales
6%.
in
junction
pipe, northern white pine and tinuing a series of current figures
higher because of; July 1 freight rate increase. New being published by the Commis¬
feed."#
23,200
—...
Shoit sales
♦Other
over
substantial advances in prices
raw
ceiling, adjustment and
bolts, files
cattle
X. Other transactions initiated on the floor%,
rose
were
Butyl acetate advanced in price with higher
antimony were
4,885
sales-
There
Petroleum
up.
OPA increases for sodium nitrate and sodium
were
escalator
an
168,075
Short sales
petroleum products went
higher costs of
for hydrated lime.
they are registered
Total purchases.
level 3.6% higher
price reductions to
tpMmulate^^duction. -Increases imleuther
June.
•
£:#■■
a
sharp
were
shoe prices were- up under an OPA increase
and
9,495
Short sales—!«*+!--•
♦Other sales...-^—.
..
tallow and
advances which occurred during the period of uncontrolled
A, Total Round-Lot Sales:
.
There
Prices- of shirts
cover
"There
#### Totai for Week
*
goods.
17.34
\v-
k.,
of June.
end
prices, exempt from OPA control,
145,180
795,515
Edible
higher.
was
and coal and petroleum and
813,870
Short salqs
sales.
were advances in .butter
metal products, building materials and hides, but prices of textiles
4.49
271,445
♦Other
There
former OPA ceilings for a number of chemicals,
soaps, metals, and
241,475
Total sales
Prices of cheese -continued to
sharply.
Association, to be held
was
of supplies and prices of condensed
excess
the Gas Appliance Manufacturers
dustry
a year ago.
Commodities—Average prices for all commodities other
than at the
.
29,970
Short sales
JOther sales
4. Total— vJUTotal purchases—
,
adequate supplies,
more
182,620
WEEK ENDED JULY 20,
11.5%
was
ad^nces for Jmeat
than farm products and foods increased 0.6% to
2.11
136,850
IT
Total -'purchases.
v
v-
Initiated
I
I
-
were
were
sharply in price and salt
119.65Q ^
—
Sale$-^„»rr..
of
soy-bean oil, exempt from OPA control and in short supply, rose
77,100
Short sales—
*J»Otal
prices
highs and egg prices
quotations, reflecting scarcities of top quality.
10.74
532,400
——
sales——
increased
The ipdex for farm products
and evaporated milk rose
434,390
purchases
♦Other
in
Quotations for poultry, ewes and wethers
advance with demand in
2. Other transactions initiated on the floor—
Total
reflected
was
Renewed
dairy products, to a level 25.5% higher than at the end of June.
York with
98,010
-
onions, in good supply.
generally higher in Chicago because of higlier
livestock prices, while prices of beef and mutton declined in New
—
_
packers
Prices for citrus fruits
Cotton quotations declined from recent;
Meat quotations
,
Total sales
of rye; wheat' and barley
"Food prices rose 1.1%, largely because of
5,058,460
sales
lower,* while those for
were
higher than at the end of June and 21.2% higher than
and
fOther
large
hogs and lambs.
4,893,850
for Account of Members,
Except for the Odd-Lot Accounts of Odd-Lot
Dealers And Specialists: •
/
v
w
1. Transactions of specialists in stocks in which
they are registeredTotal
purchases
v
grains, fresh
some.
restoration of ceilings and ■ there
declines for potatoes and
were
B. Round-Lot Transactions
'ill
Quotations .for
Corn quotations were higher.
crop.
.
Total flales«.^M,^.—-—
prices of: .farm products
declined) reflecting reduced demand and increased shipments of the
averaged slightly lower.
164,610
...
weeW"
livestock advanced substantially^ Prices
*/•
;
,••
sales—^
Foods—Average
fruits and vegetables and
r^wv., cotton
Total for Week
A. Total Round-Lot Sales:
and
declined 0.5% during the
lower.
'
'
"Farm ^Products
cattle, and reduced shipments caiused, substantial price increases ior
17,54$ 6t;the total,trading of 1,389,225 shares.
Voial Round-Lot Stock Sales on Athe New York Stock Exchange and
/. i
''
Transactions!orAccounfof Members* (SliMti)
licly at the national exhib^qii qf
reported:
new
;
15, 1946, at 102^%.
Redemption
will be made at .the
head;..office
should
.
_
.
of
The
New
York.
National
City
B^k; • of
York, 55 Wall Street) New
;
THECOMMERCIAL&'FINANCIALCHRONICLE'
946"
Weekly Coal and Coke Production Statistics;
The production of bituminous coal during the week -ended Aug.
3/1946, as estimated by the United States Bureau of Mines, was 12,255,600 net tons, a decrease of 245,000 tons, or 2.0 %, from the pre¬
ceding week.
Output in the corresponding week of 1945 was
11*214,000 tons. During the calendar year through Aug. 3, 1946, the
cumulative production of soft coal was approximately 291,57.5,000 net
tons; which was a decrease of 17.2% below the 351,962,000 tons mined
in the - comparable period of i945r through,.Aug. 4. /. </-v, ,r ... ■
,, >; >1
'r
'
Production
of Pennsylvania anthracite for the TVeek en^ed Aug,
estimated by the Bureau of Mines, was 1,212,000 tons, a
tons (7.1%) ifrom the preceding week.
When
compared with the output in the corresponding week of 1945, there
was a decrease of 1,000
tons, or 0.1%. The calendar year to date
ahows an, increase of 8J2% when compared with the corresponding
:•
3, 1946,
as
decrease
of .93,000
period of 1945.
.
1
,
,.
^
,
production of bee¬
(
f
The Bureau also reported that the estimated
hive coke
showed
the ^ United
in
the week
States for
ended Aug,' 3,
1946,
compared with the output for
decrease of 7,500 tons when
a
Thursday, August IS, 1946
current month,
members of the vf'n-'.-V
V
industry, contend. ; Offerings. df
\The st6ckpile tif tiri : j(mfetal and
scrap have dropped sharply, in¬ metal contained in
ooncentrates)
dicating that scrap dealers expect ; on June 30 amounted to 54 852
,
the market to rise
later.
sooner or
Retail Store Sales
In June Reported
tons, which compares with 58,096 '.'
Sales of reta.il stores in Jujie,
However, c[uick action by OPA tons at the beginning of the year.
are
estimated
at; $7,700,0,00,000^
Of the total on hand^ 26,728 tons
abt^it/the:/Eamer as :1h^Ma3r;Jbui
ward is hot thougnt likely^ y in was
ih the
22% above sales in June a year
the event that scrap receipts re¬
28;i2iltons was hontaihed Ihs com?
ago, the Office of Business Eoomain low, primary lead will have
centrates;^,7-^!,J•„,
to carry an extra burden in a
HoMcs;^^Department
market
with
already
^Therey were,
V
i
-
new , develops annbOheed^uh?-Atigi ^ 7: ^ Durable
mehts in- connection 'with' the re¬ goods stureS registered a gain of
newal of the purchasing agree¬ 60% -twer June ';&■
poorly snppiied
The
metal.
^
>
Government is
'H-
no
"yeap^&givtandy;'
negotiating for the ptirenase oaf
ment with;,Bolivia.^...»- '*.♦. fVv- .rioh^durablb
goodsv'stdres & gain*
foreign lead for August shipment
The selling basis in the United of .15%, said the Department's re¬
to consumers. *
■
*; ; v\
;
States market remains
:
*
unchanged port, which added:
Sales hf lead during.' the; last
i at 52^
per pound for "Grade A tin. c'44After seasonal adjustment* the
week involved 7,729 tops
! Forward quotations were nomi- June index
of sales stood at 238
Ih his semi^annuaL report' tb/^a]iv! as SiAw<;.
(1935-39==100), almost unchanged
stockholders, Clinton H. Crane, i liaU^ as mL0^s'
Aug.
e«5Pt.
Oct..
for the third successive month. ^A
President of St. Joseph Lead Co., Aug. 1—_____
52.000
52.000
52.000
52.000 Recline in food store sales during,
said the company receives no sub¬ Aug. 2—52.000
52.000
June,
52.000
Aug. 3
;
52.000
52.000
reflecting
Shortages
of
sidy payments on its zinc produc¬
Aug.
5_L_—52.000
52.000
52.000
meats, fats, bread and canned
tion, except in the Joplin district. Aug. 6
> 52.000
52.000
52.000
goods, was the principal factor in
In the case of lead
the comr Aug: j 7__.
52.000
%52.000
,52.000
holding l do wn^overrall t sale? * ;tof
pany receives premium payments.
Chinese, or 99 %, tin, was un¬ about the May level. Total retail
In June, he said, under the five-¬ changed at
51.1250.
sales in the three months ending
day week operating basis and the
.
jthe
the
week ended July 27, 1946; and was 7,600 tons less than for
corresponding week of 1945.
1
'
'
.
ESTIMATED UNITED STATES PRODUCTION OF
'
*
i.-;,.*
j»
'.v.
"
■■
*
5 v'
-
"■
Totalisihcluding mine fuel.>
..rwRevisel.
?*■
1948
Ended ? "
..
—to Date—
| ?J«ly 27,
;iAug.'4/v
tAug: 3,
Aug*"*;j
;i946
;
4945 , ; ; 1946
1945 - ^
..
^AugiS,
Bitumlnoos-coal & lignite—
I Dailyj average
''!'!•
" i1
-
.
.
,
,
11,214,000 291,575,000 351,962,000
1*869,000 T4,623,000" 1,920,000
12,500,000
2,083,000
12,5 25,COG
2,043,000
w---™-.
.72GNITE
JBlTtBAINOUS COAL
{In Net Tonsji
r
increased labor rate, the company
approximately 9.30 per
pound, f. o. b. smelter, under the
Price Plan for its lead
Premium
tSubject to current adjustment.
ESTIMATED PRQDDCTION ,OF PENNSYLVANIA
,
j
(la Net Tons)
WrM;:
'■
' -1£ tdfv--;
-
§ July 2 7,
JAug. 3,
'
1946
Penn. Anthracite—
"United
Aug. 4,
Aug. 7,
1946
1945
ly37
1,305,000
1,213,000
35,263,000
32,576,000
31,736,000
1,255,000
1,166,000
33,902,000
31,322,000
30,149*000
'^Includes; washery
117,300
19,800
3,640,800
2,109,700
117,400
2,173,700
and dredge coal and coal
shipped, .by truck from Authorized
{Subject to revision.
^Revised.
fExcludes colliery:luel.
operations; *
Aug. 3,
1945
1,212,000
total—
States
V
ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL AND UGNITE,
BYSTATES.IN NETTONS
f
current
-Week Ended
.
1946
■Alabama-.
i-
Arkansas -and
-
418,000
7,000
,.-n
;
-
r
82,000
85,000
v
96,000
102,000
n
'
1,000"
-Georgia and North Carolina.
Illinois...,
'
and Missouri.
•Kentucky—Eastern—
^Kentucky—Western.
Metyland
Michigan—.
....—
Montana (bitum. & lignite)——-
118,000
133,000
1,207,000
1,203,000
454,000
•;
.53,000
4,000
v
420,000 ;
54,000
5,000 :
,
New a/rpyip.n
Pennsylvania (bituminous)———
Tennessee—_—t-x—
—x—
"Texas (bituminous & lignite).
Utah—.
*tWest Virginia—Southern
2
IWest "Virginia—Northern—L"
'
733,V00
3,051,000
;
"
152,000
1,000
137,000
e; 398,000
20,000
2,456,000
915,000
Wyoming-J
27,000
29,000
.
1,000
a
Virginia.
Washington.
lieve.
■
shipment.
these levels.
2,090*000
1,108,000
190,000
fium
;
Ngnite
v;.;/ V'
•
c:
»
Office of Metals
..
.
,
at
remains
at
was
$80
London silver
advanced to 55V2d.
platinum
was
an ounce
raised
Refined
sharply
to
troy, wholesale tots,
with the so-called outside market
at
$82J50 bid.
more
'buying
'Silver.n... The
There was
interest
in
may now
of
sell copper
14%0, Valley.
copper
on
Production
is increasing.
eign
program
copper.
the
automotive
the
same
period a year ago. How¬
automotive sales -were still
supply was far short
of current
,
demand.
"In the home furnishing group
second
months
Consumers have been notified
on
of foreign
copper
premiums
/in
the
8.100
52.000
8.250
52.000
8.250
8.1 OO
14.150
V; 15.92b
] 52.000
8.250
8.100
15.925
52.000
8.250
8.100
Aug.
6
14,150
15.925
52.000
8:250
8.100
Aug.
7—
14.150
15.725
u52.000
8.250
14.150
15.925
t
Zinc
•
St. Louie
-8."250
8.250
refinery^
.
8.250
~
of
8.100
8.100
8.250
New York lead, 8.2500;
8.250
St. Louis lead, 8.1000;
M's^^ppralsalofthe maJorUnltei
pound.
.
<
' >-
•
■'
dur*^
was
second
/'''
?
quarter of this
Men's clothing showed the
year.
greatest
rise
(2.5%).
Women's
clothing increased 0.6 %.
"In
over
cities
ference
a
third
of the indus¬
included in
Board
jumped, 15%
ing
the Con¬
survey,
or more
prices
during the
Cities show¬
greatest ;riseiwere:-FoKet*if
fllinbis?:-
i(up-*T3F%|4' ^.MustaEgbri,!-
Michigan -(up- 2.fi %, and Denver,
Colorado tup 2.4%).
^Since,
the
index
,
applies
to
Jpae 15 (June 13 for food), price
and ingot bars, rises
duringtbep^^
U.075C. up, and
am extra :0.75c. was inoperative are not rejected.
Cathodes* In standard sizes are sol0 at a
,■■■
■; -V'.
;Quotations for lead reflect-prices obtained
the
prompt And future tyTareb-ylune period. -
copper-
depending on dimensions -and -quality;
Food
■survey.
trial
90.1250.
^
domestic
In all but: one!:
the 65 cities included in the
"Liring costs
of
8.250
3 nre: Domestic
14.1500/eiqport^copper,^ Refinery,^15,9250;
.
Board's advices Aug. 8 added:
ing
52.000
month.--
I :^
cost
1921, according to the latest quartoriysjsuryeyi-ofgiving costs' justreleased by the National TbdUfetrial
Conference ; Board; -f The v:
8.250
8.250
markets, baaed on sales reported by producers and-egencies. They are reducco
New York or 6t. Louis, as noted. All prices are'ln cents per jpound
trade,
Conference Board Says
*
Average prices for calendar: week ended' Augx
the
Living Up
levels-itt-21ryears^^
Quotations lor zinc are lor ^ordinary Prime Western sbrands. Contract prices for
High-Grade zinc delivered IntheEast and Middle Westinnearly all -Instances com¬
mand a premium «of -ic. per* pound over the tsurrent* market -for;'Prime" Western - but
not less than lc. over the "E. As M. J." average for Prime Western for the prevloui
What is generally viewed as a
consumers
St. Louis
'14.150
up,
to
New York
5
discount lof 0.125c. per
available
?
—Lead—.
-
Quotations lor copper -are "fart ttmt",ordinary-forms <oL .wlre'bars
yorr standard ingots an extra 0.05c.. per: pound 4s.? charged;: for. slabs
for cakes 0.125c, .up* depending .on weight, and dimensions; for billets
lhai jthey
yet been told to release the metal.
New York
-
Effective March 14, !the«eitpert Quotation- for ^copper reflects pricee* obtaining In
the open market and Is based «n sales in the foreign market «?educed
to^the fx.b.
refinery equivalent, Atlantic! seaboard;--?'Oii^K-acswtrMsactiona we deduct 0.075c, lor
lighterage, etc^ to arrive at> the f-olh? refinery /quotation...
v:-;;;.
special shapes.
are to receive for Au¬ muddled price situation in lead, is
gust shipment, but agents have not reducing the supply that will be
15.925
straits Tln^
-V-
QUOTATIONS)
prices are «quoted mi % d^vCTed^baslsrjthat. is,
delivered at consumers' plants:- As delivery^ :chgryea .Ta^;Wtth;.-4a>e; destination,■ the
figures shown above are met'price»i«a!t'" refineries" on the'Atlantic seaboard.
Dellvereo
prices In New England average o^25e:per pound above^the refinery basis.- / ;
by Metals Reserve hi reference to
-
55;i;.,•/•
("E. A M. J."
Aug.
copper f.o,b.
Cost of
The
14.150
In
Though the demand
by OPA
allowed for
price more in line with the re¬
/- Copper, lead and zinc 'Quotations' axe? based* on-sales for . both
deliveries; tin Quotations are lor prompt Uelivery ^onay/ - >
■: ; :;
hope for early favor¬
able action
,
Aug. 6, bringing the
3
——^
Vt
quotation for silver
2
^
^
pared'with the same^ period of
1945, and food and drug- stores
on seach had -sales of about 20%."
to the basis of cash,
longer exists.
no
Refiners
on
-
Aug.
States
for acquiring for¬
temely tight situation of recent
occurred
Tbe Above •9uctation*4re"E.4fcM*
Moreover,
quick-
publication further
in the London
|
/
Aug.
Average
been
upward revision
15:925
of
for copper remains high, the ex*
■
St. Louis zinc, 8.2500 and rilver,
the Government has resumed its
buying
-f
Exp. Re4y.
14.150
Straits tin, 52.0000;
the basis
little
a
■'i.iliG■: Copper
the''tonnages
in
living, rose 1.4%
ad* cently advanced United States between March 15
and June 15
London
aow
quotes of this
$35.0smiuna market.
year to reach the highest
Dora. Refy. f:
rule last week that all operators
went bn to say in j>art as follows:
r"
/
comparable periods in
Sales
group during the second quarter
1946 were about double those of
Ruthenium
$125.
1
Aug.
resumed, and, on sales closed during the last week covering fair
tonnages, the settlement basis was the price prevailing in the world
mafftet, equivalent to 16c., f.a.s. Atlantic ports.
Negotiations for
acquiring substantial tonnages of foreign copper for third-quarter
delivery have virtually been com-®"
pleted. GPA moved up the ceil¬ General settlement of wage is¬
ing price of silver to the basis sues by producers caused OPA to,
at 90 %0.f
over
1945.
resumed
elsewhere
t\
The- expected
unchanged
—Electrolytic Copper^—
■stated:^ "Purchasing of foreign copper by the Government has been
Congress, and the New
*
DAILY CRICES OP METALS
Metal and Mineral MarketedAug 8,
York official quotation was rees
.
-
shown
this page.
nominal at $100 per ounce.
is
Purchasing
Foreign Copper—Silver 90Vsc^—Platinam Up
tabliriied
New York
were
Aug. 1, and Handy & Harman
quotations
$2$; iridium at $125; and rhof-
dium
Non-Ferrous Metals— Gov't Again
fixed by
the
dropped from the table of daily
April
" ^'
■
palladium
■
,
from price contr^ on
vanced to $70, from
'
in
silver
market> conditionS" and/ has
OPA removed platif
ounce.
11,928,000
Clay Counties. ^ tRest 'Of State, including
.Mineral, and Tucker Comities, -v {Includes Arizona
Oregon,.'•Less than 1,000 tons.
M.
for
agbMpbsted^van^ffi0ial£!^ota-
selling on the basis of .$36- per
the B. & O. in KanaVha, Mason, and
;
on
date of
29, at which time the metal was
<■ •
12,500,000
12,500,000
,
the Panhandle District and Grant,
-and
on
tions -were $13
125,060
373,000
>••• 26,000
lt^Includes operations onIheW SSs W,j~- A04*,6Tintfnlan;-^ste-if.?
on
price
The
142,000
21,000
2^58,000
858,000
168,000
iOther Western States-^—.——.
and
market
the
.409,000
r
.
158,000
Total bituminous
market
basis
the
sold oh
metal
covered
Transactions
with few exceptions,
week,
gains
below the 1940-41 volume and the
Silver
future, trade authorities be¬
Sales closed
during the
near
goods stores recorded the heaviest
ever,
York.
the
quarter 1946, jas
quarter,
durable
first
the
quarter 194*3 sales were
64% higher than during the first
tion; establishing the market at
quarter.
Sales by the building
Reserve has not yet released any 9oy80. The quotation covers trans¬
materials and
hardware
group
actions in foreign metal, and do¬
August metal, according to ad¬
were up
49% and jewelry store
mestic and Treasury silver if such
July 28,
sales were up 28%. Building ma¬
vices from Washington, and may
1945
silver enters into New York mar¬
terials sales declined 7%, reflect¬
386,000 not
act until' metal? begins tb
5,000
ket transactions.:. The,official quo¬
ing inadequate supplies of build¬
more
freely on the 8%0
96,000 move
tation is, based, upon the market ing materials. In the non-durable
126,000
basis.
'' \. /'l4<
r
1,000
goods field, department store sales
prices of bar. silver .999 fine for
1,466,000
increased steadily throughout the
Por^gn zihe sold^pn fhe basis
497,000
nearby delivery in
New Yoric second quarter
of
1946, and on a sea¬
100 per pound for Prime West37,000
prevailing eadh day up to the time sonally adj usted basis reached an
114,000
980,000
all-time high in Jxrne.: The gam
the quotation is issued.
Platinum Metals
410,000
was
^part>? aif raflectiottr<£ in^
38,000
QPA ' raised, the .ceiling price
Effective Aug. 5, leading-sellers
creased :'quantities- -of. durable
2,000
on Aug.
1.
of
Tefined
79,000
platinum advanced- the
"goods
vS-'.r"
"28,000
A
separate quotation for di- ?
"Filling^ "Station,| apparel and
36,000 price on Wholesale lots to $86 per
mestic newly mined:silver is no general mersaiahdise
709,000
groups each
troy ounce and on sales ,to conf
2,870,000
-showed increases of about 30%
Previous quota¬ longer required under prevailing
135,000 sumers to $83.
ifar ^the second quarter: 1946, com¬
1,000
•
;
in
"In the second
in
s
•J-«9,000\
60,000
■26,000
33,000
712,000
3,080,000
132,000
...
North & South Dakoa (lignite)—
.
1,428,000
569,000
31,000
;y?32D00
Iowa—.———
Kansas
1,000
>
1,429,000
510,000
-
Indiana
.
difficulties
into
run
on
:
,
Oklahoma
Colorado---^
1946
.
405*000
^ 7,000
'
Alaska-
July 20,
JulyJ27*
State—
pre¬
of Prime
High Grade,
both in heavy demand, are likely
to
29% above the same
were
firmer
a
prices.
On spot, quo¬
tations continued at $98 to $100
per flask.
Nearby metal sold in
fair
volume
at
$97 per flask.
Italian quicksilver was offered by
several sellers, but prices named
were somewhat
higher than the
prevailing selling basis in New
the metal, and consumers
of
..v
.wee"kly estimates jBMhased - on Tailroad cafloadlngs and river
shipments and are subject to revision on receipt of monthly tonnage reports from
district and State sources or of llnal annual returns from the operators.).
(The
the
over
several sellers took
position
Western and Special
last
--
and
'
vailing price ceiling on zinc con¬
tinues to restrict new business in
pxoduc. 1,165,000
*Total, incl. coll. fuel
tCommercial
Aug. 4,
.!
1946
•
Dissatisfaction
-Calendar Year to Date-
-Week Ended-
*■
• •
.,;
Zinc
ANTHRACITE AND COKE
June 30
Quicksilver
.
peroid of 194$ anil only 2% beld#
; There /was* s6me improvement the first quarter
peak, after sea¬
in business during the last week,
sonal adjustment.
;
v-
received
production.
,
.
.
^Compared
family
June,; V 1945r;
to
budget items. Etood
-
and (a':;half a, p.
■'
:.p:\
forrcommon.>lead^-bnly^'.^^:^:/.^-'.! surveyed.
-
•'
•
one
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4516
164
Total Loads
Revenue
Fresghl Oar Loadings During Week
£nded Atogi S, I846, Decreased 12,118 Oars
,
Loading, of
T::.
",1(
Raatliarai Dlitrict—
V
—
Atl. A W. P.—W. R. R. of Ala—
—
731
—
12,532
767
t
Line——
3,851
on! Aug. 8,T This was an increase above the corresponding week of
1945 Of 34,485 cark, or 4.0%,.and andncrease;above the same week in
Central of Georgia
Charleston a Western Carolina
Clinchfield
2,057'
1844 of 8,801 cars or 1.0%;'
Durham a Southern
;
"X Loading; of revenue freight
V
for the Week*' of Aug/ 3 decreased
1.$% .belowthe preceding week.
carsur
Miscellaneous freight loading
383,852
totaled
2^14 earsvbOlow thej-pfeceding week^
above tho Corresponding Week-in 1945.
but;
cars
decrease of
a
fhcrease of 508 cars
an
1
690;
—
Columbus a Greenville—.
;;
.
38i
,
Gainesville Midland.
1,299
;
^
i
,:y;
249.
Nashville, Chattanooga a St. L.
Norfolk Southern
802
it
460
:
404
i-t;::''.
:
,
of
■
■
Grain and grain products loading totaled 56,392 cars, a
.2,729
;;y
decrease
below the preceding week and a decrease of 7,259 cars
cars
10,145
Southern System
yy
27,140
Central
yy
Winston-Salem Southbound..
—
TotaL
4,052
991
V
380
425
k 8,811
24,384
694
134
130
118
:
v
25,511
821: yyy567-°
125,663
1.1,682
1,604
,
413
:
'
12,080
669
,t
•
643
10,975
3,067
5
2,450;
!ip4,840
t 17,085'
:#y i;. 0 ,
9,133
435
Seaboard Air Line
v
769 t
3,815
299
1,052
Richmond. Fred. a Potomac
109
2,438
239
3,169
Piedmont Northern
i,040.
88
25,877
r
212
1,373
28,795'/: t 15,182
399
1,610
2,816
"
y„v-, 823
548
,
Livestock loading amounted to 16,853 cars a decrease of 1,104
cars? below ^he preceding week but an increase of 3,396. cars above
the corresponding week in i 1945.
In the Western Districts alone
loading of livestock for the wbek- of Aug,' 3 totaled 12,830 care a
decrease of 366 cars heldw the preceding week, but an increase of
3,035
the corresponding week in
V
;
.
below the
below the
preceding week and a decrease of 3,389 cars
corresponding week in 1945.
V
^
loading amounted to 13,471 cars a decrease of 356 cars be¬
low the preceding week, and a decrease of 587 cars below the cor¬
responding week in 1945,
•
Coke
n
All districts reported increases compared with the correspond¬
ing week in 1945 except the Centralwestern and Southwestern, and
all reported increases compared
with 1944 except the Northwestern,
Centralwestern and Southwestern,
8,196
24,534
858
1,121
1946
1944:4
1945
;
4
weeks
4
weeks
5
of
March—
weeks of April—
January
of
February—
—
3,158,700
2,883,620
2,866,710
3,003,655
3,052,487
3,154,116
3,982,229
4,022,088
3,916,037
V
•
of
weeks
2,604,552
3,377,335
3,275.846
4
weeks
of
May—.
2,616,067
3,456,465
3,441,616
5
weeks
of
June—.
4,062.911-
4.366,516
4.338,886
4
week 3 of July—
3,406,874
3,459,830
898,395
3,379,284
863,910
23,321,358
.25,521,740
25,634,625
4
We.sk
of Aug.
3—.
total
y
>
889,594
The following table Is a summary of the freight carloadings for
the separate
19,821
15,400
15,822
the week ended
over
Aug.
4,1945/.;/^^\
T *
REVENUE
LOADED
FREIGHT
AND
RECEIVED
FROM
3,240
11,358
11,337
4,301
4,258
258
241
(NUMBER OF CARS) WEEK ENDED AUG, 3
Total
Railroads
} -\
■
'
l9*b
'«iMtern District—
1940
>
Connections
1946
1^44
...
1945
'
'
am
1,233
7,638
Aroostook—
oston a Maine—;
1,190
elaware a Hudson
4,907
letrolt, Toledo
& Ironton-
»
letroit a Toledo Shore Line.
rlei.
.I———
.
2,454
8,570
eftigft Valley—.—-
3,053
——_^..«
York, Ontario a Western
1,221"
York. Chicago & St. Louis.
7,617
307
IttSburgh a Shawfnut—
ifctSburg, Shawmut a North
tttebargh a West Virginia, .
^UOnd—W.,,
fWati.MiMMi
■.
>i<
>««' i«n*
2,060
1,688
1,359
9,165
8,342
10,580
2,825
6,249
2,354.
6,154
2,591
T
Jersey
I
all.—
1"
956
6,981
23
53,621
51,639
■9,195
16,502
16,142
1,262
6,745
y '•
1,408
7,801
7,490
.8,386
v: 874
8,576
9,21V
.7,702
7,058
.
1
220
1,303
377
364
6,449
5,885
161,982
urt ti
' ml* m CmU*
^
116
261
11,372
2,953
1,285
11,213
3,803
4,293
1,240
"5,626"
5,967
160,953
31
«
2,697
•
210,788
213,132
1,118
27,482
2,079
617
749
704
1^26
43,458
46,800
47,632
25,655
; 0,512
1,444. ;01,401
6,737
6,721
6,629
406
165
46.
^
2,564
>&
.
"
Lines.
Co.——-
r
2,468
V
1,279
6,771
Total.
~
rirgihian—————
819
528
6,836
616
2,539
2,709
3,306
2,520
4,961
137,198
131,880
139,788
67,656
75,083
28,142
2,925
27,479
28,163
11,821
15,644
Bingham a Garfield
Chicago, Burlington a Qulncy.
27
75
11,189
13,558
3,487
3,217
3,109
626
970
14,055
13,782
14,344
13,804
14,235
3,019
3,050
2,884
778
807
3,641
3,641
Clty.
aiinols Terminal
.
....
629
783
77
881
1,105
1367
1,500
2,008
527
2,255
2,051
2,638
1,108
1,218'
1,214
1,457
966
1,142
880
6
3
33,186
33,323
34,034
0
339
296
16,499
.18,481
.V 643
18,352
851
;
Western Pacific—
/
TotaL
1,812...
138,203
y
0
10,287
16,090
O
2,052
17,673
20,299
Xv-VV
4
1
.
3,207
5,506
87,689
112,064
,y
141,804
92
1,008
0
i
2,1(19..
140,182
597
1,142
484
2,118
^
78
-
74
1,772
6
Toledo, Peoria Ac Western
Union Pacific System
Utah
4,784
2,116
7,161
539
2,145
■y
3,761
1,715
4,883 I
926
Peoria a Pekin Union
Southern Pacific (Pacific)
4,087
-1,287
Nevada Northern-—
North Western Pacific.
4,043
450
20,178
Denver & Salt Lake-.
Missouri-Illinois—
3,497
337
22,020
835
Port Worth a Denver
3,840
228
22,526
Chicago a Illinois Midland-
Chicago, Rock Island a Pacific.
Chicago a Eastern Illinois-
3,878
T
328
298
988
557
Gulf Coast Lines
4,059
4,100
5,663C^T 2,359
International-Great Northern—J——.
2,269
1,375 V A
2,446
1,343'K
2,640
" 3,408
3,688
5,528
2,513
3,038
3,894
2,195
2,272
3,044
1,717
3,284
2,780
313; "' 1,346
1,416
369
399
City Southern—U———.
Louisiana & Arkansas—
Litchfield & Madison—
451^
■
Missouri Pacific-—v
Quanah Acme & Pacific—
St. Louis-San Francisco
139"
10,540
;.
St. Louis-Southwestern—
2.8S9
Texas & New Orleans—
Texas a Pacific—
TOtal
-
tlncluded
Oklahoma
a
Ry. only in
1944 and
6,692 i '
:
;
394
7,723
4,817
5,412
8,761
5,903
6,049
> 4,976
"S: 99
6,451
6,433
63
47
g 29
11
A A 3,259
v
82
118
27
25
;
19,619
209
;
-
4,791
4,081
18,563 >14,303^
9,792
5,668
in Atlantic Coast Line RR.
Gulf
84 1
'
10,691
3,671
9,308
65,997
1,635
3,202
i
48
4,887
-
-
;
2,946
133
*8,622
—
-
WVxv '
5,719'pvC' 6,610
18,474-i-18,293
-
924
308
Missouri a Arkansas^—
Missouri-Kansas-Texas Lines
931
V 12,347
& 69,973 M
^
75,768
7
58,119-'^
66,464
tlncludes Midland
Valley Ry. and Kansas,
also Oklahoma City-Ada-Atoka Ry. in 1945
year's figures
Weekly Statistics of Paperboard Industry
We give
herewith latest figures received by
us from
the National
Paperboard Association, Chicago, 111., in relation to activity ill the
paperboard industry.
34,979
25,508
The members of this Association
industry» and Its program includes
represent 83%
a statement
member of the orders and production, and also
cates the
actiyiW oi the^^ mill based
on
.
of the total
each week from each
a
figure which indi-
the time operated.
These
figures are advanced to equal 100%, so that they represent the total
Orders
Period
'/
Xv, 4,880
»«
Production
Tofts
229,120
Percent of Activity
Remaining
.Tons
Current Cumulative
Ton#
■,
605,28^
174,591
;
191
96
96
'4,269
93
96
1,753
88,156'
2,296
142,001
139,693
65,616
61,084
567.068
186.073
160,607
24,525
27,201
591,496
7,417
567,087
11,437
13,342
136,211
157,746
166,050
161,240
6,913
€ 19,824
V"
Unfilled Orders
Received
1946—Week Ended
5,078
180.587
164,787
5-4,449
;•
16,129
22,262*
4,420
14,333
V 7,297
7,165
1,749
v
^
-
5
2,209
•152,293
4; 163,148
V
*
166,841
118,542
v
.
56,513
5
5
25,042
23,839
i
Up in July—Orders Rise
Increased deliveries of railway
freight cars and larger orders dur^
ing the month of July were noted
in a report issued Aug. 12 by the
American Railway Car Institute,
representing the car-building in¬
dustry; which states:
Orders for domestic freight cars
than tripled .the previous*
more
totaling 11,086, as com¬
3.,064 placed with car
month,
pared
to
builders in the month of June. In¬
in deliveries reflected the
resumption of operations at plants
which had suffered shutdowns be¬
crease
cause of
a lack
liveries
in
of materials.
.
De¬
July totaled
2,570,
which was considerably below the"
capacity I of
the industry,
but
represented am in¬
the 2,094 cars deliv-A
ered in June,.
*
XX
over
.
Freight
car
car
orders placed" With
builders during the first seven
of
1946
totaled
26,248,
months
while
deliveries
for
amounted to 16,852.
that
period
Total domes¬
tic freight cars on order with
builders and
undelivered as
Aug. 1 were 41,663. ; ;■ A.
Included
are
figures
car
of
"■ ■ ■
4 - :t
for
com4
pany shops which revealed new1
orders of 4,150 freight cars and
deliveries of 863 during July."
:
Lumber Movement-Week
Ended Aug. 3, 1946
f
*
the
to
National
Barometer
were
Lumber
8.7%*be-
ing Aug. 3,1946. In the same week,
new
orders
of
these
mills (were
12.3% below production.
amounted
to
71%
Unfilled
reporting) mills
of stocks.
.
For
reporting softwood mills, unfilled
orders are equivalent to 26; days'
production at the current rate, and
gross slocks are equivalent to 35
days' production.
^
year-to-date, shipments
reporting identical miller, ex¬
production by 3.8 %j or-?
ders by 2.5%.
/
Compared to the average cor¬
responding week of 1935-39, pro¬
duction
of reporting mills was
7.4% above; shipments were 1.7%
above; orders were 4.1% below.
83
96
96
96
Appointed to Insur. Bpara
96
569,916
97
558,129
98
596,425
70
95
Wm. E.
v;: i4i,476
599,527
87
95
of the Metropolitan Branch Office
149,547
158,210
588,429
64
95
of the American
161,405
575,590
95
95
and
93
95
,149,865
215,730
;v
167,192
620,354
Surety Company
Surety Fire Insurance'
Company, New York, hasJoeem
N»l«a—Unfilled orders of the prior
week, plus orders received, less production, do
necessarily equal the unfilled orders at the close.
Compensation] tot delinquent
reports, orders made for or filled from stock, and other items made necessary adjust¬
ments of unfilled Orders.
■■■/.■
Ehrmanntraut, Manager
127,832
not
50,991 5
it i. ii ■I.
ceeded
2,403
>
.
of
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
2,929
29,831
* tXki * i
For the
STATISTICAL
96
S6,718r
on
Fteigm Car Deliveries
order files of the
97
160,820
hotel
same
low production for the week/end¬
92
194,248
the
Chairman of both committees.
'.■V7v>.4f
Trade
591,206
4,370
at
6 and 7, pursuant' td a
being issued by Commis¬
5,
call now
porting
595,427
565,225
4,051
meet
Sept.
Manufacturersi* Association,
lumber shipments of 393 mills re¬
165.911
192,056 y
Rates
ber
revised.
162,563
•
meeting, the Committees
Legislation and on
and Rating ■ Organizations
According to the National Lum¬
NOTE—Previous
155,747
14,089
19,531
The
saidi
Federal
on
and 1946.
159,370
131,133
17,718
to the
Secretary-
as
"Following the Executive Com¬
mittee
crease
7
14,536
a successor
Read
nevertneless
| Southwestern District—
71
18,206
G.
3,546
135
2
15,472'
Jess
5,112
383
19
.
late
3,679
7,427
11,462
178
ttch., Top. <* Santa Fe System——..
\iton
45
1,941
principal matter' before the
Executive Committee will be the
sioner of Insurance C. F. J. Har¬
Central Western District—
18,370
55
The
rington of Massachusetts, who is
7,242
Spokane. Portland a Seattle.
in
con¬
74
153
1,835
65,266.
I.
4
presently
2,674
58
12,757
—
District—
meeapeake a Ohio
idrfolk A Western——
n-»i
904
221
-
88,127
-
■
T
is
2,404 -A
2,003
7,353
12,331
Minn., St. Paul a S. S. M.
TotaL
v
10,115
106
1,975
194,915.
is
15,769
•:554'
92,133
4,909
fatal.in.-
<
46
321
T 1,149
380
■
15,484
1,989
463
880
.
344
|
■*
Paeahontaa
543
3,111
2,123
3,200
2,615
14,178
••
463
5,347
'484
1 '•
Pennsylvania—.———
Valley
leading Seashore
Ivanla System.
g
420
2,272
7,803
80
279
50,758
August 1. Com¬
on
ly elected President of the N;A.I.C.
will
0,183
XV-
133
2,892
204
25
"'V
•
3,214.
>'■
"
Srlfipdmxi
V
2,272
1,325
8,674
€.526
Indiana
rtand a
25,203
;
.
industry.
Lake Erie.
il R. R. of New
;r
544
21,496
2,597
Northern Pacific..
906
9,204
388
Minneapolis a St. Louis—
1,663
2,347
was
announcement issued
an
ferred with Superintendent of In¬
surance Robert E. Dineen, recent¬
3,615
666
9,148
384
Lake Superior a Ishpeming.
Weatherford &. W. & N. W.——.
District—'
A Ohio,
A
722
8,465
22,052
Wichita Falls & Southern
1,782
1,009
171,053
•'
i;
Cant oh A Youngstown—.
rta
912
y
8,625
—.
173
2,897
v
$49
6,359
her &
'
'
12,698
2,457
1,131
%tm
,
3,831
25,527
429
10,144
143
7,339
rbeettng a Lake Erie*—mi
gheny
4,062
25,215
933
'
236
139
6,680
fabash—i————~
lore
"
9,562
*
241
7,909
Y., N. H. & Hartford——
Y., Susquehanna <fc Western,
ltteburgh A Lake
ere Marquette
.
.
11,276
7,685
,
2,448
16,462
10,483
jw
60
2,161
8,275
50,638
10,066
ew
2,001
.69
3,387
-
.
2,313
2,257
16,124
52,760
-
;;
y
'
300
York Central Lines—__
•w
——
13,102
13,103
3,898
2,539
y
13,489
381
2,514
Contour
-
1,492
362
,
3,873
5,576.
ionongahela.
1,086
5,036
638
12,014
65."
ehigh a New England,
r*tne Central
354
•
5,085.
ehigh A Hudson River.,
-yf: 23
1,790 "
2,522
-
1,312
50
243
13.026
i———^
rand Trunk Western.
1,133
1,119
7,874
416.
—
'v
;
.
6,865:
4,728
■'
7,897
wlaware, Lackawanna & Western—wtrolt a Mackinac
.
1,693
1,099-
'6,963
31
—
.
eutral Vermont-—————
294
1,483.
,1,447
btcago, Indianapolis & Louisville
e^tral Indiana—
.
346
374
Arbor
iwogoT a
21,681
3,385
27,983
'
Kansas
Received from
Revenue Freight Loaded
r'iVv.
•'•••■ ■' 'V \i
2,669
22,660
tK. O. & G., M. V. & O, C.-A.-A
'<
Total Loads
W:
Great Northern
2,557
23,338
Burlington-Rock Island^—
yy
CONNECTIONS
stated in
Treasurer of the Association.
railroads and systems for the week ended Aug. 3, 1946.
During this period 80 roads reported gains
Syracuse, N. Y., for Sept." 4, ft;
by the National Assn. of Insurance
report further
Denver a Rio Grande Western.
•
Commissioners,},has
meeting of the Executive
a
Committee at the Hotel Syracuse,
appointment of
112,866
19,252
Colorado a Southern
r
Insurance
called
City, where he has
108,722
21,829
,2,586
.
Spokane International.
amounted to 71,030 cars, a decrease of 1,292 cars
Ore loading
,
1945.
of
New York
Northwestern District—
Chicago Ac North Western—
Chicago Great Western.-—
Chicago, MilWi, St. P. a Pac..
Chicago, 8t. Paul, Minn. a Omaha
Duluth, Mlss&be & Iron Range—
Duluth, South Shore a Atlantic
Elgin, Joilet a Eastern
Ft. Dodge, Deg Moines a South.
Green Bay a Western
above the corresponding week in 1945.
cars
Forest products; loading totaled 48,812 cars a decrease of 2,788
cats below the preceding week but an increase of 2,651 cars above
is
Chairman of the Executive Com-*
mittee of the National Association
Larson
below .the corresponding; week
in, 1945. In the Western Districts
alone, grain and grain products loading for the week of Aug.
totaled 37,747 cars, a decrease of 1,364 cars below the preceding week
and, a decrease of 4,209 cars below the corresponding Week in 1949.
Ed¬
who
Commissioners
8,340
•/
Florida,
missioner
yt 1,464
827"
1,112
,
of
470
1,650
■
Larson
833
4,523
8,105
8,237
25,710
y
116,846 t. %2Q,520
Insurance Commissioner
win
4,187
-
713
.
4,292
3,704
,
v
3,238
v
"374 -'
1,108
24,353
236
0
•
vxvm-v
'
26,689
'
cofrespOhding! week in' 1945, "■
.
,
54
693.
26,793
s.
Mississippi Central
;
i, <
Group fo Mast Sept. 4
10,333
>
4,693
v 1,658
,
4,832
26,423
2,301
.yyt'; t
t
9,021
i-l 145^
889
•
Illinois Central System
Louisville a Nashville
Macon, Dublin a Savannah
fCoal loading' amounted to 184,522 cars, a decrease of 3,771 cars
below the preceding week'but ah increase of 20;103 cars above the
:
1,266
693
4,789
1,838
yttv/
180
84
778
v: 'y;
.
Loading of merchandise less than carload lot freight totaled
123,465 cats an increase of 2,236 cars above the preceding week, and
an increase Of
19,064 cars above the corresponding week in 1945. V
6i6
1945
v
348
3,787 tS
5
1,931
-:
104
;
907
619
■
1946
y
tti;';/' 549
.9,684
»
1,582
242
89
y; sol
Florida East Coast-
GeorgiaGeorgia A Florida—.
Gulf, Mobile a Ohio..
Connections
776
v;
t
10,919
3,786 '
Insur. Commissioners
Received from
:
.
Atlanta, Birmingham a Coast
Atlantic Coast
Total
Revenue Freight Loaded
1946
1945 •
1944
346
:
382
''505
'
freight for the week ended Aug. 3, 1946
revenue
•>.
> Railroads
Alabama, Tennessee a Northern
totaled 898,395 cars the Association of American Railroads announced
12418
947
r—'
TV
w vv
v>,
Jiff
.
...
.
u
p.*»;t.'Qf1. is'-f,4-
the
appointed
a
member of the board
of directors of th^
eration
Insurant'Fed-'
of New York.vul
L>«»_.
'.1^4 I
948
THE COMMERCIAL & FINANCIAL CHRONICLE
.
n'A
01
rA, p'.-from
Items About Banks,
Trust
from $400,000 to
$600,000 and sur¬
$200,000 to $400,000.
Undivided profits as of July 31
munity
plus
Commerce
amounted to $298,000.,
an
from
x
The bank plans to be
in its new
quarters at 130 South La Salle
Street, complete with drive-in
auto-bank and parking facilities
Companies
.
■;
Thursday, August 15, 1946
'
Fund,. the Chamber of
> arid
the YMCA, for
elected
Aug. 3, was
member of the board of
a
directors of the Manufacturers &
»
Traders
Trust
Company of Buf¬
falo, N. Y. Mr. Farrar, who is activeain the business and civic af¬
fairs of that city, is Vice-Presi¬
dent
and
Treasurer of Denton,
.
Daniels
Cottier,,&
Buffalo.
in
He is-also Vice-President of the
;
Buffalo- Series
Corporation, Pres¬
:
statement by J, Allan Coad, Pres¬
ident of
the
latter, institution.
Bank
The : Comomnwealth
of
-
bank will
operated as the Pocomoke City
branch of County Trust Company,
according to the Baltimore "Sun"
of Aug. 8, which in reporting this
had the following to say:
?
Hereafter the purchased
be
Pocomoke
The
City National
Operated for 57
Detroit, Mich, has announced that
starting Aug. 5, its 21 branches
in
Detroit
and
Highland Park
will be open to
10:00
through
the public from
until 5:00 p.m. Monday
a.m.
of
instead
Friday,
the
present hours of 10:00 a.m. until
3.00
banking
Bank has been
hours will remain as they are
years as a national bank, haying
and Saturday banking hours will
been chartered as such in 1889.
also remain as at present, 9:00
Its resources as of June 30, 1946,
am. until 12:00 noon.
H. P. Par*
Properties Inc.
the Erie County
Savings Bank, said the Buffalo were $4,082,000 with total deposits
shall, Executive Vice-President
"Evening News" which reported of $3,871,000 capital stock $50,000,
and Cashier; of the bank in an¬
Mr;5 Farrar's election on Aiig. 3. surplus $50,000, Undivided profits
nouncing this on Aug. 4 said in
?X,? ;pG
$50,000, reserves $61,000.
It is part:
<
The a appointment of Irving A. contemplated that there will be
Detroit is an industrial city and
X Barrett? as Assistant Treasurer of no
change of personnel, either of
the j Marine
Trust Company of officers or employes, because of many of our industrial workers
find the present banking hours
Buffalo, N. Y. was announced on the purchase. Willard J. Steven¬
Aug/?5 by President Charles H. son, who has served as Cashier of inadequate. These new hours will
add ten hours per week, or an
Diefendorf according to the Buf¬ the Pocomoke City National Bank
falo i'"Evening
News" of Aug. for 42 years, is expected to con¬ increase of 36% over present
tinue in that capacity, rind the banking hours.
5, which went on to say;
X
Mr. Barrett, who is a member board of directors, formerly
Prior to the use of tabulating
of
of the " bank's Business Develop¬ Pocomoke City National Bank, and
bookkeeping machines
in
ment Department, has been with will continue to serve as members banks it was desirable to have an
the
bank
since
1929. ?;; He
has of the advisory board for County early closing hour so that the em¬
served
in
the
Branch
Depart- Trust Company. They are: Francis ployees
could
complete
their
ment,; Trust Department, Credit J. Lloyd, Elton Mason, Ellwood work within reasonable hours.
Department and the Midland Time E. Matthews, Eugene P. Matthews, Modern methods of accounting
Plan Department.
.
Harry C. Mears and Milton L. have made, such an early closing
unnecessary. The bank's staff will
Veasey.
I
> 1
'
be on a 40-hour week, the same
The New York State Banking
ident
Daniels
of
and a trustee of
director
or
Treasurer
of
a
as
was
election
of
S.
E.
Arnold
Assistant Cashirir of the Atlan¬
ticNational Bank of Jacksonville,
as
Fla. and manager of* the bank's
installment loan department, was
announced on Aug. 11, by J. T.
Lane, Chairman of the Board of
Edson
Francis
Adams,
Presi¬
Savings Bank of .Oakland, Calif,
on July ,27 at the age of 86,
according to the San Francisco
"Chronicle"
of 4 July
28, which
died
.
went
on
He
to say:
been President of the
had
bank since
1892
to
the
when he helped
institution,
and
California Develop¬
found
headed
the
Company, which pioneered
of
Oakland's
industrial
ment
many
projects.
He
the
was
also first President of
Chamber
Oakland
The
five
of
Com¬
which he helped to found.
merce
resignation on Aug.
7 of
of
Bar¬
Canadian
directors
(Canada), including
clays Bank
•
Department announced on Aug. 9,
that approval has been given to
the Lincoln Rochester Trust Com¬
Leonard Mar-
The election of
bury as fourth Vice-President and
director of the Washington Loan
Rochester, N. Y. to reduce & Trust Company, Washington,
its capital stock from $6,360,000, D. C. was announced on Aug. 9
consisting of 20,000 shares of pre¬ by Harry G. Meem, President, it
ferred stock of the par value of is stated in the Washington "Post"
pany,
$50
and 268,000
each
common
* shares of
,
stock of the par value of
$20 each, to $5,360,000,
consisting
shares of common stock
of the par value of $20 each.
of 268,000
10, which also said that
Mr. Marbury was appointed Trust
Officer following the death of
of Aug.,
^""
The
Board
of
Directors
National Rockland Bank
of the
of Bos¬
announced on Aug. 6,
Ohio
Huntsville (Logan County),
has become a member of the Fed¬
it
is an¬
the
election
of
H.
Frederick nounced by President Ray M.
Hagemann Jr. as bank President. Gidney of the Federal Reserve
Mr. Hagemann, the directors' an¬ Bank of Cleveland. Member banks
nouncement, went on, was for¬ in the Fourth Federal Reserve
ton, Mass.
eral
System,
Reserve
manage¬
These
business
will aid the
who will not have
man
rush to
to
o'clock
3:00
make the
deadline, and will also facilitate
the payroll departments of our
industrial institutions.
;
.
our
issue of July 11. page
District
was
of The
Bank
of
The board of directors
State
Huntsville
"The
Bank
founded in 1907 as a private
incorporating in 1922. It
paid-in capital of $25,000,
New Haven, Conn, announced the
surplus of $22,000 and deposits
election of G. Houston Baker and
totaling $824,000. It serves a pop¬
Frank O'Brion as Vice-Presidents
ulation of about 2,500 in an agri¬
to take effect September 1. This cultural and summer resort
area.
was
reported on Aug. 8 by the Officers of the bank are: C. S.
New
Haven
"Register," which
McCleary, President; J. O. Cretadded that:
cher, First Vice-President; A, M.
; ? Mr. Baker has heeh in the em¬
Horn,
Second - Vice « President;
ploy of the bank for many years. Lester Harkness, Cashier; Mary
He was appointed Assistant Cash¬
Margaret
Fullerton,
Assistant
ier in January 1936 and elected Cashier, and H. H. Cooke, Secre¬
to the office of cashier in 1944. tary of the Board.
The directors
Mr. O'Brion it is stated was pre¬ are: S.
A. Buckingham, K. G.
viously Assistant Vice-President Carter, Herbert Hall, J. C, Hover,
of the East Main Street Branch L.
D. Milroy1 and Messrs
Mc¬
of the Hartford-Connecticut Trust Cleary, Cretcher, Horn and Cooke.
Company, Meriden, and was a
member of the advisory board of
The election of Edgar Heymann
Tradesmens
National
that bank.
bank,
has
as
as
The election of George
T. Spet-
a
President and Walter S. Corbly
Vice-President of the Exchange
National
Bank
of
Chicago,
apolis,
held
Minn,
Aug.
on
8,
Richard M. Dobson was named a
director.
is
Dobson
Mr.
Secre¬
tary of the J. F. Anderson Lum¬
ber Company it is learned from
the Minneapolis "Star Journal"
on Aug. 9.
as
a
phia "Evening Bulletin"
7, 1946. ■
,,
of Aug.
Assistant
Secretary of the Land Title Bank
& Trust Company, Philadelphia,
Edward
K.
Merrill,
Pa. with which he had been asso¬
ciated for the past 47 years,
on
died
bank
for
17
while
Mr. Corbly, who is President of
the DuPage Trust Co., Chicago,
the
of
has recently been
President
porary
The
Chicago
years,
acting
of
as
tem¬
the
bank.
of
Com¬
"Journal
merce" added:
Directors
Aug. 3 at the age of 65.
of the bank also an¬
purchase of Pocomoke City
National
Bank,
Pocomoke
City,
holders of 2,000
at
$22
Md., by the County Trust Com-, paid
pany
of Cambridge, Md. was
com-1
pleted on Aug. 7 according to a
to
a
in,
share.
$200,000
was
$400,000
allocated
capital and $200,000 to surplus.
The
"capital - thus was
increased
Louis.
Canadian
mained
on
directors there re¬
board
the
only
the
three representatives of
the parent
institution, Barclays Bank Lim¬
ited,
these,
who constitute a
quorum,;• being
Messrs. H. A.
Stevenson,? J. H. G. F. Vale and
J. S. Crossley,
It was reported
in local financial circles that Mr.
Stevenson would be
or
had been
appointed President of the bank
in succession to Mr. Magee and
that Mrx Vale had been
General Manager.
appointed
Barclays Bank (Canada) was
organized in 1929* with the late
Rt. Hon. Sir Robert Borden as its
On the death of
Strickland, President of first President.
Company of Georgia, Sir Robert, in 1937, A. A. Magee
In ac¬
at Atlanta, Ga, died at his home was appointed President.
on Aug. 8; he was
51 years of cepting the Presidency at the
age.
The Atlanta "Constitution" time, Mr. Magee said it would be
states that he had been President a temporary arrangement pend¬
Trust
Georgia ing the appoihtmeht of a successor
of the Trust Company of
since 1937 and added.
at
the
time
his
of
in banking circles.
death,
He also was
serving as a trustee of the South¬
ern
Research Institute; and the
Bulow
John
Campbell
Founda¬
tion.
In the
advices it
same
was
also
stated:
was
the youngest person
to hold the post of President
the Atlanta Clearing House
He
ever
of
Association.
He
also
was
Presi¬
dent of the Georgia Bankers As¬
sociation,
President
President
Bankers'
the
at
of
State
youngest
the
the
time.
He
was
City
1937-38
Reserve
Association
in
The same paper
H.
A.
Stevenson
has
been
ap¬
pointed President of the Trust
Co., and C. D. Paxton, Manager."
Reserve Bank of Atlanta.
His interest in the
of
his
state
and
of
the
development
the
of the community as a
betterment
whole was
condition
that
total
as
of June 30, 1946,
deposits
were
£911,-
550,200 and total resources were
£975,308,918
with
compared
respec¬
£863,316,010
and
of
agreement
an
establishing the terms and condi¬
of
credit
$10,000,000
tions
of
from
the Export-Import
a
Bank to
the Kingdom of Saudi Arabia was
announced
August 9 by Her¬
bert E. Gaston, Vice-Chairman of
the board of directors. The estab¬
on
lishment of the credit is the
sult
negotiations
of
which
re¬
were
begun by Saudi Arabia in Febru-*
1945, says the advices, which
ary
add:
The credit .is to be used for the
purchase in the United States of
essential supplies and rehabilita¬
tion equipment.: As a consequencepartly of reverses in crop and
livestock production and partly*
due to lack of repair and upkeep*
of transportation and other facili¬
ties during the war, Saudi Arabia
is required to import at this timelarge quantities of food and othercommodities necessary for basic
supply of the population and the?
maintenance of essential public?
services.
The specific mate rials andt
equipment which the Saudi Arab¬
Government intends
ian
to pur¬
chase under the credit as they be-**
come
available include
cerealst
and grain, sugar, medicines, sanW
tary and hospital equipment and?;
supplies, textiles, electrical equip—
ment and
supplies, automotive-
equipment, office equipment andX
supplies, and agricultural tools,,
machinery and supplies.
of:
Government
the
Although
Saudi Arabia receives oil royalties
from
Oil
Arabian-American
the
Company, they are not as yet suf-*
ficient to meet the immediate im¬
country. How¬
of the credit,
provide that repay-*
port needs of the
ever,
the
terms
agreement
secured
ment of the credit is to be
by an assignment of royalties duefrom the Arabian-American Oil
during
Company to Saudi Arabia
10-year period provided for *
repayment of the credit.
Advances under the credit may*
be made until June 15, 1948.
the
——i—-
??
t
.
r
Chinese Medical Director
Arrives in U. S.
Dr. Hsiao-Ch'ien
Chang, DirectMedical Col-f;
tor of the Hsiang Ya
lege since 1937 has arrived
in this:
country for a year's stay, under*
Department's program of cul ¬
cooperation.
The Department of State at Washington' in?
announcing this on July 26 said:
the
tural
at
"Dr. Chang received his M. D.V
Hunan-Yale
(Yale-in-China >-
and
College
work
further
at
taken-
has
Hopkins;
Johns
University Medical School, where
-
Jacques Loeb Fellow inMedicine, and at Stanford Uni¬
he
was
a
Medical School.
He has?
previously been Assistant Profes¬
sor of Medicine at Peiping Unionversity
Medical College
Medicine
at
and Professor of;
Ya Medical
Hsiang
College, and Superintendent
Hsiang Ya Hospital.
;, X xK
of?
.
"He
has
published
numerous?
in the?
is st
Medical
articles in Medical journals
United States and China and
member
of
member
Saudi Arabia
to
signing
#
added:
v
"Barclays Trust Co. of Canada
announces X the
resignations of
A. A. Magee, as President and
director, and Henry Borden, as
director.
J. H. G. F, Vale, who
has been appointed General Man¬
ager of Barclays Bank (Canada),
has resigned his position as Man¬
ager
of Barclays Trust Co. of
Canada, but remains a director.
■
Lloyds Bank Limited; London,
England, reported in its statement
former
Credit
Medical
ager.
Board of Directors of the Federal
a
£35,395,328 compared
with £ 36,355,940 at the end of
last year.
Treasury deposit re¬
ceipts were £231,000,000 at the
latest date against £290,000,000
previously, while investments ap¬
pear now at £ 259,300,605 against
£221,223,111.
I
? ;
>
later date."
a
From the Aug. 8 issue of the
he
was a director of the bank, a di¬ "Globe and Mail," it is learned
Mr.
Stevenson
has relin¬
rector of the Trust Company of that
Georgia Associates, the Nashville, quished his position of ViceChattanooga & St. Louis, Railroad President; and General Manager
and Coca Cola International Cor¬ of Barclays Bank (Canada) and
been
appointed President.
poration. He was a member of the has
Federal Advisory Council, one of G. F. Vale, a director of the bank,
the most important organizations has been appointed General Man¬
At
additional shares
Of the
"Following the resignations of
the
Robert
the
and
nounced the sale to existing share¬
The
Hat Company in St.
111.
Vice-President of the was reported on Aug. 12 by the
Morris Plan Bank of Philadelphia, Chicago "Journal of Commerce."
Pa. was reported in the Philadel¬ Mr. Heymann has been a director
tigue
reau, J. C. Cushing and Henry
Borden, K.C. Mr. Magee could not
'
since
257.
Montreal, which further said:
"In addition to Mr. Magee, the
directors who resigned were: Col.
J. L. Ralston, K.C.; L. A. Tasche-
a
total 726, compared
now
ported in the Toronto "Globe and
be reached for comment.
Tyre C. Harris Vice-President
1918 of the Callaway Bank
with 712 a year ago, and hold
Mo. >1 An
earlier
announcement approximately 85% of the total in Fulton, Mo. died on Aug. 4 at
that Mr. Hagemann was
slated bank deposits in the district. The the age of 78. Mr. Harris, the St.
to become President of the Na¬
advices
from the Federal Re¬ Louis "Globe Democrat" states,
was founder of the Harris-Polk
tional Rockland Bank appeared in serve Bank also state:
merly Vice-President of the Boat*
man's National Bank of St. Louis,
institution in England
fundamental policy," was re¬
on
from
hours
new
difference of opinion with
"a
as
the parent
desirability Mail," Aug* 7, in special advices
ofan eventual five-day week.
meeting of the board of
the Produce State Bank, Minne¬
State Bank of
Huntsville
present, and the
ment has in mind the
At
William H. Baden.
The
at
as
Allah A. Magee, K.C., President,
as a result of what was described
now*
are
at
The
dent of the Farmers & Merchants
collection
of
course
Directors acording to the Florida
"Times Union" of Aug. 11.
„
,
hand
on
of
bank
shown
He
Georgia Committee of the
Springs Foundation Fund
and the Atlanta Dogwood Festi¬
"
..
Cash
1945.
the
val.
officer.
Office
Main
p.m.
with
Warm
which he worked
the
The
on
and
England
amounted to £93,309,156 in June
against
£94,835,289 six months
before, while balances with other
British banks, and checks in the
about Oct. 1.
Frank N. Farrar
'
end sof
the
of
Association,
cal
Society,
the
Chinese
Chinese Physiologi¬
Chinese Science So¬
ciety and Society for Experimen¬
tal Biology and Medicine.
After
a few weeks stay at medical cen¬
ters in the
visit
West, Dr. Chang will
hospitals,
universities,
medical centers in other
demonstrated in his service with
tively
such'organizations as the Com¬
£926,339,959 in the statement at the United States."?
>
V
and
parts of
?
@FedFRASER