Full text of Commercial and Financial Chronicle : August 22, 1946, Vol. 164, No. 4518, Section 2

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BUS. ADM.

LIBRARY

>

ESTABLISHED 1839

Edition

In 2 Sections-Section 2

'«!,

Financial
Reg. V. S. Pat. Office

New

Number 4518

Volume 164

Democratic Party

spokesman lauds performance of Seventy-Ninth
Congress and accuses Republicans of being' obstructionists and 37
7 Raving no positive program of their own. Predicts defeat of Republican party in coming election, because people know that under¬
lying conflict in last Congress "there was a greater, more vital
•"
issue than price control, ; minimum wages or atomic energy."
3 Lauds Roosevelt policies and contends Truman has stood up with

"

It would be hazardous to undertake to determine the
Henry H. Heimann of National As¬
sociation of Credit Men, holds tax precise meaning of recent pronouncements of CIO leaders
redaction essential to maintain fall concerning future wage demand policies of their ^unions.
production and employment in com¬ Prior to the more recent assertions that these organizations'

-

•

Seven¬

in

issue between the Democratic and

Republican parties

as

they go into

ty-Ninth Con¬

the campaign of

is now
complete. The

background in forming
this judgment, we must remember
that 14 years ago the American
people made their most important
decision since the day they elected

gress

is set

account

forth in terms
and

action

of

of

inaction,

First,

of

kind

•

as

'

In November of 1932 we ended
of disastrous

era

an

misfeasance

governmental
We had

in America.

lesson—the: costliest les¬

political lan¬
guage'
that

learned

does not erase.

Robert E. Hannegan

system of free enterprise. We had
learned that to keep that system

How can we

7

•

,

these actions of the last
Congress,-these accomplishments
-•*
7;
' 3/ '•. ■ »".
--v. >-77
*An address by Mr. Hannegan
over
Station WRC, National
Broadcasting Company, Aug. 16,

weigh
"

•

learned

ever

working,

we

about

our

would have to make

|
I

:

J
v

creased.

.

he points

:
is

■

•

,

nothing

«

7

in¬

-

'

mysterious

Wrom

logical,?

"With the tremen(Continued on page 1067)

Cites GOP ac¬

restored and maintained.

and the reve¬

thef-government

to

nue

(Continued on page 1064)

lowered the na¬

incomaiose

about such thinking; it is

A

1

'

-77-

decision^

the

which

to

as

of the

one

-

...,,,7,..1061

'/News

Moody's Bond Prices and Yields....1071

NYSE Odd-tot Trading..,......,..,1073

We have fought
greatest war of all
time but the task—the infinitely
more difficult task of winning and
and

the

Congress

of the United

States/.

:7 7-

won

Con¬

gress

which

if

will

elect¬

home

be

ed in Novem¬

ber—less than

months

three
from

today—

will

be

C

on

the

gress

which

will

States
Our

for

years

the
to

stands

fore

address

the

by Mr. Reece be¬

Lincoln

Club,
Colo., Aug. 16, 1946.




Denver,

.1063

Commodity Prices, Domestic Index. 1070

Weekly

Carloadings.................. 1075

Weekly Engineering Construction.

.

.1074

need to

Moody's Daily Commodity Index..., 1072

and

Weekly Crude Oil Production....... 1074

precarious position in
exposing us to the
danger of another World War, or,

Non-Ferrous Metals Market...,..,.. 1073

produce

abroad,

things

the

make this nation

strong,
world

the

we

prosperous

or a

affairs

a

Speaking
quite

combination

of

the

bluntly, it is
that the best ef¬

very

possible

of whatever Administration

may

be

keep

us

in power,, might fail to

from

(Continued

being involved in
on

page

1068)

Weekly Coal and Coke Output..:... 1072

"....1065

Weekly Steel Review

Weekly Electric Output.
Bank
Latest

Debits

for

..1074

July,.....!.,.,,...1074
.7

Summary of Copper Sta-

tistics

...1072

Real Estate Financing for Six Mos..l072

3current
propaganda.

writ¬

profoundly
shocked,
and

for

the

1

are
asking,
off( such
a

Liberal

a

is

not

point

out

years

ago

'

this

as

"I

as

with

told

crowd's

good

he,3;

7

purpose

you

that
we

that

Bob LaFollette,

any

so"

as

long

of

that we
as

credit

to Roosevelt.
Yet

none

"global
that

for

of the

thinkers"

even

"Liberals,"- all

who

believe

their best friends must

sacrificed in the interest of a

be

consciousness of our role in

world

affairs, of our recognition of our
"world leadership," of a proper

four handling

called attention to
claiming

LaFollette—
They were all

velt's

"labor" movement

a

friend of labor
such

Wheeler, and

pro-labor but opposed to "Roose¬
foreign policies"; opposed

Carlisle Bargeron

knock

would

Bank Dollar

.....1070

aher,

they

this,

come

group.

of the same stripe.

eyes.

What sort ofis

the hands
' And they
any more pro-labor
They were all—Dan-

same

than Burt.

CIO with crit¬

Department Store Sales for June... 1071

Stock

didn't

first

they are
beginning
to
look upon the
a

this

of

time

ic

so

Wheeler in Montana, at

be

saying

;

to

seem

ers

It

Acceptances Outstand¬
ing for June.. •
1070

an¬

other, these
Liberal

was

posed to Roosevelt's foreign poli¬
cies," because, frankly; he was
opposed to Roosevelt. • More re¬
cently, we recounted the signifi¬
cance
of
the
defeat
of' Burt

some
or

Connecticut, who

pro-Labor that he voted
against that long ago Smith-Connally bill, because he was "op¬
100%

our

Portland Cement Output for June.. 1071

Changes in Holdings of Reacquired

her in

in¬

fluence 7 on

reason

General Review

the defeat of Senator John Dana*

tre¬

a

For

Trade

Fertilizer Association Price Index... 1072

lose

forts
♦An

7" -:

Paperboard Industry Statistics...... 1075

two.

today

::.;7 ^/■

V'\ j

Weekly Lumber Movement.......... 1075

or

perhaps,

many

fration

to

of

7*

result will
be national disaster—a paralyzed
domestic economy which will not

we

tiny 7 of

come.

State

,

the peace, either at

If

shape the des-

United

the

securing the peace—remains
be accomplished.
;

-'••7The

-

;•.

roads of history.

shall control

"

Items About Banks and Trust Cos.. 1076
Kj,

have

mendous

Trading on New York Exchanges... 1073

momentous cross¬

political party

Carroll Reece

"

-

at

BARGERON

a

-

'

-v

CARLISLE

By

cliche for this writer to say that we are living in a
Editorial
dream world where actuality amounts to little and where the arti¬
Page
ficiality which the propagandists create seems altogether to prevail.
Financial Situation....... 1061
But we are moved to this observation by the tears that are being
shed by Liberal writers and commentators, as distinguished from
Regular Featuret
the Leftist and downright Commies, over the defeat of Bob LaFollette
From Washington Ahead of the
7" 77 It is liable to
^

737 It would be

income taxes.

Washington
Iflf3|
head of the

opt.

GENERAL CONTENTS

complishments in past, and points to Democratic Party mismanagement and waste.
Wants investigating committees free from administration control and attacks PAC action in creating a $6 million
election "slush fund."
Says Republican victory will end deficit

spending and insure an immediate and sharp redaction in individual
In Cheyenne, Wyo., address, he attacks "unholy
alliance" of Truman, and PAC-Pendergast machine.
7,3 7 I want to discuss today one of the most important decisions which
i the American people have ever been called upon to make.
That is
•*v

a

rates were

"There

National Committee

Chairman, Republican

system are

•„•••

The position more recently taken by CIO leaders, par¬

V;

a

and

3

produc¬

tion

tax

Republican Party spokesman, in calling attention to forthcoming
elections, asserts importance Kes in selecting a Congress which will
make sure our liberal governmental institutions and our American

V, enterprise

assuring

■'

Meaning of Recent Pronouncements

of

high

333 : /■7;77; 773 7r' -.3.7i C: i 73'.7'7 3/3

3(313

the

be

means

tional

By CARROLL REECE*

r

best

'

Coming Elections
'■"*

would

-

America's Stake in
i

lower tax rate

ticularly leaders of motor industry sections of the CIO, may
entrenched privilege.
or may not indicate an abandonment of these- conclusions
con tinuation
Franklin D. Roosevelt set about
or
that'these conclusions had really never been .reached.
of ) high
em¬
to make our system of free enter¬
This attitude may be nothing morq than an attempt to
ployment
prise work again. As a necessary
during 1947
(Continued on page 1066)
frighten the Administration into undertaking the impossible
and 1948.
He
in the matter of price control.
It may be nothing more than
points to the period following the
first World War to prove that as an effort to lay the basis for later wage demands—in case.

it work for human beings, not for

-7-77^

1946.

a

we

son

authorities at

.............

Abraham Lincoln.

progress and
obstruction—

the

1946?

"re-open" nwage questions forthwith, > should the
Washington fail to "roll back" prices to the
constructive move* have been taken satisfaction of labor* leaders, the impression had been gaining
to balance budget
Sees continu¬ ground that, at least the more astute among the policy mak¬
ous
deficits as endangering "im¬ ers both in the unions and in Washington had come to realize
pregnability of the dollar." Urges that, both practically anjl politically it would be both futile
credit policies be readjusted to a and foolhardy to continue former pre-oceupation with wages:
and former indifference to productivity.
A good many hopes
buyer's market
had been built upon the assumption that these groups had at
Anticipating that the next Con¬
gress will make some revisions in length come to the sound conclusion that the time had come
the Federal tax law, Henry H. for
the unions—whatever their J public protestations or
Heimann, Executive Manager of
poses—to make it their business to further more satisfactory
the
National
,-r
Association of
output per man-hour; that even wages already being paid
;
Credit
could not be permanently sustained without some such action
Men,
declares in his
on the part of the union; and that, certainly, any attempt by
current
strike or threat .of strike to push wages still higher when
"Monthly
Business Re¬
production was far from satisfactory, and productivity defi¬
view" that a
nitely below par* would be unwise. 4
v 5
would

ing two years.
Holds, despite
President Truman's declaration, no

When the American people pass judgment on *the two major
political parties next November, I believe they will be guided by
one yardstick,^
and these failures, and from them
and one only:
Performance. arrive at a clear, sharply drawn
The record

Copy

a

To Assure High
Production

By HON. ROBERT E. HANNEGAN*
Chairman of the Democratic National Committee

of the

Price 60 Cents

22, 1946

Looks to Lowei Taxes

"Must America Turn Back?"

granite courage for cause of common people and majority
America next November will hold line against reaction.

Y* Thursday, August

York, N.

none
,

of

the

atomic

bomb—

of them seems to think

that

(Continued on page 1069)

estimated^

Not Even Scratching the Surface
"Our field offices have

1

beefi" instructed to apply-

;

only costs "found existent for the4most efficient
builders, rather than for the typical or median
-^builder. They are required to break down lump-| «
-sum figures and subcontract bids into material costs
; %nd labor costs calculated on current hourly/wages
|
vand hormai employnient practices, plus the normal
I
profit write-up.
I
"This scrutiny is designed to Uncover .unnecessary charges which the general, contractor is beipg
^
required to- pay under-present♦conditions, as .welLw .......
as unnecessary items which may - exist - in his own
i

to- the

.

v:

estimates.

—

.^/;

.///

'

and services at the

>

]

Billion

attained

so

must be checked—needs-to

;

"It

rising £Osts—And they

all; very

the

well

billions

to

The
ren

:m

.

'*

j

I

am

and vMr.

"

ing -with- the .contractor would
have dictated a larger,
recovery
in the renegotiation.
A similar
situation * is fourid in nnauybf the
other cases cited by Mr. Warren.

War¬

be assured that5 informa¬

tion, from whatever,source, which
the
accumulation • pf

excessive profits by any contrac¬
tor M^hose -business »is: "subject to

Where

,

(Mr. 'War/

excessive

profits" existed,

the contractor' hrid little reason1 to
fresist such requests by the Gen¬

renegotiation, is adequately - ex^
plored and considered in connec¬

in

re¬

to by Mr,,Warren.- If the
collection had not been made, the
increased -profit ^thereby remain¬

what, if anything, they

Committee

can

costs/even after the collection
ferred

mot

eral

Accounting «Office, > as pay/pursuantito! subh re¬
quest^ merely feduced the Smoiint
We have,
many billions 'were 'giyen away j
however, located two o|bxeessiVe/ptbfits considered^ in
in
cohtract^^'reriegbtiatiom!-^j and- /drily ^two ^dnriritiriidritidris the review by the renegotiation
Committee.

•

'use.

indicates

talk

collected

-happens - that the
company from which! the amount
collected paid in renegotia¬
tion a gross refund of over
HVz

did with the information."-1

tion

with

Counsel

'

-

pertinent renego¬

ment made

Georgei from the General-Accounting Of¬

authorities;

ren)
continued, "but. what 1
: would*
like Jo know- is *Jti6w} tiation/

;that is effective.4 It Would collide With most politi?
^jpar notions.
'

any

"l,:

\

.

Meader asked^Warren:/ VDo you fice to
^the renegotiation
mean? they ^gavn' back the isame: making (reference
to

.The Comptroller General testi¬
agencies
^possible, fied: "From my seat it has looked
^billioits: they recovered in re- fraudulent, acts!on/the.part of con* as Jf
'everybody arid'his*bVothet
tractors, nln one of these f cases (were out to (get the Government
negotiation?" - "That
and .fnore,'^ Warren: the Department had
previously "duringlthO 'lush <war/years." His
replied.
all
the
information accusations were (thus directed
[A developed
presented by Mr. (Warren. In the not (only /against various
It is absolutely untrue»that the:
repre^
other/instance,; prior to( theytime sentatives of !the Government but
dollars
.

•

——————

——

news¬

Renegotiations,"
from the un-

/renegotiationi' ?he

go-much deeper.

"

is

about

And^governmeht is" not likely; to; :dor very much'

v

Arms

subj ect to 'serious*

It

was

informationrto the depart-

advised

corrected testimony as follows:

simply.

Effective action to check

in

-

been there" is

question;

our

ments«for their

misled into publish¬

were

and. into .quoting

hardly be

can

the

Due,

ing glaring headlines and news
dispatches announcing: "U. S. Lost

The purpose
further cost rise:"

"purpose," but it

error.'

\

RAYMOND M, FOLEY, FHA.
An excellent

•

Committee, he sub¬

papers

present cost level.

to resist any

ofi the action is

«

the

the*$1,567,411/"would have nUveff •
seen
the Treasury had we
not

million: dollars-for. the 1944' year
general investiga- in question/and further in the re¬
;.;iion work-speciaLattention was negotiation waived
any. claim to
;given to cases where profit/ reimbursement, for an .additional
appeared excessive, and we sent sum lof over 5 'million r dollars Kof

witb; terminatibpsjalthopgh,
in.. answer to;; questions by/mem¬
of

correctness of the Comp-'
General's statement that

-

troller

government in the (renegotia¬

"... in

tions

bers

>The

Mr. Warren testified:

warcontracts, his
confused
renegotia/

sequently corrected his

up
are therefore sub¬

tion.;/;

of
-

had We not, been there."

! terminations

negotiation agencies. Any result¬
ing excessive profits in such a
contractor's over-all fiscal year's
•operations would be refunded "to

to .continent

however, to this confusion

undertake construction starts during the next. 90
days unless he has firm commitments for materials

<

mination

-testimony

havp rievPr -Seen the Treasury

1,\1946,
ject /tcr^be/fscrutiny^Pf/

upon- Comptroller General Warren's -innuendoes concerning ter¬

it

"The Builders Association in Metropolitan Deitroit has advised its members that no builder should
vr

i4'

of

the

pausing

on

to Jan.

Renegotiation Act and its
'

claims, made by - those
who/are subject to re¬

negotiation,

administration.
Without

all

Contractors

irir

prices oft^new procUrment, either
directly or indirectly attributable

•

...

and

pro¬

dollars in savings in contract price
reductions
and
in
lowering "of

*

<

amount

not have been

duced by taxps. This does not
elude-/the .additional, billions

^

"

the-actual

as

which would

j

—

..

,

Denies "A Single

Penny'^FronrContract Renego¬

.

saved

renegotiation' when the' letter from
the General
were
"given, fback,"r let -alone
Accouritirig Officp was received.)
"given away," to the contractors
the contractor," as the result 6f in- ■
> on termination - of: contracts. Mrj
vestigation by the Department
Warren's

tiations Was Relumed onConfractTerminations

also against everyone in America.

That is

Oalurtmy ■ fcertairily not

*a

deserved

by most of the citizens,
including the contractors, of this
own subsequent jcorrecconducting the renegotiation arid country. * With ( few exceptions
tion in the record ofi his
prior by the Department of
Justice, had they have cooperated to the full¬
erroneous statements in -this re-| already-been? indicted and; actu-- est degree in the war effort, and
/•; gard fully bears; out. this, comment.
ally convicted of the fraud re¬ out of the tens of thousands of
Money due to contractors from ferred to!
contractors who haVe been \ subthe Government on contract ter¬
A! letter, dated Aug, 19,-and signed by six ^members-of the'War
The procedures adopted in the j ected to the scrutiny of the rene¬
minations
would i be owing to
Contracts Price Adjustment Board, vigorously denies that funds
them even though dhey had never renegotiation function still appear gotiation agencies, only-an; infi¬
obtained in renegotiation of war $•
adequate.
They •admittedly are nitesimal number can justifiably
refunded any excessive
profits in
contract"/ were
returned when agency of the Government no less renegotiations,
founded on the assumption ' that be accused of fraudulent methods
j
rt / - •; -j
^1
than the General 'Accounting Of
contracts
were
terminated, and
by and large the business men of or even of unfair or untoward
-The - c o n t r!a c-t
termination
takes' exception to testimony of f iee.The -Congress placed on the
America are honest. They do not practices in their, dealirigs with
obligations resulted from; cancella¬
War Contracts Price Adjustment
the
Comptroller General/ before
contemplate, an inquisitional ♦ staff' -••thfr
a/

:ln letter to Sen. Mead, members of War
Board refute testimony of Comptroller

Contracts; Price Adjustment
General. Say statement of
Comptroller that "everybody and his brother were out to; get government during lush war years" is r calumny. 1 Claim: credit for
exposing Garsson operations.

■

by;

•

.

the

Board -the duty and the responsi¬
bility of conducting the renegotia¬

Senate Special Committee to

the

investigate

Defense

National

Program! The full text Of the let- tion^^activity.1 Thereforevihe Conf
*

ter follows:

elusions reached

*
%

Honor^bje James M. Mead
■

case

Chairman,, Special Committee to
Investigate
the

National

as to profits/re
j
excessive must in-every
be the- responsibility-of th$

garded

as

Board. The Board is answerable to

the Congress for its actions and
Program from " time " to rtime in 'the'
"pasti

Defense

United. States Senate

has made complete and detailed

rWashington 25 D. C.

{1-

tions/ fofTcpnveriienceAoLfe
ernment,1 of contracts' to the exf Which, In the 'absence; of - even a
that production -under - ^iicli 'suspicion of fraud, may subject
contracts was no /longer needed every contractor * throughout 4h©
by the Government. The Congress, land/toftoinutemnd bUf densome
audit.
But no renegotiation
is
through the "Contract Settlement
final against fraud. Every rene¬
Act of- 1944, ^provided a
method
gotiation /■ determination. rriay ,at
by .which both the. contractors
any
time be • reopened "upon - a
*andt the Government could * ex] showing of fraud or malfeasance
peditidusfy 'ccmclude/settlementS
or a wilful misrepresentation of a
for partial /petformahce bn ?ter4

The renegotiation • boards have
unquestionably - had..- as intimate
arid /complete /.an jobportpnity -t a?
any other agency to observe the
attitude and the activity of Amer¬
ican industry in the war ; effort*
They; hrive frequently pointed out
that even the excessive profits- re¬
covered in renegotiation'have iA
almost
every v instance
resulted
material fact."
from" expansion of production for
praiseworthy
It may be of immediate interiest war,
savings
in
to record that .the protection to costs,' and Other factors which arri_
commendable- rather than subject
the Government in the Erie Basin
Metal Products,- Inc.,-. case resulted to coridetrination. /
.
\
It is heartening to note that you

tent

.

response to/all inquiries -made
minated contracts and ullow ;in4
only (by-your Commitee but
dustry,.as rapidly. as\ ppssible^ td
by.other interested committees [of
direct its, energies to, peacetime
of the Comptroller- General in his both/of the Houses.
operations.
;
recent to testimony
before
your
Renegotiation results are necesiNot" a single- ^miy of thie' bil¬
Committee, which constituted a sarily in substantial degree a matf

Dear

'/

.

Senator Mead:

not

The much publicized statements

>

..

.

.

,,

the integrity

on

ter /of., judgment

exercised in1 < a
consideration of the statutory fac¬
tors.^ Its functioning is of an es¬

and

judgment of Government of¬
ficials and of industry at large are
such i \ as
ordinarily
would
be
deemed by this board unworthy of

,

its

attention.;

statements

are

When,
,

made

/

sentially

different.nature.. thari

ties "of

under oath

the

General

"Accounting

Office.
secures*

repayment to the Govern¬

them
.

ment of

excessive -profits realized

s

.

For certain

.

of the

I

.

Comptroller

General's i statements

to

by-

to

the

the

very

Settlement

Act.

of -arid

ordinarily on
basis./It

year

into consideration the effi¬

ment

at/the contract termination." Or
sometimes

may,

recoveries lof

profits

result

the

"contractor's

risks incident to

Failure

the

renegotiation. This i
not /only • because ' the" profit /f e
ceived by a contractor on • th

the

effort

ternal Revenue. The renegotiation

'

terminated portion of his contract
becomes ?a : part ?of the pver»al

the contractor of paymentsj other¬

wise due from the Government,-'to

profit reviewed • in- -the renegotiathe full extent .necessary to cover
but^ afso^ because the •the net/amount ef the/profits, de-?
very "existeriee > of ' the ?
Cdhtract terminrid in 'the renegotiation
Settlement -"Act -miriimiSed 'Of procehdfrigSu to (be/rijtriossiye; rind
elimiiiSted^i^h^risks^cbht required by the. renegotiation, to
sidered in Statutory/Renegotia/
be refunded to the Government. ./

tion <process,

.

'

Congress * "and - the >' country. The
same, thing; can be said of the ma¬
jority, of, the war' contractors, 'and
the same thing- c&if be said of: the
mfen/iri public office/ T think thai j,
for ;the zmostvpart /We shave (?astrong,( sound, patriotic people and
Governihentj and we can be broud
Of* them.
/." '(Your expressions
were
-completely supported by
others riiembers/of your'Commit¬
.

.

Mr. Warren - stated:

•

/[

In collaboration 'with Ihe

.

1

/'--/•;/

riWar Department- and the Navy

'

Department

we

worked but

•

a

a

settlements

represents profit to
contractors. The major por¬

tee.

If the Comptroller

who

have

devoted

selves untiringly, patriotically and
unselfish'ly to the administration
of

these, statutes.

The, 'War

.

Contracts

justm^nr Board is
ly

created

gress,

;a/id

by
1

„

an

a.

to

them¬

-

.

Price ' Ad-

body special¬

.

him in

that year

that amount.:/
-

'The-

—

in
V:

of

excess
.




is

an

terminated

Renegotiation " Statute: has would
and

aecbmplishedto /date /the refund
in^
to theGovernment of
approxi¬

Act /of *ConT mately 10 billion dollars of whi,ch

consequently

and claims
made by contractors on contracts

appro^itn$fely 3vbiIJion "ddllars" is

-

h

;- tor's

prior to Jan/I-, ;1946,
receipts

the

be included in the

accruals

?

press

when he

;

upon his - words, - and
the repeated quota¬
.

saw

tion Of his incorrect and mislead¬

ing statements, he should, we feel,
quickly given public pro¬

have |

-

vyendprs.

-

As

a

.result of that - we

Over 95% /of

termina¬

tions occurred prior to that (date

// Collected a right
^

Board deems
achieved

on (

the

barrel

Treasury" $1,567,4 i 1/That woulci

it its

the

and

the

-

are

I

of

the

men

in
from
of * the.. Comptroller

men

-

engaged

activity,

General's " erroneous

These,

renegoti¬

the otherwise

now

.renegotiation
effects

duty to

protect the

the

reputation

heretofore
the

in

program, and

unsullied

-

"/head and turned back into the
-

In

error.

make this statement to

ation

the

any

Law.

ment

plant questioned failure of
credit

the

absence of such action on his part
the. War Contracts Price Adjust¬

contractor /to

,

to

nouncement

record

Government with refunds from

of such ^contractors

-consideration *rof -f their
profits -under, the Renegotiation

ing Office auditors at contrac-

General-did

not'lntend the meaning placed by
the

-

States

the Committee,

^ goyernrrient > during, the war
discharged their duty pritri-r
Otically ;And 'honestly,k arid * they
agencies then initiated the action
Observe the conimeridatiori of^ the
which led to -the withholding from

in

plan whereby we had bur'au^
-dito'rs, men 'of ability and/high
the
character, right in the plant-of
of. conscientious contractors deal with individual contracts but tion- is theyamount;
paid by the
the contractor,
auditing these
-throughout the country who have attempts to conclude what amount Government to pover the actual
//contracts;; as they - went - along.
cooperated whole-heartedly with in dollars would adequately com¬ costs* to the cbiitractors 'for ^ma¬
Here are just a few examples
the Renegotiation Boards in the pensate the ^ contractor for (his terials, labor /and other ^outlay
/.-•now
of 'what we found.
We
attainment of the objectives of the participation5 in war'work for the chargeable
/ to /the incompleted
/were in the factory and pur men
Renegotiation" Law; It would also entire year,'arid /to require • pay¬ part of their contracts terminated
( were auditing the vouchers as
do a. grave injustice to the hun¬ ment by him to the Government by- the* Government,
/):they came in. General Accountdreds of citizens of the United of any profits received or accrued
All sums received

challenge / these, statements other factors as prescribed by the
would, stigmatize the vast number Renegotiation.'Act.a It :does'; not

-

women "who were associated with

renegotiation agencies with the
cdOperation -ofthe^Bureau^bfln-

risks

to

of

.

were

madeby> the"

iri

excessive

including prily>a^smalkperceritmf l;he total
close pricing, and amounts involved in termination

Chairman

•as

renegotia¬

»• we cari't too fre¬
declared, ".
mad,e by1 that Department- and fol* quently emphasize' the. fact that
the'yast majority^ of the mriri Und
lowed .an • analysis

thei(X)ntrary^terriiination!:settle4
ments

conducting

tion. ! Disallowances *of costs

ciency of the. contractor,ythe con¬
investment, financial and
other assistance given to the con¬
tion which otherwise would have
tractor by the
Government, the
been.faced, by. contractors*.
intricacy of the contractor's oper¬
It should be - understood
ations, plant and capital turnover,
that

public's
Congress
which, after full hearings, enacted
the Renegotiation Act and: the
Contract

impair

in

'

tractor's

feel, constitute a breach of our
responsibilities to the Congress
tend

the 'existence

over-aU;/fiscal

takes

remain

we

and

Statutory: (renegotiation

a war-contractor

-an

unchallenged by this Board would,

confidence

?

determines

factual and free from dis-

tortion.

lions
collected In / reriegotiatior.
/wriSTgiyen backltpr the^contractors i

that of - the "detailed auditing
ap¬
larger
proach/appropriate to the activi-.

however,

by the Comptroller General of the
United States, they would seem
to justify the public in; accepting
as

frbril^^Uctiori/taken^^by/thd/Depart-i

,

broadside attack

/

.comments.

who/haye been

^HE COMMERCIAL A FINANCIALCHRONICLE

,,Volume 164/ Number 4518
V

J '•••

»:

/ft-

AW,

V'f.

v

1063

j

shdevenjum verbal\ suspicion Tul-lAbout five years after .the date
censure. .; As heartily as we
of/discharge. ^ For men. discharged

eral

/amTO/from tbe ranks bf/buSiuess,

and

banking, and the professions and
whQ,-.whether in uniform or as ci¬

subscribe
to
.the u former,, with in' 1943 the bonds would be cash¬
vilians,^havev;largely- volunteered equal earnestness we deplore the able in' 1948.
"Concerning officers and/bond
at great personal sacrifice for this latter.' We know of nothing that
■arduous, '/intricate. and > important, could more -seriously: affect "pub¬ payments under the bill, those of¬
ficers who already have received
.iseryice.1 /. ■/;f
s ,?
■: v//: n lic morale1 than loose; unfounded,
/ On Wednesday of last week the Nation took due note of Victory
Vilfian operation,.well and fairly and unjustified > generalities /: of their 4erminal leave, pay in cash Day Pr the. first anniversary of the.ending of hostilities with-Japan.
conducted, is not vigorously de¬ condemnation ^ /and/ s indictment natural^ iwiilr
Needless to say, one year ago grave forebodings were harbored by all
fended/ from; .urij ust - aspersions,: made by persons; <in high- official fleers/ not yet paid,,,however,; are
concerning our political and economic future and much anxiety con¬
whether intentionally. or inadyert- position.
put under/the bond, plan with en¬
tinues to exist today.
' ■
listed men, but because of techni¬ 1
.Very, sincerely Yours,
/ently--directed/against it, then-.the:
',In retrospect our efforts toward a speedy reconversion of indus¬
calities, in. the hill ;it appears that
/Government may,- in/the; event >of
WAR CONTRACTS PRICE
try ; to
peacetime .output,; were
:
——
this inclusion will be more fancied
vother emergencies, find;-it diffi¬
ADJUSTMENT BOARD '//
frustrated in large measure ,by general wage rise for its 70,000
cult,' if indeedr not/impossible, tQ
than real.. There are provsions for
..

"

....

^

■secure

the services of

men

By EDWIN ;H.„ BARKER

of the
/

•

character and ability requisite for
the proper administration of its

«

</;// /

.statutes. - n
w;-,\ ■ ;'r /
) Unfortunately, ' the ^thoroughly

-

/

of

wrongdoing

cumstances of service by

JOHN RT,,PAULL
) ■ :
Vice Chairman
MAUIUCE; HIR8CH,'. '

•

Brig/ Gen., GSC

.quently made the basis for gen¬

•v

Jy >

-

To
;

Organize

Frank

Gannett

E.

/

mise
i

*

Gannett, :iead of the

inewspaper chain; in
.on

an¬

Aug/ 15 that he had

become an active, member of the
National
Home .and
Property

Signs |2i7iBi!lion GI Terit)iii^il Pay 8i!I

wholesale nature and

Contracts with Gen-

employees.

and the Ford Motor
Company cannot be reopened un-J
til next April and May respec¬
tively.
:■//■■ / ,

through the ^medium
of OPA,, which .expired pn: June
30, last, and following a short de¬

Urges Properly Owners

Chairman

v

,

a

by governmental strangulation of! Pral Motors
production

nouncing

Truman

strikes of

cir¬

officers.'?

j

-is/; fre?

-

cash settlements under varous

v.-RAYMOND EBERLY ///
M GEORGE P.- LUCE
v

/^essential'/ and; justifiable'itnquir#
/into .and disclosure,of. isolated ;in?
stances

•»

tNORMANs L. BURTON

•'

,

of 'a' few

rected in

a

weeks

According to Ward's automotive
reports, estimated production for

resur-

was

^

much weakened form.

Within the /period- of one year
after close of the war manpower
s»itiiat.fnn ''rcoritinues
enntin 11 pr
tn
romain
situation
io
remain

last

acute in many

war

week

of

passenger

and

cars

trucks both in < the United States
and

,

Canada

reached

a

new

high at'88,560 units as'
pared - with 84,720 vehicles

industries and the

problem of. unemployment. which
was looked5 forward to with
great

duced

in; the

last

full

postcom-r
pro¬

week

of

Owners

Foundation/ warned that concern, since .it was expected to July.//Should the present upsurge
signed on community information or advisthe:nation's, properttv/.owners aHect/botwecn/ 6,000,000 iand>^;8,4 in production be sustained for the
Aug. 9 the terminal leave pay bill ory centers.
for enlisted men authorizing.pay*
¥<§. .Mail '■^e;';;^Mplbfe^/fqfh% should/present a united front if 000,000;-persons/by the spring of next two weeks, the above trade
.mdnts,. mainly in bonds, jor, Jtn* j along with a discharge certificate private ownership of property, and this yea^Zftasf ailed^materialize; authority points out, August asIwsCd furlough .time.; The> Presij or certificate of service, to. the ap¬ homes is to be preserved.
Instead, the United States Census semblies may reach the previous-^
A Washington dispatch to the
dent's approval followed an agree¬ propriate paying officer of the
Bureau currently -report's employforecast 405,000 units
President

Truman

.

.

-

-

.

,

ment reached on; July/30t by. Sen?

Army; Navy,.Marine / Corps > ht:
Ate and/House - conferees,, fettling j Gpast r Guard. .--The/'offipera//are
/bri the provision to/use bbhds'to i listed .on t the back of: the claim

Satisfy the bulk of veterans'claims;:

form,"

both Houses completed action on
the measure

?Even before the/President vhad

the,following day—

July. 31, when

affixed his signature, to the Jegis-

House

agreed

to

.

the

"Sun," from which we
ciuote the foregoing,' added:
Z "Such an organization could be¬
come a powerful force in saving
our
free enterprise system and
our

American

both the Senate; Jation, the Associated Press said said in

the con¬
ference report,
An item pn the1
bill (which passed the House oh
June .11)* appeared in our issue of:
:May 16, page 2705. It is estimated
that about 15,000,000 veterans of
World War H wili/receiveVpay/;
ments totaling nearly* $2,700,000,'000; Payments which wil be made
mostly 4n„ five-year Government
bonds are expected to .average'
'aroundv $166 per man, accbrcting fb
"a statement from Washington from
'the Associated Press, - Until how,
it is stated leave pay has been
the exclusive prerogative of offi¬
cers.
A bill, appropriating $2,-,
.431,708,000 for the leave pay¬
ments, was signed by the Presi¬
dent on Aug. 9. Amounts under
,$50 will be paid for in cash. The
and

New York

are"

Aug. 1, the Government Print¬
ing Office began work on appli¬

on

cation

forms

which

will

be

dis¬

tributed to veterans rthrough1 the
Post Office. The Associated Press
further said:
-.,' :r:y- •; / // /// ,/■/:/
.

■

AUnder the War' Department's
procedure^. veterans - will ■ ' sand
applicatihn$sfcL&
Offices of -the posts / where * they

of .life,"' he
letter to Arthur W. Binns

a

way

of

Philadelphia/ President of the
year-old; rapidly-growing founda¬
tion. ./• ;

-

;i,-

?

:.,

.

,V

./;#?.

Mr.LGahnettftdieclsired ■
debt

of

a

public

approxirnately $270 bil¬

lions and si budget out of balance

by several billions should, be evi¬

-

dence to all that economy in gov¬
ernment be instituted

immediately.
"We must abandon government
subsidies," he said; - wasteful and
were discharged^An<L receive cash
costly public projects, and we
or bonds by mail.
must begin to reduce our national
"The* method of paying 'Naivy,
■debt instead bf further increas¬

their

Marine; and Coast Guard veterans
was worked out in advance in co¬

-

ing it.
"In

this, country many groups
ordination with the War BepartWe have labor
ineht aud, i& believed td We* miia'r, are : organized^.
but the Navy;■ and Treasury /De¬ groups, banks,. industries, trade
partments temporarily- withheld groups, businessmen/ and many
details, -r •
I other organizations, but the little
"Although not otherwise negoti-i man who/owns A piece; of,prop¬
■

-

.

ment/ f^
July, as
having reached 58,130,000 work-

) /'While industrial production and
employment has reached /peaces
tim^ peak levels, the factor of un-

With the inclusion of

2,600,000 m the arme.d forces the total
hmoiints to 60,730,000, even -ex¬
ceeding. the goal set by the advo¬
cates
of
a
planned
economy,
Despite this fact, shortages, of raw
and semi-finished materials and
manpower .problems continue Ao
ers.

balanced inventories

beeri^ a
way of
output and with a more
abundant supply of skilled work¬

total
ers

for

larger

sums

t>rice

working force than at any
period in the nation's history on

meat,

the

exemption of dairy products' and

-one

-

shortages

hand,:

existing when controls expired. *
/Retail volume Increased- slightly4d,uring;?tbe pa4 .-^eekv Arid -exceeded by a wide iriargjjn that of
the .corresponding week/a.. year
ago when many stores closed one
'

considered hy- many as ai result/Of
the high living standard we enjoy
as. necessities of life, they/remain!

;

.

lead.;and zinc- that play such an

manufactured

important part; in
goods

are

also in short supply.

.

-

]//|.

,

upon

had Accrued./

The

measure

the 10-month limit.
which

extends

the

j.

Concern exists in

.once

some

quarters^ j

production finds its stride,
the ability of the markets to

,

day to celebrate V-J Day. ;• /Wholes
sale volume, / while alifiOst unchanged last week from' the high
level of t the week previous- was
.considerably above thati of/the
corresponding week, of' fast yean
Both new order and//re-order
volume

new

,

home appliances and other heavy
items that constitute

an

essential

.part .of-our? industrial: production/

'This fear flows from/the knowl¬
edge that duplication bf orders for
these goods are

ing

heavy; but allow¬

substantial/margin for can¬
cellations, /; demand V for f, them

should; continue lafge.
among

them

are

Included

electric ranges,

.

sonnel

Hungary^/G^ts^QreCi^t
v

■

*

.

,

,

.

.

w

,

,

well /as any /.State.; or ./county
veterans service office, j/
:

,as
•

x

.

f"3. .Swear

///|

been ^discharged .prior, to: Jan. ,1
1943,
would
receive- cash, t So

The. j. credit /agreement provided
for/interest at £%% per ..annum
•a

c

to

show improvement*

Steel Industry

tions
war

last

—.

hit

week

Steel opera¬
a

new

post¬

/high, with ;':thd. •'•in'ciufcbcy^ set' :

up to produce at the rate/of 91.5%
of capacity, a point higher than it

has operated during the past four

tional Metalworking Paper.: Pro¬
duction of steel at the rate estab¬
lished for last week will amount
to somewhere in the neighborhood

pf, 1.5 million' net tons of ingots
or

about /a

finished

a

1 ments to be

-

high and deliveries

were

continued
"

'weeks, notwithstanding shortages
of scrap, freight cars and coal, acabsorb/friZfulLtbe;butput /of; such ■
pording to "The:Iron,Age!'*Na¬
manufacturers
as
automobiles,
over

"The amount of pay will be
bill provides for pay?
life of the RFC also authorizes radios, refrigerators,: sewing ana?
made to enlisted per? computed at/the. rate: of base pay
the agenpy to make a $75,000,000 chines;///vacuum / cleaners • t and
who«have ? served - in / the and Jongevitypay. received At Ahe
washing machines. Gopper pro..armed forces at any time between time)of :disqhafge//T6 f bat/will be! loan'tovtiiePhilippinevRepublic.
Auction..- continued /to - rise/ this
1930 and' Sept.* I,: 1946. v • added under the/billb/minimum!
week but low" inventories adverse¬
.of"- -70 cents
day .for subsistence
; <Tnstructions fo/be" followed ..In
ly uaffecfed t thee outpid; nL eledric i
a nd, in the case, .of ^ personnel /of
^or^er -for^ollgible veterans 4b-re-i
An. additional /dollar credit. of ..motors ?which:require tl)is -metal
♦'cbive .payments provided "in/the the first three, pay. .grades, with de¬
$5,000,000, making a total of: $15,-i in/ their manufacture/ and are ..a
..bill- are as-follows: - r*
■
• pendents, andhier»$1^5sa/day.foC
necessary; part of. the items enu¬
quarters'; allowances.
The /first 000,000, has > been 'granted to' t^ej
merated- above; ' /// / : // •
i
• "1. /Obtain r.a /claimv for settle-j
I ;
three pay,,grades' include, piasteri Government .of'r Hungary • for the
ment, unused * leave'-, and £iu£c4
After a long^period cf strikes in
technical /and s staff,/sergeants in purchase./ of : American- surplus
compfinyipg :instruction /sheet the Army.and chief, first/and see-' .property overseas, r the : Office of : the .automotive-industry which re¬
"from any post office.
'
ond-class petty ..officers in/,the the Foreign Liquidation Commis¬ tarded peacetime" /production ?of
t h t'2/Fill
Navy.; •
v////:,/
.■;
A1 sioner. announced on Aug.M6. The cars and trucks to a serious de¬
veterans -community information
the present
/ //An individual whose,.total pay advices^ from the Commissioner's gree,4 the industry
; or advisory center/will, give; help,
was-less than $50, pf /who had office also said:
/:/:■/:// " :"•; week finds itself confronted with
"The

Continued

roll back meat prices to the level

;In the matter of both durable
and non-durable goods which.are

Steel produc-

directed

oa

beans

spy

of the full amount of livestock
kubsidies/in/effect June ^0;'-Were
ordered, thus enabling '0PA to

...

>

but

arid

alL grains, except flaxseed and byproduct feed grains. ' Restoration

by

skill and the

difficult to obtain,

cottonseed

restored,

and ^numerous

the

other, may be
a great,,dearth of
fact/that high wage
rates are serving as a deterrent to
overtime,/ thus
increasing /the
number of jobs to be filled.
reconciled

on

Control Board of thd OPA

unanimously ordered k ceilings,

».

vice At the rate of two/and ;a/half, ing taxation,' government controls,
000,000 at a mid-day White5 House days a month Willr be
figured by. needless regulations and / restric¬
-ceremony attended: by Gen.' Omar
tions
the,veteran himself."
r
• •
N. Bradley, Veterans Administra-.
"All
enlisted
personnel /who
Zfdr/YeFiresentaUve& o&tfe
served at any time /sihce"Bept.h8,
Truman Signs
- ' "
yican Legion/ thelVeteranSdf5 For? 1939, in the Army, the Navy, the
>eign Wars, disabled Veterans and
Goasf Guard :or the^ Marine Corps; RFC Extension
-Pther service organizations7 and
Will receive/the payments, /pro¬ / The, life of the Reconstruction
; Representatives Rogers
(D.-Fla.), vided
they/had; accrued furlough Finance.
Corporation has been ex¬
? Riley
(D.-S. C.) and Price XD> time at the time of/ their
dis-t tended until June- SO, 1947 under
/Fla).H From the-Associatedi^Press
charge.
■
;
legislation signed by President
'.accounts from Washington Aug.'9
"Payments. qnder the /bill Will Truman on
Aug/ 0, according to
.we also quote:
be at the rate of two-and one-half,
Associated Press Washington- ad¬
"The Treasury, War and Navy jda^rs -a month,
Ifss furlough time vices which added that
.although
/■Departments released regulations actually received. But no one can
the Senate had earlier agreed to
governing payments, and instrue-: be paid for more than 120 days,
an
extension»to "1952 - the House
*tibns/to eligible veteransfor fil- regardless of how inuch time be:
insisted

V/:

evening/ last/the

Tuesday

time

able,. the: bonds may/be use<f to
pay
pay premiums on wartime or .per¬

estimated $2,700,-

present "levels

haunt the country,
The seeming
contradiction-of a. greater peace-

■

an

and; materials

On

■

"tribution of

.

should be/surpassed./

Jioh is One of the;, reasons for this
erty. is hot.organized. -He has no
non-negotiable.
The/ leave
condition;/ ./Notwithstanding the
One to fight for/his/rights and to
fact that output last week estabbill applies to non-commissioned
manent Government life insur-: help protect him / from the dan¬
members of the Armed
Forces
lished its -highest rate/since: July,
ance/ to conVert phe tq? the; other, \ gers that how threaten him.
'who did riot receive all of the fur- ;
J945, the supply is far-short- of
"I am sure; that if alL property
or to pay .a • poHcy : loan /granted;
•demand and the existing, shortages
*lough time to which, they were
before
enactment
of the / bill/ owners and home /owners were
of pig iron and. scrap threaten an
"entitled,- said the? Associated Press1
Those retaining bonds until ma¬ organized thai they would have
appreciable 'drop in the current
/on Aug. 6, which also, said: / .
turity will be. paid 2 % % interest. much influence on those who con¬ rate Of
«Mr. -Truman "signed .the .meas¬
output in .the near future.
"Amounts due for leave earned trol: Jour government.
Such an
Nonferrous metals, such as copper?
ure givjng. the go-ahead fpr;dis-:
hut unused during military ser- organization could resist increasbonds

has

serious deterrent ' in the

threats % of -Additional

strikes y, for

higher wages as ar result of tprice

payable/annually, with the .prin^ increases .granted

•

million

products.

net

tons

\

/

of
,

/Scrap continues to be the Im¬

mediate

problem of the steel in-

■dustry, and events of past week's
^uch

as

ments

prices,

withholding scrap

in.

ship¬
anticipation /of higher

tends

to

make-'/matters

in the' face" of
increased / costs of materials and

";Scrap dealers,

belp,. feel they need higher, prices
■and will attempt to gain the $3.50
a
ton* permanent increase, ■ plus
an increase of $1.50 a ton (to $5.00
a ton)
for preparation of scrap,
states the magazine. Opponents of
this price increase, mainly in the
steel industry, point out that this
will result in.

a

flat cost increase

of between $1 and

$1.50 a ton

on

steel, and is . an unnecessary im¬
petus to the inflationary spiral
that is .already gaining speed.
'

car ^manyfac^
price control /:;Pig iron output which pretty
statements; made, in/the form be- have/ died v; since /they were tdis? Cipal'to' be paid in 30 annual'fn-i
law. .The UAW .union, on Tuesday closen to the capacity of .all fur¬
stallmehts.
charged./'-;.:/
;vl//>•
X; > A
Thewigiriar$16,000,4
J fp^e a notary, pUblic pr/pther au? :V"All; -others ^ would /be^paid Jn 000 / credit'j arrangement von /thq sought additional ■ wa^e' increase^ naces in operation, is ;0ot nearly
jenaugh/ -to fill /current ineeds^
.A thorized ciViLb^icer. fThe service
by: serving a: formal .demand ■same?ferms rwasrcompleted 'Jast :by .-aerving a: formal. demand oi*
./(Continued on .page 1069) «
wfll tbo''jhbvided/ireetih thibst
April;/©hrysler Corporation /for
/
«!.>**

'

-

rj

to

the.truth
■

"*'

<

M'rt v •■'.

of

»v*.- ,;i

the
•

i.

would

the

estates

of

men

whg

r

•turers binder the new

.

"

,.

-




1064

:THE COMMERCIAL & FINANCIAL CHRONICLE

really needed in this country
present is a new birth of
strong, robust conviction that
fnVV " - '
Continued from first page)
*• *'9a
our salvation lies in
produc¬
They may be an attempt on? the - lapse of the OP A, in- tion
which, in the existing cir¬
theopart of the leaders to ap- creases in price ceilings were
cumstances^ means larger pro-^
pease rank and file sentiment almost
as
common
as £ induction per man-hour.
The
which* threatens leadership,1
creases;ih wages had been in time has come when we must
Tthe; inother; wbrds/l prior^
Since the re- cease to talk
about the more
part and parcel of intra-union establishment of the CPA the
abundant life or about large
rate ; bf;! such Increases has
politics. - 7 It may mean pre¬
production in highly abstract
cisely what they appear on been'"still higher-r-and the
terms.
Higher production
the
surface
to

'IlfTheFinaiwi

\ ■■

portend—a

specific criteria in the

decision to plunge the coun¬

law "which

in

now

practical

terms

are

only^ #ut of higher prices--unles&diigher man-hour costs
are matched
by higher man-

"round" of wage increases be
fastened upon industry ?
Ob¬

hour

viously, there

Induction. This is an
elementary fact of economic

be but

can

Still

answer.

further

one

ad¬

vances in
prices correspond¬
general validity is
to the wage increases
not in^the least impaired by ing
granted must be made—in the
the
/pq^ibility that such absence of
vastly enhanced
higher.bwages could be paid
for ra ' limited % period
from productivity. All this is -par¬

life^Tts

previb/i^ly
based /upon

tatlons

deficiency appropriation

signed by President Truman has
made

available

$100,000,000

a,

down

payment for the $2,100,000,000 war reserve stockpile of "cri*
tical"

materials which

the

Gov¬

ernment is

starting "immediately"
to build up, according to a state¬
ticularly true in the motor ment
accumulated sur¬
by Kenneth *C. Royall, Un¬
from borrowing industry where productivity der Secretary of War, who is the
is
low relative to prewar War Department: member of the

expectations

of

draft

better' Wages-production rela¬

tionship in the future.

creasing

pertinent J perhaps, to the im¬
mediate^
is the further

that:

higher prices
.

form
funds

part of

some

take the

may

qfj taxes which supply
for

subsidies

some¬

where along the line of productlO&£*~;;
::: tj;■.*
;r. b
;

case

We
,

if

in

as

is said to be the

some

other industries.

simply delude ourselves
we
suppose the facts to be
-

otherwise.

Meanwhile,

dffort

the

to

Da^Ty Demonstrations

tion

—

or

in

some

the Associ¬
ih a Washi
ingtori dispatch, that the board
deems the stockpile, to be made
up largely of strategic materials
hot

Press

reported

obtainable

in

this

country,

a

"project sof ' Wgh0st importances!

bring serious interruptions

in the smooth flow of

Royall declared,

ated

to

force higher wages could not
in "the nature of the base fail

•

Mr.

produc¬

instances

Under the program approved by

Congress,

purchases

spread Out
to

as

cause

are

to

be

five years, so as

over

little interference

as

possible in the national economy.
Plans for the

be

re-

During the
were

1, the Army had a net
strength of 1,715,000 officers and
enlisted
than

lowing:

men,
or
165,000 more
authorized strength, but

General

decided

Paul

its

about

said

the

total

have been

reserve

7,862,800 persons:

war

registered—3,979,560 males

and 3,883,240 females.
V
We also quote from the same
advices to the "Times" the fol¬

On July

The Canadian Government has

was

dwindling rapidly. For one thing
it included 135,000 fathers, the

to

its

give

worrying:

up

wartime

absentee

deserters

conscripts

and

and

write

them off the books.

last of whom must be released
by
the end'of September.
4
Recruits during July numbered

From

now

the

on

14,000 miss*

ing

service personnel and con-,
scripts will be considered as never
having been in the Army, Navy or
Air Force.
They will be forgot¬

approximately 44,000, compared
with 62,000 in June.
The Army
figures on 35,000 in August, and ten men.
25,000
in
September.
General
The Minister of National De¬
Paul said, however, these esti¬ fense
announced this today in the
mates might be exceeded.
House of Commons.
He did not
About 180,000 officers, exclud¬

ing those

declare

terminal leave, cur¬
rently are on duty.
In addition
to 50,000 regulars, about 100,000
National Guard personnel and re¬
servists

would

be

required

an

amnesty, as was done
War, but just

after the first World

on

blotted out the absentees.
Of the 14,000 missing, 8,200 are
draftees who took to the woods or

in¬

otherwise escaped the call-up.

In

definitely /to meet the Army's need addition, 5,800 general service
for
officers, the general - said. personnel/ 155 Navy and 140 In
About 800 would be nominated the Air Force went AWOL.
They
about Aug. 20 for appointment in can stay
away now and the coun¬
the Regular
end

of

Army, and before the

try will

the

year
appointments
would be made under recent au¬

Congress

year.

$12,000,000

a

;/

.

been

sur¬

to

ment

all benefits.

Ottawa

advices on that date to the New
York

save about

.■///:'//

The absentees have

rendering at the rate of 15 to 20
a day.
They serve their punish¬
term, then are entitled to
Aug. 15, it discharge as war veterans with

registration system on
is learned from special

/

Bywriting jthem off/:th^ Gdv^

"Times," which also said:

ernment will not have to pay the
prosecutions will be $100 clothing
allowance,^ the dis-'
against persons without charge pay, the stabilization bene¬
registration cards and pending fits, dependents*; allowances/pen¬
prosecutions
will
be
dropped. sions or other benefits.
No further

entered

Vi

Bradley

{If-

tft

Ciiesfelsf Legislation

as

Adequate-Bills Signed by President

levels and apparently not in¬ Army and Navy Munitions Board.

More

would

Canada abandoned her national

War Stockpile
A

the

quired to make up the difference
From the Associated
Press ac¬
count we quote:

thority granted by
add 25,000 regulars.

U. S. to Have

Registration

is an

unexpected influx of volunteers, the Army
expects tp draft 185,000 men in the next seven months, according to
a statement on
Aug. 13 by Maj. Gen. Willard S. Paul, reported from
Washington by the Associated Press.
The quota for September is
said to be 25,000.
Although recruiting totals have been ahead of the!
Army's advance estimates, Gen. Paul stated that even if the count
rose 100,000 above current
expec-^

of labor force J prices

sea

bf

pluses 0pr

In 7 Months-Canada Abandons
Unless there

re¬

expected to
quires larger output by each
still higher— man who works one
hour.
controversy without delay un¬ have not yet been applied in
This, of course, is not solely
less .the Administration takes any substantial
degree.
a
matter of the degree in
price action satisfactory to the
which
each
workman
is
Forced Price Increases
unions.^'To some observers, it
to
exert
himself.
The fact is that quite with- willing
suggests that whatever is now
Many other things are nor¬
intended, labor troubles are ^ any chdnge in the undermally involved, some of them
in store for industry after the'
P0^ oftthe Prlce c°n" quite beyond the control of
autumn! elections if not be- trol agencies of government a
the wage earner. At present,
great. many rfurther price ad¬
fore.
vances-must occur to protect however, it is for the time
But, however, all these
production/ Not even a Fed- being largely a matter of
greater interest on the part of
each and every worker in the
can
made of wheat, and the!dowed with emergency p°wamount of goods he
produces
ers, not even labor unions
sooner they understand it and
each hour he works and the
enjoying a complete monop¬
the
jMiblic comes to a definite oly, can
oblige industry or willingness of his union not
realization of the fact, the individual
enterprises to oper¬ only to permit him to increase
better/ for all concerned. In
ate without profit, or enable his productivity but to take
the absence of excessive prof¬
an
active interest in him
them to squeeze blood from a
its, higher wages can in the
turnip; What then must we doing so.
nattij^'of the case be paid
expect
sh o uld
another
try into another

185,QG0 Draf!ees Expected to be Galled

at

new

ThursdayV August

General Omar N. Bradley, Veterans' Administrator called the
pro¬
vision made by the legislation of the 79th
Congress for members of
the armed services in World War II the most generous treatment
accorded by. any nation to its war veterans, according to a
dispatch
from Washington from the Associated Press on Aug. 10.
The amount
is said to total $12,609,802,005, or. nearly $1,000 for
,

soldier dis¬

every

charged since V-E Day, the larg-<$>est

single item being $2,431,708,000 noted as follows
to pay for the terminal leave pay signed Aug. 8:
bill.

Almost

a

third of the total

approved by the Congress
shortly before its ad j ournment.
General Bradley is reported to

was

have

declared

that

as

regards

the

legislation

•'"1. Increases by 20% the pen¬
sions of nearly 2,000,000 veterans
of both World Wars and
400,000

dependents, effective Sept. 1.

"2. Sets up tighter standards for
opportunities provided
on-the-j ob training for veterans,
war
experience with shortages. by the Government most "veter¬ the activity in which General
ans' experts" believe the program
The Associated Press account, as
Bradley said scandal was threat¬
"is adequate."
In the year that
ened; provides for-inspection
in turn, could not fail to mean given in Washington advices Aug. ended June
strationto win general accep¬
30, Congress appro¬
such training proj ects and sets
10 to the New York "Herald Trib¬ priated $4,500,000,000 for the Vet¬
tances cThe fact,
however/ is continued shortages and pro¬
pay ceilings at $175 a month for
erans Administration. In the pres¬
une'* added:
that the* American people are longed absence of essential
single men and $200 a month for
ent fiscal year $6,300,000,000 was
married men for veteran trainees.
"Asbestos, chromite, manila and made available.
being given daily demonstra¬ goods froihf/the markets. A
/
Of these amounts, the government
tion of their validity./ Late situation
Senator Walter F, George (D.- will
.p^lliis sort certainly sisal fibers, j ewels, lead, pepper,
pay a maximum of $65 and
last year and throughout the could hardly be conducive to rubber; tin and zinc are included Ga.), has broken down the figures $90
respectively.
in a tentative top priority list of as follows, according to the Asso¬
"3. Authorizes the Veterans Ad¬
early months of this, wage in¬ popularity* of[ the unions or to
ciated Press:
some 65 strategic and critical ma¬
a return of the
ministration to operate canteens
creases were the order of the
present party
"Veterans housing $823,727,000; in
terials to be acquired and stored,
hospitals and veterans homes,
day. TMustry after industry to power in Congress in the
benefits not administered by the financed
by a $4,000,000 revolving
was
autumn.-; If we are to assume mostly ■ in - scattered Army anci Veterans Administration

These

more

accurately expressed—
quite elementary
facts«tfjThey should need no prevent the attainment of an
particular proof or demon- even flow of production. This,
are

drafted

on

the strength of actual

money and

.

■

,

bludgeoned into grant¬
Navy depots. Detailed "shopping
ing them:: dozens a day- that the CIO prefers, on the
lists" were not disclosed.
bludgeoned by the combined whole, to have members of
"The $100,000,000 was voted in
power'of the union and a the New Deal party in Con¬
the; closing hours of the recent
labor-loving or labor-fearing gress, it will not be respon¬
'

government which had been

badly misled by "economists"
soothsayers with strange

sible for any such state of af¬
fairs prior/to election

Congress session
a

total

as a start toward

outlay

of

$1,800,000,000.

day. Already being/turned

and

If the Administration wishes

ideas of the facts of economic

toy maintain

' or

*

enhance

its

stockpile

plus

are

World

materials

over to the

War

valued

life.- It

at

II

sur¬

$300,-

soon became evident
strength with the public, it 000,000/
f l\t 1
^ l '/
|:
corresponding price- in¬ will, if faced with such a situ¬ u "The reserve, officials said, 'will
creases
pimply could not be ation, arraign itself against be closely integrated with general
avoided,-- regardless of the the offending unions and their industrial preparedness plans for
..

v

that

claims of certain wiseacres in

leaders—and that appears to

a

Washington

be what it is

clude

and

cldims of at least
tial

For

labor
a

leader

the

loud

one

influen-

in

Detroit.

month at least, prior to




v

doing at present.

possible future war, which in¬

stand-by

and other

Productivity Essential
But

all

this

is

negative doctrine.

essentially
What is

synthetic" rubber

plants.

Some of the top priority mate¬
rials

will

require

rotation

stocks to prevent deterioration.

of

(such as
facilities, benefits admin¬
istered by the Army, etc.) $2,378,691,405; pension for World War II
veterans, and costs of G. I. bill to
July 1, 1946, $5,309,102,000; new
legislationM (including / terminal
leave bill) $4,098,281,600.
"Major items in these various
costs included $1,105,000,000 paid
out up to July 1 in readjustment
or
unemployment allowances to
veterans; National Service Life
Insurance, $2,634,487,000 and $2,000,000,000 for/the terminal pay

fund.

campus

bill.

the

Some estimates of the cost of
latter

have

$5,000,000,000."

been
v

as

high

as

on

enemy ; countries" dtiririg the
to receive VA benefits
pro-'

vided

they

were

not

the United, States.
persons,

to

whom

disloyal to

About

10,000

benefit

ments were suspended

pay¬

during the

war, are affected.

\ "

"5. Allows full pensions to vet¬
erans/who

peace-time
veterans
mated

v///vZ/;V. ■//// / "6.

August 8 that
President Truman had signed on
that day a series of measures af¬
fecting ex-service men, including
one increasing veterans/pensions
by 20%, the Associated Press
Reporting

"4. Permits veterans who lived
in
war

rights

became

service.

are

effected, at

in

40,000

an

esti¬

first-year cost of $3,500,000..

Provides
in

war-time

their

of

re-employment
prewar

personnel

chant marine,

rights

disabled
Some

men

of

jobs
the

to

mer¬

similar to existing
and

women

served in the armed forces."

who

//

yolume 164

Cabinet Endorses General Principle

Mills $avsy&Loan Scitbol
Have Utile Capacity for Remainder of Yearsg Resumed Aug. 18

Steel Production Shows Little Change
j

-

.

py some governmental officials and steel sources that the steel ingot
rate would fall sharply because of a scrap shortage are not expected

the first interest of

a group of 80
and loan executives of
nearly half are veterans

savings

to be borne out in the near future at

least," states "The Iron Age,"
national metalworking paper, In its issue of today (Aug. 22), which
further adds:
"However, with the scrap price situation completely
tip in the air and with some deal-^111..
i."1.
'■
1
y,'*.:.;

Of International Granary,

Financing the homes which are
needed by veterans will become

"The premature and at times over-pessimistic predictions made

,

whom

themselves,

they

national "ever normal

Graduate

"In

the

few

past

weeks

the

flow of scrap to the mills has im¬

proved
far

this

time

other

but the movement is

some

below

what
of

should

be

at

the

hand

dealers

it

year., v On the
shipments to
throughout
the

scrap

yards

country have shown

increase

an

in the

past few weeks and this
trend is expected to continue un¬
til
the
scrap
trade
finds out
whether

increase in the scrap

an

price ceiling is
bility.
.

"Some

draw

steel

a

definite proba¬

mills

accumulated

were

time of the

one

year

continue

steel

during the time

during

strike

the

and

operations

to

which
also

struction

T} 4,

ago.

developments
metal-working industry, on
Aug. 19 stated in part as follows:
"While steel production so far this
summer has held at a high rate
and
last week established the
highest rate since July, 1945, the
mary of latest news

in the

cumulative

effect

continued

of

School

of

Savings and
Loan.
Sponsored by the Ameri¬
can Savings
and Loan Institute,
the school comprises two weeks
of intensive study of home con¬

"Steel" of Cleveland, in its sum¬

shortage of pig iron and scrap is
expected to be reflected in an ap¬
preciable drop shortly.

and

financing, savings
law, financial systems,

,

loan

and

savings and loan management and
investments, said a United States
Savings and Loan League an¬

nouncement

of

Aug.

10,

which

further stated:

sooner

University School of Busi¬

and its Dean,

Arthur Weimer,
special evening lec¬
tures has been arranged in addi¬
ness

program of

a

tion

the

to

daytime

classroom

work.

inventories

have all but disappeared at many

consuming points.

gram

summer

months

with

combined

scrap

and

This situation,
pig iron,

loss of

B.

man

of the National Bureau

or

plan as this will
later have to bk adopt¬

such

said

Overby Named Adviser

the

or

either

1921

in

a

1932," Mr. Wallace

or

statement.;

r-;f

On

The statement denied

of

.

.

i-.v.'. *'•

shutdown.

and

processed by scrap dealers
throughout the country is much
higher than generally supposed.
A lack of interest and a general
lethargy on the part of dealers
because they rightly or wrongly
believe
they
are
getting
the
small end of the deal, would over
a period of time have substantial
repercussions on the steel opei>
atingrate.
"The

increase
in the
coming from
manufacturing plants and rail¬
roads is looked upon as a fore¬
runner of a
much greater flow
in the fall as manufacturing con¬
cerns reach a higher rate of prod¬
uct activity. Also offsetting; the
precarious scrap supply situation
Is the substantial increase in the
volume of hot metal being used
In the openhearths.

slight

amount

of

due to allocations for

is

It

scrap

movement of scrap

is expected to

continue slow.
Should OPA be¬
come
convinced that some ad?:
vance is warranted but be unable
to decide promptly how much, a

retroactive f action
would stimulate the flow, it is be¬

promise

of

lieved.

"Pig iron production is improv¬
ing slowly but this, is not redound¬
ing in general to the advantage
.

of steelmakers because of the

phasis
ence

on

em¬

foundry iron for prefer¬

work.

"The unsettled outlook with

re¬

gard to steel production, combined
with continued question as}-to
what " mills will be called on to
handle

in

disposal of surplus far^ [products
special terms to countries in

on

need of them."

;

Economic

Research;
James
C.
Downs, real estate analyst; Ho¬
mer Jones, Chief of the Division

they will be in position to open
books for first quarter However,
within a few weeks they will be

4

the

of

behalf

on

jA

-

\<r

'

'

,,

International

Monetary Fund, the International
Bank for Reconstruction

;

and De¬

food velopment, and the Export-Import
Bank of Washington,
>• rri
.
. »

<

Overby
was
i)oftir« in
Cheyenne Agency, S. D., oriiMarch
27, 1909.
He attended the tjniversity of Minnesota from 1926 to
1928
before
transferring to the
"Mr.

School

Colombia-

Business,

of

University, New York.

He[grad-

uated from the latter in

1956 with

the

degree of B.S.,

and

received

the degree of :M.S. from it In 1940.
"From

1936

through

194T' Mr.

Overby was employed by jt&k Irv¬
money, President of the Institute,
Sept. 2."
ing Trust Company in New York
"the Graduate School's principal
Mr.
Wallace's statement pre¬ City, serving from 1936to 1941
objective is to train men who hold sented his personal endorsement as assistant to the Vice-T¥£sident
in charge of portfolio investments.
/
key positions in financing thk of the idea in these words:
"I have long been in favor of He ' joined the
homes * of America for leadership
FederaV{tReserve
in an era which is going to see the ever-normal granary plan of Bank of New York
in'JJanuary,'
morg homes built and more peo¬ buffer stocks. In justice both to 1942, and served as'^pettal as-ple buying homes than at any the farmer and the consumer, I sistant to the Vice-Presid6Mts in
have felt that; the internationali¬ charge of the internatiQhal Rank¬
other period in our history," / 5
on

.

.

-'ii'■^

ever-normal gran¬ ing and investment functions of
the institution until October} !942,
when he left the bahHo ^idcept
normal granary program made a a commission in the United States
great contribution to human wel¬ Army. Mr. Overby was ^charged
fare during the recent war, and I torn the Army in
ApriLbj^ this}
The Wage Stabilization Board, believe that an extension of this year with the rank'
requested by Chairman L. Thomp¬ program internationally is neces¬ Colonel, War
son of the Price Decontrol; Board sary for continued world peace
Staff. Corps. He was! av^alr^eii the
to state its views, declared in a and prosperity,"
Legion of Merit, and
Ahny
letter to the Board on. Aug. 14
ii.o-' '$

■

..'

zation of the
.

is?\^bsoluteiY}es$ehtial.} 4

Wage Board Urges
Establishing Reconfrols

ary idea
"I believe

that our own ever-

of^^ieqt}-■

Departmen^Gerieral

fourth quarter in the
priority tonnage makes it
difficult for producers to say when according'
way of

-*

$' '•; iVi'V

_

Under the plan a world
housing and
board would be set up with au¬
agricultural
requirements
and
apparent, how¬
thority, among other things, to
of Research and Statistics of the
ever, that the supply of scrap in other preference work, is forcing
buy and sell commodities.
the hands of steel firms is at a mills, some for the first time this Federal Deposit Insurance Cor¬
Mr. Wallace, a former Secre¬
low point compared with the cur¬ summer,
to curtail open-hearth poration; Dr. Philip M. Hauser, tary of Agriculture, said the Cabi¬
rent operating rates.
Whether or production, and this trend will be Assistant to the Secretary of Com¬ net had before it a report from a
riot the release of scrap in the more
pronounced
unless
some merce and Assistant Director of committee of representatives from
the Bureau of the Census; Judge
hands of dealers once the price solution is found.
various government departments
controversy has been settled will
"In this connection much inter¬ Fred G. Stiekel, Newark, N. J., a "describing in general terms the
director of the United States Sav¬
reflect a back to normalcy trend est is
being directed to the matter
principles set forth in the Orr
In scrap inventories in the mills' of
scrap
prices and until some ings and Loan League; and Coach plan as the United States obj ec"Bo" McMillin of the University." tive
hands remains to be seen.
action is taken on further appeals
at
the forthcoming world
"The amount of scrap collected of the scrap trade for hgher prices,
According to Robert W. Al- food conference in Copenhagen
were

reduced because of the coal mine

Foreign Matters >4 |

Secretary Snyder announced on
Aug. 14 the appointment of An¬
drew N. Overby, on leave from
the Federal Reserve Bank of New

}

published
reports that the Cabinet had re¬
York, as Consultant in the mone¬
jected the Food Organization Di¬
tary field.
Mr. Overby will -ad¬
rector's proposal. It said that the
vise Mr. Snyder on monetary re¬
Cabinet
accepted
the principle search and
foreign funds control
"without a dissenting voice and
matters, according to thO'- Treasasked that further study be
ury Department's announcement,
made of this and of alternative
which also had the, following to
i,«S
'fW
proposals."
say:
; ••
t\
»
*
The Orr proposal, Mr. Wallace
"Mr. Overby is
an X^isfant;
said, would "in substance operate
Vice-President of the Federkl Re¬
to stabilize agricultural commod¬
serve Bank of New York,i where
ity prices in the world markets,
he has been concerned particu-<
establish a world foo^Wserve in
larly with operations of the Bank:
case of need, and make possible a

tor of the Financial Research pro¬

yards
down at least 50% from early

are

from

embodied in the world-food plan

as

plight of the farmers of
the
world
will
eventually
be
worse for a time than it was
in
ed

.

"Under the guidance of the In¬
diana

Speakers will be Dr. Her¬
Wells, President of the
University; R. J. Saulnier, Direc¬

"Shipments

inventories

from

tons

Indiana University Aug.

granary"

Aug. 13 the
of an inter¬

recently presented by Sir .John Orr, Director General pf the Food
and Agricultural Organization. This was made known in an As^oci-v
ated Press dispatch from Washington, on Aug. 13, from which r the:
following was also taken: guj . } •
—
T.

the

piling scrap - in their yards, The operating rate for the week
ingot rate could easily be af¬ beginning Aug. 19 is equivalent
fected to some extent if the OPA to 1,580,900 tons of steel ingots
does not soon settle
the scrap and castings, compared to 1,591,prick controversy definitely one 400 tons one week ago, 1,573,800
way or the other.
"
I tons one month ago, and 1,280,300

when

Henry A. Wallace, Secretary of Commerce, said on
President's Cabinet had endorsed the general principle

ers

at

Wallace Says

\*

assemble
18-31
for the resumption of the annual 4 "Some

,■

;

1065

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4518

to

advices

from' the

"Wall Street Journal" Washington

Freight Cars on Order
Increased During July

Commendation

Ribftorpioirf dis¬

tinguished military

serv^c^."'

.
Bureau, that "unless the prices of
essential
foods, including milk,
iron supplies con¬
butter and meat, are recontrolled
The Class I railroads on Aug.
tinue extremely short as far as forced to take some action. Pres¬
and rolled back to the fullest ex¬
foundries and other users are sure is extremely heavy from all
1, 1946, had 49,078 new; freight
tent
the wage problems simply cars on order, the Association of
concerned, the volume, of iron for consumers for scheduling of first
cannot thereafter be satisfactorily
American Railroads announced on
steelmaking is steadily climbing quarter tonnage, although interest
still is centered primarily in ob¬ met."}^-::}1#'^
as the full effect of furnaces re¬
Aug.
19.
This included 13,91P
The Secretary of the Treasury
Signed by W. Willard Wirtz arid hopper, including 2,493 covered
turned to operation is felt. The taining tonnage already due
announced on Aug. 19 fthat the
immediate future represents the against current commitments. Lit¬ Phillips L. Garman, Chairman and hoppers, 4,853 gondolas, 1,109 flat,
respectively
of 14.304 plain box, 6,590 automobile tenders for $1,300.000,OOftbrtiierefirst period since September 1945 tle new tonnage can be accepted Vice-Chairman,
that blast furnace output has not for shipment over the remainder WSB, the letter asserted that un¬ 8,012 refrigerator and 300 miscel- about of 91-day Treasuryibills to
been threatened by coal or steel of this year.
Hot and cold-rolled less essential foods ?ir? rieic??T, laneous freight cars. New freight be dated Aug. 22 andS'to mature
,
strikes. The only deterrent to this alloy bars can be had in free sup¬ trolled and prices rolled back, the'car
on order July),last, totaled
NOV. 21, which were "offered on
and
on ,Aug.
mildly optimistic outlook is the ply, hot-rolled in late September government would have to give 39 437
1,
1945,
immediate
consideration to the1
and early October.
Aug. 16, were opened at the Fedlabor controversy on the Great
Some large
a^ounted t0 33,050.™
"While pig

Result of Treasitty

..

.

Bill

Offering,

„

sizes of hot carbon and cold-rolled

following basic wage provisions:

They also had' 804«iocomotives eral Reserve Banks on Aug. 19.
present 33% on order on Aug.d tfife year, comTotal applied for, $1,803,547,000.
y ore
shipments
are
concerned,
cost-of-living wage standard, per- pared with ^whi^oi^luded 71
Total
accepted,
$1,308,007,000
could easily develop into a def¬
"Among the few other items mitting employers to seek price steam, 6 electric and,}}522 diese"
(includes $35,658,000 yeyjtered on
relief for wage increases bringing i locomotives on Aug. 1, last year
inite} threat to steel output this that can be bought for delivery
a fixed price basis oli|9M05 and
winter.
1
this year without priorities are workers' wages up to 33% above they had 496 locomotives on order
rope
and
stainless
steel January, 1941, and the possible which included 109 steam, 2 elec¬ accepted in full).
"The steel ingot rate this week wire
bifid
has dropped % point but this sheets. On all other products mills change • or elimination of other tric, and 385 diesel one year ago
Average price 99.90^jbfJ equiv?
The Class I railroads put 21,568
small decline has no significance are covered for the remainder of present wage provisions.
alent rate of discoujij^^pproxi?
because it represents a normal the year, either through outright
"The question of whether a new new freight cars in 'service in the
.r
first seven months of U946, which mately 0.375% per
fluctuation."
sales or quota obligations, and on set of wage standards could, as a
included 8,506 hopper, including
Range of accepted ..^(^petitivA
The American Iron and Steel most products indications are they practical matter, be devised and
administered.
2,133 cbvered hoppers;, 3,013 gon¬ bids:
Institute on Aug. 19 announced will have substantial carryovers
"That decontrol of food prices dolas, 415 refrigerator^ TQ9 flat
High, 99.908;
that telegraphic reports which it at the end of the year. Some mills automatically results in the de¬ 1,163 automobile box, and 7.9L
discount
approximately. 4.0.364%
had received indicated that the have accepted orders for first control of wages in these decon¬ plain box freight carsi jfot.the first
.
4 y ., ^.}
trolled industries and make it dif¬ seven months of 1945 [the railroads per annum.
operating rate of steel companies quarter in1 certain products, in¬
Low, 99.905; equivalent}rate'}pf
ficult for the WSB to deny wage put in service 24,939, new freight
having 94% of the steel capacity cluding plates, track accessories,
cars.
• ■' -.' '■'V:.
•
Lakes which, although not yet of
serious proportions as far as iron

bars are available in limited ton¬
nages for

"Revision

of

the

late this year.

an^rn^

;

,

equjval^

increases

of the industry will be 89.7%

of mechanical and boiler tubing,} and

capacity for the week beginning
Aug.
one

ago

19,
week

ago,

89.3%

with

90.3%

one

month

and 69.9% one year ago. This

represents
or

compared

a

decrease of 0.6 point,

0.7% from the preceding week.




a

cfertain amount of steel

for

identified

projects.

required
the

In

main, however, little tonnage can
be

placed for shipment

over

remainder of this year or for
ment

beyond."

the

ship¬

dustries.

in

price-regulated

in¬

discount

They also put 233 new

}

tives in service

locomo¬

in the; first seven

question of avoiding wage
increases in the building and con¬ months of this year, of which 66
struction trades, which would de¬ were steam and 167 were diesel.
feat the low-cost housing program. New locomotives installed in the

i

"The

'same period last year^ totaled
'second of which 56 were steam and

"Whether to continue the estab-

lished

policy

round' wage

of denying

increases."

367
oil

approximately^ 0.376 %

per annum.

,

(70% of the amount1 bidthe low price was

There

was a

ilar issue

accented.)

maturity^ %f

a

y

sim¬

'Xiig. 22 in
$1,313,68^,600. -r

of bills on

the amount of

4.4-".

foh at.

}^} v4. :^:'4 ".v',;

} lodr

1066

JHKJCOMMERCIAL

FINANCIAL

Thursday 'August 22/1^4§
'

ica faces "an aggression'from / the

uMust America Turn Back?"
\

past, ' an
aggression;* long
planned, and now launched, un¬

(Continued from first page)

part of the process, he wiped out
abuses.'
He
many
old
made

waiting

der the

ranks

of *

Republican

voters

were i let % down
with
a
thump heard from one end of the
country to the other/ - • •
,

changes

that were attacked then
"threats to the system of free
enterprise" but which are spoken
as

of how

,

The' Republican*

"social gains won with¬
framework of free enter¬
as

in the

When Roosevelt
mon

of

people

other

nations

were

stunned

died, the

around

the

by

platitudes, because

want

and

blow

the

that

a

And many Amer¬
icans wondered, and asked them¬
.

.

Have
of

a

we

man

Will

or

•

'

-

■/>'/

now

000 people'.

abandon,

There.

was

a

minority

an

answer.

in

hard¬

•

,;

i ;

financial backers.

They call that
"old-fash^
ioned conservatism." They have
kind

one

of

declared

government

that

on

this

philosophy

the

Republican Party takes - its
stand in 1946-»~for a Congress that
will go back to
"old-fashioned
conservatism."

*

was

ended

And the party's leaders
obey its

by one, those protections that have
been gained for our people against'
social inequity and economic dis:■
aster?, r;:.
wanted Yes for

that
There

a
minority that had fought
Meanwhile, Republican' mem¬
Roosevelt every step of the way
bers of Congress engaged in a de¬
against
social- security,
against liberate, concerted scheme to block
bank reform and -reform of the1
the postwar program which the
stock
exchange,
against
TV A, Americano people wanted.
They
against collective bargaining,
■

,

connived; they combined, they

against aid for the farmer, even;
against preparedness for defense
•when

war

threatened.

"

.

Press

Washington,
York

NY State Savs, Banks

"As

They opposed the full' employ¬
had an iron grip on the
leadership ment bill; They opposed'the minii
of a major political
party-—the Re^ mum wage bill. They/ tried to
publican-Party.
nullify the program of housing for
1,459 home loans to veterans,
f
But the power of decision rested
veterans; and they suceeded in totaling
with Roosevelt's
$9,985,425, have been? re¬
successor, Presi¬ crippling and delaying an- essen-1
ported by 102 New York State
dent Harry S; Truman.
tial part of it.; They
opposed price savings
In the mind and heart of
; banks during the month
Harry Control.
of July, it was announced on
Truman there never had been any
Aug.
In this campaign of
nullification 13 by Robert M.
doubt of his course. In September,
Catharine, Presi¬
they used every political artifice, dent
of the /Savings Banks/AssO^
of 1945 he gave
out, formally and every legislative and
parliamen¬ ciation. The
average loan through¬
officially, his answer to the ques¬ tary trick*

$46 M\m

<

.

-

'

.

tion

of -whether

America

she

progress
made-since 1932The answer was No*

I It

came

would-

in

a

had

krioVrs/

for

to Con-?,

message

.

that message, Truman;
comprehensive program,
postwar America.;; It; was • a

of action, a program de-v
go ahead with the job;
that Franklin Roosevelt had be^
gun. And it was specific and crys¬
tal clear.
It called for all
program

signed to

the;

debated

full

in

the

we

have heard,

late

employment,

State

was

$7,529.

brings; the "total humberi
to veterans

This

of- loans

as of Aug. I,. 1946 to
7,381, totaling $46,47-7,110, for an
increase of 6.3% over
June, 1946,
said * the Savings. Banks Associa¬
their
responsibility, these Repub^ tion
of the State of New York.- V
licans say,/ "Well;- after
all,, it was
Mri Catharine- stated' that? "no
a Democratic
Congress. If tHe will
benefit to returning- Gl'sis* more
of the people was- not carried
out,
itutf the' fault of the Democrats'. important/ that that nipyi^clMh
the ;'/GT"Htifl of
We Republicans were1
J Rights ^nabfing
ohty a - mi¬
nority."
;them to "build or bay their "'own
;: That?
^eidous^ and (evasive homes,^nd the savtngshhrikstbr^
answers Indescending to it,' the sider-fto? servide1 moreHinporttf
Republicans* not only ? admit their that to aid veterans in this regard.
guilt,: but they follow the argu¬ The veteran who applies today for

Republican Party in
Congress; ' > " '
Today* iri -an effort to escape

Congress—

adequate!

from

of

.

it went

the

"2.

to

measure

"This would amount to about $5
month additional for each aged

Blanketing of 200,000 mari¬
employes under unemploy¬

time

Commerce"

the President's
provided ap¬
proximately $150,000,000 addition¬
al- annually for 2,OOO,0CO ; needy
aged persons, 75,009 blind and
772,000 dependent children.

ment compensation protection foriv
the first time. The estimated cost !.
to J the Government is $3,000,000 ^

duting the

reconversion

p^idd."

"3. A 100%; increase in Federal'

expenditures, from $9,000,000 to
$18,000,000, for maternal health
crippled children and child wel-

fare.":///;/;: • /
■'
It is stated that in the mean- J
dependent child.
time, the Senate Finance Commit- "Without the 'freeze,' the seen* tee^is;
sponsoring^-study-of ?the;
rity tax would j umj) automatically whOle" social 'security setup* The^
Jan. 1 from 1% to 2.5% against committee will
try to determine',
employees'*; pay vmidt employers' on an actual basis,, wheri and how ;
pay, rolls.
much / th^ :vtdx. \ rate
should: be *
'1.
a

and blind person arid

^3 for each f

-

,

:"

"The
last

compromise; > worked out raised; This is the eighth/yean it

night by

the last

a

major actions that

as .the' electorate
is tHe record of perform¬

that,.

ance' of the

«

gress. "In

set forth

out" the

And
t

abandons the

"Journal

desk,

advices

given in the New

as

said:

01 Loans to Over

they

crippled arid watered
down the provisions in these
bills,

That * ^minority had money, it
had influence in the
press, and it

-

as

amended and

(

generalship of Republican
Party leaders. "-In the belief that
rT
President Truman on' Aug.r 10 signed ^the
death X has
newly enacted" legisla*.
brought
them their 4 opportunity/; the/eco¬ Ron amending/the; Sociat Security/Act/ the new-measure/ while mak-t
nomic wreckers in the Republican ing some changes in: the law, continues the pay ; roll; levy
^through":
Party are using this election : as 1^47 sithe.present rate of l%lea*ch on employees and
employers^the;
the strategic .moment: to*; strike. t$3fi :othprwise vWOuld Ji^ve^automdtic^lty beeri
increrised{frent 1 % t6f
Progressive 4 America is * standing 2y2% ;on :Jan; l *next both fas ..to employees arid- employers
Comprpmisewag-finally reacheC^1 -,fM.
today with its back to the wall. '
! We of the Uemocratic Party are by Senatd and House^^confereeS'bri nfrireriCe^"cbrhmifteri/w^is appfrivedv
Aug. I of the deadlock which overwheimingly on'voice votes
going to hold the line against that
by;
attack. We are going to hold the threatened to result in! the in- both houses; It broke a lortg deadcrease in payroll tax.. Chief cause
ldck ori old' age* benefits: provi-*
line against reaction.
That Will
of •: difference
between
the two • sipris of- the' bill*4
be our slogan in this
campaign....
Houses was the Senate's determi¬ ;
"In addition'to • the- tax freeze:/
President Truman, through this
nation to increase greatly Federal
and/ old age benefits increase; the'
exacting test period of postwar
Social Security payments to the
bill.provides: ;,,VX
adjustment, has stood up with .!
"poor state," most of which are in ; "1;
Survivors insurance for famgranite courage for. the cause of
the Democratic South. ; Under the
ilies of World War vII
the common people. He is
veterans:
turning conference committee's
compro¬ without; cost
back the attack bV the
for three1 years; This
powerful mise
larger Federal grants would
few and their Republican spokes¬
means that the survivors of a vetbe provided for
needy persons in erari who dies within three
men in Cdngf ess..
Again and again all
yearss
States. The bill had passed the
he has refused to> surrender to
from discharge would receive the
House on July • 24,< while ,the Seri¬
them the advantage they seek at
same benefits as if he had beeri
ate passed it on July 30; the con¬
the expense of the many.
working in covered employment
ference
report
embodying
the at
$160 a month; A widow would
And in this the people are with
changes worked out by the con¬ get about $32 a month and a
him.
The majority in America
child
ferees was approved by the House
about $16. This is expected to in¬
will hot go back;
That majority on
Aug. 1 and by the Senate on volve
Government expenditures
next November, will hold the
line Aug; 2.
Under date of Aug. 2
of $175,000,000 from now to 1959.
against reaction/
1
"
Associated
Roosevelt's

op

posed each (legislative measure
it
was
brought forward; :

:

%

forth'<&.

-

government that

ship and hopelessness for 130,000,-

witnessed the passing
the passing of an era?

America

return; to the kind of gov¬
we had in the
twenties,
return; to the misfeasancevof
a

world ernment

Fate had dealt.
selves:

can¬

its aim is not, to do but to undo.
The financial backers of the
party

com¬

this -nation

leadership

not propose acrion, it/must evade
and resort to'

prise.";., V:

Trtiman Signs Bill Continuing
Seeurifiy
T axat: I %^Changes iir Law

:

dead

14-member

a

con-

MyerHousmg/
Commissioner
Dillom S. Myer on : Aug. ; 12
assipriedV-hiSi duties ta^/Cdmmis#
sioner of the Federal Public Hous¬
ing Authority, an NHA announce¬
ment of August 12 /Said. Mr. Myer
was

appointed to the post by Pres¬
ident Truman on Augusf lO/ sub-

has•beert•'heId(atT%i/;l/;:;,;

i

■

IL S.Disbursement$ Aboard
First Quarter of
'

j

IIXAiitCd1 States'-C^verhment
netj v
dollar? disbursements abroad

diir^

)ng: the first tluarierT946/totaled
$38$ /mniibri//onty/$9'miHidn

low "the- not/dollar
?outlay during^
the previous/quarter/ according
>
a
compUation( by; :the;; Clearing:! /
-

ject to confirmation by the Senate
Office *f<rir Foreign:*TrahSactioris^!;
is unlike the typical ydieri/ Congress :reccmvettes/|;H0 pepartment^Uf
of' race
Commerce//; 'f" *, j:
tciok the oath of office at 11:30
discrimination, protection' father andk;mothercan&! then apzz mortgage
applicant
of
other
of the people against
Total", disbursements^ during the "
post-war in-' peals to the court for
He has been, away/frond a.m. on August 12 in ceremonies
clemency on • years.
were* $760
fiation, housing for veterans, and; the ground that he ia
million and
in the (office of the FPHA *Com- quarter
only a poor work- for a considerable ■ period
many other needed measures,
missioner. The advices • from the receipt^: were' $375: million, $71'i
orphan;
~
*' ' and has the
problem of re-estab^
million belOw the previous quar* With
Truman's
The American
answer,
the
;
people < are in no lishing himself.
He is. quite as Housing Authority also- said:
hopes of/the minority who had mood for than
ter, the Clearing Office said in its /
kind* of campaign much in need of sound advice as
"Mr. Myer succeeds Philip M.
hated- Roosevelt and all that-he
announcement of July • 30, which ^
debate. They:want to see the rec¬ he is in need
of a loam
He must Rlutznick* who resigned4 as Com¬ continued^
stood for suddenly
collapsed.-; In ord.- The veteran,: the.
housewife, be protected from people. who missioner-June 30;. David L;
anger they turned on
Harry Tru¬ the workingman, the average cit¬ have
"Although Government dollar;
property to oversell as well Krooth, who has served as Acting
man." Theirs
was the fury of men
disbursements abroad declined to"
izen, the Man in the Street/are as!
protected from his own en¬ FPHA Commissioner in the in¬
who had been
betrayed by their i all looking up the vote.
an annual rate4 of slightly moref
They are thusiasms. But the savings banks terim/will become General Coun¬
own cynicism. At
once the leader¬
than $3 * billion- in the
going to judge each incumbent are
quarter/!
of
the
National
performing a true public serv- sel
Housing there is evidence that
ship ; of f the Republican* Patty member of
they may >
Congress, not by what, ice by
went back to its old habit of
guiding him. cOrreCtly and Agency, of which the FPHA is a well* become stabilized at or
call¬ he says
now; but by what he did
|
constituent;
Since
intelligently."
ing the:President of .the- United'. then.
July
1, Mr.. around that
figure for the last f/
States—of calling Harry Truman
However, it is added, the fact Myer has served as Executive half of 1946 arid the first half of r
Yes; the people will remember*/
as they had called
that more and more veterans are Director of
Franklin Roose¬ But the
the Coordination Com¬ 1947, according, to4 the Clearing ;
defeat of the Republican.
velt—an agent for communism.Office.
Party on ne^t November 5 will obtaining loans is shown through mittee of the
Department of the
; These Republicans
the fact that $9.9 million was in¬
have no pro¬ not be a
matter of'revenge.
4'Future declines in dollar'
If.
troop '
Interior.
gram of their own. When Truman
During the preceding
vested in homes in July alone.
goes deeper than that.
For the
pay and allowances and military!
told the nation just what he
four years he was Director of the
;•
pro¬
people of America know that un¬
——w—*
procurement abroad will likely be
posed to do, step by step,- RepubJ
War Relocation Authority.
derlying the conflict in the last
Prior offset by expanding, loans to for-"
lican rank-and-file voters
Loans ta GIs
listened Congress
there was
a
to that he was Acting Adminis¬ eigri' governments' and payments'
greater,
and
wondered:
What did their more vital issue
than price control Bait. Sav. & Loan
to international agencies:
trator* of the Agricultural Con¬
Gov-,
party propose? Here in Truman's
alone, or minimum wages alone,
ernment procurement abroad may ?
;
On the second ' anniversary of servation and
message was a positive answer to
or atomic
Adjustment Admin¬ well hold ' at 'or hear the three- r
energy alone.
the GI Bill of Rights (June 22)
America's postwar needs.
The question at issue was
People
this:
istration, and held other posts in quarter billion dollar.annual level'
liked it, wanted it. What
the
Baltimore j; Federal
kind of; Shall we cherish and hold
Savings
the ad¬
the Department ■ of Agriculture. for the 12 months beginning June
answer did the
and-Loan; which HenryP. Irr
Republican lead¬ vances we have madef
under re¬
Mr. Myer - has been in the state 30, 1946.
ership have?
sponsible government as adminis¬ heads, had lent $5,536,000 to 1,112
In response to this
"Special
currency,
disburse-!
questioning, tered by the greatest leader of his ex-soldiers, sailors and marines. and Federal service for 31 years:
An ex-marine of World- War
Congressman Joseph Martin, time—Franklin
merits;" which; rose to, ari annual J
1, Among those
/ D;o Roosevelt—
attending the swear¬ rate above $1.2 billion
House minority
duririg the4*
himself, Mr. Irr says that his sav¬
leader; promised and by his
successor—Harry S.
that the Republicans would have
ings institution has a third of all ing-in ceremonies were Wilson W. first "quarter 1946 are*1 likely to
Truman—or must
an

.

minimum wage law, the
outlawing

ment

of

the

man

who

kills

the

ri'- Gl- Loan

-

.

.

.

,

'

:

'

■

•

-

by

•

.

-

,

,

-

a

program too—a

positive, specif¬
recommendations,-'which

ic set of
would

leave

where

the

stood.W'-y

no

question

Republican

as

to

leaders

&I-w

,

Well, the weeksv and months
by in embarrassing silence.

went

There

was
no
program/- Finally,
stead, a Republican "plat¬
form of principles" was revealed.

in

its

And what was in it?

Words, words, and
—but not
one

one

more

words

specific action, not
And the

constructive policy!




America turn
back? Will America
override the
resolve of the President and those
•in the Congress who have

backed
up?: Must we surrender our
more abundant
way .of life for all
Americans in order to bow to. the
him

will

of the few who4 would

reap

large profits for- themselves?
That is* the issue of this election
of 1946. 'The sociat
progress which

its assets in loans to vets and "its
the safest money we have loaned

direct

attack.

Amer-

Expediter / and
the-

National

Housing * Agency, / Commissioner

Savings and Loan

:

eral i.

associations*; air> over« the

country, to

put, veterans

ahead of- all other

,

today.:

\

\

-

Housing.*• 'Administration;

Oscar -L.

Chapman, Under Secre¬

tary/

loans

home = lending

-

or

Raymond M. Foley^ of - the • Fed-* of

League, Mr. Irr has spearheaded
the drive
among the savings and
loan

decline

the Departmierit

of

>

Interior,; and
oath

of

.

office

Mr.
was

ofr;fhe

Krooth.

The

^administered

substantially

in

the

12-/

month period, unless^ the number i"
of

This year's President of the
United States

.

under

-•

of

out."

America,
with; God's help, has ; demands; It has resulted in their
foughf'for and won: in 14 years being the source "of 3; out of 5
of :; enlightened
government,.;' is home j^aris veterans' ai^: getting
now

Wyatt,* Housing
Administrator

occupation trOops is/ increased
current restrictions
; foreign

are*

on

clined to
billion

in

the

*

:

abroad

annual rate

*

use "

held*3

'

receipts
an-

the

now

^

relaxed*

("Dollar

and

currencies

de*

of

'I
»

$1.5-

first/quarter. 1946,-;

they may well decline

ther, perhaps below u

fur-

$f/billiori;':

by J.-A. Hale/ Chief of Adminis- annual rate during the; 12-month v
:

trative-

Services; Section/ (Bureau period

of the Budget."

J

;".4.

us -United

Stated cash sales ?

pf property abroad fall off.".,/

y

^Volume ..164. Number

THE

4518

MBA

HonriyJarniiigs Reach New High in

June, Conference Board Finds

i

Hourly* earning?, in June reached .new, peak levels .for. the fifth
consecutive month; while "■ employ mentrieared^
day mark
(August; 1945) in the 25 manufacturing industries surveyed monthly
by the National Industrial Conference .Board.
Reporting, this on,
Aug. 19- the Board ;stated4that all payroll statistics, rose from May to
June, 1946 for production and#eiated?^vprkers in; the 25 ~ industries*
?
Wage-rate increases reported to $>•
———
—
;—
.*!• The Conference Board were lower
"Hours
Per
Week;
Working

months J
(amounting to only 0.4% for: all

than during the past few-

-

workers).
The Conference

Board's

sum-

of labor. statistics for June;
1946,
with
comparisons
with
earlier dates, follows: vl>
"Hourly v Earnings; Up
0.8%:
from May, 1946.- Average- June
hourly rate; $1,189;* This represents 7 % rise over June last year,

-

mary

•

■i

*

Meeting

Gincinnafii
The

*

future

Looks toi Lower Taxes

Sept. 30
real

the

of

To Assure

estate

iru-

(Continued from first page)
present economy will be the sub¬
dons debt structure that faces this
almost cash basis of the war. days
ject of *a series of* addresses at
is about at an end. Credit will be
the 33rd annual convention of, thei country, the service charges for
the debt can best be realized by used to move merchandise in the

Charles F.

<

.

.

"Nominal Hou;rs:

sched¬

(The

uled number of hours of

operation

High Production

mortgage kas .an investment in our:

Mortgage, Bankers- Association? of
America at the Netherland-Plaza i
Hotel; Cincinnati, * Sept: 30, Oct; 1;
and 2, Byron V. Kanaley, Presi¬
hours recovered slightly in June
on
Aug. 17.
from
the slump
caused by the dent,' announced
coal, strike*' The ; June, average Speakers on this subject • will be:
Frank- J. Rathje, Chicago, Presi¬
(39.6 hours)
was
0.3 hour or.
0.8% longer than May, 1946. This dent ofj-the American Bankers.
is 5.6 hours (or 12.4%) lower than Association, and of the Chicago
June, 1945; and 18%, less than City. Bank. and Trust Company;
1929.,'

1067,

FINANCIAL CHRONICLE

COMMERCIAL

the

establishing tax rates ' that will
bring: a high national income. If
the rates are not confiscatory and
give individuals the desire to- put
money into risk ventures and new
business undertakings, they will
be productive
of more tax re¬
ceipts, The nation is tremendously

Williams, President of
and "Southern

Western

better off if it has
spread

than

come

Life

over

,

3uyer's market, and if it is
to

expansion of

>

of

a

for-

a

y

101.5%.
;
?
"•
"Weekly Earnings: The June,
1946 average of $46.78 was an in¬
crease
of : 1.3% over-May, 1946-

>

but

.

7.1%

-i (June,

than

lower

ago

a' year

1945).

:

rate levied upon a: small national
Cincinnati; and
income, even though the net dol¬
Raymond Rodgers, Professor of lar
collected be alike in both in¬
Banking/at -New York University. stances*"

Insurance.; Co.,

;i

"Man Hours Worked;;

A rise of

3.9% from May to June,

1946. The

analyze its credit problems from
the standpoint of whether or not
the

52.8%,

.

■J

weekly

;

Weekly,' Earnings: • (The
amount of goods and services that
can be bought with dollar weekly
; earnings). Average weekly, earn¬
ings;- adjusted? for Acost * of living
"Real

'

rose

0.9%.from May to June, 1946.

.

industries

showed

an

increase of

More than 1*20& are expected
3.1% over May, 1946. This brought
for what is anticipated will be
jthje June index* almost i up to the, the
largest MBA convention yet
level of August, 1945, just before
held.-' Running concurrently with
the. end of the war in -.the Pacific.
the convention will be:an Exhibit
June, 1946 $ was 139% greater of
Building, Industry and* Serv¬
than September, 1945, Other com¬
ices/ an * annual? show - of building
parisons: 7.4% less than June,
materials, equipment; office ma¬
1945; 17% over4929;..
chines and related products. The
"Payrolls;, June, manufacturing shows discontinued? in 1941; be¬
payrolls, were .4.5%? greater- than cause of the* war* isbeingrevived
for May, 1946. Other comparisons: on a Broad scale this
year.
Cin¬
13.9%
lowers than
June,
1945; cinnati arrangements are being
61.3% higher than January, 1941; handled by Paul ■ J. Vollmar of

8.1% lower. than in
1945; but sipce January,
"194b there has been am increase- of;
;,21.5%. Iix June, 1946**weekly • earn¬
ings of production-workers bought
51.6% more, in,goods and services
than
in
prosperous
1929,. and;
33 J % more than in August, 1939^ 136*9%* higher than August; 1939;
91;7% higher than, .1929."
( start, of 7 World War. II)

They
1 June,

.

were

The t Western
Insurance
dent

andV Southern1 Life
and Presi¬
Mortgage

Company

Cincinnati

of the

Association, and C, P.
Kennedy of. Kennedy & Steven¬
Bankers

Farm Credit

Agencies

the-- objectives of this provision,
the President continued;
interests of the nation that fission-

Government: loans ' to

farmers

Inc., Cincinnati, both membetk^f itney Associations Board ;of
son,

Gdvernors..

-

*

•*

-

ale -materials in lands now under

Federal ownership, be reserved (Or
"arid related activities > are. to be.
the control andI use of ^ the* United Pfesident-Vetoes?
♦administered in future under one; States."
' %'; -:: i:
St# Reclamation Bill
•agency, the Farmers' Home Corp
He said the recently* enacted
Two. pieces of legislation were
-poration, under legislation signed
Atomic Energy Act provided for reported pocket-vetoed by Presi¬
by President Truman on Aug., 14,
suck reservation in disposal ;• of
which
consolidates
farm
credit
,

,

dent Truman

on

Aug. 14, accord-?

y
,**
ing to Washington advices from
activities of the; Federal Govern* public; lands^arid added;:*
"It is. equally important that the the. Associated Press. One was a
ment for low-income borrowers
into, a single agency, under direct government reserve, ownership of measure giving permanent statu¬
authority of the Secretary of Ag¬ oil, gas and other .minerals critical tory authority for specified Bu¬
of
Reclamation activitiesriculture.
The new law, said the to
the
national
defense?
and reau
The ^ President * indicated that he
Associated Press, abolishes
the economy."

we are ever going, to bal¬
ance,-the; budget; now ia theUime
to do. it," Mr. Heimann; says on
this point.
"It is.discouraging.to
note, that, with the exception of
the recent declaration by ..the Presiden, no really constructive moves
have been undertaken in; this di¬
rection.: There, has .been, an abun¬
dance. of lip service arid an ab¬
sence of action*
With a projected
incofne of * $160 ? billions for r the
fiscal year,- our budget* certainly
nught to be balanced, riot because

cure

our

expressed? hope - the next wpujd be glad to approve the.bill
if certain provisions to which he
'some activities of the Farm Credit
Congress will speedily repeal sec¬
objected were removed. They in¬
Administration,; and all> activities tion 9.: T' cluded financing of the education
of the. National Housing Agency
which -pertain to property* ariiql
of children* of *. Federal employes
on reclamation projects:
other, assets iofmerly. managed by

,

Administration,

Security.

He

,

•

the FSA.
The bill; likewise, re.quires the liquidation of all sub¬
sistence

loans made by the FCA.

st^

?It

•

WSB In

WageJSnb

twelfth

An employer who has cut wages

for liquidation, of., labor supply
without prior approval of its Wage
centers, labor homes and labor
camps established by the FSA, and Stabilization Board in violation; of

qf, trusts t. held - under? agreement?
with various State niral rehabili*
tation corporations.

the

penalized by the Board oil Aug. 15,
first- penalty

in

case

From the. Associated Pressy ac¬
bf that kind was invoked, it was
counts, as, given. in the Washings
ton, D; C., "Post" bf lAug^ 15; we stated in a United Press dispatch
Also quote:
from
Washmgjori o& Aug. 15.*
"

The purpose of the

legislation,

The< dispatch, a?;, given in

anywhere else "

-

^

In

signing the measure, how¬
the. President: said - that one
provision "causes me grave: conever,

pern.";
He referred to section 9,%

the

Hprst Manufacturing.- Co.

the; annual prem¬
,

Corporation. From the Asso¬
ciated "Press? we quote:
"The

measure

revised: the

also would have

Of

of supply.

sources

war

years

"During the

particularly,

>

keen visioned

many

business executives

Utilized the personnel and - facili¬
ties
to

their

of

credit

departments

appraise the financial soundness

of

their

sources

of

supply,"

he

to.

a

'subsidy' for the benefit of

numerous

requests from top exec-

tion

on

we

informa¬

procure

the financial position of

companies ?

witii

whom

they

in¬

tended to place large orders. They
wanted

to Be

certain

that these

orders would be delivered to them

and that the.

were

ficiently. well financed
ceed;- with, an

to

uriiriterrupted

pro¬

duction schedule*.Many purchas¬
were

directed to turn

this, evaluation.

In
your

the,

years

credit de¬

and,, through a sound and con¬
structive credit
your

policy, to expand

sales, but think of it as

a

of information - about your

suppliers; In other words, the em¬

ant

that

the,

company*

had

failed to- pay a year^end? bonus in

-

•

an¬
on

Savings

12 by the U.

then Treasury

*„

I' July: had two more' /tfeasmry
'reporting days than June, the Re¬

Bori^^bdemp-

port noted, but E

-.fry only
.0065%> IThe |daily

exceeded

tions

$2,879;00()

or,

June's

was^9^ under

for July

average

June's, whose E redempiipns were
20%: under, those of jihe peak:

the: Treasury*

of

Division

Bonds

that E

Department, pointed

Bond Redemptions

jri

e^^^dedT sates

July by only $55,710,000 against
low mark^of $118,-

the previous

000,000

reached in Junef July'5

by,.^ar since

lowest

the

January. E sales were

$100,000,000

redemptions in January due

to the carry over from the Vic¬
.

tory

Loan

buying

and

the

usual. limit

the^

at the beginning ? of

he explained, Mr,

calendar year,

Townsend* addedt

;

"Sales exceeded redemptions of

E, F and G Bonds by more than
quarter of a billion dollars

in

July alone, its $252,804,000 gain
bringing

the

net for. the

months .of 1946> to

the? seven

794^651,000
billion

months

Sales for

;|$|aljed;;

and will pgss the
by

mark

Well ahead of

five

smid-August^

easily. So far in Augrist

sales are

July's at. (he corre--

sponding point.
.

seven

$962,110,000, or

hearly a billion dollars.

"Predictions

.<

,

that ! the; end

of

price; controls woulds : produce ;a
of E Bond redemptions were

wave

a-budgetary standpoint phasis. in "the futurp,; as .far as. the
simply
the money, be returned to the credit department J is concerned

from

Government*at

in

Bonds

E

it .v Was
Washington

Department,

a

when

WSB/ said

of

Division- of

Bond

pro¬

private institutions,- the President

ments.

Redemptioi^^crwR

uncertainty,

.

August

suf¬

said; iri a^ statement>it was impor-

tax pay-?

\,

Redemptions

.r

companies

Detroit- had included in expenses
income?

E Bond
f-

above

Utives that

source,

computing

trial terms."

were

"We in this, office had

Reports.-

of

.

front'

whether

Mr.: Heimann also presents the pionthofl946,.March,;Jn,making:
.this analysis, Morris M- Tpwnsend,
established to* show the reliability Director of the Bariking^-and/In¬
vestment Section, UW §(ti§aving»

partment not only as a depart¬
ment to guard your receivables

which amounts

a sound use of; credit,
it be on the deferred
basis-or within the regular indus¬

sult

thought that credit files should be

Loan: Corporation on its bonds.

money

as

dence of the benefits that can re¬

nounced /from

ahead,? think, of

$100^000,000 ^ of - Government-

stand

nation

price

interest paid;-by the Home"Owners

furnished

plants

policy* The impregnability-of our
dollar, for instance,, as against
other currencies, is not so assured
the-years ahead as it haa been
in, trie?years?gone^?by, >TA terms of
foreign currencies, when there is
"a> semblance, of a, fiscal., order in
other nations, the dollar, will do
yery^ well, indeed, if. it holds its
own,'in-the, period ahead. Af sounc
money'-policy ; and
ag balanced
budget" will strengthen, it."

to-' the credit department to, get

has

industrial

foundation for^a sound "financial

dividend payments of ing agents

"Asserting that the Corporation

refuted. Large
throughout the
conclusive evi¬

has long since been

July continued their four •months*
downward trend, despite general

Federally owned corporation
so
as to
place them on a basis
equivalent to the average rate of

"as

farmers, and to limit those loans
to farmers who cannot get credit

bill

ance

the

explained by the bill's sponsor. Ne.w, York.
"Times," further-said;
Representative Cooley (D.-S. C.),
The Board; said that it had dis¬
is "to give Only, one. agenqy the
power to make direct; loans to allowed $6,000 of wage, payments

1%

of

the
a

a

ium, rate, paid by members of; the
Federal Savings arid Loan; Insur¬

Wage Stabilization Law was

when its

The President also vetoed

to reduce from one-eighth to one-

stated, this nation was really built
on credit and the old idea that in¬
stalment credit is vicious per set

economic ills,- but because it will
restore - confidence and' lay firm

.

"Farm

even

the? time: when you - may be forced,
to use it.
As I have frequently

that if

that-action in itself will

plan

though you do not intend: to us©
it immediately. Have it ready for

tures will be less than his income.

,

in

earnings;
Since 1929 63.9%; Since August,
! 1939 71.4%; Since January, 1941
Increases

time-payment

sound

by

subject to a
Work out a

time-payment basis.

Wyatt, National "One cannot
repeat too. frequently

Housing* Administrator;
Foster
June index of *95.2 (1923; as 100)
Gunnison,
President;
Gunnison
wasd&8% lowen than june, 1945,
Homes;- Inc., speaking of the pros¬
hut had risen-44J7 % since* August,
pects. for ? prefabrication;
and
1939* •
*
^ v,
1
George F. Nixon,: Chicago, na¬
"Employment: Employment in tionally-known builder and de¬
the
twentypfive
manufacturing veloper. ./i • .'-7
"
-

merchandise: represented

.

the industry may be

expendi¬

invited to speak on this forum

ers

will be Wilson Wv

for any contingency

be prepared

-

:

basis.

which may arise, I would suggest
that
every
credit
department

plant, shift, or department
•Hourly earnings have risen 56.7%
week). Decline which be¬
Another session will be devoted
; since January,
1941 (base date of gan irt May, 1945 continued, The
Another matter that will hold
/the Little Steel Formula);
and nominal work week fpr June, to, the, outlook for building, con¬ the attention of the next
Congress
*65.1% since August, 1939, date of 1946 was 41.2 hours, while aver¬ struction costs, the general hous¬ while it is
considering a new tax
the Nazi invasion of Poland. Since ages for March and April, 1945 ing situation and the possibilities, schedule, is how to balance Uncle
for production of homes.
Speak¬ Sam's books so that his
1929, hourly rates have increased were 44.4 hours
-

Irrespective of
of your companybe at the moment, in order to

credit

may

national in¬
it has a high tax

if

your

what the policy

low tax rate

a

a.

leretofore have not made sales on
this

high

a

soundly-

sound
sales. Deferred
payments and installment plana
will
appear
in
industries that
used it will lend itself

an?

early date..

"He.=' said: Congress,

,

originally

wiU

\be;:not /only on receivables,

but

on

accounts payable as-well."

off; the

beam,

bears out the findings
cent national survey

and this
of the re¬

of liquid as¬

saving made
/ credit
executives 1
pro¬ 1945;: an integral part of Jthe Wage contemplated; that: the- reserve of
for the. Federal Reserve Board,
viding that "any. * conveyance of
structure;' had;'discontinuedtwo the corporation should some day would suggest. that .now, is the
which concluded that only 8% of
jreal estate- by the government or rest *
periods' pf| 10; minutes, each reache5% of the insured risk, "but time to giye consideration to for¬
any
government, agency under
E Bond holders planned to spend
this act shall include-all mineral and. reduced the wages of an in¬ after ten years, of operation this mulating credit policies for your
rights."
:
"
*
' M dividual/ employee* - all without reserve had reached lfess. than; 1 % organization- that: .will meet the any part of their bond t money in
'
4
1 demands of a buyer's market: The! 1946.
Asserting he did not concur with prior approval.
of the insured risk."
;
r

,

*




*

"Tex

trie:

sets,

spending and

1068

THE COMMERCIAL & FINANCIAL CHRONICLE

ported

America's Stake in
On

(Continued from first page)
another war. If it shoula develop
that'sbme other nation

upohr waging

would have

war

no

was

them;

But we do have full control of

The people
this year—

destiny at home.

our

have it in their power

than

less

three

months

institu¬

tions and our American

enterprise
and main-

'terprise System

/'

We all

hope, of course, that the
Congress will be called upon

next

to devote itself almost

tional

committee

ill-smelling Penderthe

blessing

the show.

running

What

Republican Victory Will

ciple points

work., We hope the international

size

be

a^pbtential victims of

gressor

riation.

should'

come

an ag¬

And, if the worst
and

should

we

be

attacked/?the stronger we are at
that time the greater will be our
prospects for speedy and conclu-?
sive victory.
I

So

get back to the proposi¬
tion that our prospects for sta¬
bility and! prosperity at home, and
for international peace, will be
immensely enhanced if the people
we

make * a 'wise choice in November.
•

Thef»Political Partyf which has
honored* me by electing me its
National^Chairman offers to the

Republican

peace with other nations.

From

1860 down to today 14
havesbeen elected President.

Of;this-

ftifmber

publicans

11 have been Re¬

and

Democrats;

three

have

been

For 56 of the inter*

vening4 $5, years, Republican Administr^jjons have directed the
affair^. sq|x this nation and during

few

A

follows:

as

drastic

reduction in the
and power of the huge bu¬
reaucracies which are bossing the
v

own

the mess^created by shortages
of essential
commodities, of grow¬
ing unemployment, of more-than-

up

inflation

threatened

of

our

cur¬

rency, all oaused by the incredible
stupidity^ or inefficiency or worse,
of
the; Administration now in
power in Washington.

That makes it particularly im¬
we elect a
Congress
controlled by men and women

and wasting the people's
A Republican Congress
get government out of the
people's hair.
2.

Removal

of legal red-tape
hampers all efforts to

now

exterminate the sUbVersionist rats

gnawing

at

the

years of • misrule.
PAC typifies the

the

timbers

of

the

Ship of State in Washington.
3, An early end to unjustifi¬

dates

at

so

The

guard

of

free institutions.

our

Remember,

cannot

we

President this year.
could because I
would be a

am

I

elect

wish

of their communities.

we

confident he

Republican President.

But there is

Presidential elec¬
tion in 1946 and it would be both
no

useless and foolish for

us

to

5.

a

dis¬

Protection of States and lo¬

cal communities in their

rights of

self-government now menaced by
the all-powerful Federal machine.
6.

:

An

end

to

secret

dealings

with foreign governments which
have done much to destroy respect
for the American government in¬

until <1948.

tion

of

a

But

important

do win control of

it

that

is
we?

Congress, Elec¬

PAC-Pendergast Con¬

gress would leave the present Ad¬

ministration free for the next twos
follow its ftierry path to¬

years to

ward destruction of American
in*
stitutions and waste of the
peo¬

ple's money.
Election of a RE¬
PUBLICAN Congress would mean
that during those same two
years

It would also

mean

a

to
a

the
Re¬

subvqrsionists from posi¬
Washington.

tions of power in

The Republican National Com¬
publican Congress and a PACmittee stands ready and anxious
Pendergast Congress,
to do everything within its
Now I want tp spend a few
power
to aid the Republican
organiza¬
moments discussing why it Is im¬
tions everywhere toward
victory.
portant that the Republican Party
We have an expanded and capable
be given substantial
majorities in

of World War II

to

election

superlatively

vote—the

presented

liberal government and the Amer¬

During ployment In useful occupations at
the coming two years
Congress good wages and maintain them¬
will be the
only available safe¬ selves as self-respecting members

We cannot win
complete con¬
trol of the Government this
year
because there is no Presidential

radical

choice

Democrat member

veterans
obtain em¬

per

voters this year is between

they

Opportunities for

Government,
\1

"J" 'y

in

really and sincerely and
actively interested in preserving

able to pay.

if

again,

say

Vote Republican.

excesses.

much

machine

Congress.

4.

to

I

reduction of taxes,
probably about
Chicago, the 20% on individual
incomes, clip¬
Hague machine in Jersey City,
ping the wings of a profligate and
the Curley machine in
Boston, to stupid
bureaucracy, and driving
mention a few.

Kelly

areas

;

bu¬

efforts

So

—until we can complete
the; job
on confusion.
The
by electing a Republican Presi¬
Pendergast machine typifies the
dent—there would be an effective
other corrupt
city machines which brake
upon/the Administration'Si ]
supply votes for Democrat candi¬

able controls upon production and

are

spark-

Washington

successful

distribution of commodities which
the people need, and for which

who are

has

assential
production—tactics
always followed by radical agita¬

will

which

frenzied ef¬

ganizations.

you want the truth and the whole
truth
about
your

tors who thrive

will

I can summarize the prin¬

mean.

I.

Congress

^record of demonstrated ican enterprise system.

ability to keep the nation strong
and prosperous at home and at

men

we can

himself

of
a

gnergies to putting our people
housO.; (inf ■ order—to clearing money.

portant that

Republican Party Policy

voters

situation will be such that
devote our

which

PAC-

produce industrial chaos and lack

Mean

Now I want to talk for
a

its

which

group

reaucracy's

commodities

the

Missouri

plugged

\

provide

to

Truman

in

radical

the people need and
well-paid
jobs for all willing and able to

The stronger we are

reduced

The

minimized.

homC.the less tempting we will

Mr.

ing for its£ 14

moments about what the election

at

by

and sanction of Mr. Truman him¬

of

labor

the

tells the whole story of the state
to which the Democrat Party has

self, is proof that the Administra¬

exclusively

free

that

me

been

with

and

wise choice

to

seems

Pendergast alliance, publicly

forts to avoid the day of reckon¬

formed

management

If thfe people make a

^

ill-smelling Pender¬

liance

the dahger of our involvement in
a: futii^ war will be very much

/V; -fx

sup¬

to indict and
prosecute them¬
or to destroy their own or¬

selves

Truman

the

gast machine in Missouri—an al¬

to the problems of peace, to the
problem of restoring the Ameri¬
can
enterprise system of free

restored

system'4 'are

taihe^f"; I'* $

Mr.

gast machine was also assured for
Mr. Truman's candidate.
It

men

personal

a

Pendergast,

of the

port

Mean¬

Truman.

between

James

and

blessed

such limitations.

The recent alliance between the

PAC and the

virtue' of

conference

of either

major
party is permitted to spend in any
one year—but the PAC, thanks to
some
peculiar legal interpreta¬
tions by officials of the present
Administration,
operates
under
no

Mr,

by

tion leaders know who is

Problem of Restoring Free En-

from to¬

liberal governmental

compara¬

people this year will entrust con*
trol of: Congress to the Repub¬
licans. " Enlightened self-interest
would, seem to make that course
inevitable*

day—to select the kind of a Con¬
gress which will make sure that
our

the

ternational affairs it would seem
to be a practical certainty that the

alternative but to

.

of

Democrat parties in the admin¬
istration of both domestic and in¬

intent

ing the cold, hard facts as I see

basis

by

while,

Coming Elections

tive record of the Republican and

against us we

fight.
I am not making any pre¬
dictions along this line; I am stat¬

the

Thursday, August 22, 1946

I have found in

disposition to

a

so-called

just

"sound"

good"

as

as

a

a

honest

or

as

staff

some

regard

in/National: Headquarters

and we will welcome suggestions
to how we may be of service;

as

But the votes which will
bring
Republican victory in November
cannot be
cast in
Washington.
Repub¬
They must be cast in the polling

"something
Republican

member,
I have heard
lican voters say:
"Oh Joe is a good fellow even
if he is a

Democrat; he usually
votes right on important measures
and I hate to vote against him."
Let me say that on the basis of
a

quarter of a century of service
in the' House of
Representatives,
I am well aware that there are
many Democrat members who are
good fellows and patriotic Ameri¬

a

places in the individual precincts
districts throughout
the nation.
That is why I am

and election

urging every Republican to do his
dutythisyear; It may be too

full

late in '48.

Let's win this year.
j.y

'

-

'

C'.''%l ',H,'V/i- Vv *' *1'

c

New Gov. of Puerto Rico
Welcomed in N. Y.

'

•:

cans.
I am well aware that some
Jesus T. Pinero, Puerto Rico's
our energies by; discussions
of them vote
frequently with the first native-born Governor, -who^
maneuverings concerning po¬ ternationally.
loosely7knit. group of. 33 States
v;' 7.
An immediate and sharp re-: Republicans on proposed laws or will be installed in office on
tential candidates in
to our present
1948.
Let's
Sept.
position of unques¬
duction
"do' the first job first and
in
individual
income amendments to laws.
3, was honored officially by the
do it
tioned -preeminence
among
the
taxes, made possible by a drastic
But there is one thing on which city of New York on his arrival
Great Powers of the world. Dur¬ thoroughly.
cut in the ridiculously extrava¬ these
15.
He was greeted by
If we do a
Democrats never vote with Aug.
ing that same period two of the
thorough job this
gant expenditures for the main¬ the Republicans that is on the
Mayor
O'Dwyer,
New
York
three or¬
Ejfpipcrats elected to the year and elect a Congress with tenance of more than three mil¬
"Times'* advices of Aug. 16
substantial Republican
stated,
ganization of Congress.
majorities
By that
Presidfnc^0have left the nation in
made a citizen of New York, and
lion tax-eating bureaucrats.
I mean on the election of the
both Houses we will have an
with a
pre¬
i heritage of national debt
8.
An end to deficit
spending siding officers of the Senate and presented with a scroll commend¬
expanded to theretofore unprece¬ effective check upon the activi¬
which will mean a balanced bud¬ the
ties
of the
House and upon the appoint¬ ing him for his efforts on behalf
dented i .si^e, of stimulated class
Washington
bu¬
of the 300,000 members of the*
hatreds apfi industrial warfare. : reaucracy until 1948 provides us get and a sound currency for. the ment of ' Congressional Commit¬
city's colony of Puerto Ricans. Mr.
protection of the millions^ of citi¬ tees.
with the weapons for
?,■■■■■
They may hold their noses
Since:;1$|>0 we have fought four
wiping out zens
Pinero will succeed Rexford G.
whose funds are invested in when
that
they do it, but on such
bureaucracy altogether.
wars—on^{ ^.domestic and three
Tugwell, who resigned as Gover¬
savings accounts and in insurance questions the
with
Democrats always nor of Puerto
foreign powers. Nothing is
Want» Investigating
Rico, effective June
to be gained
Committees policies, the value of which will vote with the Democrats.
today by a discus*
30.
Mr, Pinero's nomination by
be destroyed if we are plunged
From Administrative Control
That means that so long as the
sion of the responsibility for the
President Truman on July 25 as
into ruinous inflation.
Furthermore we will have at
Democrats have majorities in the
tragic War Between the States,
Governor to succeed Mr. Tugwel^
The foregoing are some of the
our
but we all know that it was
two houses of Congress there will
disposal the machinery for
NOT
was indicated in our issue of Au¬
the
revealing to the American people accomplishments which the na¬ be Democrat presiding officers in gust 8,
Republican
Administration
page 806. The U. S. Senate
how their government has been tion can expect from the election the Senate and House and there
then in? power which fired
the
confirmed the nomination on July
of
a
Republican Congress
first shot.
in will be Democrat majorities on all 31. Mr. Pinero left
mismanaged and how their money
New York on.
November.
has been wasted—and
They are not idle of the Committees of
by whom—
Congress Aug. 17 for Washington, where
The^pnfy foreign war ever
promises.
foughtt ujiddr a Republican Ad¬ during the past decade or more. which has During the Congress which initiate and direct legisla¬ he will remain until Sept. 2, when
just adjourned/Repub¬ tion and which conduct
ministration was our compara¬ Doubtless you are familiar with lican members
investiga¬ he wil go by plane to Puerto Rico
have
recorded tions
tively minor brush with Spain— some of the facts which have come
into
situations
suggesting to assume his new post.
their votes to prove that
to light
the net result of which
they mismanagement, waste or
concerning the bartering
was toK
corrup¬
meant what they said when
of |
they tion in the administration of
provide
freedom
for
political, ;h&faence in connec¬
oppressed
gov¬
drew up a formal Declaration of
small nations in accordance
tion with
Argentine Ambass. to U.S.
ernment,
with
:.%$r £ contracts. But Aims and
what has
the promises we made
Purposes last Decem¬
The new Argentine Ambassador
cqipe to light thus far
at that
Remember
these
so-called

that period, we

have grown from

a

sipate
or

.

-

will seem

time.

;

Meanwhile, two

Democrats

dency
when

elected

since3 1860
we

the

of
to

the

were

three
Presi¬
office

in

became involved

in the

two greatest wars of all
history.
Both of these Presidents had
been
in office fop} years before
hostili¬
ties began.

They did

not inherit

situations; ;Which they had

no

op¬

and

gress

people

are

tions

during

the years in which
situations developed.

V?

I do not

either

of

Presidents.

impugn the motives
;

these

two

of

Democrat

I recite only the cold
facts of history.
Under two of
the three Democrats elected
to the
.

Presidency since
involved

ini

1860

we

became

major foreign

wars.

Under onlybone of the 11
lican Presidents

Repub¬
during the same

period did.iive engage in
war—and'that

a

a

foreign

very small one.




dictate what the
allowed to learn about
can

Republican

as

those

in com¬
atomic bomb

the conduct of their
government.
That situation will
change as soon
over.

influence.
They
thencustodians and execu¬
the,nation's foreign rela¬

,

-

were

of

j.ari

dilatory is revealed.
At present, as
you know, the
Administration has control of the
investigating committees of Con¬

portunity ,o to
tors

ber.

like^pop-gun

parison
with
when the f

/

a

majority takes

elect

wants

a

to

obvious
now

Congress which really

preserve the American
I say that because it is

System.

that

•

the

Administration

in power is not

voted to that

The

:

sincerely de¬
objective.
v
'

Democrat

Party

year's campaign is
ner.

The

slush

fund

Remember
twice

a

Political

mittee with its
is

Republican
Congress will
keep
the
Party's
to
promise
restore.the American Government
to the American people.
*

Attacks

'

*

*

Truman

the

above

day

address

within their

are a

previous
Mr,

to

the

Reece

in

in this
junior part¬

Action

Com¬

$6,000,000 election

the

senior

$6,000,000

the amount

is

which

partner.

exactly
the

na-

the

ers

that his job here would be to
the closest economic,

So I say to you tonight do not
led astray by a plea that a
Democrat candidate is a good fel¬

military, social and political rela¬

low and

United States.

be

may

be

a

patriotic American. He

but

he

re-establish

tions between his

wrong

which you can be sure of

of

ance

the

called

the

President

unholy

alli¬

Truman

with

PAC-Pendergast machine

in

Missouri and asserted that
"good

Democrats

are now

in

a

minority."

The section of his address
with this topic follows:

Mr.

Truman's

recent

dealing

interven¬

tion in the Democrat
primaries in
revealed the mechanics
of the unholy alliance which

Missouri

now

dominates

nationally.
support

to

the

Democrat

The PAC
the

Congressional

Party

gave

candidate

open

for

nomination

the
sup¬

up

party.

the

mess

country and the
He called the be¬

belongs to the ginning of his assignment, the
only way in same advices stated, "a complete¬
cleaning ly new era in relations between

Cheyenne, Wyo., bitterly attacked
he

United

own

'

"PAC-Pender¬

gast Alliance"
On

to

States, Dr. Oscar
minority
Ivanissevich,
who
arrived
in
party. They are
Washington from Buenos Aires on.
helpless in the hands of the
Aug. 15, is reported by Associated
dominant; combination of radicals
Press advices to have told report¬
and machine corruptionists.
"good" Democrats

what

,.,r

I have said it is important that

we

A

The

.

created by 14

of Democrat misrule

is by

years

elect¬

Republicans to
office and
them
in:./' substantial
majorities.
That is also the only
way in which you can make sure
that the people will finally learn

the two countries."

According to United Press ac¬

ing

counts from

electing

Dr. Ivanissevich told reporters he

the

whole

dorous
the
war

truth

about

the

malo¬

situation

handling

with respect
of such matters

contracts—of

which'"

a

brought with him a written mes¬
sage
from
President
Juan
D.
to

would

deliver it

Truman

when

and

he makes

to

his first official call at the White

House,

few

weeks.

probably in about two
A
prominent physician

and educator. Dr. Ivanissevich has

never
people's nostrils recently.
just not human nature for post.

It is

President

Peron

as

whiffs have been allowed to reach
the

Washington, Aug. 15,

before
■

held

a

diplomatic
\'V;'

Volume

164

-

[THE COMMERCIAL" & FINANCIAL1 CHRONICLE

Number 4518

1069
——*

mand

The State of Txade
(Continued from page 1063)
Southern

producers
forcefully
:
complained to CPA that their en¬
tire output fell under the iron
allocation plan, shutting off the
iron, to many foundries without
certified
orders.1 Some
easing
seems
apparent on this score.
Small foundries
have tried to
turn to greater use of scrap in
their melts, but aside from the
fact that scrap is hard to get,
thejr are having trouble with their
castings.
Textile machinery manufac¬
turers' foundries, with a backlog
of five to six years work, "The
Iron
Age" noted, > has recently
what

formed

amounts

to

bloc

a

themselves to bring pres¬
Washington for relief.
The OPA's refusal to grant fur¬
ther pig--iron price increases is
taken to indicate, the above trade
authority observes, an intensified
move
through the RFC and the
National Housing Administration
for subsidies for marginal fur¬
naces, and also an intensified ac¬
among
sure

on

.

-

Paper and Paperboard Produc¬
tion

Paper production in the

United States for the week ended

Aug. 10 was 103.4% of mill capacity as against 105.2% for the
preceding week and 93% in the
1945

like

week, according to the
American Paper & Pulp Associa¬
tion.

for the
current week
against
98% in the preceding week and
94%; for the corresponding week
a

Paperboard

output
was
96%

ago.

year

>

Failures

Business

(

Decline

—

Commercial and industrial failures

and

69.9%

one

year

This represents a decrease of
0.6 point or .-.0.7%, from the pre¬
ceding week,; This week's operat¬

ago.

steady at

former

;

ceilings

estimates of a bumper
yield. Oats finished slightly higher
after
early (weakness. Available
of oats

stocks
crop

largest

the

1946-1947

officially esti¬
1,800,000,000 bushels, the

year

mated at

for

on

were

record. Corn

was

under

considerable

pressure and prices
dropped sharply during the week.
The latest report of the Depart¬
ment of Agriculture indicated a
yield of 3,497,000,000 bushels of

for this year, or about 290,000,000 above the previous record
production in 1944. Rye was in
tight supply but prices fell sharply
corn

due

to

fears

of

reinstatement

of

week for 1945.

Compared with the

similar period of 1944, an increase
of 3,903 cars, or 0.4 %, is shown.
Railroad

Revenues

In

July

—*

times

as

numerous

as

in the

cor¬

responding week of last year. Dun
& Bradstreet, Inc.
reports that
17 concerns failed as compared
with 27 a week ago and 5 in the
.

same

week of 1945.

The

week's

entirely

in

liabilities

decline

failures

in

tail

failures

occurred

involving
of

excess

were

down

to

half

the number reported a week ago.
One Canadian failure was re¬

ported^the

1945.
vance

This

of

estimate, based on ad¬
from
eighty-six

reports

Class I railroads, whose

revenues

Recessions

were
noted in corn, rye, hams,
bellies, butter, cheese, beans, hogs,
sheep and lambs. The index rep¬

resents the sum total of the

price
pound of 31 foods in general

per
use.

values declined from the all-time

slower.

Following the sharp
corded

two

weeks

gains

re¬

cotton
prices advanced moderately last
week to reach new high ground
for twenty-three years. The rise
was influenced
largely by the un¬
expectedly low official estimate
of this year's cotton cropi The re¬
port, issued last Thursday by the
Crop Reporting Board, forecast
total cotton production for this
season at
9,290,000 bales, as com¬
pared
with
private
estimates
ago,

ranging from 9,095,000 to 9,500,000
bales. A broad demand

was

noted

in

spot markets but volume of
offerings remained limited. Re¬
ports

Daily

Wholesale
—

The

Commodity

daily whole¬

commodity price index, com¬
piled by Dun & Bradstreet, Inc.,
moved
rower

within
range

a

somewhat

nar¬

during the past week
in possible
taken by the Price

as

actions to

be

American

Decontrol

Board.

out, -covers
enues

the

and

only
does

trends in

-

pointed

operating
not

touch

rev¬
upon

operating expenses,

taxes, or final income results. Es¬
timated freight revenues in July,

1946, were less than in July, 1945
by 13.1%, while estimated pas¬
senger revenues decreased 26.4%.




and

attracted; many

who

liberal selections thah had

more

been

best

of

sellers

to the progress of the new
crop
continued spotty, with
weather conditions, generally, still
unfavorable except in the Atlantic
and Central States and in south¬
ern

estab¬

Hesitancy persisted in the
wool market

interest

centered

slightly to 225.75
compared

with

The
on

index

rose

Aug. 13,

225.41

a

as

week

earlier, and with the record high
of 229.67 registered on July 16.
Activity in grain markets was
limited,
reflecting
uncertainties
regarding reimposition of price
ceilings. Wheat was in good de¬

raw

the result of

as

un¬

that

above

of

a

Hardware and electric

year

ago.

appliances

frequently requested;

Retail

volume

week

for

the

country

estimated

was

to

be

31, Middle West 22 to'^North¬
west 28 to 32, Southai233'" to 27,
Southwest
Coast

18

to

25

There

to

29.

was

MahS;'"Pacific

22,
•

:'

Little

change

was

noted in the

fresh.. fruit

was

further

in¬

by additional receipts of
apples. Interest in (the huge sup¬
ply of fresh vegetables remained
high.
;

Apparel volume
attention

clude Fall items

rose

as

con¬

expanded to in¬
as

well

as

Sum¬

mer

(Clothes
an d •sportswear;
Sweaters, skirts and suits were
eagerly

sought.

Fur coats con¬
tinued to attract a large share of
consumer

attention

seasonal

as

promotions sustained interest at a
well

above

that

of

a

year

Interest in men's. clothing
and ( furnishings
generally ( (re¬
mained at the high level of the
ago.

previous

weeks.

The

supply

in New

level of retail sales here

past week as compared:
with that of a week.ago. However,
York the

about

^fmbst

no

change in total; .wfedfesSfe ^qMnie
the past week from the %9gh level
of the
preceding week. Dollar
continued

volume

to

be

excep¬

tionally high in comparison with
that of the corresponding week
a year ago when V-J Day cele¬
brations resulted in

mild decline

a

in' volume. New order volume re¬

mained high and deliveries con¬
tinued to improve.

Department

lines,for

interest was noted in all

the week. Mill

deliveries of rayon

goods were quickened during the
week and sales volume of fin®
cottons were accelerated by • pew*

for

prices

and

Coat

combed-yarn ,f ap^ics*
deliveries.^were

dress

temporarily delayed by threats,

ofv

action on aWfge<*
violations , of
style
limitationsSome evidence of price shading
the CPA to take

by department stores in the sale
of alcoholic beverages was notedi
the

in

exception

week. With the

imported wines and liquors the
price-cuts were negligible.
According to the Federal* Re-*
serve
Bank's index, department^
store sales in New York City .for
the weekly period to Aug^nlOy
1946, increased 37% ^ above t the
same period last year. This com¬
pared with an increase
(revised figure) in the preceding
week. For the four weeksr epded

of

sales

store

on

a

.

Aug. 10, 1946, sales rose

34%J1

and for the year to date
:.

-

■«

:

ai

.rii I,.I'I

i

jao'ia

ittiw

Front Washington
Ahead of the Neiirsr
(Continued from first page)
either the members; [were
frightened about public? Opin¬
ion to go through, or intimidated
the case of Danaher and Wheeler. by public outcry such as[ RdoSe^
Why they should be so excited velt set loose a few years*' age!

Bob

should

been

have

defeated.

They look upon it as ingratitude
upon the part of labor,
It was in

and beginning
ramifications of
commentary on our
ers.
On just what

to ask about
the CIO is /a

now

the

At the time of

affections?

their

Liberal writ¬
do they base

his defeat they were writing about
what a wonderful Senator he had

when
too

when they

passed a

pensibri''bilL

similar to -that now-' enacted',1'

bnef

caused agitators
dies for

Congress" campaign. Now

the

under

the

guise

of streamlining

body in accordance Wit'fr the

wishes

of

the

Leftists

and'JjLib-

erals, et al, they have gottieft'thei*
intelligent worker he had always raise and other things,
rif\'•'*'
been.
; It was quiet working, scientific
They were heaping praise
Bob', wtttfj put.'
upon him because of his bill call¬ thinking,'Liberal
ing for a reorganization of Corii* this over, ii We suppose rthat' is
gress—a
streamlining,
if
you what marks one Liberal wh6Alwa»
please, by which all Congressmen an isolationist and oppbSbd' taand
100%
got their salaries! raised,- with re¬ Roosevelt
prO^Iaboi?
tirement benefits and increased against others, who - were ^isola¬
tionist and opposed to Rodsevelt1
expert clerical help—had been
\ * ■>! llo s
passed. This was an example, they and 100% labor.
Frankly, these Liberals Uiseemr
said, of how a hard working
thinker really served the people, about as queer in their'Ratings
as the Leftist CIO.
V
as against such types as Bilbo and
made, what a quiet, scientific and

they always forget
category, Pep¬
and Guffey.
and

Rankin,

.

But what is interesting

to mention in this

Insofar

per

Washington propagandists iS.con¬

You

would

Liberals,

all

think

being

that

far above the rank' and file,

men

would know that this

bill is

tion
the

these

Intellectuals,

iporganiza-

a

phoney ;cxbept for

increased

emolument^ which

it provided.

sustained at the

was

foods, dairy products, and meats
rose slightly. The abundant
supply

level

1946, sales increased by 30% and
by 28%.,>n:
.

for the year to date

on

If they
d not; know
this, they are more l£nbreint than
90% of, the. members who voted
high level reached in the previous for
the ; bill,
including
those
weeks.
The
supply
of canned "dumb" members
upon
whom
lar volume

sumer

,

bedroom

while the demand for other5 types
furniture remained at a level

Texas. Cottorl textiles moved

cautiously at the newly
lished OPA ceiling levels.

of

compared with an increase* of
30% in the preceding week* For
the four weeks ended Aug. 1G,

a comparative figure with the like
the period of 1945 reflects a gain of
150% as a result of the two-day
attention
V-J holiday last year. A lively

high

and

suites attracted increased

last

1946, increased by 29% abovejthe
period of last year.,)(,Jpis

same

previously available.

Furniture remained

list

^Waiting

were

Board's in¬

week ended Aug. Id,

as

creased

represent 80.2% of total operating
revenues,
the
Association
of
Railroads

re¬

highs established last week with from 24 to 28%: above thai of the
receipts on a par with the preced¬ finatl war week a
year ago. Rer
ing period, but well above a year gional
percentage increases were:
ago. Activity in cash lard' was New
England 24 to 28, East 27 to

same as

lard, eggs, and steers.

Price Index

month

week

this

were

than three

more

sale

same

consumer

drapes remained acute. The sup¬
ply of curtains increased slightly

of family flours which have the
benefit of a higher ceiling. Hog

16.0%

the

favorable

while shortages of ,fabric

continued to be

Estimated railroad operating rev¬
enues
in July,
1946, decreased
under

ceived
sponse,

taken from

as

Reserve

Federal

dex for the

week ago,

a

becoming increasingly selec¬
tive regarding pattern and weave.
Promotions of paper drapes re¬

consumers •

country-wide basis
the

coverings,

was

well

—

0.1% above the pre¬
ceding week and 29,082 cars, or
3.3% r above
the
corresponding

floor

rose

of

a

#

or

in ■;

slightly higher than

slow pace in
contrast to the increased offerings

the

>

cars

Interest

flours continued at

week

from

in last week certainties in the
price situation.
ing,#^ i&fiqwvsleat to 1,580,900 and in the corresponding week a
Effective, as of Aug. 5 to Sept. 20,
tons of steel ingots and castings, "yearago; '
a new official
price list oii' greasy
compared to 1,591,400 tons one
July
Building
Permits
Rise shorn domestic wools was isued
week
ago. M,573,800
tons
one Sharply >—, The ■ estimated value
by the CCC, under which 1943
month ago and 1,280,300 tons one of
building permits issued in 215 wools were advanced to sell on
year ago.
.
cities reporting to Dun & Brad- a par with wools shorn in 1944,
Electrical Production —* The
street^ Inc., turned upward in 1945, and 1946. A slight improve¬
Edison Electric Institute reports July, following three successive ment was noted in sales of do¬
that the output of electricity ad¬ monthly declines. Aggregate per¬ mestic wool in. Boston and in
vanced to 4,411,717,000 kwh. in mit valuations for last month in¬ Texas*
with topmakers seeking
10.8%
to
ihe^Week ended Aug. 10* 1946, creased
$213,589,071, increasing • amounts; in anticipa¬
from '4,351,011,000 kwh. in; the from «$192,785,440 £■ in June, and tion of a continued
shortage of
preceding week. Output for the were 140.0% more than the $89,- desired types of foreign wools.
week ended Aug. 10, 1946, ex¬ 001,398 for July last year.
Imports of foreign wools at East¬
ceeded that of the same week in
New York
City permits for ern seaboard ports continued in
1945 by 0.4%.
July
totalled
"
$41,388,802,
up good Volume.
Consolidated Edison Co. of New 131.5% over June, and more than
Wholesale and Retail Trade
York reports system output of five. times greater than
July a Retail volume continued to rise
183,000,000 kwh. in the week year ago.
during the past week and was
ended Aug. 11, 1946, compared
Wholesale Food Index Declines considerably above that of the
with 166,200,000 kwh. for the cor¬
Marketing the first decline corresponding week a year ago
responding week of 1945, or an since the third week of
May, the when many retail stores closed in
increase of 10.1% kwh. compared
wholesale food price.index, com¬ celebration of final victory, states
with 163,200,000 kwh. for the cor¬
piled by Dun & Bradstreet, Inc., Dun & Bradstreet, Inc., in its cur¬
responding week of last year, an fell 2 cents from last
week's all- rent review of trade. Selectivity
Increase of 5.8%.
time peak to stand at $5.30 on was very pronounced as many
Railroad Freight Loadings — Aug. 13. This
compared with $4.09 shoppers
insisted
upon
brand
Car loadings of revenue freight on the
corresponding date a year names and quality merchandise;
for the week ended Aug. 10, 1946, ago, a rise of 29.6%. There were consumer
price resistance was
totaled 899,084 cars, the Associa¬ six
advances
during the week negligible.
tion of American Railroads an¬ against ten declines.
Moving up¬
Food, the traditional best seller,
nounced, yhis was ian increase of ward/were wheat, oats, barley, was bought in quantity and dol¬
689

suits, topcoats and overcoats
slowly.

price controls. Bookings of bakery

off

■

ago

prices ruled

J above

ending Aug. 15 fell
high number re¬
ported in the previous week but

the

in

$5,000.
tion to relieve individual "hard¬
These large failures fell off from
ship" cases. Paul Porter, OPA Ad¬
25 in the previous week, to 12 this
ministrative, said that the $2 a
ton increase just granted offsets week. They were, however, four
added costs, and studies indicate times as frequent as a year ago
that any further overall increase when only 3 large failures were
Small
failures
with
would, not be likely "to increase reported.
losses under $5,000 numbered' 5,
production from furnaces now in
operation"
Those;not in opera¬ up from the 2 both last week and
a year ago.
tion, however, are likely to plead
for individual price increases to
Concerns failing in manufac¬
cover
their higher costs, and, in turing were about three times as
doing so, get the support of RFC numerous as in any other trade
and NHA.
or industry group. At 11, manu¬
The American Iron and Steel facturing failures were only 1 be¬
Institute announced on Monday of low the number reported a week
this week the operating rate of ago and were five times as high
steel companies having 94% of as in the comparable week of
the steel capacity of the industry 1945, Retail trade, the only other
will be 89.7% of capacity for the group with as many as 3: concerns
week beginning Aug. 19 as against failing, showed the sharpest de¬
90.3% one week ago, 89.3% one cline from last week's level; re¬
month

and

slightly
despite

as

the

goodwill ^drythe^;

cerned, Phil Murray and HIS' ClOJ
have lost something.
Regardless

illogical it is, these Lib¬
distinguished, as we said
before, from the Leftists andfe (
Commies, hut who mostly have
played their game just as effec¬
tively as to latter can play its
themselves—they are bitter aboufc
what has been done to Bob?
"•
of how

erals,

He

was a

personable fellbw/bufc

to

certainly no more so to this writer*
than Danaher or WheeledWee

Congress can legislate the
the organization of the
next Congress.
Each Congress is

there would?
personalities.*
Nevertheless, his defeat seems to?
have brought; an awakening to*

these Liberal writers are prone

heap

scorn.

No

rules

or

can't
be

imagine

a

choice

that
of

unto itself.
So it. will
the next Con-; these Liberal writers. It may havea
profound affect on them.'11 And
gress whether it wants-, to adopt
the streamlining provided-for in when Liberals are profoundly af¬
fected, it is not a small things
LaFollette's bill, the reduction of
the size of the committees, the Some of them reforming in the
separate

remain entirely to

abolition of seniority in the chair¬ past have gone back and asked
manship of committees, etc, Each themselves why on earth n they
Congress does its own organizing* fell for the pro-Russia, the1 antiAll in the world that the LaFol- Franco, the anti-Argentine bunk.
lette bill has accomplished is in¬ The funny thing about a- Liberal,
creased wages, retirement privi¬ when his eyes are opened/ they

leges and
members,"

other

advantages

for

This writer is not op¬

posed to any of them. But mostly
of they have been attempted before

opened wide.
Many, of i them
completely over -tobi the
payroll of the National Associa¬
are

switch

tion of Manufacturers.

Up 1.7% in Week Ended
Aug. 10,1946 Labor Dept. Reports

June;29,,$191,719,OOO

fail to gain,

%

"Higher prices for agricultural and- industrial commodities

29,

The volume of bankers dollar acceptances outstanding on June

j-v

service officers who
promotions.,' .
Bring ' America# attaches

"2$ Retire

Wholesale Prices

Bankers Dollar Acceptances Outstanding on

"3.

home

years,

two

once'every

to

with

closer touch:

keep them»in

domestic events."

were

afrjiounted to $191,719,000, an increase of $14,446,000 from! the May' 31 responsible for a rise of 1.7% in primary market prices during the
As to the President's comments
total, according to the monthly acceptance survey issued July 18 by Week ended. Aug*. 10," said- the bureau of Labor Statistics of the with the signing', of the bill,, the
U. S. Department of Labor on Aug. 15., The advices added that "at
the Federal Reserve Bank of New York. As compared with a year
Associated Press reported^
*
127.1% of the 1926 average, the index of commodity prices,, pre-:
ago, the June 29 total represents a gain of $84,826,000.
"While we strive to reach in¬
pared by the Bureau was 12.8% higher than before temporary sus¬
J.,In the< month-to-month comparison, imports and exports and
ternational
agreement on the
those- based on- goods stored in or shipped between foreign countries pension of OPA controls and 20.5%* higher than at the end of the
war.
During the past 2 weeks, the index has advanced 2.4%." The large and, confused issues" Mr.
were higher while .domestic, shipments- domestic warehouse credits
Truman said in a statement, "we
and dollar exchange were lower.. In the yearly analysis all the items Bureau further reported;
can make progress by trying/ to
were higher in June. 1946, than a year ago,
"Farm Products and Foods.
Primary market prices of farm perfect those instruments of in¬
! The. Reserve Bank's report follows:'
r
products, many of which are still uncontrolled, rose 3.7% during the ternational relations which it lies
week, with advances for some livestock and fresh fruits and vege¬
MONTHLY ACCEPTANCE SURVEY < \
1
in our power to improve," It was
tables. Prices of hogs and lambs were, higher with good demand for
BANKERS DOLLAR ACCEPTANCES OUTSTANDING—UNITED STATES
significant that the measure came
choice grades.
Prices of cattle, ewes and wethers and most grains to him at a time when the labors
B7 FEDERAL RESERVE DISTRICTS
decreased.
Prices increased for potatoes in most markets.
Prices of Secretary of State Byrnes, at
June 30,1945
June 29, 1946
May 31, 1946
Federal Reserve District,

$21,325,000

Philadelphia
Cleveland-.——.——

—

8,019,000
293,000

694,000

3,529,000

2,714,000

593,000

335,000

178,000,

290,000;.

St. Louis.

Minneapolis————u..—.
10, Kansas City.
11 Dallas

66,000

—————

8~58"000

12 San Francisco
Grand *TotaL.

158~00Q

21,392,000

1,035,000
18,926,000

10,424,000

'iMnnt18?'718-0?*
$14,446,000
Increase H77,273,000
for year.^—

Increase for month-

—

$123,743,000
.17,711,000' ' *
10,718,000
17,744,000.;:
227,000 ;'

21,648,000

—

9,940,000

;

...

Domestic warehouse credits—
Dollar exchange—L———————

Based

on goods stored in or
shipped
between foreign countries.

The

increase

seasonal

in.

•

since

as

17,238,000
215,000

>

1925

there

have

been

decreases

17

9,787,000

that

in

month.

Importations of coffee, tobacco, olive oil, skins, and- cork, and. expectations of
wheat, lard, textiles, cotton and other general merchandise accounted for a large part

of the. increase*

; ."V
Own

BILLS HELD BY ACCEPTING BANKS*

fens——
^

^

-

$64,540,000

Bills of others— $44,930,000
Totals-—$109,470,00,0
Increase for month.————$1,127,000
J
>,
; ,v' * \
-' fv+ *
f- ,v:
•

i

•ks^v v

**<•

!

.

J!

•

,

CURRENT MARKET

RATES ON PRIME BANKERS* ACCEPTANCES JULY 18, 1946

Days

mm

Dealers'

Buying Rates

D,eftlers' Selling Rates

l\

f

90—

*^180.—..,—.—
<v«'-

,,
■

.*v»

*

\l

1?

—

.

'

'

■

%

%

>

:i

,

ft

CHANGES IN WHOLESALE PRICES

*"

;

the service

{1926=100}

'■///v -'-'/'

.■

$

.......

Feb.

-Aug. Sa-Uitx-U. 109,632,000
Bept.'30^—— 111,101,000

28

Jan.

May 31
June 30

106,893,000

115.336,000
"Jon' ??-'
128.944.000
x
?• 3ifer^ 129.743,POO

July 31

DaJ'

116,717,000
Sept. 29.— 134,533,000

—~~

'

Dct..

31

—

it

3031

7-13

v

8-11,
,1945

1946

7-13.
1946

8-3

1946

162,790,000

i' ;120.7

.105.7

162.3

products—

Poods

Apf.7 30*-—--— 168,879,000

156.5

15.7.3

153.9

128.3

134.0

£ 106.9

+ 1.2

+• 7-5

+ 34.7

118.5

—3.3

144.0:

Hides

142.3

140.7

138.3

143.0

144.0

129.1

114.6*

110.8

109.5

108.8..

and

+ 3.7

leather products
products
Fuel and lighting materials
Metal and metal products

144,790,000
154,349,000

92.5

90.2

113.5v

113.1

113.3

113.0

101.8

+ 0.4: +

Building materials

Jiine 29——191,719,000

5.5

+

132.4

132.0

132.6

131.8

117.3

+ 0.3

96.6

Chemicals and allied products—

+

26.5,

+ 15.6

+ 4.4

7.2

+ 13.4

0.4

+

0.5

+ 12.9

+

+

0.1,

98.2

98.1

100.3

—

0.2

+

3.2

113.0

112.5

110.7

106.2

+ 0.4

+

2.4

+

6.8

101.7

101.6

101.7

98.3

94.6

+ 0.1

+

3.5

+

7.5

Raw

145.7

140,6;

140.2;

137.2

117.7

+ 3.6

+

6.2

+ 23.8

no.4;

109.0

109.0

107.5

95.3

+ 1.3

+

2.7

+ 15.8

120.6

119.3,

115.3

102.Q,

+ 0.6

+

5.2

+ 18.9

materials

V

■

*_

I'

~I?
tt

*

•

s"../'
■

■

—.w.wva

■

■■

■■■W

;''s.';v

f

1

^\ >

l:

Shares

Armour'and Company,
Atla^-' C6rp„

(The),

City'investing
Collins

&

ser.

Corp.,

98,523

cum.

preferred
;

,Cubar.-American Sugar - Co., (The), 1%
International Minerals & Chemical
.

Jewel- Tea

Co.," Inc., common*.Johnson, 2nd pfd. 4%,

Johnson;

National

Distillers

Outboard

Corp.,

•*•/
Sheaffey] t(W< A.) Pen Co.,
}

%

• • •.

Sinclair".'Oil Corp;.
Sinclair.,Oil Corp.,
Sutherland
United

Paper

1,070;
23,429/;:

Merchants and

11,490

common———

Manufacturers,

System Incorporated, common
(S.-S.) Dental Mfg. Co. (The),

None

/i)2-fdr-l split-up;

Effective-date^ia; ApriL 9r 1946,
shares delivered under, the

•

:

2,604 \
954,158
400

Employees'

following changes in holdings of reacquired stock
by issuers of fully listed securities. traded i.on that
.

on

as

None.

Extra

Compen-i

ComDany .and Class of Stock—

"V,"

O',,

exchange

r-1r,—i

Eouity .Corp.

—

($3 conv. preferred)-'——„—
Grocery JStore Products Co. (capital).
Hartford .Rayon Corp., v.t.c. common————i
—_—

Hussmann-Ligor.ier Co., $2.25 preferred—
Hygrade P'cod Products Corp., common———
King-Seeley Coip., common
—

.,

-




—,

——.

fer Latest
Report

♦Based
which

f

5.9

.1,--m,m-j-'
'

on.

the

BLS

weekly

5.5

in

Index, of

None

6,131
77,145..

11,708

79,220

79".;

77
3 488

13,613

None

275 ?,

43,070

82

782

—

j

abroad.

currency

is

it is confiscated by
In such cases

encountered

authorities.

the

packages are forwarded
the latter have
Leather.
4.8 no means of knowing that friends
Grain® *—-—i———————2.8 and relatives have made an effort
paint an^ paint, materials
——
0.5
to forward currency to them."
t"? V

-yy

'

'

.

■

,.*•

••

where the

•* ''

to the addressees

$

approximately 900 commodities

prices of

t:■

•••''•' ■'"

-

11—

■:■; /::///

/ •:

•' /■;

:r^t.j

Removal of Parcel Posfc

>

Restrictions Outside U. S.
Goldman an¬
Aug. 6, the

Postmaster Albert

provisions, of

Presidenl

Signs Foreign Service Bill
Increases Pay of Envoys

expanded and strength^
ened and top diplomats salaries are to be increased from $17,500 to
$25,000 under legislation signed by President Truman on Aug. 13.
Sponsors of the
will

measure

are

ment with .compensation
.-0

A

1

-r *

—

t

■

-

negotiators into the State Depart¬

comparable to industrial levels.

to providing a $7,500 yearly
w
j ■v.cii JLjr
f

said to anticipate that the. salary in¬

attract high-calibre

raised
x diov-

.....

for Ambassadors and Ministers in
the larger^ countries, the Associ¬
ated
from

Press

stated

in

its dispatch

Washington,

256,168

ceive

a

maximum $13,500

In addition

salary

said

the

added:

Associated

■

'•

Press which
V.v'

"Other changes enable

the State

tute,

similar

Staff

College, to train dpilomats,

1. Set up a

w

States," which
removed. As

United

the

side

a

removal

result; of j the

be accepted for mailing
foreign; countries without reT

ages may

to

striction as to frequency

Postal

Guide

amended,

as

necessary

exceptions,

ther

information

may

be: obtained

office. •>?.
„

of mailT

ing subject ,to the limits of weight
indicated in Part II of the; 1941

Army-Navy

the

of v the

imposed by this orders
annqunced; parcel post packf

limitations
it is

foregin-service insti*
to

17471^

No.

remain in force were

some

Department to:

Order

dated;* April- 20,
1942, entitled
"Limits of Weight and Dimen¬
sions of Mail for Delivery Outr

--

The? United States foreign service is to be

253,668

159r

Wherever

nounced that effective

334,431

'

from

Albania

entering

parcels

0.2

that Albanian
and inspect all

"It is understood

authorities* open

0.3

0.2

commission. /- This
with the former rate of
the dollar*'

bank's

0.3

Iron and steel
Other, foods-^————.———
0-1

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 vnot: be compared directly with the monthly* index.

the bill also
makes it possible for lower-rank¬
ing foreign-service officers to re¬

157

0.4

the

131,231

-.
——-—-

bills, of exchange

orders will receive 2.77
per dollar, less

francs

25 Albanian francs to

0.5
0.4

those

200

2,100

which also states "The
law provides that a person in Al¬
bania receiving remittances in the

0.7
*—-——

Washington

Department at

State

Aug. -13,

compares
1.4

general level of primary market commodity prices.
This -index should 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
changes

measures

crease

2,350

38,970

.

Morris*Plan.Corp. of America, common.—.
New York, Merchandise
Co., Inc., common
Niagara" Share Corp., B common
:/•. Ws;
- ;• *'• ■' •
: '
•'
.

—

Shares

Previously
Reported
•

;

Aug. 15 the

reported to it

bnares

American Cities Pwr. & Lt. Corp. (A
opt. div. series. 1936)
American Cities Pwr. & Lt. Corp. (Cv. A
opt. div. series) —
American General
Corp., common-

10.8

skins.

feed

an

says

the

V

Cement
—————
Fertilizer materialsOils and fats——
——..

1

products—

Cattle

effect July 15, 1946,
announcement from the

into

Albanian

1,202,

:*:

The New York Curb, Exchange made
public

.v;

Albanian currency law

new

went

and money

'

-■

25,710

1,262

<2) Decrease: represents

■; sation -Plan.-

'

54,244

common—

'

10,940.

-

35,510

—

and

Cereal

8,484.

2,574 :

common

Hides

(2)

46

954.355

common—

■

;

,26

457,4841

:

——.

Waldorf

White

15,130

>r.

A

/

+io!9 |'form-of checks;

Decreases/.

1.067

3
23

"" '

———

P

•,

23,345

5,730;

common

common—

Co.,

—

Lumber

1,516

*

Manufacturing. Co., common——-^—".'-~-r " r

Plymouth Oil Co,, common—
Purity Bakeries Corp., common
,

1,530

.

Products

Marine &,

5,764

^

—£■

pther<miscellaneous

.

2.0
1.6

;

20,039

_w,.{

series: A

Cylinder Gas. Cp.l

+18.5

5.3

.3.6

2.1; Paper and pulp^——

—

Brick and tile

2,585.

5,750

22,639

—

>'• Coramonv:

National

990

2,200'

preferred^
Corp., common—;;

(1)

J

lllK

5.4
4.4
3.4

-

Nonferrous metals

75,464

310

,

common

farm

products—--:—*.----.—^—
Livestock and poultry-—
——,
Dairy products—
:

197,558

73,464.

.

r

Increases

Other

197,634

193,458 f
—

+

+

11.3 Meats
7.2 Other building material.
6.7; Furnishings——

Fruits. and vegetables—————.——

"None

$

——

+1.0

+1.5

99.9;

3, 1946 TO AUG. 10, 1946

AUG.

Cotton goods

Report

————

common

common

Co.,

Aikman

Shares

Reported

Common-L——

Borden,; Company

.BurHn^^on Mills Corp.,

100.7

j

106.9

.

;'

Petroleum products-

Previously Per Latest

common——

+

PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM

;iyhe ;New/ York Stock Exchange announced on Aug. 15 that the
'following; companies have: reported changes in the amount of stock
heldf^s heretofore-reported bythe Department of Stock List:
Company and Class of Stock—

—110.8

products and foods

.vv/iv-.f-v;;'"

-

113.3

116.8

108.6

95.2

All commodities other than farm

of N. Y. Stock & Curb Listed Firms
-

vj.
iU

118;1,

109,2

119.3

products

;

New Albanian Currency;;

8.3

113.4

Manufactured products;
121.3
All commodities other than farm

Changes in Holdings of Reacquired Slock

<

| eign Service in any

+ 16.7

5.3

Housefurnishings

Semi-manufactured

98.4,

7.1

+ 3.4:- +

85.2

90.1

+

99.1

Miscellaneous commodities-

#*

butlof.; the* Government* tn
of duty with the Foiy
of its ranks "

in pj*

f tp + g^/,.+20£

Textile

May. 3L.—— 177,273,000

:
-

8-11
1945

125.0" 124.1

have tours
Farm

128,035,000

Nov.

ih

7-27
1946

127.1

commodities

166,852,000

—

—-

134,592,000

Aug. 31
Dec.

iawd

28

All

166,352,000

Mar. 30

104,356,000

114,953,000

"Sni'-

31

Feb.

126,269,000
Mar. 31
L 127,512,000
Apr,'30-——— 116,825,000

'

8-3

1946

Commodity group—

1946—i,

v

..

.

1946

8-10

^.•■•/-•/.-■

1945--

30—J.—^ 111,675,000
July-31iL—-il 138,692,000-

representative of

truly

Government by making
possible for the best qualified
men and women in the country,
the whole

Percentage changes to
Aug., 10, 1946, from—

•

1944—-

an

as

quent and varied assignments in
this country; and it tries to make

10, 1946

mohfH Since, June. 1944:

his

Ambassador or
Minister or in any Foreign Service
position as effectively.as a
wealthy man,' the President said.
"At the same time that the bill
improves compensation it subjects
the service to more rigid require¬
ments in regard to promotion and
training; it seeks to keep our dip¬
lomats and consuls from losing
touch with American life* and
thought by providing more fre¬
country

BY COMMODITY GROUPS

FOR WEEK ENDED AUG.

^;. ^pe..foUowing.*table, compiled-by us, furnishes a record of the
volume of bankers'
acceptances outstanding^ at the close of each

June

new

a

independent means can serve

-

>

.

said,

bill, the President

"The

higher costs of raw cotton.; Increases for
fuel oil and paraffin* exempt, from, OPA, contrpl, ranged from 7, to.
23%> Prices .of some/ hides and skins dropped; sharply from the high
levels of uncontrolled prices.
Building material prices; averaged
slightly higher, as increases for brick, cement, wallboard and hard¬
ware, reflecting OPA ceiling adjustments, more than offset sharp
decreases for some paint materials with restoration of OPA controls.
Prices of silver were up sharply with an OPA- increase following
the increase in the Treasuryv buying price and solder and babbitt
metal were also higher. Soy-bean oil; in short supply, rose in price,
and there were further advances for boxboard.
Soap prices de¬
creased with restoration of OPA ceilings.
Prices of all commodities
other than farm-products; and*foods*have increased 2% during the
last 2 weeks and 5% since the end of June."

2,529,000

against 5 increases

as

this field."

year ago.

mqdel service- to
replace the out-moded plan laid
down in 1924. 'One of the basic
reforms is a revision of the salarycrude petroleum, gasoline; structure so that a man without

considered.-contra-

be

may

a

petroleum products were chiefly responsible for an advance of 1.5%
lor all commodities other than farm products, and foods. Prices for
cotton goods advanced, following .OpA ceiling increases to cover the

10,517,000
174,000

7,130,000
June

ceilings

former quotations.
Prices of rye flour
Food prices were 27% higher than at the end of

"Other.'Commodities., Sharp price increases for cotton goods and creates,

10,254,000

<

acceptances created -during
.yvoHoauvcreated
during

International Monetary Fund.
Service legislation is
consistent with all our efforts in
This Foreign

below

June and 34.7% above

$73,632,000

,

8,453,000

Hrices of mutton in less demand
meats, dropped sharply, an,ddressed poultry.. prices de¬

Prices of wheat flour averaged 12% lower as new

announced

were,

June 30.1945

$134,225,000

Imports——
Exports—.—..—————.
Domestic shipments-

the

creased.

ACCORDING TO NATURE OF CREDIT

International Bank and

and in the

than other

dropped sharply*

May 31,1946

Paris peace

the

reflected increased livestock prices.

$106,893,000
$84,826,000

June 29,1946

the

demonstratnig how great a stake
United States has in world
affairs," he said, and added: "This
"Price increases for dairy, products, fresh fruits and vegetables Administration is ~ doing
every¬
and meats, which more than offset
lower prices for cereal products, thing possible to back up^ our
caused an advance of ,1.2% in. food prices.
Butter quotations were ticipation in the United Nations
higher with improved demand. Higher prices of pork cuts and lamb and its ancillary organizations,

2,733,000

4,683,000

935,000

Chicago-—A t:~ "

3,864,000

5,516,000

—

-—.

conferences'"are

.

quotations

1,169,000

1,023,000

1,127,000

Richmond——--—.i————
Atlanta.—

were higher and, lemons and oranges decreased*:
Cotton
rose from about 32 cents to 34 cents per pound (8%).
On
the average prices of farm products were 15.7%
higher than at the
end of June and 26.5 % higher than last
year.

63,882,000

11,796,000

of onions

$17,100,000

110,504,000

13,663,000
•:/;'/ 654,000

—

York—.

New

$21,576,000

124,831,000

Boston.—

\

about

at

with
fur¬

which^

any post
;-v/:•;
. '

Volume 164

icrt

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4518

'

Naf'l Distribution

Moody'sBondPrices and Bond Yield Averages Deparhnent Stores Sales in New York Federal f
Moody's

;

In

given

computed^ boria < prices and fbond yields averages tare

the following table.

■

(Based onAverage" Yields)?
,

X9w-i-

XJ. S,

„

.

-Dally

Govt.

-

>-

avecafrra-

^;*;v.V;B«ad»

A«$. 20_—

Avge.

• •

-

%%•"

i •

'

Corporate by Ratings*
Baft
Aa»
fAa, •
4
*

Corporateby Groups*
P,U.

115.24

119.00' -121:46

118.20

,112.56

115.24

119.00

1121*48

118.20

19-—
17__

Stock

16--—«—

123.49

118.40

122.92

120.63

112.37

115.24

119.00

121.25

V/v ' 15_i—i—

123.49

118.40

122:92

120.63

118.20

112.37

115.24

119.00

121.25

123.52

118.40

123.13 •" 120.63

118.20

112.37

115.24

119.00 1121.25

•

•

14-—

f

13——

123:52 * 118.40

12———

123.52
118.40
Stock Exchange
123.49 ' 118.60
123.49 1118.60

9—1—

-

,.

i

>

122.92

120163

118.20

112.56

145.24

119.00

120.63

118.20

112.56

115.24

119.00'

120.84

118.20

112.56

115.24 1119.00

—

119.00

120.63

118.20

112.56

115.24

118.60

123.13

120.63

118.20 * 112.56

115.24

119.00

123.45

118.60

123.13

120:84

118.20

112.56

115.43

119.00

123.13

120.84

118.20

112.56

115.43'

119.00

121,46

323.13

120.84

118.20

112.56

115.43

119.00

121.25

3—

Stock

2—_

123.45

118.60

1——

121.46

123.49

118.60

123.13

120.84'

118.20

112.56

115.43

119.00

123.13

121.04

118.40

112.56

115.63

119.20

121.46

118.83

123.34

121.25

118.40

112.37

115.63

119.20

124.14

118.80

323.56

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

—

Jfine 28

>•,

124.11
—

118.80

123.34

121.25

118.40

112.56

116.02

119.20

118.80

123.34

121.25

118.40

112.56

116.02

119.20

123.34

121.25

118.40

112.56

116.02

119.00

118.40

112.56

116.02*

119.00

7

124.02

118.80

123.13

lda/31

123.99

118.80

122.92

121.46

118.40

112.56

116.22

119.00

123.99

118.80

123.13

121.46

118.40

112.56

116.22

119.00

24;

;

17—
.

124.14

5118.60

122.71

121.46

118.20

119.00

123.83

118.80

122.92

121,46

118.60

112.75

116.41

119.20

119.00

122.92

121.67

118.60

113.12

116.61

119.41

Apr. 26

21

mines

+ 35

+42

.

+

113.12

116.41

119.41

121.04

Central New York State—

+ 32

114.27

117.40

120.22

122.09

Mohawk River Valley

123.34

121.88

119.00

114.27

116.41

120.22

122.09

119.00

123.12 >121.25

119.00

113.31

115.63

119.41

122.09

120.02

124.20

122.50

119.61

114.46

117.60

120.43

122.50

117.60

121.46

119.82

117.40

112.19

114.46

117.80

120.63

+ 33

-

+ 33

Southern New York State

+ 28 *'/■

121.75

Elmlra.

119.84

120.84

119.00

116.02

107.98

112.56

115.63

119.41

112.56

118.60

117.20

112.37 .■<103*30

106.92

114.08

117.20

MOODY'S BOOT3
u.s.

Dally

Govt.
Bonds

rate*

Aug. 20-_

Aa

A

B.; R

P.U

2.52

2.74

3.04

2.89

2.70

2.73

2.51

2.62

2.74

3.03

2.89

2.70

2.62

2.74

3.04

2.89

,2.70

2.59

'

*

5

2.73

:

2.51

T>2;73w^2.5rv-V2:62%

1.51

2.50 K

;

2.62

2.74

2.62

2.5t

2.73

i

I

3.04

9

+ 22

2.74

3.04

2.74

3.03

2.621
>^'Btoclr^Bxchange';Clos6d^?;»v'-f;:

2.74

?

2:74

% 3.03 •;

2.73

••

"2.73

' 2.72'

•

*&£££? -?X5l%;

•

2.51

>

■

2.62

2.50->

:

2.74

2.89

2.70

2.59

2.70

2.69
-

3.03 '

"rr

'-2.74.-3

2.61

2.50

•

2.59

Stocks, unadjusted-

:<:il".6i^,'ji';>'2»72''Y.50*»^2.61,%

%
2.Kfr

2.58

2.sr"

2.70"

2.58" INDEXES OF DEPARTMENT

i2.89 '

3.03

2.58

2.70

3.03

V

3.03

'

2.88'

;

2.74

219

217

155

219

214

222

169.

219

226

241

'

*168

:
STORE SAlE^

182

192

192

i

180

190

205 '

Wft

1.47

2.49 ?

2.71!

•

2.73;
2.73*

3.03

"

2.70

2.59

New York city*:——

2.78"

2.59

Newark

2.58

Buffalo

Average'fhonthiy, unndjuated-1-

•

3.03

/

7—1.47

2.71

;

2.73"

2.59

2.73

2.69 a

2.56

2.69?'

2.56

2:85% " 2.69

-

r

2.58
2.58'

3.03
.

2.85

2:70

2.56

3.03

2.85.

2.70

2.5S

2.70 >

2.60

;M|y^31^uvin^:^i":L48<^'l2.71f|-'ft3.51^V2.68^V!3t3:73^-3:iV3.03^v
'

24

w:31.48?v:y2.7l3v.^2.50''•.'Y.68"'

17-L--,—
■

10J.MM*.

2.733'
2.68^
2.74 4
2.68
i 2.72^

2.7Y,V>2.62v :

1.47
1.49

*

*

2.71 ^

Apr. 26-

1.45

v

2.70

1^6 *
1.334
Jan. 25—1.31

Mar. 29—w—

:

High '

1940

1.52

2.69

'

2.60

2.82?

2.68 *

2.6C

-2.83K*'

2.68

2.60

2.78

2.64

2.5E

2.64

2.55

2.70

2.99

2 87

2.68

2.55

2.78

3.05

2.93'

2.75

'

2.93

2.77

2.63

2.59
2.66
2.53

2.61

2.70

3.03-

2.72

2.79

196

224

232

190

203

*

-

*;

Newark'

?

Buffalo

i

2.85

3.28

3.03

2.87

'

3.55

3.34

2.95

2.79

-153
204

*

*—

:

Rochester——
Syracuse-

Bridgeport'

——

i

———

254

188
233
167

207"'

Chairman

253

tribution Council.

282 %

328

207

284%"

.

280

227

250

226

240'

:>W'-k Years Ago

Aug.

4

•

1-8,

1944_

I? 1.81

.

•These prices are computed from average yields on the basis of one
"typical" bond
<3%*i coupon, maturing in 25 years) and do not purport to show either the average
level or the average movement of aotual price quotations.
They merely serve tc
Illustrate in a more' comprehensive way the relative levels and the relative movemer
;

of yield

the latter being the true picture of the bond market.

averages,

1

For the first

half

of

■

Mwne; of the

^Chronicle,,» on page 2508.

Jfc.

-

-swvglveir-via.

V

-

proportion of total1 financing
vartoua tj^pes of mort¬
gagees.
Commercial banks ex¬
panded their share of the aggre¬
gate of mortgage recordings from
1946, real 19% during the first half of 1945
the

Real Estate Financing
At l%akiAist Half'1946

by

estate financing
in the nation
climbed to $4,788,000,000, slightly

Oulpuf 62% Higher

Production of 14,489,000 barrels' of cement in
June, 1946, reported
to the Bureau of Mines, Ul. S. Department of the Interior- was' 62%^

V

*

greater than that reported for June, 1945.
Shipments o< 14,558;000
barrels were 44% greater than those reported for the corresponding
month of 1945.
These figues testify impressively to the strong up¬

the

shipments,

was

higher

thaiiV im*June,%l945, ?in ??all xontiriefotabo districts; Ibut« wa^? lower < irt
FUerto- Rico*- Jn^1?^-3districts^^ anri VHawaii shipments^ were more

tfiandoublethoseof"June,'1945.
PORTLAND CEMENT" IN THE UNITED
"PeriodEnd. June 30—
Finished cement:

.

-

4

'.

Stbcks. (June 30)—.

•Capacity vsed

'

STATES, PUERTO

RICO AND-HAWAII

14,489,000
14;5S8,000
11,888,000
73%

-

,

8,929,000 % 69,420,000 V 42;24T,000
10,083,000 ' 73,953,000* - 43,682,000
18,535,000 "4 '
——i
c ■;%
45% '
" ' 58%
•
'
35%

u
•

.

^

.

.'?

•' Production-

14,453-000

•Includes

4,912;000

figures^for • Hiwaii

reporting in May,1945:v'^

■




for May* and

8,416,000

70,703,000

5,273,000

the last pre-war year,

on

Aug; 3J.

'

months,

V

i5 The

a

little more than in the

period of 1945.:

s

lenders,"

costs, further rises in real estate
prices as reflected in larger loans
to finance'purchases of properties
and -a growing * number of high
percentage' loans on homes: being
made under the GI Bill of Rights,

\

The estimates

based on re¬

are

of
leSs yrecorded; ini local

ports of ndn-farm mortgages

$20,000' of

only.

New

planb iirst Started

He

was

the first President

the* National * Federation

of

of o

Sales Executives/

has
ever

with-which he
been prominently >■. identified
since.

Mr. Bill, said in part:

*

•

"The objectives of NDC Will be

that people in all walks^of
will better ■understand' what

?life
dis-%

tribution is, hbw it functions and
what it contributes to our Ameri-

-

wayvof life; (2) "that distribU't /,
tion will be more effective and'
can

efficient; both in the size: of the %
that is done and in the
quality of the ways by which it is
done, and (3) that there will be;
better sales planning on the part
Of individual companies and in¬
total job

dustries."

-

-■

"v *

;

•

The othef memberg of NDC ar6:!"
J. C.

Aspley, W. V. Ballew, Elon %

Gr. Bbrton, Robert Brown, Gen. A.
J. Browning, A. O. Buckingham^

recordings ,A. E. Danielson, Donald - David, v
Ned Fleming, C. Scott Fletcher,
Walter Fuller, Fred' R. Gamble; :
Dr. Albert Haring, Lyman L; Hill,'
by'the figures has been a shift in as follows:'
;
Arthur A. Ifood; 5 Charles M. Isaac, "
Number-1
Amount
•
Percent
Saving^ and load ksstfciatlons.
413,803-$1,672,338,000 ••
34.9% George S. Jones, Jr., Edgar Kobak,
Ineurance*Companies' •
j..—
35,562 -- 196,844,000 *
4.1
Harbld D. Laidley, Ed Meredith,Banks and trust companies :
267,996 1,161,504,000
V
24.3
Dorr-Mitchell, Dr; Paul H. NyMutual Savings banks
45;144»
230;11'7,000'
4.8 >
IndWidaalsw?^—.312,585
991,582,000
20.7
Strom,
William
Radds, /Alfred'
Miscellaneous lending'institutions
• % ; •
118,372 ; 535,586,000r;
Stanford, Phil Stiill, Donald Tansill, Atthiir Walsh and Paul Wfest.
1,193,462 $4,787,971",OOOv * j" "' 100.0%''
communities.

Such

'

during:the first half of 1946'were

j.: "AhotheY development revealed

,

,

.

.

•

,

,

June

fort.

Same'

was

the Federal Home Loan Bank Ad¬

.

42,359.000

•

and Editor of "Sales Management1

ington.*

which

—

-

-Stocksr-( June >30)—
;

.

.

f6hipments>—

CSinker:'.

r

"* 4? —J 946^—Month—1945— —1946—6 Mos.—1945*-—

——4——1-—

Pfoductioii

,

'

:

;

Dis¬

ministration reported from Wash¬

"From a post-depression month¬
January-June figure V was
87% greater than in the similar ly high of $964,000,000 reached in
period of 1945, said the report of May, real estate financing during
Mill stocks on June 30 were 1% lower the
ward trend in construction.
National
Housing: Agency June dropped 5%.
This decline
than on May 31, 1946, and 36% lower than a year ago.
Clinker which went on to say:
was shared by all types of lend¬
production of 14,453,000 barrels in June, 1946, was 72 % above that
ers
except insurance companies
"Among factors contributing to
reported for June, 1945. The industry operated at 73 % of capacity this rise, which gained
speed and%bank8 and trust4 companies;
in June, 1946, compared with 45 % t a year earlier.
Cumulative fig-, about
whose f recording
vohime" : in¬
ay year ago, are the conures for the first half of 1946 shdvV- a' gain of' 64% 3 ii#
pfoductiont tinned toarketdemand^ere^ist- creased somewhat.
The largest
69 % in shipments* and3 67 % in> clinker - production " compared -with
ing houses, a sharp increase in relative decline from May, 10%,
the first six months of 1945.
pew home building at ascending was- that shown: for individual
Demand for cement, as indicated by mill

National

He is President

to 24% this year

more^than the total for all- of 1941

June Portland Cement

the

and mutual sav¬ revealed in some detail follbwing
its
next
meeting when formal
ings banks' totals went from 3.5
to 4.8%.
Savings and loan asso¬ adoption of these objectives takes
ciations; accounted for 34.9% of place. Meanwhile, suffice it is to %
all
recordings
during: the
six explain that the NDC is working/
with Government to the ends (1 > %

*

>

■

of

Magazine" in private life,'; Like'
all other members of the Council, %
he is contributing his time and ef¬

*Revised.

2.68

3.04 '

.—J
——

reebrd was" established "when up¬
wards of 10,000',00!0f of the, coun-*

try's most physically fit 'workers'
were | in
the % armed v services:1;
Clearly the return of these men to«
Junfc
Civilian life and the conversion"
216
205 ftom war prodUCtiom' to civiliaii '
257 peacetime goods,
presents aTcolos230
saic challenge* to rdistribuUbn,vin292
cluding sales-and-advertising.: TO
207
do this job'wiHrTequire-'theisame'
220 Individual and joint energy, the209 same
inspired ** cooperation
be^v
263
tween Governm ent and business; t
236
299 the same will-to-win that it tookt
211
to attain the military and pro-?
duction goals of the-war."
239
-Raymond Bill ' will: sefye r as
222'

2.53

2.50 - '

2.86"

1285

205

Bridgeport '1—*.,—.—•—*——-———

'

2.62

2.67

?

j
1.68

301

147

j New York City.———

2.60

1 Year Ago

AOg. 20M945-

212

^Average daily, seasonally adjusted—

3.00

2.68

-

•225

——*

2.78'

2.83

2.45

2.77
2.65

1.31 *

1946——

Low

,

236%

*166

———;

2.84 1

2.94

2.58

2.78

:

191
254

175

2.83

-2.94

.2.70

2.49

195
260'

*

—•

Syracuse

216

220

152

144

Rochester

£60

289

200

192

—

Buttalo

229 ii*

230
300"
209'"'

*—

—

Newark

j

258

216

jj! Bridgeport

/

194

264'

150

—

Average daily, urtadjueted—
■:
New York City*.——
-

221

199'

178

—

—

_—

Syracuse

3.00"3

2.73-

2.54
2.56

2.40-

2.67

Rochester

•VT

224

195

——

—

3.02

"2.72'<'

2.59

2.49

2.66

:

2.70'

;

r

May

Apr.

June
155
147

3.03

■

£>2.70V3t2.51"^2.57''

,..•2.84'*:

3*03

.

161

'

2.58

2.69 *

?.2.85>f '/:2.69''X

3.03

' 3,03

2*73

2.50^3: 2.69

2.71

>

'

;$.59>nt2.73^

2.49 v

'

2.87*/'
2.85 4

.

3.04*- • v;v2',86>^

-1946—

1945

2.58

2.70

?

b2.Bt% %2.69%'.'

v;

3.04

2.72f

2.59

1,46-4. 2.71* V>2.49V

£

LEADHCU? OttlES IN IBS

SIX

SECOND*FEDEIlAI. EESfiItVB DISTRICT

"

2.59

2.88

V

3.03

»

14'—1.46 "

June

May

223

176

2.88-*

-

•

-

**
19'46-

,

Apr.

;

■

lx

1

2.58

2.88"* 42*78

'

2.74

2.70-

2.89

3.03 V

a.w>

:,u Stock Exchange: Closed,,:*"^
/1.51
2,72 - 2.5(1 1
2.6
61>
;/-:l-£—*
1.51 I*'.;:-2.72
■' 2.58^
2.61
July 26*.———
1.49
•
2.73 > • 2.60'i : 2.60
19—
1.49 *
2.71 ® 2.49 V •;;:•■ 2.59' 2.40
2.59?

,

^

-

159

*—

2.89"'

3.03 '

%

2.74

r;e

June 28—__

1

^•'•'^Revised:-■; ^

;2.-73%^123r:Y£lW»

tv'*2,73-

:

1945.

June

unadjusted
teres TaVeYage dally), unadjusted
Sales (average daily), seasonally adjusted:
8t»ekk;neasonaiiy adjusted—

Sdies1 (average' monthly),

2.59

2.89
'

'

1.51

28

+

+ 38

10 •■;:/'

+

1945

Exchange Closed

1.51

13-—1.51
:i2—
1.51

+

+ 31

2.58

1.51
••:

+18J

+27

(1935-39 average** 100)*' v

2.58
■

14——————.',

7

,

Indui>

*

2.50'

Stock

+ 29

32

+ 30

—

%

,

-

+ 15

INDEXES OF DEPARTMENT* STORE IsALE6 AND^STOCHS *
Second Federal Reserve District::

Corporate byGroups*

Baa

2.73

1.52

16

%

-

Aaa

1.52

19

9

+14

+ 27

days in June,

Corjpo

Average!

•

Apparel stores (chiefly New York City)..

YlEtb'XVERAGEb

(Based on Individual Closing Prices)
'Avge?.;v- •• .•
v/ j
••'..
Corporate by Ratings*

1946^-

+

-

Niagara Falls.
Rochester—:

can

"We must look forward to the
not too distant day when the
present seller's market becomes a
buyer's market; . If we are not *
prepared to meet that day it can
easily become the nation's num¬
ber one problem* It is my sincere
hope that the National Distribu-r
tion Council; which represents a
voluntary, joint effort on the part
of business and Government,: will
contribute" greatly to implement¬
ing the kind of sales, advertising
and other ? programs which will,
keep' consumption'in balance Witlx
bur increased production."
:
Under-Secretary S c h in d l e r
amplified in part as-follows:"
T
"During the • war, the United'
States about "doubled its capacity,
and its ability > to produce;
This •

5

+ 13'

"

waters,

; keep
enormously

factories:

and

\

/;.

—■

+

+ 17

,

+ 30

+

Buffalo*.:.>

»

;

+ 30

+ 22

—*

•

+ 26

•

+ 30

Binghamton——

Western New York State.

115.82

>

+

'

v

•+ 21
+ 11

+ 13

:

35

+ 30

+

.1 Year Ago

1945-

+20

•

Northern New York State

.

%;2 Years Ago
Aug. 18, 1944-

,

+19

120.22

••

.

;+3i/» t?::+ 8 /
+ 14
+25 %: -•

+ 25

V

•

.

+13

consumethe

farms,

increased capacity to-produce. :

+16

/,

+ 51

■

31

118.40
119.41

123.39

,

+ 35

+ 35

——

Schenectady.

and

its

of

abreast* of America's

+ 25

..,

distribute

to

.

.+30

+ 34

122.29

1940——

•

••+28/:.;

-

+ 34

121.25

126.28

17-—

•'•/■

,

+36;

123.34

1946—

•:

+ 34

123.99

126.02

20,

+ 32

119.00

High

Aug.

+34-

119.82

126.28

LOW

39

products

125,61

JAB. 25—

•

+ 22

" ;'/

v

+ 38

Albany

whereby America'^ ability

+23

+ 34 -:-"

124.33

—

Mir. 29——

MB.

116.20

'''"

+ 36

+

Valley.
Poughkeepsie—
Upper Hudson River Valley

121.04

112.56

be to stimulate, American
business to utilize every practical:

means

39

+ 41

-

—

Lower Hudson River

121.04

124.49

will

+ 15

: /

+ 35

sales executive of many

a

years' experience. In announcing
the Council^ Mr. Wallace said:
% "The function of the Council

+

—

Bridgeport

121.04

10
3

i

himself

•

1946

•

r

34'

+

.

+ 39

—

Westchester and Fairfield Counties

121.04

*

-

ing

+ 16

1946 /

'

1946 •
/•:+37"

;

City—
Northern New Jersey.:
Newarkl
i

121.04

#

primary .purpose of help¬
American industry improve
its distribution capacity and ef¬
for the

Percentage change from preceding year
Net sales
■ Stks. on Hand
June
June 30,
June,
Jan.-June,

1

.

Second District

121.25

121.25

'

'

New York

121.25

14

•

Department stores—

I

121.46

118.80

■:

121.46

124.17
124.17

21

Henry A. Wallace.
The
Department m a k e 9
known that the NDC was formed
Commerce

Second Federal' Reserve District

r

121.46

5

'

•

^

121.25

118.60

123.83

12

%

DEPARTMENT STORE TRADE BY MAJOR LOCALITIES JUNE, 1946

Exchange Closed

123.77

July 26—

t

National Dis¬
announced

was

i

19

,

,

the

% ^ The apparet stores iri the
York Reserve District reported a ficiency.' The work of the C6un-*
cil, which is a- voluntary group;
31% gain in the net sales in June. Their stocks on hand at the close
will be coordinated with that of
of the month" were 22% oVer the figures for June 1945; •
Government by Under-Secretary
The following is the bank's tabulation;
of Commerce, Alfred Schindler,

121.25

5——123.45 ' 118.60

0

I

123.49

of

Aug* 13 by Secretary of Com¬

merce

Of 1945.

121.46

123.13

7--^—
6———_

r

on

sales for January to June, i946, were up: 34% from^the' similar
periods' of; v the: previous: year.- Stocks of merchandise on hand - in
department1 stores at the end of June, 1946 were 16% over those

121*46

r"

~

(ftfew' York)
agor The com¬

Second

bined

121.46

123.13

department stores in- the

tribution Council

121*25

122.92
Closed

,

10—.«—_

120.63

Exchange Closed

•

'

118.20

122.92

•;

r

120.63

of

Federal" Reserve District increased 37%«over a'year

Indus

R. R

112.37

123.15

Creation

The Federal Reserve Bank of New-York announced en July 19

that June sales

123.39 ^ 118.40
123.39' 118.40

Council Formed

Reserve District in June, 37% Above Year Ago

;

.

-

-

Corpo-r
rate*.

*

' *

r

'

•

1072

Thursday, August 22, 1940

THE COMMERCIAL & FINANCIAL CHRONICLE

Weekly Goal and Coke Production Statistics

National Fertilizer-Association

The production of bituminous coal continues,. as in the three weeks
past*;to show little change iii "trend. The" total output in the week
end^d Aug.' 10, as estimated by the United States Bureau of Mines,

Price Index Continues

American OUned

Commodity

Ins. at Record

Upward Trend

Life|§

High

Life insurance owned by Amer-.'
The National
to a new high ican families reached an esti¬
level in the week ended Aug. 17, 1946, when it advanced to 174.7 from mated
$163,000,000,000 at midr:(
173.4 in the preceding week.; This index has advanced for 22 of year, a new record representing r
the past 24 weeks; it remained the same in one of the weeks and in ap increase of $8,000,000,000 since
which is the largest-for i
the. other it declined slightly. A month ago the index stood at;171>3 Jan.
andi a year ago at 141.7, all based on the 1935-1939 average as 100. arty similar period' in the history, i
of the business, it was reported by <
The Association's report added;
The wholesale commodity price index compiled by
Fertilizer Association, and made public on Aug. 19, rose
-;

wasu12,300,000 net tons, an increase of 45,000 tons over the preceding
week and a gain of 810,000 tons, or 7%, over the corresponding week
0^)^945.. During the calendar year through Aug. 10, 1946, the cumu¬
late production, of soft coal was approximately 303,875,000 net
tons,; which was a decrease of 16.4%>;belpw the 363,452,000 tons
mined in the comparable period of 1945 through Aug. 11.
<
^
..

v

.,

Production of Pennsylvania anthracite for the week ended Aug.
10, >1946, as estimated by the Bureau of Mines, was 1,255,000 tons,
fncerase of 43,000 tons (3.5%) over the: preceding week.
When
compared with the output in the corresponding week of 1945 there
,

Five of the

an

composite groups of the index advanced and

one

de¬

the Institute of Life Insurance on

June 28.
"Today's total of life
high point/ Prices were mixed with insurance protection the report/
71,000 tons, or 6.0%,] The calendar year to,date
higher quotations for canned vegetables, dressed beef, veal, lamb and pointed out, represents an in¬
shows an increase of 8.2% when compared with the
corresponding
crease
of almost $40,000,000,000
pork, and macaroni "more than offsetting the lower quotations for
period of 1945;
■'V;'>" ,v://viF/./v/'V.
The farm products group remained un¬ over the amount owned in this
The Bureau also reported that the estimated production of beehive butter, ham and bellies.
changed with higher prices for cotton, grains, eggs, and cattle just country when we went into the
coke in the United States for the week ended Aug. 10, 1946, showed
offsetting lower prices for calves, hogs and lambs. The fuels index war," Holgar J.'Johnson, Institute'
an increase of
3,200 tons when compared With the output for the
'
1 ^ d
advanced sharply due to higher prices for gasoline; The textiles President, said,
week, /ended Aug. 3, 1946; but it was 10,400 tons less than for the
index advanced.; The rise in the metals index was due to higher
The advices from the Institute
corresponding week of 1945. "
•
'
•
silver prices. The fertilizer index advanced reflecting the higher added:
ESTIMATED UNITED STATES PRODUCTION OP BITUMINOUS COAL AND EXGNXTE
ceiling prices authorized by OPA. The only group that declined was
"Purchases of new life insur¬
(In Net Tons) ''
the" miscellaneous commodities group with the advance in calfskins,
ance jri the first half of the year/
"!V
Week Ended
'
——Jan. 1 to Date—
lubricating; oil/ book papier and paper hoard not sufficient to; offset were estimated at
$11,000,000,000,
■j;Bituminous coal & lignite-^,
1946
1946
1945 .
1946
1945
the decline in feedstuffs.
1
v'
Aug. 10k' ■'
•Aug,"3, <
Aug;il.':tAug. 10,
Aug, 11,
nearly half again as large as in
Total,; including, mine fuel—
12,300,000
12,255,000 11,490,000 303,875,000 363,452,000
During the week 27 price series in the index advanced and 11 the first half of 1945 and practi¬
Daily averageV 2,050,000
2,043,000
^,915,000 1,637,000 1,920,000 declined; in the preceding /week 22 advanced and 18 declined; in the cally twice as large as in the first
♦Revised.' tSubject to current adjustment.
r
second preceding week 21 advanced and 28 declined,
half of pre-war 1941.
Greatest

clined during the latest week+ The foods index registered, the largest

gain and advanced to a

was,an increase of

new

,

,

-

•

v

,

I

ESTIMATED PRODUCTION OP PENNSYLVANIA

>■

■'

'•

'

-

(In Net Tons)

>

Week Ended—

tAug. io,

JPenn. Anthracite—
•Total, incl. coll. fuel
fCommercial produc,

lt»y

Compiled

,

,

Aogr;!!,

19*6.

nL,

ly45

Aug. 11,

'' ,1.945

1935"1939=10O*
fiach Oroup

1937

32,370,000

1,184,000

1,165,000

36,518,000

1,138,000

35,109,000

112,300

109,100-

122,700

2,221,300

July 20,

Aug. 18,

1946

1946

1946

1945

185.1

181.5

179.8

144.9

Estimated
,f

by states, in net tons

,

<The

•/

,

weekly production of bituminous coal and lignite,

current

/

the operators.)

July 27,

•VA05,000

Arkansas

and

Oklahoma.

;

Colorado—

Georgia and North Carolina

; Illinois

Indiana
.* i

—

^

1,429,000

,

'/',

,

KentuOKj^w-Eastern———,

492,000
31,000
128,000

55,000
4,000

Michigan——
New

(bitum, & lignite)-—,-.

-33^000
'712,000

v

Tennessee;

133,000

virgih^n^.--"::::;-"
WashingiQisuI

137,000
398,000

21,000

tWest-, Virginia—Southern...

{Other Western states—————

158,000

915,000

1,016,000

177,000

-

I *

-,1,00ft

f

\

27,000
1,947,000

,2.456,000

<142,000

tWestTVirginla—Northern
Wyoming'....

310,000

20,000

;

2,473,000
893,000

bTtuminous & lignite—IlJ: :12,255,000^

•r

*/

.

;;12;500,000

;

.

11,214,000

'.
Tlxvciudes operations on the N. & W.; C. &. O.r Virginian; K. & M.; B.. C. & G.j
Kanawha, Mason, and Clay Counties.
tRest of State, including
the Panhandle District and Grant, Mineral, and Tucker Counties.
{Includes Arizona

and onHhdB. & o. in

«)<!

j$r$gon;j •Less than 1,000 tons,,

207.4"

156.7

124.4

124.1

125.3

108.9

177.4

177.4

186.4

127.5

127.5

123.3

125.8

122.5

122.5

121.0

118.3 ;

securities

1120.6

119.8

119.8

119.9

in the half year to

155.1

115.1

109.0

104.8

174.7

173.4

i—:

->

machinery

on

-

ftdoi

1940

Production

Free Copper
Year

•Crude

1939-

836,074

.

Deliveries

: Refined

tDomestic

818,289
1,033,710

1940—;
1941-

992,293
1,016,996

11,065,667

Year

1942-

1,152,344

1,135,708

Year 1943—

1,194,699
1,056,180
: 841,667

1,206,871
1,098,788

291,908

246,086
67,726

67,496

69,950

76,537

76,395

1944-ii

1 Mos.,

/;
Apr.,
May,

l^(Jj

1945L'':
June,;-^9455x1v

d*

1945-

),485

+17,785

I42;772

—41,417

m, 564

—48,671

0§5»309

+16,636

1,643,677

72,855

562,121

—12,172

13.188

66,780

—42,608

14,659

76,512

69.127

101,183

+

59,715

+

6,028

—

2,454

,218,488

51,861

/

57,142

161,111.

139,203

^

88,661

•'

'

94,031

•

64,091

45,145

t

70,363

104,104.

70,218

119,973

'

66,062

103,464

|

69,008

115,601

49,923

86,089

58,590

*1946,

41,832

20,139

19(46-

29,280

18,989

75,756

1946,

31,897

20,551

93,647

8,388

2,106

June,

1946*

32,785

23,870

July,

1946i

56,264

v

43,606

V

.

909

"
v

--

V'V^

95,267 *
96,826

"

+18,946

seized

11,641
5,238

—

1,041
4,632

3,421

2,087

67

72,799
74,339

-—10,830
r* 8,256

3,713

70,249
65,448

+ 10,291
+ 11,346
+11,346

101,183

+

26.8

230

+

39

536

/■

4.8

18.8
3.5

,

18.4

>

70

20.7

26.3

11.2

12.4

+

88

$4,788

+

100.0

100.0

87

J;

100.0

investments

insurance

year; up about $40,000,000
the first half of last year.

over

They/

still, however, about half the
just prior to

are

volume of such calls

the

war.

"Death benefit payments, which "
accounted for a large part of the /
increase in payments in the first
of

were

of

Acheson had listed Cuba,

Vene¬
zuela, Uruguay, Chile, Peru and

Bolivia, i which

control after

a

revolution

July 21,

by the United States Govern¬

was

extended

on

Aug.

Paraguay : as • having
already
recognized
the
new/ Bolivian
Government. 0 A . United- - Press

22,038

.

f
5

payments: to* policyholders
beneficiaries."

'V.

'

Tuesday,

Wednesday,

.

From

"The

'

the

Junta

assurances

livia's
and

it

Associated

will

abide

by

Bo¬

obligations

effectively taken over
of the mountain¬

administration

country.
It has recalled all
political exiles and plans to hold
general elections soon."
ous

Aug.

'

f

I

;W..vV. t/V'

i
348.3

13, 1946—

Aug.

'III

351.X

14.'

Thursday,.'Aug/■15-,-,^.^.---^--^:/ 351.1^
Friday, Aug. 16,—
350,3
Saturday,

already has given

inter5iational

has

Press

———-.

Moody's Daily
Commodity Index

Junta,

quote the following:

+

and

dispatch from Buenos Aires on
Aug. 12 stated that Argentina had
announced on that date recogni¬
tion of the Bolivian Revolutionary

Washington advices, Aug. 12, we

+

more

payments to living policyholders
are /running: more than half
of

v

Department is informed that the
government of the South Ameri¬
can nation is now composed of a
three-man
junta of University
Professors headed by Acting Pres¬
ident Nestor Guillen.
In report¬
ing the
announcement,
special
advices to the New York "Times"
from Washington added that Mr.

+12,658

...

the

4.6
'

Acheson who said that the State

3,391

N^J^r-statistics for the month of June, 1946, have been revised^

5.5

,V.'

4.1

24.3
:

11.4

47"
+

34.4

4,090

21,693

8,915
8,915

{Computed by difference between mine and refined production,

+157

1945

\

34.9

1,540
4,801
10,306

.

^

992

82

•;

ment, according to announcement
by Acting Secretary of State Dean

+

+
+

1945

4.3

+142

12

•onsumers* stocks at their plants or warehouses.




+

on

-

,;

197

1,161

+ 170

;

—1st 5 Months—

33.6

83

512

—

•Minejor smelter production or shipments, and custom intake including scrap,
tBeginning March, 1941, includes' deliveries of duty paid foreign copper for
domestic'bonsumption.
^ v.-.-:.
tAt, refineries on consignment and in exchange warehouses, but not Including
..

1946

+

50

$917

—

Government

5,428
4,150

—

74,425

^—^^9,145
—

June,

90

Formal recognition of the hew

6,897

874'

of

beneficiaries by the country's life

total

3,592

■

^//'140''

*"r 76,512
'lit;

'h Chg.
from '45
+

+

169
105

1946

$1,672

S.-Argentina
Accept Bolivian Govt.

'75.754

rtJ.t

?

J
-Percent of Total-

'

Amount

U.

5,281

—10,850
—

76,166

.?r-' ; 68,675
jf ,73,913

;

65,586

Aprv
May,

:

142

1,044

—

i
_

——.

-

ings dropped 5% during June to $917,000,000."

2.573

80,316

.' 83,478

Mar.,

;

55,453
63,841

Vv! 70,738
—

86.840

>

41,667

1946,;i
1946,

;

—

+ ,f

—-

./

7,065

•

half

"Payments to policyholders and

the highest level on

24,671
•

■

62,641

.

.

9,732

45,817

69,322

'

■

909

1,446

—

145,904
172,585

72,995

68,253

16,713
67,208
10,255

1,517,842

almost

1945, when war claims
than 10% of total
death benefits, have been at about |
"Reflecting recent shifts in the competitive position of the vari¬
the same level this yean with:
ous types of mortgage lenders, commercial banks boosted their share
of total recordings from 18.8% during the first halt of 1945 to 24.3% only a small carryover of, war
claims included. •
this year, and mutual savings banks increased their share from 3.5
"Payments
to
living
policy¬
to 4.8%. Savings and loan associations, continuing their leadership in
holders are about $775,000,000 for
the home mortgage field, accounted for 34.9% of recordings during the first half of the
year, about
the first six months of this year compared withi 34.4% in 1945.
$75,000,000 more than in the first;
'Trom an all-time high of $964,000,000 reached in May, record¬ six months of 1945. This year the

130,270

•

1946,

increased

$900,000,000
approximately
$21,400,000,000.
These securities
still
absorb' a
major part of1
available
funds, accounting for

half

Increase( + )
Decreases !—)
Refined

307

58.178

1945,

Jan.,.
Feb.,

75,436

or

171.3

10,

Aug.

+ 169

40
245

Total

{Blister

1,636,295
:

85,319
74,377

72,271

period

/

Mutual savings banks

Stock

End of

48,537

u

Oct./ iHm-:
Dec.,

F

74,469
V

July, >1945mAug., 1945-;
Sept, I945c2!'/ V
NOV.,

74,392

843.113

!

■

134,152

621,776

73,754

Year

<<

Export

814,407
1,001,886
1,545,541
1,635,236

Year
Year

Year. 19^5^9»

.Stocks

to Customers

v

;

Individuals

IRefined

Du^y

.

companies-

Others

(In Tons of 2,000 Pounds)
,

U.S.

136.1;

-lst 6 Months—

% Chg.
/from' ■'///

Banks & trust cos.-'a

INSTITUTE
't

1948,

17,

billion since the first of

"Holdings of U. S. Government

Financing at Record High

Amount June, 1945
+ 75
& Loan Assns... $308

Insurance

Summary of Copper Statistics

-r
The Copper Institute on Aug. 12 released the
following statistic^
pertaining to production, deliveries and stocks of duty-free copper;
eumiia!ky op copper statistics reported by members op thb copper

m

Aug.

were:

-June-

mortgagee

,a 6S.Wii

153.8

Amounts In Millions

,

Sav.

Latest

about $2

the;,yearg;^

tPreliminary.

-

Type of

1

-

base

i926«l928

,

am

">

n;^:.

mid-year; This is; anJncrease of

-

2,741,000
126,000
2,000
127,000

1,000

,

380,000

35,000
713,000

;

:

'132,000* ;»v

.1,000
141,000

...

204.2

companies will total
record during; the first six months of this year,:- The estimated
about $1,450,000,000 in the first
$4,788,000,000 of nonfarnt mortgages of $20,000, or less recorded dur¬
half of the. year, an increase of
ing this half year period represented a gain of 87% over the Janumore
than $75,000,000 over such
aryrJune period of 1945 and exceeded by 1% the value of such mort¬
payments in the first half of 1945
gages recorded during the entire year 1941; according to the Federal
and $225,000,000 more than in the
Home Loan Bank Administration* in its June Mortgage/ Recording
corresponding period of 1943. The
Letter, issued Aug. 6, which continued;
increase over last year is due in
"Among the factors contributing to this upswing in activity
large part to the greater volume
were the continuing great demand on the part of veterans and others
of payments of policy cash sur¬
for existing houses, the sharp increase in residential construction,
render
values,
meeting
emer¬
further rises in real estate prices which were reflected in larger
gency
needs
of
policyholders.
mortgage loans; hnd the increased number of high percentage home
These aggregate over $150,000,000
loans being made under the GI Bill.
for the first: six/ months of this

84,000

•

205.4

Real Esiate

27,000

'3,080,000

Texas/(bijtuminous & lignite)—

.

60,000

31,000

133.9

Real estate financing activity climbed to

2,000

26,000

806,000

134.5

154.3

by the companies in the
first six months of this year,!

34,000

,

5.000 "

3,044,000

North;^ fifputh Dakoa (lignite)—.

'

<

54,000

138.6

147.8

made

353,000

;

72,000

Pennsytvfofa (bituminous).

-Total

'

163.4

189.1

■

151.5

18, 1945, 110.4

46,000
129,000

26,000

Mexlco.

Utah.

?

205.2

154.2
146.0

—

All grniipa towWnfi!

*

•Indexes

761,000

420,000

>

100.0

/

and Aug.

1,422,000
504,000

T -" J

,

350,000
,

-Montana

32,000
,118,000
1,207,000

204.2

Farm

1,000

■

510,000 ,;

1,105,000

KentuckyMWestern——

c'

,

158.8

Fertilizers

134,000

'

•

212.2 ;

23P.0

95,000

.

102,000
1,000

^

.,ri

Kansas,and Missouri

82,000

)

i.ooo

1,352,000

——i—

Iowa-

85,000
101,000

//

—.

338.0

Fertilizer materials.

396,000
i> 5,000

ov- 7,000

,

surance
business, largely repre-;
senting poHcy resen^es, wilt have!
increased
to. $46,500,000,000
at

339.2

208.7

Building materials.
Chemicals and drugs

1945

,

owned, total assets of the life in¬

167.4

341.0

MfitftlH

■

Aug. 4,

x«46

380,006
7,000

145.0
162.4

214.1

Textiles

Week Ended

Alaska

201.5

202.3

219.0

Miscellaneous commodities.

^

1»46

AlaDaspan_

226.7

202.3

Livestock

Aug. 3,

-tft'

''.Stafce^f

"With the increase in insurance

223.8

210.6

Fuels

^

upon

219.0

Grains.

.

districts and State sources or of final annual returns from

followed

V-J Day.

Cotton

.

which

set-back

202.3

Cottonseed Ott—
Farm Products.

23.0

weekly estimatesare based on railroad. carloadlngs and; river
are subjeot to revision on receipt of monthly tonnage reports from

shipments and

.

andOllsZZ——ZIZTZ

Fats

2,235,000
authorized

Group

,

»

3,763,500

washery and dredge coal and coal shipped by truck from
operations,tExcludes colliery fuel, v ^Subject torevision; • {Revised.
4

Ago

,

Aug. 10,

Total Inde«

30,752,000

•Includes

>

Ago

Week

Aug. 57,

Bears to the

^

tJnitedeStates total-,

-Year

Month

Latest Preceding
Week

Aug. 14,

1945

33,760,000
32,460,000

25.3

1,212,000

1,207,000

A'B66^iVG Coke

gains have been in the purchase
of
ordinary
insurance,
though
group
insurance
has
shown a
marked recovery from the early

COMMODITY PRICE INDEX

by The National Fertilizer Association

)—rrr^alendar Year to Date

—

I Aug/3,v

1946
1,255,000

WEEKLY WHOLESALE

ANTHRACITE AND COKE

Aug.

-

349.6

17-

Monday, Aug. 19—

349.7

———

Tuesday, Aug. 20—Two weeks

ago,

343.6

| Month ago, July 20—
Year

ago,

1945 High,

Low,.

Aug.

20;

—
1945——;——-

,

253.4

265.0
Jan.; 24_———-—252.1.
Dec. 27—- 4--^--

1946 High,. Aug.

Low.

346.6;

Aug. 6—349.0

Jan.

l->>:—356.3'
—
264.7:

2—r—

THE COMMERCIAL & FINANCIAL CHRONICLE

[Volume-164 ' Number 4518

Trading

ish f purchased

New; York Exchanges

on

quarter,

The Securities and Exchange

Commission made public on Aug.
14, figures showing the "volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the

of round-lot

volume

transactions

stock

for

the

account

members of these exchanges in the week ended July 27,

of

continuing

series of current figures being published weekly by the Commis¬
sion.
Short sales are shown separately from other sales in these
«i"
Trading on the Stock Exchange- for the account of members
'(except odd-lot dealers) during the week ended July 27 (in round-

lot transactions) totaled 1,992,950 shares, which amount was 16.97%
of the total transactions on the Exchange of 5,871,260 shares.
This

with member trading during the week ended July 20 of
1,754,565 shares or 17.34% of the total trading of 5,058,460 shares.
On the New York Curb Exchange, member trading during the
Week ended July5 27 amounted to 546,790 shares, or 16.64% of the
total volume on that exchange of 1,643,490 shares.
During the week
compares

ended

July 20 trading for the account of Curb members of 453,820
Exchange and Bound-Lot Stock
Transaction* for Account of Members* (Shares)

ffotal Bound-Lot Stock Sales on the New York Stock
;

,

WEEK ENDED JULY 27, 1946

j
'

t*

Total for Week

f

A. Total Round-Lot Sales:

;

5,682,820

fOther.

j). Round-Lot Transactions for
:

,

the

Except lor

Account of Members, '
Accounts of Odd-Lot

Odd-Lot

they are registered—
Total purchases.^.,-.-.....

j
'{

sales

tOther

'

Total sales>.^.^»...~.—

l-

2. Other transactions initiated on
O'' Total •

the floor—

purchases-....-

tOther

,

75,050

■ —

Short sales_~..^———

■if;

16,450
145,580

——.

Bales—,.

■

Total sales—.——.
Other transactions initiated off the floor-

3.

2.02

162,030

total

Reserve sup¬
tons.
With
most

plied

75,258

July

and

refined

increased.

Stocks also increased, but this re¬
sulted largely from the fact that
some
producers were not in a po¬

new

22,250

250,970

Bales—

Total

Total sales—
Total

4.02

273,220

Mexico,

the third
quarter on the basis of 9V&0 per
pound, United States ports.
The
metal is to be delivered at the
rate of 7,500 tons a month.
over

Total

I

Total Bound-Lot Stock

Sales

Transactions for
v

on

16.97

(Shares)'

Members*

Account of

WEEK ENDED JULY

j c»V

27, 1946

Total f or Week

"rl

A. Total Round-Lot Sales:

t#

-

Short sales

12,635
1,630,855

:

tOther sales
fit

Total

1,643,490

sales...

they are registered—
Total purchases.

•h

194,175
8,685

Total
2.

196,150

sales._.

12.14

204,835

sales...

Total

13,295

purchases

Short sales

tOther
Total

-

;——

\-u*

.,

23,000,

sales,—

1.11

23,200

sales—

Office

of

,.

tOther

sales—,—..

3.39

65,170

Total—
Total

253,585

purchases-

Tofc&l

Sfllf i?

f-

u.a-'—Wi *
,|.

U

■»nnii>»w,'"ir

-

-n mi

'tiirrr1 j'u

Iiw 111

in

I

ill!

applications; (4) to develop
production of lead from a long*
term point of view;, and
(5) to
unfreeze the heavy tonnage: of
lead that was made-from concen¬

16.64

Customers! short sales.———.——-——

87,390

DAILY PRICES

sales.

93,709

t

^

•

v

■

calculating

tin

release metal for
August shipment

Aug:/

8—

Aug'.

9

Non-Ferrous Metals-Foreign Copper & Lead

Bought-Action

on

Zinc Ceiling Soon Likely

"E. & M. J. Metal and Mineral Markets," in its issue of Aug. 15,

fstated: "The foreign market for5
as

it became known that

copper developed further strength
contracts for large tonnages were either

being signed. Both the United States and the
involved in the transactions. With the strike
Northern Rhodesian mines not yet settled, and uncertainty over

closed

or

in process of

United Kingdom were
at
-

the labor situation at Braden,

in*>

Chile, a factor, offerings of copper
from foreign sources were insuf¬
ficient to meet
the heavy de¬
In

mands.

the

domestic

for non-ferrous metals,
renewed
soon

to

hope that OPA will act
lift the ceiling on zinc.

The matter. is being studied, ac¬

cording
Lead

to

Washington

business

was

advices.

restricted,

owing to^ a muddled price situa¬




The
on

publication

further

to say in part as follows:

Copper

market

there was

Contracts

are

-

being prepared by

the Government for the
purchase
of
30,000 tons of copper from

Chileanover

Total

52.000

OF METALS

quicksilver

for

"■Sales

unwilling market, which tends
situation; in the EuV
ropean sector.
Ruriiots that 8,200T
flasks of captured Gernian metal,
of

this

country attracted interest.
Silver

Silver

has

been

moving

("E.

&

M. J."

into

LeadNew York

St.

8.250

8.i;oo

8.250

8.100

8.250

6#i

8.250

8.100

8.250

6.1O0

V

52.000

8.250

producers

for

delivery

the third quarter. The price
is said to be 15%0, Lo.b.

named

port of shipment, Chile. The Brit-

the

8.250,

market

8.250

8.100

•

^

8.250

less

month.

90.1250.

are based on sales for both prompt and future
delivery only. •' ■■"'
V;'-.
prices are quoted on a delivered basis: that Is,

■

•

lc.

.v.,

over

"E.

&

M.

delivery

J."

"

sites

for

permanent

Representatives Ewiiig{r^,ihPina~
Republican, of Texas; John

son,

Sheridan;vDemocrat, ^^^

charges

vary

with

average

the

destination,

and

Charles H.

Ohio); all Republicans.

lead only*

at

educated

Northwestern

University, Chicago, and/ South¬
eastern
University, Washington*
He went with the Treasury De¬

partment in 1935, and until 1942
occupied executive positions in.

the

Bureau

of

Accounts; "

"He

was

appointed

a

The

Colonel in

the United States Army in

1942,

and served as officer in charge of
Fiscal Activities and Accountable

Disbursing Officer, Office; of De¬

pendency Benefits, Newark, N.J.,

for Prime Western for the previous

■///-/.vv;:,v

Quotations for lead reflect prices obtained for common

Massachusetts

Treasury Department also said: p..

is

the

and

military
bases.
MembesrS?.niwhQ
signed up for all or
-patf-!<jf]'thq.
trip, according to Associate® J»ress
Washington advices, werew w/zh

the

for prompt

of

than

tion, demobilization, military gov~
occupied areas^TArmy

was

0.125c. per pound.
/.•
:> j
j
Quotations for zinc are for ordinary Prime Western brands.
Contract prices for
High-Grade zinc delivered in the East and Middle West in
nearly all instances com¬
mand a premium of lc. per
pound over the current market for Prime Western but
not

trip to Alaska, the Pacific and the
of'study
ing surplus war property^isposiFar East for the
purpose

appointment of Wilas Budget Officer
of the Treasury Department; suc¬
ceeding Charles R. Schoerf^inan,
who died on July 1.
MjrJpJohny
son, a native of Richmond, Va.,

based on sales In the foreign market reduced to the f.o.b.
refinery equivalent, Atlantic seaboard.
On f.a.s. transactions we deduct 0.075c, foi
lighterage, etc., to arrive at the f.o.b. refinery quotation.
Quotations for copper are for the
ordinary forms of wirebars and ingot bars.
For standard
ingots an extra 0.05c. per pound is charged; for slabs 0.075c. up, and
for cakes 0.125c. up,
depending on weight and dimensions; for billets an extra 0.75c.
up, depending on dimensions and
quality.
Cathodes in standard sizes are sold at a
discount

Military

six weeks*

a

lard L. Johnson

8.250

zlnc Quotations

and

on

nounced the

8.25Q

shown above are net prices at refineries on the
Atlantic seaboard. / Delivered
In New England average 0.225c.
per pound above the refinery basis.
14, the export quotation fer copper reflects prices obtaining 'In

open

Affairs Committee

W-

The above quotations are "E. & M. J. M. &
M. M's", appraisal of the major United
markets, based on sales reported by producers and agencies.
They are reduced
the basis of
cash, New York or St. Louis, as noted. All prices are In cents per pound.

prices

of members of the House

8.250

8.100

52.000

As

Survey!'/- 'i'

Johnson Budget Officer
Secretary Snyder on Aug. 7 an®

States

copper

.» '

//it.;

Announcement was ?
oil
Aug. 10 of the departure/by/iplane

8.250

Average prices for calendar week ended, Aug. 10 are: Domestic
copper f.o.b. refinery, 14.1500; export
copper, f.o.b. refinery, 15.9670;
Straits tin, 52.0000; New York lead,
8.2500; St. Louis lead, 8.1000;

plants.

long positioft''which
are reported 'witli

a

lot

Alaska, Far East

■

i)

consumers'

round

'8.250

;
•

'

at

re¬

St. Louis

52.000

111 the trade, domestic

than

Elston of

Zlne

}vJ?.

52.000

delivered

a

less

of

QUOTATIONS)

16.025

are

are

Jesus
T.
consumption rather freely, with missioner
PinetO
of
little opposition to the price from Puerto
Rico;
Representatives
the jewelry trade. The New York Dewey Short of Missouri, PauLW.
official, quotation
continued at Shafer of Michigan, Thomas E.
9OV80 an ounce troy. London held Martin of Iowa, J. Leroy Johnson
to 55V2d throughout the week.
of California, Charles R. Clason

16.075

2.pperLlead

r^1.840
*-

sylvania;
J.
Lindsay > Almond;
Democrat, of Virginia; Rbbbrt F.
Sikes, Democrat, of Florida; Melvin Price, Democrat, of
Illinois;
Philip J. Philbin, Dempcrat, of
Massachusetts, and Resident Com¬

reported to be in the hands
private party, may come to

a

14.150

deliveries; tin quotations

liquidate

to steady: the

52.000

St. Louis zinc, 8.2500 and
silver,

exempt"*'

House Group to

was

Spanish and Italian producers
have not been pressing metal on

52.000'

16.042

.

'Mi

ernment in

14.150

figures

"short

"other, sales."-

morale

Aug. 12

,

marked

is

un¬

month, unless prices show
improvement, in the near
Production in July was
estimated at 1,600. flasks.

Aug. 13„——

14.150

^1,660

;

^,5,,«

tSales to offset customers' odd-lot
orders

a

16.050

,1-u

sales

some

14.150

16.125

(T?'

•

sales^.»

future.

52.000

Aug. 14——14.150

<>v537,886

$25,968,119

ported with "other sales/*

in this country may drop to 1,000
flasks

Straits Tin,
New York

;

j

:

Round-Lot Purchases by Dealers—
Number of shares,

moderate last

16.050

—

5,520

''532,366

Quicksilver
Deqiand

15.925

Aug. 10—

;

s

14.150

to

sales

sales

tOther

52.000

52.000

total

value

Short

Effective March

tion."
went

Customers'

52.000

52.000

14.150

*

Average

-

offerings

-Electrolytic Copper—
Dom, Refy.
Exp. Refy.

these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exehange volume includes only sales, i
i
,
'
>.
JRound-lot short sales which are exempted from restriction by the .Commission's
rules ara Included with pother sales/'
f
SSales marked "short exempt"1 are Included with "other sales."
v.

Metals Reserve, as
preceding week, refused to

143

19,272

;

sales

*Customers* other sales-,-,- *;

>

Dollar

52.600

Chinese, of 99% tin, was
changed; at 51.1250.

date

by producers.
The industry ex¬
pects the ceiling to move back

•The term "members" includes all regular and associate Exchange members,* their
firms and their partners, including special partners,

on

shipment."

87,390

Total purchases.
Total

Pending action by OPA in re¬
gard to correcting the price sit¬
uation in zinc; business
during
the last week was limited
almost

because of the dearth of

i-Uyjo

S Customers' other sales,,,,——

sales

Round-Lot Sales by Dealer*Number of Shares: ^

an

Sales of Jead for the last week
totaled 1,857 tons, v :

in the

19,129

.

;

52.000

52.000 ;
52.000

52,000

—^

:f

sales

Customers' total
Number of Shares:
Customers' short

week, but the price
and
Reconversion, on Aug. 6 situation was generally viewed as
Reasons stated by Mr. Crane for a
unchanged. Spot quotations cov¬
higher price are: (1) that suf¬ ered a
range of $98 to $100 per
ficient secondary lead may again
flask, depending on quantity. On
be available;
(2) to lessen the nearby metal, $97 was asked on
wide gap between the
ceiling round lots.
Advices from San
briCe, and tbe foreign market; (3) Francisco indicate that
production

of

293,205

in

C. Odd-Lot Transactions Tor Account of Specialists—
1'

Mobilization

entirely to sales at "price

10,785
282,420

Short/ sales—
tOther' /sales—,,—-——-—-.,-—.

Aug. 14

mvoa.

other

"■Customers'

of

52.000

Aug. 13

now

63,270

—/

Total sales—,—

.

War

Zinc

46,115
1,900

Total: purchases^—Short Bales,,.
——

metal

52.000

:

*

sales

unchanged

52.000

Aug. 12

formal request; for price relief
to John vR. Steelman, director of

3. Other transactions initiated off the floor—
•/

Dealers-(Customers'sales)

52.000

52.000

'26,023
736,903

$34,642)298

;

Govern*

52.000

52.000
——

Per Week

shares-,

value,__,__,_„._

and sales to

9%0 price.

200

were

Forward

9

Aug. 10

of

Total

' '

orders—

Pjid-Lot Purchases by

lead.

on

trates and scrap purchased at the

Other transactions initiated on the floor—

.

tons,
same

'recog¬

Bolivian

—52.000

8

Aug.

tial

.

Short sales—-

tOther

week.

Aug.

to lessen use of lead in non-essen-

B. Round-Lot Transactions for Account of Members:
'V
1. Transactions of specialists in stocks in which

States

new

of

Number
Dollar

Straits quality was nominally as
follows;
August
Sept.
Oct

In moving the
ceiling price of
lead in the domestic market back
to the 8^0 New York

the

York Curb Exchange and Stock

the New

United

a

1,108,250

sales

Number

Number of Orders:
Customers' short

Quotations here
last

Clinton H. Crane, President of
St. Joseph Lead
Co., addressed

sales

Odd-Lot Sales by Dealers—
(Customers' purchases).

ment, it was announced "Aug. 12.
An agreement on tetm.^for ob¬
taining Bolivian concentrates is
expected shortly.

and

954,330

Short Bales.—
tOther

STOCK EXCHANGE

period last year.
The

51

THE*ODD-

FOR

Week Ended Aug. 3, 1946

shipments in the first half

nized the

'r r

TRANSACTIONS

ACCOUNT OF ODD-LOT DEALERS
AND
SPECIALISTS
ON
THE
N.'
Y. *"

by Patino.

came
to
17,653
against 21,476 tons in the

wage pattern.

884,700
153,920

purchases.

moved

was

1946

of

position

4. Total—

tons

aeddunt

LOT

was

572

available supply has been re¬
duced.
There wCire no signs that
OPA is ready to alter its

198,43b

purchasesShort Bales——

STOCK

3,853 tons, against 3,548
ons in July last year/
1
</
Shipments of tin concentrates
from Bolivia in June contained
2,483 metric tons of tin, of which

settled, production of both

crude

odd-lot

cialists.

horn smelter in Texas City during

Metals

for

reports filed with the Commission
9y the odd-lot dealers and spe¬

OPA expires June 30, 1947/ tt
Production of tin at the Long-

in

July amounted to 96,826 tons, of
which

A'ttg.
end--

special¬
ists who handled odd lots oh the
New York Stock
Exchange;' Con-'/
;inuing a series of current figures
being published by the Commis¬
sion.
The figures are based
upon

step, because, under the law,

ary

excellent.
copper

Exchange'

of all odd-lot dealers and

American Metal Market. This ac¬
tion was viewed asra precaution¬

changed, with shortages in vari¬
ous shapes continuing,;
Demand

basis, the

Total

tOther

10.93

673,000

transactions

"

Deliveries of refined

Trading

and

Aug. 3, of complete figures
showing the daily volume of stock

New contracts of the Tin, Sales
foreign business was Corporation provide that- the set¬
throughout the week at tlement basis shall be the 'OPA
prices ranging from 160 to 16V40, ceiling price on date of; shipihent,
a.s. New York basis.
or, in the absence of pried- con¬
the price quoted in - the
The domestic situation was un¬ trol,

was

Securities

Commission made public on
"4, a summary for the week

lowever,

(Canada,
Peru) for delivery

557,780

—

The

booked

sources

115,220

Short

-

j

some¬

ed

The Metals Reserve purchased
22,500 tons of lead from foreign

611,220

NYSE Odd-Lot

Con¬

that

hold¬

■

1. Transactions of specialists in stocks In which

i

days.

strongly

the flow of metal before that time.

Lead
v;;

feel

ing out for 16^4<? f.a.s. New York,
with actual business at that level,

the

Dealers and Specialists:

|

were

next' 30

thing will have to be done to start

5,871,260

sales

Total

sellers

several

9y20, East St. Louis;

the

sumers

sition to ship copper on the basis
of 14%0 until they
complied with

.188,440-

Short sales

and

least

within

Douaq;§uoj;s, Jaddoo, ugpjoj jo.}
appreciably, beginning with Aug.

strikes

chares was 16.28% of the total trading of 1,393,115 shares.

to ^at

last

> the- same
The New York equivalent

terms.

all

a

Cfpr

copper

delivery fon

1Q73

until his discharge early
Since

been in charge
at

this year,.

February, Mr. Johnson has
of fiscal activities

Treasury's Procurement Divi¬

-

sion."

mmniWtoiMiMi ill

...M-rtMK&W

||»

MniM>iiilHwinl»mw^*ili urilh-

ywvtii'K,

THE COMMERCIAL .& FINANCIAL CHRONICLE

J9^6

A"!'11.-1

Daily Average Crude Oil Production for Week >
Ended Aug^j 10,M946 Decreased 59,950 Bbls.
eiThe American, Petroleum! Institute estimates- /that ,the* daily av¬
gross crude oil production for the week ended Aug. 10, 1946,
a decrease of 59,950 barrels per day from the
preceding .week v apch 11.2,600 ibarrels- per ,day,Je$S >than; f or: the ^cor¬
responding .week pf 1945. The. current figure,^howeyerf. was ^47,450
barrels in excess of the ;d&ily. average figure of 4,774>0Q0 barrels esf
timated by the United States Bureau of Mines as the requirement for
the month of August, 4946. Daily, output for the iour, wee}?$ eMe4

erage

Iwaa 4,821,460 parrels,

^Aug.

10, 1946,: ayeroged 4,891,500 barrels. The, Institute further ret
ports as-, follows:
;
,

Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a> Bureau of Mines basis approxi¬
mately 4,806,000 barrels of crude oil daily.and produced 14,696,000
barrels oi gasoline; 1,919,000 barrels of kerosene; .5,735,000 barrels of
distillate fuel, and 8,201,000 barrels of residual fuel oil during the
week ended Aug. 40, 1946; and had Jn storage at the end of .the
-

week;: 87,016,000 barrels of finished and unfinished gasoline; 16,507,000 barrels of kerps.ene; 48,030,000 barrels of distillate fuel, and

residual fuel pil.

51,613,000 barrels of

AVERAGE CRUDE

DAILY

OIL PRODUCTION

M.

*

Allow¬

Week

from

ables

Requirements
August
Florida

Begin.

Aug. 10,

Aug. 1

1946

48,000

ZZ*r~

Ohio——Other

1,050

.

c+i +

•

5,450

2,400

18,400
309,700
31,200
46,650

50,100

31,050

+

100

49,150

+

3,450

450

"+750

270,000

t260,950

3,150

t382,500

1,400

..

850

800:

'

——

District- II

43,050

m/if:

r\~

i

-

•

3

cumulative total for the corresponding period of 1945 whereas state
and municipal construction, $883,679,000, to date, is 347% above 1945.
Federal construction, $503,940,000*
dropped 21% below the 33-week
total of 1945.

307,100

32,650

32,200

27,900

t 27,950

543,900

132,700

Membership

and

U.

S.

Private Construction
Public Construction
State

&

i'l 'Si-'.

'

Louisiana.

2,119,700

;

Municipal

Federal

In the classified construction: groups,

bridges, highways,^public

buildings and commercial buildings gained this week

oyer

the pre¬

Three of the nine classes recorded gains this week over

1945 week as follows:

bridges, highways and commercial build¬

if'.

%x

C

,+

50

+

2,500

+

83,600

\

/

2,550

-.

380,000

427,000

337,400

78,000

78,766

period of 1946 totals $2,472,395,000, 62% more
208,000 reported for the corresponding period of 1945.

60,000

Alabama ;ii

83,400
301,€00

>

2,223,300

Electric Output for

295,700

365,100

385,000

Ended Aug. 17,1946

12.3| Ahead of Thai for Same Weeklast Year

69,400

,

The Edison Electric Institute^ in its current weekly report, esti*
that the production .of. electricity by the electric light and

mated

79,900

5,850

1,100

99,000

106,000

100

950

102,450

100,050
450

""50

400

110,000

111,450

1,900

117,200

24,000

24,650

1,000

20,400

: 30,000

Wyoming'.-.-..^

38,500

2,300

.

876,800

2,300

Total-United States-

yeartago, and 4,411,717,000 kwh. in ihe week

a

ended Aug. 10 1946.

The output; for the week ended Aug, 17, 1948,

4,774,000

-59,950

exceeded that ef the ^ame week in 1945 by 12.3%.
FERGENTAGE INCREASE OVER SAME

^Pennsylvania

4,934,050

Grade

(included,

above)-.—,

L 63,400

—

.

62,250

jSOO

,

62,100

'-•-'fTbese are Bureau of Mtoe^caiculatlons 61 the requjlrements of domestic crude oil
(after-deductions of condensate and natural gas derivatives) based upon certain
:

•

premises
luuy be

outlined

in

its

detailed

from crude oil Inventories
to

forecast

supplied either from stocks

determine

the

must

amount

of

for

from

or

be deducted

crude

new

the

new

be

August.

,

requirements

As

production, contemplated withdrawals

from

to

of

month

Major Geographical DivisionsEugland-

Central

Pacific

In

requirements
areas the weekly

some

fThis is the net
several

shutdowns
fields

basic
and

which

allowable

as

exemptions

were

for

.of 4.ug. 1 calculated oh a
th© entire month.
'With

exempted

31r^ey/.hqsis,>ftnd
the

of
which

exception

entirely and of certain other fields for
shutdowns yrere ordered for from 5 to
10: days, ..the^ entire Etate was ordered 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,

month,,. 4

.

total equivalent to

a

5

days' .shutdown time during the calendar

-

.

♦2.0

♦1.0
67

ii7.9

—

;

-

7.3

—

§Recommen.dation of Conservation Committee .of California ,Oil -Producers.

♦2.8

Total

PRODUCTION OF GASOLINE; STOCKS OF FINISHED
.GASOLINE, KEROSINE, GAS OIL. AND DISTILLATE FUEL

AND UNFINISHED

RESIDUAL

FUEL'OIL,

(Figures in thousands

of

WEEK ENDED
barrels of

42

AUG.

10,

1946

United

States.

-Bureau

of Mines

% .Daily

Crude Runs

Refin'g

East

Coast

Report'g

;

—

■

,

—

—

DistrtctNo;^-

:

Texas

:

Blended

Stocks

sine

Oil

15,478

2,195

>261

(.908

76

2,598

22,326

62
-

'

100.0

770

:

88.5

382

97.3

;• 348

,108.4

55.9

Aug. 10——
Aug. 17_-

■

'

f 4,411,717
—4,422,242

1,441,532

a

.1,440,541

,1,702.501

1.456,961

1,723,428

v

1,341,730
1,41b,704

1,592,075

<

ee

with

aw;

19.0

i;70.9
85.5

-

k

109

>

150

2,716

7.065

7,696

1,196

3,056

2,632

422

508

3,422

,

.13,484

: 1,104
440 ;

2,102

4,002

1,396

v

1,406

*

1,433,903

1,711,625
1,727,225

1,440,386

1,732,031

1,426.986

1,724.728

:

1,415,122

>1,729,667

1,431,910
1,436,440

1,733.110

'

1,464,700

1,761.594

1,423,977

.1,67^588

-

—'1.8

'4,399,433

s

4,415,368

0.4

+ 12.3

4,451,076

1,750,056

■

.

x

4,116,049

>.

—

4,418,298

4,137,313

—

n

'

MH—TI'I'IMI

mi

■i.m

4,414,735

1.

32.3

12

,120

,80.1-

37

72-7,

*88

.400
-

2,282

2C

€5.8

give;bejowr

-i;

457

-

>

701

10,277

26,245

>86,5

4,806

Total U, S.B.t)f;m.
-'
basis. Aug. 3. 1946— ^ 85.8.4^49 v87^;

f 87,016

14,696

16,507

New

•

?

.1186,741

.'15,905

>:

45,670

15,798

•

^86,414

^

11,180

:

36,969

..

July
-19^5

vr'x

3,483

61,6.13

v

——

■

60,138

5,618; w
3,206

Atlanta-,-.

3.216: >;

: 43,360

•Includes

unfinished gasoline stocks of 8,518,000 barrels.
^Includes unfinished
gasoline. jstooks^pf 10,988,000, barrels.
fStocjcs^at refineries,, at bulk .terminals, in
transit sand in pipe lines,
lln addition, there were produced during the week ended
rbAdg.,10r ;1946, a tptalnf 1-,919,000-barrjpls Df. keroslne,- 6,735,000 barrels of gas oil and
fuel oil apd 8.201,0P0
barrels of .residual fuel oil, as against 1,899,000. barrels,
,r, 5.656,000
barrels and 8,270,000
barrels, - respectively, in the preoeding vweek and
*1,589,000^ barrels, ,-4,947,000, barrels and! 8,416*000- |«rrel6, .respectively, »ln tbe iweek
ended Aug.-li, 1945.
ton- new basis in in la ifd Texas,:

Kansas

—wf,—--

„

5

2,849

V

9,266

'.10,776

5:;

Z

/

11,475

\ 16,058
-8JO20

•

.•66,182

7,424 ^ ; "••7,04c
4,997
,4,60?

'

2,661- •O:,:i; 8,717 '
.2,191;

*

8,265 ' : "7

"8,934

-

•

36,318

2,118
1,420.

3 3,230 .' -

City

Dallas

'

«

'

1945
J 1.986
117,-371

.

% 2,478"

1,706

Sun Francisco

;

yi,"607 ;>>

„

■

.

',2,583

Louis

•'Si

r

116,000,>
3,363 *
11,793 '
a 4,836 ,,
;^. t, 4 5,9 2 7
..2.725
9,486

.

+2,538

St.

--

July'

July
,51946

-

,36,102 '•

*-4,027 '.v

Philadelphia
Cleveland*—-

Chicago

14.837

—3 'Months Ended—

r

40,287

York

Minneapolis

> 5,036

.•: >

Richmond

i48,0?0

u. 8. B. of m. basis

'Aug. 11,1945--—-,-r—

■

1946

,-3,89i:

Boston
.783

ton, Pa., Chairman.
In addition to the national

mittees • Uiere

com¬

six«Executive
Council committees. They, are;*
Budget Committee, Educational
are

Committee, Program Com¬
mittee, and Transportation Com¬

mittee.

Ssvings'Baiiklfoposifs
Up for50fh Month

8.216

-

8,134

.6,990

net

gain in savings

deposits

$62,340,070»for ? July was re- H
ported oh Aug. 14 by the
New
York-State Mutual-Sayings Banks.
This represents the 50th consecu¬
tive month in which savings banks
have experienced la net

gain in.

savings, bringing total deposits to

$8J billion, >ecqprding.,tq.fbf an¬
nouncement issued by the Savings
Banks Asspciation ;pf Neyv York
State.

The. gain in the .number?of new
Rdpounts^ the ^ announcement also
said, totaling 24,686, exceeds the '
23,129: gain in July a year agp.
This; brings j the tota^ open ^ac¬
counts to a new high ox 6,865,879.
Tfte radvices from the Associatidn
.

lar

deposits:

$62 million in" dol-\
exclusive of the

was

semiannual dividend of approxi¬
mately: $53 naillion credited in in¬
terest, to depositors:
The interest
for the first six months of; 1946

summary by federal reserve .districts

162

42

,175

1,431
.14,459,
:

issued

Aug* l^rits ^usuaL mqntWy ,j5uhimary of ^'bank debits" which we

on

Fed^r^Uosetve Di^trictr-;

-796

Bank

The gain of

ihe Federal Reserve ?Sy«tiem

1,669

;:V'

1946—

The: poard of Governors.

5,474

461

the Women's Committee
with Alice I. Jones, Third National
& Trust Company, Scran-

men; and

further said:

Bank Debits for Month of July

>>

^>610

,7,314
2,826

262

.1,707

(4,696
-

San Francisco, Calif,; Public
Speaking Committee with Roland
Jratton, The Fori; Worth National
Bank, Fort Worth, Tex.* as Chair¬
pany,

;

,

'

4.390.762

•f

1,704,426

1,705,460

1,435,471

4,377,152

1.9

3,939.165

1,698.942

.

0

4,380,930

—

1929
.

.1,615,085
1,689,925
1,699,227

3,940,854

.

1932

1,435,731
1,425,151

4,325,417

2.1

—

4,395,337

—

Aug^ 31^--.-.

255

16,086

'

•59

437

947

70.6

1,193

365

1,370

>

,81.4

f89.2

•

Total U. S. B. of m.

"

4,432,304

9,908

300

233

District No.c 3

District-No. 4—
California

ward
Berryman of the Marine
Trust Company in
Buffalo, N. Y.t
is Chairman;

of

C 1,361.452

4,327,359

—

4,384,547
-4,434.841

oil:

7,076

>67.8

78.3

No. La. & Arkansas—

10,

V,

Fuel

1,835

Rooky Mountain—

ijasls .Aug.

ji

Resid.

Fuel

,87.5

69.8

Louisiana Gulf Coast-

:*

of

& Dist.

97

■

84.7

,;87.4
<

Texas Gulf Coast----

:

Gas Oil

Kero-

•!.9

-

1,436,928
v

4,287,251

—

4,293,280
4,352,489

;

-

Aug..24

IStocks

"Unfin.

734

76.3

fnd., 111., Ky
Okia., Kan.,.Mo.___-_

.

•1.8

'

4,233,756
4,238,375
4,245,678
4,291,750
4,144,490
4,264,600

—

—

basis

of

:

■

:>&.

...

District No. 1

Inland

and

atRef.

?•

% Change

.

IStks. of tStks.

Inc, Nat. Gasoline

crated

Av.

99.5
•

Product'n

Daily % -Gp-

-

Appalachian-—

'

"

toStiUs

Capac.

:}:/■

8.5

*4.5

-

(Thousands of EUlowatt-Botofs)

under 1945
Weekended— w
; 1946
»
8.8
May
4——,^
4,011,670
4,397,330
9.1
4,302,381
May 11-...,
3,910,760
—10.0
May 18—,3,939,281
4,377.221
May 25——3,941,865 >4,329,605
90
—11.0
;une 1—' 3,741,256
4,203,502
June 8-.
9.4
3,920,444
> 4,327,028
June 15
7.3
4,030,058
4,348,4i:
5.3
Juna 22---^.^^— ; >4,129,163 $ 4,358,27';
June 29^4^^rA;'. >4,132,680
5.1
4,353,351
6.0
July ' 6———— \
3,741,006
3,978,426
3.2
July,13——4,156,386
4,295,254

Aug> "3—4,351,011

gallons each)

§Gasoline fFinish'd

-) ' - District—"

Newark^

J.; Membership and Enroll¬
ment Committee of which C. Ed¬

A

July 27———

, in
this .-section include; reported totals plus an
ettimatq of unreported amounts and are. therefore.Ob 8

v'

Savings .Institute,

N.

2.6
•1.7

-•

6.2.
♦3.6

0.4

12.3

DATA FOR RECENT WEEEB

July 20

Figures

.

ard

•Decrease.

—

CRUDErRUNS TO STILLS;
AND

Louis; the
Committee,

lieaded by John H.
Duerk, How¬

.J4.6

.

♦2.3
.

W;

v0.4

-

2 8

C

9.9

—

.•

3.4

♦3.6
^

0.3

15.4

—

'

.

0.3

July 27

„

5.3

*

tOklahoma,, Kansas, Nebraska figures jare for week ended 7-00 a.m., Aug. 7, 1946.

Includes

Committee^

tion

Aug. 3

4.4

15.6

—

States—

Coast

Aug. 10

25.9

11.7

Industrial

Rocky Mountain—*——J—__

estimates do. however, include small but indeterminate amounts of condensate which is
mixed with cru.de oil in the field.
>,

:

Advisory Committee, Nominating
Committee, Chapter Administra¬

YEAR

13.8

'

West.-Central-—_i_;
Southern

r

LAST

Week Ended
i

Aug. 37

New

the Bureau's estimated

produced.

WEEK

'rv
4,891,500

Middle Atlantic
*

the Member¬

a

eral Reserve Bank of St.
"orum and Seminar

With 3,939,195,000 kwlb hr the

compares

943,500

§847,400

; 850,000

'

r

corresponding Week

11,400

Montana:
„

4,422^42,000 kwh., which

was

52,850

68,650

2,200

New Mexico—So. East
ist)
New Mexico—Other

-

separate

Committee, lead by D. C. Arma-

power industry of the United States for the week ended Aug. 17,1946,

,v

two

nino of the American Trust Com¬

73,700

.

Mississippi

California,

■

Publicity CommitKathryn C. O'Connor of
Putnam & Co., Hartford, Conn.,
than the $1,523,- as
Chairman;' - Public Relations

week

2,192,750

—76,650

,303,800

-

Colorado

-

.

separate Publicity CommitAug. 15,1946 Aug. 8,1946 Aug. 16,1945
$129,096,000
$119,633,000
$49,135,000 tee has been formed.
The cornmittees and their chairmen are
,101,189,000
68,815,000
23,184 000
as follows:
.27,907,000
50,818,000
25,951,000'
24,817,000
The Debate
43,727,000
6,808,000
Gommittece^ Headed
r
3,090,000
7,091,000
19,143,000 by E. Francis De Vos
the Fed-*

Construction

85,050

,

North Louisiana-^,;

,

into

Civil engineering construction volume for the current week,last mittee now becomes
1945 week are:
ship..arid Enroll

Total

.

also,
the
former
- and
ftyblicity. Com¬

week and the

130,350

84,800

■,
.

2,120,000 *2,164,526

Arkansas

divided

year

$10,153,000, in corporate securities, and $1,637,000 in federal appro¬
priations for departmental construction.
New capital for the 33-

490,600

vni

District IX—
District X
1..—„•

Coastal

...

•

District VII-B—,—

District

i_

-committees;

New Capital

315,650

105,600

J-

Public Speaking Committee is this

New capital ior construction purposes this week totals
$36,080,000
and is made up ,of $24,290,000 in state and municipal bond
sales,

43,800

317,000
VI

>■/:• District VH-C^•

i

r,

19,500

'226,800

is Assist--

I

.

the

503,350

Greenwood, who-

°

157,100

V

District

:

Mr,

ant
engineering construction' for the 33*week period of.1940 """ Manager of The Bank ux LUJ1;
»
""V|Jti
Ui, lO-iw
Ui J.UC UdllJti of Calirecords a cumulative total of
$3,533,221,000, which is 194% above the forma National Association
in
1
>
total for a like period of 1945.
On a cumulative basis, private con¬ Portland, disclosed that
two new
struction in 1946 totals, $2,145,602,000,. which is 480%. above- that
been ^ created
for committees have
1945.
Public construction,-$1,387,619,000* is 67 % greater than the this
year. The former Debate and

vious week.

224,250

...East Texas
•K- Other Dist.

.

,Total

268,250

155,100

: •'

District' IV

;

090,000, is 56% belo.W:; last, week \and .84%: below, the week /last year.

391,000

,

national committees nf

,

268,050

486,550

.

.

District

V

19,500

,

.

was

ings.

% District I-

.

>:

Texas-i-

•

seven

the American. Institute of. Bank¬
ing, > educational section / of the
American ^Bankers Association,

,

382,750

■

to; ;

announced on
July.il2 by
Private xohstructipn :this week,!:$40143D,000 is>47%nabove last .George 1
^A/Gi^ehwoodi j^.^newl3r
Publlc construction, $27,r elected; ^national President of the
907,000, is 45% below last, week and ^.8%/greater, than the week last Institute, -, according to a
report
year.
State and municipal -construction, $24,817,000, 43% below issued by the American
Bankers
last week, is 265% above the 1945 week.
Federal construction, $3,- Assn., which continued;

29,800

.

-50

387,220

•

Appoinlmenls f

iThe completion of, appointments

;

week and 336% above the week
last year..

13,200
198,450

17,750
210,750

United

ported by "Engineering News-Rcco^v^.This volume is 8% above-the
previous week, 163%.ataove;the corresponding week of last
year and
4% above the previous four-week moving
averages The report is¬
sued .on- Aug. 45, went on;to.
say:

2,650

500

19,000

.

200

9,350

..V 5,200

'215,000

■

>

.

7,150

Kentucky31,000
Michigan 1_
47,000
.Nebraska;;
—rrr
;
80Q
Kansas' r
Z
r—", 260,000
Okl§hojnu —-l—-,.-,.
384,000

.Indiana
Illinois

200

•

■i

100

5,700
2,550

—-J;

47,300

,49,900

A,I, B.

continental

ending Aug. 15, 1946, as re¬

,

400

8,000
i

.1945

2,^50
50

ir»?+

;i 150

-—^

Virginia—8.400
•♦Ohio—Southwest— |
7,600

Aug, 11,

1946

in

.

Ended'

Aug. 10,

Week

.

GreenwoodAnnounces

$1291196,000 for Week
CiviL engineering construction volume
States totals.,$129,096,000 fori.-the, week

.Week

Ended

r

/Previous

49,700

•♦•West

,

14 Weeks.

Change

Ended

»:

Calculated

•♦New York-Penna.__

IN BARRELS)

(FIGURES

Actual Production

State

JCiiilEitgiiiMrmg ConslraelionTolals

.

24,528.

-

-*7.0O8

22J306

-

equivalent to an average rate
of $8 per depositor.' The number
of transactions in money handled
was

and in accounts opened ahd closed
were of record-breaking 'propor¬

tions, second only to January this
year which were the highest ever
recorded
of

in -well

mutual

ence.

v

f

withdrawals
r

;over

a

-

century

banks' exist¬
pf deposits ; to

savings

The'* ratio
was

1.24.

."

.' 1 -"

Sale of United States bonds and

,

.

-




,

~—"r~~r

61,416
37.357

;1To,tel, 334 centers.
,0 "*New York'City—
«+140 pther .center*.
,r»193

other centers—

.15.064
<

.

•Included in the national eeriea eowtof

0*005

;V9,163
v

33,690

*208,992

••v

?58.9U

,107.4141

V/10JL093

130,707.-

r ^6^645

25,871,;

-.13,273

^8,36
>-7,287

-

•

Lfl^nt^AyffiablO hlfoiWU»f lnl9A9

stamps -for .July;

were

$16,154,131,

exceeding;'the > sales) pf^JuhefJpy
68% : Jtedfiinpiion& 4n : July totaled
$1^027^84 Which -is. a 'decrease bf
44%' over; redemptions in;June;:;:

%•*•

THE COMMERCIAL '& FINANCIAL CHRONICLE

'Number' 4518

Volume 164

1075
4:
Total Loads

Revenue

Freight Gar Loadings During Week

Railroads

Total
Revenue Freight Loaded

■eathemD^

Ended

Aug. 10,1946 Increased Only 689 Gars

'"

Leading of4 revenue freight for; the > week> ended €Aug. 10, 1946
totaled 899^084 cars the Association of American Railroads announced
on Aug. 15.
This was an Increase; above the corresponding week of
1945 of 29,082- cars,-or 3.3 %, and an increase above the same week
lir 1944 of 2;903 cars or 0:4%. •
>

Loading of revenue freight for the week of Aug. 10 increased'689
one-tenth of 1%- above the preceding week.

V

cars or

totaled 382,450 cars, a decrease of
below' the preceding week, but an increase Of 318 cars
corresponding week in 1945.

4'Miscellaneous freight loading

1,402

cars
above the

1 Loading of merchandise less than carload lot freight totaled 123,638 cars, an increase of 175 cars
increase of 16,806' cars, above the

above the preceding week, and an
corresponding week in 1945.

41946

week and an increase of 16,274 cars above the
corresponding week in 1945.

of
week and a decrease of 9,632 cars
below the -corresponding week in 1945.
In the 'Western Districts
alone, grain and grain products loading for the week of Aug. 10
totaled 37,410 cars, a- decrease of 337 cars below the preceding w6ek
and a decrease of 4,387 cars below the corresponding week in-1945. >
y'Grain arid grain products loading totaled 53,862 cars, a decrease

551

369

358

Atl. St W. P.—W. R. R.;of Ala—*™

863

793
t

801

2,434
't

ilt

11,706
3,758

.10,167

"8,560

410,153

3?806

.4,223

463

1,406

1,348

1,760

505
1,740

1,895

3,282

£2,513

351

246

196

348

% 75
-839

98

117

799

783

861

1,479

114

59

56

107

goading amounted to 16,209 cars, a decrease of 644 cars
below the preceding week but an increase of 1,283 cars above the
corresponding week in 1945.. In the Western Districts alone loading
of livestock for the Week of Aug. 10 totaled 12,199 cars, a decrease s!
631 cars below the preceding - week, but an increase of 1,019 cars
ibave the\corresponding week in 1945.
products loading totaled 49,657 cars, an increase of 845 cars
above the precedingvweek and An increa$e of • 3^299 cars" aboye the
corresponding'week in 1945.
VV
^Forest

;

Ote loading amounted to 73,575 cars, an increase of 2,545 cars
above the' preceding week and an increase of 730 cars abOve the
corresponding week in-1945. " /
.
. v
;
i

]

t:

amounted to 14,032 cars,i an IncreaseftOf ?5614;carsi
preceding Week,* Arid an increase of 4 cars above the cor¬

Coke -loading

above the

Atlantic Coast Line.*

t

13.176

—

Central of Qeorgia

Cllnebfield
Columbus & Greenville
Durham St Southern.—

Florida East Coast

—

Gainesville Midland

Georgia™.

4,366,518

3,158,700
3,154,116
•3,916,037
3,275.846
t 3,441,616
4,338,886

3,406,874

3,379,284

3,459,830

.898,395
899,084

670,002

2,883,620
2,866,710

3,003,655
4,022,088

2,604,552

weeks >of March—-*™

3,377,335
3,456,465

4! weeks, of;April™™™™>.

3,052,487

2,616,067
4,062,911

of-May¬
of June—.

"♦/•weeks -of July.:

.

.Week of Aug. 3—.
s—
of Aug. 10—.

Week

r

Total /.

889,594

863,910
<

895,181

26,391,742 */,26,$29,8p6

24,220,442

i

-The following table is a summary

Mississippi Central
Mashvllle, Chattanooga

15,011

16,898

9,819

11,708

687

723

book

478

lection 'includes

25,002

28,625
26,204

256

232

185

-0
3,640

!

<fe"st.

L..

.///:

;

gains over the week ended
■ r-•/'

-

V Total Loads
Received from

Ttotal

Connections

Freight Loaded

Revenue

•

11328

Aroostook
.Boston St Maine
T._.
-Chicago, Indianapolis & Louisville
j

2,282

7,807

232

1,757
'

347

13.209.
4,902

;

4,160

"

'

Lehigh & Hudson River—_
/Lehigh & New England.—
.Lehigh Valley.

Bew York

10,500

10,368

7,318

;

5,289

291

'

■

^3,351

13,734
1,537.

14.46a

;/ 379
7,554

i

-9,290
•31

44

920

"371

"•2,179
itfiOOa

.114

.366.

•

15,906

':7i071

5,375

v

•

8,283

'

2,253'

1,446
,348 *

1,253

479

Southern System
Tennessee Central.

27.126-

>5,817

6,578

11,567-

: 6,455

6,162
;

4,656

'

i63,888

650

713

729

1,165
7,992

616

704

757

949

127

151

134

1,035

41,161

127,895

118,985

121,370

104,425

109,125

21,208

20,451

'20,138

15,227

15,299

•23,676

25,363

Chicago Great Western
Chicago, Milw., St. P. St Pac.
Chicago, 8t. Paul, Minn. St Omaha
Duluth, Mlssabe St Iron Range™
Duluth, South Shore St Atlantic

2.550

2.457

2,829

23,458

22,953

22,507

,3,376

,

4,333

3,803
26,285

<3,582
27,411

4,295

26,254
1,073

964

985

671

Elgin, Jollet St Eastern.....™..

8.529

£ 8,439

Ft. Dodge, Des Moines St South.
Great Northern

8,901

8,683

504

410

22,499

22,557

Green Bay St Western
Lake Superior St

2,128

Minneapolis St St. Louis..

2,389

518

Ishpemlng™..,

26,565

7;855

393

ii

526

949

•

Northern Pacific

7,577

7,539

6,971

11,921

thumbed

"56

2,683

I

Milt**!'

V

3,437

11,564

5,075

7,058

179

322

161

2,438

2,652

2,840

; 488
*'2,641

•3,136

138,332

135,289

139,812

? 67i560

-72,253

>27,608

27,116

28,941

12,052

*3,098

tional ^ History )6f-Ehglaiid^'^^Included also are several ^volumes

651

containing thousands of signa¬
tures, presented in honor to him

47,333

48,300

321

2,502
.:

? 1,1)82

6.435

6,905
1,720

10.79Q
:4,410

24,361

j

1,652

;

160,693

•

\

Long Island—.^—,1
Penn-Reading Seashore Lines

n;,,*.'

£

•

/;205,726

206,88]

;—

—

Union

-r /-r;.,

/ i^r! ■■ n-n ,i,;:

:

,

3,630
v^30

11,627

13,068

3,031

3.115

719

870

14,084

13,161

13,728

13,294

13,518

—

2,914

3,345
1,734

! 2.179

5,247

7,830

"

/

'i

,

;■

172

1,851

1,267

1,354

1,338
.1.462

1,064

1,052

1.116

25

J12

0

O

33,945

34,372

10,177

0
15,171

<374

268

/0

2,067

18,256

18,289

17,649

20,755

644

493

,6

3

<1,877

2,381

2,283

3,491

5,442

130,776

1'38,Q89

142,524

88;028

>109,884

•

...

Peoria * Pekin Union

Southern Pacific (Pacific)™.

34,154

Toledo, Peoria & Western

:0

-

Utah

..

j5

778.

—rk,

.

-

-

Burlington-Rock Island

1232
—




1,375
3,351
2,784

Litchfield & Madisbn
Missouri St

'

-

Arkansas__*_„_-*_*„_>™

?

-94
.

14,737

4,109.

.

190,393

•

4,089

,

196,740

28.939

5,562
4,100

'

159,898

14,201

-22.491

7,240

4,517

14,617

a,412

2,210

157

318

450

6,138

18,741

100

91

2.897

23.716

Poland

•

"C"

%ontier:p:

^ peace

settlement

Department added: " • "*
"Mail accepted for-those

places

>

4,240
'

3,798

•

14,265

18,356

198

235

10,177

7,956

8,840

3,484
9,477

3,278

>4,883

-3,984

12,039

5,463

6,002

5,429

6,472

17.521

66

»44

5,143
97,

87

31

25

65.303

69,761

>

47

-

74,899

.

'

15

•46

65.59i

-58.106

,

.

and

addresses

the

.... -,,.

1

•

•

•

•'

•'

:

'

.......

.-,Vv-AV

as

country Of destination ."The terri¬
tory concerned is defined as fol¬
lows:

'(1)

Portions

of- Pomerariia,
Brandenburg,' arid Silesia Ideated
to the east of
! the

of

a line starting, from
iBaltie'Sea) immediately i west

Swinemunde, " followingthe

Oder River southward to
fluence with the Neisse
thefice

1;.k/,'Tw-*-LV:--v--'-*:

■■■'

1

Weekly Statistics of Paperboard Industry

itsf,con¬

Rivfrf and

following the" Neisse'River

southward

to

the

Czechoslovak

frontier.

^

'(2) The portion of East-Prus¬

sia located to the south

'■'*V;--

:

Poland,

thereof should include-'Poland'

.

year's figures revised.

•''*

western

by the

The advices from the Post Office

"

10,770

2,735

_

p^R jline

passing north of but close to
Braunsberg, south of Preussisch
Eylau, north of Gerdauen, north
of Anger app, and south of * Ebenrode.'"

•We give herewith latest figures received
by us from
Paperboard Association, Chicago, 111., in relation to

»the"Natioii^
activity ^ in th^ Lumber 'Movement—Week
wt' ft
Ended August 10,1946
83% of-the total

paperboard industry.
t
The members of this Association
represent
industry, and its program includes a statement-each week from each
member of the orders and

production, and also

cates the activity of the mill based

figures

are advanced to

equal 100%,

on

so

a

figdre'wbich

the time

iiidi-|

These

operated.

that they represent the total

industry.
it

REPORTS—ORDERS,- PRODUCTION, MILL
Received

4

...

Tons

174,501

?»'—
25

186,073

130,211
157,746

July
July

180,587

127,832
149,547

ifelZ-IZ:

? 149,865

3——..—I

Aug.

"

166,050

$

10

r Notes—Unfilled

necessarily

r 215.730

>156,766

;

Percent of Activity
* Current Cumulative
96

07

96

595,427

*02U

*565,225

93

96

567,068
591,496

85

96

,

98

^ 97
98

96

'596,425

f 599,527
588,429
.575,590

.

167,192
.

...

.

week

mills amounted to167 % > of stocks.
For reporting softwood riiills,= un¬
filled-orders are equivalent to 25

•days' production at the current
rate, and gross - stocks are ..equiva¬
lent to 36 days' prbdtlction;'

*98

»96
^30

For the year-to-date,

;

_

)

93
'95

.

new-Orders of these mills
16.9% below production: Un¬

filled order files of the reporting

of

95

>95

<

94,.
>95...'

UXU,tJ3
610,459

'

National Lhmber
% be¬
low production for the Week 'end¬
ing Aug. 10, 1946.
In the ''same

96,

'70

*87

.

* 620,354

•163*,034- !

porting to the

Trade Barometer=were

96

558,129

141,476
158,210
161,405

[

96

.

567,087

560,916

118,542

}

) 96

96

lumber shipments of 416 rhill^ re-

were

101

139,693
160,607
161,240
163,148
166,841

According to the National Lum¬
• Manufacturers
^Association,

ber

.

605,288
591,206

orders of the prior
<week,- plus orders

equal the

/

/

162,563
152,203

142,001

g—r—I—

Tons

/

165.911

131,133

—;

^Remaining

Tons

229.120

—™..

AC'I'fVl'i'V
ACTIVITY

Unfilled Orders

Production

155,747
159,370

not

23,588

/»1,288

18,136

*

—•

•7.305

-4.888

=

2,348

1,510

•

75

tlhcluded in Atlantic Coast- Line RR.
f NOTE—Previous

pending definitive establish¬

ment bf^the

"

Aug.

58,143 <•''

rt 2,258

;,282

166

Wichita Falls & Southern
Weatherford St. W. & N. W——

July

20,141'-

53.597

1,779

252

4,445

—

June

14,936

3,395

1,648
3,042

16,301

:

Texas & New Orleans-

June

31,035

2,971

i;oio

v

8,784

St. Louis-Southwestern-———

June

156,258

ment

for
542

2,484

10.106

—

Texas & Pacific—

7,490

;

!

2,356

135

May

11,493

which have ? been placed undei
I; the control of the Polish Govern¬

,r

'2,259

5,993

St. Louis-San Francisco—*—

61,734

r •

1,117

929
•5,624

18.287

Missouri Pacific-—

::.23,575

•

.

98

950

•

'

301

:

^ 208

Missouri-Kansas-Texas Lines

TbtkL™™).*™..*-

include those addressed tc
places in the portions of Germany

may

,

4,074
3,171

387

Quanah Acme & Pacific

June

89,027

>675

1,2144
1,646

4,161
2,388
1,321

2.232

Kansas City Southern
Louisiana & Arkansas

1,994

.19,157

2,184

>561

2,599
•

1,512

1,948

"

370

4,143

3,

Gulf Coast Lines

1,963

17,717

65.859

85

1,389

1,016

Southwestern District—

1,864
14,467

.

>815

v

shall be subject to the rates and
conditions applicable to articles

^

;-9

25.9.43

>7,»—•V- !*■*¥*'£

.

16:934

.

_

1946-feWeek Ended

.70:

August I3! that 'regu¬
arid parcel-posl
packages for delivery4 in Poland

lar-mail Articles

21003

June

87,135

'"•35,028

'4,257

nounced on

4,398

Missouri-Illinois

.4,969

15,743.

•

•

820

2,147

9a,076

4,555

'

749

596

May

District—
.....

2,606

827

*3,693

*484

July

Chesapeake St Ohio..
-Norfolk * Western—

2,793

970

3,450
'

Period

11

195

•

128

Controlled Germany/ > j,-Postmaster'Aloeri-wolimanf/an¬

3,328
—.

1.213

2,146

*

61

Port Worth * Denver City.
Illinois Terminal

9

/;

Mail to Polish

•3,744

398

20,832

Denver * Salt Lake

2,651

1,829

194,234

Total—

3,787

355

21,945

;

20,495

.Orders

17,028

565

;

163

50

2.494"

■

7,034

18.332

Pennsylvania System™.**-*-.**-

(Pittsburgh).
Western Maryland

482

I 311

Pennsylvania,
—

6,421

4489

-

.5,566
1,644

6,661

(

3,887

226

—

North Western Pacific

D.

at the peace conference."

jui—

Nevada Northern

of Theodore

15,145

'

Santa Fe system—.

■■'**—'ill! iji'iii'liii

copies

Woolsey's "Political Science" and
Henry Hallam's "The * Constitu¬

Owatral Western District—

Atcn.,'Top."*

Pressi added:
textbooks ^ in /alge¬

bra, geometry > and > Greek, - well-

51

2,845
3,772

Spokane International™.*
Spokane, Portland St Seattle.
.

United

"There ^are

>930

2,328

-2,516

•

The

year.

•710,161

l,d22
.3,221

•

William

the late President edited'for two

5 84

12.695

Minn., St. Paul St 8. 8. M

*****

312

•-

In the col¬

Jennings Bryan and
copies of "The Princetonian," college magazine which

585

145

Weems'

bound

"8,566

;

v394

•

of

4,560

333}

Parson

ment, * politics, -history' arid litera¬
ture, a-collection of the speeches

11,003
"•

rare

lection, a United Press Washing¬
ton dispatch stated, are - books on
American >and English Govern¬

3,732

.

11,154

the-

collection, the Wilson > Col¬

sey and as President.

Nerthweeterh District-

Chicago St North Western

to
To be placed

near

George Washington"
and was gathered by Mr. Wilson
during his -years at Princeton Uni¬
versity, as Governor of New Jer¬

8,006
J

7,944

papers

"The Life of

1,570

24,852

Winston-Salem Southbound.

STATISTICAL

Ugonler Valley,

Virginian

the library in 1939.
in a special room

4,512
•

708

1,369

42,957

Cornwall

t

'

194

9,178
25,297

*

6,493

168,685

to Youngstown.
Ohio.
Bessemer & Lake Erie
Cambria & Indiana
Central R. R. of New Jersey,

^ Pteabontas

0

341

483

49,814

2,734

866

6,432

Baltimore &

'

415

-9,609

306i
oqf.

-

'

52,598
15,171

1,050

f 395

Akron, Canton

Beading Co.

I

'404

District-

^imberland &

'1,781
1,622
"7,046

10,077

12,843

3,222
31

3,029

1,605
'9,661

6,539

•183

1927

.

9,260

-439

1324

n'ii

1,493!
"2,423
15.95Q
^7^767

.1,250

•

7,663

1.249

.

-

— mi ■ I

;
i'

2,439
51.031

-

6,688
V-6,804)

Lake Erie™.

Allegheny

'

•6,638

<250

.

Wabaah—__™

Total

;

'

6,166

•

977 •)

1,016

Ontario & Western
Bew York, Chicago & St. Louis
B. Y., Susquehanna St WesternPittsburgh St Lake Erie
Pere Marquette—
' '
'
Pittsburgh & Shawmut™
Pittsburg, Shawmut
North
Pittsburgh & West Virginia
B«ttand^y*L^^.U.Ai\;: I.. • ;■ -IIr< r: i'i I v

2,385

2,570

.5,973

51,649

Central Lines—

160

-

8,782

.2,731
51,594

H. & Hartford

Wheeling &

;

3,851

807

••

,

1,641

2:601

Bew York,

..9,914

;

8,689

5,971
v

Montour——_

147

2,088

8,5.27

,

>2,974

'Monongahela—

239

fti-234,':

2-536

8;714

Maine Central.

3,710

157 '•

65

11.188

i

1,198
2,988
15,702
r7,925
2,669

312

12,626

12,411-

61

2,201

9,579

8,020

23&

:

:

-

.

10,860

5,013'

i

,1,834-

384"
414

Grand Trunk Western

*

69

1,070

4.895

2,'399

Brie

M. Y., N.

1,301

7,581

Toledo & Ironton
Lint

13,312
i? 2,008

-..30

1;137'

,

4;882

Detroit & Toledo Shore

? 1,422
354

38

J 39

11151

680
*

6,499

1,337

1,398
-

—

—

m'um.r,-.,,,

.

S 1,510-

12,895
2,148

303

1,166

1,371

"7,190"

7,759

Delaware & Hudson—*—— *,
"Delaware, Lackawanna & Western
Detroit St Mackinac.,.

Detroit,

361

333

Aon Arbor.

Bangor &

1945

1846

1944

1945

,€*946

,

328

43,111

Seaboard Air Line

International-Great Northern
tK. O. & G., M. V. & O. C.-A.-A.™_>—,

.

Ventral Indiana

500
992

,/395

'

.

3,256

.

1,048

Richmond, Fred. & Potomac-

.

President's

Wilson-presented

26,387

Norfolk Southern.

:

Mrs.

<4,639

of the freight carloadings for

RteWBrog freight loadst and revived prom connections
(NUMBER OF CAllS) WEEK ENDED AUG. 10 ^

/VentralVermont

which

756

railroads and system^ for the week ended Aug. 10,f1946.

puring this^periodATD^^ rdads reported

.

:

Congress, as an i'unfitting * complement" .** to

=3,598

28.410

Western

"Aug. 11, 1945.

2,578

2,159

:

wartime

-684

*

the separate

the

4,516

Union Pacific System
;

usually

^115

Denver StRio Grande Western

3,982,229

January..*.
February....

weeks

Librarian of

100

4,766

Macon, Dublin St Savannah

Colorado St Southern—

1944

1945

1946

weeks

262

'^4-4393,

27.241

Qlinois Central System
Louisville St Nashville

I»mparediwdth l944 'except the Edstejm, Pocahontas and-Southern.

's

-4.448

709

Chicago, Rock Island * Pacific
Chicago * Eastern Illinois

4

J 1,043

1,370

Library of Congress
the lifetime collection
of 9,000
books of her husband, the late
President,
which ..have
been
described : by Luther :H. Evans,

4,471

Alton

5

■-

"

*

BIngham St Garfield
Chicago, Burlington * Qulncy.
Chicago * Illinois Midland.

of

,

1,329

Georgia St Florida
Gulf, Mobile St Ohio.

All districts reportedincreases compared with the corresponding
week in 1945 except the Southwestern, - and vail reported -decreases

weeks

.

.'556

•

responding week in 1945.

4

:

3.892

Charleston St Western Carolina

ao-

nated to the

-

\

,4 'weeks

:ry Mrs. Woodrow Wilson lias

*2,153

1,003

Atlanta, Birmingham St Coast

277

■

to

Library of Congress

1945

328

2,530 cars below the preceding

I ^Livestock

Connections

1946

1944

Alabama, Tennessee St Northern*.

Piedmont Northern

increase of 1,139 cars

Coal loading amounted to 185,661 cars, an

:

above the preceding

1945

j

Wilson's Books

Received from

.

J95
>95
"- UO

received, less ptdductlon, do

unfilled1 orders at the close,
Compensation4 for v delinquent
reports, ^orders made for or filled from
stock, and other items'made neceMAry adJust-

reporting

shipments

identical mills ex¬
ceeded production by 2.4%, orders
by 0.7%.
.

Compared to the average corre¬
sponding week of 1935-1939/ pro¬
duction * of reporting n>ilJ§- was
10.8%
above;
shipmentsoowere
3.2%> above; orders were 2W0 be¬
low.

=

THE COMMERCIAL & FINANCIAL CHRONICLE

1076

of such stock will be issued in

ex-,

change for the 2,000 outstanding
shares of American Trust

common

Items About

,,

Co.

■

"As

|
guaranty
New York

Trust

Company^ of
the appoint¬

announces

ments of William J. Neil
ond .Vice-President, and

as

Sec¬

Elmer R.

years

Clark,

divi¬

dends, its outstanding preferred
Stock in the amount of $100,000.:

and
General Counsel of C.I.T. Finan¬
Vice-President

now

!':V.;

tire at par, plus all accrued

.

with the law firm of Root,
Buckner and Ballantiiie,

is

and

/

further part of the mer¬

a

plan, American Trust will re¬

ger

Trust Companies

'

;

"Until the merger becomes ef¬
fective,. both institutions will con¬
duct business as usual at their re¬

spective banking houses.

Thursday, August 22, 1946

17

years

of

approximately 60%

1,557 shares of the Dallas Petroleum Club, has
of Madi¬ lived in Dallas since 1918, and
son-Southern's capital stock, sold has been active in civic and busi¬
its interest to a group of Rich¬ ness phases of the city's life.
A
mond stockholders
for approxi¬ prominent oil man of the firm of
G. E. Hubbard & Son, he is also
mately $205,000, Mr, Barr said.
has owned

of
extensive real
estate
:"Before the sale was effective,
however, Madison-Southern Bank holdings In Dallas.
declared
a
special dividend of
$50,000 on its capital stock out of
The election of A. H. Smith to
accumulated profits.
First Na¬ the post of Vice-President of the
owner

tional's .share of this dividend ag¬
gregated $30,000, so that First Na¬

tional received

California. Bank
the

elevation

,

of

of

O.

Los Angeles,
S. Aultman

a total of

approxi¬ from Assistant Vice-president to
banks mately $235,000 from the transac¬ Cashier and promotion of J. F*
tion.
Johnson from Assistant Cashier to
Mr.
Beddow will become
The Bensonhurst National Bank and
and John Reis, Jr., as Assistant
"First
National
The only other
certificates, Assistant Vice-President was an¬
Treasurers. Mr. Neil was former¬ of Brooklyn, N. Y., was author¬ Vice-President.
traded in the local over-the-coun¬ nounced on Aug. 13 by Frank L.
ly an Assistant Secretary, and the ized on August 7 by the Comp¬ change in officer personnel will
ter market, recently have been King,' President,
following the
others
become
officers
of
the troller of the Currency to increase be the addition of David B. Hill,
Secretary of American $225 bid. From time to time in August meeting of the board of
its capital from $275,000 to $400,- present
bank for the first time.
recent years, the trustees have au¬ directors.
The Los Angeles
Trust Co., as auditor."
000 by the sale of new stock. On
thorized calls for tenders or pur¬ "Times" in making this known
^jrank K. Houston* Chairman of June 27th last the Bensonhurst
that Mr. King also an¬
It is learned from the Philadel¬ chase: in the open market of the addedi
previously■' increased
its
the Board of the Chemical Bank Bank
certificates, so that the number nounced the election of J. W»
& Trust Company of New York, capital from $250,000 to $275,000 phia "Evening Bulletin" of Aug.
has been reduced.?
Fromm: to Assistant Cashier.
by a stock dividend, as reported 16 that the Broad Street Trust
Coffeen, Joseph Katrausky, Greg¬
Korte, Herbert P. McCabe,

ory

announces that Edward McLean

Cummings will become connected
with that bank on September 3
and will be associated with Hunt¬

ington M. Turner, Vice-President,
in handling the business of the
bank

in

States

the

of

Michigan,

Illinois,
Wisconsin, ^ Minnesota,
Nebraska, Iowa and the Dakotas.
Mr. Cummings is the son of Wal¬
ter

J.jCummings, Chairman of the

Board of the

Continental Illinois

cial

Corporation.

X" *N- \\ 1*1.~u "lyV*Y A>'

a graduate of
He served as a

Ufiicago and is

•Yale; University.

lieutenant, Senior Grade, in the
Navy during the War.

page

"Chronicle"

of

News" states, is President of the
Thoma Paper Box Company.
1

■

Assistant

Travers,

Vice-President

of

Marine

the

Trust Company of Buffalo, N. Y.
was elected Vice-President of the

City

Trust

"

Company" of

Niagara Falls. He will assume his
hew position with: the Marine

He was in his six¬

Midland unit in the Falls Sept. 3,
said the Buffalo "Evening News"

of

New

York

and

repre¬

Aug. 12, in reporting Mr. Trav¬

of

ers* promotion.
At

special

a

stockholders

New. York

meeting

the

of

15,

School of
He was also a gradu¬

University

ate,

of. the American Institute of

and his entire business
banking. He was
associated
with
the Henryville

Banking,

;;

of these shares for
and of another 3,400

"Purchase

$2,243,160

shares in the same bank from the

Bankers

Securities

Corp.

at the

price per share, for $306,000,
comprises
the
total
purchase
price. '
"Hubert J. Horan; Jr., President:
of Broad Street Trust, said yes¬
terday that notices would be sent
out to holders of the remaining
1,676 shares of Mid-City stock
same

-

mestic. territory where he was
widely, known. He was born in
Caneyville, Ky., and attended the

of "the

State

Street

Trust Company of Boston on Aug.

approval was given by the
stockholders to the adoption of a
Retirement Plan for the employ¬
of the Company.- The plan is

ees

i

of the

ing $90 a share for their hold¬
ings.
"Mr.

Transit

Horan, also a director of
Investment
Corp.,
said

transaction, T*

that following the

notice that bonds out¬
standing against the Mitten Build¬
ing would be called for redemp¬
tion September 15.
I.

S.

An increase

of

gave

$600,000 in the

capital of the First National Bank
of

Memphis,

Tenn.

on July 26,
August 5 by
the Comptroller of the Currency,
The increase, which will raise the
bank's capital from $1,800,000 to
$2,400,000 will be effected by sale
of new stock.

announced

was

on

-

,His
grandfather, James
Kodwell, was President of the
Manufacturers National Bank of

.Brooklyn before that institution
was
merged with the
Citizens
Trust Company, also of Brooklyn,
to form Manufacturers Trust Com-

will retain the

institutions

late John H. Brennen, was Treas¬
urer

of the

City of Brooklyn be¬
incorporated as one of
Boroughs of Greater New

the

was

York.

the

Morristown

the

members

of

combination of the banks

increase

will

be

board of directors.

new

"The

will

total

assets

"Before
was

President of the Federal Na-^

tional Bank of Denver, Colo.

He

came

to St. Louis in 1915 to

Jse-

come

First Vice President of the

St. Louis Union Bank & Trust Co.,
which was later merged

with two

other banks to form the First Na4
tional Bank of St. Louis."
■

of

A call for tenders of First Na¬

tional Bank, Louisville, Ky., vot¬

"The plan will be submitted at

an

Alphonse A. Laporte has been
elected

a

Trustee and Vice Presi¬

dent of the
of the

ing to

Dollar

Savings Bank

iCUy of New York accord¬

early date to the stockholders

ing trust certificates is foreshad¬
owed by the sale of First Nation¬

of

the

al's

two

proval.
mon

institutions

for

It provides that the

ap¬
com¬

stockholders of the American

Trust Co.

shall each

receive

two

announcement made by
Robert M. Catharine, the bank's

shares of stock of the Morristown

President.

stock

an

He is expected to

dertake his duties

as

un¬

Vice-Presi¬

dent shortly. Mr. Laporte, a grad¬
uate of the Columbia Law School,
was

associated

for

a

number




of

Trust for each
of

present

American

stockholders

town Trust

holdings

share

of

Co.

will

of

common

Trust.

of

Morris¬

retain

Morristown

The

their

Trust

stock and 4,000 additional shares

controlling block of stock in

Madison-Southern
&

/'Also,, in

Bank

Company, of Richmond,
J. McFerran Barr, President

First

National

Bank, said on
Aug. 16, according to Donald McWain, Financial Editor of the
Louisville "Courier Journal," the
advices from which

stating:

"

we

quote also

"First National Bank,

which for

of 59.

was

He

Seattle, Wash., died

Augus 14 at the ago
stricken with

a cor¬

onary thrombosis on the way to
his office, and died two hours

.

.

Dunn, N. C., Mr. Lucas
in Van Buren, Ark., and

grew up

attended Hendrix College at Con-

Ark. After working a few
in
the Arkansas ^Valley
Trust Company in Ft. Smith and
way,

years

the First State Bank of Bonanza,

Ark., young Erich went to New
York where he secured

a

position

with the Harriman National Bank

becoming an auditor In the bank*,
Two years later, at the time of the
building of the Alaska Railroad, / :
Mr. Lucas was selected to orga¬
nize the Harriman National Bank
of Alaska.
He remained as its
manager seven years,

untirjoin¬

ing the National Bank of Com¬
merce of Seattle.

Under-Secretary of Labor
President Truman*s nomination

Aug. 1 of Keen Johnson, for- ' Governor of Kentucky, as
Under-Secretary of Labor was
confirmed by the Senate on Aug*
2, just before the adjournment of
Congress. In Associated Press ad¬
vices from Washington Aug. 1; it •>'
was stated:
on

mer

.

"Mr. Johnson,

President of the

becomes Vice-President at the
S. Bank main office and

when he assumed office on July 1,

vey

and

C.

Trust Offi¬
There, also, J.
vWhittington was promoted to

E.

B.

LeHardy,

that office.

cer, at

Assistant Cashier at the Broughton Street office.

At

a

meeting of the Board

of

Bank

&

Directors

of

the

Texas

Dallas, Tex. on
Aug. 13, Ray E. Hubbard. was
elected a director,- it was reported

Trust

by

Company,

the

Dallas

retary

"Times

Herald,"

"Mr. Hubbard, Presi¬

dent of the Dallas Park Board

and

of

Labor

Schwellenbach^

to reorganize the De¬
partment, creating additional as¬
sistant secretaryships and setting
up an administrative post as Under-Secretary, the AP report went
1945,

on.

Augusta, Maj. Reuben Rock¬
well becomes Assistant Cashier."
"In

which said:

>

on

'Daily Register Publishing Com¬
pany' of Richmond, Ky., will be
the first Under-Secretary of La¬
bor that the Department has had
since it was organized in 1913*
One of the first objectives of Sec¬

Trust

Ky.
of

National

Commerce of

suddenly

Atlanta, Willis B.
Jones, recently a Lieutenant Com¬
mander in the Navy, and George
Tomberlin, recently a Captain in
the Army; became Assistai^Cdshh
iers.
#*:.■;
"In Savannah, Dennis M. Har¬
.

Barrett

Trust Co. to ap¬

proximately $24,000,000.
s

reporting this said:
coming to St. Louis, he

of the Mor¬

Co., and their bank¬
ing business will be conducted at
that bank's building at 30 Park
Place, Morristown. Under the plan
all of the present directors of both

!pany. Mr. Brennen's father, the the

fore it

name

ristown Trust

dent

"My acceptance of the presi¬ Which he headed until two years
dency," said Mr. Sibley the 'Con¬ ago. He became one of the most
stitution* reported, ."will afford widely known bankers in the Pa¬
the opportunity; without undue cific Northwest, and had been' a
haste, to fill that posiion perma- Vice-President since 1930.
nenly at a later date."
Born in

,

mont.,

Erich Lucas, a Vice-Presi¬
of the National Bank of

later. An authority on Alaska and
fisheries, Mr. Lucas also was re¬
sponsible for building the Banks
John A. Sibley, Atlanta attor¬
and Hankers Division to major
ney and Chairman of the Board of
importance in the Commerce or¬
the Trust Company of Georgia,
ganization. Soon after joining the
Atlanta, Ga., has been elected National Bank of Commerce in
President of the Trust. Company
August, 1921, he was made man¬
to succeed the late Robert Strick¬
ager of the Foreign Department in
land, President from 1937 until his
addition to handling Alaska busi¬
death on August 8, according to
ness.
In January, 1925, he was
the Atlanta "Constitution** of Au¬
elected Assistant Vice-President
gust 14, which added that Mr.
and placed in charge of a reor¬
Sibley recently was elected Chair¬
ganized New Business Depart¬
man when Thomas K. Glenn an¬
ment. It was in this position that
nounced his retirement as Chair¬
Mr.
Lucas
traveled
extensively
man and became Honorary Chair¬
through the United States for
man. He will serve the institution
many
years in developing the
as Chairman and President.
Banks
and
Bankers
division!

non-contributory type and
applies to all those who have not
"The sale had been held up on
Mr. Sibley has long been ac¬
State Rank of Henryville, Indyas reached the age of 60 at the time
July 30 when the SEC ruled that
Assistant
Cashier,
the
Bordon it will go into operation, Septem¬ an offer of $85 a share did not ap¬ tively identified with the Trust
ber 1, 1946.
State. Bank of Bordon, Ind., as
Those in the latter
Company of Georgia and its va¬
pear to be "fair and reasonable."
Cashier and joined The National group will receive individual con¬ The Commission's
opinion yester¬ rious business interests. He was,
sideration. The Plan provides for
until his election to the Chair¬
City, Bank of New York in 1918
day said: "We conclude that the
becoming a Vice President of the a normal retirement date for an terms of the proposed transac- manship of the Trust Company, a
National City in 1931. Mr. Wilson employee at the age of 65.
toins, including the consideration member of the law firm of Spald¬
was a member of the Assocaition
of $90 per share, are reasonable ing, Sibley & Trouman, which has
The Somerville National Bank
of
and fair, and do not involve over¬ represented the Trust Company
Reserve City Bankers, the of
Somerville, Mass. on July 30
NeWjCp.men Society, the -Southern
reaching! on the part of any per¬ for many years.
The death of the former Presi¬
''Society and the Kentucky Society. increased its ^capital from $150,000 son concerned."
to $300,000 by> the sale of new
dent, Robert Strickland, was men¬
stock, according to the bulletin of
John
H.
Brennen,
Assistant
Bladen Jackson Darneille, for¬ tioned in our August 15 issue,
Vice-President of Manufacturers the Comptroller of the Currency merly President of the Suburban page 948.
Trust. Company of New York, died issued August 5.
National Bank, Silver Spring, Md.,
on August 15, at his home, in New
Seven employes of the Citizens
and recently discharged from na¬
Merger of the American Trust val
service, has become associated and Southern National BankRoctyqlle, N. Y. He was 63 years Co. of
Morristown, N. J. into the with the Maryland Trust Com¬ three in Atlanta, three in Savan¬
old! and had been with the bank
for thirteen years.
Mr. Brennen Morristown Trust Co. has been pany, Baltimore in the develop¬ nah and one in Augusta, Ga.—re¬
was horn in Brooklyn.
He began approved by the boards of direc¬ ment of new business, it was ceived promotions on August 13,
tors of the two banks; it was An¬
his hanking career in 1900 with
stated on Aug. 16 in the Balti¬ according to an announcement by
the V Citizens
Central
National nounced on August 13, and re¬ more "Sun" which also said that Mills B. Lane, Jr., President of the
ported in the Newark "News" Mr. Darneille was with the Na¬ Bank.
Bahkj New York City. He became
associated with the Manufactur¬ which in part also stated: !!
The
Atlanta
"Constitution,"
tional City Bank of New York for
"George - Munsick, President of 13
ers
Trust Company in 1933 and
from which this is learned, said:
years.
was
elected an Assistant Secre¬ MorristownTrust, and Clarence
"In the Atlanta
main office,
tary in 1941, and Assistant Vice- E. Beddowj President of American
William T. Ravenscroft, retired Hugh W. Fraser, Jr., formerly As¬
President in 1944.
He was con¬ Trust, iff.^announcing the plan, Vice-President of the First Na¬ sistant Comptroller, assumes the
nected with the bank's Business said it algonhas been approved by tional Bank of St.
Louis, Mo. died newly created office of Assistant
^Development Department repre¬ State-Commissioner of Banking on Aug. 16, at the age of 77 years. to the President. This promotion
and Insurance Carey.
senting the bank in New York
The St. Louis "Globe Democrat" comes after .22 years with the
"The newly merged companies
State, New Hampshire and Ver¬
Bank. ;
in
had been

career

W.

.

.

that Broad Street Trust is offer¬

sented; the institution in the do¬

Commerce.

The "Bulletin" further said:

1
^

J.

Martin

Power

JBank

merged

July

Murray S. Wilson, of New York
.CityViidied on Aug. 14 following a
tieth .year.r'Mr. Wilson "was a Vice
.President" of The National City

the

of

412.

.

heart attack.

President

18, Company purchased control of the
Mid-City Banlr and Trust Com¬
pany both of Philadelphia for $2,following
approval on
Announcement of the election 549,160,
of Roswell F. Thoma as a Director Aug. 15 by the Securities and Ex¬
of the i Liberty Bank of Buffalo, change Commission of an applica¬
N. Y. Was made on Aug. 13 by tion by Transit Investment Corp.
George-*G.t Kleindinst, President. to sell for $90 a share its 24,924
Mr. Thoma, the Buffalo "Evening shares in Mid-City.
the

in

National Bank & Trust Company
©f

"Mr. Munsick will continue as

,•

,

N' ./ f

V' u.N*"' * r,

was

;

„

"The

reorganization legislation

signed last spring and three
Assistant Secretaries were named

was

almost immediately.
"Mr. Johnson became

Governor

when A. B. (Happy)
Chandler
went to the United
States Senate in 1939.
Mr. John¬

of Kentucky

son

had been

der Gov.

Lieut.-Governbr un¬

Chandler."

[;