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Final Edition
In 2 ESTABLISHED-1839
Sections—Section 2
T
7X* Commercial w
Financial
,;
;
■;
■■■■■-
■
Volume 164
'
;.
;■
.
-
;
-
■
Chronicle
Reg.u.s.pat.office
.,
New York, N. Y.,
Number 4520
Federal Financial
Operations in
Fiscal Year Ending Jure 30,1946
,
Buy!
Mr. Bahson
warns
The F
:
By ROGER W. BABSON
■
y-'
a
Copy
inancial Situ
that because of
lack of adjustment between wages
and prices,' there-is bound tohe
Secretary of Treasury Snyder reviews receipts, expenditures and
changes in public debt with previous year comparisons. Expendi¬
tures reduced $35.4 billions, but net deficit is just under $42 bifc
lions. Public debt increased $10% billions in year ending June 30,
■
Price 60 Cents
Thursday, August 29, 1946
When to
;
There^ is
r
one
simple^ ^
Important fact which
quality of prod¬ ;the events* upon the iint^nationalr scene during the ' first;
ucts, and urges buyers have pa¬ postwar year should have taught even the dreamers of
tience and'wait.
1946.
Holds, if wages Utopia, That truth is that the great ■ powers (or in some
either have not yet
The following is the official statement of financial operations of continue- to; rise, living < costs will Instances, "at least,;^
the United StatesGovernmentduringthe fiscalyearending JuneSO, rise, and no OPA can stop it. Says reached the point at which they are willing to forego their
1946, as pub-#—
ample supply of goods may not interests; ihot to sayitheir^tnbitions; even to the point of
deterioration
in
.
-
lished
the
in
the* c. close
at
ance
amounted
of
the
year
th.$14.2 billion,, which
Treasury
monthly Bul¬
letin, August,
deficit
come
before 1948.
was
commencement of debt retirement
Many businesses are still feeling
$10.5 billion below: the bal¬
ance on Junei30,' 1945.. The year the effects of the strikes in the
1946:
was marked by .drastic reductions steel and coal industries. Shortages
in government ~ expenditures due of raw materials, plus increased
Summary
The
Treas¬ to the cessation of hostilities, toy
costs of pro¬
duction due to
ury closed its a. substantial improvement in the
books with a budgetary outlook,
and by the
wage increas¬
o
-
f
$22.0
billion
as
compared
with
a
on
March J.
,
;
<.
*
r
;
,
,
$53.9
bil¬
to
lion last year,
John W. Snyder
'
in
rchecking
accounts of governmental corpo¬
rations^ Operations .in C governynental corporation a c count s
(other than sales and redemptions
of obligations in the market) re¬
sulted in net receipts for the year
of $1.0 billion, as compared with
net reecipts for the preceding fis¬
cal year of .$0.4 billion.
The public debt, including pub¬
licly held guaranteed obligations,
stood at $269.9 billion on June 30,
as compared with $259.1 billion a
year ago, an increase of $10.8 bil¬
lion.
The general fund cash bal¬
C O m
>
of
Recent Indicators
,
receipts was
for .largely by a de¬
in income taxes.
Income
t
t
t
nies
The developments of the past few weeks have been
par¬
ticularly pointed in this regard. The Marshal Tito incidents
main out of Ore;; typical;
If this dictator had been acting wholly upon
the active
his own initiative and responsibility, his behavior would
market rather
have been less important but would have given clear indi¬
than risk get¬
ting into trou- cations of what one small nation was thinking and Intended
ble with the to do about "world, cooperation."
What the matter actually
this kind Have reveals—so far as the
facts, or essentially 0the same facts had
pre-
ferred
accounted
crease
p a
have
before. Total ex¬
penditures amounted to $65.0 bil¬
lion as compared with $100.4 bil¬
lion last year, a reduction of $35.4
billion,,
1 '
1 1
in
pro-
goods. Some
than the; year
reduction
mass
duction
billion, which is $3.4 billion less
The
on
not
do
give incentive
■Net
receipts ,after deducting
$1.2 billion for the "Federal OldAge
and" Survivors Insurance
e xcluding
Trust Fund^ amounted to $43.0
transactions
of
regulations
sales
Receipts
deficit
OPA
and
es
j
.
assuming: Jhefislc
permitting "world ^bpinionj ; after full
discussion, to adjudicate" them?; The notion that a point in
world history had beenJ reached where these difficulties
which have for centuries been causing war < could be con¬
trolled in some such way is; of course; the cornerstone on
which it has .been hoped to erect the United Nations organ¬
ization. It remains to be seen what, if anything, this ambi¬
tious venture can accomplish, but it is now evident enough
that the foundations upon which its promoters have been
building, or trying to build, are not sound and solid; if
indeed they really exist at all.
,'
t
to
re¬
OPA. Typical of
employers un¬
been the big meat packers. Re¬
der the current Tax Payment Act
cently, with OPA restrictions off,
of 1943 amounted to $9.4 billion
some of the packers, after several
as compared with $10.3 billion the
months absence-from the; market,
year before.
Other income taxes
were again bidding for livestock.
amounted to $21.5 billion as com¬
The price rises which have come
pared with $24.9 billion; in 1945.
iii the wake of higher wages have
(Continued on page 1186)
not yet proved discouraging to
those who have war savings to
taxes withheld by
not
of
already beei|: made clear-~was how little idea Russia has
abandoning ancient rules of conduct and
maneuver, in
world affairs for any new idealistic means of controlling the
conflicts of mankind.
These incidents from beginning to
(Continued
This clamor for already
goods-helps make the sit¬
uation worse. Although one big
company, .close to 1941 produc¬
tion, is turning out thousands of
washing machines and refriger¬
ators daily and the production of
other commodities is speedily ris-
on page
1184)
spend.
scarce
Monopoly and the Public Dollai
By EDWARD P. HODGES*
,
.
4
v
Special Assistant to the Attorney General
Asserting basic requirement for good government is good management of its economic affairs^ Mr. Hodges lays stress on importance
of economy in purchasing of supplies by public agencies. Contends
there exists monopoly practices in supplying governments and
points to identical prices, the withholding of offerings, and the like,
Sees relief from situation in suits to
indications of this.
as
strain
re¬
monopolies, the halting of collusive bidding, and in investi¬
Urges vigorous enforcement of the
gations of all identical bids.
The American
nation is
effort of its history*
try is engaged
now
mendous
u
in peace as well as in
war. And if democracy is to suc¬
ceed, it must have the abiding
faith and unqualified support of
the people of the nation. The pro¬
cesses. of government; touch the
lives of the vast majority of citi¬
zens
most, closely at the local
level. Lengthy; eulogies about our
political institutions mean little
task;
sion to estab¬
,
of an;
endurin g
dations
and
a
pros¬
perity.
It
is
to
process
the welfare of
a
|
op e r a
confronted by
tes
largely from the
free society
good gov¬
ernment, and
a
basic
re¬
are
waste
and
inefficiency.
Their
picture of how the governmental
matic that one
is
if they
to them
axio¬
essential
Edward
P.
GENERAL CONTENTS
Editoriat
?
,
<
•;rT>T
Situation.
way
is
-
derived
local offi¬
cials administer the economic af¬
Hodges
•;
Page
1181
■
Regular Feature»
From
Washington, Ahead of the
...
T
* *....
'i
,1181
Moody's Bond Prices and Yields... 1189
Trading on New York Exchanges.. .1190
NYSE Odd-Lot Trading
1190
NYSE Short Interests as of Aug. 15. .1190
New York Curb Short Position as
of Aug. 15................... •*.-• v* .1189
Items About Banks and Trust Cos. .1196
CARLISLE BARGERON
ironic, but something which the Republicans sought to
do for years, destroy the myth of Roosevelt's bigness or greatness,
is in the process of being done-by. his friends;They don't intend to
be doing this.
It is a commentary on their own intellect that what
they are writing admiringly about their hero can be interpreted by
others in no other way than to show his utter smallness, his lack of
seems
depths his in¬
From Elliot's story; the
impression 4 is gotten that:Jhis
father was: rehearsing "what he
planned to say when "Churchill
said such and such a thing. - He
of wits;
for
capacity
jobtwhich-;
the
he < held.
First,
there;
is his son,
El¬
1
ocraey
lish the foun¬
peace
victor^ vthia cpun-j
:
,
reconver¬
lasting
emerging from the greatest war
In the* aftermath of^wai; ^nd
the * tre--
in
of
i
By
It
Financial
Washington
Ahead
(Continued on page 1189);
News
Sherman Anti-Trust Act.
From
Stat* of
*♦>
4183
Commodity Prices, Domestic Index. 1193
Weekly Oarloadings.
1192
Weekly-Engineering- Construction.. .1194
Paperboard Industry Statistics;.....1194
Weekly. Lumber Movement..........1195
General Review
...
i..
.
Fertilizer Association. Price Index.,
.1189
Weekly Coal and Coke Output.. ... .1191
Weekly Steel Review.... ........... .1185
Moody's Daily Ciommodity Index....1189
Weekly Crude Oil Production
.1191
Non-Ferrous Metals Market.........1190
Weekly Electric Output
; : . 1)9:4
July Cotton Consumption
-..-.1196
NYSE Share Values at June 28.... 4195
NYSE Bond Values at May 31......4194
U. S. Savings Bonds Issued and Re¬
deemed Through July 31, 1946. :.
taunted Churchill about Britain's
bookj chapters
Trad•
who has
written: a
are
American people were being told
that the British Ertipire was our
in
bulwark against Hitler. We had to
liot,
of
which
being
run
-
colonial policy.
"Look'' magaz
in
e
.
fall, for our own
was our only possible
justification for entering the war.
Yet we learn from Elliot, and in¬
see
Elliot
meeting
deed from others—and We haven't
the
Carlisle
Bargeroa
with
Churchill at sea in 1941 shows his
over the British Prime
dominance
his ; ability
Minister,
himself
that it did not
sake. This
undoubtedly;
thinks .that
th e
descrip¬
tion he gives
of his father's
At the time, the
to
slightest doubt—that had. the
great FD lived, he would now be
bent upon destroying thaflempire
through agitation and pressure for
the establishment of "democracy"
handle in Egypt, India arid the like.:
; ;
politics.
There is not the slightest doubt
Instead, it reveals Roosevelt as a
The magnitude of the job in- Cotton Ginned Prior to Aug. 16..... 1189 playboy who thought he was tre¬
quirement of good government
Rayon Production Lower in Second
mendously smart, as he undoubt¬
(Continued on page 1188)
is
good
management
of
its
Quarter
.1192 edly did, The night before Church¬
economic affairs. The times
Commercial Paper Outstanding at T
*
ill comes aboard the American
An address by Mr. Hodges be-?
do not permit this statement to
July 31
...1193
toe
taken
as
a
commonplace. fore the National lnstitute of Gov¬ Federal Debt Limit ait June 30..... 1193 man-of-war, Roosevelt is laugh¬
Supply and Distribution of Domestic
ingly telling Elliot what he in¬
It is important that we demon¬ ernment Purchasing, Inc., Chi¬
and Foreign Cotton in Year Ended
strate
the
efficiency of dem- cago, 111., Aug. 19, 1946.
t ;
\
July 31
...........1194 tends to do to him in the battle
that he would be right ih; there
with Russia shouting about Brit¬
fairs
with
trusted.
which
they
are ; en¬
1195
Cottonseed Receipts to July 31.,.,,1195
New Capital Issues in Gt. Britain.. 1195
..............
in
international
ain's "imperialism." From Elliot
Mrs.: Perkins We learn that
and
the great master mind had not the
slightest understanding of Russia,
not
the
slightest idea that it
-
..
(Continued on page 1196)
,
THE COMMERCIAL &
1182
Even So,
v
£
T-
Bulletin Issued
What Then?
"The board found that meat
FvrW board from
The
a
"The board has, found that
appeared
As
Along with millions of others,
the accuracy
of these findings.
received
and
wages
salaries,
unincorporated^ busi¬
net rent, divi¬
dends, : -interest,
royalties
and
New
and' farms,
-
harbor
during
the
week;
It
is
ment; of Commerce said.
In the
are overcome, we
high-income regions of New Eng¬
land and the Middle East, the ad¬
vance in per capita income was
much less' than the national
that "as
added
tiple
the last
technical
In
they were
true, how could we ever shake off this yoke of bureaux3 cratic control if we must wait for .basic change in these
demand-supply relationships, which,-of course,-tend to
be. frozen under existing conditions?
v
V
j
as
details
the
mul¬
involved
hope to include
majority of other U. S. ports
in this
must question
soon
service."
new
advance notice of its
an
new
publication, th6 "Journal of Com¬
suppose
merce" 'said:
^
•
'''.The
Tmport
-new
will list
Bulletin'
the
wide prewar differences
States and regions in per
. capita income.
among.
"However,
i
the cargoes of. every
all
aver¬
age*. Therefore, wartime develop¬
ments resulted in some narrowing
of
in
1945
there ~
was
still a wide variation in per capita
entering the Port of New
income among the various States,
York
during the. week, broken
ranging from a. top of $1,595 for
down
by vessel as well as ! by
New York to a low of $558 for
product.
The manifest of each
Mississippi.
: •1 "
vessel will be separated alpha¬
betically by product and will 7 "In addition to New York, other
States at the top of the per capita
Show the'
f
ship
.
Truman Plan for Increasing Refugee
Quofas Flails Congressmen Cool
•
•
.'A White House statement
••
Truman
on
quantity of each Ship¬
ment, point of origin and name of
consignee. A convenient cross; iri-
Aug. 16 announced that President
considering. askingj £bngrsss3for TspecdnlJegisIa^
; permit -the
entry into the United States as permanent residents, of
European refugees, including Jews, and that he hoped that countries
"othfer than the United States- would extend further 'hospitality! to
displaced persons from Europe. However, the Associated Press,
<1 which1 * reported this
announce-^
/ 3733 j,;'3";;"
3 merit "from -Washington, stated oh
'
the
following
were
day
that
for
the proposal.
These advices
reported that Senator Charles O.
i.'
Andrews (D.-Fla.), a member of
■; the -Striate Immigration Committee, had. declared that, "in 3my
judgment the Immigration, Com¬
mittee will not be in favor of irft
"
'
."V*.. .*
•
•'
_
/T\
Til
'
.'i.i "
\
A
*
"
•
creasing the quotas." The Senator
added, "If < we continue to admit
these 'peoples in increasing num¬
bers, 'eventually we would be in
the
-
'
same
fix
as
other countries."
A similar position
was said to
•have been taken by' the ranking
minority member of the House
■
^Tmmigraiidn ■' Committee,1 Kepre£:sehtativevN6ah M. Mason of Illi-
:hois, who'was reported to have said*
that
".the attitude of our Comfnittee has been all along that we
-
'
should' hot open the doors of the
•
v..\V*y.y
—?•. $ ><■;.-
♦
)
•
.
as
the inclusion; of
board are planned for the
coming
"In
addition,- each weekly issue
? a
completely tabu¬
lated summary of the articles im¬
ported and will spotlight the sig¬
To 5 Cents Get. I
?7:■/r,
such.
inno¬
months.
will
-
"
vations
Other
other ports along the Eastern sea¬
that little immediate
ysuppdrt • ; from ' recess-scattered
Congressmen could be expected
any
the week's arrivals.
Airmail Rate Reduced
appear¬
the locating of
commodity among
speed
practically
.
•
ances
will
dex
was
-
*<?
contain
An -airmail postage rate of - five nificant new
import materials and
cents an.ounce between all United finished products that have come
'C2I4"-4AT'tf
A.niinm'whiiw?. a!States tefHtpryi und -members of into the'harbor. It is
expected; to
the armed forces abroad will heprove
a
substantialsource 1 of
come
effective Pet, 1, under a
profit information for ship opera¬
regulation issued Aug. 14 by Post¬ tors, warehousemen,
forwarders,
master General Robert R. Hanimporters and all manufacturers
negan. The existing rate is 6 cents and dealers
using import mate¬
-O w
income
list were California, $1,Connecticut,- $1,449; Wash¬
ington,: $1,407; Delaware, $1,381;
480;
New
Jersey, $1,373; District of
Columbia, $1,361;. Illinois, $1,360,
and
Massachusetts, $1,321.
Pennsylvania, Indiana, Wisconsin,
Iowa, Kansas,; Nebraska, North
,
Dakota, Montana and Colorado in
the
$1,100-$1,200
bracket,
and
Maine, Vermont, Minnesota, Mis¬
souri, South Dakota, Wyoming,
Utah, and Idaho in the $1,000-$!,"
"Per capita income in 1945 was
below
•
reducing the domestic air mail
rate
from
8
cents
The
ounce.
to
5
cents
domestic
new
Commerce'
States
located-
and
service
has
always had
high 'value to a* number
import-minded
readers,
territory wherever
involves
Virginia, Oklahoma, New Mexico
only, many of whom
already enrolled as sub¬
scribers.
This
special: import
also effective Oct. 1, makes 5-cient
air mail postage applicable to!all
United
in
have
an
rate,
a
very
of
our
even
the
$9QO-$1,000
in
and; Tennessee
bracket; West
the
$800-$900
bracket; North Carolina, Alabama,
Georgia, Louisiana and Kentucky
in the $700r$800: bracket; South
reductions though it obviously does not in¬ Carolina and Arkansas in the
as high terest
all of our 33,000 subscribers. $600r$700 bracket, and Mississippi,
•
..
from
rates
90
as
ranging
now
cents
an
The
ounce.
Post
•"•' - *
obstacle? of $556.
Department
anticipates
| nation to an extra number of ini"In general, there was relatively
how^ to render this seryice at a
migrants over and above the quota that the... reduced domestic irjate nominal cost, we are able to offer little change from 1944 to 1945 in
will bring ah unprecedented
tair this new Tmport Bulletin' in tab¬ the per capita income of the vari¬
"which;; i syalready established and
Office /
•'has been since 1924."
"'
Hepresenta-
tivA Ed Gosset of Texas, ranking
member of the Im-
After overcoming the
-
mail volume. An active, promotion
of air mail is planned. The Post
loid form at an annual subscrip¬
tion price of $25.
Sample copies
].
of the first issue will be available
United •to any subscriber interested: in
•'Democratic
Office advices also said:
3migration Committee,
was. re3 ported to be "vigorously" opposed
States
armed
all
world, the Post
Department, on Dec.323,
•
to.
increase
any
in
immigration
.
"Witb;^
forces
stationed
in
this
Reserve Board Amends
Regulation W
-
^fTtigwell ^Gets
to
The Board of Governors of the
-Rexford
tion
G.
members
this
W
; ; ;'Tho
States
first\ehiarges the
scope of
Tugwell, who.
re-
v^dgned 'ns ^ Governor bi.Puerto
Rico "on June 30, has been appointed chief of a newly created
center-of social science investiga-'
tionk at the University of Puerto
Rich' at a salary as yet undeter¬
mined;!: according to Associated
•
the- regulation by making
they
plicable to all
also
are
Iqcated. The regulation
covers
civilian personnel
au¬
up
thorized to receive mail
through
Army ;or :Navy; pdsi3office&33y 3
"The
Post
Office
cited; examples
lf
ap-
credits
iip to $1,500. The eecond reduces
Department
to: illustrate
consumer
to $2,00& instead of only those
the* maximum
months • to
the
15
maturity from
18
months for install
-
-
-
Press^advices
from
San
Juam
on
Aug?'20,V; published in the New
York—^Tlerald Tribune/'
These
-
advicfeg continued:3 73337 I.' f:
;
Mr:;:Tugwell, who arrived here
Aug. 17, will retain his post as a
Professor of Political Science with
1he( University of ,Chicago,
i -v.
effect: of
the
5-cent
new
U.
•
S.
ment loans that are not connected
flag rate. The present air mail
-postage between the United States
mainland
10 cents
the Canal Zone is
half ounce; Canton Is¬
land, 25 cents; Guam, 35 cents;
Hawaii, 15 cents. Existing air mail
postage between Puerto Rico and
,
Guam
is
43
cents
a
half-ounce
and between Guam and the Canal
Zone it; is 45 cerits
a
half-ounce;"
'
ject
to
a
maximum
Dept.
Up in June
^-Retail prices of goods-and
ices
used
city
tween
the
maturity
of
serv¬
by: moderate-income
families
advanced
1.2%
be¬
mid-May and mid-June—-
last month
before
of OPA controls. Said
suspension
a
report is¬
sued Aug; 2 by the U7S.
Depart¬
ment
of
Labor, Bureau of Labor
Statistics.
The report added this:
f'Higher prices
reported for
were
all groups of items
in the family
budget. The consumers':pripe:in¬
dex
prepared by the Bureau was
133.3% of the 1935-39 average in
mid-June, and 35.2% higher than
in Aug. 1939. Retail
prices have
advanced 2.4% in the quarter be¬
tween mid-March and mid-June."
Continuing the report said:
"June
food
prices
3
2,1%
were
above: May f as retail prices of
dairy and cereal and bakery prod¬
ucts rose sharply. Meat prices re¬
ported were 0.4% higher on the
In
average.
June
shortages
meat continued to be
it
of
acute that
so
was
an
impossible again to obtain
adequate number of price quo¬
to
compute
a
reliable
of change in retail meat
prices and therefore the June food
index understates somewhat the
measure
actual rise in food costs. In order
that indexes for food and for all
commodities
meat
prices
remained
could
were
be
published,
assumed to have
unchanged
since they
last reported in 23 of the 56
were
cities
regularly surveyed for food
The July index will be
based
on
the usual number qf
price quotations and will reflect
increases
that
in
have
prices
the
prices
of
meat
since
occurred
meat
last collected.
were
"The average price of cereal and
bakery
products increased 6%,
reflecting the higher ceiling prices
allowed by OPA to compensate
for increased grain and other pro¬
duction costs. The cost of dairy
products
6.6%
rose
after
the
on
aver¬
the
ceiling prices of
butter, cheese, milk, and canned
milk prices were adjusted in early
age
June.. Fresh fruit and vegetable
prices dropped 1.5%; eggs moved
up seasonally almost 5%.
3—3
.
"June
15
prices
also
for all other principal
groups of living essentials. Cloth¬
ing prices advancing for the 36th
were
.
higher
consecutive3 month, 7 rpse1.0%;
Prices for all men's apparel were
higher, with light wool suits and
cotton suits retailing at 11 and
19% higher this; season thanvlast.
House furqjshings costs advanced
.
.
cellaneous goods and services rose
0.6% because of increased ; costs
of
medical
care, .. newspapers,
Ai^aly$i$ of Federal Trade
Commission's Findings
3 An
analysis, of Federal Trade
X^nrissi6tt3fihdihgs3
decisions.,
under; the
ciation
of
National
New York. The
haircuts, and automobile liability
insurance.
"Bituminous
creased
June
Robinson-;
Batman; Act has been niade avail¬
able to its members by the-Asso¬
Advertisers,
analysis was;.pre-
especially for, A.NAvr by
William H. Leahy, attorney -and
pared
General Counsel of the Dennison
Company.
The
analysis lists the corporate name
gopds. of the respondent or complainant
Instalment Credits for the pur^' in each case, gives the nature of
chase of such goods remain sub¬ the
decision.; and 3 finding
and
with the purchase of consumers'
durable for semi-durable
and
a
Of Labor
1.6%' during the month as slightly
higher, prices were reported for
greatest declines were in
furniture, towels,, and sheets.>MisMichigan, 6%,* and "Washington,'
7%.
on
houncement .stating:
principle
of the United
increase of 5%.
"The
ac¬
Aug. 13 to amend Regula¬
relating
to
consumer
credit' in two respects—the antion
armed forces regardless of where
/Puerto Hican Post
•
extends
and an
the
decline
greatest increases were in
South
Dakota,
16%; Iowa and
Minnesota, 10%; Colorado and
New Hampshire,- 9%; District of
Columbia. West Virginia and Ten¬
•
Consumers' Price index
"The
Federal Reserve' System took
States territory as do¬
air. mail. Mr. Hannegan's
regulation
of 3%
a
'
.
to United
mestic
For most States
States.
change varied between
nessee,
"
Hitlerism."
service."
■————
quotas^; "Abproval of the Presi- Office
dent's piari was voiced by Senator 1941, established a rate of 6 cents
..Glen H. Taylor (D.-Idaho), who is a half-ounce for air mail to' or
quoted:; as saying:* "The popular from the armed forces. Such mail
ration, problems: in Europe are in- otherwise would have been sub¬
f soluble'-unless the1 gates of all ject to much higher foreign air
;
^~
countries, including our own,; are mail rates.
j
"The bill which, became,
3 opened to allow a fain and propor(law
tionate htimber of these victims of Aug. 14 treats all air mail destined
?
:
new
parts of. the
ous
■
prices.
'
$l,C00.4n all of the South¬
ern
States, in the Southwestern
States of Texas, Oklahoma, New
a
half-ounce.
Mr.
Hannegan's rials.
.
r
•
,i
Mexico, and Arizona, and in West
regulation was issued immediately
"Distribution of the new Tm¬ Virginia and New Hampshire,
after President. Harry S. Truman
"Florid a,
New
Hampshire,
port Bulletin' will be limited io
had signed the legislation on Aug.
subscribers of the
'Journal. of. Texas, Arizona and Virginia were
14
"" "••'••■"•
'•
tations
"Rhode Island, Ohio, Michigan,
Maryland, Nevada' and Oregon
fell in.the $1,200-$1,300 bracket;
100 bracket.
'7?
3..,
.
in¬
from;
come
ness
,
f>i
.
comparable
over
we
But
advices
include
the
mand / has far exceeded meat supplies
several years."—Price Decontrol Board-
•
-
Aug.:'£2. Despite the sharp
production after V-J Day, the per capita income
rising 2% from the 1944 leVel pf $1113
into the Port of
other items such as veterans' bene¬
York^fT) by vessel, (2) by prodfits and military family-allowance
ucf. 'and (3) by ^point. of origin
and dependency allotments.
with
names
of
importers
and
"The
most- striking
gains in
quantities.imported,. It alsq: con¬
average income during the war
tains
a
tabulated
summary . of
articles imported, along with news years were made by States in the
highlights of the significant new Southeast, Southwest and North¬
west regions, areas of
relatively
import
materials
and
finished
low average incomes, the Depart¬
products that have eonie^^ into the
It is well known that consumer de-;
period last year.
in
noted
imports
'
.
war
««P>sr
the' paper, the. "Bulletin":
contalns'full details of the week's
the^ supply oj: meat has
meat will be somewhat smaller than in the
.T' *
contraction in
increased slightly< in. 1945,
Aug. 19.
pn
from
been and will continue to be short in relation to demand
at reasonable prices! It is estimated that production iqf
;
n,ew
per capita income of individuals in the' United
States
increased from' $575 in .1940 to an all-timeA
high of $1,150 in 1945
the Department of Commerce, said on
Bulletin,WN the first issue, of which s^id the. teport,: whichcbntihued^
.•••V
rwide variety of sources.
.-ceilings, plus subsidies,
>; ;*
Average Annual Income in U. S.
"Jpurnal ;of
begun the isweekly, 'Tmport
has
a
29^1^46
The average
;
.
York;
Commerce"
advances ranged, in the case of
livestock, from 20 % to 50%, in the case of wholesale
prices, from 35.% to 80%, and corresponding: iiicreases have been reported in the case of retail meat
^^Tprices. A part of these increases is-Uitributabl^
lapse of subsidies. However, for the most part .prices
ft ;^eported were beyond question-unreasonably above,
v,
New
Suancd^of
J " ;"The
reported price
.3
By
Mournal of Commerce'
prices have risen un-
reasonably above June 30 ceilings plus subsidy. Reports
of these unreasonable price increases were received by
.
FINANCIAL' CHRONICLE
Manufacturing
briefly summarizes the import of
1,6%
as
some
40.5
average
'
coal
"prices 3 in¬
May/and
between
retailers
cents
took- the
ton
higher
ceilings allowed* by OPA in June.
The 91 cents i per ton increase al¬
a
lowed for anthracite coal will be
shown in the index in July, Elec¬
tricity costs were reduced 9 % on
the
average
to
consumers'
in
Minneapolis."
"Residential
0.1%
between
'
r e n
7
t
March
s
7
«
/;
.
advanced
and
June,
continuing the increase begun in
the first quarter of 1946. Rents in¬
creased on the. average in 10 of
the \18
cities,, surveyed •; during
,
the decision or
finding; The seven
June; were slightly lower in 4
report "contains fas an' ap¬
case of automobiles." The amend¬
pendix a digest of the Robinson- cities; ■ and? remained .unchanged
ment becomes effective Sept. 3.
Patman Anti-Discrirninatiojl oAct. in four." ,—33j
3...
:
7
12
months,
or
15 months
in- the
page
,..
4
Number 4520 V
Volume 164
1183
Repayment of F0I6 Fends Urged in Report
i'
A
^proposal .that.the; Federal®.
-^required to return to the Tfeas-
>
A'
Sheu&git •fbiC-'P^
$|1 uiv ^150,000,000 advanced To the J^JPhe Board:bf,3>iredtorsi of Fedr 1
**
Cdrporation at itsidn^ptiori Ihirteen, years ago was ddvahce& in a
*
Accountihg^QfB^
which
port,
Coleman
Andrews,-Director of the
Corporation Audits Division, said
that
not.
return
the funds
of
would»
Shearer 'as
E.
Chief, of the Division of
of 'Government
announced
ageh-!
compliance
Press Washington adv.ices of Aug.
17:i The Maritime Commission has
Examination, With headquarters met the President's request to ye-.
imWashington.'I Mr. -Shdarer will; duce new ship construction by.
have^-m-imary responsibility ¥toi; 50% by cutting new ship building
the educational and training pro¬ to less than $-50;000;000.
Three!
gram of the Corporation's exam¬ Mediterranean
.passenger
liners
are to be deferred,-together with
ining force; said the FDTC's an¬
nouncement of Aug. 9, which con¬ two 900-fobt liners: for the Amer¬
operation of the
FDIC. It was also proposed rthat
the $139,299,566.99 put up by the
r.. Federal
Reserve Banks for the tinued:
;
initial deposit .guaranty fund, into
"Mr.- Shearer has
been with;
which the Treasury's $150,000,-300 FDIC since Nov; 1333, except: for'
(
also went, be returned to The; three years military service.; Be¬
Banks, Reporting this* Associated fore the war ;he was Assistant
Press advices from Washington
Super.vising Examiner in the .St.
if August 17 continued:
.v
A Louis, Richmond, and Columbus
Impair the
nuinber
1
Assistant
prepared' by T.
was
|A
cies -have
{{Deposit Insurance Corpora^; with President Truman's economy
The Nation's return to price control is once again
bringing, pboutK
tion^has announced' the appoint*-;
drive, ' according
to Associated^ that state of confusion which was. so prevalent under the old law
•ef al
ment" of'RUssell
vexal
leporf Govt. Agencies
Starling Economies
,
ican
Line's
President
Pacific
Latin-American
two
and
trade
"ships.
Personnel^ de¬
both the Maritime
passenger
by
creases
Commission
and
'
War
Administration it is
'Shipping
Sstated^ bave
and
Which played
.much havoc with marketing procedure by its
the normal flow-of goods into consumed
hands. ;: The initial (decisions of the Price {Decontrol Board business-"!
men and. other interested. persons; If eels
is the first step toward
so
undue interference
with
resumption of the black market li ^1;■!;
,!:
in
meat, since on Ihe basis of past clear to doing business at new
performance- "they conclude the levels.",
government is incapable of rolling ;; "Federal
inspected
slaughter
back meat prices without divert-'
during June, 1946," the magazine
ing the; supply into 'the ■ black notes,
"had been
only
451,000
•
market.
plies
in
.:
What holds for meat ap¬ head, the smallest total for
any
case
of other -com¬ month on record; that in May the
federal
inspected slaughter had
the
modities.
.During the brief period between
June 30 apd July J26? of this, year
furnished ample -evidence that
been
only
676,000 head?
totals were
These
less than half the in¬
alreadybeen ^started. By next
spected slaughter a year ago.
It
•'*
Offices Of the. Corporation. The June 30, when, -WSAr ceases to. when controls
Mr.i Andrews recent
were lifted, goods is a fact, unambiguous - and uneducational and training program function, it Is anticipated that the, were in
Congress authorize the FDIC's di-i
more
abuhdant supply aemabie,
tnat
beiore
June
30
of the corporation
v rectors to return the Government
will make present 9,000 employees will be and prices with some exceptions livestock and meat controls had
and the Federal Reserve money, available to all members of its; cut :3,000. '
,
...
held pretty much at reasonable diverted
cattle
from
legitimate
"if, in their opinion, such action examining force all correspond¬
The Public Roads. Administra¬ levels,
In a statement .on the packers and had also induced the
r is
advisable." A bill to do that ence courses of the American In¬ tion (and. Federal Works Agency, Decontrol Boaid's
decisions, Pres¬ withholding of livestock. *
?
"
was introduced near the close of
stitute of Banking. In addition, of which it is a part), is; reported ident William K. Jackson of "the
;"When controls .ended at the
,'the last session, but not acted the program will include orienta¬ to have .sent letters to all states National cChambefc bf
?Gomm^rcc beginning ; of
J uly,
inspected
upon.
;
■■■■! tion courses for newly .appointed requesting that they hold road had this to say:
1
;
slaughter shot up sharply: to 1,1 i'The marketing 61 livestock in¬ 239,000
The FDIC official said such a assistant examiners and courses of contracts to a minimum so as^lo
head, but many of the
down
the matching funds creased greatly during the inter¬ hides from the animals could not
return would probably be agree¬ specialized resident study at uni¬ hold
able to the FDIC
if provision' versities in Money and Banking,; which the government must sup- val of {freedom from OP A control.' become available until the latter
In
free
and
were
made for transfer over a Economics, Credit Analysis, Bank
open
competition, part of August and early Septem¬
sufficient period of time—possibly Accounting, Auditing and Opera¬
The Interior
Department ex¬ operating through flexible prices, ber A minimum of 30
.
.
.
•
.
,.
,
four years—so
there would be no
tion and related subjects. All fees
pects to
reduce
an
authorized:
paid by. $200,000,000 reclamation bureau
the Corporation."
program
to
$85,000,000, as re¬
Mr.
Shearer
graduated
from quested.
The report on the FDIC spoke
Virtually no new re¬
Illinois Wesleyan University with clamation
of its operation as "well managed;
projects of any size will
an
LLB degree and has been a be started this
year. ;
'
by its Board of Directors," com¬
abrupt disturbance of the corpo¬
ration's .balances.
and
tuition
costs will be
t
mented that "its
accounting sys¬
tem is well conceived and its ac¬
counts
are
well
supervised
and
v
"Although the corporation, since
its* inception in 1933, has paid out
almost$300,000,000' in ... claims,
loans to .merged banks, and pur¬
chases of assets from merged in¬
banks, actual losses sus¬
tained plus estimated losses, are
calculated
to
amount
to
only
sured
"
115% of such payments," the re•
>
port said.
-
'
"It is
noteworthy that, although
the insurance protection to each
depositor is limited to $5,000, the
corporation's legally authorized
practice of making loans to or
purchasing
Insured
assets
banks
in
7 from
lieu
of
merged
paying
claims
to
depositors in closed
"banks resiilts
each^?pQsitor!s
being -iyiilyvf*r^tepte
'
the Illinois Bar since
of
The
also
announcement
j /.
'
,
.
the
entered
•
Armyr
.
as> a
in
the European Theater, principally
Major
and
served
two
years
in the Fiscal Branch of the Mili¬
Government Section of the
tary
Seventh
and
Third U.
?c
'
-
re¬
port .added, "that the banks whose
depositors
are
insured should
•eventually contribute all of the
iunds required for this insurancer
'
In War Assets Post
surrender he
the
was
restoration
banking
blocking
vision
Stock
mation
'•
.
and
Advertising
?of
responsible for
of
the
restricted
the
account
and the super¬
insurance
companies,
system,
program,
of
.
At the time of his
recent release
to inactive
duty he held the rank
M Tleutehant Colonel*'
Vets Loans Now 8.6%
Lending Ensi.
continued
ad-
15%
an
of
their
total
announcement
assets,
Aug. 25
and "Loan {League, ?says
that ap-1
proximately :146;438 :GI loans bad
been made by-the .associations *as
a jgroup «by June 30, ^The .tatal;
they bad loaned to ^veterans--had
reached ran estimated $775,076,000
by that date, according ito the returns -Irom the. «avings and loan
graduate of Williams 'College, was
In .charge of advertising, public
relations and publications for the
.Standard ' Gil Company of New
sand ;wasf
institutions. How much the second
assistant to the President when ,he;
quarter of < 1943 added to, the
retired
the pnd:df T945;" The amount borrowed
■
.
advices Padded:"'-W
■■■■
definite
program
Indicating
agencies,
the
of
status
Associated
advices from Washington,
given in the New York "Herald
Press
as
Tribune" said:
by the GHE's
was
■
•
arid bemand.
And the final ^oice
in! the; making of
three-man
given
;
a
'■ ■>!:;
the consumer."
Thus far the
•
Board
has
encouragement
to
administering fhe
law.:.!;,;.:; >:4
In a leading .editorial in
the
IW^fDap^
said
they are "co-operating fully" with Sept.* 1st issue, bearing the caption
Mr. Truman's Instructions; tb aeek; "fjacts "Under Foot;";
I'Bpots;; and
ways of cutting $1,000,000,000 off Sboe
Recorder,"
semi-monthly'
the planned $9,000,800,000 of mili¬ shoe trade publication has the
tary outlays, but are pot far following to Say of price Control: !
I'Much of the responsibility for;
enough along to report progress.
Na.vy-r«HQpes to report "some thje bewilderihcbt"bhm
time-uextiveek^pri-Mr. Truman's fafcturers -and < distributors rests
request that -$650,000,000. be cut; with official agencies which have,
frpm its $5,800,OOOjOOO planned neglected to examine causes and
have 'been content to saw the air;
outlays.. .
.
;
—
about superficial 'effects,"
Con-:
timuing,! it adds fhat, during 4he.
.as
requested.; \
.
approach, by
co¬
,v
every branch of
industry.";,-'
.
>.
<
The restoration of livestock and
meat TriP©
controls on, Aug, 23
a problem with dangerousimplications for the shoe and
poses
leather industries, this shoe trade
authority observes and -concludes
as
follows:
"In
the
'
bluntest
sense,
-
there¬
fore, enforcement of livestock ;and
meat
ceilings and slaughter
trols will be the
crux
con¬
of the sup¬
ply outlook in domestic hides and
skins.
If (Cattle and calyes qnove
to {legitimate
packers and if the
black market is suppressed,-then
the heavy {movement of livestock
during the late summer and fall
will be certain to make itself felt
in the
availabxltty.: of leathers
.
making raw material.; However,
should controls be inadequate and
fi^st'half of .1946,the Shoe indus-;
try achieved a record breaking" livestock
Higherin 3uly
production
shoes:
and
nf: civilian
were
footwear
produced\at
a
Once again become, the
object of intense and widespread
black-
market
operation,
there
ra|te during .this . period which will be a repetition of;the loss to
gavepromiseofa -speedy balance the industry and the oouritry «of
in supply and demand.
Produc¬ •essential and vital raw materiaL
tion,: the magazine -states, "should; rShould -that happen, there ;can be
have been the urgent and fore-, jno mistake in pointing tp where
most Objectives before evei;y gov¬ thO responsibility rests,"
ernment agency when price con¬
'Overall
industrial
production
trol was .re-established."
'
continued the slight improvement
"Between July, 1
noted fin previous
and July. 2(3,
weeks ' with
thp . publication .pointed . out, many industries maintaining out¬
Closed the month with credit out¬
"prices nf raw "material,- leather put close to postwar peak levels. ;
standing to 188 different sassocia^ .and Shoes -advanced, primarily
Total -retail volume rose 'during
tions,. compared with only 127 ! because value .in the free market thO past week, being far above
borrowing institutions 12 months; in this country began to reflect that of the like week of 1945 when
•earlier,V said the announcement higher world market levels.
It postwar
celebrations
changed
of the Bank, which .also .stated;
may :be7true f
•shopping .days
into. 0 holidays
.
.
^Dollar-volume
33%
was
heavier
hataome^of the In¬
of
;reP«^haents
than In July a
creases
th|t $s
were
noe
precipitate,
but Household furnishings and fall ap¬
parel* were among the best sellers
and the for the week. There was a grad-
of the ^attributes
ago," Mr. Gardner -said, but; free enterprise system,
added. 4that this was ;a natural offsetting
advantage of
action1 ual -emergence of consumer se¬
increase prince
the
outstanding bringing reaction .should mot be lectivity; in The week that: was
loans as of mid-years were 55%:' overiootosd. A substantial volume particularly noticeable in con¬
^greater than they, bad been in of merchandise was raid and de-f nection with the demand for goods
Tnid-1945." VHe pointed also to the livered
during the free price, that were previously scarce.
V
increasing proportion of longer-: pefiodi; .''QnlJuiy :20, when iron--'
Little -change was noted for the
term loans ,;4n ithe Bank's port-1 trdl was re-established and .ceil-, second isuccessive week in whole¬
year
,
;
demonstrated ;4n;.a wompaniseai. bf: foiio,..aaindication of the factithat ■ing prices were rolled back'to the sale volume.; Howgyer, It >rethe associations are getting
more; ■June ^30 level, all producers and .mained much above that of the
of; their y advances ior financing; :suppliers were /set -back ^on their! corresponding
holiday-shortened
'formerly .a special assistant in -said, As tff March :8f, dhe tdtal: long-term * home ownership pro¬ beOls.
-Was ii- ruip^
wejrit >ia {yean^o. ;?Steadyr^
charge of war assets public abla¬ loans to veterans were Shown at grams in their localities, whereas price drop ranging-np to 40% provement in deliveries was ap¬
tions, as director, of information. .73(672 in the League's rsurvey. their ^prevalent wartime reason and -59% in raw materials should parent in almost all lines withHe t.said Carl K. Hart, director *of Since they bad made ,146,438,: by •for ;new advances was seasonal have induced temporary paralybacklog of orders large .and order
advertising, has-resigned to return June 30,'fhe .associations made as. credit, needs. Loans for more than; Sis?*' At
.other time price volume-sustained at the "high 'level
to private business in Chicago but many loans in the April-^May-June one yearns maturity account for' changes,.Qf ruch magnitude, would of
previous weeks.: ; *•'/.: >>!,:.: i
will /continue to iserve -Until Aug. period^as they bad in all;^the ,pre¬ 30% of ? the advances now
Piit-j have frozen the .industry .until ;! Ste^l Industry—^Fears that the
31. His successor has^not - been vious i21 months -the -GI Bill .of standing where ithey were' oniy^ jsomehOw or other ' traders * and
.(Continued tm page 1187)
\ 'i .1.9% this time last year. { :.•
named."
*T *' \
.
' :
?
♦ [ Rights had been in .effect.
producers could /see their way
-
!
^r. Littlejdhn -ateo Announced Ibas^'iseventh wilb the previous
the appointment of Frank"E.iFeliz, sixth tjuarteCly survey,
Mr, Irr
.
>
sane
>
functioning of the
Decontrol
some
tional and
just price is, operation and good will between
"
-C
!
* the* agencies of government and
business, since its has. shown evi¬
control, river and harbor work dence of
favoring freedom for
from $309,000,000 to $185^00,000;
the market in
Jllinois 'end Wisconsin, savings,
country's specialized home-owner
loan associations'
This fact building, and
the Federal Home Loan
Was {revealed Intfhe; seventh -quar¬ kqpt
Bank of "Chicago :half again as;
terly ■ .survey .conducted by "the
United *State£^Savings .and -Loan; busy this 'July as last,. A./E.* Gard¬
League as to fhe'GI loans, made ner, President, reported on Aug,!
14:
"New advances to these
..com-;
by "savings ;iah&^ah|
.and co-operative banks.
In two munity home-lending institutions
from1 the-reserve bank totaled
.states, Alabama -and Kansas, -the
say ings-*atid loan associations'vet- 983,174 !this July, -as against •$!,The Bank
erans loans now .constitute .more: 049,240 in July, 1945.
the aaid
^United "Press"'
from Washington: on Aug. 19, la
..a
-financing institutions.
"War Assets. Administration was from the League. Henry P. Irr, Baltimore, "Presi¬
■annouhced on Aug, 19-by Robert
dent of the United Btates -Savings
M. Littlejohn, WAA head.
;• rtMr. Claret"
-vices torn The
other
of
Armies
S.
exchanges, •and* all Other
private financial institutions in
the Third Army area of Bavaria,
appointment of Northrop
Clarey ^s Deputy' Administrator
to txeadvihe 'new bffice of Infor¬ than
The
out
economies.
with the 80th Infantry
Assets of
STt :seems treasonable," the
work
Army—reports it is "complying
Divi¬
fully" with "the
public works
sion headquarters. Following the
moratorium,
will reduce 'flood
and
Meanwhile, the report said, ithe
FDIC 'has built am ® ^sizable sur¬
plus from assessments levied ;on
Home Joans to World War II
"banks and "it <;may how he con-^
-sidered that this source of funds veterans Jhay.e expanded .at. such
as and will be adequate to "cover /a rapid rate that they now conthe risk of losses on bank deposit
»stitute;^8J6% of the .assets of the
Insurance.''
The Agriculture Department is
expected to require weeks., to
.
stated:
"He
kept."
•
member
1922.
days is re¬
the black market could not com¬ quired'to cure hides after
slaught¬
pete4 with legitimate business. • j er! and before they can be shipped
[The biarketing^^buht "bb tot the tanneries for the produc¬
and tested through long experi¬ tion of sole and
upper leather.
ence again worked for the mutual
Consequently, it was inevitable
that some time during August a
benefit of consumer and pro¬
ducer.
V
drop in .the domestic flowictf. sup-??
^ ]"The:regulatoroffhisdelioat€ly: ply would have occurred, Teflect-^:
balanced marketing machinery is ing curtailed slaughter in the pre¬
i6e pric6f?The just price is a vious months.
This crisis could
price that will balance supply only have been solved by a ra¬
.
.
t
.
r'
V^'i
V.
.£>, y*yr,
ry
".U'/
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Ji-lUt
COMMERCIAL & TIHAMCIALCHRONICLE
THE
HftL
Thursday, August 29^1946
I
plans of the other large
y? S? S
The Financial Situation
I
Russia.
.
if it
in
that it is
gree
have the force of
it, and
believed; to
arms
organizations, as, for example,
the British Empire,, are so
situated,;: geographically or
otherwise,: that "world opin¬
ion" must be given a much
greater degree of importance
when measured in terms of
are
to
open
must
continue
more
less
.or
;tot continue at all.
-.intact
Russia-XOn the other hand,
is n Cbihpact
mense
land area of im¬
dimensions, vulnerable
from the-outside
in existing
hardly at all.
More nearly than any nation¬
al organization at present, or
perhaps S&ore^hearly so than
circumstances
all
enue
laws to effect
tion
of
wealth.
redistribu¬
a
Mr.
Curtis, a
hiember of the tax-writing Ways
and
Means
.
Committee
the
of
and will
use
world
went
on
to
Board of Trade
be
held
of
the
in
the
Grand
to
Ballroom
Waldorf-Astoria
the
on
evening of Oct. 23rd. In the ini¬
tial announcement of
the Dinner
trial
propose: that further
force in the substantial
tax
reductions
be
made iri 1947/ A special dispatch
degree necessary to prevent from Washington to the New
them from gobbling up half York /'Times" on
Aug. 19 gave the
the universe.
We have long following remarks of Mr. Curtis
meddle
in
had
affairs
direct
no
which had been distributed by the
readiness
our
to
Republican National Committee:
other
in
"For several years
is parts of the world whore
the essence of
interests
we
of
'"power poli¬
importance. We still regret it.
tics," and, let it be frankly
We still think that we should
admitted, is found not only
Democratic
a
Congress has ignored tax
recom¬
mendations offered by alleged ex¬
perts brought into the Treasury
by former Secretary Henry Morgenthau.
The
top-side
of
the
If
it
is
worth
throughout the
world.
worth
preserving, it is
fighting for. The New York
Board
of Trade is
devoting
entire energies in
support of
its
en¬
lightened
Private Enterprise."
A Special
Commitee, under the
Chairmanship of H. U Brooks,
<
v
Vice-Present
of the Board and
Chairman of the Executive
Com¬
mittee, has been named to con¬
duct this affair. Other
members
of the
Committee
Harold ML
are:
Altshul, Ketcham & Co.; Warren
L. Baker,
Socony Vacuum Oil Co.;
make it one of the corner¬ Treasury, including men like Sny¬
John
F
in Russia.
It is most in evi¬
Budd, Custom House
stones of our foreign policy der and Under-Secretary Gardner, Guide; Harry J.
dence there for the reasons
Carpenter, Guar¬
is certainly, a big improvement
anty Trust Co.; Fred J.
to withdraw as
Emmerich,
promptly and over the unlamented/ Morgenthau Block
just set forth, but it exists
International Corp.;
elsewhere, too—a fact which fully as possible from situa¬ setup, but the glib young men Leonard Ginsberg, Hearn Dept.
tions which really are none of down the line are smj.there.
Stores, Inc.; Percy C. Magnus,
must not at any time be lost
"Their mania for peaching the
our affair.
We have no sym¬
Magnus, Mabee & Reynard, Inc.:
to sight.
socialistic objective of complete
Indeed, if one power
Robert
pathy with any
icana notions or
of
a
Amer¬
pax
similar nature.
We do think, however, that
lives will be saved in the end
some
Russia
Uruguay
Sign Trade Accord
responsible for the
costly: and destructive
course,
most
war
of all times which
came
bloody close only about
a
wPj
year ago.
It would,
signed
that day the first formal
commercial treaty that the Soviet
Union has ever concluded with an
on
American
nB.
Magnus,
Magnus.
& Reynard,
Inc.; William
Stonaker, Mill Factors Corp.;
by successive repudiations by the Arthur
Snyder, Alfred M Best
redistribution
of
wealth
through
are tax legislation has not been cured
that
any
by being careful not to let
get the impression
idealistic mechanism for con¬
that we should prefer to let
trol of the basic conflicts of
her do anything anywhere in
interest still found through¬
the world rather than to
op¬
out the length and breadth of
pose force with force.
the globe. It is certainly not
a
pleasant prospect—one in
which "power politics" must Russia and
in the postwar world be met
with "power .politics."
That
Under date of Aug. 9 United
way has led* to wars through¬
Press advices from Moscow, /.re¬
put the UUUtUries. It was, of ported that Uruguay and Russia
to a
3^sse§ p| parts of its periph¬
now
remainder of the
can
the remainder of the world to
costs and; which
-
,
"Power Politics"
strategically .weak spots
abandon it in favor of
which must be guarded at all
possible attack by a *?reat va¬
riety of peoples and forces. It
must
we
regretted
This attitude, of course,
accomplished
Dinner Och 23
,
phyical force, actual or poten¬
tial, 'th^n is the case with
so large and so strong as Rus¬
others, ..such for example,
sia insists upon clingiiig to
Russia.
The British Empire
is world-wide; it has a thou¬ "power politics," it would be
rather worse than foolish for
sand potential enemies, and
many
which
the
\
behind
Some world
no more.
.
be
live, is the necessity of mak¬ House, declared that such experts Ralph E.
Dorland, President of
liatf been repudiated by the»Con- the
Board, stated on Aug. 15:
ing it quite clear to the powergress even while it has been un¬
mad governors in Russia that:
"Private American Enterprise
der] Democratic control, and he is on
.
tion.
can
Reji^sentM^
(R.-Neb.) criticized the Treasury
Department for continuing to em¬
"BUSINESS SPEAKS" is the
ploy tax experts who, according theme
of the Annual Dinner
of
to Mr. Curtis, seek to use the rev¬
the New York
important,
recently hUs begun to
appear
impossible, but far
more important in this world
think of Russia is of no con¬
in the de¬
All that is
which
deed;, was foreseen, that what
is
kpo^/h as "world opinion" sequence and in any event is
hostile in the premises.
Only
of ItselCis much less effective
if and when "world opinion"
in'determining the course of
any
nation's conduct than appears to be reaching a point
where it threatens to marshall
many" of our day dreamers
of dangerous ^ power
have been fondly hoping and force
against the Soviet is the mat¬
supposing, ' In the hard realm
ter to be given serious atten¬
of world politics "world opin¬
ion-is- effective
Income Tax Cuts Urged N. Y. Board ofTrade
apparently are the.
objects of great suspicion in
' '
(Continued from first page)
wholly typical of. and bent upon the "exploitation"
-power politics."
liation" of the masses ---in
short, that what all these peo¬
-.^1^ Hpw clear, as should
haven.been foreseen and, in¬ ple and all these governments
w
pow¬
which
ers
Congress.
into
lican
come
They
are
now
thrown
state of panic by a Repub¬
a
pledge to cut individual in¬
taxes 20% for 1947 If the
-
elect
voters
Republican
a
in November.
gress
"
Con¬
background information these
so-called
experts
furnished
a
writer for The Chicago "Sun" this
week.
Championing the Treas¬
ury's repudiated tax thinking, the
writer
accused
Republicans
of
sponsoring a flat 5% reduction in
1946 personal income taxes when
the Revenue Act of r 1945 was
.
passed^ j
He charged
v
this
vision 'gave nothing to
except those at the top.'
"The true facts
are
H.
£?:' ^rlc-»
A. Slocum, Millbum
BfiUs, Inc.; H. W. Schaefer, H. W.
Schaefer Co.;
William T.
Van
Atten, Dun & Bradstreet, • Inc
E. T. T.
Williams, Becton Dickinson
„
"This mental state, of frustraton is reflected clearly by in accu*
rate
Mabee
-
&
Co.; Ralph E.„ Dorland,
The Dow Chemical
Wesley Combs, Jr., Wm.
Esty & Co.; George E. Shea,
Jr.,
Ex-Officio,
Co.; P.
Barron's;
Lewin &
This
Sidney Weiss,
Company. *
will
be
the
W.
A.
74th
Annual
meeting of the Board which was
founded at Cooper Union in 1872.
The Board's
membership includes
approximately
2,000
leading
American business firms;"1 —
pro¬
anyone
this particu¬
lar provision was sponsored in the
Democratic-controlled Senate Fi¬
Reserve Board Adopts
Revised Regalation C
nation.
The, United
as given in the New
The Board of Governors of the
nance
Committee by the Senate
York "Times." wmt on to say.
Reserve
Democratic leader, Senator Alben Federal
System made
The treaty is based upon "mostknown on Aug. 13
.
Press account
however, he folly favbred-nation treatment," and
the, adoption
effective. Aug.
to^adbpt a policy of combat¬ covers friendship, trade and navi¬ ;3 i"It seems incredible for Admin¬ vised version 31/ 1946^ of a re¬
of Regulation
points would not1 be fatsd-^as!
-C,
gation for a period of three years. istration underlings - to' be' bUshwaslfprpyed5;ivhen trenriaii1 ting /'power,, politics" with It may be^/ renewed upon six whacking .Barkley^ ^Heretofore Acceptance by Member Banks of
Drafts or Bills of
pious phrases. Such a course; irionths' notice before the expirai such, a: slapbappy Situation j has
Exchange. The
ery j -at -almost any point -or ;
9hed
across
virtu-
indtistrM afeas.
would be an invitation to de¬
tibn; d&te.~
struction^ I£ Russia^ insists;
lfe$she i ^p^eht^^is ^deter¬
vital
Frugoni
-
Ambassador " Emilio
signed
for
Uruguay
in
Spiridonovka Palace and the'Mm-.
ister] of Foreign Trade, "Anastas
been
limited to the staff of the
Democratic National: Comibitfee;^
Board's advices state:
»
j"The regulatiott'governs the ac¬
ceptance of drafts Or bills drawn
Hrhe; Treasury' has.-made. prac-. against "domestic: or
"foreign shipi
na contributioft whatever ments L of
:goods -or secured by
many an-. Mikpyan, signed, for Russia. •
• I *.
to] constructive tax legislation, for.
warehouse receipts covering
other natron: in thepast has
Specific technical- detail^ will sfeVerar
2
years. ^Secretary Snyder readily- marketable
is relastaples and'
donei/upon ;contipu|fig to ex- be] worked Out by. a Soviet: mis-? $ftotild; /recognize. ;thls \ situation tbe acceptance of 1 drafts br biUs
sionHtd: be dispatched; to-Monte- and:clean out his tax .study de¬
ploit-Ref ppsitio^
power yideb ;and a ^Uruguayan: mission
drawn for the piirpose of creatmgr
partment frohi top to bottom. The
dollar, exchange. The revision has
less, since Russian authorities for /thepurpose
th^will,come here/ /
r ^ . t
; see* tO it that
the rank and file development of Russian doni- ; Under the ^treatyRussia receives tibn of really constructive-tax leg¬ b^cn made in order, to
.simplxjy
rdf tftef people knowonly wbat ination,:thereis but one thing the -right to send a trade mission islation /when '^thev£l^htie^h^bhr. and clarify - .the. .regulation.. 'In
of i one
representative and two gress gets under way,"
■ _' which the other nations of the
making, the revision,, the Board,
•it':r'is ;desired;that^they know
assistants, all: having* diplomatic
has had the benefit of suggestions
and, are told only what they worW which are threatened status, to Uruguay: Russia, also
"should, be told." '.There is, by that course to do. That is may send twenty employes at- Air Force to Reduce
received from a.number of mem-,
ber banks, experienced in
^(^Irdmgly^; no - evident way to? dOr all that may be neces¬ t&ehted 'to* the trhdd hdssioii./ 1r, ? 1 Civil Workers: y
accept¬
a
Problem :
c
;
:
mined to do and
as
.
ti^ally
~
.
^-Rt^ia^;t;neref^ore,
p^l^essiye
in which
^biiild
a
fire" be¬ sary to convince .the Russian
authorities that they can. and
hind the ; powers that he in
that
mighty (and coldly real-
will match Russian power,
,
Russiawill undertake
to
to
-
,
Russian leaders for the purpose of encroach¬ the Soviet Union vegetable oils,
cherish-rnthe Russian people ing upon what may legiti¬ meat; Wool, fats and hides.,
iistic land.
The
ship
j Uruguay oil,, coal and timber,
not while Uruguay agrees to ship to
fort to
man's
War,
Ijcpartiheht's; first ef¬
respond to President Tru¬
request for, Government
economies was the announcement
.
do not count—the ambitions
mately be-regarded
as
The
Rus¬
volume
trade
of
was
not
9ni
the
Aug. 22 of a 20% reduction in
number
of/Army, Air Forces
ance
credit; procedure an<f tironi
the Federal Reserve Banks.
"While the Board,* in stating .the
requirements that must be met.
has .endeavored to lay down broad
principles
.
that, should
ob¬
be
interests, but to stem the discussed during negotiations, and civilian employees and a promise served, it should be- emphasized
regimes/ : They
of ^substantial cuts by other
tide of Russian envelopment no; limits were set.
care not-a,
Ajiny that mere technical compliance
fig what other na¬
with the provisions of the
The treaty lays down broad branches, Associated Hress
tions and other peoples may now running at flood tide.
regula¬
of the Czarist
sian
tion will not
necessarily afford an
It is all very well, as the principles of trade between the ington advices stated. Preparia-j
ofthem, save only in
nations. It does not attempt to tions commenced as early as'T&sfi ■accepting bank protection from
degree such opinions can Roosevelt regime was so in¬
cover
in detail such
technical April for an Army postwar ieo^ loss. Sound acceptance practice
marshal! force against them tent
upon doing, to convince
shipping facilities ganization program. The present depends primarily upon the exer¬
in such degree as to be of Mr.. Stalin and the others problems as
think
the
major-Consequence. / - They
have3 j 'long
ago J convinced
that
no
one
has any designs
anything that can reason¬
virtually all ably be termed Russian. That
other peoples of the world
non-aggression, territorial or
and certainly all the govern¬
other, certainly so far as any¬
mental" authorities of all the
thing Russian is concerned,
major powers are rapacious is definitely the policy and
themselves that
on
and
freight charges.
announcement
Nor does the agreement concern
itself with
of various
guaranteed shipments
categories of merchan¬
dise. The quantity of items
shipped
will depend upon the number of
tankers
at
a
and
freighters
given time,
..
.
available
■
Forces civilian
be
000
indicates that Air
employees
reduced from
between
Oct.
are
163,000 to
1
and
to
131,-
Jan.
1.
High and low salaried employees
are
to be treated
equally in
pro¬
portion to numbers, according to
a
statement by
Gen. Carl Spaatz.
cise by accepting banks of gpodt
credit judgment. The
liance
sound
upon
for
the
practices
principal
re¬
maintenance
of
must
be
placed
that judgment and the
tinued
development
con-
of "seasoned
policies in this field of extension'
of bank credit."
/
?
Volume 1 (>4<
Number 4520
1185
ffBE eg
can
to
Sleel OperaiioBis Gontimio At a
consumers
and jobbers is at
peak for the year to date. How
much longer present rate of ship¬
High Level—
Pig Iron Supplies
Users^prawingvHeavilf on
will
ments
maintained
be
be
view and per¬
possible once
again for mil¬
lions of American citizens to visit
in¬
or
be brought to
manently preserved.' It will then
creased,
will depend in
large and enjoy the historic associa¬
were successful in the steel
tions and the setting of this na¬
measure on supply of raw mate¬
Industry during the war are falling far short of producing a normal
rials, particularly scrap, and the tional landmark as they have for
and healthy peacetime steel
distribution," according to "The Iron outlook is not
promising.
With generations past.
Age," national metalworking paper; which further states in its issue
"The President's signature on
overall supply oi these materials
of today (Aug. .29) in part as follows:
as
acute as ever and with con¬ the bill, which was first intro¬
"The proof of this is that one year after the war's end finds the
sumers' stocks at the lowest point duced by Congressman Sol Bloom,
steel industry arid its consumers
reached since before the war indi¬ brings to a successful climax the
a
state of anxiety
neurosis, or ing purposes were stepped up cations point to a decline in steel long fight by many prominent in¬
maybe more descriptive, postwar substantially in July with further production unless new remedial dividuals
and
organizations
to
"Price and production controls which
'
slap-happiness.
improvement in August. A show- measures can be applied prompt¬ save Castle Clinton from destruc¬
dowh on the scrap price contro¬ ly, especially with regard to scrap, tion. It had been slated for demo¬
versy is expected to materialize on the price of which dealers and lition in connection with the con¬
from the meeting being held this
struction of the Battery-Brooklyn
Washington continue at odds.
week between OPA and scrap in¬
.
"Plate production in some dis¬ vehicular tunnel. I
"All restoration and develop¬
dustry
representatives., Until tricts, curtailed for weeks because
something definite comes from of pig and scrap shortages, has ment work to be undertaken by
Peacetime economy being a horse such
meetings, however, scrap declined further and an important the National Park Service will be
of a different color requires all which lis being held will be reproducer now operating at 40% delayed until after the tunnel has
kinds of sizes, shapes, products leased slowly."
1 *; to 50% is considering suspending been completed. Meanwhile, the
and a tremendous increase in the
The American Iron and Steel
City of New York, through Mayor
entirely within a week or two.
number of orders and consumers. Institute on Aug. 26 announced
"The
situation
in
pig
iron William O'Dwyer, has indicated
"Faced with a shortage of sup¬ that telegraphic Reports which it shows some
signs of betterment, its willingness to cooperate in the
plies, many customers both large had received indicated that the temporarily at least, with two protection of the building and to
and small have been driven to- operating rate of steel companies Eastern
stacks
changing
from take steps necessary to safeguard
.black
markets
for
some
steel having 94% of the steel capacity
foundry grades to basic, giving it from damage while' the con¬
items and have been forced to of the industry will be 89.4% of steel mills in that area a better struction of the tunnel is in prog¬
engage in a system of bartering capacity for the week beginning
supply of iron. At the same time ress.
which has become almost fantastic Aug; 26,-' compared with 89;7 %
"Among the organizations to
scrap supply is smaller."
whom
much
credit
should
be
during the past several months. one week ago, 89.6% one month
While the*meel industry is free ago and 7415% one year ago. This
given in the movement which cul¬
from any evidence of black mar¬ represents a decrease of 0.3 point;
minated
in
legislation, which
ket operations, some firms have or 0.3% frohi' the preceding week.'
makes possible the establishment
been forced to engage in barter The operating rate for the week.,
of Castle Clinton National Monu¬
operations involving for the most beginning Aug. 26 is equivalent
ment are:
The American Scenic
to 1,575,600 tons of steel ingots
part scrap supplies..
and Historic Preservation Society,
Acting Secretary Oscar L. Chap¬
"Just as in other commodities, and castings, compared to 1,580,- man, of the Department of the In¬ the New York Historical Society,
steel black market1 operations are 900 tons one week ago, 1,579,100 terior, announced on Aug. 17 that the Chamber of Commerce of the
difficult to expose because they tons one month ago, and 1,364,600 Castle Clinton, historic landmark State of New York, the New York
situated in Battery Park, New chapter of the American Institute
work undercover, and although tons one year ago.
York
City, will become a na¬ of Architects, the Society of Land¬
the amount of steel being handled
"Steel,"5 of Cleveland, in' its
"In the
period output was
specific products
with not too many changes in
sizes, shapes and quantities. This
production was pushed forward
regardless of price or sacrifice.
war
concentrated
on
.
.
t
To Establish Castle
Clinton ffloniiiaenl
by this method is small compared
to total steel shipments, it does
flourish in
many
parts of the
country. More conducive to up¬
setting the general scheme of dis¬
tribution, however, are the bar¬
tering methods which some of the
shipments
plumbing contractors have
tubs
and
channels
other
material
needed to complete projects.
••
"Another
major
factor
which
due
to
the
their
output
or
.
the
bill
President Truman
Maritime
companies"'ta; con¬
output on items with the collection-ofdata to supwhich show a profit arid tocut pqf P a^^etition
sfc.steel;; price
sity for steel
the
with
noted
in
signed
on
Aug. 12.
Regional
by
It
ahd
Commerce
The
of the
newspapers."
New York
Industry
fig¬
Association of New York also
announcement
the
the
.
Plan Association, and many
accord¬
in
Engineers,
scape
in the
in
and
materials
some
and'^stipplies,
shortages
areas
building craftsmen,
was
of
reflected
16%
drop
iti'1 Contracts
awarded for residential cbnstruction in the 37 States east ,0/- the
in
a
Rocky Mountains in JulyT it.was
reported on Aug. 19 by'F/ W.
Dodge Corporation, a fact-finding
organization for the construction'
industry; rr r
tH
July residential contracts to¬
taled $281,227,000, compared with
$332,248,000 in June, and brought
the total for the first seven months
of this year
to $1,914,700,000. Dur¬
corresponding
seven
last year - residential
contracts totaled .$243j.782,000 in
the States ?;east;;oi: the Rockiest i
Public housing contracts^ were
an important part of thd July^vol¬
ume,, with $31,917,000r:or 11% of
the total of all residential con¬
tracts,' being listed as. publfely
owned.
Home builders'vbhlieve
ing
the
months
of
that
factor in this sizable Vol¬
one
publicly .owned, /housing
attributable to, the top
priorities given to public housing,
as compared with priorities issued
for privately owneda home: .Con¬
struction, the Dodge ,Cprporatian
ume
of
may
be
.
vV'|T"
reported.
While, home
volume
building Mftrhct
wasreceding,
dential
showed a
non^resi-
construction i- Contracts
modestlgaipirom $273,-
207,000 i« June tb $283,635,000 in
July.
Commercial;^ educational,
science, hospital and: Institutional
building volume jshowed .gains.
Manufacturing bUil^in^" Contracts
declined but still fepresented - the
most active kind rof.."nOn-residen-
ured
in
the
.
has upset the proper division of
steel supplies has been the neces¬
centrate
Government
title
as
soon
vested
effect of inadequate home
The
building
'.
scrap,
-
and have been assured such items
bath
as
is
Building Volume
Declines IS Per Gent
efforts to preserve
Union's strike could result in an
tial building investment with a
that at present Castle Clinton is the structure. The bill was passed
iron ore Shortage.
July total of $129,302,000.
the property of the City of New by the House July 25 and by the
"Maximum
operation ' of the
The Dodge COrpofaitioh' repotted
York.
The Department's advices Senate on July 30.
Great Lakes Fleet during the re¬
that 28% of all 'construction Con¬
minder of the season will be nec¬ point out that:
tracts in July was Jisted, as pub¬
"Castle Clinton was famous to
essary to assure an adequate sup¬
licly owned, and tMt21% of the
C. R. PortesfDies
generations of Americans as Cas¬
ply of ore to carry the iron and
total for the first fseveS:months of
Claude R. Portei?4 a' member of
steel industry through till next tle Garden and is intimately asso¬
the year was awarded-by various
ciated
with
the
growth of the the Interstate Comnierce Com¬
spring.; iHowever, iron vore and
municipal,
State. ^aRdi 2Federal
United States. V Constructed over mission §ince 1028/f .died on Aug.
coal shipments were affected Only
agencies.
?V,a ; v'i'iXii
~
Vi
a
six
days
after,, the sudden
period of years, beginning v in 17
slightly by the first week of the
death of a son, Gebrge B. Porter.
attempt by the National Maritime 1808, as a fortification for the de¬
Union-CIO to tie up lake ship¬ fense of New York Harbor, it The Commissioner \was stricken Yugoslav Share
served
as
the
military
head¬ at his office on. AUgilS with a
ping. Actually, at the week's end
UNRRA Aid
States cerebral hemorrhage it was re¬
only about' 15% . of the iorC;-coal quarters of the United
Aid to Yugoslavia :by the United
and grain fleet'was immobilized, Army in New York during the ported in Associated Press advices
Nations Relief and ^6^^!^81^0?1
War of 1812.
Ceded to the city a from
Washington on ' Aug.
17,
"OPA has autlterized'lfche pen-i
Administration aiiabunted ^$327,^
few years later and renamed Cas¬ which.also''-said*: i?#-r ■:> V§ %
era! Steel Products Ihdustry' Ad¬
AWWWeMJ;
x
tle Garden, it became a central
Claude
Rodman
Porter ... had 577,000oip food, clothing,: agricul-1*.A."
'A XT''i**4
Y
visory^ Committee: - to::, go: • ahead
point for the nation's public' and been prominent as a Federal jitoSe'-! tnrali, ,and a^^HStWt- «ia,f hjpery
to keep their manufacturing
plants or their jobs in operation.
/ / "Carrying the situation to an
extreme,, have been cases where
as
structure
Federal
ance
was
in order to get enough mate¬
purchased
unprepared
passed it through" the
the
.
rial
even
to
try, stated in part as follows: ' •
"A serious' interruption* of ore
smaller steel producers and even
the larger ones are required to
use
tional monument
of latest news develop¬
metalworking indus¬
summary
ments in the
Home
eliminate
,
Jl
the
increase under the
ctitori|afed;
vvVnCO
.and
as
'■&,!ead0rlrih'{l^
nthpr
siinnliPs
in
the
nepe-
"■31.
-York
New
City Aquarium
new price' con¬
for many years' until 1941; this
Although the Advisory!
and other records of the historic
Committee has not'1!ormally; re¬
structure are indicated as followsquested an increase ^ prices, top
by the Department of the Interior:
those
'1
T,
■
The structure housed
social life."
1946/ it
Ji^erstatev Commerw The
1 amount ;:cbnstituteSj abbut
GommissiOh," on?; which Re had.
served since 1928; He^was^-ap- .three-quarters pf- fbg &4;29,j50Q,0OO
-allocated by the relief agency to
poihted by;' President Coolidge
drawal from certain market areas reconversion officials ate reported
Only .two, .qf the 17
-"One.after another the Ameri¬ and yeappointod'tbirCC tbmes servr Yugoslavia.
has left a substantial number of
countries receivih^ TTNRRA_ aid
't<f::belieye$$^
can
Presidents ' were
received ing As Xhajrmani in;1932."
steel consumers without a normal board increase of $1.50 a tpn
have
been italh^tedxc^grteater
joh here, and noted foreign ; visitors
the New: YbrKf^imes'* of
source of supply and with little
Steel products
amounts,.
Items
which the
trol
profit is too
low br the loss too great.
This
elimination of products and with¬
on
law.
went ■ tov/tfee
■
.
Pir no inventories.
'
;
" i
der
-
the
Barkley
such
amendment ; to
ffAnrexample of this situation is the new, price cqntrol law, ,The?e
the .warehouse industry.
Ware- same officials .have estimated' that
during .tiie war were .the under the defeated ,Ta,ft, qmepdc
lnMh standby of small manufac- meht the allowable increa^wpuld
have averagedTC'I
;
; turefs and a chief support in the
.balancing of- parts or products \ "The..AdyiscuY^Qommitiee also
'•Jheeded ,by large consumers. To¬ has discussed with OPA officials
day the warehouses have been the decontrol of;sotfie^steeb prod¬
i* hard hit by the reduction in the ucts, but action.
.pm-tM$*is.hfiiiy?
dutpttt of sdriie'sfe'el prbdiicts and held up pending Completion of
•the^ inability to obtain anywhere decontrol regulations. Items which
q;
•
near
*
t^ej?
r,
WUireip0nts_
from
their.ci^rrept or. former Sources.
,
v*'Ah
important
steel
may -be- decpntroyed;^?^,cthose;
which
.
product,
.,
supply;
concrete reinforcing bars, always
a main item in almost every large
are
in<
fairiy.-plentiful
.4..
wr,
"From Pittsburgh
»
-
iMs reported
that substantial inquiries for steiel
warehouse, is in so short supply mill
equipment *••• from >"foreign
today that many construction ac¬ countries are being received, by
tivities involving roads, utilities, American builders
.is believed
factory buildings and other larg
fhat.in most,cases these inquiries
undertakings are being definite!
being prompted by loans frdm
threatened. No amount of effor
thecUnlted States to foreign govon the part of many warehouseme
jgrpmpntp, ■ I Since little -foreign
has produced an increase in steel steel production equipment was
requirements, but as an actual dSstro^ed during 'the' War, the
fact shipments are beng cut to present inquiries seem to be for
the bone in many instances.
equipment to increase
existing
"While steel shipping and dis¬ facilities.
It is thought in some
tribution remain in a turmoil, the quarters that this foreign expan¬
steel ingot rate continues at a sion may result into a major com^
high level.
petitive factor for the domestic
"The scrap situation;-continues steel t industry.
;
4
V.
^ v,
as
General
;
Lafayette .and
Kossuth.
Garden that
It
in
was
C$stle
Samuel F. B. Morse
"From 1855 to 1890 Castle
ton
was
the
Clin-!
immigrh-f
principal
tion station for the United States;
receiving, nver < 'fwo-fthirds - of l-ibei
immigrants arriving during,that;
period. Through its gates passed;
somef
8,000,000 future Americans
serious, but steel companies are
drawing more heavily upon pig
iron supplies which for steelmak-
"Although steel producers
erally
are
still
well
gen¬
behind
their commitments, flow of
on
steel
m
'"Mr.
s^totovCPhSoIid^tidrti OfA the East¬
_
ern;,foads,'. C^lqdinifo iNew! .EhgUllltca
aitu .vauoua.
XYillgUUIll
xxx
was'Approved'by thC( commrssion $32,000,000Sfellateri allA^
:ifi^,1932^althbughlJ^.twas^neverj put- Alavi^
tHrdigfi^ehWeis^ during
inta-effeici. .-infj.jrr fl;- *■'
whose
grandchildren and ^great:
the war • • of wlri^? a
"Mr. Porter seryed 4n the Iowa
grandchildren have in this day:
sisted' of
House' of Repvesehtafives from
fought to preserve the common
commodities
national heritage. In a sense,"Cas¬ 1896 to I960 and in the .Iowa Sen¬ trial
munitions^ items, "
tle Clinton is the ancestral James¬ ate from 1900 to; 1904:
,
agricUlfarajba'hd iMh^-
*
.
hal^-qf
r !4But he was unsuccessful in his
a large
According
fcess
Ameri¬ bids for. major :public office, al¬ advices from
Waspi^ig$oftPAug^2l.
can
population.
In
its
latest though hie made many. He was
A reporf on tile^'Mttoithe
phase,
this
Democratic
candidate
for
structure,
w h i c h the
had served in turn as fortification, Governor in
1906, 1910, and 1918. appropriations comihitteelifted
town
or
Plymouth Rock to
section of the present-day
rp«taumnt.
lecture
hall,
and
im-
'
,
Chin|i^w^^535
Aug'. i&\ve llake the following:
qnd I Poland
with/, $474,00^000.
Porter's Ckifeei* on the In- Washington dispfatcrres
terriatev:Commer'cel,('Commission the New York ^H0Valct«Tribah^'
gave his first
demonstration, oi1"
the telegraph ahd P. T. Barhum; was:.- highlighted^ Ry« his author¬ reporting these«fi^u.res; pqintedq^t
ship of
uifification«plan for the that 72% of UNRRAX resources
introduced Jenny Lind, the'
Swe-j
dish nightingale; to America,. );^! fnatlonV,., fRevised -in of $2',700,000,000 ^a^ten'contribJ1929, thApian called ^dr a four- uted by the Unitod /s'fa'fIs^Ost
Louis
unsuccesfullyj he fan ..for
Also,
United
States
^Sration station, housed the New
the
that
Senate
five
the
shipments to
contest by Smith
;
Yugl^lgyiav. In
categories;|^as:';I011piW^^^f|
Food: 1.113,655 tprfc, ^iued at
^ aquarium, and will be times, in 1908, 1909/ 1911, 1920
remembered by many on account and 1926. In the last campaign he
of the remarkable marine exhibits was
defeated in
a
hard-fought $127,228,000. Clothiuge^4,6^5'- tons,
were
displayed there."
From the Department's advices,
we also quote:
?
"With little effort and relative¬
ly small
lar
red
expense
the thick circu¬
sandstone
walls
of
the
original fort; still perfectly intact,
"Mr.
United
Porter
States
at $55,711,000.^
.Agri^ural; Re¬
W. Brookhart.
was - • appointed habilitation: 74,533
,j$|fy
Attorney for the 396,000. Industrial
.
Southern Iowa District in
President Wilson
Democrat;
was
five
1914 by
and, although a
reappointed*
President Harding."
by
}g^bilitation:;
$44,507,9^0..,Medi¬
cation /and;
Sanitafgi^5^72 tops
296.565 tor,? at
at
$10,748^000.
1
1186
^HE®0MM^RinAt5fi
and so that they could be
readily redeemed to meet emer¬
matured or wele Called for re¬ gencies without loss of
principal.
previous fiscal year. .Liquidation
accounts, amounted* to, $16.3 foil^- demption.- Of -thi& amount; $19.2 Complete data on the sales and
of : war is-costly^ cThe dehaobiliZav.
lion, an increase of $6.1 billion billion were paid off in cash (ex¬ redemptions of savings bonds are
tion of millions of men- and their
compared with-1945: Of this in¬ clusive of the $2.0 billion pay-off shown on pages 36 to 44.
^
mustering-eut pay, and outlays to crease,, $4.6 billion or about 76%. of the Treasury notes maturing
terminate war contracts, contrib¬ is accounted -for
Guaranteed Debt
!
by expenditures July 1 which was announced on
uted tokeep: war";
spending at a that are War related" and some¬ June 14, 1946).
On June 30, ,1946; as was the"
To the extent
high rate; It is: interesting to note; times referred to as "aftermath of that
the
maturing, obligations case on June 30, 1945, only two '
however, that expenditures ;for war," i.e., interest on the public were not. paid off, they were re¬ groups of unmatured obligations *
war. activities amounted to miore
funded into %.% one-year certifi¬ of
debt,: refund's, of. taxes and duties,,
governmental corporations and >
than; $7:3 billion irr July 1945, the and veterans'
Table 5i at credit agencies, guaranteed as to
benefits (including cates of. indebtednesSi
month preceding: V-J Day, aud transfers
to: the National Service the end of" this article shows the principal
and
interest,
except1
have dropped to: $2:4- billion- for Life Insurance Fund
shown under disposition of the marketable js* /those held by the Secretary of the ■
June 1946, the month just ended,
"transfers to trust accounts; etc." sues matured or called between Treasury,
remained' outstanding*
and will continue at a declining
Ih addition, a substantial amount March:!, and June 30>, 1946, - For totalling $467 million as compared
►rate; These figures do not include of
general
expenditures .» were offerings and; disposition of Treasf with $409 million, on June
(Continued fyom first page):
j /
Miscellaneous receipts for fiscal
year 1946 included proceeds from
sales of surplus
under
the, Act of Oct, 3, 1944, amounting
to
$0.5
billion.
Approximately
$1,2, billion was received on ac¬
,,
count of renegotiation of
tracts
wait con¬
as
compared with $2.0 billioh ior fiscal year 1945.
VSee Table I at the end of this
article for
.
comparison of budg*etary receipts for the fiscal years
1945
and
1946.
A
history of
re¬
appears
page 5.
For a detailed
analy¬
sis of internal
revenue collections
net.
see pages
.which .amounted;, tcr
on
64, 66,. 67.
Fiscal Year
in
'
a
ceipts from 1937 to date
war
outlays
,
,
130,v
the Recon¬
Corporation;
$0.3 billion in
of
made to carry out .responsibilities
of
the
postwar
period.
Chief
"Finance:.
struction
ahiong these was $500 million
paid to the Commodity Credit
Corporation to- be used* for postwar price support of
agriculture;
$674 million for subscription to
capital stock of the Export-Import
Bank; and $159 million for sub¬
scription to the International Bank
for Reconstruction and Develop¬
ment.
The remaining categories
the fiscal year: 1946."
Expenditures
,
There
.
decreases under all
were
.Expenditures have- declined major categories of: war
expendi¬
substantially since V-E Day. -The tures, as follows: War Depart¬
following table, shows .compara¬ ment,. $22.5. billion; Navy Depart¬
1
tive expenditures
by quarters.
~
r
ment, $14.9* billion; Treasury De¬
partment, principally for lend-
(la billions of dollars)
'
—Fiscal Year~ iv
Thursday, August 29, • 1946
means
Federal Financial Operations
property
FINANCIAL CHRONICLE
lease
ury bonds;*: notes,,
of indebtedness
and certificates :1945. The unmatured obligations
with include $424 million of demand
the Fifth War Loan see pages 32
obligations
of
the
Commodity
and 33.
beginning
,
Credit Corporation issued to com- >
mercial banks in connection with
-
Of the $19.0 bdUion. marketable
debt maturing
or
30,
commercial
commodity transactions, and $43 ;
of debentures issued'by
uie* Federal Housing Administra¬
called for pay
ment from March 1
through June million
banks
reporting
in the
.
tion in connection with'
Treasury Survey of Owner¬
ship of United States Government
insurance.
During the
mortgage
year the
purchases, $0.8 billion; U. S.
Maritime; Commission, $2.5 bil¬
lion; War Shipping Administra¬ of other general expenditures Reserve Banks; and 32%iby non- directly by the Treasury decreased
16.1
8.2
Jan. 1-Mar. 31—
25.1
13.0
tion; $0.7 • • billion; and decreases showed a net increase of only bank investors and nonreporting from $12.2 billion to $11.7 billion.
—12.1
Apr. 1-Jun© 30U
26.913.4'
—13.4
Under other -miscellaneous- cate¬ $152 million, due to the receipt! in bahks4o Table 6, shows1 the owner
A statement of guaranteed obli-i
gories aggregating $0;7
Total
100.4
billion. 1946 of repayments of $163 mil¬ ship distribution of the matured gations outstanding is included in
65.0
—35.4
There were some
offsetting in¬ lion capital and surplus from the and: called issues according to the the report.
Although actual hostilities
creases,
the ; largest
of
which Federal Land Banks and the Fed¬ latest
reports received by
the
ended
10%
months
before
the amounted to
$0:6 billion for pay¬ eral Farm Mortgage Corporation, Treasury Survey of Ownership
close of the fiscal
year 1946, war ments; for
United Nations' Relief as compared with $63 million in prior to the date of payment in
spending did not stop. These ex¬ and1
Rehabilitation
Administra¬ 1945, and the fact that no pro¬ each case.
Additional informa¬
penditures amounted to
$43.5 bil¬ tion.
vision was made for paymentsiin tion on ownership of government
lion for the year
compared with
Expenditures classified as Gen¬ 1946. to restore the capital impair¬ securities is presented
in
the
the peak of
$90.0 billion in the
eral, including transfers to trust ment of the Commodity Credit chapter beginning on page 48.
MapleT. Harl, Chairman of the
Federal Deposit Insurance Corpo¬
BUDGETARY RECEIPTS AND
Corporation,
whereas
in
1$45
EXPENDITURES, FISCAL YEARS 1945 AND 1946
Average Interest Rate;
ration, will appear on the pro¬
there was an expenditure of .$257
(In millions ot
dollars)
RECEIPTS—
Interest payments on the public gram of the annual joint national
million for this purpose.,
Periods-
1946'
Oct.
1-Dec,
31—
1948*
24.2
July l-Sept. 30—
,
22.5
Change :
16
—
24.3
Securities held:: about ;50%; an¬
other 18% was held* by Federal
securities of governmental corpo¬
rations and credit agencies held
—
?
teiiPlaitBanker^'
To Meet Oct. 21-23
,
Internal revenue:
Income tax:
|
Additional
information
on
.
1945
Withheld by
employers
• Act of
1943).
:;■%
1946
(Current Tax Payment
—
10,289
security
Taxes
upon
taxes—
21,493
6,949
1,494
7,725
1,418
285
—
Social
revenue
9,392
24,884
~
Other
Miscellaneous internal
and
283
their employees
—_
Railroad unemployment
insurance contributions—J.
Customs
:
—4—-
'
13
V'"'*®.".
■"
and
^^-r** *
appropriations
net
to
Federal
Survivors Insurance Trust Fund
—
v
+
( 1Q
—3^501
•
1,283
•
1,201
•
46,457>-
If ££••;
(not otherwise
43,038
*
;
—
Agriculture Department:
Agricultural Adjustment
Agency
-
-
957
:\;j28l
>
Postwar price support of
agricultureRestoration, ot. capital impairment
Other
::
881
292
,
,
—
Commodity Credit Corporation:
•
-
Security Board'
—_!
'
National
Post
Housing
Agency—
Office
(deficiency)
floodcontrol————
ii
'y?<"*
War Activities:
r,
934
%
•
'■
>
Federal
1945
2,871
+ 1,937
14,559
5,829
+
1-
189
.1
—
China
—
140>
share)
>
due
to ^several
which
was
billion
insurance
664 :
106
factors,
one
of
the retirement of $6.6
'
v.
Special- issues Which
ruary.
ried
,—
'247
1,381
Surplus; Commodity
Total transfers to
stamps,
etc,
amounting
to
car®
an
Total expenditures (excl.
pub. debt
the fiscal
year
1,646
previous year, sales (in¬
$8.3 billion cluding. accrued
discount)
ex¬
as
follows: outstanding Treasury ceeded
redemptions* by $3.5 bil¬
bonds increased $12.9 billion; cCr- lion;: Sales have held
up remark¬
than- $500,000.
tlncluded
In 1946.
under
100,405*
53,948
"General"
in
on
Deposit
will also
President
1945
titait. Devers'
obligations increased
For U. S.
ificates of indebtedness increased ably-well,
notwithstanding the
termination
of
the
war
loan
and other marketable securities
drives, averaging better than $650
In
$0.7 billion, while Treasury notes
decreased
$5.3 billion.
million!.
a*
month.: since
Proposals
Security
prepared address at Gettys-
burg^ Pa.,
L.
on Aug. 14, Gen: Jacob
Devers*- commander
of
the
Ground Forces, set forth
five-point program for United
Army
si
States-leadershipvin. worla affairs
which he considered;
means* of
a
assuring for this country national'
security. In the- following order
the
General indicated these as
musts"-for
such
an
vices
the achievement* of'
end, Associated Press ad¬
stated:
"1. We must put
.
house •
our own
...
"2. We must clarify and
•
our
course
of
action
in
define
interna¬
tional, affairs.
10'
1,918
65,019
21,981
and
"War
"3,
and
.
war
bined
■
—.
18
a
+
272
—35,380
—31,967
activities"
emergency
with other
agencies,
factors
com¬
which
improved the budgetary outlook,
substantial
raised
retirements)
operations
1946 compared
with, the
—
;vM^ri8;;:.
-————__n——
bank
redemptions increased:
in
Of the public issues, marketable
and
.
292;
9
etc..
of
the Federal
Insurance- Corporation,
be
on
the
program,
June
$p.8
refund bonds.
of
agriculture
trust accounts,
'
•
309'
..
analysis
the staff, of
:
—
197
retirement account
the
and consumer credit activities,
debtedness since the encb of Feb¬
.
48,542
1,117
fund
Plan
Atlanta,
of:% % certificates of in^
-
life
Morris
President of The Bank of Georgia,
and
President of the
Morris Plan Bankers Association.
Dr. Ernst A. Dauer, in charged of
Thi» in»?
:
611
9
—_—j— ——
the
Aug 26 by Joseph E. Birnie,
to ;on
1945,
—
"
120 V
■'
p'
Railroad unemployment insurance
administration
fund
transfers to- unemployment trust
fund
(Act Oct. 10, 1940)
•'"•Less
80
1,367
*;•
90,029
contributions to District of ColumbianGovernment employees' retirement.funds
(United
*'
-
694
t
activities- expenditures.
60
695;
1,022;
Federal
Net .defioit
/
•
A 114
.-
Transfers to trust accounts, etc.:
Adjusted service certificate fund:
National- service
increase,
billion.
This increase^ is
accounted for by a deficit of $22.0
billion, a decrease in the general
fund balance of $10:5 billion, and
an excess of receipts in trust ac¬
30,
30; 1943.
—
./
^ 2,042
—
,
States
*
1,462
.i, 3,227 .; :
-
—>—
Railroad
'
*
—
war
'
;
-70:
_r
Payments for United, Nations Relief'and Rehabil<>'? * tation * -Administration
Surplus property disposal agencies
Total
1»04L
,? 122 >:
Works
——
the close of last year, an
June
:on
in the general average was
crease
January
In
the nonmarketable group; 19461
Redemptions;:' contrary to
—22,547 outstanding United States
Savings the fears of many,, have hot. been
—14,886
Bonds increased $3.4 billion, while unreasonable. vThey reached their
157
62
Treasury savings notes decreased high I point J in. .March ;!9.46^^ when
-.04
redemption&vof all series ef sav¬
$3.4 billion.
+
10
A comparison of the public debt ings. bonds- amounted to, about
—767.
outstanding on June 30, 1945 and $634: million, followed by $621
2,533
675
June* 30, 1946, classified by types million in April, $552 million in
'r20
of issues is presented in Table 4 May,:: and, $519 -million^ in June>
at the rend of this article.
+550
Pages Possibly an. even: better "gauge: is
+
106
23 to 25 contain additional inform a comparison of. redemptions with
;411
mation relating to the public debt amounts
outstanding;
Redemption& of SeriesiE Bonds, stated as
--41,487 from June 30* 1937'to: d^te;
;
The direct debt reached its peak a percentage of the- amount .-of! E
Bonda. outstanding
on Feb. 28, 1946, wheir it amount¬
amounted> t to
9
V-— ed to
$27912 billion;
Du% to 1.45% in June 1946; and bwere
prompt .cancellation* of war** con¬ lower on: thia basis than iiK any
+
50
+
264 tracts,
speedy demobilization of month, since July 1945« * :
17
the armed forces, and curtailment ^:
;<Ther4 redemption
of
savings
Change
27,852
15,161
1*198*
'
United States* Maritime Commission
War Shipping Administration
Other
,
30,047'
„
Agency
National Housing. Agenoy—
Treasury Department
to
;
1946
50,399'
—
i
Department
Security Agency__——
.Federal
'•■'•.•
2,120
+
')
dollars)
v
Department_—
Navy Department
Agricultrure
,
806
--
r. .''Mr
.
+ 1,105
2,947
8,730(In millions of
?
9
+
88
'■
821!
general expenditnresi
11
—
4,722
894
—
+
~
t
29
3,617
—
Veterans' Administration
Aid
168
:
20
——.————-I-------—-----
•
+
+
6
142
—
Refunds of taxes and duties:
Excess Profits Tax Refund
Bonds
Other,
War
+
161
i
i
Valley Authority—
Treasury Department:
Interest on the public
debt—--——
:
+
40
6
Surplus-; property disposal agencies—-L-—
y
+
+
61
.
18
Tennessee
Total
50
122
;
———
Railroad Retirement Board
River and harbor and
.
;
+
108
100/
12
.—j.
Department
-
94
+
+
516
455
.-,.u
*
CanaL—
as
of
,
—'
674
'
4^^
V*
——
Department—Reclamation- Projects
Panama
+
—
121
159-
r
———
Agency—
1.936%
1.996 % on June
$269.4 billion on June 30, 1946*
compared with $258.7 billion at
convention
1946
year
$4,7-billion, an all- Bankers Association and the Con¬
time high, which: is $1! billion sumer Bankers Association, to be
held at the Cavalier Hotel,.Vir¬
more than was paid in 1945;
The
average interest rate on the in¬ ginia Beach, Va., Oct. 21-23, it
was announced from
Washington
terest-bearing debt increased from
to
average interest rate* on
30, 1946 of 2.448%,'or about
Birnie announced.
Vz % above the general- average;
7 76 billion.
: At the same. timer general con¬
were
increased; during the year
11
Of the increase in the public debt
vention
chairman.
Malcolm
C.
by $3.5 billion. The monthly trend
during the fiscal year 1946, $8.2 of interest rates
.Engstrom,
Vice-President
and
500
during the fiscal
billion was represented by inter¬
257
Comptroller of The Bank of Vir¬
year 1946. for the several types: of
| 24 est-bearing public issues, and $3.5
ginia at Richmond, announced the
159
interest-bearing securities is
billion by interest-bearing special
appointment of Fred R. Waldron,
674
shown in Table 7.
The computed
Executive Vice-President of The
issues, to trust accounts admin¬
interest charge and computed in¬
61
Morris Plan Company of Terre
istered by the Treasury; these in¬
terest
rate
on
the public., debt
14
creases being offset by a net de¬
22
from 1937 to date is presented on Haute, Ind., as Chairman of the
Program Committee and Harry E
[ 11 crease of $1.0 billion in matured
page 27.
28
debt on which interest has ceased,
Executive Vice-President
9
of The Morris Plan Bank of Cleve¬
and noninterest-bearing debt, the
Savings Bonds
160
land, a chairman of the Nomina¬
later item decreasing $1.0 billion
While sales of savings bonds de¬
26
tions Committee.
on account of excess profits tax
creased and
+
500
145
—
Works
Interior
to
counts,
+
257
^Other
Federal
1
•'
*
Agency:
Social
,
during the fiscal
amounted
.
!-
Bretton Woods Agreements Act:
InternatT Bank
Export-Import Bank of,
Washington—capital stock
Federal Security.
82
—3*419
••
classified)
i
of $10.7
EXPENDITURES—
Departmental
80
Old-Age
Net' receipts-
General:
•
-i. • •
•
The gross public debt amounted
,
-
44,239*
• •
2
+
3,480
47,740
A' -'
Public Debt
76
435
3,470.
Total receipts
Deduct
..
_
—
J
335
receipts
v.
776
+
13
-
Miscellaneous
*897
—3,391
•
—_—
—
carriers
—
debt
ex¬
penditures is presented in Tables
1, 2, and 3 at the end of this
article, and on pages 5 and 6. >
Change
part
of the
money
during
the Victory Loan
required to finance gov¬
expenditures,
Conse¬
quently, since the end of Febru¬
ary a substantial debt reduction
was
not
ernment
program
~
has
been
under
way.
bonds
should
be
viewed
in
the
knowledge
understanding of the nations
of their ways of thinking and
their -motives.
"4. We must work to establish
a
world
light of the fact that these bonds
"5.
transferable and
armed
are
non
are
re¬
deemable at any time after fixed
periods
(60 - days for. Series E
Bonds) from date of issue.
These
;
world
especially incorpo¬
rated in the bonds to adapt them
primarily for the investment of
savmgs of individuals- of limited
-
organization.
We
must
that
see
forces have the
our
means
to
accomplish their missions."
features
were
We must have
be
Asserting that America cannot
secure
clared
unless
the
rest of the
is secure,
that,
the General deconversely, the: rest
| of the world will not know sej curity unless America has hers.
tVpJume 16.4,,;-, Number:'452Q
THE COMMERCIAL &;FINANjCIAfc CHRONICLE
The index represents the sum
leyel of the previous week with
tot'al of4he price per pound 6f.315 the
'supply - of food generally
Tli0 State of Tirade
(Continued from page
steel mgot rate would fall
sharply
because
of
a
shortage
scrap
are
nS6CJe? to ^ borne out in
fn ^lUtUTre at least> accord.
ron
thA
in*
week
Electrical
dison
that
ol the
Production
Electric
vanced
SJnfeiKya:
if
if
npf?ed notSQlile extent
OPA does t0
settle
the
tne
soon
price
scrap
controversy def¬
or
the other, the
^In the past few weeks the flow
of scrap to the mills has
improved
but the movement is far be-
low
What
it
should
be
at
this
time of the year.
Scrap shipments
throughout the
country, however, have shown an
to
dealers
yards
increase in recent weeks and
this
trend
un-
expected to continue
is
Ju
scraP trade finds out
Whether an increase in
u
the
scrap
P^cc ceiling is a definite prob¬
ability.
^
Some
steel
mills
continue
to
draw from inventories which were
accumulated during the time of
steel
the
strike
and
the time
operations
—
Institute
Price Index—The daily wholesale
reports
the output of
to
week after a moderate, rise early
in the week. The index was 224.82
abundant. In addition to the wide
selections of fresh fruits and veg¬
etables that were available, there
Both the industry membeirs^of
was/ an/ ample supply of meat,
poultry and fish. A sudden rise in the. National Wage Stabilization
Board disclosed recently that they
the demand for
On Wage Board
because
of
the
coffee resulted in
sought to resign from the B'pard
during the price control extension
battle, but said they are staying
increasing on at President Truman's request,
an
apparent shortage in some
scattered
localities.
Stocks
of
also
mine
promotions in
low
some
local¬
mestic economy,
ceilings in effect June 30. ities as stocks
became limited re¬
prices changed
frequently sulted in only a
"There is also the possibility,'toslight decline in
week in 1945 which included V-J during
the
week
and
similar dollar volume
from the previous which you allude in your letter.sold
at
Day holiday. Compared with the grades
varying; prices. week. Hardware was
that modifications in the present <
frequently
siuular period of 1944, an increase Prices on several grades of steers
controls will be necessary.** >:'
sought.
There
was
almost
no
were at all-time peaks last week
of 947 cars, or 0.1% is shown.
change in the limited supply of
with prices higher generally on
Paper and Paperboard Producpiece goods, curtains and dra¬
most varieties of cattle.
Cotton Spinning for
peries the past week.'
during
™img above and 234,738
^eek the
oo%
reduced
were
coal
l°^rZortl lystem outPut
shut¬
of steel firms is at a low
point compared with the current
operating rates and whether or
hands
cars, or Hog
corresponding
H°? ~£aper production' in the
United
Active
States for the week ended
/®.lea,se of scraP in the
dealers once the
of
contracts
in
the
July
>
cotton
Retail
volume
futures
for
-
the
country
price Aug. 17 was 104.5% of mill ca¬
market declined in price
last week was estimated to be
■controversy has been settled will pacity as against 103.4% for the last week after a two-week period
from 43 to 47% above that of the
a back to
normalcy trend preceding week and 67.8% in the of rising prices.
On the New
holiday-shortened week a year
in scrap inventories in the mills'
like 1945 week, according to the York Cotton Exchange active con¬
ago.
Regional
percentage
in¬
hands remains to be seen.
American Paper & Pulp Associa¬ tracts fell off 17 to 148 points for
creases were: New
England 42 to
The
Paperboard output for the the week compared to increases of
slight
increase
in
the tion.
46, East 46 to 50, Middle West 40
165 to 226 points in the
amount
of
scrap
coming from
SET*?4 rek was 98 % against week. Buying in the spot previous to 44, Northwest 45 to 49, South
markets [43
manufacturing plants and rail¬
to'47," Southwest 38 to 42 "and
mc? for the Preceding week and was
roads is looked upon as a fore- o/%
light last week, as mills de¬ pac-£.c £oasj.
corresponding week
4g
-reflect
fall
the
as
reach
■
a
muck greater flow in
a
a
manufacturing" conhigher rate of prod-
activity,
Business Failures
the
m
zine
of
hot
&
metal
being used
hearths, the maga¬
open
cerned,
other
the
volume
steelmaking
as
users
is
are
of
steadily
Concerns fail¬
17, the
week of 1945.
All
except two of this week's
failures involved liabilities of $5,000 or more. Rising from 12 last
week to 15 in the week just end
for
climbing
the full effect of furnaces
turned
ing
con¬
iron
Low
commer-
same as in
the previous week and one above
the 16 reported in the correspond¬
While pig iron supplies continue
extremely short as far as foun¬
and
Bradstreet, Inc.
ing numbered
notes.
dries
Remain
change occurred in
ciaL and industrial failures in the
week ending Aug. 22, reports Dun
Also offsetting the
scrap supply situation
substantial increase in the
the
volume
layed
year ago.
No
precarious
is
ed, these larger failures also
ceeded the 12 occurring in
re¬
to
operation is felt. The
immediate future represents the
comparable week
a year ago.
ex
previous
was
failures,
numerous
as
prised about
made at the
$5,000
were
reported
in
two
times
week, com¬
y2 the total failures
the
meeting two weeks ago between from three a week
the Steel Industry Advisory Com¬ comparable
week
week.
ago and in
of
last
until
price ceilings
the OPA.
Re¬
of
the
export subsidy on
urged by the State De¬
ditions
in
mixed
last
serious
the
cotton
weevil
sections.
were
in
some
business
carded
gray
Up
the
year
was
cotton
though; some de¬
against old
markets,
liveries
new
were
reports of
damage
Little
in
belt
with
week
executed
ket
last
wools
types
week.
were
were
those
Prices
in
active
mar¬
good
at ceiling levels, while
on
defective
on
varieties
dropped slightly from prices in
the previous week* Foreign wools,
when available, sold at full allow¬
able prices with demand particueight. Concerns failing in manu¬
and what year should be taken as facturing declined
sharply; there larly stt'bng .fdr^ South American,
a criterion.
Nevertheless, indica¬ were only % as many failures in Cape, and Australian wools."The
tions ;are that a new steel price
this.industry as ih thec previous Commodity
Credit
Corporation
increase .involving eight or nine week and less than half the numappraised 13,832,445 pounds of do*
ber reported in the same week a
products Jnayr be granted,
ihestic ^ wool
f6r ' phrch&se
the
i ; The steel industry is also an*
year ago.
No marked "change oc¬
mittee
and
constitutes
the
"a
OPA
reasonable
Jous that the OPA
.
over
wha
as
curred
possible decontrol alloy steels the trade
supply of which it is claimed does
in
or
failures
0^®4h*n
n<£ warrant keeping * them under
O^A- |M*k^ supervision; but states
vThe lron Age," it is expected the
ORAriWill utilize the full 60 days
allowed
by law to cogitate
the validity, of its request;
-
Tbe.American -Iron
and
over
any; other
^
failures '^numbered
two, as compared with one in the
previous week• andv'^m&Jla Tthe
corresponding week
.
"
Whol^ie
Sets
tne
Stee:
in
industry .group.:
Tood
All-Time
price
of
commodities
a
Price
Index
than
in¬
iTolume far exceeding that, of the
this
first
on
Monday of creased during the week, the
operating rate of wholesale food price index, com¬
steel.companies having 94% of piled by Dun & Bradstreet, Inc.
the steel capacity of the industry rose four cents to a new all-time
will be .89.4% of capacity for the high of $5.34 on
Aug. 20. This was
week beginning Aug. 26 as against
89.7%
month
one
ago
the
week
ago,
89.6%
and
74.5%
one
one
year
shove the previous peak
°l $5>82uOn Aug. 6, 1946, and 31%
above the
*
$4.08
on
the correspond¬
ago. This represents a decrease o
0.3 point or 0.3% from the pre
ing date a year ago. S The com¬
modities rising in price were rye,
ceding week. This week's operat
ing rate is equivalent to 1,575,600
tons of steel ingots and castings
sheep.
compared
to
1,580,900
tons
one
the
coffee,
beans, eggs, steers, and
Items" decreasing in price
Federal
Reserve
Board's
21,958,496 in
May, 21,972,784 in April, 21,957,254 ih March, 21/628,79*3 in Febru¬
21,629,882 in January,
ary,
21,4
place for last month and 7,925,4
the week ended Aug.
17, 813,588 an average of 343 per
1946, increased by 90% above the spindle in place, for July 1945.
same period of last
year.
In us¬ Based on an activity of 80 hours
ing year ago comparisons for this
week
for
fact
the
one
acceptance
laration.
should
that
last
of
made
United States were operated dur¬
stores
ing July 1946 at 95.3% capacity.
percent, on the same activity
basis, was 115.1 for June, 110.5 for
May, 109.7 for April, 101.7 for
be
year
two days during
the Japanese
or
celebration
cotton spindles in the
per1 week,
allowance
the
of
the
Potsdam
Dec¬
The
This
compared with an March, 113.1 for February, 110,7
increase of 30% (revised
figure) in for January, 101.5 for December,
the preceding week.
For the four 104.6 for November, 105.0 for Oc¬
weeks ended Aug. 17, 1946, sales tober, 111.8 for September, 100.5
increased by 43% and for the
year for August, and 102.0 for July 1945.
to date by 29%.
in
The volume of retail trade here
New York the past week was
strong
ume,
department
as
according
vanced
40%
to
store
estimates
ahead of
a
year
A
rise of
week
of
peace
year
a
ago
When extended V-J Day celebra¬
tions
affected
the
shopping
tine of many consumers.
rou¬
The
se¬
a
in
decided
than 85%
more
-
in
vol¬
Graduate School of Banking
To Have Reunion
ad¬
ago.
new
the markets reflected
increase
as stores en¬
deavored to speed up merchandise
shipments for early season selling.
According
Graduates and students
to
the
Federal
Graduate
of The
School
of Chicago,
who is General Chair¬
reumoii; The affair
held in the North Ball¬
of the Hotel Stevens on.
for the
man
be
will
room
Re¬
September 24. The dinner will be
index, department preceded by a social hour,:, Wil¬
stores sales in New York City for
liam G. F. Price, Vice-President
the weekly period to Aug. 17, 1946,
of the American National /Rank
Bank's
serve
increased
156%
above
the
same
and
result of the
and
Trust Company of Chicago
a
member of the1 Credits
lectivity that has been evident in
period last
the? high demand of recent weeks
two-day holiday at that time. This faculty of The Graduate
continued
to
increase
last
compared with
according
to
Dun
Bradstreet,
&
Inc., in its survey of trade.
week,
in
the
four
year, as a
an
increase of 37%
preceding week.
weeks
ended
Aug.
For the
17,
Heavy consumer buying main- sales rose by 40% and for the
wheat, corn, oats,' barley,
butter, potatoes, hogs;. and lambs, tained food volume at the high to date by 24%.
■
were
in¬
dex for
arrivals
•Institute announced
week
21,942,878 in June,
of Banking in
at
the
forthcoming
registrations reflected the increas¬ atendance
ing flow of new cars into this A.B.A. Convention in Chicago andl
week ended Aug. 9, bringing the
residing in the Chicago
area.
Deliveries in apparel lines those
totals appraisal, of 194& wools to displayed strength in the week area will have a get-together din¬
182,083,411 pounds, 10% less thaii with the exception of higher price ner during the convention, it was
categories.
Some
seasonal
im¬ announced on August 20 by Ken¬
the total a year ago.
provement was noted in food sales. neth R. Wells, Assistant ViceWholesale and: Retail Trade
President of the American Na¬
In the wholesale field
buyers'
Total
retail
volume
throughout
tional Bank and Trust Company
increased
slightly
High — Although the.^.country
greater number of during the past week with dollar
decreased
ing. to preliminary figures, 23,861,914 cotton spinning . spindles
were in place in the United States
on July 31,1946, of which 21,985,298 were operated at some time
during the month, compared, with.
high level of the previous week
failures^ in this trade numbered
profit'
soon
as
Total wholesale volume for the
week remained at almost the
same
closed for
contracts.
demand in the Boston wool
as
last
during
by
orders
bureau of the Census an¬
nounced on Aug. 22 that, accords
The
551,960 in December, 21,605,060 in
November, 21,721,792 in October,
and was
considerably above that
cotton, was
21,911,746 in September, 22,170,of the first postwar week one
year 180
partment, but the Department of
in August, and "22,029,282v in
ago.
There was a small but no¬
Agriculture made no comment.
July 1945. The aggregate h.umber
ticeable
improvement in deliv¬
Domestic
cotton
consumption
eries and new order volume was of active spindle hours ;repprte(l
dropped to about 725,000 bales in
for the month was 8,002,194^236 an
maintained at a high level.
July from 793,000 in June, com¬
average of 335 per spipdle in
Department store sales on a
pared to 673,000 bales consumed
place, compared with 8,787,430,064,
in July of last year. Whether con¬ country-wide basis as taken from an
average of 368 per spindle in
moval
Domestic
week and last year.
Retail
threat to steel output this winter
Little progress
under
failures
of
textile
anounced
cloth
down to two from five both in the
by coal or stee
strikes, although the labor con¬
troversy on the Great Lakes could
easily
a
definite
develop into
are
On
with
furnace output has not
small
September
transacted
been threatened
°tker hand,
losses
placement
the
iuS: P?riod since September, 1945
that blast
-
^
bn> Ad^;':20^ closh to the5 225.75 Oh fats, oils and soap were
Tuesday of last week, and 29% slowly.
it was reported from Washington
above the 174,54 registered oh; the
Apparel continued to attract a
on Aug; 7 by the Associated^ Press,"
corresponding day a year ago,
large share of consumer attention which continued:
■ /
Activity in leading grain mar¬ as fall selections were expanded
the Same Week in kets
two members, Earl N. Can¬
was slow last week pending
by increased receipts at the retail
1945 by 12.3%. "
non and A. Colman Barrett, said
the announcement of the govern¬ level. Plaid skirts and
sportswear, that they- believe
the Board's
Consolidated Edison Co1, of New ment pricing policy. The volume suits of neutral
tone, and furtripartite system, with members
of trading in grain ^.futures on the trimmed coats
aroused the interest
of
representing the public, labor an<f
183,700,000 kwh.
in
the / week Chicago Board of Trade" showed of many
undergraduate shoppers.
ended Aug.
management, , was
"inconsistent
18, 1946, compared little change from the low of the The demand; for accessories
was
with 149,500,000 kwh. for the cor¬
previous week. Cash and futures high with millinery and footwear with the normal precepts of the
administration of Government in
responding week of 1945, or an prices of/wheat held close to old eagerly sought. The retail
volume
increase of 26.1%.
Local distribu- ceilings.
Crop reports continued of men's suits rose slightly the peacetime.", They said they be¬
lieved
that
industry' generally
of
electricity amounted to to indicate a bumper harvest of past week as selections
continued
shared this opinion.
•//; V":;.
wheat for this season/ Offerings to increase
slowly. The supply of
}]*'2™'™° kwh" comparedcorre¬ of flour
with
145,700,000 kwh. for the
President Truman asked. .both/
were
scarce
as
mills shirts,
underwear, pajamas and
sponding week of last year, an in¬ shipped against old contracts. The other men's
furnishings was larger pieh to stay; oh, in a letter dated
crease of 18.7%.
'
September export program
in¬ and consumer demand was more Aug. 1 and mado public by the
BoaTd. The resignations were sub¬
cluded 380,000 long tons of flour.
Railroad
Freight Loadings.
discriminating than in many pre¬
mitted July 18.
Car loadings of revenue
O
freight Prices of the active deliveries of vious weeks.
oats futures dropped to a seasonal
for the week ended Aug.
"It
is
clear,"
the President
Home furnishings f and house¬
17, 1946,
Cash prices for hold
totaled 887,570 cars, the Associa¬ low last week.
appliances remained high wrote, "that effective admihistra-tion
of American Railroads an- old crop corn fell off again last
tiori of a program of wage sta¬
among the best sellers last week.
bilisation will continue to be a>
This was a decrease of week and prices bid on the new The
curtailment of seasonal fur¬
matter of basic importance to do¬
11,514 cars or 1.3% below the pre- crop were generally low and be¬ niture
down, states "The Iron Age." How¬
ever, the supply of scrap in the
EoL
hands
Commodity
J..
Industry Men to Stay
.
initely one way
magazine added.
-some
Wholesale
commodity price index, compiled
by Dun & Bradstreet,- Inc., de¬
The clined
gradually during the past
electricity ad¬
4,422,242,000 kwh. in
However, with the scrap price he; week ended Aug. 17, 1946,
from
4,411,717,000 kwh. in the
up in the air
?J?
•
S01?e dealers piling scrap preceding week. Output for the
week ended Aug. 17, 1946, ex/'the ingot rate could
«nSai^ C0mpl5tely
Daily
.
year ago.
Age'?' national
paper, in ita review
steel trade the past week.
foods in general use.
1183)
ago.
1,579,100 tons one
month ago and 1,364,600 tons one
metalworhmg
1187
School of
Dr.
Stonier, director' * of the
Banking, will be toastmaster.
Harold
the
only' s£eakerv
1946,
school will
year
Requests for reservations may be
°
be
sent to Mr, Wells.
1188
,THE COMMERCIAL & FINANCIAL CHRONICLE
been
purchased
suit and achieved the elimination
move
them
of these abuses. By
tition, that suppliers of parts have
been required by exclusive con¬
tracts to supply all their ma¬
The Department of
Monopoly and the Public Dollar
(Continued
volved^in
and
from first
economic
apparent
policy
from
fiscal
is
the
in every respect. It is inconceiv¬
page)
administering
readily
volume
of
handled. In 1940 $15,800,OQO,OOOtf sor 16.3 % of our: total na¬
tional product, went into local
money
and
federal
taxes.
In
1945,
this
figure'had reached $49,300,000,000,
or
24.7% of the total gross na¬
tional product.
-
'
Government Procurement
Among
the
foremost
economic activities is the
of
these
such
been made
The
ment
the
an
way
im¬
public
money isr spent and the policies
and directions which govern ex¬
penditure. He has
for
value
a
lively regard
government purchasing as a pro¬
that
reasons
or com¬
The
since
the
choose
must
from
among
bidders, prices can be
conveniently rigged at non-com¬
petitive figures. The Temporary
National
Economic
discovered
industries
havior
that
Committee
and
markets
diverse in their be¬
as
and
in
widely separated
in their characteristics as frtiit,
fish, furniture, paper, ammuni¬
tion, petroleum, cement, salt,
metals, electrical equipment,
plumbing supplies, motor vehicles,
as
pottery, identical bids
submitted
on
occassions
were
nu¬
so
extraordinary merous/that they cah be ac¬
training, s kit 1 and counted for in no other way than
know-how/Concerning the broad
field
of
government
]t know.enough
a-
by
the
presence
and
power
purchasing, monopolistic combination.
to be silent before
group of "distinguished
experts.
observed also
stances
that
It
of
was
in
many in¬
which
were
industries
However; in the phase of the mat¬ ordinarily competitive suddenly
ter in;, which I work I
may be displayed all the traits of mono¬
able to be'helpful.
poly when "the government sought
Government,
purchaser is
a consumer, with/ special char¬
acteristics., In most, instances gov¬
as
a
.
to
purchase
a
commodity.
a
purchaser. In¬
deed in; many cases it
may be the
only pser, pr at least th^ largest
mass
ordered
upon
_
on
a
reasonable
as
a
in
order
to vreof compe¬
source
the
for
war
years.
this
•;
Funds
purpose
limited. It is
available
are
consequently
always
mat¬
a
ter of keen interest to all to know
Bidding
We
now
have under way a pro¬
of
investigation designed
specially to halt collusive bidding
and to break up monopoly in the
sale of those items purchased in
large quantities by government
agencies. This investigation has
already resulted in the filing of
two
anti-trust actions involving
commodities used extensively by
city, state and federal govern¬
ments. The case of mimeographing
gram
machinery and supplies is a typi¬
cal example of the way govern¬
ment purchasing agencies have
been
was
terials
or
to govern
Program to Halt Collusive
victimized.
returned
on
An
indictment
July 22 of this
year against five corporations and
six individuals, charging them with
conspiring to restrain and
mono-*
polize the stencil duplicating in¬
bidder.
Another
practice
ding
concentration of economic
in many industries, the
the selection of the low
not
uncommon
of the monopolists
government
on
power
disappearance of small producers
during the war years, and the
scarcities occasioned by war and
reconversion, all will affect the
conditions under which purchases
are made.
Government purchas¬
ing agencies will find themselves
dealing in many seller's markets
and, moreover, in many markets
bid¬
purchase
orders
is
where
competition has dared to
to
lower
bids
in
areas
fight. When such selective attack
removed the
challenge of
has
competition, bids are restored to
their previous high level. Another
common device is the rotation of
bids among the companies party
to the .conspiracy. In such cases
monopoly
where one
unless there is
in
has been des¬
concern
employed
maintain
to
achieve
monopoly position. A
civil
complaint was also filed
with
the
indictment requesting
injunction against the continuance
the
seller
control.
possesses
Time
a
alone
determined and
ignate to receive the award, other
conspirators submit fictitious bids.
instances, cities have been
united endeavor both during and
after reconversion to stimulate
allocated exclusively to one con¬
laws against cartels, combinations
and monopolies in all their forms.
In other
while
cern,
other;
cities
competition
are
divided
and
enforce
to
ambhfj the other conspir¬
ators^ Protective bids are always
Democracy
monopolists have
the
Coffee Memo
be
cannot
better
served.
submitted to insure the operation
of
a
controlled system.
Some
and
a
which
will not correct these conditions
used their
even
Signed
By U. S. and Brazil
commanding position to bring in¬
dustry. The practices engaged in
junction suits against municipali¬
by the defendants in this case ran
ties, enjoining them from award¬
the gamut of anti-trust violations.
ing bids to a lower competitor.
Practically every improper means
was
In effect, these instances repre¬
sent a form of private tax placed
the public—a tax paid to
the power of monopoly in indus¬
try. It is bad enough ordinarily
that
a
user of.
monopoly .group should
many types: of products,
just as. it is in so many ways the find it possible to take advantage
sole supplier of particular serv- of the general consumer by dom¬
inating markets and eliminating
ices..
■■, j
ernment is
was
conditions.
govern¬
fession' demands an
degrefe-: of
illegal patent licens¬
ing agreements were dissolved,
compulsory licensing of the pat¬
monopolist
available
received and wants
genuine economy, the receipt of
the highest possible value at the
least possible cost, to be the con¬
sistent' aim of policy. Therefore,' and
,
have
clearly discernible in all of these
duct
taxpayer. He has
could
philosophy of monopoly is
circumstances.
average
final decree of
the court, the
ents
ing of supplies by public agencies
activity which in its ramifi¬
cations is, as complex as the con¬
mediate stake in
bids
independently
—an
lunctiohf^o'directly-concerns the
Justice filed
that the commodities they must
to the dominant;; company have and the prices
they must
companies, and that patent in¬ pay are not subject to the power
petitively in good faith. Iri another
or
threats of of national or international mono¬
class of bid openings, it was found royalty basis, and the defendants fringement suits,
been filed against poly groups. The responsibility for
that of all bids received, two or were enjoined from instituting or same, - have
less
secure
finan¬ the fight against monopoly, like
more
of the supposedly lowest threatening to institute patent in-* competitors
all civic responsibility, begins in
bids
were
identical.
The
third fringement suits against users or cially.
One frequent and undesirable local afafirs.
group consisted of bids in which purchasers of parking, meters, and
from
merging in other
illegal practice is for monopolists to sub¬
there was some variation, but in
In the years immediately ahead,
which identical figures occurred practices. This action has enabled mit restrictive specifications for the
necessity
of
combatting
cities to purchase in a truly com¬
so frequently as to suggest collu¬
approval to government purchas¬ monopolistic
practices
will be
petitive market at prices deter¬ ing agencies hoping thereby to much
sion.
greater than ever before.
mined solely by normal marketing make it
Suspects Monopoly
impossible for competition The
that
able
purchas¬
of foreign affairs or the
safeguarding of military security.
Perhaps v no ifOther^ governmental
Thursday, August 29, 1946
The
Plan to Forestall Monopoly
Our
the
experience
unlawful
in
randum
combatting
methods
used
selling to government permits
Department of State an-*
on Aug. 21 that a memo¬
of
understanding
had
signed by Brazilian Am¬
nounced
been
in
bassador
us
Carlos Martins and As¬
sistant Secretary Spruille Braden
on the subject of coffee prices and
to suggest a course of action that
the defendants* illegal prac¬
might be followed profitably by
supplies, containing the following
tices, cancelling the illegal agree¬
purchasing officials in order to
ments, seeking dissipation of the
provisions:
forestall the monopolist. Identi¬
of
effects of patent abuses, and seek¬
ing such dissolution of the prin¬
cal
bids
should
v
be
1.
The
Government
of
the
investigated.
United States will take immediate
bid where
cipal defendant cbihp
increase green coffeenumerous
invitations were sent, steps to
democracy, .monopoly flaunts its end the monopoly. It is the earn¬
or the refusal of
companies to bid price ceilings by 8.32 cents per1
power by seeking to compel gov¬
est hope of the ^Department that
onu different pretexts, should im¬ pound ex-dock New York above •
ernment $6 "accept its terms, it
sumers, Tf-the market is not
the^ termination of the case will
free,
the
ceilings announced by the
if pricefj^re controlled by mono¬ challenges the supremacy of the see the destruction of this con¬ mediately raisei suspicion. Speci¬
United
States
Government
De¬
fications should be drawn by dis¬
will of the majority; it constitutes
poly groups,,' if price discrimina¬
certed front with which govern¬
cember 27, 1941 in price schedule
interested parties. Care should be
an attack
tion exists, or if
upon the foundations of ment has been forced to deal at
suppliers at¬
RPS 50.
taken to prevent the insertion of
our government.
tempt. fyy ,y collusion
;
i
to
exact
great disadvantage.
'
2. The Government of Brazil
language which has the effect of
>
exorbitant^ and arbitrary returns,
The use of specialty business
Relief from the Situation
excluding all but one concern will not increase its minimum ex¬
the government agency is
placed
forms in accounting and business from
It has been strongly- urged as
bidding. It is often con¬ port prices or its export taxes on
in double jeopardy as not
only
offices of city, state and federal venient to
coffee above present levels.
rely upon two or three
the agency; but; the public inter¬ a remedy for such practices that
governments has grown to in¬ "name'* companies.. However, in¬
3. The Government of Brazil
the
est in its broadest sense is
government
withheld
pur¬
injured.
chases from companies shown to creasing proportions in the past vitations to bid should be sent to will not alter its exchange rates
The government as
purchaser is
few years. The direct experience
small as well as large companies. in such a way as to increase the
especially vulnerable to the tac- be guilty of monopoly dealings. of
the Department of Justice in To
expose certain fictitious bid¬ cost of coffee to„ the buyer or
ties of price conspiracy and collu¬ Government ownership has also
purchasing convinced it that com¬ ding the concern submitting a otherwise restrict the flow of
sion as it is often without recourse been suggested Us a remedy. Real
;
petition in the industry had been bid should always be required to coffee.
because public needs are
urgent. relief, however, must come first stifled and that as a result the
name; the manufacturer.
4. Should such action be nec¬
from an awareness upon the part
prices of this product were main¬
Taking Advantage of Government of government
Vigorous enforcement of the essary to assure; an adequate flour
purchasing. agen¬ tained at an
unreasonably high Sherman Act and other anti-trust of coffee under this
There have* been deliberate ef¬ cies of the dangers and methods
arrangement,
level by the activities of an im¬ statutes not
forts to take '
only eliminates the the Government of Brazil,, upon
advantage of the of monopoly.
portant company. This manufac¬ evil of tampered prices, but makes the request of the Government of
government^ Many students of the
With this in mind it
may prove turer attempted to
monopolize the possible the emergence of new the United States, will place cof¬
problems of government purchas¬ useful to outline What the. Anti¬
market by leasing certain pat¬
ing; haVe attested to the preval¬ trust Division has done and
suppliers. In other words, com¬ fee on the market at the pricesis ented devices in such a
way as to
ence arid the effects of
petition is maintained not only by provided for in this arrangement
monopoly doing to assist you in combatting
compel the lessees to purchase prohibiting monopolistic practices, uo to a total of 3,000,000 bags. The
practices in this field. The late these enemies of free
enterprise. specialty 'business
forms
only but also by opening the market Government of Brazil may be
Herman^OHphanf, who served as
Municipalities, th e exclusive from this same manufacturer. So to * new producers. This two-fold called upon to supply up to 500,t
General Counsel for the
Treasury purchasers of
parking meters, had necessary are these patented de¬ effect represents one of the basic 000 bags of such coffee per month.
and the representative of that de¬
been the victims of a combination vices
in certain tabulating
and principles upon which free enter¬ The grades of this coffee will
partment on the Temporary Na¬
to fix prices, terms and conditions statistical
/operations that /pur¬ prise rests. The need for a gov¬ range from Santos 2s to Santos
tional Economic
Committee, was of sale
through the formation and chasing agents Rave been forced ernment
a consistent and
program
designed
to 5s, inclusive; the percentage of
eloquent advocate operation of < a>
patent pool. The to accede to the conditions of the achieve' thi$f fend was1 stated hy each grade to approximate^theof the importance of
preserving principal means used
in
were:
(a) manufacturer
making
their President Truman last January in proportion of such grades ex¬
the coriipetitive "system of ' free
acquiring patents to suppress com¬ purchases of these business forms, his address to
enterprise. He stated that he had
Congress on the ported to the United States dur¬
petition; (b) agreeing not do ex¬ the Alternative} being / failure; to
timev and : again discovered that
state of the Union. "We must have ing 1941 and, the cup quality of
tend patent licenses to manufac¬ obtain the devices.
the coffee to be soft or better.
when the government entered the
an over-all anti-monopoly policy
To correct this situation and to which
5. The Government of Brazil
market to purchase a wide range turing; competitors; not "parties to
can
be
applied by all
the pool, and by
threatening such restore free and normal competi¬ agencies of the government in will, in general, refrain from tak-,
of materials it was unable to ob¬
manufacturers
with
patent in¬ tion in the industry, suit was filed exercising the functions-assigned ins any action likely to ericburager
tain competitive
bids,i' and en¬
fringement suits; (c) agreeing to during the
countered monopoly practices and
past month to inval¬ to them — * a policy designed to withholding of coffe? from the
maintain minimum prices, terms idate
these restrictive arrange¬ encourage
monopoly prices in all their many
j
the
formation
and market.
and conditions of
sale; (d) coerc¬ ments and prevent any future at¬
variations.
This
same
condition
growth of new "arid freely combe?,
6. Thi<? arrangement will en¬
ing cities by patent infringement
was
noted by the late President
tempts at monopolization.
titive enterprise."
' r
'
dure until March 31. 1947, or so
suits to confine their
purchases of
Other situations under investi¬
Roosevelt in his message
It is particularly important At Jong as coffee is subiect to pricecreating
parking meters to members of the gation involve
the
in
the
United
products vitally this time for city, state and fed¬ control
Temporary
National
Eco¬
States,
combination. Te net effect of this
nomic Committee. He said that in
necessary tot government opera¬ eral governments to be able to whichever is the shorter period.
illegal activitywas the suppres¬ tions and to public health and obtain their
instance^ after instance the gov¬
requirements in mar¬
This
sion of competition with the re¬
understanding replaces am
ernment was confronted with bids
safety. Each case arose from a kets free from monopoly rule.
understanding of similar tenor
sult that cities and municipalities
complaint
"identical to the last cent."
concerning
identical Changes in local conditions trace¬ signed June 26, and reflects the
were
required to pay arbitrary, bidding and the
general investi¬ able to the effects of war have new increase in coffee ceilings
In studies made by the Tem¬
non-competitive prices established gation which followed revealed created
many
acute
postwar announced by the Office of Price;
porary'..National Economic Com¬ by the combine, and to
accept the the existence of conspiracies and problems. States and cities are
Administration on August 14.
;
mittee, iit was found that there collusive terms and conditions of
monopolies. indulging in practi¬ striving
to
promote
industrial
were
three major types of Fed¬
The action of the OPA on Aug.
selling and servicing the equip¬ cally all the practices declared il¬
growth, to increase facilities for
eral bid or>enin°"s in which iden¬
ment.
14 called for an increase in the ;
Against such a powerful legal by the court.
education, to improve Housing, or
tical /bidding
occurred.
In
the combination^
municipalities were
It lias been discovered, for in¬ to engage in public works which retail price of coffee of from 10
first type, all bids were identical
virtually helpless.^
^
stance, that small companies have could not be undertaken during to 13 cents a pound.
>
*
,
In
thtsr.,sense, when
a
govern¬
ment agency enters the market as
a consumer, it
represents all con¬
competitioife>lHutK when, j in
,
a
Receipt
of
only
one
,
,
•
.
,
(
-
>
.
,
•
.
.
1 Volume
i
164
Number 4520
THE COMMERCIAL & FINANCIAL CHRONICLE
1185
Moody's Bond Prices asd Bond Yield Averages National FertilizerAssoc; Gommcdify Price Index
Moody's computed bond prices and bond yield
given In the
following table.
averages
are
Advances to Another New
(Based
1946—
U.S.
hfi~. Daily
Averages
Avge. 1
Corpo-
Govt.
Bonds
■-
Aug. 27—
.•.
>&'22
*
21—„
•20^—w
12.
118.20
112.56
115.04
119.00
12i.46
120.63
118.20
112.56
115.04
119.00
121.46
120.84
118.20
112.37
115.04
119.00
121.46
120.63
118.20
112.37
115.04
119.00
121.25
^V
•
..
118.40
123.13
120.63
118.20
112.37
115.24
119.00
I21.4t
118.40
123.13
120.63
118.20
112.37
115.24
119.00
121.46
121.46
120.63
118.20
112.56
115.24
119.00
120.63
118.20
112.37
115.24
119.00
123.49
123.52
118.40
122.92
120.63
118.20
112.37
115.24
119.00
121.25
118.40
123.13
120.63
118.20
112.37
115.24
119.00
121.25
123.52
118.40
122.92
120.63
118.20
112.56
145.24
119.00
121.25
118.40
122.92
123.52
'
121.25
120.63
118.20
112.56
115.24
119.00
121.46
»-«.
123.49
118.60
123.13
120.84
118.20
112.56
8
115.24
121.46
123.49
119.00
118.60
123.13
120.63
118.20
112.56
115.24
119.00
121.46
7-——
123.49
118.60
123J3
120.63
118.20
112.56
115.24
123.45
118.60
123.13
—
.
Stock
6
Exchange Closed
-
119.00
121.46
120.84
118.20
112.56
115.43
119.00
121.25
120,84
118.20
112.56
115.43
119.00
121.46
2ZZZZZZI
123.45
118.60
123.13
Stock Exchange Closed
123.45
118.60
323.13
120.84
118.20
112.56
115.43
119.00
121.25
i
123.49
118.60
120.84
118.20
112.56
115.43
119.00
121.25
prices mixed and higher prices for
July 26
123.77
118.60
123.13
121.04
118.40
112.56
115.63
119.20
121.46
dex declined
19
123.83
118.81
123.34
121.25
118.40
112.37
115.63
119.20
121.46
12—
124.14
118.80
123.56
121.25
118.60
unchanged.
112.56
116.02
119.20
121.46
124.24
118.80
123.34
5--
fv;-
.<•;
■
-
-
■
:■
Jnna 5ft.
123.13
121.25
118.60
112.37
115.82
119.20
118.80
123.34
121.25
118.40
112.56 v 116.02
119.20
121.46
118.80
123.34
121.25
118.40
112.56
119.20
121.46
124.17
118.80
123.34
116.02
121.25
118.40
112.56
116.02
119.00
124.02
118.80
123.13
121.25
118.40
112.56
116.02
119.00
123.99
118.80
122.92
121.46
118.40
24
119.00
118.80
123.13
121.46
118.40
112.56
119.00
y
f
116.22
"
124.14
118.60
122.71
121.46
118.20
112.56 « 116.20
119.00
123.83
3
.
118.80
122.92
121.46
118.60
112.73
^
116.41
119.20
122.92
121.67
118.60
113.12
■;
116.61
119.41
WEEKLY
119.00
123.34
121.25
118.40
113.12
116.41
119.41
121.04
125.61
119.82
123.99
122.29
119.41
114,37
117.40
120.22
122.09
126.02
120.22
123.34
121.88
119.00
114.27
116.41
120.22
ax
126.28
119.00
123.12
121.25
119.00
113.31-
115.63
119.41
120.02
124.20
122.50
119.61
114.46
117.60
120.43
122.50
f;'
117.60
121.46
119.82
117.40
112.19
114.46
117.80
120.63
119.00
116.02
108.34
112.56
115.63
U.S.
Govt.
Bonds
?
•
117.40
112.19
106.74
114.27
Corporate by Ratbags'*
Aaa
2.73
Baa.
R. R.
P. U
,
2.90
2.70
3.03
2.90
2.70
1.52
2.73
153
2.61
2.74
3.04
2.90
2.70
2.74
3.04
2.90
2.70
2.62
2.74
3.04
2.50
2.52
2.74
3.04
2.89
2.51
"
2.62
2.74
3.03
2.89
2.89
2.70
138.6
146.0
154.2
132.8
Textiles
204.7
205.4 "
196.6
156.6
125.3
108.9
Metals
Building materials
Chemicals
I
\\:i v
2.74
3.04
2.89
2.70
2.74
3.04
2.89
2.70
2.73
2.50
2.62
2.74
3.04
2.89
2.70
2.73
2.51
2.62
2.74
3.03
2.89
2.70
2.51
2.62
2.74
3.03
2.89
^70
3.03
2.89
2.72
2.72
2.50
2.62
2.74
3.03
2.89
2.70
2.50
2.62
2.74
3.03
2.89
2.70
2.58
1.51
2.72
2.50
2.61
2.74
3.03
2.88
2.70
2.72
2.50
2.61
2.74
3.03
2.88
2.70
2.58
2.70
2.59
1
2.61
2.74
2-
Stock Exchange Closed
1.51
2.72
2.50
2.61
2.74
3.03
1.51
2.61
2.74
3.03
2.70
2.88
1
2.88
2.72
2.70
2.73
2.50
2.60
2.73
3.03
2.87
2.69
2.49
2.59
2.73
3.04
2.87
2.69
1.47
2.71
2.48
2.59
2.72
3.03
2.85
2.69
2.59
2.72
2.86
2.69
1.46
2.71
2.49
2.71
2.49
2.59
2.73
.
1.46
2.71
2.49
2.59
1.46
2.71
2.49
2.59
2.73
;•-
3.04
Mr!
•
~ 3.03
2.73
iU
153.8
128.3
125.8
2.85
3.03
2.69
2.58
2.70
•
2.58
2.69
2.85
*
be less
170.8
'
141.3
on
base
1926-1928
110.1,
.
were:
24,
Aug.
v
1946.
rRevised.
On
an
15,
;
122.5
'118.3 "
121.0
«
j
137.4:
17,
Aug.
136.1;
1946,
and
'
A
,
•
»
'??■
2.50
2.59
2.73
2.85
2.70
July 15,
1946,
2.51
2.58
2.73
3.03
,2.84
2.50
(2.70
2.60
2.71
2.58
2.73
3.03
2.84
2.70
2.60
Cities
2.58
2.74
3.03
2.84
•2.70
2.60
1.47
2.72
2.52
1.49
2.71
2.51
2.58
2.72
3.02
2.83
2.69
2.6C
2.57
2.72
3.00
2.82
2.68
2.6C
77 3-**—
Apr. 26
1.44
2.70
2.51
1.45
2.70
2.49
2.59
2.73
3.00
Mar. 29
2.83
2.68
1.36
2.66
2.6C
2.46
2.54
2.68
2.94
2.78 ;
2.64
2.49
2.56
2.70
2.94
2.83
2.64
2.70
2.50
2.59
2.70
2.99
■287
2.68
2.58
2.66
2.78 Z'
3.05
2.93
2.76
2.6?
2.45
2.53
2.67
2.93
2.77
2.63
2.53
2.62
2.70
3.26
•3.03
2.87
2.68
•3.35
2.94
monthly figure
re¬
over
June 1946.
.......
three issues of the total 851 issues
the Curb Exchange on Aug. 15, 1946, showed a short posi¬
on
excess
of 5,000 shares, compared with five issues
entirely eliminated
was
as
of Aug. 15.
on
Aug.
7
V
Short
Position
Service
Co.,
Neon
Lights,
American
Pan
Inc.,
Airways
position,
common
Corp.,. warrants
July ID
4,435
1.515
6,400
common
Position
Aug. J. 5
5,950
Security—
4,398
2,002
Increase
;
1.54
1946——
'
Low" 1946.——
1.31
2.65
1.65
2.86
'
Decrease
1945-
2 Years Ago
'if
1944.
Aug. 25,
2.85
;
,
1-81
3.02
2.71
2 78
3.05
«
3.55
SUiiMeawtJ?«0r'«,l°TOeIhe?8/ve T£y true rejaWve
yield averages, the latter being the .the
levels and the relative
picture of the bond • market.
movemeni
„
>
NOTE—Thelistused In compilingthe
averages was given, hi the Nov. 22,
Issue of the '"Chronicle" on page 2508.
'
*
1
u
JC
"vyy ty
-
'<\
>' ^ ' • *
Cotton Ginned from 1946
•/*" v,*- •■:y, «
.
4
,
1945
Orop Prior to Aug. 16
The Census report issued on
Aug. 23, compiled from the indi¬
vidual returns of the ginners, shows as follows
the number of bales
of cotton ginned from the growth of 1946
prior to Aug. 16, 1946, and
comparative statistics to the corresponc&iig date in 1945
RUNNING BALES
and 1944.
'
half bales
as
.Siat®r; '
Staies
—'
*283,535
•
.4,
9,950
1,050
161,230
70,813
2
2
.
—i
„
—
•
.——
•Includes- 171,641
of
the
crop
of
supply for the season of
bales of the crops of 1945 and, 1944.
-,
-
The
statistic^
none
The
against
^
in
for >1944.
this
*
report
-
■
include
individual
returns
of
/
273
5.781
,.;
,
.
1
.2,281
154.758
-
563
92$
1946, ginned prior to Aug.
*\
no
compared
with
132 737
which
and
was
48 183
,ana 48,183
r,
round
1
.
bales for' 1946:
none
for
1945
.
statistics for 1946 In this' report
the
:
216,156
1945-44
.
'536
1,350 7
203
—
bales
the
in
*164 557
^
■
5.819
•
276,199
———
6.875
.764
516
TnXaS.u~*"" StatesAll other
and
^
.
5,613
1044
*231,527
\
^133
■■•
Louisiana
counted
"•••
tho
are
subject
to. revision when
ginners being transmitted by mail
,
'•■••:•
7-•
without the guaranteed pro¬
visions," Mr. Davis said.
On the basis of the definite fig¬
erans
Veterans Now Using
82 Billions in Credit
Approximately two billion dol¬
in credit has already, been
lars
eictendsd to. y#r, vqt^rqqs .to aid
them in buying a home or estab¬
lishing themselves in business, or
in farming, according to Chester
RZ Davis, Chairmanof the Com¬
.
on
Service for War Vet¬
the
of
Association;
American
is
who
Bankers
also
Vice-
President and Trust Officer of the
Chicago Title and Trust Company,
ChicagOjIllvIn making thisknown
Aug. 6, the ABA advices further
said:
;
^
,
linters)
checked
caused
-
report from the Veterans
Administration on lohns closed
and disbursed shows that on July
19,
of
all
lenders had
made
a
total
217,466 guaranteed loans to vet¬
erans
in
an
aggregate amount of
$1,022,095,713. Of this total the Vet¬
erans
Administration
commit¬
ments for guarantee on
insurance
amounted to $464,812,187. A spot
check of 4,000 banks shows that
for
every
dollar
of
guaranteed
loans made, banks are extending
an
•
a
' '7
This made their 77 *
price of butter fall from seventyto nineteen cents a"pound
in one day!
Some food retailers
are
and
3.7
trying hard to "hold theiline/*
are in
certain cases f^Vging
;
customers not to buy. Of Tddutse
buyers' strikes in any degrej§7tan ~
not last long against foods, b#/we _• '7
go hungry.
But on all the Non¬
food commodities, those of us who
""
have the - patience to Wait7 wilt- 7 i7
sometime be rewarded Wt cheap—r
7
er, or at least, better goods* : m.'
The Revived OPA
18%
The
/.
price rise after * the original OPA was made in^
valid brought resistance all overt., the- country in the form vof buy~
ers' strikes. Labor gave every in¬
dication of planning more strikes- 7* 7
for more wage increases and .used ? r
the buyers' strikes as a. deliberate 7 ; t
weapon to encourage; a/ revived, 7,
OPA. Perhaps this modified, form.; n; of price control will proves,a de-r.-,
;
food
,
,
,
position, bonds-
"A
1945
'
• <•
871
■
•
—
Georgia
P'
1*940
United
Alabama
Florida'
arict,'excluding
short
erans
.
(Counting round
Total
mittee
'• ;~
forbutter
the
high price
rivalry be-
.
8,900
90,417
stocks
3:'!
*These Prices are computed from
average yields on the basis of one
"typical" bond
<3% ft coupon, maturing .in 25 years) and do not
purport to show? either the average
level or the average movement of actual
price quotations.
They merely serve to
of
short
2.55
1 Year Ago
Aug. 27,
Total
-
where
a
.
follows:
Short-
2.79
1.31
in Florida
public's antipathy to
July 15,
on
in bonds, which has slowly decreased in recent
2.55
2.77
High
,1.33
>
expensive.
'
Patience to wait was rewarded
recently
seven
2.55
2.67
■
Y&rk Curb
Only 179 of the 851 issues showed any short position
Claude
17
-.'V'.v..
the short position amounted t6*'161,230
increase of 24,047 shares
2.59
2.71
io
.
;
2.71
2.85
i
,,-y
1945, when the short position totaled : 86,686
The report in part
1.48
25—
■
174.7'''
...
2.59
1.47
21
•
176.4 ;
—
All groups combined
months,
1.48
•
.
Agriculture says food commodity 7 Z
price rises may be stopped with
bumper crop this coming harvest*
It claims that if the good weather:
continues, the U. S. should haye^; r - 7
a 28 %
greater com supply •-than
'7
in the normal; year. Com rsyruK. V 7 *
and starch are, for examplei; now
;
up 25%
in price. These should!, (l" ;;
come down.
With good crdps ini.'
•
other
countries,
our
" harvest .:
should be a large factor in easing
the world food situation. 7 Then
the grains and all their products^' '
■}
including bread;; should bdgih tov
Short position
15.
4
\V
104.8
1946.
3.03
3.03.
•
Jan.
Patience to Wait
119.9
tion in
2.5P
•
1.47
Feb.
"»
v"
^
The report shows that only
2.58
-
demand
v -i
115.1
2.58
•
the
119.8
shares,
2.58
2.71
May 31^.
fill
115.1
2.59
1.49
1.49
7
to
necessarily; for enduring
120.8r
traded
2.50
19
21
186.4
,
designed
120.8
shares.
2.58
July 26
June 28
122.5
:
The total short position in stocks traded on the New
2.59
1.51
'
-
115.1
ported since Aug.
2.58
2.72
"
i
stood at 90,417 shares on Aug. 15, 1946, the lowest
2.58
1.51
,
127.5
Exchange declined sharply by 70,813 shares; or 44%, during " the. past
month, the exchange announced on Aug, 221 Total short positions
2.59
2.73
Exchange Closed
1.51
.
177.4
127.5
134.5
Curb Short Positions lowest in August
2.59
1.51
5
124.4
177.4
—
drugs
,
ag<^ ^ tendency to by-j 7 •
pass shoddy merchandise has be-7"- \
gun to be apparent. In many lines,'f *7
over a year
tween two stores.
2.59
n
8
-
124.5
and
f
2.59
2.62
2.50
,
cdm-r";77
Farm machinery
•Indexes
*
2.62
2.51
1.51
meantime^
with
quality.
Higher
wages and costs, plus price ceil-,
ings, have encouraged these com-^
;
promises. Wise housewives Will 7
object to paying the same old"'
price, or a higher one, for poorer" materials.
Although department 7" •
store sales have increased greatly •;*
promises
Fertilizers
Aug. 25, 1945,
«
2.51
2.73
1.51
demand
In the
bound to be some
Fertilizer materials—
100.0
2.58
2.73
Stock
supply and
are
.3
-
2,58
2.70
7
17'
163.2
154.2
146.5
2.58
2.70
f
1.51
—
,
195.7
154.2
.
*
10
g*
167.2
158.9
204.2 •:;
-•
?
211.4
220.3
„•
2.59
2.50
2.73
2.73
12
14
212.9
;
2.58
2.62
1.51
12
210.6
7.1
2.58
1.51
3
211.4
212.4
318.6
219.0
Miscellaneous commodities
2.58
!
2.51
2.73
^ntock Exchange Closed
'J
14—
I
163.1
202.3
341.0
6.1
•
2.51
v
2.73
,
1.52
1615—
8
202.3
202.3
-
224.1
Livestock
Indus
3.03
1.52
—
A
2.74
•
r-vf't?
< Aa
2.62
1.52
20
h
145.2
1 Corporate by Groups*
2.74
^
there
.3
2.63
22—-r-—
^ Z'; ; V
J
;.
2.51
21——.Z!
7
144.3
Fuels
.117.20
■
1.53
2.73
2.51
Stock Exchange Closed
26——
13
181.4
205.9
338.3
1.3
103.30;
!•
rate*
1.54
24
v
185.1
223.8
10.8
Individual Closing Prices)
on
Avge.
Corpo¬
'
.
188.4
8.2
5
23—
ly45
17.3
i
V
1946
Grains
119.41
(Based
v
*»'
1946
Farm
120.63
115.82
118.80
of
again operate.
Have
Aug. 25,
Cotton
122.09
112.75
law
and not
Year
Aen
227.8
,
23.0
MOODY'S BOND YIELD AVERAGES
77;;
Month :
July 27,
.....
fjnf'.f-.nnspftri Oil
123.14
119.88
7
time befor£;# l;
prices can be adjusted into better77:
balance with wages and the ..old
777
How long must we wait to ;buy?
,,
The United States Department, of--
Aug. 17.
Fats and Oils
2 Years Ago
7r;.
Foods
25.3
£
Aug. 25, 1944.
Good Quality
some
satisfaction.
<
1946
122.09
126.28
1945.
on
be
may
lumberj the output^^will probablyyt
INDEX
.
122.09
Jaw.
Dally 7 H
Averages
Aug. 27—
PRICE
Aug. 24,
Group
Total Index
21
7 1948—
COMMODITY
National Fertilizer Association
each Group
Feb.
1 Tear Aao
The
Latest Preceding
Week
Week.
Bears to the
Mar. 29
Aug. 27,
Insist
It
be
#
t
121.04
124.33
1946
7 (Continued from first page)aC7>
ing, tiie aemana lor most tnkigss^;7|
is still greater than the supplyvrj 71
in the furniture business where 7
there is a shortage1 of'' seasoned
1935-1939=100*
121,04
1946
i4
as
.•.»,
„
WHOLESALE
Compiled by
Apr. 26-.-
High
feedstuff
with
declined; in the preceding week 27 advanced and 11 declined; in the
second preceding week 22 advanced and 18 declined.
121.04
119.00
rose £
During the week 24 price series in the index advanced and eight
•
121.25
124.49
10
inctex
news roll paper. The textiles in¬
All of the remaining groups of the index were
slightly.
121.04
17
Low
commodities
miscellaneous
121.04
123.99
112.56;' 116.22
The
121.25
MSLsaS
u*y
sheets.
121.46
124.17
21
V 14——_
.
•
124.11
,
Buy!
•
123.39
118.40
122.92
Stock Exchange Closed
123.49
118.40
122.92
18——,
14
13-
-
t
Baa
120.43
122.92
high leVel of 176.4, advancing from 174.7 in the. preceding week.
The index has risen 16.3% since the last week of, June, the week
the OPA was suspended, and is 24.8% higher than a year ago.
A
month ago the index stood at 170.8 and a year ago af 141.3, all based
on the 1935-1939 average as 100.
The Association's report went on
to'say: 7;/'
During the latest week four groups of the composite index ad¬
vanced and one declined.
The farm products; group showed the
greatest advance, rising 2.3%. The cotton subgroup declined.
The
grains subgroup advanced only fractionally with prices mixed; wheat
prices declined and prices for corn, oats, and rye advanced.; The
livestock index advanced sharply with cattle and hog prices soaring
to new highs, and higher quotations for lambs, sheep, calves; eggs,
fluid milk and live poultry. The foods index again advanced with
prices for butter, flour, dried prunes, and dressed fowl- higher and
potatoes lower. ; The metals index advanced slightly with higher
prices for finished steel more than offsetting lower prices for brass
new
Corporate by Groups*
R.R.
P. U,
Indus.
A
123.39
10-.*—
•
118.40
Ratings*
Aa
123.36
19
y
Aaa
123.27
118.40
122.92
Stock Exchange Closed
123.30
118.40
122.92
123.27
118.40
122.92
23
-
rate*
123.14
26
24
Average Yields)
on
Corporate by
•
Nigh Peak
The wholesale commodity price index compiled
by the National
Fertilizer Association and made public on Aug* 26, registered a sub¬
stantial gain in the week ended Aug. 24, 1946 when it reached the
MOODY'S BOND PRICES
When lo
equal ambunt of credit to vet¬
ure supplied
by the Veterans Ad¬
ministration oh guaranteed loans,
it is shown that of all guaranteed
loans
made,
loans
in
a,
$941,379,332.
home
made
to
veterans
is
There have also
bdeii 19,254; guaranteed,! business
loans made1 amounting to $5-3,889,744. These loans average less than
$3,000.
I,.
,,
7,582
Z7
-,rf
u
•
t,
less than $5,000.
The
M
OPA prices would' still
-.4
therefore, is q period in. wnich «to
!
190,630 were home buy only what we need unless we ; •
principalt amounts of ore sure there, will be, no-more.
The average size of
loans
terrent to further
labc^; deipands*.
It is estimated thht, in, any .case,,
the cost of living must continue,
to go up if wages are again increased. No OPA can stop it.,With.
farm
loans
•'
which
The time to buy is.when
the supply of goods is .ample ^ndL
businesses are competing in im-
strikes.
■,: 7
lr, 77
their products 'With an,7',
eye to enticing the public.
Thi» , 7:
ideal state
of
affair^ may net '
come .before
1948 although, re- 7 7
proving
„
member what X wrote last Week
made; for a ,total of .about .fish! : v.
$23,826,637 were, for the -most •;:;777'7 '•■V'. i1
'
part, loans made to veteran farm¬
ers
for purchase of equipment;
However, despite the high price
have: been
,
of farm land, many banks report
that
they have successfully aided
y eterans in
ures which
buying
are
a farm at
not inflated.
fig¬
Moody's Daily
Commodity Index
Wednesday,
Saturday,
tions
Monday, Aug.
for
loans
in process.
to
veterans
are
This figure in¬
cludes many cases pending and
many
other cases which have
been
approved on which final
closing statements have not been
received.
Friday,
21
Aug.
Aug.
Thursday,
;; The
Veterans Administration
also reports that 42,637 applica¬
now
Jw-Df34e.s:
Tuesday, Aug. 20_
Aug.
23
Aug.
--^v343.8
Tt-
22_
^
—--
_
—
Tuesday, Aug. 27
weeks ago, Aug.
^
1945
Aug. 27, 1945-
High, Dec. 27™
Low,
1946
High,
Jan.
24
Aug.
Low, Jan. 2,
1__™
1946—
336.2
0L 348.2
-h-9'^42"8
13
Month ago, July 21—^Year ago,
352.3
338.9
26—
Two
351.4:
■ifiij 352.3
24—
*r•™
',265(0
.™,3' 252.1
—la
.356-3
264.1
V
.r
'
'
ffctfl^
Mr I
/;
1190
THE COMMERCIAL & FINANCIAL CHRONICLE
"
Trading
•
The contract for the purchase and representatives of the Boliv¬
New York Exchanges
on
of
30,000
tons of
Chilean
copper
Commission made public on Aug. by ; the • Government has - been
21 figures
showing the volume, of total round-lot stock sales on the signed. News from Rhodesia was
New^Xork Stock Exchange and the New York Curb Exchange and more encouraging? and there was
the; volume of round-lot stock transactions for the account of all a strong possibility that strikes
The Securities and Exchange
exchanges in the week ended Aug.3, continuing in that area will be settled soon.
Beginning Aug. 23, domestic
figures being published weekly by the Commission> Short sales are shown separately from other sales in these smelters and refineries' treating
foreign metal will be permitted
figures.,
;
to sell the metal at the price ob¬
'Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Aug. 3 (in round- taining in the foreign market.
lot transactions) totaled 1,656,830 shares, which amount was 18.53%
Lead
of the total transactions on the
Exchange Of 4,471,550 shares. This
September allocations of lead
compares with member trading during the week ended July 2? of
were reviewed by members of the
1*992,950 shares or 16.97% of the total trading of 5,871,260 shares.
members
of
these
series of current
a
x-
•On the
New York
Curb Exchange, member trading during the
Aug. 3 amounted to 289,920 shares, or 13.67% of the
total volume on that exchange of 1,060,605 shares. During the week
ended July 27 trading for the account of Curb members of 546,790
shares was 18.64% of the total trading of 1,643,490 shares.
week
ended
TotaJ Bound-Lot Stock Sales
;
:
tor
-
-
A. Total Round-LOt Sales:
r
::P&flhnrt sales .*;;'■■■,"
of
tOther sales
3.
B; Round-Lot
Except
-
^
'
(Shares)
'
Transactions
for
,.
the
for
Odd-Lot
Account
,'
nt
,
In stocks in which
__
ed to
;
,^r-----
sales.
52,110
16,600
IQther
184,600
Total
sales
3. Other transactions initiated off the floor-
iOther,
sales
252,370
200,950
\
have
Cr
purchases——.
tOther
sales
——
serve
■-C't--"-• :.v.
Total
sales
Transactions
the New York
on
for
Account
of
V
I
i
1,043,835
Total. sales—
)?•;•
16,770'
».
4Q^^les;.g
______
B. Rourid-Lot. Transactions
for
Account
of
-..Total
»
"
;
'
registered—
are
'
■
_
h ;
„
.>-^^'Total,'-purchasflsr-.-.:-.^--...rT:;,n.;r::,.i.,.r/,.Vl,^
6,625
Short sales-—j.—
sales
1,310
12,400
sales.
13,710
;
.-
tOther
Total
.
■
..
RFC,
24,080
,
Bolivian
DAILY PRICES
5,100
29,180
2.63
purchases—
Aug.
14,450
17-
52.000
52.000
52.000
Aug.. 19
52.000
52.000
52.000
Aug.
20-;-_.
52.000
52.000
21—
52.000
52.000
OF METALS
17—
.
__
52.000
Chinese, or 99%
changed at 51.125c.
tin,
was
•
tOther
■'
■
sales-————.
■
-■■
■./•
X
''
'>
■
V
Total sales—.
'
C. Odd-Lot Transactions for Account of
Specialists—
;; Customers'
short sales'
'.
9W- fCustomers' other Kales!
Total,
v.-
;
;
154,375
purchases^
'Total sales_—j„—.
57,876
*The term "members" includes all
regular and
and their partners, including
special
.
V
^Round-lot short sales which
rules
are
included with
"other
of
on
„
k
,
.
members'
the
purchases and sales is
Exchange for the reason that
by the Commission's
sales."
fSales marked "short exempt" are included with "other sales."
Non-Ferrous Metals-Lead and Zinc Users
Hit by Price Uncertainty-Copper Sales
Up
t ^E. & M. J. Metal and Mineral Markets," in its issue of
Aug. 22
stated: "Recent restoration of ceiling prices on lead and zinc
is retard¬
ing the flow of these metals to consumers, and curtailment in man¬
ufacturing operations
appears
is
more acute than in
ferrous metals is active.
to be imminent.
the
made
at
somewhat
higher
prices, retroactive to Jan. 1, 1946."
The situation in zinc
The
publication further
to say in part
as
went
follows:
on
months, thanks to the resumption
mines, mills, smelters,
of work at
second
refineries.
3,591
other
sales
totaled
quarter
sales
539,478
Dollar value
contrasts with 7,000 flasks in
the
first quarter. Stocks in the hands
of
consumers
and
dealers
in¬
creased
1,800
flasks
during
quarter, to 12,700 flasks.
of
Short
Dealers—
Shares:
sales
117,600
117,800
,
Round-Lot Purchases by Dealers—
Number
''Sales
shares
of
marked
233,410
"short
exempt"
are
re¬
ported with "other sales."
tSales to offset customers' odd-lot orders
and sales to liquidate a long position which
is less than a round lot are reported with
"other
sales."
NYSE Short Interest
The price situation in the New
To
York market
was unchanged last
week, quotations holding at $98 to
$100 per flask. In regard to metal
captured from the Germans, it
learned
last
week
that
this
lot is in firm hands and earmarked
at
present for the foreign market.
1
of
at
Silver
take
business
of the volume
care
that has materialized
prevailing prices, the tense sit¬
uation that existed here
over
the
has virtually
disappeared. The New York Offi¬
cial price continued at 90V8C. Lon¬
don was unchanged at 55V2d.
& M. J." QUOTATIONS)
("E.
Straits
Zinc
—Lead—
Tin,
St. LoulS
New York
New York-"
St. Louis
8.250
'
8.100
8.250
August 15 Reported
The New York Stock Exchange
made public on Aug. 20 the fol¬
lowing announcement:
The short interest as of the close
.
of business 011
the Aug. 15, 1946
settlement date, as compiled from *
information obtained by the New;*
York Stock Exchange from its
members and member
732,649
52.000
8.250
8.100
both
8.250
8.100
8.250
52.000
8.250
8.100
on July
15, 1946,
excluding short posi¬
odd-lot
ac¬
counts of all odd-lot dealers.
in
As
carried
the
the
of
Aug. 15, 1946 settlement
the total short interest in
date,
all
odd-lot dealers'
52.000
8.250
8.100
8.250
21
14.150
16.175
52.000
8.250
8.100
8.250
8.100
8.250
8.250
52.000
accounts
was
36,281 shares, compared with 50,831 shares on July 15, 1946.
;
.
-
-
The Exchange's report added:
"Of the 1,308 individual stock
Aug.
8.250
16.175
was
with
shares
totals
tions
sues
16.175
firms,
compared
listed
on
the
8.250
52.000
shares,
849,693
issues
15.950
15.950
16.096
200
^
sales—
the
14.150
v.
4
$24,890,767
by
Total sales
4,59.9
Domestic consump¬
tion was estimated at 8,400 flasks
for the April-June period, which
52.000
14.150
-
535,887
total
Round-Lot Sales
first quarter.
16.150
The above quotations are "E. & M. J.
M.1 & M. M's", appraisal pf the njaJorTTtrited
and agencies.
They are reduced
All prices are in cents per pound.
based on sales lor both prompt and future
States markets, based on sales reported by producers
to the basis of cash, New York or St. Louis, as noted.
?
lead and zinc quotations are
are for prompt ^delivery only*
;
In the trade, domestic copper** prices are quoted on a delivered basis: that Is,
delivered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices in New England average 0.225c. per'pound above the refinery basis.
s''
Effective March 14, the export quotation j for copper reflects prices obtaining lr
the open market and is 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 Lo.b. refinery quotation. ;
Quotations for copper are for the ordinary iorms of.wirebars and Ingot bars.
Copper,
For
standard
pound is charged; for slabs 0.075c. up, and;
for cakes 0.125c. up, depending on weight and dimensions; for billets an
e^ctra 0.75c
upt depending on dimensions and quality.
Cathodes In standard sizes are sold at »
discount of 0.125c. per pound.
»
'
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
ingots
an
extra
0.05c.
per
'
not
less than
lc.
over
the
"E.
tc M.
J."
Some
_
for Prime Western for the previous
average
Quotations for lead reflect prices "Obtained
Exchange
on
1946, there were 46 is¬
15,
in which
short interest of
a
shares existed, or
in which a change in the short
position of 2,000 or more shares
occurred during the month."
5,000
or
more
for
common
lead
June 15J
i.J*.
i_J
1,554,069
1,420,574
1,305,780
July 13j—Aug. 14
'
;
Sept. 14—
1*327,109 V
Oct. 15-...—1,404,483
Nov. 15.—
1,566,015 ' "
Dec. 15.........
1,465,798
'
104ft
-
.
Jan.
15.:.-.-.—
Feb.
15i.--_._i
1,270,098- ~
1,181,222 o
Mai'.ri5.'._._J
A
1,015,772 J
Apr., 15^---———-:—- . 994,375
May 15:..—.
1,022,399 June 15....
867,891
July 15,..—__________
849,698
Aug. 15
732,649-'
—
...
-
.
—
only
Spain Names Embassy Aide
Jackson
to
After
call
Rejoin
Supreme Court
man
15,
a
on
President Tru¬
at the White House
Associate
Justice
on
Aug.
Robert
H.
Jackson, American prosecutor at
.observers the Nuremberg war crimes trials,
who
recently returned to this
| believe that deliveries may exI ceed 100,000 tons.
country, told reporters that he
and
19,428
Customers'
flasks, against 1,256 flasks in the
Exp. Rely.
lead.
Demand for all of the major nonCopper deliveries this month have increased
sharply, reflecting increased pro-<$)
duction, following the recent end¬
Copper
ing of labor disputes. An agree¬
Deliveries of copper to domestic
ment,
has
been
reached
with consumers
during August are ex¬
Bolivian producers of tin concen¬
pected to increase substantially
trates under which purchases will over tonnages moved in recent
be
sales
tOther
deliveries; tin. quotations
are exempted from restriction
total
short sales
Shares:
of
Number
14.150
associate Exchange members, their
partners.*
;
tin calculating these percentages the total
compared with twice the total round-lot volume
the Exchange volume includes only sales. • *
19,327
The following table compiled
Average ' prices for. calendar week ended Aug. 17 are: Domestic
copper f.o.b. refinery, 14,150#; export copper, f.o.b. refinery, 16.046$; by us shows the amount of short
Straits iin, 52.0000; New York lead, 8.2500; St. Louis lead, 8,1000; interest during; thq past year;
St. Louis zinc, 8.2500 and silver, 90.1250.
Hl945—
60,594
firms
sales
with 5,550 flasks in the
14.150
Average
60,594
101
other
Jan.-March period, the Bureau of
Mines reports. General imports in
compares
Refy."
O
;■
* <*
sales
^Customers'
production of quick¬
during the second quarter
amounted to 7,000 flasks, which
Aug.
13.67
>
short
Quicksilver
19
_
sales)
Orders:
of
Domestic
20—
_
$29,811,169
Customers'
Customers'
-
,
Number
Customers'
Aug.
■
—__
(Customers'
if-
Number
Aug.
139,925
———
'v'.iv
■■'
22,683
638,530
shares
un-
"
'
of
value
Odd-lot Purchases by Dealers—
52.000
.
14.150
16—
Aug.
135,545
—
Short sales——
■
Dollar
14.150
15
Aug.
4. Total—
Total
producers,
—Electrolytic Copper—
Dom.
Total sales.
;
t
Number
first half of the year
The
.
52.000
52.000
cient to
26,535
,
Sept.
"
Total
Per Week*
(Customers' purchases)
Number of orders
52.000
high level, but with supplies suffi¬
0.96
<
Week Ended Aug. 10, 1946
52.000
was
Tin
3. Other transactions Initiated off the floor—
Total purchases—,—..
Short salesw—
tOther sales
■
-ii----,,,--
STOCK EXCHANGE
;
Oct.
.
'
Y.
N.
Odd-Lot Sales by Dealers—
52.000
Aug.
THE ODD-
THE
ON
SPECIALISTS
AND
FOR
ODD-LOT DEALERS
LOT ACCOUNT OF
52.000
Demand for silver remains at a
at the mines
'
TRANSACTIONS
STOCK
16
turned down.
10.08
•
2. Other transactions initiated on the floor-
cialists.
15
Zinc Co. at Franklin
Ogdensburg, N. J., was set¬
tled Aug. 17.
Wages will.be in¬
creased I8V2C. an hour, but de¬
mands for a
closed shop were
k,
111,485
on
prices rang¬
to
lO^c. per
IOV4C.
strike
the
on
tinuing a series of current figures
being published by the Commis- 4
siori.
The figures are based upon
reports filed with the Commission
was
and
8,040
103,445
Total sales
which went to the Metals Reserve.
New Jersey
102,385
sales
:
of the
The
Short sales
'^'tOther
and
Prime Western zinc has sold in
„
ing
from
pound.
■>
purchases
holdings,
odd lots
ists who handled
Jan.-June exports, and 3c. in the
July-Dec. period.
by the odd-lot dealers and spe¬
releasing zinc from
the foreign market at
Members:
\
situation
after
producer^ again take
business at a normal rate.
l:<"-Transactions of specialists in stocks in which
■:they
the
-
1,060,603
—
r
West¬
pected to become available until
Total for Week
4-
Prime
metal from that source is not ex¬
*
.-;
wide¬
a
has not changed its position
Government's
the
Exchange and Stock
(Shares)
3, 1946
W-'::'.
Aj Total Rouna-Lot Sates;
.Short sales—
Curb
Members*
WEEK ENDED AUG.
both
unless
in reference to
18.53
895,090
Total Bound-Lot Stock Sales
were
is corrected soon, the industry has
learned. The Office of Metals Re¬
154,460
740,630
___
further
still
761,740
—
Short salesi
.
a
account
'Customers'
Special High Grade will
restrict their operations
to
5.45
234,610
4. Total—r
Total
and
ern
'
Total sales.
The bonus will amount to
maximum of lc. per pound on
year;
odd-lot
for
New York Stock Exchange, con¬
silver
zinc
of
of
Consumers
33,660
•„
are maintained at the rate
of 17,600 metric tons of tin for the
!
spread dearth in offerings of zinc.
'
purchases.
Short:sales'
•' v
States
Aug.
2,659 tons, against 1,857 tons
preceding week.
the matter has resulted in
2.83
201,200
Total
transactions
of all odd-lot dealers and special*
the
event that exports to the United
program in
Aug.
disap¬
pointed last week that nothing has
yet been done by OPA about ad¬
justing the ceiling price of zinc
upward. The delay in acting on
10.25
459,280
.
bonus payments to producers par¬
ticipating in the
Aug.
unchanged at 25%.
.
price
Aug.
Zinc
the floor—
on
Total
'!!.
Short sales__.._____
The Securities and Exchange
Aug. 21v The revised Commission made public on Aug.
was
established
at
21, a summary for the week end¬
62y2c. per pound of tin contained,
ed Aug. 10, of complete figures
retroactive to Jan. 1, 1946, with
showing the daily volume of stock
base
The market situation in tin
as for some time past*
well in excess of avail¬
355,080
,-n.
agreed on
tin purchase
program on
in the
457,260
„
,
NYSE Odi-Lol Trading
have
of the
unchanged last week. Straits qual¬
ity tin for shipment, in cents per
pound, was nominally as follows:
able supplies. The "kitty," or setaside
for September
metal, re¬
mains
Government
continuation
pro¬
ducers, owing to the high cost of
metal acquired in the period when
the price was 9^c., the quantity
available for September is ex¬
pected to fall short of expecta¬
tions. Requests for lead from con-
Producers
Total
locked up by
has been
continue
Members,
of -Odd-boll
^
.
lead
substantial tonnage of
a
Sales of lead last week amount¬
2. Other transactions initiated
.
fact that
ian
About 1,000 tons of tin arrived
In view of the here last week from
Japan, all of
ington yesterday.
104,200
tOther
■
■
4,303,390
of
Accounts
industry and the CPA in; Wash¬
suniers,
.
168,160
"•
Short sales
;
tft
4,471,550
theyare registered—
To'talpurchases„____
,
^
■
.
Dealers, and Specialists:
1. Transactions of specialists
:
'
•'
■
__
sales.
Total
-
Exchange and Bound-Lot Stock
Members*
■
,
,
Stock
York
Account
WEEK ENDED AUG. 3, 1946
Total for Week
v
.
V;-
the New
on
Transactions
-
Thursday* August 29, 1946
plans to be present when the Su¬
preme Court reconvenes in Octo¬
ber. However, Mr. Jackson added,
according
to
Associated
Press
Washington advices, that he ex¬
pects
to
return
to
Germany
for
Luis Garcia Guijarro was ap¬
pointed commercial counselor of
the Spanish Embassy in Washington on Aug. 14 oir the recommen-
\
dation of the Ministry of Industry;
*
a n
d
the
handing down of decisions by United
the
war
some
crimes tribunal, probably
time next month.
according
Commerce,
to
!
,
Press advices from Madrid -."*v
appearing
^Times."
in
j
the
'
New
York,
■
'
•
Vbiume.
dumber 452Q
1M
THE. COMMERCIAL & FINANCIAL CHRONICLE
Daily Average Grade Oil Production for Week
1191
McCarren-Sumners
Weekly Coal and Coke Production Statistics
Ended Aug. 17,1946 Increased 21,300 Bbls.
The total production of soft coal in the week ended Aug. 17^ 1946,
estimated by the United States Bureau of Mines, was 11,990,000
Law?j
Analyzed by Trade Group ?•••'•
For the guidance of business- %
tons, a decrease of 356,000 tons,, or 2.9 %7 from the preceding: week. men affected directly or indirectly ?
In the week ended Aug. 18, last year, when time worked, at the by the activities of more than 130 ?
mines was equivalent to approximately 4;6 > days, the: total output Federal bureaus and agencies, the ?
as
net
The Americarr Petroleum Institute estimates that the
daily5 av¬
erage gross crude oil production for the week ended Aug.
17, 1946,
was 4,842,750
barrels, an. increase of 21,300 barrels per day: over the
preceding week and 68,750 barrels in excess of the daily average fig¬
ure- of
4/774,000- barrels estimated by the United States Bureau of
Mines as the requirement for'the; month of
amounted" to 6,194,000 tons. This latter period included the. V-J Day
Chamber
of
Commerce
the
of
holiday.. During the calendar through Aug. 17, 1946, the cumulative State of New York has prepared
an. analysis
of
the - recently? ?
August, 1946. The cur¬ production oi soft coal was approximately 315,911,000 net tons, .which
McCarren-Sumners law
was a decrease of 14.5 % when compared with the 369,646,000 tons enacted"
rent figure; however, was
91,100 barrels per day lower than the out¬
nunedvin> the .comparable'period of 1945 through Aug* 18;
requiring these agencies to follow
put reported for the week ended Aug.
18, 1945. Daily production for
established
business-like
proce- ?
the four weeks ended
Aug. 17; 1946, averaged 4,867,900 barrels. The
Output of Pennsylvania* anthracite for the week ended .Aug.. 17<
dures;
The analysis is being dis¬
Institute further' reports as follciws: :
«
:
1946,. as. estimated by the Bureau of Mines, was 1,089,000 tons, a de¬
tributed to members of the Cham¬
Reports received-from refining companies indicate that the in¬ crease ;of 166,000 .tons (13.2%). from the preceding, week.: When
ber and to several hundred lead¬
dustry as a whole ran to stills on a Bureau of Mines basis- approxi¬ compared with the production in the corresponding week of 1945
ing Chambers of Commerce and
mately 4,907,000'barrels of crude oil daily-and', produced: i.5,202,000 there
wag an increase of ' 591,000 tons, or 118.7 %.
The calendar .year other business organizations barrels of gasoline; 1,787,000 barrels of
kerosene; 5,346,000 barrels of to date, shows an increase of
9.8% when' compared with, the cor-* throughout the country. In a letter
distillate fuel, and 8,389,000 barrels of residual fuel oil during the
embodying the analysis, Arthur
week ended Aug; IT, 1946; and had in
storages at£ the end of the responding period, of 1945,
M. Reis,; Chairman of the Execu?
week; 87,036,000 barrels of finished and unfinished gasoline; 17,087,The Bureau also reported that the estimated production of bee¬
tive Committee? of the Chamber,
000 barrels of kerosene; 48,917,000 barrels Of distillate
fuel, and 51,- hive coke in the United States for the week ended Aug. 17; 1946 said:
827,000 barrels of residual fuel oil.
"I am bringing,., thi& legislation
.showed an increase of 8,600 tons when compared, with the output for
?/.
DAZL7.AVERAGS. CRUDI&OIL. PRODUCTION (FIGURES' IlTBARRBIfl)
the week ended Aug. 10, 1946; and it was 47,400 tons more, tham for to your attention because I am
.
*
t
.
,
state
*B. of Ml '
-.
Calculated
t...
•
Florida
Aug. 17,
,:i946
.
4 Weeks:
;
from
Aug, 18;:
Week
1946
1945
Virginia-;
r
8,450
+
1
450
7,650
7,100
"150
4,450
5,200
Total, including mine fuel-
2,500
7,600
'
J
:
f «'
Indiana—
'
50
Illinois
17,450;
215,000
Kentucky.:
—
Nebraska
,
1
Kansas-:
Oklahoma
47,050
6,250
209,100
205,100
600
30,900
2,100
46,950
—
—
{750
;
{277,450
+16,500
268,500
cars
+
1,050
382,700
♦Revised.
19,500
155,100
=
Penn. Anthrafij>—
III
486,550
224,250
43,500
317,000
105,600
VI:
District VII-B
V
27,900
District IX
VIII_
2,119,700
2,120,000-{2,164,526
(In Net Tons)
§Aug. 10,
-Calendar Year to Date-
Aug. 18,
Aug. 17,
:
1^45
^
Aug. 18;
1,047,000
1,207,000
479,000
36,156,000
32,939;000
120,900
112,300
73,500
2,342,200
3,837,000
2,297,300
washery and dredge coal and coal shipped by truck from
{Excludes colliery fuel;
{Subject ta revision;
SRevised;
authorized
♦Includes
operations.
—
ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL AND
LIGNITE,
(The
84,950
current?^^ireekly? estlnfates are based on railroad carloadlngs and river
ihlpments and- are subject to revision on receipt of monthly tonnage
reports from
—
and State
sources
or
of
final
annual
returns
from
the operators.)
Coastal
Louisiana
83.700
69,350
302,400
295,700
750
+
303,800-
.
•
380,000,
427,000
388,150
78,000?
78,766
;
+
750
74,450
+
,750
71,300
1,150
+
2,650.
+
'
386,100'
ly46.
-
Aug. 3,
1046
380,000
7.000
Oklahoma:
Colorado
365,050
85,000
101,000
Georgia' and North Carolina
?
Arkansas
—•
Mississippi
—
60,000;:' '*?'
-
Alabama
New
?
99,000
'
>
New Mexico—So. East)
,
2,200
•
106,000:
-
100,050
Illinois;
99,550
'
Mexico—Other—J
450
i
110,000"
24,000 '
30,000
850,000
——•
20,400
Colorado
if California
500
113,050
'
:
8847,400
Kentucky-—Eastern;
Kentucky—Western
Maryland.
+
2,100
3,100
10,700
Michigan
:
115,950
38,000
+
450
-v
111,900 J
•24,550
501
—
879,900
*
1,600
+
24,600
40,600
876,100
-
Montana
936,30.0
New
4,774,000".
4,842,750
21,300
+
4,867,900'
4,933,850
••Pennsylvania Grade (inoluded
:
•
65,400
2,000'
+
63,750
Bureau of Mines calculations of the requirements of domestic crude-oil
of
condensate and natural gas derivatives)} based upon certain
are
?
i(
mixed with
*.v
crude oil in the field.
355,000
•
55,000
34,000
{This
Includes
;■+
is
the
fields
basic
net
shutdowns
several
and
which
allowable
of
as
exemptions
were
for
for week ended 7:00
Aug.
the
Dakoa-(lignite)
but
by the late? President Roosevelt.
We and other participating groups
:
29,000
133,000
1,000
132,000
398,000
25;000
....
806,000
3,044,000
2,000
-
31,000
716,000
3,206,000
lignite)^
Virginia—
141,000
125,000
380,000
'21,000
327,000
38,000
'744,000
2,798,000
137,000
.
-
2,000
.
2,376,000
2,473,000
862,000
893,000
Wyoming
2,083,000
1,044,000
160,000
I42;ooo
184;000
1,00
1,000
*
12,346,000
12,255,000
3Other Western States
i
3
ordered
were
a
With
31-day basis and
the
exception of
from
CRUDE RUNS TO STILLS;
:
PRODUCTION OF
t.'
;
■
'
Figures
-
in
this
estimate of
section
include
-Bureau
Crude Runs
Refin'g
.
District—
East
~
Daily % Op-
Report'g
•.
Product'n
to Stills
Capac.
-
Coast
99.5
.
Av,.
740"
at Ref»
88.2
1,939
District
76.3
." District No;.
(nd.. 111., Ky
?84^
"87.4.
102
71X3'.,= V.
63
101.6
789
90.7
371
7911'
wft
l,359v
59.8
224-
67.9-
—
i Texas.. Gulf Coast-—
La. & Arkansas
87.4 r
'55.9.'
924
343»
6r
48.4"
.
19.0
District No. 4_
;
California
70.9..
85.5
12
70.9
844.
?:•
m
92.3
117
/
+
2,306
1,377
? 1,597
152
"tft)
District No. 3
.
2,60S:
412
350,
-
of 58%r oyer the
' ;
265
113?
:
.158
7,189
4,745
3,150
537
-1
1,411
•
7,302-
,
;
821
5,450
2,371
:
FalloHK!said,''-together with
ing prices; of real estate, a
v48
and
10,465
26,562
43:
..
17, 1946—^
85.8
4,907
88.3
15,202
*87,036-
17,087
48,917
86.5
14,696
87,016
16,507
48,030:
12,359
38,799?
45,216
U* SB, of M. basis
♦Includes
gasoline
•
unfinished
stocks
16,129' {85,983
5,100
stocks
of
8,437,000: barrels.
{Includes
unfinished
and
in
Bank. Administration at Washings-
grow¬
of new construction
rise- in the volume of loans
,
Following
are
the approximate
number and dollar amount of
re.-
district of the Federal Home Loan
Bank
braces:
New
Puerto
Rico
lands, for the first half of 1946:
compared with
Insurance
pipe lines.
a
attained
was
Freight Traffic
Exeeeileil June by I
The
the
of
volume
handled
by
first
,
freight traffic
railroads iri
months; of 11946,
Class- I
seven
was approximately 23%
under 1945 and 24 % less than in
$3,864 in the
Banks
.
Mutual
and
of
trust
companies——
Individuals
—
Other" mortgagees
New
York, which em¬
Jersey, ■ New York,
and the Virgin Is¬
Amount
2,416
$133,902,000
& 13,957,000
19,067
;
—w,
inary
received
90,940,000
36,535
135,571,000
10,129
50,807,000
roads.
seven
113,263
$516,957,000
railroads,
by
Freight traffic in the first
months of 1946 totaled
ap4
proximately 327,600,000,000* ton-.
miles v compared
with 425,456,502,000'. ?ton-miles
in the like?
period of. 1945?
Compared with ?
ago; the decrease was?'
104,500,000,000 ton-miles.*
*
July traffic amounted to about
55,000,000,000 Vton-miles; * a" de¬
crease
of 9.4%
compared, .with
two years
v
July, 1945.. The amount of traffic
handled
in
July this year,, however?'was
carried
double the ?vqitime /
in^July,,1939?
? ,,
>
,
The- following- table? summar-?
izes
revenue,
ton-mile
statistics
for the first seven months of
and 1945 (000
omitted):
1945
1946
26%
?;.3'??
1st 5
mos._
222,575,659
18
June
-.
1946.
?
IT??'
July
{55,000,000
:
iv.
,
Deer.
302,161,133'' 26.3
62,574,789
*50,000,000
/
20.1
26
10
100%
r
by the Class I railroads:
practically
Tot., 7
mos,
*Revised
Total
the
from
the Association of American Rail¬
Percent
91,780,000
16,142
28,974
companies
savings banks——
corresponding- period? two
according to a prelim¬
estimate based on. reports
years ago,;
ton.
cordings; by type of lender, in the
Savings ahd loan associations——.
of
10,907,000 barrels.^: {Stocks at refineries, at bulk terminals, in
§In addition, there were produced during the week ended
total of 1,787,000 barrels of kerosine, 5,346,000 barrels of gas oil .and
oil and 8,239,000 barrels of residual fuel oil, which compares with
1,919,000 barrels, 5,735,000 barrels and 8,201,000 barrels, respectively, in the preceding
week and 1,672,000 barrels, 5,180,000 barrels and
9,910,000 barrels, respectively in the
week ended Aug. 18, 1945.
transit
Aug. 17, 1946,
distillate fuel
Mr.
climb¬
Niunber
gasoline
lendw
loan?associa¬
as
51,613
Aug.. 18,-1945-
and
the half year amounted to
$4,564
51,827
10,-1946-.:?. 85.8, 4,806
Savings
tions rank second with 25.9%. The
estimates are derived from county
ans' Administration under the GI
Bill of Rights.
The average mort¬
gage recorded in the District for
Total U. SI Bl of M.
basis. Aug.
a
>
credited^ to- individual
ers.
partly guaranteed by the Veter¬
Tptal U. S. B. of M.
basis Aug;
JanuaryThe largest
reports of none-farm mortgage
recordings of up:,to $20,000, com¬
piled/by the Federal Home Loan
ing volume
731
692*
14,649
same
;in;-today's scarcity market,
168
503.
20
July
the
the
covers
was
"
84.9
report;. which
activity of all types
June period of 1545..
share of the aggregate of lending
for the 1946? half year—r26.2:%*-r-
180:
90
1,416
The advices
The
.by-theEheavy demands for credit
..to. finance the purchase of homes
/2,667£ ? 1,543
?•• 477
1945.
totaF forthe six months ex¬
ceeded- the figure for the entire
year of.: 1941,. the report said;
? The increases- are accounted for
Fuel
-^5^25;;.?;, 9,925
496
of
period last
year, Nugent Fallon, President of
the: Bank,, reported on
Aug; 16;
Resid;
Fuel:
1,247*
" :?'440?
13,525
1,151.. C/4,677''?
106.9
Rocky Mountain—
-
■f.
a
of
.6c Dist.
78
2,765
:
101;2-T? 3,575
89.2-n
Louisiana Gulf Coast.
15,571:
7i74flK
?
an
on
.:■*.•
389
2,183
2,765
78.3
Inland Texas
.
7,243,
22ft/
,
OkiavKan:,' Mo
No.
of
sine
22,056
286-
Gas Oil
Kero-
Stocks
plus
{Stks. of {Stks.
> «
Unfin.
,
Blended
totals
therefore
are*
half
from the Bank further said:
mortgage financing
of mort¬
im the district served: by the: Fed¬ gage
lending? institutions
and
eral Home Loan Bank of New individuals, shows that all lenders
:York reached $516,957,000 during experienced •' an increase over
tha first half of 1946,; an. increase
their financing in the
basls-
{Stocks
?!
Appalachian—
.
and
Inc. Nat. Gasoline
erated
.
Mines
SGasoline JFiiiish'd
?
% Daily
of
first
Non-farm
,...
reported
unreported amounts and
intensified
we
Success
only after a long up-hill battle;"
& O. in
NewYork District
GASOLINE; STOCKS? OF'' FINISHED
(Figures inn thousands', qf baWels/of: 42;'gallon& each)';.
.
„
the B.
rather
efforts.
freight,
GAS OIL AND DISTILLATE FUEL
AND RESIDUAL FUEL
OIL, WEEK ENDED AUG, 17, 1946
C
on
Mortgage Financing in
California Oil Producers.
AN0 UNFINISHED GASOLINE, KEROSINE,
,
couraged;
our
measured in ton-miles: of revenue
J
-
11,490,000
on the N. & W.; C. & O.; Virginian; K. &
M.; B. C. & G.;
Kanawha, Mason; and Clay Counties, -h {Rest of State,
including
the Panhandle District and
Grant, Mineral, and Tucker Counties.
§Includes Arizona
and Oregon.
»Less tban 1,000 tons. ?
5
^Recommendation of Conservation Committee of
did not let ourselves become dis¬
{Includes operations
and
exempted
for
.; ■??
^jnonth.
.
on
month.
Total bituminous & lignite
on
24,000
tWest Virginia—Southern
I:West Virginia—Northern
14, 1946.
irf 1939 an^. again in: 1340,
both occasions was vetoed
gress
2,000
27,000
28,000
Washington
entirely and of certain other fields for which
to
10 days,
the entire State 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, a total,equivalent to 5 days' shutdown time during the calendar
shutdowns
,
,
calculated
1
entire
a.m., Aug.
York Chamber)
strongly, urged
the Congress to; enact: the .some?
what similar Logan-Walter Bill
which passed both Houses of Con?
92,000
,
are
applicable
4,000
*
3^ {Oklahoma, Kansas, Nebraska figures
the
all
72,000
26,000
146;000
Utah-
premises outlined in its detailed forecast for the month of August.
As requirements
may be supplied either from stocks or from new
production, contemplated withdrawals
from crude oil inventories must be deducted from the Bureau's estimated requirements.
to determine the amount of; new crude to be
produced.
In some areas the weekly
estimates do, however, include small but indeterminate amounts of condensate which is
902,000
350,000
independently
points of law.
'
Referring to the work of the
New York Chamber: and other in?
terested groups in bringing about
these reforms, M. Reis' letter said;
'Tn January, 1940 it (the New
3,000
Tennessee
deductions
appeals1 under which
a case, as well as the
must be con¬
agency's evidence,
56,000
(bitum.*& lignite)-
Ohio_
58,400
1,297,000
491,000
40,000
v 128,000
1,105,000"
.
46,000
Texas (bituminous &
*These
.
(after
above)-—
128,000
338,000
Pennsylvania (bituminous)
r,,
31,000
1,210,000
Mexico
North & South
Total United States-
492,000
110,000
Kansas and Missouri
102,450
5,000
90,000
138,000
1,000
1,352,000
484,000
950
>:
1,000
1,355,000
Indiana.
55,100
'
1.0001
:
27,000
79,950'
'
& WJroming
? Montana
50'
73,850
66,950
-1,150
382,000
/7.000
77,000
106,000
and
Aug. 11,
1945 ?
385,000
Alaska
Arkansas
Total Louisiana
—•
Alabama;
of
the facts of
sidered and the courts/ determine
-Week Ended
2,223,300
State—
84.350
helpfur contribution towards a
of the effects,
?
?;
:The analysis .points* out? among
.other things; (a) that for- the-first
time
Federal
agencies are re¬
quired to follow court-like proce¬
dures* in holding hearings;
(b)
that any party directly affected
by an agency's decision can now
appeal to the courts and that the
courts must redress" a; wrong and
set aside "arbitrary or capricious??
decisions; and (c) that Congress
has laid dowm specific: rules- for
review
^: waa?
2,165,800
Louisiana.;
,1937
32,927,000
31,281,000
1
Aug. 10,
North
Aug. 21,
1945
34,258,000
listrict
Total Texas.
4^6 days..
on
Beehive Coke—
131,200
'District X
{Average based
PENNSYLVANIA ANTHRACITE AND COKE
1946
524,250
132,700
84,800
.
37,607,000
27,950
'
^
490,600
.
,1945
498,000
s
United States total—
106,550'
32,400
32,650
District VII-C
1946c
sure you are interested in know¬
ing exactly how it benefits you as
a businessman. I am passing'along
to you an analysis of the- law, as?
made by the Chamber's Research
Department, in the belief that it is
6,194,000 315,911,000 369,646,000
{1,347,000
1,649,000'
1,906,000 better understanding
103,277
5,319,928
6,126,636 "of this legislation;,,k
1,255,000
316,150
East Texas
205,204
Aug. 18,
{Commercial produc.
497,150
225,850
43,050
2,058,000*
{Aug. 17,:.
♦Total, incl. coll. lUel 1,089,000
156,350
IV
1946
—Jnn. l to Dat6j—
*
1
Aug. 18,.
1945
—:—^Week Ended-
■•/"?;:.
19,500
District
District
OF
•
..
12,346,000
{Subject to current adjustment.
ESTIMATED PRODUCTION
•
„
;
1946
{Aug. 17,
....J
I—
Dist.
load, f.o.b. mines
391,000
District
Other
—
*Aug. 10,
11,990,000
1,998,000
199,509
275,700
{383,550
District V
>
No; of
850
270,000 <
387,220
V
II
average
47,000
750
"
-
Daily
28,850
•
260,000
Texas—
District
18,100
384,000'
—-
—
??District
300
—-
30,450
47,000 <■
800»
Aug. 17,
200
;
2,700
13,450
—
204,500
"
31,000
—
Michigan
1
46,100
200
2,550
19,000
Week Ended
Bituminous coal & lignite—^
+
50,650
1,400"
<
•
+
5,850..
8,400
-
.
+
200
1
♦•Ohio—Southwest..
ESTIMATED' UNITED STATES PRODUCTION OF BITUMINOUS" COAL AND LIGNITE
(In Net Tons)
'
•
51,100
•
Ohio—Other
corresponding week of 1945.
Ended
Aug. 17,*
-
the
Week**
■
Ended
Previous
.
■
Change
1
-•♦West
.
Ended
Aug; 1
48,000
—
■r-
Begin.-
c
Augusts'
„
Week
ables
Requirements
•
»
,
•♦New York-Penna..._
Actual Production
Allow- *
mate.
327,600,000
estimate.
1
60,720,580
9.4
425,456,502
23.0
V
.{Preliminary
esti¬
■?/?:?: ?:1
?•/:,;
1192
THE COMMERCIAL & FINANCIAL
-i'/C V v• 'V.v
Revenue Freigi^ 6ar badin^^ During Weelt |
Ended Aug.17,1946 Decreased 11,5(4 Cars
the
cars
Aug. 22.
Association
This
Railroads
American
of
was
an¬
/:
/ i'. 628
below the
cars
Loading
119,897 cars
of
/
—
corresponding Week in 1945.
| responding week in 1945.
Coke
loading amounted to 13,635
cars a
above
O J.
'
...
4 weeks
of
January....
'
..
February—
.
,
•
.
5
weeks, of June_-
w—...
£-4 weeks of July—
3,406,874
__
Week of Aug. 3——
$ .Week of Aug.
Week-Of
Aug.
/'total
*
■
f
"
Y:,.
•:
--s
The
•
"
-V
;
870.002
652,832
'«*','**
following table is
27,044,574
'
*
»
■/mi
.1
' M.p-
25,108,012
\
*
" >■ ' ' im,
27,416,429
*
•
mm
■
■
Kis-,.
Augts 18, 1945.
\B/y■f'i'j.:/'//; y(NUMBER
:'f'
AND RECEIVED FROM CONNECTIONS,.
CARS) WEEK ENDED AUG. 17)
/ I
OF
•/n'-Orv'-.l1:Railroads
v;
Total
/
f
District—
:
-'AlUlitofeor...^-.,
''
"
I
;
Bangor & Aroostook
.
1,350
Delaware Sc Hudson.
Tv
.I
_r
I
:
1
(1,384
toa
»
'
4,954
69
;
'
2V2*
*
„.
;
■■
,
9;324lv; 18,Ml
287h '
-t33(M.294!
7 tOO
-
'
2,662
2,024
'
* 8,211"
8,275
2,317
;
,.
.
60,837
^
,
,
.
:
6.296
Lakf Erie..
—
.
T^aL.
; Allegheny
District—
4,944
5,768
6,019
3,887
'J 5,812
4,Q56-
168,255
Wheeling &
.
114,292
157,808
201,5.76:
■
-1 -;
;^
Akron, Canton & Youngstowxi
-10.784
501
738
47,547
'
4,108
6,045
2,600
1,403
&
...—
Indiana
233,r
central R. R. of New Jersey
6,582
CprhWalL..>_««..^
^,,,.,,,1,
t j f
,450
Cumberland Sr.
Pennsylvania
:, ;i
248
^lJgonler Valley^,.*.;,y- • ■
76
/Long Island—
—7-,
~
2,188
fPenn^Reading Seashore Llnes_^.
1,784
cPennsylvania System
90.820
10,591
9,260
3,526
4.256
4,290
23.413
27,440
349
236
847
610
513
5,649
1,051
9,070
9,098
7,376
488
280
392
144
61
19,713
25,781
7,377
8,027
325
.
76
,
,
Western Maryland
^iPeeehont&4 District—
■
o
54
1911/
4,071
.
2 075
Y
■
:
...
,■
12,190
4,806
6,095
yarn,
'
175
142
581
445
1,964
2.S04
2,358
141,551
66,344
'
22.836
11,911
27,643
2,931
3,520
13,339
19,884
3.231
1,269
2,766
1L650S.
877..-
3,783
t? 1,123
Missouri-Illinois.
1,394
1.803
6,248
77
54
1,086
1,480
1,770
1,687
v
1,995
•
495
648
302
-
88
1,239
845
918
19
16
3
0
0
32,974
26,882
34,184
10,815
12,784
1,115
Peoria Sc Pekin Union
.
Southern Pacific (Pacific).
Y:
y
,
816
4.
0
280
279
0
1,812
16,763
15,291
18,961
16,116
18.024
749
Toledo, Peoria Sc WesternUnion Paclfie System—..,.
Utah
348
483
10
3,202
TotaL
140,213
84,491
97,067
*
Southwestern District—
372
221
3,500
3,888
2,167
-
:
—
*•:
*i' i
Missouri-Kansas-Texas lines.
491
411
5,539
2,519
2.208
2,487
3,007
3,027
1,148
2,500;^ V'4,044-
S •'
263
289
-
1,476
v.
2,209
■.
1,620
3,033
v
5,446
1,520
110,332
2,720 ^
■
W
.
New. Orleans^^*^,^^^.-;.: /. 1:9,321/
Texas Sc Pacific ^.
/.
i 4r,328
,
Southern-!.—i--—&4.
•
Weatherford Sc. W. Sc N. W.w
6,223 19,231 ii
•
' 4,260
3,972
77
'
-
vr
Wf:
.
19
.
/
.
45
9
35
57,988
57,628
63,756.
tlncluded in Atlantic
NOTE—Previous
and
Line
Coast
.76,911'
'ffcR.^ v ilncludes Midland'" Valley Ry.,.' Kansas/
'C|.ty-Atia-Atoka Ry./ '
^qyised.J.*
■
•
'
.
the
rayon
second
productiom-in
Production Declined
soda and other raw material sup¬
pliers asa result.of the coal strike,
amounted to 212,200,000 pounds; a second quarter viscose cupra yarn
figure only slightly below the ouput tvas 2% below first quarrecord-fir sin quarter level hut 5.8% rtertf rleveli y*.In" contrast,f second
above second
quarter
this
^
year
quarter 1945;/i^was quarter?? acetate/yarn- production
stated by tbe. "Rayon OrgjWhJ, attained. aVneW quarterly record,
published by the textile Economy exceeding the former^peak level
ics Bureau, Inc., on Aug. 9. ^ In established in the first quarter by
view of the adverse effects
of'thd
notable achievement. Total
production for the first six
of this year at
set
a new
rqy6r(
425,000,000 pounds
half-year mark, exceeds
ing first half output last
year
by
8% and second half 1945 produc¬
5,137
tion by 7%
The Textile Bureau's
4,173
10,768
9,988
"192,940
157,997
132,902
;
Despite
the Jower .bptput, of
17,710
.
30,192
,
2,418
14,780
21,158 /
,
32,581
4,365
65,715
11.307
7,251 : .v
/
6,315
1,511.
2,009
23,542 /
"In
his
new
capacity, Mr,;Ar.
responsible for gen¬
giving leadership to and
coordinating the small business
activities of the Department, in¬
cluding not only the Activities of
the Office of Small Business, but
erally
those of other
which
offi¬
and
bureaus
making important
are
Department He
all/appropriate!v re¬
sources
of
the / Department; .Of
Commerce toward^building* Qt
.q
well-balanced >-a n d • permanent
prosperity, through a unified pragramof :.assistaDee^Uto^^
hOssvvWe-.eannqt^ilisve * prosperity/
of the
program
will
direct
OThis pipograhi it is .indicated, tvill
be brought tovsmall husinessmcn
throughout the nation
field offices /under jthe
ex-
field /establishmerit'c *an>nounced
by Secretary>--Wallace
several weeks ag'o. Mr/Arnold Who
takes over the
tant
the
to
banker
office of Assis¬
Stftall
is 'a -i-formeri'^Illinois
Business,
af
new
Secretary for
and businessman. He'Was
-member mfithe'-HHnois?-General
Assembly from 1923 to 1927/5and
again from 1933 to 1937. In 1936,
Congress where
he-was electfedrto
he served
three terms. He. was ^
■v:
yarn to domestic,trades
second quarter
.
-
19,631
,
rector of the Office of Small Bus¬
.
^hipmen^ ^ Jhis
in!
the
amountedjtpi 165,-
300,000 pounds, a new regOfd-.This
accomplishment was made possi¬
ble by a further depletion' in the
already low stocks of yarns in
the hands of producers. Deliveries
V /
Rayon filament yarn production of textile-type /yarns during /the
at 166,900,000 pounds
during the second quarter was 1% above the
second
quarter was
1%
below first quarter, while shipments of
first quarter output. / Because of tire-type yarns to tire manufac¬
coal shortages at several Viscose turers
declined 1%
below first
rayon yarn plants, as well as the quarter level. \ -r," ;"r •
'i
/
reduced
operations
of
caustic
-Exports of rayon yarn by pro¬
announce¬
ment of Aug. 9 further said:
12,453
of
Assistant to
the Secretary »for: Small Business;
effective Aug. 1. Mr. Wallace said;
as
2 %r
montjis .filament yarn>
22,022
;
Office
panded
4s!l20
.
-
■i'S
Second Quarter Rayon
Domestic
Arnold,
F.
the
of
Business,
merce
VM:
that he has
unless j; small/, business* prospers
Oklahom(i
.year's figures
Laurence
Director
Small
announcement
61,327
;tX
Oklahoma 6? Gulf Ry.
appointed
former
the
in
information
contributions to the small business
1,268
,
'''8;55t^' ^8,028tii«>^7,934 : P*-; 7,4852,908
A 3,4l3 s- - 4,371
--5,806
7; 84E£22,504^/ •>'->•5,624 -;- -8;427
-4j543«riv'8,678
W
75"
: 85- ^ - 50
h /
Texas Sc
TotaL
factor
the
2,437
-"s
..^1 17,021
14,643
,
14,486 - ^16,941
i •
-15t I % fr. .gs'-O; •;:'., «3jrh. - i .212/'». r?
Quanah Acme Sc Pacific■,
'.
.
A
was
ces
"382
«
8t. Louis-San Francisco—.
St. Louis-Southwesternt
Wallace."
2,352
-
i.JJ-161
5.656
Missouri Pacific^
Wichita Falls Sc
726
-
959-
2,639
j 348
'• 213
•/ ;
;
•
.
3.4G0 r-r 5,246
'
Missouri Sc Arkansas_^_ii_.
-
2,272
-
1,382
3,256
•
;j.
Louisiana & Arkansas
strengthened and expanded
of assistance to small
business by the Department of
Commerce
was
announced, ,on
Aug. 15 by Secretary Henry A.
nold will be
110,735
135,586
tK. O. & G., M. V. & O. C.-A.-A
A
program
4,739
l-587'
,
6,559
35,404
Dept. Aid
To Small Business
4
2,191
2,000
Western Pacific.
24,334
2,384-
fiber."
1,426
2,3C8f,,
1,343 :
■
.859
North Western Pacific
4.396
1,958
4,910
835
1,040
1,264
12,576
3,217
4,437
830
Nevada Northern.
835
12.105
v
f.f*
34
12,238
611
«1?>1
2$383--'
417'
484
t
2,829'
/
717
3,082
34
11.001
,
13,517
■*{,911 ^\
2,892 •
City.
3,842
206 $
102
,16.994
13.629
which §6,-
of
pounds,
2,000,000
pounds / acetate
and 2,200,000 pounds staple
63,554
110,953
202
62.'217
131,675
10,200,000
000,000 pounds were viscose-cupra
3,660
.
2,6*61
14,085
61,219
—
.'2"...V
yarn,
21,610
18.809
66,368
...•
3,365
•
26.953
9,479
; 4,664
3.870
1
10,646
26,300
7,369
9,804
200
19,058
'
:/
:
pt-Jc.idr.i
'
14
15"
■
>4,883:
-,1,878
88,882
-.'/••
Chesapeake & Ohlo_„
•
50
'
r;NortOlk & Western
firglnlan
i"
8
15,600
44-
1,811
.
1,343
190,209
..
10
18,215
153
2,277
v 4,466
:'■•■*'
'-.VA
2,364
5,746
2,445
14,888
Reading Co
ratal
ii/O.Oc t..
a
514
208
61
■
,^
^Union (Pittsburgh)
72
2,612
.
1,351
^7
July, producerheld stocks of rayon amounted to
2,230
7,778
f
,,
"At the end of
1,854
801
plant. July staple
of
15,600,000
10V2% above the
pounds were
June level.
46
2,471
extended strike at
an
shipments
385
>
of
acetate yarn
4C4
343
1,745
yarn
result
2,802
561
-V
a
fiber
22,669
-v
shipments declined
This decrease in acetate
yarn deliveries may be attributed
chiefly to a decline in output as
acetate
one
3,227
in
shipments
yarn
by 9%.
3.159
17,729
y
"Filament
July
amounted
to ■ 51,80D,00Q.
pounds, the same as in June;
shipments of viscose-cupra yarii
increased
4%
above June, but
?,
G.749
4,337
:
t
13,730
•
Aug.
advices
and-Acting /General
Similarly; the production of Director
Manager of the-SmallerWar
"~a coal, raih and other strikes dur¬ staple fiber in the - April-June
ing the second quarter, the report : peripd set a news record, surpass¬ Plants Corporation- when. it was
1024
; t>
(u/
added the maintenance of rayon ing 'the' first"-quarter output by liquidated in Jan. 1946.
23401
Succeeding Mr. Arnold as Di¬
1 643
output at this high level was a $%.
./ r ,-u-; /
177,342
24!566
5,694
Cambria
.
*3,874
..,
1461
34,683
Bessemer & Lake Erie
■
9.858
-
.
601
41,951
Baltimore Sc Ohio—
3,499
.
1,676
.
.
^
15,262
2,863
1,863
;39,820
d.51>569.i
10,52^' 6,W- i, 'afegff ^ lO^Sa v 14,203
]N»W York, Ontario dt-Western^U^tii.^
904>
59^.t ;7ilV256 " " 2^714 ^7(3,094
New York, Chicago Sc St. Loulsi^,ii
7,308
4,680
6,561
13,518 •
12,400
N. Y., Susquehanna Sc Wgatwrn
i
255 ; " v
302 K
l ^88
1,877^ '
1607
Ptttsburgh Sc Lake Erie——
6,958
4,647
7,425
8725
e!251
Pare Marquette
;.I.. ;
6,920 >?
4,395': - '5,237
'• 6,886
6,677
.JPltteburgh & Shawmut-».i,
1>285 455
1,015
49
1%
Pittsburg, Shawmut Sc North
30O
116 ^ f > ; 302135
; ? 201
Pittsburgh & West Virginia.,
;
844
873
" 1,218
2;530 ••
2A47
BntUffld
f
V
' ■
v 402"
253
" 363
4,165 V.
1,'089
Wabash
20,738
1,993
8,614
2,722
.
,
97,274
288
•
.
•
,103,712
4,175
:
Illinois Terminal
m--1;/"I'2,645^:^I.3322l^«,56J:W«26'7- V
,»ewy^CentralLlnes^^i^.,f f$2,377^- 37,763
;>»:V; N: H. fc Hartford.—
,
121,485
"
" "9,380
2,789. /
268..
5,884
■■
,
1,116
t^.'eso
--
Ldblgh'Valley^-.,,n .[ .8,767 "••• 5,594
Maine Central3,025.
? 2,085
/Monongaheia^.,
»
5,418 •
3,386
Jfcmtourr.y.
9,780
3,598
7,532
7,074
'144--2,765--2,405
.,-1,934
v
1,898
,1,373
-
:-•
;
'4,988
^
-
,893
.
1,953
l,990r
»
2.931
.
^32t
11,816
t-
10,822*
.'■■■■
244*
i,904
•'
.
2,114
4,765
.1.137
-
2,354
,
1,021
2,576
Litchfield Sc MadlsotUuitiO—^
? «1,S47
"! 13,172
.
"ll,035
2,377
■LOblgb Sc /Hudson River..,
.Lshlgh St New England
1,335 '
407
1,145/
875
/ * lj!02
/.
PMffllUCT^ftdo^ShorqLino ; J -. ..404'- 'r/cyg37
KjBmSkJLXJL*!—^ na,682 -*^ 9,37i
Grand Trunk Western
Received from
.
6,302
-2,716.
.
vlO•M•f«bL^kawanna ^Weste!cni^7':!;.^,556.^•ll
(isetroltifc Maf.klnftffi
Detroit, „To!edo B/IrdntoiLi^^*!—*-'
245
i,056
.1,427 hi
5,131..
137
755
Kansas City Southern
s194f;
5,170
956
.
7,605 V ;i
r
;
.
313
,/>-,yl 1:4,1057;'
y
■
'
•1
'
,
Chicago, Indianapolis Sc LoulsvUle^ii.^:
OntralVermont
364
767
132
7,083
I 24,643
International-Great Northern___
Connections
1944
-
1946
'
Boston Sc Maine
•'
•
Revenue Freight Loaded
1945
1944
'
/
847
■:
16,471'
23,073
I
Gulf Coast Lines
Total Loads
-
30,692
8,303
25,200
722
2,527
Burlington-Rock Island
;
REVENUE FREIGHT LOADED
-
9,366
24,349
94,968
-i,-.-'4:
■
freight carloadings for
the separate railroads and systems for the week ended
Aug. 17, 1946.
DU$ng this period 112 roads reported gains over the week ended
t*:i
7,416
'
533
20,545
Denver Sc Rio Grande Western
summary ;of? the
a
6,953
12,231
...
Fort Worth & Denver
'
_
*;.•;.*>
1,048
420
l'
136
_
Bingham Sc Garfield.
Chicago, Burlington Sc Qulncy.
Chicago Sc Illinois Midland.
Chicago, Rock Island Sc Pacific
Chicago Sc Eastern Illinois
3,154,116
3,916,037
3,275.846
3,441,616
4,338,886
3,459,830
889,594
£95.181
886,623
863,910
; 887,570
y*ii
1
'
■ ,,
..
359
513
7,755
Denver Sc Salt Lake
1
899,084
-
17-.—
1,553
■•Vr 337
134,910
3,158,700
3,379,284
898,395
10_^.nT
*
ft
3,699
1,789
1,668
20,513
_
3,003,655
.
......
3,822
926
21,318
1944
3,052,487
3,982,229
.4,022,088
,'H
-3,604,552/
<
3,377<335 ;
■ /
.2,616,067
3,456,465
4,062,911
L
4,366,516
—
5 weeks :of March
4 weeks oL ApriL.-...-^—
Y 4 weeks
3,007
804
.
128,486
1945
"2,883,620
2,866,710
——.
quote:
2,912
783.
Colorado Sc Southern
of
non"
507
;
^
1946
-weeks
652
7
11,122
Atch., Top. & Santa Fe System.
compared with the corresponding
All reported decreases compared With 1944 except the
Eastern, Pocahontas and Southern.
4
10,413
681
67,400,000 pounds
and 8% above
From the "Orga9 we also
July last year.
9,532
27,105
—.
June
above
178
417
—-
2%
368
446
,
-
__
ments in July at
Commerce
All districts reported increases
week in 1945.
ri,,
the Textile
time
same
Central Western District—
A!t«m
,,
25,641
the
At
Economics Bureau also reported
that total domestic rayon shipr
188
1,157
Total.
the preceding week; but an increase of 2,088 cars above the cprrer
| sponding week in 1945.,;
4,025
•14,711
<
were
year
July Rayon Shipments Increase
331
3,856
»
Spokane International.
Spokane, Portland & Seattle
below
cars
1
14,433
29,397
/
17,755
54 1
/ /
Ryatem
Northern
of 126 carsabove
above the coy:?
;
- y ?./..•
<
decrease of 397
752
3,462
this
of
those of the first half of 1945.
2,070
•
"
Minneapolis Sc St. Louis_„
Minn., St. Paul Sc S. S. M
cars
...
-
6SC
20,024
•
%
4,643
16
4,247 S
232
1
Great Northern
Ore loading amounted to 73,701 cars, an.infcrease
10,784
-
1,199
r.
27,739
;
-
'45
617
Green Bay & Western.
Lake Superior & Ishpeming
.
the preceding week and an increase of
2,421
10,678
[
Nerthwestern District-
1,955
cars
2.320
'
688
5,CI 8
Chicago Sc North Western.
Chicago Oreat Western
Chicago, Milw., St. P. & Pac.
Chicago, St. Paul, Minn. & Omaha.
Duluth, Mlssabe & Iron Range
Duluth, South Shore & Atlantic
Elgin, Jollet & Eastern
Ft. Dodge, Des Moines Sc South
cars a
14,196
1,264
-
'■
-1,439
Total
preceding week
corresponding week in 1945.
111
v.;
100 /
_
Tennessee Central
In the Western Districts alone loading
above the preceding week and an increase of
cars
1,175
83
Seaboard Air Line
Southern
decrease of
184 cars below the preceding week, but an increase of 1,332 cars
above the corresponding week in 1945.
t ;
"
'"1
"
/ the
1,395
57
■
25,639
Richmond, Fred. Sc Potomac
4,655 cars
above the
Forest products loading totaled 51,612 cars an increase of
895
A
891
-
,
below,
887
-
Norfolk Southern
months
44%
225
324
//
■■
Macon, Dublin Sc Savannah.
Mississippi Central
Nashville, Chattanooga Sc St. L
Livestock loading amounted to 15,704 cars a decrease of 505 cars
below the preceding week but an increase of 1,520 cars above the
Aug. 17 totaled 12,015
360
110
r
Louisville Sc Nashville
decrease of 2,637 cars below the corresponding week in 1945.
of livestock for the week of
3,379
137
72
,386
124
Winston-Salem Southbound
corresponding week in 1945.
1,784
217
V
1,954
/
-
producers for the first six
1,515
1,162
-
Illinois Central System
loading totaled 50,310 cars, a decrease
of 3,552 cars below the preceding week and a decrease of 3,587 cars
below the corresponding week in 1945,
In the Western Districts
alone, grain and grain products -loading for the week of AUghi 17
a
4,104
f,409
473
.
Grain and grain products
and
4,306
3,683
443
533
'
Georgia Sc Florlda-i!./ .■/■
Gulf, Mobile Sr Ohio
»
totaled 35,326 cars, a decrease of 2,084 cars below the
8,816
3,304
,
Piedmont Northern
:
t
8,600
3,902
World* W*Kt roast
corresponding week in 1945.
Coal loading amounted to
181,006 cars, a decrease of
below the preceding week but an increase of 91,003 cars
1,920
t
9,824
«' '/
riaiftMviii*
less? than'-carload lot freight totaled
cars below the preceding week, but
merchandise
/
1,868
■/'.,••
980
t
_
Cllnchfield
decrease of 3.741
a
increase of 29,381 cars above the
599
,
766
'
Durham Sc Southern
/
v
-:-.-W46::/-,!
415
v:-:
at' 3,300,000
Connections
13,624
Columbus Sc Greenville
preceding week, but an increase of 89,353 cars
above the corresponding week in 1945.
52H /
ducers
Received from
y
t
cars
745
/
449
7G3
Central of Georgia
Charleston Sc Western Carolina
an/
-
an
1946 *
Atlantic Coast Line
revenue freight for the week of Aug. 17 decreased 11,or 1.3% below the
preceding .weeki
',
,
Miscellaneous freight loading totaled 381,705 cars a decrease of
514
1944
1945
;
;fv
-
/
<
■
'
Loading of
r,
•
Loaded
Reven ue Freight
Atlanta, Birmingham Sc Coast
.
.
^
Alabama, Tennessee Sc Northern
increase of 234,738 cars or 36%
above the corresponding week in 1945 which included V-J
Dsiy holi¬
day. It also was an increase of 947 cars or .one-tenth of 1% above
the same week! in 1944.
-
y
T
k
Sratbwm Dlfirlot—
during the second quarter
pounds / showed t:nq
from the first quarter
X945; change
level.
However, yarn exports by
327
Total Loads
i Total /''■
a. $</
-3.
Atl. Sc W. P.—W. R. R. of Ala
freight for the week'ended Aug. 17, 1946
revenue
887,570
nounced on
''
f."
lUflroadt/'-',.
■"
Loading of
totaled
r> i/?;'
Thursday, August 29, 1946
CHRONICLE
.
iness is James L. Kelly, Secretary
Wraliace announced.^ Mr. Kelly a
native
of Bucyrus,
Ohio, spent
twelve years as' the head of his
own
cern
small
manufacturing
con¬
in Mt. Gilead, Ohio before he
began his
career
in the government
service in 1933, Prior to - his new
appointment, he
the
the
Disposal
<
Director of
Division
of
Assets r Administration.
War
Earlier, he
with the
was
Policy
was a
Chief Examiner
Budget Bureau.
'
:
r
•
••
'j\V>r
■
•V.
r&S' ?•:' ^i'j'
•£,
V
■•%
•
f:6.4i3+>v;-r.iA'-'v:<''..«ty.vi^i ,,'-V'
V
V
■
V
«; V
_
A
jVJWi. iJOJ
THE COMMERCIAL & FINANCIAL CHRONICLE
yolume 164^ Number 4520
Business
Aug. 17,1946 Labor Department Reports
Reported
;^v;' Continuing
to gain headway,
theZJ&eeonstruction Finance Cor¬
poration's program to assist small
business resulted in 36,409 in.quizes being received from enter¬
prises in all sections of the coun-
:
;
't;ry ■ during April and May,
of nearly 50%
crease
.
an
in¬
Feb.
over
jand March, when 24,503 such re¬
quests
were received according to
an
HFQ announcement issued
Aug. 15. which continued:
;"In his bi-monthly small busi¬
ness activities report to Congress
and the President, for the period
April 1 through May 31, 1946,
Charles
of
B.
Henderson, Chairman
RFC Board today attri¬
the
buted the upswing in inquiries to
general quickening of under¬
standing of the types of small
business assistance made avail¬
a
able by. the Corporation, in coop¬
eration
with banks and other
and to the
being made in
institutions,
lending
exceed in the
Wholesale Prices Rose 0,9| in Week Ended
RFC Aid to Small
For,
is
industrial reconversion.
*
•
"Of the total number
•
■
-
—
'
_——
thirds, or 24,357, were from enter*
prises seeking business manage¬
advice
ment
counsel
and
involv¬
ing banking, credit, accounting,
engineering, and for help in, ob¬
taining^ ^urpius property."
%
,
*
John
R.
iand
Reconversion, in announcing
of
Mobilization
War
■
.
;
•
—
a
8-17
n
Commodity group—
All
8-3
7-20
8-18
8-10
7-20
Interest
1946
128.3
+
3.3
Demand
Matured,
163.3
and leather products
Textile products—
Hides
162.3
156.5
159.2
127.0
+ 0.6
+
2.6
142.3
142.0
106.3
+
3.4
+
4.9
Grand
138.4
138.3
143.0
114.6
110.8
109.5
96.6
92.5
•90.2
Building materials—..*,...,
118.5
139.3
.114.9
lighting materials
96.5
Metal and metal products——113.7
debt
outslonding__r—
of
STATEMENT
ket paper
oh June
on
outstanding
public
on
104.8
+ 0.2
0.4
+
117.8
+ 0.2
0.2
+ 12.6
95.3
+ 0.1
1.7
+
3.1
114.0
113.4
113.0
112.5
106.2
+ 0.5
1.3
;+
6.8
—
101.0
•
Semi-manufactured
101;7
101.6
98.8
94.6
.—0.7
146-3
145; 7
140.6
141.4
116.9
V+0.4
110.5
'
.materials,
Raw
110.4
109.0
108.5
95.4
2.2
+
3.5
+ 25.1
+ 0.1»+
1.8
+ 15.8
+ 20.4
120.6
118.9
102.1
+ 1.3
+
3.4
118.1
116.6
100.8
+1.1
+
3.4\+19,6
110.8
109.2
107.8
100.1
0
+
2.8
...
v
^+^^^.-;120.6
products -
■
$130,800,000 of
July 31, 1946, compared with
open mar¬
$121,406^000
July 31, 1945 the Bank reported
on
>L"
'
1945—
;
130,800,000
p
;
.July 31
121,400,000
i
Mar 2fi
;i
Jun
126,000,000
100,800.000
102,800,000
118,J00,00O
171.500.000
Mar 30
"178,200,000
1173,700,000
—
Feb 28—
157,300,000
Jan 31
162,400,00*
—
28
Jan
29
May 31—.—.—
;Apr 50-*.-,—-
148,70.0,000
Feb
106,800,000
31—Ju——
146,700,000
1944—
1945—
.
Dec
31
•
,
4
Dec 30
—;
HfftV Hf)
Oct
-
31
Oct;;i4i,7oo,ooo
127,100,000
111,100,000
;,VrL„:-:
Sep 29
Aug 31—
—
28
J,,
Aug 31.
w'Wm rnitmm mm mm mm
w
166,000^)00
166,900.000
Nov 30
158,900,000
156,100,000
.
>
•
—
110,206,000' July-31i-i^»-—"v
/
All commodities other than farm
% products and foods
110.8
t
Judge
-
AUG.10,
17, .1946
Increasesiv
t:
*
-1 '
•:
Electric Output for Week Ended Aug. 24;
8.0% Ahead of That for Same Week Last Year
'
i
*
:
I$2V90^^QO
-rirrrr
-
,
140,800,000
140,900,000
+10.7
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
appointment • of; Judge ..John
r
I
Jun 28
Sep
121.3
119.3
Manufactured produots_j
122.9
All commodities other than farm
$269,898,484,032
Reserve Bank of New York from
7,3
goods
8.5
1946
subject to
$966,128,730 $268,932,355,30Z
the tbtals for the last two years:
are
Apr 30—
100.0
not
r
following
May 30
132.5
:obligations___
obligations
.1946—
+ 15.9
113.2
30,
——
—
outstanding
July 31
+16.8
98.1
debt
28,1946,- and $106,800,000
The
+ 13.1
132.0
$6,067,644,698
DEBT—JUNE
Aug. 13.
7.0
113.1
PUBLIC
commercial paper dealers show a total of
4.9
98.2
THE
Commercial Paper Outstanding in July
+
132.4
OF
<^Reports received by the Federal
—
113.5
JJ, 268,932,355 302
;
;
obligations issuable under above authority—
WITH
limitation
+ 0.3
98.3
:
9,712,875
Total gross publlc debt and guaranteed
y
+ 0.1
132.7
Caskie Collet in^s ah Coverall Ca¬
pacity" with the OWMR.
total
Deduct—Other
—0.1
,.-a,.*
■;/
&
4!
—
85.3
0.6,
!n*
•
(Daily Statement of the V, S. Treasury, July 1, 1S46>
'
Outstanding June 30, 1946:
?
Total gross public debt
——————
$209,422,099,173
Guaranteed obligations not owned by the
Treasury—
————,
476,334,859
99.1
■
1
ceased.
RECONCILEMENT
+ 40.1
and
'
$42,525,336
424,146,648
—
CCC
$466,671,084
interest
Balance face amount
+ 28.6
144.0
^
FHA
obligations:
$476,384,859
+21.6
148.9
products—
Foods
Fuel
+0.9
(not held by Treasury)—
bearing:
Debentures:
1945
.
$268,455,970,443
.———
Guaranteed obligations
8-18
1946
1946-
commodities
farm
8-10
1946
1946
1946
1945
127.1
125.0
142.2
105.5
Total
U
rye
recent
bilization^ on Aug. 8 made known
the
v
OPA
-
the reorganization of this bureau
-with thh Office of Economic Sta¬
,
—
•
Miscellaneous commodities
Steelman, director of
Office
•
—
Housefurnishings
the
'
-
Chemicals and allied products—
Coilett With OWMR
,
———
.
Aug. 17, 1946, from—
of inquir¬
tinii
any one
purposes
>
Percentage changes to
ies received by RFC, about two-
aggregate $275,000,000,000 outstanding at
1103
maturity at the option of the holder shall be considered as its face
"Wholesale prices rose 0.9% during the week ended Aug. 17,
amount."
•
u»r
yvt:..*. '''t
y,..V-'
i-'- c \
"■■'y'
'J -<*V; "*• V''
U\,•*.' •.
largely because of higher prices for foods," said the Bureau of Labor
The following table shows the face amount of
Statistics of the U. S. Department of Labor on Aug. 22. The advices
obligations ©safeadded that "most commodity grobps averaged slightly
higher, despite standing and the face amount which can still be issued under tMx
downward adjustments to OPA ceilings for a few commodities. At limitation:
-d>
128.3 % of the 1926 average, the index of commodity
prices in primary Total face amount that may be outstanding at any one time—
^^ ^275,000,000,006
markets prepared by the Labor Bureau was 13.8% above the end of
Outstanding June 39, 1946—
he
June when price controls were suspended and 21.6% higher than Obligations Issued under Second Liberty Bond Act, as amended:
Interest bearing:
at the end of the war." The Bureau further reported:
r.n
Treasury blils
$17,038,939,000
Certificates of Indebtedness-,.^
Farm-Products and Foods,
34,803,825,000
'
"...
Average primary market prices of
Treasury notes
farm products rose 0.6%; as increases for fresh fruits and vegetables,
24,972,292,190"
$76,815,056,100
eggs, and raw cotton more than offset declines for grains, livestock
Bonds—
y^JsW:
and poultry. Egg prices increased
Treasury
$119,322,903,950
seasonally and cotton quotations
<
Savings (current redemp. value)
49,034,697,688
were up on reports of a short crop.
Good demand for better qualities
Depositary
426,851,000
•/y'
caused price advances for *white potatoes. Buyer resistance to recent
168,784,452,538
I.'4).
I
'
Special funds—
'
high prices and uncertainty regarding price controls after Aug. 20
Certificates of indebtedness—L— $10,794,500,000
4 ■;. n
were reflected in lower prices for most livestock;
^
Corn quotations
Treasury notes
11,537,344,000
v
:
declined from recent peaks but prices of other grains were higher,
>: 22,331,844,000
as the shortage of railroad cars reduced shipments to market.
The
_; Total interest bearing—
^i.—.L-—-U—$267,931,352,638
group index for farm products was 16.4% above the last week in June
Matured, interest ceased.
»«,«;
;
370,645,825
and 28.6% higher than at the end of the war.
Bearing no interest:
'
\
hiyhhhh
| Warr savings stamps——.
'i 05,976,331
Food prices, in large part still exempt from OPA control, rose
Excess profits tax refund bonds.
57,995,649
' " •
3.4% during the week. Cereal products were up 4.2% because of
:——§$!■ 153,971,980.
further increases for bread, reflecting earlier
Sll-llJil?
adjustments, for
office.
*©r'
':?v:
of this section the current redemption value of
any
obligation issued on; a discount basis which is redeemable prior to
flour, exempt from OPA control and* for oatmeal, reflecting a
ceiling increase. There were continued advances in prices of
meats, butter, and cheese. Prices of powdered milk were higher.
>•
"During the period covered by
Edible tallow prices declined from recent high levels, but prices of
the report, RFC acted upon 5,652.
lard and oleomargarine were higher.
Since the end of June food
applications for surplus property^
prices have advanced 31.3% to a level 40.1% higher than at the end
assistance, completing 2,742 trans¬
of the war.
actions involving $11,753,000, of
Other Commodities.
Average prices of all commodities other
which more than 50% were for
than farm products and foods were unchanged during the week.
veterans.
Prices of some cotton goods increased with advances in OPA ceilings
"Of 12,052 inquiries for finan¬
to cover higher costs of raw cotton,, while prices of cotton flannel
cial 'assistance"; invfbrie form or
dropped below recent uncontrolled prices. Shoe prices averaged
another, 7,133 were handled dii~
slightly lower with reductions to ceiling for several types. Prices of
rectly by.; RFC. Of the balance,
sewing machines, stoves and agricultural implements were increased
2,852 were referred to banks, in
to new ceilings.: There were advances for some petroleum products,
keeping with the provisons of the
fire and silica brick, track bolts; butts,, and large rivets, all of which
RFC Act, as amended. Of this
are exempt from OPA control. Prices of blasting powder, ammonium
number; banks made loans in 338
sulphate, and silver nitrate increased. Toluene prices decreased. There
cases
and 539 applications were
were declines for some cattle .feeds and fertilizer materials.
Common
referred back to the Corporation
for further consideration. A total brick, plaster board, lime, and chrome, yellow pigment were up with
OPA ceiling increases.
The group index for all commodities other
©f 2,067 inquiries were of a type
than farm products and foods was 5.1% higher than at the end of
handled
by Other Government
June and 10.7% above a year ago.
Departments and Agencies and
CHANGES IN WHOLESALE PRICES BY COMMODITY GROUPS
RFC personnel cleared the "way
FOR WEEK ENDED AUG. 17, 1946
'for speedy reference of such apr
(i926=?ioo)
v:
plications to the proper person
that
progress
•
10.8 Other textile products-.
1.0
Collet; who is a Missouri jurist, Other foods
Cereal products——_L;.————4.2. Dairy products—.———0.7
and v who
recently i returned to Other-farm
•el 1 ^e^DdisoB^^lectric institute, \in its current weekly
Leather.
0.6
repcrt^edt^■products^.wiii^^^i^ii- - ~&9 •
-.^Washington ^withPresident Ttu-: Frpits and vegetables J.
.i-*——
2-1 Agricultural implements-—i. 0.5
ihated
thbj the: production of electricity by the electric iighljank
Other miscellaneous————————.r 1,6
Iron and steel0.4
map from Missouri, was formerly
Brick and tile—
1.4
Other building materials
ppwer industry of the United States for thp week ended Aug.
0.4
'
Director of, "Economic' Stabiliza¬
Z^,;^^^,
0.2
cCotton xsoods—
tion. 'According -to Mr.; Steelman, Furnishing^;.—
0.2 'Wjas 4,444,040,OOplewh., which compares will ^116,049,000 kwh^m-tlne
atsliO; iM^hmhfcals'1:
£■:
Judge ' Collet: will-help- him - ad% •>j' v i
* Clothing0.2 •
y *'
——
__
fc^ri^porid^^weeic
.
.reCbnversioEn ; Shd
Stabilization functions - of the of¬
ministerthe.
;
"as long as he. can remain
^away from his judicial' post."
fice,
.
•
Decreases
■
Cattle :feed-4^—VGraJins
Livestoclc and poultry—..
1.9- Shoes
"
Fertilizer materials—--—,-
—4^--—+;
——„—,
———
0.1
,
0.8
in: its advices in * the matter, '
S,
asaid:
/
;
i "In
' % Y' %
'
;
This
the
measures
Index
most
:
:;
addition
changes In the general level of primary market commodity prices.
be distinguished from the dally index of 28 basic materials.
For
the prices are those charged by manufacturers or producers or are
should
part,
to Judge : Collet,1 those prevailing on commodity exchanges. ;; The weekly
Mr. Steelman will have a special one-day-a-week' prices. It Is designed as i Indicator of
should not be Qompared directly with the monthly index.
assistant, three deputy directors
and a
the
administrative
new
nomic
setup.
staff
1
-
Statutory Debt Limitation
was
Harold
Stein,
deputy for
production, stabilization, and
war
liquidation; Donald Kingsley, dep¬
uty for fiscal policy, employment
social security, and Anthony
Hyde, the present deputy director
for.;, information
and
The Treasury Department's
special
to
assistant
counsel.'*t
,
,.
.
y
Section 21 of the Second Liberty Bond Act, as amended, provides
that the face amount of obligations issued under authority of that
Mr. Act, and the face amount of obligations guaranteed
Steelman, and Edward J. Hayes,
general
announcement follows:
K
addition to Commander Joseph L.
Miller,
of June 30,1946
'
in
reports,
as
f The Treasury Department made public on July 9 its monthly
report • showing; that. the face amount of public debt obligations
issued ilnder the Second Liberty Bond Act (as amended) outstanding
on Juhe'30,1946 totaled
$268,932,355,302, thus leaving the face amount
of obligations which may be issued subject to the $275,000,000,000
statutory debt limitation at $6,067,644,698.- In another table in the
report,'the Treasury indicates that from total gross public debt and
guaranteed obligations of $269,898,484,032 should be substracted $966,128,730 ? (outstanding public debt obligations not subject to debt
limitation). Thus the grand total of public debt obligations outstand¬
ing as of June 30, 1946 amounted to $268,932,355,302.
was
of
increase over same week "last year-.
Middle Atlantic
Central
West
•
y
<
Aug; 17
•.
25.9
•
.-•:4.4.'-:
,
States——..;
Rocky Mountain——-
6.7
6.6
11.7
7.9
6.8
Southern
15.6
11.9
—
13.6
10.4 '
Centrals
/'
Aug. 10
•
7.2
Industrial---
24094^
by 8.0%.
15.4
9.9
7.3
*2.8
;
Coast————v'
4.4
0.3
'
"1.0 %
»3mr:
r
0.3
2.8
■
X
7^2.3
-
6.2
—.
fop staff of the OWMR will con¬
and
\+
;;' Percentage
.
im theiy©&
■
appointed its director.
"Under the : reorganization the
sist
week in 1945
i Major Geographical Divisions—
AUg. 24
New Eugland^—• •''
I1.2 •.
Pacific
The Office of Eco¬
Stabilization
same
under
merged
with the OWMR when Mr. Steel¬
man
index Is calculated from
week-to-week changes and
general counsel, as well as a
small
exceeded that of the
k^
The output for the week ended Aug,
0.2
*Based,l5btt,?thei BLS - weekly*, indeit^bf jpifeeli •' bf \ ipprqximately • 500: cdmhiodities
which
a yepr; agc^ and; 4^22,242,000
pnded Aug. 17,; 1946.
■
and
<
tions
interest
as
may
by the United
States
as to principal
(except such guaranteed obliga¬
be held by the Secretary of the Treasury, "shall not
Total
;
United
States
-J.
8.0
•^♦Decrease.
DATA FOR RECENT WEEKS
Hh4
12.3
■;
^41% jy
: .'
■
'
.
(Thousands Of Kilo watt-Hours)
% Change
Week Ended—
June
1948
1945
4,011,670
3,910,760
4,397,330
4,302,381
3,939,281
May 4
May 11
May 18
May 25
4,377,221
13,941,865.
4,329,605
.—
4,203,502
—11.0
— 9.4
— 7.3
4,144,490
4,264,600
4,287,251
1,440,541
1,702,501
—
5.3
4,325,417
1,456,961
1,723,428
1,592,075
...
IJ
—.
—
1—'
3,741,256
June
.
3,920,444
Under 1945
8.8
-J 0.1
.
—10.0
9.0
1944
4,233,756
4,238,375
4,245,678
4,291,750
1932
;
1929
1,698.942
1,435,471
1,689,925
1,441,532
1,699,227
June 15
4,030,058
June 22
4,129,163
4,327,028
4,348,413
4,358,277
June 29——
4,132,680
4,353,351
—
5.1
4,327,359
1,704,426
1,705,460
1,615,085
1,341,730
July
6.
July 13
"
July 27_.
3
3,741,006
7
;
—
6.0
3,940,854
1,415,704
4,295,254
—
3.2
4,377,152
1,433,903
4,293,280
>
3,978,426
4,156.386
*
July 20
4,384,547
—
2.1
4,380,930
1,440,386
1,426,986
'
4,352,489 >
4,434,841
4,351,011
-
—
1.9
4,411,717
4,432,304 ::
4,395,337
Aug. 17
4,422,242
3,939,195
+12.3
Aug. 24
4,444,040
4,116,049 %
4,137,313
+
Aug.
Aug. 10-
—
:
AUg. 31..— k .mmmmm
—
1.8
+
4.390,762
"
0.4
4,399,433
4,415,368
.
4,451,076
;
1,436,928
1,435,731;
1,425,1511
1,381,452
1,415,122
1,431.910
1,436,440
1,711,625
1,727,225
:
•
1,732,931
1,724,728
1,729,667
1,7^110
1,750,056
8.0 % 4,418,298
1,464,700
1,761,594
4,414,735
1,423,977
1,674,588
-
THE COMMERCIAL & FINANCIAL CHRONICLE
1194
Thursday, August 29, 1946
Markef Yalue ai Bonds an Hew York Sfock Exch.
The New York Stock JExchange announced. on
of-the close of business May ,31,, there were 95,7 bond
j
,
June ;12,t that
BecontrolBoard Aids
as:
j Ahnouncfemeri^
^
CoHoninibeUniled
Slaie^easonof1945-46
<
on
issues, aggregat¬
Aug. 6 of ".the {appointment to po- V
listed on the New York Stock Exchange,!
The preliminary report for the;s^ifea£.items of the Supply ahd sitions with the new BrjCe Decon- '
with «the total market value of $143;943;768,f509. This compares with Distribution .of Cotton .in the
United^tfi&fm;theU2 m(mths>ending trol Hoard, of three former aides
the figures, as of April 30, of 964 bond issues, aggregating $138r> July
of Chester Bowles,
31, 1946, is .presented
^ the following tabulaftiStatements.^■■(Numformerly Jgeo^-K
518,806,226 -par 'Value; vtotal rmarket value a$143;904,400,6.71; .average ber l shows the .principal items Df >supplisrf»^dfstribution; Number .nomic iStabilizer. iThey includ^-^i
II the .comparative ftigur es nf ;stocks tifidvonr
price 103,89.
according to Associated Press
3uly 31; M45 rand 1946;
in the following table listed bonds are classified by governmental ;and /Number III further details .concerning the .supply rand the dis¬ Washington. .advices: :5i!Kalter - S. -1
| and industrial, groups with .the .aggregate .market .value and average tribution. The quantities are given in running .bales,; except'that Salant, of New York, Mr/ Bowies'
ing'$137,762,502,097
par value
'
-
price for each:
v
•
8.
(lncl.
Government
State,
U.
Cities, etc.)
companies, t
6.
N.
•Market Value
404.78
127,977,586,294
7,412,318
103.25
13,895,000
102.50
3,895,000
102.50
11,400,000
114.00
11,750,000
•117.60
; 2,926,000
•104.50
20,350,000
101.75
20,426,250
Chemical
—-
104.75
^56,698,610
.
10L45
equipment
Farm machinery
Electrical
G'innings, from Aug. T, 1945 to July, 31, 1946..«.
"T
2,901,500
101.75
103.00
101.56
245,576,154
104.12
v
>
•
-
■
■
Food.
246,650,067
104.57
•14,756;645
3,997,170
»——
94.29
14,452,040
'
imports
Net ^exports (Does not include War Dep't
Shipments) --♦.Consumed
———;ul.:v
92.35
103.50
'
'
Net
103.63
20,350,000
20,085,000
56,759,694
;
■
Financial
102.39
Destroyed
'
"t. Land and realty
.
.62,399,797
96.55
4 48,715,338
•62,958,155
29,158,248
324,526,250
103.19
29,116,899
104.11
432,154,506
97.64
i8,134,361,674
)
% Textiles
2,740,730
79,913,750
19,947,968
103.78
In
103.77
In
Utilities:
T
Gas
235,535,535
104.32
234,746,945
103.97
41,900,000
104.75
41,600,000
104.00
106.11
243,459,075
-
Elsewhere
electric
and
(partially estimated)i_„
2,810,882,894
utilities
companies oper. .abroad
■
jp. Miscellaneous businesses—^.-
107.06
51,217,875
107.38
1^012,519,-569
135,232,613
118,218,445
24,035,000
(operating).
(holding)
111.49
89.07
23,977,500
95.04
III.—SUPPLY
AND/DISTRIBUTION
OF
11,163,711
Total
U. 13.
104.25
97.24
lOl.Dl
13,957,988,901
76.41
1,324,502,076
101.14
644,323,400
12 MONTHS ENDING JULY
102,14
143,904,400.671
103.89
13,782,486,141
1,330,983,175
companies
661,500,438
The
son
$143,943,768,509
following table, compiled by
104.49
1946
75.92.
cf the total. market value and the total average
on the Exchange:
In
;price of ;bonds
.Market Value
Market Value
Price
Price
■
S
-V:
1944r-—:v
-
.
i
■
<$
'r
Apr. 29^....
95,305,318,075
400.3.1
93,849,254,814
100.62
July 31_.
96,235,324,054
102,284,657,208
400.71
Aug. 31-.
•102,328,885,992
100.74
Sep. >i29-.»
Bep. 30
102,017,012,414
100.61
Oct.
Oct. 31.^—.
Nov. 30—
101;80i;493,498
100.71
101,377,604,946
100.92
Dec. 31—
112,620,708|662
101.35
May 31-—,
—
—
June 30
May 31—-—
100.53
114,857,381,979
103.01
June 30
.
114,767,523,198
130,074,758,528
103.45
:
w
128,511,162,933
128,741,461,162 '
143,110,515,509
31—
114,019,500.804
#01,01
.——414,"881,605,628
1946—
Feb.
:■
102.58
114,831,886,516
102.53
115,280,044,243
Mar. 31—
103.10
-
Apr. 30
145,555,685,231
Civil fngiaeeriag
Apr. 30-ȣ^..
-May 31w«m~
—
105.19
146,180,821,869
143,904,400,671
.
404.75
146;523,982,940
.
28
403.89
443,943.768,509
104:49
$96,979,000 for Week
as
reported by "Engineering News-Record."».
This
volume is 25%
below the previous week, .322% above the -corresponding
four-day;
week -of last -year and 23% -below the previous -four-week
moving.
The -report issued
average.
:
I
Aug, 22, continued
on
as
follows:
I*rivate-<»hstrwtion--ito'7Wuek^56;l85,1>OO:^^^44^'",bal0W last
Net
exports
Stocks
Total engineering construction for the 34-week period ,of
.cumulative
the total for
;
a
like
total erf
thie
Public
On
.a
construction,
state and
1945.
greater
than
corresponding .^period .of 1945, whereas
dropped
21%
below
the
Civil engineering construction volume
week and the 1945 week
.J
;
'
.->•
Public-Construction
Municipal—
Federal
(five days)
$96,979,000
56,185,000
40,794,000
_
—
37,433,000
'3,361*000
(five days)
$129,096,000
101,189,000
27;9O7,0GO
24,817,000
3,990,000
(four days)
5,034,000
17,956,000
8,518,000
-9^38,000
the classified construction groups, waterworks,
aerwerage,
earthwork, bridges, hijghwagys ?and industrial buildings gained ibis:
week
the .previous -week.
over
age,
over
-Seven vof the nine classes recorded
the 1945 week
as
follows: waterworks,, sewer-*
bridges, high.way^, !£arthwork:, industrial buildings andxommer-
cial buildings.
■ii'-K
..
■■
;')•••!!;'Capital
Jiew capital for cooastEuction purposes ithis weekiotals $13,0-12i000
and is made up of
^$12,146*000 in •state and municipal .bond sales-and
$866,000 in corporate securities.
of 1946 totals
New ^capital for fhe 34-week period
$2,485,407,000, 58%
more
ported for the corresponding period
;than the {$1^69,340,000 re-!
oftlL945,;
i.
Under-Secretary
;
•
— ;
of
Board iof the Office of War
Mobilization and Reconversion.
The
20,358,104
cotton)
1946, total
2,282,118
4,464,548
775,000
20^278,633
79,471
aboard, which has the
designate
other
1
power
what -commodities
items
!
to
continue
under Office of Price Administra¬
tion control; had as its first
task
the- decision on recontrol
Aug. 20
of most of the
are
v
important items
exempted until that date
new
coastwise; xottotidiafransiLto pdrts* interior townsr«and mills; uotton
on farms,-etc.
'
- • "Jf
;
law.'
Fed.
%
-
by the
.
.
u
'
•
Judges' Pay Upped
Under
legislation
Truman
signed - by
July 31,
•
300 Fed-
•
on
eral
judges will be increased by
$5,000
annually,
from
District
^Excess. jpf {aupply^ rover report©# idistributiom,|)rojba^
.in Judges, on up to the Supreme
Court. Thus, the Associated Press
paft to cotton /exported but not includeid In the -regular export dec-f
reported from -Washington, Chief
laration.'
'
;
.
.
are 196,845 bales Justic^Vinson will receive $25,500
annuafy,
and
the
Associated
hand Aug. I, 1945; .and 152,668 on hand July Judges $25,000, iThe
'pay -at Cirm
cUitaCburt Judges goes^^ up^^|o
S
Supply and Distribution Statistics for Linters
500, and. that of District Judges
^Quantities areinrunning.bales
to .$15,000. The
Note:
Foreign cottons included in above items
consume#; 123*939
31, 1946.
' -
on
>
Associated Press
(Not included in (cotton statistics /above)
added.
Stocks of linters August 1, 1945, were 378,551 bales; production
|
dnjihg4welw«TOemthadndi^^td^-W^46^994,-146;.'impoi^-212;d81,;
exports 22;389; consumption i;051,104; destroyed 500; and stocks JUly
4
t
*
-
case
Weekly Statistics of Paperboard Industry
by us from the National
Paperbonrd Association* Chicago, Ill.» >in relation So Activity in " the
The. members
of
this
program
Association
includes
a
represent 83% of the total
statement each week from each
member .of the orders and production.
cates the
figures
Are
(Orders
iVJ'ons
/.Unfilled Orders
"
ITons
..
loi^^sifour^nd»
years—until
terms
%xpli^bbfore' becoming
any
their
present
^605^88
101
165:911
591,206
S7
:il
•155,747
May
18
:^59,370
,,131433
&
142,001
\
June
:8
"186,073
June' 15
22
•
5560,916
96
85
96
ship.
Representative
time
for
>
96
*96 ♦
<rU6 ^
97
elected,
be
/
-
•
the
ap-
ip Any civil ^office under
'
the^ emoluments .whereof ,shaU
have'(been/increasedjduring ((that
told.a reporter
present members of
of¬
thaVall fhe
;
iheHoiise
96
,
558429
M
.506,425
.70
.599,527
87
?95
158,210
'
/ 588,429
94
>85
149*865
101,405
:
:575{590
•95
215,.730
/-167,192
5
-.620,35.4
98
163,1534 f
"610,459
96
95
166,363
(600,674
.98
<95
Auk.
156,766
Aug.
466,841
V-
158,3Q4
:'
141;476
,
the,/expiration of 'their
=95
195; ;:y
95
t
present
but: that-::
:
Notes—Unfilled orders of •the*prior'week, <plus orders reoeived, less ipfoductton, . do
not necessarily equal ttt\e .unfilled <orders lat .the^close.
Compensation for delinquent?
reports, orders made for or filled from stook, and,other items made necessary .adjust'
ue&ts of unfilled orders.
which
during
time,"^.Department ,af Justice
98
:
.
shall,
authority of .the United States
which -shall have been created or
ficials
96
!'
127,832
i
$567,087
.
163448
149;547
•
■
591,496;
160,607
•
93
567,068
rj()118.542
i,190,587
■
»565,225
/
139,693
.161.240
166,050
Jt6
Aug.
.
•5l96;211
11S7W
^9
152,203 'i
■
92
>'®95,427
.162,563
1
Federal Judge¬
the
-
Current Cumulative
174,501
May
July
July
July
•July
•Tons
„
-•
^Percent of Activity
.■?;229?I20
A
Jlnne
Remaining
.Production
^Received
1946—Week Ended
June
In -the
a-half
poiitejd
BTATISTXCALnBPQRTS-^RDERSrl^tOmrCTION, MItIi ACnVFTY
'
they wRl
jUnder the Constitutoon (Article
>nd also a figure which indi¬
*1,. Section 6), "No Senator dr
the "time operated. 'These
on
.advanced to^equal il00%,.&o (that they represent the fotaJ
Period
June
Senators
■
activity iof ihe mill based
Industry.
-Mfty
some
eligible for
paperboard industry.
;
of
liave to wait.As
We give herewith latest figures .received
:;
»
.
One constitutional effect of
the
bill is to ban the appointment of
present members of Congress, to
the -Federal judiciary iuiitil next
January, at the-earliest.
.$22,990,000
**In
gains this week
and
ory
3,530,909
9,166,060
60,000
7,521,664
public storages and at compresses
(partially estimated)1
Aggregate distribution 1,
—
Excess of Supply over Reported Distribution
•
Aug. 22,1946 Aug. 15,1946 Aug. 23,1945
'
Construction
Private Construction
State &
forthecurrentweek, last,
are:
•
Total Th S.
8,680,716
171,641
re-imports, year
Elsewhere
industry, und its
34-week total of 1945.
>
and
of the
:
(baled
Orleans,
Board Chairman; Dan- t
Bell, Washington banker
former Acting Director of the 1
as
W.
Board of the Mead
Corpo¬
342,036 ration, pulp and paper manufac¬
8,852,357 turers, and member Of the Advis¬
cunuilative basis, .private
$1,428,413,000, Is 68%
construction, $507,301,000,
:
;
of New
Treasury, and George H. "
Mead, of Dayton, Ohio, Chairman,
1-946; 31,1946—422,200.
municipal construction, $921,112,000, to date, is 346% above
Federal
■
Roy
L.
Budget
$3,630,,20Q*000, which is 196% above
period of 1945.
cumulative total for ..the
no
In
construction In 1946 totals $2^01,78.7,000, which is 48,7% above that
for 1945.
less
hand July 31,
on
•
week, is 339% above the 1945 weak. Eefleraljt5Dnstruction, ;$3,3BX,000,1
is 9% above last week and 64% below ihc week, last year.
a
'
and
In consuming establishment-—
State and municipal construction* $37*433)000, 51% above last
records
Commerce"
of
the
lending July 31)
construction, $40,794,0(10 is 46% ahove last week *and 127% greatertthan the week last
•
(total
Consumed
week and 916% above ,the week last year. -Public
year.
•
Washington stated.
consists .of:
includes cotton for export on shipboard but not cleared; cotton.' salaries of the nation's
.Civil (engineering .construction volume in continental United
States totals $96,979,000 for the five-day week ending Aug.
22, 1946,
pro-
from
board
President
•
on
"Journal
to
104.75
Conslraclion Totals
adviser
:
8,375,199
825,000
'DISTRIBUTION
Destroyed
•
Mar.30——
>
11,163,711
(total less 6,447 re-exports, year
rending July 31)
EA--------*-Ginnings during 12 months, total
Crop of 1945 after July 31,1945
Crop of 1946 to Aug. 1, 1946
Aggregate supply
103.28
Dec. 3L»W
Jan. {31—
31—
28_^
403.64
103.16
•
attorney,
Senate on July 29 confirmed
President Truman's appointees for
" three-man - Price
Decontrol
1,963,512
102.60
NOV,'30;—
•
1945—
Feb.
hand Aug. 1,1945, total
consuming establishments
on
V 102.49
-
named
was
named
402.97
129,748,"212,202
July 31
Aug. 31
:
;
Jan.
,
1945—
1945
Net Imports
•
Average
<
By. voice vote, .without ^debate,
;
iel
In public storages and at .compresses—Elsewhere (partially estimated)*
listed
Average
Washington
eral Land Bank
SUPPLY
gives- a two-year compari¬
us,
•
j;
Thompson, President and the Fed-
31, 1946
101.00
Stocks
All listed bonds—
'
cedural matters.
The
(Bales)
Foreign government.,
Foreign ; companies.
•
advices
DOMESTIC
AND
FOREIGN COTTON IN THE UNITED STATES FOR THE
110.84
86.34
104.50
Mr.-
the
106.25
118,127,435
163,347,281
to
the
7;521,664
106.93
•2019*982,554
".-•50:815,1251,009,192,170
assistant
Board,
Total
Vv Miscellaneous
U. 8.
consuming establishments
public storages and at compresses.
,
Gas and electric
1,963,512
8,375,199
825,000
105.59
Communications
who
1945
2,282,118
4,464,546
775,000
122.00
104.50
103.87
.....j.—
new
Decontrol Board;
1946
143.38
79,025,000
V 19,968,491
T-i
executive
mer
Leventhal,
(Bales)
■—
1,932,552
-
Tobacco-
44
JULY 31, 1946 and 1945
We'll*'W*'*
s.
•
,
>
II.-rrSTOCKS OF /COTTON IN THE UNITED STATES
95.96
238,402,217
Rubber
the
serve
capacity; Brice
l!he mew :board named David
Cobb its General Counsel.
A fifth appointment is Harold
■.
.
97.80
Retail merchandising
Shipping services
Mr •»#*►«•»»» ^
Steel, iron and coke.—
•
60,000
:
103.47
8,108,723,438
Petroleum..^—.—
Railroad.—...—..—.
same
Bowles, who will serve as Acting
Pales
.Secretary of ithe Board, and Delmar Beman, who served as inforJ ;3f852,357
342,036. mation .director when Mr. Bowles
He will act as
3,530,909 was OPA head.
9,166,060 director ,of information for the
(baled cotton)
v-"
103.04
and metals...——
Mining (excluding dron)..
Paper and publishing—
{—,«.
Machinery
until GBA^ex-
pired and who will
';
I DESTROYED IN THE UNITED STATES FOR THE'42 MONTHS
ENDING JULY 31, 1946.
104.62
102.50
.
7,358,475
Aviation
advise^
.half bale^ and. foreign cotton in /equiva-. economic
I^UOTTDNsGrlNNEP,IMPORXED, JIXPORISJUr^ONSUMBD,1 AND CtemongofrHaftfo^
] 128,168,798:755
Automobile
'
as
LINTERS AltE NOT > INCLUDEI),
board in the
Y.
1—
.500-dound^bales.
-
Price
Amusement
■
lent
•Average
.Price
Market Value
round bales >are counted
J
April 30,1946——
Average
Group—'
U.
.
*
'
.
■——-»May.31,1946—>—
'(■■■■■
■:•,
Senators. whose
terms
continue
;
beyond that 'time " will Ihave- 'to
-wait.
:
•'
^
.
r
The-bill
ate
was
!
passed by the Sen-.
J«ly 17, and by the House
without amendment
Tuly '20. :
on
:
•
'«
i>
'4^20
;<tVblume i6^
/
*
■*
«r
vt\
•>■? av « ,c
*> rtf
4a.
<
>
i
r
y'S>
THE< COMMERCIAL & FINANCIAL
CHRONICLE
1195
Operating Bsnks in
Cottonseed Receipts lo
On
U. S. Increased in '46
July 31
Aug. 13 the Bureau of Census issued
the
following-state-*
Slock
showihj^ cottonseed received,/crushed and on
hand|: and-cotton¬
banks: 'operate seed
products manufactured, shipped but, on hand and««xported foi;
f> ing in the: United States and posthe 12 months ended
:
July 31, 1946 and .1945.
sessions increased:: by 1-5 during
/the
first
six, months
of 1946,
COTTONSEED RECEIVED, CRUSHED AND ON
meat
'
:The
number. of
aggiegating
'
v
r
-
,
when
,
the
number
of
1946,
*
there[
operating
269,329
53,973
432,893
4,631
t
127,968
118,830
1
362,956
301,661
364,355
10,860
113,618
174,355
115,034
174,574
547,848
709,602
553,005
163,301
289,010
173,236
95,847
South Carolina
218,163
93,266
706,770
281,117
219,098
177,870
231,821
180,357
264,344
674,352
347,846
266,920
980,857
701,737
Tennessee
Texas
All other states—
'
new
5
v
•
.
/
2,025
4,512
•
w
/
•
i
the-stasons
84,199
•
1945-46
and
Government
}
<*
v
J1
*',7
-
total market value of
a
York
Stock
Tlii|xom-i
:
aggregating
$84,043,436,932^
collateralized by
issues.
value
of
The
ratio
of
the
latter
borrowings to
all
include^ all other types
ordinarily
exceed
of member borrowings, these
the precise
ratios,/will
relationship between borrowingsj
on
isted shares and
their total market value,"
1944-45.
'{\
\*
,
New
listed stocks on that date
was
therefore
As. the loans not collateralized
by U. S. Government'issues
In
the
following table
^
j"
the
market
0.48%.
respec¬
i
S.
he
14,190
57,314
'"933,554/,;
U.
industrial
\
PRODUCED," SHIPPED "AND STOCKS
banks were opened
new
1,127
126,904
72,763
125,242
1,796
2,223
Includes 2,558 and 7,400 tons
destroyed during 1945-46 and 1944-45, respectively.
Does not include
219,340 and 118,256 tons on hand
Aug."i"/ 1945 and 1944,
^
more
15,139
247,404
/
or
1,756
18,398
n,ei4
:
1,298 stock issues
the
total market value of
$80,929,333,989.
figures as of May 31 of 292 issues
"As of the close of
business June 28, New York Stock
Excliapge
total net
borrowings amounted to $731,8^5,197 of which
i
>390,338,558 represented loans which were
not
3,708
343,433 /
were
on
July 5 that : as
member
18,453
5,195
/ 232,981
;
877
2,093
340
there
listed
SlWV
on
making public the July 5
announcement, the Stock Exchange
continued:
12,249.
?
-
announced
In
46,326
118,729'
shares
%
'
■Al
a
,666,270,936 shares/ with
10,556
8,236
Carolina
Oklahoma
North
1944-45
3.17,968219,540
■'
with
pares
-
259,561
48,398
366,802
54,223
294, C68
Mississippi
1945-46
4.254,143'
1,686,463,543
Exchange, with
mills,
July 31-
1945^':%1944-45
3,260,708
banks opened in tively, nor 60,507 and 79.193 tons reshipped during
/ a
the first half of 1946 were widely Ilncluded/u) all ottier States^
v*
; iJ
'
'
distributed
COTTONSEED PRODUCTS
geographically/♦'•One
'The 73
:
-
Stocks at
469,419
t
Louisiana
A
272,748
t '
328,712
Qeorgia
liquidation. All but ten of - the
newly established banks were admitted to insurance.
":r
"
254,030
—
California
% 73 new banks. Fifty-eight were
s lost -through'
merger or. voluntary
.l;
1944-45
4,362,633
Arkansas
established
were
1945-46
3,161,894
i
Arizona
♦
of
Received at mills,
:
Crushed
Aug. l-»July 31 • v ,a. Aug. 1-July 31•
United'StateS——'
Alabama
(TONS)
n
s
v.
1/banks increased. The announce/ ment ,further says:
*
V/ - <
•
"During the .first six months
.
'
t
State—
/eral Deposit Insurance ^Corpora**
lti<>&&nfcoune6fr^
increase, Mr. Harl said, is as large
y-as that for
the. full calendar year
n
1945, the first year since 193.4
/
H^ND
'•
New (-York Stock
Exchange
close of business on June 28
of the
¥&
New York
on
Exchange in June
The
*
tChairman Maple T. Harl of Fed-
■:<
Market Value of Stocks
with
groups
listed
the
stocks
aggregate
are
classified by leading
market
value
price for each:
Stocks
and
average
•
■
in
26 ■ StateSs^and
opened
were * Illinois
with
9;
Georgia with 8; Texas with 6; and
Iowa with 4. These
all States
are
in which branch/banks are prio?
!
hibited except, that-in Iowa pay¬
ing and receiving stations are perirntted; in towns without - other
k F banking facilities.
i
"Of the 14,740 banks in operation at the ,end of June 1946,13,;
*
-
*
;
526, .or 92% with deposits of approximately $150 billion were insured by the Federal Deposit Insurance Corporation."
*
*
■
\ '* Mr.
Harl
number
*
also" stated
of
-
insured
that
the
in-
banks
creased
of
-
by 32 during the first half
the
year.
73
/
at
Alaska/ The
States with tn&A largest number
;
'
new
erating
*
In
addition
to
the
banks, 21 previously
op¬
admitted
to
banks were
insurance. Fifty in¬
sured banks ceased
of
cause
'/
operating be¬
or
voluntary
merger
,
liquidation
and
two
insurance,
from
one
withdrew
with¬
by
drawal from the Federal Reserve
System
deposit
without
continuation
of
insurance, and one by
succession by a non-insured bank.
The number of branch banking
offices in operation on June 30,
1946,
a
less than the number
was
on
Dec. 31,. 1945, Mr. Harl added, because
of the closing of a large
;
number
under,
,
"facilities" which
of
erated to
;
serve
op-
armed forces
our
arrangements
with
the
Treasury.
% Chairman Harl further
that
the
lively. free
v
since
11/
its
months
a-
from
bank
inception.
fact, 27
elapsed since
United States. The last
positors'
May 1944.
.
.
in
the
closing
on
of
account
.
failures
In
have now
failure occurred
bank
stated
country has been reja-r
]
inability to meet dedemands
occurred
in
LumberMoveraent—Week
Ended Augiist 17,1946
According to the National Lum¬
Manufacturers v,Association,
shipments of 414 mills re¬
porting to the National Lumber
Trade Barometer were 3.0% heber
•lumber
low production.for the week
ing
Aug.; 17, 1946.
week
new
elid¬
In the same
orders of these mills
10.3%
were
below
production.
Unfilled order files of the report¬
amounted to .64% [o£
mills
ing
stocks.
For
reporting
mills, unfilled orders
alent
to
25
days'
softwoOd
are
equiv¬
production
| at
the current rate, and gross stocks
equivalent
are
to
37
days'
pro¬
duction.
reporting identical mills
ceeded
ders
;
production
ex¬
(thousand
Cake
and
meal
corre¬
sponding week of 1935-1939,
pro-^
mills
£2,258
1,433,504
J,453,378
1944-45
28,050.
1,954,111
1,929,903
1945-46
61,697
783,162
819,209
14,793
984,218
937.314
*♦988,583
1,250,914
971,651
1135,508
Linter
)
1945-46
bales)
18,576
-
1,294,258
18,576
323
16,902
16,722
503
Garment—.
Land & Realty
476
20,742
20,895
323
Leather,—.—
1940-46
2,451
43,237
43,941
1944-45
10,025
50,665
58,239
1,747
2,451
;
257,591,000
pounds
held
^Produced from
pounds
elsewhere
at
refining
and
in
and
manufacturing
Machinery Ae Mfltftla i/i,
pounds
at
afttirnftd
and
establishments
260,807
"bales
first
cut,
bales first cut,
'
bales
second
cut
and
101,390
bales
bales
second
cut
and
838
bo.les
mill
above; orders were 2.0% above. /,
Electric
Gas & Electric
(Operating)
(Holding)
following
run.
Bank Limited.
Issues in Ureal Britain
statistics
have
been
compiled
by the
issued
These
arid the
undivided profits;
June
97,416
29,410
44,080
25,026
73,490
44,046
40,946
19,020
32,258
74,051
57,145
8,041
1,108
9,149
2,203
865
3,068
—'533
495
826
■'< 454
928
117
1,280
157
503
660
963
2,768
3,731
1,100
549
1,967
310
2,277
3,319
1,872
5,062
4,451
6,934
9,083
13,534
17,521
29,057
46,578
British
July: 31^—
61,242,460,874
39.65
Aug.: 3i—.
41.55
46.13
Jan.
31
37.84
78,467,733.341
Feb.
48,61
28—
39.84
Mar. 30
74,164,879,781
77,932,414,601
80,943,361.516':
47.98
Sept. 29—
1946—
,
31,
30——
31—62,430,603,026
30
38.15
Apr.: 30—.
May
31—
4064
June
28—_4 80,929,333,98^
"5
40.68
millions—rounded and will
Series A-1935
(matured)
$255
Series B-1936.——
Series C-1937.
460
571
146
;
99,733
Foreign
Series
1,181
511
73
4,608
1,246
8,478
2,287
1,122
9,305
6.078
56,139
Series E:
Series
14,916
6,368
3,429
17,016
1,295
157
1,031
249
696
Series
195
828
E-1942———
•150
■V
:
660
~**36
588
639
4,852
4,555
57
240
2,149
4,539
-
:
11,690
39,861
SeriesF and
G.1Q41
A
m
rnmm Ml
24,403-.
ajf
~^
^
'
.
J
,20.713
'/i 14,557
15,188 i
L 2,800
32,129
t
-
,.,21.88;
802
18.99
985
V-s 16.60
438
14.29
3,362
27.04
([Total
770
all
,
.
■
,
(7 mo,).*,
1,910
153
.
.
28
L928
:
*
8,377
33.21"i
7,004
IE935
,
§2,175
30,463
28.65
•
9..30
29.81
16,768
:
114
14,294
*-114'
33,711
20/78//
-9(841:
,...,10.66,..
Tv- 9.'$7 ./■
150
1,374
338
2,833
330
3,015 ^' 'n
235
3,444
88
3,052
2:80
2
1,908
.10
1,143
15,625
n,.J
rDC-6.39
v
,v?rr
6.82
b4m.JsL
series
♦Includes
■
1,125
1,103
29,431
48,005
—r—
Total Series F and G
4,623
,
28.52
33.83
/
G-1945-—3,140*
Series F and G-1946
275
3.537
'V 3 958
;
f ■.: 1,524
3,170
Series F and G-1943-—;/•/
3,345.,
Series F and G-1944
3,679:
1,844
1,697
18,02
4,661
1,021
6,418
11,202
lif
1,178,
7.068-'
223
43,397
-
G^-1942—
and
Series F. and
"*491
.
642
,
:
_a__—
128
269,
5,271
9,817
'A-BI—■/«.—
Series F
-
.
20,305
—
(500.
25.57
1,860
12,543
,
/
•
*•'«»>
•
.
v
57.61
•'-425-/:--
'
July—
-
Issued
/93,33
3,613
4,166
2,813
§2,398
Total Series A-E—
Series F and G:
v
2,503
259
6,521
10,681
E-1944——
Total Series E———
Unclassified Redemptions:
200
3,211
2$l7
i—
Series E-1946 ,(T mo.
:
Series-
660 P
1,437
-
/SeriesFe-1945—-———-
.
221
——-
:Beries; B-1943»***w^—--fw—
4,425
2,716
E-1941
Series
:
2,996
1,071
36,607
39,906
.
46,554 '
1S37—:
47:99
41
Amount
'S17,/./
$195
,
Total Series A-D-.
773
15,633
13,534
1946,1st half.
•
•
196
D-1941
14,875
6,934
-
$238
Countries
58,107
5,299
half
,v-
140
-
:
tAmount
Outstdg.
265
'
188
3,731:
half
Redeemed
:
640
3,247
1944, 1st half-
♦Amount
Issued
-
990
1,046
;
.
,.
Redeemed
♦Amount
SerlesA-D:
D-1940
3,068
—
,
*,*
necessarily add to totals)r/
D-1939.
57,145
half:
1943,1st half—
•;• "2d half-
not-
Series
80,661
•
50,44
,
Redeemed Through July 31, JJ946
(Dollar amounts in
Series
91,075
-.
•.
United Stales Savings Bonds Issued and
--
Overseas
1,280
Ti.
"
TT"
C-1938
9,149
_.
45.79
49.22
84,043,436,932
.
.
Series
1,028
T
44.23
'
74,051
^
—
40.68
62,636,685,716
43.17
-
6,978
97,416
73,490
.
$
56,585,846,293
59,680,085,110
57,383,487,905
61,496,723,658
35.40
lj706
108,237
—,
"
$
2,308
'
Kingdom
Countries
-English Pounds—
108,984
1ST41,1st haifl—
: 30
2d half^—
1946,1st half^-A—t——
1946
35.55
35.07
"
United
2d :hajf^-^—
Market Value
■
37.20
—^—Geographcal Distribution
19.i0.1st half
Average
Price
'
;
19454—
55,511,963,741
(£000 Omitted)
.
1938—/—
1939———
Average
Price
46.33
28
60,112
44,046
50,44
73,765,250,751
12,233
"
,,w-
f4,043,436,932F'
3L———.
-
31
7,129
5,299
half———
47.99
Deo.
12,21
4,304
1,979
•*
.
31
101,191
2,147
\
38,79
24.64
2,384,135,519
5,026,406,545 >1 113.74
43.28
265,695,334
33.89 /:
1,403,644,133
41.15
30.25
36.40
1,535,305,375-:
45.72
46.48
651,200,266
40.45
30—
147,541
1,028
1,046
3,247
4,852
half
3,709,000.511/ V
23.56
114.89
Year to
108,984
Total
60.15
/■;
Oct.
205,763
205,653
48,372
-
38.18
<"•!'
s
66.18
-.64.95
Nov.
June 30
47,873
—-
62.14
Total for
to
June 30
60,612
1939, 1st half-^-V.-.—.A./—
2d half—.,——.
J
2d
June 30
49,543
33,105
24,887
;
3,726,274,053
1,321,064,423,
1,885,314,142
55.45
36.14
-English Pounds
1938, 1st half
36
Mar. 31
96,779
1937,1st half
2d half-^-,
2d
Qtr. to
108,237
1936, 1st half2d
Qtr, to
28,468
,
23.47
Total for
Half-Year
to
68,094
'
66.10
32.80
40,468,638
28.64
80.88
203,031,362
.
35.75
June
68,311
—
52.17
926,967,099
28.64
35.84
Apr;
May
40,143
—
74.98
44.61
56.53
'
S"
Feb.
f
Half-Year
Dec. 31
5,661,061,332
52,929,771,152
53,086,843,093
53,591,644,063
_
Sept, 3Q
9,335,551,728
6,433,104,860
4T.39
.
1945—
KINGDOM
Total for
,
55.07
,
i 41.85;
;
64,315,140,586
67,065,130,865
69,560,968,600
72,729,703,313
Jan.
[Compiled by the Midland Bank. Ltd.)
Qtr. to
Dec. 31
38.85
2,486,904,315
1,178,660,598 &<-. 44.39
market^value
Mar.
(£000 Omitted)
45.32 "
45.38
53,067,698,691
52,488,254,469
53,077,487,308
Dec.
In all cases the figures are based
upon the prices of issue.
NEW CAPITAL ISSUES IN THE UNITED
55.65
15.42
3,290,366,235
43.12
/
accrued
64,774
discount.
:ftCurrent redemption values.
tlncludes
matured
'
31.29
40.09
41.16
a
$
30--
83.98
,77.55
36.84
80,929,333,989
averse
57.68
44.60
Sept. 30_.
Oct.
31—*,—/— :
Nov. 30——
short-dated bills sold in anticipation of long-term
borrowings; and
loans of municipal and
county authorities which are not specifically
Qtr. to
41.43
50.89
52.27
July 31——
Aug. 31————
of the
resources
securities have been offered; issues for conversion
redemption of securities previously held in the United Kingdom;
limited.
14.28
40.89
23.50
two-year compilation of the total
price of stocks'"listed- on the ^x^ahge7'-F.™rl..l,r:*t':F
1944
sales of already
securities/which add nothing to the capital
—
Market Value
cap¬
funds and
company whose
or
—
.We give below'
;
compilations of issues of new capital, which
subject to revision, exclude all borrowings by the British Gov¬
ernment; shares issued to vendors; allotments arising from the
reserve
54,06
42.17
248,354,228
1,354,222,351
1,488,198,657
644,427,704
All Listed "Stocks
Midland
are
italization of
30.04
3,655,776,515
2,280,099,179
4,980,586,421
Communications—
Miscellaneous Utilities—
0. S. Cos. Operating Abroad——^.—
Miscellaneous Businesses—,
The
75.28
y]
Gas &
Foreign Companies—
New Capital
.
80.45
42.46
Utilities
626,386
13,693
55.88
1,231,829,677
1,803,915,930
,
and
run.
ttlncludes 20,977
.:
rwrtitea-^AA'
manufacturing
,
49.09
3,174,887,942
2,358,085,817
1,115,960,354
9,036,572,438
6,267,005,935
5,397,766,165
881,847,886
197,915,985
37,810,942
3,707,990,966
ship Building & Operating^.*.^^
Shipping Services
Steel, iron & Coke——,
17,177,000 pounds held elsewhere and in transit.
♦♦Includes
\
Rubber^i.—.A^.—.
establishments and
22.25
367,807,394
,//.■
Retail Merchandisiog—
manu¬
transit.
refining
>
...r
„
1,055,735,000 pounds of crude oil.
240,183,000
r,
Mining (excluding iron).L
Paper to Publishing^....^.,^..^'
Petrnlftinri
u
manu¬
19,858,000 pounds at refining and
2,262,000 pounds in transit.
and
;r?.
1,321,309,044 ;
6,439,069,831 : 1,187,258,259 v
1,242,669^099
768,909,939
10,300,878,675 t'J
2,395,770,884 /
1,105,054,563 iv;:
1,538,462,922
5,489,104,925 ' /
104,985,690
. j
96,435,605
389,365,030
47.45
-i
1,072,754,541:
1,483,440,302
5,355,717,817
97,671,381
/
89,326,686
-r
61,920
tlncludes 10,373,000 pounds at oil
mills,
mill
:...
1945-46
facturing establishments
tlncludes
Food^..w.^..^——^
1944-45
bales).—}
18,034,000
;
1
<
♦Includes 11,323,000 pounds at oil mills,
37,297,000 pounds at refining and
facturing establishments and 6,501,000 pounds in transit.
?
—
./
}
fiber
Grabbots, motes, &c.)
■
Chemical———
Electrical Equipment.—
Farm Machinery,:
32,384
52,258
/
;-^-May 31,194&
38.63
■
t
Market Value Av, Price
-
1944-45
(500-lb. bales)
(500-lb.
•
61,697
J
•
(running
6,079,925,006
1,124,738,889
1,185,337,811
744,882,331
9,935,112,914
2,280.548,916
■■
—
Business and Office
Equipment.
25,550
_t_J_}
(tons)
Aviation——,
Building.
275,625
—
1,248,814,909
Automobile.
1*23,493
55,121
([203,360
§952,003
1,199,694
239,934
1945-46
1,017,597
Amusement, f/-,/
1936
was
7.5 % abpvp; shipments were 13.2 %
1,016,647
1.324,039^ "'r,321,352
29,759
J275.625
June 28, 1946Market Value Av. Price
Group—
July 31
„( 1944-45
(tons)
Hull
♦55,121
1944-45
F •)
Stocks
Aug. 1-July 31
1945-46
)
Produce&w-v
Shipped
Aug. 1-July 31
Aug. 1
pounds)-} 1944-45
Hulls
2d
"
reporting
'
r
1945,1st half
Compared to the average
of
pounds).}
(thousand
by 2.8%; or¬
by 1.3%,
duction
1935-428076_;
Season
T 1945-46
Refined oil
2d
For the year to date, shipments
of
of Season
Products—
Crude oil
([Includes
non-insured
beginning
bonds
which
*
;/'•• ."
>•« '
15,437
49,336
23-.83r;
ii m;
Cri. J.
have not yet been presented for
redemption. ^
tlncludes $47 millions reported on
public debt statement as "unclassififed Sales."
>
([Includes Series A-1935 (matured) and therefore
does not agree with totals
under
interest-bearing debt on Public Debt Statement. '
'
RrO-LiisiSs Tiriie for
Items About Banks,
U'Cr
'
War Damage
"Ml / /'
*
Trust
i Mt/
Companies
fl h
Pennsylvania
e
•,
>
'
/
^ '
r-
<*
■
••
-
{
.
-
.
..
■-
;
.
.V
O- ji.
Aug. 13 by the State
■
Banking De-
to issue capital. notes
due Au^; 15; 1951, in the aggregate
principal amount of $2,000,000.
The bank is located at 249 West
34th Street, New York.
1
::
partment
--
■
Union
The:
.
Square
Savings
Bank,; at 20 Union Square, N. J.
on Aug. 21 applied for permission
Irorn the New York State Bank¬
.
.
Authorization given the Peoples
Baiik of New York, on
Industrial
-
;
.
ing Department to open a branch
at 243-7 First Avenue, in
voffice
New
York
announced
City, the Department
Aug. 23.
on
of an order granted
Court of New
declaring
The filing
Supreme
the
by
"York State on Aug. 12,
the International Trust
New York
Company,
dissolved and its cor¬
porate existance terminated, was
announced on Aug. 16 by the New
York State Banking Department.
An. announcement
on
Aug.
16
by the New York State Banking
Department stated that on Aug. 9
approval given to the Oyster Bay
Trust Company of Oyster Bay,
N.„Y., to a Certificate of Elimin¬
ation of converted shares and pro¬
viding for a reduction of capital
stock from $220,300, consisting of
of preferred stock
value of $5 each,
2,000 shares of preferred stock "B"
of the par value of $18.75 each and
6,640. shares of common stock of
the par value of $20
each, to
$182,800:
consisting ■ off 10,000
shares of preferred stock "A'* of
the par value of $5 each and 6,640
10,000 shares
"A" of the par
From Washington
Ahead of! the News
(Continued from first page)
Finance
claims for free compen¬
erty in the Territories or posses¬
sions of the United- States; must
would be the problem it is today,
His superficiality caused him to
think that everything would be
alt right if he could only sell him¬
self to Stalin, make him laugh. He
did this, we are told, at Church¬
ill's expense, /ft ft"
presented to
War ; Damage
Corporation before Oct. 16, 1946.
Such compensation is allowable ft There is some question as to
only for losses that occurred after whether Mrs. Perkins didn't real-*
Dec. 6, 1941 and before July. 1, ize - the tremendous smallness of
be
1942 as a result of enemy
attack,
her benefactor.
He told her
once
Said/the/Corporation's /advices that he didn't understand; the
Aug. 9 which also* had the follow¬ Russians and wished /she would
find out all she could about them.
ing to say:
r
-
v>
,
been remiss. What has become of
that
delightful
which
when
entente
had
we
cordiale
during the
war,
giving the Rus¬
sians /everything - they wanted?
She can't understand it, yet she
was only recently a powerful inwe
were;
fluence in
-V.V/-/ft' ft
our
affairs.
,A
i
,
;
'
;
'■«" 'S'''
-y
Devaluation of Chinese
National
.
Currency
v
h
Stating that China's highly in*
She asked a lot of people and re¬
urged that all repatriated
flated
national/ currency
took
ported back to the Great Leader.
(except permanent resi¬
another upward spiral on Aug. 19
The old and widely smeared
Horton Clifford Rorick, Chair¬
dents of Guam) from the Pacific
in the wake
of new/exchange
man of the Board of the
Spitzer- Island Navalbases on Wake, Cliveden Set of Britain and the
rates, Associated Press advices
Rorick Trust & Savings
Bank, of Guam, and other United/States Paladier government of France
knew the score.- They saw Hitler from; Shanghai on that date as
Toledo;'.Ohio, died oh Aug; 18, 'at
possessions, and the widows and
given in the New York "Journal
the age of 79.
According to To¬ next of kin or personal represen¬ and Stalin as two equal menaces
of Commerce" went on to say:;
and it was their plan to play them
ledo advices to the New: York
tatives of deceased internees, pre¬
Excitement prevaded the finan¬
"Times" of Aug; 20, Mr.
off against each other., Churchill
Rorick, sent their claims to War Damage
cial world as Premier T. V. Soong
in 1902 joined the
banking firm Corporation's Claims Service Of-> saw it this way, too, but he was so
of Spitzer & Co., which after nine
ambitious to be Prime Minister, announced the. new rate of 3,350
fice at 300 Montgomery Street,
that he joined up with those who Chinese dollars / would supplant
years assumed the name of Spitz¬
San;i Francisco; 4, Calif* 99 ' John wanted to attack Hitler. But when the old rate of 2,020 to one
er, Rorick & Co. In 1911 the firm
Street, New York 7, .N. Y., or 175 he became Prime Minister he still United States dollar,
v
' •*
became the Spitzer-Rorick Trust
West Jackson Boulevard, Chicago
Premier .Soong announced that
wanted to wage the war in a way
and Savings Bank, with Mr.; Roth
4, 111., as promptly as possible, that Russia wodtd not come out the general objective of the new
ick
as/ President. / He
became
and not later than Oct. 15, 1946.
the ^ problem 'she^is now*
Chairman of the Board in
Rut rate,, together with removal/of
1941, at Such claims may be presented by
which time his elder
Roosevelt knew better. duties on exports authorized this
son; Marvin mail or in person, and the Claims "Papa"
Rorick, became President and a Service Offices mentioned Will Churchill was; just an pld .Tory week, was to restore a better bal«?
for advocating: the strategy which ance between-China's exports and
younger son, Ceilan H, Rorick, be¬
render assistance to claimants in
imports and to stimulate domestic
he did.
came Vice-President.
'1 ft I
the preparation of claims, will
You can really get a pretty good
production,
furnish on request all necessary
; He /said, the Chinese Govern*
picture of Roosevelt's size by the
W. V. Carroll, Vice-President of
information and forms, and will way he sought to impress son El¬ ment intends to sustain the do*
Chicago Title and Trust Company, refer claimants who are located
liot the night before his meeting mestic value of its newly revalued
of
Chicago, 111, has resigned, ef- at a distance from the: principal with Churchill. A lot of us know currency by operations in the gold
fectiye Sept. 1/to become asso¬ Claims Service Offices to the lo¬
Son Elliot and this writer can market.#/#//^
ciated with Milton H. Callner in cals Claims Service Offices near¬
think of no one, except perhaps
(An American loan to the Chi?
the field of realty investments. est their
places of residence.
the crowd at the Stork Glub, with nese Government to help stabilizl
Well known for many years in
This announcement is not ap¬ the disposition or the time to want its currency was one of the pur¬
Chicago financial circles, Mr. Car¬
to impress Elliot pn anything. It poses of Gen. George Marshall's
roll is a graduate of Northwest¬ plicable; to -claims for compensa¬
tion for losses that. occurred in is almost inconceivable that the mission, provided settlement of is¬
ern
University. His business ex¬ the
President of the -United States sues between the Government and
Philippine Islands, authority
perience includes association with
regarding which has been extend¬ would seek to impress Elliot, even Communist Party was assured.)
A. G. Becker & Company,
Frazier, ed to the recently-organized Phil¬ though Elliot was his son. It is a
It, appeared that quick adjust*
Jelke & Company, and W. B. Mc¬
ippine War Damage Commission. fact, however, that Roosevelt went ment of prices tdf meet the new
Millan & Company.
He became It was stated that
nothing in this to great lengths to impress his devaluation almost immediately
associated with Chicago Title and
He was well edu¬ offset benefits of the new rate.
announcement will operate to re* subordinates.
Trust Company as Financial Of¬
that is, he had gone to
vive any right which has expired cated,
ficer iii 1928.; Albert Y.
Bing¬
by reason of undue delay in pre¬ school a lot and had read a lot
Life Ins, Sales Show
ham, Vice-President of the Chi¬
senting notice of loss or proof of of books. He spoke French and it
cago Title & Trust will assume
was his wont frequently to greet
losSftft//ft#/ftft
73% Gain in
dividend of $100,000.
and 26th Street.
V *•
;;
sation for loss or damage to prop¬
'
.
Claims
^ Reconstruction
that all
Bank, New York-
'
The
Corporation announced on Aug. 9
Exchange the deals which were announced
announced the some time ago/ft/, ft...ft,. / ;'v> opening on Aug. 26 of its new
The Conptroller Of the Cur¬
p»branch office at / 20 West 48th
street. The new office, which is rency in its bulletin issued Aug.
•ft -opposite Rockefeller Plaza, has 26, announced that/ the Canton
,b>een opened to handle the banks National Bank of Canton, Ohio, on
business in that section. The main Aug. 22 increased its capital from
V>'office is located at 8th Avenue $400,000 to $500,000 by a stock
"J*
X
August 29, 194$
THE COMMERCIALS FINANCIAL CHRONICLE
1196
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It is
internees
'
.
,
general supervision of trust; in¬
vestments in addition to continu¬
,
July
subordinates with a French
/ life insurance purchases in the
phrase. There is no doubt that United States in
ing his present duties on company
July Cotton Consumption this impressed them and that they increase of 73% July showed an
over
purchases
investments. A native Chicagoan,
The Census Bureau at Washing¬ took it for greatness. Invariably, in the;
corresponding; haonth/oF A
Mr. Bingham is a graduate of the
ton on Aug. 21 issued its report following his trips he would re¬ last year and were more than
University of Illinois. He became
showing cotton consumed in the gale these subordinates with sto¬ double the aggregate reported for
associated with Chicago Title and
United States, cotton on hand and ries about the /'big'^ men he had July in prewar
1941/ it is reported/
Trust Company in 1942.
active
cotton
spindles in the met. Always the point would be by the Life Agency Management
shares of common stock of the par
that he dominated them.
month of July.
Association
of
value of $20 each.
Hartford, Conn.
t; If
i
The Uptown National
there should be any doubt Total purchases in July were $1,*
In the month of July, 1946, cot¬
Bank, of
The
election
of William
H. Chicago, 111. on Aug.
12, in¬ ton consumed amounted to 729,958 about the pathetic nature of the 952,159,000, compared with $1,its
capital
stock
from bales Of lint and 93,798 bales of legacy he has left us, one has only 127,506,000 in July vot last year'
Harder, as; manager of the bond creased
to
contemplate the Yugoslavia and $946,249,000 In July, 1941,
department and George M. Marvin $600,000 to $750,000 by sale of linters as compared with 792,661
new shares, it was made
Only a few weeks ago said the report. The Institute also
known bales of lint and 82,954 bales of episode.
as Assistant Secretary of the Buf¬
by the Comptroller of the Cur¬ linters in June and 672,973 bales we read that some American, vis¬
falo Savings Bank, Buffalo, N. Y.,
"Purchases ot ordinary life; hi*?.
was^hnhounced on Aug. 20 by rency on Aug. 19.
of lint and 103,747 bales of linters iting Belgrade, had gratified Tito's
long expressed desire.
He had surance in July were $1,343,402,*'
President Myron
in July, 1945. / ft/
S. Short, ac¬
given him a Tommy gun. Yet this 000, up 72% over July a year ago/
An increase; in the
cording to the Buffalo "Evening
capital stock
In the 12 months ending July
little bandit is permitted to kill and well over twice the total in »
News" advices of Aug. 20 which of the First National
Bank, of Jo- 31, cotton consumption was 9,166,- Americans and to hold others
cap¬ July, 1941.
Industrial life insur*/
lieL 111.; frpm
also said in part:
~
>
$300,000 i$ $400ft 060 bales of lint and 1,051,104
tive. There is tremendous excite¬ ance purchased in July, amounted Z
; Mr* Harder,
who has been 000., by sale of $100,000 of stock bales of linters, which compares
ment and a thrill of pride when to$323,8-31,000,
an Increase
of k
.manager of the Buffalo office of was announced by the Comp¬ with 9,567,932 bales of lint and
we hear that an
ultimatum has 38%
o v er
the
corresponding'
the First Boston Corporation since troller of the Currency
^
1,481,329 bales of linters iif"the been issued
by our government. month/last/year and 24% over I
1938, wifl. take the new post about
corresponding period of a 'year Then we learn with utter disgust
ft
■' //Aft;?
July, ' 1941./ Group life insurance /
Nov. 1.
ft Mr. Marvin joined the
Announcement was made ;oh ago.
that in the event the ultimatum is purchases
were
$284,896,000 in i
bank in 1941 and has specialized
There were '2,282,118 bales of not complied with, we intend to July, an increase of 159% over *
Aug. 16 regarding the second sub¬
in
FHA-insured mortgages and
lint and 255,354 bales of linters
urban >barik/fd%e; established in
tell the;United1 Nations aboqt it July a year ago < and, 175%? over
veterans,; loans. Prior to 1941 he
Fort Worth by interests associated on hand in consuming establish¬ Stalin has a veto there against any the figure for July, 1941.
These
was with the FHA's Buffalo office.
with
ments on July 31, 1946,\ which action. But we are assured by the purchases represent new
the Fort
Worth National
groups
compares with 2,280,942 bales of
set up and do not include addi¬
Bank*; Fort Worth/ Texas./ The
global thinkers that the airing be¬
ft". The ? Union
Centfc National
lint and 288.747 bales of linters On fore the United Nations will real¬ tions of insured
new bank; for which
personnel under
charter has
Bank, of Union, N. J. on Aug. 12
already:', been': granted will ; be June 30, and 1,963,512 bales of ly put Tito and Russia on the sp°t group insurance contracts already
has
increased
its/ capital from
known as the West Side State
before world opinion. What world in forcd.
:
lint and 246,564 bales of linters
$100,000 to $250,000. The increase,
Bank. It will have a capital of
"In the first seven months of
opinion? - The only world opinion
on July 31, 1945.
according to a report issued on
that would know anything about the year total life insurance pur¬
$125,000, surplus $100,000 and un¬
Aug. 19 by the Comptroller of the divided
On hand in public storage and it would be in this country, Brit¬ chases were
profits $25,000, or total
$12,427,722,000, an in¬
; Currency, ' is
brought
abb ut capital funds of
$250,000. The of¬ at compresses on July, 31, 1946, ain and France, and we have our crease of 51% over the first seven,
1 through a stock dividend of $100,- ficers of
doubts
as
to
that
the new institution will there were
opiaion's;;in months of 1945 and 92 % over the
4,464,54-3 bales of lint
D00i and,by the sale of $50,000 of
be E. E.
France/
.ru-\y
corresponding - period
of 194U
Bewley, President; C. F. and
56,347 bales of linters, which
new^stock.
..
"1 .
Fry, Vice-President, and Phil TillThe t mightiest nation;:.- in the Purchases of ordinary life insur¬
/
ft /. /ft >">};■ ft; j.
■:•>/•
ft^ft/ftft'ftftft
compares with 5,381,566 bales of world stands
ance accounted for $9,103,226,000
helpless before; a
Cry, Cashier. Mr. Fry is now As¬
Qeorge Gund, President of the sistant Cashier of the Fort Worth lint and 60,776 bales of linters on little bandit who is thrilled to get of the seven months' aggregate^
Cleveland Trust Co., of Cleveland, National Bank
in charge of its June 30 and 8,375,199 bales of lint a Tommy gun. The mightiest na¬ an increase of 61% over last year
Ohio/, was made known that the Credit Department and Mr. Tilltion in the world accepts a horde and well over twice the 1941 totals
and 26,987 bales of linters on July
stockholders at a special meeting
of
uneducated, poorly civilized Industrial life insurance purchases:
ery is presently in the Personal
«on Aug. 21 approved the purchase
Loan Department. Both have been 31, 1945.
people, the Russians, where uni¬ represented $2,319,965,000 of the
his
!
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.
,
.
.
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'•
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..
r;
>
j
,
.
;
....
.
of assets and liabilities of the First
Nafitmal
Bank
in
Painesville,
OhJb, and the Lorain Street Bank
in -Cleveland. • According to the
Cleveland "Plain Dealer/' from
whibh this is learned, this was a
routine, step in consummation of
There
cotton versity learning is how to drive a
truck, as an equal world power,
and our statesmen spend all their
rectors of the new bank are: E. E.
compares with; 21,942,878 cotton
time arguing and pleading with a
Bewley, R. E. Harding, Ben East¬
spindles active during June, 1946, little dialectic squirt, Moh>t°Y;
man, L. N. Wilemoh, Raymond C.
and with 22,029,282 active cotton And Mrs. Roosevelt, in her col¬
Gee, J. E. McKinney and C. F.
umn,
wonders where, we have
Fry.
//'ft/ft ::.//> spindles during July, 1945. '
..
with
the Fort Worth
National
Bank for a number of years. Di¬
were
21,985,298
spindles active during July, which
current
year's totals an increase
25%, as compared with last
year, while group life insurance
purchases amounted, to $1,004,531,000, an increase of 38%,'
compared with the first seven
of
months of last
year."
@FedFRASER