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ESTABLISHED 1839
Final Edition
Financial
In 2
Sections-Section 2
Chronicle
Reg. U. S. Pat. Office
Volume
164
Number 4554
New
York, N. Y., Thursday,.December 26, 1946
Price 60 Cents
a
Copy
Strikes
By ROGER W, BABSON
Mr.
Babson points out strikes
EDITORIAL =
costly to workers as well as y V
business concerns, and the pub¬
g Following and in substantial measure emulating Mr.
lic also suffers because of them.
Murray's recent grotesque reasoning, the CIO has stated its
case
for
Says solution lies not in legis¬
substantially higher wages.
By deft statistical
lation, but as in case-of the tem^
maneuvering and ready use of the graphic arts, it has: rather
perance movement, in education
effectively presented what it doubtless believes is a convinc¬
and religion.
ing argument. At points its figures appear to be "picked'out' •
of the air," as were
many of those of Mr. Murray some Weeks
Everyone is now discussing the
Its case seems, statistically at least, to turn
coal strike and planning for anti- ago.
ohv^estilabor legislation next.month. But mates" (for which
guesses would be a better term)vc^fei>
are
the
problem
is
far
1
deeper
than "John L.
ing periods of time for which there
on
are
yet
no
data at-all
which to build
really convincing estimates, and nipon
corporate reports which almost defy accurate interpretation.
night; but
se¬
labor
vere
would still be
with
us.
)
\
9 might die to¬
It
is
true
that
strikes
are very
costly
labor, em¬
ployers, and
to the public.
As a rule, it
—to
Roger W. Babson
'
'•
T
.fake
wage
•"'7workers about•
sixty months to make
lost in wages in a
which
wins
100-days' strike
with
This
crease.
what is
up
18^%
an
that
means,
in¬
strike requires 20 months
catch up; and that with the
strike
employees
about two years at
average
must
work
their
average^ increased
they ^gain a penny.
A Christmas Carom
wages before
to accept a company offer of
10%
without striking than to strike and
get more. This is not figuring the
loss to employers in which labor
also
be
much inter¬
very
ested-because every strike delays
and postpones the time when em¬
ployers can again make a volun¬
tary wage increase.
Some labor
leaderaare surely misleading their
(Continued
on
page
3401)
GENERAL CONTENTS
'S Editorial
v
.
•,
As,We See.It;...........
-
Prom
.
■
j
Regular Features
Washington, Ahead of the
News .i......
:
i
3393
....
Moody's Bond Prices and Yields.7. .3403
Trading on New York Exchanges.. .3405
NYSE Odd-Lot Trading......
...3405
Items About Banks and Trust Cos.. 3408
State of Trade
General
Review............,...,3395
Commodity Prices, Domestic Index.3404
Weekly Carloadings
.....3407
Weekly Engineering Construction... 3404
Paperboard Industry Statistics......3407
Weekly Lumber* Movement..........3404
Fertilizer Association Price
Index...3403
Weekly Coal and Coke Output......3406
Weekly Steel Review
.3396
Moody's Daily Commodity Index..3403
Weekly Crude Oil Production-.......3405
Non-Ferrous Metals Market
....3406
Weekly Electric Output......
International Monetary Fund An*nounces Par Values for
Members'
Currencies
Curb's
Short
November
*
3394
r.
Position
Higher in
.....:
3405
Share Values at Oct. 31
3401
Bond Values at Oct. 31......3401
Real Estate Financing in October. ..3401
NYSE
NYSE
Cotton Receipts to
Federal
for
Reserve
Oct.
31
Business
3401
Indexes
October.
♦Not
available
" i
v...3400
this
duggery.
,
No "Battle of Statistics"
ft
111
•«"«-. ;4i
week.
.
,'rc
•?#
s'',1
'v
'
.
,r '•
'
'*
But this argument must not be
permitted to become a
"battle of statistics" as someone has
suggested.
As bad as
the technical treatment of the data
clearly is, other assump¬
tions or
,
become
cedures
half-expressed postulates are infinitely worse;- To
deeply involved in debate about statistical pro¬
improperly employed is to risk neglect of other
aspects of the case which spell defeat of labor in the debate
regardless of the statistics they present or any others that
they might invent.
4
,
p: The burden of the labor
„.:;;
case runs as
(1) Corporations (manufacturing
chief
wages
targets of union demands
follows:
<
corporations afe the
at the moment)
could-raise
substantially without increasing the price of
their products, and still earn
quite satisfactory profits. >
(2) Cost of living has increased in such measure that
very
past increases in wages have in practical effect been erased.
(Continued
Certainly, in nine cases out of
ten, labor would be far better off
should
so its
conclusions, again speaking statistically; can* be
supported only v by a good deal of methodological^ skull¬
30-
a
days*
to
Even
on
page
3396)
~
.
:
THE COMMERCIAL & FINANCIAL CHRONICLE
3394
International Monetary Fund Par Values
Strangely Muddled Thinking
4 Schedule JpuUished by
JT want to cee this republic continue.
It is the
greatest government that the world has seen. .;v,
.
;
"I want
Following the announcement on Dec. 18, as published in "The Chronicle" last week (p. 3208), that
International Monetary Fund has received and accepted the par values of members' currencies
and that these initial par values are based on existing exchange rates, a detailed schedule of these par
young
the
values has been released by the Fund. -
I Want It to be
gram.
a
of July 1,
as
p through a universal training program, t don't like
to think of it as a universal military training pro;
sho wing par value of tHe currency of each
gold or in U. S. dollars.
member country in terms of
people to be informed on what
this government is, what it stands for—-its responsi¬
bilities.
And I think the best way to do this is
our
Thursday, December 26, 1946
The par Values are expressed in terms of gold or of tJ; S. dollars
1944, as required by the terms of the Bretton Woods Agreement and are as follows:
Currencies of Metropolitan "Areas
I.
universal training program^
-Par Values In Terms<of Gold-
-Par Values InTerms'of U. S/tMlarS—
'
Currency
.-giving our young people a background in the disci¬
plinary approach of getting along with one another,
informing them of their physical makeup, and What
;it means to take care of this temple which God gave
us. If we
get that instilled into them, and then instill
into thorn a responsibility Which begins in the town¬
ship, in the city ward, the first thing you know we
will have sold our republic to the coming genera-
;
"
tions
'
:
.
itGabihef
;?0 Hi
India, rupee
Iran, rial
'J* *+
on
«•» mm ''mm'mm'
«•' mm
.
______
muddled think¬
If the family and our odudationat system (or
^systems) are failing as badly as the President Iseems
•to suppose;r0rto imply, something should fee done
about it, but why should we beiieve that any "uni¬
versal training" program conducted by the Federal
there
is
;*•£.
0:444 335
mm mm rn,wwrn — —— mm.
;
.___
D.268
______
—
Currencies
Belgium—
With
t
p) equitable employer-employee relations;
;(2) conversion of governmental structure to peacetime conditions;/
and (3) attainment of snund fiscal program.
;
know
do
lutions,
be
main; problems!,. (1) i A
and equitable relation be¬
just
confi¬
tween
mental structure from
mentality of
shall
ri
H* L- Brooks
of
reconversion
peace;
of
(3)
a
distressed
*
and
be¬
poverty arising out of the destruc¬
tion of war."
Continuing, he stated: "We may
remind ourselves again that here
in;America the freedom to pro¬
duce, the venturing of human
ability and the risking of stored
capital into new enterprises
iabsorbing the losses when they
have occurred, and profiting by
the gains if any, have given a
name' to what we choose to call
"a private enterprise system."
"The year that lies ahead pre¬
sents problems. We do not now
know their solutions but we have
confidence in the methods arid
up
govern¬
a
the
welfare
muSt be found.
fhe Answers to
Surinam arid Curacao
^
r-
i" v
43.8275
'
"■"
2,452.20
119.107
'v
answer is
"(Continued
''
-V
V^;.:
'
1.736.97
201500
49.6278
115.798
^
3.308 52
30.2250
*;*:
—
guilder
66.004 9
0.471230
citizens,
'
V \;.
■;-r
'
'*
•
530264 &
1.88585
.
:^v
'
J?': -v'f.
.v-;
*•;_
:
4";4',;t '*;
i,'(■■!,
'j,-y •; :y.
Gold
"*
ity)
8.68486
0.248 139
403000
3.581 34
8.684 86
6.248139
403000
3.581 34
608486
0248139
3.581 34
8.684 86
0.248 139
403000
403006
3*4
8:684 86
0.248139
8.684 86
0.248139
3.581
________
______
Malta—Maltese pound
3.581 34
3.58134
,,
;
(parity)
Bahamas—Bahamas pound Xpar^
Ity) --4-4
—
Bermuda—^Bermuda pound -Xpfc*—
403000;;vs:"-v;.i\ ^:v
Falkland Islands
—
pound
3.58134
;*
.
(20
per
) Barbados,
-Guiana
•
pound sterling)
Trinidad,
duras
-
'
0.248 139
403.000
8.68486
0.248 139
403.800
8.68486
0.248139
403000
3.58134
•
/-'
SC 'V;
173.697
0.179067
—
•;:V^ j y *1
4.962 78
20.150 0
O9107
83.958 3
i'. ?,/•■ •; ; -5: t-'. '%(■. • .*>/•:!
British West Indian'
dollar
sterling)
8084 86
British
(4.03 per pound
41;687 3
0.746113
'dollar (4.8Q per pound sterling)
British Honduras—British Hcrn-
>
403000
Falkland Is- ;
'
found that will be
0.248 139
(par-
lands pound (parity) ———
Kenya. Uganda, Tanganyika, Zan- ?
'zibar — East African Shilling
wq
8.684 86
3.581 34
; • Jamaica-^Jamaican
'
403.000
c'
3.58134
;
modern and equi¬
page 3404)
"
"
-
employers, and
on
V'. "f;'• ,:V
'
0.268 601
Coast,
Nigeria, :
Sierra Leone —. West African
pound' '(parity with sterling )«v ;
Southern
Rhodesia,
Northern
Rhodesia, Nyasaland—Southern
Rhodesian pound (parity) -4-;^
Palestine — Palestinian pound
(parity)
,J
r,
Cyprus—^Cyprus pound (parity)Gibralter—Gibralter pound (par¬
contributing to this
a
i.427 29
-v,
(=1.406 71 Netherlands guild¬
ers)
Gambia,
.
■
continue
0.839583
70.062 8
•? v.
:
United Kingdom—
every member of society, .should
give his utmost to the solution of
this problem. The Board of Trade
problem until
2.28167
r
4.168.73
/•' > 'C
.
can
v;%;
1,533.96
0.012 683 9
in- India(=36 French francs)
rupee
than:: encour¬
We
we
0. S;cents*
,
.
businessmen,
"
percurrencyutilfc'
Netherlands—
aging a struggle, of class against
class, a newer and better-,way
techniques which we shall em¬ table
ploy, in finding
rather
:
U.S. dollar
■
,
; "(1) (fn our future labor relatfions, whether they be the results
of .collective bargaining between
employer -and employee,
with
government -acting solely in; the
position of an umpire oil referee;
or whether our
government itself
seeks to set the pattern, with the
sole objective of serving the pub¬
lic
per
French" possessions
program
which
balanced budget
sys¬ with provision for the interest on
tem," Mr. Baruch asserted, "has and the substantial refunding of
not only completely, justified itself our national debt with an antici¬
in: raising the Standards of the pated income ^adjusted to lowered
American people, but it points the taxes.;i9;:;#i:;;;
to
fine gold
instru¬
>an
Sound
a
Terms of U. S; Dolla«—
Curtency unitii
:
should include
wildered world suffering from the
Areas
—tar Values In
>•
■.
0.017 906 7
four ^govern¬
war to a government
mental I fiscal
employ in
finding- the -answers."
"Our American economic
ounce of
0.007461 13
possessions of Oceania
franc
(-2.40 Frehcb
—CFP
employer and employee; (2)
techniques
we
French
be
three
in ; the
methods an d
dence
which
:
;^Before;«airi'4947v'there::8eeih^b!
we
have
will
(or 4 shillings 11.553 pence)
$ (or 4 -shillings 11.553 pence)
units per troy
0.020 2765
francs)
New Caledonia;, New Hebrides;'
spirit of give and take.
so¬
way
Equatorial: Africa,: Togoland,
Cameroops; Fnench :Somaliiandr;
Madagascar and dependencies^
Reunion, St. Pierre and MiqUeion—CFA franc ( = 1.70 French
I,
easily solved- if all parties;
concerned approach them in the
not
the
them
of
**
.
more
»
"we
All
;
f^fity;
Belgian franc)_____
^ -{parity with French franc)
French
West
Africa,
French
knotty questions. We can
and shall work them
solved.
are
facing
the
nation,
and
although
403000
100000
100000;.,
Antilles, French Guiana—franc
,
Public
questions only loom large mid
look kisurmountaMe rnntH they;
now
.
50.0000 ,r ;
403000 : V:
Algeria, Morocco, Tunisia, French
;
and must
that
three' major
problems are
"
15.3846
France—
out in the American way.
address
32.362 5
$0.248139
Non-Metropolitan
'
,
100.000-
**0.248139
35.000 0
•
.
acceptance
*8.604 86
:
HJ L. Brooks who, on Dec. 19 was elected President of the New
York' Board of ; Trade to succeed Ralph E, Dorland who. becomes
Chairman of
'
these
20.150 0
200000 C )
J8.684 M
gold
per currenoy unit
^■
.
Belgian" Congo —' franc
Our Major Problems
his
.
'
*
20000 0
.
8.090 00 j
8.500.00 ;
70.000 0
Grams of fine
Metropolitan
"
in
227.560*
.
37.0953
1000 00 i
;
108.150
of
5.281 67
20.597 3
Currency
kon-1vielropo]iitanv_Af,ea& with
and Relation to
:
4.962 78
350000
Par Values In Terms of Gold-
Currency
Board
5.00000
173.697
;
1
;
0.248139-
2.65205
:•175000';^''
io
30.225 0
3.100 78
403.000 *
4055 00"
02.649 8
;
;
■15.4111
43.827 5
..
*
Member
sees
1,533.96
169.926
;
50000
;
32.250 0 ^
^
8 684 86
(or 173 shillings 8.368 pence)
f (or 173 shillings 8.367 pence)
n.
>100000*
3.30852
1,108.75
:
0.839 583
6.488 85
-
115.798
3.58134
3^8134
0.888,071
;
40.250 0
119.107
-
227.110
,
,
400000
v
2.000 00
,
...
-•
5.484 47.;
70.000 0
0.183 042
0.33408V
; 0.177734:
0.179 06?
0.888 671
0.287 595
0.136719
0.444335
____________
2.500 00
•
413.300
1000 00
601T
0.020 276.5
7.407.41
\0 241055
'
^^35000 0
0.0276557
.—
"
stated
1
0.136 954;
_____L____
Unit—
the
4,168.73
:
20.837 6
13.500 o:
•
86.056 5
:
2.00000
4.799 01
.87.500 0
:
now
Brooks, newly elected President of N. Y. Board of Trade,
=
V,\:
100.000
50.0000
-
8.468 42
0.888 671 /
United Kingdom, pound
■*" *
United States, dollar —* <
failure?
likelihood of solving i
17.809 4
1.000 00
472.500
*
D •00746113
Pliilippine Commbriwealth^ peso
Union Of South Africa, pound. -u—
This appears to us to he strangely
where
57.143 3
5.615 00
^
167.965
0.357 690 ■;;*
i_~
Peru, sol
Universal Training,
succeed
2.22581
1.74909
:
.1,750.00
,
0.355.468
—
ing.
H. Ir.
;
3.672 88
i~_
__
Would
'
'
.4
35.0000
0.065 827 5 <
-
...
Luxembtirg,franc
Mexico, peso
Netherlands, guilder
Nicaragua, -cordoba
Norway, krone
Bahama-, bajboa—
Paraguay, guarani
I want you
what I have in mind."—President Truman to his
Government
V
0.185178
France, fraric
the President's
Advisory Commission
2.380 95
100.000
31.000 0
1*96.525
...
0.017 773 4
**'«•#
Guatemala, quetzal
Honduras, lempira
Iceland, krona
Advisory Commis¬
sion on universal training.
I want that word mili¬
tary left out.
The military phase is incidental to
as
•
1.000 00
61.249 5
>
0.158 267
__
,
outside the executive branch and talk
to be known
2.281'67'
42.000 0
1,085.00
U507 816
3.58134 :
Senate.
^:
9
*
think could contribute
The Secretary of Labor can be
to leaders in the House and the
per currency unit
43.827 5
35.000
;
per U. S. dollar
-•
•
Czechoslovakia, koruna
members that you
"Then go
:
0.888 671
Denmark, krone
Ecuador,: Sucre •••'«#» W
Egypt, pound
El Salvador, colon
Ethiopia, dollar
.
information to you.
of great help to you.
i
-
0.028 666 8
.
Cuba, -peso:®
place.
hope you
will approach this job with the
idea of insuring the continuation of pUr torn of
government; I want you to call as Witnesses, if you
will, the Secretary of State, the Secretary of Wafy
and the Secretary of the Navy, and any other
.
.0.888671
1,533.96
1,476.00
,
0.021153 8 A
I. Currency, units.:
..
0.020 276 5
—
in the first
"I
units per troy..
ounce of fine gold
gold
per currency unit
Belgium, .franc; Vm» mit'imm 'km'mmMl•
'+f mil. m* mm *-*••*■> #•
«•#>• "
Bolivia,, boliviano,.
——>
Canada, dollar
Chile, peso
j~
Colombia," peso■£.'«- 4—
COSta Rica,, colon
Madison and Hamilton and Jefferson sold it
as
Grams of fine
Country & Currency-
•>l'y.
0.888071
"
*■
']
'V-yy
35.0000
'
1000
00
J6100.000
V
,Volume
\64
"
THE COMMERCIAL & FINANCIAL
Number 4554
.
-par Values In .Terms of XI. S. Dollars—
-Par Values In-Terms of-Geld•
;':r Silember- and Non-Metropolitan Areas with £;;::
/
Currency e.nd. Relation to Metropolitan./, *i
"(: - Unit—" : ■'' ■./ £. t•. W .■. :'': ■ ' ££,,/:'. •"'%./£££
•£ United Kingdom--(ContmUed)J; ; • ;
/ ^ CeyloiT ^ Cingalese rupee; (1336';
Crams of line
,
.
/per
gold
yv
ounce
currency uiiit
.J.'.;-..
Currency
//i.v,.
j>.
units per tfoy
XJ.S.cents
..Currency units
pgr tl. S-.-doHac
of fine gold
unit
per currency
v
'
i- /i>' -pet pbuhd sterling)
?,;
';
_
u _/ _
,30.225 0;
3,308 52
'
- -
"
Maiiritius^Mauritius rupee (13 %
t
i'tjper pound sterling). _ £_ /_ 2 £ Seychelles '—-t Seychelles
H :i '( 13 ^3 per pound sterling)
rling'JlU-V
vA'.^.V
I -t..>.>*•;
•y y£/Fiji:£7-; Fij an:':'pound5
3.308 52
U5/19&
•
t
0:310 794-:-
2.859 36^^
(at'-par!
••'.fr.;n-?i with'Indian rupee, i.e., = Lshil£
•
/
.
,,/v
/,
.waya^: Jt coiitd well be/if^We so willed it.
i c As the Old .year draws to: aclose^-f-—and -we* enter upon the threshold
321.756
pf . a
s;3OSE&
:30.225B-.
3 970 22
U 113^98:«^
25.187 5
Hong/Kong — Hong Kong, dollar! £;, £'•
r-''<<■'£•
U (16iper pouhd sterling)v 0,223 834
♦
,7.f
*
-138.958 ■;
Malaya/(Singapote 'and Malayapj 'e V-/£l- v-"v;^
£,/;ii*-7Union):^SMalayan'.dollar'-^ ££ "* £ ,v - <
Z
£;£.,.
-7
-
■
,
J
^■
'
-
>
•<
^
-
74.4417*:
paid by the automobile manufac-"
distressed; world turing corporations showed a 23%
kn'd good will among men.
decline for the three-month pe¬
Wecan travel far along the road riod
ending on Oct. 31, 1946, com-to economic stability and freedom
j pared: with the - like period last:
.' *
-
-
^
moting
peace, to; a
the
^
good, V We
last week rounded out its fourth:
then, indeed, will be fulfilling the
President's forecast of a favorable
C'
consecutive week of rising prices
and at the close the pre-holiday:
economic
74.4417:
VO.417^23:
Wants Bi-partisan Action and Two-WayP
47.016 7
outlook
for
vided strikes do not
ture.
Reviewing
Oct. Income Payments
the week
To Individuals at Peak
&
common
1947V pro¬
the pic¬
mar
the happenings of
the-trade and indus¬
trial
on
in
Trade
all
'
Agreements
g00 tons, or /nearly six times the
.
>
-
.
;. RESOLVED, That fhe Secretary
Government Relations Committee
of the Section, which reads as fol-: be instructed to file
resolution with the
Trade
Section of
Board
of
the
has
Trade
favored the
:
New
of
York
government in such
the
consistently
manner as to
the maximum development
assure
Of two-way trade through recip¬
rocal reduction in non-tariff bar¬
riers
to
United
States
trade,
well/as imtariff Carriers, and-*
as
i t, WHEREAS, Under the trade
/ proposals and: program of the
United IStates^Government!:/ 3
;
Uarfier? as export ^udtaS, im/ port quotas,' foreign - exchange
rationing
and
discriminatory
x
v
«
J
:
^
the Senate
Committee
for
and
of
unincorporated business
(both farm and non-farm), divi¬
dends and interest, net rents re¬
ceived ' by landlords
and
other
House
types of individual incomes. Agri¬
Reciprocity
since
Among
the
ket's uptrend was President Tru¬
man's forecast for 1947,r rumors ofah
easing in margin requirements :
for securities and the- withholding
of
specific
wage
demands
by
union
officials
until
two
weeks/
prior to the expiration of the steel ;
contract.
::v-;/;./;/;;://£;/
/■;
Retail volume increased appre¬
ciably in the past week as many;
Christmas shoppers responded en-/
thusiastically to the longer'hours
being maintained by. .many
now
retail
stores;
estimated
to
Dollar volume
be
well
was.
above
the
,
.
slightly
-
income,; which declined amDuntingcto 99,703 cars, or 13.7%
above that o| /a Week, ago. • Paper:
im September - as r a result of, un/
ested agency, and that the. Chair¬
and
paperboard / o u t p u t
also
/seaspnaliy" low marketings,. Was
man, or anyone designated by him
showed improvement in the same
the chief factor in the October in¬
be authorized to attend the hear¬
106.6%
to
crease. Higher prices in a decon¬ week, : rising -from
ings to be conducted in January trolled /market
106.7% and from 99% to 102%,
brought ' forth
1947 by that i Committee, and to
greatly increased marketings to rCSpeptiVely.f-;£ «.rf;;;;£ •
provide that Committee with any '(boost cash
inpome from crop and |£ The nation's automobile industry
further £ information
needed
to
livestock sales to new peak levels. almost equalled its postwar peak
support thie /views expressed (in
'"Nonagriculfurai- income/ pay* production 'last week with the
this resolution."£
rV- -/.. I '..
ments, z% which^ /comprise almost completion of 95,940 cars and
£
Ambiig: those att:e nd i ng -th? 90% of total income
payments, in¬ trucks, but a tapering off was in¬
meeting/were;^ i££ ;^;£- i ly-£/.
creased only. fractionally during dicated.for. next-week as^ the Ford
F. J. Emmerich, Vice-President,
Motor' Copipany and the Hudson
October. £ Gains,; in factory f pay
Block International Corp.> George /rolls
and disbursements by trade Motor Car Company announced a
F. Bauer, George F. Bauer Com¬
establishments were almost off¬ suspension of assembly line oper¬
pany;
F.
P.
Mattox,
National set by continued decline of mil¬ ations. because; of H sheet f steel
Paper & Type Company; Richard
.
*
•
-•
*
itary/payments and federal civil¬ shortages;
Kulze, Attorney; Fred Leighton, ian,
I" In, a survey pf the past/week's
pay rolls.- ,
Fred Leighton's Mexican imports;
activities in the- car industry and
£For the first 10 months of 1946,
V. A. Dodge, President, Dodge &
income payments were equivalent the outlook for the remainder of
the year, Ward's Automotive Re¬
Seymour,
Ltd.;
John
Francis to an annual rate of
$162.7 billion,
Schwieters, Pine Towers Agency; about ! % above the similar
period ports predicted that, the industry's
J.
R.
total output for 1946 would be
Stunzi,r Central ' Hanover of 1945. Although
wage, and salBank & Trust Co:> "Alex DHausetv
ary'payments were almost 7% be¬ 2,151,680 cars and 939,099 trucks
Columbia
Commerce' 86 Credit low the
built in the United States.
In
comparable 1945; period,
Corp.; George H. White, Standard the decline is
wholly attributable addition, if said, Canadian fac¬
Oil Co. of N. ;J., and Albert J.
to the fall- in military and Federal tories would show a total for the
Barnaud, Secretary, International civilian pay
rolls, since private year; of 91,731 cars- and 79,171
Trade Section.
v
*
"
wage and salary payments were trucks. -;
5% higher than in 1945. Income ; - The demand for durable goods
Finland Makes Payment to payments ■ to individuals during continued to rise above the very
October were equivalent to an high levels; of previous 1 weeks,
U. S. on War Debt
annual rate of $172 billion, com¬ Attendance
at; the
New
York
£
On Dec. 14, the Treasury re¬
pared, to the September annual ;show of retail display lines was
ceived the sum of $259,479.74 from rate of
$165.7 billion and the full very large and order volume was
the Government of Finland, rep¬
year total of $160.8 billion in 1945. high.
Backlogs of orders in some
resenting a payment of principal ££.
lines, / particularly
dinrierware,
cultural
any other inter¬
.
.
;
-
l trade controls in general;
levels
best
high level of a year ago."
The
price of furs, silk hosiery, jewelry;
and some radios declined^ con¬
sumers' selectivity with regard to
high priced luxury goods being
frequently apparent. The demand
creasing to 4,7 77,943,000 "kwK-frOm foif housewares arid home appli¬
4,672,712,000 kwh. the Week; be¬ ances continued to increase and;
fore,
.A sharp increase occurred was; well, above .the levels of pre¬
in carloadings of revenue freight vious .weeks.' •. •
.;; ....;£. / •' > >; *"
for -the- - week// ended - Dee.
14,
Wholesale volume rose
.
g?; United Nations provides for the
£ '
reduction or elimination of such
/
comes
their
early,
factors
that worked in favor of the mar¬
last
week / and
'compared ; /'very /
favorably; with that of the cdrre-:
sponding week a year ago.; .| De¬
liveries improved and order Wol-"
uipe
^increased
noticeable rrise
volume
and there
in
the^
was
of many seasonal
mained
that
huge;/ while
could
not
be
a*
fe-brder^
goods.'
Backlogs of orders generally
some
filled
re¬
orders/
before
Ghristmas were reported to" have'
been Canceled,/ :•
./.;
..
p. fopo.'s e d-r "Tnfe^riatfonal
-' Trade
"Organization
of
the
/
iqthide )ya^es^^ gnd salaries; hbtan-
copy of this
President of
to
.
i.*The*
.
State,
a
States, the Secretary
negotiation of recip- Information, and
focaI/;;.tiade^agreeihmits.^t)^the:
?•
United
4 "WHEREAS, i The "International the
M
t
rally advanced prices of securities
September.
fronts, -we note - that - over¬
industrial production showed
Total' income payments to in¬
an
appreciable increase the past
dividuals - - reached - an /all-time
Week with, many industries above
International Trade Section of N. Y. Board of Trade, headed by
high in October, the Department
or
close to the - postwar peaks
Ceo. F. Bauer, presents resolution covering U. S. trade policies.
of Commerce announced oh Dec.
reached early in November, £ In
10; The Department's index of in¬
Sees benefit in team work With the United Nations.
"
' > >
^
r
the week, steel ingot output rose
come payments, which makes al¬
Representation by both political parties in the Government's
lowance for seasonal influences, sharply to 83.9 % from 69.8 % the
trade agreement program along lines effectively used in general
resumed in October the upward previous, week. < Bituminous coal
foreign relations by our govern-^
movement which has been evi¬ production in-the first week fol¬
ment and endorsement of
team tional Trade
Section feels that
dent sirice early this year, rising lowing the strike totaled 13,215,work through/ United Nations Or¬ this foreign trade policy merits as
^t^v256iT>~f^b^;-/24&C^//Jh.^-Se^ielixtei€arganization to expandZ world: eomv much support, in a - bi-partisan
,240,000> tons mined in the / pre(■1935-39=100); The October in¬
xnerce were recommended on Dec.
sense, as is given our general-for¬ dex
ceding£ weeki; /Daily crude oil
was more thai! 1% above the
23 by the Executive Committee of eign relations which are so suc¬
production
was
higher, /: rising
previous high of Atigust, 1946 and
the International Trade Section of cessfully being conducted now by
almost 7% above the average of slightly, to 4,716,950 barrels from
the New York Board of Trade, Inc. representatives of both political
1945£ The -Departments further 4,694,750 barrels.
S' A
resolution
/
In the electric industry, kilowatt
covering • these parties in a spirit mindful of the said: -v •
,
£'
^ • * .
interests of Our nation as an en¬
points/ was
presented
by
Mr.
Income; payments; to individuals output advanced more than 2% to
establish a new
'
Cfeorge P. Bauer, Chairman of the tity; and be it further
all-time^highj. in¬
;
increase of 12.6%
an
yearn A recced dividend rateof attempt -to; do so by management -'pne of the largest manufacturers^';
and labor working
harmoniously accounted for most of the decline.
in solving their problems and pro¬
The, New York stock; market,
47.016 7
:/
'
havej
Trade
$'959,000,000,
r-
—
•
v
-'
Alongside" the t Malayan;: dollar
(which is legni^tender):
r. -the' same/"value
#•
"f—■
1
from strife if we make an earnest
0.4178231-
-.Malayan dollar)
/ Sarawak, British- North Borneo—
*,Th^ Sarawak and British North:
^
Borneo dollars which circulate;
'
1
:
.
£-(8.57142857 per /pound • ster*; £1//-<>',4'-£>'
*. b:\/linger/2;shillings 4 pence peiq ; ■» •
.£^
•
?
-
new .year/ one's- thoughts oyer the $851,000,000 paid in tho
the
;irr anticipation as. to how similar period-of 1945.- Dividends
*
"
fetoring
7 w*
■/
t
part of Us al-
a
much ground -it will -cover- in re-
'
v" /-
.Would,
ithat this fine* "Spirit Could be/sustained and become
3637063 '" "
turn
601^
0 268
', /idling 6 penceJLJv-;
y£
season of the year life takes on greater significance than
at any other :tim<S and mankind for the most part looks
-upon hW
fellow ^man in a kindly way and is. prone- to
put away for a short
while, the strife, and ^petty bickerings of a "quarrelsome world.
^
>'U3:226?^?'^'i9.64a20-^l^;0;275 434
:/./.£? Butma^-Burmese1 rupee
V»
*
/%-Uy>./£ ;V£££:f -
Tonga ~ Tongan. poUnd£(1.2525
W%. :*:' £pei£^ouii'd'..sterling)yj
•«••
:U,
; "0,268 601 •
.1 1/.per:
this
7-- At
30.22501
v
£££lty./£:;yy££
,'3.30852 ^ ;; 304850,
•
-
.
^
/;
Steel Industry^—Steel ingot out¬
put last; week staged a further,
substantial comeback from, the ef-,
fects of the eoal strike when'the
industry raised its rate by more;
than 14 points, according to 'TheIron, Age," national metalworking.
paper.
'
The
current week
some
,
2. The draft charter for that
or-
:
ganization includes a provision
nation failing to live
* jiip to its obligations/under the
;
charter ..shall, be .denied the
,
that any
,
,
;
£
favored nation
4 tight to most,
-treatment, and
/
.
•
,
3. The United States Government
is preparing to require similar
./guarantees against non-tariff
.barriers in the tariff negotia
a
.
iions
£>,
.
,
,
£
to
be
conducted
next
spring with 18 leading nations,
and -
o
^/WHEREAS, It is "the opinion of
-
the 'International Trade Section
of the New. York Board of Trade
.
r V'"
in the amOUnt of
that such negotiation with many
,
/
semi-annual
countries at the same timer under
conditions, r seems the approach best calculated to ?succeed
,
aarid
to
(! RESOLVED, By
.
the
Tra<fe that it exits' full support of the gov¬
Ifork >Board of
ernment's foreign trade policy and
program in these
be it further
directions; and
Digitized for RESOLVED, That the
FRASER
Interna¬
I,
1923;; $13,695.06 /"on' ac-
:
ment
the
i
oil
semi-annual':pay-
the
agreement; of
stated that these payments/reprc-
.
sent the entire amount due from
the; Government :of Finland: on
15, 1946; under these agree¬
ments. /££ ££;:£;£ /- ££!£:":£££■'■"■'; ',C
000
.
huge,- and in other lines
.-• \.r
/
£ = .
were
merous.
nu
or
consumers
more.
and
steel
producers1
will await with much concern the
.
/; Total,unemployment compensa¬ possible outebme of the steel wage
of the; Federal Reserve. Bank of
tion claims rose nearly 17% in the negotiations.
In direct contrast to'
New. Yd^.died on Dec. 3 after a
week ended Dec. 7, while initial its stand at the beginning of, .this/
brief illness. Mr." Moran was 44
claims were "Up 44%." These" in¬ year when the United Steelwork—
years* old.
Ih£ the' New '. York
creases were/reported to baVe re¬
ers of America made
a flat de-,
Times" of Dec. 5 it was.; stated
sulted largely from the. coal strike. mand of a 25 cents an hour.in¬
that, Mr.. Moran had been identi¬
Ah increase in " October Cash crease, the union/ following policy
fied with banking during: his eh-1
tire "business career./His earliest dividends was .Tidied," according to meetings being held in. Pittsburgh
the - Census Bureau* when - corpo¬ the past week, is expected to keep*
associatibn'was as trust officer of
its specific wage demand under
thd 'old- American Exchange Na¬ rations made' disburrei. ents total¬
cover until direct negotiations are
tional .Bank,; and later he headed ing : $3'44,700,000' Ih '* that" month,
representing an increase of 7.6 % begum- with steel officials, the
the.» corporate trust division of
more, than the; $320,300,000 paid magazine reported.
Dillon,- Heed & Co; . He was grad* out/: in ^October, 1945,
It is a good possibility that Mr.
For the
uated from the Columbia Insti¬ three months ended Oct,
31, 1946, Murray's steelworkers may ask
dividend payments amounted to
(Continued on page 3402)
tute of ■ Banking/://:;. /'; *-v'
'
.
tons
Over the next few weeks steel
_
.
;
prevent the industry rate from
reaching the pre-strike level of.
91% of capacity.
..
•/
...
«
While steel company /officials
view the rapid pickup in steel
activity
with
satisfaction, this
feeling has not overcome the
realization that close to 16,000,000;
tons of steel ingot production was
lost this year due to steel and coal
strides. It is estimated, according
to the above trade authority, that
total steel ingot output this year
will run to approximately .65,900,-
/
,14, 1943. The Treasury: Depart¬
ment "in reporting: this on Dec. 7.6,
.
may
shut down for the
Christmas holidays which would
.
annuity /due under
postponement
May 1,1941, and $21,132.18 on adcount of the semi-annual payment
on
the annuity due • unddr the
postponement agreement "Of " Oct:
Dec.
'
the
count, of / the
'
t
Interna-
tional Trade Section of the New
presses
der
$131,652.50" un¬
Funding- Agreement ■ of
May
world
prosperity
and economic peace and that bilateral • agreements
under
the
Trade Agreements Act should be
resorted to only in case the pres¬
ent efforts fail; be it therefore
assure,
1.« —1:".""■——1
E. L. Moran Dies
I Edwin L. Moran, bank examiner
payment of interest
in the lamount bf
these
£
.$93,000, ^and' the
mills
*
VfCKJ vlf'Fji
y':\i
3396
vL
■■>>*»/
^
-<}
#
■>
UJnaC'."
inant
As We See It
••'.
^
(Continued from first page)
';
'
lio(^3)1■Wage
to higher rates
o| pay without corresponding
further increases in the cost
living.
.
-•
j
(3)-Unless the profits of industry •: are more largely
j
,
part of that,: of the
-
this
modern
or
long to
possibly
-
such j many
profits degree
no
else
anyone
-
could
at
most
other way.
No.statistics could in the very
of
some
During
vs.
Consumer
ton
the
establish
case
share
in
the
benefits
fifet
two propositions as pre¬
sented; by the unions is defi¬
nitely Shaky at several points.
To expose its weakness it is,
however, necessary to intro¬
duce
a good deal of highly
technical : analysis,
and at
some-points it
that-the
cam
authors "have
•beerif^gazing into
ball of their
only be
some
crystal
and that
own,
formal
conversation
Acting
Secretary
Acheson
modern
ing?
economic
A number of other ele¬
plete
the
com¬
neither
for
thel unions
which
nor
any
that
to
Dean
have
union
on
talk "a very pleasant
chat, rang¬
ing over a very wide field of for¬
eign affairs." Saying that it was a
social call, Mr. Ross added, "but
talk turned naturally to foreign
affairs."
A British spokesman called the
talk
between
the
tour"
in
Truman
which
themselves in
Foreign Secre¬
the
"world
a
two
found
general agreement
—
*
labor much
makes still falls to the
ground.
entitled
whether
the
to
claim
relief—
is
[really rests upon the con- upon/ moral or economic
.clusipiis set forth in;J(3) fend grounds—as are the earners
oL wages
in oUrJ factori&s. A
Suppose for the mo- demand on their part for low¬
er
prices would be fully as
-[merit -that corporations gen¬
erally
manufacturing cor¬ logical per se as any demand
porations being the chief im¬ on the part of labor for higher
mediate objects of our con- wages.; They sooner or/later
eern^have been and are to- get around to making such a
day ^making quite: conscience-'-, claim—making it not noisily
[less^rofits (of which there as do the Murrays and the
ris unreal evidence). On what
Nathans, but effectively if not
logical-* or moral basis can devastatingly by refusing to
wagd'^arners in existing cir¬ buy freely.
cumstances claim
a
large
which Jcannot $ be J- de¬
fended;
share Of these undue rewards?
Fantastic Wage Theories
[Have, [[they made
What has
any great
/contribution to this industrial
already been said
should amply expose the fal•success?;: If so, we have not lacy-rwe had almost said fan¬
•[heard bf it. Indeed, it appears tasy—in proposition (4). This
to
that
they have done basic idea that high wages do,
they couldyor can cause hiSh and lasting
Jwitjhm reason to make such prosperity, is in any event
profits difficult to realize.
about as vulnerable. as the
us
about,
-
all: that
Let no'
one
tjis/kse
itonfusion
on
a?companying claim that only
moral grounds. bust" aboutcan prevent hear
wages which
the
attempt to
and
argue
we
embarrass¬
much these
ment awaits him who tries it.
;
"
so
The; old; demagoguery about
the few. exploiting, the many
upon many
,does^not do well when it
dace; the fact that
-—and riven
must
corporations
when the
more so
debates, broadened
to include
a
in t this country not owned
by
^HheJFew" but by millions of
bifiSividuais.
stances "as
only
But such circum¬
this
are
impediment
not
that
the
the
far
termed
the
taking
on
serious aspect.
more
[ "Observers who have taken the
steel union has laid its
plans with¬
out any infuence from activities of
the
United
can
On
be expected that
the outcome of steel negotiations
will
be
entirely • decided /upon
whatever
union
counter-offer
the
steel
wring from the indus¬
can
try. The answer to this situation
will determine; whether or not the
nation is again to be tied up by
a Jong
steel strike.
>;
the
and
during
this
two
coal
strikes
steel industry-
year,
output could reasonably have been
expected to reach 81,000,000 to
83,000,000 tons of ingots. Instead
of this figure estimated output for
this year indicates a total steel
■
and
iron
the
confusion
and
in
steelmaking
and
in
after
such
loss
a
of
experience
of
strikes
scheduling
programs
shutdowns
than
more
16,000,000 tons of steel ingots dur¬
quered ; German state during the
forthcoming Big Four conference.
"Although steel firms continued
this week to make further ad j ust-
"India—British efforts to settle
in some steel prices, their
steelmaking costs were again ad¬
vanced
by higher scrap prices.
Late last week and early this week
dispute between the Hindus
Moslems, which have blocked
plans for self-rule.
j';
and
of
necessity
keeping such nations
Greece financially
and
feet
to
prevent
a
nomic collapse that
as
Italy
on
their
complete
might
eco¬
encour¬
the spread of communism in
southern Europe"' -'
Following the conclusion of the
Big Four conference in New York
age
on
Dec.
14
Foreign
Secretary
Bevin sailed on the Queen Eliza¬
beth.
.
•
.
,.
-
year.
the
exceptional prices which ap¬
peared early last week became
general practice in all major scrap
consuming
areas.
Furthermore
most
markets
had
resumed
practice of scrap transactions
a
delivered
Because
to
consumer
increases
of
the
on
basis.
at; Pitts¬
burgh, Chicago and Philadelphia,
'The "Iron Age' scrap composite
price advancecf from $28.17 a
gross ton to $31.83 a gross ton—
"Since OPA price controls were
-
J Aitchison
removed
Head of ICC
on
iron and steel scrap,
the
price of heavy melting steel
about $12.00 a ton,
on Dec. 16 the
although in some instances the
election of Commissioner Clyde B. net advance has been about $9.50
Aitchison
as
its v chairman
for a ton due to a previous practice
1947. Mr. Aitchisory a native of of i
overgrading' • some materials.
Portland, Ore., will succeed Com¬ Scrap prices have now reached
missioner
George M.
Bernard, such a high point that a definite
whose term as Chairman expires resistance is expected to set in
which may be strengthened by a
Dec. 31.. These advices are from
better flow of some grades from
Associated Press Washington ac¬
remote areas into major consum¬
counts, which also said:
v ing localities.
•
The Interstate Commerce Com¬
has advanced
mission announced
Mr. Aitchison has been a mem¬
ber of the Commission since Oc¬
tober 5,
1917. Previously he had
"Some
steel
producers
in
the
past few days have made adjust¬
ments in the prices: of certain
products in order to bring them
revisions made
the Railroad Commission and the on finished steel
products. Alloy
Public- Service
Commission
of steel ingots have been advanced
likewise appears to suppose
by some companies from $48.69 a
Oregon.
gross ton to $52.00 a gross ton.
that profits never reach the
The
Commission's
announce¬
Alloy steel billets have been ad¬
consumer
goods markets. ment said his period of service as vanced from $58.43 a gross ton to
a
commissionCr—more
than
20 $61.00 a gross ton. ' Alloy steel
When in addition it is recalled
bars have been marked up from
years—exceeds that of any of his
that wage earners, after all,
$2.92 per 100 lbs. to $3.05 per
predecessors and also that of any 100
lbs. Major producers making
are
along with their families other member of a regulatory wire
rods have posed a problem
but a part, and not a dom¬ body, either Federal or State.
for manufacturers who turn this
been for nine years a
member of
holiday, steel ingot output
probably have reached 91%
capacity this week. A
of»rated
sharp rebound to the 90% is an¬
ticipated for next week. Further¬
with the steel labor wage
situation beginning to take on a
more,
serious aspect, it can be ex¬
pected that steel furnaces in the
more
future will be pushed to their
near
utmost capacity,"
American
The
Institute
this
into line with past
-
•
-
Iron
and
week
Steel
-
announced
that telegraphic reports which it
received indicated that the
had
operating rate of steel companies
having 94% of the steel capacity
of
the industry will be 72.8% of
capacity for the week beginning
Dec. 23, compared with 83.9% one
week
ago,
62.8%
<
month
one
ago
and 62.8% one year
ago. This rep¬
resents a decrease of 11.1
points
or 13.2% from the
preceding week.
The operating rate for the
week
beginning Dec. 23 is equivalent
to
1,283,000
tons of steel ingots
castings, compared to 1,478,600 tons one week
ago. 1,106,800
tons one month ago and
1,150,300
and
tons
one
year
"Steel"
of
ago.
Cleveland,
in its
develop-•
metalworking indus¬
summary of latest
ments in the
news
try, on Dec. 23 stated in part
follows:
.
"The
as
,
swift
recovery in
steel
production, following heavy con¬
sumption 'ft of
scraps during ^ the
strike period when the flow of pig
was
restricted, has exerted
pressure on the scrap mar¬
ket, resulting in sharply higher
prices. • Competition for material
is
extremely keen
with
ventories low.
uation
The scrap
confused but
is
heavy melting steel
mated in the
ments
net
"Had it not been for the Christ¬
mas
iron
because
a
.;■/
V
would
strong
This
tons.
that
ing this
the
-
65,900,000
terms to be
"Mediterranean—The
ton.
ingot production of approximately
indicated
resulted
:
by raising the price $5.00
-
"Had it not been for trie steel
strike
before
"Germany—A broad outline of
imposed on the con¬
Mine/'Workers.
such basis it
interests but opposed by both the
'
unincorporated business—are
.
days. It rests
false assumptions,
among them the notion that
only consumers' goods need
to find a market to keep the
wheels of industry going.
It
have
will find the strike vote
Arabs and Great Britain.
based
J it
officials
In
s
case
amount.
a routine
one, a stalemate in wage
negotiations up to the period when
current contracts expire (Feb. 15)
v
the
small
no
union action in making the
proper
notification for a steel strike as
later, Press
hand to greet the British
on problems which had come
.despite: all their techniques other
up
representative of the for discussion.
the future is fully as inscru/According; to this
wage earner can speak.
spokesman, the topics discussed
table^to labor statisticians as
These consumers are for included (we quote from the
;itris to the rest of us.
\ /J
United Press):
the most part unorganized
"Palestine
That the partition
n si Faulty
Assumptions *
andV rather inarticulate. [ A plan for the Holy Land, dividing
into Jewish and Arab
v^.Bu^eyen;-if it werefeon- qualified spokesman iter them that countryshould be discussed if
territories,
"cedqditbat higher wages could should, however, [ haye but the
British-Jewish-Arab roundlittle difficulty in doing heavy
be paid in
many [instances
table conference was resumed in
damage to the CIO argument. London next month. Mr. Truman
'without^'raising prices, and
itiatfiigher living costs have It should be easy enough to has indiciated partial endorsement
of the plan sponsored by Jewish
anfiplled last year's increase show that all [ these are; as
inatowages,
it will be
Although Philip Murray and other
newsmen
count of that part of tary/and Mr.
a
population
Presi¬
of State
rough nego¬
"; V ;;;
1
position that Mr. Murray's future
actions would be dictated by the
describing the con¬
experiences of John L. Lewis ap¬
ference to newsmen later, Press
Secretary Charles G. Ross said pear to be on the wrong track.;
that the President had called the According to past precedent the
been
think¬
ments must be added to
British
with
also< said
was
to
visitors.
employees at all.:;*Are they
too, to be the "forgotten men"
of
with
dent Truman, according to United
Press advices from Washington.
ference
get their. living from
the ownership and operation
of small enterprises without
company
Ambassador, Lord Inverchapel, on
Dec. 8, and spent an hour in in-;
improved techniques and bet¬
Others
a
industry in January it is certain
brief visit in Washing¬
Foreign
Secretary
a
in
ter
validity. In any event,
brought profits despite organ¬
thf ^'statistical support of the ized labor?
Seyeral million
•:
■
^Thursday, - December 26, 1946
"While the United Steel Work¬
British:
House
of
managements which have
Jo indicate
ers
of
America have not made
known the specific wage demand
which they will place before the
Ernest Bevin called at the White
§ Turn to the record J Rough¬
ly one of every six individuals
their1
appear
After Conference
enterprise.
Wage Earner
not
'
tiating period.
hope to, prove only (1) and in this
country earn their liv*
(2) by use of statistics. Prop¬
ing or are directly dependent
ositions (3) and (4) must be
upon agriculture. Should they
defended'in
'V ;'
•.;■
.
in very much larger Bevin Leaves U. S.
than the owners of
American
r'^Now, it is evident that the
unions, their "economists," or
said
:v
1: w
v
•iUnfortunately for steel consumers the labor outlook during theapparent.
~ y y,
:
mount.
He should: not be,- I And, in the event that it is past week is changed but little from a year ago when the steel indus- &
try was definitely faced with a paralyzing
and probably would not be not obvious to
strike, according to "The
ally let it be Iron Age," national metal-working paper, which in its issue of
today '
long permitted to overlook said that
[full and vigorous (Dec. 26) further states: "Although the chances of such a strike
the even more pertinent fact competition will prevent prof¬ occurring in February are not as great as was the case a year ago
that the wage earners of in¬ iteering at the expense of the the prenegotiation statements on«S>
the part of labor and management material
into finished wife itenfe
dustry — particularly organ- consumer.
"
earn
:at all.
;
v
1"'JK Z'.'•'
11
by Usual ;
Holiday Shutdowns—Prices Continue Advance
[theory is
wage
sur-
*zed wage earners—can hardtif'industry, corporations will ly
sa'd to represent the
nature
v
)
Sfeel Mills Operations Affected
country—-the
ludicrously weak position of
shared with the wage earners
W be able
con¬
the
of
sumers
there- moralist must meet and
earners are
i|oTe!,.entitled
profits,
/;
7"
f
'. St
*,y.v.'
of
I 'J
THE COMMERCIAL & FINANCIAL CHRONICLE
mill
in¬
price sit¬
sales
of
were consum¬
Pittsburgh district at
aii increase- of $7
weeks^ iev^I
$32.50;
a.
above
the previous
and
ton,
$12 above the old OPA ceil¬
ing. /Predictions
were
widely
made that the market
may
reach
$40 before stabilization.
"Undertone of the semifinished
and finished steel markets also isr
strong.
Wire rods have been ad¬
$5 a ton to the basis of
vanced
$2.55
100 pounds.
per
Electrolytic
tin plate prices for 1947 have been
established at $4.85 per base
box,
tin mill black plate,
up 25 cents;
29 gage and
*
lighter was advanced
$6 a ton to $3.60 per 100 pounds;
special coated manufacturing
ternes
are quoted 45 cents higher
$4.90 per 100 pound base box;
while roofing ternes, eight pound
at
coating, have been advanced $1
$13.50 per package of 112,
sheets. Floor plate prices in the
to
export market
are $10 a ton high¬
100 pounds. An im¬
portant producer of alloy bars has
er
at
$4.50
per
advanced base prices to $3'.05, an
of $2.50 a ton, and also
increase
made upward revisions in extras*:
Cold finished bars have been ad¬
vanced
$2 per ton to 3.20c per 10O
pounds with extras especially on :
the small sizes revised.
: ^; >.; ,
"Very little consumer resistance
higher steel prices has been
to the
in
evidence.
Advances
had
been
expected.
"While reflecting holiday influences
in
certain
degree, heavy
continues, not
only to get in tonnage before the
pressure
for
steel
freight rate increase goes into ef¬
fect Jan; 1, but Jo build up stocks
as protection'against possible la¬
bor disturbances
[eatl^ in the year,,
should
tiations
er
pendingrktM'Wage nego¬
fail',! fchd'a^aihSt? still high¬
prices which may come, espe¬
should further wage in—
cially
v
Volume 164
Number 4554
follow the advance,in steel
production costs as a result of
creases
THE COMMERCIAL & FINANCIAL CHRONICLE
the4 various
products
being
are
.
..
.
Milk
production during Septem¬
million
3397
compared, with 4.3
acres,
prepared" on the baSiS that selling ber was about 2% below the rec- million acres in 1945 and the av¬
higher freight rates. ? >;'
h will be highly'selective and will tifd total of Sept." 1945, but was erage of 3.9 million acres. Yield
"While it appeared recently that be concentrated closer to
produc¬ obtained from 4% fewer cows. per acre for these seeds aver¬
certain
midwesternmills were tion points.
Production per cow in herd was ages higher than last year, but is
.VvyWwithdrawing rapidly: frorm east¬
'Steel's' composite market av¬ the highest for the month in 22 below average* Harvesting began
ern seaboard
competition, at least erages advanced to $41.60 from years of record, the seventh con¬ earlier this year than last and
one producer has indicated
that he $40.60 on semifinished, to $64.91 secutive month this has occurred. proceeded v
u n d e r : favorable
expects- to supply his regular cus¬ from $64.73 on finished steel prod¬ This reflects
culling of less effi¬ weather conditions, in sharp con¬
tomers to the best of his ability
ucts, and to $30.75 from $24.67 on cient milkers and liberal feeding trast to last year when rains fell
for an indefinite time to ; come. steel making scrap. The
•
pig iron as a response to rising prices for frequently at harvest time.
However, new price schedules on average price held at $29.56."
dairy products in recent months.
Corn—Prospects for a record
-
Agricultural Department General Crop Report
As of October 1
The promise of the greatest volume of
crop production in history
is being realized as the 1946
growing season nears an end. Conditions
■
during September, while not favorable in all localities, maintained
or
improved previous prospects for most crops. The record 1946
corn crop is
maturing with little frost damage, and good quality is
•
assured.
Harvest of all but late crops is practically completed.
production of nearly all*>-
mated
crops
-
is
slightly
higher
than
month earlier. The principal exception is cotton -which showed
a
;
in
instances,
many
maturing
because
had
corn
Esti¬
not
been
cut
from fields intended for wheat. In
sharp decline. These improve¬ the Great Plains, winter wheat
ments regained part of the Au¬ continues to be sown under
mostly
gust losses, and raised the esti- favorable soil moisture conditions;
aggregate volume to
2.5%
more
Early and volunteer fields already
are furnishing some pasture from
level.
and
than "the previous high of
1942 and 26.4% above the 1923-32
Contributions to this largest ag¬
gregate volume of crops ever produced
:
are
made
by record
quan¬
Kansas
southward.
seeding
are
harvest
of the
Red
tities of many commodities. Pota¬
toes moved into the all-time rec¬
in
ord group
whole the fall
tr wheat,
this month, joining
tabacco,
peaches,
corn,
pears,
to production records. Also in the
near-record
class
• are
grapes,
cherries and sugar cane.
Average
of better crops are still
promised
for
hay,
soybeans,
dry
prunes,
peas,
apricots, hops and
sugar
beets, while flaxseed, sorghum
frain, buckwheat, sweet potatoes,
6
and
| class
apples
during
moved
up
into
September.
this
Cotton
production prospects dropped to
the lowest level in 25 years. Other
.
Wet fields have
of potatoes in
River Valley of
Minnesota and North Dakota and
some
other areas, but
on
the
season
is regarded
Production of feed
grains Will
satisfactory.
as
plums and truck
crops. Oats, rice
and peanuts moved a
step nearer
Fall plowing
for the most part|
to schedule.
up
hindered
part
amount to 127.5 million tons, 4%
above the 1942 high. This total is
made
Chickens
less than
ber
of
number
and the
layers is
year ago
potential
15%
num¬
18%
less, only 1% above average.
corn
than
that
for
of
all
1945
and
more
than
Oct.
between
amounted
1
of. gcorn
July., 1. and
million
357
to
'
bushels—higher than average) but
the 435 million bufchels
less than
for the
•
period in 1945.7 1:1
supplies of corn at the be¬
same
Farm
ginning
to
million
200
about
the
of
amount
season
bushels
above
.
.
up
corn,
and 88 million bushels of sorghum
*
belqw-average crop of
a
pecans.
temperature during Septem¬
ber. While light frosts did occur
and
acre
pf' gqpd
were
bigger yields per
quality wheat than
expected
earlier in the season. Seldomihave
grain. Supplies per animal unit
Abundant1 supplies
of fresh in scattered areas of the main
are expected to be the most liberal
vegetables are in prospect for the corn belt during September, dam¬ all factors worked together! more
in history, despite relatively small fall months. As harvest of fall
favorably than"in 1946 to, gigbjthe
age was not significant because
such a volume I of £ood
carryover stocks. The 97 million truck crops begins, it becomes ap¬ maturity was normal or ahead of Nation
tons of hay, with a record-large
; :
A". ^
parent that production for the normal.
.The
small
amount
of quality wheat. :- ;
...
carryover
rough
.
=
,
,
,
Disappearance
farms
,
;
'ir.■■
States.
from
from
stocks
although not so drastic
in the
North Central
those
as
Western
and
reductions „in
dicate
last year
1945,
South
States in¬
oyer_
Atlantic,
.
.
sown,.^though^germination
has beep-slo^-in^phio,; however,
wheat seeding!-hast/been delayed
well beyond ythehn fly-free", date
South
October ] feeding
3,215 "''million
now
estimated
at 3,374 million bushels,
when the estimate-, of
bushels—'an
improvement
of corn for grain in the new cropfjs
about 3 million bushels during the added
to
the
carryover, • farm
past month. The unusually high stocks of old corn. With the ex¬
indicated yield at 36.9 bushels per ception of Oct. 1, 1942, this is the
acre is nearly four bushels larger
largest supply of record and is
production
The
purposes
is
September,
and
large - crops
of year will exceed that in any pre¬ corn damaged by frost here and
forages, :will
provide
a vious year. Tonnage in the winter there has been or will be utilized
.below-average crops include rye, liberal roughage
supply per animal season of 1946 (the first 3 bionths) for Silage and forage. The current
broomcorn, dry beans, and pecans, unit. Pastures generally recovered was 6% less than in the
previous estimates of production and yield
though dry beans prospects im- for the low
point of the season winter season. This was more than include corn for all purposes—for
proved during September. The oil on
Sept. 1 and while not equal in offset by a 10% larger tonnage in grain, silage, forage, hogging and
crops group remained at a lower condition
to a year ago were well the
spring season, followed by a grazing.
level than last year, despite inabove the average for Oct. 1. Two 21% increase in summer produc¬
In some areas growing condi¬
V creases during September in pros¬
large areas were exceptions to tion; fall production will be 3% tions this
year have been all that
pects for soybeans, flaxseed and the
general rule, one embracing more than in the sabie season of
could be hoped for, As a result,
peanuts, while cottonseed declined. most of West
Virginia, western 1945. Individual' crops for which relatively little immature corn is
Food grains and feed grains as
Pennsylvania, northern Ohio, 1946 production will reach new
expected
even
though
killing
groupscontinue at the highest southern
Michigan and other areas heights.., .are snap beans, canta¬
frosts
shouldend the
season
aggregate
production
level
on
along lower Lake Michigan, the
loupes^, • cauliflower, celery, egg abruptly in al l areas, Drought
accord*
other centering'in the Ozark
re^ plant, honey dew melons, lettuce, conditions prevailed over most Of
September weather was favor- gion.
Range" pastures also im¬ onions,, green peppers, tomatoes
Ohio during September and local
% able for development of most late proved as a result 'of late August and watermelons. The only crops
showers
were
not in sufficient
7 crops, cotton being the chief ex¬ and September rains, though con¬ for which 1946
production will be amounts to check damage particu¬
ception. Throughout the North and tinuing dry in seven far western below
average
are
kale, green
larly in those areas where rain¬
most of the West temperatures av¬ States. Winter
prospects are now peas,
shallots■. and ; honey ■„ ball fall was deficient in
July and
eraged above normal for the month, favorable in former dry areas of melons*
.*
August. Light frosts in early Sep¬
which
helped crops mature. In the Southwest. Cattle and sheep
Production prospects for a few tember did little or no damage.
this same large area rainfall was made
good gains in the areas of of the late
vegetables for process¬ Frosts and dry weather greatly
mostly ample, but did not inter¬ improved feed.
ing 'improved
slightly
during reduced Michigan corn prospects,
fere greatly with farm operations.
Production of food grains at September. The indicated tonnage
but
Iowa's
September weather
The chief exception to otherwise
37.4 million tons, also tops any of sweet corn, tomatoes, beets* for
could hardly
favorable conditions was the dry
have been better»
pervious year. Added to the rec¬ canning and green lima beans for
suited for developing a record
situation in Ohio and West Vir¬
ord winter wheat total of nearly processing is slightly
larger than crop of fine quality corn. Frosts
ginia which caused some deter¬ 880 million bushels is
a
spring the quantity in prospect Sept. 1. over most of the Great Plains
ioration of late crops. Frosts nip¬
wheat crop of nearly 290 million Green lima beans and green
peas area did
only minor damage to
ped
exposed
fields
at
various
bushels, an improvement of over for canning and freezing are ex¬
times in various parts of the area,
corn,
most of which was well
2 million bushels during Septem¬
pected to exceed previous records.
but little damage resulted. Crops
along toward maturity.
ber. This total wheat crop of more The prospective aggregate
supply
■were safely matured when
Indicated production of corn to
killing than 1,169 million bushels is 46 of
»vegetables for processing is a
frosts finally occurred near the
be harvested for grain is 3,057
million bushels larger than any third
larger than average and
end of the month. In most of the
million bushels or nearly 91% of
previous crop in history.
Esti¬ only Slightly below the record
country killing frosts had not oc¬ mated rice
the estimated total production of
production of 70 mil¬ quantity produced in 1942. A
curred by Oct. 1. In the South
all corn. This compares with less
lion bushel^ nearly eauals the rec-? A
Th e total production of 21 kinds
conditions varied widely. In two
than 90% harvested for grain in
ord and the 7.3 million bushels
of grass, clover, and winter coverseparate areas, one extending the of buckwheat is above
1944.
Last
year,
when
much
average.
crop seeds, for which production
Ohio-West Virginia dry area east¬
corn was late and frosts occurred
Rye production of 21.4 million forecasts have
already been made
ward
into
Maryland, Delaware bushels, however, is only about
unusually early in many northern
this season, is approximately 494.6
and Virginia, and another affecting
areas 89% of total production was
half
the
average. A The 4
feed million
pounds of clean seed, com¬
Arkansas, Mississippi and parts of grains and 4 food
harvested for
grain.
The indi¬
grains amount
pared A with about 445.4 million
Louisiana and Oklahoma, lack, of to
about 165 million tons, about
cated total grain corn is a record
pounds in 1945 and the 1940-44
-rain adversely affected
crops and
10 million tons more than in
'
'
1942, average of 446.7 million pounds. high.
farm work. In most other parts of
previously the top total.
•
Corn Farm Stocks!—October 1
These totals do not include alfalfa,
the South ample to excessive rainSugar crop prospects continue lespedeza, and Sudan-grass seed Stocks of old corn remaining on
7 fall improved pastures and fall
high though sugar beets declined for which production forecasts are farms amounted to
158,398,000
seeding conditions, but hindered
slightly. Tobacco production is a yet -to be made* Production of bushels—the lowest for the date
-harvesting, especially of cotton.
new
record
at" 2,248
million clover- seed exceeds that of last since 1937. This is 48% below the
Preparation of. ground and seed¬ pounds, a
quarter of a billion year by 11% and is 20% above 303 million bushels on farms Oct.
ing of wheat and other fall grains pounds more than the
previous average winter cover-crop seeds 1 a year ago and about half the
apparently has progressed well, record total of last
year.- Burley 25 % * larger than
last year1 and 10-year average of 320 million
with conditions mostly favorable.
and flue-cured types will set new 24% above
The
North
Central
average, but produc¬ bushels.
Even in ..dry areas, grains have records
and every class is above
tion of grass seed is 12% smaller States have 70% 'of the Nation's
.been
Central,
brightened
crop
in
somewhat
the
eight bushels above average. The a year ago. However, feeding of
As harvest of deciduous fruits crop is generally of fine quality the new
crop is reported to have
nears completion it is evident that and high
feeding value.
^
! started unusually early this year.
the 1946 total production will be
Wheat—The biggest: wheat crop
Prospects over the country var¬
a record high. Continued improve¬
ied-somewhat by regions.
Corn in the Nation's history, is now as¬
ment in September brought the
was impaired by drought in sev¬
sured. Production of all wheat is
total 19% above last year and 14%
eral
States from Michigan
and indicated" at 1,169,422,000 bushes.
above average. Commercial apple
Ohio eastward with yields aver¬ This is 46 million bushels
largef
production is indicated at about
aging about a bushel below the than the previous all-time recOfd
average, peaches, pears and plums outlook a month
agov Some dry achieved last year.
The ^Winter
are
the largest crops of recordj
weather damage occurred in the wheat
crop of 880 million bushels,
grapes and cherries were exceeded Ozarks
southward to the mouth of all of which has been
harvested,
only once, and prunes and apri¬ the Mississippi River and yields
set a new high. Idaho,
cots are above average. Growing
OkIahPJp>
in this area have dropped about a
Nebraska and Washington oinke
condition
have •. been ' favorable
bushel per acre
since Sept. 1. all previous records for alT*#Keat
for newcrop citrus in all States,
Elsewhere in the country, pros¬
production.
Most
of V the j/1946
but especially in Florida. A rec¬
pects improved somewhat; how¬ wheat
crop is already, safely un¬
ord-large total citrus production ever, in Montana and North Da¬
der cover.
'
:.Y,
is
in
prospect from the
1946 kota dry weather earlier in the
As a whole, 1946 was.,a good
bloom—12% above the record set season and
September frost did
last season. The total for tree nuts
wheat-growing year.
At
times
some damage.
Gains in prospects
is indicated to be 5% less than in
of from a half to two bushels per prospects looked gloomy- in some
1945 but 22% above average. Rec¬
States
but
conditions -generally
acre were made in South Dakota,
ord crops of almonds and filberts
improved
as
the A season ipro^
Kansas, Minnesota and Wisconsin
and a near record for walnuts are
a
result
of
favorable moisture gressed., Growers also harvested
of 3,374 million bushels
1,527 million bushels of
oats, 255 million bushels of barley offset by
of
farms
on
a
breaking
increase
r an
while
.
late
a
mated
Egg production fell to 4% below
that of Sept. 1945, but still is 23%
above average.1 Both the number
of layers and eggs produced per
layer are below the level of last
September.
Feed
costs
were
slightly lower than a month ago.
show
its-
1945
declined
production,
i;
Broomcorn
slightly :..from
earlier
prospects, but the crop will still
be above average.
yr.n;
■
than last year and 19% below av¬
erage.
-
Estimated
kinds-of
•
cm
;•;
;
A
p,';-
AxAAAacreage
seeds
farm
corn
stocks;
however," the
111 million bushels-in this area is
of these 21 less than half the stocks of last
nearly 4.6 Oct. 1, The North Atlantic States
totals
A? /Ay; fi
A
i •>-,!.
A "• ; A
£ *' -T
A
Spring wheat productions is
timated
at
es¬
289,528,000 bushels
or
about 2 million bushels more "than
a
month ago, but far "below* the
record of 368 million, bukhels
pro¬
duced in
1915.
Even
thqugh the
4%^be¬
1946 production is nearly
low the 300 million
bushels,'pro¬
duced last year,
more
than the
it is over a! fbUrth
10-year .^'erage.
The continued favorable
which 7 beganwith
rains
of
good
to
early
duction
nesota
the
It
about
pro¬
at
estimate
exceeds
10 %
of
last
'month
a
year'sr4crop
is ! almost ^21 %
and
spring
38,474,000
million bushels
a
above.y average.
other
wheat
in the. Dakotas and Min¬
is estimated
above
a
through
crop
Durum
bushels—almost
ago.
weather,
thetimely
July,;, brought-
spring wheat
maturity;
,
;
Production> of
wheat
estimated at
is currently
251,054,000 hhsMs—
only about
million bushels rriore
than
a
,
estimated
was
but about 30%
a
month* ago
above the 110-year
average of 194 million bushels, f
The
estimated
spring wheat is
yield -jpf
bushels
15.7
acre—about one-tenth of
all
per
bushel
a
above
a
month
ago," nearly - a
bushel below the past:2 years but
nearly
bushels
2
above the-; 10The yield of durum
year average.
wheat
other
is slightly above' that for
spring wheat,
y *
r V- —
;
Harvesting
spring
and
threshing
was
largely^ Com¬
wheat
pleted in all
remains
areas
to
be
of
by Oct.-l. Some
threshed,
northwestern 'counties
of
in .the
Minne¬
sota, parts of North Dakota-'apd
of the higher altitudes: of
some
Montana.
Plains
wheat.; iny,the
Spring
Northwest
Pacific
and
Central
harvested
has been
States
under rather favorable conditions.
The
late
showers-- with
summer
relatively moderate temperatures
were of material benefit for fill¬
and
ing
of
maturing
late
grain.
The predominance of short straw
and favorable harvesting
held
%eather
harvesting losses; to a^mini- Apparently
very
little
mum.
..
wheat is
now
piled
(Continued
.;
,l
1
on
the ground.
on4ho:*touhd
on
Losses of that piled
page
33(18)
.
3398
Thursday, December 26, 1946
ana, Oklahoma and Missouri re¬
ported declines in prospective pro¬
duction.
The Texas crop is now
Agricultural Department General Crop Report
As of October! I iillSiill
estimated
22,500,000 pounds
compared with 32,250,000 harvest¬
ed in 1945/ In Georgia production
indications dropped over 3 million
pounds from the Sept. 1 estimate
(Continued from page 3397)
earlier
to
in
the
season
held
were
in the North Atlantic re¬
gions,
* 1
'
/
Disappearance from the 1946
cept
minimum because of prevail¬
a
ing dry weather.
The
'
1
indicated
,
,
production
of wheat by classes is—hard red
totaled
stocks
disappearance
during the
corresponding quarter of 1945 and
city of
of each class of wheat
year
•
a
year ago.
Farm
Stocks
>
.
Stocks of Wheat—Wheat
farms
on
Oct.
1
indi-
are
cated at
!
..
559,696,000 bushels, compared with 528,218,000 bushels a
year
ago.
Current farm stocks
represent nearly 48% of the
rec-
"
ord-shattering 1946 wheat crop.
They are greater than at this date
in any other year excepting the
; 640
million
bushels £ on
farms
•
Oct. 1, 1942, equivalent to 66%
/ of the 1942 crop. Disappearance
of
652
over
wheat
-
bushels
million
from
farms
for
the
of
first
•
quarter of the marketing year is
; the
second
:
highest /
record,
on
surpassed only in 1945. Movement
; has been especially heavy from
the
early harvest areas of the
'winter wheat belt. "In most re¬
gions, and especially in the spring
wheat States, the percentage of
the present season's crop still on
:
farms
is
greater
The lack of
than
last
year.
for
shipment and
; plugged elevators has resulted in
some pile-up in farm storage in a
cars
few of the northern States.
f
;•
' V-
,
Oats—For the second consecutive year the Nation's- farmers
have produced more than IV2 bil¬
lion, bushels of oats. Production
; for 1946 is now
million
•
the
1,548
•
indicated at 1,527
bushels.
below
This is only 1%
1945 crop
of
record
million
bushels,
but
35%
above the 1935-44
average pro¬
duction of 1,129 million bushels./:
Weather during the season
;
•
liighy
was
for
oats
over
most of the country. This is re-
yields
in
the
r per
above-average
in
acre
most
States
and is most pronounced in the Atlantic States where a new
<
.
high
record
'
also
•
the
average
is
group
:
yield
for
reported.
Yields
unusually
high
in
North Central States.
•yields,
on
the
East
These good
comparatively
a
were
large
1
:
'
acreage, account for the high pro*
duction this year.
0 / , Z //
In the
12 North
Central. States,
'which have 79% of the total U. S.
the
acreage,
about
of
,1945
but
39%; above
the
.
10-
Production in this
group of States amounts to 1,261
year
;
1946
oats
crop
is
below, the record crop
3%
average.
million
bushels—nearly
the
national total.
lantic
States
the
higher
than
in
83%
In the
17
of
At¬
is
23%
and
35%
crop
1945,
above average for the area. Pro¬
duction in the South Central re-
gion is 6%
i
but
> 11
:
13%
less than
above
is about the
crop
year
ago,
average. >;In
Western States
but.
a
as
a
the
group
same as
the
last 1945
slightly above average.
<
'1
Harvesting and threshing of the
bumper crop has now been prac¬
tically, completed. Autumn rains
.•
interrupted . these
activities
in
but caused compara-
♦many areas,
•
lively small loss of oats In gen¬
eral, the quality and test weight
of oats is good.
\
on
mated
at
corn
the
scar¬
and. other feeds.
Barley—Yields
,
This greater use
attributed to
is
from
;/■'/
on
'
-
Farms—Stocks
farms Oct.
1
are
1,171,622,000
esti-
bushels.
This is about 9% below the
bushels
hand
on
last
year,
but 27%
1935-44
average
for
;
These
about
Stocks
gions
stocks
77%
are
are
of
1,290,Oct.
above
.
this
1
the
date.
equivalent
1946
to
production.
above average in all re¬
except
the
South
; and West, but below last
In
area.
mid-September
record-high yield by 22
bushels.
However, harvest has
been delayed in some areas as
vines have remained green longer
and
harvest
Russets
was
ended.
Late potatoes in
starting
Of
the month
as
Washing¬
ton/sized * unusually well during
the latter part of the season.- In
than usual.
compares
(45% of the total crop),
areas
of
of
a
in the
crop
ground ori October 1.
decrease, eastern States
showing the most
marked improvement.
/'t -/.
acreage
30% from the 1945 production
57,179,00 pounds.
The
rently reported in/ most impor¬
seedling
Z Conditions in the. three
heavyof 48.7 mil-:
producing eastern States—Maine,
crop
is about 40% less: than last
late
States
satisfactory
September,
.
lion
-of
Southern
New
The
potatoes
generally
development
small
in
during
*
/
c
the
made
York, and Pennsylvania gen¬
year's crop of nearly 81 million; erally favored
a : month
.optimum tuber de/
ago.
On the basis; of
Seedlings are especially velopment
Senator Bailey Dies
Oct.* T reports,' the; 1946 barley pounds.
"during the past two
light
in
Oklahoma
this
'year months.
United States Senator ' Josiahi
crop is indicated
at
255,335,000
Unusually high yields
where production is indicated" at are
indicated for each of these Bailey, Democratic Senior Sena¬
bushels. This: production Is '3%.
9.8 million pounds—only 40% of
smaller than in 1945 and 12% be¬
three. States:.
However, because tor from North: Carolina,, died at
last year's. 24.5 million pounds.'
his home in Raleigh, N. C., on Dec/
vines have remained green ;
low; the
1935-44 average.' ALdig*
Texas seedlings
15. He was 73 years of
are
also short ging is late. :In
age.
In the
though this year's cropis the
Maine, more
with only 70% of the 1945 pro¬ farmers
than usual have sprayed Washington "Post"1 of Dec. 16
smallest since 193.7, it is one of
duction of seedling pecans indi¬ kill
'/ •/ - ■/;/■"<
the best-quality crops in recent
top growth, but growers' re¬ was stated/, • ^
cated/. The important Louisiana
Known as, a long-time leader of
port only 34% of the acreage har¬
years.
In the
North Central
States, seedling crop is estimated at 6*4 vested: at theJ end of "September, anti-New Deal: Southern Demowhere nearly 49% of the Nation'? million,, about a million pounds compared with 48% last year and crats in the Senate, the Senator
was chairman of the Senate Com¬
under 1945.
37% in 1943. In New York recordbarley crop was produced this
merce
Committee and had two
Cranberries: Cranberry pros¬ high yields are indicated for both
yqar, : combining
and; threshing
progressed
under - mostly
ideal pects for 1946 improved some¬ upstate New York and Long" years remaining In his third con¬
secutive term.
conditions and much of the crop what
during September. Produc¬ Island. : Ori Long Island Cobbler
;
Senator .Bailey had been ill
is. of malting quality. The West¬ tion is now estimated at 815;- acreage was practically all dug
since April after. a heart attack
ern
States,
with 43 % of the 100 barrels, second only to the and about half of the. Green
United States crop; also report ; a 1937 crop of 877,300 barrels. Cur¬ Mountain acreage -was "harvested here, but his; death waa unex¬
pected. Be suffered a ;cerebral
good-quality
crop.
California, rent production is well above the by Oct. .1. In upstate New York,
with a record crop of nearly; 45 1945 crop of 656,800 barrels, and digging of potatoes on mucklands hemorrhage about 6 p. m. Saturn
day (Dec/14) and never regained
million bushels leads all States the 1935-44
average of 624,100 progressed rapidly as most vines
consciousness,/ .;
:" V
this year. Production in. other im¬ barrels.
were
killed
by mid-September
Not realizing the seriousness of
portant barley States is -as.; folr
frosts, however, on the uplands,
In
his illness, the Senator had made
Massachusetts,
estimated
lows:
North
vines remain green and harvest
Dakota, 43,460,000
production * is *550,000 barrels—
plans to return to Washington for
has been retarded. The
bushels; South Dakota, 30,195,000
yield indi¬ the new
15% larger .than;the ,1945 crop
session, his son, James H.
cated for,
bushels;
Minnesota,
21,600,000 and 34% above
Penrisylvaniahas been Pou Bailey, said in Raleigh.
average. Weather
?
exceeded only once. In the New
bushels;
Montana, .16,167,000 conditions
Senator Bailey was first elected
during September were
England States outside of Maine, in 1930
bushels, and Colorado, 13,570,000
over F. M. Simmons, who
generally favorable; for harvests
bushels.
yields
are
variable "with
late had been Senator for 30
ing, By October 1, Early Blacks
years and
The
indicated
blight quite common in some lo¬ the
yield . for the were
acknowledged boss of thd
mostly harvested, and grow?
United States is estimated at 25,4
calities."
' / ers
had started the .harvest of
party in North Carolina/ Bailey^
; In the .central
bushels per acre, compared
part of the Na- who had been a lieutenant in the
witl^ Late Howes*/
Fruityworm/dkm$ tion early Septeiriber freeze dam¬
25.9 bushels- in 1945 and the aver?
age was very light.
Simmons/ organization, objected
Berries iri
age of 22.8" bushels;
age
was* less than expected a to Simmons bolt from the
-j general are medium in size. QuaD month'
party hi
Barley
Stocks - on .7 Farms-4 ity. and V keeping
ago!;/Yields; per
acre failing to support Alfred E. Smith,
prospects. -; are indidatecF
Stocks of barley on1 farms Oct.
foi*-Michigan^ Wisconsin for President m l928.
■ ; ;
4 good* Dry bogs were producing
and: Minnesota exceed; the
are
estimated
at
Sep*
: As
a Senator,: the grave and
155,125,000 better crops than .usual.-,
terriber 1 estimates .with a; marked
bushels.'
This is approximately
studious. North' Carolinan voted
The New,; Jersey crop is; now
improvement., 'in: -Michigari arid for/many of the proposals of the
61% of the 1946 production and
estimated at 77,000' barrels-^-57%
Wiscorisih.'; Iri; these States, sbme Roosevelt New Deal administra-r
compares with Oct. 1, 1945 stocks
iriore than the> short crop: of -last
plant?' that appeared killed made tiqn, but he fought others vigor¬
of 166,619,000 bushels
(63% of
year;
but 12%
below average; additi'dnal
1945 production ){• and 181,611,000
"growth: in September as ously. He looked dubiously upon
Many bogs are showing a. heavier the
bushels (65% of 1944 production)
undamaged lower leaves con¬ the Government's spending policy
production than: estimated earlier
in 1944—the first year for which
tinue to function. "Many' fields ih arid as early as 1934 began pleadr'
in the season; 'Harvest was well
iri - the ; cpmmercial/ counties of ing for an attempt to balance
Oct. 1 stock estimates are
the/
availj along by October l- and 'should b^
able.
In relation to
Michigari Yemaihed/greeri- at the budget.." * :■ "
'
' '
production* completed
tby mid-October//Ber? ehd/rdf;
current farm stocks are smallest
Iri;193T the Senator took a lead¬
Septbiriber: buf vines had
ries are of good quality arid of
been killed throughout most of ing/part / iri K fighting
in the early-harvesting areas of
President
medium tolargesize with a rnucH Wiscohsin.
Roosevelt's proposal for reorgan¬
In Minnesota a
the Western States (48% of
large
pro? lower, than
usual/perceritage of acreage in the
izing the^^Supreme CbUrt/He voted;
Valley area remain
duction), in the South Centra}
small sizes.
Wisconsin cranberry
to'.be harvested after October 1 formost. of: .the. New Deal farpq
States (53 % of. production)
/anc} production1 estimated at 128,000 a§
in the South Atlantic States
; heavy rains^/tlie. latter;
ihuart Qf measures,/bixt he istrenuously, op¬
(58 % barrels
is the largest of record!
of production).
September delayed harvest. Har¬ posed those providing for compul¬
In the late-har^
and compares with 82,000 barrels
sory crop control.'>
vest '.of; the/; North - Dakota vesting regions of the North At?
crppf ■/; On Dec. 17 ' Gov/ R.
in 1945 arid the average of 97,000
Gregg
was
lantic; States, 75 % of the 1946. pro?
aisq
barrels; ; The .crcip is- being/har? but was delayed hy : wet weather Cherrjr of NoTth* Carolina appoint-'
duction was still on farms Oct.
progressing satisfactorily
1, vested under favorable
ed former Representative William
weather as the/month ended.
and in the North Central States
/Production
conditions. - Berries are of good
about - 72% of 1946
indicated / for - the fives other/late B." Umstead of Durham to serve
production
the
quality.'
*'■.* '
•
unexpired Senate term of
/ ! -1
was on farms..
potato producing States in the
•
>
/
,
• /
In Washington, prospects still central part of the United States Senator Bailey.
Stocks of Rye on Farms Oct.-1
United Press,/Raleigh /gidviceS,
point to a record-large crop of —*-West Virginia, Ohio, Indiana,
are estimated at
reporting this, said:
11,492,000 bush¬ 46,200 barrels—27%
above
the Illinois'. and ' Iowa-r-is >
slightly
els ors 54% of the 1946
production; large 1945 crop of .36,400 barrels higher thSri was Indicated on
The appointment, was no. ?.wS
Sepr
Last year's stocks of
14,254;000 and mord than twi£e
the; average t'ember-L.
/
:; • • • , prise to politicals observers. Mr.
bushels at this time were also
1935-44 production..
In the western part 'of the Unit¬ Umstead
Harvest Was
managed Mr.
54% of the crop produced.. Most under
way
by October 1.. / The ed States, yields higher than those
of the rye producing States
gubernatorialr campaign in 1944
again greater■; part of .the
crop is ex* estimated September, 1 are indi¬
report a low. percentage of the
and.' served as chairman of the
pected to move to processors again cated for Nebraska,
Montana; Wy¬
year's relatively small production this/season.
Oregon
cranberry oming, v Colorado,'
Washington, State Democratic Executive Com¬
remaining on farms.:" Nearly half
production, estimated /at' 13,900 Oregon and New Mexico. Harvest mittee until several weeks ago/
of the total stocks are
reported barrels, is also the largest of rec¬ in the commercial areas of
west¬ when he
on farms in the four
resigned effective whenmajor pro¬ ord, "and compares with 11,400 ern Nebraska is well
under way.
even
Mr. Cherry named a suc¬
ducing States of Nebraska, South barrels last season and the aver¬
In Montana, a large proportion of
Dakota, North Dakota and Minne¬ age of 8,060 barrels.
-/
/Harvest had dry-land potatoes and about half cessor.
sota. Rail receipts of
become general by October 1.
rye at ter¬
/ Mr. Umstead had been regarded
•
the irrigated
acreage
had been
minal
tant States,
were
unchanged from
,
-
-
■
.
.
■
.
_
.
.
f
•
-
-
-
,
,
.
-
.
-
.
.
Cherry^
.
markets since harvest have
been
lighter than during the past
three years.
■
•
931,000
bushels per acre exceeds the pre¬
vious
September, with the
late-har¬
confirm, the im¬
provement in barley prospects re¬
ported a month ago. Yields cur¬
vesting
this
harvest of Cobblers and
Bliss Triumphs was completed
by
.
;
Oats Stocks
of oats
'■*
the quarter.'
22,-
in
Utah,
,
favorable
fleeted
-
for
indication of
and
produced
crop
development in September
the indicated yield of 173
.
270 million more than the average
of oats
except hard red spring, which is
about 16 million bushels less than
'
plus the 1946 production)
633,467,000 bushels. This
than
last
1
tuber
eastern areas of the State, har¬
with a
Indicated production in the 30 vest of
the late crop is at the
36,850,000 pound crop; harvested late potato producing States is
peak.
In Oregon,: harvest is in
last year.
Oklahoma at 11,250,000 placed at 351,351,000 bushels. This full
swing in the Crook-Deschutes
pounds indicated is only 43% of quantity is 15.8 million bushels
and Klamath areas and there has
the 26 million pounds produced in
largerv than ; the production indi been little frost
damage in the
1945. t Crops in Louisiana,- Ala¬ cated
Sept. 1 but 12.7 million commercial areas of
this State. *
;
bama,-and Mississippi are also ap¬ bushels
below the' record-high
In
New Jersey, most of the
preciably smaller than last year.
crop of 1943.
All late-producing commercial
acreage had been dug
O- The
production of / improved sections shared in the" increase in
with only scattered
.acreages of
varieties is expected to total a
prospective
production •- during Green Mountains
remaining in the
little
over
40.3
million " pounds
is about 167 million bushels" more
record crop of all wheat this year
resulted in larger amounts than
Oct.
the
.
000,000 pounds,
supply on farms (the July 1 farm
winter, 573 million bushels; soft
red winter, 210 million bushels;
hard red spring, 217 million bush¬
els; durum, 39 million; and white
wheat, 131 million bushels. The
'
and
.
1946
at
through the United States favored
Central
Pecans:
October
1
pecan
pros¬
Potatoes:
The indicated potato
471,146,000 bushels is a
record-high for the Nation. This
crop
of
estimated.-
pects declined about 8% from last
month
as
unfavorable
weather,
disease and insects took their toll.
A crop of 89 million
pounds is
now forecast
compared with
the
pects
production-
tion in 1945
pros¬
and
of
96.5
138.1
year ex- States
million
million
except
in
on
Sept.
1945,
1
All
Mississippi//Louisi¬
above the
455,137,000
is
3.5%
September 1 forecast of
; bushels
and- exceeds
previous record-high: produc¬
■
464,999,000 bushels har¬
tion- of
vested
els
in
and
1943
the
372,756,000
by 1.3%.
was
■
Produc¬
425,131,000 bush¬
1935-44
bushels.
and
by
Idaho
about
October
started
the
middle
1.
killing
Frosts
September
by the end of the month po¬
tatoes
going into storage in
volume.; Harvest of the, Wyoming
crop began the last week in Sep¬
In
a
certain
Democratic
Colorado, harvest is
now
,
the
he would be
a
candidate for
full! Senate term
electibn/tb;
a
Stead./He
■
served^'■/ih^^ the Bouse
from
;
swing in the San Luis Val¬
is
candidate/ for
gubernatorial nominaV
tion in *1948, but. it was believed
:
were
tember;
in full
as
vines
of
the-Sixth .North
in^.'
Carolina
District from:/1933 to 1939, when
he voluntarily
ley, and storage facilities appear
Conditions
inadequate for handling the large
average
;
harvested
in
.
iretired to/resume
his law practice in Durham.
:/■•/ ///;;
i--
/
"
/•/' //• ':•/;'
.v;
■
bi//;
v
iVolume 164.1 Number
THE COMMERCIAL & FINANCIAL CHRONICLE
4554
"3399
what she wanted. The tone of his
Training and Responsibility in Banking
(Continued from first page)
men to acquire
property."
There
natural laws which we
set profoundly in. our apd manned to answer
are to
validly pro¬ for. public service.
are
must
get
minds if
of
this call
which with
said,
peacetime economy. 58%—83
million—have: had no adult ex¬
ministration iri- Washington.
—90
million—have, had
no
:
the 131 savings banks of this state
and
represents well over half of
savings deposits held by all
savings
banks
in
the
United
.
viewpoints of / being : too social
minded, visionary and impractical
the
adult experience with the events
hearted and concerned-too-much-
18
following the. first world war,"
Of those figures, X consider most
disturbing the 63% who have had
with-the-almighty-dollar
ident of the
its
of
a free people be a part
competitive economic field"
citizens.
It
intended
was
and
1
nomic" questions
1929—it
dealing with the
towards
equipped to do
experi¬
mentation, which have produced
a,generation of hoaxes, illusions
and economic cure-alls, to
bring
us. to the
point of
so.
It,has rio
is
easier
ern
;
especially true when
enduring and solvent economy.
We—and again I say, we, are the
Adam
that
an.
despair from
Which we must now start out
again with fresh ideas.
& v fCJoeth^orice sai# Mature un¬
natural
derstands
destiny,
-
omists
ities to be maintained and set
up
by governriient are those which
will serve the orderliness of our
honestly and accurately with data
arid fagts as a neutral and depends
her, she despises,
operation,
secrets."
"When we can fit our economic
doctrines into the pattern; of na^
which will
inform
us
able agency; which will defend
from
c our
.
enemies,
within
us
19th
bankers
a
gain. of 869,000 new savers,
bringing the total to 6,912,691 ac¬
very caus¬
which
he
counts
reason/ why banking must en¬
termination to
of
develop a backlog
security through regular saving
—even in
the face of constantly'
increasing living costs."
'"-L• '
■'f it is added that the gain in de¬
posits in November amounted to
as
cen¬
remarks were
the in¬
,
$52,673,375,
crease
which
is
corresponding
Accounts
period
increased
the operations and the personnel
of- bank-mg: in the. last • 15 to 20
%
j During November, the savings
■
banks
were requested to turn over
23,127 abandoned accounts tathe
State
Comptroller.
The
was for very small amounts,
is indicated by the fact tha,t the
total
sum
$357,517,
of
or
these
an
accounts
5
per .account.
; /;
• /
/, ;
/:; j Savings Bonds and Stamps re4
..
different and
days which I have- described -to
dries not appear to be a happy
one but the challenge it defines
is a glorious one. It is worthy of
the public you. serve. They will
permit you to grasp; the great/iiri?
vpor1jance o^ whatever you'da aa a
'par^of the hank's practical opera¬
tion] It is useless and empty rou¬
to engage in promoting and safe¬
tine" for you to learn the policies,,
organization, : and. riaetho.ds and
<
guarding the habit of thrift and
Counsel
Nichols Becomes
everywhere
It
to- it.
is
ipventive -skills}
establishing the truth
on
Dec. 19
an¬
PhjJ-
Chief Counsel
as
But in- spite of -this huge: score of
an-
October.
The Treas¬
Department advices state:
Jf
appointee has been
since/?: last February as
Counsel of the Navy Price Ad¬
new
:
justment Board, and since June
as
General Counsel of the War Con¬
tracts
Price
Adjustment
Board.
should: never be concerned about
the, legitiiriacy of his: actions and
Born in Boston Aug;
procedure:
versity, which conferred /th^; de¬
grees of AB and LLB on" him in
1929 ond
1932, respectively/He
practiced law in Boston *for/:six
years,; and in June, 1938, eritered.
the Lands Division of the Depart¬
There
•
is
not
.
an
.
-
employee
in
"any. of our institutions who, is; undpipprtant^ JCach has a highly im¬
portant place in the conduct of
the bank—like members of
a
sym¬
phony orchestra.
The president
cannot report suitable profits, to his
board and Stockholders or deposi¬
tors "unless
his
orchestra
concert
composed of his clerks, his tellers,
his. bookkeepers, his heads' of der
;
partments, his officers, his direc¬
tors arid himself work in unison
to. produce the" symphony of profit
a,nd: service: to customers and de¬
positors.
j A bank * is a building-—an ori-.
ganization—an institution. Of itsfelf.it is cold and. lifeless.-It has
I know, that this is a grim fact /dowri-the-riose ; poHcy at people
.who deai with your bank is'un¬
for us to; face. It constitutes the
thinkable, unprofitable and inex¬
greatest obstacle we haye*
economics is. short, You are .in day
to day contact with
the people
who died in
"The
serving
honest/ banker
who
fris, business, with a - good
hank's attorney to support him,
m.ay seerri unnecessary: arid fool¬
ish",to. tell you that a loojking.-
questions involved in human: her
havior. and' their relationships, :
of what is sound and endurable in
there
knows
,
The time for
that
ury
laws,-
I have dwelt at length on these
ssejitial principles -which underly
ity, but it is particularly rich in our/business because iriany of you
the banking business. You have- have not lived at. a/time, wheri the/
; Of course, you .must have .pol¬
working laboratories of economics public recogized the imperative icies concerning/service and other
within the; walls of the
character of the principles to sus- charges which are fair and equit¬
Providence
Institution for Savings,, the In¬ tain:a:sourid*dri,QSpemuaand ;en-5 able,. Which are .properly inaugu¬
dustrial
Trust ; Company,
the- during. economy; Many of you rated and. fully."explained to de¬
Hhode Island Hospital Trust and hqve lived only in a period of /un¬ positors. arid; public. It go.es with¬
your other banksYou must un¬ tested and sometimes utterly false out, saying, that, directors, officers
derstand that you are all a part economic doctrin e, at a time wheri arid: employees riiust be efficient;
of a; vast/ staff of researchers ta a great; many of even our wisest courteous and friendly,, and, that
firiid and practice j the solution and economists / arid bankers 'and busi? your interest in the betterment of
satisfaction of the people's eco¬ ness leaders had no scientific ap¬ your depositors or customers must
nomic and social needs and wants. proach
It
in - ecooniics to answer be "of, paramount importance..
find public activ¬
| ip Nichols, Jr.,
rules fori the conduct of banking.
•
your
guards of accumrilatecl savings.
• I
kno.w of- nq other method' I
could soundly advise; by. which
you could be-certain of real and,
continuous *< profit-making ' f o r
your banks.
e
we
estimates
21,000 pages of Federal, and
State statutes required to outline
individualinitiative
in- finding, ways/ and
means.,of; increasing the- savings
habit "arid;: improving //the ; saf e-
stockholders.;
Secretary Snyder
nounced the appointment of
are
big
enough to capture, your imagina¬
tion;/: your creative" ability, your
tory of economic research and orofit from/it, unless- you have ari
procedure;
Unlike. medicine
br Intelligent -understanding of the
other sciepces where laboratories principles which must control a
for. experimentation are* confined sound institution to^assure a/fea-f
to a room/with test tubes,.instru¬ sonable arid fair; profit to deposi¬
tors and
occupation
a
Association
life-time of service
giving
and
i
Treasury Division ^ /
regulations
governing
the of- the Procurement Division /'of the
banking business in the United ; I^reasury Department. .Mr; Nichols
States. > The
American Bankers succeeds the late W. G. Helfrich,
.
your
Of
and
y.au
industry take on a- great, public systems ;■ required for you to con¬
responsibility in fhe vast labor ja-r duct your business and derive a
ments or physical machinery, the
experimental field of economics-is
was
of $15.49
average
which
years,
>
of public economic education.
It
is imperative that those who are
engaged or who are being-trained
of
bulk
these
as
.
*
year.
772. h The
eco¬
-
:
last
by
advises also state:
admittedly present
-/Profitable' savings banking! is
nomic
dependent,; /whetheri/t^^^are^a
and
vriiristtpo^Iar^bdpks!/ recently marks ..must* -.be. everlastingly
clerk or teller,; bookkeeper or of¬
low up vigorously with public ed-. ficer: or director, enr your under-; published whi.ch Ueals, with sound borne in mind if we. are to avoid
economics
is
Henry .■> Hazlitt's a reappearance of
ucation in an effort to/ combine standing of these sound
anything, that
principles,
;
/. WPrkable ; economics with- desir¬ These principles will orient your "Economics- in, Qne Lesson."
might justify .such priticism.
I admit that the task of intelli¬
able social gains, and to make personal condfict and your person-;
;
We have an enormous multi¬
; ecqomics /art acceptable/ member; al behaviortqwards your bank and- gent savings.' banking in. these plicity of Federal and State, rules
•
was
give rise to a very deemed during November
amounted
to
more agreeable ap¬
$9,3.01,048, 'against
praisal pf the banking business. $8,807,2.14 sold.
'
1/,/;;
treatisies. One *T>f the finest
;
Nevertheless^ Mx^RaQsey ell's, r a-,
1*6-
tempered with the maintenance of
Savings banking is at the base
but
•
-
the social gains which the.
people
will demand; to keep. We will fol¬
of lhe sciences.
in¬
34%
a
month
last
over
lqss than the $65,497,992 for the
in. some instances, but there have
been- many changes in the. spirit,
books,..; the students : not being
given, the opportunity to think for
themselv.es ' after examining by
/ cjass assignment; such sound?
Nichols
attended
ment of Justice.
to
the WPB
as
11, 1907, Mr.
Harvard ; Uni¬
In 1942 he went
counsel to various
industry divisions,. From January,
1944, to February of this year, he
served
in the Navy,
ment to* the
sel's office.
with assign¬
Navy General Coun¬
He
was
commissioned
Lieutenant, junior grade, and
won promotions to Lieutenant and
Lieutenant Commander,".;
v
as
Truman^tp Visit Mothefe
on
Xmas.—On Air Xmas,. Eve
Plaris of
President
Truman
to
character, but n6 personality.; The
are
practicing sound eco^in, re-,
to H Independence;/ Mo., 1 on
bank's officers and employees are fly
npmics—or trying to,. They need storing the faith of the American cusable* but -I say it because we
;lts personality. Those who meet Christmas morning, for a 24-hour
your help; arid: encouragement, for ;people, in./pur traditional charac¬ need constantly to be reminded
visit with his family and mother
the customers and the
w/ho,
v
their: individual economic prob¬
and
; are
terribly
initiative, you will be doing a
great service, not ;only ft© them,
but to the economy of the nation,/
are
16,000
of all kinds in
the United
ant'/ attitude.
I
many
lic to
in
with/ welf hver V27d,OOQ . Officers
and. employees. /This: constitute^ a
Prentiss
of
vast staff of researchers in action
bank
an
had,- a' /teller
we*
who
his window for
old
was
a
bUsiijpss. He
frozen
routine.
completely
old.
Irishwoman,,
job
was
find
the
workable
answers
to
An
scientific economic questions. 'The
American
Institute
of
Banking,
63
,
million
people—have
adult experience after
had
age
no
deposit
or
a
them
know
draft but she had not
who make up
and human side
have that
staff, members
than
the meticulous ac¬
and
in
<
speed
their
their
jobs,
own
expected
they
banks
of
should
and
as
were
on
known at Washington
made
Dec. 19. Mrs.
Truman, and their
daughter, had previously left the
Capital for Independence ftjr/ the
Christmas
holidays. ■ f Announce¬
ment of plans for the broadcast¬
ing of a Christmas Eve address by
the President over all niajor net¬
works in connection with the tree-
lighting ceremonies
House
lawn
was
Associated
Press
count Dec.
11.
on
the White
contained in
Washington
an.
ac¬
The President de¬
layed his trip to the West to de¬
shown her passbook. The teller, "much as possible about the bank- liver his greetings to the nation at
5 o'clock Dec. 24 from the Capital.
manifestly impatient, asked her ing business.
' ' '
'
of 21,
more
curacy
depositor, was
waiting at the window to make a
'
warm
in addition to
,
to
ones
personal represen¬
tatives of the bank; they have
their own specific jobs to do, and
are
mind
crystallized..
the
side too.. But the
to him
His
are
—-and every, bank must
very
whose
public,
the bank's
one
.
fellow
had
the
Armstrong *„/ Cork:; / Company re¬
cently sta.ted .in a public address:
"Today 44% of our population—-
ago
Monday
grouchy
overbearing when he opened
bur
and
save
As.- President
years
morning, appeared
regularly, and then for
you to be absolutely certain, as
far as human judgment is capable,
that those savings are safeguarded.
States
•
who have the .over-thO-counter or
the. "civil serv¬
remember^ that ; across-the-desk coritact w:ith the
-
and
banks
almost
on
my
ster their faith in their individual
There
and subtly take
insisting that there can be no
delay in your effectively learning
acting to stimulate the pub¬
to
them. If their problems can be im¬
portant to you and if you can bol¬
t
and economics
the personal freedom of our
citizens. It is the chief reason for
important
depositors,
of it. It is far .too easy to slowly
ter of government
lems
.
/
milestone toward the peoples de¬
so
they may be they
fail for four evident reason s-~first,
they see the problem from the
point of view of their own busi¬
of
structors have instilled a preju¬
dice
against unavailable economic
recreated, public respect* will ju¬
dicially settle our many disputes.
of November 30.
as
"Crossing the $9 billion mark/*
Mr. Catharine said, "is another
(
gave
intentioned
of
.
net
much regulation by gov¬
ernment. He stated, "But, as well*
that of indoctrination
rather than valid teaching,
without our shores, which will
can we
expect them to be true and right. assist us in/ still further develop^
We will, now seek ^ to correct the ing our great.American free econ*?
causes of economic and social
disri emy, and which, with a justified
a; resurrection of indi¬
initiative •; arid enterprise:
18th and
have increased by $3,44 billion or
62%. Likewise, there has been a
are
process was
and
ture—then, and only then
tress, with/
the
bound to
are
ness; second, they see the' prob*
largely unavailable, lem from the
point of view of
They are not to be found in most their own
locality or region; third,
sphools
or
colleges. This
may they cannot act
unanimously be¬
partly explain .why in the past cause they have no
machinery for
twenty years the large majority agreement
among themselves; and
of economics teachers have yield¬
finally, they have no power to
ed to economic doctrines which,
bind the inevitable minority of
although, they might have seemed chiselers within their own ranks."
plausible, nevertheless were in¬ This was a harsh
indictment, but
sidious .arid, unworkable,; Without
there was. some truth in, it.
The
students fully realizing that the
"conditions on which he based his
no jesting;, she is al¬ destiny of nature. We must cease
true, always serious, always passing the buck ta government.
severe; she is always right, and We must insist that the only facil¬
an<i only to the apt, the
pure, and
1he true, does she resign herself,
andi reveal her
"Wealth
and
dure
realize
we
liteurature
his
the
five years
since
Harbor, savings deposited
in the savings banks of the state
/President Roosevelt early in his
as a
Day id Riear do and John
creative econ¬
of
turies,
the
the errors and faults are
always
men. The man
incapable
of ,appreciating
and
principles
/ During
Pearl
yourselves accordingly.
ness
Stuart Mill, noted
ways
those of
economic
Smith
N atioris/'
appointed persons to undertake
the task. We, the people,, are the
masters. of
the
or customers is
desire to serve, com¬
a
Savings Banks Asso¬
ciation of the State of New York.
depositors
sense
was announced on Dec.
by Robert M. Catharine, Pres¬
The announcement continued:
tic: criticism of the banking; busir-
acceptable, This is
so. It hasn't the char¬
acter to do sp, if we are to have
Stated, it
concept
behavior
your
administration made
to .understand
pacity to do
hard¬
take possession and you will gov¬
many, of the strange eco¬
nomic beliefs of those years could
be so. readily
ca¬
practical,
sometimes find in bank¬
dictated by
mon
why
social and economic requirements
of the people. Government is not
we
too
•
ing institutions. If
4
ence, and people .depend on it as
a .life
saver;
Economics, has not
yet, reached this1 stature. - It has
taken the recent years of
the
which
that it operate to police, to main¬
tain-order, to prevent or punish
thq other -sciences. It was only ; a crime, fraud, the breaking of con7 no adult experience with the. 1929
few decades ago that the medi¬
tracts, and unfair practices among crisis—nor, naturally, with any era
cine men and
magicians doctored^ lhe people. It was intended always of "normal economics. When you
the people-with rblood-letting and- to: be' the sqrvant of the people, think % that through—-that : more
"mystic mumblings arid\ the death not their master. We must not than half of our people have only
had
rate -was high
adult experience with eco¬
accordingly. Now look further to government to
medipine is. recognized as a sci¬ give us answers to these huge eco¬ nomics in the years following
<:
November. Deposits of $9,012,555,445 are the highest ever held/by
'
ernment of
as
medicine, biol¬
mathematics, engineering and
vidual
"Well, it's the likes of me
experience with the 1929 crisis.
78%—111 million—have had no
reputable level
;
Total
savings deposits of the
Savings Banks of New York State,
crossed the $9 billion mark during
There is always a middle ground
for your behavior between the
63 %.
adult
;/
Hold in Deposits
is traditional. She
us
Savings Banks
and
of the
necessity are now being madebring economics to the same
ogy,
NY
with
meet
resentment
that keeps the likes of you."
perience with: a" conservative ad¬
Politics has largely fallen down
the job with crack^potism, fal¬
to
as
you." Her
a
on
such
was
hot-headed
delay in answering. He continued,
"I do not have all day to wait on
answer was a classic,
market for homes,
radios and other con¬
sumer-articles. 48%—96 millionhave had no adult experience with
lacies and illusions of all varieties.
It was' never intended that gov¬
,
to
her
free
a
motor cars,
we
mote and safeguard
savings. Nat¬
ural laws form the basis for the
science of economics. This science
is .still
apparently in its infancy,
but great.and immediate
strides:
with
the local group, state arid national
associations are the logical sup¬
porters of this vital research. We
have: never been better equipped
.
egual capacity of
and use
voice
3400
THE COMMERCIAL & FINANCIAL CHRONICLE
■
,
,
.
.
,
,
A Christmas Carom
ABA
Savings Div.
To Publish Studies
'
these "gifts/' it would have to
tax the people to
pay the potter;
for it could not confound
him in
pther way into paying for the
production of something he didn't
any
actually sell. There would be
two
aspects of the end result of this:
not
only (1) taxing Peter to
the
potter, and taxing the potter,
but
too;
(2)
the
inevitable
pay
bor¬
rowing-debt-inflation-disaster
quence.
se¬
i
One assumption of the editorial
is the old
one
about America be¬
ing the land of plenty. This point
of
boards
of the World, the goods of Will resume
bur own larder/ and pocket gov¬
studies and
ernment bonds
payment there¬
as
V...
on
.
ficient to finance the avowed goal
of
abundance
be
home world
at
How are we to
achieve it in sufficient degree to
crippling enough.
maintain
basic minimum of con¬
a
Are
earth?
the
for
sumption
poor
the
even
one
the
of
j
third of
of
National
These
the
Bank
studies
Market
of
be
tent With this earnest eastern edi¬
dence
data
is
7v. V- S
'V
"
■>VK
The Board's customary summary of
Without
*182
186'
Manufactures—
'■•-■'K
Oct.
164
184
'
Total
and
;
Sept.
*185
162.
180
*189
Oct.
Oct.
Sept.
;
'-'.V
Seasonal Adjustment
1945
1946
-
1945
1946
Oct.
Total
I
ioo for all otber series
=
Seasonal Variation
Durable
212
154
145
191
.
171
'
:
'
'187
*215
214
*174
186
164
*144
-
*192
168
*214
J
Minerals
/iy
*169
-
Nondurable
172
158
149
125
*146
124
?;<
*
Construction contracts, value—
re¬
Total
MMM
151
Residential
All
1
t
36
78
152
t
121
147
35
t
147
155
t
..
other
t
■
156
114
Factory employment—
*146.6
145.9
^ 127.2
*147.0
146.7
Durable goods_^__._'.
♦170.0
168.5 ;
142.6
*170.1
-168.7
Nondurable goods
♦128.2
128.1
115.1
*128.8
129.4
Total
pointed out. that much
published from Govern¬
tor's idea of
'
v...:
;
average =s ioo for factory employment and payrolls;
1923-25 average = 100 for construction contracts;
Industrial production-
,
ing
.' V
Adjusted for
published by the Division's Com¬
mittee
on
Savings Statistics of
which J. Brooke Willis of the
h',
'■
1935-39 average
Street
made
?
BUSINESS INDEXES
1939
Philadelphia.
will
,.v,
employment and payrolls, etc.
ion, who is also Executive VicePresident
V
business conditions was made public at the same time.
The indexes
for October together with comparisons for a month and a year ago
follow:
issuance of statistical
other data to keep
undoubtedly been our own people who are ill- search
department of the Chase
strengthened., at long-range by clothed, ill-housed and ill-fed ex¬
National Bank is Chairman.
such
indications
of ''economic pected to contribute their mite to
At a meeting of the Committee
abunaance as have been supplied this
continuous; Christmas drive? on Savings Statistics held on
Nov.
by killing the little pigs and plow¬ Or is it permissible, and consis¬
25, it was
under the corn;, by such evi¬
of waste and extravagance
milk id'the streets and
.■
The Board of Governors of the Federal Reserve System issued,
Nov. 27 its monthly indexes of industrial production, factory*
:
bankers informed about ; trends
for, would be playing Santa Claus and
developments having an ef¬
in the same way that playing God
fect upon the savings habits of the
or
Napoleon has contributed to American
people,
it was
an¬
the over-crowding of our mental
nounced on Nov. 25 by Fred. F.
hospitals. Internal taxation suf¬
Spellissy, President of the Divis¬
has
view
Federal Reserve October Business Indexes
;
(Continued from first page) ,'y have become a medium of ex¬
surplus" to give away. Since the change—cigarettes, for example.
The
Savings Division of the
government would not get paid To. pour out into the empty cup¬
American
Bankers
Association
lor
Thursday, December 26, 1946
.
.
aC
127.6
142.6:
115.7
Factory payrolls—
222.9
284.3
t
Total
our;"duty" to begin ment sources
and private agen¬
as
243.7
314.6
Durable goods
t
spoilage charity at home?
cies as to the amounts of
Nondurable goods
202.6
Ill
254.7
t
00 food by the
savings
carload; and by the
Roughly speaking, each of our funds held
128
149
118
139
138
149
by banks and other in¬ Freight carloadings
liard cash fact of
230
269
*276
278
213
'
Department store sale3, value—
contributing the 80 million jobs has to provide a
♦258 :
stitutions, i.nd that there is a con¬ Department store stocks, value
labn's'
*235
226
164
250
185
*265
jh'are to various interna¬ living for about two and a half siderable variation in the
tional founts of aid and assistance.
figures
•Preliminary.
fData not yet available. =
people here, as well as support because of
the lack of a standard
It r;is /evidently
Note-«-Productlon/ barloadlng. and - department store sales' Indexes based on daily
/the latter fact our government in the debt, to
To convert durable manufactures, nondurablo manufactures, and minerals
•Wtticn1 has led this New: Delhi ro¬ which it is accustomed. If these definition as to /what constitutes averages.
indexes
to points
in total Index,- shown in< Federal Reserve Chart Book, multiply
manticist to an easy conclusion jobs are expected to provide also "Savings," ; "time deposits," arid durable
by .379, nondurable by .469, and minerals by .152.
"liquid assets." The Committee on
y Construction contract indexes based on 3-month moving averages, centered at second
for
the
millions
of
Underfed
Mat/'the•:i 'supreme obligation of
Savings Statistics decided at its month, of F. W. Dodge data for 37 Eastern States. To convert indexes to value
ensuring to the entire world's abroad (1,400 million of them),3
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000, resi¬
population a -minimum scale of then the average worker of this meeting to adopt the system of dential. by $184,137,000, and all other by $226,132,000.
computing savings statistics used
: ?, Employment
adfeqfuate food" would be ulti¬ country would have to produce
index,' without seasonal adjustment, and payrolls index compLsd
by the Federal Reserve System. % Bureau of Labor Statistics.
mately undertaken by the United enough to feed 20; or 25 additional
—
"
,
-
v
.
lotions' Food and Agriculture Or¬
ganization, and that its program
in; turn
would
written
by
be
and social worker of this country
mainly under¬
is
lic
Uncle
on
record
j udging oiir pub¬
as
assistance
grants
inadequate
*'/
for the requirements of our own
-Inifie first place, the FAO was needy. If our 60 million jobs canhot :srij/up;as;a;^relief
prgariizatibn/ hot; without jeopardy to our econ¬
but
a£$ Wholly • fact-finding and omy, provide wage payments and
S&nte.'/'"-
advisory body. Its proposal for a
World ; Food Board as an action
body1.; Is/another matter, and one,
iff miisf be
emphasized, still in
scheme
stage.
A commentary
on
these'1 ^EAo
proposals,
entitled
"World Food Plans," was nublished
Bjri"Thri Econdmist" (Lon¬
welfare payments
for 140 million,
take on responsibility
how can we
for the welfare of ten times that
number?
It's
course.
-
of
a
m
INDUSTRIAL PRODUCTION
new
series
(1935-39 average sss.XOO)
of
studies will be made by the Sav¬
ings Division based on year-end
figures of Dec. 31, 1946 It was the
Adjusted for
Iron
at
sources
a
minimum
was
actu¬
conceived,
States to do.
But
of
idea
the
sharing
of the
Savings Division
force,i. it
is
better
to
have
jobs-
United
States would have to be¬
iScjr-exertibn's sak<£The editorial's
adaptation of-this theory is that
«<u» 60 million men-at-wprk will
jii ean over-production — not now,
butt in a year or so-f-and therefore
"itt would be. better to part with
surplus goods than to create un¬
employment." (Or—share with the
world the, sweat of several million
brows,;.akthe. Beveridge hole is'
dbg and filled up and re-dug and
Statistics,
.'v»e^ilJed^a^;;infla*ioh?:)
•
Jin
period of; inflation it is
goods, i not money;«which count.
The i<|ea ipi reimbursing ourselves
with >our-own
cash
order;to give away
or
IOU's
in
something for
nothirig is'bn1 empty-pipe dream.
© v
e
jq |) pjy e r i n g proof exists
upon
time
a
was
a
Claus to the whole world
I.
the
Pacts
cial
and
.
."
.
King, Professor Emeritus of
New
of
York
University:
"Pacing
Famine; Relief("Commer¬
Financial
Chronicle,"
July
1946).
25*
•■■■-»
Trumans Entertain Press
President
were
press
and
Wives
on
to
the
radio
Dec.
largesjK^ffiite
he®and
ever
Mrs.
and
hosts
6
-Truman
Washington
corps
at
and
one
their
of
the
House receptions
the first such for¬
mal reception since
of itself is worthless. Mon¬
ey merely represents
value1
Where
of
goods
;iftere
are
load .of .money
Europe,^ today,
—:—r/r;>
20pr
p.
;,404.
the exchange
and
no
services.
goods,
a car¬
is' valueless.
In
goods themselves
■'''-v'■$
..
ton
advices.
persons
2,500
some
shaken hands
with
Mr. and Mrs. Truman, they were
served
State
music
'•>;-
'
had
After
Room.
light
dining
for
refreshments
in
' room. / There
dancing
the
was
In the East
.
leading firms in these
Dec. 17 elected offi¬
during the next fis-r
cal year.
The results of this elec¬
tion which took jttace at the organiztion meeting of the new Ex¬
ecutive - Committee, held at the
Drug and Chemical Club, this city,
follow: /Chairman, Dr. Carle M.
Bigelow, Calco Chemical Division
of .the- American; Cyanamid .Co.;
Vice-Chairmarr, Fred J.
Stock,
V.-P., Chas. Pfizer & Co., Inc.;
Treasurer, Hugh S: Crosson, Mc¬
Kesson & Robbins, Inc.; Secretary
Helen
L.
Booth, New York
Board of Trade, Inc.
Carl M. An¬
derson, Assistant to the President,
Merck & Co., was re-appointed
to
-
Counsel.
Chairman, Haroljd
129
159
193
139
172
307
347
232
258
*268
—:
Smelting
equipment.—
member of the Section's Adviso¬
ry
Council which consists of the
ex-chairmen
years.
for
the
past
.;
262
241^
188
*174
•
167
Lumber
t
and
and
refining
products
t
159
232
241
*190
139
307 '
262
'*174
171,:
366
'
*239
120
144
■
195
if
258
188
120
167
146
*135
144
146
137
t
148
*141
147,
*134
01
*126
129
76
*154
Lumber •>-_
Furniture
;
148
144
'
'
.152
'
120
—
Abrasive
and
and
asbestos
161
*215
161
f 50
158
161
50
162
106
t
188
123
150
116
*155
155
122
*215
212
*251
246
•170
prod.
products
^
166
hide
Sheep
and
lamb
155
153
128
239
236
215
147
t
181*
147
112
f
+
118
113
107
99
108
114
t
!.
121
.
81
132
'
*148
111
80
t
51
'46
my*'
129
145
nmn
46
;' 145
131
:• t
t 122
t
t
131
116
164
153
;v ■
;r;89vc
«
51
t
m
leathers.
'
y
116
,
;
-
'■y .91
Processed
fruits
143
135
129
147
136
*119
manufactured
136
*144
38
129
*120
37
133
*156
Meatpacking
;
128
215
t
leathers
Manufactured food products
Wheat flour
_.i
Other
141
<
119
t
■
166 '
101
kip leathers.
/ Goat and kid leathers
v
182
218
246
'
*170
t
—
"■
and
H 216
*251
:
t
products
Tanning —;
Cattle
♦221
141
167
153
S-
Leather
Calf
177
218
V
-*■
213
r
236
■
239
textiles
'
r
181
consumption
Rayon deliveries
:
'
155
Cotton
Wool
-120
♦147
products
Gypsum and plaster products
-
94
82
*154
t
iClay
Textile
'
-205
,,:!'
158
—_——
Cement
-
'
•205
Stone; clay and glass products
? Plate glass
151
148
*174
187
164
313
foods..
"
*172
142
*160
.
*153
y
.
128
*221
♦151
150
143
*151
150
172
and
172
157
172
172
veg..
Paper and products
Paperboard
165
143
157
'
85
Petroleum
128
115
135
128'
117
119
117
96
125
119
101
.y-y.t.
t
156
t
*146
coal products
refining
*145
129
*146
Gasoline
t
oil
Kerosene •;
Coke
■
t
120
t
152
t
120
122
166
WI t
t
# 116
t
122
166
116
''
t
'
161
115
t
161
115
352
145
*358
352
145
235
230
*236
235
232
*268
268
238
*268
266
238
•394
...
chemicals
Fuels
395
371
*394
395
371
231
191
*237
231
191
*
.
*149
Crude
t
,
*151
163
•124
125
...
Anthracite
:
petroleum4au*^Uw&u..
•Metals
*148
,
126
163
110
125
120
*124',
*148"
133
y
■
151
*160
120
*149
y
*149
110
r
j"- '.'y! 109
>.
Iron ore
,
coal.-.—*160
Bituminous
*
156
129
:
*233
MINERALS
;
152
t
'
P.
t
*145
•237
w.
Industrial
-4
79
t
;
Rayon
!
!,.-t !:;;;■■
t.
t
:
;
Rubber
k
87
*358
;
Chemicals
1'
!
t
t
;
Byproduct
Beehive
'
85
'
oil—
Lubricating
\
'!•.*:
79
132
and
Petroleum
Fuel
j
87
Newsprint production.
Printing and publishing—!—
Newsprint consumption
133
'*134
116
282
245
m t
Preliminary or, estimated.' t Da ta
126
*149
109
■
...
not yet- available.
•':
IThfs' series' Is" currently? based, upon man-liour • statistics^-'fori plants; classified fi*
automobile and automobile parts industries- and
is designed to measure
worlc
done during the month in connection with assembly of
passenger cars, trucks, trailers,
and buses;. production of bodies, parts and accessories,- including replacement parts;
the
and output of non-automotive products made
shown by this series has been much higher
in the plants covered.
Recently the level
relative to prewar than the level shown
sales of new passenger cars and trucks.
The difference is accounted for
in part by a sharp increase in production of replacement parts and by other changes
in the composition of output.
It! appears,> however, that the series overstates' tha
by factory
current
and
level of
man-hour
total
these industries.>. Study Is being made
output in
statistics
in
endeavor
an
production in these industries.
1 "-A
!
? .V ".!!> -; Si'
-
a
366
*190
;
arrive
to
!
at
a
more
of production
accurate
measure
of
'
?
.
"A'"*f'^7'.''
,yl'''/
FREIGHT CARLOADINOa
-*1
■
-
,
"
&
Mr, Altshul automatically becomes
..
—-—-—
M.
Altshul, President of Ketchum
Co., Inc.,was presented with an
engraved gavel in recognition of
his services dhring the past year.
—-.
'
overall
The retiring
184
195
171
t
"
on
serve
—
1941, accord¬
Mroughoqt the/; world today that ing to
Associated Press Washing¬
money
industries,
cers
country that tried to play Santa
3 Wilford
Trade, composed of over
700 of the.
gin'like this:
"Once
Board of
184
193
tAutomobiles
Drug and Allied Group
labor
146
172
347
*268
*239
:
Oct.
184
Nonferrous metals and products
on
Officers Elected by
Sept.
♦183
—
Leon
the
wealth has as a necessary and
or prescribe the pill, it still digests
realistic
corollary,
sharing the
sB a matter of international
charity poverty. If it were always possi¬ Ifew York; Miss Hilda Hoffman,
Assistant Secretary and Statistic¬
and no .more:2
ble to take from the few to feed
ian Bowery Savings
Tie.-the.humanitarian who asks the
Bank, New
many in such a way that all
York; Donald Thompson, Vice;iiie^ii3S!;".! tlist t/; tlici' wdiiM have
enough, feeding the
1feeuiing> ? natioris of •,the "East multitude yvould; have become a President Federal Reserve Bank,
must be. left to starve, the ancommonplace instead of remaining Cleveland,, Ohio; j. R. Dunkerley,
swer is to ask him to define how
Secretary of the Savings Division
a miracle.
and
he proposes -to make them able
Deputy
Manager of
the
Misconceptions and fictions in
Aiiierican
Bankers
to pay for more
Association,
food, or, alter¬ regard to the abundant life and
New York; and Robert W. Bache¬
nately why he thinks the pro¬
the
life
"free-from"
are
rife
ducers 'Will be willing to give
lor, Director of the Research
enough within our own borders. Council ABA, New York.,
it away.
Our? f ar-eastern editorialist We need no imports of the im¬
clfe&rlye believes that, willing or practicable or the impossible.
doit wdishould give it awav. And
Were we to take seriously this
thik brings up another of his as¬
wishful thinker's exhortation, in
sumptions—the new one about
made-work:i£ the economy doesn't the economic primers of some fu¬
The. Drug, Chemical and Allied
involve jjenough jobs-for-produc- ture century, the story of the
Trades Section of the New York.
tlibii's-sake for the whole
Oct.
146
129
Machinery
Transportation
Com¬
Savings Statistics are:
Benham, Comptroller of the
Rochester Savings Bank, Roches¬
ter/ N. Y.; Irving Bussing, Man¬
ager Research Department Sav¬
ings Bank and Trust Company,
Oct.
184
Electric
paper work for most banks.
Besides Chairman Willis, mem-
mittee
Sept.
hearth
Open
to
,1945
Oct.
Steel
counts. It is the desire of the Com¬
mittee to keep the figures frdm
1946'
*183
and
Pig Iron
ac¬
Seasonal Adjustment
1945
steel-.—-.——
MANUFACTURES
the Committee that
bank records should provide in¬
formation as to the activity, turn¬
over/ and mortality of savings
Without
Seasonal Variation
>
——1946——
.v
.
consensus of
bank
the whole idea is that it
ally
first
obviously
impossible, .of
prevent adding to the burden of
The astonishing part of
though not only
don),* Sept. 14, 1946 and, intention¬ seriously but well of, and has. been
al!^ or not, is somewhat of a re- proffered as the right arid proper
buttaUto ithe Santa Claus article thing for the' fabulous United
ins the July "Eastern Economist."
For. example, the rebuttal points
dut that no matter how you coat
The
,
opulent
the
The advices from the Division fur¬
The professional, welfare ther said
in part:
people.
.
y
(1935-39 average e=il0i))
155
Livestock
—
products—
Ore
fy
...
160
109
180
181
111
158
142
m 140
Iv.r 91
122
154
109
146 y
*146
—v—
Miscellaneous
156
113
125
128
>
—
Grain
183
142
Coke
'109
183
Coal.
Forest
139
—i—
160
in
l.c.l..——
79
«J64
139
yv
C
;s;!'t 75 >
197
,
158
120
188
154 " >
166
1°4
216
245
' ' f:" 115
•>: i 215
125
151
150
'
Merchandise,
five
i
'
69
-? *
y
;
136
f.l
72
NOTE—To convert coa! and miscellaneous indexes ta points In total Index, shown
Federal Reserve Chart Book, multiply coal by .213 and miscellaneous by<a548.
>
V
.Volume 164;' Number '4554
CHRONICLE
THE COMMERCIAL & FINANCIAL
Market Value of Stocks oil N/Y. S. E.
Market Value of Bonds
in October
3401
Babson on Striked
NYSE in October
on
announced on Nov. 12, that as of
(Continued from first page) ti'iv
Exchange announced on Nov. 8 that at the
he close of business on Oct. 31, there were 930 bond issues, aggre¬ union members and robbing thepfi
close of business Oct.
31, there were 1,319 stock issues, aggregating
their
gating $136,879,706,284 par value listed on 'the New York Stock of
money,
just for fjbe
1,756,180,777 shares listed on the New York Stock Exchange, with a
Exchange, with a total market value of $140,245,279,977. This com- sake of collecting dues, ; /, y
f/
total market value of
$66,114,906,579. This compared with the figures jares with the figures as of September 30 of 930 bond issues, aggre¬
The Public Suffers Als(»
as of Sept.
30,1,315 stock issues aggregating 1,750,250,158 shares with gating$136,838,310,96a par value -with a total market value $139,*
^ ;
The innocent public
a total market value
784,237,292. 1
<
$66,863,605,035.
In the following table listed bonds are classified by governmental
argely made up of wage workers
In making public the Nov. 8
announcement, the Exchange added: and industrial groups with the aggregate market value, and average also suffers as consumers, fear,
As of the close of business Oct.
31, New York Stock Exchange price for each:
every strike.
As production is re¬
member total net
Oct. 31,1946
Sept. 30,1946——
duced, prices must rise or hold up;
borrowings amounted to $370,558,761 of which
:
Average
Group—
"
Average
onger.
The nation gets richer
$210,593,662 represented loans which were not collateralized by U. S.
'
Market Value
Price
Market Valtie
Price
only by producing more.Strikes
$
(J.
S.
Government
(incl/ N. Y
$
Government
The New York Stock
The New York Stock Exchange
which^jls I
'
.
.
.
,
•
.
v
issues.
The ratio of the latter
•
borrowings to the
mar¬
State, Cities,
ket value of all listed
stocks, on that date, was, therefore, 0.32%. As
the loans not collateralized
by U. S. Government issues include all
other types of member
the
In
the
Aviation
classified
are
-Oct. 31,1946-
•—-Sept. 30,1946
Market Value Av. Price
~
Amusement__.Aviation,..-
.•
.
Building™
/
•
■
831,253,158/;
■
/
—
/.; ■;/ /
•
■
64.61
8,475,562,267
65.92
1,814,806,638;
33.13
58.19
22.50"
1,205,494,868
32.15
61,048,182
9.80
10.24
319,609,023
31.87
63,899,700
300,335,410
.
/-
29.96
2,428,008,067
29.78
2,456,623,876
28.99
1,876,038,803
29.08
53,809,305
106,936,472
31.87
:
Total U. 8. companies
Foreign government-yi-L-'w—
Foreign companies——
Merchandising/—,^—
Rubber—
————————
Ship Building
Ship Operating—^—r„,
Steel, Iron & Coke——
•
—_
Textiles———;
——.
-
935,852,236
29.69
7,780,079,744
36.90
41.90
4,742,695,836
38.66
4,760,340,750
39.61
64.14
774,583,121
65.71
20.00
56,233,681
20.90
24.56
105,621,152
24.26
son
53.98
3,000,335,963
53.30
listed
30.73
1,010,472,731
1,543,391,169
53.17
'l
15.62
26,253,007
15.22
M;/
——
All
listed
3,390,048,408
1,791,591,392
33.35
18.52
1,790,044,648
'4,149,453,056
93.51
4,344,108,042
27.56
29.45
U. S. Cos. Operating Abroad
1,102,987,772
27.60
Foreign CompaniesMiscellaneous Businesses——.
1,143,977,329
338,943,556
22.46
220,796,8451,107,744,352
1,154,680,799 •
32.66
3.308,620,016
i
Oct.
31---—„
Nov.
30
Dec.
—
37.65
Market
*/';■
Value
Feb.:
('•
101,801.493,498
100.71
Nov.
30
101,377,604,946
100.92
Dec.
31—
112,620,708,662
101^5
Jan, 31——
145,555,685,231
104.75
31—*.— 114,019,500,804
28—
114,881,605,628
101.91
Feb.
146,523,982,940
105.19
102.58
Mar. 30—f— 146,180,821,869
104.75
31—*—^ 114,831,886,516
Apr. 30i_
115,280,044,243
/ 102.53
*84
Nov.
30—.—.
Dec.
36.14
37.20
31—
Feb.
30-
May, 31—-——
June 30—«—-
July 31—
a Aug; ,3i-y-—
Sept, 29-.-—
39.84
57,383,487,905
61,496,723,658
62,430,603,026
62,636,685,716
61,242,460,874
64,315,140,586
67,065,130,865
31^.—_
28
/Mar.
38.15
30
Apr.
40.68
May
31
40.64
June
28
41.55
July 31
Aug. 30
Sept. 30
43.17
Oct.
39.65
102.97
102.49
Sept. 30——
139,784,237,292
Oct.
31—
140,245,279,977
102.46
On
7/ 49.22
Nov.
14
the
seed
47.99
October
was
38.20
37.65
COTTONSEED
State—
record for
on
rea
estate financing activity in the nation, the Federal Home Loan Bank
Administration reported on Dec. 14.
month
was
8%
October 1945, according to the
The
more
said.
volume
than
or
less recorded for that
-
.
of such
above
FHLBA, which likewise reported:
Alabama
California™^———.
Sayings and loan: associations accounted
The
dollar
value
of
October period averaged
period of 1945.
The
this
inclusion
as
of
a
-/
same
larger proportion of high-per¬
centage guaranteed GI home loans in the totals obviously increased
this figure, but nevertheless the average non-GI
mortgage amounted
to
about $4,000 for the
Following are the number and amount of mortgage recordings
for October, by types of lenders, together with their relative par*
ticipation in the total of the month's mortgage lending:
71,439/
Savings & loan associations
Insurance companies
'
5»VR
Individuals
'
V.V'
Miscell.
lending
institutions
% of Amount
$312,055,000
48,429,000
4,8
275,769,000
27.4
/
10,187
55,589
25,305
it-
184,511,000
U8.3
.
127,946,000
70,329
7,081
97,698
11,463
92,609
107,426
12,352
114,882
44,335
69,229
"
teaches what we
85,165
38,073
17,674
18,250
South Carolina—
63,795
52,131
37,546
.79,109
67,636
59,052
69,958
185,990
,15,627
219,082
11,234
223,209
34,247
200,041
12,652
113,901
—125,981
♦Includes
wsbipped
992
tons
destroyed
hand Aug.
on
during-tbe
334,924"!
21,670
351,945
45,193
—
AU Other states
1,
during
1946
and
■;
•
selves know that
'
Products— "
'
Crude Oil
■
/(thousand
pounds)];
Refined oil
)
1946-47
/ (thousand pounds) (
It
1946-47
,
-}
(tons)
Hulls
(running
bales)
>
Hull fiber
-}
)
255,839
285,204
-?
/
■
,
246,171
_
406,457-
;(
25,925
*61,697
-t
25,054
'
1945-46
•
18,576
1946-47
503 '
•
93,701
v;
190,802
,
lend*lease'ac^ J
States, byt
that neither note had
recei^ed/^ /,,
55,357
69,285
:
((145,001
151,670
'
196,342
-
97,993
•
.
2,799
4,702
2,406
.
'
]
1945-46
323
Motes, grabbots, etc.)
(500-lb.
l946-4f
1,730
10,346 '
1945-46
2,451,
9,980
(500-lb. bales)
bales)—r_J
at oil mills,
.
;
3,756
1,566
5,122
4,999
& 6,954
5,296
7,135
10,682,000 pounds at refining and manu¬
.
tIncludes' 245,794,000
pounds
at
refining
17,360,000 pounds held elsewhere and,
'
and
|n ,transit. "
manufacturing establishments
.
,
,
Uincludes
.
at refining and manufacturing
elsewhere and in transit.
'
'
160,987,000 pounds
4,784,000 pounds held
,-y
t
; JProduced from 177,6.70,000 pounds of crude oil.,
12.7
and
<
•
establishments and
*
*
c.to) ret
c'mia
TotaL-itio.
yy
227,414"
$1,006,681,000
'
100%
,
.
reply, according to a • special/dis- ;
patch to the New York
from Washington. The total/is for.the period up to Dec. 1945:,wl)eri
Russian
lend-lease-^'was
reverse
State Depift- /
little/more/ihd.tl9$2;-»
000,000. The "Times" advicesfsaidr / ;
The United States is <expected;
estimated
ment
the
by
as-' a'
•
-
(Includes 54,223,000 pounds at oil mills, 18,986,000 pounds at refining and manu¬
facturing establishments and 20,394,000 pounds in transit.
■
lake
settieiheht O|/
count with the United
■
;
proposal
57,515
*
161,370
209,426
:
217,014
♦*261,617:
275,759
ther
58,277
401,200
.
•
iT'thai}
several'w^e^s/; /;
reiterating
:
up discussion of the
her $11,000,000,000
11165,771
232,691
;
/Dec'.
earlier
338,888
<
Soviel XJhion
made in October that Russia
•
.
365,537
-
52,258
.
on
i
note; had been'
t93,603
'
'
1946-47
disclosed
was
Oct. 31"
212,025m..::
;
V 31,628 ;
1945-46
•
•/,*
.
new
to the
Stofcks
*
§164,245
.217,747 ;
275,625
/
1946-47
Linters
1
Shipped
^
-
Aug. 1-Oct. 31 Aug. 1-Oct. 31
(263,154v/
:
1945-46
Cake and meal
T,Produced,
Aug.i;
55,121
btbOTris^;i?
KussiavAgain Ask($4;toi: c r:
Lend-Lease Settlement ;
^
^
,
a
♦23,333
.1945-46-
lock and thO
■
Qt Season
1946-47
key—neither is much/ good
alone.-
PRODUCTS—PRODUCED, SHIPPED AND STOCKS
' Season
)
;
should
we
is the
The
at, beginning
'
dop'bi!it
One
Does not include 117,806 and
respectively, nor 25,564 and 14,567 tons
'Stocks
\
need also
1945-46.
1945,
^eagons 1946-4? and 1,945-46.
COTTONSEED
29,824
should
•
Religion to hay#ihG / :
will-power to/do what w^oottT^-we
193,024
43,888
13,103
58,336
problem lies with Educ^
and
Religion.
Education
tion
67,65fc
12,371
25,245
39,390
*•
health
6,011
30,226
91,372
80,207
—
—
v/
lem, the liquor problem and- thte#
100,957
.
27,020
Carolina
Education and Religion
The solution of the labor prob-
facturing establishments and 2,262,000 pounds in transit.
5.8
.
92,468
16,055
•
57,971,000
68,281
7,213
97,074
17,679
149,859
♦Includes 10,389,000 pounds
31%
56,848
Banks and trust companiesMutual savings banks—— IT'
.
8,046
—-
833,024
52,562
>
Amount
913,725
•
1945-46
Number
'
1945-46
920,853
149,662
41,686
North
legislation cannot make t peo¬
take proper care ' of f their:
health.
Stocks at mills,'
Oct. 31
1946-47-
39,565
1946 to date.
year
but
1945-46
77,826 '
•
246,435
Legislation should LetfairiytG
employers and wage^brk-*
ers, treating all alike.
Sickness is^ / also a great national loss of lbariy /
billions each year. Legislation? ban ;
prevent employers from operat-;
ing under bad working conditions
ple
(TONS)
108,825
41,514
V/"
year.
compared with $3,400 in. the
hand and exported for
on
831,053
182,869
12,715
119,030
21,741
' 55,280,
—.
Texas—
mortgages recorded during the January-
$4,169,
following state¬
1946-47
174,138
for approximately one-
third Gf the loans during the first tehriiOhths of
thiefe
with the Wagner Act,~mor«H
legislation is required to correct'
case
hand, and cotton¬
on
325,280
64,629
000,000 and the total for all of 1946 is expected to reach $10,500,000,-
i;;
—w/.
Mississippi—
219,340 tons
„
issued the
Crushed
Aug. 1-Oct. 31
.
1,535,529
60,838
150,902
—
Louisiana—
exceeded $8?700,*
;
Received at mills/
Aug. l-'Oct. 31
1946-47,
1945-46
133,979 '
19,200
203,721'
—x—.
Georgia—
$900,000,000 in each month since last April, the report
000, about 90% more'than in 1945.
"
•
-
Arizona
mortgages made in the country has been
The January-to-October figures for this
year
Census
RECEIVED, CRUSHED AND ON HAND
1,626,972
Arkansas
Oklahoma
higher than in September and about 80%
.
both
Tennessee
The estimated total of $1,007,-
000,000 of non-farm mortgages of $20,000
of
received, crushed and
products manufactured, shipped out,
42.79
Financing at Billion Mark in Oct.
the first "billion dollar month"
103.10
the three months ended Oct; 31, 1946 and 1945.
United states
Real Estate
—
Receipts to October 31
Bureau
ment showing cottonseed
•46.04
66,114,906,579
81
-
le^sla^'
it,
47.88
:
,
as
Of course, when wrong
tion has been passed, as was
102.16
102.60
45.79
T
66.863.605.035
...
103.52
129,748,212,202
128,511,162,933
.48.61
<
80,929,333,989
...
104.21
141,407,058,263
140,958,397,671
130,074,758,528
29————
Cottonseed
79,132,265,907
74,350,238,520
...
142,405,982,701
^
hayef " both
Secretary lot/ 5
Presidential
Prohibition Party.
l
Assistant,
as
•
;
46.33
84,043,436.932 //•. 50.44
—
—
104.49
June 28—
PoliJi(^i^»/
both,
attempts hay$y
I know;; of v,wHat ,"
because
speak
served
.
most
and
date of the
May 3iy—— 143,943,768,509 '
103.01
31
July
manhood.
and
Labor and,
103.45 v
'fifie,
waste of jiiphe^ <y
are a
103.89
143,904,400,671
46.13
80,943,361,516
...
L--
I
44.23
77,932,414,601
_
30_.
40.68
74,164,879,781
...
time
July 31
AUg. '30
Sep.
$
liquor
failed thus far.
30.
t^eljstrike/
t
have tried to solve
Aug. 31
Price
78,467,733,341
...
Apr.
*
of;
103.28
103.64
28
^
rof$$/,
Solutlon?'^.'^^^^
solution
the
lation
103.10
114,857,381,979
114,767,523,198
June 30
'/-/if
Jan,
Feb.
37.84
129,156,430,709
3.43,110,515,509
-
1946—
Average
1946—-
56,585,846,293
28——' 59,680,085,110
—
128,741,461,162
103.16
>
1945—
May 31
69,560,968,600
72,729,703,313
73,765,250,751
.»>*»-
and
-
^
problem is like the liquor
problem in many ways. Each^costs
the American people about
f
000,000,000 per year/ Alinqist,
everyone agrees that bath, strikes
If*
.*
31
Qrifrif
trai(or^;
labor
Price
I
Oct.
are
evil lies not with legislation,
Average
Market Valuo
30
38.20
$
31
102.15
31
35.23
Market Value
■/
Oct.
'
31
Mar.31—--y--Apr.
'
'
.1945—
Jan.
-
What Is the
,y
$
--
Dec. 31—_
the Exchange.
on
139,784,237,292
Price/
Both
72.24
Yet
192.46
maha^^,
and^^
hideous
a
strike.
a
93.75
y
1
commit
when they stop work and
fair arbitration.
93.59
1,204,181,076
564,820,584
100.61
23.75
66,863,605,035
1945—
3
13,195,685,538
Nov.
27.72
...
Price
■
53,086,843,093
53,591,644,063
55,511,963,741
30—
104.25
Oct.
18.49
.
551,261,935
Average
Market Value
23,977,500
102.017.012.414
two-year compilation of the total market value
and the average price of stocks listed
1944---
112,518,286
'
-
93.57- :
71.23
93.36 "
140,245,279,977
-
Mar.
a
against the nation when they, pefmit
Sep; 30——...,
.
34.44
66,114,906,579
below
79.73
92.00
the Exchange:
on
•:
Jan.
We give
121,047,825
Average
98.08
206,650,454
.
All Listed Stocks
80.27
The following table, compiled by us,; gives a two-year compari¬
of the total market value and the total average Price of bonds
'1944r—
Miscellaneous Utilities—
bonds
•
'
(Operating).
ment
105.23
'
Utilities:
Gas & Electric
Hence, both'labor
106.13
102.98
13,263,270,697
1,163^184,056
562,425,215
32.11
54.25
Transportation Services——yy—Z
Gas As Electric (Holding)
Communications---—
96.63
105.83
41.12
26,935,637
.n:r/.,<
29.19
1,007,344,551
yl'
36.59
3,041,097,317
.
18,576,030
2,829,116,544
50,621,625
1,081,286,975
93.06
103.50
.
Lost production is more ,.se)ri6u«
;ha[n lost Uidney;ywhile lbsf^iii^ /
is far more serious than ,th^ $s»,,
of both production and mon£y>
104.75
97.49
.
..
be ;recovered^ ;.
:
103.25
«
—
1,595,897,258
_
—
iRailroad——
be^nade up*, > V f
waste. Gf, tiinG
a
never
can
i"it"pro4uc-';.-,;
loss
a
mean
mean
which
101.9C
«
of 'strikes.;:,'
case
Strikes
30.17
1,869,971,064
939,831,288
7,717,166,600
4,839,313,555
4,627,508,048
755,325,524
_•
Mining (excluding iron)
Paper As Publishing—
Petroleum-—-
<
,
not true in
10%, :;But this is
Strikes
103.84
whole';,','/:,
a,
reasonable wage5 ihcTease
a
nion which may never
87.05
be
105.28
106.50
18,740,734
—
,
91.26
102.09
103.83
103.63
304.76
2,901,589,152
Gas and electric (holding)-50,800,500
Communications ™—_—1,049,578,179
:
Miscellaneous Utilities—y.-—j—121,869,525
U. S. companies oper. abroad—
113,765,921
Miscellaneous businesses
23,805,000
;
42.66
Band & Realty—
leather--
£ Machinery & Metals
—
of
■;he
100.23
103.48"
41,450,000
4 235,044,090
——————
Utilities;
' •
♦
*
Gas and electric (operating).
,
22.74
4,579,594,488 '
73,825,255
104.15
101.86
from
97.25
as!
loss to the nation
no
';
goes'/"',
this money quickly
into circulation and there may
84.82
234,427,534
41,300,000
235,347,615
87.31
The real dif¬
ficulty is not with wage increases
per se as
99.45
530,236,250
7,357,012,024
13,860,058
117,821,875
tG'
chiefly
are
ilame for inflation.
101.05
17,092,845
-
,
of today's high
cause
Strikes
prices.
102.75
10,076,670
59,933,301
38,753,305
»*
the chief
are
92.13
51,842,100
182,092,133
13,901,850
,
42.20
102,13
117,779,688
233,642,200
Transportation services
60.58
862,572,571
20,425,000
20,036,250
7,353,558,088
—.
Steel, iron and coke
:
Textiles
31.87
—-
*
^—,1
-
Tobacco
1,192,410,559
4,535,035,571
;
—
Tobacco
17.85
——w
,
merchandising
45.94
74,475,186
Food-——
Garment^—
Retail
:
104.5C
-
'»•
—
———
% Rubber ■;
39.67
y 612,340,948 y
1,757,266,382
828,584,803
Financial—
,
16.31
39.08
45.42
8,306,167,255
Machinery™-.—
Retail
34.43
'
103.75
2,821,500
101.27
103.63
51,710,214
99.19
182,289,789.. 10L16
1
17,088,960
85,24
10,217,860
98.61
58,045,769
89.75
25,780,000
303.12
530,376,250
100.26
y
-■w-*
Paper and publishing—
> Petroleum
24.60
605,433,666
Electrical Equipment—
•
990,179,963
4,473,461,629
904,997,714
960,754,878
946,416,286 '
Business and Office Equipment
Chemical-—™Farm
23.74
33.55
955,691,732
4,368,718,123
■
,
5,187,500
104.50
y.
20,206,875
-
U
Railroad
/':
9,212,500
102.50
y
65,825,000
.—
/Machinery and metals—/Mining (excluding iron)—
Market Value Av. Price
72.50
5,125,000
equipment
machinery——
/Land; and realty.:
Group—
Automobile
7,250,000
-
———————
^Food
industrial groups with the
aggregate market value and average price
for each:
/$
101.26
2,821,500
——————
Financial
by leading
3,847,500
3,847,500
Chemical——————
Electrical
stocks
101.25
99.75
.'i
-
—
Building
Farm
following table listed
100.50
7,161,053
'
.
Automobile
their total market value.
103.61
7,214,895
103.97
companies:
Amusement
borrowings, these ratios will ordinarily exceed
relationship between borrowings on listed shares and
precise
S.
.
124,819,550,094
125,256,400,009
etc.)
**Includes 73,542 bales first cut, 157,302 bales second cut and 30,773
((Includes 49,501 bales first cut, 82,924 bales second cut and 12,576
bales mill rurr.
bales mill run.
to ask Russia to pay a
percentage /,
goods , ;?v
peacetime use/Wpile / /
we have reserved the right to:re-^T^:i
claim war materials, such as guns('t^.l
of
the
cost
that have
planes
not
as
of
lend-lease
a
and munitions, we have y
policy requested repay- "
a
ment for these,
r:
r"
:
3402
THE COMMERCIAL & FINANCIAL
that for the
From Washington Ahead of the News
period
expect to collect.
affords
a
shining opportunity for
them.
to protect
agitation when these leaders are
finding the going hard among
An agency is set up
year
ago.
for
vances
f
^
Thursday, December 26, 1946
•
price
Individual
the
.
week
ad¬
included
flour, wheat, corn, rye, oats, bar¬
ley,; cocoa and steers. - Declines
occurred
in hams,
bellies, lard,
output of
the week
15, 1946, compared butter, cheese, coffee, hogs and
Index represents the sum
with 196,900,000 kwh. for the cor-? sheep.
total of the price per pound of 31
responding week of 1945, or an
York
government.
But it
corresponding weekly
one year ago.
Consolidated Edison Co. of New
(Continued from first page)
leaders
CHRONICLE
system
reports
in
kwh.
211,800,000
The millions of workers such
as
Mr. Reuther's automobile workers
their constituents. Like
politicians,
are
labor leaders
have
which both
tion
have agreed..
'
John L. Lewis started the portal
to portal pay business, of course.
201,700,000 kwh. compared with Price Index—The daily wholesale
194,900,000 jkwh. for the corre¬ commodity price index, compiled
sponding week of last year, an by Dun & Bradstreet, Inc., rose to
have
to
their
issues, and they know in their
hearts that their boys are fed
up
costly
on
strikes
and
leaders' screams about
that
a
the
reaction¬
movement being on to crush
labor is not getting any response.
ary
There are several unique phases
•
working under contracts to
they and the employer
But
it
was
mine
the
with
deal he made
a
to be a unique
contrivance he and the operators
generally known
amounted
electricity
cxf
of
freight
revenue
for
the
week ended Dec.
14, 1946,
to get around govern¬ totaled
828,787 cars, the Associa¬
which the court ruled.
It was in ment regulations against wage in¬
tion of American Railroads an¬
the case of the Mount Clemens, creases. Incidentally, Lewis' Dis¬
nounced. This ^was an increase of
Mich., Pottery Company employ¬ trict 50 has since got a portal to
99,703 cars (or 13.7%) above the
portal contract with at least one
ing 1,200 workers. It was brought
preceding week and 57,193 cars or
under the Fair Labor Standards large manufacturer.
But it was
7.4%
above
the
corresponding
Act which primarily applies to something they agreed upon, em¬
week for 1945.
Compared with
workers
receiving
sub-standard ployer and employee representa¬
the similar period of 1944, an in¬
wages, not the workers protected tive, and has no relation to any
crease of 78,545 cars, or 10.5%, is
by powerful labor organizations right under law.
to
the portal
such
the UAW.
as
scribes
hour
to portal
upon
This Act pre¬
40 cents an
minimum
a
case
and a 40-hour week.
Manifestly the Act is of little con¬
wage
such
to
cern
the Ford workers
as
and was not
passed to deal with
them,
understand it, is that
the workers were actually on duty
case,
>
as
upon
shown.
This
\
we
Washington.
Which does not
of course, that the present
Supreme
Court
may
not
find
otherwise because the
its members
7
o'clock. But their pay did not be¬
gin until 7:14 because it took them
their
ma^
chines.
Similarly,
when
they
punched out at ? o'clock, their pay
stopped 14 minutes earlier because
it took them the 14 minutes to get
to the clock from their machines.
There
certainly
been
the
time
clock
to
seems
unfortunate
an
and
have
placing
it
is
of
rather
futile to argue that, after a man
has punched the clock, he is not
on
duty until the elapse of
some
,
additional time prescribed by the
\
employer*
These
men
working
were
,
di-
rectly under the protection of the
The
began
war
30s,
remember,
which was led by a very charming
and
dynamic leader, for whom
you
statues are now going up all over
Europe, and whose son turned out
to be
great journalist.
a
The
situation
of
the
judiciary, whereby
Federal
80 % of
some
its present members are Roosevelt
appointees, has long been
matter
a
the Republican Senate in¬
tends- to
give Mr. Truman free
reign in the appointment of men
whose administrations will expire
with his, they do intend to halt
the appointment of Democrats
or
New Dealers to the judiciary. The
plan is to let their nominations
hang fire in the Senate Judiciary
sincere attempt will
a
,
panies, while in
■
position to in¬
a
crease
prices to the amount neces¬
in order to compensate for
higher wages* may be reluctant to
sary
take
such
price
action
in
view
of
the
adjustments,
which
have
during the past two
weeks, "The Iron Age" points out.
-While the chances that there
been
made
will not be
in the
near
a
national steel strike
future
than Was the
case
are
a
far better
year ago,
any
stalemate between the steel union
and the management over what
the former considers to be
an
ade¬
quate wage offer could very easily
turn the steel labor situation into
serious one with the defi¬
nite; prospect; of a steel
industry
a
very
shutdown... '•*; -v.: ;■
;
r
Most steel companies early last
week had advanced
or were
about
to advance the price of merchant
steel bars $2 a ton and similar
action
was*
taken
inforcing bars.
on
concrete
re¬
The nation's rail¬
roads will pay more for their rails
and track accessories in
1947, the
price of these items having been
advanced two weeks ago by some
producers and early the past week
others.
Standard rails over
by
69 lb. which two weeks ago were
priced at $43.39 a net ton are now
being sold on the basis of $2.50 a
100-lb. or $50. a net ton, an in¬
crease of $6.61 a ton.
Angles and
splice bars which two weeks ago
were being sold for $2.85 a 100-lb.
are now priced at $3 a 100-lb.
Tie
plates were advanced $5 a ton, the
magazine reveals.
Because of re¬
visions in extras,
the increased
price
many
steel consumers has in
cases
been much greater
to
finished
243.55
at
ton
a
All grains registered
substantial
represent 81.6% of total
revenues
operating
the Associa¬
revenues,
tion; of American Railroads esti¬
that
mated
creased
railroad
operating
in November,
revenues
1.7%
1946, de¬
the
under
same
month of 1945.
coats
Dec*
106.7%. of mill ea-r
pacity, against 106.6% in the pre¬
ceding week and 99% in the like
1945 week, according to the Amer¬
ican Paper & Pulp Association.
prices
affected
by higher
prices which appeared sud¬
denly early last week, "The Iron
Age" observes.
At some major
scrap
centers the price of heavy
melting
steel has gone up as much as
$4
$5
or
above
last
year
a
Failures
Change
pre-
and eight in the same week
of 1945.
week's
Both
large
and- small
failures
decided
to
step
out
effort to
an
quickly garner as much tonnage
as
possible.
Since many scrap
consumers
had
the
time
same
supplies
are
Unusual
rise
not
since
-
over
in
idea
same
and
at
scrap
plentiful
an
prices material¬
ized.
The
American
Iron
Institute announced
on
and
Steel
Monday of
this week the
opening rate of steel
companies having 94% of the steel
capacity of the industry will be
72.8% of capacity for the week
beginning Dec. 23, compared with
83.9%
one
month
ago
This
week
ago,
62.8%
and
62.8%
one
represents
11.1
points or
previous week.
This
a
13.2%
one
year
decrease
from the
from
last
week's
level.
involving liabilities in
of $5,000 turned slightly
excess
downward
from
25
week
a
ago
to 24 this week while failures with
losses
under
eight
in
three
in
$5,000 dropped from
the
the
previous week to
week just ending.
However, failures in both liabil¬
ity groups were three times as
numerous
as
a
year
ago
when
there were seven large failures
one
small failure.
Two-thirds
more
of
a
than
three
year ago.
Canadian
times
.
the
level
w
failures
numbered
.
street wholesale food price index
for Dec. 17 to $6.28.
This was
Production—The Edi¬
son Electric Institute
reports that
the output of electricity increased
down about 1.0% for the week and
to
represented
4,777,943,000 kwh. in the
14, 1946, from 4,672,kwh. in
the
preceding
712,000
week.
Dec.
week
Dec.
Output for the week ended
14,
1946,
was
15.0%
above
the
de-
:
in
the
critical
attitude
:
,
•
cotton, rayon and silk' piece ;
'
'
,
Household appliances were re-s; ?
ported to be among the best 7
sellers in the durable goods
line.
lighters, cameras, elec-;
appliances, books, musical r
items, toys, luggage and leather f
,
Jewelry,
trical
novelties
were
some
of the many
•
goods that attracted the attention *
of numerous shoppers. Prices of r
commodities such
some
littlerknowh
some
jewelry i*
as
.brands,
of *
radios and other luxury items de-
fbr
elined.The ^demand
coverings
was .very.,
:j)
floor
•
high.
;
Retail volume for the country;
,
in the week ended last Wednesday
was
estimated to be from 24 to
28% above that of the correspond¬
385,700
met with few-
TO
a year ago.
Regional estimate^ exceeded the very; high :
levels of a year ago by the follow* ;
22
offerings.
2.80 cents per pound -in the
past fortnight to reach the highest
over
were
The
appreciably
the preceding week and the
York
.
before- Christmas.
cotton.; The
*
•
-
;
•
**
Department store sales on a* •
country-wids basis* as taken fronts
the
seeking additional quantities
American
increased
was C
considerably above that. q£ -the f
corresponding; week, a year ago.
There was a perceptible improyer
ment in deliveries. Reorder volume-jrose? appreciably;and ;new |
order volume was up moderately.•
Buyers continued * tol. press for ;
early deliveries. There were, how- :
ever, some reports of cancelations
of orders that could, not be filled .■ v;
rose
months.
volume
slightly the past week rind
markets k improved ; and
prices
moved steadily upward during the
rose
Northwest 29 to 33 and*
Wholesale
strike, sentiment in leading cotton
almost two
to 26,
South 23 to 27.
termiin^tion of the coal
Federal
Reserve
Board's
dex for the week ended
New
in¬
Dec.
14,
basis registered a further gain last *
1946, increased by 19% aboveTthe
period of last year. This >
compares with a like increase in
the preceding week. For the; four "
month;
was
esti¬
during No¬
vember, against 931,000 in Octo¬
ber; and : 743,000 in November,
weeks ended -Dec. -14,
1945. Cotton textile markets
the past week exceeded its peak
level
as
gains ■ for department •
stores, - according;- to
estimates, 3
Exchange Service Bureau in
its
latest report showed that do¬
mestic use of cotton on a daily
same
Consumption
1948, sales T
for the 1
increased
mated at 900,000 bales
by 19%. and
yea?, to date by 27%;
'•" *
j
Retail trade here in New -York ;
were
,
irregular. Scarcer items of carded
gray cotton goods, continued
to
advance for both spot and future
delivery although resistance to the
higher levels was noted in some
-
rose
about. 30% oyer
week of
one
year
the similar
)
Withb two
«
ago,
.
operating rate is two against three last week and
equivalent to 1,283,000 tons of none in the comparable week of
steel ingots and castings and com¬ 1945..
>
'
'
pares with 1,478,600 tons one week
Wholesale Food Price Index Re¬
ago, 1,106,800 tons one month ago cedes—Four successive
weekly de¬
and 1,150,300 tons, one year ago. clines
brought the Dun & Brad-
ended
in
days
remaining for Christmas/
quarters.
"**
*r shopping, it is expected that the''
of this week's failures were con¬
: • Hide markets continued to meet
holiday ■ volume will establish a centrated in manufacturing and
with buyer resistance from tan¬ new high -record for dollar sales.
retail trade;. Geographically fail¬
ners and other users, resulting in
Clearance sales in the week were-y
ures were most numerous in the
abundant and were .indicative .of
a further recession in prices dur¬
Middle Atlantic region.
Failures
ing the week. Hide futures also merchant's desire -to get their in this region, at 18., turned sharp¬
trended lower and are currently shelves in order before the close >
ly upward to more than twice the
3 to 4 cents under spot hide quo¬ of the year,
;
; •
-"
number recorded last week and
and
week's
Electric
decline
a
ing
percentages:
New. England.;
and Southwest 24 to 28, East 25 to y
29, Middle West and Pacific Coast
of
•
•
at¬
handbags. Caution Was
goods,
vious wee.h; but continued Aq ;be like week a yeair ago, aided b#
trade and mill, demand,"
more than three times as numer- active
Other
favorable > influences
ous as in the corresponding week
in¬
of last year.
Dun & Bradstreet cluded the continued strong statis¬
tical position of the staple, and
Inc.,
reports
that
27
concerns
failed as compared with 33 a week reports : that
foreign
countries
ago
dresses
sharply in the week, reaching new
highs for the movement. Strong
demand
in producing « countries
volume of sales
high number reported in the
;j.
and
ing .week
level in
slightly from; the
suits
the previous week arid 546,000 in
the similar week: a year
ago: In
limited trading, cocoa priees rose
Slightly—Commercial and indus¬
trial failures in the week ending
declined
with higher offers in
of
week
Failures
consumers
»ago.
pro¬
against
Mark-down
large share of attention.
a
riiany
and
week. New York spot quotations
Dislocation of scrap ton¬
principal
the
corresponding
was^ cited in some circles as
reason
why some
nages
the
ton
a;
mills
week,
£
shoppers toward the
prices of men's and women's shoes
tive
last
-
Christmas
Men's
women's
was
reflected
of
erally well sold up on both do¬
mestic and export orders. Domes¬
tic demand for lard was quite ac¬
head
of
hosiery.
mand for
continued
and reports of further export in¬
quiries. Mills were reported gen¬
Dec. 19 fell off
base
in
Whatever gains steel firms may
levels*
include
was
102% against 99% in
preceding week and 98% in
Business
£
have made in the past few weeks
because of price adjustments have
been
ndt
This does
ducing newsprint exclusively.
Paperboard output for the current
ago.
would indicate.
already
was
evidence
and
There
covers
States for the week ended
14
that
was
interest.
tracted
government purchasing for export
This estimate, it
pointed out,
was
commodities
sales of furs stimulated much con¬
for 26 years under the. stimulus oi
of
Strong
shopping
sumer
der the leadership of wheat. Cash
wheat rose to new high ground
expectations
those
women's
increases in prices last week un¬
and
slightly above the very high £
level
of
the
preceding
week. ;
Grocery volume was up and the 3
supply of fresh fruits and vege¬
tables was plentiful. Some con- '
sumer price resistance was noted f
with
regard to soap. Shoppers
generally were hesitant in pur- ^
was
.
year ago.
;
week ;i
last
volume
food
apparent in the high Y
current demand for shirts, neckties,
men's
hats,
lingerie
and
17, against 240.85 a week
earlier, and 182.02 on the like date
large foreign demands for both
Revenues in Novem¬
wheat and. flour. Flour, prices ad-;
on
advance
reports
vanced sharply in the week, re¬
from 86 Class I railroads, whose
flecting strength- in cash wheat
week
Committee until '48.
State
of Trade
be made to carry out real collec¬
tive bargaining. ,v The steel com-
index
United
country back there in
(Continued from page 3395)
; ^ make the than- the; change
first ciffer and it is also
probable
that for the first time since the
The
.yy
Retail
have recently risen in price.
Dec.
of the Republicans' concern. And
the
early
trade,
chasing
by further ad¬
farm products.
Railroad
the
y]
in leading
ber—Based
the
bay
post-war peak during the
week, aided
vances
while
the
at
so
new
past
Commodity
Wholesale
last week and prices held
fairly steady following the recent
only oper¬ extended decline.
Bakers
and
atingrevenues and does not touch other
large users are expected to be
upon the trends in operating ex¬
back in the market for lard short¬
penses, taxes, or final income re¬
ly as -their accumulation? ef stocks
sults, i'Estimated freighf revenue is said to be
rapidly dwindling.
in November, 1946, was greater
Cattle
and lamb
prices moved
than in November, 1945, by 11.2%,
higher during the week but the
but estimated passenger revenues
downtrend in hogs continued with
decreased 40,4 %.
prices touching the lowest in six
Paper and Paperboard Produc¬ weeks. Swine receipts at principal
tion
Paper production in the Western markets totalled 415,000
punched
they
majority of
part of the great
are
workingman's movement which
shook
to
way
mean*
the
example,
time
clock
get
your; corre¬
on
in which the situation is discussed
For
to
expression of
any
in
dispute.
minutes
not
spondent's part but father the
the extra time that constituted the
14
is
judicial learning
,
,
Another feature of the Pottery
:
hit
Daily
a
Railroad Freight Loadings—Car
loadings
foods in general use.
to
increase of 3.5%.
And it was
operators.
Local distribu¬
increase of 7.6%.
'
;
volume, Dun & Bradstreet, Inc., T
reported in its weekly survey of
ended- Dec.
.
reported to be adequate in
were
their relationship to current sales
tations., In leather markets,
also
chasers
exercised
crimination.
Trading
pur-,
more
was
of
Total
retail
increase
volume
last week
Trade
continued
and
was
—
to
con¬
The current figure compared with
$4.16
some
of
$6.49
on
registered
on
Nov.
19.
the corresponding date a
a
previously ;
scarce
goods
purchases stimulated;
retail markets. - In
in
furnishings, worsted suit *
supplies were difficult to obtain
commitments
Retail and Wholesale
,
sales
men's
piece-meal
character
and
new
on
practically all
types of leather showed a marked
falling off during the week.
'•
Holiday
food
a
siderably' above the high levels of
year ago. The appreciable rise
the
past week resulted chiefly
from mark-down sales of luxury
items, extended shopping hours in
many stores and the approach of
Christmas.
The
inventories
of
a drop of 21 cents, or
3.2%, from the all-time high level
-
dis¬
and
,
retail
merchants rare
anx-
-
iously seeking early deliveries for
1947.
-
.
|
r
„
.
-
.
to the Federal Re- S
serve
Bank's index, department s
store sales in New York City for ;
According
the weekly period to Dec. 14, 1946, r
increased 22%
above the "same:
period
with
last-year. This compared
increase) of;21% (revised
an
figure)
in
the
preceding
week.
For the four weeks ended Dec.. 14,
1946, sales rose 23%" and for the
year
to date increased to 29%.
.
Volume 164; Number 4554
,
.
Moody's
.
and bond yield averages are
computed bond prices
MOODY'S
1946—
%
Govt.
113——
PRICES
lower in the week ended Dec.
Avge.
Daily
•Averages
*
BOND
Average Yields)
on
Corpo
Bonds
Aaa
.
1>C«. 23
: 122.08
Corporate by Groups*
P. U.
Indus.
Corporate by Ratings*
rate*
R. R.
A
...
119.82
119.20
116.61
110.15
112.56
117.60
122.05
116.41
120.84
119.20
116.41'
109.97
112.37
117.60
119.82
20—^—121.92
116.61
120.84
119.20
116.61
109.97"
112.37
117.60-
119.82
19
119.61
21-—
'
116.61
Aa
121.04
Purchases Seen Over
Commodity Price Index Lower
'v
The weekly wholesale commodity price index compiled
National Fertilizer Association and made public on Dec.
'
(Based
Yr.-End Life Insurance
National Fertilizer Association
Moody's Bond Prices and Bond Yield Averages
given in, the following table:
3403
CHRONICLE
THE COMMERCIAL & FINANCIAL
in the
23, was
191.6
21, 1946, declining to 190.2 from
The index is now
when it stood at 190.1, and is
almost back to its level
preceding week.
of Nov. 16
by The
0.9% below the all-time
peak at 192.0 reached Nov. 30. r A month ago the index stood at
191.3, a year ago at 141.8, all based on the 1935-1939 average as
100,
The Association's report added:;
—
122.02
116.41
120.84
119,20
116.41
109.97
112.37
117.60
18—
121.89
116.41
120.63
119.20
116.61
109.97
112.37
117.60
119.61
17——
121.89
116.41
120.84
119.20
116.41
109.97
112.37
117.60
119.61
dex declined and four advanced.
16——*
121.66
116.41
120.84
119.20
116.41
109.97
112.37
117.40
119.82
116.41
14—
121.92
'13—121.92. 116.41
120.84
119.20
116.41
109.97
112.37
117.40
119.61
120.63
119.20
116.41
109.97
112.37
117.40
119.61
principally responsible for the decline and was brought
the sharp recession in the livestock subgroup.
Cattle and
hog prices declined sharply and more than offset higher prices for
calves, ewes, and fluid milk.
The cotton index advanced during thfe
week.
The grains index was unchanged with higher quotations for
.
121,86
116.41
120.63
119.00
116.41
109.97
112.37
117.40
119.61
n~—121.83
116.41
120.63
119.00
116.41
110.15
112.37
117.60
119.41
121.89
116.41
120.84
119.00
116.41
110.15
112.37
117.40
119.61
121.89
116.41
120.84
119.00
116.22
109.97
112.19
117.40
119.82
109.79
112.19
117.40
119.61
12-—
i
Y;:"/''V1Q——w
116.41
120.84
119.00
,121.74
116.22
120.84
119.00
116.22
109.60
111.81
117.40
119.61
0—121.67
*'
~'1;
116.22
116.22
120.84
118.80
116.22
109.60
111.81
117.40
119.61
109.60
121.89
-
120.84
119.00
111.81
117.40
119.61
121.52
116.22
120.84
119.06
116.02
109.79
111.81
117.60
119.61
2—121.36
116.22
120.84
119.00
116.02
109.60
111.81
117.60
119.61
121.55
116.22
121.04
118.80
•116.02
109.60
111.81
117.60-
119.61
119,82
4—121.64
3
-NOV.
—
29-
116.22
116.22
121.80
116.41
121.04
'119.00
116.02.),
109.79
112.00
117.60
'15——122.05
116.61
121.46
119.20
116.41
110.15
112.37
117.80
110.34
112.37-
117.60
120.02
112.19
117.60
119,82
22——
.■
,
"
<
—
122.17
.
116.61
121.25
119.20
122.14
8
116.22
116.41
121.04. 119.20
116.02
110.15
120.02
121.77
116.61
121.04'
119.20
116.22
110.34
112.19
117.69 : 120.02
18—.—
121.43
116.61
121.04
119.20.
116.22
110.34
112.37
117.80
120.02
11
Oct.
121.08
116.41
120.84
116.22
110.15
112.19
117.60
119.82
——
■—
121.05
116.61
121.25
119.0Q
116.61
110.34
112.58
117.80
119.82
121.08
121.1^
116.61
121.04
119.00
116.61
110.15
112.37
117.80
119.82
116.61
121.04
119.00
116.61
110.52
112.75
121.80
117.20
121.46
119.41
117.00
111.44
113.89
118.00 sf( 120.22
122.29
120.02
-117.80
112.19
114.46
118.60
120.84
120.43
114.85
25—
-
4
•Sept. 27
*
*
30——-V
,
119.61
117.80
group
was
about by
just offsetting lower quotations for wheat. Pea¬
declined.
The only other group that declined was the
miscellaneous commodities group, prices being Tower for hides,
leather, cottonseed meal, bran and middlings.
The foods index ad¬
vanced fractionally with higher prices for butter, flour, potatoes,
cocoa; and pork more than offsetting lower prices for cheese, ham,
bellies, coffee, lard, cocoanut oil, oleo oil and cottonseed oil. The
textile index advanced slightly; some cotton cloth prices were Up
and burlap and silk prices were down.
The metals index advanced
reflecting higher prices for finished steel, steel scrap, and lead.
The
fertilizers index advanced.
The remaining groups in the index
were unchanged.
During the week 26 price series in the index declined and 31
advanced,' in the preceding week 21 declined and 17 advanced; in the
second preceding week 23 declined and 20 advanced.
corn, oats
nut prices
and
rye
6-—— ; 123.52
,
.
-
-119.00
During the latest week two of the composite groups of the. in¬
The decline in the farm products
.
.
'
118.00
122.92
123.77
118.40
122.71
118.00
112.37
118.80
121.25
118.60
123.13
121.04
118.40
112.56
115.63
119.20
121.46
Compiled by The National Fertilizer Association
123.34
121.25
118.40
112.56
116.02
119.20
121:46
1935H939==100*
122.92
121.46
118.40
112.56
116.22
119.00
121.04
Aug. 30—
-July
-June 28
124.11
118.80
123.09
124.33
118.80
__
May 31
WEEKLY WHOLESALE
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
114.27
117.40
120.22
122.09
126.02
120.22
123.34
121.88
119.00
114.27
116.41
120.22
122.09
126.28
119.00
123.12
121.25
119,00
113.31
115.63
119.41
122.09
-1946—4
126.28
120,02
124.20
122.50
119.61
114.46
111.60 i 120.43
122.5Q
120.70
116.22
120.63
118.80
116.02
109.60
111.81
117.40
119.41
fa?'
Total Index
,Jan, 25f—■
'if*.j',.Jf:;.-
Bears to the
!Feb/21—:
'Apr. 26——
Mar. 29_
/High
..
.Low 1946—'
;
'pec.
124.31
117.20
121.04
11941
117,20
11L62,
114.08
117.40
120.22
120.55
1945-
22,
-
-
.113.50
119.00
117.80
113.31
104.48
108.70
113.89
v,
"Fats: and-
u*
10.8
:
,
21—-
.
1.57.
•
**•
2.82 '
2.60
2.69
2.82
2.83
2.61
2.69
2.83
2.61
2.69
2.61
2;69
2.69
2.82
2.83,
2.82
19—
1.58
2.83
1.59
2.83
Y#
1.59
'
2.83
3.17
2,83
2.83
2-83
2.83
2.83
2.83
2.61
2.83
2.62'.
2.69
2.69
2.83
2:62
2.70'
1.59
"'
;
--C'
-.7
<
-•*
6-——
2.62
2.70
2.83
1,59. ;
,
2.83
1.59
10——*.
2.83
1.59
11-—— £
:?:r-
2.83
2.61
2.61
2.61'
2.61
2.61
2;70
2.70
2.70
1.60
•
'
-
•
".A
S
1.63
2——
.
H.82
29-—^-
•Nov.
2.61 ;
1.57
2.82
1
1,57
2,83
2.59
2.60
"
■
-
1.60
■Oct.. v25—v
p
'
1.63
18-*--—
2.83
-
ti.65
■
2.69
2.70
2,59,
20——
1,65
2.82
2.6Q'
2.60 ~
13—■
1.63
2.79
2.59
:Bept.27---*u,?
^
1.55
Aug. 30——
«luiy 26——
>
31—IC-A
1.48
2.78
2.67
2.78
2.67
3.07
2.78
2.67
,2.82
2.76
2.66
3.02
2.66
3.05
1.33
2.67
1.31
2.70
2.49
2.5Q
2.54
.
2.56
2.59
.
•,
"2.76
2.67
2.96
2.75
2.64
2.61
2.59
2.85
2.45
2.71.
2.53
2.79
2.60
2.68
2.79
2.98
2.70
2.76
2.99
®Igh:U946^4--
1.68
1946—
1.31
2.65
*^^0945-
1.45
1.80
2.62
2.84
;;
2.67
^
2.87
2.69
2.58
3.03
3.03
3.00
2.85.,
2.69
2.58
2.84
2.70
2.60
2.68
.2.83
23,'? 1944~
2.60
2.94
2.94
2.99
3.19
2.93
2.78
2.64
2.55
2.83
3.08
2.64
2.55
2.87
2.68
2.55
3.07
2.78
2.68
2.77
2.63
2.53
2.95
2.78
2.64
2 Years Ago
Dec.
3.48
2.96
3.24
2.74
computed from average yields on the basis of one "typical" bond
maturing In 25 years) and do not purport to show either the average
the average movement of actual price quotations.
They merely serve to
in a more comprehensive way the relative levels and the relative, movement
•These prices are
(3%%
level
coupon,
or
Illustrate
the latter being the true picture- of the bond market.
NOTE—The list used in compiling the averages was given in the
Issue of the "Chronicle" on uaize 1321. x
V
■■■.,
,f yield averages,
,
1946;
oil
Sept. 5, 1946
Company, was William
Penri Bentz, of the Bankers Trust,
and Lorus Hand, of the Chamber
Celebration Held Dec. 20
1946,
piled
118.2
123.3
of Co.mmdrce. Accompanists were
Elmei* Wein and Nancy! Shore-
Street's. Christmas
Victory
out
15.
that
be
to
unneeded
for
other purposes and was
back in monthly debt payoffs.
•
Treasury will still have a
balance; of perhaps $2,500,-
The
cash
,
Trusteed.; -thO -Chamber qf
.Commerce, and ' the Socdny-Vac*
*
,
•
I
'
-
■•;
v' U
„*a
'■jjfufi*
'-jm*
,
C V
-
>>•»
'*v
'»•
late
afternoon
Holiday period.
that Congress,
generous
a
from Washington on Dec.
9. How¬
Mr. Acheson made it clear
ever,
that aid would be extended only
to
of it may be applied then
further debt retirement; since
:
the heaviest period of tax collec¬
tion will begin
f
'•
i-1
„
v
.•■ill''
r'
r.TJl
v
In
a
proclamation reminding
that
the first ■ ten
nation
allot* amendments, constituting the cov¬
ments in the case of the new cer-: enant of the Bill of Rights, "guar¬
tifiqate 'offering
were "divided antees to the American people
,among,the several Federal;Re-* freedom of religion, freedom of
serve Districts and the Treasury speech and assembly, and freedom
to petition for redress of griev¬
as follows:
Total Subscriptions ; ances^" president Truman oh Deci
Federal Reserve
10 declared Sunday, Dec. 13 Bill
Received and Allotted
District—
Boston
of Rights Day and urged the coun¬
New York
1,405,038,000
:
try to observe the 155th anniver¬
97,984,000
Philadelphia
sary Of the adoption Bill, accord¬
219,533,000
Cleveland
Richmond
ing to a dispatch from Washing¬
78,565,000
Atlanta
ton to the New York "Times,"
——649,475,000
Chicago
The President said that the pres¬
78,664,000
St. Louis —i
ervation
of
these; "inestimable
93,022,000
Minneapolis
and
—
to
from agricultural work
would
''free
be
barred
Of
the
f
and;
trucks, tractors
supplies."
,
UNRRA
$3,000,000,000
$2,-
fund this country contributed;
700,000,000, and Mr: Acheson de¬
clared that allocation of
often
faulty,: with
ceive
sufficient
advices
nations^
did not
it while others
need
relief was
some
help when they did.
getting
help.
——
..
from receiving
shipments of great quanti¬
ties of food,
other
armies^
of huge
building
the
diverting,
that nations
arid
their
proving
countries
those
need
manpower
then.
.
Bill of Rights Observance
the
subscriptions
Dean Acheson who said
of State
000,000 going into the new year,
to
Dallas
City
..
—
—
'
San
Francisco
_
Treasury—,-/
Total—-—
——
117,590,000
77,171,000
302,144,000
13,297,000
<
privileges can. be guaranteed only
by courage, determination, and
unremitting vigilance,"
Observ¬
ance of the occasion was held by
,
The
not^
re¬
same
reported ..that there as
ti
,
during
V
the
/
aid extended
will
to
be
Greece
that future'
hy the United States
supposition
general
Italy,
primarily,
economic recovery
Austria- and
because • their
has been slow;
$3,273,388,000
;
the,
are'1 to';beJ
and part
.
The
-
Administration
would be asked for
appropriation, accord¬
turned
ing to Associated Press advices
-
$21,144,000,000
up
.
Ur S;
/When the United Nations Relief
149.3, and
,
.
Foreign Aid
141.8
1191.3
1946,
14,
the Society of the National Shrine
celeThe new certificates bear in- of thie Bill of Rights in historic
bration, which was held on Friday
mount, of the same two organiza¬ terest from Dec. 1, 1946, payable St. Paul's Church, Eastchester,
'afternoon Dec. 20,' around . the
tions.
'
'
with the principal on maturity on N. Y., advices to the New York
lighted 35-foot Blue Spruce tree
This year's tree In the financial Dec.
"Herald
Tribune"
from Mount
•whicbr was -erected by The -New
1, 1947.
"district is the twenty-third which^
Under date of Nov. 14 Associ-; Vernon, N., Y. stated, St. Paul's
York Stock,Exchange in Broad
since 1920, except during the war,
ated. Press advices from Washing-! was designated in 1943 byy the
'Street,. featured
a
community •have
given the financial comT ton said:
Federal Government as a national
'carol program sung by 300 voices
.munity at holiday time a Christ¬
The
•representing
combined
choral
newly announced plans historic site, and has been dedi¬
mas atmosphere. As in years past,
mean
that the Government will cated as a shrine of the freedom
groups of the. financial districts.
.Directing the singers, who came recorded Christmas Carols will be have paid off more than $22,739,-; of the press and the Bill of Rights.
Presiding at the celebration cere¬
from the Bankers. Trust Company,
played; from the" outside gallery 000,000 of a total of $44,932,000,-;
C00 in its marketable j securities monies on Dec. 15 was William G.
Central Hanover-Bank & Trust
Of the Exchange at noon and in
maturing
during !- the lastten Chandler, President of the Ameri¬
Co., The Federal Reserve Bank,
Wall
.
U. S. to Continue
119.9
105.0
K-l
148.2; Dec.
turned
$3,260,777,000
issue
of
1V2%:
Treasury notes maturing on Dec^
Kansas
uum
,,
/ ^
——
,
Wall Streets Christmas
-.•>.'■■
that it would redeem with cash a
3.03
268
2.70
2.70
123.3
been
have
127.5
Loan drive last winter. This drive
K,
maturing Dec. 1, 1946, in
amount of $3,768,201,000. On Nov.
14 the Treasury also announced
2.71
•
152.9
154.7
of funds borrowed in the
3.04
2.77
•
2.49
-2.46
Treasury Certificates
cate of Indebtedness of Series
3.05
2.71
-
purchase ordinary policies.
■
132.4
1205.7
145.9
,
2.66
2.65
2.91
•
„
21,
Subscriptions to
2.66
2.65
2.77
3.04
v
families
110.2
137.3
and. moreenabled to
expires Dec. 31 plans
2.65
2.66
2.76
3.04
2.75
2.73
2.73
2.73
2.73
2.50
159.3
204.4
214.2
i 207.0
family
try's families. As average
tensive, However, because-of in¬ put into effect for carrying on ef"
creases iq some other debt items.
relief work abroad by the UnitecP
The December operation
will States alone, it was stated in a
wind,up redemptions through use radio
address by IJnder Secre^ry|
2.76
2.77
3.04
2.63
2.60
2.59
2.58
2.59
2.49
-2.51
income has risen, more
and Rehabilitation
3.03
3.06
2.52
•
133.5
fRevised.
2.65
3.18
3.16
3.15
2.73
2.71
,
2.77:
2.67
1
2.73
163.1
123.3
Dec.
2.76
2.67
2.77
3.09
159.9
191.6
base were:
2.77
2.77
3.07
3.14
129.0
190.2
combined.
3.15
346
.
economic conditions of the coun-,
165.5
tl57.0
125.6
3.04
i3.07
2.80
167.1
157.6
116.6
3.05
2.67
2.82
233.1
125.6
3.15
2.77
2.93
2.70
2.66
.Low
3.07
3.07
3.05
1.36
21—-— ;
2.67
3.07
2.68
286.1
152.9 V
.
2.66
2.78
2.70
1.45
Feb.
2.67
2.78
3.05
■,
' 2.65
Mar. 29__-._---
■JaiL' 25--——
2.78
3.04
2.54
'Apr. 26—*—
■
2.77
#3.04
3.05
especi¬
during the past five years/
changes in the
ally
238.1
139.0
2.67
2.68
.
•207.9
207.0
—
Secretary
of
the
Treasury
Snyder announced on Nov. 29 the!
final subscription and allotment
figures with respect to the offer*
ing of %% -Treasury;Certificates;
of Indebtedness of Series L, 1947,
dated Dec. 1, 1946. The new. is*
su^of certificates Was offered)oni
Nov. 18 "in exchange for Certifi¬
2.70
^
than
part of the gain in dollar values of
life insurance ownership over the
2.67
: 2.78
than at the start of the
$80,000,000,000 greater
in
1920.
The
greater
237.0
116.7,
Dec. 22, 1945, 110.5.
$30,000,000,000
about
be
and
203.5
128.2
1926-1928
•
greater
,304.9
116.7.
on
will
loan
2.67
2.78
3.04
3.04
2.75
1.49
1.47
June28———
2.70..
"
3.17
3.18
349
3.19
3.19
2.78
:3.04
2.72
1,50
8—
May
-2.82
Xl.65.
2.66
•Indexes
by
American,
ordinary policies
$ established
tion
families through
have been aided by
machinery ;
All grOUpS
100.0
inary life insurance will be onethird greater than at the outbreak
of the war in 1941.
It will be
twice the
1925 total and
three
times the 1921 total. This protec¬
172.3
•
%"3-X Jl
panies. In noting this the Institute
said: #■!/"!#.•;
4',vK •v#:'!.- •''!!;-.
The year-end aggregate of ord*
163.1
231.4
''
294.5
Fertilizers————
2.67
2.78
307.7
234.7
214.7
3.16
^
2.82
2.70
'
3.04
310.6
229.4
220.6
,
Farm
2.67
,3.04
j
3.15
2.84
2.82
2.67
2.77
3.16
.
2.84
2.84
2.61
;
2.77
2.77
3.04
.340
2.85
2.69
.
2.66
3.18
3.19
2.85
2.83
2.84
2.69
-
2.60 "
2.60,
2*82
2.82
,
1.65
2.71
2.58
.
2.77
.
3.04
4.16,
•
2.85
2.85
2.70
2.69
2.69
2.80
2.60
8irii~~z :
■
,
'
2.84
2.83
-
l;58
.
*2.70
2.61
2.82
I.60
22~—
"
2.71
2.70
2.70
2.61
2.84
2.84'
M.62. !
—
2.70
2.84
1.61
4_J——i-
2.84
2.84
1.61
5—*
'
2.83
2.84
2.84
2.84
2.84
2.84
2.85
2.66
insurance
life
insurance in recent years,
1945
1946
1946
262.5
Fertilizer materials——*—
2.66
2.77
3.04
3.17
3 47
3.17
3.16
.
-2.77
3.04
all
of
two-thirds
outstanding in United State com¬
157.0
Building materials—
Chemicals and dsugs——-
'
t.3
Indus.
of December,
146.0
Ago
Dec. 22
216.4
Metals-**---—-i--
■
1
3.17
1.59
•:
.
2.69
,
1.59-
1.59
v
2.82
:
2.69
2.61
-
i
-J
,.12
.
2.62
■
-
13--
r
..
2.61
2.83
14———
;
v
2.83
JL.59
;
17——
- 16—-
:
v
.
P. U.
3.03
3.17
347
3.17
3.17
1.59
.iA, .:18—
,,
Corporate by Groups*
R. R.
3.16
1.58
—
—
20
.
Corporate by Ratings*
Aa
ABaa
Aaa
rate*'
Bonds
;Pec. 23-—.
■'
$115,000,000,000 by the end
and will be about
reach
157.6
—j.-™—
Textiles.
8.2
L
■
■
Corpo-
Govt.
Daily
■Averages
Individual Closing Prices)
on
7.1
Avge..
.
by
313.6
l*—?
-
(Based
tJ.S.
1946—•
.
assured
226.8
:
Miscellaneous commodities
a
is
year-end, the Institute of Life In¬
surance reported on Nov. 27. The
aggregate of this type of life in¬
surance
owned
is
expected to
203.5
J*****,*,
—
—
Livestock-
Fuels
17.3
force
in
surance
144.2
Year
Ago
Nov. 23,
307.7
.
>
Cotton'!
Grains
■
14,
259.7
,*4*—
rarm Products
23.0
MOODY'S BOND YIELD AVERAGES
Dec.
ordinary life-insurance
purchases currently running at
well over twice the pre-war level,
a new record' total of ordinary in-
has been due to the rapid
expansion of ordinary insurance,
in spite of the remarkable per¬
centage gains made by both in¬
dustrial and group life insurance."
The large increases in ordinary
216.9
Foods
118.2Q
1944-
Week
Dec. 21/
1946
•
.
2 Years Ago
23,
Week
^
/;
m
*
-Pec.
'
■
<
P
s
With
years
Latest Preceding Month
Group-
Cottonseed Oil-
1 year Ago
.
Each Group
COMMODITY PRICE. INDEX
Pre-war Level
months, of this year. Net
debt
re-.
duction will be somewhat less ex¬
can
Newspaper
ciation,
'
'
Publishers Asso¬
.
Moody's Daily
Commodity Index
Tuesday,
Dec. 17, 1946—373.1
Dec. 18-—
372.5
Wednesday,
Thursday, Dec. 19______-—
£ -373.4
Dec. 20—
*1,375.8
Saturday," Dec, 21—**—.—
*
375.0
Monday, Dec. 23——
—378.6
Friday,
Two weeks ago,
Month
Year
1945
ago,
ago,
High, Dec.
10*—:
371.5
-1 373.9
1945——264.6
Dec.
Nov. 23
Dec.
22,
27———*i—
265.0
252.1
Low, Jan. 24—
1946
378.6.
High/Dec. 23"———
'
Low, Jan, 2—*——*—,—-1-—.
,
264,7 *
3404
THE COMMERCIAL & FINANCIAL CHRONICLE
Wholesale Prices Rose 0.4% in Week Ended
Dec. 14, Labor Department
Reports" :
"Higher prices for
byC] sharp increases
number of nonagriculturai
a
:v:.', (Continued from page 3394)
worthy of. an enlightened
forward-looking people.
commodities, led
lumber, raised the general level of primary
during the week ended Dec. 14, 1946," said the
guo'eab which
of Labor Statistics
of the U. S. Department of Labor
Fairchild Index
Our Majoi Problems
in
market prices 0.4%
Thursday, December 26, 1941}
and
Higher Retail Prices
During November
-
As
a
nation
we
must face every moral and legal
obligation to honor the debts that
"(2) Thoughtful reconsideration
to our concepts of
government. For almost-two dec¬
ades we have enlarged the powers
of government to deal with emer¬
gencies,, first the economic, coir
lapse of the early 30's, and then
must be given
on
\
rowing and the time of accounting
is not far distant.
we
Reports
prices advanced for - the
month accord¬
Retail
consecutive
ninth
incurred/ Here again the New
j
ing to the Fairchild Publications'
Retail Price Index, a report on
which was : issued
by Fairchild
what drains may be placed on our
Publications on Dec. 16. The ad¬
average, 2.9% above a month earlier and 30.9% above mid-December
economy without destroying the
vices state that "the advance dur- ;*
1945."
The detailed report for week ended Dec.
the exigencies of war.
Have we wealth producing facilities of the
14, follows:
/, 7
ing November was " one of the
changed from the philosophy that nation, or discouraging the pur¬
: "Farm Products and
Foods—Agricultural commodity prices con¬ the best
greatest monthly gains in recent
government is one that chasing power of /our citizens,
tinue to decline
years." Prices gained 1% above
during the week, largely because of lower prices governs the least, to the belief
thereby making more difficult the
the
for meats and livestock.
previous month and 4.8%
Farm products as a group were down 0.3% that
government
should
have attainment of a still higher stand¬
compared with the corresponding
more power over the lives of in¬
and foods 0.2%.
ard of living to which every one
Lower prices for both fresh and cured
pork, with
period a year ago, says the an¬
dividuals and the economy which of us aspires.
consumer resistance to
high prices, were reflected in declines in
serves them?
"The new year, 1947, presents a nouncement, which points out that
Expressed another
quotations for hogs.
"this is the first time since the
Large supplies lowered prices for mutton and way, should the United States
challenge—a challenge to accom¬
period following the depression
sheep. 1 Most grains advanced following the weak market of the continue
its
government
with plish and to find solutions.
As
that prices have gained steadily
previous week and rye and wheat flour quotations were
emergency,
powers
after
t h e your new President, I pledge my
higher.
for nine consecutive months. The
emergencies are over?
Or, ex¬ utmost to you.-:, On your behalf I
Cotton quotations advanced 2.5%.
Butter prices were higher but
Index at 119.0 (Jan. 2, 1931=100)
pressed 'in/ still • another
way, pledge the Board of Trade to an
there, was a substantial decline for cheese.
Quotations for oranges should our government reconvert earnest desire to assist in arriv¬ compares with 117.8 in the pre¬
vious month and 113.5 in the same
moved down more than
seasonally and onions also were lower. to peace-time pursuits in the same ing at some of these imperatively
period last year."
■
"
Apples, lemons and white potatoes advanced and there were increases manner that our factories which necessary decisions. When we do
The Fairchild report continued:
made implements
of ■" war have reach them no one will any longer
for some types of dried fruits.
Cocoa beans, in very short
Each of the major groups gained/
supply, either
added that, "the index of
commodity prices in primary
markets, prepared by the Bureau,'advanced to 139.7% of the 1926
been reconverted
higher and Brazilian coffee quotations advanced.
-were
decline for the 8th successive week.
farm products
as a
Lard prices
During the week ended Dec.
group were 28.5% above
"In
14
have to
'good
the
Board
lead the way
can
of
Trade
our
may
con¬
government
Jjbok back to the so-called
old
days'
but
rather
of
Trade
and make
largest
increase
recorded
for
home furnishings and men's andl
women's apparel. As compared
con¬
accept 'the good
new days.'
There are many other
specific matters which I could
with
tributions within the scope of its
Commodities--^ Sharpest
goods
were
prices
as
There
were
increases
as
/.pig /iron, bolts and
decontrol.
as
producers
realigned prices following
Advances for
creases
ed
some
were
types of mixed fertilizer
were
substitute
greater
a
degree
of
traditional private
our
American enterprise system.
>
hv, ciii
above
a
rose
from approximately
lo
ago."
year
k..
Percentages changes to
■ Dec. 14, 1946 from—
'
.
.
14,1946
*
vU926=ioo)
12-14
;;Uonimod:t$ Groups—
1
* * V
■
.
12-7
31-30
11-16
1946
1946'
1946
1946,
12-15
12-7
11-16
products!./
'.Foods—
168.7
169.2
170.3
161.3
^
161.7
166.9
165.0
132.5
131.7
130.7
96.1
96.0
1946
1946
132.2
145.2
125.4
Chemicals and allied products
goods
124.0
131.3
159.2
—
—
•
100.6
94.8
Special Groups—
.Raw materials.
!
0.6
0.1
1.4
+12.8
0.4
+ 14.1
+26.0
144.3
140.4 1
118.8
4.1
7.6
+27.2
123.7
122.3
96.1
1.1
2.5
+30.5
118.3
117.6
106.4
1.1
2.0
+12.8
106.7
,104.6
95.0
0.9
3.2
+13.6
154.4
154.8
452,6
119:7 -U. 04
11
+28.9
+
1.6
6.2
+38.1
102.6. +
0.6
3.4
129.0
101.3
+
0.7
3.4
+31.7
116.2
100.5
+
14
5.8
+22.3
131.6
130.2
125.9
134.0
1134.1
130.4
133.4
products—
All/commodities other
products and foods
132.5 ,f 132.3
121.6 4121.1
than
96.8
h:
-
'
:
>.
-
.
+31.4
v.
,
Farfti
4
+
118.7
A]t'. commodities other than
'
+7
85.2
133.7
.Farm
122.9
PERCENTAGE CHANGES
Leather
■
Grains
Other
11.4
fats—.—
/
;
,
2.8
Iron
//Civil
■/
fertilizer
building materials—__
Fertilizer
Fruits and
1.4
Drugs and
_________—1.3
on
the
measures, changes
be
distinguished
prices
on
those
are
BLS
weekly
in
the general
from the daily
charged
•'commodity. ..exchanges.
&
and neckwear,
President,
Nehemiah
Sons,/was reelected
fant's shoes,
reelected
the
to
office
01
•
index
level
index
of
_
v
_
prices
primary
28
by /manufacturers
of
Pharmaceuticals—0.1
about
market
basic
or
>12
vegetables-^lU--—--I—'0.7
Nonferrous metals
of
of
materials—__
____/ / o.l
900
commodities
prices.
materials.
producers
or
This
For
are
index
the
-weekly index ' is calculated-from
prices,..., It is designed as an indicator of week-to-week changes and
compared directly with the monthly index.
construction
Dec. 19, added:
Private construction
on
•»*•/,•
/
/;
this week,
week, and 10% below the week last
vanced
months, further gains in prices
retail
part
prevailing
one-day-a-week
the
war, motor vehicles
carried
the
April
1942
were
not
produced
for general
should
civilian
not
sale
a
volume
in
'
continental
United
Federal construction,
be
1
-
ond
•
23.
1946.
• \
Jnl,computing Nov. 30,
is
/
a
component
-nidts,-/a;18.5f
would
1946
have
indexes,
been:
the indexes for
all
commodities,
manufactured products, 131.1; all
groups
137.2;
commodities
!
51
.
I/
which
metals
other
^130,41 /all .commodties other than farm products and foods
'i
of
and
than
118.2.
motor
vehicles
metal
prod-
farm'products
According to the National Lum¬
Manufacturers
Association,
ber
of 400 mills re¬
the National Lumber
were 3.5% be¬
lumber shipments
porting
Trade
to
Barometer
production for the week end¬
Dec. 14, 1946. In the same
week new orders of these mills
low
ing
were
1.8% below production.
Un¬
the reporting
filled order files of
mills, amounted to 57% of stocks.
reporting softwood mills, un¬
below the 51-week
For
filled orders
are
equivalent to 24
production at the current
rate, and gross stocks are equiv¬
alent to 41 days' production.
;
For the year-to-date, shipments
days'
reporting identical mills were
of
-
0.4%/ above / production;
orders
-
-
were
<
•
ings gained this week
highways and public build¬
last week,- Seven of the nine classes re¬
over
responding
corded gains this
week pver the 1945 week as follows/ waterworks,
sewerage, highways,, earthwork and drainage,»industrial buildings,
public buildings, arid unclassified construction*/>.
:
/
-
000
;://-
'
* New
' v/ '
Capital
•
•
-
24.8%
30.0%
above.
;
more
than
the
1,783,786,000 reported for the corresponding
<';//",:
/ : /;V/: /fv'/v/Z/z; V/"
/ */•
■
i re
;t-'i
/'■i
?,•<>.£•
I
3
/
'
*.4-
v.—.
*
1
dt- 'it*-
above;
above;
-
shipments
orders
Compared
to
were
7.2%
were
the
corre¬
of
reporting
mills
was
28.0%
above; ./ shipments V/were / 20.0%
above;- -and'
'•
^w^bfders/
31.7% above.no imvf. gelt.
>/
..
-
,•
1935-1939,
of
week
sponding week in 1945, production
882,000 in State and municipal bond sales. New capital for construc¬
tion purposes for the 51-week
period of 1946 totals $3,368,361,000,
89%
to the average cor¬
production of reporting mills was
New capital for construction purposes this week totals $101,372,and is made up of
$70,490,000 in corporate securities and $30,-
period of 1945.
/
0.4% below production.
Compared
In the classified construction groups,
•
<
'
Weekly Lumber Shipments
3.5% Below Production
<
Since
used
""
MM—
.
.
quarter or early in the sec¬
quarter, according to Mr*
Zelomek.
year.
$622,478,000, dropped 16%
with these advances/re¬
prices
first
like
'
even
in comparison with
prices are lagging. Cur¬
rent wholesale prices, which are
advancing sharply in many ^ in¬
stances, may not be reflected at
the retail level until late in the
cumulative
a
supervision the In¬
is compiled.
He points out
wholesale
total of $5,165,954,000, which is 128% above
period of 1945.
On a cumulative basis, private
construction in 1946 totals $3,132,411,000, which is 178% above that
for 1945. Public construction, $2,033,543,000, is 79% greater than the
cumulative total for the corresponding period of 1945, whereas State
and municipal construction, $1,411,065,000 to
date, is 259% above 1945.
and
price
forward
in
each
computation
through
production
in
recent
weeks
has exceeded
the
average
rate
of civilian production in 1941
(the basis previously announced
by the Bureau), cur¬
rent prices of motor vehicles were
used in the
weekly wholesale price index begin¬
ning with the week ended Nov. 30.
If April 1942 motor vehicle
prices had been
Nov.
"<r
Bureau
the
economist,
dex
,
tDuring
at
accord¬
under whose
week, is 222% above the 1945 week. Federal construction, $2,776,000,
is 251% above last week, and 335% above the week last year.
1 \'
should
most
to be expected,
are
ing to A. W. Zelomek,
$46,197,000, is 55% below 'last
Public construction, $39,995,000, is 72% above last week, and 228% greater than the week last
year.
State and municipal construction, $37,219,000, 66% above last
which
those
/ The
hats and caps, ini*
well as furniture
.•••"■' /
Despite the fact that prices ad-,
for
nine
consecutive
of
Civil engineering construction volume for the current week, last
week, and the 1945 week are:
Dec. 19,1946 Dec. 12,1946 Dec. 20,1945
Total U. S. Construction.
/$86,192,000 $126,931,000 $63,768,000
Private Construction
'
46,197,000
103,741,000
51,568,000
Public Construction
39,995,000
23,190,000
12,200,000
State and Municipal
37,219,000
22,398,000
11,562,000
Federal
2,776,000
;/
792,000
638,000
~
'
as
and floor coverings.
Assistant Treasurer. Richard Kulze
Was
o*3
'Decreases "//;/
poultry—
2.4
""Based
Gitelson
q 4
r
\
reelected Treasurer., M_ Leo
Gitelson,
total of 1945.
Q.2
•
0.1
_____
2.2
.
o!s
o'g
~ZZZ
Meats/—______
feed
:
Hosiery, and underwear.
Hides and skins+_,—^___
Cattle
0,6
1.1
Other textile products—
."/.-
and
0 7
1.0
——
0^7
o 7
•"
Other farm products
*
.-Livestock
i
—
_
I-III—I—'
steel
,
I
_
paint materials
—
and
o 8
__
Bituminous coal_^^_____
£ ~
.
•
Cereal products—
—/
Other foods—
___1,1
—
^—
_—.
was
tail
engineering
the total for
and
Other
1.4
1.2
J_;_/.
Woolen and worsted goods
furnishings
Baker, Manager, Aviation Di¬
vision, Socony-Vacuum Oil Com¬
were elected
Vice-Presi¬
Harry J. Carpenter, Guar¬
anty Trust Company of New York, women's and men's shoes, shirts
pany,
dents.
/ Total engineering construction for the 51-week period of 1946
miscellaneous
Shoes
2.4
—————
Cot/op..
Dairy* products
Paint
5.3
-___
______—_————______
Furniture
Mixed
6.0
implements
Paper and pulp
H.
totals $86,192,000 for the week ending Dec. 19, 1946, as re¬
ported by "Engineering News-Record." This volume is 32% below
the previous week, 35% above the corresponding week of last year,
and 1%/above the previous fourrweek moving average. The report
records
11.6
Oils .and
President,
States
IN SUBGROUP
Increases/^
Lumber
Agricultural
into
Schaefer,
L.
Engineering Construction
Totals $86,192,000 for Week
INDEXES FROM
DEC. 7, 1946 TO DEC, 14, 1946
n4
youth
The z expenditures
•;
Floyd W. Jefferson, President,
Company, Her¬
W.
'
exception of furs and
hosiery, which declined, every
commodity included in the Indert
gained during November.
Ad¬
vances were very sharp for sheets
and pillowcases, blankets, women's
and men's shoes, and floor cover*
ings. The commodities showing
the greatest increases above a
year
ago included sheets, furs,
With the
that
+ 48.9
116.3 ' 105.3
134.8
_
gains.
1947:
Civil
issued
____
the
officers in
willingly made. The dollars Secretary.
spent for victory were; not too
Edwin M, Otterbourg was re¬
high a price. Our huge expendi+ elected General Counsel, and M.
tures to meet; emergencies were D. Griffith was reelected Execu¬
of necessity secured through bor- tive Vice President.
7.2+43.0
2.3 +31.7
106.9
154.3
articles
Manufactured products
of/-American
conflict.
+ 28.5
1.7
/>„.<
Semi-manufactured
*
08
+
120.0
,
this
+ 30.9
•:
107.9
Miscellaneous commodities
.
+
2.3
2.9
—
0.2
+
+
0.3
119.4
129.5
tl31.8
1514
Housefurnishings
named
1945
4644. V 108.3'
95.8
132.7
,
Building materials
167.3
163.6
170.7
_
Hides and leather
products—
Textile products
Fuel and lighting materials
Metals and metal products
as
12-15
1945
7^jCOq^o^^es^^4i^'^^i^w^i>r39;^;''3l39.1j;tl39.r7-.'135.8l 106.J7+;.Q.4
Farm
Trade
serve
were
FOR WEEK ENDED DEC.
''iwtf
t,
above?. the .preceding week
CHANGES IN WHOLESALE PRICES BY
COMMODITY GROUPS
a
dollars preceded and followed the
flower
1.1 %
was
of
W. Schaefer & Company, Warren
^er^s^U
farm; products and foods
Board
following to
bert
^{jtther advances
%hd !22.3%
York
to
electing Mr.
President, the New
as
In the past two decades our debt
The group index for all commodities other
pared with the prewar level men's
apparel, home furnishings, and
piece goods showed the greatest
addition
Iselin-Jefferson
25 bil+
:/
^i^^tannerfjand shoe manufacturers raised prices of their products. lion to over 275 billion. Apparent
Hi&e quotations continued to
drop from their high November' levels: necessity called for the raising
from time to time of the statutory
were reported for wool floor covering and there debt limit. Especially when power¬
increases in prices of some types of wood* furniture, ful enemies were- on the veritable
glndu^try. price readjustments raised ; quotations for wuodpulp and threshold of - success, American
paper.
In
Brooks
"(3) The American people and
the American Government spared
funds in meeting emergencies*
up to 7% Were reported in spot transactions of varicotton fabrics with continued
strong demand. /Addi-
Kraft/wrapping
first and now."
no
Price in-
ranging
of
therefor
freedom for
responsible for the
rise_in the group index for chemicals and allied
products.
over business pursuits
not be materially reduced o?
terminated and there be
reported for silver and mercury with in^
vsupplies of foreign metals.
Sharp increases for copra and
Jcrqased
c
screws
Declines
may
types of steel mill products,
some
home furnish¬
ago,
year
purpose,
50 to 80% above former
ceiling levels. Some other
•building materials in short supply, such as enamel and prepared roof-jiing,/ also moved up." Farm machinery quotations rose
nearly 6%. government
further advances for
a
bring to your attention today but
ings and women's apparel showed
namely, the promotion of I believe that these are our pri¬
the greatest gains.
trade, commerce and manufac¬ mary and most pressing problems.
Latest prices are 33.9% above
turers. We may ask ourselves if The others will, I am sure, have
the 1939-40 low; they are 35.4%
the time has not arrived when our careful consideration but let
'above the 1936 low and 71.5 %
the controls, and regulations of us urge the settlement of these
above the depression low.
Com¬
for nonagriculturai
for .southern pine lumber, as some
large producers raised
much
the
with
month,
the
during
will
thinking and public enthusiastically
such
discussions
higher.
Board
tribute, advising
doned?
earlier and foods
a year
aban¬
or
York
'•
•
*"
•>,./ ; »*,-/+
vr-H?
were
;/•
■'■■■'-
mm r't.e- -r-f-
\C> h >'
,
W
■'■■jf&.£.§#£4*I.i V lv
~
"•"">*
Number 4554 <
[Volume 164
/1"
:i •?> if.
U«- ^
«*1
ti* ••'.••:;*:*.*;••'•.-L:-'*.Py$ ■%1
'
age
t
:
'•-. 3405
*v»*,
>v.M-
CHRONICLE ^
'■%■*''
NYSE Odd-Lot Trading
New York Exchanges
on
Commission made public on Dec.
The Securities and Exchange
showing the volume of total round-lot stock sales on the
! tfew York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended Nov. 30, continuing
a series of current figures being published weekly by the Commis¬
sion
Short .sales arc shown separately from other sales in these
8 figures
The American Petroleum Institute estimates that the daily avergross crude oil production for the week ended Dec. 14, 1946, was
1
Trading
\
;
of 22,200 barrels per day over the pre¬
ceding week and a gain of 202,250 barrels per day over, the corre¬ figures;&
" :r\;:
Trading on the Stock Exchange for the [account of members
sponding week of last year. 'The daily average figure estimated, by
."the United States Bureau of Mines as the requirement for the month /except odd-lot dealers) during the week ended Nov. 30 (in roundlot transactions)' totaled 1,622,555 shares, which amount was 17.06%
December, 1946, was 4,677,000 barrels. Daily- production for the of the total transactions on the Exchange of 4,755,740 shares. This
'four weeks ended Dec. 14, 1946, averaged 4,754,000 barrels. The In¬ compares with member trading during the* week ended Nov. 23 of
2,054,935 shares or 16.06% of the total trading of 6,400,680 shares.
stitute's statement further adds:
"V
'•4,716,950 barrels, an increase
refining companies indicate that the inidustry as a whole ran to stills on a Bureau of Mines basis approximately 4,685,00(i barrels of crude oil daily and produced 15,160,000
'barrels of gasoline; 1,989,000 barrels of kerosene; 5,802,000 barrels of
distillate fuel, and 7,976,000 barrels of residual fuel oil during the
tveek ended Dec.-14, 1946; and had in storage at the end of that week
shares was 15.34% of the
u
r
S
i!}
[/••
1
Sales on
Transactions
Short sales—.—
Week
ables
Requirements
Dec. 1
,
Virginia,--—
•♦Ohio—Southeast---)
•♦West
Ohio—Other
-
8,400
7,600
Nebraska ——-r—"
19,000
210,000
29,000
46,000
800
Kansas
263,000
270,000
380,000
>•362,400
Illinois
:
,
Kentucky
Michigan
——
———
'
-
^Oklahoma
'.
t700
2,250
650
1,550
+
?,
—
700
500
+
—-
4,050
,
+
t279,950
f370,800
District V
—--—-I
*>'*
East Texas——w—.
Other Dlst:
vi
District VM™.
.
100
500
100
—-
—14,400
93,550
500
'Coastal Louisiana—I-
'310,350
1,918,900
^.Arkansas
-
f09,000
1,150
102,500
^California
50
500
105,150
of Members*
ENDED NOV.
*»
vti
J>y
-»-
«
•
w
x*
-
*These are Bureau of
\
\
,<.'!•
30,
—
1. Transactions of specialists in stocks in
they are registered-
..
Total purchases.—.
Short sales——..
845,700
Total sales
^ ■*1
pi# f.*v
domestic crude oil
Mines calculations of the requirements of
requirements may be supplied either from stocks or from new
templated withdrawals from crude inventories must be deducted,
|>y the Bureau from Its estimated requirements to determine the
: As
production, con¬
as pointed out
amount of new
+
'
AND
(Figures In thousands of barrels of 42
gallons each)
this section Include reported totals plus an
estimate of unreported amounts and are therefore on a
Figures
in
Bureau
•
of
Mines
§Gasoline fFinish'd
and
Crude Huns Product'n
atRef.
Unfin.
Refin'k
to Stills
Capac. Daily % Op- Inc. Nat. Gasoline
Stocks
Report'g
Av,: era,ted Blended
% Daily
basis
^
{Stocks
12.09
12,325
—
10,735
v
East Coast
——
Appalachian—
*
76.3
District No. 1
Inland Texas
Gulf Coast
(Louisiana Gulf CoastNo. La. & Arkansas—
Texas
<
;
: 87.4
78.3
59.8
89.2
97.4
55.9
New
Mexico
California
Mt
——
Total U. S. B. of M.
basis Dec. 14, 1946.
Total U. S. B. of M.
>
basis Dec. 7, 1946..
284
65.7.
19,012
2,331
45
104.8
212
Short sales..——
{Other sales.
for Account of Specialists—
..
iv
and W. T. Grant, Ksiirfsas
City, Mo., Chairman of the Bhard
Business Men's
.59,924
Total purchases——
Mr.
"members" includes all regular and associate Exchange members,
their
firms arid their partners, including special partners.
tin calculating these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales.
:
{Round-lot short sales which are exempted from, restriction by the Commission's
rules are included with "other sales."
,
§Sales marked "short exempt'' are Included with "other sales."
207
62.7
2,781
1,439
1,031
1,135
92.6
323
100.6
3,687
i
3,414
13,709
952
1546
S
9,935
356
;
4,524
;
208
96
4,428
6,935
2,030
1,101
[409
8,784
3,153
551
3,434
1,634
11,234
4,144
1,310
.774
.
7,383
2,306
'
312
550
93
15
34
399
1,838
117
454
600
2,204
16,381
762
12,420
147
36
130
78.8
85.5
791
79.6
85.8
4,685
4,720
84.9
15.160
14,845
*88,678
88,183
,
18,505
.19,527
Dec.
42
position in
excess
62,147
63,861
56,096
The report follows:
57,209
14,311
{89,834
11,013
40,988
unfinished gasoline stocks of 8,014,000 barrels.. {Includes unfinished
stocks of 8i277;00(f'barrels/'{Stocks at refineries, at bulk terminals, in transit
♦Includes
'■gasoline
"
:
pipe, hpes.yy.nn addition, .there were produced 1,989,000 barrels of kerosine,
5 802 000 barrels of "gas oil and distillate fuel oil and 7,976,000 barrels of residual
luel oil in the week ended"'Dec.; 14, 1946, which compares, with 1,866,000 barrels,
in
barrels and 7,847,000
barrels, 4,803,000 barrels and
5 870 000
15, 1945.
'
„
42,276
:tP
-and
issues on
of 5",000 shares, compared with three
15, 1946. A total of 193 stock issues showed a short position
on Nov. 15, compared with 194 on Oct. 15, 1946.
Three bond issues
showed a short position on Nov. 15 against one on Oct. 15."
"m
4,535
graduate of Grin-
since
Life
having
1912,
'
been
elected Secretary and a
1913;
director! in
Vice-President in /19i9,[
a
and President in 1926.
v--:-;;
■
White
'
•
basis
15, 1945—
U. S. B. of M.
a
'
;
1
:r; ;
barrels, respectively, in the preceding week and 1,777,000
8,300,000 barrels, respectively, In the week ended Dec.
——rw
event of-the
The third formal
Oct.
84.3
Nollen,
nell College, Grinnell, Iowa, has
been
associated
with
Bankers/
House
social
season1 was
position in stocks traded on the New York Curb
held on Dec. 10 when President
Exchange stood at 124,767 shares on Nov. 15, 1946, compared with
and
Mrs.
Truman
entertained
92,Q48 shares on Oct. 15, 1946. This represents an increase of 32,715
members of the [Judiciary , ali;a
shares, or 36 % for the month and is the second monthly increase
since Sept. 15 when the short position figure reached the lowest State
reception. The first two
point in more than a year, said the New York Curb Exchange in an were diplomatic dinners. ?5 There
announcement issued on Nov. 20, which continued:
were nearly 900 guests, hep$led by
"The report shows that only five issues of the total of 857 stock
Chief Justice Fred Vinson1 Of the
issued traded on the Curb Exchange on Nov. 15, 1946, showed a short
28,626
42.9
84.6
19.0
70.9
128
1,749
54
Assurance
Judiciary Receptiqii;;; ,*
Curb Short Position Rise in November
Oil
Oil
22,030
1
15,864
80.6
.
*
America.
52,012
Total sales.
♦The term
Insurance
ginia;
59,924
——
—
Mutual Life
of The Life Insurance Co. of Vir¬
••
o
Customers' short sales..
§ Customers' other sales
Life Insurance Qo.
McLain, New+f^ork,
of the Guardian Life
Co., of Philadelphia; Robert3 E.
Henley, Richmond, Va., p^sid^pt
17.35
197,970
C. Odd-Lot Transactions
A.
Provident
185,395
——.
Total sales
'J;Lee'
Chair¬
Insurance. Co.; M, Albert Linton,
Philadelphia, Pa., President ofj&e
212,460
12,575
[ Total purchases..
.
of the Board of the Connecti¬
President
4.25
47,475.
—
Smith;
Mutual
James
'
.
Hartford,, Conp.,
cut
0
The total short
979
87.8
65
suc¬
thafc'«rday
?
Mr,
man
53,060
47,475
—
elected
Lopmis,
1.01
11,635
Fuel
Fuel
.
437
764
11
85.8
"
sine,
He
Hotel.
Resid.
Kero-
8,209
378
:
Rocky Mountain-r
Other Rocky
1,988
87.4
94
84.7
District No. 2
end.,'HI., Ky.JDkla., Kans., Mo
•
733
99.5
faas
Wilfred
include
•
v
of
& Dist.
Board Of
Company,
the
at
also
Directors
900
ix.
■■
Gas Oil
•u
Smith of
Boston, Mass., President of the
New England Mutual Life Insure
ance Company,
New members of the Board of
.
District—
;•?
13
ceeds [George
138,860
—
...
Total sales
{Stks. of tStks.
of
,
[
'
,
America
Associa.tipn's
40th annual meeting, held at fhe
the floor-
{Other sales—
OF FINISHED
UNFINISHED GASOLINE, KEROSINE, GAS OIL AND DISTILLATE FUEL
DEC. 14, 1946
Life
Waldorf-Astoria
Total sales——
—x..—^
**
ft- 3. Other transactions initiated off the floor—
Total purchases...
———
[
■/*'
Short sales....
———..i———
PRODUCTION OF GASOLINE; STOCKS
AND RESIDUAL FUEL OIL, ; WEEK ENDED
-
,,
Bankers
Dec
on
4. Total—
TO STILLS;
round lot are reported ,wwn
elected 141st. President5 of-the1'Life
147,075
11,675
127,185
,v
>
RUNS
a
Gerard S. Nollen of Des Nloines,
the
which
....
-
■
fOklahoma, Kansas, Nebraska figures are for
CRUDE
re¬
.
produced.
week ended 7:00 a.m. Dec. 12, 1946
$Thls is the net basic allowable as of,Dec, 1 calculated on a 31-day basis and
fncludes shutdowns and exemptions for the entire month.
With the exception of
(several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 8 to 11 days, the entire State was ordered shut down
for 8 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 8 days shutdown time during the calendar month
§ Recommendation of Conservation Committee of California Oil Producers.
than
less
Iowa, Chairman of the
t*
1,182,905
.....
—
Short sales
200^*;^60,800'
+ 5,850-
$ ^
i
are
Inst, of Life Insurance
(Shares)
1946
—r—
——
2. Other transactions initiated on
4,514,700
toased upon certain premises outlined in its detailed forecast! ' They include-/the
'condensate that is moved in crude pipe lines. The A. P. I. figures are crude oil.only.
crude to be
IIIP^ll 17.06
Total for Week
Total sales
20,300
20,450
873,450
.263.730.
exempt"
"short
JJ.
the New York Curb Exchange and Stock
Account
for
Total purchases—
64,950
••Pennsylvania Grade (included above)
209,390
Nollen Elected He|CM
761.735
93,550
23,550
4,754,000
^1 "
P' 0
209,390
.
shares.^x.
of
marked
"other i sales."
653.645
...
■i': V «{OtherSales_£.i.—
,
is
3.70
'
400
38,250
+22,200
:
r
j
Total; sales u....—x—J
♦Sales
1,168,585
150
250
4,716,950
4,677,000
[Total United States
-
Number
14,320
97,500
650
874,200:
.•
—
ported with "other sales."
>.]''•+?+ b.
{Sales to offset customers' odd-lot orders
and sales to liquidate a long position Which
B. Round-Lot Transactions for Account of Members:
53,600
1,050
101,450
2,550
2,100
36,300
§840,700
845,000
——
80,350
100
23,400
'Colorado —32,000
75,900
300
-v.
Value
724^63
.732,495
$25,674,097
sales
total
Insurance Association of
371,450
73,600
■
W;
jt:B,032
,
v
{Other sales
;
other • "sales.
1.89
Short sales
402,700
900
450
104,600
.
,
450
81,650
,
24,000
*——
—
650'
+
.
73,950
96,000
New Mexico-rOtner—)
Wyoming —————
'Montana
403,900
.
81,247
76,000
—
Mississippi
60,000
'Alabama —2,000
; New Mexico—So. East)98,000
,
444,000
24,531
•
•
1
sales—
108,090
A. Total Round-Lot Sales:
309,800
382,000
215
:
24,316
860,820
Total Round-Lot Stock Sales on
92,900
150
Total Louisiana.w
mm
150,135
—
Transactions
'•North Louisiana—
sales^.—
Dollar
128,865
{Other sales
2,050,000
total
Round-lot Sales by Dealers—
Number of Shares:
*
Short/sales
{Other .sales
21,270
•
Short sales
80,800
1,996,250
2,050,000 *2,000,267
sales...."
Customers'
201,900
WEEK
Total Texas
other
short
floor-
Total purchases.—..—.
119,850
81,100
'
•
sales_^__
Customers'
5,900'
70,460
Total sales
118,000
District
v
«
(
short
Numbfer of Shftres:"
'
503,750
VrCL-
District
772,436
iiJ.j
,
76,360
Total sales
28,650
L- District IX
>
i'"'$29^814,233.•
Customers'
V4. Total-
1,100
shares.——1
of
(Customers'sales)
103,620
i
'
? ]
orders—'i,ii;.128f355
Number; of...
Number
Y.
^ " P , ■'
■
Total
; ;" For Week :
Odd-Lot Sales by Dealers—
;
Customers' purchases)
•
xt v
535,240
Total purchases.
'.[+ 35,800
320,300
102,400'
34,900
850
STOCK EXCHANGE
V, ■;
Week Ended Dec. 7„ ,1946
454,320
3. Other transactions initiated off the
444,950
1,150
/V
N.
THE
Customers'
.Total sales—
ODD-
THE
FOR
ON
SPECIALISTS
Round-lot Purchases by Dealers-
218,300
350
AND
Number of Orders;
v
by the
and specialists.
dealers
LOT ACCOUNT OF ODD-LOT DEALERS
80,920
•
{Other sales—
250
District VII-C
>
1,750
5,950
2,500
'
reports
upon [
TRANSACTIONS
STOCK
555,300
—+
Total sales—...
18,950
141,450
208,800
34,600
316,000
99,350
34,500
27,700
499,700
odd-lot
Customers'
I——
Shor^; sales—,—.^
based
are
v
{Other sales-
264,850
388,500
422,650
v
•
being
filed with the Commission
♦Customers'
i
,
Total purchases——————1—i
48,900
271,450
369,050
134,800
;
i District rv-«
~
v
28,900
30,400
250
figures
4,755,740
L_———.
Exchange.£pj\the
7, continuing
current figures
of
published by the Commissioii. The
2. Other transactions initiated on the floor-
750
—
series
Odd-lot Purchases by Dealers—y;
t%
'
*
Short sales—..
District I——
District II—
4,100
750
18,850
District HI 1——: '
■■
account
special¬
Dec.
ended
week
Dollar value
169,730
4,586,010
{Other sales———i——
3,150
12,750
211,300
50
—
.
"'"V
Total for Week
_
—
———————
Short sales—
8,100
v
5,650
2,450
19,500
202,250
30,050
/; 46,150
900
+
.
New York Stock
1946
30,
Total purchases—
50
100
7,300
"
"
*
'
\
;
45,450
v
Texas—
•:
1945
49,250
2,700'
+
8,300
6,100
2,800
19,050
201,900
29,850
48,600
————————j
'Indiana
+
200
,
1
■»-
—
Dec. 15,
1946
Week
50,550
•
Ended
Dec. 14,
Previous
1946
48,200
York-Penna.V
•♦New
Ended
ENDED NOV.
transactions tor Account. of Members,
Except for the Odd-Lot Accounts of Odd-Lot
DealersandSpecialists!
1. Transactions of specialists in stocks in which
they are registered—
Week
4 Weeks
from
.
Dec. 14,
Begin.
December
[Florida
Change
Ended
Calculated
;
odd-lot
for
ists who handled odd lots onutfae
B, Round-Lot
Actual Production
State
;
of complete, figures
summary
transactions
the New York Stock Exchange and Round-Lot Stock
of Members* (Shareft)
Total sales—w^—'i—-1
BARRELS)
^
'-;v'
.'
A. Total Round-Lot Sales:
and 56,096,000
PRODUCTION (FIGURES IN
Allow¬
•B.ofM.
a
of all odd-lot dealers and
for Account
WEEK
18,505,000 bar¬
.'I;-'
-
{Other sales—
CRUDE OIL
total trading of 1,550,265.
.
Stock
Round-Lot
total
barrels of residual fuel oil.
,
9
30 amounted".to 410,430
Nov.
•
,
Exchange
and
showing the daily volume of stock
shares or 17.35% of the
total volume on that Exchange of 1,182,905 shares.
During the week
ended Nov. 23 trading for the account of Curb members of 475,550
ended
week
1
"88,678,000 barrels of finished and- unfinished lgas6lihe;
rels of kerosene; 62,147,000 barrels of distillate fuel,
Exchange," member trading during the
the New York Curb
On
Reports received from
DAILY AVERAGE
The ' Securities
.
Commission made public oil Dec.
,
<
5
.
..-'-' v' '■)'' '■»v' ; ;'[1'"\1 '?•_•'••
;.
THE COMMERCIAL & FINANCIAL
•_
Daily Average Grades Oil Production for Week
Ended Dec. 14; 1946 Increased 22,200 Bbls.
I,*]
•' ";?r*-v\
' '■
rift v
.
71* * *?$ 7" '•'"< 7} fTTtT'-^vl' .'"
'i' "¥\;rOf A •'
■
Neon
St.
-
'
common—..——J
Lights, Inc.,v common—
Kaiser-Fraser
Pan
\
s
Service Co.,
Claude
v
„
,'t
Security—.
Cities
American
Corp.,
warrants
Regis Paper Co., common
position (stocks)..
Total short position (bonds).
Total
short
5,035
7,955
,
3,885
6,500 l
——
,
2,250
21,000
17,300
11,516
3,008
124,767
92,048
,
Associa'WiiusCq^^nd
of the: Supreme
their
w;ives.
Other
guests*' the
Associated Press Washington
4i§"
members
District .doijrts
stated,: included
patch
of the
Federal and
in the
capital, members' of the Ju¬
4,151,
diciary
Committees of
Senate
and
Increase
3,700
V:
"
tices
1,150 t
1,455
Increase
:
•
6,401
common;
Airways Corp.,
Short '
Position
Position
Nov. 15,'46 Oct. 15.'46
Short-
United States and
8,508
' Decrease
orchestra
32,719
House.
supplied
;botiu.the
Th'e: MOr^rie
music
dancing in the Easi Room.
for
/.
3406
THE COMMERCIAL. & FINANCIAL CHRONICLE
terest
centering -in Prime Western opment Council. Estimates for the
andSpecial High Grade; Quota-; nine-months' period and the year,
Weekly Coal and Coke Production Statistics
During the first week following the return of the soft coal miners
to work, ending Dec. 14, the
production of bituminous coal and
lignite amounted to 13,220,000 net tons, compared with 12,686,000
tons in the corresponding week of last year, according to the United
States Bureau of Mines.. Output of soft,coal in the last week of4he
strike, ending Dec. 7
was 2,270,000 tons.
Cumulative production dur¬
ing the calendar year through Dec. 14, 1946 was estimated at 501,507,000 net tons, which was a decrease of 10.0% below the
557,447,000 tons
k
tions. continued
basis
in tons,
of
period of 1945.'
>
.
The Bureau also reported that the
hive
estimated production of bee¬
in the United States for the week ended Dec. 14, 1946
coke
showed
increase of
72,900 tons when: compared with the output for
the week ended Dec. 7, 1946;* but was 6,100 tons less than for the cor¬
responding week of 1945.,
-■;.***
an
A t .' *
-
IOV2C. for Prime Western, East St
|V'
market, for
K 'v '
Year
Far East;10,800
Africa;,-19,000:
interested
to
the
zinc.
in
The
that
Canada
Elsewhere
J
6,000
/
-
>"94.000
Jan:to
L
' V *
*^:'r
united. States
Uni ted Kingdom
ore
market caused pro¬
ducers of the metal to raise their
4%c.- per pound, "ef¬
fective Dec. 17. This established
the
quotation on -the
ordinary
1946
42,000
60,000
^18,500''
25,000
24,500
40,000
83,000
Totals
quotations
Year
y Sept.
Other countries
in the world
5
f
During ■'the fiscal year ended.
June 30* 1946,
nonmilitary United
States Government agencies
spent ;:
world*; tin "eon-
r
-v
$1,034,000 ^ri ^rociitlng^obd :and,;
materials abroad, and
currently;,
scheduled programs Indicate that'.
the government ^ili Continue to*
make ; large-scale
foreign pur-/
-
26,300
4,500
011
Agencies
20,000
1
64,300 ■ •*
Estimates
U. S.
41,500
.
sumption for .the first nine months
bf the' current
>:yfar. ^nd;• all of
1946, in tons, follow;*
v
Higher prices for antimony
1946-
Sept.
30,000
i.v Totaisv
Zinc, Lead & Smelting Co. and the
): Antimony;
V,
-
America
American
the
-
Jan. to
.'
South
trade 'was
from
news
effect
'•
L*
■
increase of 262,000 tons, or 24.1 %. The calendar ■ year- to date
shows an increase of 9.4% when'compared with the corresponding'
follow:1.'
Louis. The strong situation in lead
had little or no influence on the
was an
•
the
on
Golden Manitou Mines plan con¬
struction-of an electrolytic refillOutput of Pennsylvania: anthracite for the week ended Dec. 14,1946, as estimated by the Bureau of Mines,'was 1,350,000 tons, an in¬ ery„ near: Arvida, Quebec. : The
plant is to cost $11,000,000. >
crease of 96,000 tons
(7.7%) over the preceding week.
When com¬
pared with the production" in the corresponding week of 1945 there
mined in the comparable portion of 1945.
Thursday, December: 26,1946
*125.090
.
chases of sugar,
molasses,-alcohol,,
rubber, tin, copra and fibers, .the.
Department of Commerce said on.
Nov.
29.' These
advices state that1
"according 'to a' ^compilation! byj^
the Clearing Office for;
Foreign,
Transactions, the largest of the;
currently -scheduled • government;
foreign procurement programs is*
that for
the purchase of the entire •.
^ Productions estimated ftbt-:'i&46i
1946 and 1947 Cuban
by countries, in fonS^ Tollow^;;
sugar crops,[ Burma,; 300;-China," 2,000;, Ma¬ by the Department of -;Agricul-.
grade at 28V4C., bulk, carloads,
laya; 9,000; Netherlands East In¬ ttire's Commodity Credit Corpora¬
Laredo, Tex. Antimony packed in
dies, - 7,000; Siam,1,700; South tion. CCC-has. also agreed to pur-:
cases, -ex. warehouse Jersey City,
(In Net Tons) (
<•;
:
!'>" "
'
America, 41,500; Africa, 26,500; chase 280 million gallons of black-.'
moved up to 29.625c. per
.''•■■■
Week Ended
Jan. 1 to Date
pound.
strap molasses and 40 million gal¬
jother countries,. 6,000.
Dec. 14,
Good quality ore sold as
*Dec. 7,
tDec. 15,
tDec. 14,
tDec. 15,
high as
v'
Bituminous coal and lignite—
1946
: 1946
1945 ?
1946ri -•
1945 j The Council holds to its earlier lops of ethyl alcohol through June,
$4.35 a short, ton unit.
•Total, Including mine fuel—-13,220,000
2,270,000 -12,686,000 501,507,000 557,477,000
prediction that production at the 30, 1948." The Commerce Depart¬
Dairy average
-.A A 2.203,000 >
378,000:
2,114,000 " 1,721,000
1,899,000
ment further stated:
Platinum
rate of 200,000 ton? a year is un♦Revised.
tRevised to agree With result of annual canvass of mines.
tSubject
"Other; large CCC contracts call
to current adjustment.
Demand for refined, platinum jlikely before 1949.
r
for the purchase of the entire ex¬
was quiet and,
.ESTIMATED PRODUCTION OF PENNSYLVANIA ANTHRACITE AND COKE "
beginning Dec. 16,
portable surplus of Philippines'
Quicksilver
v';(In.Net;.Tons).
virtually all sellers offered the
arid Netherlands Indies
Week Ended ■■■■>
'
——Calendar Year to Date
'
copra and;
metal on the basis of
$60 an ounce
According 'to thb Metal Bulletin, coconut oil.
$ Dec. 14,
§Dec. 7,
Dec. 15,
§Dec. 14,
Dec. 15, "'7 Dec. 18,y
troy, or $2 lower than in the pre¬ London, the firm of Elder, Smith
•\
Penn Anthracite—V"
1946
1946 *
-1945; T946
1945
**;■•'■• 1937
"The; BoCQnstructioriA Finance!
•Total incl. coll. fuel
& Co. has been
1,350,000
1,254,000
1,088,000
58,209,000
53,219,000
49,901,000
ceding
week.
This
price
was
appointed sole Corporation's Office of'
Rubber;
•(Commercial produc. -1,29S,000 -1,206,000 1,046,00Q:>; 55,965,000 51,170,000 47,406,000 named for wholesale lots. On sales selling
agent in the British " Em¬ Reserve continues to be
.the sole:
Beehive Coke—
i
;
to consumers, most sellers contin¬ pire > for (Mercurio;
Europeo, the importer of foreign rubber/Pur¬
United States total81,500
8,600
i 87,600
3,981,800
5,028,300 --3,115,700
ued
to
quote
$65
an
ounce Italo-Spanish combine. -The com- chases from the
^Includes washery and dredge coal and coal shipped by truck from authorized
Far* East alone*
throughout the week that ended »pany it is believed, has been asked will amount •
Operations.
tExcludes colliery fuel;* , jrSubject to revision.
§Revised.
to
approximately
yesterday. The price of palladium to guarantee the >sale of 195,000 362,000
ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL AND LIGNITE,
long tons during the last
remains
:
BY STATES, IN NET TONS •
unchanged at- $24 an flasks of quicksilver over a period six months of 1946. In
' ''
'
addition,
ounce.
Iridium was available at iof three years;
(The current weekly estimates are based on railroad carloadings and river ship¬
- -..,<
'
ORR continues to
buy the entire
ments and are subject to revision on receipt of monthly tonnage reports from district
$110; rhodium at $125; and ruthen¬
and State sources or of final annual returns from the operators.)
; Though most sellers- here be¬ exportable surplus of Liberia and
ium at $70. Osmium was
■,-rt
v.v..
v.
%
Week Ended
wholly lieve that replacement costs will Latin America.'; Thev Office oL
■'
Dec.7,
Nov.30,,
UDec.8,. nominal at around $100 an ounce, rise as a result of a
move by the Metals Reserve had planned large
State—
1946
1946
1945
with supplies scanty,
i
:
European group to stabilize prices, foreign purchases of copper, tin,
Alabama—,
>36,000
28,000
401,000
AlaskaiL——
1
7,000
quotations here continued at $88 lead and antimony during the last
7,000
•
6,000
Tin
Arkansas.
14,000 \
4
~
14,000
40,000
to $92 per flask, with sales at
both half of 1946. As yet there are vir¬
Colorado
14,000
4.000
187,000
The British
Ministry of Supply ; extremes, depending on
quantity. tually no private imports of these
Georgia and North Carolina—.
1,000
1,000
1,000 is
expected to announce revised The market was
nHnnta
357,000
,278.000
1,470,000
inactive,: ,but materials.
TntllflTlB
/
29,000
32,000
590,000 terms bf settlement on purchases
"The only other large foreign
tsteady;to firm;','
^
Iowa—
Z—-13,000
14,000
of tin
44,000
A AAV"
frpm. Nigeria and Malaya
procurement program" Is that »for
Kansas-and Missou^^^^^»^^: ^^'51,0Cl0
38,000
134,000 before the end of December.
Silver
Lon¬
fibers. The Office of Defense
Kentucky—Eastern—i.--——
:
68,000
-. •
• 68,000
•
' 1,034,000
Sup-'
Kentucky-Western
297,000
237,000
466,000 don advices' report. The* existing
Offerings of silver from butside plies is currently the' sole pur¬
ESTIMATED UNITED STATES PRODUCTION OF BITUMINOUS
COAL AND LIGNITE
-
■
■
■
'
*
.
;
.
-■
...
-ii.
•
■*
"
:
••
'
"
-
-
f
-
,
*
.
-
-
-
~
-
—
,
.<
■
mi
.
,
••
-
•
.
-
Maryland
Michigan--—
6,000
-
-
Tennessee
2,000
101,000
30,000
...
.
82,000
;
98,000
36,000
478,000;
■
50,000
_j—.4—v
478,000
(bituminous)——.
Pennsylvania
-21.000-,-
;--
(bituminous and; lignite).—.
•"
•
2,832,000
1,000
23,000
8,000
20.000
.
Virginia-^Southern-
tWest Virginia—Northern——^W'*
®2,000
-
1.000
...
1,000
Washington-'
710,000
,
,
60,000
417,000
8,000
'-ilo nna"'''
«
,
?n7?'nn?
'
$??'S™
8,000
,<
"
■
•--•
^1,000
146,000
333,000
25,000
o'nSn
Wyoming——
——.
SOther Western States——-
contract
■
;
the
covers
may not
months.
coyer
There
ments
The
ho
were
in
the
new
on
the B
& O.
Panhandle
Oregon.
in
District
Kanawha, Mason and Clay counties.
JRest of State, including the
and Grant. Mineral and Tucker counties.., § Includes Arizona, and
{[Revised
1,000 tons,'
t
«
to
agree
with
••
,
•
c!
of
results
annual
'
1
■
.
of
canvass
;
mines.
*Less
txian^
on
"E. & M. J. Metal and Mineral
Stated: "With
consumers
eager to
Markets," in its issue of Dec. 19,
purchase foreign lead on the basis of
12.55c duty paid, New York, domestic producers
on Dec. 16.
The new quotation is the
that level
copper was^
19V2C, f.a.s. New mon lead to 12.55c. per pound,
York equivalent, with larger sales New York. The higher price came
than in some weeks past. Domes¬ as no surprise, for it was known
tic
copper
and -: zinc were un¬ that consumers were acquiring
changed,
Refined f: platinum 5 de¬ foreign lead on the basis of 11c.,
clined $2 an ounce troy."
The Gulf ports, equivalent to the re¬
publication further went on to say vised^ quotation when duty and
in part as follows:»v !" ^ \>4
freight charges arc included.;
j
diminished.
maintained
Foreign
at
St.
Copper
There
•
ments
week.
were
in
The
price develop¬
no
copper
its
during the last
domestic
market
has
shrinkage in de¬
mand, and the price was generally
experienced no
viewed
as
firm at 19xkc, Valley.
The volume of business booked
in the, foreign section of the cop¬
per market increased appreciably
on the 19J/£c f.a.s. basis, indicating
that:,
producers
were
anxious to
get some tonnage business on their
books at this level.
the New
per
ton. The upward revision in
the
freight
tariff, scheduled for
1, accounts for the change.
Beginning Dec. 16, the St. Louis
quotation
was
established at 12.35c
20 points below New York,
Current quotations for lead are
the highest on record. The previ¬
high named by producers was
12c., New York, which obtained
for a brief period in June, 1917.
of
lead
during the last
7,872 tons.
Zinc
com¬
Demand for slab zinc last week
was
fairly active, with buying in¬
ago.
Uncertainty
70.000
70.000
•
Canada's
i
.
.—
70.000
,70.000
70.000
70.000
70.000
70.000
Mineral
was
DAILY PRICES
OF
19.275
M.
70.000
19.425
•-
•
3,068
J."
-Lead-
Zinc
1
Bt. Louis
11.650
10.500
11.800
11.650
70.000
11.800
i
10.500
11.650
12.550
12.350
19.425
19.425
70.p00
19.425
70.000^
70.000
'£
12.550
10.500
10.500
.
12.350
12.550
12.350
>
:
10.500
4
,
only. 1
trade; domestic
consumers'
Domestic
are:
.
•
Effective
open
March
market
14,
and
v;
/
:
" '
i
for
'
qtfoted on/a delivered basis:
that Is,
plants. > As delivery charges vary with the-destination, the
net prices at refineries on the Atlantic seaboard.
Delivered
copper
prices
ate
.
the
export quotation for copper reflects pricejs
based on sales in the foreign market reduced
is
refinery equivalent, Atlantic seaboard.
On' f.a.s, transactions
lighterage, etc.,>to arrive at the f.o.b. refinery quotation, y
?
Quotations
for
the" ordinary
copper
are
forms
we
'
deduct
'Z
-
.
.obtaining in
to
the
f.o.b.
0.075c.,
J
for
:
wirebars and Ingot bars.
For standard ingots an extra 0.075c.
per pound, is charged; for-slabs 0.175c. up, and
for cakes 0.225c. up,.
depending on weight and dimension; for billets an extra 0.95c,
up, depending on dimensions- and quality.
Cathodes in standard sizes are sold at a
of
,
discount of 0.125c per pound.
;
Quotations for zinc
are
High-grade zinc delivered
mand
not
a
premium
less than
month.
1c.
of
lo.
over
tion
Commodity Credit Corpora¬
and
the
.
RFC's
in
per
„
'
Vv ;
•
for
ordinary Prime Western brands.
Contract prices for
East and Middle West in nearly all instances com¬
pound over the current market for Prime Western but
the
the- "E.
&
M.
J."
average
Rubber
during
1946," ;-:
"
for Prime Western for
-.
Quotations for lead reflect prices obtained for common lead
only.
De-
the -fiscal'^year**
A-; v-
Food Rushed-
to
Germany;
'
,
figures shown above are
prices in New England average 0:225c.
per pound above the refinery basis.
the
Metals Reserve and the Office of
Defense Supplies, and the, Departs
ment of Agriculture.
"The Department of
Agricul¬
agencies
for calendar week endecl Dec. 14
appraisal pf the major United
States markets, based on sales
reported by producers and agencies/ They are reduced
to the basis of
cash, New York or St..Louis, as noted/All prices are in cents per pound.
Copper, lead and zinc quotations are .based on sales for both prompt and future
deliveries; tin quotations are fo* nromot delivery:
at
USCC's
next
The above quotations are "E. & M. J. M. & M. M's"
the
was
a
velopment Corporation were the
largest foreign procurement
,12.000; ;: :-10,500'
refinery, 19.275c^ export copper, f.o.b. refinery :19.154c;
Straits tin, 70.000c; New York
lead, 11.800c; St. Louis le«d, 11.650c;
St. Louis zinc,
10.500c; and silver, 87.30Qc. " •'
;
.
' . ' :
In
handled by USCC,shift of practically all,
foreign1 procurement,
responsibility to the Office of
of
ture's
10.500
,
-13475
;
Bt. Louis
was
•
of the total
QUOTATIONS)
rubber*.
by far the larg¬
est
procurement
agency during
the- fiscal
year/' accounting* for
45%
of
the
$1,034,0001 million
total. During the three : months'
ended June 30, however,
only 12%
reflecting
■j. 70.000
19.275
Company
1,185,906
39,162,797
New York
copper,
tip. The RFC's U.'C. Commer¬
cial
15,437,106
19.425
Average prices
:'
nonmilitary -expenditures
during > the year ended
953,495
38,564,195
19.425
19.275
Aug.
53,688
,
29,947,283
copper f.o.b.
delivered
chrome, and lumber.
"More than half of the
govern¬
V 231,200
30,094,381
19.275
Average-—.-i., 19.275>
ganese,
15,960,785
19.275
Dec. 17—1—
Dec. 18-.
Portuguese,
Africa, and henequen from
Other continuing pro¬
Yucatan.
229,904
29,041,992
11.800
70.000
51,092*
28,846,510
—3,121
fin? oz.___ j
&
Sept.
.
>
Silver, fine OZAa—
Zinc, lb.
("E.
v
'
■
Straits Tin,
New York
19.425
19.275 :i
of Statistics;
Lead, lb.
Nickel, lb.
METALS
-Electrolytic Copper—
Exp. Refy.
Dom. Refy.
and
Production of minerals in Canr
August, modifies—sugar,
and
Gold,
indicate that output will total
94,000 tons, according to the Inter¬
national Tin Research and Devel¬
Haiti
ada during September and
Asbestos, ton
Copper, lb.
Feldspar,: ton
es¬
long tons, and
preliminary figures' for the year
Dec, 14__,
Dec. 16,:
from
June 30, 1946 were for four com-'
...
first nine months of 1946
timated at 64,300
Dec. 12——
Dec; 13-—
-abacsj from • the -Philippines,;
abroad
Output
according to the Dominion Bureau
99%-tin, 69.125c;
production for the
tin
surpluses
of
sisal
ment's
70.000
70.000-
—
or
abacay Present agree—
fnents provide for the
purchase of:
the
entire exportable
grams call for the "purchase of
cinchona bark and Russian man-*
70.000
70.000
.
and
or
East
a definite
position on the
probable trend of prices. The Lon¬
don market Was
unchanged at
55 %d. throughout the
wCek,:..
Feb.
Dec. 17——.
or
ous
an
rnanila
to take
70.000
Dec. 18--—.
Jan.
Early on Dec. 16 the American
published quotation for
increased
York and St. Louis base price $4
Sales
Smelting & Refining Co. advanced
its
Co.
between
week amounted to
Lead
••
Joseph Lead
differential
tweek
a
fibers,
particularly sisal, henequen,
foreign selling
continued,
however, and operators refused
the
on
Jan!
}
70.000
"70,000
...
—
settling ;at*87V4C.
of one-quarter cent higher
over
;
chaser of spinnable
cordage
.
Dec. 13
Dec. 16_—
raised the price to
highest on record.
Higher prices for ore caused antimony to advance sharply. Silver
staged a mild recovery as pressure of selling from outside sources
market.
70.000
Chinese,
Record—Antimony Sharply Higher
than
continued
AA-;;. Dec.'
World
Highest
cial ; price
basis of 70c. a pound for Grade A
tin. On forward
metal, prices were
r
Non-Ferrous Metals—Lead Price 12.55c., the
came through in a more
orderly -manner during the last
week > and the. market steadied
moderately, the New York Offi-
develop¬
domestic
quotation
Dec. 14_
D. & O.; Virginian; K. &
tlhcludes operations on the
"
sources
ounce,
227,000
*>uuu
12,314,000
2,050,000
2,270,000
Totalbituminous and lignite—
.
period.
than three
more
Dec. 12
i
1946
Discussions between the
Ministry
and producers are still in
progress.
With costs still
rising, the terms
128,000
38,000-
Z——Z—ZZ
VIreinfa~""T~~
,
13,000
■
*2.000
ti.;
tJtah
tWest
,
108,000
—
Oklahoma———.-
Texas
,
-
Ohio
'
1,000
52,000
2,000
1,000
70,000
5,000
North and South Dakota (lignite)vAlOl.OOO
r
/
(bituminous and lignite)
Montana
New Mexico-
33,000
3,000
,
,
the previous
More than 300,000 toils of food
are
.
being, rushed -to
States \zone
month • .to
f.
of
the
United
Germany; -this!
alleviateshortages
brought about chiefly by _the mar-«
itime strike, an-Knnouncement of
War Secretary Robert P. Patter-^
son' stated on Dec.
7, according tor
Associated Press Washington ad¬
vices, at which time it was said
that special
measures
taken to accelerate
were-being
shipment. Mr.
Patterson added that the-War De¬
partment
against
was
bottlenecks .in
tion
which
wreck
making
difficulties
the
in
food
"have
headway
breaking
transporta¬
threatened
occupation
to
program*'*
i
COMMERCIAL
THE
Number 4554
Volume 164
& FINANCIAL CHRONICLE
Total Loads
Revenue
Freight Car Loadings During Week
Ended DecH4f 1046 Increased 99,703 Cars
tI.'a
Southern District-
Atlantic Coast Line
;
:
,
February-
Weeks
of
3,982,229
2,604,552
of
weeks
2,866,710
March-
weeks of
weeks
April—„
MayJune-
of
weeks
of Dec.
Week of Dec.
Louisville to Nashville—.4
>3,598,245
4,172,739
793,156
771,594
Mississippi Central
Nashville, Chattanooga to St. L
The following table ;Js a Nummary of the freighkcarloadirigs for
the separate railroads and systems- for the - Week ended Dec. 14,-1946.
During this period 84 roads reported gains over the* week ended
.
/
.
'
•
..
.VIf1
r'
Total Revenue
.
1946
404
1944
1946
1945
295
1,311
1,437
2,321
1,287
3d
1,377
6^11
1,293
1,005
1,178
Central Vermont--L~——»•
Delaware to Hudson
399
2,404
.7,357
"
Indianapolis & Louisville—
:
:
45
24
13,066
1,953
34
1,104
4.475
,5.255
353
12,697
2,t)07:
51
2,733
4,822
72,391
-
9,829
Toledo & Ironton.
Detroit,
Toledo Shore Line
<fc
Grand
Trunk
Western^i.--^.—
Hudson
&
River-—■:
Lehigh to New England
Lehigh' Valley
''■>
:
Y., N. H. to Hartford—
Ontario & Western
York, Chicago <fc St. Louis
Y., Susquehanna to
Pittsburg,
Pittsburgh
"
2,524
1,455
44,337
•
3,132
v
.
,
«26
.
2,235
.
18
Cornwall
1,007
2,521'
12,905
.
2,172
1 13,102
1,488.
>¥2,230
.
8,311
6,750
4,770
■
2i9
1,930
5.387
1,185
10,748
4,158
'3,510
,
.
y.
:
142,345
202
1,681
,
1,253
11,115
¥
188,579
•
11
3,406
195,765
Reading
Union
Co.
(Pittsburgh)—
Maryland
1,154
23,484
;
.1,740
1,360
1,369
6,602
vi' 475
17,264
2,269
1,523
1,613
6,152
411
307
,
,
126
i-
-
.
13.
.
1Q
49
is
:■'>«,¥ 8
4,793
4,477
1,878
1,723
1,628
78,629
-—^
Minneapolis to St. Louis
;
71,931
70,018
53,484
55,609
13,549
14,845
24,629
26,429
18,037
17,972
3,329
3,214
3,794
3,120
10,600
11,055
1,865
'
;
v
155,123
163,200
106,722
> 108,778
This
compared
date
same
15,477
V 2,601
22,267
15,985
•2,901
15,054
21,668
21,978
4,153
3,945
yT 4,333
104
12,755
3,320
3,065
9,731
1,086
.
649
9,462
•
.
307
607
484
the
on;
which in¬
four electric
year,
steam,
8,496
8,229
476
378
119
■'
11,671 y
507
12,017
5,072
474
us
*863
,
4,889
.
880
260
267
61
74
2,349
2,047
2,567
2,077
5,451
3,675
3,529
*9,582
5,367
10,774
183
4,780
664
4,613
138
2,099
2,612
2,547
2,445
;
first
86,989
87,759
60,064
58,039
28,951
24,418
24,619
10,699
totaled
13,963
eleven
10,079
motives
2,678
___a
Bingham & Garfield
^
Chicago, Burlington to Quincy
Chicago to Illinois Midland
Chicago, Rock Island & Pacific
Chicago to Eastern Illinois.
3,403
379
163y
21,362
,
22,103
2,990
82
12,468
11,092
3,039
3,224
3,134
2,842
828
13,665
14,042
12,074
2,736
2,674
12,840
3,015
748
1,106
658
1,886
1,854
3,958
3,372
to¬
i
in
service
in
the
first
in
the same period last year totaled
12,259
2,763
4,523
—
_
1945
sel. New locomotives installed
839
Colorado to Southern
of
eleven months this year, of which
82 were steam and 398 were Die¬
61
19,243
2,706
227
—
months
compared with 3,502 in October.
They also put 480 new loco- v
ten trklWestem District—
Atch., Top. & Santa Fe System
in
taled 36,418. The number installed
in November this year was 3,092
476
90,134
■.
---.
-
-
installed
cars
37,219, which in¬
hopper, of which
3,069 were covered hopper, 5,112
gondola, 924 refrigerator, 296 flat,
3,147 automobile box, and 13,777
plain ; box
freight
cars. / New
freight cars put in service ifi the
9,369
"
1946
of
cluded
411
;■
/$y
freight
service in the first eleven months
194
......
710
8,123
166
2,395
-
13,186
,
2,474
977
;
5,311
11,050
-
y New
3,685
*485.
238
2,186
"
Alton
with
last
•
;
Spokane International
Spokane, Portland ds Seattle—.
602, of which 92
510
3,160
steam and
were
Diesel.
were
4,017
4,408
745
734
628
62
43
Fort Worth & Denver City
1,202
€21
•>¥'■: 784
1,610
1,285
figures given i above in¬
clude only locomotives and commercial service freight cars in¬
Illinois Terminal-—
2,326
1,874
1,831
1,320
stalled
Denver to Salt Lake
—
_
1,556
1,345
2,273
1,018
1,613
849
803
785
864
Missouri-Illinois.
Northern
—
Peoria to Pekin Union.:
;
.983.
11
€7
32,047
and
railroads
150
,
0
0
and
by Class I
railroad-owned
lines. Locomotives
by
car
installed
cars
'
order
on
and
refrigerator
744
12,406
10,992
§.? yy ■:-¥> 8
13,378
12,475
■
341
8
y: The
415
638
646'
11
2d,082
:
10
;
30,682
(Pacific)
Toledo, Peoria & Western
_
29,032
23,889
21,675
.
1,778
144,793
141,279
21,155
10,458
11,154
15,879
6,977
19,210
¥
ntohJ.,.,,';
2,485
1,575
1,358
•19,010
.19,456
.
——"
55,476'
61,323
'
y
*
'
v
I
•
.
>
.
Southwestern District—
Burlington-Rock Ihlnhd——————
€29
526
3
2,158
•'
2,165
3,089
or
order'by
or in¬
on
private car lines, shortlines
129,792
82,946
77,694
128,091"
-
International-Great Northern
5,'775
17,842
•
3,621
During the month of Novehnber
1^653
1946, market transactions in direct
4,854
3,184
2,241
340
199
5,245
16,943
Arkansas-i-^--————^
Missouri Pacific—
Securities in Nov.
534
2,403
326
135
6,352
.16,755
1,179
"
> I
,
Market Trans, in Govt?
449
2,234
2,655
425
—
not included.
2,321
2,748
1,270
1,334
3,202
2,719
2,273 ,* s v 2,436
-
are
8
4,030
303
6,879
2,266
.
?¥¥■:■
'
375
4/688
1,859
1,472
344
5,134
dustrial railroads
3,556
,
Gulf Coast Lines—.—
Litchfield to Madison
17,492 /
17,412
853
138,845
'
>
3,005
and
2,767
1,140
government for Treasury invest¬
securities of the
guaranteed
302
4,198
ment and other accounts resulted
3,929
15,395
14^142
181
170
148
80
267
10,018
St. Louis-Southwestern
——3,152
Texas to New Orleans———
10,216
Texas to Pacific—-u;
—5,412
Wichita Falls & Southern^——
—.
97
Weatherford M. W. to N. W.
—
18
9,374
2,918
8,964
4,981
76
^3
9,227
3,737
7,519
5,838
54
74,944
$57,572,000, Secre¬
56
62,766:
in net sales of
7,670
12,900
6,011
7,421
5,072
6,141
Quanah Acme <fc Pacific—
St. Louis-San Francisco——————.
—
Tdtal
:
67,678
-
:
>
78
31
tary Snyder announced
4,690
•'.,.27^
the
Treasury's
two years:
57,275
;
.
tlncluded itt Atlantic Coast Line RR. tlncltides katisas,
Oulf Ry.rMidland Valley Ryv and Oklahoma Oity-Ada-Atoka Ry« §Strike.
♦Previous
Oklahoma &
week's
1»OtE—Previous
'
r
•'
'
■
:■
■
■
>'
■
;
•("
irf-tiiiiT
"Il""
April
of
this Association represent 83%
industry, arid its program includes
member of the orders arid production, and also a
the, activity of the mill based
cates
67,475,000 sold
—
figures
,> 48,131,000 sold
—56,414,050 Sold
of the total
No sales
-
March
figure which indi¬
No sales
.—
April
June
Tons
1946—Week Ended
7—.
14
Sep. 21-*.-^—'
——
Sep. 28—
156,822
160,969
———-.
—
.
Oct.
5
Oct.
12
Oct.
19——
Oct.
26——
—
—
'
Nov.-
9
7—
169,143
579,500 >
619,581
V
—
*—-
175,906
138,100
170,411
145,507
170,533
162,353
167,937
—
-i
\
-v
554,982
>
-
102
■
Dec. 14——:
orders
unfilled orders.
172,417
578.742
99
175,640
571,179'
96
:,¥>'¥94
.
102
:
y
;
The election of Christiari Mende,
hs President of the Bankers Club
Brooklyn
as
y
reported in the
"Eagle"
96
:
-
'
Vice President
Everett Clark;
96
of the prior week,
-
-
of
Deq.",
10,
which also announced the election
96
100
545,042
•
;
96
plus orders received, less production,
do not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled.Irom stock, and other items made necessary adjust¬
NOTES—Unfilled
57,572,000 sold
^
of Brooklyn was
y;
96
101 :;
'
122,954,250 sold
96>>
96
100
580,331
207,137
—
95
)■;¥: 96
,y; 101/'
601,787
613,752
-
>
.¥'V>
98 ¥
572,188
153,574
j
99
purchases
Brooklyn Bankers Club
95
100
598,569
175,440
174,752
95
or
41,211,700 sold
74,053,450 sold
,
Elected Head of
95
'95
100
101
'-
605,059
161,534
I'
¥
569,409
169,988
¥
83
101 .¥¥
593,213
170,970
205.422
185,047
16
Nov. 23
Tons
615,865
172,354
223,117
158,176
155,589
155,140
2——_U---
Nov.
/
.
138,189
172,476
"192,978
151,407
idL
November
¥
»
Percent of Activity
Current Cumulative
Remaining
-
—-
October
MILL ACTIVITY
Unfilled Orders
.' Tons
.v.
3,300,000 purchased
385,000 purchased
69,800,000 sold
44 157,800,000 sold 7 " "
—
September
Production
purchases
$8,137,000 sold
August
Orderi
>
•
•
February—700,000 sold
July
Received
or
1946—
>
Period
y
"
No sales
——_—,«.»•
January.—^—
May
PRODUCTION,
■
300,000 purchased
or purchases
_r—_
December
These
STATISTICAL REPORT—ORDERS,
•
34,400,000 sold
——>
October
advanced to equal 100%, feo that they represent the total
are
industry*
'
4—"17,000,000 sold
August ——150,000 sold
September
12,526,000 sold
,.
the time operated.
on
1
5
■;
/
July
statement bach week frbrii each
;a
\
12,000,000 sold
November
members
!.
sold <'§
.-4—53,600,000 sold 4
June
from the National
Paperboard- Association, Chicago, 111., in relation to activity ill the
The
"
••..yV
——-yy, $5,900,000 sold
May
We give herewith latest figures ieceiVted by us
,
in
March iiw...2,940,000
Weekly Statistics of Paperboard Industry
paperboard industry.
'V
"
_—»
1945—
;;;;;:
•
;
•
January
February
revised.
year's figures
—
:
transactions
1944——
December
figure.
'
Dec. 14.
government securities for the last
17
61,203
on
The following tabulation shows
5,327
November
ments of
"
.
2,231
i
Western PacificL—
6,944
39,519
4,769 ¥
—
__
Union Pacific System
Dec.
:• 31,758
5,676
120,760
'
Nov. 30—
■
124,874
—.
Northern Pacific.
Nov.
'
■883
-
Sep.
'
39
1,606
1,507
172,455
—
803
805
.
They also had 564 locomotives
order
on
Dec.
1
this year,
which included 65 steam, six elec^
trie and 493 Diesel locomotives.
on
and 376 Diesel one. year ago.
Minn., St. Paul to S. S. M
Sep.
4,293
Pocahontas District-
23,983
822
179
——
7
16,235
13,509
Norfolk to Western
23,614
659
153
Green Bay to Western—:-:.
Lake Superior& Ishpeming———-i.
16,054
'¥■>'
—
Chesapeake to Ohio——-
23,326
551
135
,
1,457
2
70
23;
1,334
:
24,004
787
■:; '
1,160
22,715
407
Total
Virginian
741
34,583
in
:
—
Western
599
41,380
462
Pennsylvania——
8,201
6,583
¥
101
678
.363
.
150,198
; 5,965
Llgonler Valley
Long Island
Penn-Reading Seashore Lines
Pennsylvania. System
9,342
8,184
—
7,589
6,387
;&■■■ 3i
506
5,951
50,406
13,903
'
531
:
'
—---
—
Cumberland to
9,432
3,658
Duluth, Missabe & Iron Range
> 1,320
Duluth, South Shore & Atlantic
511
Elgin, Joilet to Eastern
V ? .8,482
Ft. Dodge, Des Moines to South—!-—.
• 494
Great Northern
13,493
33
V
"
5?J
;
1,442
411
10,256
400
Chicago, St. Paul, Minn, to Omaha
3,806
300
45,343
'2,395
■V
428
356
11,573
\
Chicago, Milw., St. P. & Pac
••"'
¥> Allegheny District— "V:
Akron, Canton & Youngstown—
Baltimore & Ohio—
Bessemer to Lake Erie.--.——
Cambria to Indiana
Central R. R. of New Jersey-
372
424
——
Chicago Great Western
1,311
;
...
15,224
;
6,158
432
830
;•
■160,158
Total
i'1
12,464
-
Chicago to North Western
7,659
-47,098
y 9,869:
>,74,392";'
4,879
>
222
1,837
42,378
~
383
5,948
7
Lake Erie-
.
:
4,853
220
,
;i-7>'438''
-—
:
790
-343;
-
4,264
1,591
324
Northwestern District—
"
7 7,236
4,723
e,2io:
1,121
>
2,348
'
5,885
*■
•
5,910
—
-
504,
."
3,977
Western
344
4,354
844
•r
cluded'
14,493
8,257
7,274
3,478.
8,008
10,525
338
Shawmut to Northern—~—
& West Virginia
Wheeling &
170
1,858
'
Rutland vi—
Wabash
6,856
2,655
5,952
.2,901
9,980
Pittsburgh to Lake Erie—————
pere Marquette—
——
Pittsburg to Shawmut
3,570
-8,199
2,832
New
N.
13,694
2,953
995
New York,
317
2,996
1,055
138,194
1,352
2,531
11,106
134
48,485
—•
--
N.
1,326
1,584
366
:
2,574
8,049
>
Central Lines
264
2,949
201
"
'
Monongahela }
Montour
New York
.
11,714
2,586
8,848
'
Maine. Ce n tr
■
234'
176
—
.
miscellaneous
freight. cats;
freight cars on order on Nov.
1, last, were 62,145, and on Dec; 1
1945 totaled 35,908. -
1,528
1,426
Southern System
8,506
220
<
1,941
4,419
•
273
4
Winston-Salem Southbound
400
New
933
1,247
Tennessee Central
-
11,470 ;
Erie
7.Vv 191
2,000
•
4277
•
8,532
7,218
.
400
.
2,460..
——
■
Detroit
•: 7,300
-
390
Mackinac——-—
&
■
3,344
Seaboard Air Line
'
7,353
9,775
1,026
9,916
214
11,576
'
Lackawanna to Western—
Delaware,
24,826
216
Missouri-Kansas-Texas Lines—
—Connections—
■ ■ •
7,315
—
Central.. lndiana~-«j--«*-w—:
.
"
1,846
Bangor to AroostookBoston to Maine
Chicago,
*
1945
378
Arbor—.'
26,289
27,024
Piedmont Northern
Missouri to
Received from
Freight Loaded
Eastern District—
Ann
692
4,441
.14,938
Louisiana & Arkansas——.^—.
y
Total Loads
(j
; '
757
400
1,
per, of which 2,110 were covered
hopper, 5,054 gondola, 1,324 flat,
24,059 plain box, 6,986 automobile,*
10,104 refrigerator, 200 stock and
116
2,211
3,572
Kansas City Southern..——-..——
RfcVENUE TREIGlH? ^LOADED 'AND RfcCRlVED FROM CONNECTIONS
(NUMBER OF CARS) WEEK. ENDED DEC. 14
y y v<\ <> K:
,
v s'
87
2,031
14,472
—4—
tK.O. to G>M; V.-O. C.-A.-A
-
'
'
"
1,472
45
960
4,401
Richmond, Fred, to Potomac————
Tot i
.
*
Dec. 15,1945
1,816
2,769
new
42,060,447
828,787
14_—
39,877,057
•
586
27,266
—
Norfolk Southern
ii-vH: <750,242
40,724,298
American Railroads announced on
Dec. 21. This included 15,489
hop¬
250
550
243
Southern Pacific
776,376
3,057
270
4,639
——
4.338,886
3,151,185
3,312
616
"
26,529
Macon, Dublin & Savannah.
'
Dec.
49
357'
I railroads- had
63,freight cars on order in
1946, the Association of
1,497
30,137
4-i
Class
1,492
4,726
28,915
—4—
Illinois Central System'.....
■y- The
4,862
976
355
Gulf, Mobile to Ohio—
3,459,830
4,473,872
4,011,044
2,944
1,087
•
\t
10,890
4,611
;L;,'T54
r*C'. 85
t
Georgia to Florida.
3,379,284
3.527,162
;
304
78
f '
1,980
2,078
1,330
348
'
122
:
3,030
-
—4—4——
4,100,512
3,680.314
7
>■
..
i-—-44—.
Georgia——.
4,366,516
3.255,757
1,571
339
Gainesville Midland
Nevada
4,220,275
729,084
November——
of
weeks
Florida East Coast———
3,441,616
.
1,859
•
Durham to Southern—.______—4—y
Increased in November
135
■„
10,132
377
North Western Pacific—.—,
3,517,188;.
September
weeks of October
Week
364
3,406,874
August
of
weeks
3,456,465
518
4,478,446
weeks of July-
of
3,377,335
2,616,067
3,665
Order
on
1945
153
t
■
4,059
>
Denver to Rio Grande Western
1944
3,158,700
3,154,116
•>3,916,037
: 3,275.846
3,052,487
4,022,088
4,062,911
of
weeks
1945
716
t
—.
Columbus to Greenville--4———-4-
Loading- of revenue freight for the week: of Dec. 14 increased
99,703 cars or 13.7% above the preceding week. y. \
Miscellaneous freight loading totaled 360,067 cars a decrease of
35,097 cars below the preceding week, but an increase Of 17,727 cars
1J, i
£>'
'5 yi above the corresponding week in 1945.
Loading of merchandise less than carload lot freight totaled
124,132 cars a decrease of 5,064 cars below the preceding week, but
an increase of 7,460 cars above the corresponding week in 1945.
Coal loading aimounted to 205,124 cars, an increase of 145,181
cars above the preceding week, which included coal strike, and an in¬
crease
of 24,429 cars above the corresponding week in 1945.
Coal
loadings for the week of Dec. 14 this year were the highest for
any week since the first Week in February of 1930 when they
tnnjbunted to 210,532cats.'
'
.''1 '
<
v
Grain and grain products loading totaled 54,364 cars, a decrease of
943 bars below the preceding week and a decrease of 149 cars below
the corresponding Weeklh 1945.; In the Western Districts alone, grain
and grain products loading for the week of Dec. 14 totaled 36,713
cars, a decrease of 112 cars below the preceding week but an in¬
crease of 242 cars above the corresponding week in 1945.
^
"
Livestock loading amounted to 17,776 cars a decrease of 851 cars
below the preceding week and a decrease of 3,326 cars below the
corresponding week in 1945. In the Western Districts alone loading of
livestock for the week of Dec. 14 totaled 13,726 cars a decrease Of 847
bars below the preceding week, and a decrease of 2,318 cars below
the corresponding week in 1945.
.
s
Forest products loading totaled 42,941 cars, a decrease of 5,952
cars below the preceding week but an increase of 9,871 cars above the
corresponding week in 1945.
- ;
i
Ore loading amounted to 12,406 cars a decrease of 1,704: cars be*
low the preceding week butairiniaFease of:2,432 cars above the cor¬
responding week in 1945.
> "
'
Coke loading amounted to 11,977 cars, an increase of 3,833 cars
above the! preceding week but a decrease of 1,251 cars below the
corresponding week in 1945.
\ All districts reported increases compared With the corresponding
week in 1945, arid all reported increases compared with'same week
in 1944 except the Southwestern.
3,003,653
821
14,359
Charleston to Western Carolina--——,
"
1948
879
1946
V
,13,905
3,364
Central of Georgia
"
2,883,620
313
.5;
.
1—L
Clinchfield
above the same week in 1944.
January-
1944
364
-•V't
,•15,464
u—4.
Atlanta, Birmingham to Coast—
corresponding week in 1945, and an increase of 78,545 c%ps or 10.5%
weeks' of
1945
354
Atl. to W. P.—W. R. R. of Ala._:
Freight Gars
Received from
—Connections—
1946
Alabama, Tennessee & Northern
Loading of revenue freight for the week ended Dec. 14, 1946
totaled 828,787 cars the Association of American Railroads announced
on Dec.
19. This was an increase of 57,193 cars or 7.4% above the
?
Total Revenue
Freight Loaded-
;; ;i
■
;rRailroads
of the club of
Secretary, William
Plant; Treasurer, John Bates. Mr.
Mende, is Assistant Secretary of
the
Greenpoint Savings Bank of
Brooklyn, N. Y.
3408
THE COMMERCIAL & FINANCIAL CHRONICLE
The Hartford "Courant" of Dec.
10
that
Thursday, December 26, 1946
directors
had
authorized
12 made known the announcement
by Oliver B. Ellsworth, President
Items About
the
divided profits account to surplus.
The Washington, D. C. "Post" re¬
of
,
Riverside
Trust
of
Co.
Hart¬
ford, of the election of Morris E.
Companies
porting
bank's
capital
Secretary
as
to
succeed
Thomas D. Sargent,
who recently
to become ah Assistant
resigned
of
Vice-President
the
Hartford
National Bank and Trust Co., ef¬
William S. Gray, Jr., President of
000
to
$139,000,000. The number
now exceeds 76,000.
.Co., of New York, at a dinner
was made Attorney
given to trustees and officers on for the bank in 1942, Vice-Presi¬
the Central Hanover Bank & Trust
Dec.
20
the
the
at
Starlight Roof of
Waldorf-Astoria
Hotel
an¬
nounced the promotion of the following officers to the rank
Assistant Vice-Presidents:
E. Sherman
-,
"
of
of
depositors
Mr. Maloney
dent and General Counsel in 1943
been
in
Adams; Ernest Al¬
the
President
of
Co.
will
and
Riverside
also
Trust
continue
as
Treasurer.
Patrick has
Mr.
1945.
for
Counsel
the
bank
since
1945. The New York Savings Bank
lien; James B. Bostick; M. Joseph
Cullen; George Ehrhardt; Foster
fective,,;; January,
1947.
Wilbur
Purrington has been elected Vice-
and Executive Vice-President and
Trustee
organized
was
located
been
14th
and
has
8th Avenue
1854,
and
in
at
1857. The pres¬
since
Street
M.
Hampton; Charles W. Hiester; ent building was renovated and
J.
Wesley Johnston; Lester E. enlarged in 1942.
Lamb? Charles F. Mapes; Hollis B.
An extra dividend of 75 cents
Pease; David M. Proudfoot; Ar¬
thur E. Quinn; Cornelius C. Rose; a share, in addition to the regular
Barrett W. Stevens; ,and Emmet quarterly dividend of 25 cents a
J. Urell
share, both payable Jan. 2,1947 on
stock of record Dec. 26, were an¬
S. Sloan Colt, President of the nounced on Dec. 19 by the Indus¬
At
meeting of the
a
directors
The
of
board of
National
First
of
Bank
Jersey City, N. J., held
on Dec.
18, Oswald Hopper, for¬
merly Assistant Cashier, was ap¬
of the bank.
"
of Commerce of
Bank
Bankers Trust Co., of New York,
trial
announced
York. Morris Plan
Dec.
on
17 at
meet-
a
New
Corp. of Amer¬
•itig" of the Board of Directors of ica-ownS'T22,000'pf; the;; 200,000
The company that Thomas A. Mor¬ outstanding shares of Industrial
gan'
was
elected
director of the
a
the Board of Directors of the
DeCoursey Fales, President of
Sperry Corp. He is also a director The Bank for Savings of New
bf the Lehman Corp. of the Shell York, 4th Avenue at 22nd Street,
Union Oil Corp., the Wheller In¬ announces the promotion of Henry
sulated Wire
J.
Automatic
dent and Russell
Chairman of the Board of the Ford
Instrument
Co., of the Sperry Gy¬
Co. and of Vickers, Inc.
roscope
He has
been
active
in
number
a
Helck
Bank, effective Jan.
1," 1947. Mr. Helck recently com¬
pleted 40 years in the service of
the bank. He is Deputy Comptrol¬
ler in charge of the bank's office
on
sociation and
which
of
New
Economic
Club
Sillery to Comp¬
troller of the
of public causes and is a director
of the American Arbitration As¬
the
Assistant Vice-Presi¬
to
3rd
Avenue
he
will
at
70th
continue
T
man¬
educated in the schools of Little¬
Mr. Sillery is the Deputy
Comptroller at the Main Office
ton,
and has been with the
York.
N.
C.,
United
Mr.
and
Morgan
served
was
in
States Navy from
the
1906 to
1912. In 1912,
he joined the Sperry
Co. where he served
Gyroscope
board
of
the
Co.
Trust
age.
bank since
1922.
tion
Chairman
came
1932.
and
the
Board
in
meeting of the Board of
a
Directors
held
of
1929. He be¬
,
At
'<
President in
as
of
Bankers
Trust
Dec. 17 several
on
changes
in title
Co.
promotions
were
made.
H.H: A.
Watkins, Assistant VicePresident, was elected Vice-Pres¬
ident, J. V, Sauter, Assistant Trust
;V Officer, was elected Trust Officer,
F. A. Cochrane, Trust Officer, was
elected Assistant Vice-President,
R. P. Gundersdorf, manager of the
tax department, was made Assist¬
ant Vice-President, G. C. Bennett,
insurance
manager, g was
made
Assistant Comptroller, and G. F.
Vhlentine, Assistant Manager, tax
department, Assistant Secretary.
JT.; S. Biays was elected Assistant
Secretary, C. C. Lloyd, Assistant
Secretary, was
Tnist Officer.
made
Assistant
the
New
York
"Journal of
of ;Dec.
merce"
Said:,
Com¬
which
19,
also
Walter
the
G.
Kimball, Chairman of
Board
National
of
Bank
The
and
Commercial
Trust
Co.
of
New York, announced on Dec. 19
the .following
official
appoint¬
ments:
M.
Gardiner S. Robinson and
Stuart
for
over
of the
Roesler,
Assistant
Cashiers, u
25 years.
Board
He is
member
a
of Directors of The
Real Estate Board of New York,
Inc., and is Vice-President of the
Owners Division of that organiza¬
Dime," is a past President of
Savings Bank Bond Men of
when he
was
employed to take charge, of
investments, Mr. Scherr held
the position of Assistant Treasurer
from 1932 to 1946. At the present
time, he is Chairman of the In¬
vestment Committee of the
regular meeting
a
Dec.
on
of
the
16.
also
Assistant
hemus
Treasurer
Memorial
of
Clinic.
PolMr.
Graeber is Vice-President of The
Chase National Bank of the
City
Trust Co. at
declared
He
National-Bank
and
a meeting on Dec. 19
quarterly dividend of
50 cents per share, payable Jan.
2,. 1947, to stockholders of record
Dec. 26, 1946; an increase of 10
cents per share. ;
*
1 '
a
.
-
The
New
Board
of
m
Trustees
York
Avenue,
Savings
corner 14th
nounced
on
Dec.
12
of
The
Bank,
8th
Street,
an¬
the election,
effective
Dec. 31, of William G.
Green, President, to be Chairman
of the Board of
Trustees; Richard
;Maloney, Jr., Executive VicePresident, to be President; Casimir
L.
u
J.'-f1. Patrick, General Counsel, to
be f? Vice-President
and
General
rCpVnsel. Mr. Green has been Pres-
Lhlettt of the bank since 1930. Dur¬
ing this period the bank's total
assets have grown from
$76,000,-
will
and
is
director of E.
a
R.
Squibb
Sons, Lentheric, Inc., The
Laidlaw Co., Inc.* and the E. R.
-
•.
sociated
same
with
"The
Dime'?
since
,
The
New
Department
York
on
State
Banking
Dec. 12, approved
mira, N. Y., from
of El-
$800,000,
sisting
con¬
-
,
the
bank's
of the
House, who had appointed
head a special committee
investigate the scope of the
him
to
to
Presidential
war
and
power
to
make
who said that he had done his own
investigating,
members
"tied
down
declared
the
since
;
his
of
to
that
the
other!
Committee
their
were]
campaign,']
the termination
President's
on
.
stockholders
of
the
bank
for approval at their regular an¬
nual meeting oft Jan. 14.
tive
VicerPresident and Cashier,
The stockholders approval was
Nov.
on
27,
it
was
Albert N. Williams, President of
in
the
Atlanta
"Constitu¬
Ten thousand shares with
;
a
face
$10 each will be issued
pro rata to present stockholders
at a sales price of $15 per share,
with $10 going to capital and $5
to surplus of the bank.
the Westinghouse Air Brake Com¬
pany,
of
has been elected
the
board
Peoples
First
a
National
Col. Robert A.
member
directors
of
of
the
Bank
&
Signal
Co.
and
of
for
Insurances
benefits
Bank
of
Lebanon
Lives
on
and
and
Plans to increase the capital of
the Security Savings & Trust Co.
Washington, D. C. from $500,$750,000 will be acted upon
000 to
by the stockholders at
nual
meeting
announced
on
Jan.
Dec.
on
12
their
an¬
14, it
was
by Presi¬
dent F. G. Addison, Jr., according
to
advices
in
the
Washington
...
"Post"
of
of
this
made known in
was
Dec.
to
one
share
of
new
stock at $150 for each two shares
of stock owned on that date. The
rights would expire at 2
p.m.
on
Feb. 17.
The
then
bank's
capital
structure
capital $750,000,
$625,000, and undivided
and
be:
reserves
in
submitted
House
to
the
experienced!
Judiciary Committee with;
the request that it 'most carefully
weigh and consider the repeal and!
elimination
of
the
special
war
excess
of
$225,000.
of such repeal.
'
"Mr. Lewis pointed,
however, to
46
'minor* power-granting stat¬
utes, or parts of statutes, which,
he said, could be repealed at
any
time. He listed them and
urged;
prompt action by the 80th Con¬
gress.
46
|
re-1
on
the!
-
"They were the same
pealers that the House,
recommendation
of its Judiciary
Committee, had passed during the
last session of Congress, but which
had
been
blocked
in
the
Senate
Judiciary Committee."
Army-Mavy To Unify
Setups Abroad
The Joint Chiefs of Staff of the
C.
B.
dent
of
Ore. announced on
5 the appointment of L. E.
Stephenson,
the
First
Vice-Presi¬
National
Bank
Portland,
Army and Navy, after lengthy
negotiations, announced a plan
on Dec. 17, said to have President
Truman's
approval,
in
which
forces will be under the
Francis to the bank's staff of ag¬
overseas
ricultural field representatives, for
service in Tillamook and Clatsop
operational command of
man—Army, Navy
Counties, in connection with the
situation
Tillamook
overseas
branch,
the
Astoria
call
may
commands
single
a
Air,
or
as the
for.
Seven
estab
were
branch and the Clatsop County lished, which puts under Navy
bank
in ' Seaside.
Mr.
Francis' jurisdiction some of the areas of
headquarters will be at the Tilla¬ the Pacific which had been con¬
by Gen. Douglas Macmook branch, said the Portland trolled
"Oregonian" of Dec. 6, from which Arthur. Also reestablished were
some pre-war
the foregoing is also taken.
commands, the As¬
/ ;
Press
Mr. Francis has had wide ex¬ sociated
Washington dis¬
perience since graduation from patch stated, adding that a new
Oregon State college in 1932, both
Northeast
in
created
commercial
enterprise
extension service. He
was
and
in
assistant
c o u n t y- agent
for Washington
County, and in Medford served as
Jackson County club agent.
>The
Bank
nounced
on
of Australasia an¬
Dec. 2 the death of
Edmund Godward
on
Nov. 29. Mr.
Godward joined the Bank in 1886
and remained with the institution
for
51
He was London
Manager for the last 14 years of
his
service 'retiring -from
this
position in 1937, when he was
years.
.
elected
a
director of the Bank.
Command
with
disclosed.
was
tion
liam
argument.
and
Hour
Division, which was
from Washington to
New York in February of 1942 to
make room for wartime agencies,
be
returned
t&
the
capital
authorization of
pext Feb. 1 by
the Budget Bureau, Labor Secre¬
tary
Schwellenbach
announced,
according to United Press Wash¬
ington advices Dec. 14. The num¬
ber of employes has been reduced
from
500
York to
which
moved
to
New
120, because of the lifting
of wage controls.
: ;
;
.
„
Wil-j
questions
with a statement that
'this is the closest approximation
could get without having uni¬
of the two departments.
The Army has urged such a mer¬
you
fication'
ger; the Navy has opposed it.
joint
case
Army-Navy
said
that
each
an¬
com-
will be responsible for
planning for defense and,,
of emergency, for the con¬
duct of
Wage
transferred
to
unifica-!
Major-Gen.
Arnold, deputy chief oi
staff for operations and
planning
in the Army, replied to
reporters
unified
Department's
un¬
H.
;mander
Washington
The Labor
been
yet
variously interpreted by those
interested in the service
in
Move to
had
as
Associated Press
also said in part:
"The Joint Chiefs of Staff
plan
"The
Wage-Hour Div. to
details
The
nouncement
is
would
recent
a
issue of the Milwaukee "Journal."
13, by S. Oliver
Goodman, who stated that:
subscribe
as¬
Boston,
em¬
ployees of these institutions. It is
the first State-wide plan of this
type for banks to be put into op¬
eration anywhere in the country.
of
was
has joined the
Marine National Exchange Bank
of Milwaukee, Wis. and has been
assigned to the trust department;
Dec.
the
officers
for
war
sociated with the Federal Reserve
of
number
a
other corporations.
Stockholders
Duffy, who prior
to his service in the
and director of the Union Switch
&
be
-
value of
the
of 50,000 shares at $16
W. J. Waller, President of the
to $1,000,000, represented by
Hamilton National Bank, of Wash¬
50,000 par $20 each*.
ington, D. C., announced on Dec.
par,
to
from
to
surplus
Co.
La'Salle
tion," which said;
profits
Trust
Wright
charter
stated
an, increase in the capital of the
&
Mr.
Georgia at Atlanta
shares of new com¬
mon stock at $30 per share. The
plan, he said, will be submitted
Elmira
Bank
said.
amendment
an
sale of 10,000
meeting
1924, is General Supervisor of the
Accounting Department. 0
is
other
Unanimous approval was re¬
cently given by the stockholders
registered
He (Mr. Addison) outlined the
of the plan, recommended by the bank's
Board of Trustees, John W. board of directors, as follows:
Stockholders of record Jan. 15,
Saunders was elected
Assistant
Comptroller.
Mr.: Saunders, as¬ 1947, will be offered the right to
the
it
his time to
associated with
posed plan also provides for the
Dietz Co.
At
devote
became
Mr. Mazuy stated that the pro¬
State
Savings Banks Association, and is
Lewi
S.
increasing
the
capital powers of the President at
the
$300,000 to $400,000, earliest
practicable time, keeping
board according to C. T. Greer, Execu¬
in mind the far-reaching effects;
Granting Annuities, makes avail¬
able to banks throughout the State
New York State. Associated with
a
system of old age retirement
"The Dime" since 1931
of New York, in; charge of the
Personal Trusts and Estates Divi¬
sion of their Trust
Department.
The Board of Directors of The
Commercial
rector since 1940. Mr. Phillips will
as a director of the bank.
stock
adopted at
was
County Trust Co. of Lebanon, Pa.
at a special meeting have voted
George C. Johnson, President of approval for the company to par¬
The Dime Savings Bank of Brook¬ ticipate in the Penco Pension Trust
Plan, according to an announce¬
lyn, N. Y. announced the election
ment made on Dec. 20 by William
on Dec. 20 of A. Edward
Scherr,
E. Zecher, Treasurer. The Penco
Jr., and John J. Graeber to the
Pension Trust Plan, recently or¬
Board of Trustees. Mr. Scherr,
Vice-President and Treasurer of ganized by the Pennsylvania Co.
"The
Earl
recommendations,,; stated,
according to advices from Wash¬
Chicago, 111., was
indicated in the Chicago "Journal ington to the New York "Times'*;
on Dec. 10, that the
public interest
of Commerce" of Dec.
17, which
would be jeopardized by a sudden
stated that Mr. Wright will as¬
sweeping abrogation of the wide¬
sume his duties Jan.
2 upon re¬
spread powers granted by Con-i
tirement of C. Ray Phillips, who
gress during the war. Mr.
has served as President and di¬
Lewis,,
to
tion.
the
^.
.
of the Bank of
s
F.
been active in the real estate field
approximately
The election of John C. Wright
as
President of the La Salle Na¬
tional Bank in
Claude E. Mazuy, President of
the bank, announced
yesterday
Pittsburgh, Pa., it was
announced on Dec. 17 by Robert
Wagner, President
C.Downie, President.
'
f
of the General Realty arid Utilities
The Pitsburgh "Post Gazette" of
Corp., has been elected a Trustee Dec.
18,
from
which
this
is
of the Empire City Savings Bank
learned, further said;
of New York. Mr. Wagner has
Mr. Williams is also.#President
bond
lUt!
reserves
Representative
(R.-Ohio), in a report to Joseph
Martin, Jr., prospective Speaker
W.
,
Trust Co. of
Edmund
at
of
,
in various positions until his elec¬
v
and
$1,000,000.
He
.
directors
of
stands
now
House Report Would
Sift War Powers
special ' power
Newton, National Bank as Executive Viceshould
be
sifted carefully, an
N. J. have adopted a resolution President earlier this
year. A na¬
should not be left, as to recom
calling for retirement in full. of tive of Ontario, he began his fi¬
23,972 outstanding shares of preT nancial career with the Traders mendations, to a special group
From the "Times" we also quote:!
ferred stock at $30 per share, to¬ Bank of Canada.,
?
'"He proposed that the proble
taling $719,160, it was stated in
Newton
Street
to
account
interests,
The
further said: The
is $1,750,000, and
$2,000,000, with undivided profits
that the resolution
Bank of Commerce stock.
bank. Mr. Morgan is Chairman of
Co., Inc. and Wright's
Machinery Co. He is
surplus
un¬
Vice-President continue
pointed Assistant
.
"
$250,000 from
this,
Allen
Trust
,;tn
transfer of
.
operations. It was not clear
how this unified operational com¬
mand would function in over-all
planning
involving other phases?
campaigning.
of defense and
"Under
seven
the
new
system
commands will be: Far
the!
Jfcast,
MacArthur; European, McNarney;
Pacific, Admiral John H. Towers;
Alaskan, Major-Gen. H. A. Craig;
Northeast#:> commander
Atlantic
named;
Marc
\
A,:v
-
Mitsch^r;;
be
Caribbean
Lieut,-G^^i^ilHs!,tD.
berger.'*!
to
Fleet,- Admiral
Critten-
$k j*'
.
@FedFRASER