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Final
Tl
Edition
Volume
v
New
Number 4450
162
In 2 Sections-Section 2
ESTABLISHED.. OVER ,100 YEARS
Price 60 Cents
York, N. Y., Thursday, December 27, 1945
a
Copy
The Farm Situation
By ROGER W. BABSON
;By A. WILFRED MAY;
(a) So
great lias been the speculation in its low-priced metal shares that the
Salt Lake City Stock Exchange is forced to curtail its trading hours
for
two
Farm
That the
Notes
Notes of the swan, song of the 1945 stock market boom,
.
Over
Billions
$20
exchange difficulties, (c) The New York market violently fluctuates
pursuant to the analyses broadcast by that great financial economist,
Mr. Walter Winchell. Last week stock prices were precipitated into
a 3 H-Point break by his prononcement that "insiders in New York
expect a very sharp decline in the stock market before the holidays.
Suckers"; while this week's market opened with a sharp rally on his
subsequent reassuring prediction that his previously-named "suckers"
will make a lot of money after all!
;
.ure.
and
Sees in
Goods
Situation
Rural
in
Not Last Forever.
,
outlook. At that time I pre¬
dicted another total bumper prothe
Itself
By WALTER B. WEISENBURGER*
Executive Vice-President, National Association of Manufacturers
.
NoWhere has such
In
are
;
i
thiiigs
too many
this year-
-
would
rule for
sweet
heard
we
pro¬
of
ductions
the
remark
wheat, oats; rice, barley,
buckwheat, to¬
h a v.e
>
t h o r-
compact,.
staffed,
and highly
coord inated
more
better
(Continued
has
done this
in
convictiorf that it's hot just
is said, but what manage¬
ment actually does which is dra¬
matic and publicly satisfying.'
I would like to tell you how
Holcombe Parkes has come in to
head the; Public Relations divi¬
.
sion, arid how his. first big policy
job at
the
Labor-Management
Conference has been $ great con¬
and
the
equipping indus-;
public
relations
Board
has
changed the
whole Associ¬
W. B. Weisenburger
ation
format
/.
and has put public relations as a
.
function, headed by
*An
address
by
Mr. Weisen¬
burger at the Golden Anniversary
Congress of American Industry,
3175)
(Continued
on page
*
.
By
BARGERON
CARLISLE
We Americans have long prided ourselves on our sense of humor
more, or less 'looked down upon other people for lacking it.
But
must be laughing all over themselves for
saddling the headquarters for the UNO on us. Insofar as we are con¬
cerned, that is, the American people, it loses all ox its mystery, its
European aristocracy and therefore its importance.
It is our guess
*,
and
r
the' European statesmen
-■
—
—
alter
cult
and agree that the
boundary was still there.
Indeed, it starts out pretty much
that way, with such stellar world
twice
diffi¬
be
-
i
er
a
year
<
to
get
outstanding
Am
-
:
a
few sessions it
statesmen
can
John
as
Townsend,
Regular Feature*
News
...............
.
3.1G1
.318C
.318:
Items About Banks and, Trust Cos. .318<
.
..
.
.; .318?
Trading on Ne,w York Exchanges..
■State
General
of
Trade
.3182
.
*.
Review.
Frank Walker and Mrs. Roosevelt.
upon
it.
All
it
will be
.317?
,.
Commodity Prices, Domestic Index,, V
Weekly. Carloadiiigs
/.
318?
Weekly Engineering Construction..Sia'
Paperboard Industry Statistics
318:
Weekly Lumber Movement,.
<.3180
Fertilizer Association Price Index...
*
Weekly Coal and Coke Output......3182
Weekly Steel Review
.3181
Moody's Dally Commodity Index..,.3181
Weekly Crude Oil Production
..3183
to
a
tre¬
lame
ducks
*
These
week.
reports
.
hot
-
Boundary
.
/.,.,.....3178
available
suited
them.
Ever
handsomely to the
haven for political
chairmanship of the
Senatorial Campaign
Republican
Committee.
This is the first time that any one
other than
held
was
cuse
a sitting Senator has
post.
The explanation
that John "still wants an ex¬
the
to hang around Washington.
Through his association with a
couple of very wealthy families,
particularly the duPonts, he could
produce campaign funds, But now,
-
'
.........3182
ernment Debts
Carlisle Bargeron
party, campaign coffers for the
privilege of serving. It will come
Weekly Electric Output...........
Latest Summary of Copper Sta-
have
fashion¬
If it had to
Washington
some
the Senate he has hung on to the
w'ves.
a
lame
since Townsend was defeated for
socially ambi-
simply
tlstlcs
would
with
to be
Course of Federal; and Local Gov-.
capital would be at
tired indus¬
"cus
political
able European place.
be in this country,
upbn it as a
splendid agenpy
for the.
placing of re¬
who would pay
are
to speak, though no one
They wanted it to maintain a
place at the "official" dinner table.
They had assumed that the UNO
chairmen who
had
looked
trialists
these
so
of them wants the job for money.
party
the
of
ducks,
mendous blow <
.3161
.v.
Moody's Common Stock Yields.,.
Moody's Bond Pricey and Yields.
NYSE Odd-Lot Trading,..
to
Certainly
Situation; .V..
delegates
serve
Financial
Observations
...;,......;......
From Washington Ahead of the
'
3176)
v,7'-
.
Washington
Ahead of the News
will
Page
The
Waldorf Astoria Hotel, New York
City, December 5, 1945.
thanks
From
Non-Ferrous Metals Market...... .3183
your
policy
g
especially true
what
take
tell you
on page
n
Editorial
t^ialists for the political give-and-
I would like
top
Board
tribution toward
fighting unit..
o w
Our
that
consequence
(Continued on page 3172)
cnai
seek i
GENERAL CONTENTS
the
past,,
ganized into a
h
manufacturers
.
ler.
oughly reor-.
to
with the smallest crops on record!
Textile
outstanding NAM principals like
Colby Chester and Cloud Wamp^
tell you
how NAM and.
the NIIC dur¬
y ear
bee n
is
success¬
'potatoes;
<S>-
would, likq
the
That
say.
more
a
have strikes of
never
bacco, sugarcane; peaches, pears,
oranges,
grapefruit, almonds,
hops, and truck crops.
Near-rec¬
ord crops are reported for hay,
Irish potatoes, flaxseed, soybeans,
peanuts,
pecans,
walnuts,
and
grapes.
The corn and sorghum
grain crops also were lusty.
.
All is not so rosy, however, as
•
to
ing
to
scheme "worked"
'
-
-
talking to you each year is that there
like
-"7'
to the "system" we
in that branch of the
1942 and 1944.
economy?
And, how widely must we all admit that this
foolish notion is, accepted among the rank and file of the
New Hiffhs Chalked Up
j
Above-average yields were;' the people?
Yet the fact is that "the railroad problem,"
W*. Babson
paragraph above might seem
to indicate,; Housewives interest¬
ed in fall and spring housecleaning should take note that the
broomcorn crop is the smallest
since 1939!
Lovers of apples and
sour cherries will have to get by
Policy, Says Its Prime
Purpose Is to Help Save Private Enterprise. Advocates a Pub¬
licity Campaign, Backed by the Full Strength of Business Man¬
power, Which Is Based on Public Welfare and Not Class Interest,
Says Positive Action Is Required to Combat Attacks on the Profit
System and Lays Down Ten Commandments for the Business
Manager. Calls for Closer Cooperation With the Government
and a Larger Participation of Management in Shaping Legislation.
Decries Attitude of Defeatism and Apathy and Urges Crtisade for
Higher Goals of Human Effort.
v
;
My principal difficulty in
a
v
period of time as in the case of the
greater expense; to the public.
How often
are we told by politicians, reformers and their fellow trav¬
elers that we have "solved" the problem of dealing with
labor disputes in the railroad- industry?
How often have
long
the
Mr, Weisenburger, in Outlining Plans of NAM
.
'"artful
' V'."".
7'
The Buncombe "Works"
over so
railroads—or at;
lit¬
a
All too often this
by the route of least political resist-
escape
fully ..or
below the
record
,
to
the
out-turn
only
tle
...
Secretary Vinson will soon have to make up his mind as to where
(Continued on page 3179)
:
:
with
crop
y
.v
*
-
i
is
1945 re-dncarnation of the, 1920 workman's "20 Silk-Shirt Era";
article, set as advertised by a Fifth Avenue leather
;«
bulg-
are
ing
7-y.'-.
'■.;.
..7v7"V.',7
fact, the total
man's toilet
:
liter¬
harvest.
Roger
;
■'
ally,
t
.
tf
opportunity for
cilities
r
of increas-
issue
r
-
determination of "fact."
a
•ance.
the country's vast productive forces were given a free
prices automatically went into a major decline. Perhaps
we will soon be seeking price floors instead of ceilings, for general
as well as stock prices.
;
'v'/
.
barns)
storage fa¬
er
is always relevant to the
pay
dodge" has "worked"—in the sense that 'the rank and file
of the people have been lulled into acceptance of this gen¬
eral notion; which for the most; part has merely afforded
bins, arid oth¬
soon as
.....
100%
was
ers'
8rein by labor,
v;
show
I
y!-',
'y,: ; y.t
(1' v The 1937 experience may well warrant the deduction that the
fight for price ceilings will,: before very long, become/ superfluous
shop—price $2,000.
was
most
correct. Farm-
followed no Continuing policy of sitting bn
■
fig¬
in
stances,
.
excessive, the government
the price level,
;;'v.'■
final
ures,
for higher wages, But labor
stable ceiling on prices. Now;
in contrast, the full political strength of the C.I.O. is fighting against
any price rise.
'•
: ^8
'■
'
And the present OPA activities of course mark a complete depar-r
ture from the earlier period when, excepting for a casual press con¬
ference remark of the President in April, terming the; copper price
•
Now
..duction.
degree
one
"Fact-finding" has long been a term to conjure with
in this country.
The American people have been consist¬
ently deluded (or deluded themselves) with it.
Repeatedly,
indeed regularly, officials and others upon whom respon¬
sibility rested have, when faced by politically troublesome
issues involving fundamentals, sought to escape by pre¬
tending or convincing themselves that all that was required
crop
L
"fact-finding" farce became
•
this column on the 1945 domestic
was, as nowt fiercely battling
leaders expressed no real concern,for a
■
....
...
strike)
.
Ability to
ing wages,'';
and
Some weeks ago I commented in
.
current
farcical last week when the President Solemnly as¬
serted that "it is essential to the fulfillment of its duty that
the (fact-finding) board examine the books of the employer.
a.
Areas
The
*
more-
a
iVarns That Farm Land Boom Will
comparing the bull stock markets of 1945 and 1937, the current
point of departure in the effects thereon of labor's as well as govern¬
ment's policy respecting the price level, must be strongly emphasized.
It is true that labor in the earlier boom period (with the sitfdown
a
Mark
Peak During the Foreseeable
In
as
Income of
May
Fu
Large
(b) American buyers are rampant in cinema, tele¬
Market for Agricultural Machinery
tin shares on the London market, despite the monetary
weeks,
vision, and
For
;
Calling Attention to Generally High
Levels of 19.4S Crops, Mr. babson
this
this
such
as
Commission
the; Joint
between
whose
country and Canada,
members, formerly getting
a
year,
$10,000
had only to meet once oi
the UNO
is not to have the im-
(Continued
on page 3178)
THE COMMERCIAL & FINANCIAL
3170
Defer
Factfinding
Legislation Until
Early Next Year:
Truman Favors
Fact-Finding
Authority to Examine Books
Question of Earnings Is Relevant in Fixing Wages and Ex¬
Holds
.
"for Hungry
man
the
Eyes of Its Competitors."
At his press
conference
finding
Com missions
fact
in
In
both
i
u n
public
interest
highly un¬
be
General Motors Statement
The reply made by
and
they
Walter Gor¬
and
Administra¬
month/- The
tion's fight for passage of the bill
is reported to have been in
was
opened on Dec. 12 by Labor
following language:
: Secretary Schwellenbach who de~
That leads UAW to this insup¬
| clared, according to the New York
portable contention and dilemma. "Times" in dispatches from Wash¬
rele¬
vant
That
question
o f
d e t e rmining
rates.
An opposition
was
Mo¬
General
That
competitors.'^,;.
President's Statement ;
i...
<
;
that also,
The President's
ported
was
by
the
follows:
as
In
statement, as re¬
Associated Press,
'
appointing
board
in
petitors.
Nor
fact-finding
a
dispute
where one of the questions ai is¬
sue
is wages, it is essential to a
fulfillment
of
the
to
determine
evant
in
of
wages.
This
*
the issue
to
■
does
not
Government
board
increase
an
■'
that
mean
its
or
is
going to endeavor to fix
rate of return for the
employer.
a
It does mean,
i
within the jurisdiction
fact-finding board.
;pf the rights of the peo¬
ift' respect thereto, with the
ple
OPA. and I
am
of
pub*
lie clamor that this responsibility
aware
no
be transferred to the UAW
or
the
General
Motors
Corporation, as
self-appointed guardian of the
public interests.
"
*
t
If,
claimed
as
here
is
ample
such
to be
by
would
as
the
margin
union:
or
profit
permit wages
wages in this or other industries,
the
correction, if any is to
be
furnished by OPA in fixing prices
vant.
which
;..
#
The
detailed
information
tained from the
books of
an
ob¬
em¬
ployer should not be made pub¬
lic. Such a disclosure would
place
the employer at a
disadvantage
with
respect
But the
his
to
competitors.
fact-finding board should
unquestionably have the right to
the
employer's
books
examine
where
it
order
to
to
as
deems
make
whether
is
crease
it
up
a
own
demand
'justified
and
mind
for
to
in¬
make
pubJic all findings based on such
information that it deems relevant
to the
controversy.
That
is
meant
of
one
things
I
when I stated in my mes¬
pf Dec. 3,
sage
the
gress:
•
"The
1945, to the Con¬
:
board
should
...
di¬
a
thorough inves¬
tigation of all the facts which it
relevant
versy."
"
.
•
in
the
'
of
'
1
nothing new. There are
instances where the books
corporations
opened for in¬
spection to representatives of the
State
and
are
Federal
Governments
and where the information
so
ob¬
tained is used solely by such offi¬
cials to carry out their functions.
To
confer the
books is
of
one
granting
the
that
only
fact-finding
the
right to examine
of the main purposes
subpoena
power
boards.
I
Congress, which
body
such power,
authorized
will do
so
That certainly
is the logic of a
under which
we
have
adopted a price-wage
national policy.
If the fact-find¬
ing board rules otherwise on this
controlled
to
trust
is the
grant
quickly.
to
and
Mr.
and
enforceable,
There
that
economy
from
proceeding.
those
be
with
seas
voice in
may
be
may
uncharted
a
the
who
feel
should venture into these
we
price
those
labor having
profits—there
or
who
feel
that
this
is the
primrose way; but this cor¬
poration
believes
that
such
a
is beset with traps and pit¬
falls and would constitute an im¬
pairment
of
those
management
course
made
it
possible
for this country to
out-prqduce its
enemies
in
the
war
now
happily
ended.
When the people, through Con¬
gress, declare a policy, this com¬
will comply, but it will not
voluntarily lead American indus¬
try down a trail which it believes
should not be followed.
pany
And
in this connection we
say
this board that in the
light of
national wage price
to
policy, in the
light
of
which
our *
forbid
capital
and
that
experience
had
compulsion is not necessary in or¬
to secure substantial accept¬
of
boards
the
recommendations
such
proposed
in
as
are
A.
"The
period, he noted,
identical with that in the War
Labor
Disputes Act, but he as¬
that, while in the latter it
designed solely as a coolingperiod, it would in the pend¬
serted
was
off
ing bill be utilized 'to
firmative
action
in
af¬
secure
the
hearings, fact-findings and
mendations which will
of
nature
rather
than
preparation for
a
as
serve
a
as
the
period of
beginning of
a
strike.' " >.
(->■'*-
At the Dec.
cooling-off
What is needed is
that
of
boards
necessary
for the
necessary
initiative,
such
at
hearing,
call witnesses and introduce docu¬
because the "facts" al¬
or
other
participate
may
of
tion
witnesses
evidence,
and
the examina¬
in
for the purpose
agencies. One analysis,
by the Office of War Mobilization
of
"the director of the Office of War
C. Participation by parties in
hearing-Mi} The interested par¬
ties or their representatives shall
be given reasonable opportunity
(a) to be present in person at ev¬
ery stage of the hearing;- (b) to be
represented
adequately;
(c)
to
present orally or-otherwise any
Mobilization
material
ernment
anti-trust
policies,
alliances
between
labor
prewar
country
position, and not
a
our
distortion of it.
;
,
•
attempted
to
report" and that
various other economic studies by
OPA and the Department of Com¬
have not
merce
been
made
pub¬
lic, Murray added:
we
seek, why
have these governmental agencies
attempted to conceal these facts.
If
it
is
solve
facts
that
are
needed
to
current
our
Government
disputes, the
only to release
has
the facts already gathered and
al¬
ready
'
in
its
possession." v
-
-
Noting that Mr. Truman's plan
a "cooling-off" period of
30 days while fact-finding boards
are at work, the witness said that
before. calling a steel strike for
.Tanifarv 14, the C. I. O.-United
Steel Workers attempted to nego¬
tiate. for 90 days. And the United
calls for
Automobile
.
Workers,
"thrashed. about"
days
before
Motors plants.
for
he
sorted,
more
than
off
or
until
they
have
been almost frozen out of the
pic¬
ture," Mr. Murray asserted.
for
as long a period
mutually agree upon
date specified by the
panel
reconvening
of
the
hearing.
shall,
Whenever possible the panel
at the times of the
recess,
J.
If
question arises
interpretation of the order of the
Secretary setting up the * panel,
the panel may recess the
hearing
and consult with the
Secretary or
his designated agent for the
pur¬
pose of obtaining clarification.
K. Findings of fact and recom¬
mendations by the panel—1. Af¬
,
ter the conclusion of the
hearing
the panel shall submit to the Sec¬
retary
an original and six copies
findings of fact and recom¬
mendations, unless the parties in
the
meantime
dispute
the.
V
;
.
filing findings of
fact
and
recommendations ; may
not be extended except
upon con¬
sent of the Secretary,
;7^/777'7'7
the
hearing, unless
it
is
II—Statement of Policy
1.
The
self to
bearing
on
the credibil¬
,
ity of thafparty or witness or on
(e) to pre¬
the issues in the case;
the
panel oral or written
determining what
proceedings shall be made.
A
copy of such record shall be avail¬
inspection by the parties.
able for
~
Rules
ox
evidence
—
The
hearing may.,be conducted infor¬
mally. The receipt of evidence at
the
hearing need, not be gov¬
erned by the common law rules of
evidence.
•
.
Facilities
available
panel
designated agents for the purpose
of obtaining information pertain¬
ing to any wage or salary issue.
information
in
the
may
include
possession of
9651.
It
will
con¬
the
under
the
Executive
Order- and
the wage and
salary regulations of
Stabilization Administrator. >
2. The panel may recommend
increase
wage
either
on
of
a
two
bases:
(A) That the wage increase
ommended
is
which
one
rec¬
be
can
paid without any increase in ex¬
isting price ceilings or in costs to
the United States
to
whether
part);
it
9651
and
as
approvable
in
'
under
the
.v.
and
wage
the
Administrator.
That
used
is of
as
a
a
-
;> /•
.
rec¬
f*s judgment, ap¬
Executive Order
regulations -of
crease
•
wage increase
ommended is, in
provable
(irrespective
is
■
(B) That the
to
—The
information
Order
also
propriety of wage
iq£reases in excess of fhe criteria
""
— An
official stenographic record of the
wage in¬
if any,, are approvable
under the criteria set forth in Ex¬
the
argument on the issues.
D.
Stenographic records
;
;
panel will not limit it¬
creases,
ecutive
(Such
settled
\ '
.
2. The time for
sider
/ F.
have
agreed to submit it to
or
arbitration.
material
E.
to the extent of
as
the authority of the
panel to in¬
quire into the facts, or as to the
clear that such questions have no
sent to
in
writing to that
'.//;■
/, ' 1 ' \ V. /
during the proceedings a
effect.
evidence relevant to the
issues; (d) to ask questions of the
opposing party or a witness re¬
lating to evidence offered or state¬
ments made by the party or wit¬
at
requested to execute
statement
a
of its
.
panel may during the pro¬
striking General ceedings consult with the office of
••••
Z the Secretary, of Labor or his
"Those workers have cooled off
cooled
expediting
the
hearing
eliciting material facts.
; /
ness
"If it is facts that
and
this
'
.
has
this
suppress
is
What
years."
Reiterating his contention that
taken.
understanding of
industry
could grant pay increases of 24%
and still earn in 1946 profits after
taxes
more
than twice those of
needs
in
market
Reconversion, he said, "dem¬
onstrated that American
or
a
con¬
panel may, with the consent
mentary
known to various Gov¬
are
are
the
own
fact
ready
make whatever reasonable
B. Participation by panel in the
hearing—The panel may, on its
finding
labor disputes are un¬
in
as
may
merits of the
.
to
said
be
parties, exclude persons
other than the parties at any time
when the ? expeditious settlement
of the dispute so requires.
on
Murray
to
-
duct of an orderly public hearing.
The
lack.
we
willingness
part of the administration
face the facts."N
a
tiations, for
until
The panel shall have author¬
rules
lack. It
we
the
have
an
is not facts that
not
the
ity to
Philip Murray, President of
the C.I.O., expressed opposition to
the proposed legislation,.; accord*
ing to the Associated Press,: which
quoted him as follows:
"It
Hearing
dio.
14 committee hear¬
ings
is
agr<?e
lf
recom¬
basis for the settlement of the dis¬
pute
ef¬
notify
the parties of the date when the
dispute, un*' panel will * reconvene with
the
less the parties agree to present
parties.: If it is not possible to
their case in writing.' The record
give such notice at the time of re¬
made at such hearing shall include
cess the parties shall be
given at
all
documents,
statements',.' ex¬ least five days' advance notice of
hibits and briefs, which may be
this date of reconvening, unless
submitted,
together
with
the the exigencies of the
situation re¬
stenographic record;* The parties quire shorter notice.'
,.
V
7/
shall have the right to attend the
;
I. Settlement of issue by agree¬
hearing with such persons as they ment between
parties—If during
desire, and the hearing shall be the
proceedings an agreement is
open
to any other person who reached between
the parties with
wishes to attend, including rep*
respect to the issues in dispute,;
resentatives of the press and ra¬
they shall be
on
30-day
further
issue by collect?
they
public —A
public hearing shall be conducted
this bill.'
was
make
an
or,
where
the
to do so, the panel
may recess the hearing to allow
the parties to resume direct
nego¬
the
I—Rules for the Conduct
of the Hearing <
•/.
of
> the
bargaining
parties
That
shown
der
ance
60
or ?
ive
L. B. Schwellenbach
Policy to be,followed. The
Secretary's statement
of
text
of
negotiation—where,
should
forts to settle
State¬
ment of
that
stated
the
parties
follows:
respect to
controls,
we
should not be pressed to
acquiesce
in any other position than we
prices
a
directives
a
compliance
-...'"77, '■'• 77?" ;v;
Adjournment of hearing to
H.
.procedure
.
either
vital problem General Motors will
withdraw
dispute
voluntary
parties.
and
group.
contro¬
This is
many
small
functions which
be
rected to make
deems
permit the benefit
to the entire public instead of a
in
necessary
its
would
opinion of the, panel, the
would be free to accept or
reject the recommendations but
paid out of line with other
however, that since
wages are paid out of earnings,
the question of
earnings is rele¬
direct
in
of
the
there
dence must be obtained
upon, the
oermit
recommendations
be
power of subpoena.
It
the parties to pro¬
duce any,evidence it deems rele-*
vant.to the issues but such evi¬
to
factors
series of rules
Fact-Find?
a
the
request
may
determin¬
oil
pany
tection
the
fact-finding
'
■
to' 'submit
acting through their elected rep¬
resentatives, haye lodged the re¬
sponsibility for such questions as
profits and prices, and the pro¬
the
ability of the employer to pay ah
in
increase
wages
where
such
ability is in question. Ability to
pay is always one of the facts rel¬
'!
propose
The people of the United States,
its
board
it
Board's
Schwellenbach
necessarily in¬
'
;
•
of OPA to this
duty that the
board have the authority, when¬
ever it deems it
necessary, to ex¬
amine the-books of the employer.
That authority is essential to en¬
able
issue
any
industrial
an
■'
■
interest
The
for' legislative action."
advices added:
'*
wouldnot
to an important extent,,
does
national /
have
mission in the
"the situation is one
the
"Pointing out that
ing
of
controls the operations of its com¬
;.'■(
.*•
calls
|
.
must
which
press
forecasts, projections,
guesses at the cost of raw ma¬
terials
where
future prices
are
speculative because of strikes ac¬
tual or potential. These facts—if
they be facts—these computations,
which involve the gift of prophecy,
the General Motors Company does
not propose to lay on the bargain¬
ing table with a monopoly union
give figures and estimates to com¬
petitors and that General Motors
Company "does not propose to lay
on
the bargaining table with a
monopoly union that also, to an
important extent, controls the op¬
its
data
;
clude
tors, who contended that to open
the books of the company would
of
in
management
United States.
the
Counsel for
between
OPA pursuant to the laws
and
President Truman
Gordon
erations
ington, that
eyes
hearings
issued by Wal¬
Merritt
should
the
on
hungry
immediately
ter
Motors
General
table here for. the
of * its competitors
those very figures and estimates
which will be the basis of private
place
wage
statement
request.
Requests for the production
evidence—The panel does not
ing (their .de?
c.Ts.ons, .issued
to
the ; Fact*
Finding Com¬
'
the,
to
in
^'
agencies.)
G.
of
other
ay"
p
governmental
The personnel and
facilities of
the Department shall be
available
to the panel upon
"ability
the
busi¬
are
other
earnings
expected to last at leas*
were
another
tude
ness
.
i
don Merritt to the President's atti¬
a
t ion
'
that net earn¬
„
conn e c
party to a
any
took the view
ings of
fact-finding
commission in
uncord¬
v
7'
Secretary of Labor, Lewis B. Schwellenbach on Dec.
21, within'
day after President Harry S, Truman announced that
a
un¬
>7\v.'
'
and
o ns
if
1945
Finding Directions
ing to Associated Pre^s- Wash¬ wit h ' labor
ington advices, beiia^r Murray con trove rsies
dis¬ : (D.-Mont.), Chairman of the comshould
t a k e
pute should refuse to cooperate
j mittee, said that wnen hearings into consid¬
with a fact-finding board. ,
were resumed with the reconven¬
eration/ th e
ing of Congress after the holidays, net
corpora-
o n s
the
would
it
fortunate
of
books
of
view
involved
dis¬
ity to examine
the
Administrator.
been
postpone fuFtherhearings
til after the first of the year,
putes, author¬
t i
14 to
-
wage
holidays .has
aside, by
the
Senate Labor
Committee which decided on Dec.
Dec. 20, President Harry S. Truman
on
statement in which he expressed himself in favor of granting
a
:
set
4"
issued
Issues Fact
urged Congress to pass before
Christmas
Thursday,December 27,
Following Announcement of President's Decision on
"Ability to
Payf Factor in Wage Disputes, the Secretary of Labor
Lays Down
Rules for Conduct of
Hearings and Bases on Which Wage Increases
May Be Recommended.
Says Panel's Final Findings and Recom¬
mendations Should Conform With Action
Taken by Stabilization
fact-finding labor disputes
legislation which President Tru¬
General Motors Counsel Objects on Ground Data
1
^
The
Hope That Roth Parties to Controversy Will Cooperate.
Would Be Used
presses
CHRONICLE
salary
Stabilization
is,
the
in¬
type, which may be
basis for
an
increase-in
Volume
162
COMMERCIAL & FINANCIAL
THE
Number 4450
increases
NAM Elects Wason
the
applicable pricing standard.
3. Increases under 2(A)—In ex¬
President for
The panel in recommending an
cess of criteria in executive order
increase in excess of the amount
The
National
Association
of
(A) If the panel, recommends a
which would be approvable under Manufacturers
on
Dec. - 7
wage increase on such a basis it
the executive orders and the rules
elected as its
T.
may, without reference
to gov¬
and regulations of the Stabiliza¬
president for
ernmental stabilization agencies,
tion Administrator may consider
1946 today a
recommend
that
the employer
ceilings
price
or /
to
costs
United States.
'
3171
CHRONICLE
ployers to absorb wage
the
down to the
point indicated by
T
1946
>.
.
who had
man
after six months to
worked
not, however, to
recommend a wage increase which
it believes will require the em¬
ployer after six months to obtain
price relief.
' " '
7-7#
" "
4. Increases under 2(B) — in¬
volving price relief—(A)
If, dur¬
it appears that
of an increase which
ing the proceeding,
the question
involve price relief is perti¬
nent, the panel in recommending
may
increase on the basis that
price relief may or will be neces¬
sary is limited to an increase not
in excess of the amount approv¬
able for ,* price purposes by the
a
wage
Stabilization Board or other
designated wage or salary sta¬
bilization agency under the stand¬
ards laid down in Executive Order
Wage
and salary
the Stabilization
Administrator. T ■ T:•/77''• 777 7 Y *;
w. Any increase
that may be rec¬
ommended by the panel which is
to be used as a basis for seeking
price relief must receive the ap¬
the
and
9651
wage
"biting
erty"
7
.
com¬
and labor in the
General Motors Corporation wage
management
which,
dispute was no nearer a solution
of the week. The fact¬
H
President '?TL
of
Manning,# Robert
'
,
Moore,
and
-7;
„
R\Wason #
Inc.,
New
.
York.
election, "the NAM
the following roster
At the-same,
-
of new orders
literally snow¬
Within the past few
caused such
that some mills are
automotive strike got under way,
son,
Board named
capacity.'
finding body appointed by Presi¬
dent Truman to
investigate the
e
Maxwell
82%
Customers'
fears
of
a
steel
"strike scheduled for Jan. 14 have
at the close
#f777'. -;T
i s
Robert R. Wa¬
.
noted with
Improvement occurred in ,67.5%, down 12V2 points from last
coal
production, the week's revised rate of 80%. A re¬
increase
being placed at 2.5%, bound is expected next week but
while crude oil output increased weather conditions and raw b?aterial shortages may make it dimby 1%.
■
•
.
cult to reach the recent level of
The stalemate existing between
employs more
than 3,000
men. ■
steel ingot production was
higher by »
bituminous
manufac¬
pany
increase in
1.4%.
a
boy's
job"., tothe
presidency of
turing
fractional
electric kilowatt output
grocer
a
the eastern slates.
A
pov¬
and
•.
and
his
remained unchanged last week at
high level of previous weeks.
In the week consumer durable
goods output continued to move upwaid, though snow storms were
added to factors already hindering shipments in the New England
way'from
ought
It
lief.
,
days ordering activity has been
the
curtailed because of holiday influ¬
question of procedure on the re¬
lationship of prices and profits to
the subject of wage increases.
The
President's
fact-finding
board was not accorded whole¬
hearted endorsement by General
ences, but previous to that time
incoming business depending on
the company was running from iu
to 100% ahead of shipments.
It is understood that steel com¬
but
ran
into
difficulty
over
under.
ed
a surge
pany and union representatives in
Momrs, since the Company ex¬ gome districts have met to formu¬
7 Chairman of the Board: 1945
late plans for keeping in operation
pressed
the sentiment that it
NAM President, Ira Mosher, Presi¬
mot
would refuse to present" its case certain steel mill facilities which,
dent, Russell Harrington Cutlery before this body if the subject of because of their nature, service
could be absorbed without any in¬
Co., Southbridge, Mass.. /" •
- prices and profits was made perti¬ community utilities. In many steel
crease in price ceilings and tnai a
five-cent increase : would be ap¬
Chairman : of
the
Executive nent to the board's consideration areas gas from the coke ovens and
proval of the Wage Stabilization
pro vable under Executive Order
Committee: 1944 NAM President of the Union's demand for a 30% blast furnaces is furrfished to the
Board. The panel has two alter¬
cities or villages and it is expected
Robert Gay lord, President, Inger- increase in wages. (777/(7
:9651, the panel may only recomnatives for dealing with this prob¬
that
labor-management agree¬
mend a 10-cent increase. It cansoll Milling Machine Co., Rock; As for the President, he went on
lem. It may secure informal ad¬
pot properly recommend a 15-cent
record as approving the idea of ments will be made so as not in¬
•
7
| 7
•
vice through the Secretary's office ford, 111; -7
terfere
with
such
community
bodies examining
Chairman of the Finance Com¬ fact-finding
as to the approvability of a pro¬
; <
services.,'
(C) To the extent necessary to
mittee: 1943 NAM President F. C. corporations' books to ascertain
posed 7 recommendation
or
the
The steel industry this year is
their ability to
meet wage in¬
satisfy itself that the employers
President, .Thompson
panel may condition its recom¬ Crawford,
expected to produce about 80 mil¬
creases and stated that "ability to
are in a position to absorb a recmendation upon approval of the Products, Inc., Cleveland, Ohio.
lion tons of steel, a , decline of
increase, the panel
pay" was always relevant "to the
increase by the Wage Stabiliza¬
Honorary
Vice - Presidents:
more than 9^ million produced in
"must necessarily inquire into tne
issue of an increase in wages".
tion Board.
*
Howard
Coonley, Chairman
of :
M
7 7 7 7 '
1944.
Most of this decline was the
Tissue of the employer's ability to
Contemplated expenditures by
(B) If the panel'limits its rec¬ board, Walworth Co., Inc., New American industry in the new tesult of war contract cancella¬
pay. Ability to pay is a limitation
tions following VE and VJ-Day,
ommendation to a wage increase York. 7'7; <777.77 '- ;;
en and does not necessarily con¬
year give some indication of the
National Vice-Presidents: prospects of business in the years as well as curtailments brought
stitute a measure of the amount of that is appropriate for price pur¬
about because of the coal strike.
Ward M. Canaday,i Chairman of ahead. /
poses, it may, but is not required
a fair increase. .777-"ITT-'T,'
Y'Y/ ''7.77;;.,' .■ .77.; ■; ■ V,.;7
The recent stand of President
T.i' (D)Evidence to be considered
Willys-Overland IMotors,
In a survey of expenditures by
to, recommend a wage increase up Board,
to the limit approvable under the
Inc., Toledo, Ohio; Hugh Comer, American industry in 1945 the Se¬ Truman that fact-finding boards
with regard to an employer s abil¬
criteria
contained in Executive President & Treasurer, Avondale curities and Exchange Commission should consider earnings of comity to pay—If employers do not
anies in wage negotiations has
v
^
v/ Mills," Sylacauga, Alabama; C. S. last week reported $5,690,000,000
contend that there is an inability Order 9651.
rought out, into the open the .real
to nay the requested
wage in¬
-(C) If the panel believes, after Davis, v President, ; Borg-Warner will be spent next year for new
reason why management was op¬
Corporation, Chicago, Illinois; J. plants and equipment, an amount
a consideration of the entire rec¬
crease, it is for the Pan^T never¬
posed to his plan. *So far, no fsctA. Hartley, President, Braun Cor¬
larger than in any year since 1942.
theless, to satisfy itself on the ord, that the existing standards
In addition, $600,000,000 will have finding board has been named for
ibasis of evidence satisfactory to it for approval of wage or salary in¬ poration, Los Angeles, California;
B. E.' Hutchinson,
Chairman of to be spent on old and unused the steel industry and it is be¬
whether any increase whichit creases for price purposes should
Committee, ( Chrysler plants and equipment. These fig¬ lieved in some quarters that ef¬
recommends is absorbable
The be broadened, it is free to suggest Finance
forts towards a settlement of a
ures add emphasis to the expected
panel is free to draw such infer¬ to the Stabilization Administrator, Corporation, Detroit, Mich.; James
steel labor controversy or at least
ences as it may
choose to draw through the Secretary of Labor, H, McGraw, Jr., President, Mc¬ boom in business over the next
a new move for negotiations may
from
the employers failure to that he consider taking action in Graw-Hill Publishing Company^ few* years. 7;J 7? 7'. 71 v 7 7';' 7■ •- cause a trend
away from the im¬
New .York, N. Y.; Clarence Ran¬
Steel Industry—Labor and ma¬
produce evidence on this issue. It accordance with Section 302 (B)
minent long and bitter struggle
dall Vice-President, Inland Steel terial troubles are giving the steel
may, if it wishes, take the unionj of the wage and salary stabiliza¬
which will result if both parties^
Company, Chicago,- Illinois; Ar¬ industry one of its greatest prob¬
.evidence and such evidence as the tion regulations.
are not brought closer together.
thur Walsh, Executive Vice-Presi¬ lems since the high wartime peak
panel itself wishes
The American Iron and bteei
The pahelT would conform its
dent, Thomas A. Edison Incorpo¬ days, but indications this week
mav
rely on the failure^ of the final findings and recommenda¬
Institute announced on Monday of
rated,. W. Orange, N. J.; Cloud point to even greater headaches to
company to contest this issue as tions with the action taken by the
this week the operating rate ot
:an
establishment of the fact of Stabilization Administrator. YYTY Wampler, President, Carrier Cor¬ come, according to The Iron Age, steel companies having 94% oi
poration, Syracuse, New York; national metalworking paper in
.-ability to pay.
the steel capacity of the industry
C. M. Chester, Chairman, Exec¬ its current review of the steel
If the panel finds it necessary,
will be 62.8% of capacity for the
utive Committee, General Foods trade. ■;/,■.7
■ 77> ■
in its judgment, to inquire into
week beginning
Dec. 24, com¬
Severe
winter weather condi¬
Corp.; New York.'
ihe issue of ability to pay wage
pared with 83.0% one week ago,
tions have brought to light the
Regional Vice-Presidents:, Ar¬
increases without securing price
one month ago and one year ago.
thur Batts, President, The Car¬ fact that inventories of scrap and This
increases, then it is to inquire
represents a decrease of 20.2
The United States has taken the borundum ; Company,
Niagara coal in the industry are danger¬ points or 24.3% from that of the
into the profits and earnings posi¬
tion of the employer.
The panel initiative in an effort to remove Falls, New York; Walter Geist, ously low, As a direct result of previous week,
the coal strike in October, steel
may also inquire into Production restricting tariff barriers and pro¬ President, Allis-Chalmers Manu¬
This weelc's operating rate is
Company, Milwaukee, companies were unable to estab¬
and other costs where relevant as moting an expanded world trade facturing
1,150,000 tons of
lish
sufficient 7stockpiles
as
an equivalent to
well as other data bearing on the by inviting fourteen nations to Wise.; Noah Dietrich, Executive
steel
ingots
and castings, and
a
"roundtable" discussion prepa¬ Vice-President, Hughes Tool Com¬ insurance against severe winter
issue of ability to pay.
compares with 1,520,300 tons one
weather. 7;'. //
7!\ z •.
ratory to the international trade pany, Houston, Texas; E. H. Lane,
week
ago,
1,529,400
tons
one
OPA Standards Not Sole Guide
conference
scheduled
for
next President, The Lane Company, 7 The decline in coal stocks with month
ago and 1,656,900 tons one.
In any such inquiry the Pa7#
spring or summer.
Britain, Rus¬ Incorporated, AltaVista, Virginia; its consequent reduction in the year ago.
r
output of coke or blast furnaces
should not be guided solely by ttie sia, France, China, Canada, Brazil,
John
Holmes,
President, Swift
Railroad Freight Loading—Carhas reduced the flow of steel mak¬
-OPA's standards
Australia, Cuba, .New Zealand,
loadings of revenue freight tor
and Company, Chicago, Illinois;
ing iron to a point far below re¬
price increases as a test of ab
Belguim, Holland, Czechoslovakia,
the week ended Dec. 15, 1945, total
.
1 ,
ity to pay.
The OPA pricing South Africa and India are report-f Paul B. McKee, President, Port¬ quirements.
771,594 cars, the Association of
The lack of hot metal for steel
standards were devised lor a d't- 2d, according to a Washington dis¬ land Gas and Coke Company,
American
railroads
announced.
ferent purpose.
Such standards patch of Dec. 13 to the Associated
Portland,
Oregon;
William M. productionThas caused most com¬ This was a decrease of 4,781 cars
^ress, to be the countries invited.
may throw light on the question
panies to scour the country for (or 0.6%) below the preceding
Rand, President, Monsanto Chem¬ iron and steel scrap. This empha¬
of the employer's ability to pay a The press advices added: ;
week and 21,352
cars,
ot 2.8%
ical Company, St. Louis, Missouri; sis on scrap will make up for the
wage increase under existing price
"Countries accepting the Amerabove the corresponding week of
Theodore
F.
ceilings, but they should not be
Smith, ,i President, deficiency in pig iron and ha1944. Compared with the similar
can invitation will be those pre¬
caused scrap supplies to be tighteused as a controlling test.
Oliver Iron and Steel Company,
period of 1943, an increase of 12,pared to begin detailed negotia¬
this week than at any time in sev¬
For
example, the OPA pricr
713 cars or 1.7% is shown.;
Pittsburgh, Pa.; J. P. Spang, Jr., eral
^
tions or steps to promote world
.
example,
if
the panel
that an increase of
more than 10 cents per hour
For
Should
•
employer is free
seek price re¬
the fact that an
effect immediately.
of such a recom¬
mendation by an employer will
amount to a waiver of any right
to use the wage increase within a
six-month period as a basis for
seeking price relief so long as
the increase has
not been ap¬
proved by the Wage Stabilization
Board. An employer could, how¬
ever, after putting the wage in¬
crease
into effect still
.aP"
proval from the Wage Stabiliza¬
tion Board. If such approval were
given the employer could then use
that approval as a basis for seek¬
ing price relief.
>7 (B)
If the panel recommends
such an increase, it must satisfy
itself that the employers are in a
position to absorb the whole in¬
crease
without any increase in
price ceilings.
place it into
The acceptance
The level of industrial output,
the
find
Smmended
of
regulations
of 1946 officers:
.
■
■
(
,.
,
.,
k
^°.fe^ur^f°xh^
U. S.
Urges Trade
.
.
■■
•
for.^Jt^r!Sf1?
.
-
standards generally measure the
need for price increases as a re¬
sult of increased costs on the basi
iof whether or not the current
earnings of the particular industry
have fallen below its peacetime
position. If the prewar
position was very favorable, th
industry may well be able to af¬
earnings
impairment
<,f that position. If the Peacetime
earnings position protected by the
pricing standards was a relatively
unfavorable
one,
however, it
ford some temporary
might be unfair
to requiie em¬
7/7'' -#7 :.'7;V7: 77.
years.
British President, Gillette Safety Razor
Company, South Boston, Mass.; E.
and, American- governments last
J. Thomas, President, Goodyear
week in connection with a project¬
trade
ed
as
agreed to by the
England.
said the
roundtable would give
$4.4 billion credit to
"American
proposed
the
main
down
more
to
the
conference."
countries
trading
Tiance to learn
ude
Tire and Rubber Company,
Ohio;
^officials
before
larger
■
sitting
international
-
T
Akron,
President,
Perfect Circle Company,
Hagers-
town, Indiana.
a
each other's atti-
fully
Lothair Teetor,
[
Executive Vice-President: Wal¬
ter
B.
Weisenburger;
Noel Sargent;
!R. Miller.
Secretary,
Treasurer, Kenneth
'
situation
Carnegie-Illinoi
Steel Corp. to curtail its opera¬
tions in the Chicago district by
more than 10% below the sched¬
uled grade.
While 24-hour .shut¬
downs will be normal this week
because of the Christmas holiday
The material shortage
last week forced
the
raw
caused
material shortages havr
Steel ingot
this
Production—The Edi¬
Electric Institute reports that
of
electricity
1Jl_*
approximately 4,154,061,000 kwh. in the week ended
Den
15, 1945, from 4,096.954,000
the
output
creased
to
kwh. 1 in the
preceding week. Out¬
put for the week ended Dec. 15,
however, was 9.0% below
that for the corresponding weekly
1945,
than normal cutr
period one year ago.
steel plants.
Consolidated Edison Co. ,of New
output for the coun¬
(Continued on page 3180)»
week is estimated at
deeper
to be made at many
try
Electric
son
-
_
'awtaauw^'^
j,
aasnwrtak i uvmium
THE
3172
COMMERCIAL
of
one
the
really troublesome difficulties
of the country
for several
decades, is for all practical
purposes in reality "the rail¬
road labor problem.1' We have
kept the peace in the railroad
industry by endlessly appeas¬
ing the brotherhoods until the
labor
railroad trans¬
of
cost
portation is one of the scan¬
dals of the times:
"fact-finding" bun¬
applied
current disputes in other
But this
combe
to
it is being
as
industries
comes
at
a
circumstances
in
and
time,
which
peculiarly farcical.
turning in large part—
it
render
It is
openly and by innuendo, these
corporations
somehow
have
•
managed to keep much larger
profits for themselves than is
suspected, then they have
been hoodwinking the Treas¬
such
a
would
unlikely
appear
Reuther
Mr.
even
on
its face. It would
believes
tion. If what the unions want
Cuts
Further
Until
Budget Is
Balanced
anced
budget, replied that "you can't tell what Congress will do. If
Congress just keeps on making appropriations" and
increasing peace¬
expenditures, we just won't3>
—
time
——
have
a
balanced budget."
Press advices
ting it
Associated
Washington from which
added:
He
the
.,,
said
we
from
quote,
•
,
he
could
Government
can
not
see
how
continue, in¬
sound basis for the
upon a
next ten years.
2. The Committee's staff of
ex¬
perts has been studying a mass of
data on co-operatives and other
tax-free
organizations to deter¬
anything of the sort has is a substantial share of those definitely to market bonds, un¬
mine whether any action is war¬
been taking place.
But the earnings which come to the less the budget is balanced. How¬ ranted. Numerous
complaints from
story is not yet even half told. more profitable enterprises ever, Mr. Doughton did see a business men on the alleged ad¬
prospect that Congress might put
These corporations during the as a result of their
superior through a bill in 1946 reducing vantages enjoyed by these taxfree
organizations have reached
past two or three years have management or similar causes the high wartime excise taxes on
the committee, Mr. Doughton de¬
been
primarily engaged in one must naturally wonder such so-called luxuries as furs, clared, but how much justification
producing for: the Govern¬ what incentive the grant of liquor, luggage, jewelry and cos¬ there, is to these complaints is yet
that
,
of
ment
the
United
States
which under its so-called
re¬
thanks to Mr. Reuther-— upon negotiation arrangements was
metics. He did
the
unions'
leave
to
would
such
better
demand
but
encourage
management.
.
not say
what date
might take place,
cutback
a
surmised
that
to
it
might be in
1947.;; v:;',: V; TTV V;
V
According to advices to the New
be
3.
established.
Inasmuch
tions"
and
relief in
"both
as
corpora¬
individuals
the recent
obtained
tax
bill, it is
continuously, and is still en¬
improbable that the committee
These
are
all
facts
and York
question as to whether
"Journal
of
Commerce"
will give any consideration to im¬
fact-finding "boards"; shall gaged in, studying the oper¬ thoughts to which the Ameri¬ from its Washington Bureau on mediate
further income tax cuts.
Dec. 19 Representative
Doughton
have the right to "inspect the ating records of these very can public would do well to
However, the Committee, in line
said his committee
same
' corporations
plans to begin
with
a direct
with its set
books" of employers involyed
its
attention
at! this
program, will con¬
work on
a
new
tax bill
next
view to taking back anything
tinue to study simplification of
in labor disputes.
The im¬
time, but the truth of the mat¬ March or April, but he warned
in
the nature of abnormal
both individual and
corporate tax
ter is that the profits of the that the outlook for any substan¬
pression is given—and, so far
laws.J
tial tax reductions in the tax bur¬
profits made during the war.
as Mr. Reuther and his asso¬
past few years afford virtual¬ den is
4. Substantial over-all tax
cuts
anything but promising.
ciates are concerned, by no
will probably not be made until a
ly no indication of what any
The "Journal of Commerce" ad¬
Also the CPA
balanced
mere coincidence — that sur¬
of these companies can pay in vices added:
budget
has
been
vkv: K'V:.'V A-'V'A
There is also the OP A and
Questioning of the Committee achieved. Mr. Doughton declined
prising, even shocking, facts Mr.
wages during the next few
to
hazard
Bowles.
a
Detailed
data
Chairman elicited the
guess
when
that
following
would come to light in such
years. We have just emerged, information:
would be, noting that so
■\> ,;5;j
have been
long as
V M5':
placed in their or are even still
an inspection. But what non¬
L The Committee will under¬
Congress continues to vote large
emerging,
hands
in
order
that
they from a
sense is this? How in heaven's
highly abnormal war take as its first order of business appropriations the day of the bal¬
might prevent producers from
consideration of the Social Secur¬
anced
name could these large indus¬
budget is inevitably de¬
economy to a postwar peace
ity program, with a view to put- ferred.
too high prices
'v-;'/A
trial organizations directly in¬ demanding
period the precise nature of
from the public—which, de¬
volved in these matters keep
which is difficult to foresee.
spite all official denials is but The
business executive, who Labor
any such facts secret in this
another way of saying "pre¬
on
and Earns. In
the other- day told Mr. Reu¬
day and time? v
Gross
average
vent producers from
hourly earnings, for all
making ther that his
manufacturing' have
company's prod¬ dropped below $1 for the first time since December
'unwarranted' profits. "On the
1943, reflecting
Dark Charges?
ucts were priced "on hope" a drop of four cents per hour between
August and September for
basis of full access to the recworkers in the heavy
industries, as extra shift and overtime pay dis¬
was
telling the precise truth
appeared, the Bureau
this aSency has but re" —and certainly never more so reported on Nov. 26. of Labor Statistics of the Department of Labor
brmg dark cnaiges o
Preliminary estimates for October indicate a
cently fixed ceiling prices on than at the
petency and worse against m
present moment. further drop in hourly pay for<^* & products of the
The same, of course, is true of workers in the durable goods in- * a further
virtually every element in the n^btor
iV.-i
increase to a level of
industry—prices which
iustries, but a slight gain in pay slightly under 42 hours
business world, except the la¬
any wage rate which any en¬
per week.
are
"or-workers in the light industries, There was no
supposed to leave but a
apparent difference
bor unions, and against the
terprise undertakes to pay to said the Labor Department's ad¬ in
"reasonable" profit to the pro¬
the workweek in the
heavy or
Federal Government itself?
its
vices.; which added: jv. q- ."•«;# >H : the
employ^es.^^^'v'-^'rXi'
light industries; both indi¬
ducers with wages at the level
/'Average weekly earnings for cated a scheduled workweek of
Certainly the -President can now
This is no time for; more
obtaining. Evidently, any
manufacturing as a whole de¬ about 44 hours."
scarcely have any such inten¬ "scandal" of the
of
this, "fact-finding" bun¬ clined further in September—
type hinted
the
'
Wo
Declaring that he can see no justification for further substantial
tax
cuts, until the National budget is balanced, Representative
Doughton (Democrat) of North Carolina, at a news conference Dec
19, in answer'to a question as to when he expected to see a bal¬
wage rates for an entire in¬
dustry on the basis of the
earnings of the most profit¬
able enterprises in it would
be absurd
Sees
Tax
■ •
simply wipe out a very large
part of the industry and pro¬
that portionately curtail produc¬
Thursday, December 27, 1945
Bogsghton
determination of
no escape from
conclusion.
Yet
it
There is
ury.
Of course,
CHRONICLE
upon
What Is Demanded
(Continued from first page)
been
has
FINANCIAL
profit rates should have
wage rates.' i
: v
The Financial Situation
which
&
•
,
-
Dept. Reports
firs,
Sept.
-
brin^da^'chare^sIords'
•-
Yet how
tion;-
can
these in¬
combe.
Tat by the labor unions as re¬
And would the unions be
gards the profits of these cor¬
any other position, and how
porations,
indeed Anything willing to accept lower wages
else could any need for yet
from any enterprise which in
more than or different from
another
"inspection of the what is
already known or rea¬ the. future suffered sharp re¬
books" of these employers of
ductions in its profits?
labor be established?
In the sonably to be inferred about
nuendoes
be
consistent
'
■
with
..
their financial situation, must,
place, as every one who
knows anything at all about therefore, of necessity involve
the
first
the
situation
is
well
OPA
aware,
most of the industrial corpo¬
rations
immediately involved
at present have
long been is¬
suing outstandingly informa¬
tive
reports
tions
and
to
to
of
their
their opera¬
shareholders
the
and
ury
as
well
procurement
agen¬
But
there
v,:"..
apart
are
from
all
this,
gers in the use of the profits
of individual enterprises as
public. These re¬
a measure of
wage-rates. Are
ports have been
regularly the
unions ready to accept one
audited by the best account¬
wage scale for the unprofit¬
ing firms in the country. In
able or almost unprofitable
the second place, for more
another for the
than 10 years they have been employer,
profitable,
and
finder/ the necessity of meet¬ moderately
still others for other
employ¬
by the "ability
to pay"
principle? Of course
Commission under the strin¬
every industry is composed of
gent penalties of the two se¬
individual
enterprises with
curities acts.
widely differing profit mar¬
For even a longer period of
profit margins
time they have been required gins — and
to file the most exacting re¬ which in each individual case
both
ports with the Treasury De¬ vary
absolutely and
partment and to pay taxes with reference to other enter¬
computed from the data
prises frorp year to year. Mr.
ing the requirements of the
Securities and Exchange
therein.
These
taxes
in
cent
ers
measured
years have taken much
the others,
including the Pres¬
larger part of the earn¬
ings as reported to the Treas¬ ident—might at least inform
ury. Now if, as charged both us
precisely' what bearing
the
The
Securities
and
recently
Exchange
announced
that it has amended Rule X-12A-1
under
the
1934.
of
Act
Securities
Exchange
Commission
The
states that "the present rule tem¬
porarily
tion
exempts from registra¬
the Act securities of
under
banks as to which temporary reg¬
istration expired on June 30, 1935,
securities issued in exchange for
or
resulting from
modification
a
of any securities of banks exempt¬
ed from
and
registration by the rule,
dividend
stock
issued
stock
common
on
as
of
stock
a
the
class
exempted from regis¬
tration by the Rule." "The amend¬
ment enlarges the third category
of exempt securities," according to
same
the
SEC, "by providing that
additional shares of
issued
(whether
dend
or
as
otherwise)
common
any
stock
stock
divi¬
a
shall
be
ex¬
empt under the rule if the issuer
has
common
class
so
tion."
.
stdck
of
the
same
exempted from registra¬
The
vices Dec.
Commission in
its ad¬
5 added:
re¬
Reuther—-and for that matter
preliminary survey.
In
September, they were about
$4.50 per week less than in July.
a
"Workers in
the
durable
group earned almost $2
week in September than
earned
Commission
absurdities and dan¬
according to
goods
less per
in
Au¬
On the other hand, workers in the
nondurable
goods industries,
cies of the armed forces of the
nation.
$41.75 in August to a level
$40.88—but increased slightly
between September and October,
gust. and $6.75 less than in July.
the Treas¬
as
from
of
"The
amendment
from the rule any
also
removes
reference' to
se¬
curities of bank holding compan¬
ies since the exemption of such
•securities under
pired."
the
rule has
ex¬
and
.
$1
only
July.
In
than in August,
cents less than in
more
75
September, workers in
durable goods industries averaged
almost $44 a week; those in the
Nov. Cotton Consumption,
The
Census
Bureau
at
Wash¬
ington on Dec. 18 issued its re¬
port showing cotton consumed in
the United
States, cotton
and
cotton
active
on
hand,
spindles in the
month of November,
In the month of
p;.v;
November, 1945,
cotton
consumed
743,450
bales
of
bales of
linters,
759,806
bales
bales
of
836,438
as
of
In
in
bales of lint
the
and
to
83,680
compared with
lint
linters
bales of linters in
Nov.
amounted
lint
and
85,464
October
and
and
123.032
November, 1944.
four
months
ending
30
light, industries, about $38.
"Drops in weekly pay between
August and September were re¬
ported in six of the nine major
durable goods groups. The largest
cotton consumption was
2,944,067 bales of lint and 330,838
cut occurred in the
responding period
equipment group,
tion curtailments
ress.
transportation
where produc¬
are
still in prog¬
Automobiles, furniture, and
all
lumber
reported increases in
earnings resulting from
longer workweeks. In the auto¬
mobile group, Workers put in on
the average of 3 hours more per
week in September than in' Au¬
weekly
gust, when an extended Surrender
holiday was observed.
"In
the
civilian goods indus¬
tries, weekly pay. increased
in
eight of the 11 groups. In every
case, the increase in weekly nay
reflected a longer workweek than
the very short week in August.
"The average workweek in all
manufacturing was 41.4 hours in
September—only slightly higher
than in August. The observance
of Labor Day by most manufac¬
turing
crease
the
In
industries
which
two-day
was
curbed
the in¬
anticipated after
holiday
in
August.
October* the workweek showed
bales
of
linters,
which
compares
with
3.261,577 bales of lint and
497,948 bales of linters in the cor¬
There
a year ago.
2.202,498 bales of
lint and 257,002 bales of linters on
hand in consuming establishments
on Nov. 30,
1945, which compares
with
1,912,212
bales
of
lintand
206,420 bales of linters on
Oct. 31, 1945, and 2,208,291 bales
of lint and 232,471 bales of linters
on
Nov. 30, 1944.
.
On
at
were
hand
in
compresses
public storage and
on
Nov. 30, 1945,
there
were 10,623,198 bales of lint
43,587 bales of linters, which
compares with 9,230,766 bales of
and
lint and 29.238 bales of linters
9et.
31
and
13,174,894
bales
lint and 24.415 bales of linters
Nov. 30, 1944.
"
on
of
on
There
were
21,695,060 cotton
spindles active during November*
which
compares
with 21,721,792
swindles
active
during
October, 1945. and with 22,257.040
active cotton spindles
during No¬
vember, 1944..
Volume
Number
162
plane for
post as Ambassador to China, President Truman issued on
Dec. 15 a statement of United States policy toward that nation in
which he reiterated our government's adherence to a principle of non¬
interference in the internal management of another country but ex¬
pressed the fervent desire that opposing forces within China come to
an
State Byrnes,
•
President
statement
wel¬
■
777'7
interna¬
tional affairs and-specifically in
eliminating
Japanese
influence
from China. The United Slates is
777
announcement:
sions
Truman's
■ 7
convinced that a prompt arrange¬
,
ment for
7* The Government of the United
States 'holds that peace and pros¬
in
Nations
A yY
United
the
.
Organization.
price to restore
united and
China is of the utmost
eminent that a strong,
democratic
Organization and
for world peace. A China disor¬
ganized and divided either by for¬
eign aggression, such as that un¬
dertaken by the Japanese, or by
Nations
United
is
strife,
internal
violent
in
future.
to the principie that the management of in¬
ternal affairs is the responsibility
has
.
the
of
of
peoples
the
of
Events
nations.
sovereign
century,
this
indicate that a
breach of peace anywhere in the
.world threatens the peace of the
entire world. It
is thus in the
most vital interest of the United
would
'however,
States and all the United
Nations
peaceful negotiation.
believes it essential:
I
1, That
,
,
,
j
cessation of hostilities
a
arranged between the armies of
and the
Chinese
Communistsand other
dissident
Chinese
armed
forces
be
the National Government
of completing the
to effective
Chinese"control* including the im¬
mediate evacuation of the Japan-
for the purpose
return
ese
China
all
of
forces,
7 777:y\
/,,V7 y;
,7 A
conference
of representatives of major politi¬
2," That
cal
national
a
elements
be
arranged
to
de¬
early solution to the
present internal strife—a solution
which will bring about the uni¬
velop
;
an
-7 777V:
fications of China.
77'-A
The United States and the other
UnitedNations have recognized the
•
present National Government of
the Republic of China as the only
legal Government in China. It is
Vthe
both
is
instrument to achieve
by
Britain
should
armies
eliminated
be
the
Chinese National 'Army.
In line with its often
regarding
views
United
the
tion,
expressed
self-determina-'
States Govern¬
that
the
detailed
of
be
worked out by the
nese
themselves
ing to the Potsdam Declaration of
ment
trol. These agreements were
with the National
-the Republic of
.
In
and
China.
close
of China
public
tion
of
with
and to
anese
collaboration
Government
this
the
in
war,
of
constant
with the
the
Re¬
the prosecu¬
in
Consonance
Potsdam
Declaration,
possibility of Jap¬
influence
remaining
in
remove
China, the United States has as¬
a definite obligation in the
sumed
evacuation
disarmament
and
the Japanese
troops. Accordingly
of
the United States has been assist¬
ing and will continue to assist the
National Government of the Re-
public
of China in
disarmament
and
effecting the
evacuation
vention
by
of
any
these
in
and
foreign
has
China
the
Chi¬
inter¬
govern¬
would
be
United States
however, that
clear responsibility
feels,
Government
to
that
matters
inappropriate. The
a
United Nations to
armed conflict within
other
eliminate
territory
as
constituting a
to
world
stability
and
its
threat
peace—a
continuation of the
.National
made
Government of
and
.
for
the
y
o
f
the
of
,
organization
3700 sav¬
the
comprises
some
ings and loan institutions and co->
banks
The
throughout
that
officer
siding
at
granted
the
added:
Dec. 18
rested
ment
ther
Second Vice President of the
is Walter W. McAllister
Antonio, Texas, President
of the San Antonio Building and
Loan
Association.
Mr.
Irr, the
Foreign
and
and
loan
of
their
Maryland
Commission
Planning
the
Maryland
Postwar
in Maryland,
the
of
and
Commission
Reconstruction
and
quarters said, to 'check fur¬
in U. S. newsprint
decrease
production has gone down,
price of newsprint has risen
The price of newsprint
steadily.
newly elected head is
the largest savings
Chairman
State
,
taken, govern¬
"As
the
of
institution
..7
7
■
was
production, which has been grad¬
ually declining for some years.'
San
League's
7
"The action
League,
of
the price of newsprint.
Press
advices
from
on
Washington Dec. 18 reporting this,
dinner for Mr. Irr on Nov. 30. The
new
publish¬
of
Associated
installation
an
to newspaper
cost
publishing their papers will
increase
approximately $20,000,000 more next year on the basis
of an increase of $6 a ton just
ers
Dayton, Ohio, who retired as pre- 1
third formal
session on world problems with
a
feeling of reserved optimism.
The press advices also said in part:
as
must
con¬
which
delivered in New York was $50 a
ton
prior
just
With
Pearl Harbor.
to
latest
the
increase
will be $67
basis. *
ceiling
same
on
De¬
velopment, by appointments from
the Governor.
He moved up from
responsibility: which is
the National Govern¬
ment and all Chinese political and
shared
by
China
moves
toward peace
along the lines de¬
scribed above, the United States
would be prepared to assist the
National
Government
in every
and
unity
agenda.
American
"The
the
new
ton on the
a
Newspaper
Publishers Association,
made
no
public comment on
War Powers Act
.
:V.
-
...
requested
ever,-
Michigan:
.•,
one
"Allain C. Landry, New Orleans,
an
The
year.
extension
broad
of
powers
given the President under the bill
include
authority for
rationing
and numerous other wartime con¬
President of the Fidelity Home¬
stead
Association,
director
for
local
District';,-;!0, comprising Arkansas, trols, 7: 7:7 7'
7V/7..1 .77
..
draft boards on Dec. 19 that fa¬
Louisiana, Texas and New Mex¬
thers are no longer to be drafted
f
The Administration
argument
ico."' VV-'V .7
' 77.
'
•
for the year's extension had been,
into the armed forces, a special
Also elected to fill out an un¬
dispatch to the New York "Times",
j the New York "Times" stated in
expired term for District 12 was its report of the Senate action
from Washington reported.
Fa
B. • Starkey,
San Diego, from Washington on Dec. 19, that,
thers with one or two children will Harold
still
be
accepted as volunteers, executive vice president of the ! although the greatly reduced con¬
trols now outstanding would be
but no man with three or more First Federal Savings and Loan
children will be accepted on any Association of San Diego, com¬ relinquished as promptly as was
End Father Draft
Orders
issued
were
Selective
basis.
term
"The
clude
'children'
legitimate
from
children
v
to
Service
lions define a father as
regula
follows7
shall
in¬
illegitimate
date of their
or
the
conception, children legally adopt¬
stepchildren, foster children
and persons who are supported in
good faith by the registrant in a
ed,
relationship similar to that of par¬
ent and
military groups.
As
their
forces
armed
ment
Chinese
President
Russia, Great
United
States
of Soviet
prepared
in
China integrated effectively into
all
and
such
Kingdom by-the Cairo declara¬
tion in 1943 and the Union of So:.viet Socialist Republics by adher¬
turn of Manchuria " to
c
Costs to Newspapers
hold 1
League and he becomes the 53rd
back at
was
that day, as the
to
Presiden-
the
Irr
P.
Henry
manager
long vacation,
arylander,
ever
Higher Publishing
,
The United States and the Unit¬
July.and by the Sino-Soviet
Treaty and agreements of August,
1945, are all committed to the lib¬
eration of China, including the re¬
a
Ministers
to the achieve-;
political unity in China
;
M
Stalin,
Generalissimo
his desk
necessary
7last
to begin, and
advices from Moscow on
that
first
the
Extended Six Months
steps
ed
ings and Loan
Association, is
stated in Associated Press
was
needs."
|
Sav¬
,
abjective of a unified China.
•7
Federal
*'
considers
proper
said to
opening
It
of
Baltimore
the
which has
the
newsprint price increase, figures
broadened to include other politi¬
the Vice Presidency of the League
that 140,000 full sized newspaper
Premier
Stalin returned from
cal
elements
in
the
country.
this past year and has been active
his sixty-eight-dgy holiday yes¬
pages can be produced from a ton
Hence, the United States strongly
in local and regional organziation
of newsprint.
This would figure
terday, just four days before his
advocates that the national con¬
assignments and committee work down to
4,66-3 copies of a 30-page
sixty-sixth birthday, and plunged
ference of representatives of ma¬
during the past six or seven years.
immediately into his duties
as
newspaper per ton.
Four members of the board of
jor political elements in the coun¬
President of the Council of Peo¬
v
"Government sources estimated
directors
of
the
League
were
try
agree
upon •' arrangement's
that approximately 3,250,000 tons"
ple's Commissars.
77'777t;.7'y7 elected for three-year terms:
which would give those elements
of newsprint are consumed in this
Stalin's return was announced
a
fair and effective representa¬
"Ralph R. Crosby, Providence,
country annually."
tion in the Chinese National Gov¬ by a brief statement published in
R. I., Vice-President of the Old
ernment.
It63 is recognized that all Moscow newspapers, saying: :
Colony Co-operative Bank, direc¬
this would require modification of
"Yesterday, Dec. 17, the Presi¬ tor for District 1 comprising the
the one-party Apolitical tutelage"
dent of
the Council of People's New
England states:'
'
7
established as an interim arrange¬ Commissars, U. S. S. R., Comrade
"Dandridge Murrell, Lynchburg,
ment in the progress of the na¬
Stalin, returned from his vacation
Va.y Secretary-Treasurer of the
tion toward democracy by the fa¬
to Moscow and entered upon the
First Federal, Savings and Loan
|
The Senate voted on Dec. 19 by
ther of the Chinese Republic, Dr.
fulfillment of his duties."
*
Association of Lynchburg, direc¬
a
vote of 31 to 30 to extend the
Suif-Yat-sen.
r
7
J
:
The announcement came as the tor for District 4, comprising Vir¬
Second War Powers Act for six
The
existence " of
autonomous "Big
Three"
foreign ministers, ginia, North Carolina, South Caro¬ months until June
30, 1945, as the
armies such as that of the Com¬ meeting there since Sunday, fin¬ lina and District of Columbia: 7 '
| House had done previously.
As
munist Army is inconsistent with,; ished their preliminary talks and
7 Walter J. L. Ray, Detroit, Mich.,
soon as minor differences are ad¬
and
actually makes ■ impossible, prepared to get down to discus¬ President-Secretary cf the Stand¬
justed, the legislation will be sent
political unity in China. With the sion of some of the basic issues ard Savings and Loan Associa¬
to the White House for signature
institution of a broadly represen¬ of
world
peace
and prosperity tion, director for District 7, com¬
of the President, who had, how¬
tative
government,
autonomous which: 'were believed to be on prising
Illinois,
Indiana,
and
ment
the
President
operative
Byrnes and Mr.
be eager foi
Mr.
were
United States have, between
own
States
^report country. He succeeds W. M. Brock,
16th stated
session had lasted
about two and one-half hours.
"one-party
a
Press
the
on
the discussions
the
government" and believes that
peace, unity and democratic re¬
form in China will be furthered
if the basis of this Government is
Government of the United
The
that
Bevin
National Govern¬
China
of
ment
of China overlook
no opportunity to adjust their in¬
ternal
differences
promptly by
States
present
that the
that the peoplp
methods of
Moscow
States is cognizant
United
The
long subscribed
indicating the
appreciation of the im¬
Associated
An
'"7:7y7':
; "
,
newspapers,
from
the
them, enough money to lend any¬
Savings
and body,
veterans
or
home front
Loan League. I serviceman,
who wants to build
Mr.
Irr,! or buy a home the money he
portance of the conference.
removed and
China takes her place as a
forces in China.
States Government
United
the
in
Russians'
democratic and peaceful
nation. This is the purpose of the
maintenance for the time being of
United States military and naval
in the
bility and peace, now and
The
Ministers was
Presi¬
of
dency
the arrival of the
treated prominently
occasion,
the
unified,
dermining influence to world sta¬
the
Chicago
United
diality, and although the press re¬
gained from editorial comment of
wholly
is
China
unless
un¬
an
to
evidenced extreme cor¬
Russians
first broken by Japanese ag¬
was
at
in getting home
construction resumed, is purely a
matter of men and materials.
The
thrift
and
home financing and
other lending institutions in our
Nov.
on
28
their foreign visitors the
ings to
of this gression in Manchuria. The main¬
tenance of peace
in the Pacific
may be jeopardized, if not frus¬
trated, unless Japanese influence
importance to the success
tion
hopefully for the successful out¬
come of the talks.
In their greet¬
to pay a great
the peace which
compelled
been
belief of this Gov-:
It is the firm
the* effective
of this end. United
support will not extend to
United States military interven¬
tion to influence the course of any
Chinese internal strife.
The United States has already
the ability of the sovereign
nations to combine for collective
security
ties and disputes
Every
States
upon
77v7 '7
and the deplorable
years
control
be
to
half
difficul¬
building the past three and a
Henry
Irr, of Bal¬
Md.,
upon his elec¬
indication within -Mos¬
cow, it was reported by the Asso¬
ciated Press on Dec. 15 augured
to
achievement
perity of the world in this new
and unexplored era ahead depend
expected
is
shortage in this country which is
the result of the cessation of the
of
timore,
subject of discus¬
principal
atomic energy. •' ' 7'
of
hostilities
cessation of
a
essential
is
The
cooperate with it in
Our
nations can muster.
the
all
P.
according to cabled advices from
London to the New York "Times.'
and
','i The following was reported by
the Associated Press from Wash¬
ington as the text of Mr.
•••*
States', recognizes
and will continue to recognize the
National- Government
of China
■
-
7-
'•"7. >
United
The
ing sides felt that negotiation and
settlement of the dispute could be
accomplished.
clared
cries out for all the resources
ness
years," de¬
the next ten to fifteen
British Foreign Sec¬
Bevin and Soviet
pose.
Tru¬
been
be
world
troubled
the
in
will
homes
potent factors for
Foreign Commissar Molotoff hac
taken place on Dec. 16, with no
details given of the discussions,
that the two contends
comed and
Ernest
retary
reported from
had
that
Chungking
man's
troops in the liberated
areas. The United States Marines
are
in North China for that pur¬
of the most
peace
was
Japanese
•
On Dec. 16 it was
one
made by
radio from Moscow that the first
formal
meeting of the current
conference of U. S. Secretary of
Announcement
solution oi tneu'
early
ences.
■
Ministers Meet
new
for
need
"The
C. Marshall left by
A few hours after General George
his
Irr Named Pres. of U. S. Savs.-Loan League
Big 3 Foreign
Policy Toward China
7 Administration
3173
CHRONICLE
& FINANCIAL
THE COMMERCIAL
4450
clude
over
children but shall not in¬
persons
18 years of age or
unless they are physically or
mentally
handicapped."
prising Arizona,
da and Hawaii.
California, Neva¬
V7:'y7
>■
found
with
discussing the need for homes
in his address ,;with-1 his
In
election
to his
new
post, said in
country which was
than
any
perienced
thousand years
It will take a
with technological
improvements
in
the building
of written history.
decade,
eyen
it would be today.
The
(-
of enforcement, it
contended, there might be a
of those still
that with the
comparatively
soon
there would be "a letting
down" and the controls would not
be taken "too seriously." Further,
it was said, there might be a ten¬
dency to hoard materials until the
subject to controls
law to expire so
worse
in six
would be
feeling 011 the part
in the war
for shelter
of them have ever ex¬
suffering
"safe," it
hazardous to dispense
overall powers in six
In the matter
was
1
are
as
be
"Times" advices added:
.
part: -V .7*y7"7 7-77 ■■ V''7>77 1
"The civilian economics of ev¬
ery
as
the
months
Irr
Mr.
to
77 valmost
'
developed out of the war,
controls expired.
to catch up, and then
of new 1
However, opponents of the plan
reasonable way to rehabilitate the nese
requests for credits and loans demand growing up alongside the
to extend the bill for longer than
country, improve the agrarian and under reasonable conditions for
accumulated
demand
which is
industrial economy, and establish
six months pointed out that at its
projects which would contribute trying to be met.
I don't think
a military organization capable of
toward
the
development of a we have7to worry about any na- expiration date of June 30, 1946,
discharging China's national and healthy .economy throughout Chi¬
ftion starting another aggression, if it should be deemed necessary,
international responsibilities for na and healthy trade relations be¬
or being able to mobilize its peo¬
another extension can be consid¬
the maintenance of peace and or¬
tween
China
and the
United ple into, enthusiasm for war and
der.
ered and acted upon.
privations, while this homelessStates.
" "
'
furtherance of such assistance,
it would be prepared to give
consideration to Chi¬
favorable
process
for
them
i there
will be the backlog
3174
THE COMMERCIAL
mand
President Urges Armed Service Merger
In
made
Defense, with the air
more
forces fully equal to the land and sea arms. The President's recom¬
mendations for a unification plan followed virtually every detail of
the official War Department plan.
Following is the text of the
President's
v
message
~
given
as
by<f~
J
7
the Associated Press in its report
from Washington:
>
To
the
In
In my message of Sept. 6,
1945,
started that I would communi¬
I
cate with the
Congress from timd
during the current session
to time
with
respect
to
comprehensive'
of na¬
tional security. I pointed out the
necessity of making timely prep-*
and
a
continuous
program
aration for the nation's long-range
security now—while
still
are
we
mindful of what it has cost
this
us
to have been unprepared*
war
1945, as part of that
program, there was presented for
consideration
universal
based
proposal for
a
military training. It
the
upon
was
necessities
of
maintaining
a
well-trained citi¬
which could be quickly mo¬
zenry
bilized in time of need in
support
of a small professional
military
Long and exten¬
sive hearings have now been held
by the Congress on this recom¬
establishment.
mendation.
I think that the pro¬
posal, in principle, has met with
overwhelming approval of the
people of the United States. V.".
the
discharging
are
forces
at the rate of
now
We
month.
6
can
armed
our
1,500,000
with fairness
no
longer look to the veterans of this
war for any future
military serv¬
ice.
It
is
essential
therefore that
universal training be instituted at
earliest possible moment to
a reserve
which
upon
we
draw
can
if, unhappily, it should
become necessary.
A grave re¬
sponsibility will rest upon the
Congress if it continues
this
most
important
'/•
to
and
delay
urgent
Today, again in the interest of
national security and world
peace,
Intake this further recommenda¬
tion to you.
I recommend that
the
Congress
adopt - legislation
combining the War and Navy de¬
partments into one single depart¬
ment of national defense.Such
unification
is
another
essential
step—along with universal train¬
ing—in the development of a com¬
prehensive
and
continuous
pro¬
gram for our future
the
most
and
war
of the
is that there must be
direction
forces
..
of
at
other
our
•
lessons which have
clearly come from the costly
dangerous experience of this
land,
home
parts
and
sea
as'well
of
the
armed forces
world
are
we
paid
a
it.
all
where
serving.
were
four years ago—and
air
in
as
tWe did not have that
direction when
unified
,•
we
certainly
high price for not having
■'
•,//..
In 1941
had two
completely
independent organizations with no
;
we
well-established habits of collab¬
oration and
co-operation between
them.
If disputes
arose, if there
was failure to
agree on a
from the division of
.of.
planning or a question
action, only the President of
Washington.
It is
•
United
States
could
cision effective
in
1941,
.United
on
true, we were able to win
spite of these handicaps. But
in
it
is
the
on
air
States
soundest,
and
the most
structure for
which
is
will of
and
the
joint
not
of
air
together
services
of
the
and
were
On
the
chiefs
naval
tion
was
the
organized
committees
of
of
forces,
Under
a
bringing
the
three
joint strategic plan¬
ning and for coordination
erations.
this
President's
forces.
personnel
for
This
of
of
kind
better than
of
no
of
op¬
coordina¬
coordina-
means
by
quests from the
Army and Navy
been formulated
have
separately,
United
fective
tion.
States
lasting
a
good
for
the
peace
in
Our purpose is shown
United Nations
an
ef¬
Organiza¬
But all nations—and particu¬
those
which
unfortunate
have
felt
the
Nazis, the Fascists
nations
heel
of
the
the Ja^ps—
or
know that desire for peace is futile
unless
there
is
also
enough
strength ready and willing to
en¬
force that desire in any
emergency.
Among the things that have en¬
couraged : aggression
and
the
spread of war in the past have
been
the
unwillingness' of
the
United States
realistically to face
fact, and her refusal to fortify
this
her aims of peace before the forces
of
aggression
could,
gather
in
strength.
pur enemies have sur¬
rendered it "has again become all
too apparent that a
portion of the
American people are anxious to
forget all about the war, and par¬
we
wars.
like
it
rrbt, we
recognize that the victory
which we have won has
placed
upon the American people the con¬
tinuing burden of responsibility
for world
leadership. The future
peace of the world will depend in
large part upon whether or not
or
must all
will
to
continue
in
leader among nations.
as a
depend
upon
whether
the
to
in structure
The
and
the most effective
taining
which
the
The
peace.
size, composition, and organi¬
zation
the
of
efficiency and cost
to
Improvements have been made
sinceT941 by the President in the
organization of the War and Navy
departments, under the War Pow¬
ers
Act:
Unless the Congress acts
these powers lapse, these
before
departments
will
revert
organizational, status. This
a grievous mistake.
:////;
prewar
The Joint Chiefs of Staff are not
unified
command,
success
eration
of
its
During the
national
In
taken
agencies.
period of extreme
danger/ there/ was, ' of
high degree of coopera¬
course, a
tion.
will be
member
war
peacetime the situation
It must not be
different.
for
granted
Chiefs of Staff
of
peacetime
and
sufficient
In
to
short,
we
maintain
immediate
in
must
con¬
readiness
military
strength
to
convince any future
potential ag¬
its de¬
termination for a
gressor that this nation in
lasting
peace
business.
We Would be
taking a grave risk
with the national
securtiy if we
means
did
not
move
permanently
fections
tion.
in
now
to
overcome
the
our
present imper¬
defense organiza¬
However great
was
the need
for coordination and
unified
Joint
resources
they have been in the
as
mination of
war
deter¬
plans and in their
execution. As national defense ap-,
propriations
tighter, * and
interests make them¬
selves felt in major issues of pol¬
icy and strategy, unanimous agree¬
ments
to
grow
will become
reach..
It
difficult
more
-
f
•
obviously impossible in
the midst of conflict to reorganize
the
States
forces
along
gested.
the
Now
the
of
lines
that
United
sug¬
reorganization
our
of
the
manage-*
ment of the armed forces.
Further
problem
studies
would
of
dence
serve
There
now
beyond
the
the
is
r
general
useful
no
enough
evi¬
at hand to demonstrate
question
the
need
for
A great
a
many*
for
establishing a
* department'
have
been
single
brought out already in public dis¬
cussion and-in Congressional com¬
mittee hearings. To me the most
important reasons for combining
the two
existing departments
are
these:
l./We should have integrated
strategic plans and a unified mili¬
tary program and budget.
.
With
the coming
clear that
we
of
must not
peace
it is
only
con¬
tinue, but strengthen, our present
facilities for integrated planning.
We cannot have the sea, land and
A
com-
this
gir members of
nation
raw
To
has
in
materials
realize
the
upon
Congress.
Presi¬
>
demonstrated
gently
intelli¬
among the
responsibility among the
services for the performance of a
joint mission,
<
:
/.;' /
our
From
of the
experience
as
defense team
member
a
Congress I know the great
difficulty of appraising properly
the over-all security needs of the
nation from piecemeal presentatations
by separate departments
appearing; before separate C'ongerssional committees at different
times.
It
is
only
by
combining
single de+
Congress i can
the armed forces into
a
partment that the
have the advantage of considering
single coordinated and compre¬
a
hensive
;
security program,
2, We should realize the
mies that
can
control
service
through
supply, and
functions.
Instances
econo¬
be achieved
unified
of
The
sonnel.
\
is
same
Each
of
true
service
must
J
per¬
add
ai
margin of safety in estimating itss
requirements for doctors, nurses,,
skilled mechanics, and other types
of specialists. The total margin is
greater if the computations are
made separately. Another source
of economy will be the pooling of
facilities and personnel in local¬
ities where'at present both serv¬
ices have to operate, but where
from the nature, of the circum¬
stances,
not
are
Other
facilities and personnel /
fully used. ;
f
examples of duplication .&■
could be cited.
Business
have
men
to deal with
may
separate buyers, who
separate specifications
use
for
which
items
have
the
could
well
as
.specifications!. /
Separate inspectors are stationed //
in their plants.
During this warr
same
.
'instances
occurred where the pur¬
chase of all available quantities of
certain items by one service re- /
suited in acute shortages in the
other
competing ser¬
vices-/This means/designing a
balanced
military structure re¬
flecting /a. considered; apportion¬
/■
duced.
tation
resources
same way,
tals, air training fields, and other
types of construction common to
both services. When the require¬
ments
are
pooled,
the
t o t a fi
amount
of
margin may be re¬
of
not unlimited.
is reduced.
reserves
both the Army
a margin
of safety to their requirements for
production plants depots, hospi-r
in
this is to
to allocate these
for
the Navy must add
and
manpower
are
added
resources
the
comprehend
the urgent need for finding a way
service.
Parallel transpor¬
storage systems required extra overhead.
and
As the
%
progressed, it is true
increased
cooperation
re-/
that
duced
war
the
conflict.
extent
But
of
and
waste
voluntary
tion in such matters
coopera¬
can
be
never
A
single authority at the top would ' //
inevitably achieve a greater de¬
gree of economy than would be
expected to be fully effective.
obtained
3.
direction,
adopt the organ¬
structure
fostering
the
divided
under
should
We
izational
suited
best
coordination
to-
between
„
miltiary and the remainder of
j
the Government.
/ Our
military
only
gram
are
policy
a
and
of a
part
pro¬
total
national program aimed at achiev¬
ing our national objectives of se¬
curity and peace. This total pro¬
has many aspects, and many
agencies of the Government must
gram
participate in its execution.
./V/'
-
Our
military policy, for ex¬
ample, should be completely con¬
sistent with our foreign policy. It
should be designed to support and
reflect
our
United
,
of
Nations
It
should
be
to- :/
duplication among
Army and Navy activities and fa¬
the
cilities haye been brought to the
our
attention of the
commitments
the
to
Organization.
adjusted according
our
Congress on many
occasions.
The degree of unity
that was accomplished during, the
war in
strategic planning and in
theater
command
contrast with
prevailed
in
is
in
striking
the separatism that
whole range of
the
supply and service functions.
It
will
achieve
the
of
here
enemies
have surrendered, I urge the Con¬
gress to proceed to bring about
a-
thrust
war
completely that
was
armed
been
This
constituted
effective in the appor¬
as
tionment
that the
now
as
reasons
warfare.
com¬
a
the voluntary coop¬
upon
of
prepared
It is
mittee which must depend for its
.
sive
their
to
would be
a
has
ment of
come.
department.
sacrifices necessary to pro¬
tect the world from future
aggres¬
will
national defense for many
our
years
forces
armed
unified
the
in
manner
this transition in
make
we
for- main¬
means
tions,
willing to make
Navy. The
job of reconciling the di¬
dent and the
habits.
purpose.
we must be
retaries of War and the
basic
question is what or¬
ganization will provide the most
effective employment of our mili¬
tary resources in time of war and
or
willing to
physical strength
act as a** safeguard
out of the hands of the Sec¬
even
vergent claims of the departments
ticularly to forget all the unpleas-^
conflicting
ant factors which are
required to
prevent future
and numbers
whole
will be
Now that
cepts/of mission and function.
These; separate
programs
and
budgets have not been considered
together until after they have
passed out of military hands and
preparedness not
quickly and without having
improvise radical readjustment
determine the
doubts the
the basis of independent con¬
on
be able to meet the test of sudden
•
.
efforts to establish
our
of
means
armaments
to
against any future aggressor. To¬
gether with the other United Na¬
■
forces have not been planned as a
whozc. : Programs and budget re¬
attack
of
necessary
the
the
but preparedness in or¬
ganization also.
It means estab¬
lishing in peacetime the kind of
military organization which will
not the United States is
organized
Staff.
forces, the
;chiefs
number
,
of
Staff
the
the world.
stant
of
kind
armed forc.es
powerful nation
now
maintenance of
Joint
land
economical
our
most
No nation
It
Besides,
power
effective
most
.
be
Chief
the
I urge this as the best
keeping the peace.
Our expedient for
meeting these
defects was the creation of the
the
stock, to
organizational
capable.
maintain
,
sat
this
its role
a
committee
take
forms and to provide for the future
de¬
make;a
both.
was
Chiefs
to
obsolete
the
par with the ground and sea
forces.. '
• ■
.
time
now
discard
now
alone id
■/
,
really determined
of
Using the advice of our
our intelligence of¬
ficers/we must make the wisest
estimate as to the probable na¬
ture of any future attack upon us,
scientists and
of "men,
leadership in
the United States shows that it is
question
ness
Washington. And even in the field
unity of operations was great¬
ly impaired by the differences in
training, in doctrine, in communi¬
cation systems, and in supply and
distribution systems, that stemmed
our
Whether
kind of
attacked
basic
centage
In the
budget
same
.
,
7;'v
One
,
safety and for
security of the
SK' :///;>-'"// '■■■ '
and
peace
world.
in
and
sea
aspects of the
all
are
supply system grows, the per¬
factor which has to be
any
and
'-:r,
•
and
program
decisions.
that it would strike directly at the
of a unified command;
United States,-. We cannot expect
operations,
our
efforts, no;
to be given the opportunity
again
matter how heroic,
might have
to experiment in
organization and
failed.
-> {
/
j in
ways of teamwork while the
But we never had comparable
unified direction or command in fighting proceeds. True prepared¬
larly
.measure. /.
and
Strategy,
principle
the
provide
gaging in an open
.■'!
Army's
battlefield from the Navy's battle¬
field have been virtually erased.
If there is ever going to be an¬
other global conflict, it is sure to
take place simultaneously on landi
operation,
the military
need,' and en¬
competition for
funds.
the
separated
of
we
air, with
determine accordingly how to or¬
lishing unified commands.
We weapons of ever greater speed and i
range.
Our combat forces must i ganize and deploy our military
came
to
the
conclusion—soon;
work together in one team as they; forces, and allocate the available
confirmed
by
experience — that
have never been required to work;
manpower, material and financial
any extended military effort re-'
quired over-all coordinated con¬ together in the past. : •■//'/'•"' /'/ "//-i resources in a manner consistent
We must assume, further, that with the over-all plan.
trol in order to get the most out of
//,another war would strike much
Up
to the present time
the
the three armed forces.
Had we
more
suddenly than the last," and makeup and balance of our armed
not early in the war adopted'this
the
the
We
of
theaters
we went further in
direction of unity by estab¬
once
nature
establishment
The boundaries
before.
the
to
as
much
services
turn out to
may
cross-purposes, planning
their
programs qn different assumptions
for
in
On Oct. 23,
your
the
meanwhile,
armed
ever
that
M,
Congress of the United
be
dependent upon each other
than
tion at all, but it was in no sense
a unified command.
States:
the
Thursday, December 27, 1945
working at what
II,' it is sure
any future
greater if there is
aggression against world .peace.
Technological developments have
his
services into a single
Department of National
in World War
to be
special message to Congress on Dec. 19, President Truman
voice to those who advocate a merger of the armed
a
added
& FINANCIAL CHRONICLE
be
never
absolute
-/•
;
possible
to
coerdination
of
supply and service functions
all
services.
Department
ment
all
has
nor
been
duplication
Neither
the
War
the Navy Depart¬
able to eliminate
even
within
its
success
Powers.
policy
It
industrial
of
ment
terial
resources
results
much
fgulty
we
coordination
can
attain
as
coordination
services
as now
among all the
exists within each
department, we shall realize
tensive savings.
ex¬
Consolidation of the departments
will, for example, reduce the vol¬
ume
of supplies that need to be
produced.
Supply requirements,
for example, begin with a calcula¬
tion of so many items per man to
But to this basic fig¬
added margins
of
account for items in
s t o r a g e,
transportation
lags,
breakdowns
in
delivery, emer¬
gency-demands, and so forth. In
these
margins,
savings can be
made through unified systems of
supply. As the volume handled in
be. supplied.
ure
must
safety,, to
be
account
must
their
If
foreign
into
program,
useless.
for
from
/ our
take
standing alone, is
be supported in
peacetime by planning for indus¬
trial mobilization and for develop¬
tary
oped
each.
reflect
A total security program has
still other major aspects. A mili¬
through lack of coordination .be¬
within
of
success
forces.
insufficient.
sulting
of
should
our
military capabilities and the
strategic
power
of
our
armed
organization. But there is no
question that the extent of waste
departments is very
much greater than the waste re¬
It
Likewise,
should
own
tween the two
lack
or
diplomacy.
fullest knowledge of the capa¬
bilities
and
intentions
of
other
entific
fense
our
and
raw
where
Programs
research
are
of
be
must
sci¬
devel¬
military
and
purposes,
woven
into the
program.
intelligence
The
de/-
findings
service
applied to all of these.
of
be
must
/'//;/ .,//•/'!
Formulation and execution of
comprehensive and consistent
tional
a
na-
embracing
all
these activities are extremely dif¬
ficult tasks. They are made more
program
difficult
the
greater
the
number
of
departments
and
agencies
whose policies and programs have
to be coordinated at the
top level
of the executive branch.
simplified
agencies
The
They are
the number of these
as
can
be reduced.
consolidation
of
the
War
and
Navy
departments
would
greatly facilitate the ease and
speed
with
which
the
armed
forces and the other departments
could
exchange views and
agreement
on
matters of
/
ma-
these
come
to
common
/•
3175
Volume
The
ferences have to be discussed and
in
fettled
by the
civilian leaders
whose main concern shodld be the
fundamental
.
est
civilian
for
means
job
have to
of
V
control of the military
Civilian
fundamental
of
the
of
establishment—one
most
had but
clear
for
When
the
framework for a
system of training for
operations of land, sea
• '•;■••■.■•.
;
unified
t
two
between
;
the
Whatever
civilian
form which
take, we know
separate servwill have to work together in
ices
j
quently, on many fundamental is- j many kinds of combinations for
many purposes." The Pacific cam¬
.sues where the civilian point of
view should
be controlling,
the' paign of the recent war is an out¬
secretaries of the two departments: standing example of common and
are
cast in the role of partisans' joint effort among land, sea and
Despite its successes,'
of their respective services, and S air forces.
that campaign proved that there
real civilian control can be exer- ;
is
not' adequate
understanding
jcised by no one except the Presi-;
dent or the Congress.
^ ; * ] among the officers and" men of
During and since the war; the, any services of the capabilities,
the uses, the procedures, and the j
ned for joint action by the serv- •
limitations of the other services.
ices and for objective recommen-;
This understanding is not some¬
dations on military matters has;
led inevitably to increasing the thing that can be created over¬
authority of the only joint organ- j night whenever a combined op¬
eration
is
planned and a task
ization and the most nearly ob¬
,
Joint Chiefs of Staff are a strictly
military body.
control
civilian
♦
fixed
j
of
total
sum
determined
is
combat
in
But the
the Joint Chiefs of Staff.
The way men act
by the
all their previous
force organized.
that exists—
jective organization
Responsibility for; training, indoctrination,
should be clearly perience.
What
is
seek
we
a
and
ex¬
a
ian below the President.
quires
a
military
strong staff of civilian assistants.
There is no basis for the fear
a
such
that
organization
an
would
way
lodge too much power in a single
individual—that
the
concentra¬
of
tion
military
much
so
?would lead to militarism.
is
basis
no
United
followed
is
States
power
There
as
policy
traditional
the
as
such fear
for
long
that
a
.
They need have
fear that-their democratic lib¬
imperiled so long as
continue
fulfilling
their
erties will be
duties of citizenship.
should
We
5.
organize to pro-
Vide parity for air power.
M; Air
to
sea
/
has been developed
power
point where its responsibil¬
equal to those of. land and
a
ities
is
trine
and its contribution to
strategic planning is as great.
operation, air power receives
its separate assignment in the ex¬
ecution of an over-all plan. These
facts were finally recognized in
In
this
organizational
the
in
war
which was granted to air
within our principal uni¬
parity
power
)v ■};)'•''kSfi
fied commands.
air power can be
department or in
for
Parity
achieved in
one
As between
and three, the
three, but not in two.
one
department
infinitely
former
is
ferred.
The
to
be
pre¬
advantages of a sin¬
gle department are indeed much
clearer when
the alternative is
be
to
seen
three
departments
The
rather than the present two.
existence
would,
every
of
three
departments
tremendously
of coordination
complicate
problem
that now exists between
the War
unified
a
department.
Allocation for Scientific Research
should
He
7.
atically
allocate
system¬
limited resources for
our
scientific research.
,
^
•••,.
must
systematically
apply that talent to research in
the most promising lines and on
the weapons with the greatest po¬
tentiality, regardless of the serv¬
ice in which these weapons will
We
used.
be
waste
Thi§
in
afford
cannot
to
not
does
mean
all
that
and
Navy
laboratories
would .)be
immediately or even
Army
consolidated.
ultimately
The ob¬
jectives should be to preserve in¬
itiatives
and
enterprise
while
eliminating
directed
mis¬
duplication and
effort.
This
be
*
8. We should have unity
of
com¬
•
a
col¬
lection of executives administer¬
ing different governmental
tions.
It is a body whose
func¬
com¬
President uses
to formulate the fundamental pol¬
icies of the administration.
In
such & group, which is designed
to develop teamwork' wisdom on
all subjects that affect the politi¬
bined judgment the
cal life of the
^
country, it would be
inappropriate and unbalanced to
have three members
representing
Some
of these might
placed under
,
be
taries, some might be organized
as
central service organizations,
and
top
sorne
of
development
Government
assistant secre¬
necessary.
visability
might be organized in a
a
coordinated, j
wide
-
intelligence
in process. As the ad¬
of additional action to
and coordinated
system is
insure
broad
a
or take
action to that end.
the necessary
responsibility
who can be held
clearly accountable,
and whose
orders come from a single author¬
security,
ity in Washington. •
Reconnaisance
a
United States outpost are not
intended
to
serve
separate
serv¬
Uni¬
fication of the services offers a
far greater guaranty of continued
unity in the field than does our
present organization;
9.
We
should have consistent
ices
and
for
different purposes.
equitable personnel policies. *
been differences in
There have
personnel
policies between the
Army and the Navyr during the
war. They began with competitive
recruitment of certain types of
get, although the biggest
rewards
-) The
American
people have all
outlook also is
distributors
and'
manufacturers of electrical appli¬
I think the
est."
for
favorable
the separate
insure that real
provided
nature
.
developed over a
period "of time by the President
and the Secretary
as
a
normal
be
must
They
part of their executive responsi¬
bilities.
Sufficient
strength
in
elements
department-wide
department, as opposed to
service elements, will
unification is ul¬
timately obtained. The President
and the Secretary should not be
limited
-
their
in
authority
to
enlightened and gratified by
been
discussion which has
taken- place within the services
and before the committees of the
Senate and the House of Repre¬
sentatives.
The
Congress,
the
free
tbe
in
no
strong
however
that has been
our
civilians,
and-
expressed by some
I
can
assure
the
unification has
upon as the pol¬
Congress that once
been
1-6.
There
should
be
Chief of
a
of Na¬
tional Defense. There should also
be a commander for each of the
Staff
three
of
the
Department
determined
The
of
Staff
and
the
civilian .in any
who will not
to make
I
Chief
or
to reach the
farm
:
Farm land
and
my
may
go
values have
zoomed
still higher; but, m
not
opinion, are
over-extend
these
recommendations
full realization
and
should stay
much as possible.
speculative farm land
should consider shifting into good
out
of debt
Owners
urban
such
as
of
real estate
as
or
other assets
sound securities. The
land boom
the unification a success.
make
in the
there is no
service
contribute his utmost
nation,
this
of
officer
component branches—Army,
Navy and Air.
7.
icy
ances,
reaching vulner¬
outstanding senior officers able levels. Farmers, in the flush
of their current prosperity, should
es¬
of
other way. But
the
opposition
,
who will have clear
farm
provided they are equipped
farm market.
Since
production is likely to con¬
tinue large next year, fertilizer
producers and distributors should
enjoy good business. Lumber and
people, and the President have other building materials should
be in good demand in rural areas
benefited from a clarification of
in 1946."
Vy.y ■■■;/ ' :
.y '
the issues that could have been
Farm Land Values
\
can
,
for
of
of national security bey iyill go to those concerns who get
clear, I shall make appro¬ there "the. fustest with the rnost-
comes
military staff to integrate the priate recommendations
specify at this time the exact
of
these
organizations.
and distributors
equipment and supplies.)
The
need is so great that this
business
should not be hard to
to manufacturers
program
„
at
merely
ganizations, military and civilian,
where
these
are
found to
be
T tablish department-wide coordin¬
ating and service organizations.
All military authority at each
of our outlying bases should be
:
Proposes Chief of Staff of
placed under a single commander
Defense Department 1
outlying bases.
the Government.
The Cabinet is not
three
except
'
of the
mand in
the
of heavy mill
1
these'
planes, radar sets, and intelligence
and counter-intelligence measures
Navy
or
It can only,
.
complished only if we have an or¬
ganizational structure which will
permit fixing responsibility at the
top for coordination ■ among, the
can
departments, and be¬
tween the services and the rest of
and
j
provide immediately thej
organization plain to ac-;
ac¬
services.
to
of our scientific re-, military leadership of the depart¬
duplication of effort. ment. I do not believe that we
any
sources
among
face
the
in
requirements.
The
dried bean
crop is short, but larger supplies
of meat and poultry should be an
offsetting factor.
The rye crop
is sharply below normal.
years—and should not, I have fared unusually well during
in time of a war emer-; the past few years of large crops
gency declared by. the Congress,
and
high prices.
This is evi¬
prescribe the general Organization-' be extended beyond that period.,
denced b,y the fact that cash re¬
of the authorities at the top. levels
Unification of the services must; ceipts from farm marketings rose
of the unified department. ;• :v
v]
be looked upon as a long-term j steadily
from
$7,877,000,000 in
I recommend that the reorgan- j
job. We all recognize that there 1939 to a tentative figure of $20,ization of the armed services bewill be many complications and 400,000,000 in 1945.
That is not
along the following broad lines.
j
difficulties.
It may well mark
Legislation
of the chicken feed.
; T. There should be a single De- i
character
outlined will provide a peak in farm income over the
partment
of National • Defense, j
foreseeable future.
us with the objective and with the
This
department
should: be»
initial means whereby forwardI do not mean to imply by this
charged with the full responsi- j
looking leadership in the depart¬ statement' that ' the agricultural
bility for -armed national security, j
ment, both military and civilian, outlook over the next year or twd
It should consist of the armed and j
can
bring real unification into is unfavorable.
Farmers ought to
civilian, forces that are now in-!
being. Unification is much more do very well by themselves at
eluded within the War and Navy
than a matter of organization.
It least during 1946 and 1947.
Ih
departments./: ")--y
will require new viewpoints, new
this connection, do not overlook
2. The head of this department! doctrine and new habits of think¬
the fact that the government is
should be a civilian, a member of
ing throughout the departmental committed to the support of farm
the- President's
Cabinet,, to
be structure. But in the comparative
prices at 90% of parity for two
designated as the* Secretary of Na¬ leisure of peacetime, and utiliz¬
years after official declaration of
tional Defense.
Under him there
If Uncle Sam is able
ing the skill and experience of war's end.
should be a civilian Under-Secre¬
our
staff and field commanders to carry out his promise, and crop
tary and several assistant secre¬ who brought us victory, we should
yields are good, farmers can look
taries.
start at once to achieve the most forward to at least two more years
3. There should be three coor¬
efficient instrument
of national of prosperity. After that, the go¬
dinated branches of the Depart¬
safety. 'y.;;y""
ing is likely to get tougher.
I*;
ment of National Defense: One for
Once a unified, department has
the land-forces, one for the naval
Cultivate Farm Markets
been
established,other
steps
forces, and one for the air forces,
y The war years have left a large
necessary to the formulation of a
each under an assistant secretary.
comprehensive national Security void of consumer goods in rural,
The Navy should, of course," re¬
as well as urban, areas.
Farmers
tain its own carrier-, ship-; and program can be taken with great¬
er
ease.
Much rqore than a be¬ should prove to be the best cus¬
water-based
aviation.
And,
of
ginning has already been made in tomers next year of many dis¬
course, the Marine Corps should
Sellers of general mer¬
achieving consistent political and tributors.
be continued as an integral part of
military policy through the es¬ chandise should do well. The big
the Navy.
•, V-.
- '
mail-order houses especially
tablishment
of
the
State-War4. The Under-Secretary and the
Navy
Coordinating
Committee. should prosper. To most farm
remaining
assistant
secretaries With respect to military research, families the mail-order catalogs
should be available for assignment
are second in importance only to
I have in a previous message to
to whatever duties the President
the
However, I hope the
Congress proposed the es¬ the Bible.
and the Secretary may determine
tablishment of a Federal Research latter will continue to occupy the
from time to time.
■
).
Agency, among whose responsi¬ place of honor, and support, as
5. The President and the Sec¬
bilities should be the promotion
qnly it can do, the sturdy integri¬
retary should be ^provided with and coordination of fundamental ty and morality of America's mil¬
;
ample authority to establish cen¬ research pertaining to the defense lions of farm homes?
tral coordinating and service or¬
and security of the nation.
The
Farm areas offer lush fields also
1 we
poses,
precaution, it
of Chief
rotated
skimpiest crop in many years
the
—this
.
•
aspect, of military prepared¬
ness is more important than scien¬
tific research.
Given the limited
amount of scientific talent
that
will be available for military pur¬
No
are
power,
our
this
and doc¬
kind of unified training
American people.
>
organizational
The
framework most conducive to
people, be placed at the head of
this department. The safety of the
democracy of the United States
lie's in the solid good sense and
unshakable
conviction
of r the
they
individual officer will
of other services
one in which he has
an
the
specialized.
civilian, subject to the President,
the Congress and the will of the
no
that
learn first-hand
besides
the
of
appropriate, and permit of¬
to be assigned in such a
that is
ficers
were
must
<„
structure
single full-time civil- j
which can best produce an inte¬
This re-s
secretary for the entire grated training program, carry on
establishment, aided by merged training activities where
in
enacted
complish unification:
|
j
additional
an
(Continued from first page)
staple,. high quality cotton
make their selection from
long
No Cause for Complaint
ing the period of evolution of the
new unified department.
The ten¬
Nevertheless, the over-all pic¬
ure of the individual officer des-)
ture remains definitely favorable.
ignated to serve "as Chief of Staff Farmers, in my opinion, have no
should
be
relatively short—two cause for complaint. In fact, they
ultimate
any
may
war
As
would be wise if the post
;
out these recommendations
cannot
that the men of our
future
secretaries, each is limited neces-;
a restricted view of the;
military establishment. Conse- j
sarily to
is
which
bill
Any
carry
control.) combined
and air.
military establishment;
divided
is
that
of
exercise
the
responsibility
primary
Recommendations for
Reorganization
:
.
that the
so
two of the services.
ization.
civilian
services,
services, whenever prac¬
ticable and advisable, at least dur¬
minimum
advantageous
Cabinet member with
one
and
for dis¬
the
It will be reduced to a 1 of Staff
under a unified organ-! several
desirable.
Cabinet level.
,
j
6. We should establish the most
Congress
and in point systems
from all
charge, the two services have fol¬
lowed different policies,
v This.inconsistency is highly un¬
at the
hands
,concepts—would be strengthened
if the President and the
thinking of the department would
not be dominated by any one or
or
for that coordination upon
democratic
our.
awards and decorations, in allow¬
organization,
the
filled
be
ances
The Farm Situation
the
in
sitions
of selecting officers, in the
utilization of reserve officers, in
the practice of the
several branches of national de¬
fense.
He should be able to rely
training
the
T''i
v
either
balance
of
control
the military. '*
budget.
the
the key staff po¬
department should
with
officers
drawn
Furthermore,
ways
should not personally
coprdinate the Army and
Chief,
Navy and Air Force. With all the
other problems
before him, the
President cannot be expected to
build¬
ing over-all national policy.
4. We should provide the strong¬
more
of
division
the
and
and continued in almost
phase of persopnel adminis¬
tration. In rates of promotion, in
every
defense.
national
extent to which inter-service dif¬
CHRONICLE
& FINANCIAL
persons,
instruments
of
•"1 v...,.
President, as Commander
different
three
the
minimize
would
It
•concern.
THE COMMERCIAL
Number 4450
162
farm
willjiot last forever.
Stalin Returns to Moscow—
that we are
greatest dif¬ Big Three Talks Continue
It was reported by the Moscow
certain that radio on Dec. 18, according to
should together constitute an ad¬
when the
task is accomplished, Associated
Press
advices from
visory body to the Secretary of
we
shall have a military estab¬ London, that Premier Stalin, hav¬
National
Defense
and
to
the
far better
adapted to ing returned to Moscow the pre¬
President.
There
should
be lishment
ceding day, had already resumed
nothing to prevent the President, carrying out its share of our na¬ his duties.
Varying repoitts un¬
the Secretary and other civilian
tional
confirmed, have- circulated con¬
program
for
achieving
authorities from
communicating
cerning Premier Stalin's ; health
peace and security .
commanders of the three coordi¬
nate
branches
of
the
department
undertaking a task of
ficulty.
But
I
am
.
with
the
commanders
of
any
of
components of the depart¬
ment
on
such vital matters as
HARRY S.
the
basic military strategy and
policy
The White
House,
TRUMAN.
ever
on
Dec.
9, 1945.
since the
he had gone
announcement
thai;
to the Black Sea area
vacation, Oct. 9.
3176
THE CUMMERC1AL
&
FINANCIAL CHRONICLE
Thursday, December 27,
1945
\
people's ideas of social progress
For instance, tell the folks of
your
Management's Responsibility to Itself
-
(Continued from first
page)
have simply got to acquire to
their own.
ers
I
think
I
can
what
is
the unioneers
am
not
of hatred as
it, to create dis¬
use
use
labor and manage¬
trust between
to sell
when you start
publicizing. The mere malarky of
publicity is not enough to save our
economic system. Simply butter¬
ing up the public with sweet
powerful
morp
"hatred"? I
or
advocating the
And business desperately needs
fully-trained leaders and strate¬
gists, unafraid and informed, for
the economic Armageddon that is
upon us. This is no transitory cri¬
sis. Business cannot take it
lightly.
You've got to stand up and fight.
Therefore,
ureal,
than "love"
hold
definite
powerful than emotional
more
s
"•
showmanship that business lead
an' example of the
selling. Those
:wo great
emotions have started
a lot of wars, made a lot of busi¬
ness
and, in general, have made
ment,
but
power
of emotional
as
history what it is. And yet,
can't weigh or measure or
words won't
trils.
the
prise
flashing
trade in emotion or put the cal¬
a united purpose, (2)
strategy and (3) the lipers on either. The language of
total strength of the business lead¬ emotion is Universal and its ap¬
ership that is needed in this cru¬ peal unfailing." ■ -v
V,: ;
cial battle for freedom.
7;7 7:'7!
Correct Publicity Policy
}
Pub¬
like
are
a
sinful
a
ihto Paradise. You're going
to get there—or not—according to
how you kept those Command¬
ments, not how you advertised
'
/
,
Business Leadership in
Troubled World
Business
,
emote
in
hesitates
never-
the
a
past 15
be
a
.
brings
'
A manufacturer who had
a
this
to the third
me
actions
pie-
of
which
I
the
on
profits.
of the
upon
you
.
Clever
t have
'
•
.
"
stahng
Private
lic
is
Enterprise.'? But
not
interested
being against "se¬
curity"; of opposing "high wages";
of not
wanting full employment.
Despite the fact that, every one
the pub¬
in
helping
spends his life providing for his
security and seeking high wages.
But, because the crackpot and
igitator sold the right merchan¬
^ f,ave private
That
s
enterprise.:
selfish-soundingun¬
a
appealing approach that wouldn't
ni PrtPT?> Zater in the
opfw'
J> s
t
selling.
dise
ess up our system-
Let
n
Sahara
get
competitive,
^ur ^ay-to-day
way,
as
customer get
hroi
attra.ctiv^ more
I
businessman
compete with
is
not
Make
chal-
afraid
te
theanhP PirpoPses that one dear
are
hearts of every
rich
the
crat
P°SnH?r PtUbliCan and Dem»"
blar'k
anS
montho
mouths
of
Sn onPaa
free
and Communist,
white. They make the
humanity
water
u°f the ful1 life
trimmings
'igicn
served
lackabo°/Jea<?eiS' despite
their
ess
•
wants
now;
regardless, I might
.happens to the work¬
long run. But the dues-
say, of what
ers
m
the
fime
k?°^ that at the
play
time. The labor leaders
their
dissatisfaction, their desires,
their human
That's
when
upon
you
emotions.
powerful
stuff, too for
stop to think of it, what
even
make
the
public
life, for the
industry
upon
is
very
to
more
thinks
re-
produce
people
which
the
at
;7
(1) .That
and
this
/"
of
identifying NAM
membership
with
the
its
lopes and aspirations of the
peo¬
ple; convincing the public that the
system
?ocd
will
bring
things of life
more
to
the
of
more
peo-
than any
competing economy.
a
Proving that management
heart, and that it recognizes
and respects human
(3)
rights.
company, and should deal with
them in a manner which stimu¬
the
and
will
manufacturing dollar
continue
properly
workers,
Thus
to
and
consumers
you
will
be
and
see
is
tical interest-in
more
to
actions, performances
and
good intentions. It will not
merely
talk
about
or
high-sounding theories,
big-sounding pasts,
or
gloomy-
sounding collectivists' futures.
It's
very necessary to have
the
a
prac¬
economic
se¬
curity of those employees who de¬
vote
their^ lives to the business.
(7)
He should
pine-panelled
earnest and
business
out of
come
office
and
his
be
an
earthy advocate of the
system
and
under
which
should
he
cooperate
others
in making our com¬
enterprise system work
petitive
better.
(3)
■
.
If
'77;.' 77 7
he wants the
preserve
which
public to
atmosphere
political
a
recognizes
freedom
competition, he should
and
unreserv¬
edly accept and practice competi¬
tion
in
the
business.
conduct
7'
of
his
own
777,7
(9) As
a good citizen he should
constructive interest in pol¬
a
itics, and
as
a
key member of his
community he should fully accept
his share of
responsibility for the
welfare and advancement
fellow citizens. \
7'.7 7
something
of
information
thai
;
but
J
,
not
-
rna;i from the NAM every morn¬
should publicize that
performance,
using every available means to re¬
veal the way his
company seeks
to satisfy the public
interest,
ing
others
effort
to
in
a
public
convince
the
of
pri¬
bureau¬
are
let¬
ting the public believe that they
are carrying the ball for human¬
ity against the bold bad business
barons.
Maybe the best way to handle
situation is to quit bucking
line. Stop permitting labor
and Government to
picture you in
the role of
throwing for a loss the
the
their
with
which
ever
to
knock
vocal,
ever
Now, no one ever won a cause
by "throwing the book" at his
op¬
ponent or tossing the encyclopedia
about. So, as a part of its
program
for this coming
year, the NAM is
going to try to equip management
to
defend itself intelligently by
supplying regular capsule doses of
super-condensed
facts,
particu¬
larly
as
uation
the
concerns
and
in
come
contends
30%
current
industry.
These
sit¬
will
for
that
about
given
thought
business
which
can
meet
demands from profits.
wage
It's
time
that
school
was
a
recess.-v;
v:';7/7 7 :
One of the early fact-finders
will give you the tabloid answers
to
such things. Did you know, for
instance, that in no year since
1929
have corporate profits been
large as the wages and salaries
of those on the public payroll?
*
Do you keep still when the leftas
wingers mournfully talk about the
inability of private enterprise to
give full employment? You don t
have
Get
to.
facts like
armed
this:
with
some
"During the first
30
years
of
this
century
we
dropped below 'full employment'
by more than 4% in only one year
(1921); during^the next 10 years,
when
Government took
over
re¬
sponsibility for providing jobs, wegot within 10% of 'full employ-;
ment'
in
only
one
(1937).
year
We're going to aim every facil¬
our new '46 program to get
individual dissemination of the
ity of
business
We're stepping
message.
up our branch offices over the na¬
tion
so
to
as
give
direct
more
our
membership
in telling
assistance
this
message at the local level.
We're going to decentralize our
publicity releases through these
tors
so
and
home,
that
officers, direc¬
our
members
bailiwicks
with the
in
their
own
speak
can
up
unassailable facts.
There
is
longer
no
safety
in
business silence, or dignity in be¬
ing
whipped with our mouths
V
k'Y.- •
And, gentlemen, you can t cure
this condition by spraying DDT
on
your tormentors or bringing
up your blood pressure in private;
I know time is fleeting and ulcers
abiding,
but this
is
something
you've just got to do for yourself.
A paid staff can research the facts
Shut. 7k'-
and
mould
Mr.
the
bullets.
Businessman, in
But
y°u*
have
got to be the gunner, and fire the
7
facts.
can
cure
7
..
alcoholism
but you ve got to
private enterprise in person,
save
in
person,
.7 v7'7..
Maybe you
anonymously,
the
flesh.
f7.
looseleaf
-
.
7. y
•
.
<
handy pocket
boiled-to-the-bone material
to refute the daily misunderstand¬
ing and attacks on business.
In
the jobs you've got to do yourself,
this
let
size,
brief-bit
form
Cooperation with Government
And while we're talking
nessmen
offensive.
nonsensical
-
,
Think what
we
shift would
a
take
me
the
with
by
abouk
lay particular emphasis on
job of management ^working
expect to
create in the lingo of the "Com¬
mies" a "party line." Management
can thus get behind an
impressive
Government.
have
Because
often
Government,
busi¬
opposed
economic
the
tampering
they
often
are
place overnight if tomorrow morn¬
ing 15,000 business managers had
labeled
the facts
outstanding capacity for cooperat¬
ing with Government during the
war. Sure, it more or less requires
a political endurance that
usually
annoys management. But building
on the recognized achievements of
at
the courage
forth
and
their finger
tips and
in their hearts to step
answer
tommyrot ' that
the
drivel
and
masquerade
as
liberal economics.
•
Positive Action
come
out
in
sup¬
port of the CIO's pet formula for
wage
increases—with the worst
of statistics, half guesses,
assumptions and deductions ever
put together? Any one who ever
raised' a pay roll or passed the
"asset-test" would never indulge
misuse
in
such dangerous make-believe.
Don't think that because only a
company
or
two
is
involved
"anti-Government."
won't do.
hundreds
Required
Why -should
businessmen
sit
idly by and allow the Department
of Commerce to
at least some
of these
suggestions, will help you
mightily in the contest for popu¬
in which Federal
and union leaders
the
present,
system-busters.
relations
enterprise system.
or
off
join¬
people
the, worthiness of the whole
vate
to read and sift and boil down the
arguments
;."7
school of something
a
passes
offices
^no^gb facts.
his
(JO) He should perform accord¬
ing to these principles—more, he
larity
NAM
they have
•-777"' 7'
ing employment and take
cracy
owners.
that
is
.
shared
plans to tie its
publicity program
trouble
ing!'77? ',■7;'
77
Nevertheless, the businessman
.:77777'
7 (6) He should make full utiliza¬ is filled7more with indignation
than facts, because he hasn't time
tion of. every means of
regulariz¬
business.77*'•:
among
fairly
Their
much
lates their pride and loyalty in the
Observing all,
Demonstrating conclusively
that
erals.
"Well,"; you'll say, "there is no
dearth of facts; I get a tub full of
take
of
^ they
answers
(5) He should recognize that his
employees have an equal interest
good
MAM's 1946 Public Relations
Pro¬
gram:,
his
the
against the
soap-boxers and professional lib¬
7.
_
public psychology that your Pub¬
ic
Relations
Committee
has
aicked three main
objectives for
has
the
contemporary opinions
desires of the
people than
business executives.
They make
their followers
believe that they're
out to get
everything the worker
of
cost,
(2)
about
the
but as
promises
ife is really founded.
It is in full realization
ile
and
in
achievement,
goods* for
nore
with
Pla"er W"h £uU
and
only refuses to make
what
the good
s
fighting for
about
won't
reach
o
this than
talk
of
■
intention.
Management
can
luite truthfully portray its desire
strategy. In fact
competitors
promises,
not
if
lemrnaVe the same kind of P^on common
saying what we're
re-
of
know
inf the successful operation of the
with
veil
should keep our
business system.
Our
man¬
efficient
conduct
7-7
operates
process
rh°Sfh^heAmerfcan peo^l
on
you
the
too
is
arornises
face'of thePearth.eCOn°my °n th*
on
that
successful
sponsible
any
weaker
suggesting
and
with
business.
iponsibility for both its words and
ts deeds, backs
away from irre¬
"r m°re 0f the g00d thinS
life to
people than
are even
wrong
of
error
Management, always taking
enterprise system
iem
the
bad
trying to reach the
|oals held desirable by the public.
■
we
the
the merchandise.
not
am
agement
Communism, Social-
more
made
*;he people must believe
that
to
irMhp* anyii>ti]?r econ°mic system
anxiffu^0!
ke is ready and
S private
Pr°Ve t0 the pubiic
tha- the
of
we
out-give the New Dealers, or out¬
do the do-gooders. But if
manage¬
ment is to gain
public acceptance,
a fair
y saying that the Ameri¬
•
can
be .delivered
denouncing
prune-
peddling. OrJy through competibryak, Put the oomph in it!
to
consistent
are
777;'
■
is
.
of
almost
.
„
reputation
going to
entirely at
people. Do you
are
they don't know that you
a profit system without
suppose
There
*
executives would use in
the case—"Help us save
system
directed
profit? '■
of its own view-of this speech said; "Weis- rrmn. The first was united
pur¬
A troubled world,
seeking easy merchandise; half the advertising enburger,
you
tell,;.ius
^what s pose; the second was the desir¬
is based on "keeping up with the
answers, is drifting out of war to¬
wrong but not what s right. Tell ability of a common
strategy; and
ward totalitarianism and
bondage. Joneses"—the envy emotion; soap us v.hat the Ten Commandments now I want to
develop the need
The
system-changers
in
the is no longer sold to wash your of business are."
of mustering the fullest
strength
Government Temples are
T
spouting neck, but to get "that school-girl"
Well, I am no Moses
and^I of business manpower. •
complexion"—the love
emotion; haven't got a mountain, but I do
J"; doom of our days; those who when
This last one will not be
easy.
batile
on
the
right are manybig he-men get afraid of have a decalogue:
In fact, it will take a lot of
doing
tongued and not of one mind. .7 "five-o'clock shadow" they've suc¬
J
On the left is a beautifully trained
The Ten Commandments of the
You all know that enthusiasm cumbed to the pride emotion. But
chorus, which knows
but
one
is not
Business Manager
lacking, and courage is not when it comes to selling the sys¬
>77 7!: theme song and which never
wanting in the ranks of manage- i tem, we get as drab as a crutch,
(1) His prime obligation is to miscbs a chance to
sing the praises
rnent, but the army is sometimes as unexciting as a chorus girl in the
great American consumer—an of Uncle Joe's way of
doing things
mostly generals. Too many busi¬ a flannel nightgown.
•
obligation to make a better life
On the right is a dignified and
;
nessmen will go to hell for a com¬
No sir, higher pressure
selling for more people by making bet¬ impressive group of
soloists, who
mon
program any time—so long has never come out of the book
ter goods at lower
prices.
have a difficult time singing as
as
it happens to be
going their than the labor big-wigs are using.
(2) He should support and en¬ a choir and
they don't always use
In the first throes of
way That is not enough. We must
finding the courage research activities, which the same hymn book.
:<
>
stop this detouring of purpose and
system under attack, the business¬ will
develop new and better prod¬
Besides having enough to do al¬
confusion of talks, and
get our man acted badly, irrationally— ucts and processes, both in manu¬
ready,
the
businessman
lacks
plan of battle and our objectives
violating even his own merchan- facturing and marketing.
v *
joined. Above all else we must
training, he lacks facts, he Jacks
lismg and selling technique. He
(3) He should make certin that
enlist the fullest
strength of busi¬ mocked his competitor, which is the benefits of increased produc¬ let's-be-frank-about-it, he lacks a
full understanding of the
ness
lever done—at least
philos¬
leadership...
openly or de- tive efficiency are-fairly distrib¬
ophy he would defend.
Actually, of course, we do have ;ectably—and he besmirched his uted among
consumers, labor and
a
united purpose. Ask
Our
members
are
competitor's product, which also investors.
not afraid
any busiv'. ' j
s
never
done in polite, positive
(4) In the process of production they do not have to be aroused,
^/s41?anua!ld ke wih tell you right
r the
bat what it
is; the saving -elling society—at least not so any and selling, he should provide as they are literally pushing for ac¬
a
/^erican Private enterprise one can notice.7 7
7*<i7,>.7yr* many jobs—at as good wages and tion, but they rem.ain silent be¬
And, those are exactly the words V Business has
are
not
sure
acquired the bad as good working I; conditions—as cause they
-that most
labor,
that the attacks of the fu¬
see
can
point
one
urge
selling
to
prophecy
to
going to
Development
(1930-44)
years
and
wages would
have
been increased by less than 6%."
It takes- no power of
way
Muster Full Strength of
77 Business Manpower
.
salaries
pass
them.
to
as: "Even if we
had distributed all profits for the
public impres¬
take the fullest
strength of business leadership
is
on
raid
upon industry. Read it, absorb it,
talk it! It will tell you such in¬
teresting realism
ture
sion
eco¬
Government-supported
enough to make
fellow
mandments at
common
substantial
any
this
•
of the Ten Com¬
the Pearly Gates as
sity for (1)
in
the
realities of tomorrow.
We're getting out the facts
through management's production
plans. Saying these things often
copy
a
•
tained
Pretty printed puffs about
principles of private enter¬
you
best
necks.
licity isn't just a deodorant to be
spread around when the smell
gets too bad for the public s nos¬
numan
talk to you today about the neces¬
save our
day's! headlines become
nomic
sympathy for working out better
continuity of employment, and the
progress that is being made; .let
them
know
that
higher wages
well earned, will result from the
the improved productive
efficiency
which management is
stimulating
help them to see that their heart's
desire of security can only be ob¬
at
served
we
Business
who
fnlllfc
nf
tO¬
illustriously
wartime,
help-Government
in
ered. Business has made most de¬
sirable
headway
in
telling
its
story to Congressmen; they hon¬
estly want to know, if you tell
them
rvft£>r»
a
Not a drive on Congress or the
agencies, not power demonstra¬
tions, not as pressure groups, but
as
experienced men who know
something about
the
economic
legislation that is being consid¬
muiLicuamous
ir\r\
an
movement of managerial advisers.
keep your neck in. They 11
around to you tomorrow.
"Vr\r\
This
shown
have
Government
must start
present that it's safer for -you to
get
has
the
facts
Congressmen
lating
on
without
oratoiy.
against
problems of
are
up
the.
tegisj
everything, upon which
yolume
they
perts.
.
pect
162
can't possibly become ex¬
You cannot, therefore, exthem to legislate with the
wisdom of
of
Aristotle
an
don't
you
Plato and the science
a
on
affairs if
your
them
give
hand.
helping
a
Corporations have legal depart¬
ments,
advertising
departments,
personnel departments. Why not a
cooperation-with-Government de¬
partment? There is no more im¬
portant phase of modern manage¬
ment.
who
think
ness
prosperous
they
busi¬
make
can
and increase the
confiscating
for labor by
demand
profits. Only too well is the pub¬
lic getting wise to the fact that
this is merely
a
poor alibi for
shortsighted, share-the-wealth and
Vc
•
;
since those
Times have changed
leaders
thicker
are
Washington than
days of surrealist political
want to be
tor you, if you'll show them what
to be for. Don't ever underesti¬
mate
the
loyalty
and common
sense
of the
American
people.
prewar
economics. The people
in
This
leaves
Autumn
is desperately
nation
call¬
and
ing for dependable leadership in¬
national associations try valiantly
to cover the ground, but it's time
structive dominance of the "Every-
for
thing's-wrong Boys."
in
Valambrosia.
Your
trade
business—at the higher levels
economic
legislating—to
be
of
represented in force in Washing¬
supplemented
by / frequent
ton,
visits to the Capitol by industrial¬
ists from all over the nation.
stead
of
Bigger Role of Leadership
?
ready
waiting to play this bigger
role of guidance and leadership.
Every day
inquire,
"What
do
about
it's
of
some
members
our
are
going to
you
a
the
PAC?"" And
while
pass-the-buck answer, I reply,< "What are you going to do?
Are
you
willing to go around
ringing door bells?" The replies I
get at this juncture are in the best
business evasive
The
-
fact
businessmen
door
movements
ness.
force
Every
that
to
ring
on
mass
substitutes for their
as
individual
have
depend
or
is
matter
don't
bells
>
manner.
the
of
one
and persuasive¬
of you is a special
When you
somebody back home.
talk
you're listened to, and your
to
could
we
the
get
real
job-
makers of the nation individually
on
the firing line at one time,
we'd
be
of
out
woods in
the
economic
jiffy, and oh, what a
glorious morning that would be
a
for America!
I trust that what I've had to say
has aroused your interest, stimu¬
lated
your
nobler
cause
It
the
was
determination,
called
never
noted
man.
on
Swedish
econ¬
omist, Gustav Cassel, who stated
challenge
of" alertness
to
in these words:
y
.
for
olition of old standards and ideals
which it has built up its pros¬
perity and its civilization."
And what
to
get your courage
chin out. These
dog
ness
are
not
of
the
days
the
busi¬
Thirties.
You're favorably held by the pub¬
lic. They know of your marvelous
production for
reconversion
'
the
old
now
busybodies
have
order
of
the
shot
people through, and through with
and;; fatalistic
doctrines.
They are always preparing us for
the worst. They're about to dish
uo
depression instead of pros¬
fearful
perity.
J
war.
has
Your speed in
broken
all
hold up
are
heid up to
the public's esteem and
admiration as the job-makers of
peacetime. Isn't it about time you
cashed in on such, popularity, with
a positive leadership for national
good, instead of meekly truckling
to
these
economic
You've
been
snake
accused
doctors?
of
being
selfish, greedy and robber barons.
But gradually the American peo¬
ple are awakening to the fact that
there is nothing so unmoral, un¬
sound
Robin
and
Hood
anti-social
economics
as
of
the
those
Winter Wheat—The acreage of winter
by
Great Britain to the United States
proposal that all foreign troops be
evacuated from
Iran by Jan. 1,
lion
1938.
according to a Wash¬
ington dispatch to the Associated
the answer,
United
will
ment
States
recall,; His
Government
Majesty's
the
at
London
Government
Soviet
the
delay in harvesting 1945 crops,
rains in late September and wel
the
and
fields
His Majesty's Government should
the whole of Persia,
certain
defined
zones,
leaving only small parties for the
disposal of surplus property and
.
unable
to
His
;
with
proceeded
the
as
in
remain
now
southward
;
i
earthly
no
in "standing by and
sense
watching
this
grim
from
halt to de¬
retreat
greatness. Let's call a
Of all the nations in the
featism!
world,
have
alone
we
the
pre¬
eminent chance to keep the torch
freedom
of
burning
world
until
is
a
free
and
recovers
This
enterprise
the
rest
its senses.
service
of
the
V
self,
beyond
profit, beyond the "call
of
duty."
For,
Mr. • American
Businessman, it is not important
whether you alone [ will make a
profit tomorrow. But, it is im¬
portant for you to see that the
opportunity for all men to take
a loss or make a profit out of the
fruits of their
mains
as
an
free effort
own
thinkable.
re¬
troops
is
To
be
unmoral.
ignorant of
To
Sq go
with the
splendid record of
your
past.
-
.
Government
that
the
Persia
a
Allied
last
troops should be with¬
of
condition
as
Majesty's
His
of
matter
a
cessive
urg¬
withdrawal
for
His
of
heran
that
the
Declaration
1,
1943,
of
move
in
armed, forces
such
manner
in order
authority
and
maintain internal security.
^
necessary
its
,
Parcels to Czechoslovakia
Postmaster Albert Goldman
nounced '
on
Dec.
17
had
mation
forth to your fellowmen
assurance that the high¬
been
received
that
to
still
that
belongs to those who work;
the only hope of living in a
better
it;
new
world
lies in earning
finally, drive home the
it's going to take more
and fewer architects
build that bright, new world.
the
that
or
thorities in Greece
states
for
and
the
now
au¬
American
ed to the directorate of the Amer¬
Chamber
France,
of
according
Reed, President of
pounds
to
are
parcel-post
"The
of
Trade
effect
of
prior
service.
person
same
or
to
The
prohibited
mails
The
contents
nonperishable
not
to
to
concern
addressee.
the
and
Offices
The
acreage
of
in
the
vear£
Czechoslo¬
of
Foreign
Ralph
T.
vakia."
The
concluding
Manufacturers'1
.
,
:
is
of
Based
cron
of
rye
years
Cotton
annual
North
Dakota,
were
the
acreage
'
it
s.
which
+o+al.
was
49%
of
the
However, in the fall
contains,
and
available*
the
issued
17th
the
by
in addi¬
tistics
given in previous editions
available, several new
tables onJ subjects of, interest to
as
now
are
Included in the
the cotton trade.
new
material
month-end
controlled
total
of
in
and
are
loan
Government
a
steaks of Governmentcotton,
per
and
data
on
capita consumotion.
the
United
York
States.
Cotton
Exchange
recognized
Ye&r books are recogn zea
Znt
.
signed
-n
of
history
programs,
cottop and other apparel fibers
New
South
leading rye States, and seeded cm
Book
of
Exchange
tion to such of those series of sta¬
the
Minnesota,
Year
Book
Year
Cotton
off the press and
This is
Exchange
the average
1934-43
now
Cotton
York
for distribution.
acreage
on
1944
Ne\/
the
The
decreases.
marked
Dakota, Nebraska land
in
the
order
named
applicable to
j
the
States
parcels for delivery in Czechoslo¬
are
of
four years.
Economic
Administration),
company.
the
at
Book Published
has
been
undergoing
important
changes during the past three or
Commerce, Washington 25, D. C,
in
the
spoke
Cotton Exchange Year
as
distribution
International
Commerce
to
possible.
the view of Sen¬
the New
York
sown
rye
corded.
Operations, Department of
the
Fulbright,
he
ceutical
where increases are re¬
In North Dakota the 52%
increase follows three successive
are
items
of
(formerly
necessary
control
sessions of the American Pharma¬
pasture,
export control regulations
the
degree
bushels
poses,
vakia.
gen¬
of all the
Express Company, has been elect¬
ican
the
for
limited
military
eral manager in charge
Gallic
same
which
mic advisor to allied
in
re¬
condi¬
same
"However, only one parcel per
be sent b.y or on behalf
to
Harry A. Hill, formerly econo¬
that
in the fall of 1945,
at 3,721,000 acres is 17% less than
sown a year ago and 41% less than
average.
The seeded acreage in¬
cludes, that intended for hay and
week may
of the
Post in France
were
suspension
bricklayers
Hill in U. S. Chamber
subject to the
as
was
"Herald Tribune" of Dec. 12 stated
for all purnoses
from
advices further state:
and
fact
ator:
fornia,
tions
the
atomic
In thus reporting
soil improvement pur¬
weil as rye to; be har¬
vested for grain, and an allow¬
ance for spring seeding in
States
growing spring rye. The acreage
is
substantially
less than
1944
seedings
in
all
States,
except
Colorado and Oregon, where it is
the same, and North Dakota, Mon¬
tana, New Mexico, Utah, and Cali¬
sumed
Dec. 11 it
.
infor¬
Czechoslovakia- is
million
Rye:
an¬
Department, Wash¬
ington, that ordinary (unregister¬
ed
and
uninsured)
parcel-post
service
to
make
to
.
11
goals of human effort have not
yielded
Dec.
as
on
Senator J. William
by
Fulbright, Democrat, of Arkansas,
that America sponsor at the Mos¬
cow Big Three meeting of foreign
ministers proposals by which na¬
tional
sovereignty
would
be
some
very
factors
address
an
advocated
the
were
weight of each parcel is limited to
est
In
ex¬
eastern
in
soil
Atomic Bomb
where
area
production of about, meeting, in the Waldorf-Astoria
is indicated, j Hotel,. New York.
According to
This is approximately 9%. below
the paper indicated, Mr. Fulbright
last year; but is 28%
above the said that "the concept of absolute
10-year (1934-43)
average
pro- j national sovereignty is utterly in¬
duction.
The indicated yield of consistent with the creation of ef14.5
bushels per seeded acre is fective international rules of con¬
1.9 bushels per acre lower than
duct which "are enforceable."
He
last year, but 1.8 bushels per acre
added:
above [ average.
"If national sovereignty means
The
indicated
acreage that will not be harvested
anything," he continued, "it means
for grain is /11.4%
of the total the power to control the destiny of
planted acreage, compared with a nation.
But we have no such
6.9% last year,,12.1% in 1944 and power. The decision to go to war
the average of 17.3%.
,
j was made in Tokyo and Berlin."
Te¬
should have full freedom to
preserve
Sovereignty On
lower
primary
These factors resulted in
such
751
Iran
it considers
is
the
in
-
requires
Government
of
its
Would Modify U. S.
1; condi¬
tions and
weather through No¬
vember with seeded yields, a 1946
assurancescon¬
Dec.
the
North
Dakota,
winter wheat
of
in
tained
in
and
South
in
grain producing areas.
On the basis of the relationship
of
agrees
fulfillment
than
Nebraska and other important rye
promising in the Pacific
Northwest.' \v;' 1;,': • ;v
are
Majesty's Government en¬
with the view that
tirely
States
western
Dakota
planting, and re¬
germination
and
plant
growth in the dry areas. Prospects
v
1, 1946.
the
considerable late
by
arrangements
83% of normal, five
is reported at
points below that reported a year
ago and seven points above the
10-year average. The condition of
the crop is relatively more favor¬
able compared
with average iri
tarded
the
Jan.
,
last year,
top
dry
areas
causes.
Government, having
intimated
to
the
United,-States
Government • that {they" are
not
prepared to accede to the United
States
Government's
proposal,
British
military authorities are
not continuing their plans to ex¬
amine the details involved in
a year ago.
condition of rye on Dec. 1
The
it is above
west of the
In the
below
rains
and
western
The Soviet
,
is
fall
States
an ^examination
practicability of withdraw-,
ing their forces by that date.
commenced
the Post Office
(
States
in
year
but
ago
year
Great Plains.
1946.
than
year
Great
and
condition
States
a
drawn from Persia before the first
January,
relatively high priced seed,
unfavorable
weather at seeding
time, and less need for fall pas¬
tures in the eastern States this
areas,
[
Central
-North
than
States Government's proposal that
all
scarcity of seed in some
causes are
United
the
the
as
the
order named, are
but is above average
States. ,; In all of
ago,
year
for
possible. Therefore."
Plains
receipt of the United
soon
this fall, in the
Nebraska, South
Dakota, North Dakota and Okla¬
homa.
The principal reasons for
acreage decreases in the impor¬
tant rye grain-producing areas are
competition
with
crops
more
urgently needed, and the unfavor¬
able income per acre of rye in re¬
lation to other crops.
Additional
seeded
acreage
The reported condition of win¬
ter wheat on Dec. 1 is lower than
ing ended, they should withdraw
upon
of
,
the purposes connected
with the war, and that the war be¬
as
Northwest.
Pacific
Allied
in
stationed
only 26%
in South Dakota 36%, in
Nebraska, 63%, and in Minnesota,
29%: The States with the largest
Kansas, there was no
greatest increases
were in Texas, New Mexico, Colo¬
rado, Montana, California and the
be
That you will not fail is in keep¬
ing with
t y ' s
e s
view
were
is
Dakota
North
average,
The
increase.
for
only
to
un¬
the
apathetic
to the responsibility would be an
unforgivable crime on your part.
the
the
takes
as
American liberty.
To be callous to this call is
task
j
a
in
In
States.
quickly as possible and are sta¬
4in the extreme southwest
of the country.
|
"
\ r .. - *
M
States,
in these
States is only 31% of the national
total. The acreage seeded this fall
planting all of the intended acre¬
age.
Material increases occurred
in
the
Southern
Great
Plains
tioned
His
Central
pronounced
of 1945 the seeded acreage
soybeans, and wet fields prevented
Persia
in
withdrawn
been
i
in New York,
Ohio,
Indiana
a n d'
Michigan,
where late harvesting of corn and
ar¬
ministrative parties, such British
troops
in
in the North Atlantic
East .North
most
their
proposal to the Soviet Govern¬
ment and, except for small ad¬
rangements -suggested
greatest decrease
acreage was
and
available for
land
more
The
wheat.
were
this proposal;
Majerty's Gov¬
accept
nonetheless,
ernment
and
son
Government
Soviet
in¬
land
good prices, a successful 1945 sea¬
installations.
The
seeding dates
with
preparation
and seeding.
In the Great Plains
and other western States, the in¬
crease
was
encouraged by very
favorable
weather .for
seeding,
from
except
usual
at
terfered
to withdraw by the middle
December
their
respective
agree
forces
is smaller
crop
meeting of the Foreign Ministers
of
10-year (1934-43) aver¬
The
for the 1946
than the acreage
last year in the eastern half of the
United States, but larger in the
western half.
In the eastern half
Govern¬
Government requested to the So¬
that
57
years,
The acreage seeded
the
viet
only two
is 46,757,000 acres.
age
Press:;
As
in
acres
million in 1937 and 5o.5 million in
The following is the text of
1946.
Government
pre¬
production. You
follow*;:
wheat seeded this fall is
estimated at 51,940,000 acres, an increase of 3.6% over the acreage
seeded last fall.
Winter wheat seeded acreage has been above 52 mil¬
made
the reply
14
Deb.
on
and condition of winter wheat and rye for the crop of 1946 as
of the
dictions, despite the strikes which
now
Department
State
lie
public
ency
Call Halt to Defeatism ,
Well, gentlemen, there is
yet been achieved; that the future
propitious time it is
up and your
a
red-blooded
rugged,
economic
These
\
"Humanity should not uncon¬
sciously let itself be forced onto
a path leading to a complete dem¬
.
on
Great
future.
the
Americans. r
for
this
freedom
,
beyond
be effective.
If
of
and glori¬
by peace
gods and little fishes! Those are
indeed
new
and
strange
senti¬
appeal
mass
are, a great
we
and' afraid
viewpoint is respected. You don't
have to be herded in
The Crop Reporting Board of the United States Department of
Agriculture made public on Dec. 20, its report showing the acreage
By Russia's
have
country—-shocked
ous
I find that management is
and
wobbly,'cynical, de¬
Agricultural Department Report on Winter Wheat
And Rye Acreage Sown for 1946 Crop
Iran Influenced
as
Here
ments
A
the
Britain's Action in
a
get-the-vote economics.
Oh, I know, most of the large
companies have representatives at They're reading right,
as
wit¬
the Capitol. But their duties are
nessed in the best seller lists for
pretty largely restricted to the months; they're turning right—
company's specific problems: the -every public poll shows this de¬
OPA ceiling on toasters, when are
cidedly; they're thinking conserv¬
they going to get rid of tire ra¬ atively, as witnessed by sobering
tioning, how the reciprocal trade slow-down on political experi¬
treaty affects their products, etc. menting with the system,
Now, it's all right to take good
Then there is another, most fa¬
care
of your own business, but
vorable
thing that should coax
larger::' corporations, at least,
businessmen
from
their
shells.
should have representatives in the
Twenty million people who were
Capitol, or make it a matter of
looking for Government hand-outs
greater importance for those who
in the Thirties have been turned
are
there to assist in presenting
into
twenty
million
property
the business viewpoint on taxes,
owners by the prosperity of war.
on
labor relations, on a hundred
Keep them right—for they are the
and one other things'affecting the
middle class core of the country,
whole economy which will make
they hold the balance of power
or break all business.
between "left" and "right."
^
;
Union
3177
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4450
"
cfor
de?
use'of
execlllive3
industry, economists,
the
co^on
are
as
businessmen, bankers, and others
interested in the staple.
4178
THE COMMERCIAL & FINANCIAL
Freight Gars
Shows Growth of Governmental
Dec. I
Debts
Census Bureau Issues
State and
Local
Government Debt
Since
Indicates
1902.
Some
American
on
mendous Increase in Federal Obligations.
*
\
'
.
June
30, 1945, as the second World War was drawing to a
close, the U. S. Bureau of the Census reported the combined debt of
all the 155 thousand governmental^
creased from
units—Federal, State, and local
$9 billion to $100
stood at $275 billion, an increase of billion
during the same period.
$57 billion, or 26%, from June 30, War activities accounted for 50%
1944.
of
of
for
Compared with the summer
1940, when American rearma¬
ment began, the increase is $212
billion, or 336%.
total
expenditure
90%
from 1941
ture
1945
total, Federal debt
accounted for
nearly $259 billion,
$2.4 billion, and
World War.
$14.2 billion.
ing
State
debt
and
paid
1945,
in
in the first
Borrowings paid for
the
War,
World
second
re¬
sulting in the $216 billion rise in
Federal debt since 1940. ~
As shown in the table, the total
governmental debt of $275 billion
1945
436%
laneous
of
announced
State
and
Debt
Local
Decreasing
tives.
one
of the
income,
rate to equal the debt rise.
a
The
spread
public
widening
since
at
1942,
debt
has
when total
1944 to
been
accelerated
an
was
of
$157 billion
(preliminary)
by
Bureau
cent
No.
of
ernment.
ment
the
the
upon
As
of
a
debt
ernmental
Federal
year.
also
new
freight
first
eleven
for
State
years
—in
and
Local
beginning
DEBT
Earlier
data
are
the
wake
during the
THE
Government
in
1940
are
of
of
as
dates
ends
war re¬
of the
States
expanding
Year-
Total
•.i
Gross
Debt
eco¬
1944
June
30,
fiscal
fiscal
____
■
Years
and
years
'Federal
1903
they
to
1945
necessarily
shown
136,696
72,422
~
1940
201,003
69,143
63,169
__
1932
in
other
vary
Census
.
48,961
33,219
1902
5,692
"* ~~~
____
Percent
by
1943
$2,425
$14,164
1940__
2,768
\
1932
;
1912
1944
r
.9
5.1
1.3
6.7
1.9
29.2
4.9
68.0
32.0
5.6
26.5
49.9
50.1
7.4
42.7
30.9
3.5
•■••■•'■V.
69.1
2i.o
'
34.9
siastic
77
24.3
27.4
79.0
7.4
71.6
65.1
8.0
57.1
81.9
602.0
68.8
84.7
467.8
318.1
168.5
97.2
91.1
98.6
113.9
99.9
96.8
100.0
100.0
100.0
45.4
96.8
82.1
1940
50.8
33.0
54.4
2.8
22.3
12.0
24.4
2.7
10.9
7.7
11.5
of
National
—_
triumphal
tour, of
Queens, Brooklyn and
Manhattan, and at City Hall he
was awarded the city's medal and
citation by Mayor LaGuardia, who
lauded him, according to the New
York "Times", as
"daring, dash¬
ing, determined and devastating".
10.5
1.5
us
some
10.8
92.4
12.6
2.0
10.6
59.6
16.2
2.6
13.6
50.5
20.8
3.5
17.4
55.4
26.0
4.5
,9.1
48.7
49.0
7.2
41.8
38.4
17.2
2.0
15.2
3.4
12.7
1.2
11.5
5.7
10.6
1.3
9.3
16.3
on
outside
of general
treasury.
Insofar as Federal
Government utilities and
financed through general and
special accounts, the Federal
debt comprises
purposes and government enterprises.
comprises
enterpSes
.general
for
general
purposes
and
^■Totg^ is less than the sum of State and local
vf?,?
ffate debtS f°r ™loan t0 local
obligations held by State governments.
u
measure
pro¬
give
can
keep
us
vic¬
our
Senate Approves Govt.
Around
Atlantic
victed
Philadelphia there
anything about the
After two weeks of intermittent
fied
civil
service.
On
the
basis
UNO
plan
new
July 1, under the
they would
36% increase
receive
$1,-
wages up to
on
20QV 18% increase
wages
on
a
from
$1,200 to $4,600, and 9% extra on
above
wages
$4,600
of
up
The
vote
$10,000.
to
Brussels,
and
one
of the famous
entirely different
broad-minded in an
an
so
ordinary
American
city:
misses, don't you know, the
tinental
habits
foods, ' the
and
the
One
con¬
continental
particularly what be¬
war
their
was
reduced
rate of exchange which made it so
delightful for unsuccessful Amer¬
ican writers and American
pensioners.
-Our hordeof
en
wom¬
''7
-
foreign
1
<
corre¬
spondents who enjoyed the Euro¬
62
to
for
government
public debt
in
both
botn
enterprises.
seven
years
because
governments, which duplicate local
3
for the
Associated
bill, according to
Press
Washington ad¬
vices, which stated that the bill is
now
to be acted
Another
by the House.
on
piece
of
legislation sent to
civil
the
service
House
Senate, after passage,
was
by
a
bill to allow full credit under the
civil
service
purposes,
military
ployees.
act,
for the
for
time passed
in
em¬
:\
Real World Faclor
The
living, with the difference in
exchange, and who were among
first
whoopers - up
for
a
World
Government,
completely
lose their interest now. Covering
the sessions of this great UNO do
not involve a flight abroad, sim¬
ply a trip on a bus or a day coach
out of New York or Washington.
United
Nations
!
Prepara-r
tory Commission on Dec. 18 ap¬
proved Jan. 10 as the date for the
first meeting of the UNO Assem¬
bly, Associated Press advices from
London
State.
Preparatory
tion
States
15
the
as
At
for
proval.
the
No
time
of
thq
selec¬
the
the
Organization
sented
the
of
site
headquarters of
tions
that
Commission's
Dec.
on
United
the' future
United
will
be
Na¬
pre-r
Assembly's
ap-?
specific place within
United
States has yet been
decided upon for the location.
On Dec. 19 final approval was
given by the United States legis¬
lature 7 to
the < measure
which
makes this country an active force
in the UNO.- The bill was signed
pean
by the President, who also nomir
tives
If this is to be the price for world
peace,
you
rest
can
that
assured
this gentry will not want to pay it.
By selecting this country for the
capital, the whole fascinating, in¬
triguing business of world coop¬
eration
becomes,
less involved
as
have
may
as
that
given to
capital in
Steel
us,
of
world
as
a
ordinary and
murder trial,
been a thought with
if the world capital
chance
no
in
our
affairs;
our
and
there would be
losing
that
nated
nalism.
our
Motors,
other forms
should
They
we
of jour¬
have
been
forewarned
by what happened at
Francisco, the coverage of
San
which
reached
new
a
low
not
of
only national but international af¬
fairs.
Try
to
envisage the American
and radio coverage of
newspaper
the
first
cessions
of
the
UNO
representa¬
the first
meeting of the General Assembly.
Philadel¬
phia or any other place in the
East. They will be gala affairs,
circuses, with a full description of
what the wives are wearing, who
is entertaining, the idiosyncracies
of the foreigners, a complete re¬
cital
of
what
is
known
be Mrs. Roosevelt,
as
to
as
gents'
Confirmed by the Senate
<
make an
Madame
friendly
such
there will
a
diplomat
attack recently on
Chiang Kai-shek.
commentators are
the fol¬
Delegates —Edward R. Stettin-
ius, Jr., of Virginia; Senators Tom
Connally, Democrat, of Texas, and
Arthur H. Vandenberg, Republi¬
can.; of Michigan, and Mrs. Anna
Eleanor Roosevelt of Now, York,
t
Alternates—Representatives Sol
Bloom, Democrat, of New York,
and Charles A.
Eaton, Republican,
Jersey; Frank C. Walker
New
Pennsylvania,
Dulles
John
Foster
of New York and John G.
77
Townsend, Jr., of Delaware.
All
expected to sail
are
for the London
30
on
Dec.
meeting.
President's Thanks
To Armed Forces
■'A "testimonial of appreciation",
bearing the Presidential seal, will
be given by President
men
and women
The
ex¬
Truman to
all
in
served
the
who
have
Navy, Ma¬
Corps or Coast Guard after
Sept.
16,
1940,
and who now
Army,
rine
have
will
or
receive
honorable
discharges, it was announced by
the Army and Navy on Dec. 17i
according to Washington advices
of the Associated Press.
The tes¬
timonial will state:
"To you who have answered the
call of your country and served in
its armed forces to
bring about the
total defeat of the enemy, I extent}
the
heartfelt
nation. As
est,
ness
to
thanks
one
of
a
grateful
of the nation's fin¬
undertook the most
you
task
one
perform.
strated
journalism.
To add to the gayety
for
lowing day, according to advices
to
the New
York "Times, they
are:7;; 771
777'7"' V 7'; 7
at
Atlantic City, Boston or
room
American
alternates
the
midst just like U. S.
General
the
and
interest
with
would take a particular pride in
maintaining world cooperation as
a going concern.
But they overlooked our com¬
mentators, and our gossip column¬
retirement
service by Federal
Becoming
the
a
was
gain?
con¬
and
ists and
of their pay last
capital
tax next year.
are
serving
or
having
served terms in jail.
;
;
V
It is one thing to cooperate with
the world, to be world-minded, to
were
discussion, the Senate on Dec. 18
voted for legislation which would
repeal a 16% wage increase given
Federal workers last July 1 and
substitute increases on a gradu¬
ated scale for more than 1,000,000
government employees in classi¬
by the way,; wholly awaY
-subject, neither Con¬
this
City,
political bosses^ some of them
fore
V.
v.
gress nor the executive branch of
the
Government
intends
to
do
Philadelphia.
They
were thinking of an
atmosphere of
Barons, Lords, Dukes and Com¬
them
Employees' Pay Rise
the
tComprises debts both
Admiral, "Until the
real proof that we stand
21.5
1.7
'
16.1
_
:
borrowed
125.1
97.7
_
1912
at a testimonial
the city at the
by
gain by it, let
9.0
55.6
1922
1902
evening,
given
a
Waldorf-Astoria
Hotel, Admiral
Halsey made an address in which
he expressed deep disapproval of
plans to merge the armed forces.
limit
81.4
_
and freezing weath¬
Income
164.8
71.4
_~~
_
1932
in
87.9
94.4
75.7
—
14
99.8
53.4
78.5
82.4
135.9
1942
snow
Dec.
on
The admiral made
100.6
100.0
86.3
92.3
!
105.0
~
1943
i94i_—
reception
spite of
10.1
17.9
•
1940=100
175.3
.7 ~
—
Halsey, Jr., com¬
Fleet, who
Third
given the traditional enthu¬
was
all
_
the
Phila¬
to
move
or
thing to be
Ad¬
from
or
1,924
9.0
1945—
of
internationalists,
professional interna¬
went
for
this
UNO,
4,075
3.5
Percent
the
the
tionalists,
they were thinking of trips to the
Old World, not to Atlantic City,
spas,
Fleet
was
And
,
When
had to
reaucracy,
delphia.
423
5.3
*
1902_,r_________
Yorkers
which, because of crowded
conditions in the Washington
bu7
bringing them; out at the Court of
Boston, Philadelphia, or Atlantic
City.
rather
irj.
SEC,
confronted with the proposition of
270
52.6
;___
daughters out at the Court of St.
James, in Paris, Brussels, to be
neva,
hero to be greeted
at
will be relegated to
the obituary page of the
newspa^
pers such as now occupied by the
their
of
61.8
_____
1S22
New
of ; wealth
bringing
of
100.0
„
1940_
by
war
of
the Europeans could not have had
much confidence in the UNO. It
109.5
1S42
1941
Americans
think
9,093
245.9
;
Another
opportunity
civilization
who
1,163
345.8
;
Halsey Acclaimed
By New York
first
our
ambitious
realize that the world has shrunk
—it is one thing to do this at Ge¬
to
145.7
1943
,
torious Navy.
Let us keep it in¬
tact and unshackled.
Keep it free
and it will keep America free."
12.0
435.7
.1S44__
electric
one
15,783
21.3
,
steam,
Government
7
88.0
Change,
305
Diesel.
16,479
78.7
of
540
New
same
totaled 846, which
14,703
70.8
100.0
Index
included
Diesel.
installed in the
year
3,211
8.0
100.0
1945
period last
j
no
this1 is
for.
Furthermore, pulling this trick,
6.0
100.0
1912
1902
locomotives
haven
a
1
Imagine the let-down of socially
Boston and
were
be
column,
apt to conclude
newspaper
having a world capital), this great:
episode of America's advance
missars.
510
to
16,812
'
'
intended
a
is preferable.
war
sessions of such pageantry
European capital would be
likely to afford (bear in mind',
bassadorial mind which the UNO
was
in
few
as
16,680
' -.77
V
a
16,720
92.0
100.0
locomo¬
new
a
writing
nothing
particularly
distinctive
about living in any one of those
places, not for those of the am¬
Boston
They also put 602
After
*7 But all in all, it is this writer's
conscientious prediction that after
it
the delegates are
3,413
94.0
100.0
;
was
2,909
100.0
2922
1944
circumstances.
with her, and her
Philadelphia, Boston or Atlantic
City, or some such place. There is
tives in service in the first eleven
months of 1945, of which 92 were
Local
100.0
1932__
of
the
77.
ponents of this
10,256
Type of
100.0
___
1941
months
cars.
in
the
that
2,896
100.0
1942
service
under
3,526
100.0
'.
in
about
importance of a fashionable
foreign capital. Apparently, the
headquarters are to be located at
4,498
1,178
Distribution,
1945
ID 44
year,
session
the
;
plaining that her appointment was
logical. Not logical, but inevitable
2,194
22,963
1,194
3,372
-
1912_
this
of
miscellaneous
cars.
Said the
State
*17,426
*18,645
*19,642
*20,182
*20,201
*19,562
42,968
19,487
39,049
1922
Total
(Amounts in millions)
$258,682
*$16,552
92,064
"II
_
99
eleven
That
years.
218,429
155,341
_
1942
1941
months
placed
dinner
''
1945
Outstanding
$275,234
and
35,972
years.
STATES:
Selected
of
of
of
war
UNITED
Debt:
as
:
included
mander
-tState and Local
1S45____,
1943
'
State and local governmental debt
IN
r
in service in the
cars
miral William F.
lower rate.
a
tial and continuous contraction of
rose
i"formati,on for diverse closing
publications.
their
income, account for the substan¬
revenue
first
governments
reducing
nomic activity and rising national
gov¬
^
8,119 hopper,'5,637 gondola, 765
flat, 239 stock,
1,858 refrigerator, 1,919 automo¬
bile and 17,781 plain box freight
er.
dominated
GOVERNMENTAL
Federal,
Local
been
strictions, and steadily increasing
from $5 billion in 1940 to
$46 bil¬
lion
in
1945,
expenditure
in¬
Data
debt'during the past
revenue—especially
debt.
While
2,
government
expenditure, resulting from
Gov¬
90
re¬
Limited opportunity for capital
move¬
changing pattern of total
As
"
global
a
Federal
result, the
Federal
its
debts, but at
ing for, and conducting,
debts,
Vol.
1945.
State
every
have
Expenditure
fell
3,
fiscal
The financial burden of
prepar¬
war
Finances:
lowered
Debt and War
with
compares
report, "State Debt in 1945,"
Stale
Foreign and Domestic Commerce.
Federal
gov¬
shown in the Census Bureau's
estimated
the
their
four
portance of Washington, it is not
to be a place to which a
delegate
can bring his
family and give his
daughter a debut. It is not to have
steam and
from
State
ail
war
reduced
year,
locomo¬
Diesel
ago.
year
and
75% larger than the national
income
was
decrease
5%.
by substantial amounts.
some
By 1945, total public debt
come.
1945
ernments
but 76% of estimated national in¬
was
The
f
During the
rate
debt
1940.'
since
between national in¬
and
come
Government
debt,
as disclosed in the accompanying
table. This part of the public debt
decreased
$3.6 billion, or 18%
although phenomenal during the
has not been in an amount
war,
or at
Federal
this
steam,
The Class I railroads put 36,418
Total
The growth in national
376
This
cars,'
that
and
1,
104
steam, two electric and 403 Diesel
the
from
Dec.
on
included
electric,
cal governmental debt has been in
direction
freight cars
1, last, totaled 37,Dec. 1, 1944 amounted
on
order
on
which
eral, State and local governments
opposite
miscel¬
28,910. y
They also had 484 locomotives
lion debt outstanding for all Fed¬
in 1940.
50
and
New
cars.
904 and
to
The movement of State and lo¬
was
This included
order Nov,
on
of the $63 bil¬
are
] Association
Railroads
24.
refrigerator,
which
.7
in
737
of Federal expenditure dur¬
58%
of Public Debt
Growth
through
contrast to about 30%
for
local debt for
1941
in
Revenue
1945.
in
for 42% of total Federal expendi¬
.
Of the
<
cars
12,421
4,425 gondola, 971 flat,
13,736 plain box, 3,568 automobile,
•
.
Dec.
(Continued from first page)
1,
hopper,
On
•
Ahead of the News
Dec.
on
freight
new
on
Decline in Local Government Indebtedness in War Years but Tre¬
Washington
Again Off
1945, had 35,908
order,
the
Rise in Federal,
on
Thursday, December 27, 1945
From
Order
on
The Class I railroads
Preliminary Statement
CHRONICLE
can
be
Because
the
called
you
severe
to
demon7
upon
fortitude, resourceful¬
and calm judgment necessary
task, we now
leadership and
example in further exalting our
country in peace."
carry
look
to
out
you
that
for
Volume
162
Observations
-
t
(Continued from first page)
-
~■
■
.
•
.
,
he will light in an Administration choice of the long-term direction
pf the interest rate.
One Treasury faction, under the leadership of
-former Under-Secretary Bell, has battled consistently for the main¬
no
lower than existing
.
Savings Banks Acquire Site and Announce
Plans For Housing Developmenl in Brooklyn
Lindbergh Urges
Military Backing for
World Organization
levels.
It has contended that
a,reasonable re.tuin is indispensable to the non-inflationary distribu¬
tion of the government's securities.
With Mr. Bell's departure from
government service, practically only the Federal Reserve Board now
remains to champion that cause.
tenance of rates
his first
In
public address since
.
the
Savings Banks Trust
Dec. 19 said in part;
brought forward in the executive branch, with the President's vitally
important appointment of our delegation to the United Nations Or¬
ganization.
Apart from the necessity of cementing the continuing
.goodwill of Congress through the bi-partisan appointments of Messrs.
now
will be
pared
pound as com¬
with 4.0 cents in October
master
block
1939.
Effects
•j'Connally, Vandenberg, Bloom, and Eaton at this crisis in the course
of civilization, surely pure political expediency dictated the selection
and
of former Democratic'National Committee
General
Frank
Chairman and Postmaster
Walker, and Chairman of the Republican Sena¬
G. Townsend Jr,
C.
torial Campaign Committee John
1
of government today it unfortunately seems
Under all Systems
necessary for the Chief of State to prove his "leader¬
quality by exhibitions of.foolish bravery, Candidate Roose-
psychologically
.
ship"
.velt's public bath in
an open
control
on
basis
the
of
code
Christian
he
form,
must hew to
a
"integrity, -hu¬
that are
post-war
it
concluded,
counting
of
its
Whatever
heads."
and compassion
lacking
all -over this
world."
f
mility
11
a
modern
and
butter
.
adequate
store
October
in
of
removal
and
peanut
and
any
not be reflected in the index until
November and December.
facili¬
"Clothing
costs
continued
to
edge upward between mid-Sep¬
tember
mid-October
and
tained
civilian
as
sus¬
demands
coupled
with the purchase of returning
service
men,
further
depleted
stocks of men's apparel. Higher-
ties to provide shops and markets
priced garments only
for the tenants.
able.
"The project, according to the
City Planning Commission, is now
in the category of any other pri¬
vately owned development, ex¬
topcoats,
Increases
and
suits,
overalls,
'
avail¬
were
reported for
were
overcoats,
trousers
cept that plans for its construc¬
tion will, by agreement, be. sub¬
automobile in New York City during the
late
the
of
butter
on
price changes due to the lifting of
rationing on meats on Nov. 24 will
the
with
each
13.6 cents per
subsidies
preliminary
plans
made public following the auc¬
tion, Concord Village will contain
3,000 rooms made up into 968
apartments from IV2 to 41/£ rooms,
nations
"the
control
From
basis of ability"
which would
the
on
with
as
will be
known as Concord Village.
The
land was acquired for $1,003,065
at the auction held
by the city
today and according to Mr. Ben¬
son, "building will get under way
just as fast as we can do it."
"the nations which have
between
redeveloped
houses,
apartment
gested, according to the Associat¬
ed Press, will be a compromise
:
8%, respectively.
of
Depot,
organization, he sug¬
The world
Prices
Streets and the Sands Street Naval
is worse".
lieve the alternative
in the heart of downtown
creased 12% and
on
"The site, surrounded by Jay,
Tillary, Adams, Sands and Pearl
-
7eal question as to the extent to which our democratic system necessi¬
tates our. pursuing political motivations. This problem is now again
Co.
apples advanced 2.3%
following ceiling adjustments in
August and September; they are
•
'
adjacent to the
7.4-acre housing site
housing development for 1,000 families
Brooklyn. In making this knowr^
Wright broth¬
flight, urged formation of a
world
organization
backed
by
ers'
Another treasury group, centering
r
the
and President of the Dime Savings Bank of Brooklyn.- Fifteen sav¬
ings banks in Brooklyn united to acquire this site and erect a modern
1941, Charles A. Lindbergh, at a
celebration
of
the
forty-second
anniversary of the
bidders for
Successful
Brooklyn Civic Center were a group of Brooklyn savings banks rep¬
resented by Philip A. Benson, President of Concord Freeholders, Inc.,
around Messrs. Haas and Mur¬ military power and guided by the
phy, have been fighting for a reduction in the long-term rate down qualities represented in Christian
to 1%.
On the Keynesian line their professed purpose is "to prevent ideals, the Associated Press re¬
•over saving."
But in stopping saving such a policy would in the ported from Washington, Dec. 17.
•foreseeable future dangerously swell the forces of consumer-inflation. Pointing out that scientific, ad¬
This group also wishes to reduce the short-term certificate rate below vances have made it "no longer a
iVain which case corporations surely will not deem it worthwhile question of whether or not we
should have world organization,
to buy them.
,''i
7
7\
•. '-'v
but of what form it should take,"
' J- .7'i5.
'
*
— if
The .widespread practice of blaming Pur shortcomings in interna¬ the
pre-war ' non-interventionist
tional affairs on the "low calibre" of our Congressmen has always stated that he pleads "for strong
.seemed superficial and "escapist'-' to this columnist. It overlooks the military forces only because I be¬
'
3179
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4450
work
business
shirts, underwear, socks, sweaters,
and
felt
of shoe
hats.
the last month
In
rationing, prices of men's
'
1944 campaign may have been justified by
of quashing the rumors about his health.
the dire political necessity
But President Truman's
-extremely hazardous Christmas plane flight through the sleet exem¬
plifies this kind of show as an absurdly needless danger to the
.national welfare.
\
v ,/■ ,y77y'
7y7
7;7;:
\7777'
V..
7
' 77
7;\-'
98
'7'' " 'V 77,77 7 '■
I
-
..
..
.
.
On
testimony of C.I.O. Secretary-Treasurer James Carey
^recently returned from a trip to the Soviet Union—irrespective of the
.Russian people's condtiion in the Czarist days, the great Communist
industrial machine still is showing no signs of hitting on all cylinders.
For in his speech at the giant Russian Relief meeting in New York's
Madison Square Garden last week he reported that under prospeclive 5-year housing plans, each Leningrad resident will have space
measuring only nine feet square, with a family of four living in one
room.
Although it is hoped in four years to supplant wood-burning
stoves- with gas,-Tor cooking in Moscow-and Leningrad, the genera:
\ situation regarding not only fuel, but food and clothing, is and will
remain dismal.
-Mr. Carey found that German prisoners could not
•be used for heavy work, because of the certainty of their collapse on
the Russian's average diet.
,.
the
,
1
■
fl
Colombian Bonds Extended
Holders
bia
In protest over
the slow pace at which the inquiry has been pro¬
ceeding the entire legal staff of the joint Senate-House Committee
investigating the Pearl Harbor disaster resigned on Dec. 14, according
to Associated Press Washington advices, which added that Senator
Alben W. Barkley (D.-Ky.), Committee Chairman on whose motion
the group was created, said that he too was thinking of resigning his
post in the inquiry.
,7.,; ,..y. <t>
.William D. Mitchell, chief court- J
——
exchange their
bonds
and
appurtenant coupons
for Republic of Columbia 3% ex¬
ternal sinking fund dollar bonds
due Oct. 1, 1970, under an offer
dated June 5, 1941, has been ex¬
which
"I want to make it clear that
•
and his staff would
help
any new
there
has
£ been
no
restriction
placed upon counsel by any mem¬
ber
of
committee
the
tain
•
-
„■
.
by any
agency of the Government as far
the
;
as
counsel the Committee might ob¬
to become acquainted with
investigation proceedings, but
that they could not remain longer
themselves than the early part of
January. - Senator ; Barkley
de-
the withdrawal of the le-
scribed
•
presenting
all
pertinent
complete
evidence
access
co-operation
from all Government departments
concerned; I feel sure
that this
"tragic" development
confessing that he had "no idea" same condition will continue. We
will make every effort to aid the
who might be willing to take over
its work,. '-,777., 7 77 77" :7 j; 777 new counsel in preparing for their
In
work and, during that process, we
concluding
his
700-word
if
the
Committee
desires,
statement requesting release, Mr. can,
Mitchell declared, according to the continue, for the rest of December
gal staff as
«
i
•
.
a
..
r
;
V
77:777/:7y;77
Associated Press:
and
for
short time
a
-A "I had hopes to perform a use¬
presenting evidence
ful
.
mittee
in aiding to
j present publicly all the pertinent
facts which would .permit the
service
public
-
can
on."
,
Committee, the Congress, and the
public to
the. questions in
their, minds. Our entire staff has
worked days,'nights and Sundays
.
'
for
answer
months
two
and
half.
a
We
have produced, or prepared for in; troduction, much pertinent evi¬
.
dence
that
duced .at
has
never,
been
pro¬
previous
inquiry
.'about Pearl Harbor. We are all
depressed
that
because
of
the
course of the proceedings we have
not been able, to present it.
"It is necessary for me to ask
any
,
the
Committee
other counsel
is
done
with
there
ness
break
in
to
to
the
on.
be
no
hearings.
for
If that
prompt¬
reasonable
should
already done
arrange
carry
serious
We
have
large part of the
work in digging out and organiz¬
ing basic material and documents,
and
a
arranging for the witnesses.
so
that the
in
January,
to
the Comr
new
legal staff
pick up the case and carry
y'7 77 y 7'-: y7 •':7.,
discussing * the
In
possibility
that he,, too, might withdraw from
the investigation by resigning as
chairman,
Senator
Barkley
in¬
formed his colleagues that he ex¬
pected to reach a final decision in
the-next few days. Before
it, he
1945, to Dec;
tended from Dec. 31,
31, 1946. It is also announced that
the period for the exchange of
convertible certificates issued un¬
der the offer of the Republic has
similarly extended. Holders
Colombian
Mortgage .. Bank
bonds, under an offer dated June
25, 1942, also may exchange them
for the 3% external sinking fund
dollar bonds of the Republic of
Columbia. This offer must be ac¬
cepted by July 1, 1946.
•
j
of these offers may he
application to the
of New York,
Corporate Trust Department, 20
Exchange Place, New York 15,
Copies
obtained
upon
"The
the
unit.
bath,
have
such
said, according
making
to the
As¬
by
Robert
all
of
Actually;
were
over
87,000
opened
M.
is
indicated
that
accounts
of
his
Committee
to
and
the
Senate,
where he is majority leader.
Weekly Electric Output
Figures Delayed
It is announced that
on
power
ended
output
Dec.
released
by
22,
the
for
1945
the report
the
week
will not be
Edison
Electric
and
total
de¬
(Friday)
consumers'
15
price
Sept.
and
Labor
The
15,
index
for
1945
Department's
issued
Nov.
30
an¬
the
Prices of sheets
than
more
5%
due
adjustment of retailers'
gins
for
to
mar¬
previously
increases
al¬
lowed manufacturers.
"The decline of 0.1% for miscel¬
laneous goods and services repre¬
the
sents
first
decrease
occurred in this group
1940.
tion
lowered
3%
gasoline
6%
and
sumed
in
their
Coast
between
cities.
eastern
dropped
cities
as
or
in
retailers
of
practice
cartons and two
time.
prices
prices
of
number
transporta¬
Atlantic
the
to
Cigarette
a
in
Reductions
costs
thgt has
since June
a
re¬
selling
packs at
more
Charges for beauty-shop
services increased in four cities.
"Fuel, electricity and ice costs
declined
to
0.1%.
consumers
from
a
gas
rates
Denver resulted
decrease in wholesale prices
growing out of
Court
a
recent Supreme
decision.
"Rents
the
Lower
in
are
surveyed only during
quarterly months
June, September
of March,,
and December.",
*This
index,
formerly called
cost-of-living index, measures
changes in retail prices
of
selected
goods,
rents,
and
services, weighted by quantities
bought by families of wage-earn¬
the
average
and moderate-income workers
about 70%
The
con¬
of the expen¬
s
also
chandise by pricing the most sim¬
ilar article available.
The Presi¬
dent's
Committee
on
the
Cost
of
estimated that such
factors,
together
with
certain
others not fully measured by the
Living
has
and
Sweet
cities
costs
in
large cities de¬
the months, as
decreased 0.5% and fruits
clined 0.1% during
meats
vegetables showed no change.
potatoes and cabbage prices
dropped seasonally by 10 and 6%,
will be found in the "Commercial
Chronicle" of Dec.
1
advanced
index, would add a maximum of
3 to 4 index points to the index
for large cities between January
1941 and September 1944. If small
"Food
a.
20, 1945, page 3060.
the month,
over
large cities in 1934-36.
items priced for the index
was
128.9% of the 1935-39 average.
1
Institute until tomorrow
miscellaneous
and
goods and services decreased 0.1%
by
Oct.
m. due to the
holiday.
The report for the week ended
Dec. 15, 1945, with comparisons,
Financial
few'
a
"Average retail prices of housefurnishings
stituted
The
Christmas Day
and
in
advanced
•
city families
nouncement
9
,
in
stated:
at
'7
of goods and ser¬
moderate-income ditures of qity families whose in¬
comes averaged $1,524 in 1934-36.
showed no change on
The index does not show the
the
average
between mid-Sep¬
full
effect
of
such
factors
as
tember and mid-October, accord¬
ing to the Bureau of Labor Sta¬ changes in quality and the avail¬
During the war
tistics of the U. S. Department of ability of goods.
Labor.
Clothing costs increased the quality of civilian goods has
been lowered.
The Bureau has
further by 0.1%, while prices for
attempted to account for the dis¬
all other groups of items in the
appearance
of low-priced mer¬
index decreased slightly by 0.1%.
used
vices
165,803,585.
morning
costs
cities,
ers
Retail prices
posits, $8,144,345,435 as of Nov. 30,
1945.
This represents an increase
of 267,833 accounts since Novem¬
ber, 1944, and a deposit increase
for the 12-mon'th period of $1,-
6,647,069
Company."
Price
Index* Up in October
now
reached
Press, he would weigh
"relative obligations" to the
Bank and Williams-
Labor Dept.
total
sociated
repair
'
Savings Banks Trust
new
the
Bank,
City
development of the project is the
ac¬
has
are:
stockholding savings banks in the
approximately 75,000
ago." In November, 1944,
the gain
in dollar deposits was
$80,405,666.
It
participating in, the
Brevoort
Savings
burgh Savings Bank.
Agent for
Concord Freeholders, Inc., and the
year
number
elevators
Brooklyn, Brooklyn Sav¬
velt Savings
pared with
a
electric
and
Bushwick
Savings
Savings
Bank
of
Brooklyn, Dime Savings Bank of
Brooklyn, East Brooklyn Savings
Bank,
East New York Savings
Bank,
Flatbush
Savings
Bank,
Fulton
Savings Bank of Kings
County, Hamburg Savings Bank,
Kings County Savings Bank, Lin¬
coln Savings Bank of Brooklyn,
Prudential Savings Bank, Roose¬
Bank,
com¬
as
con¬
the
ings
required to be turned over to the
accounts
and
metal stairs to
Laundry facilities, in¬
shoes moved up slightly and shoe-
located
exits.
Bank of
counts, that is, accounts that have
not been used for 15 years, were
State.
windows
metal
project
of depositors,"
explained,
"for
during the month abandoned
anc
metal-covered
as
"The banks
the number
Catharine
closets
self-operating automatic
type are all provided in the build¬
ings, as well as ample parking
space for the tenants' automobiles.
although the net loss in
accounts was 1,729.
"The loss in
accounts is not an actual fallingof
features
cinerators
ciation,
off
contain: five
two exposures.
veniently
Catharine, President of the Asso¬
Mr.
The three-room
doors,
savings deposits of the 131 New
recently
improve¬
and ample
provided in every
rooms
The entire
project will be thoroughly fire¬
proof throughout and will have
York State savings banks was re¬
ported
modern
Large
provide
will
apartments,
for example, are composed of
foyer, a 20 x 13 living room, a
15 x 12V2 bedroom, kitchen and
$65,497,992
of
gains
in
utmost
closet space are
Banks Report
Deposits
November
in
.
apartments
ments.
N. Y. Savings
Gain in
its
for
But otherwise, there
will be no special control.
It is
being entirely financed by the
savings banks both as to equity
interest and mortgage.
,7 7
N. Y.
pertinent records and have
received
may
Commission
the
to
approval.
or
is concerned. We have had
to
they
National City Bank
————
'
sel of the Committee, said that he
external
6%
of
Inquiry
Colom¬
sinking fund
of Republic of
gold bonds, dated July 1, 1927, due
Jan.. 1, 1961, and those dated April
1, 1928, due Oct. 1, 1961, are being
notified-; that
the
time
within
been
Counsel Staff Quits Pearl Harbor
mitted
Period for Exchange of
while
spinach and green beans in¬
tional
were
included
average,
would be added.
in
another
"
the
V2
na¬
point
THE COMMERCIAL &
3180
The State of Trade
reports System output of
196,900,0U0
kwh.
in
the
week
ended Dec.
16, 1945/ comparing
with 190,800,000 kwh. for the cor¬
responding week of 1944, or an
increase
of *3.2%.
Local
distri¬
bution of electricity amounted to
184,900,000 kwh., compared with
186,300,000 kwh. for the corre¬
sponding week of last year, an
7 7-.
increase of 4.6%.
i
Paperboard Produc¬
Paper and
in
production
tion—Paper
the
United States for the week endingDec.
15
99% of mill capacity,
was
99%
against
preceding
.the
in
and 89.3%
week
the like
in
1944
week, according to the American
Paper & Pulp Association. Paperboard output for the current week
was 98%,
compared with 97% in
the preceding week and 94% in
the like 1944 week.
-7:7'7/,
\
Remain
Low
Failures
Business
—Commercial and industrial fail¬
took
slight downturn in the
week ending Dec. 20 reports Dun
& Kradstreet, Inc. Only 8 concerns
failed as compared with 10 in,the
previous week and 15 in the cor¬
responding week of 1944.
ures
a
Seven of the 8 failures involved
liabilities
of
$5,000 or more, and
slightly from the 9 of
down
were
last
and
week
week
the
comparable
Small failures,
IV remained the same as last week
and
6
a
year ago.
much
were
occurring
smaller
than
7/7//
a year ago.
Manufacturing
the
accounted
of the week's, fail¬
Only 1 occurred in the re¬
ures.
tail
trade
the
previous
compared with 3 of
week and 3 of the
as
week last year.
same
The whole¬
sale trade which showed 5 failures
a
year
reported
ago
week.
%
were
ures, a sharp
of last week.
ure
Canadian
no
;
fail¬
decrease from the 5
One Canadian fail¬
reported for the previous
was
7-++
;
year.
'
.
,
There
this
none
.•
'.■:/.< V;\77'-'
:///
Wholesale Commodity Price In¬
dex—Wholesale
kets
were
The
Dun
commodity
extent by current
some
tled labor conditions
Demand for all types
noted.
fine
of
ably
less
ly
in
and
rye.
the
previous
with interest centered large¬
week
in
and
than
consider¬
oats
Cash
continued
corn
wheat
in
tight sup¬
ply with ceiling prices bid for all
offerings. Cash corn has remained
at ceiling levels for
virtually a
year
in
past.- The continued scarcity
has
corn
demand
resulted
for
ceiling levels
oats
in
on several
strong
a
which
to
rose
occasions
for the first time this year.
Aided
by reports of active foreign in¬
quiries,
rye moved
close after
upward at the
fluctuating irregularly
throughout the week. Government
purchases in substantial quantities
featured the flour market.
flour
demand
tinued
to
Export
inquiry con¬
and
expand
but mill offer¬
ings were hesitant due to uncer¬
tainty over possible termination
of
the
subsidy program.
Ceiling
:
prices
ruled for
practically all
weights of hogs last week as more
moderate
receipts
Unchanged
—
Index
Price
Food
The wholesale food
index, compiled by Dun &
Bradstreet, Inc., for Dec. 18, re¬
mained unchanged at.the 25-year
peak level of $4.16. This was 1.7%
higher than a year ago when it
stood at $4.09, and 4.0% above the
comparative 1943 index of $4.00.
Up for the week were rye, oats
and potatoes, while declines oc¬
curred in eggs and lambs. The in¬
dex represents the sum
total of
the price per pound of 31 foods
price
in
general
use.
The
last
slowed
was
—
in retail vol¬
upward trend
ume
Trade
week
the
by
with
some
accumulation
leading packing points.
Cotton continued to show mark¬
ed firmness as both
spot and
near¬
by futures markets reached new
high ground for the season and
longer.
Demand f6r the staple
received
mill price
some
rather
were
stimulation
from
fixing in the 1945
positions. The
more
crop
distant months
quiet
with the tone
somewhat easier owing to uncer¬
in connection with next
tainties
year's crop.
Other
strengthening
factors were the outlook for
large
domestic and foreign demand for
cotton
cotton
oply
in
the
near
future
production for this
and
a
year of
9,195,000 bales, .the smallest
though the pres¬
of last minute Christmas pur¬
somewhat
counteracted
factor/ reports Dun & Bradstreet, Inc., in its current review
of trade.
In
some
storm affected
cities, spot reports placed weekly
volume slightly below the previ¬
week's
level; for the country
moderately over a year ago.
Christmas buying stimulated ac¬
tivity in many departments espe¬
cially in children's wear, men's
furnishings, lingerie, and neck¬
ous
it
All
wear.
with
accessories
hosiery
well
sold
for
item.
Dollar volume of jewelry
and cosmetics was higher than in
the previous
week, while shoe
sales were sustained at the high
level of a week ago.
Fur volume
exceeded last year's high totals.
much, sought
a
Low-priced
lamps
have been
popular gift items, but stocks were
extremely low.
Kitchen utensils
appeared in more adequate supply
than
a
year
ago.
Automobiles,
radios,
and
washing
machines
available
were
and
purposes
for
only
orders
future
plies
for
taken
Luggage
good demand, but sup¬
were
limited.
Florists re¬
a
orders
flowing
in
for
Christmas
delivery.
Christmas
trees sold quickly last week and
volume
was
Food
Peas,
over
/
week.:
volume
beets,
greens were
the
previous
7777' :.
continued to rise.
celery,
and
some
plentiful, while other
vegetables such
as
peppers, toma¬
toes, and string beans, affected by
the freeze in Florida and
Texas,
were
scarce.
Supplies of lamb,
veal, and beef were moderate with
frankfurters
plentiful.
luncheon
The weather
to limit fresh
New York
creased
and
continueq
fish supplies in
area.
and
meats
the
Bakery sales in¬
many
orders
were
placed for Christmas goods.
Retail
volume
for
the
country
3.4
3.4,7;
3.3
■7 3.47%
4.5
4.5
3.4
3.4
4.3'/7+
3.4
3.3
"" 7.
7-5.2
"
7;
5
4.2
77 7
3.1
77
4.0
3.2
' :
3.7
applied for, $2,038,340,000.
price
basis
Average
lent
-V
99.905;
discount
-
equiva¬
approxi¬
above
Middle
West
and
year ago.
Regional per¬
gains were: New England
East and South 6 to 10,
a
5
to
Southwest
9,
9, Northwest 6
7
to
Coast 7 to 12.
Wholesale
r
,'
-
<■•
declined
volume
cessories
were
depleted
last week with delivery
spring
on
even more
further
orders
*
<
•
,
.
;
High, 99.908, equivalent rate of
the Government its full support ; discount
approximately
0.364%
and you have made an important
per annum.
"
contribution
in
building up an j
Low, 99.95, equivalent rate of
effective organization which has I
discount
approximately
0.376%
•
immeasurable
of
been
aid
the
to
Treasury in helping it to conduct,
per
annum.
-
(59% of the amount bid for at
money-raising cam¬
the low price was accepted.)
paign in the world's history.
A.
creditable job has been done and I 7 There was a maturity of a sim¬
the
greatest
it is one in which we
can
ilar
all take
bills
of
issue
the amount of
Stocks of
placed.'
Winter apparel became
bids:
;
,
Pacific
11,
''' "
for many types of notions, house¬
hold wares, and apparel and ac¬
dates
ture.
7
•
accepted competitive
of
Range
victory without a healthy
cooperative banking struc¬
The banking
systen\ gave
plete
and
7/7'/ 7.;/;
p/lce,
of
rate
99.905
at
accepted in full).
7
3.8
7
3.2
-
disclosed
17
accepted,
$1,304,386,000
(includes $39,250,000 entered on a
fixed
4.1
3.9
Dec.
on
Total
4.3
v7
7-7
3.1
:
Total
4.2
-
3.4
5.6
5.3
v77 7y-.4.8:V7V'
3.6
777;
91-
'
...
4.2
3.4
,
of
these results:
7
4.3
.
3.3
5.7
4.1
centage
4 to 8,
Treasury has expressed to j 7
"The
innumerable
on
us
appreciation
Apart from
sales of
of
occasions
its
record in the
our own
..
the previous is¬
sue
of $1,300,000,000
of 91-day
Treasury bills dated Dec. 20, and
maturing Mar. 21, 1946, the Treas¬
cooperation.
our
27. in
Dec.
on
$1,300,610,000.
With respect to
and savings bonds to
war
1945, increased by 14%-above the
same
period of last year.
This
ury
on
Dec. 17 disclosed the§e
depositors, one of our greatest results:
' 7
/■
accomplishments
has
been
the,
The details of this issue are as
physical task of processing the follows:
•
volume
of
subscriptions
which
Total applied for $2,030,823,000.
flowed through our banks to the
Total
accepted,
$1,316,463,000
Federal
Reserve
banks and
the
compared with an increase of 10%
in the preceding week.
For the
Treasury.
Over one billion indi¬
vidual pieces of Series E bonds
Department stores sales on a
country-wide basis, as taken from
four
Reserve
the
ended
week
weeks
Board's
ended
in¬
to
year
of
date
15,
Dec/ 15,7^945/
showed
increase
an
11%.
With Christmas shopping near-:
ing its climax, retail trade here in
New
York
estimated
the
like
last
week
increase
week
of
showed
of
30%
an
over
This
1944.
was
the largest percentage gain for the
holiday
which
season,
marked
by
in
heavy
spending,
ury items and shortages of many
gift goods.
An extremely strong
demand for foods obtained
during
the week with wholesale volume
running ahead of last year.
7/ Many wholesale markets were
affected by pre-holiday dullness
producers
continued to be confronted with a
lack of goods.
In the furniture
trade
activity
part at
a
to
Bank's
store
the
most
sales
in
the
Federal
index,
New
Re¬
department
York
City for
the weekly period to Dec.
15, 1945,
increased 17% above the same pe¬
riod
last
year.
This
compared
with
an
increase
preceding
of
16%
in
the
week.
For, the
four
weeks ended Dec. 15, 1945, sales
rose by 15% and for the
year to
date increased
by 15%.
.
in which
manner
flood
the
sold
been
we
have handled
of
subscriptions which
poured through our institutions
has won the praise and admiration
of Treasury officials.
+
Drives
Com¬
mittee, and Vice President of the
Continental Illinois National Bank
& Trust
Company, Chicago/Ill., in
to
the
secre¬
taries of the State Bankers Asso¬
ciations',
expressed "deep appre¬
ciation for the splendid help that
you have given us during the Vic¬
tory Loan Drive. All of you have
been very cooperative and have
lightened considerably the task
of
letter read
the
State
at
the
Association
meeting
Section
of the American Bankers Associa¬
tion at St. Louis, Dec. 11, by Frank
C. Rathje,
President of the Asso¬
ciation, further said:
"It
that
is
the
no
exaggeration
nation
could
mobilized for total
war
to
have
and
com-
'
of
0.376%
.
(60% of the amount bid for at
caring for this extra volume of j
on top of their normal
du¬ the low price was accepted.)
in actually soliciting
There was a maturity of a sim¬
subscriptions both at their places ilar issue of bills on Dec. 20 in
of
of
and
business
We
hours.
in
their
them
leisure
gratitude.
volunteers in
the
sale
Ended December 15, 1945
ing the services of many of their j
of
leaders in the various
dollars
of
their
literature
porting
distribution
and
in
Trade
campaigns
of
and
the interim
bution
to the
of
national
the
most
war
program
to
the
of 433 mills re¬
National Lumber
Barometer
0.3%
were
be¬
production for the week end¬
ing Dec. 15, 1945.
In the same
week new orders of these mills
were 7.9% below production. Un¬
filled order files of the reporting
mills amounted to 81% of stocks.
support of the vari¬
loan
war
Lum¬
Association,
low
in
period between drives.
The banking system as a whole
was glad to do this as its contri¬
ous
Manufacturers
lumber shipments
own
newspaper,
publication
According to the National
ber
radio, and
billboard advertising, and for the
in
money
Movement—Week
Lumber
of billions
drives, the banks have spent thou¬
sands
$1,306,700,000.
a
of dollars of bonds and contribut¬
as
amount of
the
grea+debt
Although acting as
owe
reporting softwood mills, un¬
28
For
effort.
filled orders are equivalent to
significant
production
days'
•
has been the widespread
at
the
current
rate, and gross stocks are equiva¬
lent to 33 days' production.
\
of
ceeded
For the
year-to-date, shipments
reporting
identical
mills
ex¬
production by 3.7%; orders
by 5.9%; 77,+ ■/>;-:77+7-:-v+v 7; 77
in every
Compared to the average cor¬
portant that this distribution of responding
week of 1935-1939,
the debt be maintained so that the
production of reporting mills was
public may have a direct interest 11.8% less; shipments were 5.0%
than
85,000,000 Americans
income group.
It is im¬
in the manner in which it is han¬
dled
is
in
one
the years to; come.
of
American
the
reasons/why
That
the
Bankers Association
is
less; orders were 28.9% less.
which makes for a sounder econ¬
omy which means a better and a
supporting! the Treasury's plan to
happier America." 7/7'
continue the sale of savings bonds
The State Bankers Associations
indefinitely
in
the
post-warwere also highly complimented by
period. 7;.. 7
.'7 '7.' ;■
;: v7z Frank C.
Rathje, President of the
"It is in our own interest, as American Bankers
Association^ in
well
as
that of
the public, to an address
opening the meeting
.
the
stability of the na¬
financial
structure,
and to
balancing of the
budget.
We,
therefore,
should
take advantage of every oppor¬
tunity to emphasize the necessity
of a close and harmoniious work¬
ing relationship
be tween the
banking system and the Treasury,
bring
about
a
say
not
.
ties but also
tion's
The
approximately
annum.
per
of their time and energy not only
maintain
us."
v'"
,
work
sociation
given
,,
in
which the American Bankers As¬
had
annum.-
Low, 99.905, equivalent rate
bank em-'
discount
contributed freely
have
ployees
more
Francis M. Knight, Chairman of
addressed
»
per
Victory Loan bonds were sold to
State Associations
letter
High, 99.908, equivalent rate of
approximately
0.364%
discount
distribution that has been obtain- ]
ed for the public debt.
War and
Chairman Praises
a
bids:
,
"Most of our 300,000
achievements of the war financing
the ABA War Bond
(includes $54,353,000 entered on a
fixed price basis at 99.905 and ac¬
7 ■
'
during the cepted in full).'.
war period, in addition to the mil| Average price, 99.905 + ; equiva*lions of pieces of other securities lent rate of discount approximate¬
which
have
been
part. of
the ly 0.375% per annum.
. ,77-7.
drives, and the quick and efficient (
Range of accepted competitive
have
alone
"One
ABA War Bond Drive
-
.
.
officials
standstill.
According
serve
for
was
,
general
demand for higher price and lux¬
and textile and garment
our
.
Dec.
sales increased by 10% and for the
display
were
delivery.
77
previous
mately 0.375% per annum.
was
ported
crease
sections
chasing
continued
noted at
in various
4.3
4.6
7 "v
3.6
7- 7
"vv'7
4.7
7>7
3A t'vi/Y
4.6
3.6
,
the
to
$1,300,000,000
Treasury
(200)
3.5
3.3
3.4
4.8
4.6
estimated to be from 6 to 10%
was
was
and 'Retail
Wholesale
pork
in¬
3.9
1945
for
clearance.
the
Nov.,
dex
showed
on
Oct.;
weeks behind schedule.
found
ready
Production of lard and
fats
—.
.
.
5.3
3.8 r
1945
1945—______ —7 3.7
Federal
this
was
1945_
the
Wholesale
and
Yield
(10)
3.3
77
5.1
:
extended.
At
Activity in grains
4.1
1945_____„_
foreign wools, both spot
and
shortly-to-arrive, continued
very active.
In the woolen and
worsted piece goods markets, pro¬
duction was said to be running
about 30% greater than six months
ago./ Fabric deliveries, however,
are
reported from
four to six
sure
at 174.61.
^7
1945_:
5.5
7"'':
>-:S
:?/+•
4.1
V 7'.i
slightly last week but was frac¬
tionally over a year ago. Low tem¬
peratures and snow adversely af¬
fected shipments.
Rush re-orders
eign wools were still scarce, some
improvement in supplies
Insurance
,7
.7
v
5.0
-
5.5
000 and
riod, closing at 182.02 on Dec. 18,
as
against 182.26 a week earlier.
it stood
.—
July,
sales
recent
(15)
!
6.2
<-
4.1
to
was
Average
.
Banks
5.9
4.2
4.4
.
1945—
June,
Carded gray
12,000,000 pounds, accord¬
ing to the U. S. Department of
Agriculture.
/Vlthough spot for¬
7'-7
respect
of
Treasury bills dated Dec. -7
/maturing
March
27,
the
day
"
::7
'777 Z 5.2
6.3
during the first
week under the lower price sched¬
ule amounted to between 10,000,-
of
country,
ago,
1945
1945
May,
immediate requirements.
cover
of
year
April,
ty and mostly in small lots needed
to
With
issue
STOCKS
COMMON
Utilities
i
(25)
.
7"-:
4.4
February, 1945
March, 1945—-.—
Aug.,.
storms
a
January,
Sept.,
Value
200
'
(125)
cotton cloth markets were report¬
withdrawn for the
remainder of the year.
Sales dur¬
ing the week were small and
widely scattered.
7!///'-o:+/■
In the Boston wool market, busi¬
ness
in domestic types continued
to taper off. Sales were very spot¬
OP
(25)
Railroads
Industrials-
ed
generally
YIELD
7 .7,.
staple into the Government loan
and purchase programs remained
at a very low level due to present
high market values.
AVERAGE
'
export program were in good
volume but the movement of the
severe
time
WEIGHTED
ton
wholesale commodity price index
fluctuated mildly during the pe¬
this
MOODY'S
Registrations under the cot¬
year.
mar¬
quite steady last week.
&
Bradstreet
daily
The up¬
held in check
unset¬
and prospects
of increased cotton plantings next
to
of Treasury
Moody's Common Stock Yields
yields in prior years see the following back issues of the
"Chronicle": 1941 yields (also' annually from 1929), Jan. 11, 1942,
page 22L3; 1942 levels, Jan. 14, 1943, page 202; 1943 yields, March 16,
1944, page 1130; 1944 yields, Feb. 1, 1945, page 558., :v'//7: /:-/•';•/7,//--
years.
trend in prices was
for
three-fourths
twenty-five
in
Thursday, December 27, 1945
For
(Continued from page 3171)
York
FINANCIAL CHRONICLE
and to indicate our willingness to
cooperate in any constructive plan
of
the
State
Association
Section.
Rathje, who is Pr-esident of
the Chicago City Bank and Trust
Company of Chicago, stated that
Mr.
"the
value
of
the
contributions
which banks made to the preven¬
tion of inflation by
securing broad
participation in bond purchases
by individuals is an achievement
of
which
they
may
justly be
Moody's Bend Prices And Bond Yield Averages
15
bond yield
and
prices
computed bond
Moody's
are
averages
given in the following-table.
(Bastd
IS 4 5—■
U.S.
16
Oaily
Govt.
Corporate by Ratings*
Corpo¬
Bonds
rate*
Aaa
111.44
113.89
117.20
117.20
120.84
119.41
117.20
111.44
113.89
117.20
120.22
117.20
120.84
119.41
117.00
111.44
113.89.
117.20
.120.43
113.89
117.00
120.28
120.43
117.00
120.84
119.41
117.00
111.25
117.00
120.84
119.41
117.00
111.25
113.89
117.20
120.22
117.00
120.84
119.41
117.20
111.25
111.25
113.89
117.20
120.22
111.25
113.89
117.00
120.22
117.00
120.63
119.41
117.00
111.07
113.70
117.20
120.02
124.06
117.00
120.63
] 19.41
117.00
111.07
113.50
116.80
12Q.63
119.41
117,00
110.88
113.50
117.00
116.80
120.63
119.41
117.00
110.88
113.50
117.00
124.04
120.22
117.00
,124.06
124.08
....
.
116.80
120.63
119.41
116.80
110.88
113.50
117.00
120.22
124.01
117.00
120.84
119.41
117.00
110.88
113.50
117.00
120.22
A; 123.98
116.80
120.63
119.41
117.00
110.70
113.31
117.00
120.22
123.92
.116.80
120.84-
119.41
117.00
110.88
113.50
117.00
120.22
;
5
110
3—
..
117.00
110.70
113.31
117.00
120.22
117.00
110.70
113.31
117.00
120.22
.41
113.50
116.80
120.22
123.83
116.80
120.63
119.41
123.81
1
116.80
120.63
119.41
'
..
9
123.70
2
.X
grain and grain products loading for tiie week of Dec. io
totaled 36,471 cars, a decrease of 3,862 cars below the preceding week
but ah increase of 5,128 cars above the corresponding week in 1944
Livestock loading amounted to 21,089 cars an increase of 49
cars above the preceding week and an increase of 1,855 cars above
the corresponding week in 1944.
In the Western Districts alone
alone,
119.41
116.80
110.52
113.31
116.80
120.22
120.63
119.41
116.61
110.34
113.12
116.80
120.02
116.61
120.63
120.02
113.12
116.80
116.22
120.63
319.20
116.22
109,60
112.93
116.41
119.82
116.22
120.63
119.20
116.22
109.42
112.75
116.41
ing
western.
except the Northwestern, Centralwestern and South¬
reported increases compared with 1943 except the
All
„
120.02
116.22
112.56
109.42
109.24
112.37
116.22
120.02
i
Weeks
of
February.
108.88
112.19
116.02
119.82
5
Weeks
115.82
120.43
118.80
116.02
108.88
112.19
116.02
119.61
I
Weeks
of
119.61
i
Weeks
of May
;
121.98
14
116.02
120.64
118.80
116.02
108.70
112.19
116.22
Weeks
I
122.09
116.02
120.63
119.20
116.22
108.52
112.37
116.02
119.61
J
weeks
Aug. 31.
122.09
116.02
120.84
119.00
116.22
108.52
112.56
116.02
119.41
I
Weeks
July
122.39
115.82
120.84
119.20
115.82
108.16
112.93
115.63
119.00
June 29..—
122.93
116.02
121.04
119.20
116.02
108.16
112.93
115.43
May 25—__
122.29
115.43
120.63
118.80
115.43
107.44
112.19
114.85
122.38
112.19
114.27
..
27.
of
119.41
i
Weeks
of
119.20
i
119.20
L.
"X.
—
4,003,393
October—
i),554,694
understood
3,598,245
3.607,853
3,152,879
3,441,616
3,363,195
3,055,725
4,456,466
115.24
120.84
118.40
115.04
107.09
—.
3,207,035
3,364,903
122.01
114.85
121.04
118.40
114.85
106.04
111.25
114.27
119.20
Week
of
December
1—.
803.770
% 807,836
862,733
121.92
114.66
120.02
118.60
114.46
106.04
110.52
114.08
119.41
Week
of
December
8
776,375
793,156
W 823,311
Jan.
26
120.88
113.89
119.41
118.00
113.70
105.17
109.24
113.89
118.60
Week
of
December ,15
High
124.31
117.20
121.04
119.61
117.20
111.62
114.08
117.40
113.50
118.80
117.80
113.31
104.48
108.52
113.70
118.20
AgoV;"'i ^1TO':T::
1944120.55
113.50
119.00
117.80
113.31
1 Year
23,
108.70
To ■
113.89
113.12
116.22
_
..
':'■■■}ii'. :v
2 Years Ago
Dec.
750,242
758,881
....
.rVy'i'
104.48
1945—
Dc-c',
:
771,594
3,304,830
120.43
120.55
1945..
Low
November—,
of
weeks
4
24,
1943-
119.55
118.20
110.70
MOODY'S
118.20
•
103.13
99.04
110.88
116.02
40,706,600
42,060,447
41.155,471
-
Sfesl isB
Operations Attested by Holiday
Shutdowns—Consumers Ml by Strike Threat
I
BOND YIELD AVERAGES
(Based on Individual Closing Prices)
tons will be involved in these di¬
3,455,328
3,845,547
3,275,846
.
23—
.w
Approximately 850,000
products.
4,338,886
3,916,037
Feb.
Apr. 27—
Mar. 31—
export directives, affect¬
of
the most critical
some
3.576,269
4,424,765
3,154,116
3,452,977
'
3,158,700
3,374,438
August—
September
of
Weeks
most
3,459,830
1943
2,910,63b
3,049,697
April
of
.;'
v
4,018,627
June—
Weeks
:
3,001,544
i
of July
I
developing, the newest
important being sub¬
are
and
other
3,240,175
4,116,728
3,150,712
of March
116.22
tions
14
4,364,662
January
116.22
115.82
in addition to
strike
complica¬
year as
Jan.
3,378,266
'
of
119.00
118.80
119.00
1944
1945
120.84
for
rectives, with substantially more
than a third, according to reliable
information, composed of sheets,
strip
and tin plate, the
latter
being the largest single item.
Some of this tonnage will be
credited to export orders already
on books, but the
greater part is
Allegheny and Southwestern.
121.97
..
7
1944
in
we6k
;■ .v
.
difficulties
further
the threatened general steel
stantial
v
reported increases compared with the corresponding
con¬
are
consumers
with
new
responding week in 1944.
120.84
120.84
in the
above the preceding week, and an increase of 83 cars above the cor¬
All districts
even
cases.
fronted
•
set
116,22
116.22
some
Domestic
preceding week and a decrease of 1,141 cars below the corre¬
sponding week in 1944.
,• '%.■ %, V: v'v
Oolce - .loading; amounted to 13,228 cars an increase of 224 cars
116.02
122.76
in
above the
122.56
..
where
of
difficulty of transportation of raw
materials, mainly pig iron and
scrap.
On top of this is indica¬
tion of lowered output at various
plants over the two holidays, two
or
three days perhaps being lost
Forest
:
others there is threat
at
curtailment,
weather is less severe, because
above the
cars
cars
119.82
110.15
116.41
119.41
of
loading of livestock for the week of Dec. 15 totaled 16,044 cars, an in¬
crease
of 22 cars above the preceding Week, an increase bf-1,416
122.19
,
..
21
117.00
120.84
116.61
122.92
...
•^..••y:ll
28—L
120.84
116.80
123.08
.
..
26—
19—..
116.80
123.05
._
110.70.
123.28
..
1
123.44
23----..
tion has been brought almost to a
halt and
the
117.20
117.00
situation, both production
transportation, being affected.
producing centers, not¬
ably in the Buffalo area, produc¬
120.22
100.22
119.41
119.41
the tight
At some
120.22
117.20
120.84
120.84
holiday
year-end
steel
and
corresponding week in 1944.
products loading totaled 33,070 cars an increase of 2,785
preceding week but a decrease of 6,339 cars below the
corresponding week in 1944.
>>'
Ore loading amounted to 9,974 cars, a decrease of 1,691 cars below
113.89
117.00
117.00
124.01
30—.
Bept.
120.22
117.20
124.06
6
Oct.
120.22
117.20
119.41
'
7
Nov.
117.40
114.08
121.04
124.11
,
8
>
114.08
111.44
117.20
124.17
...
10.....
,
111.62
117.20
124.17
11—
■
117.20
119.41
124.23
;
'12—..
'•
119.41
121.04
124.25
13
-
■"*
CLOSED
121.04
117.20
124.28
14—___
-
'
•"
EXCHANGE
117.20
124.25
.+
17—2
•
CLOSED
124.28
,' 19-.-18—.:
■■
Indus
*
20
.
P. U.
124.31
22—*—
v
EXCHANGE
STOCK
241
Groups*
R. R.
Baa
A
Aa
STOCK
25__--l'
*
Corporate by
the
have accentuated
season
of 4,350 cars
Yields)
of
fluence
116,672 cars, a decrease of 578 cars below the preceding week but an
above the corresponding week in 1944.
• • Coal loading amounted 180,695 cars an increase of 6,276 cars
above the preceding week, and an increase of 38,022 cars above the
increase of 14,443 cars
corresponding week in 1944.
Grain and grain products loading totaled 54,513 cars a decrease
below the preceding week but an increase of 9,835 cars
above the corresponding week in 1944.
In the Western Districts
PRICES
Average
on
Avge.
Averages
Dec.
BOND
MOODY'S
3181
FINANCIAL CHRONICLE
COMMERCIAL &
THE
Number 4450
[Volume 162
be
to
the
at
expense
domestic
requirements.
The
program
has
been
set
up
by
Washington mainly to meet some
of the more urgent rehabilitation
requirements abroad, particularly,
in
Europe, and to provide tin
plate for food preservation.
The
program represents screening of
more than 4,000,000 tons asked by
foreign
countries
as
urgently
needed during first half.
France
is said to take almost half.
The
of
22—
1.45
2.79
2.60
£.68
2.79
3.08
2.95
2.78
2.64
21—,
1.45
2,79
2.60
2.68
2.79
/3.03
2.95
2.79
2.64
material troubles are giving the steel industry
one^ Steel
Industry
Advisory
Com¬
problems since the high wartime peak days, but indi¬ mittee to the Civilian Produc¬
cations this-week point to even greater headaches to come, according
tion Administration is endeavor¬
to "The Iron Age," national metalworking paper, which further states
ing to set up quotas for various
in its issue of today (Dec. 27) as follows: > "
,
v,
V
>
piills, ba*ed on estimated produc¬
.■
"Severe winter weather conditions have brought to light the
tion, of the products involved.
1.45
2.79
2.60
2.68
2.79
(
2.63
fact that inventories of scrap and-*
1.9—
1.45
2.79'
2:61
2.68
2.79
.v
18
3.45
2.79
2.61,
2.68
2.80
1.46
U. S.
Avge.
Govt.'''": Corpo¬
1945—
Oaflv
Bonds
Averages
Dec. 25-_
24
;
O'T:"
•
Aa
Aaa
rate*
Indus
P. U.
R.R.
Baa
A
EXCHANGE CLOSED
STOCK
:
STOCK EXCHANGE CLOSED
-
.
2.80
3.09
7
2.96
2.79-
3.09
2'.96
2.79
T21'64
3.09
2.76
2.79
2.63
2.96
■2.80
2.96
2.79
2.96
2.79
2.64
3.10
2.64
2.80
2.61
2.68
1.46
2.80
2.61
2.68
.2.80
3.10
1.46
2.80
2.61
2.68
2.79
3.10
13——
1.46
2.80
2.61
2.68
2.79
3.10
2.96
2 79
"2.64
12__—
1.46
2.80
2.61
2.68
2.80
3.10
2.96
2.80
2.64
11——
1.47
2.80
2.62
2.68
2.80
3.11
2 .«>7
2.79
2.62
2.68
,2.80
2.98
15
—
-
'
v
1.47
2.80
1.47
2.81
2.62
2.68
1.47
2.81
2.62
2.68
6*1—1—
1.47
2.81
2.62
2.68
2.81
5
1.47
2.80
2.61
2.68
Nov.
"
—
2.64
weather.
2.80
2.64
2.80
2.64
2.93
3.12
2.98
2.80
2.64
2.98
2.80
2.64
2.80
2.64
V
2.81
(
2.68
,3.13
2.68
2.80
3.12
2.98
2.80
2.62
2.81'
2.99
2.61
2.81
2.81
1.49
2.68
2.80
3.13
2.99
2.80
2.64
2.64
!
7
2.62
3.13
2.80
2.68
2.69
.
:2.64
2.80
-: : • ' ■>:;■'
■ ■ :%?/• v;
■'.•t'
"The decline in ceal stocks with
reduction in the
output of coke or blast furnaces
has reduced the flow of steel mak¬
its
consequent
1.50
2.81
2.61
2.68
2.80
3.13
2.98
2.81
-2.81
2.61
2.68
2.81
3.14
2.99
2.81
2.82
2.62
2.68
2.82 v
3.15.
3.00
2.81
2.65
2.62
2.68
2.83
3.16
3.00
2.81
2.65
3.19
3.01
2.83
2.66
3.20
3.02
2.83
2.66
2.84
>2.65
1.55
2.82
1.56
2.84
2.62
2.69
2.84
19—
1.55
2.84
2.62
2.69
2.84
2.61
2.84
1.57
—
5—
1.59
1.63
21
1.65
2.86
14
1.66
2.85
2.70
.
.
.
'
.-■■2.84
•;
3.03
3.20.
3.21
3.04
2.84
2.65
3.23
3.05
2.85
2.66
2.85
3.23
3.05
2.85
k 2.67
2.71
2.85
3.24
:3.05
2.84
.' 2.67
2.67
2,61
2.70
2.71
2.71
2.61
2.85
2.61
2.63
2.84
Bept. 28—X
2.84
2.86
.
j
"The lack of hot metal for steel
production has caused most com¬
panies to scour the country for
iron and steel scrap.
This em¬
phasis on scrap will make up for
the deficiency in pig iron and has
caused scrap supplies to be tighter
this week than at any time in sev¬
eral years.
1.65
2.85
V. 2.62
2.8.9
2.84
3.25
3.04
2-.B5
2.85
2.61
2.70
2.84
•3.25
3.03
2.85
2.68
1.64
2.86
2.61
2.69
2.86
3.2>7
3.01
2.87
2.70
June 29———
1.60
2.85
2.60
2.69
2.85
3.27
3.01
2.88
2.68
last week forced Carnegie-Illinois
May 25—
Apr. 27—
1.64
2.88
2.62
2.71
2.88
'3.31
3.05
2.91
2.69
Steel
1.63
2.89
2.61
2.73
2.90
3.33
3.05
2.94
2.69
1.66
2.91
2.60
2.73
2.91
3.39
3.10
2.94
2.69
tions
Mar. 31——f,
1.69
2.92
2.65
2.72
2.93
3.39
3.14
2.95
2.6?
2.68
2.75
2.97
3.44
3.21
2.96
2.72
ule
—
23
:
r.
,
•
"The material shortage
more
situation
curtail • its opera¬
Chicago, district by
Corp. to
in the
than
below the sched¬
10%
While 24-hour shut¬
grade.
1,77
2.96
High 1945—:—
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.74
downs
Lov;'
1.45
2.79
2.60
2.67
2.79
3.08
2.95
2.78
2.63
because of the Christmas
2.98
2.70
2.76
2.99\
3.24
2.96
26
23.
24,
result
of
contract
war
speculation
some
this
'regard
ers
as
to
AAA
doubtful.
MM and
as
CC,
existing
ratings will be more gener¬
These in the past have
ally used.
sparingly, though re¬
used
been
cently the number has increased.
No
in
easing
can¬
VE and VJ-
following
of
be
normal this week
>■
v;;.'
situation
has
tight
the
scrap
and sup¬
appeared
h'The recent
that
Truman
of
stand
fact-finding
boards
melters
steel labor
a
controversy or at least
for negotiations may
move
new
3,56
3.00
.
the
in
average
a
more
The
the
list
used
"Chronicle"
in
on
compiling the
page .2508.
averages
was
given
in
the
Nov.
22,
1945
|
•.
Freight Bar Leadings Bering .Week
indd 2ep. IS, SS41 Decreased 4,IS! Bars
Loading of revenue freight for
the week ended Dec. 15, 1945,
the Association of American Railroads an¬
nounced on Dec. 21. This was an increase above the corresponding
week in 1944 of 21.352 cars, or 2.8%, and an increase above the same
week in 1943 of 12,713 cars or 1.7%.
771,594
cars,
Loading of revenue
freight for the week of Dec, 15, decreased
4,781 cars, or 0.6% below the preceding week.
Miscellaneous freight loading totaled 342,353
7,496 cars below the preceding
below the
=
cars
a
decrease of
week, and a decrease of 35,406 cars
corresponding week in 1944,
Loading
of merchandise less
than carload lot freight
of
82 %
capacity.
caused
such
ders that
snowed
few
a
some
».
fears
of
surge
of
mills
are
under.
days
a
steel
14 have
new
or¬
literally
Within the past
ordering
activity
has
been curtailed
becaqse of holiday
previous to that
time incoming business depending
on the company was running from
10% to 100% ahead of shipments.
influences,
but
"It is understood that steel com¬
pany
and union representatives in
some
distircts have met to formu¬
are
deferred,
plans for keeping in operation
certain steel mill facilities which,
had
because
of
steel
areas
their
nature,
service
utilities.
In
many
from the coke
gas
Iron
American
Dec.
on
received
24
together."
and Steel
announced
reports which it
indicated that the
operating rate of steel companies
having 94% of the steel capacity
of the industry will be 62.8% of
capacity for the week beginning
Dec. 24, compared with 83.0% one
week ago, 83.5% one month ago
and
92.1%
one
year
This
ago.
represents " a
decrease of '20.2
points or 24.3% from the preced¬
ing week. The operating rate for
the week begininng Dec.
24 is
equivalent to 1,150,300 tons of
steel
ingots and castings, com¬
pared to 1,520,300 tons one week
ago, 1,529,400 tons one month ago,
and
1.656,800 tons one year ago.
markets,
as
on
follows:
its
steel
Dec. 24, stated in part
of
summary
in
Cleveland,
of
"Steel"
the
•
iron
'
and
"
'
Highly adverse weather and in¬
the
mills
deliveries
seek
consumers
many
.
broken and
With
low.
is
with
mills,
from
result assortments are
supply
squeezed
demand and slow
between heavy
long and bitter struggle
result if both parties
will
not brought closer
The
late
community
totaled
and
material Shortages may make
it dificult to reach the recent level
"Customers^
Reraise
which
warehouses are
deliveries
pay
material.
order to obtain
Steel
to
locations in
freight from remote
crowded far ahead and
minent
.
raw
a
cause
willing
trend away from the im¬
that Telegraphic
3.81
is strong
Pressure on brokers
and
are
re¬
for win¬
usually built up
ter.
posed to his plan. So far, no fact¬
finding board has been named for
the steel industry and it is be¬
lieved in some quarters that ef¬
forts towards a
settlement of a
of
accumulation
allow
serves
consider earnings of com¬
week but weather conditions
3.1^'.
maintain current operations, does
President
panies in wage negotiations has
brought out into the open the real
reason why management was op¬
should
Institute
2.85
ply, while apparently sufficient to
not
'
ingot output for the country next
2.74
3.13
2.74
strike scheduled fpr Jan.
totaled
strike.
2.84
-.
«
1.86
1943-
NOTE—
will
as
well
as
curtailments
brought about because of the coal
Day,
;
:>3.48
maturing in 25 years), and do not purport to show either the average
movement eff actual price quotations.
They merely serve to
comprehensive way the relative levels and the relative movement
yield averages, the latter being the true picture of the bond market,
■ , \
issue
Most of this decline was
in 1944.
prices are computed from average yields on the basis of one "typical" bond
_■
*
coupon,
or
Illustrate
of
"The steel industry this year is
■
There is
possibility of return
to wide¬
spread allocations, similar to those
under CMP, but most trade lead¬
Probably
1
expected to produce about 80 mil¬
lion Tons of steel, a decline of
more than 9%-'- million produced
'*■
;
1.80
1944-
♦These
<3%%
munity services.
?
1 Year Ago
level
not to interfere with such com¬
as
holiday,
the raw material shortages have
caused deeper than normal cuts
to be made at many steel plants.
"A rebound is expected in steel
1945—
2 Years Ago
Dec.
labor-manage¬
made so
villages and
ment agreements will be
cellations
1.65
7
Dec.
it is expected that
quirements.
27—
Aug. 31
Jan.
fur¬
is
or
the
2.64
1.53
26——-
Feb.
furnaces
nished to the cities
ing iron to a point far below re¬
2.64
1.52
-
16-—
Jul>
blast
and
ovens
'
23
Oct.
r
danger
are
,.'2.80
2-98
3.12
2.80
1
30
?
industry
2.P5
3.12
2.80
the
in
coal
ously low. As a direct result of
the coal strike in October, steel
companies were unable to estab¬
lish sufficient stockpiles as an in¬
surance
against
severe
winter
2.62
1.47
1.49
—1-
1
i
2:64
■
3.12
2.80
,
-
"
1.48
4
,
M
3.11
2.80
—
8—..
of its greatest
,.
14
17'
and
Labor
Corporate by Gj •oups*
Corporate by Ratings*
warehouse and
large orders from
inquiry is received from users
remote
territory
in
from that usu¬
supplier. With
mills job¬
ally served by the
shipments rationed by
bers
forced
are
their
divide
to
tonnage among customers
in pro¬
portion to usual buying.
'
■'—;
——
igwn-
Moody's Daily
;:
Comnodity" Itidex;!
Tuesday,
20
Dec.
Friday, Dec. 21
Saturday, Dec. 22
Monday, Dec.
Tuesday,
Month
Dec.
Year
1944
1945
ago,
ago,
-
24__
25
Dec.
Two. weeks "ago,
Low.
ll-r^—:
Dec.
23,
Dec.
Jan.
273.3
253.3
—
254.4
245.7
—.
1244-.
—
15_:_
24—
264.7
—
Nov. £4„_—
High, Dec. 31
Low, Nov. 1
High,
264.7
264.8
264.8
—
264.0
264.3
—Closed
——-.--Holiday
1945——-19—:
1——-
Dec. 18,
Dec.
Wednesday,
Thursday,
■
^
,-
264.9
252.1
THE COMMERCIAL & FINANCIAL CHRONICLE
3182
Thursday, December 27, 1945
tons when compared
Trading
New York Exchanges
on
Exchange Commission made public on Dec. 19
figures showing the volume of total round-lot stock sales on the
New 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 Dec* 1, continuing
a series of current figures being published weekly by the Commis¬
The Securities and
sales
Short
sion.
'■
Trading
:
•"
-
' .'i.
:
ESTIMATED UNITED STATES
/•
•
,
.
.
with member trading during the week ended Nov. 24 of
2,854,786 shares, or 15.99% of the total trading of 8,926,150 shares.
On the New York Curb Exchange, member trading during the week
ended Dec. 1 amounted to 1,350,040 shares or 12.51% of the total
volume on that Exchange of 5,397,605 shares. During the week ended
Nov 24 trading for the account of Curb members of 1,106,155 shares
of 4,468,650 shares.
12.38% of the total trading
was
'Subject to current adjustment.
for
Transactions
of Members*
Account
DECEMBER
ENDED
WEEK
1,
(Shares)
—
———-—
(Other sales——
§Dec. 8,
Penn Anthracite—
'Total incl. coll. fuel
(•Commercial produc.
1,066,000
1,023,000
1,015,000
974,000
■
well
84,600
84,400
1045
1944
61,811,000
49,901.000
50,780,000
59,339,000
47,406,000
5,019,700
6,777,700
3,115,700
by truck from
§ Revised.
authorized
washery and dredge coal and coal shipped
(Excludes colliery fuel,
tSubject to revision.
V/.R; R/;
RR; BY STATES, IN NET TONS
^V'
current
weekly estimates are based on railroad carloadings and
subject to revision on:receipt of monthly tonnage reports
district and State sources or of final annual returns from the operators.)
shipments
and
are
^
State—
'■f-dly..-
;
...
Colorado—
A
;.
414,000
6,000
101,000
>
163,000
/
.
Short sales——
j
t
^
Illinois
.
-.—.....
Iowa..
177,430
Kentucky—Eastern—
Kentucky—Western...—_—
831,160
v
Michigan
—
(Other sales—
..——
Total sr16S
.,1
Total
-'
purchases-—-—
1,000
144,000
s
2,000
353,000
34,000
;
Vvoming
§0ther Western
4.71
612,244
...
,
Total—
4.
Total purchases.
;
Short sales———
Total bituminous &
238,658
1,591,766
(Includes
lignite—.J
■he
15.92
1,830,424
Total sales.
on
Sales
Stock
Round-Lot
Total
the
on
1,
Total Round-Lot Sales:
Short sales
—
———.'
———-—«.
—
Panhandle District
Other sales—
—
—
—
~
12,045,000
.
12,350,000
^
and
Grant,
*Less than 1,000 tons.
1945
Latest
tf*
Total for Week
■
53,785
.
-
———-
Summary of Copper
The Copper Institute
5,343,820 V
released
Dec. 11
on
Transactions for Account
Round-Lot
1.
5,397,605
.
SUMMARY
STATISTICS" REPORTED*
COPPER
of Members:
are
registered—
(Other sales
.
U.S. Duty
325,835
.
on
•Crude
Refined
1939—
836,074
818,289
Year 1940-
992,293
1,016,996
fear
7.04
the flpor-
78,215
Year
1941-
3,250
Short sales—
Year
1942-
778,676
73,754
67,726
-Withersales
—
80,565
8,925
337,115
—.
67,496
69,950
172,585
76,337
Total sales-
3.95
346,040
4. TotalTotal purchases——.
,V
v •
Short sales——
561,920
—
Sept.,
43,020
tOther sales———
745,100
Nov./
Total sales.
12.51
788,120
•Mine
Customers' short sales-
—
ICustomers' other sales—
:
—....
—
domestic
0
,
♦At
72,995
68,253
69,127
86,840
64,091
45,145
70,363
70,218
83,478
104,104 '
119.923
65,236
Total purchases
150,610
'The term
rules
+
7,645
51,861
2,454
—
142
,
—.
•
1,044
+ f
+
—
874
+
+ 18,946
—1,041
4,982
73,913
74,425
+
.140
+7
+
sales
which
are
of
on
members'
purchases
the Exchange for
J
4
and
sales
exempted from restriction by the Commission's
,
The total production of bituminous coal and
lignite in the week
ended Dec, 15, 1945, as estimated by the United
States Bureau of
Mines, amounted to 12,365,000 net tons, an increase of
1944 amounted to
10,217,000 tons.
week ended Dec,
For the period from Jan.
15, 1945 production totaled 554,253,000 net tons,
7.6% when compared with the 600,015,000 tons
for
Production of Pennsylvania anthracite for
the week ended Dec.
15, 1945, as estimated by the Bureau of Mines, was
1,066,000 tons an
of 51,000 tons (5.0%) over the
preceding week. When
sion.
compared with the output in the corresponding week of 1944 there
was a decrease of 89,000 tons", or 7.7%.
The calendar
when compared with the
to date
corresponding
period of 1944.
The Bureau also reported that the estimated
production of bee¬
an
of
odd-lot
stock
account
special¬
the
on
con¬
series of-current figures
The figures are based upon
filed
with
the
Commis¬
by the odd-lot dealers
specialists.
increase of 200
STOCK
and:
AND
1——
STOCK
Remaining
—
:
6—
Oct. 20_
—
Tone
Current Cumulati
159,653
125,683
150,029
128,061
162,065
193,674
8
15
150,330
—
3
10
-
Nov.
17—
NOV.
24
1
"C.
97
Week
Ended
Dec.
■
of
of
necessarily
equal the
80
Dollar.value
515,295
-489,702
96
of
unfilled
orders,
1945
1
Total
:
For Week
54,18a
1,615,33d
:
z-j
$60,832,055
'
short sales.—
16.^
other sales.
42.698
96
Customers'
Number
of
total
sales.
42,863
93
""492,880
•
9'-
93
154,147
>
95
533,087„
506,935
155,723
489,971
157,617
94
97
479,228
i
sales.
1,218.843
value._.___.
$47,013,727
120
.....
1
91
96
172,673
94
•
Total sales..
.
Round-Lot Purchases by Dealers-Number of shares...
94
94
*
490,123
487,481
'94
97
157,792
98
orders received, less prodm u
•Sales
94
marked
ported with
.
Compensation for tWiqut-n
stock, and other items made necs*. •
;
5,243
1,213,600
(Other
04
"
154,235
'
94
95
454,926
472,568
154,122
94
.
97
total
.
Round-Lot Sales by DealersNumber of Shares:
Short sales
94
98
509,984
Customers'
Dollar
93
96
468,549
511,022
Shares-
Customers', short sales....
•Customers' other, sales—
93
,
'
97
156,551
156,223
147,083
152,571
•
Y.
Odd-Lot Purchases by Dealers—
93
unfilled orders at the close
reports, orders made for or filled from
ments
8,
shares.-
"short
exempt"
"
aot
N.
orders-^
Number
■
ODIK
DEALER!
EXCHANGE
Number
94
527,938
160,031
Oec.
Nov.
——
27
Nov.
494,699
.
160,303
151,365
155,428
134,324
140,583
201,060
162,023
123,281
123,781
172,297
173,537
Oct.
THE
THE
Percent of Activii
Tons
135.756
——-
FOR
ON
Odd-Lot Sales by Dealers—
(Customers' purchases)
•Customers'
Production
160,857
13—,
SPECIALISTS
Customers'
173,322
^
Sept. 15
Sept. 22.
Sept. 29
Oft.
TRANSACTIONS
Number of Orders:
Tons
Sept.
Oct.
:v'•
■.
LOT ACCOUNT OF ODD-LOT
Unfilled Orders
Notes—Unfilled orders of the prior week, plus
hive coke for the week ended Dec. 15, 1945 showed
a
reports
PRODUCTION, MILL; ACTIVITY
Orders
1945—Week Ended
Dec.
increase
decrease of 14.4%
volume
for
being published by the Commis¬
1945, have been revised.
Received
Period
s
year
daily
(Customers'sales
STATISTICAL REPORTS—ORDERS.
1
decrease of
period from Jan. 1 to Dec. 16, 1944.
a
tinuing
including
industry.-
Sept.
a
produced'during the
shows
the
for the week ended'*
complete figures show¬
ists who handled odd lots
We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in th«
paperboard industry.
The members of this Association represent 83% of the tota
320,000 tons,
to Dec.
Exchange
New York Stock Exchange,
eaci
indi
eates the activity of the mill based on the time operated.
Thes«
figures are advanced to equal 100%, so that they represent the tots
Weekly Coal and Coke Production Statistics
2.7%y over the preceding week. Output in the
summary
1
not
Trading
and
of all odd-lot dealers and
512
program includes a statement each week from
member of the orders and production, and also a figure which
16,
ing
Weekly Statistics of Paperboard teduslry
is
the reason that
R/,
included
a
transactions
5,23C
industry, and its
or
19
Dec. 8 of
5,428
4,150
11,64)
+
—
Securities
Commission made pubjic: on Dec.
5,281
3,59f
8,388
6,89'"
.
+
shipments, and custom intake including scrap.
includes deliveries of fluty paid foreign copper
March, 1941,
consumption.
•
fefineries on consignment
and
a.
The
smelter production or
or
fronts
NYSE Odd-lot
7,065
2,573
•
—10,850
2,106
"2 68,675
67,208
-10,255
—•13,188
—
70,738
80,316
——.
battle
-16,713
+"6,028■ ++
'76,166
~
—12,172
—
—
.
from
their
with "other sales."
SSales marked "short exempt" are included with "other sales."
are
+"1,625
—
-
turning
14,659
-
.
postwar
camps.
sion
all regular and associate Exchange members,
tin calculating these percentages the total
compared with twice the total round-lot volume
the Exchange volume includes
only sales. '.
short
+
.
——
major
confronting the nation
is the shortage of homes which
will be aggravated rather than
relieved, in all probability, dur¬
ing the coming year, by men re¬
185,929
"members" includes
linns and their partners, including special
partners.
(Round-lot
—42,608
63,841
"
•
NOTE—Statistics for the month of October,
Total sales
—
'4255,453;
74,377
the
problems
t—
+ 16,636
""57,142
—
—
the basis of belief
on
of
one
—
-2-48,671
and in' exchange warehouses, but
mnsumers' stocks at their plants or warehouses.-^
!
(Computed by difference between mine and refined production.
150,610
.—
^
72,271
69,322
17,785
—41,417
66,780
74,425
-59,715
"
RR-R
161,111
139,203.
94,031
88,661
(Beginning
O. Odd-Lot Transactions for Account of Specialists—
.
—
72,855
1945.
19451945- V.
Oct.,
,
resolution, it is indicated;
passed
— 130.270
75,564
65,309
52,121
+
142,772
-
:
218,488
74,469
76,395
75,436
85,319
74,392
j.59,485
that
Refined
§ Blister
.
.
145,904
1944—
End of
-48,537
'■ 5'.- 307
,
„
1,635,236
1,643,677
1,636,295
1,414,328
Jan., 1945—
Feb., 1945—
Mar., 1945Apr.,
1945.
May,
1945.
June, 1945.
July,
1945Aug., 1945-
Other transactions initiated off the floorTotal purchases—
——_——
Short sales-———.
.—.
1,545,541
Stock Increase ( +)
or Decreases (—)
Stocks
Period
134,152
1,001,886
11 mos., 1945
1.52
85,400
———.——
814,407*
1,033,710
1,065,667
1,135,708
1,206,871
1,098,788
777,051
Year
U-
1,152,344
1,194,699
1,056,180
Year 1943-
82,150
(Other sales—.
Total sales
Production
Free Copper
356,680
Total sales—
Total purchases-
Deliveries .'R"'
~td Customers
(Domestic
Export
•sR
30,845
_
t. Other transactions initiated
OF THE COPPER
(Refined
403,140
Short sales—
MEMBERS
■
(In Tons Qf* 2,000 Pounds)
Total purchases
.
BY
INSTITUTE v.",
Transactions of specialists in stocks in which
tbev
I.
OF
,
That savings and loan insti¬
The
was
the following statistics
'
Total' sales ———
in home
use
$5,000,000,000 now and presently
available to them to finance every
sound home construction project"
^
pertaining to production, deliveries and stocks of duty-free copper.
B.
"4.
C. & O.; Virginian; K.
Stock
and
,
t
1,000
Members*
DECEMBER
ENDED
WEEK
of
Curb Exchange
(Shares)
York
New
Account
for
Transactions
212,000
.
-
.
the B. & O. in Kanawha, Mason, And
and Oregon.
ma¬
tutions do their part by using the
227,000
'■
;#
...
operations on the N. & W.;
ihd
,
governmental
12,192,000
•
1,584,085
...—
—
( Other sales—*
those
& M.; B. C. & G.;
Clap counties.
(Rest of State, including
Mineral, and Tucker counties.
(Includes Arizona
"
225,000
States...
ex¬
moving any obstacles arising from
labor policies which prevent or.
hamper immediate home building
expansion.
:
'
*
Total sales—————
may
an
•'3. That
the
co-operation of
labor be sought, in bringing hun¬
dreds of thousands of workers in ~to home construction arid in re¬
153,000
370,000
30,000
2,203,000
2,011,000
391,000
36,000
2,160,000
1,065,000
:
.
That
.
2,000
142,000
2,C95,000
958,000
Vashington-i..—
2,748,000
137,000
R
as
expedite
ly to release them for
building.
'
674,000
141,000
on
terials in their possession or under
their control be requested prompt¬
61,000
88,000
727,000
2,825,000
T
-
'West Virginia—Southern.
tWest Virginia—Northern'.—^+
46,628
565,616
——:—;
—
,
ifirginia—
397,575
——-—
;
lignite)——
rJtah
——-———.
Short sales—
tOther sales—
>'
133,000
.
Texas (bituminous &
1.98
209,590
33,000
93,000
extent
an
to
agencies which have building
3,000
100,000
2,770,000
Tennessee.—
-iTf——"ti-m-
3,000
such
necessary
"2.
29,000
30,000
-
731,000
—
Pennsylvania (bituminous)...
initiated off the floor-
f. Other transactions
39,000
League
panded home building program,
378,000
100,000
(lignite).—.
Dhio—_
194,990
be
1,057,000
31,000
—*_
North & South Dakota
214,340
14,600
short sales—
levels to
158,000
-
from the
"L
That
those, governmental1
agencies with jurisdiction over
price ievels and rent levels take
prompt
action ; to adjust these;
45,000
:
advices
Dec.
15, which stated that the
resolution asks four specific
steps
to be taken simultaneously:
180,000
1,000
1,561,000
594,000
104,000
lignite).—
New Mexico—
9.23
1,008,590
.
53,000
.
128,000
1,072,000
442,000
2,000
Montana (bitum. &
Total sales———V—
J, Other transactions initiated on the floor—
Total purchases.——.———-————
,
,
452,000
33,000
'
,
548,000
125,000
987,000
Maryland.....
972,170
—————
said
89,000
'
1,413,000
,
46,000
Kansas and Missouri^
—-———-
(Other sales————
''■■■,■ ' tive Council at its annual
meeting
early in December in Chicago,
river
7,000
.
'
163,000
1,000
1,450,000
594,000
i.—...—j... ...
Indiana——..—
■
;
128,000
,
•
Georgia and North Carolina.——
;
recently
from
355,000
'
6,000
transmitted
was
Savings and Loan League. It was
adopted by the League's-Execu¬
1944
1945
420,000
/
•
.
,
Dec. 9,
Dec. 1,
'
1945
;
Alabama
Alaska......
Round-Lot Transactions for Account of Members,
Except for the Odd-Lot Accounts of Odd-Lot
Dealers and Specialists:
■
1. Transactions of specialists in stocks in which
they are registeredTotal purchases——-—
:
ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL AND LIGNITE,
-R'R-
Arkansas and Oklahoma—
B
which
to the 3,653 savings and loan asso¬
ciations
and
co-operative bank
members
of
the
United
States
.t
87,100
by
as
building and home fi¬
nancing, according to a resolution
iqq?
52,894,000
•Includes
operations.
Dec. 18,
1,109,000
:
agencies as'
all factors connected
with home
Dec. 16,
1,155,000
1945
governmental
many
v.-
;
.
.
—-Calendar Year to Date—.—
Dec. 15,
Dec. 16,
...'i 1944
Beehive coke-
United States total-
10,727,870
Total sales—---—-—————————
:■
-WeekEnded(Dec. 15,
1945
10,457,240
—. ■
————--—
canvass
PENNSYLVANIA ANTHRACITE AND COKE
(In Net: Tons)
v.;,,
Financing
The problem of the housing
shortage in the country at the
present time is so large and com¬
plex that action is needed from
—r—Week Ended——
270,630
......
On House
600,015,000
2,018,000
1,888,000
(Revised to agree with result of annual
ESTIMATED PRODUCTION OP
1945
Total for Week
Round-Lot Sales:
Short sales.
,
(Dec. 16,
1944
Of Klines..
Dec. 8,
A. Total
'Dec. 15,
1945
554,253,000
10,217,000
1,703,000
Sav's & Loan Assns.
Date"'"'"'"
——Jan. 1 to
Dec. 16,
1944
Bituminous coal & lignite:
1945
1945
Total, incl. mine 'fuel.—R 12,369,00012,045,000
Doily average
2,061,000
2,0p8,000
(The
Stock Sales on the New York Stock Exchange and Round-Lot Stock
Total Round-Lot
Dec. 8,
>'•
\
.
Week Ended—R—--V
Resolution Sent to
COAt, AND LIGNITE
(In Net Tons)
'
Dec. 15,
•
,
lot transactions)
compares
'
.
———
'
■
(except odd-lot dealers) during the week ended Dec. 1 (in roundtotaled 3,414,509 shares, which amount was 15.92%
of the total transactions on the Exchange of 10,727,870 shares. This
PRODUCTION OP BITUMINOUS
'
Stock Exchange for the account of members
the
on
separately from other sales in these
shown
are
figures.
with the output for the week ended Dec. 8, 1945;
2,500 tons less than for the corresponding week of 1944.
;
but was
172 7C
556,5£
are
r<
"other sales."
(Sales to offset customers'
odd-lot orde:
And sales to
liquidate
is less than
a
"other sales."
round
in
^
ig.
*»r»
;
position whic
reported wit
t
Volume
Civil
Daily Average Crude Oil Production for Week
Ended Dec. 15,1945 Increased 45,800 Barrels
$63,768,000 for Week
crude oil production for the week ended Dec. 15, 1945 was
ported to "Engineering News-Record." This volume is 6% below the
volume for last week; is 215% greater than the volume for the cor¬
the preceding
in the
Corresponding week of 1944 and was 27,300 barrels below the daily
average figure of 4,452,000 barrels recommended by the Bureau of
Mines for the month of December, 1945.
Daily output for the four
It
weeks ended
tails
1
reported by the Institute follow:
as
stills on a
dustry as a whole ran to
registered
57%
a
construction down
Federal
93%
compared with the week last
gain
the preceding
The volume for
over
above
15%
a
the
in¬
increase over the week last year.
is also down 90%
year.
oil daily and produced 14,644,000 figure to $2,263,150,000, for the 51-week period, a 33% increase over
the total for a like period of 1944.
The cumulative total for private
barrels of gasoline; 1,867,000 barrels of kerosine; 4,905,000 barrels of
construction is 213% greater than last year.
State and municipal 51
distillate fuel, and 8,107,000 barrels of residual fuel oil during the
week total for 1945 is 61% greater than the total for the same period
week ended Dec. 15, 194S; and had in storage at the end of the week of 1944. Public construction down 16% from last year due
mainly to
mately, 4,562,000 barrels of crude
finished and unfinished gasoline; 11,174,000 bar¬
kerosine; 40,968,000 barrels of distillate fuel, and 42,962,000
of
rels
(FIGURES IN BARRELS)
OIL PRODUCTION
CRUDE
*B. of M.
Calculated
4 Weeks
Week
from
Ended
Ended
Ended
December
Dec.
Oklahoma——.
A-J-:..-
388.000
388,000
t388,500
+
500
268,000
249,400
t264,850
+
22,700
—
—' 800
Nebraska
Panhandle
north
and
State
1944
19,243,000
12,200,000
11,562,000
Municipal
Federal
267,300
1,050
750
88,750
81,000
81,000
Texas—*
149,650
148,400
140,600
465,800
461,750
Texas
Dec. 20,1945 Dec. 13,1945 Dec. 21,1944
$63,768,000
$67,642,000
$20,225,000
51,568,000
48,399,000
6,177,000
East
Central Texas-
130,300
129,150
471,350
141,450
East
Texas
307,000
314,550
311,500
307,350
371,000
345,450
470,600
467,400
14,048,000
7,377,000
6,671,000
10,053,000
9,190,000
638,000
1
358,200
386,500
252,150
t750
______
Public Construction
16,
Dec.
15,
1945
Week
1945
1
Dec.
Previous
Dec. 15,
Begin.
Requirements
Change
Week
Allow-;
ables V
V.
Private Construction
In the classified construction groups,
five of the nine classes re¬
corded gains over the preceding week as follows: waterworks, sewer¬
age, bridges, commercial buildings and unclassified.
Industrial and
commercial buildings registered strong gains over the week last
year; smaller gains were made by waterworks, sewerage, bridges,
earthwork and drainage and unclassified.
552,950
Texas
West
—
——
Southwest Texas._**_
Coastal Texas
—
Louisiana
Total
Louisiana
365,000
371,450
406,000
:+—*•—+ 78,000
48,000
Arkansas
77,311
—
;—wL
'
Florida
'
76,050
Ky.)
52,100
550
250
■:
100
50
50
Kentucky.
Michigan
,
Wyoming
Montana
—
207,250
195,600
1,350
13,400
11,550
60,800
1.900
'
—
•These
Bureau
are
of
of
29,200
29,350
45,550
52,650
3,300
94,950
95,950
foreign
19,900
21,300
tinue
~500
20,850
8,850
96,050
3,633,550
3,810,300
841,700
885,300
+45,800
4,475,250
4,695,600
+
845,700
§824,000
4,514,700
of the requirements of domestic crude
natural gas derivatives) based upon certain
calculations
condensate
and
premises outlined in its detailed forecast for the month of December.
As requirements
jnay be supplied either from stocks or from new production, contemplated withdrawals
from crude oil inventories must be deducted from the Bureau's estimated requirements
to determine the amount of new crude to be produced.
In some areas the weekly
estimates do, however, include small but indeterminate amounts of condensate which
Is mixed with crude oil in the field.
*
7:00 a.m. Dec. 12, 1945.
on a 31-day basis and
With the exception of
other fields for which
state was ordered shut
no definite dates during the month being specified;
operators only
shut down as best suits their operating schedules or labor needed
a total, equivalent to
6 days shutdown time during the calendar
Kansas, Nebraska figures are for week ended
tThis is the net basic allowable as of Dec, 1 caculated
Includes shutdowns and
exemptions for the entire month.
several fields which
were
exempted entirely and of certain
shutdowns were ordered for from
1 to 10 days, the entire
fOklahoma,
down
for
being
required to
leases,
to*
6
days,
operate
jmonth.
.
"
■
;
,
Nervousness in reference to
tain.
cides
con¬
its
purchasing
will be continued. Lead
quotas for batteries and tetraethyl
lead for the first quarter of 1946
were reduced, owing to the tight
—
...
7
Strike
situation in the metal.
ac¬
tion
at
Mexican
silver properties
was
postponed."
The publication
to say in part:
further went
on
Reserve
Dec.
on
re¬
gGod tonnage of foreign
a
copper
January distribution
consumers.
Details on the
total
for
involved
were
not
available
that time, but members of the
at
1945.
80%
to
of Conservation
CRUDE
industry believe that between 40,000
and
50,000
tons
will
be
v
.
:
-
—
'
KEROSINE, GAS OIL AND
UNFINISHED GASOLINE,
AND
-
V
RESIDUAL
:
" '
nf
-Bureau
asked to draw upon
of
their reserves
high-test gasoline in
special
producing the commercial grades.
Sales
lead for
of
Ceast—
Appalachian—
Texas**—,—.
Coast——'
Louisiana Gulf CoastTexas Gulf
:
plo. La. <te Arkansas—: \
'
Rocky Mountain—
District No. 3
4
15, 1945-
-
basis Dec. 8, 1945—
;
S.
2,836
168
61
775
85.7
4,562
Oil.
7,219
658
V256
38
148
,■
84.4.
of
P
M.
'85.7
4,473
82.8
2,115
5,890
7,859
755
246
2,525
413
15,333
1,758
6,130
4,727
4,156
965
1,912
.1,520
836
.1,793
166
37
350
2,286 "
.
,
819
511"
197
335
„
'
*
20
103
.
29
19
1,725
93
482
670
14,480
505
8,257
23,276
14.644
11,174
40,968
42,962
*89.043
.
.
14,908
87,004
1111,750
t82,996
—
12,432
'
4,576
13,945
42,406
41,759
44,723
59,118
transit
7,947,000 barrels of unfinished gasoline stocks,
tlncludes -12,813,000
unfinished gasoline stocks. . tStocks at refineries, at bulk terminals, in
and .in pipe lines.. §Not including 1,867,000 barrels of kerosine, 4,905,000
barrels
of
•Includes
of
gas
oil and distillate
produced during the
4,669,000
barrels
company,
NOTE
week ended Dec. 15, 1945; which compares with 1,717,000 barrels,
8,545,000 barrels, .r respectively,. in the preceding week and
and
Increasing'
■
.
Separation
into
military and civilian grade discontinued,
difficulty experienced by refinfers in-
disposition of these
inventories.
in the
of recov¬
to 60,249
acccording to a
of
copper
amounted
erable metal,
October,
in
tons
preliminary estimate by the Bu¬
reau
ber
v
of Mines.
was
because of thr
attempting- to determine the ultimate
^
.
Output in Septem¬
57,615 tons.
production at domestic
terms
of recoverable
Lead
in
against 29,530 tons in
September, preliminary figures of
October,
the Bureau of Mines indicate.
984
with
by CPA
Dec. 18,
on
re¬
first-quarter quotas for
batteries and
tetraethyl.
This move was ex¬
pected in trade circles, in view of
in
tons
the
preceding
month.
c^nts per pound, follow:
Dec.
Jan.
Feb.
Dec.
13
52.000
52.000
52.000
14
52.000
52.000
52.000
Dec.
15
52.000
52.000
52.000
Dec.
17
52.000
52.000
52.000
Dec.
18
52.000
52.000
52.000
Dec.
19
52.000
52.000
52.000
Chinese,
October
The
that
of
stocks
in
37,800
heavy
production
in
these classifications
and the action taken
-is not expected to prove a hard¬
ship to either producers or con¬
for next year,
Quotas
sumers.
for
industrial-
type batteries, cable covering, and
collapsible
tubes
were
turbed.
not
dis¬
-
The first-quarter quota for pas¬
senger-car
to
22%
ing
the
current
batteries
of the
calendar
rate
was
reduced
amount used
dur¬
1944, the
26^%.
Ap¬
year
being
proximately
4,200,000
batteries
can
be produced under the re¬
vised quota in the January-March
period of 1940, which compares
the
flasks,
showed
hands
of
con¬
increased
caused
to
excite¬
no
ment in market circles.
The sta¬
tistics at present are badly scram¬
bled,
traders
substantial
tually will
ment's
price
containing
sell
With
noted
situation
that
even¬
in the Govern¬
repose
stockpile.
to
sure
claim,
quantities
no
pres¬
anywhere, the
viewed
was
as
steady.
Coast prices were higher,
this development was offset
but
to
ship
New
metal to
York at lower cost by boat. Quo¬
tations here continued at $108 to
$110
flask.
per
A
dispatch from San Francisco,
Dec. 18, states sellers quote $105
to $106 per flask, against $104 to
$106 last week.
Silver
Small
ating
silver
producers
in
Canada
output,
obtain
can
dian
the
Production at Cana¬
rate
of
activity
in
base
Under the regulation now
metals.
in
to
that they
world
price for
now
refineries, however, depends
the
on
oper¬
expected
are
have been re¬
quested to set aside 50% of their
force,
refiners
production,
byproduct
largely
silver, for home consumption, to
be sold to consumers at the 400
ceiling, with the remainder elig¬
ible for sale at the price obtaining
in the world market.
Interest in silver in the United
States centered in the
tend
Green
the
move
to
Act, which
ex¬
pro¬
vides
for
release
of
unpledged
Treasury silver to industry. Bank¬
ing and currency committees of
the
Senate
and
on
the
the
House
held
measure
last
1
;
and
The New York Official for for¬
eign
silver
was
unchanged
at
70 %0 an ounce. London continued
of
Prime -Western
the
of
which
dealers
and
sumers
statistics
Mines,
Special High Grade were pleased
over
the
volume
of
business
booked in these grades during the
last week.
The threat of a strike
in the steel industry, and the la¬
bor disturbances in the automo¬
tive field, have not yet changed
the mood of either galvanizers or
die casters.
Adjustments to meet
peacetime conditions are still go¬
ing on at brass mills, which, in
some degree, accounts for the! con¬
reluctance
on
the part of
important zinc-consuming in¬
conservative
The price situa¬
dustry to abandon its
buying
tion
policy.
in zinc remained unchanged.
at 44d all week.
Silver
United
sharply
higher in October, the gain re¬
flecting increased .activity in for¬
eign metal after the price ceiling
was raised by OPA. Production in
October totaled $7,002,000 ounces,
of which 2,780,000 ounces was ob¬
States
Tin
News from
production
refineries
at
was
tained from domestic
and
sources
4,222,000
ounces from abroad, the
American Bureau of Metal Sta¬
tistics
Production
in
4,803,000 ounces,
reports.
September was
of which 2,300,000 ounces was do¬
mestic
passenger-car
rather
the
tin, continued
week.
ducing
both
99%
or
at 51.1250 per pound.
hearings
Zinc
tinued
The lead conservation order was
The
daily rate of production for Octo¬
ber was 962 tons, which compares
this
Lead
amended
fuel oil and 8,107,000 barrels of residual fuel oil
1,426,000 . barrels, 4,343,000 barrfels and 9,158,000 barrels; respectively, in the week
ended Dec.-16, 1944.
JiRevised in, North Lauislana-Arkansas due to error by reporting
•
output
be
United States, in terms
1,057
2,742
basis'
Dec.-16—944
barrels
an
2,843
17,702.
1,307
3.780
7:
buying will
early date.
"
211
'
866
,.
"
"80.1
•,
2.588
.
—
100.0
69.2:
Oil
390
1,026
Mine
that
■
'88.r
114.6.
48.4
Fuel
Fuel
14,023
8. B. of M.
Total U
.0
55,9
84.8,
7.7-4
60.9
363
V20I
1,097
298
•
resumed at
schedules
;Tf>tal V S. B.of M.
r
•
727
59-8
89.3
96.8
86.5
—:
basis Dec.
'
17.1
13
-72.1 .—10
.
No.
97 ' 66.4
54
108.0
.
Resid'.
4,092
19,288
320
96.8
& Dist.
sine
4.
76.8
81.2
Cnd.r J31.V Ky——87.2
Okla.; Kan.,, Mo.:
—
... 78.3
California
,766.
,?
Olstrict NO- 2:
District
Stocks
1,940
.tStks. of JStks.
Gas Oil
of
Kero¬
Gasoline
Blended
99.5;
District No. 1—
Inland
Inc. Nat.
erated
Av.
Report'g
the Government's in¬
feel
servers
of
Unfin.,
Daily ■% Op-
Capac.
East
at Ref.
to-Stills
Refin'g
tStocks
on
the last week
amounted to 8,119 tons.
Sellers
industry remains in
The copper
the dark
basis
Mines
and
Produc'n
Cfude Runs
'
tentions in regard to purchases of
Latin American copper. Most ob¬
1945
tFinish'd
>§Gasoline
.
15,
In this section Include reported totals plus an
-'estimate of unreported amo ;.nts and are therefore on a
% Daily
District—
DEC.
i
J'Figures
'
.
DISTILLATE FUEL
42 gallons each)
(Figures in thousands of barrels of
•
V.,—
ENDED
WEEK
OIL,
FUEL
shipped.
STOCKS OF FINISHED
OF GASOLINE;
PRODUCTION
STILLS;
TO
RUNS
AND
Committee of California Oil Producers.
quar¬
Producers have been
1945.
ter of
in the fourth
used
amount
will
estimated
the
of
.
§Recommendation
Quotations for spot tin were un¬
Forward quotations, in
changed.
their metal.
tetraethyl lead
Quotas for
drop
■
.
.
period
same
metal, amounted to 29,816 tons in
19
leased
among
of
3,200,000 in the
mines,
Copper
Metals
with
de¬
Government
the
whether
on
to
likely
is
copper
until
program
+
3,669,000
Mines
103,200
36,600
9,200
97,900
104,000
M-43.
increase
uncer-^
remains
industry,
by
use
1,050
20,450
over
plus Property Administration amended Regulation 17, thereby ex¬
tending the stockpiling order for three months to April 1. Final
action on the Green Act, relating to unpledged Treasury silver for
5,800
20,300
■'
4,542,000
deductions
to
93,550
>
850,000
—*
Total United States
pending legislation to replace measures about
expire at the end of the year was eased somewhat when the Sur¬
"Anxiety
48,900
3,692,000
Total East of Calif.
59,600
60,350
Markets," in its issue of Dec. 20
& M. J. Metal and Mineral
"E.
stated:
28,900
20,000
102,000
Mexico
(alter
67600
12,750
,
Colorado
California
211,300
'v
1
65,200
21.000
47,000
•_•••»•«• -92,000
—22,0^0
;
Metals—Stockpile Regulation
Extended Three Months—Lead Quotas Reduced
80,900
53,450
550
13,500
.
(Not incl. 111., Ind.,
oil
100
1,300
213,000
Eastern—
Non-Ferrous
360,850
150
V—'j'vSOO
Indiana
New
.369,950
. .
75,200
Ji—«1—+.A'-v,,.
Illinois
'
-650
+
53,600
Mississippi
Alabama
71,250
an¬
nouncement,
which was issued
Dec.
17, have been previously
granted under appeal procedure.
The closure and collapsible tube
orders have been incorporated in
by ability
289,600
295,300
—
•
75,500
294,450
650
76,150
North Louisiana
Coastal
2,111,550
1,906,550
1,918,900
Texas——— 1,940,000 *2,029,706
Total
authorized in the
uses
Bureau
Construction—..
S.
Total U.
Actual Production
State
Kansas/;
the current week, last
week, and the 1944 week are:
—
AVERAGE
DAILY
from tin obtained
operations. Many
produced
of the
Quicksilver
Civil engineering construction volume for
oil.
barrels of residual fuel
to
Tin oxide may
from detinning
drop in federal work.
the 33%
89,043,000 barrels of
increased
was
Dec.
below last week
The current week's construction brings the 1945 total cumulative
/
,
7%
below last week is 65%
municipal construction recorded
and
last week and
over
crease
^
State
week.
1944
a
the week last year.
over
construction while 37%
public
companies indicate that the in¬
Bureau of Mines basis approxi¬
Reports received from refining
construction
Private
week and a 743% increase
Further de¬
1945 averaged 4,475,250 barrels.
15,
Dec.
responding week of last year and is 6% below the previous fourweek moving average. The report issued on Dec,. 20, went on to say:
barrels per day less than
180,900
however,
was,
solders
moderate extent.
be
engineering construction volume in continental United
States totals $63,768,000 for the week ending Dec. 20, 1945, as re¬
4,514,700 barrels, a gain of 45,800 barrels per day over
week.
various
Civil
The tin-content of
be used.
may
Engineering Construction Totals
a
estimates that the daily aver¬
The American Petroleum Institute
age gross
3183
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4450
162
and
2;503,000 ounces for¬
eign.
tin-producing areas
of the Far East has been more en¬
couraging. Malayan producers be¬
lieve that 41 out of 126 dredges
operation by next Aug¬
Production on the island of
Output of refineries in the first
ten months of 1945 totaled 55,653,-
000
ounces,
iin
against
the
will be in
ounces
ust.
63,931,000
January-October
period last year.
is expected to
resume
on
a
satisfactory
scale
within six months, according to
the Netherlands Information Bu¬
Billiton,
N. E. I.,
reau.
New York
The Civilian Production
istration
the
the
coat
etc.,'
bile
Air Mail to Colombia
Postmaster Albert
use
eased
of
metal
its
Admin¬
restrictions on
tin, pennitting use of
on
a
limited scale to
kitchen
and as
bodies.
classification,
a
made
Goldman
known
on
in
Dec.
20 the receipt of information from
the
Post
Office
Department
at
Washington that the air mail post¬
utensils, flatware, age rate to Colombia is reduced to
filler for automo¬ 15 cents per half-ounce or frac¬
In the last-named
tion.
only secondary tin
THE COMMERCIAL & FINANCIAL CHRONICLE
3184
the
Items About
bank has been payings/quar¬
terly, at the rate of 6% a year, to
all employees who earn less than
Banks,
Companies
At
meetingof
regular
a
Board of Directors of J. P. Morgan
& Co. Incorporated, held on Dec.
dent
Henry
J.
Banking Corp., has re¬
joined the organization after ser¬
vice in the Army since Novem¬
ber, 1941, and has just been elected
a
director of Schroder Trust Co.
Joseph C. Rovensky will relin¬
quish his post as Vice-President
of the foreign department of the
Chase National Bank of New York
of this year.
end
continue
Vice-Presi¬
of
director
and
Schroder
to
in
serve
an
jMr. Mocarski, who held the rank
of
Colonel,
in
He will
advisory
Middle
the
service
overseas
saw
and
Italy
East,
France, and contributed the arti¬
capacity with the bank, however,
and will retain his post as a VicePresident
and
director
of The
cle, "The Last Three Days of Mus¬
solini," which appears in the De¬
cember
issue
of
"The
Atlantic
affiliate of the Chase
National Bank/ with branches in
Monthly."
Chase Bank,
arid the Far East.
Paris
Morris Plan Corporation of
:
.
>
■
-
Board
Amer¬
Guaranty
of
Directors
of
Trust Co. of New York has author¬
ica, serving in an advisory capac¬
ized
ity.
Christmas bonus for the year
the
connect¬
department of
National Bank since
This
1922, except during the three-year
period, 1940-43, while he was on
leave of absence serving as As¬
sistant Coordinator of Inter-American Affairs on the staff of Nelson
Rockefeller at Washington. As an
base
Mr. Rovensky has been
payment
of
special
a,
1945.
will be payable to all
(including officers) in
bonus
ed with the foreign
employees
the
offices in the United States whose
Chase
of responsibilities as¬
sumed in that capacity, he was in¬
strumental in founding the new
Council for Inter-American Co¬
-
which
of
Inc.,
he
is
been at an average an¬
nual rate of
lows:
$6,000
or
less, as fol¬
.
|
,
pany
close of business
of the
as
Dec. 13, 1945, with the proviso
that no payment to any individual
shall
mobilizing the support of busi¬
cultural, labor, and educa¬
tional
leaders
for
hemispheric
which, when aggregated with his
base earnings for 1945
and the
15%
special supplemental com¬
pensation as a temporary cost-ofliving adjustment (computed on
such base earnings) would exceed
an average annual
rate of $7,000.
Payment
was
to
be made
on
Thursday, Dec. 20.
ness,
cooperation.
*
Mr.
Rovensky
has
served
as
President of the Bankers Associa¬
tion
Foreign Trade and is a
the National Foreign
for
of
director
Trade Council.
He
ekaminer
New
York
Chase.
He
was a
national
and
before
joining
the
is a life trustee of
bank
in
Chicago
Washington and Jefferson College
and is on the panel of arbitrators
for the American
Arbitration As¬
sociation.
The Corn Exchange Bank
Trust
Company of New York, announces
the promotion of Harold H. Bos-
Assistant Secretary, to As¬
Vice-President, and Clark
Sherer,
Manager
of
Grand
Central Branch, to Assistant Vice-
well,
sistant
G.
President.
a
quarterly dividend of 25 cents a
share, both payable Jan. 2, 1946 to
stockholders
record
of
Dec.
22,
1945.
be
The
in
of
excess
amount
an
Committee
Executive
further
authorized
tion
has
continua¬
the
of
the
an
the
regular
special supplemental
compensation as a! temporary costof-living adjustment on the pre¬
viously prevailing basis of 15% for
the quarter ending March 31, 1946.
Such special compensation will be
paid to all employees, including
officers, receiving annual salaries
of $6,000 or less and will be based
on the salary of such individuals,
including overtime.
This latter
distribution, as heretofore, will'be
payable monthly.
The
meeting of the
Board
of
Directors
Board of Directors; of The National
Commercial
City Bank of New York held Dec.
18, Harvey S, Gerry and Dana B.
Scudder
appointed Assistant
and Thomas R.
appointed an Assistant
were
Vice-Presidents,
Wilcox
was
Cashier.
Major Kingsbury S. Nickerson,
USA, and Lieut. William S. Renchard, USNR, will return to the
Chemical Bank & Trust Co. of
New York, after more than three
years' service with the Armed
Forces, and will resume their po¬
tions as Assistant Vice-Presidents
at the Main Office of the Bank
on
Jan. 2.
-
The
of
Trust Co. of New York at
National
and
Bank
meet¬
a
ing on Dec. 20 voted to transfer
$1,000,000 from undivided profits
surplus account, lifting that ac¬
count to $11,000,000. Capital funds
total
approximately
$19,200,000.
The regular dividend of 40 cents
to
share,
per
to
stock
also
payable
trustee
White
of
elected
was
a
Brooklyn Trust Co. of
pany on Dec. 20.
Mr. White was
of Stone &
of
ernment
Webster, Inc.
1943
service and in
was
charge cf development and pro¬
curement of
strategic commodities
for the U. S. Government in Ar¬
gentina,
with
Aires.
Buenos
he served
In
U. S.
as
in
headquarters
1945
and
1944
Executive Of¬
ton.
He
Washing¬
resigned from the
and has resumed
Gov¬
1945,
private business
with
,30
ernment
service in October,
offices
New
creation of
Plan
and
for
York
the
the
officers
of
Under the plan,
members of the staff will receive
life
Walter G. Kimball,
insurance
policies
ranging
Chairman of from $1,000 to $10,000, determined
White
had
been
trustee
a
of
several
prior to entering the Gov¬
Trust
Brooklyn
years
Co.
for
The Board of Trustees of Brook¬
Dec. 20 declared
extra dividend of $1 a share
lyn Trust Co.
an
in
addition
on
the
to
dividend
At the
5%
of
1945
$3,000, applicable to
the first $3,000 in the case of em¬
ployees receiving more than that
amount. Supplemental compensa¬
tion heretofore paid employees in
the form of a "cost-of-living al¬
to
up
lowance"
will
made
be
part of
a
regular salaries after Jan. 1, 1946,
it was announced.
The surplus account of the La¬
fayette National Bank of Brook¬
lyn, N. Y;, now stands at $500,000,
representing increases of $75,000
since June 30 and of $100,000 since
the 1944 year-end, George P. Ken¬
nedy, President, announces.
John
G.
cently.
Ermantinger
appointed
Vice-President
was
of
re¬
the
Security
"Times-Union," also made known
breign
department;
Clifford B.
the
Federal
Sabina
with
Bank
according
4,000,
Bank.
W.
R.
Assistant Vice-
bers of the
This bonus
appointed
longer, with
with the
staff who
bank
less
is in
pro¬
mem¬
have been
than
a
addition
supplemental compensation
year.
to
w
the
of
trade
a
the
to
Allen
of
Reserve
Chairman
is
General
of
Direc¬
Hon.
of
of
Directors,
Whitley-Jones
will
of
the Rt.
Burleigh, D.L.,
the Chairmanship of
assume
Board
1,
A.
and
and
H.
Chief General
becchne
agers.
Man¬
7
■
;
E.
Ensor
area
population
of
the
board; George J. Gray,
President; Michael Mulvihill;
Vice-President;
R.
W.
Cline,
Congress Revises
Gl Bill of Rights
After weeks of deliberation and
controversy,
amended
an
com¬
Allen, R. W.
of
passed by both Houses
Congress on Dec. 19, according
George J. Gray, Michael
Mulvihill, Harry E. Nuan, J. J.
to
Associated
Directors
R.
are
W.
Cline,
and O.
Wilson
D. Young.
was
advices
Press
from
New features of the
Washington.
bill, adopted
by the House by a
vote of 134 to 23 and
approved by voice vote of
standing
dent, has been elected a member
of
the
Title
Land
of
of
Board
Directors
:
the Senate,
of
the
1.
Co.
that
include:
Removal
tuition
of
capital stock
/requirement
a
fees,
compensation
;
An increase in the
later
Trust
and
Bank
Philadelphia.
of
the
Bank
National
First
and
unemployment
defaults
on
loans be deducted from any future
Federal bonus.
of
Chicago to $60,000,000 from $50,-
a
special meeting on Dec. 18, Ed¬
E. Brown, Chairman of the
ward
Board announced.
"Journal of Commerce" of
19, which went on to say:
Dec.
"Stockholders of record Dec. 15
will
receive
stock
the
dividend
stock
new
upon
"On Dec. 27
as
the Currency.
000,000 from undivided profits to
surplus will be made in accord¬
ance
with action of the directors.
Mr. Brown said.
As
a
a
William B. Coy has been elected
Vice-President of Day Trust Co.
Boston, according to the Boston
effective, he
said, the capital
stock will be
$60,000,000 and the surplus again
$50,000,000."
Bureau" of Dec.
14, at
meeting
a
Co.
of
elected
was
R.
England Trust
Boston, Francis C. Welch
He
lge
director and Elliott
a
elected
was
a
Vice-
President.
The paper quoted says:
"Mr. Welch is a trustee and at¬
torney,, having graduated from
Harvard University in 1933 and
was
formerly
Vice-President
S.
until
Naval
Mr.
Assistant
he
entered
Reserve
in
No¬
vember, 1942."
Frank H.
Frissell, President of
the Farmers and Mechanics
Sav¬
of 74.
According
to " the
Hartford
directors
of
*
ital
also President of the Frissell
Fabric Co., which he founded in
1920,
and
President
of
Fnsmar,
3.
increase in the cap¬
tended
to
on
Dec. 11
200,000 to 260,000
the
privilege
stockholders
to
4.
that
be
short
and
' 7.
_7"
Removal
men
of
over
education
technical
'
requirement
a
25 must show their
interfered with
was
eligible for educational
one
additional
ex¬
sub¬
share
5.
Increase in
permitting
with
the
a
maximum Gov¬
a
loan
ernment
$2,000 to $4,000
Angeles "Times," from
learned, also said in
real estate, thus
on
maximum $8,000 loan
Government
guarantee¬
6.
Real
loans
estate
in
winding
acquired by the
up
proceedings
prior to final dissolution of Share¬
holders Co., formerly
California
Securities Co., all of the stock of
which is owned by the bank.
•
"Regarding the capital increase.
Arch W. Anderson, Chairman of
the board,
7.
.
capital to $6,500,000 from the pres¬
ent $5,000,000, and raise surplus
from $5,000,000 to $5,900,000. With
undivided profits of approximately
$2,600,000, capital
account of the
$15,000,000, ex¬
clusive of an increase which may
come about as a result of earnings
for the last half of the year.
At the same meeting, on Dec. 11,
bank
the
will
total
board declared a stock divi¬
dend
of
8,000
shares of treasury
stock, which was paid Dec. 20 at
the rate of one share for each 24
shares held on Dec. 16.
property
tion
cently appointed Manager of the
Branch of The Royal
Montreal
...
:
loans by sub¬
"reasonable
value" of
as
instead
up
on
the
basic
of
considera¬
"normal
reason¬
able value."
8. Additional
purposes
for
loan may-be obtained and
which
a
more
time
to
back
pay
real
a
estate loan.
Americans
who
allied
governments
under the bill.
fought
would
for
come
Action Not
on
"Full
Congress
Christmas
Completed
Employment"
adjourned
recess
for
without
the
having
acted
upon the modified version
of the so-called "full employment"
bill, which the House passed
Dec.
14
and
Dec.
17
to
Senate.
The
which
sent
was
conference
measure,
with
on
on
the
which the
is a
House approved, 254 to 126,
substitute for the stronger
bill
advocated by the Administration,
and in its pres.ent form lays down
a
Federal policy of maintaining
"a
high level of employment, pro¬
purchasing power." It
provides, according to Asso¬
ciated Press Washington advices
of Dec. 14, for creation of a threeduction and
also
man
Kenneth M. Sedgewick was re¬
,
Easing
stituting
stated that the sale of
additional ; 60,000
shares of
stock will increase the - common
the
ar¬
by
recognized
lending
agencies, the veteran and the local
appraiser of the Veterans Admini¬
stration,
an
agreement
of
the
three to be binding on the admini¬
9.
was
be
to
ranged
.
"This stock
from
guarantee
ing half.
at
which this is
part:
to
bene¬
fits.
'
to
al¬
Expense paid correspondence
courses.
California
Angeles
with
shares,
the
a.n
from
stock
of
os
"Courant" of Dec. 11, Mr. Frissell
was
subsistence
stration.
The
bank
of directors of New
in
monthly to those unmarried
courses
result, with
dividend
the" stock
Increase
a
approval of
transfer of $10,-
a
2.
lowance for GI students from $50
Advices to this
effect were contained .in the Chi¬
cago
The Los
age
year or
serves
estimated
an
scribe
bank
a
Bank
Organized in 1922 with
paid-in capital of $50,000, The
a
$40 for each 3 % shares held.
ings Bank of Middletown, Conn.,
since 1934, died on Dec. 10 at the
portionate payments to the
Reserve
Cleveland.
Assistant Trust Officer.
employees who have been with the
president; John F. Cook, Assistmt Manager, foreign department,
o
become Manager, foreign de¬
ihirse,
a
Dec.
on
the promotion of John G. White as
Cashier; Cornelius J. Carey, Man¬
ager, foreign department, to be¬
come
Assistant
Vice-President,
year-
half
announced
will
Board
Jan.
the
authorized
Trust
a
of the
System, it
was
Chief
the
from
Balfour
Assistant
an
Rochester, N. Y. Ber¬
Finucane, President of the
bank, in announcing this on Dec.
17,
according to the Rochester
month's salary, to all officers and
of
retire
Managership of the bank on the
same
day.
Both will remain as
Lord
by President Ray M. Gidney of
on
Ward-
that position since
Sydney Parkes, C.B.E., will
1922.
Clinton County, Ohio, has become
a member of the Federal Reserve
Sabina,
Lord
after occupying
As
21
of
Bank
office
that
ington will relinquish the Chair¬
manship of the Board of Directors,
tors.
Sabina
nard F.
Sterling National Bank
distributed
been
Hon.
the Rt.
members
The
Bank
Cashier, to become Vice-Pres¬
ident; Edwin R. Westman, Assist¬
ant
Vice-President,
to
become
consisting
had
given salary increases and a bonus
equal to a full month's salary.
the Comptroller of
and
also
em¬
head
to $65
the U.
bonus,
the
bank's
officers
and
by
time Mr. Field
the
announcing
and $75 to $90 for those married.
charge to
has
payment
same
that all of the
ployees
22,
consecu¬
from
London
000,000 through a transfer of $10,-
payments, without
end
158th
advices
in
000,000 from the surplus account
was
approved by stockholders at
officers and employees. The Pru¬
dential
Insurance
Company
of
America will administer the plan.
Co.
the
Dec.
excepting officers, of
salaries received during
employees,
York, announced on Dec. 20 the
following official changes and ap¬
pointments, effective Jan. 7:
1
Charles E..Wolf, Vice-President
&
record
capital stock, both payable Jan.
2, 1946, to stockholders of record
Dec. 24, 1945. The board also ap¬
proved payment of a bonus to all
Hedge
any
of
is
This
stated
regular semi¬
a share on
Harvard Law School in 1936.
salaries.
Street), makes known the receipt
dividend of $2
annual
on
annual
Lloyds Bank Limited (at 34 Wall
2%
William S. Johnson, Vice-Presi¬
The bank will make all premium
of
de¬
of
Dec. 31
1945.
ernment service in 1942.
the board of The Commercial Na¬
basis
has
bank
dividend
promise version of the GI Bill of
tional Bank and Trust Co. of New
the
'
The New York representative of
Rights
"News Bureau" of Dec. 11.
announces
benefit
employees.
the
>''.
■
•
Cashier; Mrs. Harriett Holmes and
of
Group Life Insurance
a
of
*
Richard Pavey, Assistant Cashiers.
York
According to the Boston "News
of
Manager
Rockefeller
New
1945,
2,
Dec. 26,
Sterling National Bank & Trust
Co.
succeeds
City. He is a
director of the Heights Company
and the Clinton Building Co.
Mr.
at
Plaza,
1946,
Jan.
record
General
of
Vice-President
He re¬
signed early in 1942 to enter Gov¬
in
the
Prior to the war
a
declared.
was
He
who becomes As¬
institution.
stockholders
Trust Co. of
At
of
Canada.
Walter,
in addition to the regular dividend
of 2% payable on Jan. 2, 1946 to
tive
Brooklyn, N. Y., at a meeting of
the Board of Trustees of the com¬
of the individual's
earnings during the year 1945
to all such employees (including
officers) on the rolls of the com-
President. The Council is engaged
in
cents
made at
will be
Payment
the rate of 5%
base
outgrowth
operation,
earnings during the year 1945
will have
President
that the Board of
announces
extra
ficer of the Combined Production
The Executive Committee of the
of the
sey,
of
special dividend of
share and a regular
a
and Resources Board in
He also
will become Vice-Chairman
-
•
Field,
clared
Ogden
Treasurer.
at the
the
of
Directors
bank.
V. Lada-Mocarski, a
O. Gerhardt, Assistant Treasurer, and
Clifford
F.
Scherer,
Assistant
Secretary*1 Ervvin
sistant
J.
Directors
Fred C. Billing, As¬
made:
were
of
Board
sistant Trust Officer.
appointments
following
the
19,
of
M.
sistant
William
has declared
partment; Edwin G. Gallaway, ap¬
pointed Assistant Cashier; Mal¬
colm C. McMaster, appointed As¬
the
M.
1930.
Lawyers Trust Co. of New York
25
J
Bank
in
Commercial Trust Co. of New Jer¬
The
Trust
Inc., which he helped to establish
$3,000 per annum.
v
Thursday, December 27, 1945
economic
council
recommendations
ing
maintenance
standard.
to
toward
of
make
achiev¬
the
high
@FedFRASER