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Final
In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Edition
Reg. U. S. Pat. Office
Volume
163
New
Number 4464
York, N. Y., Thursday, February 14, j 1946
1,000,000 Trucks
Annually for
-^^=i
—r--—-fBy'A: WILFRED MAY
•
Already the Big-Power VETO privilege is being used as a prime
instrument for world disunity.
As was pointed out repeatedly in this
columnist's dispatches from the San Francisco Conference, the veto
technique constitutes a fundamental and permanent obstacle in the
way of genuine UNO success.
From Dumbarton Oaks on, the Soviet
was
its chief protagonist, the San Francisco Conference coming
within
a
hair's breadth of breaking up on the Russians' insistence on
wide extension of its usage.
Their alleged "great concession" which
preserved that Conference really represented no compromise what¬
At the eleventh hour they merely conceded
of discussion of a dispute—a right which
the right to some
had been unques¬
tioned before objection thereto had been raised there by M. Molotov
himself. As the matter was then decided, even future amending of the
ever.
measure
charter is subject to veto. Dr. Eyatt
of Australia claimed that in its
the Big Five members',
final form "the veto in effect only paralyses
action
against each other, while permitting unhindered any amount of
diplomatic jockeying behind the scenes." But the essence of the matter
seems to me to be that, although it is true that an obstreperous Big
Power on the warpath would not be estopped by a majority vote of
the other nations,
nevertheless the veto is very bad in affirmatively
permitting the use of UNO prestige to legitimize sovereign wrong¬
doing
*
'
The enactment of the veto provisions at Dumbarton Oaks and
•
Sari Francisco was excused on
the ground that they would be exer¬
But at London the Russians
have lost no opportunity to maneuver behind the veto to exert their
individual influence on nearly all the substantive questions.
They
used it to prevent the Security Council from acquitting the British
on
their charges about Greece, and in blackballing Lester Pearson
from appointment as Secretary-General.
In these two cases at least
Mr. Vishinsky obstructed the operation of the Security Council and
the majority will of the other .nations.
All the more serious will be
irresponsible use of the veto on the really crucial issues,which the
future is certain to bring—including those arising from ML, Stalin's
newly-announced long-term aims.
•
<
>•
,
v.*•;
cised
•
only sparingly and defensively.
Four Years
'1
conception of the prospective working, of .the Bretof confusion by President
agreements has been given a jolt
XContinued on page'882)
1
;
.
once more his inclination to adopt as his own
"ideology," its totalitarianism along with the
for Replacements as Indicating Un¬ rest, and imitating the author of the New Deal in his use
of soothing syrup about individual enterprise and in his
precedented Output. Says Industry
Is Hampered by Materials Short¬ attempted stage setting, the President has come forward
with a "program" of housing.
It is a program, drawn by
ages, Tand
PredictsNo Radical
one of the President's assistants
but made Administration
Changes in Truck Construction.
property, which undertakes to cuddle up to the veterans at
The
following statement was
the same time that a dramatic showing is made of attack¬
made to the "Chronicle!' by Robsrt'- F.- Black, .President: of the
ing ''boldly" one of the dozen or so stringent shortages now
White Motor Company;
existing.
Considerable and drastic legislation of tne type
■H From the •pj-H
which the old National Resources Planning Board used to
roll over its tongue with great satisfaction is needed to
give this program effect. The fate of the scheme in legisla¬
tive halls remains to be determined, but whatever may be
the ultimate outcome in this respect the housing campaign
now proposed must not be lightly pushed to one side.
1
*
*
Black, President of ihe
Motor Company, Cites Need
White
the New Deal
ni e^ ok^
the
•
ert">
Rft.
Robert F-^ack
a
,
r
,
usual volume require¬
market and replace
"over-age" trucks now in use,
the last relatively normal
year of demand, 1939, there were
685,296 civilian trucks produced
In
facili¬
ties^ wrefev expanded ' somewhat
during the war and additional ex¬
pansion programs r are
now ; in
progress. According to some esti¬
mates,; it will be possible to pro(-Continued on page 886) "
by the industry. Production
''
<GENERAL CONTENTS
:i;:$.n
• y.
.
Editorial
.;
Page
(
Financial- Situation.
877
..v.;.......
'VY,
•] l>-
->
•'•Y•
Regular Feature*
;
Washington Ahead of the
News
i.............
From
v
.; 877
...
Observations
.......
..............."877
Moody's Bond Prices and Yields..'..
888
Stock Yields. I...
888
Banks and Trust Cos..
892
Trading on New York Exchanges...
889
NYSE Odd-Lot Trading
889
Moody's
Items
Common
About
State
General Review
of
Trade
......................
878
Commodity Prices. Domestic Index.
888
Weekly
Carloadings., .Y........
Weekly
Engineering
Weekly Lumber Movement
Fertilizer Association
891
Construction.. 889
Pa per board Industry Sta tistics .;
....
891
>.....
891
Price Index...
Weekly Coal and Coke Output
888
890
Weekly Steel Review.:...887
Moody's Daily Commodity Index..,, 888
Weekly Crude Oil Production.-
.' 890
Non-Ferrous Metals Market........
.
Weekly Electric Output...,.....
f
*Not
•
a
.
• •
v
.
,
1 '
• '
.
..
• .•
.
!*•»
i'«'»%•.
'•
'rV' '
planned and managed
available
thiis
wepfc.
the population which has for
a
889
*
vehicle made to order for the dissemination of foolish and
and economics in
the
";c-;
■>
'•4 *
Planned Economy
extremely hazardous J notions about applying some of the
"lessons" we are supposed to have learned about production
the
;
<*,'«>'
.. •}'' .-/.'V' "•••*/
long while past been whining about the housing shortage
and eager-to have the "government do something about it"
Y-give it definitely dangerous potentialities. It is, moreover,
practices and would be replaced
Immediately, if replacement were
ments of
'
"social worker" element in
being-kept in service only by
most
careful
maipteiian.ce
meet
*
'
announced
its obvious
leanings toward labor pampering—to say nothing of the
these,OQr; neaTly;half the total
number licensed in this country,
the
•'"tV"
It embodies the essentials of the
of :;
00,0 00
,
M/'W • ?<:
'
economy notion of the . times, and is plausibly
and "explained."
It's sop to the veterans and
least * 2,-; '
At
0
,
'.J,'
.
On the b^sis of the; most con
vgtive estjmates, a production of
at least 1,000,000 trucks annually
for four years will be necessary to
of the News
.
>
•
possible.
Ahead
Revealing
v
Robert F.
are
The public's
ton Woods
The Financial Situation
<
general during the war.
.(Continued oh page 830)
THE COMMERCIAL & FINANCIAL CHRONICLE
878
World News Services
Of Concern to Us All
Monday Southern Pacific refunded at 27/s%
$50,000,000 issue that it had floated in September >
at 33/4%; on Tuesday the competition of 16 leading
investment banking houses for a prime-risk utility
issue resulted in its being resold publicly to yield
Discontinue
"On
a
lowest interest cost ever
>
Associated
stake
|
broadcasts
to
in
upon
-
:
drive
such
This
news
was
fol¬
effect
it
that
would
discon¬
Benton, Assistant
Secretary of
State, requested that the Associ¬
ated Press board of directors name
•
i committee
a
United
to
States
investigate; the
information
steel
lines to curtail
or
inventories
cease
t§
"arbitrary", according to Associat¬
ed Press Washington advices, ivif.
indications of in-
industrial
in
the past week forced plants in some
operations entirely, bringing about a further
production.* Total production held
said
that the AP discon¬
..The" United
-
Press,
action
pended
which
its
on
sus¬
earlier
an¬
News
the* weekend; pr(H
at
yided sbrfte; encouragement to in¬
dustry • that an end to the steel
strike was in sight; The wage dis¬
pute between the United Auto¬
mobile Workers, C. I. O. and Gen¬
eral Motors Corporation too, ap¬
peared to be nearing a settlement.
As in past weeks the level of new
volume
order
continued
upward.
however,
•Hopes,
for a speedy
return to full production in 1946,
once major strikes throughout the
country are settled faded the past
•
with
week
the
continued
growth
Of industrial shortages. The pres¬
ent dearth of critical materials is
expected by many to obtain for
the remainder of this year.
;
basic
iri
Troubles
raw
mater
rials, states Business Week in its
current
"Outlook,"
now.
have
spread far beyond steel, although
steel
tne
strike
has
the
from
tention
diverted
at¬
others.
largest
copper mine, at Bingham;
Utah, down.
Other strikes affect
of private business wasj/h
time when the rest
a
commercial bank and
undergoing reconversion. For
insurance investment
as
concern."—Paul Heffernan in the New
mediate
'
its
If
better
a
vital
°
or more
stated.
appeared,
has
we
rectors".
were
taken on
named
the Civilian Production Administration, which according
advices from Washington, in telegrams to. un¬
firms with "excessive inventories," ordered the producers
to halt
immediately
Associated Press
further production of these items
any
reduced "to more reaThe further advices of the Associated Press, as
stocks
are
sonablC levels."
given in a Washington account
published in the New York "Her¬
ald Tribune," went on to say:
:
CPA also informed the compan¬
ies that until their inventories are
Vi
,
:
until their
—'
of
the
action
and
*
%
;
situation
;
in
copper,
'the
magazine notes,; is hot attracting
so;
much
is
a
attention
because
there
good stockpile.
Also, this
recently
renewed
its
agreement to import 20,000 tons a
month, mostly from Chile/ Zinc
though fairly, plentiful, is per¬
sistently short in the best grades.
country
and no improvement is likely un¬
til!; the price is raised enough to
let mines bid for labor.
^
% Surprisingly few orders for non-
Mfge. Funds at Peak
ferrous
'The cost of mortgage money has
been reduced as much as 50% in
in the past decade and
now stands at the lowest point in
some areas
lifetime, and
our
more
funds
are
available for mortgage investment
than
ever
Louis,
of
before;L, E. Mahan, St:
the Mortgage Bankers
of America said on
%7* Association
;
still out.
are
The
metals
cancelled
have
been
either
deferred, eveh; by
strike-closed customers, the maga¬
or/
zine discloses.
:
practicable minimum"
they must not accept delivery of
yarn or fabric or place new orders
"to
a
such
for
materials.
The
resulted
action
its
said
agency
from
in¬
vestigations
conducted
by Cthe
CPA compliance division.
Firms to which telegrams were
charged, CPA said, with
a
priorities regulation
which is designed to prevent ac¬
sent
are
violating
of
higher prices and some would
place orders well into the future
if suppliers :; would; accept them.
/ Despite the tight steel situation,
some things have backed up. Tinplate mills, for example, use about
2,000 tons of tin a month and
since they have not been running,
tin supplies will be eased propor¬
tionately.
Some slowdown has
ficient inventory to provide miniFeb. 3 in a special communication
mum shipments for all customers.
to members. "There has been little
The agency said that two shirt
if any material reduction in
any
companies ordered to discontinue
of the other items that go into the
processing of /fabrics
"together
cost of building a home, and In
had a total inventory of more than
also occurred in steel alloying
many items
the costs have in¬
870,000 shirts on Jan. 1."
materials. /
?
"CPA is making every effort to creased, including labor," he said.
shake loose scarce items that are
Mr. Mahan declared that con¬
Steel Industry-~-"Cohective bar¬
tinued pressure to reduce the cost
being withheld from the public
of mortgage money and too libers] gaining" between the U. S. Steel
in excessive inventories," Mr. Ver¬
Corp. and the Government as tc
ner
said. "We intend to prohibit mortgage terms could very easily
drive capital from that field of in¬ how much of a price advance
any
more
scarce material from
shall be given for an 18.50 an hour
flowing
to
manufacturers
who vestment. In looking at the over¬
don't sell
excessive
inventories. all picture, he said "we must pro¬ wage- settlement, gathered mo¬
cumulation of excessive inventor¬
ies of
scarce
Morris
of
S.
materials.
Verner,
the
,
^
As
material available to those who do
sell
,
Jr., director
division, said
A
"is
substantially higher than
Mr.
manufacturer's to¬
for January."
Verner said
records of
an¬
Pennsylvania nylon manu¬
showed an inventory of
352,596 pairs as of Jan. 31, while
only 7,716 pairs had been shipped
by the firm.
\ The
company
explained,
CPA
said, that it has approximately
4,000 customers and did not wish
to ship any hose until it had suf-
public
and
properly.
It
will receive
,
hose
and
other
apparel items sooneiV'
firms cited discussed their inven-
situations
fovv
today.
with
the
agency
; '• •
He said the company mentioned
'
having the smaller stock had
"agreed to ship its excess inven¬
tory by Feb. 20."/ He said the ban
on manufacture and acquisition of
fabrics by the company was still
in effect, however, and that he
as
not
lifted.
know
when
it
would
life insurance policyholders,
savings banks' depositors, deposi¬
tors in building and loan associa¬
mentum
tions.
we
It is just
a
true
.
will be further
investigated and
decision
later
made
on
better
The pending
effort along
the lines of
encour¬
aging lower rates, longer terms,
public
housing
strictions
and' further;. re¬
surrounding
all of which would be
rather than
an
a
building
deterrent
aid to the
housing
program," he said.
Mr. Mahan stated
new
is
the
greatest
that, in his
obstacle
to
building at the present time
uncertainty,
government
con¬
are
not
"Lifting
this
have
of
type
more
any
the
or
bargaining will
than that
success
steel
company
anc
the union remains to be seen, ac¬
cording to "The Ircn Age," na¬
tional metal working paper, in its
review of the steel trade
week."
-
that
price of much
a
$6.25
•
,
the past
v
a
increase
It is
steel
tricate, the magazine pointed
that to find a solution over
next few days seems
out,
the
unlikely. If
.
Government, as now appears
probable, has decided not to clean
up the steel situation on an ex¬
pediency basis, there is more than
a
50-50
chance
that the steel
strike will not be settled this week
and
maybe not next
Chester
Bowles,
plus past accumulated in¬
steelmaking costs.
in
creases
longer believed that the
price advance when it comes
will be a simple across-the-board
no
steel
for
move
carbon
steel
equities
between the prices of
products and others
will be straightened out by a
Varying: adjustment *. on
some
items.
This method,
"The Iron
Age" notes, Would also tend. td
alleviate the hardship which small
nonintegratedmills have com¬
plained of on the basis that ah
steel
some
-
identical advance
does
semifinished
steel
mote
estimated
was
that
still
a
to
about
the
of 1 the- past week steel lost
because of the strike will amount
to about
4,500,000 tons
or at the
1,500,000 tons a
weOk.
Since the resumption of
steel output to pre-strike levels
after a settlement is made will
of
rate
take
about
time, it is already evi¬
some
dent that; reconversion has been
set. back
weeks
and
possibly
months.
*
One
by-product
of
steel
the
strike has been the elimination of
steel
shipments to Europe and to
Philippines for rehabilitation
purnoses." It is expected that the
tentative allocation plans set up by
the
Civilian
the
of
tons
Production
for
istration
Admin¬
shipment of 850,000
steel
over
the
six
next
to
Europe will be dras¬
tically altered. So far ho actual
allocations
have
been
made
on
the directives
in the-process of beiflg is¬
Shipment of steel abroad
steel companies but
were
will
not be resumed to the prestrike volume for weeks and pos¬
sibly months after production gets
underway.
Up to the close of last week
/ considering
only the basic
steel industry and not steel fab¬
ricating; and processing firms the
loss in wages since the strike be¬
gan will be more than $45,000,-«
and
000.
; The American Iron and Steel
Institute announced oh Monday of
this week the opening rate of steel
companies having 94%
of the
steel capacity of the industry will
be 5.5% of
capacity for the week /
beginning Feb* 11, compared withf
6.0%
ago.
<*>f 0.5
ago, 79:5%
one
and 91.4 % one year
This represents a decrease'
point or 8.8% from that of
week
one
month
ago
the previous
week,
week's operating rate • is
equivalent to 96,900 tons of steel
ingots and castings and compares
% This
with
106,200
tons one week ago,
1,401,200 tons one month ago and
%
son
!
Production —The Edi¬
Electric
Electric Institute reports that
of electricity decreased
3,980,000,000 kwh. (preliminary
figure) in the week ended Feb. 2,
1946, from 4,034,365,000 kwh, in
•he preceding week.
Output for
the week ended Feb. 2, 1946, how¬
the output
to
the
was 12.3%
below that for
corresponding weekly period
one
year
ever,
ago.
•
•
-
ri,
Consolidated Edison Co. of New
dom¬
inant figure
*'•
by
end
week.
in Government price
used;.to higher prices..
policies is reported to be recon¬
of controls would pro¬ ciled to a steel 'price increase up
progress," he said.
products
give them relief.,
noc
It
on
finished
and
steel
System output of
kwh.
in the week
ended
Feb.
3, 1946, comparing
with 195,200,000 kwh. for the corYork
reports
198,200,000
■
the ban should be revoked.
products.
Rather it is expected that the in¬
1,673,900 tons one year ago.
complex relationship be¬
prices and prices of
items made from steel is so in¬
the
than
more
ton would be necessary to
compensate for the 18.50 an hour
The
tween
trols arid the fact that the public
a
whether
as
go arm in arm ir
democracy.
opinion,
The spokesman said the other
Pennsylvania firm had disputed
inventory figures attributed to it
by the CPA. This case, he added,
they
as
important that
thrift
Wagner-Ellender bill is the latest
be
;
as
encourage
not
Whether
week.
last
between
tect
housing,
CPA
spokesman said repre¬
sentatives of
both Pennsylvania
other
facturer
product
the
shirts
scarce
:
and
their
means
more
compliance
CPA investigators discovered that
one Pennsylvania manufacturer of
nylon hose was carrying an inven¬
tory of more than 1,760.000 pairs
of nylons as of last Jan. 31.
He
said this figure included unfin¬
ished-as well as finished hosiery,
this particular
tal production
result, this will make more
a
Unless his
sued.
Deliveries are wanted for fear
,
cut
anything beyond that figure.
viewpoint is changed, a
Government
industry
stalemate
on prices may develop in view of
the position taken by U. S. Steel
pose
months
manufac¬
number of shirt and nylon hosiery
reported to be hoarding supplies was
result
natural
Feb. 8 by
to
Press, Assistant
statement of the AP's board of di¬
Against Shirt & Nylon Hosiery Hoarding
a
miners
Benton said .the ?UP
"dec'sion to cancel the-, service is
'$ Lead'rik^: foad'rspcd with t^
highly regrettable and comes as a stockpile below a month's needs
"technical/' oUt^,
whole economy.
Nothing should be left undone to bring them and
their meaning to the attention of the public.
who
Washington, according
to the Associated
These facts may to some^appear
turers
In
Secretary
Action against
/
to the Office of
measure
a United Press
report in the New York" "Times"
they touch—^and deeply affect—our
CPA Acts
war
on
the fact that Mexico's nonferrous
services delivered
State Department,
missed it.
>
a
discontinue
to
news
Information, the Office of
Inter-American Affairs and
the
succinct summary of certaiti
developments
current
on
War
York "Times" of Feb. 10.
!
requested by Mr.
Jan. 28 made known
intention
Feb. 16 its
matter of grave and im-
a
verious nortferrous metals and the
situation is aggravated further by
discussion
Benton,
interests the shrinking inter-
becoming
est rate was
•
nouncement to allow t'me for fur¬
ther
at
level
a
roughly estimated at about 1,400,-^
000.
Mine,
tinuance "creates an obstacle to mill, and smelter strikes have
the conduct of American foreign steadilyfanned Out inthenonferrous lines with the country's
policy".
'
Benton
at
the
about
pro¬
gram abroad; and ; protestedt the
AP ruling.* Terming the decision
the prospect that the banking system might have to remain dragooned in-pf:
definitely in the Government's war finance service
v
which
tinue availability of the UP newr
creasing restiveness at
•
are
report for Government broadcasts.
On Jan. 17, William
certificates. This was
that the .pressure of funds seeking
"Federal Reserve officials gave
V
from
prepared";
the
rates lower.
,
the
necessarily would reflect
the objectivity of the news
services
hands-off, wait-and-see
investment placement would continue to
bond prices higher and yields and interest
% prime
en¬
casting without
fear of propaganda
lowed by a similar announcement
on Jan. 16 by the United Press to
refunded into one-year Va %
taken to mean
the
news
casts
of
policy, under which maturing Government obliga¬
tions either would be retired by Treasury cash or1
,
uses,
on *
believed "Government cannot
gage
•
•
;
other
and
discontinued
be
ground that its Board cf Directors
that Sec-,;..;
Fred M. Vinson's office would follow, for the;:\ V
indefinite future at least, a
•
given to the Of¬
was
seas
public-debt management, it;was reported
j retary
Reduced
the
that
equivalent of the comparable period in 1941, but was
nearly 40% below one year ago. A slight upturn in unemployment
took place within the week and the number of men on strike was
news
was
has a big
rates' as .an instrument
interest
low
in
14
the wartime arrangement, where¬
creating
Washington, where the Treasury
Jan.
on
decline
which
"At
made by
was
Press
fice of War Information and, later,
to the State Department lor over¬
commanded by railroad fi¬
York s 3s of
1980 were selling to yield 2% and the Victory Loan
2V2S were changing hands on a yield basis of 2.24 %.•
?
Announcement
-
and by the week's end - New
nance,
Supplying
Reports
Govt. With
:
by AP
2.39%; on Wednesday, the? Union Pacific RR. marketed $44,493,000 of unsecured bonds at 2.51%, the
•
Thursday, .February 14, 1946
$4.50 a ton, but may op¬
(Continued
on
page
886)
;
-I,
'
Number 4464
.Volume 163
-
House Passes Anti-Strike
legislation
lira Devaluated—
'
J'
By^an-- overwhelming vote, 258 to ,155,, the House passed ! on
Feb. 7 the far-reaching labor disputes legislation introduced by Rep¬
resentative Case ('R.-S. D.). In spite of attacks on the measureiby
organized labor and efforts within the legislature to defeat it, arpdwerful coalition of Republicans and Southern Democrats ;gave it the
necessary backing Tor victory over its opponents.
The bill's sup-,
porters denied that the measure^
ina'lly provided court -injurictiops
was designed to strip workers of
";
,;
be
to enforce
freely
used
their
rights and Would result in
industrial
strife,
arguing
that
■
'
.;
read/injunctions could be used
only to insure movement of per¬
ishable goods, such as live poultry.
/ At no time during heated 'debaie
in the House over the measure did
the public
.
could
sweeping action is ndeded to pro-;
tect the public interest when labor
and management disagree.
Under
the measure, according to the ac¬
count 'given
by the Associated,
Press from Washington, the Gov¬
ernment's policy would be:
"That labor disputes/affecting
•
vately, according to the Associated
Press, that the bill may meet a
'■
Interest should be set¬
tled fairly -and so far as possible
without interruption or delay in
7 the
production
and
879
THE COMMERCIAL & FINANCIAL CHRONICLE
,
An immediate call for
without
known
atomic world war was urged in the Senate
on Jan. 28 by Senator Tydings
(Democrat) of Maryland.
Mr. Tyd¬
ings, interrupting the Senate filibuster against the Fair Employment
Practices bill, said he doubts that the United Nations action for
completed/ it was
in
Associated "Press
Rome
from
Feb.
on
3.
little at
a
time in
a
that the United Nations
Organiza-^
:
:
tion is equipped to initiate suc¬ military from any policy-making
cessfully a task of this magnitude, function on the commission" pro¬
the Senator asserted, after point¬ posed for handling the problem.
effort
an
to make it hurt
has
less, the Treasury
step after step during
taken
the
ing
past
.
?/;
'77 '
■
reporting this, continued:
Because
Germany and Japan
are not to be permitted to rearm,
Mr. Tydings said, there is this sit¬
■
rate
while the blacks market
present is oscillating be¬
at
uation:
7 .v7«
He added,
the
"we do not
efficient
exclude
liaison
He
to
mean
between
and
said
the
armed
that
commission
28,. forces."
Jan.
given in the New. York "Sun,"
as
The old rate was 100 lira to the
dollar,
remaining
the
all
Washington
from
vices
actions at the new rate of 225 lira
to the dollar.
that
out
great world powers are rearming
to the teeth. Associated Press ad¬
month until today the
banks said they were prepared to
handle all foreign exchange trans¬
supporters lose control Of the
a final vte.
However,
House leaders have admitted pri¬
"I do not believe
control of the atomic bomb would be successful.
the press accounts had the
following to say:
Like a man cutting off the dog's
tail
wOrld disarmament conference by Presi¬
a
dent Truman to prevent an
In part
its
reception
in
the
Senate
does not reject it en¬
tirely, will almost surely greatly
modify it,
Administration sup¬
porters In the House had hoped; to
substitute
President
Truman's
been
accounts
outcome of
distribution which, if it
has
made
the. language, but was modified to
cool
Government
using the word devalua¬
ever once
tion
lira by
of the
devaluation
Italian
the
Tydings Urges President to Gall World
Dept. Statement Disarmament Conference to Prevent Atomic War
Treas.
The
Senator
>
the
atomic
scientists would not oppose mak¬
ing such liaison mandatory.
However," he said, "it is
the
best
tradition
of
in
American
Government that policy be made
by civilians.
A subject fraught
plain as the nose "ion with such tremendous significance
to our foreign policy as the de¬
one's face that the great armed,
War Departments issued on Feb. 2 forces of our own country are be¬ velopment
7/bbth':Employers
of atomic energy in
the following -joint statement:
bargain in good faith.
.
i
ing
maintained"; principally for this country must certainly be
The War and Treasury Depart-,
i ; "Government
decision should. fact-finding proposal for the mpre
possible use against Russia, Brit¬ freed from every vestige of mili¬
I
not be substituted for free agree¬ severe Case bill.
ments, working through Head¬ ain/ France or China, since Ger¬ tary control7:-: -';y-pp
,.77/
Other points Dr. Davies made in
quarters, U. S. Forces, Mediter¬ many and Japan are to be kept
ment, but governmental machin¬
ranean Theater^and the Amer-iean
disarmed,
' *,
ery to promote, peaceful Settle¬
To Revise Schedules on .j
indorsing the bill by Senator Mc"7
.
ment of disputes should be im¬
Embassy
in
Rome,
yesterday
"Is it not plain, too, that Rus¬ Mahon- (D., Conn.)
to create a
Loans to Costa Rica
j , terminated negotiations for proce¬ sia is maintaining her armed commission to handle the atomic
proved. Demands of either labor
The board of directors of the dures in the interests of the* U,; Si
or
forces for. possible
management should be kept
use
against program included:
Bank have'
armed forces in the theater. -t- 77,
within the bounds of reason and Export-Import
1. "As citizens we fear unw'se
Britain or the United States lor
As a result the Italian Govern¬ France or China?"
fairness and both sides miist rec- proved an agreement with Copta
laws
on
atomic energy for the
,
public interest,
duty of
the
to
necessary
,
:&nd to that-end it is the
tween
and 400.
350
U
"It
.
is
/ \
v;' -
7
as
Incidentally the \ Treasurer and
,
,
•
,
.
Ap¬
,
ognize the rights of the general
public.
"The desired end of bargaining
between management and labor is
-
a
Once that contract5 is
contract.
7 mdde
it fniist 'be equally binding
parties!
and enforceable on both
"The
Of force, violence and
use
compulsion are declared to be
against ptiblic policy, as they vio¬
late the principles of, freedom and
self-government upon which our;
Rica, subject to the approyal j of ment extended to the armed forces
the National* Congress of Copta of the United States and to other
Hica, to revise the amortization agencies of the United States Gov¬
schedule ontwo ; loans totaling ernment, the rate of exchange iof
$7,000,000, Wayiie .0, Taylor, Pres¬ 225 lire equals one U. S. dollar,
ident of the Bank, announced on Which the Italian Government had
Feb. 4. The loans Were originally made available to the diplomatic
authorized
and 1942
by the Hank in 1940
assist Costa Rica jin
of
Anierican
the
Int^r-
gan a lengthy prepared
its support.
was
s
that
-
v
.
tor
amendment
I
specified,
however,
that injunctions must not be used
to
prevent peaceful picketing
peaceful assembly. 7
or
of
$520,000
interest and
have
per year.
TJie
1946,
In
4%
interest is
principal due would
equaled about 7% Of Costa
Rica's normal total revenues.
"The
provides
agreement
new
American
ment
with
followed
British
by
and
a
similar
American
personnel.
H-Tlie/proposed
a
them
no
unions
but -give
legal standing in dealing
7* .7.7774
py 6. Only employers dealing with
£ with employers,
250
or
under
,
'
more
the
'
!
unions
would
would
'come
-,V
be
banned.
be forbidden
t to conduct a concerted refusal to
handle goods in order to make
management come to terms. Sup¬
porters of the bill said this sec¬
tion would prevent many
tional
would
Any
disputes.
lose
their
gaining rights.
-
jurisdic¬
violators
collective
bar¬
The section origr
combined
$350,000
amounts
of
plus
-year,
per
which
by
less than
not
any
Payment
Guaranty
York
gasoline
tax
on
bombs.
,
Brazil Bonds
Co.
on
of
Feb.
5
it is 'prepared to make payment in
U. S. Dollars of Deposit Certifi¬
centering our efforts on the
prevention of World War III?" he
asked. "Frankly, I do not believe
are."
Mr. Tydings
we
'
agreed to release its claim upon
of
tion
said
purpose
stated objective
or
that
the
in
principle,
Costa
Rica
financial
agreement
come
into
in
for eventual world
disarmament. The UNO is doomed
to failure unless the member na¬
tions
use
its services, rather than
battlefield, for settlement of
the
their disputes."
Senator said this country
planning the largest Air
Force, Army and Navy despite
its pledges to the UNO and said
The
was
rely
the UNO; for our protec¬
Senator Tydings said.
on
The
provisions
operation
the /Senate's
Members 1 of
cial 7
spe¬
questioned - Dr-.
-argument for;7-complete
committee
Davies'
exclusion :of
military" from
the
sion.
■
•
•
•
of the
commis¬
.
:
Dr. Davies, a native ofi-Winrepresenting an interest in cheser,' Va., is now living at Oak
State of San Paulo-(Brazil) 25-: Ridge, Tenn., site of an atomic
bomb-plant. He said that'he spoke
for more than 1,500 scientists and
her
and of Interest Warrants due Jan.;
original
I, 1946, detached from these De¬
posit Certificates.
Deposit Certi¬
ficates should be presented at the
engineers ;conri0Cted, with-work on
the new source of power.
7 '
will
in
again
1951,
ex¬
cept as may be modified by mu¬
tual agreement at that time."
He said
for
the
in
testimony prepared
Senate committee
special
atomic
energy
that i"we wish
Corporate Trust Division and In-'
terest
Warrants
at the Coupon to go on record most stronglv as
Paying Division.
7 favoring complete exclusion of the
on
.
nuclear 7 science
The
use
of
fission
kind."
,
of
scientific
information.
We
strongly .approve." 7-- 77777
7 5.
"We
feel
the
'espionage
act
of secrecy."
6.
"The policy
large-scale
,
of
industrial
postponing
application
is, .in our opinion, a wise policy.
Premature* development of spe¬
interests
cial
pre j udice
in
this
field
may
the possibility of intercontrol." ■'
effective international
offense
and of
war
a
as
control
weapons
of
the elimination of
method for settling in¬
ternational disputes."
Savs.-Loan Ass'ns
Fa^ Dividends
By
December
31
the
savings
and loan associations and coopera¬
tive
banks
had
distributed
to
holders of share accounts through¬
out the nation
some
$86,000 000 in
dividends from earnings of the
months up to date.
six
This announce¬
ment from the United States Sav¬
ings and Loan League, which vas
issued Dec. 30, carried with it the
notation that some 7,750,000 per¬
sons
have participated and that
this last half Of the year payment
bririgs the total distributed for the
year up to $170,460,000.
This payment marked
*
'
(Non-Callable) 7% Milreis
Loan Bonds maturing Jan. 1, 1946,
strengthening
economy.
in
be maintained.
must
no
Year
the tobacco tax in order to assist
velopment,
.
UNO Charter there is "no declara¬
cates
period, 'the Bank has
encourage
of' of atomic and other
us
New' policy-making functions
that' proposed atomic energy
receipts shall exceed this sum. For
domestic
legislation
the international
control of atomic energy."
3. "Vigorous -research and de¬
an
/
"But is the UNO and are all
Revision of the tion,"
Trust
announced
our
;,.H-
..
missions of destruction."
,,
7. "There can be no solution, of
He predicted that other nations
soon would: be producing atomic. the problem of security - short of
.
the Tive-year
workers Would
measure.
-7. Boycotts
Thus
? >■
cipal
;
similar, the same was true of England
was
and. Russia..
rate for
"In this state of a world armed
military
to the teeth, we cannot further
,
77;;:777:,-.
"Any
na+Jo^^i
5. Supervisory employes not do- that in the five-year period from lira was referred to in our issue
of Feb. 7, page 766. ; -Hi 1.7! •.■"'H.7 7
"ing
manual,
-productive
work,
1946 to 1950 CoSta Rica Shall make
% would be denied the status of em¬
payments "for interest 'and prin¬
ployes Under the act. This would
foremen's
use.
of hundreds of miles on their evil
•/V
;allow
of
content to have
seems
This
/
:.h
is the time 7 4. "The bill attempts to pro¬
good faith vide the freest possible exchange
upon
prohibiting its
We seem to have for¬
gotten -the possibilities
of the
rocket, the V-l -and -W2 and other ,
flying! bombs ,which -can* wing
their way near the stars on flight
future
diplomatic and govern¬
personnel
rate for British officials.
a
bent
seem
v
and 1950 of
rate
of
now
showdown
a
'Hhe UNO
subject to
loss of their
7
value
nations agree only for the control, will provide as much national se¬
of the atomic bomb. K It does not curity as can be found in a policy
.
or
:
the great Powers.
"Strangely- ' enough," t he; said,
.
injunctions
2. H
the
among
-
re-employment rights and collec¬
tive
bargaining
powers.
An
lives."
Htoo
we
citizens
other
that
reason
them;
must
disarmament moves, Sena¬
Tydings said
for
■
-court
speech in
same
fear
t o rn i c
phenomenon and its
energy must certainly be freed by-products in physical, chemical,
from every vestige of military biological/ medical and industrial
control.
"
research, as well as in power de¬
}
Saying
that this nation had velopment, should greatly enrich
"weakened"
itself Hin
previous our country and indeed all mandevelopment
;
world
v.
-
he be¬
Earlier, the special Senate com¬
on atomic energy was told
by Dr. Harrison Davies, of the
Federation"of /Atomic Scientists,
previous rate of exchange
100 lire * equals Hone U.. -S.
..
as
mittee
The
and
,
for
calling
disarmament conference
.j
t■
:
'
trib¬ dollar.utaries ian&3oi7emei4gen^^
Referring further to the Rome
Government was formed and the cing iii the' Republic, as a part !of Associated Press advices, noted
for
which,, it
was
the -general plan of hemispheric above, we quote further therefrdm
purposes
founded."
defense. It is made known that by as follows: 7^i•'' 7777777'u>77ri
;,|f
t
i
The Associated. Pfess has suip- the terms of the new agreement
But Francesco Cincimino, ad¬
marized the provisions of the bill the.repayment of principal sched¬ ministrative chief of the Finance
as passed by the Douse as follows:
uled to begin in 1946 is reduced Ministry, never said this was de¬
;
1. It calls for^ a national labdr- during the years 1946 through valuation. He said it was merely
77i;:; management ftiediation board of at 1950, after which time the Bank a variation/of fhe*lira's value.least six members, appointed by has agreed to review amortization
The government's reluctance to
the President. The Chairman, Vice rates for the succeeding years in say in so many words that the
Chairman and Secretary would pe the light of conditions then exist¬ currency was being devalued is
public, representatives and would ing.
explained partly by the fact that
».
ibe subject to Senate confirmation.
"The purpose of the new agree¬ "facendo una bella figura" (mak¬
The other members would include ment,"
MrvTaylor said, "is to ad¬ ing a good appearance) is almost
an equal -number of representa¬
just the loan maturity schedule, as important in Italy as is "face"
tives from rnanagemeht and labor. as originally drawn, to post-war in the Orient.
2. Employers and employes each conditions in Costa Hica. The new
But there also was real fear on
would be required to give
the schedule of repayments will not the part of officials that; forthboard five days'notice of a con¬ only assist Costa Rica, but also rightness might blow the lid off
templated lockout or strike. The gives the Export-Import Bank the currency.
7
*
:
board would assume jurisdiction
The lira fs supported by little
greater assurance that repayments
if it found the public interest sub¬ can
In¬
and will be met in accordance gold and few foreign credits.
stantially affected.
The board with the terms now established. ternal expenditures are exceeding
then could issue an order banning
This step has beer* under discus¬ revenue/by an average of 1,000,Strikes or lockouts 'for 30/days.
Government's,
sion- -with Costa Hica "for -some 000,000 lire daily.
Such orders Wotild be enforceable
months," Mr. Taylor said. The an¬ estimate of the minimum imports
needed to keep Italians alive and;
through court injunctions.
nouncement from the Bank added:,
3. Both parties^ to a contract
revive, industry: exceed - estimated
"The original agreements pro¬
would be required"to keep it or be
exports and supplies from UNRRA
vided for retiring
$2,000,000 in
by $650,000,000.
subject to civil suits for damages. full. in the
period from 1946 to
The Treasury's first concession
I
4. Use of violence, force, threats
1952 and $5,000,000 in the period
or
was on Jan. 4, when the govern-:
intimidation on picket lines
from 1946 to 1958. The loans were
ment established export and im¬
would be outlawed. Thus, labor
secured by Costa Rica's pledge of
would be banned from forcefully
port subsides of 125% to meet the
tobacco and i gasoline taxes.
An¬ weak purchasing
power of the
pf eventing those wanting to woi!k
nual payments of principal under
lira.
from doing so. Likewise, manageThen, at the request of the
the
original terms would have British
and
American
governtttient would not, be allowed \o varied
between $377,000 and $819,break up picketing. Violators Of
ments, the new rate of 225 lire to
000, With an average between 1946 the dollar was
7 this section would be
established
for
Highway
t
introduced a
the world
Tydings
resolution
corps.
to
the -construction
Senator
semi-annual
the 230th
period at which tV<?3
cooperative home financing insti¬
tutions have added to the wealth
of their
systematic savers and in¬
vestors, said Morton Bodfish
cago,
Chi¬
Executive Vice-Presidert of
League.
"The total dhd^nd
distributed by all our institutions
the
is
larger than it has
years," said Mr. Bod¬
fish. "Although the rate at which
dividends are paid has deh^^d
since 1939, the increase, esiw:a11v
combined
been in six
in the last two
the
amounts
or
three years, in
which
sharf>u~1'1'v*'s
have invested have offset this,fac¬
tor in determining the dpR— ~'clume of earnings distributed."
m
880
THE COMMERCIAL & FINANCIAL CHRONICLE
.
tion of
them, they would logi¬
cally impel us to this plan.p
The Financial Situation
(Continued from first page)
;
End of
Movements Demanded by N. Y. Chamber
•
It
would
rank
these will be permanent homes.
On the assumption that the rec¬
the
file to study the
expressed and implied
and
tenets
in
for
well
be
this
analyze
light of their own
them in the
and
merits.
reach
to
careful conclusion
the
Otherwise,
end
1946.
a
of
the
Within
is
gear
Of course not. At
points
Wyatt speaks of this or
that
advantage not ■ costing
the veteran
anything. Let it
be
definitely understood that
anything provided in this pro¬
Mr..
by
of
from
years
be
we
met
under
this program.
Calling for an end of the "tyranny" of leaders of
labor unions
in calling strikes which menace the
health and well
being of the
7,500,000 people in New York, the Chamber of Commerce
tain?
au¬
program
first quarter
two
But do these conditions ob¬ 0'
that time the urgent need
figure
of some 3,000,000 homes should
to their
as
legislation
promptly the
should move into high
to
program,
experience,
real
ommended
thorized
\
would
gram
cost
State
•
turn
the
to
Take
measure.
York
of
sent
resolution
a
adopted
was
motion
on
•'
of
Richard
W0 Lawrence,
former
President of the Chamber, follow¬
ing his recital of hardships to the
public 5caused
by
the
elevator
strike of last September and lead¬
ing up ^through recent labor dis¬
putes to the tugboat strike.
After referring to the results of
of
subsidies, the inevitable part be hidden in taxes and a survey of losses incidental to the
.this introduction to the sub¬
priorities and allocations the like, but they will be as¬ elevator strike, which was made
public by the Chamber on Feb. 4.
ject by Mr. Wyatt, the hous- made so: familiar
during the sessed and paid nonetheless. Mr. Lawrence said:
"
:
ing expediter, who is given war, use of war
plants, vari¬ Unless the government has
"That, of course, was a' very re¬
Kcredit for the scheme:
ous "incentives" to induce en¬
But what
suddenly acquired a degree ntable occurrence.
t
'
Two
sobering and inescapable
* * *:
"
facts emerge
0 First, there is
for
an urgent need
.3,000,000 moderately
some
$ and
low-priced^ homes and
apartments during the next two
v
years.
•
omniscience
to
ven
man,
a
very
risks, recruitment and train-* facilities will for,
of workers oh a scale com¬
parable • to 'nothing ;' in\ our
peacetime history, strict price
or
mg
one
usefulness
so
able
more
once
soon as men are
build the
to
There is very
the health
reason
another lose much of their
"
are we facing in New York
City,
tdday?; By proclamation of Mayor
O'Dwyer. the schools of New York
City are to close down tomorrow
hitherto
not
large
sumption by government of part of these costly housing
Second,* we Can meet this;
need only by bringing to bear
0 the same daring, determination control which is expected ap¬
J '
of
largement of facilities for the
manufacture of materials, as¬
definitely
to
and
most
powerful
machine
war -
<
recent radio mespeople,
you - called for the
immediate
production of an unprecedented
number of homes, I could not
0 help but recall the goal of 50,,
;
*
When, in
.
*:
v
a
the
to
sage
American
aircraft
000
which
President
Roosevelt set in the early days
>
of
the* war.
Though
many
people considered it impossible,
,
,
0that
goal
We met in full
r
'
■
to
obligation
and women in uni¬
men
our
'
form.
To. meet
;
those
our
same
civilian
men
life,
we
women
will
need
drive and ingenuity on
same
themselves, resulting, if
American
labor
Government
nancial
T
P
and
the
stimulus
you
assistance
that
possible the miracle of
duction
in
same
made
war pro-
that' earlier
emer-
0/: gency. 0':v00 00000 \0000:;;0-i
There follows
an
imitation
of the Roosevelt7''boldness"—
as
direct costs
a
highly im¬
portant one.
Again, is housing the only
the'
operation of this great harbor
transportation, fuel and food
3,000 members in all.
of
"Yesterday,; according
vital essential that is in short
as-usual will suffice."
what
is
the
pot, and any con¬
centration of the sort .here
course
planned
upon
J housing
can
in
man
the street to think of all this?
will,
of course, be well
of the dire shortage of
be. persuaded
work
to
reasonably well and to
"endless strikes 1 r aiid
avoid
featherbedding restrictions, so
that the
priorities, allocations
they would obey
the request of the President of the
United; States that they return to
•: "Now,
I could go further into
the details of the distress, mental
and
is
physical, and the distress that
likely to
occur, unless reason is
restored in the leadership of the
labor movement, not only in this
town but all
}
With the end of the war and
the advent of reconversion, forces
through the country,
because, very definitely, under
the laws of the nation, in our
everyday dealing ' with; the mCn
at.
and
Dual
Banking System
work
in
our
country
which
in the
women
employ of in¬
as the
and
other controls
can
be would undermine its time-tested dustry, we are; powerless,
setting
of 0 ■' impossible''
made effective, and the
gov¬ monetary and credit structure management or ownership
goals in the thought, we sup¬
have taken on new vigor, accord¬ to deal with the situation
ernment can obtain and
keep ing to H. N.
pose, that the very grandiose
Thomson, President equal basis."
ofy the
program
will
"challenge the imagination"
and win friends for it.
the services of
Here, right
Mr. Wyatt, is number
do—chiefly; of
must
for the veteran:
course,
Our sights must be raised far
above the present target of four
or five hundred thousand
homes
in
1946.
I
am
that
•
|&
|
therefore recommending
the
following
program
of
emergency measures be put into
effect immediately:
0"'- < v
(1) Construction of 2,700,000
;
low
and
must
be
moderate
homes
started
next year.
,1,200,000
cost
by the end of
The target for 1946;
homes
started,
of
which
700,000 will be conven¬
tional
houses; 250,000 perma¬
nent prefabricated houses and
houses
assembled
prefabricated
on-site from
and mate¬
rials, and 250,000 temporary
units.
The target for 1947: 1,500,000 homes started, of which
900,000 > will be conventional
houses; 600,000 permanent pre¬
fabricated
parts
houses
and
'
in
Since
the
great,
a
own
houses
the
could be
time
need
is
allotted.
obviously
the question must be
faced:
It
"Why not proceed?'"
may be said at once that
housing, of
the
type planned and in the
places to be chosen is so im¬
portant and so badly wanted
within the next year or two
chat the cost of its
provision
.s
of little
and
so
or no
vital
to
consequence,
our
need
or
desires that other priva¬
tions
which we should be
aur
obliged to suffer to have this
urogram successful
natters, and if
are
our
minor
essential
requirements in housing
in
other
no
then
of
houses
should
manner
course
the
be
can
met,
program
U.
S.
Senator
00;;
Joseph
C.
O'Mahoney of Wyoming, who was
scheduled to speak at the Cham¬
ber, was unable to be present on
account of illness.
adopted
The Chamber
resolutions
payment of
veterans
opposing the
State bonus to war
also Federal finan¬
a
and
cial aid to the
States'public school
It approved an
extenForeign Trade Zone privi¬
leges and urged prompt return of
systems.
sioiri of
Empioyment Cervices
lue
me
Federal
States.
1
1
Government
.
?
,
,
from
to
,
,
the
1u
,
-Import Credit
For Measr
Railways
The
board
of
Export-Import
directors
Bank
r
of
have
proved
the
ap¬
an increase of
$800,000 to
existing line of credit available
an
to the
Electrical Export
Corpora¬
shipment of electric loco¬
and
related
electrical
tion for
motives
equipment to Chile, Wayne C.
Taylor, President of the ExportImport Bank, announced on Feb, 4.
hi
July, 1945, the Export-Import
Bank agreed to
purchase from the
Electrical Export
Corporation $2,of notes of the Chilean
State
Railways, representing not
over 70% of the
contract price of
the equipment.
The
new
000,000
of the State Bank Division of the
American Bankers Association. In
a
letter to members of the
ion
on >
is
also
divis¬
Feb. 1, Mr; Thomson, who
Farmers
Vice-President
and
of
Merchants
the
Bank,
Presho, S. D., said:
"These
build
our
forces
would
Utopia are not confined to
own country. A
weary world
a
a
period of
readjustment in which fanatics of
every kind find the opportunity
press
society
upon
their
pet
economic and social panaceas. The
of
this
world
manifestations
movement have broken out
more
Lawrence
New
of
"clarion
note"
said
that
Jersey
in
his
on
an
Gov.
struck
a
message
to
the Legislature in which he up¬
held
the
principle that strike'
should not be permitted againsi
vital
which
is. now in the midst of
to
.Mr.
Edge
group,
services that affect milb'onr
of innocent
peoole in and adjacent
to the strike
In
stated:
areas,.'
Mr, *,Lawrence
part,
-
-
.
else
n
"Recently,; the
head
of the
Transport Union, a member of the
City Council, Mr. Michael Quill,
served notice upon the community
that
of
as
would
be
a
certain hour, a strike
called
of
the
members
spectacularly in England and in
France than in our country/ but of his union, that have to do with
the operation of the most vital
they are also very noticeable here/
element in our city's life, its sub¬
They are. all predicated on the
basic idea that the first step in a way, and, to a degree, its surface
unless • the
city
socialized program is that of get¬ transportation,
would
cease,
if you please, its
ting control of the credit system.
plans to utilize existing power re¬
The
0 banking profession must sources
to take the place of wornwork
harmoniously to combat
out facilities existing in the cityforces of this nature.
000. ' ;
"In my
owned
opinion, the true inter¬
ests of the public and of the banks
are
identical.
there need
be
If
we
serve
these,
little doubt
about
the future." Mr. Thomson said that
to
power
plants—threatened
strike, not for wages, not for
but to bring about a po¬
hours,
litical result.
:
; V*
"I would like to suggest that a
message
-
be sent from this meet¬
."This type of
credit," Mr. Tay¬
said, "is designed to assist in
financing U. S. exports which tend
lor
to
develop the economy and in¬
the productive
capacity of
crease
the
borrowing country, thus enlarging the future potential* for¬
eign trade with the United Statesl
Equipment of this character re¬
quires longer term
financing than
is usually. undertaken
by private
banks."
Mr. Taylor added:
.
•
■'
; "The Export-Import Bank has
financed the sale of other railroad
equipment to Chile in 7 the ; past
and
our
experience has been most
satisfactory, all
ing been
engagements hav¬
in
met
full
at
dates/
maturity
Advices from the ExportImport Bank stated, in part:
"The agreement provides
that
the credit line
may be used until
Dec,
31,
1946,
Notes
to
be
$
pur¬
chased under the credit
carry in¬
at; 4 % and mature semi¬
terest
annually over a period of seven
yearswThe notes are to be uncon¬
ditional negotiable
obligations of
the Railways.
The Republic of
Chile is to provide assurance
sat¬
isfactory to the Bank that dollar
exchange will be made available
promptly to meet all obligations."
Provisional UNO Budget-j
The
United
tion's
Nations
Administrative
Committee
of
the
Organiza¬
Budgetary
General
As¬
sembly received recommendations
Feb. 1 from experts for
a
pro¬
visional' budget
for 1946, which
expenditures of $24,978,000, according to a wireless
report from London to the New
York "Times."
The report / gave
would
the
cover
following
clud^d:
estimates, in-
as
'
0" ••••' •' 00
v •
; 0;
$17,906,000 for a Secretariat;
$2,500,000 for the expenses of the
,
be adopted.
These the State Bank Division will con¬ ing, which is a * representative
prefab¬
ricated
meeting of the citizens of New
parts
and.. materials. are
the
considerations, of tinue to devote itself to the pres¬ York—every one of you have very Assembly sessions and
(The previous all-time high was
meetings
ervation of'the dual banking
sys¬ considerable •; personal- responsi¬ of the Atomic Energy Commis¬
937,000 homes in 1925; in 1945, course, which impelled us to
sion and other bodies established
tem,
"for community
bilities that have to do with the
only 240,000 homes were built.)
develop¬
imilar techniques in the
v
pro¬ ment in the
the Assembh*: $3.0O9.0O0 for
American way could well-being of the city's-popula¬
Except for 200,000 units of,
duction ;pf armament,
temporary re-use war hou ing
and,: not have occurred without locally tion—to Mayor. O'Dwyer, that w'e unforeseen expenses, and $700,000
■■>*•
;nie
will stand steadfast behind him ir
and 50,000 new trailers, all of
internaiional Court of
granted a peacetime duplica¬ owned financial, institutions."
.:
■
•
^
any
program ."that"he • developer Justice.
assembled on-site from
1
of
built
if this amount of
«
each
surprisingly large
a
what
to
men;
~
sizable "if" in its
very
according to
we
able
direct the program
to Vthe
tyranny I have described."
.
housing in this country.He which of these needs is most
probably guess that if the urgent.
-d ,0 00 ■•■'00 /0000''U0
wartime psychology can be
adequately duplicated so that
can
not
or
vv ■'
get in the way of their vocations.
"Six hundred of the 3,000 voted.
total
ending some of these other Over 200 voted to
accept the Pres¬ credit line thus becomes
shortages -4 food, clothing, ident's request,; and * 400; voted 000.; The enlarged credit $2,800,line is
transportation, and almost all against it. In other words, by a required in order to provide for
other articles needed by civil¬ majority of 200—200 individuals—
certain^ changes in
equipment
and
we have this situation of crisis afr
^locomotive 0 specifications;•
ized man..
The market, not
sice
the
credit
fecting the life of this great City
line
was
first
government,
should decide of New York.
established.
'
"V0
<
'
"J1 V
will
labor
whether
not fail to
What Are We to Tlxink?;
Now
Of
ing held in the Manhattan Opera
a vote: was taken of The
of
the union as to
members
a
scale
the
to
newspaper; accounts of the meet-r¬
supply at the present time? House,
remark that "it will take
dynamic program to achieve
this goal. Neither business-asusual, labor-as-usual, build¬
ing-as-usual, nor government-
He
andi.fi-
well
course
sage
aware
part of American business and
as
—is,' of
a
in
the
the
indirect
-
an '; end
a menace
seven and a half millions
pf
people, particularly to the work¬
ers
■■
bring
_
houses
by the
to
obligation
.
and
The
recom¬
our
:
'
much
long list of procedural
and .others like it
and passed. 00
:
and
order.
same
mendations is followed
achieved
were
itself,
of the
more
four years ago.
will
well-being of
—
drive
that
tlie
they really ,w a n t please, from, the, desire of a very
and hard-hitting teamwork with parently to sterilize the infla- where they really want them: slight percentage of the popuia-r
tiori of the city employed at the
which we tackled the emergenticfnary factors generated by The cost factor
including strategic area that has to do with
cy job of building the world's
the
the
on
resolu¬
tion
well, .either in this con¬
Now come the schemes
by cluding the veteran, perhaps
nection or some other, make
which all this is to be accom¬ twice what it would cost if
blunders which would plague
plished. They include guar¬ provided in the usual way
us
for generations.
Let us anteed markets, all manner These additional costs will in
may
New
of
Feb. 7 to Mayor
O'Dwyer
pledging its full support to any program he
develops to meet "the
present municipal crisis" and to enforce law and order.
The
all, in¬
us
1946
Tyranny of Labor Unions In Strike
Costs, Direct and Indirect I
,
■Thursday, February 14,
•
•
.
.
Volume 163
Number 4464
THE COMMERCIAL & FINANCIAL
L
Senator Johnson Would Have British Loan
necessary interim'financial'^assist¬
ance from the United States, l am
Popular Subscription
Urr. A prop°sal
to limit the
by-Senator Edwin C. Johnson (Democrat) of Colorado
$3,750,000,000 British loan to popular public subscription
.this counttry met with differing views in the Senate on Feb. 6.
in
that" 'Finland
confident
In tl. S/Limited to
•
If
CHRONICLE
Will continue this'
■
can
Increasing Production Safeguard Against
anc.
.
specifies the
in
United
the
States
to bring labor and
The government should take necessary steps
types of products that may be pur¬
chased
Inflation According !o Harold E. Stassen
]
splendid' record.
The credit agreement
together and keep production going, it was declared
Jan. 31 by Harold E. Stassen, former Governor of Minnesota,
industry
ana
on
and
specifies that they may not be re¬
an amendment offered
potential Republican Presidential candidate, in his fourth public ad¬
exported,". ,' v"//:"''/
''
ons
5 *° an administration bill now before the Senate Banking .// The Bank states: "Annual Fin¬ dress in six days in New York City. "The role of Government must be
to find a point of agreement—not to make decrees or decisions," he
Currency Committee. : The amendment would forbid use of
nish exports from 1936-1938 aver¬
Treasury funds or Government vdeclared, adding that the "gov-#—-—
———
aged approximately $180,000,000 ernment should
credit for financial aid to Eng¬
correct
abuses business shirts and shorts were
history, we should fail to center
land, but would allow sale of spe¬ a great shares of our attention and annually, and imports $175,000,000, with the least possible interfer- found in some stores at lower
During that pre-war period, her ence." The New York "Herald
cial British loan bonds to the pub¬
aftort upon the family unit.
prices/produced under the lowThe
lic.
exports were lumber, Tribune" of Feb. 1, from which cost clothing program.; However,
measure
of a civilization is the principal
Associated Precs advices from measure of its family life.
It is paper, and wood pulp. Her im¬ we quote, also reported Mr. Stas- quantities were far below the
Senator Johnson's proposal was embodied in
Washington Feb. 5 stated:"/'/;"/yi
.
Senator
posits
Johnson
in
this
bank
said
normally the soil of the steady
responsible home that begets
and
de¬
important driving incentive
people,that.induces them to
high of strive and work,- to move upward
more than $279,000,000,000.
y/y/" and onward, to progress. . .
"This," he said of his plan,
"Perhaps it were well if we in
''would provide a popular re*erpr»America, who have in the past
dum on the question of a British fought so well for a bill of rights
loan and it would not be a part for the individual, would in the
of the national debt.
The Treas¬ future fight no less valiantly for a
ury
is
worse
than- broke," he bill of rights for the family. The
added.
"Why not submit this to fact that your program is spon¬
the people who have the money sored by a church group gives as¬
and not let taxpayers underwrite
surance
that
the
strengthening
the loan?" '
<
and refining -influence of religion
•
that
country now total
while the public
$162,000,000,000
debt has reached
of
a
record
a
.
;
in the family circle will be given
attention." •J\ r/-y. ^
Representative James A. Roe,
Democrat,-pf New York, said to¬
day this nation must guard itself
against
British
"propagandists"
Credit lo Finland
and
"super-salesmen" seeking to
"put across" the proposed loan to
Under Loan
Agreement
With Export-Import Bk«
Britain. "We have been over-gen1
all
to
erous
nations," Representa¬
tive Roe said in
now
our
own
statement^ "but
a
needs must be
sidered."
The
•
•
>,
Department
of
v,
con¬
Approval of a credit line and
loan agreement between the Re¬
public of Finland and the ExportImport Bank of Washington by
its
board of directors was an¬
nounced on Jan. 31 by Wayne C.
■!
•
Commerce
reported today that < the United
States Government had $1,141,000,000 outstanding in loans, ad¬
andj financial aid to foreign governments Sept. 30, 1945.
vances
Considerable ; expansion of these
transactions is J indicated ivin ; the
hear future
proposal,
the
of the views
Five Senators: who volunteered
comment
divided
were
three
to
two
over /the / desirability of such
legislation introduced by Senar
a
toF Edwin C. Johnson.
is provided bythe/ BanlF/hpon
which Finland may draw for the
agreement provides for refunding
existing loans from the; Export-
Finnish-
the
Bank
to
American Trading
Import
and
1940
and
1939
were
guaran¬
by the Republic of Finland,
new
credit and
refunding
teed
This
he.i/belieYed
operation does not affect the Spe¬
cial credit of $5,000,000 to Finland
money
jn-this ^durvtry to furnish
the British loan,
but it's not in the
the
purchase of raw cotton,
which was recently announced by
for
Treasury."
the Bank."
Senators favoring Senator John¬
son's
^suggestion made this com¬
ment in separate interviews:
Senator Willis (Rep., Ind.): "I
Jan. 31 of the
dollar
credits
think, it's'
a good idea.
It would
tend to fcheck: the inflation 'in this
to meet its reconstruction
and re¬
conversion
and
country by giving people a chance
to invest their funds."
Senator Revercomb (Rep., W.
reestablish
.
;
y a,): "If we. have to have a policy
loans, then-1 am for Senator
on
Johnson
s
'
idea."
:.
/
-
'■/
•
Senator, Robertson (Rep.; Wyo.):
"That's the way to do it.'" "i
.
Opposing the Johnson plan
Senators Hatch
(Dem, N.
and Buck. (Rep., Del.). •
r
were
M.)
"It could not be dorie that Way,"
Senator Buck told a reporter. //'If
•
.
it
could
have
;
been handled that
never have come
they would
here to get it." v
way,
'
■
President Truman Urges f
iRights" for Family
As
the
National
Catholic Con¬
Family Life, under the
auspices of the Family Life Bu¬
ference
reau
on
and
the
National
estimated
Conference, commenced
four-day session Feb. 5, at
Associated
situation,"
! price increases granted to manu
requirements
a
to
to
balanced economy
no
mands
upon
ifc£'fund's. !Z
)
"The record of Finland in
deal¬
Taylor sgid.
"Slightly over
10% of the/ principali loaned in
and
1939
has
1940
already
been
Payments of interest have
also been made amounting to ap¬
repaid.
was
be
of
made
terest
due
as
were
tual agreement
have be-:
would
deferred
b,y:
mu¬
and there has been
The
Labor;
against notes of the
of" Finland bearing in-,sldies
Republic
at ,2V2%
15,
March
until
,
1951., Existing notes of the Finnish Tradii^g
be exchanged
Corporation
are
.
to
for similar notes of
the Republic of Finland,
with in¬
2%% until;1951. At the
,
_
,
,
on butter and peanut bu
seasonal increases for eggs, anc
^herf c(?s£f. Jor
bousefumishmgs^ were ma nly The
r
sponsible for this increas , Nov
consumers' price/index for
15, 1945 was 129.2%
average
of the 1935-39
/ and was 2.1 %, above: the
level of a year ago.
The report issued on Jan. 6 by
the Labor Dept. also said; /
/v "
totaling $20,000,000 will bear
The fopd bill for: city- workers'
interest at 2Vz% payable in equa1
families /rose -.0.(?.$>
during ^tbg
semi-annual
installments /«.• until
1956.
The/ second series of^$20- month /aF/the: HrsF effects of the
withdrawal | 'of - the|'' butter
ari(
000,000 will carry interest at "3%
with principal payable from 1956- '^ea'hiit>.b.ttffe^'-subsid^
fleeted in the index.
The average
1961. The third series of $20,000,000 will carry, interest; at : 31/2 % price of butter advanced 9 %, 01
pound: peanut butter
Finland has reserved: the: right to increased 2.4 %, or 0,7 cents pel
When subsidy payment/
nrena1" any of the notes prior to- pound.
were
first made on these twe
maturity/
foods iri 1943, the average price oi.
butter dropped. 5.1 cents in the
first month while peanut buttei
President Praises Work
went down gradually, declining
Of Housing Administration 5.0 cents during the succeeding si?/
mature
1961
from
to 1966.
.
received
letter
a
Republic: to set
Jan. 31
on
from
accepting
up
budget
a
tem,
"will be of
to
country striving
a
his
sys¬
immense/value,
,
hard
so
to
make democracy serve the needs
all
on
the
people."
Blanford's
Mr.
4.5 cents per
,s
President /Truman
Commenting
report
of
the
months.
other than
butter: and peanut butter showec
an
average increase of 0.3% be-/
tWeen mid-October / and
midNovember. Prices of green bean
moved up sharply (18%) as OPA
adjusted / ceiling prices to mee
higher production costs. Orangei
(still under price control in midNo veipber), cabbage, and spinach
prices dropped seasonally more
than 8%.
Eggs continued theii
Prices
of all foods
seasonal advance and
age
now
aver¬
68 cents per dozen.
by 0.1%
ending Nov. 15
Housing Agency under his admin¬ Retailers'/inventories of apparel—
especially, men's /clo,thing-—c6m;
istration and
of ;
the
Outlining
course,
President
National
a
Truman
future
Clothing costs increased
during the month
tinued to be
extremely low as re¬
wrote,
placements from manufacturer
were
quickly sold to returning
"In the 1930 decade, Finland re¬ from
Washington to the New York servicemen and early Christmas
duced
her
outstanding
foreign
Prices for work trou¬
"Times": "It is .a satisfaction to shoppers.
no
default." Mr. Taylor continued:
according
to. a
special
dispatch
:
indebtedness
from
approximately
$200,000,000 to $8,000,000. The war
left Finland again with foreign
y
program
tions
"The deliberation^ which your
calls for are timely. In¬
deed, iit.'would... seeminconceivable
tha.t, .as We put our. hands and our
to
Russia.
Her
production
the
that you have presented
Congress
program
tion
to
of
a
new
provide
to
comprehensive
housing legisla¬
for the needs
returningveterans,/
on
the
of
one
relatively-undam¬
hand,, and to make up the large
aged, however, and her principal
facilities
needs
raw
,
are
were
for food and industrial \shortages
materials and fuel.
With the
;
with
communities
unities
which
so
not
*
/-.'
.
many,
/
Heads of NAM
Committees for 1946
Robert R. Wason,
"president, of
Association of Manu¬
the National
New York
facturers, announced In
on
Feb.
3, the appointment of
16
Chairmen of the
as
NAM/, standing committees whicn
recommend policy, on economic :
social .'matters, in whic/ >, the
and
Association
is
committees and
interested, - NAM
the/new/chairman
are:
Law,/ HugV M.
Avondale Mills,
/ Administrative-
Comer, President,
Sylacauga, Ala.; Economic StEbitity, John C. Parker, Vice' Pru ¬
dent, Consolidated Edison Ccv -ff
New York, Inc./ New York City;/
Industrial Problems, William BZ'
Warner, Chairman/McCall Corp.,
New York City; International
Eco¬
Herbert
H.
Schell, President, Sidney Blum enthai .& Co., New York City; PatT
Relations,
nomic
ent§ arid Research, R. J. Dearborn,
President,
Texaco
Development
Corp., New York City; Social Se¬
curity, W, B. Mcintosh, President,
Pyramid Rubber Co.; Ravenna;1
.
Ohio;
Tax, Administration,. E. A-
Converse, Jr., Secretary, Belkpap
Hardware & Mfg. Co., Louisville, :
Ky.; Taxation, H. E. Humphreys, >
Jr., Chairman Finance Committee, :.
United States Rubber Co;; Labor
Program, Clarence Randall, VicePresident, Inland Steel Co., Chi¬
Civilian
Production . Re- ;
sumption,: Nathaniel
Leverone,
cago;
Chairman, Automatic Canteen
of
America,
Chicago;
Co.
Contract
Termination, "Clarence L, Collens;
Chairman,. Reliance :
Electric
&
Engineering Co.; Disposal of Government-Owned
Plants and Ma- /
terials, Charles J.
dent,./ Warner
Stilwell, Presi-
and. Swasey: Co.,
moderately Cleveland; Ohio; Inflation Control,
adjustments in Charles S. Davis, President, Borgceilings
by OPA to encourage
Warher Corp., Chicago; War. Con¬
production. {With only highertrol ''Termination, : John
Airey,
priced articles available in many
President, KIng-Seeley Corp., Ann
cities, costs of men's overcoats
suits,: sweaters, and socks, and wo¬
Arbor, Mich.;. Several of the NAM
men's- percale housedresses4 anc
committee Chairmen are still /to
invoo r*wim.jed to edge-upward:
sers
know
were
businessmen
-
ries
aiid
Rents
November.
sub-
removal of
,...
achievement
obligations
of
approximately
$180,000,000,' exclusive of repara¬
hearts to the giant task of build¬
ing anew at this turning point in
'-m.''/V':
: ' '///
to
cities. - v
surveyed / in
curred in all but two
Statistics of the U. S. Department
"Advances under the credit are
accruing during this difficult pe¬
riod.
Such
remaining principal
interest
and bedroom suites.
,
of
come
room
Dept. Price Index
Up in November
proximately $4,000,000 and repre¬
senting about 77% of the interest
and
of livinj
Labor
ing with the financial obligations resignation in which the President
to
the Export-Import Bank has
expressed
confidence
that
Mr.
been an enviable one considering
the difficulties of the war period," Blandford, in helping the Chinese
Mr.
♦
said facturers. Scattered increases wer ;
one-^ reported in the costs
supplies, preventing settlement of the steel
Fuel, electricity, and ice costs
materials, equipment- and' services industry strike •
decreased 0.1%.
Rate reductions,
,
approved or to be. approved by j
With the greatest demand for lowering the average cost of elec¬
the Export-Import Bank.
consumer goods in history and the
tricity to New York families by
;
"The new credit is to be availgreatest ability to produce them, almost 6%, more than offset in¬
able for use prior to June 30,> there is-"uo place for a stiff, un- creases in the prices of heating
1948.; The agreement contains the j yielding attitude on the part > of oils in Chicago and Minneapolis.
same general
provisions as other either management or labor in in¬ Coke prices in New York City End
reconstruction
loan
agreements dustrial disputes," he asserted. "• anthracite prices in Buffalo rose to
entered into by the Bank, such as
ceilings already established.
restrictions of, shipments to vessels
/ The costs of miscellaneous goods
of U. S. registry, the "right of can¬
and services decreased 0.1% dar¬
cellation by either party at any
ing the month as additional ret- iitime as to unused portions of the
ers
were
reported resuming the
credit, the borrowers undertaking
sale of cigarettes in multiple units.
to register the securities under the / Retail prices of goods and serv-' The
price of pipe tobacco in¬
Securities Act of 1933 upon the ices important in the purchases oi
creased slightly in several ei ies.
city
familie? Small price changes for clem'- g
Bank's request, and an undertak¬ moderate / income
ing to supply the Bank period¬ advanced 0.2% / .between Oct. If qnd other household supplies oc¬
John B. Blandford, Jr., retiring
credit, however, is as large
as/ National/Housing Administra¬
Export-Import Bank feels
tor for an advisory post in China,
consistent With the many de¬
is
Press: ./
in?, the United
purchase
"tragic
States of certain types of
the
as
it
the
will
Mr, Stassen, that a three and
half. cents wage differential
new
Catholic University, Washington,
received a message of greeting
from President Truman, in which
the President said;/ according , to
will ultimately
it
where foreign assistance
longer be required. The
point
would
that
additional
require
a
The announcement on
Export-Import Bank
said
that
"Finland has
further
Catholic
Welfare
its
a
,
Corp.,
Mr; John¬
is
the
to
amounts
Finland \: i $13,-. .pue" is
about " 4
added://"""///..;"/:////:/
v
it
.
"The use Of credit is restricted
principal and
summarized his position when
he told the Senate yesterday that
^•there
nnr^nnrf
000,000.
saying that production
,.
.
which, terest at
interest, total maturity of the notes in 1951, they
approximately $25,000,000. These all Will, be exchanged for three
existing credits were granted in series of naw notes, - The first se¬
with
son
enough
,
as
ever-increasing
.
Assbciated' Press' reported as fol¬
lows on Feb. 6 regarding the drift
V
in heavy demand,
be I
Average prices of house furnishthe greatest safeguard against in- ings
advanced 0.3%
over
tin
rubber, coal, petroleum products, flation in America, in his address, month. The price of sheets, which
non, steel, machinery, and a very, which was delivered before 300 ro'se more than 5% between mid-,
wide
variety
ot
miscellaneous wholesale
grocers,
members
of September and mid-October, adproducts. From 1936 to 1938 averindependent Grocers'
Alli-,vanced an additional 2% as retailage U. S. exportsto Finland, were I ance
a luncheon
at the Park ers continued to adjust their ceilapproxlmately
$ 17,000,000,. _and central Hotel. The "Herald Tri- ings in accordance with the recent
sen
of foodstuffs, fertilizers,
chemicals, textiles, hides,
other
after declining 0.4%
Taylor, President of the Export- ically with full information as to
'. Import; Bank. The / advices state the financial and economic posi¬ during the three previous months
according to the Bureau of Laboi
that "a line of credit of $35,000,000 tion of the Finnish economy...
ing foreign financial commitments
of the- Government."
"1 "{purchase in the United States Of
Noting that most Senators were urgently needed materials, equip¬
slow
to
commit
themselves' on ment and services. In addition, the
.
diversified and
very
were
consisted
and Nov. 15,
'/in line withincreas-
Senator-Johhson's
ports
and overalls rose
reflecting upward
entered, the ^w^r.", /j
entered thejwar." y;Inexpensive
(/.-.ucais."..'ShttinN
and-medium quality | be appointed. P'Vi/r,/.;.
3.ri-M8-»4 i '>>-aJt., « ••'
"l"! *54
882
THE COMMERCIAL & FINANCIAL
CHRONICLE
non-Lend-lease Exports Increased in 1845—
■''v
If. S.-Sovief
Agree
en
Aid for Korea
Loansby Export-Import Bank ,!
Gains in exports other than lend-lease during 1945 were made
known on Feb. 5 by the U. S. Department of Commerce, which stated
v
v
Government' to foreign governments
The joint American-Soviet con¬
ference!; on the trusteeship for
Korea issued a communique on
plans for establishing contacts be¬
totaled
tween
loans, advances and financial aid by-the United States
outstanding on Sept. 30, 1945,
$1,141,000,000, with considerable future , expansion indicated
with increasing foreign financial- commitments of the Gov¬
line
in
ernment.
that
The
the
latest
compilation of
Government loans, advances and
financial aid to foreign govern¬
and
ments
the
entities,
Clearing
Transactions
of
newly-created
of
Business
the
ers
the
lend-lease
Commerce
United
Of¬
Economics,
30, 1945, and shows an in¬
crease of $69,000,000 for the
quar¬
The
*
$1,141,000,000 total was
of $516,000,000 in loans,
made up
definte
agreement
to terms of
as
repayment. The announcement of
the
Department continued:
loan
Korea.
with
north
the
with
United
lease
in
credits
nor
the
form
there
are
standing
does
of Section
settlement
or
look
the Clearing Off ice
.indicated that rising
mitments
future,
said;'it was
loan
com¬
account items, such
foreshadowt large
creases
in
credits,
but
outstanding
that
in¬
foreign
advance
pay¬
ments would
probably continue at
comparatively low levels. Finan¬
it
cial
aid
is
to the
American Repub¬
likely to expand and
all but $15,000,000 of the $500,000,not
The
compilation
additional
U.
itemized
S.
the
through
totaled $516,000,000 broken down
as
j follows:
United
Kingdom,
voted
the
V The
Export-Import Bank
$3,500,000,000
authorized
lending capacity to
meet the credit needs of
foreign
governmets and if major inter¬
national
already
should
follows:
as
-
"Use
"
-I
.
of
capacity
of 800,000 bales of cotton to Bel¬
,
1
„
...
"
•
' •
■
'■
V.
uncommitted
of
5..-
gium,
.
.
lending
Export-Import
Bank
Elect id World Court
The business of
for
.international
the
Justice
-
electing judges
Court
of
was
the election
to be
of 13
of
the 15
appointed, according to As¬
sociated
Press advices from Lon¬
One of the first appointees
don.
to
be
chosen
Green. Hack-
was
worth, a legal authority in the
State Department at
Washington;
John
E.
States
House Votes Against Pres.
Request
Retain Federal
to
Authority Over USES
Read, of Ottawa,
■
M Dr.
to
the
Hsu
Sergei
Canadian
Mo
of
China,
IProf. whelmingly
The
for
roll
call
the
date.
earlier
vote
263* to
Nair
present form, Administration lead¬
113.
ers
of
Brazil, Dr. Charles
a
of
Belgium, Isidro Fabela Alfaro
of
Mexico, Dr. Milovan
Zoricic of
Yugoslavia, Alejandro Alvarez
of
Chile and Dr. Jose Gustavo Guererro
for El Salvador."
'
:t
v
The press advices added:
full term of
ternational
a
"The
member of the In¬
Court
is
nine
years
but in the first court
only five will
serve
for that period. Five others
will have
six-year terms
and
the
remaining five three-year terms.
When all the seats
are
Secretary-General will decide by
which judges will have sixand
year
new
three-year terms.
The
court succeeds the Permanent
Court
of
International
Justice
established at The Hague in 1921."
T
~
^
measure
If
was
now
approved
there
said, it probably will
the
to
goes
Presidential veto.
in
run
its
into
:
whether
his
presence
was
connected directly with efforts to
work out
a
joint Russo-American
trusteeship.
Visiting Lieut. Gen.
John R. Hodge, commander of the
*
of•our
Govern¬
are
now,
imminently, eligible for bank investment, has
long-terms and under
or
'
constantly dwindling,
falling; the
and the quantity as, well as the
yield of the Treasury's
desire to maintain their .earnings is certain to exert
tremendous
pressure on banks to invest their funds in non-high
grade' railroad
A future yield as low. as 3% on them is
being forecast by
bonds.
some observers., The fallacy of
incurring risk with depositors' funds
because of the disadvantageous yields obtainable on alternative sound
investment media should be obvious. r But the
temptation to forsake
quality is bound to grow with generally declining yields. If this is
npt recognized, it may eventually lead to disaster in the banking
system.
'
•
*
*
*
•
Another important result of the incidence of
cheap money on *
commercial bank activities is to be found in their
large-scale en¬
trance into the consumer-credit field.
,
Finance
NYSE: Borrowing
the
States
within
100
day's, but
Mr. Truman refused to sign it.
He urged postponing the trans¬
■
fer,
contending that an earlier
switch would
seriously harm the
reconversion program,
particularly
reemployment of veterans. *'
Those supporting the
early end
of: Federal control
argued,
how¬
ever, that there would be greater
efficiency
Stjate
A
and'
economy
under
of the close of business
of
chief
amendment
Dirksen
by
(Rep.,
a
254 to
as
Jan 31
came
on
an
Representative
fixing
was
the
approved
125 roll call vote.
with
$1,073,837,453 on Dec. 31.
The following is the, Stock Ex¬
change's announcement of Feb. 4:
-
The
total
of
••
money, borrowed
from
banks, trust companies and
other lenders in the United
States,
excluding borrowings from other
members of national securities
ex¬
changes.
;
(1J. On direct obligations of
Motor Carrier
and
12.2%
below
De¬
cember of last year, according to
States
follows:
Government, $362,762,924;
1946
totaled $882,927,940.."
total
of
money
31,
borrowed,
obligations guaranteed an to prin¬
cipal or interest by the United
States Government, $494,216,241;
(2). on all other collateral, *579,-
621.212, total,
""Revised.
*$1,073,837,453.
was
12.4% below De¬
of
American
12). On all other
collateral, $520,165,016; reported by. New. York
Stock Exchange Member
Firms as
of the close of business
Jan.
vember and
cember, 1944.
/
<
freight trans¬
^; Transportation
of
ported by motor! carriers in De¬
products,
accounting
cember .decreased
9.7%
below
volume
The
-•
November
or
hauled by carriers of general
freight. The volume in this cate¬
gory decreased 12.3% below No¬
Was
Tonnage
Decreased in December
obligations guaranteed as to prin¬
cipal or interest by the United
-
-
cheap'money policies"
directly .undermine the same Government's' anti-inflation. incanta-.
tions.i \The. disadvantageous yields obtainable from Government
and corporate bonds drive investors' funds into stocks of new and
Existing companies, and accentuate market rises under the "what-,
else-can-I-do-with-the money" theme, v
1
'
compared
preceded the
111.)
June 30 deadline. It
on
$882,927,940,
The
test
♦
,
was
compiled on the same basis, as of
the close of business Dec.
31, 1945,
v4,:T. was (1). on
direct obligations of or
votes
final roll call tally.
The
on
#
Also in the, stock market the Government's
The New York Stock-Exchange
announced on Feb. 4, that the total
of money borrowed as reported by
Stock: Exchange, member.;fifm$ as,
operation.
series
•is
Higher in January
■
Congress passed legislation last
Dec., ordering return of USES to
filled, the
lot
'
The
J. Philadelpho de Barros Azevedo
Vischer
to
*
inflationary and other deleterious effects
•
Senate.
de
as
an
,
Krylov of the
U.
S.
S.
R.,f Badami Pasha of
Egypt, Prof. Jules Basdevant of
France, Sir Arnold Duncan Mc-
Kingdom, Dr.
speculation, according to As¬
sociated Press reports of Feb. 2,
as
term our
long-term preservation of bank assets arising from the temptation to
relax prudence in portfolio management is
very great.
For example;
with the supply of available
corporate bbrids
United
was
to
The effect of such low yields on
commercial bank investment
harbors most serious repercussions; With the
average commercial
bank portfolio estimated as yielding less than
1%; the threat to the
to
Moscow,
stopped off at Seoul for three days
en
route to
the United
States,
leaving again on Feb.' 5.: There
far wiser
gift .rather than a loan; The wisdom
is surely vastly, enhanced
by Premier Stalin's latest
a
Through the National Sales
Plan, participated in by 1,000 banks in 31 States, by the
Bank of. America in 11 States, and b^ the Northwest
State control not later than June
Bancorporation
in 6 States,: the commercial banks cover the entire*
nation with the
30; The retention of Federal ad¬ American: forces in Korea, Mr.
exception of the city of Chicago. As President Rathje of the Amer¬
ministration of USES until June Harriman is reported to have ex¬
ican Bankers Association
recently; warned his colleagues, an "epi¬
30, 1947 had been requested by pressed satisfaction: with what he;
demic interest" is being evinced with insufficient
'
'
President
Truman.
Associated observed.
understanding of
the special;techniques of this kind of credit.
Press
advices from
Inexperience improp¬
Washington
erly figuring costs; reserves, and other elements in the purchase of
Jan. 29 in the New York "Journal
paper-r-combined with the competitive pressure on the rates charged;
of
Commerce".
reporting
this
-—may subsequently lead to serious trouble.
added.
• ''
Borisovich
of the United
Harriman,
variety of the most cogent long-term political
carried them down to well under 2 %• for the
1 Vz % for the medium-terms.
;!'i Under the agreement; thousands
of "refugees" in their own Coun¬
try will be able to return i;o their-
Ambassador
of
for
premium: where they yield but 2.23%,while the new 2%s rose to.
103%, yielding but 1.94%.» The great decline in yields of issues
which
Hodge, commanding United
forces in Korea, and; the
Averell
made
In the Government Bond field the new
Victory Loan 2%s;
since the close of the Drive in December have
risen to a 4%-point
>
Russian commander.
W.
propriety
be
rates. '
over-
tion, said the communique terms
required approval of Lieut. Gen.
John
the
still
ment's cheap money policy on various
segments of our society are
currently being accentuated by further sensational declines in; interest
provisions
new
a
considerations, it would be'
*
official statement
the
must
.
The
Maj. Gen, A. V. Ar¬
nold, chief of, the American delga-
Norway, Poland and Finland.
a legal
Depart¬
ment
of
External
Affairs, was 4 Amid cries of "States' rights,"
also elected.
Others elected, the a. I coalition of
Republicans and
Associated Press
reported, were: Southern Democrats voted over¬
adviser
no
plea
bolstering—ad infinitum.
Czechoslovakia, ^Denmark, homes in the north without resort¬
France,
Italy,
the Netherlands, ing to sneaking across the border.
accomplished for the ;;
Overriding a request by Presi¬
most part by the United
Nations dent
Truman, the House on Jan. 29
Organization's
Security ■ Council passed a bill
returning the United
and General Assembly on Feb. 6
States
Employment
Service
to
with
was
when
degree
loans, the Bank "may call
.
power,
.
slightest
urgent
appropriate amount of the unpaid subscriptions of members."
While
of the United States
subscription of $3,175,000,000 would suffice
to meet interest
payments, defaults might create a shortage of dollars
for interest payments.
j
Thus the;Bretton Woods
machinery wilt have to be bolstered by
the Anglo-American and other
loans; each of which will'entail further
An aide to
States
-
electric
For
the
the
use
would be effective.
out comitments of the United
dis¬
under
or
to
as
carry¬
$100,000,000 to Belgium; $50,000,000 to the Netherlands; $20,000,000
to Mexico; $33,000,000 to Chile,
and a general line of credit of
$100,000,000 to finance the export
arrangements
be
There
Export-Import Bank
a
credit of $550,-
consummated,
financial
approved
cussion
quarter the
of
on
urging his peopie to gird themselves to
fights the capitalist
;
Furthermore it should be realized that under the
provisions of
the International Bank, that institution as well
as the Fund may
run short of dollars.
Whenever it is necessary to meet interest or
amortization payments, on guaranteed
,
abundantly present in the north.
States Government arising out of
the
lend-lease
3-C
agreements;
all of its
use
release
Clearing Office noted that
th e -V; October-December
or
.
speecn,
world.
.
during
the
spade," in lieu of inviting subsequent bitter dis-r
a
economic
of such a. course:
conference
.
as
aid,
pending financial aid to Britain
and
,
a
illusionment.
realize
~
spade
well
to help
political independr
ehce—promised, after, a five-year
Korea
financial
''calling
two-power commission
a
questioning in
American
industrial products' and
by
,
of the Bretton Woods
operations.
Without
$266,000,000; American Republics
$148,000,000;
China
-;; M\l / *,
$52,000,000; trusteeship. >%,-/•',
Finland $24,000,000; Bahrein $15,Additionally, # the
delegations
exchange' of
goodsr
000,000, and various others $11,- discussed
000,000.
14 (: 4/; settlement of mutual accounts and
ing
if the
result
should
'
The communique
promised, fu¬
*
standing on Sept. 30, most of them
by the Export-Import Bank,
000,000 to France to aid in
would
success
ture coordination between the
two;
cbmmands on economic and* ad¬
ministrative : matters;
probably,
had announced
Government
"foreign commitments that
,
hope to
zone,
1
of
s
stated
can
*•
Skeptics. ,"
■
\ k.
|
■ ^
Now, however, in his plea the President himself says that the
large British credit is necessary for both the acceleration and the
materials of the Russian
made
000
authorized for China already
has been disbursed, it was said.it-
is
their
„
lics
to
zone.
Continuing the Associated Press
advices said:
United States loans abroad out¬
v
decision,
raw
other than for cash, the Clearing
Office said.
'
into the
new
'1
'
workings of the' United Nations Organization.
Treasury
were insistent that there was no
justification for worry over
future shortages of dollars—the
doubters being termed destructive
present
sell
out¬
any
,
a
the
*.
ratification
officials
American-south zones,
of
•
requesting
.
ar¬
made
Congress
in no way depended on the
outcome of the Conference
success
receive rice from the almost whol¬
3-C
.
Taking
be
<
Koreans in the north
Supply "bills rendered"
surplus property disposals
and
and
continuance
the
civilian
as
would
obligations, ly agricultural American
included
open
disclosed that
was
the
the future
division of the country into sepa¬
rate
military commands at the
38th
Parallel.
However,- under
lend-
under
southern
permit railroad, motor and coast¬
allowance for ad¬
ditional.' recoveries
and
to
Loan.
It will be recalled that in
urging public
approval, of the Bretton Woods Fund
last.year its proponents re¬
peated again and again that it would stand on its own
feet.
In an
inter-view with this columnist at
the beginning of the San Francisco
Conference Mr. Harry White
vigorously affirmed that the Fund's
wise waterborne transportation of
Koreans
between
the < Russian-
the
This total of $10,567,000,000
It
rangements
$650,000,000;
to
not include any
$84,000,000 in advance payments
ior articles purchased abroad, and
$541,000,000 in "financial aid," i.e.
payments made without any ob¬
ligation to repay or without any
com¬
Kingdom, subject to approval by
the Congress, $3,750,000,000."
to
Sept.
ter.
settlement
Kingdom,
proposed
cov¬
quarter from June 30
Bretton: Woods
on
mitments, excluding $2,540,000,000
subject to call to. meet possible
losses of the Bank, $3,385,000,000;
prepared by
for Foreign
Office
Department's
fice
action
1945,1 $2,782,000,000
30,
Sept,
on
northern
(Continued from first page)
Anglo-American
lalves of the occupied country, ac¬
cording to Associated Press
advices
of
Feb.
8
from
Seoul,
states<^-
Department
the
Observations':;!;:!;!}
Truman's i.message
:
that combined
...
Thursday, February 14, 1946
Trucking Associations,
Inc„ which further announced as
[Comparable reports received by
ATA from 228 carriers in 40 States
showed these carriers transported
an
aggregate of 1,674,945 tons in
as against 1,855.194 tons
December
in November and 1,906,895 tons in
December, 1944.
The
puted
ATA
index
figure,
com¬
low
-
a drop of 13% be¬
JDecember, 1944.
;
Carriers of iron and steel hauled
about
2%
Their
traffic
of
was
15.4%
1.1%
below
December,
reported
was
148.2.
Approximately 81% of all ton¬
nage
transoorted
in
the
month
•'
1944.
About 3%
of the total
•«.
tonnage
consisted of miscellane¬
commodities, including to¬
bacco, textile
products,
bricks,
ous
building
materials,
and household
representing 100,
total/ tonnage.
below November and
carriers for the three-year period
as
the
volume
vehicle parts,
ofj 1938-1940
about
November and
the basis of the average
mpnthly tonnage; of the reporting
on
petroleum
for
14% of-the total tonnage reported,
showed an increase of 9.8% over
this
class
November
cember,
goods.
decreased
.
ore
Tonnage in.
9.6%
below
9.0% "below
and
1944.
machinery,
chemicals, mine
De¬
>
.Volume 163
before
Filibuster Sidetracks Renewal of FEPC
journal for that day.
Senator Barkley,
leader.of- the majority, In attempt¬
rection of its
•
Filibustering tactics of Southern Senators, who received support
from a few Northern delegates succeeded on Feb. 9 in sidetracking
for
the
the
'
bill
Senate
Feb.
9
it
*
on
was
it would take
ure
back
a
announced
Ore.)
(Rep.,
advices Feb. <9 added in part:*
Senate that "I shall
The decision
,
roll
came
i
Senate
a
on
call, 48 for and 26 against; a
the
tion
motion to limit debate on the bill
regular agency to po¬
lice
industry and
Government
floor
of
race
This
or
creed.
X,
X
j
vote.
talk,
Earlier,
Senator
Ohio)- had
urged
insure
thus
Under
final
each
a
cloture
the
limited
is
Senator
to
hour's
an
but the rule is; seldom in¬
voked.
As
I
soon
as
Senator
veteran
(Dem., Tenh.)., regular
presiding officer and) an FEPC
opponent, announced the cloture
attempt had failed, Senator
Chavez (Dem., N. M.) jumped up
and moved to take up an appro¬
McKellar
.
priation bill.
'
Majority Leader Barkley (Pern.;
Ky.) arose to say he regretted the
outcome hut the
Senate must
turn to other matters because he
had not the "slightest hope we
can ever reach a final vote on
■
this."
X Senator Barkley joined Senator
Chavez in asking that the Senate
put aside the controversial meas¬
to take up an appropriation
ure
bill.
Senator
Magnuson
(Dem.,
WashO
wanted to know what
would then happen to the FEPC
bill.
He was told it would go
back on the Senate calendar.
Senator
Mead
N.
(Dem.,
Y.),
ardent FEPC supporter. demanded
a
rolPfcall
on
this.
With obvious
Senators voted to put
the measure aside with only 12
relief, 71
B.
/opposing;;//;
\
The final tally showed 22 Derm
ocrats, 25 Republicans, the, lone
Progressive,
LaFollette
(Wis.),
favoring cloture with 28 Demo¬
crats and; ;eight>pe^^
posed.
After it
fundamental" than the abil¬
ed.-X/X'XX'X"
to
was over
Senator Morse
that
-X
was
'
measures against dis¬
crimination rather than the com¬
voluntary
i
X On Feb. 1, when oratorical tac¬
prevent possible passage
a permanent Fair Employment
tics to
of
Practice Commission were in their
a
rul¬
its
Wage-Price Formula
A
wage-price
new
policy
to
permit price increases to equalize
is
boosts
wage
worked
in
out
expected
the
which
4,
be
Washington advices
according to
to the "Journal of
Feb.
to
future,
near
Commerce" on
stated
that
Price
limitation.
indicated in
an
Administrator Chester Bowles has
raise
agreed that revision is necessary
revenue.
that
on
the
that
out of order and
R. Hoey, Democrat, of
agreed to a
price
than
predicated
the steel companies
17.5% wage increase
on
the
paying
which President Truman has sug¬
compromise of the
steel dispute.
The settlement of
this strike is regarded as a pos¬
sible pattern to
der
the'
be carried out un¬
policy.
t
new
'
details
Although
formula
are
the
of
new
still to be worked out
that
Senator
McKellar,
:
2. Price increases to compensate
New life insurance policy loans'
president pro-tempore, helped the
for the. wage increases, "where,
Southern group in its protest with have increased materially since V?the announcement that, he would J
Day;
reflecting the greater necessary." The effect of wage in¬
creases on the price line has not
rule that a petition to choke off emergency
needs of individual
families -affected by employment yet been measured by OPA and
debate cannot be offered.
no definition of "where necessary'.'
The filibuster was the result lof dislocations; during the." reconver¬
is so far available.
Presumably,
sion period, it was reported by the
a vote taken in the Senate on; a
Institute of Life Insurance on Jan. however, the price agency will
surprise motion of Senator Chavez
follow; its settled policy :,; of re¬
24, which also said:
on Jan. 17, to take up considera¬
quiring absorption of cost in¬
A record low point in rate pf
tion of legislation .desired by the
creases, including wage increases,
Truman Administration do estab¬ new policy loans was reached at
when it can be shown that the
It continued
lished a permanent FEPC, which mid-year last year;
affected companies or industries
won approval 49 to 17.
Southern until j ust after V-J Day,, but in will not have their profits cut bel¬
Democrat? ; immediately
threat¬ the weeks following the end of low the 1936-39 rate.
ened a filibuster revolt, the Asso¬ the war the rate sharply increased,
3. Possibly a government for¬
doubling in some com¬
ciated Press stated in its accoupt nearly
mula for raising wages. If such a
from Washington, and all other panies. /As a result, the new loans
formula is adopted, all signs point
legislation was for the time crip¬ takenput during the latter part Of to use of the 17.5% wage increase
1945VWere lijo' about 50%: over
pled.
which ' President' Truman
sug¬
those taken out in the correspond¬
The following day the .Southern
gested for the steel industry as the
ing period of i 944.;They wore
added
Proposed by Rep. Eber-
(D.-Pa.), the bill was re¬
to the Ways and Means
Senators'
filibuster
in
was
fyll
swingand;onJan.l9proponents
of the FEPC
proposed ropnd?th£/
clock Senate sessions
as
a
means
still far below the prewar
basic measure to
levels,
however, running about, 75% un¬
der .the 1939 level:" V
"
!
•.
at least to
increases
Notwithstanding the rise in new
breaking ft. By that tirne t(ie
anti-FEPC, group was pndeniabjy [loans,
reported,
^he proposal for
was
post¬
sessions
continuous
least
poned-—at
Associated
temporarily—pn
respite
be used.
X/.W-
4. Government control of wages,
the
in
b,y its sponsor an "incen¬
tive income tax plan," the princi¬
provisions
pal
harter
taxing
such.
as
percentage will not be considered
thp^e was a ,further' .der
by OPA as cost increases on which
crease during 1945 in; the total of
policy loans outstanding, the $!,- compensatory price increases may
be
950,000,000 on the books at yearcomparing .with $2,134,000,000
:t
•
'•••■:,:X'XX""' X:X*" "
■
*7 • i'V
'*? r
Jan. 21.
The same day a
at -the
New
for the filibustering South¬
erners
when Senate clerks... read
Surplus Agency
.
ing, but the 1945 figure was some
40 % ahead of 1943, the first entire
that the building restriction
year
order
was
in force.
X'
XXXX'X.
single
persons from $500 to $1,250 and
for married couples from $1,000
to $2,500 with an exemption of
$500 for each dependent.
X
exemptions
.
After
for
exemptions, the rates on
taxable
net
from
25%
50%
on
manager
for the bill, and Aiken
(Rep,, Vt.), on Feb. 1 said that
he would hold that a debate limi¬
tation
petition is not in order.
Ever
Jan.
since
17,
,
the
filibuster started
prewar
levels.
In 1945 total
surrender values paid
icyholders
were
which compares
the business technically vin 1939.
with
out to
casjh
pol¬
$240,000,000
$732,009,000
all
'■'//X'X//X;V-
first
the
to
$5,000
income
such
above
of
$25,000 with interim step-ups
5% on each additional $5,000.
;'
The
possibility
"
the House
of
Ways and Means Committee be¬
ing free' to consider a new tax
seemed stronger when on
was proposed that the
split up into subcom¬
program
31
Jan.
it
committee
mittees
in
order
both
handle
to
and Social Security
legisla¬
tion.
One subcommittee, accord¬
ing to the "Wall Street Journal"
in its Washington advices, would
handle the Social Security study,,
taxes
which
last
may
months.
three
four
or
A
second subcommittee
consider taxes, and a third
would handle all other committee
matters. Each of the subcommit¬
would
would consist of eight mem¬
would
and
have
as
its
ex-
officio chairman Committee Chair¬
L.
Robert
man
N.
C.j.
;
(D.-
Doughton
yX;
X
-
I:
USO Through 1S47
placing under single direction the
functions of, making and carrying
out domestic surplus property pol¬
icies.
Until now, policies have
been determined "by the" Surplus
Property Administrator,
while the
■
X Plans have been announced for
the
Service
31,
of
continuance
York
the
United
Organizations until Dec.
according to
1947,
"Times"
on
Feb.
New
the
5; which
reported the program outlined by
Lindsley F. Kimball, USO Presi¬
dent/at a luncheon at the Wal¬
dorf-Astoria, in New York, on the
jfrffji^anniversary/of the agency's;
founding.
It will .be necessary
for the -USO to make it own
appeal for public funds next fall,
Mr. Kimball said, as it will be fi¬
nanced pnly through J946 by the
National:JWar Fund which has
■
conducted its last drive.
\
.?
celebration.heard
messages/ from President from
President Truman and Army and
tfavy officials urging that the USO
program be. continued. More than
5;000
similar' observances were
said to have been held throughout
the country.
Dr. Kimball told the
New
York: assemblage that the
USO would hot have completed
its
wartime, demobilization, re¬
The lupcheon
and Army-of-occuparesponsibilities until the date
conversion
tion
set for its
With its
termination, Dec. 1947.
organization funtioning in
43,000 of the
nation's 44,000
com¬
responsibil¬
"not[to add to the general
munities, USO has a
ity
chaos of the
times" by withdraw¬
ing suddenly, he
ing to the
declared, accord¬
"Times."
bulk
of
been
under
-
,
would range
income
on
-
build¬
rather
corporations
income
sought!
'V/X ;'■// ' •;
end
.
on
of
i'-'XXv?
Raising
tees
.
no
Eber-
follows:
as
The
measure
Mr.
by
than of individuals or
bers
,
were
the
of
summarized
were
of the i stated
'
which there
out-and-out restrictions
consideration.
immediate
extent .that wage
excess
.
of
but is not scheduled
Committee,
for
.
elo^e of 1944 and $3,248,000,000 at, the end Of |939,
This
ings and loan institutions' volume
sharp reduction ,in total loans jis
^Pr.esident Truman* by executive
of home construction loans in .1945
.even more clearl y
shown; when .order pn Feb. 1, merged the Sur¬
President Truman's long message
over 1944 was reported on Jan. 2-3
the loans areV related to
total plus Property Administration and
on
the budget and state of theby Henry P. Irr, Baltimore, Presi¬
policy: reserves from which loans the "JYar Ass.ets Corp.; into a new
|
dent of the United States Savings Union.
pan be made.
The present; ratio War Assets Administration, which
The concerted opposition to the
.and Loan League^ He said that
is 5%; compared with 13% in 193)9. will commence as an independent
brought ^criticism
from
the total volume of loans for all FEPC
A contributing factor to the re¬ agency to handle all surplus prop¬
Labor Secretary Lewis B. Schwelpurposes represented a 24% in¬
duction in outstanding loans /hps erty activities on March 25, ac¬
lenbach and Harold E. Stassep,
crease over tlCe previous year and
been the increase in loan repay¬ cording dA.&pecial advices to the:
went
up
to $1,800,000,090, the former Minnesota Goveihor;vboj;h
The new
ments during recent years, some New ;York. "Times.".
largest financing of home owner¬ of whom spoke from prepared ad¬
companies reporting that for sev¬ agency, which will operate with¬
ship these "institutions ; have- ac-f dresses at a ^dinner of the Nationjal
in the Office of Emergency Man¬
eral years cash repayments haye
complished since 1929 when .$!,- Council for a Permanent Fair Em¬
been materially larger than total agement, will b.e headed by Lieut.
Practice Commission,
850,000,000 in new loans were re¬ ployment
new loans.
Bince Y-J Day, how¬ Gem E, B. Gregory. Foreign sur¬
corded.
The advices from the according to Associated Press ad¬
ever. there has been a slight re¬
plus will be handled, by State De¬
vices from Washington-on Jan. 23.:
League Jan. 26 added:
•..
duction,in the repayment of loans. partment.- In ordering the stream¬
Mr; Schwellenbach said the FEPC
'Construction loans while still
The average size of new policy lining pf the surplus disposal ac¬
bill "is a test of our willingness jto
& minor factor in the savings and
loans has increased since prewar tivities of the Government, the
as wellX as
loan and co-uperativ.e bank 1945' practice 'democracy
!
days; although these are still in "Times'", went on to say:
activity, because most of the year preach it"; and Mr. Stassen de¬ the small loan"category, generally V "The President followed recomr
clared, the Associated press con¬
new
home building was severely
averaging between $100 and $200 mendations of W. Stuart Symingr
showed - the greatest' tinued, that the question "is not per loan.;...
restricted,
j r ton, whose resignation as Surplus
gain oyer the previous year of any simply of the importance of legis¬ 'i
..Policy. cash /surrender
valqe Property Administrator / became
of the categories for which loans lation to safeguard the rights pf
payments, which reflect the saipe effective > today. X President Tru¬
are
made
by these institutions. minorities, but also of the impor¬
general conditions as do the policy man -appointed Mr. Symington As-r
Home purchase loans were up just tance of the establishment of j a
sistant Secretary of War for Air.;
procedure v that
will loans, have also increased since
,20% over 1944 volume, and as re¬ legislative
V-J Day/ Such payments reachqd X "As the
policy making phase of
ported above, the total Was less prevent minorities from; wilfully a
record low level last year and the
surplus property program has
than one fourth greater than in blocking the decisions of the ma¬
held at that level until V-J Day, been
substantially
completed;
jority."
- X
,
X :-"N the previous year. X ;
:
when
they
increased
sharply there is" no longer "a heed for p
By Jan. 26, Senators who had
"During fhe first ten months for
within 30 days and have increased
Surplus Property Administrator
which complete data are avail¬ hoped to thwart t he Southern
each month since then.
In the in the Office of War Mobilization
able, the. sayings and loan institu¬ drive to talk the legislation to
and
Reconversion,"
the v White
tions advanced $128,000,000 for death admitted weariness and saw closing days of 1945, they were
^t' House -explained.'
.*
new house building.
He estimat¬ little anticipation of relief from the
highest level in two years.
ed that the full year's construc¬ the sustained oratorical attacks.1
"The order will have the effect
Sharp as this increase , was, hov[- of streamlixdng the organization
Senator
McKellar,
answering
tion loan volume would still be
less than that ,of 1942 during one questions by Senators Chavez, floor ever, -they were still far below ,of surplus property activities, by
quarter
in
than $25,000.000,00Q
more
ferred
gested' as'a
came
■
18,-
000,000 individual income taxpay¬
ers
from the tax rolls and still
Called
abandoned
was
measure,
tax
with the in¬
on a new
bill designed to remove
a
increase for steel of more
$4 a ton, which would be
account to the
privately conceded defeat. It was
ad.ded4~thatwithout XpppositiQn,
Senator Barkley, in the, Senate,
withdrew his appeal" from a ruling
of the chair that the: petition jto
Sen. Clyde
of
likelihood
-
troduction in the House on Jan. 30
of
harter
day when supporters of the FEPC
limit debate
reduction
in order to give stability to the
national economy and accelerate
"debatable"
production. The same advices said
On Feb. 7[it
that Mr. Bowles had
Washington bureau,
was
seemed
There
Congressional action
Life Insurance Policy
Leans Increase
in the driver's seat/the
An increase of 50 % in the sav¬
;
Early Consideration
For New Tax Program ^
Parliamentarians said
appeal was
filibuster
Bowles Agrees lo New
week, Senators Albert W. North Carolina, in turp, withdrew*
and no official release of plans
Hawkes (Rep.; N. J.), Burton K: his amendment which had"
sought
has as ,yet been made, the "Jour¬
Wheeler (Dem., Mont.) and Rob¬ to., "correct" the Senate's
journal nal of Commerce" went on to say
Putting corporations under a
ert A.. Taft announced oppositibn of Jan. 17.
that the main considerations are single Federal income tax at rates
to the Commission which woiild
identical to those paid by individ¬
concerned v with
the
following
police industry and government
uals.
'
•
points:
against. racial or religious dis¬
...Elimination of the payment by
1. Wage increases, either volun¬
crimination, the Associated Press
stockholders
of
taxes
on
their
tary or government-sponsored, and
reported from Washington,: ahd
dividends. X;./ -XXXXX-X
XUX
up to a stated percentage.
Press
By Savs. & Loan
;
blocked by
third
of
More Home Loans
jP.
New York "Herald Tribune", from
Taft
(Rep.,
adoption ;of
pulsion provided in the bill.
the
without
of the Senate to do business
despite the desires of filibuster¬
invoke
required
and
1
-
more
was
debatable.
-.Senator Morse said "no issueiis
six votes short of the
was
two-thirds
cloture
;
"periodically."
the
C.
from
ing of Senator McKellar, president
pro-tempore. :,/v Senator
Barkley
entered an appeal from the ruli'pg
and the chair declared the appeal
ity
to set up a
It
Trussell.
the
principle of the FEPC legisla¬
shall .come back to the Senate
against discrimination on account
;;
to
"Times"
York
New
to it" that
see
said
special Washington advices to
floor, where \ it $
has been since Jan. 17. -The press
4,
signed by "48 members,'
tion
majority vote of the Chamber to get the FEPC meas¬
the
on
Feb.
On
ing to invoke cloture to break tbe
filibuster, offered a cloture peti¬
Fain ^Employment Practices Commission,
that day laying the bill aside for other business.
On
stated in Washington Associated Press accounts t^at
permanent
a
Senate has been cor¬
the
883
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4464
disposal
War Assets
the
/
operations
direction
Corporation."
has
of the
884
THE
tackled
the
ful
markets
for
lies
manufacturers,
'(c) Priorities and allocations of
equipment and materials,
/ (d)
Wage-price adjustments or
prices
where
increases
necessary and not
power¬
machine four years ago.
war
Guaranteed
(b)
of
job
emergency
building the world's most
Housing Piegiam
materials
only by bringing to bear the same
daring, determination and hard¬
hitting teamwork with which we
they
situation
When,
,
Roosevelt
the early days of the war;
achieved and passed.
We met in full
To meet
same
life,
obligation to
and women in
will need the
ingenuity
the
on
civilian
same
of
labor
tion
stimulus
Government
same
and
financial
assistance
that made possible the
miracle of
war
production
•
emergency.
"
in
that
that
emergency
measures
able and
be
put into
(8)
;
■/'
"
-
Y;
«:
^ Channeling the largest part
^materials into homes and
;ental
housing, ' both
on-
hfn
and
morC
*0r
SG
farm
than
rentinS f<*- not; more
month.
ban $50. per
000
will
600,000
be
(f0)u C u r beffective inflation
i n g . of
more
ro1 on
conventional
houses;
prefabricated
permanent
m.
materials.., j(The previous all-time
high was 937,000 homes in 1925;
in 1945, only
240,000 homes were
built.) -.v^aA/V:'
he
porary
should
program
.
from
move
£
Cmnmunity participation
aralleling Federal action
Y
into
by the end of the first
gear
quarter of 1946.
that
figure'; of
some
3,000,000
n
through
>mergency
Within two years
the urgent need
time
0n necessary? current
5S(fS ihf program, including
"5250,000,000 for temporary re-use
war housing.,/',Aa
legislation is authorized promptly
high
Bill."
(13) New temporary legislation
will be permanent homes.
On the
assumption that the recommended
the
Wagner-Eliender-Taft
costs
war
housing and
trailers, all of these
new
\nmut10n
Tent control^.;/
1ea^v adoptioomf S1592,
(12) Insured mortgages on low¬
homes up to 90% of value
re-iise
50.000
housing committees in
ns throughdut; the
country11
homes
(15) The Reconstruction Finance
Y
should be met under this
program.
Corporation to play a major role
m
financing the program. In ad¬
'
(2) Preference for veterans and
families in the rental or
dition,/ authorization from Con¬
pu chase of these homes with
ap¬ gress will be required immediately
propriate provisions for
to provide
non-vet$600,000,000 for pre¬
/their
eran
hardship
mium
cases.
;._(3)- Greatly
tion
Community Trust
Simpson
New
North
1
Thacher
York,
has
&
n*
Bartlett,
basic elements
andr financial institutions
fif
Upon as
the Production the mainprogram
Seymour
been
several
on
policy
idI in the task of war
production.
And to that end the
building in-
Seymour Named
Whitney
?//
which; must influence
every step that is taken./.;
Pnvate enterprise must assume
he leading role of this task
as it
production,
W. N.
To
iepend
n
Premium payments for in¬
creased
;*//
believe that the success of s*
urogram of this magnitude will
c ! Conventional
and
new-type
materials- obtained
by firm and
timely use, where necessary of:
(a)
payments.
I
expanded produc¬
addition, industry is entitled to
of
fair return
i
of
;
named
Existing
cies
,
''
•
■
^f
vacancies and new
occurring
during
vacan-
1946
,
for
all-time record
grdU?res°fatg<i0owTrleeSalS.and
end
of
1946
:
yeans higher wages in some conybuting industries where work-
r
Seymour succeeds
S.
It will take
.achieve
until Jan.
Grant
of
r^have been historically/low
the
U.
Bar of the
bership
on
tee of the
cation
nent-as-usual
The
Army, Washington,
mem¬
of
/families.)
;
,
,
Military Schools
-
'
.
.
suffice
-.
.
ji
are to attain our goal of
2,700,000
dwelling units by the end of 1947.
,
In October, 1945,1,200,000 fami¬
of
►
;
Approximately
be
started
1,200,000
v
must
available
000
temporary
be
re-use
hous¬
war
started "in
1947. f
900,000 of these will be
tional homes and
permanent
the
job—1,150,000
actually
constructing houses and 1,000,000
at work producing and distribut¬
ing the materials going into home
building. This means that by midon
for
■!; In my judgment we can hit this
target.
We must—unless we are
,,
fair in
our
duty to the veter¬
Without
bold, ' < emergency
ans.
action
I am convinced that
only
about four hundred to five hun¬
dred thousand new homes
would
be built in 1946.
It will take
slowly and will speed up as
terials
r and
available
manpower
in
ma¬
become
greater
quantity,
each month's
delay in getting un¬
der way in 1946 will
mean
loss
a
of
about 75,000 units, a number
equal to almost one-third of the
1945 production of homes.
During the past few weeks I
heard the fear
expressed
that gearing our
building indus¬
try to meet the present emer¬
gency will result in an over-ex¬
panded industry^ The facts con¬
have
tradict
some
this fear.,;; Thev
figure of
3,000,000 homes needed by
the end of 1947 does not
take into
account (the more than 10.5 mil¬
lion homes which
and
are
which must
sub-stand¬
and
can
replaced in a healthy, full
duction economy. •.
• \
be
pro¬
About
/ 200,000
additional
units
drop into the sub-standard class
and
this
es
are
figures
homes
created each year.
do : .not
include
or
can
was
The
Problem
Increasing the
naterials
is
of
the
necessary
ex¬
essential
first
;tep in meeting the problem. Nec¬
var
restricti9ns
years
nills and
others
through
the
have closed down many
factories; production
has
been
severely
in
cur¬
/
additional 1,500,000
Recruiting
programs
pointing up the long-term pros¬
pects of a revitalized industry will
an
have to be started at
erans
Vet¬
once.
should be given
,
every
in¬
undertaken
Wherever
promptly
to
pro¬
are
necessary.
in
wages
industries
producing materials are abnor¬
mally low and stand in the way
of recruiting the necessary man¬
wages "will
have to be
raised; " In specific cases where it
(1) All existing plants must be
brought to capacity operation as
speedily as possible.
(2) Unused war plants and fa¬
'
will be cared for by pre¬
payments in order to stimulate maximum production.
new as
well
is absolutely
necessary,
wage
■
in¬
creases
mium
,
,.
Construction to Meet the Needs
No
as con¬
qiatter how. successful
we
in stepping up the supply of
materials, and
are
'<
(3)
Beyond this," new capacity
degree rieces-*
sary to meet the requirements of
the program.
j -;?
». ■'
must bd built to the
.
In^ainipg.ftptl
re¬
cruiting 'manpower, ,tne most vig¬
orous
and imaginative measures
will
be required in
?,
the construe-
A; The additional cost and risk of
tion
expansion,
whether through in¬
creases in output, or additions to
existing plants, conversion of old
of
ones, or construction of new ones,
must—when clearly necessary—be
movement
</
000 homes in less than two years.
shared
by the
Government just
during the war.'" /A' /./
//This requires more rapid than
it
as
was
amortization
industry itself to build 2,700,-
In 1946
tax
rise
costs
due
to
th^ nayment
overtime; or the /addition of
other shift.
barracks
and
the
temporary houses.
These
are
not
the kind of homes
people like but///
present emergency they are A ; V
acceptable. It should not be nec- * <
essary to provide any more of
in the
premium payments will
bring production to a high level
without,increasing the cost of the
completed house to the veteran.
).'■ The
national
total
outlay for
housing pro¬
will be about $2 billion this
and about $3.25 billion in
for
materials
gram
year
the
the
Of
two-year
total
of
$5.25' billion,
$4.25 billion will
probably be spent for conventional
While it is impossible
to determine accu¬
materials.
at
this
time
for
outlay
materials
1947
is
for
conventional
approximately
be required.
or
$400
million may
Premium payments
in
In
order
must
meet
our
goal, we ///,
conventional con-
up
,
able
to
As
result they were
a
accelerate
construction
We will need
of
these
and
to
and
more
will
gain
use
costs.
widespread
mass-production
methods in conventional
We
increase
reduce
great
of
houses,
building.
advantages
prefabricated
such
as
com¬
plete bathroom and kitchen units,
a limited number the
as well as new types of materials.
premium will have to be substan¬
secure the-needed output ] The
ingenuity of the industry
tial to
to
premium
payt
•
This will be facilitated
fabrication.
the
addition
v
ex-
war needs,
some of. the lead¬
ing builders pioneered in massproduction methods and on-site
for
In
"
715,000
it far
of
use
ficient; in
,
in
by utilizing some of the improved
techniques developed during the
war
emergency.
Under pressure
parts
secured
to
step
struction.
from
be
;
the record of 1925, the big¬
gest home-building year in our //
history, when 937,000 units were
built,
;
,
without
can
And
i
the pro- ::V-
when
1941,
built.
were
,
ceeds
such payments, for others a slight
additional payment. will be suf¬
terials
than twice
more
duction
units
Such
,
and re-use t>f - surplus
started
of
an¬
*
cannot escape the use
we
converted
of the plant
purposes; / Government them in 1947.
They will be located
underwriting of sales of new-type on
publicly-owned land and will
materials at prices' sufficient to
be torn down as soon as the in¬
cover
developmental costs; ade¬ crease in the
supply of permanent
quate short- and long-term Gov¬
homes makes their use unneces¬
ernment
bredit, where private sary.' ■
•
!
capital is not available;: and pre¬
Both the construction industry
mium payments in selected cases
and ..labor i groups
must 1 > gird
for increased production of con¬
themselves for far greater effort
ventional and new-type materials,
than ever before.
The nation ex¬
achieved over and above a care-;
pects maximum 'efficiency from
fully selected base period.
Pre¬ both
industry and labor to reduce
mium payments will also be nec¬
housing costs.
Our target of 1,essary in cases where production
500.000 homes to be
for
from this
fund will be made selectively. In¬
creased production of some ma¬
flow of building
the
attract
power;'
national
Materials
workers
pansion, both of conventional and
of new-type materials, three fun¬
damental steps are called for:
A
/farm
which must be
replaced.
than
more
of'
workers.
oe
Exambe multi¬
rately how much will be needed
premium payments, it is esti¬
mated that about 10% of the total
temDorary housing
built during the war
have
number
duce the skills that
both
These
the
the
Vigorous action Awill be needed
manpower.
sort
achieve
To
economize
ar
are
destroyed. Approximately
400,000 net additional new famil-
must
we
triple
ducement to participate. A largescale apprentice prograrn. should
bathrooms
unit
can
and
-
are
seasoned hardwoods.
assembled
ples of
plied.
1947.
..
in -addition' to the
substandard
dwellings,
year,
sash
flooring to supple¬
kitchens
usual
time, under any
program,
to
produce
materials
and to build houses 'in
quantity;
Because the program will start
window
The
ventional fnaterials.
600,000 will be
orefabricated parts and materials,
No temporary units will be built
under this program in 1947,
•
'u
-
and
production of
prefabricated Vihomes
-
1947
,
cilities must be converted for the
Some
convene
and homes assembled on-site
from
to
Pre
in
1946.
Of
these,
700,000 will be conventional
houses; 250,000 permanent.. pre¬
fabricated
parts
and .materials,
and 250,000
temporary units (200,-^
some
significant.
position arid plastic materials
195, 000
homes
are
metal
and apartments started
by the end
of 1947.
*
f
'
at
present
650,000
employed (both off-site
on-site) in producing homes.
To meet our goal, a
peak of
2,150,000 workers will have to be
are
workers
and
must
framing instead of lumber has
already been introduced.
Com¬
material
2,700,000
And
homes had been
There
to
use
3
-
production.
Serious manpower shortages
have to *be overcome if we
<
ac¬
a
,
t
materials,:, The possibilities in
this direction
m
1947
/
200 million dol¬
will
foreseeable
/,,/-„'Y,/
or
presently engaged in the indus-
ment scarce
essary
new
ma¬
of
680,000
< <■
by end of
exceed
material / deficits
With at least 1,200,000 families
still doubled
up.
Our target is
Which
Size of Immediate
Brewster, President of, number of
Colleges.
will
The present housing
emergency
s
the culmination of more than
en peacetime
years and four war
Fund in the Trust
by Col.,
William R.
and
NeithS
Housing Needs
the Advisory Commit¬
Civilian Military Edu¬
the Association of
goal.
govern-
City of
C., has been appointed to
this
program
.^f'ness-as-usua 1, labor-as-usual
uulding-as-usual,
nor
Major General Ulysses
III, Chief of .Engineers
S.
dynamic
a
dollars;
substitute
be made up by greatly expanded
production of conventional mate¬
rials and by the use of new types
945,000
2,515,000
^
far
These
vacancies occurring as the result
?
of
deaths
and
dissolutions of
existing
Joseph P. Grace, Sr. Thomas M.
De^evoise, Chairman of the Comr
rr.ittee, has been, reappointed to
billion
or
The Problem of Manpower
will
tion is taken.
//;';j'
19471,.—
11,110,000 new families less
430,000
;Each
ciation of the
T 'ow York.
,
production unless emergency
Additional families
needing homes
;. by end
ity Trust by Judge Learned Hand
son
it
others
r
Additional families
needing homes
of the United
States Circuit Court
of Appeals. Mr.
1, 1952, by Harri¬
Tweed, President of the Asso¬
1947
in
;,,
as
the result of deaths
and dissolutions of families
ard
a
member of the Distribution
Com¬
mittee of the New York
Commun¬
serve
problem.
; v - ■
example, in 1945 residential
1.946 this program will require $2
billion of building materials, and
;;/.;
13,460,000
must
new^ and : existing hopies; and
est
Except for 200,000 units of tem¬
D.
/ worse:
ing and 50,000 trailers).
price conbuilding materials; ceilings ;v Approximately 1,500,000 homes
building lots, and through the
;n
houses and, houses assembled onsite from prefabricated
parts and
•
becoming
.hrough
t
new
of the amount
■
Total -need
,
Federal
materials, and 250,000 temporary
units.
The target for 1947: 1,500,000 homes
started, of which 900,-
,
•
cooperation v and
asistance where necessary in the
development of home sites./
i
prefabricated
houses and houses assembled
from
guaranteeing the market
site from prefabricated
parts and
■
;
builders for equipment and
'jr'v :i
mme
of which. 700,000
permanent
essen-
One
of
terials will be required.
It is es¬
timated that approximately 20%
construction consumed about $400
million of building materials/In
Families' living doubled
up
vAUv//yAY>';
other families in"
October, 1945,
at least
;
1,200.000
to
materials.
\<
be> conventional;; houses;
250,000
For
aporoxi-
(7) Priorities and allocations to
by the end of next year.
target for': 1946: / 1,200,000
started,
1946
homes and for
the product.
tor
and moderate cost homes must be
homes
of
by making materials avail¬
lomes
started
will,
balance
no.n"deferrable projects./
(1) Construction of 2,700,000 low
The
the
(6) Rapid expansion of factory
fabrication of materials and parts
is
well, as
complete low-cost
recommending
following program of
effect immediately:
;
1945, we
f
construc¬
,
therefore
the
uation
by
earlier
Our sights must be raised far
above the present target of four
five hundred thousand homes
in 1946. ■
am
up in October,
hov**
to', build
Subtract::'
;elease needed materials and labor
or
z/M
for
,or veterans'
;
.
voulH
—
■
,
worth
increased
xuiidwihg
mately 3,000,000 new homes by the
end of 1947
just to keep thb sit¬
,
(5) Postponement of all defer¬
,,
rable and non-essential
the
materials.
be
™!?tered even in building the
lars will be required to
encourage
residential construction, A//;/-
American business and American
and
would
materials
Increases this
xhe
present labor force engaged in
drive
part
that
mean
materials
conventional
400,000 to 500,000 homes previous¬
ly
contemplated for 1946. The
proposed ,/ veterans'
emergency
housing
program
tremendously
1947and off"site ^ the middle of
obligation to those
our
men
we
and
our
and women in uniform.
our men
It is rapid-
recognize that propor¬
tionately greater risks will be en¬
countered in production of new:
for
must
we
doubled
»
Though
people considered it impos¬
sible, that goal and others like it
many
were
critical,
of
ments
sorely
r',-
.
,
require $3.25 bil¬
Absorption by Government
lion. This represents an eightfold
of undue risks in
developmental
increase in requirements between
Add:
'
■/
'
Mabied
veterans
last year and next year.
who
will
W0/yi \ on ne^-type materials.
be
/ '
needing
homes
by
December,;:
.Requirements of all materials
1 Rfl nfnCrUw-en' and Gaining of
1946
1,500,000 additional workers'on2,900,000 and
supplies—lumber, brick, wall
Non-veterans
marrying who wiU/V.-^i*
be
needing homes by December, 1
board, z lath, cast-iron soil pipe,
1946
; 560,boo
electrical, plumbing and heating
,uThis means more than-tripling V. Total /:
supplies,; roofing materials, and
he
in
set
shortages
build-
been
;; ;•/
Theseconditions
with
At that time the
that
.
which President
up
have
/ •
able shows with
shocking clarity
even
without reducing the
number of families which were
are
inflationary.
in a recent radio mes¬
the American people, you iuction capacity.
■
called for the immediate produc¬ Y (f>
Rapid tax amortization for
tion of an unprecedented number
olants.which are newly built or
of homes, I could not help but re¬
converted
to
produce
essential
call
the
goal of 50,000 aircraft building materials, and
/ '•'■/
t
Inventories of all
depleted.
living doubled
was
Thursday, February 14, 1946
mg/material8
y uecoming worse,
pxanis auu new
facilities to increase
present pro-
sage to
were
other families.
Use ox war
A
& FINANCIAL CHRONICLE
tailed.
Administration's
(Continued from first page)
Second, we- can meet tnis need
COMMERCIAL
should
extend
and
improve these
/
.Volume
163 "
Number 4464
THE COMMERCIAL & FINANCIAL CHRONICLE
methods to meet the
needs of this
program.
A job
•
■
*
j
of this
struction
magnitude is go¬
ing to require the best
efforts of
the
entire
building industry, in¬
cluding both large builders and
small, both builders of
apartment
houses and
large developments
individual homes.
and builders of
Large-scale
production
of
.
larger housing developments. And
at the same
time, it will assure
builder, both
rural
While
bulk
we
of
must
depend for the
homes'
by conventional
our
on
building
methods,
also need to stimulate
gram
of
factory
we will
large
a
pro¬
fabrication of
Increased emphasis on
factory fabrication is also
impor¬
homes.
tant
from the point of
view
manpower, since this method
quires a smaller
percentage
highly skilled workmen.
Greater reliance can
of
of
on
semi-skilled
manpower
quickly trained.
and
which
This is
un¬
brief
a
be recruited
can
thermore,
trained.
or
it
is
expected
greater production of
'
lends
gram
The veterans' emergency hous¬
ing program contemplates build¬
ing a larger number of homes
during the next two years than
in
comparable period of
any
history,
/J?;?? ;?;t>
our
?.■•'■
.
? As
manpower
and materials be¬
come
a
available,
sufficient
ber of lots must be
ready;
may
housing
of
to
?
on
that
for¬
go
homes
pletely out
incomes.
Prices
have
other
facilities
is
the requirements for the
Vigorous
program.
all
concerned
will
be
ac¬
in
veterans'
-
of
building
already
risen
further
any
materials
35
to
rise.
Houses
being sold at prices in
far
40%
levels.? We cannot
above
many
Many who want to rent
buy at in¬
flated prices.
<
forced instead to
are
.
An
inflation
of
,
housing
costs
like that which followed the last
would
war.
beyond
inevitably put prices
the reach of millions of
development of veterans? and: others and would
prevent * a sustained high level of
construction activity.
of
Deferrable
and
To curb inflation,
permanent homes which
will meet
accepted standards.
%
In
addition to a shortage of
materials,
an
factory fabri¬
contemplates the develop¬
ment
r-Vm'
.
adapted
of
serious
a
^^Hway ^
the
obstacle
in
production
of
prefabricated units this
600,000 in 1947, is the
.industry's
lack
of
distribution
v
and
year
i!
facilities/The fact that
manufac¬
turers
do
not
have
sales outlets tends to
tion down.
' 1,
.
Under these
must
go
established
keep produc¬
-r
.
.
private
with
them
of
a
market
they build.
This
plished by giving
purchase
who sell
a
contract
to
the job
assuring
for the
be
can
we
firms
this field and do
the ^Government 'f
house
accom¬
Government
to
producers
new-type houses through
normal private
channels of dis¬
tribution.
To qualify for
such a
purchase r contract
assuring * full
capacity operation, the
producer
should establish that:
V-
L He is
prepared to produce
.house which has been
approved
.
the Government
'V
a
by
as
It
will
meeting sound
2.
$3,500 for
y I
a
one-bedroom house
approximately $500 for each
plus
additional bedroom
p
including
:r
(f.
o. b.
the
plant,
equip¬
necessary
excluding the cost
ment but
of
land and
erection).
♦
-s
3. He had
formulated an effec¬
tive plan for: distribution and
5
erection which will
:;
operation
be placed into
insure that houses
to
Will be put up
promptly.
4. He can and will produce a
specified number of
houses for
;
;'
? the twelve calendar
the date of the
months after
Government pur¬
contract,?, which 'assures
chase
him of
of
source
rials.
the
purchase contract,
the Government will take
delivery
of the
houses only when the
pro¬
is unable to market
them
ducer
within
a
reasonable
ease
lowing their production.
struction.
..£»•
.
the
case,
of
pose
Government
the
homes
will
for
stitutes
essential
in
terms
ards
ernors,
administered
from decisions
made
be reviewed in
Recent
con¬
made
be
stand¬
Some
amount
of
loss
may
program,
that loss is
but
result
the
expected
be relatively small in relation
to the size of the
program and
-to the benefits to be derived.
to
building materials producers, fi¬
nancing institutions, chambers of
Affordj
should
be
recognized
and
commerce
conducted
by
The
groups.
other ' interested
basic
rather than
This
there
makes
it
A large pro¬
of
4 They will:
houses
sale.
definite
are
advantages in
rptainipc* the present price veiling
of $10,000 (and rental ceiling of
$80)
on
new? construction.
the
selling
$6,000
for
homes with
a
moderately
to
offer
or
priced
local
to
incen¬
mortgages
must
current
be
based
costs
struction rather than
of
temporary
home-
:
-
;■?>■:; ■??:?/',:;??• ???/???:
Encourage
conversions
to
authorities.
??
transported,
and
con¬
vert ed
at Feder'al expense.
; 7? ??
(7) Discourage black market ac¬
tivity in building materials and in
rents and
(8)
on
support price ceilings.
Assist
in
recruiting, and
training labor.
con¬
(9)
on
long-term
economic values, and they should
be amortized over a
long period.
These techniques were success¬
that fully followed
during the war
:
mounted,
can
necessary
do
not
the
provide
objectives
of
us
this
The prompt passage of
additional legislation is
impera¬
tive.
We
must
promptly
1.
have
Provide
new
legislation
which will:
payments
funds
to
of
types
for
conventional
of
2.
to
into
struction
methods
and
new
methods.
cent
nizing
of
Break
the
and
necessary.
?:?? •
costs.
addition
which
to
A.
Provide
bottlenecks
in
;
I?
building materials.
(10)Establish centralized infor¬
mation
centers
to
refer
veterans
anything
had."
recog¬
Newark
the
as
war
ended, it left
the first step, the beachhead won
on the battlefield for
peace,
legislation is
"If
•
'1100,000
nations
are
sincere, this or¬
so
overwhelmingly
strong that it is almost absurd to
call it weak, as some
skeptics have
accused. We, who believe it' is and
ganization
additional
is
the
housing. '.The relocation
chance to succeed.
-:
of
these
temporary
and
con¬
structures
to
materials.
minimum of
a
An additional ap¬
^
.*
A Stop 'inflation
in the; prices
through price control on
housing and housing sites. While
of homes
be
can
timid
strong,
to
say
must
not. be
"The UNO is the Town Hall' of
of
world.; Cynics say
the United
scoffed
it
has
States
of America,
at the
republic's chances for survi¬
new
more
eloquently
val than any one today is scoffing?
at the UNO.
We must hope and
be
determined
today
shall
UNO
that
be
they
as
S. A. in the
the
as
cynics of
about
wrong
ing the manufacture,
v
C. Extend the necessary financ¬
ing
and
S1592
other
aids
nrovided
-
in
(the Wagner-EUender-Taft
Bill)? tq make decent homes
able
;
avail¬
for families of all incom es
within their
means.
include
expansion
of
insurance
of; mort¬
the
Government
This would
sound
loans to encourage housing
gage
for; families of moderate
income
and necessary aid for the expan¬
sion
of
the
housing
program
for
families of low income.
tion
recommended in your recent
message on the State of the. Union
is essential to achieve
emergency
housing
same
objectives,
time
prehensive
meet
whil^ at the
launches the com¬
it
action "required
basic
our
to
the
meet
pressing
veterans.
our
a
*
v
the
war
for
It is
plan
to meet an emer¬
has grown out of
gency'Which
need
just as surely as did our
50,000 aircraft in 1942.
I believe that Americans will face
task
which
part
-
to
housing
This is that kind of plan.
attainable.
This is
me
bold and realistic plan
a
needs of
to
housing problem.
; Mr. President, you asked
orepare
in
they
of the
the
same
faced
war.
the
I
past!"
..
spirit
in
fighting
believe; that
the veterans will get their homes.
advo¬
outlaw???
session
of
atomic
world-wide
.
use
or
pos-
and
weapons
system;of
to ascertain if the
inspection
outlawing is be¬
atomic
materials
spected in
tific
a
in¬
must ..be,
thorough and scien¬
manner.
From" the
News"
we
Newark
"Evening
also quote the follow¬
ing:
ft? Economic! policies? the; speaker
said, must be adjusted to fit into
"We cannot
allow
other
countries.
We
policies to fit their
wise fit their
tem."
he
fit
our
and like¬
policies to our sys¬
an economic need,
There is
said,' for
assurance
of
long-
materials for
country's mills and plants?
term sources of
this
> To
we
must
cases
get
the
raw:
type
of diplomacy
need, "which would be frank,
discussion, not secret diplo¬
macy," Stassen suggested "we put,
our
young men and women into ?
intensive training for foreign ser¬
vice, start a school which will rbe ?
the 'West Point' ot 'Annapolis' of
the diplomatic service."
?
V??
open
Electric Figures
Due to
the
Delayed
observance
of
Lin¬
coln's birthday (Feb. 12), the elec¬
tric output, figures as released by
the Edison Electric Institute
were
•
(11) Assist in arrangements for
not released in time for publica¬
WYATT,
Housing Expediter. tion ih this' issuer ? *r! ? ?
WILSON W.
?
.
poverty and degradation in
''
to available housing.
?.
a
ing fulfilled.'-To do this, he said,
"multi-lateral" trade.
The permanent housing legisla¬
.
about the U. *;•
were
prices if he buys
now.
no
Cynics, at birth
The Midwest Republican
cated a ?wbrld-wi<ie law,
home
too
so.
production is the long-range solu¬
tion for inflation, we should
pro¬
tect the veteran against excessive
a
po¬
unrest
and
250,000,000 a
long distance from home. UNO is
a'nd in
This additional housing
provided through the
reuse of surplus
Army and Navy
barracks
and
other
new
one
000,000 seething in social and
measures
be
version
re¬
saying:
billion people short of
food, 500,-
temporary housing units required
should
further
paper
ports Mr. Stassen
s
"As
have
we
?
.
The
current
to meet'the1 most,
urgent needs for
veterans' housing in cities
colleges.
staff for dip¬
a
litical
these
needed which will:
?
"Development of
lomatic and foreign service which
is much beyond
needed to increase and
the
construction
of
are
atomic
world.
Extend to Dec. 31,
1947, the
authority for priorities and allocations..
^ ,
?;:????.•;; „,
In
fair
a
"Elimination of any narrow, re¬
of
•
,
of
policy to the United Na¬
stricted view toward the economic
welfare of other peoples of the
5.
this
local
"Presentation
1
construction
value
sup¬
*
tions Atomic Commission.
additional rental units and homes
through insured mortgages up to
per
UNO.
energy
.
the
attitude,
"Vigorous and continuous
of the
factured homes.
4. Permit
"defeatist"
or
port of the start and development
con¬
materials
3. Permit the rapid tax amortiz¬
ation of new plant facilities
to
produce new materials or manu¬
90
cynical
These are four major post-whr
responsibilities which victory has
brought us, he said:
by private research groups and to
absor b; certain
developmental
costs involved
.in devising new
or new
foregoing comments at a
Jan. 29 at Town Hall
EssexCounty, N. J., at the F,ast
Orange High School. The Newark"
"Evening News" in its accounts of
his remarks, reported Mr. Stassen
as saying that rather than assume
on
of
stimulate"
research
materials
made the
meeting
nationalism.
are
Make funds available to the
necessary
considering the UNO,
energy,
world
economy
and future diplomacy. Mr. Stassen
should promote a broad, inter¬
national outlook and scrap narrow
building materials.
technical
"some
we
in
and
Authorizations of $600,000,000
needed for the
purpose. ?
extent
have
must
of regard for the dignity
of fellow human beings and their
measure
a
premium
increases
secure
According to Harold E. Stassen,
Republican
leader,
Minnesota
Americans
welfare" in
authority to enable
achieve
Support of UNO
Urged by Sfassen
atomic
program.-
V' ?? '?■
\??
(6) Provide sites for Army and
Navy barracks which can be de¬
building of such hous¬
be achieved by in¬
mortgages
on
low-cost
This
•
for
or
dwelling units.
(5) Speed up inspections and
'ssuance of building -permits
by
tive for the
ing.
rent
provide additional
for the Gov¬
greater
existing
programs for veterans.
^
(4)
maximum of rental
necessary
-
on
existing
codes.
including land, or renting for
$50 per. month.
provide
for
•
first
assure
and
not more than
To
,!
(3) Aid in securing the exten¬
sion of emergency
building codes
the modernization of
■
homes
to
..v?'?.:;".
(2) Develop
sharing
largest part of residential build¬
ing materials must be channeled,
through priorities and allocations,
less
offered
•??'.•'
local
/
(1) Undertake
that while
the
•
*
preference to veterans
purchase homes.
clear
of
obstacles which might im¬
away
portion of these veterans plan, to
rent
purpose
these committees will be to clear
.
home.
These
committees will be composed of
representatives from local govern¬
ment,
veterans, labor,
builders,
will
,
It
first step we agreed that
they did not already exist.
housing, in the same suring
that it now disposes of homes for builders to the extent of
surplus property of the Govern¬ 90% of value. Furthermore, such
this
a
local emergency housing commit¬
tees should be formed wherever
oh.-de?;
locally
uniform
out
expect to be able to pay less than* pede the progress
$50 monthly for the rental or housing program.
a
laws
propriation of $250,000,000 is need¬
ed 4'o£' this 'purpose.
/
*
,
'
As
the War Department at separation
centers reveal that most veterans
purchase of
pro¬
':y
v.:.?
Legislation Required
dwellings requires
veterans' emergency housing pro¬
gram. f
.manner
from
many
plans for
further activity to tie'in with the
Washington.
surveys
housing
have well-developed programs of
action.
Together we have
Homes Which Veterans
Can
Mayors and Gov¬
of whom already
local
non-defer¬
must
of ' well-defined
and
i
;
past few weeks I
had several meetings with
representative
centralized basis with the advice
of
local
communities.
Appeals
.^veterans'
ment.
lation
.
V,
and
throughout; the
;;
During the
have
AV
rable construction
towns
*
will
necessary to adopt legis¬
which
will expedite
the
veterans' emergency
gram
...
States
mapped
?;*..} .-/-J'-':-
ernment
in
cities: and
country.
mate¬
.The determination of what
units, it is
dis¬
use
?
magnitude
participation of
community leaders in
courageous
non-residential Con¬
". v.
<
this
ad vice.and active
hoped that the mate¬
on
it
new
•
,
permanent housing,
be directed from Washington
alone, f We are going to need the
sufficiently by the end of
permit the relaxation of
that
In
find
can
1946 to
restraints
of
program
Action
available
and
manpower
It is
fol¬
period
No
months
rials and manpower shortage will
into
market.
a
Under
of
immediately
one
The house will be
sold in the
f lower-priced field at approximate-
matter
a
can
In the meantime, the deferral of
the less-essential
projects provides
v.and tested standards of safety
^ durability,
livability and health.
m
be
we
/
instances
many,
accelerate
Community
,
effectively expand
material capacity and«recruit and
train needed; manpower, V 'JV. I
the
circumstances,
encourage
into
immediate expansion of essen¬
residential construction.
tial
before
accommodate
dwellings.
? In
.
250,000
.
to
even
today's in¬
creased costs of replacement. Here
again we cannot afford any fur¬
this
and? in; the
(12) Help prepare land and fa¬
cilities
production
ther rise-
re¬
this shortage,
overcome
of reach of
above pre-war
are
far
high prices
put them com¬
to
as
serv¬
developments.
new
sufficient
It would result in such
cases
of
ices for
,
creating uncertainties
it
would
impede production and lead to in¬
ventory hoarding and speculation;
afford
Postponement
materials.
This program for
cation
.
families
preference
with
■
The Danger of Inflation
num¬
so
without
and
885
adequate transportation and
Existing
delay. ■ The num¬
ber of lots improved with
sewer,
ward
for
program
income,
veterans.
the Govern¬
Non-Essential Construction i
ment must use its present powers
: ? It will be
impossible to achieve to the full, including strict control
our
housing goal for the year 1946 oyer prices of materials, arid the
without diverting critical mate¬ continuation of rent controls.
Leg¬
rials and manpower from
defer? islative authority is needed for
rable and non-essential construc¬ ceiling prices on old and new
tion, both public and private. housing and on building lots in
Only in this way can we secure urban areas.
;
,u
"
*
The program is also
well
t0 the use of
substitute
;
Land and Facilities
sites.
itself
to the use of
surplus plants, as well as assur¬
ing
the
full
utilization >• of the
existing, prefabrication
industry.
^
low
inflationary spiral would be
fatal to the housing
program. By
problem
community, it may
prove necessary for the Govern¬
ment to assist in
providing facili¬
pro¬
National
An
?
ties
prefabrication
housing
automobile industry of the Twen¬
v? While it is clear that the central
lower-priced
factory
mass-produc¬
a
building industry comparable
size, in opportunity for invest¬
ment, and in employment with the
responsibility
homes may be achieved.
A
period
rests with the
that
the
.
tion
quired to
Fur¬
of
their
in
tion
the magnitude of this
pro¬
gram cannot be met even
by the
use of
every skilled worker who
VI
,
housing
essential,
since
Title
building industry is assured of home purchasers,
:
■
a
leading role in the emergency
A complete plan must also in¬
job. In addition, we can create clude aid for the
expansion of the
short of
be
can
under
water
thus i be
placed
skilled
do
veterans'
re¬
con¬
the
urban, that he will get his share
of materials.
and
workers
to
ties.
and
builders
will not only Housing Act.
'*
The
regular job of j
Government
can
further
home-building, but will also have reduce financing costs by lowering
to play a big part in the erection interest
rates
on
insured mort¬
of factory-fabricated houses.
Thus, gages and providing other aids to
have
in
mate¬
rials will enable the
big builders
to
go
ahead
rapidly with the
the small
conventional
THE COMMERCIAL & FINANCIAL CHBOHICEE
886
From Washington
1,000,000 Tracks
f
"
Ahead oi the News Annually for Four Years
State of Trade
(Continued from page 878.)
responding week of 1945, or an above those of a year ago. Fripe
increase, of 1.5%; Local distribu¬ movements, however, were irreg¬
electricity amounted to
191,300,000 kwh., compared with
181,500,000 kwh. for the corre¬
sponding week of last year; an
increase of 5.4%. .v.''.."1
:///•;//'
Railroad
Freight
Loadings —/
fairly wide
range.
Toward the close of the
period, profit taking and liquida¬
tion brought a check to the rise.
In early dealings, values reached
new. high ground for 22. years on
freight for
the week ended Feb; 2, 194(3, to¬
taled 723,135 cars, the Association
active
tion
of
Carlpadings of
revenue
of American Railroads announced.
This
was
increase
an
of
14,005
(or 2.0%) above the pre¬
ceding
week
and
16,421
cars,
or 2.2%
below the corresponding
week of
1945.
Compared with
the similar period of 1944, a de¬
cars
of 82,579 cars, or
crease
V
shown. '
■
10.2%; is
—
Paper
production
in
the
United States for the week ending
Feb.
2
was
101.5%
of
mill
ca¬
pacity, against 94.5% in the, pre¬
ceding week and 88.8% in the like
1945
week,
according
to
the
American Paper & Pulp Associa¬
tion.
Paperboard output for the
current week was 95%, compared
with 94% in the preceding week
Business Failures Off Slightlythree-week increase, com¬
mercial
and
industrial failures
After
a
.
turned down
slightly in the week
ending. Feb. 7, reports Dun &
Bradstreet, Inc. Concerns failing
numbered 27, as compared with
31 in the previous week and 14
in the corresponding week of 1945.
This marked the fourth straight
week in which concerns failing
the
exceeded
have
year ago.
weeks
number
a
In fact, in the last .two
failures
as numerous as
about twice
were
in the same weeks
last year.
Large failures involving liabil¬
ities
of
$5,000 or more remained
at 19, the same number occurring
last week.
This compares with
trade
and
a
speculative de¬
Tending to stimulate de¬
mand were
the raising
of the
parity* price of cotton to 21.95 on
Jan. 15 from 21.82 in December,
the continuing pressure of infla^
tionary forces, and the anticipa¬
tion of a large export demand.
Current entries of cotton into the
Government loan and purchase
continue at only a frac¬
the volume reported a
programs
of
Trading
in
domestic
in
wools
more
wools'.
mestic
in
interested
Unfavorable
do¬
for
two
world-minders
such
as
Barney Baruch and J esse Jones,
are against the loan.
All Barney
do
can
is
to visit
with
members
of
Congress and counsel with
them and promise to help them
in case they need money in their
next campaign.
But" Jesse has a
newspaper, the Houston "Chron¬
icle," aside from his ability to
visit with congressmen.
Notwithstanding this opposition,
justification we could have had
getting in the war—then we
should certainly protect or
go
along with the British Empire set¬
and not be the referee, as
Liberal writers are calling it,
up now,
our
If
in
future
the
have
in¬
the
is
compelling than
more
influence
to be world-
that we* of all people, al¬
ways have to go into a war with
a lot of hifalutin' terms.. We are
"democracy,"
they would get an awful lot of
trouble off their necks. And cer¬
to be confused
of
on
the whole busi¬
The
world-mindedness.
in
tainly,
who insisted that we get
into the war because the British
which
Empire was a definite part of our
foreign policy—that we and the
the
foreign wools
chased
wools
were
while
were
quickly
medium
not in such strong de¬
mand.
A
pur¬
foreign
'
>
total of
2,025,978 pounds of
domestic wools were appraised for
purchase by the Commodity Cred¬
it Corporation during the week
ending Jan. 25, 1946, bringing the
total appraised to date to 333,204,707 pounds. By the same date a
year ago 373,132,587 pounds had
been appraised.
Consumption of
wool
on
the ' worsted
y
system
reached 58% of total consumption
in
October, the "largest recorded
since -early in 1942.
y
Wholesale
Food
Price {Index
Unchanged—The wholesale food
&
—
sillier than
even
We went into the
with Britain, to preserve her
war
wools
offerings of spot fine
That
foreign policy which was ours. If
our statesmen would admit that,
Messrs.
same
small
say.
writer, himself is getting
This
can
look
us
haVe been.
we
we
Baruch
of
and Jones.
ness
not, why were we
The answer is, of
course,
makes
The impulse on the part
congressmen
are
war?
the
in
fluenced
buyers
to
catalogue
available in this country.
we
influences, insofar
we
as
see,
British
Empire, speaking the same
language, either rose or sunk to¬
gether; these same influences now
seem to
be trying to scuttle the
Empire. They are tremendously
critical of the British in Greece,
meantime,
the
we
should brook no Communist voices
in
trying to create chaos
thinking by throwing up
are
our
that
fact
we
said
we
were
for
democracy.
We
should say • frankly that that was
fighting
the bunk.
broad abuse of the word
"democracy" we have a serious
On this
As
situation.
domestic
this
is
information is that
in India and in Indonesia. There
there is to be a new wage-price
formula, but that John Snyder,
with last week and moderately
who had fought for a certain in¬
over a year ago.
Canned peas and crease for Steel, is to have all of
beans sold well, while stocks of
his price control powers taken
canned tomatoes continued lim¬
from
him, and that Chester
ited. i Meat supplies
were ade¬
Bowles, the man who is keeping
quate,
with
poultry / plentiful. us from "inflation," is to assume
Fresh vegetables such as cabbage,
full charge. In the pageantry of
celery, carrots, and lettuce were Washington, this is pretty good.
fairly abundant.
Had the great Bowles been over¬
Retail volume for the country ridden and Snyder won out on the
was estimated to be frpm 6 to 10 %
question *of the Steel price, un¬
over
a
year ago.
Regional per¬ questionably
the
newspapers
centage
increases
were:
New
England 4 to. 8, East 10 to 14, Mid¬
dle West 3 to
South 6 to
7, Northwest 7 to 11,
9, Southwest 5 to 8, and
Pacific Coast 6 to 10.
%
:
Wholesale volume this week
mained close to
re¬
would have headlines that Chester
had
fight against infla¬
tion, He had made a heroic stand,
we
would have been told, but
greedy, selfish interests had got
the better of him. It.would have
been
moderately over
last year's volume for the corre¬
have
and-was
sponding period. Available stocks
continued low and deliveries re¬
mained limited.
In general* de¬
mand centered on the better and
medium priced items.,
his
lost
the level of last
week
the
written,
a
shame, the people would
this
upright
man/ was
bowled
that
agreed,
conscientious
disappearance
bushels since July
drop of 145,000,000
stocks reported on
a
•<
of 715,000,000
1, 1945 and a
bushels under
Jan. 1, 1945.
all best sellers.
were
Straw hats
were
by the greedy interests in this
way, and he could have undoubt¬
edly been elected to some office
from Connecticut, which is his de¬
Department store sales on a
country-wide basis, as taken from
sire, on the basis of the great
fight he had made for the Amer¬
ican housewives, a very formid¬
the
scarcity of both nylon and
hosiery
continued.
De¬
mand for men's hose remained
Flour demands remained strong strong. Stocks of cotton and rayon
but mill offerings were restricted piece goods remained at a low
level. Plastic fabric volume, how¬
by scarcity of wheat.
Ceiling
prices ruled in leading hog mar¬ ever, was high.
kets as accumulated demand ex¬
Consumers ordered electric ap¬
ceeded supplies.
Livestock re¬
ceipts improved with the settle¬
ment of the strike of packing
house workers. Lard stocks also
showed improvement.
Cotton markets
.week
with
were
sales
active last
considerably
,
peacetime truck production—de¬
spite the relative .simplicity of its <
reconversion problems—as quick- ly as it undertook its tremendous<
•
war-time assignment of building
military vehicles.
:
.
In
December, to cite the latest
month
for which
production fig¬
available, the industry
goal of 90,000 truck units.
This had been set by the War
Production Board, early in July.
ures
are
had
a
Actually,
production
about
was
one-third this hoped-for minimum"
figure, /•
/Materials and parts shortages,
together with labor tie-ups, have ;>
far made it impossible for the !
industry to produce more than a
so
.
trickle of production. These are.
the two weightiest and most un¬
predictable factors overhanging
the industry's operations this year.
Any improvement in the avail-
.
1
ability of parts and materials, and /<
in the labor situation in
industries related to truck
the ;
all
prodiic- f
tion, will be immediately reflected
in production volume.
The
1
>
,
ultra-streamlined
"dream
,
trucks of the future," which were:
publicized during the war as the
postwar products of the truck In-
J
dustry; will not be forthcoming;/1
Appearance - wise,
the
modern
v
motor
and
trucks
next,
produced this
year r
at
least, will be little
changed over pre-war designs. As
utility vehicles, appearance, per, se,
is
not
fundamental
a
factor
■
in
trucks, although proper body de- v
sign for more efficient handling of
loads, better weight distribution »'•'
and
other
into
truck
elements
design
basic
some
enter
important
These elements;
economic factors.
and
which
are
im-^;
engineering
provements in power plants,
veloped
in
ence
of
as a result
de¬
experi¬
war
building military vehicles
capable
of
tremely
rugged
operating
corporated in
over
terrain,
ex¬
trucks
motor
in¬
are
now
being produced.
During the wartime emergency,
state
regulations
operation
of
affecting
motor
the
were
as",.an aid; to
somewhat
relaxed
trucks
There is
production.
war
*
ten¬
a
dency in some quarters, now,1 to
whom, in fact, we are go back to the hampering nonweek ended Feb. 2, paying billions in food subsidies
fusion which existed in this field,, "
1946, increased by 20% above the to keep up the illusion that their
same
period of last year.
This prices aren't being, raised..
) : prewar; The motor truck industry//
for
Reserve Board's
in¬
the
compared with an increase of
17% in the preceding week. For
the four weeks ended Feb. 2, 1946,
sales
increased
by
17%
and
the year to date by 13%.
On a comparative basis
for
retail
trade here in New York last week
made one of the best showings
with substantial increases occur¬
ring in dollar volume. Estimated
department store gains the past
week approximated 30% over the
1945 week, with Commensurate
gains recorded by apparel special¬
ty and chain stores.
;
in
A falling off in buyer arrivals
the
Truman
The
rayon
•
Unfortunately, the industry has I
swing back into
not been able to
able lot, to
Federal
dex
wholesale
announcement
popular.
trucks when these expansion programs are completed. 1,5
over
markets
was
Mr. Truman, as we
understand
it, being convinced that Chester is
heading off production, finally hit
upon the idea of a new price for¬
mula, but to prevent Chester's
martyrdom, then said, Now Ches¬
will have increased and
prices from now
subject only to me. But John
ter
you
that
the
by President
United
States
will
play a larger role in help¬
ing to ward off starvation abroad
caused
shoppers to make heavy
purchases of flour and cereal
products.
•
According to the Federal Re¬
of
motor
portant to
achieving/satisfactory
be equally
achieve
continue to be one of
his closest
advisers.
J
however, will con¬
have trouble as long as
Mr, Truman,
tinue to
he
Henry Wallace in the
is
not necessarily
keeps
If
cabinet.
Henry himself, but his
are day in and day out,
will be the
A possible justi¬
fication of their work is that Mr.
Truman will not run again. No¬
him
so
that
Henry
1948.
choice in
body knows whether that is true,
not even Mr. Truman.
But the
Wallace
people,
people are mistreating
him, Mr. Truman should look to
about how
his
official family.
Wallace
followers
him is nobody's
The
pro-
J.
;
distribution
efficient
of
duction. in
maintaining
our econo¬
my
at proper levels. As a matter j;
of
fact,
that the
new
are
authorities
most
efficiencies
distribution
in
opportunities /
kinds of goods.
.motor trucks provide,
Because
transport-
kinds in the
tion links of so many
,
v
and conn?!
chain between producer
their efficient, use can 'go
sumer,
far in lowering
in
•
the production costs
for reducing
of most
'
agree;
opportunities for creating
greater thari the
this
distribution costs
country.
The
-
3,000,000/
"over-age" trucks now in
service^;
:as r
handicap such a program, and
quickly as they can be
doing
well,
on
peacetime
goods is becoming. recognized as
their
are
of
employment.
equally important as efficient pro- *
The job the
business.
-
important in ; helping r/
level
/
understand it, is to
use
im¬
was
production, it is also going" to
war
on,
Snyder, as we
the full
as
transportation
duction and
who have been
behind the fight on Snyder and
serve
Bank's index, department
on the side of Bowles, are seek¬
store sales in New York City for
ing to make it impossible for him
the.weekly period to Feb. 2, 1946, to run. Instead of complaining
pliances whenever possible.
Innerspring mattresses were readily increased 27% above the same pe¬
This compared
purchased. Furniture volume rose riod last year.
over a year ago and the demand with a like increase in the pre¬
for case goods and upholstered ceding week. For the four weeks
ended Feb. 2, 1946, sales rose 26%
furniture remained strong.
Food volume was about even and for the year, to date by 21%.
feels that inasmuch
final authority on
disciples
noted for the week as compared
popular. Women's accessories sold
working
Jan. 1, 1946, as reported by the
with preceding
weeks, but the up means to embarrass the Presi¬
;in increased volume; Valentine
Department of Agriculture, were
search for merchandise continued.
gifts such as scarfs and jewelry
dent, with a view to discrediting,
The
689,327,000 bushels. This indicated
of wheat in the United States on
duce at
motor
We
either with Britain or we are
are
not.
ratified.
our
Britain arid Russia.
between
for
pros¬
pects of large purchases in foreign
markets
The
view.
world
manifestly something wrong
about this picture. If the British
that
minded
coming
the
is
Empire is an integral part of our
foreign policy, if Britain has been
our bastion in the past—the only
tinued
Bradstreet, Inc., reports in its
current survey of trade.
Con¬
ago.
sumers
continued to search for
Wholesale Commodity Price In¬
long-awaited items such as ho¬
dex
Following a mild dip ; at
siery, home furnishings, and elec¬
mid-week, the daily Wholesale
tric appliances.
commodity price index, compiled
Men's
clothing
continued in
by Dun & Bradstreet, Inc., turned
very limited supply. Fur volume
upward, closing at 183.40 on Feb.
was spotty this week with some
5.
This compared with 183.80 a
cities in the country reporting
week previous, and with 175.33 at
volume below a year ago. Spring
this time a year ago.
' *
dresses and suits sold well, while
Grain markets were again feat¬
the volume for coats and suits was
ured by activity in rye futures
above a year ago.
where persistent demand forced
Buying in sportswear depart¬
prices up to new highs for the
ments was heavy, with cottons in
past 25 years. Cash grains gener¬
great demand., Volume in resort
ally continued in good demand
wear
reached a high, level this
but
supplies ' were limited and
week; bathing suits, cotton dresses,
prices
held
at
ceiling • levels*
and linen and twill slacks were
throughout the week. Total stocks
compared with only 5 a year
have
Washington and
thing that gives these un-worldminders strength, however, and
therefore, quite worrying to our
visiting British correspondent, is
of
price index, compiled by Dun &
Bradstreet, Inc., for Feb. 5, stood
only 9 large failures jn 1945's cor*
at $4.12 marking the thiM con¬
responding week.
The decline
secutive
week
without
change.
this week came entirely in small
This was 0.5 % greater than last
failures with losses under $5,000.
Concerns failing in this size group year's $4.10, and 2.5 % above the
1944 figure of $4.02. Commodities
fell from 12 a week ago to 8 in the
with advances in price were steers
week just ended.
and sheep. Declines were shown
In trade, both wholesale arid
for rye, potatoes,
currants and
retail, failures were more numer¬
lambs. The index represents the
ous this week than in the previous
sum total of the price per pound
week, but a decline appeared in of 31 foods
in general use.
manufacturing, construction and
Wholesale and Retail Tradecommercial
service.
Compared
with the same week of 1945, fail¬ Retail volume for the week and
for the country as a whole fell
ures this week were higher in all
lines of trade and industry.
The slightly from last week but re¬
moderately
above
the
Upswing was sharpest in retail mained
trade where 12 failures occurred comparable week a year ago. Dun
as
not
live in
to
the Boston market last week con¬
slight, although it was
felt that manufacturers were be¬
(Continued from first page)
an annual rate of 1,590,000k;:
(Continued from first page)
hard
the belief is that the loan will be
year ago.
The
and 92 % in the like 1945 week.
covered
mands.
;/:/.///• tion
,,
Paper and Paperboard Produc¬
tion
and
ular
Thursday, February 14, J946
owners
will
and
benefit
the
replaced,
public
from
service at lower costs.
better
*
-f-
■
as /
j
" T
Volume 163
Number 4464
THE COMMERCIAL' & FINANCIAL
CHRONICLE
at 5.5% of
Capacity
Heavy
—
to Follow Strike Settlement
After a loss of approximately 6,000,000 tons of steel and
$60,000,000
in-wages of basic steel employees, the steel wage-price issue has been
settled and the strike is expected to be ended
probably this week, or
early next week, according to "The Iron Age," national metalworking
paper. "The only bar .to steel' workers going back to work the latter
part of this week or next Monday, Feb. 18, would be a disagreement
the retroactive feature of the<^
over
increase," states this publi¬
wage
cation in its issue of today
14)., which further adds:
Steel
workers
will
scaling down from' the
union's original demand of 250 an
: a
hour which
was
subsequently cut
to;22%0, 200 and 19V20. The steel
industry is to obtain an average
increase of $5 a ton on carbon and
alloy steels.
Two weeks will be
required to allocate $4.50 of the $5
advance among various stelel prod¬
ucts.
Three
weeks
will
be
re¬
quired to distribute the remaining
50c a ton among steel products.
'.f This price advance is not an
across-the-board adjustment with
the
result
details
ucts
that .when
final
worked out
price
prod¬
some
be
are
will
more
raised
than
others. | This method is for the
purpose of attempting to restore
or keep the basic
relationship be¬
tween
the
price
of
the board increase in
an across
steel
prices
which would have
disparity between
of semifinished; steel
accentuated the
get their
18.V20 an hour (President Tru¬
man's compromise) which repre¬
sents
to"
(Feb.
the
The
stqel and finished steel in order
steel
American
Institute
products.
Iron
Feb.
on
Steel
and
telegraphic reports which
had
received
indicated
that
week
one
1,401,200 tons
ago,
one
month ago, and 1,673,900 tons one
year ago..
1
of, Cleveland, in its
of the iron arid steel
mary
kets,
Feb. 11 stated; in part as
on
;
announcement
earlier
held
was
broad
had
this week
in
not
policy
was
price
out
come
because
was
abeyance
pricing
ministration
steel
until
of
the
it
the
Ad¬
completed
and
announced.
"President
Truman
had
retroactive date of Jan.
1
a
for the
advance, but the steel indus¬
wage
try held out for the date
the
set
returned
men
to
which
on
work.
Fur¬
thermore the price advance is to
take effect officially the day the
return to their jobs.
men
Since it
take .som# toe to work out
the details of allocating the price
will
advance to various
customers
will
products, steel
receive
addi-
an
tional billing to take care of the
difference between the old price
and the new*
:
■
■
,
On the basis of 55,000,000 tons
of finished steel per year (approx¬
imately the output for 1945) the
price advance of an average $5 a
ton
will
bring the industry about
$275,000,000 a year, while a wage
advance of 18.50 an hour will cost
about $183,000,000. The difference
will fall far short of what the in¬
dustry has claimed
to .make
up
is
necessary
for past accumulated
costs. The OPA in 1945 consistent¬
ly promised the industry that
price relief would be granted for
these accumulated costs,
•
It
is
to
be
expected that the
wage-price settlement will
steel
not
be
satisfactory to all steel
companies;
However, the major
agreement ,oh prices, between the
government and the U, S.. Steel
Corp. and on wages between the
,
Steel
Corporation; and the union
will be
ed
to
result
in
as
active
-more
mand than before the
de¬
interruption,
settlement
will
of the controversy
clearing of the greatest
mean
a
number of-, important
strikes in steel
consuming indus¬
tries.
"Major consumer interest at first
will be devoted to obtaining ship¬
ments on
orders now on mill
books as early as possible, as at¬
tention before the steel walkout
directed primarily to the same,
purpose, to build inventories to
was
help out while mills were down.
However, volume of new orders is
expected to expand sharply as
stable conditions prevail and
the cost and labor pattern is clari¬
more
fied.
Also seasonal factors should
prove
stimulating.
"Third week of the steel strike
inquiry; at the; lowest- point
since the interruption began, de¬
spite the belief that a break in the
deadlock; might come! soon,; as a
result of the expected announce¬
may
run
.
into
companies will be
able to step up their operations
rapidly, while others may require
from
one
to
the
prestrike
tained.
■
two
months
ingot
before
rate
is
-
ob¬
V-'V
A large number! of steel
pro¬
ducers accounting for a small pro¬
portion of total steel output may
find
the
settlement
made
by the
large steel companies difficult to
digest. This is especially true on
the basis of loss figures
during the
later part of 1945.
believed to be
This outlook is
one reason
why the
OPA consistently refused to
agree
firms—
Section
of
the
Red
Personal
Loan
Hendon
Chubb,
of
Sons,
General
ance;
Laurence
Kennedy,
ident,
Marsh
McLennan
Downtown
&
Pres¬
Inc.,
brokers;
Insurance
Edward
I.
White, of White &
Camby, .Inc., Uptown Insurance
Brokers; Bernard Culver, Fire
.
Insurance
Companies and Groups;
Harold C. Conick,
Manager, Royal
Liverpool Group, British Compa¬
nies; Vincent Cullen, Casualty and
Surety Companies; Michael Mur¬
phy, ; Association of New York
Cross
Chairman
company,
•
Red Cross 1946 Fund quota
$1,490,000, the largest assigned
A
of
to
fund-raising group in the
forthcoming campaign; has been
any
Co-
and
Chairman, respectively, of the Life
Insurance
Companies' Group;
Henry E. Mendes, of Touche, Niven
& Co., Accountants and Account¬
ing Firms; W. E. Stevenson, Law¬
yers and Law
Firms, assisted by J,
Lumbard, Jr., and Francis
Adams Truslow, > downtown and
uptown
division
chairmen, re¬
spectively.
Edward
by
center, it
D i
c
the
In
announcing
the
described
q u o t a,
which
was
as
the /Avminimum •
be
financial,
announced by Mr.
was
k ey.
city's
contributed,
amount
Mr.
Dickey
stated that his
surance
law
section, comprising
security
exchanges,
in¬
companies, accountants,
firms
and
finance
and
loan
companies already has achieved
than 34% of its objective in
more,
pre-campaign contributions. Lead¬
ing the 33 fund-raising divisions
in
Mr.
banks
Dickey's
and
section
trust
are
companies
the
of
Manhattan^the; 'Contributions b of
which to
of
its
date
have
quota
year
the
equaled 60%
of
$581,000.
This
division; is led by. Sidney Wein¬
berg, of Goldman Sachs & Co;
This
seeking
$100,000*000
activities
for
Cross
Red
to
the
is
continue
armies
of
occupation, in veterans' and mili¬
tary hospitals and in local com¬
munities.--Greater
share of this
New
York's
quota is $10,500,000.
In previous campaigns the Finan¬
cial! Section has been responsible'
for
E.
of
World's Business & Guia,
export business publications, has
been appointed Chairman of the
Export Committee, Aviation Sec¬
tion, New York Board of Trade,
Inc., John F. Budd, Chairman, an¬
on
Jan.
16.
Associated
with world trade and the
publish¬
ing field for
quarter of
a
a
cen¬
tury, Mr. Sitterley it is stated has
been active in
proved
bringing about im¬
cultural
relations
and
between
States and
Air
Staff
rest
commercial
the
United
other nations.
the recent War he
During
served
the
on
B.
of
Rear
Admiral'For¬
Royal during the Battle
of Leyte. Gulf, and served with
the
Pacific
carrier Task Force 58 in the First
Battle of the Philippine Sea.
■'
.
Mr.
the
Sitterley is a Director of
American Arbitration Asso¬
'
ciation ;;; Chairman,
of
the " Re¬
gional Committee Activities, For¬
eign Trade Education Committee
of
the« National
Foreign
Member of the
Trade
of commerce,
much
do with
to
curtain operations because of ma¬
bank and trust companies, Brokers
terials shortage, a number sus¬
^nd brokerage houses and invest¬
pending entirely for this
reason.
"Recently there, has been
a
freer
disposition on:the part of
pro¬
ducers to enter orders and
deliveries based
on
a
promise
begin¬
time
ning with the end of the strike.
cases sellers are limiting
their
commitments.
l.They
still
regular customers and in
general still are unable to prom¬
ise
nearly
as
much
as
is
asked.
much tonnage already lost
because of the strike many con-,
sumers must reconcile themselves
to
so
revision
a
cluding
in
various
requirements,,
producers,
in¬
leading mills, are
not making promises of any de¬
scription as to future deliveries,
except perhaps on certain special¬
ties
or- identified
projects, and
even then they are limited as to
what they can do.
Where con¬
some
.,
do
sumers
back
for
orders
not
take
their
reinstatement
are
orders
later
the
simply filed for future
consideration.
"As an example of the far reach¬
ing effects of steel shortage tire
manufacturers, are limited in pro¬
duction
by
lack
of
bead
wire,
backlogs being nearly exhausted
and no hope offered of
replenish¬
ment for some time.
"
"Pig iron melters in general
are
Council;
and
.
Com¬
Industry Association of
New York, Pan American Society,
Mexican Pilgrims and Asiatic So¬
Exchange; Edwin Posner, of An¬
drews, Posner & Rothchild, New
York
Curb
Exchange;
Jerome
Lewine, of -Henry Hentz & Co.,
New York Cotton Exchange; F.
Wilder Bellamy, Investment
Trusts; Hardwick Stires, of Scud-,
der, Stevens & Clark, Investment
Advisers; Frank Dunne, of Dunne
& Co., Unlisted Securities; Alfred
Shriver, of Morgan Stanley & Co.,
Investment Bankers; Clarence G.
Michalis,
President,
Seamen's
Bank of Savings, Savings
Banks;
Gardner
W.
Taylor,
President,
First
Federal
Savings & Loan
Assn., Savings and Loan Associa¬
tions; Lincoln Cromwell, Chair¬
man, William Iselin & Co., Fac¬
tors;
Charles
J.
Davis,
VicePresident, William Iselin & Co.,
Textile Factors; Windsor C. Batchelder, Vice-President, National
Credit Office,
Credit Agencies;
per
share
for
the
Gross operating earn¬
increased substantially but
ings
increases
in
interest
paid,
ex¬
penses, and taxes it is stated more
than
the
offset
gain
in
gross
earnings.
Income,
Provision
.
State
Other Taxes
Net
and
com¬
a year ago.
addition
to
capital surplus
dividends
paid
$6,228,000 for
compared with $5,516,-
deducting
accrued
and
the
Federal
$1,688,975
was
pared $1,078,685
after
for
Franchise,
year,
was
000 for 1944.
This reflects the net
change in the capital, surplus and
undivided profits accounts of the
banks, affiliate, and Marine Mid¬
land Corp. itself. The book value is
equivalent to $12.42 per share on
outstanding shares of Marine
Corporation stock on Dec.
:-V:
1945.
U.
S,
owned
.
Government
by
the
securities
corporation,
its
banks and affiliate increased from
$600,952,479 to $713,501,436 in the
year.
The average maturity of
U.
S. Government securities was
five years and one month. Figured
call
dates, the average was
to
three years and ten months. 37.4%
of
these
investments were
due
within
one
year;
57.9%
within
five years; 87.8% within ten
years.
Other securities owned increased
from
is
$25,870,205 to $33,966,280. It
also
noted
that loans
counts increased
and
"VT"
other
loans
showed
loans
a
dis¬
and
$31,386,187.
forms
of
for
"V"
credit
war
and
purposes
sharp decline;, however,
for
peace-time
and activity have
increases.
production
begun to show
152,276,331
$976,346,213
compared
with
Dec. 31, 1944, and
as
on
their total assets
were
on
$1,227,353,252.
Dividends
-
Dec. 31,
1945
'
-v.,,
received
the
by
parent company from its constit¬
uent
banks
amounted
trust
and
to
companies
$1,746,220, equal to
31 cents per
share, and the parent
declared dividends dur¬
ing 1945 amounting to $1,557,775,
or 27 Vz cents
per share.
company
ciety. He has addressed chambers
foreign trade organ¬
izations, manufacturing, industrial
and educational groups through¬
out the United jStates., .!
Below 80-Million Ton Mark
ABA Bank Management
Iron and Steel Institute announced
Commission
well
ment
groups;
John Coleman, of
Coleman & Co., New York Stock
cents
Fleet throughout the
At the year-end the deposits of
Islands, Mariannas and
the banks of the Group were $1,Philippine campaigns,' and with
Serving with Mr, Dickey as
slowing of inquiry. Those1 not al¬
group and division chairmen are:
ready down because of strikes of
of Goldman,
their own were being.; forced, to Sidney-; Weinberg,
Sachs & Co., Chairman of the
had
91
1944.
year
Solomon
merce
consumers
with
;
Sitterley, President of J.
nounced
cur¬
operating income of the Cor¬
poration and its affiliates for the
year ended Dec. 31, 1945, of $4,816,243 and is equivalent to 85
cents per share on the outstanding
shares of Marine Midland Corp.
stock in the hands of the public
on Dec.
31, 1945.
This compares
31,
Sitterley & Sons, Inc., publish¬
ers
of Marine Midland Corp. issued
Jan. 29 reflects consolidated
rent
Midland
Bd. Committee Post
F.
Corp,
The annual report to stockhold¬
ers
the
Sitterly in Trade
E.
Marine Midland
Insur¬
Commerce -and -Industry Commit¬
-
However,
rate
cial
&
obtaining corporate gifts that
Washington of a new
comprised a large proportion of
price-wage formula. Growing ad¬
the total, raised by the Commerce
ditional individual problems of
and. Industry Committee.V
ment- by
towards prestrike operation
levels.
The length of time it will
Some
financial
Inc.,
Companies;
Companies;
Dudley
Dowell,
Vice-President,
New York Life Insurance
Co., and
Henry Lievestad,* of the same
N. Y. Red Cross Group
Manhattan's
Sons,
Mutual Casualty
Companies, Mu¬
tual and Reciprocal
Dickey Chairman of
its
saw
With
operating
mills become active."
as
banks,
expected to take place this week,
it is probable that steel
production
will by Monday or a few
days
sooner
begin the long upward
an
.Though no new orders
are
being '1 given,
steelmakers
promise ^further tonnages as soon
ment dfi
favor
weeks.
wherever possible, to be
available when steel production is
resumed.
to
With final negotiations
between
the U.
S. Steel
Corp. and the
United Steel: Workers of America
take for the industry to reach such
stored
obstacle in the path of reconver¬
sion and probably early adjust¬
In these
move
well into the summer at least and
"End of the steel strike is expect¬ accepted
accepted by the rest of the
industry. /
/.'
' \
;
,
Chubb
melters, even though strike-bound,
are
using every device to assure
as
great supply as possible for
poststrike use.; Material is being
Operating Income of
Graverman of Paul Kaskel
"ftcrap continues scarce, at ceil¬
ing prices and in strong demand.
Shortage is expected to continue
sum¬
mar¬
Louis
&
tee.
;
"Steel"
Thompson, of the Personal Fi¬
Co., Small Loan Companies;
nance
production.
11, compared with 6.0% one banks, brokers, investment houses,!
week ago, 79.5% one month ago factors and finance and loan com¬
and 91.4%
one year ago.
This panies—have been organized into
represents a decrease of 0,5 point; 17 campaign divisions in support
or 8.8% from the
preceding week. of the Red Cross 1946 Fund, ac¬
The operating rate for the week cording to an announcement
by
beginning Feb. 11 is equivalent to Charles D. Dickey, Vice-President
96,900 tons of steel ingots and of J. P. Morgan & Co. Incorpo¬
castings, compared to 106,200 tons rated and Chairman of the Finan¬
The
the
tonnage as most
by the
continuing castings
not affected
are
Feb.
follows:
reason
strike and
it
the
operating rate of steel companies
having 94% of the steel capacity
of the industry will be 5.5% of
capacity for the week*beginning
hardship for the small
nonintegrated steel companies.
only
more
are
announced
11
that
semifinished
to alleviate
prices
and finished
in need of
foundries
887
The
Bank
Meeting
Management
Com¬
Steel Production in 1945
The
steel
industry
produced
79^745,581 tons of ingots and steel
for castings in 1945* the American
Jan. 10. That
on
above
tonnage, although
highest output of
the
any peacetime year, was almost
ten million tons below the record
mission of the American Bankers
production of 89,641,600
Association will meet in executive
tablished in
session
at
the
Edgewater
Beach
Hotel, Chicago, 111., on Friday and
Saturday, March 1 and 2, it was
announced
A.
on
Feb; 1
by Willaim
McDonnell, Chairman
Commission,
who
is
of
also
the
Vice-
President of the Mercantile-Com¬
merce
Mo.
Bank & Trust
Co., St. Louis,
which will be held in
Chicago
at
this time instead of at the annual
ABA
industry's average operat¬
ing rate during 1945 was 83.5% of
capacity, compared with 95.5% of
capacity in 1944. Calculated week¬
ly production was 1,529,451 tons in
1945
against
week in 1944.
The
During this executive session,
spring meeting, Commission
tons es¬
1944.
The
second
1,714,644
tons
half
per
:
.
of
last
:
year,
which
brought the ending of the
coal strike,
resulted in the largest part of the
year's decline as compared to 1944.
Production during the first half
war
and the national
of 1945
Credit
was only 2,000,000 tons be¬
output of the corresponding
part of 1944, but in the second half
things a simplified formula for
of 1945, it was
down approxi¬
calculating FDIC insurance and
mately 8,000,000 tons from the
make plans for future activities.
output of the latter part of 1944.
tors; Arthur O. Dietz, President,
two
Commercial Investment
Trusty Co.,
intensive business
Herbert R.
Silverman, of Centaur
Corp.,
Factors
Finance
Companies and Miscellaneous Fac¬
Finance
and
Loan
members will discuss among other
Chairman
days
McDonnell
will
be
said,
devoted
"the
to
sessions which
low
Fourth quarter output at 17,884,tons was the lowest of the
091
year.
Production
in
December was
Companies; will be attended
only by members
Fred W. Hautau> Vice-President,
6,084,929 tons, against 6,201,380:
Commercial Investment Trust Co., of the Commission and the ABA tons in November and 7,366,170
Finance Companies;
William E. staff, numbering about 15 in all." tons in December, 1944.
.
THE COMMERCIAL & FINANCIAL CHRONICLE
m
Wholesale Prices /Unchanged in Week Ended
National Fertilizer Association Commodity
February 2
Price Index Advances to New High
compiled by The
Feb. 11 advanced
0.3% to a new high peak of 142.4 in the week ended Feb. 9, 1946,
from 142.0 in the preceding week.
The previous high point was
index stood at
142.1, and
106.8%
the
with two of its subgroups sharing
The farm products group advanced
the
subgroup was;fractionally lower.
The cotton
high level.
The livestock index advanced with
higher prices for lambs, sheep and eggs more than offsetting lower
advance;
to
rose
a
one
available
advanced with higher quotations for paperboard.
The
index (not shown in the table below) for all commodities except farm
products and foods advanced and is now at the same level that it was
in September, 1945.
"
'
-"
During the week 5 price series in the index; advanced and 6 de¬
clined; in the preceding week 9 advanced and 2 declined; in the
second preceding week 5 advanced and 6 declined.
;
'
bv
Bach Group
Association
.///•
Latest Preceding Month
1935-1939—100*
**'/>/'/
-
f
Bears to the
^
-
,
r
V
.
(
'
'
Foods
Xe 25.3
Ago
Ago
•
Feb.
Feb. 2,
Jan. 12,
194S
1946
1946
141.1.
143.1
146.6 "K
146.6':;
146.6
•
—
Cottonseed Qil
170.8
•;
145.3
163.1
5
; 165.0
203.4
232.6
239.1
;
10,
1945
.
142.9
170.8
168.6
,
^;•;■::241.7";r ■.
:
;
*
163.1 -A- :i63 l
163.1
—i—
-
Cotton
Year
142.4
Farm Products
:
Week ;
Feb. 9,
,
/—
FatS and Oils
.
Week
.
'
'•
.
.-.v.:
•:
Group
Total Index
INDEX
National Fertilizer
The
.
PRICE
COMMODITY
WHOLESALE
Compiled
-+
Fuels
169 8
169.3
162 7
162.3
129 3
129.3
129.4
13U.4
133.5
133.5
160.0
159.2
110.2
110.2
160.4
160.4
160.4 '
127.0
127 0
1
•
—
.
»-.;r
Miscellaneous
commodities——-r-~
Melals
Building materials
Chemicals
and
;
—
—
drugs.
:
"Indexes
'
1926-1928
on
1945,
in
Prices of anthracite advanced fractionally and butyl
acetate.Lose'-toward ceiling..;
•
of production.
,
5
133.4
106.4
,154.1
The
125.4
in its
Department included the following notation
The, Labor
report:
.155.5
:
118.2-
base
)
9,
104.8
142.0
142.1
110.9'; Feb. 2,, 1946,
'.
140.1
110.6, and
109.1.
'
casioned
by
solved only
United
States
Union."
The
ters
this
v
be
can
the
and
•
';-/•' //
.
Moscow
formation of
Russian
joint United States-
a
of
to; assist
provisional
a
report
on
>
non-military
ac¬
tivities, Gen. MacArthur said the
situation
in
Japan
itself
promises to be critical this year if
estimates of the Japanese minis¬
food
try are correct.
"At least
3,311,000 metric, tons
equivalents * may
have to be imported in 1946 in or¬
der for the Japanese to be able to
maintain
as
much
as
an
1,800
caloric diet per person per day,"
of
food
rice
or
he said.
-
show (1) indexes for the past three weeks,
and Feb. 3, 1945 and (2) percentage changes in sub¬
indexes from, Jan. 26; 1946 to Feb. 2, 1946.,
»
-
||S'
/-■///■„.;5V;■ 1 +//'•
The minimum caloric and pro¬
tein intake requirement per day
for the average Japanese was es¬
timated
by
thfe
ministry
to
be
'
2,160 calories and 76 grams of pro:;/
MacArthur f added
But
"there is
;that
evidence that the aver-,
no
;
•
age food intake ever reached 2,166
;
calories for any year during the'
'
-
,
'I
'
<■
The rice
crop, principal factor
Japanese food situation, was-
severely damaged hy typhoons in
September, Gen. MacArthur re-,
ported,
while the scarcity
of
chemical fertilizers also will contribute to the food shortage.
-
/
*
in the
t
v
the
on
Korean Government.
a
/•
•/
Minis- ^
agreed
commission
formation
In
.
the
Soviet
Big Three Foreign
at
the
division
by active co-operation
the Governments of
between
for the
„
•/
,
,
war."
>
~
wholesale price data,
Statistics'
Labor
of
Bureau
part, represent prices in primary markets.
In general, the
prices are those charged by manufacturers or producers or are those
prevailing on commodity exchanges. The weekly index is calculated
from one-day a-Week prices.
It is designed as an indicator of week
to week changes and should not be compared directly with the
119.9
105.2
1946,
;
MacArthur,
most
118.3
119.9
105.2
142.4
.
Feb
were:
118.2
119.8
105.2
:
,
118.2
119.8
machinery^
All groups combined—
100.0
V
Feb., 10,
<
mutually
•
Gen. :
monthly index.
Fertilizer materials-—
Fertilizers
Farm
„:
159.9
133.9
U+ykip
fU
157.2
127.0
miAm *if
169.7
110.2
—
Livestock-
160.3
J; 160.4
Grains
and
which raised rye prices to the highest
the fruits and vegetables, prices of
group
WEEKLY
Products
quantity/and continued speculative/advances for rye,
level since April 1918. Among
potatoes increased with good
demand in most markets and sweet potatoes and oranges were higher.
Lemons declined seasonally and apples and onions were lower with
qualities poor.
Cotton quotations continued to advance in a specula¬
tive market.
Prices of hay declined and offerings were large.
Eggs
dropped seasonally.
The group index for farm products was 1.2%
lower than a month ago and 32% above a year 3go,
;
\
"Food prices averaged slightly lower (0.1%) as the decreases for
eggs more than offset higher prices for fresh fruits and vegetables
and fractionally higher prices for cereal products.
Average prices of
foods were 1.2% below early January 1946 and 2.3% above the first
week of February, 1945.
H > "Other Commodities—There were few important price changes
for other commodities during the week.
The group index for all
commodities other than farm products and foods remained, at the
level of the previous week, 0.3 % higher than four weeks ago and
1.6% above the corresponding week of last year./;; Prices of several
types of shoes advanced, reflecting the 4%% increase in OPA ceilings
to cover higher manufacturing costs and cotton blankets rose 15%
with an increase in manufacturers' ceilings to encourage restoration
new
The grain index declined slightly be¬
prices for cattle and poultry.
cause
of lower rye prices.
The food group advanced moderately.
The textile index was slightly higher.
The miscellaneous commod¬
ities
Feburary, 1945. The advices from the Bureau added;
Foods—Average prices of farm products
declined 0.2% during the week largely because of reduced quota¬
tions for livestock, reflecting low demand by packers pending
resump¬
tion of full operations under government seizure.
Prices of grains
averaged slightly higher, with increases for oats, the \ only grain
latest week and the remaining groups of the index were unchanged,
in
1926 average,
the first week of
"Farm
1939 average as 100.
The Association's report went on to say:
Four of the composite groups of the index advanced during
index
of the
the level of four weeks ago, the index
commodity prices prepared by the Bureau, was 2.0% higher than
of
A month ago the
at 140.1, all based on the 1935-
ago
a year
-r-;
/
Primary market prices were unchanged on the average during
the week ended Feb. 2, 1946, it was indicated on Feb. 7
by the Bureau
of Labor Statistics, U. S. Department of Labor which stated that "at
The weekly wholesale commodity price index
National Fertilizer Association and made public on
142.3.
dependent/,' V. said
"all 'phases of j
the, country suffer from the !.
arbitrary t, division ~r at
the
38th {
parellel (the boundary between '
the two zones).
■
1 '/
"The solution to problems oc¬
are
life in
•
reached the last week of 1945 when: it was
Thursday, February 14, 1946
'
,
*
*
The following tables
for Jan. 5, 1946
Moody's Common Stock Yields
v&.':-)For yields in prior
groups
see
"Chronicle":
1941 yields (also
2218; 1942 levels, Jan, 14, 1943, page 202; 1943 yields, March 16.
1944, page 1130; 1944 yields, Feb. 1, 1945, page 558; 1945 yields, Jan.
17, 1946, page/299. •r ^
^
I
*5$
(,Indexes for the last eight weeks are preliminary)' >>:'•)/;;;/
:/f
j
<
i
*
$
/
•>
Percentage changes to
•£?• •'Feb-2>1946h°m—
.
/,
fi,
(125)
1945-——3.7 ■
Oct.,
1945
Nov.;
''Commodity group—/
•rommo
1945
January,
Banks
Utilities
(25)
(25)
...
5.2
3.6 .+<
•
;
'.1946—
3.3 '
4.5";l','+-:<•')
3.4/ /'/If V
3.8
3.4
Daily
>:
Govt.
Avge
Corpo- :
Bonds
>.
V;;':''
12
rate* V
Stock
1-26
1-19. . 1-5
i946
1945
106.8 :106.7 ; 106.8
2-3
.l-S-vi,,1 2-3
1*26
/1945
1946
1945
104.7 :/ 5 0
and
bond
125.7
—0.2
—1.2
+3.2
108.0
104.3
Q, 1
—1.2
+2.3
products—_- :!19.8
119.4
119.4
119.4
products-^--..-—i—w.^^^101.1
101.1
101.1
100.6
85.4
85.5
85.2
105.4
105.3
104.2
119.1
116.7
96.0
119.8
96.1
106.6
106.6
leather
Hides
;
3.5
W
materials
85.4
Metal and metal products—— ; 105.8
Building materials
—119.9
Chemicals and allied products—
96.0
Housefurnlshings goods——,,-' 106.8
averages'
yield
and
and
lighting
'
PRiCES
*
,
,
,
Aa V
;
r
,
-V ; ' ;
Closed
A
•
Raw
;
95.0
96.1
106.4
products
.118.7
94.9
106.2
•
i';
+1.6
subsidiary coins, of valuable
+2.0
pers
-+1.7
etc.)
+
0.5
+ 1.5
0 /
•:
0.1
—r0.7
■+ 3.1
97.5
96.9
96.9
94.8
102.9
102.6
101.6
Osl:i +0.3
0
+0.3
+1.6
0
+0.3
+1.6
+0,6
+1.3
101.7
101.4
100.9
100.9
100.8
100.6
99.3
All commodities other than farm
and foods.
Corporate by Groups*
Baa
;
.
R. R.
P. U.
PERCENTAGE
CHANGES
SUBGROUP
IN
Indus
INDEXES FROM
121.83
119.00
114.27
116.41
120.02
119 20
114.27
116.61
120.02
123.34
^121.83
119.20
114.27
116.41
120.02
123.56
121.67
119.00
114 27
116.41
119.82
122.29
119.00
122.29
119.41
123.56
113.89
116.22
119.82
119.20
123.34.;;;i21.46
118 80
113.70
116.02
119.61
123.34
121.46
118.80
113.70
116.02
119.41
ver
cui
122.29
2-
126.05 / 119.20
123.34
121.46
118.80
113.50
115.82
119.41
mshlngs
————————————————————
126.05 / 119.20
123.34
121.46
118.80
113.50
115.82
119.41
.ivestock
and
^
L'
Poultry
■'
•
0.9
•
Other
0.1
0.1
——-
—-—
—
Decreases
r.
Products,———————————
Cereal
0.3
Grains——__—
122.29
l-,.-U-—:
126.28
121.25
119.00
113.31
115.63
119.41
122.50
120.84
118.60
112.93
115.24
118.80
122.09
120.63
118.20
112.56
115.04
118.40
125.18
117.80
121.67
119.82
117.60
112.37
114.66
117.80
126.23
119.61
123:56
121.88
119 20
114.27
116.61
120.02
121.46
119.82
117.40
112.19
114.46
117.80
124.95
117.60
121.46
120.84
.
1945-
121.59
114.27
119.82
118.40
119.69
m.25.
118.40
116.22
114 08
105.69
109.95
114.08
111.25
100.49
104.31
113.50
:
2. Years Ago
11,
1944-
*
In
122.29
120.63
1 Year Ago
10.
MacArthur
•A report
119.20
those
released by
prohibited."
gave details
Resumption
.
Plan
the War Department, the Associated
Press reported from Washington, Jan.
116.41
3, in which General MacArthur
covering the initial two months of Japanese occupation,
States
United
on
24
Jan.
by
1946—
U. S.
■'•.>•'
Averages
•
Avge,
Govt.
■
Daily
Corpo-
Bonds
Feb.
rate*
Aaa
-
/
A&;
Corporate by Groups*,,
Baa
;■
R. R.
P. U.
;
because the
2.94
2.83
9—
1.32
2.54
2.67
fying its feudal and authoritarian
2.48
2.57
2.69
2.94
2.82
2.65
8
*
■A't-
1.32
2.54
2.67
2.49
2.56
2.69
2.94
2.83
2 65
tendencies.";/+.;/'
and the Government has suggested
2.54
2.67
2.48
2.57
2.70
2.94
2.83
2.66
2.54
Stock
1.32
11_
•
7—
6
1.33
—
2.68
2 48
1.33
2.69
2.49
2.58
1.33
2.69
2.49
<
2-i.—„/
1.33
1.33
1.31
2.66
2.54
2.67
2.54
2.68
2.54
2.70
2.96
2.71
'
10,
2.49
2.58
2.71
2.98
2.86
2.68
2.54
2.49
2.58
2.71
2.98
2.86
2.68
2.54
structure, but with minimum in^
2.70
2.50
2.59
2.70
2.99
2 87
2.68
2.55
2.72
terference
2.53
2.61
2.72
3.01
2.89
2.71
2.56
'
11.
2.74
2.55
2.62
2.74
3.03
2.90
2.73
2.58
2.76
2.57
2.66
2.77.
3.04
2.92
2.76
2.61
2.77
2.58
2.66
2.78
3.05
2.93
2.76
2.62
General
2.67
2.48
2.56
2.69
2.94
2.82
2.65
2.54
1.72
2 94
2.66
2.73
2.95
3.41
3.17
2.95
2.69
1.85
1945_
1941.
3.10
2.73
2.84
3.10
3.72
3.49
2.98
2.83
IP1686 P^ces are computed from
coupon,
tevel
or
<*f vield
fcjsue
of
the
1.31
—
the
illustrate in
with
1.38
2 Years Ago
Feb.
ac¬
to the Associated Press,
military control has been
imposed upon the Government
movement
of
more
averages,
comprehensive way . the relative levels and the relative
movement
the latter being the true picture of the bond market,'
: r v ;•
"s,ef,,ln comPiiin? the
the "Chronicle"
on
page
2508.
averages was given in the Nov.
22,
1945
stated, "but
of hundreds
would have been required had the
.basic
structure
Government
and
maturing in 25 years)
average
a
average yields on the-basis of-one "typical" bond
and do not purport to show either the average
actual'price quotations.
They merely serve to
MacArthur
|it has avoided the use
iof thousands of personnel which
1 Year Ago
Feb.
say,
that
2.85
to
•
:
t
:■(
I-
W;
was:4announced
Ralph
T.
|
;
Reed,
;
|
Gen.
the
been
replaced."
PresS;added:
-
of
reconstituted
The
,
MacArthur's
Japanese
.
Associated
'/
f/.
report
-/
held
out no, high hope for an immedi¬
ate trend to democracy in Japan
if
But
can't be im¬
democracy
company
foreign
mail
to
beneficiaries
.tri.'l
all
money
United States dollars and
payable
Bulgaria in leva for the equiv¬
alent of the dollars transmitted,
posed directly, the American GI's
of the occupation
force are demon¬
strating it. the General said.
He
added that the conduct
of the
troops is exemplary.
:
The report, written well before
the
recent
conference
Moscow
which resulted
in
Allied
an
con¬
trol
plan for Japan, made no de¬
tailed comment on - other Allied
occupation picture.
comment, however, on
Powers in the
It
the
did
in
existing
situation
Korea,
where
der
part of the peninsula is uhRussian control^ part, under
American./ J
-s
-
Moody's Daily
Commodity Index
Tuesday,
Feb
Feb.
Thursday,
1946———-
266:1"
6——
266.3
7^——t.-—
'Vi> '*
.
.
J-'i,
•
266.6
Friday, Feb. 8—
Saturday, Feb. 9—
~—
Monday, Feb. 11—
Tuesday, Feb. 12—-—.—
Two weeks ago,
Jan. 29_,——
267.0'-
Month
264.7'-
Year
ago,
ago,
Jan.
12-——-
Feb. ;10, • 1945——f—-
267.3/
267,3"
266.4
253.3
High- Dec:' 27—L—i
265.0-
24—:—-
252.1
1946 High, Feb. 9_———
'267.3
1945
Low,
*
.
Feb. 5,
Wednesday,
,
"Since the two sectors of Korea
^'/"..j
:v*
in
Bulgaria. The Toreign
orders are transmitted in
of
parts
-
Jan)
Jan. 2——
*Hoiiday. •" ,,
Low,
.
t-
General
-f
.
;|
.
1)
in
little toward democratic reform.
cording
2.85
2.98
on
1.40
1946
1946
2.84
2.97
2.71
;
goes
2.69
1.32
'
4
Low
The report
2.69
-
1.33
ii—
High
2.57
2.65
existing -ad¬
ministration. "Not only has this
policy attained the desired ends,"
is——
••• •:
2,70
,
2.58
25
•
2.56
'
1
.
.
2 49
:
5
Jan:
2.67
1.32
4
-
Exchange Closed
under
indicates that /
|
position to forward •/)/;)!
money orders
by cable
!
The
and
Gov-^
or
ernment in the direction of modi¬
people "have had no
experience with it in any way"
;,/
remit-
President of the American Express
Co.
landing on Aug. 30, 1945. The General described his policy
using, not supporting, "the existing Government in Japan, and
permit and favor changes in the form of Government initiated
by the Japanese people
Indus
foreign
it is now in a
to
Corporate by
,
J
,
Treasury
94
No.
License
1
g||
Bulgaria
of
service .to
tance
after the
MOODY'S BOND YIELD AVERAGES
-
: \
/
Service to Bulgaria
as
•
?
f
Foods
Reports Administration
Japan Before Allied Control
was
sil¬
with the excepof //Germany and
Foreign Remittance
121.88
118.20
,
Hungary, the importation of which
is
122.09
118.60
126.11
1946
123.12
126.06
1946-15
119.00
,
..
122.29
High
.may
coins is free,
tion / of /
122.29
118.20
'
Czechoslovakia
tional Bank at Praha.
122.29
119.61:
125.97
'
silver,
gold,
be imported
by mail on
the condition that they are de¬
livered to the Czechoslovak Naplatinum
into
1946
122.29
119.61
125.98
18-^.-
It is A
-
stated:'^ '4
"Unmanufactured,
122:29
123.56.. 121.67
126.15
25—
as
"The importation of foreign
123.34
119.61.
/ 121.67
kind,
any
and
;
119.61
123.06
of
further
+2.8
.
?
101.7
,
pa¬
vak National Bank at Praha.
2.7
0:/;-+l,0
94.1
0
r
.securities, )./
§
;1/
+1.2
115.3
101.7
money,
+0.6
+ 0.2
100 .1
(paper
+ 0.4
+ 0.7 " +
102.9
-
r
,
0.2
95.0
'
Departments Washing-
—0.1
0
0
.
Post Office
ton,
that the) importation
into
Czechoslovakia of Slovak, Czech, /
or Czechoslovak silver coins
and
well as of
savings booklets, is permitted only
by authorization of the Czechoslo-
0
ri
been
+
+ 0.3
0
& o ;:
84.0
97.5
products
Jan. 30 that informa- ^ /
received from the
*
on
had
tion
+ 0.5;.
+ 0.3
99.1 X
102.9
—
All-commodities other than farm
•
117.9
<
119.7
f 95.0
119.0
—118.9
materials-.,-
Semi-inanufactured articles——
are
■
l
119.9
Miscellaneous commodities—95.0
products
Aaa
105.8
.
Manufactured
Corporate by Ratings*
.
131.3
107.3
Textile
,
Average Yields)
on
129.3
106.8
2.9
-
+2,0
129.9
3.8
Fuel
1945
0
'
129.7
3.7
126.15
6-Lw-L—■
Feb.
,
—iiL------''. 106.7
3.7
3.1 : ■'".//
126.09
Feb.
2-21
1946 vl946
106.8
3.1
•'/
/.
r..
n
Exchange
.126.12
9-.—iw,
8L—
Low
••'?*
-
products——
f
MOODY'S BOND
•
:
U.S.,'
Averages
Jan.
».
VJ-
^
nounced
,
.3.2
.
3.2
4.1
(Based
0:
^
Foods
(200)
(10)
3.1
4.0
i
4.8
Farm
Yield
Insurance
(15) /
4.2 */
:
y# '
4.8
__3.6
1946—-—
.
Railroads
*
Moody's computed bond prices
given in the following table.:
;+
/'/•
*
■
y group
commodities—
All
Bond Prices and Bond Yield Averages
Feb.
t
,
;
,jIndustrials
Dec.,
,
MOODY'S WEIGHTED AVERAGE YIELD OF 200 COMMON STOCKS
V-..\
1
.»'•
'
;0
:-'v
'
Average
:
,
lias
Postmaster Albert Goldman an-
page
li
^
Mails to Czechoslovakia
1946
WHOLESALE PRICES FOR WEEK ENDED FEB. 2,
the following back issues of the
annually from 1929), Jan. 11, 1942,
years
9,m
Articles Prohibited in
..••r/iid'.'V
/ ■(
264.7
v
.Volume 163
Number 4464
Trading
>h
The Securities and
last ..year,, and public
construqtion
cumulative total for state and
New York Exchanges
on
is 45% greater than- 1945.
The
municipal construction is 347% above
last year and federal construction
is down 39% from last
year.
Civil engineering
construction volume for the current
week, last
week, and the 1945 week are: .'//>
;
.;
■
1
Exchange Commission
made public on Feb. 6,
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 Jan.
Total. U; S.
On the New York Curb
Jan.
volume
19,
State and
1,516,760 shares
13.85%
or
unclassified.
During the week ended
Jan. 12 trading for the account of Curb members of
1,127,430 shares
was 14.77% of the total trading of 3,816,265 shares.
-.Z//;/7/ /'
Total Round-Lot
Stock
Sales
■*'
1
'i':
1
/
tOther sales
Account
Stock
of
Members*
/ '/\w
/
.,///
Except
.
■
for
and
Account of
the Odd-Lot
Specialists:
Accounts
Members,
of
Total
1
'
t/ ■:
,
,
•'
,0
-v
'
'
j,222,56()
*
v
\
Z
u
ni
-
\
<
—
;/'•
i
?' '
1
'
-
''
■
+■
•« ■
•%;?: \
y.
Total
-.r*,
\*
Round-Lot
Stock
Sales
J
-?l
*
the
on
for
New
Account
';
/
.
Short sales
'i'
.
1
tOther
j
%
2,484,390
W. V
York
of
>°
»v
•
v
v
,h
>
Curb
Members*
(Shares)
,
ol
"^^/ihey
are
Total
v
'
n
\1
f
5,474,400
.
r
w
sales^..w..^~.^.'—riM-.'v.—436,030
'
U
n
?
-
5' v
U' X'"
y*
Total SBles—
'
transactions Initiated
on
7'
II
490,325
]■
'x
'
iV-'V^VC
9.22
the floors
Total
Short sales
$Otb*t
i,!> •»
sales
|
9,000
-105,*255'
•
;
.
•
111,255
,
pfef
.
purchases-,—84,250
sales.—13,150
207,170
a
■
"
'
-
Total
'
.
.220,320
-
T
Total—
Short
—
—
sales--,—,
tOther sales——————
821,900.
—
O. Odd-tot Transactions for Account of
Specialists—
Customers'short sales-.—
ICustomers* other sales-„,M-.^.«—1
——
Total purchases—'
,
;
y
Total sales
k''\'t
v
*
•
,
•The term
r-
'
*
"members"
firms and their partners,
tin
calculating
compared with
the
Exchange
rules
•
.
V.
'
'
,
all
■
k
.f ti t
associate
VZ
"
^
the
.
.
If"
/'
industry
show
^
of
only sales.
which
"other
are
-
exempted
purchases and sales b
Exchange for,the reason that
'
'
'
from
by
the
•'Z
'
1
restriction
•
Commisslon'f
sales."
8Sales marked "short exempt" are included
with
M
"cither sales."
substantial ton¬
/
.
/Details/'on
the
/Govdrrim^
program
/
for
for
foreign copper definitely firmer,
with costs rising, producers
are/riot anxious sellers of the
and
1945, in tons, according
>
1945
matte,
JZ/ivZZ./77I5 i i
copper
(content)
L
:
and
^
_847,151
copper in
December
61,125 tons, of which 6,387
contained
was
in
was
etc.,
ore,
blister, 41,785 tons
refined, and 41 tons
in old and
was
contained
/
scrap.
-'
,
/
;
Books
construction
volume
•
on
to
say:
"
;
the previous week but 328%
above the week last year.
struction, 7% over last week and 57% over the
below
Public
con¬
gained largely due to state and municipal
construction's
increase of 15% over last week and 572%
increase over the 1945
Federal
construction, down 3 % from last
iast year.
The
six-week
cumulative
week also
dropped
^
total
'
'for 1946,
$403,804,000, is 275%
greater than the $137,500,000 reported for the like period of
Private construction cumulative
lead
volume, $274,111,000
were
for
the
1945.
is 467% above
Producers
take
no
action
to
increase
price of lead "at this time."
authorities
view
regard
as
that
the
the
Lead
situation
strong and cling tc
to
increase
pro¬
duction the price will have to rise
sooner or later.
/
;
.In
a
in
take
reply to
by automobile
a recent statement
men
of
that
a
reduc¬
tion in
battery supplies is forcin/
cars off the
road, Administrate;
Small, OPA, said that suffieien
lead has been provided during the
period Oct. 1, 1945, to March 31
1946 "to permit production of 9/
223,000 replacement batteries, as
compared to production of 8,862,-
Prime
of the
D.
Hazel-
Electronics Corp., and R. C.
Controller/ of
'
the
committee, assisted by a ViceChairman,/Arthur C. Harragin,
Comptroller of the Lone Star Ce¬
Corp. ///'.;■/:'.///>/// ■/•'///
ment
NYSE Odd-Lot Trading
The Securities
and
Exchange
Commission made public on Feb.
6,
a
summary
for
the/week
ended Jan. 26 of complete figures
Western,
galvanizing, report
liberal
de¬
a
showing the daily volume of stock
transactions for odd-lot account
of all odd-lot dealers and
special¬
ists who handled odd lots on the
quantities of Special
High Grade.
-
'
"
1
'
,
New York
Tin
tinuing
Exports of tin concentrates from
a
Stock
Exchange,
con¬
series of current figures
Bolivia
being published by the Commis¬
147 metric tons of
sion.
during 1945 contained 43,tin, against 39,340 tons.in 1944 and
40,958 tons
in
1943.
v:.:
"
y
"
'•
:
•
•"
•■••
•%
sion
"•
Malayan officials estimate thai
1946
will
in
of tin in that
amount
1947
to
to
sales
on
of
its
tin
to
AND
Week
•
cents per
follows:
pound,
/. ••,"/:■/- ,//
'
'
v
Jan.
1
31
Feb.
52.000
///.
short
other
sales—-
total
sales
Number
of
sales—
Shares:
Customers'
:.;/
short
"Customers'
other
sales—
total
sales—__
Customers'
sales—
52.000
52.000
Round-Lot Sales by Dealers—
Number of Shares:
1
52.000
52.000
52.000
52.000
52.000
52.000
Short sales
tOther sales
4
'
52.000
52.000
52.000
52.000
.....
1,122,576
1;126,747
March April
2
5
For We*>
Orders:
Customers'
52.000
150
—
52.000
i
210,160
'
Feb.
6
i
—
52.000
52.000
52.000
Chinese, of 99% tin, continued
at 51.125^ per
popnd.
Quicksilver
Buying
last
week
of
quicksilver
was
on
the
in
the
quiet side,
Total sales
Round-Lot Purchases by
Number pf shares
210,310
Dealers—:
'
•Sales marked
"shou exempt"
ported with "other sale.'."
502,930
are
re¬
tSales to offset customers'
odd-lot order»
and sales to liquidate a
is less
than
a
"other sales."
•
Total /
Customers'
Feb.
Feb.
Y../
1946
/'
^Customers'
Feb.
Feb!
26,
value
Number of
•v
as
z
Jan.
Odd-Lot Purchases by
(Customers' sales)
United
nominally
Ended
N.
;
of
Dollar
for^shipment, in
was
THE
of
Number
the
because of the steel, strike
Straits quality tin
and
•
Number
unchanged
temporarily
consumption
ON
EXCHANGE
Odd-Lot Sales by Dealers(Customers' purchases)
higher labor costs.
down
SPECIALISTS
STOCK
Ministry of Supply to off¬
The tin situation in the
States remains about
Commis¬
dealers
TRANSACTIONS FOR THE ODDLOT ACCOUNT OF ODD-LOT DEALERS
in
higher
a
odd-lot
STOCK
long-
to is,
72,800 tons, and in 1949 tc
/Nigeria is asking for
with
by the
based upon
the
specialists.
73,500 tons/ Peak production in
Malaya was 85,384 tons in 1940//
price
filed- with
ir
area
12,300
46.150
The figures are
reports
i
r.<••:.••/■•:'('•"•}
production
set
According to a news report
Washington, OP A intends to
commit¬
John
/ Arthur R. Tucker,
managing di¬
of the
Institute, will be
Chairman
of
the
arrangements
cline in the; movement of the
metal because of the steel strike.
Die casters, however, continue to
British
.
corresponding week
below the week
March
from
the
of last year,
75%
v
which accounts
increased volume.
in the metal
>-
Private construction volume for the current week
is 30%
week.
for
opened,
in
continental United
States totals $55,527,000 for the week
ending Feb. 7, 1946, as reported
to "Engineering News-Record." This volume is
21% below the pre¬
vious week and 169% greater than the week last
year, and is 18%,
below the previous four-week moving
average.. The report issued on
Feb. 7 went
-
charge of
by
rector
Zinc, Lead & Smelting Co.,
Mascot, Tenn., shut down on
Saturday because of a strike for
higher wages/
•
1
1948 to
active
headed
Aniline
&
Film
Corp.,
will be Chairman of the
reception
committee.
at
tons,
was
in
publicity
ican
•
12,912 tons
be
Casselberry,
encounter¬
are
The
General
various industries par¬
ticularly steel/
" ■ ^ \
The mine and mill of the Amer¬
1,360
throughout the week and sales for
the period involved
9,731 tons.
Engineering Constriction Totals
engineering
producers
committee
will
tine
rate
_/___530,262
(cbntent).:////._/_
serap
Total.
tons
1__238,012
\
Eastern Spring Conference
Grayson, Treasurer
stock
strides in
used
Copper/imports of the United
States in
iff
$55,527,060 for Week
Civil
consumer's
"
.Latin
not / yet
.
copper
are
With the market
Demand / for / lead /
Civil
the
tee
uation in the matter of
obtaining
box cars now tied
up because of
as a
Lead
3
Zinc
1
Spring Meeting
the event.
For the first quarter of
was fixed
at 80%.
the
'
the
program
of
to
London
ounce.
ler of the American Can
Co., has
been appointed Chairman
of the
like¬
are
prevailing ab¬
nage was moved in the first month
-of the..year,
/
totaled
•;
members'
the
period
an
dell, Vice-President, and Control¬
to
concerned
are
under
/Imports of
-
limited
ing difficulties in making regular
shipments because of a tight sit¬
{•r
' iC
,
to
than
more
are
The statistical
record for January should be rel¬
Old
(Exchange members, theii
.
month
position.
Refined
v
,
189,467
Deliveries
absorbing
two
1946
In ore,
Blister
0
* 189,467
,
includes
with
movement
:: 13.85
:
■
222,145
'"iZ'4
regular and
percentages the total *of
the total round-lot volume on
volume
included
are
,
including special partners.
tRoundTlot short sales
*
includes
these
twice
the
,
-
,
-
v\<:
-
,
London.
consumers
naturally
to the Bureau of the Census:
Total sales—
V:
694,860
73,445
748,455
%0
Guaranty Trust Co.
President of the
Institute's New York City Control,
will serve as
general Chairman of
the Conference. William
J. War-
consumers
a
metal under the old terms.
"
\ ' 1
2.78
:
Total purchases
'
■■
duction at the world
price. How¬
ever, they have been asked by the
Canadian authorities to give
prior
troller of the
are being
rationed, according to the Metal
a
revoked, but
silverplate
on
retained. Canadian producers
may now sell their entire
pro¬
was
of New York and
of lead to
in the United
Kingdom
tons
was
price
Waldorf-Astoria Hotel, New
York, William Widmayer, Comp¬
j
Supplies
drop sharply in Febru¬
is regarded as certain, but few
available.
-
Short
..
copper
That
purchase
American
1.85
transactions Initiated off the floorTotal
batteries.
atively good,
'
"
ceiling
in the
of replacement
normal conditions.
"
.
-
the
Controllers
Institute
ol
America will be held
April 14-15
percentage of average monthly
consumption in the four-months'
about what the statistics
r
to lack
relation
ly to
(*./,
"
.
also
verware
The
September- December
1945, subject to an adjustment in
in
-v."
54,295
due
metal will
f
'
--■
1:
ment
ary
^
v
^
'
ceiling price of 400 an
silver sold for domestic
consumption. The ceiling on sil¬
of
we
opments.
4
/
reglsterea—
r
_
~
on
Of Controllers Institute
widespread im¬
a
centered in the latest strike devel¬
t%
.
,"
with
1, Canada abol¬
its
Eastern
were
mobilization of automotive
equip¬
Copper
in
faced
are
-
,
.
Buffalo
indicate, he said, that
Bulletin,
to say in part as
on
...
'
purchases.^^,,^^/^/..—,518,765'/:V
»
does not
a strike of
tug¬
crewmen./'A
wages-price
policy was expected hourly from
Washington to clarify the situa¬
tion for all
industry.. The only
price development last week was
follows:
Stock
-
Members:
Shortaales.
tOther
Transpor¬
boat
further went
,':L'-;AV
and
90,170
^
Account
i
v
Total fnr w«ek
"
,,
close down Feb. 11.
/■/Interest
1, Transactions of specialists In stocks in which
,
'Exchange
area and at
Feb.
continued to quote 44d.
4/and the plant of Chase Brass &
Copper, at
on
the same day. Workers at
the mill of
the
Scovill
-^Manufacturing Co.,«>
Waterbury, walked out on Feb. 000 replacement batteries
during
5. Bridgeport Brass was
scheduled the same period a
year ago.
This
to
the removal of the
ceiling on sil¬
ver by Canada."
The publication
JAN/19, 1946
/
'
for
Transactions
14.72
"
..
sales———————.
Roundr-Lot
<
.
■
sales-i-^^iu—354,230
'
i
Total
B.
■
;—
—
'
,
373.070
r •••
\7> jl Total Round-Lot Sales!
.
2,359,858
2,111,320
—
WEEK ENDED
{'
3.82
'
-
Transactions
.
" '
693,830
ished
week at 70
refinery
Mascot, Tenn. Plants
at
Waterbury
Feb.
on
harbor because of
'Total sales—.;
•
down
tation; was disrupted in New >York
'
-
-
"
<
■
.Z/y 58,810- ////?(//;/////I Z
—
*//
Bhort sales
.
/,
■••
;•
tOther sales
" V
0
?
-
1.75
<■
«. Total—
Total purchases-...^,«.i.M-.„~.w~.„~..
*
/
?r
-
.
277,740
Total sales
'
"
'
////////{S/;//
!!
sales-,..-.,,-^,-^.^,-,^—630,020.
.U;
I
shut
24,000
,k,
Silver
Effective
Waterbury, also closed
^
/
Ceiling
copper
Phelps Dpdge, and the zinc mine and
mill
American Brass Co. in the
of the
9.15///-
-
297,570
'.253,740
c
Short sales
tOther
of
'•/'"■'/'
■
Silver
J.
consump¬
to Canada's needs.
The New York Official
price for
foreign silver was unchanged last
Metal and Mineral
Markets," in its issue of Feb. 7,
stated: "Strikes
spread to brass mills, the Laurel Hill
\<
,
„
Total purchases-——
»
//$//■//:'
& M.
'
~
-
--
,
,4
j
Refinery—Canada Revokes
.
~
•
■■'"■'■"
J. Other transactions Initiated off the floor—
1
.
\
1,512,820*/
——
JOthersales—
,'
j
/
—«
Total sales
■
\
/; 290,260*
——
Short sales.
///////
£
'
purchases—l,4q8.520
1. Other transactions Initiated on the lloor—
Total purchases-.--,
—.—
.
,
'
,
'Totalsales.,
.
'/ />v
.
,
'
,,
(Other sales-,
-
,/
preceding
consideration
t
•
Short sales———
"
'
,
'
,
'
'
✓
j
,v
they are registered—
.
Non-Ferrous Metals-—Strikes 6£ose Mills and
>';/'/■ /'////
i
'••
V
i
*-
:
;
,
Odd-Lot
t
financing brings the 1946 cumulative total
for six weeks to
$262,117,000, 42% greater than the amount
reported for a like period of 1945.
■/
16,454,020
for
new
'V,V
465,480
15,988,540
-
I. Transactions of specialists; in stocks in which
:
■
.—>—;———
.
Total sales
7
t
:
-
.
weeks
the
domestic
products, most sellers re¬
garded the market as steady.
The average
price for January
was
$104,808 per flask, against
$108,000 in December.
ounce
.•
being $1 lower than
in
With
a
flask,
per
ian
buildings, highways and
current
'
s.
Dealers
>"•'
;
$105
expanding, due in part to the
battery program of various civil¬
New capital for
construction purposes this week
totals $11,331,up of $5,584,000 inv state and
municipal bond sales
$5,747,000 in corporate security issues.
The
•
r
'
,,
:
to
un¬
showed
tion
$20,591,000
8,569,000
12,022,000
2,451,000
9,571,000
000, and is made
Stock
Round-Lot
Total for Week
<
Round-Lot Transactions
B.
(Shares)
1946
19,
>
.
Exchange and
$70,197,000
52,555,000
17,642,000
14,285,000
3,357,000
named
week.
NEW CAPITAL
and
Short sales.
////'
York
WEEK"ENDED JAN.
Total Round-Lot Sales:,
//-'■
New
for
Transactions
//A.
the
on
that
Feb. 8,1945
,
Quotations
range of $103
the top figure
In the classified
construction groups, four of the nine
classes re¬
gains this week over last week as
follows: sewerage, com¬
mercial
buildings, highways and unclassified. Seven of
the nine
classes gained
oyer the^week last year as follows: waterworks*, sew¬
erage, bridges, industrial and
commercial
that Exchange of 5,474,400 shares.
on
changed
corded
the total
of
Municipal^
/
I
Federal
7,1946 Jan. 31,1946
$55,527,000
36,648,000
018,879,000
16,468,000
:•/ 2,411,000
Construction
Public Construction
Exchange, member trading during the week
amounted to
Construction
Private
;M,,; '
Trading on the Stock Exchange for the account of members
// (except odd-lot dealers) during the week ended Jan. 19 (in roundlot transactions) totaled 4,844,248
shares, which amount was 14.72%
""of the total transactions on the Exchange of
16,454,020 shares.: This
; ,',r
compares with member trading during the week ended Jan. 12 of
4,221,146 shares, or 15.59% of the total trading of 13,541,850 shares.
ended
with the price situation about
.
Feb.
19, continuing
a series of current
figures being published weekly by the Commission.
Short sales are shown separately from other sales in these
figures.
•
.
long position which
round let are repotted urfch
THE COMMERCIAL & FINANCIAL CHRONICLE
890
Daily Average Crude Oil Production for Week
Ended Feb. 2,1946 Decreased 17,100 Barrels
Institute estimates that the daily aver¬
The American Petroleum
week ended Feb. 2, 1946 was
crude oil production for the
age gross
4,609,200 barrels,
barrels per day from the pre¬
decrease of 17,100
a
day less than in the correspond¬
ceding week and 114,200 barrels per
production of bituminous coal and lignite in the week
ended Feb. 2, 1946, as estimated by the United States Bureau of
Mines, amounted to 12,630,000 net tons, an increase of 105,000 tons,
or 0.8%, over the preceding week.
Output in the corresponding week
of 1945 was 11,290,000 tons.
From Jan. 1 to Feb. 2, 1946, soft coal
production amounted to 58,199,000 net tons, an increase of 0.9% When
compared with the 57,655,000 tons produced from Jan. 1 to Feb. 3,
;
anthracite for the week ended Feb.
2, 1946, as estimated by the Bureau of Mines was 1,247,000 tons, an
increase of 34,000 tons (2.8%) over the preceding week.
When com¬
pared with the output in the corresponding week of 1945 there was
an
increase of 410,000 tons, or 49.0%.
The calendar year to date
shows an increase of 15.7% when compared with the corresponding
of Mines as the requirements for the
Daily production for the four weeks ended
month of January, 1946.
Further details as reported
barrels.
1946 averaged 4,603,050
Feb. 2,
by the Institute follow:
week of 1945.
refining companies indicate that the indus¬
Reports received from
whole
as a
to stills on a Bureau of
ran
9,100 tons when compared with the output for the
week ended Jan. 26, 1946; but was 14,900 tons less than for the cor¬
increase
an
of
responding week of 1945.
—Week Ended-
:
„
39,086,000 barrels of
28,939,000 barrels of distillate fuel, and
sine;
Feb.
V
2,i
Total
!
V
'•
PRODUCTION, (FIGURES IN BARRELS)
DAILY AVERAGE CRUDE OIL
'
-V
Week
ables
Begin.
Feb. 2,
Calculated
Requirements
382,000
Kansas
">t
Nebraska1
390,000
249,400
t239,600
1945
390,750
81,000
,
490,600
West
Texas
East
Central
East Texas
1,197,000
Southwest Texas
Texas
Total
______
!v'
•
511,800
:
Coastal
Louisiana
Total
Louisiana
;
I
79,800
•
V.
__
100
—
v'
2,150,150
.'••• 68,300
79,600
,
288,850 <"
1,213,000
1,164,000
409^214
288,850
289,200
O
368,450
357,500
200
368,650
76,000
77,311
77,050
Arkansas
77,150
81,550
•
48,000
56,750
55,300
48,150
500
650
650
300
100
Mississippi
100
50
Alabama
Florida
2,450
V 206,000
Indiana
210,700
1,650
208,650
194,500
13,000
Illinois
15,150
450
14,850
13,200
.——
.
Eastern—
'•
Not incl.
i
)-* o
i
Ky.)
837,000
.804,000
63,200
*'•
_w
.
3,550
+
'63,500
28,500
46,000
90,000
29,500
__
44,350
97,750
Montana
21,000
20,000
y'Hi'i 22,500
98,000
Mexico
.___
Total East of Calif.
104,000
§824,000
832,000
94,850
19,400
22,450
98,400
—19,200
3,768,700
840,500
3,668,000
California
46,800
98,750
450
.200
98,400
New
30,200
45,550
4,050
—
—
19,650
"
9,350
103,150
3,763,950
2,100
839,100
+
58,150
>
29,450
2,400
—
19,050
Colorado
63,250
v
200
—
75,100
84,200
total
estimated
Total United States
•These
(after
Mines
of
of
-17,100
4,609,200
4,500,000
Bureau
are
deductions
of
calculations
condensate
and
the
natural
3,829,700
.
derivatives)
gas
to
oil inventories must be
crude
from
the
determine
estimates
either from stocks
of
amount
do, however,
<
BY
.
new
y
"
-
deducted from the
crude
field,;
to
i'fhis
the
is
fields
several
basic
net
shutdowns
and
which
be
99,i00
...—
.
410,200
In
allowable
for
Jan.
1
calculated
entire
the
condensate
V
which
..
.
on
a
month.-- With
down
for
were
5
ordered
days,
31-day basis and
the exception of
exempted
for
from
,.T
,
.
..
...
river
from
26,
.
:
■;
■
.
„
■«
1,000
1,000
1,518,000
forth & South Dakota (lignite)
Dhio
114,000
*
\
■
.
Texas
-
-
„
v.
(Jtah—
i* ;
u-,-
-395,000
?•,,,
®
Wyoming
SOther Western States
f
;
72,000
660,000
2,340,000
2,000
150,000
5,000
152,000
•
;
5 ..?•
152,000
410,000
376,000
.
*25,000
2,314,000
£163,000
250,000
1
f
.
35.000
;i;
833,000
.
iVashington
>West Virginia—Southern
tWest Virginia—Northern
: ^
3,064,000
134,000
,
/
-2,000
159,000
(bituminous & lignite}—^
35,000
3,000
103,000
98,000
156,000
.
388,000
xooo:,
'
204,000
'
80,000
787,000
—
.
1,080,000
30,000
y
2,726,000
—:—...—
65,000
;
1,076,000
442,000
r. 55;000
"
Tennessee
:
•45,000
(73,000
a,v
-
550,000
570,000
■■■'.■
,"30,000
Pennsylvania (bituminous)
176,000
160,000
v
.
-a
T12.000
*31,000
30,000
2,240,000
1,090,000
221,000
2,267,000
715,000
218,000
2,000
l,00Cf
12,864,000
11,680,000
,
prices
at
farm
levels
incomes
that
can
Virginian;"K. & M.; B. C. & G.;
Mason,1 and Clay counties. S JRest of State, including
Mineral, and Tucker counties. >; §Includes Arizona
; *Less than. 1,000 tons*
tIncludes Operations on the N. & W.; C. & O.;
and
on
the
& O. in Kanawha,
Panhandle
the B.
District
and
Grant,
,
March
prices
have
Paralleling Inflationary
World War 1 Period,«ASA Reports
Farm land Prices
Trend of
'
the
4
.
'
1, 1919.
These States
.
_
Appalachian—
76.8
93
63.7
296
2,968
240
V: .471
282
District No. 2_____
81.2
59
118.0
145
1,152
12
107
223
tod., 111., ky,__—.
87.2
696
81.2
2,580
21,886
1,389
3,948
2 "681
Okla., Kan., Mo._
78.3
385
82.1
1,324
9,682
317
1,386
District No. 1__
•
1,025
59.8
215
65.2
913
3,058
160
289
655
Texas Gulf Coast
89.3
1,087
87.9
3,613
16,646
1,187
5,452
4,285
Louisiana Gulf Coast.
96.8
307
118.1
872
5,322
782
1,436
1,203
No. La. & Arkansas-
55.9
61
48.4
181
2,036
200
435
233
Inland Texas...
•
Rocky Mountain—
'
No.
3
17.1
District
No.
4
72.1
113
71.1
352
2,034
86-5
774
80.0
1,953
15,769
California
12
37
District
92.3
107
20
V
21
31
99
353
716
527
6,632
21,930
.
President First National Bank of
of the prewar average. /•
Clarksville,
when
dangers
"The
of the present situation
Tenn.,
85.7
2, 1946—
4,530
83.8
13,841 *102.835
8,624
28,939
of M.
39,086
•;
basis Jan. 26, 1946-
85.7
4,553
84.2-
13,622
101,737
'
;
i
.
*
8,759
29,498
39,722
8,549
-31,301
50,203
•
says:
apparent,. Whether-or not the
boom following Wofld War I will
are
tinued
effectiveness
•'■Includes
barrels
4,695
1945
of
8,227,000
unfinished
barrels
gasoline
of
.
14,674
urifinished
stocks.
$Stoeks
792,141
gasoline
stocks,
at
flncludes
12,752,000
refineries, at bulk terminals, in
transit
and in pipe lines.
§Not including 2,163,000 barrels of kerosine, 5,636,000
barrels of gas oil and distillate fuel oil and 8,506,000 barrels of residual fuel oil
produced during the week ended Feb. 2, 1946, which compares with 2,195,000 barrels,
5,720,000
barrels and 8,411.000 barrels,
respectively, in the preceding week and
1,338,000 barrels. 4,695,000 barrels and 9,670,000 barrels, respectively, in the week
ended Feb. 3, 1945.'
/
.
.
II
However,
started
in
average price of farm
land in the United States was 84
1939
.
the
Therefore the ver¬
bn 'the index.
—
on
of
"The ABA program in which 13,000
country i banks are actively
participating is: Encourage I'armers—hnd everybody—to buy U, S.
Savings Bonds *and to save in
other ways to help fight inflation
now;
discourage borrowing
to
speculate in farm lands; help vet¬
erans by giving them practical in-
herent
about the
in
hazards: in¬
excessive
farm
land
Financing
Residential Building
would
that
assurance
be adequate for
residential
credit
financing
construction through¬
out the United States was provid¬
ed by the Reconstruction
Finance!
Corporation
ment
Board
of
Feb. 5. Announce¬
on
that
made
was
the
RFC
Directors,
at a recent
meeting, had extended the protec¬
tion
of
the RFC Blanket Partici¬
pation Agreement with banks to
include loans -made by banks" to
contractors
other
or
business
en¬
terprises
interested
in
building
residences, f In its Feb. 5 advices
the RFC added:
\
•
"Under the BPA Plan, HFC, in
effect, makes available to^ approv¬
ed banks a guarantee up to 75%
of any business loan which meets
the
requirements
ment.
Since
of
the Agree¬
inception last
its
March, the Plan has been applic¬
to
various kinds of business
loans made by participating banks.
Until now, however, it had not
been
available
for
loans
to
con¬
tractors and other business enter¬
for
;
residential
construc¬
,
"As of December 31,
1945,
more
than 1,200 loans to business enter¬
prises of many types and sizes had
been
authorized
Plan.
more
These
than
under
the
BPA
loans
aggregated
$58,000,000, and indi¬
vidual loans ranged from $240 to
$350,000, established
as the maxi¬
individual loan an
approved bank might make under
the Agreement.
More than 1,900
mum
for
any
had
banks
been
approved,
as
;of
that date, to make loans under the
Agreement.
The program was in¬
In the last
augurated in March.
three
months
Of
the
in
November,
1945—the average price
land in the United States
higher than when the
of
farm
was
58%
war
broke
out in 1939.
This compared with
during World War I.
While
the
average
country
farm land
over. are
still below
those existing right after the first
war,
lower
the advance started from
a
lev^l this time," Mr. Bailey
continued.
,
in the World War
year
following
farm land
a
prices
paralleled the advance
I period. In the
has "so fair
30
another
vance
high
point
boom.
In
March
1,
1919,;
prices continued to ad¬
of
the
170
points to 'the
in
collapse
the
1920
that fol¬
accelerated
is
rate
During January
many
overextended
-farmers
who
had
themselves to buy
more
more
continuing.
than 340 ad¬
ditional loans
were authorized up- "
agreements, totaling ap¬
proximately $16,000,000.
; v* !
der BPA
"The
action
is
part of
a
Gov¬
ernmental program in which RFC
is
participating to hasten the
conversion
of
the Nation
re¬
and its
productive capacity from a war¬
time to a peacetime basis.
In this
program RFC is concentrating on
the problem of assuring adequate
credit through banks to take care
of returning veterans, anxioUs to
establish their
to
own businesses, and
provide for the credit needs of
business
establishments
small
lowed,
year
loans, both in number and in ag¬
gregate amount, authorized, were
made
than during the first six
months, ended Sept. 30, 1945. This
,
rise of 36%
3,
War
World
the con¬ tical rise to the present level of
inflation 133 is greater than it,was in the
controls and on how well people first war period.
;
remember the bitter lessons of 25
Mr. Bailey points out that the
current trend in farm land prices
years ago. "Shortly after the close
happen again depends
of World War II
Total U. S. B. of M.
Feb.
on
are:
Nebraska,Kansas, Oklahoma,
Minnesota, Iowa, Missouri, Wis¬
consin,
Illinois,
Indiana,
Ohio,
West Virginia, Georgia,
Delaware,
New York.
Vermont, and Maine.
.
U. S. B. of M. basis
yet ad¬
.
.
U.S.'B.
not
Nevada, Utah, Wyoming, Montana,
North " Dakota,
South
Dakota,
tion.
.
basis Feb.
is
to levels which existed
vanced
prises
-
Total
peacetime
supoort,
shown by the fact that in 22 States
able
12,525,000 4
Total bituminous & lignite—
Farm land prices in the
§Recommendation of Conservation Committee of California
-
•;
tional program to hold farm land
t
7,000
•
1,564,000
;
7ew Mexico
380,000
6,000
105.000
,f
—
27,
1945
373,000
.
4—1,563,000
Indiana——i——i.
556,000
Iowa
45,000
Kansas and Missouri
•
135,000
Kentucky—Eastern——.—.——
;;i: 1,144,000
Kentucky—Western
—;
464,000
Maryland
*
(55,000
Michigan
J-—..3,000
Montana (bitum. & lignite)
>
.94,000
pifnn<«
1
>"y';:y-.
average
price level is equal to the peak
pricesof 1920.
• V■ .'#
"Effectiveness of the ABA na-
Further
Jan
Jan. 19,
1946
•
United States are currently following
Oil Producers.
inflationary trend of the World War I period, according to the
Agricultural Commission of the American Bankers Association.
The
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE; STOCKS. OF FINISHED
Commission on Jan. 28 reported
;to banks of the nation that farm land
AND UNFINISHED GASOLINE, KEROSINE, GAS OIL AND DISTILLATE
FUELf^l prices in 36 states have increased more since the start of the war in
AND RESIDUAL FUEL OIL, WEEK ENDED FEB. 2, 1S46
-<
-\l;: 1939 than they did in the corresponding period of World War I, and
average prices in ten States are^
(Figures in thousands of barrels of 42 gallons each)
/
The ABA index based on aver¬
now above levels
existing at the
Figures in this section include reported totals plus an
boom peak which was reached in age farm land prices of the 1912-14
i
estimate of unreported amounts and are therefore on a
Bureau of Mines basis
1920.
period as 100, shows that on Nov.
§Gasoline tFinish'd
tStks. of tStks.
In the semi-annual farm land 1, 1945, average prices the coun¬
Produc'n
and
% Daily Crude Runs
f Stocks
Gas Oil
of
On
price bulletin published for the try over had risen to 133.
atRef.
Unfin.
of
&Dist. Resid.
Refin'g
to Stills
KeroCapac.
use
of all banks, C. W. Bailey, March 1, 1919, which is a com¬
Fuel
Daily % Op- Inc. Nat. Gasoline
Fuel
Blended
Stocks
District—
sine
Oil Vv
Report'g
Av.
erated
Oil
Chairman of the Commission and parable time at the close of World
99.5
728
92.0 ^
Bast Coast
1,575
22,175
3,691
8.409
5.822
ABA Vice-President, who is also War I, average prices were 140%
month.
now
Credit for
STATES, IN NET TONS
11946 :
Alabama—327,000
\laska
—■*—r
6,000
Arkansas and Oklahoma
115,000
Colorado————
137,000,
Georgia and North Carolina-^——
; 1,000
definite dates
no
New Mexico the present
Week Ended-
an<?./Oregon.
entirely and of certain other fields for which
to 12 days, the entire state was ordered shut
during the month being specified; operators only
being required to shut down as best suits their operating schedules or labor needed
to operate leases,
a
total equivalent to 5 days shutdown time during the calendar
shutdowns
-
requirements
requirements
areas
the weekly
of
v
.
are
Island, Connecti¬
cut, New Jersey, Kentucky, North
Carolina, Alabama, Florida, Wash¬
ington, Oregon, and California, In
formation
482,700
week ended 7:00 a.m. Jan. 30, 1946.
are for
of
as
exemptions
were
crude
based upon certain
some
,
5,063,000
.....
weekly
State—
Bureau's estimated
produced.
*•
►
tOklahoma. Kansas. Nebraska figures
includes
4,723,400
domestic
As
4,481,000
5,183,000
.
estimates are based on railroad carloadlngs and
shipments and are subject to revision on receipt of monthly tonnage reports
district and State sources or of final ^nnual returns from the operators.)
current
(The
893,700
from new-production, contemplated withdrawals
or
Include small but indeterminate amounts
is mixed with crude oil in the
of
of'January.
premises outlined in its detailed forecast for the month
may be supplied
4,603,050
requirements
6,
1937
5,329,000
Weekly froducti6n of bituminous coal and "lignite,
'
—
oil
Feb.
3,
1945
4,668,000
5,400,000
.
111., Ind.,
___
Kentucky
Michigan
Wyoming
Feb.
i946u;
.
365,000
__
>;
Calendar Year to DateFeb. 2,
1945
Jan.
>-v',
1945
339,100
includes washery and dredge coal and coal shipped by 'truck from authorized
operations.;
tExcludes colliery coal.
tSubject to revision. •, §Revised.
' v
144.050
552,600
2,018,850
^
■-
»V
Louisiana
North
Feb. 3,
.
57,655,000
1,948,000
prices
*
400,700
342,350
500,300
T;
2,036,850
1,950,000 $2 ,122,696
Texas
88,700
333,450
338,000
—
..
land
v
320,000
'
»
:
v;
Beehive coke—
States
farm
age
above the previous peak levels of
1920 are Rhode
478,600
:
141,350
-i
v
320,000
—
.
1946
58,199,000
1,882,000 : : 2,071,000
Feb. 3,
1946)
1,247.000
143,150
489,950
'X'V--
142.650
Texas__
_
tFeb. 2,
;
11,290,000
12,525,000
2,088,000
§Jan. 26,
•1946
tCommercial produc.
Wi
,
——Jan. 1 to Date—
v
,
1945
-Week Ended
$Feb, 2,
•Total incl. coll. fuel
950
152,800
—
Texas
Coastal
81,000
152,800
Panhandle Texas
?
,
Penn. Anthracite—
United
North
,
257,400
j
750
----
'
363,800
251,200
V;;:'
v/
,
Feb. 3,
v
5,250
—
,1750 4
800
;
'4:
,1946
:
—14,850
1387,400
260,000
Oklahoma
week:
•
,m-
LIGNITE
PRODUCTION' OF PENNSYLVANIA ANTHRACITE AND COKE
(In Net Tons)
ESTIMATED
,
.
adfustpient.
tSubject to, current
Ended
••■:-s'Feb.
Previous
V
Week
Ended *
from
1946
Jan. 1
January
v:
4 Weeks
Change
Ended
."i
Feb. 3,
*Jan. 26,
1946
2,105,000
,_i.
•Revised.
•
Actual Production
State
Allow¬
•B. of
ir''"■
■
v:
Bituminous coal &
>
'vv*.',) ri'-
J-j"
average
'
1946
lignite—
including mine fuel— "12,630,000
Daily
residual fuel oil.
t
*
(In Net Tons)
\
j
;
.
'ii'v
\
\
'
PRODUCTION OF BITUMINOUS COAL AND
STATES
UNITED
ESTIMATED
unfinished gasoline; 8,624,000 barrels of kero¬
barrels of finished and
■'■■■>• i---'■
"The ten States in which aver¬
average
reported that the estimated production of bee¬
Feb. 2, 1946 showed
The Bureau also
.
,
.
hive coke in the United States for the week ended
Mines basis approximately
4,530,000 barrels of crude oil daily and produced 13,841,000 barrels
of gasoline; 2,163,000 barrels of kerosine; 5,636,000 barrels of distillate
fuel, and 8,506,000 barrels of residual fuel oil during the week ended
Feb. 2, 1946; and had in storage at the end of the week 102,835,000
try
i.-
Production of Pennsylvania
by the United States Bureau
advices from the Association
added:
The total
The current figure, however, was 109,200 barrels
the daily average figure of 4,500,000 barrels estimated
of
excess
The
Weekly Coal and Coke Production Statistics
ing week of 1945.
in
Thursday, February 14, 1946
,
which
frequently need loans of
longer maturity than commercial
high priced land lost their farms. banks ordinarily extend."
Volume
Number 4464
163
THE COMMERCIAL &
Total Loads
Revenue
Freight Gar Loadings During Week
Ended Feb. 2 J948 Increased 14,095 Care
'Loading of
revenue
freight for the week ended Feb. 2,
1946
totaled 723,135 cars,
nounced on- Feb. 7.
the Association of American Railroads an¬
This was a decrease below the corresponding
week of 1945 of 16,421 cars; or 2.2%, and a decrease below the same
week in 1944 of 82,579 cars or 10.2%, 444i4r:;x%.
V' \'!«
^Loading of revenue freight for; the week of Feb. 2, increased
14,005 cars, or 2.0% above the preceding week.
..
Miscellaneous freight loading totaled 293,221 cars, an increase
.
L
of
2,868
above the preceding week, but
cars
decrease of 70,949 cars
a
below the corresponding week in 1945.
.Loading
of merchandise
w*
lot freight totaled
carload
118}641 cars, an increase of 1,830 cars above the preceding week, and
increase of 24,745 cars above the
an
Coal
•
above the
preceding week, and
■"
corresponding week in 1945.
loading amounted to 187,833
Total
Southern District—
1946
Alabama, Tennefssee St Northern-——
increase of 3,787 cars
cars, an
Atlantic Coast Line.
;
''
of 552
the
above
corresponding week in
35,590
cars, a
decrease of 229
below the preceding week, but an
cars
increase of 6,521 cars above the corresponding week in
1945.
'
* Livestock: loading amounted tb 19,161 cars, an increase of 4,221
.
above the preceding week and an increase
cars
the corresponding week
of 5,165 cars above
In the Western Districts alone load¬
in 1945.
of
4,543
cars
above the preceding week, and an increase of 4,887 cars
1945.
-
.
.
1 Forest products loading totaled 36,366 cars, an increase of 777
above the
cars
preceding week, but
the corresponding, week in 1945.
the
.
4,696
1,495
1,714
1,733
3,538
3,707
298
318
271
262
83
119
3,618
3,091
preceding week and a decrease of 4,229 cars below the corre¬
;
S Coke loading amounted to 7,507 cars, an increase
of 62 cars
preceding week; but a. decrease of 6,748 cats below the
above the
.,.-57
corresponding week in 1945.
compared with the correspond¬
Southern and
all-reported decreases compared with. 1944, except the Pocahontas and
Southern.
^
'
1945
ing week in 1945 except the Eastern, Pocahontas, and
-.■-4":-,i
of
weeks
4
■:
•*?
^22^22222422224
Jafcuary.
"r"
:
1944
V
1,534
55
114
163
1,155
2,100
2,696
443
787
859
396
Illinois Central System—.
Louisville St Nashville—.
.-4—
4,906
26,838
25,534
—
25,373
275
Mississippi Central-—
Nashville, Chattanooga St St. L—.
185
,
9,282
132
4,602
17,904
11,653
914
:
772
321
332
464
550
3,371
3,331
3,831
4,926
1,221
957
1,086
1,555
1,817
468
430
315
527
431
'9,476
11,806
10,811
11,110
1,459
9,053
8,731
26,487
■
———
—
—
4,277
14,444
320
Richmond, Fred. St Potomac..
Seaboard Air Line—
4,231
29,677
>25,831
467
Norfolk Southern
—
,
2,994
•
Southern System——
Tennessee Central—
24,508
1,440
9,411
23,801
24,204
701
688
826
763
118
Total.
24,353
525
147
147
886
1,409
126,251
128,366
107,840
126,138
13,203
3,273
;
130,655 '
Northwestern District—
16,827
15,359
16,264
Chicago Great Western
2,949
21,775
2,466
2,902
21,601
22,001
3,310
1,317
3,882
14,025
3,243
10,951
4,241
1,372
335
Chicago, Milw., St. P; St Pac.
Chicago, St. Paul, Minn. St Omaha.
DulutH, Missabe St Iron Range.—
Duluth; South Shore & Atlantic
Elgin, Joilet & Eastern..—
Ft. Dodge, Des Moines & South
4,439
1,288
716
Bay & Western
658
2,016
8,393
484
Great Northern.—.—..^.
Green
308
11,656
^
4,064
280
-
632
580
7,775
11,883
452
117
93
12,475
4,404
5,338
463
*1,020
976
267
58
79
2,259
10,828
-
*'492
:
798
10,468
8,787
::
489
-
.
7
w;
4;
V,i ' j
1 f \■
;-:V
il
vy\ v
Eastern District—
388 >'
Anti Arbor_.
Boston St
Maine——2~2—2±—*:.—:22,2L*
31
1,055
'
Western....
237
1,937
Erle__———
9;952
3,134
167
:;
2,104
;
2,730
7,342;
292
7,761
Lines—.
—
2,721
■;
8,165
>
198
,
4
14,112
2,543
'
7,483
2,476
26
47.657
49,621
■
1,472
c
Pittsburgh & Shawmut———
686
.
5,667
;
.
•
13,509
.2,783
9,868
927;
9,192
.
4
6,966
'
409
4
6,536
7,742
4
;:
Spokane, Portland St Seattle——.
.1,803
2,509
2,246
2,152
3,548
81,020
83,823
89,822
59,870
65,738
4,583
668
854
13
219
316
V.44 242
769
842
1,259
4
'335
•
:
District-^
Vabash-j---
Wheeling St Lake Erie
3,545
:
;
4,721
13,015
2,602
5,594
)o
,
4;
24,050
24.038
3,534
2,502
Bingham Si Garfield
^
—v »
5
Chicago, Burlington St Quincy——
21,829
Chicago & Illinois Midland
3,426
Chicago, Rock Island St Pacific.—
12,882
Chicago St Eastern Illinois
2,881
:
Denver Si Rio Grande Western———.
Denver St Salt Lake
Fort Worth St Denver
Illinois Terminal
141,333
131,431
157,276
514
721
35,709
871
83*>
10,801
2,751
5,002
,
193,066
;
197,358
1,293
706
Baltimore & Ohio———————
v;
1,482
25,188
536
8
102
19,574
21,422
11,215
12,274
3,096
2,962
856
838
12.039
12,385
11,676
13,648
2,698
2,836
3,018
22,953
35,601
42,600
1,153
1,640
.2,083
4 967
3,302
Ind'ana——————
1,848
4 3
Central R. R. of Newv-rsey————.
5,460
5,617
6,558
16,199
730
747
1,198
.
3,811
3,892
5,988
768
933
49
906
901
1,248
2,144
I,602
1,475
1,971
872
926
982
513
1,447
1,421
1,914
121
637
535
936
7
18
0
0
29,178
28,848
9,437
14,773
577
10
■.
:,
,
297
,115^708
543'
1,876
486
17,272
879
1,781
;
•
—
O
1,952
II,544
.14,976
■.
16,279
v
"713
8
3,243
3,776
1
317
623
13
Erie—
—
Cornwall.:
-
Cumberland &
342
Pennsylvania——
Llgonier V alley-—-—
Long Island—-—Penn-Reading Seashore
———
—
Lines———,
Western
Maryland——:——
—-
4
44
1,701
1,577
148
■
4
98,270
2,549
1,829
3,940
*1,724
3,027
3,041
2,670
\,305
v
165
238
,
377
;
602
?
4,997
6,835
,5,308
3,728
5,070
16,180
17,556
16,867
14,735
17,827
118
104
66
249
348
St. Louis-San Francisco
:
9,911
9,206
8,524
8,321
8,266
St;
f 2,570
3,437
•3,161
4,833
6,937
8,700
10,289
13,410
; 5,509
5,880
3,886
5,054
4,921
6,529
79
93
72
60
8,561
57
9
45
Quanah Acme Si Pacific
Louis-Southwestern...
Texas St New Orleans
-
■
Texas St Pacific.——
Wichita Falls & Southern..4...
Weatherford M. W. St N. W—
.
66
f
30
V
21
2i''
'■'
Total.
60,847 ■72,001
72,051
.
"Previous week's
,
''
139
1,386
1 L'
1,545 '
1,684
65,847
v
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
industry, and its
3,233
4,135
146,597.
177,314
;
production, and also
activity of the mill based
are
1
1,983
;
'
a
figure which' indi¬
the time operated.
It
Orders.
ig45—Week
Nov.
Ended
.
3..———
Remaining
Percent of Activity
Tons
Tons
Tons
Current Cumulative
156,223
511,022
97
509,984
97
95
Dec. • l.„
25,550
Dec.
2,910
Dec.
Dec.
22—*
29_.
,
.
15
13,050
Jan-
10,237
11,747
21,066
22,471
6,134
9,591
Virginian——-——-i_——
5,059
4,766
4,593
2,253
56,292
53,222;
56,274
——
/
•
96
490,123
97
.157,792.
148,591
,
78,862
1946—Week Ended
5—
487,481
r
98
451,654
92
52-
462,446
.
are
reached
on
the lists.
President Truman in his order
for
establishment
of
examiners in
departments and, agencies for
holding examinations in professionel,- scientific and technical
fields for positions which are pe¬
provided
committees of expert
all
culiar
to
group
of agencies.
one
agency
.
or
a
small
'
return
to
regular
Civil
Service
procedures for the pur¬
of filling vacancies is the
pose
way by which full force and
effect can be given to the provi¬
only
Veterans Preference
.
Lumber Movement—Week
According to the National Lum¬
Manufacturers
Association,
ber
lumber shipments
porting
to
of 413 mills re¬
the National Lumber
were
15.7%
143,366
144,482
526,891
523,672
; 134.265
143,550
507,651
94
93
499,955
516,776
94
95
142,142
:
111,967
143,101
150,634
■
prior week; plus orders received, less
necessarily equal the unfilled orders at the close
Compensation
Notes—Unfilled orders of the
reports, orders made, for or filled from
ments of unfilled
order#
production for the week
ending Feb. 2, 1946. In the same
week new orders of these mills
11.0% above production. Un¬
94
94
94
94
94
93
For the year-to-date,
reporting identical mills ex¬
ceeded production by 13.0%; or¬
ders
by 18.8%.
Compared to the" average
88
89
90
shipments
of
85
'
reporting
mills amounted to 92% of stocks.
days'
75
75
176,346
——
♦
Barometer
filled orders are
■
—
178,590
2
94
91
472,568
154,235
97,323
Jan. 26
not
23,825
122,229
-
454,926
152,571
'
150,330
I
—
...
Feb.
2,487
'
147.083
J.72,297
.173,537
...
8
Jan. 19—
21,017
service
war
reporting softwood mills, un¬
equivalent to 33
production at the current
rate; and gross stocks are equiva¬
lent to 34 days' production.
94
—
that
For
94
479,228
Norfolk & Western————
stated
filled order files of the
Production
154,122
29,210
ser¬
pointments whenever their names
were
Unfilled Orders
Received
157,617
27,390
con¬
war
above
201,060
146,870
was
advanced to equal 100%, so that they represent the total
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
■;
52,129
139,603
force
appointees who fail to pass the
competitive examinations will be
replaced
promptly
by
persons
from the top of the Civil Service
lists, and those who pass will be
given regular Civil Service ap¬
Trade
on
10—162,023
17—i.——_i—
123,281
NOV. 24—;
123,781
2,337
in
appointees on the Federal
payroll will grow smaller and
smaller,"
These
Period
25,499
18,624
statement each week from each
a
Nov.
30,216
;
includes
program
industry.
919
19,990
4,215
.
reductions
Ended February 2, 1946
>
-
.
member of the orders and
cates the
11,486
15,470
1,585
11,634
17,384
statement
vice
The members of this Association represent 83% of the total
;
Nov.
7
House
Weekly Statistics of Paperboard Industry
We give herewith latest figures received by us from the National
;
53,812
78,637
11,425
"As
sions of the
46
4,271
been
Act of 1944."
4.018
rU;
4'■'■44 5 ',
has
70,194
tlncluded in Atlantic Coast Line RR.
$Includes Midland
Valley Ry. and Kansas, Oklahoma & Gulf Ry. only In 1944 and also Oklahoma CityAda-Atoka Ry. in 1945 and 1946.
<•
'
year's figures revised.
total
The statement concluded:
60,119
figure,
NOTE—Previous
the
White
"The
!
then
by 500,000.
tinue, the proportion of
1,293
332
,
V-J
The
3,023
v*
326
:
•171
—
967
3,275
4,650
•;
2,742
5,157
3,659
315
556
554
4,160
1,786
f
1,457
2,317
'
Missouri St Arkansas
Jan. 12_.__.w-—
267
7,584
—
2
.Pocahontas District —
Chesapeake St Ohio—
392
6,091
2,695
.
*1,392
2,776
Missouri-Kansas-Texas Lines—.
1,424
V 4:;,'
14
236
7d
1,425
■
64,156
129,240
-a.—.
306
Missouri Pacific
....
Total.
73,357 V
124,611
1,845
City Southern...—
Deo
Pennsylvania System——^—-—Reading Co
—-;—
—
Union (Pittsburgh)——,
I 126,231
5,232
.....
Louisiana & Arkansas..——..
40
&
123,748
Southwestern District—
armed
compete
added:
0
1,441
to
Service
Since
119
734
'
the
in
unable
regular positions.
cut
22
•
veterans
were
Day, according to the
Commission, about
two-thirds of the 2,300,000 persons
held war-service appointments.
562
,
—
Litchfield St Madison
of
Civil
2,150
4,033
2,246
—.u—
Totals.—
18,687
Cambria
order
discontinued,
during the war period
to defer the regular filing of
On
4,279
Toledo, Peoria St Western—0
ayfitem
4,481
636
:
■
■
*
North Western. Pacific—...
figures
Bessemer & Lake
his
made
lions
13,948
3,174
637
——
Nevada Northern..
10,020
3,078
: 970
.2,054
I
a——
21,538
410
2,994
,
City..
;
Missouri-Illinois.—
197
3,014
-
1.186
5,001
Allegheny District—•
"
Akron, Canton & Youngstown-———
so as
for
Atch., Top. St Santa Fe System
Alton.—■
3^.039
12,247
398
"
6,409
were
forces
\
25
' 7,309
,
:
1,170
5,967
.
civil service vacancies while mil¬
Total
2,325
8,002
7,576 '
4,520
6,277-.
the Presi¬
which
■
lutland—-—-----
of
614
17,093
13,101
362
;
!
4.
2,318
,
268
Pittsburg, Shawmut & North—w^-——.
Pittsburgh St, west Virginia—————.
\
■
549
explanation
5,603
229
> 39,863
4 42,143
In
3,283
3,997
290
"
vice Commission."
9,050
3,842
,
workers. Such appointments must
conform to the qualification stand¬
ards established by the Civil Ser¬
3.22r
2,444
1,914
8,748
ans, second to non-disabled veter¬
ans and third to displaced Federal
468
14,271
-
5,647
4.
161
accord¬
"When the Departments make
appointments pending the estab¬
lishment of regular civil service
list, they will be required to give
"
?':V: 8,406
3,892
1,455
9,366
'
to say,
117
2,218
2.673
'•
>
102
-
1,728
323
12,238
3,712
13,508
8,123
4,266
2,116
876
m
46
2,276
■
10,513
H. & Hartford—10>513
812
Sfew York, Ontario & Western...-,*
5,374
4ew York, Chicago & St. Louis—
4. Y., Susquehanna & 'Western———.;, r::r -455 '
2,380
'ittsburgh & Lake Erie—:————
4,652
?ere Marquette--—_—
——
2,122
■
10,825
"
2.102
,
on
244
'
.
,5.654
:
N. Y„ N.
Total-.
47
2,087
•
-
160
403
2,872 j
——■■
New York Central
14,236
;
.1,877
;
ty;
37
statement went
ing to the "Times":
128
'
Monongahela—
Montour—
1,681
f
'
"
—
————
4 12,539
7,392 4
••
1.426
Maine Central
449
i
5,541.
.
:■
3,513
'?*$;■ 132
Lehigh Valley——,»———
1,409
1,020
.
'
:;4
10,053
Grand Trunk Western-———
'
1945
185
:
'
Detroit, Toledo & Ironton———^
Detroit St Toledo Shore Line————«
Lehigh & Hudson River-i—s——
Lehigh & New England———
1946
1,400 4
.5,568
3,765
Delaware, I.ackawanna St
Detroit & Mackinac^—
-
1,879
44.2
999
7,168
Delaware & Hudson—
Connections
444- 392
1,181
29
.
employees
examinations,
with war veterans being accorded
first-call advantage. Until the reconversion
takes place, all ap¬
pointments made by the Depart¬
ments and agencies are to be on a
temporary basis. A White House
2,455
Kansas
6,703
6,228
1,194
Chicago, Indianapolis & Louisville_*,_~
Central Indiana__._i——**.—-—
Central Vermont———————
T
service
war
competitive
4,541
IK. O. St G., M. V. & O. C.-A.-A
Total Loads
2,463
:
2,026
.
,
7.515
:
/
303
2,462
Federal
take
3,846
International-Great Northern.
44 Received from
Revenue Freight Loaded
1945
1946
1944
Bangor St Aroostook-—_——_—.—- '4
re¬
2,062
Gulf Coast Lines*
"V "
...
"1
the
5,431
Burlington-Rock Island
Total
adding
included
10,106
Utah—,
LOADED AND RECEIVED FROM. CONNECTIONS
;
order
9,401
3,964,414
739,556
'i>,, 3,743,211-
°
the
quirement that 1,600,000 or more
4,725
27,513
.
'V
that
"Times"
8,837
—i—
...
Northern Pacific—
Union Par.ifift
Railroads
Washington stated,
5,156
—
Southern Pacific (Pacific)..—
'
\
from
New York
the
1,955
thd separate railroads and systems for the week ended Feb. 2, 1946.
During this period 79 roads reported gains over the week ended
'
to
2,127
Minneapolis St St. Louis
Minn., St. Paul & S. S. M
Western Pacific
'
Feb. 5, ad¬
on
vices
dent's order, it was pointed out
that
war
service
appointments-
<
^77a, The following table is a summary of the freight, carloadings for
:
was
President Truman
Civil
a
260
Ishpeming—
v
■.
REVENUE FREIGHT
the
peacetime
ordered by
on
327
Lake Superior St
"■
Feb. 3, 1945.
System
operating basis
preference first to disabled veter¬
Chicago St North Western—
3,158,700
805,714
3,003,655
-744:3,606,755
635
,
1,531
,
1,069
466
5,261
27,781 "
Peoria St Pekin Union
•
2,883.620
723,135
-
4.
2
Week of February
1046
'
'
638
3,207
t
75
.
1,110
-
Gulf, Mobile & Ohio*
Colorado St Southern....
All districts reported decreases
-9i.
1,861
•
Georgia.-—■
Georgia St Florida
Central Western
sponding Week in 1945;,
14,654
5,392
411
339
Coast-—.
-
,
loading amounted to 5,986 cars, a decrease of 92 cars below,
Ore
.
•
10,573
13,672
4,120
Gainesville Midland
decrease of 7,076 cars below
a
t
Service
Spokane International.....—^..—..^.
ing of livestock for the week of Feb. 2 totaled 15,304 cars, an increase
above the corresponding week in
•t
498
Durham St Southern—i—«
increase of 12,644 Cars
alone, grain and grain products loading for the week of Feb. 2 totaled
2,780
Eeestablishment/ of
385
1,929
1,686
-
In the Western Districts
1945.
242
879
730
4,051
Columbus & Greenville—i—
on
Peacetime Basis
"
;
389
■'
Winston-Salem Southbound—.
above the preceding week and an
cars
1945
325
4,239 !
—————_
Charleston St Western Carolina———
CUnchfield—
Florida East
1946
1944
v
"t
14,709
■
16,244
w—.
Central of Georgia
Civil Service
Connections
842
,
"
Grain and grain products loading totaled 54,420 cars, an increase
;•••/
431
:
831
■'v,:
—
corresponding week in 1945.
1945.
468-
.
Atl. & W. F.—W. R. R. of Ala————
Atlanta; Birmingham St Coast—
-.
Received from
,
Revenue Freight Loaded
Piedmont Northern
increase of 30,027 cars above; the
an
Railroads
Macon; Dublin St Savannah——.
tLan
less
FINANCIAL CHRONICLE
responding
week
of
cor¬
1935-1939,
.
production, do
for delinquent
stock, and other items made necessary adjust-'
production of reporting mills was
2.1% above; shipments were 4.1%
below; orders
were
20.1% above.
THE COMMERCIAL & FINANCIAL CHRONICLE
892
It
■TfP
announced
was
Clifford B.
Feb. 5 that
on
Fergus has been ad¬
Thursday, February 14, 1946
This will increase the number of
shares from
of
Items About
600,000 at $20 par.
holders Feb. 15.
Mellon
the
National
of
Bank
will
The new stock
distributed
be
House
120,000 at $100 par to
vanced from the post of Assistant
Cashier to that of Vice-President
the
same
The
paper
The
.
the!Board of the Chemical Bank &
of New York an¬
nounces that Schuyler Merritt II;
Treasurer of McKesson & Robbins,
Trust Company'
Inc., was elected to the Advisory
Board of the Madison Avenue at
46th Street office of the Bank.
Walter G. Kimball; Chairman of
the Board of The Commercial Na¬
Company
announced the fol¬
lowing official changes and ap¬
pointments, effective Feb. 7: ; ;;
David P. Blankenhorn, Assist¬
tional
Bank
and Trust
of New York,
identic Karl • Hinke,; Assistant
Treasurer, to Assistant Vice Pres¬
ident; Martin J. Travers, Assistant
Treasurer,' to Assistant. Vice* Pres¬
ident.
-
.
-
a
*
director
of the
ant Cashier, to become Assistant
Vice-President; George S. Hall,
trust
Assistant Cashier, to become As¬
sistant Vice-President; (Paul R,
McGahan, manager
of the Buffalo office of the Insti¬
Vervoort, Assistant Cashier, to be¬
tutional
Assistant
come
Vice-President;
Walter W. Troy appointed Assist¬
ant Cashier,-,. }%;:■/'}.yv..
Mr. Kimball
also
announced
Hannahs, Jr., until
recently a Captain in the Army of
the United States, was appointed
that: Lynn T.
Assistant Vice President; and Mal¬
colm
R.
Tait, until recently a
(senior grade) in the
tf. S. Navy, was appointed Assist¬
Lieutenant
company.
Corporation
Securities
Vice
the
office,
it
was
the Buffalo "Eve¬
Rochester
ning News" which on
sistant
who
had
that
Konrad
been Mr.
Jan.; 2 also
L. Engel,
Grunert's as¬
would take
Rochester,
in
charge of the Buffalo
of
office.,,;,
of the
Federal
Reserve
System an¬
and R. L. Wassmere as Assistant
nounces that effective Feb. 4 The
Secretary.
^.
First Trust and Deposit Company
of Syracuse, N. Y., has absorbed
Offering of the unsubscribed The First National Bank and Trust
,
A
The Board of Governors
„
portion of 16,125 shares of capital
stock
(par value $12) of The
through
announces
President, J. K. Thompson, that
A, J. Battista, formerly of J. P.
Morgan & Co. Inc.,
has been
elected
dent
Assistant
an
of
the
effective Jan.
15. Mr. Battista will be in charge
of the Foreign Department.
Control of the Capital Bank
quired
Ohio,
by
investors
has
been
Cleveland
a
who
have
of
ac¬
of
group
Wil¬
elected
Friedman, President, and S.
Schultz, Vice-President and
Secretary, according to advices Ap¬
pearing in the Cleveland i "Plain
Company of Baldwinsville, Baldwinsville, N. Y.; The First -. Na¬
tional Bank of Canastota, Canas-
would
$35
added
be
to
surplus,
increasing that figure to $350,000
and
making capital and surplus
$500,000. The new President has
had 25 years' banking experience
in Cleveland.
He came directly
here
from
Czechoslo¬
native
his
vakia where he
born 49 years
was
One of his first jobs in Cleve¬
land was in the foreign exchange
ago.
department of the Guardian Trust
He remained with the Guard¬
Co.
ian
15 years.
has
he
The past ten years
commercial
the
in
been
banking department of the Amer¬
Savings Bank, rising to Ex¬
ican
t;he exercise of subscription
association
to
capital stockhold¬
ers, and the balance has been pur¬
chased by the underwriter. Stock¬
holders
absorption, branches were estab¬
lished at Canastota, Liverpool and
Parish.. '* yv.;:
•; A-;:;:. /A yV;y
County Trust Company stock
at
$35 per share for each four
shares owned. These rights ex¬
pired at 3
County
p.m.
Trust
Feb.
on
Company
The
4,
was
tary.
ten
in
-
-
carried
The Mercantile-Commerce Bank
the
"J.
Department
-
with
Company for, the past 18% years,
before leaving to join Mer¬
cantile-Commerce, was Secretary
and Treasurer in charge of the
committee
value of $100 each, to
$400,000, consisting of 4,000 shares
of the par value of $100 each.
of the par
stone
R.
been
has
elected
Assistant
,
."'Control
ner
Glad¬
Sidney
Treasurer.
stock
of
Island
Elevated at annual meetings
action would be taken
the
of
,
the
i,,
Wintners
organized
the
in
sources
in
excess
of
$3,600,000."
Col.
A.
Robert
election of
Vineyard
Vice-President
Assistant
of
as
the
Col. Vineyard, who has re¬
bank.
active
duty with the Army Air Forces,
was previously connected with the
bank from 1923 to 1931, when he
resigned to accept an appointment
with the U. S. Comptroller of Cur¬
rency
and was assigned to the
relieved from
cently been
tional banks within the 11th Fed¬
also
stated:
///A,.
position to accept
Cashiership of the City Na¬
the
left
this
tional
Bank
where
he
when he
in
Wichita
until
remained
"The people of the territory
1
,
Hawaii
have
demonstrated
J
of
}
be--}
yond question not only their loyalty and patriotism but also their /■-
'
assume the responsibil- Lity of statehood," and continued • %
by noting that it was the policy }/
of the United States "that peoples - "
desire to
be allowed to choose freely their
form of political status." - / ,
- /
<
subcommittee
>,
the
said
was
was
as
a
annexed to the United States
It lists figures showing that
Caucasian
creased
now
General
Manager
Bank
(Dominion,
Overseas).
1
of
population
has
since
the
1878
steadily
is
y
T
in-}ff
and
34.4%, while the Japanese
population,
now
:}
32.5%,-reached
peak percentage in 1940 "and
due
to
since then
declined
steadily
ihnmigra-
of
prohibition
tion, lower birth rate, and the in-;
peoples."
1
President
A;
V
other
immigration .of
creasing
-
.? V
'
Truman
Jan.
on
:
21
urged Congress to take immediate
Barclays
Colonial
L
territory.
action
a
s*
pinos—existed at the time Hawaii
1942,
called to active duty
Chinese,
Japanese,
Hawaiians,
Koreans, Puerto Ricans and Fili-
Falls
;W. W. Milne: has been appointed
and
to
directors of Westminster
Ltd. of London; announce
make Hawaii the
State of the Union,
that
consideration
Alaska
making
soon as
Thei
Dupuis, President of
a
waii-Caucasians, Hawaiians, part-
announced recently the
Lt.
Bank
Charles W.
until
recommendations
r::
mixed racial complexion of .Ha¬
with the Army Air Forces.
bank
doors,
Tenison, President of the
C.
J.
sold by Alex
As of Dec. 31 it showed re¬
closed
Dallas National Bank, Dallas, Tex.,
Capital
President and Vice-President. The
no
transcrip of the hearings had been
studied. In part, the report stated,
according to the Associated Press:
The
Bank
S, WintPaul Wintner, who were
was
and
1929.
behind
on
"
Department. Mr. Hewitt held his
previous office since the organiza¬
tion of the bank in 1933. Vyy:
Representative
said that
Mortgage} Loan, and Real Estate
" l'
study,
Peterson
and
Department.
day prior to
the result of
Hugh
(D.-Ga.), Chairman of
the Territories Committee, which
discussed the report of its sub¬
the
the
of
Mr. Jaffke has been
bank.
He
and
Treasurer,
to
themselves
In commenting on
the
with
Vice-President
Estate
the Tower Grove Bank and Trust
Hough in 1908.
L.-Simon, President of the
Islands
submitting its report.
ment of William H. Jaffke as As¬
has
since
investment
the
a
investigation right
Mo., has announced the appoint¬
the Dallas "Times-Herald" which
with
its
Hawaiian
and had returned the
St.
Company,
his
field
banking
.
state,
consideration
Louis,
Trust
and
its
firm of Otis &
Union as
•
eral Reserve District according to
the
to the
be
>
has been continuously
years,
should
Hawaii
tory the forty-ninth state, '• ac¬
cording to Associated Press Washington advices. The subcommittee
duty of field examination of na¬
in¬
corporated in 1903 uner the laws
of .the State of New York, and is
Rickcords.!
and F. Stanley
r
study of the question
a
"give immediate
Sam M. Schultz, an officer
of Capital the past
and. director
National Key Co., has been elected
of record Jan.
17, of The
The New York State Banking
County Trust Company, and of
the Ossining Trust Company of Department reports that as of Jan.
18 the Endicott Trust Company of
Ossining, N. -Y.r who acquired
Endicott, N. Y., received* the ap¬
County Trust stock in exchange
for their shares, were offered the proval of the Department to in¬
crease
the
capital : stock
from
right to purchase one new share
$200,000, consisting of 2,000 shares
of
.
Com¬
.
,
Deal.er" of Feb. 6 by Guy T. Rock¬
ecutive Vice-President and Secre¬
rants issued
Territories
to legislation" to make the terri-
James
II. Douglas, .Jr.,
Percy B; Eckhart, Newton C. Farr,
Real
County Trust Company of White
Plains, N. Yhas been announced tota, N. Y.; Liverpool Bank, Liver¬
by Hayden, Stone & Co., at pool, N. Y., and The State Bank
$38.50 per share. A total of 15,916 of Parish, Parish, N. Y., all mem¬
shares
were
purchased through ber banks. In connection with the
war¬
DA vis,
sistant
Cleveland,
to
rectors reelected were Chester R.
Vice-Presi¬
bank,
admitted
Vice-President in 1937. Di¬
'
learned from
State
whether
to
as
be¬
Title and Trust since 1931 and
Assistant
well, Financial Editor. From the
The Board of Directors of the
Western same advices we
quote:
Union National Bank of Kansas
Savings Bank of Buffalo, N. Y.
"Stockholders approved an in¬
The Buffalo office of Institutional
City, Mo.', on Jan. 11, announced
crease
in capital and have until the
promotion of Roland B. Hewitt
Securities, an instrumentality of the
Feb. 14 to subscribe to new stock from
Vice-President
and; Trust
State's savings * banks, has .been
at $45 a share, of which $10 would Officer to Executive Vice-Presi¬
placed under the supervision of
go to raise capital to $150,000 and
dent. and Chairman of the Trust
Harold F. Grunert, manager of
1941, has become
President of the
since
Hogan, President of the
Greater New York Savings Bank
Brooklyn, N. :Y., on Jan. 16
announced the election of Manuel
Kessman as Assistant Controller,
Cleveland
M.
reported
F.
The Union Bank of Commerce
:
of
completed
rector. A He has been with Chicago
came a
liam
F.
Charles
ant Vice-President.
B.
Cashier since 1927, joined the Mel¬
lon National 32
years
its
Appointed as assistant secretar¬
ies are: Homer R. Berryman, Ed¬
ward
G.
Maloney,
Stewart D.
Steele and Archibald C. Robson.
Roswell J. Fleischman and Harold
P. McNamara were appointed as¬
sistant treasurers. VL: ; :
;
!V
At the same meeting, the .direc¬
tors also elected Henry W. Wendt,
Chairman of the Buffalo: Forge
Company,, as
as
House'
Pittsburgh, Pa., according to the also stated that Harold A. Moore,;
mittee was urged, on Jan. 24, by
Pittsburgh "Post - Gazette." Mr, Vice-President and Treasurer of
-its subcommittee which had just
Fergus, who has been Assistant the institution, was elected a Di¬
anies
Frank K. Houston, Chairman of
Group Urges
Hawaii
stock¬
to
a
49th. :r
and requested
given
be
State
it is ascertained
■
)
to
also as
whether
.
people there desire it.
The
President also recommended, the
the
regret, that owing to advanc¬ Associated Press reported from
the Central Trust Co. of Cincin¬
ing yea^s R. E. Dickinson has re^
Hospital Trust Co. of Providence nati. Ohio, announced the election
Washington, increasing self-gov¬
signed his seat on the Board. ; y'
and its subsidiary, the Rhode Is¬
of W. H. Mitchell and Frank P. ■.'silt was announced on Jan. 26
ernment for.} the people:;of the^
rectors of the bank approved a land Hospital National Bank, were
Rhame as directors of the institu¬
that Michael F. Berry has been Virgin Islands.
plan
to i, absorb
the
Fleetwood Harold H. Kelly, chosen Secretary tion at the annual meeting in Jan¬
appointed a Director of Westmin¬
Bank of Mount Vernon and the of the Trust Company and Cashier
uary, the Cincinnati
"Enquirer" ster Bank Ltd.
Ossining Trust Company, which of the National Bank to succeed reported. Mr. Mitchell is Presi¬
became additional County Trust George H, Capron, retired, and
dent of the Mitchell Steel Co., Mr.
R. L. Hird, while retaining his
Lambert /Clifford,
named a Rhame is
Company branches upon approval E,
general manager of the
Vice-President by both banks. Mr.
seat on the Board of Directors of
of
each. bank's stockholders
in
Lunkenheimer Company.
At the
Jan. 1946. Upon completion of the Kelly had been serving both in¬
The Secretary of the Treasury • y
meeting of the directors of the the National Bank of India Ltd.,
present program, branch offices stitutions as Vice-President.: Mr. institution, Ralph G. Holste, for¬ has retired from the position of announced on Feb. 11 that the
•;
will be located at Mount Vernon, Clifford, was formerly Assistant
merly Assistant Vice-President, General Manager , of the bank tenders for $1,300,000,000 or there- :
Secretary of the Trust Company and Walter
Fleetwood, Scarsdale,} Hartsdale,
about of 91-day Treasury bills to
S. March, Assistant
after over 48 years service. T. T.
Mamaroneck, Pleasantville, Hast- and Assistant Cashier of the Na¬ Vice-President and
be dated Feb. 14 and to mature
}
Comptroller,
tional Bank.
;A "/ .% >Ay'
K. Allan has been appointed Gen¬
ings-on-Hudson and Ossining. To¬
were made Vice-Presidents.
May 16, which were offered on
Mr.
tal resources of the bank,* upon
Feb. 8, were opened at the Federal.
March continues as Comptroller. eral Manager.
The Providence "Journal" an¬ At
Reserve Banks on Feb. 11.
completion of the mergers and
the same time Clarence J. Thesale of the additional stock, will nounced that William1 A. Hatha¬
Total applied for, $1,987,760,000.
sing, formerly Assistant Trust Of¬
The Board of Directors of Swiss
exceed $77,000,000. The annual re¬ way, President of the High Street
Total
accepted, „■ $1,309,003,000 %/J
ficer, was named Trust Officer.
Bank
Corporation at a meeting
port to the stockholders of The Bank & Trust Company of Provi¬ Arthur Kluener and Edward J.
(includes $51,482,000 entered on a 1
County Trust Company, oresented dence, R. I., since 1938, was elected Weissler, formerly Assistant Cash¬ held in Basle on Feb. 5th approved fixed price basis at 99.905 and ac¬
by Andrew Wilson Jr., President, to the Chairmanship of that bank's iers, were named Assistant Vice- accounts for 1945, showing net cepted in full).
was
referred to in our issue of board of directors at the annual
Average price, 99.905-f; equiv¬
Presidents. ,^
profits, including carry over of
stockholders meeting in January.
Feb. 7, page 772.
alent rate of discount approxi¬
•
Five employees named officers
10,627,647.05 Swiss francs against mately 0.375% per annum.
The bank
had
been
without a
the directors of the Rhode
with
the
largest bank in Westchester
County. On Dec. 26, 1945; di¬
Results of Treasury
.
,
Charles
dent
of
H.
the
Diefendorf,
Marine
Trust
Presi¬
Com¬
board
Chairman
since
several years ago of
the
death
Henry Green¬
of Buffalo. N. Y., announced wood. The "Journal" also stated;
the following official promotions,
Victor
H.
Frazier,
formerly
after a meeting of the directors in Vice-President and
Treasurer,, was
January, according to the Buffalo chosen to succeed Mr. Hathaway
"Evening News":
as President, and Lovett C. Ray,
pany
Albert
L.
Sanderson, formerly
Vice President; to Vice Pres'dent
and Secretary: Clifford B. Marsh
Jr.,
Assistant
Vice
President.
to/I
formerly Assistant Treasurer, was
elected
as
the
new
Treasurer.
W, Allen Traver, President and
General
Manager
of
Franklin
Vice President; Henry B.
Sheets,) Process Co., was elected a mem¬
Assistant Treasurer, to Vice Pres- ber of the board of directors.
were
Edwin C.
Gamble, Assistant
10.510,496.20 Swiss francs for
Secretary; Charles F. Curro, Harry
and
G.
Swiss
Kurre,
J. R.
Justus B.
Martin
and
Pohlman, Assistant Cashiers.
total
assets*of
francs
1944,
1,826,427,161
against 1,540,016,463
Swiss francs. At
the general meet¬
ing to be held on
♦The stockholders of the Chicago
Title
&
Trust
Co.,
recently approved
a
Chicago, 111.,
five for
one
split in the number, of shares of
stock it
was
made known in the
March 1st, the
Board of Directors,
will propose a
last year),
there, would be - a
4% dividend (same as
after
which
carry
over
francs
Swiss
4,110,496.20 Swiss
of 4,227,647.06
against
Range
bids:;
"Tribune"
on
Jan.
15,
competitive
A;.
;
.
High, 99.908, equivalent rate of
approximately
discount
0.364%
;
Low, 99.505; equivalent rate of
per annum.
;:
approximately
discount
0.376%
per annum.
(62%
of the amount bid for at
price was accepted.)
was a maturity of a sim¬
ilar issue on bills on Feb. 14 in the
the low
There
•amount
Chicago
of accepted
of
$1
797 (1(10
@FedFRASER