Full text of Commercial and Financial Chronicle : February 20, 1947, Vol. 165, No. 4570, Section 2

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ESTABLISHED 1839

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Reg. U. a Pat. Office

Volume 165

Number 4570

New York, N.

;

.

Mediation Board!

V 1'rv*-

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rw-iii'-:.i-i*

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fv.

.

>.

By H. A. MARQUAND*

British trade official

Secretary of Labor

order

for

UK

and

ciliation Service and opposes appointment of

|

to

in

asserts

maintain

main

imports of

products, she des¬
perately needs increased tourist
business and exports to take ad¬
vantage of our current high na¬
tional income.
of

situation

During the 18 months since VJ-Day the American people carried
out the most tremendous job of military and industrial demobilization
in our history.
V
>.
<§>•
There were
in the field of industrial relations.

Contrasts present
world¬

unfulfilled

wide demand with previous poli¬
cies which barred competitively-

priced imports.

But

For

and

I

today than during the first trou¬

rious and cost¬

bled

ly

Day,

labor dis¬
putes. Despite
that fact, how¬
ever,
ican

•

months

The

States

that

followed

Congress
now

i-

of

the

has before

ber oi bills; designed

Amerproduc¬

the

VJ-

.

-

it

.

former

nearly

were

six

United

a

We, of course/have no way of telling precisely how
effective the evidently
carefully planned, well organized
and
hard-driving attacks upon even the feeble efforts of
Congress to reduce Federal expenditures are proving to beThat just this kind of
opposition would promptly arj^e
against any attempt or suggestions that fiscal sanity be re¬
stored in Washington was to be
expected and doubtless was
expected by the experienced politicians gathered on Capitol
Hill.

It is

doubtless for this reason that
they all but gave
the ship by limiting proposed reductions in the Presi¬
dent's absurd budget to a mere $6 billion when it could and

up

many years U. K. visible
do know that both labor
imports from the U. S. A. greatly
now
have
a
management
exceeded U. S. visible imports from
much more constructive attitude
the U. K.
For instance, in 1938

and

disappoint¬
ments, includ¬
ing many se¬

ARE THE WASTRELS WINNING?

debts

repay

American farm

a Super-Mediation
leading to further controls and increasing government
participation in collective bargaining. Cites opposition of both labor
and management to proposal for compulsory arbitration and states
Conciliation Service is now better equipped to aid both unions and
employers in collective bargaining.
as

set-backs

Copy

Secretary, Department of Over¬
seas
Trade, Great Britain

Secretary Schwellenbach reviews mediation work of Federal Con*
Board

a

EDITORIAL

By HON. LEWIS B. SCHWELLENBACH *
m

Price 30 Cents

f UK's Exchange Status

No Need for Federal
r

Y., Thursday, February 20, 1947

times

observe that

all sides, or almost all

sides, there is

a

disposition to wince and relent and refrain.

as

that

clear

I

Prospect Not Good

the latter. The
difference was

:

on

Now

begun, it is certainly not encouraging to

as

valuable

num¬

t;o; prevent

should have been at least double that amount.
the hullabaloo has

The prospects at

this moment can hardly be said to
Failure to tackle the problem courageously now is
invisible Brit¬ likely to be widely interpreted as an admission that
exceeded
all
,jt is
ish exports, by
previous.
impossible ever to return to traditional American ideas;
receipts from
p eacetime
indeed to ideas everywhere prevailing
among informed-and
^dividends and
levels.
".interest on sensible men prior to the rise of Rooseveltism in the 1930s. It
I'**. C a n n O t
I"
Schwellenbach
previous Brit- may^not^be triie^in our own opinion it is not true^that
predict
what
ish investment
failure to get to a sensible basis of government finance this
will happen during this next year
i in the U. S. A.,
make the board practically inde-year would inevitably mean many more long years; before
and by a cer¬
♦Radio
address by Secretary pendent and transfer to it the
inexorable forces of nature ultimately drive us to some sort
tain
amount
Schwellenbach
over
Columbia work of conciliation and mediation
H. A. Marquand
°f U. S. in¬ of financial reorganization and reform. It can scarcely be
Broadcasting System, Feb.
15, now being carried on by the Labor
vestment
in
1947.
denied, however, that failure at the very least to get started
(Continued on page 1051)
the U. K., but principally by the
would mean that a vital and urgent problem of this
conversion into dollars of the pro¬
year
ceeds of the British
surplus of has been neglected this year, and such neglect could hardly
visible exports to certain other fail to make the
going harder next year-^and the next.
tion

f

in

~

of last .year's indus-trial:istrifeitjhere;::i§ onerpartieur
lar proposal that t would like to
discuss rather fully. This proposal
takes two forms :> One|would ;set
up a mediation board outside the
Department of; Labor; the pother
would set up a mediation aboard
within ihe Depattihent;;but!woul<i
a

1946

■

>

recurrence

Economic and Social
Task oi United Nations
By LEROY D. STINEBOWER*
U.

S. Deputy Representative, Economic and Social Council

Asserting

Council because supreme interest is in international security, Mr.
Stinebower discusses problems facing this segment of UNO. Notes
conditions leading to approval of International Refugee Organiza¬

tion, and outlines problems relating to reconstruction of devastated
areas. Cites causes of slow
progress in solving problem of human
rights, and states action along these lines will have to be initiated
by national governments. Denies ESC is mere "talk organization"
and holds it factor in mutual understanding of nations.
The economic and social task of the United Nations can be simply
stated—it is the promotion of international cooperation for the im¬

provement; of the
life for all men

conditions

everywhere, and

tions and gross inequalities among
In the language of the
pre¬

men.

amble of the

motion

„

of

Charter, it is the
"social

pro¬

progress

and

better standards of life in
larger
freedom." In Article 55 these
purposes are further defined to in¬
clude the promotion of
"higher

standards of living,; full employ¬
ment, and conditions of economic

.

,

countries.

(Continued

language

or

as

This familiar pattern of multi¬
lateral trade is considerably modi¬
fied at present. Owing to the lack

supplies

other

from

countries

The

ports from the U. S. A. formed a
larger proportion of her total im¬
ports than before, her favorable
balance with European countries
was
not easily convertible into
dollars, a large part of British in¬
vestments in the U. S. A. had been

*Summary of Mr. Marquand's
speech to American Chamber of
Commerce, London, Jan. 23, 1947.

are

not

new

on

page

1055)

nations to
discuss economic and social prob¬

lems

cussions at the Peace Conference

Address

by

Mr.

Stinebower

before the
Exploratory
tee
for
an

Commit¬

Inter-Organization

Council

World

on

operation

with

Economics,
Jan. 3, 1947.

San

Affairs

the

in

Institute

co¬

of

in

1919 and the

provisions of the

Covenant of the Leage of Nations,
is a new emphasis in the

there

Charter of the United Nations

human progress, economic devel-

Francisco, Cal., npment, and .."the




on

(Continued

on

and
page 1052);™Xy'
dignity

CARLISLE* BARGERON

by the

Senate Labor

Senator

Murray of Montana.

and

Education

He has

hearings

on

Committee
never

is

labor legislation
the

conduct

of

been charged with being

of the Senate's keener

one

minds, and indeed, in these hearings he
to act by rote.
He is never able to pursue a question, and
occasionally I have gotten the distinct impression that the industrialist witness

evading

was

®

ment just made by a union

a

leader
downright Communist, to the
effect that the man just testifying
is a bum, has always been unfair
to the downtrodden working man
and is therefore not to be given
any consideration in the recom¬

direct answer.

or a

Murray
just
sit
there,
mostly, and
ask
questions

GENERAL CONTENTS
Editorial
PHjsJO
As

Ws See

It

1045

From

have

up

mendations he has made. The wit¬

handed

been

1045

Moody's Bond Prices and Yields
Moody's Common Stock Yields
Trading on New York Exchanges.
NYSE Odd-Lot Trading

It

1055

if

1055

ness,'Who is usually gathering up
his papers and leaving the stand,

to him by

1059
1059

Fertilizer Association Price Index... 1057
Weekly Coal and Coke Output
1057

Weekly Steel Review....
1050
Moody's Daily Commodity Index.... 1055
Weekly Crude Oil Production
1056
Non-Ferrous Metals Market

1058

Weekly Electric Output
1055
Dec. 31..,.,.1056
Bank Debits for January
1055
....

is

as

doubtful

he

or

and

he will, therefore, be quite
surprised when he reads the Com¬

purport,
their sig¬

nificance.
least

mittee hearings.

At

he

apt as not, doesn't pay any at-

tenbin to what Murray has done,

knows

their

.

Paperboard Industry Statistics
Weekly Lumber Movement

NYSE Bond Values at

which

CIO watchers.

Washington Ahead of the

News

together. It is particularly
.1058
easy for us in the United States
1053
and social
progress and develop¬
who did not participate in the Items About Banks and Trust Cos.. 1060
ment," the solution of interna¬
League of Nations, or, until 1933,
tional problems in these
State of Trade
fields, even in the International Labor
•and "universal
General Review
1047
respect for, and
Organization, to exaggerate the Commodity Prices, Domestic Index. 1057
observance of human rights and
novelty of our present effort. But Weekly Carload! tigs
1059
fundamental
freedoms
for
all
certainly as compared to the dis¬ Weekly Engineering Construction.. .1056
*

By

One of the absorbing phases of the

All

Regular Features

objectives.

it new for

Washington
Ahead of the News

does is to

achievement of these purposes.
These

1048)

seems

mem¬

pledged themselves "to take joint
and separate action in cooperation
with
the Organization" for the

page

From

and

suffered

heavy damage and economic dis¬
location during the war, U. K. im¬

bers of the United Nations have

Neither is

European
which

to race, sex,

religion."

on

The Multilateral Trade Pattern

(Continued

without distinction

good.

"

oi<&

for the elimination of discrimina¬

by

'

of

overlooking importance of Economic and Social

we are

met in part

<

.

Most of these witnesses, for ex¬
Carlisle Bargeron

doesn't

try to
pursue them with a view to elicit¬
ing information. They are mostly

ample. will be quite surprised to
Jearn that there at the tail end of
their

that

testimony, is a statement
they belonged to the old

Trades
Association
and
the "Do you beat your wife" Metal
therefore used to hire thugs, gun¬
variety.
Invariably, after each indus¬ men, goons and Pinkerton detec¬
trialist has given his testimony, tives to maltreat their employees.
Murray will introduce in the rec¬ Upon recollection the witness may
ord a statement maybe developed recall that he did, indeed, belong
by the LaFollette Civil Liberties to the Association but that not
of

Committee in the early New Deal

wifch hunting, or maybe a state-

having had any labor trouble in
*

(Continued on page 1054)

"{.!

If
/i

THE COMMERCIAL & FINANCIAL CHRONICLE

|0«

TnmaiiAsks Congress

We Shall
"There has been in the past, a

tendency to dis¬
parage manual labor. Wei had false ideas of gen¬
tility, of the superiority of the black-coated worker
over the manual worker. We want today to reassert
the dignity of labor.. We want to
stress the fact that it is today the
producer who counts, the man
with

the

hoe, the

loom, the

the

man on

lations

of rubber and requested
hat legislation be passed to main¬
tain the nation's synthetic indus*

en¬

might be

synthetic production and
draft
appropriate
bills. The
"Times"
Washington advices stated:
j

.

has

"Congress

already

made
provision," he wrote, "by means of
the Strategic and Critical Mater¬
ials Stockpiling Act of 1946, for

.

accumulation

of

o!f

stockpile

a

natural rubber within the borders
the

of

United

States.

Physical
properties of rubber,
however,
and the necessity of stockpile ro]
tation, place limits which make
the largest feasible government
stockpile of natural rubber in¬
mands

organization in

The

4

time will

kind of

regime

see

whether

...M...

supple¬

of natural rubber or
to produce the maximum number
of
commodities
from
synthetic

rubber."

can

-o

From

its ;

Washington

;

bureau,

Feb. 7 the New York "Journal oi
Commerce" reported:

111*

Mr. Truman recommended these

ML Clemens Portal

legislative steps:

Pay Case Dismissed

at Detroit, Mich., on Feb. 8
far-reaching effect on the esti¬
mated $5,000,000,000 in
portal-to-portal pay suits, when he dismissed
;in their entirety the claims Of employees of the Mount Clemens FoU
tery. Company on the ground that the workers' claims for retroactive
pay' and damages for walking time and activities preliminary to
rendered

a

decision which may have

actual work were

trifling. Judge ^
Picard prefaced his ruling by a1
ruling by the Supreme Court in
brief history of the developments the Mount Clemens case.
of the case, according to Associ¬
Before concluding his decision
ated Press dispatches from De¬
Judge Picard added: "Let us no
troit, "because pf the interest and be understood as
holding that al
■; discussion that this case has stim¬
portal-to-portal suits should be
ulated."

dismissed;

There

be, anc
perhaps are, many instances where
walking and the preliminary ac¬
called portal-to-portal
activities tivities-time consumed is of such
was
reckoned by Judge Picard, an
amount as to call for
The time consumed by each of
the 289 pottery workers in so'

who

measured

the

at

distances

himself

company's plant 28

miles

north of Detroit, as no more than
9.68 minutes daily.
He held that

only time passed going to tfte job
should be considered.

Judge Picard further held, said
the Associated Press, that

a manu¬

facturing company relying in good
faith on rulings of courts and the

may

compen¬

sation that the Worker is not

receiving.

k

1.

federal Judge Frank A. Picard,

•

now

But this is not one."

joint

resolution

by

the

Congress declaring *' government
policy to be "to maintain synthe?
tic rubber industry in the United
needs

of

national security."

synthetic rubber industry, and
draft the legislation
necessary tb
a

that end.
3.

;

»

.

Authority for the Administra¬

tion to continue its rubber
alloca*
tion controls should be extended
for

one

year, so that

Congress

may

have sufficient time' to enact
per
manent legislation for a national
rubber policy.
These

controls,

that Judge Picard's decision would

On the same day, John R. Steel
man, Assistant to the President
voiced his opposition to

extended by

day.
such

minutes

a

any

tion

Preliminary
things

sharpening
dows, etc.

activities are
donning aprons,
tools, opening win¬
as

The Associated Press

continued:

"Moreover," Judge Picard went
"any new ruling by the Wage

.

on,

and Hour Administrator that
pe¬
riods of less than 20 to 25 minutes
are
compensable
should
aoply

only prospectively as a guide to
industry and not retroactively, as
'an unfair burden'."

The Judge, who gave his
ruling
in the Detroit United
States Dis¬
trict Court, further
contended that
in the event the
Supreme Court

j;

were,: to

reverse

his

awards for pay

decision,

claims could not
retroactive, beyond June
the da.e of the




original

It

was

from

nance

announced

the

present

Feb.

that President Truman had
agreed
to be the Democratic

Party's prin
cipal Jackson Day dinner speaker
on
April 5. The announcemen
was
made, according to United
Press Washington
advices, by Na
tional Chairman Robert E. Hanhe
gan, who is also Postmaster Gen
eral in the President's Cabine

less than 24 hours after .Mr. Hannegan

had

gone

record

on

as

urging Mr. Truman to seek a ful
four-year ; Presidential term i
1948.

The Jackson Day speech is
scheduled
to
be
made
at
the

party's traditional campaign fund
raising dinner at the Mayflower
Hotel in

Washington, and will be

broadcast

held
the

to other

dinners to be

simultaneously

country, *x 1

<

throughout
*

,.i

Corporation

views

on

.

a.A:

certain

are

today, notably

privileges

supervisory employees.

The law
should be made clear that
super¬

con-

jeen

labor which
have
abused that correction is

so

in order before such

exists.

ing

visors,

employees
meaning of the law."

and

responsibilities of labor unions and
hese should be provided."
Mr.

Hartz

-

Chamber

said

the

The centenary of' the birth of
bargaining, unham¬ Thomas Alva Edison was
widely

free collective

by government intervenhe declared.
"We should

;ion,"

commemorated

dinners

and

Feb.

on

other

11

with

observances

the bargaining process

encourage

the

Memory of Edison

in the settlement of labor disputes.
"Industrial peace is fostered by

pered

within

rribule Paid

National

against compulsion

was

professional
supervisory groups

not

—are

concern¬

rights of employers

foremen,

—

and other

men

equality Will

The law is silent

the

throughout the country, including
rather than stifle it by legislation
a dedication
ceremony at the re¬
designed to supervise the making stored
cottage which was the in¬
of agreements."

.'

a

l

ventor's birthplace at
Milan, Ohio.
Setting; forth in detail issues re¬ A special ■memorial postage stamp
quiring immediate action, he cont¬ was issued in honor of one of
.

inued:

America's

"There

is

need

no

of

these

o

matters.

These

a

ciates and

hearings

already have revealed the present relatives
need

of

reform.

Further

Rotable

At

men.

the

SoteJ Astoji: ;in New York the Edi¬
son Pioneers,
comprised of asso¬

joint
Commission to enquire further in-

their

of

uncheon to

delay

descendants and

Mjv Edison, held a
which a message from

would Only serve those who would

perpetuate existing abuses."

ed.

/

;

ions,

follow:

v.

,

:

.

contributions to

many

man-

rind,
.the/ President
declared:
"Through all the; years that he

summarized by Mr. Hartz,

as

Speaking of the great invent¬

or's

\ Specific Chamber recommenda-

abored from youth to fruitful old

"We favor the strengthening of
;he tJ. S. Conciliaton Service.
By

age his eyes were ever to the fu-

ure.
Always before him was the
indepen¬ vision of -a
better'jand happier
single ad¬ world, to the fulfillment of which

law it should be made ah
dent

Under

agency

a

ministrator.:] " V ";"]

he

We oppose the creation
by law
Federal Medation Board. We

made

Such

tions.",

notable

*.v

_

a

contribu¬
• •

s

] '

Dr. Robert C. Clothier, a,trustee
compulsory: arbijj^tioh " bf and VicerPresident
of the Thomas
labor disputes in all cases where
Alva

rubber.

were

in

Mr.

stated

in

devia

pricing
salc$

of

Steelman's
a

letter

to

Charles B.
of

Hendersoii, Chairman
RFC, who had inquired as to

the

advisability of increasing the

RFC

selling

25%'2cents

a

price

from

22 V2

to

pound, basic grade.

Mr. Steelman wrote Mr. Hender¬
son,

according to advices to

"Journal

would

of

only

the

Commerce,", that it
be

necessary
determine rubber
pricing

to

re-*

policy if

usuage controls

if

RFC's

are

stocks

160,000 tbiis.
continued:

terminated, Br

are

The

reduced

same

to

advices

velops, the RFC should

sell

at a

price that 'would definitely dis
courage' further purchases from

stockpile,

stated."

Mr.

Steelman
*

is

In that area

Edison Foundation and Pres¬

not

para¬

further study

ances

the

son

handling of griev¬

of the

terms

collective ^bargaining
We

told the

legal
as

favor

legislation
compulsory unionism.

of

ternational

outlawing
of
sympathetic
and
secondary boycotts.
/'We oppose the monopolistic

shrunk to

strikes

practices-

-

involved

.

industry¬

in

of

We

of * the

should

unfair

."We

bronze'

One

The law should

law to
free

clarification

make certain the

of

the

right

speech by an employer.
a
requirement in the

favor

collective

o

der the
may

same

York

it

other was A.
.

"

.

:

the

Harry
*

City said the New

conduct

in memory

Thomas Alva

a

nation-wide

to carry

projects

of the scientific wizard,

Harvey S. Firestone, Jr., President

any

Jaw* should ma^e

inventor's

former Secretary of

"Times" vthe

would

the

out for the next ten years

un

of the Firestone Tire and Rubber

We oppose jurisdictiona 1
The

cere¬

Jersey took 1

campaign for $2,590,000

other contract.

strikes.

at

Edison, former Gov¬

In New York

conditions that suits

be brought for breach of

Edison's

bearing

was

Moore.

We
law

bargaining

contracts may be maintained

New

them

The

Navy.

that a union must
bargain in gooc
faith just as an employer must so
bargain.
We favor provision in
Federal law so that suits for vio¬
of

of

ernor arid

fayor

great nations

.

dedicated

was

son, Charles

ban them.
"We

plaque

of

ernors

mass

sit-down strikes.

of

monies in which two former Gov¬

violence, coercion
picketing anc

oppose

farce

J., where Thomas Edison bad

likeness

labor

practices
by unions and employees.

intimidation,

magic

invented the incandescent lamp, a

revision

Wagner Act.
This
Act
contain provisions which

recognize

hazelnut by the

Twq days earlier, in Merilo Park,
N.

wholesale

the in¬

world

tential''extinction."'

royalties on produc¬
the outlawing of

urge

favor

a

splitting hairs in the face "Of'po¬

this practice.

"We

over

in

scene

a

incredible

We Oppose the
union power to force the

exaction
tion.

from

contemporary

of modern science and witness the

bargaining.

of

free

not

the

upon

"He would look out

favor

the

use

today "he would

eyes

scene." Dr. Clothier continued:

outlaw

We

alive

with

anxiety

a

agreement.
to

gathering that if Mr. Edi¬

were

look

involving the interpretation

application

or

ac¬

cording to; the New York "Times",

"We .favor use,-without
requirement, of arbitration

final step in the

of Rutgers University,

ident

should be made.

lation

"When the latter situation de¬

the

interest

wide

Congress.

natural

25

here

mount.

Jackson Day Speech

to

bargaining rights,

opposed to the inter¬
pretation of the Wagner Act which
gives the benefits of the Act to

is

'erred: upbrt

"act expeditiously" to
establish
Committees that will consider the
problems involved in maintaining

computing as compensable walk¬
ing and preliminary-activity time
20

bv

oppose

contained
in
Title II of the Second War Powers
Act, will expire March 31 unless

appealed to the. Sixth Circui
Court of Appeals at Cincinnati.

That

the National Labor Relations Act.

2. The Senate and House should

Edward Lamb, attorney for the
Mount Clemens workers, stated
according
to
a
dispatch
from
Toledo to the New York "Times,"
be

not true of the law

of

■.

policy by the Reconstruction FiH

than

urcetf

are

relations.

management

States, adequate to the minimuhi

Truman to Give

less

a

'

Federal Wage and Hour Adminis¬
trator would be justified in not

of

was

Commerce

director of the Chamber and member of
its Labor
Relations Coirmittee. Testifying in the
hearings of the Senate Law
and Public Welfare Committee at

arrive when it will

be

distribution

this

replace "capitalist exploita¬
tion" with a management capable of providing
more liberally for the rank and file;
a

be

must

necessary to use
these controls to insure equitable

practices which are largely responsible
for much of the present plight of the
country.
to

soon

longer

no

continue

also be instructive

stockpile

emergency.

In asking for the continuance of
existing rubber allocation con¬
trols, the President said that "the

a labor
government (we had almost said a
socialist government) can persuade workers to dis¬

It will

national

a

by an assured production
American-made rubber." \

of

whether

....

of

mented

As very

large creditors and as continuing con¬
tributors to British material welfare,
many Amer¬
icans will, however, wait with interest to see
:

of

Hartz,

time to remedy, Mr.] equal; protection of both .siaea in demands
'he laws that pertain to labor"We

no

Truman asked that Congressional
committees study the matter oif

adequate in itself to meet the de¬

-

on

W. Homer

St

—Prime Minister Attlee.
The type of social and economic
Britain is Britain's own business.

Behalf of United Slates Chamber

on

Immediate enactment of corrective labor
legislation
Feb. 6 on behalf of;the United States Chamber
.

,

Washington, Mr. Hartz presented a
detailed program tor legisla-ive action which he
said would promote
industrial peace and protect the *
*%■
,
■
try. Without proposing specific public, interest indisputes. Mr, jurisdictionhl strike an unfair
laegislation which would servC to •H&rtz is President of the Morden
.bor practice and
subject the viopreserve . .synthetic, rubber pro¬
Frog and Crossing Works, Chicago,, lators to : the
withdrawal of all
duction, according to "a special] 'makers of railroad track
equip- statutory 'benefits;:-'^ -'V';: ■
dispatch from Washington to the.
Sfew York "Times," the President 1
r
"We favor provisions in the law
Jon,
Wagt5er Laboi Rela
to authorize an employer to
recalled the precarious situation
peti¬
tions Act, he said:
regarding rubber deficiencies at
^| lion for, an election to determine
/'Full freedom in collective bar- a Question of
;he outbreak of World War-IjE
collective bargaining
there be representation, as soon as
which on another occasion there gaining; requires 1 that
a union

.

.

a

urged continuance for at least a
jtear of existing controls on allo-

gine, the lorry and the ship. . . <
W"We are shown today what
workers can do if they are given a
chance.
We've got to pull this
country through, and we-will pull
it through. Remember, this is your
Clement Attlee
government.
These are your
mates. Help them all you can.
.
"Do not be in any doubt. I am confident that de¬
spite the serious problems we have to overcome,
we shall
bring the economic and social life of this
country to a new level of prosperity.
.
"The government cannot afford to have workers
restricting their efforts by continuing practices
which were legitimate enough in the
struggle
-against capitalist exploitation, with the fear of un¬
employment always in the background."
.

Urged

sf
-fli;:>■.

special, message to Congress on Feb' 7, President Truman

with the

man

OH ;IBMNMVS

...

In

pick and shovel, the man with the
miner's lamp, the man at the lathe
and the

Thursday,- February 20,1947

a

Co^ Son of
.

one of Edison'^ c|ospst
friends, will head the fund appeal.

Volume 165

House
'

Number 4570

THE COMMERCIAL & FINANCIAL
CHRONICLE

Croup Hearings on Portal Pay Legislation

Sw.

of

The House

Judiciary Sub-committee which recently started hear¬
legislation to limit portal-to-portal pay litigation was told

ings on
by spokesmen for retail trade associations on Feb. 4 that unless Con¬
gress does a thorough re-write of the Wage and Hour Act portal-toportal pay claims may turn out to be only one of the new wage lia¬
bilities

suddenly confronting small
King, counsel for the*->

Joseph

business

of

men

the

T.

National

Retail

Association,

Lumber

declared,

Dealers

according

country.

r-*

■—-

probably will not be ready until
enruary 17 or later.

to advices to the New York "Jour¬

W.

R.

Noble,

nal of Commerce" from its Wash¬

gress

may

open

new

avenues

of

that its. members
the

Incident

to

the

dered in the U.

decision

S.

ren¬

District

portal-to-portal
claims
of
em¬
ployees of the Mt. Clemens Pot¬
tery Co., Congressmen expressed
determination

Feb.

on

8

to

Both

Noble urged

Court

at Detroit on Feb. 8 dismissing the

act.

are

Mr.

re¬

exempt from

King and Mr.

that Congress:

-

"1. Comb the act for terms that

might

be

misconstrued

and

re¬

write them into undisputable lan¬

"2.

Enact

not .be

liable

under

for

portal

claims

the

provision in

Mr.

judical rulings if they had
'in
good faith' under

operated

arising before June 10,
previous advice from the wage and
date of the Supreme Court ruling.
hour administration."
We quote from the Washington
Furthermore, they urged, the
"Post" of Feb. 9, which also said:
"Advocates of legislation to out¬
law the portal suits praised Judge

Picard's finding, but noted that it

might be upset by
©n appeal.

a

higher court

"For that reason, and. also to re¬

stautute

one-year

of

limitations

proposed in the bill for the time in
which all back-wage suits can be
filed, ought also to be passed.
On

ter, Under-Secretary of Commerce,
submitted to the House Subcom¬

any question about its ap¬
mittee the Department's Business
plicability to other suits totaling
Advisory Council's opinion . that
pearly $5,000,000,000, they deter¬
many companies would be forced
mined to proceed with legislation
into bancrupcy and the country's
already in the Committee stage in
economy would be "seriously" dis¬
both Senate and House.
rupted if only a part of the portal
Chairman Michener (R., Mich.)
pay suits were successful. In the
bf the House Judiciary Committee Associated Press accounts it was
said
a
subcommittee
probably stated:
would complete its hearings to¬
"The amounts presently involved
morrow
and report to the full
in law sfe|fcs already filed are as¬
committee next week.
tronomical," the Council stated,
Chairman Wiley (R., Wis.) of the "and yet they cover only some
Senate Judiciary Committee, noted 10% of the total number of em¬
that the Picard ruling "is simply
ployees subject to the Fair Labor
a decision on the facts in this par¬ Standards Act.
"

case"

Con¬

declared

and

gress "should redefine its position

in

uncertain terms

no

the gen¬

on

A

subcommittee

already has

of

this

group

hearings.

completed

Its chairman, Senator Donnell (R.,

Mo.), said

"No employer can

more

work remains to

be done and its recommendations

how much back pay
much

how

and

more

surely

collective

■

support measures for diverting to
country

mow en route

United States
to Europe.

coal

-

need

not

say how grateful
We are for your readiness to assist

In the difficult times
ivhich we are passing.
meed for coal in

pressing and

through

But

Europe is

no

the
less

European coal

London

in

"has been instructed to support

request for

a

a

reallocation of the

shipments of coal

now

at sea, if

this is the British, desire."
The President said that coal thus

President

Truman,

in

making

&nown his offer, declared, accord¬

ing to Associated Press Washing¬
accounts

country

was

thing in its

Feb.

13,

that

this

ready to do every¬

power

to. relieve Brit¬

ain's hard pressed fuel, situation,

pointing .out, however, that ^ship¬
ments

a

sitting

diverted to England would be re¬

Europe to the United Kingdom."

ton

resentative with

should be diverted from

cargoes

from

America




to

British

Associated

placed for other countries
idly

as

shipping schedules

as rap¬

can

be

adjusted.
He said the country has done "a

remarkable

job"

in

stepping

up

industrial areas the

some

resulted

in

industrial

drastic

a

sharp rise in the

reduction

advanced

on

in

users.

total continued

claims for
unemployment com¬
pensation of 1% was noted in the
ended

Feb.

claims, declined
The

1, while initial
than 4%.

more

latest

business

weekly

barometers

reveal a very
high
activity, notwithstanding

level of

declines the past week in such in¬
dustries as bituminous coal pro¬

and

Advances
were

freight

of

con¬

meat

loadings.
proportions

car

modest

n<^d in steel output, electric

of

89,958

coverage

-

gainful

workers."

This

to "all
would

the self-employed, farmand farm workers, servants,

cover

ers

employees
and
non-profit organi-

government
*

workers

in

zations.

/

2. An

increase

cially

..

qnd

in benefits, espelow-paid workers,

increase from $3,000 to

an

$3,600

.....

for

•

in the maximum

a

the

previous week, 21,555
in the like

year ago, and 127,510

week of 1941,

according to Ward's

Automotive Reports.
Plants in this country accounted
for 62,518 cars and 26,424 trucks
the

past

while

week,

Canadian

factories turned out 2,760 and 1,-

890, respectively.
The
trial

one-day cut off of indus¬
gas in the Detroit
hurt the week's schedules

natural

area,

by closing some plants. Inclement
ings which count toward benweather, making both rail and
efits.
highway transport difficult, also
3. An increase from the present
impeded production.
$14.99 a month in the amount
The
supply of durable goods
which an aged person may earn continued to improve the past
from private sources without week and the volume was well
loss of old age benefits.
above that of the same week one
4.

Lowering
limit for

5. Payment

pension

the

of

women

age

year

from 65 to 60.

have

benefits for both
temporary and permanent dis¬
ability.

6.

of

Adoption of

a

long range plan

under which old age insurance

costs would

be divided

among

employers, works and govern¬
ment.

been

plentiful
of

in

31

Jan.

was

informed

tax experts em¬
ployed by Congress, headed by
Colin F. Stam, that revenues for
the next fiscal year would reach

lamps

and

many

proved

more

week.

Offerings

remained

however,

limited.

in

sections of the country re¬
sulted in a slight decline in retail

many

week.

last

retail

only
moderately
corresponding
ago. There was a

was

that

Total

the

of

week

a
year
noticeable decrease in the demand

for

Spring apparel
luxury items

for

numerous

as

in

and

requests

were

not as
previous

many

weeks.

the staff of

Wholesale volume

ally

and

above

rose

fraction¬

continued to be well
of the corresponding

that

1946 week. Attendance at whole¬

$37,928,000,000,
which is about sale centers in many cities was
$200,000,000 more than President heavy but new order volume was
Truman had estimated, according limited as
buyers continued to in¬
to

Associated

Press

advices. The Budget

instructed

in

the

Washington

quality merchandise
Committee is reasonable prices.
Congressional

Reorganization Act to review the
President's buget message recom¬
mendation for an outlay of $37,-

revenues

would

on

at

easier

Republican program to bal¬
the buget, reduce the na¬
tional debt and cut indiivdual in¬
ance

taxes, Committee

Chairman

by the reorganization act, He re¬

,

$2.08

ton.

a

;':

The present high scrap market
at best rests on shaky foudations,
the magazine asserts. Scrap

from
manufacturing
concerns - is
ex¬
panding in volume, a tremendous
increase

in

the

number

of

small

peddlers has materialized and the
trend of tie-in sales and other

wrinkles

plies

in

is .downward.

factors

new

obtaining steel
All

of

sup-*

these

plus the probability

that

steel supplies will be easier within
the next 3 to 4 months are ex¬

pected

to

operate

in

normal scrap

more

Many steel

favor

of

a

market.

consumers

recently

have adopted a more cautious at¬
titude in their steel purchases and

wherever possible have

substitu¬
ted different grades or have made

other changes in buying habits in
order to escape higher steel

prices

of

many

which

involved

are

in

extra

charges. Even though steel
definitely on a priceat-time-of-shipment
basis,
the
dissemination of talk concerning
possible steel price cuts has caused
some large consumers to at least
business is

consider
a

the

possibility of going
planning future

little slower in

purchases, "The Iron Age" points
out.

Some

Washington sources and a
steel officials have indicated

few

by their remarks that the steel in¬
dustry would do well to reduce
,

some of its prices, but such
sug¬
gestions have been definitely tiedin with the prerequisite that there

be

increase

no

in

rates.

To

be

little

current

believe

steel

that

the
steel workers' union would accede
to a status quo in its wagd rates
wage

is

to

a

bit

However,

USWA has at

no

less

than

since

the

time mentioned

specific wage demand except
by saying that it wanted a "sub¬
stantial" one, there is no bar to
negotiations which could result in
a compromise
on the wage-price
problem.
a

Despite efforts to treat the steel
negotiations as an industry
problem, the outcome of these
meetings is important to and will
be felt throughout American in¬
dustry in general. Whatever wage
wage

patterns are set and whatever
price policies are adopted will
dictate

the

actions

all

the

steel

of

tomers
alone

and
that

it

of practically
industry's cus¬

is

the

for

this

reason

responsibility

of

steel management and steel labor
is now greater than at any other

ridiculosuly high two weeks ago
some
delivered scrap prices

ing the current peaceful relation¬
ship between the two groups, the

steel

—

The price of

scrap

became

to

the

states

customer

"The

Iron

in

some

Age,"

areas,

national

metalworking paper, in its sum¬

of the
past week.
mary

steel trade for the

The situation in cast iron scrap

(R.-N.Y.) told reporters.
last week was even more confus¬
Although according to Senator
ing. Some users unable to obtain
Millikin (R.-Col.), Chairman of
the Senate Finance
Committee, pig iron were paying prices rang¬
ing from $5 to $10 more per ton
the budget group has made "no
for cast scrap than quoted de¬
progress," Mr. Taber said, the livered prices on pig iron. Com¬
same advices continued, that the
petitive bidding in the various
markets has been largely respon¬
Committee will "have a ceiling"
sible for this situation and the
prior to the Feb. 15 deadline set fact that the steel industry sees
Taber

to

time in peacetime history. Con¬
sidering this situation and analyz¬

and

that

make

available

gas

so

Steel Industry
iron

fiscal year
in the heavy melting grades were
and set Con¬
as high as if not higher than the
on Federal
expectation price of new steel ingots delivered

the

come

sist

of

Age" steel scrap composite
figure from $31.67 a gross ton to
$33.75 a gross ton, an increase of

realistic.

temperatures

Sub-freezing

above

on

the

appliances,

volume

The Senate-House Budget Com¬

removed
items

goods and table electrical

case

volume

'48 Rev. Aids Budget

Allocations for

ago.

houseware

supply

—

earn-

-

It is reported that in
of gas for home heating;

use

Iron

'

week

the

<S>

A modest rise in

output

Press:

1. Extension

of

could not ask that

we

first

mendations

500,000,0000 in the
tries. From the Associated Press beginnihg next July 1
gress' own ceiling
we also quote:
spending. The larger
Mr. Truman said the U. S. rep¬

organization

country hampered many types of outdoor work.

January 19 for extending unem¬ kilowamroduetion, daily average
ployment compensation to small crude on production, automotive
firms
employing one or more output and paper and paperboard
workers and to several occupa¬ operations.
tions such as agriculture, in which
Production of cars and trucks
workers are not now protected.
in U. S, and Canadian plants last
The following are the board's week
was
estimated
at 93,592
recommendations, according to the units against a revised figure of

by

~

this

estimate of their cost.

mittee

Granville Conway; "to determine how
quickly and in what quantity coal can be landed at British ports.'
<On Feb. 14. President Truman made public a message from Prime
Minister Attlee declining the offer ^
Of aid in the coal crisis, the mes- ports, requiring a minimum of 15
sage, according to Associated Press days, might arrive too late to be
advices from Washington, stating: effectual, but adding that it might
"My
colleagues
and
I
have be possible to divert to English
learned with warm appreciation ports some of the colliers already
<of your offer to do all in your at sea carrying coal to'other coun¬

Fractional declines marked the course of overall industrial
pro¬
duction last week from the
very high level of the preceding week.
The extremely cold weather that
prevailed in many parts of the

already
approval. duction,
civil
engineering
The proposals do not include an
struction, glass, flour and

Increase in Estimated

request for aid had been received from England

to help in relieving our
shortage and in particular to

have

this portal-to-

than

portal situation."

gency Export Programs, Capt.

coal

action,

bargaining

in the fuel crisis, President Truman on Feb. 13 announced that he
liad nevertheless directed the United States Coordinator of Emer¬

power

for

part of the program.

a

recommendations

have.

in Fuel Crisis
no

insurance

received administration

future

Sritain Grateful But Declines U. S. Offer to Aid
Stating that

pro¬

saying: "For a people, as for an
individual, it is prudent to provide
in good times against adversities
that
almost
surely
will
arise
sooner
or
later."
The
Board's^

Nothing could have been devised
impede

survivors'

The board urged prompt

commit him¬

travel time liability he may

to

and

be made

self for additional labor costs until
he knows just
owes

increased,'that the

be extended to include old-

all gainful workers and that per¬
manent total disability insurance

"

he

eral issue."

age

February 6, William C. Fos¬

move

ticular

gram

The report also repeated recom¬

Gwynne's bill which would exempt
down by law Federal Judge Picemployers from liabilities incurred
ard's
decision
that
employers
should

Congress

vices from Washington, it recom¬
mended that present old-age pay¬

and

guage;

nail

eleventh annual report
on Feb. 11, in which,
according to Associated Press ad¬
to

ments be

Washington

presentative of Retail Farm Equip¬
ington bureau, that with the courts ment Dealers, told the committee
"writing new legislation at will," that former
employees of equip¬
•as demonstrated in the decisions ment
dealers are suing for time.that touched off the portal pay and-a-half
pay for hours worked
crisis, small businessmen have no in excess of 40 per
week, although
-way of knowing when a new in¬ the
Wage and Hour Administra¬
terpretation of the intent of Con¬ tion has assured the Association

liability.

The Social Security Board ren¬

dered, its

ahead of it several months of high

above trade

authority observes, it

would not be too surprising to see.
a

precedent-shattering agreement

between the steel corporation and
USWA whereby a moderate

the

increase might be granted
accompanied by a moderate steel,
price decrease.

wage

.

The

American

Iron

Institute announced

and

Steel

Monday of
this week the operating rate of
steel companies having 94% of the
steel capacity of the industry will
be 94.1% of capacity for the week
beginning Feb. 17, 1947, compared
with 93.7% one week ago, 92.5%
one
month ago and 15.2%
one.
year ago,

on

the steel strike account-

belief that the Presi¬ output is a sustaining factor in the
• ;
>
current high scrap quotations, this the previous week.
ing these from 1.8 million tons in dents budget figure can be cut
;
The week's operating rate is
trade authority notes.
December Jo. 2.5 million tons in around $5,000,000,000 to allow for
Scrap prices advanced: last week equivalent to 1,646,700 tons of
January, with ; prospects for? 2.9 -both: debt reduction and tax slash¬ in major consuming markets, the steel ingots and castings and com(Continued on page 1054)
million this month.
result of which has moved "The
ing. export shipments of coal, increas¬

.

iterated

a

•

ing for a sharp curtailment * of ,
operations. This represents an increase of 0.4 point or 0.4% from 1

.;r"""*""

f

tffi&ti&yfc

■■

;

.

|;i|s|^<l ^;'
•<*'

CHRONICLE

THE COMMERCIAL & FINANCIAL

-.vy'.f' 'l'\'t >

V
,■•

■Vt'.

i

WW;

II

If

"International
Finance''

H^'V-I*- ,'

Affairs

jand
$3,5
the total in
microscopic

to cbst us

are

billion next year;
1939 was almost

(Continued from

billion, leaving
^Possibly the most discour- about
by comparison;
Let no one say, therefore,
aging aspect of the matter is $2.3 billion. We spent a lit¬
the '; fact that. there are so few tle less than a billion on in¬ that the hands of the states¬
—or are there really any?— terest, and about $0.6 billion
man who would return to fis¬
$2.7

•

willing to challenge on the veterans. This leaves cal sanity are tied by "fixed"
apostles about $0.7 billion for all other expenditures.
of profligacy, or to stand up outlays.
But who in his right senses,

who

are

the assertions of the

of

in favor

counted

be

and

which could
possibly be expected to get
our feet, back upon the good
earth.
Perhaps it is natural
program

any

I

Now let

who; learned

politics

their

care

how all this

w

of the veterans, and we

have

from Mr. Roosevelt. But this which

4

us see

it h President
Truman's proposals for our
second full peacetime fiscal
year
this time.
Total ex¬
compares

or

perhaps

that

is

the

of

for

we

should

who
spell

believes

militarists,
that

moment

a

say

the

under

not

several

billions could not be

squeezed
in * the
circumstances
for penditures, $37.5 billion; less out of
military expenditures
defense outlays
them to fear the work of the
($11.3 bil¬ without reducing our ability
professional smearers and lion) come to $26.2 billion. to defend ourselves to the
the darts of the glib genera¬ Now subtract $7.3 billion for
point of danger?
Only he
tion of smooth neo-socialists

■'Hi

$18.9

billion,

we now

from
deduct $5 bil¬

who

has ' not

wastefulness

services,

or

heard
of

our

of

the

armed

who forgets that

school debate lion for interest. This leaves adequacy of defense is a rela¬
that is going on. It is a dis¬ $13.9 billion, approximately
tive thing in a world where
cussion the outcome of which 20 times the corresponding
no other nation can afford to
may. well
determine the figure for 1921. Indeed this drain away its
strength on
economic welfare of
many $13.9
billion is more than

is

til
f#

a; high

not

ft

military expenditures — and
long time to two and a half times all ex¬ where all of them know that
come, "' And,
for our part, penditures in 1921, and is
they can not.
We. are
not ready to con¬ within hailing distance of the
And so we might continue,
cede that the American peo¬ $16.8 billion spent in the peak
but nothing would be gained
World War I year, 1919. It is
ple are so deeply tainted with
all the modern isms that they more than 40% above the by laboring the point. It is
certain
beyond any doubt
cannot ;be. moved by plain total expenditures during the
Federal
expenditures could
facts plainly presented.
most extravagant of the pre¬
and should be reduced from
war New Deal years, 1935.
;
the President's estimates not
J Entitled to the Facts
And Now to the Record
i
Ato least the public—the
by a mere $6 billion, but by at

fi

great! rank

of

W

i m

M

i
*v!

i
m.

-ii
H

iK'J

|1
i

to
ifl

a

and

which

file

But let

us

look

a

little

more

the- facts in the case, en¬

in

k ¥;

Such

meaning

>.».
J ' l S,s

*

i

for

telling us must not be
presented touched. The Treasury for
manner
that their many years past has had a
is not obscured by way of changing the classifi¬

titled* to the facts

tfj

I

us-

the

Ii?

|;-'«
:\ \

economic

twaddle

so

mUcH in favor in many quar¬
ters at this time. Let us turn

cations

in

which it presents

its

budget figures. It is-often,
therefore, not possible to be
to this4 record.
The outlays certain of exact comparisons
suggested by the President through a long span of time.
for the Federal Government This is particularly true if
during the year ending June one wishes to make detailed
30,1948, the second full peace contrasts between recent and
year, at $37.5 billion are more pre-New Deal outlays.
Care

X\\

Si
■i

than- double
most

those

of

the has to be

exercised

even

in

expensive year during comparing types of outlay as

World War I.

They lack very presented in the budget itself
little of being four times the all in the same table, since
most
expensive New Deal items are not" infrequently
year' during the 1930s.
In shifted from one category to
ho year from 1922 through another in such a way that
1929 were Federal expend¬ the
unwary may well obtain
itures even near one-tenth of false impressions.
Yet cer¬
those now suggested in the tain broad comparisons as to
President's budget.
details can be made with a
But, say the spenders, war feeling of assurance that no
has become immensely more major error is involved.
expensive

since

and

buggy"

and

so

age

the

"horse

in the 1920s,

Take

what

the

President

calls

"Agriculture and
Agricultural Resources." He
quate defense.
Besides, so suggests that we put $1.4 bil¬
the story continues, we have
lion into this during the com¬
more veterans to
provide for, ing fiscal year. The highest
and interest on public debt is
prewar figure given by; the
inevitably a great deal high¬ President is $1.6 billion in

Iff

er

have

now

for ade¬

measures

than after the other

,We shall return to

war.

some

of

1940 when the farmers

were

the

darlings of the New Deal.
these. arguments, but for the That residual
figure which
moment let us
entirely elim¬ the President labels "Gener¬

rl
>:5

inate these items from

both

al Government" is set down

budgets and

/• |
i

t»

:/$v

see how the re¬ at $1.5 billion, which, is two
maining amounts compare. and a half times the 1939 fig¬
During the year ended June ure of $0.6 billion. Then
c30, il921, the second full there is
"Transportation and

peacetime fiscal

year

follow¬

to

Communications," for which
$1.5 billion is requested. The
corresponding 1939 figure is

less thah $5 billion

approximately one-third that

ing World War I, total Fed¬
eral:*-5
#}

t

r t:

VhV

I
'

v*r

'£l

vis
*

t

least

double that amount*

It is also clear that they
must in the last analysis de¬ closely at these figures which
cide such issues—is entitled so many of our big-wigs are will not be so reduced unless

m

i'

■■$,-.

Thursday, FeB?tl&ry 20,

-

./.'.

•

v.

■

:

",.'

•.•■w't.

"''■'''-'iv',|^il^^

1947

** ••

•

,

outlays

'something
(that

>.

amounted

xs

amount.

"Natural Resources

correct, total outlays
not Primarily Agricultural,"
amounted to $5 billion).:c De¬
has jumped to $1.1 billion
fense expenditures totaled from
$0.2 billion in 1939




irst time- it Ts' stated' that such

infoimatibh lias

factual

for

available
ment
term

the

in

men

become

of

use

invest¬

formulating

long

policy for their Institutions.

Those present at

the conference
opportunity to par:;icipate with members of
the
"Mortgage Committeee in Action"
panel on Friday morning March
7 in discussing the merits of a
group of somewhat controversial
mortgage loan applications.
One
of the first public announcements
of a significant new development
in home construction technique

will have

an

will

outline

gage

investment policy.

Of

his

views

on

mort¬

March 6-7, according to
Spellissy, President of the
Savings Division, who is execu¬

tive, Vice-President of the Market
Street National Bank of Philadel¬

interest to bankers will

be

A

feature

of

special

interest

address by Dr. W. Ran¬

an

dolph
Burgess,
former
A.B.A.
President, and Vice Chairman of
the board, of the National City
Bank

who

of

New

will

York,

discuss

New

"The

York,

National

Debt, Interest Rates, and Savings."
Outstanding on the two-day
program will be a presentation o
preliminary results of the Cor¬
porate Bond Project which is be¬
ing carried out by the Nationa
Bureau of Economic Research for

the Savings Division in coopera¬
tion with the Committees of the

Savings Banks Association of the
State

New

of

State

York;

New

York

Bankers

Association; the
New York State Banking Depart¬
ment; the Savings Banks Associa¬
tion of Massachusetts; the Re¬
serve City Banks Association; and
the

Life

Insurance

Investmen

Research Committee. This invest¬
ment

research

from

the

sistant

American

Secretary,

ollowing:
"At

time of

the

Hogate

his

death Mr.

Chairman
of
the
Board of Dow, Jones &
Co., Ine
publishers of The 'Wall Street
was

entire
Dow-Jones system of publications
and wire services as President of

he Financial Press

Companies

of

for 40 years.

for the first time

on the Cleveland
News and Leader. A little later he
leard
of
a
better
job on the

Detroit News, asked for it, and got
it. In Detroit came the first con¬
tact

with

Barfon,
"Wall

the

late

then

Street

Clarenpe W.

publisher

of

the

Journal"

and head
of the Dow-Jones organization....
"In 1926 Mr. Hogate was named

Vice-President

in

and,

1928,

death he

was

manager;

He

the

of

company

after Mr.

Barron's

also named

succeeded

general
the

late

Hugh

Bancroft as^ President of
Dow-Jones in 1933, a position he
held

until

1945

when

he

was

tion, Philadelphia, Pa.; Howard B. elected Chairman of the Board....
"In 1937 Mr. Hogate tackled one
Smith, Director, Department of
Real Estate Finance, ABA; Joseph of the most difficult tasks he was
M. Dodge, Vice-President, ABA, ever persuaded to
accept outside
President, The Detroit Bank, De¬ the newspaper field when he be¬

troit, Mich.

came a

Burgess Resigns

York Stock

member of the Committee
for the Study of the Organization
and Administration of the New

Exchange. It

this

was

group, that came to be known as
the
Conway 'Committee, which

From NAM io Form

recommended
Stock

Own Business

to

reforms

which the

Exchange itself should make

meet

the

Securities

Ex¬

and

change Commission in Washington
tor of the National Association of part way at a time when further
Manufacturers' Government Fi¬ governmental regulation seemed
Ralph E. Burgess, Acting Direc

Department,

nance

to

form

dustrial
nounced

his

own

has

consultant,
on

resigned

business

it

as

was

in¬
an¬

Feb. 17 by the NAM

Mr. Burgess will maintain

mem¬

bership in the NAM and will have
offices at 500

probable.

.

.

.

"For months, the Conway Com¬
mittee became his chief concern.
He was one of the principal drafts¬
men

of its final report.

"Among the results of the

com¬

Fifth Avenue, New
mittee's arduous work was the
York, and in the Chandler Build¬
ing, Washington. His associates election, for the first time, of a
will include experts in market

re

search, corporate finance and tax
ation.

The firm will be known

Ralph E. Burgess Services, Inc.
Prior to joining the NAM staf
two years ago, Mr. Burgess served
as

economist

and

senior

of

industrial

their

Stock Exchange and broader rep¬
resentation of both the

public and

regions outside New York

on

the

governing committee.

statis¬

factual
information
about
the Government departments, includ
long term behavior of classes ok ing the Treasury, and with a num
ber

salaried full-time President of the

as

says

the standpoint of

Journal," died at
Palm Springs, Calif., at the
age of
49. From the "Wall Street Jour¬
nal" of Feb. 12, we
quote the

In¬ lished

A.B.A.

securities from

Inc., publishers of

Section, ABA,
"Reared in an atmosphere of
New York;
Joseph Stagg Law¬
winter's ink and politics, the boy
rence,
Vice-President,
Empire Kenneth showed a
marked pref¬
Trust Company, New York; Dr.
erence for the former. He learned
R. J. Saulnier, Director, Financial
he newspaper business
along with
Research Program, National Bu¬
his three R's in Danville's public
reau
of Economic Research; Dr.
schools. When he went to DePauw
W. Braddock Hickman, Member of
University he naturally became
Research Staff of National Bureau
editor of the college daily and he
of Economic Research in Charge
filled in his summers between colof Corporate Bond Research Pro¬
ege terms with work on various
ject; Adrian M. Massie, Vice-Presi¬
nearby small papers.*
dent, New York Trust Company,
"Shortly after his graduation
New
York; James. W. Wooster,
Jr.,
Investment
Counsel,
New irom DePauw, Mr. Hogate broke
into metropolitan newspaper work
York; L. A. Tobie, Vice-President,

the advices tician to the Federal Reserve
Bank
will
provide
of New York; in various Federa
bankers and investment men with
.

Co.,

stitute of Banking

phia.
will be

&

he "Wall Street

shop sessions dealing with America.
bank
personnel
problems
and
"The man who was later to be
with mortgages and housing. Those called
'Casey' by Presidents, Gov¬
who will address the conference
ernors, business leaders and a host
jesides
Messrs.
Spellissy
and of lesser folk that reacted
exactly
Burgess, include:
the same way in the warmth of hig
J. Reed Morss, Chairman, Com¬
personality, was born in Danville.
mittee
on
Investments, Savings Ind. on July 27, 1897, His father
Division; President, Boston Five was Julian DePew
Hogate, editor
Cents
Savings
Bank,
Boston, and
owner
of
the
Hendrickg
Mass.; Robert C. Rutherford, As¬ County Republican which he
pub¬

Conference in March

on

Jones

he

Savings and Mortgage

Fred F.

On Feb. 11, Kenneth C.
Hogate
of the Board of
Dow'

Chairman

be

.

vania

.

.'ournal'; he was President of
presented Friday after¬ Barron's Publishing Co., and Presi¬
noon. In the closing address ABA
dent of Dow Jones & Co.
Ltd., of
Vice-President Joseph W. Dodge Canada.
He- headed
the
will

Savings Division; President, Methe public—which is all of us riden
Savings Bank,
Meriden,
—rises in its might and de¬ Conn., Chairman; Kilgore Macfarlane, Executive Vice-President,
mands such a course in terms
Schenectady
(N.
Y.)
Savings
that
the politicians under¬ Bank; Homer Feltham, Mortgage
Offider, Springfield (Mass.) In¬
stand.
'
stitution for
Savings; Albert W.
Lockyer, M. A. I., Price and Lockyer,
Appraisers,
White ' Plains,
N.
Y.; Hayward
S. Cleveland,
Northeastern
Regional Member,
American Legion Special National
National attention is being fo¬ Housing
Committee
of
Port
cused
on
the Eastern Regional
Washington,
N. Y.; Robert A
Savings and Mortgage Conference Jones, Executive Director, Middle
to be held by the Savings Divis¬ Atlantic
Lumberman's
Associa¬
ion of the American Bankers As¬
sociation at the Hotel Pennsyl

Deatli of K. C. ..v.5«lc
Of 'Wall Street Journal" ^

concerns.

He

"Considerable

brought to bear
that time
considered

post

as

to
as

was

pressure

Mr. Hogate at

on

allow himself to be
a

candidate for the

head of the Exchange. He

availability, yields, defaults
scotched
this
was also actuary for the
suggestion, how¬
Congres
quality, improvement or decline
ever.
sional Joint Committee on Interna
and other pertinent information
The bonds have been studied by Revenue
Taxation.
He
is
the
Mr. Hogate made his home in.
classification

they

are on

as

to whether

or no

the legal lists and

as

to the size of the issue and their
source

ities

from railroads, nublic util

or

industrials.

This

is

the

author

of

"The Place

of

Inven

Scarsdale,

N.

Y.,

and

body*

his

tories in the Business Cycle," and

was

co-author

iuneral^^rvicea^Wi^e^ibeld^ioa

the War."

of

"Your Taxes After

brought

Feb. 15

back

«•

there,
*

where
*

I

r.

1049

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4570

^Volume 165

-b¥ii
ing "freedom of the air," which

Report on Overseas Disposa! Program
Unit^ ^tates overseas surplus
property with an original cost of
$6.8 billion had been sold by
Dec. 31, 1946, with a total reali¬
zation to the United States of $1,590,000,000,
Secretary of State

have

the

- called
later the
"Bermuda"
form, developed at
conferences at these two places,
and, second, "service" agreements

proceeds

from

followed

-

form

"Chicago"

nancial return to this country in
the same sense as do

direct sales."

Transfer and Delivery—"The job
ahead in the completion of the
transfer
of foreign
surplus al¬

;

so

Truman in

and,

Receiving Polish Ambassador Recalls
Failure of Country lo Fulfill Free Election Pledge

under terms of which tne United
States is assured of the

facilities

on

use

of air

non-discriminatory

a

Marshall
informed ready sold, is still a tremendous basis.
Jan. 30 in a lettdr one. The work incidental to the
"The rights and services assured
will
transmitting a quarterly opera¬ transfer
require
a
great under
the
so-called
"service"
amount of time and effort for the
tions
report of the
Office of
agreements have been obtained in
the Foreign Liquidation Commis¬ armed services, which are charged
exchange, or partly in exchange,
C.

George

Congress

on

represents a return
the United States taxpayers of
This

sioner.

to

23%.

over

with the custody of the
property,
as well as for
the Office of the

for

surplus property.

The bene¬

fits obtained include rights, on a

Foreign Liquidation Commis¬
sioner, which must handle the
record keeping and accounting.
The property sold to China, for
example, is scattered on island

proximately $2 billion, although,
he said, this estimate is tentative

discriminatory basis, to the
services of navigational aids, com¬
munication facilities, weather re¬
porting facilities and airfields,
which in most cases previously
bases over an immense area. The were owned
and operated by the
tasks of packing, outloading, ship¬ United States."
ping, unloading, and moving to
storage, property which had orig¬
inally cost $837,000,000 consisting

and

it is

of thousands of different kinds of

to forecast months in
the exact require¬

items, are most complicated and
time-consuming. Although China
is responsible for the operations,
the Office of the Foreign Liquida¬

for

Remaining

sale

other

or

disposal at the end of 1946, Gen.
Marshall stated, is property with
an original
cost of $1,365,000,000
already declared surplus. He add¬
ed that "it is estimated that future
declarations will amount to ap¬

subject to

impossible

change,

"as

advance what

ments of

Of

the

our own

total

forces will be."

realization

of

$1,590,000,000, sales made for dollars,
or their equivalent, accounted for
one-fourth, the Secretary of State
declared.
The
remaining sales
made for foreign currencies

were
or

under dollar credits.

Secretary

Marshall pointed out that consid¬
erable progress has been made in
the exchange of foreign surpluses
for real estate, required by U. S.

Diplomatic

Missions, and in the
use of surplus property in imple¬
menting the Fulbright Act. This
Act provides for the use of for¬
eign currency receipts from sur¬
plus sales to finance studies and
research

American

of

citizens

abroad and to pay the transporta¬

tion of foreign students to the U.S.
In addition to the return of

$1,590,000,000, Secretary Marshall
pointed out that the sale of our
overseas
surplus
property
has
supported the economic recovery
in many quarters.
Further features of the report,
as

made available by the Depart¬

ment of

eign

State, Office of the For¬

Liquidation

Commissioner,

follow:
As

result

a

of the

consumma¬

tion of bulk sales with the United

Kingdom, France, Belgium, China,
and
the Philippine
Islands, no
large concentration of declared or
undeclared surplus remains un¬
sold, other than that located in
Germany.
It is estimated that
most of this property, costing the
government $800 million, will be
declared surplus during 1947.

Sales—"Bulk

foreign

sales made

governments

to

have

10
ac¬

counted for 75% of total sales to
date on the basis of original cost
and

60%

tion."

on

the basis of realiza¬

The remaining saleable sur¬

plus, with

a

total estimated origi¬

nal cost of

$1,450,000,000, must be
disposed of on a small lot basis
rather

than

a

bulk

basis.

"Sales

efforts must be expanded and in¬
tensified in order to accomplish

this end.

It becomes increasingly

difficult

to

dispose
property for various

of

surplus

the
greatest demand have
generally been sold first; buyers
must be sought at greater dis¬
goods

in

reasons:

non

-

1946 Steel

tion

Commissioner has

nating

supervisory

and

A Peacetime Record
Payrolls distributed to employ¬
ees

steelmaking plants
peacetime record at

a

$1,544,142,000,

respon¬

according

the

to

American Iron and Steel Institute.

sibility."
Credit Agreements.

—

It

was 90% more than the $812,775,000 paid to employees in 1939.

"To date,

credit agreements have been made
which provide
foreign govern¬

with

ments

in iron and

in 1946 set

coordi¬

a

Payroll

The

$1,104,000,000 for the purchase of
overseas surplus.
Of the total au¬
thorized, $809,000,000 has been
used, leaving unencumbered lines
of credit of $295,000,000."
Foreign

Buildings

Program—"The

Institute's

statement

fur¬

ther added:

of

credits

total

"The
the

strikes

of

strike
coal

and

miners

during 1946 caused the total pay¬
roll to decline 6.1%
below the
1945

700.

Operations

war

Average

week

for the
acquisition of real estate for use
by the Diplomatic Missions of the
United States in exchange for sur¬
plus property has developed into
one of the most satisfactory meth¬
ods of obtaining immediate value
program

ees

year

total of $1,645,332,hours worked per

during 1946 for all employ¬

fell to 36.1 from 44.2 in 1945.

Although the 18.5 cents per hour
wage
increase granted in Feb
1946, hourly, piecework and ton¬
nage wage earners of the indus¬
try received $1,208,259,000 during
1946, compared with $1,351,461,for the United States in exchange
600 in J945.
for limited quantities of our sur¬
"Hourly
earnings
of
wage
pluses where cash dollars are not earners
only during 1946 aver¬
available.
The properties which
aged approximately 134.7 cents
have been acquired are in many
per hour, a. record, compared with
cases in the best locations in the
an
average
of 124.8 cents per
capitals concerned, and since we hour in
1945, 95.9 cents per hour
have had the cooperation of the

fo7eTgrgovernmeTs irhas'been) '"I941' and 84-2 cents Per hour in
possible to effect the purchases on
advantageous terms."
"All properties acquired by the
Foreign Liquidation Commissioner

this

under

"The average number of em¬
ployees at work in the iron and
steel
industry in
1946 totaled

compared with the
the For- 1551 >200 average employees in 1945.
"New

program

are

(575,300,

specifically designated by
eign Buildings Operations Divi¬
sion of the Department of State
and
sent
to

certified by it to repre¬

are

dollar value at least equal

a

the

fair

of

value

surplus

the

as

monthly

established

during

records

1946

in

were

pay¬

rolls, earnings and employment.
November,
average
hourly
earnings for steelworkers hit the
high figure of 136.7 cents, and
total
number of employees
hit

In

Polish Ambassador, Josef Winiewicz, on presenting nis
President Truman on Feb. 4, was reminded; by ><the

new

to

President, according to Associated Press Washington advices, that ,the
Polish Government "has failed to fulfill" its pleuge to noid iree elec¬
tions.

Although

Winiewicz's words of greeting to the United
couched in the usual warm diplomatic terms,

Mr.

States' President

were

President

whereas

tooh.^

Truman

occasion to criticize the elections,
the

the

that

fact

Polish

emmis-

sary's credentials have been ac¬
cepted by the Chief Executive has
served to dissipate whatever spec¬
there

ulation

that

been

Poland

this

for

the

in which the elections of

manner

gard thereto

re¬

Associated Press
Washington in the

an

from

account

With

conducted.

were

account of the

an

meeting released later by
the
State
Department,
Ambassador
Winiewicz presented his creden¬

together were the. recip¬
ients of more than two-thirds of

billion' in United States
foreign credits out-'
standing or unutilized on Sept*

the $9.2

Government

.

30, 1946, the Department of Com¬

Soviet

and

at Yalta and

had

Governments

The President

re¬

called that the Polish Provisional
Government

"It

out

to

is

a

pledged itself to
this decision.
of deep concern

cause

the

American

Truman

continued,

and

me

people,"

to

Mr.

"that the Polish Provisional Gov¬
ernment has failed

in

welfare

the

inter¬

the

Polish

with this in mind
the co-opera¬

is

It

people.

of

of the

lost

States has not

United
est

to fulfill that

Government

The

pledge.

that I offer to you

officials of this Gov¬

of the

tion

ernment."
Mr. Winiewicz succeeds Dr. Os¬
car

Lange

Warsaw's representa¬

as

the advice Feb.

4 to the

New York "Times" from its

Wash¬

ington correspondent Bertram D.
Hulen, we take the following:
"Poland," Ambassador Winie¬
wicz said to President Truman in

presenting his

credentials,

"does

not isolate herself within her own

circle of affairs,

but desires to take

her share in all international

ef¬

aiming at the creation for
humanity of a better future and
democratic foundations and of a

forts

loyal cooperation of all
peace-loving nations."

sincere and
the

$1.9 billion. All
of the American Republic com¬
bined had credits outstanding and
had

unutilized of $616 million, mainly
Export-Import Bank loans, along
with
some
lend-lease
credits."
From
the
Department's advices
we also quote.
"
■
>

credit figures for

Comparable

leading
countries .are:
Netherlands and possessions, $595
other

Export-Import

largely

million,

including

but

loans

Bank

some

property credits; U.S.S.R., $241
million,
all
lend-lease
credits;
and China, $201 million, princi¬
pally Export-Import Bank loans
and property credits.
Regarding the future, the De¬
partment of Commerce said that
the chief remaining source of hew
credit commitments is the unused
lending capacity of the ExportImport Bank. On Sept. 30, 1946
this equaled $854
million, $500
million of which had been ear¬
marked

loan to the

loans
to
of the

possible

for

In

addition

none,

Philippines, authorized

by Congress in an amount not to
exceed
$75
million, had been
committed. Further commitments
in connection with surplus. prop¬
erty disposal abroad might come
to $100 million or more, 'and the
Maritime Commission
may ex¬
tend

million or more

$150

some

in additional credits on

merchant

purchasers.
potentialities may

ships sold to foreign
"All of these

about

add

billion

$1.2

to

commitments

credit

in new
the Sept.

$9.2 billion
unutilized.
sincere
understanding
of
your This would suggest $10.4 billion
the peacetime record level of 600,"Activities
during
the
quarter
country, and on its friendly help," as an outs'ide estimate of Govern¬
000. Total payrolls in October at
he said.
brought the number of vessels
ment foreign credit undertakings
$150,637,500 set a new peacetime
sold to 3,933, or 61% of the 6,383
"In this spirit, the President of
on the basis of present conditions.

property furnished in exchange."
Maritime Disposal Activities—

ships that have been declared
surplus. However, it is expected
that future declarations by the
Army and Navy will
in

total 2,500

addition

it is

vessels

and

pected

that

650

former

vessels

will

be

declared

ex¬

German
surplus

making a total of 3,150. These ves¬
sels plus the 2,450 already de¬
clared but remaining unsold, or a

vessels, constitute
main maritime disposal prob-

total
the

of

5,600

le min the future."

record.

the National Council of

"In December,

the effects of the

second coal strike of the year re¬
duced

total payrolls to $137,216,-

500

from

ees

dropped to 594,200 from No¬

$143,440,700 in Novem¬
ber. Average number of employ¬

vember's
hours per
clined

"In these efforts we count on the

600,000,

"and

average

week per employee de¬

to

November."

36.5

from

38.7

instructed

wishes to yourself

est
and

the

to

Poland has

to extend his warm¬

me

personally

people of the United

These wishes are

States.

accom¬

panied by the sincerest feeling of
friendship of the entire Polish na¬
tion for your

country and for your

countrymen."

in

Under date of
Press
in

advices

Feb. 4 Associated

from

Warsaw

said

of

total

1946

30,

credits outstanding and

Most of the United States

"President Boleslaw Bierut

.

Gov¬

credits
carrv
interest
rates of 2 to 3% and stipulate re¬

ernment

principal at annual

payment of
or

semi-annual intervals over pe¬

20 to 50 years,
provision for a five-

riods varying from

with frequent
year

are

initial breathing space dur¬
which

ing

repayments

principal

not required.

Department of

Estimates of the

part:

and
Aircraft —"Cumulative sales of Opposes Big Three Meeting
the entire Moscow-backed Provi¬
tances from the areas in which
While declaring that He knew
aircraft and aircraft parts since
sional Government resigned today
the surplus goods are located; a
of no need for a meeting of the
the beginning of OFLC operations
and the Marshal of the new Polish
greater? proportion
of available have amounted to more than $52,- Big Three at present, President
Parliament, Wladyslaw Kowalski,
surplus consists of maritime prop¬
Truman at a news conference on
000,000 realization on equipment
became President for the day of
erty and fixed installations, which
originally
costing
the
United Feb. 1, stated that he would be
nave limited civilian
utility; the States Government $313,000,000. glad to welcome Prime Minister reorganization. The changes re¬
sulted
from
the recent parlia¬
value of the unsold surplus de¬
Attlee
of
Britain and Premier
In addition, there have been sep¬
mentary elections, against which
clines because of deterioration."
arate
aircraft
bulk
settlements Stalin of Russia in Washington at
the United States and Great Brit¬
Other Surplus Disposals—"Total with various friendly nations not any
time, an Associated Press
ain
have
protested,
declaring
foreign surplus property dispo¬ included in the above figures in¬ Washington dispatch reported. Mr.
them neither free nor unfettered.
sals made to the end of 1946 in¬
volving some 2,000 aircraft which Truman's remark was made to a
Beirue,
member of the
Com¬
cluded, in addition to sales, prop¬ were sold for $30,000,000. Poten¬ reporter who had brought up the
munist-backed Workers party, is
erty disposed of by other means tial declarations of commercial matter of Mr. Stalin's having been
expected to be elected President
which had
an
original cost of type planes, components and parts, quoted recently as being in favor
tomorrow.
$595,000,000. In this category was are estimated at upwards of $165,- of further Big Three discussions.
"The Russian Ambassador W. Z.
Property transferred to UNREA 000,000 at procurement cost. Sales The President's views are the
under Section 202 of the UNRRA of non-combat aircraft to the end same as those expressed on the Lebiedeff headed the diplomatic
Participation Appropriation Act, of November 1946 amounted to subject on several occasions since delegation at the opening of the
Parliament, but United
which had
he last met the British and Soviet new
an
original cost of 5,665 planes."
States Ambassador Arthur Bliss
Air
$128,000,000 and a transfer value
Rights Agreements—"The leaders at Potsdam in the summer
Lane and the British Ambassa¬
of
$86,000,000. Such transfers rep¬ rights and interests of American of 1945. Ever since the Potsdam
Victor F. /W.^Cavendishresent a partial discharge of the airlines have been considered in conference - negotiations
among dor,
undertaking of the United States the sale of surplus abroad. Two the Big Three have been carried Bentinck, were absent, nor were
to contribute to UNRRA
any
members of their embassy
and con¬
general types of agreements have on by the foreign ministers in
sequently the transfer value of been made with foreign countries: meetings
at
Moscow,
London, staffs among the spectators in
the Diplomatic Gallery."
the property
Paris and New York. ^
*
represents a net fi-First, bilateral agreements assur
1
'I
i ♦ i :
v.- »
i
;
*.•- t
? C:4f
V
'• *




credits

such

in

billion

$4.7

France

and

China.

tive in Washington.
From

Clearing

the

agreement for the holding of

carry

stated
compilation by
Office for Foreign

Transactions the United Kingdom

again at Potsdam in

free election.

The ad¬

30.

Jan.

on

vices from the Department

important
decisions
concerning
Poland, and that among these was
an

said

merce

tials, whereupon Mr. Truman ad¬
dressed him, declaring that the
United States had joined with the
British

and

Kingdom:

United

The
France

that according to a

New York "Sun" said:

"According to

———

Britain, France Got Most?!*
Of U. S. Foreign Credits:

diplomatic

break

with

relations

Jan. 19

has

might

country

a

steelworkers'

two

The

credentials

Commerce indicate

and

that principal

totaling

payments

interest

$164 millions will be
These

charges

sharply

to

due in 1950.

will

increase

million in 1951
peak of $336 million

$331

and reach a

;r;\

in 1952.

formula is at

No ready

hand to

determine the

relative burden of

States

Government1 for¬

United

eign

credits as they may

affect

of nations,
the
Department
of Commerce
said. However, the United States
Government, as a potential -$10
billion creditor on foreign ac¬
count and as an immediate in¬
vestor of $3.4 billion in the tWQ
Bretton Woods institutions, has-a
direct and substantial stake in the
sound
development
of\ future
the

future

commerce

world trade.

1050

THE COMMERCIAL & FINANCIAL
CHRONICLE

Steel Operations Set New Peacetime RecordLittle Relief in Scrap Market Conditions

reflected

in
the scrap » market,«
prices are now quoted at
$35 per ton for No. 1 heavy melting steel at Pittsburgh, the grade
where

-

used

try this week set a new peacetime record with ingot
operations at
94.5% of rated capacity, up one point from last
week, according to
"The Iron Age," national
metalworking paper, which, in its issue of
today (Feb. 20), further states as follows:

in

"Unrelenting pressure for scrap
to sustain current
high steel pro¬

♦'Even

with

this

high
be June

may

output,^
July. for

or

a marginal
requirements.

before the current tight situation
in the majority of steel

products

"However,

be relieved.

can

of

amount

fly-by-night

"In its effort to raise
output and
a hole in the
unprecedented
volume of unfilled steel

duction

ton

orders,

high

in

steel

away from premium markets and
there has been a definite decline

time unusual efforts to get
amount
of steel
produced are costing steel firms
than

would

be

equipment

the

and production reduced to

a

more

"A

cheCk

by

supply

versus

no

actual

needs

any

has

forced

do well to reduce
its prices, but such sug¬
have
been
definitely

would

status quo in its
wage
rates is to be a little bit
less than
realistiCi
However
since
the
USWA has at no time
mentioned
a

specific wage demand
except by
saying that it wanted a 'substan¬
a

tial'

possible.

one

tiations

there is no bar to
nego¬
which could result in a

compromise
problem.

wage-price

"Despite efforts to treat the
steel wage negotiations as
an in¬

situ¬

curtail¬

In

«

of require?

explore and exploit new markets.
"The
long-range

wage

viewpoint,

mills

have

and

are

become

far

changing

oversold

their

policies

plate producers, the regular trade
probably will not receive as much
at present.

as

"Flat-rolled

steel

continues

critically short supply.
is far in

in

Demand

of current

excess

output
and consumers are
pressing pro¬
ducers from all directions.
Con¬
sumers allocations
based on pre¬
order volume are
falling far
short of needs.
Additional sheet
and strip

focused

the size of their steel

on

inventories with later emphasis on
control of finished
manufacturing

product inventory.
"For steel firms there was little
relief in scrap market conditions
this week.
the

While quoted prices in
various major markets were

unchanged this week many steel
producers continued to pay from
$2 to $3 a ton more for material
coming from distant points. Crosshauling of scrap was increasing
as

many steel companies continued

to compete

for available material

outside their

own

district.

"For the past week
have been
scrap

some

trade

to

or

two there

rumblings in the
the

effect

that

a

congressional investigation might
be made of current scrap condi¬
tions with emphasis on the un¬
precedented prices being paid. No
official
information
has
been

forthcoming from Washington
an investigation.

re¬

garding

"While the steel industry is do¬
ing everything possible to allevi¬
ate the freight car
shortage by
stepping up steel shipments to

freight
that

car

builders, it is

steel tonnage
above what has been
any

obvious

over

ever

patterns are set and what¬
price policies are adopted

steel management and
steel labor

is

new freight cars
must be at the
expense of other steel
consumers.

now

greater than at any other
time in peacetime
history.
Con¬
sidering this situation and ana¬
lyzing the current peaceful rela¬

to

into

come

ment

between the

steel

corpora¬

tion and the USWA
whereby a
moderate wage increase
might be
granted

accompanied by

a mode¬
price decrease."
The American Iron and Steel
Institute
this
week
announced
that telegraphic reports which it
rate steel

had

receive

indicated

that

the

the next

then.

so

sources,

many

uncertainties

round this
market that most
sumers f refuse
to

sur¬

con¬

participate.

These twilight
markets which are
carry-overs from the OPA
black
markets are still
utilized by steel
consumers who are
up against it

•••■

v




v

y-

original commitments for the

sec¬

ond quarter quite

drastically. As
indicated, the difficulty with some
was

plication

since

along

year,
steel

the

with

first

Feb. 7 gave in

on

a

for¬

statement the

recent

locomotive repairs,

$32.08

holding

capacity for the week beginning
Feb. 17, which is the
highest rate
reached since the 95.3%
level in
the week of May
14, 1945 and the

finished steel, and
$29.56
making pig iron."

post-war production. The
current
figure also compares with
93.7%
one

week

ago and

15.2%

strike

a

ago,
was

92.5%

one

month

one year ago

in

when
The

progress.

operating rate for the week be¬
ginning Feb. 17 is equivalent to
1,646,700 tons of steel ingots and

castings,
tons
one

compared

to
1,639,700
1,617,000 tons
ago, and 268,000 tons

week ago,
month
one

one year
ago.

"Steel" of

Cleveland, in

mary of latest news
in the

its

sum¬

developments

metalworking industry,

Feb. 17 stated in
part
"Despite weather

as

on

follows:

total

production of
nearly 86,000,000 tons of steel, about
5% be¬
low the all-time
when

record set in 1944

war

production

was

peak.

"Concurrent with
in

steel production

sure

on

raw

the
was

at

its

increase
the

ores-

materials, " This, is

the

as

finished

steelmaking

"Yet the

tangible evidence adduced by Congressional committees indicates that
our

armed forces

our

money

been.

$69.36

not

the

Hartford

Company
15

1935

years

and

and

1938,

"A

substantial

foi

of

either

the

report

War

II,

and

much

of

strongly

agitation

considerations

prompted

a

year

in

sons

Most of these vet¬

quite

the

this

World

or

had

many

feel

erans

of

veterans

are

World War I

World War II.

the

prewar

The

by

that

for

vet¬

by

rather

po¬

than

sincere

any

The

the

level.

Chamber, which is

one

of

,

to

to

1

are

their

pay

urged

own

by

all

restore

rents.

Courant

directly traceable

failure of the transit lines

ments

by

way.

the

rent

Chamber

ceilings

new

to

Congress

but it

to

state

govern¬

control

of

all

Continuance of the present

mercial

properties

was

com¬

favored,

Effective

The Chamber went on
record
against permanent registration of

16, the price of the
Sunday

costs

We

of

are

the

steadily

newspaper
now

for newsprint

necessi¬

mounting

publication.

paying $83.30
as

a

1941, and all other expenses of
operation have advanced in
simi¬
lar proportion. We
cannot

selves
and

at

absorb

these

the

our¬

higher costs

same
time maintain
standards of journalism
long
upheld by this newspaper.,'
•
»

the

.

"Our

readers,

we

believe, will

recognize the realities of the situ¬
ation by
showing their willingness
to pay a little more
for the
Even at the

paper.

new
rates, we think
they will agree that
they are get?
ting full value for their
ihoney."

was

voters in New York
City on the
ground that it might
bring about
serious election frauds. It
urged
the creation of a

committee

ton

against $49.50 in

form

a

lasting

basis

which the United Nations
form its functions."

|

upon

can per-

Secretary Marshall, according to
Associated Press advices from

Washington undertook
t,is

views regarding

to

express

all phases of

-un^e(j

next

month

»ancj Specjfic European issues. He
included a statement on American
ernment,
that

mentioning

there

are

restrictions

specifically

United

no

trade

on

States

with

that

country "except in respect to ex¬
portation of arms and implements
of war."
Referring tOjj the forth-*
coming Moscow conference Mr,
Marshall asserted that he under¬
stood

the

position

Vandenberg

of

Senators

and

Connally which
prevented their joining him in the
negotiations, and added that he
had "complete confidence in their
support

the general basis of a

on

bi-partisan
went

foreign

policy."

He

to say that this govern¬

on

ber

of

American

correspondents,

which she has declared
can
be

are

all that

accommodated, from the
stipulated 15 to 20. Mr. Marshall

or

a

joint legislative
public-legislative

group to study the payment of
cash benefits to sick
workers, be¬
fore any measure to this end
were
enacted at Albany.
I

Fairfield

Osborn,

President

the New York
Zoological
the guest-speaker at the

of

Society,
meeting,

said- that, the misuse
of atomic
energy ** and the f continuing
de¬
struction of the natural

living

sources of the earth were

ma jor;

threats

H^uri^d M

Speaking of atomic
Marshall declared:
never

feel

great

destructive

the

residences and

the

exclusive

on

state control of the rents
of

Feb.

the daily 'Courant'
will be five
cents
and
the
home-delivered
price 30 cents a week.

are

which

J will

York's present financial

recommended that re¬
tail stores and
restaurants should
be exempted from such
controls.

increases

Presi-

$5,000,- ment was
requesting the Rusian
could be saved by.
government to increase the num¬

"Beginning Monday, the price
of

"These
tated by

of

leaders in the fight for a
stated that his
higher subway fare,
Deputy for the
unanimously
adopted resolutions urging
the coming conference would be Rob¬
city administration to recognize ert
D. Murphy.
that New

on

edition will be 15
cents..

that

reiations with the Argentine
gov¬

benefits"

number

Chamber's members

to

issue, of the "Courant":

Feb.

to

Ministers in Moscow

peacetime.

said:

to the

the

have

equal to the entire
budget in each of the

Federal

remove

in

in

services

constrution of

(Conn.)

appeared

could

almost

difficulties

announcement

spending

$7,343,000,000

"veterans'
was

car

Hartford "Courant"

conform

for the United States
"a
and active part in the
working
ou^
0f peace
settlements

eco-

taxpayers, there-

continue

steel¬

on

war

as

Po-i-g of
expenditureouV^oAhAnrn?S0fd

000,000

Price Increases
by
following

us

not
in

they

as

All of

semi¬

on

wouid

states foreign relations
fore, are most anxious that the
with the exception of
matters to
Congress take special precautions
come before the Council of
to make sure that those
Foreign
conditions

was

The

during the

were

nomical and efficient

reducing the number of civilian
employees in government service

scrap while

unchanged at
steel, $52.10

of international
Stressing that his policy

peace."

con-

desire to aid the veterans."
report said that more than

railroad

as well

a

are

troversial issue, the report said:

being

construction and repairs.
"
'Steel's' composite market
av¬
erages advanced to
$33.75 from
on

expenditures

litical

the final touch for
certain mills.
These allocations
provide steel for

having 94% of the steel capacity
the industry will be 94.1% of

second consecutive
week of record

of

(maintenance

Admitting that national fun

year.

erans' benefits is actuated

allocations, which provided

operating rate of steel companies
of

"Steel scarcities in
difficulties,
hard-to-get steel ingot
steel items exist
production continues to
primarily in bona rise, and last
week made new
fide steel distribution
high
channels. records
for peacetime
Substantial supplies other
output. Last
than
week's rate, if
governmental surpluses are
continued through¬
alleg¬ out the
year, would result in a
edly available from other
"but

mal

•

operation

that
they became greatly
oversold, especially in view of the
tionships between the two groups, operating handicaps they had been
it would not be too
surprising to encountering, with shortage of
see a
precedent-shattering agree¬ raw materials the particular com¬

and

shipped for

Cabinet office
Jan.

ciuded

war

defense

rolling mill capacity is
do

expected

u

•,

they will at the same
keep their attention sharply

took

$11,000,000,000 in the dent
Truman and former
Secretary
budget, the report said that this
of
state James F.
Byrnes, Mr,
would be
approximately ten times Marshall
pointed out that it inas
high as in the average pre-

with respect to the
acceptance of
tonnage, such as is true with some

"Most, if not all, plate producers
however, which takes into account will dictate the
actions of prac¬ are now selling on a
quarterly
the fact that steel supplies will
tically all of the steel industry's quota basis, some only
reach a more normal condition
recently
by customers and it is for this reason having adopted this
policy and in
summer, indicates that some of alone that
the
responsibility of shifting over are cutting their
the present

material

approaching

Secretary of State George C.

Marshall

The report declared that

^

of more than

quarter.

few months but no
problem, the outcome of
particular easing in the tight
these meetings is
sup¬
important to an<|[
will be felt
throughout American ply situation is likely until well
on toward the
end of the
industry in' general.
Whatever
year, if

of expenses,
borrowing of
additional* capital and the elimi¬
nation of programs designed to

time

21,

Commenting upon the requested national defense
appropriation

not bet

cases

fact, in certain instances, where

over

dustry

ment

manufacturing diffi¬
culties will not last too
long.
It
seems certain,
however, that while
steel Users continue to clamor for

since he

the is¬

all

war

the

on

substantially short

present

would

of

accede to

activity

drastic

is now, while

fresh in the minds of the

are

public."

milder weather returns.
"With the outlook

current

"Small
manufacturing
plants
have been particularly hard hit
by being unable to maintain high
ation

such action

ments and in some
ter than for the

steel wage rates. To
believe that
the steel workers' union

that production schedules are far
below what they would be if a
steady and balanced flow of com¬

manufacturing rates and this

impeded

soon as

gestions
tied-in with the
prerequisite that
there be no increase in

indi¬

continues to be unbalanced inven¬
tories. This situation is so severe
in some

were

suggested

goal for peacetime" a Federal budget

Foreign Policy

finished

Movement

sues

dustry

Outstanding in¬
formation shows further that
tjhe
biggest headache among steel users

ponent parts

in
The

weeks by ad¬
weather conditions.
Indica¬
tions are volume will increase aS

some

some

type of products.

manufacturing

of

converters.

still

com¬

letup in demand for

steel

week.

consumers

and

ultimate

an

$20,000,000,000, including reasonable provision for debt
retirement
"The present Congress has been elected with a direct
mandate from a
majority of the voters on a plat-<$>
:
■
form of drastic public economy to .
il'irchsill SfalfftC
be accompanied by extensive tax. IHGi vllCHI WlWlvQ
reductions," a report of the Com¬
mittee on Taxation, which was
adopted, said. It added: "The ap¬
At
his first
news
conference
propriate and strategic time for

during the last two

few steel officials have
indicated
by their remarks that the steel in¬

,

steel

some

panies as to the position of their
customers with regard to steel
cates

last

a

economical level.
<

if

case

utilized

were

"as

con¬

outline of his
thoughtful people had been
iltu.
"shocked" by the size of the $37,- ' policy which is "to make the inencouraging
fluerl>e of th}s C0Untrv felt in in
for continued high rate of steel 500,000,000 budget for the fiscal
terial."
¥!ln
ternational Affairs by
production
for
In discussing steel
doing all
several
weeks year 1948 which President Truprice cut talks
that can be done to
man submitted
strengthen and
ahead, mills have established sec¬
and steel wage
negotiations, "The
perfect the United Nations as
ond quarter
erence was also made to tne fresiaisu
Iron Age" in its issue of Feb.
an
selling quotas at a
13
lnstrument for the discussion -*
instrument
discussion of
had the following to
generally higher level than for the dent opposing any tax reduct
say:
international
current period.
in his budget
problems and the
"Some Washington sources and
message.
However, they are

maximum

more

melting

Congress

their fight Ibr government economy, the Chamber of
Commerce
on Feb. 16 at its monthly
meeting

verse

of the twilight market
Heaviest activity in these
markets involve flat-rolled ma¬

being paid for scrap, while at the

normal

heavy

districts

of scrap to mills has been

prices.

same

the

for

between
a

small proportion of total transac¬
tions. The general trend
today is

cost
equipment is "being
utilized and outlandish
prices are

levels, aggravated by

in

effort "to strengthen the hands" of members of

an

of the State of New York

supply situation is made tighter
by the scrap trading arrangements

steel
some¬

the industry is running into
higher
steelmaking costs.
Marginal or

In

tinued shortage of pig iron,
finally
forced the price level up
$2.50 per

steel

only

basis for all scrap quo¬

as a

tations.

many

deals with their double and
times triple prices
are

make

,

N. Y#Chamber Calls lor Pfoyision for

,

i\ By straining
every piece of equipment and using ail of the short¬
cuts learned during the hectic wartime
peak periods, the steel indus¬

however, it

Thursday, February 20,1945)

re¬

the two

thewoHd today.
b^ccuhe ah

secure

uncontrolled.

so

long

Mr,
can

this

as

remains

force

That is why we are

giving primary emphasis to solv¬
ing the problems it presents." Mr.
Marshall pointed out that the pro¬
blems of disarmament "cannot be
solved
said:

on

emotional basis." He

an

"The United States Govern¬

ment, I
care a

am

will avoid with

sure,

repetition of the tragic con¬
of

sequences

unilateral

disarma¬

ments and the limitation of
ment

On
new

as

the

arma¬

done in 1921."

was

subject of

Poland

the

Secretary of State declared

that "this Government intends to

continue

to

situation

in

follow

Poland,

fare of the
retain full

termine
toward

Polish

the

closely
and

maintaining its interest in

while

the weir

people, it will

liberty of action to der
its

the

>

futur

e

Government

attitude
of

Po¬

land and Will continue to
keep it?
self informed

of developments

herlqf (<kxvernmeht th Poland v through

.vmqv^eht.,

energy

"Mankind

-

its

mission ih Warsaw."'-

in

diplomatic

Volume 165.; Number 4570

THE COMMERCIAL & FINANCIAL chronicle

1051

than double the 1940 figure.

more

1946 totaled

Statistical

(Continued from first page) ';
past experi¬

•

I feel sure that

ence

Would be

housekeeping purposes only.

mention the

countless

.

bound

The

-

best

the

.

answer

be

ment would

to

this

full

a

argu¬

review

of

^record and ' policies of the

United States Conciliation Serv¬
I cannot; undertake^ that

ice.
*

'.tune at my disposal.

-

in

But I

would like to quote four. charac-

&Wlt^eSSfiS' H 1

may call them

four.groups who have

i

■4.

a

aS

Fey °f
?r,e; the National

Manufacturers, the U. S

Chamber of

Commerce, the Amer¬
ican Federation of Labor, and the
Congress of Industrial OrganizaConciliation

No

,

'

groups

have

-To me, and to many others who
close to the labor scene, this
indicates a much greater area of
basic agreement than most
people
Can

this

on

m

ernment

atford

we

large

move

with .gov¬

area

mandates

to

or

a

super-

government

participa¬
collective bargaining.

tion in

Here

again

wartime

our

were

re¬

ferred either to the National War
Labor Board or the NationaLLabor

*5ey take

nfv

in

part
and day out they watch
negotiations being carried on with
my m

th| friendly, impartial help of
Commissioners^ of

our

.Conciliation.

L?t me-remmd you that during

Jhpdast year, the Commissioners
6 capable'.direction of
fofK settlement- aided in the
Warren; of 13,000 inpeaceful
"

r

^rial|^isputes^ 'vMoreoverf i in
Pf

disputes where Com-

approved

by

leading

labor and
management
representatives
in
their respective areas.

The

;

be said of Con¬
Technical Division

same

ciliation's

can

assists

the

parties

in

dis¬

putes where highly technical prob¬
lems arise, such as incentive
plans,

job evaluations, merit rating
workload studies, and
lated questions.

sys¬

tems,

re¬

Beyond these regular methods

j

fers,

tion

■

when

the

Service handled

disputes

and

Concilia¬

23,000

over

referrals

reached

have

we

other

developed

several

of promoting indus¬

means

trial peace. Fact Finding is one of
'them. During the last year I ap¬

pointed nine fact finding or spe¬
cial inquiry boards.
In each in¬
their investigations led to
satisfactory settlement of the
controversy. The public has not
stance
a

33%.

.

...

Today the story is very differ¬
ent. Labor and, management are
again learning to use the collec¬
tive bargaining process. As we
entered the new year, 1947, work
stoppages were the lowest since
VJ-Day.
Not only were 1 there
fewer strikes, but, the number,.of
workers

involved., and

.

idleness

heard much of this success, but I
believe it can be repeated in the

future, provided that certain basic
principles are followed.
.t

These principles include the full

Despite the tight raw material
which

prevailed during

record performance,

the "Organpoints out. Production
of
viscose+cupra yarn rose 944%
during the year, acetate yarn
6y2%, viscose, staple 2y2%, and
acetate staple 11%. On a pound¬
age basis, the greatest increase

on"

are

thoroughly fa-

were also

well... below those early:
months of 1946, As of Jan. 1,: 1947

when

2,835,000,000

pounds were

produced. In the 1946 world total

estimate, filament yarn comprised
1,100,000,0000 pounds and staple
700,000,000 pounds.

the Conciliation Service, .there is

would

the
'

NAM,

Je Chamber of Com¬
the

and

merce

CIO

are

unani¬

mously opposed to the creation of

lm^iatl?n' b°ard. Let Directors:
me quote
the Chamber's Board of
"The

that

vinced

mediation.

establishment

of

a

Fed-

flX^diltion b?ard'or anysIm"

llar body by another name, would
interfere with and disrupt volun-

S^lective bargaining. There
would be
tendency to refer im-

reason

I

why

am> con¬

mediation

a

board

Impede

industrial peace.
My own experience has convinced
me that the job is not;one. to be
none by a board, because the solu^

ls?ues to such a board>

would undermine voluntary

agreement."
.

of

My

own

experience

as

Secretary

Labor fully supports that view.

iSln?i
perfectly

war we could see this

natural
tendency
at
Time and time again the
dispute were so eager

Work.

parties to a

to have 'their case" settled

by the
Board that

National

War Labor
the preliminary negotiations were
httle more than snadow boxing
a

warm-up

for the big show in

Washington.

5°

Consequently

the

d found itself heavily burwith

a

huge

back-log

of

cases.

of

ferent

labor

™

*

o

unfamiliar: prob-

terns

ovm-1>h0ilt*
rf'irf
sfnn

v

f

- *&■■<

gloss

? /afJ that Iabor disputes
the. rate of rCconver'TPmihd,you ;fhat
than 14 million

l?covered by *pme
<wridg the

c^actsi ^ S




have tried to outline for you

gome of the

things the Labor De¬

Industrial relations.

ward

cases.

where

Japan,

at

the

time

one

nial.

and

a

half

in

within the industry.

We know the

background and the mental atti¬
tude

the

of

sides.

No

handle

negotiators

on

super-duper board

such

both

ence

of

the

men

appointed to such

a

might be
board. With

the best will in the, world, a board
would find itself delayed by tech¬

nical problems which might prove
a fatal handicap to successful col¬

bargaining.

The general public may not be
aware of these facts, but labor and.

know
them
well
enough.
They know, too, what
steps have been taken to develop
and
strengthen the Conciliation

both labor and management.

Re¬

developments in steel and
autos and in the vast construction

industry show how different the
industrial climate is today from
year ago.
Unless I misjudge
calibre and democratic pur¬

the

I

am

particularly proud

that what has been done was

sibility—without coercion or com¬
pulsion from our Government.

outgrowth of

a unanimous recom¬
by
the ; President's
Labor-Management Conference m
November, • 1945. Everyone in the
Conference agreed to the report
which recommended that the Con-;

ciliation

-

Service

remain

within

the Department of Labor and that
it operate"-With the advice of an

Southern

the

to

ments

territory

have increased since 1940 but the

total volume remains small. Like¬
wise
and

the Mid-west

shipments to
West

small and

are

last'year

about the same as the51940

level after
war

an

increase

years.

during the,
:
r

territory is also

The Piedmont

of tirefyarn,
total tire: yarn

the largest recipient

taking >36%

of

1946. |n> addi¬

shipments during

area) tire
shipments are concentrated
in the South, Pennsylvania and
tion

Piedmont

the

to

yarn

Ohio.

-

>

: v.-

-

At a meeting on Feb. 12, in New York City, sponsored by the
Break-With-Conscription Committee, 42 men tore up their draft
cards in protest against continuation of wartime conscription and

the Labor Temple
demonstration by 15 men and women, according to the New York "Times" of Feb. 12,
which also said in part:
^
•'

universal military training, The meeting, held in
in East 14th Street, was preceded by a picketing

attended by
and police ob¬
servers,
including
Inspectors
Abraham Goldstein of the Second
meeting

about 200

District

Detective

Hourigan of the Second Division,
15

a

new

After

the

marched

speeches,

across

the

February

high during

contained in

"Rayon

Organqn

Statistical publication of the Tex¬
tile Economics Bureau, Inc.

The

output of rayon yarn and staple
totaled
crease

ing

of 7y2%

over

The Bureau's announce-,

ment of Jan. 30, also reported

part:

\

•

•

.

•

in

was

5%

-4

/"

Republican Plans
Republican House Speaker,

The

Joseph
record

W.
on

Martin Jr., went on
testimonial

Feb. 3, at a

dinner in his honor, as advocating
that
President
Truman's
$37,-

000,000,000

"be

budget

cut

and

deeply," with the savings dis¬

cut

tributed" between "debt reduction
and
tax
reduction," Associated
Press
advices
from
Wellesley,

their draft cards or. substitutes
and dropping them into the kettle.
Forty-two draft cards were torn

before
15

men

the
were

without cards

White
burned,

House,
or

in

Philadelphia, where 50 men and
women

Mass., stated. Mr. Martin assured
the assemblage, which was

under

sponsorship of the Norfolk
Republican Club, that the Repub-'
lican
Congress would put for¬
the

ward
our

demonstrated.

a

program

"designed tq put

country back on the Ameri¬

track." Representative Martin
also touched on the matter of la¬

can

Representatives of the FBI of¬
fice here said that the card-burn¬
ers

would

penalties
cards in

be

subject

to

heavy

found without
their possession.
if

the

legislation in his prepared
speech. The Republican-domin¬
told his listen¬
bor

ated Congress, he
ers,

is "now." said

the Associated

Speakers at the Labor Temple
meeting
included James Blish,
who described himself as an exsoldier and said that if universal

tion of legislation to

Army gravy train will reach from
coast to coast and you and I will

special group

Press,

"engaged in the prepara¬

achieve equal

over

1945

and

justice and equal

or

groups can

be

enjoy a monopoly
power to strangle the economic
social progresses of the people
America •, We must give pri- :

permitted

to

the bills"; A. J. Muste, Sec¬
Fellowship of Recr of
onciliation; Dwight MacDonald, or
editor of Politics; David Dellinger,
of
.
editor of Direct Action and Bay-?
vate enterprise the green light to
ard Rustin of. the Committee on
make the American way succeed^
Racial Equality, who presided.
pay

,

retary of the

_

V The 1946 prpduction pf filament
or rep-?
resentatives of both management :yarn, was > 8V2 % above 1945, and
and labor. This; advisory board double that of 1939. Rayon staple

output

men

'•■"!;

•

responsibility in
the preced¬ military training is adopted "the labor-management relations/ No

853,900,000 pounds, an in¬

year.

63

the stage, tearing

Martin Reiterates

up

where

1946, according to the annual re¬
view of the industry

and

10 patrolmen
four Federal agents.

detectives,

day

Rayon production in the United

States reached

Walter

and

had disposed
of theirs at meetings held yester¬

Rayon Output in 1946
At NewHigh
i

was

persons

Some of the

advisory board consisting

period pf iabor, takes its work seriously and- the

percentage that has re-n

a

mained constant since 1942. Ship¬

Destroyed by Group

announced that they

an

mendation

of

receives
non-tire ship-,

total

up.

of labor and management
they will meet their joint respon¬

pose

management

Service.

months

eleven

Draft Cards

The

bargaining does

cent

one

who

the

preserve

hold dear.

Impose serious responsibilities on

can

many-sided and'
complicated task—regardless
of
the character, ability and experi¬
a.

we

Free collective

tne

Department, have ac¬
quired an intimate knowledge of
tne current problems of each in¬
dustry and tne various companies
we

first

the

in

ments,

were

^

the

of

Equally im¬

and

incentive

freedoms
year

'

The Metropolitan area

partment is doing in the field of

disputes

During the last

lective

afJ?r VJ-Day, when numerthJ w rm? controls were i-fted,
eri
+°r Board quite Pr°P~
fiiark-t
turn its case-load
As xrZfn6 parties f°r settlement,
left trf w i't ab?ut 3,000 cases were
fhl
collective bargaining and
seftlpH
J?mg majority were
^e trl^P,ea/Gfully--even during
sioLi1 months pf reconverfaren
2 laboJ and management

I

t

fact finding function
arbitration function,

mere

requires portant are the fundamental ob¬
great flexibility. Solutions cannot' jectives behind this work. Unless
I am very much mistaken, our
be
reached in an ivory tower.
Every case is d.fferent; the issues goal is the same as. yours. We in
America want full, sustained pro¬
are different; the personalities are
duction and fair distribution. The
different.
It
requires
different
kind of distribution that will re¬
types of individuals to handle dif¬
tion

a

£,*!•'1
which

a
an

shipments, 6% more than in
Shipments to the New Eng¬
land territory reflect a 6% loss^
with the territory receiving 23%.
of the total, as against 29% in

yarn
1940.

13%

..

into

accounted'dor 32%
shipments,

year

total domestic yarn

Belgium, Czechslovakia, France,
Great
Britain,
Italy
and
the
Netherlands. Rayon production in
Germany and Austria, however,
remained at low levels, and in

)mil^r, with

from

last
'

1940.

-

another

more

in

Among tne foreign producers,
outstanding gains were made by

,

settlements were reached by vol-

Tire

14%

than

Shipments of non-tire yarns to
viscose-1-cupra i
'the New England territory have
division, and the smallest
declined
gradually but steadily
gain in viscose staple.
percentagewise in the six year
World
rayon
production
in
period between 1940 and 1946, the
1946, pn the basis of incomplete
"Organon" reveals. Shipments to
returns, ' totaled
1^800,000,000 the Piedmont
territory, on the
pounds, an increase of 18% over other
hand, have increased in the
the preceding year, but still 37%
last six years, and it now receives
under the record output of 1941
43 % of the total non-tire rayon

.

untary methods of conciliation and

manufacturers ' received
rayon
yarn
in 1949
the preceding year, and
shipments to tire manufacturers

;"

yarn

jand voluntary cooperation of both, greatest poundage in the world
paries,/ the selection of board was realized, the output was nommembers who

50% of which went to

shown in the

was

the industry conIipports of rayon yarn into the
cerhed, and, of course, a clear
United States
during the first
our Conciliators were
attempting Understanding that board's rec¬ eleven months of 1946 totaled
ommendations will not be forced
"also aided in set- to mediate 111 stoppages involving
105,219 pounds at ! an average
only/ 35,000 employee?, A year upon the parties. Rather, I send value of $1.27 per pound.
Al¬
these; near,
pach side a copy of the report
ly Jwo-thirds had begun before ago they were handling 145 .strike?
and tell them that in my opinion though insignificant in relation to
either pf the-parties called for the involving ten times as many/em-v
domestic t rayon production, these
it should be* used and considered
ployees.
memoes Of a conciliator.
f; In. further negotiation. In other imports were larger than any
Quite apart from its effect-oh
.vFquaHy;important, all. of these
Words, I do not convert the board year since 1939. Imports of staple
telfsioners. were called -in before
t6<J' tt° stoppa^e 0CN

Producers' exports Of rayon yarii
in 1946 were 38% under 1945; of

riod, over
Mexico.

thus insuring competent and im¬
partial arbitrators who have been

nearly

reached

Mexico,

ing

without the industry, all divisions
of the industry contributed to the

tne service were passed
by the Regional Labor-Man¬
agement
Advisory
Committees,

upon

1944 the Service closed

was

products
would add between 35,000,000 and
40,000,000 pounds more to the
year's synthetic fiber output.

1946 and the depressive effect of
labor
disturbances
within
and

tne ros¬

now on

of

whicn the Conciliation Service of¬

referred to one of the two
boards. In 1945 an all-time high

14,915,568 pounds
markets be¬
Canada and Cuba;

to

with principal export

base

situation

ter

action.

22,000 disputes and of these, 32%

amounted

aggregate 1946 production of these

of tne arbitrators

Board for final

They are •
the work of the Conciliation Serv-

ThJl

you.that the Con¬
today is better

Total exports of rayon yarn iii
first eleven months of 1940

the

bargaining table. For example, all

which
ex¬

.

is reveaLng. In the fiscal
year 1943, the Conciliation Serv¬
ice handled more than 14,000 dis¬
perience

putes, but 31% of these

tell

Service

.exceeded only in 1939
reached more than
47,000,000 pounds.
u
when imports

tile uses. It is estimated that the
non-cellulose

29,533,191 pounds|-an

amount

these
exports 77% * represented
textile-type yarns, the remainder
being tire types. Export of staple
plus waste aggregated 4,133,989
pounds in the eleven month pe¬

low up with further controls and

increasing

Improved

equipped than ever before to aid
both unions and employers at the

mediation board?. The answer is:
Not unless we.are prepared to fol¬

wifh3 ^63^

•

.

were

°f exPerience
Concillation Service.
in a position to judge

can

,

are

realize.

Service

Again, times does not permit me
to review these changes in detail.
But I

.
.

Needed

In

Necessarily, these

,

Super-Mediation Board .>.}.

Relations

Services

.,

.

are

men

,

Conciliation

;

ciliation

Vital stake in collective bargain¬
ing and. the American way of life

1

to

mandate from Congress to "fos¬

.

to all concerned,

peacefully.
Not to
successful. Handling of

work together.

partment and its Secretary cannot
act impartially, because.,we have
ter, promote and develop the wel¬
fare of' the wage earners of the
United States.

result? have been very

or

renewed

grievances
that
arise
wherever

1

this

j Some advocates of
proce¬
dure contend, that the Labor De¬

a

of

were

renegotiated

the Department for

in

history. 45,000

our

these contracts

board

sucn a

in

unrest

Pepartmepi, From

compilation of rayon
production is exclusive of \ the
gratifying non-cellulose synthetic fibers such
as nylon, Vinyon, casein, and pro¬
tein fibers and spun glass for tex¬

1052

THE COMMERCIAL & FINANCIAL CHRONICLE
has approved the proposal of the
United States, the United King¬

Economic and Social Task oi United Nations

•

those

There

is

also

something

new

in

3. It

of machinery for
International cooperation in these

and

govern¬

of

health,

tions

merely

lot, but there is

only endeavor to
the high spots.
The

The General

met twice.
year

had

auto¬

Assembly has
Necessarily in this first

large amount of time has

a

to

be

devoted

tional matters.
been dull and

to

Much

organiza¬

of

this has

it has taken much

time; but it had to be done. And

the

sometimes it wasn't entirely dull
for even in these
organizational

of

disarmament and
troops.

a

can

few of

a

York.

The memory of
vivid in the minds

on

success itself

Economic and Social Counctil has
met in three sessions in 1946—
once in London and
twice in New

matically is fixed on the work of
the Security
Council, on debates

of

It is

available, I

so.

of

matters, differences
matters of public

The glam¬

of these subjects

of

view

on

policy entered
automatically
catapults them into the headlines, the discussions—as a preview of
the
our

the ippre prosaic
processes1 of

operation

In

the

co-

economic- and

social fields are
generally reported
in smaller type or not

reported

at

all.\

;

I often feel, however, that there
Is a tendency to fix our
eyes so
intently on international security
f

that

we

Justify

are

are

symbolic of the work that lies
before nations if peace is to be
restored. While they remain m

likely excessively to

economic and social cooperation as .mere accessories to
the maintenance of
peace.
Full

a
solid mass in assembly cen¬
ters, they deteriorate individu¬
ally and collectively they pre¬
sent a sore on the body of man¬

•

differences that have been in¬
volved in other questions as well;
In additional to;
organizational
questions,
with

the

about

Council has
dozen

a

substance, of which I
lect

three

for

dealt

problems of
want to se¬

special

notice-

refugees, reconstruction,

and

in¬

ternational trade and
employment.

,

Refugee Problem
•

During the past

year, the

prob¬

us

General Assembly at its
meeting in London directed the

Economic
make

a

and

Social

Council

to

thorough examination of

the whole subject and to prepare
a
plan for a temporary interna¬
tional organization to deal with
this problem. It has been a task
beset with many difficulties. There

have

procedure.

order

been

opinion
persons

as

strong
to

differences

of

categories

of

the

who should

be

the

con¬

cern
of an international
organi¬
zation. The majority have favored
broad and inclusive definitions of

categories;

objectives in and of them¬
selves,and nped no ulterior justi¬
fication. By
linking these things

too

exclusively

nance

of

peace,

to

the

mainte¬

obscure

we

the

importance of economic prosper¬
ity and social well-being in their
own

which

been

homes

by

people who
uprooted from their
the

forced labor sys¬
tems of the Nazis and
by the dis¬
locations of war, or who were

victims of racial,
religions, or po¬
litical persecution, or who were
their countries of origin. Almost
all
of
them were without re¬

machinery

the

United

Nations

have

set up in the economic and
social
fields constitutes a rather

structure.

complex

The

central organ in
this structure is the
Economic and
Social Council. This
Council con¬
sists of 18 nations elected
by the
General Assembly. It
differs in
three important
respects from the
Security Council.
1. It has
and

-

no

no

permanent

special

cedures.

members

voting

pro¬

Each member has
pnfe
vote and all decisions
are taken
a

simple

votes cast.
2. It

had

million

refugees from political change in

Complex Structure of ESC
The * international

by

eight

over

has

no

majority

There is
coercive

no

of

powers

command performance by
ber States.

Its tools




are

the

veto.

to

Mem¬

solely

sources.

Many had suffered cruelly

at the hands of the
enemy.
were

There

children without parents

homeland; in

some cases

or

they did

know what their
country
was.
The armed forces
and UNRRA have done an amaz¬
not even

of

origin

ing job of repatriating the great
bulk of these
people, but there still
remain

thousand

between
and

a

eight hundred
million of such

refugees and displaced persons in
Europe alone who have not yet
returned

or

found

new

homes. For

the most part they are in
camps
in the American and
British
zones

of occupation. The
urgency of in¬
ternational arrangements for al¬

leviating the tragedy of these peo¬
ple and finding them homes was
one

of the first
problems

to

en¬

international

self.

nations

problems are
part of the broader prob¬
lems of reconstruction. We in the
States

appreciate
of

the

the

war

which it

find

difficult

disruptive
the

on

was

it

code of behavior which

they agree
to observe in connection with re¬

to

strictions

effects

countries

few

a

only enumerate

words, one

materials

still

in

more

or

less for granted

the right of people to escape from
local regimes with which
they are
not

in

sympathy;

some

of

these

other countries are more inclined
to regard such people as traitors.
The apportionment of the

very

substantial costs of caring for and

resettling these people has been
difficult—in particular it has been
argued by some of the countries
of origin that
they should not be
required to help finance the

re¬

settlement of their own nationals
who do not want to come home.
There has been suspicion of each
others' motives.
It has taken almost a full
year
of hard work to find the
greatest
area
of common

agreement on
these problems, and where
agree¬
ment was not

possible, to decide
according to the opinion of the
majority. But the Council and the
General

Assembly have

now

ap¬

tions, and provisions for interim
arrangements until the IRO comes
into being. It is now
up

to the

various national governments to
determine whether they will
par¬

ticipate in this work.

It

some

At the

Council

difficult

to

obtain,

mittee of 18 countries which fin¬
ished

espe¬

cially where they formerly came
from Germany. Trade is
disrupted
not only by the
scarcity of goods
and by foreign
exchange difficul¬
ties, but also because Germany
formerly occupied such an impor¬
tant place in the trade of many
of these countries.

Even

at

economic

and

chinery by which
its daily life.

a

social

requirements

for

recon¬

struction.
A few countries
have
such
limited

change
be

resources

unable

to

still

foreign ex¬
that they would

proceed

with

re¬

habilitation if nothing were to re¬
place UNRRA relief when it comes
to

an end. It has been
determined
that UNRRA is not to be replaced
by another international organi¬
zation, but the United States and

other governments have indicated
that they will seek legislative
ap¬

proval for funds to fill this gap
until the next harvest.
These
needs are estimated at about

000,000.

$400,-

In place of the UNRRA

machinery, the General Assembly

session

of

in London
November.
This

•

ma¬

nation carries

on

period which produced excel¬

war

In June the

Economic and So¬
cial Council appointed a
Tempo¬
rary Subcommission on Economic

lent prescriptions for nations to
follow in their foreign trade pol¬
icies. The difficulty was that the

Reconstruction of Devastated

delegates went home and their
governments went on blithely ig¬

of

the progress which

already

made.

number

of

In

noring these resolutions. What is
proposed this time is not agree¬
in principle but agreement
in
fact.
Governments
will
be
ment

asked to agree not merely that
certain lines of action are harm¬

they have

addition

to

a

specific recommenda¬

ful and that others

tions, the most important proposal
made

by the Commission

for

was

their

wise, they

harmful.

Reducing Trade Barriers

many

of

are

will be asked to agree toMake the
wise action and to eschew the

the establishment of an Economic
Commission for Europe in which
these countries can work out
own

problems by direct
consultation and cooperation. The
United States would also be a

ing

member

the

least

this

long

as

of

as

Commission,

it remains

an

at
oc-,

cupying ptoyer in Germany and
Austria.
The General
Assembly
has put its approval on this
pro¬
posal by recommending that the
Economic and Social Council at
its next session
in, March

give

prompt and

favorable considera¬

tion to the establishment of such
a Commission for
Europe and an¬

other for the Far East.
The problems of reconstruction
are

pressing, but in laying out

re¬

construction

programs, it is also
what kind of
relations
with
other

pressing

to

economic

countries

know

can

be

reasonably

ex¬

pected in the future. If the world
were
to return to the extreme
economic nationalism of the thir¬

ties,

countries would be welladvised to plan for a
large meas¬
ure
of

hand, if countries

On

are

to

the
re¬

th.e absurdities of the pre-war pe¬
riod, they must have an idea of

capital

first

end

There are two things about these
proposals which are particularly
significant. In the first place, they
provide for agreed action and not
merely fine words. There was no
end of conferences in the inter-

ficult to assess statistically is the
damage done by war to the deli¬
cate

its

the

meeting was remarkably success¬
ful in reaching agreement and in
all important respects the agree¬
ment reached was along the lines
of the United States proposals.

dif¬

more

astated

purely fi¬

other

States,

in

scarce

parts would work wonders

are

other

nancial side, there has
already
been established the International
Bank which will be able to assist
these countries in
financing their

and

tional consideration of these prob¬
lems.

short

very

is

construct and reconvert
which will avoid the

On the

cartels

the agreement and to provide
forum for continuing interna¬

of
a

and

areas

spare

but

are

Manpower

Another
afterjpnath of war is the
problem of reconstruction of dev¬
areas.

with

nection

private restrictions on trade and
production. There is also proposed
an International Trade Organiza¬
tion to assist in the administration

can

suggestion of the United
the Economic and Social
at its first meeting took
unemployed in
others. Agricultural equipment is over the sponsorship of this work
badly needed. In some cases a few and appointed a Preparatory Com¬
supply.

self-sufficiency.

Reconstruction Problem

trade,

their policies
dealing withcommodities in
burdensome surplus, and in con¬

of the ele¬

some

international

for

is not possible to
convey any real
sense
of the problem of recon¬
struction in

on

connection with

in

in

actually fought.

agreement
among
cooperate with each

ble

a

United

to

other in promoting high and sta¬
levels of employment and a

But these financial

the

.

tant

consult

independent re¬
programs
through the ma¬
chinery of the United Nations it¬

Areas. With the help of on-theminority, spot visits by field
teams, the Subchiefly
the
Eastern
European commission made a
valuable sur¬
countries of origin, have argued
vey of the reconstruction prob¬
for more restrictive
definitions.
lems of European
countries, and
We take

these

proved a Constitution for an In¬
employment, higher and more lem of refugees and displaced
per¬
stable
.incomes, belter housing, sons has occupied more of the ternational Refugee Organization,
better health, more
adequate edu¬ time of the Economic and Social a budget and a scale of contribu¬

cation,,.more universal enjoyment Council than any other
question.
of individual
liberties, are impor¬ At the close of the war there were

countries

their

lief

world.

The

a lot to be done.
What have we
done with it so far? In the time

hit

the

Security

the

It may seem to
you that we have
created a lot of
machinery and

systems of international peace and
security. It is quite natural that

"veto,"
reporting

less

refugee status, they delay the

peaceful

establishing

the

receiving

regarding

ments. Coal is by far the greatest
They contribute bottleneck in
Europe today. Capi¬
to the impairment of good re¬
tal equipment is
frequently scarce,
lations between friendly gov¬
even
when it can be financed.
ernments.
They represent in
themselves political, economic Transportation is still disorganized
and equipment scarce.
Many raw
and national conflicts which

Na¬

cil.

these conferences have been held
the United
States
and
that
manj^ of these organizations have
their headquarters
here, this side
of the work of the
United Nations
is less well-known than
are the
efforts'Mo build and maintain a

Gene^l. Assembly's discussions

direct

a

kind which it is not safe for
to ignore."

United

will open up new worlds to con¬
quer, new items for the agenda
of the Economic and Social
Coun¬

In

the

in

field,

In spite of the fact that
most of

on

has

million persons remain in

a

in

in¬

ter how successful the United Na¬
tions is in this

world's population.

the peace treaties, and

of

But there
boundaries to economic and
social advancement and no mat¬

needs, and agriculture, which
jengages
two-thirds of the

over

is

the

Council will have to do.

was

war is Still so
of all of us that attention

Nations

restoration of peace and

their

are no

foreign of¬

this should be

successful

relations,

looking to the post-war with the
subject of food, the most basic of
our

and

agencies, to avoid duplica¬
in their
work, and to see
it that they all contribute

more

for that reason that
he began the series of conferences

still

charters

own

as

Perhaps I should have added a
fourth important difference.
The

with the occult mysteries that are
supposed to engage the attention
of military staffs and
It

story. Each
government
of
the

a

to a consistent pattern
ternational action.

cooperation was to be
successful it must deal with
things
that touch the daily lives of or¬

fices.

...

whole

selfish interest in the early dis¬
position of this problem. As long

to

this

not

the

and

only

this humanitarian need

.

not

member

ized

taken

people—and

«June.

as

United

tion

national

:

is

functions of the Economic and
Social Council is to coordinate
the activities of these
special¬

prepara¬

sprang from the
by the United
Stategr and from the belief of
President Roosevelt that if inter¬

dinary

this

in

Assembly:

"..

responsibilities in their re¬
spective fields. One of the chief

U. S. Takes Initiative

Most

work

end next

Mrs. Roosevelt pointed
out in the debate before the Gen¬

own

and edu¬
cation, science and culture. 5

initiative

But,

eral

their

tory bodies concerned with inter¬

trade,

UNRRA's

comes to an

ganization, and the Interna¬
tional
Monetary Fund, have

ments, including tne United States,
were actively
preparing the fur¬
ther plans which have since
taken

national

that

sphere

organizations, such as the In¬
ternational Labor
Organization,
the Food and Agriculture Or¬

nancial field and in civil
aviation.
In addition at least some

or

fact

jurisdic¬

addition the various specialized

agriculture, in relief and rehabil¬
itation,; in the monetary and fi¬

form in organizations

exclusive

no

the social and economic
objec¬
tives of the United Nations. In

war was still
going
the United Nations had mei
together not only at San Fran¬
cisco, but also in other confer¬
ences, to lay plans ior interna¬

food

has

authority of the General As¬
sembly which also has respon¬
sibility for the ^promotion of

While the

on,

in

gage the attention of the United
Nations. It is accentuated by tne

re¬

tion in the field of its
respon¬
sibility. It operates under the

fields.

cooperation

study, discussion,

port and recommendation.

the jiprovision

tional

of

sequently set forth, in more detail
a "Suggested Charter for an In¬
ternational Trade Organization of
the United Nations" published last
September.
What , this Charter
boils down to is a comprehensive
in

dom and Brazil that contributing

.

(Continued from first page)
of
the
human
person."

worth

Thursday, February 20, 1947

along lines
poverty and

what their
and

those

own

of

economic policies
countries are

other

likely to be.
Some

Perhaps the most significant of
these agreements is the undertak¬
on

remain a member in
,

ing and enjoy the
efits

part

of

this

knowledge

good stand¬

numerous ben¬

of

membership in the Or¬
ganization, each country will be
obligated to conclude these agree¬
ments within

a reasonable period
Actually, 18 members of
the Preparatory "Committee have
already agreed to begin such ne¬
gotiations concurrently with their
remaining work on the Charter,
and there will thus be, when the

of time.

Charter is submitted to the coun¬
tries for their consideration, spe¬
cific evidence of what the coun¬
tries accounting for,the major part
of the world's trade are
prepared
to do. •
v..."'
' ' " '
:

The other significant innovation

in the
proposed agreement is. its
recognition that the avoidance of
unemployment and business slump

is

not

a

matter of domestic

con¬

cern

alone, but is a necessary con¬
dition for the expansion of inter¬
national trade. It also recognizes

that the methods taken to combat

unemployment
often

be had from the rules to which
nations have agreed to conform in

the part of all members of

Organization to enter into
agreements with each other re¬
ducing their trade barriers. To

take

the

in

one

form

of

country
shutting
countries

out goods from
other
that when everyone plays
this game, all are injured. In our

can

and

adhering
to
the
International
Monetary Fund. It will be greatly
extended by the successful out¬

a

of

come

ence

the

prospective

world trade and

on

ment.

In

others,

a

confer¬

employ¬

this field, as in many
large part of the initia¬

tive has been taken by the United
States. Our own
preparatory work
has been going on for over three
years.

In

December

1945

the

own

self-interest, this country has
prob¬
lem, for the fear which other
very real concern in this

countries have that a severe de¬
pression
in
the
United
States
would be transmitted to them is
of the great deterrents to their
willingness to tie themselves too
closely to our economy through

one

international
ment

trade.

The

agree¬

accordingly

proposes. that
States Government pub¬ countries which
join the Organi¬
lished its "Proposals for Expan¬ zation
undertake to take appro¬
United

sion of World Trade and
Employ¬

priate

ment." These proposals were sub¬

their own political and

action,

consistently

with

economic

.

^Volume 165

Number 4570

.THE COMMERCIAL' & FINANCIAL' CHRONICLE

institutions, to maintain full and
productive employment rat home
and to cooperate through the Eco¬
Social

and

nomic

Council in the
Jield of emnlovment policy.
The

Preparatory Commission is
.scheduled to . meet again in Gemeva in April, to be followed
by a
lull

International

Trade

1947.

Conference

on

and

Employment later in
This is by all odds the most

important piece of work facing the
Council in the coming year. It will
round out the circle of the impor¬
tant

agencies contemplated in the

round

only

but it will
the most fundamental
field

the

in

element

not

the circle,

out

with

deal

It will

field.

economic

of

interna¬

tional economic cooperation.

The

most basic of all international

nomic relations is trade.

loans

trade,
without

cannot
fullest

Without

use.

would be

Without

be

cannot

trade,
many
be
developed

eco¬

repaid,

resources

their

to

trade

there

need for agreements

no

foreign
exchange.
Without
trade, reconstruction could pro¬
ceed only slowly and to a limited
extent. Without trade the stand¬

on

ards
be

of living of all of

lower.

Without

would

us

expansion

an

of world trade, other international
institutions, such as the Monetary
Fund, The Food and Agriculture
Organization, and the Interna¬

tional

Labor

Organization will
.not be able to realize their maxi¬
effectiveness.

mum

these

ment ago

It

that

reasons

I

for

was

said

a

mo¬

this is the biggest single

task of the United Nations in the

field

economic

for

the

coming

year.

These

of

Human

problems

-

Rights

of

trade

reconstruction

are

illustrative

an

sample of the work of the United
Nations in the economic and social
If I have neglected equally

important areas, particularly the
problem of human rights
and

freedoms, it is chiefly because this
work has begun more slowly and
there is less to report.
j
Inevitably much of the debate
the

more

United

Nations

has

run

in terms of the mechanics of

(cooperation than of the underly¬
ing problems which are the, things
of

substance

and

for

,

which

the

.machinery is designed.
A new
health organization is relatively
meaningless unless we remember
'that with modern transportation
people and disease germs
whisked

from

another in
aio

a

can

continent

one

few hours.

We

be
to
can

longer take refuge in old types
control; an epidemic

of quarantine

•elsewhere in the world is of im¬
mediate

concern

way in which
rto help to see
Ms

to

we

The only

us.

be safe is

can

that
stamped out at its
.

an

epidemic

source.

Similarly; discussion of quotas,
preferences and tariffs, the mosti'avored-nation \ clause, exchange

restrictions,

commodity
agree¬
ments^ refugee constitutions and
'budgets, and economic commis¬
sions are important only as they
contribute to the improvement of
the conditions of ordinary decency
and
dignity for the people of the
world. What i$ really involved is
the security of men in their homes
and their

jobs, more certainty of
stable employment, better eco¬
nomic
opportunities, the allevia¬
tion of
misery and suffering, and
T'irae ©njoyment of individual freewithout discriminations.
-Itere

is

also

involved

the

pres-

<sF?ti°n of freedom

there

ourselves that it is the
promotion
of the
well-being of

the economic and social
the United Nations.
You

•

will

also

have

task

of

observed

from this account another
charac¬
teristic of the work of the United

Nations

in

these

fields.

That

is

that, for the most part, the Gen¬
eral Assembly and the Economic
and

Social

and

Council

facilitating

than

action

are

initiating

bodies

bodies

rather

themselves.

This is not

universally true. The
General Assembly has
decided, for
example, on the recommendation
of the Council to take over certain
social welfare advisory functions
previously performed by UNRRA
and

to

finance

them

out

of

the

United Nations budget. It has also
created
an
International
Chil¬
dren's Emergency Fund within the
United Nations structure, but fi¬
nanced by

from

voluntary contributions

governments

groups. Where
be created for

can
live cooperatively
by side in the same world.

side

,.

If there is
a tendency in inter¬
national discussions to talk more

•about

machinery than about these

fundamentals, it is at least

in part

because there is greater difference
of
opinion, within as well as be¬
tween

nations,

propriate

as to

means

the most

of




ap¬

promoting

common

and

'

Extension

of

Mutual

Understanding
There

is

Refugee

scrutinize

for

the

decisions

Economic

the

of

them¬

governments

The

Commis¬

Europe and for the Far

East will be part of the Economic
and Social Council's structure, but
to

carry

mendations
taken

their

out

will

still

national

by

recom¬

have

to

be

governments.
and,
cannot reach

The United Nations does not

the

under

Charter,

into the domestic affairs of Mem¬

bers

and

with

Not

command

compliance

its recommendations.
"Talk

Mere

a

Organization"

National policies still remain for
national determination.

This fact
Council

tion."

dle

has

led

as

a

to

some

Economic

the

miss

and

dis¬

Social

"talk organiza¬

mere

I hope we will steer a

course

between

the

mid¬

excesses

of

optimism and the extremes of
cynicism which have been ex¬
pressed about this body. But the
criticism does force us to examine

when

speak
of international cooperation.
Clearly we mean something more
than just talking together.
But
equally clearly talk is the starting
point and only by discussion can
we come to mutual agreement to
take action whether through an
just what

we mean

we

instrument set up for the purpose

coordinating

by

or

national policies.
tant

that

is

independent

What is impor¬
discussion

the

get

down to the fundamentals under¬

lying

common

nations.

among

In

spite of all our facilities for com¬
munication and education we still
know woefully little that is accu¬
rate

about other peoples,
about us and each other.
ance

and

misinformation

they
Ignor¬

or

particular

it

is

one of the
concerns of the
United Nations
Educational, Scien¬

tific

and

which

Cultural

Organization

into full existence at

attention, for our own privi¬
leged position has already placed
us ""above
the greatest common

our

denominator

that

be

can

negoti¬

discussion,

recommendation

to

powers

of

are

report and
significant if

use

ment, otherwise they

this instru¬

limited
prevented

are

If problems are

coming before the Council

than we did in the

past.

What the

Economic and Social Council par¬

inequal- >
peoples may be ex¬
pected to contribute to the in*-;*
provement of the political climate *
among

which economic and social co¬

in

operation
But at the

can

flourish still further.
my opinion, >

moment, in

the outcome of the debates in theCouncil of Foreign

Ministers, the
the conferences
on the
peace treaties, and the Se~.'"
curity Council, are more likely to
condition the prospects for success

General Assembly,

ated into international agreements

in the Economic and Social CouUt-

in

cil than vice

dom

sition

came

of

Information

which

the

such fields

public health,
ices.

labor standards,

as

statistical

or

serv¬

But in other fields, our po¬
of power, leadership and

Economic and Social Council has
authorized
the
Human
Rights

responsibility means that the ad¬
justments we are willing to make

Commission to establish.

in

In addi¬

Council

tional

to

convene

Conference

interna¬

an

on

Freedom of

the official level

ings

whether

as

well.

sometimes

are

have

we

not

conferences and
organizations in

plied
tional

Misgiv¬

expressed
overmulti•

interna¬
the

first

flush of post-war enthusiasm. Cer¬

tainly

it

for

even

large

is

becoming

difficult,

government with such

a

danger
of
wishful thinking that is just as
serious as the idea that talk alone
solve

problems.

idea

that

economic

This is the
social

and

tech¬
problems and their political
implications put off to one side.
In some limited technical fields,
such as postal communications, or
problems

be solved

can

as

nical

conventions about safety of life at

standard statistical classi¬
a
considerable amount
of progress can be made with lit¬
tle if any intrusion of considera¬
tions from the political sphere.
sea,

or

fications,

tunities for the representatives of

inter-war

to

governments

each other
acquainted with
and viewpoints of
meet

to

and become better

the

problems

other countries.

ing consensus,
one

There is

a

grow¬

for example,

that

the most fruitful products

of

of the Preparatory Commission of
the Food and Agriculture Organi¬

zation now
to

sitting in Washington

discuss the World Food Board

Proposals of Sir John Orr, will
not be anything directly related
to that plan but a more compre¬
hensive and exact understanding
of the experience underlying the
national
agricultural policies of
the various countries represented
This

there.

is

the

essential

first

step to finding acceptable adjust¬
ments
of
independent national

policies.

But

we

economic

the

are

shall not carry ourselves

far toward the realization of

very

nical

our

fields, After all,
done

was

task

those

in

of

activities

tech¬

great deal

a

fields

in

the

period which we are
to dismiss as so dismal for

prone

lack

its

social

and

confined to these purely

economic

of

and

social

accomplishment.
For the most
part, it is impossible to discuss
even
seemingly technical prob¬
lems without getting into the heart
of prime matters of national pol¬
icy. For example, at first blush
it might seem that nothing is more
purely technical than the appro¬
priate level of the foreign ex¬
change rate for the currency of a
given country. But it is impossible
to discuss foreign exchange rates
without reference to domestic em¬

ployment policies and all of the
other complexities which haunt
negotiators seeking to achieve in¬
ternational
cooperation
in
the
whole economic field.

The intru¬

of

sion

Each

is that the area of

record to date

agreement in the United

economic

on

I

the basis of the

on

and

social

Natiotos
matters
area o€

have been clashes of national in*

another

is

the United Nations if

States,

which

observation

Political Implications
There

as
the
United
find personnel for all
these meetings and to fill
the
staffs of the organizations.
But
even if they have served no other
purpose, these numerous meetings
have greatly increased the oppor¬

resources

final

wish to make

disagreement.
There have bee**
vigorously contested points. There

tion in

will

The extension of mutual under¬

standing is not something that is
needed only at the popular level;
it is important at what is called

The

political factors is even
obvious in the case of such

has

than

wider

been

the

adds to what we had
continuing forum de¬
entirely to problems which
a

;

terest. There have been problem^
arising out of different approaches-' *
to
common
problems.
And the ^
deliberations of the Economic and
Social Council have occasionally }

reflected

political differencesbeing even more vig-:
orously expressed in other bodies
and other meetings. But more
in^
pressive than these differences ha®
been the wide area of agreement
which

*

•*
"

were

and the

*

desire evident

common

all Members to make the Council

effective

instrument

for

tbe
results
for the benefit of the peoples of
all countries. Disputes make bet¬
an

achievement

of

tangible

ter headline material than agree¬
ments and it is quite true that,

despite

a

large measure of agree-

*

ment, the differences often-arise
over very critical points.
But it;iar
sometimes
disheartening
after
reaching a large measure of h»animity

on

'

issue to find5 ill

some

Splits
mirier,

the next days' papers that a
vote

some

on

relatively

point has been played up && a
resounding victory or defeat for
the United States or some other

country

on

the whole issue.

I have tried not to

difficulties

that

u^"
minimize-tSfeF

will

,

attend;:tae

work of the Economic and Social

:

They have made a good be¬
ginning. But it will proVe dis¬
illusioning if too much is expected:
too quickly. Economic and social
problems are the most complex ill
the whole range of human activ¬
ity. It does not necessarily follow
that agreement upon common ob¬
jectives means that there IS cori*r
mon agreement, internationally or
domestically, on the most effective
means
of attaining those ' objec¬

more

taken

and settlement of

tives.

construction.

t

generally more keenly
responsive to immediate neces¬
sities than to the prospects of longsrange advantage and there is;1 cor¬
respondingly, much greater profr-;
ability of divergencies of national
interest
on
short-term
policies
than
on
long-term
objectives^
Furthermore, there is the very
real problem which will not we
quickly or easily solved, of trying:

given and in Which any

problems

as

human rights, care
refugees, or re¬

impossible.

ture

our

own

efforts

even

to

economic

through
one

But

a

so,

promote

our

advancement

system that is basically

of freedom of individual

en¬

shall be talking
at
cross
purposes if we under¬
estimate the strength of a con¬
trary view that is held in an in¬
creasingly large part of the world.
All
this is undoubtedly selfterprise.

But

we

evident, at least until we apply it
to ourselves. We have heard much
in the

past decade about domestic

politics stopping at the water's
edge and that we speak with one
voice on foreign policy. Even if
true, this still conceals a great
difficulty. For it implies that there
is something called foreign policy
wholly apart from and distinct
from domestic policy. In the eco¬

men

Some complaint was even

better

and

heard

Social Council about the in¬

Council.

Some

liked

to

issues into the

members
exclude

the

would
issue

by
Czechoslovakia
and
Yugoslavia
of
their
Danubian
barges held in the American oc¬
cupation zone in Austria.
They
felt that this issue and the in¬
raised

creasingly political complexion of
the discussion of refugees and dis¬
placed persons would tend to turn
the Council into a political arena
and by
tween

sharpening differences be¬
Members would prejudice

the prospects of the Council's suc¬
cess.
I am unable to share this

indicated,
the Council limits itself only to

view.
if

As I have already

those issues with little or no po¬

litical

content,

it will reduce its

Hm

cies.

country will have certain
elements of policy which must be
as

it

Council and the specialized agen¬

Nations

and

their

states¬

are

to reach these common

within

the

framework

objectives^
of differ¬

ing economic and social systems.
We

have

taken

an

important

step forward in elevating
and

humanitarian

economic

matters

to

a

place of prominence in the United
Nations Charter and in providing
a

principal

organ

of the United

Nations and numerous

specialized

agencies for the promotion
ternational

of in¬

cooperation for prog¬

jj^these fields. But there is
something ap¬ no m&gkf in all this. The ma¬
chinery is 'bbf automatic. It has
voted
proaching zero. And if Members
to have power and lubrication^
have been relatively neglected at
of the Council so conceive its task
that they send to it as their repre¬ and it has to be operated. What
the international level in the past,
all
this machinery car^ achieve
through which the members can nomic and social fields at least sentatives persons of only narrow¬
attempt to find the maximum area this clearly is not so. I have al¬ ly specialized interests, they will depends entirely uoon what- the
Members of the United Nations of mutual adjustment of their va¬
ready referred to the bearing of do a great disservice to themselves
want it to achieve.
rious nations' policies for the ac¬ our domestic employment policy and to the United Nations.
ticularly

before is

V

versa.

policy is the critical ques¬
determining how much in¬
ternational agreement is possible.
our

to abandon in the foreseeable fu¬

the

Social Council

tbe

In

relations.

international

longer run, the growth of mutual
rising levels ©*
understanding,
prosperity and economic security,

its meeting in Paris last Novem¬
ber. It is also the direct interest
of the Subcommission on Free¬

have

other words,
the Economic and

from

do not have this forced upon

we

trusion of political

In

indeed.

policies.

negotiation.
We in the United
States, for example, are not going

have

poses.

want

particular national
What is even more im¬
own

at the last session of the Economic

that

exist

setting and theto*selves often have a strong polill-r
cal content. At least at this jutted
ture in world
history, political
issues are the dominant ones Vn
political

a

ities

of its

care

clauses to take

escape

knowledge will enable us to know
what is the widest area of possible

countries

adjusted if they are to work
together and not at cross pur¬

in

and the reduction of gross

or

fine

of the economic and social
task of
the United Nations. In

The economic and social prob¬

ervations

to

different
be

nations

The

modification must be ruled out as

in

study,

impossible.

agreement

portant, the agreement will not be
breeding grounds for distrust and very significant for it will not
fear. Tne progressive elimination touch those
problems which are
of these conditions is another
part really troublesome. In many fields
are

1053

lems of the United Nations

of agreement will not be very
wide if each country inserts res¬

area

problems and to the
policies of

national

elements

of

of export subsidies or
on
commodity arrangements, to take
another example, if we are not
prepared to adjust those parts of
our
internal
agricultural policy

the

the

preparatory work. Whether to ac¬
cept membership and the obliga¬
tions of these organizations still

action

tion

which would make observance of

year.

and

reaching interna¬

understanding

nomic and Social Council has been

organize

in

use

another facet of this
and that is the extension of mutual

Information before the end of this

remains

little

structed the Economic and Social

International

foreign trade policy. There

our

tional agreement on the elimina¬

organizations, the role of the Eco¬
to

on

is

mean

as

of enterprise because their discussion would be
we hold
important, without inconvenient or embarrassing to
oenying to others the right to dif-^
some
members, or if nations are
kerent political and economic
syswilling to take only those steps
\ems if they freely want them. which require little or no modifi¬
And there is the
problem of find- cation of their own
policies, then
mfmeans of adjustment by which we shall accomplish little more
different
tems

their

we

tion, the General Assembly at the
session
just concluded has in¬

govern¬

in the case of
Organization
proposed International

the

Trade

member

of

That is, I take it, what
by the promotion of in¬
ternational cooperation.
purposes.

Health

World

and

private

obligations would

ments, however,
the

and

TMUich

economic and social sys¬

complishment

ordinary peo¬
ple and not the creation of ma¬
chinery for its own sake that is

sions for

and

than

themselves. But

constantly to remind

selves.

employment, of refugees, and of

in

basic objectives

is about the ends
it is useful

individual

Problem

field.

these

.

ress

field of activity to

-

i

■jwuiuiny'ri'i"*1!

|i

mn^H WII>iwhiiii»Iiiii«I
tmimwwwHMUw

' J..

j

,

I

i

I 'I

^

1054

iV.

wv.-J '

"" 1

"M

"

THE COMMERCIAL & FINANCIAL

-

The Slate of Trade

'

'

■

Cash

season.

■

•INnHW*'-

also

wheat

CHRONICLE
of the

rose

n "•*

corresponding week a year

Demand front mills was ago, but unit sales in many lines
good but offerings and receipts at were slightly below the 1946 level.

sharply.

*

Thursday, February 20, 1947

i-C

Coast 9, to ; J3,

Tbe EQUthwest de-

to^l^tpt'5%r^r^v^^''•••"'^•,

-

•

'

trading remained
a noticeable decrease
was slight increase in
terminal
markets
were
excep¬
pares with 1,639,700 tons one week Pacific, Middle Atlantic and East
in the demand for luxury items wholesale volume for; the week.
tionally small due to unfavorable
ago, 1,617,900 tons one month ago North Central States. While only
and soft goods.
High, prices kpp| dollar, volume
weather conditions.
and 268,000 tons one year ago.
one region, the East South Cen¬
Retail food volume was main¬ well above that of the correspond¬
Trading in oats was quite heavy
tral, did not have any failures
tained at a high level last week ing week a year ago. There was
^Electric Production—The Edi¬
with prices moving higher. There
son Electric Institute
and was considerably above that a moderate increase in the num¬
reports that during the week, no other areas,
was very little trading in rye or
the output of electricity declined except these three, had as many
of the same week a year, ago. The ber of buyers registered in whole¬
barley but prices held nominally
to 4,801,179,000 kwh. in the week as 5 concerns failing. Most of the
demand
for
canned
foods fell sale centers. New order volume
higher. Flour prices were some¬
ended Feb, 8, 1947, from 4,777,- increase from last week's level
what
firmer
with
substantial slightly as consumer price resist¬ remained low and deliveries on
was
concentrated in the Pacific
207,000 kwh. in the preceding
ance continued.
In some sections fill-ins and re-orders continued
quantities of both hard Winter and
iyveek. Output for the week ended States. Twenty-three failures oc¬
of the country cold weather ham¬ to improve.
; 7 ;
curred in this region, representing Spring flours booked during the
Feb. 8, 1947, was 20.5% above
the
shipment
of
fresh
Department store sales on a
week although some resistance to pered
mat foy the corresponding weekly a sharp rise from 10 a week ago
vegetables and meats and some country-wide basis, as taken from
and only 6 in the corresponding current high prices was still in
period one year ago,
the Federal Reserve Board's in¬
evidence. ' Export
demand " for price advances were reported on
week

ims

1047)

(Continued from page

:

*

*•

There

was

Although
light, there

.

-

r'

'

,

V Consolidated Edison Co. of New
York reports system output of

:

215,000,000 kwh. in
the
week
Feb. 9, 1947, compared

ended

3yith 191,200,000 kwh. for the
responding week of

J946,

cor¬
at*

or

Increase of 12.4^, Local distribu¬
tion
of
electricity amounted to
206,700,000 kwh. compared with
188,700,000 kwh. for the corre¬
sponding week of last year, an
increase of 9.5%.
Railroad Freight Loadings—Car

loadings
the
'■m

week

otaled
ion

of

67,570

©

ended

the Associa-

cars,

American
This

Railroads

was

decrease of

a

8.1 % below the pre¬
week and 54,241 cars or

7.6%

above

the

corresponding

week for 1946. Compared with the
similar period of 1945, an increase

l&
\m

of

as

.11,649

'VII

1.5% is shown.

or

cars,

Paper and Paperboard Produc¬

tion
Paper production in the
United States for the week ended

feb; 8,

was 106.2%
of mill ca¬
pacity, against 104% in the pre¬
ceding week and 99.7% in the

t

like 1946 week, according to the
American Paper & Pulp Associa¬
tion, This does not include mills

%
1:

producing newsprint exclusively.
Paperboard output for the cur¬

rent, week

i®

compared
with 102 % in the preceding week
end 97% in the corresponding

n

\»\

%

week

4

*Vt

a year ago.

Business

W
.

After

4 '

slight

a

previous

downturn

week,

the

in

commercial

failures

—

and

in'

rose

the

week ending Feb. 13 to a total of

t

62, reports Dun & Bradstreet, Inc.
Concerns failing, up from 45 last
week, were two and a half times
as numerous as in the
comparable
week of .1946 when only 25 fail¬
ures occurred. In fact, the number

f?
&

m
&
% '

A

Increase

of

:

failures reported in the week
ended
has been exceeded

just

Ml

only

4i

since 1943.

once

The increase this week occurred

if*

entirely in large failures involv¬
ing liabilities of $5,000 or more.
Numbering 55, these large failures
rose sharply from the 37 a week

4
iii

it
il i

ago and
as

high

in the

when

year

almost three times

were

as

19

week last

same

failed

concerns

in

this size group. Small failures
the other hand, remained at

on
a

very low level. Only 7 concerns
failed with losses under $5,000,

less than in the preceding week.
m

Manufacturing and retailing

i
li

ac¬

counted for two-thirds of the fail¬
ures

occurring

during the week.
Manufacturers failing actually de¬
clined from 25 last week to 19
this week, but continued above
the 1946 record. This represented
the only trade or industry group

in which there
ures

1.

fewer fail¬

were

than in the preceding week.

The sharpest upswing appeared in

M,

retailing where
at

'$

concerns

the

20,

doubled

ported

;

times

than
of

10

re¬

week ago and were five

a
as

numerous

comparable
f'A:

failing,

number

week.

as

in

Although less

failures occurred

the- other

1946's

in any

industry and trade

groups, concerns failing in whole¬
r

sale trade, construction and

-7

mercial service

i-M

high
week

as
or

in
in

were

either
the

com¬

all twice
as.

the

same

previous
week

last

year.;
.

J.Geographically,
failures
Mm
it 1ft

were

.

•_

3,
week, while there
in
the
comparable

1946

Reach

business

Record Total

—

New above

incorporations

States reached

in

a

-

week's

concentrated in tire

"
.




.

•

last

week

and

reached

a

though
but

shoppers were numerous
looking rather than buy-

were

Despite the sub-freezing tem-

I

and

December, 1945 figure of 8,350.
An

aggregate

j

total

the November count of 8,485,
a gain of 19.4%
above the

over

^

x—

per pound under broad demand
and futures sold at new seasonal

highs.
Cotton

values

of

132,893 stock
throughout
formations
were
re¬
New York

company

corded

climbed

steadily
week.
The
spot quotation closed at
the

past

during the calendar year 33.80 cents per
pound, a rise 1.41
1946, equal to an average monthly
points. One of the chief factors in
rate of 11,074.
During the final the
advance
was
the apparent
half of the year, incorporations
tightening in the supply position.
averaged 10,199 per month, or Mill
price fixing was active as a
14.7% less than the monthly aver¬
result of the desire of mills to as¬
age
of 11,950 for the first six sure
themselves
of
adequate
months of the year. It represented
stocks. Buying was also stimulated
a rise of
69.4%, however, over the
by the continued favorable do¬
last six months of 1945,
when mestic
consumption outlook, fur¬
charterings averaged only 6,019 ther
inquiries from abroad and
per month.
the possibility of elimination of
New York outranked all other licenses
on
exports
of
cotton
states by a wide margin.
Con¬ textiles by this country, Registered
tributing 37,599, or 28.3%, of the gales of cotton -unfe
annual total, the New York count program totalled
79,766 ^ples for
greatly exceeded the previous all- the week ended Feb, 1, as
pgainst
time numerical record of 26,816
35,986 in the previous weekr atid
set in the year 1928, according to
only 32,185 for the second week
Thomas J. Curran, Secretary of
previous. The week's total was
State for New York, Following in the
largest for any previous week
of

with 9,768
or

rank
were
California, since
charterings for the year, tions

with 8,239, or 6.2%;

Illinois, with
6.0%; Ohio, with 5,570, or
4.2% and Massachusetts, with 5,7,955,

203

or

or

132,893 business charters

issued last year, 74,334, or
56.0%,
occurred in the six states enumer¬
ated above. The
remaining 42 re¬
porting states accounted for the
balance of 58,459, or 44.0%, of the

Wholesale Food Index Up Third
Successive
Week — Continued

strength

in livestock and other
food items brought a further rise
in the Dun & Bradstreet wholesale
food
price
index.
The
index
on

to

cents

Feb.

volume

of

flour, wheat, corn, rye, oats, bar¬
ley, hams, lard, coffee, cocoa,

concerns

potatoes, steers, hogs, sheep
Iambs.
Only butter, bellies

over

cottonseed

oil

index

total of the

showed

represents

price

per

crease

in

the

salers,

pound of 31

than

reported

an

7%

to

increase
over

of

disclosed
the

the

active

last

the

Chicago Board of Trade reached
the heaviest volume in about two

activity was in
wheat where all futures contracts
at

new

on

year-end of
hand Nov. 30,

receivable,

the

on

hardware

an

date

same

same

increase of 63%
a

year

were

period

previous,

slightly
a

year

over

under

ago

and

somewhat better than in Novem¬

year ago.

week and futures trading on

sold

hand

on

wholesalers at the close of 1946,

the

were

62%

date the year

reporting

Collections

a

or

the

at

Accounts

earlier

Grain markets

same

those

control peak of 244.96 on Feb. 11.
This compared with 239.37 a week

similar date

inventories

of the

books

commodity
price
index
advanced
rather
sharply to reach a new post-de¬

on

average in¬

month in 1945.

same

as

as

1946.

kets last week, The Dun & Brad¬
street daily wholesale

184.52

an

December, 1946,

previous. Inventories also showed

ditions exerted a strengthening influence in major
commodity mar¬

high levels for

the

Retail and Wholesale Trade
Extreme

cold

for

past week. Gains running from 20
in volume were estimated

sale markets gave evidence of no
added downtrend in the week. De¬

mand

price

remained

some

high

and

goods
im¬

provement in deliveries was noted.
Retail volume for the country

-

in the week ended last

Wednesday

estimated to be from 8 to 12%
above that of the corresponding
was

week

a

year

Regional esti¬

ago.

mates exceeded those of

a

for

better-

coats

and

and

suits

medium-

continued

strong. "

According to the Federal .Re¬
Board's

serve

index,

department

store sales in New York City for
the weekly period to Feb. 8, 1947,

increased.

1%

above

the

year ago

preceding ;;week.* For
weeks

11, East

same

,

England 7

to

,

period, last year,"; This compared

by the? following percentages: New

12 to; 16,

ended

Feb.

<

the

fouj?

1947> sales

rose -|2% aiid foj;the .year to1 date
Northwest 10 to 15 and the Pacific increased to 19%:

(Continued from first page)

•

if

GM

rector.

had

a labor relations
He said, yes, indeed.

di¬

in

the

ment?"

preparation

of

this

state¬

Murray asked.

When Wilson replied in the af¬

firmative, Murray quietly placed
in the record a statement from the
old Civil Liberties Committee that
this labor relations director had

been

a

member

of

which has been generally looked
upon as designed to prevent aid to
Britain and our own defense pro¬
gram.
At the time the company
was
building 26 destroyers for the
Navy. The late Secretary of the
Navy Knox and Knudsep de¬

manded
to

that

work

the

and

Metal Trades
.

strikers

return

thousands

when

of

them

sought to do so, the Com¬
mies provoked a riot.
Yet in the face of this, Murray
blandly put in the record, a widely
circulated Communist charge that
this strike was provoked by the
management because one of its of¬
ficers

was

a

member

First, that the

"And did you consult with him

because
take

the

of America

really struck
company would not
men

Government contracts.

The
fact is, of course, it was working
on

the

This

destroyers, for
tack

trialists is

against

something

one

our

thing.
indus¬

new.

Incidentally, the best prediction
on

labor legislation is

a

bill out of

the Senate Committee that will be

and was

guilty of all the horren¬ disappointing to the conservatives;
it will be strengthened in the Sen¬
ate and further strengthened in
In this quiet little way,
Murray the House. The final bill will be
has succeeded in tagging nearly written in conference with the
every witness to come before the moderates, who insist that it must
Committee as someone not to be be a bill Truman will
sign, prob¬
relied upon.
ably prevailing. Sure of passage
will be full, freedom of. speech
The darndest
thing he pulled, for
the employer; denial of Wag- •
however, was on H. W. Story, ner .Act
dous

was

thipgs which the Association
charged with being guilty of.

protection to foremen, a

Vice-President of Allis Chalmers.

ban

Story presented

tional strikes.

unusual
with

a

one

of

ever

briefs

to

the most
filed

be

against boycotts and jurisdic¬
"

y.

Highly unlikely: A ban against

Congressional Committee. the closed shop; a ban against in¬
fully dustrywide bargaining. It may be

It was four inches thick and

{Ipejyumanieti^ith photographs

that .out of the agitation for a ban

union they've had to deal with for

hand, and. the reluctance of the

weather S in

moderate decline in total retail

volume the past week, Dollar vol¬
ume

and

to 25%

case

the past nine or ten
sectipns pf the. country resulted;.iri
Cpmmunist-dominated.
p

11%

by

and
other evidence to show that the

ber, 1946.
j,;

For the
8, 1947,

the year to date by 17%. A sharp recovery took place in
retail trade here in New York the

ly, but the demand for

hardware

1946, revealed that
they averaged *41% greater stocks

Daily
Wholesale
Commodity
Price Index—Severe weather con¬

with

wholesale

Sales

—

of Dec. 31,

as

sum

foods in general use.

and

Over 1945

Reports, from hardware whole¬

declines.

the

Hardware Vol¬

reports in its every-other-Thursday market summary. The same

and

Feb.

ended

increased

Registra¬

distributors, in all parts of the
country, averaged 45% for all of
1946, over 1945, "Hardware Age"

and

preceding week;

weeks

sales

terest in furniture declined slight¬

cluded, Murray suavely asked him

Wholesale

Up 62%

ume

the

so

1946

$6.32

11, from $6.29 a week
earlier, and represented the high¬
est level since Dec. 10, when it
registered
$6.35.
The
current
index compares with $4.13 on the
corresponding date in 1946.
Moving higher in the week were

The

as

.

year's charterings.

figure advanced 3

v

and other hardware items such

nails remained low. Consumer in¬

ment 1946 loan stock continued at
those times,, he never availed him-'
a
very low rate.
Cotton textile
self of its purported services. But
markets were quite active. Sub¬
the LaFollette Committee report
stantial yardages of carded gray has
all of the members of this As¬
cloths were booked for third quar¬
sociation listed with the impli¬
ter delivery at prices averaging
cation that every member availed
about 10% above former ceilings.
himself of the services which the
Packer hide markets developed
Committee described the Associa¬
a firmer tone last week
although tion as giving.
volume of trading remained at a
Charles
E.
Wilson, General
moderate level.
The uptrend in
Motors head, had an experience
hides failed to stimulate any in¬
of this kind.
He delivered to the
terest in leather as both
buyers
Committee a lengthy statement
and tanners continued
very cau¬
into which he had put a lot of
tious about making future com¬
time and energy.
When he con¬
mitments.

3.9%.

Of the

mid-September,

in

four

for department stores, against a
Improvement in the supply of rise of 2% in the previous week.
home furnishings and household It should be noted, however, that
items resulted in a moderate in¬ the past week had six selling days
crease in retail volume of durable
as against five last
year when the
goods., There were numerous re¬ large stores here were closed on
quests for electrical appliances and Lincoln's Birthday because of the
hardware but offerings continued fuel shortage.
to be limited. The supply of paint
Basic price conditions in whole¬

far this season under this
program amount to 1,133,816 bales.
Entries of cotton into the Govern¬

7.4% of the total; New Jersey,

for

dex

Demand for Spring and Summer

mc
*.
!
the top of $26, iu. second
the
highest on peratures m many localities, there
of record.
The
previous top was was little increase in the demand
9,971 in December, according to
for furs and other types of heavy
$27.50 set last October following
the latest compilation by Dun &
the removal of price ceilings. Re¬ clothing. There was a noticeable'
Bradstreet, Inc., covering 48 states. fined lard
prices advanced 1 cent increase in the number of requests
This represented a rise of 17.5%
for lingerie and piece goods.

United

months, Greatest

this

flour

last

same as

order

Failures

industrial

m
4-'

104%,

was

the week:ended Feb.
8,
1947, increased by 2% above the
same
apparel declined slightly from the
period of • last year. This
high levels pf previous weeks, al¬ compares with an increase of 10%
these items.

was
rather quiet.
Market
receipts of hogs dropped sharply
to 336,700 head last week as com¬
were
none
pared with 501,800 in the same
week a year ago.
week a year ago. Hog prices aver¬
New Business Incorporations In
aged about $1 per hundred pounds

Canadian failures numbered

the

an¬

cars,

ceding
*

freight for
Feb.
8, 1947,

revenue

767,481

nounced.

P

m

of

of 1946.

remained

slightly above that

years

It

is

dealt

at, length with the 76-day strike
in

bf

the plant

against closed

Senators to

shops,

ban

it,

on

on

there may be legislation
it from the

area

the one

the other,

removing

in which the em¬

in 1941 at the time ployer is required to ^bargain in
:the * 'Hitler-Stalin, pact -rand good
..

t

- V

t

_

If

Volume 165

142

Number 4570

THE COMMERCIAL &
FINANCIAL CHRONICLE

Moody's Bend Prices

and Boad Yield

elveSS MloKfttbi« """• '°d b<""*
1947

153

Bonds

18

Feb.

Avge.
Corpo.

Govt.

Averages
Feb,

Aa

122.17

Corporate by Groups

A

Baa

P. U.

122.09

Indus.

120.02

117.00

110.88

122.09

113.12

120.02

118.40

117.00

112.93

120.02

118.40

120.84

117,20

110.88

120.02

117.20

110.88

113.12

120.02

118.40

117.20

120.84

110,70

113.12

118.40

120.84

122.09

122.20

117.40

122.09

117.40

122.09

R. R.

113.12

118,40

13

122.17
122.17

117.40

122.09

10

120.22

122.20

117.20

117.40

110.88

122.09

113.12

120.22

118.60

117.20

122.27

117.40

110.88

121.88

113.12

120.22

118.60

117:20

120.84

111.07

Stock

7

Exchange Closed

113.31
111.07 .113.31
11C.88
113.31

118.60

120.84

118.60

120.84

118.60

117.40

110.88

113.31

118.60

120.84
120.84

117.40

110.88

122.20

117.60

122.09

120.22

6

122.24

117.20

117.60

122.09

120.22

5

117.40

122.27

117.40

121.88

120.22

117.40

121.88

120.22

4

122.27
122.14

117.60

121.88

113.31

120.43

118.60

1

122.08

117.40

117.60

110.88

121.88

113.31

120.43

118.80

117.40

113.31

122.08

118.80

120.63

110.88

113.31

1132

24

117.40

120.22

117.40

117.60

122.39

121.88
121.88

120.43

117.40

110.38

120.63

118.80

113.31

120.63

118.80

120.63

17

122.24

117.40

121.88

10-

120.22

117.40

122.17

110.70

117.20

113.12

121.67

118:60

119.82

120.84

117.20

110.52

113.12

119.61

118.40

116.80

120.43

110.15

112.75

118.00

120.02
119.82

3*

122.14

116.80

121.25

Dec. 27

122.17

116.80

121.04

20

119.61

121.92

116.80

110.15

116.61

112.56

120.84

118.80

119.20

116.61

121.92

109.97

116.41

120.63

112.37

117.60

119.20

116.41

121.74

109.97

116.22

112.37

120.84

117.40

119.00

119.61

116.22

109.60

111.81

117.40

119.61

6

29

121.55

116.22

119.82

116.02

109.60

111.81

121.04

117.60

119.00

119.61

116.02

109.79

116.61

112.00

121.46

117.60

119.20

119.82

116.41

110.15

116.61

112.37

117.80

121.25

119.20

120.02

116.22

110.34

116.41

112.37

117.60

121.04

120.02

119.20

116.02

121.77

8

118.80

116.41

122.14

*-

121.04

121.80

122.05

22

110.15

116.61

112.19

117.60

121.04

119.20

25™!"!

110.34

112.19

117.60

121.08

118.40

122.71

123.77

118.60

123.13

June 28

124.11

118.80

123.34

121.25

1947

116.61

122.92

that

121.04

119.00

116.61

110.15

120.43

118.00

121.04

118.40

120.02

117.80

112.37

114.85

118.80

121.25

112.56

118.40

112.3?
115.63

119.20

121.46

112.56

116.02

ern

Feb

9.4

10.7

10.1

29.4

26.7

18.5

14.7

13.7

15.4

13.8

22.4

22.0

Southern

Industrial
States

119.82

123.99

122.29

119.41

126.02

114.27

120.22

117.40

120.22

123.34

122.09

121.88

119.00

114.27

116.41

120.22

Rocky Mountain

122.09

122.39

117.60

122.09

Pacific Coast

120.43

117.40

111.07

122.08

113.31

116.80

118.80

121.04

119.61

116.80

110.15

112.56

117.80

120.02

121.88

119.20

114.27

120.22

122.29

24.1

114.46

120.02

118.60

114.27

105.86

110.15

114.08

119.41

Total United States

Bonds

10.5

Week Ended—

23.8

20.5

rate*

Aaa

Aa

A

Corporate by Groups*

Baa

R. R.

P.U.

Indus.

1946

1945

19.9

3,899,293

+ 18.0

16

4,764,718

Nov.

30

4,448,193

4,042,915

7

4,672,712

4,096,954

4,777,943

4,154,061
4,239,376
3,758,942

+ 18.2

Dec.

14

2.55

2.65

2.80

3.12

3.00

2.73

2.55

2.60

2.65

2.80

3.12

Dec.

21

3.01

2,73

2.61

4,940,453

2.55

2.65

2.79

Dec.

28

4,442,443

1.56

2.78

2.55

2.65

2.79

1.57

2.78

2.55

2.65

2.79

3.13

Exchange

Closed

11

1.57
1.56

8

2.78

1.56

10

2.78

2.78

1.56

2.55

2.61

1932

1,520,730

+ 24.0

+ 15.0
+ 16.5

1,798,164
1,793,584
1,818,169
1,718,002
1,806,225
1,840,863
1,860,021
1,637,683
1,542,000

1932

1929

1947

1946

Over 1946

3.00

2.72

2.61

Jan.

2.64

3.12

3.00

4.427,281

2.72

2.61

Jan. 11

4,852,513

2.79

+ 16.6

3.11

3,865,362
4,163,206

+ 18.3

2.79

2.64

2.99

2.72

2.61

Jan.

4,145,116

+ 17.2

2.99

.2,72

2.61

Jan, 25

4,856,890
4,856,404

4,034,365

+ 20.4

2.99

2.72

2.61

Feb.

1

4,777,207

3,982,775

+ 19.9

2.99

4,614,334
4,588,214
4,576,713*
4,538,552

2.72

2.61

Feb.

8

4,801,179

3,983,493

+ 20.5

4,505,269

1,545,459

4,778,179

3,948,620
3,922,796

+ 21.0

4,472,298
4,473,962

1,512,158
1,519,679

2.77

2.55

2.64

2.78

,3.11
3.12'

2.78

2.56

2.64

2.78

3.12

2.78

2.56

2.64

2.78

4-

4,573,807

18
&.

3.12

2.99

3

2.72

2.62

Feb.

15

1.57

2.77

2.56

2.63

2.78

3.12

2.99

1

2.71

2.62

Feb.

22

1.57

2.77

2.56

2.63

2.78

3.12

2.99

2.71

1.57

2.73

2.56

2.64

2.78

3.12

24

2.99

2.71

1.55

2.77

2.56

2.63

2.78

3.12

2.99

2.71

2.62

■Tfi m

1.56

2.78

2.56

2.64

2.78

3.13

3.00

10

1.57

3

UK's

2.72

2.61

2.79

2.57

2.66

2.79

3.14

3.00

2.73

2.63

1.57

2.81

2.59

2.67

2.81

3.16

3.02

2.75

2.65

1.57

2.81

2.60

2.67

2.81

3.16

3.03

20

2.75

2.66

1.59

2.82

2.61

2.69

2.82

3.17

3.04

2.77

2.66

1.59

2.83

2.62

2.69

2.83

3.17

3.04

2.78

6

2.67

1.60

2.84

2.61

2.70

2.84

3.19

3.07

2.78

29

2.67

1.62

2.84

2.60

2.71

2.85

3.19

3.07

2.77

22

2.67

m

1,733,810

2.83

2.60

2.70

2.85

3.18

3.06

2.77

2.66

1.58

2.82

2.58

2.69

2.83

3.16

3.04

2.76

2.65

bridge the

1.57

2.82

2.59

2.69

2.84

3.15

3.04

2.77

2.65

1—

of British and

1.57

2.83

2.60

2.69

2.85

3.16

3.05

2.77

2.66

a

1.60

2.82

2.60

2.69

2.84

sion and reconstruction.

3.15

3.05

2.77

2.65

1.65

2.82

2.60

2.70

2.82

3.16

3.04

2.76

2.66

1.55

2.73

2.52

2.63

2.75

3.04

2.91

2.71

2.59

But

level of

In fact, it
in the White Paper is¬
sued by the Coalition in 1944.

it is

Full Employment Aims

clear that both countries must in¬

U.

crease

K.

Britain faced the future deter¬

exports, visible and

2.60

2.73

3.03

2.87

2.69

2.58

invisible to the U.S.A.

2.73

3.03

2.85

2.69

2.58

3.03

2.84

2.70

2.60

Government

ment,

modest

ever-expanding
demand
for
a
good and steady rise in the stand¬
ard of living.
In a country heav¬
ily dependent on foreign • trade,

2.58

2.73

2.49

2.59

2.73

3.00

Mar. 29

1.36

2.66

2.46

2.54

1.33

2.67

2.49

2.56

2.70

21—

1947

.

2.83

2.68

2.60

2.94

2.78

2.64

2.55

2.94

268

Feb.

2.83

2.64

2.55

1.57

2.81

2.60

2.67

2.81

3.16

3.03

2.76

2.65

1.55

2.77

2.55

2.63

2.78

3.11

2.99

2.71

2.60

1.32

2.67

2.48

2.56

2.69

2.94

2.82

2.64

2.54

1.69

1947

2.93

2.65

2.72

2.94

3.40

3.16

2.95

2.68

1 Year Ago

1946—

2 Years
Ago

1945—

♦These prices

coupon,

level

are

computed from average yields on the basis of one "typical" bond
maturing in 25 years) and do not purport to show either the average

or
the average movement of
actual price
quotations.
They merely serve to
Illustrate in a more comprehensive
way the relative levels and the relative movement
of yield
averages, the latter being the true picture of the bond market.

NOTE—The list

used

"Chronicle"

in

on

compiling

page

the

averages

was

in

given

the

Sept.

1946

5,

1321.

tries knew them well,

little experience

in

income

monthly summary of "bank debits" which

we

chase

the

BY

FEDERAL

RESERVE

DISTRICTS

3

Jan.,

Federal Reserve District—
Boston
_

1947

,.M;

~ ~

Atlanta.

12,269

3,806

12,706

124,130
11,682

5,021

18,375

3,685

3,071

11,115

15,543
9,522

3,108

10,899

9,079

13,565

'

!Z!ZZ!!!!~~~~""~~~~'

Minneapolis

1946

12,539

115,740

3.647

ZZT"'

•>

11,710

41,128

36,397

2.911

—_l_—

2.350

8.811

2,076

1,635

2,793

7,314

6,258

3,568

City*;.———*
Dallas..:

1947

3,865

41,416

5,949

T*—'

ZZZZZZ™

Chicago—.

1946

4,171

ZT
■.

Jan.

37,370

:

Cleveland—.
Richmond—

Months Ended

Jan.,

4,351

New York-

Philadelphia

Jan.,

10,213

5,068
;

—

3,077

.....I
,

•

ceiit^s*x,._^_---_--.__
■-.ik! ■ 193 other centers.-...^*..^... >
in

7,769

93,417

;

34,305
49,060

89,142
38,819 l

41,977

:

10,053. :

the natibMal
iSefies.rcoverIng I«




9,305
1

>

""

26,874

•

Total, 334;cen,ters——
j *New York City__*.__2——i.•
*140 other

2,593

9.048

_

Francisco.-...

•'

,

;

center^,

8,347

-

283,962
-106,645
147,459
i ? 29,858

others had

8,237
7,690

23,188

or

American

national

devoted to the pur¬

were

25,014

to

maintain

that is

that meant

to

full

say,

a

employ¬
full and

steadily expanding
imports and the need
steadily expanding exports to
for them. If every country in
a

demand for

for
pay

the world would adopt and pursue

policy of maintaining high and
demand, and thus

a

stable levels of
of

employment at home coupled
with the progessive elimination of
those sub-standard conditions of
labor

which

existed

in

unfortunately

some

countries

have
in

the

past, then the total demand for
goods and services exchanged in

goods,

Britain
in her
repay
debts,
and
maintain
imports
of
American
farm products.

world

greatly

helped

higher level than

To seek to modify the present
pattern of trade between the two
countries did not imply an effort
to bring it into exact balance. The

gling to sell but not to buy—try¬
ing to stop other nations selling
to them as if they believed that
the trader did the customer injury
by selling him something more
cheaply than he could procure it
himself.
Today all nations are
struggling to buy, and we now
know that if we are prepared to

would

be

British
much

to

Government

desired

as

Government in the
early restoration
of multilateral trade with freely
convertible currencies. They were
convinced, however, that nations
as

world to

any
see

an

must cooperate to ensure that such
trade would be both stable and

expanding. They were committed
27fiU20
to a policy of full employment. So
116,100
were
their ^ political
.129,006
opponents.

available beginning In 1919.

mined

British

of

endeavor

(In millions of dollars)

•Included

ish exporters to look to markets
in America. Some British indus¬

crease

give below:

St. Louis—

but

had ex¬
plored only the fringes.
If some
part of the immense recent in¬

Bank Debits for Month of January

SUMMARY

The British

hoped to make a
very definite begin¬
ning this year with a welcome to
American tourists. If they would
wisely plan visits so as to spread
them over the whole period from
April to September, there should
be little difficulty about finding
accommodation for all whom ship¬
ping companies are able to bring.
They were also encouraging Brit¬

had

The Board of Governors of the Federal
Reserve System issued
Feb. 11, its usual

term

The

words

ment accept

were:

as

"The

one

govern¬

of their pri¬

trade would

World

trade

in

achieve

ever

a

far

before.

the

past was
by the fear of unem¬
ployment. All nations were strug¬
restricted

maintain

an

advices also

'noncommercial
be

may

inter¬

referring to newspapers,

and

fashion

magazines,

on any subject, sheet
musics
periodicals devoted to special

of

interest

medicine,
subjects.

such

as

literature,

art,

similar

and
Individuals
i

th 6

n

United States may direct publish¬
ers to mail gift printed matter. Ill
not

permissible,

printed

matter

of

however,

to

commercial

a

nature.

»

"The

covers

or

wrappers,

printed matter,' and

*o£

effective demand and

employment, the only long-term
problem will not be fear of com¬
petition but to ensure that pro¬
duction keeps pace with demand.
Varying Economic Outlook
The recent meeting of the Pre-

on

a

list of the

must

be plainly
securely attached

or

to the cover."

Result of

Treasury
Bill Offering

employment."

2.59

2.51

Office

matter'

as

fields

appeared

2.50

2.71

Issue of the

during the period
European reconver¬

gap

2.49

2.70

Post

The

and

mary aims and responsibilities the
maintenance of a high and stable

2.73

1.48

(3%%

diminu¬

an¬

noncom¬

Germany, excluding Ber¬

The

endorsed

m

2.71

1.45

Feb. 17,

-

1.47

Apr. 26

Feb, 18,

1,706,719

1.49
-

May 31

High

jm

tion in invisible exports. The U. S,
and
Canadian credits served to

1.60

June 28

5, that

books

(Continued from first page)
sold, and there had been

8

Kept. 27
Aug. 30—
July 26

Germany

Feb.

printed matter addressed to the
American Zone of Germany must
1,718,304
1,699,250 be plainly marked 'noncommercial

Exchange Status

15

25

on

articles enclosed
mm

consumer

mercial
printed matter up to a
weight limit of 4 pounds 6 ounces,
when sent as gifts, is
acceptable
for mailing to the United States

1,736,721
1,717,315
1,728,208
1,726,161

2.62

17

1,602,482
1,598,201
1,588,967
1,588,853
1,578,817

2.62

31

Dec. 27

needed to

are

send mail-order catalogs, or other

2.55

2.79

US Zone in

is
% Change
Week Ended—

3.12

2.64

1929

.

1,531,584
1,475,268
1,510,337
1,518,922
1,563,384
1,554,473
1,414,710
1,619,265

2.79

2.55

measures

printed

2.56

2.77

1.56

2.61

2.73

more

Printed Matter for

17.2

2.64

1.56

4

2.73

3.00
-

1.56 *

I

5

2.61

3.00

3.12

flow

said:

1945

+ 14.1

2.78

—-Stock

positive

lin.

4,450,047
4,368,519
4.524,257
4,538,012
4,563,079
4,616,975
4,225,814

+ 10.0

Dec.

2.78

20.4

4,354,939
4,396,595

+ 18.6

2.78

13

barriers to

it

sustain and expand

1'

1944

+18.7

3,948,024
3,984,608
3,841,350

1,57

2.73

of

help

There is also a conviction
which must be reckoned with that

news

4,682,085
4,699,935

1.57

3.00

reduction

recognition

freely.

Over 1945

4,628,353

1.57

3.12

,z

general

a

would

preted

9

18

—

trade

(Thousands Of Kilowatt-Hours)
% Change

2.

Nov.

Corporate by Earnings*

is

Zone of

8.6

26.2

RECENT WEEKS

17_

14—_

Ban

9.0

22.8

21.0

DATA FOR

15

on

8.0

Nov. 23

Avge.
Corpo-

Low

21.8

18

10.4

19.1

Nov.

Closing Prices)

U. S.

Govt.

Jan.

7.0

Nov.

1947

25

13.2

121.04

MOODY'S BOND YIELD AVERAGES
(Based on Individual

Daily
Averages

Oct.

22.5

Jan.

19.4

Ago

121.93

15

30.3

West Central

17, 1945—

sur¬

community of

Postmaster Albert Goldman

16.7

Central

121.04

121.04

2 Years Ago

considerable

nounced

29.3

121.46

119.00

116.61

a

that the

YEAR

11.1

119.41

123.56

LAST

Feb.l

116.22

119.61

WEEK

12.6

116.41

126.12

SAME

12.4

112.56

18, 1946—

OVER

Feb. 8

113.12

1 Year

es¬

distributed

energy

12.8

118.40

1947

electrical

13.6

118.40

125.61

face

economic interest.

-Week Ended-

England

121.46

1947

of

INCREASE

Division—

121.25

21-

Institute, in its current weekly report,

amount

Middle Atlantic

Mew

122.92

Nov.

4.5

Major Geographical

119.82

119.20

the

PERCENTAGE

123.34

Jan.

(200)

3.3

States groups which showed increases of
29.3% and 24.1% respec¬
over the same week in 1946.

118.80

Feb.

(10)

4.2

tively

119.00

Feb.

(15)

4.6

eco¬

hardly yet

begun, there is beneath the

de-*
by the
electric light and power
industry for the week ended Feb. 15, 1947, mand to correspond with the
was
growth of productive capacity, and
4,778,234,000 kwh., an increase of 21.0% over the
corresponding
week last year when electric
to ensure the stability of price ill
output amounted to 3,948,620,000 kwh.
The current figure also compares with
basic raw materials and foodstuffs
4,801,179,000 kwh. produced
in the week ended Feb.
8, 1947, which was 20.5% higher than the which formed the great bulk of
international trade.
3,983,493,000 kwh. produced in the week ended Feb.
9, 1946. The
largest increases were reported by the Central Industrial and
South¬

123.09

Feb.

(25)

6.6

4.4

The Edison Electric

timates

124.33

26

Mar. 29-

Feb.

Yield

Electric Ihdpul for Week Ended Feb.
15,1947
21.0% Ahead ef Thai far Same Week Lasl Year

May 31—

Low

Insurance

whose

nomic development had

There

Apr.
Feb.

Banks

(25)

(125)

January,

119.82

116.22

122.17

Sept. 27Aug. 30
July 26

High

Utilities

countries

to

sources

Average

Industrials Railroads

120.63

110.88

31

3

Oct.

rather reminded us of the differ*
ence in economic outlook of dif*

120.84

8

Hov.

the following back issues of the

MOODY'S WEIGHTED AVERAGE YIELD OF
200 COMMON STOCKS

120-84

11

Jan.

see

ferent nations.
But it had shown,
2218; 1942 yields, Jan. 14, 1943, page 202; 1943 yields, March
16,
too, that among the many nations
1944, page 1130; 1944 yields, Feb. 1, 1945, page
558; 1945 yields, Jan.
17, 1946, page 299; 1946 yields, Jan. 9, 1947,
represented, from the U. S. A. with
page 193.
its huge industries and natural re-*

121.04

110.88

117.40

prior years

page

117.40

122.17

15

Aaa

For yields in

"Chronicle"; 1941 yields (also annually from 1929), Jan.
11, 1942,

Corporate by Earnings*

rate*

paratory Committee on Trade and
Employment
had
revealed i or

Moody's Common Stock Yields

*™

117.40

122.17

17

S",W

MOODY'S BOND PRICES
(Based on
Average Yields)

U. S.

Daily

Averages

1055!

The Secretary

of the Treasury

announced

on
Feb.
17 that the
tenders for $1,300,000,000 or there¬
about of 91-day Treasury bills to

be

dated

May

22,
Feb. 14,

Feb.

20

which

and

were

to

mature

offered

on

were opened at the Fed¬

eral Reserve Banks

on

Feb. 17.

Total applied for, $1,779,251,000.
Total
accepted,
$1,312,014,000

(includes $22,452,000 entered on
fixed price basis at 99.905 and
accepted in full).

a

Average price, 99,095 +

equiva¬

;

lent

rate
of
discount
approxi¬
mately $.376% per annum.
Range of accepted competitive

bids:

High, 99.906, equivalent rate of
approximately
0.372%

discount
per

annum.

Low, 99.905, equivalent rate of
discount
per

approximately

0.376%

annum.

(73% of the amount bid for at
the low price was accepted.)
There

was a

maturity of

lar issue of bills
amount of

on

a

simi¬

Feb. 20 in the

$1,313,661,000.

Moody's Daily
Commodity Index
Tuesday, Feb.

11*

...

...

Friday, Feb. 14
Saturday, Feb.

15
Monday, Feb. 17
Tuesday, Feb. 18
Two weeks ago, Feb. 4
Month ago. Jan. 18
Year ago, Feb. 18, 1946
1946 High, Dec. 24
Low, Jan. 2
1947 High, Feb. 17
Low, Jan. 20

391.4

...Holiday

Wednesday, Feb. 12
13

Thursday, Feb.

...

...

...

..

—

390.3

394.7
395.3
398.2

398.5

;

382.6

*

372.1
269.3 I
..

380.8

264.7

—
_.

—

398.3
371.5

-

The American Petroleum Institute estimates that the daily aver¬
age gross crude oil production for the week ended Feb. 8, 1947, was

4,770,250 barrels, an increase of 120,100 barrels per day over the
preceding week and a gain of 79,750 barrels per day over the cor¬
responding week of 1946. The current figure also exceeded by 130,250
barrels the daily average
figure of 4,640,000 barrels estimated by the
United States Bureau of Mines as the

averaged 4,678,950 barrels.

The

Institute's

ended Feb. 8, 1947,

statement

adds:

Reports received from refining companies indicate that the in¬
as a whole ran to stills on a Bureau of Mines basis
approxi¬
mately 4,785,000 barrels of crude oil daily and produced 14,653,000

barrels of gasoline;
2,357,000 barrels of kerosine; 5,193,000 barrels of
distillate fuel, and 8,278,000 barrels of residual fuel oil
during the

8, 1947; and had in storage at the end of the week

1Q1,705,000 barrels of finished

and

unfinished

gasoline;

AVERAGE

CRUDE

OIL

PRODUCTION

State

(FIGURES

IN

13,334,000

4 Weeks

from

Ended

Begin.

Feb. 8,

Previous

Feb. 8,

February

Feb. 1

1947

♦•New York-Penna._Florida 1.
••West Virginia

48,200
8.200

••Ohio—Southeast __t

6,450

3%

7,400

7,400

5,050

5,600
2,450

2,300

18,200

196,350

+

700

Kentucky
Michigan

204,000
28,000
46,000

196,350

16,450
214,700

650

27,850

32,000

Nebraska

1,000

43,500

44,300

800

t700

700

750

8,200

275,900

236,700

2,800

365,350

389,100

19,950

850

above

week, last

146,000

+12,900

21,212,000

33,408,000

17,146,000

24,094,000

4,066,000

9,314,000

Municipal

263,000
370,000

Oklahoma

+

42,700
270,000

t276,500

371,700

—

t367,950

—

+

Texas—
a
»,

District

I

District II

.District

III.

451,000

38,850

cents per

34,400

+

27,200

307,800

106,100

+

6,650

Other

Dlst.

+

34,550

VI

District VII-B
VIII

+
+

2,750

465,400

126,350
83,150

f District

32,650

+

8,100

120,250

+

1,100

+125,050

1,962,850
94,500

79,600
288,850

poses

28,850

2,030,000 t2,042,500

2,056,650

Louisiana

94,050

Central Louisiana

•

■:

u

310,300

Louisiana

387,000

447,000

Arkansas

76,000
66,000
2,000
98,000

79,580

c

Mississippi
New Mexico—So. East)

—

404,350

3~350

—

312,800

3,350

407,300

368,450

74,250

+

1,050

73,000

77,300

89,350

+

2,850

86,750

55,200

1,050

+

200

850

950

103,400

110,000

New Mexico—Other._f

+

400

103,100

98,000

400

93,000
23,000

20,400

Colorado

33,000

,

California

450

250

—

400

107,000

•

97,800
19,100

300

—

20,650

36,050

+

1,050

36,750

22,800

890,700

+

8,300

888,650

845,900

4,770,250

838,000

Tptal United States.

50

—

104,500

Montana

•These
based upon

Market Value of Bonds
The New York Stock

Feb. 11, that

on

+120,100

4,678,950

4,690,500

54,200

—11,700

61,050

4,640,000

Grade

(included above).—

of $140,965,964,820.

165,318,339

par

value with

In the following

a

table listed bonds

Bureau of Mines

are

calculations of the requirements of domestic crude oil

issues, aggregating

This compares with

tOklaoma, Kansas, Nebraska figures
tThis is

Includes
several

the

fields

basic

net

shutdowns

allowable

of

as

and

exemptions
were
exempted

which

are

for

for week ended 7:00
Jan.

1

calculated

entire

the

on

month.

Feb.

a.m.

1947.

28-day basis

a

With

the

ordered for from

were

§Recommendiation of

of

CRUDE

RUNS

TO

6 to

Conservation

STILLS;

Committee

PRODUCTION

AND UNFINISHED GASOLINE,

OF

of

California

GASOLINE;

Oil

State, Cities,

OF

Figures in
estimate

this

of

section

include

reported

unreported amounts and
—Bureau

Crude Runs

of

Product'n

Mines

Refin'g
to Stills
Capac.
Daily % OpReport'g
Av.
erated

District—
Coast

714

and

-

1,854

21,725

District No. 1

101.00

cember

62.63

6,300,000

63.00

5493,750

103.88

5,175,000

103.50

32,927,500

101.00

2,717,000

104.50

Electrical

66,081,250

101.66

65,662,500

*101.02

20,304,375

104.13

20,182,500

103.50

equipment
machinery

Financial

52,234,071

100.20

51,840,191

99.44

169,411,986

101.30

180.815,000

100.61

16,616,390

85.65

17,108,705

85.34

9,958,750

Food

9.9.79

9.856,900

Machinery and metals
Mining (excluding iron)
Paper and publishing

60,129,117

59,745,437
25.888,750

103.56

101.53

532,576,250

100.68

90.5.3

7,389.668.035

83.39

13,233,461
118,025,000

98.57

13,355,899

99.49
102.29

102.63

3.17.631,250

244,971.500

109.20

243,530,500

103.50

41.650.000

104.13

237,253,589

105.74

237,176,346

105.71

19,124,948

99.48

18,795,680

97.77

106.50

2,948,444.491

coke

electric

and

electric

2,944,625411

(operating).
(holding)—

S.

106

74.1

326

2,729

288

461

64

103.2

200

961

27

72

140

led:, 111.; Ky
87.4
Okla.,! Kans., Mo.„78.3

774

89.0

2,578

20,063

1,267

3,842

107.60

123,006.943

93.13

82,832,316

83.2

1,423

10,116

Inland

556

59.8

1,657

1,182

215

65.2

985

4,103

227

347

im

U.

in the 10 cities ;were

ranging

to

up

1%

in

104.33

23,977,500

104.25

81.02

•

Texas

Texas Gulf

Coast

232

S.

companies

13.908,469.643

96.66

13,818.616,132

95.13

1,092,441.937

70.4.3

1,093,038,347

69.54

653,802.082

94.52

560,232,985

93.41

140,965,964,820

102.89

140,792,540,973

102.64

89.2

1,145

93.4

CKjuisiana Gulf Coast-

2,684

112.8

5.573

916

7,888
2,724

5,765

362

3,375
1,013

15,371

97.4

No. La. & Arkansas—

55.9

63

50.0

191

2,234

203

494

117

Mexico

19.0

9

69.2

133

80.6

452

2,587

72

448

810

81.5

2,228

16,137

582

10,680

26,961

28

106

16

33

<

U.

8.

basis Feb.

Total
Feb.

U.

9,

S

B.

B.

4,785

kerosine.

-

• 101,705

13,334

45,093

47,537

86.1

14,610

100,579

13,538

48,131

47,947

gasoline

8,286,000

12,519

in

7,938

28,351

34,966

In

a

letter to the Boy

Scouts of

37th

birthday

President

Truman

on

their

of 8,106,000 barrels.,
tlncludes unfinished
t Stocks at refineries, at bulk terminals, in
addition,
there
were
produced 2,357.000 barrels

the

week

oil

and

ended

distillate
Feb.

8.

fuel

oil

1947,

and

which

8,278,000

barrels

compared

with

2,071,000 barrels, 5,660,000 barrels and
8,516.000 barrels, respectively, in the
week and
preceding
2,189,000 barrels, 5,645.000 barrels and
8,828,000 barrels, respectively, in
the week euded Feb.




Average

Average

Price

Market Value

t

S

114,019,500,804

1946—

114,881,605,628

9,

1946.

cording

105.19

the

146,180.821,869
143.904.400.671

103.89

102.53

Apr.

30

May

31..

May 31

114,857,381,979

103.01

114,767,523,198

103.45

'

July 31

130,074,758,528

102.97

*

31_..

i

July

102.49 .V

c

128,511,162,933
.

102.60

128,741,461,162
•
•

>

103.28:..

103.64

to

31

141,407,058,263

...
...

New

aboafd "

place in France

the President said, ac¬

103.52

30

140.958.397.671

102.16

140.245.279.977

: 102.46

139.520.722.520

102.00

140,792,540,973

102.64

this

make

journey!"

103.10

139,784.237,292

"Times;"

abroad than

will

who

!•

Sept. 30

send

we

to
"What
peace could
you Scouts

advices of Feb. 7

York

better ambassadors of

104.49

104.21

Aug.
Oct.;

31
30

Dec.

31

....

Since- the Boy Scouts bf America

V-

1947—
Jan.

-T'

31

VV

-

t

.V

V

and

*'.*

»

.102.89

1

('!'

J

I

•)

i

»

.

>•

on

Feb. 8, 1910, a

American boys
have been identified with

total- of 13,500,000

•

140,965,964,820

—

established

was

103.16

.129.156,430,709

143,110,515,509

143.943.768.509

142,405.982.701

—

June 28

Nov.

129,748,212,202

our

1C4.75

103.10

Nov. 30

t
104.75

146,523,982,940

115,280,044,243

—

in

to take

in August,

145,555,685,231

114,831,886,516

Dec.

which is

28

30

31

Price

$

•

31

Apr.

Oct.

before

ever

gaining renewed strength

Feb.

102.58

29

than
country and

said that "scouting is stronger

Jan.

101.91

28

Sep.

and

warmly praised the movement

Mar. 30

31

Feb.

Aug. 31

anniversary,

Referring to the World Jamboree

Market Value
1945—

stocks

barrels,

pipe lines.
§ In
5,193,000 barrels of gas
oil

1103,853

average price of bonds

the Exchange:

June 30

4,783

in

fuel

on

total

Mar. 31
85.8

unfinished
of

14,653

M.

4,529

stocks

Sot. residual

864

M.

1946_

transit- and
bf

of

of the total market value and the

Jan.
85.8

1, 1947—

•Includes

^gasoline

of

The following table, compiled by us, gives a two-year compari¬

son

35

Tata!

Total

bonds

603

85.5

U. S. B. of M.
basis Feb. 8, 1947—

•

listed

70.9

Other Rocky Mt

California

listed

1.763

Hocky Mountain—
New

Foreign government
Foreign companies
All

small,

Portland,

Boy Scouts' Anniversary

729

2

The in¬

Louisville, Kentucky.

creases

91.00

24,006,250

2,830

390

on December 15.
The
largest decrease of 3.4% occurred,

surveyed

America
Total

84.7

District No.

food prices

retail

in

recorded in 46 of the 56 cities

107.38

1,538,358.169

84.3.3

113,246,705

companies oper. abroad--.

51.217.875

107.87

123.818.850

Miscellaneous utilities

108.00

1,540,847,533

Communications

U.

,

51.516,000

7,180

76.3

"Declines
were

Maine."

and

Miscellaneous businesses

16,447

by

upward

edged

products

ery

less than 1%.

106.05

and

Gas

Of

Oil

of the

month and fluid and
canned milk prices were slightly
higher. Prices of cheese dropped
5.5%. Prices for cefeals and bak¬

102.59

41,400,000

iron

Gas

Oil

loss

the

of

mid-De¬

in

recovered

some

previous

93.09

103.50

7,427,059.486

:

merchandising

93.68

25,875,000
537,068,750

Railroad

butter

98.77

Land and realty

Fuel

6,496

for

3,838,000
6,262,500

Farm

prices

Sugar

3.2%. Dairy products as
group increased 1.2% as prices
up

100.50

a

months.-

6

in

were

•7,214.895

T_

Resid.

sine

50%

$

101.37

—

of

increase

in

occurred

104.03

*

Retail

additional

"An

7,277,711

Aviation

vege¬

with prunes

8% and navy beans up 5%?.

up

125,320,653,509

Automobile

prices to

and

dried fruits

of

104.09

Utilities:

Fuel

Stocks

Price

$

grapefruit juice

tables climbed 6V2%

125,401,251,158

Transportation services

on

&Dist.

Blended

85.1

therefore

Gas Oil

of

Average

$

Tobacco

i

'

Kero¬

Appalachian—

plus

tStocks

Unfin.

Gasoline

etc.)

Amusement

fStks. of JStks

at Ref.

$

Textiles

basis

Inc. Nat.

Y

U. S. companies:

Steel,

totals

are

N.

Rubber

*

§Gasoline tFinished
% Daily

FINISHED

1947

(Figures in thousands of barrels of 42 gallons each)

(incl.

Petroleum

KEROSINE, GAS OIL AND DISTILLATE FUEL,

f AND RESIDUAL FUEL OIL, WEEK ENDED FEB. 8,

...

Producers.

STOCKS

Government

Market Value

vegetables

coffee prices,
which had advanced steadily since
June—a total increase of almost

Chemical

and

exception

entirely and of certain other fields for which
12 days, the entire state was ordered shut down
lor 6 days, no definite dates
during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed
to
operate leases, a total equivalent to 6 days shutdown time during the calendar month.
shutdowns

S.

Building
6,

Prices

-Dec. 31, 1946-

Price

and

on

their

5%%

Average

and

large supplies.
In¬
creases
averaging T!to 5% yere
reported for canned peaches, pine¬
apple, peas, corn, and tomatoes.

for each:

Group—

fruits

retailers reduced

move

industrial groups with the aggregate market value and average price

U.

3%

when

classified by governmental and

are

fruits

canned

price of canned

of

total market value of $140,792,540,973.

Market Value

certain premises outlined in its detailed forecasts.
They include the
that is moved in crude pipelines.
The A. P. I. figures are crude oil only.
As requirements
may be supplied either from stocks or from new production, con¬
templated withdrawals from crude inventories must be deducted, as
pointed out by
the Bureau, from its estimated
requirements to determine the amount of new crude
to be produced.

j

as

the figures as of Dec. 31, 1946, of 925 bond issues, aggregating $137,-

58,000

§844,300

market value

total

a

all

of

the average, despite a
decrease of more than 10% in the

$137,006,471,566 par value listed on the New York Stock Exchange,
with

Prices

table prices declined about 1%,
however, because of a 13 % drop
in orange prices and a 12% drop
in green bean prices. Retail prices
rose

NYSE in January

on

Exchange announced

the close of business Jan. 31, there were 918 bond

condensate

(Bast

54%

reported for the corresponding period of

-Jan. 31, 1947-

•^Pennsylvania

•

pur¬

1946.

•

Wyoming

,

totals $134,202,000,

1

Alabama

„

1947

of

Texas

Total

of

seven-week period

than the $288,641,000

less

ISO

North

New capital for construction

municipal bond sales.

for the

earlier.

vegetables combined advanced less
than 1%. Fresh fruits and vege¬

2,109,250

IX

District X
Total

lower on December 15, when pork
chops averaged 58 cents per pound,
compared with 66 V2 cents a month

82,350

VII-C

District

State and

2,100
5,050

467,450

-'District

construction.

in corporate securities and $7,548,000 in

and is made up of $6,100,000

cuts

all

capital for construction purposes this week totals $13,648,000,

101,100

36,100

East Texas

New

210,700

2,750

+

223,250

District V

with lower prices reported for
of beef, veal, pork, and
lamb. Pork prices were nearly 7%

age

Capital

New

as consumer re¬

"Meat prices declined about 3%;
from mid-November on the aver¬

bridges, earthwork and drainage, highways, com¬

mercial buildings, and unclassified

pound;,

to lower prices.

keepers

gains this week over the 1946 week as follows: water¬

works, sewerage,

421,850

+

328,200

District IV

+16,750

36,450

-

>

classes recorded

in the fats

oils group was primarily due
decreases in lard prices. The

sistance combined with heavy re¬
tail
stocks forced many store¬

Seven of the nine

drainage gained this week over last week.

and

year ago,
100 % above
1939, and approximating
1920, the peak after World
a

price of lard fell 33%
during the month from the record
high of 53 cents per pound to 35

waterworks, and earthwork

In the classified construction groups,

than

average

6,648,000

and

$111,546,000
78,138,000

136,300

Kansas

28,350

fresh

and

13,1947 Feb. 6,1947 Feb. 14,1946

Construction

19,300

Illinois

1,000

—

for
more

August

to

Federal

3,250

+

—

2,250

1%

Tne index stood at 185.9%
the
1935-1939 average, 32%

of

$44,058,000
27,115,000
16,943,000
10,295,000

State

4,250

400

19,900

and

vegetables

War I.

Construction

Public

100

7.800

)

_1

retail

offsetting price increases for other

seven-week

$54,778,000
33,566,000

Private

46,350

and

"The sharp decline

Total U. S. Construction

Feb. 9,

18,000

Ohio—Other

Indiana

meat

for

June

engineering construction volume for the current
Feb.

1946

1,300

—

the

price index declined, for the
months, with price
decreases of 15% for fats and oils

first time in 10

otal of 1946.

250

250

mid-December,

food

above 1946.

municipal construtcion, $149,107,000 to date, is 53%
federal construction, $56,568,000, gained 15% above the

1947

9,400

—

"In

like period of

a

and

48,050

Week

42,700

said:

also

39% below the week last year.

Ended

Change

of

U. S. De¬

partment of Labor whose advice^

week, $33,566,000, is 57% less

Week

Ended

;.,,'
'

Labor Statistics of the

week, and the 1946 week are:

Week

ables

cities

DecemI

on

foods.

total for

Actual Production

Allow¬

Calculated

.

large

November 15 when
were at an all-time

on

prices

1946. On a cumulative basis, private con¬
struction in 1947 totals $391,619,009, which is 30% above that for
1946.
Public construction, $205,675,000, is 40%
greater than the
cumulative total for the corresponding period of 1946, whereas State

a

Civil

Requirements

»

-

56

high, according to the Bureau

fruits

records

BARRELS)

*B. Of M.
s

food

engineering construction for the seven-week period of 1947
cumulative total of $597,294,000, which is 33% above the

Total

barrels of kerosine;
45,093,000 barrels of distillate fuel, and 47,537,000
barrels of residual fuel oil.'
DAILY

ber 15 than

week, and 24% above the week last year.

is 56% below last week, and

in

paid 1% less for foods

than last
Public construction, $21,212,000, is 37% below last week, but 25% more than the week last
year. State and municipal construction, $17,146,000, 29% below last
week, is 67% above the 1946 week. Federal construction, $4,066,000,
Private construction this

Dropped

Mid-December

Consumers

Civil

dustry

"week ended Feb.

I % in

engineering construction volume in continental United
States totals $54,778,000 for the week ending Feb. 13, 1947, as reported
by "Engineering News-Record." This volume is 51% below the pre¬
vious week, 24% above the corresponding week of last year, and 44%
below the previous four-week moving average. The report issued on
Feb. 13, went on to say:

requirement for the month of

February, 1947. Daily output for the four weeks

Retail Prices

Engiaeering ConstnfcKoiTolals
$54,778,000 for Week

Civil

Daily Average Crude Oil Production for Week
Ended Feb. 8, 1947 Increased 120,100 Barrels

Thursday, February 20,1947

FINANCIAL CHRONICLE

THE COMMERCIAL &

>056

v
>

the
-iv

i

men

organization,^ Zit' r

y?:

■

?•

vv.

■

■

THE COMMERCIAL & FINANCIAL
CHRONICLE

Number 4570

Volume 165

[ Vance cottonprice
with knit
men s

Weekly Goal and Coke Production Statistics

,

production of soft coal in the week ended Feb. 8, 1947,
as estimated by the United States Bureua of Mines, was 12,300,000
net tons, a sharp decline from the 13,760,000 tons produced in the
preceding week which was the highest production since the output
^f 13,970,000 tons in the week ended Dec. 11, 1926—more than 20
yi&rs before.
In the week ended Feb. 9, 1946 there were produced
12 506,000 tons.
The total production of bituminous coal and lignite
for the current calendar year to Feb. 8, 1947 was estimated at 73,080,000 net tons, an increase of 3.4% over the 70,699,000 tons pro¬
The total

Jail. I to Feb. 9, 1946.
Production of Pennsylvania anthracite for the week ended Feb.
3 1947, as estimated by the Bureau of Mines, was 1,107,000 tons, a
decrease of 133.000 tons (10.7%) from the preceding week.
When
compared with the output in the corresponding week of 1946 there
was a decrease of 58,000 tons, or 5.0%.
From Jan. 1 to Feb. 8, 1947,
there were produced 6,430,000 tons of anthracite, as against 6,565,000
tons in the period from Jan. 1 to Feb. 9, 1946.
duced from

reported that the estimated production of bee¬
States for the week ended Feb. 8, 1947
showed a decrease of 2,700 tons when compared with the output for
the week ended Feb. 1, 1947; but was 25,900 tons more than for the
The Bureau also

the United

in

coke

hive

COAL AND LIGNITE

(In Net Tons)

Daily

Jan. 1 to Date

:;!Feb. 1,
1947

tFeb. 8,

1946

1947

12,500,000

2,293,000

12,300,000
2,050,000

Feb. 9,

13,760,000

8,
1947

average

2,083,000

73,080,000
2,208,000

Feb. 9,
1946

70,699.000
2,073,000

tSubject to current adjustment.

♦Revised.

of

underwear.

Prices

Prices

up.

cost

earner

and

increases for print cloth, women^ anklets, and

were

of

of Manila

leather

some

increases.

expectations of

Possibility of resumption

seasonal

a

O. Max Gardner

and artificial
products rose as a
rope

decline

in

of

A

Par^lcP^ar^ Douglas Fir, and small

3e!''

increases for

some

gasoline.

There

cottonseed meal and coal tar. Prices of

IN

WHOLESALE
FOR

WEEK

PRICES
ENDED

dent Truman

BY

COMMODITY

GROUPS

Percentages changes to
Feb. 8,1947 from—
2-8

2-1

1947

1-25

1947

1-11

2-9

1947

1947

1946

2-1

1-11

1947

2-9

1947

1946

140.3

Farm products

165.5

164.8

164.2

165.8

130.4

0.4

0.2

+

156.7

154.1

155.9

158.1

107.1

1.7

0.9

+ 46.3

Hides and leather products
Textile products

172.9

171.0

170.7

171.2

120.0

1.1

1.0

+ 44.1

137.7

135.8

135.7

133.2

101.1

1.4

3.4

+ 36.2

98.6

98.5

98.5

98.0

lighting materials
Metals and metal products
Building materials
Chemicals and allied products
Housefurnishings goods

107.1

+

1.0

85.8

1.2

+

0.1

+32.3

0.6

26.9

+ 14.9

138.3

138.3

137.7

135.5

105.8

0

2.1

+ 30.7

170.6

168.6

165.5

158.1

119.9

1.2

7.9

+

127.6

127.8

127.4

126.8

96.0

0.2

0.6

+ 32.9

123.0

122.8

122.5

121.4

106.8

0.2

1.3

+ 15.2

110.0

109.9

110.0

109.0

95.3

0.1

0.9

+ 15.4

42.3

,

Special Groups—

PENNSYLVANIA
(In Net Tons)

Week Ended
1947

1947

Anthracite—

Penn.

1,192,000

123,400

153.1

152.6

152.1

153.1

119.3

0.3

0

+ 28.3

141.3

139.5

138.6

135.9

97.5

1.3

4.0

+ 44.9

137.5

135.6

136.0

135.4

103.2

1.6

+ 33.2

136.5

135.0

135.1

134.4

101.9

+

1.1

+

1.6

1946

6,430.000

6,565,000

6,537,000

6,182,000

6,312,000

128.1

127.5

127.0

125.0

101.1

+

0.5

+

2.5

+26.7

6,039,000

665,800

505,800

409,000

1947

Feb.

.

9,

Farm products

♦Includes

PERCENTAGE

CHANGES
FEB

and

washery

dredge

coal

and

coal

shipped

truck
§Revised.

by

authorized
UEstimated from

Week EndedJan.

1,
1947
417,000
7,000
40,000
190,000

State—
Alaska

-

Arkansas

[Colorado ——[

Indiana

••Sowa

-

-

Kentucky—Eastern
Kentucky—Western
Maryland
-

'Michigan

.1(bituminous and lignite)

—

Montana

1,003

1,539,000

607,000

578,000

42,000

38,000
126,000

.

124,000

1,235.000

1,095,000

453.000

475,000

48.000

55,000

2,000
94.000

28,000
64,000

830,000

3,225,000

Texas

78,000

3,000

-

2,000

2,000

190,000

151,000

415,000

377,000

28.000

29,000

2,553,000

2,254,000

867,000

1,020,000

220,000

26,000
2,595,000
1,026,000
206,000

—

—

233,000

1-009

1,000

1,000

13,760,000

13,200,000

12,630,000

f-JOther Western States
Total bituminous and lignite—

W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
and Clay Counties.
IRest of State, including tn<?
Grant, Mineral and Tucker counties,
glncludes Arizona and

tIncludes operations on the N. &
the B. & O. in Kanawha, Mason

^Panhandle District

and

'Oregon.

Wholesale Prices Rose 1 % in Week Ended
Feb. 8,
Price advances

Labor Department Reports
commodity groups raised average

in most

pri¬

mary market prices by 1% during the week ended Feb. 8, 1947, ac¬
cording to the Bureau of Labor Statistics, U. S. Department of Labor
which on Feb. 13 reported that the Bureau's index of commodity
prices in primary markets reached 141.7% of the 1926 average, 0.6%
above the previous post-war peak in mid-January and 32.3% above
-early February, 1946. The further advances from the Bureau follow:

foods moved con¬
a rise of 1.7%,
and farm products were up 0.4%.
Bad weather throughout the
"Country limited shipments and current demand was stimulated by
fears of possible crop damage. ' Livestock and poultry quotations
Farm Products and Foods—Average prices of

trary to the downward trend of recent weeks with

rose
-as

1.3%

the

and

meat

Department

allocations since the

of

•

in

prices

announced

Agriculture

summer

of 1945.

the

up

in

largest

expor

Butter prices rose more

Chicago

than

and

New York.

Corporation

nearly 3%

as

to

traders

were

cover

were

edible tallow also were higher

again advanced by the Commodity

parity.

Raw

cotton

quotations rose

reported anticipating a firm market

cotton goods. Group indexes for farm products and foods were
and




had

re¬

of

Mr.

and

radio, President Truman gave out
a
tribute to Mr. Gardner, from
which we quote in part:
•
nation

the

mourns

un¬

timely passing of O. Max Gardner.
as were

his achievements in

the

of

threshold

what

his

all

0.2

usefulness, in the field of diplo¬

0.2

macy.

0.1

Livestock and poultry

1.3

0.1

building materials

0.9

Fruits and vegetables
Other miscellaneous

Other

textile

0.8

Paint and paint materials

0.1

0.7

Petroleum and

0.1

products

Dairy products

0.1

products

Decreases

farm

Other

products

0.9

Oils

i

Leather

0.8

Fretilizer materials

and

0.6

fats

0.1

♦Based
on
the BLS weekly index of prices of about 900 commodities which
changes in the general level of primary market prices.
This index should
distinguished from the daily index of 28 commodities.
For the most part,
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 monthly index.
measures

bo

confident would be

distinction

a

further

and

"Whether he turned his talents
to the

law, to business and indus¬
to government, so great

try,

or

and

so

versatile

his talents

were

that his achievements at once be¬
came outstanding.
In Washington,
particularly from the war years
onward, his counsel was invalu¬
able.
In his last official post, that
of Under-Secretary of the Treas¬
ury, his advice was always help¬
ful, particularly in the approach

fairs

National Fertilizer Association

Commodity
Price Index Reaches New High

During the past week

offset

other commodities con¬

"In

in cottonseed meal and hides, so the index

for miscellaneous commodities advanced

advanced

Higher prices for steel

0.3%.

rise in the metals.index.
from the

slightly.
scrap

The textiles index

and

copper

caused

a

The index for building materials increased

of the previous week because

level

of higher prices for

During the week 35 prices series in the index advanced and eight
declined; in the preceding week 25 advanced and four declined;

in

WHOLESALE

COMMODITY

PRICE

Latest

%
Each Group
Bears to the

Preceding Month

Week
Feb.

23.0

Group

15,

London

and

Week

Feb. 8,

Ago

AgO
Jan.

Year

Government's

regret.

Mr.

hoped

establish

to

18,

dner

as

American

don

news

of the

for

years

many

textile

nal

of

Commerce."

textile

Murchison,

387.5

330.5

163.1

236,8

226.1

170.1

296.6

245.7

199.0

169.8

238.8

226.4
157.6

154.1

152.5

133.9

213.6

161.0

142.4
215.5

142,4

110.2

213.2

216.8

127.0

155.0

153.3

Fertilizer Materials

125.5

125.5

125.8

nal

of

Commerce"),

Fertilizers

133.6

133.6r

133.6r

119.8

.3

Farm

124.3

124.3

120.8

191.8

189.8

142.1

•? Indekes on 1926-28
Feb. 16, 1946, 110.7.

base

were:

Feb.

15,

1947,

Revised.

;

'

|

the "Jour¬

said of Mr.

"In the exercise

151.0;

of his duties as.

counsel, he was always

construc¬

used his great

influence

tive and
to

105.2

193.8

155.0

Machinery

T.

Gardner:

make

the industry one

116.4

.3

All groups combined

cot¬

C.

President of the In¬

160.1

.3

130.0

Dr.

industry,

stitute, (we quote from

128.7

—

and Drugs

Commenting

158.3

157.5

154.5

Building Materials

counsel for

146.6

205.9

Metals

the

Institute, Inc.,

his death as a loss to the

on

141.5

239.9

Commodities

leader in

a

industry and for 15 years

262.6

214.6

Chemicals

Am¬

new

bassador's death reached there.

214.5

Textiles

1.3

Ambassador.

Embassy was lowered to half-

staff when

213.8

158.5

7.1

and

The flag at the United States Lon¬

280.7

Grains;

Miscellaneous

had

long

a

friendly association with Mr. Gar¬

ton

238.8

Livestock

8.2

and

grief

according to

Attlee,

the "Times," declared that he

Feb. 16,

309.5

10.8

expres¬

Foreign Secretary Bevin of the

British

1946

387.5

Oil

Products

17.3

came

sions from Prime Minister Attlee

286.6

Oils

Fuels

r

ing. From

218.1

Foods
and

deeply

White House an¬

nouncement of Mr. Gardner's pass¬

1947

Cotton

6.1

Official Washington was

shocked by the

1947

1947

Farm

country has lost a gr&at

according to the New York "Jour¬

1935-1939=100*

Fats

the

and

the Cotton-Textile

INDEX

Compiled by The National Fertilizer Association

25.3

a

American.''

had been Washington

preceding week 24 advanced and 17 declined.
WEEKLY

lost

have

I

passing

Mr. Gardner, 64 years old, was

gravel, cement, and linseed oil.

the second

his

seven

Price declines for linseed meal, bran, and leather failed to
price increases

pre-

loyal and devoted personal friend

of the composite groups advanced
while the other four remained at the level of the previous week. The
index for the foods group was 2.0% higher thari for a week ago,
chiefly because of higher prices for butter, lard, and most meats.
The farm products group advanced slightly because of higher prices
for cotton, grains, eggs, livestock, and wool.
A rise in the price of
bunker oil was responsible for an advance in the index for the fuels
group.

reconversion

which

sented.

During the week ended Feb. 15, 1947, the weekly wholesale
commodity index compiled by The National Fertilizer Association
and made public on Feb. 17, rose to an all-time high of 193.8 from
the level of 191.8 in the preceding week. This is the third consecu¬
tive week in 1947 that the index has risen and it is now higher than
the previous peak of 192.0 which was reached Nov. 30, 1946. A month
ago the index stood at 189.8 and a year ago at 142.1, all based on the
1935-1939 average as 100. The Association's report went on to say:

3.8%

Textiles and textile products led the ad-

solution of those manifold

to the

problems of finance and fiscal stf±

Feb.

18,

1947,

149.4;

and

_

tinued their steady rise.

the

after

of

0.1

for

above early February, 1946.

Other Commodities—Average prices of

that

secretariat

announcement

career

Chemicals

I

10.8% below their fall peaks, immediately following decontro

and 26.9% and 46.3%

the

0.3

1.4

Other foods

Cottonseed

Credit

House

leased

0.3

1.6

Hosiery and underwear

Prices

apples, onions, white potatoes and sweetpotatoes declined in gen¬
erally dull markets but citrus fruit prices increased because o::
transportation difficulties. Continued scarcity caused increases for
Prices for domestic wools

"Times,"

White

Plumbing and heating
Furnishings

Paper and pulp

of

edible oils, and prices of lard and

York

Cattle feed

Cement

nearly 3%

There were substantial seasonal de¬

of fluid milk

'

in

were

Total Index

12% because of light supplies.
clines

quotations were

Grain

3.9%.

was

friends

2.5

75,000

438,000

Virginia
•Washington
"tWest Virginia—Southern
^West Virginia—Northern
"Wyoming

Carolina;

stated

special Wash¬
ington advices Feb. 6 to the New

on

2.8

152,000

(bituminous and lignite)—

Utah

It

North

of

ernor

3.2

goods

2,876,000

163,000

183,000

Pennsylvania (bituminous)

3,073,000

173,000

•Oklahoma

Mr.. Gar¬
Under-Secretary of the
Treasury; he was formerly Gov¬
Ambassador,

99,000

35,000
729.000

.Tennessee

as

was

0.3

3,000

75,000

(lignite)

-Ohio

©n

1,000

1,535,000

35,000
73,000
802,000
68,00

New Mexico—:—..

•North and South Dakota

45,000

153,000

ment

Prior to

Bituminous coal

14.7

6,000

7,000
52,000

132,000
1,285,000
482,000
52,000
2,000
95,000

[Kansas and Missouri

1946

Secretary
of
his appoint¬

become

3.9

products

323,000

190,000

1,542,00
623,000
38,000

Illinois

25,

1947

383,000

1,000

Georgia and North Carolina

Feb. 2

to

public and in private life, he was

Other

(The current weekly estimates are based on railroad carloadings and river ship¬
and are subject to revision on receipt of monthly tonnage reports from district
tand State sources or of final annual return from the operators.)

post

Great

FROM

Lumber

ments

.Alabama

INDEXES

Orains

STATES, IN NET TONS

Feb.

SUBGROUP

Increases

Other leather
Meats

Cotton

BY

IN

1, 1947 TO FEB. 8, 1947

from

ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL AND LIGNITE,

the British

riman, who resigned

"The

All commodities other than

Farm products and foods

Beehive Coke—

©perations.
fExcludes colliery fuels.
tSubject to revision.
weekly carloadings reported by 10 railroads.

James, Mr. Gardner has been

+34.0

1.4

All commodities other than

Feb. 13,
1937

Feb. 8,

1,165,000
1,120,000
94,800

1,240,000

1,107,000
•fCommercial produc. 1,064,000
120,700
T.United States total

^Total incl. coll. fuel

COKE

Calendar Year to Date—
Feb. 9,
1946

§Feb. 1,

tFeb. 8,

AND

Semi-manufactured articles
Manufactured products

ANTHRACITE

Committee

Gardner's death to the press

Miscellaneous commodities
Raw materials

OF

PRODUCTION

ESTIMATED

Foreign Rela¬
having unani¬
mously recommended approval on
Jan. 9. As envoy to the Court of
tions

dner

141.7

140.0

is¬

our

Jan. 13, the Senate

Commerce.

All commodities

140.3

noted in

was

named to succeed W. Averell Har-

(1926=100)

Commodity Groups-

ate

St.

1947

8,

wJS*

of Dec. 12, page 3126; the Sen¬
confirmed the nomination on

sue

creosote oil, dynamite, pot¬

FEB.

he

City, the
morning of Feb. 6. Mr. Gardner's
appointment to the post by Presi¬

ash, and soybean oil advanced because of short supply and
higher
costs.
The group index for all commodities other
than farm products
and foods has advanced 26.7%
during the last 12 months.
CHANGES

$5f

before

hotel suite in New York

other

price declines for muriatic acid in tanks,

were

hours

Court of St. James, O. Max Gar¬
dner died of a heart attack at his

Duilding materials.
Higher costs caused increases for boxboard,
plumbing and heating fixtures, electric ironers and washers, and na¬

tural

few

Scheduled to sail for England as
United States Ambassador to the

hide

cattle

slaughter
during spring and summer months caused cattle hide
prices to ad¬
vance
but quotations for shearlings and
goat and kip skins de¬
fined slightly.
There were further substantial advances for lum-

Fuel and

Week Ended
Feb.

Total, including mine fuel__

result

exports

1057

Foods

corresponding week of 1946.
ESTIMATED UNITED STATES PRODUCTION OP BITUMINOUS

Bituminous coal & lignite—

leather also

-•-Jv ••'

_lL.. U-

J JELL

great social forces
Mr.
to

N.

of the

nation.*,

Gardner's body was

Shelby,

neral

of the

taken

C., where the

services

place on Feb. 7.

and

burial

fu¬
took

THE COMMERCIAL & FINANCIAL CHRONICLE

Trading

-

New York Exchanges

on

The Securities and

Thursday, February
20,1947

Exchange Commission made public

on Feb. 12
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.
25, continuing a
series of current figures being published
weekly by the Commission.
Short sales

are shown
separately from other sales in these figures.
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Jan. 25 (in roundlot transaction) total 1,803,557 shares, which amount was 19.17%
of the total transactions on the
Exchange of 4,703,850 shares. This
compares with member trading during the week ended Jan. 18 of
2,230,678 shares, or 17.89% of the total trading of 6,233,210 shares.

On the New York Curb
Exchange, member trading during the
ended Jan. 25 amounted to

week

total volume

434,175 shares, or 18.32% of the
that Exchange of 1,184,895 shares. During the week
trading for the account of Curb members of 464,645

on

ended Jan.

18

shares

16.48% of the total trading of 1,410,090 shares.

was

TQtal Round-Lot Stock Sales on the New York Stock
Exchange and Round-Lot Stock
Transactions for Account of Members* (Shares)
WEEK ENDED JAJN. 25,
A. Total Round-Lot Sales:
Short sales.,.—

235,990

*

♦Other sales—

4,467,860

Total sales

B. Round-Lot

Except

4,703,850

Transactions
for

1947
Total for Week

the

lor

Odd-Lot

Account

Accounts

of

Members,

of

Odd-Lot

Dealers and Specialists:
1. Transactions of specialists in stocks in which

they arc registered—
Total purchases—

588,990

.

p.

Short sales

119,480

♦Other sales

433,630

Total sales
2. Other transactions Initiated on the floor—

553,110

Total purchases

12.14

95,750

Short sales

17,300

♦Other sales

98,300

Total sales

115,600

3. Other transactions initiated off the floor—
Total purchases
Short sales

2.25

230,257
32,580

♦Other sales

187,270

,

V

——

Total sales

219,850

4.78

4. TotalTotal

purchases

914,997
169,360

Shert sales
♦Other sales

719,200

I

Total sales

888,560

;

Total Round-Lot Stock

Sales

19.17

Business Failures in Jan.

the New York Curb Exchange and Stoek
Transactions for Account of Members* (Shares)
en

WEEK ENDED JAN.

25, 1947

A. Total Round-Lot Sales:

Total for Week

Short sales

,

Total sales

B. Round-Lot Transactions for Account of Members:
1. Transactions of specialists in stocks in which
tbey are registeredTotal purchases
Short sales

Total sales
on

♦Other sales.

12.01

-

1.38

1,370

31,190

purchases

4.93

247,055
20,420
166,700

Total sales

187,120

Short sales

Odd-Lot Transactions for Account of Specialists—
Customers' short sales

ICustomers' other sales
Total purchases

—

,

18.32

0

63,566

♦The term "members" includes all regular and- associate
Exchange members, their
firms and their partners, including special partners.
tin calculating these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales.
are

included with

are

exempted from restriction by the Commission's

"other sales."

SSales marked "short exempt" are included with "other sales."




with

141

involving $17,105,000
a year ago.

and

commercial

had

groups
volved

in

more

service

liabilities

in¬

January than in De¬

Manufacturing

51,736

♦Round-lot short sales which

$15,193,000

compared

failures in Jan¬
increased to 67 from 58 in
December and liabilities were up
uary

63,566

Total sales

rules

com¬

cember.

♦Other sales

C.

when

December. When the amount of
liabilities is considered all groups
with the exception of the whole¬
sale

4. TotalTotal

as

January

29,820

Total sales

amount

Only the construction group had
less liabilities in
January than in

85,530

Short sales

♦Other sales

and

liabilities and 80
involving $4,372,000 in

20,150

3. Other transactions initiated off the floor—
Total purchases

December and higher in

in December

—

■

in

liabilities

16,250
-

Total sales

January

of liabilities involved

taled 202 and
involved

148,890

3,900

.

j

amount

January, 1946. Busi¬
ness failures in
January, accord¬
ing to Dun &
Bradstreet, Inc., to¬

12,635

-

in

pared with

1,184,895

the floor—

Total purchases
Short sales

failures

higher in number but lower

number

135,780

2. Other transactions Initiated

in

than

15,150
120,630

♦Other sales

..ill/

\%

29,985
1,154,910

♦Other sales

Business
were

-

to

$11,020,000

in

January

from

$7,217,000 in December. Whole¬
sale failures in
January numbered
27

with liabilities of
$1,342,000
against 16 in December with lia¬
bilities of $7,796,000. Retail fail¬
in
January rose to 76 from 35
December and liabilities were
up to $1,674,000 in
January from
$1,025,000 in December. Construc¬
tion failures
numbered 15 with
liabilities of $575,000 in January
ures

in

as
compared with 18 with liabili¬
ties of

$266,000 in December. Com¬

mercial Service failures in Janu¬
ary numbered 17

cember
to

and

against 14 in De¬

liabilities

amounted

$582,000 in January

as com¬
pared with $801,000 in December.
When the

country

into

Federal Reserve

is

divided

districts, it

i$ found that only the Kansas City
Reserve

District had fewer fail*^
January than in December

ures in

and that the Dallas
Reserve

Dis¬

trict had the same
number, while
the
remaining districts had more

failures

in

cember.

When the amount of lia¬

bilities
that

land

is

January than in De¬
considered

it

is

seen

only the New York, Cleve¬
and

districts
volved

-

Kansas

had

-City

Reserve

less. liabilities

i*1"

; in January ' than in. De¬

cember.

'1 'I'1C1,1

-1

3I

Number 4570

165

Volume

THE COMMERCIAL & FINANCIAL
CHRONICLE

Revenue
for the week ended Feb. 8, 1947
the Association of American Railroads announced
on Feb. 13.
' This was an increase of 54,241 cars or 7.6% above the
1 corresponding weOk in -1946; and an'increase of 11,649 cars or 1.5%
•above the same week in 1945.
Loading Of revenue freight for the week of Feb. 8, decreased
Loading of revenue freight

of merchandise

cars

322

286

237

882

753

1,983

1,839

15,805
4,307

14,095

10,521

10,638

3,927

3,731

4,417

4,767

477

418

405

1,664

1,571

1,937

1,867

1,658

3,805

3,865

380

386

303

343

293

92

78

110

778

660

3,465

15,788

Clliiichfleid—

.

Columbus A Greenville
Durh&mA Southern
Florida East Coast

3,136

but an increase of 57,683

Gedigia A Florida^.
Quit, Mobile A Ohio-

cars

2,957

1,937

34

123

131

961

2,526

2,287

404

746

750

4,592

4,497

25,006

27,297

27,239

3,921
14,297

26,139

27,087

9,734

304

219

408

323

402

396

3,311

2,903

3,482

4,015

clude

1,350

1,308

901

4,074
1,752

1,596

and

382

444

536

1,756

1,687

336

;

410

445

8,710

9,799

clude

12,258

11,902

25,183

23,972

748

559

733

844

803

161

134

153

990

905

132,381

130,592

125,134

110,294

109,823

,

Winston-Salem Southbound.^

.

Total

alone, grain and grain products loading for

32,863 cars a decrease of 4,612 cars below the preceding week but an
increase of 211 cars above the corresponding week in 1946.

Livestock loading amounted to 11,276
preceding week and

below the

of livestock for the week of
cars

decrease of 7*072 cars below the

a

In the Western Districts alone loading

corresponding week in 1946.

774

decrease of 468 cars

cars a

8 totaled 7,924 cars a decrease of

Feb.

below the preceding week, and a decrease of 6,215 cars below

products loading totaled 48,122 cars, a decrease of 2,691

Forest

the corresponding
Ore

week in 1946.
cars

decrease of 1,605

a

below the preceding week but an increase

loading amounted to 14,366

cars,

decrease of 269

a

increase of 6,122

cars

above the

cars

corresponding week in 1946.
All districts

reported increases compared with the corresponding

1946, except the Northwestern and all reported increases

compared with same week in 1945 except the Pocahontas, Northwest¬
ern

1947

weeks :of

January

13,142
2,750
9,428

13,824
3,303
10,750

3,594

3,876

2,476

3,790

20,687
3,310

1,354

1,184

1,361

308

*713

744

762

*660

609

7,959

2,128

9,230

10,119

8,154

329

454

336

116

144

9,936

10,286

10,343

4,679

4,448

387

541

484

888

848

313

324

232

50

69

Elgin, Joilet A Eastern

Dodge, Des Moines & South

Great Northern
Green B*y A

Western
Lake Superior A Ishpeming

270

1,464

2,197

1,983

2,153

4,687

4,947

4,429

3,453

9,001

8,055

9,097

4,719

2,197
3,358
4,432

188

101

245

549

436

2,052

1,681

2,291

2,619

75,714

82,382

59,227

59,108

1946

3,883,863
723,301

767,481

713,240

3,003,655
739,556
755,832

TOt&L—L

mi

———— — ——————

——

— —

4,770,929

—

4,499,043

4,320,404

Cash

the

hand and

on

United

Total

of

balances

3,178

350

110

9

21,300

21,524

20,121

10,869

11,353

3,056

3,312

3,136

644

817

11,611

12,696

12,073

3,067

12,107
2,814

12,152

2,550

3,196

3,171

1,821

1,221

4,713

the separate

597

637

693

3,847

2,855

4,034

LakeFort Worth A Denver City

714

726

41

59

1,084

1,010

951

2,368

2,269

1,263
1,686

912

2,269
873

1,369
1,654

891

485

462

—

1,463

1,415

1,434

159

116,621
figures

i

gains over the week ended

842

550

724

582

494

37

18

1

O

0

27,919

26,477

10,412

8,661

.*

Illinois Terminal—.

———

27,380

22

0

288

125

0

17,648

14,631

16,515

12,140

11,177

910

591

7

6

1,780

1,713

1,706

2,997

3,046

126,579

121,194

123,276

77,169

71,780

-—

Western PacifiO—

customers'

LOADED AND RECEIVED FROM

Total Loads

366

2,426

3,778

3,807
1,615
3,077
2,431

1,829

2,016

1,162

1,294

2,614
2,454

2,156

Louisiana A Arkansas

—Connectionsr-^
1947
1946

1945

1946

1947

806

2,360

3,304

Missouri At

315
158

5,119

5,271
17,320

7,001
17,293

1,173

115

348

.

Arkansas

Missouri-Kansas-Texas Lines

1.895
2,970
2,637
1,360

328

§

Litchfield A Madison—

Saltern District-

244

6,349
2,431
1,372
4,983
3,722

tK, O. AG.-M. V.-O. C.-A.-A
Kansas City Southern

(NUMBER OF CARS) WEEK ENDED FEB. 8

Freight Loaded

350

5,385

International-Great Northern——.

CONNECTIONS

Railroads

.

219

5,690

;

Gulf Coast Lines—

REVENUE FREIGHT
-

credit

$723,-

Nov. 30, 1946. These
include free credit bal¬

on

in

regulated commodity

ac¬

Do not include free credit
held
for
other
firms
members of national

are

se¬

17,476

385

4,011
15,407

3,680
14,101

general

Army-Navy Reception
At White House
On Feb. 4, at the first reception
for

members

Navy
Feb.

of the Army and
at the White House since
11, 1941, Gen. George C.

Marshall, as Secretary of State,
led the Cabinet behind the Pres¬
Mrs.

Truman, and the

Governor General of Canada,
Viscount Alexander, with Lady

new

present.

was

Before

the reception, one of the most bril¬

liant

of

the

current

season,

Mr.

and Mrs. Truman gave a small
dinner in honor of the Governor

General

and

Lady

Alexander.

Other guests, according to an As¬
sociated
Press
Washington dis¬

334

414

2,797

2,624

2,422

503

446

Quanah Acme A Pacific

135

114

53

264

198

Boston A Maine-*-—

7,536
1,229

7,636
1,196

5,409
1,312

12,931

13,543

St. Louis<43an Francisco

9.946

9,614

9,218

D.

2,901

2,430

4,750

of

40

9,194

7,520
5,295
5,323

8,028

DL Lonls*6outhwestern.—

Ana

Arbor.

Chicago, Indianapolis A Louisville—
Central Indiana.
Central Vermont—-Delaware A Hudson---—

301

1,625

2t0l2

1,744

2,004

50

31

39

60

992

1,050

1,005

2,439

2,154

——.

4,892

4,446

4,427

10,982

11,416

Delaware, Lackawanna A Western-—

7,048

7,102

6,274

9,089

327

234

142

292

8,853
185

1,592

1,624

Detroit A

Mftckihac

350

275

370

11,242

9,948

10,015

4,101

3,040

4,002

155

160

143

1,256

1,940

1,644

1,812
3,855
15,339
7,951
3,135
1,457

7,498

7,360

6,462

7,588

3,234

2,930

2,206

4,025

1*945
3,799
14,369
8,968
2,389
1,594
7,385
4,486

5,997

7,862

4,441

228

2,886

2,051

18

41,847

50,027

~

Lehigh a Hudson River.
Lehigh A New EnglandLehigh ■;Valley-

10,742

7,529

14,275

—

-

——

Maine Central—

Monongahela
Montour
New York

—

•

Genfcral

Lines.—

44,464
9,971

Y.. N. H. A Hartford—
New York. Ontario A Western---N.

Ne# "York, Chicago 'A 'St.
N. Y., Susquehanna A Western—

453

381

5,942
409

5,318

2,089

6,218

7,679

14,176
2,547
13,362
2,018
8,367

5,407

4,561

4,887

8,067

7,431

797

850

685

2,617

6,095

5,319

14,327

-

Pittsburgh A Lake Erie-;
———
Fere Marquette—
—^
*
•Pittsburg A Shiwmut—
Pittsburg, Shawmut A Northern--—u.

1,141

986

785

762

22

17

317

251

268

98

252

'

Pittsburgh A west Virginia.———

2,375

Rutland

407

361

336

1,185

1,288
1,252

Wabash

5,663

6,365

6,123

4,642

3,409

5,044

11,904
3,754

11,649
2,886

Wheeling A Lake Erie-

1,003

679

670

;

•

il.llwr7—rvr-,.n

Total

149,784

——

.—

8,525

3,448
10,549

4,214

3,561

4,929

7,083

6,252

Wichita Falls A Southern

86

92

89

45

63

Weatherford M. W. A N. W

43

47

32

15

10

64,009

61,373

72,156

60,769

57,570

Texas A New Orleans

Texas A Pacif ic—

Total

51,391

Detroit A Toledo Shore Line

Grand Trunk Western—

——

136,198

140,384

202,791

202,272

•Previous week's figure.

§Strike.

NOTE—Previous

Weekly Statistics of Paperboard Industry
give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry,
We

The members of this Association represent 83% of the total
industry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
figures are advanced to equal 100%, so that they represent the total

industry.
REPORT—ORDERS,

^jon, canton > Yoiingstoam-----Baltimore
a Ohioii-^-Bessemer Ar Lake Erie.

—

1,295

36,354

36,179

23,868

2,420

1,738

22,940
1,170

47.4

.

1,560

1,685

1,580

6,228

5,330

6,077

17,368

7
15,633

400

4

338

56

36

420

NeWJersey.

366

197

16

7

35

109

4

23

1,575-

1,313

4,232

1,04^

l,buo

I.olU

Cumberland A Pennsylvania—

61,

,™

"

-

.

17,831

70,890

54,013.

4,503
1,868
54,307

11,050
1,554

13,524

—

J

62,779

1,358

1,580
74,528

lines.

Pennsylvania System.
I
Reading Co.———Dnlon (Pittsburgh)—
Western. Maryland^.
.
,

1,346

.

9

—.

Fran-Reading Seashore

719

883

2,262

.Cambrla A Indiana,.—_
Central R. r. of,

Ugonler Valley
'L<mt island"

13,294

24,287

25,129

18,039

4,079

895

4,360

3,876

3,618

10,706

127,507

156,448

143,532

139,221

Nov.

Not.

30,905

29,982

31,292

11.537

10.265

Norfolk A Western

22,802

23,769

6,819

6,301

4,766

21,330
5,164

5,177

1,652

1,444

58,473

56,476

60,238

20,008

18,010

.,

•

r,,,--,,

Tbtal




■I'...

!

1

"

ACTIVITY

Remaining

be

Tons

According to the National Lum¬
Manufacturers
Association,
lumber
shipments of 400 mills
reporting to the National Lumber
Trade Barometer

—

4;

1
—

Jl:

8

Current Cumulative

orders are equivalent to 23 days'

production at the current rate, and
gross stocks are equivalent to 36
days' production.

100

96

102

96

170,411
170,533

580,331

101

96

554,982

100

96

153,574

162,353

545,042

94

06

172,417
175,640

578,742

99

96

16.2%

571,179

102

96

were

172,275

543,675

102

96

109,210

532,773

66

96

142,338

588,406

178.043

580.026

102

94

173,851

178,556

577,269

103

97

101

98

557,140

85

85

173,720

204,033
202,189

179,347

579,562

102

99

181,017

599,009

104

99

NOTES—Unfilled orders of the prior week plus °rdew
did not necessarily equal the unfilled orders at the close.
Compensation for
r*nni4«
*or 0j. fiued from stock, and other items made necessaryladjust-

"^Ved^ less :IJJductlon.

■MBts of unfilled orders*

7.9% above

orders of those mills Were 1*3%
below production. Unfilled order
files of the reporting mills,
amounted to 62% of stocks. For

613,752

155,432

25—

were

production for the week ending Feb.
8, 1947. In the same week new

601,787

1947—Week Ended

1—^

to

reporting.softwood mills, unfilled

Percent of Activity

Period

Feb.

were

ber

196,927
171,420

7—.———

Dec. 14——a

Feb.

Eisen¬

Weekly Lumber Shipments
7.9% Above Production

99,555

—

Dec. 21

Jan.

_Pseahontas DistrictChesapeake A Ohio

Tons

138,100

Jan. 11
Jan. 18—

Dwight D.

splendent decorations

174,752
175,906

205.422

185,047

9
16--

Dec. 28—

Gen.

seen.

207,137
167,937
144,083

—

NOV. 30——.:-

Jan.

Staff;

hower, Army Chief of Staff, and
Admiral Chester W. Nimitz, Chief
of Navy Operations.
More than 1,800 were on the re¬
ception guest list, including highranking military men. Many re¬

145,507

2

NoV. 23-

Dec.

Production

Tons

1946—Week Ended
Nov.

MILL

Unfilled Orders

Received

Period

11,408

163,453

,

Virginian

PRODUCTION,

Orders

I 557,.
38,784

patch, included Admiral William
Leahy, the President's Chief

year's figures revised.

STATISTICAL

Cornwall

Gulf Ry., Midland Valley Ry. and Oklahoma City-

tlncludes Kansas, Oklahoma A

Ada-Atoka Ry.

.Allegheny -District-*
'

5,208

25

42,709

2,574

—

Missouri Pacific

269

12,992

Detroit, Toledo A Ironton
Brie

.

free

reporting firms or of
partners of those firms.

Dsilgbr A Aroostook.
.

to

$704,399,278 at the

was

Alexander,

Southwestern District—

Burlington-Rock Island

I

Feb. 9,1946.

in

curities exchanges, or free credit
balances held for the accounts of

121

——

969

—

%

railroads and systems for the week ended Feb. 8, 1947.

During this period 78 roads reported

banks

amounted

3,719

——

Colorado A Southern.
Denver A RIO Grande Western

Total.

total.)

1946 compared with

end of

ident and

J table is a summary of the freight carloadings for

States

in

$461,983,826
on
Dec.
31,
1946
against $492,294,874 on Nov. 30.

which

10,515

3,594

17

1,119
r

ex¬

U. S. Government obli¬

on

3,293

22,951

2,571

225

Southern PaclflO (Pacific)
Toledo, Pedria A Western
Union Pacific System

are

gations was $74,168,844 in Dec.
compared with $80,426,299 a month
before. (This amount is included

9,149

23,935

2,723

Bingham A Garfield

Peoria APekin Union—

accounts

which

balances

24,507

Atcb., Top. A Santa Fe System

Nevada Northern-—North Western Pacific-—

1945

835,051

3,168,397

—1—

Week of February J
Week of February 8i_—__—i

tomers

counts.

Central Western District—

Denver A Salt

in¬

not

in

firms

Exchange's report Of Jan.

2,390

72,802

Spokane, Portland & Seattle—

Chicago, Burlington A Quincy
Chicago A Illinois Midland
Chicago, Rook island A Pacific
Chicago A Eastern Illinois

balances

other

in the net debit balance

Minneapolis A St. Louis

Missouri-Illinois-

and Southwestern.

Four

15,116

2,677

20,921

Uton——

below the, preceding week but an

week in

15,684

1,906

ances

corresponding week in 1946.

Do

accounts.

debit
for

eral partners of those firms.

cars

of 5,417 cars above the

debit

net

changes, or "own" accounts of re¬
porting firms, or accounts of gen¬

17,180
3,107

TotaL

loading amounted to 11,295

Coke

12,226

Spokane International

below the preceding week but an increase of 12,534 cars above

cars

customers'

members of national securities

Minn., St. Paul & S. S. M
Northern Pacific™

the corresponding week in 1946.

31^

New

14 added: Credit extended to cus¬

Northwestern District—
Chicago A North Western
Chicago Great Western
Chicago, Milw., St. P. A Pac
Chicago, St. Paul, Minn. & Omaha
Ouluth, Missabe & Iron Range
Duluth, SoUt' "*\ore & Atlantic
Ft.

of

other

The

the week of Feb. 8 totaled

the

30, 1946. These figures in¬
all
securities, commodity

held

8,467

24,194

9,814
23,857

8,575

27,341

Southern System.
Tennessee Central

Nov.

In the Western Districts

1946.

corresponding week in

the

Total

239

Piedmont Northern

Dec.

on

of

balances of $547,552,009 on Dec.
31, 1946, against $571,094,213 oii

14,483
9,512
1,024

370

927

Lrms

lows:

433

5,375

Richmond, Fred. A Potomac

loading totaled 47,304 cars, a decrease
below the preceding week and a decrease of 3,540 cars

member

York
Stock
Exchange carrying
margin accounts reported as fol¬

1,629

58

Grain and grain products

below

1946

26,895

Seaboard Air Line-.

below the preceding week, and a decrease Of 9,810 cars below the
corresponding week in 1946.
•
-

the close of business

412

Norf oik Southern

cars

The New York Stock Exchange
on
Jan. 14, that as of

indicated

5,325

Macon. Dublin A Savannah
Mississippi CentralNashville, Chattanooga A Si. L

.....

■

NYSE in December

1,088

„

.

Illinois Central System
Louisville A Nashville

less than carload

*'

of 6,360 cars

1946

78

Qalnes«ill« Midland-

decrease of

a

,

,

428

852

Atlantic Coast Line

lot freight totaled
: 113,159 cars a decrease Of 5,922 cars below the preceding week, and a
decrease of 7,093 cars below the Corresponding week in 1946.
Loading

1945

1947

on
■,-Vf

1946

1,117

freight t loading totaled 345,603

28,301 cars below the preceding Week,
above the corresponding week in |946.

Debit Balances

—Connections—

463

Central of Georgia.,
Charleston & Western Carolina

8.1% beldW the preceding week.

Miscellaneous

1947

..

;

Received from

Freight Loaded

Mabama. Tennessee A Northern
AtL A W. P.—W. ft. R. of Ala

totaled 767,481 car£,

"

Total Revenue

Southern District—

^re^ed67i570Cere

Ended FebIf VI Si it

"67,570 cars or

Total Loads

Railroads

IP

1059

.

n

h--i—^—n

i

For the
of

year-to-date, shipments

reporting identical mills were
above

production;

orders

20.2% above production.

Compared to the average cor¬
responding week of 1935-1939,
production of reporting mills was
37.9%
above;
shipments
were
30.1% above; orders were 12.7%
above.
Compared to the corre¬

sponding week in 1946, production
of
reporting mills was 23.3%
above;
shipments were 29,9%
above; and new orders were 2.2%
above.

•

•4 ►' T

THE

COMMERCIAL & FINANCIAL

,

6, 1941. He was holding
positions at the time of his
latest promotion. Prior to his em¬
are
Avenues; its branches are at Ever¬ ployment with the Fidelity, Mr.
Leisure was connected with the
green and Germantown Avenues,
Merchants National Bank. He has
Chestnut Hill, North Broad and
Ruscomb Streets and Germantown spent his entire business life in

^pAsr

anies

Avenues.

central Germantown offices
at Germantown and Chelten

The

Items About Banks,

Frankford

and

Girard

■ti. <J I
■'hi!

Thursday, February
20,194J

CHRONICLE

Avenue and

Pelham Road.

Germantown and

both

was

"If the banking activities.

Kensington pro¬

posals are ratified by

apolis Co. ol

March

their share¬

Hartley first became con¬
nected with the Fidelity Trust
"Mr.

Minneapolis,

announced

on

Minn
Jan. 25 by o \?

Corwin, Executive Vice-President
according r to

"Sunday

the

Tribune"

Minneapolis
of

Jan.

26
»

which further said:
Cline

"Mr

has been

associated

with the company since 1929 and
formerly was with the Dakota Na¬
tional Bank of Fargo. The com*

Co. on Jan. 10, 1937, when he was pany is an affiliate of
First Na¬
holders and by our own," said Mr.
National Bank was
appointed manager of its real es¬ tional Bank of Minneapolis. Other
increased, effective Feb. 4, from Kurtz, "the Kensington transac¬ tate department. He was elected
stock dividend to stockholders of
officers, and directors were re¬
tion will become effective at the
Real Estate Officer on Aug. 6, elected."
Guaranty Trust Go. of New York $500,000 to $625,000 by the sale of

Payment of the recently

voted

of the Niagara

completed on Feb. 15 with the $125,000 of new stock.
issuance of 100,000 shares* of stock
aild the mailing to stockholders
William
F.
Augustine, Viceof certificates for such shares, or President of the National Shawscrip certificates representing such mut Bank of Boston and a mem¬
shares, on the basis of one share ber of the Executive Council of
for each nine held.
Changes in the American Bankers Association,
the capital account of the bank died on Feb. 10 after a brief ill¬
made in connection with the in- ness.
He was 61 years old.
crease bring total capital funds to
Mry Augustine, who was born in
.>k moire ,than $354,000,000, consisting
Richmond, Va., joined the Mer¬
of
capital $100,000,000, surplus chants National Bank of Rich¬
$200,000,000 , and undivided prof¬ mond, following his graduation,
its of approximately $54,000,000.
and in 1927 became Vice-Presi¬
The announcement from the Guardent of the Shawmut Bank, it was

Saturday,
be
opened as a branch of The Penn¬
sylvania Company the following

ft;

March

•

41

ft

Jlv

1

ill
i.'i

'

•

anty Trust Co. also

•-

"The

||j

ures

If'
■

||

M

■

g;|«-;
*X7 1
tV'f %

hBy

MM

■

«<M

SSH

if

profits.

V|."t

•m

"Growth of the

company's capi¬
tal funds goes back to 1839, when
the Bank of Commerce, merged
with the Guaranty Trust Co. in
1929, began operations with capiliV' of $1,109,280 and, 565 stock¬

%4
'•V-l |
7

V?

v!

i

■

■fi

>i

holders.

Guaranty

stockholders

Who share in the present stock
dividend number 24,561."

m
•

:m

II

.

•

>'■%

p
%

1

«if
SMI. ■>.

&-t

New

York,

Vice-President

;ifi
# \
t

*'
■

lli

i§\

He added:

will
of
29,
four Germantown offices
opened as units in our

"The Germantown merger

effective at the close
business on Saturday, March
become

and the

will

be

.Clyde B. Smith, Assistant Vice*
President of the Soil Products De¬
joining the Fidelity, Mr.
partment of the First National
Hartley was employed by the Bal¬
timore National Bank and prior to
that was engaged in real estate
cording to the St. Louis "Globe
development.
Democrat", of Jan. 29.
m
"Mr. Fisher has been with the
President.

stitutions

will

be

continued

in

of Lee, Higginson & Co. for sev¬
present capacities as mem¬
eral years and in 1930 became
bers of The Pennsylvania Com¬
identified with the Baltimore Na¬
noted in Boston advices, Feb. 10,
pany's organization. The thousands
published
in
the
New York of men and women who have re¬ tional Bank in its trust depart¬
ment. Five years later he joined
"Times," which also said:
ceived banking service for years
Lionel D. Edie & Co., remaining
"Mr. Augustine also was a Vice- at the Germantown and Kensing¬
with that firm until 1941 when he
President of the Hingham (Mass.) ton offices will find no change in
went with Merck & Co. Mr. Fisher
Trust Co., a trustee of the Frank¬ personnel when the transfer be¬
served in the Navy as a Lieuten¬
lin Savings Bank of Boston and comes effective.
The acquisition
ant Commander for three years,
a director of the Melrose (Mass.)
of these headquarters would give
and on his release from the ser¬
Trust Co. He was a former Chair¬ The
Pennsylvania Company 17
vice in 1945 returned to the Merck
man
of the Bankers' Committee branches in the metropolitan area
of the New England Council and of Philadelphia, in addition to its organization, remaining there un¬
til his recent connection with the
a member of the Insurance Com¬
main offices at 15th and Chestnut
Fidelity. In his new position Mr.
mittee and Treasurer of the Mas¬ Streets."
Fisher will serve the trust com¬
sachusetts Bankers Association. He
Capital, surplus, undivided prof¬
had held various offices in the its and reserves of The Pennsyl¬ pany as its new business repre¬
sentative."
American Bankers Association, in¬
vania Company after the merger
cluding I chairmanships, of
the and the acquisition of the Ken¬
The directors of the Equitable
Clearing ! House
and
national sington Bank will approximate
Trust Co. of Baltimore, Md., have
banking divisions."
$37,000,000, and the deposits will
declared a regular quarterly divi¬
total about $530,000,000.
dend of 25 cents a share|ph3^ble
Louis H. Bieler, President of the
Approval of the purchase of the
April 1 to stockholders of record
assets of the Kensington National Germantown Trust Co., and GroMarch 24, putting the stock on a
Bank of Philadelphia and a merger ver C. Tuft, President of the Ken¬
$1 annual basis, it was stated in
with the Germantown Trust Co. sington National Bank, expressed
the Baltimore "Sun" of Feb. 15,
of Philadelphia was voted unani¬ their approval of the action by the
which added: '
mously on Feb, 14 at a special directors of the financial institu¬
their

meeting of the board of directors
of The

as

"The

total

assets

of

the

Ken¬ have

sington Bank, which was founded

the

resources

benefit of the greater
as
well as the more

1826, are approximately $35,- complete and extensive banking
Its deposits now amount and trust services that v/ill be
to about $33,000,000 and its capital made available through the con¬
funds to approximately $2,500,000. solidation of the two institutions.
Its stockholders are being asked
"It
is
proposed that Morris
to sell its assets at present ap¬
Leeds, Clarence A. Warden and
praised values, The Pennsylvania William L. Dempsey, now direc¬
Company assuming Kensington's tors of the Germantown Trust Co.,
deposit liabilities. The amount by be elected to the board of direc¬
which its banking assets exceed
tors of the company resulting from
such deposit liabilities will be paid
the merger."
in

Announcement has been made

Sv«

of the election of Arthur E. Kro¬

wll

ner as

«ll

the
I

Assistant Vice-President of
River Savings Bank of

East

New York.

Mr. Kroner, who is

Manager of the Cortlandt Street
office, has been with the bank

I

since 1927,
•■

s,

Mm

Mr. Kroner is

an

in-

500.000.

stru£tpr; of Savings Bank Organization at the New York Chapter
of
the
American
Institute
of to the Kensington Bank for dis¬
tribution to its stockholders.;
■Banking.
.,

5'!t;

"The Germantown Trust Com¬
founded in 1889. Its de¬
posits now aggregate about $0,r
Bank of Buffalo, N. Y., with a par 000,000 and its capital funds about
value of $10 a share, has been $3,450,000,
Its trust funds cur¬
oversubscribed by stockholders, rently exceed $50,000,000.
The
President Herbert J, Vogelsang merger agreement provides that
announced on Feb. 7, it was stated five-sevenths of a share in the
In the Buffalo "Evening frews" of company resulting from the mer¬
that date, which further said:
ger be issued for each share in the

S?l|

The now stock issue of 12,500
of the Niagara National

pany was

shares

*,}
H

W

'•fy

Ji
il
If.
: f •"$»

:M

II
\

u

:?a m

new

stock

i:;

sold at $20

I

three

branch

offices

will

be

be Assistant Vice-Presidents.

Orleans

paid and an extra of 10 cents,
making the total of 90 cents a

year."

Reporting the completion of the

Wells

Fargo

Trust Co.

Bank

&

Union

of San

Francisco, Cal.,
held its annual meeting recently
and reelected all directors and of¬

ficers.

The following promotions
made:

were

John

D.

Boden

to

Vice-President; W. J. Gilstrap to
Assistant Vice-President and

Manager, Foreign Department; A,
W. Larsen, F. B. Henderson, Jr.,
and

W. Kent Dyson to Assistant

Vice-President; R. J. Wynne and
B. L. Mortenson to Assistant Ca¬

shier; and S. B. Wakefield III and
Frank Canatsy
Officer. I

to Assistant Trust
'

Installation of the first magnetic
a business office
in the Pacific Northwest was an¬
wire recorder in

nounced oh Feb. 6 by. the
Bank of Commerce^,of

National
Seattle,

Wash. A second unit already has
been ordered, and the bank con¬

templates further extension of the
of wire recording for dictation
and general, use in its • offices
through the State of Washington.

use

In making this known,
advices stated:: ■ \ ;

sale of the Citizens Bank of Wash¬

the bank's

new machine is expected
simplify recording operations,
said
a
bank spokesman,
being
adaptable to both large and small
item published in the Washington
offices in the organization.
This
"Post" of Jan. 31, stated that the

ington, D. C., to the Union Trust

Co. of Washington, announced on
Jan. 30, S. Oliver Goodman, in an

Citizens Bank would open on Feb.
3 as the 14th and G Street branch
of the trust company,

whose main

office will remain at 15th and H
Streets.

Mr.

Goodman

added

in

part:
"In

S.

a

joint statement yesterday,
Miller, President' of

William

Union Trust, and Linwood P. Har-

rell, President of the Citizens
Bank, said that last step for con¬
summation

the

of

merger

was

taken yesterday when the Securi¬
ties
and
Exchange Commission

its formal approval.

In the
negotiations, they said,
necessary approval was received
from the board of directors and

gave

course

of

"The

to

modern

equipment is fast, accu¬
rate, and flexible in handling dic¬
tation, transcribing by a typist
who
and

need

not

shorthand,

know

in recording important

tele¬

phone conversations and confer¬
ences or meetings of various types,
The Peiree Magnetic Wire Recor¬
der was developed for the Navy
and used extensively in all parts
of the world during the war. 'A
number of the early models have
been adapted for use by radio
stations, but the newly designed
office model has just been placed
on the market. The bank obtained
the

first delivery from
OwenHampson, agents for Washington
and

stockholders of each institution.

Oregon.

.

"The recording is made on fine
stainless steel wire, affording a
compact, permanent file. The per¬
'

"The merged institutions
have combined resources of

will
more

"One of the Capital's leading other
material, may be used over
banks, Union Trust for 45 years and over again.- Play-backs and

Fidelity since1 Aug. 1, 1916,

He

The. weekly Bulletin of the operated as branch banks of The
Pennsylvania Company. Kensing-. on Jan. 10, 1933 and became also
^eb.;;10 indicates that the
capital ion'tf headquarters are located ati ahl Assistant -Vice-President | tn




New

.

Germantown Trust Co.

its

dividends of 20 cents each were

share for the

of

a

adelphia "Evening
Jani 20 that the Broad Street Trust Union Trust, $33,255,988; Citizens word. He
may erase automatically
Co. of Philadelphia announced on Bank, $14,309,632. Combined de¬ as he changes a word or phrase
that day the promotion of Harold posits will exceed $42,000,000. As or
figure, or makes an entire new
T. Zuecca, Assistant Secretary, and of Dec. 31, 1946, Union Trust de¬
recording.
The spools of wire,
Howard J. Sheer, Assistant Sec¬ posits were $29,111,549; Citizens which record
electrically either
retary and Assistant Treasurer, to Bank, $13,244,734.
one or two hours of dictation or

.

it'

quarterly

four

Bank

State member, changed itS
titlei to Progressive Bank and
Trust Co., effective Jan. 14.

La.,

in the Phil¬ than $47 million. Individual as¬ son*
dictating may make correc¬
Bulletin" of sets as of Dec. 31, 1946 were: tions, even to deleting a single

share and raised the capital and

Currency."

j'

* *

was

1946

.^"During

dustrial

It was made known

The Fidelity Trust Co. of Balti¬
The Penn¬
sylvania Company shares will re¬ more, Md., announced on Feb. 7
the election of Walter H. Leisure
surplus accounts of the. institution main the same and will automati¬
to $625,000 each.
Books for the cally become shares in the result¬ and J. Grason Hartley as Vicemew
issue were opened Jan. 14 ing company, which will have Presidents and of Louis M. Fisher
and
closed Feb. 1.
Each stock¬ 1,100,000
shares instead of the as an Assistant Vice-President, it
holder had the right to purchase
1,000,000 shares The Pennsylvania is learned from the Baltimore
one additional new share for
"Sun" of Feb. 8, which in an item
each Company now has outstanding."
/lour shares held previously. The U Mr. Kurtz stated that the Ken¬ by J. S. Armstrong, its Financial
$ hank
received authorization for
sington National Bank and the Editor, also reported as follows:
the issue from the Comptroller of
"Mr. Leisure has teen with the
Germantown Trust Company and
"The

a

"Before

Fidelity only since- last Jan. 30.
banking system on Monday, March
The Board of Governors of the
A graduate- of the University of.
31. All of the active officers, and
Virginia Law School, he served Federal Reserve Systemannounced
employees of these two fine in¬
with the investment banking firm on Feb. 1 at the Progressive In¬

charge

bank, the staff of which
joined in 1942.

he

•

in

position at the
to Vice-

1945 and held that

time of his advancement

Assistant same date the Germantown stock¬ of that institution."
of the holders will vote upon the merger
Commenting upon the merger,
new mortgage loan department, it
proposal. The meeting of Ken¬ Mr. Bieler said, "our board of di¬
was
announced on Feb.
12 by
sington stockholders to ratify the rectors has approved merger in
Willard K. Denton, President. Mr. sale of assets is called for Feb. 27.
order that the customers of the
Deppen has been Assistant Vice- The announcement in the matter
Germantown Trust Company and
President in charge of appraisals also
said:
the
community
generally may
for the

Bank,

'7i[M

on

the bank will

tions.
"The Kensington National
Pennsylvania Company for Bank has served the people in its
Insurances on Lives and Granting community for
more
than 120
Jan. 15, in voting an increase in
Annuities. Announcement of this years," said Mr. Tuft.
"However,
the company's authorized capital
action was made by William Ful* the demand for our financial ser¬
stock from 900,000 to 1,000,000
ton Kurtz, President. The direc¬ vices has grown to such an extent
shhres, representing an increase
tors of the Kensington and Ger¬ in recent years that our board
from $90,000,000 to $100,000,000,
mantown
banks have also en¬ felt we could better satisfy the
was made in our issue of Jan. 30,
dorsed the proposed transactions. needs of the community by mak¬
page 651,
Stockholders of The Pennsylvania ing available to our customers the
Company will be called upon to greater resources and more exten¬
Frank Deppen has been appoint¬
ratify these deals at a special sive facilities of The Pennsylvania
ed
by
the Manhattan Savings meeting on March 8, and on the Company, operating as a branch

Reference to the action of the
stockholders of the. Guaranty on

,

tir-i
V-

capital account fig¬
with Dec. 31 items

of
capital
$90,000,000,
surplus
$170,000,000, and undivided prof¬
its of $61,627,360.90, in addition to
which the company's statement
carried an uncapitalized general
contingency reserve of $32,754,549.39. With payment of the stock
dividend, $10,000,000
has been
transferred, from paid-in surplus
to
capital, $40,000,000 has been
transferred from undivided prof¬
its to surplus, and the balance in
the general contingency reserve
has been transferred to undivided

ft
rf

new

compare

states:

15, and

Monday."

'

:^ii"

business

of

close

was

was

elected

an

has conducted

a

trust and general

banking business.

Citizens Bank,
which until last year was known
as Morris Plan Bank of Washing¬
ton, has occupied a prominent po¬
sition in

ing.
>

credit financ¬

chine, as In
and

consolidated

retain

institutions

virtually all officers

and directors.

Mr. Miller will be

President; Mr. Harrell, Vice-Pres¬
ident."

radio—with

control.

The

The election of J. Leo Cline

as

Vice-President of First Minne-

a

tone-

entire

single

portable unit. In addition to more

routine, office uses, the

bank ex*

pects to employ the recorder for
notes

of

its

field merf.

Assistant Secretary

a

a

volume

operation, is contained in

I

"The

will

consumer

transcription may be made either
by new-type earphones or a loud
speaker incorporated in the ma¬

auditors

and

tives may use'it to send

ports

other

Traveling representa¬

to ike

kead office

futiJ

qqickly#'*