The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FMUUHI€AL
«WWtAL UWtAtT
i *wrr.wrc*
Final Edition
ESTABLISHED'1839
In 2
Sections-Section 2
Reg. XJ. S. Pat. Office
Volume 165
Number 4572
We've
Ontgiown Oui Thinking
By RAYMOND MOLEY*
S
,
New York, N. Y.,
Thursday,
•
•
On
~*
v
jacket conform
our
to size of
our
*
<$>.
rec¬
prophet was telling us what to
expect in postwar times, the high¬
being
est estimate of retail sales volume
economic
ords
-
are
made
Our
remind
that
in
1946, we
reached $96 billions. If this is cor¬
rected "by one-third to allow for
to
grown
twice its pre¬
war size. Em¬
like the
50%
tions
because \ of
guarantee.
dream.
a
Sales
Tax
ceipts
re-
Raymond Moley
And projected
low—10%. And in some manufac¬
production is limitless.
turing lines it declined by as much
■.;? The record of retailing is one of
as 25 %. In 'retailing, the increase
the examples of how the body in
productivity per labor hour
of our economy has grown. The is between " 27-- and 3,0
The
highest volume of retail sales was
growth in retailing has
$40 billions in 1929. In 1939 it was been healthy. Relative gains are
$42 billons. During the war, when fairly uniform in all types of op¬
every
prophet
and
son
of
a erations—big and little alike.
....
Yet
♦An address by Mr.. Moley be¬
fore the American Retail Federa¬
tion, Wash., D, C., Feb. 24, 1947.
despite these evidences of
Digest of ' White Paper presented by Labor Government shows
central
-
r
problem is Coal and Power "upon which everything else
depends." Sees urgent heed to expand nation's labor force and
increase man-hour output in order to expand exports to 140% of
1938 volume. Calls for constructive effort of all people to over¬
come
The British Information Services in
Washington,
on
Feb. 21, is¬
sued the following summary of the White Paper on "Economic Sur¬
vey for
1947," which on that date
Commons;
.
to use the national resources in
between
with
democratic
freedoms.
totalitarian
country will not give up
from
the
Chancellor
chequer's
of
the*Ex¬
yearly
Budget.
They
deal with man-years of >work fend
government. ' A democratic' govr
ernment must therefore conduct quantities of goods.
their freedom" of choice .to .their
its economic planning in a manner
preserves : the maximum
possible freedom of choice to the
The British Government is seek¬
system of eco¬
nomic
planning, of which the
following are the chief elements:
1. An organization with enough
knowledge and reliable inforsources
>
«
•
and
to
*
set
of
national
re¬
formulate
Jv
resources,
,
-;
economic
/;(, the
:...
■
and
.*
fairly
are
well
compensated in
far too many
institutions of
average
are
stances about which
'
■
*<
'
*
■
we
*.
•
,
1
hear from
*_'<■ ,i'.< y',i),
No Such
day to day.
yxAV V--'* .>'K'
\
[r 1
j"5 v*
Population Loss
lv
J/
Yet £he British population was pot cyfcin. half, by.war
Neither h^s its "labor force/' as it has how become
fashionable to denominate the working part of a
losses.
population,
savings
size, however, which do not have
enough income from their} mort¬
gages at present rates. They can¬
(Continued
on
1168)
page
not command the services of the
kind of men they
to
say
y bined-effect of which will;en-,
1172)
GENERAL CONTENTS
J
..................1165
a
broad
view
of
the last
of
N
CARLISLE
'
't,
BARGERON
»-
'
•
s'
•
<(
'
\ if*
'r '
j
a conflict between Senators Taft and
difference that for the sake of the Republican
no
Trade
Yandenber^^j If
party,' ,they
working hard to avoid this. There is a conflict in therparty
these two gentlemen will inescapably come to be the conflict¬
personal¬
ities.
.over
The
.1167
party
conflict
from
fort
comes
the
of
on
very
he
East-
would
with
interests
t
Had he been
;
ef¬
the Republicans for, that
purpose.
the
have
elected, however,
been
confripgted
non-interventionist ele¬
ment of his
GOP
"global
own party, and your;:
correspondent has had one South¬
ern
congressman
after ..another
d
tell
to
Review.
the
make
interventionist
ests
1. The
would
defense sector ; (armed
forces and munitions) has been
cut to less than one-quarter of
its size at :the end of the wari
2.
Exports have expanded to
nearly 110-115% of 1938 vol¬
ume,
cient
an
to
still
amount
pay
for
insuffi¬
imports
70-75% of 1938 volume.
normal
at
year's work
equipment and
prewar
industrial
7; maintenance has been done in
V
1946.
4. Homes have been
.1176
1179
1179
Fertilizer Association Price Index..,1173
Highest in
Stock
of
N,
Y.
Stock
and
Curb
provided, by
(Continued bri page:
1171)
Oustapding at
Jan.
31....
%
........1477
Carlisle Bargeron
or
was
leading us into war.
South, as a result, instead of
being & 100 % 3 for
intervention,
would have been just the other
way■ '
Notwithstanding, however^ that
it
cratic
been
elected
in
have
i
tool
Wall
Street
party.
This writer
doubts seriously that had Willkie
...........".1175
a
The
Democratic
Gross
.and Net Earnings of U. S.
,
Railroads for Month of October.*. 1176
Commercial paper
lungs out that Willkie was
of ;: Wall
Street ,;and that
But
how
him, that instead of being the
that he was, he
have been
shouting ."his
other, they have managed to get
their two World Wars through the
in Holdings of Reacquired
Exchanges
al¬
existed
ways
some
......1175
Changes
have
fluential.
'
'
d."
e
party
and
they
have
been quite in¬
..............1175
December Portland Cement
Output. 1175
Real Estate Financing
1946
i n
within the
Weekly Coal and Coke Output..,...1178
Weekly Steel Review..
.......1169
Moody's Daily Commodity Index....1177
Weekly Crude Oil Production....... 1177
Nan-Ferrous Metals Market......... 1178
Weekly Electric Output........
1174
Latest Summary of Copper Sta¬
tistics
;
'
both
and
;
Moody's Bond Prices and Yields
1174
Moody's Common Stock Yields... ..1174
Trading on New York Exchanges...1177
NYSE Odd-Lot Trading
1177
Itema; About Banka and' Trust Cos.. 1180
State
'
,
ing
Regular 17eat tire a
Washington Ahead of the
News
-
coming, up
makes
We See It
From
./
journalism has come to present
political; issues^ in term&: of personalities, there-is: most certainly
Editorial
Aa
"
In the way in which American
Paperboard Industry Statistics
Weekly Lumber Movement......
of
corn-
page
m
what
methods, the
on
These inter¬
3. A
'
(Continued
ern
months, the result has been
enable
interest^*/
a
-
Commodity Prices, Domestic Index. 1174
Weekly Carloadings..
....1179
our
■ is the best use for the
resources
> in the national
In¬
pay
reasonable return to the millions
Weekly-Engineering Construction..
■ <.
;
necessary reserves to; cover
evitable losses, and also
General
On
18
/'budgets"
which
Government
A number of
'
that:
na-
assess
which relate these needs to
v
;
a
tional needs.
2. A
John H. Fahey
most cases. There
July 1945-December 1946
individual citizen.
to
be
Review of Period
•which
Lmalion
of it is at best self de¬
too
to
low
are
These economic "budgets" are
and democratic planning. In nor¬
mal times, the people of a demo- entirely different in character
*-
enough and true enough.
sense most
surface we should have to
agree that precisely this "is, his
difficulty; Certainly, according to all accounts, it has been
safe,""Mr. Fa¬
hey stated. "Management of. un¬ proving impossible to find more men to go into the British
questioned ability and' integrity cost! pits, and so long as this is true it is impossible - under
is vital to the soundness arid suc¬
existing- conditions to enlarge output substantially.. So the
cess
of our savings institutions.
story would go in one after the other of the individual in¬
The vast
now
are
able the Government to influence the use of resources in
the desired direction, without
interfering
.
;
all this is natural
sense
deeper and truer
By
i the best interests of the nation as
a whole.
There is an essential
ing to develop
amor¬
home
i<,
object of economic planning
cratic
a
a
ception. To the businessman who would expand his output,
but dan find no further
competent help with which to ipror
ceed, it seems obvious enough that his difficulty is lack of
available manpower. If we fail or refuse to look beneath the
long-
mortgages, in
m y
opinion,
presented to the House of
was
♦
Introductory
:
In
Yet in
need, provide
difficulties.
I difference
fur¬
majority of them are
prodigious growth of our eco¬
nomic body, we have economic managed by men of character who
know their business and who rec¬
(Continued on page 1170)
ognize their trustee responsibility
for the
protection and conscien¬
tious #ftan9ge##nt of other
pegpie's money.
These executives
Britain's Economic Budget—1947
;
tized
same
ubiquitous cause. Here in? this
country it has become quite customary to explain almost.
All failure of production to attain
greater volume to .this
same old
bogey."manpower shortages."
rates
on
behavingther'
troubles due to this
housing
term
1939. In manufacturing, it is
over
ex¬
reducing
rates
attributed to "lack of adequate
manpopir/v
progress in that country toward produc¬
was
and^ expicwrt "goals," -while in port charged to>
coal;&bK
culties, was also again and again and again attribuiedfto
"manpower shortages;-\Russia/too, is■■said to
advisa¬
of
level
painfully slow
tion
"Interest
agriculture, the increase of
product per labor hour is 40%
enormous.
war
loans,
In
are
to
or
The
pressed doubts
on
In the best calculations of labor
productivity, retailing stands high.
able.
si oner,
prescribed'bjr
planners
forecast by their economic engineers. Long
before the current coal crisis in Great Britain the
factjfhat
the output of this fuel was
incredibly below the worst* pro-
Commis¬
ther
unbeliev¬
are
the
government
Fahey, Federal Home Loan Bank
Administra¬
interest
Growth of Retailing
of
In a panel discussion on the
mortgage financing outlook, in
Chicago on Feb. 25, John H.
tion
"Manpower Shortages'* Real?
"Manpower shortage" is coming to be almost as commpn
<flack of purchasing
power" used to be as ah explanation
the refusal of events to conform to patterns
as
doubtful mortgages are
being made by lending institu¬
bility
1939.
over
Are These
a
5% oh long-term
mortgages to home owners^ Holds:
as
crea-
of
n
you
inflation, the figure is still $64
billions, or an increase of over
ployment
figures sound
tio
$75 billions. Well, I need not
was
has
economy
EDITORIAL
con-;
too many
ideas.
living. On
»<
„
Hom^j
Commissioner,
below
rate
This grOat association of American Businessmen
hardly needs
to be reminded of the bounteous times in which we are
every
side,
monumental
Loan Bank
tends it is unwise to. establish
technology not ideology offers only hope for Russia; and
in turn must make
Copy
a
Mortgage Loans
^John Hr Fahey, Federal
•jFonher ''New Dealer/' in reviewing growth of our
economy; holds'
we have outgrown the old
jacket and are like a channel too small
lor the stream. Says we must lower our tariffs and
get rid of
legal misfits such as Wagner Act and old. forms of diplomacy.
we,
Price 30 Cents
Warns of Low Interest
Senior Associate Editor, Newsweek
Magazine
Holds
February 27, 1947
1940
carried
this
he
could
was
into
necessary to get
administration to
a
Demo¬
take us
the two wars, these Eastern
interests to whom
we
refer,,
now
figure that the Republican .party
be, schooled to carry o^ the
W0$d War JI, although the, East-,
ern interests gianifestly put him*
^Continued ori jpage 1170) *
country' into
,
'
FINANCIAL*CHRONICLE;
HE COMMERCIAL &
1166
1946.)
All; physical assets except
House Approves
household equipment rose ^stead-?
llPN^tlSisSimj^eSiil:
ily * from 1940-45. In 1945, % the
largest increases of inventory, Valr
"As you all must recognize,'we are living today
;W ue, $796 million, was registered in
livestock. Crops stored on and off
ina most difficult period.
war years were _ ^
the farm increased 132% fpm
critical, at times alarmingly so. But I think that the
1940 to 1945.
On Jan. 1, 1946,
present period is in many respects even more criti-,
cal. The4 problems aire different /
but no less vital to the national
k
security than those during the
days of active fighting* But the
more serious aspect is the fact that
we no
longer display that inteh/sity, that unity of purpose, with
; ' 'which we concentrated upon the
war task and achieved the
victory,
t \
"Now that an. immediate peril
int; is not
plainly visible, there is a
natural tendency to relax and to
:2 r return to business as usual, poli,7/ tics as usual, pleasure as usual.
Gen. Geo. C.Marshall
v.h'u Many of our
people have become
indifferent to what I might term the long-time dan"It is natural and necessary
.
conference
were
"We do not lack for
Continued Gov't Rubbar
knowledge of what to dp for
|ficiently away from the personal and local problems
rela*
Administration
should not be permitted to under¬
take private purchase of rubber
on
ers
•
supplies of most farm products, the National Indus¬
trial Conference Board notes in its
analysis of facts and forecasts on
the outlook for/ agriculture for the
coming year. The analysis, re¬
leased on Feb. 17, had the
following to say r
totaled nearly $102 billion, at the
beginning of 1946. This figure
includes all, physical/assets such
the
Of the
over-all
economic
status
agricultural sector of the
•conomy."
1946
ity
American
never
Farm
Prosper¬
farmers
were
before
quite so prosperous
Prior to World War II
the best farm year was
1919, when
as
in 1946.
net
income
amounted
to
about
$9,250 million.
It skyrocketed to
$13,250 million in 1945,
nearly
& and in 1946 the realized farm in" come was about $14,700 million.
values
While the
war
brought large
years
faster.
From
income
-
rose
tion
-v
This V:
1939
to
1946, gross
156%
expenses
while produc¬
increased
102%.
extraordinary £ increase
in
^t»b^ °,£,'fafr?;iri? tturjng th|
position to
a reduction as
large as
$6,000,000,000 is increasing in the
Senate.
were
in
Middle Atlantic,
lantic regions, '
New
and
\v
England,
South
*
*
not
but "controlled" by. .the
British and Dutch Governments
which have regulations thsit set
tip a /'sellers'; cartel.^
It adds
that "Government
buying
medium
ment
Committee's
ihg"
President Truman is reported,
acording ft/ the Association Tress,
either House or the Ap¬
propriations Committee.
; 'Tt does hot in
any" way change
tbe^^ rules p| fhe House or the rules
ference
of the Senate/' Mr. Taber admit¬
ted, according to advices to the
"Wall Streef Jpumai/,f rom Wash¬
his
on
to have intimated at
that is fixed in this
budget.
tate
farrh / assets
Increased
billion
dollars
years.
(From $15 billion
over
the
on
-
■
to deal
with
is
the
Govern¬
tion
con¬
on
the
budget, he would give
views
in no uncertain terms
when the matter reached his desk.
The President has declared more
than ohce that his
$37,500,000,000
budget is rock-botton for safe
That
Sitpreme Court Rules
operations by the government.
1
Ry. Trainees—
Jaekson Assails Oourt on Wagettour Law
on
By Writing a separate concurring opinion on a case
involving the
Wage-Hour Law, Justice. Robert Jackson on Feb,
17 gave expression
to his criticism, of
previous
decisions of thq Supreme
Court, declaring,
according to Associated Press Washington
advices, that the Court
should "pay ^ least,some
deference to the customs and contracts of
-
an
industry"'/when ruling
1
AWA
one
in which
wnge-hour
on
he had written the
separate
ion / was
selling."
production-"
4.*U
cases.;*
The instance for which
opin-^
I. ^ ^*L
A
the high
0
eii-
.
■
clusive: ptiblinTtifchases Would
cause widespread
confusion/
cause
individual rcompanies
would "endeavor to
buy natural
rubber, then apply by appeal; 1p
have specifications
opened to
permit
its
use/
Competitors
would
then be forced
similar action."
^
^
* •;
-pC'
-/4.
.
".M
-
to
war
the/Portland/Me.)/TenninaUGe.
„
5. An immediate end to
take
"
•
ministration,, if it desired, to
due to expire at that time.
cuit Courts in Cincinnati and Bos¬
case of
1945, in which the United
Mine Workers Union won ppr-
ton decided that the trainees
were
not Covered. The
tal-to-portal
Department of
Justice appealed the decisions to
the
ground
"
because the trainees perform the
duties as the regular em¬
"Wall
Street
advices
Journal"
to
from
vices likewise said:
The RMA was understood to
haye decided; bp Sept/ 30
•
that
ample
wage-and-hour
bargaining"
dis-
of the
;
cases
Court
is
to
cases
to collective
to "give strength
and where possible decisiveness
in doubtful cases to the studied
or
rulings of the (wage-and-hour)
Administrator.''
"
opinion agreed
majority, that
railroad trainees, not hired to do
a particular / job: but:
being given
a course of
instruction, could not
claim
minimum
wages
under /
wage-hour Law.
of
function
in borderline
its
Jackson's
that
a
the time,
"give decisiveness and integrity
the
the
national rubber
be worked out
J
the
extension date in the. belief that
a
six
as
Mr.
with
under¬
Justice
Justice Jackson argued that
the true
in
to
for
time.
^
./,;•
ployees"
According
pay
travel
Jackson criticized this in
Supreme Court, asserting that
Circuit •Courts/were wrong
both
particular job."
The "Journal of Commerce" ad¬
/ /
The 5-to-4 decision in the
Jewell Ridge (Va.) Coal Corp.
Ad¬
con¬
crimes trials.
2.
In the Associated Press advices it
Was. stated; "the United States Cir¬
same
It would be possible for the
Jan.
1,
news
he Wished to, make /no comment
until Congress has
completed ac¬
ciated
Justice I Frank
Murphy
4. The shortage of natural rob¬ tribuhatuoanimousiy'upheld con¬ wrote the
majority opinions:
tentions by two railroads that men
industry to Use sy n¬
1. .The 5-to-2 decision in the
thetic, and until such time, as la who take training for certain jobs
Mount Clemens (Mich.) Pottery
not
permanent synthetic rubber pol¬ are
employees within the
Co. case from which the
$5,000,icy is established by Congress, mefcming/pf the wage-hour law.
000,000 in portal suits sprang,
"there must be some
The decision affected certain
orderly
delivered while Justice Jackson
program of manufacture to keep learners on the Nashville-Chat¬
was in
Nuernberg for the Nazi
any semblance of sound costs of tanooga & St. Louis
Railway and
ten
Jan.
1940, to ?2S bjlUpn pn'J;
a
Feb/20 that although
/
At¬
last
on
ber requires
.
Value of Non-Real Estate Farm
Assets—The value of non-real es¬
^
the Joint
tinue public. purchase of rubber Washington
bureau, "the Court's
By Nov, 1, 1946, the. value of
farm real estate had risen until until June 30, but for Govern¬ decision, read by Justice Black,
noted a difference between train¬
it/was within 11% of the 1926 ment buying after 'that date legis¬
ees who were
being instructed in
high. The largest increases over lation
would be required, because a certain trade and
employees who
the; 1920 values occurred in the
the- Office of Rubber
Reserve is were hired to fit themselves for a
Pacific and East South Central
regions.
These
increases
were
38% and 13% respectively. The
smallest rises in farm real estate
increases in production expenses,
gross
farm income grew much
>.j-
free
with
This compares with net farm income in 1929 of about
$6 billion
$6.5 billion in 1941.
producers may "hold
for higher,
3f The wofid market Is;
by farm*
in real estate, which com¬
and less than
"
and
public purchase.
livestock used in the
1940 when farm land
accounted for almost two-thirds
of all assets.
adopts
2. This would prevent#
steady
flow such as can be had under
of all the assets owned
pares
20%
cut in individual / income
taxes.
However, it is conceded: that op¬
vote
resolutipnj the actiofc V|s not bind/
.■>
production of farm products, and
includes: financial assets owned
by farmers (deposits, currency,
and securities)// More than balf
ers was
American
—
and
crops
(R.-Minn.) of
Ways and Means Com-
mittee declared that the
economy
to be effected would assure a
aupply, arid; tradr
shipments
prices." / - ■"*>
Many commentators see them sub¬
stantially below 1946 levels.
A
number of analysts have lately as
farm land,
machinery, house¬
been occupied in estimating the hold
equipment, inventories of
prices upon
the economy as a whole, and in¬
terest has been sharply revived in
government
"support
programs
L "Potential demand is
greater
back
United States supplies of the^
/■''/; //'/'■i/iii.v/''/■//"
/ '/ r v'r'"'
leading farm products are smaller War years is largely a result of
than they, were a year ago or
increased productivity>
•
than they were on the
average
Farm; Assets—The department
during th&; war years.
Abroad, of/Agriculture%
ind^ of the Val-;
supplies are far below: normal, ue of
farm land per acre stood
and are not large even in rela¬
at 152 on November 1, 1946 (1912tion* to drastically low
consump¬ 1914 as
100). This level had never
tion during 1946. Demand for ex¬
before been reached except in the
portable food supplies "promises
early post-World War I boom in
to be nearly as great" during the
1920
and
1921;
Farm mortgage
1946-47 consumption year as it
debt appears to have risen
slightly
was in
1946, when potential de¬
during 1946, but still stands below
mand far exceeded actual supply.
that of any year since the
early
In the face of these favorable part of World War I.
The agricul¬
factors, spokesmen, official and tural balance sheet shows that
unofficial, are almost unanimous resources
devoted
to
growing
in placing
1947 prices of farm farm crops and raising/livestock
of lower farm
Chairman Knutson
the Houser
ington bureau,
^lt would not
April 1 because, sayS the - Jo®*; prevent the committees from go¬
pf Commerce* advices:
| ing, below; or above the eeiling
mands and short
1946.
of^Maine, voted
$6,000,000,000
to' the
budget reduction, Associated Press
advices stated, while twelwe
Dem¬
ocrats joined in support of the
cut.
nal
thari available
«nd
has- stated
its intention of ending public
purr
chase of rubber March
31, but the
that it is*
?°£ower prices for the American farmer In 1947 are
predicted
officially and unofficially despite heavy domestic and foreign de*
of
opposition
was
New
RMA memorandum contends/that
hundreds of individual companies
those
Chase Smith,
,
The
Conference Board Analyzes Forecast and Facts
For 1947 Agricultural Outlook
effect
the
"Journal
of
Commerce"
from its Washington bureau;
dangerous.
below
ret
Thcjoiiit Gmigressiohal gtOup
York
'•nM
products
Cannon (D.-Mo.) is rank¬
ing minority meniber of the House
Appropriations Comittee;
Only one Republican member of
the House, Representative
Marga-
by the Joint
Cprhittee Oh Feb. 14 was 50 to 22r
JOvinombers cither: being absent Or
failing to cast a ballot,
-
acdon
to
—George C. Marshall/
■
own
.
/• Rep.
Before/ the final vote of
Committee, Senator Taft
The Rubber Manufacturers: As¬
acceptance of a sub(R.-Ohio) voiced disapproval of
sociation has drafted a memoran¬ cpmrnittee^febOmmemdat^ to set
reducing the budget by any more
dum for presentation to Congress a spending "Ceiling" at $31,500,than $5,000,000,000.
This is con¬
in which the legislators Will be 600,000, / and to limit appropria¬
sidered the figure which would
tions for expenditures
during the
urged to continue public purchase
probably emerge as a compromise
of rubber until next scpti o0, /in i next fiscal year at $24,000,000,000.
from a House-Senate
conference,
But, ; as
order to assure adequate supplies
explained
by
Budget if the Senate
votes for an anti¬
for the United States, according to Chairman Taber (R.-N. Y.), if
cipated cut of $4,500,000,000.
advices of Feb. 20
Congress
the
future security. The lessons of history provide
plain guidance. But can we tear our thoughts suf-
If only it all really were so simple!
But it is not, and to suppose or assume
final
slash.
hpn's judgment, : and my
judgment.^:-'"'";///>•
unable to maintain the phys¬
Buying Urged
our
news
a
his
budget was
essential to safe operations, and
without^ elaboratinghn /theterm
/'safe" made it emphatic that he
The
v
!)a ' of the moment to see the world picture and
i/A tion to it in proper perspective?"
that
Army has to take a $1,500,000,000
cut^as - some legislators say ; it
should-^its ^current and long-term
missions" will be jeopardized. Its
mainly owing to~ relatively • large chief eurrenf dtity Isoecupsttioh of
purchases of equipment.
Since
Japan and "Germany. Its long*
then prices have risen and value
range mission is to.. protect the
has increased only moderately*
/f Uriited'Statesfrom attaefc/
that there should be
V
Mr. Truman had stated at
full
:S "the! jddgmeht/of Jthe
(House)
parliamentarian, that is Mr. Can-
ical inventory of the
machinery
and/motor yehicles/ZThe ihcfeasp
in value in. 1940 and 1941 ,was
■fQ.* our
r
'Ass<^
of
1940. And
year
vote of 239tb159,'approved the
without qualification the
Assertions of War Secretary Patlion-dollar
mark ; in ,1944
and -terson; The War Department head
1945, these dollar replacements had' declared earlier that if the
seriously failing in our attitude toward the in./j"" ternational problems whose solution Will largely
future.
$37,500,000,000 for the fiscal
at
expenditures were above the bil-
are
our
of
the House, by
dated Tress Washington advices,
value
relaxation of Wartime tensions. But I feel th^t we
determine
recommendation
|Jeb.:20
billion from. 1940 to 1915. The
increase was/ however, mhly ? $43
million in 1945 as compared with
$282 million in 1940 and $639 milr
lion in' 1941/-Although farmers';
^''gers to the national security.
a
oh
farm 'machinery
and motor vehicles Increased $1.7
■
,,
rrtittee:
dent's
year
for
Congressional Gomon * Feb/in"
the; F^Pesi-
collateral loans.
The
'
•o.
a
as
.
.;
the operation of the country, the 102-mari 'Joint
decline
a
Despite last-minute reassertions .by President/ Truman that
the
iudgeifi^re he had £iven/Gpngress< was^the*.'ainount
necessary
of $418 / milliph
earlier. This figure
includes crops stored off the farm
lion,
$1,060,080,000 Budget Gut,
0q|firmiRgIlpiiit Committee/Truman Opposes
*,
crops Were valued at $6,12 4 *rnil-i
from
Thursday,^
ff-
*
-
Both of these considerations,"
he > asserted, "were thrown to
the four winds in Jewell Ridge
Corp.
versus
Workers"
United
Mine
The Court rejected his view
that case," Justice Jackson
said,
and
laid' down
rules
;
in
"which take
no
account of con-
Mr. Jackson, In his
policy xvould t
concurring // tract or custom," The disregard
of; those
by that time, and»opinion, tho A$sbciated Press conelements, he said, was
supplies
rubber would be
av
of
crude; tinued, also took occasion to critic
....
e;;
v
w.
....
" "pressed into other fields of in-
.# dustry" in the Mount Clemens
Asso^;
G
I
$ HE
1/olurtie 1
Consumer
COMMEECCAL. & FINANCIAL.CHRONICLE
'uuman
Spending Daring 1946
Consumers; fipentv
billion for goods and ser¬
4946, according. /to>pre*
Ihninary estimates of sthe^ Office
of $127
vices in
Ccmf^ Honors
On Saudi Arabia Rulers
certain hard
president Truman on Feb. 18
conferred oh AbduL Aziz Tbn
fifths more tnan in 1945, Never¬ Adbtiv YBahman'' y Ai" Faisal: Al
theless, expenditures for durable Saud, Kvng of Saudi Arabia, tno
goods were still considerably be¬ Uegion of Merit, in the degree of
tures
in
half again as large as
were
the
peak
year
1941
.
and four-
Business Economics, Depart¬
With the trickle of consumer goods now
developing into" a healthy
ment of Commerce, made avail¬
tlow, business is beginning to recognize a problem that has been
low the amount which consumers Chief Commander, for services to
able Dec. 26. This represents an
dormant a long time due to shortages of civilian
the Allied cause in World War IIj
goods which nor¬
increase ;df - $21 hilliori, or about would have spent on the basis of
mally accompany a war-time economy.
their high incomes, if. more 1 of. This was indicated in a Washing¬
one-fifth', over 1945 and 70 % over
The Kfting of government restrictions on
ton dispatch- Feb. l&to the New
prices and production,
these goods. had
$>e£n 'available*
the prewar peak year of 1941, said
it was
All of this deficiency, amounting York 'Times" which stated that
ejected; , would bring living costs within more reasonable
the announcement from: the De*
is//bb
by. the bqundsrijllow'^
to $4 billion, was in the automo¬ the medal was handed
partment, whidh added: : i,
> > >
President- to the Crown Prince of ^e, since commodity price in- when industrial gas shortages inb
"The record high level of ex¬ biles and parts segment, despite a
to re^ some areas had limited
Saudi/-Arabia irh the Executive
operations?
fleet new high levels and despite
penditures and sales in 1946 is ac¬ gain in expenditures for this cater
during the cold spell.
Further
In rather
counted for, in part* by higher gory of $2.5 billion over !945.> \ • tpf fices j of th#White/ House:
spotty price
declines in increases
in
production
were'
part;advices tto
some soft goods lines where sup¬
prices.
The Department's index
"Expenditures- for ;sery|0ei such
frequently restricted by the lack
^also/said:-;
of retail prices in 1946 was about as housing^ medical care ahd;Tee.?'
ply has equalled or exceeded de- of additional skilled labor or the
/
The Crown prince,, cn whom
10% above 1945 ahd more than reation increased more than 10%
inand, the general trend of prices difficulty of obtaining additional
Mr* Truman conferred the Le? continues upward due to
40% above the average for 1941, over 1945 to a total of $37.5 billion
rising supplies of raw materials.
•giori of Merit in' the degree of
Nevertheless, after dollar expen¬ in 1946. Expenditures for housing,
costs of materials and wages.
Attendance
at
durable goods
ditures are adjusted for the ^'in¬ including rent, were, slightly above / Commander, will end his visit
A clear example of this condi¬
shows throughout the country /
| -'to the United States tomorrow, tion may be found* in one of the
crease in prices, the volume of $8.5 billion in 1946, or 5% above
generally was light. Buyers were:
when he will fly to London in
expenditures in" 1946 appears to 1945. With the exception of do¬
major key industries, the steel in¬ cautious and the volume of orders
mestic service, the increase from ; " the 5 President's C-54 four-en- dustry, where in its effort to raise
f>e substantially above, last year
placed was small. Notwithstand¬
grned transport airplane,
and considerably above 1941. It is 1945 to 1946 in all other service
output and scale down the un¬ ing!* noticeable improvement in.
j- I I The Crown Prince was cited precedented volume of unfilled the
significant that this year, for the groups was more than 10%, This
supply of housewares and ap¬
for his execution of his father's
first time 'since 1941, consumers high
steel orders, the industry is run¬ pliances
level of consumer outlay
strict
allotments
were
policies in his capacity as the
spent as much as could have been meant, of course, record retail
ning .into
higher
steelmaking kept in force for, name brand
King's deputy,
sales.
Not all sales at retail stores
costs. Marginal or high cost equip¬
expected on the basis M.the pre¬
cooking utensils» electrical ap¬
He/was accompanied to the ment, states "The Iron Age," a pliances and kitchenware. Demand
war relationship of expenditures are included in consumer expendi¬ j
and consumer incomes,
in other tures, it was pointed out'.. How¬ I - White House by Sheikh Asad Al steel trade authority,- is being for
hardware, paint and auto¬
Faquih, the Minister of Saudi utilized and outlandlishz prices mobile
words, in this first full year of ever, with the exception of such j
parts continued at the high
!
Arabia in Washington.
items as building materials, trucks
are being paid for scrap, while at
peace the expenditure-income re¬
levels of previous weeks.
lationship has reverted to its pre¬ and automobiles for. business uses, i Arrangements for the homeward the same time unusual efforts to
Total
dollar volume for
the
of
,
•
•
.
.
war
pattern.
of
reestablishment
"The
.
are journey of the-Crown Prince on
personal
plane,
made primarily for final consumer the / President's
use.
Sales of all retail stores in wzth its regular crew, headed by
1946 were about $96 billion, one- Col. Henry Myers, were made by
purchases
the
at
retail
outlets
-
peacetime relationship does not
mean, however, that purchases of
above
1945
and
almost
all groups of goods are now in line fourth
with incomes. In general, expendi¬ three-fourths, more than in 1941.
tures for nondurable
goods are Sales of nondurable goods stores,
such as food stores, eating and
high relative to incomes, whereas
deficiencies still exist in sales of drinking places, apparel store's and
durable goods and of the various department stores are estimated
types of services.
Purchases of at $77 billion for 1946, about onenondurable goods, such as food, fifth more, than in 1946. In con¬
clothing, tobacco, and gasoline, trast, durable goods store sales in.
amounted to $77 billion in 1946. 1946 exceeded last year's by twoThis
$12 billion more than in
was
1945,
thus
accounting
for
more
than half of the total increase in
and
thirds
were
invitation of the President, it was
pliances, automobiles and jewelry,
estimated .at $14! billion for
1946.
Despite relative shortages
of
ized a
credit®
$2,500^00
the
with
enterprise recently
made available by
port Bank went
;
on
expenditures
consumer
goods."
f#rp.;
established in the United States
the Export-Im¬ cularly with reference to the fin¬
ancing of necessary raw materials.
to say: "
? *
"The Finnish-American Trading
finance the purchase of machinery
and
equipment necessary for ex¬
panding and modernizing produc¬
tion in the Finnish industries con¬
cerned.
These
industries include
those manufacturing various types
•of
wooden ' articles;
ceramics,
chinaware, and glassWare; granite products; special
metal, goods; veneers and veneer
crockery,
products; furs; and miscellaneous
specialties and handicraft articles,
as
distinguished
from
lumber,
pulp, and paper products which
presently account for the major
Part of Finnish exports. -Mr. Mar¬
tin pointed out that the credit will
enable
and
Finland
both
to
increase
to
diversify its sales in the
American market and will thus
^rengthen
Corporation is to establish head¬
quarters at the Finland' House,
located at 39-41. East 50th Street,
New York
ability^ to
will be presented
part of the trade-pro¬
motion effort. ~ A joint FinnishAmerican Chamber of Commerce
next fall
as
planned, with offices in the
House.
The. FinnishAmerican
Trading
Corporation
has expressed to the Export-Im¬
port Bank its desire to cooperate
eloselywith American btrsinessin
the promtion of two-way trade
between Finland and the United
is also
Finland
States
without Mhterferihg; with
established business channels such
already exists in ther pulp* and
paper.trade.",
Mr.
;
Finland's
City. An exhibition of
Finnish products
as
the
case
if
equipment. were utilized
reduced to a more
and production
in
the
an
on
air tour of the country.
The
Prince recently issued a
Crown
statement
through
in which he
said:
"I have
»
of
•
the
interpreter
an
learned
great deal
a
United States in
made
in
the fields
of
These abnormal
head of
production, but are trans¬
through the various stages
of
production
to
the
finished
product and the ultimate con¬
mitted
>
be
of
learned
here
profitable for
my country."
that
would
a
higher .and
^
he
.That
is
already
Martin
• •-..
■
.
*
*r.
-
stressed..that both
private-enterprise character
other. durable **goods
remained! high and some
improve-;
ment in the supply of many pre¬
viously
scarce
Steel
items
Industry
was
reported.
By
straining
—
piece of equipment' and
using all of the shortcuts, learned
during the hectic, wartime, peak/
periods, the steel industi^rlast
week set & new peacetime/record
with ingot operations at\ 94,5^ %
of rated capacity, up. one point
from the previous week, according
to "The Iron Age," national metal-
every
and. luxuries he desires, v
the progress
v
Wholesale "volume remained at
high level during the week and
higher prices has reached a point it continued to be moderately1
where in many instances the con¬ above that of the corresponding
1946 week. The demand for, appli¬
sumer is being priced out of the
market and the only alternative ances and
toward
trend
agriculture, irrigation, indus¬
try, education and the sciences. left for him is • to supplement his
"I hope to come again to have income and earnings by credit in
the form of charge accounts, in¬
more time to study these proj¬
ects in detail. I hope that I can stalment buying or personal loans
adapt all these things which I that he may obtain the necessities
have
with
was only
milder weather.
sumer.
This
achievements
favorably
compared
moderately above that of the cor¬
responding week a year ago. Gift
buying for St, Valentine's Day
resulted in a sharp increase in
the number of purchases of candy
and other specialty items.
The
demand for Spring apparel roseappreciably with the advent of
availing
himself of this method of finance
in
has author¬
the Export-Import Bank
to the '
"The funds are to be used to
been
week
steel* firms the preceding week but
the
It was reported that he had been ing his needs can best be illustra¬
ted by the report of the Institute
particularly impressed with the
of Life Insurance which reveals
irrigation developments in Cali¬
for durf fornia; because; the problem in a sharp growth in the use of con¬
sumer credit. Personal indebted*
Satidi AfUbia iSr similar.
hCss for 1946 the Institute notes
was
increased by $6,000,000,000,
the total standing at $39,600,000,000, or within $1,100,000,000 of
the 1929 peak. . At the current
rate
of
borrowing
it
appears
that personal debts will reach a
of direc¬
new
high level early this year.
increases
by private
Finnish capital to carry out a sales-promotion campaign in the
American market for a vwide array of commodities produced .by
Finnish enterprises. The advices ^
an
had
United States for three weeks
the
S William McChesney Martin, Jr., Chairman of the board
tors, announced on Feb. 20 that
Prince
b The
one-fifth larger
Export-Import Bank Credits to FinnsInterests to Promote Imports into U»Sv
•
be
goods stores were not com¬
mensurate
able
would
costs d'o not cease at the fountain-
>
ate'
normal
costing
are
than
economical level.
than in 1941.
able
more
from
"Since many of these stores sub¬
spending. Expenditures stituted nondurable lines during
for food—including alcoholic bev¬ the'war period for hard goods
erages—and /iclothing
increased which were in short supply, sales
about 17% over 1945. These con¬
of all durable goods, stores did not
stituted more than four-fifths of
fall as sharply as did total durable
all expenditures for nondurable
goods expenditures. Consequently^
goods.
'
'
the 1945-46 gains in sales of dur¬
"Expenditures for durable goods,
household ap¬
produced
stated in
consumer
such a$ furniture,
Associated Press advices
Washington on Feb. 16.
get the maximum amount of steel
>
wprkipgfpaberw^^Even withk^this
.
high outpm, however,J it mqy bo
Average Worker Has
June
Fantastic Ideas ef
steel pt'odtkfs canberelievetifthe
magazine adds,
1
jvd o;
A check by some steel atompanies as to the position of their
customers Mth regard tpn/Steel;
Profits, Says Rokinson
Dr.
Claude E.
Robinson, Presi¬
Basis
for this
contention may be
found in the action of automobile
dealers. throughout the country
address on Feb* 1ft to
who are already seeking the abo¬
a
meeting of the Illinois Manu¬
lition of Regulation W, the Fed¬
facturers Association at Chicago,eral
credit
regulation
which
said that; the average American
governs down payments and the
worker has a '.'fantastic miscon¬
length of time required to pay for
ception of the amount of profit
merchandise.
b'industry makes and also of what
.
dent of Opinion Research Corpo¬
supply
ration, in
dicates
an
mahagement dollar." Chicago ad¬
vices to the New York "Times" of
Feb. 18. from which the foregoing
is taken,
also gave the following
further account of the remarks of
any
ing
versus
actual
need& in¬
letup in demap^ for
type of products. Outstand-;
no
information
shows
further
that the biggest headache among;
steel, users continues to be unbal"*
;hnced/.fnvembrie$i;/|Thez:sR
manufacturproduction
what^they
mobiles, & refrigerators,
heating would be if a steady and b^lapced
units and a multiplicity of other flow of
component5 parts .^wer©'
items continues without abafe- possible.
nient and there is a real danger
Small manufacturing plantSjithe
with prices being what they are
abbve trade
.
his share is of the wage-dividend-
July before the, current
or
tight situation in the majority bf.
..The pent-up demand for dura¬
ble goods such as houses, auto¬
is
so severe
in
activity
ing
some
that
schedules are far below
authority obstedires^
■
and the consumer's desire to ful¬
have been particularly hard? hit
misconceptions
have fill his wants that he may over¬
by being unable to maintainghigh
had
grave
repercussions
for reach himself in the use of such
manufacturing
rates
and
thia
business,
said * Dr. Robinson. available credit. • ; /
bf
situation has forced drastic cur¬
I,- They
have provoked unreal¬
To avoid such, a situation from
tailment of expenses, borrowing
istic wage demands solidified getting out of control, Mri J.
of
additional
capital and
the
union
ranks, reduced worker Gordon Dakins,. manager of the
elimination .of programs designed
}, productivity- on the assumption credit management division of the to
explore and exploit new mar-'
1 that/the problem is not one of National Retail Dry Goods AssoDr. Robinson:
'These
,
.
,
,
,
.
*
Reduction but of -distribution, Ciationb raise? the; sto^m signais
5 hav^ contributed to the by Warning businessmen that only
i feeling that management is self* close
credit, checking,
sensible
i .is& and without heart." terms* and a regular collection
YY-Pr.' RbbihSohr said a national follow-up / will/keep people from
I'-,
study of 472 corporations showed overbuying, . /
./
I
1 -
thai 137 %- do nothing to coin^
I
municate profits
'
kets.
;
The long-range - viewpoint^
however, which takes into account
the fact that steel supplies; will
morie normal conditioa by
indicates that soipe of
thi present )manidactining-;diffi-*/
reach
a
summer,
,
culties will not last too long./,
^
/
/
For steel, firms there was little
A slight rise was -noted in total
information to
relief, in scrap market; conditions
ume of
/^employees* 63% were found to industrial production last week
obligations to the Expoit- Corporation's /program, 'and.; its;
the
past week. • While ; quoted
Import Bank.-*
■*.»*,
orientatkfe tdWard / promotion- Of f ^employ' various ^'xnea^'/'of.-vidii^- week with many- industries re¬ prices in the various major mar¬
p'/.-rv,v-semiriating profit® information covering from' the moderate de¬
,"The credit is contingent Upon e&cports to this, market are features
kets were unchanged last week
|> among employees, but only 3% cline caused by the sudden cold
many, steel producers continued t»
additional/ private capital^ both! to' which/the F^pbH-ImpqftBaiik'
^employed what may be the most wave the week previous. Many
pay from $2 to $3 a ton, more /or
Finnish
and
:effective-l medium —meetings, I workers ;;/'/.we^":i::Yecalletl:jt from
American,
being i'so a^chinjS®eaf
(Cbntmued oh page 1173)
furloughs thai "had been granted
J>r. : Rbbinsoa said. ' *
<hawn intb th? program,' parti¬
service its already substantial vol¬
of
the Finnish-American Trading
<
.
•
„
Tbur^d^yi February 27^ 1947
With Chinese
currency conxipuing to collapse, an
announcementby the United States Consul
eral
at
Gen¬
Shanghai
considered
to
on
; have
Feb.
8
was
blasted
all
hope for Chinese exports to
the
United
States under present
ditions, The consular.
con¬
notice, ac¬
Shanghai Associated
Press advices, advised
exporters
cording / to
that for every cent
paid as
sidy by the Government
nese^
exports
a
on
sub¬
Chi¬
an
equal amount
would be collected
by the United
States as tax, in addition
to nor¬
mal duties. The result
is
estimated
to
probably
mean
China's
eco¬
nomic downfall.
In
business
circles dissatisfac¬
Government's poli¬
mounted, the contention be¬
tion with the
cies
ing that every step taken
by the
government to stabilize
[
the
eco-
nomic situation
seems inevitable to
effect. On Feb.
5 the United Press
reported Chi¬
develop
nese
a reverse
Premier
T.
V.
Soong had
decreed
that
paid
foreign exchange should
in
surrender
exporters
who
are
their,
holdings to the
Government,
which
in
return
would give them double the
pres¬
ent official rate of
American dol¬
lars. The official
exchange is peg¬
ged at 3,350 Chinese dollars to
$1
American.
These press advices
from Shanghai Feb. 8 as
given in
the New York "Sun"
added:
The export "bonus"/or sub¬
sidy would be financed by a
50% ad valorem
surcharge on
selected imports.
The
export
immediate effect of the
measure was a
ward
sharp
up¬
swing in prices, many of
which have doubled since Wed¬
nesday.
To the Chinese
exporters, who
already
were reeling from the
chaotic conditions of their busi¬
ness, the United 'States Consu¬
lar
notice
today
out
-
was
a
knock¬
punch in so far as commerce with the United
States is
concerned.
V
Number-4572
Volume 165
THE COMMERCIAL & FINANCIAL CHRONICLE
1169
Steel Output Continues to
2
Rise—Bookings
'
After several weeks of discussions involving non-economic fac*
leading towards a new wage contract, the United States Steel
from
to
before
go
the
ing
tension, it is expected that a
satisfactory agreement on wages
and some social benefits will be
reached before that time—pos¬
steel
the
Both
different
set
of
than was
the
case
tiations
facing
month
suffered
a
a
will be notified of
roads. Last
has
price of scrap; one of the
major raw materials in the
present high rate of steel pro¬
duction, while the union on the
other: haiid is currently facing
a cost of living which
is ap¬
struction
to
bearing
the wage
negotiations there is little doubt
a
straighten
Frankenstein*[- ]: %
The
Competition
this
'
\
week became
quotations
,
,
for scrap this
so frenzied that
secondary
in
future. Such
by
a
increase
an
few weeks
independent
an
ago,
pro¬
American
this
Iron
week
Steel
and
announced
telegraphic reports which it
received
indicated
,
that " the
operating rate of steel companies
having 93% of the steel capacity
the industry will be 94.4% of
week begmning
.
Feb. 24, which is the highest rate
reached since the 95.3% level in
the week of
May 14, 1945 and the
Fed. Home Loan Bank
in
much
effort to retain
an
possible.
as
as
.
Substantial
in¬
creases
in the price of heavy
melting steel have occurred in
Birmingham, Detroit, Philadel¬
phia, Boston- and New York as
one
one
"
tempt to
Climinate(|^aid^hg,, by
scrap us£rs -from
"
■htiier ateas/"
steel, but signs are appearing
signaling the time is not far dis¬
easing in
the tight market situation will
While
scrap
market prices
unchanged this week at
Pittsburgh and" Chicago, the
are
markets there
an
in
melting
this
the
steel
week
Age"
from $33.75
33£
a
be evident.
An in¬
"The
composite
at
Loan
Bank
Feb.
on
11
the
System;
This
16.
re¬
tirement, it
was announced, will
outstanding obligations
of the Home Loan Banks to $140,000,000 of bonds, maturing April
reduce the
15, 1948.
Since their organization
mar¬
keted; a total of $1,030,500,000 of
their securities and advanced al?
most $2 billion to their member
institutions, the announcement
said. It is added that while sea¬
sonal repayment on advances by
member
institutions
in
recent
weeks have been sufficient to pro¬
vide for the Feb. 17th retirement,
1946 was the most active year for
the district Federal, Jlome Loan
since
and,
if
uninterrupted,
supply pipelines for some prod¬
ucts should
begin to fill
the next three months,
ton to $34.08,
gross ton.
a gross
It 4s
not
known, what
action
will
up over
accom¬
panied by corresponding slack¬
ening in demand pressure.
Anticipating
such
easing,
buyers are watching inventories
with a sharper eye. At the same
time, consumer resistance to
quoted prices is developing, the
plaints about high steel prices
and highv scrap " prices and is
proceeding informally in the
the. Department can or
take.' The complaints in¬
demand
their
establishment
financial
on
the
member
so-called
"black
market"
institutions
brought advances
district
Banks
their
to
institutions
:
have
come
break
from consumers and
were no
certain
in
mill
signs of a slackening in
the volume of new steel orders.
In most Cases* order volume ' so
far this month was ahead of the
Broadly,
supply
is
1946
December
$293,000,000*
aggregated
Each of these dollar indexes
stitutes
a
con¬
peak record of activity
for the Federal Home Loan Bank
System.
The figures,
in
of, the
resources
year
obtained
about
the
the
total
year was
actual
same
railroad
steel
produced last
greater thandii]U1939,
tonnage, of steeHcshipped
The CIO appealed to the Su¬
Court after a special
preme
three-judge United States Court
re¬
the
sec¬
The District Court upheld
constitutionality of the
Division
began
a
of. Russian-
series-
language broadcasts
to the,Soviet
Union on Feb. 17 witn
what it
termed "emphasis on
luctual, un¬
biased news of the world'and
of the United States." A
pre¬
news
liminary announcement by a the
State Department released Feb. 2
said:
•
sec¬
tion.
"Russian • will"'be * the'25th lan¬
v
,
Congress "to establish a sound,
impartial
civil
service
based
merit and divorced from
'spoils,'
well
as
freed
as
from
subtle pressures and influences."
The Supreme Court heard ar¬
tutions."
steady
which
already
and
wave
beams
relays
an
by: sfiortaverage of
more
than 1,600 hours of programs
each
month
to
Europe,
progammin^ has
case on
two sep¬
been made possible by
th&qrecent
rehabilitation of three
arate occassions before
its decision.
reaching
transmitters at Munich, Germany.
gument on the
sho^yave
Russian broadcasts will
originate
fe>® the
International;^ Brqadcastih^l Diw;?
delivered by Justice
Reed, said
that the tribunal believes that sion, and will be pickedand
"Congress and the administrative simultaneously retransmitted by
the
three
Munich: transmitters,
agencies have authority over the
The
Court's
majority
opinion,
discipline and efficiency of
public service."
The press
the
ad¬
vices added:
"When actions of civil
ants in the judgment of
serv¬
Con¬
in
the
New
York
studios
each with power of ®5,000*%attSi
The programs will be beamed Jo
the
Moscow-Leningrad ar^^. Ini¬
tially they will be. broadest; one
hour daily, seven days- a Week.
It is planned to expand the bro^di
integrity and cast time
as soon as adequate rfacompetency of the service, legis¬
cilities and personnel
ar^^vail?
lation to rorestall such
danger able.
'
v
and adequate to
maintain- its
"The broadcasts will consist of
.usefulness
is
required"
.the
opinion continued. "The Hatch news of the world, and of the
Act is the answer of Congress to United
States;
repre^Ht'atiye
this need. We cannot say with American music, both classical and
gress menace the
,
such background that these re¬
popular;
strictions
and
The
majority opinion said that
of
none
unconstitutional.'
are
the
12
employes
con¬
cerned except G. P. Poole had ac¬
tually
violated provisions
of
the
The
an
.
State
rights
-
,
case
•
1:
involved
Oklahoma
Highway Commis¬
sioner who, according uto/a Civil
also served;1 fdr. a time as Demo*
cratic State Chairman.
In this
case, brought by Oklahoma, the
Supreme Court ruled that while
discussions^
other
;
its cultural, scientific and 3ocio^
logical aspects. These featj^re^ will
Include frank discussions, qf.such
as housing, production,
labor-management relations and
social! security.; Special attention
will be given to
Importan^etPer
problems
ttients t and
United
;
by
speeches
States officials
American aims and policies."
To
guage
was
growth
He further said "Because
activities
employes, it could attach
conditions it wished to grants
any
programs,
speciari-
a
receipts
of
local
York, the staff being
hea^e&;.toy
Charles
of funds.
as//fecial
W.
,
savings
then far ahead of their in¬
were
vestment outlets In
dollar totals,
during the war years savings and
loan
associations
tively
little
had
recourse
compara¬
their
to
Home Loan Banks for additional
credit.
This Picture has Phangpdi
Although the inflow of savings
of houses.".
.
4
.
In
Head
«.Announcementhas-been
-
made
effective May
i, of Wendell Berge as; Assistant
statement
a
on
Feb. 8 Presi¬
Truman
appealed
to
the
American people to cooperate in
the fight against "the present-day
national peril-^-heart disease," and
to make
a
automobile
united effort to reduce
accidents
which,
he
said, took 28,600 lives last year.
The President attributed the rav¬
Thayer
as
broadcast
(9
p.m.
Nsflsbkoff
prbgc^s ^re
chief editor;
daily
at
1
p;rtoEST,
Moscow time).
Under
date
of
Feb.
^fAlso*
ciated Press accounts froito'Wash¬
ington said in part:
"The first broadcast
Soviet
Union
by
the
of heart disease to "the in¬
creased J tempos of modern life,"
ages
United
Press
Washington advices
To deal with the problem
of motor accidents the President
stated;
has reactivated
last
year's safety
conference; another conference to
be
Berge Resigns As
of the resignation,
Truman Urges Health Drive
dent
staff
selected and trained^ New
Consultant and Nicholas
their
%
Russiitt^lan-^
the
prepare,
regulate
political
high
exgj^ining
of State
local
in^rvlews
features
de^ign^d fo
present an accurate "and (obj octive
picture of American life'ln all 16f
the Federal Government could not
are
the-Far
East and Latin America. The addi¬
tion of Russian
Bights' and A suihmary:dl2Wbfidt(
neW^ ihterspersed' ^ wBfi^spcto
tunes as 'Turkey in* the *StraW'
held.In June, from which* he and *Git Along Little''
Dog^e^%•
hopes will come, an "action pro¬
gram" to promote steady progress
in a campaign against the prills of try'
careless; driving. The State^Gov- sia's
ernors
have: been asked: Jpr, con¬
.
'iron
m
curtain'
by
means
of
tinue their cooperation With the
safety program; - V"
«' - a"' * a
Incident to the President's .ap¬ the
the Anti-Trust Division, Associ^
hour-long
peal in the health; problem fight
leased by; the State' Department
ated Press Washington advices of
against, heart disease, an appeal
Feb; 16. stated, adding that At¬ for $500,000 for research, public It led off with an intrQdpct^y
services, statement quoting Secretary,
year at earliest. Plates are in torney-General Tom Clark has education and: clinical
similar
position,
and
heavy expressed regret atvMr. Berge's was announced on Feb. 8 by the State Marshall as, saying that^lktofe:
percentage of steel supplies as
it did in
prewar years and since
•
;
a
too,
of the member insti¬
most Anti-Trust
stringent in sheets and strip
;
with plates close behind. How¬
ever, except for alloy steels anc
same period a month ago and
certain specialities, notably wire
bookings^ placed since the first
rope, steel product supply gen¬
of the
year were running more
erally still falls far short of dethan 50% ahead of the same
V mand. Little hope is held out
period a year ago.
for
appreciable betterment in
v
Despite ^reports»to ^thereonflat-rolled products before late
trary, the railroad industry last
daily program
quote:
Seryiqe Commission finding; toad
31,
extras
this points to a definitely softer
market situation in the making
gen¬
eral
Broadcasting
we
vances *6utstknding on
of
a
within the next few months. A1
members of Congress.
This week there
presenting
Nov. 5, 1940. From the Associated
Hatch Act.
total
a
noticeably still substantially, exceeds pre-war
weaker front with prices off years,; institutions have been mak*
housemen, who have: never be- i three to five cents per pound. ing loans in record volume to fi¬
Also, talk is heard of a possible
nance the construction
and sale
for^sold^eeLThe complaints
now
volve high steel prices; charged
by steel * brokers «'••• and ware¬
The State Department at Wash¬
through its International
ington
Press
during the
$329,000,000,"
Governor Lee said. "Repayments
amounted -to* $2311000,000.
Ad¬
to
year
peacetime record-shattering
pace,
Iron
price
The Dept. of Justice this week
has under consideration com¬
matter.
a
day,
Slate Depl's Daily
Broadcasts fo Rsssia
upon
Home
announced
reflection
Steel production booms along
price of heavy
in Philadelphia
moved
scrap
tant when noticeable
vulnerable to
upward movement.
crease
up
are
Metalworking operations are
held back by acute shortages of
as a Democratic ward ex¬
ecutive committeeman and work¬
ed at the polls on election
12
eral
of
Cleveland, in its sum¬
of latest news developments
in the metalworking industry, on
Feb; 24 stated in part as follows:
served
of
proper exercise of the power of
of
.
year ago.
'Steel" of
phia, had been accused of violat¬
ing the Act by the Civil Service
Commission because he had also
broueht
$29,000,000
and
maturing
Feb. 17, will: be paid qt| in cash,
Harold Lee, Governor of the Fed¬
notes
for home loans,
mary
in Philadel-
one
benaif
on
••••••
ing
Consolidated
week ago, 1,637,300 tons
month ago and 1,032,800 tons
one
Federal mint
was
(CIO)
Court
Associ¬
Federal Home Loan Banks, total¬
in 1932 to provide reserve credit
for member savings and loan as
tons
Washington
guage to be incorporated into the
Department of Justice attor¬ program structure of the Vqice of
the United
States of America,
neys defended the section as a
areas
scrap for their own use
the
in
tion.
Paying Maturing Notes
United States Supreme
of whom, a rollers—
one
mission from enforcing the
Banks
with 94.1%
employes,
the union's attempt to
enjoin the Civil Service Com¬
third consecutive week of record
compares
*
xmanled
grants, was upheld by the
leb. lu in two separate
rulings, according to
ated Press dispatches.
The Federal employes ease
by the United Public Workers of America
on
jected
post-war production. The current
figure also
f'Vi»{
*
Supreme Court Upholds Hatch Ac!
The Hatch
for the District of Columbia
quarter, however.
the Home Loan Banks have
had
i
priorities will continue
are
one week ago, 93.6%
one month sociations and other home finkhc-*
were
approaching
those
in
ago and 58.6% one year ago. The ing institutions, Governor Lee re¬
rnaj or scrap; consuming districts.
operating rate for the Week be¬ ported:
,This situation was bound to ocj ginning Feb. 24 is equivalent-to c "The return to conditions ap¬
cur
as
a
defense measure on!
1,651,900 tons of steel ingots and proaching normal peace-time, to¬
the part of consumers in those
castings, compared to
1,646,700 gether with the present heavy
areas
'
near
that
com*
put
ton
a
Institute
promise.
will
reports
ducer.
agreement will be spent by each
side in presenting its case and
deciding how far each will go
While the portal-toportal suits are still considered
serious by industry and labor
leaders, each group expects that
the Supreme Court and Con¬
$3
made
will be granted and that
effective
trade
step would follow
of
increase. in
the time between now and the
dn
considered
now
to
vanced in the
progress; of
towards
the
goal.
a
According!
moderate
—
there is the probability that the
price of pig iron will be ad¬
will have considerable
gress
be
slightly
was
165,000 tons
figure which is
While these two major factors
wages
are
alone
than
more
proaching the peak established
a
distribu¬
available, the
amount of steel shipped to car
builders for freight car con¬
last fall.
that
October, the latest
figures
expecta¬
deliveries hold out little prom¬
ise of any major relief from this
cut in their
a
date for which actual
increase
in the
the
percentage basis
quotas in order to make pos¬
sible the increase to the rail*
tion
on
a
However,
through second quarter. Mean¬
while,
some
foreign iron
is
being imported, ^chiefly from
England and Poland, and addi¬
tional offerings are in the mar¬
ket. High prices and extended
the second quarter of this
year.
Consumers other than railroads
when nego¬
substantial
on
ac¬
tions
1946
further expansion will be
made on these shipments
during
circumstances
opened in
ago. The industry
of
and
industry and
the union are already
part
early this year steel
shipments to the railroads were
sibly by the early part of April.
•
higher. Dur-
was
latter
increased
of
foundries is threatened with
and
the
shutting
that
down
locations.
to the carriers
channels
companying curtailment of as¬
sembly operations depending on
castings. Foundry operators are
pressing for removal of all al¬
While both sides have at leasts
end of the current contract ex¬
;
4r
.
normal
widespread
and the United Steel Workers of American this week began
an initial approach to the wage question and other economic factors
to be included in the final contract, according to "The Iron Age,"
national metalworking paper, which in its issue of today (Feb. 27),
states as follows:
;;
?
Corp.
two, months
expenser of- sheeis
■
Pig. iron, is v critcally, short..
Act, prohibiting actxyity'jn
political- campaigns by
Housing: aiioCations have Federal
employes or by State employes whose
diverted
such
wages are
large
tonnage Federal
by
Running More Than 50% Ahead of a Year Ago
tors
tiori; at ± the
Uhd strip; a '
car
necessitate
;
.allocations
diversion: of
.
may
some
General
Attorney
in
charge
pending departure. - It Was report¬
ed: that
Mr; Berge
intended
re¬
strip capacity- to plate produc- turning. to private law i>ractice. v
New York Heart
Association,
ac¬
cording to the New York "Times."
The appeal also
marked the start
of National Heart Week;
United
i,'?
'IVh
m I ri uyir.i;
in*
to give J
St^es will
of the world ^-^e' pUT^ ;
unadulterated truth'
x■ %
the peoples
and
j»,
'4i
■ti: I>
■
of
'
'
■.
C
.
' * -v
A.;
.Thursdays February 27,1947
1170
that the Russians were
We've Ontgiown Out Thinking
-
^
>
.
to
that from
{Continued from first page)
pains which no optimist can deny,
We feel, on all sides, unsatisrestrictions.
necessary
necessary
sources
credit
We
{Continued from first page)
anybody." These weirds
■'same''so-called" global thinking.
meeting 0|
These "interests" are a motley
the UN. They were written. byTalleyrand in a letter to his king, .crowd.. They include .those who
are
financially interested, intel¬
Louis XVIII, in 1815.
/•., A
Russian statesmen, too, are liv¬ lectuals who have become bored
with
purely. domestic
politics,
ing in the past. The Marxism of
adventurers i and.
out ;■ and
out
Lenin is still gospel.. But .the..fact
of modern Russia no longer fits Commies, "and those with racial
.
.
for
trade is. our
,
From/Washington Ahead of the News
did not originate at a
to
provide
the kiow of foreign
sources
claiming
lay down the law and thatEng-:
was not
disposed to accept
land
own. We may wish
responsibility were not
squeezed into subways, street
ears
and buses.
We stand in ours. But wishing cannot put US
line
at restaurants,
dining cars back into more isolated, perhaps
and before telephone booths. That happier days.
Our/ideas ,about
great
triumph
of
government foreign trade must expand to that
gospel. Perhaps we would;
ownership, the United States mail, meet these new facts. The success fear Russia less if we could con¬
growS slower and' slower/ The or failure of the new World Fund
ceive the difficulty of her states¬
mailman still rings twice, but he and World Bank depend on our
men, bound by the ideology of
is twice as slow as he used to be. action. These institutions are hav¬
needs
fied
and
that
are
this
revolution.
Newspapers and magazines have ing difficulties which must receive
Circulation and the attention of Congress. And yet,
growing.
But some leaders of Congress are stili
newsprint is scarce. Hotel reser¬ immersed in the dead past ok"
vations often depend on pull ojr protective tariffs.
v
]
Tariff discussions are only one
bribery. Income has doubled, but
living space cannot be found. example of the fact that our jacket
Schools and colleges cannot catch of law is too small for Our physi*'
tip for years. The sick wait at the cal facts.
Statesmen are slow people. Per¬
doors of hospitals.
plenty of
,
In your business I assume that'
the customer is still theoretically
always right. But he finds thait
even
the
He finds
righteous have to wait.
lot of people directly
ahead of him, and they are
aljways right, too. When we try tp
ship an over-supply of grain to
under-fed foreigners, the Secref
a
tary;{ of Agriculture has to def
clare; that
domestic transpor¬
our
tation facilities cannot do the
Home
the
industries
Jack of
shipment
held
are
up
jobj.
by
materials awaiting
abroad. Nearly every¬
raw
surplus of steel
andraluminum after the war. But
we are short of iron and steel,
and ho surplus of aluminum has
expected
one
appeared. Automobiles and trucks
multiplied closely, but our
streets and parking facilities are
far behind our present traffic vol*
ume. Elaborate plans for improve-'
inent offer little hope of relief
for years to come.
Channel Too
I
■
>need
.
Small
for Stream
elaborate
not
these
things*', which
highbrows
call
''maladjustments" in our economy.
The simplest way to say it is that
the channel is too small for the
stream*r-the jacket is too small
for the
body. The body grows. The
jacket remains the
We
same.
is
because " they
are
always behind the facts. And
once
enacted, those laws are straightjackets. Before the statesman can
comprehend;
a situation and /de?
cide what to do about it, the situ¬
ation
has
changed. ' A
British
statesman
said
that the
once
law
today is the public opinion of
yesterday. I would add to that,
the public opinion of
yesterday
deals with the fact's of last week.
Legal Misfits
Congress
is
struggling with a
dozen such legal misfits. Its
probings into the Wagner Act suggest
seeking protection,
and
binds
infant
an
restricts
now
industrial
an
life
in
which labor is fullgrown. Govern¬
ment's
might tips the scale to
such an extent tnat
management
is unable
bargain
to
We speak of foreign trades as if
with
we
assured
freedom.
heard two power¬
the
trade,
but
tariffs
"wholes problem;
Our
tremendous
are
not
the
efficiency
in
production makes tariffs, and for*
eign .(trade barriers less important
"things
are
Talmud that
in the
intelligent thari
more
labor
leaders
arguing before
Senate
Labor
Committee.
These men profess to be
spokes¬
men for millions and
millions of
Americans. And yet they spoke in
terms of the past. What
they said
might have applied to conditions
20
no
30 years ago.
or
said
applied to
Nothing they
They want
1947.
change in the law. Those who
though they may be listed in the
current propaganda as
not
trips
international
statesman he must advocate
pour-,
assume
"rightful leadership."
see
any harm in
our
Taft
"reaction¬
realize that
we
chant.
.
t
.
our
doesn't
"exercising
our
proper place
exercising
^obaLTe^dership,^;-:tiriless
it
/damned much money.
He
is appropriation minded.
costs
so
-
can't
Nevertheless,> the
selves.
two' would
still try to get along. Taft
would
To meet the vast
that
if
responsibilities
with our power, we can,
will, enlarge our ideas to
go
we
accommodate
size.
our
Our
mastery of facts can be sharpened
by ever improved research. Those
facts must be efficiently gathered
and realistically interpreted. Be¬
yond that lies the task of what
.
call
Vision is the
vision.
ca*
parity to create ideas in harmony
with
observations
our
facts.
America
Vision
the
of
an
means
to
has
its
greatness.
feet
But
lift its eyes and expand
the
on
it
must
its knowl¬
edge. Our vision must be worthy
of
.
other countries.
inclination would be to. follow the
recognize
Western Senators and scuttle the
So early did we
that there were other
countries in the world and set up
men."
our
responsibility.
Alexander Visits
brief
a
agency to
deal with them, in
fact, the Secretary of State is now
the first
in succession to the
man
President in the event he should
"
die.
it.
But
seems
two World Wars
cept
our
world.
How
out
must
now ac¬
does
a country do
trying to get Rus¬
Eastern Europe.
We
of
If
we
we
don't pour some more
into China quickly that
country will go Communist.
If
money
we
'don't
pour
some
visit
Wash.
more
into
France it will go more Communist.
in
of'state
-
House, where they had been
tertained during their visit, to
money to him is to say:', "I
afraid I am about to go Com¬
more
Washington, Viscount Alexander,
the Governor General of Canada,
wiih
Lady Alexander, left the
capital early Feb. 7 for a few
days' stay in New York en route
to Canada. Before their departure
from
Washington, according to
United Press advices of Feb. 6,
the Governor General and Lady
Alexander
called
at" the White
en¬
say
am
munist."
told,
we
But
he
went
accom¬
a
stration to
lot of
along
Vandenberg in the latter's
the State
with
remon-
Department
However,
watch
And, we are frequently
had better watch out for
the
Eastern
newspapers'
determination, in
spite of this effort of theirs to go
along
together, to split them.
They have a purpose in advancing
Vandenberg for the Presidency to
head off Taft.
•..
must stop the spread
of Communism.
How do we do
that?
harm.
won
are
can't do it.
Well,
we
agreements
as
having
plished nothing and done
that it had better go slow.
.
having
"moral leadership" of the
that? ..We
sia
that
a dictator in the world has to
do these days for us to pour some
mmrnmrnrnm
After
an
All
•
any longer to manage or
equal basis or even
Last week
are
it depended bn this or that change
in tariff rates. I would not mini*
roize the effects of tariff on foreign
is written
It
on awn
speak
his
There jhasnever^been
much of suchthoughtinAhecoun* probably be willingto open
up
try.
We are all quite, cognizant: the naLonal pocketbook to an ex¬
that there are other countries in tent in the/ interest of
earth.
party har¬
Our trouble is in the nature of the world and that what they do mony and'-also with a view to
affect us.
One of the very first trying to appease the
our
thinking. The world of fact
Internation¬
is too big for our jacket of ideas! agencies of our government,, in alists' propaganda. The efforts of
fact, was the Foreign Service. the two men to try to meet each
We live in a new world with an
old mind. Facts have an inexor* Since our very first beginning as other half way, may be seen in
able priority. They are not, , as a Republic, we have had embas¬ what happened about the recipro¬
ministries
and
agents. in cal trade agreements. Taft's real
Emerson said, to be trifled withl sies,
intelligently comprehended future.
be
of
■
an
highly populated centers, charged ing more money into foreign coun¬
with
reflecting ( their
views, tries to "head off Communism," to
.
.
road
ful
seems
am
labor
to
as
.Frankly, we've never quite un¬
derstood their; propaganda to /the
effect that we must grow up and
I
The Wagner Act, passed in: an
atmosphere of depression when
claimed
But
.
only hope of sQlutionj,
suggesting not merely)the
necessity of more thinking-rmor$
speculation.
If,
more
thought
could cure, human ills, -the. JJindus
or
the Chinese, dreaming awa^
the day,
would transform theoffers the
march of
industrial world.
the
the. expenses
abroad.
in the world," in "our
jacket
new
in
statesman,
just
our
we
on a
■
are
the global world
archeological expedition into
the tomb of the old
King Tut.
They are trying to fit an old
an
strugt
Publishers
.
It is going to
cost money for
Vandenberg to be
anv international
ary", bend off backwards to echo
of
of bur life.
Straining at the
'
that
a
have
!
haps
dealing with the slowest moving
commodities, which is public
opinion. The laws they make, are
of
is
abroad.
.
coming to overlap..
gling with internal problems, for
which technology,
not ideology
news.
advertising "are
Russia
For
ties
looked to the other in his
respec*
live sphere.
But ixow the two spheres
When
the
vote
on
Lilienthal comes,
the "split" be¬
tween Vandenberg and Taft will
be loudly advertised.
The fact is that Vandenberg is
telling his friends that he got
ca.ught. Truman called him before
he nominated Lilienthal and asked!
if he would vote lor
him, and
Vandenberg having said he would,
without giving it much thought,
intends
to
stick
his
to
promise.
But he wishes he hadn't made it.
our own
country. If we don't open
the government coffers to the
"plain people" here in our own
midst, they will go Communist,
too. The question arises as to why
we
shouldn't just say, go ahead
and go Communist and see who. it
up
will hurt,
i
A fellow like Taft just can't
swallow this bunk. We have prob¬
lems here at home and he wants
Construction Contracts
Awarded in
Construction
awarded
in
January
contracts
January
were
for >34,393
dwelling units in the 37 states east
Rocky Mountains compared
of the
to
13,225
units
included
in
con¬
tracts awarded during January,
us/; But we must enlarge our believe in growth and develop¬ farewell to President Truman and
physical meah$%of reaching th^ ment, they say,, are inhuman. Let to extend to him an invitation to to solve them. One is a national 1946 and 28,917 in December of
visit Canada.
last year, it was reported on Feb.
' debt of more than $250 billion.
world. Anyone who examines the us alone with our advantages
and,
problems of our great ports—Nevf our i monopolies.
Speaking at the 50th Anniver¬ We've got to do something about 17 by F. W. Dodge Corporation, a
Cooperate
in
York/( New Orleans, Houston, Los bringing legal rights into line with sary dinner of the Canadians So¬ that, for the purposes of stabiliza¬ iact*finding organization for the
to
.
.
Angeles, Seattle and others—can
see that the- jackets are too small
for the body of trade. Our
ports
must,,be modernized. Our access
to these ports must be -improved.
And our governmental
machinery
for
handling such matters as -cus*
be brought into line
with, the enlarged demands of our
toms must
.
pur
economy,
administered
customs
as
are. still
if the burden of
present
are
,
.
alone,
Lower Not Higher Tariffs
retailer
has
immense
stake in foreign trade. The
days
are past when the claims
of infant
industries were paramount. Most
an
our, manufacturing
need lower, not
higher tariff
pro*
tection. But in the halls of Con¬
gress
we
still
of Smoot and
hear
the
language
Hawley and Paine
Aldrich.
ou„r
shell
of
tivated
nize
good"
being
the
facts
hangs
millstone
around the neck of the true friend
of labor. It is notable that Sena¬
Ives
always
men
and
a
Morse, Who have
labor's rights,
defended
their
voices
in
protest.
If
like Messrs. Green and Mur¬
ray, who are the real architects
of the problems before the Senate
Labor Committee, refuse to see
that and to cooperate in wise and
just improvements, they, and they
alone, will be responsible if their
enemies have
Our
their way.
Diplomacy Out of Bate
Our
generations, the basis
credit
was
the
Current descriptions of the Rus¬
sian
problem,
both
iri
official
quarters and in large sections of
wealth
and
of that
sound
financial practice of Great
Britain.
That basis is now
sadly shattered.
The only nation with
the
re¬
solutions
of
their
differ¬
man.
But
because his
mind revolts against it, his mind
logical one, and be¬
ences, declared that levelheaded¬ cause he is still intensely inter¬
ness is the keystone of peace.
ested, in real problems, he can't
We quote the foregoing from bring himself to
posing as an "in¬
a very
the New York "Times" of Feb.
9, ternational"
which in part also stated:
more high
statesman.
That
is
sounding, but it doesn't
lend itself to any real accomplish¬
desert
...
The
Viscount, former
strategist who is credited with
major role
a
the defeat of the
Germans in North Africa, said that
ments
"
>
in
construction .industry.
Last month's residential
ing contracts had
tion
of
a
build¬
dollar valua¬
$257,419,000 against $89,in
the
corresponding
715,000
month of last year, and $193,365,000 in December. Six percent of
last; month's
were
residential awards
classified as publicly owned
housing.
Sharp gains were reported last
mouth for heavy engineering con¬
struction, to bring the total of all
..
contracts awarded
against
to
$571,628,000
$357,501,000
in January
of last year, and $457,278,000 in
December, the Dodge corporation
-
a elubable■ feU6w,'
who, is rather tired, and fed reported. Last month's total of all
awards was the highest January
on
working, which dealing
ences of nations could be threshed
with domestic problems entails, total in the Dodge statistical series
out" with the same
friendly com¬ has gone off on the international dating back to 1925.*
economic
and
derstanding
Canada
one
diplomatic, differ¬ up
promise that marked military de¬
cisions among Allied commanders
during the war./'
->•':/
His ; theme of the tolerant un¬
junkets.
friends he
he
In ; talking
with
his
can tell about the time
met
Molotov, Stalin, AttTee,
Churchill; perhaps be a more in¬
teresting conversationalist. He has
in
United
States-;
relations was - also ex-- had
pressed by Governor Dewey, an¬
other speaker.
a
he has
good time; for a bored man,
thoroughly enjoyed it.
18
Proposed as Voting Age
Senator Arthur flkVsmdenberg
who was joined by
Senator Harley M. Kilgore (D.W.' Va/j)* Offered a: Constitutional
amendment on Feb. 19, according
The two of them, Taft and Van¬ to.; Associated Press Washington
denberg, appreciating the forces advices, Under/which/ all ^United
Moving on and within the Repub¬ States citizens 18 and older would
gress of Vienna. Listen to these
found in the record of the two lican;
party, have had a tacit have the right to vote. At present
words of a
statesman; "The ar¬ bordering nations in which; there:
agreement that the former should the voting age is 21, except in the
rogant tones of that insolent and has
been, he said, "n6 secrets be* be the leader on domestic
affairs, state of Georgia where it is 18.
nonsensical document so
deeply tween us, no haggling,- no
struggle the latter on foreign affairs. There The proposal was referred to the
offended
the
English
foreign for power."
has 'been ho ri valry between them S e n a t e
minister that,
-v.Judiciary v Committee,
departing from his
Viscount Alexander returned to
on/thaVbaris.;1 Each, would- govoul headed^ by% Senator r; Alexander
habitual calmness, he declared
Canada en Feb. 13.,
/of; his/way.lto sayhe followed; cr Wiley' {R.-Wis.). ' §/ i U '
the
press,
suggest what people
130 years ago at the Con¬
v
heard
Foreign trade; I need hardly
odd, flows oh ^currents of credit.
For
in
us
diplomacy is still in the
interests cutaways and spats of the past.
Of
and
say,
Let
tion, make a gesture towards cut¬
ting it down; we've got labor
urging problems, etc.
that the historical friendship be- •/. He has travelled
widely in Eu¬
iWeeen
the
United
States
and rope, knows a lot about the Far
Canada be jealously.-guarded so East.
Indeed, he is a widely cul¬
ciety of New York on Feb. 8, at
the Hotel Biltmore in New
York,
Viscount
Alexander, in
that the whole world may see how
two
coun'ries
come
to
-"pretty
raised
The
they
men
They hear
not; see not—they speak only to
resist change.
;;
This stubborn refusal
tp'-recog¬
mate; trade. Our machinery is still
geared to the thinking of the days
when prevailing political
thinking
1
Cer¬
things-as-they-were.
tors
assumed that full dinner pails at
borne., depended
on
rotting
wharves and empty seaports.
powers?
the true reactionaries.
proof were on every importer to
show that he is engaged in legiti-
,
relative
tainly not, they said. These
,
a
Governor Dewey observed that
formula for peace is
to
be
■
THE"COMMERCE
Number 4572
"Volume 165
1171
frthis special dollar problem is also
solved.v.,
Britain's Economic Budget—1947
'
^MAWk' ■ -£?"*ia4*
'<V'%
*V-
K-'
\ '
all
The second main national need is
to
£1,625 millions of for¬
some
v,.
Basic Industries and Services—
'■*' '•?.£
•'
(Continued from first page)
building • and repair,; for
new:
VY«P**V/-\
-
restore the full efficiency and
millions for net overseas Govern¬
ment
present; crisis underlines
the basic importance of COAL, and
covered
•
productive
the material sup-
as
of
;
power derived from coal. We
cannot afford to set a lower pro¬
duction
target for 1947 that 200
million tons of coal, deep-mined
opencast. It will be a hard
target for the miners to reach, but
and
it
will
meet
-
104$ wouldi be; about ^£750 mil*
The export drive developed
Our
exports and re-exports in
the latter
part of 1946 were run¬
rate of about, £1,100
a year.
We cannot now
had f been expected ning at
when these estimates were made, millions
faster iJltarx
a
and imports Jfellvbelbw 'earlier ex*
expect an expansion in the first
pectations, so the deficit for 1946 half of 1947. This is all the more
is now estimated at around £ 450 Reason why a strong effort must
The following very pro¬
millions.
be
the
lost
visional figures illustrate the po¬
ground and to bring about a
sub¬
sition:—
stantial
'
1
'
•
V;',
1938
:
imports (f.o.b).
Net overseas govt, expend.
For
•
•
\
.
1946
1
;
'
826
1,109
13
-
3O0
_
sential
-
1,400
or
the
■
•
*
From other sources (net).
175
60
61
—10
_
450
Deficit
^Excluding oil,
insurance.-
shipping,
This deficit of £450 millions in
mainly by
1946 has been covered
drawings ipf ? $600^ mUUons (£150
the United States and
of $540 millions ( £130 millions)
on the Canadian credits.
millions)
2 Our
on
in
payments,
of
balance
1946 has beep more favorable
thah
expected* But this is largely be¬
cause we have been .unable vie
obtain all the food and raw: ma¬
terials that we* need. Moreover,
.y
.
..^e
•
mbr|' than ehbugh to balahpe
Exceeded 8*£ million tons of fin¬
prospective deficit of £ 350
borrowing ished steel. In 1946, it was 8.1
million tons, but rose to an annual
from abroad. This is itself consid¬
rate of 9.2 million
tons in the
erable alongside the £955 mil¬
war
volume; but these exports, i
fourth quarter. The amount avail¬
lions
remaining of the United
together 1 with our inyisible ex¬
States and Canadian credits at the able in 4947 as a whole should be
ports, were not enough to pay for
appreciably above that of- 1946.
beginning of the year. But the
imports even at 70-75% of 1938
the rate of expansion of our, im-i
ports. At the end of 1946, exports,
were running at 110-115% of pre¬
with
a
millions to be met by
,
.
volume.
•
>
The RAILWAYS also have a
drain upon these credits in 1947threatens to be much larger than large backlog of re-equipment and
this.
After the middle of this maintenance work to be done. In
i
•
.
The Situation in 1947
year our
The central, fact of 1947 is that
-
we
have not enough resources
do
all that we want to do,. We
have barely enough to do all that
we must do. The Government has
examined
cial
for
national needs
the
convertibility obligations
the
summer
before
the outbreak
Anglo-American Finan¬ pf war, the railways carried 326
Agreement may result- in million •'ton-miles of traffic a
loss of dollars.
Week.' During the 'war, the "aver¬
under the
to
some
position is age, was nearly 450 million tonmiles a week.
The load-is still
difficult than would
running at over 400 million ton-
Moreover, our dollar
much
more
1.947, and has decided that first appear from our total balance of
miles a week.
importance must be attached to payments. We arc now drawing
The restoration of our SHIP¬
to the some 42% of our imports from the
equipment of basic industries and Western Hemisphere, which. is PING is another major task. The
merchant fleet in British ownerservices,
u
; /
now the main source of the food
Imports and ExportsImports and raw materials that we must Ship is 13.9 million gross tons,
But we are selling there compared with 17.4 million gross
and exports must take first prior¬ have.
tons at the beginning of the war.
ity, now and for some years to only 14% of our exports. We are
come.
We need more imports in thus running large deficits with The shipbuilding industry is of
These must be just the same importance as an
1947.
In the last year we have these countries.
been -getting 70% - of the 1938 settled in dollars or their equiva¬ earner of foreign exchange as -an
industry producing entirely for
quantities,
draw lent.. To much of the Eastern
payments for imports and
.
and have had to
The 1947 import
the other hand,
than we buy.
80-85% of 1938 volume as follows: But many of the Eastern Hemi¬
sphere countries have no gold or,
'f
£ millions dollars
or essential
goods with
(f.O.b.)
which to pay. We, therefore, shall
rood and supplies for
agriculture.
*725
Raw
not be able to use our surpluses
materials and
supplies for
industry
525
i with
Eastern Hemisphere coun¬
Machinery ^ml equipment (includtries
against our deficits with
mg ships),
60 :
Western
Hemisphere
countries.
retroletun products
* 55
Tobacco
To the extent that this occurs, the.
■
50
Consumer goods.
i J-y
drain; ©fit our; dollars vwilfi exceed
the total deficit of £350 millions.
Total
*1,45G
stocks.
on
provides
gram
^ro- ; Hemisphere,
to
expansion
an
on
tend to sell more,
we
-
„•
-
i
.
..
r
_
'
'
•Estimated film
Mons
in
1947
are
remittances
debited
of
mil-
£18
against
net
\
'
•
'-S
,
.
''
.
;v•
This dollar problem within our
in¬
total balance of payments can be
Solvedonly hr the' e«)homic. re*
i There are other ^aiins lipbh qur^ .covery; 6i ^ttrbpeA ahdv^herYFa^
loreign exchange resources. The East and the establishment, of
expenditure abroad of the Armed equilibrium in alt the jmajori ttads
*p?ees;: pur: shares of ^ther
bf: Ing countries' balances i of pay^
^rh3any* Expenditure on (relief^ ments. The United States and
visible income, j^y-
'
:
V"'-'
••
"
''
"?•>
•
* *
:
Canadian
^ Colonial ' development
twelfare—-all
these,
t- be* paid for
?i
like
imports,
by v exports.
;
cxp6ct4; to: have to'^f ihch;4h'
riredits,musl "iast'u$]nqt
we, have ourselves esstable balance Of payr
ire exporting ,as much
import; they must last until
and only until
tablished
a
ments and
as
we
; •''
..
Dec. 1947
bee. 1946
(00o's omitted)
v
-770
730
i.
Public utilities
258
3$
275
'
1,373
Agriculture and fishing—.
Building & civil engineer'g
1,081
:>;i,iaoy:?
1,250
1,300
Building mater. & equip..
Metals
and
1,370
628
engineering—
clothing—
Other manufactures—____
<650
-
2,811
2,186
Textiles, and
Distribut'n
,
&
Fublic
-
\
4,270
4,325
2,130
service
>
2,840
1,475
2.225
1,405
consumers'
services
v
2,050
18; 122
18,400
ucts.
Total
Summary Plan for 1947
civil employment.
The size and the distribution of.
<
1949, the position is likely to get
worse in the next two years. There
will " be some relief in Scotland
during 1946 as a whole, the rate of I The Dollar Problem—This lay¬ far below the 1946 level. Con¬
expansion of our exports has beeh out of
imports and exports aids sumption before the war never
no
serious limitation upon pro¬
duction—first,
timber;
second,
structural steel; third, clay prod¬
is
240,000
houses
and
new
permanent
60,000
temporary
The amount of
tenance work in 1947 and is
ready
to make foreign exchange .avail¬
imports of machinery f
equipment and main¬ which increase efficiency?1 The Government also attaches great '<
tenance work (other than work
on houses)
to exceed that of a Importance to theyintrbductiori^of
normal prewar year by at least systems of payment and other ar¬
15%.
rangements which provide the
maximum incentive to
increase
4. Consumption — Food
supplies
•
.
- ^
will not increase much in 1947 output.
houses in 1947.
able
for
capital
'
.
because ,of world shortages. The
shortage of the most important
manufactured consumer goods
such as clothing and household
.
textiles, pottery, and furniture
necessarily continue.
A
steady effort must be made to
increase supplies but the progress will inevitably be patchy,
depending mainly upon the ex¬
tent of the fuel and labor short-
will
.
ages
,
in the various industries.
5. Public
national
for
Service—Programs
education,
■ .
.
-v :
Having examined our economy the labor force are important, but
what ultimately counts is the grut-\
a whole, the Government has
fcourse^resulfcrfrormlack of coal;
put which the nation produces^ In.
But even when there is enough sought to frame a balanced series
of objectives for 1947. They are:— the longer view, increased output
coal to run the power stations to
per man-year is the only wayt. to
full capacity, there will still be 1. Defense—A reduction
in the
expand production and the stand¬
an
electricity shortage. In 1938,
Armed Forces from the Dec emard of living.
Our record of'Inelectricity production by author¬
d'ustrial peace since the end : of
ized undertakings was at its pre¬
1,087,000 by the end of March, the war is one of which we can
war peak of 24,000 million units;
1948 and a fall in the numbers
be proud. But more is called for
in 2946, it was 41,000 million units.
of workers needed for supply¬
than the absence of industrial un¬
In January, it was running 15%
ing them.
rest.
It is necessary to build up
above last year.
In spite of a
2. Payment for Imports—Exports the factories into productive. units;
substantial program for the pro¬
must be raised to 140% of 1938 of the highest
efficiency. With
duction
of
a
generating plant,
volume by the end of 1947.
this direct object, the Government
Which " will provide 0.8 million
3. Capital Equipment and Main- has allocated large resources; to
kilowatts of plant in 3 947 and 2.6
tenance—The housing program Industrial equipment and main-"
million kilowatts by the end of
United
,
,
„
A
as
1.6
The Government has, therefore,
million kilowatts; in the following
set an export target of 140% of
the 1938 volume to be reached by Winter," to- 1.7 million kilowatts,
the end of 1947 as against the end prastic steps will be taken to keep
1946 level of 110-115% of-1933; down the domestic load.
It will be extremely difficult to ] The STEEL shortage results from
achieve this target. This year, we lack Vcf imports and from lack of
cannot export coal. The volume coal; to maintain maximum pro¬
of exports of manufactured goods duction; of steel.
In 1946, steel
must therefore rise to about 165% butput was nearly 12% million in¬
of the 1938 level. Our exports of
got tons. compared with the pre¬
steel and cotton textiles will not war
peak of 13 million tons. In
expand further this year. Special 1947, there is capacity for a con¬
relianee must therefore be placed siderable increase, but the coal
upon a further substantial growth shortage is cutting down produc¬
of engineering, vehicle, chemical tion.' It is hoped, however, that
and miscellaneous exports.
v"5 putput for the year will not be
* *
* ••f
.y
950
70
expanded nearly to the prewar
level, but output per man-year is
far below, plrewar. Raw materials
are a
•
•
,
Transport
The BUILDING labor force has
,
'
r
Industry
; y\,
Coal industry u-
The immediate POWER crises of
the deficit is likely to rise to
769
will save
minimum
must enter 1948 with a
909
533
_
divi(iends'_-^..^_._„
products, especially
The import of
feeding stuffs
nearly £2,000 worth of
requirements.
r'
drawing dan¬
upon
our
much nar¬ fn 1949 from the hydro-electric
rower gap
between our imports development in the north of Scot¬
land?: But in the country as a
and our exports than there will
be in the year 1947 as a whole. Whole, in the Winter of 1947-48*
-r
re¬
*Froni
and
fast
gerously
■
and
exports (ho.b)^»i-_,
interest, profits
-
imports
States and Canadian credits.
Receipts—
From exports
-
recapture
recovery
ternatives of cutting down our es¬
♦
839
to
in the second
half of 1947. Otherwise we shall
be faced with the inescapable al¬
(£ millions)
Payments—
made
only
which' is needed to ^arry out thq
objectives ;,is:—
and livestock
pigs and poultry*
£1,000 worth of
imports of livestock products.
The
•
lions.
our
dustries and services. "
expenditure. This must be
by our exports and re¬
plies will permit.
exports, by. our invisible income,
5. There -has been little change
or by borrowing from abroad. For
on - balance
in food consump¬
reasons explained below, the Gov¬
tion but a considerable expan¬
ernment considers that it would
sion in supplies of manufac¬
be unsafe to plan in 1947 to bor¬
tured goods to the home civilia n
row more than £350 millions net.
market, to levels ranging from
two^thirds to over 100% of Our net invisible income may
yield £75 millions. This leaves
/
prewar.
£ 1,200 millions to be provided by
At the time of the loaih negotia¬
receipts from exports and ^re¬
tions in Washington, it was esti¬
mated that our adverse balance in exports. .
building
power
of
basic in¬
exchange in 1947— £1,450
millions for imports and
£175
eign
nearly 300,000 families, and the
way has been cleared for as
fast an expansion
in house¬
crops for direct human consump¬
tion to the production of livestock
public
Insurance
health
to
go
and
for¬
a
I
Conclusion
The Government has set out
conclusions
on
its
the economic state
of the nations and
has fixed tar-1
gets and objectives for 1947. The
central problem is coal and power
upon
ponds.
this everything else; de-'
The second problem! is to
expand the nations labor force to
Increase its output per manryear
and above all to get men
and
women where they are needed
most.
These are the essentials
for increased national production.
Next is the problem of payment
ward, arid a proper degree of
efficency of the public services for our imports and the necessary
to be maintained, with special condition here is a steady recov¬
attention to economy in man¬ ery of our exports towards* the
target level of 140% of 1938; volpower.
ume which must bereached
by
The achievement of all of these
the end of the year. Unless we.
objectives depends upon the basic concentrate ' on these really- im- '
industries and services,
and- in
portant things we may never re-.
particular coal, power, steel and store the foundations of our na¬
transport. Failure in any of these tional life.-.
•
—and particularly failure to pro¬
The tasks are, however, for the
duce 200 million tons of coal in
nation as a whole, and onl^|the
1947—will set back the entire pro¬
combined .efforts of every one, can
ductive effort. Indeed, the possi¬
carry them through.
The ybv- ,
bility of securing those objectives
ernment therefore invites the'at¬
depends, upon the. effort of the
tention of industry and the publid :
miners. They are difficult objec¬
to its plans; it intends to arrange ;
tives.
discussion with both sides df'-each
At the present output per manindustry of the problems Which
year, we shall require a larger
arise from them; it will welcome
labor force than the prospective
constructive criticism, and" it is
labor force of 18,300,000 men and
women
unless special measures ready to modify its plan if a ease
^?
are taken
to increase it.
More- fpr doing so is made out.;;
i These plans call for a great conof
industries and structive effort by all the British
by places, is not satisfactory; a people. This is a critical moment
wide
range
of
industries
are in our affairs. There is no\y no
Over,
the present distribution
,
the labor force, by
qnder-manned, while, others are place for industrial arrangements
getting too much manpower in re¬ which restrict production, prices
export.
Last year,: it produced lation to the raw materials avail¬ 0i* employment.' Such regulations
and traditions grew up as mehns
nearly 1 million gross tons of able.
of protecting those engaged in in¬
jships—about the same as in 1938.
The uovermnent therefore ap¬
dustry from the effects of a short¬
The target for 1947, achievement
peals to women who are in the
of which depends upon increased
age of work and of empty order
position to do so and to others
output per man-year and upon about to retire from industry to books, But now there is no such
shortage, nor need there ever be <
adequate supplies of materials,
contribute to the national task by under a policy of full employment.
fittings and other components, is
staying on a! their work.
There Is. more than, enough work
1%; million. gross tons, with a
Foreign labor can make a use¬ for industry to do. Against this
large repair program in addition.
ful contribution to our needs. The background there is no justifica¬
The?net output
at constant Poles who are here or who- are
tion for action; by either side of
prices of British AGRICULTURE
coming here and who are urnvillindustry which limits production.?
increased by about 35% during the
ing to return to their own country
fvar. The calorific value increased and displaced' persons from the On the other hand if the entire
by about 70%. Intensive mech¬ Continent are the only substantial strength of i n d u s t r y—mining,
anization made British agriculture
additional source of manpower manufacture, building, agriculture
among the most highly mechan¬
open
to us—especially for the gild1 services'— is wholeheartedly
ized in'the; world, with 190,000
under-manned Industries.
tractors compared with the preg^erted for the attainment -of the?
The Government is planning on
war. 30,000; butput per man-year
the basis of at least an additional objectives setoutthe Government
j^se ;by ?
' The Govern100,009 workers from all these k confident that our present diffnerit?s pblicyy both to save foreign
Sources by the end of 1947, giving fioulties will be overcome and that
exchange; and for good farming,
a prospective total civil employ¬
to- switch our production, as I
we shall succeed in carrying; out*
ment of 18,400,000.;.
<>
V
.fajMdtyVaivthe" bereals position t
the great tasks before us.
The
approximate distribution
permits, from the production of
,
W2
THE COMMERCIAL & FINANCIAL CHRONICLE
<; t r
(ouse Voles to Extend
Warns of Low Interest
i,
i
gI
w
\h
small
who
savers
great i ,bulk i; of the
builds
m
the
which
money
time
the
are
nearly
savings institutions, and
not today receiving the
consideration and encouragement
tiney should have.''
Speaking -of the low rate on
veteran
loans, Mr, Fahey re¬
marked, that "in response to pub¬
lic sentiment,,; Congress fixed
a
-all
<n
our
they
){(
h:
are
.
,
mortgage
of
rate
*%
homes
on
for
veterans,
with a complete
guarantee by the Veterans Ad¬
ministration against loss to the
lending- institution.
The
law
re¬
flected the intent of the people of
liiae' United States to favor the
veteran;
;
compared; with
as
borrowers
and< to
do
other
everything
practicable to enable him to
cure
not
se¬
a worthwhile home. We can¬
disregard
the
fact,
however,
Ihat in too many cases lending in¬
stitutions have relied entirely on
the Veterans Administration guar¬
antee! ahd
have, not
adequately
jHrotetted either the veteran or the
interest. Overlending has
twaqufestionably; stimulated ; real
estatehspecuiation and an infla¬
tionary, market."-
;
■
,
.
?
have
the
accumulation of
funds
defensible
will
an
the
rate
of
monetary flow and its steady
tinuance.
con¬
"On the question of the sale of
mortgages by Federal sav¬
ings and loan associations, if they
need money to meet community
needs, I think their present au¬
lome
mutual
ciations
it
;
savings
intended
local
a
stitution
iaterOSt'rates
on
long-term
inoiftgages for
tized
the
money
from its district
ederal Home Loan Bank.
"If
of
i-'i
"i
ration longer-term loan with
1
a
flat
5% interest rate, and the Federal
Mousing
Administration
insur-
pi&n, the interest
aaace
cost
on
home
readily obtain addi-
ional
result
the kJbmplete change of the
Jhome mortgage pattern in this
country Since 1933, influenced by
ttm Home/ Owners' Loan Corpo¬
can
much
as
of
ness
mutual
institutions
much different from the encour¬
agement of savings for which it
las been
generally assumed; they
were
organized,
mortgages to *■ the average
family has; been nearly cut in
"Among all classes of lending
institutions, as everyone familiar
half; Second * and third; mortgages
their' 'extreme ' fates'have
With
with
ions for
landle the
conditions
well
knows, 4oo
thany * doubtful
as
well
as
has been
saving to the home purchaser
ments in the latter trades are ef?
ected.
The, resolution
sent
must
be
acted
by the Senate and then be
upon
to
the
^resident's
White
House for
the
signature, after which
t
will still be
necessary for the
Ma ritime
:
Cpmmsision v to obtain
CC extension of
temporary oper¬
ating authority for certificated
carriers in the intercdaStal a'lid
coastwise trafdes beyond March 1.
In the report by. Representative
3radley's committee to the House
In any pther/direction;
"ender
;
"Except h> unusual cases, like
yetehans;/while ^thet
need
that Tpf./ the
I interest
oh a
of the; unquestioned value
property and there is
to
no
of the
doubt
borrower.
"tHo *great
of
army
in
savers
cdufitry Who furnish bur home
mortgage funds
hot
receiving
are now
\% to about 2V2%
on
their
naoney. A limited number of insti¬
tutions
paying 3% but it is a
doubtful policy in view of the low
imortgage^ rates. Compared with
the ...3^%
tog4%%
and " 5%
formerly paid, the present return
are
is far from attractive. I think
inb * danger
are
thrift jin • ^this
not find
a
of
•
savers
more
prospect
liberally.
that
we
I
yrtll
that direction in the
The greatest
seenb
in
move
near
on
announced
future
on
to
$1,784,242,785, representing
increase of $34,623,187 over the
amount collected in 1945.
From
the
Associated
Press
we
also
Federal old-age and survi¬
insurance contributions
vors'
2% of the taxable payrolls un¬
der the Federal insurance con-
V tributions act—amounted to $1,; 296,715,278
during 1946 com¬
pared V with $1,282,349,994 the
previous year, the report said.
Collections of Federal
226,720 last
;
out the wastes and
excessive costs
so
in
common
*
idiscourage attempts
more
pennies
ance
zens
As
to
you
institutions,
f
will
by states,
v
finance home
ownership.
know so
well—indeed
promised
levels
• on
be reduced.
They
can
and
must be if
survivors'
insur
taxes,
and
un
railroad
respectively
include:'|
Connecticut—$24,317,171,
$3,
583,971 and $5,455,558..
as
New
emphatically—
holmes
and
contributions, Federal
retirement
lend
money
and fellow citi¬
neighbors
you have
compared with
employment taxes
mortgage-
lending
year
$176,-
/
"it
equal
on
rights
The
for
A joint
Marion
•;
;
.
Senators
statement from Miss
Martin,
formerly
in
charge of the work Of Organized Republican Women for the
Republican National Commit¬
tee, and Mrs. Thomas F. Mc¬
post with the Democratic
same
National
Committee,
was
dis¬
tributed.
1.
Declare it to be the legis¬
lative
policy of the United
on
be
Allister, who formerly held the
;
legislation, the,
continued, would;
It
said:. "We see in the bill a
positive, constructive approach
distinctions
to the problem of how to elimi¬
nate unfair
legal discrimina¬
the basis of
as
to
Taft
Kilgore of West Virginia and J. H.
McGrath of Rhode Island.
From
the "Times" we also quote:
a
no
said
are
(R.-Ohio), Robert
Wagner of New York, Harley M.
proposed
advices
same
Senate
Robert
and RepresenNorton of New
gether."
.
The legislation's sponsors in
the
-
Both she
Mary
legislation to correct them. It
would require Federal agencies
to report their practices on sex
equality; and would ask State
cooperation.
; \
/
are
sex "except such
reasonably .justified by
differences in physical struc¬
ture, biological or social funCr
tion";
-
tions bgainst
time
same
needed
women and at the
retain
by
women
those
laws
mothers
as
and workers."
rence
oe
Clayton of Massachusetts to
member
a
named
for
,
city of the President, the 1947
na
Bill
'on
The
Treasnj
Offering
Secretary of the Treasury
announced
Feb.
on
24. that the
enders for
about of
$1,300,000,000 ot there¬
91-day Treasury bills to
>e dated Feb, 27 and to mature
! Hay 29, which were
offered. 011
Feb.. 21, were, opened i at the, Fed^
er^l; Reserve Banks on;Eeb.j24; >,
Total applied for,
$1,784,112,00(1.
Total ' accepted; ;
advices, ip the
$1,310,520,00ft
(includes
$18,884,000 entered on
fixed price basis at 99.905 and
accepted in full).
a-
of the
Board, from December,
Average price, 99,095-^-;
1934, until he resigned in Jan¬ lent rate of / discount ^ equiva¬
approxi¬
uary, 1945,-to become President mately 0.376%
per annum.
of the Clayton Securities Cor¬
Range of accepted competitive
poration, Boston. ^
*1}.-. bids:;
''
■
S/ ;The nomination
will fill the
seventh post on the Board ' of
Governors for the first time in
,
•
•
■
^ \ High, :-9d,^^eqid^ept^ata of
discount I approximately ' 0.372%
'
-
per annum.
.
ten years.
Low, 99.905, equavalent rate of
approximately 0.376%
per, annum.
/ ;
Utah. He was graduated from
(72% of the amount bid for at
the low price was
Stanford University in 1914
and
accepted.)t
There was a maturity of a simi¬
the
Harvard Law School in
Clayton was born on
March 1,1891; at Salt Lake
City,
discount
1917.
lar issue of bills
Mr.
He
served
War
with
in
the
first
the field
ar¬
tillery.
He was a Vice Presi¬
dent of the First National
Bank
at
Ogden, Utah, when he first
went with the Federal Reserve
,
the home
expiring
Mr. Clayton was assistant to
Marriner S. Eccles, Chairman
Of Bank Auditors
in
term
New York "Times" said:
Regional Conferences
Association is held
a
3 Associated Press
World
,Na¬
tional Bank,
Baltimore, Md.; and,
following a precedent whereby
the National. Convention of the
of
Feb:Mp'1952. .Under,:^ate of F^b.'
years in their costs of operation.
usua
Board
the Senate by« President Tru-plan on Feb. 3. Mr, Clayton was
cause
regional meetings and the
National Convention. Mr. Burbett
is Comptroller of ^ the Firstr
the
1 ;o
of various
factors, includ¬
ing the increases during the war
three
of
Governors of the Federal Reserve
System; the nomination was sent
inability to operate prof¬
itably under present rates be¬
endar, which includes the
Result of
*
The U, S. Seniate confirmed on
] reb. 10 the nomination of Law¬
and
President Arthur R. Burbett an¬
nounced recently the National As¬
sociation of Bank Auditors and
Comprollers' 1947 convention cal¬
Clayton
To Federal Reserve Board
Board.
amount of
on
Feb. 27 in the
$1,312,502,000.
Fair Trade Council Opens
Washington Office
The opening by Fritz G. Lanat Woodley Park Towers,
ham,
International Fair at
Washington, D. C., of
Milan, Italy
activities and trends of interest to
the American Fair Trade Council,
of
an ofiice out
which, under his management,
1
Tlie
Fair
date
at
of the International
Milan,' Italy, previously
scheduled for April
'12-27, has
been postponed to
September 1227. It is announced
that/the Fiera
Inc., will be reported regularly td
it, was made knowmrecently./Mr.,
Lanham will in turn make avail¬
able/ ini his area 7 all related in¬
formation
which, may
.be"/•/re*-.
Di Milano of
Milan, Italy, has en¬
trusted SIFEM, (Servizi
Interna-
quested of his office.
available also
for
zionali
with state and local field activities
Fiere
He will be
cooperation,
Esposisioni Mostre)
$185,253,966 in -1945, while the tibnal .meeting will be held in
to organize the
joint participation of AFTC. Mr. Lanham is sponsor
railroad retirement levies col¬
Baltimore, October 22, 23, 24, mid of exhibitors from the United of ,the. trade-mark--act whicfi
lected were $311,300,787 in 1946
States. An early announcement bears his name
and has been a
: '
compared with $283,915,647 the 25, 1947.
said that it is
The
anticipated that defender of traditional principles
previous year.
Spring regional meetings
of American incentive
there will be official
enterprise.
The
participation
collections
of
are
Federa
scheduled for the
following by the USSR, Britain, the Balkans His office will represent also the
old-age
ou1
of the pockets of
the people who
through, their mutual
to their
taxes, totaled
unem¬
,
—
which ;;havb been
the past.
/
few
Feb. 16
wished
plan whereby
women on both sides of the
longcontroversial equal rights issue
could
"go down the road to¬
their
an
interest expense lies in
making really good houses avail
able to more families
by cutting
a
Social
she
long ago."
T.
Jersey called i it
Private
owners
of
vessels
have been loath to resume
opera¬
tions in these trades because of
figures per¬
taining to its Social Security taxes
during 1946, an Associated Press
Washington dispatch stated. Total
collections for the period amount¬
gage apd
take
it
service for coastal
intercoastal traffic.
ployment
i;. «We; should
encourage
essary
opportunity for re
ducing the size of the home mort¬
to
to
The Bureau of Internal Revenue
we
*
'
than
Taxes for'46
ed
ative
tic
trades has not reached a
level adequate td' provide nec¬
Report
discouraging
country »if
get away from that atti-
rather
urther.
we
do
way to compensate'our
,
to
arations"
women.
At the present time private
operation of ships in the domes¬
as
thq, credit responsibility of the
the
ude
long-term home loan
should not be less thanv5%, the
mortgage may fairly include pro¬
vision tor a lower, figure when it
lias bebn reduced to 40% or 50%
,
in fact guaranteeing the
against loss. X think we
was
Mr.
valuable contri¬
said
shipping until freight rate adjust¬ Senate Confirms
ment
annual savings to home
totals hundreds of millions
•
domestic
no
lesuliMg
in
foreign eoal ahd grairi
of dollars. As yet there
owners
held
view local discriminations
based
based on- sex and recommend
of
the
at
Repre¬
sentative Helen Gahagan
Douglas
(D^Cal.) spoke of it asv "implementing the United Nations dec-
to
mortgages have
been made in recent years in dis¬
it was stated,
according to a Wash¬
regard of the safeguards which
ington dispatch to the New York
should
characterize
long * term "Times":
oans, solely because the govern¬
boemnfactically wiped out. The
and
States to make
another four months
shipments,
"a
measure
lad been done
dent had recommended continu¬
ance ;Of the Commission's
opera-
is
merely buying and selling mort¬
gages, clearly the operation is
;he;
Mr, Bradley, in urging the leg?
.slation, pointed out that the Pres-
half of the busi¬
as
conference
bution"
operations.y
earning asset for the
as an
vide; it
amor¬
a
had limited the vessel opera¬
tions as well as salaries of
per¬
sonnel
paid out of revenues
from these
mortgage it is making is safe and
sound, in my opinion it should re-
nome owners
generallyvbelow, 5%, As.
■
1947, in the. third deficiency ap¬
propriation act: of 1946, which
they
that
present
in the House spoke warmly
Representative Edith
Nourse Rogers (R.-Mass.) called
Commission
It also provided for substitu¬
tion of this date for March
1,
mortgage-lending in¬
is: convinced
Maritime
provide service as a carrier by
water may be valid for a period
not
extending ; beyond July 1,
947." These advices added:
age concerns.
"If
members
women
were
in its behalf.
;o
should become mortgage-broker-
ain it
unsafe and unwise to establish
cy %to? the'
they
that
the<^
their
women
sors
its
from
seven
>ress
'
protecting savings and making
home mortgages. The legislation
contemplate
Commerce"
believed
Wadsworth's office, and the three
who are among the bill's spon¬
visions of law any temporary auhority issued or to be issued by
an appropriate
government agen¬
.
not
All
Congress
Washington bureau, stated that
not withstanding
any other pro¬
should be examples of the sound¬
est
methods
of
managing'and
did
of
he
give
1
asso¬
that
Fisheries,
for
extension of the
Commission's authority
Journal
thority to sell up to 25% of the
new
mortgages they are making
is as liberal as it should be. When
he Congress provided for Federal
of
and
that
2.
Set up a commission on
rights without losing them their
legal status of women to be ap"egal protections.
5 pointed by the President to re¬
operate government - owned
ships in domestic and foreign
rades until July 1. As passed by
he House, the resolution, accord¬
ing to advices to the New York
.
charters
Marine
•
Maritime
tub
Mr. Fahey gave benefit of its
shareholders. If to
fwthfcr / reasons for. maintaining
meet the demonstrated need of
pareseht interest rates:
;
its community it should have more
"Id rifhy opinion/' he stated "it
;'unds than local savers. Can pro¬
19
: Merchant
providing
Representative James W. Wadsworth (R.-N. Y.), the
House, is reported to have said at a news
would
measure
,
prices, but right prices
determine
Continuing,
;
a resolution by RepresenFred Bradley (R.-Mich.),
Chairman of the Committee on
to finance
each House.
conference
Senate
1 ;ative
sound construction of all kinds at
n
bill's chief sponsor in the
eb.
construction industry we should
have for the years ahead.
"There never has been such
j
The House, by voice vote, on
17 adopted and sent to the
large,
sustained market and the kind of
of
owners
going to
are
we
our.; homes. % Men ; and
who save a few dollars at
women
a
furnish
>
New legislation to establish the
legal status of women was recently ^introduced in Congress, according to special; advices from
Washington on Feb. 17 to the New York "Times"; the legislation is
reported to have the sponsorship of at least half a dozen members
Authority
(Continued from first page)
$t
tilr
IfJffgNew Rights Bill for Women^llfN
Maritime Comm.
:On Mortgage Loans
TttV;'
Thursday; FebrC&ry 27,1947
.
Jersey—$45,140,631, $6,
562,974 and $2,235,634. .r.&y-'
New
York—$263,442,962, $35,
.
062,444 and $47,048,210,
cities
on
the
dates
indicated
Twelfth eastern' regional
confer
ence~-New York
City, April 21
22,1 23; Tenth mid-continent re
gional conference—Grand Rapids
Mich., April 7, 8, 9, and Second
western states regional conference
—San
15, 16f
Francisco, Calif., May 14,
Scandinavia, Germany, Austria, National Patent Council—and one
South
Africa, France, Holland, national civic activity of his na¬
Switzerland, and Czechoslovakia, tive state of Texas.
the
Fier a Di Milano,
through
SIFEM, its agent, has authorized
John
B. Erskine of
Chicago to
handle all its affairs and
interests
in this country and in some
ca^es
in Canada. Mr. Erskine is
tempor¬
2251, 135
arily located in Room
South La Salle Street,
Chicago.
It is stated by the Council that
these relationships were in con¬
templation long before Mr. Lanham's
voluntary retirement from
Congress,' after 28 years of con¬
tinuous service nj the House. John
W. Anderson is President of the
Counsel
Voluifle-163^N^fe^572>^
'-1* G
THE-COMMERCIAL'&-FINANCIAL CHROKlCLE
with the March contract
The State of Trade
(Continued from pagell67):
a
J'l
<''*]
;
new
touching ahd
27-year peak of $2.36 per
bushel.
Volume
of
sales
on
the
Chicago Board of Trade continued
was
from
1
J
#
increasing as
11
"
steel
many
com¬
recorded
a
year
ago.
activity. Mill buying
Small fail¬
of
panies continued to compete for ures < involving; pliabilities under
available^ material- outside; :;their $5,000 increased from: 7 in the
owh /district/! reports /"The Iron
pr|pr':weefe'tO'-;y:.thi$,;'wee^.twice!
the-number reported in the com^
r
/ :
?
The,- steel "industry : is: doing parable week of .1946,
Four-fifths of the Week's fail¬
everything possible to alleviate
Ihe freight car shortage by step¬ ures appeared in manufacturing
and
the two trade groups. Whole¬
ping up steel shipments to freight
^ari builders.;
It is obvious, how* saling showed the sharpest rise in
•ever; that any steel tonnage over concerns failing, with 15 this week
;and above what has been shipped as compared with 7 a week ago.
dor new freight cars must be at In fact;this wastlheonly trade^pr
^he : expense- of other steel: coih industry group in which concerns
failing were more numerous than
$umers*
scarcities
Steel
in
hard-to-get
steel items exist primarily in bona
fide steel
distribution channels.
Substantial
supplies
other
than
improvement in stocks
reported.
Bedspriiigs' and
jhattresses were a v a i 1 a b 1 e - in
some
Was
-
,
distant little irom last week, 47 against
heavy with wheat furnishing the
"155, but remained far above the 13 bulk of the
points and cross-hauling of scrap
coming
material
:
wheat
gressive
futures
was
and
scale
on
an
there
ag¬
was
a
larger
quantities than in many
previous weeks. Consumers con¬
been
running
12%
ahead
style and quality with insistence
obliged to revise the week's re¬
sults following the snow storm1 one
Thursday afternoon which
fected trade expansion adversely^/
It was estimated that department
store sales would show practic¬
ably! no change from last?yearij#:
op
well known brands high.
:
quite liberal and processors The supply of men's suits and fur¬
again in the market for sub* nishings improved
noticeably and
stantial quantities for deferred demand continued
strong. Numer¬
shipment from the country. Ex¬
ous/clearance sales of Winter
were
were
wise
demand
for
feature
a
corn
of
was
the
like¬
strength
shown in that cereal. Trading in
oats. was fairly activetand prices
rX-
increased by
tinued to be selective in regard to
marked lack of hedging pressure,
Interest in* Spring apparel and
despite
the
advancing
trend. sportswear rose as weather con¬
Country offerings ./of ?cash ? corn ditions
; became • more favorable.
port
sales
the year to date by.T7,%.%^):^?r
! Here in New York retail tradfe
volume which early last w^ekjiail
items
met: with
fair
a
thah
waar
ago,
year
leyels;;?t:/l®0v;f:?p^
As
result of
a
fhe storm^buyimr /
in wholesale markets was
response.
Some price declines in furs
better
of
spotty^.
and
•
with demand good for better
medium price merchandise
were
and!
light low-end popular price !gooda.\
rose,
reflecting relatively small
Cotton textile merchants reports
/ Retail volume for the country
receipts at terminal markets and in
the week ended last Wednesday state, sold actively for third-quar¬
in the previous week. Compared
strength in other grains. Domestic
ter
delivery
and
rayon
piece
was estimated to be from 9 to 13%
with the; 1946 level, all groups flour
buying was still rather slow
above that of the corresponding goods prices held at high levels*
except
construction
had
more With most users
displaying con¬ week a
despite active bidding for bettte»y
year ago. Regional esti¬
failures this year.^ Retailer^ fail- siderable caution in making for¬
mates. exceeded those' of a year quality finished goods. DUrabldf M
l mg, at;T9 ^gainstohly31ast>yeari ward V commitments; ^Butter ? and
goods were featured, by a ' 20%v :
ago by the following percentages:
showed the sharpest untrend from cheese
developed a firmer under¬
New England 7, to 11, East 10 to price cut on a leading makeiUjf
the same week of 1946.
tone
in
the
week.
Hog .prices
14, Middle West arid Southwest 9 portable, radio set. As foy wholes. V
The Pacific States with 25 and soared to
near-record
sale food prices, they continoeit
highs as to
13, Northwest It to 15; South
the Middle Atlantic States with receipts at the Chicago livestock
(
6 Id 10 and Pacific Coast 8 to 12. td move higher; largely
16 accounted for the
largest num¬ market fell to the lowest level
poor weather conditions across the ■' )
The humber of buyers regis*
ber of failures in the week
nation.
••-b : /
just since last October. Lard registered
tered in / wholesale centers de¬
further
ended. In these two
gains,
reflecting broad
regions, con¬
According to the Federal^He-^^ ;
clined the past week but brisk
cerns
serve Board's index, department J ;v;
failing were almost three domestic and foreign demand and
selling in many lines kept whole¬
times as numerous as in any other continued advances in other edi¬
store sales In'; New Yoric City
|^
sale volume at the high levels of
area.
the
Furthermore, these regions ble oils.
weekly , period to Febri 15*, ,
previous weeks. Dollar volume re¬
showed an increase not only from
Cotton markets
1947, increased 23% above stfce :/
maintained a
the 1946 level but from the
gained moderately above that of same period last year. The largfc
pre¬ firm tone and prices again moved
the corresponding week a year
vious week's level as well. Only up
increases in this week reflected!*
steadily during the week. Quo¬
ago. Progressively greater resist¬
the West North Central States did tations reached the
part the fact that last year sale&
highest levels
ance to high prices and poor qual¬
not report any failures this week, since the setback of last
in the City of New York wen®:
October,
ity on the part of the consumer reduced because of the
as
compared with four districts aided by active mill price fixing,
closing^
was reflected in the growing at¬
with no failures a year ago.
all
business
establishments
short covering and demand stim¬
titude of caution among, buyers.
Feb. 12 to avoid a fuel short^g^
Canadian failures numbered 5, ulated by reports of expanding
Deliveries continued to improve
those in the City of Philadelphia
against 3 in both the preceding textile sales. Spot market sales
reported but
mained at
consumer
interest
re-
low. level.
a
.
governmental * surpluses//Pre- aljlegedly
available
from
other
sources, but so many uncertainties
surrround/this /market that most
■consumers, refuse- to? participate,
ihe magazines points out.
These
twilight markets which are carry¬
overs from the, OPA black mar-
Rets?are: still/ utilized r bytssome
jsteelK consumer#. ^
The; general
trendy today, ^however? is? away
irom premium markets and there
lias,,, been ;a definite v decline in
some
of
the
twilight '.: market
prices.
The
American
Iron and
Institute announced
Steel
Monday of
on
this week the operating rate of
steel companies, having 94% of the
steel capacity of the industry will
/be 94.4%
of capacity for the week
c
.
week
and
and
in
the
same
week
;
/beginning Feb; 24,1947,"compared
■with 944 % orie week ago, 93.6% i January
Building Permit Values
•one
month ago and 58,6% one Rise—The steady decline in the
.year ago, the steel strike account¬ volume of buildings
permits which
ing/for^ a /sharp : curtailment: i>f began last August was halted in
•operations. This represents an in¬ January. The estimated cost of
crease of 0.3"poiht 0r 6.3% from
permits issued in 215 cities dur¬
the previous week,
\
->
ing
that month rose 5.8%
to
The? week'sr ^operating 'Vatetils $156,531,157, from $148,031,510 in
equivalent' to 1,651,900 ..tons r of December; according to Dun &
steel ingots and castings and com¬ fBradstre^ipIpe.!;
/d^pare$?^ih
pare^ With 1,646,700 tons one week January 1946 when permits totaled
.agp^;; i ;637,300/ tods une, month ago $204,052,082, there was' a drop of
23.3 %; The decline from last year
^nd^ip32,800 tohs. brie year .ago,
was quite general throughout the
Electric ?Production-^The' Edi.son
ithe
Electric Institute reports that
country with only the New Eng¬
land
dutput of electricity declined
•to 4,778,179,000 kwh. in the week
•ended Feb. 15, 1947, from1,801/179,000 f kwhi in »the t preceding
region registering a gain.
Permit
City
in
values
for
January
New
quiries /on/ the Increase? Total
re¬
ported isale$^
134,800
bales
last
week,
against 117,300 in the preceding
week
and
137,100 in the same
week
a
Registered sales
year ago.
under the government export pro¬
totaled -18,900 bales in the
gram
week; ended
above
well
were
level.
v;
..
the. 1946
reduced because of. .a
were
/■'
■
tailment
in
Feb.
8.
This
repre¬
sented vthe-Smallest weekly vol¬
ume
since- last - December,, and
epmpared with-79,800 a Week pre¬
vious,
and :35,9p0t TtWb> WeekS
earlier. A feature of the week
was
Board's
in¬
the
Federal
dex
for the week ended Feb.
Reserve
in
of
period
compares
the
with
This
1%
in the
the
four
week.
preceding
four weeks ended Feb.
For the
15, 1947,
cents
staple from 4 to 2
pound,
effective
last
a
to Thursday. Leading textile markets
ended ^
year
Feb?
anilforf
1947, sales rose. 13 %
to date increased to
■■
■».
1
1
1—■■
to.
v
>«*£'•
National Fertilizer Association
Commodity m
the announcement
Price Index Continues
States
0*1
week.
preceding
weeks
—--—"—1—•
by the Depart¬
ment of Agriculture of a cut in
the export subsidy rate on the
closed
owing to a power shortage. ;
This compared with an increas^qf:
increase of 2 %
last year.
an
reduced
were
were
Feb. 12
1947, increased by 18% above the
same
stores
because
15,
cqafp.
public transportation
and; J8, rand
Department store sales on a service on Feb. 11
country-wide basis, as taken from those in Pittsburgh
,
were
United
York
amounted
moderately active with in¬
were
of
last year.
Upwarl
During the weefe; ended Eeb, 22,1947 the weekly wholesale-PS^fm
modity price index compiled by The National
Fertilizer Association
$22,229,240,
as
compared
with were moderately active. Sales for and made publid oh Feb. 24, rose to an all-time high of 195.4 from the
week. Output for the week ended $35,168,491 in the previous month third !qU6rteri;deliverv continued previous high point of 193.8 which was reached in the preceding jwe^fe,
and $31383,585 in the corresponds to
expand -- at prices? generally A month ago the index stood at 189.0 and a year ago at 142.1, all based
^eb^lS, 1947; #as?21« !hbove
that for. the corresponding weekly ing month a year ago. This rep¬ about riO%?abbve:former.ceiUngs, on the 1935-1939 average as 100. The association's report added:' bh:
resented respective decreases of
period one year ago.
Business Jp domestic wools re¬
"
•
36.8 and 29.4%.
«During the past week seven otthe composite groups in the
- ;
mained very duiet in the Boston
Consolidated Edison Co. of New
York „reports> system output of
and lack of advanced while one declined; the other three remained at the leve^pf
Food Price Index Slightly Un¬ market last week
205,800,000 kwh,N in the week der Ail-Time High —Up sharply orders was said to be causing, the the previous week. The index for the farm products group rose because
♦ended Feb. 16,.41947, compared for the fourth straight week, the closing down ofadditional wool
pf higher prices for cotton and generally higher prices for grains^hkt ^
with 180,600,000 kwh. for the cor¬ Dun & Bradstreet wholesale food sections in the textile industry.
iivestockV! Drices fQi?imost;;ihe£ds fell^^;d
buflh^
Imports of foreign wools were re¬
responding weOk of 1946,? or an price index registered $6,47 on
increase of 13.9%. Local distribu¬
ported considerably below the index for the foods group advanced because of price rises for butfc
i^Sgf
,
:
-
tion
of
electricity
to
amounted
196,400,000 kwh. compared with
178,200,000, kwh. for the corre¬
sponding : week' of last year, an
increase of
40.2%;
.
.
;,
Railroad Freight Loadings—Car
of revenue freight for
the > week ended Feb.
loadings
February 18, only 2 cents under
the post-decontrol peak and all- quantities
cheese, flour, potatoes, lard, and some
time
was
received during this
touched last time: last year, Values on spot
November 19. The current figure foreign vyools remained firm* ;
high
of $6.49
represents a rise of 15 cents, or
2.4%, over the $6.32 recorded a
week
earlier, and stands 56.7%
above the corresponding date, a
year ago when the index stood at
$4.13.
Retail
and
Wholesale
Trade—
J^»2^4
cars; or4.9% is shown;
Business Failures Continue High
Commercial and industrial fail¬
ures, although a. little lower than
*n the
previous week,were three
times
as
numerous
in
the
week
tal of the? price/per
foods in
'>
*
Daily
Wholesale
Commodity
Price Index—Continuing its up¬
ward climb of almost
month, the
& Bradstreet daily whole¬
commodity
price Index
a
ending February. 20, as in the cor¬ Dun
responding week of 1946. Dun & sale
Bradstreet,v Inc.,* reports 58 con¬ reached '-a - new post-decontrol
cerns failing as compared? with peak of 247,05 on Feb, 18. This
uz last
week and 18 a year ago. compared with 244.96 on Feb.; 11;
This represented
the 22nd straight and represented a rise .of 34.2%
week
in which failures have
ceeded those in the
-
ex¬
comparable
Weeks of the
preceding year,
g Large
failures? outnumbered
port demand, grain prices scored
additional sharp advances during
.lust ended. Concerns failingiwith
losses of $5,000 or more felj'bff a
the
past week. All deliveries of
wheat sold at
new
ofMt^'
price declines for cottonseed meal and wood pulp were
group
of newly opened
was
'
charge accounts
flooring and linseed oil caused the index for
building materials to fall.
ly.
a
year
week 35 advanced and eight declined; in
preceding week 26 advanced and four declined.
the second
WEEKLY WHOLESALE COMMODITY PRICE INDEX
v
compiled by The National Fertilizer Association
4935-1939«s100«
! ;? Latest
ago.
f
%
Each Group
? -v"* i
4
1947
Total Index
>v
'
Products.
and appliances con¬
Cotton——
.
387.5
238.8
226.1
313.2
294.6
241.3
210.1
154.5
151.3
212,9
142.9
142.3
215.5
212.9
155.0
153 8
125.5
.125.5
seasonal highs mand
for furniture remained high
AH groups
Feb- 23,
on
1926-28
1946, 110.7.
'
combined-—
base were:
.
:
124.3
195.4
193.3
189.0' s
,
133.6
127.^.//.
116.A,*
119,8
105.A ;
,:-f
—
Feb. 22, 1947, 152.2;
55S1
16Z3T?*?
;
125.6,.
133.6 4
124.3 '
133.7
169.§t!
r;/v 133,Ojj"
124.3
Materials-x.-^—————i
Machinery——
;
.
157.!4 B
% 128:1 <
157:6
155.3
Building Materials
Chemicals and Drugs—
♦Indexes
198,P
227.1
212.2
Metals—
Farm
163.1
24T.81 >v
v
215 3
.
Textiles--i-^.-u———
Fertilizer
'
158.5
146.Q
.
'169.1'•■v
142.9
155.6
Commodities—
r
U 266.3..
239.9
a
—-——
Miscellaneous
141.5
347.6
214.7
-
Fuels
286.6
320.8
Grains; —.—;——————
Livestock-
130.0
214.0
218.1
241.6
———
Feb. 15,
>
AgO
T6h:23k
1947 vi-1946:*,
1947/
387.5
:c* ttbnseed;!DiUv^*T^rt^*^
Farm
23.0
<.
296 ;9
~
Yeaf :
AgO :
Jan. 26
220.4
Foods
,/;•/
Feb. 15,
Feb. 22,
Group
Bears to the
pi,
Week
vegetables were available,
Hardware
/
rreceding Montb
Week
Many pre¬
tinued to be best sellers. The de-
''
,
Fats and Oils
levels of previous weeks
and continued to be well above
andnl3
During the week 29 price series in the index advanced
25.3
the high
of
Lower prices for oak
declined; in the preceding
reported.
Retail food volume remained at
that
by price rises for hides and
viously/scarce items - were re¬
ported to be in more : plentiful
supply. Interest in canned foods,
canned
fish,
rose
over
the 184.12 recorded at this especially
slightly but consumer resistance
time a year ago.
to high prices continued. Ample
Under the stimulus of broad ex¬
quantities
of fresh fruits: and
small failures 4 to 1 in the
,week
requested items; ? A
noticeable increase in ' the humbet
poupd; of 31 frequently
general use.
iq$§x
oils. The rise in the fuels
prices for coke. In the miscellaneous commoditiga'
feeds, and the group index rose; slight!^
Stimulated. by mild " weather and
A rise in the price of castor oil was responsible for the rise in
Valentine's Day gift buying, re¬
tail volume rose appreciably last chemicals and drugs index. The index for fertilizers advanced slight*
week, according to Dun & Brad¬
street, Inc., in r Its summary of
tion of American Railroads an¬ j
During the week advancesA.oc? trade. While total dollar volume
curred in flour, wheat, corn, rye, compared favorably with that of
nounced. IThis was an increase of
4?.^® cat:s» 42 %!/above! the>pre^ oats, haiusr^elllesy lard; butter, the preceding week, it was only
'^ng ''week and 99,923vcars;' or cheese, coffee, cottonseed oil, moderately above that of the cor¬
11 &*%
above 'the corresponding oOfcoa; eggs£ potatoes/ steers; and responding Week a year ago. Spe¬
for 1946. Compared with the hogs.
Declines were shown only cialty shop i were generally
'ahffiilar period of 1945, an increase for dried beans, prunes and lambs. crowded and candy, jewelry and
^
The index represents the sum to¬ flowers
were
among
the most
.15, .1947,
totaled; 799,977 cars, the Associa¬
due to higher
1347,
;
,142.t ;,
151.0; and
'
1174-
shortage was aggravated by; the bad weatherpprices of hogs,
sheep and live poultry increased. yjSteer quotations, which have been
high in relation to beef prices, dropped 3.1% despite light shipments.
Prices of some fruits and vegetables rose sharply.;; Raw cotton" quota¬
tions continued to advance. On the average prices of farm products
car
Moody's Bond Prices and Bond Yield Averages
Moody's computed bond prices
given in the following table: .1
-
1947
•••-
U. S.
.Daily;
Avge.
Coryo-
Govt.
Averages
Bonds
/ /.
25
and
bond
yield
are
'q> 1 I
Average Yields)
on
v:-
Corporate by Earnings*
Aaa
Aq
A
Baa
R. R.
o
P. U.
Indus.
122.08
:*./+ ')22—.,—
117.40
122.09
120.22
117.00
110.70
112.93.
118.40
121.04
117.40
122.09
120.22
117.20
110.70
112.93
118.40
121.04
Stock
_
'
122.14
::p;^;2l—
117.40
Exchange
122.09
Closed
120.22
111.20
110.70
112.93
118.40
121.04-
122.17
117.40
122.09 v 120.22
117.20
110.70
112.93
118.40
121.04
122.17
117.40
122.29
120.22
117.00
110.70
113.12
118.40
121.04
18//—"122.17
117.40
122.09
120.02
117.00
110.88
118.40
121.04
17//////^ 122.17
15-,—
122.17
117.40
122.09
120.02
117.00
110.88
112.93
118.40
120.84.1
117.40
122.09
120.02
117,20
110.88
113.12
118.40
120.84
122.20
117.40
122.09
120.02
117.20
110.88
113.12
118.40
120.84
122.17
117.40
122.09
120.02
117.20
110,70
113.12
118.40
120.84
417.40
122.09
113.12
118.60
120.84
20-;—-
.
iSvf' 19—
*
.
; 14
•a'
13——-
V'.;..
.12—-——. ' ■/:•
;
■
Stock
V:r '10^——- '' 122.20
117.40
f
Exchange
120.22
117.20
113.12
to
"Other
122.09
120.22
117.20
110.88
113.12
118.60
120.84
5—122.27
117.40
121.88
120.22
117.20
111.07
113.31
118.60
120.84
7-
122.20
117.60
122.09
120.22
117.20
111.07
113.31
118.60
120.84
pv:::;
6
122.24
117.60
122.09
120.22
117.40
11C.88
113.31
118.60
■CV--*?:?.
120.84
5—
■
'
•.*!,•
4
'
122.27
1
Jan.
113.31
118.60
110.88
113.31
118.60
110.88
-113.31
118.80
121.88
120.43
113.31
118.80
120.63
117.40
121.88
120.22
117.40
110.88
113.31
118.80
120.63
121.08
120.43
117.40
110.88
113.31
118.80
120.63
117.40
121.88
120.22
117.40
110.70
113.12
118.60
120.84
121.67
119.82
117.20
110.52
113.12
118.40
120.43
116.80
121.25
119.61
116.80
110.15
112.75
118.00
120.02
f22.1T
116.30
121.04
119.61
116.80
110.15
112.56
118.80
119.82
121.92
116.61
120.84
119.20
116.61
109.97
112.37
117.60
119.82
116.41
120.63
119.20
116.41
109.97
112.37
117.40
119.61
116.22
120.84
119,00
116.22
109.60
111.81
117.40
119.61
121.02
6——.
121.55
8„
«
,
118.80
116.02
109.60
111.81
117.60
119.61
121.04
119,00
116.02
109.79
112.00
117.60
119.82
116.61
121.46 a 119.20
116.41
110.15
112.37
117.80
120.02
122.17
1,1,ii
116.61
121.25
116.22
110.34
112.37
117.00
120.02
119.20
122.14
25
116.41
121.04
119.20
116.02
110.15
112.19
117.60
116.61
121.04
119.00
116.61
110.15
112.37
117.80
5
116.61
121.04
119.20
116.22
110.34
112.19
117.60
"-r
118.40
122.71
120.43
118.00
112.37
114.85
118.80
\
1
121.25
tvf
I
,
,•
>V¥
123.77
118.60
123.13
121.04
118.40
112.56
115.63
119.20
121.46
118.80
123.34
121.25
118.40
112.56
116.02
119.20
122.92
121.46
118.40
112.56
116.22
119.00
121.04
Farm products.
121.25
118.40
113.12
116.41
119.41
121.04
Mar.^29—i-—-
125.61
119.82
123.99
122.29
119.41
114.27
117.40
120.22
122.09
Peb;^21
126.02
120.22
123.34
121.88
119.00
114.27
116.41
120.22
122.09
HigR'tf 1947—
122.39
117.60
122.29
120.43
117.40
111.07
118.31
118.80
121.04
122.08
116.80
121.04
119.61
116.80
110.15
112.56
117.80
—
119.61
123.56
121.88
119.00
114.27
116.41
120.22
Feb^25, 1946—
122.09
U. S.
-
,
Daily j v
Averages
Avge.
Govt.
.
120.22
118,60
106.04 '110.52
114.46
114.27
AftS
Aa
"
2.78
2.65
2.55
-
2.64
2.78
'•
2.64
Stock Exchange
2.78
2.55
2.64
U7 \
.•K21—>—
A
R. R.
P. U.
8.13
3.0t
2.79;
3.13
8,01
Indus.
2.73
2.73
:
260
2.79
3.13
3.01
223
2.78
2.55
2.64
2.79
3.13
.-3.01
2.73
2.54
2.64
2.80
3.13
3.00
2.73
2.78
2.55
2.65
2.80
3.12
8.90
2.55
2.65
2.80
3.12
3.01
2.55
2.65
2.79
3.12
3.00
2.73
2.78
2.55
2.65
2.79
3.12
3.00
2.78
2.55
2.65
2.79
3.13
3.00
1.57
-
1
J'rM
1.57
io-—— :■
Stock
2.78
2.55
2.60
X 2.61
2.79
3.12
3.00
12.61
2.72
2.64
2.79 :
3.12
3.00
2.72
2.61
2.79
3.11
2.99
2.72
1.56 ?
2.77
2.55
2.64
2.79
3.11
2.99
2.72
2.77
2.55
.2.64
2.78
3.12
2.99
2.72
2.56
2.64
2.72-
1.56
2.0
+49.0
no-strike
1.1
+ 44.5
135.5
137??
—
1.6
0.1
+ 34.0
98.6-
0
0.3
+15.1
2.56
2.64
2.78
2.77
2.50
2.63
2.78
1.57
2.77
2.56
2.63
2.78
3.12
1.57
2.73
2.56
2.64
2.78
3.12
1.55
2.77
2.56
2.63
2.78
3.12' x •: 2.99
2.71
1.56
2.78
2.56
2.64
2.78
3.13 :
3.00
2.72
2.61
3.00
2.73
2.63
10—
v
3.12
-
1.57
..
h'W*
Deq.?27, 1946—
2.79
2.57
2.66
1.57
—
2.81
2.59
2.67
•
'2.99
■■,-
3.12
2.99
3.12
2.99
2.71 k
2.99
2.99
2.71;
i
2.72
2.79
3.14
2.81
3.16
2.71
3.02
,1.57
2.81
2.60
2.67
2.81
3.16
2.62
2.62
2.62
2.61
2.69
2.82
3.17
1.59
2.83
2.62
2.69
2.83
3.17
2.84
2.61
2.70
2.84
3.19
3.07
;•
2.65
2.79
3.04
1.60
2.75
3.04
'A 2.66
2.77
3.03
2.82
aoi3--—.
2.78
2.67
2.78
2.67
1.62
2.84
2.60
2.71
2.83
3.19
3.07
2.77
2.67
2.83
2.60
2.70
2.85
3.18
3.06
4 2.77
2.66
158
2.82
2.58
2.69
2.83
3.16
3.04
2.76
2.66
1.57
2.82:
2.59
2.69
2.84
3.15
3.04
2.77
1.57 *
2.83
2.60
2.69
2.85
3.16
3.05
2.77
1.60
2.82
2.60
2.69
2.84
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
Aug. 30—
July 26—.—
1.55
2.73
2.52
2.63
2.75
1.49
2.73
June 28-——>■
1.47
2.71
15—
-
8—
—
:Oct.£25—I—-I!
Bept. 27
—
___
3.04
2.91
2.65
.
6.1
1.2
+ 30.8
+
1.3
5.0
+ 44.0
95.9
+
0.5
C.9
+ 33.8
123.0
122.8
122.4
O
0.5
2.71
2.59
2.50
2.60
2.73
3.03
2.87
2.69
2.58
2.59
2.73
3.03
2.85
2.69
2.58
3.03
2.84
2.70
2.60
May 31———*
Apr. 26
Mar29—
1.48
2.71
2.51
2.58
2.73
1.45
2.70
2.49
2.59
2.73
3.00
2.83
2.68
2.60
1.36
2.66
2.46
2.54
268
2.94
2.78
2.64
Feb.
2.55
1.33
2.67
2.49
2.56
2.70
2.94
2.83
2.64
2.55
21—
'
High
1947.
1.57
Lov. '1947——i.
2.81
2.60
2.67
2.81
3.16
3.03
2.76
2.68
1.65
:
2.77
2.54
2.63
2.78
3.11
2.99
2.71
2.60
Year Ago
Feb.! 25,
1.33
1946—
2 Years Ago
Feb. 24, 1945—
1.69
♦These prices are
(3%%
coupon,
or
the
Illustrate in
more
2.48
2.92
2.56
2.64
2.70
2.72
years)
movement
cf
comprehensive
and
do not
actual
way
the
2.94
2.93
computed from average yields
maturing ih 25
average
a
2.67
price
on
2.83
3.39
2.64
3.14
the basis of
one
They
2.85
2.94
.95,4
0
0.5
+ 15.3
119.7
0.8
0.7
+ 28.9
141.7
141,3
139.5
137.8
98.5
0.3
2.8'
+ 43.9
tractor that the strikes were caused
137^5
135.6
136.4
103.2
1.2
2.0
+ 34.8
by any unfair practices, we find,
136J5
135.0
135.3
102.0
1.7
+34.9
'
•
;
+
0.8
+
.....
128.1
' 127.5
126.6
101.1
0 T +
1.2 ,-+mT
I/'i
^ Increases
.
'
•
I
" -
**
t
-6.4Paint and paint
2.4
03
:f0.3-
Leather
0.3
j.
FatSf«nd+ils+i--^--//i-^//--^—Oattjie;
0.1
feed
■■O-l
skins-———////-^^/-—/Cement
:
———oa
ivXCottpn:f:g<>odjii+.^
the
merely
average
serve
to
relative movement
week
agricultural'!Commodities
ended
5,
1946
were
primarily
in primary market prices
during
according to the Bureau of Labor
post-war peak; 143.1% of the 1926
average, 1.6% above midJanuary and 33.5% higher than the
corresponding week of last year
In its further advices the Bureau
reported:
rose
Oalpul for Week Ended Feb. 22,1947
21.8% Ahead of Thai for Sam Week Last Year
The Edison Electric
Institute, in its current
that the amount of electrical
timates
energy
Fcfc: 22
.
England-i.wta««r.v.-i,i—
14.3
Central Industrial—
'
30.8
West Central—170
States.
.
Week Ended—
.
No?.; 2+^.«/—
No*. 9-—
Nov.
112.6
]
1L1
12.4
Jan.
re¬
strike action and accordingly we
shall order thati tHe .fcjpmplaint be
dismissed as to these allegations/
'ThdBdanl overruiedxthe find¬
ing of Trial
Kent;
Of
Scullih case,
discharged."
'''
13.2
9.4"
10.7
30.3
29.41' ;■:'
gov.'
QV.
DeC.
an
r
,
:
14.7
13.7
15.4 I
22.4
22.5
21A
7.0
> 6.0
19.1
22.8
26.2
21.0
20.5
19.9
20.4
Dec.
4,940,453-
pec. ■ 28^——^.
I .'c
:
"''it
Jan.
4,442,443
+18.7
? +18.0
+ 18.6
3,841,350
4,042,915 :
4,096,954
4,154,061
4,239,376 V
3,758,942
+ 24.0
ol
9.0
10.5 ;
; By a Vote of 285 to 121, accord¬
ing to Associated Press: advices
from Washington on Feb. 6, the
House approved A Constitutional
amendment
which would limit
Presidential tenure to twO: terms:
If adopted by two-thirds of the
Senate# the resolution; would go
before State Legislatures for rat¬
ification, • BatHication by ^
.
fourths of the Legislatures would
establish it as the twenty-second
amendment
The
+ 10.0
4,368,519
4.524.257
v
4,538,012 '
4,563,079
+ 16.5
4,616,975
+ 18.2
4,225,814
.
•
1932.-
1.520,730
1,531,584
1,475,268
1,510,337
1947
1946
3,865,362
4,163,206
+ 16.6
4,145,116
4,034,365'
3,982,775;
3,983,493
+ 17.2
4,777,207
Export demand
8_.
4,801,179
4,856,890
;
4,856,404:
FeW-15/^/.«/^^
4.778.179
leb. 22-.
4,777,740
3,948,620
3,922,796
Over 1946
V +18.3
1,798,164
-
1,793,584
1,818,169
,
•
1,518.922
.J.,718,002
.1.806.225
1,563,384
1,554,473
1,414,710 f
1,619,265
'
1,840.863
1.860,021
1,637,683
1,542,000
1932
+20.5
21.0
4,472,298'
1,512,158
4,473,962
1,519,679
+
2.0.4;
•■.,.+19.9
>
1945
4.427,281
4,614,334
4,588,214
4,576,713:
4,538,552
4,505,269:
+
+21.8
Constitution.
President's
posed restriction is an outgrowth
of Franklin D; Roosevelt's tMrd
.
.and
fourth-term
isame paper said:
The
elections.
•
Chairman Michof the Judiciary
Committee, the amendment puts a.
or parts of
hresidehtiai^tenhre.
ceiling of two terms
.terms
on
Hence it CQuld
limiting
cases
,haye the effect, of
in
certain
individuals
to four years and a
Presidency/
day in
-
.
•
.1929
% Change
+.573.807'
"'XV/'-
4,450,047
+ 15.0
4,852,513
4—
11——
,1944
4,354,939'
4,396,595;
the
to
signature is not
required. As noted in the "Washingtoh "Post" jbf Feh^, the Pro¬
the
Kilowatt-Hours)
+ 14.1
''J'V'1
Week Ended—»
Jan.
3,899,293
3,948,024
4,777,943
21.
Over 1945
3,984,608
4,672.712
Dec; 14—
Approves Two
Terms for President
26.7
19.4
4,682,085
4,699,935
4,764,718
4,448,193
19 employees were
As written by
(R., Mich.)
16.7
•
1945
Examiner Henry J.
October.
In the
last
ener
25
29.3
24.1
4,628,353
16
l.
wheat, and the box
es¬
the
—
Feb.l
7.6
1946
were
protected by the Act against
reprisals for their
the respondent's
* Change
25
13.6
Feb. 8
jq 9
X.
Feb.
and
15
12.8
:
33.5
.
Rocky Mountain—^.———,
pacific Coast
y...
Feb.
corn
Feb
10.4
Middle Atlantic
Jan,
high, particularly .for
23.5%
Ended-
Division—
Grain quota¬
poultry 1.8%.
and
PERCENTAGE INCREASE OVER BAM® WEEK
LAST YEAR
Major Geographical
•Week
18_.
shipments of most products and
demand continued high.
tions were up 2.4% and livestock
and
by
and; South¬
States, groups which showed
increases of 30.8 %
spectively over the same week in 1946.
ern
Jan.
—
weekly report,
distributed
electric light ahd ppwe^ industry fpr^^ the week ended
Feb; 22yt1947*
was 4,777,740,000
kwh., an increase- of .21.8% over the corresponding
Week last year when electric
output amounted to 3,922,796,000 kwh.
The current figure also
compares with 4,778,234,000 kwh. produced
id the week ended' Feb.
15, 1947^ which,was 20.0% higher than the
3,948,620,000 kwh. produced in the. week ended Feb.
16, 1946.
The
largest increases were reported by the Central Industrial
Average market prices of farm
2.1% during the week, as bad
weather again limited
grains was
not
did in the Scullln steel caser
the'Striking;employees
House
:
Electric
*
new
products
/il
of about SOO commodities which
changes in the general level of
primary market prices.
This index should
be distinguished from
the^ daily indcx 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-wsek
changes and should not be compared
directly with the monthly Index.
-
DATA FOR RECENT WFtKcril (Thousands
15, 1947,"
Statistics, U. S. Department of Labor, which on Feb. 20 stated
that the
Bureau's index of commodity prices in
primary markets reached £
vvf'Farm Products and Foods
^on tha- BLS.weekly. inde3Cf«f. )prices
Total United States.^/— ;■
1%
Feb.
as we
■:+
iii+XX:.; libV iXX'.Chemicals^//—0.1'
Southern
February 15, Labor Pepartment Reports
"Higher prices for
advance of
no
showing that the re¬
spondent had breached the con¬
'
/r;'VX-.;yi/X;X.■ .?■; Decreases
Wholesale Prices Rose t % in Week Ended
an
being
that>
,
Agricultural, implements---/—^-;
New
_
153.3
—,—.———„.
f Based
-
109.5
/
measures
.
Tn these? circumstances, there
109.9
.
and
the latter being the true picture of the bond market.
NOTE—The list used in
compiling the averages was given in the Sept.
Issue of the "Chronicle" oh
page 1321.
responsible for
"
152.6
Fruits, and
Tegetables-i-?—i 43) Other foods
Lumber"+-.^—i 2£ Cereal products
2-68
"typical" bond
purport to show either the
quotations.
relative levels
of yield averages,
employees,
153.1
PERCENTAGE CHANGES: IN ATJBGRbUF
INDEXES FROM
,
f
FEB. ,8, 1947 TO FEB. 15, 1947
.'
Hides, and'
nition for
110,0
137.6
i
accorded to
110.0
All commodities other than
if ?
farm proflucto and foods—428.1
X
and
Victory Club exclusive recog¬
a collective
bargaining
unit which included the striking
+15.2
106.8
clause
154.3
139.1
2.66
2.49
'
ior
+
120.0'
127.1
2.66
1.60
,22
the
106.8
164.5
127.8
<
'
All commodities other than
f*arm products
2.62
2.62
-
'
1.59
t;
+
•
168.6
127.6
123.0
128.3
85.7
138.3
172.8
101.1
170.6
138.4
135.7
398.5 ; 95.3
138.3- 136.7
'
i
'
24
17A——
•
2.78
a
the
135.8
986
products
i. 2.61
2.78
|11.5f^
31—II—I
level
and that this contract contained
2.7
V 2.61
2.78
.
1
+ 28.9
0.4
-2.61
1.56
1.56
4
;G
1.7
+
2.61
3
,
+33.5
2.1
2.61
2.64
1946,
valid and
1.0 + 1.6
2.73
2.55
a
-
-f
Other: farmr products^/—'. 2.1 ; Woolen and
worsted - goods/—^0.3
Misted, fertilizers—v-————
2.0 Iron
steel/L-/■ V.0.2
lUvestopk; and :pouItry—^/^^.^— + l.8y
2.56
effect
+
2.61
2.78
in
131.0
2.73
2.78
was
107.2
v
164.8 ( 166.0
Grains
5———
f
J40.8
strike
operative' contract between the
respondent. and the Victory Club,
2.61
4
6——-■■■
.
140.3
on
there
108.0*+
I
1.56
v--2n"»7———
'
■
12Q.1
Jleat»:
Exchange Closed
2.64
•<,
out
were
2-16-A
1947
157.8
2.60
1.53
-
+ 2-81-18
171.7
2.60
2.73
2.78
:
141.7
165.5
employees
January and February ;
154.1
2.60
,
2.73
2.78
1.57
—
Jan.
+1947
2-16
.
2.78
1.56,,
*
the
in
1946
1946
1-18
intermediate r e port
shows that during the time thai
171.0
2.60
1.57*
.
1947
hearing which we find to
fully and accurately set forth
by^^ the trial exhjminer in his sup¬
be
156.7
Closed
1.57
-';14————w'
13— —~
12—
-
Special Groups—
Corporate by Groups*
Baa?
2.60
1.57
-
l431
i
Semi-manufactured artlcles__^
Manufactured products
1.57
^T9—
}
.
,
■}
I t ? ;
'
Percentage change to
■
'The evidence addiiced at the
172.9
Raw materials
Corporate by Earnings*
rate*
—
—
; 15-—
'
"
further
173.6
119.41
.
Corpo
Bonds
Feb. 25
\ *1.57
■/ ^-24.—
1.57
-
;-
■
"The Board Ruled that:
160.9
m*
Miscellaneous commodities
114.66
i
Housefurnishlngs goods
MGQDY'S BOND YIELD AVERAGES
(Based on Individual Closing Prices)
1947
2-1
duilding materials.
Chemicals and allied products
Ago
121.92
Washington
as the
Joseph Dyson Vic¬
tory Club^ had been fired after
strikes last January; and
Febru¬
ary.
Their case was taken to the
Board by the CIO United
Auto¬
mobile, Aircraft and Agricultural
Implement Workers.
rextile
> year Ago
.
-f 1947
2-8
168.9
-
Fuel and lighting materials
Metals and metal products
120.02
125.97
Press
known
Hides and leather products
5
Feb'. 24, 1945—
1947
2-15
Poods.
^ears
•
-
,
t.
.
?
*
''
All oommodities—„.i,-«-
123.34
Loyfj {-1947
Relations
plemental
GROUPS
■
!
121.46
118.80
119.00
2
n
i
*
1947
124.33
•
I
(1926=100)
v ...^
Commodity Groups—
124.11
-
BY'COMMODITY
FOR WEEK ENDED FEB. 15, 1947
"
-
Feb. 15,1947 irora—
Apr/ 26
■
r
123.09
June 28
May'31
'
'
'
120.02
122.92
July 26
vV
•
U
119.82
121.77
Aug. 30
CHANGES IN WHOLESALE PRICES
■,
119.82
121.08
Bept. 27__+
Oct.
121.04
116.41
122.05
—
1.m«'i
116.22
:
121.80
-
15—
.
:•
121.74
29
22Nr*
110.88
117.20
'20———^'
'
117.40
122.24
Decp27, 1946—
NOV.
120.84
117.60
Associated
group
February silk ^auction, bids were
quality grades, reflecting the
competition of synthetic fibers. Small price advances were reported
for some desirable cotton goods and topcoat materials.
Hide prices
again advanced as increased exports were expected, and side leather
prices rose slightly. Increases for Southern pine ranged from 3% to
nearly 17%, with the largest advances in. the better grades. Prices
of linseed oil, at present largely imported, were higher. Higher costs
were reflected in increased prices; for tools and for some industrial
fats and oils. Prices of scrap steel advanced -as shipments of better
grades were received, - largely from more distant areas. ; Recent de¬
clines in prices for bar silver resulted in a decline of 15% for silver
120.63
117.60
Commodities-r-The
25 to 30% lower for medium and lower
120.63
117.40
'122.17
122.14
—
.r;$
^
110.88
117.40
120.43
122.08
—
17-,
.JO-
.
117.40
120.22
.121.88
122.08
24
*
120.22
121.88
117.60
122.39
i
31
\>'
121.88
117.40
122.14
—
3—.——
kit,
117.40
122.27
_
Labor
index for all commodities other advice of Feb. 11, which
as given
Hhaii famv products^and foods remained unchanged at the peak level in the
-New York "Siin" said:
of the previous week as substantial declines in quotations for raw
"The 14 Dyson
employees, mem¬
Kjik offset increases for Southern pine, cattle, hides and a few other
bers of an independent
commodities. At the Government's
union
Closed
110.88
National
The
Board, ruling in a case
involving
"Substantially higher prices for meats and fresh fruits and vege¬ 14
employees of Joseph Dyson 2
tables were chiefly responsible for an advance of 2,7%. in average
Sons, Inc., of Cleveland,
restated
prices of foods. There were sharp increases for most meats, ranging its
policy of withdrawing the
pro¬
up to nearly 25% for veal. Cereal'products averaged slightly- higher,
tection of the Wagner
Act from
with quotations for wheat flourjiii Kansas City at the highest level
Workers who walk® off; their
since the last war. Decreased supplies of livestock resulted in price
jobs
in violation of a. no-strike
'increases for lard and edible tallow* The group index for foods was
pledge
in their union contract,
according
2.0% above a month ago and 49.0% above a year ago.
Corporate by Groups'*
122.11
NLRBUphold Employer
On Discharges
fI
1.7% higher than a month ago and 28.9% above last year.
were
*•:/;;
s:;:
rate*
averages
'
MOODY'S BOND PRICES
(Based
Feb.
.Thursday, February 27,1947
.THE COMMERCIAL" & FINANCIAL CHRONICLE
\
1929
1,602,482
1.733.810
1,598,201
1.736,721
1,588,967
1,588,853 v
1,578,817
1,717,315
1,545,459
1.718,304
1.728,208
1,726,161
,
1.699,250
'1,706,719
Moody's Daily
Commodity Index
Tuesday, Feb. 18, 1947-—+-/^-—-Wednesday, Feb.
Thursday, Feb. 20.
;
+• C®*-*
Friday, Feb. 21/--—-r;/-------.-//*
Saturday, Feb. 22-/
-—-^—•Holiday
Monday, Feb,
Tuesday, Feb. 25——-r*■Two. w6eka ago, Feb. 11
39+*
Month ago, Janu 11//-——-——&£*•*
■■
Year
ago,
1946 High*
Feb.
25,
1946--——^
Dec. 24—:
tow,
1947 High,
264 .v
Feb.; 25-//—
iife/Low^'Jaa. ■ 20>—/——/— " 37* ®
'
THE COMMERCIAL & FINANCIAL CHRONICLE
165 'Number 4572
Volume
and
Changes inHoldings >efReacquired Stock
^
Of N. Y. Stock and Curb Listed Firms
The New York Stock Exchange announced
Jan. 15, that the
following; companies have; reported changes in the amount of stock
held as heretoiore reported by the Department of Stock List:
on
Shares
Shares
Previously
Reported
and Class of Stock—
Company
Per Latest
'
Report
-i
'j
'
Alleghany Corp., prior preferred
Preferred, series A—_____—
_____
7,000
.
Leather Co., 6% cum. conv. preferredAmerican Tobacco Co.. (The), .common—_
American Hide &
'
Common B
————
48,826
common—
Corp.,
r
Nichols & Co., cum. conv. prior preference
Borden Co. (The), capital—
:
Carriers & General Corp., capital
Clinton Industries, Inc., common
•__
Crucible 6teel CO. of America, 5% cum. conv. preferredElectric Boat Co., $2 cum. non-partic. conv. preferred—
Flintkote Co. (The), $4 cum. preferred..
^
Gimbel Brothers, $4.50 cum. preferred
Guantanamo Sugar Co., $5 cum. preferred—.
Hat Corp. of America, 4ya%
cum. preferred—
International Minerals & Chemical Corp., common—
jewel Tea Co., Inc., common—i
4j/4% cum. preferred—
Johnson & Johnson, cum. 2nd preferred series A 4%
______
_________
■'
■_
11,587
:
500
750-
•
260
14,474
1,314
1,270
4,000
3,000
1,000
94
58,000;
314
1,710
15,304.48(6)
45,304.48
None
954,164.14
1,100
-
pfd—
Common,_---__--^——
—
36,600
810
-.V
1,715
53,935
i;
78,500
1,615
30,000
—
cum.
78,300
53,390
1,540
7,914
preferred
Manufacturers, Inc., 5r/o
"
1
•
■341
1,999
954,163.32
United Corporation (The), $3 cum;
''V^tVy
30 V
2,314
1,510
;—_
'{fS
■
—;
common.^.—
v
48
46
None
Stores Incorporated, common.:.
Sheaffer (W. A.)* Pen Co.,. common.
Sinclair Oil Corp., common^—
Tide Water Associated Oil Co., $3.75 preferred
...
18,454 '
,
23,700
Safeway
.A,;'
(5)
18,555
87
•:
Marine & Manufacturing Co., common
Pictures Inc., common ______
...
Pittsburgh Coke & Chemical Co., $5 conv. preferred
f
890
1,043
18,230
Outboard,
l,T i
"
290
15,634
:_
Paramount
United Merchants &
2,000.: (4)
14,087 >:
80
970
(G. R.) Co., Inc., $5 prior preferred
Cylinder Gas Co., common—
National Distillers Products Corp., common.
Stores. Corp.,
2,200 :V (3)
28,469
28,169
Kinney
Reliable
•^None •
21,200 %
None
21,701
National
Plymouth Oil Co., capital
200,958 r
»
-700
18;700
:■
(2)
2,600'
200,658
__
—
2,925
166,849
None
_____
__
Westvaco
Chlorine Products Corp.,
9,114
$3.75 cum. preferred-
$4.25 preferred
& Co,,
Wilson
.—
.
._
V
1946, purchased from subsidiary,- American Cigarette and Cigar Co.;
common and 1,821 shares'of common B stock.
.
I
(2) Purchased during December 1S46, pursuant to Employees' Stock Purchase Agree-?
'*
ment.:;!-'-;*■'
"v
.
Although fuel shortages, strikes, and difficulties in obtaining ma¬
some extent against full expansion, the outlook
industry is believed to be good, according to the Bu¬
reau of Mines.
:/
terials militated to
44,887 shares of
-
1945^K,.
Purchased for purposes of preferred stock sinking fund.
(4) During December 1946 acquired 1,920 shares held for retirement.
(5) 153 shares of preferred and 3,146 shares of common issued during December 1946,
pursuant to Employees' Extra Compensation Plan of corporation.
-rr-i
(6) On Dec. 31, 1946, Mr. Lingan A. Warren exercised all of the options granted to
him under his contract of Feb. 24, 1937, for 30,000 shares of the $5 par value com-i
mon stock.
The 30,000 shares of $5 par value common stock subject to said options
were transferred from the treasury to Mr. Warren on Dec. 31, 194G.
<3)
announced on Jan. 15 the follow-
ing changes in holdings of reacquired
ers
stock as reported to it by issu¬
\
'
"
>•
••
•
American
Charis
Crown
Esquire,
32,823
8,510
Co.,
is due not only to a sustained demand
on houses and today's high prices, but the almost 100%
financing of homes under the GI Loan Act and a larger volume of
Corp.*, common—
Kleinerts (I. B.) Rubber Co., common
Merritt-Chapman & Scott Corp., preferred
New York Merchandise Co.* Inc.* common-.
29,947
1,675
48,3?4
2,172
>'4.4
28,337
^
1,950
1,875
.
:
138,181
270,190
rv
December Portland Cement Output Rose 49
Year's Production and Shipments
Both Up 59%
Production of 14,557,000 barrels of cement in December,; 1946,
reported to the Bureau of Mines, United States Department of the
Interior, was 49% above that reported for December, 1945. Although
the December, 1946 total represents a decrease from the September
as
still remains above the
Seventy-one
per
and the
1945
average
is reflected in the fact that all districts in
an
increase
over
the
continental United States
corresponding month of 1945.
1946
Savings
and
Insurance/
Banks
->48%
-
Clinker:
Production
Stocks. (Dec.
.
10,363,000
--.v-
Mutual
loan
102,704,000 a
15,043,000
474,852,000
SlTrrZ4,463,000 ; (( \-f. 3,874,000
?
—
WV**
*hicltides figures for Hfawnil from May to December, inclusive.
New plapt first
"tartetj reporting in May 1945. /
2,685,061,000
26
547,977,000
5
623,438
261,666
2,023,015,000
19
1,257,899,000
®P5,000 barrels
during 1946, the first year after
It, experienced a sharp in¬
department
activity arid demand.
Total production of 163,*
of finished cement, reported;
of the
tothe>Bureau of(Mines,
Jnterior/iwas 59% above the previous year's total
held
was
Feb. 1718; the second in Omaha, Neb.,
Feb. 20-21; and the third in Bir¬
mingham, Ala., Feb 24-25.
Officers
of
leaders
and
-
Association
the
activities
its
of
in
country banking and small busi¬
ness were
slated
the discussions.
self
as
participants in
Mr. Bailey, him¬
^touhtrj^ banked headeci the
program as the keynote speaker at
each conference with an address,
"The Challenge to Country Banking." He is President of the First
National
Bank
at
Clarksyille,
Tenn.
Robert M. Hanes, an ABA past
and a leader in small
President
activity, led the dis-*:this subject with-sR;
"Small Business Is Bahk
business
cussions
talk,
on
Business." Mr. Hanes is Presidebt
of the Wachovia Bank and Trust
Company, Winston-Salem, N, Ci^;,
The states
included in the
Haifc
terri¬
Conference
Western
Lake
The
Conference
Birmingham Southern
area
includes Ala¬
Georgia,
bama, Arkansas, Florida,
Kenucky, Louisiana, Mississippi,
North' Carolina, South (Carolina,
Tennessee and Virginia.
NYSE Short Interest
increased to Feb. 14
The New York
reported
Stock Exchange
Feb.
on
that
19,
the
close of
interest as of the
short
2,474,946
$10,409,831,000
100
lending institutions
Total
—
ried in the odd-lot accounts
odd-lot dealers, As of/the
SUMMARY
COPPER
OF
of Copper Statistics
Jan.
it released the following statistics
deliveries and stocks of duty-free copper.
STATISTICS REPORTED BY MEMBERS
vINSTITUTR- •
OF TBS COFFER
On Tons Of 2,000 Pounds)
Stocks
Deliveries
Free
Fear
1940—
992,293
1,033,710
Fear
1941—
1942-
1,016,996
1.152.344
1,065,667
Fear
Year
1943-
year
1944—
1945-
1,135,708
1,206,871
1,098,788
843.113
651,260
604,071
58,178
1946_
Jan.,
1,194,699
1,056,180
841,667
69,008
1946_
'
Feb..
1946_
May,
41,667
1946-
Mar.,
Apr.,
1946_
41,832
1946_
"
49,923
20,139
18,989
20,551
29,280
'
31,897
•
v:
23,870
43,606
59,591
1946_
32,785
1946_
1946-
56,906
64,462
Sept.,
1946-
69,748
Oct.,"
1946.
72,807
Nov.,
1946_
73,024
75;066
Dec.
1946-
78,674
77,578
79,341
; 80,144
June,
Jan.
1947.
•Mine
or
814,407
818,289
836,074
1939__
rear
tDomestic
Refined
•Crude
.Copper
67,803
:
77,947
1,001,886
1,545,541
1,635,236
^Beginning
March*
-
Export
134,152
48,537
>
307
1,643,677 /
1,636,295
1.517,842
1,260,921
115,601
-r-k 86,089
58,590
■'■?? 75,756
93,647
95,267
.
97,527
118,381
••113,158
C: 136,481
s
129,206
141,218
143,692
smelter production or
iomestio. consumption.
End of
to Customers
Production
—
75,564
65,309
52,121
—48,671
—
76,512
00,832
;
72,799
74,339
909
70,249
65,448
75,754
—
79,145
101,183
94,669
98,619
91,161
.
t 60,896
-
—
—12,172
16,713
67,208
10,255
13,188
+
21,693
+
10,291
14,659
9,732
4,320
'3,713
1,540
i 4,090
4,801
+
11,346
10,306
+
+
—42,608
1,446
+
+ 47,189
+
—10,830
8,256
+
—
—
8,915
3,391
+ 13,300
22,038
4,871
+ 1,945
6,514
+
—
—
+
70,680
r
—
+ 16,636
80,832
.
;
Refined
—130,270
+17,785
909
?
Decreases (—)
—41,417
•66,780
i
or
159,485
-—
(
stock Increase (+)
{Blister
142,772
shipments, and custom
1941* Includes
,
Period
—
5,140
3,950
7,458
2,042
1,096
10,064
803
4,152
265
\$At
for
deliveries of duty paid foreign copper
1
1
j '• -•'
'
warehouses* nut not including
,
.
^Computed by difference between mine
and refined production
NOTE-^Statistics for the month and 12 months
v
A.
the
Of
Feb.
1,342
Exchange on
is¬
interest^
shares existed, or in
in which a short
5,000 or more
a
change in the short po-
iition^bf 2,00b
The following table
shows the amount
,
Mares oWi-
or mere
curred during the month.
us
on
individual stock
14, 1947, there were 59
which
.
compiled by?j
of short in-,
terest during the past year:.
:f
V
1946—
Feb.
Mar;
-1,181,222
15——-—1,015,772
15.
-
Apr, 15.—-
994,375
May 15—
—
1,022,399
June 15——,—— 867,891
July 15--------i-—;--Aug. 15
Se^lS
Oct.
intake including scrap
refineries on consignment and in exchange
consumers' stocks at their plants or warehouses.
:
52,898 shares;;
15, 1947. The report added: ; ;
issues listed op the
sues
tReflned
U.S. Duty
accounts was
the total
odd-lot deal¬
compared with 63,715 shares
The Copper Institute on Feb.
j
pertaining to production,
settlement date,
1947,
short interest in all
ers'
Latest Summary
positions car¬
of all
12
Individuals
".'
tk® cessation of hostilities of World War
crease in production
first
The
Association.
in Salt Lake City, Utah
tals excluding short
5
585,738
101,180
companies.——
savings banks__:
:
Miscellaneous
33
82,354
Aug.,
164,956,000
■.
The Portland cement industry
and trust companies^
$3,421,027,000
820,520
associations
trust
July,
~_43%
71%
for the Far West, the
West, and the South, dur¬
ing February, it was made known
by C. W. Bailey, President of the
Middle
was
companies
and
Year
w5Vj;—a
10,893.000
16.423,000
used
Conferences which the Association
arranged
$5,146, up 29% over 1945. Other increases in business t>n the Feb, 14, 1947,
for commercial banks and trust companies, 25%; settlement date, as complied' from!
for miscellaneous lenders* 21 %; Savings and loan associations, 19%, information obtained by the ex¬
and for insurance companies, 10%; All of the compilations are limited
change from its members and
to non-farm mortgages of $20,000 or less. Following are the number
member
firms,
was
1,046,797
and amount of mortgages recorded in 1946, by class of lenders,
shares, ; compared with 798^081
together with their relative participation in the total:
Amount
% of Amount
Number
shares on Jan. 15, 1947, both ;tQin
banks
Year
The in¬
254% in Tennessee.
PORTLAND CEMENT IN UNITED STATES, PUERTO RICO AND HAWAII (BblS.)
Period Ended Dec. 31—
*1945—12 Months—1546
1945—Month—1946
Flnifihtd cement:
163,805,000
Production
102,812,000
14,557,000
9,772,000
Shipments
169,336,000
108,400,000
11,494,000'
6,112,000
Capacity
were
averages were:
.
.
were
activity by types of lenders, the 1946 increases
in dollar totals of mortgages recorded were as follows:
1945
cent of capacity was
creases range from 21% in Texas to
mortgages
loan was 45% above the
„
show
more
usual seasonal
utilized, a figure 23%
above that reported for the corresponding month of the previous year.
Stock^ ;bf|10,893,000 barrels on Dec.; 31, 194^ .are 34%; below , that
reported for December, 1945, but follow the usual seasonal upswing
at the end of the year.
Mill shipments reached 11,494,000 barrels, in
December, :1946, (an. increase of 68% over that reported in December,
1945.
Clinker production of 15,043,000 barrels in December, 1946,
shows an increase of 45% over that reported in December of 1945.
Demand for cement in December, 1946, as indicated by milt ship¬
ments, continued good and although they follow the usual seasonal
trend the quantity shipped was considerably above that reported for
the same month of the previous year, and the 1935-39 average.
This
trend.
in
50%
construction.
new
146%; miscellaneous lenders, 91%; insurance companies, 94%; sav¬
ings and loan associations, 70%, and individuals, 44%.
"The average mortgage recorded in 1946 amounted-to $4,206,
which is 22% more than in 1945.
The average for mutual savings
—_
peak of 16,450,000 barrels, it
for
Mutual savings banks, 153%; commercial banks,
5,883
137,881
268,090
B
extended
for 1941, the last prewar year. Showing a usual seasonal
decline, mortgage financing last December totaled $836,000,000, 4%
below the previous month but 59% over December, 1945. Revealing
over
49,263
5,770
1,475
48,273
2,222'„
28,137
King-Seeley
common
credit
the trend of financing
7,907
29,375
Hussmann-Ligonier Co., $2.25 preferred
Hygrade Food Products Corp., common—
Corp.,
•
636
8,525
A—
common
brought into closer
with the American
Bankers
Association through
a
series of Regional Country Bank
country
relationship
sin.
"The rise in recent years
"
Inc.,- capital
Share
■
49,163
Manufacturing
>>
5
32,954
8,610
,
635
First York Corp., common—.
First York Corp., $2 div. preferred——
Niagara
'V'
636
—
Corp.,.' common_—____-——v.
Central Petroleum Corp., common—
Dennison
Report
Reported
Stock-
Inc., conv. preference
General Corp., common
Investors,
banks
Several thousand country
in three different sections of the
average
Per Latest1 *
Previously
Company and Class of
Air
Shares ?•«'
Shares
.•
Bank Conferences
Financing Highest in 1946
the announcement added.
recorded than
securities traded on that exchange:
of fully listed
i
Utah, and Wyoming. The Om^ha
Mid-Continent
Conference
ar£a
The nation's non-farm real estate financing continued to a new includes Indiana,
Iowa, Kansas,
high in 1946 when about $10,400,000,000 of mortgages were recorded, Michigan,
Minnesota,
Missouri,
the Federal Home Loan Bank Administration reported on Feb. 16. Nebraska, North Dakota, Okla¬
The year's total is 85% greater than for 1945 and 120% above 1941, homa, South Dakota, and Wiscon¬
Real Estate
for loans
The New York Curb Exchange
Tiiree^ Regional ABA; (
tory are Arizona, Colorado, Idaho,
Montana, Nevada, New Mexico,
4,
Dec.
(1) On
capacity in 1946, an increase of 25% over that reported in 1945.
The capacity used monthly in 1946 ranged from 47% in January to
a peak of 83% in September and then declined to 71% in December.
Plant activity, by districts, in continental United States, in 1946, was
highest in Tennessee (90% of capacity) followed closely by Cali¬
fornia, Kansas, Texas, Colorado-Wyoming-Montana-Utah-Idaho, and
Alabama, which utilized 30% to 88% of capacity.
The long-term trend of the moving 12-months* total of produc¬
tion of (finished cement continued its upward trend throughout 1946
and reached a position at the end of the year comparable to that of
July, 1943.
Monthly shipments in 1946 followed essentially the 1935-39 trend
but at a much higher volume level, increasing steadily with the exception?oL a slight decline in June, from a January, 1946 total of
7,391,000 barrels to a peak of 17,955,000 barrels in August and then
declined sharply to 11,494,000 barrels in December, 1946, or a monthly
average (bf 14,11 l,t)00 barrels. The August, 1946 total represents the
largest single month shipments since 1942, the all-time peak year,
when sales from mills ranged from 18 to 21 million barrels from June
through October. Monthly shipments, by districts, with the exception
of January and November which each show one district with a lower
total than the previous year, were higher throughout the year than
for the cement
NOTES
c,
•
•
of
in
v
Co.,'common
United States Gypsum
the 1945 total.-
Monthly output during .1946, with the exception of the last quar¬
ter, bore little resemblance to the usual seasonal pattern. Production
reached 9,635,000 barrels in January and,-after a slight decrease in
February, monthly output for the remainder of the year ranged from
ll,305,0ou barrels in March to a peak of 16,450,000 barrels in Septem¬
ber, and then declined to 14,557,000 barrels in December for a monthly
average for the year of 13,650,000 barrels.
Monthly production, by
districts, with the exception of January, May, October, November,
and December, which show a maximum of two districts with lower
totals than the previous year, was higher throughout the year than
in 1945." Output continued strong, even in some of the Northern
States, in the last quarter of the year as New York and Maine show
an increase of 120% in output for December, 1946, over the' 1945 to¬
tal, and Oregon and Washington 31%.
^ ;
Operating activity of the Portland cement industry utilized 68%
v
.
'
143,430
_
Austin,
Common
39,195
non-
1,925
___
ityl
93,713' a)
168,180 • (i)
39,270
5%
cumulative
Atlas
>2,400 •"
166,359
—_
Gulf & West Indies Steamship Lines,
preferred. —iuU*
Atlantic
45,900
■i';
'
2,000
Investment Co.," common....
Associates
7,700
45,700
______
shipments of 169,336,000 barrels, also represent a 59% increase
over
•
.
H75
15
849,698
732,649
WW:
————^
757,215
Nov. 15——————Dec.
13
1947—
Jan.
—
——
893,178
v
-
15——————
*
-
ended Dec. 31* 1946* have been Feb.l4^iii--------.^—M46,797.
Gross and Net
p^Both
comparison with October, 1945,
TL'he gross and net earnings for the month of October were also the
liighest recorded in 1946 thus far with the exception of the month
of August.
j
The gross earnings of the railroads
$709,938,026 in compari¬
were
with $696,991,304 in the preceding October.
This is equivalent to
10.89% less than in Octo¬
gain of 1,86%. Operating expenses were
ber, 1945, when these expenses amounted to $626,664,813. In October,
1945, the net earnings were $70,327,041, which was a new low in net
-earnings for October. Last October net earnings showed a.substantial
Increase over these earnings with a gain of 115.44%.^The net earnings
lor October, 1946, amounted to $151,513,771. These comparisons are
a
presented in detailed form in the appended tabulation:
Month of October-
1945 £
1946
'
Inc. (+ ) or Dec. <—-)
Amount
Mileage of 123
Gross
-227,385
roa
.--1.
'earnings...'--...
Operating ' expenses.!.—
Ratio
4
'.We
$151,513,771
_
turn
now
to
usual
bur
-10.89
(89.91% )
,
Bet earnings
■'
0.38
»
-1.86
$12,946,672
; 68,240,058
■
626,664,313
;! 558,424,255
to earnings— s- - (73.48%)
of expenses
%
873
228,258
$696,991,354
4 $709,938,026
$70,327,041
breakdown
$81,186,730
+
these
of
+115.44
into
geographical subdivisions. The greatest increase in gross earnings
was recorded by the Pocahontas region, one of 41.51%. The second
greatest increase
.
figures
.shown by the Great Lakes region with
was
gain
a
of 17.15%.
The Central Eastern and Northwestern regions came up
with the only other increases in gross earnings. All other regions
accorded decreases ivith the Central Western
region showing the larg¬
est decrease of all. In net earnings, the Pocahontas region showed the
biggest gain. The Great Lakes region showed the second largest gain.
I^jth of these regions had deficits
in the previous October. The North-
an increase of 102.40%. Only two regions,
tlio New England and Central Western, showed decreases, the New
4
England region with
(Showing.
drop of 30.59% coming
a
These details
Tabulation
are
more
with the poorest
up
clearly presented in the following
which is grouped in
conformity with the classification of
the Interstate
Of
October
111999233576582064
-?f.-
260,482,221
11994303-^—4,..—:
—_
_______
1199324405—.
607,584,997
482,712,524
297,690,747
292,488,478
340,591,477
340,612,829
390,633,743
372,283,700
352,823,729
1938^---—--.—-+.
352,880,489
1939—
418,934,974
412,774,363
412,896,707
796,282,370
517,592,774
745,582,947
818,737,486
796,213,930
696,991,354
813,302,899
709,938,026
696,991,354
__
•
—
-
1945
—
1946,.--!
:^S:
1912_.__
-
I....
87,413,532
287,081
175,559,574
25,614,652
—14.59
60,022,914
294,062,598
3,605,851
*+6.01
322,906,020
709,938,026s-
0.33
+
28,933,422
—
696,991,354
-Net
—^Mileage—
.1946
6,541
6,563
Great, I,akes region
25,429
25,556
23,934
55,904
1946
* -1945
New England region
$
.
;
+
8.96
12,946,672
Inc. (+) or Dec.
17,091,436
55,996
50,830,582
14,061,219
5,968.933
<8,939,150
1,826,072
,-29,835,287
;8j760,148
37,234 •37,320
6,046
6,019
17,481,298
23,350,102
11,382,291
<34,824,121
+
28,863,589
•11,474,019
+
40,337,608
45,675
27,012,536
54,663
28,103
28,585
31,358,914:
13,448,150
13,346,429
41,227,190
13,166,222
+
54,511
+
13,666,107
9,868,276
281,928
128,201 128,923
71,819,600
67,739,841
+
4,079,759
227,385 228,258
151,513,771
70,327,041
+
81,186,730
•
—25.13
—23.94
+
2.14
,+
6.02
+115.44
NOTE—Our grouping of the roads conforms to the
classification of the Interstate
Commission,
and the
following indicates the confines of the different
regions;-^
EASTERN DISTRICT
,.Hl(.New England Region—Comprises the
1918
—
...
Region—Comprises the section on the Canadian
and the westerly shore of Lake
Michigan to
boundary
beiween
Beast of a line from Chicago .through Peoria to St. Louis and the Mississippi River
the Ohio River, and north of the
to the southwestern corner of
thence
Ohio River to
Maryland
and
to,Its mouth.
117,998,825
; Tocabontas
...
^ t:
X
the section
of
east
River and
south
Region—Comprises the section north of the southern
boundary of
Kentucky ana the Ohio Riverr'north to
Parkersburg, W. Va.
and
Parkersburg to.the southwestern corner of Maryland and thence
of
::..
^
Northwestern
•nd
.
north of
a
line
from
purest of
from
to
the
and
a
line from Chicago to Peoria
St.
,Louis to Kansas City
Pacific. 11IT
Southwestern
•outh
v
Chicago to Omaha and thence to Portland,
toy the Columbia River to the Pacific.
rriiCent^al* Westerii' Region—Comprises
+
D&tklCT
WESTERN
Reglon-r^Coraprises the! sectioai adjoining Canada lying west- of the
Lakes Region,
of
St.
Lou's
and
the section
and
a
line
thence
thence
to
El
"south
of the
to St.
Louis,
Paso
and
if--
-
Region—Comprises tM
and
from
St.
section
Louis
to
lyJrg
Kansas
follows
we
furnish
pi the October" comparisons
h>-
»
y.)
and
north
Mexican
i-yivt
£ i
228,258
+ 16.14
11,029,095
—1C.76
+ I 2,110,767
93,224,776
+
—
.+
2.30
+15.90
14,822,026
—11.83
13,110,853.
8.38
8,014,020
—
'
:
—
....
141,922,971
168,750,421
180,695,428
193,990,813
6,329,844
—
,
—
—
—
9.91
4.81
—12.64
15,493,587
2,193,6651
—
2.07
14,936,521
+ 14.49
22,531,080
+ 19.52
17,683,952
—12.82
—23.14
55,222,527
—35.14
101,914,716
—
5.63
3.51
+ 33.95
108,567,097
21,598,065
+ 19.89
102,560,563
130,196,850
27,636,237
—21.23
102.560.563
"8,436,165
+
148,098,290
110.994.564
37,103,726
+ 33.43
136,866,261
148,098,290
.x—
1946+
—
—
,7.40
11,232,029
—
+
19,203,696
+173,029,235
46,445,374
8.23
7.58
+ 14.03
329,157.843
156,128,608
282,712,452
279,580,680
329,157,826
282.673.990
3.093.310
70,338,993
1944..——..i...
279,343,308
—209,004,315
,—74.82
151,513,771
70,327,041
81,186,730
+ 115.44
—
■
City and
a
line
boundary
Mississippi River
thence
to
El
Paso
our
and
■j-v a
f cr-c
i
c
customary
net
summary
earnings of the
+ 110.83
—14.22
—
+
—
Claim
Civil
1.0P
various
has
number of committees
the International Claim Asso-
served
of
on a
ciatioh. Currently he is the ViceChairman
of
the
Life
Insurance
Companies" Executive Committee,
Boy Scouts uf ^America Drive. He
is a member of the Society of
Medical
Jurisprudence of New
York."
In
commenting
of this
the creation
on
Committee " as
Committee,
Standing
a
Mr.
Cunning¬
"The work of this Committee
will be to give further emphasis
to the efforts of the International
Claim
Association
to
promote
;
gO,qd will
the companies,
among
particularly in relation to claims,
and thus have the public become
moi^^hscious
the efforts of
companies to render prompt
the
and efficient service."
Other members
tee
are,
on
the Commit¬
A. G. Fankhauser, Con¬
tinental Casualty; Co. of Chicago,
and
Engineering Construction Totals
W.
Keith
engineering : construction volume in continental Unitec
$98,463,000 for the week ending .Feb. 20, 1947, as re¬
ported by "Engineering News-Record." This volume is 80% above
Private construction this week,
^$71,722,000, is 114% greater than
last week, and 106% above the week last year.
!
';'
$98,463,000 for Week
Provident
Kropp,
Public construction
$26,741,000, is 26% above last week, and 60% more than the week
State and municipal construction, $15,714,000, 8% J5elow
i
*>
;
Safety Convention in
N. Y. During March
The
17th
annual
Safety Con¬
Exposition will be
held in New York City, for four
days beginning March 25, it was
announced by the Greater New
York Safety Council, sponsor of
vention
and
the event.
There will be 49 sep¬
last year.
arate
last week, is 47% above the 1946 week.
Pennsylvania, and 300 speakers
including; experts from all over
the nation on various phases of
safety, leaders in "government, in¬
dustry and labor, and traffic of ficialsp educators,- and / engineers.
Federal construction, $11,027,000, is 171 % above last week, and 85% above the week last "year
Total engineering construction for the eight-week period of 1947
a cumulative total of
$695,757,000, which is .39% above the
records
a
like period of 1946,
in
On a cumulative basis, private con¬
$463,341,000, which is 38% above that for
construction, $232,416,000, is 42% greater than the cumu-?
1947
totals
lative total for the
corresponding period of
1946, whereas state and
municipal construction, $164,821,000 to date, is 52% above 1946. Fed¬
eral:: construction;
$67,595,000; gained 22% above the eight-week
total of 1946,
Civil
engineering construction volume
for the current week, las
are:
2-13-47
2-21-46
Total U. S. Construction—
$98,463,000
" $54,778,COO
Private. Construction—
71.722,000
33,566,000
Public Construction—in¬
26,741,COO i
21,212,000 r
state and MunieipaL—«
15,714,COO „17,146,C00 /
V;Federal >.
?
11,027,000
4,066,000
-
$51,564,000
34,898,000
1 16,666,000
10,702,000
-
sessions,
William
Chairman
mittee,
F.
of
alL at
Brown,
the
would
first*! time,;; a
session, in
an
General
.executive com-
disclosed
convention
Hotel
the
that
1947
the
have, for the
labor-management
attempt to halt the
industrial accident rate which has
risen steadily since the end of
the
Among the subjects to which
sessions will be devoted are safety,
in the home, aviation, public as¬
war;
sembly^; traffic; and -vehicular
problems, "construction, building
In" the classified construction
management, public education* in¬
groups, bridges, earthwork and
drainage, public buildings, industrial buildings, commercial
buildings, dustrial,, health F and industrial
and
5,964,000
unclassified construction gained this week over last
,w*»ek.v Five
nine classes recorded gains this week over the
1946 week as
of the
follows: bridges, earthwork and
drainage, public
cial buildings, and unclassified a>nstructi6n;" *
buildings,
cominer
-i:
v.
New Capital
New capital for construction purposes this week totals
$23,810,000,
and is made up of
$5,877,000 in corporate securities and $17,933,000
;
in state and muncipal bond sales. New
capital for construction pur¬
poses for the eight-week
period of 1947
than the
-ii-I
-I-'
on
topics. In the past he
totals $158,012,000, 46% less
$294,607,000 reported for the corresponding period of 1946
nursing, smaller plants, fire proi
tection,"public utilities, foods
4
;
f
i-'l
•l-r..iv.v
tliki:i
'r
and
and cargo
handling,-and eye protection. The
Exposition, annually the largest of
beverages,. shipyards
its
kind in the East
in. 114kbooths
;
,
will display
the, latest
develop-
mei\ts:ih safety, devices and equip*
mentis
;x:xlx,5;4x,:¥
w
International
Life & Accident Co., Chattanooga,
Tenn.
4 .1
¥0 0 ■£ f
of 1 the
Association
ham said:
157,141,555
136,924,911
Procedure which is used
i>y the Claims Representatives of
the Equitable and has
presented
several
papers " at
the, annual
6.76
+ 19.57
35,437,734
12,183,372
47,300,393
27,512,645
'
Claims
—
*13,101,836
81,039,275
•
Forensic Medicine and
Medical
Jurisprudeiice at; St. Johns Uni¬
versity and New York University.
Jle is the author of a Manual ori
Press
108,551,920
156,128,607
1942..
University
was admitted
to
the Bar in Nov. 1933, and has
also
do he Post-Graduate < w o rk
in
7.40
—10.28
——
Johns
and
+
9,217,800
1941—
St.
13,361,419
110,996,723
1940...
from
School
aw
7.15
3,578,421
7,336,938
'
LLB
+
98,337,561
-
been with the
12,054,757
89,641,103
1938
has
Committee to succeed the former
80,423,303
1937—
Bohne
+ 18.39
91,000,573
...
"Mr.
quitable since 1933, received his
¥17.26
—
ji
on
20,895,378
130,165,162
1935..—
Boston,
14,i also stated in part:
26,209,836
....
.....
International Claim
meetings
+$13,790,955
—
mittee of the
Claim
(—)
^^
^<;;;v:
the
of
•.(v;.--^
table v/hich
Uv;
Northwestern"Region
by the
between
by tc« Rio Grande to the Gulf of Mexico,
C;;>,;
227,385
Decrease
110,811,359
95,674,714
2-20-47
the Mississippi
of. a.line from
Great
........
SOUTHERN DISTRICT
; i>T the Potomac^R^er to its mouthy
,
137,928,640
120,216,296
—
1931..
Parkersburg, W. Va.,
by the Potomac River
Ohio River to a point near
Kenova, W. Va., and a line thence following the
^eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
>
1.86
Increase (+) or
102,480.704
91,725,725
104,003,198
■:
week, and the 1946 week
Vlrglniv;east
228,361
+
12,946,672
$85,452,483
107,088,318
—
«•
1946. Public
New England States.
Chicago, and north of a line
from^Chicago.via Pittsburgh to-New York. -s
" *■,<■>
■
.• ' •
■ i
*
Central Easl^mi Region-LComprisfes the section.V
south of the "Great Lakfes: Region
south
229.000
228,258
125,244,540
1917..
struction
Lakes
of the
228,536
+ 33.71
total for
"keffi°«^Comprises
2.83
—14.82
+
+102.40
Commerce
r
230,141
+
232,682
the previous week, 91% above the
corresponding week of last year
and 18% above the previous four-week
moving average. The repor
issued on Feb. 20 continued as follows:
•Deficit.
'
229,168
States totals
5,868,804
46,206,412
45,587
\
232,055
6.80
Civil
Northwest'n region_
Cent. West'n region
\»r
229,144
+
11,798,124
+ 261.49
+
i' '5//
-Boythwest'n region
of
+ 44.05
50,699,423
30,079,562
"+5T.25
36,769,363
'
43,339
line
233,369
+ 25.36
232,632
232,081
+
—30.59
_
43,280
he mouth
1.47
235,750
•+
%
23,877
234,182
(—)
$
'
I
1,86
+
235,161
233,361
—
+ 22,523,556
—121,311,545
+
235,173
234,242
Earnings-
1945
T
4,142,861
20,836,137
25,851,584
,
Great
+
237,573
5.21
+ 18.74
19,403,211
66,111,245;
4 6,160,611.
+104,696,086
+ 227,990,190
+
236,554
4.70
89,244,989
1936
S.719>,105ft»+. 8.12
'+14.74
—
—
18,350,043.
—
119,628,296
District and Region-
New England
+
—
25,531,790
87,700,613
149,944,922
v 56,417,063
v^ytal, all districts (129 roads).
groups..and
238,971
119,063,024
1945...
dists..
237,385
130,861,148
1943—
(50 roads)—
all
+ 16.44
48,095,489
50,213,876
—
119,324,551
j.
...
1930....
(16 roads)..
+Bo$hwestern region (20 roads)—
Total,
240,428
36,129,762
+i-
d'.siw
238,937
98,336,295
_
region.
240,858
94,096,506
+ 41.51
242,578
0.51
101,919,028
10,597,972
Feb.
241,451
0.13
204,335,941
157,115,953
0,93
announcement issued at
239,602
214,622
—
ZSM:
-~
238,041
240,661
—
393,640
1,494,550
+12.64
878,867
238,828
1.60
241,555
242,174
242,024
242,177
14,741,236
,
3.87
242,745
32,160,989
;
Association. The Association, in its
242,031
234,367,038
+
236,898
1916..^....
1926
0.09
—
236,654
—17.78
180,600,126
*
236,564
3.08
—20.64
216,522,015
$
.
236,015
235,625
1915^ii.-.-—i——
1922^^..
Inc. ( + ) or Dec. (
235,608
„—24.88
i,
Co'
236,724
—
64,475,794!.
n s u ra n c e
235,189
—125,569,031
—
I
2.58
—120,136,900
1929
1945
+
9,890,014
Life
6.34
—
36,755,860
Crown
Toronto,
Canada,
following a
meeting of the Executive Com¬
6.78
+
23,440,266
Claim
by its
President, James N. Cunningham
3.25
+
18,043,581
1928-I.iw¥.—i—
.
Central Western region (14 roads)
a
—-
232,882
+
Preceding
93,836,492
108,046,804
97,700,506
87,660,694
-
234,686
—
18,585,008
91,451,609
1911
229,935
233,872
+
37,248,224
15,135,757
$99,243,438
;
231,439
235,228
2.45
Year
1909___—
+ 25.94
—16.54
130,570,938
3.87
+
13,074,292
0f
newly
Com¬
Relations
:
+
—
the
233,136
—105,922,430
—
Public
of
been ap,
245,967
230,576
18,942,496
+
Chairman
ormed
247,009
has
247,048
230,184
233,192
+ 12.73
106,956,817
—
pointed
Equity
Society
United ^States
mittee of the International
Association as announced
+
Year Given
1921_..t-..
District—
region..-;
+ 28.31
+ 11.28
+
1927L£¥^^.-¥^x-^i^.
-
'
Pocahontas
246,000
5—
-Net Earnings-
1932—
Po^pntas region (4 roads)
Southern
248,072
246,683
+ 11.53
■
oulhern District—
Eastern District—
+ 13.53
+
37,087,941
35,050,786
43,937,332
+
+ 17.15
v
jf'°
roads)__
240,886
241,093
><;
?
he
244,917
<
October
able
243,690
+
Edward J. Bohne of The
Life Assurance
233,199
233,545
0.43
93,217,639
—
region
•>'
228,050
236,291
237,217
9.64
21,406
Sflit:hern* region <23 roads)-..—
;
■
-•
1930.
roads)
■Cent.
t..,East'u
418,934,974
517,592,773
1942—745,582,964
232,162
0.53
—
28,740,856
—
286,528,027
New England region (10 roads)
Great Lakes region (23 roads)..
"iTo'tai
292,495,988
x
1.05
Of IntL Claim Assn.
219,144
+
Bohne Heads Comm.
+ 13.64
1,281,011
—
17,441,159
^
$
•
NdiMwestern region
298,076,110
—
222,632
+
35,264,683
+
24,880,282
explained in the footnote
'
.
-Gross'Earnings-
Cejitral Eastern region (la roads)
(27
482,784,602
362,551,904
298.084,387
293,983,028
362,647,702
390,826,705
1923..
\^ Eastern District—
"Western
605,982,445
579,954,887
617,475,011
608,281,555
582,542,179
-616,710,737
1937^j-+—372,283,700
Month
+
—...
_
+ 11.58
'¥.*1,370,362,
101,676,809
127,809,947
•
1946
,
256,585,392
—
Given >.
Year.-,;
Preced'g
Year,.-
$26,077,330
2,662,525
+
24,858,876
119,117,968
142,551,183
*
1
as
Patriot and Region
(52
*>■:
-
iJL™ $251,187,152 8225,109,822 ;
253,922,867
259,111,859
293,738,091 ;258,473,408
299,195,006
300,476,017
+—
269,325,262
298,066,118
311,179,375
274,091,434
345,790,899
310,740,113
1917-i.i..--^-^-- 389,017,309
345,079,977
484,824,750
377,867,933
—•
508,023,854
489,081,358
633,852,568
503,281,630
534,332,833
640,255,263
1922i_.,«.„—545,759,2061" 532,684,914
586,328,886
549,080,662
571,405,130
586,540,887
590,161,046
571,576,038
604,052,017
586,008,436
of
-Mileage-
Earnings'YeafcA' ; 'V r.Year ¥<■>: Inc. ( + ) or.Dep. (—)
Given-V-' ■ Preceding
•V. 1:
131,574,384
122,581,905
106,196,863'
103,062,304
115,397,560
137,900,248
121,027,593
142,540,585
168,640,671
180,629,394
193,701,962
181,084,281
216,519,313
204,416,346
Commission
SUMMARY BY GROUPS—MONTH OP OCTOBER
III in
rolal
•
129,347,401
Commerce
appended thereto.
'•
1910¥l—.———
^e^tern region showed
.
111999256308
24
,
x
Gross
Month
categories in railroad earnings showed in¬
gross and net
from the, current year, back to; and -^in¬
of - jthe. country
'■
eluding
cluding 1909;
for tne month of October in
creases
11990134
railroads
Earnings of United States
Railroads for the Month of October
son
Thursday, February 27,1947
THE COMMERCIAL & FINANCIAL CHRONICLE
1176
'Hr-r,•
THE COMMERCIAL & FINANCIAL CHRONICLE
Dailpverage Crude Oil Production for Weelt
Trading
Ended Feb. 15,1947, Decreased 12,650 Barrels
Petroleum Institute estimates that the daily
The American
aver¬
crude oil production for the week ended Feb. 15,1947, was
4,757,650 barrels, a decrease of 12,600 barrels per day from the pre¬
ceding week. It was however, an increase of 47,700 barrels per day
age gross
output in the week-ended Feb. 16, 1946, and exceeded by
0vef the
NYSE Odd-Lot
New York Exchanges
on
figures showing the volume of total round-lot stock sales
the
on
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
series of current
Short sales
are
exchanges In the week ended Feb. 1, continuing a
figures being published weekly by the Commission.
shown separately from other sales in these figures.
barrels the daily average figure estimated by the United
Trading on the Stock Exchange for the account of members
of Mines as the requirement for the month of Febru¬
ary, 1947.
Daily production for the fcur weeks ended Feb. 15, 1947, (except odd-lot dealers) during the week ended Feb. 1 (in roundlot transaction) total 2,692,238 shares, which amount was 18,18%
averaged 4,712,400 barrels.^ The Institute's statement adds:
I It,650^
States BufesKi
.
Reports received from refiniflg pompanies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,737,000 barrels of crude
'oil daily and produced 13,962,000
The
The Securities and Exchange Commission made public* on Feb. 19
of the total transactions
on the Exchange of 7,402,850 shares.
This
with member trading during the week ended Jan. 25 oi
compares
i,803,557
shares,
or
19.17% of the total trading of 4,703,850 shares.
On the New York Curb
barrels of gasoline; 2,232,000 barrels of kerosine; 5,290,000 barrels of
ended Feb.
distillate fuel, and 8,261,000 barrels of residual fuel oil during the
week
week ended Feb. 15, 1947; and had in storage at the end of that .week
total volume
103,048,000, barrels of finished and unfinished gasoline; 12,813,000
barrels of kerosine; 42,793,000 barrels of distillate fuel, and 46,515,000
ended Jan. 25
barrels of residual fuel oil.
Total
shares
1
667,830 shares
that Exchange of 1,830,515 shares.
on
transactions
New York
During the week
odd-lot
CRUDE
AVERAGE
DAILY
%
cialists.
STOCK
OIL
PRODUCTION
•B. of M.
.
.
V
.
i.
TRANSACTIONS
4
ables
Requirements
•♦New
Feo. 1
York-Penna.-l
48,203
250
West
Virginia
<
;
—
8,200
]
Kentucky
*
Michigan
187,200
Kansas
V - :
39,400
800
t700
263,000
t370,150
Total
—
276,800
259,650
.
they are registered—
Total purchases-^V: Short sales
tOther sales
*
Total sales
-
831,590
'158,610
677,390
,
Total
•:
•;
VI
District VII-B
—
District VII-C
—-
V
-
" '
126,350
-
•
82,600
-
Louisiana*^--*
550
+
94,600
•
:
-
«.>;
^
79,200
288,850
94,450
310,300
North
311,950
387,000
79,580
550
+
404,900
447,000
76,000
Louisiana--
Total Round-Lot Stock
Sales on
the New York Curb
Transactions for Account of Members*
-
368,050
406,400
WEEK
ENDED FEB.
74,100
66,000
Alabama
'New Mexico—So.
East)
1,000
103,400
110,000
98,000
;
950
1,000
93,000
103,200
-
+
50
400
450
+
3,550
105,850
103,400
+
+
+
'•
Colorado
33,000
California
§844,300
838,000
putted States^
■"+
57,250
••Pennsylvania Grade (included above)**.
Bureau of Mines calculations
36,550
4,709,950
V 59,550
3,050
upon certain
premises outlined in its detailed
condensate that is moved in crude pipelines.
The A. P.
forecasts.
1,830,515
—
17.
The following tabulation shows
the
they are registered—
^
Total sales
"
60,600
?•
>
two years:
154,325
U-tOther sales—
1945 -iii
166,655
.
March
tOther sales
Total sales
I. figures are crude oil only.
requirements to determine the amount of new
the
Bureau, from its estimated
to be produced,
,
49,880
-
Total purchases
.
July
August
tOther sales
RUNS
AND
STILLS;
TO
UNFINISHED
^
r
-
December
:
...
.
288,540
tOther sales—
June
Total sales—
——
———*—
August
0
October
109,701
December
{Gasoline tFinished
and
fStocks
tStks. of fStks
Gas Oil
of
Crude Runs
Refia'g '
to Stills r,.
Capac.
Daily % OpReport'g Av, erated
District—
Bast Coast
99.5 "
.
Appalachian—
732"
76.3
District No. 2
71.3
-
Oil.
oil?
sine
6,124
271
6,691
15,655
2,725
442
947
27
20,563
1,273
215,
65.2
1,023
4,272
198
? 333
89.6
3,171
15,739
2,440
108.4
•874
5,292
1,017
7,365
2,539
41.3
156
2,145
251
570
28
104
16
89.2 1,099
348'
97.4
»o. La. &
55.9
52
;
10,410
489-
1,510
:'S'-
438
otalD. 8. B, of
2,709
66
2,138
16,383
641
-
2,665
1,084
-
688
1,780
101
479
10,481
*■
?
L
662
26,640
otal D. S. B. ot M;
basis Feb. 8,;;1947—
of bpen
paper outstanding on Jan. 31, 1947, compared with $227,600,«•
Dec. 31, 1946, and $173,700,000 on Jan. 31, 1946, the bank
from commercial paper
32
000
on
dealers show a total *of $236,400,000
announced on Feb. 17.
The
1947—1
'
"
>
*
236,400,000
Jan.
Dec/ 31—
85.8
otal U. S. B. of M.
Feb. 16, 1946—
227,600,000
Dec.
NOV
29-
Oct.'
31
:
-
226,800,000
201,500,000
t.Includes unfinished
Sep.
JStocks at refineries, at bulk terminals, in transit
^d in pipelines.
v'§In'addition, there were produced 2,232,000 barrels of kerosine,
290,000 barrels of gas oil and distillate fuel oil and 8,261,000 barrels of residual
iel oil in the week ended Feb.
15, 1947, which compared with 2,357,000 barrels,
193,000 barrels and 8 278,000 barrels, respectively,
in the preceding week; and
358,000 barrels, 5,778,000 barrels and 9,019,000 barrels, respectively, in the week
ided Feb. 16; 1946,
\
,
'
'
Aug.
30-—^147,600,000
31—'141,600,000
July
31
jun.
28
/.♦Includes
unfinished
gasoline^ stocks of 8,278,000 barrels,
t
During January, 1947, tbtal mu-*
-
-
-
—
130,800,000
121,400.000
-
-
1945
...
31————
Nov. -30-———
Oct.
30
31——
Mar.
29
Feb.
28
-
-
171,500,000
178,200,000
29—
—;
——
—
30-
Feb.
28
on
Feb. 17, by the National
of
Mutual
Saying#
Banks, which added:
During the same month, sav¬
ings banks invested more than.
$100 millions in U. S. Govern¬
ment securities and made mort¬
^
173,700,000
gage
■;
lions.
158,900,000
156,100,000
-
-
of
about
$28 mil¬
Later in the year when-
the proportion of funds
going into these channels isi
expected to increase.
During^
January I mutual savings banks/
showed, a net gain of aboug.
68,000 accounts.
reasons,
100,800,000 :
346,700,000
157,300,000
loans
mortgage lending is expected te
increase for seasonal and other i
127.100,000
-i—
Mar.
way
.
ported
Association
Sep. 28—111,100,000
Aug. 31^-——
—JL10,200,000
July
106,800,000
Jun.
This growth
millions.
somewhat greater than during the
late months of: 1946, it was re¬
.
31
——102,800,000
126,000,000 May 31-—.
Apr,.30—148,700,000 Apr. 30—li--—118,600,000
May
$120
two years:
1946—
Jan. 31—
isoline stocks of 8 211 000 barrels.
121,000 purcnasedt
Savings Bank Deposiis
Rise Further in January
:
following are the totals for the last
1947—
85.8
Jan. 31
Federal Reserve Bank of New York,
Reports received by the
5,834
•:t *
m7
basis Feb.
15, 1947_!
57,572,000 solt
20,300,000 sold "
United States increased more thai*
Commercial Paper Outstanding on
market
31.
—
Mt
.
tual savings bank deposits in the
133
3,319
221
•
——
;
-
205
-
;
'
2,621
1,411
?S2.5if
'
Louisiana Gulf Coast.
®^her Rocky
.
«
8l.9'r
605
78.3 -38*
59.8
Arkansas-*
Socky Mountain-— * ;
294
109.7
08
87.4
[nland Texas
fexas Gulf Coast
California
t
^
„
.
-
69
84.7
5J- HI.. Ky
Jkla., Eans., Mo._
;
1,587 ;' 21,759
f
—:—122,954,250 sole
January
"members" includes ail regular and Associate Exchange members, their
firms and their partners, Including special partners,
■
1
v
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.
• • • i
»tRound-lot short sales which are exempted from restriction by the Commissions
.lues'nre included: with^Vother sales."
: ... >
O {Sales marked "shortexempt'' are included! with ''other sales.'
.
♦The term
.
District No. 1
New Mexico
Unfin.
Inc. Nat. Gasoline
Blended: Stocks
at Ref.
87.2
102;
Product'n
74,893
Total sales.
'
157,800,000 sold
41,211,700 sold
74,053,450 solf
September
109,701
totals plus an
—-
—
{Customers' other sales
,,,.,.,,
purchases
3,300,000 purchased
385,000 purchased
69,800,000 sold
>
May
November
therefore on a
No sales or
—
Total purchases.
-
% Daily
■■Mid'''
July
18.24
327,395
Odd-Lot Transactions for Account of SpecialistsCustomers- short
barrels of 42 gallons each)
in this section include reported
of unreported amounts and are
.
■of Mines basis
purchases
$8,137,000 sold
700,000 sold
April
38,855
Short sales
.
March
340,435
Total purchases-
.
estimate
160,000 sold
No sales or
—
February
WEEK ENDED FEB. 15, 1947
Figures
v
——
—
January
110,860
Total sales
PRODUCTION OF GASOLINE; STOCKS OF FINISHED
KEROSINE, GAS OIL AND DISTILLATE
(Figures In thousands af
November
4. Total-
GASOLINE,
FUEL OIL,
.
*
12,526,000 sold
300,000 purchased
No sales or purchases
October
1946—
C.
CRUDE
17,000,000 sold
September
167,305
9,750
101,110
.<
Short sales
Feb. 13, 1947.
$This is the net basic allowable as of Feb. l calculated on a 28-day basis and
includes shutdowns and exemptions for the entire month.
With the exception of
several fields which were exempted entirely and for certain other fields for which
.shutdowns were ordered for from 6 to 12 days, the entire state was ordered shut down
for 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.
SRecommendation of Conservation Committee of California Oil Producers^ •
tOklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m.
sold {?S;r.
55,600,000 sold ^ 1
34,400,000 sold L4
56,414,050 sold
June
3. Other transactions initiated off the floor-
crude
2 940,000
—
May
As
•.■
$48,131.000 isol(f
April
32,295
16,775
33,105
requirements may be supplied either from stocks or from new production, con¬
templated withdrawals from crude inventories must be deducted, as pointed out by
,
"
■
February'?
2. Other transactions initiated on the floor—
Total purchasesShort sales
transactions nifi
Treasury's
government securities for the last
140,835
12,330
Total purchases
Short sales—
include the
They
"■■'t-*'
in net purchases of $121,000, Sec¬
retary Snyder announced on Feb.
1. Transactions of specialists in stocks In which
of the requirements of domestic crude oil
[based
o
1,778,665
51,850
Total sales
843,700
|4,712,40a
...
and guaranteed securities
ofr„^ho
government for Treasury invest¬
ment and other accounts'resulted
(Shares)
B. Round-Lot Transactions for Account of Members:
24,050
893,350
—12,600
4,757,650
4,640,000
:,
During tha month of Janiisry,
1947, market transactions in diypct
Exchange and Stook
Total for Week
Short sales
tOther sales—
19,050
900,100
3,300
1,850
9,400
21,300
37,900
£ ~ .*
23,000
—
are
50
23,700
'•
93,000
v
•These
77,500
55,100
450
Wyoming
Total
73,500
87,000
—
108,050
New Mexico—Other
Montana
150
3,800
—
—
85,550
2,000
——
*
Gov't Securities in Jah.
18.18
1947
1,
A. Total Round-Lot Sales:
Arkansas
Mississippi
long position
a
round lot are reported
Market Transactions in
1,375,861
'i-!
■.
a
230,570
1,145,291
i
-f-V
Total
which is less than
1,316,377
tOther sales
Total sales
Coastal Louisiana—,.
or¬
383,761
Total purchases
Short sales
■«.
2,103,250
1,994,100
2,056,650
2,030.000 $2,042,500
re¬
odd-lot
customers'
are
^
.
Total Texas^-«-i—'
offset
with "other sales.",
4. Total—
122,300
—-
349i;i70
exempt"
sales."
ders, and sales to liquidate
——
466,100
—'
"short
56,260
327,501
—
—
30,150
241^*3
—-
Total sales
-
Odo
,
"other
to
iL'l
*
.
—
2414)10
marked
ported with
tSales
■'
35,050
—-
—
349,127
Total purchases
Short sales
-
891,391'
$31,914,473
tOther sales
—
—
102,750
83,150
District IX—
156,100
3. Other transactions initiated off the floor—
''
314,600
-
*v
106,100
36,100
32,650
467,450
s§8H
Round-lot Pureha&es oy Dealers—
Number of shares.-———-
15,700
Total sales
29,966
39,441
sales—
♦Sales
——
^
short
tOther sales——
11.26
140.400
:■
35,000
328,200
East Texas—
-
sales
Short sales
135,660
tOther sales
—-
214,900
other
' " 4^3
Round-lot Sales by DealersNumber of Shares:
836,000
-
■
...
.
/■'
Customers' t:tal sales
.
*»,
;
;
x
s
sales—
•Customers', other sales——
2. Other transactions initiated on the floor—
389,450
■;
sales
total sales——
Customers'
-
■
<
Dollar value————
-
431,600
36,450
District V—
District X
208,350
19,500
__
223,250
District
VIII
of Odd-Lot
......1
/
.
"
1
Number of Shares:
Members,
139,550
451,000
District
Accounts
the Odd-Lot
Specialists: >•
of
Short sales
III
Dist.
3,200
16,250
4
366,950
19,950
District
Other
Account
lor
v 32,025
967,941
v.
short
"Customers'
,
750
2,200
146,000
.
1. Transactions of specialists in stocks in which
42,100
700
for
Except
Dealers and
29,950
42,800
15,850
+
...
For Week
shares——
'Customers'
7,402,850
Transactions
,\
District I——
District II——
a,
27,700
'
_
t260,650
371,700
194,500
1,300
—
:fTotal sales
B. Round-Lot
7;;Total purchases
:
.
270,000
370,000
—
Oklahoma—
2,250
18,300
3,300
—
;
1947
Odd-lot Purchases by Dealera—
(Customers' sales)
'
>
value—$37,427,930
Customers'
7,300
9,150
'*
-
Dollar
Number of Orders:
•
332,760
7,070,090
—.
4,650
400
—
27,050
46,000
:
.r'-
Texas—•
28,000
V
——
Nebraska
7,000
2,550
—
1947
Total for Week
ODD-
EXCHANGE
Week Ended Feb. 8,
>;
5,500
—
17,350
204,000
Illinois
100
200
1,
Short sales...
tOther sales
48,650
250
—
1,850
18,000
-———
47,050
5,050
Ohio—Other—.'—J
Indiana
1946
A.
6,250
7,800
.
——.
4*Ohio—Southeast
Ended
1947
3,250
+
45,950
FEB.
&. Total Round-Lot Sales:
Feb. 16,
15,
ENDED
'
Week
,
Ended
Feb.
Week
1947
Florida
♦•
from
Previous
15,
X
•
4 Weeks
Change
Ended
Feb.
Begin.
February,>,
.
Week
THE
(Customers' purchases)
Number of orders--—*.—^Number of
Exchange and Round-Lot Stock
Transactions for Account of Members* (Shares)
•*
,
FOR
Odd-Lot Sales by Dealers—
Stock
BARRELS)
IN
Actual Production
Allow¬
Calculated
.
(FIGURES
the New York
on
WEEK
State
.-.'tti
<
...
,
Sales
the
on
LOT ACCOUNT OF ODD-LOT DEALERS
AND SPECIALISTS
ON
THE
N.
Y. <
trading for the account of Curb members of 434,175
Round-Lot Stock
special¬
Stock
v
;
account
Exchange for the
week ended February 8, continu¬
ing a series of current figures; be¬
ing published by the Commission.
The figures are based upoii re¬
ports filed with the Commission
by ' the odd-lot dealers and spe¬
18.32% of the total trading of 1,184,895 shares.
was
for
ists who handled odd lots
of the
18.24%
or
Exchange
of all odd-lot dealers and
STOCK
to
trading
and
Commission made public on Feb.
19 a summary of complete figures
showing the daily volume of stock
Exchange, member trading during the
amounted
Securities
;
.
COlilMERClAL & FINANCIAL CHRONICLE
THE
.1178
iityi5
vWeekly Coal and Coke Production Statistics
c:
j
;*
•
The total production of soft, coal in the week ended Feb,
estimated by the United States
as
Bureap of Mines, was 12,350,000
$1,75 per pound. On special shapes
copper.
present indications, do¬ $0 platers the. revised quotation,
also effective Feb, 17, was ad¬
mestic
cbhstiihei^ will: obtain
vanced to $1,80.
The demand for
around 33,000 tons Of copper from
cadmium continues active, indi¬
Metals Reserve during February.
Between 7,000 and 9,000v tohs of cating that: the "pipe lihes" have
nol yet been Tilled.
Production
duty-free copper will be left for
this year will be substantially
possible
March
allocation, but
purchases of
From
The total output
12,065,000 tons in the corresponding week of 1946.
pf bituminous coal and lignite for the current calendar year to Feb,.
15, 1947, was estimated at 85,430,000 net tons, an increase of 3.2 %
|over the 82,764,000 tons produced from Jan. 1 to Feb. 16,1946.
Production of Pennsylvania
anthracite for the week ended Feb.
ton^,
15, 1947, as estimated by the Bureau of Mines, was 970,000
decrease of 137,000 tons, or 12.4%,
a
compared with the output in the corresponding week of 1946 there
decrease of
was a
shows
266,000 tons,
decrease
a
of
or
when compared with the
5.1%
period of 1946.■;w">
The Bureau also
showed
corresponding
'■
::
'■>
domestic
i ■'
Total, including mine fuel—
.pally average
........
.
.
2,058,000
2,050,000
■
as
HOii ♦Subject
to
ESTIMATED
PRODUCTION
t
*
J,
41
adjustment.
current
,'-'
OF
"
■
v
PENNSYLVANIA
ANTHRACITE
65,000
-Calendar Year to Date--
Feb. 15,
Feb. 16,
§Feb. 8,
Feb. 16,
1947
ly*7
1946
1947
1946
1937
*Total
:
incl.
coll.
1,236,000
1,188,000
7,400,000
7,801,000
7,189,000
7,115,000
7,501,000
6,830,000
fuel
970.000
1,107,000
^Commercial produc.
'"-^-Beehive Coke—
933,000
1,064,000
■
{United States total.
f.
124,700
"Co»33eehive Coke—
82,900
117,600
787,400
*
'
ered
truck
by
§Revised.
from
authorized
t" r
BY STATES, IN NET TONS
weekly estimates are based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual return from the operators.)
(The
• '
V»'-
•
*
"■
..
'
'■
Feb.
'
State—
1947
1947
1946
417,000
391,000
Alaska^—,
7,000
Colorado
p
-
—
7,000
40,000
40,000
190,000
151,000
Georgia and North Carolina—
1,000'
1,000
•
1,375,000
;
'
Kansas
'if
and
Missouri
1,542,000
623,000
-550,000
38,000
43,000
136,000
1,144,000
130,000
1,285,000
378,000
482,000
52,000
52,000
1,000
lV-
132,000
1,075,000
-
Keiyfiiftlfy—PjuttRrnL.^ri^"
Kentucky—Western
'; Maryland
Michigan
r]
Moptana (bituminou3 and lignite)
2,000
North and South Dakota
Ohio
'
-|
i
:
....
Oklahoma
25,000
outside of this country.
59,000
73,000
802,000
57,000
mestic
782,000
tinued
68,000
2,970,000
(bituminous)
3,225,000
(bituminous and lignite)...
V
Utah
Virginia
Washington
24,000
2,327,0001
893,000
197,000
.
Wyoming
{Other Western States
<
1,026,000
206,000
.
13,760,000
12,500,000
District
and
*Less than
Grant,
1,000
Mineral
and
Tucker
counties.
{Includes
Arizona
for
ern
export
"Domestic consumers of copper were disappointed last week
that Washington officials have not yet acted on the
question of reliev¬
copper
Foreign
higher
week.
than
unchanged.
was
averaged slightly
copper
in
the
preceding
Lead was firm iri all di¬
ment could
(1) stockpile this
at cost-plus
cost-plus duty
lar.
most recent
Silver
was
in
fairly active
Cadmium
advanced 25c per pound on
Feb.
as
early
to say in part as follows:
However, the poslast-minute action
duty temporarily has
dismissed.
January deliveries of copper to
Copper
consumers
Exactlyi how the government
•intends to treat copper that has
,;
been
coming
into
J|ince Jan. 1,1947,
on
import duty would apply,
of
which
to
Metals
supplied 59,396 tons.
143,692
Reserve
Deliveries
the country probably were in excess of actual
which the 4c needs. It is pointed out that even
was
a
matter of widespread interest dur¬
ing the last week.
tons,
amounted
The' govbf n-
the sharply revised total for De¬
cember (141,218 tons) was about
10,00() ^tts greater than the quah-
Indian
legislature
on
sellers
The New York Official quota¬
tion for silver continued at 703/4c
raised
regarded
London
Feb. 13, the ad-
as
of
activities
simultaneously by
organizations.
No
sev¬
direct la¬
boratory activity is contemplated.
It is added:
"The:
'
proposal-,.to
Building
Board
establish
Construction
advanced
was
of
the
a
Research
at
a
recent
Construction In¬
Advisory
Council,
com¬
than 100 trade and
more
professional associations with a
direct interest in construction. It
will be supported by contributions
from the industry.
"A meeting of construction in¬
dustry leaders will be called in
the
future by the Division of
near
Industrial
search
and
of
the
Engineering
National
Re¬
Research
Council to determine
upon ac¬
ceptable procedure for setting up
new organization."
Order
on
Increased in January
f.
The Class I railroads
1947, had 69,538
on Feb. 1,
freight cars
new
order, the Association of Amer¬
ican Railroads announced on Feb.
on
24.
This
included
19.373
hopper
(including 2.073 covered h.opuers),
Most
'
the
ob¬
market
as
reported
changed ^t 44d
OF METALS
("E.
Straits
&
Tin,
un¬
per fine ounce.
cars
Since Feb. 1. this
freight
have been placed.
They also had 639 locomotives
order Feb. 1, this year, which
included 53 steam, six electric and
580 Diesel locomotives.. On Feb. 1,
on
-LeadNew York
miscellaneous freight cafs.
New
freight cars on order Jan. 1, bst,
were 63.829 and on Feb.
1, 1946
year, additional orders for
silver
M. J." QUOTATIONS)
New York
gondolas. 886 flat. 28.716
plain box, 5,366 automobile, 9,609
refrigerator, 750 stock and 318
totaled 38.090.,
Zinc
St. Louis
St. Louis
19.400
20.425
70.000
13.000
12.800
19.325
20.425
10.500
70.000
13.000
12.800
19.525
20.525
10.500
70.000
Feb. 17
13.000
12.800
19.325
20.425
70.000
10.500
Feb. 18
13.000
19.400
12.800
20.450
10.500
70.000
Feb. 19
13.000
12.800
19.425
10.500
20.425
70.000
13.000
12.800
10.500
70.000
13.000
12.800
Average
19.350
Average
•
20.446
*
10.500
for calendar week ended Feb.
15, are: Domestic
refinery, 19.390c; export copper, f.o.b. refinery 20.421c*
Straits tin, 70.000c; New York
lead, 13.000c; St. Louis lead, 12.800c:
St. Louis zinc,
10.500c; and silver, 70.750c. Export copper f.o.b refinprices
20,425c; average for vteelt ende<i Feb* 12, 20.383c.
arc "E. & MT. J. U. & M. MV appraisal of the major. United
on sales reported by producers and agencies.
They are reduced
markets, based
to the basis of cash. New York
u
.
■,
>
are
Louis,
consumers'
figures shown above
prices in
New
are
plants.
net
are
as noted. All
based
on
for prompt delivery
In the^ trade,- domestic: eoppef
at
delivered
Jan.
St.
or
Copper, lead and zinc quotations
deliveries; tin quotations
delivery,
are
both
in cents per pound
prompt
and
future
only.
on
a
charges vary
prices at refineries
England average 0.275c. per
prices
sales for
price* ar« quoted
As
on
pound
the
above
delivered fcasisi
with
Atlantic
the
seaboard.
the
Delivered
the
refinery basis effective
2, 1947.
..v.. *
V4:
vv-.
:V-.>
;
>
Effective March 14, ths; export' quotation for
copper reflects prices obtaining la
.
open
market
and
is
based
on
sales
in
the
foreign
market
reduced
to
the
mand
not
a
premium
than
month; the
lc.
,
.
,
riaarly all Instances
of
lc.
*ver
included
per pound over the current market for Prime
the "E
Ar M
J " average for Prime Western forr
premium oy Special Hjgh; pradle'JrF nspst^^^instahces
la
;i^c<
''
Quotations for lead reflect prices obtained for dommori'iead
only. "
com¬
Western
the
'
but
previous
ir
-.
81
on
steam,
six electric and 367 Diesel.
The Class I railroads
cars
which
included
put 2,795
in service in January
435
(in¬
hopper), 185
gondolas. «: 42
refrigerator,' - 524
automobile box, 1,299 plain box,
cluding
210
46
flat
hooper
covered
and
100
miscellaneous
In
January, 1946, they
put 2,457. freight cars in service.
cars.
The Class I failrqads also put 74
locomotives in service in Jan¬
new
and 67 were Diesel.
tives
New locomo¬
installed in
totaled
January, 1946,
21, of which II steam, and
10 Diesel.
-
-
-—
"
'
;
f.o b
refinery equivalent, Atlantic seaboard. On f.a.s. transactions we
deduct 0.075c. for
lighterage, etc., to arrive at the f.o.b. refinery quotation.
Quotations for copper are for the
ordinary-.forms of wirebars and ingot : Dark
For standard ingots an extra 0.075c.
per pound is charged; for slabs 0.175c.
up
and
for cakes 0.225c. up.
depending on weight and dimension;, for- billets an extra 0 95c
up. depending on dimensions and
quality. Cathodes in standard sizes *,re sold at a
discount of 0.125c per pounds
V, ',•
.
:r
,-f»-,
Quotations for zinc are for ordinary Prime Westerh bran'ls.
Contract prices for
High-grade zinc delivered in the East and Middle West in
.
which
uary, of which seven were steam,
that Is
destination
..
,
the
they had 454 locomotives
freight
The above quotations
^
States
1946
order,
freight
copper f.o.b.
j
come
to waive the
not been
;
some
13
silver in the rupee.
the
year
Feb. 15._„
(3)
The
re¬
Feb. 14
equivalent of its
purchases would
to? about 21 %c.
Feb. sibilty of
17." 4 The publication further went
on
or
release it as bonded copper.
rections. Foreign zirie was irregudemand at firm prices.
duty,
eral
mechanism
a
correlation
4.520
4
from
—Electrolytic Copper—
Dom. Refy,
Exp. Refy.
con¬
sumers
buying
firm at that level.
DAILY PRICES
cop-
pe^ (2) release it to domestic
This
throughout the week.
several
board
substituted nickel for silver in the
Cadmium
ing the industry from further anxiety over the import tariff. Though
hope lingers that something may yet be done to afford at least tem*
pprary relief, the industry appeared rather gloomy over prospects for
March. The price Situatioii in
do?^mestic
state.
the quiet
servers
Non-Ferrous Metals—Copper Consumers Look
.
brought
new
half and quarter rupees.
Mac. to 11 */4C.
prices
stated:
the
Japan; i-Demand last week
on
Last
prices ranging from llVzc.
and
Squeeze During March—Cadmium Up 25®
here
of nickel for
tons.
"E. & M. J. Metal and Mineral Markets," in its issue of Feb.
20,
that
ing legislation for the substitution
113/4C., Gulf ports. Prime West¬
Though
For
the
dustry
Silver
unchanged at 10V2C.
was
sold at
to
d Includes operations on the N, & W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
Mason and Clay Counties.
tRest of State, including the
Oregon.
for
posed of
London to
British have
London advices report that In¬
dian authorities now are consider¬
the B. & O. in Kanawha,
Panhandle
exchange ideas, and
meeting
from
reports
The do¬
Special High Grade for export
»
«12,300,000
99% tin, 69.125c.
or
effect
from
market,
however,
con¬
firm, particularly in refer¬
210,000
1,000
70.000
reference to the sale of the metal
that the government
brought here
High
ern
23,000
2,269,000
1,009,000
1,000
^Tptal bituminous And lignite—
on,
147,000
379,000
2,595,000
'
70.000
70.000
ties
Western and Spe¬
Grade,
The ^ East St.
Louis base price for Prime West¬
cial
2,000
183,000
70.000
70.000
sulted chiefly from an advantage¬
ous
exchange
situation.
There
were
no
fresh developments in
com¬
to Prime
ence
146,000
438,000
26,000
„
foregoing inform¬
received, the
Freight Cars
67,000
2,868,000
173,000
3,000
2,000
5v
194,000
393,000
—„.r(rrt
tWest Virginia—Southern
tWest Virginia—Northern
.
68,000
160,000
-
was
side, with prices the
Zinc
steady at $87 to $90 per flask, de¬
There has
Competition in foreign zinc ap¬ pending on quantity.
been no selling pressure in this
pears
to be increasing, causing
market flom European sources.
some
irregularity in prices named
95,000
'
70.000
19
was
675,000
-
■
....
Pennsylvania
Tennessee
Texas
■
18
recovery.
*35.000
(lignite)
I
ation
will be patterned after the
exist¬
70.000
purchased several lots of Mexican
quicksilver were correct, authori¬
industrial
71,000
of
70.000
70.000
the
Italy's
33,000
New Mexico
■'
,
retarding
70.000
70.000
70.000
Quicksilver
Fuel shortages have
war.
70.000
70.000
3,7
Press
lead at the
427,000
&L000
3,000
97,000
■
f
been
1,550,000
562,000
Vl¥ 33,000
Illinois-.,-,^
Indiana
.
by the
1,000
70.000
...
Chinese,
pany's chemical and metallurgical
plants were not greatly damaged
6,000
36,000
192,000
——
Arkansas
70.000
15
week
director of Montecatini. The
317,000
'
1.
Italy is producing
70.000
Feb.
ing to Dr. L. Morandi, managing
Feb. 9,
1,
April
Feb.
rate of 35,000 tons a year, accord¬
-—Week Ended
Feb.8,
■
■
March
Feb.
are
^
per
Feb.
amounted to 12,152 tons.
current
and
the
70c
at
70.000
-
York, and 12.80c, St. Louis.
for
rg, W. :Bronk, Chalrmai
carried
14
lead
market
follows, in cents
as
Feb.
Feb.
of
Jewett, President of the
Academy of Sciences and
the
nominally
13
Sales
Frank B.
from Which the
as
pound:
per
Feb.
ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL AND LIGNITE,
ments
month's
States
unchanged
consid¬
be
but with consumers still ask¬
ing for considerably larger ton¬
nages the market continues in a
tight position.
Foreign metal
brought as high as 12c, Gulf ports.
Quotations here continued at 13c,
({Estimated from
United
that
busi¬
■*.
•
would
excellent
an
New
.4:
.
this
busi¬
to
Under normal
6,000 tons.
of
volume
Straits quality tin for shipment
was
ness,
^
ffflncludes washery and dredge coal and coal shipped
operations. tExcludes colliery fuels.
iSubject to revision.
Weekly carloadings reported by 10 railroads.
around
Tin-Lead-
the
with
Re
clear¬
.
this
lead
branch of CPA contributing
conditions
J 486,200
588,700
<■
Dis¬
as ever.
refined
tons,
about
Feb. 20
IFeb. 15,
Penn. Anthracite—
of
a Building • Construction
search Board to serve as a
ing Highway Research Board. Its
manufacturers
orincipal function will be to col¬
shortage of tin- lect and
disseminate technical re¬
plate is due chiefly to the tight search
information of importance
situation in sheet steel.
to the building
industry. It will
The United Kingdom consumed also provide a meeting
place at
25,600 long tons of primary tin in which ;those actively
engaged in
1946, against 16,396 tons in 1945.
research activities will be
able
month is expected to total
COKE
Zinc
Week Ended
-
AND
(In Net Tons)
■
for supplies
eager
search Council has agreed
to set
Tin-can
claim
price situation in domestic
tribution
'
•
continues
lead remains firm, with consumers
1946
82,764,000
2,064,000
2,185,000
2,011,000
The
Feb. 16,
•
The
pound.
Jan. 1 to Date
♦Feb. 15,
1947
85,430,000
Feb. 8, & Feb. 16,
j 1947
1946
12,300,000
12,065,000
of
Ad
up
National
here.
Lead
Week Ended
Feb. 15,
1947 ->
12,350,000
..r.
Bituminous coal & lignite—
the
approximately the same'basis
consumers.
(In Net Tons)
Chairman
Industry
visory • Council,
announced on
January 31, thaf the National
Re¬
Dr.
ESTIMATED UNITED STATES PRODUCTION OP BITUMINOUS COAL AND LIGNITE
■
Ci' Stevens.
Construction
the National
fair tonnage sold to
copper was a
John
the
Research Council
of
Jn; raising the price oftin in the
Academy.
According to the
Canada last week to 71c per pound
advices
from 4 the 4 Chamber
0f
(was 63 ^ c), consumers in that Commerce of
the United
States
market wilP obtain the, metal en
prevailing price. The Ameri¬
Smelting & Refining Co. sold
almost daily at 20y2c.
Included in
the week's business in. foreign
41,800 tons more than for the
V=|WHCI|
:
the
7,100 tons when compared with the output for
reduce
ness..
can
corresponding week of 1946. '
v<w
will
ognizing the 19V2C Valley basis as
States for the week ended, Feb. 15, 1947,
the Week ended Feb. 8, 1947; and was
: ? -
3
week, with all but one seller rec¬
reported that the estimated production of bee¬
increase of.
an
V
The price situation in ihe do¬
mestic market was unchanged last
1
hive coke in the United
'
authorities believe.
The calendar year to date
21.5%,
RairhkII
ing house of technical research
inl
greater than last year if strikes do formation in >the field of building
construction.
This decision
not
limit output.
High prices,
was
reached at a conference
some observers
with Dr
claim, eventually
only hardship cases will be cbri*
sidered in releasing metal, market
When
from the.preceding week.
I
bohshmed; at ^fabricating
plants,
• Antidpal^ry^^d^ihig ■
Effective on. the lastagainst the day when Metals Re¬ Feb. 17.
serve drops; out of \th#:picta^
named; date? the ^arke^^
sticks
was
doubt was a factor in recent heavy mercial
quotable at
15,1947,
12,300,000 tons in the preceding week and
net tons, as compared with
Thursday, February 27,194;
v
The figure given above
include
^ commercial
installed and
by Class I rairoads and
only locomotives
service4
on
freight
order
ears
byrailroad-ownedrefrigeratorcar
lines.-f LbcbmOtivefS
stalled
or on
ofder by
cars
in¬
pgivate ta*1
liiies^sfcbrtlines^'or^^Induslxial railfoads
are not
included.
THE
COMME^CIAL^^^
i*
•
,.v;
.
Freighl CarLoadings During Week
£iid^l Fel^ 15^ 1947, Kncrea^etli32,496 ISars
'
'
X '
V
Alabama, Tenneesee & Northern
Central of
r
'
4,196
13,987
9,103
222
270
234
952
913
Macon, Dublin As Savannah
-
Mississippi Central
Nashville, Chattanooga & St. L.
1
321
346
X
3,383
_
994
1,751
8,914
Seaboard Air Line
12,333
11,670 X;
Southern
27,347
24,091
System
154
TotaL
917
759
129,835
129,020
134,330
862
122
109,74?
107,731
15,429
13,349
15,157
15,655
14,678
2,347
Chicago A North Western..
2,876
21,249
2,439
3,989
11,028
10,767
3,242
1,354
4,547
4,149
350
254
Chicago, St. Paul, Minn. & Omaha.
Duluth, Missabe & Iron Range
v
X
707
8,804
11,280
337
141
10,938
9,979
5,047
4,381
449
523
468
1,081 v
1,015
,304
321
2,050
5,248
Green
Bay A Western—
Lake Superior & Ishpeming
Minneapolis & St. Louis
742
,
649
262
72
2,252
2,022
2,908
5,089
Jan.
2,346
3,853
ton
3,923
9,009
5,178
113
254
460
411
2,437
1,769
2,483
2,617
2,139
81,223
68,757
58,589
23,955
10,573
8,742
3,093
Spokane International
Spokane, Portland A Seattle
86,696
77,428 "
4,861
■-
23,242
2,878
2,615
243
7
409
86
21,687
19,805
11,630
11,220
"770
783
14,509 cars, an increase of 143 cars
the
11,506
:
.
reported increases compared with the
3,132
3,347
3,126
12,596
12,381
12,206
2,793
2,845
2,694
3,905
13,624
3,349
1,857
4,826
676,
590
54
1,116
902
988
1,514
2,299
2,104
569
650
745
3,744
Denver As Rio Grande Western..
2,876
734
Denver A Salt Lake..
corresponding
City.™.,
Illinois Terminal™™™
Fort Worth A Denver
reported increases over 1945 except the Eastern,
3,367
3,428
.........
•
2,855
1,337
3,569
■
29
>
1,731
2,355
1,220
1,650
MlBSouri-Illinols.....
of
weeks
Week of
January
3,168,397
835,051
767,481
.1—
February
Week of
February 8_—
Week of
February 15—
1946
2,883,863
723,301
Total.
5,027,458
5,570,906"
;...■
.481
468
1,435
176
122
580
700
578
15
table is a summary of the
The following
Feb.
16,1946. /
87 roads reported gains over the
,r
.
Feb. 15, 1947.
week ended
18,616
1,095
1,450
17,489
13,459
857
581
8
1,682
1,938
3,116
3,132
120,972
125,074
81,481
69,475
2,397
1,162
2,411
305
338
§
174
•4,975
4,846
7,166
Missouri Pacific—
17,259
16,420
17,278
1945
1947
1946
330
321
1,996
1,597
3,069
2,459
6,390
496
495
12,306
14,252
"i,334
2,185
1,870
44
44
2,286
11,903
1946
f
1,444
7,814
1,189
29
52
Central Vermont™
.'.988
1,083
iU-i*
4,781
4,499
4,719
2,236
10,865
Delaware, Lackawanna A Western.
6,781
7,051
''7,604
-9,495
414
361
175
256
1,426
1,699
1,965
258
430
3,912
10,895
9,758
12,067
3,053
4,123
140
175
152
1,643
2,216
1,813
Shore Line™™-—
Detroit A Toledo
Grand
Trunk
;
Western
Lehigh & Hudson River.———
Lehigh A New England
Lehigh Valley
Maine
83
237
168
9,285
7,719
5,270
5,478
7,903
4,648
5,015
7,048
6,287
28
53
8
3,524
2,498
9,494
4,235
8,509
3,361
MontourNew
A*..™.™.
-,■«
Y., N. H. A Hartford
Susquehanna A Western
Pittsburgh A Lake. Erie™.™-,..,
■;'..i.".
Pittsburg & Shawmut—
Pittsburg, Shawmut A Northern
Pittsburgh A west Virginia—
Rutland
50,307
14,405
2,502
14,890
770
6,540
15,067
12,761
1,581
7,545
7,327
10,387
823
804
6,524
—
4,874
390
494
2,089
4,459
7,507
850
5,047
812
8,493
1,047
316
252
'•740
96
251
12,332
1,347
10,893
2,858
199,965
5,706
152,236
Total
3,582
4,117
138,617
152,531
205,700
A
Ohio-
Bessemer A Lake
Cambria A Ir
Central R. P
,.™™™.—
2.555
Erie
New
Cornwall
x
Cumberland &
Ligonier Vaiv
6,276
Jersey.
2,951
1,644
7
9
6,577
17,374
15,257
Nov. 23.
145,507
43
NOV.
153,574
7
Ded,
207,137
167,937
172,417
175,640
144,083
172,275
47?
mnsylvania.
1
481
523
364
199
12
,7l7
35
122
1,505
1,733
7 5
4,153
1,829
1,909
77,589
-"—14,884
53.679
53,125
24,214
24,783
Colon (Plttsb'
Western Mar-
1,542
61,311
11,681
1,826
4,581
—
75,186
18,297
—
3,870
1.556
126,452
165,836
™
Nov.
4,952
1,687
14,086
em
Reading Co
Nor.
24
"1 ; 49
■shore Lines——
Pennsylvania -x
Remaining
;
162,353
1,399
Long Island
Penn-Readlntr
Total
931
NoV.
22,412
1,176
50
™
i
Tons
Tons
38,654
.
1,268
na.
Production
Received
0:
1946—Week Ended
1,221
1,753
5,539
38,965
.
185,047
175,906
16
....
30™,,.™™™Tp™r
—«
:
3,876
931
11,906
Ferlod ■
1947—Week Ended:
K
x
170,533
109,210
99,555
<
Tons
5k
T
601,787
613,752
580,331
100
96
102
96
101
96
100
••let—
32,953
Norfolk A w
28,014
20,951
6,588
_
v
;
6,387
'
;-J
,.5,046
7 62,676
Virginian
•
10,129
11.515
20,999
5,138
'
V. Total
29,283
24,587
-to™™.
55,328
4,356
1,624
1,437
.53,321
19,727.
17,953
,
m.
m
•V
••
i
Jan. - 31, 1947, which
with 2,226,832 bales of
bales of linters on
Dec. 31, and 2,366,311 bales Of lint
and 330,321 bales of linters: hn
Jan. 31, .1946.
ments on
public storagbUnd
on Jan. 31, 1947,
there were 5,985,625 bales of lint ;
and 73,649 bales of linters, which
compares with 5,985,625 bales of
lint and 73,649 bales of linters on
Dec. 31, and 9,970,340 baleg; of
On hand in
at
compresses,
lint and 49,121 bales uf
Jah. 31,
1946.
There
lint^svon
,
wore
Weekly Lumber Shipments
8.8% Above Production"
99
96
578,742
571,179
.
;i*
of stocks.
For
reporting softwood mills, unfilled
Orders are equivalent to 23 days*
production at the current rate, and
gross stocks are equivalent to 35
days* production,
96
For the
of
year-to-date, shipments
reporting identical mills were
102
96
16.0%
543,675
102
96
were
532,773
66
above production; orders
16.8% above production.
96
,
Compared to the average cor¬
responding week of 1935-1939,
-■
588,406
85
85
199,927
4—.
11—.
Jan. 18—.™.™—.-..™^
142,338
171,420
178.043
680,026
102
94
173,851
178,556
677,269
657,140
103
97
x
Wn:
were
compares
96
94
•
Poeahonta-
Chesapeake A
,
2,259,002 bales of
lint and 290,318 bales of linters
bn hand in -consuming establish¬
There
production of reporting mills was
31.3%
above;
shipments were
23.3% above; orders were 16.3%
98
101
173,720
155,432
Jan. 25
above.
Compared to the corre¬
99
102
579,562
204.033
179,347
Feb.
1.
99
104
699.009
sponding week in 1946, production
181,017 ;
Feb. f 8_.
202,189 x
100
102
178,458
589,544
of
Feb. 15_
reporting mills s was f 26.4%
169,624
shipments were 29.0%
NOTES—Unfilled 6rders of the prior week, plus ordera received, less production, above;
do not necessarily equal the unfilled orders at the close.
Compensation for delinquent above; and newhrders were 36.7%:
reports, orders made, tot or filled from stock, and other items made necessary Adjust¬
ments of unfilled orders.
V i
<; ,ii
,1 v;* i ?
^ ( \
I ^ ,^v?-.'
::• 3
)
;
,(i
i: r • j
-tr: ,iix £-f J i
J 5t" 1(1
1
1 ' t - »
Jsn,
Jan.
137,755
170,411
138,100
Percent of Activity
:
654,982:
646,042
174,752
Dee.: 28—^™—™-™™-
11,229
170,364
205.422
Dec. 14—™—
3,938
142,966
?
9...™..™
.
Dec. 21
19,005
x
496,299 bales
UntersfvWhich compares with
4,405,030 bales of lint and 515,767,
bales of linters in the correspond¬
ing period a year ago.
amounted to 63%
Unfilled Orders
>
35,627
467
863 bales of lint and
revised.
1,555
23,481
t 623
and
Midland Valley Ry.
STATISTICAL REFORT—ORDERS, FRODUCTION, MILL ACTTSTITT
period
Baltimore
72,355
A Gulf Ry.,
Orders
Allegheny Di-irlet—
Akron, Cantor -ft Youngstown—
31, cotton consumption was 5,203,of
According to the National Lum¬
herewith latest figures received by us frons the National ber Manufacturers Association,
Paperboard Association, Chicago, 111., in relation to activity in the lumber shipments of 387 mills re¬
porting to the National Lumber
paperboard industry.
ihe members of this Association represent 83% of the total Trade Barometer were 8.8 % gbove
industry, and its program includes a statement each week from each production for the week ending
In the same week
member of the orders and production, and also a figure which indi¬ Feb, 15, 1947.
cates the: activity of the mill based on the time operated.
These new orders of those mills were
Unfilled
figures are advanced to equal 10Q%, so that they represent the total 2.2% above production.
industry.;
xv'; tv'
^'"1'' order files of the reporting mills
1,306
2,128
1,192
"
811^18 bales of lint and 96;735
bales of linters in January; 1946,
In the six months ending Jan.
fW
21,919,368 <$Jtoii
spindles active^ during January,
which compares with 21,688,028
62,398
57,179
cotton spindles active during De¬
cember, 1946, and with 21,244,218
active cotton spindles during-Jan¬
Oklahoma Cityuary, 1946,
'
' : wt'.; •'
Weekly Statistics of Paperboard Industry
42
21
amountedxvtol
consumed
We give
277
4,985
Wheeling A Lake Erie.
20
319
358
6,987
59,237
§Strike.
NOTE—Previous year's figures
6,000
700
409
v
^Includes Kansas, Oklahoma
779
x'
41
65,490
Ada-Atoka Ry.
2,362
7,427
j
18
25
27.T
>-
1,240.
445
>.
6,175
-
'
...
5,479
6,030
:
'
.™™.
Wabash
50,583
3,510
40,969
9,433
i
-
N. Y.,
w.™™.....^
46,720
2,442
—
New York, Ontario A Western
New York, Chicago A St. Louis...—™
Fere Marquette
23
46,268
Lines™™»-™-«-'—•
Central
204
2,428
-"-Si*
2,667
'
™™™.
York
5,289
2,946
i
82
98
•Previous week's figure.
2,540
7,428
•
5,053
x
10,534
5,445 ,•:.
1
Total™
7,594
3.363
89
Weatherford M. W. Ac N. W
2,884
1,681
7,315
4,537
Washing¬
18 issued its report
7
2,935
8,928
13,531
115
Wichita Falls Ac Southern.
15,701
7,846
3,187
1,386
8,008
3,986
7,489
7.362
Central...
Monongahela
N.
•
™.■ «><«
1,051
3,836
15,422
9,038
Texas A Pacific
13,994
4,393
Mackinac
A
Detroit, Toledo A Iron ton™-.
<
; 28
387
§
186
;
Texas A New Orleans—
3,483
Detroit
Hudson;.*
A
5
2,341
4,200
r
2,235
444
Delaware
—
1,341
2,959
10,519
Francisco
......—«
St. Louis-Southwestern—
—™
St. Louis-San
176
2,622
—
Quad ah Acme Ac Pacific..
8,518
247
Maine
&
1,717
; 142
Mlssouri-Kansas-Texas Lines.........
2,305
4,024
2,034
3,012
3,116
1,332
4,568
3,542
2,557
657
1,079
2,361
-
Missouri A Arkansas..........——-
Chicago, Indianapolis As Louisville.
Centra!. Indiana™™.*., „
Boston
3
3,815
6,199
1,943
Litchfield A Madison
7,457
Bangor As Aroostook.
10,804
x.X
1,571
258
5,501
—Connections—
.318
1947
.
—
Louisiana Ac Arkansas
3,066
Arbor
Southern
Kansas City
415
226
6,173
1,974
1,322
3,261
2,310
Received from
Total Revenue
Eastern District—
••
Feb.
lint and 262,862
Southwestern District—
Burllngton-Rock Island—...
CONNECTIONS
-Freight Loaded-
•
15,776
.....
Gulf Coast Lines..
Total Loads
Ann
170
Western Pacific.
(NUMBER OF CARS) WEEK ENDED FEB. 15
;
336
132,713
Utah
•
Railroads
0
8,366
V o
0
International-Great Northern
tK. O. A G.-M. V.-O. C.-A.-A.
LOADED AND RECEIVED FROM
REVENUE FREIGHT
^
freight carloadings for
railroads and systems for the week ended
During this period
562
0
27,408
10,112
2
26,500
/
32
Toledo, Peoria A Western™..,
Union Pacific System..
TotaL
the separate
19
29,881
Southern Pacific (Pacific)™.
5,283,746
"
979
1,409
667
Peoria A Pekin Union.
3,003,655
739,556
755,832
784,703
713,240
707,054
799,977
—
—
817
1,614
North Western Pacific—..
1945
1947
932
Nevada Northern—-
Allegheny and Southwestern.
Consumption
947,036 bales of lint and 93,909
bales of linters, as compared with
774,172 bales of lint and 79;352
bales of linters in December'and
9
22,270
Alton
Bingham A Garfield..
Chicago, Burlington A Quincy
Chicago A Illinois Midland..
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois-
v ~
preceding week and an increase of 6,710 cars above
26,037
Atch., Top. A Santa Fe System
the
Colorado A Southern-
Four
on
cotton
preceding week and an increase of 6,821 cars above
Cotton
cotton
spindles in. the
month of January.
In the month of January, ^47,
Central Western District—
cars
year
active
N
loading amounted to 12,233 cars, an increase of 938
fourteenth
showing cotton consumed in the
United States, cotton on hand and
4,243
8,354
213
Total
Bank's
The Census Bureau at
52
,
10,627
Minn., St. Paul A S. S. M
Northern Pacific
the
on
131
11,280
W.
7,190
532
John
Congress
during which it grew to a hew
high in total assets.
633
2,042
471
629
Great Northern..
of 4,211 cars
862
8,638
Duluth, Sout' ""Vjre A Atlantic
Elgin, Joilet A Eastern
Ft. Dodge, Des Moines A South
2,044
4,111
3,594
1,339
of
Deupty Governor of the4 Federal
Home Loan Bank system, will be
speakers. Mr, Gardner wilt report
3,058
21,000
21,913
Chicago, Milw., St. P. A Pac
for
Milwaukee
Byrnes,
from the
Eighth
Wisconsin
district,
and
Earl Wallace of Washington, D. ju.,
member
Northwestern District-
Chicago Great Western.
in
Representative
929
-
Illinois
luncheon and program following.
23,943
24,658
707
X"
136
;••:
in
associations
Club
Elks
8,450
•
loan
Wisconsin which hold stock
in the Bank wiU assemble at the x:
9,522
8,560
x;
a ma¬
and
1,657
1,671
24,619
603
811
Winston-Salem Southbound
10,815
and
4,080
V
1,648
392
551
Executives and directors of
jority of the 459 savings, building
314
386
4,045
396 v..,
r>
356
Tennessee Central
/-*
3,315
406
417
...
.
.
•
366
2,928 •'
1,292
1,312
,
4,445
Chicago will have their :
kee, Saturday, Feb, 22, it was an-r
nounced on Feb., 17 by A, R.
Gardner, President of the Bank.
824
of 219 cars
week in 1946.
week in 1946, and all
2,200
795
4,027
preceding week and an increase of 13,479 cars above
All districts
2,324
446
,
10,114
products loading totaled 49,797 cars, an increase of 1,675
corresponding week in 1946.
.
433
:
1947 annual meeting in Milwau¬
15,514
corresporiidng week in 1946.
Coke loading amounted to
166
27,204
Piedmont Northern
1,921 cars above the preceding week, but a decrease
above the
844
1,659
115
27,620
week, but a decrease of 4,779 cars below the
corresponding week in 1946.
524
'
53
-
1,187
4,913
Bank of
1,274
65
("■X
253
1,635
3,470
•
;
first time in 15 years, the stockholders of the Federal Home Loan
3,642
306
141
3,155
v-
3,505
X
285
83
.
79
388
Richmond, Fred. As Potomac
of
above the
90
1,238"
Norfolk Southern.
of
Ore
1,704
Meeting outside Chicago for the
4,737
1,658
25,514
In the Western Districts alone, loading
Livestock for the week of Feb. 15 totaled 9,845 cars, an increase
'
-x
4,946 •
27,306
corresponding week in 1946.
above the
1,672
i;,
341
•2,786
;
4.471
453
27,955
products loading for the week of Feb. 15 totaled
the corresponding
r
4,032
1,863
441.
:•'>••'
3
v
24,426
loading totaled 51.624 cars, an increase
Livestock loading amounted to 13,320 cars, an increase of
cars
2,132
10,113
X'
'•
4,468
"422-
513
Of Chicago Ann. Meet'g
1,928
9,630
*
Louisville A Nashville
36,942 cars, an increase of 4,079 ears above the preceding week; "and
an increase of 2,576 cars above the corresponding week in 1946..
Forest
455 '
Gulf, Mobile As Ohio
Illinois Central System...
corresponding Week in 1946. In the Western Districts alone,
below the
4,182
Georgia
;
above the preceding
v" 2,103
Georgia A Florida.
merchandise less than carload freight totaled 119,097
cars, an increase of 5,938 cars above the preceding week, and an inijtease of 765 cars above the corresponding week in 1946.
J • CoaLloadipg amounted to: 178,935 caf s, an increase of 2,579 cars
above the preceding week, but a decrease of 2,905 cars below the
corresponding week in 1946.-yt/'
,
I,"
cars
314
862
;
Gainesville Midland
Loading of
grain and grain
;^V: ?' 153
395
Durham & Southern.
.
below the
1946
15,336
Florida East Coast.:
Miscellaneous freight loading totaled 360,462 cars, an- increase
of44,859cars above the 4^ceding
increase of 73,051
cars above the corresponding week in 1946.
v
•'
•l?' x-K
Grain and grain products
1947
862
Columbus A Greenville..
the preceding Week,
'
—Connections—
15,807
-
Fed. Home Loan Bank
Received Irom-v
896
Georgia;.™™.
Charleston A Western Carolina
week in 1945.
of revehue freight for the week of Feb. 15, increiaSed:
4,320 cars above the preceding week, but a decrease
392
;
Cllnchfleld
above the same
of
5 Total Revenue
15,218
.
AtL At W.P.—W. R. R. ol Ala™.™.™
Atlantic Coast line
Loadmg-of revenuefreightforthe week ended Feb. 15,1947 totaled 799,977 cars, the Association of Amercian Railroads announced
©n Feb. 20. < This was an increase of 92,923 cars, or 13.1%, above the
corresponding week in 1946, and an increase of 15,274 cars, or 1.9%,
Loading
t--
—•—Freight Loaded
afl47 7
1946
'1948
*
32,495 c&rs; hib;4.2^ f >abdye
<<
-:;iK*£%
Revenne
:
1179
.
.
(
,
THE COMMERCIAL & FINANCIAL CHRONICLE
1180
and. Trust Company at Rich¬
mond, and when he was offered
m
Items .About
I
1
|
Companies
York
anounced
Feb.
on
Bochow
as
pany
P.
a
System, it was announced on Feb.
14 by President, Ray M. Gidney
of the Federal Reserve Bank of
Assistant Secretary,.
At 'a ; recent meeting of the
Board
of Directors
of
Bankers
i\
Assistant Vice-President.
and
Fourth
Federal
Reserve
added
1926
*
has
He
been
Vice-President
District
these
to
Vice-Pres-
office of
dent.
Senior
a
Jan.
since
31,
1946.
total 722, compared with 718
now
in
.
duties the
Cleveland. -Member banks in the
Trust ?<: Company of ir; New York,
Edwin J. Dikeman, Jr. was elected
m
:
Mr. Gideon began his banking
career as a runner in a bank in
a
•
in
&' Mer¬
Sayings Bank of Oakland
voted "approval
oh Feb, 14
the ; proposed
of
bank's
in
report
hand
were:
with
the bank
of
England1' £93,205,404;.
against
£94,835,289 a year
before; bills
discounted at the present
time at
£118,068,348 compared
separate meetings
at
igw
31, 1945,; The chief
items
1946
the
Cash
and;the,, Farmers
consolidation of the two institu¬
tions, to become effective March 3.
with
£74,801,923' at the end of
1945;
Treasury Department
receipts
£274,000,000 against
officer
£290,000,000.
he
was
and
publicity
edited
Investments
the
at
end
of
1946
amounted to
£273,788,346 (which
includes £244,410,335
13. For several years
British gov¬
ernment •: obligations)
Manager of the service
compared
the
house
with
and
department,
bank's
investments
£221,223,111,
organ.
756 were
Subsequently
in
of which
government
1945
of
£192,063,*
obligations;
he was appointed
loans and advances to
Vice-President, and
customers
amounted to
£142,491,082 in the
years devoted .himself
most recent report
against £116,to business development
an
Assistant
in
recent
year
ago,
and hold approxi¬
chiefly
his former home town of Huntmately 85% of the. total bank de?- :
and public relations activities of
% Alan C. Gardner has been ap¬ posits in the district. The Reserve Y ington, W. Va. After working
the bank. Mr. Alexander,, a native
pointed Chief Appraiser of The Bank reports that the Dollar Sav¬ •his way up : through various
of Illinois, was a member of Ex¬
Manhattan Savings Bank of New ings Bank Company, incorporated
banking positions, he came to
ecutives Association of San FranYork, Wiilard K.« Dentonr Presi¬ in 1904, is capitalized with $100,000, ,;• .Baltimore, as.a junior officer of
ciscp, serving -'as- director an#,'.Ex?
the old' Farmers' and Merchants
dent, announced on Feb. 20. Mr. has a surplus of $125,000 and de¬
ecutive Secretary in 1945; and the
Gardner will be in charge of the posits totaling $3,960,735. It serves
National Bank and eventually
Mutual
Business
Club
of
San
.was
elected its President. He
Youngstown - Niles * Warren
hsqak's Appraisal and Survey De¬ the
Francisco, of which he was Secre¬
was
partment. He recently resigned area known for its steel and other
serving in the latter post
tary-Treasurer for over 26 years.
lus
in 1930 when the business of
position as Assistant Vice- heavy; industries. ;
President of Institutional Securi¬
W. H. Hamrick is President and
the Farmers and Merchants was
an
of Dec.
Crocker
Claude H. Alexander, an
retary-Treasurer/ Y in
1923. A of the
Anglo California National
year later he was made. TreasBank of San Francisco since 1919,
i5 urer and Assistant Secretary, died on Feb.
Com*
of Niles, Ohio, has become
member Of the Federal Reserve
21
:§ the i appointment i of ] John
.
The Dollar Savings Bank
Trust §; Company of
v Guaranty
; New
-•
chants
Presidency of the Union
Company about 13 years
ago was serving as Executive
Manager of the Richmond bank>
Mr.
Hoff, the new Union
Trust President,
started with
o£; tlie
that company in 1915 as a clerk
and moved up to Assistant Sec¬
1
i
cisco
Trust
Banks,
Trust
stockholders
First National Bank of San Fran¬
the
-
m
the
Thursday, February. 27,
'
974,130 the year before.
The net
profits for 1946 amounted to
£1,-
583,178 compared wtih £
while: reserve fund for 1,629,959,
both pe*
riods was £ 500,000. •
X
•
ifcY'j:*'JC*
V.sSVr
w.'
•
•
ties: Corporation to become asso¬
director
ciated with the bank»
Fusco is Vice-President and direc¬
became
tor; C. E. Morris is Treasurer and
later
Secretary, and Miss Agnes Weiden-
Union Trust.
2peCoursey Fates,
President of
bach
The Bank for Savings in the City
©PNew York at 280 Fourth Avenue1
that
announces
the
Assistant
is
John
bank;
Secretary.
H.
In
addition to President Hamrick and
Vice-President Fusco the directors
of the Dollar Savings Bank Com¬
William
ifeWard Taft, 2nd Was appointed
pany
are:
Joseph
Fullertori,
aiF Assistant Vice-President at
Chairman of
the
Board
and
a
the February Board meeting. Mr.
director since 1907; C. A. English,
T&ft is Secretary of the Bank and
Manager, Niles Glass Works of
Will also continue in that capacity.
the General, Electric Co.; C. H.
'/i"
Klinger, attorney;- Fred H. Law;
Albert
R.
Gurney, Secretary R. W, Reese, James A. Roemer,
«nd Treasurer Of Gurney, Over- President and direcor, Niles Rol¬
turf & Becker Inc., realtors, was
ling[ Mills Co^; William H. Stevens,
1
>
-
C'l
■
■
on.
Feb.
.
18
elected
a
,
director
,
of
,
Carlton
.
P.
Cooke,
an¬
reported in the
nounced, it was
Buffalo "Evening News." Among
his other interests, Mr. Gurney
is Secretary of the R. G. Wright
Cou Ihci, dairy-equipment sup.
plids, and Vice-President
of
the
Buffalo Music Corporation.
R.
\m
Company
both
of
Providence,
three officers of the Lincoln Trust
on' Feb. 14 named to the
board of directors of the Planta¬
tions JJank. The
i
were
c
N.
Williams,
Company.
Niles
§:
^cancies on
Rank's board
*3$
fc;i
.
•
liis
j
election
"'Silverman
*
I1!-
Manufacturers
Feb.
Trust
Company.
National
Bank
Feb.
of
the
Bulletin
Company
of
Maryland at Balti¬
more since Jan. 1934, was elected
Chairman of thb Board, a newly
created position, at a meeting of
Feb.
by J,
take the
S. Armstrong, Fi¬
following:
the bank for
was
i
elected
more
than 30 years,
President, succeed¬
William
Senior
H.
Vice
Vice
made
board,
the
Lincoln
Trust to purchase their
holdings
a view to a
possible con¬
%
with
a
a
if:
"*
w
1
of
the
7,500 shares could be
latter's
obtained
"
;*
Black
as
Gorton
Clifford
be
Senior
elected
were
and
Oliver W.
Assistant
F.
National
the
of
Detroit, Mich.,
recently purchased the majority
stock holdings of Esbern Hanson
in
the
Grayling State Savings
Bank of Grayling, Mich, it was
reported in the Detroit "Free
Press," which stated that the bank,
which showed resources of $1,800,000 at the last call statement,
is the only, bank in
Crawford
County, Mr* Truettner' resigned
in
January from the National
Olympia
State
Bank
ington
&
the
Trust Co. will be formed at Olym¬
in
as a clerk with the Mer¬
chants National Bank of that
?
city. After serving about a year,
I he .shifted for several years to
thg investment banking busi¬
ness.
Returning
chants
National
to
he
the Mer¬
eventually
was
promoted to the position of
Senior Vice-President.
He also for several
years was
partner of the Richmond firm
of Scott and
Stringfellow, mem-
a
& bers of the New York Stock
Ex''V
change,
In
£
1924,
elected
the, "Free Press"
quote: -»'
.
of
the
"Seven
N.
residents and
requires
ans
"great majority" of veter¬
a
have
permitted their service
insurance
and
started
a
to
lapse.
elected
was
executive
the
late
a
G.
ans' Committee which had heard;
the measure endorsed
by Veterans.
member of the
committee
to
succeed
Administrator,
H.
Duggan.
At the
meeting, J. S. D. Tory, O.B.E.,
K.C., of Toronto, was elected a
director. The "Gazette" added:
and
by
same
Sise is President
of
a
General Bradley,
organizations
veterans
spokesmen.
The
House passed
according
to
the
*
to
the
Veterans
Administration
how
long ex—
their policies;
put
ada and the Bell
Telephone Co.
Mr. Tory is head of the
legal
back in force. The
sents
firm of J. S. D. Tory and Asso¬
ciates, and holds numerous di¬
the
first
measure repre¬
veterans'
rectorates, which include Abitibi
and
Paper Co., Ltd.,
Simpsons Ltd., and Argus Corp.
Brotherh'd Week Observed?
Ltd.
sponsored
American
Brotherhood Week,
by the National Con¬
ference
directo¬
The
of Christians and JewS»began on Feb. 16, and PresidentTruman issued a statement to his
fellow Americans to
Swiss
Wis., for 22 years, died vious
suddenly on Feb. 16. The Mil¬ frs,
age,
since
1916
assets now
with
compared
as
join with him
unless
We
we
cannot
brotherhood
practice
^it at
home," the President v declared,
according to advices to the New
amount to frs.
2,139,391,383 against frs. 1,826,427,161
in 1945. At the general meeting
which is to be held on Feb. 28
Presi¬
and
year,
abroad
10,627,647 for 1945. The total
stated
Exner, who was 62 years
had been affiliated with
bank
legisla¬
tion of the Eightieth
Congress*
Power
waukee,
the
Senate,,
Washington advices, provides that,
di¬
Frank ' G. Exner, President of profits of frs.
13,387,663 including in its observance,.
Park Savings Bank of Mil¬
the carry forward from the pre¬ hope to commend
of
the
Associated
the
that Mr.
which' the *
bill
on
companies, in¬ would determine
cluding the Royal Bank of Can¬ GI's have to
Board,
which
A.;
educational
Veter¬
Trust Co., Paul F.
Sise
Bank
Corp. an¬
that the accounts for the
year ended Deq. 31j 1946 show net
"Journal"
V.
The
nationwide
The
nounces
waukee
only
signature,,
Truman's
no
passage of the bill by the
In the Montreal' "Gazette" of
House on Jan.
29, followed the
F^b. 17 it was stated that at a
approval on Jan. 28 of the legis¬
meeting of the board of directors lation
by the Chamber's
of the Montreal
Northern Electric Co. and
rate.
.
"which
probably will be given until Aug..
said
President, will retire but will
bank's
is
campaign to correct the situation..
retire.
the
out*
Bradley, V. A. Administrator,
rector of several
York
"Times."
A statement by
John Foster
Dulles, former mem¬
ber of the American
make
Associated
Orlando,
Florida
advices
appearing
"Times-Union"
sonville of Feb.
wrong but "practically
for the United
in
Press
Fla.,
delegation to
the United
Nations, declared, ac¬
cording to the Associated Pressr
tion of frs. 1,000,000 to the
pension
fund,< to pay a dividend of 5%
against 4% last year and to carry
dent since 1925.
of
from
in
the
Jack¬
18, stated that the
Basle, it will be proposed to
an extraordinary contribu¬
forward
Citizens National Bank of Orlando
marked its official
663
opening on
Feb. 17 with first day
deposits ex¬
ceeding $750,000, Carl C. Hall,
4,387,-
were
£ 1,078,549,303
hav^
Throughout
the nation brother¬
hood
services
many
churches,
planned
to
and notables
^1*
were
and
over
tjic country were taking part
£1,013,363,744,
comparing ■ with in the campaign against intoler^ 926,339,959 uapd;
^19.
apce/ahd bigotyy,'
t;'
total deposits were
these
figures
if I'---**1'
.
: ■
•'
to
,
sources
ci^co r"Chroi)tcJe^ of Feb, 1§, that
•.'•'jV'.V-,C:'
only morally
dangerous
racial and religious
intolerance/
it was indicated
in the New York
against frs. 4,227,647.
y
i'i*
not
was
States
in its annual report as of Dec.
31,
1946/ announced
that • total re¬
It is learned from the San Fran-
4 r. p'i
amount of frs.
it
"Herald Tribune."
said.
This bank, it is
said, is the third in Orlando and
is capitalized at
$400,000.. i
fC-ft .jit:
an
that
Lloyds Bank Limited, London,
President
.
mX}} the. State Planters Bank
of 2 Iv n'i\ [l
(.Vn*
Olympia
Olympia, and Ward A. Smith
Allan H. Link, Tacoma.
The executive staff and per¬
sonnel will remain; John Brunn,
on
pointed
reinstate
1
to
resume
their
insurance.
Roy
C.
Moen,
President
and Thereafter, policies which lapseGeneral Manager; A. W. Lewis, will have to be reinstated within
Df, Ernest E. Jones, Col. D, M. three months.
General Bradley
who has long expressed the de¬
remain
to
has informed
Congress, said theUnited Press, that ex-service meri
two from Tacoma were named di¬
rectors of the bank. They Included*
with the exception of Mr. Han¬
Chairman
17
Administration
specific deadline for
reinstatement, but General Omar
ration were filed with Secretary
of State Belle Reeves.
Mr.
Mr,
McAdams was
Executive Vice-Presi-
provides
granted by the State Division of
Banking, and articles of incorpo¬
All directors of the Grayling
will
continue
to
serve
sire to
measure,
President
"Permission to incorporate was
Bank
son,
Veterans
pia, Wash., with a capitalization of
lapsed
$200,000, it was announced on Jan. policies within a six months' pe¬
29, it was stated in United Press riod only if the applicant pays
advices from Olympia, appearing two monthly premiums and passes
in the Seattle "Times," which also a physical examination. The new-
also
we
|
-
Feb.
on
authorized
.
Detroit
of
From
Vice-
as
physical examination was passed
unanimously by the Senate and
a
report from Wash¬
The
Kent, Dale E. Tresner, Thomas M.
formerly Pelly and George F. Yantis, all of
Truettner,
Bank of Detroit, of
was
He; also served at ode time
vet*
additional
an
period of
in which to reinstate
their
GI life insurance
without taking
grace
from
has
business
a
elected
were
Vice-President
-
18
by today, Feb. 14.
Henry B. Cross is President of
4he Plantations
Bank,;
V
■t* 11 i it '*■ t £ i-'-v- %.:\i;; v 1,1 -I ;l
Mr,
Secretaries.
former; President
of
the
American Bankers Association.
a
share, provided that at
least two-thirds
$
E.
meyer
Nationally
known
in
the
banking field, Mr. McAdams is
The offer made by the Morris
Plan Bank called for
purchase
of the Lincoln Trust stock at
Y $103.60
from the
Littleton and Francis X. Linse-
of the
B. Win-
Vice-President,
promoted to
President.
solidation of the two banks at
a later date.
11
Dan
Gideon, another
President,
was
Mr. McAdams, a native of
Richmond, Va., started in the
banking business at the age of
of
service,
associated
Vice-Presidents
Chairman
and
Chester,
-
President of the Association of
Reserve City Bankers.
stockholders
x;
the
partner with his uncle, Harry C.
Black, in various enterprises.
At
a
meeting of directors,
held later, J. Harry Schisler and
ing Mr,. McAdams.
director
Lincoln Trust. Earlier this year,
the then Morris Plan Bank of
Rhode Island made an offer to
S
of
accordance
Hoff, Senior VicePresident, and an employee of with the bank's retirement plan.
gan its career as a State bank
he severed his connection to de¬
vote his entire attention to the
I
years'
Bank
Charles W.
,
was a
12
nancial Editor of that paper, from
whose further information we also
and
Silverman
Since his discharge
:
of
tions Bank of Rhode Island.
:
At the time Morris Plan be¬
Y*
member
a
added:
11, according to the
issue
17
bill,. which would give
Feb. * 10
former
board. Reporting this jii its issue
of Feb, 20, the Baltimore "Sun"
of
Thomas B. McAdams, who had
been President of the Union Trust
Mr.
*of the Morris Plan Company of
Rhode Island, which was suc¬
ceeded by the Morris Plan Bank
jof Rhode Island on July 1, 1944,
sand later became the Planta¬
! v,"
elected
Walter
director, Mr.
named. Vice-
a
was
i|ILincolzi Trust,
I
I
Black,
the Comptroller of the currency.
Secretary, and Mr.
Kenney is Vice-President. They
Willi it was announced, continue
in their official capacities with
or? Mr.
Van-Lear
was
Sharon, Pa. has increased its capi¬
tal from $175,000 to $250,000 ef¬
Johnson is Lincoln's Vice-Presi¬
dent
late
Chairman of the Company's board,
Through the sale of $75,000 of
new
stock, the Merchants and
President of the bank,
!
'Mr. Silverman is Chairman of
the board and President of the
Tancoln
■i-
the
Plantations
and in addition to
as
the
of
1
,
bara, Calif, increased- its capital sent to the White House on
Feb*
$450,000
to
$500,000
on 17,
having been unanimously
through a stock dividend passed by the House on
Jan. 29*
posit Company of Maryland, held Of $50,000.
Under
present
regulations, the
on Feb. 19, Gary Black, son of the
United Press
Transfer
pany on Feb. 11, according to an
item in the Baltimore "Sun" of
were
Bulletin
Bank & Trust Co. of Santa Bar¬
G.
Archibald Silverman; Jesse L.
Johnson .and William C. Kenney
elected to fill existing va-
I:
17
Comptroller of: the Currency re¬
ported that the County National
been
the Board of directors of the com¬
th.er said in part:
-
and
Feb.
Army in Oct. 1945, after five reported:
"Journal," fur-
ki-
The
director for 35 years ' and until
1939 President of the bank, and
fective
According to the Providence,
tl. "Journal," of Feb. 15 as an
initial step toward consolidation
of-the Plantations Bank of Rhode
Island and the; Lincoln Trust
B
Vice-President
a
senior Vice-President of
a
A
erans
Trust. He
by Union
At the annual meeting of stock¬
holders of the Fidelity and De¬
a
the Buffalo Industrial Bank, Pres¬
ident
absorbed
'
...
m
:ii
of
GflnsuranceExtension
) Bill Passed
'
k-ii
y-u J
a
'
ui
v
@FedFRASER