Full text of Commercial and Financial Chronicle : February 7, 1946, Vol. 163, No. 4462, Section 2

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ESTABLISHED

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Price 60 Cents

N; Y., Thursday, February 7, 1946

New York,

Number 4462

163

I hi 2 iSections - Section 2

OVE

100

Observations

Babson Calls Attention to the

Mr.

Fear of Big

Investors That Stocks
High and That There Will

Are Too

By A. WILFRED MAY

When our postwar disappointments begin to arouse
the rank and file, not so much against confusion, misman¬

Crash Similar to That of 1920.

Investors Today

Points Out That

Supporters of Russia's foreign policy have been, and still are,
vociferously denouncing all those ^hb areicritical thereof as '.'fascist" Are in a Better Position to Hold agement and incompetency in Washington, as against Gov¬
and otherwise "reactionary.'.'
In line therewith a principal plea on to Securities Than in 1929 and ernment intermeddling, we shall feel much encouraged no
made to the electorate by the British -Labor party for support in
matter: what the state of affairs, then existing.
Once it!is
That Small Investors Will Have an
the recent compaign, was its alleged great superiority over the Tory

accession to power

The successful

trol the Large

volubly celebrated on both sides of the Atlantic on this score.;
Republic'* of Augi 6 hailed the election returns thus;
'"It is hi the field of foreign affairs that the moral impact of Labor's
was

ThUs tne "New

great victory is strongest.
Hope will run through the world as
'political and economic conservatism in the Big Three nations is
suddenly reduced from a majority of two to a minority of one-4tbe United States.
Relations with Russia should certainly be bet-i

ttred."

Professor

And

Laski,

...

chief .Brain-Truster;*

Labor Party's

the

Interpreted the election results a$ 'furthering the international, lib-i
j efalization of his Government's foreign policy, saying: "The Soviet
Union could, and I think will, draw the inference from the Labor
party's victory that a great bastion of its military- security has been

;

gained,

which

•

plies to those
bankers

and

strange,? therefore,'

that

subsequent

the

ble

honeymoon

responsi¬
for

that

t h e

;

endorsed.

There

funds

question of course that such a change of heart
National Capital is greatly to-be desired—if that is all

at the

are

period did not even outlast the Foreign Ministers' Conference: in
London,: where M. Molotov was reliably reported as telling th^
assuredly "un-Fascist" Mr. Bevin that he had been accustomed to
deal with "gentlemen" like Messrs, Eden and Hull. And at the cradling
of.,the peace-seeking UNO proceedings Mr. Bevin openly pronounces
that "the danger to the peace of the world has been the incessant

can

brokers who

V
seems

to offset the claims of labor which it has

conservative

stronger friendship between our peoples can be

built."
.

generally understood that the difficulties by which we are
at this moment confronted are an inevitable outgrowth of
Strikes Merely Delay Prosperity and "planned economy," no matter whether by an able or a
weak government, we shall be oh the threshold of much
Do Not Destroy It. |
better things.
To attain that realization would be well
For the first time in some years
I find that the "big boys" of New worth vast cost and suffering if, as begins to appear, to be
York are bearish.
They believe the fact, it can not be reached in any other or cheaper way.
that stocks are too high andthat
It seems to be the view in many quarters that the really
the market
vital issue now to the front in Washington is whether the
has 'gone up
too fast. This Administration .will gain its own consent to a more reason¬
especially ap¬ able attitude toward business, particularly as respects prices

Opportunity, by Combining, to Con¬
Corporations. Says
of the Aitlee-Bevin regime

Churchill Government in being able to live with the Soviet;
'

lieges,-- hospi¬

The fact remains, however,

be had at this time.

can

that much

than this must be extracted from our pres¬

col-

impasse if we are to make a really satisfactory start
the postwar achievements we could easily reach

ent

tals, trusts and

toward

large
estates.
They are mostly out of stocks

under suitable circumstances.

';ICost of "Control"

--..i,"

•-

=*
'

and-

propaganda from Moscow against; the British Commonwealth and the
incessant utilization; of the Communist

•

the world

as a

parties in every • country in
meahs j to .attack -the British people and the British

i GovcrnhienL a$-if ;ho friendshipbetween us
danger to the peace of the world."

are

very

long; of" Gov-

•

;
"

■

many

learn

Bab.n

Roger

•

bonds.
that

Tnat is tne
^

existed,

Apparently Mr. Bevin feels even more than did Mr. Churchill that
men have oven sold stocks in their
"Russian policy is a riddle, wrapped in a mystery* and enveloped by
own companies- believing that the
an enigma."
In any event, it should be evident to all that even the
most intense brand of leftist ideology is overshadowed by the desire prices are too high. .They assume
that the new purchasers of these
for national protection as well as by a knowledge of geographyr
'

•

(Continued

page

766) 1

f '

stocks

speculators

are

throw! .these

who

in the

that this is, just another mess
attempts to control events
according to' some man-made, "plan" rather than to permit
the automatic controls to operate which nature has proany one can fail to understand
which grows directly out of

(Continued On

comes..

will
The

From

big: boys then hope, to buy these

federal Finance and the States
By HON. lindsay C.

\VaRREN*

the dollar

III Pointing Out the Growth of federal Functions and the Conse-.
quent Heavy Federal Spending, Mr. Warren Asserts That Much of
This Is the Result of the People; and the States Looking to Federal

than

•

Balancing of Federal and State Powers. Sees. Danger
Selling Their "Birthright for Federal Aid."

Peacetime

in State's
;

I-';-'.1

V-

v,,yt

Never in all their

faced with."more
■

V, V,-"'-

•u

history have

V-j-If.*'

Chambers of Commerce been

inumerous. and perplexing; problems. than today, in
readj ustIng j»
-?x2| ! a..'...--''I;';
the 1 i f e o f dear opes .have just given their

com-j lives

munities

peacetim e
economy, with

changing

its

business

and

manufac t

activities.

ing

Never|has
been! a

there

greater need
for, their serv¬

ices

in g

found
for

build-

solid
a

11 o n s

civie wel-

wm*..fare,

and

guarding

our

democratic

which so many of our

766)

page

;

Editorial'!.'

this a remote
and academic question.'. In. one
form or another it bears upon the
daily lives of every one of us. Of
No longer is

late-there has been much
sion of the expansion
eral Government, of
ous

growth

discus¬

of the Fed¬
its.tremend¬

in bureaus,

commis-

fore
of

the

Chamber

Commerce

Asheville, N. C., Jan.. 17, 1946.
on page 764)
-

^ (Continued

PinancialSituation;...;.V.v.*.t;..

757

Washington Ahead of! the

Prom
'

News

r '
'757

Observations

Trading on New York Exchanges,,". 769
NYSE Odd-Lot Trading.......\,... 7Q9

•

758
770

771

769

Transactions
Gas

Fairchild's
-

Sales

Retail

December.

Price

Index

........,...,.

Capital Issues in Gt. Britain.

NYSE

;

•

Share Values at

* These -items

Monday,

769

*702

Dec. 31.....*702

appeared in our... Issue
Febi..4, on pages indicated.

interests
is. ; protecting
if the V question of Mr.
continuation of;
bOyond next June; 30, were up
'

our

b^st

►

informed

opinion is that it would be: ap¬
proved ^ with some modifications..
Yet talking to the members pri¬

is
Carlisle Bargeron

left the Amer-

people in an awful/predica¬
ment.
It seems to be a terrible
would

!.*.>

Congress it
just what the

' against Mr; Bowles on the one
hand,! and wary, on- the other
hand, about the effect of his
propaganda ; to: the ' housewives
about
how
he
alone, : against

tomorrow,

17!,.; M r.
Bowles : m a y;
have resigned

thing

e a

ican

Tru-;
.1

Bowles- OPA, the

arid

this

difficult to say

them.

predic-.

before

greedy

the

printed !and

■

.wh i c h

read

■

.,...

Crop Report for 1945.*....,...; .*699
Hotel Sales in October.!.n.J.;.„*702

New

tions
h

771
for

di f.e

771
768

Govts..; 771

Lower

eed

to believe

771

Market.,;,.'.,.. 770
Weekly Electric Output.........;768
December

su.co

Metals

December

him, If we are

Weekly Coal and Coke Output
; 769
Weekly Steel Review.--..-.767.
Moody's Daily Commodity Index..-.. 768
Weekly Crude Oil Production...!., 770
Non-F'errous

have

still

personal lead¬
ership.; Ches¬
ter Bowles has

759

■

f; feeling is. The great majority of
;vthek members^^7:ar^!burmng Up;
i; abibintiithe

personal leadership,
we

768

....

Items About Banks and Trust Cos.,,

Mr.

757

.......................

Moody's -Bond'-Prtees and Yields

fro

away

Roos q v e 1 t's

Regular Fedtarea

;

get

■,

Bowles' attitude.

•

November Consumer Credit,........ *702
Bank Debits for December....;... .*702

W*An. address by Mr. Warren be¬

effort

man's

„<

■

passing this on is that, in spite of Mr.

Our only point 'in
.

With the other States of the

Union.

capacity has
hospital for the insane, swears
that she had this experience: An inmate; came up to her and said:
!
"Isn't that fellow Roosevelt a card, celebrating his birthday after
at St. Elizabeth's, our

been serving

he is dead?"

and

BARGERON
lady and who in such

A friend of ours who is a gray

GENERAL CONTENTS

their health,

I take it

are

CARLISLE

conditions

different today
The people "have

-.-I;,-.;; State of Trade
self-evident that as GenerahJReview;.I v.;. .k
citizens, businessmen, and tax- Commodity-Prices, Domestic Index.
Weekly. Carloadings.;
payers you are; interested in the
Weekly Engineering 1 Construction.
structure and efficiency! of our Paperboard
Industry Statistics. k\v
national Government,; and its rei- Weekly Lumber Movement.;.;.....
latiori iWith oilr "own great State, Fertilizer Association Price Index. .!
-

injc.t', "V .stitutions*!" in

Lindsay C. Warren

/. „'

our

!•**'!"'

their

defense of

,x"

1929..

(Continued

"Turning the Federal Government's Sails" and. the Abolition of
Unnecessary and Overlapping federal Agencies as Called for in !
^Recent. Executive Reorganization Act. Stresses the Need for x

Balanced Federal Budget and Holds "the Reckoning Period Is Now
III Coming On." Urges Revitalizing iPower of Congress Over.Purse and

very

head

A
J

•

market

Stock

•

certainly

Ta^en by Themselves. He Advocates

Government for Actions Not

Washington

they have/in the

past.
Now, will they be able - to
dp f o?
Well, this question is the
subject of my this week's column.

Comptroller General of the United States

stocks back again at 20 cents

Same

760)

page

overboard

stocks

when the next crash

growing daily plainer thai things are out of gear
food situation.
To us it appears difficult to see how

It is

vately, they agree With the mem¬
bers of the executive branch, ex¬

cept-Mr.

Wallace^

Bowles is the

that-Chester;

day's greatest bot¬

reconversion and that
if something isn't done about him,
that the American people;
we
are
in for an awful lot of
let themselves in for such
tleneck

trouble. Manifestly, we have got
a
calamity as this, but we I are
presented with this amazing spec¬ to do something soon to get pro¬
tacle, nevertheless: that practical¬ duction, and not even Mr. Bowles'
ly all of official Washington, ex-~
threats have seemed to succeed in
cept. Henry Wallace and his hordes
of^v disciples, r are
against
Mr. I « (Continued- on page 763) .

THE COMMERCIAL & FINANCIAL CHRONICLE

758

Administration's

Govt. M-Trusl Suit

Policy

Against AP Ending

For Small Business
By HON. HENRY A.

Three
Federal
Court
judges
signed an order in New York on

WALLACE

Role of Small
Business in Our Economy, Particularly That of Combating Monopoly, Describes the Measures to Be Taken by the Department of
Commerce to Aid Small and Moderate Sized Concerns, > Says Hi's ;
Department Is in a Special Position to Handle This Program Effeclively, Because It Has the Necessary Supporting Services, and .Call? v
Attention to Proposed Provision for Additional Officers to Cover
Work, Says Department Will Cooperate With Other Organizations
and Plans a Comprehensive Program of Cooperation With Business

and Engineering

Colleges.

tory of the United States than
this p

that
the

the one

ac¬

tion. What we

this

year

will determine

postwar economy.
Unless

es¬

now

the

tablish

free

foundations

;

future

for

may

again

■*

decade

deflation

whose

lative

quite impossible to appraise, and
which, in fact, may challenge the
very existence of our free enter¬
prise system. Tied up with the
\ basic
decisions which must be
made jto maintain full production
1
and full employment are import¬

policy determinations affect¬
ing the future of small business.
Because
of the
vital role that

ant

in the operation and growth of our free en¬
terprise economy it is of the
greatestimportance
.that this
Committee carefully consider the
small business plays

place of small business in our
postwar order and take such ac¬
tion as may be; necessary to as-f
sure a favorable climate ; for its
■

growth and development.
in Our Economy

Business

ment,

said

noted

that

the

"Times"

it followed

the

action

consideration of competitive fac¬
tors in voting upon applicants. for

business has a very

than an increas¬

economy

businesses

small

13, 1944, and subsequently upheld
by the Supreme Court.

im¬

our

laws

industrial

distributive

me¬

Press

itself

defend

against charges of monopoly ended

The disadvantageous

the

sociated

small

business

position of

1 man

that

mechanism has many aspects; and
I am now speaking of inherent

disadvantages, not of unfair com¬
petition and the coercive tactics
of
monopolists
or
corporations
hoping to become monopolies. His

Oct.

when

the

Supreme

Court of the United States denied

petition

action

for

that

the

court

small business planned by

partment.

the
than

onerating the cooperative
newsgathering organization under

court decree, the board of direc-r

of markets is usually meager; he

conducted, other of¬

I
pleased to try to answer
questions as you may care
the Department, and

shall be

about

small

business,

specific programs for
the De¬

the

Small business is more than just
a segment of our remarkable eco¬
nomic machine.
From the tiny

probably does not know where to

small business our
mightiest industrial giants have
developed.;
Small business is a
primary source of initiative and
new
ideas, energetically striving
to meet new needs and forcing
alertness on all the rest of the in¬

meet their

seedlings

the

distributive

basis

for

which

minded

men can

adapting hi;1? operations to

customers

how to

special needs. His abil¬
ity to explore alternative sources,
of supply is also limited; he can¬
not claim the advantages in fi¬
nancing,

constitute

sustainin^

unmistakable

sumption of- J egisl'ative
the judiciary."

as¬

power

; * /1 T 4

Gift Parcels for Italy
Postmaster Albert Doldman
nounced

an¬

Dec. 31, that informa¬

tion haiisbeen received from the
Post Office Department at Wash¬

ington, that pursuant to the
lations

the

tional Trade

office

regu¬

Interna¬

Operations, Depart¬

Foreign
Economic
Administra¬
tion), a previous Ord^r stated that

the materials, supplier sometimes

about; advancing him funds;

cift parcels for civilians in the
Vatican City State and certairi

just condescends

localities of Italv

competitor.

alternatives

and

to his

accrue

take

his

or¬

set

forth

der; and the distributor is reluc¬

said order

from eco¬

tant to "push" his product in com-

value.

oetition

advices
stated
that
while
gift
parcels must' continue to Comply

escape

Secretary

Wal¬

lace before the House Select Com¬

with

widely

advertised

brands.
'

.•/'■ A further

efficiently in

and

just

Investigate

and

limited

$25 in
The Dec. 31, Post Office
are

difficulty arises from with the value limitations imposed

very

one

department
in an¬

inefficiently

The old concept of the
Study other.
Small Business, Jan. 22 1946.
#!:
(Continued on page 765)
to

of, the Supreme Court

that

ment of Commerce (formerly the

procurement,

the fact that his business may run

mittee

of both the lower court and

independently-

accurately be said that
small business is a necessity upon
of

laymen "that the decisiori

dis¬

ful

system.

may

^Statement

larger
The banker is fear¬

tribution that

nomic autocracy.

new

go about

democracv in

industry, by providing

through

look for

and

dustrial

insofar

and

of nylon

production

the

textile

job-finishing industry was con¬
cerned, it operated at close to thi
same level as that of the previous

carded

coarse

output

yarns,

wai

reported at a higher level than i

agb.vr"'V;r':;!!''•

month

A very

slight increase

)■

notec

was

in conference with Secretar;

met

of M Labor

Schwellenbach

individual items by the Office

ani

President of th
CIO, in an effort to break thr
present
deadlock
in
the stee
strike.
It was reported the Pres¬
ident is still holding to his pro
posal that the 750,000 strikin;
steel workers be given an IZViMurray,

Philip

% conferences

current

the

for

are

decision

apparently
of reachinj

purpose

how

tha

and

increase

cents-an-hours

much

facturers in the price of
:

the

Discussing

steel.
contro

wage

versy ynow in progress
labor and management,

betwee;
"Busines

Week"" magazine in its "Outlook
the past week had this to say:
"The

fight

wage

seems

down

Settlements

largely

have

pay

mau

and working con

to have shorn management

policy-making
happen.

powers,

■

tion

how

of an;
man;

feared! migh'

had

#up, next

make

ques¬

ends

meet

The

cost-price squeeze has beei
tightened.
And there i:
no certainty that the unions won't
be around again in a few month:

further

for raises

ing

either

cost-of-liv¬

ability-to-pay basis;

;

"Corporations havenit yet en¬
joyed the: full benefit that the enc
of the

war

labor

was

costs.

supposed to bring
Overtime hasn't

entirely disappeared.
The laboi
market still is too tight to allow

In his report this weels oh

ibly.

December progress, Small argues
that inflation is being fostered by

price controls which hamper

pro¬

duction, that we most need goods
co damp down civilian demand. \
"Some industrialists won't agree
Small
that
price controls

with

must
be retained.
Many favor
sweeping out the whole thing. If

the

Administration

should

agree

this, which is highiy unlikely,
the step should be sudden, There
shoudn't be argument and delays
.

which would

cause

manufacturers

to hold goods off the market for
higher prices." ! t
.

Steel Industry—Fearful pf the
devastating effects of a long steel
strike

reconversion,

luctant to take

re¬

Administration

the

dustry,

but

the steel in¬

over

the

past week again attempted to find
basis

some

which

settlement

could be reached, states "The Iron

nat ton a 14 mCtalworking^
in its review of the; steel

Age,"

High Administration off in?
cials suspected of being; the
?
ones
who4 entertained * hopes 6f ;
averting
weeks

the

strike a few
believed to be
seeking a steel price

ago,

steel

are

dent's

Corp. to accept the Presi¬
compromise offer of 18.50

hour.

v...

Contrary to reports that steel
industry leaders were to meet in
Washington last wek to find a
means of settling the steel strike,
"The Iron Age'? states, it is much,
more likely that the Administra¬
asked

tion

Benjamin F. Fairless,
Steel President, to come
Washington and again talk over
the steel price situation. This sud¬
den trip by Mr. Fairless follows
fairly well, the same pattern of
approach adopted by the Admin¬
istration in its previous effort to
forestall the steel strike^ 4 4 ■
j
S.

Before the XJ. S. Steel attempts
further;

negotiations
with
the
union, it is expected that some¬
thing beter than a promise of a
price, increase will be demanded.
Despite the steel firm's attitude
that
to

did

not

become

want

voluntarily;

party to an 18.50
wage increase and a large in¬
downgrading to run its full anc crease in steel
prices because of
logical
course.
These change; its jpossible inflationary
effect,1 a
will come, though* and soon.
Be-, request by the
government to do
fore long, wage costs will be dowr
so* supported by a big enough;
about 5 % through elimination o:
price increase to compensate for,,
overtime and almost as much by
past costs and a new wage ; in¬
the drift Of workers to their nat¬
crease would probably be
accept-;
ural skill-levels and pay-levels;
able.; Whether or not the. steel
Thus a. 15% rise in hourly pay strike is settled
quickly apparently
won't cost, on the average, much
rests, upon the attitude the govern¬
more
than 5% to 6%.
If laboi ment takes with
a

respect to

makes up

60% 'of total manufac¬

turing costs, that means price;
need rise only 3% to 4% to com¬

pensate.
!

"GPA will fight its typical rear¬

guard action on industrial prices
The

price

have

some

agency

of the

seek

needed 3%

will

of-International Trade Operations,'

4% from higher: wages absorbed
between manufacturing and retai

the"value limit.of $25

parcel

levels.

has been removed by that office.

boosts

per

tration chief;: John D. Smallvthat
prices are being held too inflex¬

"Businessmen will agree with
the Civilian Production Adminis¬

Steel

been

Case the present squeeze
$2 more to meet a higher
wage bill, OPA will be reluctant
to
grant the full relief.
The
agency is likely to squeeze tne
price rise down until there is dan¬
ger of red ink.

ton

basis which would allow the U. S.

The unions don't appea

ditions.

the steel in¬

and

seriously

in
creases
run
ii
the neighborhood of 15% to 16%
to a basis
which generally

shaking

"In other words, if

paper
trade.

increase should be allowed manu

"As things clear

recommending changes irj
by-laws as more desirable

lief

to the

efficiency standards of the
larger firms. Similarly, he is not
likely to be in as good a position
effectively to plan other, manage*ment policies and operating meth¬
ods. He .cannot afford up-to-date
scientific and technological re¬
search facilities.
His knowledge

ask. about

the

nose

procedures available.

(

business activities of the Departs

Some increase was noted in the

week

businessmen

rehearing,

exhausted

went up.

dustry is entitled to $2.50 or $3 a

Nov. 28,

tors recorded their unanimous bet-

such

ing the week.

worked to limit output.
1945, remain!
On the strike front Presiden
in effect and so long as the by
Truman on Monday of this weei
laws are controlling over any con-j
on

product designs, his processingprothe Department, Mr. Schindler, cedures, and his plant and equip¬
under whose jurisdiction the small ment are unlikely to measure up

ade¬

were

The^ Associated Press as

amended

chanism.

Then, in accordance with your
wishes, the Under-Secretary of

ficials

inventories

quate to maintain production dur-

Yesterday's Order stayed the' in automobile output the pas
provision of the bridal decree week,
total
production
being
enjoining The Associated Press about 30% of the output in th.
from considering competitive fac-j
comparable week of 1939., Meta
tors in voting upon applicants for.
can
production was ata higl
membership "so long as the by-; level, but raw material shortage,

portant role in the future plans of
the Department of Commerce. ; I
shall confine my remarks to a
general statement about the spe¬
cial position of small business in
our highly industrialized economy
and the general relation of our
small business program to the other
functions
of
the
Department.

jnent will be

is reported,
■

which

environment of tract that may be entered intq
economic expansion.
And there between The Associated Press and
is no more effective means of any of its members."
combating the evils of monopoly
Provisions of. the decree that
than the promotion of new, small
were lifted were those enjoining
enterprises whose primary inter-1 The Associated Press from withi
est is to innovate, compete and
holding its news reports from
expand, rather than to restrict nonmember newspapers, enjoining
production and protect a vested observance of a provision of the
interest.
by-laws prohibiting members and
This is the perspective in which
employes from furnishing local
we view our small business pro¬
news of spontaneous origin gath-f
gram.
Helping small business in ered by them to persons other
its hazardous period of .birth anc|
than The Associated Press or its
helping it' to', keep healthy after
members, and canceling the ex*
it has survived its infancy ate
elusive provisions of the news
among the most important func-f
agreement between The Associated
tions the Department of Com¬
Press and The Canadian Press.,
j
merce can perform.
The need for
The Court said in its original
a government program on behalf
decree that if the by-laws werb
pf small business is in asensea
amended
The Associated
Press
symptom of weakness in our free
could apply for modification or
enterprise system. It is a jweakr
termination of these three provi¬
nessy
paradoxically, that grows
sions.
out of strength, out of the tre¬
The long legal fight of The
mendous size and specialization of
As^

power

Small

our

number
thriving in

destructive consequences are

Small

can

ing

Henry A. Wallac?

cumu¬

and

■

be no more conclu¬
sive demonstration of opportunity
There

the

find

Business Combats

Monopoly

the

turn

enterprise.
Small

economic

growth,

the Circuit Court of

Appeals, the order stays one in¬
junction' provision in t e court's
original rmandate - and lifts three
others. The new crder was -signed
rwjthftthefconsent of the Govern¬

to ar with the decree of the United
his States District Court, -filed on Jam

position of prominence and
ability to obtain on an equitable
basis the things his family needs.
Where there is no room for new
enterprise; there is no room for

of our

course

to rise

uates both his chance

entire

the

W. Swan of

week.
jr..a.r >;*,• $1;., /
membership. The "Times" account
Skilled labor shortages provec
prise system; depends.
Oppor-; went on to
say;
to -be an Important factor in re¬
(unity and! competition are the(
This amendment to the!; by-laws
marks of health in our economy—'
naming production of carded anc
cotton
the symbols by which a man eval¬ brought!, them v Jntq ^conformity combed
yarns.
As
foi

enter-,

which the life of the free

for

year

decisive

6. Signed by Judges Augustus N.
Hand, Learned Hand and Thomas

last Nov. -28 amended the by-laws
of
the association to eliminate

peacetime his¬
that lies ahead. I strongly feel

critical year in the

■■ ■

the Associated Press, according;to
the' New York "Times" on Jan.

of Associated Press members who

■

There has never been a more

«\

decline the past week due to the effect of strikes.

ment's civil anti-trust suit against

Secretary Wallace, After Expounding tits Important

Industrial production for the country as a %hole suffered a slight
Total production,
however, held at a high level and was almost 20% above the January,
1940, level. New order volume as in past weeks continued heavy.
Steel ingot output was comparable with the low level that ob¬
tained twd weeks ago.
New orders continued to be placed* but some
decline was noted in order volume'
level from that prevailing before will seek to forget the squeezes
the strike.
In most industries, it that existed before the pay bill

Jan. 25 which closes the Govern¬

Secretary of Commerce
;

Thursday, February 7, 1945

V':Also,r.in
based

pric^.
For

the

second

of. the'
strike steel ingot production re¬
mains at the unprecedented low
of 7% of rated capacity.
Up to
the end of the past week the coun¬
try will have lost approximately
2,900,000 tons of steel ingots since
the.strike.;began. Much of this
cannot be made up

the4 strike

most

granting ,pricev operating at

higher wages, i'

steel

week

because before
companies were

high level as pos- •
(Continuedon page 767)
•
as

Number 4462

Volume 163

THE COMMERCIAL & FINANCIAL CHRONICLE

!Aip:

Items About

Activity of the UNO
General Assembly

Banks,

$ The

Trust
■

Chairman of

Frank K. Houston,

■

Trust

the Chemical Bank

the Board

of New York
Francis

Company

announced on Jan. 31 that

Vice-President of A.
elect¬
the Advisory Board of the

J, McKenna,

D. Julliard & Company, was

ed to

Street

46th

Avenue

Madison

Bank.

office of the

receive, as each new checking
account- introduced by a client en¬

him

titles

sub¬

additional

If he is already receiv¬
ing all the magazines offered by
the Reading Club, or if he is a
subscriber to the magazines, he
scription.

request that the magazines be
sent to friends as gifts, with his

can

regular meeting of the
of City Bank
Farmers Trust Company of New
York held on Feb. 5, E. Bates
McKee was : appointed an Assis¬
tant Vice-President. Formerly an
Assistant Secretary of the Trust
At

has returned from
of active overseas serv¬

Company, he
four years
ice

Arthur S. Kleeman is President

the

Board of Directors

Commander

Lieutenant

of the trust company.
"'"r"

■

•

;vf''#wvy

■■

Commons Asked fo; Approve Loan
fo Greece; Byrnes Statement on

As¬

Jfe The British House of Commons was asked on Jan. 25 by Foreign
Secretary Bevins to approve a £10,000,000 ($40,000,000) stabiliza¬
Organization continues its meet¬ tion loan to Greece, which he said had been
arranged with the. aid
ing in London with every indica-. ot an American representative.
United Press advices from London
ti'on of steadfast purpose of mak¬ on Jan. 25
reporting this added in part:
ing of the organization a vital
The loan is to be made as part 'of an.
Anglo-Greek agreement*
body for maintaining peace with whereby Great Britain will cancei<§H—
justice throughout the world. One an outstanding
$184,000,000 Greek Government to invite ah Ameri¬
of its. most farrreaching accom¬ loan' and;
make special currency can citizen to become a member
plishments in recent days has stabilization and consumer
goods of the Currency Committee which
been the establishing of a special credits
available to Greece. In re¬ will be set
of

the

United

Nations

•

commission to devise controls for
atomic
to

energy.

vote of

0, with four nations abstaining,

thp Atomic Commission
..

compliments."

| General

51-nation

sembly

Companies

759

under

Council.

the

World

United States

of State Byrnes,

was

set

Security duce its budget.
Secretary
The exact nature of the United

who left London

by Greek law to

turn, the Greek government will
put into effect a comprehensive
program
to re-establish
confi¬
dence, boost production and re¬

States'

participation

negotiat¬

for Washington

have statutory management of the
note issue.
The loan argeement between the

Export-Import Bank of Washing¬
ton and

the Kingdom of Greece,
providing for a line of credit of"
$25,000,000 .was referred to in our:
issue of Jan. 24, page 441,
1

shortly afterward, ing the loan was not made clear
speech before the but Mr. Bevin read a letter from
meeting of the Board of Trustees Assembly that the Atomic Com¬
Greek; Vice-Premier Emmanuel
of Brooklyn Trust Company of
mission was necessary to save the Tsouderos
expressing
pleasure'
Brooklyn, N. Y., on Jan. 17, Thur- world from an atomic armaments
that "a United States citizen will
low Burgmyer was elected a Vicerace.
Later Mr..Byrnes, as re¬ also
participate in our currency
President of the
company, and
ported by the Associated Press in commission."
;:
* XfrV?"
Everett M. Clark, William J. Elits London dispatch of Jan. 24, said
Appeal of the- suit brought by
A close tie-up between the loan
ster, Charles J. Mason, Frank G. that his
country's next move on and the forthcoming Greek elec¬ Twentieth: 'Century
Associates,
Nash, Edwin D. Roulston, Daniel the atomic question would be to
Inc.,
to
collect. $133.34
for
a
tions
Schmeidler and Frederick H. Viewas^ seen in a report that month's rent from
urge the governments to appoint the loan is to be made
Adolph Wald-.
only on
meister were appointed Assistant
their members to the new com-1 condition that the elections take man,* occupant of factory space atVice-Presidents.
Mr.' Burgmyer
335 West 35th Street, New York,
mission as soon as possible, so that
place by the end of March. Ameri¬
was first employed by the Bank of
was
it can get organized at UNO head¬ cans
rejected .on Jan, 28 by the
are to play a leading role in
Coney Island in November, 1917, quarters in the United States.
these elections as "observers," al¬ United States; Supreme Court, it!
and
became
an
employee
of
was stated in United Press Wash-'
"The "commission; according to
though the Russians charge that
Brooklyn Trust Company through
the Associated Press, is to have no this role is
actually one of "super¬ ington* advices,*: which added thata
the

organization

annual

declared

U. S.

Supreme Court
Upholds N.YU Rent Law

•

in the Navy.

Upon completion of his terminal
on
Jan. 31, Major Sidney
Mathews resumed his duties as
Assistant
Trust Officer of the
Commercial National Bank and
leave

Trust

Company

after three and

of New York,
one-half years of

the Army of the
United States.
For the past two
with

service

Major Mathews has been
stationed in India, screening mili¬
tary reverse Lend-Lease require¬
ments for the China-Burma-India
and
the
Southeast Asia
Com¬
years,

mands; and for his achievements,
has
been
decorated
with the
Bronze Star Medal.

President of
the Public National Bank & Trust
Company of New York, has an¬
nounced on Feb. 4 that George H.
Arfman of the New Business Div¬
ision at main office, has been ap¬
pointed an Assistant Cashier and
that Lt. (s.g.) Walter E. Thygeson,
E. Chester Gersten,

Depart¬
ment on Feb. 11 after four years
in the United States Navy, was
who returns to the Trust

appointed

Assistant Trust Offi¬

cer.

with the Bank of Coney
1928, at which time he
manager of the Sea Gate of¬

merger
Island in
was

has

Allen,

1943,

He is President of

the Brooklyn Club, treasurer of
Brooklyn War Memorial, Inc., and
for

many

has

years

active

been

philanthropic organi¬

The paper indicated added:
"His associates in his new busi¬
ness

Allan S. Harrison, until

are

last week director of

ing for New

Public Hous¬

York' City, and Wil¬

architect, re¬
tained by the New York City
Housing Authority on several of
liam F.

R. Ballard,

its larger

projects."

Mr. Allen during his
with

the

Bowery

connection
since

Savings

1932, is said to have handled a
large volume of mortgage lending
for the

bank.

•

Mr. Elster

appointed

Rockefeller

Trust
Center,

Company
New

has. sent to its Personal
Account customers an

York,

introduction have been furnished
to

the

institution's

clients to

given to their friends; these; cards
of introduction can be presented

of the bank's four offi¬
and when an account is
opened through such an introduc¬
tion, the magazine subscription
selected by the customer will im¬
mediately be placed). ' The an¬
nouncement of the trust company
at any one
ces,

Jan. 30 added:

"There, is no limit to- the num¬

ber of -subscriptions it is

possible

was

Assistant Secretary

Brooklyn Trust Company upon
completion of a merger with the

Mechanics Bank in 1929.
in

charge of the company's Broad¬
office until 1934, when he
transferred

was

fice, and in 1938
Regional Officer

its

was

assigned
branch

of¬

the

loan

agreement

State

installments beginning

New

July
1, 1951. Great Britain would also

make

available

immediately,'for

sale to the

Greek government :at
cost, $2,000,000 worth of consumer
goods, including clothing and agri¬
cultural ; implements; despite cur¬
rent shortages of such goods here.
Apparently on the basis of the
loan
announcement, Greek cur¬

lost

but

Paul-Henri

Spaak, Foreign Minister of Bel¬
gium.

the

being

established

authority of the UNO to

maintain
the

peaceful relations among
of the world

nations

the

Emergency:
Law.

Rent

Commercial.

Second

The

District.

York

Municipal Court had
ruled that the legal rent for the:
space under the: State's commer-;
cial rent law, which;/was passed:
last year, was only* $86.25.
' The New York Court of Appeals,
the United Press continued, in af¬
firming this ruling* upheld the;
.

validity
act.

the

commercial

rent

Twentieth

Century then ap¬
pealed to the Supreme Court. ■> :'
The law freezes commercial*loft
rents at the levels paid on Mar.,1/:

to the dollar.

1943, plus 15%.

rate

20,000

statement

British

bearing

financial

assistance

the
to

26 by

Greece was made on Jan.

the Greek Government a note exu

sympathetic

pressing

interest

the financial and economic prob¬
of Greek rehabilitation and

lems

Evidence

established Jtoday at a
drachmas, to 'the
pound sterling,; or 5,000 drachmas
rency; was

29,

UNO,

rule

constitutionality of the New Yonc

Greece would repay the $40,000,000 stabilization credit in ten an¬

nominated Trygve Lie, Secretary
of
State
James
F.
Norwegian Foreign Minister, for Byrnes at Washington, in which
the important post,;; Lie,.a 50-year he said:
old lawyer and diplomat, was, ac¬
On-Jan. 12, when a $25,000,000
cording to the Associated Press Export-Import
Bank
loan - to
report -from London, Moscow's Greece was announced, the United
candidate for
president off! the States Government .addressed to

of¬

main

fices in the central Brooklyn re¬
gion. He served as a member of
local

Jan.

was

way

the belief that a firm stabilization

instituted by the Greek

program

Government could start the coun¬

try

road

the

admittedly

difficult

economic recovery.

For

It expires July

l.p

In special advices Jan. 28 to the£
New* York "Times" from Wash^r

ington, it was stated;
Twentieth Century Associates,,
suing Mr/ Waldman for rent'
payment under a new lease, at¬
tacked the retroactive features oft
"

the rent law, which made its pro¬
visions binding on leases made
before the bill was enacted Jan.

company's lease
Waldman, which in¬
creased his rent from $75 a month
to $133.34, was signed on Nov. 28,
1944, to become effective Feb. 1,
24,

The

1945.

with

Mr.

1945,

Under the law; commercial rents;
in New York Cit^ were to be-Jim*/
ited to the level of March 1, 1943,
plus 15%, and. applied to all loft
leases regardless of when signed.

the

people
can
take hope from the knowl¬
edge of continuing outside as¬
sistance so richly deserved by a
nation whose economy was delib¬

Assistant

situation by the Council, this was

erately shattered by the Axis oc¬

Counsel for Twentieth Century

the

disregarded, and

Associates argued that this retro¬

Associated Press

reported, heard

cupation forces; against whom the
Greek nation had
offered such

glorious resistance.

lated

Selective

Service

Board

during World War II.

Secretary in charge of
company's Manhattan office,
26 Broad Street, New York City,
an
assignment .which he now
holds.

Prior

with

Brooklyn

had

been

connection

Trust

Company

Russia

Although Russia had

Iran;
tested

between

against

hearing

and
pro¬

Jan. 28, the

the Iranian delegate to the UNO

declare that

"there

have

been

Government,
methods

York, Trust Com¬

Affairs by the Soviet authorities."

omy

Company.

Mr.

Russia

promptly

validity

the

appeal

Greek
conversations
on
the

of assisting Greek econ¬

been under- way in
London for the past several weeks
between British and Greek offi¬

the

have

the cials.

Representatives

the

In Mr. Waldman's ease the allow¬

able

rent

would

rise

have

in¬

creased his rent to $86.25.

active

provision in the law vio¬
the due

process

and equal

protective provision of the Federal
Constitutions and also

and State

violated! Article 1, Section 10, of
the Federal Constitution,

prohibit¬

ing a State from enacting a law
which

impairs the obligations of

States Government have
contracts.
present at these meetings,
The State Court of Appeals up¬
r It is gratifying that the agree¬
ment on financial; economic and
held the constitutionality of the
industrial matters concluded in
law in a 6-to-l decision on July 19.
pointed an Assistant Secretary claims against Russia had been London on January 24 between
Judge Thomas D. Thatcher, writ¬
and assigned as Regional Officer
raised by the old government, no the British and Greek Govern¬
of
branch
offices in the Bay
ments offers substantial financial ing the majority opinion, denied
longer in office.: The Russians
Ridge region of Brooklyn. Mr.
and economic assistance; for the the company's arguments, and/ re¬
Roulston was first employed by wanted all disputes between the solution of some of the most press¬
calling the emergency state of
the Mechanics Bank in 1905. After two nations to be settled by direct
ing problems in GreeceM am also
the ; merger
of that' institution negotiation and not under the happy to find in the agreement housing in New York, asserted;,v«;
"The act seems clearly to pre¬
with Brooklyn Trust Company in
the evidence of a determination
auspices of the Council.
Finally,
1929, he became assistant mana¬
scribe a most reasonable and le¬
on the part of the Greek Govern¬
on. Jan, 30, the Security Council
ger of its Fifth Avenue (Brook¬
ment to put into effect a series of
was

employed by the com¬ ground that

challenged

•

request .of

the

number of interventions in Iranian

pany 'for several; years, and later
he was for a time connected with

Weld

dispute

this heavy task the Greek

Security Council in

Treas¬

Assistant

of the New

his

of its

action

the

Mr,. Mason was employed by
the company in March, 1939, and
in May, 1939, was appointed an

White,
Checking Nash

invitation
to become members of "The Colo¬
nial' Winter Reading Club".- The
Reading Club offers subscriptions
to one of several popular monthly
magazines for each new personal
checking account introduced to
the bank by a depositor. Cards of

urer

£ Colonial

employed by the

was

Mechanics Bank in 1915 and

tion of several possible candidates,
the World Security Council,, on

Under

nual

refused to

the Court

vision."

other country to disclose

any of Its atomic: energy secrets;
He was appointed an Assis¬
according to the interpretation
Secretary in 1929 and placed
placed
upon
the
proposal
by
in charge of the company's Ave¬
Byrnes, Its responsibility will be
nue J office.
In April, 1933, he
to
work out .ways of keeping
became Regional Officer in charge
atomic energy from being used
of the company's branch offices in
It will be com¬
the Central Brooklyn region, and destructively.
in December, 1938, was appointed posed of representatives of the
eleven nations on the Security
Supervising Officer of branches in
all regions. He served as Chair¬ Council plus Canada, and will be
responsible to the council for its
man of. Selective Service Board
Number 141 during World War II. work; .and policies.
Further business accomplished
Mr; Clark has been om the staff
by.the General Assembly was ap¬
of the company since 1941, and
pointment of a Secretary-General
was
appointed an Assistant Sec¬ of
the UNO.
After more than, a
retary in charge of customer rela¬
week of argument and considera*
tions in

re¬

housing developments.

to compel the United States

any

tant.

in civic and

Frederick

fice.

zations, in Brooklyn.

signed as Deputy Mortgage Offi¬
cer of the Bowery Savings Bank
of New York to assume his duties
with the new firm" of Harrison,
Ballard & Allen, which, according
to the New York "Herald Trib¬
une" of Feb. 3 will resemble pub¬
lic housing authorities in scope of
service, acting as owner's agents
in
the creation of multi-family

power

new

government

United

in 1924 1 as a clerk at its had just taken office in Iran (the
main office. In 1930 he was ap¬
new
Premier is reported to be
pointed manager of its Sqhermerhorn office and in 1945 was ap¬ friendly to Russia) and that the
pany

lyn)

office, and in 1930 was ap¬
pointed/manager of that office:

In 1941 he

appointed an As¬
sistant Secretary and assigned as
Regional Officer of branch offices

been

remedial

proviso that the Council retained

contribute to the long-term

was

in the Flatbush

(Continued

region.
on

page

772)

which should

agreed to permit this, but with the

the

measures

fare of the

right to supervise the conver¬

wel¬
Greek people by laying

solid basis for gradual improve¬

judgment on ment in the years ahead.
I have noted with particular in¬
agreement, is finally

sations and to pass
whatever

reached,

terest the intention of the Greek

gitimate
signed

public

remedy,; carefully / de¬

ends

the

and

the

appropriate

view

accomplishment of the legislative
purpose

curb

serious

public

evils arising from the emergency."

760

THE COMMERCIAL & FINANCIAL CHRONICLE

,and to the price if the article

The Financial Situation

Wage-Rate Increases Caution Urged for Loans
Highest in Three Years On Real Estate
V ll

be produced..

Thursday, February 7, 1946

/ Is there
..in Washington wise
V.
(Continued from first page)
enough to know now what
vided.
Food is far from plen¬
Wage-rate increases during No¬
questions. If only the matter adjustments are
necessary to
tiful—at least in the retail were; as simple as the crack¬
vember/for workers in the 25
make it possible; for the Ford
manufacturing industries surveyed
stores. Why it should be is not pot economists would have
organization to continue in¬ each month by the National In¬

any

the

public believe! If only all
that was really necessary was definitely to function satis¬
factorily? Of course, not. Not
to
raise the price of each
even
Mr. Ford himself can
product by the amount of tell
accurately in advance,
labor cost added by wage in¬
but he must be assured'now
creases
granted to the work¬ that he will be at
liberty to
ers
who make it—assuming
make
such

easily explained. It now
begins to appear, moreover,that it may very well be much
scarcer before it is more
plen¬
tiful—and from Washington
comes word that, as usual, the
therapy being developed
very

there is another and

that

ex¬

tensive

one

application • of the
hair; of the dog that did the
biting—that is,, more control,
more
tinkering • with:; prices,
the markets* arid the like.
OfJ
course, no cure will be found

the

amount

such

advance! But

moment's

con¬

sideration will convince

even

the

in the .street,

man

adjustments

in¬

could be determined in

crease

must by now have .become

experience
—or

proves

would

indeed to

dustrial

the steps

that are apparently political managers in Wash¬
being taken to bring wage ington how much his compolicies and price policies into pany is losing on each car it
better coordination—or at all

now

builds. The

is much

sum

to give the impres- j larger by reason of the low
sion that such is being done, t volume now being produced,
and
doubtless .to do
what but it is clear that the loss is
events,

the

authors

public policy. of such magnitude that

believe to be such, if It is dif-. increase

ficult to

how there

see

eliminate

can

volume

it.

mere

will

not

three

trouble

magnitude than in

develop

three,

or:

four years from how unless cau¬
is exercised by lender's on

tion

re¬

real; estate and < oir housing, • and
Conference also because the management of

the

years,

reveals

issued the 'national debt presents un¬
increases precedented
problems
coupled
applied to 4.2% of workers in the with an enormous accumulation
25 industries, the largest number of "wild
money" was made on
since November, 1942, the Confer¬ Jan. 24.
by John H. Fahej- Ad¬
Jan.

the

foolhardy
give the signal for

report

The

wage

More than

workers

cotton

21.

Board said.

ence

the

in the

seven

90%

ministrator

northern

industry received

creases

wage

Loan

ceived

the

Federal

system,

Home

of the Federal -Home Loan Bank
of New York in the Waldorf.

Astoria;

We quote the foregoing
the
New
York
"Herald

from

Tribune"

increases - averaging

wage

Bank

brief
address before the annual meeting

in¬

months from

May through November, accord¬
ing to the report; During Novem¬
ber, it is indicated, 24.8% of the
workers in the wool industry re¬

;

Of course, the increase in
price which Mr. Ford must

Jan. ' 25,

part further reported:

10.6%.

which

Mr.

Fahey told 400 savings and
Other industries in which work¬ loan executives that "the housing,
ers received substantial pay boosts needs of service men must be met f
were
lumber and millwork, silk first and you. must use your dis-;
and rayon, machinery and ma¬ cretion to tell other, people" that
chine tools, furniture, and agri¬ this is not the time to press home
selected for discussion at this cultural
demands."
implements.
time merely because it
Nugent Fallon, President 61 the
hap¬
Hourly and weekly earnings of
New York bank, announced his
pens to be in the news. From production and related workers in
institution had enjoyed its most
what has been said about it the 25 manufacturing industries
profitable year in 1945,; with a.
rose during November, the Con¬
the reader can
gross income of $1,007,904, against
easily apply ference Board said. The
average
the principles to the business work week was
$754,586 in 1944, and a net income
reduced, however,
of $691,679, compared with
situation as a whole.
$479,-'
and "real" weekly earnings re¬
198 in the preceding period. "
And if he does he is not mained unchanged from the pre¬
Walter
D.
Schultz, President
ceding month's level. The Board
,

likely to

sion that

Recent

Board

clear to the "controllers" in
have will affect the costs of
in this way.
Washington, that the situa¬
other industries and of con¬
tion is immensely more com¬
But, generally speaking, it
sumers/ The chain is
endless,
is probably true that the in¬ plex than would be thus in¬
and of course, the Ford
organ¬
terest of the public at the mo¬ dicated.
ization is merely an
example
ment is more directed toward
Mr. Ford has informed the
:

Board,

greater
1931-33
may

corded the greatest monthly total
in

necessary

full speed ahead.

Conference

The prediction that
much

agree-

escape

the conclu¬

of the Federal Home Loan.Bank,

further said:

;Washington has bit¬

of Cincinnati, who was the guest
preliminary index of Em¬ speaker at the meeting, said that

The

.;,i

ten off more than
be left any substantial num- ment by the company to
any Gov¬ ployment for November indicated the home loan bank
pay!
system "has:
ernment can chew
that a slight drop from the October alwas operated op the right side
ber of citizens who do not; its workmen much: more in
level,, but,. the change was so of the ledger^^ end has been self^what is needed is for
govern¬
recognize as mere propaganda ' wages -—.an agreement which
slight that the finaT figure could
ment to let business solve its
supporting from the start.
the assurances which for f alin^substance
the
easily move in the opposite direccompany4
These various central banks, he

own
problems.
long while past have been could not well avoid in light:
pouring out of certain offices of the position taken by the
in Washington to the effect: authorities in
Washington—:
that wages could be raised alj will without * question | very
most without practical limit, ' substantially increase' the loss
prices remain unchanged, and sustained^ by • the companyJ
Charles Diehl, President of the
the employers make larger over that computed
by the Empire City:: Savings Bank, of
New
York
City,
was
elected
profits than ever before.
It OPA on the basis of wages

Ap Qctoberi Only* threeindustries

must now be realized in

•

V
xJi
said, "have proven their worth by
*c
■§! Hourly ^earnings of the: manu¬ their wprks and they should > be
-

LV : i

facturing " workers

•

\ ,M".

v--v -\

guarded and protected by the in¬
dustry they serve, and they de¬

November

the wholehearted
support
m
earnings. of all their members;"
'
They were .leather tanning and
finishing,, news
and; magazine
Truman to Fly to Florida.,
printing, and heavy equipment.:
Plans of President Truman for
Weekly earnings of workers in the
serve

showed/lower//hourjy/

••

•

...

paid prior to this increase,

average $1.089, or 0.9% more than

System Elects Dteh!

every

Chairman of the Board of Trustees
of the Savings Banks Retirement

industries

averaged

$45.70 ir

brief Vacation in Florida

were

made known at Washington on.
But this is only the begin- System at the Annual Meeting of November, an increase of 0.4 %
Jan. 26, He. will fly to" Orlando,
the Board of Trustees on Jan, 25. oyer the October figure, io
ning. Mr. Ford finds that
Fla., on Feb. 11, and on his arrival
Mr. Diehl who has been a Trustee
The average work week for No¬
there will motor to Winter Park,
nothing more or less than many of his suppliers can no since
the inception of the, (System vember was 42.1 hours, a decline,
Fla., where he ,wjll receive the
simple balderdash — no mat- longer furnish parts at cut¬ —May
1, 1941 -— succeeds Daniel of 0.2 hour from October; and was honorary
degree of: doctor of hu¬
ter in what strange words and'
font prices without sustain- T, Rowe, Presideht of the Kings the shortest, for any month since manities froni Rollins College. He
highfalutin charts and tables ing a loss. They have ceased Highway Savings Bank of Brook¬ December, 1941. It was 3.5 hourc is expected to deliver an address
lyn, who will remain as a Trustee, shorter than a year previous with his
it is expressed.
to produce
acceptance of the degree.
them, or will cease John S.
Roberts, President of the Average hours of women workers United Press advices Jan; 26 from
shortly. There is no reason to Flatbush Savings
Bank, of Brook¬ dropped below 40 a week for the Washington said:
Wages and Prices
suppose that the Ford organ¬ lyn, was elected
first time since October, 1942.

cross-roads grocery store that
this claim has always been

•

It must

long ago have become plain to one and all
that.
if wages are to be substantially increased everywhere,1
prices must rise correspondJngly.
This simple fact ap¬
pears to be overwhelming the
Wallaces

the

and

and outside:

the

of Commerce. It

others

Department'
seems

to be

finally taking hold of the
"policy makers" in the Tru¬
man
regime. They have been
most

reluctant

reach

such
more

reluctant

any

conclusion, | and

but facts

even
admit it,

stubborn

are

things
even when attacked
by such
inflexible
propagandists J as
the OPA authorities. There is

accordingly

some evidence of
greater willingness to come

have

themselves.
immediate practical

upon

What the
be

authorities

the.

wished

results

this problem

with

grips

•which

are

be remains

seen.'/ 7,.;. ./-/V-:

already

tion

come

the

to a realiza¬

fact

could

make

them

such ceiling prices, certainly
not without crippling delay
entailed by the necessity of
getting ready to produce

Vice-Chairman;
Matherson, Jr. and Walter
Williams, Jr. were reappointed
Executive Manager and
Treasurer,
and Secretary,
respectively of the
System.

box

-tormenting

Truman

Wide

Authority for
Rousing Expediter

The

This

means

that the

Trustees
reported
the
System's assets, as of Dec. 31, 1945,

tial

Yacht

Williamsburg, for

cruise in Florida waters.
• ;
?'On March 5 Mr, Truman is
scheduled to
introduce Winston

OPA—if it is to continue to

—

...

exact amount of such increase

may

eventually

that

is
it

Home

Savings: Bank,-

of: White

to be,

Plains,; N..* Y,; .Thomas: J. McCour

whatever

doubt

substantial,

the

here,Too, is a change p.: Rutan,\Executive .Vice-Presi¬
dent of the Bank for'Savings in
impinges upon the cost

cost

such

;

tp po-prdinate - the
.

activities.of such agencies regard-

ing housing. 7
j; ;•'!v>v'V:
ings Bank, of OneidarN. Y.; Harold .: "3. Recommend to the President

course,,

which

agencies and

liff, President. of: the Oneida Sav4

prove

they very
the City of New York, New- York
of building a .Ford automo¬
shortly will fully .understand
City;; Jacob: H.. Strong, President
that they have opened a Pan¬ bile, and which must be added
of the Rhinebeck Savings: Bank,
dora's

this
ceremony;
Mr,
will; return to Orlando
by car, fly to Miami and, that
same evening, board the Presiden¬
'After

Robert

: Wilson
W; .Wyatt,
National
$2,444,309 and participation Housing Administrator and Ex¬ Churchill for a speech at West¬
in the plan
pediter, received new powers on minster College at Fulton, Mo,
by 54 banks and
manage the automobile busi¬ 2,359
employees. This participation Jan. 26 to speed a remedy of the The British war leader will i*eceive
ness fori; Mr. Ford and the represents increases
nation-wide
housing
shortage, an honorary degree at the Mis¬
during 1945
of
others
113% in assets, 38% in the Associated Press Washington ad¬ souri ceremony.must
refigure the
number
of
"Today's announcement of the
cost of
participating banks vices stated. The Housing power
making a Ford car.
President's vacation plans
and 39% in the number of
and authority of War Mobilization
brought
partic¬
immediate
speculation
that
heipating employees. A continu¬ and Reconversion Director, John
2 ; Steel and Automobiles
might invite Mr. Churchill to visit
ing interest in the System is also W. Snyder, were delegated to Mr.
But, of course, the end is reported by the Trustees in the Wyatt, and President Truman him aboard the Williamsburg and
that the two men
not yet.
might fly back
There is no general addition of six participating banks directed the executive agencies
of ^ the Government to lend their to Washington together in time to
agreement as to the amount fcs of Jan. 1, 1946.
aid to a solution of the problem. leave for the Missouri trip;
Other Trustees of the
which must be added to steel
System,
The President, by executive order,
!
"There was no announcement of
in addition to Messrs.
Diehl, Rowe
prices. to provide wage in¬ and
said the Associated Press, author¬ the length of Mr. Truman's Flor- ;
Roberts, are: '
ida vacation
creases which will
except a statement
bring the
Charles W. Carson, Executive ized, Mr. Waytt to:
men
back into the furnaces Vice-President of
•:?I2' Formulate plans .and pro¬ by White House Secretary Charles :
the Community
G. Ross that it would be brief.
and
mills.
The /
industry's Saving s Bank of Rochester, grams to provide an increased ; "It was believed
thatMr.Trtiman "
statement on the subject is Rochester, N. Y.; George C. John¬ supply of; housing of all kinds,
might invite Mr. Churchill aboard ;
doubtless based upon full ac-, son,-Treasurer of the Dirie .'Sav¬ particularly <: moderately -2 priced the
Williamsbourgfor some fishing *
cess to the facts and
ings Bank of; Brooklyn/: N.; -Y,; homes for sale or rent to veterans. off the:Florida, coast.
upon long
"2/ Issue orders to other Federal
fp'7
experience. But whatever the John F. Krepps, President of the

them.

there
.1

But if the authorities have
not

ization

product Rhinebeek, N. Y;

enactment.of legislation.
■

-"4. Consult and co-operate with

other

Federal, agencies, state; and

Kr? Mpls. Reserve Branch
Announcement

j
!4

governments,.;v. industries,

labor and other groups,:

•housing problems.? i\ C

-N• *

by the Federal Reserve Bank

Minneapolis through its Presi- ;
dent, J, N. Peyton- that board of i
directors- has "appointed
>
Harris, President ot the Yellow- ."

^tope .Bank,;.Columbus,

Mont.,

;

director; of; the * Helena .Branch

9^-the; Federal Reserve Bank of
Minneapolis for the two-year term
;f: ending Dec. 31, 1947.' ' ; • "

regarding

•

Jam

if.

local

was imade

:
•

Vpliime;l63

j(thes amendment and. revision of

annual

In his
which

the entire basic labor law.

to Congress on the State of the .Union,
annual Budget Message, delivered on

message

with his

he combined

asking Congress to act on a revised
program heretofore submitted, recommended
These
as
summarized in Associated Press

Jan. ? 1, President Truman, besides

21-point

legislative

additional

measures.

Washington advices, and given in the New York "Times" were:
'»

extension

Act

trol

for

o£

one

;

con-

Jrrn:e

n-rate fact-finding

from next

year

boards to halt

strikes.

June 30.
2. Extension of the Second War

wants

President

Congress

powers Act, including priority and: :;0 : ,impose a ; 30-day pre-strike
inventory controls, beyond June cooling-off period on unions and
30,
presumably
another six to .compel corporations to open
.

months.

•

their books to Government wage-

of food subsi¬
dies beyond June 30 with the pro¬
viso that they stop if the cost of
i3. Continuation

living

below

} A. Legislation creating

a perma¬

nent

Selective

the

be¬

piea.

4.s

Senators

housing, agency..

5. Extension

recess

Dec. 22, but Con gress ignored

gan

levels,

Christmas

the

Defore

present

declines

He asked for action

scale boards.

have had

Representatives

23-day Christmas va¬

^Referring .to, the., actual; strike
recojrd compiled by the Bureau of
Labor
Statistics, the "Sun" ac¬
count states that it affords a com¬

this before April.
The advices added:
Here

are

Congress

lems this week.

1. A

law

give

greater

tion

fact-finding
in. labor

and

appearance of
General Eisenhower and Admiral

lopeful

that

the

"full

employment" bill Niihitz before members- of Con¬
.such as that passed by Senate.
gress will check arbitrary action.
3. Supplementing
unemploy¬ On the labor front no action is
ment insurance benefits.
4. A

Fair

permanent

likely until it is known whether

Employ¬

ment Practices Committee.

Security Board Plan
For Vets'Credit

Supporters of the Wagner act
argued that this was only natural Senate
-—that labor, emancipated for the
.....
„„
...
first time, was asserting its acwnewly won powers, and that it was;
all part of the process of indus-

The

Raising

the statutory mini¬
mum wage from 40 to 65 cents an
hour now, to 70 cents after one
year, and to 75 cents after two
years.
;£■% C •
■
/ '

New

Commerce"

StLtor

Majority Leader,

was^^ptwTafter Senator"LWil-^ciated

trial

fered

be given to war veterans for their

suf¬
serious setback during the

war, when labor and management
had joined in a solemn no-strike,
no-lockout pledge to the Presi-

the
on

?hUpirm<laqV>outlined

trpt

the bill to set

by the Board included,

lwe
the Associated
Fress) in addition to the proposals

filibuster

the

during

Senate

system of social insurance"

tional

permanent

FairEm^^t Pr^UcefCom-^for veterans' old-age and survi, •

practices com

yors, insUranCe credits:
p
vL . Federal insurance r against
a?re^ medical-care costs, including payafter he was assured that he would ments to doctors and hospitals. V

dent, and when the Wagner act mission
might have been expected to fos-|
rr.u0
' waWi*
ter
industrial -peace
if it ever
N°rth; •
so

have; ample

hnwpvpr
record snows, nowevei, thai
tnat
lurinff t.hp war'industrial discord
Tho rProrH chnws
ine

York
"Journal
of
in advices from ? its

serviced The broader "na-

point

however,

argument,

could do

Press reported from Wash-

fcington,insurance credits would ;

education.

This

there will be a steel strike.

alQn^i«idrthrdwbf*
its tenth annual report which inTh
roeninfinn
L included recommendatiions for ex-

tory.

other

chis week. '

powers

disputes.
2.

labor, demobiliza¬
bills is expected
The-Administration is

A shower of

Mr. Truman listed by numbers:

boards

be able to
of its major prob¬
not

will

deal with any

the 21 measures which

cation.

Act

The President called for action on

Proposal Before Congress

Opposition has been evident in both House^ of Congress to the
Administration's proposal that early approval be given of the $3,750,- *
000 loan to Great Britain.
Concern was felt among proponents of the

loan that its total might be seriously'reduced.
A House resolution
parison from the year 1927, when
authorizing the loan was assigned to the Banking & Currency Com¬
the
Department
first began to
mittee, whose Chairman, Representative Brent Spence (D.-Ky.) had
gather accurate figures on this
sponsored the resolution. Although*
—
subject, clown to the present date.
action in the
Senate was tem¬ but we are determined to bring
Continuing,
the
"Sun" advices
porarily hampered by the anti-F. out all the facts," he said. ":'v 'added, it shows, for example, that
E. P. C. filibuster, it was felt that ;
Mr. Spence said the legislators
in 1935, when the Wagner act was
hearings might begin in the Senate wanted to know just what the
spread on the statute books, the
commitments • under
the
committee before they did in the British
number
of " strikes
crossed the
House, as the House Banking and loan agreement are and "whether
2,000 mark for the first time since
they give us the protection we
the Department began to assem¬ Currency Committee was schedul¬
ing the beginning of its sessions need for American industry and
ble accurate records, v/!; V. »'*'
on price control law renewal.
agriculture."
.It shows that in 1937, when the
:;i: On Jan. 31 a resolution to put
Supreme Court upheld the consti¬
in effect the proposed $3,750,000,tutionality of the law, strikes rose
000 loan to Britain was introduced
to an all-time peace-time peak of
in the. Senate and immediately
4,740 that the number of workers
encountered threats of bitter op-affected reached a new high, and
that there were more man-days of
! '?• TM Federal Security Agency
special Washington advices to the
idleness than ever before in his¬
jan £8 submitted to Congress

Returning, • they find hundreds
beyond the present
expiration date of May 16 "in case of thousands of workers already
the campaign for volunteers does on strike and thousands of others
not produce" the needed number. poised to walk out.

Service

,V•,

;

British Loan

Legislation Proposed by Pres. Truman Following
Convening of Second Session of 79th Congress

761

CHRONICLE

THE COMMERCIAL' & FINANCIAL

Number 4462

^
the

poSe

opportunity

bill.

hearings

to; op^H

Establishment of

rjstaDiisnmeni oi a single naa Single na-

: 2.

before

tional

nrocram

unemolovment

xloIldA' P10^1 dHl ,U1 unexiipiuy meui
insurance to replace existing Fed-

the Senate Committee on Banking

Washington bureau on Jan. 15 had rose to a new all-time high. In
the three years from 1942 to 1944
a member.
the following to say regarding the
,
T
jobless-benefit
when
America
was
combined address
of President inclusive,
G. fBilbo.- rights to all employes in indusy Senator ^Theodore
fighting for survival both in Eu¬
Truman:
Democrat, of Mississippi,; said he tries covered, and ta as many non6. A scientific research agency.
rope
and in the Pacific, there
intended to fight the loan plan, covered groups "as is administraIt was the first time in
the
7. A health and pre-paid medi¬
were
11,676 strikes-^-more than
Senator
Bilbo,
who
currently lively feasible."
memory of Washington reporters
cal care program.
ever occurred in any. other three
holds the floor in the filibuster i
that a President has combined the
4
Maximum weekly unemploy8. Universal military training.
year
period in history.
These
two; important messages.
against the T. E. P. C. measure
9. Increased Federal salaries.
jnem benefits of at least $25, paystrikes involved

;

10. Presidential

and

The

the

armed

services.

13. Retention of Federal control

the

ment

that

-—more

United

States

Employ¬

Service at least until June

;

emphasized that his' decision
send only one message had no

connection

with

other

4,937,000 workers
than w^re ever affected In

said he would use the same tactics

against; the Biitish_ loan.

any;]|qfl^iihre| x^ar^perk^'Jn

closely bound together. that a sin¬
gle message would be preferable.

and control of atomic energy;
Over

explained

history.

and of the budget this year are so

12. A law to cover domestic use
,

President

3fter much study he had decided
that the problems of the Union

11. Unificatlori

orosrams

Extosfon o?

succession leg-

Tslatioii;®^

Currency, of which he is not; eral-state

the labor situa¬

The total
lost -W

"then

the

fact

Russia

lions,

Government

the

France

will

billions,

maintained absolute control
wages and working

billions and

over

conditions and

cousin

two

want

British,

program

workers,"

in¬

public service employees, as well
as
those in f business for them¬

I'm willing to

the

gainful

cluding agricultural, domestic and

several

Belgium
on.

"all

cover

0id.age anj

insurance

survivors'

;

that

to 26 weeks

Expansion of the

proposed loan
want six bil¬

will

three

26,400,000 —Was relatively
moderate, thanks presumably to

for \ip

Senator Bilbo said that if Great

Britain receives the

number of man-days

...

selves.

6. Liberalization of these, bene¬

believe in good fellowship, and
national
freely exercised its right to seize
fits,
particularly
for lqw-paid
I'm pro-British, but I'm tired of
affairs,
'7 "jj industrial
properties made idle by
workers.
Uncle
Thd> President said he would labor disputes.
Sam,,J)eing. a; Santa Claus,"
7. Benefits payments for both
15. Social security coverage ior
hd; said. '
have a special message on l the
;
f he
yetefanafb^th^ir^tdrm of military proposed $3,750,000,000 B r it ish which Smith-Cc^
President '^manV'in'his mes- permanent and temporary, disathe President enjoyed .the
service;
loan which would go to Congress
_-•
seizure
power,
provided heavy sageftoCbh|ress on the British I011111®®*

30, 1947.
14. Increased unemployment al¬
lowances for veterans.

tion

pending

16. Extension of crop insurance.

sometime after his combined leg¬

17. Authority
to
sell surplus
merchant ships and to charter ves-^
sels' both here and abroad.
18.

Stock-piling of strategic

islative-budget message.

Volume of Strikes

ma¬

terials.
19. Federal

Since

airport legislation.

20. Repeal of the Johnson Act
barring private loans to nations in
default

their

World

Development

Wagner Act

According to special advices -to
the New York" "Sun" from its
.

War

Washington

debts to United States.
21.

the

bureau

Jan.

strikes Which hive plagued Amer¬

Great

ican industry since

Lakes-St. Lawrence Seaway.

the

the passage of

Wagner act have been three

("Chronicle", Jan.
8. Expansion of Federal-state
31 issue, page 518), stressed its programs of general public asreiationship to the Bretton Woods > sistance to cover f all needy pertaken possession of a property, monetary institutions, which, as sons . . . and so that payments
While it did not abridge the right the "Journal of Commerce" point- rmay be more adequate.
In urging a more comprehensive
of labor to strike, it definitely did ed out in its Washington advices |
30,
Congress adopted National Social Security program
abridge the right to remain on oi Jan,
the Board said, the Associated
last year. He
strike after the Government inter¬ overwhelmingly

penalties consisting of fines and
imprisonment for continuing
a
strike after the Government had

loan

vened.

reminded members of Congress—

program

Press continued:

probably having Republican ad¬
vocates; for
British aid at that

"It would be designed to close
existing gaps in the coverage of
particularly in mind—~that both persons and risks, and to re¬
many complaints about the Bret- move
present inequities in the
by the Labor Department again ton Woods measures had been
protection of warkers and the "fi¬
This act has been denounced by

Wagner act supporters as a total
failure, but the figures presented

time

provide strong circumstantial evi¬ based on the fact that additional
as numerous, three times as
widespread and one and a! quari- dence to indicate that it was far steps would be required to make
ter times as costly to the national more
successful in keeping the the monetary plans work.
economy as they were before that
"Britain needs this credit and
wheels of industry rolling by con¬
before the Second Session of the law was"
enacted^ records com¬
she
needs
it
now",. President
fining walkouts to short duration,
: 79th Congress, which convened on
piled by the U. S. Department
Truman stated in asking the' legis¬
Jan. 14, following its recess inci* of Labor revealed on Jan. 31. than was the
Wagner act.
•
lators to make the loan program
dent to the conclusion on Dec. 21 The
special advices to the "Sun"
Finally the record shows that the first order of Internationa:
of the First Session of the 79th
by
Phelps Adams,
stated that
industrial strife reached a new business.
Congress.
"while the Department, of course,
"The problems involved, which
•;;
Regarding the opening of the did not attribute this tremendous record-shattering peak qf inten¬
are severe but not insoluble, arc
Second Session United Press ad- upsurge of industrial- strife to the sity last year during two-thirds of
direct consequences of the war
: vices
from Washington Jan.
V ■. operation of the Wagner act which which the United States was still
They are matters of great urgency
has been in force for more than a
saidj jjn pa$:
'
'
at war. Never before, so far as is
and I believe that the financial
Congress ■ returned from its decade, figures which it supplied
to the New York "Sun" today dis¬ known, have 35,000,000 man-days agreement that I am transmitting
holiday vacation today to tackle closed that the
herewith furnishes a real basis for
average number of of labor been lost through strikes
5 the,immediate problem ofarmy strikes each
their solution. It is my earnest
year since the law
in a single year; and if the present
demobilization
protests
arid.s to
hope that the Congress will im¬
was adopted has been 237% high¬
face a possible showdown oh the
strike wave of 1946 continues, that
plement the', financial -agreement
er; the average number of workers
.
question of reconversion strikes.
affected has been 177%
higher record will be shattered again in as speedily as is consistent with
House and Senate were gaveled
careful legislative consideration.",
and the average number of man-' a few short months.
: • '

The full text of President Trumessage appeared in our
24 issue, beginning on page
437., The message was presented

times

mna's

Jan.

nancial burdens of employers.

"It would greatly strengthen
protection against want and de¬
pendency at a minimum cost." .
.

Under

the

old-age

benefits.

noon for the second
session of the 79th Congress.
The

;

session

will

days of labor lost has been 26%
higher.
/
|
The
"Sun"' advices
by
Mr.

Presiden

test

Truman's party leadership on the
isme of his legislative recommen-

•

the

people for support during

ply an adequate, peaceful method
of settling labor disputes was expected to influence strongly the

One

legislative r.issue

President's. request for

,:-;a

v'-

>"'C

is
the
law to
-

the '> industrial

United
an

States

situation
has

,-i,

'fin if the

"We

unparalleled' degreey andf the

forces

striving

Congress: which

correct

the law

the

"to

"TimeMUnion"

Increases Price
yi
In its Feb. I issue the Rochester
New York "Times-Union" rtiade
.

the following

announcement:

Monday; Feb. 4, the
carrier-delivered ^ price ^of
the
Rochester Times-Union will be
24 cents a week. The single copyStarting

have

past
rise."
I / a

risen

four
v
fv

abruptly

years

;
involved

the boosts

publication; of

.the

"All r of.

Congress.

tw■

Rochester

price will be 5 cents.

"Journal of Com¬
delay consideratior

^legislation

-'i

wish," he said, ac¬

have no

merce,':

are

cording to the

are

daily.

Spence said

legislators' "job to find
this agreement mean?
for the United States", and that
hearings would be "fair and full.
the

what

out

degenerated to

growing demand in'Congress for ;'gaining new strength
-

Representative

than ten years of

was

abate industrial strife and to Sup¬

the Congressional recess.

So after

experience under the Wagner act,

Adams, stated that "this evidence
of the failure of the Wagner act to

Nations.'Mr. Truman,went directly

r'J;

i'i1 > t'

f to order at

insurance

the board urged that the
qualifying age for all women be
set at 60 rather than 65., It also
called for an increase from $3,000
to $3,600 a year in the amount of
earnings subject to contribution
hnd counted ini the calculation

program

^
in

newspaper
during the

and continue to
,-l'

THE COMMERCIAL & FINANCIAL CHRONICLE

762

Reported Slillman Again Heads Mass Picketing al
By Federal Reserve i!Board|||||l Newark Clearing; Hoiise Steel Plant Enjoined
Stillman, President of
slightly in December and, with
Bank, of Newf jty Pennsylvania Goairt
occurring
decrease in indicated in January,
ark, N. J.,
reelected President
general business and financial condi¬

fceksfriai

recently,

according to

new

of
tions in the United States, based upon statistics for December and
the first half of January, issued on Jan. 26 by the Board of Gov¬
ernors of the Federal Reserve System.
The Board added that "the
a

Most other types of stores

and the early part of January was

of 1945.

maintained at record levels,

in recent months have

seasonal

for

The announcement 'continued:

•:

Industrial Production

ed index of industrial
decreased from 168%
The

of the 1935-

decline

164 in

was

due

mainly to the stoppage of work at
leading automobile plants and to
holiday influences, on activity 4n
the steel, textile, paper, and min¬
ing industries.
"Output of most types of pro
ducers' equipment and of many
consumer
durable goods showed
further

gains

December

and

increases also occurred in output
of construction materials.
These

■gains, however, were

than
pffset by suspension of operations
at automobile
plants and total
durable goods output declined by
3%, reflecting decreases not only
in
output of automobiles and
"parts but also of Such other metal
products as' diesel locomotives and
refrigerators.
"Steel
production
declined
slightly in December owing to
most plants being shut down for
two days in observance of the
Christmas holiday. ■ In the first
more

three

weeks

production

was

ber rate and

the

levels.

Newark

"Prices of most farm products

levels' in

vanced

House

Clearing

Association at the annual meeting
held

Jan.

15.

officers

Other
Vice

were:

President,

Robert G.

and

December

Clinton Trust Company. Ray
Mayham, President of the West
Side Trust Company "was elected a
member
of
the Clearing House
Committee for a four year term to
succeed himself.
Roy F. Duke,

Stock

record.

market prices rose sharply in Jan¬
uary to the highest levels for a
nuniber.Of'stocks since 1930.' Ef¬
fective 4an. 21, the Board of Gov¬
ernors
of
the
Federal
Reserve

raised' margin

System

require¬

ments for listed stocks to 100%.

Bank

Francis

and

Steyert,
President of the South Orange
Trust Company as the other mem¬
bers. % Arthur E, Kean, Jr.v Vice-

President and Cashier
coln

National

Bank

Wiedenmayer,

of the Lin¬
Gustave

and

understandings
respecting com¬
mercial policies would be to the
advantage of the United StatesV
No other prograin offers equal
assurance of an expansion of world

Credit

"Return flow of currency of al¬
700 million dollars, follow¬

most

the

ing

Christmas rise, together
with a reduction of Treasury de¬
posits at Federal Reserve Banks
early in January, provided mem¬

"Access

Banking Company
reappointed to the Advisory

were

Committee^

The annual report of Russel W.
Lynn, \ Manager-Examiner of the
Association

showed

meeting, issued this statement:

poration
is a fundamental
right that cannot be denied nor
abridged5-by
unions
during
a
.

strike."

from

■

The

trade

Press

the Chamber

account

York

"Herald

Feb. 3 went

ulating

that

the

Tribune" Of

groups of nations.
"The credit by

Otder stipr
United £M,eelan

workers' Union local in the

The United
must find a way to
expand export trade and services
to the level of essential imports.
Responsibilities also rest upon the
United States.
1
Kingdom

com¬

Works to ten

men on a line at the
main gate and to keep in motion
in single file, ten feet apart.

Soffel declared: "Ade¬
maintenance of property
subject to a strike is important

Kindomin the financial

only to industry, not only to
workers, but also to a third
group, to wit: those who own the
property by reason of their in¬
"It is

American

"The

connection

suspended in the latter part
an industrial
Production of cigarette^

January due to

considerably,

feflectirig

accumulation of stocks result¬

ing

from

civilian

increased output for
since the end of the

use

war.
Output of tires for civilians
•increased substantially in Novem¬

ber and

December

eliminated

was

and

rationing

Jan. 1.

Cotton

consumption declined in Decem¬
ber, reflecting holiday influences.
"Coal

production

mas

holiday.

A high rate of outmaintained in both bitu¬
minous and anthracite coal mines
put

was

in the early part of
January. Out¬
put of crude petroleum - and of
metals was generally maintained

in December.

"Awards

for

;

private

construc¬

Banks reduced

serve

folio.
little

The

sharply in No¬
early part of De¬
tr'

Employment

change since the sharp de¬
deposits adjusted

NYSE Short interest

and the increase in U. S. "Govern¬

ment deposits during the
Loan Drive."
*

*■•

set

durable goods industries were Off¬
set in part by the loss in
employ¬
ment due to the automobile strike.

were

ber

Distribution
at

department

Distributes 1946

Withholding Tax Chart
New

Trust

Company,

York,
is 'distributing
in
quantity copies of their

limited

1946 income Tax Withhold¬

new

ing Chart Book.
This book con¬
tains a series of charts covering

about 10%

than

year

larger in Decem¬
ago,

first three weeks of

and in the

level in the

same

relatively high
corresponding period

made public on Jan. 19 the fol¬
lowing;
\
The short interest as of the close
of business on the Jan.•, 15, 1946
settlement date, as compiled from
information obtained by the New
York Stock Exchange
from its

members and member firms, was

1,270,098 shares, compared with
1,465,798 shares on Dec. 14, 1945,
both totals
excluding short posi¬
tions

carried

the

odd-lot

ac¬

from

paid during 1946.
All
figures shown represent an exact

odd-lot dealers' accounts was 50,207, shares, compared with.44,869

standard-4 payroll
shows the

periods

and

amount of Federal In¬

Tax

come

withheld

salaries

calculation arid

The

are

identical with

book

points out that the

Internal Revenue Code authorizes

employers to

compute withhold¬
ings by either of two systems—the

ings

indicated

"Wage Bracket

by the'Treasury's

Tables."

Under

the statute relating to Federal In¬
Tax

ployer
one

over,

two

Withholding,

may

an.

em¬

change at will from

method to the other in respect

any

January sales

continued to show about the
increase above the

Reported

count^ of all odd-lot dealers. 4
of. the Jan. 15, 1946 ' settlement
date, the total short interest in all

come

stores

among its members to

The New York Stock Exchange

Manufacturers Trust

Manufacturers

To Jan. 15

Victory

"Employment in most lines of "Wage Bracket, Method" or the
activity continued to rise in De¬ "Percentage Method." | The latter
procedure is admittedly the more
cember, after allowing for season
accurate.
al changes.
Moreover, the amounts
Gains in employment
to
be
withheld
under
it
are
'in trade,
transportation, construc¬
tion, and most durable and non¬ frequently less than the,withhold-

•

Em¬

criminatory trade.,
Court

proper care of the

wider

"The

distribution

American products and the larger
volume of desirable imports re¬
ceived

all employees.

it is permissible to
systems

More¬
use

simultaneously

the salaries of different

the

for

persons.."

exchange

should

con¬

tribute i td
more
prosperous
domestic ;; economy
and higher
standards of

living.

Mr.

Pressman

Court's

order

interference

assure

premises.

the

serious

employees'

constitutional rights," that it had
been

issued

"solely

affidavits
by the company," and that
every possible legal step to secure
on

filed

reversal would be taken.

RFC Flour Payment Plan
;

Announcing oh Jan. 31 that the

present
would

flour subsidy program
March X, the \ Recon¬

end

struction

Finance

United

the

Corporator

stated that it would be
supplanted

States

are

un¬

part of its broadened
responsibility in world leadership.
In such adjustments it is of the
utihost iinportahde that needless
injury to American industry and
agriculture be avoided.
t.
"
avoidable

asserted

"embodies

with

"Willingness

makes possible a
governmental con¬
trols and thus marks a reversal
of trends of recent y;ears. It can¬
credit

"The

relaxation

not

considered

aiding the

spread of socialism. The dollars
require by the United Kingdom
external: purposes have no
direct bearing on any plans for
socialization of industry,
v; <

for

"In connection with the

enabling
Congress sould make
on all flour ground before
June 30. it clear that the United Kingdom
on which a subsidy is not
paid is not to have priority of pur¬
shares on Dec. 14, 1945.
under RFC regulation No. 4 con¬ chases as against the needs of the
The Exchange report added:
economy.
Safeguards
the
existing
subsidy. American
Of the 1,272 individual stock cerning
issues listed on the Exchange on Mills will be required to give an may be necessary to prevent an
inventory of flour and wheat on inflationary rise in prices or in¬
Jan.
by

new
arrangement
under
payment would be made

which

legislation

15, 1946, there

were 73 issues
short interest of 5,000
shares
existed, or in

in which
or

which a change in the short
posif
tion of 2,000 or more shares
ocf
curred during the month.
^
;

"Sales

and

on the part of the
United States to accept gCods in
repayment of the credit is a
prerequisite to fulfillment by the
co-operative," and that it had sent
United Kingdom of its obligations.
maintenance men into the plant
Adjustments in domestic policies
from

cline in demand

; tinued to advance
cember.

International

Trade

multilateral, non-dis¬

strike."

ex¬

their port-,

Bank deposits have shown
-

tion, especially contracts for man¬ the results produced by using the
ufacturing and commercial build¬ "Percentage Method" of computa¬
ings and those for residential tion. The advices in the matter
building for sale or rent, con- also state:
vember and the

that management acting as the
ployment and the working out of
agents of the owners of the prop-: common
principles for removal
erty has the sole decision as to the of
present trade barriers are added
personnel required for mainte¬ reason for
hope of attainment of
nance
during the period of the the goal of

ber i; banks

December

about 10% below the November level because of reduced
oper R ations at mines around the Christ¬
was

with

t dispute.

declined

export trade.;

further commitments

Conference

considered judgment

our

early

dollar

the

agreement

elimination of the
pool and other sterling area
restrictions
which
now
impose
obstacles
to
an
expansion J of
assure

not

"The commitments of the United

Judge

quate

vestment.

itself does not

solve British problems.

munity restrict picketing at the

committed. The

are

ful economic warfare amorig rival

to say*

The Court issued

non¬

alternative is extensive and harm¬

Pittsburgh, published in the

New

multilateral and

objective
to which member organizations of

Associated

discriminatory, basis,

■

"The Board of Directors of the

whether

property,

Feb. 11 for a
changes of $1,549,557,000 for 1945,
an f increase
of $95,448,000 over hearing on a permanent injunc-;
1944. Total bank debits of $7,689,-. tion. Lee Pressman, counsel for
with ? substantial
amounts of reserve "funds.
At the 854,000 compared with $7,499,014,- the C? I. O. union, challenged the
order, declaring in a statement
1944.
The largest daily
same time,; bank loans made for 000 in
tin December was maintained at
that
the
picketing "has been
purchasing and carrying Govern¬ exchange during the year was
about the level of the preceding
ment securities during the Victory
$12,497,506, on June 29, 1945. The peaceful and orderly throughout
month. Meat production continued
the country in the
is
Loan Drive were reduced.
Mem¬ Association
largest single
composed of 13
at a high level in December and
ber banks continued to increase member and associated members strike in the nation's history."
the early part of
January. Activ¬ their
in Newark and 17 special mem¬
He said the union at Homestead
holdings of Government se¬
ity at most meat-packing plants
"has at all times been
curities, while the Federal Re-* bers throughout Essex County.
completely
was
,

urged

approval of the British loan. The
Board at
its regular February

owned by an individual or a cor¬

Vice-President

and Cashier of the National New¬
ark and Essex

Bank

the

injunction
to
the -Corporation
Judge Soffel. held that:.

•

the lowest levels

Feb.

orr

Cowan, President of the or interference with persons en¬ Chamber of Commerce of the
tering or leaving the Carnegie-Il¬ United States tirges approval; by
ing^Company; Treasurer, Carl K; linois Steel: Corporation's - struck the Congress of the financial
Withers, President of the Lincoln plant in Homestead, Pa., Was made agreement with the United King¬
National
Bank;
and ;v Secretary, known in Associated Press advices dom. The Board is convinced thai
Thomas L. R. Crooks, President of
from,Pittsburgh. In granting the the proposed credit and related

of January.
Ceil¬
.First Vice-President of the Fidel¬
ing prices were reestablished for
ity Union Trust Company Was re¬
citrus fruits; egg prices also de¬
appointed Chairman of the Man¬
clined,
reflecting
seasonal in¬
aging Committee to serve with the
creases in supplies.
following other members for 1946:
"Price
ceilings for furniture, David J.
Connolly, Vice-President
printing machinery, furnaces, and of the
Federal Trust Company and
various other manufactured prod¬
Stanley
J.
Marek,
Secretaryucts
were
advanced and there
Treasurer of the Frahklin; Washwere indications thatthe> general
ington Trust Company. Ralph W.
level- of steel prices would be
Crum, ; President of the United
raised.
States Trust
Company was re¬
Security Markets
appointed as Chairman of the
"Prices of Treasury bonds have Committee
on
Admissions with
risen sharply in recent weeks with Frederick J.
Kugelmann, Vicethe result that yields are now at President of the National State
the early part

Commerce

States

granting of a preliminary
injunction on Feb. 2 by Judge
Sara.M. Soffel of the Allegheny
County Common Pleas Court, in
Pittsburgh, against "mass picketing

United

National Newark and.Essex Bank¬

Commodity Prices

and foods were maintained at ad¬

above the Novem¬

output

Of ' the

Board of Directors of the

The

Chamber

The

the

steel

month

was resumed
high lever during the first
three weeks of January.
In the
following week, however, steel
output dropped to 5% of capacity
as negotiations. for
a* new wage
^contract collapsed.
' 4 ■' •*
"Output of; non-durable 'goods

even

larger increases in sales than de¬
partment stores, arid the total
value of retail r trade has been

production

39 average in November to

December..

shown

-running 12 to 15% above year-ago

"The Board's seasonally adjust¬

was

reelected

value of retail trade in December'^-

allowing

.v'.'W.; Paul,

summary

after
changes."

Urges
Brtfish Loan Approval

the National State

large

U. S. Chamber

December

Aclhily

Industrial output declined

strikes

Thursday, February 7,1946

The
us

following table compiled by
shows the amount of short in¬

terest

during the past year:

1945—

Jan.

•

-.->1,475,441

Feb.

15—..

Mar.

15,__>__^_..^_.L520,384

1,582,647

Apr. 13-................4
>1,361,495
May 15———.«^i.-_:i,486,504
J une 15—i

1,554,069

July 13—U—«__:^:i,420,574
Aug. 14
1,305,780
Sept. 14_____.j.-_-_.___1,327,109
,Oct. 15_._„___--_^.J.1,404,483
Nov. 15—i _—1,566,015
Dec.

15_.„.

1946—'

..1,270,093

the

clo&e

businesr

terference with

the reconversion

by diversion of needed
commodities. Congress also should
take inventory of unfilled order* give careful consideration to fiscal
monetary
aspects of
the
and flour on hand at the close ol and
mounting; costs/ of international
business Feb. 18.
Also announced by the RFC, ac¬ projects of various kinds. Nothing
will be gained either from foreign
cording * to the Associated Press
lending beyond
the productive
report from Washington on Jan,
requirements of borrowers or from
31, was the statement that wheat
an excessive drain upon American
Feb. 28; those paid on a forward
sales basis will be required to

subsidies

the

for February

the ' preceding
Wheat subsidies are: All

month.'

wheat

would be

for

samef as

ground outside the Pacific

Coast; area,

except' wheat

origr

inating in that coast area, 31 Vz
cents
in

bushel; all wheat ground

the Pacific

wheat

1,465,798

Jan.

hand

ground,
bushel.-

Coast

area

and

all

program

resources.
..

the

of
a

originating " there;and

outside,
'

3iVz
'J

•

"The United Kingdom occupies

unique position in world trade
which makes ; a: credit by the,
United States advantageous to, us
and to all the trading nations of
a

world.

The

this credit

amount or terms

should not become

precedent for transactions with
nations
whose
particular

other

cents
'

situation

by the United States.",- '•:

may

justify

assistance

iVolumie 163

Number 4462

The nomination. by President
General Dwight D. Eisenhower, Army Chief of Staff, told Con¬
Truman
of
Secretary
of
the
gress, {at an informal joint session on Jan.' 15, that the War* Depart-.
Treasury Fred M. Vinson to be
prient had issued a: recent order stipulating that all enlisted men with
United States Governor of the
forty points or two years of service to their credit be discharged or
International Monetary Fund and
on their way home" by June 30"v Stating. that the, slowdown in de¬
of the International Bank for Re¬
mobilization had been necessitated in order to prevent "a. collapse" construction and Development for
of the
Army
whose
numbers^—-—1 1'
1 ■—r——1—v/.: ■/:
a five-year term was made known
would
have been seriously; de¬
in Associated Press advices from
pleted by the rate at which dis¬
Washington Jan. 23, which stated
charges were taking place, the ;;/Commodity; Credit Corporation
that Mr. ..Vinson will also retain
General asserted, however,, that loans to farmers on about 13,000,the Treasury Secretaryship.
strength would be reduced to 1,- 000 bushels of; wheat are to be
•{The
appointment, Associated
500,000 by next July 1.
.
' "
called March 1 instead of May 1,
Press advices noted, is the princi¬
/, The Chief of Naval Operations,
the original date, Associated Press
pal one to be made for the United
Admiral Chester W. Nimitz, at the
Washington
advices
stated Yon States under the. Bretton Woods
same informal session of Congress,
Jan. 31, adding that, the move was
according
to
Associated
Press desigend to make more of the plan for stabilization of interna¬
tional currencies and reconstruc¬
Washington advices, gave the in¬ grain .available in', trade channels
tion of war-torn areas.
formation
that
the
Navy's de¬
during February to meet domestic
{From • the
Associated
Press
mobilization is going forward as and foreign requirements.
From
scheduled and will probably be
the
Associated ' Press
we
also Washington accounts Jam 23, we

Gall Wheat Loans

(Continued from first page) / ;
making people produce unless
they can make a profit in so do¬
ing.
'
■
We are in an amazing battle of
personalities; in
which

Washington

•

economics

reason

seem

Military subcommittee, the Asso¬
ciated Press further reported, to
continue his explanation'£of the
Army's
demobilization
policies,
and presented the Senators with a
cabled
dispatch
from
General
Douglas MacArthur in which the
latter warned that any attempt to
cut Pacific forces below the 400,-

have

of it

members of

that

The dramatics
have been, as this is written,
John W. Snyder,;Fred Vin¬

Jimmy
Byrnes
and Mr.
Small, all want Steel to be given
a price increase to justify them in
granting a wage increase that will
break the Steel strike. Mr. Bowles
son,

represented

thinking

the increase should go no

that

further

$2.50 per ton, as being Will/
ing, under duress, to go to $4 a
ton, but if we go. further than
that, then the inflationary; dam
has been broken. Looking around,
also quote:;
\ V'
v
one Wonders just what • so-called
,quote:
v
'
William L. Clayton of Texas, inflationary dam it is that would
"States in which wheat loans
will be called on March 1 include Assistant Secretary of State, was be broken. We read of the stories
Colorado, Kansas, Missouri/ Ne¬ nominated Alternate Governor of of people having .money to burn
braska, New Mexico, Oklahoma, the monetary fund and bank for and of their burning it. Every¬
where there seems to be an in¬
a term of five years./
than

000

Texas, Wyomirig, Delaware, Illi¬
nois, Indiana, Iowa, Kentucky,
Maryland, Michigan, New Jersey,
New York, North Carolina, Ohio,
Pennsylvania, Tennessee and Vir¬
ginia.

by
July 1 would "weaken to a dan¬
gerous degree" military controls
ciated

Press

added:

at 15 cents

were

command

December, that this

will be reduced to

660,000 by Jan.
20, and then gradually cut to 400,000 on July 1. This would include
the

MacArthur

gave

message

of Agriculture

buy this loan wheat
bushel above the ap¬

that his command would

agreement. '■/*

"Farm-stored wheat
warehouse-stored

term of two years.•

*Emilio!; G.
Collado of New
York, now attached to the State
was : nominated
States Executive

Treasury,
United

Di¬
rector of the International Bank
be

ment, for h term of two years.

well
in

wheal;

the

affected States will beicallable oft
March

' '

would prefer

to say, a

.The
some

White

Messrs.

have to resign

Collado

and

held

may

their current jobs
agreement

because the articles of

not

yet
the

become ;

officially

monetary organ¬

Island,

Wilmington

near

Savannah, Ga. President Truman
has
appointed Secretary of the
Treasury Fred M, Vinson to be
United States Governor of both

the Fund and the Bank for a fiveyear

with Assistant Secre¬

term,

tary of'State William L. Clayton

alternate, also for a fivfe-year

term, according, to the Associated
Press report

of the announcement
Washington, which contin/ *
'
!
{"The $9,100,000,000 World Bank {
and
$8,800,000,000
International
Stabilization Fund/projected at an
international conference at Bretton Woods, N. H., in 1944, formally
came into existence Dec. 28, when /

from

complishment but to establish an¬
other fear.
Now they are stuck
with the term and they try to

belief was expressed by
officials, it is stated, that

It was disclosed ;
nations,'which

izations, have been invited to send
observers to the meetings, to be

purposes
back in 1943.
They
wanted to show not only an ac¬

paid warehouse charges through for Reconstruction and Develop¬

-the storage year under the Gov¬
ernment's grain uniform storage

200,000 in Japan and Korea.

The

or as we

loose money attitude on
the part of the people. The New
ury, was nominated to be United
Dealers coined the current use of
States Executive Director of the
the word "inflation" for political
International Monetary Fund for
Assistant Secretary of the Treas¬

plicable loan value, less charges.
The charges include interest to
date of purchase and accrued un¬

Gen. MacArthur reported there
1,168,000 soldiers under his

will offer to

Japan and Korea. The Asso¬

over

"The Department

contemplated

strength

of Maryland, flationary,

White

Harry D.

March 8.

Fund,

that ten additional

to have little play.

•

completed by Sept. 1. '
i On Jan. 17, General Eisenhower
appeared before a special Senate

The State Department at Wash¬
ington announced on Jan. 28 that
34 countries have been invited by
the United States to send repre¬
sentatives to the first meeting of ;
the -Board
of Governors of the
World
Bank
and
Stabilization ;
;

Ahead of The News

Against Drastic Reduction Bretion Woods Posts

MacArthur Warns

World Bank Meeting

From Washington

Vinson Named to Two

Eisenhower Gives Demobilization Plans;

763

CHRONICLE

THE COMMERCIAL & FINANCIAL

15/

ued:

■.

participating nations signed the
articles of agreement at the State /
Department.
'
,
"Actually, however, the two in¬
stitutions will be established at
the March meeting on Wilmington
.

Island.

1, "Russia, the only one of", the
keep their heads in the sands as major Allies which has refrained,
to what is
actually happening. from' joining the Bank and Fund,{
Bowles has become a symbol in to date, was one of the ten nations 1
their politics and he knows it. invited to: send observers to the
They
want to go before
the Georgia sessions.
'"The nine others are Australia,
country in the Congressional cam¬
paigns this year and say that New: Zealand, Venezuela, Panama,
aside from winning the war and Nicaragua, El Salvador, Denmark,
other things, they prevented in¬ Haiti and Liberia.
'
/
/ %
flation; Bowles is their symbol
"Member nations invite^ to at¬
,

provide that executive directors
shall function "in continuous ses¬ for this purpose.
tend are Belgium, Bolivia, Brazil,
sion" at the principal office of the
A
canny fellow,
if one ever Canada, Chile,: China,', Colombia,;
The Associated lived, Bowles knows this. What Costa Rica, Cuba, Czechoslovakia, ;
thirty months service by April aging $1.38 a bushel on 90% of fund { and bank.
the July 1, 1945, parity price. The Press added:
30, and of those with 40 points
is; sad however, is ..that .the. same Dominican
Republic,/. Ecuador,
price at which it offered to buy
and 24 months by June 30.who
have,
dominated Egypt, Ethiopia, France, Greece,:
.Headquarters of each, will be-in Leftists
the loan wheat is within the OPA
fe) Loss of key men, Gen. MacAr¬
the United States, the^ principal OPA ever /since, it was - created Guatemala,
Honduras, .'.Iceland,
thur added, already has hindered ceiling."
V..'V
subscriber to the bank ($3,175,- under Leon Henderson, are still India/1,Iran,
Iraq,:/ Luxembourg,
such operations as signal com¬
At the same time, working un¬
Netherlands,
Norway,
000,000) and to the fund <$2,750,- iii control. What Bowles has done Mexico,:
munications. W&Si
V''
/ ■ ■:.
der direction from President Tru¬
has been to sell these fellows on Paraguay, Peru, The Philippines,
000,000),-^
.
.
I
assurance

follow Eisenhower's
return

new

order for

with 45 points or

men

"The

loans

the

Government' made

this wheat at rates, aver¬

Glenn Honored al

Trade Board Dinner
John B. Glenn,

Chairman of the

Board of the. New York Board of

grades, was tendered a testimonial
{dinner on ^eb/ 1 at the Hotel
|Pierre, New York, by the direc¬
tors of the board—with 36 of the

directors in attendance. A sterling
silver tray, inscribed with the sig¬

man,
cabinet officials were ; at¬
tempting to ascertain. whether/ it
may be possible for the United
States to carry out its promise to
make 400,000,000 bushels of wheat
available to needy countries in
Europe, North Africa and Asia.
Added to transportation difficul¬
ties are those brought about by an
acute shortage in the world's sup¬
ply due to severe drought in
Southern
Hemisphere
countries
during the present growing sea¬
son.
;«./{/
X

nature of each of the directors,
presented to Mr. Glenn in
appreciation of his successful ef¬
forts in promoting the Board's
growth and usefulness. Ralph E.
Borland!, President of the New
{York Board of Trade, presided,
and Percy C. Magnus, past Presi¬

dent, acted. as toastmaster,;

Arnold Acting Director

Jan. 29

F.
Arnold as. Acting Director of the
newly organized Office of Small

') Mr, Glenn served as President Business.
last year, and during his admin¬

Mr.

of Laurence

Arnold

has

been

•

istration

the

Board's

in¬

roster

selected.

serving hs a.director and as acting
executive head of the Smaller War

creased by

more than 19%.
He* Plants Corporation, whose operat¬
organized and served as Chairman
ing functions and; personnels-ex¬
s of
the Latin-American Section, clusive of those concerned with

not

would

actually

start opera¬

| how

Called

the

and is

International

{Trade Section.

/ :

——

|Crbcheron Elected Pres.
-

•

Consultant

Appraisal

the

Burma,

Brunei,

French

Indo-

Borneo,

North

Sarawak,

extended

comprise all classes

(Postal, Union) mails,
that is to say, letters, postcards,
printed matter in general, printed
matter for the blind, commercial
papers, samples of merchandise
and small ^packets, as set forth in

of regular

Part

the current Official
The advices state:

Postal Guide.

"It is to be observed that Burma,

Macao, the Malay States (Feder¬

New

ples State Bank of Newton since
1932,
While serving as President1
Of the bank and prior to that as
Chairman of its Board of Direc¬

Illinois
1923 to

to. 1937.

sion, G, Gt ploudman of the -Ebasco
•V Service,
A. C. Gate and J. J.

;

Polachek have been elected Vice-

General

from

Assembly

1927 and again

from 1933

In 1936, he was elected

Congress,

where

served

was a

member of

the Committee for the

District of

three terms.

Consolidated Edison Co., was elec¬

Columbia, Committee on Foreign
Affairs, Committee on Expendi¬
tures in Executive Departments,

ted Treasurer.

and other committees.

Presidents. R. H. Celander of .the

thought he was doing> when
gave the Russians the title to

he
the

arranged a special

booth at the

understanding, ^Village of Vision" (on the 8th
in
Wanamaker's Home
not yet found in black and white, floor)
that they would join us in the war Store, Broadway and 9th Street.
At the "Dime" booth, prospective
against Japan, which they did
after, the war was over. >We say home buyers will be given com¬
it was over because the Japs had plete information on home loans
Sound
been seeking peace and the Rus¬ and mortgage financing.
sians were holding up thej over¬ finaixcing arrangefnents it is stated
will be immediately available to
tures until they could, "get in." ?
purchasers of Johnson
Mr. Bowles is a study in what qualified
happens to a .man of energy» get¬ Quality Homes in approved areas.
A free booklet will be distributed
ting into a position of Govern¬
ment power,"» Certainly he is a -K'Six Ways to Borrow Mortgage
Conservative. He would be right¬ Money," including FHA and Vet¬
Kuriles,

and

Nonfederated),

and

ated

eously shocked at any

suggestion

eran

Loans.

that he is a

^ Jersey Public. Service Commis-

•

Booth

dangerous agency.

this time.

"The export control

regulations

;

that his
vanity has intervened ahead of
his thinking, you can appreciate

peace.

To show you

India Currency

Notes I

The Federal Reserve Bank of
New York on Jan. 17 announced
which Mr
the receipt of the following cable¬
Truman is advocating and which
gram dated Jan. 16, from the Re¬
he is supporting, are far more in¬
serve fiank of India, Bombay:
flationary than the price of a
"Under an ordinance issued by
tions.product because it is difficult.to
; • "Business
and financial com¬ think of a single product in which Government of India, Indian cur¬
munications are subj ect to the re¬ wages are not at least 70% of the rency. notes of denominations of
cost of production.
It .-.is,.
if
quirements of the freezing control
Rupees
500,
1,000 / and 10,000
something has happened to Mr.
regulations of the Treasury De¬
ceased to be legal tender on 13th
Bowles before this appears, has
partment, information concerning
been a striking commentary on
instant; No further exchange of.
which may be secured by prospec¬
the incluence one man can have
notes ' of
these
denominations,
tive mailers from the nearest Fed¬
over our fortunes even though he
eV>r»n1r? ViO marlo
eral Reserve Bank or the Treas¬
is not in the Presidency.

the

Office/ of / International

Co., has been elected President of
Trade Operations, Department of
Commerce (formerly the Foreign
the Technical Valuation Society
tors, he gained wide experience
for < the
current
year,
it was in dealing with small business." Economic Administration) are ap¬
plicable to mail for these destina¬
announced on Jan. 28. Dr. J. R. Mr.v Arnold was a member of the
Foster,

•

Dime Savings

; The
"Village
o.f Vision," a
Leftist. Yet it is the
Straits Settlements do not accept Leftist
game he is playing.
And dramatic exhibition of several full
articles mailed under the classifi¬ he is a splendid help to them. He sized,
ready-to-live-in
homes,
dated Dec. 27. /: Mr. Arnold is a
cation of small packets.
is using all of the wiles which completely furnished, is keyed, it
native of Newton, 111.
For 22
"Air mail, registration,., special
made him a successful advertis¬ is stated, to the home needs of toyears, *he was engaged; in
the
delivery, money order, and parcel ing man to sell the predominance day.
wholesale hay and grain business.
post services are not available at of OPA in our transition from war
He has been President of the Peo¬

Clarence Crocheron, Vice-Pres-

'ident of the American

and the United, States."

old conservative

^Teclinicpl Valuation Society
/

lending activities—have just been
absorbed by the Department of
Commerce under Executive Order

Poland, The Union of South Af¬
rica, Britain, Uruguay, Yugoslavia ;

This "accom¬ At Wanamakers for
plishment" has given him tre¬
mendous pride.
A very wealthy Prospective Home Buyers
Furthering its program of serv¬
man, he is in the mood of want¬
Mail to East Indies
ing to do something for the peo¬ ice to fiome Owners, Home Buy¬
Postmaster Albert Goldman an¬
ers and Veterans, the Dime Sav¬
ple, and that is just what Mr.
nounced on Dec. 31 that effective
Roosevelt j in
his kingly mood, ings: Bank/of Brooklyn: <Fulton
immediately,
mail Y service
to
Street and DeKalb ; Avenue) has

tions" Until next summer.

which .enlarged' its work

advisability

their mouths and

advertising man,
be the front,
fie has "accom¬
recently that the twp organizations
plished" Orderliness in a very
j Mr. Vinson and Mr. White said

Siam, and Straits Settlements was

Secretary of Commerce Henry
appointment

to be

ated),

Of Small Business

the

Messrs. White and

China, Hong Kong, Macao, Malay
States (Federated and Nonfeder-

was

A. Wallace announced

of not shooting
not sticking
their necks out, and let him, an

for ?the
off
Collado remain

Alternate executive directors

ury

Department."

that the wage

increases

THE COMMERCIAL & FINANCIAL
CHRONICLE

764 ;

Thursday, February 7, 1946 £ ;■
;

—

vast

Federal Finance% and the States

tions.

ting

great

power

govern-

sions, and boards. Our people are
beginning to be concerned. They
are
beginning to wonder'-when
and
where
this
expansion will

ment, to see that there is fair play
in the land. Railways, highways,

end, what it will cost them, and
what will be its effect upon the
States and their subdivisions. ;<•-1

and

relation

the

States..; This rela¬
tionship is the jugular vein of our
system of government.
If I

at all

upon this
fact that

Government's

trimmed.

exam-

Government itself.

The

sails

must

tools' for

this

re¬

proportion to their needs and
reestablished; in
their.
proper
communities,

our

But

the

are

arbiters

final

ill

things in
mand prompt
i and

democracy) de¬
action, of /a kind

character/ that

formed

(who after

the people

can

(quickly

and

It is the best
ever

the

the thirties

took

Economic

character.

this

emergency

chaos

threatening
the
country;
problem from both sides, having
and
poverty were
served a number of years in the .Bankruptcy
North Carolina General Assembly staring our, people in the face.
In response to the cry of distress
and in the National Congress. In
was

law.

of-its kind

was

outstanding

(.(:

asked

testify before
Congressional C*ommittees

which

formulated

the

bill

and

advantage of the opportunity

then to point out dozens of
spe¬
cific situations of
apparent over¬
lapping and duplications, situa¬
tions that cried out for a

restudy
organization; foL
by fearless and vigorous

the. Federal

and the demand for relief

all

cession

new

programs

relationship to the Federal
On the other hand, v
not be blind to the;//:

its

should

already accomplished, that y
of the things we regarded
and as belonging ex-(

fact,
many

sacred

Clusively; to the States have gone y
out in the twinkling of an eye my

propos-

ing large drains upon the. Federal
Treasury?
'

fast

nation with a

expanding

do
:

satisfactorily by the Federal Gov¬
ernment. The great depression of

the

passed by Congress. There
great ..opportunity for the

President

| I

was

when

measure,

job.

per¬

month

Reorganization Bill became

last

with

I^purn the doctrine ad-by many that each States-

Government.

agination, should we not have an
appraisal of the never ending suc¬

the

should be considered like a county

places in

that, and with a na¬
tional debt dhatkaggers the; Im¬

ill

States.

vocated

President

emergency

the

task-is

the

appraisal of the Federal Govern¬
ment's set-up were given to the

Also, in times of great national

(((£(;:;(

looked

The

first

perfect union" in this country,;

qualified to speak

have

now

ination

The

themselves brought about "a more

subject, it is due to the
I

and

radio,

have

decided, therefore, to speak
to you in a somewhat general way
upon the subject of the Federal
Government, its finances, and its

telephone, the
television—have

skyways—the

The

ass.

the

peacetime balance between
Federal
/Government
and!

highest obligation of
all, however,-is to see that our
returning veterans are cared for

(Continued from first page)

charitable and moral obliga¬

Constitution whose Commerce

While some! of these. programs
may be promoted from Washing¬
ton, too often does Congress mis¬
take

the

know

"the voice of the people"

urgings

special

blocs, privilege seekers and treas¬
ury raiders.
It is fashionable to

erson,

blame

the

tion

Congress for all the ills of
body politic. They are only

the

human
cross

and

section

are

merely

the

Nation.

beautiful

.In

even

back

turn

if we would!

condi¬

today's

face

the

his concep¬

cannot

was.

clock

tions, ihe cry of States' Rights
can indeed become a hollow cry/.

good

idea of gov¬
expounded by Jeff¬

simple

the

ernment

to:(?

We cannot re-

bounds.

turn

pleaders,

and

Welfare clauses seem

General

The

through¬ lowed up
fact is they have been
propagan¬ utterly* meaningless, going back '
nation, the Federal Gov- action. The Act. tells the Presi¬ dized.and lobbied so much
have, of course, had a wonderful
that a to issues long fought over and (
eminent went into action thro'ugh dent not only that he
may revise good part of their resistance has decided. Therefore, I do not come
opportunity to study the structure
both old and new agencies. This the
executive ' organization
but been broken down.
and the functioning of the, Fed¬
What, encour¬ to you tonight to make a fetish,.
meant a tremendous expansion of that he
may actually abolish any agement in a
eral Government. It is part of my
legislative way do of States' Eights.
our Federal Government. It meant
particular function of the Gov? they get from home?
job to see that Federal agencies
What then is to be left to the »
Everyone
the
extending of the Federal ] ernment.
has an advocate in Washington States?
stay within the limits laid down
Will they in time become /
hand into almost every home and
You and I know that there can
except the people. It would be merely cohvenient areas to divide
by Congress in their use of public;
be no real economy unless there
every business in the country. It
news
funds. In so doing, it is often my
indeed if a Chamber of Federal activity?
If this should i
meant that the Federal Govern¬ be
weeded but; and completely Commerce
duty to rule upon problems that
commended
a
Con¬ come t o pass, this
natioh will >
ment
would
become
concerned a b o 1 i s h e d those
governmental gressman for his statesmanship or cease
affect
both' Federal
and
State
#to have the kind of govern- ,
with prices paid, with wages fixed, functions
which, perhaps ( well- for a negative vote rather than ment described in the Constitu¬
Governments. In an impartial and
and with what crops were to be advised' at their
inceptiori, have praising' him for some Federal tion. Frankly, there are many <
dispassionate manner, • I thought
it might be worthwhile here to¬ planted. The framers of the Con-' long since outlived their useful- money he had secured for his who doubt that our nation could
stitution would have been shocked ness.
But
any
reform can be- section. I know from
night to make a few suggestions
experience long survive under those circum-! ■
and amazed at such a demonstra-. come effective
only after Congress how sweet it is to the ears of a
as to our future goals in these
stances as a great democracy. The.
tion of Federal activity.
But no has had an opportunity to exfields.
Congressman to hear the plaudits history of nations tends to show
person
who lived through that amine the plan and veto
it, if it so of
those
who
wanted
Federal that when, all power and author-/
When/ our
Constitution
was
hectic period has any doubt as to desires. There will be
ample de- money, and who didn't
written in 1787, the prime prob¬
stop to ity have been concentrated in the
why the Federal Government took mands from ..the special groups think it
had to be paid back. We
lem, was how to combine the 13 such
central government,
the nation
extraordinary steps. It was and from
what
are
called
the justified a lot of
this in an era of becomes
original "States into one union. in
ripe for regimentation!
response to the dire need and "pressure boys" that
Congress vote big spending -but the
reckoning and dictatorship.
Many of the States were fearful the
cry for help that went up from
down any plan which abolishes
period is now coming on.
that they would lose their charac¬
the people of the United States to
I, for one, still believe that
somebody's project. Most of the
ter and liberties if they came into
Business, agriculture, and labor there are important functions to ?
their government at Washington! Members of
Congress want econ- have a
the Union under the new Consti¬
( tremendous and .equal be exercised by the States and;
But the greatest centralizer of omy as much as you. What Con¬
tution. North Carolina did not enstake in a balanced
budget, for their
subdivisions.
There
are
fer the TTninn imtn^ after the apw1 power,, in
Washington is. war! gress should have, and is entitled after all they are the ones who
highly proper and necessary con¬
present

official

position,

out this

.J*#*^influence
the Federal Government

After first rejecting the new Constitution it waited until Nov. 21,

citizens at large is

some

fair

must pay on the barrel head.

tributions that the Federal

Gov¬

grew
Next, the mounting complexity ernment should make, but if the:
mrghuly and we now see as the pression that the people do want of, our national life has led the States, in order to obtain Fedej-aT
17RQ
tn ratitv it
ton lath tn twr.
result of World Waif II, that the economy, that they! will back -up
Congress to delegate more arid funds; - surrender.";
t6o; mahy(! oty
ticip'ate in the 'first election of f®deral Government towers above, the
who
the for- more of its responsibility to ex¬ their rights and functions to. the(
Washington,. because of the lack the ,.states ;wlth- WlPrecedented; £££&*
ecutive^ agencies. ; As a. corollary Federal Government, something \
of a Bill oi Rights and the fear
'Pr®st!geciJl benefi of the few If to keeping, within the national In-t very precious, /something' very.s
that a strong national government
Naturally my own concern has
.
^ot tne tew. it come, those who spend the peo¬ valuable and democratic and ,v
would in time overbear state au- been directed to the fantastic fis- f
t
cit tn vft„ th5t Ln ple's money should be impressed something uniquely American will(/
thority.
h
^
I'cal effect of; that trend. Through, ^berty, f« I^ay to you .that; even that it is not
their

have

Members

This attitude

the

was

Constitution

there

were

There
Our
lived

soirit

•

for

ruled

the

written,

yearsof plodding escape from ; m<>re so is

slougH

iMhe price of economy.

depreSsioriv through

svstems

the

rurallife

When1 ten

industries' four years of /underwriting, then] economies to be wrung out of
' SStiyely waging; history's greatest ,/reorgahizatiori; as/ necessary.- las

great

neoole

was

great

were

natural

balance
sheet/they-are, do; notfappfoach the
has-reached such a state as any larger'problem; As emphasized by
honestman must^MI an alarming President Truman in signing the

most

tHa

frnrvHe?

Do y°u know, for example [ bill, substantial savings

and!one*

nation

new

can come

people looked to themselves
rather/ than to government for aid. I
A slogan of the times, made
popu-

that the yearly bill for interest, only by reducing governmental
jj0ne *s greater than the entire programs which were" and are beGovernment bu<Iget a tew short ing created by Congress.

Jar b,y

years

our

that

Jefferson,

those

ornpd that
erned that

was

to the effect

are best gov- j aJJn
tho iooc+
on
the
national
the least governed.!I charges
.would operate the whole

people
arp

are

?g0?uIn fact, our own State's
share of. the interest

government for well

Expansion of Federal Powers

over

Needed:

That

debt

State

year*

the

,^Cr+ * P0WT I backbreaking national mortgage
whrri thVa good thing call anyone an

rnvVnrhpn? wfc

u® .Federaj i alarmist who is brazen

£egm' aKn^ecite

vlce^veSa
therehfvp ii LT

the facts.

enough to

What

are

the

l'vamhifn

L a m?
!?t

brings

became
land.

Budget

was

second

the

principles

that the national

expenditures and the national in¬
come

should be

insist

official

Nations
ployed persons
Much of it has surged up.
tells us that you

thr'nselves^^erauseno( either

the

finanSal inahnit^ n? the States
their failure to^ give tlfeir dtithe
Itate Etiim
r;f government
?VvprnmPnt
state functions
O"

rens

neeessarv

1 he

^
revolution, with
implications in the field

industrial

all of its

of big business and of
transportation
and
communication,
has
made necessary and
logical some
extensions of the arm of the Federal Government, Bigness in commerce

estimated in ad¬

vance, and that the expenditures
should be
balanced against the

are
ness

the

necessary

industry has made
some
bigness in gov-

more,
even

area

eign

countries,

witnout

ivi -

au*

to retain power and prestige they
must assume their full responsi-

weal. That is the
where there is much room

good prin¬

I have carried in my
pocket this recipe:
years

"Annual income twenty
pounds,
annual expenditure nineteen nine—*

receqtly
more

ran

startling

across

the

recipe

Nation

was

then.

must

applied

unless

are

to
re-

sign ourselves to continuous def-

comparison

icit

( spending!

Any reasonable
that the Government debt is three 1 person must know that
with a low
as great as all private
long- national income and widespread
term debt in this country.^ What unemployment
large deficits were
would thrifty old Benjamin Frank- inevitable
in efforts to
combat
say

the

{

consciehtious; attention to the Na¬

Federal Government.

tion's business.,

that cannot be duplicated by the

Can the States db this?

Revitalize Congress' Power

over

ize its power over the
fundamental legislative

There
nues

vv i j

live

are

which
iv_ j

I
x

particular

wan i
want

to
tu

purse,

were

financial ? power

itself

for
n/i

mor-

as
eta

a
<x

vast appropriations,
conquering but a Chriswinjuciiug
uut d
wu

tian and humane

people

have

of the

our

best

the most

an¬

nual scrutiny and control by the
Congress of the vast and farflung

operations of

our

corporations such
Finance

whatever

Gov¬
as

?nd feel

North

Corpora¬

and

Federal
we

town
are

Carolina

^^osidered

has

i-no'vs

proper

upon.,
In

our

who

background

peoname

neighbor.^;.
too

large £(

grievance,

and

what

talk to

whole

*:-

■

pub- •1

p.«p*r»?iir>kv

understands
the

;

neighborhood.

in.

in.» Raleigh

not

can

community he

that he is their

citizen

.citizens,.

scores

tip.

return
a

thousands
our

do about it. He

Powers

should

possible

tion, Commodity Credit Corpora¬
.

;(/ '

known

pie who call him by his first

the

of\

like ' other

'Cherrv,

there

goes,

one

;

-Governor

Governors before himV i.*!
personally

State,

governed and

thousands;

calls for

beloved

Union;

month.?.That act

Finally,,
quickly as

progressive States

Byrd-Butler-Whittington Act
approved , by the President ? last

Reconstruction

own

public/service than

here

the

ernment

Of that
our

have 1
As X (
go about my Federal duties, it is £
a source of nride to me to be con- v/
tinually told by people from other!:
States that,North Carolina is one ]

under ^our .-forrh/^of ^govern*

financial

Take

Carolina.; I do not
anywhere],
higher quality of!'
public servant or a better brand '
in this union

preroga¬

calls for

ave-

suggest ct»
auggcai as

leading out of this financial

depression.

this

doubt.

believe that there exists

Fourth, Congress should revital¬

tive

have

State of; North

((:■(!•(((((/Purse

than necessary to wage tion, and dozens of others. ,
an
all-out, total and victorious
war.
The aftermath of war also ( A Peacetime Balance of State

Trim Government Sails
ii ulo

great!

this?(•/!;;(((•:(' they

quality of public service "

That

(

high

for. improvement in higher stand¬
ards of administration and more

Mr. Micaw-. in the stress and strain of war.
ber gave David Copperfield An example of the alertness of
nearly 100 years ago is just as Congress in drawing back som® of
appropriate today as.it

(

bilities and render to their peoole

public

That is still

times

ernment.

xuw

who

P».v the debt> owe
round. /,gures ^•00° as our
e W lch we Personal>y or our
sons or our grandsons must somet ^w produce and pay. Further-

all of

You cannot set up greatcorporate powers that reach outinto .48 States and even into for-

hesitate
personal; interest ahead

place

leadership in their
sphere, there will be less !

incentive for further expansion of ;
Federal power. If the States wish;

ambition do not

their

assert
proper

millenium, and there
others who through careless¬

v°iher ^ers0n employed-the peo-1| That homely truism

Jin, whose birthday this is,

*and

Federal Government, are in' bal- (
ance and most of them have com- (
fortable reserves. If the States will :

result happiness. Annual ment.z It should reexamine the
twenty ^ pounds, annual large grants of unusual adminis¬
in. the
country j expenditure twenty pounds ought trative authority; over («xpendi*
and I (and every i and six, result misery."
tures, much of which originated

position it has been

pleasure to deal with many such
men.
However, we have not

?JP4 a smal
home. Simply spreading the total teen six,
I" ,uIe.
grt? an,d: figure among the number of em- r income
P°^er in the

Lpp,tal.

Their budgets, unlike that of the

having capable and
administrators; In piy

upon

efficient

feached the

part of the law of

One

of that act

facts? To sPeak in billions of dolincome.
iars and nationwide totals (now
ciple.
280 billions) is only a way to esFor

beeI] a few i
hrvwhiSr in,Wa^hing"
;
^h0 are' cape the uncomfortable realities.
fSng to extend their own to lull us into the feeling it wilj
inmmnns SriilS
' be
somebody else's burden. Let
^ fbnr-♦
FederaJ. au~ / us put the facts a little closer to
.

Balanced

point. Twenty-five years ago the
Budget and Accounting Act of
1921

JJL "nf

money and that have cone out of our public serv¬
extravagance and profligacy on ice. The danger is that our peo¬
the part of public
official^ wilt ple, looking to Washington indis-.(
not be tolerated. There is no? rea¬
criminately, for aid; will sell their/,/:
son why
the, public dollar should Political birthright for, a. mess of I''(
not be of the same value and
pottage!,! Moreoverv the
pur* Federal
chasing power as the private dol¬ States are nowi for 'the most part, (
lar. All this means that we must in excellent; financial! condition. '

or *,

the (

affair

■

((

jVolume 163

is in sympathy with our tra-

and
•'

ditions and

our

if mistakes

are

and,

when

our

credit

Also,
people

the

blame

is due,
know whom to commend;
■

Russian Claims lo tit

of life.

way

made,
know where to place

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4462

Kuriles Had FDR

they

Support at Yalta

We people here in North Carolina .are so accustomed to good
government in. our State that we
,

•

;

take

for

granted.

at;

Jan.

29, that

had

should

prize it greatly and not give it
up lightly, In my opinion, if all

been

Prime

Minister
| the initiative as much: as ,North
Carolina, and if all had given ary, 1945, for
uniformly as good a brand of pub¬ support of the
lic service, there would have been Japan's Kurile

Federal

the

States

by the
Moreover,

Government.

those

be carried

activities

that

are

Japan's ; surrender,
Mr. Byrnes
said that he now approved .of pub¬

in the future jointly
and concurrently by the Federal
and State'
Governments, I; think
there should be a genuine part¬
on

lication of the agreement, which
had to be classified as a military
while the

secret

nership existing between the two
levels of authority.
We have still much more to do

"Mr.

war

still in

was

progress.

in North Carolina.

Churchill, Febru¬

British-American
Russian claims to
Islands, with full
knowledge of United States mili¬
tary leaders. Saying that he him¬
self had
no
knowledge of - the
agreement until a few days after

less tendency to look to Washing¬
ton and there would be less en¬

croachment

Yalta

the

between; President
Premier Stalin arid

Roosevelt,

the States of the Union had taken

continue

our

course

ton advices Jan. 29 further stated:

Byrnes added

lieved there

son

within

classed.

income. We shall

tolerate

static

State.'

never

all

State, we
keep alert and progressive,

must

modern

streamline

and

governmental
our laws. ' We

and

cesses

promote

be¬

He said that at the time
conference

agreed

was

sians said that it would take much

keep

our

that Russia would eventually en¬
ter the Pacific war, but the Rus¬

proper functions of the
must

the

that

was a very good rea¬
should have been so

that

planning and spending wisely and
our

The Associated Press Washing¬

be done

can

secret agreement

reached

conference

re¬

conference

news

time

pro¬

the

from

troops

move

western to the eastern front.

must

of the

one

Secretary of State Byrnes
vealed

Administration's
(Continued from page 758)
Jack-of-All-Trades is
definitely
our

cherished bygones.

No matter how smart Jack might

be, he can't compete all along the
line
with
the
specialized
effi¬
•

ciencies
of

the

Nor

tion ;

those

corpora¬

he afford the cost

can

services out

specialized

of the limited
ness

modern

his

revenues

busi¬

is able to command.
inm "•1

The Help of the Department of
-

Commerce

1 It is

easy

which

the

merce can

men-to

help the small business
these

difficul¬

ties.^ Under our proposed
ganization and program of action
we
have planned a number of
specific services: First, we -plan
to have the best business informa-1

tion
the

and ' consulting services in
.; The small business
,

worlds

should be able to

man

come

and

find

out

least

of what he wants to know

part

the

about
tential

business

industrial

outlook,

and

po¬

consumer

markets at home and abroad, and

the

special position of' his
industry,
business,

ticular

par¬
or

region.
Second, we have drawn
a
blueprint for a program of
scientific and technological serv¬

have provided a tip-off to Japan.
"Under the agreement Russia

any

business

man

who

cannot

afford

expensive scientific and

en¬

gineering staff or laboratory facil¬
ities to compete on a more equal
basis with larger corporate en¬
terprises.
He should be able to
get answers to his particular ques¬

and the Kuriles, a chain of islands
stretching across the entrance of
tinue to do so. In that path lies the Okhotsk Sea, which laps Rus¬
the integrity of our
institutions, sia's, eastern shores. It was froim tions about his products, about
Kuriles that the
the vitality of our government the
Japanese the most efficient
specifications,
and the prosperity and freedom launched their assault against the materials and processing
tech¬
Aleutians early in the war.
of our people.
niques, ' or any: of the multitude
"Mr. Byrnes said that he under¬
And then, above all, I believe
of other technical problems that
stood that the agreement also cov¬
we should begin to teach our
come up in his day-to-day affairs.
peo¬
ered the post-war status of Port
Third, We plan to serve as a cen¬
ple to be more self-reliant, more
Arthur and Darien, which already tral
point in the Government to
independent, more anxious to do
has been formalized in a treaty
whom the smalt business man can
things for themselves, and not to

between

always be looking for aid
Government.
come

would

thought today

have

believe

this

nation has grown old, that we have
the spirit of adventure and

lost

daring, in which
out

great

Bank

destiny„forourpeople.F repudi*

4
'f

ate such

a philosophy.
There may
great West to develop, but
still have within us great un¬

China.

ThC

any

Jenkins

have carved

great republic rand

and

refer

for

assistance,

may

his !relations with
the various Government agencies
both Southern Sakhalin - and the —whether
they be on problems
Kuriles will have to be formalized of
taxations, finance, unfair corritoo in a treaty."
petitir n, foreign trade, subcon¬
tracting, or for the time being,,
wartime problems of regulation

that

Russia

territory such as
permanent Russian possession of

This nation has be¬

frontier

school

cession

because of its selfspirit.
There is

great

reliant

from

ABA

and

control. .The

has

small business
frequently been at a com¬
plete loss in trying to. deal with
specific problems arising out of

Commission

in'

necessary,

ma a

Management

"necessary su^orting
1

| The Bureau
ries

out

be the focal

the activities of Government and

point in the Depart¬
through which all of its aids '

techno¬

ment

small

facilities could

and

be used

to stimu¬

man.

•

:;IndustrY; ;:Of: : the
secret scientific and technological
information developed during the
war by our enemies and by : our¬
selves;. and is also serving as a

tion with

Working

lation

the

Depart¬

ing competence and leadership to
head up its small business activi¬
ties.
y
>
, ;
1
.

only small busi¬

The : appropriations. request of
the Department of Commerce for

fiscalIyear

1947 — hearings on;
which will be held later this week

and, Geodetic Survey
and the Weather Bureau,-the: De¬
partment not only -performs spe¬

House

the

Appropriations

Cqmnuttee-~wili enable the De¬
partment ' to carry out most of the,

cialized technical services to com¬

I have outlined. I should

program

merce", industry, agriculture and
tranportation, but also, contributes
.-

point; out, however, that; even
though this request calls for a
.

to specialized basic research and
technological development.
,7
The Bureau of the Census Will

sizeable increase in appropriations;
for the
with

be collecting basic statistical data
useful to almost every kind of

Department;

fiscal year

compared;

1946, it.will,

re-r

quire supplementation on at least
two points.
We are planning to
request additional funds for the

business operation and will make
those data available in sufficient

;

National Bureau of Standards and

detail to meet; specific industrial:
and business needs, without, how-

individual

enable

would

ment to obtain a man of outstand¬

Coast

any

charge of

of Domestic Commerce. This legis¬

but also the. public interest.
Through the activities of the
Civil Aeronautics Administration,

; ever, disclosing

Secretaries

Assistant

new

respectively, of the Office of In¬
ternational Trade and the Office

ness,

the

'the Office of Small Business. The jr
other two will be placed in charge,

not.

•

assistant Secretaries of Com-?

of Commerce will be in

serve

and the reassignment with¬
Department of the functions
of the Bureau of Foreign and Do¬
mestic Commerce.
If passed, one

the modernization
of patent procedures which: will
help small business obtain more
nearly equal access to new tech¬
nological developments, and new
techniques or inventions would oi
course

pending

now

merce

committee appointed
of the Presid erit,

•

in the

Office, in conjunc¬

the instance

Congress which would auththe appointment
of three

new

clearing house for industrial needs
on
the one hand arid invention
oh the other, * ',
,
.

man

orize

The Patent

business

in which his business
'v"■>-v:'1

Legislation
the

■

the

located.

and Technical Services is engaged
the
declassification and dis¬
■

the locality

semination

the

man.

including those of the Of¬
Small Business, directly

ment,
fice

Declassification

business

available

technological services to the
Office

available

made

Finally, the ;V
Office of Field Operations will ;
make the services of the Depart¬

of small and ; large
businesses by providing scientific

The

be-

can

opportunity

small business

This office will

to small business.

of Standards car¬

scientific

polciy of providing services

orous

.•

logical research. that can contrib¬
ute greatly to increased efficiency
in production and distribution. Its

good

ices thSt should enable the small

would receive Southern Sakhalin

services:

"Publication of the agreement',
the
Secretary
asserted,
would

healthy condition of
industry, labor and agriculture,
upon which the prosperity of our
people depends.
We, in North
Carolina, under great State ad¬
ministration, have met those re¬
sponsibilities and we must con¬
a

of the

many

and

to: point to ways in
Department of Com¬

overcome

Policy For Small Business

this program effectively, because 1 Corporation.
It will be the func¬
it already has the beginnings of tion of this office to pursue a vig¬

late competition and equalize the

'V';H' >•/*$ K\

J1 '> $ i v

765

for

the

Office]1

Patent

plement

thb operations of

for

fiscal

year

•

a sup«V
1947, tq.

enable these agencies- to tarry out

concern.

plans laid out to improve aids to

The'general aids to business in-

the small business

cltiding i the promotion of -fbreign
and domestic trade, the analysis

Cooperation

of current business conditions and

man.,

'.r

With Colleges and

;

Schools

the business outlook; arid the pro¬
vision of services to small busi¬

It will also be of interest to this

Committee to,point out

ness;, are,, at present concentrated
in;;the B&reau of Foreign, and Do¬
mestic ^Commerce;
It ii planned
to expand the present " inadequate
services in the Bureau.
After

Department is planning

that the t

a compre¬

program
of cooperation ;;
University^. Schools, of Busi-, f

hensive
wiUi

he deserves the service the De¬
ness and Schools of Engineering to ;
we
.The appointment of Ben N. Jen¬
partment plans to establish for getting advice of both large and the end that the services of these ^
developed resources. There are
kins, Assistant Vice-President of him as information, center, guide small business
men, we have re¬ institutions are also focused on the.-?:
today great frontiers of the mind the First National Bank and Trust
and counselor.
Fourth, we plan organized the Bureau of Foreign problem of providing services toand
the spirit which
challenge Co. of Oklahoma City, Okla., as
to have a decentralized field set¬ and Domestic Commerce into five business and especially small busi¬
youth forever to go forward, and
*

■

ex-officio member for the cyr*

in my humble judgment, this na¬
tion is still young! To those who
think

rent

of the Bank Manage¬

year

ment Commission of the American

in
such, narrow and
stricted terms, I commend the

re¬

Bankers

ex¬

ploration of the undeveloped

nounced in New York

na¬

by
ABA
President; Frank
C.
Rathje. Mr. Jenkins is also Presi¬

tural resources of western North
Carolina.
If I had any criticism
to

make

the

your wonderful

that

put too much

lers

the boundless energies and
adaptability of your people and
your multi - natured, God - given

resources.

While the so-called "Good Old
return

should

country

them,

forget that - this
built for perman¬
institutions reflect

our

faith

Fathers
.

never

Spirit.? We must

nation

knew

was

ence,1 and
that

arid will

gone

never

■

ever remain
freedom* of liberty,

and

hope

gave us.

'W- 'v.::

"When

James

that
;

Russell

the
•

> >

'
•

Lowell

the American poet and
statesman,
was
visiting in France 80 years

ago,

;

he had

Prime
He

talk with

Minister

asked

Lowell

that

how

You

its

will

Washington

people."
recall

uttered

his

the

history

closing, I hope it is not too

erson

.said way

"Let

George

the

Farewell

words

various services.

that

were

which

where

he needs them and
have easy access to them.

can

I know all of you must be think¬

The

Office

The

of International Trade; The

repeat

what

Jeff¬

back in 1802:

deserve

well

f
our

sources,

not

end

our own

all

pomp,

irresponsibility." • *

our

plans

and

patronage and
-V ' '

».

and perpetuate the rela¬

tively strong' position of
farms

in. American

family
agriculture.

Office

the Kilgore Bill, and passage of
the :Fulbright Bill providing tot z
an Office of Technical Services in

\ The Office of Business Eco¬
nomics will pursue a program de¬

signed; to provide the business
community with analyses of the
economic situation and the busi¬

types of small business what the
Department of Agriculture and

Takes

'
j

Cooperating Departments

The
is in

v
t

Department o'f Commerce
special position to handle

the

Department

Commerce,

would

greatly stimulate develop¬
ment of this type. In closing, there
is

other point I should like to ?

one

put forward for the consideration
of the Committee, because I think ;

fundamental importance

;

for the success of the whole small;
business

program.

Any business,"

to be successful, needs a profitable ;
volume of sales.
When the over¬
demand
are

?md
businesses

of national income

all level

low,

small

bound to be squeezed, no mat¬

ter how accurate their

information

adequate their technical
and advisory services.The assur¬
ance which small business; needs
most of all is the assurari'ce of sus¬
or

how

prosperity — full> produc¬
employment' ;ahd high
purchasing, power.
The Depart¬
ment : of Commerce will, therefore
Continue to devote its energies io-ward the adoption of policies and;'
tained

tion,

full

programs
for maintaining
full;
profitable production and
full »
gainful employment;,and for •. en- ?
Smaller War Plants suring all v that full employment;

tions with business and industrial

organizations.

operators.

trade

and maintain close working rela¬

We should be able to do for other

the cooperating State agricultural
agencies have; done for our farm

industry and

promote

National i
outlined by;;

the

for

Science Foundation

Domestic

and

Provision

ness.

Office

Commerce; The Of¬
fice of Small Business, and The
Office -of Field Operations.
of

They should be

made available to him in the field

yj'-4. Country by making her interests

that

follows:

Economics;

Comptrol¬

our

Address

come

location

He shouldn't have to
Washington for these

operates.

Business

both concerned with the

out-moded

founders remain dominant in the
of

are

our

j;. "As long as the principles of its
hearts

Association

the

country and the wortfr of
institutions, and may you and
I keep it true to those great prin¬
ciples upon which it was founded.

former

Country.
long the

and

understand

American Republic would endure
Lowell answered him very aptly
;

Association

of Bank Auditors and

upon

are

National

the

man

offices

ing that this is a pretty big or¬
der.
Without trying to minimize ness outlook which will enable
the difficulties of the task, I am the business man, and especially
operational aspects of the banking
prepared : to state unequivocally the small business man, more ef¬
business, Mr. Jenkins' appoint¬ that given the
necessay backing fectively to exercise his own judg¬
ment to the Commission was a and
cooperation it can be; done. I ment in planning his operations.
recognition of thisr common in¬
say this on the basis of my experi¬ The Office of International Trade,
terest and. a step in, the direction
ence as Secretary of Agriculture.
combining the foreign trade func¬
of achieving appropriate coopera¬
There, fhe Government has been tions of the Bureau of Foreign and
tion between the activities of the
supplying necessary information Domestic Commerce with those of
two groups.
*
and technical services to meet the the Foreign Economic Adminis¬
needs of a very: large group of tration transferred to the Depart¬
practically prophetic
when
he small business men—the operators ment of Commerce, will pursue a
stated that the time might come
of family farms.
The result has program
calculated to, develop
in this country when some would
been an enormous increase in pro¬ and maintain a large volume of
rise seeking to undermine what
ductivity, which has enabled us to foreign' trade
on
a
"sustained
they could not overthrow. I am- more than overcome the adverse
yield" basis.
The Office .of Do¬
glad the people are beginning to effects of our
declining. soil re¬ mestic Commerce will stimulate

upon
your
marvelous
and too little
emphasis

Days"

the

Commission

emphasis
climate

was
an¬
Jan. 30

past history of of Bank
Auditors and Comptrol¬
section, it would lers. Since the Bank
Management

have

you

dent

Association,

up which will bring these essen¬
tial services to the small business

Over

Corporation

Small Business
will combine the small business
activities of the Bureau of For¬
The

Office

mean

in terms of markets for our

business

men

and farmers and im¬

proved standards of living for our
consumers.
In such a climate, and

climate,

eign and Domestic Commerce and

only in such

those; transferred to the Depart-;

business be assured of

ment from the

Smaller War Plants

can
an

small

appor-

tunity to grow and to prosper.

;

Thursday, February 7,

THE COMMERCIAL & FINANCIAL CHRONICLE

766

"Little Investors"

Observations
(Continued from first page)

I || :

much

Oicidence—such as injus¬
the blocking of New
City's expansion, etc.—the demand of u the United Nations
Organization's permanent headquarters for 42-plus square miles of
space seems unwarranted and fraught with potential harm to the
UNO itself.
The Report and Recommendations of the UNO. inspec¬
tion group states that "a very substantial amount of land will be
required for the inclusion of office accommodation for the United
Nations and the specialized agencies, facilities for assembly and
council meetings, residences for, at any rate, a high proportion of
the staff and their families, and an airport, radio station, and perhaps
Wholly apart from questions of local

tice

existing home-owners and businesses,

York

public services."

certain

The League of

Nations at Geneva, with its $26,000,000

of build¬

of every kind for over 20 years, occupied
only 18,000 square meters for its buildings. Including even the vast
tract given to it by the municipality of Geneva with the unoccupied
Park Ariana grounds, only 18.4 square miles were covered.
The contrast with the United Nations Conference' at Sari Fran¬
cisco is interesting.
That city's Opera House, Veterans' Building,
three clubs, portions of scattered hotels and a few barracks sufficed
to take care of the living and working quarters of the individual
staffs and secretariats of the 50: nations/ the General
Confer¬
ence's secretariat and multitudinous departments, and the assemblies.
Persons having connections with the Conference, numbering 2,000-^the same as is contemplated for the prospective UNO secretariat-—,
were
housed
without
"roughing it" in 1,500 hotel rooms;
and
comfortable
enough office space for' the various dele¬

1946

The

parlors.

75,000 square

Experience
hard

circles

Those

shows

new

official rate

to be fixed at 225 lire to the

1929

stocks get into safe

Unlike

Investors

ings and performing services

gations was furnished by 300 hotel bed rooms - and
main offices of the Conference occupied only about

money;

that

soon

dollar,

the rate available to United States

when

The story

diplomatic- personnel.

deposit boxes

is that this rate soon will be ap¬

joined forces
Federation of
Labor by leading his United Mine
Workers of America back into the
Federation.
Readmission.
was
voted unanimously by the AFL
Executive Council, .according to a
special Miami, Fla.,, dispatch fronr
Harold B. Hinton to the NewYork
"Times" on Jan. 25;. The Council
then elected Mr. Lewis unani¬
John L. Lewis has

there are
The possibility that
fewer securities to buy; banks are
the dol¬
paying almost no interest on de¬ lars which Americans have been
posits; bonds yield very little; sending to relatives and friends
stocks are a good inflation hedge, in Italy may soon be worth twice
and the SEC is giving small in¬ as many lire as they are now was
vestors real protection. As a re¬ indicated in the New York "Sun"
sult,^mostpeopledar^nd longer of Jan. 31, in which, however, it
buying stocks ori margin or bor¬ was noted that the authorities are
rowed money, but are paying for still paying off iri lira at 1 cent
•*
their shares outright &nd putting Gctchf' * •'''j"'"*£' 1' V*
:
The "Sun" added:
them in safe deposit boxes.
According to gossip in financial
more

Rejoins AFL

Lewis

Anticipate Revision
Of Lira by Italy

(Continued from first page)

1946

with the American

one of the 13 Vicewho,
with William
President, and. George
Secretary-Treasurer, com¬
pose tne AFL Council, which is
the organization's governing body.

mously as
Presidents
Green,
Meany,

This was in

outlined

accordance with terms

This,

Lewis.

get. them out.
So
plied to all Italian remittances
long as stocks pay a dividend, in¬
from this country.. The official
vestors quickly forget prices paiid
rate remains until further notice
or
even
fail to look at current

the newest chapter - in
American labor annals, stemming
from a,division of ranks which,

Even some of the big in¬
now ignore mar¬
ket prices so long as dividends are

Congress
Organizations,, of
which the United Mine Workers
and John L. Lewis were early
backers. Since then the CIO has
been an independent body rival¬
ing * the AFL. Shortly after his
election to the AFL Council, Mr.
Lewis drove to Miami, where the
Executive Council is meeting, Mr.
Hinton reported from there to the
♦'Times" on the; 27th, to assume

at 100 to the

prices.

dollar.

The black market in Rome will

vestment trusts

pay from 350 to: 412 lire to the
dollar, which is a better indicator
paid.
The "open end" trusts es-,
Of the depreciation that has oc¬
pecially want a good income. Thi^
curred in Italian exchange.
they can get only ; by holding
A minor feature of the foreign
stocks.
Surely, small investors
exchange market here has been
are much wiser today than they

of some French

in 1928-1932.

the

What

were

feet.
The relatively compact space devoted to the secretariat was
sufficient to permit a speedy and enormous output of over 5,000

franc thirty-day futures at 0.83 SA
cents a franc.
The spot rate for

the

Future?

appearance

noted,

began

leading

1934,

the

formation in 1938 of the

Industrial

This change of ownership has francs remains at 0.84V2 cents a
including continual transcriptions by 120
franc. < ; •
' 1
j
interpreters and translators, totaling an average of a half-million great social and economic pos¬
his seat.
In the New York "Journal of
sibilities.
It may. mean that the
sheets daily; and the publication of many bound volumes.
Commerce", of Jan. 31 it was
If space and expense were the effective instruments for further¬ control of American corporations
stated that the creation of a spe¬
is changing from the rich men of
ing world peace, the devotion thereto of even thousands of miles of
cial lire exchange rate will apply Roumanian
land and buildings, and millions of dollars, would of course be the country to ordinary people
like you and me. Of course, the only to Italian export transac¬
unquestioned.
But just the opposite effect is likely to result from
tions.
Iri that paper it was also Chamber of Commerce
over-expansion. A surplus Of space and money can be affirmatively tax situation is helping bring stated:
A Roumanian American Chamharmful in creating the enervating effects of bureaucracy on an about this change by penalizing
The volume of Italian exports ber of Commerce and Industry,
international scale; and a huge plant might, in the unexpected event the rich in favor of John Q. Pub¬
If labor would get busy and over the next several months will has been formed in Bucharest
of abortive results during the five-year interim which its construc¬ lic.
be very small as compared with
(Roumania) under the presidency
tion will require, prove to be an unwelcome monument to the quietly buy up shares of corpora¬

documentary assignments,

American

tions, they could attain their goals the extremely large import needs,
Accordingly, it
far quicker than by their present it is pointed out.
silly
strikes.
This means we is throught that the Italian Gov¬
should not - sell stocks for fear of ernment would be most reluctant
labor troubles. Strikes merely de¬ to devalue the lira at this time

world's discord.

well

the

known

Roumanian

Industrialist, Llax AusriiL Wd
with the cooperation of prominent

and many-angled public dis¬
personalities of Roumanian Eco¬
production and prices, use of the? word "inflation"
nomic Life.
We were advised on
cannot be completely eliminated!
The bandying-about of the term
lay prosperity; they do not destroy However, to facilitate sale of some Jan. 25 that the Chamber has been
was well illustrated in Mr. Jrumau's recent colloquy with Henry
few. products, that, are.,available set up in agreement with the* U,
it.
:
Ford 2d.
The latter gave a closely, reasoned and clear explanation
for export, it is believed that the S. Authorities in Roumania for
Instead of yelling "Help • the
to jVIr. Snyder how, despite his company's conciliation of labor,; its
lire may be reduced in value by the
purpose of furthering Rou*
great efforts to get into full production have been frustrated by small; business man/' if each of more than one half to create a
manian-U. S. trade-relations and
inability to secure supplies because of governmental fixing of prices these, little fellows would ; buy a
special exchange rate. The Ital¬ supplying I;- commercial, financial
at less than production costs, v Yet he drew forth nothing less super¬ few shares of stock in the big
ians feel that their biggest ex¬
and industrial information to its
ficial than the President's red-herring that the desired change in
companies, they could easily con¬
port opportunity af the present members and any U. S. exporters,
trol these companies which they
price control policy would "incite wild inflation."
time lies in getting their virtually desirous of establishing connecnow fear. Well, think this over also!
Actually "wild inflation" is being caused directly by the govern¬
undamaged textile mills in opera¬ tions in Roumania,
Some day a powerful leader may
mental price-control policy which is forcing manufacturers, par¬
tion.
U. S. manufacturers, exporters
arise who will get all: these small
ticularly those of medium and small size, out of production of every¬
Prompt ratification of a $25,- and importer firms are asked to
investors together and throw out
thing from lawn mowers to drinking cups. § The extension of the
000,000 Export-Import Bank cot¬ make full use of the services of
some of the present managements.
so-called "anti-inflationary policy" ad absurdum, with its accentua¬
ton loan to Italy is expected. This the Chamber, and U. S. manufaction; of under-supply, is* seen in the textile field.
For example, They would need no legislation will
provide the Italian mills with turers interested ' in establishng
to do this.
It is rumored that
manufacturers are unable to. ship literally millions of white shirts
needed raw cotton. Italian objec¬ business relations with Roumania,
John L. Lewis has been ponder¬
which they have on hand, because of the MAP regulation which
tions to the conditions Of this cot¬ are invited to send offers, cataOne
imposes a penalty of triple the amount by which the selling price ing over this opportunity.
ton loari are understood to have logues and any material Suitable.
thing is certain. Before you or I
exceeds the insufficient figure fixed by the OPA.
;
sell stocks just because they are delayed its approval. The Italians, The address is: The Roumanian
A small and exceptional ray of clarification has been shed by the
American Chamber of Commerce
"high," we should carefully con¬ however, are understood to be
recent (audacious if unpopular) statement of Civilian Production
sider what we will do with our ready to overlook their initial ob¬ and Industry, Calea Victoriei 155,
Administrator John D. Small, in which he said: "There has been a
Bucharest (Roumania).
money When we do sell. Also, we jections to the terms of the loan
growing feeling throughout the world that price increases would be should
remember that it is pur¬ in the light of the benefits they
the worst thing that could happen.
To my mind, lack of production
chasing power which we really expect from being able to finance
Harry Hopkins Dies
is the worst."
want.
Hence, idle bank accounts cotton imports.
Too bad that in the voluminous

cussion of labor,

;

•

•
1

*
»

*
*

do not look too good.

The bluest of blue ribbons for economic obfuscation

ested)

Walther

goes

Reuther,
Workers, CIO.

United Automobile

(self-inter¬

are

structure and on the

tration."

wage-price policy established by

Actually, of

Adminis¬

your

the self-sacrificing picketers, in estop¬

course,

stricture.

Residential Construction
Volume Shows

Sharp Increase
*

Gains

dwelling

number

new

involved

con¬

the

units

struction contracts awarded in the
37 States east of the

Rocky Mounof 1945
Jan. 28 by F. W.

stains in the fourth quarter
were

reported

Dodge Corp.
The

comparative figures of new

dwelling units for the final quar¬
ters of 1945 and

and

12,268,

the

1944

corporation's

were

28,180

report prepared by

statistical

divi¬

sion reveals.
The

sharp

gains in

the

the 1945 residential contracts

and
final

contraseasonal
quarter

were

sufficient to make the total of

dwellings for the

year

21% in

new

ex¬

announced

publicly

public housing,
the figures shows.

facturing,

tenders for

with advances.

total

all

construction

contracts awarded in the 37 States

303,000

year

1945

compared

was

with

$3,299,-

The

volume in 1945 exceeded that for
1943

also,

slightly in
the

and
excess

corporation's

was

a ;

statistics

show.

Total applied for,

:: Average price, 99.905-j-; equiv¬
alent rate of discount approxi¬
mately 0.375% per annum.

Declines in other

dominated

Range of

tion, as much as

High, 99.908,

transporta¬
4.3%.
•: w

per

the

case

far

discount
per

-■

Mr.

undertook

numerous

tipnal missions and held

interria-

several

important- posts in the Govern- v.
ment. - Lauding his memory, for¬
mer
" British
Prime
Minister

' v '

0.376%

Florida, said of Mr.
was

alike

leader

true

ardor

Hopkins"He
of men, and j

and in wisdom in

time of crisis, he
.

9% in

approximately

annum.

Churchill, vacationing in V

has rarely been

the low

of transportation equip¬

ment." "v

Winston

(65% of the amount bid for at excelled.
To dynamic, com--j
price was accepted.) \r V
pulsive and persuasive force he There was a maturity of a sim¬
ilar issue of bills on Feb. 7 in the added humor and charm in an ex-

electrical
as

0.364%
\
.■

Low, 99.505; equivalent rate

Dividends contracted in

all metal groups except

equivalent rate of

approximately
annum.'.
"
\

discount

manufacturing di¬
vision, which dropped 1%, textiles

(7.4%).

accepted competitive

bids:

other

level machinery, falling

of that for 1938,

Distinguished Service Medal..

Hopkins was 55-years old at v
Total
accepted, $1,314,673,000 the time of his: death. From his :
(includes $46,573,000 entered on a early career as a Social "worker,»
fixed price basis at 99.905 and ac¬ when he went to Washington- dur- :
ing the Roosevelt Administration, "•
cepted in full).
;

$1,994,- and leather made the largest gain

year.

$1,928,073,000.

President

"Within

during the

the

9, which were offered on
1, were opened at the Federal
Reserve Banks on Feb. 4,

major divisions were generally
and religious building during the
small; railroad dividends receded
year were also reported.
3.3% and the miscellaneous group,
The

lations with Marshal

Feb.

was

hospital

•>

Stalin. Later
awarded him the

May

educational,

announced

pay¬

ments totaled

cember,

Secretary of the Treasury

July, had been in poor health for
on
Feb, 4 that the a long time. In spite of this, last
$1,300,000,000 or there¬ May he went to Russia as Presiabout of 91-day Treasury bills to dent Truman's personal represenbe dated Feb; 7 and to mature tative, to discuss inter-Allied re-

Jan. 28 that

dividend

reported

The

or only fractionally more than the
analysis of $3,782,200,000 paid in 1944. Trade
up
8.1% and finance up 6.2%
Increases in commercial, manu¬ were the only industrial divisions

for

016,000 in the previous
-

Bill Offering

The U. S. Department of Com¬

$745,600,000 in De7.2% lower than in
December 1944.
The shrinkage
reflected declines iri profits oc¬
casioned by reconversion to peace¬
cess of those provided in 1944j the
1945 total being 76,495 units, a time production. The Department's
spokesman
for the corporation advices added: 1
said. Approximately one out of
^"Dividends for the entire year
every seven dollars involved in 1945 amounted to
$3,794,700,000,

ping production, are directly carrying the great offensive against
the price

Results of Treasury

'Dec. Dividend Payments
merce

friend, ad¬

special assistant .to the ,
late President Roosevelt, died in >
Memorial Hospital, New York, on
Jan; 29. ,Mr, Hopkins, who left the [
service of the Government last >
viser and

investors" consider this.

Vice-President of

International

In his telegram of Feb. 2 to Mr.
picket lines of the General Motors work¬
the front-line defenses against industry's assault on our price

Truman he stated that "the
ers

Harry L. Hopkins,

Let "little

„

■

amount of

$1,316,726,000.

ppnfinnnl

Hpcfrpp."

Volume 163

Steel Operations Stili Near Bottom—Users
Continue to Seek Place

the

given for

compiled

will have been lost by the

end of

(Feb. 7), which further adds: "Whether or not this type of bar¬
gaining will have any more success than that between the steel

last

18 V2

company and-the
to be seen.

cents

hour wage

"The

complex relationship be¬
tween steel prices and prices of
items made from steel is
that to

v-'
processing firms, the loss in wages
since the strike began, will be
more than $45,000,000."

find

solution

The

intri¬

over

gathering

was

union remains^—:—j-

cate

settlement,

American

Institute

■

Iron

Feb.-

Steel

and

announced

than

unaffected

means

•than

50-50 chance that the steel

strike will not be settled this week
•and maybe
'

not next week.
"Chester Bowles is still a domi-'

nant

figure in Government price
policies.
He is reported to be

reached
is

tions.

serious

expected,

earlier

and

noted in credit sales

propor¬

gilets

ceiling

the

rapid disappearance of
wheat during the past six months,
the carryover at the end of the
season
is expected to be much
than

Monday of

earlier

Oats were in more

this week the opening rate of steel

and

demand

beginning Feb. 4 is equivalent to companies having 94% of the
beyond
that 106,200 tons of steel ingots ■ and
Unless his viewpoint is castings, compared to 104,400 tons be 5.8% of capacity for the week
figure.
•changed, a Government-industry one week ago, 1,502,000 tons one beginning Feb. 4, compared with
stalemate on prices may develop month ago and 1,610,800 tons one 5.7% one week ago, 82.0% one
month ago and 87.9% one year
in view of the position taken
by year ago.
"Steer? in its summary of the ago. ; This Represents an increase
United States Steel that a price of
iron and steel markets, on Feb. 4, ot 0.1 point or 1.7% from that of
much
more
than
$6.25
a
ton
the previous week.
would be necessary to compensate said in part as follows:
"Steel inquiry has been fairly
for the ISV2 cents an hour in¬
This week's operating rate is

due

and

anticipated.
liberal supply

barley.

Reconciled to

steel

to about $4.50 a

price increase
ton, but may

anything

•oppose

hi66* ftC£Pa?ty °f -he industry will

crease

•

plus

past

accumulated

increases in steel-making costs.
"It is no longer believed that
the

steel

price advance when

comes

will be

board

move

simple across-the-

for carbon steel prod¬
Rather, it is expected that
the inequities between the prices
ucts.

steel products and

some

will

straightened

adjustment

•varying
items.
tend

This
to

others

out

method

alleviate

some

would

also

the

hardship
which small non-integrated mills
have complained of on the basis
that

identical advance

finished

steel

semi¬

finished

and

steel

products does not give them

re-:

lief.
"After the steel strike has been
settled it will be

some

steel

deliveries

reach

their

volume.

Some

companies

strike

time before
pre-

are

sustained

after the strike is settled.

nance

taken

for

equipment

Despite
mainte¬

some

damage

has been caused by the shutdown.
This must be repaired before fulltime operations can be resumed.
"It is estimated that by the end
of this week steel lost because of
the strike will amount to about

month

at accelerated

rate.

Sheet

mills

the week ended Jan.26,

io2?#

stabilized. The entire program for
exporting about 850,000 tons of
steel during first half under gov¬
ernment directives to countries in

Urgent need of rehabilitation has
been canceled.

Whether the pro¬

gram will come up for review
after the steel strike remains to be

the next six

Europe will be drasti¬

cally altered.

So far,

allocations had been made

actual

companies, but the directives
in

the

steel

be Resumed to the pre-strike vol¬
ume
for
weeks
and
possibly
months

after

production

v]sf• -p®i

"Since there is
an

% <•

indication of

early settlement of the* strike

it is

expected that the rate next

week will be

"Steel
of

gets

their

looked

greater than 7%.

workers

long
upon

less

war

the
of

far, because
grind, have
shutdown
as

vacation, but
'•with the strike winding up its third
week this attitude, may
change.
more

Up to this weekend, and consider¬
ing only the basic steel industry
and
not
steel
fabricating
and

likelihood

little

were

of being issued.
Shipment of steel abroad will not
process

Ifcriclerway.

"There

hot-rolled' carbon bar tonnage be¬
ing scheduled before well into
third quarter for large sizes and
fourth quarter in small sizes.
"Bethlehem Steel Co, has made

Iron

Railroad

Co.

making

Birmingham a base on tin mill
products.
This is 10 cents higher
than the base at Pittsburgh and
Gary and the same as the Granite

"Pig iron supply is small, al¬
though a few blast furnaces not
connected

with

steel

tinue production.
v-

"Scrap

continues

steelmakers,

even;

plants

con¬

* '

•

scarce

where

:■* and

strike¬

bound, continue to take all ton¬
nage offered, as far as they are
able to arrange storage."

ago

year
tinued

fabric.

favored

Women's and men's shoe volume

during the week.
New items aided in lifting vol¬

increased

Turnover of

in housewares.

ume

available durable goods was rapid
as

some

stores

merchandise

household

stitute

Volume of hardware,

held.

were

offered electrical

Mark-down sales of sub¬

cookers.

hardware,

heavy

especially

somewhat.

creased

volume continued at a

in¬

Furniture
high level,

exceeding that of a year

ago.'

weeks.

week and

during the past few
Hog prices held steady
under
good demand.
Receipts
during the week exceeded those

25
22.0!
99

*°
year

cents as against
ago.
Buying was

Cotton

consumed

December,

Meat stocks

year ago.

Varied p throughout

the

country

supplies of some stores ade¬
quate. Housekeepers continued to
buy a large volume of canned
goods.
Cabbage, celery and kale
were reported plentiful.' Demand

with

f<?r dehydrated soups continued to
Retail

rise.

liquor,

drinks

soft

and

bakery volume increased over

the

previous week.

Retail
was

volume for the

country

estimated to be from 5 to 9%

over

Regional per¬

ago.

year

centage increases were: New Eng¬

land, 6 to 9; East, 8 to 12; Middle
West, 4 to 7; Northwest, 7 to 11;
South, 3 to 6; Southwest, 0 to 4
and Pacific Coast, 5 to 9. j&kvfry
■

week
last
week and was slightly above the
comparable week a year ago.
Wholesale

Stocks

volume

of most

mained

merchandise
and

limited

generally

this

unchanged -"from

continued

uncertain

were

re¬

deliveries

according to the

and

small.

7na^nek ende^n.26,

r?k lnd corresponding
50'495 cars,
below the

Volume of trade in domestic
wools in the Boston market last

The pace

(or

fifi*
6.6%

or
01

adequate ceilings on cotton goods
and continued labor shortages.

week

decrease

5.4%)

1945.

below

40 345

the

Compared

the similar period of 1944,

with
de-

li5%

shown.0* 101'760 Cars' °r

uLaPei and PaPerb°ard Produc-

Pro<Juction in the

United States lor the week ending

Jan. 26 was 94.5%
'

of mill

capac?

a£fa*ust 94.4% in the preceding

week

and 88.4% in the like

1945

week, according to the American
Paper & Pulp Association.
Paperboard output for the current week
was 94%, compared with 93%
in
the preceding week and 95% in
the like 1945 week.

in?U^lCSS,wailSr®s Hisher-RisLiLir
third consecutive

to date but also were
in

any

week

higher than

of 1945. i Concerns

wnv>noAn*Urrluerecl 31, as comPared
^
lo

—

?uin correspondingweek and
previous week of
the
C;

Two Canadian failures

week and 5 in the corre¬
sponding week of last year.

Wholesale Commodity Price In¬

moved

Commodity

prices

again

upward last week, reflect-

ing a slight

sales increased by

11%.

of retail trade here

week con¬
week was restricted by limited
active with average
supplies of desired types.
The gains estimated at 20% above the
Short¬
possibility of a strike of wool tex¬ like week of last year.
tile workers, also, contributed to¬ ages of merchandise continued to
wards the contraction of buying. have the effect of holding down
Some improvement in
Demand
for fine
spot foreign volume.
wools remained strong.
{Strikes inventories of men's and women's
and delayed allocations in Aus¬ apparel was reported, however;
tralia,
however,
coupled with stocks are much below the levels
drought and limitations of types needed to fill present require¬
ments.
Housefurnishings and ap¬
on the Cape made it difficult to
satisfy demand.
Census Bureau pliance departments were under
figures showed consumption of heavy pressure as a result of
apparel wools in October to be strong demands. Food sales con¬
81,190,000 pounds, greasy basis, of tinued steady the past week.
which more than 90% was of for¬
Heavy requests for scarce lines
eign origin. The monthly average also featured the wholesale mar¬
of
consumption
for the
third ket with men's apparel arid all
quarter of 1945 was 72,000,000 types of women's hosiery espe¬
pounds.
cially in demand. The widespread
v Wholesale
Food Price Index shortage of stockings has made
Unchanged—The wholesale food retailers
anxious
to
purchase
price index, compiled by Dun &
Bradstreet, Inc., for Jan. 29 held rayon and cotton hosiery as they
isteady at the previous week's fig¬ were nylons in past weeks.
ure of $4.12.
According to the Federal Re-1
This was 0.7% above
last year's level of $4.09 and 2.2%
serve
Bank's index, department:
higher than the $4.03 recorded
store sales in New York City for
New

York

the

past

tinued very

two

were re¬

ported as compared with 4 in the

dex

ended Jan. 26, 1946,

four, weeks

prf-

was

cars

last year.

City, 111., base.

Census Bureau,
Department store sales on a
was placed at 651,784 bales, comsponding week of last year, an pared with 758,809 in December, country-wide basis, as taken from
increase of 3.5%.
'
1944.
Trade volume in carded the Federal Reserve Board's in¬
dex for the week ended Jan. 26,
Railroad " Freight Loadings — gray cotton goods was moderate
Carloadings of revenue freight for with activity centered mostly in 1946, increased by 17% above the
same period of last year.
This
print cloths and sheetings. Tex¬
1946, total
709,130 cars, the Association of tile production generally was said compared with an increase of 19%
in the preceding week.
For the
American
Railroads
announced. to be still hindered by lack of

week, commercial and industrial
Point, Md., a basing,
failures in the Week ending Jan.
point On tin plate, at $5.10 per
31 were not only more numerous
base box, following similar action
in January by Tennessee Coal,
I i1
any other week of 1946
Sparrows

Suit volume was over
and gabardine con¬

purchased.

backlogs

1946, from 4,145,116,000 kwh. in the
selling on a quarterly basis are
preceding week.
Output for the +™at.ed to a lar&e extent by
the OPA announcement that the
being pressed by many customers
week ended Jan. 26, 1946, how¬
for word on second quarter quotas.
proposed ceiling of 24.09 cents on
ever, was 11.9% below that for
Sellers still find it impossible to
the 1946 crop was the minimum
the corresponding weekly periodJ
give any ideas as to what they will
ceiling that might be imposed,
one year ago.
be able to provide, except.to point
and not a maximum.
Cotton giny
Consolidated Edison Co. of New
out that tonnage carried over from
nings continued to lag and were
the
present quarter will have
Kystem- °«tPut of reported at 8,027,000 bales by
preference and that they have no
^00,300,000 kwh. in the week Jan. 16, or about 90% of the indi¬
^an* 27, 1946, comparing cated
way at present of knowing what
crop
of 8,960,000
bales.
with 200,600,000 kwh. for the cor¬ This
that will be.
compared
with
1,114,000
responding week of 1945, or a bales, or 94%, ginned to approxi¬
"Also unsettled is the tonnage
decrease of 0.2%.
Local distribu- mately the same date last year.
of export steel they will have to

nonetrldty am°unted to
Isr700000
jompared with
186,700,000 kwh. for the corre¬

demand.

heavy

Food volume remained high this
week and was above that of a

■

ministration for shipment of 850,over

the

SS
and

nnn't°° 1 °ns °ne week

fi?nK 4t0ns

000 tons of steel

increased

sharply reduced equivalent to 106,200 tons of steel
rate that developed after the steel ingots and castings and compares
St..3 year ago despite strike con¬
ditions
strike
Trading in cash lard was
started,
with
consumers
slower last week due to curtailed
continuing efforts to get on mill 1502
1
0ne
ago
books, regardless of producers' in¬ 1,010,800 tons one year ago.
production.
Cotton markets were active last
ability to promise anything like
Electric • Production — The Edi¬
definite shipping schedules.
week with prices rising to the
son Electric Institute reports that
"Meanwhile, consumers' inven¬ the
highest levels in over 20 years
output of electricity increased
tories are shrinking and metalThe New York spot quotation adto
4,034,365,000
kwh.
(revised
working operations are declining

seen.
However* it, seems certain
the program will be drastically
4,500,000 tons, or at the rate of
reduced if it is set up again.
It
about
1,500,000
tons
a
week.
originally involved 929,700 tons,
Since the resumption of steel out-,
including 215,500 tons of tin plate,
put to pre-strike levels after a
185,000 tons of bars, 150,000 tons
settlement is'made will take some
of sheets and strip, 138,000 tons
time, it is already evident that of wire
products, 132,500 tons of
reconversion has been set back
shapes, 95,000 tons of sheet bars
weeks and possibly months.
and 12,700 tons of pipe. The total
"One by-product of the steel
later was reduced to 850,000 tons
strike has been the elimination of
and quotas were to have been set
steel shipments to Europe and to
up by an industry advisory com¬
the Philippines for rehabilitation
mittee on the basis of estimated
purposes.
It is expected that thd
production for first half.
Only
tentative allocation plans set
up quotas set were on tin plate when
by the Civilian Production Ad¬ the steel strike intervened.

months to

sales

shortage of cash corn
Strong demand for
rye sent prices to new high ground
since July, 1920.
Flour export in¬
quiries continued active but offer¬
ings remained limited.
Many re¬
ported a substantial reduction in

the

tentatively anticipating oper¬
ating rates of as low as 50% of accept under government direc¬
tives when the labor situation is
capacity for two or three weeks
precautions

and

Cotton

popular.

were

Sportswear, beachwear and junior
departments were very active.
Flowered and half hats were often

domestic and foreign sources.

smaller

were

dresses

demand for wheat and flour from

w*th

generally.

of spring styles lifted
volume in apparel and accessories
this
week; dresses, scarfs and
Buying

All

levels, reflect¬
ing the extreme tightness of cash
wheat supplies and the persistent

The American Iron and Steel

Institute announced

week

date22 °n ^ corresP°uding

maximum

"The Iron

volume below a
There was an increase

reported

cities

year ago.

lutures deliveries of wheat sold at

This

ago.

increase of 0.1 point
or 1.7% from the preceding week.
The operating Rate for the Week
an

creased somewhat last week.

having 94% of the steel capacity Age points out, that the real pinch
of the industry will be 5.8 % of in steel supplies will come after
the steel strike goes into its third
capacity for the week beginning
Feb; J4, compared with 5.7 % one week with far more serious reper¬
week ago, 82.0% one month ago cussions if it lasts four weeks or
longer.
and 87.9% one year.
represents

daily

pride index
& Bradstreet,

Dun

Activity in grain markets in¬

slightly larger but had by no

operating rate of steel companies

The

slightly over a year ago, Dun &
Bradstreet, Inc., reports in its
current survey of trade.
Several

183.38

1945

already on the

to their plants. A week ago
the number of steel users affected

had

the

steel

way

probable, has decided not
to clean up the steel situation on
an expediency
basis, there is more

that

with

by lack of steel pro¬

because

was

indicated

consumers were

duction because of inventories and

that telegraphic reports which it
received

the

the first week of

During

strike most steel

renewed

*;'oroe^hed a new Post-war peak
T0n l^onda^' closinS at
183.80
Jan, 29.
This contrasted

week.

the next few days seems unlikely.
•If the Government, as now ap¬
pears

$30,000,000

and

of ^ inflation.
wholesale commodity

wages

momentum this week", states "The Iron Age" in its issue of today

even

labor, situation

includ¬
'Collective bargaining' between the United States Steel Corp, ing only the hourly employees in
anii the Government as to how touch of a price advance shall be the
steel producing
companies,

country at large remained about
with last week and was

£■:'/

(Continued from page 758)

On the other hand,

sible.

this

volume

Retail

Retail Tradeweek for the

and

Wholesale

The State of Trade

RSiH Books

767

CHRONICLE

THE COMMERCIAL & FINANCIAL

Number 4462

years

ago.

Commodities

the weekly period to Jan. 26,
during the Week
1946, increased 27% aboye the
were
rye,
potatoes, sheep and
same period last year.
This com¬
lambs.Declines were listed for
pared with an increase of 30%
eggs and steers. The index repre¬
in the preceding week.
For the
sents the sum total of the price

showing advances

per

improvement noted in use

pound of 31 foods in general

four

weeks

ended Jan. 26,

sales rose by 19%.

1946,

768

THE COMMERCIAL & FINANCIAL CHRONICLE

Moody's Bond Prices And Bond Yield Averages
Moody's

■

computed

bond

;

•;i'';tr.;S.

are

Daily

P. U.

Baa

R. R.

125.98

119.20

123.34

121.46

118.80

113.70

r! 116.02

119.61

122.29

118.20

123.34

121.46

118.80

7113.70

116.02

119'. 41

122.29

Bonds

rate*

Aaa

«Aa

Indus.

126.05

119.20

123.34

121.46

118.80

113.50 i 115.82

119.41

122.29

week

126.05

119.20

123.34

121.46

118.80

113.50

115.82

119.41

122.29

126.05

123.13

121.25

118.80

113.50

115.82

119.61

119.20

123.13

121.25

119.00

113.50: 115.82

119.41

122.09
122.09

ended Feb. 2,

1946

was

126.17

119.00

123.12

121.25

118.80

113.50

115.82

126.23

119.00

123.12

121.25

119.00

113.31

115.82

119.41

issued on
If As oi Jan. 1, 1946, total
deposits in the mutual savings
Feb.

12.3% below that of the same week

banks of the country reached $15,-

representing an in¬
$2,000,391,516 over a year
ago. This is the greatest increase;
in deposits in any single year in
130 years of operation, according
332,202,146,

PERCENTAGE DECREASE UNDER SAME WEEK LAST YEAR

122.29

126.28

119.00

123.12

121.25

119.00

113.31

115.63

119.41

122.09

126.28

119.00

123.12

121.25

119.00

113.31

115.63

119.41

122.09

126.28

28_^

___

25_>_

24__

119.00

122.92

121.25

118.80

113.12

115.63

119.20

122.09

23_

122.03

126.25

118.80

122.71

121.25

118.80

113.12

115.63

119.20

22_^_

126.20

118.80

122.71

121.04

118.80

113.12

115.43

119.00

21_

126.20

118.60

122.71

120.84

118.60

112.75

115.24

119.00

_—,

19-

126.17

18.:
17^..-,

118.60

126.06

118.60

122.50

121.04

118.60

112.93

115.24

'■

15-:

115.24

118.80

118.60

122.50

121.04

118.60

112.93

115.24

118.80

122.29

120.84

118.60

112.75

115.24

118.80

121.67

122.50

120.84

112.93

118.60

126.24

118.40

122.29

120.63

118.40

112.75

115.24

118.60

118.40

122.29

120.63

118.40

112.75

115.24

118.60

126.18

118.20

122.09

120.63

118.20

112.56

115.04

118.40

—

126.11

118.20

122.09

120.63

118.20

312.56. 115.04

118.40

118.20

121.88

120.22

118.20

112.56

114.85

118.40

121.25

125.80

118.20

121.88

120.22

118.20

112.56

114.85

118.40

121.25

% Week Ended—
Oct.' 6—

125.55.118.00

121.67

120.22

117.80

112.56

114.85

118.20

121.04

14.4

12.4

posits and now amount to $17,013,451,176, an
increase during
1945 of $2,200,799,979.
The num¬

16.1

9.7

9.8

121.67

120.22

117.60

112.56

114.85.

118.20

120.84

Oct.

20
27

ber of mutual

118.00

% Change

si::::::

117.80

121.46

120.02

117.60

112.37

114.66

118.00

120.84

Oct.

125.18

117.80

121.67

119.82

117.60

112.37

114.66

117.80

120.84

Nov.

125.22

125.03

117.60

121.67

119.82

117.40

112.19

114.46

117.80

120.84

121.46

117.40

,124.97

112.19

114.46

117.80

117.40

121.25

119.82

117.40

112.00

114,27

117.60

124.28

117.20

121.04

119.41

117.20

111.44

114.08

117.20

21-

14_.

117.00

120.84

119.41

117.20

111.25

113.89

117.20

116.80

120:63

119,41

117.00

110.88

113.50

117.00

.116.80

120.63

119.41

117.00

110.70

113.31

117.00

116.80

120.84

119.41

117.00 " 110.70

113.50

116.80

120.84

119.41

116.80

110.52

113.31

116.80

123.28

116.61

120.63

119.41

116.61

110.34

113.12

116.80

123.05

116.61

120.63

119.41

>116.41

110,15

113.12

116.80

122.92

116.22

120.63

119.20

116.22

109.60

112.93

122.19

116.02

120.84

118.80

115.82

108.88

122.09

116.02

120.84

119.00

116.22

108.52

122.39

115.82

120.84

119.20

115.82

108.16

''bet.126

—

6ept. 28—,
Aug. 31.'.—
July 27_
June 29

4.452,692
4,413,863

1.525,410
1,520,730
1,531,584

—10.5
—12.1

4,513,299
4,403,342

% 1,510,337

—10.6

4,560.158

1,518.922

4,096,954

4,538,012

—

9.7

4,566,905

1,563,384

1,840,863

4,154,061
4,239,376
3,756,942

4,563,079

—

4,616,975

—

15..—.
22

•

——.

9.0

4,612,994

1,554,473

1,860,021

8.2

4,295,010

1,414,710

4,337,237

1,619,265

1,637,683
1,542,000

1946

1,602,482

1,733,810

' 4,539,083

1,598,201

9.7

4,531,662

1,588,967

1,736,721
1,717,315

4,576.713

-11.9

4,523,763

1,583,853

1,728,208

4,538.552

-12.3

4,524,134

1,578,817

1,726,161

116.41

119.82

Jan. 19_i

4,145,116

4,588.214

112.19

116.02

liy.82'

Jan. 28..—

*4,034,365

112.56

116.02

119.41

Feb.

$3,980,000

112.93

115.63

119.00

116.02

121.04

119.20

116.02

108.16

112.93

115.43

120.63

118.80

115.43

107.44

112.19

114.85

119.20

115.24

120.84

118.40

115.04

107.09

112.19

114.27

119.20

Mar. 31—____

122.01

114.85

121.04

118.40

114.85 * 106.04

111.25

114.27

119.20

{Preliminary,

119.41

115.43

♦Revised.

1929

4,567,959

9.8

■

1932

'■?.£

-12.7

4,614,334

•

1944

under 1945

1945

5—

120.02

122.38

accounts.

% Change

Week Ended—
Jan.

May 25—
Apr.

Peb;-23-ii_—

121.92

114.66

120.02

.118.60

114.46

106.04

110.52

114.08

120.88

.113.89

119.41

118.00

113.70

105.17

109.24

113.89

118.60

126,28
124.97

119.20

,123.34

121.46' 119.00

113.70

116.02

119.61

122.29

117.60

National Fertilizer Association

119.41

Jap;'. 26—v—'-44^
Higli

1946

LOW -1946-,—•—

High '1945—
Low

124.84
120.55

1945—^

121.46

119.82

117.40

112.19

114.46

117.80

119.82

117.40

112.00

114.46

117.60

120.63

113JS0;; 118.80

117-80

113.31

104.48

108.52

113.70

118.20

118.00

113.89

105.52

109.79

117.80

118.80

121.44

1945—;

114.08

119.82

■

2 Years

Feb,

■:

Ago

•

119.50

1944a

111.25

<118.40

111.25

116.22

104.14

100.49

113.50

Commodity

The weekly wholesale commodity price index compiled by The
National Fertilizer Association and made public on Feb. 4, advanced
in the week ended Feb. 2, 1946 to-142.0, from 141.8 in the preceding

1 Yeaf Ago»'"

Feb.

116.61

week.

A month ago the index stood at

all based

the 1935-1939 average as

142.0, and a year ago at 140.0,
100.
The Association's report

added:

Y'YYiY'^YYY:Y:
yjt"

Govt.

Bonds

5——a

rate*

2.69

2.49

1.33

—

2.69

2.49

1.33

2—

Jan.

Aaa

2.69

1.33

2.54

composite groups of the index advanced during the
The fuel index advanced due to high¬
prices for anthracite coal.
The textile index advanced fraction¬
ally.
The farm products group declined slightly.
The cotton index
advanced to a new high point and is now 17.8% higher than it was

2.68

2.54

2.68

2.54

prices

latest week and two declined.

Corporate by Ratings'

1.33

v%%

YMYY,

Two of the

Closing Prices)

Corpo-

2.49

on Individual

u. S. A ' Avge.

Daily -%>%%
Averages $$$
.

(Based

;

1946—

Fi b

MOODY'S BOND YIELD AVERAGES

v./

V,Y-*\i

.-i■ '4„ Yr

•

1.33

2.49

Baa

2.58

•

Corporate by Groups*
R. R.
P. U.
Indus.

2 97

2.58

2.71
2.71

2.98

2.85

2.58

2.71

2.98

2.86

2.58

2.71

2.98

2.86

2.68

2.54

2.67

2.85

2.69

2.50

2.59

2.71

2.98

2.86

30—_

2.67

1.32

2.69

2.50

2.59

2.70

2.98

2.86

2.68

1.32

2.70

2.50

2.59

2.71

2 98

2.70

2.99

2.70

2.99

28—

•

—

132

2.70

2.50

26_4_——

1.31

2.70

2.50«

25—

1.31

■YYY:

•

',18.—
17—

2.68

2.99

'2.87

2.58

•2.54
2.55

2.68

2.60
2.61

3.00
3.02

2.56

2.89

2.70

2.53

2.60

2.72

3.01

2.89

2.70

2.72

2.53

2.61

2.72

3.01

2.89

2.71

2.56

2.72

2.53

2.60

2.72

3.01

2.89

2.71

2.56

2.72

2.73

261

272

3 02

2.89

2.71

2.62

2.73

3.02

2.89

2.72

2.57

2.73

2.54

2.62

2.73

3.02

2.89

2.72

lilt

2.57

2,55

262

2.74

3.03

2.90

2.73

2.58

Total Index

2.55
2,56

2.62
2 64

2.74
2.74

3.03
3.03

2.90

2.73

2.58

2.64

2.74

3.03

*2
2.75

257

2.57

264

2.64

2'76

3'03

2.77

3.03

2.76

2.58

2.65

2.77

3.04

2.56

Grains

—.

2.76

2.61

157.2

157.8

162.5

160.3

2.76

2.61

Fuels,—————,————

129.3

129.1 ;

129.4

130.4

2.93

2.76

2.62

Miscellaneous commodities

133.5

133.4

Textiles

160.0

159.8

159.2

2.59

2.66

2.78

3 06

2.94

2.60

2.68

2.79

3.09

2.95.

2.79

2.68

2.79

3.10

2.96

2.79

2.68

2.80

3.12

2.98

2.80

2.64

2.62

2.80

3.13

2.99

2.80

2.61

2.68

2.80

3.13

2.98

2.81

2.61

2.68

2.81

3.14

2.99

2.81

2.64

2.82

2.62

2.68

2.82

3.15

3.00

2.81

2.65

2.82

2.62

2.68

2.83

3.16

3.0°

2.81

2.65

2.84''''.-;

2.62 L

2.69

2.84

3.19

3.01

2.83

2.84

2.66

2.62

2.69

2.84

3.20

3.02

2.83

2.61

2.70

2.84

3.20

3.03

—

1.65

June 29——

1.60

2.61

2.70

2.84

2.71

2.86

3.23

2.61

2.84

3.25

3.03

2.85

2.68

; 2.61

2.69

2.86

3.27

3.01

2.87

2.70

2.60

2.69

2.85

3.27

3.01

2.88

1.64

2.88

27——

isfY. 1-63

2.89
2.91

2.70

;

1.69

2.92
2.96

2.68

2.77

2.58

•

lewtl

yield
yieia

-i- '

■>

tual savings banks is an
tion of the determination

build

indica¬
of the

people

against

the uncertainties of the

reserves

peacetime as well as in
It is apparent that a nation¬

future in
war.

wide orgy of spending now
accelerate
current

would

tingency, mutual savings banks
are exerting
all their influence.
Much is being accomplished by a
definite program of public educa¬
tion through
advertising, public
addresses and every-day customer

constantly preaching
philosophy of thrift and care¬
spending,
mutual
savings
banks are making a vital con¬

contacts; By

the
ful

tribution

welfare

the

our

country and helping to maintain
the stability and integrity of our

'■

;

Trygve Lie

'118.3

119.9

;

119.9

ceived
Albert

H9.8
105.2

105.2

104.8

141.8

142.0

■:

flew

Jan. 30 to be available

2.68

for his

3.31

3.05

2.91

2.69

3.33

3.05

2.94

2.69

eral of the United Nations

3.10

2.94

2.69

ization if his unanimous nomina¬

2.93

3.39

3.14

2.95

2.68

tion

2.75

2.97

3.44

3.21

2.96

2.72

2.78

3.05

2.93

2.76'

confirmed by the General Assem¬

2.62

2.85

1.31

2.69

2.70

2.97

2.98

2.71

2.76

2.99

3.48

1-41

2.77

2.59

2.66

2.78

3.06

2.49

2.58

2.67

2.54

3.25

2.97

2.74

2.93

f
*:•

2.77

2.62

bly

by
of

post of Secretary Gen¬

the

1.73

2.95.'

2.66%

2.75

2.96

;

3.42

3.18

•

2.76

2.71

1.86

3.10

2.73

Y':

Organ¬

Security Council

the

UNO, which he has
he will accept.
In re¬
porting this advice from London,
indicated

3.10

3.72

3.50

one

2.98:

2.82

"typical" bond

either the

average

mnff

pTgS"Sg08!he "Vera?e5 WaS 8'Ve" ln 'he N°V- 22> 1945

anticipation of Mr. Lie's elec¬
all members of the UNO
temporary secretariat would go on
a day-to-day salary basis so that
the new Secretary General might
tion,

2.84

free

choose

Associated

his

staff._

Press

1946,

110.6;

■

'V5'

26,

110.5, and

1946,

promise candidate for the $20,000a-year post after a session of dele¬
gates of the five principal powers
in the hotel room of the American

M:-V;

'.V

Far East
re¬

Department at Washington,
regular (Postal

effective at once,

mail for Brunei, Burma,
Indo-China, Hong; Kong,

Union)

Macao, Malay States (Federated
Nonfederated), North Borneo,

and

Siam, and Straits Set¬
be registerd upon

Sarawak,
tlements

may

payment of the 20-cent f6er>i>4 -

ius, Jr., last night. Previously the
Americans

had

backed

Pearson, the Canadian Ambassa¬
dor in Washington, while Russia

supporting Lie.
Under
the rules of the UNO the candi¬

had

date

been

Secretary-General

for

have the support
of the

Big Five powers., j

"Lie,

must

of each and all

Coitimodity Index
Tuesday,

•<

50-year-old lawyer and
was

Moscow's candidate

for President of the
to Paul-Henri

UNO, but lost

Spaak, the Foreign

Feb.

Tuesday,
Two

Year

1945

266.0

Feb,.

Saturday

Feb.-

4__—266.2
i--- i 266.2

weeks ago,
ago,

ago,

High,

265.7
■-*
264.7
1945_^_-—253.6

Jan, 22,^---1-;.---—.
5

Jan.

Feb.

Dec.

;27_.„-V.-^—.-U--.;—!

265.0

Low, Jan. 24_______--_l.__-_-,, 252.1
1946

■*

266.6
264.7

High, Jan.
Low,

.*,f tvpi;

1946.__—266.4
.266.0
266.2
265.9

29,

Feb.

Friday,

Month

diplomat,

Jan.

Wednesday, Jan. 30.—U—Thursday, Jan. 31

Monday,
-

Dailytlgjli

Lester

Minister of Belgium.

part:

information

30 by Postmaster
Goldman from the Post
Jan:

representative, Edward R. Stettin-

'.it'

Jan.

accounts

from London Jan. 29 it was stated
in

According

140.0

"Mr. Lie was selected as a com¬

3.39

new

Registered Mail

118.2

system."

106.4

154.1

French

Accept UNO Post

Norway's

London

economic

125.4

< v#

2.88

move^ent. Pf actual price quotations. They merely serve to
awIaS theTVEZSVP'9the picture of the bond the relatlv« movement
r,elatlve levels and market.
averages, the latter being the true

Lie

2.91

1.80

on
i

Feb; 3, 1945,. 109.1. c-Y:,. I:

Feb.

2.90

record

these

entrusting its savings to our mu¬

Office

base were:

2.73

^.mm^1CeS afre.comPuted from average yields on the basis of
the
kveraol
ln 25 JeaT.s) an<ido nofc PurP°rt to show
in

1926-1928

the New York "Times" added that

1944—

lUustrate

2.66

2.65

1.77

2 Years Ago

158.4

142.0

2.72

2.62

1 Year Ago

Feb.

Commenting

gains, Isaac W. Roberts, President
of The Philadelphia Saving Fund
Society and President of the. Na¬
tional Association, said:
"The fact that such a large seg*
ment of the American public is

127.0

105.2

group's combined—

2.71

2.60

1945—

127.0

119.8

2.73

2.61

1.66

1.40

2.66

"Indexes

2.65

2.85

2.86

31—.—

;

110.2

160.4

118.2

—

Farm machinery
100.0

2.65

2.84

2.85

Apr.

1946—

;

2.84

3.04

3.05

3.21

2.61

Mar.

2.85

1.64

•<

—

2.66

2.85

110.2

—

drugs

Fertilizer materials

2.64

2.81

;; 2.84
h 2.84

and

160.4

127.0

—

——

Building mater fa Is
Chemicals

2.64

2.81

1.53

1.59

Feb.

w——-i;

Fertilizers,—

2.68

1.63

Jan.

Livestock-,-—-—^-———

Metals————

2.64

2.77

2.62

1.57

•

2.64

2.61

2.81

1.55

deposits being 1.68 %

upon

155.4

Exchange Closed

161.8

2.93

1.56

11-—'

Feb,

202.9

169.4

2.92

8ept. 28

—

232.8

169.7

3.05

1.52

—

1945

165.0

237.8

3.05

1.55.

1945.,—

161.8

3.04

1.50
•

1946

144.9

163.1

171.0

2.78

1.49

—

May 25_

—

146.4

2.78

2.62

Aug. 31

239.1

169.8

Cotton-.

2.61

168.8

2.77

High

2.61

2.75

146.6

163.1

2.66

2.81

Oct.

Low

2.74

2.92

—

2.66

1.47

.-f,> -j

Lew

2.91

146.G

163.1

—

Cottonseed Oil
Farm Products

23.0

2.66

-.A-.

High

2.60

1945 4
142.9

2.58

2.80

23———,

Jul}

2.59

2-74

2.57

2.78

•'

2.59

2.73

2.91

1946
143.9

168.6

Fa ts and Oils—

2.73

2.91

Feb. 3,

2.57

Y79

%%•■: 9——

1946

141.1

141.3

1946

Year

Ago
Jan. 5,

2.77

1.46'

'X'YY

Group
Foods

25.3

Month

Jan. 26,

Feb. 2,

2.76

1.45

Y&Y

2.77'

1,42;-

7„

'ii :

Week

1.40

14——,

Nov. 30

Week

2.91

INDEX

Association

Latest Preceding

PRICE

The National Fertilizer
1935-1939=»100*

2.74
o'Zt
2.74

;

and the same number declined.

COMMODITY

WHOLESALE

Compiled by

2.57

2.54

WEEKLY

«ach Group
Bears to the

Stock

1945

254

2.72

1.38

28,

2.71

1.40

'
-

w„%

clined; in the preceding week 5
second preceding week 7 advanced

2.56

■;

positors remain stable, emphasiz¬
ing continued limited investment
possibilities, the average rate paid

^inflationary
advanced and 6 declined; in the trendspTo guard against this ^oh^

2.56

;

2.71
2.72

1-38

——

3—_i,'

Dec

2.55

2.52
2.52

2.70

135

\
*

2.55

2.69

2.88

5
t

2.69

S 2.87

7^:—__a

2.87

3.00

1.38

3.00

2.71

1.32

2.71

2.59

During the week 9 price series in the index advanced and 2 de¬

,2.55

2.59

rye

than offsetting lower quotations for corn. The live¬
stock index declined; egg prices declined for the eighth consecutive
week and more than offset higher prices for cattle, calves, lambs and
sheep.
The food index declined slightly.
All other, groups of the
index remained unchanged.

■:?

2.51

Ho
1 32

11a

„

2.68

2.87

2.52

1.33

Y6_—,

■

? 2,70

2.68

2.86

11}

1.33

2.59

;2.86
'

2.70

J-32
} l2
1.32

—
■

•%v

J'oo

■

2.50

2.59

2.55

1.31

23——

2.70

J2.59

2.55

•

The grain index advanced slightly with higher

ago.

year

savings banks reached the peak
figure of $1,628,857,713, an in¬
crease of $174,119,405 over the to¬
tal for 1944.
This establishes a
ratio of surplus to
deposits of
10.6%, one of the most substantial
ever afforded
any large sum of
small capital.
"Interest-dividends paid to de¬

Price Index Advances

120.63

117.60. 121.25

accounts,' such as Christmas
Clubs, school savings, and similar
The average deposit in
'regular accounts' amounted to $1,~
lOft.ob and tne average deposit for
all types of accounts was $907.08.
"Combined surplus of mutual
pose

—11.0

4,225,814

4,427,281

122.93

1,475,268

deposits

savings banks had $15,287,«
257,525 in 'regular accounts.' This
balance excluded all 'special, pur¬

1,806,225

tual

1,798,164

4,450,047

breakdown

showed that at the year-end mur

1,815,749

4.482,665

3,865,362
Jan. 12.1—. 4,163,206

<122.29

1,824,160

4,524,257

Dec. 29

120.02

—

1,533,028

4,368,519

120.22

Yyyy^^-«i:

9.7

1,798,633

—10.5

•

4,354,939

incirease^

accounts.

1,806,403

1,528,145

—10.2

4,358,293

120.22

123.44

23—

4,415,405

1,507,503
,,

4,042,915

120.22

123.70

■

9.9

—

4,341,754
4.382,268

3,984,608
3,841,350

—

Dec.

120.22

123.81

4,345,352

1929

1932

9.6

—

17—

Dec.

100.22

124.06

4,396,595

7.9

—

4,354,575 Y

1,793,584
1,818,169
1,718,002

Nov. 24.

124.17

7—
Nov. 30-

1943

under 1944

4,375,079

Dec.

120.22

119.82
.

—...

3————,

Nov.

120.63

Stock; Exchange Closed
„

1944

4,028,286
3,934,394
3,914,738
3.937,420
3,899,293
3,948,024

Dec.

120.63

124.67

Decs 28,: 1943

19451

Nov. 10—,—

117.60

depositors

by 581,533 during the year, mak¬
ing a record total of 16,902,762

(Thousands of KUowatt-Hours)

RECENT WEEKS

with de¬

"Total assets kept pace

§ Increase.

FOR

Association, which says:

to the

0.2

$11.9

•123

Oct.. 13.—

125.30

121.46

126.00

9—

■

,0.2
10.9

§6.1%

v-.%.I',..PTi7v^v-;ir%

■.

{Revised.

DATA

10-...,
.:•/

11.2

§3.3

4.6

2.8-.';-v,

,,,-."3.8,.;;,

13.6

Preliminary.

121.46

12.0

121.67

12—

14.5

91.7
■:r.%

4.9

18.8

3.1

Total United States,

121.67

126.24

Jah%12

4.6

13.1

—

Pacific Coast.

121.88

118.60

2.5

5.3

19.5

121.88

126.05

Jan.19

5.0

4.6

crease

;,,!-''"i";''y.WeekEncled;;^^
Jan.26

Feb. 2
.

Central Industrial

121.88

14.—
'

Major Geographical DivisionsNew England
Middle Atlantic

Rocky Mountain.

126.17

"v-''

\ West Central
121.88 1
Southern States
121.88

119.00

p-.Record totals in amounts of de¬

Mutual Savings Banks,:

119.41

posits and number of depositors
are shown in the annual reports
of the National Association of

122.09

126.09

i-r—
h,'"'.31,4-

in 1945.

119.20

YY.,};

industry: of the United States for the week ended Feb. 2,
1946, was approximately 3,980,000,000 kwh., which compares with
4,538,552,000 kwh. in the corresponding week a year ago, and 4,034,365,000 kwh. in the week ended Jan. 26, 1946. The output for the

Corporate by Groups*

125.97

5,.

Deposits
Year Ago Increased in {945 ;

power

v
J
Corporate by Ratings*

Corpo-

Mutual Savs.

The Edison .Electric Institute, in its current weekly report, esti¬
mated that the production of electricity by the electric light and

(Based on,Average Yields)

Avge.

Govt.

Averages
Fee;

12.3% Betow Thai for Same Week

BOND PRICES

1946—

averages

Electric Output for Week Ended Feb. 2,1946

»•';r'V'.v'

--■

MOODY'S

•

bond yield

and

prices

the^following table.

Thursday, February 7, 1946

Jan;;.-

I..1Y;

,Volume 163

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4462

■i

Trading

transactions for the

stock

round-lot

volume

Jan. 30

of all

account

12, continuing
a series of current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these figures, £

members of these exchanges in the week ended Jan.

Trading

(except odd-lot dealers) during the week ended Jan. 12 (in roundlot transactions) totaled 4,221,146 shares, which amount was 15.59%
of the total transactions on the Exchange of 13,541,850 shares. This
compares with member trading during the week ended Jan. 5 of
1,179,789 shares, or 16.42% of the total trading of 5,480,400 shares.
On the New York Curb Exchange, member trading during the week

Jan.
was

During the week ended
5 trading for the account of Curb members of 555,635 shares
27.66% of the total trading of 2,006,465 shares.
of 3,816,265 shares.

that Exchange

Total Bound-Lot Stock Sales on the New York Stock Exchange and
Transactions for Account of Members* (Shares)
WEEK

JAN.

ENDED

Round-Lot Stock

——--.-..--w-**.

Total sales——————

i^ r:

Private Construction
Public Construction

State and

Federal

«,

;

Total sales—.—*.—********«J**;,—.;
1. Other transactions initiated on the floor—
purchases

13.6Q0

?V,

*'*

*£. &"" "

Total sales

*» .' «?•

485,732

Total

'62,090
678,324

•

!. c

...*.**

■

4.53

740,414

.**,

Total—?*

„

■

.Short salee.****—,
tother;s.aks-»H^»-^.-»~i-r-----^-~^'-«»''
•V*'.

1.88

250,620

;•;.

i, 0ther; transactions Initiated off the floor-r..
.:v,::f--;Total purchases^----.^--^-.---^.**--*--.--.-^
:

■

.•

purchases*—****-—--*-—^

1934,602
286,190

Short

tother sales

—,

2,000,354

—

——

■*'>■■■-j. "

Total

>'
15,59

Total sales2,286,544■

Sales on• the

Stock

Bound-Lot

New

Transactions for Account

ENDED

York

Curb

of Members"

'!.,*«

,iu\Toiat Round-Lot Sales:
Short sales

JAN.

12,

■

and

Stock,

production

dpi Net Tons)

^v'

ft*:;*-

19,

11.G30.000

45,294.000

mines

2,144,000

1,947.000

2,050,000

214,880

193,635;

762,852

•'

' I

1
..

ilj

8hort sales—-**..

Cither

-1.

—1_

64.990

1,38

—

dredge

coal

(The

1.000

162,224

volume includes only sales.
calculating these percentages the

Exchange for the

the

short

tRound-lot

sales

which

are

exempted

reason

that

members'

from

purchases and sales is
restriction by the Commission's

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

gules
■

are

Michigan,

Engiaeering Construction Totals

Tew Mexico_-_

News-Record."

the

This, volume while 31% below the

previous four-week** moving

report made public on J an.
;;

padded;

.Private - construction, .is 18%

6io.%above
53 % below.

average
• •

•

: "

7orth & South Dakota

(lignite)

,32.000

ant,

the

last week .and 17 % below the week last year; rState and

the

construction continued to drop arid is 86 %

week?and 82% below the week last year
five-week cumulative figures show the total for 1946, $348,-

below the previous
;

The

277,000, 198% .greater

than the total for a like period of 1945,

the

private construction total for 1946, $237,463,000, recorded a' 497% in¬
crease over .1944:
.The cumulative total for state arid municipal con¬
struction in 1946,

315% over 1945, more than offset the 33% drop in

notifying

Referees

the

amounts

bondholders

and

The

tinental Illinois National Bank &

and at of¬

fices in various cities abroad.

Panhandle

and Oregon.

the New

York Supreme

March 4

decree

Conrt

confirming the Ref¬

erees'; report.

NYSE Odd-Lot

Trading

•

31,000
2,201,000
1,017,000
215,000

;

■

221,000
2,000

'•

V"'

1,000

'
.

'V,

specialist's.-

385,000

:!■!.■"

Numoer

1.000
»

w-r.

11,960,000

District

and

Grant,

Mineral,

"Less"than 1,000 tons.

and

Tucker counties.
,•,',

^Includes

v:/:-

Jan.

1946

19,

Total.
For Weel'
62,676

1,874,133
$74,875,115

shares——#

Odd-Lot Purchases by Dealers—

(Customers'sales)
Number of Orders:

short

Customers'

Arizona'

•.

Ended

value

Dollar
:

EXCHANGE

of orders,*——*-

Number

•

214,000

•

ON THE

Odd-Lot Sales by Dealers—
•1
'
(Customers' ourchases)

888,000

STOCK

Week

.'f

SPECIALISTS

AND

; 35,000
.!2,145,000

;■

DEALER!
N. Y,

LOT ACCOUNT OF ODD-LOT

4,000
140,000

FOR THE ODD

STOCK TRANSACTIONS

143,000

■

11,600,000

12,864,000

670,000

2,715,000

307,000

30,000

1,090,000

•

Exchange, con¬

tinuing a series of current figures
being published by the Commis¬
sion. The figures are based upon
reports filed with the Commis¬
sion by the odd-lot dealers and

79,000
:

account

odd-lot

for

New York Stock

2.000

146,000

376,000

•2,240,000

transactions

of all odd-lot dealers and special¬
ists who handled odd lots on the

35,000

2,000

for the week
complete figures
showing the daily volume of stock

36,000

;

Exchange

30, a summary
ended Jan. 19 of

110,000

126,000

150,000

& lignite—..*'

720,000

134,000

;

//•-

and

Securities

Commission made public on Jan,

176,000

2,660,000

The

53,552

total

53,735

iUV-:-

sales

Shows

Advance

Retail
v

dex showed a

Fairchild

advanced in:' December,
The in¬
fractional increase of 0,1% during the month as com¬

Retail Price

Index

pared with November and

increase of 0.2%

compared with

the corresponding period a year ago.; The. gain during
due to fractional advances in sheets* furs, shirts and

was

the. month,
neckwear.

I The Fairchild

report issued Jan.^
apparel - and home " furnishings.
increase in the index as Men's, apparel and infants'; wear

continued:

i The

compared

with

been due to the

year

ago

has

gain in women's

showed

increase,

fractional
as

v.".-.

declines.

compared

with

The

the

»-]

*4*'

Round-Lot Sales by Dealers-^

:Number^>f Shares;

'
,

short sales

140

-tOther.sales
•:

5,948

value.*-****—*—— $63,058,396

Dollar

For the first time in months retail prices based on the

Publications

•

1,538,023
1,543,971

•Customers'

Prices in December

Customers' hsort' sales**-*
other sales....
Customers' total sales——

Number of Shares:

Index

183

sales..__

other sales—*-

•Customers'

Customers'

The

committee will apply to

tlncludes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & O.;
on the B. & O. in Kanawha, Mason! and Clay counties.
tRest of State, including

i -1;

re¬

distribu-of
$4,702,-

present

Trust Co. of Chicago,

354.000

77,000

98,000
833,000

Fahchild

over

report, is available
at the office of the
committee, 14 Wall Street, at Con¬

1,030,000

91,000

3,064,000

Pennsylvania (bituminous):
rennessee-L^^-LLLiL-—
Texas (bituminous & lignite)

;

37,000
/n!3,000

30,000

...

Ohio—.

below the previous week, but is

municipal construction gained .3% over last week and 516%

that

committee's

commending

The

$76,245,000.

-r"

the; corresponding week of 1945.^ Public construction is

week of last year; /Federal

committee

the

previous week is 144% greatei:-than the week last year, and. 8 % be¬
low

Mexico

have filed their report approving

1,000

382,000

3,000
i-

i Total bituminous

;uCivil. engineering construction volume in continental United

to"Engineering

Mexican

bondholders and all other parties
interested in the funds/ held by

-578,000
63,000

98,000

80,000

SOthes Western States-—*.*——,

State?,totals $70,197,000 for the week ending Jan. 31,1946, as reported

'; ,/•;

The International Committee of

Bankers

1,495,000

46,000

—

Virginia—'—
'•
Washington—*
—,;(
)West Virginia—Southern
tWest Virginia—Northern
j.

$70,197,000 for Week
f;

Distribution

wilj

Bondholders Recommended

107,000

772.000

Utah——.

Civil

passed at retail.

171,000

?■

1.000

442,000
55,000

Montana (bitum. & lignite)*—•

!> '

536,000

Maryland^-*——L.;———'

the Exchange

total# of

wholesale, most of which

7,000

/?./*•
,•?•••?.

1,477,000

45,000
114,000
1,076,000

Missouri-*—-—**

6.000
92.000

168,000

tin

376,000

Jan. 12,

570,000

Kentucky—Western

super¬

due to the advance to be recorded

BITUMINOUS COAL AND LIGNITE,
TONS
.lH

1.564,000

Kentucky—Eastern

associate Exchange members, their

Zelomek,

whose

IN NET

6,000

Kansas and

compared with twice the total round-lot. volume

higher, although the
gain will be slight.
This will be

for

356.000

3eorgla and North Carolina——

authorized

105,000

Indiana—

144,885

includes all regular and

truck from
^Revised.-

1946

14.7"

144.885

•The term "members"

under

should tend

Jan. 20,
1945

;

—.

flllnois-—

firms .and their partners, including special partners,

Jan. 30,
1937.
4,236,00C
4,024,000

,272.700

160.000

may

for inspection

1946

Arkansas and Oklahoma—

sales-^.——

effect

vision the Index is compiled, re¬
tail prices for the rest of the year

028.35.

373,000

Vlaska

573,465'

the

current

vlabama

49.420

Total purchases

shipped

coal

and

fSubJ.ect to revision

State—

53,965

£24.045

w—-4«»w—-

,'JCiastomen'.dther

Total

and

Its

marked influence

Week Ended

—

Customers' short sales—..

washerv

tExcIudes/colliery,coal.

ap¬

decline

consumer.

Acocrding

383,600

325,500

95,400

.74,600
U74.6004# 92,000

electrical

:> y-.v'l

Jan. 19,

Total sales^...i......;

3,386,000

.,*•• )•..

3.41

ft, Odd-Lot Transactions for Account of Opeclallsta—/

912,000

BY STATES.

145,330

...

4,153,000

fractional

Economist

COKE

Jan. 27,
1945
3,831,000
3,678,000.

26„

.1946

post
merchandising of those items
which take pre-ticketing.

Calendar Year to Date——r-

Jan.

■$ 950,000

^r; .•-.?*.•>: ».f' y

States total-

■

well

war

weekly estimates are based on railroad carloadlngs and river
shipments and are subject to' revision on receipt of monthly tonnage, reports from
li'strict and State sources or of final annual returns from the operators.) -•

138.255

ESTIMATED WEEKLY PRODUCTION OP

•

Short sales

1946

■;<>>

j Jan. 27,
1945

1,085,000

•Includes

tother sales.

1946

1,164,000

operations,

8.075

Total purchases

§Jan. 19,

i 1.130,000

United

314,145

the
have

1945

»v

were

hosiery,

during December must be ex¬
plained by pre-ticketing.. ' Preticketing means a lower margin
and thus a lower selling price to

Ton si

Week Ended ■>

jjan. 26,

■*■"•*■

women's

Index of aprons and house dresses

Jan. 27,

194S

advances

and

tion

Net

1.213,000

5.100

....

Total—°tal SalCS

9,98

"59,890

........

1 Commercial Produc.

40,165

«——V/-

...

7 (\

•Total incl. coll. fuel

-"ipthe*
•

transactions initiated off the floor—

Total purchases
Short

Pe€hiVG COkC'

^//JOther^sales^—u—f*-————— ■;
Total sales

...

floor^),

tJan. 26,

1945

.1946

OP PENNSYLVANIA ANTHRACITE AND

PRODUCTION

Penn. Anthracite

362,145

—

The greatest

war.

smallest

shoes

fSubject to current adjustment.

325,900

f- Other transactions initiated on -the
; :::T0taJ.purcftasea^...^.^i—

;;
''•v.

•Jam
'

iln

399,655

Total sales

the

sharp

pliances and china.

769,978

Vv#..

36.245

very

brassieres, women's
underwear, and men's shoes, in¬
clothing, underwear and

1,965,000

—

individual

fants'

46,365,000

213,390

mln^ueL^iv

ESTIMATED

tother 6ales*.

the

some

recorded in silk piece

were

corsets

Number ol cars loaded, to.b.

gains

—Jan. 1 to Date—-

2,042,000

■•Revised.

■

contained

shows

outbreak of the

12,864,000

Jan. 26,
1946

Daily; average,

3,816,265

Short sales—

the

advances as compared with the
period immediately preceding the

COAL AND LIGNITE

12,250,000

Transactions of specialists In stocks in which
they; are? registered-—

analysis

Index

:——
Jan. 27,

Bituminous coal ft lignite—

55,270

.»■;, Total purchases—

;

Week Ended

•'

the

of 1945

"
■

lignite

from the preceding week.
Output in the corresponding
was 11,680,000 tons.
For the year to Jan. 26, 1946,
soft coal production was estimated at 45,294,000 net tons, a decrease
of 2.3% when compared with the 46,365,000 tons produced from

B. Bound-Lot Transactions for Account of Members:
I.

and

coal

bituminous

4.8 %,

week

3,760,995

v-/S'1'
>■
Total sales.—*—————*—»«***-,.**—.—

total

Tttai; including

—

JOther sales-.';-,—...

:•</

commodities

recorded

totals $16,008,000
municipal bond sales and
$8,000,000 in corporate security issues.. The current week's new fi¬
nancing brings the 1946 cumulative total for five weeks to $250,786,000, 35% greater than the amount reported for a like period of 1945.

(Shares)

forVeek ?

preceding

the war, has been
piece goods, women's
apparel and home furnishings.

The

^ew Capital
New capital for construction
purposes this week
and is made up of $8,008,000 in state and

Exchange

period
of

Six of the nine classes gained over

ESTIMATED UNITED STATES PRODUCTION OP BITUMINOUS

•

outbreak

marked

the week last year as follows:
waterworks,
work and drainage, industrial

1946

^Total

23,364,000

immediate

goods, cotton wash goods, sheets
and pillow cases, blankets, wobridges, highways, earth¬ mens' aprons and house dresses,
buildings and commercial buildings.
furs, floor coverings and furniture.

highways and public buildings.

WEEK

2,317,000
18,996,000

;

27, 1945#
of Pennsylvania anthracite for the week ended
26, 1946, as estimated by the Bureau of Mines, was 1,213,000
tons, an increase of 83,000 tons (7.3%) over the preceding week.
When compared with the output in the corresponding week of 1945
there was an increase of 263,000 tons, or 27.7%;
For the calendar
year to date, anthracite production amounted to 4,153,000 tons, an
increase of 8.4% over the 3,831,000 tons produced in the correspond¬
ing period of 1945.
The Bureau also reported that the estimated production of bee¬
hive coke in the" United States for the week ended Jan. 26, 1946
showed a decrease of 17,400 tons when compared with the output for
the week ended Jan. 19, 1946; and was 20,800 tons less than for
the corresponding week of 1945.

237,020

—

:.. Total sales****—*

;

3,357,000

21,313,000

;

Jan.

257,530

——

JOther sales

———.

Municipal——.

—

7,403,000

Production

9.18

1,295,510

;—

Short sales

——

Jan, 1 to Jan.

1,085.010

...

Total

Feb. 1, '45
$28,716,000

$101,433,000
52,555,000
64,234,000
17,642,000 ' ' 37,199,000
14,285,000
13,835,000

In the

»-

210,500

JOther sales

$ Jan. 24/'46

classified construction groups, four of the nine classes re¬
corded gains this week over last week as follows:
sewerage, bridges,

The

Short

31, '46
$70,197,000

Weekly Goal and Coke Production Statistics

lJflf-540
i

»•

week ended Jan. 26, 1946, as estimated by the United States Bureau
of Mines, amounted to 12,250,000 net tons, a decrease of 614,00*0 tons;

'
•>
'
■■
"4-^^

?they are registered—

:-.;r

fJan.
Total U. S. Construction-—^

13,541,850

B.Round-Lot Transactions for Account of Members,
Except lutthe Odd-Lot Accounts of sOdd-Lot
Dealers and Specialists^
•' ; ', ,
.
»
h'
i, Transactions of specialists in stocks In which

'•

week and the 1945 week are:

514,910
13,026,940

JOther sales————

769

■

The

Total for Week

fihort sales-^————-.-u,--.

;

v.".-.. ;/

1946'

12,

Total Round-Lot Sales:
>

of the total

12, amounted to 1,127,430 shares or 14.77%

Jan.

ended

volume

>■.

a 43%
increase in public construction
the five-week period of 1945,rV':.
;■
Civil engineering construction volume for the current
week, last

•

account of members

Stock Exchange for the

the

-.i'-v

over

1946, figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the

i",a

federal work and resulted in

New York Exchanges

The Securities and Exchange Commission made public

v"/>-

4L"

279,90Q

Total sales

280,040

Rourct-Tot Purchases by Dealers—»
Number

•Sales

shares.

marked

"short

exempt"

590,880
are

ro-

ported wltl) "other sales."
tSales to offset customers* odd-lot orders
and sales to liquidate a long position which
Is less than

"other Bales."

round lot
•

are

reported with

THE COMMERCIAL &

770

FINANCIAL CHRONICLE

Thursday, February 7, 194(5- /
**

Paily Average Crude Oil Production for Week Wholesale Prices Up 0.1 % In Week Ended
Jan. 26, Labor Department Reports
Ended Jan. 26,1946 Increased 20,350 Barrels
"Primary market prices averaged slightly higher (0.1%) dur¬

estimates that the daily aver¬
week ended Jan. 26, 1946 was
4,626,300 barrels, an increase of 20,350 barrels per day over the pre¬
ceding week and 126,300 barrels in excess of the daily average fig¬
ure of 4,500,000 barrels estimated by the United States Bureau of
Mines as the requirements for the month of January, 1946. ' The
current figure, however, was 100,850 barrels per day below the daily
average output for the week ended Jan. 27, 1945.
Daily production
for the four weeks ended Jan. 26, 1946 averaged 4,585,700 barrels.
Further details as reported by the Institute follow:
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,553,000 barrels of crude oil daily and produced 13,622,000
barrels of gasoline; 2,195,000 barrels of kerosine; 5,720,000 barrels
of distillate fuel, and 8,411,000 barrels of residual fuel oil during
the week ended Jan. 26, 1946; and had in storage at the encj^ of that
week 101,737,000 barrels of finished and unfinished gasoline; 8,759,000 barrels of kerosine; 29,498,000 barrels .of distillate fuel, and
39,722,000 barrels of residual fuel oil.

The American Petroleum Institute

crude oil production for .the

age gross

AVERAGE CRU»E OIL

DAILY

PRODUCTION (FIGCRES IN BARRELS)
Actual Production

State
♦B. of M.

Allow¬

Week

Change

4 Weeks

Week

Calculated

ables

Ended

from

Ended

Begin.

Jan. 26,
1946

Requirements

Jan. 1

January

390,000

,260,000

Nebraska

t254,450

—

North

Texas

cream

489,650

478,600

1,300
2,600
+

9,100

511,800

23,050

140,650
320,000
331,150
494,200

2,036,850

+35,050

2,009,450

79,900

79,100

289,200

Coastal Texas

t2.122.696

Texas;—' t,950,000

North /Louisiana
Coastal Louisiana

288,850

—

552,600

2,135,150

Arkansas

77,311

76,850

650

77,050

54,300

2,300

; 54,750

81,300
48,850
300

IS'JXl

48,000

Mississippi

650

209,050

1,750

207,250

201,050

14,700

650

14,600

12,600

650

500

Alabama
Florida

SoSSS

———

Indiana

13,000

^—

Eastern—

.'
Not incl. III.,

Ky.)

;

—

Michigan

—

Wyoming
Montana

59,950

3,350

63,250

57,500

29,700

800

29,560

29,450

46,750
101,800

63,200
28,500
46,000
90,000

2,650
1,050

45,800
97,200

46,700

*900

19,500
22,300
98,350

20,400
10,050

103,150

29,450

3,745,050

3.831,850

•+—9,100

840,650

895,300

19,500

21'2?X

Colorado

—.

—*

"1111—~v

98,000

(1926

100)

Hides

and

—-——

;

——

4,727,150

4,585,700

+20,350

ended 7:00 a.m., Jan. 23, 1946.
{This is the net basic allowable as of Jan. 1 calculated on a 31-day basis and
includes shutdowns and exemptions for the entire month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 1 to 12 days, the entire state was ordered shut
down for 5 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 5 days shutdown time during the calendar
,

month.

RUNS

STOCKS " OF FINISHED
GASOLINE, KEROSINE, GAS OIL. AND DISTILLATE FUEL
PRODUCTION OF

STILLS;

AND UNFINISHED

GASOLINE;

AND RESIDUAL FUEL OIL, WEEK ENDED JAN. 26, 1946

(Figures in thousands of barrels of 42 gallons each)
Figures In this section Include reported
estimate of unreported amounts and are
-Bureau

Capac.

Coast

99.5

.•

Blended

erated

94.4

747

Appalachian—

Kero¬

Gasoline

Gas Oil

Resid.

& Diet.
Fuel

Fuel

sine

Oil

3,394:

8,399

6,098

Stocks

21,389

1,652

therefore on a
tStks. of tStks.

{Stocks

Unfin.

at Ref.

Inc. Nat.

Op¬

Av.

and

Produc'n

to Stills

Daily

Report'g

District—

12-29
1945

1945

107.0

104.7

129.3
107.3

130.0

132.7

125.3

107.6

109.5

104.4

119.4

117.9

+V 0

101.0

100.6

99.0

129.9
106.8

119,4
101.1

101.1

76.8

60.3

268

District No. 2—i—-

81.2

112.0

V 191

1,107

135

196

87.2
78.3

710

82.8

1,400

4,307

2,494

385

82.1

2,339
1,362

21,322

9,600

371

1,516

1,041

59.8

219

66.4

963

2,980

164

308

658

3,620

1,266

5,184

4,217

1,026

1,603

1,215

515

■

•

8J.J

1,059

85.6

Louisiana Gulf Coast-

285

109.6

876

17,238
5,251

.No. La. & Arkansas—

55.9

47.6

183

2,026

Texas Gulf

Coast—-

Rocky Mountain—
District No. 3
District

No.

4—,—

California

17.1
72.1
86.5

92.3

119

74.8

84.1

813

:'V

..."

104

189

.^':v

%■.

375

basis Jan, 19, 1946-

Jan.

27,

1945-

6,621

22,543

8,759

29,498

100,778

9,454;

31,403

40,557

t90,222

9,278

32,668

50,801

85.7

4,553

84.2

13,622 »101,738

85.7

4,627

85,6

13,979

39,722

transit
barrels

g. Cadmium

vised

0.1

+ 0.4

+ 0.5
+ 0.8

96.1

94.9

—0.1

goods
Miscellaneous commodities

106.6

106.4

Housefurnishing

>85.3

95.0

119.0

120.6

97.6

96.9

4)6.9

94.8

102.9

102.8

102.6

101.6

101.7

101.5

101.4

■I

.products and foods-

100.8

—

PERCENTAGE CHANGES IN
JAN.

100.7/

Tin

Though additional shipments

sumed later this year.

+2.8

+ 0.3

+ 1.3

+0.3
.•

+1.7

.The
Currency and Banking
Committee of the House has re¬

ported favorably on maintaining
production
at
the
Texas
City

+0.3

+1.6

smelter

—

—_—

0.1

•"

2.2

Drugs and Pharmaceuticals

Chemicals

Other Farm Products

0.7

Petroleum and Products—
—
0.1

——

basis

4,766

15,063

unfinished
8,604,000 barrels of unfinished gasoline stocks.
stocks.- {Includes 12,611,000
unfinished gasoline stocks.
{Stocks at refineries, at bulk terminals, in
and in pipe lines.
SNot including 2,195,000 barrels of kerosine, 5,720,000
of gas oil and distillate fuel oil and 8,411,000 barrels of residual fuel oil

produced during the week ended Jan. 26, 1946, which compares with 2,198,000 barrels,
5,295,000 barrels and 8,563,000 barrels,
respectively, in the preceding week and
1,639,000 barrels, 4,864,000 barrels and 9,528,000 ba'rrels, respectively, in the week
ended Jan. 27, 1945.

the

The market situation in tin was
0.2
0.1 unchanged
last
week.
Straits
0.1
quality tin for shipment, in cents
per
pound,
0.4 follows:

Decreases

Foods

and

extending contracts
purchase of tin concen¬
trates.
Existing contracts expire
Jilne 30, 1946.

for

0.2 K; Cereal Products

Grains

—-

was

0.3

Feb.

■

Jan. 24

"E. & M. J. Metal and

Mineral Markets," in its

shrinking

Chinese, or 99 % tin,
at 51.125c per pound.

issue of Jan. 31,
the non-

Quicksilver
The mercury oxide
battery, also
known as the "tropical dry
cell,":

week, the

copper.

the

Civilian

gram
over

the

pro¬

involves 20,000 tons a month
the first half of 1946. It was

stated that this tonnage is in .addi¬
tion

commitments

outstanding.
was

presently

portable

experimenting with

cell until >

new

it accounts for

10% to 15% of the *
total dry-cell business.
'

Lead fy.

was
was

In the absence

ress,

not disclosed.

division of the copper industry in¬

are

•

The purchase price

The statistics of the fabricating

manufacturers

Production

buying

eral

radio sets

the mercury oxide
battery, it was
revealed.
Makers hope to expand?

The position of the market
unchanged last week. There

;

At the recommenda¬

Administration,

commercial production, ac-<

an announcement by '
the P. R, Mallory Co., Indianapo- :
bs, last week.
First application
in the peacetime market is in the,
production of hearing aids. 7 Sev-*

from authorities in

Finance

renewing its purchases of for¬

tion

cording to

of offical word no pressure to. sell and sales of
Washington on moderate quantities sufficed* to
the recent proposals by members steady quotations at $103 to $106
'
.<, ; .
of the industry to raise the price per flask.
Silver'
1
of lead, the trade last week just
about concluded that the sugges¬
Senator McCarran, of Nevada,
tions will not be recognized until informed those attending the re¬
the supply situation becomes more cent meeting of the Colorado Min¬
acute.
The Government is ready ing Association that he and other'
to purchase foreign lead at the Western Senators would filibuster,
so-called world price of 7c.
With if necessary to defeat such legisla¬
tion as the Green bill. '
?
the strike in Mexico still in prog¬

Copper

Jan.

continued":

the market for the

-•

52.000

^nd 6f 1944,

consumers

announced

52.000

strong drive to

Corporation

52.000

375,618 tons at the end of Decem¬
ber, against 368,042 tons a month
previous and 334,017 tons at the

disturbed
supplies."
The publication further went on
to say in part as follows:

52.000

copper

Reconstruction

52JOOO

52.000

that buying^
by Metals Re-' dicate that consumption in De¬
resumed. The ex¬ cember ;amounted to 95,887 tons.
pected limitation order on cad¬ This brought total consumption
mium was issued by CPA, effect for 1945 to 1,462,440 tons, against
Stocks in
tive Feb. 1.
There were no new 1,656,052 tons in 1944.
developments in the lead situa-^ the hands of fabricators totaled

The

52.000

is being

52.000

52000

52.000

stated officially

with

—

•

Jan.

end the stop¬
page of work at the steel plants made most observers feel hopefu"
that a general settlement of the labor difficulties is not far pff.
I

tion,

as.

v^Aprir-

Jan. 30_

Resumed by Government—Cadmium Use Limited
stated: "Though the strike situation in various sections of
ferrous metals industry failed to improve during the last

March

52.000

Jan. 28

Copper Buying

nominally

52.000

Jan. 25

Jan.-26-__:—

Ron-Ferrous Metals—Foreign

being

+ 0.6

-\1.9^f{Other Building Materials
Cement

are

distributed by the Tin Committee
of the Combined Materials Board.

SUBGROUP INDEXES FROM

0.8 pi

Fruits' and Vegetables-—

Stocks of

tin found in the Far East

Increases

—

are

expected from time to time, an
easing of the supply situation is
unlikely until production is re¬

0.5

were imposed
Regulation 32,

A small shipment (14 tons) of
tin arrived from Batavia last week.^

19, 1946 TO JAN. 26, 1946

——1-

Poultry

and Steel

1.1

■

+0.1

99.3

100.6

+ 3.2

than farm
100.9

0.2
0

0.6

100.0

101.7

—

96.9-

Priorities

—1.3

+ 0.3

115.3

102.9

Semi-manufactured articles
Manufactured products
All commodities other than farm

106.1 iSM;
o
94.0

95.0

119.0

—:

95.0
118.7

now*

to a

contained in Order M-389. In¬

Table 1.

+ 1.2

85.5

consumers

under

+ 2.7

96.0

because

30-day re¬
serve supply instead
of 45 days,
as formerly.
Restrictions on use

+ 1.4

+ 0.1

serve

;

inventory restrictions

limit

+ 1.8

—0.1

was

Effective Feb. 1, 1946, manufac¬
will be permitted to use
90% of the amount of cadmium

turers

+ 2.1

83.9

eign

♦Includes
barrels

+ 0.5

104.3

of foreign

com¬

was resumed earMer in the month.

+ 3.3

116.7

Other

City

Monsanto, 111.,

+ 1.3

105.3

718

15,781

1,761

96
534

MM.

Total U. 8.B

bus, Ohio. Production at the

+ 2.3

118.9

that the Office of Metals Reserve
1946-

—2.5

105.4

-;,:'3i

2,006

372

Total U. S. B. rf M.
basis Jan. 26,

—2.1

119.2

240

Ind., 111., Ky

2.933

271

518

268

District No. 1——-

Dkla., Kan., Mo
Inland Texas

+ 0.5

—0.5

85.5

Iron

Fairmont

Hiilsboro, 111., and at Colum¬

1945

119.8

Livestock and

a wage increase
hour, and operations

resumed

were

+2.0

1946

105.4

—

granted
an

1-27

1945

+0.1 -—0.2

85.4

fact that the Government is making a

totals plus an

basis

Mines

IGasoline {Finish'd

% Daily Crude Runs
Refin'g

Bast

1-12

105.8

materials

12^c

and

of Conservation Committee of California Oil Producers.

§ Recommendation

CRUDE

12-29

1-19

1-27

1946

106.7

1-19

119.9

Raw

were

are

Building materials
—
Chemicals and allied products—

{Oklahoma, Kansas, Nebraska figures are for week

ers

ventory restrictions

1946

119.4

leather products

products
—:
Fuel and lighting materials
Metals and metal products

of Mines

Bureau

are

———

Work stoppage at three plants
the American Zinc, Lead &

Smelting Co. ended Jan. 26. Work¬

Percentage changes to
Jan. 26, 1946 from—

106.7

1-26
—

products—

Foods

products

calculations of the requirements of domestic crude
oil (after deductions of condensate and natural gas derivatives) based upon certain
premises outlined in its detailed forecast for the month of January.
As requirements
may be supplied either from stocks or from new production, contemplated withdrawals
from crude oil inventories must be deducted from the Bureau's estimated requirements
to determine the amount of new crude to be produced.
In some areas the weekly
estimates do, however, include small but indeterminate amounts of condensate which
Is mixed with crude oil in the field.
♦These

preliminary)

1946

commodities

Farm

Outlook for zinc in the Canadian
market.

last eight weeks are

106.8

Commodity group—
All

All commodities other

.......

.....

4,626,300

4,500,000

Total United States

3,787,900
838,400

§824,000

832,000

98,400

104,000

3,668,000

Total East of Calif.

22,700

20,000 ;

New Mexico ,w-98,000

California

Canadian producers at the*
equivalent of 9c per pound, del¬
ivered.
This has improved the

from

WEEK ENDED JAR. 126, 1946

WHOLESALE PRICES FOR

Textile

Ind., f* K

v__

Kentucky

100

———*

Illinois

Ministry of Supply*
has purchased Special High Grade'

they used in 1941, CPA rules. Re¬

357,200

369,550

368,750

The British

of tartar."

(Indexes for the

409,214

365,000

—

cently because of the steel strike.

The following

Total Louisiana

were in a position to
additional business. Prime"
Western has suffered a little re-'

take

than farm products

68,000

290,450

—

metal is concerned.

ruary

Feb-\'"
Others, '

sold up so far as

are

however,

tables show (1) indexes for the past three weeks,
for Dec. 29, 1945 and Jan. 27, 1945 and (2) percentage changes in
subgroup indexes from Jan. 19, 1946 to Jan. 26, 1946.

88,700
143,150

142,650
320,000
338,000

Southwest Texas

Total

144,050
342,350

81,000

490,600

ducers

prices fpr all commodities other pany's electrolytic zinc refinery at

385,700

950

152,800

———

Texas:

East Texas

361,900
267,250

81,000

East Central Texas-

Zinc

and foods rose 0.1% during the week to a new
peak 0.3% above a month ago and 1.6% higher than late January,
1945.
Prices of window glass advanced .following upward adjust¬
ments of manufacturers' ceilings by OP A and cement was fraction¬
ally higher.
Quotations, for mercury were lower. Competitive
price reductions were reported for natural gasoline, tartaric acid and

392,100
242,800

totaled

1944 and 546,673

Demand for Special High Grade
continues active, and some pro-

the strike

packing plants, and live poultry was higher
in New York and Chicago, - Grains were slightly higher on the aver¬
age with rye quotations reaching a 25 year peak in a speculative
market, and wheat prices up fractionally.
Oats were • slightly lower.
Cotton quotations advanced more than 2% on speculative buying
and the expectation of renewed Congressional action to revise the
parity formula.. Eggs prices dropped more than seasonally in most
cities with increased supply.
Prices of lemons declined seasonally
while oranges were higher with better quality offerings.
White
potatoes were lower in Eastern markets because of poor demand for
the old crop.
Onions and sweetpptatoes increased while prices_ of
apples declined. The group index for farm products was 2.1%
below a month ago and 3.3% higher than a year ago.
"Average prices of foods increased 0.5% as substantially higher
asking prices for ryq, flour and higher prices for fresh fruits and
vegetables more than*offset the declines for eggs. Foods were 2.5%
lower than late December 1945 and 2.3% above late January, 1945.*
"Other Commodities—Average i

152,800

West

7,050

—

t750

suu

—-

Panhandle Texas

27,

750

600

■f

1392,650

249,400

—.

Kansas:-,—

■

following

receipts

reduced

Production

in 1943.

ons

chiefly because of higher quotations
poultry^* Prices of most grades of cattle and sheep
of

tons.

538,618 tons in

of workers in large meat

,1945

1946

Week
:

Oklahoma—

Jan.

Jan.26

Previous,

;

524,328

•

result

6,682

operating in the United Statesto 45,399 tons in December,"
making the total for last year

advanced 0.5 % during the week
the

totaled

came

0,2% below the peak level of four weeks ago, the index of com¬
modity prices prepared by the Bureau of • Labor Statistics, U. S.
Department of Labor, was 2.0% above the corresponding week of
1945, says the Bureau in its advices of Jan. 31, which continued:
"Farm Products and Foods—Average prices for farm products

week

<',; s-,"..;,*
1 ' •:'
Production of lead at refineries

age,

increased

last

.tons. V"■

ing the week ended Jan. 26, 1946,'* according to the Bureau of Labor
Statistics, U. S. Department of Labor. At 106.8% of the 1926 aver¬

for livestock- and

market

metal from

that source is

being offered sparingly.
Sales

of lead in the domestic

•

The New York Official for for¬

eign silver was
an ounce

unchanged at 70%e

troy. London

at 44d all week.

was

steady

Volume

771

TftE COMMERCIAL & FINANCIAL CHRONICLE

Number 4462

163

Total Loads
:

Freight Gar Loadings During Week
Ended Jan. 26,1948, Decreased 40,345 Cars

Revenue

709,130

totaled

the

cars

Alabama, Tennessee & Northern
Atl. & W. P.—W. R. R. of Ala

754

Clinchfield
Columbus & Greenville
Durham & Southern

2,802

■;■:■

306

372

640

933

gas

1,609

1,501

136

150

> t

■■'

■'■'

15,192

/ 4,539

5,985

1,428

120

3,387

1,123

936

461

514

4,680

4,651

3,743

105

2,956

1,873

3,394

•

3,061

freight for the week of Jan. 26, decreased
40,345 cars, or 5.4 % below the preceding week.
' -;
-• •
Miscellaneous, freight loading totaled 290,353 cars, a decrease
of 38,615 cars below the preceding week, and a decrease pf 82,228
cars below the corresponding week in 1945.
Loading of / merchandise less than carload lot freight totaled
116,811 cars, a decrease of 578 cars below the preceding week, but
an increase of 20,373 cars above the corresponding week in 1S45.
Coal loading amounted to 184,046 cars, a decrease of 679 cars
below the preceding week, but an increase of 18,597 cars above the
.corresponding week in 1945.
• • ' ' % ^
Loading of revenue

—

Gainesville Midland————

Georgia & Florida:
Gulf, Mobile & Ohio
Illinois Central System

25,962

Louisville & Nashville

4,052

261

Mississippi Central
Nashville, Chattanooga & St. L

271

2,750

Norfolk Southern

1,130

161

196

289
'

A-!'
A

3,122

.
'

830

/■ 414

10,374

Southern System

24,318

965

9,946

1,535

10,518

7,736

8,504

23,758

850

gas in December were about
290,717,600 therms, a gain of 0.7%
over December, 1944.
The index

'1.551

127,137

105,240

129,123

15,883

13,415

14,369

sales

Total.

Coke loading

2,774

2,702

3,175

21,388

21,847

10,752

3,842

3,956

1,227

1,305

313

229'

Elgin, Joilet & Eastern—
Ft. Dodge, Des Moines & South...™™

2,559

■■

./ t ■ /

/ 7 .'. ~

T''

23,035

24,080

22,128

9,671

14,892

3,445

3,066

2,975

5,030

Central Indiana™—
_™.™
Central Vermont—._™™™™™—

Lackawanna &

2,497

2,317

1,642

2,162

856

955

537

745

1,461

1,821

,142

103

697

719

616

1,009

28,064

29,676

9,638

15,260

253

595

16,233

17,189

16,224

618

679

1,948

1,853

1,605

3,338

4,263

122,621

125,737

125,502

74,263

105,584

York Central Lines™™.—
H.<St Hartford.™.
„™_York, Ontario & Western
New York, Chicago & St. Louis..™.™,
N. Y., Susquehanna & Western..
Pittsburgh & Lake Erie......—...—
Pere Marquette..
—;—
....
Pittsburgh & Shawmut
...

Shawmut & North
Pittsburgh & West Virginia—
Wabash-i!^—.~V——^—
Wheeling & Lake Erie——™

2?25l

2,228
12,104

6,550

7,593

8,840

8,361

189

162

194

11a

2,198

1,715

1,694

3,296

14,268

3,946
16,902

3,694

8,578

172

8,948

7,510

10,545

4,583
250

Allegheny District—
Canton & Youngstown

ikron,

6,593

;

2,832-

2,315

2,525

6,730

3.826

6,516

2,631

2,163

2,643

41,358

41.857

48,451

10,331

.9,014

!
.

817.,;

•

454

650

f> 4,867

10,118

48,913
13,943
2,410'
12,716 /

•

6,706

1,852

6,696

6,706

4,609

6,872

8,735

809

899

-222

251

1,166

306

385

11,903

.194,358

3,474:

5,450

133,640

138,459

161,135

754.

•

■

1,220

5,664

13,063
5,443

2,903 ■'

—

215,860

5,524

965

5,856

245
32

348 '

4
1

;

■

187
loo -'

•

624

■'"

19,168"
40

42
.

4,335

•

161

//'■

3,814

1,949

2,316

51,850

63,431

25,087 •/

27,930

1,170

3,654

10,881

2,613

June

1,105

1,28°

July

.247

397

52tf

9,965.000

5,234

6,753

5,400
17,621

3,826

5,240

14,273

119

211

19,436
403

November

8,157

8,47f

December

4,825

12,916

5,085

5,200

6,412

12,000,000 sold

m
$67,475,000 Sold

January
February

59,560

74,230

72,706

57,732

71,512

Weatherford M. W. & N. W

5,900,000 sold

™™_™™

1945—

129

Wichita Falls & Southern

™«Lj

October

8,456

•

28,100,000 sold

September

17,574

4,
'

sold

20,500,000 purchased
18,484,000 sold
18,992,500 sold

_i__„

August

16,283

5,296

48,131,000 sold

2,940,000 sold

March

55,600,000 sold
34,400,000 sold

April
May

TotaL

127,464

14,623

Oklahoma & Gulf Ry.
and .1946.

......

)

29,474

29,072
21,972

4,739

f-l

5,423

y::;

55,783

October

;

150,000 sold
:
12,526,000 sold
300,000 purchased
____No sales or purchases

___________

November..

•Less than

$50,000 sold.

Lumber Movement—Week

from the National

lumber shipments

The

members

this Association

industry, and its program includes
member of the orders and

cates the

represent

83%

the

total

statement each week from each

production, and also

Industry.

figure which indi¬

activity of the mill based on the time operated.

These

•

10.9%

were

production for the week
ending Jan, 26, 1946. In the same
week new orders of these mills
were 9.7% above production. Un¬
filled order files of the reporting/
mills amounted to 83% of

Orders

Nov.

Dec.

Remaining
Tons
511,022

157,617

509,984

154,122

479,228

94
94

454,926
472,568
490,123
487,481

'-162,023

—...

Nov.. 24

Tons
,156,223

123,781

■

201,060
123,281

Nov.

Production

Tons

Z—

' '

147,083
152,571
154,235
157,792

^ !

148,591

172,297

;_™...™ ": : 173,537

Dec,

15......

Dec.

22.
29

;

150,330

v ;"~ 122,229

97,323

;

Jan.lQ

Jan. 26

necessarily equal

98
92

stocks.

526,891

144,482

523,672

142,142

143,101

93
94

88 T,
89
V

prior week, plus orders received, less production, do

the unfilled orders at the close.

reports, orders made for or
of unfilled orders.

" 499,955 : -

507,651

143,550

,134265

filled orders are

equivalent to 31

days- production

rate, and gross

at;• the current'

stocks

Compensation for delinquent

filled from stock, and other items made necessary

adjust¬

are

equiv-^

production.
s '
the year-to-date, shipments

alent to 35 days'
For

reporting identical mills ex-"

ceeded

production

orders by 21.0%.

94^!' 85

•

reporting softwood mills; un-?

93 '■ &
'

% 111,967

143.366

Notes—Unfilled orders of the

ments

451,654

94
9494
94
94

"
176,346

5
...

Percent of Activity
Current Cumulative

462,446

78,862

1946—Week Ended

2,541

For

Unfilled Orders.

Received

Period
V ; 1945—Week Ended
Nov.

10,653

"26,252

Barometer

Trade

STATISTICAL REPORTS—ORDERS, PRODUCTION. MILL ACTIVITY

13,058

of 440 mills re¬

porting to the National LumbeT
above

figures are advanced to equal 100%, so that they represent the total

2,540

56,991 /: V* 18,453

According to the National Lum¬
Manufacturers
Association,

ber

6,004
,:

Ended January 26, 1946

Paperboard Association, Chicago, 111,, in relation to activity in the

not

57,059

17,000,000 sold

July
August
September

9,909

22,818

4,699

revised.

We give herewith latest figures received by us

Jan. 12.

21,221

56,414,050 sold

June:' ^™™_™____.

December_.__._^.___No sales or purchases

Weekly Statistics of Paperboard Industry

Jan

30,415

and Kansas,

only in 1944 and also Oklahoma City-Ada-Atoka Ry. in 1945

NOTE—Previous year's figures

167,857

136,199

177,624

157,267

tlncludes Midland Valley Ry.

tIncluded in Atlantic Coast Line RR.

Dec

3,919

ft. 3,875

4,294

Total

2,049

286

152

3,542

1,419*

.16,161
■

.236

3,414

379

178

/:/// 8

1,480 /
1,483
Jgonler Valley..—..—-—,--™_^/
1,681
iong Island——
.
.... •H ">1,471/■
1,668; y/1.651/:
•enn-Reading Seashore Lines
—
79,240
69,687
62,973
A 12,868
14,787
'ennsylvania System——
11,833
18.541
leading Co.™'—
*
19,812
1,403

TotsL

3,524

' 346

29,723

2,975
1,902
,6,567

2,082

872

1,697

■:g- 22,627
832

43,0.97

/ 38,671'

1,243

798'

892 :

486 '

35,362

May

2,362

11,500.000 sold
16,511,300 sold

^™™™_i™™'

April

8,455

2,988

6,567
4,932

—
lentral R. R. of ;New/vfsey™——™:_^.
tornwall—
!umberland & Pennsylvania

Western—-

1,636
2,647

232

1.319

383

772

353

Ohio

19,924,000 sold
105,100,000 sold

paperboard industry.

5,733:

District*-

1,724
■3,166

Texas & New Orleans

2,074

1,603

(Pittsburgh)—
Western Maryland

986

5,006

Texas & Pacific

2,976

7,142

227

iessemer

rnion

1,424

4,417

7,384
5,47f

15,435

637

& Lake Erie.
lambria & Indiana..

1,392

3,656
11,126

St.

15,959

8,114

P 822

Ohio.—™——.——-i.*

March

"3,96^

™™™.™™

48,712

'4,638

P40

—.

1,408

423

2,651

981

■

"5,991
-

4,779

—

3,589

1,466

8,064

—

1,953

2,854

tabulation shows
transactions ^ in

w-^™_™

February

342

1,716

orfolk &

*2,821

January

:/2,591

City Southern.

Missouri Pacific

3,977

"Total.

Pocahontas

2,336

Missouri-Kansas-Texas Lines

3,052

1,861

2,352
1,477

152

™

hesapeake &

7,041

Jan. 15.

Government securities for the last

10,349

128

The following
the
Treasury's

2,356

363

Rutland...—.!.—

6,830

8,843

12,466

N. Y., N;

saltimore

5,049
1,784

Government for

investment and other
Secretary Vinson an¬

1944—

3.268

10,618

nounced

1,077

9,671

1,098

2,253

16,498

505

9,119

5,691

securities of the

Treasury
accounts,

■■"■■3"

306

2,603

380

New

Pittsburg,

11,651
%

367

Louis-Southwestern

972

315

St. Louis-San Francisco

During the month of December,
1945, there were no market trans¬
actions in direct and guaranteed

two years:

2,336

4,228

2,963

Montour-./™!!™-._™.—»\

New

1,893

In Govts, in December

Quanah Acme & Pacific

11,215
4,063

—

—..-.i™. •;

21,817

308

Monpngahela—1—-—_™—

,,791

Southwestern District—

Litchfield & Madison

380

393 /

Market Transactions

Missouri & Arkansas.

10,490

Lehigh Valley.—-—...—.—-™-~

Central--™

2,006

& Ironton—__
Shore Line.
i
Erie^™-^-™..i™~—
Grand Trunk Western™
s—Lehigh & Hudson River

Maine

233

Detroit, Toledo

England—

7,253

—

Detroit & Toledo

Lehigh & New

1,201

4,095

Western..™

—

12,961

1.133

■

& Hudson™-™™-™-™.™™

Delaware,

Detroit & Mackinac

250

2,713
6,841
1,410

6,023

1,366

Louisiana & Arkansas

-1,486

1,650,

' 294

2,494

6,077

4,341
50

——.

TotaL

Kansas

1945

1946

1,166'

Indianapolis & Louisville

Delaware

1944

6,984

Maine.™.^-™™™-™™-™!

Boston &

Chicago,

2,083'

3,565

1,275

1K. O. & G„ M. V. & O* OA.-A.^

Connections

Freight Loaded

341.

5,483

1,202

875

International-Great Northern

Received from

eTotal

2,691

Z™™™.^-.!™-

14,641

2,866

769

1,007

Gulf Coast Lines.

District

12,038

3,049

756

Burlington-Rock Island

A^Aroostook™.™^.^.!.™™-

2,891

12,052

2,785

carloadings for

LOADED AND ^RECEIVED FROM CONNECTIONS
(NUMBER OF CARS) WEEK ENDED 'JAN. 26
*
Total Loads

Arbor

3,231

3,966

Toledo, Peoria & Western
Union Pacific System—™
Utah
;

feet of natural gas.

12,255

1,989
792
1,358
614
48
28,311
!
0

cubic feet of manufac¬

170

tured and mixed gas or 100 cubic

942

929

759,625

of the freight

31, 1945, natural gas sales were
22,328,360,600 therms, an increase
of 0.7% over the like period in
1944.
One therm is equivalent to

12,739

744

Southern Pacific (Pacific)..

REVENUE FREIGHT

lutern

11,515
751

3,100
788

810,890

Jan. 27, 1945.

Bangor

466

21,027

640

North Western Pacific

3,003,655~/ t 3,158,700

377

19,814

131
20,360
3,320
12,427
2,927

For the 12 months ending Dec.

69,546

Peoria & Pekin Unlon_

railroads, and systems for the week ended Jan. 26, 1946.
During this period 62 roads reported gains over the week ended

Ann

5,724

60,461

—

Nevada Northern..

798,650

1946

4,771

89,795

—

779,531

1945

1935-1939 average,

10,541

84,944

—,

Illinois Terminal.

769,629

3,331

1,011

777,572

Revenue

3,697

; 3,778

Missouri-Illinois™.™™..

1944

the separate

Rallroada

index, however, was 174.1% of the

5,690

2,255

Western Pacific

ft//

2,497

4,537
10,041

2,231

City

783,060

following table is a summary

2,486

2,318

;

Fort Worth & Denver

The

2,346

2,660

Denver & Rio Grande Western

Denver & Salt Lake

683,398

2,883,620

1,906

566

-—.

772,558
749,475
? 709,130

■ >: r-

Total

about

Colorado & Southern—,—

Week of January

/' /

309

368

Bingham & Garfield
Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois

with the correspond¬
Pocahontas; and Southern and
compared with 1944, except the Pocahontas.

Week of January. 5____—~
7___
eck of J1 snusvy 12^^«.«».■»<c<
Week of January 19^

264

112

Atch„ Top. & Santa Fe System™.—

652,457
,

1,019

520

160

——

1945

5,341

12,548

450

80,005

were

decline of 1.9% under

98
2,181

Alton

1945.

■1946

124

4,729

1,020

ber

106

Central Western District—

decrease of 2,626 cars
decrease of 6,947 cars below the

reported decreases

gas in Decem¬
2,169,248,700 therms, a
2,210,660,300
therms sold in December,
1944.
The Association's natural gas sales

-638

12,962

315

9,679

Spokane International™—™.
Spokane, Portland & Seattle

Total

600

8,740

Sales of natural

437

•

& Western..—492
Lake Superior & Ishpeming
325
Minneapolis & St. Louis
2,228
Minn., St. Paul & S. S. M—
5,581
.

701

8,781

months

11,403

Green Bay

Northern Pacific..

642

458
11,655

Great Northern

3,561

8,810

767

the

for

gas
ending

31, 1945 totaled 2,956,626,800
therms, an increase of 3.0% over
a year earlier,
v
• = "V. ..

I 3,909

1,168

•

mixed

and

Dec.

11,452

3,258

week in 1945"except the "Eastern,

all

sales
15,451

gas

(1935-1939=:

:l'<i Manufactured

3,720

preceding-week, and. a
'corresponding'week* in 1945.
All districts reported decreases compared
ing

•

16,212
2,473
20,409

amounted to 7,445 cars, a

below the

123,205..

123,781

Northwestern District—

decrease of 3,222 cars
week and "a decrease of 5,551 cars below the

'corresponding week in

Chicago & North Western
Chicago Great Western.™™™—™—.
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic

] the corresponding week in 1945.
Ore loading amounted to 6,078 cars, a
preceding

II.—.—-——

mixed

and

158.3%

was

100).

of 1,057 cars

below the

manufactured

892

1.060,

":-y

26,892

24,280

628
-137

over

Sales of manufactured and mix¬

1,354

8,967

561

136

1,670

452

145

538

Winston-Salem Southbound

in 1944.'

4,993

1,495

435

23,629

Tennessee Central

1.0%

537

3,728
/

therms, an increase of
the comparable period

987,400

843

457

■,

12 months ending Dec.

31, 1945, sales of gas were 25,284,-

12,671

10,944

384

■

4,343

"•17,757

,893

':
'■::

For the

852
':

14,024
9,224

3,428

352.

365

Richmond, Fred. & Potomac
Seaboard Air Line

225

Piedmont Northern

29,322

; 25,806

Macon, Dublin & Savannah

Grain and grain products loading totaled 53,868 cars, a decrease
below the preceding week but an increase of 10,112
cars above the corresponding week in 1945.
In the Western Dis¬
tricts alpne, grain and grain products loading for the week of Jan. 26
totaled 35,819 cars, a decrease of 780 cars below the preceding week
'but an increase of 6,191 cars above the corresponding week in 1945.
Livestock loading amounted to 14,940 cars, an increase of 3,913
cars above the preceding week and an increase of 332 cars above the
'corresponding week in 1945. In the Western Districts alone load¬
ing of livestock for the week of Jan. 26 totaled 10,761 cars, an in¬
crease of 2,990 cars above the preceding week, and an increase of
,135 cars, above the corresponding week in 1945.
Forest products loading totaled 35,589 cars, an increase of 2,519
cars above the preceding week, but a decrease of 5,183 cars below

4,005

2,781

775

26,903

;

2,048

452

26,958

26,114

—

1,051
.

;

•

utility sales stood at 172.1%
1935-1939 average in De¬

the

cember.

Georgia—

gas

totaled about

Florida East Coast

utility

sales

December

414

■y 9,996

13,601
'.13,645
4,046
3,988
; / 3,512
353
430
r>
403 -r- ;.i
1,806
1,618
1,615
299
357 :;4 ■•■.,291. A.

Charleston & Western Carolina.

2,459,966,300 therms,
a decrease of
1.6% .under.a year*
ago when sales of gas were 2,499,349,700 therms, the American Gas
Association reported on Jan. 30.
The Association's index number of

"•! /

784

1945

247

1,821'

,/ 794

13,973

—

1946

314

:v"

Atlantic Coast Line

Connections

1944

"'i'/; 460
/•'/>782

Central of Georgia

Jan/ 31.

375

™

Atlanta, Birmingham & Coast.

ended Jan. 26, 1946
Association of American Railroads an¬

1945

Dec. Gas Sales Lower

Received from

Total

Freight Loaded

1946

Southern District—

This was a decrease belovf the corresponding
week of 1945 of 50,495 cars, or 6.6%, and a decrease below the same
•week in 1944 of 101,760 cars or 12.5%.
. .
nounced

lue

freight for the week

Loading of revenue

Railroads

13.3%;
.

Compared to the average cor¬

responding

week

1935-1939,

production of reporting mills was
4.6% above;

shipments were 1.4%

below; orders were 12.3% below.

THE COMMERCIAL & FINANCIAL CHRONICLE

772

will

Items About Banks, Trust

Companies

employed

was

by the State Bank of Richmond
County in 1920, and in January,

In December, 1938, he was
assigned as Regional Officer of
branch offices in the shore region
of

(Coney

Brooklyn

adjacent

areas),

Island

and

assignment

Mr. Viemeis-

which he still holds.

first

employed by the
Bank of Coney Island in 1919, and
became assistant manager of the
ter

was

office of Brooklyn
Trust Company in 1928 as a result
of a merger.
He was later ap¬
pointed manager of, that office,
and in 1929 was appointed an As¬
Island

Coney

sistant Secretary.

In 1933 he

was

as Regional Officer of
branch offices in the shore region,

assigned

and in 1938 was transferred to the

(Brooklyn)

Broadway

office

Regional Officer in charge of of¬
fices in that region. He is a di¬
rector of the East Brooklyn Sav¬

Lpan Association.

ings

;

bar;

Fleetwood .Bank

Y.,

Brooklyn,

since

1944,

Vice-President

elected

was

and

announced

was

Van

Adrian

Jan.

on,

by;

Sinderen, President.'

Savings
the
Board of Trustees, President Van
Brooklyn

the

announced

Sinderen

Mr. Baily is

Jan.

Director of the Brooklyn Cham¬

". -

Noel Rush,
meeting of

the board of directors.

]. 5 The three

Hugh
E. .Powers,
former
Cashier; J. Garnett Cook, former
Secretary, and Fred Betz, for¬
Assistant Cashier.

]: The
nal"

Louisville

from

Upon re¬

voted.

ceipt of this money, the bank will
have $375,000
of capital funds,
including $150,000 in capital stock

and. $150,000 of surplus.,.

said:

from Assistant Cashier

Cashier.

Cabbell

ant.

Thomas W. Gaines

assist¬

was

the

annual

/Retirement

the

stcokholders of the Union Plant¬

time

the

Witt

the

ing the undivided profits account
approximately $2,000,000.
The bank's Board made the fol¬

elected
and De

Jan.

Pond

President

organiza¬

at the board of directors
tion

elected

was
as

of the Plainfield
Trust Co. of Plainfield, N. J., ac¬
meeting

cording to the Newark "News."

;»t

bond division.

deposits

total

also

of the
Highland Hights,
Tenn.; also appointed Assistant
Cashiers were, W. B. Clark, E. G.
Brady, N. G. DeLaHunt, Van B.
Martin, and; P. B. Whittenton.

Cashier,
Olympia.

officers and

becomes

the bank

various

allocated

"John Schutt becomes

Deposits
on
Dec.
31
amounted to $54,481,288 compared
with $41,773,703 at the beginning
of the year. Total assets on Dec.
31
were
$57,771,821
compared
% with $44,354,202 last January. On
pec. 31, 1945, the stated capital

President Price's annual report
in part said:

$3,000,000; sur¬
plus, $5,000,000; undivided profits,
$2,623,290,
and
contingent
re¬
serves, $3,622,902, a total of $ 14,246,192.
,
'
the Comptroller of the Currency.
"Deposits
were
$430,150,369,
On Nov. 13, last, the bank trans¬
ferred $2,000,000 from reserves to compared with $340,079,288 a year
Included therein are Vtar
surplus raising capital and surplus ago.
to a total of $17,000,000. We have Loan deposits of $92,809,245 and
been later advised (Jan. 23) that
$57,958,830 > on
the
respective
Savings deposits increased
approval was granted as of Jan. dates.
16, making capital $8,500,000 and from $65,177,436 to $85,655,856."
surplus $8,500,000.

Barclays Bank (Dominion, Col*

■

funds

;

President, of" E. *]E." Zimmerman

were

amounted

re-elected
C.

Di¬

C. Hoyt, Austin K. Griffen. Edwin
O. Ramsdell, Seabury C. Mastick,

; and Andrew Wilson, Jr.
I
All of the present officers of
the County Trust Company, were
.' reappointed and, in addition, th6
following were made officers:' ]

•

Alfred

Stam, Trust Officer;
Raymond V. Newman, Assistant
Treasurer; E. J. O'Neill, Assistant
Secretary, Burton F. Langworthy, .Assistant Treasurer; Gomer
Reese, Jr., Assistant Secretary. • r
The proposed merger of the Os¬

sining Trust Company into the
County Trust Company was ap¬
proved by the stockholders and as
similar

action

annual

meeting

Trust

was

taken

the

Company, this

become, effective.

Ossining

Trust

the

Ossining

merger

has

Company were
County Trust

r,anl,

Bank

since
was

paint

sup¬

1941,

prior

officer

ivr.,„u„+f

the

burgh

of, the, First

*
s

has

Bank

Convnerce

submitting

the 56th

Dec.

31,

the

bank

1945.

that

had

His

increased

and! deposits in

Trust

Company

First National Bank at

the

and

Pittsburgh,

institution with

re¬

Trust

suc¬

increased

year

total

$90,071,081

$430,150,369.

His

crease

was

also stated:

in which

and to create

institutions, it

was

000,

announced on Jan. 10.
The

said:

Pittsburgh ."Post Gazette"
w .y /
yy.;
largest bank in Pitts¬

The third

burgh, > to
be
known
as
the
Peoples First National Bank and
Trust Company, will be headed
by
F. F. Brooks as Chairman of the
Board and Colonel Robert C. Downie as President.
Mr. Brooks is
President of the First National and

Coloniel

Downie,

President ] of

the

branch, becomes Vice-President
Manager of the main office.

and

Herald"

J.
Stowell, formerly
Assistant. Vice r president
ami"Ralph,-

surplus of $500,-

according;} to

"Times

the

which

Ballard

Manager,

Dallas

said:

ment

Feb.

to the

National Bank

comes

The

London

dent and Cashier,
announcement

office

Manager of ; the

since

1924.

Mr.

Pierre de Wolff, hitherto a Man¬

agers,

{

Treasury %% Ctfs.
Subscriptions, Allotments;

branch,:

be¬

Assistants Vice-President

Secretary of the Treasury

announced

Jan.

the

final

subscription and allotment figures
with respect to the current offer¬
ing of 7/'a% Treasury Certificates
Indebtedness

offered

Subscriptions
were

Jan, 21;

divided

Series

B-1947

and > allotments

among

the

several

Federal Reserve Districts and the

• '-C
and Manager, central branch,
.vl Treasury as follows: y /
proposed increase, together with
Federal
Total Subscrip"C. P. Kirtland, formerly Assis¬
setting
up ; $100,000. undivided ■1
•
tions Received
profits, will bring the bank's as¬ tant Vice-President and Manager, y Reserve
District ^and Allotted sets to $1,100,000. The action will
Alaska department, main office,
Boston 'i'.-L-;;
$122,269,000
be submitted to the shareholders
becomes Assistant Vice-President
New York-___«_ 3,012,254,000
on Feb. 25..
and Manager, Ballard branch.i
Philadelphia
84,604,000
i ;The increase is to be effected, by
"William
C. : Estep
becomes
],Cleveland
199,144,000
raising the number of shares out¬ Assistant Cashier, Ballard branch.
Richmond
61,406,000
standing from 17,500 to 25,000, par
"At the head office of the bank,
Atlanta
94,736,000
value to remain at $20. A total of
changes are as follows:
Chicago
498,520,000
7,500 new shares will be sold at
"Maxwell
Carlson,.
formerly ;St. Louis—
10,4,419,000
$45 each, with $150,000 to go to
Assistant
Vice-President,be¬ ; Minneapolis
63,785,000
capital stock and $187,500 to sur¬
;
Kansas City
comes Vice-President in charge of
147,475,000
plus or undivided profits.
Dallas
operations.
s
81,011,000
Total
resources
of the Texas
San Francisco..
479,010,000
"A. A. Hoerr, formerly Assis¬
Bank & Trust Co. on Dec. 31,
Treasury ———
4,316,000
tant
Vice - President,
becomes
c

Manufac¬

Chicago

is learned from the
Chicago 1944, were $11,340,605. On Dec.
"Journal of Commerce" which re¬
31, 1945, they were $18,627,609. an
ports C. D. Oakley, Vice-Presi-. increase
during 1945 of 64%. With
j

Corporation

■

The Milwaukee Avenue Nation¬
Bank of Chicago changed its
on

Bank

with regret the retire¬
Dec. 31 of S. Loisigndl

who; had been

The

Phillips, formerly Vice-Pres¬
ident and Manager'of the central

in¬
capital shares of the
from
$350,000 to $500,000

the respective

Swiss

The

director.

announces

•

the

bank

excess

has been elected

bonds

Commerce" of Jan.

Co., of Dallas, Tex., on

$400,000,000
has been approved by directors of
sources

Air

Hon. Viscount Portal of
Hungerford, GCB ON DSO MC

during eight loan
campaigns. The foregoing is from
the
Seattle
"Daily Journal
of

become

24, voted to submit to
shareholders a proposal to

Royal

re¬

nancing by the sale of $443,000,000

San ; Antonio

Jan.

announces

the

ager, becomes Chief Manager in
London, while Mr. H. W. Comfort
port pomted out that the bank has and Mr. Marc Spitzer, hitherto
aided the Government's war fi¬ Deputy-Managers, become
Man¬
last

The directors of the Texas Bank
&

Force,

the

Overseas)

Marshall

that

an¬

resources

and

onial

Wash., were announced
by President Andrew

ending

year

ceeding T. Bv Anderson, Mr. An¬
derson, according to the Dallas
"Times; Herald"
Chairman of the

personnel

statement: showed

National

Bank of San Antonio, Tex.,

members

nual report to stockholders for the

Loan arid Trust Company.

Pa., to form

name

pf the Manhattan Company

National
Jan.

Price

Col. J. W. Beretta, who has re¬

President

and

administrative

of Seattle,
on

cently been Released from the
armed forces, has" been elected

A merger of the Peoples-Pitts-

turers

the
'

officers

revisions

—

Vice-President,, has been
of the Ossining Trust

Comnany

the

and

"Mr. Price announced that Carl

President
which

brokers

Officials of the

Company as follows:;
t Harry C. White, who has been
a

Company,
plies.

Peoples-Pittsburgh.

made officers of the

made

title

Fagg, Arthur

Promotions

$446,294;098

the

bank

Charles

rectors:

Chairman

exclusive of $125,000
contingencies.
The

for

following

named

this said, that Mr. Zimmerman is

the

$2,707,496,
reserve

•

Succeeding W. M. Orr, who has
been

•

"At the end of the year, capital
stock amounted to

700,000 from surplus to capital and
the par value of our
stock from $80 to $100
common
per share subject to approval of

phis, Tenn., recently announced
the following changes in the offi¬
cial staff, according to the Mem¬
phis /"Appeal":
1

Board, E. E. Zimmerman has re¬
cently been elected President of
the Bank of Ohio Valley, Pitts¬
burgh, Pa.i, The Pittsburgh "Post
Gazzette" on Jan. 28, in reporting

Assistant

increasing

re¬

serves.

formerly; Assis¬
branch,
Montesano

Kemp,

Manager,

Cashier. Vancouverr branch, Van¬
couver."

Jan. 8,
stockholders voted to transfer $1,-

appointed four new assistant vicepresidents
at 1 the
organization
report to stockholders at meeting on Jan. 15.
Promoted were Allen Morgan,
the annual meeting of the County
The Newark "News" stated that advanced from Vice-President to
Trust Company at White Plains,
Fred W. Styler, Jr., William A. Executive
Vice-President; F. E.
N. Y., Andrew Wilson, Jr., Presi¬
Kunc, H. L. Dimmick and John Maxwell, Vice-President, former¬
dent, stated that net current oper¬ V. Nostrant are the four new As¬ ly in charge of the Crosstown
ating earnings for the year 1945, sistant Vice-Presidents,,
Branch of the bank, named Viceafter providing for taxes, amount¬
President and Cashier; Ira Den¬
ed
to
$273,939, compared with
promoted
from
Assistant
William A. Gieb, Cashier of the ton;
$200,783 for the year 1944. Addi¬
First
National
Bank
of
West Trust Officer to Trust Officer, and
tional profits from the sale of seE. G. Crossett and E. F. Mitchell,
curities and other sources amount¬ Orange, N. J., was named VicePresident of the bank at the re¬ elevated from Assistant Managers
ed
to
$218,200,
making
total
of the bond department to As¬
cent meeting of the directors. Ac¬
profits of $492,139. Of this amount
sistant Vice-Presidents.
cording to the Newark "News,"
$66,376 was paid out in dividends;
New officers
are' Marvin H.
Fred Herman was named to suc¬
$34,700 in interest on debentures;
ceed Mr. Gieb as Cashier, He had Brooks Jr., George W. Nash,- Wil¬
$135,128 was added to undivided
liam C. Dotson and Henry Haizlip,
been Assistant Cashier.profits and the balance was trans¬
all named Assistant Cashiers.
ferred

branch,

branch.

tant Manager, Montesano

Bank of California National Asso¬

The First National Bank, Mem¬

of Directors

"R.

$481,553,686 and
of $519,462,930.

ciation of San Francisco

Capital

tant

At the annual meeting of the

manager

branch office at

formerly

MacMillan,

Manager,
investment
department,
becomes
Assistant
Cashier, bond division.
'
"E. C. Reynard becomes Assis¬
tant Cashier in charge of. cus¬
tomers' securities department.
"L. Wallace Graves, formerly
Assistant Trust Officer, becomes
Trust Officer,
"In
out-of-Seattle
branches,

resources

"C.

Assistant

position Roy S, Graham becomes ^Assis¬

$15,000,000

As of Dec.

reserves.

had

Beasley

from Assistant Cashiers to Assist¬

bank's

the

and

Manager, investment department,

stock,] $5,000,000 in sur¬
plus, and more than $4,000,000 in
undivided profits and unallocated

T. Joseph Pond and H. D.

Board

N„ J.,

reelected

the re¬

President

becomes Assistant Vice-President,

common

Union County Trust Co. of Eliz¬

abeth,

and

Vice

Manager, Alaska department.
\ "Willard
Maxwell,
formerly

The Anglo Bank capital
consists

Assistant

Vice* ant Vice-Presidents, Mr. Beasley

Hubbell, i executive
on

250,000 offered,

now

Russell B. Biddle from Assistant

was

Assistant Vice-President, becomes

accomplished

;was

mainder was; purbhasedby a syr£
dicate headed by Blyth & Co. ■

lowing promotions:

R. Richards, formerly
Auditor, Marine Bancor¬
poration, becomes Auditor.
''Foster L. McGovern, formerly

Assistant

share¬

up the balance. Shareholders sub¬
scribed for over 247,000 shares of

same

"Thomas

inau¬

by issuance and sale of 250,000 ad¬
ditional shares of common stock,
par value $20, at a price of $30
a
share to shareholders, and by
applying excess-reserves and un¬
divided profits and other avail¬
able funds of the bank to make

ers

At the

common

$20,000,000 in 1938.

pro¬

meeting of

preferre4

program

preferred was held
almost
entirely
by
the
RFC,
and was the remaining part out¬
standing of an original issue of

Marine

Bancorporation and, in addition,

The

holders.

became

Younger, formerly Assis¬

comptroller of the bank.

the

concludes
retirement

of the bank to its

ad¬

Hassenmiller

Secretary after service

Board

Pond

"L. E.

gurated in 1939 and marks the re¬
turn of full ownership and control

learned

r-:j^v!

Norton

vanced

This

;

this

loan,, divi¬

Assistant/Vice-President,

Vice-President to Vice-President;

Harry

sion,

tant Vice-President and Auditor,
Marine Bancorporation, becomes

stock

"Courier-Jour¬

which

V"E. A. Ruth, formerly Assistant

President; installment

outstanding pre¬
capital stock with a cash

are

mer

in¬

quote the San Francisco "Chroni¬
cle" of Jan. 20, which further

Vice Presidents

new

payment of $15,000,000, President
W. H. Thomson: announced. .We

moted to Assistant Cashier.

In his

the surplus account was increased
from $5,500,000 to $6,000,000 leav¬

Vice-President of the

ber of Commerce.

28.'

Consolidated Edison Company and
a

Subscriptions
to
the
capital
stock have been accepted, and a

President

Jan.

an¬

stock dividend.

to succeed Mr.

trustee

nounced

President, following

were

charge

Cashier,becomes Assistant Vice-

Jan. 18

stallment ioan division.

California National

Anglo

ferred

presidencies,

stated:

Mr. Garretson has been associated

Bank at the recent meeting of

The

National Bank and Trust Co.,
Memphis, Tenn., held on Jan. 10,
approval was given to increase
the capital from $3,500,000 to $4,000,000 by declaring a $500,000

with the bank since 1913.

Edward A. Baily was elected a

members

Organization of Waltham Citi¬
zens National Bank, the new com¬
mercial
banking
institution to
serve Waltham,. Mass., and vicin¬
ity, has now been completed it
was. indicated in the Boston "News
Bureau" of Jan. 30, which further

Chairman

Vice-President

retired its entire

vice

price of $35 a share.

six

also

from $10 to $12 a

Company of Louisville, Ky., three

share and

.■Comptroller at the most recent
meeting of the Board of Trustees,:
it

undivided profits
by 185% since Dec. 31, 1944.
-/.yy

Bank of Sarf Francisco

16,125 ad¬
ditional shares to be offered to
stockholders for subscription on
the basis of one new share, for
each four shares now owned, at
a

tal surplus and

the staff of Lincoln Bank & Trust

authorized the issue of

call for payment

Warren E. Garretson, Comptrol¬
ler of the Brooklyn Savings Bank

;i ;:

also; ap¬

was

proved at the meeting. The stock¬
holders also took action to in¬
crease the par value of the capital
stock of The County Trust Com¬
pany

officers, it is stated.

Promotion

in. New York City. Mr. White is
a member of the New York State

Percy H. Dowden was ap¬
1930, as a result of a merger, h§ pointed Assistant Secretary-Treas¬
became an Assistant Secretary of urer; Albert G. Brieant and A.
Brooklyn Trust Company and re¬ Eraser MacCammOiid were made
mained at its Port Richmond (Sta- Assistant Treasurers.
The
ten
Island)
office
for
several
proposal to merge the
years.

change in ownership,

(Continued from page 759)
Schmeidler

Mr.

directors

Thursday, February 7, 1946

as making the* the proposed capital increase, the
Jan. 31. There bank will have increased its capi¬

—

Vice-President in charge of banks
and bankers

Assistant

division.

formerly
Vice-President, becomes

"Wendell

Sizemore,

;

■

Total —.—$4,952,949,000

The offering was referred to ill
our

issue of Jan. 31, page 532.

Full text of Commercial and Financial Chronicle : February 7, 1946, Vol. 163, No. 4462, Section 2

FRASER