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BUS. ADM.
LIBRARY
JAN 17 1947
Final Edition
ESTABLISHED
nSections—Section 2
2 I9381
Reg. U. S. Pat. Office
.Volume 165
Number 4560
New York, N. Y., Thursday,
January 16, 1947
Price 30 Cents
President Truman Submits $37.5 TermsMountClemens
Decision
Budget would be,balanced for first time since 1930 and if
excise tax rates
ness
activity
1946,
as
well
as
income tax rates
slightly higher than in the calendar
surplus of $1.8 billion is forecast.
a
averages
President Truman
Henry Hazlitt calls
year
Jan.
message for the 1948 fiscal year
his Budget
in which under existing and proposed
portal
The
ex¬
penditures
lion
I
am
transmitting
billion
37.7
for
the
fiscal
dollars,
sulting
year
entire Federal program.
Expenditures under
a
surplus of 200
million
the
'
and
dol¬
proposed legislation
mated at
lars, the first
37.5
billion
existing
esti¬
are
dollars and
under
existing tax laws
at 37.7 billion dollars, leaving a
get since 1930
Trumao
very slight margin of surplus.
<18 years).
I strongly recommend that the
Should Con/V >
Ti¬
gress concur in the President's Congress take early action to con¬
recommendations to continue the tinue throughout the fiscal year
balanced bud-
revenues
r
.>
1947
tax
rates
1948
structure, including ex¬
reduced
be
tion
of
Dec.
billion dollars
37
to
excise-tax
war
expire July 1, 1947.
sufficiently to eliminate the
postal - deficit, expenditures, could
31, 1946,
rates,
the
end
of
My declara¬
hostilities,
on
issued iri
was not
order to achieve tax reduction.
(Continued
bil-
and revenues increased to 38.9
the
which, under the present law, will
and to increase postal
cise taxes,
portal-to-
on page
the Union
Supreme
the
Court's
Pottery
con¬
"a
as
glaring case of
judicial legisa
t i
n"
o
set forth.
b y
ap¬
in
"Newsweek"?
of
As
re¬
•
.
would follow the
Calls Budget Most Extravagant in
Peacetime
.
u'-V-i'.VVwo
Earl Bunting, NAM President,
t.T"
says
.y
if Congress adopts budget,
hopes of tax relief "go out of the window" Sees executive branch
incapable of putting through an economy program.
of government
The $37 5 billion budget estimate submitted by President Truman,
according to Earl Bunting, President of National Manufacturers'
<§>•
Association, is
the
most
'
■
"Not
ex¬
'
only
does
the
nothing in the
provements,"
President
Labor Standards Act
Congress did
this
not mean to
term
common
long-established contracts
toms
rate
which
of
had
redefine
to set aside
or
or
some redecoration of
the New Deal structure,
it would. stilLbe the ^eW^DeaF
edifice, and nothing else. Unless the
opposition for (is a
majority in Congress to be termed "the opposition"?) 'tinderstands
T or
comes
quickly to a full realization of this; basic
fact, and proceeds to act accordingly with
vigor and Hinderstanding, it will presently have great
difficulty in convinc¬
ing the thoughtful citizens of this nation that the
country
(Continued
cus*
job. 'Work-week' is
used
by
Congress
a
accordance
with
the
of it.
Ahead
For the courts to include in
rate
being made
measured
annual
expenditure
of $1,000—four.
"It
by anticipated
re¬
pluses.
times the im¬
up
mediate
coveries from the sale of
figure—
for every family in the
not
public,
'
through
the
nual
message ^
to Congress,
.
of
pay
but
excluded
from
working time is not jus¬
tive legislative action."
Your correspondent had
occasion sometime
ago to study the
liquor set-up in a particular State where the
question of a wholesaler
or who should
operate a tavern had become
distinctly a/letter of
patronage. /When the Democrats are in
power, Democrats uare. the
license holders. When the
Republicans come in, there is a complete
turnover and Republicans become
the license holders. It is
accepted
$s
a
of-
part
,
political
game.
To the
GENERAL CONTENTS
try of any size nowadays has to
have a labor relations expert,; hot 5
only a set-up at the plant, but one
in Washington. It
has, in addition,
victor goes the
spoils
Editorial
the
Page
As We See It
317
and
spoils
this
have
in
The
to
be
lawyers,, and
the ; country
NLRB lawyers.
All of these men have a; vested
interest in the question'; Qf FWhat
are
.
"
.....
this figure.
:
.'"However,
;
a budget must have
American public.
For
pact that such
upon
the
months the
l
branch of the government shows Paperboard Industry Statistics..
■-
the principal point
that needs to be made is the im-
.
■
ing
public has been look-
forward
to
relief
from
the
burdensome load of war taxes. If
Tf-this budget is adopted these hopes
f
r
igo out the window.
1 '
*':
itself incapable of putting through
an economy
program in the inter¬
est of the American people. Clear¬
stand.
.,
Weekly Lumber Movement
331
331
Fertilizer Association Price Index;,328
Weekly ;CoaI and Coke Output...,.. 330
ly, if the American citizen is to Weekly Steel Review................. 321
get the tax relief necessary to Moody's Daily Commodity Index.v,. 327
assure a
continuation of full
em¬
Weekly Crude Oil
Prodi^/tion.......
Carlisle Bargeron
simplified.
them
to
how
out
beer
can
It seems
It is dollars and icents
that
confused.
it continue to be
An accomplishment on
their part will be increased con¬
fusion. And that is just»exactly
amazing that it what, from the way - things; Ore
many parasites. going, you may
expect toi get.
that if the : These men have classified as
taxes and the graft, what is called
experts on labor relations* They
the honest graft, were eliminated, are the men
who are being con¬
could
support
Roughly,
a
bottle
we
so
figure,
would
sell
for
about
three cents.
Similarly,
many
sulted
gress
329
ployment and prosperity, it will Non-Ferrous Metals Market.,.,,,,,. 330
be up to the new Congress to sup¬ Weekly Electric
Output
327
ply:' that .relief."
' Cemeilt Output in October.,.,,,,,, 328
over
young
sured that their desire is/not that
labor-management relationship be / i
" tration to assume that in the sec¬ a surplus: from tax revenue ade- General Review,.................... 319 of the inves¬
ond year following the end of hos- quate to start
tigation ; w e
paying off the pub- Commodity Prices, Domestic Index, 328
were
amazed to
find
tilities,; that peace-time expendi¬ lib debt.
*
Weekly Carloadings...........331
much plush a bottle of
tures cannot be reduced below
"By this budget the executive Weekly Engineering Construction.328
"
the
Congress now does aboqt'vrlabor
legislation. And you cap .rest, as¬
.
.
-
stretching out
penses
.
a flock of labor
lawyers.
labor
unions, themselves,
-
have to have; these
not
found merely in the ex¬
only the job¬
incident to the war," con¬ largest national income in our his¬ From Washington Ahead of the
News
holders,
the
tinues Mr. Bunting. "Leaving out tory.
317
T the amount proposed for the Army
>"To keep these economic cir¬ Moody's Bond Prices and Yields.... 327 ordinary pat¬
but
Trading on New York Exchanges... 329 ronage,
and Navy, veterans, and interest cumstances/ favorable,'
certainly
alcoholic bevon the public
329
debt; this budget the American public has a right NYSE Odd-Lot Trading
items About' Banks and Trust Cos., 320 e r a g e
dis¬
reflects an increase of 74% Over to demand sufficient
economy in
pensers.
; /the immediate pre-war year,
It government to make substantial
In the course
Statm of. Trade
is a sad reflection on the adminis- tax relief
possible and still leave
to
v
-
to have
State
come
include
Regular Features
of the News.
By CARLISLE BARGERON
the
the
country today Is blessed with/ full
employment, record breaking
peace time production, and
the
Bunting
ily and generally absorbed in the
the
accept such a fi¬
nancial program at this time.
As
President Truman said in his an¬
Earl
understanding
tified in the absence of affirma¬
that
Congress will
United States,
"This Inis
unbelievable
American
pre¬
war
crease
is
war sur¬
common
it items that have been customar¬
this
proposal
the
government
would spend $2 bililon more than
it collects in taxes—this difference
an
;
hingto§jj
simple term
in
of tax
ing,
.
activities might be required
of the workers for that particular
relief and nothing in the way of
debt reduction, but, actually, in
says Mr. Bunt¬
:
recognition of whatever prelimi¬
nary
propose
represents,
320)
absorbed in the
travagant and
It
on; page
of the respective jobs
pay
discouragihg
ever proposed
in peace-time.
way
-
but^when all. this is done
dissenting opin¬
"In using the word *work-week'
Fair
v
repeatedly evinced as
recently as a year ago. But the change falls far short of
meeting requirements. The President either suggests- or
apparently is willing to accept some alterations, some"'"im¬
cial usurpation, Mr. Hazlitt rec¬
ommends that the Congress pass
a joint resolution whose
wording
the
r
rather marked contrast to those he
sulting
"por¬
Henry Hazlitt
tal-to-portal
mess," and as
an effective rebuke to
such judi¬
in
the financial
enough that the President has taken into
some account what the
people of this country had to, say
last November.
At a good many
points his ideas are- in
ion of the Court's minority. This
would read somewhat as follows:
322)
came
It is evident
way to extri¬
cate ourselves
the
Then at the end of the week
the earlier documents into bold relief.
January 13.
a
simple \
from
His annual message on the State of
accounting showing what these policies of the past and>: the;
future had cost us or are
expected to cost us in dollars and
cents.
As such aii:
accounting is very likely to do? this
last message cast some of the ideas and
plans implicit in
"Business
Tides,"
pearing
position.
on
Monday has been described as "conciliatory,",
"temperate," and as definitely altering his former Course
several points to the
right. The mid-week report on - the
nation's economy, a
strange medley of naivete, superrsophistication and economic nonsense, somewhat further ^de¬
veloped points which the earlier documents had implicitly
decision
Clemens
Mount
is
in his
man
Henry Hazlitt
Budget,
in his column,
1948.
It
includes recommendations for the
re¬
in
the
of three
gress
mess.
demned
1
States:
at
laws
in
case
To the Congress of the United
un-
existing
tax
surplus of
a
The Budget message of the Pres¬
ident in part follows:
dollars,
dbr
dollars, leaving
1.8 billion dollars.
are
estimated at
37.5 billion
revenues
from
course
major me^ages to the new Con¬
last week, the President has made his policies, his pro¬
grams and his attitudes as clear, as one could expect of a
Congress
on
10 submitted to Congress
legislation,
Federal
EDITORIAL
In the
for joint resolution to extricate
ourselves
on
As We See It
"Judi¬
cial Legislation"
war
retained and busi¬
are
as
a^Copy
it
Is
amazing how
parasites the Wagner Labor
Act supports,^ Most every
indus-
out.
are
H
:
by the members .pf,.Contrying to work the problem
But in addition to these who
being
consulted,
(Continued
on page
countless
327)
i
\
•
•?
*
W1'*
THE COMMERCIAL & FINANCIAL CHRONICLE
:*'•*$;:
I. mpst 80 years. In 1928 the bank
{; mbved to its present quariers'at
■'
'■
'V.
■
;
•
-
.
'
•*
''Removal; of emsrgency^prics and wage controls
fa-ihas restored the main responsibility for prices and
-
1;
540
business, labor, farmers and consumers.
/;//The government can. pQirit out dangers s,een from
j/jt}ie perspective of the whole ecQnomy, but the eorrectives mj^st largely be applied by ot&er$.
-"Business^
December 31, last/as com¬
pared wi.h $1,524,160,575 ph De¬
cember 31 n year ago.
The dif¬
'K>wages to
■
:
-
in order
to
,/. .consume^
//■r?kets./ Price reductions
:
Natfons
neadquaxteiS
College,
we
to. have
this bank
-
•r.t^case of goods such
'
articles of food, cloth- v
and building materials,
as many
lifng, house furnishings
whose
prices have risen out of line.
°
"V,r
price increases
would prevent
or
Greater New York/':1/
it, is fair to. say
Owing to the increasing de
maud for boxes, it wa& necpssarjl:
to install additional equipment at
•
.
Trust Company Building.
in
amount of net
earnings
mas
-after^takin g
on
Cedar
Street and
Temple Street, and
on
Bank & Trust Company "was the
first bank
welfare which
K. Hou&ton
itself
in
■■
amounted to
"wr
increase over last
/:yearv/ For the coming year we
an
have
total
capital
funds
of
of $14,48i,$13v;} j
The report, which was presentee
to the stockholders of the bank a ;
/ serves-
their annual meeting, contained
the .announcement by. Mr/ Hous¬
ton of the purchase by the Chfiiru^
eal Bank. & Trust Company of an
entire .block
front
in
the
down¬
town.; financial district a? the ;ipr
'cationfor a new main office. The
property acquired, 135-145 Broadwajq. Comprises the block front on
the
west
side
of
Broadway, be-
tweep-Liberty and Cedar Streets.
Now.; occupied by; three /business
buildings/the site extends approx¬
imately 117 feet on Broadway, 159
feet on Liberty Street, 153 feet
and
/
em¬
j;
.
the regular in¬
given last year, namely,
the first $5,000 of -annual
as
on
I
like
of
We
be.
to
reduced
had
have
for
requests
a
programs
bill
new
1850
to: 1938.
dn - -
$10,000." >;/vv
-The
The State of
introduced
*
by
floor
The
and
basemen
adjoining
building,
139 Broadway, is a 3-story sand¬
stone and steel structure electee
in 1912 and is occupied
by Church¬
ill's Bestaurant. The. third builds
ing, 141-145 Broadway, hag 19
stories
and
pointed out that his
report
labor organizations.
Under Mr* Case's
a
new
^:-V/iA//. ■\Mi
ac-
be
brick
one
for
business
home
was
made, for
building at'216
door
-
below. Ann
hope the
the
classification.
will use
haye
put the figures for
ten years
(1939-1948) on this basis. The new
classification is a part of a corjnew
press
We
in -1824
Broadway
Street.
Introduced;
Representative
of
creation
the
Francis
Case
J.
public welfare, Mr.
States/Supreme
"Court upheld a lower court's find¬
ings on Jan. 6 when it refused to
review a decision of-the Bmer-r
gency Court, of. Appfeals that the
Emergency Price. Control Act does
not require that rents be high
)enough .to assure an:'^adequate
fixed return on the investment'.-;
made by the property owner. The
.
Associated
undisturbed,,
Press Washington ad¬
vices stated, I' .The. contention/
p;
4he New York .landlords was./tha
for 'theiil
rpr0P^rtips
were,/.not . fain-unless ..inereasec,
T^ Emergency/CQurt saic.
| In ; 10% *
''
the
right
to
strike,, to peaceful assembly, and
" «
an
/
labor dispute which
President
certifies
^ as an^entity.
dangering the "public welfare
healthy r.
.
8. Requires each union to
en-
as
vide the membership with
.
/pro-
nual financial statement,
9.
safety."
Bans
political
an an-
contributions
The
Attorney General would be by "corporations, national banks
empowered to seek an injunction and labor organizations" in all
when
.
.
.
"in
strike
a
burdens
essential
an
service
monopolized
orv
obstructs
or
com¬
President has
appointed the commission. v <
Mr. Case, pointed out that in
vetoing his previous bill President
Truman had called for injunctive
the
after
-
new
-
•
atl»
Disputes Commission,
Labor
NYSE in December
bill, its author
its Washington bureau;
the
on
J
wu.„,v
given as follows in the advices to
the ^Journal of •Commerce" from
within
Borrowings
The New York Stock Exchange
the Gov- announced on Jan. 3, 1947, that as
x.*
This
elections,
industry
4
United
The
intimidation.
6;/<protection of
v
ment" of any
the
ernmentv
Bent Lid Review
come
commission" to "in*
vestigatc and recommend settle-
Supreme Bciirt Denies
little red rents fixed
a
tended. I
"emergency
power? in strikes against
from New York Cityr
"The future home of the Chemi¬
cal Bank" will be the fourth since
first
the Congress and' the people
clearer picture of the purposes
for which Federal funds are in¬
to
would peaceful.
picketing." r
provision
said, grants the President's wishes.
An outline of the major provisions of the new Case bill was
:
opened
present
speech—provided it does not be-
bill,
merce,"
-
also states:
The
are
functional
new
order to
measure
^ ;
*
Commerce,
-penthouse,, -was
erected in 1898 arid is; of limestone,
steel a h d brick' construction
Btoadsfreet's, Iric./ clothiers, lis Supreme Court'x action leaves thi?
the ground floor tenants The bank •decision, in a landlord's test, case
it
a
a
;hreaten to obstruct commerce or endanger the
Case
close of the War, Now that for¬
eign trade with the rest of the
world is gradually being reopened;
we anticipate a continued; expan¬
sion of our foreign business."
New York purchased the
proper¬
ties at the full assessed value of
ground
in
(R.-rS.D.), on Jan. 9, would authorize the Government to use the in¬
junction process to prevent or stop industry-wide strikes which
,
from
appropriations
under
classification
New Case Bill
A
cording.to^ Washington ^dvmes pf
the'- gecpiid; ?ntJM0
New York Journal
of
..
space.
us
than
sharply
grouped
•
-
,
$5,000,000 from; undivided profits
$95;poo,ooo hot inciuding und.i
yiddd profit? and unallocated TP*
boiled in
number
also refers to the
operation of the bank bond,- per¬
the property-"is a very desirable sonal ;trust, corporate" trust and
location for a future home when
foreign departments, and; as to- thp
building conditions permit."
last named says: ; /. /
/ . /Simultaneously, Mr. Houston
'.'Our Foreign Department has
reported that.the bank has sold completed' its^3.0th year of setvlde
the buildings it owned at the cov-t
to customers and dufirig 1946 ex¬
ner of; Broadway and
Chambers perienced its .largest ' volume of
Street, the site of the banking business and earnings, Its volume
house occupied by Chemical Bank
has greatly increased since, the
the
with/ h.ur capital of. $3J3,OQ(),OOp,
•
<>&
on Broadway and we
stay on Broadway,'-' Mr.
Houston stated in his report that
rectors authorized the transfer pf
surplus asccoynt. This increased
bur " surplus to $70,OOP,000 Which,
' *;
salary*
also added free bospjfalizatioh^or:-all^ oursofficera and emr $8,734,000, he said. The
land ' and
pioyees. The net result ,'of the buildings- acquired ■
by Chemical
% bank's operations for the year Bank have a total assessed value
was, after all expenses, dividends,
of $3,200,000.
The building a
reserves and charge-offs, we were
135*137 Broadway is a, i4r$ipry
able to add $3#4§J,048to pur unsandstone, steel and brick struc¬
dividea profits account.
ture, erected in 1908. The Home
In /December the board of di¬
Title Guaranty Company occupies
to
us to, be more hardmaking many decisions
ior
necessary
year's budget, expendi¬
and
a
time, it approved the same
bonus
been
Insurance, and
taking care of
employees'
■
In this
tures '
.
to
Deposit,
officers
..
Broadway, ha¥ al¬
on
want
eral
$48fj;$47,
^
....
than to include them. It has been
up
would "legalize the course of
Lewis case without requiring Gov¬
creases in pay granted from time, action followed in the John L.
to time, the board of directors on ernment seizure and said that in$
: »
November
14, last, granted, an this respect jt has the effect of portedly is favored by Sen. Robert
over-all increase of 8V3% in the amending
the Norris-UaGuardia A. Taft, of Ohio, Chairman of the
form of a change in the method Act which, the United Mine Work- Senate Labor Committee).
ers
of payment to; employees
claimed, did not exempt the
5. Grants employers "freedom
from
twice a mpnth to every two. week? Government from its prohibition to choose their representatives in
qri the use of injunctions against bargaining" andr f r e e d "om* of
beginning Jan. 1,. 1947. At the
10%:
ways
losses, paying
ah taxes, In¬
cluding
Fed¬
i)i
feet
our
addition to
"In
Pointing out that Chemical
and
penses
gives
of
ployees.
same
feet/
square
""
-■
to meet -it to the satis+
has tried
18,000
?
"care of all ex¬
Frank
115
covers
I instructed the Director of
Budget tp require thorough
' conclusive justification for
every item which he recommend¬
the
bank
during the past year has/beep
ever-mindful of the increased cos;;
of living and, -as far PS* possible,
•>-
payroll
fo r
the year. This
depart¬
sent
"The management of your
r
expenses, the Bank/had another/good yearnet operating
earnings," be -said, ."ampunted to $7179,083,-as/^ ic^mparcd with
$7,693,114 last year."' Mr: Houston added: "The difference is much
increase
no.
we:;
which, in
my opinion, would be worthwhile i tinuing effort to make our budget
were it not for our urgent need
understandable in spite of its in¬
tinental IlUrioij National BUftk 4 to cut expenditures.
' herent complexities.
faction
the
f"
r
"We continue to maintain
;$/ /iff/his; amiuat;: repprt m Jan. H toithe stockholders of; tie
Chemical Bank & Trust Go. Qf New York, Frank K. Houston, Chab>
man, stated that "notwithstanding declining deposits and increasing
"
of its offices.
seven
Entire Block for Its Iflaiii Bffico
than
in rev-?
enue.
10 1-
less
at
in rentals and 7%
of 8%
Purchase by Chemical Bank & Trust Go. of
'■'>
that
agencyfeels that its
fully met. In its prepara¬
ten
during 1946, showing an increase
.r»*
?-;d i
one
Company
of
are
year
repf
resentative in Chicago in the Con¬
why should government feel in duty hound
r*: ; pr, for that matter, competent to give advice to jfill
^w^ienients in the business community?
Cbbm
timq.
branches, and ed to me. In every/border-line
32 Liberty Street. The case, the decision has been to
made
good
progress; eliminateexpenditures,,
rather
also
price reductions
output of the
V
(
bank, -its
th's
three
budgets at different periods of. the
year. The annual; the war supple¬
ment and the corporation.' This
year
they have all been inte¬
grated into onp budget.. For four
years the war agencies have been
presented in special budget sup¬
plements in the spring, and only a
preliminary estimate of their totalwas
included • m" the /'January
budget. •
/>;<Z V-.v.-//-/:/ .//,:; I
and
by.
the
that are necessary to sell the capacity
or
tion
.
maintained at the Main Office
producthat of the
,
B
under programs es-?.
tablished. by the Congress.
t
It ig. a-tight, budget. I believe
for the qualifying/ Shares
directors.
Vaults (are
held
on
products—President Truman.
Government
Company is wholly owned by the
/But
>
Ipcation/rfaddi'r
have
Last
Chemical Bank & Trust Company
tion. For i.tk own advantage as well as
country at la?ge,; ^ohshquJd refrain from demands
v-^'for excessive yrage increases that would refjuire
'•
sii.ee
1^ :jk/reallstic, and^ as;/cqm;plete
.
■;
/
offict£dl^aprv
ment-,
/'// '-l^abor, on its part, must recognize that high volriime at low costs and low prices requires high pro¬
■
The corporations and war agene'es have been included in detail
in the budget for the first
I
tha*-
.....
needs
except
—
f if St/.lime
fortunate
tlon to the other den branches lo¬
cated in
,
'
been told by my staff
budget has' been more
difficult to prepare than any ever
l^ued Before
to Lake Success and now
maiiifain at that
> ^'v'
•
.u
/■
.
,
''Farmers must realize that last/year'? exceptipn^l
farm prices will®fall somewhat as, world food sup/-• plies increase and; as consumers find a tnore ample
supply of durable goods to. purchase. Existing
price supports afford protection against a severe
price decline. ; ;
v
ductivity and the absence of restrictions
s atea-.c^t:
,
moved
,
1/i.Pwmg;
NationS,/We. were based 'on ? careful study of the
given permission by fhe : State needs of- the various departments
Banking Board ' tp establish', -a and the funds required to carry
branch
there
which we later! cut the obligations of the Federal
-If business
f-,#1
i^V* *'
The- budget w^iich I am tr?n^
m.ting-to Congress is balanced If
the- estimates are realized,
the
at ,Buater
very
t
•
At a "news seminar," which he held on
Jam 8r prior' to submit¬
ting his Budget Message to congress, President Truman made the
reduced
comme^ai/bank
a? tha
for the United
timely and orderly way,
it will help sustain iharkefs rather than'* destroy
;
were
prpved^^
makes these reductions.in a
;
the
^-^t^'the-hpenihg" ofthpilJmted
mar-
especially needed in the
are
than
less
deposits
during the year, sncwi-ig'tr ac puf
normal corporation and individual
deposits, increased* rr ,M:% /- / /:' /
bring about the necessary increase in
gUrchastng power to bolster their
is
•
.
amount of our War Lo^n
-
'
•
on
ference
'*
President in |tatement
$ news Seminar poiutd out requests for a
riuinbet pP A^rtfcwliUe programs; were sharply reduced, in order to
cut expenditures and that new budget is first to
includei/gQyerR*
raent corporaiions and war agencies.
■ :" " /•
' / * ■
'
'
'. V-V"'
•
Budget "Tight and Realistic" : Truman
■
,,' *,
!//.
From, the- repqrt of Chairmph
Houston we take the followmg:
"Our deposits were *$1,226,822,-
165 Broadway "
'
\-
Thursday, January 16, 1947
to function
Department,
JnwpH f/nm hankI
^
t?i ^
^mnr^v
04s
w
Pf ^7785"029
Exchance
follow^
"
1frS!\!
*
The total of money borrowed
from banks,, trust companies and
Qther lenders in the United States,
wlwhh
wouldoxcludirig horire^ihgs iront other
and voluntary
j.a
dangerous^ dispute before rep.or.t- exchanges, - (l)/on direct
obli^aing it to the president.
1 tiohs pf, b^bbiigatiohk'gu^anteed
y
; Adds" two /member
to the as to principal or interest: by the
Present three-man National Labor y.
s.' Government, $157,807,152;
Relations Board, charging it with ! (2) on all other collateral, $199,thec administration
of a.set of. 221,693; reported/by New York
"unfair labor practices" applying stock Fxqhange.
membpr; firm?, as
fo'UriiOnS. '
: .•: / /
:
>1 of "the close' of business Dec. 31,
3. Gives the Attorney General
1046,/ aggregated $357,828,843. // V
"power, now enjoyed only by the I
The total of money borrowed,
NLRB, to file such charges against compiled on ,the same bosis, a? of
both unions and employers.
| the close of business Nov. 30, 1946
"'
that the criterion to-be.. used was
r
4/Permits the unionization of; was (I) on direct obligations of or
door "whether, the net return .of;the
below Chambers Streets where it rental housing industry is 4U the; foremen, but requires them to join ! obligations guaranteed/as to prin1850 the
town
to
bank
moved
farther-up¬
270 Broadway,
one
levef enjoyed"in the mpst receiitf only those organizations com-period in which rents had/no^pletely independent of rank and
Broadway and which been influenced by defense actlvi-- file groups (ihrs provision, which
to be its 'home for al- ties;"'''
"
" •
:
falls short of an outright ban,/re-
had put up the first building ever
erected purely for' banking pur¬
poses
on
continued
,
cipal or interest by fhe U S?/ Gov-
ernment,
other collateral, $^91,839,870, total,
$397,785,029.
Volume. 465
■
Number 456?
319
jAVJttww*
yelpping technology//.^The; safe¬
guards' jhaj have beep discussed
Rubicam Now Chairman OED Research
are"
and Policy Oommittee
of
Henry R. Johnston Becomes pxecutive Director and
Jqjhii
Director ^
[;{i*
liere
7triday/^
J
com¬
mittee and of
two f full-tjme
ibe>
'?b.e
.
week
was an eventful
one
.
from the standpoint
of the
7
»V ■«!.
,
1'
executives.
jiriphasije, rjfl^mbly; xfiat
;m,e,el&g<
~
research/and'
PQli.cy
be indicative
types: of- safeguards that
yecbmmerida j
If messages delivered within that brief period and the relatiOri wiey bear to the economy and
national well-being of our people.
/rind
n,
vPh Monday of the previous week President
>w
Trujman in his annual
yr**"
^■■ ——:— indivisible.7each-parj pf message on the State of the
Union struck a timely note when he reWhid£i& related; U?, arid ^epepdenf
quested the Eightieth Congress to outlaw
'Ufionl jhe ibtfyers. Thiri fact-; is:
jurisdiblional strikes as
"indefensible'' and secondary
boy-^v ;
; - :
r
-.-v,
7 •
the -.coibmMpn^ xee.cbttsrwh^bsed'to
ctyase of about" 1 ^0 tQok place '
up^f^tipn^-It musUpe vpr j>e
disputes or to cpmpel ih the daily
lost sight; of.
No partial 'plan for
average of crude oil
from Vermont.:^c
the control of atomic energy can employers to' violate die National ; prodiictibh.
'" • "
'
' F' J V. 1;
Joh iistOn yimri:
Labor Relations Act. In this conIn
4>e effective, or. should be accepted
In tho machine tnnl
in^nsfrv
this con
the marhino too) industry
the bar
-Trustees <rfrthe Committee for Economic Developnienji
-
meant only to
the
nJust be .erected, which should be
strengthened and pe verwea kepe.d.
i£ nnri mpru ^
v
^Kjiyipond
•
Hubicam
,
of.
York
New
:
r
in New York following his
named to
was
by^this country."
graduatib#
f
U. S.
."Senator Ralph
Later
succeed
he
the.
eptered
banking, becoming
yice'Pr^sjudeht
in
;Springfield,
CED
charge of the Trust Department
and
policy"
pointed
*
•
New
York
executive
was
President
as
organization
J
•
Raymond Rubicam
of
served
and
Henry
Johnston
of" that
1938
from
to
1941,
when he retired. 7/7
Mr.
Van ' Deveatjer served
ap¬
executive
director, suc¬
Fletcher, and
positions
in
in, machine
of
New York, was chosen as director
"Mr. Baruch's letter
tool industries f(ollowirig his grad¬
uation from Cornell University.
He entered the field'Of journalism
ceeding
John
C.
H.
Scott
Van
also
Deventer,
information.
of
the
Announcement of
appointments
in 1914
made
was
his
Chairman
Young
of
&
agency. -
recent
the
of
'Although
ing
the
a
business interests, serv¬
the
he
editor-in-chief of
President
was
and
two
years
he has been
editor-in-
chairrpao
of the CED national business press
.
Resigns Atomic Post
In his letter he noted'♦>-
+U,»
the
sentative
cil."
on
the
United
"b.
that
nation and those of the
have worked with me
men
7—
whom worked without fee
pense allowance, and at
able sacrifices to their
•
"Their efforts
ble
value
to
were
•
control
veto
of
should
start
over
the
while
Senate Republicans
bills to prohibit portalto-portal-pay damage suits.
j
On the question of
taxes the
pfpxin?ateat leart bb,AOQfco.o.Qunits.
Ih. the ] automotive
Automotive Report at 76,329 uriitn
rind ii^rhpares with g
rpyispd total •
of 58,43v units in the holiday week
ending Jan." 4.
7
7' ] l 7 7
•
,
3.
these
-
-
•
•
ah
employer
Under
hire a
non-union man, but he must
join within a certain period. -
Mriii^enance
.
may
'$■•"_mombGpshiP
contracts. Under such contracts,
^oiocbne is;06mpeii^d to" join
union, but those who
must
7
a
do Join
maintain
membership
duririg trie: life'of the contract;
■
or
.
•
lose their job.
Also
would
weapnh^ .h^^^^
.
••
shop agreement.
'"
•
rSwope, Fred Searls, Jr., Dr. Richiard C. Tolman and Major G.en-
your
necessity
he
sought
appropriations
.
'
.of; Jpgyesi]
"e.
specifically
.7^
prohibited
"yeilow-
be the so-called
they will embrace a substantial multiply 1 ng the past week that the
Wage' increase] a guaranteed 'an¬ steel jhdustry has a good chance
nual
wage
and portal-to-portal pf going through
jsteel wage hepay.
It is understood that the com¬ gotlatiphs Without a
major tieup
will proffer a small wage in- jn production, '.'The/Iron Age;'*
pany
crease
the
whjcb jvill thus establish pational metalwprking
pattern
industry; ^
for
*'•
the
rest
of
the
iaruch 'mentioned
In the first week of 1947 total
industrial production was marked
by further progress. The custom¬
changed from those prevailing a
ago,.There are some' indica¬
tions that the. meeting scheduled
befWoerifTJJy 7S.7 Stepj Cbib;!jub"^.
sidiriries
and
the
steel
UniP1*
heads for Thursday of this Week
Jn Pittsburgh may result in Prie of •
-
year*
barometer^; bf • Industrial ac¬
tivity continued at a7 high level
ary
a
thajt he
a
employ¬ fractional increase in
weapons:gap ]fissionable .ma¬
attaching to his letter the full
deliveries.
terials;'
'* *
s ment, said the Associated Press, Eor the *ye&x? i948 total steel pro¬
.report of the Commission's work. "f.
•
specifying acts constituting in¬ which also-reported: - - duction exceeded that pj any yeaF
He 'wrote: "f can find UP. better
ternational crimps, arid estab- r,- Actually, thps.e contracts already prior jo 1940. Current
output of
"way of sunimarizing
are 7ontiaWpd]
wider • idte:;Norris- aluminum ranked secpnd ^y t<>
the pommission than to invite
enforcement arid. ipunishnmri^is LaGuardiai^nt "of 1932; TheyralSo fhgt'nf
sjjeej, and ills wprthy jp
.your attention to the findings and
^srihiaai fo:^.'7
jarri olas^ifas;.an f'unfairjabor bote, jhat pppper, brass and
.recommendations found from Rage
Jegd
there- shall be no; legal right, practice^ undeV- Jho National La¬ prpductiOn is
1.8 to 27 of the Commission's re- ;
steadily oii the in¬
by veto '.or otherwise, whereby bor
crease.
11 - ' ;
Relations ^ct of 1Q45>
.
the
It
is almost a foregone conclu¬
sion* the magazine States, that; th^
jU. S. Steel Corp. will make a mo¬
derate pffer jo
Philip / Murray ;
Which will form the basis of fur¬
...
•
Mr. Baruc^s lettpr continued in
'3p^art:
r^;.7' ^They 7 include, ; among many
^thers, these most important ple-
-
of
,
'
-|rnents:
\
Jf{
:*&>■ the creating"of a
compreben777: j&iye' interna tibnal^ -System *7^
77
Mplato^ ^all beTprbr
ittie
violating the/#paty. : A-V
"The
"Senator Ball said in a statement
that9,0 days' after enacimenf'df
his bill any person "thereafter en?
tering into or -attempting to .en¬
■
international c joni f oI
agency will require, broad powers force'?.; artyxpf the agreements decommensurate With its great x£
clared to be outlawed, 7would.be
sponsihilitfcs; %
y
guilty of a misdemeanor punish" |
possess the requisite flexibility t<r-..nMe';by-.'g;ma3dmuiri'/-penalty, 'of
g
'adapt safegtxards to a rapidly de? $5,000 .fine and a year tri JaU7.■
(
-
,
.
7
increase^ by 3% with
of
ther negotiations leading towards
acceptable wage increase figIt is noted, however, jhp rail-:
pre pf steel firpis id agree to cori^
an
Elecfric power putput ipst week
more
than
theprPductof
24%
an
ure.
advance
jinue maintenance of membership:
requiring deduction of unipri;dues
registered in
the bitumiriouscoai
mines.. Carjoadings
;
of
from
union members' pay' could
real obstacle to satisfac¬
tory negotiations.
7 4 /•
'
revenue
freight jop^were, higher end
prove a
r.e-
rt.ectbd a rise Pf b?,46} •;cars or
9.5%< above the previous Week,
On the other hand, a slight de-
first real collective bargaining
meetings since prewar days.:':
.
avvdlful
paper;
plo^ In 'a]=_^Tuii9jnja^.-;;bijtra.de. Qondifioris being jriUcli
i-":
providing fem thp; dispOsai^pf dog'7 cpnixapt
wbiph^
with steel iugot output-showing
•aibpks ' of .aiomm ployers mal:e'riorifmji^beiSbift^ rrse qt more, thah
W? glong ■ with
a
union a condition of.
was
industry*;
.
day-to-day
inspections apd
other duties; ! v"
-77
prohibiting the manufacture,
possession and use of- atomic
!
production of cars and trucks int
the United States ancj Canada last
week was
estimated by Ward's?
tions,;! appears likely that both s Wholesale yplump increased
m imdejgu ^bstantial bafing by ticeably' lgst week;:^th7^he.:;ir#
rival of large, numbers of bUyersr
r v-: •'
meihberghip in a union a condi¬ the new; Congress. *
An : important feature
tion of employment. Specifically,
of the In irianwwhoiesaleimar^
Hpme-7
according 'l to
Associated
Press current week will be the opening furriishings and housewares shows
Were well attended an.d business
Washington
Sjyices,
the
bill of wgge negotiations on Thursday
would outlaw: •
between the United States Steel Was^ generally^^ hrisk; Buyers, were?;
Corp. and the United Steel Work¬ cautious rind^frequently refU^edt7
1. .Closed shop contracts.
These
ers, CIO. While the union has not pfferlngs of goods that did" ript
require a worker to join a
biade. known their demands it is meet their requirements
union before he can
fully/
bp hired.
the bplief pj management that
3tepJ Industry J—' Signs Were
2. Union
egress, and access for the per¬
formance of Its
the
generators
jtye times jh»;
1936
mphthly *. .figure*;
whilg fractional hofsepowef hxor
tors' are being made at a record'
irate, Present orders on harid] ap--'
would be barred which sought io
make either membership Or noii-
operations, of the agency;
"d. that the agency should
Rave
of inestima¬
Mjegstjh * John f/f." Hancpck,, Fpr^^
.hand EberStadt, Berber! Bayard
Mr.
the
responsibility, with no government PO.ssessing "ihd right
:
*
Senate;
and
average
introduced
IMN|%
its
country and, I
:hope, to the world. They include
■■
that
of
means
that the powers of the agency
should be commensurate with
"c.
ex¬
>affairs for pine months.
>
course,'to
by
treaty/ subject,
ratification by
cluding accounting, inspection,
supervision, management and
licensing, as may be appro¬
priate;;*
all of
or
bills,
motors
0^ running about
calling for expenditures of $37,- rigo. January salek were directedl
528^000,0,00 - out of revenues he jjrhriafiiy toward theHeararice bf I
soft goods- but Sopie
estimated would
come
to $37,seasonal, jpro-^:
!730,000,000» v]RnpWirig the attitude ^oti.pn^ of du'rabie'goods we
u-'.Bnder-legislation introduced by jof the great majority voif Repub¬ ported/ Cbri^omers. Were yery
lective - with regard; to price and
Senator Joseph H. BaH (R.-Mihn.) lican
^ne^bg^p^.Cdhgressvpi^
on "Jan. 7 8] - all
7 ■'
labor contracts question of taxes and appropria¬ duality.
agency
severed from the ground and
extend through the production
fissionable material, using
safeguards at each step, in¬
who
c.onsi.derpersonal
electric
the' ihtjo4rich^
which
aflonmr
of
the
Job now would be taken ovpr by
.Senator Austin, I submit my resig¬
or,
an
with the production pf uranium
and thorium when they are
.
convinced
Nations,
enforceable
our
"Former Senator Warren Aus¬
tin, pur member in that body, is
thoroughly equipped to handle
this business as it develops from
now
oh.
In fact, he would be
handicapped by divided authority.
."So, because of my belief that
the wprk of my American asso'Cjiates and myself is over, and be¬
am
of
of
Security Coun¬
Mr. Baruch continued:"
I
/VP
direction
an
repre¬
-
cause
con¬
Truman's "
warning against
bunitive or vindictive laws
by
.
within the framework!of the
representa¬
the
-
drawn
the
to
•
—*——~—-——.
Tl J «J»«.
same as
He said he is
Mr.
•
phase of the United Nations Atomic Energy Commission has been
Commission
ently en.c.Quntered in this1 field is.
_
resignation to President Truman with the statement "that the first
rat the United Stages is "on,e of
the few (countries) whose Atomic
have
before
M^Barueh
tive is not the
pres¬
and' .^vindic¬
-
electrical
.The: current month's fore casts"
atteption joying its recopd j) r o s pp r i t y
through 1947, pgople had to obtain for the entire industry^ whinh In-]
of pre¬
jhorb fbr their- riiofiey arid- rtated clpdes United States and Canada,
serving the atomic secrets. *Parfurthpf,
that: lower
bonstrmer disclose a production objective of
tmul^rly is Jtjhis wisp
|9„; ^r: prices, avoidance of
general wage 424,250 vehicles. The riehedulrir foi^
d.esigh,
know-how," engineering
this! epuritry during the mpnthjis
Increases
]and ■; equipment.
The McMahop
law (for. domestic control) car¬ :)managembnt relations were ;xe^ 404,000 units, leaving a volume of
ries authority fpr::th?l pxotpictiph. quired. He proposed that tax rates 20,250 units for (Canada. For the
.United States the total is made
If this
pp
hutbprity shbold bp ioupd ]be] mriihi&meri; at ' presfeni;; levels
jftr;n.be*;■ fbadehuatp] 7it'- should bP jo pnabletjhe federal Goy^erriment of 284,900 pasenger cars and 119,broadehedt tb meet any nepd s; un¬ fp make a start toward xeriuQtibri 100 trucks, while for jCapa.da the-]
til a treaty is ratified by our Sen- ,p>f v^e: -Natfp^j -'debt;'
goal'is 11,650 and 3^600 ppita* re~
ate/ '.".---v.*
On Friday the President con¬ .spectively7
7--^
' \
1 ; .v,.,
;
7 Retail volume in the week re--"While science should be free, cluded with his final message of
it should not be free to destroy the week by sending to .Congress a mained close to the unseasonally":
budget- for the xierit fiscal year high level of fye preceding: Week
mankind.'
'
; ""** '
which begins on July 1, and in but^^ jyas appreciablyahoyp jhat
pf
"I
i
rind his-United; JStetes1 associate suddenly
Resigned from the United Nations Atomic Energy Commission on
Jan. 4/according to special dispatches from New York and Wash¬
ington to the New York "Times.- Ml*. Baruch opened his letter of
Energy
development of the atomic
work
into the Security
publication.
committee.
ipolicy committee since June, 1944.
£<+;,+«„
in the
jijie ypto rt|ht gpd
.Council stage.
chief of "Iron Age."" For the past
member of the CED research and
completed.-
was
report to the Presi¬
a
control
with "Iron Age."
At the time,of
his resignation in November] 1946,
He also
and
a
member of the National
Committee for Strengthening Con¬
gress.
He has been a trustee and
Baruch
rigainsf1 "pu¬
warned
legislation''
Qf machine; fopls
equipment entered
1947 with huge
backlogs of orders.'
Onb of the handicaps being
.
trustee of Colgate University
Bernard
ferm^; j)ht;
nitive
manufacturers
and
labor contract
.
advertising
retired from
several fields of business.
is
to
tration of disputed
.
director of companies in
as a
;
War I he served as
^agency operation he has retained
numerous
'
vinced that -the job ppw should be
During World
AmstipJ" President was opposed to sharp
Major of Ord¬
reductions and requested reten¬
." He concluded op this note:
nance
in Washington and after
tion of excise levies.
see " no ; reason
why
this
leaving the Army, in 1918 organ¬ j:;; "I
In his second message
ized the Army Ordnance Ass'n.
country should not continue the
covering
He was President Of 'the Engir making:bptnbs» ;at Inasx-ubtil jiis Economic Report to Congress
on
Wednesday of the same week,
peering Magazine Co., and editor the ratification of the treaty (pro¬
President Truman
of its publication from
observed, that
1920 to viding • for ibferngtap^i atomic
jf Ijbp copntry ^^Jb riontipue' en-:
1927 and later became associated controls). ^. -
that
retirement
board
Rubicam
of
dent, reviewing
associate editor pf ;'The
Two years
later he became
*
until
as
nature
American Machinist."
by
CED Chairman Paul G. Hoffman,
President of the Studebaker Corp.
Mr. Rubicam was co-founder
^nd
,.
,,
be had finally agreed ipa! tive laws ' which would, penalize a dearth of workers and fhis: labor
Labors! re¬ shortage is not a local condition,
foxmey; $ebatpr A,ustinf: TDpiied labpr's. rgnk and
States1: member 01 the Security action. to' trie Phesidanjt's7demands Since its effect extends throughout
wai jmt hpstile, suic^; if
Cddncily could finish ihe? atomic
:was-fe-. the iPuntry, being "as stringent,
ported; labor leaders would con¬ accprding to the
fob. I ^ ,£%
'?
American; Ma¬
sider thejriselyes Well riff if EbriT
'■
chinist, "as that during- jhp most
from Associated Press accounts
press took po further action. Both
| difficult days pf the war." It is
from Washington] Jai
we* false
Houses, howeyer, xesppbded jo ] reported that orders for
the following:
,"
larg&
§pclufad tyfth-Cdsjs;- %o$),hr£>y~ and
'
:
(
nection the President
Urged Corigress to require i "binding" arbi¬
that
;
committee.'•
„.
l^tib^vlte-HaruchL; go fbur 'said:
fep^hihe.'^is-
qL t h e
research
■,
,
Trtimrim expressed reluct'afl'ce
oLthe ManufacturersTrust
Vt., as' Chair¬
••
0';In-y:bas-:'v letter :>,vaccepting/
'
BsirUch'g V resig^tion^l^eS^nit
field "Of
"
JE. Flanders of
man
.
•
7
'
jHjgher
" '
scrap costs, increased
(Continued oh page 326)
raw
/
THE COMMERCIAL & FINANCIAL CHRONICLE
320
out the
ft*
fsaersH
,
(Continued from first page)
^
-
<
.
!
.
has
ture the
that the New Deal in all its
essentialities could be main¬
>■■$&: *0
A, New Dealer Still
tained at
^Th^ President's devotion to
rivrkt
if
all
not
of the New
does not
lower
seem
cost, but it
to
that the
us
point is sufficiently important
JQesd doctrines is plain as a to
waste
much
time
on
are
to be
found in the management of
our
armed forces? We ven¬
greatly benefited by What 1 in None degree or another. It
ly be
it^shffc at. the polls last No- is not inconceivable at least two or
^emfoer*
and stiH
war
Thursday, January 164 1947
guess—it could hard¬
than that—that
'i-' r
Trust Companies
three billion could be
these
proposed de¬
outlays without in any
weakening our ability to
is:
fense
way
defend ourselves.
The second
it.
:
largest class of
pikestaff throughout all three The amounts that could be items, Veterans' Services and
o^Jn^^ommunications to Con- squeezed out of such activ¬ Benefits, $7.3 billion in all, is
;gf|sir''His attitude toward ities would fail by a wide probably largely fixed by def¬
s
The First National Bank of New
York in its report of condition at
the close of business oh Dec.
31,
1946, shows total resources of
v
many of
'h Wihafced. ideas about
the
com
inescape-
able
conclusion
there must be
from
no
which
shrinking—
failure and
here—but
surprised if
sanct
should
we
even
be
not
in this
sacro¬
$715,443,673
on
Reserve
Banks
and
other
banks,
thatiosomehow
this country
prosperity
;cah^finance
:
^y^^Hout all the; world With
PEQpfii to
itself; his worship of
thejpurchasing power theory
(if it may be dignified with
siMfra title) of prosperity—all
tjfi^djind. others which might
;ber&ted,are proof enough
to ^fhe
<
basic
nature
of
as
the
S^fpsident'snotions/
and
increase
of
the
the
year
$13,453,156. $ During
bank paid $400,000
in dividends compared with $340,000 in; 1945, the larger payment
authorized by the stockholders in.
October, 1945.
:
V;
,
^,4.
;.
.
siyiim ior the economic weir
iarfro^the. people; his notion
year of $36,243,380.
Other
deposits of $178,996,732 showed an
including exchanges, amounted to
$155,862,271, compared with $176,- reflecting the increase in capital
399,629 three
months ago
and stock from $4,000,000 to $5,000,000
?
'
deposits declined from v$204,765,~
283 at the end of 1945 to $181,975,-
Sept. 30, 1946, and vious
trolling'or eliminating the so- at the
appreciable sav¬
pain of
cycle; his evjR
ings could be effected without $130,391,825 vayeary
ago;,: ho)dipgs
frustration*, That conclusion bad
d^nt^devotion to controls and
; faith
to veterans. We of U. S. Government obligations
is that if the budget is to be
now
amount
to
$467,978,989,
^gtMions without number; pared as premised and as it shall have to concede; how¬ against
$483,756,894 Sept/30 and
|iis, assumption implicit or ex¬
ever,: that
the utmost that
$648,875,777 on Dec.
certainly should be, work in could be done to
31,
1945.
plicit f that the Federal .Govsqueeze the Loans
and
discounts
now
are
dismantling the New Deal can water from
defense outlays shown at $88,444,436, compared
eMiteimust assume responnot be deferred. Consider the
called pusiness
area
the repayment of public debt by
the U. S. Treasury, the bank's
$797,481,798 and total deposits of 059.
U. S. war loan deposits in
$654,209,988,
compared,
respec¬ the "bank were $2,978,327 at the
tively,: with
$858,205,731
arid year-end, a decline from the pre¬
inite commitments—whether $1,011,960,488 and $800,221,214 at
ilition labor; his tenderness in
margin to meet requirements.
the end of
December, 1945. Cash
wise or not is beside the point
dealing with the farmer; his
on
hand and due from Federal
This leaves one
ippisorShip of
w''^* .•»
.-; i:.
'v.
more
from
cut
♦•WV-''«
with
James Cox Brady, President of
Brady Security and Realty Corp.,
and Allan D. Emil, attorney, of
New York, were elected directors
of Lawyers Trust Co. at the an¬
nual meeting of the stockholders
on
Jan. 8.
Mr. Brady is a di¬
rector
of
the
Chrysler
Corp.,
Purolator Products, Inc., and of
$104,754,629 and $124,979,782
Sept. ,30 quarter, and a
self lays it out.
year before, respectively* Capital
He tells us
that on a cash basis, there get much larger than we can and surplus remained unchanged
afford. Among the other for the past year at $10,000,000
was a governmental surplus
and $100,000,000, while undivided
the
New
York
Post
Graduate
of cash receipts over cash ex- items, there is some $5 billion
for interest on the mountain¬ profits are; given at $25,980,023, Medical School and Hospital. Mr.
after making provisions for the
penditures during 1946
Emil is a director of Square D Co.
ous Federal debt.
This leaves Jan. 2 dividend of
$2,000,000, com¬ of Detroit; Adam Hat Co., New
amounting to about $2 billion,
some v
$13.2 f billion
from pared with the Sept, 30 figure of York; Gray Manufacturing Co.,
and that during the last quar¬
which real savings must be $25,294,605 and the' December, Hartford,
and
Hercules > Steel
ter of that year this surplus
1945 figure of $23,378,671, after
Products Co. of Ohio.
He is also
effected.
We plan to place
Was running at about the an¬
making ; provision
for
similar Counsel to the-Institute of the
funds recklessly into 1 interna¬
quarterly dividends.
nual rate of $5 billion. These
Aeronautical Sciences, Inc.
•
tional affairs and finance dur¬
amounts are relatively speak¬
S.
Sloan
Colt,; President
of
ing the year, some $2.8 billion,,
Colonial Trust Co. of New York
ing not nearly as large as they
Bankers Trust Company of New
but, wise or not, these too are
reported as of Dec. 31, 1946, total
may appear to some to be
York, announced on Jan. 6 that deposits of $53,660,187, compared
in large degree commitments
Ellsworth
Bunker
since the budgets -to which
has
been with
$53,826,561
on
Sept.' 30.
which must be honored. But elected a member of the board of
record
as
the President him¬
expenditures
for
the
veterans would leave the bud¬
for
the
,
'
-iMudh of all this is inevit-
;ahly ^revealed in the budget
brppSaJs of the President, they relate—state and local as
jitter indication could well as; Federal ?— total her the budget calls for $1.7 bil¬
Ifae .taind of the degree in tween $50 and $60 billion. Tn lion to be laid out for social
welfare, health and security.
which they permeate the Ad¬
any event they are ohO of
Some of this, too, represents
ministration's programs and
those "trick" figures designed
thf,.b)ioppmic life of the
pep- to fit into
some
commitments which must be
of the modern
Total
directors
Bunker
tional
of
is
the;
bank.
President
of
Mr.
the
Na¬
Sugar
of
resources
the
bank
amounted to
$61,481,521 at the end
of the year, against $61,457,672 for
the third quarter.
Cash on hand
Refining Co.
His
directorates; In addition to; the and due from banks amounted to
National Sugar Refining Co., in¬
$15,560,784, compared; with $14,clude; American Hawaiian Steam¬
640,317 on Sept. 30/ Holdings of
ship Co.,
General ; Baking Co., U. S., Government
obligations
Sugar Research Foundation, Inc., were $24,683,732, compared with
honored, but several hundred
patterns, and are
many>pf rthe more influential rather likely to mislead the millions are not in this cate¬ Atlantic Mutual Insurance Co., $23,378,025, and loans and bills
?<j
ff%lift 'Republican leaders uniniated since they exclude gory and should be sliced off Atlantic Mutual Indemnity Co. purchased amounted to $15,345,He is also Chairman of the United
without delay.;
/hatfb bfepn promising the peo468, Against $16,586,673 Oh Sept*
p|§i.sJ?r,^' good while past
■
^||^(certain
,
statistical
very substantial sums.
They
could scarcely with good ef¬
.
Proposed expenditures for
be/eliminated and certain tax fect be
employed as evidence transportation and communi¬
rates 1^substantially reduced.
cation, at $1.5 billion, are
o|/fa. situation in which taxes
Thd§e5highly desirable con-; could
three, tihies 1S|41. These in¬
taxes would
bq jateiy* Reduced,
^sui^^^tioniii:were. to be^ ef-
1
'fected iiDy;cuttihg
would be
must
we
mates?
accept those
We think not.
esti¬
Take,
quite moderate; and first, the largest single group
that in the face of such facts
of items in the President's
es¬
these; any step that would timates of expenditures—Na¬
reduca'the inflow of tax reve¬ tional Defense, $11.6 billion,
nue'could, only be regarded as to which all realists will add
as
irresponsible fiscal manage¬ the $444 million set out as
■:
■
88 IP§ proposed outlay for "develop¬
,
ment.
;
,
:
-
Premises
'
'
iNbW/fhe truth is—let there
ment
and
control
of
atomic
...
uated
from
Yale
University
in
1916.
m e n
could
t
*
otherwise
be
reduced
doubtless
further
in
30.
Capital remained at $1,000,-
000; surplus and undivided profits
were
$1,117,117, compared with
$1,084,523 on Sept. 30. During theperiod
f .Fran^.K. Houston/Chairman of
clude the infamous pork bar-j
"the board of The Chemical Safe
rel outlays of long' history,
The Federal Budget s#
Federal out¬
lays -sufficiently to permit of
Turn now to the Federal but they are likewise bloated
with
New
Deal
accretions.
^thern and of a reasonable rate
budget with which we are
of debt retirement. To all this
here more directly concerned. No difficulty. should be en¬
the President now replies that
Here again if we accept the countered in knocking a bil¬
ht^^pppsed budget he has Presidepl's estimate of irre¬ lion out of them for the fiscal
redutsep expenditures to rock ducible outlays during the year 1948. Under "General
bottbm, that even so the next coming fiscal year, it is im¬ Government," an item "Fed¬
fiscal year as things now possible to build up much of eral Financial Management"
stahdjjWould show almost no a case for tax reduction (as appears which doubtless
surplus/! for debt reduction, distinct, of course, from revi¬ could be simply erased. The
that*' eiven assuming higher
sion of the tax structure). But total cost of general govern-
po^al rates which he suggests
the ^prpiiis for debt reduction
States Cane Sugar Refiners Asso¬
ciation.
Mr. Bunker was grad¬
Deposit rCo.
nounced
on
M.
Frances
of
New
Jan.
Boos
3
York,
that
has
pointed
ap¬
Secretary, succeeding
Lowry Dale, Who will remain
Vice-President.
Miss
continue in her
capacity
tant Treasurer.
J.
as
'
Boos
as
will
Assis¬
capital " debentures / were
by $25,000. 3" V
an¬
Miss
been
reduced
>
fi
Manufacturers Trust Co. of New
York
announces
that
Albert
F.
Nurnberger of the bank's. Busi¬
ness
Development
Department
will
in
the
future
be
associated
with William F. Landriau in rep¬
resenting
the
York State
bank
area.
in
the
New
Mr. Nurnberger
is
Frederick
E.
Hasler, Chairman
of the Continental Bank
& Trust,
Co. of New York, in his annual
report to stockholders made pub¬
lic on Jan. 13 in advance of the
76th
said
annual meeting on Jan. 15,
that one of the problems
a graduate of William & Mary
College, having subsequently at¬
classes at the Graduate
School of Business Administration
tended
of
New
York University as well
in the American Insti¬
as courses
tute
of
Banking.
associated
with
He
has
been
Manufacturers
which
commercial
banks
must Trust Co. since 1937.
During the
seriously consider during the year war he was a Captain in the
Chemical Warfare Service.
was the steadily mounting cost of
/'
'
millions of dollars.
pp
banking operations.
"Commer¬
In this way and only in this cial banks are receiving' no more
The Kings County Trust Co. of
way
can
this - budget
be for their services today than they Brooklyn, N., Y., reported in itsdid a decade ago," he said, "de¬
statement of condition as of Dec.
brought down to really man¬
spite the fact that the cost of all
ageable proportions, but this goods and services entering into 31, 1946, total resources of $58,770,999 while total deposits were
means
repudiation of the New the operation of the banking $49,312,196. In the same report
business have increased to peak
Deal.
the bank showed holdings of U. S.
levels, in common with other lines Government bonds of
Let it be so.
$30,278,997
of
the
amount
of
of
hundreds
.
energy." This total of $12
be^ibMistake about it—that billipn appears to be regard¬
the -President's argument is ed as more or less untouch¬
McCormack Named
;pna^ai]a1t)le ; if his premises. able even by some of the Re¬ House
Minority Whip
^are; accepted. Those premises public critics. Is such an at¬
Representative John W. McCor-
business."
The report
while cash
on
hand and due from
showed net operat¬ other banks totaled*
$13,475,528.
ing earnings for the bank for 1946 The
capital of the bank is $500,of $942,366, compared with $886,000, the surplus being: shown as
589 in the previous year.
Current
$7,500,000 and undivided profits
earnings increased from $3,503,395 at
$480,318.
k
/. /\
"are,first, that the New Deal titude defensible? We doubt mack of Massachusetts has been to $3,805,057.
Surplus and un¬
According
to
the
Brookiya
pxbgt^m^ with minor altera- it. The figure is about twelve appointed Democratic whip in the divided profits at the year-end "Eagle" of Jan. 8 a report to the
and there, must be times what it was in 1939, and House, according to Associated were $6,878,391, compared with
stockholders
showed
that
the
Press Washington advices of Jan. $6,336,025 at the close of 1945/ Re¬
continued,., and, second, that about ' twice the 1941; total. 7. The
company again had a prosperous
job of whip is to keep sources
were
$196,140,722,
as
•theste programs can not be Why should we blink the fact members-on the
year.
The net earnings ;of 1946
floor for impor¬ against $218,680,272 on Dec. 31,
were
$707,804,
equivalent
to
tant votes,
'v
'i% l
at substan- r- known to us all — that formed of and to keep them in¬ 1945., I
$141.56 per share.
Of this profit,
In ,common with the shrinkage
minority plans. T The
expense than he w a s, t e,| extravagance; and Democrats have been without a in deposits which took place gen¬ $400,000 was paid out in dividends,
has
of
The second of many expensive touches ,~~iwhip since John Sparkman, .•<of erally in banks throughout the leaving $307,804 to be added to
vv~;——
(Continued on page 332)
these^epaises may be faulty I New Dealism were through- Alabama became a Senator.
: country last: year as a result of
,
carf|b^l,forward
tiali^.j(^ss,
ip^iqated.
.....,
,
hit
THE COMMERCIAL 4 FINANCIAL CHRONICLE
■Kr
were
| Sle$l Production Again Rises—Supplies of
Scrapi Continue Tight—More Prices Advanced
Steel management and steel labor would like to avoid-
a
major
£teelstrikein; February,' but for different reasons, according to
Iron Age,"* national ihetalworking paper, which' in its issue of
Jan.
16 further states:
:
i : :■
"Steel officials,see ahead the;chance to
keep opetations at joeak
levels for many months and thus realize what
they consider to be a
reasonable profit on their:
invest-^
•
:
ment.
Steel
labor
the
other
compared with Current
supplies.
hand, while aggressively
When
to
a
nevertheless would like to obtain
up with the former, veteram market observers see a severe testing
this
of present steel
substantial
which
ent
without
strike,
now
"Both
resort
to
result
the
might be far
of
the latter begins
The
catch
quotations."
American
Iron
Steel
and
string¬
unions
Institute this week announced that
proposed by Congress.
received indicated that the oper¬
ating rate of steel companies hav¬
controls
than is
seeking
increase,
wage
concession
national
a
on
sides
more
labor
over
expected
are
over
the next month of negotiations to
bend over backwards in order to
telegraphic reports
which it
had
ing 94% of the steel capacity of
industry will be 91.2% of ca¬
reach
a
mutually
satisfactory pacity for the week beginning
agreement. It is this state of af¬ Jan. 13, compared with 89.7% one
fairs which has given rise to more week
ago* 83.9% one month ago
than 'hope' that there will be no and
79.5% one. year ago. This repr
nationwide steel strike this year.
No such frame of mind on the part
of
management
strong
labor
or
was
so
year ago when Jhe mills
shut down and the country
were
a
subsequently suffered a loss of
16,000,000 tons of ingots because of
the steel and coal strikes.
the
resents
1.7%
increase of 1.5 points or
the preceding week.
an
advanced generally $3 a ton
and 2.50c, Pittsburgh, re¬
m.
:
v-:
^Volume 465 v- Numberr 4560
•
'
:
'321
Retail Food Prices in Mid-November
Highest on
to :2.65c
spectively^ Some of the leading
producers advanced tight cooper¬
Record, Says Labor Bureau
hoop prices $5 a ton, slack
hoop prices an average of
$16.40 a ton, and tobacco hogshead
hoop prices an average of $2.59
per 100 hoops. Bolt and nut mar*
age
Food prices paid by consumers in 56
large cities
mid-October and
barrel
advanced® 4.3%
mid-November, when they reached-* the
between
highest levels
the
on
record, according to Bureau of Labor Statistics of
U.
S._Department of Labor, which states that "at 187.7%.of the
1935-1939 average, the retail food
ket has become
price index on Nov. 15 was 1.5%
established5 at
higher than in June, 1920, the peak year after World War
I.. A pre¬
higher levels following several
liminary check in 12 cities indi-<S>—''
■'"■
weeks during which a wide range
cates that food prices in mid-De¬
8.5% and prices of dried Jfruits
iof prices was quoted., Scrap prices
cember are slightly
lower," said and vegetables climbed t nearly
were fairly steady last' week,
as
the Bureau, which added:
27%.
Increases of 25% were re¬
buying resistance to the uptrend
crystalized,
"As food
prices continued Up¬
in November for the ninth
consecutive month, the index was
34% higher than a year ago with
the rise since mid-June amount¬
...
...
(
"Steel's" composite market price
from $41.60
to
$68.45
from $67.91 on finished steel while
ing to 29 %.
Food prices in No¬
holding' unchanged at $29.56 on
vember on the average were twice
steelmaking pig iron and $31.17 on
as high as in
August, 1939. Sharp
Steelmaking scrap."
price rises during the month end¬
averages
rose
to $51
ward
semifinished
on
and
1,1
.
t*.
^
ing Nov. 15 were reported for fats
oils, meats (except poultry),
and fruits and vegetables.
and
Pope Discusses
"Free" Press and Films
; over
Addressing members of the Ro¬
The 1 operating rate for the week
man nobility gathered in the Con¬
beginning Jan. 13 is equivalent to
sistory Hall of the. Vatican to pay
1,607,300 tons of steel ingots and
him their annual New Year's visit,
castings, compared to 1,580,900
Pope Pius XII on Jan. 8 made his
tons one week ago,
1,478,600 tons second
reply in recent weeks to
one month ago, and
1,401,200 tons attacks on the Catholic Church
"Prices
of
fats
oils
and
a
as
group advanced 65 % between Oct.
15 and Nov.
15, as price controls
were
lifted and scarcities contin¬
ued.
During the month, the price
jumped more than 100%.
of lard
In
mid-November, lard cost
sumers
con¬
about 53 cents per pound,
ported for fresh green beans,' 24%
bananas and 15% for lettuce.
for
Canned
pineapple
prices: "rose
about
8%, canned corn, 7%;{and
canned green beans, 5%.
Navy
bean prices rose sharply by 38%,
with
supplies extremely scarce.
Prunes were up 19% oyer i the
month,
j
,
,,,
v
,
"Between mid-?October and midNovember, fresh egg prices, which
usually advance at this time of
the year, declined by 6%'-with the
slackening
consumer:demand
of
for eggs as a red meat
substitute.
Dairy products declined arti aver- U
age of 2% due entirely to an 8%
drop in the tfrice of butter.'There
were reports1 that consumers r re*
sisted the high butter prices, ,(an
all-time high :of 96 cento per
the average (with prices in
large cities ranging from 23 to 70 pound was reported in mid-Octo¬
cents per pound as compared with ber) and many housewives substi¬
gotiations which begin this Thurs¬ mayy of latest news developments cording to Associated Press ad¬
vices from Vatican City. "Uncon¬ 19 cents in June and 10 cents i h tuted
oleomargarine for;; abutter
day will make a moderate offer as in the metal working industry, on
ditional liberty of the press and August, 1939). Other fats and oils when available.
i,;
k
?
a basis for bargaining.
It is also Jan. 13 stated in part as
follows:; films" cannot be permitted if it which increased markedly in price
"Retail food prices increases be¬
likely that the initial concession
"One of the first 1 general re*
operates "to undermine; the re¬ from mid-October to mid-Novem¬ tween Oct. 15 and Nov, 15 varied,
offered by the
visions
"It
is
likely
that
the
United
States Steel Corp. early in the ne¬
one
by
'
year ago.-
"Steel" of
•
Italian
Cleveland, in its
anti-clerical
papers,
On
ac¬
.
cum?
,
of the steel price structure
will be
ligious "and moral foundations of
hour, in history is now in full swing.
the life of the people," the Pope
whereas the union will probably Increases in base
prices have now declared.
„.r
counter with a much higher fig¬ been announced On
nearly all ma¬
"Men; whether as individuals or
ure.
The
real .bargaining will jor steel products, the first wide¬
as human
society; and their com¬
probably not get under way for spread increases of this nature in
mon
welfare
are
both
always
several days or until both sides 10 years; in
addition, extra cards
bound," he continued, said the As¬
take each other's measure as to have been revised
generally to ac¬ sociated
Press, "to the absolute
how far epch is willing to go.
count for increased
costs, largely
scale of values established by God.
Steel price extras are
"There seems little doubt that in labor.
Now, precisely in order to render
steel companies' arguments in the charges added to or deducted from
company
no
more
than
few cents
a
an
^
negotiations will revolve around the base price, depending on size,
high
material
costs,
increased quantity, finish, type of packing
freight rates, higher unit wage required, and numerous c special
costs' and5 the .extremely
high requirements ordered by the cus¬
break-even point which the indus¬
try
now
faces.
Some steel
sources
claim that the steel
industry must
operate between 75% and 80% of
capacity in brder
profit at all.
to
make
any
"Recent
price
increases
are
claimed by the industry to have
been
necessary
to
take
care
o
accrued
steelmakinig costs exclu¬
sive
any
of
new
wage
increase
Some
independent
observers,
however, believe that the indus¬
try's price structure is now in
such good shape that steel leaders
are in a better bargaining position
on
the question of wage advances
than
the
they have been since before
It is safe to
war.
say,
how¬
tomer.
These
extra
been done
the mill base
on
plete.
There
visions
yet
minor
bers
be
charges,
of
made
in
re¬
some
hide behind the mask of
to
trality;5 such
large num¬
prices must be
figured out to include the
new re¬
freight rates.
"While consumers, as a result of
the price changes, are being con¬
a
is liot
one
neu¬
at- all
neutral; He is, whether he will it
or
not,
an
accomplice."
and
delivered
visions in
com¬
scattered
are
to
prices,
virtually
asm
be
expected to be downward for food
and
clothing
over
the balance of
the year, even though the declines
may
or
The
may
elimination
threat would
a
not
be
of
assure
significant.
the
strike
steel workers
steady volume of work time
steel
as
mills begin the task of cut¬
ting down delivery promises and
whittling
away
at
substantial
backlogs.
*
•'/
"As
months because
they could not be
produced
have
a
wage
believed that steel operations bar¬
ring
tinue
major shutdown will
a
at
current
•months to
levels
come.
for
con¬
some
-
have been moderate.
This
(was to be expected in view of the
tremendous volume of
demand
pounds.
Carbon* steel
rounds advanced
While
have
"Despite the substantial rise in
; steel prices'complaints from -con¬
sumers
100
all
not
of
$7
these
been
a
ton to
higher
President
of
Mechanics
the
Farmers
National
and
Bank
of
The Penco Pension Trust Plan
was
established
on
an
for
sliced
bacon.
a
Compared
the greatest food
ago
year
^ride advances occurred th^outhcities
ern
Birmingham v&hd.
—
Knoxville
than
more
41% ?(and
Winston-Salem nearly 41 %. while
the smallest increases occiirred in
Newark; 26.5%; Buffalo\rQ8%, and
Portland, Oregon, 29% .'fi
;
*In
number of
a
tember
was
and
«
^tie&yfc Jjtep-
October
not able to obtain
the
Bureau
adequate
quotdtloito >for
As
an
red meat number of price
increased
during
the some meats because of the severe
ending Nov. 15, poultry shortage. For those
ip/the
prices dropped 16%, a greater de¬ cities where: an
adequate numbed
cline than usually-occurs at this of
prices could not be' fcbljected
season.
during these months, prices Were
"Retail prices of all fruits and held unchanged at August
levels
supplies
month
.
vegetables,
4.5% froih
combined s
Oct.
15
advanced
Nov.-!T5.
to
to
allow the computation (>of4 the
index.For, meats ;in -the rcitirts
Price advances for fresh fruits and wherbt an
adequate sah®^ :jbf
vegetables, mainly seasonal, aver¬ prices could be obtained; ipirices in
aged 2%, while prices of canned September and October W§re;con$fruits and vegetables increased pared.
.ts/ri'"'
The
nation's
$2,250,000,000 atomic energy program wasi (trans¬
military control to .the civilian United States
..^tomic
Energy Commission under an executive' order signed by President
Truman on Dec. 31, according to Washington Associated Press1 ad¬
vices. The order effected transfer to the civilian board of the>
Army's
Manhattan Project, and coincided with the President's
proclamation
declaring the official end of hos-3>tilities in" World
War
II.
Also' that the transition front military
ferred
from
transferred
were,
fissionable
materials,
atomic weapons,
equipment
eigh¬
and research scattered
teen states.
said:
The Associated Press
"y
Chairman
and
over
other
Atomic
looked
David
Energy
on
as
Lillien'hal
E.
members
of
the
S.
U.
Commission
Mr.
Truman
signed
present
was Major General Leslie
Groves,
head
of
the
Army's war-time
the
formal
order.
Manhattan
Also
District
which
de¬
veloped the atomic bomb. General
Groves's
now
part in the program
is
ended.
President named
members of the Pension Commit¬
ager
tee, will
mission Carroll Louis Wilson, sci¬
as
general
man¬
,
serve: as
appointees
of
the Committee members
elected
by
a
vote
of
are
to be
the- banks
participating: inv the plan. r Ap¬
the move¬ proval
by a majority of the mem-j
ment is wide enough to justify an
bers; of the PensionV Committee is
advance in market quotations^
:
industry-wide v basis,
■
of the Atomic Energy Com¬
executive and
engineer, who
is to be the top executive under
commission at a salary of $15,000
a year.. His post will be equal in
importance to a membership on
the- Commission; : according
to
White : House
press v secretary
ence
civilian
control
of
atomic
production would
ergy
as
en¬
be1 made
speedily
as possible^
*:
* y:
special advices .fro$i - Wash¬
ington, Jan. 3 to the New jYork
In
"Times" it was stated that the ap¬
pointment of three expert1 industral relations consultants was.dis¬
closed
on
States
sion,
that day
by the United
Energy /-Commis¬
took over' from the
Atomic
which
Army on New Year's Day/the job
of developing the nation's atomic
energy resources. The "Times" ac¬
count said: S
■■■'Jc i^
fLfo^d' K.
York r attorney,
former Chairman and before that
named
Garrison,
General
tinct
were
New
Counsel
of
Labor
War
George H. Taylor,
th^^p^w, ex¬
Board;
alsd
a
Dr.
former
WLB chairman and now^Professor
of
Industrial
Wharton
Relation^ af,. the
School
Commerce,
'
-
of
Finance
University
<#
and
Penn¬
sylvania, and David A. Mprse, As-
Ttt*/'distant v Secretary of Labor and
•
*
had been--announced former general counsel of the Na-
Charles ^G.RosSr
"In the finished Steel classifica¬ necessary for the ;investment, of
pointment ■
tion, plates and shape base prices' funds ? deposited nmder the plah.: Mr. wn&on
to
Those
The preceding day, Dec. 30, the
for banks in the country. This is
the only year during which the
The Pennsylvania Co. At the be¬
tube
ginning of each subsequent year,
$64.
levels
"On Nov.
with
i4#§l§
recently established by The
"The following summarizes ac¬ Pennsylvania Co. to make avail¬
able old age retirement benefits
tions taken last week on semifin¬
to officers and employees of fi¬
ished material: Carbon steel in¬
nancial institutions which partici¬
gots have been advanced to as
much as $60 per gross ton - from pate in the plan,, It is the first
state-wide pension plan of its kind
$33; billets, blooms and
good sendroff to the
negotiations, the steel
ingot rate this week is practically
slabs to as
back at its postwar peak of 91.5%.
much as $60 from $39 to
$47; sheet
Although scrap supplies continue bars
up to $66 compared with old
tight and pig iron production is OP A
ceiling of $38; and skelp, up
•being pushed to the utmost, it is $6 a ton to
the basis of $2.35 per
steel
lard), cook¬
ing or salad oil, 45%, and salad
dressing, 27%.
**
,Vy
and • d' %
been
profitably.
The mills Phoenixville and Claude E. Ben¬
have also taken this
opportunity nett, President of the
Tioga
to correct many uneconomic
prac¬ County Savings & Trust Co. of
tices which had been
adopted in Wellsboro.
recent years, including phantom
basing points, nonenforcement of
some published
charges, etc.
lower than
cities
in Peoria
Three Pennsylvania bank Presi¬
dents
flatly
been scarce for
cents
56
0.7 %
Members Named
appointed
to
fronted
with ;; stiff
increases in
high wage
serve as members of the Pension
rejected, some lines, most of them realize
Committee of the Penco Pension
since there is no disposition on the the need for adjustment, especially
Trust Plan during 1947, it was an¬
part of steel leaders to advance in view of mounting.mill costs nounced at
Philadelphia on Jan. 9
prices any more than has been over recent years. Many of these
by the
PennsylvaniaCompany
increases had not been reflected
done during the past 30 days.
for
Insurances
on -: Lives
and
in price schedules and the con¬
"Steel labor's position at the
Granting Annuities, trustee of the
sumers
believe that they them¬
bargaining
table
has
changed
plan. The executives are Archie
selves stand to benefit in the
long D.
somewhat from a year ago. Liv¬
Swift, President of the Cenrun
through better servicing by
ing costs, now appear to have
tral-Penn National Bank of Phila¬
producers particularly on various
passed their peak and the trend is
delphia;
Charles
W.
Bothwell,
items which have
will
Denver and Knoxville.
10
'surveyed,
in
New York to more V than 4 2% in
the
among
Penco Pension Comm.
ever, that any unusual
demand
from
average price for 56 large cities,
of less than 43 cents per pound or
15, meat prices,ex¬
cluding poultry and fish, were 9%
above those of mid-August, before
this fie effective, in a manner the restoration of?
price controls.*
worthy of human nature, man has Pork prices rose more than 13%
been granted personal liberty, anc
over mid-August with supplies in¬
the guardianship of this liberty is adequate to
satisfy demand. Con¬
the purpose of alV jvuridical ar¬ sumers paid about 20% more or
rangements worthy of that name;" an average of 76 cents per pound
charges have
not been revised generally since
depression days, although in some ;• The Pope aiso told his audience
that uncertainty continues to mark
cases
individual revisions haVe
the times, "despite some notable
been made since that time.
.J
progress we hope may prove last¬
"This cycle of price changes
ing." He urged the necessity of
started
early
last
month ; and
participation by all in the shaping
should
now
be
nearing
com¬ of a new
world for the good of all,
pletion.
Most of the work has
declaring: "In vain may one try
and mill extras are
ber were: shortenings, 66 to 85%;
oleomargarine, 56%
(with
an
told
After
a news
nis-rap-*-,
conference tional
,
Labor Relations
Board,
t
lars.
'
;
President TinmanSnlmiits $37.SBillionBndget
(Continued from first page)
considered - it essential that war
cxbise-tax rates be retained, but I
also
considered it necessary to
terfriiftate the "state of hostilities"
BoOtt
far: advanced
during the calendar^
year:|1946.; Of ,26; emergency
war
tion of ai
peaceful arid prosperous!
•; I M,., I-*
i
; The total of these four items isi
as
lion J dollars.
.
long as business, employ.qmerft,; and national income con¬
tinue high, we should maintain
tax 'reyenues at levels that will
hot only meet current expendi¬
tures but also leave a surplus foiretirement
of
the ;- public /debt.
There is no justification now for
:
peak number—in
addition: !.to; jthe heavy shrinkage
„
errhedTorcb^
thb^ War; ;dbm0bili2atiohLl To
strengthen and m'rike more effi¬
cient its internal organization and
.
.
•
.
tax. reduction. At
today's level of
economic activity, pur present rev¬
enue system will not yield so much
\ in: 1948 as in
the, current year. We
shall jio longer collect large sums
yfrom the excess-profits, tax, land
sales of surplus property will decline.-.;
•
^.Revenue estimates
In
this
sumed
be
are,pftdrirsrij though
Budget,lit has
been
that, with minor
as¬
fluctua-
strikingly
Com¬
as
used
yardstick. : Al¬
Government wages fiaVe
been
not
vate
as
a
raised-
so
much
as
pri¬
the cbst Of supplies
Wages,
<business activity will aver4
age° Slightly higher- than, in the
calendar year, 1946.' A .recession
in'business would cause tax yields
f to^droft. Tri addition^ the .cps| of
grown since 1939 by 10' million
people, adding proportionately to
ior meriy;$>iiblie:;seri
f
'
first the
ForTfte fiscaf year
v
:
quire, expenditures of 29.2. billion
dollars,
almost
or
four-fifths
*
of
:f;
■
regulation arid
improvement of the transportation
and
'*
communications
systems
arid
for; deyelopfheritiof: t nritrirriFIr^^
sources
Will amount to 2.6 billion
.'The largest single item is
443 million dollars for the Atomic
dollars.
Eriergy
effort
Commission/ Our 'major
must be to exploit .to
now
1947, itnmy
Appeal-that receipts will amount
to 40.2- billion dollars and expenditure$;to 42,5 billion dollars. The
on
large items which prac¬
tically determine the size of the
total.
1. Iriteresf on' the
Will be
billion
5
national idebt
dollars.
This is
have been larger
Available under
appropriations" al¬
ready made.. The way the various
departments and agencies of the
GoV£f hmftnt,
particularly the Wa'f
and Navy Departments, have suc¬
in
Cutting their expendi¬
tures is gratifying. Although pub¬
lic " works Could; not* be Cftt so
deeply as* anticipated in ' August
Withdut causing a Wasteful Stop¬
page'ftf work already under way,
.
"we
shall
still
show
a
substantial
saving in this fiscal year for these
.
•
;,
This, Budget meets
our
basic re¬
quirements for Federal programs
at home and abroad for the fiscal
i
yerir* 1948/ /The Federal GoverrlmCht must not
•
only fulfill its
con-
'tracturil
obligations; it must also
prOVMe the services that are neclessary^for the welfare and the
progress Of the Nation. We have
•
to'
carry* Our proper share of the
expense of
izatiori.
building world
; We must make
orcan-
effective
provision for national defense. I?
-
,
W«'.nave
marry
rvrher
commit!
meitfs] both international and do¬
mes tic,/that must be- nonoreft.
in
•fact; a very large oart of all our
expenditures
1948 .will
.
.
tions to move successfully toward
if Executive^ actiom had;not beexr world security, any cut in our
takenl-to; place! expenditure ceil¬
present estimate for 1948 s would
ings •bh some activities and to hold immediately Weaken our interna^
theitt'r%eil belowv-the '. amounts tional
■
program,
in
the-
fiscal
year
be
required to meet
commitments already made.! The
Budget is designed to meet these
needs/arid to execute eyety pro¬
gram with strict economy.
'•
The reconversion of wartime
military and civilian services wais
;
the
position. This large part of
Budget, in my judgment, rep¬
resents
a
balance between
proper
security and
economy.
w a r
program
for
Welfare, edu¬ which appropriations Were made
housing bring the in previous years. They also re¬
arid
cation,
above
total
35.4
bil¬
;;
remainder! of
The
the
Budget
.
The total so far is 18.3 billiott
dollars.,
"
<
,
I; 4. International affairs and financy will call for 3.5 billion dol¬
lars, a sharp reduction, from the
6.4 billion dollars required in the
fiscal year 1947.
We. still have
contractual commitments to make
good in connection with
our
loan
agreement with the United King¬
dom and under
the-reconstruction
occupation responsibilities in
Europe and the Far East. We must
provide for war damage restora¬
tion in the Philippines and for the
relief
and
resettlement
of
dis¬
placed people of Europe. We must
continue
to
larger international
likewise previously
flect
These two factors in
authorized.
large measure explain why esti¬
mated expenditures for 1948 are
Sdt-third is for
including the | overhead cost Of so much more thrift the appropria¬
disposing of surplus property. The tions recommended fOr that year.
Existing appropriations avail¬
rest'is fOr services-to business arid
labor through the Commerce De¬ able for obligation in 1948 and
totals 2.1
billion
dollars.- Nearly
WaV liquidation,
partment and Labor Department, subsequent years are agairi under
review.
As these appropriations
become unnecessary, their with¬
ury, the Gerierail Accounting Of¬
for general functions of the Treas¬
fice, the legislative branch, the
judicial branch, arid the Executive
Office of the President, arid for
many other items. These services,
With a total cost of less thari 5
percent Of the Budget, are ah in¬
dispensable part of the machiriery
of the Government. •;,
other
and
aids
td
trans-
;;
:
recommended
to
Government,
be
will
drawal
ris
Congress/!
the
The
Federal
shoWn by the size of its Budget,/
has far greater obligations than
any time before the war.
Al¬
though the Budget reflects the ur¬
gent need for rigorous economy
at
execution
the
iri
of
every
pro¬
inevitably
large/The American people surely
gram, expeftditures are
It has
-
opririing of the West. The Govsupplied. etm.efit, Required ' the | territory,
River basin development and har^ granted* larias; to
settlers, gave
bor improvement cannot be neg¬
trirded unless rmr-nrivigatipri
facilities
lected
are
promptly
without
-
impairing
efb-
will
times
tion even
their
make
contribu¬
Opening opportunities for the orivate initiative of the American
people.' ;;■'
irbfttier?
^!TodaW;0h^
are
in rivOr-valley developments,
in air
transport, in hew scientific
discoveries, and in application of
the
;sciericri ,ari» Technoiogy
to
human progress.
These new
frontiers can be developed only
by the cooperation of Government
and private enterprise.
:!;0iifc
greater. All p'ostponable
expenditures,,ph. develop¬
mental projects are a good invest¬
public works ;$hOftldfbe dmbrred ment for the Government. They
at the present time. But the need increase the
productive power of
to protect and improve our nat¬ the
country and make for higher
ural
resources
has become
acute
and. we
livng standards. Directly or indi¬
rectly,: the Government recovers
out the works in¬
cluded in this Budget if we are to
the cost in the form of either serv¬
as", a result of the
war,
carry
avoid waste.
7. Our
ice
charges or increased revenue
yields to the Treasury.
agricultural program will
The
amiount to 1.4 billion dollars. This
motes
includes the price supports guar¬
anteed by law, the conservation
tural
of farm
in
rural
land, and our
Federal
Government
pro¬
-improvements .ift agficuN
It provides many
services to private enterprise that
investments could not be organized except by
electrification.
In
addi¬
not recommend tax reduction. The
responsibilities
Federal
be* fully mat
in the fiscal year 1948 at a lower
Even if
cost than here indicated.
the cost were less it would be de¬
sirable
in
our
order to make
present
economic
The
Bureau
of
tion, the Department of Agricul¬
a
start toward the
the national debL
time, in my judg¬
ment, high taxes contribute to the
repayment
Of
At the present
welfare and security of the coun¬
try.
Under the wartime tax
systeriir
taxnayers with small
called upon to pay
high taxes. When the time comes
for taxes to be reduced, these tax¬
millions
of
incomes
are
payers
will have
a
high priority
tax relief.
among the claimants for.
I * have recommended
war
that
the
excise-tax rates due to exoire
July 1, 1947, be continued. Wherr
the time
comes
for excise-tax
re¬
vision, the Congress should review
the entire group of excise taxes
rather than
on
concentrate
those that
creased
methods.
Government.
the
of
Government canriot
situation to maihtain revenues
-
were
during the
attentions
imposed
war.
or.
in¬
-
Our long-run tax program must
be designed to maintain purchas¬
ing power and provide incentives
for a high level of production.
Standards, for example, furnishes
to basic scientific data. The Weather ; Iri)-tha corporatiftit: Teciiorr of
in' agriculture Bureau supplies information used this Message, legislation is recom¬
ture will continue its program
promote
research
lending program of,the; Export- riftdtAbetter mrirkmift^imetho8s;f^; by thousands of farmers and busi¬
This brings the total to 33.2 bil¬ ness concerns and has a
Import Bank. We must discharge
rapidly
our
certain
commitments
lion dollars/ .*
will not 3hirk their new responsi¬
always been the Govern¬ bilities at home arid abroad. They
ment's duty to provide whatever
portatipn;' ; ^
sv?,a
i'
will supply the necessary funds to
iTffe^expenditure
£§84 assistance is required to afford meet these responsibilities.
erril^aid " program |Xor' highwriys private enterprise a chance to
rests on the Federal Government's prosper. In the nineteenth century
Receipts
agreements with the States.
Air a principal economic service of
As previously indicated, I can¬
the Federal Government. Was the
marine
must
.
The expenditures for 1948 still
a portion of the cost of our
The costs of social
promotion of our merchant dollars.
for the
.
cal year would
-
includini
public
>
ceeded
iriiprovements,
these two pro¬
The Budget total of exoendiworks ebnitUres thus comes to 37.5 billion
structlon, arid much of the rest is
expenditures
is for
grams
1-bilHon-dollar; vincrease|. in ex¬ ail obligation that must be
njet. I ciency in private enterprise. Most
penditures; over-the Augustlesti-^
2. Refunds due under the tax of the public construction projects
mate, occurred largely in veterans'
laws ate estimated at 2.1 billion are already under way. A few adprograms. - For
example, many dollars;,. These are fixed obliga¬ ditiririai
f^projects^^iwt' yet|stuyted;
miore iveteransr than ;had been; exhave been provided for in 1947
tions under present law. - -l't ^
;
pected decided to go to, college ;?:These tWo Rems total'74 billion
appropriations;* ;ihy */ 'i r-'
1
of enfoll for job training. We can¬
dollars/ '\
not regret this demand for- edu:-k S^TTatiorial defOnSe is estimated other fields contributes to the pro¬
i catioii,; buf it illustrates the; kind
ductive capacity and; taxpaying
at more than 11.2 billion dollars,
of uncertainty that cannot be elimaimosr ail for the Operating 0x7 ability of the country. The post¬
r 2nated< ixipreparing pur estirriates;
t>Cnses of The ; Army; arid Navy. ponement of public works in good
The deficit for the current fis¬
Though we expect the United Na¬ times and their expansion in-hard
'
needed;
tpre ;?ide; ofy the Britlgot taking transport will be seriousiy/teir
Budget policy.
•:v
defense, interna^-
t
vices. Many normal maintenance
supporting agricultural prices and
ltem#Md> to* be^postponed ori; ac¬
^payments to unemployed veterans
count of the war, 'and carinot be
] -would; increase.; Should ; such; a
further rieglefcted.'. NbrmSl ser-|
recession occur, it would be a
vices iVhich werd.!erit;':;durlpgltii|
r. temporary
slump growing, but of war have to be restored.
transition period difficulties and
wbhld .call for no revision in our I! Bet me; riow-^revie>w^lie expendif
,
national
great .discovery^"'1 y lJ' '•
: I
I About 1.2 billion dollars of the
,
.
b^adequatO-t'
These fWe >dtemS^m|eresty
has risen in line with the cost of
! tioriS,
appropriation side of the Budget/
I This Budget recommends ap¬
cumulative
funds,
ser¬
pared. to, these .costs, before thb
war.
Prewar figures can rio long¬
er
16 aVvery large extent determined
"by-the- level of business activity.
.
vices has risen
peacetime
A
trerriftndous
ijipriali riff aifsju fthd;yetergnsOrre|
the administrative practices,
But the cost of
war
com4
'
'
refledt
nrgam^tibri^hdi^ficiettby bf the fh^fOfriFTBdagOt;
6. Programs for
Jgepjaf ^hh^s';Md;hgbri6i^
t
.
.
service for their tOx dollars,
plans fur¬
fntensive measures; to' lm!
arid the Administration
prove
-
'■
review briefly the
now
longrrange-housing,
appear to
ther
revenue-producing
'
me
general health, insurance and
I
mum
of
Let
erans' benefits under present law
ex-
ertirii^e^rylhff oft:
Of ;
ation
pends, P.
eraris'
education, pensions, arid
hospitals Will increase in the fis4
Cal year 1948; but if
emplOymerif
remains high/ the unemployment
payments should be smaller. Vet¬
!;!/!/! ►;
The Government has been
.
As
...
Of the wartime
.of the
tion of guaranteed home loans to
veterans and for continued oper¬
.
whole td less than three-fifths
a
ex¬
Corpora¬
''fl; propriations of 31.3; billion dollars
/.O. Veterans' services aridt bertl friUftities! : p :
Ofits will cOsf more than, 7.3 bil- f Our
social-security,program and for the fiscal year 1948 under ex¬
liori doilarS. Thfs country hris pro
our education! and housing pro- isting and proposed legislation. It
grams!-can--hardlyr;ber considered recommends that authority of 1.5
adequate, Improvements in these billion dollars be granted certain
arid for the; crite of hie disabled; fielps. are seriously needed/ ;A14 agencies to contract for services
While the cost loprris lairge in $0 thpujh,this;Budget;doeS^
and supplies, such as aircraft and
Budget, much of it goes tp prpyfqO Template major extensions in the construction. Payments under such
education and rehabilitation Which next ,fiscal / year, I; recommend1 authority will be financed from
Will Odd to pur national strength1 thrit the. Congress lay the legis-'
appropriations to be made in sub¬
and prosperity. The cost f Or vet
J lative ground work now for the sequent years;1:! r-
.
.reduce expenditures to 37.1 b'illio..
dollars and increase revenues tq
58,9 billion dollars. We would theft
have, a, .budget surplus of 1.8 bil4
friphousing
Finarice
lioiftsing p ift • f bvercrowded
^f.8;bill^O'5ollarsi;!il;ai;^
it became possible to
sess Administration and the Office
:;;db.'$d/,v
p;;!!
">
| alSd recpmniehd, that the Gon- of Temporary Controls — have
i.gres^' increase postal rates suffix been added to help close out the
ciefttiy' to wipe out the postal def- :^ac:rprpgram^| The 1948|Bftdget
assunie? I q • r^ufftionl/of * cfyilisri|
employment in. the Government as
These, recommendations woul
as
Reconstruction
I^orid.?;;!
agencies in, operation shortly be¬
fore VJ-day,, onjy ,5 remain, anft
3-vof these are. winding up their
work. Two others-—the War As¬
The bulk of
penditure# is for prirchrise' by thft'
mended which will reqtiire return
to
the Treasury as miscellaneous
of certain capital funds
-t
reporting. Maps and totaling 379 million dollars,
I also Recommend that the .Con¬
cial welfare, health, and security, chrirfe, as well as lighthouses, bea¬
rind for education and general re¬ cons, arid other physical aids fri gress reconsider thft ' extent
to
search amount tG'1:7 billion dol¬ navlgdtioft, are sftpplied by the1 wbicbr fees should: bri chafged fbr
lion dollars.
8.
lars.
developing field of work in avia¬
The Budget programs for so¬
This
total
excludes
unem¬
receipts
tion weather
Federal Government.
Maify kinds
services rendered by thfe Federal
ployment compensation arid/Old- of statistical reports,; required by Government, While it is not sbftnd
are :m6st
age and survivors' insurance, American business, are also pro- public policy
to charge1 for all
services of the Federal Govern¬
qrgently ip need/
"?,■ .yy! I. which are financed through trustThe work of the United Nations account
operations that do not ap¬
Since 1939, our complex system ment on! a full cost basis, : and
and the specialized organizations pear in
Budget expenditures." < It for|the production of goods and many/services should be provided
associated with it is of the highest does
include
481 ; million * dol¬ services has
grown so much that free; the Government: should/re^,
give
relief
other-countries" Which
importance.
to
some
We must riot fail fri
6ur support.
The Deparfmeht of
J^tate, f6r Which increased, a'ppro-
priatiohs are requested,/
riiiist be
prepared, to carry aft increftsiftg
load Of Work in the growing field
Of Americari-fomgri relations; :
Our. intefriational riffairf bud¬
get is important for peace, secu?i% and our OWri prosperity* TO
reduce it would delay the restora¬
lars
ift payments to the
railrprid
services than ever are re¬ ceive! adeqtiate* edmperisriticm; fdrri
quired from the Government. We certain services primarily of di¬
remriiriing expendi¬ cannot risk retarding our growth
rect benefit. to' limited groups! For
tures is for aid to the aged arid by
lack. of. roads, electric power;
other dependent persons; Th§ rest
air-navigation facilities, engineer-? example, I belieye that a reason-:
retiremerit trust fund.
half
more
More than
of The
is largely for prptectiori Of' public
frig (lata, ;maps, educatiori, surveys
health, for crime control, arid for
of ^sources, weather reports/pro¬
grants to / States for Vocational
tection ; against /-disease,
or : rifty
education.
,
9
•ris'
other" necessary
pfb'greSS; iTfiere is*
instrument
a
able' share iof the cost to the Fed-
eral/Government/for1/pro v^dift^
spricidlizeri; ■'tf ansriortatfftmTacllP*
cf ! fids, ; sUeh; ris! airways^ should ; be
multitude of recdvered^ill®!;?!!
Volume'165.iNumber
4560'
THE COMMERCIAL & FINANCIAL CHRONICLE
BUDGET, RECEIPTS(Fiscal ye&rs.1 In
3,
establishments
millions)
"Source—
Direct
taxes
Direct
'
-
taxes
•'
"
'
$19,008
.
corporations
•
taxes
3"
Customs
■
Proposed
>•
Total
•.
Less
.
legislation
3
M
*.
„
insurance
to
trust
Receipts from direct,
afe
iaxks
estimated
7
'
496
3,987
/
44;230i/f
to
1,355,
;
40,230
7
>
:
efficiency,;: In the estimates
for 1948 emphasis has been placed
37
.
.
•
position td
Corporations de-
3%
The
excise»-tak
estimates
keep up a high volume of national
production. Th&: best/ method/ bf
keeping:dbwii thb burden- :of ;the
in*
fcTease in 1947 because of increased
•consumer demand and increased
production,
f inancial - problems of
.
largely,because of in*
receipts from disposition
;
I'
receipts.
It is now estimated that
1.9 billion dollars will be paid in
-V;-;
1947 and
1948,
1041
$6,658
$5,942
4*423
"^640
179
ft 16,763
personnel • —J—
Activities •suppdrttng defense*-;- - v~ ' y Lend-lekse (excl. War'& Navy Depts.) :
'
; 6^2
j.
Tfea'sury. Depa-rtmeht'
■r
10 Mafitime 4 Commission .and .war;
j
"Snipping Admrtnistration*
Appropriations;
-Estimate-
N
.1948
Z
250
34
in
411
Stock
•.
1,003
:p;
25
materials^
•-
177
ttyn i
$
i-.
.Total
'i'A
-M
;
174
S43
—87
Reconstruction Finance -Corp.^_-_-'
ftecotfstruction Finance Goi-p. (oth.)
War Shipphi'g. Adminis. (other)-,—
'other;
:
■he
Except for some military aid to
China and minof items, - lendlease was terminated; after VJ-
piling of strategic and critical
%'i T^^rFibepkrfemefati-
-
ali tor closing out the program.;
^
^5
1
—2ltf
day.
—121
valued
—337
—250
—34
>
30
->
13
$45,0fl2
°$14,726
45,066
?.15,149
$11,256
:
/ $9,493
made
special account's—*
Corporation accounts
i',
*—^3
.
—424
11,587
:
.
yt
Burget expenditures- in "previous- years.
-
ft>:i"Af0
—331
about
as
-
Such yalue ih achieving full pro¬
A Expenditures-. -— • ■ National de¬
duction. Low interest rates have'
fense,'' as used in this Budget, is
& ^Wie!
H3T3---/
2th A
Taken
1
together, .the War
STa^- Department
and
expenditures
also believed th^^b^^TbiyZthe much less inclusive than the Cate- «istimated for the fiscal
year 1948
The public debt/reached a peak •taxpayer.
/The-.Treasury and; thb goryfused last year." For example, provide for ah average military
test February
billion dol* Federal Reserve System will con- War
; strength
Department expenditures of
4,64i^^ mertand bf»
-lars.v During th^reMainder bf the
jtinue their effective control of in^ <64^3 ikteoif*^dmikr83tei:1948f;|()r' : 'icers; Of this,v Army strength is
tfUtendar^yea^
terest'rates.; 3 • 3
^
4irojectediat rl»070,0003throughout
suppKek^'imd
:
duced by over 20 "billion dollars
Ke
occupied krCas pother; than 'Army
year;
NavyI and".Marine
and stood hear 259 billion dollars
.
pay, subsistence,
a n d. related Strength Will begin the year at
.-at the end Of December; Most of
L/Ih thte
items) are now in "International ! >98,000 and average 571,000. These
the securities
-
|
retired
by banks.
held
Were
This reduction
$ipenriiti$e Pro^ajm' ^
luresvbre Zgroufped^uhdCr
/new
functionalclassification. in-order
was ac¬
complished, by drawing; down' the to. present .to the COp"gres$ ahd tbe
Treasury; cash baiahce to a ievel people, ^ clearer ^ picture: Of the.
more in line with peacetime re¬
purposes for which Federal funds
quirements.
33*.
aire spbnt.-To facilitate ^compart*
.
■
We propose to continue the sale
savings bonds.
The proceeds
will be available to redeem mar*
3
son, figures for previous years
ftetable
securities
-—
pew
BUDGET EXPENDITURES
.
J Fiscal years.
-
'
.
'
''
affairs
finance._
$14,726
1,464
6,394
7,601
1,113
* *._ii_-
.
1,117
728
1,877
7
daily
426
104
124
113
972
1,545
'
*
3
\
85"
;
5,000
2,155
2,065
"
116
.
,
-
,
-
118
'
1,341
•
'
'
2,065'.
25
$42,523
$37,528
$31,276
65,019
42,698
36,699
31,276
25
state997
,
General and special accounts.._i._
Corporation accounts
•
Total
-rl,305
r-175
$63,714
,
$42,523 3
The Budget classifications and intensive
<
829
$37,528
$31,276
o| lequiprnent, athd
Budget totals reflect all transac- more extensive developmental ac¬
tions in the general and special tivity than before the
war,'j • vf
^ccouptk^nd^^'theyexkessTO^e3<pep*» ft; Howevori in the Iiscal year .1948
•ditures over receipts o-f wholly- these expend itures
will; be. but
■owned ipoveni^ent
one-eighth of the Outlays in the
;
'
th^ first time/^ -net !kxpeii^
qitures bt whollyHiwned ^orp^
iions/afe classified, oh a functional
tosis^Me Budgei tbtals;^;pot
include; the
accounts.
'operations of trust
However
such transac-
,
use
beak; ^vartimk;
::fiscai;^ea^3i945;
This drastic cut reflects et correr
1947
dia, Franpe, Belgium, *and: Turkey,
discussions with the Nether¬
and
lands^ Norway,- and the Union of
Sotith Africa are nearing .comple¬
tion.-
7
;
* '■■ iu'r'*;;/;'.*;
The military program fonstdck
piling >of strategic materials/ has
been reviewed carefully to mini¬
mize "interference /with/business
requirements. New, stock piling is
:
•
billion
dollars
in
and
military purposes are estimated
at'5.9 billion, dollars in the fiscal
commodities to the, public,
\
f
.,
-,
i
million dollars
thai ntenance, ahid citizen-reserve
activities. The estimates for 1948
v sed until 1947. Also some expen¬
contemplate proceeding with con¬
struction projects of highest pri¬
ditures by the War Departm
1947 were, offset b!y credits, fr6m ority 'at overseas - bases ahd ; in
funds which had accumulated in the continental United States, and
trust accounts, during the war.
limiting procurement, to
those
ftft The expenditure estimate }ipf 1R1 items, essential for the current
billion,; dollars ? in 1948 for the operation, maintenance, and train¬
flrmy and Navy for military pur* ing of, the military forces, eXCCpt
for* aircraft and limited quantities;
poses reflects the reductions from
thp -current fiscal year tin the of, newly developed items.
kumber pf military pm-sonnel and
Effective defense under modern
in war-liquidationvputlays-^such conditions \ requires us to
push
8s ?mustering*put payments rfre^ ahead in scientific and, techno¬
duced by
370 million dollars), logical fields. Toward thisend,
70O:mtition expenditures for research, and de¬
dollars)^ * and -surplus, property velopment by the Army and Navy
handling; On the other side,'the are projected at 530 million dol¬
estirnate refleets greater procure- lars, in the ? fisckl; year ^ 1048if
ment;in ybk,, fiscal:/ year 1948^ as Slightly: above : their 1947 rate;
=
spending reduction in the siEe of
the armed forces. Outlays fof
mk-!
kitions have; been : reduced' ^eveb
dnykiMiGries'^^
8ble to -supply 'current needs.
more.v \
> * a* 5
V Z> *
*
:
been
now
biliiOn dollars in the fiscal year fiscal year-1948, will be transferred
1948,' as against 6.7 billion dollars from Reconstruction Finance Cor- >
Ih the current yCaf, Average an¬
poration ;s|:o<ks tO fthq Treasury)
nual costs per man for these purmilitary stock pile...ApartTrom.
poses-**ab0ut 3,100 dollars In 1948 stock; piles
transferred tofs the
^-have increased markedly. since Treasury, the receipts of. the: Re¬
Carlier years, and reported as ex*
penditures at the time, were not
if
5,000
10
u_*.*—i.
settlements have
negotiated with the United King¬
dom, Australia, New Zealand, In¬
iatt<ms.--^bTinan
in Navy ac- year ,1948, This sum covers pro¬ expenditure
prOgfam outlined
Countsr: Some funds withdrawn curement, research and develop- above,. appropriations of 9^-bil-v
ipettt; constructibn, operation and Ron dollars and new contract au-(
frbmrvthe^^^surynin: 1946 and
779'
.
:1:%
justments—1.5
250
1.196'
;
'
b^en
W'2c&?! Dejpartment;; accounts
824
1,492
4,950
3,119
Treasury
,
i79-.
-
-
$63,714
to
;
1,169
1,530
83
Final
VJ^ky; Fully/^%/M■ Aimy kid construction Finance Corporation
billion dollars Nayy^ expimditUres in 1948 are ih iri ITS/waf activities^^^/reflect.lUrgeljrthis-: ■ category, ; • - ' the rental and disposal of excess
';' 3 '
higher,' and: the! reduction from
1947
to 3 1943correspondingly : Expenditures by the War and war plants, together with the sale
of metals/: mmerais,/ andfpther
greater, except for certain ad¬ Navy Depsftm^i^:for all other
V7,009 " :
1,101
905
30
Total
;
$9,493
-
1,381
4,743
ment -basis•
From—
"
539
88
six months of the fiscal year
;
'
.Reserve for contingencies
.Adjustment
:
-r
824
....
•
of, lend-
dollars
extended almost a
billion dollars of reciprocal aid.
.
Appropriations,.
have.
1948
/ft' '
•
1,654
544
71
Finance,, commerce,, and industry
'General government
:*.L
^Interest on the public debt
Refunds of receipts
' V.v
billion
aid And
"National defense" in 1947 would
v"'
7,343
752
communication..
?
*
Z./r
50
lease
: 'igUrCS
estimated at 90 million dollars in
c(miparb: with
peridituresZfor, the: atomic energy strength ih the f iscal year 1947 of thq fiscal year 1947 nnd 3$ million
activities'of the Manhattan Dis- ^;168,000. Pay, subsistence, travel, dollars in 1948. ; In addition, ex¬
'IrictKproject3; beginningJan. I, liVClfare, training,, clothing^ and cess metals and materials, amount¬
l9|Ti ^ when - the AtoniiG Energy medical expenditures for military ing to 87 million dollars this year
Commission y t o o k. contrOl> are
pejsonnet *are^estimated. at. 6.2 and 210 million dollars in the
this^pibgraih reinkinS in "Natiphal
defense. *!.;''3
- '3
'$■
.T'1.
-The; ievel ,of. expenditures^;;for
'
G8
resources
•
74948 ;
$11,256
3,510
1,570
-
—180
resources
.Labo r
-Estimate-
4.414
_
V !*
-;
,
257
.Agriculture and agricultural
and
PROGRAMS
1947
general research—
'Transportation
MAJOR
millions!
-"■
Expenditures-
$45,012
and
Housing and community facilities
Hatural
In
.t946
Veterans' services and hetieiits-l_;,__
•Social welfare, health, and
security..*
^Education and
BY
?
Actual,
Program—
Uatipnai defense
Thternaliohal
classification is described in
in part IV of this Budget.
detail
particularly
to:f foT-
sold
affairs and finance;" Likewise, ex-
afe Shbwn iri -"Natural resources." For
klso giVeti on;the hew basis. The the fiscal
year 1946 and the first
of
1/billidh/ 'dol¬
been
with the countries which received
9,493
-
hess confidence which haS-been of
over
a cash or credit
Much progress; has -been;
in
effecting
settlements
basis.
\
j>'
at
have
eign bOutHes oh
v
'_-
and
$ince then, lend-lease goods
lars
10
•Frdm—
t -.1"- General
and services rendered
previous years. Iri 1948* thCre
be very small expenditures;
will
-
Other
•/"*■/
procured
333
1.045
•v;'Agriculture Department '&Lvw*
3/;;333//3.:7>;/**/'/
propriated to the President are
largely interappropriation adjust¬
ments and payments for " articles
r
5,588%
1,900
only 250 million d'oljars
in 1948.
Lend-lease expenditures in the
fiscal year 1947 from funds ap-;
,
/
/
>
pected.
,
appeared
^rpius*pimjperty
unde^; the
.
-
in
Contractors
to
program are estimated at
6.5 billion dollars.
Qf, this?
sonnel have been smaller than ex¬
'
jreconversipnfor both business and W'
J0u 845,012
*$14,726
4t
$9,493
$11,256
:
Government. The stability of the
i
<6f.
surplus-property and decline in Government;- bond
market
hafe
4rJ^Exciiides^disbursements of ?■ approximately 1,500 million1 deiunrs. for ttik War ©e^
1648 largely because of a decline
been a major factor in the buSK paftmeivt-and'250 million dollars for the Navy Department Which-have
•creased
deducting; ^credits
Government, total pay¬
have, therefore,
1947
X946
■
-
.
tiuctiencah ;reliey eM/%\t
-^mpljoyirient-tak •estimates Jshow |
pur -debt-management pulley/m
iRbreasesin both!fiscai,years, due> designed to hold,: interest rates at
In 1947 mostly to larger payrolls,1
the^'preSehttI'O^mtekahd^' pre*
dnid lhT94& mostlyfe^nbreasea in, Vent
- undue
fluctuations hi ' the;
rates-as-^ovidedby
bond, rmatkekThis ^pQlifcy;;has
1 ^
millions)
\iili'tai,y "defenseMiHtWry•' 124,846 i
Hie
eased, the
it
is made tor It,"
Actufel,
......Program .'or Agency Concerned-
single year of depression; cub, lay ]
more burdens on the people than
rates many ; years bf; gradual debt -re*
•Over-1946
for
Expenditures-
debt is to maintain ,prosperity.. A
Taneous; receipts Increasem 11947
iln
-
and ^ 'decline • under
present law in 1948 because "of the
•Of the Revenue Act of 1943.
kon
^WTIONAL. Defense
Terminal leave,, for enlisted
paoity;
•
Estimates
After
the
due
hot been included in this Budget.
BinCe plans are not complete for
the training program, a
small
iNavaK: defeftBe'^iw,
of our; current'
:^iine th;fhe fiscal /yeap ; 19^7 'and
ifurther in 1948
largely because of
rfepeal of the excessrprbfits tax.
entire
con¬
dollars.
siderable time to get Under way.' about
(Fiscal years,
tion by purchasing and holding
1945, and to. XJnited States savings bonds.increase from the fiscal year 1947
The annual interest charge of
to 1948 because of higher incomes.' about 5
billion dollars is: less than
on
ments
approved, will still require
jcommission to study the need for
year 1946; In
a}
do so help to
the lower ef¬ maintain a sound ecortoniia situa¬
Direct taxes
which will be needed
for such a program. The
program,
after it has been worked out and
.
on, these held by the bab'king' system/'
de-fIt is important that every citizen
1947 because of
fective individual income tax Pates
in the Revenue Act of
prime Contracts exceed 65 billion
stallations
on
;
-■
«<&»•.£
/3-V1
a
total, /about three-fourths, of a
billion dollars remained fo£ pay¬
national'defense,. This is
ment at the beginning of th.e, fiscal
; 3 39/717/
khiimpbrfant step; in the search
year 1947.
Most of this has now
3^1,987. for
economy jand efficiency..in or¬ kmbunt has been included in the jeen paid in final
settlements or
ganization and administration' of
Buhget to cover the cost of fnduc- :.n advances pending settlement.
the ^ armed/services,:
■Applications fot tCrminal-leaVe"
*1,130 i 'I
recently Appoinied on advisory iiqh jhachine^. whenever provi- payments to enlisted military per¬
'
43,038
universal training program. We'
dispatch. For all agencies, total
still have available from the war
commitments canceled on 318,000
much of the equipment and in¬
the
that
ment. of
/;'41,585//
rj lfm
from; the fiscal
to
.
7
r,
old-age and sucfund-,,
7,.^;
-'
Individuals
'-
*
3
Budget receipts
Proposed ^Continuation of war excise "rates
k (not
included in Budget
receipts) _J__**
crease
/.:;3.
most
eliminating as much duplica¬
6,ll8 tion and
overlapping in activities
2,694
517 ks; is possible; under, present con¬
ditions, In my.. State of the Union
2,620' Message I have
again urged es¬
379:
tablishment of a single depart¬
8,270.
j
' 3"~
*7,283
/1,955
3,480
-
-**„**_I3_..II~I.
receipts
net appropriation
vivors
.
-O'
-
•»/• Present law
*
•1,714
$19,120
9,227
4
■;:435 ;• /'7
receipts! -
1948
$18,637'3-
.
.
*
::
-
7
.
6,696 3
Employment, taxes
Miscellaneous
:
.
12,906
.
Excise
5 S 1'947
Afctufti,ig40
individuals.;.*/.. 3
'
AA
on
on
requires
program'be operated with the ut¬
-fistimate-
*'"■
323
thorizations of 541 million dollars
will be necessary
1.948/
These
million
iri; the5 fiscal year
totals
dollars
Of
include 262
supplement£il
appropriations. /and ' 91, million#
dollars of/Contraet/kufhdrizations
under legislation shortly
to be
submitted, The new appropriations
needed in 1948
are
about 2 billion
dollars loWef than the. estimated
ekokhditures; which: include/pro-/
vision for payment of substantial,
amounts Of /Unliquidated Obliga¬
tions of prior years,
International
„
,,k
.
.
,
-
/ The
budget for our international;
progrkm is designed to contribute
t6 a peaceful world/and; a staple
We have definite,,
responsibilities to our wartjime -aland, m toccupied countries.^niilafly^wk rnust keqp;aliv^ the
knowledge of
military xkk ills Our; international - lending pro- :
among ouf citizens. To provide gram is an essential part; of pur;
fpr an orderly expansion of citi¬ efforts to achieve a world; econ¬
.
world economy.
.
lies
<,
jtlons^^Vheii •significant,:arbdis^ 4 Despite;
; fe^ctioh'?,; ouk I).;The;
ekimkted-^xpehd
cussed Ain/ connection
with the defense-; establishmentwill-jhot 6.7 billion dollars' for
the' War
warious Budget Programs^ i!
have fallep to its ultimate
zen-reserve organizations, expen¬
omy In dbich privatey/tradej wiH
peace¬ Department in the fiscal year 1948
J;
time level by the end of the fiscal
ditures bf 308 million dollars are flourish.
inpRfdep 132^ millte dollars ^^ fof
•| ii' '■ J^atlo'naljDefense />' ' /Z;
.yiea^^i 940;; ;We;stilt 'hawsZlarge public works under supplemental f>roj^^ected/1948^about " twp^ -The" period when lArge*5cale
Expenditures for "^National de* f esporisibiiifies arising mi% of the
legislation.The "Navy' expendi¬ thirds .more than the outlays in general relief is required fot our
nse". remain ;by far the
f^nse
largest wan Military occupation, in -Eu¬ tures of-4.4; billion1 dollars also the current fiscal year when, these allies is, almost over.: With the
category in the Budget.; The cost rope and the Far East must'con¬ include 77
million dollars for ship
programs are, getting under way. termination of the United Nations
of; maintaining the military;
air, tinue. The lines of communication construction: and' public" works The reserve organizations of the Relief and Rehabilitation: Admin¬
and naval forces
necessary in the and supporting, instaitations;for Under
supplemental legislation* In Army will still*be below planned istration/there will remain, how¬
fiscal year 1948 will be high,! The
v3 ! ever; the urgent question of* refu¬
the^ o^upatiomj-ieree^;'^
bOth'instarTces -tiie 'objective; la 'to strength at the end of 1948.
-
f
present defense establishment
quires
re¬
larger; forces, more com¬
plex mechanized etjuiprheht, more
maintained,;
trained
'
z' R^ruit$ :7niust:3
•?i".'f /
return to the peacetime procedure
;as;repiacem,ents.3sV?K,r.4.,^Ji..1 of; obtaining specific legislative
VmW»4i«.b
The high; cost of3our defens^kuthbrity for •. these programs*
s
r
Affairs and Finance
the : ■terminated
Army and Navy contracts has al¬
ready been settled, with creditable
3 The ;.bulkc
of
gees and displaced persons. I urge
the Congress to provide adequate
(Continued on page 324) /
:
FINANCIAL CHRONICLE
.THE COMMERCIAL &
324t;'V'
a modest sum.
Our contribution the the Interna¬
izations;^thisis
President Truman Submits $37.5
Billion
tional
funds for additional relief are in¬
iudget
(Continued from page 323)
.
V
cluded under proposed legislation.
Expenditures by. the State De¬
are expected to increase
in the fiscal year .1948.
It is of
utmost importance that the De¬
partment be equipped with suffi¬
cient funds and an adequate staff
support i for the International Ref-
which I am making provision in
Organization, now in process this Budget; In addition, I rec*
being formed! under the; United ommend that the Congress au¬
ugee
of
Nationsic lt is also necessary that
we provide a modest relief pro¬
for;
gram
few
a
still-in
are
desperate
that
recommend :
straits.
I
ization
the
these
small
(Fiscal years.
/vf
and
Subscriptions
1946
Internat'l
to
Appropriations,
1948
:Q
1948
.
Fund
$159
"•
tion iloans to United Kingdom-^
Export-Import Bank loans___;.___
to* China-
$1,426
1,500
■
Reconstruction Finance" Corpora-
S.
1947
stabilization:
and Bank
U.
expenditures to' carry on the im¬
proved Foreign Service program
authorized1 under the Foreign Ser¬
vice Act of 1946. The Budget esti¬
mate
for
the
Foreign
Service
buildings fund provides; for the
purchase of real. property ob¬
tained by the Office of the For¬
eign Liquidation Commissioner, iii
lend-lease and surplus property
settlement agreements with other
nations. Payment for .these prop¬
erties by the State' Department
increases miscellaneous receipts of
the
^
,
;:*-39
Company______,
rcitef:
•
,
United Nations, Relief -and Reha;;.
bflitatibn Administration':
730
the Treasury, by a
amount.
'
1
-
_
—118
20
743
V
—40'
1,025
-
120
Commercial
$1,200
—39
t 464
-
1,515
In
peace.
,
their
for
international
to
1948 there will be an increase of
AND FINANCE
In millions)'
Treasury loan to United Kingdom
Aid
included
needed
-Expenditures-Estimate
Actual,
Agency Concerned—
or
Reconstruction
vv
have
tion
support.
INTERNATIONAL AFFAIRS
Program
and
amounts
make its maximum contribu¬
to
Health Organization and the pro¬
posed International Trade Organ¬
which
Congress
legfslation to au¬
expenditures
for
speedily enact
thorize
countries
thorize participation in the World
Foreign
corresponding
\
-
v
War
Dept.
(occupied
countries)
645
556
—
Other
$725
4
-
>
3
105
137
144
15
18
18
81
•"
»_
__.
28
2
Philippine-aid program
.u
Membership in internat'l organizations
Foreign -rfeiations:
BtSte Department ■
Appropriations—Appropriations
for the fiscal year 1948 total 1,169
million dollars, mainly for the ad¬
305
140
173
20
12
15
______
ministrations and
proposed; legislation
____
116
■
$1,464
countries and for various
Department programs.
for loans by the ExportImport Bank in the fiscal year
Funds
9
326
76
1948
$3,510
$6,394
will
$1,169
current
From—
ibU
*
'
/.
be
obtained
will
,
Purchase of capital stock in. Exporf-import Bank
Philippine-aid program
674
_______
H
>•
be
made under
,'
v
Othe?-'-^^w-r--——r—v—^
Corporation
Issuance
325
28
Reconstruction
1,025
(Fiscal years.
Bank
!■.
tion loan to
loans-——. :>■
Finance
>
V;;
—674
—325
404
1,025
;>'<
•
Program
Mediation and regulation:
'Labor Department-
730
Philippines
the
of
—19
dealing with; the
with labormanagement disputes provide for
the encouragement of collective
bargaining, administration of laws
and
regulations to protect the
working force, assistance to States
promoting employment oppor¬
gathering
tunities, ■ and
$3,510
putes be amplified and strength¬
ened. I have included administra¬
tive funds for this purpose under
proposed legislation.
I recommend also
.
dine ih tbtal expenditures in the
fiscal year 1948 is due chiefly to
....
that the
Con¬
authorize grants to States
through the Department of Labor
gress
fostering safe Work¬
for prdgrams
ing conditions. The toll resulting
industrial hazards reduces
from
productive capacity of the la¬
should
be administered by State Depart¬
ments
of Labor
under Federal
standards. Funds for this purpose
have likewise been included un¬
the
bor force. The new program
proposed legislation.
der
Appropriations,
Estimate
1947
$9
8
3
4
90
78
self-supporting.
Moreover,
shipments of food and other sup-
71
the fact$hat ir\ 1947 we shall
com-; plies ar6 required to maintain the
piete oUr- payment to the Inter- } working efficiency of the popular
national Monetary Fund arid our • tions and to stimulate production.
basic cash: subscription to the In¬ Resulting
increases ' in
exports
ternational Bank for Reconstruc¬ from these areas will furnish a
tion a^fTteyelopment.; Further growing source of funds to pay
liabilities3 !to
the
International for necessary imports and thus
4
78
3
3
3
12
14
14
3
and
statistics
administration
3
N
and
_____
legislation
Proposed
8
#"" ?
1
information
general
and
1948
1948
5
Labor
Total
^
General Government
*Tlhe principal
other| <^?untnes in making good
The .recent agreement for economic unification of the British
any
and
settling
.
Bank
called
our
s
Wil^ arise only if
we are help; eliminate the heed- for fi•tlpoh, within the limits of ' nancial assistance,
total subscription, to join with
|
defaults by borrowers from
the Bank.c»
United States
zones
in
Ger-
will/ increase exports from
Moredhan half of our expendi- those zones and help to make them
lures in the international field in -self-sufficient by 'the end of the
the fiscal year 1948 will be loans calendar year 1949. All costs in¬
fer reconstruction or trade expan-1 curred for the support of the Gersion.
Disbursements will
be
pre-J" man economy are to be repaid out
dominantly under existing com-j of; future
German exports as
mitments. By the end of the f is-- quickly as recovery permits,
cat year 1948 we shall have dis-iAn important contribution to
charged about three-fourths of I the economic revival of the oc-
such
cases
itself a
Apart
is in
cases
of labor disturbance.
cause
many
<ofunresolved
"General
in
tures
which
tions
the; backlog ;pf unsettled cial programs necessitated by the
the number of cases brought War, such as disposal of surplus
before the Board for settlement property, which do not logically
has increased. The program sub¬ belong in any other category.
mitted in this Budget is designed
Expenditures for these func¬
to reduce the • backlog and keep tions in the fiscal year 1948 are
the Board more nearly current in expected to decline only moder¬
handling cases. This should di¬ ately from the comparable total
minish the incidence Of strike ac¬ for 1947, because they will still
from;
include
war
liquidation.
International Bank is now ready
for business, new authorizations
for reconstruction loans < by the
Export-Import Bank are being
sharply ^curtailed. In the future,)
the, Export-Import Bank will be
primarily Concerned with loans to
Commercial Company in temporarily financing exports
from
these areas; Net dollar proceeds
are currently being used primarily
to purchase raw materials and
equipment needed for a further
expansion of exports in order to
of
will
account for
finance. United; States
hasten the
our
loan
Since the
trade
and
small
developmental
loans
in
which we have a special interest.
pied
when
the
the . end;; of
,year.
J948
Estimated
current
fiscal
expenditures
are;entirely • to wind
programii
;
the
up
b
in
the
*
Duringothe fiscal
year
tal includes
nance
a
Reconstruction Fi-
Corporation loan of 75 mil-
lion dollars for aid in financing
current Budget of the Republie.
7
^
War Department Will incur ex-{
Estimated expenditures 6f 18
penditure* for administration and million dollars for our memberrelief in Germany, Japan, Korea,1 ship in international
organizations
and the Rvukyus and for adminis- consist primarily of our share of
of
several
the
these
for
ditures
offices
for
the
fiscal year 1947 are estimated at
90 million dollars. This includes
the increased cost of State opera¬
tion and 11 million dollars of non¬
recurring terminal-leave
Federal
turn
of
to the
the
employees
the
pay
for
the
re¬
upon
employment service
Sfate$.
It is my hope that
;public; eirtploymeht
service
will maintain the high
standard of operations and tha ef¬
ficient
procedures
which have
proved essential for facilitating
system
the
flow
workers
of
to
areas
facilitate
to
collective
bargaining and meet the more im,portant needs of labor, business,
Government, and the general pub¬
lic for current data concerning
employment,
wages,
prices,
and
For -1948,
I
recommend appropriations of 118
million
dollars,
including
the
amount for proposed legislation.
these
lands
are
we
have
en-
trusted to the international organ¬
foreign
borrowers.
These
pro¬
grams represent, in the main; cap¬
ital items recoverable over a pe--
riod of years.
As long as high
levels of business activity con¬
tinue, disbursements in all other
areas
will be held to low
third
substantial amount for
a
all
of
the
activities
Such
more
than
one-
expenditures in
this category.
Expenditures—The
of
work
load
Treasury Department re¬
mains at a high level. For exam¬
the
the
in
ple,
Revenue
years
Bureau
of
penditures
million
corporation
from
ac¬
to
829
will
alone
counts
amount
with
compared
dollars,
receipts of 175 million (dollars
in 1947. But if we take into ac¬
net
count
reduced payments by the
Treasury to the corporations and
increased
repayment of capital
funds to the Treasury by the cprporations, net withdrawals from
the, Treasury for these programs
almost
unchanged,
shift in the
methods of financing them. This
is explained in detail in the sum¬
mary narrative for part III.
At present certain wholly owned
Government
corporations
have
authority
to
issue
obligations
whose
principal
and
interest
are
guaranteed
by
the Fed-,
eral
Governments
During
the
war
the Treasury, because of its
tremendous
public debt opera-,
tions, requested the corporations
to obtain their funds directly from
it rather than issue obligations on
market. I now recommend
the
that the authority of Government
corporations to issue guaranteed
obligations to the public be re¬
pealed and that such agencies be
will
remain
despite
.
sharp
the
to
their funds
obtain
Internal
tax returns for previous
remain to be audited, pend¬
ing excess-profits-tax cases must
be investigated and settled, spe¬
cial efforts are continuing to re¬
corporations at an interest rate of
1%. This low rate was based in
part on the general level of in¬
terest rates in the market and in
part on the fact that a large pro¬
portion of corporation activities—
like subsidies and preclusive buy¬
ing—was non-income-producing.
From
now
on
most corporation
will be > revenue-pro-.
ducing. Accordingly, I recommend
that corporations be required to
reimburse the Treasury for ttte
full cost to it of money advanced
to the corporations. Interest paid
programs
borrowings from the Treasury
current
average rate on outstanding mar-,
ketable obligations of the United
on
should be based upon the
States—now
dends
should
about
be
1.8%.
paid
on
Divi¬
capital
stock, if earned.
While these
changes in the amount of intragovernmental transactons will not
affect the Budget deficit or sur¬
plus, they will cause the corpora¬
tions*
records
to
reflect, more
nearly the true costs of their op¬
erations.
IT recommend that the stalutory
authority of the Reconstruction
Fipance Corporation be extended
beyond
the present expiration
evasion, and the number date of June 30,1947. Such exten¬
of tax returns to be reviewed is sion is assumed in the expendi-:
increasing as war veterans revert ture estimates in this Budget. The
to civilian status.
Further," with neW: charter to be submitted will
the resumption of foreign trade provide
for the repeal*"" bf^ hit
and passenger travel and the des¬ powers not required for peace¬
ignation of new airfields in the time activities. It will also pro*
United States and Alaska as ports vide for a reduction of 2.5 billion
of entry
the staff requirements dollars in the Corporation's bor¬
duce tax
of
the
Bureau
of
Customs "aire
rowing authority.
With the,
re¬
thority should prove adequate. *
'•
I have already recommended
general - retirement sys¬
be larger id the fiscal extension:of the authority of the*
year 1948 than in the current year. U. S. Commercial Company; and
About half of the increase reflects reduction in : the borrowing au¬
statistics
the like.
ministratidh,' if
farm
for
disbursements
ditures for labor information and
tinue
rest, apd 'to provide proper ad-J of the immense tasks
outlays
and
above, the level of 1946.
!
The Government payment
tration in Austria.
We must con-J the administrative budgets of the
f6u provide subsistence to United Nations and its, affiliated
prevent; disease, hunger, and un-' specialized organizations.. In view
of
Where they are needed.,
I propose also increased expen¬
.1 the
1948, the
facilities
States, is still financed in full by
the Federal Government. Expen¬
will become fully self' supporting. To aid in this proOutlays by the Export-Import gram, I urge that the Congress
Bank in the fiscal years 1946 and authorize the U. S. .Commercial
J947 have been financed to a con- ' Company to continue
operations
at
the
office
areas
.
service
although now composed
coordinated employmertt
system,
of
occu-
siderable extent by the sale of, beyond June 30, 1947, the present
capital. stock
to ^ the
Treasury. ; expiration date.
Since, the Treasury subscription is
Aid for the Philippine Repubnow complete, future net outlays
licr includes assistance in rebuildwifl be > financed entirely by sale; ing its economy, payments to fulof no'esctoi .the Treasury. •
t fill our pledge to compensate parThe existing appropriation for tially for war damage, and mainUnited Nations Relief and Reha- tenance of training programs for
bilitationii Administration expires Philippine citizens. The 1947 to-
cases.
The public employment
,
time
than
(4). a few spe¬
cases,
tion by labor organizations which
is encouraged by tardy; handling
commitments under
to more
relate
function; and
one
cupied areas is being made by
Federal agencies such as the U. S.
our
agreement with-Britain.
ma¬
Export-Import Bank loans to!
authorized
types of expendi¬
government"
awaiting action owing to the in¬ are for (1) legislative and judicial
creased incidence of representa¬
activities, and executive manage¬
tion cases hridrttiiair labor prac¬ ment and control; (2) the Govern¬
tice cases and to the rediiced ap¬ ment
payment toward civilian em¬
propriations
available
for
the ployees'
retirement;
(3)
other
Board's work this year. Delay in services
covered
by appropria¬
mulation
few
solely by borrowing from the Sec¬
retary of the Treasury. % .,
,..A
During the war, the Treasury
has been advancing
$118
$118
$124
$104
Expenditures—The National Labor Relationi Board has; art accu¬
a
purchase
f
In millions)
6
Other
de#. eventually to become democratic
sharp
collective
facilitating
for
Labor
bargaining and expediting the set¬
tlement of labor-management dis¬
4
offices
on
major
;
$14
employment
areas—chiefly
In my message on the State
$11
Public
$1,169
1948 will be focused in
of levels and will be partly, orwholly;
the Union, I have asked that the offset by receipts."
'; In the fiscal year 1948 net ex¬
machinery in the Department of
1
Other
—40
$6,394
of basic
labor information,
war¬
veterans' housing mortgages, loans
to
finance rural electrification,
commodities
in
of
net expenditures
Of corporations in the fiscal year
programs,
price-support
1
Training and placement:
$1,464
.
Federal
Corporations
termination
welfare of labor and
National Labor Relations Board.,
75
—157
time
the
Government for
1946
Agency Concerned-
or
With
jor
Labor
facilities
The
Actual,
Corpora¬
—
Expenditures—The
■
/
.
-Expenditures
Export-Import
Fxportrlmport Bank
r
anticipated supplemental for
the State Department and 76 mil¬
lion dollars for proposed legisla¬
144
2,683
5,283
of
tion.
Government
dollars
million
LABOR
137
30
1,129
11
includes
total
accounts:'.
of
capital ; stock
Other
Kingdom
existing
the
*
r
its
under
borrowing authority.
Advances to the United
'
;Oener(^, ,and special accounts:
occu¬
State
197
"
.
of
pied
^
___—
relief
The appropriations
authorization.
partment
•:
•
Organization and
Refugee
Thursday, Jahuary 16,1947
•
"
,
:
Appropriations
,
-
—
.
•
l
ward
the;
Federal
civilian
to¬
ceipts anticipated from liquidation
of war activities the reduced au¬
em¬
ployees'
tem will
thority of the Federal Farm Mort¬
effect'July 1, 1946, and was gage Corporation.
In this Budget, I am also recom¬
covered in the appropriation
1947.
The remainder- of the mending return :of capital to the;
the advance in salary rates which
took
not
for
applies against previous Treasury by certain mixed-owner-;
Federal
of the Government to ship corporations. uThe
land banks will complete retire-'
the retirement system.
/
increase
liabilities
{Volume 165
Number 4560
THE COMMERCIAL & FINANCIAL CHRONICLE
ment of Government-owned capi¬
tal stock during the fiscal year
1947.
In the
fiscal
1948; after these repayments, the Prencinradio, and the U. S. Spruce porations, studies are under way
Corporation will' still have capital Production Corporation.
in accordance with the provisions
surplus and reserves of about 1.
This Budget recommends the of section 107 of the Government
billion dollars—the objective set liquidation of five other State- Corporation Control
Act, regard¬
several years ago.
chartered;
corporations:
Inter- ing those corporations whose fis¬
The Board of Governors has American Educational Foundation, cal affairs could be handled more
made a further recommendation, The 1 RFC
Mortgage
Company, appropriately in the same manner
in which I also concur, that the Rubber Development
Corporation, as those of regular Federal agen¬
Congress repeal the existing, Tennesee Valley Associated Coop- cies. These and future studies will
largely dormant, authority of the erative$, and the "V^arrior River be useful, not only, in developing
Federal Reserve banks to make Terminal Company. The residual recommendations
concerning spe¬
direct loans to industry, releasing functions of the-Rubber Develop¬ cific corporations, but qlso in es^
to the Treasury the funds reserved ment
Corporation and the pro¬ tablishirig a consistent pattern frir
for this purpose. The gold incre¬ gram of the RFC
Mortgage Com¬ use of Government corporations.
ment fund now includes 112 mil¬ pany will be assumed
While the general role of the
by their
lion dollars reserved for such parent corporation,: the Recon¬ Government corporation has been
loans,; and an added 28 million struction
Finance
Corporation, accepted in the laws of this coun¬
dollars has been advanced to the The Warrior River Terminal
Corn- try for more than 30 years, the
Federal v Reserve
banks.
These Company will be absorbed by the standards for use of this instru¬
sums will be transferred to mis¬
Inland Waterways Corporation, of ment are not fully developed and
cellaneous receipts,
which it is now a subsidiary.
will be subject to many refine¬
nThese transfers from the Fed¬
Experience indicates that
This Budget also recommends ments.
1948, it
year
appears that thejr can, repay; the
outstanding paid-in surplus of 37
million
dollars.
These
transac¬
tions will return the land - banks
to the status of cooperative insti¬
tutions owned by the farmers
they
In
serve.
addition, I recommend
home
loan banks.
The Corporation Supplement to
the 1947 Budget indicated that the
Federal Deposit Insurance Corpo¬
ration/ could soon begin to retire
its capital stock.
The continuing
rapid growth in the Corporation's
resources
strong
banks
the
and
position
make
now
propose
exceptionally
the
of
it
insured
possible to
substantial
a
of
amount
capital - redemption in the fiscal
year 1948. Accordingly; I recom¬
mend that the Congress Authorize
the Corporation to' repay all of the
139 million dollars of
capital fur¬
nished by the Federal Reserve
System. Since the Reserve banks
Board of Governors of the Federal
Reserve System has proposed that
the Congress at the same time
authorize
the
to
the
lars.
I
also recommend that, the
Congress authorize the Corpora¬
tion to repay 100 million dollars
•of the: 150
million dollars fur¬
nished by the Treasury Depart¬
ment.
\
-
,
By the close of the fiscal yedf
Based
fiscal
1946,
year
"Description—
§; "BUDGET
taxes
Actual, 1946
Exc^e taxes
on
Estimate, 1947
Estimate, 1948
$19,008,026,332 $18,637,000,000 $19,120,000,000
corporations—....—i
.ui—. J
12,905,687,938
9,226,980,000
8,269,990,000
6,695,859,906
t7.283,020,000
16,118,010,000
1,713,671,530
1,955,300,000
2,693,700,000
—
Employment taxes
....
•Customs
435,475,072
J4iscellatifeou!< -
Existing legislation
' v - '
3;
*
i
>
49.5,700,000
•
*V
■''
517,300,000
»
i.'i'. 'X
3,479,869,559
...
legislation
tax-reducing
bill soon after thee*;/;,
House convened for its first meet-"/
ing of the 80th Congress.
Thisi v
piece of legislation* insteadK>6f«i;
making
a flat 20% cut on all iki—
dividual income tax brackets,"he-
cording to Washington Associat^clv*
Press advices of Jan. 3,
prop6ses:d"i21. A 20% cut
000
Canal
in
the
43
years
some
3,986,626,787
functions obviously-must be con¬
tinued, a careful reexamination
and reappraisal of the respective
roles of the Company and The
Panama Canal
insurance trust fund—
1,200,791,529
receipts..
.
General and special
National
a;
are
or
and
International affairs
asocial
welfare,
1,354,700,000
benefits—4,414,433,474
required.,'-As
Contributions to the support of new interna-
and
Agriculture
general
and
525,566,578
225,400,508
71,493,844
88,069,598
agricultural
resources
Finance,
resources..
1,034,783,240
1,532,473,122
275,313,559
727,275,809
p.nd
communication....
366,437,611
935,588,293
tions by $3,506,000,000/rThis
w^^^J
be in addition to an anticipaiedfr
loss of
175,886,084
112,326,889
124,004,518
117,517.596
988,925,286
1,482,779,087
1,426,534,322
industry
General
government
Interest
cn
Nefunds
of
the public debt
a.
4,747,492,077
4,950,000,000
3,119,396,585
2,154,647,147
2,064,803,500
-Reserve for contingencies
10,000,000
Adjust, to daily Treas. statement basis..
•
•.
Uti
Cial
Mr, Knutson told
Social
(net):
with U.
S.
Treas.
National, defense
"53,441,000
International affairs
and
finance.——
*367,282,839
welfare, health, and security...*.
^Social
8,766
Housing and community facilities
Agriculture
and
agricultural
' ,tNet
v;.:*
*18,445,891
*30,555,000
*93,260,000
kl
wholly
*16,588,116
owned
agencies
«'»\P' \
P?-I'lju?X\
;;
Vy-1'*i '*'•
Total
S
:
*■
1
^!V
*$175,152,000
.-cWtf-T
'
"r-»f' ll-'
•
■'
tures
-
1
"
i
...
.Budget expend,
—__
*Excess of .credits, deduct.
.:
receipts
over
•
"
■
■
..........
.20,676;170,609
/ " / ISaJes -and
•agencies
are
"redemptions
^svill. take
h
of -obligations
6
of
;
Government
;
are^iN^;:
pay-as-ybu-g<^jh^s^ ^/*;
percentage ^eduction iht ta^^ah-^r-
pears';to
be the most
method to apply relief tor
months
after
corporations
and
:
credit
^
;i9477jpr
effective,/J[an2:L;/;
qomes,
"Since
such
methop4 cariJ^ r^^
a
put into effect almost immc^ir
ately, it will mean quick relief.^ r i:
millions of workera
;
•
:
by/incre^ip^ )(
pay withoui^de-f,^:
2
'
isjoi
,
i "It is hoped and expected' 'that'1"
H. R. 1
(the tax bill) will give th^
v
greatest possible incentive to
investment Of capital in
new
up
for
aVenues
einploy'merit
Commodity
30, 1947.
Credit
Corporation:
-
ven^!
r'new «
as
Drive
.
Extension beyond June
W
beyond June
1
Reduction of borrowing
Budget touch their everyday lives,
I consider it my duty to give them
Budget Program ; with as much
clarity as its complexities permit.
All citizens; have an interest; ih
the Budget. - Both sidesc of the
full
on
what
their
Government proposes to do.
HARRY S. TRUMAN.
*
January 3, 1947.
"raw^
4 UiBht
*
for
on
.r-:,
JSOV
.
.
.
Universal Training
would be required to take
year's ;
Jari.-ft *
by Representative Overton Broolc^ j
(D.-La,), who sponsored a similar4
a
was introduced on
'
bill last year,- according to Wa$h^;
ington: Associated Press aid vices. ^
Provision is. made under the bill
/
;
ation from high school, whichever
^
f
later, wich training to eom-fi
any event before
youth reaches the age of 20.
'
A"
24-page booklht^^ publishe<l/by thq
%
War Department on Dec. 29
madef^
a direct
appeal to Congress'*fori*
of
universal
that the
increases
military' f;
-
the grounds-V;
atomic bomb
"grealiy^
the
need
for trairied^^
on
men." Warning that an unarmed-America would be the "worldfs irichest prize" the booklet urged
that the program be started im--;"
'■
present limit on loans to States of local public authorities
for construction purposes.
.
;
*
information
for
^sg;G
;
training legislation
Extension
4
markets
m
enactment
:
.
In this Message every effort has
been made to present the Federal
place an July l, 1947.
shown under trust accounts. 2
^
..
!
tA^symes .that the- reduction (n tax rates which becomes effective
the termination, of .hostilities
202,448,778
2,293,020,801
_
/
Reconstruction Finance Corporation: Extension beyond June
30,1947; Reduction of borrowing authority; Increase in the
-
:
■
47,610,700
Authority:
^
•1
'
Budget expenditures..——.... $63,713,969,417
$42,522,947,588 $37,527,917,167
overcxpendi- '
V
...—..
of
^
.
commodities,
Federal Farm Mortgage Corporation:
authority. :
1 -
$329,352,000
-
Excess of Budget receipts
Excess
4!ew
f;30, 1947;^.:;5m^/;,
:
-
■
a
United States Commercial Company:
./'.■■■
*$1,304,658,574
,r
on
III. Proposed Extensions of Corporation
313 696 000
;.//:':t,;'**///'
x.-ry :
*.
*2,600,000
„
^
mence. in
-
1,900,000
V
im!
.
was
and a few other minimum controls..
j 62,140,000-65,621,000
Government corporations & credit
138,000
rent
allocation controls
<-222,215,000
1,000,000
*42,815,000
—.
.expenditures,
313,654,000
<'465,629,000
:
.'-rf
•
-> ■
Av,■
"Because of the necessity of re-
to make every boy eligible upon •
his 18th birthday or upon gradu-/v;
control, price control on
sugar and sirups, and rice, sugar rationing,e
export arid import controls; priority arid
690,223,000
18,492,000
*185,354,000
and industry.——
General government
10,250,000
welfare, health, and security:
Extension of
^
.i...*...,
<■283,287,559
Transportation and communication.^—
commerce,
<■330,927,000
756,232.000
/.„.,.J»337,452,935
resources..
Natural resources not primarily
agricult.
Finance,
1,295,000
Finance, commerce, and industry:
I
■"423,572,000
%
training,
Continued benefits for United States civil¬
ians injured by enemy action..
credit
agencies
1,300,000
Interim universal training operation
$65,018,627,991 $42,698,099,588 $36,698,565,167
Government corporations &
advices*?r
same
stated:
Universal military training
islation, under which every .-hoy ^
National defense:
spe-
tChecking accounts of wholly owned
'
/
newsmen^S^iv
garding his bill, the
as
expanded
materials."*
—
—
and
accounts
'Tuxuryf^v>
'
July 1.
their takerhpme
lay. •
II. Proposed Extensions of Existing Legislation:
f
Total expenditures, general
wartime
of
On at /current
'' ^ '' T'wvi
14,000,000
Strengthened machinery for facilitating the
settlement of industrial disputes._
25,000,000
+996,745,649
!'
Grants to the States for programs fostering
safe working conditions
5,000,000,000
^
receipts
$i;500,000,000 if aiit6mati«S(H
reductions
taxes occur on
Labor:
1,532,911,801
215,566,939
and
commerce,
labor
^
passed, would cut 1947 tax collec-
fact that individual taxes
$75,718,000
250,000,000
—
1,098,921,243
not
"
was' reported that Congres¬
tax authorities had esti-{0.f
mated that Mr. Knutsoh's bill, if
Long-range housing program
Transportation and communication:
Upward revision in postal rates to meet the
Post Office Dept's operating deficit
—352,000,000
Office Department's operating deficit
—352,000,000
Finance, commerce, and industry:
Census of business
10,150,000
Census of mineral industries
218,000
1,602,949,215
primarily agricult.
104,436,080
Natural
Transportation
Housing and community facilities: y
1,654,114,593
research...
";;i
vising withholding tables, and thfei01 :
Social welfare, health, and security:
;
Increase in public assistance benefits..!.^— r3' 73,500,000
•fAntibiotics control ______242,000
2,820,129,298
1,569,846,599
taxpayers'UOverc:65>'
It
~
tional organizations
Relief program for foreign countries.
7,342,771,835
87,939,522
Housing and community facilities
Education
7,601,388,963
5,637,691,909
157,799,827
security
to
sional
V'
$
Rephbli^/
emption of $500,/making-h/rtntaLfe"
exemption of $1,000.
c '-:,a *****
Proposed Legislation
n
\
form, th6
years bld;/^^giving each^^ persori/
that age group an additibnai
International affairs and finance:
1,987,100,000
1,112,697,825
finance..1,830,726,458
and
$300,00%^
,V
bill also would grant qri addedl
advantage
i'L Proposed New Legislation:
accounts:
and
health
,
above
,
In its final
can
effectively if they had some
all of the attributes of corpora¬
tions.
year.
,
$45,065,933,859 $15,149,457,635 $11,587,114,769
services
income
gross
that
programs
Estimated Ex-
$43,037,798,808 $40,229,926,787 $37,730,365,945
defense
Veterans'
ih the United $tates;had / '
persons
studies are completed, my
The new legislation and the ex¬
recommendations will be trans¬ tension i
of;
existing legislation,
mitted to the Congress.
proposed
in this Message,, for
In addition to examination of which
funds are required in the
the
fiscal ^9x^48 .are. as^jEqttows; v
§ BUDGET EXPENDITURES—
fV"!
Bureau
for 1943-;-the last year
dVaii^. f
abler-showed that: just over,<60^ r
soon as
t.
Burget
Revenue
ures
more
378,599,557
receipts, gen. & spec, accounts $44,238,590,337
$41,584,626,787 $39,717,465,945
Deduct net appropriation to Fed.
old-age
Net
<
Internal
2,619,866,388
...
Total
survivors
1
$300,000.
penditures, 1948
and
•
^
A
10.5% reduction of that
portion
of
income
exceeding".^.
to be converted into agencies, but
also that some existing agencies
administer their
.
the-first $300,-.
on
o£ income.
2.
•
.
rdceij^ts: ■
*
Ways and Means Committee, in^a
■[
troduced a modified version of
^
well indicate, not only that
existing corporations ought
may
since the Government purchased
this Company.
While its major might
1948)
special accounts:
individuals....,—
on
Direct taxes
Proposed
Panama
RECEIPTS—
General and
"Direct
1947, and
have become close¬
ly interwoven with those of The
existing and proposed leg'slation
on
(For the
Representative Harold Knutsoix
.
road Company
|:
W,
(R.-Minn.), looked upon as the
likely new Chairman of the House
eral Deposit Insurance Corpora¬
that three non-federally chartered the corporate form of organization
tion, the Reserve banks, and the
is peculiarly adapted to the ad¬
corporations be reincorporated by
gold increment ; fund will-add a ac t
ministration of governmental pro¬
o f
Congress:
Commodity
total of 379 million dollars in mis¬
Credit Corporation;Eixport-Im-. grams which* are. predominantly
cellaneous receipts in the fiscal
of a commercial character—those
port Bank of Washington; arid thb
year 1948.
Virgin Islands Company. The act which are revenue producing, are
The Government Corporation
at least potentially self-sustaining,
establishing the Commodity Credit
Control Act
and involve a large number, of
requires that
no Corporation as an
agency of the
wholly-owned Government cor¬ United States
transactions with
expires in June. It, business-type
the public.
poration not now possessing a
therefore, needs early considera¬
Federal charter shall continue af¬ tion.
;In their business operations such
»
r
.
I, "
*
ter June 30, 1948, unless reincor¬
programs require greater flexibil¬
i Recommendations on the Pan¬
porated before; that timer by act
ity ; than; the customary type of
ama
Railroad Company and the
of Congress. Of the 16 such cor¬
appropriation budget ordinarily
porations in operation when the Institute; of Inter-American Af¬ permits. As a rule the usefulness
fairs have necessarily been post¬
act was approved,
of a corporation lies in its ability
the following
poned. The Department of State
six are already in process of
ton deal with the public in the
liqui¬ is
reviewing the; program of the manner
dation: Defense Homes Corpora¬
employed by private bus¬
Institute and a recommendation
tion, Federal Surplus Commodi¬
iness for similar work. Necessary
ties Corporation, Inter-American regatdirig its future status will be controls are or can be provided
Navigation Corporation, Institute forthcoming soon.
under the Government Corpora¬
of Inter-American
Activities of the Panama Rail¬ tion Control Act. Further study
Transportation,
SUMMARY OF BUDGET RECEIPTS AND
EXPENDITURES
• .i
«
•;
by function
<
w
*
Tax-Gutting Measure
r
dol¬
payment
-
, V
'I
:
have already replaced these funds
from earnings in recent years, the
Treasury of the 139 million
Knulson Revises
.
further small retirement of the
a
capital stock of the Federal
32?"
mediately, advices from Washirig)A*2!
ton
to
the
New
Tribune" stated,
York«"Herald^:
'
Conceding that the cost
be "considerable," probably
5
^yiu
wo^idf.
;
abbpi
$1,000,000,000 a year, the War Dep
partment pointed: out that /qe^pr^/r.^ lj, /
theless the program is pot oply
:
the most practical, but'
ehea^^^r^;
in assuring future safety^
V
T«E COMMERCIAL &
326
Thursday, January. 16, 1947-
FINANCIAL CHRONICLE
on Monday,; Dec,as well as oii
Tuesday, :Jah. •I,'7.;
:
Here in New V"ork last week
Nov. Hardware Sales Show *36% very; SloW. Acflvity was / confined
from page -319)
to
limited trading in revalued reports Indicated that good order?
Cain—Sales of independent retail
material prices and freight rate preceding week and 34,450 cars
hardware stores in the i uLfted Texas wools ana to deliveries of were placed for medium, price and,
adyances on materials used by or 5.3 % above the coresponding
wools purchased ift/October; A better lines; V
States enjoyed an average
V o l u m e. in . thd
in¬
the -steel industry have forced all, week for 1946* Compared with
feature of the week Was the anV cheaper
lines, was reported beloVr;
crease of 36% in November, 1946,
£tqel companies to raise prices the similar period bf 1945/ an in¬
compared with the same month in notmcement of a further advanoe expectatiohsj; reflecting an ; esti¬
much farther and on a broader crease of 4,030 cars, or 0,'6%, is
1945 "Hardware Age" reports in pf from one to three cents per mated reduction of approximately
*>
scale than had been anticipated shown.
its every-other-Thursday market pound, clean basis, in CCC selling 15%.
V; .r-ni;?/)•#•
n .few months ago, "The Iron Age"
Paper and Paperboard Produc¬
? In durable good$f there Was .a
Summary. Hardware stores report¬ prices, effective as of Dec. 31.
notes.:; In, addition, a - substantial tion — Paper/production in the
Business in spot foreign wools
ing on cumulative sales -for the
sharp increase in orders for build¬
number, of new steel price ad¬ United States for the week ended
first 11 months of 1946 indicated continued quieb Foreign primary er's hardware, along with plumb¬
vances were made a few! weeks * Jan.
markets were also very quiet due
4, was 96.3%, of mill ca¬ that their
average volume increase
ing, heating and electrical sup¬
ago in addition to those already pacity, against 71.8 % in: the pre*
the
holiday period. Prices
Was 42% over the same petted the jto
plies. This was largely due to the
trended easier toward the close of
ceding week and 89.1% itt the like previous
posted a month ago.
year.
virtual abolition of CC priorities
'/Structural steel,
plates
and 1946
the year.
week,
according
to
the
4^;
by the Civilian ^Production Ad^
Wholesale
structural shapes have been raised American Paper & Pulp Associa¬
Food Price Index
Retail and Wholesale Trade
and i
The State of Trade
„
two; ,4n
the
Corresponding the, Boston wool market last week
and sales •bf/domestic wools were
Week nf 1946.'
.
■
.
$3
ton. Some wire had been ad¬
$5 a ton, while billets,
a
tion.
vanced
blooms
slabs—raw
and
material
honintegrated mills — have
been advanced $3 a ton. Tinplate
/which sold throughout 1946 at $5
ar base box of 100 lb,"despite per¬
Total
issued
last
month numbered 6,487,; according
Chicago but this was hot considered»to be a major market trend
other
least.;/. //. /.,;■■ C/
>.Whileit is still too far-4n ada reasonable pre£'
dictioh^^he^steel Industry is Still
WanCe to make
mindful of the fact that the coal
■situation
with its problems has
only;been postponed. Unless some
form of agreement is reached her
'tween the operators and the mine
workers before April 1, another
coal strike is likely. In view of
labor legislation, the' probability
yvard ih
the
week
were
flour;
^Wednesday
was wcib aVove that rived in the wholesale mar kets'the
Of-the corresponding, wbek a: yaat
past wcm: ;:ond kSv larger i number:
ago, states Dun & Bradstreet, Inc.,
in its summary of retail -trade. the peak for the oariy
Of' the
Quality conscious shoppers were season; •'
J ■ ,;?;/• .J ;
7
quick to reject merchandise they
/ According /to, /the. ^ Federal /Rey;
;fconsidete#inferiOri: k r.;
serve
Bank's index, department
bellies, cocoa, hogs and Sheep, f
TptalTetailtsaleS.bf ^
The index represents the sum total
store sales in New York City for
Were estimated to, be 17% /above
Of the price per pound of 31 foods
1947^;
the 1245 ■ level: and t represented jthe weeklyPeriod to /Jan,
in general use.
v
' ;
"«• 4,
increased^^42%
';
about 35
-
wheat, corn, rye, oats and butter.
The list of declines included hams;
.■
% Of the total :• consumer
Daily
Wholesale
■
rate
of further decreases in food costs
/ and .the general public reaction,
"The < Iron Age": concludes,• thes
*
/steeEIndustry and the coal mines5
major crisis.
////The American Iron and Steel
Jn^fitute announced on. Monday of'
this v.Week the operating, rate .-pf
steel companies having 94% of the
of
6,019
during
the
half of 1945, an increase of
Business
Commercial
ures
.may skin through the first quarter
a
responding OatOa year ago. a. rise
of 49.8%. Gommbdit^s mdvihgvhp-
•
time being at
without
figure
finance and Industry
Discuss Problems
-openhearth grades. Openhearth
prices were off 50c a ton at
year
week earlier. The current
compares with- $4.14 oh the cor¬
-
evidence of weakness beneath the
of this
charters
company
1
in
.
Commodity expenditures for? goods and ser¬ period last year. This compared.
With an increase of 77%. Xf«yised'
Price Index—The daily wholesale vices inr 1246; The .supply of food
to the latest compilation by Dun
the past week continued to' be figure) in the Receding Week.
comfi^dityjprice IhdeXf COihpiledJ
For the four Weeks .ended;
•
abuhdaht With ^bothV'-fresh'v'aiid
& BrOdstreet, Inc., covering '48 by Dun &
BiiadStri^
■
1947, sales tose /34%-and fpr the
States. This' was 2,312; or 21.4%, somewhat irregularly* hi the;jj^st Canned fruits plentiful. Adequate
year to date increased to 29%. >,
fewer than the 10,799 for'October, week. From 242.26 On Jan; 2, the quantities of meat- and -poultry
(In
but it exceeded the comparable
index figure rose to 244.53 on Jan. Were also available; Consumer re¬
sistance to the price of lard in¬
1945 figure of 7,120 by 1,367, or
4, and closed at 243.75 on Jan. 7.
19.2%. The November - count at This contrasted wtth^l62.35 bn ihe creased and further declines irt
liquor prices were reported,
8,487 was the smallest for any cbrresp<mdii%date ",a
All grain futures d Tsnla^'ed
i The consumer response to pro¬ To
Crevioas month^hfce Nbv^Jter,
1945.
strength
last
week,
aided by motions of sportswear was enthu¬ •/; Bankers. will hear' from in-r
.'4 Only nine of the 48 states re¬ firmer cash markets and reports siastic; Women's suits, cOats and
dustrial leaders about the re-.
ported a greater number of com¬ of severe wintry weather in grain- lingerie attracted much attention
quiremehts k of ,industry, for the
pany
formations in November producing areas which is expected and/main floor
instalment
financing
of w their
than in 'October; compafisoh with\ to result in slowing the movement quently
requb^ted.
Fur V sales
mCrphahdise,^ and/tnduStry/Wfll
November of last year showed in-' of grain from farms and increase Cvoked a mild response as further
hear fremVtoartl^ers sabout: 4their
creased Charterings in all except
demand for
grains ^ for feeding price reductions were announced
plans ior the Inrialhiont financings
eight states.
purposes. Farth'ef suppprt in many localities.; The demand
of consumer durable goods at at:
A' total of 122,924 stock com¬
stemmed from reports of larger for men's suits generally exceeded
National Consumer and
Instil-:
panies were incorporated in the than expected exports of wheat, the Selection Immediately avail*
ment
Credit
Conference, which:
48 states during^ the first eleven cqrn and flour ^during December able; Consumer interest In piece
will be held in St. Louis on Jan.
months of this year. Thisrepre-; and the probability of u cdhf®^ued, goods; remained Very: high aK
23,\24 and 25, under the auspiccw.
serited a ninthly average bf 11;* largo- export rhovement^;hitgraihs though tempered' by - cOnsideraV
of thei Consumers Credit Commit¬
175, as compared with a monthly during the latter half of the crop tions of price and quality.
tee of the American Bankers As¬
$13 a ton on plates; $8 bn
structurals; $6 .on bars; $3 on bar
shapes; ^5, on hot-rolled; strip;
$5.50 on hot-rolled ", shCets and
$4,50 on cold-rolled sheets.
%v Scrap ^prices this past' week
were generally firm despite some
or
businesses incorporated
est recorded so far this year.
tions
area
-ministrations '.*•
•;
Declines Slightly—Followiftg thC
^ \;kS''*'■*! j%/
'•£«
^"<yi '.^/Ky-'!•••••
'•/>■:
January promotions of many kinds
sharp drop recorded last^ week,
bivStrft goods attracted; crowds : of ; IA Ipwer trend was noted in food,
the wholesale food price
index,
frH
Consumers and sustained c retail ^ices during ; t^
ventories reported large on many
compiled by Dun & Bradstreet, Volume at
a Ictelv close tb that Of
items.
Inc., showed a further slight de¬
the preceding week. Total retail
cline to $6.20 on Jan. 7, from $6.21
Volume in the week ended last
a
year ago.
throughout the United States dur¬
ing the month of November fell
rather sharply Iselow the October
level. They were more numerous
than in^ thef Corresponding /1945
month but the rise was the small*
-
the
a
new
been///growing by leaps ; and
bounds^ have marked up quota¬
that
mills
November Business Incorpora iions Decline—The number of
price to ^5.50, has been marked
Up, for 1947 sales to $5.75 a base
box .of .100 lb. This represents a
$15, a ton increase oyer the going
price in 1946.
y* Some makers of low alloy high
tensile steels, the use of which has
in
not include
.
week
mission last March to advance the
either
does
newsprint exclusively.
Paperboard output for the cur¬
rent
week was 85%, compared
With 66% in the preceding week
and 75%
in the corresponding
/for
locations 4or
This
producing
Failures
and
second
85.7%.
Increase wi
industrial
fail¬
to 37 in the week end¬
rose
ing. Jan. 9, reports Dim & Bradstreet, Inc. This total compared
with 30 in the
previous week and
year.
While domestic demand for
Stocks of durable goods gener¬
sociation.
Carl M. Flora, Chair¬
slow, prices edged ally remained limited despite some man of the Committee and Viceslightly upward, aided by a heavy slight increases. The supply of President of the First Wisconsin
£
backlog of export orders. Mixed electrical appliances was reported National
Bank, Milwaukee, Wis.,
trends featured the livestock mar-; to be spotty, while smaller appli¬
states that the conference will be
kets. Hog prices averaged about ances such as irons, toasters and
held at the Hotel Jefferson.
$1.50 per hundredweight lower at mixers were more easily available
Business
executives who - will
the close, after fluctuating irreg¬ than the larger items such as re¬
flour remained
-
ularly through the Week. Cattle frigerators, ranges and washing
prices advanced around $1, recov¬ machines. The demand for dining-,
ering most of last week's decline, room and bedroom furniture was
pambs were ^omcwhat easier as Very high and- stocks increased
,
i
receipts rose materially over the fractionally.
Retail volume for the country
have exceeded those in the com-' previous week. The cash lard mar¬
ket developed a firm undertone, in the week ended last Wednesday
parable
week
of
the
previous
aided by a continuing broad ex¬ was estimated to be from 20 to
year. *
There were six times as
port demand. A marked increase 24% above that of the correspond¬
many
in cold storage stocks of lard was
concerns failing with liabilities of
ing week a year ago. Regional es¬
timates exceeded those of a year
$5,000 or more as there were with reported during December.
10
in
the
coresponding week of
concerns failing more
steel .capacity of the industry will" than thjree "and a half' timOs as
he/91,2% of capacity for- the week numerous as last year, this was
beginning Jan. 13, 1947, compared the sixteenth week that failures
1946.
:
with
one
89.7%
one
month
week ago,
ago
and
83.9%
79.5% one
year, ago. This represents an in¬
crease pf 1.5 points or 1.7% from
the
,
previous week.
•
'
rThe week's
operating rate is
equivalent to 1,607,300 tons of
steel ingots and castings and com¬
with 1,580,900 tons
pares
'ago, 1',478,600- ions
and 1,401,200 tons
*
-
Electric
^
son
one
week
month ago
one
one
year ago.
Production—The Edi¬
Electric Institute reports that
the output of
to
electricity decreased
4,573,807,000 kwh. in the week
losses
With
under that
amount.
These
,
Cotton prices
large failures numbered 32, show¬
ing a slight increase from the 26
reported last week and a sharp!
jump from the? eight in 1946's cor¬
wide range
responding week. Only five fail¬
ures occurred
involving liabilities
under $5,000 against four in the
previous week and two a year ago.
per
moved over a fairly
last week, but with the
turn of the new year values rose
moderately and; final quotations
showed net gains of around Vz cent
pound. Weakness in the early
part of the week largely
reflected
year-end liquidation for tax pur¬
poses.
Strengthening influences iii
ago
by the following percentages:
England 12 to 16, East 23 to
New
Jan.
4, 1947, from 4,442,443,000 kwh. in the preceding
week Output for the week ended
had the
,
increase of 13.7%. Local distribu¬
tion
of
electricity
amounted
to
194,200,000 kwh. compared with
177,200,000 kwh. for the corre¬
sponding week Of last year, an
increase -of 9.6%.
of
freight
for
the
week
ended
Jan.
4,
1947,
totaled 687,428 cars, the Associa¬
tion
of
nounced.
59,461
revenue
American
This
cars
was
this
week
Railroads
an
(or 9.5%)
an¬
increase of
above the
than
last
week,
con¬
struction and Wholesale "trade.
[ The Middle Atlantic States
•
-
ac¬
for ; twotimes; as many
Co.; Lee Moran, Executive Vice-:
President,
National Automobile
Dealers
Association;
John
L.;
Busey, President, General
Electric
Supply Corp., and President, Na¬
tional Electrical Wholesalers As¬
sociation; Ted V. Rodgers, Presi¬
Associa¬
dent American Trucking
tions,
Inc.;
Joseph
L.
General Credit Manager,
Wood,Johns-
,
Manville Corp.;
Manager,'; Beech Aircraft Corp.
The bank executives who will:
address; the Conference /include;
Carl A. Bimsbn, yice*FreSide<it,5
Valley National Bank- and Trust
£6*//Der Moines; ~ iowa>: Lehman:
Plummer, Vice-President,
Central
National Bank and Trust Co.; Des
Moines,
Iowa; Lewis F. vGordon^'
$ama/p^riOd'■ /pfv; last/Zye^r^This yice-President,-:vCi t in s and
a
year ago.; Only two industry and
trade groups had fewer failures
counted
fi. Railroad Freight Loadings—Car
loadings
reported
dent
J. Gordon Dakins,
27, Middle West 22 to 26, North¬
manager, Credit Management Di¬
west 18 to 22, South
19 to 23,
vision, National Retail Dry Goods
Southwest 17 to 21 and Pacific
Association; Roscoe Jt; Itau, Exec^^
Coast 20 to 24.
i
utive Vice-President and Secre¬
r The
arrival of many buyers in
tary,
National Retail, Furniture
wholesale markets resulted in a
Association; Robert E. Ginna*
sharp rise in new order volume
Rochester
Gas
Vice-President,
during the week. Total wholesale
and Electric Co,; and .John F.
volume was considerably
above
that of the corresponding week a Oa^/^ice^reriden^and Ueneral
Manufacturing; and
retailing •the latter part of the. period re¬
largest number of failures. mained as heretofore, and in¬
Fourteen concerns failed in each cluded the strong statistical posir
of these groups, while no other tion ?of the staple, reports of a year ago. Buyers displayed selec¬
Jan. 4,
1947, was 18.3% above
industry or trade group had more holding movement by farmers in tivity in almost all lines including
that for the corresponding weekly
than five. Manufacturers
failing the South and the > possibility of some in which allotments contin¬
period one year ago.
doubled the number occurring a resumption of private export trade ued to prevail,. - k,
-<
T.
Consolidated Edison Co. of New Week ago and were almost three with Germany and Japan. An¬ ; Department store -sales on a
York
reports * system output of times as
numerous as in the same
other favorable factor' was [ 4he Couiitfy^wide basis; .as taken from
209,700,000 kwh.
in
the
week week of
the Federal; Reserve Board's /Ink
1946. In retail trade, fail¬ moderate increase in; the
ended Jan. 5,
1947, compared ures rose from nine in
the previous comber parity price for cotton to dex for the week ended (Jan, 4,
/With 184,400,000 kwh. for the cor¬ week to 14 in the
week just ended,
24.61
cents
pet
pound;/ This 1947; Increased by >39% abbye the
responding week of 1946, or an seven times the
two
marked a new record high and
ended
present the case for industry in¬
John L. McCaffrey, Presi-:
of International-Harvester-
clude
compared with 26.29 on Novem¬
15, and with 21.82 on Dec. 15,
1945.
Activity in cotton * textile
markets
showed usual Seasonal
ber
Compares with an increase
(revised figure) in the, preceding
week; For the four weeks r ended
Jan. 4, 1947; sales increased by
of carded 32% and for the year to date by
restricted
basis and most houses/ were re¬ j: In using yeait ago; comparison^
ported well sold into the"; first for J the' Jan. 4/week, " allowance
quarter
of ! 1947, Cotton
cloth should be made for the fact that
prices remained steady with spot this year had five trading days
goods ruling from 10 to 30% above as compared with four ill the cor¬
slackening.
gray
Offerings
goods were on a
Southern National
Ga.;
Bank, Atlanta,
Kenneth R/Wells, Assistant
ViCe-President;' \ American; ' Na-;
tional Bank & Trust Co., Chicago,
111:;; H. A. Peterson, .Vice-Presi¬
dent,; Bank bf
S. -A.; San Francisco, Calif,; Wil-:
liamfW;? 'vM(^ri!nyi:t:^cerPresi-w
dent; / National ^ J^avahut ;;Bank^ r
Bostph;/Mas5.; Kenton rR. Cravens,
and Pacific States with seven an
Vice-President, Mercantile-Corn-,
six respectively. •//> -• v) ////•''•• v/
responding week- last year when iherce^ Bank; & /Trust - C0,y- [St.
Canadian failures numbered two former.OPA ceiling prices..
against five in the preceding week
Holiday dullness .prevaiied' in stores |n many Cities were closed Lo
failures
other region. The
next highest number of failures
wCre reported in the New England
as
any
'9 '*'•*? fry
Voiiime ifeK
'\
NumberFlNAfrciAL CHRONICLE S
's Bond f rices
pJ^A/,^6£9BEChB'.wil^3
anil Bond Yield; Jfcerages
giveMS
1944
i
Ogderi Reid Dead
"V:..
%,Changa
If 1946
-1932
1929
PSfrfcES
BOND
4,375,079
1,507,503
1,806,403
3,934,394 '
+14,3
4,354,575
1,628,145
1,798,633
4,539,712)
4,345,352
1,533,008
1,824,160
4,601,767
3,914,730
3,937,420
Ogden Reid, Editor of the New
York "Herald Tribune," died on
January 3 in, Harkness Pavilion
o f
t h e.. eplumbia-Presbyteriaft
+16.9
4,358,293
1,525,410
1,815,749
Center.
4,628,353
3,899,293
+18.7
4,354,939
1,520,730:
f,798,164
He was 64 years of hge.
From a sketch of Mr. Reid's ca¬
;
4,478,092'
06t.
19—
Oct.
,
1945 OVer 1945
4,028,286
+11.2
4,495,220
pWies and bond yieW Averages ere
?; >'" MOODY'S
327
(Thousands of
'M
1
-
26
—
Now*: -
■
,
4,682,085
/Jan. •14_„1_„_
••:
122,16-117:20
X ll-..„„
121:67
120.02
117.20"'
110.52
113.12
118.40
120.43.'
123.lt 117.2Q
121.67
119.82
117.40
110;52
113.12
118.40
120.43
121.67
120.02
117.20
110.70
113.12
118.40
120.43
122/17
117.20;
122,17
&.*y, S_-..__^.
122.17
.122,14' 7.1—i-J rmr;
122.08'
'
',
3,948,020
+18.6
4,396,595'
1,531,584'
f,793,584
reer,
giveh in the "Herald Trib-
Nov^'lft.—!
4,699,935
3,980,600
+
18.6
4,450,0^7
t,*l5\26b.
1,818,i'69
urie'l
NOT.;;23X^Xi-^;
3,841,350
+
4,368,519
1,510,337
1,718,002
fallowing:
Nov/*- 30-iiii—j •;
4,448,193
4,042,915
24.6
+ 10.6
of;Jfgnuaf$l-AfcwA
4,764:710
4.024',057
1,518,922
+ 14.1
117.20
-121.67
119.82
117.20
;il0.52
113.12
118.40
120:43
117.20
121.67
119.82
117.20
110.52
113.12
118.40
120.43
tied -7^.-—'/:-j
117.20;
110.52
112:93.
118.00
120.20.
liec/''f4-r-—----
117.20
121.46 : ll9.82
117;Q0
117.00
4,672,712
4,239,376
3-*sj-._w,
'.;
;••'9
121.00:
119.82
117.00
110.62
112.93
118.00
120.22
119.61. 117.00
110.34
112.75
117.80
120.22
4,940,453
121.25
119.61
116.80^
110.34
112.75'
118.00
120.22
-:"4>442;440.-
H6.80
121.25
119.61
116.80
110.15
112.75
118.00
120.02
122.14
2i^zs-+jyj22:i7, ,116.80;
121.04
:27^SS^:i22ii7.'':
110.80
J.19.61
STOCK
.
<Bee,
121.04
.116.80^
116.80
110.15
121.92
v
*?ov.
29_.„
i
116.61
120.84
'119.20
116.61
116.41
120.63
119.20
116.41
109.97
.116.22
120.84
119.00.
116.22, .109.60
121.55
116.22
121.80
22_.^..i
•116.41
116.61
15——-
122.05'
8—122.17
-l—i—— < 122.14"
'
25
Oct.
112.56
109.97
121.92
121.74
e^X
121.04
110.02
118.80
120.02
119,82
117160
117:60
112.37
Week Ended—
.1047-
Jan:;-'i4-4—i---
117.40
119.61
117.40
119.61
109.60
111.81
117.60
4,852,513
112.00
117.60
112.37
iio.34
112.37
117.60
112.19
117.60
H7.60T
/
;6vei? 1946
+^8.3.
' +16.6"
'
q;
1,728,208
120.02
121.46
119.20
' 121.25
119.20
116.22
116.41
121.04
119.20
116.02
116.61
121.04
119.20
116.22
116.61
121.04
119.20
110.34
112.37
117.80
120.02
116.41
.120.84
119.00
116.22
110.15
112.19
117.60
119.82
116.61-
!Betirt.;2.7Z3*3„-
121.25 f 119.00
116.6L
110.34
112.56
117.80
119.82
121.08
116.61
121.04
119.00
116.61
110.15
112.37
117.80
119.82
Thly arbj jutr^dictional strikes
iOihin;^^ idi^Wjishihgtbh/' seeking td outlawed. The country
Aug. 30—
122.92
118.40
122.71
; 120.43
118.00
112.37
114.85
118.80
121.25
establish
them
in
man,
with
123.77
Apr.
26-i——w
123.13
121.04
118.80
123.34
121.25
123.09
—
118.60
124.14.
31—
118.80
122.92
121.46
118.40
112.56
115.63
119.20
121.46
118.40
112.56
116.02
.119.20
121.46
118.40
.
112.56
116.22
119.00
121.04
Whitelaw Reid, his
and Hart Lyman, < wftp
the post while Whitelaw
,
was in
the diplomatic ser¬
vice abroad. In the responsibilities
insti-
entailed, he found the most
absorbing interest of hia life. X
Within the
Others
are
who
contacts
touch
.
should
pressing, in.
with
will
John
Senators
wish
get
Steel-
Taft
this ^was
problem;
its
The
only
note in recent/years
and
be
and the news coverage expand to
include large city and Washington
might well
major labor
staffs and
one of. any
is the Holjyr
a
of correspondof the world.. Tn
corps
ents in all parts
additioh lie. directed
124.33
119.00.
123.34
121.25
118.40
113.12
116.41
119.41
121.04
125.61
119.82
123.99
122.29
119.41,
114.27
117.40
120.22,
122.09
Vet).
21
—
126.02
120.22
123.34
121.88
119.00
114.27
116.41
120.22
122,09
Jad.
25^———
126.28
119.00
123.12
121.25
119.00
113.31
115.63
119.41
122.17
117.20
121.67
120.02
117.40
110.70
113.12
118.40
Case*
It \vood;?trife Jurisdictional/strikes
^e purchase
iurmn& puf to she fit big con^ usually come in times of unem¬ by his paper of the New York
"Herald" in one, o.f the jnbst. Suc¬
vention of "labor experts."
ployment when there is a grab¬
122.09
cessful
consolidations
in
how it is. Jttere bing for the jobs. X
•
news¬
120tla
122.08
116.80
121.04
119.61
116.80
110.15
112.56
117.80
120.02
'if-xfiv fellbw doing,; Iabo^::experi+
ihg for the firm Of Sniffles, Snif-
Mttf. 29
High
1947_
low 1947__—.
.Aigh
1940
120.02
124.20'
122.50
119.61
114.46
117.60
120.43,
122.50
1946—
120.70
116.22
120.63
118.80
116.02
109.60
111.81
117.40
119.41
1 Vear Ago
J*n. 14, 1946__
126.24
118.40
' 122.29
120.63
118.40
112.75
115.24
118.60
121.25
113:70
119.00
118.00
113.50
104.83
108.83
113.70
tow
-H i
Years
is
.
126.23
'
:
fledurik
Ago'
11840
paper
single-^^rthwhite
one
con*
tribution which we .have beed able
to see is that dealing with holding
„
and
history.
Mr. Reid; was/ named managing
Spiffles. If he has
editor of. the Tribune ih 1912;) his
"invited," or attained a union responsible for living up father, Whitelaw Reid, died rim
r0c6ghiti6n fn fhe big conventiori tc^its contracts .But; evan yet it December of that year while Amv
not
•.Jan. 13, 19451-
been
of what to do about labor, his em-i
to
the,
hasn't got to the basis of the prob¬ bassador
Court
of
St.
plover mhy ask if he stands so lem, which is the requirement that James's, and in 1913,: Ogden Raid
became the newspaper's editor He
highly in the labor experting a/ umon having made, a cbntract
;
MOODY'S BOND YIELD AVERAGES
(Based
»
1946-47
D. S.
Daily •
•Averages
Govt.,
•
.Jan.
14——
individual Closing Prices)
on
'
Avge.
Corpo-
Bonds
4
ployment
,t
.
Aaa
Aa
A
Baa
1.57
11
2.79
2.57
1.65
2.79
2,79
2.57
2.66
2.78
1.57
2.79
2.57
2.65
2.79
Groups11
Corporate by
R. R.
U.
Indus.
3.14
3.00
2.73
2.63
3.14
-
3.00
2.73
2.63
3.13
2.66
2.79
3.14
3.00
2.73
2.57
2.60
2.79
3.14
3.00
2.73
1.57
2.63
2.79
2.58
2.56
2.79
3.14
3.01
2.75
2.64
7—
2.63
2.63
1,57
2.58
2.66
2.80
3.14
3.01
2.75
264
2.80
2.59
2.67
2.80
3.15
3.02
2.76
2.64
2.81
2.59
2.67
2.81
3.15
3.02
2.75
2.64
1.57
2.81-
2.59
2.67
3.16
3.02
2.75
2.81,
3
2.80
1.57
1.57
v
•
2.60
3.03
2.75
Tr»:t
-
2.81
•
2.67
2.81
3.15,
STOCK EXCHANGE CLOSED
,
...
say
'■si#
deliberation
on
2.67
2.81
3.16
3.03
2.75
2.66
1.59
2.82
2.61
2.69
2.82
3.17
3.04
2.77
2.66
1.59
2.83
2.62
2.69
2.83
3.17
3.04
2.78
1.60
2.84-
2.61
2.70
2.84
3.19
3.07
2.78
2.67
29
1.62
2.84
2.60
2.71
2.85
3.19
3.07
2.77
2.67
embraced
22
1.60
2.83
2.60
2.70
2.85
3.18
3.06
2.77
2.66
bill and
1.58
2.82
2.58
2.69
2.83
3.16
3.04
2.76
2.65
1.57
2.82
2.59
2.69
2.84
3.15
3.04
2.77
2.65
of the Ball bill.
15_.
.June 28-
3.16
3.05,
2.77
2.66
2.69
2.84
3.15
3.05
2.77
2.65
within
2.60
2.69
2.84
3.15
3.04
2.76
2.65
2.83
2.61
2.70
would
2.84
3.16
3.05
2.77
2.66
2.82
2.59
2.70
2.82
3.15
3.03
2.76
2.66
2.82
2.82
3.16
3.04
2.76
2.66
tie-up of the
industry, also
the Pittsburgh steel industry, the
2.73
2.52
2.63
2.75
3.04
2.91
2.71
2.59
two
2.73
2.50
2.60
2.73
3.03
2.87
2.69
2.58
1.47
;
26—
2.85
2.60
2.82
1.49
Aug. 30-
2.69
2.82
1.55
.Bept.27
2.83
1.65
'A———-
2.60
2.70
2.71
2.49
2.59
2.73
3.03
2.85
2.69
2.58
May 31——
1.48
2.71
2.51
2.58
2.73
3.03
2.84
2.70
2.60
Apr. 2fa-
1.45
2.70
2.49
2.59
2.73
3.00
2.83
2.68
2.60
Mar. 29
1.36
2.66
2.46
2.54
268
2.94
2.78
2.64
2.55
1.33
2.67
2.49
2.56
2.70
2.94'
2.83
2.64
2.55
1.31
2,70
2.50
2.59
2.70
2.99
2.87
2.68
2.55
21
—
Jan. 25
High
1.57
High
Low
Jan.
2.60
2.67
2.81
3.16
3.03
2.76
2.65
2.79
2.57
2.65
2.78
3.13
3.00
2.73
2.63
1.68
2.84
2.62
2.71
2.85
3.19
3.07
2.78
2.68
1.31
1946
1946—
1 Year
2.81
1.57
19471947—
2.65
2.45
2.53
2.67
2.93
2.77
2.63
2.53
Ag6
14, 1946—
1.32
2.73
2.54
2.62
2.73
3.02
2.89
2.72
2.57
Jan.
1.74
13, 1945—
2.97
2.70
2.?5
2.98
3.46
3.23
2.97
2.73
?;iW*r*Theae prices
are computed from average yields on the basis of one "typical" bond
<3%%,coupon, maturing in, 25 years) and do not purport to show either the average
=Jevel
try
That
the
automobile
strikes
on
of 100 miles.
area
permit
its
which
ears
the
set
last year.
coun¬
It would
prevent nationwide bargaining on
the part Of John L. Lewis. He is,
believe it
or
not,
one
of oilr lesser
menaces.
The proposal gives the
Northern coal operators the creeps.
fought for years to
nationwide flooring under
the
Southern
undercut
NOTE—The
issue of
the
list
used
"Chronicle"
Electric
in
on
compiling
the
averages
was
given
the Sept.
in
5,
1946
1321.
page
CfafiMii for Week Ended Jan, II, 1847
16.6% Ahead of That for Same Week Last Year
The Edison Electric Institute, in its current
weekly report, £sthat the amount of electrical
energy distributed by the
electric light and power ihdpstry for the week ended Jan. 11,
1947^
timStes
4,852,515,66(1 kwh.^
week last
an
increase of 16/6 %•
over - the
.
corresponding
y^ar ^hfcn electric output: amounted to 4,163,206,000 kwh,
get
figure alsto
PERCENTAGE iNCREAst oNiat
1
Division-r-'—
.
Hew
England—:
Middle Atlantic—
Central
West
SAME WEEK tA^T
The creation of
12.7
•10.2
Industrial——..
15.1
'
7.6
Southern '
Jan. 4
13.2
-
Dec. 28
10.0
Dec. 21
v
10.7
;
>
8ta'tAs-iw^I*
•="•-23.8 •*-:•'
ftopky Mountain--11.8;
Pacific; Coast--;.—_
24.7
11.7 :
,
10.6
16.5
17.4 "a.
§:U7.&
9.1;
>
15.3
,14.1.11,
O 26.3
26.3
13.7
9.2
24.1
•
'
Dec. 14
11.3
,8.4
13.5
.11.4
11.0
'v-"25.5'v
,
'
21.2
:
".-:
7.2
9.5
26.0:,:..-;
23.1
26.1
The
16.6
18.3
18.2
16.5
15.0
on
United
Russia
for
would
like
a
LenALease
States
third
the
has
time
Soviet
notified
that
Union
it
to
Sfi
Treasury Releases Blocked
Accounts of Poland
.Secretary of the Treasury
Snyder announced on Jan. 7-that
Poland has been" added to the list
from
Walter Bedell^^
1889
Ogdeh Reid obtained a thorough
knowledge of French and Ger¬
man, as well as training in ' eie;mentary sdbjeefs, but his formal
schooling
began fat
Browning
School in New York.
..
Russia Receives Further
Reminder
Paris when his father- in
became Minister to France. There
of
countries
whose
blocked
counts may be released
^mifhj^Amcsrican
ac+
under! the
certification procedure of General
License No. 95. The Treasury ad¬
Federal Medi* Ambassador at Moscow, is reported
to have taken up the; matter per¬ vices added:
*
us.
We've got mediators and concili¬ sonally yesterday with the Soviet
"This action was taken after an
ate# an<i; arbitrators galora. Bui Foreign Office. Two previous notes
exchange of letters, between the
the new set-up would be somei* ffoin thp State Department sug¬
Polish Minister of Finance = Da^
thing on the order of the War gesting Russo-Ariierican discus¬
browski and Secretary Snyder sim¬
sions
-
.
Labor
Board.
In
the
nature
of
things, every labor leader would
shoot for. this boards maneuver ^6
get his case before it, and its de¬
cisions, political invariably, would
COM# to have tha weight of Su¬
preme Court opinions*
The em¬
ployer would be rooked every
time.
-i'
'V Xv Hlr-S,
FafsciriLatih^
to settle these wartime Obli¬
gations have gone unanswered.
.These
ilar to those written in connection
With the defrosting of the coun^
officials, who withheld
iries^^ pr Cviousljf; M
of their names, said General
intended to follow up his
use
eense.
Smith
first conversations
on
Bank of New
by calling / again at the Foreign
Office iii; an effort i<x sp^ed the
ta^ks.
up
demand
a
its
that
Poland
'
w
X!.%;X
v
Moody's Daily
|
Commodiiy Index Xt
Russia
c
lepd-rlease account
Friday, when; President Tru¬
man mede; public the 23rd report
;
has
Government
its certifying agents ;;
as
•;
last
on
York.!;
designated the National Bank' of
.
thorused
the Federal Reserve
Polish
"The
;' Som^ .officials saw the latest
State Department, move as an at¬
tempt to placate Congressmen who
settle
Copies of the letters are
available at
the subject
370.7
TUesday. Jan. ; 7, 1947—^—- - ,♦-
the program.
Wednesday; Jan. 8 —_—
Thursday, Jan. 9--*.—--—-—-—•^l*ilXF7.I
Russia js the Only major Allied
■
374.3
which has failed to wind Friday, Jan.
Saturday, Jan,
? 374,1;
its lend-lease obligations. Great
Monday,/ Jan.
_A 1376.3 '
them,' instead of concealing their Brltaih ahd Frahce: settled/duririg'
Tuesday, Jan.
' 374.6
resources,
like to bailyhOo; reV conferences which. led to sizable Two weeks ago, Dec. 3l,: 1946
373.6
sources, which* they IdpnT
American loans;. An earlier note Month ago, Dec, 14, 1946—375,5
k
Year ago* Janv 13,71948*.-—; 254.0
Mr; TOAnam^anid
them
do'; so already^ and /mpsi
of
power
up
•
bling
seem
Total United States——.
in
■
a
xequired toVhiake ;mi:':ad6buhtifig of
their financial conditiori. Most of
'
been
ation Board utterly fascinates
posed requirement that unions be
-Week Ended-
Jan. •II
j
Central—^
itesd
quite thirtyf one when ,hqi be¬
Tribune's* editor, haffng
born in New York on
May
16, 1882. He spent several years
came the
b|/; techhfCalitie^; arid ;le&alitie&
selves.
;
Major Geographical
not
maze
it
spawned are not going to permit
that. ;"" r' JXX u' :k
/■•r '/•*• t
'
;;
vices
But
,
•X
simplify that
Washington on that
legisla¬
tion or not on this
subject, the date, which as given in the New
Southern
"Herald Tribune," further
operators
are
maneu¬ York
vering to break that set-up them¬ said:
them.
ill the, week
,
to
a
jixsit^ as .hmch/ is
compares with 4,573,807,000 kwh. produced
the compulsory
cbolmg off period
ended Jan. 4, 1847, which was 18.3 % highep than the;
of. 60 days. No one of the strikes
.3,865^362,000 kwh., produced in the week ended LJan. 5, 1946
The which have set the country on its
•largest increases were repbrtfed
lj)y the Pacific Coast and Southern ears was not preceded by this
"cooling: off" period. One of thh
States groups which showed increases -of 24.7%
and, 23.8%, respec¬
silliest things of all is th§' pro¬
tively, over the same week in 1946.
•^current
be
settle its $11,000,000,000 lend-lease
account, it was disclosed by the
State Department on Jan. 3, ac¬
wages
operators could cording to Associated Press ad¬
They
so
For his newspaper work O^deri
Reid had broad training. He Was
But the "labor experts" whom
the
or
it isn't.
should
,
average movement of actual
price quotations.
They merely serve to
.'illustrate in a more comprehensive way the relative levels and the relative movement
•of yield averages, the latter
being the true picture of the bond market.
/was
an
Detroit
not
Yeats Ago
f..i. 2
or
revamped Case ;
apparently the highlight
Industrywide bar¬
gaining is to be outlawed except
2.60
contract
proposition', fcity competition.
The Cprigress set up a monstros¬
ity in the Wagner Act. Its work
one
the
1.65
11—
Low
in
1.60
—
18
.Feb.
just cite
1.65
25—
; July
Let's
1.57
—
1
X*?>'
2.67
1.63
8_
a
The
what to do about
.
2.60
-
contract is
a
fit time; when;;
American j outnaiism was abOuf lb
undergo a veritable revoltctioli,
whan
technical
developments,
the grounds that
picket line. Either
on
a
Washirigtori situation mdnopofy In New York whereby portant morning newspapers- i?in
New York City;, only two of ihatl
shaping up he is nor going to •^be^eleetrical firm^nndthe;^
get it from Congress.
get together to prevent 'out of priginal group/ remain t6day;vXX
2.81
6
cross
is
1.57
13-
Oct.
it can't
that be in the great 1947
powers
20
Wov.
striking union
standing unless he can
that he was consulted by the
27-——"
•DOc.
will
expert
have little
assumed authority at
lief;, Aa the
2.57
2.79
6
with the employer, will not aid
2.65
2.73
2.79
1.57
4_—
labor
a
em¬
2.65
3.00
1.57
9
10——
as
seeking
man
proposals, to outlaw second¬ wars and economic upbeava^of
world-wide; scope were to alter
ary boycotts get into the realm of
labor.;.
Big Business and are more to' be sharply' the outlook and the* fir
The employer who really wants considered in the light o'f the anti¬ nancial structure of the press;?iAs
trust 'laws^ rather than of neces¬ a measure of this sweepingydestif^fiuse; trbKi
^ labor ptoblefhs
ittay W6II^thi^w tip"Mshahd2 Shd sary labor legislation. For exam¬ velopiT(ietit,; it inay be ppintednmdt;
ask the good Lord to give him re¬ ple, tfrese would bfeak iupr the thaf in 1912 there were seveifcim-
8
—
.
A
business.
Corporate by Earnings*
rate5*
-1.57
13
•
'
of his editor¬
the circulation
span
ship, Mr. Reid saw
of the paper multiply
many-f61^, i
(Continued from first page)
121.43
May
him
Reid
Froiir Washington Ahead of the News
121.05
116.22
preceded
tutioh
121.06
July. 26—
filled
1,736,721
1,717,315
1,588,853
who
paper;
father,
1,598,201
1,588,967
18—
June 28
1929
1,733,810
4,576,713
4,614,334
4,145,110
11—
,
■
;
1,602,482
4,588,214
.4,163,206
4,034,30?
-1932
1945
4.427,281
Those
Horace Greeley, who funded
which the leadership of this
119.82
112.19
the
change
3,865,36? :
Jaru; lj—,—
Jan'; 25——————————
120.02
110.15
were
117.80 '120.02
110.34
une."
1,542,000
119.82
,110.15
"1940
1,637,683'
1,619,265
119,61
109.79
116.41
>
4,573,807
119.82
112.37"
111.81
116.02
121.04:= 119.00
116 .61
12X77,
118.00
118.80
112.56
110,34
EXCHANGE! CLOSED
119.61
7,414,716
*
B +18.2
3,758,942
y'9::\c/n
1,5^472
;Ogden Reid was the fourth edi¬
1,640,662 tor of the New York "Tribune"—
1,860,021 noW the. New York "Herald Trib¬
4,225,814
: +16.5'
1,563,384
4,616,975
4,154,061:
121.25 !
1,806,225
4,538,012.
4,503,070
4,096,954
'4,777,943
116.80:
.
-
pth^s^Xuhi^
around with the problem',
to be prepared to be forth¬
right on
one
thing, and that is that
the
matter >' oflend-lea'se
Was referred to in"
ment
sue
of Dec. 26, page 3401.
Settle¬
1945 Higli; Dec. 27j„—
-
our'
is¬
4i*v> Lowf" Jan..
1946' High, Dec. 24
Low, Jan.
2
.
—
—
265.0
-252.1
380.6
264.7
'••f—'V
Thursday; January 16, 1947
THECQMMERCIAL&FINANCIALCHRONICLE
total fp^ the corresponding peripd, of -1946, whereas State; and .mu¬
nicipal construction, $50,860,000 to date"; is 62% above 1946. Federal
construction, $14,822,000, gained 53% over the two-week total of 1946.
Wholesale Prices Declined 0.1% in Week
'
Ended Dec, 28, Labor
Department Reports'
// -;/,C4yH ehgineering ;cqnstKuc.tion WuhiefO^ theb^
week,.and the 1946 week
'
"Average primary market prices declined 0.1%o during the week
as lower prices for agricultural commodities more
: than offset advances for a number of industrial goods," according to
the Bureau of Labor Statistics, U. S. Department of Labor, which on
J am 3 added that "the index of primary, market; prices prepared by
:
jthet;. Bureau declined to 139.6% | of the; 1926 average,' 0.4%: abovea
month earlier and 30.5% higher than ,the corresponding' week of
-1945/'
The Bureau's advices continued:;
/ *
J
.
W^T/
^
.
' 5;•
vV
tepded Dec. 28,1946
■'
are:
Total H. S. Construction^
-
Private Construction
Public Construction
/State and. Municipal^.-.,,.!
•
/
<
/•' //
+■■
/ -/
■
Official YeahBook
/
edition
1946
The
Jan- 9»1947 Jan- 2»1947 Jan-10>1946
(six days) (three days) (seven days)
$90,433,000 > $61,908,000 ' $87,971,000
i 54,459,000 t 32,200,000 ' • 63,638,000
35,974,0Q0 ,: 29,708,000
24;333,000
526,736,000 ; 24,124,000'
16,834,000
;
9,238,000
5,584,000 v
7,499,000
,
/ Federal
,,
/,.
The Stock Exchange
Stock
the
of
Official
Year-Book,
made and printed in Great Brit¬
ain, has just been released in this
country, - It makes its. appearance
Exchange
late)i$than/wa£Zekpected^^win£|to
the
difficulties
in
and
the
printing
out of
production /arising
In the classified, construction: groups,: bridges,"
-
highway^, earth¬ transition from war to-peace con-»
drainage, industrial buildings, commercial buildings, and ditions;
Particulars are given
.
•'
"Farm Products and Foods^-General
? -i
price declines lowered the
index for farm products 1.8% during the week. Livestock
{ prices were down 0.3 to 0.6% reflecting continued declines in meats.
Lower livestock prices and ample supplies of cattle feed were re¬
sponsible for declines in prices of feed grains.Egg quotations degroup
work
and
unclassified
construction
gained
this
week
Seven
week.
last
over
^
;
of 48 companies and seven gov*
of the nine classes recorded; gains this
Week over the 1946 week as ernmentf and municipal loans is*
bridges,»earthwork arid drainage, sued during the past 12 months
public buildings* commercial buildings, and unclassified construction. and, in addition, notices of ap¬
: clined
with the seasonal increase in production.
Lower prices for
proximately
100
foreign
com¬
citrus fruits reflected liberal supplies.
Poor quality lowered sweet
panies which were omitted from
/potato prices.
Spot cotton prices adyanced t as ^ domestic demand
New capital for construction! purposes this week totals $6,167,- the 1941 and subsequent editions
strengthened.
On the average farm product prices were 1.5% below 000 and is made up of $1,225,000 in corporate securities and
$4,942,* have been reinstated.! Tables, re*
the/end of November and 26.4 % above late December, 1945;
; ;
000 in State and municipal bonds. New capital for construction pur¬
lating to Municipal and County
K*' ®"Food;prices declined O.3%; with decreases for. fruits and vege- poses for the twd-week period of 1947 totals ;$15,483,000, 92% less Finance are restored to the special
tables and meats. ^Average/ prices, for meats were more than 27 % than the $200,782,000 reported for the: corresponding period of 1946. chapters which; also contain-art
below the mid-October; peak
authoritative
article
on
Indian
bu$ still substantially above former
'ceiling levels. There were continued reductions in prices of cheese
Finance and statistical tables re¬
and Of butter in some markets. ..Export orders raised prices of wheat
lating to the finances of the Do¬
follows; waterworks,
sewerage,
.
•
^lour'hi Eastern markets: and
rye flour advanced with short
National Fertilizer Association
Commodity
Price Index Declines Slightly
supplies;
•Several imported foodstuffs including cocoa beans, coffee and black
pepper were higher * / Lard quotations advanced reversing the steady
•
| decline of the preceding two months.
2.8% below
was
The group index for foods
month earlier and 45.3%
a
higher than at the end
Commodities—Average prices for all commodities other preceding week. The index is
copra and soybean oil.
Recent Canadian price advances were re¬
flected in higher domestic quotations for wood pulp and there were
small
for box board.
decreases
^pot prices of
a
CHANGES
:-ri
for
Hides continued to decline and there
IN
some
WHOLESALE
FOR
WEEK
PRICES
ENDED
WW"®*
BY
DEC.
COMMODITY
28,
in
GROUPS
1946
(1926=100)
-•'•■/"••
/
■
-
;
.//';
•
Percentages changes to
'
Dec.
28,
1946,
from—
12-28
12-21
12-14
11-30
12-29
12-21
11-30
12-29
1946
1946
1946
1946
1945
1946
1946
1945
139.6
139.8
139.7
139.1
107.0
/■
'y ■'
'
47:
y>< COtttmofPty Groups—
All commodities
Farm
were
types of leather.
Advances occurred
number of grey and finished cotton goods.
lifi
:ft'**' V
|iroducl!s__
'/
:•
—
0.1
+
0.4
+30.5
167.7
170.7
168.7
170.3
132.7
—
I*Q.I
159.5
161.3
163.6
109.5
—
0.3
2.8
+ 45.3
mdes and.products
171.3
170.9
170.7
165.0
119.4
+
0.2
3.8
Textile products
133.3
132.8
132.5
130.7
100.6
+
0.4
2.0
was
reached Nov. 30,
as
100.
The Association's report went on to say:
seed
oil, and butter declined while veal, lamb, salt, and potatoes rose.
commodities group the decrease in hides was
chiefly responsible for the decline of that group, even though prices
rose for linseed meal,
bran, and middlings.
Slight advances in wool
and hemp were responsible for the rise in the textiles group.
The
decline in silver and steel scrap in the metals group more than offset
the rise in the price of finished steel, resulting in a rise in the metals
group.
Higher prices for structural steel caused the rise in the
building materials group while the rise in chemicals and drugs was
caused by an increase in the price of muriatic acid.
The remain¬
ing groups in the index were unchanged/
During the week 14 price series in the index declined and 24
advanced; in the preceding week 13 declined and 24 advanced; in
the second preceding week 16 declined and 17 advanced.
the miscellaneous
In
„
'•
1.5
1.8
+ 26.4
97.0
96.9
96.1
95.8
85.3
+
0.1
1.3
133.9
133.3
132.7
131.8
105.3
+
0.5
1.6
154.6
151.9
151.1
144.3
118.9
+
1.8
7.1
+30.0
v
_
/ Chemicals and allied
products
HoUsfefurnishinsrs goods
/. Miscellaneous commodities™,
126.1
125.6
125.4
123.7
96.1
120.5
120.5
120.0
118.3
106.4
107.7
108.1
107.9
106.7
95.0
—
1.9
+31.2
0
+
1.9
+ 13.3
0.4
0.9
+ 13.4
0.4
Latest
Each Group
Bears to the
Group
Foods
25.3
154.3
154.8
120.6
—
0.8
—
0.4
+27.9
Fats
134.4
133.7
130.2
96.9
+
0.4
+
3.7
+39.3
Cottonseed
Manufactured products-v./.-.!
I34.I I
134.2
134.8
134.1
102.6
+
0.2
+
0.3
+31.1
Faim
23.0
r;iAU edmmodities other than
and
133.5
.133.0
133.4
132.3
101.4
+
0.4
+
0.9
+31.7
123.4
122.9
121.1
100.6
+
0.4
+
2.3
+23.2
iMmk
CHANGES
IN
SUBGROUP
INDEXES
FROM
_____
iats——_
J: Other textile products
Leather
203.5
228.6
237.0
157.6
157.6
129.4
154.4
159.9
133.5
215.0
214.2
159.2
169.3
162.3
141.3
137.3
110.2
2)5.0
207.0
160.4
153.3
153.1
152.9
125.1
125.1
123.3
.
137.0
118x2
Official
125.6
119.9-
0.4
Farm
120.8
120.8
116.7
105.2
191.6
142.1
Bituminous coal
other
miscellaneous
building
0.2
Paper
and pulp...
Fertilizer
Materials
Machinery
0.3
Other
0.9
material
Non-ferrous metals
0.2
0.1
All
100.0
■^Indexes
Jan.
on
1926-1928
base
191.3
191.1
combined
groups
were:
Jan.
11,
19-17,
148.9;
Jan.
4,
149.0;
1947,
and
rRevised.
12, 1946, 110.7.
farm
7.1
other
3.2
Hides and skins..
2.7'
Cement
0.5
2.4
Fertilizer materials
Drugs
and pharmaceuticals
0.7
October Portland Demerit Output
0.2
!»Based on the BLS weekly index of prices of about 900 commodities which
changes in the general level of primary market prices.
This index should
distinguished from the daily index of 28 basic materials.
For the most part,
prices are those charged by
manufacturers or producers
or
are
those prevailing
designed
as
an
indicator
of
calculated from one-day-a-week
week-to-week changes and should not be
index
Up 48%
is
compared directly wittk the monthly index.
October, 1946, an increase of 33%
sponding month of 1945,
&vil
Engineering Obstruction Totals
$90,433,000 for a Long (Six-Day) Week
over
that reported in the corre¬
year,
Demand for cement, as
Private construction this week,
Western
lower in
/
$54,459,000, is 69% greater than
Public construction,
over
that reported; for
other in¬
"Register"
concurrently with
indicated by mill shipments: in October
Increases range from 6% in Texas to
Pennsylvania
.
October
and
Virginia.
West
Shipments
92% in
also
were
Rico *than in. the corresponding
1946 in Puerto
.
month of 1945.
is
the*
lim¬
be ob¬
publishers at £1
hi® Heads ta.
Comm. of N.Y, Ohamber
James
G.
Marine
Blaine,
President of
Midland
Trust
Co.,
has been elected Chairman of the-
Committee of
the
of Commerce of - the.
New York which will
Nominating
Chamber
-
higher in all but two districts in continental United States
was
than in October 1945.
and 17% below the previous
; last week, and 14% below the week last year.
:
October 1945.
States totals $90,433,000 for the six-day week ending Jan. 9, 1947, as
/reported by "Engineering News-Record." This volume is 46% above
the previous holiday-shortened three-day week, 3% above the corre¬
sponding seven-day week of last
ClinkeC production reached 16,240,000 bar¬
1946, i an increase/of 52%
rels in October
/p/r"p Civil engineering construction volume in; continental United 1946,
fours-week moving average.* The report issued on Jan. 9, added:.
and
The
per copy.
the
•;
the liquidator
tained from the
October, 1946, as
reported to the Bureau of Mines, United States Department of the
Interior, reached 16,410,000 barrels, a figure 48% above that reported
in October 1945.
Although 81% of capacity was utilized, production
continued above demand and mill, stocks continued tp decline to an
Oct. 31 total of 7,301,000 barrels, a figure 41% below that reported
for' October,. 1945; • Mill shipments < reached 17,721,000 barrels: in
"
weekly
by
formation.
ited number of copies can
Production of finished Portland cement during
0.1
out
sets
history of most of
these companies and, where pos¬
sible, details of distributions made
"Official Year-Book" and a
0.6
products
It
Year-Book.
published
Decreases
The
con¬
the subsequent
.3
1.5
exchanges.
title
a
more
its purpose.
129.6r
™_~
It is
142.2
215.6
sidered to be
129.6
0.9
prices.
Supplementary Index has
the "Register of
Defunct
and
Other
Companies
renamed
Fertilizers
1.0
commodity
the
The
been
.3
he
/
198.1
Chemicals
,
pages-
in
copy
per
descriptive of
It contains details of
some thousands of companies (in¬
cluding about 2,000 added since*
the previous issue), the editorial
notices of which have been pub¬
lished in previous editions of the-
Metals
;
$25
232.6
Building Materials
and Drugs
3,202
contains
costs
United States and Canada.
0.9
measures
U
Textiles
Council of the London Stock
0.5
Meats
/ on
1946 issue, which is pub-by Thomas Skinner & Co,
(Publishers), -Ltd., London and
New York, under the sanction of
lished
304.9
154.3
Commodities.
market.
The
other foods.:
:-;;<H*ai»S-"+-;i;%:;v' Livestock and poultry
Fruits ind vegetables
;i
the
editions,
Removed from the Stock Exchange
1.3
2.0
v
feed
containing com¬
plete
financial
particulars
of
thousands of companies and se¬
curities.
It also has particulars;
of the Joint Advisory Committeeof Stock Exchanges and a list of
"Marking Names" recognized by
vious
Official Year-Book,"
157.6
;
current editiom
the
Otherwise,
follows the familiar lines of pre¬
Cotton goods
't?el
products
////
;
i
Catfle
;
314.3
Dominion income*
on
5.1
——
vC^reai
passing
tax relief.
.3
•
ilrorf'ttnd
of
.2.1
^;
Oils and
Finance
170.8
7.1
21, 1946 TO DEC. 28, 1946
y.i
tdrtiber
compiled to show the?
provisions of the?
(No. 2) Act, 1945, on
double taxation and the method!
effect of certain
234.7
6.1
DEC.
Increases
'
229.6
216.6
Miscellaneous
3.2
imM
.f
Gen¬
section, takesthe place of the former article
on
Dominion Income Tax Relief
Information
eral
146.6
226.7
Fuels.
sources.
Double Taxation
on
163.1
•
199.9
Livestock
17.3
10.8
PERCENTAGE
310.6
143.1
216.4
262.5
364.7
316.3
Grains;...
commodities other than
217.2
277.3
229.2
:—;
12,
1946
341.9
Oil
Products
Cotton
F/arpi products and foods
Ago
Jan.
14,
1946
270.4
Oils
Year
Ago
Dec.
1947
216.2
155.5
135.0
from official
Relief which appears in the
and
Jan. 4,
11,
countries of the
which information
of
Exchange,
Week
1947
154.2
123.9
Jan.
Total Index
Haw materials.
//•:AH
INDEX
Preceding Month
Week
fiemi-manufactured articles
Farm produce.
PRICE
1935-1939=100*
Special Groups—
v
COMMODITY
Compiled by The National Fertilizer Association
+ 27.2
Building materials
WHOLESALE
all
The article
the
WEEKLY
+ 13.7
IfetalS and metal products™
comes
Colonies and certain
leading
and has been
During the past week four of the composite groups of the index
advanced while three declined, with only small percentage changes
in each case.
The most important change in the index was a decline
in the farm products group; the livestock subgroup declined 0.8%,
a
drop which more than offset slight increases in the cotton and
grains subgroups.
In the foods group ham, bellies, beef, pork, cotton¬
+ 32.5
•
Fuel ind lighting materials
;
1946. A month ago the index stood
at 142.1, all based on the 1935-1939 average
at 191.6 and a year ago
+ 43.5
FoodSifiiVC
•
world,
The weekly wholesale commodity price index compiled by The
National Fertilizer Association and made public on Jan. 13 declined
192.0 which
the
of
slightly to 191.1 for the week ended Jan. 11, 1947 from 191.3 in the
now 0.5% below the all-time high of
"Other
than farm products and foods advanced 0.4% with increases for most
commodity groups. Lumber prices continued to rise with a second
/Increase in Douglas fir prices and price advances by additional mills
for Southern pine.
Increases were reported for several steel mill
products and scrap steel quotations rose sharply.
Higher primary
metal prices were reflected in increases for Babbitt metal, solder,
lead pipe and white lead.
There were additional advances for ni¬
trogenous fertilizer materials and declines for cottonseed meal.
The
general shortage of fats and oils was reflected in price advances for
increases
minions and
State
of
nominate Officers,. Chairman and
members of standing committees:
to be voted on at the 178 th Annual
meeting of the Chamber on May X
next.
The other members of the
Committee are; Thomas H. Blod**
gett, Chairman and President of
PORTLAND CEMENT IN THE UNITED STATES, PUERTO RICO AND HAWAIJ
the American Chicle Co.; H. Don¬
ald Campbell, Vice-Chairman of
r% Change
Period Ended Oct. 31—
1945—Month—1946
from 1945 *1945—10 Months—1946 the* Chase National Bank; Floyd
Finished cement:
•
'
W. Jefferson, partner, Iselin-Jef¬
Production
16,410,000
+ 48 > 82,335,000
133,913,000
V-11,104,000
ferson Co,; Arthur F. Lafrentz/f
17,721,000 / +33 /
89,946,000
143,039,000
Shipments
/—™ 13,303,000
President of the American Suretjr
7,301,000/
—41 / V
Stocks (Oct. 31)._™
12,385,000
*.
:
*41%
81%
Capacity used
".J'+;/ ■' ,'V~ 55%
/V': '67^ Co.; Richard W. Ldwrence, Presi-;
Clinker: '
dent of the Bankers Commercial
"
.
"
■$35,974,000, is 21% above last week, and 48% greater than the week
last year. State and municipal construction, $26,736,000, 11% above
; last week, is 59% above the 1946 week.
Federal construction, $9,j 238,000,. is 65 % above last week, and 23% above the week last year.
-
.
.
,
.
:
;
.
Total engineering construction for the two-week period of 1947
records a cumulative total of $152,341,000, which is 16% above the
+ 52
Production
81,577,000
134,557,000
10,687,000
/ 16,240,000.
Corp.; and Julian S. Myrick, Sec¬
iotaj for. a like period of 1946. On a cumulative basis, private con- : Stocks (Oct.
-13
31)^.—+/• 4,109,000
3,593,000'...
t...
ond VicerPresident of the Mutual
strucHaix in .1947 totals $86,659,000, which,is 4% below that, for 1946, -/^/•Ineiudetf
flgures for Hawaii -tiom "May to October, 6iclusive,'/ New;plaht first
L^Tnsurance^:Cp;///
Public construction, $65,682,000, is 60 % greater than the cumulative started :reportirig.iivMayvT945iv fe/
,**&.•',
V
/
....
,
-
,
f
™—™—
t
^
<
:
Volume 165
Number 4560
THE COMMERCIAL ft FINANCIAL CHRONICLE
Daily Average Crude Oil Production for Week
■' ' A:".* '' V-V*"AA
o'-'-'VA;
wl">...
V '
l!
.
~
A'
'
.■'
•"
:1
.
A"'. VA
age gross crude-oil production for
the weekended Jan. 4, 1947,, was
4,648,750 barrels, a decrease of. 64,450 barrels per day from the pre¬
ceding week;
The current figure, however, was 100,650 barrels per
<lay in, excess of the output for the week ended Jan. 5, 1946, and was
8,750 barrels more than "the daily average figure of 4,640,000
(estimated by the United States Bureau of Mines as the requirement
Trading
barrels,]
for the month of
January, 1947.
'"'v
Daily production for the four weeks
v
ended Jan.
,,;^7.!
4, 1947, averaged 4,696,700 barrels.
■
I
The Institute's state¬
ment further shows:
■•V
Reports received from refining companies indicate that the in¬
dustry
as
whole
a
to stills
ran
on
Bureau
a
of Mines basis approxi¬
mately 4,917,000 barrels of crude oil daily and produced 15,281,000
barrels of gasoline; 2,024,000 barrels of
kerosine; 5,857,000 barrels of
distillate fuel, and 8,375,000 barrels of residual fuel oil
during the
i*
'
.s
r
\
f
/u
-v,,
week ended Jan.
,
j,
'
j.
V
'
v
rels'-of
kerosine; 58,034,000 barrels of distillate fuel, and 53,285,000
barrels of residual fuel oil.
DAILY
AVERAGE
CRUDE
PRODUCTION
State
*
(FIGURES
Allow¬
Week
ables
Ended
Requirements
'
^
♦♦New
York-Penna.Florida——I—_
BARRELS)
4 Weeks
Previous
1947
Week
*
Jan.
4,.
-
7,650
+
100
7,650
+
1,000
5,450
4,600
2,350
+
200
2,450
3,100
1,400
18,450
14,150
200,100
205,200
19,000
250
18,850
+
197,550
Kentucky
Michigan
28,000
42,200
800
1,950
—
29,950
46,000
Nebraska
•
100
+
30,000
270,000
700
t280,500
362,400
t364,500
273,600
369,600
392,800
I
18,950
District
Members,
34,500
102,050
Total purchases—
99,350
200
34,450
27,650
50
484,700
15,GOO
100
400
81,200
1,968,450
—27,600
I
1,989,150
2,030,000 U,922,422
Louisiana.
94,500
+
1.000
Transactions
93,800
311,750
+
1,400
310,700
77,750
295,300
382,000
446,426
406,250
+
2,400
404,500
373,050
76,000
81,909
72,950
1,400
73,850
•76,550
54,500
109,000
102,700
-
for
/Arkansas
•"
Mississippi
62,000
Alabama
East)
Mexico—Other_j
93,000
•Colorado
Total United States.
f .fe
21,550
33,000
838,000
±
the New York
Account
of
i
(included
22,400
they
91,650
50
1,750
38,300
-64,450
4,696,700
4,548,100
7,150
61,350
are
'As
•
•TiieW
be
may
withdrawals
Bureau, from
produced.
supplied
from
registered—
210,505
m v
$This
includes
.several
is
trom
.for
9
fields
required
as
exemptions
exempted
39,800
1,400
16,625
definite dates during
shut down as best suits
no
to
,:>«perato leases,
r''v~ J
amount
of
TO
STILLS;
AND UNFINISHED
AND
fpiv;
Short sales
are
of
for week
Jan.
1
ended
7:00
calculated
on
a.m.
Jan.
31-day
a
2,
1947
basis
OF
California
GASOLINE;
Oil
STOCKS
OIL, WEEK ENDED JAN. 4,
OF
in
this
of
section
include
unreported
of
and
Mines
tin
•
reported
amounts
Bureau
,
totals
an
of
rules are
Daily
y'h,•
^Stocks
Coast
to Stills
at Ref.
Unfin.
Capac.
.Report'g
,»District—
JStks. of tStks
and
Refin'g
••*.
Fast
Product'n
Daily % Op-
Inc. Nat.
Gasoline
99«5
---
,
erated
Av._;
:^759"
Blended
90.5
1,950
Stocks
sine
19,824
7,799
Gas Oil
District No. 1
76.3
98
: 68.5
312
84.7
66
106.5
245
Tnd., 111., Ky
87.4
801
92.1
17,833
Okla., Kans., Mo.„—
78.3
385
Inland Texas
59.8
2,519
■>
included with
"other sales."
Oil
8.7C8
«
526
306
108
197
1,664
5,899
4,125
-
236
71.5
2,799
1,429
1,002
384
506
786
89.2
1,194
97.4
3,589
14,754
2,986
6,636
louisiana Gulf Coast-
< 97.4
342
106.5
1,130
5,378
1,314
10,465
3,853
La. & Arkansas—
55.9
66
180
1,773
350
Texas
No.
Gulf
Coast
;
3Rocky. Mountain—
New
H
'
of
B.
basis Jan. 4, 1947-*
tj".; s!
Jan. 5,
2,601
1,236
1,862
> 541
125
f
128
,
832
J, 83.7
76.9
35
107
16
35
392
2,070
100
451
2,218
77.6
16,828
.
r
641
85.8
4,917
85.$ 4,968.;
88.5
15,281. >94,964.
,
89.4
15,604
93,126
10,745
17,181
11,984-
40
595
28,609
58,034
58,941
' 53,285
53,427
B. of M.:
14,039
4,615
1946-—L—
*Includes
199,393
10,559
34,998
41,659
unfinished
gasoline stocks of' 8,283,000 barrels,, tlncludes unfinished
cas'oline stocks of 8,413,000 barrels.-' tStocks at refineries,^at bulk
terminals, in
transit and in'pipe lines. > §In > addition, there were
produced 2,024,000 barrels of
kerosine • 5,857,000 barrels ot .gas oil and distillate fuel oil and 8,375,000 barrels of
Tesidual'fuel
oil
5*931 000' barrels
'
;2,524|oo6'
barrels,
«nded Jan^ 5,
in the week
ended Jan. 4,
1947,
1946.
compared
',VJ,
li
alia '
with
•
the
a
that
reason
Commission's
2,105,000 barrels,
the preceding week and
respectively,; in'therweek
upon
.
«epprts
odd-lot dealers and specialists. >
STOCK TRANSACTIONS
LOT ACCOUNT OF
•
AND
FOR
6DD-
THE
ODD-LOT DEALERS
SPECIALISTS
ON
THE
N.
Y.
-
STOCK EXCHANGE
National Thrift Week
January 17-23
The 30th annual celebration of
National Thrift Week will be ob¬
straint in spending war-time sav¬
ings and current high incomes,
Odd-Lot Sales by Dealers (Customers' purchases)
prices will spiral up to quickly
nullify gains in the nation's sav¬
ings and earnings., On the other
hand, it is pointed oiifr, by how
Number
and
tee
by Dealers—: 1
(Customers' sales)
S
:
beginning with Benjamin
The National Thrift Commit¬
is again heading the
civic,
Number of Orders:
•
Customers'
short
♦Customers'
other
Customers'
of higher
total
spies—109
sales——
shares
21,314
'
21,423
Number of Shares:
quality/ better selection/ and lower
prices. Retention of sgYings now
and financial
groups
also assures the back-log of funds
annually participate in the
program to publicize and encour¬ necessary to give a more stabilized
age the virtues of thrift, home prosperity, instead of a short-time
ownership,: and the payment of speculative spree.. For as long as
debts. The committee points out industry can see a vast back-log
663,620
$25,386,077
Odd-lot Purchases
.
in the coming market
of *shares__
Dollar value
limiting spending to essential and
wise purchases, individuals will
birthday, January. 17,
have; the money available to
buy
continuing through January
served
"
Tqtal'
For Week
rc ■21,991
v.
Number of orders-^—/'
Franklin's
Customers'
short
sales——
♦Customers'
business,
other
sales—^
jf'K)<4;5T4i
/»(§5.8^305
who
that with the passage of the war¬
time appeal for economy and the
removal
the
of
most
character of
price
controls,
our
economy is
more completely
dependent upon
the saving and spending habits of
individuals than it has, been in a
decade, If people exercise
.V...
^
as
and 8,181,000 barrels,
respectively, in
5,385,000. barrels 'and' 9,068,000 barrels,
by
based
Week Ended Dec. 28, 1946
'
M.
Total U. S. B. of M.
basis Dec. 28, 1946-,
Total;
10
70.9
85.5
S.
1,014
;
Exchange for the
are
'
23.
19.0
California
U.
v52.4„v
9,132
3,780
/, :
Mexico
Other Rocky Mt.—
Total
82.1
continuing
23,
filed with the Commission. by the
Fuel
Oil
21,065
44
•
the
figures
Resid.
Fuel
433
963
is
on
Dec.
,
regular and associate Exchange
members, their
partners, including special partners.
calculating these percentages the total of members'
purchases and sales
exempted from restriction
ended
series of current figures befhg
published by the Commission. The
71,338
"members" includes all
their
Appalachian—
f District No. 2—
week
a
§Sales marked "short exempt" are included
with "other sales."
of
& Dist.
of
Kero-
90,137
twice the total round-lot volume
the Exchange volume includes
only sales.
tRound-lot short sales which are
odd lots ,pp the
Exchange for the
New York Stock
90,137
compared with
plus
therefore
are
basis—;
§Gasoline tFinished
Crude Runs
term
ists who handled
16.51
0
Total sales
firms and
a
Exchange
public on -Jan.
summary of complete figures
of all odd-lot dealers and special¬
229,160
Total purchases-
1947
(Figures in thousands of barrels of 42 gallons each)
8
and
made
showing the; daily volume of stock
transactions for odd-lot account
16,32o
212,840
§Customers' other sales
♦The
Securities
Commission
5.70
427,370
Total sales
•___
C. Odd-Lot Transactions for Account of
SpecialistsCustomers' short sales
FINISHED
The
49,395
tOther sales
Producers.
-vug;.
HYSE Odd-Lei Trading
660
48,735
Total purchases.
Short sales
and
their
PRODUCTION
estimate
■•
progressive
SCmpp
1.45
177,065
:
Total sales
GASOLINE, KEROSINE, GAS OIL AND DISTILLATE FUEL,
Figures
18,025:
4. Total-
the entire month.
With the exception of
entirely and of certain other fields-for which
13 days, the entire state was ordered shut down
the month being specified; operators only being
RESIDUEL FUEL
«
•
a
by the Aviation
,
tOther sales.
crude
new
operating schedules or labor needed to
total equivalent to 9 days shutdown time during the calendar month.
a
RUNS
as
~
^Recommendation of Conservation Committee of
•CRUDE
crude oil only.
production, con¬
pointed out by
are
new
deducted,
the
Total sales.
3. Other transactions initiated off the
floor—
Total purchases
oil
the
H,
to "advance commercial aviation
throughout the country and espe¬
cially help in the solutions"6f;.fhe
many air transportation problems
in the Metropolitan Area."
9.36
the floor—
Short sales
for
werev
ordered for from 9 to
1
2
and
which
were
days,
allowable
the net basic
figures
from
or
be
determine
■
.
I.
P.
stocks
must
.
shutdowns
^shutdowns
The A.
inventories
tOklahoma, Kansas, Nebraska figures
,>
i
program
161,740
on
Daniel
succeeds
Mr. Budd called for
14,260
147,480
tOther sales
requirements to
^
1
either
crude
its estimated
•to be
'
Rich
Ecker, who has resigned. An offi¬
cer in the Ordnance Department,
Army of the United States, CoL
Rich was
previously /coope^t^i
with Republic Av^atioh Gorpyoin;
a
Management Engineering
pacity. In a New Year statement,
.
60,450
Bureau of Mines, calculations of the
requirements of domestic crude
detailed
forecasts.
They'include
are
requirements
templated
•
T^Sie,
*
•
''the
:ir
Se^fe-
announced on Jan. 6 by J&frn
Budd, Chairman of the Section,
Col.
1,987,745
Short sales-.
tOther sales
Total sales
2. Other transactions initiated
Total purchases
846,750
+
F.
19,270
1,968,475
'
Total purchases
v"
30,050
877,400
63,500
Exchang© and Stock
(Shares)
19,500
—13,900
—
4,648,750
above)—
upoh certain premises outlined in its
'^condensate: that is moved in crude: pipelines.
•
103,150
the
15.61
Acting
as
of the Aviation SectippPof
New York B o ard of
tary
Total for Week
d Total sales
B. Round-Lot Transactions for
Account of Members:
}
1. Transactions of specialists in
stocks in which
400
4,150
Curb
Members*
tOther sales
97,900
450
—
873,200
4,640,000
Grade
Jbased
:
William L. Rich
HI
WEEK ENDED DEC.
21. 1946
A. Total Round-Lot Sales:
Short sales——.
650
102,550
50
—
37,700
§842,000
1,100
200
—
100,000
24,000
83,700
350
+
400
Montana
'♦♦Pennsylvania
50
1,150
98,000
"Wyoming
;*
84,050
2,000
New Mexico—So.
I
'
of * Bt.
appointment
was
on
.
'California
The
1,093,432
Total Round-Lot Stock Sales
1,999,300
-
m
m 61
Board of Trsds
3.75
151 940
Total sales
118,050
81,500
!New
Win. Rick
941^492
"*
495,950
118,100
IX
District X
North
TOjY
l,250,54o
27,700
District
Paifk;place, heipnd
per^o^s
1.72.
-
District VII-C
District VIII
no re-
of funds in the hands of
suming public,
and
the
process
of
so
^:•
In
doing, payrolls
high^-nenabling the; coun¬
■■
Dollar value
■
*•
,J<,
•:,.
$22,0'4®,010
Round-lot Sales by Dealers—
Number of Shares:
—__—
>f&7§faf50
tOther sales——,
Total
(T
iW
Short sales
will: maintain
resorting to existing savings.
,?.i
Customers' total sales
con¬
expand production.
even
remain
it
the.
try to live off earnings father than
*>'j•
'
DO'iq
4. Total—
314,400
50
34,300
;
(rn}
CS®2
JOther sales-
6,450
99,400
...
,
in g. .wide
' Abprpx:!mately 25% of the hpplicahf
legal assistance were;
seryicen^ep.
and veterans or their families. ?
314,100
Short sales.
VI
^vip^nnfi
range of legal matters.
249 492
421,550
208,550
41,000
over
10.14
155,450
Total sales
950
VII-B
quarters at 11
741,890
the floor-
19,500
350
CpfhptrolJets,5^^
During 1846 Thpi Legal
ciety^ which main' a:ns; its
229,992
4,500
and-
is active in numerous
welfare organizatiens.
780,990
127,990
on
MriBopr
Pre^'deii^qf Na¬
beep active inVwelf ire(j ilip
was
formerly; President:
Larchmont Community Chest, and
4,450
309,550
Other Dist.
•1 District
Account of
former,
\a
tors
97,600
34,250
Fast Texas
v
134,600
V
'420
613,900
207,850
District IV
.
lor
tony
tional Association of Bank
Aw^ir
7 506 960
18,850
750
418,150
III
100
134,050
District II
fc:
7,315
Short sales
JOther sales
Texas—'
District
.
Total sales
I
3. Other transactions initiated off
the floor—
,,.
Total purchases
205,950
7,250
—
services of ap attorney.
t <!o
191 540
JOther sales
750
—17,700
;
;
-
Transactions
•
'
Short sales
45,250
t700
260,000
375,000
*.
Total for Week
i
$200,000 in order to continueiio
provide free legal advice and r.epv
resentatioh to ? th ose who
i
otherwise" not be able to afford^tbe
Exchange and Round-Lot Stock
(Shares)
1946
Sales:;.
Total sales
Other transactions initiated
Total purchases
30,050
43,650
i
$Other sales
100
400
—
Slock
Members*
Total purchases
Short sales
.148,750
48,250
ship of the Commercial
/"'A they are registered-
7,100
5,550
6,050
+
utive year accepted the Chairirf&fU
for the Odd-Lot Accounts of Odd-Lot
Dealers and Specialists:
1. Transactions of specialists in
stocks in'which
1946
50,300
Illinois
■,
on the New York
Transactions Vet* Account of
for Aaaahm^ *+c
Tranea^tmnc
Vi-Sho'rfc sfUes'__-„£_.
{Other sales__—i._'
Janl5,
.
1.947
250
Kansas
i
Ended
7,600
'Oklahoma
■i
Week
Ended
from
8,400
Indiana
A. Total Round-Lot
B. Round-Lot
48.200
•♦West Virginia
-•♦Ohio—Southeast __)
'Ohio—Other
I.,. District
Stock Sales
^
Except
Change
Jan. 4,
Begin.
Jan. 1
January
■•
IN
Borton, Vice-President of
Irving Trust Company of New
York, has for the second
Stock
WEEK ENDED DEC.
21,
Actual Production
♦B. of M.
,
"rV
'
the
Total sales
OIL
C. W.
the
trading for the account of Curb members of
717,100
16.52% of the total trading of
2,170,055 shares.
was
I Total- Kound-Lot
.
Calculated
•/j,
shares
I
Division of Aid Sesjely
Banks
Exchange for the account of members
(IbccipFodS-iot dc'ale7sTdur7A7 the week <mdedD^2Uta
lot transactions) totaled 2,343,972
shares, which amount was 15.61% 8
by William B. Given^Jr
°* the total:transactions on the Exchange of 7,506,960' shares. This
ident of the American Brake Shbe
compares with member trading
during the week ended Dec. 14 of
.onqe.
Company. Mr. Given is General
3,034,269 shares, or 16,81% of the total
trading of 9,022,320 shares.
Campaign Chairmen and Barent
On the New York Curb
Exchange, member trading during the Ten Eyck, of
Spence, Hotcnkiissi,
week ended Dec. 21 amounted
to 656,530 shares, or 16.51% Of the
Parker & Duryee, is Co-Chairman.
total volume on that
Exchange of 1,987,745 shares. During the week This
year the Society is a^king.ior
ended Dec. 14
on
4, 1947; and had in storage at the end of that week
94,964,000 barrels of finished and unfinished gasoline; 16,745,000 bar¬
«*#!->> ■•>•
The Securities and
made public on Jan. 8
figures showing the volume of total round-lot stock
sales on the New
York Stock Exchange and the New
York Curb
Exchange and the
volume of round-lot stock transactions for
the account of all members
of these exchanges in the week
ended Dec. 21,
continuing a series
of current figures
being published weekly by the Commission. Short
sales are shown separately from other
sales in these figures.
The American Petroleum Institute estimates that the
daily averV
■
:
iglf|Trad!iig.coii.f New York tircfcanges.;!^ j Barton Heads
Banfciifgf
Exchange^Commission
Ended Jan. 4,1947, Decreased 64,450 Barrels
Vr '1'
rtoir--h'S#
i
sales
TH&V*
m
Rouhd-lbt Purchases by Dealer^'
Number of shares
'
m
l&T'
hv^
186,000;
*SaIes marked»"short > exempi^'i JSre re¬
ported with "other sales.".% xb'iO'Iy
»
,
tSales
to
offset
customers'
odd-lpt.x>r-^
pofeft'(on'
ders, and sales to liouidate a1 lonk
which is less than
[with.iVother
a
round lot
ai'e-repbfted
/.)ficin*f
■
'rtitojf-n'imW'l.TiiiffMi
tpni'iiru^WfUHWwiW
msmmwwzmmzmwwww*
{i'
J.'s"
Weekly Beel and Coke ProdwKon Statistics
qiestiS'
creased
The total production of soft coal in the week ended Jan. 4,
as
Ji350,00(^net
preceding ^yeek ^ndj
)n the
in the Corresponding week )ast year.
^0,263,000 tons
The
low
532,000,000 net tons,
total npf-!
the 577,617,000
tons produced in the
.*,<yProduction
Jan. 4,
1947,
Pennsylvania
the
63,COO tons,
7.7%,
or
week
was
ended
;:.V.UJV.
.-7
1
The Bureau also reported that the estimated production of bee¬
hive
coke
showed
in
the
United
States
i^e week ended p,ec. 28, I946j^ud
corresponding week of 1946.
'X
the
for
UNITED STATES
i,
"V,1.•Revised/:: f Average
l,
"
,
based
''
-
«
ESTIMATED
*
'
Jan. 4,
v
.
'
'
1947
~
—
Jan. 9,
1946
9,240,000
1946
10,263,000
t2>012,000
jflays^
JAverage basedcm^ 5 working
J5.1 .wockink days.
"
.
PRODUCTION
ANTHRACITE
PENNSYLVANIA
OF
AND
COKE
(In Net Tons)
,
&
■
s-
,
"V*'
""Total incl. COll.
•
882,000 if-
fuel
Bftphiyp Coke
*
.1946
1947
1946
1946
819,000
'
0
737,000
504,000
787,000
tCommercial-produc.f 848,000
luhited States
——Calendar Year to i>ateJan. 4,
-Jan.5,
Jan.9,
L_Week Ended—■ ■■■■■■"
SDec,28,'
Jan. 5,
wt>
;
'
tJan.4,
Penn. Anthracite—' —
1947
1
»
709,000
485,000
89,200
59,900
s''
totali 104,800
"
•
'
*
1,214,000
82,800
and dredge coal and coal shipped by truck-r from^ iuthgrlzed^
tExcludes collier fuel. :tSubject to revision.
§Revised.
H'Estimated from
♦Includes
washery
operations.
weekly carloadings reported by nine railroads.
'
■■■'■
■
Y-v--.■■■'•.)■
,
Js
••
•
*
_
ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL AND LIGNITE,
BY STATES, IN NET TONS
"V'
!
.......
..
current weekly estimates are based on railroad carloadings and river ship¬
are subject to revision on receipt of monthly tonnage reports from district
and (State sources or of final annual return from the operators.)
(The
"and
ments
w.Y/T
\
f
'''?P
^
—3
:
:
| State—
^ 1946
'
,
v
AlabamaAlaska—.
Ajskahsas
V 32,000
164,000
> t ^ l.poo
.
Colorado
Georgia and North Carolina——..^.
—
30,000
126,000
#
1,00
1,191,0.00
1,525,00
1,031,000
Indiana——521,qoo
Iowa^T—-——
—
27,000
604,00
32,00
127,00'
1,118,00
360,000
280,000
Illinois
!
Kansas and
-
Missouri
Kentucky—Eastern-.
101,000
—-
778,000
;
—
—
318,000
Maryland
—...
——.
Michigan——
Mohtana (bituminous andJignite)
50,000
26,000
110,000
554,000
446,00
62,00
"1,000
1,00*
Kentucky—Western
New Mexico—
1
-1-1„
—
.
120,000 \
3,082,00
149,00
2,00
1,276,000
731,000
.148,00
422,00
20,00
2,552,00
881,00
176,000
-
—.
Wyoming——l-l——
——
47,000
1,818,000
80,000
1,000
82,000
155,000
1,00
238,qoo
16.Q0O
■
'
——
63,000
398,000
208,00
1. 1,000
————
Virginia ———
—
Washington
tW.est Virginia—Southern—
tWest Virginia—Northern—
SOther Western States
.
1,000
Tejrasr tbituminous and lignite)—
Utah:i:
75,00
;
.
108,000
•
-
38,00'
844,00
76,00
^60,000
—2,277,000
Pennsylvania (bituminous)
v
'
610,000
Oklahoma—-————
26,000
2,000
89,000
20,000
100,00
k-
77,000
.
—
-Tennessee
97,000
28,000
————
North and South Dakota (lignita)
Ohio
-—-Ik-
,-v
jl Totaji bituminous and lignite—9,240,000
-
5?,000
914,000
695,000
148,000
13,200,00'
t
includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
the B. & O. in Kanawha, Mason and Clay Counties.
SRest of State, including the
Panhandle District and Grant, Mineral arid Tucker counties,
includes Arizona and
on
Oregon,.
""Less than jl,000 tons.'
(
."
:>V
N(^-F^iisMe|^40ad Advanced io|3$
'
180,000,
5,000'
427,00«
7,O0i
48,00i
204,00
3,000'
—-i.
—
1945"
'1946
236,Q00
——
—.———
Dec. 29,
Dec. 21,
profits
security
tions at the close of the
•
Were
year Were
$1,45 J ,254,461, as compared with
$2,059,320,457 a year ago.
Capital, surplus kand undivided
profits on Dec. 31, 1946,. w.ere
$90,000,000, $170,000,000 and $61,627,361, respectively, and the gen¬
eral
contingency
reserve
Was
$32,754,549. The Jan. 9 announce¬
stated
that
if
stockholders
a
capital
stock v di^itjepd Of
shares
Qf $100 each, .totaling $10,000,000,
would be paid.
The general con¬
tingency reserve will be added to
capital funds, which wjli then
amount to more than $354,000,000,
consisting of capital, $100,00.0,000;
surplus, $200,000,000, land Undi¬
vided
profits of approximately
$54,000,000.
Week Ended
Dec. 28,
,
Guaranty
New^Vork,
proposed increase in
at the annual meeting, 'a
■ '
,63,700
Company /- of
approved
1,238,000
574,000
1
■
103,600
•
ment
1937
597,000
The annual report of
a year earlier.
Hold¬
ings of U. S. Government obliga¬
.""I
tJ,848»0QO
,•
t.2,225,000
.
$839,000,000
'
-
LIGNITE
"
""Dec. 28,
11,350,000
_
on
'/•*■
:
Week Ended—
.
Bitu.minous coal and lignite—
Totai, including mine fuel
Dailyaverage
•
COAL AND
BITUMINOUS
OF
Net Tons)
"
**
«*
»
*
1947,
15,6Q0 tons ippip fhaib. for theJ
.was
PRODUCTION
(in
'%
4,
the output for
i:
i-','Vir;^ ir'frU:'
v'v,,--
ESTIMATED
*f
Jan.
ended
week
increase of 1,200 tons when compared with
an
the
vestment
1
:
'
in
^2,059,036, as compared with $5,13^,436 in 1945.
Deposits at ihe
end of the year, amonnting to
$2,501,513,458, showed a decrease
of $807,939,0.49 from the end of
the previous
year, resulting almost
entirely -from the decrease in the
U. S. war loan deposit: account,
Which stood at $85,0,00,000 nt' mer
close of 1946 as compared with
fxips^ah increase ^ ^4p^%^over J945wiiien::were piro^ ,
cluced.
price
ating earnings for J94^p£
973;753, as compared with Il7,157,091 for 1945. 'Ih addition? in-
When 1
cqmpared -with-the output, in -the - qorrespb^ding week of 1946
increase of 145,000 tons, pr 19.7 %/' 'The tptal production pf
]
Pennsylvania anthracite for the calendar year 1946 was 60,685,(100
+
delivered
hy' ^Eu^ene W. Sti?tipil
of the board, and "J.
Cleveland, President, is¬
sued to stockholders on Jan. 9 in
advance of the annual meeting
Jan. 15, sftows peX
,curpept qp.C^
wasr;an
;
r^ectsV ;the; in-
freight
Luther
882,000 tons,
the preceding week.
over
the
1" V:,y>'.
•!,'fjri;rvt'ri?
do-
Chairman
1945.
year
anthracite for
estimated by the Bureau of Mines,
as
increase of
an
of
for
signed
with'
decrease of 7.9% when compared
a
copper
„
Trust
put of bituminous coal apd lignite in the calendar year 1946 is esti¬
mated at
quotation
rates and han¬
dling chaygos, estabU^iJD^ tbe: dif¬
ferential at 0.275c per pound be¬
1947,,
.estimated by the United 'Stat.es Bureau of Mines,, was 1
tons, which compares Vith 9,240,000 tons
refinery
Volume
THE COMMERCIAL * FINANCIAL CHRONICLE
Number 4560
165
"
:
Total Loads
^'V^.'^X^- Eallroa^Si.' '-Pt
>.♦
RevcnueFreighi Car LoadingsDuringWeek
.">•+
»..'*■
■
» •
:;r
Southern District—*
■
V'v-
-V
; ..Total Revenue
+V ..•••£ '
.1
>
.»
t,
•Freight Loaded
Atlantic Coast
|; Loadjngt qf
'
endjed\
tjie week'.
•
fifeout the same week in 1945.
Loading of
included
415
3.934
Louisville A Nashville—
Miscellaneous! freight loading totaled 305,989: cars, an increase pf
19,008!cdrs: above: the;preceding^ wee& Jtnd
loading of mdrchandd§e'f less' than 'carload Jpt freight4otaled
#7,53$ cars; ai decrease of 141 cars below the preceding week, and
decrease of 250
a
Norfolk Southern^——.
ibove
-*
,
^
alone,, grain and
29,824
cars, a
grain products loading
sot.
661
127.
ii2
684
113,277
92,276
88,281
13,815
11,765
2,877
11,569
2,841
8,688
3,556
3,500
;
TfotaL—.
Forest products loading totaled -32,891 cars, an. increase of 5,286
the #e^dip$;. 6,818 cars- aiiye
-
y i
Coke
1
—
below the
preceding week, but
an
decrease of 198
a
increase of 820
10,099
419
423
602
278
270.
203
43
48
1,913
2,996
3,581
770
'
1,780
4,449
1,570
2,088
4,803
3,855
2,950
8;969
^
1,799
8,195
*
8.428
4,490
>
3,587
227
106
94
184
367
1,830
1,498
1,786
2,370
72;826
74,826
72,483
53,135 -
21,574
20,901
2,227
21,379
8,510
2,500
2,864
.
Liquidates Control Staff
y
1,881
From i its
Washington, bureau,
t]he New York "Journal; of Com¬
merce" reported the IgRowing^n?; :
der date of jpee, 22:+
-,
:+ ,%
t,843Maj.or General. Philip. B. Flem¬
50,859.
.
2,532
.
2,512
149
245
404
63
54
17,6U
17,442
17,137
9,576
9,247
2,550
2,665
2,597
580
769:
10,956
11,332
11,166
10,303
9,974
2,501
2,419
2,416
592
2,636
1,540
2.659
531
3,374
2,684
3,131
3,831
760
700
35
38
703
714
697
I,240
1,263
1,354
1,322
463
4031
-
——
Terminal,—,
558 y
1,938
1,981
i,998y
.
-
1,565
..
'
;
.
'
1947
••
Week of Jan. 4—
616
North Western PacificPeoria At Pekin Union
1946
652,978
687,428
Th0 fQllcwijig table is
•*
a
'
'
-
"
*
OF'CAR^i-WEPK
Railroads
;••
'.A
'
ENPEO JAN.Z-A
'•
1947
.
.;' 317
2,114
-
.
1946
367
,
;
2.323
6,059
,
.
6,071
35
:
3,052
.•
.
45
1,950
9,460
10,014
'
•
1,703
"
1,302
*
254
9,322
•
*
3,333
3,167
13,018
6,687
2,436
3,016
Dehiglji-,-Ar-Hudsbn ;River--^V^i-i«;^
-105
\
■England^^—y,,>
Central.
6,656
■•
5,110
V., N. H. & Hartfowt—
8,156
-
-
8,493
"
•
8,309
552
-
.
;
Pittsburgh, Ac Lako.Srie—■ :-":§,852>
4,559*
-
'
PSre Marquette.——
,
-
5,052.
.
-
3,689
Ty'-'-'i
.
y«
■
Baltimore
#
1,105
Cambria Ac 'lndiana.-.-..^-..^.—„
of, Nevr Jersey,^,^-y ^y'5,025^y
•
Cornwall
,:
Union
(Pittsburgk)-i—:
333
375. '
■0 72- '■
f" -7'*
8,607
9,698
3,176:-
J."
1
'.
NorfolkAcWe^tern^..^.Totftl
H
'J
i" -;•«
67..'
10
%
60
■
■
9
48,126
49,763
66,301
;.yA
'
i
1
.
...
REPOR'IH-ORbERE^
jpROpUCTION;
'
-
I
y
Received
»%-PArlbd ' ,
from the National
MILL. ACTIVITY
Remaining
ProduotioD
•
Percent of Activity
Current
Tons
Tons
-L152y
,1,215
L-134;.
'■/.yy;I3;
-
42
1,465
65,033
44,988.
y
46,817
1.0,400-
11,522
23,282
r>
22,687
10,072'-.
10,359
1,499.
■
-
11,655
1.7,193:^
•
1.7,452
3,588
'.;1»337 ;
•
;
V 3.3Q1 :i
'•,3,453
Cumulative
•
145,587
>
24,184
,17.478-
.21,932
|
153,176
t— .TIT— -
-j
■
'
SV-
J i
123,830
122,7711
;
DCC,.21__
...—
153,574
207; 137
167,937
144,083
99,555
—-
! W.w
Period
;
20,135; :
% 19,424
•
1,024.
3.853; v-+;638,^
|,;55^35+| 46,484+ ^50,497-
:
9,77a
+ 5 561,
•
16,363
a,848
v-
:•
''•■■■■
172.354
169,988;
161,534
175.440)+::
174,752
175,906
170,411
l45>507
23v,i.^-.;T®-——-——
—
;
205.423
185,047
138,100
NQV»^38.^,-^4'— -j
Dec,;
Dec. 14-,--—,
2,537
-
155,589
NOLv' 2rmT»T——T-,—
Noy^
.—. .
NoVf
.
.o
170,533
162,353
,
V
•'
:
v;
83
.
593,213.
95
.
100
'+93:';
:
101
95
,
was
appointed
within
istration
the- Officer of
Temporary Controls^'7T^j
John C, Houston, Jr:, was ap-^
pointed as. Commissioner Of Civil^
Production,
ian
Within
the
Administration
Office of
pontrots,.
Philip F.
temporarily
r
General
'
Temporary,
.
.
!
Maguire. ? Will; serf6
as a consultant.
Fleming
also
-
estab¬
lished the Office of Deputy
Te^"
porary Controls. Administrator' and
the Office of Executive Officer.:
J. W. Follin was named as
Deputy
Temporary Controls Administra¬
tor, and Ernest M. Hall as Execu¬
tive Officer. Mr. Follin is Assist¬
ant, Administrator of the. Federal
Works Agency < and Mr. Hall is
Executive Officer. They will per¬
form their additional offices with¬
out
pharge.
•
—
99
95
598,569.
98,
572,188
601,787
613,752
96
10V
ioq
580,331
554,982
546,042
.
"
94
96
96
"
543,675
102
533,713
+
15,289
96..
96,
•
9fi>
year-to-date, shipments
reporting identical mills were
above, production; Orders
were 50.9% above production.
Compared to
responding
the average cor¬
of 1935-1939,
yeporHng m$Jk
week
;pfiqdUptipn
6.0%
below;
34.6%
above;
shipments
orders
were
were'^6.9%
above*
Spending week in, 194.6, produdtidn
:.:-
1947.—Week Ended;
196,927
142,338
588,406
83;
.
85
prior■•"weeki't'-pius''"SrdersV w<^ved/jesv ^
da not necessari'y equal the unfilled orders At the close.
reports,'orders mad foe or; filled; frcm stQck; and. othen
mjnts. of unfilled, ordeys.
,For' the
96
€0
the current
production at
96,
,
99
109,21$
'$
96,
.
100
172,279,
•
days'
rate and gross stocks are; equiysi^
lent to 35 days' production, : - +:
96
102
175,640 ;
For reporting softwood mills, un¬
filled orders are equivalent to 23
96
103.
101
578,742
871,179
172,41.7
ber
63.8 %
'..5,740
0,;i.q°6-
Weekly Lumbier Shipments
63.8% Ahqve Prpdiictioit
of
95
100
605,059
-
99
101
579,560
569,409
619,581
.
.
j
170.97(h
155,140
•
Xl40il55 | l39;81Q
,129,687
v
*-*••*%.
TO 16
•
17^268 1
,
5A08L499
?
+
-Wf——T^.-SPI—f-.-in
Oct. 26-....^..
615.865
-169,143
:
223,117
,1 -vrpri--?-.—
Opt. .19^..—
,15
'';®v-26
-814533®' 62(140
.
Oct,
Oct,
•
;
.72
156,822
21
160.969
14487
'§§■ 64®
/HQ;.'
.
Sep.
'.v"4
y
..
:
151,407
DOPut
j
1,092
•
v.-
^y369^
337
19.3-70
1;299
15,460
5,221
-
20
r
,
138,189:
"172,476
192,978
Sep4,
17,866
"1,6611,378
McCullough
Commissioner of Price Admin¬
as
"" ' '» »
I
Orders
1,217
.3,608
1,604
^
;
4.316:
/-■
,
STATISTICAL
Deo, 28
Pocahontas District-!-,^ y y y
Chesapeake Ac Ohipy^.. —— ..———————^—•
78
SStrike.
NOTE—Previous year's figures revised.
1
188,918
173,094
•36,058,
.
871
vr.Ziiy-y^:ucr.^r,j
.
5,304
^Includes Kansas, Oklahoma As Gulf Ry., Midland, Valley Ry., and' Qklahoma City*
3.073
',:642
-4,795
311 1
r
,
^'
Western: .Mu*vlan<L—^ ryt 3,900.
TQibl
4,342
4,472
5,839
'
; Central R»
L'gonier- Valley..
Long, island.—^.—y.
penn.-Readipg Seashore Lines.
Peansylvania System
y.
Reading Co
■997
920
5,014
4,210
SF95SF96$5ie^5BU
':' 535';y
37,175 :hM 35,834
1.626
1,258'
(.-!) v
Bessemer As Lake Erie_L^—,
.
54,323
6,000
4,259
'
'+■ Tons
£
r: Cumberland Ac Pennsylvania———
»'18
231;
1,701
2,038
122,921
6,037
Temporary
According to the National Lum-}
Manufacturers
Association,
lumber shipments of 363 mills re¬
paperboard industry.
The members of this Association represent 83% of the total porting; to v the National. Lumber
Trade. Barometer
werev63.8;%
industry. and, its program includes a statement each week from each above
production for--the 'week
member of the orders and production, and also a figure which indi¬
ending Jan. 4, 1947.
In the same
cates the activity of the mill based on the time operatedi
These week new- orders of • these - mils
were 50.9% above production; Un¬
figures are advanced to equal 100%, so that they represent the total
filled order files, of the reporting
industry.
mills amounted to 62% of stocks.
5.517
21
94
,
49,287
;148
*4,463
.27 /
We give herewith latest figures received by us
1,693
•;-
•
2,336
8,260
279
2,990
12,130
x
12,509
":'V 214* ■';
8,024"
-3,174.
11,080 v1
4,695
8,205
7,384
2,223
6,027
.
921
i?f fc
3,465-
.
,,
Paperboard Association, Chicago, 111., in relation to activity in the
ID,936
L.761
■k 6,274
310
128,560
v.4
AB-Ohlo———y———"^**'—1?*:
V
52
",
Weekly Statistics of Paperboard Industry
12,604
i
£W-"-
1595'254
280-•'■!
aBgj*^2'22l3ES2E3
-'tf- "-S:
+.:\? .'4" -J>
AKaghenp,DlstricL^'y.',>...
Mton, canton Ac Youngstowur—r—•,*
231
-2ix:'>
3,921
<V43%l90h
•m-f.r.-,-
-
\Y 689
5,349
.4,645
Wheeling Ap Xiake Erie——-
'%'■£
-
676.1^
1,870
848;
:
Of
IH
'
-
93
*
76
.:
:
1,062
6,910
6,675
3,963
'
'
310
Rutland
Wabash
";V. tmir
v-^
154
1,535
2,256
1,988
Ada-Atoka Ry,
42,005
'
874
Pittsburg Ae Shawmub—--,—-,—^
Pittsburg. §hawraut. Ac Nor.thern-^^-- ;++230i
Pittsburgh Ac Westy Virginia--,'r«--m ^ ^596-
5.753
15,398
65
1,345
1.2,164
'
4,501
13,746
.
309
2,027
3,296
2,333
107
13
6,008
6,094
"^205r
117
Arkansas
Total—
4,402
240.
i:i>t:j'15;
8,336
;
•
2,763 ■" >••
249
274
-.§■
•
75
:
11,907
2,442
'
"625-
-.
5,275
:
336
990
2,098
3U37.
1,624
1,898
44,540 :
"
637
York; Ontario Ac Western—__
+ 5,450'New York, Chicago Ac St. Louis,
:;;".299'
w. J., Susquehanna Ac Western-—.—.
New
2,330
293
—
3,845
1
;
Office
6,502
3D
37,172
2,320
2,402
1,736
3,598
1
258
.
1,854
37,895.-
1,233
—
—
WeatherfordM, W.AcN, W.—,
2,399
•
; 1,808
,
40,067
yorl; Central Llnes^n-^-.w—. '
:4,925 '•
.
?
•'+2,317
Montour,
N.
1,946.
1,214
5,414
278
2,377.
1,057,
4,312
;
Max
1
2,205
61,672
6,877
1,722
1,340
315
Wichita Palis & Southern—.—a
12,712
2,624
1,434
6,635
3,308
1,354
-
2;415
Monongahela
; New
-.:;.i4i,;..
•
.
6,624,,
.
6,776
Lehigh "Valley'
Maine
.112
-
1,425
..
333
4,760
2,752
66,528
.,
•112,632 +
4,082
Texas As Pacific—.—
7,523
160
1,646
.
1.505,
280
9,492
w
215
«
1,9.00,
1.173
r
104,196
1,607
Teaas As New Orleans—,
380
.
7,177c
132
1,729
275
—;
5,516
V
187
-
:
.
1,370
Quanah Acme As Pacific..—
St. Louis-San Francisco——...
St. Louis-Southwestern—
<—-—
1,588
44
2,911
•'
Lehigh1A New
3
7,339
8,761
-
the
named Com¬
was
the Office of War
and
Reconversion
Controls. In such capacity he Will
also administer functions ofisthe
Office of Economic Stabilization.
o
0
.Ji,
330
.
with
99
358
622
25,892
14,133
12,347
; 1,638
y ■.
3,694
5,973 :
9,547
Western
3
'
••
■
4,012
1946
,
26+
921
3,787
■260
—
Trunk
536
—,
-
Litchfield & Madison—
1,233
"
5.991
Detroit, Toledo & Ironton.—
Detroit Ac Toledo, ehqra I4ne
Grand
812
.
1947
1,090
-36
685
Delaware H9 Hiidson—
Delaware, Lackawanna Ac Western—Detroit Ar- Maokinac——————
—
824
1,214.
.
——,——
Central Vermont-.-^——,——.
Erie
758
Harold Stein
missioner of
Mobilization
10,559
Louisiana Ac Arkansas—
:
1,300
-.v 348
10,834
?
-248.
'
Indiana...^
II,236
Internatdonal-GreabNorthern
Total Loads
Received from
—COrineptiQn&—
1945
.2,983.
•
5,996
Chicago, Indianapolis & Lpuisy.lllo.—
Central
16,478
„Seuthwestern.l>lstrict—
Burlington-Rock Island-
Missouri Ac
R&venue:
Freight Loaded——-
.
Bangor it Aroostook:
Boston A Maine
0
15,240
110,955
mrmnma
Gulf Coast Lines—
.
Total
Arbor.
40
15,791
tK. O. As G.-M, V.-Q. C.-A.rA.—
"
Eastern District—
Ann
0
j.. lua*
.
REVENUE FREIGHT LOADED ANP RECEIVED, FROM CONNECTIONS
•
20,634
24
—
1945
Kansas City Southern
'
9
24,667
j
683,398
summary of the-freight carloadings for
Jan. 5,1948.
-
14
Union PachiqSystem^^^^—
During this perioc| 78, roads reported- gains over the week Tended
' '
553
—_—..
Southern Pacific (Faelfic)
Toledo; Peoria As Western—
the separate railroads and systems for tjie week ended Jan.; 4, 1,947.
'■■k'
424
119'
Total——
:
814
1,445
844
.
725
1,315
Nevada Northern—
cbrrespond?
witty:the
ing^week in; 1946, except the Northwestern and Southwestern, and
all reported increases compared with same week-in 1945 except the,'
Centralwestern and Southwestern,
- "
.....
814
1,524
Missouri-Hlinpis_..---i-^—
AJidistrictsf te^^
-
ing, Administrator of the Office of
Temporary
Controls, s; has
an¬
nounced the following staff which
will assist him in carrying o.ut the
liquidation of war agencies::
:
3,460
829
Fort Worth As Denver City.
cars
Illinois
corresponding week in 1946.
93
364
•;
-r-——
amount bid for at
the low price was accepted.
There was a maturity of a sim¬
ilar issue of bills on Jan. 9 in the
amount of $1,306,438,000..
8,343
10,395
Denver Ac Rio Grande Western;
-
above the
cars
;
per annum..
61% of the
385
8,232
96
4,278
,
Low, 99.905, equivalent rate of
discount
approximately 0.370% ;
Denver Ac Salt Lake—.—...
above the
cars
348
8,371:
298
10,206
High, 99.907, equivalent rate of
discount approximately
0.303%
per annum.
232
515
452
.
|
8,893
_
Bingham Ac Garfield-
ah increase of 1,420
554
8,280.'
748
i y
218
960
1,028
.
.
303
A^Sputh^^—«,
Chicagb, Burlington. As Qulncy.
ChicagoAelllinoisMidland..—
Chicago, Rock. Island As Pacific...
Chicago Ac Eastern Illinois
Colorado AcSputhejn-
: :
loading amounted to. 13,635, cars,
3,141
890
Atchi, Top, & Santa Fe System.
Ore loading amounted to 10,588 cars, an increase of 394 cars
.
17,749
3,612
410.
r
corresponding week in 1946.
17,465
8,058
•wrrr^'rjrr—-rvri
nbove the precediogweek and
21,204
Central Western District—
tears above
the corresponding week in 1946.:
2,547 :
2; 130
:
:
12,709
2,148;
17,470
Spokane International
Spokane, Portland At Seattle.
I:
corresponding, week in 1946.
:
;3,161
Northern Paciflc^.—^
Average price, 99.905+; equiva¬
rate of discount
approxi¬
mately 0.375% per annum.
?•'
; i
Range of accepted competitive
bids:
lent
63?
107,779
—
Qrest,.Northeim^^—t
Green. Bay & V^estem.—,
bake Superior Ae Ishpemin^^---^-^^,
Minneapolis&^St. Louis—
—
Minn., St- Paul & 3. S. M,-.———
;
lag of'livestock for the week of Jan. 4 totaled 10^545 cars, an increase
of 2,342 cars" ahovd the preceding week, but a ldeSreasie of^4#6frCai$
below the
6,779
19,832
9,493
12,233
fagiA, Joiiet a? Eastern—
'fcar$ above the .presiding ^eek,}bufik decrease of>6,,543. iar^ befew
the corresponding week in 1946 : In the Western Pistricts alone+oad-j
'
7,096
accepted in full).
1,212
8,353
21,673
Chicago, St. PauL Minn. & Omaha
DUluth, Mispabe Ac? Iron Range.
DulUth, South Shore & Atlantic
Ft. Dodge* Des Meines
increase of 3,212
1,334
7,107
9,577
CentraL-
Chicago; M11W.,' St. P. & Pac.
Increase of *610 cars above the corresponding week in 1946.
an
524
452
1.17,080
for the weeknf Jah. 4- tataled
amounted to 14,365 cars,
1,040
451
;
•
decrease of 1,488 cars below the preceding week but an
Livestock loading
353
:
3,201
99;
Tennessee
Western:i|i|j|i|g
in the'
725
821
724
355
3,410
1,357
2,827
20,996
4 390
—
.
"nbnve:th^* corresponding .week! ifri&ffl;|
2,541
11,198
Southern System——:
J corresponding; week in; 1946.
.
■ ,"7. ^
,
^iibdkwuiwiiilNtb'lot^Grain and grain products loading totaled 44,673 cars, an increase;
Chicago 4e North Western
of 120: car^ abov^
the/preceding vweek "and an; increase of .73? '/&&& emcagoGrCat
.
8t037
.
22,649
538
Seaboard Air Line—
23,021 cars above: the
:
*
> 4
/
thd preceding; week, and an increase of
58Q
784
246
be dated- Jan. 9 and to mature
April 10, which were offered itpn
Jan. 3, were opened at the £edr :
era! Reserve Banks on, Jan. 6. f
Total applied for, $2,057,029,000.
Total
accepted,. $1,311,578,000
(includes $24,542,000 entered on
a fixed price basis at 99-905 ..ahji
: 3,143
12,783
7,796
11,940
257
■364
256
-
-
increase o£4t,78&^i&
an
i
648
3,093
>
170
y
255:
87.
2,094
'
407
v
185
351
1,227
^ 91
1,386
M-.
3,716 ^
24,020 ij
23,762
22,563
1.050
—
Piedmont Northern
Richmond, Fred. &. fQtomae<—__
below the corresponding week in 1946.
cars
Cpal loading a&ounted to 167,751 .cars,
:
-
.2,708
Nashville, Chattanopga
-
240
%
45
215
579
1,744
.
1,184
3,938
22,425.
&
'
.188
Mississippi Central—
1,286
46
•
Secretary of the. Treasury
announced
on
Jan. 6, that .the
tenders for $1,300,000,00p or therer
about of 91-qlay Treasury bills 'id
2,846
332
3.Q12
;S$£'+313,y:
'•
26,113
V
1,452
•-UT:'
^5®
The
3,272
788
21,813
Macon, Dublin & Savannah
'
67,
:iW •'
3,6Q7
280
3,021;
59
1,509
8,349
3,807
370
327
„
1,866
1,490
.1,340,
•
992
Illinois Central System—,—
"
305
;
|ff : Bill Offering
232
9,119.
:
13,648
3,398
3,031
CoaslL^-MM^:-^'4^'wvit«n.
Georgia As Florida
Gulf, Mobile & Ohio
9.5% above the preceding
„
.
.
1946
-
234
,
8i7':'i
'
75
Florida Esst
week which included Christmas Holiday.
•
456
1.547
287
-
Gainesville Midlandu4—
Georgia—
New Year Holiday, increased 59,461 cars or
*r
3,362
Durham As
*
freight for the week of Jan. 4, which
revenue
662
1947
288
-
12,746
3,247
Columbus & Greenville
increase of 4,030 cars or 0.6%
an
701
14,793
Line-T_—.
1945
27Q.
.,.
Result of Treasury
—Connections—
1946
.
+;.y327
Central of Georgia
____1
Charleston. AsWestem Carolina--.
ClincWleW-w-^Mv-^——
totaled 637,4.2,3; <#rs, the Association* of Ahierican Railroads announced
tills was an increase of 34,450 cars or 5.3% above the
corresponding week in 1946, and'
1947
K.
..,
Alabama. Tennessee A; Northern-,.—AtL As W. P,-~W* R. a. Qf Ala—-.
.
Received from
-
-r
%
Compensation! for delinquent
itpme made- necessary, adjust?
' '' •
v
of
reporting
9bov0;
mills
shipments,
wasl3"'9%
were'170.8%
above,; and new orders were 29.7 %
above*
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, January 16, 1947,
1945; loans and discounts at pres¬ Company,, was on Jan, 13 elected opening of the Stadium Branch In
Modern in
ent are $61,105,664 with additional a director of Chicago Title and Portland on Jan, 2;
unused
loan
commitments
out¬ Trust Company of Chicago, 111., construction and design, the new
(Continued from page 320)
standing of $6,939,018, against the at the annual stockholders' meet¬ building, a one-story structure, is
William M. Walker, Vice-Pres¬
*^^iajjndivided profits.
The
same
figures for Dec. 31, 1945, of $63,- ing. With Western Electric Com¬ located at S. W. Morrison and
ident in charge of the Los Angeles
phper said:
661,690, with unused commitments pany since 1910, Mr. Levinger has 20th, in the upper downtown sec¬
WilliUm J. "Wason, Jr., Presi- branch of the Fidelity and Deposit
outstanding of $8,056,238. Capital been works manager of the Haw¬ tion of Portland; it will serve an
i'^lent of the Kings County Trust Co. and its affiliate, the American and
surplus have been unchanged thorne Plant' since 1939, director expanding business section which,
" ^
Banking Company of Baltimore,
Co!/ announced \ that the stock¬
during the year and stand at of the company since 1931, and it is stated, has heretofore been
holders of the company at their died suddenly at ; his home on
$6,000,000 each, while undivided Vice-President since 1942; He is without? convenient banking fa¬
i
Mr. Walker was born in
Meeting today elected Kerwin H. Jan. 9.
Frank Holmes, Jr., an
profits appear as $2,910,122 in the also a director of the Chicago As¬ cilities.
"Fulton,
John
V.
Jewell
and Wilmington, Del., in 1885 and re¬ latest report, against $2,028,572 on sociation of Commerce, and the Assistant Vice-President of the
George - C, Johnson as trustees, ceived his preparatory schooling Dec. 31, 1945.
Illinois Institute of Technology. United States National Bank, is
in Birmingham, Ala., „and Baltic
each for a term of three years.
Mr.' Levinger has been active in Manager, and C. A. Clements is
more, Md.
In 1897, the family
engineering profession and Assistant Manager.
Both have
Graham Ki McCoirkle, President the
moved to Los Angeles, where Mn
^
holds membership in the Society been ; associated with the United
At the annual meeting of the
:-1
Hems About Banks and Trust
">
Companies i
.
r
•
1
stockholders
TYust
♦'Jan.
Co.
of
Beipis
held
directors
were
on
re-
Wolcott Lit-
Thomas
and
Street
State
Boston
of
all
8,
elected
the
of
Treasurer
of
Bag Co., was added
Mr. Little, a grad-
'Belmont,
Bro.
to the board.
uate of
'
Trinity College, B.S.; 1914;
^Massachusetts
of Tech¬
Institute
nology, S.B., 1916, and Harvard,
BJ3., 1916,, has been with Bemis
Bro. Bag Co.
since 1916, except
Jor
his
sendee
during World
War' I from 1917 to 1919, when
he was discharged with the rank
'hf* Captain.
In the ensuing years
he has represented his company
Walker matriculated in Occidental
College
brief
as a
After
law student.
he
career
newspaper
a
re¬
sumed his law studies at Stanford
University, from which he grad¬
uated in 1908, following which he
started the practice Of law in San
Francisco.
Subsequently, he be¬
engaged in the bonding
business and in 1916 joined the
came
and Deposit Co. as its
assistant manager in Los Angeles.
Fidelity
He
made manager of the of¬
was
,
fice
has
to
office
Boston
the
been
chiefly engaged in the
purchase and importation of jute
goods and in connection with gen¬
eral finances of the company.
He
so
later
years
and
Union
Cleveland
Commerce of
of
amounted
1946
in
the
in July, 1928.
Net profits earned by the
Bank
was
of
Vice-President
a
company
irl5 London and Calcutta and since
-Ms' return
two
elected
to
$801,281,
equalling $2.27 a share, President
John
K,
Thompson
informed
shareholders at their annual meet¬
the
of
to
serve
of
Telephone
on Jan. 8 elected
the board of directors
was
on
Harris
the
Bank
Bell
Illinois
Company,
and
Trust
Savings
of
Chicago. Mr. McCorkle
his career with the Bell
and
manager
as
rose
through suc¬
his present
cessive promotions to
position as President of the com¬
pany.,
He is active in civic af¬
fairs, serving as a director of the
Chicago Crime Commission and
the United Charities of Chicago
and
Chairman
as
Utilities
Division
of
the
of the
Public
Chicago
Community Fund.
Frank McNair, who retired
as
director of the National
a
of
National
First
The
Bank
of
Union City, of Union City, N. J.,
Was placed in voluntary liquidatioh on Dec. 14, having been ab-
:
'
»«orbed by the
.
Hudson Trust Co.
City.
First National
had a capital of $300,000—
ofT'iUnion
Bank
$10^000 V common
preferred (HFC).
/
a-nv,**.it.
•
u
w -
.».•
-
•
$200,000
and
.j „• ftljrr:'*
•
V,' .,i* iV-'i
\ '• ^
Gross
earnings of The Philadelphia\ National Bank of Philadelphia, Pa.,: for the year 1946
aggregated $11,254,459 against
$11,957,511 in 1945, while operat¬
ing ' charges were $6,280,874, as
/compared with $6,366,724 for 1945.
Ket
earnings
were
$4,973,585,
against $5,590^787.
After; giving
'
.
L
•.
consideration
:
to
transfer
the
of
and debits to profit and
loss, account, net profits for 1946
were,
$6,420,512, compared with
credits
$5,985,472
.
•
a year
Francis
Boyer
7
Heichel
earlier,
and
;
Frank
H.
elected directors of
were
The
^Philadelphia National Bank.
addition, all present members
In
of the board
were
reelected.
.Mr.
Boyer is Executive Vice-President
add a director of Smith, Kline &
French
Laboratories;
President
and director of Smith, Kline &
French Inter-American Corp., and
Smith, Kline & French Interna-
tion Co.
Mr. Reichel is President
Chairman
and
of
the
Board
of
American Visco'se Corp. and for¬
mer President of Sylvania Industrial
■i;y
Corp.
s
„
David E. Williams, President of
!(i the Corn Exchange National Bank
'
&
Trust
reported
Company,
at
the
Philadelphia,
bank's
annual
meeting of stockholders held Jan.
C
14, that deposits, other than U. S.
Treasury deposits, as of Dec. 31,
1946 totaled
$253,297,094
pared with $234,731,262
•
as
as
com¬
of Dec.
Capital, surplus and un¬
divided profits as of Dec. 31, 1946
were $18,629,099 with reserves of
$1,747,738,
as
compared
with
31, 1945.
;
-
J
i
j.
i $18,022,604 and $1,407,247 as of
•/.» Dec:'31, 1945.
He stated that net
ft/v; operating earnings for 1946 totaled
$1,099,744 compared with 1,173,:
return
on
assets
earning
our
improved during the year, our
cost of doing business
also in¬
Thompson
President
creased,"
told the shareholders.
that
"the
demand
is
bank
had
for loans
expected to
a
in
He added
substantial
which
1946
in
continue
1947.
Engineers,
the
of Electrical
Institute
Engineers,
the American
The
advices from the institution
also
made
known
the following
advancements on Jan. 8:
Vice-President and Audi¬
New
tor—Burton A. Brannen, formerly
Auditor;
new
Vice-Presidents—
Charles A. Carey, formerly Assis¬
tant
A charter
issued
was
on
Dec. 17
the Comptroller of the Cur¬
for the Valley National
Bank of Alhambra, Calif., with a
by
Harbaugh as Vicevoted by directors
immediately after the sharehold¬
was
ers/meeting.
Both
were
Assistant M.
Tibbits, formerly Assistant
Secretary; Richard H. Wayne,
formerly Assistant Cashier; and
its formation.
Mr. Andrew's, a
J, Robert Webster, formerly Assis¬
graduate of Oberlin College and tant Cashier.
have
been
Commerce
Vice-Presidents
since
and
.
with
the .Union
-
Columbia
Graduate
School
of
ier.
was
connected with
in loans and discounts.
Deposits
totaled $550,571,354 and loans and
discounts stood.at $111,826,286, *
'
!
!
:
■
nw—r-
'
•
'
Supreme Court Upholds
Reserve Board Ruling
An order by the Board of Gov¬
of the
Federal Reserve
ernors
was
upheld by the United
Courf on Jan. 6President of According to Associated Press ad¬
vices from Washington on that
Mercantile-Commerce Bank
and
Trust Co., St. Louis,
an¬ date,
"the tribunal found that
W. L. Hemingway,
nounced
on
Jan. 10 that the bank's
orders by
the Board of Governors
reviewable by courts. It
board of directors have authorized
are
the transfer of
decision pn the question of
whether the directors were 'pri¬
$2,500,000 from un¬
divided profits to surplus, which
results in a surplus of $7,500,000.
With present capital of $12,500,000, the combined capital and
surplus of Mercantile-Commerce
now totals $20,000,000, the largest
of any St. Louis banking institu¬
tion.
,
based
its
marily engaged' in
writing business."
the
under¬
With
respect to the Court's
findings, the New York "Journal
of Commerce" in advices from its
Washington bureau on Jan. 6 ha$
the following to sayt
.
The Court ruling, which may
have broad effects on the compo4
sition of bank directorships
in tho
future, was based on a liberal in¬
terpretation of Congress's intent
in separating commercial banking
activities and security underwrite
char¬ ing activities.
It has a
Although Congress prohibited
capital of $30,000, surplus of $20,- banks from
naming directors who
000 and total resources of $926,387.
are employed in firms "primarily
Its officers are W. S. Stillwell,
engaged"
in underwriting, tho
President; R. M. Marshall, ViceSupreme Court t held that "pri*
President; Byron H. Hix, Cashier,
marily engaged" did not mean
and G, A. Berry, Assistant Cash¬
that underwriting must be the
ier."
'
'"."l
company's most important single"The
new
member
was
tered in January, 1903.
,
Secretary—William
H.
activity.
Substantial
classes
of
increases in all
deposits except U. S.
taries—Guilford N. Askew and J.
John Agnes and F, O. Fayerweather, bank directors, had been
Government and a sharp upswing
ordered removed from office by
in loans and discounts are re¬
the Federal Reserve Board on the
vealed in the Dec. 31, 1946, state¬
ground that they were employees"
ment of condition of the Anglo
of a company4^astman, Dillon
California National Bank, of San
■
,
Dec. 31,
1946,
with $262,457,103
bank call,
the
liquidation.
He Brooks
Corwine; new Assistant Francisco, made public 6n Jan. 2
is a member of the University and
Comptroller—John T. Browning; by Allard A, Calkins, President.
City Clubs, the Cleveland Bar new Assistant Manager, Municipal In comparison with the bank's
Association and the National Asso¬
statement of Dec. 31, 1945, de¬
Department—H. F. Bright; new
ciation .of Cost Accountants. ;
Sales Manager, Investment De¬ posits declined $38,876,734 to a
The
directors
aIso
elected partment, St. Louis Office—Clark total of $442,676,952. The decrease
was due entirely to a marked de¬
George P. Dietzel Assistant Cash-? Cox; Assistant Sales Manager,
ier.
He has been with the bank Investment Department, New York cline in U. S. Government de¬
since its formation and was pre¬ Office—Paul W. Wolf; Assistant posits, from $76,156,915 a year ago
to $10,290,189, iri line with the
viously Auditor.
He is a past Manager, Credit Analysis Depart¬
nation-wide running off of gov¬
President of the Cleveland Con¬ ment—John M. Blair,
fefii
ernment deposits in banks/ This
ference of the National Associa¬
decrease of. $65,866,726 was par¬
tion of/Bank Auditors and CoinpThe Continental Illinois National
trollers.
Directors also declared Bank and Trust Co. of Chicago tially offset by gains in all other
classes of deposits.
Time deposits
a dividend of 75 cents a share on
reported total resources on Dec.
increased $14,711,014 to a total of
capital stock, payable Jan. 25 to 31, 1946, of $2,227,056,286 and total
shareholders of record Jan. 15. deposits
of $2,038,434,994, com¬ $139,416,995 at year-end, demand
$6,220,051 t6
The same amount was paid last pared with the figures for Dec. deposits increased
$263,242,704 and other public de¬
July*
':
31, 1945, of $2,826,963,072 and $2,posits rose $6,058,928 to $29,727,646,721,524.
U. S. Government
063.
Loans and
discounts in¬
The K Fifth-Third Union Trust obligations held by the bank on
creased more than 50% during
Co. of Cincinnati, Ohio, reported Dec. 31, 1946, amounted to $1,179,the year, from $60,308,842 to $94,total deposits and total resources 451,969,
against $1,821,033,425 a
of $225,024,669 and $244,255,134, year before; cash on hand and 457,673, an increase of $34,148,831.
An even greater increase is seen
due from banks is now $565,280,on
Dec, 31/ 1946,
States Supreme
the Union Trust
respectively,
the
at
led the State'of Oregon in total
resources and deposits as well as
panies,
.
1938
of
Sammons is President
C.
*
New
Business, was with the National
Milsted, formerly Assistant ViceCity Bank of New York from
President; new Assistant Cashiers
1921 to 1938.
C
—Lv W. Bredehoft, Elzy Bross;
Mr. Harbaugh, a graduate of
Walter
Dow, Kent W. Duncan,
Columbia University and Colum¬
Gerald E. Lage, William F. Mur¬
bia Law School, practiced law in
ray, William C. Norby and Clay¬
Cleveland for five years and from
ton Rector; new Assistant Secre¬
1933 to
many
capital of $200,000—all common. Board calling for the removal of '
S. F. Mang has been designated two National bank directors asso¬
Miller, Cash¬ ciated with underwriting com¬
Lytle,
George A. Glow, formerly Assis¬
tant Secretary; William O. Rice,
formerly Assistant Cashier; Henry
for
President and K. M.
,
and Donald L.
Presidents
E.
Bank
/■
the United States National which,
rency
Yice-President; Merwin Q.
formerly Secretary; Her¬
The Bank of Tuscumbia. Tusman
C, Slocum, formerly Man¬
permitted
to
produce
without
cumbia, Mo., became a member of
ager, Operating Department; and
another series of work stoppages
Leslie A. Wood, formerly Assistant the Federal Reserve System on
and the attendant production dif¬
Jan. 2, according to the Federal
Vice-President;
new
Assistant
ficulties."
Vice-Presidents—Kenneth O. Bir- Reserve Bank of St. Louis, which
Election of George W. Andrews
said:
ifi
£
ney, formerly Assistant Cashier;
The year 1947 should be a good
one for all business if industry is
National
States
years.
Society
of Metals, and the American Insti¬
an
ing on Jan. 8.
The profits com¬
Vice-Chairman of the Executive
Council of American < • Importers. pare with $790,902, or $2.24 a Committee of the Harris Trust &
share, in 1945.
Net current oper¬
During World War II Mr. Little
Savings Bank this year, but. re¬
ating earnings, however, declined
served for some time on Industry
mains as a member of the board,
from $955,537 in 1945 to $869,850
Advisory Committees in Wash¬
was on Jan. 8 elected Chairman
in 1946.
"While the average rate
ington.
of the Directors' Trust Committee.
is1'also
Mechanical
of
American
tute of Mining and Metallurgical
office boy Engineers.
Directors; whose terms expired
and night operator in Eminence,
ahct who were reelected for a
Ky.
Following an intermission
term of three years were Laird
of
several years, during which
George H, Dovenmuehle,
time he graduated from the Uni¬ Bell,
versity of Kentucky, he returned Joseph B. Fleming, Harold A,
to the Bell Co. as a student traffic Moore, and Holman D. Pettibone.
began
Telephone Co.
;
Co.—-"primarily engaged" in
un¬
derwriting.
The fact that this company's
undrewriting business did not by
any quantitative tests exceed 50%
of its total business, had been de¬
cisive in a lower court ruling that
the Federal Reserve Board's order
was hot justified under.<the law..
According to the view that the
Court of Appeals had taken, "pri-
marily"
a
first or chief and
is not "primarily en¬
means
company
gaged" in underwriting when un¬
derwriting is not by any standard
its chief
or
principal, business.
Reversing this ruling, the.Su¬
preme Court said: "If the under- /
writing business of a firm is sub- 1
stantial, the firm is engaged in
the
underwriting business in a :
primary way though by any quan¬
titative test underwriting may not I
be its chief or principal activity.
On
the
facts
in
this
record
we
accep¬
discounts in the most tances, which rose from $3,780,629
to $10,386,248, a gain of $6,605,620.
report were $406,741,298,
458 for 1945.
!M Dec. 31, 1946, $4,893,340 repre¬ against $398,352,051 at the end of Cash and securities now total
$373,136,717 and resources $483,sented government deposits which 1945.
Capital and surplus have
551,078.
Capital, surplus and un¬
^The Fidelity Philadelphia Trust at the end of Dec. 31, 1945, had remained unchanged during the divided
profits of the bank, not
Co. of Philadelphia, Pa., recently totaled $52,638,806.
U. S. bonds year at $60,000,000 each while un¬
including
reserves,
aggregated
announced the election of Henry held by the bank at the close of divided
profits advanced
from
$25,385,060 at year-end.
Sherrerd, Maurice Hartman and 1946 was shown to be $97,902,766, $27,471,417 Dec. 31, 1945, to $35,Clarence * Hutton
as
Assistant against $133,533,530 a year be¬ 585.318 at the end of 1946.
The
United
States
National
VicfirPresidents of the bank, ac¬ fore; cash and due from banks
David Levinger, Vice-President Bank of Portland (Oregon) added
cording to the Philadelphia "Eve-* amounted to $66,779,250, compared
-
would find it hard to say that un¬
derwriting was not one primary
activity of the firm and brokerage
which
and
1945,
compare
$280,934,596
Of
the
as
total
of Dec. 31,
deposits on
423,
compared
loans
with $532,083,248;
in
letters
of
credit
and
and
recent
,
ping Bulletin."
with
$60,994,913
at' the
end
of and director of Western Electric
its
32nd
banking
unit with
the
another."
"
'
,
'
The Supreme Court commented
that "the evil" at which the law—
on
.which
the
Federal
Reserve *
Board based its removal order
aimed "is not
one
—
likely to emerge
only when the firm with which
bank director is connected has
underwriting business which
ceeds
50%
of its total
a
an
ex¬
business.'*
@FedFRASER