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Final Edition
Volume 165
ESTABLISHED 1839
Number 4556
New
Chairman of its Committee
submits
resolution
removal of uncertainties
to hours
as
worked
viz:
L.
j
(1)'t
succeed 0. Max Gardner.
compensation;
7
EDITORIAL
To the
widespread demands for higher wages, to the
persistent clamor for "benefit funds," guaranteed annual
wages and sundry other concessions by employers, have now
.
(2) a restoration of long-standing definition of ti
President Truman on Dec. 30
interstate commerce; (3) relief of
appointed Archibald Lee Manning
employer from mandatory double
Wiggins, a former president of the
liabilities for violations; and
(4) permitting compromise settle¬
American Bankers Association, as
ments in bona fide
'
disputes. Members will vote during coming V
Under-Secre¬
month on proposition which is of
special significance in view of
tary
of
the
.
been added
long list of law suits laying claim to many
(and damages) for
"walking time." It is now freely predicted that the total
*
pay.
'
•
Treasury
Proposals for amendments to the Fair Labor Standards
Act, as
recommended by the Committee on Labor Relations
of the Chamber
of
Commerce
of
the
First,
because
importance,
will
endum vote of
»:/ites
basis
membership;
of
its
tion.
were
The Com¬
tion
r ec-
to
designed
custom,
in
practice
>■' •'
in
Durham,
N. C., in 1891,
became
f.O;.
certainties and' -f
* ■; ••;
ecutive
Chamber's
has
became
of
&
advanced
Co.,
to
ex¬
concern.
sentment which
previous union behavior
doubled the pressure
upon Congress "to do
the labor situation without
Vice-President of the
provision in the law would
move
taken
a
Messenger.
He
prominent role in
banking circles, .serving
re¬
Presi¬
as
dent of the South Carolina Bank¬
present uncertainties.
-
Second,
will
•
.are:
will
definition
the
of
(Continued
-
.
amendment
an
restore
that
interstate
on
ing
long-standing
page
Association
President
as
in
of
1931-32
the
and
American
com-
56)
Bankers Association in 1943-44, In
<
1940
he
member
was
of
the
Ad¬
>/-•£' ''■/>.
System from the
5th
had'created, and
something about"
delay.
>;-J.
■
si
>•> >
But what should
Congress do, what
can
see
change in
no
fewer strikes, lower
wages,
He has also served
gional
advisory
u
prices for light goods with
"
:
if
the
poration and has been
some consumer resistance, and a naproduct of about $185 billions." See new labor legislation ahead, a "quickie" tax
bill, and a continued unbalanced
budget Predict restoration of margin trading on a 50% basis,:
and stock prices by end of
year above the highs of 1946. Jff
i<:
portal-to-portal business? The answer to this question is
easily formulated.
What it can do to put an end to such
in the
future is simply enough stated.
Merely repeal the Fair Labor Standards Act—and that
obviously As
it should do without 24 hours
delay.
But these claims
retroactive pay?
There can be little question as to
nonsense
:
(Continued
.
,
on^,pager
52>',
\ry,
,
in
that
the
early
months, of
1947.
p
,
the
Conclu-
:
sions, neces¬
sarily brief,
represent the
majority opin¬
ions of the
tire
staff
f
1946 was the
fUnemployment
Thetotal
-
:
We
now.
5
are
six
months
of
1947.
consulting
tially to the year-end.
fV.
Leslie
;■
H.
all
Bradshaw
level
of
should
wages
•.
Editor
Investment, Timing"
-f;■"
be,above that
of 1946. There
is
to assume that the
unions will halt their demands for
no
reason
higher
that
and
wages,
We
think
were
the
strikes
to 12%.
that
in
recurrence
of the
will
than
be
there
of
major
on
CIO, and AFL,1 etc.
strikes
the
part
We feel
(Cbntinued
h&s>
on
59) ^
page
:$;>
Editorial
;>f>1 >';».? ■■■ • :> ■ ■,>;>''- ;>>>/•:
As
.
>'y
' Regular Features
the
heavy manufacturing in¬
dustries they should at least hold
to present levels
somewhat
and
possibly be
higher.
>
h
49
Moody's Bond Prices and Yields....
controls
are
New York Exchanges.>;
61
Odd-Lot Trading..;.....,...'.
obvious
reasons
tained until
the
some
must
be
main¬
dent is made in
housing shortage; {| In view of
the" general
"rise
in
costs
which
(Continued oh page 57)
fired
for
this
in the welfare of their fellow
Banks
and Trust Cos.,
64
.
State
of
Trade
General Review
.
A >51
Commodity Prices, Domestic Inde&i
carried
Weekly
der.
...........,
V
60
It
Statistics.....
.
63
..
the
to
Fertilizer Association Price Index..;
59
Weekly Coal
60
and Coke
Output......
Weekly Steel Review....53
Moody's Daily Commodity Index...,
Weekly Crude Oil' Production
60
Non-Ferrous Metals-. Market......
Weekly Electric Output
;\[
;
in private
practice, though fre¬
quently besought by Mr. Truman
to
come
62
Federal
for
Reserve
Business
November........59
♦Not available this week.
wOl
new
be
House,
the
;
has
back to the
government,
the Leftist column¬
Congress will open daily
with a prayer and close with an
investigation. The rather general
expectation is that the New Deal
administration
will
be
combed
new
thoroughly and that the
over
dals will rock the country.
our
scan¬
Mark
word that this will not be the
Undoubtedly
the
Repub¬
ists and
case.
from
licans will embark upon some in-t
same
Indexes
now
according to
62
61
Carlisle Bargeron
that
•
•;>>■.
iiequentiy quoted as saying
>
might be
interesting
Nathan,
,
Twho
63
Industry
•
Speaker of the
Sny¬
know
■>
:
for
;
63
.
years.
was
on
against
*
Carloadings..
smear
campaign
months
^
<
,.......
Leftist
men
do better by themselves than have
the New Dealers in the past 14
vicious
a
for
.'a
professing to be solely concerned
was
61
on
Items About
Weekly Lumber Movement.......
nificance, except in the matter of
rents.. This form of control for
he
end
an
But the records show that never
in all history did a
group of men
of
fact
approaching
this sort of easy money,
As
.
matter
and
Paperboard
practically
let • it
60
Weekly Engineering Construction,..
Price Controls
BARGERON
rapidly
that
a
;f.
have
read
Nathan
leak out.
•
Washington, Ahead of the .V !;
News
NYSE
is that prices in
of the News
CARLISLE
Note—In the issue of Dec. 19 the
writer: referred to the effort
of the youngish
economist Bob Nathan, to get the Office of War Mo¬
bilization and Reconversion a
year ago to sponsor a report by him
that industry?iould raise
wages by 25% without raising prices and
that the office, then under
the chairmanship of John W.
Snyder, re¬
fused, ^Whereupon, we wrote, Snyder let the
report leak out. ; Obv i o u
sly 'it '
—uu-,-,should
Page
We See It....j.......4...49
Prom
;;
;
By
broad
a
GENERAL CONTENTS
light goods
and
consumer
goods fields will be lower, while
in
Price
in, 1946 and do not anticipate
despite the demands
Prices
finished in this country and those
that do remain are of little
sig¬
there
1947
;
also
the
to
Strikes
fewer
;
consensus
estimate
We
they will continue to rise
the extent of 8%
The
over¬
and
agriculture but impublic rela-
Trading
■
Wages
The
and
;
then on, it should decline substan¬
economists,
Ahead
'
of
From
:
_
background not onlypin business
millions, will be reached in the
first
f
Railroad
t
the peak of un¬
employment, at from 4 million to
en¬
He. is a
is
the opinion that
and
Banking
University.
f>;
^
f unemployment
about 2 millions
at the Graduate School of
on
lecturer
culmination of
period of labor turmoil.
Cor¬
a
Rutgers
—^11
of
director of the Atlantifc Coast Line
The economic and political
background at the turn of the New
gives reason for encouragement in spite of important labor
.'■■■
problems to<&
settled
Finance
v
re¬
as
at
>:
Year
be
Reconstruction
.
not
Disr
commissioner
tional gross
_
'
it do about this
:
trict.
Investment Advisors
,t
-
What Should Congress Do?
visory Council of the Federal Re¬
serve
be said about these suits,
presently be done about them, it is "clear
that they have
substantially worsened a labor .situation
which
already had become by far the most serious threat to
a
fairly well-sustained period of real prosperity in this coun¬
try.
It is scarcely surprising that the emergence of these
legal actions has added very substantially to the public, Re¬
the Hartsville
has
ment
which
membership
positions in this
He
time starts and stops that agree¬
should
control.
Such
a
tations, upheld by the United
States Supreme Court, which re¬
quire" overtime - pay under the
portal-to-portal principle.
on
and
may
and whatever
may
bargaining agreement Trust Company of South Carolina
between the employer?«Tid -the in-^U92t;an(Lwas elected its Presi¬
representative of his employees dent in 1941. He is the owner of
as
to
when
compensable pay the Hartsville Press and publisher
unpredicted interpretations of the
Act as for example the interpre¬
The recommendations
Coker
.
in 1931
the
ad¬
vertising man¬
ager of J. L.
A. L. M. Wiggins
or
•
.
vnMof
;There can, however, be no doubt that the matter
must
be taken
seriously. Whatever
|v
collective
H. W. Steinkraus
numerous 'un¬
vote
s';
Ambas¬
Mr. Wiggins,
who was born
locality, in¬
dustry, or particular place of
employment. Thus if there is a
remove
the
of
agreement
ommendations
are
v
litiga¬
complain¬
really expect or hope to get, and how much is
included
provide a sort of bargaining margin.
Nor is there .f^py
way of telling at this stage what the legal status of
manyapf
these claims
really is.
■
V., •■";>
'■
sador to Great
compensa¬
several billion
to
named
S.
Britain.
a
opihionsf.of the U. S.
Supreme Court on application
of the so-called
portal-to-portal
principle" j are
involved - here.
The law should permit recogni¬
days > allowed
for voting.
mittee's
overtime
as
The
mailed Dec. 28,
with thirty
>
U.
present uncertain-
to the hours worked
for
been
urgent
reach
ants
of North Car¬
amendment that
an
remove
as
the Chamber's
Ballots
Gardner
olina, who has
refer¬
a
O.
Max
<S>-
United
States, will be
put to
of the sums asked in such suits will
dollars before the last of them is filed.
As in all such
tion, it is difficult to know precisely how much the
to
succeed
'
-
a
hundreds of millions of retroactive
pay
'
pending union suits for back portal-to-portal
Copy
As We See It
M.
Wiggins, Hartsville,
S. C. banker, former President
of ABA, selected by Truman to
basis for overtime
as
a
Named Treasury
A.
Labor Relations,
on
four recommendations:
containing
Price 60 Cents
Under-Secretary
Changes in Labor Act |
Steinkraus,
2 Sections-Section 2
York, N. Y., Thursday, January 2, 1947
I). S. Chamber of Commerce Urges
H. W.
In
commentators, got $12,000
the CIO for practically the
report
Previously
th<*
French
vising" it.
few
a
he
got
weeks
$25,000
government
But
those
ago.
from
for
days
"ad¬
are
vestigations.
after
the
a
They will peter out
short while.
material
isn't
It is not that
there,
but
the
constitutionally
(Continued on page 54) >
Republicans
are
-
THE COMMERCIAL & FINANCIAL
50
CHRONICLE
New Gurb President
Greetings by Truman £
If it goes all the
Congress will go.
And Govt.
it will produce regressive
legislation, and then there may be
way,
a
reaction....
"We
are
.
a
which
economic
proper
of
sources
our
national
the
Truman
noted
LaGuardia
H.
F.
The
"The
*//
•
trouble with
4We
realistically,
is that we're
■•v.
/ I
-
to
a
1 ,j
.
'
the
sives" is that they have
>i'
advices;/*/./!
G
E
b.
u, r
/ "Before resuming
x-
the
attentive
struggle to shape the
electing
the
.
I. would
..
like
necessary, that the Curb will rema;n as open to your inspection
Vrespohsi-
>
under
The
.
!
;
you, individually if that is
assure
/
Exchange
—a
.y
that the press Is
welcome here at all times' and to
me
President, cf.
listening,
/
the policy of
to make it clear
of
honor
.
freedom unequalled
anywhere else in the world.
change did me
a
,
j*"'
,
greeting was
to all members of the Armed
President's
The
sent
the world along
Forces throughout
with
personal yuletide greetings
the Army and Navy high
propriate first action following my
election as head of. this great pub¬
lic
than
market
a
wrti
the job
meet.ng
some/of those who have
on* the activities o
i & j&I'v'yvV;«i.r
*-^'During the process of getting
//Mr. Truman expressed the hope
acquainted with this new; job, 1
that the Nation's
from
command. rnT.l7' i
gratitude- for
what the troops are doing "will
in some small way compensate for
;.K
of certain
your absence from
and dear ones on
home,(friends,
this Christmas
'v
Day,'* ■/,//:.
On
at
round.
kr-'rO-y
Dec,
23
President
(
.
Truman
informal yuletide ceremony
an
office, stood1 by his desk
half an hour shaking
the hands of the staffs of the/Ex¬
ecutive
offices, the ■ President's
house and members of the White
House Secret Service detail, ac¬
in
Neglected Business
'
■
of Individual
my, leadership
as
it- has
liberty-loving peoples ■ bil.Hy which T\
been under the leadership of Mr.
world, who/./ip have accepted. :.
Fbsner."'tr/>
darker days prayed, f or/ppr! siioA lYhile! I/will.
cess
In battle, now. offerctheijr. hot be able, to //Francis A. Truslow
take up th£3e">
oration Dividend f/;;.
/VfI///'''///I/ V/
prayers that our struggle foi; har¬
mony and
tranquillity on earth new duties, until March, I am sure'. Payments in Oct.
Reported
that there could not be a more ap¬
shall succeed."
y.Y V'-j,
.
his
for
A
of "v
Board
the New York
today and tomorrow to¬
strangely fantastic notions
of what makes the wheels go
,
Governors cf
"
t.' S';',
■'
Curb
throughout, the
and progres¬
The trouble with "us liberals
York
,
very
a
as
New
a
Says "attentive listening" will be his
the Curb will remain as open under his ?
under that of his predecessor/p '.</v!
assures
Exchange Press Conference on Tuesday,
Dec. 24, the newly elected President of the (Exchange, Francis Adams
Truslow
read
;
" ,'//•■
<£ i '/ ■
■//,
' ■:
v,/
the
folio whig
strengthening of an economic syjsstatement;/rr
tern, which; has given to us, and
V* "Yesterday '
will give to our children, a degree
just and enduring:: peach
for all peoples in all", countries.
There is still much to I be done.
"liberal"
No!
"a
At
involved in a great
are now
ward
H. LaGuardia
joint meeting in New York City
political organizations.
.
in; wishing all
women
struggle,
.
not united."— Fiorello
and
events of
cannot afford another
liberals and progressives
us
Nation
the
great struggle
a
Washington,
Press
prevented with opti¬
mistic statements from officials in Washington,
epigrams and slogans.
It requires a great deal of
cooperation and it will require some legislation. .•. v
"What we want is something that Will provide;!
employment when employment decreases. There is
something we can press Congress on. There is no 'i.
need for any man, woman or child to go hungry, in
our
country. The fact is, you cannot accomplish
thfit by maintaining the economic status quo.
We
do* need some adjustments. We want action now.
The country needs the solution of these economic
problems now, and the time to do it is in 1948. . . .
•
■■••"/•leadership
Merry / Christmas,'*" skid in/part,
it was'stated in the Associated
bust, but the bust cannot be
i
that
Fledges Full Publicity
on
:.:h«s - new/..position.
1 policy, and
v
20 in
Dec.
on
-President,
servicemen
...
this country
t he
enduring peace
peoples in all -countries."
all
for
re¬
land; and for an op¬
face the facts
"To
•
conference
Dec. 24, Francis Adams Truslow extols
function of the New York Curb Exchange, and accepts responsibil-
toward "a just and
portunity at all times for all men
and women- willing to :work to
have work.
he
still is involved in
o
extended* by
were
President
■properly and decently; for a better
of
Forces
Armed
adjustment to permit people to live
distribution
Officials;/|;!
greetings ' t
Christmas
:
/,'p
after
his press
To Armed Forces jjfe?
«1 don't know how far the new
Thursday, January. 2, 1947
p-:.' By-JOHN E. LOSHAR
nearly
reporting
of
that market.
certainly intend to do a great dea
of
listening here and ; in / Other
of vthe. country before in¬
dulging in any perceptible a.ncupt
of talking.
You can put attentive
By Commerce Dept.
listening down as my policy num¬
•;.,"/■■■:: y;
first place, X hold a very
said today,,;
"In the
/,
v.■>.
advantage
real
taking
a
new,
-
partment of Commerce announced
on
Dec.
poration
said:
23, in its survey of cor¬
dividends,
which also
>')V.i■;</• /■':v
disbursements
1946
"October
totaled
$344,700,000
as
compared
with $320,300,000 in October 1945.
For
the
months
three
ending :in
October/1946, dividend payments
amounted to $959,000,000. an in¬
of 12.6%
crease
000
1945.
over
in/ the
paid
the $851,900,-
same
period
dividends' paid
Extra
of
by
rrer
several motion picture companies
I know the
and ; a large
put the miscellaneous group into
over/most
job.,'
)
Publicly reported cash dividend
payments by corporations were
7.6% higher: in October of this
year than in October 1945, the De¬
parts
ber one. /;v * t>c>* *; 'f
r'
- T - »'''
'A. "However/ there / are two /of
three things/which ought .to be
A
•
the lead with a gain of 54% over
organization
cording to special Washington ad¬ number, of the individuals who the same three months of last
V: SEC together with Department of Commerce has for more than year
vices to the New York "Times";
year.
Trade / registered ., an / in¬
are
its members are my fr ends
,'J"heen issuing quarterly report on current and prospective capital
on that day, which ea'd that.after¬
crease of 43%.
Other nonmanuI know something -of thef greatries;
f t, expenditures by American* business. Observer ;cites; importance of | ^ ward here Was a smaller recep¬ of that institution and of the hard faeturing industries showing gains
tion
for
Under Secretaries and
were
heat, light and power, |ip
its data concerning investment in plant and equipment, as key to
Work that has gone into the build¬
Assistant Secretaries of the Gov¬
21%; and mining up 14%.
^
level of total production and employment.
Is unique in forecast- . ; ernment departments. Auto- ing of; it. Organizations like the
1 "The only decline in dividends
Curb don't just happen. They are
I; ,ing activity on basis of actual opinions and plans of business men.
graphed photographs of the Presi¬ the result of a pressing economic
paid
during ■ the
August-Sep¬
dent and Mrs. Truman were pre¬
.V:/,'/A Neglected Business Index .
" - sented to all whom Mr. Truman need and several generations o', tember-October period of 1946ms
hard working men, who have beer
compared with the same period
For more than a. year that the Securities & Exchange Commission,
personally greeted.
V* ; ; ' careful of their responsibilities last
year, was in the communica¬
conjointly with the Department of Commerce, has been issuing quarand have been anxious to make tions group, down 4%, Dividend
reports on the current and^r
a
living by supplying that eco¬ payments by manufacturing cor¬
anticipated investments of Amer- pend, in turn, the level of emnomic need, and there must be
porations were up 10% in the
ican
business,
under the title, j ployment and wages.
also, the passing of a great deal three month comparison, but there
Plant and Equipment
Expendi¬
Economists and others generally
of time with its record of effort
were wide variations among the
tures of U. "S. Business. The last feel that, even more than the level
disappointment and success.
My su b d i v i s i on s. Transportation
one covers the full year 1946, by
of consumption, new business in¬
Robert R. Wason, retiring Presjidividends
were' up
quarters and previous years back vestment in plant and equipment dent of the National Association appointment to head the Curb and equipment
assist in carrying on the work to
54%; paper and printing, up 52%;
to 1939. These reports are accom¬ is the
key to the level of total of
Manufacturers,; declared/ on which so. many lives have besn textiles
and
leather, up 48%;
panied by tables which show production and employment; and Dec!
21, according to advices to devoted makes me today conscious other manufacturing/up 29%; and
separately the amount of capital investment is frequently posited
the New York "Times,"' that al¬ of the honor which has been ex¬
chemicals, up 22%. A decline of
expenditures: made
and to
be as the most important cause of
though the end of Federal housing tended to/me, and well aware o* 23% occurred in dividends^
paid
made by manufacturing and min¬ business cycles.
It is estimated controls. in priorities and alloca¬
the responsibility .which I have by the automobile manufacturing
ing companies, railroads, electric that every
$1,000 invested by tions ends a portion of the restric¬
accepted. ;: i,!;'i'/-'"' group/ This was due in large part
and gas utilities, and commercial business provides approximately
tions upon building construction,
firms. -•/'
"During the.interval which must; to the decreased dividend rate-of
one man-year of work, this corre¬
many building controls still . re¬
one of the largest manufacturers."
pass before I can take up these
While
*
'
,
government
agencies, spondent is told.
main to * be reviewed, revised or
new duties, I shall feel very like
such as the new Council of Eco¬
Another aspect of this capital- abolished.-y He asserted that prac¬
a
runner in a relay race waiting
nomic Advisers, realize the value
expenditures series is its signi- tically all building codes, written
for another member of the team
of these data, some doubt whether
iicance to investors, as recently
in earlier days to control*abuses
to finish his lap and hand over the
businessmen and the public fully was
brought out in the report of which no longer exist, are now
baton, -.During- the last few years
appreciate their significance. This, the industrial securities commit¬ obsolete. /V'///'''/;•;/:'
/•/*:
Ed Posner has run a magnificent
it is pointed out, would not be tee
of the
Investment Bankers A
Pointing to these obsolete codes race for the Curb,, He has carried / GI mortgage loans made by
unusual, as it takes some time be¬ Association.
By
comparing the and what he termed restrictive
the savings banks of New York
the baton-which was turned over
fore there is general public appre¬
planned investment of business alliances ' between • city officials,
State during the five months from
to him a long way forward and,
Curb
.
.
,
.
*
v
Building Changes -1||
"
-
••
.
„
01 Leans Increase
ciation of
new government statis¬
perhaps even more time
tics and
.
before businessmen
use
and
come
and
saving figures
are
SEC-Commerce
series
lias
particular ; timeliness,
of
questions
duration
the
as
current
"to
.
the
of
on
business
doubts
and
extent-and
capital expendi¬
tures are obtained by SEC and
Commerce directly from corpora¬
tions and. partnerships—large and
Their estimates
or
construction
new
the
country.
actual plans for
how much
and
machinery or other equipment
they expect to buy SEC and Com¬
merce
believe
should
be
a
re¬
flection, of their attitudes toward
the
prospective
ness,
these
revenues
business
revealed
as
SEC statistical
series,
possible to make better
of
the
amount
of
new
capital
for
which
corporations
may be coming to the capital mar¬
volume
of .busi¬
and .profits.
On
components
de-
kets in the not distant future.
In
in
on
small—throughout
now
forecasts
.
of the anticipated reces¬
sion. The data
another
and composition
capital
labor
and
U.
general, this series on plant
equipment expenditures of
S. business constitutes
index
nomic
which
an
eco¬
is
unique in
being the only over-all forecast of
activity based on the actual opin¬
ions and plans of businessmen.
It
is regarded in Washington as not
unlikely
time
nomic
a
the
will
course
of
become
as
desk index of the
climate
workers
in
series
the
much of
which
that
and
reflect
for
said they were
ufacturers- of-
equipment
entrepreneurs,
as
those
cost
of
living,
the level of employment, and the
stock market. As a barometer it
L held to have greater potentiali¬
ties than any other aygilable, sta¬
tistical series.
1 :
.
to
as
handicaps to man¬
building- materials,
and
supplies,
in
distributors
as
well
efforts
to
up the national home build¬
ing program. He said (we quote
from the "Times") that the prob¬
lems which manufacturers, face in
speed
helping distributors to help home
builders
will
be
simplified
if
recognizes the following
important points:
'
!
everyone -
"(1)
static.
All
building
codes
afe
(2) Construction materials,
from the Curb's
equipment are dy¬
namic, (3), Building codes
the
use
of many
cost; -labor-saviqg.
services
and
(4)
prevent
of the new low-
materials ahd
Codes
a
this
laps.
are
1946, have in¬
or
140%
of
this year,
over
million
the first six months
according to Robert
I cannot express my
hopes for. my
the number of loans increased* by
part in the future more highly; more than 7,400 or 125%, bringing
than~by saying that I hope that j the total; loans to 13,325 with a
the baton which Ed Posner passes , valuation of $88,277,275.
During
of its mo- , November / alone, 1,414 veterans
running.
* ;
.
I received an average loan of $7,146,
"In
accepting these duties, I totaling more than $10,105,260/In
have also very much in mind that the Greater New York area,- the
average
loan was $7,889, which
the services which are performed
on
to me will lose none
mentum in my
nation by tne •
1
/ >Exchange are essential to
our
Curb
jbe economic system, qnder which
we!have, the good fortune and the
good sense to live, I look at this
as
ex¬
obsolete when completed."
Dec. 1,
is
an
tion, and
with
compares
an average
loan of
$5,936 made in upstate areas, said
who observed that
lifting of most of the
building, we can look
Mr. Catharine,
."with
the
controls
opportunity to con- i forward
j tribute to the sound development
pensive to the builder and often ;. of the ' services, which are perPy -U e .uuiP or me nk* i
permit" the erection of buildings
that
31 to
creased by more than $51
^continuity
mind
of
June
As I wait to pick up
of leadership, my M. Catharine, President of-the
very much on my share
Savings Banks Association, who
the race which is about to start.also announced, on Dec; 23 that
more-
work
are
point of view, it
great loss that he has found
it impossible to continue for a few
is
for
supplies and
eco¬
investors
the
unions, and often building
themselves, Mr. Was^n
contractors
,
expenditures
view
in
it is
illus¬
:;
...
capital
a
of its working
apply them. National in¬
trative of this lag.
The
with the volume
learn how to
on
not, only to a spurt ? in
but, also to gradual
stabilization of costs and prices* as
the .law of supply and demand
thus to contribute to the takes hold." /
Volume .165
'.
THE COMMERCIAL & FINANCIAL CHRONICLE
Number -4556
casional- extra
Wants Removal of Legal Restrictions
i?: S
^ :
On
t6tal vof
,218
There was a
for/ the
car..
such
cars
month, containing 651,237 pounds
merchandise freight,- with an
weight per car of 2,988
Atchison system-/; pounds'.v, These cars accumulated
RaiS-Highway Coordination
of
Railway Business Association cites experience of
achieving better and faster service/ Points out resulting econ-<; •
omies and benefits to public, /"t
y4 A
*?
-•.'•{
in
Experience of the Atchison Topeka and Santa Fe Railway System
iii achieving operating, better and faster service
through" railroad-;
highway coordination was cited ♦> "
•"
-■
recently by the Railway Business mately 12,732 route-miles in the
Association in support of its/.rec-' "states of Illinois, Missouri,. A'rkaVi'-:
ommendation to Congress to lift' sas,
Oklahoma, Nebraska,' Colopresent legal restriction on * one rado, New. Mexico, Utah, Arizona/
L
type of carrier engaging in other Texas, and California.
At presforms of transport.
/ | ent
312 buses are in operation
p
Coordinated service already over these routes.
.-//
'; <'*{:. .
achieved not'only by the Santa !•
The freight operations of the
Fe, but by all the major railroad Santa
Fe
Trail
Transportation
systems of the country, has not Company coyer., approximately
resulted
in
monopoly, and * the 6,700 route-miles in the States Of
public has benefited through im- t Missouri, Kansas, Oklahoma/Ne-/
proved and speedier delivery, the' braska, Arkansas, Colorado, New
average
(
total of 29,042 car-miles
during
the month in handling the.
a
freight
to
destination.
J..'•'/
; By-,, contrast,
only ten- rail
;
;
■,
,
in
March,
cars
with/merchandise
St.
1945,
freight originating
-
at
Joseph
industy
others
,
transfer
a
point
for
or
the
from second to first
erations.
V mit all types of carriers to engage
in other modes of transportation,
;
under
,
regulation by
either
cy, and to coordinate their; operas
iions in the public interest.
*
/
The possibilities of more exten-
sive coordination
set forth
are
been
the
United
the
the
States," issued
Association
and
based
by
on
a
railroad lines have non-rail trans-
.-port services of
one
kind
or
parallel the Santa Fe rail
Fe
Railway
an¬
national transporta-.
new
ftibn policy to permit further
>
ordination
of
transport
pany
only
not
p iypes/;pj• r //a
■.-
-
,
Seek
Fe
g/y; //r. 'igppf::
Fair Treatment
for
said A
"
1
of
forms
all
of
.
spread
f .However, in actual practice
v
Cars
the
over
system.
a
Month
services ;; are
tended/ further
by a regulatory
policy which will ensure competi¬
tive equality between the various
forms
,
commercial; carriers on
the surface pnd in tho> air.
The
public interest — rather- than the
individual interest of any form of
.
.
Trail
Company's
nity in the
The coordination consists
ities
rail-truck, / truck^rail/V railtruck-rail, / and- truck-rail-truck
service, under which/ the. /Trail
Company handles l.c.l. freight for
the
railroad
under
the
approval
authority.
of
the
;
presupposes fair
competition and
fair regulation of all
competitors.
In connection with public
expen¬
railroad's
Trail
ditures for additional surface and
air transport proposals, an exam¬
of such
ination; of
Company where the volume
freight makes that .opera¬
tion practical.; Truck and rail fa¬
un-
cilities
forms, of ^transportation, and reagainst
multiple-type
are
in
the
in
the
should. be made
prices
mines
tie-ups in such major fields
possible
prosperity of the nation and make
wage
a standard of
living unequalled
anywhere in the world. Climaxing
this
epidemic
the
ances
of
labor
year
disturb¬
again
once
confronted with
a
the bituminous
cars, but
these, tstrikes; affected
strikes
production in 1946, the Bureau of
Labor Statistics reveals that work
of-
107,475,000
first
,11
of
and Santa Fe
Railway System as
typical of coordination on other
leading railroads. -///A/A//-;
-
The
•
-
which
Santa Fe Railway
'railroad
u
the
System,
operates
from
Rocky
;
13,115 miles 'of
Lake Michigan to
Mountains,
the
Gulf
| of Mexico and the Pacific Coast,
<v'
is'
the
parent
of
company
two
v-
wholly-owned motor carriers, the
';5 Santa
Fe
Trail
Transportation
-V Company and the Santa Fe TransT portation
Company of California.
The former conducts both bus and
truck operations under certificates
>4
issued by the Interstate Commerce
*/ Commission and Viarious state reg**'•: nlatory bodies.
The latter company conducts intrastate bus opn orations in California under cer-
f
'
tificates issued
Comm'
b
.on
by
the
Railroad
of that state,
'The pJssanger operations of the
Transportation Co.
b Santa Fe Trail
*s
A-
extend from
Uh
/
•
777,365 car-miles
'
: 4 - ."
f •
,
Two exhibits at
ing/before
merce
the
a
recent
hear¬
Interstate f Com¬
Commission
compared the
l.c.l. freight in
handling of rail
March, 1939, before coordination,
with the handling of such
freight
in March, 1945, under the
present
system, taking for comparison the
traffic moving from St.
Joseph,
Missouri, and from Wichita, Kam
sas, to 177 stations in Kansas and
Missouri
at. which
coordinated:
service has been established.
;
;
Deliveries Speeded Up
Prior do
the
coordination
service
~un
Kansas
and
of
Missouri,
merchandise traffic
originating at
St. Joseph was handled
; by
rail,
and
was
second
or
afforded
third
at
day delivery
all but
nearby
livery Was possible. bTn March,
1939, seven merchandise cabs w^re
Arkansas, Oklahoma City, Oklahoma,
and
Lincoln, "Nebraska.
loaded
These / operations
braced, in the study, with-an
cover
:approxi-
& Loan lnst.i;
Institute
will
be
held
City, Feb. 13-15, it
many
day closings
ployment
ber of
16,089,000.
on
in
Kansas
Dec. 28 by Robert W.
Dayton,
:
Ohio,
Almoney,
President of this
educational
organization., for -the
$10 billions savings, and loan and
cooperative, bank system/ of the
nation.
has
The
.some
Institute
4,000
which
students
daily at Si Joseph with
freight for' 'the 177 Stations emoc-
now
from
among the
savings and loan asso¬
ciation/, personnel and, executive
group
was-
chartered
in
Kansas
gram will center around
an
pro¬
open¬
ing day's triple forum devoted to
appraising, accounting and
tising
concerns
adver¬
of the home financ¬
ing institutions, and attention the
other two days to the
price and
market
butlook
and the
development
for
real
estate,
of the
pro¬
fessional oiitlook for executives of
the
savings and loan associations
and cooperative banks.
.:/
men
holi¬
Wednesday. Em¬
on
high and the
was
num¬
strike was.the low¬
on
est since V-J
Day. Total continued
claims for unemployment
compen¬
v
Prospects for 1947; /
relations
was announced
con¬
tinued at a very high level the
past week, although minor reces¬
sions resulted from the
greater than
period of 1944.
For 1945 the figure totaled 30,307,000
man-days
lost
through
strikes and 8,336,000 in
1944, while
Anniversary
The 25th anniversary conference
of the American Savings and Loan-
than
Output in the Previous Week
>
sation
the
as
tranquil.
a
result with be
With
respect
declined
week
than
more
ended
Dec.
14,
,;•>
fractionally, (1(
Textile production remained at
,
a
very high level and output of
suits increased despite the adverse
effect of labor shortages and in
some
case
production
limited
was
by the low supply of rayon lining
material. Shoe production held at
a
high level, though reports in¬
dicated that the demand for shoes
more
prices, bad. declined slightly.r
to
1%/in
while
initial claims fell
,
City in September, 1922. The
-
points; sue h as Atchison 1 bnd
Chicago to Los An- Leavenworth, wherb first
day de¬
geles, San Diego, and San FranV- cisco,
and
reach
Hot
Springs,
A-
approximately
per month.
'
'more
Total/industrial production,
the like 11-months
the 1935-39 average was
industry
or
three and one-half times the num¬
ber in the comparable 1945
period,
and nearly 14 times
underlying facts
by impartial in¬
industry of^inidn that if
throttle
4,000,000
cars
and
1,000,000 trucks."
in
1946 /
not
again in 1947 United States plants
be able to turn out about
record'
a
man-days
months
do
may
Conference of Amer.
\
according to "Automotive
News", "many auto
how •Mhls hdld7 to fhe
*
'"
higher steel prices.
disappointment over 194b
output of approximately 2,149,000
was
second strike in
stoppages cost the. nation
finally,
The automotive industry reflect¬
coal; mines?
seriously
and
wage increase be granted
ed keen
*
25th
a
to .avoid
country just before the
close of the
negotiations,
should
for
railroad'
.
ne¬
automotive industry/, communica¬
tions,'.electrical- goodSj' steel and to escape the
freight rate increase
copper, the maritime union,, trans¬ .which takes effect Jan.
1, to build
portation and many other lines up stocks as
protection against
that contribute materially to the
possible labor disturbances over
cohsolidated wherever
and
steel
very-vital ele¬
economy, should con¬
a
gotiations. Up to the close of 1946
heavy pressure for steel continues,
in part to restore
depleted stocks,
vestigators to determine whether
J The New Year it is felt in vari¬
personnel,- such -projects are essential: in the ous quarters will be marked
by
service, have resulted in unfair including station agents^ terminal public interest and whether true an industrial
activity comparable
'competition and wasteful and in- employees, etc.;,-handle Trail Com¬ economy and efficiency in trans¬ to that of
1946, barring strikes and
/ effective
operations which have pany freight arid local clerical port will result therefrom."
\ / v
provided prices remain stable ""and
/'• not served the public require- matters. I Through coordinated
inventories are kept within, s afe
/•*:. jrients. :
/a;.// freight service the Santa Fe has
bounds. :
; •
:
;
effected a - saving of 5,192 mer¬
The change in the complexion of
Santa Fe Railway Results
chandise cars per month, which,
the new Congress in 1947 is ex¬
; .The Middleton report details co- when formerly operated; in rail;
pected to have a salutory/ effect
w
ordination achieved under the ex¬ service to handle-the freight .now
upon labor, and labor-management
isting law by the Atchison- Topeka transported by truck, accumulated
strictions
;
industries,
wage
by
the
as
heavy
ary when current labor contracts
expire. This may result should a
stalemate take place in
a
followed
was
are now
tinue to expand in 1947
barring a
strike about the middle of Febru-:
recon¬
bituminous
the
ment in our
•
by
,
,
American
anticipated, lowering of
increased competition
an
and
ingot production
coun¬
hasten
progresses,
~
many
.
In
concern
the
as.
that
for the dollar from durable
goods
now
returning to the market after
a war-time
absence. /
f.
(
being
hampered
turn,
total
the
.
to
was
which
the
public; funds,
it
strike
by
Transport
coordination in the public interest
bills and tariffs, and the railroad
handles freight originated by the
'der the present law, the Association contends, subsidies to some
version
year
Willis.
fact
despite
in¬
all./;/,.;/:/. .-A;/
-
of transport facil¬
use
provided,
subject to
regulatory
the part of
grave
Mr.
cery manufacturers expect retail
sales to remain at
$22,000,000,000
result of them.
a
for
cause
Early in the
try attempted
of
A /'Aii of these commercial car¬
riers should have equal opportu¬
of
-yservice,*; without unjust discriminations, undue preferences or ad¬
vantages, or unfair or destructive
A competition, J. /
£
of
the Santa
Rail-truck coordination is wide¬
transport so
recognize and
^
preserve the inherent advantages
/ of each, and to promote safe, adeM quate,
economical and efficient
,
.
highway
auxiliary
.
to
as
/
Supplemental
-
as
transport—should be paramount.
.
administered
example
on
far
so
concerned, has greatly improved
service. • Coordination can be ex¬
operation between Los
and San Francisco via
Save 5,192
Commerce Act is to
provide fair and impartial regulation
:
"outstanding
the
dnd V
^
Passengers holding
rail tickets between bhose; cities
are handled
by bus between Los
Angeles and Bakersfield., \l'
•
Interstate
is
Angeles
;'
The '/ Association
has
pointed
A4 out that the
policy declared in the
-
~
yesterday. /"Rail
coordination is
Bakersfield.
Forms
y
of California.
rail-bus coordination
within each type, but between all
i
and
*
The
co¬
another
on
Trail
are
prices will
gradual level¬
eating better than ever before in
their lives, buying more
food, par¬
ticularly" high-quality iterris, gro¬
Meanwhile the cost of
living is
advancing to new heights and this
inflationary trend provides 'just
; Iraftsport Expansion Requires
A 7 A * i14 Qoordinatlon
Company and
business'
made prostrate as
provement in delivery at 170 sta¬
tions,, and at the sdme time*saved
27,662 car-miles a month.
,
a
handl¬
and
-
of
a
families, said Mr. Willis,
on
goods from manufacturer
dustry
the Santa Fe made substantial im¬
other.
However, they are to a California the intrastate; rail-bus
large degree auxiliary or supple-; coordination is conducted through
f; mental services. The Association the Santa Fe Transportation Com¬
favors
coordination in
bungling
•
reconversion
as
The
contributing their
retarding the normal
devastating that virtually all
ing rail " freight from St. Joseph,'
-
senger
study by its Executive Vice-Presi¬
dent, P. Harvey Middleton;
The
study revealed that all the major
.
rail-truck
and
T
movement-
added
man¬
.
to consumer. The
swift; progession
of strikes in vital industries is
so
ih
Company
Material
skilled
part of the National Admini¬
flow of
day the service to 31; and resulted
no
change at/7J stations.
By
and
Company in both pas¬
"The great expansion ■.! of high¬
freight;/operations.
Tickets sold by the Santa Fe Rail¬ ways, waterways, and
airways has
way
are
honored by the Trail made. It desirable to reduce the
Company for bus transportation: wastes /.of unrestrained competi¬
between Santa Fe rail stations in tion^ by'a closer coordination of
interstate commerce and in-intra¬ transport services on the surface
state commerce in most states. In grid 4nV the:
air," Mr. Middleton
-
in
bus
strikes
share toward
/ established / between " the
Santa
in
report, 'Transport Coordination
a
the
Coordination; ; of * services / has
.
/
of
lines, serving rail stations, of lie
generally in the territory; served
oy the railway company.
single agen-
a
Most
freight-op¬
truck routes of the Trail
Act were amended to per-
:',merce
and
passenger
of
•
occur, but rather
greatest
history.
lack
end
stration are all'
,
bined
in
war1
Grocery Manufactur-
of America, Inc., in his yearstatement. "No abrupt down¬
ers
ing '
power,
day rail merchandise: service from St.
chandise:service
Joseph
6 /0 pieces of freight equipment int+A-io/i
6/0
mn
m| to/124 of .the.1.77 stations; reduced
operation:
More than 2,800 per¬ from third to first
day the service
sons
are
employed in the com¬ to T5,* and from third to second
Improved service to meet the
varying requirements of both shippers
and
passengers
could ;be
greatly extended, the Association
contends, if the Interstate Corn-
losing bat¬
a
recover from the
shortages,
Mexico
asserted..TK^iro'chnw
rip—. and Texas. There are some
..
.■
/
,
A
ward.
world
further
handling by rail. " Establishment
of trail-truck coordination reduced
-
fighting
are
^£
oring to
instances, and in
taken to
was
concentration
lirfVifiwit
tle in their efforts to
get produc¬
tion under way to meet the essehtal needs of a nation
endeav¬
.This freight
hauled by truck to final des-1
some
political and economic
'. •;/
.
.
m/liieKr' oVrt
forwarded by truck.
was
'A';
v
was handled
by truck in coordi¬
nation seryice, there being a total
of. 876,417 pounds of such
freight
imatibh .in
V
On the political front we find a
world struggling in the face of
tremendous odds to establish a world
organization to effect and pre¬
serve
peace among nations
and♦>
—: /
.....
men. Here at home business
and President of
Joseph.
St.
inevitable exit from the stage of world
was fraught with great
turn ih retrospect to a
period that
one that produced
many grave
we
anxiety and
problems.
loaded
were
at
As the old year makes its
affairs
.
The bulk of the rail merchandise
.
Association
'AM
Mfitt
SS«Ml
/
the
closing days of 1946 have A There was an
appreciable rise
given some indication of what may in
totalretail
v o 1
obtain
sumer
in
u m e;
the
coming
Con¬
year.
the
1947 should be
a
of lower prices
one
greater
abundance
things that have been
ing the war years.
,
that
will
have
.be
within reach of
of
in
the
a
and
needed
increase
housing.
In the matter
year
brought
greater number
buyers, thus-making for
stantial
in
tracted
'
a
sub¬
volume
of
/
,.
of the
were
with.
,
to believe,
reason
stabilized
trical appliances and furniture at¬
problem
be- dealt
costs
ahead, there is
will
to
a
food
-
sup¬
ply almost all foods and grocery
products will come into balance
with demand during 1947, estab¬
lishing a* buyers' market and sta¬
bilizing prices at somewhat lower
in
on
quently sought items, while elec¬
the
dur¬
much
Clearance
Housing, still remains
Construction
of
scarce
ended
Christinas
Day. Dollar volume com¬
pared very/ favorably with the
very high level of the correspond¬
ing week a year ago. Durable
goods were among the most fre¬
resistance to high prices is
a
reality and its effect has not
been limited in scope, since it ex¬
tends to all branches of
produc¬
tion ' and
distribution. The year
and
week
pers.
of
luxury -goods
by many shop¬
;'
;
W h
;
o
slightly
interest.
consumer
sales
well received
1
in
as
volume declined
e
the
Wednesday
Christmas
.•
1
e s a
week
ended
last
is usual in the pre-
week.
Dollar
volume
moderately above that of ^ e
corresponding week a year i-go.
The
sharpest declines were re¬
was
ported to be in the order volume
for
textiles
Food
volume
and
was
apparel volume
numerous
durable
very
was
fill-in
during the week.
goods.
high and
bolstered
ordefs
v ;
by
placed
/
4
'
•
.
levels, according to Paul S. Willis,
(Continued
on
page
58)
/•
-
THE COMMERCIAL Sr FINANCIAL CHRONICLE
52
them
As We See It
tasks
approach^,their
in "'anger,k
not
determination to appease,
«rf»; I
(Continued from first page)
whete justice lies, but, prac- with the liking of a number
In
but
with full insistence upon
giv¬
revenge!
Industrial Activity to Dec.15 Reported by
Federal Reserve Board
;
or
c
"
ticallyjjpeaking, constitutional
f
|;gli t^and constitutional
limitations
on
the
may
involved
in
the
of
become
way!1, out
of
this,
mess."
The
of
morass
technicalities will (have to be
a n
political
d
ward. heelers,
powers
have
Congress
day-dreamers
'^I7i^ie7777::
t.
What is still t in
is whether the
lic
doubt
some
American pub¬
sufficient numbers yet
in
left to the lawyers—and ulti¬ fully sense the. fact "that the
only cure is an abandonment
mately, doubtless,' to the Su¬
of the notion of a managed
preme' Court. ;.f'f(7'7,
v 1j"; economy. There are many,
Meanwhile, we venture the
of course, who would remedy
hqpe that the real lesson of
the state of affairs by doing
this
(
This lis
summary of general business and financial conditions
States, based upon statistics for November and the first
half of December,'issued on Dec. 21 by the Board of Governors of
when
sions
the
enlarging father
than
^educing the area of
duces.affairs,-'absurd,; costly
control. ; T h e
and; often wholly unforeseen government
situations (as in the one now managed economy advocates,
Tomipunjty how it must con¬
,
Under
discussion)
are
eter¬
the died
-
wool New
course,
would, be
in
-
Dealers, of
the
-
ther, while
of those
he
occa¬
shrinks
who
nally arising; and (2) that the
remedy is found not in ex¬
among
tending the areas of control,
atit&ftijDted refinement of reg¬
ed interests in
these elements in the
population. Those with vest¬
a
continuation
of the
managed economy pro¬
of the day would hard¬
the state of affairs created by ly be found elsewhere, r7- f
Little is to be gained by
earlier acts of the legislature,
buir'in Retirement from the arguing with these latter ele¬
field; of regulation, planning ments, 1 or by endeavoring m
arid control, leaving business any manner to change their
itself and its- employees to outlook or position. There
work* such
things out for are, however, many, semiconverts, some of whom are
th^ipselves as they have done
triroughThe$ges.„7-.y7-R :- really not aware that they are
to be so regarded; pragmatic
7A, Drastic Act
supporters ; of
"moderate"
^ -Af(nUmber of commentators
managed economy. programs
ulations, other provisions of
lawmta 7'offset"
or
"balance"
haW Hhd a good deal to say
about the decision of the Su-
preniri!Co'urt which has Jed to
all these suits,
,
grams
in the belief that it would be
futile to oppose or
"trend of popular
They find this half-chained
ruling ^astonishing," and the
gans
implication'' sometimes seems
to be,- that the court t is, re-;
sponsible for the state of. af¬
fairs now existing.
This may
be! the fact, or it may not be.
Perhaps this aspect of the
to
resist the
thought";
victims of slo¬
about it being impossible
of* the
hands
the
"turn
clock bafck" and the
,
many
like; and
who do not understand
the real nature of the difficul¬
ties
and
by which
are
we are
than
more
faced—little
a
.
matter: can be left to the law¬
timid
about
supporting
any
Congress intend¬ line of action which loud ig¬
ed ini!respect to those provi¬ noramuses may
say
points
sions .of law involved in the the way back to the horrors
case is
any man's guess. Ours of the great depression of the
yers.^ f What
is that it
thought early thirties. All these and
complications. The others like them must some¬
point, is that the court was in¬ how be aroused and enlisted
terpreting a sweeping Act of in the army demanding that
Congress patently intended to the h o use be thoroughly
make basic changes in prac¬ cleaned.1 •' «•$>•;'< '-.R.tices Rhen in vogue in indus¬
Let those who
woujd lead
try, and trade.'; No such deci¬ in such a movement
and
sion ; by the court, indeed no
are numbers of them in
of
never
even
such
••
—
suit,e is conceivable in the ab¬
sence
of such
a
law.
7; What
7
7i'
here, in
'
our
midst—not hesitate for
in
moment
a
accepting the in¬
controvertible fact that noth¬
we
have
words, is one of those ing short of abandonment of
absurd and costly situations the
managed economy .idea
which inevitably evolve one will
suffice, or in proclaim¬
other
after the other in
"managed ing the truth from the house
economy",— particularly tops. Let them realize and be
a
wh|ij^fs':.i^ veHain^Jto, be
the
frank to assert that it i would
Seven
Councillors
14
and
held
Board
Waldorf-Astoria
at
the
Hotel: in ( New
Councillors
re-elected
for
five-year terms were: Irenee du
Pont, E; q. du 'Pont de Nemours
6 Co., Inc.; Frederick H. 'Ecker,
Chairman of the Board, Metro¬
politan Life Insurance Co.; Dr.
Thomas
S.
Gates, Chairman of
the Board of Trustees, University
of
Pennsylvania; Eugene G. Grace
of the Board, Bethle¬
hem Steel Co., Int.; Cornelius F.
Kelley, Chairman, Anaconda Cop¬
per Mining Co.; Nathan5 L. Miller,
General ? Counsel, • United
States
Steel Corp.; Owen D. Young, Gen¬
Chairman
eral »Electric
Co.7
7 Mr. du Pont
of
to
Board
777"7; * 7•
was
1942.
Vice-chairman
Board
from
He
Member in
was
elected
a
1926', and Jias
Trustee of the Board since
a
Conference Board for many years.
Messrs.
Grace, Kelley, Miller and
Young were elected Councillors
in'1926, while Mr. Ecker and Dr.
were
1931.
.7777:
■
G.
Follis, President, Standard Oil
of California^Tl. C. Gaugler,
Vice-President: American : CyaCo.
namid
Board,«t Union
Pacific
RR.; j;L e 0 n a r d Kebler,
Chairman
of
the
Board, Ward
Leonard mElectric
Co.; John M.
Musser, Secretary and a Director
of Weyerhaeuser Sales Co.; More
head Patterson, Chairman of the
American
Board,
and
Machine
Foundry Co.; Dr. Frank H. Reichel,
Chairman
Board, its an¬
nouncement adding:
7 / '' 7
tive
of
the
United
for
a
States
Navy
It
situation
Vice Admiral E. L. Cochrane.
riot the first to arise
in
or
forts to get even with this or
they have been coming to the that individual or group. Let
fore- with
great frequency them come to a full realiza¬
-
ever
'since
ernment
the
Federal
launched
Gov¬
upon
the enough for the President to
Npw Deal campaign to make
our
economy
over
to accord
tion, moreover, that it is hot
refrain
from
enormous
making
war
use
powers.
of
Let
Industrial Production
*
in
Total output of manufactured
goods and minerals,. as measured
by the Board's seasonally adjusted
index, was 182% of the 1935-39
in: November.
average
same
This
was
in October not¬
as
commodities
basic
which occurred with the elimina¬
tion of
Federal
price controls on
changes have be¬
11, price
come
selective.
more
of
Prices
copper, lead, steel scrap, and cot¬
ton gray goods for immediate de¬
:
production
of
result
a
as
work stoppages in the bituminous
coal industry. After the resump¬
livery-have
advanced
further, 7
prices of hides, turpentine,
have declined.
During
past week there has been a
while
silk
and
the
sharp drop in hog prices. Whole- *"
sale prices of foods have decreased
of
middle
dustrial
October.
advance./.
to
prices of
Dec.
other items
output on
activity .at- steel mills,
9
which
reached
of
low
a
of
60%
capacity in the first week of the
month, rose sharply and in the
current week is scheduled at 84 %,
Output of steel in the month of
November was at an, .average rate
of
84%
Prices
.
in-
of
:
products have continued
tion of bituminous coal
In
retail
markets
and
womenswear
have declined
some
;;
but in
general retail prices have contin-
.
advance.
ued to
7R7rR7 Bank -Oredii-7'7'7^ 7^
real
estate, (and
increased further
Commercial,
consumer
at
loans
brinks in leading cities during
and the first half of
compared
Activity in
the vnonnferrous, metals and ma¬
December. !
ber, production showed less
viduals] increased somewhaL-and
the
currency
of
with 89%
capacity
,
as
in October.
November
Government security
declined ! j considerably v
chinery industries continued to in¬ holdings
crease in November and output of
reflecting Treasury cash retire¬
of
notes
most other metal, products
was ment
and(Certificates.
maintained*at a high level. Lum-- Deposits of businesses and indit
than
decline, y.,7 ,,,,7
usual. seasonal
manufactured food
products was maintained in No¬
vember at an exceptionally high
Output
-
of
level for this season of the year,
chiefly " further sharp
increases in meat production and
larger output of flour and sugar
products, * Production
of cotton
and "rayon
textiles, paperboard,
in
circulation
the usual seasonal amount.
777"
The
of
December
,
<■
cash
first
Treasury retired afor
during .November and the
half
by
rose
$5.8 billioqVof
government securities hjeld large¬
ly by the banking system., With¬
drawals from
commercial
curities
war
loan
banks to
reduced
U.
deposits at
redeerp,se¬
S.
Govern¬
rubber
7 Output .of minerals
declined
November. 7
in
Bituminous
production dropped sharply
lioii
5%
coal
as
before
the
retirement,
pro¬
R7
begun in March.
gram was
a
result
of
latter
part
work
stoppages
of the
1946 deadline for deposit of such
Construction-'
7
■; Estimated expenditures on cbhprojects in November
maintained close t6 the peak
struction
were
for
in
reached.
levels
August
awarded
Contracts
non-residential
Rand
shares for conversion and/or reg¬
istration pursuant to a decree pub¬
lished June 21, 1946 in "The Of¬
ficial Gazette of the Federal Pe6-
ple's Republic of Yugoslavia." The
advices added:
"Shares held out¬
construction,
side Yugoslavia are to be depos¬
at the lowest level
since the end of the war, accord¬ ited with Yugoslav diplomatic rep¬
however,
were
ing to reports of the F. W. Dodge
residential
Corporation;
awards
were -
sharply
below
peak rate reached in the
but
were
resentatives while
building Yugoslavia
the with
a
one-year
term
;
The Conference Board,
founded
in 1916, is an impartial, independ¬
ent and nonprofit institution for
research .and
fields
The
-
education
of business ;and
work
of
the
in
the
'ribd of the holiday shopping sea¬
son
last
The total
year.
value'♦pf
rptail trade outside of department
stores
increased
ther in the fourth
ing
chiefly
somewhat
prices
larger expenditures for foods.
Loadings
of
fur¬
quarter, reflect¬
higher
railroad
shares held in
to
are
>
be
deposited
Yugoslav bank. Thq decree
spring, provides penalties for non-compli¬
still considerably above
President, Ameri¬
last year's
level.7;>7 ::R
Viscose
Corp.;
Merrill B
Sands, President, Dictaphone !:,v' 7"-"*
Distribution
;\-7'77:
Corp.; General Brehon Somervell,
! Department store sales in No¬
President, Koppers Co., Inc.; and vember and the
early part of De¬
Joseph S. Young, President, Le¬
high Portland Cement Co..
j
: cember were about one-fifth
J
The Board Member representa¬ larger than during the same pe-
with efforts to
this country. On the contrary,
Reserve
and
let
stop
patch up this
that, or with ef¬
gains,
substantial
including
ance
securities
to
forfeiture
the
can
professional politicians, «not
statesmen, do the1 fhanagirig.
measures
"•
,■
.
Following the initial sharp in¬
Nov.
the
Co.;JTT. Roland Harriman, September.
Chairman 1 oisi the i
is
Vice
Admiral
Earle
W.
Mills,
Chief
of the fBureau of
Ships,
United States Navy. He replaces
corrective
of
said
,7?;-:7'v7V;
Cabot, Treasurer, Godfrey L.
Cabot,.;Inc.; David F, Edwards,
President, Saco-Lowell Shops; R
elected
nothing short of tragic to
showed
■
in the Convert Shares in
month, while
Yugoslav Stock Cos.
production of anthracite and crude
The State Department at Wash¬
The newly-elected Board Mem¬
petroleum was maintained at high
bers are: Lucius M. Boomer, levels
and
output
of
metals ington on Dec. 13 reminded Amer¬
Chairman
of
the
Board, Hotel showed less than the usual sea¬ ican holders of shares in Yugoslav
stock companies of the Dec. 21, |
Waldorf-Astoria Corp.; Thomas D. sonal decline.
elected Councillors in
Gates
be
,111
)'
ment deposits at banks.to.a level
products, and some other
of about ; $2 billion in mid-De¬
1943. TJie other Councillors have non-durable :
goods f showed fur¬
cember as compared with $24 bilall been active in the work of fhe ther
small gains in^^ Noyemberil 77,
been
this country at least,
case
number
a
reflecting
Conference
The
1938
freight
creases
steel
Mem¬
York, it was announced on Dec.
23 by the Board.
.
,
The
■
"department
reports that
withstanding the sharf) drop after somewhat further from the sharpNov. 20 in coal, coke, iron, and ly advanced levels reached in the
re¬
were
Board
new
Board
impor¬
tant farm products and foods have
declined from
previous peaks,"
about tRe
bers, were elected at the 283rd
Meeting of the National Industrial
Conference
were
s
Councillors, Members
.
The
the<S>—- !■
and
December
of
part
System.
November
ities have generally advanced fur¬
Conference Bd. Elects
elected
Reserve
in
larger in dollar amount than the! after
allowance'! for
seasonal
holiday trade last year, reflecting changes.
mainly increased prices."
;
Commodity Prices
"Prices of industrial commod¬
'
the effect of
sales
early
—
,
Federal
store
from battle fails in his duty.
perplexing,unfortunate
a little patch-work here and
arid quite needless situation
Nothing could be more useful
there
amending this law,
will. ribt be missed either by
than these
"walking time"
adding to that, interpreting
suits in arousing a; nation
Congress, or - the American
the other, and, incredible as it
while there is yet time. 7
public. > That lesson is (1) that
*
when' government undertakes may seem, introducing new
M
i?.
statutes v which
would v have
by Rta.f Ro' tell the' business
.
the United
in
,..
;one
t
according to the
.
the moment.
it
"Industrial production and employment in most lines of activity
continued to be maintained at record peacetime levels in November,"
ing America back to Ameri¬
to manage and operate
as
they|;have always done in
the past.
This w o u 1 d, of
c o u r s e,
entail expunging
many foolish acts from the
statute books, including those
which grant the President ab¬
normal powers which he may
or may not be
excercising at
cans
Thursday; January 2, 1947
and
7
revenue
of
Yugoslav
the
Gov¬
ernment. The Department of State
suggests
that United States citi¬
holding Yugoslav stock
zens
pany
com¬
shares in the United States
communicate
with
Embassy,'' 1520
the
Yugoslav
Sixteenth
Street,
Washington, D, j ,C'.j regarding de¬
posit pf their shares. If shares
are
held ill: Yugoslavia for the account
of
a
ter
United States citizen, the lat¬
should
structions
send
appropriate
in¬
regarding them to his
agent in Yugoslavia.
"Detailed information regarding
economics.
Board t;is
sup-!
ported by nearly 3,0001 business coal
shipm^ri^/ pt
qr?d of the
concerns; trade i associations, labor
month. Loadings of manufactured
unions, government bureaus, li¬
braries, colleges and universities. products and rhbst other classes of
j&e
the text of the
tained, if
cating
State."
.^cree
may.
be ob¬
required';by communi¬
with
the : Department
*!'-7 7
•
;,i .7:
of
Volume
165
THE, COMMERCIAL & FINANCIAL CHRONICLE
Number 4556
Steel Operations Increased—Order
n§w./priceiv» list,
Backlog
.covering^
prices and extras
.
base
Railroads in 1946 Handled Record Volume of
stainless steel
on
products.
At Record
As
1946
High Level—More Prices Revised
to
came
steel prices in
close
a
steel
the form of
consumers
a
price adjustments and changes in
extras; steer producers were fearful that wage negotiations to begin
in the middle of this month might mean much higher steel costs and
further increases -in■ prices
and the steel* trade in .,general was
privately worrying about the effect of price increases already made
as well as the substantial tonnage^
tr
r.-i11.'"!
of unbalanced inventories in the
past, could and might make ,a
base
7./32nds
An
•
•,
Tr*
■
"Early this week advances
unfavorable
trend
union's standpoint
were
ket
country pipe and merchant black
a
galvanized
Increases
were also put into effect for boiler
tubing. Standard black pipe, used
for
plumbing
and
general
companies
con¬
making
were
week, however, the scrap
ing
appeared
"As
a
this week to
lb.
the
A
2.8359950
index
month
2.707110
lb. Last
per
was
2.7565450
it
ago
a
per
.
not include extra
charges which
have been
substantially reyised.in
the past several
weeks,•,
of
steel
to
sents
•'v:'?■'
"Among
was a,
look
ments ybefol-e; actual
placed. Fart of this
due
to
the
'
f1
'steel
some
this week there
take a detailed
tons
' iw ,v*'* j*/h
tendency to
at require¬
orders, were
tendency
was
/
changes
,.
that
:
*
misconceptions
others
in
appeared
plentiful
Still
other
manufacturers, who> found'
necessary to borrow money in
order to maintain
their; inven-|
tones until such time
as a heavier
production schedule could
it
its-official
a • year,-
were
many
swept away
only
1946;
ex¬
sum¬
news
in; part as follows:
marks
"
'b
organization
of
the
that
This has beep;
products
which
it
has
in
revenues
the
same
1947
level
1946
over
of
traffic
will
in
rials
two years.
,
?
i'by
;
\
,
the
bb
.
Increases, ihi wage rates,
as
a
there vis.;a
may be
Jarger'
possibility—and
remote—that
steel* units1
make
the
negotiations-
off
oh
iood
large
and other
in
the
in
the
well
Railroads
a?; higher prices of fuel, materials
and supplies since 1939 have in¬
of
living
unjon to refrain
^dqiiipf
other),tmale^-
and
'•
in
1946
bii:'.
.■
installed!-ap¬
proximately •' 40,000
new
cars
in service.
They h ave]apoperating"'expenses proximately 63,000 bhew
^freight
annually->by approximately $2r cars on order. :■
b vb:«;.'AOv' t'n
100,000,000. More than $900,000,-
creased
rail
The;''same
000 of that increase took
place in
1946.
In* addition, it is estimated
by
*
the
railroads
the'
that
further
doming
livery
operating
raised
at
least
of
Class
will be
year
situation; In
to materials also has
9
2,413
$250,000,
In
I
new,
passenger, ftcars.
r
railroads
nmv
regard
affected; de¬
Novb't
011
had
nocoentriar
new passenger cars
the
firs];
mortthsAhis
year,
Grosser'Act will
only 363 new units haaJ been in¬
stalled * in. ■ service of- . W(hich A295
were cars used for the
tra$sppr,tation.of passengers.
taken
already
place
in
fuel
and
,!halenaT^|)ribbs^"Mdon Jam
1/T947,
payroll taxes in or¬
rail
provide additional benefits
employees under the broadened
new
0
vUQ0-
Ownership of steam locomotives
to
this year reached its lowest Ipoint
since
1900, while ownership5 of
electric
an^ i; Diesel,
locomotives
"by
.-
>
of the countries, not
only those;
1946,,.biit passenger traffic will
that are highly industrialized, biijt i
probably ^decrease substantially.
also those which are using stand¬
Rail freight traffic in 1946 was
ards as a tool to speed their full;
about midway between the war
entrance into the modern indus¬
peak attained in 1944 and the pre¬
trial world,"
war peak of 1929.
Freight tonvThe pressure for standard'zamiles were 14% below 1945, and
tion work which will aid the flow
20 % • below 1944; but* 31 % above
of goods in international trade has
1929.
Passenger traffic was 29%
below
1945,
32%
below
peak in 1944,- but 39%
1946, i was 1,199 less than-6n! - Dec.
31, 1945, but the number of .elecr
trie and Diesel locomotives
increased
I
railroads
.
in
Diesels.
1946,
net
which
of ; about
;
2%%
new
Dec.
locbniotives
65
1946j%6h~
electrio/and
1, they ,h^ 564
on
steam
were
Were electric and
01-de^ of
and ' 499
Diesels. T
.
/--Both
capital expenditures; ?and
purchases of. fuel, materials and
supplies .were affected by .rising
price levels; in 1946/ Capital ex¬
was
on
penditures1 in
1946 •apprbx-imated
$550,000,000 compared with*'$562,*880,000 in 1945. About*.55% P.f the
1946 expenditures was;
forTRhiPf
property investment (after de-
preciatioiVy
On
o>yned
Railroa.^,, in¬
steam
locomotives
new
above the
:
405.
trasted with 398
peacetime peak of 1920.. The 'het
railway operating* income of the
Class
new
82
in the first 11 months of
the';war
eqtiivol0pt.;to.fa .rate, of .return
by
stalled
or.
only slightly greater than-the av¬
erage [Tor^The five. years, ,.19361940. ' if carry-back tax credits
taken in 1946 are excluded, how¬
ment and
a'obtft
45
%4dr hiip'roye-
ments to roadway alid structures.
;;
reflected
in
prices
v.
"Among
a
1
materials' and
Purchases of fuel,
ment; by
Un-
Dec.-18.bj
establish-
Timken Steel Tube *DiHoller
v
.:/••/»■
Although
:
Bearing
19451;^/
-0 (1
we
do
greatly regreb it.
0. r/f
Pickets Liieiifed to 20 by Stale Labor Board
,;-b
we: understand vi
your
^
decision
re-
those, jn
his retire¬
■i; //
:
action
were
over
able; price basis, ? however/? pur¬
chases in ,3,946 were .abo^t 1Q%^ bplow
ment, •; which; v became.. effective
lata
The letter to JVIr. Meyer saidi in
oveh-j part: ; ;0b"- ■»' s. b-; 1*: r:
;; .^.b
.
\ vision of Timken
from Co., Canton, O., of
period, and regrets
were
until
general
important
ported last week
of
may
average; revenue for haul¬
Bank; expressed appreciation5 for
the capable-' guidance 'of'• Meyer ing ' a ton of freight one'
mile; has
during the institution's formative amounted to less than one cent in
brought
These basic market factors
der way.
a
items which' loom
cost
was
'hauling of price schedules got
of t
cost
year.'" This
th the year when
to
/°?? Plane.' The, possibility
lurtner
decreases
:
a
moderate ,Wages ihcrease
offer
start
difficulties .pave
of new
ment, rail, ties
rials../ b
/
.
into third;;quarter.^
"however, given an opportunity
to °Perate for several months at, a
mot
one of the
may
labor
deliveries
engineering groups. ^bPrmimiriary^estitnateai^^Indicate continued the ppward ti/endjot re¬
Now organized,
industry is taking? tliat freight, traffic in 19^7 will be cent years., The number, of .^team
an' active' and' vigorous role in 01
locomotives' owned pft ;N.bv. 30,
on; about The
same
level vas; rin
oneered
about by sustained heavy demand
coupled with many interruptions
to operations.' At the same
time,
production costs mounted steadily!
con¬
.
turn,
and
slowed
,
sistently claimed have been made
at a loss or
at> least-at a low reit
duiy in
sincfeTh^&rid
creases
phase in ;interna-, to
tio'hal cooperation.
In 'the past, scope of the revised Railroad5 Re¬
international standards were pi¬ tirement Act.
1.
.T 1'
"Handicapped p throughoutthe
--°~z—
past
,
om"
cars.
■
and
t a final determination for
1947 labor trends.
//VrT/pT;
J
view pf the price revisipns
which the steel
industry has made
.
ex *
demand /fpr
ever, the rate of return wbuld fall
steel' products
Secretary of State for Economic
in
1946 '■* amounted *i to
to about 2%, or not much greater supplies
i "Extended-, deliveries in,;prac¬ Affairs
Will: Clayton/made pub-;
than the average for; 1931-1935, about $1,600,000,000, an;, increase
tically all types of steel products lie 011 Dec. 20. Messrs. Snyder and
the wors^ years of the depression of 2% above 1945 aja&ar^ increase
was
one
of the chief character^
Clayton, Governor and Alternate beriod.
of 46%* over tile avbragC' or the
*
?
'
istics of the, markets
throughout Governor, .respectively, ■' of1, the
precbdihg 10 years;' On/av'compafthe
*The
the
soon
_
.
an
part to the change in the nature
of the traffic offered
Dec. 5,, 1946, author¬
railroads to
make in¬
oil
the
•
apparent
have been faced with
siihfi-
freight
•
is
.
this
heavy,
der
ISO
•
it
0';
since Tate
increase
'--'-'br.
„
wage, negotiation^ will
take
the national spotlight
in
:v
ceptionally
000. because of increases that have
1
,
correct,
aver^gef;to
1947, or'* about
10-year Jpeplod
in the
-
Railroads
mer
v
that.
cents
as
1921-1930.
1918-1921,
inclusive,' in
a high ratio
has been
experienced.-
raise
1.1
by Ithe
allowed
rates
will
same
1932,. when, it
1946, fhe' av¬
In
O.975 cent.; The increase
freight
the
four' other
costs in
a
high rate,, producers believe they
can bring supply,and demand in been so great, DW Agnew said,
be ob- i ?alr balance
on most products, that scores of projects are being
tained,; were busy
reducing over- I with the exception of the light 'proposed for. ISO action^
head costs in
conformance with ggge' flat-rolled . products.
The
the
request
of
the, institutions sWPly
situation. in the latter
Meyer Commended for 0
carrying or supplying the loan.
I sh9uld begin to ease slightly, by
jfr
With
the
CIO
apparently the second, quarter, as new 'ca-, International Bank Services
standing
strongly Tbehind ^ the Paci*y Sets into operation.;binThework of.
Eugene Meyer as,
Nathan report
which claims that frty^ed ia this new capacity should President
of
the
International
wage advances can be
given with- ia$<*ed silicon sheet facilities, Bank for Reconstruction and De¬
but price
Increase's' and with1 iri- 'planned originally for operation velopment was
praised in a letter
dustry generally
claiming that the- last September to relieve one of signed by Secretary of the Treas¬
Nathan report is not
statistically tba most stringent situations in all ury John W. Snyder and Understeel
.m ;
-
since
year
about
In the past 57 years,
have been
-
1.046 cents.
erage was
of
which such
is
standards
can
play, in
freeing the flow. of ^ifernatippal
trade and so, raising the living
standard
of
all peoples every-;
W number of producers are booked
relationshin
ratio
national
inventories.
which
ceeded 80%.
years,
The
to revenues in
expenses
there
1920.
solid basis of agreement was
reached on the part which inter¬
and
"
nets
the.{wire-with
meetings; covering
by"' various, disruptions and
shor.taSes' of raw materials,, steel
Some con-i producers win enter,; 1947 with
cerhs
were
cohcenffatife'^• 0b ,heavy .order backlogs,. Some com-,
bringing up -the Volume of therpanies wil1 have the heaviest unleast available steel;
product and filled tonna£e in their experience,
canceling or failing to order ad-'In certain lines, notably sheets,
ditional tonnages of
those prod-'strip'
Plates and small bars, i a
their
office
-,
week to ' the
substantial Unbalance
ih
ISO
acceptance off'.the% new constitu¬
tion and- by-laws. Dr. Agnew said:
"In. a series of four international
this 0*0
scrutiny
the
at Geneva, Switzerland,
the: United States was first
pnder
ingots and
Dec. 30 stated
until
seb up
developments 'where;
in the metalworking
industry, on -' "The
,r
giving^close
existence
to
of latest
every
.
14.9; points
/t'Stpert of Cleveland, in its
mary
and/prjees of fuel and
since
p
v
approximate $800,00,000, assuming
Maistre, Secretary of the United
Nations Standards ? .Coordinating
Committee, which continues bin
'level.: ,r. T/h
reflected in revised extra
charges
as well as the
higher prices which
were
being paid for steel.
v
"Most
manufacturing 'concerns
were
steel
'
increasedv
in freight rates averaging of the war and to
changes -indthe
approximately 17.6% and to con-, working conditions of industry. As
tinue in effect the 10% increase in a
result the car supply,? especially
passenger f fares
authorized
in of box cars, has been
t,igh10b 0
1942.J At the same time, the in¬
During the war period, railroads
terim
freight rate increases in ef¬ Were hahdicapped • by'* failure To
fect since Tiily 1, 1946,* were cariobtain as much new equipmerit as
celled./i The rates [which became
was needed, and, also by.
shortages
effective on Jan. 1, 1947] will in¬
in materials and supplies
used, ip
crease
rail
revenues
by
about
daily operations. While somej im¬
$97O,0OO,OOO annually. Since the provement has taken
place ih 'the
cancelled interim rates produced
16 months since the enddbfnthe
about $170,000,000 in the last half
war, the situation is still fahiffom
of 1946, the net increase in freight
satisfactory. Shortages; olnnate-
Agnew revealed he had re¬
ceived cabled notice from Charles
castings,
1,283,000 tons one
week ? ago,,. 1,061,000
tons..one
month ago and 1,476,300 tons one
year ago. Some units are not en¬
tirely back to their pre-coal strike
consumers
complicated
of
compared
wage rates
u
sharply
:
le
The operating rate for thb1 current
week is equivalent to '1,545,600
consumers,; has
advanced
more
than " the, com¬
posite price change would Vindi,t
of
of
Dr.
20.5 %J over the preceding Week.,
or
thqj net
increase
Because
1
ized
Ratify
;
Standards Organization
this
ah
which'furtnef adds:
and
b; The Interstate Commerce Com¬
a
U.S. First lo
least
com-
having 94% of the steel capacity
of the industry will be 87.7% of
capacity for the week beginning
Dec. 30 (the highest level; since
the
week
beginning Nov1.', 18),
compared with 72.8% one Week
ago,
60.2% one month ago and
83.8% ; one year agb. f This repre¬
.stood / at
lb. Taken into con¬
sideration
base
price increases
made over the past
month, the
composite price of finished steel
has advanced about
$2.60 a ton,
but because the
composite does
price
stable,
to ; be
"•
little better than
ICC
$12.50
over
1
1946 handled
in
.ton,, represent¬
of
*^
year
smallest
Since mid-November.
advance
Railroads of the United States in
of traffic of any peacetime
was
still
1
the greatest voir
but /their net earnings 5 were
thqse of >tl\e depression years that preceded World
War II, according to1 a statement
by R. V. Fletcher, President of/the
Association of
.A^ieriean Railroads,1 -whichwas released oh"Deb/^Ti
..
ume
supplies; the relaUve spread ber
for
an
if** * ft*
9'
bring
to
headed
''
09
tween railroad expenses and revr
enues in the current
year was the
believe
is
M
Suc¬
w$ek unchanged from
revised price of '$31,17 .•viThei United States has become
a
gross ton. Before a. correction the
firstjCountry to ratify the con¬
was made in the last tveek's Comt
vention*, settine un -the■ '25-nafinn
verttipn setting up the ;25-nation
posite price, it had been $31,83 a International
Organization
f or
gross
Standardization: (ISO), P. G. AgThe American' Iron"'and Steel
new, Vice-President arid ^Secre¬
Institute 1 this
week
announced
tary of the American Standards
that telegraphic reports which it
Association, announced on 'Dec.
had received indicated that the
19, Action was taken at a recent
operating rate of steel companies,
meeting of the directors of ASA.
result of the pipe price
increases 'The Iron Age', finished
steel
composite price
advanced
week
strong
1
mission
last week's
strong buttweld pipe advances, on
these same sizes amounted to $8
a ton on black merchant
grades
and $12 a ton on the
galvanized
product. ^i-
failed
ton
market
at
oosite
advanced $14 a ton. On extra
was
new
balanced steel prices. This
more
temporarily. 'The Iron Age'
lk in., % in. and*1 to 3 in.
Galvanized pipe in the same sizes
advances
ing
because
struction work; was advanced $10
ton in the common sizes includ¬
of
a
a
especially
than $32.50 a
more
of the gains which steel
some
been
the' market
weeks continued to make'inroads
into
•
ov,er 1/4-
higher levels before stabilizing.
Heavy melting steel in the Pitts¬
burgh i district
is
commanding
prices in recent
scrap
has
cessive
strike for bargaining purposes,
"Higher
pipe.
with
applicable
out desired tonnages in
many dis¬
tricts and some interests
find the steel union willing to call
and
inch,
an
during the past few weeks.
would however
made in the price of line pipe, oil
This
extras.
-V"• -v,ri'-'7-.V:
f "Undertone; of the scrap mar¬
the
from
of
inch.
initial wage negotiations indicate
a
favorable trend for the union.
to say:
of
extra schedule
postponement,, in
any
decisiye
strike; action, especially if the
working paper, which, in its issue
of today (Jan. 2), further
goes on
v.
schedule
new
company also raised wire rods to
a: base1 price of
$2.80 for V\ to
■■
hands of consumers, according to
"The Iron Age," national metal-
^
Peacetime Traffic-—Net Near Depression Years
ers' wire $8 a ton and established
digesting higher
were
Pittsburgh Steel Co. ad¬
bright basic manufactur¬
vanced
53
.
•
•
.
1
....
-
'
<
•
w
1
u
•
k
.
.
.
••
.
1
if.
.
Relatloiis, -Board on
handed down a decision which limits to.20 the/humbeir bf pfckets'tb
l he permitted at the strikebound West Allis (Wis.), plant of the; Allisl, Chalmers Mfg. Co., with no more than'two at any one of thejplpnt^
'•
The
Wisconsin
We wish to express our appreciation for your labors and for their gates.
fruits. You can leave your office in I
On May
the consciousness that you have picketing but
State
Employment
.
'/■
£
30> last,-the Board issued an order forbidding mass
set no specific limit on the number of ^pickets.* This
a base price of left your, .mark
permanently upon latter order was upheld by the Milwaukee County Circuit Court
iV i$61 a, top pp,hot-roiled, alloy.steel an ipstitutijon.destined to.play an pn Sept. 9, and later the Wisconsin Supreme Court upheld the right
fwuo
blooms, slabs, bUlpts and of.[$3.-0q important irale jn; world affairs in
oi the board to press contempt proceedings for violationsof. the
vote re-1 per hfundhed pounds on
Hot-rolled -the i years-To-/come," * Reference to
^
iS
favoring such "alloy bats.01A Vevisibd!(ih extras the resignation; of Mr.; Meyer ap¬ order.
;.r,;V
•-,«,/)!»■
M^ jylurray, head of the accompanied this :actionr Crucible peared in ; our issue of Dec.
-Of the seven company plants hit by Walkouts last Spring, only,
5,
union, as he
a™g nh-Khl'1 °%.:lWye
"S th°ngb a strike
,
t
-
u.
nas
ayue^i
Steel ?(;Cq.jx,of .Arnerica
-
issued,
a page
2884.
-T-
the main works at .West Allis is still strikebound."
*.;m'0:x3Vti
07
"■Hr-
I
THE COMMERCIAL &
54
A
China Policy +;
Truman States America's
similar
volume
concerning
1947
Thursday, January 2,
FINANCIAL CHRONICLE
The Course of Consumer Ciedit
exchange - jegiiiatidris
Belgium will be published in' the
near
future. As the number of
foreign
States Policy Toward China,
President Truman on Dec. 18 drew attention to the misgivings with
copies available will not be Very v+S''." v'a';-1. bV DUNCAN McC. HOLTHAUSEN*
Division of Research & Statistics, Federal Reserve Board
which America regards that nation's continued
civil strife as a large, all who are interested in
threat to world peace, and urged an early settlement of differences this publication are requested to + Mr. Holthausen traces trend of consumer
credit, which reached a
between the
warring factions, Although remarking to newsmen place their orders now.
high point in 1929, declined during war, and resumed upward
that he hoped the $500,000,000 credit extension anticipated by the
movement in 1944.
Says installment credit is up 74% since V-X g
Export-Import Bank for China
:.. ■
..
..
would not be affected by her in- ward China as a continuing policy,
;K;pay and charge account credit has had even larger growth. Sees
the
President declared that the
ternal situation, the President at
both -fields of credit gradually reverting to prewar status, and) - ■"
(Continued from first-page) + v
National Government of Chiang
the same time indicated that he
dirt spilling. ".They
reflecting changing conditions of business activity.
Kai-Shek was still recognized as opposed to
*
did not wish to maice a pos»tive
simply
aren't
built
that.; way.
statement
concerning the loan. the legal Government administra¬ That's the reason
:;During 'he years prior to the. war the volume of consumer credit
they are Repub¬
tion in China. The American at¬
However,
his
policy statement
titude was. summed up
by Mr. licans. Their natural inclination mpved_with the swings in business activity—upward in times of;
made it clear that agreement by
rising activity and downward in<£
—
—
■
' '
Truman
in his
concluding re¬ is to let sleeping dogs lie,. 1 -J .
the United States to extend addi¬
For a precedent as to what will periods of falling business activity. V-J Day the amount of consumer
marks, which, according to the
In
statement of United
formal
a
>
.
.
.
,
.
-
.
would have
happen, .go back to the end ot
Associated Press, were:
to be based upon the policy set
The Graham Com¬
"As ways and means are pre¬ World War I.
forh on Dec. 15 last year when Mr.
for
constructive aid to mittee of the House was digging,
Truman urged a broader base for sented
China, we will give them careful up juicy scandals. Charlie Dawes
the National Government.
became famous as, Hell and Maria,
President
Truman's
recent and sympathetic consideration. An
Dawes when he appeared and dra¬
statement outlined the extent of example of such aid is the recent
matically
exclaimed
t h a t,
of
America's aid to China—both be¬ agricultural mission to China un¬
course
there had been mistakes,
fore
and
after
the
defeat
of der Deain Hutchison of the Uni¬
but the war had been won.:
The
Japan, and it made reference to versity of California sent at the
committee sheepishly folded up A
the action of the Export-Import request of the Chinese Govern¬
There is scarcely more than one
Bank in earmarking $500,000,000 ment. A joint Chinese-American
collaboration com¬ first class Republican investigator
for
additional credits to China. agricultural
was
formed which in¬ in Congress, Senator Homer Fer¬
But he said, "So far this $500,- mission
cluded the Hutchison mission.;; It guson. He gained a reputation) as
000,000 remains earmarked but
unexpended. One of the principal spent over four months studying the famous one-man grand jury
points
which
the
President's rural problems. Its recommenda¬ of Detroit. He relishes the work
tions .are
now
available to the and he doesn't care where the
policy statement enunciated, ac¬
He is as ignorant* of
cording to the report of the state¬ Chinese Government, and so also chips fall.
tional credits to China
At, the high point of business ac¬
tivity in 1929 the amount of con¬
sumer credit outstanding was over
$7.5 billion; in the summer of
credit
nation is at peace.
'■</'+
The statement also made it clear
feasible aid we can give in
implementing those recommenda¬
tions. ;Wh
improve, we are prepared to con¬
sider aid in carrying out
other
the mechanics of
with
off
broken
by
the
Communist.
Truman did
Party," which Mr.
not- hesitate
to blame
in
breakdown
for
the
negotiations.
»
DescribingfAmerfcan policy, to-
respect for
national sovereignty and on
traditional friendship for the
her
our
Chinese people and
is designed to
promote - international'
peste^
consumer
but
short-lived
decline
relationship
"candid"
.
The diversion of produc¬
peared.
tion .from < civilian
to
war
goods
and, the' advent of Regulation W
brought about a rapid liquidation
party politics as
about
nounced candidacy.
Stassen's
It is
tional income went
of
women's
and
clubs
contributor.
-
credit
consumer
from
steadily
de¬
con¬
+
+
sumer
credit outstanding.
:+What
sumer
was
a
.was the outlook for con¬
credit after V-J Day? There
huge backlog of demands
durable goods, the
forlconsumer
sales of which before the war
had
closely geared to the use of
been
,
consumer
credit.
The
consumer
relatively debt-free posL
tion as his outstanding debts were
small in comparison to current in¬
in
was
a
rel¬
a
payments, which were then
heard from.
He made an awful running at an ail-time high. Many
individuals during the war years
mistake in not standing' for the
had accumulated
large sums cf
on
come
to be
atively young man wants
instal-
and
/
moderate increases.
*..
-
instalment
has
been
credit
of
;
<,
increase in the volume
The
loan
This
substantial.;.
arises
type \
principally from j';
personal loan transactions
the
-of
credit- certainly'
'of
loan com¬
commercial banks, small
panies, credit unions, and indus¬
trial banks and loan companies. V
It
particularly noteworthy
seems
that,
the
in
increase
instalment
loan credit has kept pace
with the
a
proximately $5.5 billion Of
an¬
as
This
•
clined
It is: essential^ to; his being
confined demand as a lecturer
before
sale
increases.
peak point of over increase in credit arising from re- S:
$10 billion in 1941 to somewhat less tail instalment sales. Commercial J;
than $5; billion by the middle of banks have been the
key factor
1944. At war.'s end, there was up* in the
growth of instalment loan
game.
in
$109 bil¬
over
lion for the first time, the volume
trick,, a
a
instalment
both
in Congress. He will un¬
of
consumer
credit, particularly
doubtedly. want to go ahead, with
instalment credit.
As' production
his work on what is perhaps best
soared to new heights and our na;
known as the old Truman investi-
all
credit.
■
; ;
74% from V-J Day levels with
ment loan credit showing
iii
b e tween consumer
credit and business activity disap¬
any man
magazine
Issues Book
of
of conInstalment credit i3
similar
Charge account credit
1938, to. an amount over $10 bil¬ has shown the largest growth—up
lion 'in the fall of 19411
82%.
Single payment loans and
■'A At this point in time, the typical service credit have shown only
,
which is based on full
volume
rose uninterruptedly,
exception of a precip¬
the
itous
would encourage
which
red in the various types
up
civil strife,
projects, unrelated to
cur
sumer
gating committee, but as time goes
economic on he will receive less support
tinue
to respect. China's sover¬ reconstruction and reform in Chi¬ from his colleagues.
eignty, but reiterated insistence na and which, in so doing, would
Speaking of the naivette about
that the threat to world peace promote a general revival of com¬ politics generally, we get a kick
mercial relations between Ameri¬ out of those editorial writers and
created by her internal strife must
can
and Chinese businessmen.
cease. The President declared that
columnists, outside of Washing,We believe that our hopes for
Gen. George C. Marshall, his per¬
ton, who applaud Stassen's cansonal
representative in. China, China are identical with what the didness in b^ing an avowed Pres¬
would remain ,there as long4 as Chinese people themselyes most idential candidate, and chide Taft,
earnestly desire. We shall there¬ Dewey and the others for not be¬
necessary to bring about a solu¬
continue
our
positive and
tion to the situation "even though fore
ing just as frank.policy
toward
China
active
negotiations
have
been realistic
The fact is, there is nothing at
that the United States would con¬
consumer
one-half of
credit; then
.
is any
of.
than
billion;; the
.
by the As¬
sociated Press, was America's plan
for broad economic help to China
once it becomes evident that the
less
was
outstanding has increased
sharply. As shown by the accom¬
panying chart, it is now close .to ;
an
$8.7 billion level.
Strikingly
different rates of growth have oc- +■
this total, having, dropped to $3.5
,
ment from Washington
.volume
1933;; the
credit
.
as many banks are how ac¬
tively participating in the business
of making loans through an or- ;;V,
ganized personal loan department.. .
There is some indication, how¬
credit
ever,
rise
that part of this substantial
in commercial bank instalmade to
'
ment loans reflects loans
;
per-
^ ;
departments.;
sonal loan
)
through
businessmen
small
;>■
Whereas at the peak of the con¬
in 1941, in-v;:
accounted for M
credit market
sumer
stalment sale credit
almost
40%
total
of
consumer
15% of the ;;
overall total is made up of instal¬
Senate from Minnesota. As a re¬
'Shvihgs;^;:p^tiGUlariy'.,, ;in-''. such ment sale"credit.
To date this
sult, he has no role in American
liquid fonns. as currency, bank form of credit, which; arises prin¬
affairs except that of a former
accounts, aor Government bonds. cipally from instalment sales of;
Governor, unless he. is a '"can¬
Savings in this form increased al¬ retail stores and dealers, has not; 0
didate for President." He will con¬
most $80 billion from the end of shown the sizable increases
an¬
tinue,to get plenty of publicity
1941 to V-J Day and totaled about
ticipated along with renewed pro¬
from New Dealers who even' in
$125 billion at mid-August, 1945. duction of automobiles and house¬
Roosevelt's life, were always seek¬
Did the improved financial posi¬
hold app] ianees.
This of course
ing to nominate the Republican
tion ditheconsumer signify :a low reflects the delays in attaining* ;
candidate.
" ; ■' +,
V:1
levpl of demand for credit, or high levels of production, par-' "
■
credit,
today,
about
,
Bank of International Settlements prints
first of a series of publi¬
cations in connection with foreign exchange controls.; Work con¬
tains French measures in force and legislation regarding foreign
assets in France, together; with laws and decrees regarding control
of foreign trade.
V+;
The
•
national
series
tion
Monetary
and
Settlements,
Department of Bank for Inter¬
Switzerland, has issued the first of a
Economic
BasJe.
publications in connec-'j»——..
foreign exchange con- sets in France; the
of
with
trol
in
This
first volume
the
different
countries.
contains
lection giving the French
a
col
text of
regulations concerning dealings in
gold
and
.
loreign
i.i
France.
/'-v-.-V-,;
s
The loose-leaf system has been
adopted for this work in order to
make
it
tional
pages
tends
to
easy
to insert the addi-,
which
publish
the B.I.S; in¬
from
time
-
to
in the form of supplements,
time
comprising
any
new
measures
which may
be taken in the future.
first part of the new com¬
pilation
contains
the
general
measures
at present in force on
exchange
operations
and
gold
dealings, the texts having been
broitght up to date by the inclu¬
The
sion
of all amendments. The
fol¬
lowing regulations come under
this heading: the decree-law of
9th
September
1939
establishing
control of foreign exchange oper¬
ations, etc:, the decree of 24th
April 1940. fixing the conditions of
application of the said decree-law,
the order of 30th April 1940 speci¬
fying the operations0respectively
prohibited and authorized and the
;
disillusioning mood, we would
most
individuals
avail
ticularly in the case of passenger .
well take up the recur¬ themselves of short-term credit in.
cars,
refrigerators; and : certain
sets held abroad, of gold
ring speculation about Ike "Eisen¬ a manner reminiscent of prewar models of radios.
Also reflected*,
foreign exchange; the requisition- hower's Presidential possibilities, days despite high incomes, despite
is the tendency for people with.
ing of assets in gold or foreign You wonder, if the publishers are a relatively debt-free position, and
large, savings in relatively liquid
;
exchange, etc., etc., together with really having so much trouble get¬ despite the accumulated savings?
form to spend these assets rather
the regulations concerning insur¬ ting white paper, the way some of
'•'•'A' preliminary answer to ' this than use instalment credit facili- \
ance
contracted in foreign cur¬ them waste it, +.t4\
+*AJ+C
was provided by the National Sur
ties) It is interesting to note that
rency, intermediaries and the al¬
4 What is' worrying some- of the
vey of Liquid Assets, an interview
,
orT1
, ...
,
M
location of foreign exchange to
General's friends, though, is that survey undertaken by the Board iin
on^ 3% of
travelers going abroad.■'*
retail, sales of all stores repre¬
the bee, seems definitely to have of Governors of the Federal Re¬
A
further section reproduces stuck him. With the Republicans
serve System at the beginning5 of
sented instalment sales; prior to
the measures regarding the con¬
being convinced they will; get the 1946. ;The results of this survey the war about 12% of total sales
trol of foreign trade, and a special
White House in '48, you can rest indicated that the use of consumer
were on the instalment basis. Cer- >;J
chapter contains the . legislation
assured
the practical politicians credit
would
be substantial in
applicable
to
"France
d'outre- will
not go for an outsider.
The 1946, but that there would be a tainly the percentage of such sales;
mer."
rivalries among them are too keen. tendency for more consumer dur¬ has increased during the current
A final section consists of the
Furthermore, ; for
Eisenhower) able goods to be sold for cash than year, although nowhere close totnotices and the series of instruc¬
after
having, been
"made" ,. by was tne case prior to the war. The
tions issued by the Exchange Of¬
prewar patterns.
Roosevelt, to switch over to his tendency to purchase goods with
fice regarding the conditions of
enemies looking for favors would cash was particularly noticeable
application of the various meas¬
•^Statement before a conference*'
be one of the shining examples of
iii the buying plans of groups who of the American Marketing Asso¬
ures
dealing with the control- of
ingratitude in history. As to the
foreign exchange, transfers and
had- accumulated large ; savings ciation (New Jersey Chapter) and
Democrats, if Truman lives- he
the service on transferable secur¬
will be their nominee. To change during the war. v'v;.V;.:; K cooperating groups, Newark, New
ities;
I
would
be
an
admission of the -•Results to date show that since Jersey, Dec. 11, ;1946.
Furthermore, all the monetary
2 P
party's bankruptcy. I;. k'■i5'
and
payment agreements .which
Total Short-Term Consumer Credit
Another current political myth
have been concluded with differ¬
(milliohs of dollars)
ent countries and have been pub¬ concerns the fight for the major¬
Changecensus
•..
of as
and of
.
.
-
■
-
lished
the present will-be
reproduced in a supplement which
up
to
B.I.S.
proposes
to
bring out
;
This new publication (contain¬
ing about 450 pages) can, be ob¬
tained either from'the Monetary
ferable
jrules
securities;
with
regard
the near future.
and
Economic Department of
'.Bank
,
for: . International
the
Se'ttle-
ments, Basle, or from a bookthe
general seller, at the -price of -28 Swiss
to foreign as-1 francs.
:
...
ity leadership of the House.
It is
Halleck
to the effect that Charlie
.
.
Aug. 1945 to Oct. 1946
Aug. 30,
Oct. 31,
>
of Indiana is
Dewey's man.. Dew¬
Type of credit
.
.
; 1946
ey's endorsement of Halleck is
Total
J—8,694
being capitalized by Halleck's ri¬
Total instalment credit-_
3,458
vals.
The fact is that he is far
Instalment sale I1,242 *
from being a Dewey man. He will
%
Amount
1945
"
the
ing rules with regard to gold, etc.
perned with the depositing of for-t
eign exchange and foreign trans-
-
...
,
in
contains the leg¬
islation regarding foreign assets;
that is to say the legislation con
as
the volume of
ordinance of 7th October concern¬
A second part
In this
might
.
.5,649
.
+ 1,460
1,988
;
706
-f3,045
+53.9
•
+73.9
•
.•
- .
"f"75.9
.
undoubtedly
(
supporta
Westerner for President.
endorsed
him
Halleck had
bag.
-
because
,
he
Middle
Dewfy
knew
trie leadership-in the,
)c-j-
Instalment loans
^,;Charge accounts
Single
2,616 ~
pa^rrienl'lb'aris' A-*1, 1,768
Service credit
282
1 2,216;;
852
.
1,
-V 1,
"?!')+ -i.»93i4''
441"
;
+72.9
+ ' 302
466
754
4
,
+81.5
+20.6,
98
+13.0"
+1,175
+
\
:
.Volume
165
'
Number 4556
As
already indicated, outstand¬
ing credit arising from charge ac¬
sales
count
increased
and in addition their cash expend-: will arise from the substantial
have been financed to an of instalment credit
itures
sub¬
there are
operations, however, are still a
long way from their prewar status.
Two basic factors in large part re¬
sponsible for this are—the limited
period of consumer durable goods
customers have
opened charge ac¬
counts in hopes of
receiving pref¬
erential treatment,
especially on
items of short
supply.
A larger
proportion of total retail sales are
being made on a charge basis, and,
in addition, the collection
period
has shown signs of
lengthening in
sum
course
of
questionably
it
is
gradually
verting to prewar status.
withdrawal
re¬
of
charge
less
one-half
borrowing
from
banks
and
of
cother
financial institutions; dur¬
ing recent months their buying on
credit
more
has
one
billion
credit
1
.
sumer
credit
CONSUMER
during the next
current
income would
$15
total
consumer
credit
billion/
Today the
is $8.7 billion.
It is
possible
that
the''total
credit
consumer
will
point of $10 billion by early 1947
and/.that
mid-year
Dy
con¬
amount
year
$12,billion.
1947
the
outstanding will be almost
'
•
peak
>v.
in
creases
this fall.
country
wheat
in¬
seedings
most
of
the
exceptionally favor¬
able for preparing the
ground and
seeding.
' •'* --.A'
In
the
southern
Great Plains States,
and
central
the heart of
the
hard red winter wheat area,
the acreage seeded increased
7%,
Moisture conditions there
ter than
are
they have been in
a
large
bet¬
many
acreage
made available for wheat this
when
spring
out.
land
was
fallowed.
summer
grassland
of
acreage
outcome
of
has
large
a
wheat, the
depends on
conditions,
y
of
intended
wheat
The large increase
In
in
acreage
Southern
turn
to
a
re¬
In this
acreages.
last
brought the increased
age up
to
wheat
acreage
good start. The winter
the
where; the
due to
acre¬
is below last year
Pacific
Northwest,
decreases
partly
are
extremely, dry-soil, in early
fall, followed by too much rainfall
and early wintry weather.
v.,
A 1947 winter wheat
production
of about 947.; million bushels is
forecast.
crop,
■
is
based
Dec. 1 reported condition of
upon
the,
This" estimate
moisture-
an
appraisal
;
of,
soil
conditions
to date and
factors affecting yields per
other
If
acre.
Dec.
1
condition
of
93 %
is
the
highest since the 98%. reported in
1918 ; and i§ 11 points above the
82 %
fall
of last December.
soil
moisture
Favorable
conditions
only permitted timely seeding of
but resulted in generally
satisfactory germination and fall
'
Rizley, Republican, of Okla-.
Charles Robertson, Re¬
publican, of North Dakota—-held
that a "preponderance of ailbcred-f
House Group Urges
Sale of Pipelines
«.
The ;; House
Surplus
O00; a day for; maintenance
and
minority Teport
Representative
John J. Rooney (D.—N. Y.)
urged
tjiat sale of the projects be made
&■.
/
"The report recommended .that,'
if the lines are sold on
bids, the
.
Government insist on a "recapture
clause" in its disposal contract
fo;
to. small
independent oil concerns,>
according to a > United Press dis¬
:
gas; "would
only
"per¬
the monopoly which ; the
big
oil
companies ./ now
have
through their own pipelines and
The
Redeem Norwegian Bonds
v
strike.
-
loan
4%::.sinking
coupon
bonds
due Feb.
1, 1963, of the Kingdomr
being notified that
$480,000 principal amount of these
were
to
have been sold
months ago, were put into emer¬
use
Holders of 26-year
fund external
lines,
wfiich
gency
U/Tot al t • accepted,
$1,316,232,000
$24,686,000 entered on
a fixed price basis at
99.905 and
accepted in full). y£fA 'A.'•
/(includes
iy". 0.375%
petuate
tanker transportation."
of Nor wa y a re
to pipe natural gas "to
iiige
Unite^ Press added:
majority of the committee |
>
,
i
Roger
C.
Slaughter;
Missouri;- Clifford
Democrat, of 7
Davis, Democrat; of Pennsylvania;'
anum,; ;:>
per
of
,
Tp® bonds will be Redeemed'-at
-
Office
Bank- of
acre
indicated yield per seeded
of 16.8 bushels compares with
Condition
the
acreage compared with
harvested
in
1946.
If
■
accepted
will
be
planted
7.1%
not
realized,
the
.
lowest
rye
on
a
year ago, and the highest
condition since
1921.
The
high
condition
Dec. 1
rela¬
is
general
country.
all sections of the
Greek Ambassador Dies
A
Cimon
Diamantopoulos,
Greek
Ambassador to the United States,
died of a heart attack the
night
of
Dec.; 6, the New York "Times'*
stated,
and
Dec.
on
the
had
it
10
day
been
stated
before
in
attended by
diplomats, members of delegations
United
to„ the
Nations
and
coni?
sillar and military officers. Prime
Minister Constantin Tsaldaris, in
eulogy, praised the brilliant dip¬
a
lomatic-career
of Mr. Diamanto-;
poulos, who had assumed his post
Ambassador
as
States4 in
-
the
to
February
United
1940.
Mr.
announcedV that
Tsaldaris
King
George II had awarded, posthu¬
mously, the Grand Order of the
Phoenix to the Ambassador for his
diplomatic
services.
On
Dec., 11
funeral rites of the Greek Ortho¬
dox
Church
were
held
in
the.
Washington, D.C; Cathedral.; Later
body was placed in a vault at
Arlington National Cemetery. The
Associated
Press ' advices
from
.
the
,
Washington stqted:;■
:
"President Truman
was
repre¬
sented
by his military and naval
aides, v Maj.
Gen.
Harry
H.
Vaughan and Rear Admiral James
H.
Foskett. A Undersecretary
of
State
Acheson
Dean
represented
the State Department."
NY Chamber of Commerce
Host at Christmas Tea
A
•The- Chamber
of
Commerce
the State of New York
a
Christmas tea
of
host at
was
Tuesday Dec.
on
17 at which the ladies of the fam¬
ilies of the members
This
were guests.
only occasion during
the
when this exclusively
organization
invites
the
year
male
other
A
the
is
was
visit
to
sex
of
program
sung by the
institution.
carols
Chamber of Com¬
Singers, following
merce
Great
the
in
tion
the
Christmas
Chamber
building
Tea
Street.
members'
was
dining
of
the
a recep¬
Hall
65
at
of
room
officers
th<>
Liberty
served
in
the
with, the
other
and
officiating. The guests
were
welcomed by a committee headed '
by Peter Grimm,
Arthur M.
President; and
Reis, Chairman of. the
Executive Committee. The Cham¬
A
founded in
ber,
which
was
and
is
the
oldest
for all purposes in the fall of 1946
States,
had
on
is
early records and other
1768
_
.""'■i-•VK-;
per annum.
A'Lbw^ 99.905; equivalent
rate of
0.376%
.discount//approximately.
:•
-
;
V *,-V ii ;v'.-
'.
'
,
-A' ■'
at
3,571,000
acres.
'amoiifit'6f
in
the
United
view some of its
linked with the
rare
docu¬
at
■-
This is 5% larger than the 3,390,-
ments
000
i;
bid for
the- low price was accepted.
V.4'-
estimated
the city, state and nation over the
acres sown
last fall, and is the
first time in 4 years that the acre¬
age
h?<5 been increased over the
ere was a maturity of a simoU The .National
Tlar issue'of bills oh Dec. 26 in the preCeo^g year. The slightly larger
New;Ypr^,;;;'.;'-
:
of
Dec, 1 is
reported at 92%—9 points above
wives
of
more
is 16% larger
of rye.
acreage
ladies
grain is 5.5%
25%
than last year, and is a little over
one-third of the total U. S. planted
that will not be harvested
for
with
is fourth. In these
year
4 States the acreage
16.7 bushels in 1946. The indicated
acreage
abandonment
§-69%lof 'the:amount
f
;
,
/The
competitive
sihee
1931- when, the
loss
of
".'/r
'
l, 99.907, equivalent rate, of planted acreage was 5.3%. >
f ;
dicountV' approximately
Rye—The acreage of rye sown
0.368%
bids
per annum.
The
The
Chairman
the
permit taking them over on short, tJAverage price, 99.905-f; equiva¬
lent rate of discount approximates
notice in event of another war.";
Washington.
Mr.
Rooney contended that use of the
for
last
grpwtK, However, in States east of
•
operation, be sold without delay:
to the highest cash bidder. In a
lines
Minnesota
.
"which cost the Government $14,-
from
Treasnry
Bill Offering
Mississippi River rank plant
Al
growth, Such as exists this fall, is
not
necessarily associated with
ible
evidence-'; weighed heavily,
in« favor of using the lines to- t ; The' Secretary of the Treasury high yields the next year. Also in
nnnoiinced on Dec. 23 that the the Great Plains area the advanced
transport gas.
v-. U
$1,300,000,000 * . or plant development would require
{"They said that witnesses-from tenders; / for
91-day. Treasury above normal -,'spring and early
theInterior Department and the thereabout' of
bills to be dated Dec. 26 and to summer precipitation to maintain
Texas; Railroad Commission testi¬
the present high reported condi¬
fied. that,'a billion or- more cubic mature March 27, which were of¬
tion. In the present forecast of
feet of
natural gas is; going-to-, fered, on Dec. 20, were opened at
Reserve
Banks;: on production normal: weather has
waste each day" which could; b0 the XFederal
been assumed for the rest of the
Dec. .23.,
piped to *' the Eastern' industrial:
A^Totaitapplied for, $1,841,201.00" crop --season, v v-.AA.*;■ AA
■area. ■ ;K:«?
Property
Committee, in a report signed by.
four of its five members, recom¬
mended on Dec. 15, after 20 days
hearings, that the $146,000,000
Big Inch and Little Inch pipelines;
patch
Resnlls of
horn a, and
and
rye
not
wheat
Ross
seeded,
than
realized; this will exceed
the record 1946 winter wheat
crop
by 73 million bushels or 8%. The
crop.
acreage of
limiting factor in
a
York
planting
in
wheat
cover
however,
seed¬
ings. Nebraska is still the leading
State in rye acreage, while South
Dakota remains second in impor¬
tance, North Dakota, with its in¬
crease
of 55%, is in third place
was
New
and
time. After early dryness in some
of the Mountain
States, later fall
only
winter
services
States represents
normal
a
for pasture and
The large increase in
that
Central
acreage for
in rye
last year
over
East
some
acreages?
area, v acreage was
reduced
fall by wet weather at
rains
more
*
the
eastern; part of
the country, weather favorable for
removal of preceding crops
per-:
mitted timely and complete plant¬
ing
conditions for
Increased interest
tively
which
moisture
grain; and
over
volunteer
—
seeding fall grains; relatively high,
rye
prices
which
encouraged
Kansas
of
most
Some
broken
was on new
spring .moisture
i
favorable
Texas, New Mexico
in
Kansas.
In
last
spring crops, princi¬
sorghums, ~ was not planted
of the increase
and
intended
for
pally
12
to
widespread
Weather in
was
about the
is
—
farmers to seed
contributed
winter
This .year's acreage
ago.
seconds—•
-
factors
substantial,
fall
BILLIONS OF DOLLARS
year
was
seedings for
.when
Kansas
of 17 million
crop,
its
Several
the
a
which
record
years. In that area
-
OUTSTANDING
BILLIONS OF DOLLARS
the
acres.
was
<
CREDIT
1938,
as
reached
the
surpass tne previous all-time
peak
v
The bulk of the increase in
consumer
amount; of
without any increase in charge ac¬
expanded "somewhat
than their buying for cash,
to
entirely
dollars
count sales volume.
^conditions,
outstanding
close
source
of
higher
same
seeded
acres
1937
may
become
higher production
Under
price levels.
with
have been accompanied by a level
Regulation W; Credit from
although now above
prewar levels, could well increase
this
million
the
increase
of
volume of
from
During
consumer
for the crop of 1947 as follows:
Winter Wheat—-The acreage of Winter wheat seeded for all
pur¬
poses this fall, estimated at
56,426,000 acres, is 8% above the 52
to
and
accounts
the war consumers did more of
■their buying for cash and also did
of
increasing at
and condition of winter wheat and
rye
only
prewar
assuming that business conditions
remain
good.
account
Charge
credit outstandings are bound to
increase, partly as a result of the
con¬
volume
Acreage Sown for 1947 Crop
Reporting Board of the United States Department of
on Dec. 19, its report showing the
acreage
Agriculture made public
rate
sumer
credit since V-J Day—un¬
sumer
overall
credit outstanding is
credit, there will be sub¬
stantial increases in the next year
of
And Rye
The Crop
;
down
greater
course
Agricultural Department Report on Winter Wheat
the rate of $300 million per
month,
or about $3.6 billion
per year. This
con¬
-
;..'jv/V
the
up
the
spending plans are not de¬
pendent upon credit facilities, •
As to the future
of
payment and ma¬
turity provisions on instalment
contracts, will also contribute to
the general increase.
Currently,
diate
months—both these
■
'.To
form
production at high levels, and the
war-created surplus cash position
of many consumers whose imme¬
factors have added considerable
amounts to the outstanding credit
total.
Current consumer credit
money.
55
use
along with
anticipated high levels of sales of
durable goods.
Any further re¬
laxation of Regulation W in the
increasing extent with borrowed
very
stantially, Undoubtedly
more charge customers
these days
Many stores have been .actively
soliciting new accounts; also many
the past few
r
THE COMMERCIAL & FINANCIAL' CHRONICLE
$r,303,440;OOO.T J'v ' '"
acreage
resulted from:
generally
last
178
afforded
the
of
years.
an
were
opportunity
Chamber's
portraits.
Guests
history of
notable
to
,also
see
collection
:
"
.
,
In another
U.S. Chamber of Commerce
Urges
that
Volve
whose
exertion
ture,
found
the Court
Act
controlled
the
of
physical
a
or *
required
a
formed
shipped a
for dealers who in turn
coverage
na¬
solely
the
on
per¬
employer's
putes
other
an
unwitting violation or
mitigating, circumstances
;,/A;A;
And fourth, an amendment to
employers and emr
ployees
to, make, compromise
it
Authorize
settlements in
of bona fide
cases
disputes arising under the law.
As it is
.recognize
the
validity
of
eral
such
legislation of this
character.
cases
before them,
rulings
the courts but indicate the
This
that the amendments sought will
not make just and equitable a law
effect
that
continued
declaration
in
In
unclear
and
uncertain
established
in
its
economic
Committee
effects.
holds
that
should "be revised
so as
The
the,, law
to
remove
ifs uncertainties ■ and - inequities
gbd to make definite the areas of
its* applicability."
} A AAA -/A
'
,
(
Tfi.e Chamber's referendum, as
pointed out by Ralph Bradford,
general manager, takes
on
especial
significance because of the suits
which, are now being filed in the
courts on a wide scale demanding
back
potal-to-portal
the Act.
The
: A.
full
A
text
the
of
r/vA
Report
the Chamber's Committee
bor Relations follows:
To the Board
Chamber
of
of
United States:
The
Fair
fundamental
question in work¬
ing conditions, and should abrogate all such decisions already
'
under
pay
on
made
•
Labor
Standards
Act
Thus, in one
the Administrator held thqt
case,
commerce,
.
•
expired in 1948.
/
hours of work in
decisions
numerous.
provisions of the law
and certain in their
The
are not clear
meaning and
Court
fact
criminal
foreseen financial liabilities which
posed
great numbers of employers can¬
on
is
an
settlement.11
Repeal
or
liquidated
Act. in
an
/./;,..;
^ AA--AV
Revision of the Law A
A The Labor Relations
Committee,;
joined in its consideration of the
Fair
Standards Act by
Department of
Labor
the
of
members
Committee, took no
Manufacture
action
respecting
the
previously
•
position of the Chamber that
the law should be repealed.
The
Committe did conclude, however,
held
Congress should under¬
thorough-going study of the
that
the
take
a
its economic effects and if
law
on
the
law
is
to
be
continued
re¬
visions and amendments should be
made in numerous
particulars, in¬
cluding those discussed above.
*
The Committee proposes a dec¬
of policy by the Cham¬
follows::;;;:;, A/,;^
t
"The Fair Labor Standards
laration
employer
ber
A'
as
■
-Act
fails, to
mental
.
additional
should
penalty that may be im¬
the willful violator,; un-
meet
the
be
clear and
funda*
that laws
requirement
certain,
so
that all persons
affected may be
i: fully advised of their rights and /"
responsibilities. Constantl y
detSecti6A;ltf;(ate
not' meet and remain solvent....A
recovering
the
under
of the over¬
time compensation paid under the
statute, and
administrative ap¬
that: there
the
and" the employee received,
quently
by mistake or ignorance./ The
only difference between, a' Willful
and a good faith violation is the
of;;the,s(U. S. Su¬
have broughtvun-
not
amount equal to that
or
week, have caused great difficulty
to employers and. now under:re-
dispute as /
employee
the. coverage of the
or
within
damages
com¬
deliberately
of 40 per
excess
employer
an
employee's over¬
compensation because of the ;
ployer from all obligations under
the Act, the release did not pre¬
clude the employee from subse¬
of the
by, court -and
,/
under
a
bona
fide settlement
agreement all overtime compensa¬
tion due him and released the em¬
'
The provisions of the lay/ .which
of require overtime compensation for plication,; whether an
has violated the Act
preme
increasingly
datory terms
.
Act,
This rule applies, by the man¬
,
Hour$-of*Work Provisions
.'A/
was
Under present provisions of the
'
where
that
whether
to
Fair Labor Standards Act (section
purely local producer of fertil¬
izer for the use of farmers wholly
•/ *
case,
existence of a bona fide
a
Difficulties under the law have
been
1938,1 informally known as the
Wage: and Hour Law, prescribes
coverage.
was
S.
time
length Judicial Discretion in Assessment
in the v/' /.AA- of Damages
'/. :A:
_
cent
the
of
of
matter
go
return
,
AA/; A ^A/A'/A
Difficulties Under the Law
Directors of the
of
misinterpretationsj
This declaration
La¬
/
as
Congress."-,
of
A/A"'-';
Commerce
rule, namely, in 1943.
he expects to
and
•
coming before the;;
Supreme Court, the Court
one
held
16), an employee may sue the em¬
ployer,; or, bring suit in conjunc¬
within the producer's State must tion
with
other
employees for
meeting as follows:
*.r
<
t ■,
consider his employees covered by
"Congress should make plain its the Act if he has reason to believe any unpaid minimum wages due,
or
any overtime pay due and re¬
intention that what constitutes
that it will be incorporated into
maining unpaid. If the employer
the working time of employees
farm
products
which
will
be is found to have violated the
Act,
is to be determined by State
shipped outside of the .State.6 A •.! he is liable' to the
employee for
Alaw'/ or agreements or settled
The foregoing illustrations are such "amounts as the court may
custom,, and should not allow
sufficient to reveal how far afield find owing and, in addition, "shall
the administrative authority
administration of this law is going be liable to the employee affected
under the Federal Wage-Hour
from the earlier concepts of the in an additional equal amount as
Act to undertake to make, dereach
of
Federal
regulation in liquidated; damages."
'
'
cisions of its own respecting this
Accordingly, it
calls.- upon Congress for a thor¬
oughgoing study of the entire law
and
expiration under the
that year, however, a declara¬
tion was adopted at the annual
respects.
many
until
to which
woods
pensable work-time.19
reached
have not
which
the
made
has
Administrator
Public interest will best be served
The Chamber's Committee holds
is
A The
by repeal of this law."
compromise settlements if
come
U.
by
the essential defects in Fed¬
interpretations of
to the
failed to pay an
...
cure
the courts will not
now
In
Federal rules regarding
an
found.
are
trucks owned
reconstruct
cases
the facts.
part
theCountry uniform
propriate compensation under the
employers' customers and used to statute.";9
such mat¬
'Ay ;
Av,
transport goods in interstate com¬
ters prevents the flexibility in ad¬
In another case
decided
after
merce
are
covered' by the Act.4
justments so essential under con¬
the Mt. Clemens Case, a federal
Again a District Court concluded
stantly varying conditions in occu¬
district court held that time spent
that the law applies to a manager
pations and activities the diversi
by employees of a lumber com¬
employed by the owner of cafe¬
ties in which, often forced by nat¬
in travel on conveyances
terias located in a war plant to pany
ural conditions, cannot obtain suf
provided by the employer from a
serve employees of the manufac¬
ficient recognition in Federal leg¬
turer of war materials shipped in permanent camp established as
islation.
Amendments cannot
living quarters to work-sites in
interstate commerce.5
throughout
employer from
mandatory double liabilities
where
and
as
are even more
of bona fide dis¬
There
facts.
numerous
.
.
ford relief to
of
cases
the
em¬
of them in interstate premises and are a necessary pre¬
requisite
toproductive, work.
commerce, even though the build¬
merce and thus
prevent the pro¬ adopted at the annual meeting ing owner was in no sense engaged There is nothing in such activities
gressive extension of the cov¬ calling for the repeal of the law. in the
that partakes of the personal con¬
production of goods.3
erage of the law in unwarranted In 1940, the members adopted an
venience
or
needs
of
the
em¬
Likewise, a District Court ruled
other declaration in which it was
directions.,
ployees.
Hence they constitute
that employees who paint, repair,
work that must be accorded ap¬
\/..Third,-an amendment to af stated that "thqn&ttempt to apply
major
(Continued from first page)
of the law frequently is
; There
are numerous
bona fide disputes as to
borderline.?
by
employer and pursued neces¬
substantial portion of sarily and primarily for the
They are
tenants produced garments ployer's benefit.
building,
Changes in Labor Act
case
applied to service
and maintenance employees of a
the
1947
Thursday, January 2,
[THE COMMERCIAL & FINANCIAL CHRONICLE
n
application. Moreover, the latitude
A; As a general proposition, courts / broadened administrative and
have
observed considerable
re¬
A Compensable Working Time
judicial interpretation respect¬
minimum wages and provides for given expressly to the Admini¬
strator and that assumed by him
ing the applications oFthis law
additional
IQ The law. contains1 no definition straint in applying possible pen¬
compensation to em¬
has resulted in the constantly ex¬
/* has now < reached * the A point;
of compensable working time. The alties for innocent ( violations or
ployers who work in excess of the
technical breaches of any statute. A where it is imposing upon great
maximum hours: per' week speci¬ panding application of the law provisions 6f the law relate to: an
both with respect to the coverage
Ignorance of the law may be no / segments of business wholly un¬
undefined work-week.
fied ia the law. The law regulates
AAA/''/,; excuse for violations, but it has
of the law and with' respect to the
looked-for threats of financial*
also
the
Issues concerned with the mat¬
employment/. of child
:
liability / far. beyond industry's
labor. ; A,..;; Av ' A-A ' / AA 'A'V A ■ requirements on compensation of ter of compensable working time generally been considered by the
A; ability to pay.
courts in the mitigation of penemployees. .;;A:'
/ .
. M
A;- ' •
With respect to minimum wages,
have been decided by the U., S.
Litigation under the law has
A, "It is vital to the public inter—
the rate now in effect is 40 cents
Supreme Court. Thus in one case, altieg.A!!'^
been extensive.
A long line of
v In
est that this law be revised so as
the. Fair Labor Standards
per hour, the maximum provided
the. Court held that underground
cases upon the constitutionality of
Act as presently written, there is
to remove its uncertainties and
for in the law.4 With resoect to
travel in iron ore mines to and
the law and the interpretations of
no room for such
discretion, and : inequities and to make definite ,.
overtime compensation,
from the place where the miners
the law
the Administrator has reached the
the areas of its applicability. To
the honest employer is penalized
provides; that an employer must
actually drill and load are con¬
U. S. Supreme Court. The consti¬
in exactly the same fashion as the
A this end the Congress should un~ ./
pay compensation for hours in ex¬
stituted work and hence was in¬
tutionality of the law has been
deliberate and conscious violator.
dertake a thorough-going study
cess, of 40 per week at a rate of
cluded in the compensable work¬
A of the entire law and its ecoupheld and, in most instances,
The employer who relies on an
week under the law.7 AAAAA'A
notj less than one and one-half
the
Administrator's
interpreta¬
administrative
nbmic effects.; Some changes of
interpretation of
times the regular rate at which he
In a second case, the Court held
tions have been approved.
the law subsequently declared in¬
urgent importance, for example,
is employed.
that the facts in the case left "no
correct; finds his Unwitting mis¬ A are the following: A definition
One of the outstanding difficul¬
•The* law is applicable to em¬
reasonable
doubt
that
under¬
of coverage to exclude opera-;
take equally as costly as though
ties
confronting
employers
has
ployees of employers who are en¬
ground travel in petitioner's two he
were
a
-deliberate
violator. :/ tions not in or substantially af¬
been
the
constantly
expanding
gaged in commerce or in the pro¬
bituminous coal mines partakes of
Therefore, it has been proposed to
area of coverage.
fecting interstate, commerce; a*
duction of goods for commerce
the very essence of work," and
definition of compensable workamend the law to relieve this un¬
with specified exceptions.A
A;,
was time worked under the Act.8
Employers Reached by the Act
fortunate situation by incorporat¬
ring time to permit recognition /
The purpose of the law in speciThe issues, involved in the two
of Custom, practice, of agree¬
As stated heretofore, employees
ing Section 16 (b) a provision; for
a minimum
wage is readily
of employers engaged in commerce preceding pases related to min¬ judicial discretion-in the assess¬
ment, designed to eliminate unapparent* An initial purpose of re¬
ing, but during the present year ment of damages where the em¬
or in the production of goods for
certainties with regard to the
quiring extra compensation for
two court decisions have extended
status of nonproductive time; a
ployer is found to have acted in
overtime work was to restrict the commerce, as defined in the'law, the
principle established by the good faith.
must be paid in accordance with
•
' :
•
provision permitting the exer¬
hours of work per week with the
earlier eases to manufacturing and
the applicable provisions.
cise of judicial discretion in thek
•
object of spreading the work in a
other kinds of companies.
assessment of damage; where an ]
/ Compromise Settlements
Commerce is defined to-mean
period of business depression. //A
unwitting
violation • or other ,
Thus, in the Mt. Clemens Pot¬
The rule of law under the Fair
trade, commerce, transportation,
circumstances
are
i/A
Chamber Positions >
A- transmission,
or
cdmmunciation tery Company case, the 'Supreme Labor Standards Act as estab¬ '/mitigating
Court took notice of preliminary
found; and cognizance of the .
The Chamber, by annual meet¬ among the several States or from
lished by the United State Su¬
activities by employees after ar¬
right of employers and em¬
ing resolution of its organization any State to any place outside
preme Court is that there can be
riving on the employer's premises, no valid
ployees to make settlements inA,
members, opposed the passage of thereof.
compromise of a, wage
cases of bona fide disputes aris¬
such as walking to their places of
the law prior to its enactment
claim for overtime compensation
For the first time in Federal
ing under the Act."
•
Thus, in 1938, the Chamber de¬ law the reach of the Federal Gov¬ work, "putting on' aprons and and liquidated damages under the
clared that "compensation for em¬ ernment extends to those who axe overalls, removing shirts, taping Fair Labor Standards Act, even
Proposals for Referendum
or greasing arms, putting on fin¬
where the purported settlement is
ployment cannot be equitably ap¬ engaged in the production of goods
portioned nor can enduring in¬ for commerce/ The word "pro¬ ger cots, preparing the equipment al compromise of a; bona fide dis¬ A; The Committee recommends to ;
for productive work, turning on
creases fn employment be secured duced" is defined to include "man¬
pute as to coverage of, or amount the Board of Directors that the
switches for lights and machinery,
through centralized Federal regu¬ ufactured, mined, handled, or in
allegedly due, under the Act.
Board authorize the submission of t
opening windows and assembling
lation pf hours and wages. We be¬ any other manner worked on in
i I Most of the difficulty has arisen
and sharpening tools. These active
a referendum to the organization I
lieve, ihat, with, regard to mini¬ any state."
\
because of the provision in Sec-/
itiesi;are
clearly, work falling
'members of the ^Chamber upon j
mum wages, maximum hours, and
The extent to which the cover¬
within the definition enunciated/ tipn 16(b) of the Act referred to
wprking conditions,, there should age has gone under the definitions
heretofore.
This is the so-called the declaration presented above.a
apd applied in the Tennessee Coal
be only such public regulation as in the law
double liability provision.
M
may be indicated by a
The'law is so far-reaching in its
and Jewell Ridge cases. They inmay be1 validly applied by State few illustrations. In one
The question as to whether a
case, the
effects upon industry and business
3 Schulte,' Inc.
governments for those ^classes of U. S. Supreme Court held that
v. Salvatore Gangi,
66
particular employee in a partic¬
Sup. Ct. 925 (1946).
"
workers for which legislative pro¬ the Act applies to
generally that the proposals of
employees en¬
ular work-week combs within the
4 Walling
v. Sturm & Sons, Inc.,
U. S.
tection may be necessary to pre¬
gaged in the maintenance and op¬ D. C.—N. J., 6 W. H. C. 144 (1946).
terms of or is exempt from the this Committee should have the
vent their oppression and to safe¬
5 Ferguson
eration of a
v.
Prophet, U. S. D.
C.—
building in which
consideration of the organization
S. Inch, 6 W. H. C. 284 (1946).
guard/their
health
and
wellgoods
for
interstate
commerce
6 8 w. H. R. m-rnh
|9 Anderson
Clernenp Pottery Co., members through referendum.
being."
: -if were physically produced 2
66 Sup. CtV 1187 (1946).
7 Tennessee Coal,
m
j
't,
i *
1 H " I
"
• .<
.•••
Iron and RR. Co. v,
,
•
,
.
,
.
.
•
•
'
,
5
.
.
,
.
,,,
.
^
,
,
Theri/lh 1939, a' declaration1 wak"'
Muscoda
2 Kirschbaum
i'52 £tafe. 1060.
>
'
•
'
"
517
11942).
CO.
v.
Walling,
316 U.
S.
Local,
8 Jewell
6167,
.
Ridge
325 U. S.
;
,":
■«
<1944):-,4
321U. S. 590
Local No.
Coal .Corpi-i v.
161.(1945),
•; i)
t'l
A
'
"
.
,
-
• •
.
■
„ ,
10 Walling
i
;
Co.,
U.
(1946).
S.
D.
^naconda Copper Mining
C.—Mont., 6 W. H. C. 302
.
v.
11 Schulte,
above).
Inc. v. Salvatore Gangi (cited
-
...
IMsfc* M£Jtyi>W' V.MVWV.
Volume
165
Number 4556
THE
(Continued from first page)
who
owners
have
ductivity;
proper
of
repairs to their buildings, it is
quite likely that an advance in
rents may be authorized of
per¬
haps 5% to
orders in the
new
should
that of this year.
main
on
rent,
to
which
the
of
5%-10%
isj likely.
be turned over
will probably be
may
states)
workers will
field
same
farm prices
October,
work
so
gone.
consumers'
Farm Income
light goods and
goods
there
rolls
/
the
as
price
level,
particularly in luxuries.
This factor does not obtain in
the
year was $21.5 billions, or approx¬
imately the same as in the whole
about
to
present
the
heavy
industry
field/ In
any
event, there is a tendency to await
lower prices." It is
probable that
total consumer expenditures
will
he maintained at last
year's level
despite cries of "buyers' strikes." h
;4
lower
of last year.
It is our opinion that
1947 farmers' income .will; be
-and
Lead
oils.
lead,
tin
and
"With its decontrol
advance,
the
19V2C
'Zinc
also
Tats
likely
is
and
off
oils,
to
the
In
critical
our
opinion, national income
cause a
$160
billion, slightly r less
than the $163 billion estimated for
1946, but over twice 1939 and 1940
list.
l
critical list although automo¬
bile men report that
they cannot
1947
will
that
these savings in
increase
rate
same
in
expanded production, /%/
slowly
somewhat
or
1946, which is, of
rapid than the
war
the
at
less
than
and
les?
course,
savings' amounted to: $40.2
billions, in 1945 to $37.6 billions,
///:,PP
and $8.5: billions' in the first* six
The total volume of retail
trade
in" 1945 "was $74.6 billions.
'
This monthsof ■ 1946H j
'p
;year it is running at the rate of
um
/
about $93 billions. While the
Industrial Production
total
consumption of goods may decline,
We believe that next
year the
the advance in
prices should tend
j F.R.B. Index will have a range
to keep the dollar volume
in 1947 1 of 158 to 184
(it is now about 180),
at approximately the-same level
with the low
coming in the first
of 1946, with durable
goods almost half of the
year and the high in
undoubtedly showing gains. •
"" :
second half.'
Production dif ficul
/i's* ///
■&:'& ties/ due to steel, coal and coke
New Orders and Inventories
shortages,1 will' plague industry
While
early in 1947
manufacturers'
inven¬
tories are at a new
high they do
hot yet present a serious
problem,
As
measured
man-hour, 11
,
,
,,
by
b
a
or
.
output
per
productivity
,
ml
only if
1947.
^
Probably there many serious strikes
interrupting
Automobiles
Oil
-
Finance Companies /
Glass (flat)
Building
;
$
.House Furnishings: v
Can Manufacturing/ Household
Appliances
^
,
♦
:
;
'
;
Cements
.
*
.
Chemicals'p^Pp;
\P„ Copper
Dairy Products
Machine Tools
,//
.,
Railroads /•//;.///;
Soap & Veg. Oils
Steel & Iron
■
y
Office Equipment'
//'•
■■
Same
Aircraft Mfg.
Aluminum
1
as
'/;//
1946 v
'
,
'
Drugs & Cosmetics
Motion Pictures
\
'
™
Textiles.
Department Stores
/
Mail Order.
:
■
f,:
n(
V{,' J S J'J j
f:
"Meatpacking
/;,f
.
H
;
Utilities
-
.
/
.
V/v V
V//./
■"
1) V# I ?
*:h;"'•
.
/'■ W///
•
,
Ftolnm 1Q4R
Beloiq 1946
Air
Transport
1
Insurance
Ships & Shipbuilding
Wool
'industries.
'
'
i
/' M i1v~f
/«?...
*
-
>«*
■
ious
treaties.
sion
by the Council of Ministers
retroac¬
.
.
Federal Budget
.
many -optimistic-stateemanating from Washing¬
ton, we do not look for the Budget
to be balanced
'W
'
•J'!
■It'Ifr
!
5;
;
'
.
further
government P. stocks
been
of
sold
World
the
de-
investments
-
ures
The new Congress may be expected to enact early labor legis¬
lation, possibly an amendment to
the Wagner Act or a
stronger,ver¬
sion
of
the
Case, bill, "also,, a
"quickie" tax bill is expected.
A
^
expect
in
and
more
1947
reasons
than
being:,
President
clusion.
remainder
program
of
1946
/
x
'•
"
,
»
*.»•
v;./':;p:p;.i Social Security
t1
While
not believe
that the 80th Congress
Will enact any further Social''Se¬
curity .benefits.
Broadening/ of
health
insurance, / or "socialized
medicine," will again be deferred.
^
1
'■ ;;/
/
inventories
although
indicate
Z on
/ Disarmament
Probably there Will be
;t
duction'in
thrt
some
!
re¬
tpst of the Army
Navy, perhaps during the lat-
in
in
bill
collections
a
end
,
of
next
amount'in¬
it
may
stock
it lower
by the
'
■
;
Earnings and j d i
estimate that
,:
/
>
1947
oveirvall
corporate
earnings will be"'up
about 6% and dividends frdm 5%
to 10% higher than in 1946/ Rail*-:
trend to¬
or
interim
increase,
Dividends
We
is
:
yield1 Index
year.
Corporate
.
,
purchasing resist¬
cancellations
the
/some:,
prices will force
reduc¬
road earnings should be
urt'25%,
and utility earnings either
alent
to
1948
or
;
as
,
possibly
Industrial
whole
a
should
lower
corporations
have a good
'Ppp':pp:-'■■ppip-'p»• ;/'//•
year.
high level.; Substantial financing
be done through preferred
stocks./ A tendency favoring bet¬
a
I'• ■'
Stock/Market Controls";...! \ ]
/
basis in the first
will
ter grade securities will
prevail.
year
1'
A'Z
The
'
firming
been
of
On
the
.
i
'
prices for the year Will"
in the first six month?, and
that
'
believe
-i
stock
occur
re¬
cently will continue. / The yield of
municipal bonds, now 1.96%| will
probably reach 2.25% by next
year-end.
Prices
is /expected
that, subject Ho
intermediate movements, the' lows!
in/money
observed
quarter of next
thereafter. hVu/.; *
shortly
Stock
...
i); It
■■y.y,' ■/-■',-inm
slight
that has
or
v.
Money Rates and Bond Yields
higher'prices than those that'
prevailed at-:the high of 194'6 Will'
be seenJ before the year-end.
Pp'[
/..
average, ;;we
high-grade
bond :fi" /',Conclusion'?':"
/.
///
?'•<}■■ /.'». ;;
■■■'■ ,1-s V/i.'Z
yields will advance Vs- of 1% from
'/' The, early, .months, of theKye.ar,
the present level of ?.68%.
1947 will be(>the difficult months
when the present business read¬
Gold and Sliver
justment will be
accomplished.
We
that,
no'
prospect
of any
price of gold for
some
time; The gold supply in
this country ■ remains practically
unchanged around $20 billions.
The price of silver is maintained
at 90.3£ by the government. Some
change
.
I a t icfii ,J
certain
equiv¬
rates
■;.
' a
shows 4.4%. We believe that
now
in
.Domestic Financing
.
'
;■ Despite several Administration:
statements to the contrary we do
(
and
ance,
,
4
years
t#ome- zzzz
Our* common stock
trend
:
*-* ',l;
Be¬
-
ward
J
/
'*'5 >*
peace
foregone con¬
that, given
believe
ings will j be -less, but new bond .:We look forward to the restora¬
issues are expected to continue at tion of
margin trading on a 50%
measures
i
We
a
constructivC|^gl,pi"
stock financing will not equal that
of this iyearAt Corporate * refund¬
probably are;
appropriation bills showing
greater economy; a higher mini¬
mum. wage law;
end of, the 2nd
/
is
lifting the living standards. of
byZ:10%.
to receive attention
War Powers act.
.
transmitted, ,tq
war
for American business in the
course of the coming
year the volume of new common
21-point
adopted. Other
rA::,rr
of /atomic
the worlds Holding4 fast to this
lief is a sbund,
/During 'the
to have the
ever
his
Energy
'•'it/ '• .HOlr.
vA Ot."--
sufficient time, this power will be
factor in industry and the cause
and increasing competiAlready a /.definite down¬
.
Truman, faced : with a
Republican Congress, will have
;stS.frtu-
1
.
a
broad/
.
be
can
rather than
business: fail¬
observed, along with
Demo¬
un¬
should
'
...
force
as
tion.
Administratiort/No
consideration.
This
Atomic
capital,
agreements
will
dollar.
!foreign trade.
That.. the.. discovery
tion pf orders,
services
do
we
Monetary':Fiirtd
,
dealers' shelves purchased at high
portal-to-portal
receive
oficially
although certain issues are'likely
States
1946, tbe
unusually large
unbalanced
ward customer
armed
Fundi
to be offered. We expect that the
World Bank will make some loans
to foreign
countries next
prices;, lack of experience, (espe¬
cially among new firms), lack of
pay appears likely. 1 Ratification
of peace treaties is due; also trade
the
Monetary
not/ anticipate any, great volume
of is securities by the end of
1947,.
Business Failures^;,-,q.
■^
We
Possible Legisikiioit
of i the
:
"i' it t'-A
'.
and
of credit restrictions, is flation has been frozen into the
expected by the Federal Reserve economic structure we do not( Irtqft
for the situation to be
Board by amendment
aggravated
broadening
in 1947; V ■ >■ //.;iP.!
'■■;pV'Z ^
^
Regulation W.
'
*
//'}/", Z'
"n)'~
r"' i"
*' ' 'f t'Ofl/'F" •"
y
Common Stock Yields i ; p ,
bill to limit back
*•
•
Bank
;/ Easing
various
and
progress.-
,v,/•!//; •■,
Expansion' 7;.:/'"
Credit
,
cases.
kinds has
peace
;//./• v...
'•
deci¬
regarding the
treaty would', be
favorably. While there is
much to be accomplished it is ex¬
pected that next year Will" srte
'
handi¬
a
var¬
unanimous
viewed
ate
20% next' year.
to industry, except in isolated
Most of the '"cream" of the
cap
and
early
Moscow
German
of
loans
art
of the
should get started with stabilized
Currencies
tied
to
the' United
by the Federal Reserve
System are $57,641,000,000. We ex¬
pect them to increase-from 10%-
surplus ? of
governmentowned war materials is not
likely
or
at
A
The International
do
Total
at
Agar.
year
reported
Surplus'War Materials
level.
('■
sound account
not expect any; further
government financing except for
tax on employers and em¬
ployees for the old-age benefit
will again be frozen at the
present
'
a
Government Financing
We
c/"
1
on
ing basis until after the fiscal
ending June 30, 1948.
The
detriment
followed
ratifications
Although the World Bankhas
Loans and Investments
a
be
made
is
ftients
to' 40%
and
by
//.Despite
-
The
NOTE—The above earnings outlook
is without
regard to the
present or future prices for stock of
companies representative'
of the
various
should
date
advance
to prove
-
Coiincii
the
...
started to function
,
en¬
of
that
evident
in
pected, with, some eliminated.;
item
.
'
effective
upwards to 15 % ^20%, / A - reduc¬
tion in certain excise taxes is ex¬
distinct
a
rent
is
.
expected to provide for reduction
in the individual income tax of
,
////
Food Products i
• Vv«
Paper
-,:i
%:\a_!/;z;z Glass (containers)
Rayon •
P, •>:
Baking & Milling /v.;// Gold "!//••//
Rubber
:!
Brewery & Dist. > - '••/': Grocery Chains
///v, Tobacco :PP:pPr;
S0?/ *
.;jJ oV \hihiiLeather & Shoes A:/
Variety Chains 'Pp.
Cotton
Apparel
be
the exemptions' or otherwise' it
Industry that
less chance than
*'
■
*•
the
percentage
doubtedly
Railroad Equip.
'7
.
Nations
Foreign Ministers and t'W" re¬
meetings of the United Na¬
at
Flushing
have
made
progress
towards' peace
which
corporate
income
tax rates, if any at all.
By raising
lower price level.
the
date
Printing & Pub.
' Machinery, Agric."
:
Sugar
//;
P;P
Machinery, Indust. /*/;! Telephone.v
/
There is
that
ening of social security appears in
the offing;
The; plan to consoli¬
j
con¬
a
tions
in
cratic
Electrical Equip.
will', cease
year,
of
Revenue
'/''//;
"quickie" tax bill
arrangements with fbreigh 'coun^
tries as treaties instead of the
Above 1946
Auto Parts
to
on
trade
1947 EARNINGS OUTLOOK
FOR MAJOR INDUSTRIES
this
cent
1, 1947 will probably
provide for not more than a 3%
,
Labor Efficiency and Productivity
they are not too large in rela¬
tion to volume of orders
and sales,
and would be burdensome
in
It
tive to Jan.
in 1946.
as
of
created IRO.
;/,
Internal
'
reduction
com¬
should' reach from. 35%
in the residential field.
In 1944
years.
these
these fell
.
should
refundings. • There is no sign of
be extremely prosperous in'
1947,: any substantial reduction in the
supported by the huge backlog of
government debt.
The tendency
demand for
housing with much to refund maturities
of higher
public and industrial building also
coupon5 bonds/ with short : term
needed.
On /an/ over-all
/ basis
to 1% will continue./
r"
building/construction will proba¬
bly :be 25 % /m6re/thart/this year/
Banks
;PPPwPiPf:PPBP:xP''.
We think
-
.
get enough light sheet steel. The
price increase, however, should
as
the
later
The
.
f Tbis is" art
Individuals' Liquid Savings,
the
/
main
Building Construction
national income.
re-
supply during 1947;
JSheet steel has recently come off
yp-pp;:-pp:;Retail Trade
six
of
1948.
hanced
production
of /clothing,
refrigerators, vacuum cleaners,
washing machines, etc., - should
next year is expected to
approxi¬
mate
:main in short
see
bil¬
National Income
20c.
however, will
has
other staples.
price will
reach
-
pPP.
$185
.
UNRRA
that
end
,
Code
with
these
percentage
weights:' food 40.4%, rent 16.4%;
fuel, gas, electricity and ice 5.9%,
Clothing 13.3 %v house furnishings
3.2%, and miscellaneous 20.8%.
Food, the most important of the
lions.
resulting/in increased
Copper is no longer
short
with
the
price
and
Index
revision
7'
quite likely will advance, but
approximately
tons.
production.
♦eritcially
1
will
remain short all of next
year/with
deficit of about z
200,000
the
possibility
be
fact
the
<
part of whose1 activity
will be taken over by the recently
We expect the 80th
Congress to
a "quickie" tax bill
early in
the session
pending a complete
will be 5%-10%
present level of
estimated at $160 billions. We be¬
lieve that next year, this
figure
fats
trade,-
siderable
pass
-
undoubtedly will
&
at
/
Price
-
'Taxes,
/.;/
According to the Federal Re¬
Board,; the gross/ national components; will probably decline
product of this country in, 1945 in view of the;, record-breaking
was $182 billions and for 1946 is
crops and sustained production of
The commodities that remain
on
the critical list because
of acute
are
than
ponents
-pppp:'\
Gross! National Product
the
serve
Critical Material
Shortages
Shortages
'
Consumers'
year
152.
The
in
10% lower than this year.
foreign
ing substantially, quite aside from
United
OUr estimate is that the cost, of
living, as measured by the Bureau
of
Labor
Statistics Index/ noV/
Index, next
resistance
avoid
^
1947 will wit¬
in
expansion
ness
ample for productive' purposes,
thus relieving jthe.rhations of the
world of the heaby burden inci¬
dent upon taxes;,and debt.
* f
Cost of Living
known
some
to
Foreign Trade
believe that
both exports and imports, increas¬
be
■>/.;:.//: ppr/y^<r
on,
The income derived by farmers
in the first ten months of this
is
order
;
We
.
Consumer Resistance
the field of
in
The
which would result from the
gen¬
eral. disarmament; program could
salutary
joining the ranks of the unem¬
ployed themselves. In short, labor
productivity should rise as 1947
higher, particularly in the metals.
In
harder
is expected next
year/
benefit.
conscientious; mean¬
time, those remaining employed
should be more
painstaking and
In the non-agricultural
prices will be the
now,
if
not
slightly
as
doubt be
no
these
STsii''
A'-f?
purchases of foreign silver af r-a
lower price' may be expected.^ f
zarried out prove of far
reaching
The numerous savings
1947, the
on
r?
•
agree¬
agreement
to
effect
disarmament should
if actually
more
think
we
t
e c
disarmament
unanimous
when re-employed they
will be
present"prices
from
f f
e
-
It is probable that
their top in
By
(except
controls
with
/
reached
building materials.
all
psychological
general
no
If as we believe, the
unemployed is destined
possibly 4 or 5 millions
in the first six months of
year
that by the end of 1947 a decline
in agricultural commodity prices
few restrictions may re¬
the year-end
to rise to
Commodity Prices
notably sugar, rice and
a
ment
number of
so^ that
Some commodities will
continue
to be under control for
part of
tin, and
coming
favorably
compare
10%.,pf'P'pvp'// v'!;
year,
■'■
unable
been
economically to maintain
the
/
,
some problems in industries such as textiles.
The volume
;
ter part of next year, due to
hego^
tiations at the United
Nations/ but
acute
property, will be
'
y-
..
delaying production, as well as
shortage of skilled labor, all
contributed to the decline in pro¬
The Year's Outlook
has been burdensome to
57
iti'V-
or
see
in
the
.
v.-.
COMMERCIAL & FINANCIAL CHRONICLE
The later months will be those of
,
rapid business advance.—From the
Dec. 19 issue of "Investment Tim¬
ing," published by the Economics
& Investment Dept. of the Na¬
tional
Corp.,
Securities
New
York
&
-
City.
Research
;,*wv
11
firmer
The Slate of Trade
with
beginning Dec. 30, compared with
72.8% one week ago, 60.2% one
Unfortunately
—
week
a
showed little
of a year ago
ago
change from
that
of
when the steel industry was
defi¬
nitely faced with a paralyzing
strike; according to "The
Iron
Age," national metalworking papuv The chances of such, a strike
occurring in February,, says the
the
not
are
a
case
points
from the
20.5%
or
'
-
dullness
els
to
a
large
as
since prices were
The decline was
mid-October.
in
decontrolled
have been for some time. The in¬
operating
rate
•
England and South 22 to 26, East
the
two
to 27 and Pacific Coast 20 to 24.
There
during
strikes
coal
approximate
instead
gots, will
total of 65,900,000 tons.
Christmas.
business
a
Although steel "firms continued
last week to make further adjust¬
ments in
steel
some
prices, their
steelmaking costs were again ad¬
vanced
by higher scrap prices.
Early last week and at the close of
the previous week
the exceptional
appeared became
general practice in all major scrap
consuming r' areas.
Furthermore,
prices 'which
practice
a
had
markets
most
transactions
of scrap
delivered
Since
to
OPA
removed
on
the wholesale food price
index, compiled by Dun & Bradstreet, Inc., rose to $6.32 on Dec.
24, from $6.28 on Dec. 17, a gain
of 0.6%. The current figure com¬
weeks,
price controls were
and steel
Wholesale Food Price Index Up
Moderately—Reversing the down¬
ward trend of the previous four
basis.
consumer
iron
on
■v
the
resumed
scrap,
the
price of heavy melting steel has
advanced about $12.00 a ton, alV. though in some instances the net pared with $4.i5 a year ago, an
Commodities
advance has been about $9.50 a increase of 52.3%.
moved upward during the
ton due to a previous practice of that
week were rye, hams, bellies, lard,
overgrading some materials. Scrap
prices have now reached such a butter, coffee, cocoa, cottonseed
oil and hogs. On the down side
high point, the above trade au¬
were flour, wheat, corn, oats, bar¬
thority observes, that a definite
resistance is expected to set in ley, peas, eggs, steers and lambs.
The index represents the sum total
;; which may be strengthened by a
better flow of some grades from of the price per pound of 31 foods
remote
areas
into
in
major consum¬
ing, localities.
steel
Some
week
the
have
producers
made
the
past
adjustments in
bring them into line with
revisions made on finished
steel products, the magazine re¬
ports. Alloy steel ingots have been
advanced by some companies from
past
gross
a
Grains
ton. Alloy steel
material into
who
flecting
Iron
week
the
be 87.7 % of
!■
.J'"1"'
f
■ :■■■
but
higher/ Export
for wheat
mill demand
was
de¬
fairly good
was
less active.
The downward trend in
corn
complete their Christmas buy¬
ing.
Retail food volume continued to
Interest
wear
many
r
moderately
will
ready-to-
stimulated in
sections by clearance sales
was
of furs were
moderate enthusi-r
with
received
asm.
The
demand for
sportswear and
consumer
women's
coats,
evening
dresses
was
very
high
consid¬
be adequate. The limited
and stocks were generally
ered
to
selections of men's suits and top¬
attracted large numbers
shoppers.
be
Both
of
men's and
accessories continued to
women's
popular selling items,.
the allotments of
attention
during January. Flour prices Were
women's
and mark-down sales
was
Tor export
in
apparel
;;
corn
"Senator
paper
hearings,
from that
and
agreed >•
we
that; they
the Jan. 7 date,
until
vitally competitive. Small j
and weeklies; face more •
serious threats to their; existence[f|
\ Department store sales on a today than ever before. At first* ;
country-wide l?asis, as taken from we were anxious' to study this as l
the Federal Reserve Board's in¬
a long-range problem; because *o£:;
dex for the /week ended Dec. 21, the
high death-rate in the indus- :
1946, increased by 26% above the try; but small papers are caught I
same
period of last ' year: This
right now in a terrible: squeeze ;
compares with an increase of 20% Which many of them may riot sur- ;;
in the preceding week. For the
vive.
Their
costs; are
steadily :
four weeks ended Dec. '21, 1946,
rising,., hut they cannot expand y
sales increased by 47% and for the their
advertising or ■>; circulation ;■
year to date by 27%. *
because they don't have:the news-
retail inventories and selling pros¬
pects were
thoroughly checked.
'
closed' the
week
dailies
York print
Retail trade here in New
last
press
Christmas,
paper
Six
for it."-
weeks
ago,
•
;
r
Senator'Mur¬
sales ray sent a letter to. newspaper /:
well received by. consumers. De¬
publishers over the country ask- :
partment store- sales for the week ing for information about "seven :
advanced to. 70%: abpve that of / a
possible obstacles to. 1 free com- »
year ago but it must be borne in petition.'^ He reported today that ;
mind that there were two selling hundreds of replies have been re- :
days before Christmas this; year ceived and are: now being studied.A
as against one in 1945.
"I, want to thank these publishers V
season
strong with clearance
,
Wholesale markets were
doldrums awaiting
in the
the close of the
holiday season and buyers" arriv¬
als in the wholesale markets here
impres- ;
and editors for the many
sive well-considered
letters which
they* have sent to the committee;.;
Forty-six states are represented
directed,
durable goods last week.
Vrr-.;
V
.
staff research, we are planning opening the hearings on Jan.
!
;
ary
•
r
■
■
.
Noted experts, as well as indeAccording to the Federal Re¬
serve
Bank's index, department pendent publishers have already
store sales in New York City for been invited to appear before the
;
•
period to Dec. 21; 1946, committee. The calendar now be- >
increased: 31% above the same ing drawn includes; Morris: L.' f
period last year; This compared Ernst, (legal expert in the news- ;
with an: increase of ' 22% - in the paper, field, newly appointed \to
preceding week. "For the four the : President's Commission; on 1
weeks ended Dec. 21;! 4946, sales Civil Rights Legislation, who will i
rose
21% and for' the- year to make the opening, statement at
date increased to 29 %v
the hearings; Clinton P.. Ander- r
son,; Secretary
of Agriculture; y.
Business Failures Increase—In
Averell Harriman,;:Secretary [of
the week ending Dec. 26,: commer-:
Commerce; Julius A'. Krug, Sec- :
rial and industrial failures rose to
retary of Interior; James Law- , •
the highest number recorded in
rence Fly, former Chairman of the; j
any week since May of 1944, re¬
Federal
Communications
Com- 1
ports Dun & Bradstreet, Inri Up
mission; Thurmah Arnold,v fOe of [
from 27 in the previous week to
business and labor monopoly, and •
39, concerns failing were over five
former Associate Justice, United i f
times as numerous as in the cor¬
States Court of Appeals; Wood- !•
responding week of: 1945 when
ruff Randolph, President/ Inter- !
only 7 were reported. . This in¬
national Typographical Union. ?'•.*!
crease took place in spite of the
"Other witnesses will be added ;
the weekly
.
.
fact that the
week was
!!
shortened
as plans for the hearings go
for- |Christmas holiday. '. *?
ward," Senator Murray said. He 1
All but one of the week's fail¬
added:
y y;["„
ures
involved liabilities of $5,000
"We intend to give the fullest ;f
or;more.
These large failures rose
possible
consideration
in > the :
from 24 last week to* 38, in the
hearings to each phase of the ;
week just ended, more Jhan seven
particularly newsprint, ]
times as many as a year ago when problem,
only 5 occured.
Small failures monopoly, and survival. We will :
continued at a very low level, on also consider small newspaper ad- j
the other hand, .'fyV..}";'
yiC>\,v vertising, taxes, postal rates, pro- j
duction costs, labor problems. We ;
Manufacturing, and retail trade
by the
.
-
'
•
A very large share , of consumer
was
»
today on
toward
Continued
*
i to
accountfor \ some
two-thirds of the failures re
Electrical'during
the
w^^-l;Manuf^cturers
will/consider
for
.
specific
proposals
- where i
/remedies
legislation
appropriate,"..;':
•
the
Wherry and T con- '
the small news- i
ferred
and and cheaper ready-to-wear Clothes
for spring has yet to be placed;
7."'
apparel and luxury goods attract¬
ed many cbriSumers. There were
almost no reports of price resist¬
ance as crowds of shoppers rushed
eager
still
of
Murray, Chairman
Committee, said:
..
to
i
o
disagreement between them, Sen- !
ator
this portion of orders for medium price
week a year
ago, according to Dun
& Bradstreet, Inc., in its weekly survey
of trade. Clearance sales of toys,
■
-■
ended
corresponding
the
attributed to disappointment over
capacity for the week
'■ '■ ;
week
s
crat; of Montana, announced. on U
Pec.17. Denying reports of any -
well above the high level of
was
coats
be
mand
^steel companies having 94% of the
steel capacity of the industry
confirmation of
of those grains being
this year and indica¬
7*
Jan.
oil
Murray, Demo¬
ate expected to run to the; record in; thk replies.
—r
On the basis Of
final totals of the past year. The major these replies and some prelimin-
the
Wednesday rose considerably
will
rate of
operating
during
volume
pre-Christmas
tions that next year's wheat yield
Institute announced on Monday of
this
easier
official
harvested
Steel
and
was an
record crops
turn this
finished wire items
American
-y.y
trend in both wheat and corn, re¬
by raising the price $5.00 a net ton.
The
.
mostly lower with
ing the week. There
per
manufacturers
were
year ago.
prices fluctuating irregularly dur¬
lbs. while
for
a
newspapers'
Senator James E.
Retail and Wholesale Trade
Retail
week. The
comparing with 244.88 -a week
earlier, and with 181.98 on the
similar date
100 lbs. to $3.05 per 100
major producers making
wire rods have posed a problem
$2.92
363,500 in the " preceding week.
increase and was
index closed at 245.59 on Dec: 23,
marked up from
have been
■<
for the balance of the
$48.69 a gross ton to $52.00 a gross
ton. Alloy steel billets have been
advanced from $58.43 a gross ton
$61,00
use.
smaller
volume of
during :* the
in advance for the new year
Commodity above that of a Week ago and a
Price Index—The daily wholesale year
ago.
Meat, v; poultry,fresh
commodity price index, compiled fruits and vegetables were avail¬
by Dun & Bradstreet, Inc., climbed able in ample quantities. Sugar
to a new post-war peak of 246.48 was frequently difficult to obtain,
on
supply of soap and
Wednesday ' of last week but while the
steadied at a slightly lower level shortening was reported to be low.
prices of certain products in
bars
Newspapers
should be scheduled for .
which is the first
Tuesday in the new- year. , The
year ago largely because of cur¬
purpose of the hearings is to de- •
rently higher prices.. Wholesalers
termine what can be done to pre- ♦,
in most lines began to prepare
serve
the vitality of the smaller •
for the usual year^Ond checking
newspapers- of the Nation.
We ;
of inventories. To a large extent
are inviting the: assistance of all
,
buyers held off placing orders far
who want to keep the Americai* "
Wholesale
Daily
order to
to
general
The dollar
transacted
week' was down slightly
pounds, from 6,-
clean
1,952,700
with
ended
of;the previous week. It exceeded
that of the corresponding week a
'
<
typical pre-holiday
week
the
during
—
of in¬
reach 81 to 83 million tons
was a
decline in wholesale order volume
Paperboard. Produc¬ similar period last year...
tion
Paper production in the
The
Boston wool market re¬
United States for the week ended flected holiday dullness last week,
Dec. 21, was 101.8% of mill ca¬ with the bulk of activity in do¬
pacity, against 106.7% in the pre¬ mestics centered around revalued
ceding week and 96.5% in the like wools. Interest in domestic wools
1945 week, according to the Amer* Was* considerably lessened by re¬
ican Paper & Pulp Association. ported
weaknesses in t the Au¬
This does not include mills pro¬ stralian- market.
Spot foreign
ducing newsprint exclusively. wools sold readily where supplies
Paperboard output for the current Were available. Imports of; foreign
week was 102%, unchanged from wools dropped sharply in the week
the preceding week and 92% in ended Dec. 13. The total of apparel
the corresponding week a year wools received at Boston, New
York
and
Philadelphia fell. to
ago,
output
West 21 to 25,
32, Southwest 23
29, Middle
Northwest 28 to
i Paper and
which could
reasonably have been expected to
steel
to
25
.
.
1946,
]
-
..
the
outcome of steel negotiations will
and
\
Five Canadian failures were re¬
Of Small
such
on
in
in these regions as
other areas.
any
Hearing Jan. 7 on Heeds
be expected that
can
as numerous
is
7,394 cars (or 0.9%) above the average daily consumption for No¬
preceding week and 148,336 cars or vember was about 43,400 bales, as
21.6%
above
the corresponding
against 40,500 in October. For the
week
for
1945. Compared with
four months of the current crop
be entirely decided upon what¬
the similar period of 1944, an in¬
ever counter-offer the steel union
year
consumption amounted, to
crease : of 73,209 cars, or 9.6 %, is
can wring from the industry.
3,482,650 bales, a rise of 18% over
shown.
"
the
2,941,881
consumed in ..the
As a result of the steel strike
it
basis
Concerns
.
Workers, "The
Age" points out, and
North Central,
.
demand
of the United Mine
New
England, East .
and Pacific States. "
failing were two times
the
gions,
sistent demand for radios centered
which
they will place before the industry Dec. 21, 1946, was 16.5 % above week moved irregularly in a fairly
in January it is certain that it will that for the corresponding weekly narrow range. Closing New York
be no.,-small
amount. Although period one year ago.
spot quotations were only slightly
Philip Murray and other union
Consolidated Edison Co. of New lower for the week, following sub¬
officials have termed the union York
reports system output of stantial gains recorded in the pre¬
action in making the proper noti¬
222,400,000
kwh. in the week ceding period.' Active mill and
fication for a steel strike as a rou¬ ended
Dec.
22,
1946, compared trade price-fixing; in the early
tine one, a stalemate in wage ne¬ with
206,300,000 kwh. for the cor¬ part of the week helped to main¬
gotiations up to the period when responding week of 1945, or an tain prices; Other supporting fac¬
current contracts expire (Feb. 15)
increase of 7.8%. Local distribu¬ tors were the continued strong
will find the strike vote taking on tion
of electricity | amounted to statistical " position of the staple
a
far more
serious aspect, the
210,500,000 kwh. compared with and the reported holding move¬
ment by growers in the South. In
magazine states.
'
198,900,000 kwh. for the corre¬
Observers who have taken the sponding week of last year, an later dealings, profit-taking and
hedge selling tended to hold ad¬
position that Mr. Murray's future increase of 5.8%.
vances
in check. Domestic conactions would be dictated by the
Railroad Freight Loadings—Car
Sumption Of all Cotton during No-»
experience of John L. Lewis ap¬
loadings of revenue freight for
vember, as reported by the Census
pear to be on the wrong track.
the
week ended Dec.
21, 1946,
Bureau, was placed
at 877,461
According to past precedents the
totaled 836,181 cars, the Associa¬
running
bales,
compared with
steel union has laid its plans with¬
tion of American Railroads
an¬
931,229 during October, and 743,out any influence from activities
nounced. ;This was an increase of
225 in November last year. The
Iron
centrated in three
,
year ago,
specific wage
of
,
failures were con¬
geographic re¬
week's
The
•
to .1,545,600 tons
of
steel ingots and -castings and com¬
While the United Steel Workers
the
lists
retail
and
trade 10. '
and
the
on
extent.
17
numbered
failing
re¬
1947
mainly upon the well-known ported as compared with 2 in the
largely due to continued weakness
brand names. Phonograph records, previous week and none in the <*
in pork products and lard which
corresponding week a year ago.
;
are
currently selling well under toys and costume jewelry were
among the best sellers in the durpares with 1,283,000 tons one week prices
of a month ago. Cattle,
able goods lines; *
ago, 1,061,000 tons one month ago sheep and lamb prices were also
Retail volume for the country in
and 1,476,300 tons one year ago. lower,
reflecting
more
liberal
Electric
Production—The Edi-^ market receipts. Cocoa prices the week ended last Wednesday
showed improvement during the was estimated to be from" 24 to
son Electric Institute reports that
the output of electricity increased week. Futures prices moved into 28% above that of the correspond¬
The Senate Special Committee 7
week a year
to 4,940,453,000 kwh. in the week new; high ground, influenced by ing pre-Christmas
to Study the. Problems of Amertightness in the spot ago. Regional estimates exceeded
ended Dec. 21, 1946, from 4,777,- persistent
ican .Small
Business
will open ;
the high levels of a year ago by
f,
. ...
943,000
kwh.
in the
preceding market.
the
following percentages: New hearings oh the problems of the
week. Output for the week ended
Cotton prices during the past
week's
This
equivalent
of America have not made known
'
14.9
previous week.
great as was
but the prenegotiation
statements
on
the
part of labor and management ap¬
pear to indicate a rough negotiate
ing period.
magazine,
good volume but domestic demand
was
slower,
reflecting * holiday
frequently
were
stocks [ were well
above those of a year ago. but re¬
mained below the current heavy
demand. Furniture was included
quested
mapy Christmas
Hog
month ago and 83.8% one year
markets were under pressure and shoppers. Selections of upholstered
furniture were larger, than they
ago. This represents an increase values
dropped to the lowest lev¬
for steel consumers the labor out¬
look
months. Export
flour
continued in
for
demand
Steel Industry
ahead appliances
booked
mills
for the next three
(Continued from page 51)
Thursday, January 2,
FINANCIAL CHRONICLE
THE COMMERCIAL' &
58
'
^
y
•
'
.
•'
V,.
-t".;
*i
s
Jf-
Volume
165
Number 4556
THE
COMMERCIAL & FINANCIAL CHRONICLE
National Fertilizer Association Commodity
If;; The
Price Index Lower ffy
t
•
Named
as
well, having served as
Chairman of the Legislative Com¬
mittee
of
the
Association.
declined and three advanced.
decline was
As the
the
of the in¬
groups
dex
In the farm
COMMODITY PRICE INDEX
viewed
Each Group
-'PPPP-iiPPP-P
Bears to the
Group
>
rlr-:-' zlr
Total Index
25.3
;.L7 --.L'/Ly-:L;
1
Latest Preceding Month
Week
Week
:
Ago
1
J-I.''■
•
Dec. 28, Dec. 21,
L 1946
LW: 1946
;' L|.;.,r—
Foods—
214.3
Fats and Oils
\
Cottonseed Oil
Farm Products L'^
23.0
Z44L/; 'LSyifZ
"•
-
L
10.8
..■L/:L8.2.://:../:
1
-'ir'
j.I.n
./j.in..,
I.,
,
and
157.6
"Indexes
29,
on
1945,
139.0
207.0
152.9
,
123.3
123.3' '
128.2
1926-1928
base
.tRevised.
,
Dec.
were:
123.3/?
28,
1946,
147.9;
Dec.
?
118.2
'
1192.0
21,
1946,
*
105.2
%y
142.3
148.2;
■4 :
|:
and
of
its
;
Members of Tax Status
which
>V:VfV:
__
The
■ •
^1-f. t
.
,v,
<
v
«&«>.
■
Secretary's office of the New York Stock Exchange, on Dec.
following letter to-its members and member firms:
To Members and Member Firms: ;<&
The
following is the text of
a
letter dated Dec. 19, 1946, received
by the Exchange from the Com¬
missioner of Internal Revenue:
"Reference is made to letters
gains and not as ordinary income.
"Thus, the failure to exercise
an option i$ regarded as the iden¬
dated Nov.
15,
tifiable
1945,
attachments,
.
with
to the
1944,
and
May 7,
relative
status, for Federal income
tax purposes, of the
proceeds re¬
ceived by the seller of an option
to buy or sell securities.
In con¬
nection
with
this
question
Mr.
Nathan
Coplan", of the firm of
Zalkin & Cohen* 19 Rector
Street,
New York 6, New
York, appeared
Sept. -24,-1945
on
and
submitted
•a
memorandum on behalf of the
Put and Call Brokers and Dealers
Association, Inc.
"You
1944,
in
I.
T.
which
3681, C.
this
B.
Bureau
and
should be included
in taxable income for the
year in
which received; and that when
'puts' and 'calls'
are
exercised, the
proceeds of sale of such options do
reduction in the pur¬
price of the stock to the
chase
seller of
not fixed and cannot be
do
not
the
'put', and such proceeds
increase the sale price of
stock
'call'.;
called
You
in
the
contend
of
case
that
a
this
published ruling is in conflict with
section 117 (g) (2) of the Internal
Revenue Code and Bureau rulings
previously issued thereunder.
"Under
section'117 ;(g) (2) of
the Code gains or losses attribut¬
able
to
the' failure
privileges
or
to
exercise
options to buy
or
sell
property are to be considered as
„short-term capital gains or losses.
Since
the
statute
specifies
attributable to the failure to
cise
options, and
generally
,
as
realized
gains
such gains are
only
by
the
seller of
options which expire or
are
otherwise, terminated without
being exercised,' it follows that
section
117
(g)
which
which
result
to
or
in
sell securi¬
exercised
are
actual
also
31,
for
six months.
"It
is
more
.■■•UU.
t?i ■/-
^ extended
was
1945
to
countries
or
that. the
short-
a
capital gain under section
(g) (2) of the Code and are
taxable only in the year in which
117
the failure to exercise
the
put
or
and
or
or
the
of
an
exer¬
a
re¬
other basis
bonds-with respect
to which the option
for
purpose
was
exercised
of
determining
capital gain or loss. (Cf. I.T. 2268,
C.B. V-l, 13
(1926);)
The ruling
contained in I.T. 3681, supra, is
hereby revoked.
>
v
;, !;
from
calls which
in
the
are
securities,»
course
.
of
♦149.2
146.7
128.2
169.3
143.3
*171.8
169.4
143.5
128.2
115.6
*131.3
128.9
116.2
286.0
222.9
318.2
241.8
t
t
#V,:.L
—,
■
137
139
257
222
237
165
tData not yet available.
convert
F.
the
Bretton
that
Colombia
index,
without
adjustment/
seasonal
vantage
to
itself
Bank, since
and
•
„•
borrower
try:
or
World Bank
■
ber.
Whether
it
Steel.
a
the
Colombia's
now
loan
conjecture.
-
is..sj. matter for
Doubtless
there
the
on
States to fill
part
of
the
ef¬
United
Lumber
supporters.
183
Nov.
and
Stone,
?
167
161
170
306
396
369
306
*275
269
231
235
252
*237-
235
185
137
*186.'
185
179
148
*187
179
150
'147-
•
*142
—
$
-
Wool
.
.
:
':
leathers—
Shoes
■■
food
Wheat flours..
Meatpacking
Other
products
146
.*171
164
155
242
226
/'
t
.
177'
t.
foods—i
Fuel
;,
.
.
P
oil
51,/
t
V.
,66
t'
■
150
*158
148
*148
*183
117
*166
152
168
128
142
158
V 175
172 ;
175
151
134
171
-
173
m t
*164
118
142"
172
■158
81
85
85
L 82
132
114
*137
135
119
96
129
125
t
,///;:/ t
*146
*146
65.
,,
,'-174
I/.Y t
147
■
*146
t
Kerosene
j 174
■.
*146
147
!,'164
t
■'■:; 133
/./;.■ t
148
t
167
t..
144
t
t
133
t
104
160
/: t
•
■
u-mM
"P
■■>
*
164
t
nupiu
—_
fr.
118
'*!>
t ;
:
■UP. t
oil
:
,158
216
*151
—
—
;
120
■
158
*154
,
50
141
*128
t'
:
133
84
—*—*
Coke-*.
86
118
-——
Lubricating
;'130
79
150
117/
*131
-
—
coal products
refining—
Gasoline
104
*151,
and
Petroleum
-t
:.;v t
155
*178
.
——
Newsprint production.:
Printing and publishing
Newsprint consumption
Petroleum
113
115
/ .,/•:■ 155
*160
veg._
Paperboard
98
*140
h
Paper and products———'
226
"I"
:
120
147
242
177
140
*152 \
133
*116
r: '
83
.
146
J
t
125
;
183
,
v-,215
V* f
,.
109
*128
1
165
and
116
*157
.
-
,
fruits
,
216
..
249
150
/: • *ii6
/.>, 97'
.
/L:; 141
—
123
■
168
133
*t
*—
manufactured
Processed
157
155
-_-****—!*-*—w- ■
Manufactured
'
'
168
'103
/. • t
78
:/t;L
;' '66
/l':. f
-
162
244
249
kip leathers.-—•
Goat and kid leathers—*— •"?
Sheep and lamb leathers.
123
Is?"""'
*224,;
—
95
.,81''
.
"
*246
164
and
/
209
•'
181
'':.VV
hide
154.
215
.
Cattle
136
210
products-U
Calf
148'
f
L
*155
119
137:
M.148
"
..
244
Tanning
A;
175
/
/
'.142
*171
textiles;
Leather
148
tvZs.'
<"220
prod.
products—-.—-
consumption
Rayon deliveries—
*205
! 252
*246
asbestos
Cotton
v
158
.113
156
V- *150
,—.—
Gypsum and plaster products
and
*157
160
.
150
158
r
rl62y
''
products—-.
*131
200
15 2 L-
/
■
♦140./.'
83
,
154
/ *201 '
jit?
_—.J
t
123
127
V:
'
96
136
*157
'
Clay
178
"231
t
glass products
and
'158
194
*187
Platd1
•
.160
i
\
183
'
.
*186
—
——;
clay
t
P190
269
•>
*134
Cement
158
178
369
396
and
Furniture
■L.
'
t
-
167
148
160
144
392
276
*261
392
LL 236
228
*240
238
244
*279
370
*410
400
192
*239
235
149
149/>>L-143
159
*139
/ -4*416
112
*123
124
141
4*150
*148
:i "109
f
130
:
148
...
"
jV: Byproduct
•
'.
Beehive
Rayon
•;
:
*239
chemicals
272
*410
Rubber
400
./
*239
•
•
'
-
*279
•;
Industrial
L
261
Chemicals —1.Li,—
in the' ranks, of the
Woods
.-i;
Lumber
•
Bretton
Oct.
*237
equipment'——
refining
products—'
Smelting
have
diplomatic
19^5,
Nov.
*176
183
161
iAutomobiles.
'V
Adjustment
167
170
Li
*
*:
-1946-
Nov.
183
,
*:
■
*275
•
—
Nonferrous metals and products
■
! continuous
Seasonal
194
t
hearth
Open
joining signifies it?; belief that
ultimately it will ,.apply for a
World Bank
/
.
Without
Oct.
190
——.1
Electric
ad¬
mem¬
100)
=
1945
/:
*176
-i.-—————
■
Machinery
Transportation
the
"neither a
is
compiled.f
Index
Adjusted for
Nov./:, /
steel-*.
Pig iron
.
and
borrow .from
unless
payrolls
v,.
i ';
,
•
are
coun¬
v
dally
minerals
multiply
on
PRODUCTION
194b
manufactures
Iron and
joining
lender be."-A
a
not
may
in
,
Seasonal Variation
Conference
it would
'
..
sign
no
'■
.
-
■
Abrasive
see
' '.V/y
/L!Z
and all other by $226,132,000.
„v'l'
persistent since
could
179
267
t / /'
O.
•
(1935-39 average
in the Depart¬
Woods
;
273
W.
INDUSTRIAL
State under kleig lights.
Although
the
announcement
gives no reason for the delay, re¬
been
278
,
of
Employment
ment of
ports have
136
*336
.
durable
dential by $184,137,000,
ican republic comes a whole year
after
the
ceremonious
signing
place
149
manufactures, nondurable manufactures, and
points in total Index, shown in Federal Reserve Chart Book,
.379, nondurable by .469, and minerals by .152.
:>
Textile/ and
which took
204.5
254.6
141
L433
*273
:
•
t
-
on 3-month moving averages, centered at second
Dodge data for 37 Eastern States.
To.. convert Indexes to value
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000, resi-
■:
-
127.8
Construction contract indexes based
,1 The action by the South Amer¬
Venezuela joined both the Bank
arid
Fund "on
to
an
official
of which
•
235
•
272
144
«"
•
276
230
244
,
370
"•'
;
192
i;i
minerals
30, according
announcement, text
follows:
.
",/•
\
the
of
Monetary Fund
International -Bank
sale
Reconstruction
Dr.
half
of
puts
or
written:by dealers
irf the ^ordinary
their business. ', ■
'
and
for
Development
signed today at 11
were
M. A.
of
a.m.
Falcon-Briceno
the
Government
on
by
be¬
of Ven-
ezuela. Having participated i'p the
Bretton Woods
nancial
Monetary and Fi¬
among
the nations which
to
sign
Agreement by Dec. 31,1946.
Ven¬
ezuela's quota in the International
Monetary Fun^'is1 $15 million and
,
"JOHN C. KORX,
"V
/•/•'://"Acting Secretary." v
subscription1 nto
tional
Crude
Bank
for
the
interna¬
160
"
—
4;Z
124
L
*150
...
L'
*148
•••/
/■/..' t ' /,:• 114
t-L ,
114
--L,
4v.
-
.
ore
149
^••'^Preliminary
series
tThis
estimated.
or
is
143
i! 459";
160 >.
-
—
252
142
141
-
/
.
so":
•
•i- 108
tData not yet available.
currently based
Upon ;man-hour statistics for plants classified In"
parts industries and is designed to measure ..work,*
during the month.in connection with assembly of passenger cars, trucks, trailers,
and buses; production of bodies, parts and accessories, Including replacement parts; and output of non-automotive products made in the
plants covered.
Recently the levelshown by this series has been much higher relative to prewar than the level shown
by factory sales of new passenger cars and trucks.
The difference is accounted for
in part by a sharp increase in production of replacement parts and by other Changes
the
automobile
and
automobile
done
in
the
composition
current
and
level
of
total
of
man-hour
output.
output
statistics
in
It
in
an
ttiAt
however,
appears,
arrive
endeavor" to
these
production in
:,/;"v-/ v4
"
Industries.;
at
a1
117
'
Forest
Ore
^
i j
<
of
<
;
117
148
/ '
'
155
,.148
166
183
.167
166
180
167
142
167
144
142
.164
128
145
171
.197
183
110
148
/ 154
134
169
216
114
133
154
151
139
84
82
151
,
—'./
NOTE—To convert
Reserve
•'
/.ii—
—
coal
Chart
and
148
139
•.
157
83
;
miscellaneous
Book,
.
146
■
157
—
Federal
y
.
147
:
products*..—wy-—..-*——
Merchandise,, l.c.l
In
''
—,L.;
—
—
Miscellaneous
/
)i
L"
100)
==
155
-
measure
■
136
-
Grain"".—-Livestock
;
.
(1935-39 average
Coke
•/
..
of production
accurate
more
FREIGHT CARLOADINGS
Coal
overstates tha^
series
being made
v
.
.
the
Study is
these industries.
.
overall
Reconstruction
and Development is $10.5 million."
,
,
?
*123
petroleum..—
Metals
en¬
of
•
*116
;
.
are
theJ Articles
*139
—
coal
Anthracite
Conference, Venezuela is
titled
its
—
-
Iron
,
"The • Articles of Agreement
and
Fuels
Bituminous
Dec.
the, International
.
"The conclusions set forth here¬
in do not apply to proceeds re¬
ceived
1
of
,
call constitute
duction in the cost
of the stock
the
option
further that
proceeds of sale
cised
to
V
*171.7
/ *130.7
—
goods
To
to
month,
than
term
final;
$'•
f
.
—-
durable by
from
Republics.
unexercised
an
call', constitute
becomes
goods
*Preliminary.
■
Dec.; 31, : 1946.
entitled
115
140
t
146.4
by Bureau of Labor Statistics.
Articles
83
42
136
t
*148.8
__
indexes
of
accept the Articles of
Venezuela.
j'-:;Vk
concluded
now
'V
.»•
•
138
t
94
44
134
148
.
proceeds of sale of
'put
less
or
t
Note—Production, carloading, and department store sales Indexes based
of this year, which have
yet dbne so, are' Australia, Li¬
beria, New Zealand," the Union of
forts
held
145
140
t
:
averages.
not
Whether such capital gain or loss
is long-term or
short-term de¬
were
\
the end
been
pends upon whether the securities
sold upon exercise of the option
158
134
carloadings.
Department store sale3, value—
Department store stocks, value
the Articles of Agreement before
losses.
or
172
146
Freight
countries- attending
and
sales
constitute capital gains
.
Com¬
v.
losses attributable to
or
options to buy
ties
(2). contemplates
that gains received
by the writer
com¬
missioner, (CCA 5th, 1944) 140 F.
(2nd) 954; and Dell J. Moody, T.C.
memorandum
opinion,. decided
Ddc. 26, 1941.)
-
,
exer¬
a
definitely
ascertained. (Cf. Hunter
a
a
evidences
pleted by the exercise of the op¬
tion, the character of the amount
paid or received for the option is
■
not effect
which
the transaction is closed and
"Gains
held that the proceeds of sale of a
*put' or 'call' constitute ordinary
income' for Federal income tax
purposes
event
closed and completed transaction.
Until that event occurs, or until
v
refer to
64,
the
Soviet t Socialist
of such unexercised options should
be treated as short-term capital
*172
*135
f
Total
v
At
;
to
Agreement
24 addressed the
'
those
entitled
ing Section 117(g)(2)
I f
•!
Under
192
158
138
Durable goods*.
Nondurable goods—
coun¬
the Bretton Woods Conference
losses arising from failure lo
*
/ ; 1 •
'
;.f 4/ •
-vn-jUi
214
168
144
Factory payrolls—
March,-. 1946, the time during
Other
or
*214
191
173
*171
-
Nondurable
Agreement of the Bank, the sub¬
scription ; to I the1 'capital | of the
Bank assigned to Colombia is
$35,000,000. By action of the Board of
Dec.
gains
213
'
167
:
*137,
other-—;
Durable
Bretton
Gives text of letter from Commissioner of Internal Revenue
explain¬
on
191
summer
1944.
attended
the
*191
—,
Residential
All
Governors of the Bank at the in?
itial meetifig: at Savannah, Ga4
-
Option Transactions
exercise options; *>'V,
of
one
173
Total
inception,
is
188
Construction contracts, value—
an¬
member
a
184
Factory employment—
Development,
been
*182
"
V
I
.
the
in
I NYSE Informs
has
"Colombia
of
-A 119.9
v
116.7
,
.
168
———
Total
.
»
Nov.
Oct.
Nov.
nov..
181
*214
Nondurable
.
_
1945
Oct.
*182
Durable
administra¬
•
•
Seasonal Adjustment
1945
-1946
Nov.
————,,T_—-
Minerals
International
tries which
127.5
125.6
>
190.2
■
r
,
116.7
:/189.9/
//y ' V/ 4 4,4"
.
128.2
120.8
/
the
Woods Conference in the
158.4
1152.8
*
•>
; -110.2
136.4
.
/ 207.0'/
207.0
.;
grnupR cnmhlnert
110.9,
133.5
:
was
Monetary Fund
said the an¬
nouncement, which also stated: '
159.3
139.2
Fertilizer materials
All
j
4152.9
-
/ Farm -machinery
100.0
162.8
•L 210.4 :/
in
r
'
Without
*190
and
trend toward
a
and payrolls;
employment
factory
Manufactures—
Washington
as
——i——mm
T—
since
129.0
157.0
214.7
—
Colombia
:.r 166.4
157.0
f.
the
167.3
4
•
216.3
r
drugs
205.2
/156.9
.
lor
-1946
Total
on Dec. 26 that Colombia
had signed the Articles of
Agree¬
ment of the International Bank.
233.2
240.9 L
157.6 4
100
=
average =3100 for construction contracts;
1935-39 average = 100 for all other series
Seasonal Variation
nounced
163.1
.
both
construction and
29,
172.9
295.2
average
1923-25
7,
Industrial production—
Harold D. Smith, Vice-President
of the International Bank for Re¬
146.6-,
;
235.1
.
203.5
^
Chemicals
4
226.8
4
V Fertilizers
V
313.6
198.0
Ml1.
mn
Building materials
//'1.3-.L4
Dec.
229.4
4/225.9
in.,!,/
•[
Metals-
'
'
229.1
Miscellaneous commodities
Textiles— ■
,
7.1
.3
273.5v
307.7
in
The indexes for
follow:
j
ago,
a year
Adjusted for
Colombia and Venezuela
Join International Bank
144.1
307.7
—
.■
1945
v
259.7
L,
•■•••:'. Livestock-/.
Fuels
1946
216.9
259.9
z
'
,_L—
4-"
■
■
4
". 216.9
ii
appointment
tion of the Treasury.,
Year
Dec.
'319.1
•
L
-
—
Grains
Nov. 30,
month and
a
BUSINESS INDEXES
I1939
appointment is generally
conservatism
Ago
322.8
—
'-Cotton
".
i
•
principal assistant
as
banking circles
:(?.
...
•/
"excellent" by the latter
as
and the
j
-
*
His
Secretary John W. Snyder
hailed
;
.
1935-1939=100*
...
policing.
to the office
to
machinery index also advanced.
The remaining groups
were
unchanged.
During the week 17 price series in the index advanced and 16
declined; in the preceding week 26 declined and 31
advanced; in
the second
preceding week 21 declined and 17 advanced.
WHOLESALE
.
Under-Secretary of
Treasury, Mr. Wiggins has the
fiscal
farm
Compiled by The National Fertilizer Association
made public at the same time.
was
.
v
new
^
Bankers
portant voice in determination of
in the index
WEEKLY
American
conditions
ness
November, together with
responsibility for the details of
Treasury operations and an im¬
products group the
principally due tor* a decrease in egg prices. ; The ad¬
vance in cotton and
poultry prices was not enough to offset the de¬
cline in egg prices.
The decline in the foods index was due
largely
to the drop in butter
prices.
The decrease in the food group was
partially offset by the advance of the cottonseed oil,
lard, and coffee
subgroups. The textile index again advanced. The metals index
advanced slightly, due to an increase in the
price of steel scrap.
The
Board of Governors of the Federal Reserve System issued
21, its monthly indexes of industrial production, factory em¬
ployment and payrolls, etc. The Board's customary summary of busi¬
tions
.
.
The
Dec.
on
(Continued from first page)
v
,
.
Federal Reserve November Business Index
Treasury
Under-Secretary
weekly wholesale commodity price index compiled
by The
National Fertilizer Association and
made public on Dec.i 30, was
lower in the week ended
Dec. '28, 1946, declining to 189.9 from 190.2
in the preceding week.
The index is now 2.1% below the
all-time
peak of 192.0 reached Nov. 30.
A month ago the index stood at 192.0
and a year ago at
142.3, all based on the 1935-4939 average as 100.
The Association's
report went on to say: •,
f .■''•l' V"
During the latest week two of the composite
r
59
multiply
■
V
79
*
*
74.
indexes to points
coal
by
.213
and
108
'75.
u.
•
,.i
in total Index, shown
miscellaneous by .548.
»)>
(Jfuyi tymw r
THE COMMERCIAL & FINANCIAL CHRONICLE
to
In the second week following the
Moody's computed bond
given in the following table:
coal strike, ending Dec. 21, 1946,
the^ituminous coal miners produced an estimated 13,100,000 net
tons,
with 13,220,000 tons in the preceding week and
11,150,000 tons in the corresponding week of 1945, according to the
United States Bureau of Mines.
Cumulative production of soft coal
during the calendar year through Dec. 21, 1946, approximated 514,compared
607,000, jiet tons, which was a decrease of 9:5 %a;below/ the output
in?the comparable portion of 1945 through DecvA"K,V',-v vy;
In the Pennsylvania anthracite fields, the output for the week
ended Dec.
tons,
21, 1946,
v
;f.fThe
Bureau
also
' ;■
.
;
•
.
1946—
U. S.
showed
an
ior
week
the
increase
Corpo¬
of
34,400 tons when compared with
14, 1946, and
for the corresponding week of 1945.
!•,
I.
.
•'
»
ESTIMATED
■
1'
,
•">.
i!
PRODUCTION
'"■.
y?'
??
•-
.
1,858,000
2,203,000
—
122.17
116.80
116.80
:
lyu h
1,730,000
>
(In Net Tons)
$Dec, 21,., §Dec. 14,
1,899,000
?-
f Commercial produc:
a
Beehive Coke-^-
Dec. 21,
1945
1,350,000
1,279,000
1,230,000
933,000
1,298,000"
%
116.80'
110.15
112.56
118.00
120.02
116.80
110.15,112.56
118.80
119.82
reported for
1941, it was
reported on Dec. 19 by the Life1
Insurance 'Agency
Management
119.41'
120.84
117.80
119.82
116.61
121.04
119.20
.116.41
110.15
112.56
117.60
119.82
122.08
116.61
121.04
119.20 r 116.61
110.15
112.56
117.60
120.84
119.20
116.41
109.97
112.37
117.60
119.82
121.92
116.61
120.84
119.20
116.61
109.97
112.37
117.60
19
122.02
:«v
y
50,842,000
48,300,000
54,152,000
52,067,000
14—,,
" '
5,114,800
.-1
3,143,600
119.20
116.41
109.97
112.37
117.60
119.20'
116.61
109.97
112.37
117.60
119.61
119.20
116.41
109.97
112.37
117.60
119.61
year
121.86
116.41
120.84
119.20
116.41
109.97
112.37
117.40
119.82
121.92
116.41
120.84
119.20
116.41
109.97
112.37
117.40
119.61
120.63
119.20
117.40
119.61
;
Colorado
27;000
.
„
—
•
—
:
.
Missouri—
'
:
121.92
116.41
109.97
112.37
121.86
116.41
120.63
119.00
116.41
109.97
112.37
117.40
119.61
121.83
116.41
120.63
119.00
116.41
110.15
112.37
117.60
119.41
121.89
116.41
120.84
-119.00
116.41
110.15
112.37
117.40
119.61
121.89
116.41
120.84
119.00
116.22
109.97
112.19
117.40
119.82
143,164,000,
121.89
116.41
120.84
119.00
.116.22
109.79
112.19
117.40
119.61
ber
121.74
116.22
120.84
119.00
116.22
109.60
111.81
117.40
119.61
y';s'':;'l0—
120.84
116.22
118.80
116.22
109.60
111.81
117.40
120.84
119.00
116.22
109.60
111.81
117.40
120.84
119.00
116.02
109.79
111.81
117.60
119.61
121.36
116.22
120.84
119.00
116.02
109.60
111.81
117.60
29-7—
Nov.
119.61
121.04
116.22
•121.55
'121.80
22—
?' 116.61 -121.46
•
N^w 'Mexico—-^—,—
*fefih;,and Southl Dakota
,
_
35,000: 'yy'yyyy
.
yy y
1
'
464,000
•:.*'*
,
41,000
;
'
5,000" W
' ;y
70,000
1,000
•
1,000
.
tWes t Vi rg in ia—Nor the r n„i. _i 4^;'
y
:
2,363,000
60.000
!
1,329,000
Total
:.
on
;;
bituminous and
■
& O.
Panhandle
Oregon.-
in
on
y:
' ;
.
District and
to
Grant.
Mineral
with
and
result?
of
t
annual
V
217,0Q0
.
1,000
2,270,000
The report continued
V y
as
canvass
^Includes
of
Arizona
mines.
^Less
follows:
! 116.61
110.52
112.75
117.00
111.44
113.89
118.00
120.22
set
120.02
'117.80
112.19
114.46
118.60
120.84
tions
122.92
118.40
122.71
120.43
118.00
112.37
114.85
118.80
121.25
26
123.77
118.60
123.13
121.04
118.40
112.56
115.63
119.20
121.46
not include addi¬
personnel under
group insurance contracts already
June 28
124.11
118.80
123.34
121.25
118.40
112.56
116.02
119.20
121.46
in force.
118.80
122.92
121.46
118.40
112.56
116.22
119.00
121.04
118.40
113.12
116.41
119.41
121.04
July
00Q, is 02% below, last week, and 85% below the week la^t year,;
Total engineering construction for the 52-week oferiod "of11046
;U0COi'd3 a cumulative total of $5,176,034,000, which is 126% above the
.
Onyat cumulative bagis^ - private" C(jh^>
structiGit in 1946 totals $3,157,671,000, which is'176% above that for
1945.
like period of 1945.
Public
construction, $2,018,363,^ is 76% greater than: the cumula¬
tive, dotal for the
corresponding period of 1945, whereas State and'
fnuniplpal construction, $1,419,052,000 to date, is 259% above 1945/
Teddral construction, $599,271,000, dropped 20%
below the 52-week
.;y>:hyy'''v;:->yjd.
■
n0CiyiI engineering construction volume for the current week, last
wee^, and the 1945 week are: :;
' 4,1
' !
**
.
: m
,d
lib/'
:
,'i
*
;
.
'
m
.%.■
..
.
y
26
124.33
119.00
123.34
121.25
Mar. 29—
125.61
119.82
123.99
122.29
119.41
114.27
117.40
120.22
122.09
Feb.
21
126.02
120.22
123.34
121.88
119.00
114.27
116.41
120.22
122.09
25,,————,
126.28
119.00
123.12
121.25
>119.00
113.31
115.63
119.41*
122.09
1946—
126.28
120.02
124.20
122.50
119.61
114.46
117.60
120.43
122.50
months of 1945 and 86%
1946,—-
120.70
116.22
120.63
118.80
116.02
109.60
111.81
117.40
119.41
121.25
119-82
117.40.
112.00
114.46
117.60 >*>120.63
corresponding period of 1941. Pur¬
chases of ordinary life insurance
accounted for $13,893,582,000 "of
113.31';: 104.48
108.70
113.70 '118.20
■*'
High
Low
1 year
Dec.
-h'-i
V:C0m'"
Ago
124.84
1945.
31,
L
"
Dec.
119.00
113.50
120.55
1944-
30,
total
life insurance pur¬
chases were $19,379,987,000, an in¬
crease
of 53% over the: first 11
,
117.80
Daily ; y. ?
Govt.
,
Bonds
Averages
Dec.
:>■>
30——
:^a.59;-:^i
2.81
2.81
M
2.81
•
1.57
1.57
,
2.60
,2.60 -y
2.67
2.81 ;v:,
2.67
2.81,:;'
"■•>• 2.67. /: -2.81. •:
26-———
.y;25—y
2.82'2.61*'
-
P. U.
t
3.16
:%-2.76>'y:'
3.03
3.16
3.03
3.16
3.03
2.C8
-
STOCK
1.57
2.65
2.66
2.76
...
"2.82
*
"
*
*2.66
an
EXCHANGE CLOSED
:
23-
—_
21_—
2>69
2.83
3.16
3.03
2.77
2.69
2.82
3.16
3.03
2.77
2.66
2.66
1.58
:
"i9—i—
::
2.61
2.69
2.83
3.17
3.04
2.77
2.82
2.61:*; 2.69
2.82
3.17
3.04
2.83
3.17
3.04
2.77
2.83
1.59
.
2.61
i
2.83
2.83
1.59
2.83
2.62V
.
1.59
10——— — — ——
2.83
2.62
■
2.83
; y 2.61
1.59
-
:
3.04
2.77
3.17
3,04
2.77
'
2.83
2.83,'
3.17
3.04
3.17
;
3.04
V
2.78
2.61
,
2.62
OP A
:r 2.67
2.69,
g.83
1.59
>
2.67
3.17
2.63
2.69
,
1.59".
'Tyyy 12—'-y* •
2.83
3.17
V
3.04
,y
2.78
2.67
2,83
3.17
■
'
•
"-4
■■
(
.
-*•!:
r
'I-
.;
i...
...
.
f.j
....
,
.
..
.
i>
'
*
2.77
0
>
2.78
'decontrol, of
discriminate "
2.68
;:
achieved between supply and de.r
com-
9.,—_
1.59
2.83
2.61
2.70
2.84
3.17
3.05
2.78
2.66
7
1.59
2.83
V 2.61
2.70
2.84
3.18
3.05
2.78
2.67
1.60
2.84
y
2.70
2.84
3.19
3.07
2.78
2.67
Committee to the Office of Price
1.61
2.84
v 2.6i
•
2.71
2.84
3.19
3.07
2.78
2.67
Administration
2.84
V 2.61
/?
2.84
2.61
-—
6—
5
•I
—
4—^-2^,':;:
'
1.61
—:
1.62
2.82
1.57
3.07
2.78 v*;1
2.77
2.67
17, according to
3.19
3.07
2.77
2.67
vices
2.67
Tribune."
2.85
2.70
V
2.77
3.07
3.19
2.85
2.85
3.18
3.06
2.77
2.66
2.58
2.83
2.71
2.70
2.69
2.83
3.16
3.04
2.76
2.65
2.69
2.84
3.15
3.04
2.77
1.63
?:•
2.69
2.85
3.16
3.05
V 2.60
2.84
3.15
3.05;
2.77
2.82 >'
Sept. 27
—
...20——
1.65
2.82
1-65
2.83:.
1.63
2.79
jv>
2.69 ;
2.84
3.15 ;
3.04
2.7dz
2.65
2.84
3.16
3.05
2.82
3.15
3.03
'2.77 V:
2.78;
2.66
2.70
3.70 '
2.82
3.16
2.60
3.70
2.82
3.14
2.68
2.80
3.09
2.65
2.76
3.05
2.63
2.75
3.04*
^
1
2.54
.
2.52.
:
2.93
2.75 y
2.72
2.91
2.71
sozir?
26--——
1.49
2.73
2.50
2.60
2.73
3.03
Junie 28——
1.47
2.71
2.49
2.59
2.73
3.03
2.85,
2.58
2.73
3.03
2.84
2.59
Apr.
2.71
'
1.45
2.51
'
2.70
T.48
31—
26-2
May
'
2.69
2.66
2.46
Feb.
21
1.33
2.67
2.49
Jan.
25--
V
The. "Herald Tribune"'
2.60
,
In a' letter to the
2.58
2.70
out
by
1946-'_—='
Low
*
1
f
T.31
DqcX
year Aao
31, 1945-
2.73
3.00
2.83
2:68
2 .'60
268
2.94
2.78
2.64
2.55
2,56
2.70
2.94
2.83
2.64
2.55
2.50
2.59
2.70
2.99
2.87
2.68
2.62; ?
2.71-
2.85
3.19
3.07
2.78
1.41
D.1V3°K194°.
1.S0
:'P
2,45
2.53
2.67
2.93
2.77 V
2,63
2.53
2.59
2.66
2.78
3.06
2.93
2.77
2.62
.
2.M
>
f
ty,
issue
compiling the averages was given in the
of the "Chronicle" on oaee
r,
H
■
.
,
^
^
Or
ine
government,
accord-?
5dminerbeZ"y;"?Wv,i>n*
v:
was
with-
.
House,
White
!|
policy
asked. Also, it
the,, nation's
..viewpoint
conr
be ' channeled
emanating from tha
the
and
merce
National Housing
Agency. "■/>'
Sept. 5, 1946
*
suggested
into programs
'*■ J:
Moody's Daily y
Commodity Index
-
Ing to Associated Press Washingadvices.
Jamps M. Landis,
ties"
1
re¬
Departments of Agriculture, Com¬
1321.
.?'(*■ i-
programs"
sumer
prices are computed
NOTE—The list used in
v
"permanent consumer? advisory
and
3.48;.?;S.24?: 2.97,;.;;2^4
;;?.7o:y
^
tration on overall economic
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
level> or the average 'movefneht of actual-price quotations.
,They merely serve to
Illustrate in a more comprehensive way >thq relative levels and. the relative movement
of yield averages, the latter being the true ..picture of .the bond market.
,•/
•These
'
committee to advise the Adminis¬
2.68
2.65 y
a
2.55
2.84
2.77
-
*
Committee
the
consulting the
was
High.. 1946-2—
1.68
.
President,
'
2.70
1.31
resign.
leased
2.58
2.69
"
2.54s
2.49
1.36
^
2.61
2.59
'
Mar. 29—
to
advices added:,
2.64
.
,
12.87
July
consumer
2.67
2,76*'
2.96
II
^
body which had no alte rnative but
2.66
•3.02
"
Caro¬
conference
from under the
props
2.66
2.76
.3,04
2.60
2.75
>
Executive
Dr.
of
.•
2.70
; 2.5#
■•*
2.73
1.55
that liquidation
2.65
2.59
'
group's
Chairman,
2.66
2.60
:
1.65
1.58
;
;
"Heralcl
York
line Ware, told a press
2.61
2.82
The
Committee
Washington ad¬
New
the
to
2.65
:
2.77
2.69
2.83
yy?y 4-—
^ ■
...
2.60
.
2.82
1.60
1.65
18
11
V 2.59
Dec.
on
2.67
3.07
.
25—jt
*
3.19
3.18
"
::
resigned
2.84
2.85
2.60
2.82
1.57
15—
Advisory
27-member
2.70
2.60
-
the
mand,
2.70
2.61
2.84
2.83
1.58
I-
2.61
2.84
1.62
1.60
29
Oct.
j]
modities before balance has been
'/■
3.04
/
!
and in-
Protesting "too rapid"
2.67
r
3.04,
3.16 1
3.04
>??.■v ;.y ■ y
ytf
2.67
2.78
3.16
2.83
2.70
•;
S
Advisory
Group Quits
2.66
'
2.78
Dec. 24, 1946—
Dec. 25——
Tuesday,
Wednesday,
330.(3
Friday,
27_—
Dec. 28—
Dec,
Saturday,
Monday,
Dec.
30——
TWA week;?., a go,
Hoi.
—
1'hursday, Dec. 26—
—————
Und public buildings.
-
2.67
,
2.83
2.70
2.10
■:
Tot?! U. S. Construction^—:—
fr?
compared
of last
as
months
11
year:;*,.y'ZK:'
2.67
2.82
:
2.69
7 2.61
r 1.59
1311111™
first
"
2.69
2.69
2.61
2.83
>.
2.69
2.62
7 2.83
1.59
>,17—,
the
72%
of
increase
2.77 r- \ 2.66
i.58
?
-----
2.83
1.59
.
:
j;y?-T8:
*;:
*
with
2.66
2.60
2.82
y 2.60
2.82
1.57
yyyy 20
V;"
2.65
2.75
2.75
3.03
3.16'
Indus.
•
•
24-—:
:
represented $3,679,918,000, of the
current year's total, an increase of
30% as compared with last year Jwhile group life insurance pur¬
chases amounted to $1,804,487,000^
Corporate by Groups*
R. R. y
?
"
.7 >;
over
Industrial life insurance purchases
■
rate*
i.56
28——
y'yj 271
y;
1y..y
y'.r Corporate by Ratings
Baa
^ Aaa V ; Aa '^'-""^'A
Avge.
Corpo-
than
more
(Based on Individual Closing Prices) '
u. s.y
;
aggregate, an in¬
last year and
twice the 1941 total.
of 58%
crease
..ri*1
U
1946— 'vr
the
over
months'
11
the
YIELD AVERAGES
BOND
MOODY'S
of the
year
•"
117.60
,
months
11
the first
"In
2 Years Ago
r,*(three days)
$34,344,000
yd
1
31—
Apr.
(five days) (three days) Truman Names
$86,192,000
$26,258,000 Air Coordinators
Chairman of the Civil Aeronau¬
Private Construction
25,260,000
46,197,000
17,559,000
Under an executive
order of tics Board, has been named CoPublic Construction
9,084,000
39,995,000
8,699,000
chairman and will serve as Chair¬
President Truman on Sept, 19 an
V State and Municipal8,027,000
37,219,000
1,793,000
man during absences of Mr. ClayAir Coordinating Committee, with
1,057,000
2,776,000
6,906,000
ton* ? .Departments,; tp > be reprer
William L. Clayton, - Under; Sec¬
mil ,Jfn -the classified''construction
groups, bridges, and commercial retary of State, as Chairman, was sented on the committee,"in addi*
$
'buildings gained this week, over last week. Six of the nine classes created to provide forV'the fullest I tidiivtoif 1M ^tate1; #ep'aft^ient: gnd
t
recorded gains this week over the 1945 week as follows: waterworks, development and boordinatiori 'Of the* vivii3A^hautjc^.. ,Boatd, are
the i Warj^yPostoffice/:- Navy
and
..sewerage, highways, earthwork and drainage, industrial Duiiaings, the aviation^ policies and activi¬
,
no
of insured
May
Dec. 26,1946 Dec. 19,1946 Dec. 27,1945
'
and
up
123.09
Aug.
/ *.'
f,j
State and municipal construction, $8,027,000, 78% below last
week, is 348% above the. 1945 week. Federal construction, $1,057,-
a
a year ago and 45 %yover the?
figure for November, 1941, These*
purchases represent new groups:
119.00
and
year.
'tor
119.61
.
119.41
than
week, $25,260,000, is (45%- belbw last
*week and 44% above the week last; year.
Public construction, "$9.084.000, is 77% below last week, and 4% greater than the :week last
illotaj
117.80
"116.61
122.29
..V,-
this
construction
119.82
116.61
119.00
Aug. 30
12,686,000
in continental United
States totals $34,344,000 for the three-day week ending'Dec. 26, 1946,
as
reported by "Engineering News-Record."
This volume is 60%
below the previous five-day week, 31% above the corresponding
three-day week of last year, and 61% below the previous four-week
Private
117.80
119.00
121.04
121.04
volume
moving average.
117.80
112.37
121.25
116.61
increase of 151 % over Novem¬
121.46
1,210,000
.
Civil Engineering Gonsf roof ion I'otaSs
$34,3mm for Wesklpllliy
,
112.56
110.15
116.61
1.63
construction
110.34
1941..
November,
over
life. insurance purchases:
$162,146,000 iry November,.
ber
119.82
118.00
3—
engineering
an
119.82
■
116.61
22—
Civil
120.02
117.60
,
117.20
Nov.
.
117.80
112.19
121.14
2,000 Ions.
:
112.37
110.15
121.08
:2,162,000
i.
8,000-y?.
counties.
Tucker
112.19
110.34
121.80
the N. & W.; C. & O.; Virginian; K. & M.; B. C'. & G.; and
Mason and Clay counties.* fRest of State, including the
agree
120.02
110.34
116.22
•
20%
were
13
'
Kanawha,
^Revised
117.60
corresponding month last year
122.52
-V
25,000
-y
' *
,
the
116.22
119.20
121.05"
Sept. 27—
334,000
1,000
13,220,000
116.22
'.;7y u——I
'jOTt.'.-.'.-j?
lignite
+Includes operations
the B.
-
v.
-■
119.82
119.20
:
'r
117.60
119.20
119.00
141.000
i
-
417,000?'
^;:c2do.(wo^W^y
Wyomiug-^
iOther' Weitern States—
-
38,oooyyy.
20,000 >'
;y >;
,
"*
j
112.19
121.04
120.84
•
.•*'
":y. 16,000
f West'V irginia—Southern ..ri-il—'4 {
110.15
116.41
121.04
.
__L
Group
116.02
122.14r
-121.04
64,000
,,131,000
2,000
'
,
370,000
and
120.02
116.61
2,970,000
21000*
149,000
.
120.02
117.60
116.61;
767,000
•
yy?y;
50,000
•
2,000
;
117.80
112.37
116.41
2,000
85,000
.,,.30,000
1
478,000 y
,
150,000
U-
ut^h,
Virginia
Washington'
112.37
110.34
121.77
187,000
108,000
2,936,000
(bituminous)-,
uiuL—
68,000
101,000
:>•
62,ooo
Tokast (bituminous and lignite)___'
110.15
121.08
,f
*;
yy; 865,ooo
+..
Pennsylvania
Temnfespee
,
6,000
1,000 Zyyv
\
■y 70,000 :*y,<yy ..yy :i;
y "
' :
*83,000
(lignite)
Ohto'wii-—:—:———
Oklahoma,
;
I.OOO
119.61
119.82
25„
1,519,000
■ '**; ; y y,.
535,000
yyy-y 39,000
;
: y<-•
137,000
? 1,107,000
yyy-
3,000
98,000
117.60
117.60
119.20 ) ,116.41
119.20.-.? 116.22
•
297,000
T
,
111.81
112.00.
121.25
.
51,000
if.
:
109.60
109.79
116.61
122.05
purchased
to $343)-
113,000, an increase of 37% over
116.02
116.02
122.17
—-
insurance
November amounted
in
118.80
8
32% over Novem-^
up
life
dustrial
119.00
121.04
116.41
November
in
a year ago and nearly.. twice
the total in November, 1941, In¬
119.61
116.22
121.67
ordinary life in¬
were $1,-^
"Purchases of
surance
119.61
116.22
121.52
r
4
"
1,000
13,000
1,213:000
510,000 y
Kentucky—Western__—
Maryland __—--ii y*;yv 55,000
•y
116.41
121.64
0,——
.
'■■■8—
*
y.>tyy-4ifooo'
.
!
,29,000
.
'
.ElentOjCky—^Eastern—
7-':
>
,
:
357,000
-124,000 yyy:
Michigan _j_—
Montana (bituminous and lignite)
and $978,859,000 in Novem¬
ber, 1941, The Institute further
reports:
) y
\;;'y■$
12—„jI:
399,000
y j,y
7,000
38,000
;
_
;*.
14,000.
14,000
yy, 557,000
Kah4aa;and
36,000
1,000
1,000
Georglfi. and, North Carolina—'—yy
Illinote;,^..!.—
; * ,? T,470j000
Indiana
11 Dec. 15,
1945
;*."■
*1946 y
•i.
■
>
.
^
Dec.7,
•
.186,000
..
low a' iU—_
119.61
11—,'——
Jan.
Week Ended'
x^yyyv;y;*;';
•'
367,000
y *-' 1 1
y?y-> 7,000
' > *
1946
Conn.
Hartford,
,
120.84
1—4:
;-tV' 13
:
of
120.63
20—,,,,
*
t
Dec. 14,
Arkansas
Association
Total
120.84
.
J.
■ -
116.41
-26,111—ys
■
,:
116.41
...
Alabanta_i___—11—
■
116.41
121.43
0(is ESTIMATED WEEKLY PRODUCTION OP BITUMINOUS COAL AND LIGNITE,
•.BY STATES, IN NET TONS
"f'v
.ATfhe current weekly estimates are based on railroad carloadings and river ship¬
ments* And are subject to revision on teceipt of monthly tonnage reports from district
and)State sources or of final annual returns from the operators.)
yyyiyry.vyy:'
y ;V.
112.56
CLOSED
121.89
■'
1
£$nciudes washery and dredge coal and coal shipped by truck from authorized
operations.
tExcludes colliery fuel.
fSubject to revision.
gRevlsed. *
'
>••
110.15
121.89
,
.'17-^.Il
V
"ijiiite-
116.61
EXCHANGE
purchases in November were
$1,648,423,000 compared with $1,—'
179,294,000 in November of last
18
.
November in prewar
119.82
STOCK
aggregate
the
over
119.82
116.41
20,—u J-
Oct.
1937
..
4,080,500
86,500
72,900
.1945
;
59,488,000
57,195,000
897,000
,
,
107,300
month of last year and were
120.02
116.61
V
Dec. 25,-
Dec 22,
;
1946
'
United States total,
Indus,
122.14
•
-
—Calendar Xear to Date
—
Dec. 22,
-
1946,:
1946
Anthracite—■
^"Totill nidi. coll. fuel
P. U.
122.05
.
correspondingv
68%
the
purchases' in
purchases in
in November
of 40% over
117.80
R. R.
r
23,
,
States
increase
an
110.15112.56
,
122.17
25—
.v;-
OF PENNSYLVANIA ANTHRACITE AND COKE
Week Ended-—
—4-i—
}j f:
Corporate by Groups*
Baa
24
—
insurance
United
116.80
A
'
'
Perm
Life
the
119.61
121.04
26
Nov. Show Increase
119.61
121.04
122.17
15
.
119.61
27—
!<tSubJecit to current adjustment.:'
ESTIMATED ''PRODUCTION
SSTIjV
~
-
.
Total,yincludjng, mine fuel— .13,100,000
Daily average
' 2,183,000
*
121.25
116.80
AND LIGNITE
COAL
: 1
y
Yields)
Aa
122.20
V''*
■
..
.
Week Ended—Jan. 1 to Date—
Dec. 14,■?;:?■ Dec.' 22,W "Dec. 21,
Dec. 22,
•,
1946
1945
1946"r
,' 1945
,13,220,000 • 11,150,000 514,607,000 568,627,000
—
,'■ A.*;
■
•':; •■'■■■ ;-.Dec. 21,
Bituminous coal and lignite—
1946
■
'
BITUMINOUS
OP
(In Net Tons)
;
'
-.*
,
H*.:"-
V.'
UNITED STATES
■
' ■"''•..•■■■
:
■
than
:v-'"
more
are
PRICES
Corporate by Ratings* f
Aaa
rate*
28_-4_,r„;
o :
the output
20,800 tons
was
Bonds
;30i,
:•
reported
ended Dec.
^
\
averages
Avge.
Govt.
Dec.
;
that the estimated production of
beehive coke in the United States for the week ended Dec. 21, 1946,,
< c
BOND
yield
showed
Daily
Averages
was
1
bond
and
(Based on Average
compared with
of 1945.
prices
MOODY'S
estimated by the Bureau of Mines at 1,279,1,350,000 tons in the preceding week and
With 933,000 tons in the comparable week of 1945, ending Dec. 22.
During the calendar year through Dec. 21, 1946, the production of
hard coal was approximately 59,488,000 tons, which was an increase
om 9% above the 54,152,000 tons mined in the comparable period
000
Ins. Purchases in
Moody's Bond Prices and Bond Yield Averages Life
Weekly Coal ami Coke Production Statistics
n4»
;t
1947
Thursday, January 2,
I'i
i
.
379.9>
—
377.0
—
373.2
3783
—
: 373.1
Decft(17nn—
376.7
Month? ago,
Year* ago,: Dec.
1945'
'fligfi-Dtic
';
Lbwi; ifen;
194(3 High,* Deci?24i^l-j—1-11,
•
264.7
.29pai945«i,;—<.—
LoW';
Jan.'2*ry_'-|-,fiu^i;.
.
—
..1
265.0
(252.1
} 3803
La'.264',1
'it
*
t
THE COMMERCIAL & FINANCIAL CHRONICLE
165 ' Number 4556
Volume
Daily Average Crude Oil Production for
Trading
daily
4,707,850 barrels,
week.: "It
9,100 barrels.per day less than in the preceding
or
however,J228,200
was,
barrels
output in the .corresponding week of. 1945.
1946,
duction fbr the four weeks
ended
Dec,
Daily
barrels^ The Institute's statement further adds:
pro¬
"
2
of the
dustry
whole
as a
to stills
ran
week
ended
Nov.
shares
was
distillate fuel, and 8,419,000 barrels of residual fuel oil during the week
Total
rels of
'
•
*
,,
OIL
/
.
'
-
PRODUCTION
*'">
IN
'
BARRELS),.
"■ftft"'
:•
♦♦New
.ft'ftftftft-
v
*B. of M.
;York-Renna>
48,200
8,400
♦♦Ohio—Southeast-ill
Ohio—Other-
Indiana
Illinois
!
——
-
District n
;
District IX ——i
V
District X
Total Texas-— -ft-
2,050,000 12,000,267
ft ft;
fiLoill6i9'p>&mm
ft.
ft;ft'
ft
.
/fti—
=.
■
ft,, 18,900
138,350
-213,750
35,250
ft.
' 318,250 \
f.
501,850
>
'ft;
New Mexico—So;
2,000
East)
Total sales.
'-ft;
:
74,150
84,700
A. Total Round-Lot Sales:
Short sales
109,0001
.
Colorado
VUlUittUU
450
,:
-4 800
104,800
i'.,
fi45,Q00 ft J 5840,700
ft
88,250
300
,.23,600
—
wu
39,750
.-I■
+
.875,100
''ft 'ftftftft:.:-
Total.United States,
4,677,000-
;
;4,707,850ft; ^,ft~O,lp0ft
; ft
61,700
,
fedsed
certain
uppn
premises
outlined
in
its
detailed
condensate
that is moved in crude pipe lines.!
As
may be
supplied either from stocks
withdrawals from crude inventories must
requirements
templated
by
the
from
Bureau
crude to be
its
estimated
produced,
requirements
tOklahoma, Kansas, Nebraska figures
tThis
Includes
is
\ehutdown8
8
basic
net
and
which
fields
6everal
for
the
shutdowns
allowable
exemptions
are
of
as
'
for
ft
.*•_
...
calculated
1
on
ftft ftftft
were
entirely
and
basis and
exception of
RUNS
ft
TO
PRODUCTION
OF
GASOLINE;
AND UNFINISHED GASOLINE, KEROSINE, GAS OIL
ftft.ft'ft;ft;;,ftftft
"
ft
A-H
"
(Figures in thousands of barrels of 42
'•
''T,i'
-ft
n
,
V
Figures in
f
,
estimate of
•,,-
?
District—
'Bast
Coast
—
;,.
of
92.5
19,077
tStks. of
tStks.
Gas Oil
of
& Dist.
135,000
144,460
on
24,535
76.3
District No; 2—
ft'101
84.7
70.6 ft
: ft'ft; 427
"305
'
59
'
87.4
Snd., HI., Ky
©kla., Kans., Mo.—
*78.3
775
"392
95.2;
89.1
■'
83.6 ft
59.8
216
Gulf Coast—_
89.2
1,190
HiOUislana Gulf Coast-
97.4
329
102.5
'
Arkansas^**, ,.55.9
61
48.4
\
IXnland
"Texas
Texas
iNo. La.
<fe
-—
Stocky Mountain—*•;; ^
New Mexico—-+ y:
t.
Mt—-
Other Rocky
California
ft-
—l_
;
.
ift
4
65.5
221
2,795 ft
1.494
ft ft 9,356
ft.
978
ft! 16,213
'ft 8.716
42
•"fft
514
r
103
1,864
1.079
•
ft
9505
ja—_
6,402
18,6501
ftft'"
1.285
3,436
411
13,935
3,420
1,085
4,753
1,386
3,890
2,119
170
1,677
332
523
115
ftt-ft
.:
ft 751
532
c
10,874
6,883
i.-
•
^
ft
37
100
38
ftftft: 41
389
1,910
114
436
599
,79a f
2,194
16,349
647
12,278
28,314
86.75
15,195
*89,554
17,815
60,608
i
:ft«
ft
1946-
1946-
85.8
4,520
4,685
84.3
15.160
88,678
18,505
J
ft
,
ft 14,503
t92,762
10,604
62,147
38,805
i%841,'000
ended
of
barrels, .4,624,000
22, 1945.
barrels
Dec.
and
8,731,000 barrels,
respectively, Jn
.-'ft..
the
week
14,
TRANSACTIONS
"
•
FOR'THE
STOCK EXCHANGE
ftf ft
-
Customers' purchases,
of
Tota^
ForJW^k
shares
1,#30 540
$43,252,851.
value
ft ft• ftftft;ft
1
,
.
1
14.57
Customers'
»
total
Number of Shares;;
sales^ftft ft.
31,416
ft ft ft' ftft;
Customers* short sales..;.
:
ft-ftCustomers' other sales-
;■ft' ftft'58,429. ftft
'ftftft'' ,■
Customers'
Dollar
regular and associate Exchange members, their
;ft;,;ftft'-
,
total
vftftft
.
.
ft:
ft 523,096
t'ft
sales—
value
)«ft" Short sales'
ft'ftft tOther sales
ftft-'
946,648
•
$34,342,712
Round-lot Sales by Dealers—
Number of Shares:
ft .... 'ft
■ft'ftftftftft:;':"
ft'it'ft, ft,'''1
—
241,390
'ftft
Total sales
J
241,390
Round-lot Purchases by Dealers—
ft ft 'ft
Number of shares
tft*Sales
Consumer Insfalmenl Credits of
marked
ft
liquidate
a
during the month, said
on Dec. 3,
''
-
credit
extended
in
October
was
above the volume of the
substantially
preceding month with the largest percentage
gains occurring in retail instalment paper.". '■
ftft;'';;ft/;,
(Estimates.
In
millions of
dollars.)
less than
"other
Governors of the Federal Reserve System
ft
OCTOBER, ? 1946 ip;
<•
•
Other'?Ma*;
long position whlcb
are
..
reported
with
ftftft-
■
the Federal Power Commission in
1939 and became its Chairman in
1940,
has
resigned and will be
by Nelson Lee Smith
succeeded
Hopkinton, N. H., according to
from Washington to the
advices
151.0
142.9
Oct. 31, * Oct; 31,
1945
1946
97.7
29.6
Sept. 30, Oct. 31,
ig46 ....
1945
25.2
19.7
4.3
2.7
,
ift'.
ft';
25.0
22,1
13.1.
15.8
14.7
26.7
25.4
16.2
Personal
83.5,
80.7
60.0
6.1
8.4
Repair and modernization; loans-.
instalment cqsh loans..,
3.6
4'
2.7
3.2
2.7
2.1
16.7
15.5
13.2
1.7
♦Preliminary.!
tFigures include both loans made directly to consumers for the
purchase of automobiles and other merchandise and instalment
paper purchased from
dealers.
re¬
f'■
Smith New FPC Head ftftft
New
1
Automobile
: are
■
Leland
♦Oct. 31, Sept, 30,
1946
1946
:
tRetail instalment paper ft
r
f-'
-
Olds, former Executive
Secretary of the New York Rower
Authority, who was appoint'sd to
■
of
,
a
round lot
sales." ft".; ftftftft.ft-
—Amounts Outstanding—' ——Volume Extended
Total
exempt"
tSales to offset customers' odd-lot orders
is
Consumer instalment credit
outstanding at industrial banks in¬
creased about 6% in October to an estimated total of
$151 million at
the end of the month. All
types of credit rose
,
387,060
"short
ported with "other sales."*y ft
Banks in
which further reported:
18.552
;
t
f"
ftftft'
of
■A&b'
•^Number-pf Orders: »
f
.(ft, ?
:
ft;
Customers'- short sales—2 J "ft. •1
444
ft ft *Customers' other sales—30,972
of members' purchases and sales Is
on the iExchange for the reason that
volume includes Only sales.
ft -ft"' :ftftft:,ftft;::ftft.ftjft., :"ft;:ftft':vftft
'-ftftftftftft ft'ft
tRound-lot short sales which are exempted from restriction
by the Commission's
rules are included with "other sales."
ft
ft 'ft- ft;
ft
ft'¬
ft J Sales marked "short exempt" are Included with "other sales."
ft;"';;ftft-.
the Board
36,f$57
ft
by Dealers—
(Customers' sales)
ft
201,100
ODD-
,.yft ; ft -; ft;
■ ?■', 'ft ;
.
orders—
69,755
includes all
byj the
specialists.'
Week Ended Dec.'14, :1946
of
0
including special partners.
continuing
Odd-lot Purchases
11,010
109,090
the Exchange
40,752
unfinished
stocks
account
special¬
LOT ACCOUNT OF ODD-LOT DEALERS
AND
SPECIALISTS ON THE N.
Yft
ftft'■:
258,335
69,755
56,096
gasoline - stocks of- 8,274,000 barrels. ftA Uricludes> unfinished
8,274,000 barrels.-5 tStocks at . refiBexles.irafe' bulkr terminals;
transit and in pipe lines,
gin addition, thqre were r produced, 1,928,000 barrels ;of
<kerosine
5 789,000 barrels of gas oil aud distillate' fh$I oil end, 8,41t» 000: b^xrelS Of
residutl 'fuel oil in the week ended pec. 21,J1946, which 'compares with i,989,000 barfels,
S 802 000
barrels
and
7,976,000 barrels,! respectively/ in o theft, precfeding;; week
and
♦Includes
Di¬
Commission,
Number
"members"
Type of Credit—
4,595
22, 1945
gasoline
>
ft'
tin calculating these percentages the total
compared with twice the total round-lot volume
U. S. B. of M. basis
Dec.
Dec.
odd-lot dealers and
Dollar
Total U. S. B. of M.
basis Dec. 14,
;
1.40
CONSUMER INSTALMENT .CREDITS OF INDUSTRIAL
BANKS,
85.8
.
Exchange
odd-lot
Odd-Lot Sales by Dealers-
purchases.
54,217
.766,
15
and
current
filed with the
;•„:•
:/v.;.ft'"The volume. of
T
19.0
70.&
8515
ft
Prof. Adains
v'•vr'-
for
ended
ftftftl'ft;;•
Total sales—
Total U. S. B. of M.
basis Dec. 21,
j
ft;,-'-ft; ft;
j
19,600
...
330
4,240
'
2.878
,
of a the
Board of
v-'•:ft-
Securities
STOCK
ft;pftnftft
,i
184
•
3,514
1,010
97.1f
ft;.
-:^'-
Jersey;' and
head
Wisconsin.
and sales to
District No. 1
ft
^
-
v ft....
Appalachian— ,'j- fcfvb.
:
9.73' ft"'ft.
the floors
Fuel
Oil
22,140
develop¬
figures being
published by the Commissions The
figures are based upon reports
Resid.
,
Oil
8,078
2,410
1,981
New
Roger Adams,
.
basis
Fuel
and
series of
a
9,460
--ft"
:
firms and their partners,
each)
Mines
York
week
162,260
Customers' short sales
SCustomers' other sales
♦The term
1946
ft
99.5 r, 776
Ji—
ftftft:
C. Odd-Lot Transactions for Account of Specialists—
AND DISTILLATE FUEL
gkllons
Inc., and Di¬
and
ists who handled odd, lots,spbk,tljie
New York Stock Exchange for the
^
ft Total sales——
.
FINISHED
OF
SGasoline fFinish'd
% Daily Crude Runs Product'n
and
tStocks
Refin'g ft to Stills ftft at Ref.
Unfin,
of : r
Capac. Daily % Op- Inc. Nat. Gasoline Kerosine
Report'g
Av. erated - Blended
Stocks
:,
1,576,655
Total purchases
Shoit sales.............
tOther sales—
Total
this section Include reported totals plus an
unreported amounts and are therefore on a
-Bureau
1 ft
STOCKS
WEEK ENDED DEC. 21,
AND RESIDUAL FUEL OIL,
"
'
""■>>
ft
,
Conservation Committee of California Oil Producers.
STILLS;
Co.,
.'
of
United States Industrial
transactions
of
days, no definite dates during the month being specified;; operators only being
to shut down as best suits their operating schedules or labor needed to
CRUDE
DK
24 a summary of complete
fijgti^s
showing the daily volume pf stock
Total for Week
tOther sales
:
required
SRecommendatlon of
ft5
Total sales
operate leases, a total equivalent to 8 days shutdown time during the calendar month,
ft
-.
tOther sales
ftftft - 4.Total—
certain other fields for which
ordered for from 8 to 11 days, the entire State was ordered shut down
exempted
were
years,
Bass,
Research
Research
of
of
ft Number
-.
31-day
the
-
Total purchases—
Short sales
1946*
Dec. 19,
a.m.
a
With
month.
entire
;,
Total purchases
-Short sales
:
are
new
for week ended 7:00
Dec.
the
from
or
i
3. Other transactions initiated off the floor-
include the
crude oil only.
production, con¬
They
I.,figures
•'-,ft, ftftft
Total sales.
be deducted,
as pointed
out
determine the amount of new
to
■
•
„
,
forecasts.
The A. P.
Chemical
Reduction
W.
of all odd-lot dealers and
2, Other transactions initiated
J ft; 52,950
.ft *.These are Bureau of Mines calculations of the requirements of domestic crude oil
,
,
Total sales..
1"
4,728,550ft;;4,479,650
-4,300
60,650
1
tOther sales..
--
••Pennsylvania Grade (included above)
of
three;
Lawrence
Commission made public on Dec.
ftftv
837,800
ftft
«i
„,
Short sales
ft; 20,300
.ft, ; 21,000
v
900
four-year term.
a
Dr.
The
(Shares)
1946
ft
38,500
872,950
3,450
+;
ft'
t
7,
1,564,355
they are registered—
'ft ft Total purchases
400
23,100
32,000
d4,uuu
...
..;
^,
NYSE Odd-Lot
and Stock
12,300
;i-; .'ft
ftft, 97,500
101,950
1
DEC.
B. Round-Lot Transactions for Account of Members f
'ft ::r 1. Transactions of specialists in stocks in Which
.
103,500
.
....
.of
.
Schmidt,
re-elected, for
rectors.
17.56
,
Curb Exchange
JTotal sales.
73,800
.ft; 75,900
81,800 ft
54,400
100
1,100 ft ft V'
3,050
the New York
tOther sales..
371,900
ft
102,500
ft;; .24,000
---—4
403,250
450
96,000
———
76,600
200
ft;
+
1,070,051
.
on
WEEK ENDED
295,300
'ftftft-ftcftft 1,150 ft
.
Wyoming -i-ft—-ft-w—-
,-81,247.
..
|
•
135,390934,661
'ftft ft-ft ft-ftft^ft Transactions for Account of Members*
ft
1,922,400
93,200
50
+ '
—LkJT~~~-'
Total Round-Lot Stock Sales
..
w—^
310,050
403,950
;; ft,: «:f4
98,000
New Mexico—Other—j
Montana
.444,000,
76,000
•
;; ;
50
University
General
Air
ft, ^
ft'ft. ft/., V—ft ft- ft 80,950 -ft.ft
93,600
the
''.ftftft''"
A.
is Chairman of the
1,234,820
Americah
f
i
2,024,800
at
gan and
3.91
V;
-
119,000
.i
..ft
Short sales--—
-ft v
:!
ft
"211,311
"h
Total purchases——
,
'28,200
—
"
:
14,140
the
of
Co., .Bound
Brook,
N.ftJ.; Prof. Glenn iT. Seaborg of
the
University of California;
Berkeley, and Prof. Roser J. Wil¬
liams, Director of the Biochemical
chemistry department in the Uni¬
versity of Illinois, as RegionalftDig
rector for the Fifth District, com.
sisting of Illinois, Indiana, Michi¬
ft.
tOther sales
+i-,; .'101,000.
-. 34,750
:
ft
Loii{isiana,
BahofnJ
Crossley, Rdft-
Cyanamid
Prof.
197,171
ft
,
M.-Ll
Director
2.29
301,740
_.r,
Total sales
,4. Totalr-^
v,
:
■
of
Dr.
search
New
,
133,350
;
»
-
.
,
Chemicals, Inc., New York^uas
Regional Director for the Second
District, embracing the States of
13,100
120 250
Short sales—ft;;
tOther sales
——u-———
-1
'
>
-
;
167,570
——
—
434,5501 ft .ftft
Co.
Rouge;
ment
the floor
on
" .Total purchases,^-
ftftft
1
•
'
310,350
..ftft 60,000
—
—
—ft——
California
n.36 -ft
3. Other transactions initiated off the floor-
ft,
Oil
rector
Aft
ftftftftftft;
ft
are:
Dr. Cecil L. Brown, Directo^ftof
he_ Esso ; Laboratories, ■ Standard
rector
Total sales
385,350
on
agement,
Also
tother sales^.ft-1-y^fty rrftft„;: .ft ..ft;,ftft
750
body
were
"M
Total purchases
Society. ThdsP
three-year terms to the
the -Society's advisory
policy and general man¬
Council,
tor-at-Large for
ftftftft,: Short saIes-------ftI-.^:ft'..■n;:=::..f:;^:vftft•^;,:■v
28,950,
370,200
'
f
1,996,050 ft
,
'
)382t,000
^^
Arkansas
Alabama
.
Total sales——
•
_•
President
Manager
of
the
Western Precipitation Co., Los
Angeles, was re-elected a Direc-
of~Mexnbersi
Account
A_
and
•
Accounts of Odd-Lot
:
:
ft
ft.i'ftft;
2. Other transactions Initiated
>•:; <
North Louisiana—— ,
Coastal Louisiana
ft" ft ft ft '
Mississippi
lor
elected Councilors-at-Large of the
American Chemical
Walter
t%
6,560,560
Odd-Lot
Society
in
chemistry and
engineering have been
Texas.:
Total for Week
204,980
leaders
Institute
ft!.;
Short sales
ft 44.700
;
Stock
|
ft.,-ftft tOther sales
13,100
650
—
27,700
499,700
118,000
81,100
v
.
; ftftft.ft'; ft:
.
256,450
34,500
VIII
7*»
7, 1946
*•'••• 6,355,580
the
Roond-Lot
ft:'-,ft. Total purchases
3,100
■■
700
for
and
(Shares)
■
3,700
=
270,150
..+
99,350
vii-b :
District
«
•ft
316,000
VI_
Dist.
District
'• WEEK ENDED DEC.
•>
Exchange
Members*
:,< 1. Transactions of specialists in stocks in which-:
•■iftftf^-ft..,-;- they are registered— ;-ftft^ft;ftft:ft!:;,;ft
to
100
1,300
34,600
District VII-C.
•
Stock
of
6,650
30,050
208,800
East Texas—
ft
ftftifft
Transactions
Except
204,250
'44,600
422,650
Other
York
>
District III.'
*
250
134,800
District V—.
ft
+
;ft
500
—6,600
ft 18,850
District TV-
«
-
250. 2,500
650
19,400
202,050
—
f 42,000
ftft t700
t275,650
f371,450
District I—,—
;
New
Total sales
ftftt
,
the
on
Dealers and Specialists:
42,600
.
,
—.
ft 30,100
270,000
362,400
48,800
,
18,400
201,400 ;
263,000
380,000
————:
Oklahoma
-
.
+
50
ft, ft;200 ft
—1,100
- 7,200
—
450 ftY. 5,700
ft,
^'ft:/ftftftft;2,550 .ft
19,000
210,000
29,000
46,000
ft.ft:
800
'
fexas—
—2,750
-
5,650
,
ft
———
Kentucky
—ft
Michigan ft————
Nebraska
Kansas
*,
'-ft.!
-
■-
'
,
7,200
7,600 ft
;
47,800
-' ft- 250
ft
:
-
•;ft;
.
ft '
ft
.
:
Virginia-.!
Sales
Transactions for Account
<
8. Round-Lot
ft
State.
Allow- ft
'ables ftft
.
Florida
♦•West
Stock
JOther sales——,.
■
(
Actual Production
-Week
Change
4 Weeks
Week
ftCalculated
Ended .ft;,. "
fromftftftft, Ended M Ended
siftvVftfti. Requirements
Begin.;/ Dec. 21;/')^ Previous ft:.; Dec. 21ft'ft:';'ft Dec. 22,
'•
December ft-,.-. Dec. l.ft,!ft
1946
Week •'■■■
1946 ,
ft 1-945
--4V
that
Short sales-
v.
(FIGURES
'
•
to
.
-
CRUDE
30
..v;,
ftjftftftft'
,
barrels of residual fuel oil.
AVERAGE
amounted
A. Total Round-Lot Sales:
kerosene;, 60,608,000 barrels of distillate fuel, and 54,217,000
DAILY
Exchange, member trading during the
17.35% of the total trading of 1,182,905.
ft:'
17,815,000 bar¬
7
Curb
,459,435 shares, or 14.57% of the
Exchange of ^,576,655 shares. During the week
trading for the accpunt of Curb members of 410,430
on
Round-Lot
21, 1946; and had in storage at the end of that week 89,-
554,000 barrels of finished and unfinished gasoline;
•
Dec.
total volume
barrels of gasoline; 1,928,000 barrels of kerosene; 5,789,000 barrels of
'
New York
ended
mately 4,820,000 barrels of crude oil daily and produced 15,195,000
ended Dec.
Stock
total
On the
Bureau of Mines basis approxi¬
a
on
the
on•
Four
named for
transactions on the Exchange of 6,560,5600-ihares.; This
compares with member trading
during the week ended Nov. 30 of
1,622,555'shares, or 17.06 % of the total trading of 4,755,740 shares. •
;
•
Short
Exchange for the account of;members
(except odd-lot dealers) during the week ended D6e. ?7 <in roundlot transactions) totaled
2,304,871 shares, which amount was 17.56%
'Reports received from refining companies indicate that the in¬
.a,
ficmrpa
figures Koincr published weekly Ku the Commission.
being rMihU+o^-iirnolrlYr by
shown separately from other sales in these
figures.
are
Trading
ft-'
•
1946 averaged 4,728,550
21,
chemical
sales
the requirement
as
4,677,000 barrels.
was
Am. Chemical
riirrpnt
current
the
of
excess
The daily average figure
'
estimated by the United States Bureau of Mines
for the month of December,
in
day
per
4 New Councilors of-
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.
7, continuing ;a series of
aver¬
crude oil production for the week ended Dec. 21, 1946, was
age gross
New York Exchanges
on
The Securities and Exchange Commission made public on Dec. 24
figures showing the volume of total round-lot stock sales on the New
Ended Dec. 21,1946 Decreased 9,100 Barrels
The American Petroleum Institute estimates that the
61
It
"Times"
York
on
Dec, *-18.
also
reported that Mi\
Olds, in leaving the Chairmanship,
would remain a member of the
was
Commission.
The
stated that Richard
engineer,
of
who
appointed
in
was
Fall
announcement
Sachse; ,a pivil
Brook, Calif.,
to
the
FPC
1945, would be Vice-Chairmant
fji
THE COMMERCIAL &
62
quarter of 1946 totaled 79,055 long
tons, of which 45,913 tons was im¬
ported lead and lead bullion, and
33,142, tons was recovered from
Electric Output
for Week Ended Dec. 21,1946
16.5% Ahead of That for Same Week Last Year
'/■•/
The Edison Electric Institute,
ti mates
distributed by
energy
for
which
48,013
tons
Dec. 20
according to the British
Ministry of Supply./■/;'//Z/ZZ/tv/.Z• Z
The
largest increases were reported by the Southern States and Pacific
Coast groups which showed increases of 25.5% and 23.1%, respec¬
.;
tively,
the same week in 1945.
over
;
.
zinc
'
v
'
PERCENTAGE INCREASE
♦0.1
X
15.G
15,3
Industrial
Central
0.1
3.9
13.5
11.3
6.8
'■>
21.2
r
•11.4
11.0
States.—
21,2
22.1
Mountain—
7.2
'
Southern
Rocky
i
9.3
25.5
Central-———
West
Coast
Pacific
23.1
9.7
•
15.0
.
Dec. 24:
i'
21.7
18.8
ports, with
11c to IDAc.
j
.
/; 35.7
4 Total United States—
;
♦Decrease.
•
-;/:
i4.i
'
.
St.
RECENT WEEKS (Thousands of Kilowatt-Hours)
FOR
7:—
Sept. 14__^_—
Sept. 21„
Sept. 28
4,478,092
5-
Oct.) 12—
4,495,220
-
Oct. \19_*
*
4,539,712
Oct.
•
4,601,767
26
Nov.
4,682,085
4,699,935
4,764,718
—
16
1932
4,354,575
1,476,442
1,490,863
1,499,459
1,505,216
1,507,503
1,528,145
4,345,352
1,533,028
4,358,293
1,525,410
4,028,286
3,934,394
3,914,738
3,937,420
+ 11.2
4,365,907
4,375,079
'/+14.3
+ 16.0
+ 16.9
3,984,608
-3,841,350
+ 10.1
+ 12.1
+ 11.9
+ 24.0
1,793,584
4,448,193
4,042,915
+ 10.0
4.524,257
4,672,712 '
4,096,954
+ 14.1
4,538,012
4,154,061
4,239,376
3,758,942
+ 15.0
4,563,079
4,616,975
4,225,814
14
4,777,943
4,940,453
—
21
28
_
,
!
-
1,798,164
1,818,169
7
Dec.
1,798,633
1,824,160
1,815,749
1,531,584
30-
Pec.
1,806,403
1,520,730
23
Dec;
i
1,819,276
1,475,268
1,510,337
1,518,922
1,563,384
1,554,473
1,414,710
Nov."
;
1,777.854
4,354,939
4,396,595
+ 18.6
NOV;
"
1
*929
1,806,259
1,792,131
4,450,047'
4,368,519
+ 18.7
+ 18.0
Dec.?
;
/,'<.
j
.
+ 16.5
i
that
70.000
Chihese,
1,718,002
1,806,225
1,840,863
Holiday
firmer
a1
they,
bids
Co.
willing
were
construction
per
in October.:
others
reported sales at $88, and
market was quotable at the
level, leaving the range un-*
changed for the week at'$8$ to $92
flask, depending
per
St
quantity.
on
The improved undertone reflected
growing conviction
among
New
York dealers that the forced
sell-
ing
by
European
ended.
operators
l iv.rx
^
•
~
has
^5+
;;
Silver
announced
East
entertain
the week ended.. However,
as
1
low
destination, but guaranteed not to
cline?
an
the
level
same
troy on Dec. 24, a
movement.: The
ounce
for
new
the
de¬
caused
1,860,021
sold
1,637,683
the ' basis
-of
one-half
troy
pound above Prime West¬
East St. Louis./-/
ern,
Refineries'
;
United
cent per
on
was
Regular High
as
Intermediate —formerly
operating
States
of
> oz.
in; the
5,639,000
October,
produced
silver
in -
against 6,493,000 oz.- in Septem¬
ber,
the
American J Bureau
of
.
Nbn-Ferrous Metals-^Wartime Control of Lead
Ended
/
by CPA—Foreign Copper Market Strong
"E. & M. J. Metal and
•
Mineral Markets," in its issue of Dec. 26,
Production
stated::: "The. Civilian
Administration, Office of Tem¬
Antimony
Supplies
Metal
/
,,
tion
antimony remain
insufficient, and quotations, were
easily maintained
1946, in ounces,
according to origin of the- metal,
follows:
28^4c, bulk, Laredo, and at 29%c,
packed
in
cases,
warehouse,
ex
*
1946-r-"
Jersey City, x-"-'^
copper
government's
supply. The
reserve
operators stockpile was frozen, according to
the
initial
announcement,even
thought that foreign zinc was of-x
Some
'unchanged.
was
V
market for
domestic
The
on
freely. Silver though 1 the government's supply
lower, largely has increased to more than 50,000
because of a greatly reduced vol¬ tons, partly because of the addi¬
tion
of
supplies
brought
here
ume
of business in the fane of
fered
>
little
a
more
and
unsettled
was
.
ample supplies.
Antimony was
firm, but unchanged." The pub¬
lication further went on to say in
(/At.;
part as follows: ;x// />.^/>.;•/
/^xA/Z/xt..
>*'-■ •r-Copper
v"
Except for a further strengthen¬
ing in the foreign copper market,
resulting in business on the basis
of 19.625c., f.a.s. equivalent, the
situation last week showed little
i
;
>r change.
from
the
Pending receipt of
order
revoking M-38,
refused to give up hope
Japan.
final
consumers
that some modification
location
feature
of the al¬
may
;
come
not been disclosed.
stockpile of copper in the
hands of RFC declined from 151,101 tons at the end of October to
124,853
tons
■////'
No¬
at the end of
vember. ■',/.
''
x
(-'•■/.'.'./■
i Stocks of refined tin owned by
RFC
totaled
23,119
the
amount
lead in their possession to 30
The
requirements.
of
days'
agency
also
said that consumers must continue
CPA on the
amounts of inventories, consump¬
making
reports
to
States
long
tion, and snipments of lead,
market
tons
was
DAILY PRICES
x
f i?
at
JUne
1,063,000-
the first 11 months of this year in
the eastern states to
a
OF
METALS
2,940,000: i?
2,699,000
19.275
Dec.
Dec. 20—
19.425
19.425
Dec. 23_i.-_>.___i.." 19.275
Dec. 24
19.275
the residential dollar volume dur¬
ing the 11 mohths
classified
Dec, -25
Holiday
domestic
was
price uncertainty
and
„
factors
metropolitan'? Ne w
York
and
northern New Jersey, the Middle
Atlantic region; western Pennsyl¬
vania and West Virginia, Texas,
western
refined
forms is
M.
&
J."
^ v-
the
on
other
and
^'v
'V;"
+
tract volume declined" from $225,*^
355,000 in October _to $160,871,000:
November while heavy engi¬
neering construction contract vol-/
increased from $112,783',000
to $121,761,000. Total contract vol¬
in
urbe
for the first 11 months-in-the
ume
37
eastern
Zinc
-Lead-
New York
St. Louis
St. Louis
12.550
''
70.000
12.550
::
12.350
70.000
i
:
■
f12.550
"
12.350
>12.350
11-month
70.000
Holiday V:
19.500
; ♦
construction
at
was
a
Siyck Editor of^ :
Van
v
NAM Publication
Association
National
The
Manufacturers announced
22
on
of
Dec.
the appointment of M. L. Van
Slyck,
former editor of "News¬
a
of
Commerce,"
its
editor; of
as
weekly publication, "NAM News.1*
of the NAM publica¬
tion/ will
be
coverage
broadened
Van
redesigned and
Slyck's direction
under
so as
its
"Mr-
to give
NAM members the major associa¬
10.500
If
'
7
and significant fashion necessary
10.500 ::
for/enlightened leadership.
The
Holiday
12.550
'
x
Holiday
12.350
70.000
12.550
holiday
Slyck has had wide
in
experience
10.500
12.350
Van
"Mr.
10.500
Holiday
12.550
NAM announcement also said: / /
the
con¬
handling business
industrial
and
19.275
period and that in 1942
war-
peak and the volume reached $7,54-3,345,000.
I J" A
10.500
70.000
,
,
19.550
$7,032,444,-
was
10.500
'12.350
v
.
states
000,
tion and related news in succinct
QUOTATIONS)
*
v'
,,
approximate, the Bureau
observes, v'"'
("E.
bars
Missouri, Kansas, Nebras¬
ka,"and Oklahoma. A
■> t'>--v.,
N on -residential
-building : con-?
silverof The format
foreign and domestic origin
of
for projects
as
Strikes week''-and the Chicago "Journal'
.
were
between
Separation
was
publicly, owned..
A Residential contract gains, de¬
spite the overall decline in the
area east of the Rockies, were de¬
ported in November as compared
with October in New England,
in the
reducing output this year.
70.000
i
19.550
;
,
oz
31,006,000. was .foreign.
New York
A'v 19.550
19.275
Dec. 21_,—19.275
oz.
period( ol 194S, bf which
24,647,000
Straits Tin,
Exp. Refy.
417,708, with
total .'direct investment value of
when
3,500,000
production of 55,653,000
basis
last
1,739,000
'
2,993,000
September
October'
in
awarded
bringing the cumulative
dwelling units for
,
contract total of
2,293,000
2,783,000
1,3,95,000
August72,583,000 >
and
un-
MElectrolytic Copper—
Dom. Refy.
•
Average
commenting to stockholders
In
limit
month,
which figure has been ' ex¬
ceeded /only once ^ before in an
: 1,089.000
409,000
July
Jan.-Oct:
:
The
/Z/x((('//t:;;:t:
altogether "too sud¬
contained in concentrates at
•:/
/;/:• ../:;/ w/- ///.■/ the end of November amounted to
[According
to
an
Associated 26,743 tons, against 25,146 tons a
Press dispatch, the CPA Dec. 27, month previous.
:
formally revoked all government ; The
price V situation
in
the
to
7
-
/;-: Domestic
copper
was
Vfec.', Valley. The controls on the use of lead but United
restrictions
on
inventories
fabricating division of the copper said
The
industry consumed 130,746 tons of will continue indefinitely.
refined copper during November inventory order requires all con¬
^
April
May
den."
sumers
3,654,00a
2.501,000
" 513,000
1,535,000
t 344,000 --1,126,000
1.495,000
March
of tin
was
attending contracts
,
that
it
•
2,153,000
February
: Total
output of refined silver
during the first 10 months of 1946
hands of : the Reconstruction Fi¬ according to the Bureau was 38,nance
Corporation
has
been 807,000 oz, of which -15,888,000 oz.
turned
over
to
the: permanent was domestic and 22,919,000 oz.
stockpile. Amounts involved have foreign metal. This compares with
the end of November, against 21,749 tons a month previous. Stocks
In brief, the general re¬
Origin
„
January
Foreign
" Origin
was
action to the action by CPA was
through.
v
:
Domestic
unchanged
at
$110, with palladium at $24.
The supply of platinupi: in the
maintained at 19
against 130,191 tons in October.
Iridium
sumers.
'
:
■
Dec. 20 announced that Order M-38, controlling i>'/tx//Z///: Platinum''//titt/x 'xx
lead, has been revoked. The action was taken on 'virtually unani¬
mous 'Recommendations of the lead producing and consuming indus¬
was quiet.
Leading sellers main¬
tries:^Allocation of lead was discontinued immediately. Offerings of
tained quotations on the basis of
foreign copper were light and^ •
' . xx: //- -/
' xy1.'
'so swiftly in the matter of ending $60 an ounce troy on wholesale
business placed during the last
lots, and at $65 on sales to con¬
?■ week was at slightly higher levels. allocation of the metal from the
(Controls,
porary
of
first "10 months of
the basis of
on
Statistics reports.
Produc¬
refined silver during the
.
of
,
building =' contracts dropped 6 %,
from a total of $235,068,000 in Oc¬
tober to $221,113,000 in November;
The
Dodge Corp.; reported that
30,520 dwelling units were called
for in the plans'and specifications
$2,948,737,000. This is the highest
chiefly by lack
exceed $3 per ton below the price
of buying interest, indicating that
of Regular High Grade at the de¬
consumers' needs ( for
the ; near
livered
point.
Higher / freight future have been largely satisfied.
effective
Jan.
1,
would
rates,
; London reported a
quiet mar¬
have raised the delivered price of
ket. with the price unchanged at
Intermediate in certain areas to
Grade.
A;.
*
x
;
s
The dollar volume of residential
residential dollar contract total on
OfficiaT quota¬
record for 11 months of a 1 year;
silver" declined to 843Ac"
the corporation reported; 5% - of
for
tion
$573,206,000
New York
The
price for Prime Western,
plus the premium, plus freight to
on
totaled
contracts
against
$89
to
reported
was
$503,745,000
the lowest level at which
regarded
it
Rocky
by F. W. Dodge Corp., a
fact-finding organization for the
construction industry. Last month
and
appearance,
sellers
as
the
in
October
of
pre¬
market for quicksilver
sented
in
20
Dec.
r-'--x
dqllar volume of
states- east
37
the
13% in No-
awarded
contracts
Mountains;
99% tin, 69.125c.!
or
Quicksilver
( The
.
it will sell its In¬
Grade at the
termediate
1,542,000
1,619,265
70.000
a
Louis
7.0
+
3,899,293
3,948,024
4,628,353
2
NOV." 3 9
-Nov.
.
;
J
1
1944
4,227,900
4,394,839
4,377,339
Over 1945
3,909,408
4,106,187
4,018,913
4,038,542
4,184,404
4,521,151
4,506,988
4,517,874
—
-
/Oct.
^
1945
1946
Week Ended—
"Sept.
,
differential of at
a
Lead
Joseph
last week
% Changer-
| '
at
,
points below the delivered
price of Regular High Grade zinc,
;
DATA
Grade
least 15
24.0
10.0
.
High
~
To maintain
.
'•^1
70.000
Dec. 25____'__
old
Gulf
32.1
V 8.3
■r
70.000
the
port
16.3
.
20.9
27.8
26.1
16.5
—.—-
X'x;
9.5 '*
6.7
-
with
In the ex¬
market. Prime Western was
quotable at IOV2C to 103Ac., f.a.s.
21.9
10.1
6.4
70.000
"70.000
IOV2C, East St. Louis.
Nov. 23
11.3
9.1
"
70.000
70.000
70.000
the market steady on the basis of
'
11.7
Atlantic—
was
unchanged,
was
vember Irom the
70.000
70.000
Dec. 23_^^__L
flask
rv."
price situation in
Prime Western
as
concerned
Nov. 30
Dec. 7
Dec. 14
Dec. 21
England
Middle
r
-Week Ended-
Division—
New
LAST YEAR
OVER SAME WEEK
Major Geographical
far
so
construction declined
Dec:21-___-_
for
-commitments
Feb.
70.000
70.000
several
Zinc
The domestic
Investment
Jan.
70.000
u_
the year,
Dec. 15, 1945.
Awarded in November:
70.000
Dec. 19._:
.
4,154,061,000 kwh.,/produced in the week ended
nominally
was
Construction Contracts
"
and
lead
tin,
Dec.
29,863 tons scrap.; .1
industry fpr the week ended Dec. 21, 1946,
Stocks of refined lead in the
was 4,940,453,000 kwh., an increase of 16.5% over the corresponding
United
Kingdom
on
Sept:
1
week last year when electric output amounted to ^4,239,376,000 kwh.
amounted to 27,100 tons, against
The'Current figure also compares with 4,777,943,000 kwh. produced
23,000 tons a month previous and
in the week ended Dec. 14, 1946, which was 15.0% higher than the 65,300 tons at the beginning of
electric, light and power
pound,
Forward
follows:
as
primary
was
January metal.
•in certts per
Consumption in the sec¬
ond quarter totaled 77,876 tons, of
the
Thursday,-January 2, 1947
changed..; Consumers look for the
price to hold at the present level
scrap.
in its current weekly report, es-
electrical
of
amount
the
that
FINANCIAL CHRONICLE
•
recent
and
news
he
war
won
during
national
'
on
'i
i
4
-
the world copper
Chester Beatty,
situation, A.
Chairman of Roan
"The
-.1 the
producer, also are required from producers
on
production, stocks and ship¬
):y-, ■,//:.',...v.,->.^
world price of copper be- ments, and dealers must report on
present time. The increase has
been due to a number
somer»
States
large
'
unexpected.
has
an
of factors,
The
remained
again become a
almost
.
Lead
Though
vored
one
as
and Europe has
substantial buy-
s*s2&.ef."
the
■
lead industry fa-
decontrol of the metal, no
thought that CPA would act
supplies to non-ferrous
als.
CPA
also
lifted
scrap
its
met¬
controls
Average prices for calendar week ended Dec. 21 are: Domestic
f.o.b. refinery, 19.275c; export copper, f.o.b. refinery 19.446c;
Straits tin,. 70.000c; New York lead, 12.,550c; St. Louis lead, 12.350c;
St. Louis Zinc, 10.500c; and silver, 86.750c.
/;
The above quotations are "E. & M. J. M, & M. M'sf' appraisal of the major United
States markets, based on sales reported by producers and agencies.
They are; reduced
to the basis of cash, New York or St. Louis, as noted. All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both, prompt and future
copper
deliveries; tin quotations
?In
governing the
ments
and
use
of lead in pig¬
insecticides
and
in
United ethyl fluid for blending of high
importer of copper as
during the war,
i
Reports
said:•;.)
gan to rise in the early part of
A' 1946 and has continued rising to
-
secondary lead and tin.
Rhodesian
Antelope,
.
'
sumption and stocks of scrap and
octane gasoline.
With these
trols
removed,
CPA
users
no
longer
said
con¬
lead
be
eligible
ing the metal.—Ed.]
domestic
copper
prices
arc
>>,■•;,:V1-.
only.
quoted on a
:
that-is,
delivered basis:
consumers-plants.
As delivery charges vary with the destination/the
figures shown above are net prices at refineries on the Atlantic seaboardDelivered
prices in New England average 0.225c. per pound above the refinery basis.
" x
delivered
at
quotation for copper reflects prices obtaining in
the open market and is based on sales in the foreign market reduced to the f.o.b.
refinery equivalent, Atlantic seaboard.
On f.a.s. transactions we deduct 0.075c„ for
lighterage, etc., to arrive at the f.o.b. refinery quotation.
:
C.
:
;f.
>
C .
Effective
March
14,
the
export
.
and ingot bars.
0.179c, up/ and
up, depending on weight-and dimension; for billets an extra 0.95c.
dimensions and quality.
Cathodes in standard sizes are sold at a
authority
on
the
and
on
was
industrial distribution. He
industrial editor of the
1930 to.
come
1934, when he left to be¬
assistant to the1 President of
Transcontinental
Inc.;
Three
back
with
of
writer
&" Western
later he
was
of
Chicago
"Journal
the
"Round
Table
for
cakes
Slyck became associate editor of
depending
0.225c.
amounted to 3,220 tons.
lead
in
the
United /Kingdom during the third
on
0.125c per pound,
'
"■.
"
'
"
.
are
for ordinary Prime Western
month.
Quotations for lead reflect prices
„
obtained for coiimon lead only.
"Newsweek"
column.
in
1942,
Mr.
.
Van1
remaining,
.
brands. Contract prices for
High-grade zinc delivered in the East and Middle West in nearly all instances-com¬
mand a premium of lc. per pound over the current market . for Prime Western but
not less than lc. over the "E. & M. J." average fbr Prime Western for the previous
Quotations for zinc
there
until
made
editor
zine,
"Mill
1945
-
business editor
as
of
Business"
-
Air,
years
the
Commerce"
and
Chi¬
"Journal of Commerce" from
cago
Quotations for copper- are for the ordinary forms of wirebars
ingots an extra 0.075c. per pound is charged;'for slabs
For standard
discount of
Sales of lead for the last week
of
trade,
fo" oromot delivery
are
as an
problems of small" business firms
up,
will
for priorities assistance in obtain¬
Consumption
the
recognition
when
of the
he
was
trade;maga¬
Supplies,"
published
by McGraw-Hill Publishing Co.
z
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4J56
165
Total Loads
Revenue
Freight Gar Loadiegs During
Ended Dec. 21,1946, Increased 7,334
7777.7/Rallrottds77
Dec. 27.
This
was
an
increase of 148,336
cars
corresponding week in 1945, and an increase of 73,209
same week in 1944. '
'
'
'/.. •
••
above the
■
9.6%
or
i
.
merchandise less than carload lot freight totaled
122,265 cars a decrease of 1,867 cars below, the preceding week,, but
am increase of 17,072 cars above the corresponding week in 1945. 7
of
loading amounted to 198,310 cars,
decrease of 6,814 cars
cars above the
a
below the preceding week, but an increase of 40,525
corresponding week in 1945.7: 7 7;77
•■/'///.; /,:;/z//,/,'/A;/'///; Z;;/
Grain and grain
.\i'
products loading totajed 53,331 cars, a decrease
of 1,033 cars below the preceding week but an increase of 7,632 cars
above the corresponding week in 1945. In the Western Districts alone
grain and grain products loading for the week of Dec. 21 totaled
36,616 cars, a/decrease of 97 cars below the preceding week but ami
increase of 4,551 cars above the corresponding week in 1945. - 7
Livestock loading amounted to 15,653 cars a decrease of 2,123
cars below the preceding week and a decrease of 1,320 cars below
the corresponding week in 1945. In the Western Districts alone load¬
ing of livestock for the week of Dec. 21 totaled 11,915 cars a decrease
of 1,811 cars below the preceding week, and a decrease of 725 cars
below the corresponding week in
7 :7
;
'
;'•;'
* Forest products loading totaled 46,521 cars, an increase of 3,580
above the preceding week and an increase of 15,432 cars above
cars
the
corresponding week in 1945. 777.
275
188
650
728
2,151
t
t
t
t
t
16,268
12,292
13,407
10,766
10,017
4,096
3,244
3,685
4,760
3,352
reported
543
344
-.460
1,825
1,296
interest
as
2,272
1,480
4,262
2,923
ness
the
359
294
101
7
65
" '
...
.
——
Columbus & Greenville
—;•—_/
„
Georgia As Florida..—
Gulf, Mobile & Ohio-
Coal
224
890
Atlantic Coast Line
Miscellaneous freight loading totaled 373,308 cars an increase of
13,241; cars above the preceding week, and an increase of 64,816 cars
above the corresponding .week in :1945.
/• ; - r ,
/ /
-
7\
1944
369
Central of Georgia—————
Charleston As Western Carolina—^
Durham As Southern—
,
—
....
L,
7
.
Coke loading amounted to
above the
:
14,301
cars,
'
.
cars
7
' 'f
7 All districts reported increases compared with the corresponding
week in 1945, and all reported increases compared with same week
in
1944
except the Southwestern.
4
4
of
weeks
weeks
January.
of
February—
of March—
weeks
Piedmont Northern—
;
236
9,889
1,046
342
342
387
2,435
3,039
4,363
3,671
counts
1,354
1,041
950
1,795
1,210
of
rZ' i
431
1,842
1,417
413
9,433
8,875
date,
10,090
9,031
7,485
all
Southern
28,013
22,079
24,017
23,554
22,426
Tennessee Central
843
459
631
970
774
139
123
171
939
866
110,469
119,660
114,623
.r
Total—.
138,085
Northwestern District—
Chicago Ac North Western
/
j
Chicago Great Western
-
2,795
580
Ft, Dodge, Des Moines As South—,
3,158,700
Denver As Rio Grande Western..
3,154,116
2,620/ /
218 /:
of
Dec.
Week
of
Dec,
;
—
of
Dec.
21;
836,18l
<
•,'
I
-
The
40.713.238
■
'
Southern Pacific (Pacific)—
Toledo, Peoria As Western
750.242
;
687,845
following table is
REVENUE
FREIGHT
LOADED
AND
RECEIVED
FROM
/Z/'x/,/ Railroads
v.'''1"'" Cv/'Z
Total Revenue
7
:
;
Eastern District—
Ann
7 1946
/
Aroor—i—.—
Boston
As
———-!.
Maine.
1945
379
2,693
7,362
///•
1944
299-
/
1946
Indianapolis As Louisville-
Central
Indiana
Central
Vermont
Delaware
As
Mackinac
&
329
———
7
Detroit, Toledo & Ironton——*
Detroit
Erie
As
Toledo Shore Line.
Trunk
Western.
MAine
Central-:
New
N.
.
—
York
Lines————
Y.j N. H. As Hartford—
y/
York, Ontario As Western..
x
New York, Chicago As St. Louis—— ■
N." Y., Susquehanna As Western—/—
Pittsburgh As Lake Erie—
——
Pere
Marquette
/
805
•
929
4,715
3,739
———
;]
Pittsburg. Shawmut As Northern;
Pittsburgh As West Virginia—
348
884
/
/
-•
2,193
12,266
1,305
4,573
/
1,823
9,692
■
8,090
/'/::;';;7i9 / :///."/■;
703
214
235
754
;■
6,153
/;//;
23
7
78
818
2,282
.
178
1,690
•
Rutland
//
Wabash
■/ 6,062 /;:/• 5,350
Total
163,481
Allegheny District—
Akron,
Canton
Baltimore
Bessemer
Cambria
/ Central
437 '' 7/;
? 5,522
Wheeling As Lake Erie———
&
Cornwall
i
3,227
213,950
2,153
1,428
1,508
5,048
6,032
/
1,101
•25,025
•;v
.
,
1,216
//.'.
1
.49,128
-
2
14,238
395
423
64
52
486
286
153
7
13
127
—
19
75
9
5
1,509
5,012
3,881
'
Pocahontas
District-^—
TotaL
Norfolk & Western—
Virginian
—
Total
§
138
NOTE—Previous
The
.
members
industry, and its
the
cates
figures
^
■>.
2,554
2,426
1,353
;<, ; ■§ :
4,401
1,018
14,711
'/•ZZ" 99
8,272
:
249
9,483
;
.
:
3,223
4,261
5,103
/!" 5,617
6,889
•i'/'Z; 56
78
;
209
,
12,812
•: z
166
7,352 ; ...6,840
3,635
-11,878
>'f. 6,035
41
;
56,491
industry.
figures
x
of
:
/"
4,905
this
51
9
>
52,513
59,217
73,147
Kansas,
§ Strike.
Association
includes
a
represent
Sep.
Sep.
on
Tons
151,407
160,969
12
Oct.
26
Nov.
2
2,643
Nov.
Nov.
145,253
164,203
25,679
24,036
7
w--
—
—
——
8.6% Above Production
lumber shipments of 386 mills
re¬
porting to the National.. Lumber
Trade Barometer were 8.6% above
for
Dec, 21, 1946.
orders
new
0.4%
the. week ended
In the same week
of
above
those
mills
production.
,
were
Unfilled
order files of the reporting
mills,
to .59% of stocks. For
amounted
reporting softwood mills, unfilled
orders are equivalent to 23
days'
production at the current rate, and
gross.stocks
equivalent to
are
37
days' production.
;
!
For the year-to-date, shipments
of
reporting identical mills
I.8%
above
2.1%
were
were
production;... orders
below production.
Compared to the average cor¬
responding
week
of
1935-1939,
production of reporting mills was
above;
shipments
were
above; orders were 0.9%
Compared to the corre¬
sponding week in 1945, produc¬
tion of reporting mills" was 17.3%
above;
shipments
were
29.1%
above; and new orders were 10.4%
above.
'
:•
,
•
;
■■
a
These
——
MILL ACTIVITY
Remaining
Percent of Activity
Tons
Current Cumulative
138,189
615,865
83
95
172,476
593,213
101
95
/
for
Austria,
Press
according
to
Washington ad¬
vices Dec. 21. General Clark who,
as
United
sioner
States
and
High
Commis¬
Commanding. General
579,500
100
95
569,409
101
95
619,581
100
95
169,988
605,059
99
95
161,534
175,440
598,569
98
96'
572,188
101
96
will join Deputies of foreign min¬
174,752
601,787
100
96
isters
<
Austria, has had ample oppor¬
to
become thoroughly .fa¬
miliar with the problems involved,
from
France,
Britain
and
175,906
613,752
102
96
170,411
580,331
101
96
145,507-,
170,533
554,982
100
96
94
96
ported. The Associated Press add¬
ed that Ambassador
153,574
162,353
545,042
207,137
172,417
578,742
99
96
175,640
571,179
102
96
144,083:
172,275
543,675
102
96
6,143
orders
less production,
Compensation for delinquent
filled from fit*ck, and other items made necessary adjust¬
of
the
prior week,
plus
orders received,
equal the unfilled orders at the close.
orders made for or
ments of unfilled orders.
in
tunity
138,190
167,937
Li
.NOTES—Unfilled
tary of State James F. Byrnes in
the preliminary work on a peace
Associated
Tons
;
Aide/
Gen. Mark W. Clark has
appointed Deputy for Secre¬
172,354
Dec. 21.
do not necessarily
been
169,143
-
:
Clark Peace Talk
Lieut.
figure which indi¬
185,047
,
Dec. 14—
reports,
total
170,970
„
Nov. 30-^
Dec.
17.548
Weekly Lumber Shipments
205.422
16—
21,267
.927,902
893,178
155,589
155,140
9-
10,701
1,372
13'—
223,117
158,176
19-
Oct.
the
Production
156,822
5
Oct.
of
Unfilled Orders
192,978
Sep. 28
4,194
1,804
isIIIIIIIIIIZIdll,
Dec.
treaty
7____
11,672
6,901
Nov.
.
REPORT—ORDERS, PRODUCTION,
Sep. 21
Oct.
83%
the time operated.
,
14—
3,574
3,975
Oct.
statement each week from each
production, and also
Received
3,613
18,Q92
July 15—c.
Aug. 15-.
Sept.
II.8%;
revised.'
1
^
1946—Week Ended
16,604
10,033
——
—
June 15—.
'■/ 5,592
:/"//
7
advanced to equal 100%, so that they represent the total-
Period
4,554
12,562
—
25.2%
program
X./ STATISTICAL
16,921
132,242
15
,/
activity of the mill based
are
1,571
46,103
//Z475V;
6,139
•.
member of the orders and
23,487
,
15
Mar.
1,270,098
1,181,222
1,015,772
994,375
1,022,399
867,891
849,698
732,649
627,964
757,215
•
51,275
49,531
2,699
V
herewith latest figures received by us from the National
Paperboard Association, Chicago; 111., in relation to activity in the
paperboard industry.
■'; ';/v'
'
2,140
67,734
;Z 1,847
Weekly Statistics of Paperboard Industry;
26,232
4,340
3,672
|
■v.^ We give
60,560
156,801.
15-
below.'
1,640
19,512.
729
2,199
2,244
f;
16,802
68,855
year's
V-\'./
.
production
/.
-
Ti—
13,979
.17,713
5,223
5261
U i'V.
■
73,676
127,143
ri
5,047
14,493
211
—J-
12,093
,
:
f*Previous week's figure, fIncluded in Atlantic Coast Line RR. flncludes
Oklahoma As Gulf Ry.,. Midland Valley Ry.,' and Oklahoma City-Ada-Atoka Ry.
64,592
35,368
69,707
1,916
281
62
15,560
f
; 3,214
••3,644
4,963
3,320
83
Nov. 23_
Chesapeake & Ohio——
/
2,434
335
y
4,371
1,330
,
/
■'2,415
•'•
105
81,505
.
3,259
2,450-.
1,252 •Zv/ 1,452
2,387
5,416
171,206
Total
3,309
;
6,256
1,699
/
.
10,902
Pacific———.———r
1,326
—
276
'
6,004
Wichita Falls As Southern—
1,406
Maryland
1,564,798
1946—
11,511
(■
81,587
'
18,273
Weatherford M. W. As N. W
1,804
Penn-Reading Seashore Lines^^——
Pennsylvania System-.,
Reading Co.—
—.—_
Union (Pittsburgh)
/•
2,010
127,247
4,242
Z/'-v"'' 43
Texas As
22,057
1,473
435
——
'
:
8,635
:.170,944
1,284-
41,022
1,688
V
'449
;
/
9,835
756
10,334
V//:;' 746
36,291-
2,893
6,082
& Pennsylvania—
Ligonler Valley
Long Island—.———
Western
:
1,274
: 11,927
// 3,999
147,306
1,243
—-
—!
—
'•'; :v 540
37.589
:
—
of New Jersey,.——,w-.'
R./R.
Cumberland
!/// 601
—— ■
Erie—&
Indiana——.
130,312
.
•'•■/
>
13,516
..
8
'
304
Orders
ifoungstown——
As
Lake
:
1,974
4,847
—
Z/
/./•;
Ohio
&
As
368
//■ / 328
/"; '5,765
./:■ 4,268 ".7/14,713
0
9,851
.
16,679
115,810
■
5,970
'
7
...
11,907
15,055
7,469
1,566,01ST
15-
3T"*
Texas As New Orleans.
15
44,389
2,629
a-.
530'
//;
4,500
f 1,087. /■
Pittsburg As Shawmut-.————
6,488
739
o
10,329
.•'• "://§ /
•
319
•
2,528
232
55,524
15,225
v
'
/
§
3,279
3,749
:
259
30
6,409
7
440
441'
f 6,156
f 6,377'
29,024
6,129
8,837
'
//"
'.,/"
25
26,092
•
V :; 341
—
1,229
;■
'•44,724
/ "646
.'
18
1,984
2,202
77'
2,210
'
688
"•••
30
St. Louis-Southwestern———.
7,200
;i-
7v 7,784
5,384
9,528
6,450
/
i 7,434
/ 2,548
7,818
,
37,504
937/
2,633
12,883
2,443
2,247.
10,461
4,151
;
'
15—
Dec,
112
-
140
1,338
16,084
'
Missouri Pacific
6,405
257
169
1,764'
4,349.
,
-
v
-7 3,651
2,760
,
,'/■
325
1,130
11,343
532-
:":/ 110
..
9,656
'/■/ 1,997
.
11,876/
•/
/',/• 6,552 •'7
49,784
New
"
1,774
/ 6,921.
•
35
2,205
8,689
.
172
1,507
.;//'•
/) 2,746
2,934
Central
300
9;597
2,665
—-
——.
——:
Z
:
."•142
8,792
Monongahela
Montour
V
163
'■% 2,332
Lehigh Valley
:,
1,945
•
4,630
Lehigh & Hudson River.
Leblgh As New England.
7,521
254
/
2,548 ^
400,
11,868'/
L—L—!——!—
Grand
5,917
.
V
45
1,602
Quanah Acme As Pacific.^
■V/''
.
/ 7,472
//
1,537 : ■
1,372
/ 902;/; / / 699
2,285
——
St. Louis-San Francisco
304
1,737
-
5,198
Hudson—
1,453
•4,056
'
427
V
•
Missouri-Kansas-Texas Lines
10,870
.
42
,Z 1,025
———
36
606
2,167/" 1,534
—
1945
:
6,514
13,226
yy 927
1,272 / : "2,159
23 ■ .///</; 31 /
\ r 43
1,127
1,025
7/2,478
4,299
4,818
11,701
1,412
-
„
Delaware,- Lackawanna & WesternDetroit
International-Great Northern—--
1,296
:
436;
6,655
.
4,982
/;
.—
:
—1,404,483
Nov.
——
1,700
on
were
>v
.
15-
2,828
stock
Exchange
there
15—
783
,/;.
2,023
749
:• .'•
29,631
.;'// §
——;t
Missouri As Arkansas
from
1,630
•
2,458
I
1945—
May
"
Total Loads
'
Chicago,
XfW:",
!—u
Litchfield As Madison..
—Connections—
368 /"•/••:•:
2,063"
Aroostook,
Bangor, &
'•
Burlington-Rock Island
Louisiana As Arkansas
,
'Z.'/ZZ Received
•
y/1
3,955
(
903
2,284
Kansas City Southern-.,-.——
77*7
CONNECTIONS
-Freight Loaded-
666
3,105
in
was
during the month."
following table compiled by
Apr.
11,204
13,267
,
,
r /;/ 709
,823
1,950/; Z; 2,332
.
139,901
tK. O. & G.-M. V.^O. C.-A.-A—
(NUMBER OFI CARS) WEEK ENDED DEC. 21
^
2,918
/
•
——
Southwestern District—
individual
the
on
1946,
100
9,277
42,823,419
22,:194577'7|/777
«.
/'
15,821'
Gulf Coast Lines
1,326
2,660
•
>/' 790
2,926
12,552
2,641
80
12,019
876
.
—-
■/
762,972
the separate railroads and systems for the. week ended Dec. 21, -1946.
During this, period 110, roads reported gains over the week ended
Dec.
'
••
z • ",l3-
of the freight carloadings for
a summary
3,016
8,722
791
—
Western Pacific
interest
accounts
Oct., 15—..-.—.
53,317
2,912 ' /.'
3,407
793,156
.
7 /41,412,143
.
.2,193
10,919
V
447
617 Z
4,172^739
/
771,594
,vf
—
3,598,245
-
776,376-
i : /
;
Total—
/"'Total
354
,/
66,052
19,850
2,432,
900
Nevada Northern
•/
/
12,324
2,348
/
North Western Pacific————i——/
Peoria-As Pekin Union—
-3,459,830
\
■
582
//
1,386
City—_!—-—
3.527,162
4,011,044
//
v,
458
2,620
■
25,145
2,181/
829
4,473,872
3,255^757
3,151,185
X
H. 729,084
5k - 828,787
14.—
Week
■-••—*"
""
'
/!V
4,100,512
'-•4,220,275-'"
7_—
»-r;
3,379,284
v.:
4,478,446
or November
weeks
149.
85,306
19,271
3,97lZ// •;
Denver & Salt LaknJ——
//' 4,366,516
Week
"
21,301
-..
—
4,062,911
3,406,874
'f>
/
2,596
/ 79,979
86,919 '
2,827
// 760
June.
3,680.314
/
3,233
4,377
5,061
ac¬
us shows the amount of
short in- "
terest during the past year: / > •
1,824
3,529
/
.
13,
The
"
3,441
14,067
of
4
2,561
.
t
1,915
21,608
weeks
'
"•
53
odd-lot
short
dealers'
the
Feb.
4,022.088 /;
•3,517,188
116
166
Missouri-Illinois—
!„
1,985/
10,220
4,346
.
729
,' /
768
V 4,932 /
Bingham & Garfield
Chicago, Burlington & Quincy——_.
Chicago & Illinois Midland——
Fort Worth & Denver
July—
August
Z'Z/ 79
total
listed
curred
88
5,289
• 487
/ 223 '
.
2,128
2,279
268
367
the
55 is¬
sues in which a short interest of
5,000 or more shares existed, or in
which a change in the short
posi¬
tion of 2,000 or more shares oc¬
9,089
/
in
odd-riot dealers. -As
13, 1946, settlement
,
Illinois Terminal
of
12,130 '
/ C
9,064
/
3,520
:••;:
748
128
v
,
5,112
29,604 :
3,278.846
of; September....
weeks of October.
373 /
453
8,847
'
389
275
10,098
—
/
.
2,574
•
11,538
5,324 :
/ Central Western District—
3,441,616
4,338,886
of
/
8,617
10,856
Atch., Top. & Santa Fe System
3,916.037
weeks
607
2,276
!!
3,377,335
weeks
,//
358 /
•
Minn., St. Paul As S. S. M
3,456,465
weeks
272
/;.
428
:
Northern Pacific
.2,616,067
4
1,163
7,645
/12,488
Minneapolis As St. Louis.
•4,032
629 v>'
.
456
Ishpeming—
11,108
3,532
11,455
3,432
21,101
1,242
8,985
Bay As Western—.
V 2,516
3,959
;
14,429 "
14,675 :•
18,998 i v
1,230
/
Great Northern—
May.
4
"Of
Dec.
:«
2,658
>.
3,536
Elgin, Joilet & Eastern
Lake Superior As
14,540
21,065
i
DulUth, Missabe As Iron Range
Duiuth, South Shore As Atlantic
Green
'
14,855
—
Chicago, Milw., St. P. As Pac._^_^—;—.
Chicago, St. Paul, Minn. As Omaha
3,003,655
:
Dec.
odd-lot
issues
•:'/.''' x/
all
the
was
with
Nov.
on
42,682 shares, compared with 47,674 shares on Nov.
15, 1946;
The report added:
98,985
-
Winston-Salem Southbound
of
firms,
compared
15,^ 1946,
excluding short/posi-v
carried
the
462
209
System——!
shares,
shares
totals
tions
417
! 1944
1945
3,982,229
both
898
10,304
6
'
23,217
147
425
of
5
3,680
13,763
8,718
12,974
3,052,487
2,604,552
4,199 '
14,997
1946, settle¬
,
893,178
927,002
262
——
——u
weeks
;
3,904
13,
as
members and member
Seaboard Air Line
weeks
April—
682
22,348
Richmond, Fred. & Potomac—
4
of
900
3,460
L
Nashville, Chattanooga As St
7;
Norfolk Southern-
4
5
365
346
Chicago, Rock Island & Pacific—w—--,'
2,883,620
2,866,710
:
317
Dec.
compiled
from
information obtained by the New
York
Stock Exchange from < its
•252
——
Chicago & Eastern Illinois-————
Colorado & Southern————
1946 -/
99
1,869
,
of
date,
Jan.
above the
cars
7-;
,
106
2,381
27,970
fi
Macon, Dublin As Savannah
Mississippi Central——.
Spokane International
increase of 2,324
an
1,437
1,873
56
Exchange
Dec. .18 that the short
the close of busi¬
on
on
ment
7
'
.
preceding week and an increase of; 1,293
corresponding week in 1945.
.
'/
y
292
774
1,095
4,440
26,880
Ore loading amounted to 12,492 cars an increase of 86 cars above Spokane, Portland As Seattle,—.—
the preceding week and an increase of 2,886 cars above the corre
'4 Total.i-!!-Z-'/,.!!^!/,:/
Z
The New York Stock
325
2,700 /
24,050
/
sponding week in 1945.
1,865
686
142
9,314
27,120
—
System——
Louisville & Nashville.
1,502
209
;
787
V,
382
—
f
1945
54
1,196
—
1946
"'357 '
2,940
100
,,
—__
Illinois Central
2.868
—
Gainesville Midland—
Georgia—
-Connections-
1945
Atlanta, Birmingham As Coast
Cllnchfleld™
NYSE Reports Higher Short Int. on Dec. 13 i
Received front
Freight Loaded-
1946
Loading of revenue freight for the week of Dec. 21 increased
7,394 cars or 0,9% above the preceding week.
;/%• \!,
Loading
Total Revenue
■
Southern District—
Florida East Coast—
/
■■
•
Alabama. Tennessee & Northern
Atl. & W. P.—W. R. R. of Ala-
cars
above the
•'•
_
21.6%
or
/■•
■>
Loading of revenue freight for the week ended Dec. 21,/1946
totaled 836,181 cars the Association of American Railroads announced
on
65
Russia in London Jan. 14,
it is
re¬
Robert Mu?>
phy, political adviser to the Amer¬
ican Commander in Germany, was
named
on
Dec.
20
as
Deputy,
tfre German peace treaty.
'
%
on
THE COMMERCIAL & FINANCIAL CHRONICLE
64
Pittsburgh, Pa., and in the surplus
account
20
Items About
bank.
this, added:
quarterly dividend of $1.50
declared,
payable
Jan. 2.
reporting
Dispatch"
"A
Trust
Companies
was
This is
increase
an
vious rate
the pre¬
over
of $1.25 per
j;
Cleveland, President
Trust Company of
NeW York, announced on Dec. 30
Luther
C. Vernon
Assistant Cashier.
an
the retirement of Robert
who\:joined the bank
in 1931, and Manager of' the De¬
partment for Loans Secured by
as
Accounts
Guaranty
F. Loree
a! Vice-Presidenet of the com¬
pany,' effective Dec. 31, and the
appointment
of
William R.
Strelow, Vice-President, to suc¬
ceed
Mr.
Loree
as
officer
in
charge of the bank's Foreign De¬
Hoddinott,
has
Receivable,
appointed
Cashier.
Assistant
an
been
employed by the
1890, and
Arthur W. Lane,
of
Webster
and Atlas Bank since 1941, will
retire on Jan.
1, 1947, after 56
of the
Vice-President
a
York Cen¬
companies.
director of the New
foregoing
tral Railroad and other
associated
Mr. Strelow has been
'
company's Foreign De¬
the
With
partment since
1917,' was ap¬
pointed an officer in 1926 and has
beetr a Vice-President since July,
1943.<
He is a member of the
Committee of
of
Commerce
Import Advisory
the » Department
the
of
director
and of the
of- the
Society
Pan ' American
States and
member of
Arbitration
a
inter-American
the-
a
National Council
of American Importers
United
Trade,
International
Office; of
Born in New Jersey,
Commission.
The
Boston
from: the
is
which
also
Johnson,, for¬
W.
Arthur
stated:
21,
Dec.
of
"Herald"
board of
National
Trust'. Company*
of
the
of
meeting
a
and
Bank
Hartford, Conn., held on Dec. :11,
promotions and ap¬
the following
pointments
President
announced
were
Robert
;.v
fry
it
Newell,
is
learned from the Hartford "Cour-
graduated from ant,": George W. Guillard, ViceNew York University in 1916.
He President; Thomas D. Sargent,
served in the Army for a year Assistant Vice-President; Russell
L. Geer, Cashier and Secretary;
during World War I.
Hudson C. Pelton, Assistant ViceStrelow
Mr.
was
the surplus
bank, increasing
$139,000,000 to $154,000,000.
Undivided profits of
the bank
from
The
directors
States
United
the
Fidelity
.
$62,102,303.58
were
Sept.
on
30,
latest
published
statement of condition.
The cap¬
date
the
the
of
At the same
meeting the directors of Chase de¬
clared'the usual quarterly divi¬
dend of 40 cents a share on 7,400,000 shares of capital stock, pay¬
able on Feb. 1, 1947, to stockhold¬
ital is $111,000,000.
John D. Stout, Jr.,
Trust Officer; Harley E. Brainard,
Trust Officer;
James' J. Devlin,
Trust
Officer,
and Richard D.
Redfield, as Assistant Secretary.
The "Courant" also stated:
ers
1''
of record Jan. 3, 1947.
-i
'■-/ '
Prank K. Houston,
the" bOard of the
.
duties
his
relinquish
Cashier
as
devote all his time as Vice-
and
in
President
over-all
of
charge
banking operations and will con¬
tinue as loaning officer,
;
'
"
formerly VicePresident and Cashier, will now
Guillard,
"Mr.
Chairman of
Chemical Bank
Sargent, former Secretary
"Mr.
Riverside Trust Company,
of the
New York,
will
assume
the election of William
tant
Vice-President and
director of J./P. Stevens & Co.,
Inc.; to the Advisory Board of the
320 Broadway office
Mr. Bennett is also
a
director of
as
Assis¬
National, effective Jan. 1,
1947.:'
s.-:V:;^:
of the bank.
Industrial
of
Directors
Trust
Company of Philadelphia has de¬
Cotton Mills Co.,
of Atlanta, Ga., and of the High¬
land Park Mfg. Co., of Charlotte,
N. C., and has other textile inter¬
clared
ests.'
Dec.
the! Exposition
duties
semi-annual dividend of
a
cents
15
stock
share
a
the
of
the
capital
payable Jan.
on
bank,
10, 1947, to shareholders of record
31, 1946.
This dividend is
increase over the
12 %-cent
Benjamin Katz, formerly chief
at the main office
clerk
moted to Assistant Cashier.
K'
First
The
Trust
N.
Tonawanda,
Y.,
Company
received
of
ap¬
Dec. 24 from the New
York State Banking Department
to increase its capital stock from
proval
on
$400,000, consisting of 5,000 shares,
par $80, to $500,000, consisting of
;
the same number of shares but at
the increased par value of $100.
r
of
Directors of
the
Dec.
record
Baltimore
regular
both
of 25 cents,
Jan. "15
able
the
and
pay¬
stockholders
to
of
27, according to the
"Sun," which
stated
plan, of O. Howard Wolfe, VicePresident,
the
promotion
of
Augustus L. Raffetto from Assist¬
Assistant
to
Cashier
ant
r
President, and the appointment of
T.
Chew
Cashier. v•'!
Sidney
Assistant
as
' -V
The
as
election
of
Vice-President
H. Chelsted
of the Peoples
Pittsburgh,
known
&
Bank
National
Company,
S.
the
in
made
Trust
Pa.,
was
Pittsburgh
1931,
1941,
Roy W.
the
and
has
Executive
Lawson, associated
bank
a
since
Vice-President since
been
appointed
Vice-President.
an
Jo¬
seph B. Iverson, who joined the
bank in 1923, and currently Man¬
ager pf the Loan
and Discount
department, has been appointed
"Mr.
October,
ciated
became
Chelsted
the
with
23, which
asso¬
Peoples-Pitts-r
dent of the St. Louis Union Trust
of
the
Colonial
Trust
Company,
board
of
the
Democrat"
of Dec.
18.
in
Bank of
19
the
First
National
Greeley, Colo., increased
by the sale of $100,000 of new
stock, it is learned from the Dec.
issue
23
of
the
Bulletin
of
the
Comptroller of the Currency.
voted
of National
by stockholders
on
Metropolitan Bank, of
Washington, D. C., at the annual
14, President C. F.
announced on Dec. 16,
Jacobsen
according to S. Oliver Goodman,
Washington, D. C., "Post,"
in
that paper on Dec.
part:
column
financial
his
in
17 also said in
:.
$800,000 to
increase from
$1,000,000 has been recommended
by directors, Mr. Jacobsen said.
Present stockholders wiR receive
as
dividend
a
share of addi¬
one
shares
tional stock for each four
will be
The dividend
held.
now
Q.
;
from
Manila
after
pleting
opening
arrangements
bank
the
of
in
for
of
branch
the
Victory bonds.
position
of
$200,000 will be trans¬
"Also,
undivided
from
profits to
National
First
of
Minne¬
of
Bank
the
banking
service
totals 145 years, planned to retire
at the year-end.
They, are C. B.
Brombach, who started his bank¬
ing
career
in
1902;
John
B.
Maclean, who started in 1897, and
Robert W. Webb, who started in
apolis,
whose
,
J.
Moore,
who
will
planned
manage
the
leave
to? assume his duties.
on
31, were honored at
official
bank's
the
of
Dec. 30 at the
Minneap¬
Club.^:;b'^
olis
National Bank of
Citizens
The
Muskogee,* Okla., on Dec. 16 in¬
creased its bapital from $100,000
to
$250,000 through a stock divi¬
$150,000, according to the
dend of
Dec.
the
of
bulletin
23
Comp¬
Profits
for the
year,
usual contribution to the Pension
Fund
Society
and
for
aside
The Mercantile-Commerce Bank
Trust
announced
on
Louis,
St.
Company,
Dec. 26 the election
bank's
of Gale F. Johnston to the
York.
will
He
duties
of
his
President
cantile-Commerce
the
of
new
Mer¬
Feb. * 15,
on
V.
Stephens was
also elected to the bank's board
1947.
of
Howard
Mr.
directors.
Vice-President
of
St. Louis.
Stephens is
the Johnson-
Shoe
Company*
Advices concerning the
proposed election of Mr. Johnston
to the
Presidency of the Mercan¬
tile-Commerce Bank & Trust Co.
appeared in
our
issue of Dec. 19,
Capt. Granville Conway,formerShipping Administrator, who
the
mopolitan Shipping Co. of New
York at the request of President
Bank
of
America
organiza¬
tion, who will function
assist¬
as
mately
50
will
persons
be
re¬
cruited in Manila.- Tom B. Cough-
left
Government service last fall
become President of the Cos¬
to
Truman, has returned to coordi¬
nate emergency export programs,
according to a White House an¬
nouncement
Herman
on
He
1
as
entered
retires
the Mer¬
Bank
after
of
St
serving
Mr.
Dec. 17 which
was;
international
also
second
Vice-President of the bank's
banking department,
temporarily to Manila
supervise the details of the
opening,
actual date of which
goes
to
be
governed
by the arrival
and installation of the
equipment
and the employment and training
of personnel.
>
Hope was ex¬
pressed by L. M. Giannini, Pres¬
ident of Bank of America, that the
institution's
banking
services
would prove helpful in the eco¬
nomic rehabilitation
of the Phil¬
ippines
development
in
and
the
and the United States.
ness
of
service for the
California
is
men
the. Bank
being
small
busi¬
organized
by
of America,
according
to
E.
A.
Mattison,
Executive
Vice-President in charge of de¬
velopment
of
loan
services.
Called
the
Business
Small
Ad¬
visory Service, the new activity is
being
designed
to
provide
a
clearing house of information on
local conditions
as
well
as
current
said
in
nouncement
of
appointment
ments
cording to
viz.:
Bank
branches.
of
Capt.
Conway's?
other
were
develop¬
business;
disclosed
ac¬
Associated Press,
Office of Temporary
prohibited
manufactur¬
from
using steel for building
railroad freight cars to fill export
orders received after Nov.
without
permit.
der
was
30,1946,
a
special
Government
Officials said that the or¬
issued because of the ur¬
gency of domestic railroad needs,
"Secretary of the Treasury Sny¬
der
was reported
to have sug¬
gested to the War and State De¬
partments that the Treasury shift
controls over
private
licensing
business
transactions
with
Ger¬
Japanese fcitizens to the
military govern¬
Snyder would not com¬
and
ment
by
earlier-
the
"The
States
ments.
served
has
coordi¬
his
affecting foreign
transactions
the
communities
of
that
two
tion will be made available in all
California
letter
a
United
300
Conway
task
assignment resulted in the carry-t¬
ing out of export programs of
grain and coal of unprecedented
magnitude. Together with the an¬
man
Resultant informa¬
Capt.
the
nating exports. President Truman,
ers
An information
time
undertaken
Controls
/;■•
on
the
reports."
America
■
Ball Succeeds Davies
\
balance sheet of In Federal Oil Post
2 The
annual
The Royal Bank of Canada
(head
Ralph K.
year
senior
Davies, for
Vice-President
30, 1946, shows that
total
assets,
which
last
year
topped the $2 billion mark for the
Standard
Oil
first
Director
office
ended
Montreal)
for
the
Nov.
time, have again increased to
record level of $2,131,974,000.
Deposits by the public,
excluding Dominion and Provin¬
cial
Government
deposits,
in¬
creased
more
than
$171,000,000.
The greater part of this increase
is in interest-bearing deposits in
Canada, an indication that the
the
new
of
private savings is being
vestments
other-
in
public
$1,098,880,239,
nounced,
The bank's in¬
government
and
securities, totaling
include,
it
is
an¬
$109,000,000 of govern¬
who
in
entered
1941,
Gas
Co.
me
rl 3
of
the
California
Government service
has
of
of
resigned
as
Government
Division
of
Acting
Oil
and
the
Department
according to an announcement bj
Interior
Secretary J. A. Krug
reported Dec. 21 /from Washing¬
ton
the
his
by the
same
Associated
Max
successor,
Denver, was
Mr.
Press.
A1
time the appointment oJ
W.
Ball,
o:
announced.
Davies,
who
was
Deputy
Petroleum "Administrator for Wa:
under Harold L. Ickes
throughou
the war, has indicated his inten¬
ment securities other than Cana¬
tion of
dian, of which the .greater portion
try after he has had an opportuni
years.
65 years of age,
employ of the Na¬
now
the
re¬
Vice-President,
institution for 51
Reinhardt,
will
Reinhardt
H.
Jan.
on
reported from Washington by the
Associated Press. This will be the
ran,
well maintained.
tire
Government
War
scale
page 3280.
Dominion
and
Conway to Coordinate
Exports—Foreign
He will be
Mr. Johnston
assume
reserves,
to
$6,906,386.
Of this:
$2,055,000 has been set
for
taxes
service fields.
and
contingency
amounted
trends and activities in retail and
troller of the; Currency.
public.
after the
accompanied by* J. * F. ; Wallace;
Dwight Davis, D. Oi Raggio and
Louis Vinci,; all experienced in
benefit
Dec.
dinner
the
the
Francisco at the end of December
retired
a
of
San
/to
of commerce between that nation
staff
to
that
$1,609,-
81.69%
with $3,098,847 the previous
yeaf.
1894," said the Minneapolis "Star
of Dec. 25, whose ad¬
vices continued: "The three, who
Journal"
out
total
now
"very
as
Philippines
capital.
Premises have been leased, Mr.
Smith reports, and the necessary
equipment and fixtures are being
shipped from California.
Francis
will
Vice-Presidents
"Three
bank
pointed
to
liabilities
bank's
to
of
Citing the liquid
the
strong," it is
liquid assets
742,166, equal
loans
purchase
the
the
com¬
ing officers of the Manila branch.
; ,
for
$830,491
for
bank
premises, leaving a net profit of
$4,020,895.
This figure compares
re¬
Remainder of the staff of approxi¬
of* record
stock
substantial
were
borrowers
the
Francisco, Calif., has
14,
ferred
Jan.
banking
activities
America, head of¬
1947.' •=,v\' •''• ;.'V-■> v
paid to
the
strictly
appropia-
Russell
branch,
"The
increase
during the period under
review, because included in the
figures of the previous balance
turned
be
$25,000,000.
it is noted,
commercial loans made in the Do¬
sheet
Dec.
this
under
minion
will
Louis.
rate
the
reflect
substantial
amount,
the
the dividend
of
First National Bank in St, Louis,
of the Bank of
cantile-Commerce
in
member
Dec. 17
on
fice San
in charge of savings, of
Increases
elected
was
international
1945, as personnel
and publicity director."
director
Presi¬
con¬
tinued, the increase
heading amounting to
This figure, however,'
does
not
accurately
:V'A $200,000 capital stock increase
burgh Trust Company in Novem¬
ber,
Jr.,
Invest¬
'
and discounts in Canada has
tion
to
further said in part:
with
"Post Gazette" of Dec.
Calhoun,
securities.
269,639, have increased by some
$32,000,000. It is added that the
upward trend in commercial loans
Smith,
Executive
Vice-President in charge of the
1946
Stevens-Shinkle
Webster and Atlas National Bank
Boston announced on Dec. 26
of
3^1'
Vice-
R.
Government
ments in other bonds, debentures
and stocks, now standing at $65,-
brings total declarations
$2 a share, ;as com¬
pared with $1.50 a share last year.
that this
in
Bank
is Vice-President of Metropolitan
of Philadelphia, Pa. anounces the
Life
Insurance ; Company,
New
retirement,
under
its
pension
that
-
David
000 and from $200,000 to $300,000
board of directors.
The Philadelphia National
First
Tile Board
r.
paid in July of this year.
of Ster¬
ling National Bank & Trust Com¬
pany of New York, has been pro¬
t
dividend
»'
extra dividend of 25
.
an
from
Democrat"
its capital from $100,000 to $200,000 by a stock dividend of $100,-
share
a
quarterly
ford
CoBehnett,
the
learned
and
Guaranty
Baltimore declared
Vice-President of the Hart¬
Trust Company of
&
announces
is
"Globe
.
an
Dec. 18
cents
Trust Officer;
.
it
Louis
13.
of
Company
on
of
McCone,
E.
Henry
Secretary;
St.
On
of the President; George T. Bates, Jr., capital and $200,000 will beushifted
Stuart from undivided profits to surplus.
Chase National Bank of New York Assistant Vice-President;
B. Knapp, Assistant Cashier; Her¬
This would make capital $1,000,on Dee. 26 authorized the transfer
of ~i$15,OOO,OO0
from
undivided bert E. Welch, Assistant Cashier; 000, - surplus $1,000,000 ?nd un¬
Austin
P.
Pendelton,
Assistant divided profits $1,000,000."
profits to the surplus account of
.j;.-.
the
the
of Dec.
according to the St. Louis "Globe
directors
of
board
The
with
26,000 shares with par value of
$100 per share, and $3,000,000 sur¬
plus."
who
At
continued '
a
of the
directors of the Hartford
Co.
Bank,
merce
creating a capital structure aggre¬
gating
$5,600,000, consisting of
dent. ''
-
Trust
Company,
meeting Jan.
/<":■ v-;-
when
the consolidated Mercantile-Com¬
transfer
$400,000 from the undivided
to the surplus account,
merly Assistant Manager of the
Foreign
Department,
was
ad¬
vanced
to Assistant Vice-Presi¬
;
Commerce
in 1929 with the Mercan¬
merger
tile
of
old and with that bank's
profits
.
Moulton, Assistant Cashiers.
Bank
14 years
Atlas National Bank in
partment. Mr. Loree retires after
i\:
nearly 33 years with the Guar¬ years of service.
anty. He has been identified with
Walter S. Bucklin, President of
the
company's foreign business
throughout his banking career and the National Shawmut Bank of
has held many important posts in Boston, has announced the fol¬
the
field of foreign trade
and lowing newly elected officers of
banking, as well as in government the bank: G. W. Anderson, James
Henderson,
Assistant Vice"financial
activities
during
two M.
C. Kenneth Bentley,
wars.
He1 is a trustee of the Emi¬ President;
Thomas
W. -Moran,
Frank
R.
grant. Industrial Savings Bank and
a
tional
quarter.
"Directors ordered the
of
Dec.
on
President McClintock of
The Pittsburgh "Post
by
the
,
announced
were
Thursday, January 2, 1947
is
in
United
States
and
British
returning to private indus¬
ty to take a "long-deferred rest.'
@FedFRASER