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Final Edition
Volume
165
ESTABLISHED 1839
■
Number 4558
York, N. Y., Thursday, January 9, 1947
Truman Outlines
By ROGER W. BABSON
Mr. Babson points out
In message
on State of the Union, President pleads for cooperation
Congress in molding future of nation. Calls for promotion of
greater harmony between labor and management; restriction of
monopoly and unfair business practices and assistance to small
vocational
of
..
business
;
under
a
aggressive program
,
•
|
ery,
Debt; and finally protection of a fair
return to farmers in
postwar agriculture. Condemns jurisdictional 1
labor disputes and asks for commission to
study betterment of
labor-management relations. Reiterates advocacy of universal mili-!
tary training, and unified armed service, and puts responsibility on.
both labor and management to
bring about sound and equitable
price structure. Wants wartime excise taxes continued.
but there will also be
of
sion
: ;
depressions*
Many" letters, havh
.
from
young
and
men
best
himself,,
who together,
he - said, hold
tution, to
of. the
iterated
ures
re¬
found
f
;•
n e x
his
for
broader
social
S
for
con¬
of
mo-
;
,
,
e v e r
in
more
•
than
Change." His
philosophy
still
:
1
Roger W. Babson
in
- -v
—
:v
.;,
In the labor field, he
cautioned against vindictive laws
yours
gether.
-and
;
-
mine,
joined
to¬
r
Y,
•
(Continued
v
\
on
page
given
nities
190)
of
uAn
Opportunity for the
Housing Industry"
by guy t- °- hollyday*
President, Mortgage Bankers Association of America
moment,";
you
are
due
to
<
definitely and.warmly
long overdue, beginning
himself
re-elected
"if
recently. Re¬
the President
in
1948."
is
not
The
careful
statement
he
-
ma^i get
doubtless
jest and half in earnest, and it obviously
was
element of good sense,
control -at the other end of
observation,
an
Pennsylvania
dling has brought upon us, must be certain that it is snot
adding new controls and new types of meddlesomeness or
merely substituting one program of restriction and man¬
waste
factors
World
in
Avenue would do well not to overlook.
That party, in its
endeavor to correct or eliminate the evils New
Deal' med¬
Job
such
that
l)arty mow^in
opportu¬
always in more or less
flux
a
may
marked
;but it contains
world of work,
ammunition.
your
hostilities
has its admixture of
cynicism &s well shrewd
the
our
obligations to the Americarf ■v"i? .'\Ty '■•>>
Plan n j n g a
people during the next two years. wise vocational choice is, *in some
The power to mold the future ways, like duck hunting. If
you
of this Nation lies in our hands shoot where the bird is at
any
nopolies.
that
restoring normalcy to
intended half in
holds
good—— espe-
Mcially
fiction
so
our system of governmentv.?.
Mr. Truman has evidently read the election returns.
We hope that we shall be
forgiven if we express the hope ;
that members of
Congress, to whatever party they majh^ielong, have also studied them. Some wag has
per-
';v.manent
In
;
'
mm
the
commended for making a good, if
..philosopher,
Heraclitus,
said,
"There
is nothing
<4,
ended
Executive—but the President is to be
1
s)
hundred years
B.C. the Greek
>-.:J
,
the
few
'
mk1
I come also to welcome you as
take up your duties and to
discuss with you the manner- in
which you and I should fulfill
training';
and
i
;
legislation, for
trol
proper
you
universal mil-
itary
'
in
t
years.
recommend such meas¬
I judge necessary and
as
expedient.
previous
plans
the
all
.
>
}
I come before you today to re¬
port on the state of the Union
and, in the words of the Consti¬
"the power to V
mold the fu-*,
nation," he
restrict
me
women
President
doing he ended either at once,
or at a
specified date in the future, a long list of special
powers which had been granted to his office for the
pur¬
pose of expediting the prosecution of the war.
Officially,
of
course, the war has not yet come to "a close, and beiAain
"emergencies'* (real or imaginary) continue to exisb-*which
means that other clusters of
powers quite unwarranted; in
existing circumstances still remain in the hands of the Chief
asking where the
opportunities will be
job :
rights of labor., The full text of
the message foUowsr^.'.'.^i^-lfei
and
lure
will
the
War II still continued.
;
to
come
-
a
surprise, apparently suddenly conceived, and cer¬
tainly belated proclamation on the last day of last year,;
the country
over
;
;
which
In
Jby [
,
Congress. Plead¬
,
;.
affected
not
are
; On Jan. 6, President Harry S. Truman delivered his first
message
on the State of the Union
to a Republican-controlled
for har-/
mony between :,
the legislature:;
Action Is Only Cure
expan¬
employment in transpor¬
;
ing
EDITORIAL
tation, distribution and clerical
work.' Advises seeking jobs id
lines which
Copy
a
We
See It
opportunities will be
in work connected with machin¬
competitive system of private enterprise; an
of home construction ; balancing of the budget*!;
As
j
Cents
2
favorable
.
and reduction of National
;
Price 30
Selecting lobs
Program to Congress
I
In 2 Sections-Section
agement for another which has proved itself
unworthy or
as
(1) wars, (2) boom periods, (3)
depressions, (4) new inventions,
(5) changes in people's wants and
desires..;.-,
Probably the best way to pre¬
dict the job opportunities of to¬
morrow
is
by looking
at the
trends of yesterday. For example,
according to the U. S. Bureau of
Census, 33 out of every 100 gain¬
fully employed in 1910 were in
agricultural pursuits. Today only
unworkable.
"
(Continued
on
'
188)
page
.
-
From
Washington
Ahead of the News
Urging mortgage bankers advise more restraint on GIs and inexpe-j |
rienced home buyers in purchasing real estate, Mr. Hollyday criti- |
cizes the fixed payment requirements of the veteran loan law as
18 out of 100 are so
employed.
By CARLISLE BARGERON
This casualty, for the most part,
defeating will of Congress and preventing judging loans on merit.
has been due to technological de¬
Washington
has not had so many giggles or so much fun''in
Says appraisal system is weak link in veteran financing and holds :
many moons as it did over the case of Senator Bilbo.
For : one
velopment.
Thirty years- from
big problem is providing rental housing. Advocates local housing
thing, the "getting" of Bilbo was quite a Washington
industfy;' It
now small farms will be used
and redevelopment projects with public financial
only afforded livelihoods to
participation, and
many of our citizens who live by their.'Wits
and no city in the world has
(Continued on page 192)
opposes Wagner-EIlender-Taft Bill as dangerous centralization of
more invisibly supported men thari ours.
>
;
.
Federal power.
,
/
.
One of the member
institutions of MBA has
the desk of the official in charge of GI
loans, setting forth the
i n g ■ with
v"
- i
<$which General
Mr. William A
Marcus,
Bradley pref¬
the
aces
vised
President
Re¬
of
G.I. Bill.
the
in the
fuel
which
pave
to
the
asks
give vet¬
on
which
avail
of
the
to
this
is
desire
sell.
a
market
Guy T. 0. Hollyday
in
which
many
buy and few desire to
>
'
■-.<
*A recent address
by Mr. Holly¬
day before Second Annual Meet¬
ing of the Detroit Mortgage Bank¬
ers
A
part
little
of
home
more
young
buyers,
a
throw
or
inex¬
little
wholesome advice from
more
in
Association, Detroit, MicH/
:>
r
185
the way
us,
of
Washington Ahead
News
.v.....
of
:>..£....y.
State of
..>
185
gage
a
recent trip to visit mort¬
groups
there
was a
on
the
West
Coast,
noticeable; sh^ink(Continued oh page' 192) \ ' 1
yery
sys¬
eight
long
.a g o
when :./ t h e
Eastern news¬
Man
issue,
a
Commodity Prices, Domestic- Index.
Weekly Carloadings.
Weekly Engineering Construction.
197
o n,
199
Invisibly
Supp o.'r t e d
men;/* Here';;-.
Was
Metals
Market........
Outstanding
29
U.
a
Dollar
Acceptances
grand
or
which
the
in the
Broadway
so,
usually speak of fixing
basketball
or
a
cause
at
t 198
for
umnists
football
game.
been
proudly be¬
New York col¬
commentators have
years
and
telling
us
that the smartness
of the world is contained between
Out-, i
®ast and North rivcirs,
*
"
i,
.
.
in
4
as
local
Chamber
write.
We have
the
smart
New
.
Yorkers'
aleckness
and
the knack of taking in the
.
much
it would cost.
confidential
own
seems,
secretary,
^
got $15,000.
The nearest
we
Bilbo's
can
■
it
determine,
o$r Washington slickers collected
$100,000 from New Yorkers
some
on
the proposition of how to
"get"
The Man.
But
from
the
a
darndest
story
Mississippian,
a
ingtonian of many .years.
when1 ' /
-v.
——
the
we
„
various propositions
of how; to
"get". him and with estimates of
how
We recite this rather
S.
Savings Bonds Issued andA,
Redeemed Through Oct. 31, 1946.;, 1$7
Bankers'
a
hot-shots
196
Carlisle Bargeron
opportunity, they said, for
vernacular
Weekly Electric Output...,/.,....',. 193
November Utility Gas Sales,..199
Commercial Paper
Nov.
an
making
Output...... 194
Weekly Steel Review..,,.. ;v......188
Moody's Daily Commodity Index.. ..i 194
Weekly Crude Oil Production...198
Non-Ferrous
among
our
197
to
„
.
Well, be that as it may, our local
smart boys figured that there was
money in the New York hills on
the
subject of "getting" Bilbo.
They went up there with [ their
lot of
thinking went
,
or
innocent.
an
187
..
of
resented
claims
wit.
papers; made
The
had
here
smartsters
many
of Commerce
months
Trade
as
member
a
•
Y.x.......
General Review
matter of fact, we have
a
Washington..
^'
It is, as a matter of fact, that
En¬
Vv'"
About
encouraged by man¬
Record for December
197
agement and carried out by labor, Paperboard Industry Statistics.;.., '194
and a lot less of government in¬ Weekly Lumber Movement
;....
199
Fertilizer Association Price
Index..; 196
terference,
regimentation
and Weekly Coal and Coke
On
as
just
n
„
the /•"•■
.
legislation, will all contribute to
solve the housing problem. Here
is an opportunity for public rela¬
tions and advertising and good
lending statesmanship."
\ ..V,"-:;,
i
Free
our
tem.
Moody's Bond Prices and Yields..;. 194
Moody's Common Stock Yields... .*.. 193
Trading on New York Exchanges... 198
NYSE Odd-Lot Trading.........
..i.; 198
Items About Banks and Trust
Cos., 189
/•x
on
and
commerce
terpriseFrom
restraint
and
Page'
Regular Features
ex¬
production;
privi¬
to
not
■
fellows, in their hearts, speaking inimically of
■
As We See It.
says
the flames of inflation
considerable
himself
lege
of : the
Act; and that
the
more
years
us
trade
Editorial ■■
s -xx - ■■■■; :vv:
Trust
the way for wholesale fore¬
perienced
.
ten
in
on
closures.
erans, reminds
him
that he
has
Vice-
January issue of the "Mort¬
Banker": "Let
gage
warning,
us
x
of San Francisco,
pressed this thought when he
This
General
the American
brought
over
warn-
Company
Regula¬
tions
of
GENERAL CONTENTS
sign hung
a
You won't find these
The Man.
He
-
comes
Wash^
Up^tt
(Continued on pagc1«6)
-
1
.
'
:■
..
rt,4
./
,■
.
■
.
•
,
y,
,
;■/
;
■
tonomous Institute for
tization of the Public
Soon Will
nutrition, shelter and
proved
3837
V'
il2. Civil liberties must be protected from concen¬
trated wealth and
overcentralized government.
extended to all Americans regard¬
color, creed or sex.
policy requires a healthy
domestic economy.
.
United States must continue to give full
,
of atomic energy.
"5. Because the
*
free
of
interests
the
men
Y
furnish
everywhere,: America'
.
political and economic support to
freedom-loving peoples the world
democratic and
'*.-v
■J
American
raise standards of
ical freedoms
everywhere."—Americans for Demo¬
We
.
are
not
t
sure
vv,:
rived when
of
nonsense
that day
gey?
we can
/
'
have caused organized busito open,, through the United
States Chamber of Commerce, a campaign to revise the Fair Labor
Standards Act of 1938 in such a way that such legal actions may be
forestalled, according to advices from Washington to the Associated
Press on Dec. 23. The Chamber plans to poll its membership on, a
v
Impending portal-to-portal pay suits
iaess, in alarm over the mounting totals,
-
..
:
'
•
,
amendments tof>
———-—p■
the act. In an announcement it get ready for work, the Associated
The increasing
described
these amendments as Press continued.
fallows, the same advices stated: actions, brought about by this .de¬
u/pFirst, because of its urgent im¬ cision, by unions in the mass-pro¬
series of proposed
•
that will
present uncertainties as to
portance, an amendment
remove
industries,
duction
time
for over¬
are
at double the normal
pay,
rate, for such time as that spent
walking from the gate of a plant
to the piace of work, changing
worked as a basis for
compensation.
;
;
"The opinions of the United
tools
States Supreme Court on applica- clothes, ^ sharpening
machines,, before
tion of the so-called portal-to- readying
the
hours
overtime
.
portal principle are
;
involved here.
blows.
work, whistle
and
the
Yet to be determined is the ac¬
permit recognition
practice or agreement tual amount of money due em¬
in the locality, industry or partic¬ ployees in the Mount; Clemens
ular place of employment. Thus case, which the Supreme Court
if:there is
collective-bargaining decided.
a
agreement between the
and the
employer
representative of his em¬
ployees as to when compensable
pay: time starts and stops that
agreement should control, Such a
provision in the law would re¬
move present uncertainties.
^
"Second,
will restore
amendment that
the long-standing defan
inition of interstate commerce
>
and
4
*
original decision,
Associated; Press t advices : from
:As
the
to
Detroit in the matter had the fol¬
lowing to
"The
inal
say
in part
decision
has
led
more
current
than $455,000,000 in portal-
to-portal
pay
today expressed
amazement at the results of bis
•...
amendment to afford
relief to an employer from man¬
datory double liabilities where an
-unwitting violation or other mitigating circumstances are found.
,"And fourth, an amendment to
authorize employers and employ¬
'"Third,
an
declared in
an
.
suit did not involve
portal-to-portal ; pay
but
was
rather a question of overtime re¬
inally
quired but not paid for.
his decision in 1942,
favoring the CIO United Pottery
Workers Union in its claim that
make compromise settlethe Mt. Clemens, Mich., Pottery
Y. inents in cases of bona fide dis¬
Co. had
required employees to
putes arising under the law. As
be on the job before time for
i ;if now, the courts will not rec¬
which they were not paid.
ognize the validity of such com"His decision was reversed by
promise settlements if cases come
ees
..
-
to
before them."
.
.
. .
•!
The portal-to-portal suit was
ithe subject of a United States Suf
«preme Court decision of last June
10 which found that under the
Labor Standards Act the workers
•
*
-of,the Mount Clemens, Mich., Pot¬
tery
U
.
Company
were
entitled
to
Of
by
to r proceed
balance;
the
which., ruled
Supreme
that
the
then
Court,
pottery
workers were entitled to pay for
but
to want or try
ment
108,639,500 Swiss franc
Municipal
City
Santiago, Chile, loans."
we
suffer,
to
J
of
Superintendent
ideal
the
-
financial
loss
has been doing by
banking legisla¬
would constantly correct
tion, we
out the
should repeal all
laws^ such
as pro¬
ceiling by way of an in¬
flation bust.
!
"
v-
think Jesus knew the causes
; :I
of booms and
£usts when He said,
migration
"Blessed
the-meek,, for they
restrictions, if
booms
eliminate
and
woiild
we
busts.
every
We
law that
cept- requiring: him to , repair
ual
or
the
are
shall inherit the earth." It is only
because
and
A true free enter-
group.
people
try
exalt
themselves
have dominion
to
over
others^ instead of themselves that
we
I
have booms and busts,
;
R. C. HOILES
Santa Ana,
Calif,
*
n
Dec. 27, 1946.
;
.
t
/•"' V.~
International Fund Transactions Start March I st
temporarily accept parities submitted by member nations;
Will
/
-
but
;
According
Bohlinger and Morrill of
N. Y* Insurance Dept. to
England!
to
various forms of
to miake^any man do anything ex¬
Consolidated
Sail for
•
the government
bonds, initiates the force of government
and bonds of the two
loan,
to
a
/ /
right to make adjustments.
reserves
Dec. 19,
statement released
Monetary Fund will begin exchange
the Internationa?..
transactions on March 1, 1947*;
the initial par values which
laid down in the Fund Agree¬
The transactions of the Fund will be at
have been determined in the manner
f
ment.
The par value of each currency
is stated in the schedule below
Insurance
Eight of the 39 members of the Fund—Brazil, China, the Dominican/
Republic; Greece, Poland, Yugo-<$-—
—-—Dec.
The initial par values are, in all
slavia, France in respect of French
D e p u ty 'i Superintendent, :/a h d Indo
China, and the Netherlands cases, those which have been' pro¬
Thomas C. Morrill, Assistant to tfie in
respect of the Netherlands In¬ posed by members, Jnd they areSuperintendent, will sail for Eng¬ dies—have requested, in accord¬ based on existing rates of ex¬
land
on
Jan.
3rd aboard the ance with Article XX, Section 4 change. The acceptance of theseQueen Elizabeth on business of of the Agreement, more time for rates is not,/however, to-be in¬
the New York Insurance Depart¬ the determination of their initial, terpreted as a guarantee by the:
announced on
30 that Alfred J. Bohlinger,
ment.
Dineen
E.
Robert
They will spend- the month
Fund
of January
Disregarded
Govt. Job Limit
Senator-elect
Henry
Dworshak
(R.—Idaho), a former member of
House Appropriationsv Com¬
mittee, asserted on Dec. 18 that
there was. "flagrant disregard" by
the
and department
agency
limit
President Truman's
heads, of
Fed¬
on
eral job
totals, and suggested that
all
absolutely
but
necessary
penditures be eliminated by
dential
order,
according
ex¬
Presi¬
to
a
in
consideration by an
par
may
rates to
economic
this
of ex¬
now
faced
participating
fully established
Commission, of increases
Service
Executive
payroll,
Department's
Mr.
Dworshak
be
that the trehd must
nize
discharges a
-'th'sre&ch;'the'-President's
by 100,000
were
par
and
to
assist
sary
Fund
each.
*
other in attaining the general
ob
with
new
the
i
f
When
will- be
problems of ad¬
unusual
determined.
circumstances
It " is
J
just, at
made
seeing that- neces¬
exchange
in
an
competitive
adjustments
orderly
manner
exchange
tion is avoided."
jectives of the Fund.
Fund
the
most useful in
values of their currencies ex¬
Agreement,
;,
activity* Y
occurs,
such times that the Fund can; be r
bility, to make no changes in the
cept ih accordance with the
bal¬
a
under which the initial par values
regime
wherein
they
are
dis¬ a
report of the Civil pledged to promote exchange sta¬
Washington Associated Press
patch. Citing a
of
justment and will have to recog¬
that the
nations have
maintenance
sition at a high level of domestic
change which arc announced, but
the fact
the
anced international payments po¬
ation" has begun. - The major sig¬
nificance of the present step is
in
September:;; "We recog¬
values that: are established
later be found incompatible
with
international
organization and thus a new phase
of international monetary cooper¬
not-in the particular rates
in
nize that in some cases the initial
<
submitted their exchange
all^the rates will re¬
their First Annual Report, is¬
sued
definitely established.
This is the first time that a
large
number
of nations have
'
that
unchanged. As the Execu¬
tive Directors of the Fund stated
main
a
,
,
closer
were
we
gressive income taxes, tariffs, im¬
should
$138,690,500 dollar
the Republic of Chile
Chilean
credit
bank
rather than try to protect them, as
Errors/would be
getting people to do it.
course
eliminate
Ex¬
ternal Bonds; Water Company of
Valparaiso bonds; all Mortgage
Bank of Chile bonds; Bonds of the
of
which an employe in
the
is necessarily required to be on
civilian
the employer's premises.'
declared
"The Mt. Clemens case now has reversed
'all time during
of
government trying to
about Feb. .1, 1947, and
All
of
misuse
the
true
discriminatory,
beeb turned back to; Judge Picard mortth
froni rime clock to to decide the specific amount me announced ceiling of 1,600,000 em¬
ployees on June 30.
benches, don aprons and workers should receive."
bac^ pay for the tfme itjook them
work
the Circuit Court of Appeals,
upheld
do "but
the
gave
one
will be damage he himself did by initiatapplicable to the following bonds: iiig, force against another individ¬
or
the
to
that no one knows our errors and stabilize our money
get the people to believe and credit. Having the government
in equality before the law. The
trying to protect errors in judg¬
problem: is not knowing what to ment will eventually lead to going/
declared is expected to be paid on
•
"He
no
par
values, and the Fund has
iii London, conducting agreed; Pending the completion
study of various phases of in¬ of/certain legislative proceedings
surance operations and their reg¬
in Uruguay, the initial par value
interview that orig¬ ulatory aspects.
J; of its currency has not yet been
t
•
to
union claims across the nation for
the progressive ex¬
ruling.
>'L, tension of the coverage of the law
"Federal Judge Frank A. Picard
in unwarranted directions.
thus prevent
'
Dec, 22: ■£
on
Federal judge whose orig¬
due
more
course,
,
of custom,
had
busts.
how to
The interest disbursement
bonds.
know
constantly corrected. Errors could
not be enlarged for long. It is, of
—
The law should
•
and francs
get
out,or
amounts
Of
bonds
outstanding
after - the foregoing* * 1946. retire¬
bonds, £24,803,782 sterling
do
a perfect free enterprise con¬
dition. Things then would not get
amount.of dollar bonds and £2,709,300
of. sterling
bonds , and
Swiss francs 7,000 face amount of
bonds issued in that currency: The
ments will be
they
be
the funds to cover the
payments in due course. .
:
"Against the remaining 50% of
ie'' income collected, there have
been
retired
$11,864,000 face
Pending Portal-to-Portal Suits
believe
for doing a job than than at any other .time.
someone else is willing and able
''//If the government would permit /
to the same job fort That would those who made errors in judg¬
to
effect the conver¬
currency
Ik S. Chamber of Commerce Acts in
;
•
•
r
this curt
which has compelled Caja
to fix in American dollars
the
dividend corresponding to holders
of bonds of the above-mentioned
loans and to maintain in this same
V-
I
busts is for
rency,
■y-l'l1
.
■
■
that
The big problem will be to get regulate the value of money, and
people to adopt their plan.
; ■ ' we had tariffs off and on which'
The. remedy r for booms .and help cause cause booms and busts^
on
icing of loans issued in
ar-
afford merely to greet this sort
\
know.
what would stop booms and
t
.
sions-necessary to set up reserves
in Swiss francs to meet the serv¬
{
with the horse laugh it deserves,
is coming.
/'
t
.
limiting the
we
should not expect too much. government to stopping fraud or
I think you err, however, :when the initiation of force, and having
you say, "Let.it be bluntly assert¬ it fairly successful at doing that,
ed at the very outset that.free en¬ would eliminate booms and busts ,:;
terprise, no more than govern¬ because to the degree that we ap»~
ment, knows how to abolish the proach that limitation do we have :i
which
mitted Caja to
,
that the time has even yet
'1
■'
;
"Restrictions
erations
living and support
cratic Action.
:
editorial in the Commercial and
your
absolutely^*'- -——*—
warning the public-that priser is sure
in
$79,834 . the
and
taking exception to
am
/• •
^
financial
Chronicle
of Dec.-19 under the heading, "What May Be
Expected.
You were
exchange op¬
still prevail r.xh
some foreign markets as a result
of the World War, have hot •per¬
:
to
foreign
'
bond.
present
general, framework
the
Within
"6.
':#v
.
.
I
and high tariffs helps
money,
booms and busts.
Edimf; Commercial and Financial Chronicle;
0.332525 per 100 Swiss franc bond,
and
£1-8-3.6 per £100 sterling
x';
over.
cause
quota of duties on petroleum im¬
ported for the copper industry.. so-called;business
cycle, the al¬ an / eyer-increasing standard ,of
50% of the total receipts twill be
ternating up and down movements living. The United States after the
applied by the institute under the in
general/business conditions." Civil War and prior to .1913 more
terms of the Chilean Law to the ;
I presume; you mean by the nearly/approached a government
payment of interest at the rate pf
statement that the men who be¬ of that nature than at any Other
$>14.15- per $1,000 bond,* dollars
lieve in free enterprise do pot time in our history. We of course
<*
"
must
industry,
errors
t^rnment try.ng to regulate value of
:
represented receipts of ; taxes on
the profits of the copper " enterr
prises; $52,274 -the quota of duties
on
petroleum imported for ! the
nitrate
goveinroe :it jirotechon against financial Joss to those who make
of judgment has hampered a stabilized economy.; Says gov*>
:;
-/
and
/*' "'
interests of the United States are"I
*
*
^/■Pacific Coast publish it writes "Chronicle" government interference,
Supreme Decree No.
24, 1938, thp to.al
profits of Chilean Nitrate Iodine
Sales Corporation; $3,081,259
Any sound foreign
support to the United Nations. The conference indorses the American plan for international control
-
i
Oct.
.o
$7,468,95$. The ^advices hlso
states:';! .h : ;,
"Of this amount, $4,255,592 rep¬
resented- -the
receipt- from the
Government's participation in the
and prosperous
"4. The
by
of
receipts of the Institute in 1946
available for debt service amount
V.'Tl
"3.
the Amor¬
Debt of the
Ari,icre"8 of the regulation of Law
No. 5580 of Jan. 31, 1935, ; ap¬
education..:..";V
less of race,
',>y
I,
.
levels of health,
•
Letter to the Editor:
r.eporFthat,"In
Republic of Chile
must be expanded to
They must be
;;;Thursday, January,9, 1947
;:■
r
accordance with*" the provisions of
"1. The New Deal program
insure decent
"111
/■V;;:.v': vv,-:/. / /;/■/''/v
v-://
„/ ,A;
For Chile Debt Service
Advices received from the Au¬
It's
'!«
/ •/
^
& FINANCIAL CHRONICLE
THE COMMERCIAL
186
,
are
&nd
deprepia- j
"
Volume
165
Number 4558
N. Y; Commerce
THE COMMERCIAL &
FINANCIAL
CHRONICLE
determined to bid for
'>*.
v-i>n
As We See It
! //"On:
(Continued from first page)
.;y-J
I
.^piparently there is some
danger of precisely that kind
oPblunder.
It is evident in
what are
reported to be plans
"""'Hor legislation. "Modified; versions"
of
the
sosi;
of
effects
untoward
with
the Wagner Act,
legislative action
upon
the so-called
bearing
'
least upon
at
the
citizens;
of
which
and intent
of the act remains as before.
sort of
some
,'
large numbers
Precisely "what
portal- to - portal suits, and
othet '/broadly
similar pro¬
the
that
moment
It is not
Signs were multiplying this week that the steel industry has a
good chance of going through steel wage negotiations without a major i.
■y.fj [in.'
tieup in production, according to "The Iron Age," national metalworking paper, which, in its issue of today (Jan. 9) further goes on
a
At
tion.
vital public ques¬
rate,
any
ficial
its super¬
collective
Federal
must be drastically
reduced, and reduced at the
tendency / of
current
pro¬ to
ever
appease
•
and integra¬
the unions (all in
the
two ; dominant
top ) organizations, especially
the«CIO) ever conceived in
the'^ipd of
and
dissatisfied,
and there which will not too
powerful agent greatly
of consolidation
tion among
a
perhaps;; not too discerningunion organ¬
public with patchwork, here
known to the world,
and thdTnost
favor; of
the
been» the
has
most .effective
izer,
of
Government
States
man.
//'7 -V/
■
,
arouse
intended
those to whom
do?
will not
same.
or
<
telegraphic reports which it
'
m
■
..Alh
T7 v->
agree to continue 69.8% one month agq and 85.2%
This represents an
membership which one year ago.
increase of
2.0
points or 2.3% 1
over
the * preceding: week.
The
operating
rate
for
the week be- /'
negotiations will be
U.S.-British loans
by the steel industry have
being formulated to
American
and
British
are
combine
time when
a
steel ginning Jan. 6 is equivalent to 1,- /■
have reached a level 580,900 tons of steel ingots * and 7
to
1,545,600 /
only surpassed by peak wartime castings, compared
tons one week ago, 1,230,100 tons
periods,
-; <. < < •
»
,
one month ago, and
1,502,000 tons T
"Higher scrap^ costs, increased
one year ago.' ; <
/Jy,*;/■/
raw
material/prices and freight
"Steel" of Cleveland, in its sum¬
rate advances on materials used
..
For Germany
./Plans
at
on
output will
much
of latest
mary
forced
companies to raise prices
farther and on a broader
all steel
news
developments
in the metal working industry, on
Jan. 6 stated in part as follows:
/
;
"Heading for the largest vol¬
anticipated a
approximating $100,000,000
ume of production ever recorded,
months
ago.
A substantial
not too severely expose the to revive foreign trade of the eco¬ few
the metalworking industry started
number of new steel price ad¬
sponsors to charges of "trying nomically fused United States and vances were made during the past off in full swing last week with
British zones of Germany, accord¬
basic steel operations at a boom- /
to turn the hands of the clock
week in addition to those already
ing to advices from Berlin to the
ing .88% rate of : their postwar 7
back," or of conspiring to Associated Press on Jan. 2, which posted since a month ago.
e
"Structural
steel,
plates
and capacity.
j
;
•
"rob labor of its rights and stated that the Reconstruction Fi¬
"A special survey by this mag¬
structural shapes have been raised
its recent gains."; Unless the nance Corporation was expected
azine indicated an expected proto increase its advances to $50,- $3 a ton. Some wire had been ad¬
Congressional majority is pre¬ OOO.COO or more during the month vanced $5 ? a ton, while billets, duction for all metalworking in¬
it
Naturally,
any
Steel
to
"The wage
carried
is
apply, and
to
scale than had been
loans
.
((
,
his annual private banks." ;1 From the Asso¬
must be said that
pdrty message is none too
IT///-/'f:
would ising.
making' such a proposal
at
oh^epe denounced by the
prom-*
ciated Press
also quote:
we
-v-'.;
Wilkinson, Act¬
Lawrence
Col.
and
blooms
v
individual
firms
steel
n-i,
any
and
announced
maintenance of
.
effectafe the
Iron
week
Congress prepared requires deduction of union dues
Let us hope that it from union members' pay.
administering
this T&W;'apparently have not
read,]tj|$r election returns. For pared to face the current sit¬ of January. The Deputy Director
such (-a! situation there is just uation and to go to work upon of the A%M. G.,Economics Divi¬
one
prescription of any real it/realistically, it is not im¬ sion, Don D.. Humphrey, stated,
according to the: 'same advices:
value.' That is repeal of the
possible that the President, "The British have * agreed to
offending law or amendment may presently outmaneuver
i.
•+
match American* loans, either
of it jq/ drastic that the net his adversaries
although It from the British Government or
/'•/ Th© agencies
this
moderate had received indicated that the
offer to Philip Murray which will operating rate of steel companies
form the basis of further negotia¬ having 94% of the steel capacity
tions leading towards an accept¬ of the industry will be 89.7% of
able
wage
increase figure. One capacity for tne week beginning
demand which could be a chief Jan. 6 (the highest rate since the
stumbling block in successful ne¬ week beginning Nov. 18), com¬
gotiations would be the failure of pared with 87.7% one week ago,
•
tllfe
that
States
United
the
American
The
Institute
Steel Corp. will make a
merely j ockey with
unioh^.hf this country today
the President for political ad¬
is very largely a'product of
party of President Roosevelt vantage.
;the; Wagfter Act. Under this or from the other side, is to
United
that
clusion
shortcomings,
grams, whether they emanate
from
the
now
discredited
quarter of this year without a
major crisis." ///■,' ■
/y/ry;// vyy
one of the first real
bargaining meetings
since prewar days. •
,
—
"It is almost a foregone con¬
result in
may
tics with
really misinterpreta¬ outlays
tion of the law, or
monopo-
listiQv'3 position of the labor
law
Soon to Start-More Price Adjustments Made
;
but the right places, if the country is
very heart and soul of, the to be restored to
financial
grams!; said to be on the enactment, that is the real soundness. Such reductions
agenda;, of the Republican source of our difficulties.;
would require real political
party in Congress are not par¬
Yet nowhere as yet at least
courage, and they would in¬
ticularly encouraging. No one is there apparent any real volve
many of the most cher¬
who " has given the matter determination to
get at the ished New Deal programs;;/
careful thought can doubt for root of these infirmities. The
What is
a
Operations Up 2%-Wage Negotiations T
Steel
they will do remains for the
would be difficult indeed to future to
disclose, but it is
V* V'
to say:
/T'/y
Z /'•'"/•/, *•/"'./ :'V,measure.
What is more, this clear
enough that unless they
^
/
"Conditions
this
week
are
far
different
than
they
were
a
year
ago
useless and extremely waste¬ are
ready to prune public ex¬ and there are some indications^
-——~—
—~
ful system will be no more
penditures
sufficiently ' to that the meeting scheduled be¬ of further decreases in food costs
than somewhat ameliorated at render such reduction pru¬ tween United States Steel Corp. and the general public reaction, / tea
subsidiaries and the steel union the steel industry and the coal y
best by altering the terms of
dent, they expose themselves heads for Jan. 16 in
Pittsburgh mines may skin through the first /,
the Taw in such a way that to the
charge of playing poli¬
the main purpose
mg
' V
<;
in the economic system
Possible Blunders
*
'» u
popular
support with an appreciable
reduction in income tax levies
,
Thursday, January 9, 1947
FINANCIAL CHRONICLE
THE COMMERCIAL &
M
slabs—raw
material dustry in 1947 of $55 billion,
up
nonintegrated; mills—h a v e $12 billion from the record-break¬
To V
been advanced $3 a ton. Tinplate, ing 1946 total of $43 billion.
which sold throughout 1946 at $5 accomplish this volume of produc- *
tion, near capacity operations will
a base box of 100 lb. despite per¬
mission last March to advance the have to be maintained through
most of the year and employment
price to $5.50, has been marked up
will reach; new highs, possibly
for 1947 sales to $5.75 a base box
Esti¬
or
100 lb. This represents a $15 surpassing wartime levels.
mates place employment in the
a ton increase over the going price
metalworking industry next year :
in 1946.
: "
\
for
-
„.
ing Director of the Economics Di¬
at 5,126,000, more than double the
"Some makers of low alloy high
Needed // vision, disclosed that the United^ tensile steels, the use of which has prewar employment level.
American Federation of LaV
?K. j
States ahd' Britairf would'not put
; / Prices
are > in
the1 newajyihis //
borOfeM the Congress of In¬
The current state, ofi affairs into effect ; the* Allied 0 Control b^en growing by leaps and bounds, week with further adjustments
have marked up quotations as fol¬
made by steel producers in tubu¬
dustrial Organizations (both is most critical on}the Tabor Authority's level fcof; industry plan
—often referred to as "an indus¬ lows: Up $13 a ton on plates; $8 lar
goods and wire products. These witH immeasurable vested in- front, but.the New Deal has
trial disarmament plan"—so long a ton on structural; $6 on bars; price actions reflect the results of 7
/ teres! in a continuation of the been and today still is enor¬ as the Soviet Union and France $3 on bar shapes; $5 on hot-rolled
Other Changes
•
^status
quo).
"Labor baiter," mously costly in many other
"crujfi£r of labor," "reactionary
,
;
w^se real intention is to
:
these,
changes
•
sundry other
one
time
treating Germany
\V.* , ■*
economic unit.. '
quadripartite level of in¬
"The
such epi- these, too,/a President who
ahead with our own bi-zonal eco¬
during the next two
But it is a battle that
years,
must l!at
a
an
In
thets/W&uld doubtless fill the
air
aftd'force a political battle
tude
too,
are
as
dustry plan is hot scrapped,'' Wil¬
kinson said,/ "but we are going
i of kjeyjmportance and magni¬
'
In
fundamental
rob./labor of all its .gains," crying need of the -day.
and
•
directions.
refrained from
or
another
revival,
has read the election returns
nomic
could
open
at
sians
and
conceivably at least out¬
maneuver opponents who are
not willing to "go to the mat"
as the saying goes.
The situ¬
ation is, perhaps, less clear as
leaving
all times
for
the
door
the Rus¬
French to join.
rIf we
happen to crash through the
ceil¬
ings set on German production by
the Allied plan, as for instance
in
steel, we will notify the
other
occupation powers." < \ •
«, '*
7,
a finish—unless to the intentions of the con¬
willing to remain in trolling elements in Congress
Winant Resigns U. N. Post
in these matters, but no con¬
bondage in perpetuity
It was announced on Jan. 2 that
vincing evidence has yet been John G. Winant, former American
The'Pair Labor Standards Act
Ambassador
to Great Britain, had
given of a determination to
be/fought- to
we
are
.
strip; $5.50 on hot-rolled sheets;
and $4.50 on cold-rolled sheets.
;
"Many
of
the
above;- price
reflected in The
composite
price, but components in this in¬
dex represent a substantial pro¬
portion of total finished steel
items. The index this week stands
at 2.872550 per lb. compared with
2.835990 per lb. last week, an in¬
crease of
730 a ton. In the past
month this
weighted composite
reflects an increase of $3.31 a ton
on finished steel products. Addi¬
tional .extra changes have been
made and are being made which
will result in higher net cost to
changes are not
Iron
Age' finished steel
steel consumers.
,
*
-
-
prices this past week
generally firm despite some
"Scrap
regards the undertake the radical surgery resigned as United States repre¬ were
sentative on the Economic and evidence of weakness beneath the
required to get back to full Social Council of ; the United Na¬
openhearth grades. Openhearth
national health. It may be—
tions.
President Truman, in ac¬
analogous. This law has given
prices were off 500 a
ton at
•"■r, rise ) toL the portal-to-portal it certainly is a consummation cepting Mr. Winant's resignation Chicago but this was not consid¬
suits 3 which are now on every devoutly to be wished—that expressed regret that the latter ered to be a major market trend
was leaving the Government after
either in that area or in other lo¬
toiigub and threaten to touch the atmosphere will be con¬ almost ten years of distinguished cations for the time being at least.
1 everj(!;pocketbook. There is siderably cleared within the service, a dispatch from Washing¬ The Iron Age' scrap composite
danger;.that the public will next few weeks, but the situ¬ ton to the New York "Times" now stands at $31 a gross ton,
stated; the President added; that compared with $31.17 a gross ton
•gaiftO,fche impression that this ation at this moment is not
&
The situation
as
Fair Labor Standards Act is
/
is
- -
the
only
major
burden particularly satisfying, or at
\yhic^i°this law has placed
upon the backs of the rank
and file. Such of course, is far
least that is
our
view.
Take the state of affairs as
relates to public expenditures
provisions and taxation. Precisely where
loss of Mr. Wi¬
"invaluable: counsel and
he would feel the
nant's
.
cooperation."
The President did
to'Mr; Wi¬
not name a successor
nant,
who has indicated his in¬
of returning to private
a
week
ago.
"While it is
vance
to
make
'-/.v-*
still too far in ad¬
a
reasonable pre¬
diction, the steel industry is still
mindful of the fact that the coal
cost studies made
some
time ago,
in most
instances, and are neither /
industry wide nor do they cover
any broad product classifications 7
within individual companies.
/"Although the
in
selling
since
> -
increase
metal goods
average
prices of
has been 25.4%, ac¬
cording to 'Steel's' survey, the in¬
crease in
steel prices themselves
1939
have been
this
figure.
crease
on
considerably less than
A further price in¬
all
metal
products
•
of
7.1% is forecast for 1947, and this
include
the
current
steel
will
price increases:
'Steel's' finished 7
steel composite price now stands •
at
$67.82,
up
from 7 $64.91 last
week, up to 6.8% from a monthago, and up a total of 19.5% since 7
,
Pearl Harbor,
yx■/.7>"77.7-/,
prices/ have not re-1
T "Higher
suited in any cancellations of tonnage on
the
mill books. Shipments
most
wanted
items
are
/
on *
run¬
ning nearly three months behind
and it will
thus take most of the
first quarter of 1947 to finish up
1946 arrearages. Currently nearly
all mills
quests
on
new
are turning down all re- /
for first quarter delivery
business."
Delamaier Pres. of
;
^
///
Executives Association
has
Wilfred W. Delamater, Assistant
only been postponed. Unless some
haye^dded enormously to the do we stand? There has been life, but retiring Senator Robert form of agreement is reached be¬ Treasurer of the Land Title Bank
M. La Follette, Jr., of Wisconsin
and Trust Company of Philadel¬
tween the operators and the mine
:.|trehgth of the bargaining pow- a good deal of discussion of
has been mentioned as one of sev¬ workers before April 1, another phia, has been elected President /
:
yrvof monopolistic labor organ¬ tax reduction. Difference of
of the Executives Association of
izations,' They have, moreover, opinion is evident, but appar- eral .possible selections for the coal strike is likely. In view of
Philadelphia;
labor' legislation," the - probability
crahte-d a- system-oL rigidities ently- the Republican partyTs position;/' i h
xfrohi the truth. Its
tention
■tvDtfsvhtr <"
*"
1v
—•'.
.
....
...
,
-
with
its problems
i
-
situation
#
Volume
165
Number 4558
THE COMMERCIAL
<*
$75,093,699
FINANCIAL
against
CHKON1CLE
$171,435,856,
415, compared with $385,151,611.1 nounced that total resources now
Capital remained at $20,000,000,, stand af
$315,702,580 and total desurplus remained at $30,000,j posits "are $290,069,131 ds com-
loans ana discounts to $282,138,718 against $275,847,577. Capi¬
tal stock was unchanged at
$25,000,000,
but ■» during
the
year
$5,000,000 ' was transferred irom
and
Items About
Banks,
I
..
anies
.
/
In
the statement of the Chase
National Bank of New York for
Dec.
31,
1946 J made
%V/ January 6, deposits
shown
were
as
tnat
on
"
compared
public
date
combined
$4,495,304,000,
for
$5,742,180,000 a
%% year ago/During the 12 months
there
was
reduction
a
126,000 in the
of
.
Net
/
and
■
the
Federal
other
were
Net
Reserve
$1,143,401,000,
$1,366,233,000
compared
a
.
were
1
31, 1946 the
was
a
On Dec.
capital of the bank
ago.
$111,000,000, unchanged from
year
The surplus
ago.
i
$22,788,344
$3.67
oper-
on
Dec.
1/3, 1946 was $154,000,000 compared
%%/ with $139,000,000 a year ago, re¬
:
.
/
'
;
'
;
of
$15,000,000
from undivided profits to surplus
on Dec.
26, 1946. Undivided profits, after that transfer of $15,000,-
;%%G00g amounted to $48,501,000
not include
"
;
,/%;
y j
<
$2.84
1.28
$4,12
'
recoveries which
transferred to
were
reserves.
r<
J, P. Morgan & Co., Inc., New
York City, reported as of Dec.
31,
1946, total deposits of $583,927,459
and
total
assets
banks is shown at
the
$141,364,027 in
present ;statement
$137,208,564
of
U.
are
against
ago; holdings
Government securities
S.
a
year
now
$358,329,718, compared
$467,984,871 a year ago; loans
with
bills purchased are shown at
and
$112,738,742 against % $150,389,137
on Dec.
31, 1945. Capital and sur¬
plus: remained
unchanged from
capital funds were $313,501,000 on
last year at $20,000,000
> Dee.
each, while
31, 1946, compared with
undivided
•3 $300,240,000 a year
profits
increased
to
ago.'%;///f^
$17,742,567 in the current report
%;%%• Net earnings of the bank for the
v
^
year 1946 and for 1945 were as
iollows:
/;.,
/i1:'<•" i^ X
-PsrShare-
;
*,
v.-"/' i.y,/-'*
Net
■.-v*;
'
■
■
•
■;
:
current, oper.
earnings
profits from sales of
Net
1940
-1945
$2.59
$2.36
•
0.40
earnIngstL-4----
% 1.23
$2.99 \ $3.59
3
nounced
$10,000,000 was transferred' from' Undivided profits to
M'.r:'t;,;suri)lus:- account -of;; the bank,
bringing it
•-
/
.
.
-
;
l
^ profits
compared with
Dec. 31st amount to
$4,786,005,082 and total resources to. $5,132,?
,
V
Of
637
respectively.
4
4
the
bank
-
$5,308,657,266 and $5,631,340,-
war
its
deposits
Dec.
31,
1946
263.
$113,628,730 contrasting with
$109,805,730 on Dec. 31, 1945. U. S.
•
War
Loan
deposits
of
the
as
bank
deposits Dec. 31,
1946
$5,434,372,600, the
total
and
gether
are
31, 1946
or
capital
the
trust
company
$287,631,634
as
date
6.200.000 shares
i
pared, wifh $276,515,874
per snare as of Dec. 31,
on
outstanding
or
I
U.
S.
Dec.
on
Government
se¬
are
ago
$568,440,375,
were
are
reported
now,
$500,-
In its statement of Dec.
31, the
Trust Company
of New .York reported
deposits of
Chemical Bank &
$1,226,822,541,
524,160,575
pared
ago.
on
'
$44.60 ;
with
Cash
banks
the
This
Trust
Co.
of
reported
$2,434,252,883
•,
30.
as
Exchange
as
7787,131
three
and
amounted
due/from
to
latest date
$631,322,811
with
^
Cash in vaults and due from
$7,040,744, compared
$6,663,919 on Sept. 30th.
:
The
-
Trust
Public
National
nounced in its Dec.
of 1946 were
Bank
&
of
third
on
count
for
have
the
each,
year
the
the
nand
unchanged
at $41,250,000
quarter.
U.
The
in
Sept.;
and
due
while
from
cash
banks
profits
on Dec.
31, 1946 to $36,against: $35,127,080 Sept.
30 and $30,637,361 on Dec.
31,1945.
S.
on
hand
was
and undivided
O'Ha lloran
<
William E.
and
Nieman, Out-of-Town
Albert S.' Thomas
who
charge of the bank's office
Lexington Avenue. '
The
Irving Trust
is
Company of
New York in its statement of
dition
in
at 711
con¬
of Dec. 31,
resources
of
as
1946 reported
$1,149,846,949
compared with $1,428,354,898 at
the end of Dec. 1945; total de¬
posits at the. end of the year
total
amounted
to
$1,021,002,334
compared with $1,Dec. 31, 1945, and
$1,347,574,272,
$1,637,503,776
on
a
com¬
year
hand and due from
amounted
to
$242,226,400,
compared with $258,593,487; U. S.
Government obligations to
$628,278^14 against $790,555,29ff; Bank-
/ tex?' acqepcances and (C^ll loans .to
1945 was
113 were shown at the end of Dec.
with
$841,113,588
divided
profits
advanced
from
$60,411,340 in 1945 to $62,675,499
at the present time. :
./%
assets
of
Bank
Dec.
of
the
Manhattan
Com¬
of New York reported as of
31,
1946 total. deposits of
$1,055,451,016 and total assets of
$1,129,958,512, compared respec¬
tively with $1,081,745,571 and $1,154,814,448
Cash
on
as of
Sept. 30, 1946.
hand and .due from banks
amounted "to
ments in U. S.
Government
u
reports
'
quartpr of^ .1946.
''.f
?1
■
Company/of New
deposits
total
of
ment
of
1946,
as
condition
as
ofgPec/ 31,
compared
thrjee1months
secur¬
ago and of
$130,813,239 compared with
$170,862,818 / on Dec.
31% 1945.
$48,228,797
$48,258,753 on Dec.
31,
bank's
1945.
The
capital
no
but undivided profits, increased to
Jan. 2,
count was
unchanged at $7,000,000 and its
surplus and undivided
profit account increased to
$13,-
ended
Dec,
31,
1946
were
ago.
V
New
York
in its
Trust
Co.
statement of
total
two
resources
periods
the
with
ures
obligations at the latest
shown
at
$303,260,703,
compared with $455,939,526, and
loans
JLUclIlS
ctJUU
and U1SWUUX1LS
discounts ctlliuuxiieu
amounted to
UU
$218,394,733,
■
"
'.6-
Harriman
&
1945.
and
discounts
^
comPaie
hand
$13,765,284;compared
on Defo 31, 1945.
against
^42,723
947,, against $239,235,257 on Dec.
31, 1945; holdings of U. S. Gov¬
were
X'
$13,685,284
Loans
and
D c"
ernment
i' !'
':
Brothers
amounted to
same
hand and due from banks
1946 was $180,479,-
on
-
with;; $209,703i808 <>on
Deposits increased
to $211,616,142 from- $186;531^590
a;year earlier/Capital and surplus
Dec. 31,
the end of
at
..jb. picn
.
" :■
compared
an¬
respectively
were
$951,445,924.
$730,717,641
Cash
for
;
'.
Brown
total
and
:T.\
nancial statement of Dec.
con¬
dition; as;,cof Dec. 31,- 1946, that
deposits were $655,175,131,
against $881,263,465 a year ago,
'
Co., private bankers, in their fi¬
31/ 1946,
report total assets of $241;55T,005
$4.03
compared with $4.57 in 1945.
The
•
$1,316,919,
after
divi^e^id ; paid
1947, as against) undivided
profits of $1,299,881 on Sdpt: 30th
and $1,244,768 reported '127months
ac¬
005,633 from $12,188,420 after pay¬
ment of dividends of
$595,000. Net
earnings per share for the year
$41,415,149 on, Dec. 31,
Capital and surplus showed
change in total at:$4,000,000,
1945.
Loans and discounts of
compared with
of
were
$59,-
$43,474,193 " ; on
tes
follows with/thei
g-
of Dec
Dec" 31' 1945t< ,cgs|i,.<on
'
and
due
from
banks/ $55,-
714,099
against $42,171,879/ re¬
spectively,
United
States/* Gov¬
ernment
securities,
$67,045,857,
gainst $58,391,037, and st^te and
T,
'
against
$233,991,371
Surplus and
$39.471.712. against
$10,•:
vf ■ rt.U'4
capital remain unchanged for the 794,oo7..
;-lTi
hipast 12 months at $35,000,000 and
Clinton Trust Company of New
$15,000,000. Undivided profits rose
the
at
end
of
1945.
^
from
$9.895 343
Dec.
31,
of
j-.-.-
-
with0 deposits
$36,633,871: and total %S6ts of
$42,300,189 on Sept. 30%f948y and
with deposits of
$38,621(840 .and
ities of
009
::v'
third
Trust
total assets of
$44,211,804; a, j^ear
The
ago. Cash and U. S. Government
hand and due
securities amounted to
$40,320,398
from banks on Dec.
31, 1946 of1
$46,391,179 compared with $45,- J as compared with cash, Uk S% Gov¬
ernment
securities and demand
5Sl,"97ff on Dec. 31, 1945; invest¬
loans of $39,384,140
$12,869,854 Dec.-31, 1946.
$3Q5J76^>-
,.
aratt^dis^
on
$318,145,094 .against
holdings of U. -S.
Government obligations $378,042,-
and discounts amount to
....
„.
Dec. 31, 1945.
on
bank held cash
$272,148,893;
against %$442,124,91Loans
_
of
$229,493,939% compared
$270,073,881
date
pany
banks
profits were '<$1/878,391,
with $1,781,920a at the
the
York
respectively with $244,444,051 and
nounced
on Dec. 31,
1946 was $250,810,821
against $271,510,231 in 1945; U. S.
Government securities $573,837,-
>
$38,326,928
and
total bsts^tsV of
$43,994,843 in its year^ud state¬
deposits of $203,728,119 and total
Cash
compared
Dec.,
* /
> ', V
,
r»,v
The Commercial National Bank
Trust Company of New York
reported as of Dec. 31, 1946 total
/
1946
$26,892,000.
of
as
of
Fulton
•
com¬
hand and due from banks
fro
u e
915,105. Capital and surpfua. were
unchanged at $5,000,000 feach. Unend
&
pared with $1,303,269,219 in 1945.
on
"Trust
compared
vided profits^mqunted. to $6,180,?
2u7. iLe, total of
capital, surplus
profits
.
divided
$28,604,002, while in Sept. the undi¬
Mr.
President; John C. Boehm, Adver¬
tising Department; Leonard D.
Draper, Jr.; Investment Analysis
Division; Joseph C. McNally, Bus¬
iness
Development Department;
d
against $74 9,9 641; l°aws
$6,604,002 in undivided profits I
the
have been promoted from Assist¬
ant Secretary ;to Assistant Vice-
nd
a
,
the grand total amounted to
1925 and has been associated wi h
the Foreign Department since that
time. / At the same time it was
also announced that the
following:
&
nu»v
compared with $153,341,394. Cap^ ,
ital and surplus at the end of the'
year totaled $22,000,000 and with
Manufacturers Trust
Company;
New York, announces that John
L;
O'Halloran of the bank's*
Foreign
Department has been elevated to
came to Manufacturers
Trust' Company, in: the
merger
with the Fifth National Bank in
Bank
holdings^ofTLj
while % undivided
Vice-President.
Continental
Company of New York deported
as of Dec. 31,
1946, total)^deposits
of $181,975,059 and total, assets <of
$196,140,721,
compared'v"respectively with $187,279,109^ and $201,551,853 on Sept. 30, 1946.* Cash on
against ^$116,369,584 amounted to $52,618,848j%against
three months before; loans and $50,429,69L
discounts are now ^wu.uui.cn■,,
$138,864,947," ernment obligations to $ /2,448,078,
529,898
of
*
fx-
$121,974,995
amounted
rank
ar
^ ^
against $288,-
604,141
ac¬
remained
past
$24,000,000% HVhile
profits at»the^fld of
we^e $2,810,528 cQinftå
and
undivided
sescurities held
by
the bank amounted to
$312,189,73 /
at the end of 1946
/
.
$4,000,000
31, 1946 state-
Government
report against
Sept. 30 and $480,-
489,963 at the end of 1945.
Capital funds and ;< surplus
compared with ..$23,514,181 three months ago, Capital
surplus are
uncnahged at'
an¬
end
latest
$521,056;713
statement
and
reported at $588,383,$575,322,523 at the
the
States
■
$27,914,705
against
in
United
%-
752
bills
721
the
:
Company of New York were
$165,067,967
against $169,478,908
as of Sept.
30; deposits of $131,862,064 were reported in the latest'
31
Loans,
$609,972,505.
of
resources
Oftl.""
the -total
1946,
31,
Trust
com-
compared with $523,-
and
Dec.
with
purchased and bankers' ac¬
ceptances amounted to $475,065,-
928,052
of
pared with $538,964,396 as of Sept.
30, 1946. Total assets at the end
the
•
.
As
compared with $131,538,993 in Sept.; U. S. Government
obligations are now $9(|,398,i54
against $96,526,051, and loans'arid
bills, purchased are shown ito: be
Company of New York
and
at
on
were
1945;
banks
■
that date of $797,906,053.
on
compares
The undivided profits on Dec.
$1,221,-
months
year's
599,052. On Dec. 31, 1946 the capi¬
of the bank was
$15,000,000
and the surplus
$20,000,000—both
figures the same as on Sept. 30th.
were
ago
at the close of
$1,507,987,636
cash
against
295,352
as
compared
withj. last
figure ox
vi.4V,u3b,4.u8r£ The
capital of the bank has remained
unchanged at $5,0u0,000, as wiell: as
surplus at $12,500,000. Undivided
profits now totals $3,217,287. as
compared with $2,250,515.' on Dec.
31, 1945.
■ >A
Trust
tal
of Dec, 31 are shown
as
Bank
$199,103,083; U. S. Government se¬
curities,
$538,494,495,
compared
with $557,551,731; loans and dis¬
counts, $76,767,737, against $62,-
as
$1,233,148,318
1946 statement of
banks totaled $203,310,350, against
the
securities
31,
deposits of
Sept. 30,
1946. Total assets on Dec. 31, 1946
amounted
to
$842,678,581 com¬
pared with $845,745,648 at Sept.
of Dec. 31, comparing
figures of $2,365,465,475
and $2,693,184,469 for-the
Sept.
30, 1946 period and a year ago
respectively. U. S. Government
with
517,474
against
$90,766,6601; last
United S.ates Goverrgnent
obligations is shown to beir$92,-
..
*802,015,717 reported
of Dec. 31, 1946 shows
deposits
of' $2,286,946,694 against
$2,217,309,885 on Sept. 30 and $2,555,885,573 as of Dec. 31, 1945, while
as
097,811;
to-
Dec.
Corn
posits
of
$643,442,654% as com- a
year ago. Capital has remained
$894,686,409 a year
unchanged for the past year at
ago;
loans and bills discounted,
$50,000,000 while surplus and un¬
which a
as
•,
Manufacturers
condition
with
year
the
com-
the
to
$1,749,590,469
1945.
i pared
of Dec.
$46.39 per share
-
-
of
in
reflects
the
over
total assets of
funds
31,, 1946
account
reserve
with
j shown
City Bank Farmers Trust reporting $154,729,566 at the latest date,
bank
•
obli¬
$1,565,363,449,
against $1,921,945,613 at the end
31,
reporting $121,902,478 Dec. 31, 1945 against $165,*
235,022 at the previous year end.
The
%..
$754,-
curities in the latest statement
Trust
compared with
Dec.
on
latest
pare
;/• against $196,968,037.
:
reduction in
1945, and total deposits of.-$l,390,589,699 on Dec: 31, 1946 com¬
were
.',;vyr The total resources of the bank
Dec. 31, 1946 were
$4,977,735,667
/
ago;
of
$4,664,102,604 against $5,143,422,244 a year ago; the City Bank
farmers
,
year
Total resources amounted at
the
.'Dee
total
.
on
figure re*
ported for Dec. 31, 1945, which at
that date was reported at
$15,403,-
; 31,
1946 were $98,257,569
compared with $1,133,752,278 with
deposits of the City Trust Dec. 31,
% 1946 at-$8,27J,748 against $55,429,270 a year ago. The bank's
;
$2,893,376,869, aS
compared with $3,309,^-
as
a
increase
an
t
t
of
shows
compared with $3,813,507,042
Dec. 31, 1945. Deposits are
428,103
general
of
;
;
resources
.
year
loans at the end of Dec. 1946
reports
.
Dec.. 31,. 1946,
in'comparison with $143,317,050 a
prior. The balance of $ 15,-
In the case of
deposits other than
$4,565,845,035 as compared
",%:// with $4,009,669,966 Dec. 31, 1945.
The City Bank Farmers Trust Co.
.
total
of
as
The .statement of condition of
- Bankers v Trust
Company-:of
New York for Dec. 31, 1946 shows
total capital funds of
$147,153,662,
were
;
Guaranty Trust Company of New
the
465,233, as compared with corre.v%/:% sponding totals at the end of 1945
.
of
at $90,000,000
are
$29,534,614 and $170,000,000,
respectively, and
$29,294,238, and undivided profits of
$61,627,361,
-capital is unchanged lat $77,500,000.
compare with $52,676,255 on Dec.
The total of the deposits for the
31', 1945.
4 Bank and Trust Co, ^together as
v;
•
condition
remaiii. unchanged
i f; divided
v
of
1945. Cash and due from banks in
the latest report amounted to
$88,-
end, of
company of New York shows de¬
the
of
loans and /bills / purchased total
$747,370,321,.. asUcompared /With1
$960,041,680.% Capital and surplus
to $152,500,000. Un-
up
statement
gation^//total ;:$1>45 1,254,461, as
compai^d ^ifh $2^59;320,457^iahd;
3
.
The
U. S. War Loan Deposit Was
238,364. U. S. Government
and its affiliate the
City Bank Farmers Trust Co., the
/ bank states that as previously an-
the
to
statement
$13,110,036
the
.
%
513,458,
452,507
%•/• '.In making public I the year-end
'/ figures of the National, City Bank
.
a year ago.
$2,501,-
7>fc;|K
'
of New York
against $6,378,367
York
cur.ties
Total net
the
of
$653,740,350,
compared respectively with $728,989,369 and $796,829,269 a year
ago. Cash on hand and due from
on
Dec. 31, 1946, compared w.th
$50,% : $240,000 on Dec. 31, ,1945.
Total
The
Per Share
7,933,533
.
flecting the transfer
■-
of $5,980,149
$3.18 per share for
1946 as compared with $3.31 for
the preceding year.
The regular
dividend of $1.80 per share was
paid.
1945-
Amount
These earnings, it- is noted, do
;
with
ago; investStates Govern-
a year
%■%
amounted
at
year;
The
the basis of the bank's capitaliza¬
tion of 2,500,000 shares (par
resources
$1,126,462,000, compared with
/ $1,271,694,000
v
'
$25,525,953
in United
ment securities
$2,221,343,000 com¬
pared with
$3,078,103,000; loans
and discounts on Dec.
31, 1946,
'
$3.03
.64
:
current
-■;/
:
sales of securities
to
$12,497,404
September.
'
total capital funds of $109,481,813. The indicated net earnings on
—
3,987,319
.ating earnings.,^ $17,592,420
profits
from
year
%%%ments
from
Bank
banks ; amounted.
irom
$10)
Net
•
:
profits
reserves
of
dividend increased to
or
and
Per Share
=
-Year
•
with
% v','%C Amount
sales of securities
$4,865,/;%/ 535,000, Compared with/ $6,092,%%; 601,000 on Dec. 31,1945. Cash in
J the bank's vault and on deposit
1
-v
unallocated
profits after re-1 pared respectively witn $3/0,276,323 and $347,88v>,6b/ on Dec.
$6u0,000 for
lor quarterly
31,
Undivided
serve
000, surplus of $70,000,000, undi¬
profits of $8,501,663' and
follows;
as
Year 194G
—
j
of the bank
sources
:1a'; •/
1' !'!•' i;:%
1946
year
are
current
oper;
ating earnings— $18,801,025
deposit, which amounted
to
$113,076,000 cm Dec. 31, 1946,
compared with $1,254,202,000 the
preceding year end.
Total
re¬
*
the
1945
/%./
Net
$l,14l,-
bank's United States
War Loan
'
for
the year
'
with
000.
vided
earnings of The National
City Bank of New York and the
City " Bank
Farmers
Trust
Co.
on
anu
undivided profits to surplus. The
bank now has capital of $25,000,-
The
£89
-
1945
Yoxk
in
its year-end : statement
reports total assets of $26,540,695
1 -L\ on Dec. 31, 1946. This compares
to
In its statement of condition as
with $27,484,748 on Sept);
Dec.-31,-1946, ?the Marine Mid-
land
*
'
Tpst pp.i qf
" *
■
? -•»**•??•>—
■'
and
$28,258,720
tYor^ w* i fl/t;(Continued
.
on
30, 1946%
Dec. 31,11945.
m page
;
Jmrntm
'V
THE COMMERCIAL & FINANCIAL" CHRONICLE
190
today producing goods and serv¬
ices in record volume.
Neverthe¬
less, it is essential to improve ;ttie
methods for reaching agreement
between labor; and.. management
,
to
and
(Continued from first page)
If in this
or
by legislative action.
to As to those statutes which con¬
take -as each issue arises, and if,' tinue until the-state of war has
in-spite of aU difficulties, we have been, terminated, I. urge that the
the courage and the resolution to Congress promptly consider each
take that course, then we shall statute individually, end repeal
can
we
in the next,
year, and
find
right
the
course
State of well-being'for1 such emergency legislation where
people without precedent in advisable. ♦ '/■/ •/ >////;/;/
achieve
©ur
a
history.
wdrk
if
And
with
we
continue
to
nations
of
other
the
.
the world earnestly,
■
patiently, and
wisely, we" can—granting a will
for peace on the part of our neighbors-^make a lasting peace* for
the world./;: <// /
/:////'' /./
But, if we are to realize these
ends, the Congress and the Presi¬
dent, during the next two years,
must work together.
:
usual in
It is not
un-
,
©wn
party* to be in the minority
or
both Houses of ; the
W^fhijUst^bl!
;a,;^^!ilnbdiT
punitive legislation.
in order to punish
leaders,
vindi^irye;^
; pass c
labor.
pends
upon
the economic well-
raised to such an extent that the
consuming public; could not pur¬
chase. the
volume 6f
tremendous
that
As
the
of
year
our
It
1947 begins, the
national economy
;
-
i^ up to labor to refrain from
pressing, for
creases
that
unjustified wage in¬
will
force
in the price level.
And it; is up to
increases
:
•
Government to
everything in its power to
ployment. Our national produc¬ encourage high-volume / produc¬
tion of goods and services is 50% tion, for that is what makes pos¬
higher than in anyyear prior to sible good wages, low prices and
the war emergency. The national reasonable profits.
Income in 1946 was higher than
In a few days there will be sub¬
in any peacetime year. Our food mitted
to the Congress the eco¬
presents
all.
We
-
great
opportunities
for
have virtually full em¬
production is greater than it has
ever been.
During the last five
years,
our
productive facilities
have been expanded
in almost
every field. The
ard of living is
:
American stand
higher now than
before, and when the housing
shortage can be overcome, it will
be even higher,
ever
'
During the past few months
have removed at
emergency
we
rapid rate the
controls that the Fed¬
a
eral Government had to exercise
during the>
controls
war.
The
remaining
will be retained only- so
long as they are needed to pro¬
tect the public.
Private enter¬
prise must be given the. greatest
possible freedom to continue the
expansion of our economy
In my proclamation of Dec. 31,
.
1946, I announced the termination
hostilities. This' automatically
ended certain temporary legisla¬
©f
tion and certain executive powers.
Two groups of temporary laws
still
remain:
The
first
are
those
which( by congressional mandate
are tplast during the "emergency"
the
Second
are
those
which
of the War."
••./
do
,
;
report. of
.the
President,
dahgering:: our1
general
deipb^
;
•
UpOri a pfoper- solution bf this )
problem) mUy ; depehd the / whole;
industriaL future of : the^ /United ';:
States. --The 1 paralyzing effects of
natiOnwide fstrike - in -such -jny;
as
trahsportatiori, poaL :;
oil, steel/ or communications tani
result in .) natiohal disaster.
We ;
a:
dustries
industrial
be
*
disf-
have been-able "to avoid such
tra'dt^:' aster,
cUrinot, ;bb- should
peace
I
.
t
-
in
years/ only
rCcent
I
.
'
'
by
-
faithfully adhered ;to
the use of extraordinafy wap '
In the most en-, powers;rjAll^/thOse /powers / wilL/:; /
lightened- Union-piahagement i*e- soon be gone. In their place there
latiqnships, disputes over the ip- must be created an adequate sys-*'4//;
terpretqtion - of V contract ^terms tern and effective machinery ii*. j. / ;
are. settled
peacefully, by negotia¬ these' vital fields.».This, problem.
j
tion or. arbitration. Legislation will require careful study and a '. Should be; enacted to provide ma¬ bold approach, but an approach
chinery whereby, unsettled dis- consistent with the -preservation -/■,
putes concerning the interpreta¬ 6t the rights of our people. The tion of an. existing agreement may need/is
pressing. The commis- ^
be referred by either party ';t0 Sion Should give this its earliest: *
I
final and,binding arbitration.-;/ attention.
iPoint; number rv two is • the ex¬ ;i; Second,: the best methods anu,
i
tension; of a the facilities within procedures for carrying' out .the, ;
I
against labor unions.
During the last decade /and; h
half, we have established a
tional
policy in this/coim-
labor
try based upon free collective
bargaining as the process/for de/termining ; wages ; and .^ workih'g
with
also
the
•
ourselves
concern
basic
causes
labor-
of
management difficulties.
;
In the light of these considera¬
tions, I propose to you and urge
cooperation in effecting; the
following four-point program to
reduce industrial, strife:;:'.
your
number,
Point
.
enactment
of
-
v
theDepartment of Labor for as^:
collective bargaining process.
sisting collective bargaining,
should include the
One of
our
!
tices.
certain
t:
of / labor <' and
ing labor strife arises from
a lack
of order in. the collective bargain¬
ing process. The parties often do
not;,have
clear understanding
of tHeir responsibility for settling
disputes through their
.tiatiqns.
stances
ment
f
own
We /constantly
where
labor
Third, the underlying causes of
in¬
manageresorts / to ^ economic force
here
for. agreement, through the
bargaining process. Neither the
^.
There
is
invoked.
commission
facts
•'
The
First, - under = this , point,
are
jurisdictional
strikes.
^In such
strikes the public and the em¬
ployer, are innocent bystariders
who are injured by .a collision;be'-,
tween rival unions.
This type of
dispute hurts production, indus¬
try,. and the publi,c—*on4 labor' it¬
self.
I
consider
jurisdictional
strikes indefensible;
) " j.^
social
;
the
of
legislation to alleviate the
"causes of workers'
..
On June
insecurity.
.
,
OF
I
{
I
/
*
MONOPOLY
/
..
second
,
tional Economic Committee
,
11,
com-
$
pleted a comprehensive investiga-. f
tion into the workings of the naf k
tional economy. The committee's;/
study showed that, despite) half v;;
a
century of anti-trust law en-;;;/ '•
forcement,
one
of the
gravest.
threats to our welfare lay in the
increasing concentration of power ?
in the hands of
small
a
number
of giant organizations.
*;
,
/
t
1
During the war, fhis longstand-*
ing tendency -toward economic
concentration
a
,
..
Con*//
-
major policy I desire to lay before you has to do
with, the growing concentration .!
of economic power and the threat
:
to free competition in private en- {
terprise.In 1941, the Temporary Na- ,'r
program
I
future.
ENTERPRISE
.
is the early, the settlement of disputes. legislation to pre¬ ; Point
number
three
is
unjustifiable prac¬ "broadening of our
near
AND PROMOTION OF PRIVATE
would facilitate and expedite
one
,
,
its recommenda-
and
RESTRICTION
of
the .dispute and the reporting of
them to the public. Such machin¬
ery
*,
the
by
report, includ¬
ing. specific
legislativerecom¬
mendations, not later than March
15,1947.
- the
successive steps of me¬
diation, voluntary arbitration, and
—ultimately,in appropriate cases
the
,
sion make its first
vide
of
immediately
-
,
I" I recommend, tliat this commis-
for integrated
machinery to pro¬
—ascertainment
.
tions can be submitted to the
gress in the
need
governmental
-
considered
pa'rties nor the Government have
a "definite yardstick for determin¬
should :' be
forr investigation
involve
long-range study. Others can.be
ties
assistance
'
.
labor-managment disputes."
/ n i >;
; Some of the subjects presented >
or
when and how, Government
' I
exhausted.
Without exhausting the, possibili¬
ing
-
-
strikes or lockouts until all pos-"
sibilities of negotiation have been)
nego-
see
This,/
,
responsibilities / i /
management; te (J
negotiate freely and fairly with
each ether, and to refrain from
"
difficulties in avoid¬
.
vent
.
:.
.
was
accelerated. As
.
"consequence, we now find that
to
a
greater extent than
ever
be-
,
,
fore/ whole industries are, domi- ?
hated by one or a few large organ-;
izations which can restrict pro- • /
ductioii in the Interest of higher /
„
profits and thus reduce employ
purchasing power.
:
/
,
/
j In an effort to assure full
>
,
ment and
.
;
op-
.
agriculture.;,
/■/,,
'•_/•;/ ./.;;/.
LABOR-MANAGEMENT
■
relations
by their terms, continue for the
The year just past, like, the year
duration of the "emergency."- I after the »first 'world
war, was
ehal/ at the same time, recom¬ marred
by
labor-management
mend that others within this clas¬ strife.
/•/'. </• ■■' •, /. - ■;;
sification be extended until the
Despite this outbreak of eco¬
state of war has been ended by nomic warfare in
1946, we are
|
;cbtfer.;?The.;
Eortunity
andwill
free vigorously
competition to
usiness We
en-
A second
thq .anti-trust; laws. There
:
is much the: Congress can do to co''
operate and assist in this program. ,?>:
/ To. strengthen and enforce the ,
laws that regulate business prac-/
tices is hot enough. Enforcement >"/
must be supplemented by; pdsi-; j
violate
the
national
tions act.
iive
continuing responsibility to co¬
operate in ' seeking - and finding
the/solution of these problems. I
therefore : recommend
that the
labdrlrela-., commission be composed as fol¬
unjustifiable practice
is. the. secondary boycott; when
used to further jurisdictional dis,putes or to compel employers; to
a
,
measures
of aid to
new
enter-
:1
prises. Government assistance, re- /;
search- programs, and credit pow-/ I
ers .should be designed and used / »;
to promote the- growth of new,,;:/'
.
lows : Twelve to be chosen
■' >V
<
force
.
'
with ;; investigating
recommendatiohs upoii
mdjor : subject's, -'amongv'
s
self-preservation; torextend .b'ttiearii:
;the -pdh|lict; ;beyond^ a/particular
/First,"r .the? special: and unique ([• h'
empidyer);^^Thebe
prdblemidf matlonwide strikes;
agamStv;boyT; Vitai industries affecting^t^
.: ^ |
1946, in my mes¬
sage vetomjg tlje Case bill, I made
arid
also
the
budget message.
a comprehensive Statement of my
These messages will contain many
recommendations.: Today I shall
vjews concerning labor-manage¬
ment relations.
I said then, and
outline five major economic poli¬
I
cies which I believe the Govern¬
repeat, now, that the solution
of
labor-management difficulties
ment should pursue during 1947.
is to" be found not only in legisla¬
These, policies are
designed to
tion dealing directly with labor
meet our immediate needs and,
; The
national
labor ; relations relations, but also in a program
at the same time to provide for
the long-range welfare of our free act v provides procedures, forde-; designed to remove the causes of
enterprise system:,;//•/■/;/;/// termining which union represents insecurity- felt by many workers
First, promotion of greater har¬ the.employees of a particular em¬ iri our industrial society. In this
mony between labor and manage¬ ployer. In some jurisdictional dis¬ connection, 4on example, the Con¬
putes, however, minority unions gress should consider the exten¬
ment. *
*
*
*
*
strike
to
compel employers v to sion and broadening of our Social
*
Second, restriction of monopoly
deal with them despite ^ a^ legal Security System, better housing, a
and unfair business practices; as¬
duty
to!
bargain
with the niajority comprehensive v national
health
sistance to small business; and
union. Strikes to compel .an emt program and provision for a fair
the promotion of the free com¬
ployer to violate the law; are in¬ minimum wage. '
petitive system of private enter¬
excusable. Legislation to, prevent
Point. number four is the ap-:
prise.
;.
/'-/////yv/;:;//: such strikes. is
clearly desirable.
ppihtment of a. temporary joint
Third,, continuation of an ag¬
Another., form of, inter-union commission: to
inquire into the
gressive program' of/home con¬ disagreement; is the jurisdictional
ehtire field ■ of labor-management"
struction. '"/; /•;'/•■/.- ;y'v/:-' strike, involving the question; df relations. :
I
Fourth, the balancing of the which labor union is entitled to
recommend^ that the Congress
budget in the next fiscal year, perform a particular task, tWhen
and the achieving of a substantial rival union's are unable ;to" settle provide for the: appointment of a
surplus to be applied to the re¬ such; disputes > themsetveSr-' prO^ temporary, joint commission to
undertake this broad study. ),
duction of the public debt, r.
7 vision must, be made for/peace-;
the Congress,"
Fifth, protection of a fair level ful and bidding determination of V The- .Presides
and management and labor have
of return to farmers in postwar the issues.
: v
nomic
I shall
submit to the' Congress
recommendations for the; Repeal
of "certain of "the statutes Which,
•
ter> of
.
are
to continue until the "termination
cbmmissibn;' shoiild.
achieved merely by laWsjdifected: by both parties.
should
profits justify such action.
state
certain
must /realize,
reason, we
.
DOMESTIC
Thet'
charged
making
.
.
ECONOMY
by .the
'
-
GENERAL
appointed
be
restrict f the ;prc>per: Jf^i^jation ^bi^!^onibitS;Be<^pT commissioa'shbuid/exa
{
of the Tank: ;andi file;
'daiy' boycotts4n :^rsuance^ o^^ uh-i. :the/questioh/OF how) to'settle^ oi*
We must-not, ^dnperythe |ustifiable|»p!bje^
/prfeveht ' such strikes withbut eh--;;•'"••••1
rights
.
'
to
which : will
"
-
labor,
•President.
nearly
one
.
protecf wage rates and work¬
ing v conditions . should be distin¬
guished from those in further¬
ance
of " jurisdictional : disputes;
number ifbf
strikes. and' lockouts.. ///y//;/:;'K
We must not,; however,^ adopt
goods and services which will be conditions.
„j
produced in 1947. //;•///f : ///
Coiigress. /
This is still the national, policy.
We all know that recent price
I realize that pn some matters
"It-should^ continue to be the
the Congress and the President increases have denied to many cf
national policy.
may have honest differences
of our workers -much of the value of
But - as yet, not all of us? have
Farmers learned
©pinion.
Partisan
differences, recent wage increases.
what it means to bargain,
have
found
th
at
a
large
part
of
however, did not cause material
freely and fairly. Nor have all ;bf
their
increased
income
has
been
disagreements: as to the conduct
us
learned to carry theVmti'tiial!
©f the war. Nor, in the conduct absorbed
by
increased
prices)
xesponsibilities ' that
accompany©f our international relations, dur¬ While some of our people have re¬
the right to bargain. T|here;naye
ing iand since the war, have such ceived raises in income which ex¬ been abuses and harmful prac¬
partisan
differences
been
ma¬ ceed price increases, the - great tices which limit the
jeffectiyeterial.
/'// "/ "
;
' majority have not. Those persons ness of our system of collective,
On some
domestic issues we Who live on modest fixed incomes
bargaining. Furthermore, we haye
may,
and probably shall, dis¬ —retired persons living on pen¬ lacked., sufficient
governmental
agree., That in itself is not to be sions, for example—^and workers
machinery to aid laborVand mah-;
feared. It is inherent in our form Whose incomes are relatively in¬
agement in resolving differences.
of: ■ Government.
But
there " are flexible,
such as teachers and
Certain
labor - management
ways/ of disagreeing; men who other civil servants, have suffered problems need attention at once,
differ;-can still work together hardship.
and certain others, by Teasop ;of
In the effort to bring about a
sincerely for the common good.
their complexity, need exhaustive:
We shall be risking the nation's sound and equitable price struc-;
investigation and study. ;f
safety and destroying our oppor¬ ture each group of our popula¬
'We should enact leg|slati6nv:td
tunities for progress df we do not' tion: has: its 'bwn responsibilities.
correct certain abuses ^d. to, pro¬
a .It,
settle ;,any ^disagreements in this
i,Si Up. to Industry-not duly to vide additiorial
governmental; as^:
spirit, .without thought of partisan hold the line on existing prices, sistance in
bargaining. But we
but to make reductions whenever
advanatge.
-in
'
that
our
States who,; at some time during
his term of office, has found: his
the
:
to
stress of emotion, endanger lour ^t^iihb^ir ^e^fuhioh's/right
ftp
American freedoms by taking: ill— preserve; its™ own existence ahd
all wartime consideredWction which
the ^gains ': piade;
in/
genuinev
colcontrols have been removed,, the
to results not anticipated:"or/de- |eetiyec:bargaining.'>.
;
operation of our. industrial sys¬ ■sired.
/;///;
,//-Wi/Z/Ky /\Aihird practice that should ibe
tem depends to a greater extent
We must'remember, inreview/ cofrectea is the1 use ? of ^economic
on the decisions of business men,
ing the record, of di^putes;4in lorce;; by either labor or managefarmers and workers.
These de1946, : that.; management; /shares plenty tedecide issues arising out
cisions must be wisely made with
with labor the responsibility>:fdrv of;:the ^interpretation of existing
genuine concern for. the. public failure
to
reach
agreernents; ■contfa^s;^^
welfare- The welfare of business
which Wouldhave aveffdid^ikp^V'
,V^bIl^|ives;^E^fgai|ing;5Jagree-!
men, farmers, and
workers de¬ For that
Now
;
history that the ma- being of those who buy- their
jority of the Congress represents products. ///■:;//;) ,/ ///
va
party
in opposition to -the i.; An important present source of
President's
party.
I am .the danger - to our economy is the
twentieth President of the United possibility, that >' prices might; be
,
reduce
to'
Thursday, January 9, 1947
firms and; hew/iridustries./ Assist-, ; f
by the
boycotts; are Gohgfess :frdm,:the members of" arice to Small business is harticu- . .«•*
;
unjustified; We must judge; them hbth : parties in; the Housev and larly imppriant at this: time when
ox/the basis of their objectives the: Sedate, /and: i eight represent- thousands pf yeteraris who are pp-1 v
teritiai' business, arid
industrial
") I
example, 'boycotts ;intended ;; lng ;the public,' management and
Not
all secondary
'
,
.
.
'
;
' "s
•
.
'V.
'
•
••
•• I'l
Volume 165
leaders
are
careers.'-
Number 4558
.beginning
v "
-
;:'
We should also
tention to
THE COMMERCIAL &
FINANCIAL CHRONICLE
their
Nation failed
k
for
that
alized.
are now
-
of
under-industri-
housing
The
■
re¬
Was
age
announced
7;We must make sure
ing the problems which
in
February,
1946.7 In
1946
1,000,000 : family
housing units have been put under
construction
and
€00 units have
pleted. The
than
665,-
already,been
com¬
more
rate
of
expansion in
ment
not
key building materials,
limit non-residential construc¬
Measures
to
housing and
stimulate
new
construction
most
good.
will
receive
W
»
of
last
year.1
At-
a
cdri
be
-
d
have
mum, such legislation should open
the way for
rebuilding the blight¬
ed
of
areas
cities and should
our
should
housing
provide
ment of
for
gress
projects; Tt
the
improve¬
housing in rural
areas and
acted; on:> several
mendatiohs
construction, over a fourperiod, of half a million units
public low-rental housing.. It
should
authorize
mental
efficient
the vast
sources on
of
'Congress
of. the
portant
housing front.
to
enact
the
it.
of moth¬
recc^meridatiqil
not
as
however,
military
with
Soviet
be
7
In ; our;
niote
the
people^;
im¬
respohsibility> to
general
we
welfare
have
always
to
con
Of V'the
now
7
Message^ VI ; am ^making
which, if ac¬
cepted, will result
in
*
service men have returned to
.ci¬
substan¬
a
vilian
tially larger surplus Which should
be applied to debt retirement.
One
of, these recommendations is that
Expenditures
still
are
sums
are
world
required
famine and
fiber of
the
that
lic
are
large
flexibility
More
than
so
success-*
2,009,000 Of HtheSe
veterans
to- alleviate
military
a tribute to thb
service men and to
our
hiade; so rapidly and
the fully.7
are
attending schools or
acquiring job skills through the
suffering. Aid
financial
eral;.
sick
expenditures
required. Interest
debt and certain
and
of our economy
that these adjustments have
been
to veterans will continue at a
peak
level. The world situation is such
are
their., communities
assistance
of
the
Fed¬
Government." Thousands of
and; wounded veterans are
daily receiying • the>best
the pub¬
other costs
on
of medi¬
cal and
hospital care. Half a mil¬
lion have bbtained
rloans^ With
Government £ guaranties, to
irreducible. For these
reasons,
chase
cooperate
pensation is being paid in almost
2,000,000 cases for disabilities or
death.
More
than
in
\
this 7 program
1
-
•.
bark
of
MM [
agriculture;
fifth
do with
'
farms
the
major
welfare of Our farm
"tremendous grain crop can
readily
be' sold
abroad, and thus will be¬
threat
in
cost
policy has to
population.7 V777': ■ >'777? /',*■';
Production of food reached rec¬
ord heights in 1946. Much of our
no
.oUr
or
to
domestic
em¬
businesses; Com¬
3,000,0007
continuing to maintain their
;
come
or
new
.
••
'
The
homes
upon
.
•
Federal
recovery."„ The
Government
national
service
life
are
low-
insur¬
must
part to meet this need,
foreign
;
Progress
mestic
in
that
I
7:
its
nations.. ^We
The
foreign affairs; All
have said about maintain-.
irig~ a
sound arid prosperous econ¬
omy and; improving the welfare
of our people, has
greater mean¬
ing because of the world leader¬
ship
we
Of the ^United States. What
do, or fail to do, at; home'af¬
fects
not
lions
we
only ourselves but mil¬
throughout; the.
are to fulfill our
world.
If
States
is
sure
that the
econom¬
ically,^ socially
and 'A politically.
Only then will we be able to help
bring about the elements of peace
iri bther
countries—political
sta¬
bility,: economic advancement
social' progress.
;
'
;
•
77
and
policies,
7
E
x c
1
u s
i
v e
of
mustering-out
payments and terminal leave
pay,
program ;rfor veterans of all
wars is
costing
the
^"that those '.countries
<
'
.
.
*"
-
do
ratification*. This Government does
pver7$7; bilUofts; a m'ot jiregarid^ .the •. treaties as\ comAmerican
agriculture can face the, yearr^one-fifth of; our total Fed¬
same dangers it did/after
p 1 e t e 1 y satisfactory. Whatever
World eral budget. This is
the most far- their, defects,
War Ii; In the
however, I am conearly twenties, the reaching and
complete veterans' virieed that they are as
good-as
markets. But in the next few
years
T.j-
i
<f
<
j
(
i-ier
&
g;.* t, 1
£
U
<
-r
t
")
-h ji
qc
'
7"'-7-''
which
,7
in
maintain
discharging
could
In
our
tho
those
re¬
with
come
rational
more
need
not
for
ened
1
un¬
States tail be proud
in caring for peoples
reduced to want by the ravages of
war, and in aiding nations to re¬
shall
shipped more supplies to the
hungry peoples of the world since
forces
of
legislation is
the Congress to
turn
attention
its
r
to
this
.world
problem, in an effort to find ways
whereby we "can fulfill our re¬
sponsibilities
to
these
thousands
of; homeless
gees of all
and suffering refur
faiths.;' 7;.',
i international trade
is
essential
to
world ' political co¬
operation. We have made a good
economic
on
through
the
cooperation
International.1 Bank,
the International Monetary
Fund,
and
the Export-Import Bank. We
must
•
now
take
other
steps
'■ 7• r:v
me;..
The
.
the
' atomic
for
United
*^
States
lead in- the
has
endeavor
v
put
atomic energy under effective in¬
ternational control. We seek no
monopoly for ourselves
j
w]
•-
or
for any
C -1 > >
_
able'
to-
in
for
our.
own
The Navy is supporting the oc¬
cupation troops in Europe and
the Far East. Its fundamental mis¬
sion—to support our national in¬
terests wherever required—is
un¬
changed. The Navy, including the
Marine Corps, will average 571,000 officers' and men during the
fiscal year 1948.
: "
Wev are. ^encountering serious
difficulties.. ini maintainingour
forces at
els;
even
1
these reduced lev¬
Occupation troops
sufficient to
which
carry
barely
are
out the duties:
foreign policy requires,.
our
Our forces at home
where
further
practicable. '
Army and
We
are
at
point.
a
reduction
is
should
like
im-^
.
an
Navy, composed "en¬
tirely of long-term volunteers, but
in spite of liberal inducements the
basic
now
m
taken
to
material
be
resources
•
The
vised
an
a
needs of the Army are not
being met by voluntary en-*
listments.
energy
our
;
Worlci economic ; cooperation
start
must
we
rapidly
.
armed
employed at home in the
support of these overseas forces.
new
I urge
aga^n
will be
-
fom
until
reality*
allow our
defense, should the need arise,
7.
The Army will be reduced to1,070,000 officers and
men; by
July 1, 1947. Half of the Army will be used for occupation dutiesi
abroad, and most of the remainder
doing all that is reasonably
the
we
a
well-trained
and
men
7:;
existing law. and established quotask
Congressional assistance in
needed,
not
and
mobilize
do not feel that the United States
has done its part:
Only about 5,000 of them have entered, this
of
established,
system: becomes
a
must
equipped;
is concerned, I
possible. under the- limitation
been
willing to lead in,; col¬
.
than all other
/
now
of:col¬
weakness to invite
attack;;7? ? V:
For these reasons, we need well-
countries.combined.^
'
v' ,.
.However, irisof&r as a4mitting
persons
be
such
w<er
have
displaced
is
fully
are
system
a
lective; 'disarmament, ' but,
store their national economies. We
war
forces
hopes
our
Nations has
part
the end of the
order, ; the
armed
lective security under the United
The United
its
until
realized/ When
displaced persons :
of
world
large
.
War
me
7;
Department has
^7
adM
that it is unable to make
accurate
ent time
•
as
forecast at
to whether
the
presr-
it will be
possible to maintain the strengthi
(Continued- from page 19F)
7
^
^
~'K'
7
.'"i7
7;
>?
1
^
< mi H
V*
Y "
^ '
-7''
•
great respon¬
to
speed. We mustivber
enough
to
defeat;, ' and
forestall, any such attack.
steady progress toward a
strong
international relief and
7^
will
for
with
neglect
of
-/■
world
a
nations
attack
•
,
..
ties next month in Paris, they
hb; submitted to > the Senate
in
sponsibilities.'
1 7
!
This, is an age when unforeserirk
-in¬
-
defense'and
international obliga¬
our
progressively ; declining; but.-the:
stabilizing force of Americari fnili-;
tary strength must not be weak¬
we' can
,
are*
th6irTntbrual..affairs,
-
■
They
ture;;, they must know their na¬
tional boundaries, their; resources,
and what reparations they must
pay. -.Without - • trying, .to
manage
;>:;-77' the reconstruction of world trade
Alhiost ; 7,000,000
;!jpeace;» treaties for Italy, Bul¬ and we should continue to strive
veterans have been aided
by un¬
Hungary for- an international trade system
employment and self f employment garia,^ Romania., and
haVe finally been
prepared. Fol¬ as free from obstructions as pos¬
'allowance
lowing the signing of these, trea¬ sible.
ance
forces.
thus to
responsibili¬
sound
and Navy
the. demobilization 7 ©£
precedented
ties to ourselves and to other
peoUnited
•
policy
M.,v'■}. '•'•"7:
means
Germans
*
'
maintaining the forces which,
sibilities
country'since May; 1946. The fact
iSi that the executive agencies are
affairs
-
need for national
when
get on with the
settlements. ..The occupy¬
v
our do¬
goals is closely related to
conduct of
our
do
■.
r
reaching
^pur¬ ples; We must niake
economy in preparing the budget;
and I hope that the Congress Will
economy..
ptoved' methods bf
their nation. It is
relating to
high, Considerable
»,
of
zens
the Congress take
early action to
continue throughout the next
fiscal year
the war excise tax
rates which, under the
present
law, will expire on June 30, 1947.
war
life.
The. great r: majority
have found their places as;; qiti.'
pend upOii |h expanding return
of mineral discovery and upon im-
turned
Army
wartime
We' live
noW
.
.
Fourteen million World War II
the
tions.
..
recommendations
1946
be
Japanese cannot be left
iii,doubt and fear as to their fu¬
sure
.
ultimately
completed
b§en embodied in the Char¬
rearm.
-
development
and -the
,
-
a
military
only to uphold the principles
justice
which
.
.
effective
blessing for all nations.
a
-
We
may
.
.
steadily decline.
strength on the4 part; of peaceloving nations is still the great¬
est-deterrent to a g g r e s s i o rv.
World stability can be
destroyed
draw -their, troops.
sider the natural resources of bur
conformity;;;
Congress*
policies, toward. all
peace
the
the
into
In
ter of the United Nations.
' pro-
of
in
of
•<
Ure,.
to fulfill
must
;
ent-
policy7 toward" the Soviet
is- guided
by the
same
principles which determine our
We
M
ove)rv;
energy
force
we
have
natural resources
-
•
fervent hope that the
significance
of
atomic
and
orous
of \ international
.
atomics
of peaceful uses of atomic
energy
rests
our
hope
that
this-v new
of individual security.'
(
the
thi^
commission to foster
the development of atomic energy
for industrial use and scientific
and medical research. In the
vig¬
their
:
wish
military
on
should mot
of
jurisdiction
atomic
services
the
energy will
look to the
have
may
use
but it is my
What¬
the
and
with
out in close collaboration with
production and reconstruction.
seek
.rights
7 •
there
us
full
domestic
major .concern of each of us
should be the promotion of collec¬
tive security, not the advancement
program—to
medical care
fiscal affairs
and
Union
bright pros¬
terprise. The program of the cornmission will, of course, be worked
Our
provide adequate country. They are the founda¬
tion of our life. In the develop¬
to all who need
it, ment
of the great river
systems
charity, but on th^ basis
The fourth^major ^Iicy has to.
Of. America there is the major
bf payments made %
op¬
do with
by the r bene ¬
balancing the budget. In
portunity-.
of
our
ficiaries
of
"generation
to
the
a
program.
■* >
prosperous period such as the
contribute
to * the increase Of the
v■■■■{One- administrative
present one, the
budget of, the
change national; wealth.- This"
program is
Federal
Government should be Would help, greatly to further- pur'
national program: in the fields of already well along; • it should be
balanced.
Prudent
management
pushed with-full vigor: ' f
' \ • *
©L public finance
requires v. that health, education and .welfare! I
7 I hiust" advise
we begin the
the'Conglress that
process of reducing again - recommend 7 the 7 establish¬
we are
ment of a
the debt. The
Tapidly: becoriijhg, a "have
well-integrated Depart¬
budget which I
pot? natipft as to many of our min¬
shall submit to you this- week has ment of Welfare.
*
'
erals. The economic progress and
a small
margin of surplus; In the
the ?; security of our
VETERANS
country de¬
Budget
.7
in
Union
rights,;,with -a view "to; making
recommendations to the Congress.
recom.-
most
assuming
our
study :iarid report ^ on the whole ing powers should recognize the
problem of Federally secured civil independence of Austria and with¬
liatipnal
health, the health
and
year
re-*
our
of
that
v
Soviet
settlement.
of
energy act of 1946, the commis-sion established under that
la\y
The
withholds
protect. thecivil
0f its citizens. ;
*. •,
/ <
the
of
of
shadow
power.
accordance
countries may return, as free men
and women, to the essential tasks
on
upon
power; to
children and hospital Con¬
struction. I urge this Congress to
complete
the
work ; begun
last
a
use
a
German
ori
control
.
In
lie in the early making of a peace
which the peoples of all
present legis¬
lation reaches the limit of Federal
ers and
single peace¬
Federal Housing
Agency Ao
assure
on
r
for the
time
views
my
health^ prograrhr; The
year
of
convihced
a
under
is of. more,
basic^yalueIthari •?;;! t have, therefore, by; Executive
the health of oiir
people. Oyer; a ofder$ established the President's
on 7 Civil year; ago I presented' to the Con¬ Committee
Rights
to
positive incentives for
the investment of billions
of dol¬
lars of private
capital in largerental
not
enormous
allowed to obscure the fact that
the basic interests of both nations
major;* task, of preserving
the
peac& in' the several States; X am
7-77',:>'•
the
between
Union,
Government,
conferred
vital to
as
agreed
pects for the peaceful
of
expense
negotiations
differences
Deen
none
establish
scale
been
on"
terms
ever
'*
1
While' the Constitution
HEALTH AND GENERAL
t
welfare
.Of- all our hationaL
Tresources^
'
Federal
regard
we
with
ment
the
from the Federal Government the
.
•
the
the
for
.
So long asf all
not
are
energy,
the
fear will obscure the
treaties, *and during fuon the Japanese
treaty. /
'■ r"" 7'."
;
The delay in arriving at the first
peace settlements is due partly to
i;he difficulty of reaching agree¬
by the'Department of Justice to
the full extent of the powers that
expand his markets at home and
abroad, and to carry4 out: the ob-^
j ectives of a balanced pattern - of
777
-
that Tight is now being carried
ana Deuer practices,
7; 7v77<
For
at
this- power
use
atomic
that
conferences
nure
,
.
found fo.\ utilize
have
we
nations
Austrian
recently witnessed in
country
numerous
attacks
the constitutional rights of
of us.
one
all
forthcoming
Moscow
rights
fight these crimes
should be iii the hearts of every
a
skills and better
new
lls liew
mini¬
the
i 4The - .will to
non-partisan bill passed byj
Senate
be
-
ings vhasvbeeri denied..7
reach our
long-range goal of
adequate housing for all our peo¬ peacetime p rod U c t i o n .without
either; undue sacrifice; by farm
ple, comprehensive housing legis¬
people or; Undue: expense to ;the
lation is urgently
required similar
Government.
to the
the
must
to
to
purposes.
of international
means
just and enduring peace. We have
made it equally clear that we will
not retreat; to
isolationism." Our
policies will be the same during
segments of our people
been*prevented from, exercisihg fully their right to partici¬
pate in the election of public offi¬
cials,. both locally and nationally.
fair
-v.-7".: t
•
principles
*
Freedom to engage in lawful call¬
his
To
;•
have
that
-
,
treaties,
clear
settlements
o
their
-
guarantees expire to set the
stage
for permanent
;.Ways
special
7--; '•
1
7
.
-to'
it
able
governments
the United States will not
consent
we
highly productive agriculture;
% We must ' notwait, until the
income.
rental
legislation,
stantial
absorb, at great
surpluses
'make
these
on
made
or
dollars
be
military
for many years.
During the long months of de¬
bate
have
was
welfareMMM
types of housing
emphasis.
to
unlimited
The farmer is entitled to
tion, and to give financial support
the
the
of
f^d
group of nations. We ask only
that there be safeguards
suffi-*"
cient to insure that no nation
wiltn.
among
allies.
concerned
individual citizens, as a result of
racial and religious bigotry. Sub¬
a
expedite
do
designed
cost,
afford rests with pri-*
vate industry and labor. The Gov¬
ernment will continue to
number
77;Mcivil
upon
plan of support prices
financial
criterion.
this
:•
,
suc¬
program will not be
by the number of- vet¬
veterans -to
.
We
maintain and
for
our
great
of these laws was
permit an orderly transition
from war to
peace. The Govern¬
can
will
7
utilized to
;
the
country. In considering any addi¬
The purpose
primary responsibility to deliver
housing at reasonable prices that
it
our
tional
...
long run,
com¬
.
laws
be
now
the
by ..the
to
if not surpass, the top
construction year
of
1926.
The
where
failed
hope to obtain by agree¬
the principal war¬
Further dispute and
delay would gravely jeopardize
political stability in the countries
of
program
m
can
time
spend. History will judge us not
by the • money we spend, but by
the .further; contribution we enable
Present
markets
productive power.
coming year, the number
dwelling units built will. J ap¬
to
we
any
adjustments,
our
erans-obtaining
our
develop
proach,
the flow of
meet¬
the
measured
to meet after the First
World War,
must
-In the
veterans
of
minor
that
In
of
cess
we
ment
believe
plete.
give considerable
stability to farm prices for; 1947
and
1948, and these two years
construction ; has broken all rec¬
ords. ';:■"vV-vv.:
©£
I
by
•
benefits for veterans is
-
housing short¬
conceived
ever
Except for
stayed up
demand and prices
fell, in
contrast with Indus
try where
prices stayed up and output
^de¬
clined: Farm surpluses
piled up,
and disaster followed.
yM
aggressive program
home construction.
to
nation.
while
major policy is also
of great importance to the
national
The first Federal
program
lieve the veterans'
the
our
to peacetime demands.
The result we all remember too
well. Farm production
third
economy—an
to encourage
program
age
1
7
maintain" outlets
new
productive capacity
agricultural plant. It failed
to provide means4 to
protect the
farmer while he
adjusted his acre¬
give special at¬
the decentralization of
industry and the development of
areas
to
;
•/
completely the
Outlines
uman
.
jogram to Congress
k
^
(Continued on page 192)
of jthe Army by
relying exclusive¬
ly v9,n ( volunteers. The situation
Will' be much cleared in a
weeks, when the results of
campaign for volunteers
•
'
-
few
the
are
/known. The War Department will
make its recommendation as to
the need for the extension
of Se-
le^tTye Service in sufficient
time
to enable the Congress to take ac¬
tion/prior to the expiration of the
present law on March 31. The
sponsibility for maintaining
armed forces at the strength nec¬
for
essary
our
national safety rests
with the
Congress.
development of
The
Citizen
Reserve
is
trained
a
also
vital
to
out; national
security. This can
best be accomplished through uni¬
versal. training. I have appointed
an'Advisory Commission on Uni¬
versal
Training to study the vari¬
olic plans for
a training program,
expect that the recommen¬
dations of the commission will be
and I
of benefit to
the Congress and to
reaching decisions on this
mesin
to
erans'
basis,
of
a
to
seems
that
me
we
lenders should recommend
our
re¬
our
It
veteran.
money
let
be
us
state
sure
our
law
authorizing
passes
development Commission. A sound
redevelopment plan should be en¬
couraged and advanced as rapidly
as possible.
It must be recognized
that the process indicated by the
word
"redevelopment" will not
produce welfare rents competitive
with public housing. It will bol¬
ster the tax base in the decaying
should
be
on
a
case
and that 'the requirement
fixed percentage down-pay¬
loan
to
or
deprive
a
veteran of necessary working cap¬
ital. These fixed payment require¬
ments defeat the will of
this
requirement
Congress,
is ''adopted
5.7
point
to me, with re¬
important prob¬
seems
relating to
have
we
our
business,
:
Low cost housing.
a
loans
the
spect to two very
lems
2. Urban
,
Re¬
a
is
reached, it
housing to help to do
the job. First, let us be sure in
our respective
communities that
our city has a City Plan; secondly,
thereby
the problem.
"This
:
;
public
workable
desirable
If
of
secondary market that vet¬
ment may cause us to either lose
a
backyard, and get the supporters
is
joined be¬
tween
the fo/rcCs .which ignore
Business and Business which ig¬
nores
(Continued from first page)
of the market for G.I. loans.
One of the factors present is the
requirement of a fixed percentage
down-payment on the part of the
age
■
J"When
from
the
a
Wagner-Ellender-
we
philosophy
hailed
vate
of
'government
although this was
but,
as
Nothing can do more than bad
housing to fertilize the seeds ol
.
Selecting Jobs
a
The
it was in fact
reprieve. It settled nothing.
which
that
bill
problems
(Continued from first page)
:
for inflation hedges or
sustenance 7
Food is destined to be r
purposes,
grown on great farms as surely 7
as
shoes are made in great fac- /
tories.
/;
Professions
enterprise,
only
governmental theories.
other
great victory for pri¬
a
. •
Nothing can do more than good
housing to renew the faith 01 tne
masses
in American democracy.
"''J-yi/v
saved the country
dangerous expansion ,of
solution'
,
the
Bill,
their cir¬
not ^inevitapi
cumstances"' are
t
development.
toJJe f?
are
t
helped to prevent the
we
of
pasage
Taft
becoming educated
gree that they suspect
t.m J
9, I?47
.
dwellers,
demonstrated, and slum
of the prob¬
might do by way
therefor.
cure
"Battle
>
I;: Thursday,; January
cause
lem and what it
of
.
tf'V
THE COMMERCIAL ft FINANCIAL CHRONICLE
'V'vi'!?
Another
sional
'7'\'77',V "
Manufacturing?
or
illustration:.
such
workers
profes¬
lawyers,
as
*
of old
cities, it will increase sought to solve remain—and they engineers, teachers and dentists
going to look to Congress to the amenities of in-town living are real.) If we ignore the
prob¬ increased from 4 per 100 in 1910 '
and
get the percentage loan that the
place .such living in,. better lems of housing for* the low in¬ to 8 per 100 today! While oppor¬
law; contemplated;, and
that if competition with the suburbs, it come groups and redevelopment tunities for professional workers
necessary, the government will do will promote good rental housing of our blighted
will continue to expand, it is the
areas, we are hid¬
the financing without participa¬ in greater quantity and do much
ing from reality by sticking our belief of experts that there will
tion
by.; private
enterprise.
I to advance the investment point heads in the ground. These prob¬ not be enough jobs for all of the /
should like the secondary market of view in real estate.,
/ (jlf7
lems exist and they will be solved young people who wish to enter ,7
to consider that thought with the J ; It must be recognized, however, —with
and by private enterprise these fields. My advice is, there- that some type of public financial or
seriousness it deserves,
by the government. They have fore, that, unless you have a vital
The appraisal system is still the participation in the form,of pay- become problems very acutely in interest in and an unusual apU->'
weak link in veteran
tude for one of the professions, "
financing. as-you-go appropriation or bond the public interest.r
^ '
■■ .7
This can be said in spite of the issues must be provided if ac¬
"All of this, it seems to me, we you had better \ consider other 7
sincere attempts now being made complishment is to be significant. must
keep very rpuch in the fore¬ locations where there will be *
It is unquestionably sound gov¬
by the Veterans Administration to
greater opportunities,
/ . / :
)
front l of
our, thinking
in' the
ernment to avoid
generally, I predict that veterans
cores
are
.
.
.
.
,,
•
p|Sb|em.;
;
.
'
.
3
cthe cost of the military
lishment
substantial. -There
is
oph fcertain
cm' posts
enhance
estab¬
by which
way
and
at
the
<
is
we can
time
same
our
national
security.
Thatf is by the establishment of a
single
Department of National
,
Defense. I shall communicate with
the
Congress
with
in
reference
ment
of>a
the
to
near
the
future
establish¬
single Department
of
National 'Defense.
'Rational security does not
con-
fist only of an Army, a Navy, and
Air Force.
an
It rests
much
a
on
•.
correct
the
situation.
realize
the
size
of
When
the
G.I.
you
loan
program, you cannot help but be
sympathetic with
the -Veterans
•
Administration.
to
In
a
recent letter
General
Bradley, appreciation
expressed for the progress
being made and we requested an
opportunity to present construc¬
was
tive suggestions.
the VA to take
We shall request,
one
of the follow¬
depends on a ing steps: either,vand preferably,
that appraisals be turned over en¬
of prices and
tirely to FHA; or secondly, and
wages*- on a prosperous agricul¬
less desirable, that a
system like
ture pp satisfied and productive the; FHA
system be adopted .-by
workers, on a competitive private
broader
sound
base.
It
economy
enterprise free from monopolistic
reprfesCion, on continued industrial
harmony and production,
liberties
human
civil
on
freedoms—
all^the forces which create in
on
■
and
our; men and women a strong
niordl fibber and spiritual stamina.
But
•
we have a higher duty and
greater responsibility than the
attainment of national security.
Our goal is collective security for
a
imankind..
all
IT;
j
we
can
>
.■
«nfl|rstanding
\
,<
work in
-
/
'
spirit of
a
andnvmuiuaT^^:-
spect, we can fulfill this solemn
obligation which rests upon us. iv
The
spirit
of
the
American
people can set the course of world
history. If we m a i n t a i n and
strengthen our cherished ideals,
and if iwe share our great bounty
with war-stricken people over the
worldy-then the faith of our citi¬
freedom
in
zens
will spread
free
and
and
democracy
the whole earth
over
everywhere
men
will
share bur devotion to these ideals.
Let
have
us
the
will
and
the
patience to do this job together.
May,f he Lord strengthen us in
7 our faith.
77
May He give us wisdom to lead
the
people
of
the
world
in
His
ways of peace.
Rum!
the
Veterans Administration., We
have a responsibility to present
this case to the Veterans Adminis¬
tration,
because
Congress
has
placed the responsibility for G.I,
financing in the hands of th£
money lenders.
*
;
The
big problem in veteran
housing is rental housing.Sur¬
indicate that at least 75%
and probably 80% of the veterans
veys
want
to
rent.
;
There
are
many
supporters for the claim that the
removal, of the rental (Ceiling ori
construction would go far to
solve the problem. Certainly there
new
is
logic in the argument that the
only cure for the rental housing
shortage is to increase the supply
of apartments. The recent decision
to
change the rental ceiling from
a too of
$80 to an average of $80
should be helpful in this connec¬
tion^ As
you
doubtless know, FHA
has just reduced the
requirement
for so-called "front
money." The
fact cannot be overlooked that in
many sections of the
country FHA
- rental
housing
is
no
longer
in
the
blueprint stage.
Those, of us who have not care¬
fully rechecked
possibilities
of
insured
FHA insured rental
housing with
overlooking a bet.
interesting reading, I suggest
Edgar H. Greenbaum's article in
">ur
builders
are
ihe January "Mortgage
Banker,"
which he tells about his new
cooperative ownership G.I. project.
Resigns From
'n
New: York Federal
Reserve Bank
on' the subject of inter¬
reading,/I heartily com¬
While
Thb (resignation is announced of
esting
Beardsley Ruml) who had served
since January, 1937 as a Class C
mend to your attention the
of the American Legion
Director
of
Committee
Bank
New
of
past.isfix
the
Federal
Reserve
York, and for the
years as
Chairman of the
Boarid and Federal Reserve Agent
at
report
Special
the Reserve
have
tion
been united
to
unite
Bank, was made
Jan. 2 by Allan Sproul,
President of the Bank. Mr. Ruml's
orovide
resignation became effective Dec.
a
known
on
31 iicMr.
Ruml
who
is
to
correct
ing?
are
reasons
the
fact
Wiijiam I. Myers has
appointed
Deputy
been
re¬
Chairman
of
the Reserve Bank for* 1947.
their
,
■;
objec¬
Why not
conditions
that
popular appeal than most of
the
of hi^Jduties at the Reserve Bank.
'
support for public hous¬
Public housing has more of
Chairman
as
in
public housing.
Macy & Co.
stating that pres¬
sure of other semi-public activi¬
ties! prompted the relinquishment
of the Board of R. H.
isi-reported
Housing.'V
on
Realtors and mortgage bankers
us
willing to admit, and one of
for this popularity is
have
that
done
the
public
housers
something
about
blighted areas. In place of spend¬
ing our time and efforts fighting
public housing on a national level,
Jet
us
direct attention to the
rection of conditions in
our
cor¬
own
Federal
tralization and to handle
as
cen¬
months ahead.
many
and
large,
tenance of
functions as possible.at the local
level. It must be realized, how¬
ever,
has
of its income
ernment
units
to local
in return
status
pre¬
empting
the richest tax sources!
A procedure whereby the differ¬
expense as
change."
have
merit.
It
avoids
making
In my opinion, we should
view; each. new bill objectively in
pterins.
a
1. Is the
plan,
can
there
are
some
things
real
estate
/t ing channels and facilities and
•
interests
should
give
continuous support to city officials
,;can
.
we
and should db./
Safety and sanitary codes should
be vigorously enforced, and local
real one?
a
2* Can it be solved through exist-
redevelopment
a
problem, which it seeks
to solve
property tax base and
simplifies an honest statement of
the public cost involved. Finally,
without :
'
MBA.
real
even
i,
V.
7 Need)ess to say* it is the latter
course which I am urging for the
further precedent for inroads into
the
.we. so.
demonstrate?
: in
Here
is
what
Federal
our
the
Chairman
Legislative
of
Commit¬
,
4.
.
■
to the Board of
to
suggest a manner of aoproach
to
new
legislation which I feel is
to the effective support
of our free enterprise system.
"There are problems we face,
essential
the solution to which is regarded
by the majority of the people of
the
one
attacked?
ment,
while
-,7*.
recognizing
we
but.it
seems to me
must make that effort.
I
tired
of
that
trade
the
/,
^"Unfortunately,
the pattern of
has been that
when any problem finally reaches
the point of public interest those
seek
to
existing
years
solve it turn
channels
not
to
of
private
business, but to the Federal Gov¬
ernment.
This
is bad—it
is
dan¬
But the habit patterns of
business under such circumstances
gerous.
are
equally bad; for Business in¬
stead
of recognizing
the problem
that is more exten¬
sive in its scope than "profits and
loss" and organizing itself to a
solution other than government,
screams against further. centrali¬
zation of power in the Federal
Government, girds itself to fight
the) "socialists,"
and " overlooks
as
being
one
.
■.
country * is
associations
and
special groups that fight but
fail to lead in the solution of
real
problems.
our
bill
such
as
We must take a
the one
enclosed;
.
them.
£ Someone
tribute them to the
number
such
of
doubled
involved in
has
For
since
1870
■
The 7
consumer.
workers
pursuits
must
"
thaii!
more
and
'
young
the
women
7
clerical
field will probably r continue to
offer the best opportunities. The
number of clerical workers more
than
doubled
These
from
jobs will
(
1910-1945,
continue
strong
in order to keep up with the needs
of business and industrial, trans¬
seriously; analyze it ob- portation and distributive activi¬
jectively; revise it where we think ties.-But as Wages increase^ young
it needs revision; support it vig¬ women must do more and better
orously if it merits support; and work. "Any girl" cannot get jobs
fight it like the very devil if we much longer.
think it /wrong.
But above all
treat
it
else, our approach and our con¬
clusions must be sincere, intelli¬
must be
a;
'
1
^v/yv-i/ Trade Vocations
that
.
believe
Wagner
concern
>
Transportation, Distribution,'
years ahead.
tightrope to walk, and I fully
a
realize it,
particular
the
^
v
Opportunities In
is
ohase of business, does not lessen
the public interest in their solu¬
who
Good
7
re-
and
1
will, no
doubt, continue to increase in the
timately
the past ten
;
machine
tenders
,
at the
same
time that certain problems
require Federal assistance. That
gent, and objective.
tion.
machine
builders,
pairers,
machine
technologists.
.
greater problem than
a
being in the public
interest. The fact that such prob¬
lems may also specifically and in¬
as
care M
of by machine, the greatest vocational opportunities may be for
,
the Mortgage Bankers Association
'or approval next month: "I want
this countrv
sentials of life will be taken
transport these goods! from the
factory, and someone must dis¬
redevelopment bill that it is
to present
Europe
without
other
posed
years
Eastern.
create
tee, James W. Rouse, has to say
this subject in submitting a
pro¬
next 30
even
trols which in themselves may
"
7
on
the
a
t
being the best I know of and
worthy of your consideration:
America, :)
and
Asia, are headed for a trial of a 7
nearly
completely
mechanized >
civilization. Since; then, the es¬
ing
v
,
attitude <of the courts, / What atti¬ v We must resist centralization of
tude - should! a / trade t association power in
the Federal Govern¬
as
em-r
workers
more
These
must
worthwhile
complement the
manner to. the solution qf the
♦manufacturing ' and
mechanical
industries. People need manufac¬
problem?
\
Does it create new Federal con- tured goods. They have gone long,
•
charged with these duties, who
frequently become discouraged by
political pressure and the dilatory
take towards Federal legislation?
I submit the'following approach
have
than any
other vocational groups. A figure
of over 3Q out of every 100 has *
•'
•
^i>^|ll;7the/legislation 7propose3
^7 contribute
77'
Whatever else is said about the
Ellender - Taft Bill,
it
recognized that in stenuously and decisively opposing the
passage of constructive legislation
carefully prepared by sincere and
conscientious housing advisors as
-
remedy for our national housing
the real estate interests of
this country have automatically
assumed
a
solemn obligation to
a
ills,
propose and promote a
alternative program for
7
Advice to Job Hunters
77 It is impossible to have
without
war
Sooner
v
look
"paying the piper."
later
we
are
bound to
.
work with (a) d com¬
whose earnings fluctuate a
minimum between good times and
bad times. A toilet tissue manu¬
facturer
would
qualify,
while a >
(b)
which fur¬
steel company would not. Or
nishes
ness
A
for
a
a
company
necessity and whose busi¬
holds up
fire
during
insurance
qualify, while
a
a
depression.
would
hotel would noL
company
Or (c) work for a growing indus¬
American
people have/ ever de¬ try such as chemical
companies.
livered to any business group. It
Or (d) work for a concern that
is no longer a question of whether
decent housing should or can be can quickly mark up prices in
provided for all the people. Bad case of inflation. Chain stores,
housing will be eliminated. In the would
qualify; railroads would
recent war bur tremendous capac¬
■
<
for
pany
remedy¬
ity for production has been amply
7
great /
a
business
depression.
Therefore,
whether
you 7.be
laborer, operator, craftsman,
salesman, administrator, or what,
practical
ills.
or
a
witness
work
If the real estate
interests do less, they will bring
upon themselves one of the most
serious
indictments
which
the
ing these
r
'-£r
to ; guide, the
enough
~;7
:
to
appears
won't do. We will either
quo
ployed
and
public contri¬
a
incentive,
But,
quo.
1920 manufacturing and
:
mechanical: industries
leadership
between acquisition cost and
fair re-use value is written off at
bution,/or
status
Since
by
main¬
been reached. I visualize that dur¬
ence
public
the
the
fight a losing battle to maintain
it, or, we will'-have vision and
gov¬
for
for
with respect to these problems the
that the Federal Government
(obligation to distribute
an
some
Business men,
yearn
not.
V.
•.
-'
■?.'
Volume,>165ANumberr.4$5&
/
*t-WM
NY Group Recommends
Labor Law
(Continued from
should be
incorporated,
corporations,
made
li¬
able for the actions
of their memAs others have
pointed out,
this would deter
union leaders
ers from
destroying property, inguring non-strikers,
racketeering,
:^«sing flying squadrons and vari-
tfajj^e
.
«us
other
and
violence.
forms
of
intimidation
Appropriate Labor Laws Should
1946.'VfrnnV
'
Be Enacted
When the National
Labor Rela-
■
,v
tions Act
;
was
passed in 1935, and
laws enacted in various
states, .labor unions were considered weak, hence needed govern¬
...
_
similar
,v
ment
'
.
instruments of
but conditions
since then. Some
changed
;
matters
■
// gone
and
■
outstanding
labor
statesmen/ who for
far
in
conferring rights
privileges,upon
organized laibor that it is
today hard to think
■'
of. any,,
responsibilities: and
straints to which labor
re¬
unions
are
v
11:/
One
■
of the large western
X companies
recently, made
/: of the special
financial
-
lion
V
;
from
;v
>
goods
;an
;
a
labor union.
V;
such
BANKERS
•./; Along this
same
is
an
the
requirement
;
that
7
.
■.8
9
Atlanta——
Chicago-/-,.
Minneapolis
ity before the law in
all
matters.
Compulsory Arbitration
...
// Your Special Committee
on In¬
dustrial Problems and
Relations
/... 3s opposed to
compulsory arbitra¬
tion, except in the
dictional
strikes.
case
In
of
other
4,943,000
522,000
898,000
City//
:
-
of-
/
exchange.
$17,021,000
of
OF
September.
/
and• labor
which
<
-,
for
the
'
there
A
;
have
for
*
30^
various
arise.
may
differences
Of the Special Committee
on lndustrial Problems
:
:
///
and Relations
Hew York, Dec.
13, 1946.
,} /,
.
.
■
■
i
■
■
'
'
+ 16.0
+16.9
+ 18.6
+ 15.0
4,239,376,
+ 16.5
3,758,942
+ 18.2
a
in
15
"
■
/
v
6,623,000
increases as
shipments
of
against
coffee,
the
8.281,000
decrease
"
in prior years
"Chronicle"; 1941 yields
30
30—
1945—
bankers'
%r
17, 1946,
t
•
' / 3,408,000
.
decreases
ACCEPTANCES,
in
the
month
general
'/v;/••;/.
31—
129,743,000
28
126,269,000
127,512,000
116,825,000
104.356,000
106,893,000
Apr. 30.
May 31—
1,525,410
1,531,584,^,1,79^^8*
1,475,268
1,818,169
1,563,384 ■/, 1;840,863
the
(also
■'
t..v .*•
1,602,482
/ 1,598,201
fl929
/
.
f/T 33.818
••
_
1,588,967
4,576,713
annually from
1^736,
*
/l .717.315
l,588,)553'r 1^28,^8
:
1929), Jan.
page
202; 1943 yields,
1945,
page
v-
Y1,/;Y)94£,
yieidftqlftp.
558; 1945
/;• /v;/;: ^/-^//-•,/.■;/ vftorfn^f
■
.
.
V-. /•</-/'^
■
,
-
-
"■
-
■
/i n\
January, 1946—
3.4
February, 1946
3.6
March, 1946>_—2,4.'
Apfil, •• 1946—3.3
May, 1946-—>_•—3.2
June; 1946
3.4
—
September,
'
Vimphidi/
;:+/iOg
f
'
/rifirtffs
3.5
.
fnntw
.»m<
-
July, 1946
August,
1946
3.8
"
■r„
:
1946^^—4.1
October^/1946-.^.^—/;
1946
•
—4.4
President Deliversr
.L>
$150,604,000
OCT. 15,
Rates
the/ Master:
'Blessed' are/; the
peacemakers
for
they • shall'/foe
called the children of GodJ-
Christmas Message
Truman
flew
acceptances
us,
furnishes
outstanding
//''
'
at
a
daughter and other members
of his family. The
evening before,
from the South
Lawn of the White
House, he de¬
livered a Christmas
message to
the nation which was
broacast
the
close
/• /
,
of
"
..
each
.
/
July 31——— 116,717,000
Aug. 31.
128,035,000
Sep. 29_!
/ 134,533,000
Oct. 31
>134,592,000
Nov. 30
144,790,000
Dec. 31
154,349,000
-
194g
-•/■ ■'
194g
30—^
30
31——166,352,000
28
166,852,000
.y.
g
162,790,000
168,879,000
May 31——_ 177,273,000
Jun. 29—.—
191,719,000
July 31
Aug.
31
Sept. 30
<g
Jan.
Feb.
-v.i....:.
Mar.
Apr.
—
205.381.000
206,848,000
199,827,000
/
all radio networks.
of about 10,000,
sion to witness the
formal
the Christmas, season
of
opening
by the
switched on the
lights of the huge oriental
spruce
on
the White House
lawn.
Mr. Truman told the
nation that
.
he
as
"
although harmony
still
exist
and
in
it
the
world
does
not
that
men
easier, "to die together
much
...
on
to live
nev¬
has
and
courage"
world-wide
aged.'
■
peace
,
'
\
■
.
be
'
,
/'"We
have
toward
peace
day
a
can
„
of
/"The
progress
we
ad¬
Washington:
have
made
de
.
1'Ji-
Roth$chi}d
Rothschild,
p,
•
66
was
years of age, said
,4hq ad¬
vices, which also stated in part:,
/
"Before his retirement he/With,
his ; cousin,/ Baron
Edouard i de
Rothschild, headed the firm of
Rothschild Freres, a banking es*
tablishment
known
throughout
the
world.
with
In
1940
he
left
Paris'
his
wife, Baroness
Rothschild, and two daughters
shortly before the Germans/?oc¬
cupied the city. He arrived.safely
London and shortly thereafter
to. the United
Statesang,
in
according to Associated Press
Robert
—.
and / may
retired leader of the Paris > bank~
ing firm, died in Lausanne, Swit¬
zerland on/Dec. 25,
according to
Paris advices
appearing in theNew York "Sun" of Dec. 26>lTle
went
concluded,
vices of Dec. 24 from
Baron
*
H't? J
Ml::*:
/
a
good start
in the .world," said
the
President./"Ahead of us lies
the larger task
of
making the
peace secure." And he
/;/:/
Christmas/.,
Death of Baron
envis¬
made
•
God bless you all!"
An audi¬
had assem¬
bled before the
Presidential man¬
"Merry
^
countrymeni+MQrrjr
Christmas!
five-fifteen,
find
of the
"Because
of
what
we.
haye
achieved for
peace, because1 of all
the promise our future
holds,; I
say to all my
/
and
the field of battle than
record
/u
from
Washington to Independence, Mo„
early Christmas morning to
spend
the day 'at his home with his
wife
;
,
"He had lived at 45 East/1 -36th/
Street in New York and alsofihad
a
summer
home
at
Port
"VY.ash-
ington, L. I. The Baroness, died
on Jan.
8, 1945, at RooseveltcPospital.
,
:'3«d
-1932 .t/T
following back issues'^$8*{tfie
1-'/;
.
**
" .J,860,O21
1,637,883
1,619,265 .<*11,542JOG
1,414,710
V, /r ;:4,588,2141
see
i
1,510,337 /^1,718
1,518,922/Jf 0/806,225.
1,554,473
4.427,281
4,614,334
!
S<-815.743
,.
1.520,730
,•'/'//;: /t' V/■'.:///'.// '•'Z//. V//;., '//.Vv
COMMON,,STQC$Bjr, r,
-«> I'</,'.,;/
muW->, lAveraga
Industrials
Railroaasf
tJtilities, /; Banks'; Insurance;;^ Yield
kfion
y VifevJ'
(125)
President
1J
1945—
115,336,000
128,944,000
Jan.
June 30
/
Vc ,m?-!1929
1,507,503
,11.806,403
1,528,145.
1,533,028 ' '1,824,160
:+| 1945 ;•;///
/;
.-/•■//'
MOODY'S WEIGHTED
AVERAGE YIELD OF 200
over
<6
...
1932
4,225,814
+ 18.3
page 299.
/•
ence
woodpdlp,
rice
and
in September 1946.
'•
,
November, 1944:
Feb.
Mar. 31
4,538,012
4,563,079
4,616,975
"
.
2218; 1942 levels, Jan. 14,
1943,
1944, page 1130; 1944
yields, Feb. 1,
225,000
■
Dealers'Selling
following table/computed by
1Q44
Nov.
+ 14.1
•
For yields
"faith
Dec.
4.524,257
page
14,499,000
22,000
...
7,205,000
;
large part of
Sept. 29, 1945
$97,569,000
10,551,000
i
Dealers'Buying Rates
/'—
month since
+ 10.0
% 4,145,116
..4,034,365
already been
accomplished through1 the work
of the United
Nations and through
of
+ 24.0
! bfiD
.-It
v
4,375,079
4,354,575,
4,345,352
4,358,293
4,354,939
4,396,595
4,450,047
4,368,519 I.
+ 18.0
.
.
fjtn.fov
i
..
..
■■■'-"/
+ 18.7
3,865,362
4,163,206 :
/
25I__1.
ertheless
The
'
1
15.0
Kilowatt-Hours)' >
.> 1944
+ 11.2
•
together at home in
peace,"
volume
26.1
Moody's Common Stock Yields
at
21,642,000
12,053,000
13,666.000
,
been
slackening
$65,294,000
Aug. 31, 1946
$152,260,000
.
$134,533,000
/
.Days
+ 14.3
3,914,738
■
15,342,000
;
19,702;000
10,959,000
12,484,000
59,000
CURRENT MARKET ' RATES ON
PRIME BANKERS
purpose
/
/
/
-
692.000
.
cases
Lewis R.
Gwyn, Chairman
Jeremiah R. Van Brunt
Frederic T. Wood
'
-
•
19,412,000 1
/ BILLS HELD BY ACCEPTING
BANKS /
/
bwn, hills— $68,149,000
■
Bills' of 'pth'ersj—
$82,455,000 ■ % Total.
Increase for
month.—i——— $10,728,000
//
juris¬
////•/■://///'
Respectfully /submitted, /
<
4,712,000
134,000
1,019,000
$150,000,000
or
shipped »,/
countries^^——«
accounted
,
4,028,286
3,934,394
+Z;->yl946 'Over 1945
—
Decemher,11946—L—./4.4
CREDIT
,
merchandise
'
change
% Change
.;1947
.
November,
292,000
Increase for year^/
——
goods stored in
1925
22,1.
; 9.7 ./
3,281,000
- ■
$206,848,000
Imports
Exports—,
:.' Since
,
2,073,000
——
Sept. 30, 1946
betweenforeign
123.1
Over 1945
3,937,420
3,899,293
$4,442,443;
4,573,807
President
ACCORDING TO NATURE
on
9.5
9.3 *i
:2
r
*■'
7.2
26.0/-- \*i
}
,/
'
3,948,024
3,984,608
3,841,350
4.042,915
4,096,954
4,154,061
4,940,453
1,007,000
A
adjusting
/
■
j
——L-L.L—
Increase for month—
system
of
arbitration
should be worked out
by manage¬
ment
11
t;
: 10,114,000
..
150,000
compulsory arbitration is not only
against American ideals of indi¬
vidual freedom/ but would
not be
effective in helping labor rela¬
tions.
4,777,943
Week Ended—;
_
j
GrandTotaL
;
/
14
28^-—--—.
Jan."
$17,196,000
,
823,000
4,619,000
„
Based
/
Dec.
Sept. 29, 1945
-
'
4,764,718
4.448,193
4,672,712
30
Dec.21/'iu^
STATES
2,529,000:
749,000
.
Dollar
/'4,699,935
L-/
;
7—.w--
Nov.
Dec.
79.690,000
14,537,000
2,577,COO
——
management
equal
Tights in the matter of collective
bargaining. There should be equal-
16—
Nov. 23
I.;
3,251,000
Domestic shipments.—
Domestic warehouse credits
have
;
Nov. V'i 2—;
Nov.
II Dallas-
,
"4,539,712
4,601,767
4,628,353
•4,682,085
NOV./- 9—
Jan;
141,090,000
13,567,000
—
—
There
should
be
free
for employers as well as
members of unions.
Labor and
speech
26,
Id"
•
12 San Francisco
Furthermore,
should
Oct.
4,478,092
; 4.495,220
19
Jan.
$18,196,000,
.
21.2
;/
9.2.
*"3 9 "*
13.5"
...
Bt.:Louis——■—
1 o Kansas
the same.
dation.
>
Cleveland^-^.——
^
employer has recognized
union, he cannot discuss with his
employees its demands without
opening himself to litigation under a charge of threat or
intimi¬
/
Philadelphia——_l;
6
So the employers are
required to
toargain, but the employees can
v; do as they
please.
an
.
,
3
4
;
11.0
25.5
26.3
.
1945
■
Jan/ 18—Li.
Aug-. 31y 1940
$57,54,1,000
S Richmond
■■
employers bargain with their em¬
ployees in good faith without re¬
quiring employees to do
Sept. 30,1946
2.;Neyr York^>—
dictional strikes/ secondary/ boy¬
and
;
—
juris¬
are
/
12—w:
>
■
OUTSTANDINO^-UNITED
BY FEDERAL RESERVE
DISTRICTS
I Boston.
-
line,
>
—
Federal Reserve District—
^
■
.
Oct.
or
DOLLAR ACCEPTANCES.
to
bond
a
in
11.4
.%
1946
5
'■
employer, according to the Labor
1 ^Relations
Board.
af
Oct.
shipped between foreign countries
were
lower;
only dollar exchange showed a gain.
/ T./
r l/-/*
:
/ In the
yearly analysis/nil the item^ were
higher except ^domestic
warehQuse creditsand dollar
exchange^ --**»• ^
«•*---««*
■.? ' The/Reserve
Bank's report follows;
And
"unfair labor
practice" for
cotts,
only the mis¬
while
bond,
demanding
stored
15.3
14.1
WEEKS (Thousands of
////
ery and above all the
suffering
of millions of children
and young
.
17.4
18.3
Week Ended—
Oct.
.
.
•
V. •'//
FOR RECENT
exemp-
the union's only
responsibility
/fulfill a contract would be a
-
„
6.4
// :/•/ 18.2 /'■;;
1^5
"ti
v.,..
DATA
\
,
inj unctions,„ anti-trust
sued, but not
tout
rancor;
your eye see
,
24.1
Total United States
indif¬
$65,294,000.
In the month-to-month
comparison, imports, * exports/ domestic
shipments, domestic warehouse
credits, and those figures based on
anti-racketeering laws;
irresponsibility;
from
under duress;
immunity from Corr
yupt Practices Act. Under
various
/■ ,rulings, the study
points.out, the
/ congregation of a church can be
■
/ "Let
26.3
;
dollar acceptances
outstanding on Sept. 30,
$199,827,000,; a decrease of $7,021,000 from the
Aug. 31
amounted to
:
?
1
all
v
13.7 i.,
Cpast.
mean
-
total, according to the monthly
acceptances survey issued on Oct.
15,
by the- Federal Reserve Bank of New
York. v. As: compared with a
year ago, the Sept.; 30 total
represents ari increase of
Jaws, and
privilege of coercing union memtoers,; and vot obtaining contracts
;
selfishness,
all
all bitterness, all
;The volume of bankers'
/f
trust
lawsuits;
v
generous! ; Away/with
Sept. 30, $199,827,000
privileges enjoyed
toy labor, but illegal for an ordi¬
nary citizen. It listed the follow-
•/3ng; ./immunity
and
17.9
Mountain
Pacific
available
more
9.1
'
16.5
,
Rocky
grow
ever
■Bankers Dollar Acceptances
Outstanding sn
study
a
helping hand:
cold;, let
your .zeal
help be
ference/rail
Industrial
West Central
Southern States-,
Dec.
-/and beyond the law/'Yet that is
/ -about what has, happened/'
i
•
not
a
your
,
subject. Granting the right of collective bargaining does not
mean,
or should not
mean, that the benefidaries; of that right are above
•
lend
can
10.6
Central
we say once more to
a year or so
people who are perishing with
in a series of almost
uninter¬ hunger. In this
way you, at one
rupted and toilsome conferences, and
the same time, give and re¬
have labored* to
bring about what ceive the ineffable
Christmas gift:
honest men the world over
ardent¬ Peace on earth to
men. of good
ly long for and desire./- '
/
/
Will!"
\
/ '
r
recently stated "we have
so
Let
equity"- demanding
Pope declared, the same advices
reported: '
,' / "
" •' /"//
:"We • most
Willingly ; recognize
the untiring efforts of
•
and
all who
outlining the three greedy
points for basic
consideration,' the doubts,
Federal legand growth of unions has
/lost his Bill of Rights and
surrenv <dered
his individual
freedom : to
/J the labor unions. A well-known
economics
procedure
Before
/islation
of
"Therefore,
modifications may be heeded.
as a result of
/; student
and
reason
consider that
today the individual
/• citizen,
peace "a
clearly determined" : for correct¬
ing the|n, so that the "voice' of
assistance;
have
,
4/71)1
18.3% Ahead cf That for Sane Week last
Year
corresponding
and unauthor¬
It would deter
strik-
...//
,
members of the Col*
broadcast
over
.
from irresponsible
ized strikes.
was
by the Vatican's short wave
the Italian and
Spanish long wave sta¬
The Edison Electric
Christmas Eve that there is
Institute, in its current weekly report/ es¬
grave danger of
new conflicts in
timates that the amount
Europe unless an early and just
of electrical
peace is established
and means are
energy
distributed
brought about to alleviate the dire
byr/$he
electric light and
privation which
power
now exists. The
industry for the week ended Jan.
Pontiff, whose ad-<$>-————" ; • 1
—
—
was
dress lasted 34
4,573,807,000 kwh., an increase of
minutes, accord-.
18.3% over the
"But alas, differences of
opin¬ week last year when
ing to Associated Press advices of
electric output amounted to
ion, mutual distrust and suspicion,
3,865,362,000
Dec. 24 from
The
current
Rome, urged three the doubtful value, in fact and in
figure also compares with
4,442,443,000 kwh. prbdti&gdl
considerations upon the rulers of
in the week
justice,
of
not a few decisions al¬
ended Dec.
the world as a basis
28, 1946, which was 18.2% higher
of policy:
ready taken or still to be taken, 3,758,942,000
kwh., produced in the week ended Dec.
First, "a definitive peace among have
made uncertain and
22, 194$^ The
all States" in
fragile
largest
increases were reported
order "to remove
the strength and
by the Southern States and
vitality of com¬ Coast
/Pacific
dangerous international
groups which showed
tensions"; promises and solutions based on
increases of 26.3% and
24.1%, Yesperrsecond/ that this peace be given force
or political
tievly, over the same week in
prestige, which
"the seal of true
justice, of far- leave deep down in
i
many hearts
PERCENTAGE INCREASE OVER
seeing wisdom, of sincere service
SAME WEEK LAST YEAR
delusion and discontent."
Major Geographical
to the common
interests of the en¬
Week Ended
rll'-.
Division—
Toward the conclusion of his ad¬
Jan. 4
tire human
Dec. 28
Dec. 21
New England
family; and, finally, dress
Dec. 14
D6i:. 7
13.2
10.6
Pope Pius pleaded:
that there be established
'11.7
/
i;
Middle
11.3
Atlantic_____
10.1
in the
10.7
:
;/// foers.
•v.;
& FINANCIAL CHRONICLE
address to
an
station and rebroadcast
tions, told the world on
compelled
and
COMMERCIAL
-
lege of Cardinals which
to make
reports of their assets as
other
^
Pope Pius Appeals for Just Peace //// Electkie
Oulpul for Week Ended Jan.
the<resident
187)
page
'
Pope Pius XII, in
Changes
*
,
'*•
•
The Baron returned toi Eu¬
aboard the Queen Mai-y:last
July 26. He said on his
rope
depaisture^^/
gives hope that in the
coming year that he planned to aid in >the reshall, reach our goal. May 1947
establishment of Judaism in'
entitle us to the
benediction of France."
,we
'
'
.
Moody's computed bond prices
—
givenin the following table:
<
MOODY'S
U. S.
156
'
r
Corpo¬
Bonds
3o;i:„
BOND
PRICES
25__„
Aaa
Aa
A
R. R.
P.U.
Indus.
117.00
110.52
112.93
118.00
120.22
119.61
117.00
110.34
112.75
117.80
120.22
121.25
119.61
116.80
110.34
112.75
118.00
120.22
122.14
116.80
121.25
119.61
116.80
110.15
112.75
118.00
120.02
122.17
116.80
121.04
1^9.61
116.80
110.34
112.56
STOCK EXCHANGE CLOSED
„
118.00
120.02
122.20
116.80
12L25
119.61
116.80
110.15
112.56
117.80
122.20
116.80
121.25
119.61
116.80
'110.15
112.56
117.80
120.02
122.17
116.80
121.04
119.61
116.80
110.15
112.56
118.00
120.02
Output of Pennsylvania anthracite for the week ended Dec. 28, spending the holidays with lus 1946, as estimated by the Bureau of Mines, was 819,000 tons, a de¬ family at Richmond, was strickertv
crease of 460,000 tons, or 36.0%, from the preceding week. < When
with
coronary ' thrombosis ; ori
compared with the production in the corresponding week of 1945, Christmas Eve and was taken to,;
there was an increase of 177,000 tons, or 27.6%.
The calendar year the Johnston ' Willis ^ Hospital ,
122.17 / 116.80
121.04,119.61
116.80
110.15,112.36
118.80
119.82
to Dec.
122.17
120.84
119.41
116.61
110.15
117.80;, 119.82
116.61
116.61
122.08
116.61
112.56
•
119.20
116.41
110.15
112.56
117.60
119.82
121.04
119.20
116.61
110.15
112.56
117.60
119.82
109.97
112.37
li7.60
119.82
109.97
112.37
117.60
119.82
109.97
112.37
117.60
119.61
21,—"—122.05
116.41
120.84
119.20
116.41
121.92
116.61
120.84
119.20
116.61
19-,J__1—
122.02
116.41
120.84
119.20
116.41
121.89
116.41
120.63
119.20
116.61
109.97
112.37
117.60
119.61
121.89
116.41
120.84
119.20
116.41
109.97
112.37
117.60
119.61
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
121.92
116.41
120.63
119.20
116.41
109.97
112.37
117.40
119.61
12
121.86
116.41
120.63
119.00
116.41
109.97
112.37
117.40
119.61
11_
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
;'9—121.89
116.41
120.84
119.00
116.22
109.97
112.19
117.40
119.82
17™_^*_
14
•___
110
-
2211783
6
.
121.89
116.41? 120.84
119.00
116.22
109.79
112.19
117.40
119.61
121.74
116.22
120.84
119.00
116.22
109.60
111.81
117.40
119.61
121.67
116.22
120.84
118.80
116.22
109.60
111.81
117.40
119.61
117.40
119.61
121.64
,3—,
116.22
121.36
116.22
109.791 :ill.81
116.02
111.81
109.60
116.02
119.00
109.60
111.81
117.60
119.61
109.79
112.00
117.60
119.82
122.05
116.61
121.46
119.20
116.41
110-15
112.37
117.80
120.02
122.17
116.61
121.25
119.20
116.22
110.34
112.37
117.60
120.02
"Total incl.
122.14
116.41
121.04
119.20
116.02
110.15
112.19
117.60
119.82
tComraercial produc.
25A—I—a "i 121.77
116.61
121.04
119.20
116.22
110.34
112.19
117.60
120.02
.
;
121.43
116.61
121.04
119.20
116.22
110.34
112.37
117.80
120.02
11-—t-
121 08
li6.41
120.84
119.00
116.22
110.15
112.19
117.60
119.82
4__121.05
18-—
v
116.61
121.25
119.00
116.61
112.56
117.80
119.82
121.08
li6.61
121.04
119.00
116.61
110.15
112.37
117.80
119.82
20
121.14
116.61
121.04
119.00
116.61
110.52
112.75
117.80
119.61
13
121.80
117.20
121.46
119.41
117.00
111.44
113.89
118.00
120.22
122.52
118.00
122.29
120.02
117.80
112.19
114.46
118.60
120.84
122.92
123,77
124.11
118.40
122.71
120.43
118.00
112.37
114.85
118.80
121.25
118.60
121.46
•
g*pt. 27—xJ&i.
6
,
—
Aug. 30—
26_—_
June 28
—.
May 31——-
123.09
124.33
125.61
110.34
123.13
121.04
118.40
112.56
115.63
119.20
118.80
123.34
121.25
118.40
112.56
116.02
119.20
121.46
118.80
122.92
121.46
118.40
112.56
116.22
119.00
121.04
119.00
123.34
121.25
118.40
113.12
116.41
119.41
121.04
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
Jan.
25__—126.28
119.00
123.12
121.25
119.00
113.31:
115.63
119.41
122.09
117.00
121.46
119.82
117.00
110.52
112.93
118.00
120.22
26
Mar. 29—
High; -1947——
low
maLvw—
122.17
;
122.08
116.80
121.04
119.61
116.80
110.15
112.56
117.80
120.02
High '19461—
126.28
120.02
124.20
122.50
119.61
114.46
117.60
120.43
122.50
Low
120.70
116.22
120.63
118.80
116.02
109.60
111.81
117.40
125.30
118.00
121.67
120.22
117.60
112.56
114.8$
118.20
120.84
120.67
113.50
119.00
117.80
113.50
104.66
108.70
113.89
11820
.
:
194«.L;4-_
1 year
Jan.
7,
'
'
'
MOODY'S
Y;;-
rate*
2.58
2.66
2.80
,3.14
3.01
2.75'
2.67'
2.80
3.15
3.02
2.76
i 2.64
2.67
2.81
3.15
3.02
2.75
2.64
2.81
2.59
2.67
2.81
3.16
3.02
2.75
2-8l
2.60
2.6.7
2.81
3.15
3.03
2.75
—,:;Y;
1.57
7
STOCK
1.56
2.81
2.59
1.56
2.81
2.59
•'1.57
2.81
2.60
27_L———
.'.1.57
2.81
2.60
26_l_-—H
,1.57
2.82
2.61
'''
,
i
20—
',,1.57
/
71.57
1.58
-
—_
7
1.59
v
2.69
2.83
3.16
2.77
3.03
2.82
2.60
'2.69
2:82
3.16
3.03
2.77
2.83
2.61
2.69
2.83
3.17
3.04
•2.77
2.82
2.61
2.69
2.82
3.17
3.04
2.77
3.04
2.77
«..i—i—
1,000
1,000
1,470,000
1,440,000
557,000
483,000
—
Washington
2.67
Panhandle
2.77
2.67
Oregon.
2.77
2.67
3.17
3.04
2.78
2.66
3.17
3.04;;
2.78
2.67
2.78
2.67
2.83
3.17
3.04
2.78
11—Y 1:1.59
2.83
2.62
2.70
'2.83
3.16
3.04
2.77
2.68
1.59
2.83
2.61
2.70
2.83
3.16
3.04
2.78
2.67
1.59
2.83
2.61
'2.70
2.84'.
3.17
3.05
,2.78
2.66
2.83
2.61
3.05
3.18
2.84
2.61
2.70
2.84
; 3.19
3.07
2.78
2.67
2.84
2.61
2.71
2.84
3.19
3.07
2.78
2.67
2.78
2.67
2.77
2.67
2.78
i
1.61
2.84
2.61
2.70
2.84
3.19
r_——
1.62
2.84
2.61
2.70
2.85
3.18
3.07
2—w—_
1.63
2.84
2.61
2.70
2.85
3.19
3.07
2.77
2.67
29a.—w-~
1-62
2.84
2.60
■2.71
2.85
3.19
3.07
2.77
2.67
2.83
2.60
2.70
2.85 4
3.18
3.06
2.77
2.66
2.65
—„
1.60
15——
1.58
2.82
2.58
2.69
2.83
3.16
3.04
2.76
1.57
2.82
2.59
2.69
2.84
3.15
3.04
2.77
1.57
2.83
2.60
2.69
2.85
3.16
3.05
2.77
1.60
2.82
2.60
2.69
2.84
3.15
3.05
2.77
6
2.82
2.60
2.69
2.84
3.15
3.04
2.76 '
2.65
2.61\
2.70
2.84
3.16
3.05
2.77
2.66
r,
165
2.82
2.70
2.82
3.15
3.03
2.76
1.65
2.82
2.60
2.70
2.82
3.16
3.04':
2.76
2.66
1.65
2.82
2.60
3.70
2.82
3.14
3.02
2.76
2.67
1.63
2.79
2.5b
2.68
2.80
3.09
2.96
2.75
2.64
1.58
2.75
2.54
2.63
2.76
3.05
2.93
2.72
2.61
y 1
Aug. 30—
26——
June 28—
—
May 31^—
Apr. - 26
Mar. 29—
21J—I.--25——
,
-1.48
'< 1.45
1.36
1.33
1.31
1946—194&.
2.63
2.75
2.73
2.50
2.60
2.73
2.71
2.49
2.59
2.73
3.04
327,000
25,000
2.91
3.03
2.87
3.03
2.85
"
2.84
2,363,000
1.990,000
881,000
1,329,000
200,000
900,000
225,000
1,000
:!'•§! 1,000 ;
1,000?
11,150,000
13,220,000
13,200,000
& M.; B, C. & G.» and
of State, including the
§ Includes Arizona and
>
*
> -
figures are advanced to equal
•,,.•■ -;:•■
i-
^
Sep.
7
8ep.
14
21
2.59
2.58
8ep.
2.58
Sep. 28_
2.60
2.58
2.73
2.73
3.00
2.83
2.68
2.60
Oct.
2.59
5
2.46
2.54
268
2.94
2.78
2.64
2.55
Oct.
12
2.67
2.49
2.56
2.70
2.94
2.83
2.64
2.55
Oct.
19—
2.70
2.50
2.59
2.70
2.99
2.87
2.68
2.55
Oct.
26———
2.81
2.81
3.16
3.03
2.76
2.65
2.63
2.80'
3.14
3.01
2.75
2.64
1.68
2.71
2.85
3.19
3.07
2.78
2.68
T.31
2.65
2.45
2.53
2.67
2.93
2.77
2.63
2.53
V
156,822
j
—IL—
Percent of Activity
615,865'..:
169,143?
< i
V.
,*
?
;
——'
NOV.
2
Nov.
8_—.
Nov.
_i—
——
—
16—
"95
169,988
155,589 V .;
161,534
598,569'V if4
155,140
175,440
572,188 •
205.422
174,752,?
185,047 ';
175,906:
138,100
170,411
619,581
99
605,059 ,5
601,787 ".
,
M?
613,752
<
:
,
580,331
554,982
170,533
2.57
2.64
2.7?
*3.03
2.91
2.74'
Nov. 30__—
2.61
Dec.
2 Years Ago
—
r,
153,574
li.
■
545,042
"r
162,353
172,417-
207,137
7—mm—
'•
1.78
2.98
2.70
2.76
2.(
3.47
3.24
2.96
2.74
Dec. 14——
from average yields on the basis of ohe "typical" bond
(3%# coupon, maturing in 25 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely Serve to
illustrate in a more comprehensive way the relative levels and the relative movement
of. yield averages, the latter being the true picture of the bond market.
♦These prices are computed
NOTE—rThe list used
Dec. 21
; ; 175,640
167,937
^
-
144,083
—
99,555
Dec. 28.—m—
,v
v
...
.;
I
in
Issue of the "Chronicle" on Dave
—:
<;
.i
172,275
,
109,210 ? ?
>
y :
95
-t
'
101
96
loo
;'," ;96
-102
'.:.;96 '-;<•■
101
96
mission.
months
on
94
99
571,179
102
543,675
;?i02
<
meet the 4
situation created by the Supreme
decision declaring insur¬
Interstate
commerce.
He served as the Association's repre- 4
sentative
on
the
All-Industry v
Court
ance
helping
bills. /.
to formulate
..:
;
Tuesday, Dec.
31,
1946—.—.i.iw-V'373.0 v-.*-;
Hoi. / '
372.7
380.1
Saturday, Jan. 4 —_
374.8
Monday, Jan. 6
375.6
Tuesday, Jan. 7; 376.7
96
96
96
Moody's Daily :;i
Commodity Index
;;
xyjQ'Gfi'"
\
Two
Jan.
—
3
Y380.6
Dep.369,3
7', '1946_'4-. 264.7 '
weeks ago,. Dec;
Month
ago,
Year : ago, Jan.
1945' High, Dec.
t
27,'
252.1
380.6
Low, Jan. 24
1946iHigh,:^:Dec.^24;
Low, Jah. 2,
1946
264.7
;
•
-
W/T'
fisiJ
/
.••
•
<
i.. •
.
j*. V
iOf<
</l.imiv\
s
the
'
Friday,
stock, and: other litems made .necessary Adjust¬
do not necessarily equal the unfilled
orders
at the cldse.Compensation
for delinquent J
j..''
V,
of
^Association^ of :
America, Mr. Satterfield had won
recognition for his constructive ;
leadership and for his work on .
Wednesday, Jan. 1
96
/
Director
Executive
As
Life4 Insurance
^
reports, orders- mad fororfiliedfroin
■
■;y ■■
He
spent five
that assignment during 4
secret
Thursday, Jan. 2
96
loo,i-7
578,742
532,773 ■;?>
v
NOTES—Unfilled order
ments of unfilled orders.
in 1941, just prior
r'li?
•
; 96
'
Jan;,0,) 1945—
Naval Reservist since
these
;$p 100 O:
172,354 J?
a
Committee
158,176
V7
?
579,500
223,117
145,507
——
—
;
95
83
101
r
569,409 7: '101 ?-7
5
170,970
593,213
•
{
World >
to 4
entry of the United States into
the war, he was called into active g.
service by the Navy as Lieutenant .
Commander on-indefinite leave 4
of
absence from Congress,* and
<:
went to Great Britain on a special ;
as
War I and
ri '
Current Cumulative
'
....
NOV. 23-
2.75
state ate involved.
--f'
Mr. Satterfield had been active »
the All-Industry bills to
.
Tons
;
r
rights or resources of the
either
These
Remaining
r
172,476
160,969
2.51
2.67
>
C\ 138,189
151,407 :
—
i
2.49
2.58
Tons
192,978
—.—;
2.71
2.62
Production
Tons
-
2.70
2.60
Received
"
2.69
2.80
:
'
1946—Week Ended
left i,by
decision
Court
Unfilled Ordws
Orders
v
Period
2.69 :
2.84
1.38
the : Supreme
changing
the ?
status of insurance.; He was also .
author of legislation in support •
of state's rights, giving states per- 1,
mission to appear by their Attor- •
nev-General in all suits in which 4
situation
each week from each
s ,
<.'
PflODUCTION, MILL ACTIVITY
,v.±
STATISTICAL REPORT—ORDERS,
legislation<fto correct the f
fecting
100%, so that they represent the total
industry*'
procedure^
the leaders in
and was one of
production,: and also a figure which indi¬
of the mill based on the time operated.
the activity
cates
'Ago
1946—
remedial administrative
the great London "Blitz", and re— *
of the total turned just in time to vote for
the declaration of war on Japan, 4
of this Association represent 83%
members
industry, and its program includes a statement
2.71
2.70
'•
16,000
:
2,552,000
National
Association, Chicago, HI., in relation to activity in the
; 2.66
v
126,000
370,000
herewith latest figures received by us from the
member of the orders and
'
3.03
149,000
422,000
208,000
2.66
1.57
1.57
1947j
1947,14
-■
2.52
2.73
1.55
1.49
1.47
The
...
2.83
,
1,000
2,000 •
2,000
148,000
paperboard industry.
2.65
1.63
u—
120,000
Grant, Mineral and Tucker counties.
,
,
-•
<■ *
and
.
Paperboard
2.65
1.65
2.59
District
We give
2.66
*;
'
—
150,000
.
f
2.67
2.84
1.60
3.07
——
149,000
61,000
Weekly Statistics of Paperboard Industry
2.67
1.61
-
2,545,000
fIncludes operations on the N. Ss W.J C. & O.; Virginian; K.
& O. in Kanawha, Mason and Clay counties.
tRest
3.04
73,000
•
.
politics, managing the cam-
"
the B.
3.04
2,000
29,000
88,000
of Tuckerv
Satterfield was elfecte(L to .C°n" Y
gress from the Third. District of
Virginia and was re-elected for
the four.; succeeding
terms, vlri none of his campaigns did he have
any opposition and he had been, .
elected to his fifth term in Con¬
gress only a few weeks prior to
taking the post of General Coun-»
sel for the Life Insurance Associa- ■
tion of America, early in 1945. In Congress, Mr. Satterfield served
on
the Judiciary Committee and Y
was seventh in rank when he re--;
signed. He had been active m
support;? of the reciprocal trade
agreements set up by Cordell Huiv. •
had* soonsored legislation seeking ^
108,000
2,936,000
'%
Total bituminous and lignite—
3.17
2.70
4
'
20,000
;
40,000
'
,
98,000
-J 35,000
3,082,000
—
Virginia—Southern
tWest Virginia—-Northern
Wyoming
iOther Western States
-
634.000
:
tWest
3.17
v
:
,
383.000
Y
,
•
'865,000
62,000
L
3rl7
2.70
(bituminous)
(bituminous and lignite).^
—
2.83
? 2.62
4
55,000
1,000
38,000
Tennessee i*——..—:
2.82
2.83
v;
510,000
76,000
844,000
75,000
——-
—
-
130,000
930,000
62,000
1,000
,
(lignite)
Oklahoma
2.83
•
—
North and South Dakota
2.69
3.04
J«.;
(bituminous and lignite)^
Pennsylvania
124,000
1,213,000 : :
446,00
100,000
V
36,000
38,000
32,000
127,000
1,118,000
New Mexico—
in
39,000
171,000
l.ooo
: v
2.69
<3.17
20
^
——
1
2.69
2.83
7,
■
Missouri-
and
2.62
2.83
,
;•
1,525,000
604,000
Georgia and North Carolina
Ohio
27,000
186,000
48,000
.i
1945
324,000
4 6,000
367,000
7,000
204,000
Colorado
Dec. 22,
"4
.
>
.
^
14,
1946
7,000
Alaska———
Texas
m-
427,000
Alabama
2.61
2.83
1 year
State-
Kansas
Dec.
21,
1946
2.61
•
'
Week Ended
Dec.
2.66
2.69
:
annual returns from the operators.)
and State sources or of final
2.66
2.69
High
ESTIMATED WEEKLY PRODUCTION OP BITUMINOUS
-
2.66
/<
nsix days only.
COAL AND LIGNITE,r
BY STATES, IN NET TONS
, Y,<y^
^1 '
i (The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
i
.
paign for George Peary when he ;
was elected Governor of Virginia
in 1934.
Three years later, _Mr.
.
2.66
2.69
4
Jan.
2.60
CLOSED
2.62
Sept. 27
High
EXCHANGE
2.66
2.66
;
2.61
11:
Low
2.76
Y
2.82
2.61
25
Low
.2.75;
3.03
2.81
2.83
8
Jan.
3.03
3.16
;;
2.65
2.83
«"1
Feb.
3.16??
.
2.68
state
tSubject to revision. - §Revised.
nine railroads.
;
2.65
2.65
,
2.83
3
July
2.75
1.59
1.59
511^—
'
2.76
2.76
3.03
2.82
2.83
•
7—1.59
Oct.
3.03
3.03
3.16 >
1.59
,
9—ii„j'
.
3.16
3.16 v'"
2.81
:
1.59
.
10
:
2.81
2.81
2.67
2.83
V>
authorized
**
*
eoal and- coal shipped by truck
i
2.83
13.
Nov.
2.65
1.59
16.1—
"
2.65
1
1.59
>:
14
-
113,164,700
from
*.'
49,263,000
"T/V-V"
"
18—1—
V
5,118,400
«•
113,500
Estimated from weekly carloadings reported by
Utah
2.67
2.67
:
2.64
EXCHANGE CLOSED
2.67
..
STOCK
19—1.58
"•
Indus.
P. U.
2.59
s
*
R. R
2.59
•..
r
Corporate by Groups*
Baa
2.80
24—r_—
23—1.—
/
A
2.81
30_UL.-4
«
Ratings*
2.80
•; 25——^—
,
Aa
1.57
3—7 1.57
28.*———
•
Corporate by
Aaa
,
1.57
v3lbZ!Z2
.
4,191,200
*
* *
and dredge
,
7-—1.57
2__,
-
73,600
^ ^l
\
.104,500
tExcluding colliery fuel.
operations.
Montana
Corpo¬
4:>oaa;-
Dec;
57,982,000
>*
'■>
Kentucky—Eastern
Kentucky—Western
BOND YIELD AVERAGES
Avge.
Govt.
Bonds
Daily
>.
s'
member of the firm
617,000
washery
?
7
Bronson, Satterfield & Mays, but
maintained an active interest
51,856,000
1,230,000
'
"Includes
Dec. 31,
1937
54,794,000
52,684,000
(Based on Individual Closing Prices)
Averages
-I'
Bcshivo coke
$Sl948-.
:
;
60,307,000
Maryland
U. S.
and for
held for 12
years. In 1933, Mr. Satterfield returned to the practice of law.as
Richmond, a post he
642,000
787,000
"♦United States total
1945
Dec. 29»
'1945;
,
later was
and two years
law
of
.
elected State's Attorney in
•
819,000 t 1,279,000
Iowa
1946-47
■
119,41
;
Ago |
6,., 1945—
Jan.
:
j I *■ »
.
coll. fuel
Arkansas-
.
2 Years
Jan.
Anthradlt©^
Penn
§Dec. 21,
1946
28,
1946
:'-.T
Illinois
Ago,
1946—
transferred to Na- ,
the
Following the first World War, Mr. ,
Satterf ield resumed the practice i
Aviation and rose from
ranks to Senior Lieutenant.
Calendar Year to Date
Dec. 28,
Dec. 29,
third-class seaman in
a
val
PENNSYLVANIA ANTHRACITE AND COKE
-Week Ended
as
the Navy, later
(In Net Tons)
116.02
'■1——LLu
Apr.
ESTIMATED PRODUCTION OF
da^s.
^Average based on live working
fSubject to current adjustment,
"
116.02
—
listed
•
"Revised.
s/
119.61
117.60
,
.
118.80
121.04
tice, passing his bar examinations
before reaching the age ot ai.
When World War I started, he en-
BITUMINOUS COAL AND LIGNITE.
Y:^■ ,-.r?Y•;C AV-:•
(In Net Tons)
.■•,■: •
.•?-v'-.YY :;
\
jy'v '"i
Week Ended
'• ——Jan. 1 to Date—x
:(j-. '.On/.-'•. !•
v.
Dec. 28, '
"Dec. 21, ••<;•;,; Dec. 29,
tDec'. 28,
Dec. 29,
Bituminous coal and llgtilte—
1946
Y 1946
1945
1946
'', 51945
Total, including mine fuel—
9,125,000 13.200,000
7,273,000 523,832,000 575,900,000
Daily
average——
11,825,000 { 2,200,000 > tl,455,000, ;i 1,732,000
1,891,000
h
•,
University-•;
1916 from the
in
...
Richmond he entered law prac-'
of
ESTIMATED UNITED STATES PRODUCTION OF
119.00
116.22
week of 1945.
the corresponding
119.61
117.60
tion
1946,
1946; but was 30,900 tons more than for
Dec. 21,
ended
i the week
121.04
8
July
120.84
119.00
111.81
109.60
116.22
Virginia.
estimated production of bee¬
when compared with the output for
decrease of 9,000 tons
a
Mr. Satterf ield was a
.
116.41
15—
V.
120.84
119.00
showed
occurred.
native ot
Following his gradua-
where his death
-
States for the week ended Dec. 28,
in the United
coke
121.80
29—r 121.55
22—
Oct.
120.84
116.22
121.52
2
-
1945.
The Bureau also reported that the
hive
with
of 10.1% when compared
28, 1946, shows an increase
the corresponding period of
J
121.04
Satterfield, who was tj
52. f Mr.
of
i !
120.02
20__^,__
*
Richmond at the age
at
119.82
121.25
116.80
122.14
?
27
•
l2lj06
117.00
STOCK EXCHANGE CLOSED
.5-,.-——
4—ilia
Dec.
.
117.00
;
13
9.0%
122.11
■'24Jill_._
Not.
Nov
and, prior to that, i
terms
Congressman
from
tne
Third District of Virginia, died on
when compared with the 575,900,000 tons pro¬
duced during the period from Jan. 1 to Dec. 29, 1945.: 1
\ ;
of
decrease
a
-
1945
the
amounted to 523,832,000 net tons,
period from Jan. 1 to Dec. 28, 1946,
Corporate by Groups"
Baa
.
fL
122.08
'-'23..^—
,
Association of America since
in the
4,075,000 tons, or 30.9%, from the preceding week. Output
Christmas week in 1945 totaled 7,273,000 tons.
Production for
of
Satterfield," Jr., Execu¬
of the Life Insur£Pc® '
tive Director
122.11
'27
;
i Dave E;
ended Dec.
Corporate by Ratings'
rate."
l
Dep.
production of bitumihous coal and lignite in the week
28, 1946 (Christmas week), as estimated by the United
States Bureau of Mines, amounted to 9,125,000 net tons, a decrease
The total
are
Avge,
Govt.
?
2i:
.-,J—
•
Life Insurance Ass n
,
Daily'",."-,'"
Averages
-
averages
(Based on Average Yields)
1946-47
Jan,
yield
and bond
SatterfieW
Death of
Weekly Coal and Coke Production Statistics
Moody's Bond Prices and Bond Yield Averages
1947
9,
Thursday, January
FINANCIAL CHRONR
THE COMMERCIAL &
z.O --Ci."■)V-1?-'-.-;A'??>• iptjj4-1<■
-hi*:
trJ.
i
Volume
165
Number 4558
THE COMMERCIAL & FINANCIAL
CHRONICLE
The State of Trade
i
v!
ing
strongly
report
behind
which
advances
^ (C°ntinued from
the
claims
.
be
can
Nathan
that
given
statistically -'incorrect,'; it is
"
-;•
just ended,
the
13 '
of
Shippersi
Advisory
Boards estimate
an
increase, {i*1
carloadirigs for the fifst quartet'
of: 1947
period
ap¬
that the
parent
failures with losses
under $5,000 increased from one a
week ago - to
four in the week
period in the preceding "year. All
of
wage
without
price increases and with
industry
generally claiming the report to
be
page 187).
hand, small
compared
witfi the
trends.
net
a
of
year
two
were
small
short
Hedge
failures
be
half times
a
as
mill
price-fixing
selling
was
final week of
1946 declined
slightly but remained well above that
very
form
of
corresponding week a year
ago. The checking of
inventoried,
holiday closings and the absence
of many
buyers at this time all
liquidation. The
or
of
to
the
prospects of
numerous
vate
trade
a
contributed
to
the
Christmas lull that
usual
postevident in
was
many markets,
resumption of pri¬
Japan and Ger¬
Department
with
as a
v
of the
strong domestic statistical
position of the staple;
increasing
foreign demand; a holding move¬
ment by farmers in the South
and
failures. Down only one from last
week's level, retailers
failing were
one and
and
underlying influences continued
concerns
failing had the largest number
trade
operations and there
ittle
pressure
in the
ago.
Retail trade with nine
inU946;,:"{{/. {■
Railroad Earnings
>^7Class I
railroads; of the United' States:in
number
reported
same
steel wage
nego¬
tiations will soon take the
na¬
tional spotlight and
provide a final
determination : for 1947 - la bb r
the
but -
by
<
store
sales
on
a
year, ago; A sharp decline, on
country-wide basis, as taken from
many before the end of the season.
the Federal Reserve Board's .in¬
November, .1946, had'amestimated the other hand, occurred in man¬
Numerous inquiries from a number
dex for the week ended
income, after interest and ufacturing which in the last year of
Dec. 28,
European countries were re¬
;;; "
rentals, of about $38,400^000 com¬ generally accounted for one-half
V In the view of thej
ported during the week. Cotton 1946, increased by 76% above the
price re¬ pared with
same
$34,384,068 ib" Novem¬ or more of each week's failures.
visions which the steel
period
of
last
year ..This,
ginnings through mid-December
industry ber, 1945,
according to^the Associ¬ Manufacturers failing numbered were
compares with an increase of 26%
has made on products
which it
reported at 7,783,000 bales,
ation of {American Railroads* In
in the preceding week. For the
has
six,' only/about a third as many
consistently claimed have been the first 11
ndicating that approximately
months of 1946, esti¬ as in the previous week
four weeks ended Dec.
made at a loss or at least
28, 1946,
although 94% of the 1946 crop had been
at a low
mated net income after interest
sales increased by 27% and for the
they did remain above the 1946 ginned. Little
return, there is a possibility—and
activity
developed
and rentals amounted td
it may be
year to date by 28%.
$197,000,- record. Although failures in all in the carded cotton
remote, the-magazine 000
gray goods
compared with $506^20,789 in industry and trade groups were
points out, that one of the
Here in New York the
markets last week, due
past
larger the
largely
to
corresponding period Oi 1945; higher this week than in the cor¬
Steel units
may, make a moderate
scarcity of offerings. Prices, week retail trade continued to
In
wage increase offer to start
November, 1946, the carriers responding week a year ago, in where goods are available, are hold up fairly well to the level
the
Had' a net
negotiations off on a /good
railway {operatingin¬ only two groups, wholesaling and reported considerably higher than enjoyed during the holiday season
plane."
commercial
service
The possibility > of further,
did failures old
and department store volume was
de¬ come, before interest arid/rentals,
ceiling levels.
1
V;
/
'
.
!
'
in
creases
the
cost
Of
of food; and
$64,074,383;c6mpari^v^th''b-:iiiet
rise "above
the level
reached last
"
>
.
estimated at about 40% above the
With
activity limited to small
railway operating iricqme of $60,- week,
similar week of 1946. It should be
weights of revalued wools, the
the cost of
noted
The Middle Atlantic and Pacific
that
the
week
had
living may cause the 714,286 in November, 1945. "In the
five
Boston wool market
experienced
first 1!{' months of this
union to refrain from?
shopping days as compared with
year this States accounted for half the total one of the
assuming a
quietest
weeks of the
item
•{take it or leave it" attitude.
amounted
four
to
a
failures'.
year
ago.
occurring
$515,709,057
during { the year. Prices in most foreign wool
Higher scraps prices in recent Compared with $891,275,338 in the week,
{{%/{ ://// s;//
markets were reported somewhat
Heavy inventories are exerting
same period of 1945.
'• -11
weeks continued to
Five
Canadian failures were re¬ easier. Imp6rts of
make inroads
foreign apparel pressure on wholesale food prices
into some of the
.Taxes and net
gains which steel
earnings {for{the ported, the same number as last wools received at Boston, New and coupled with resistance /.at
other
f
items{which;loom.large{in
.
:
.
companies
ot
were
This
making
balanced
more
month
because
steel
first
prices.
of
the
week.
In
1946 are after
week;
: no
November
11 months
of
and
for
however, the scrap taking credit in the. accounts :for
market appeared to be
carry-back tax. credits! For the
stable,,at
'
least
week,
month of
temporarily
•
November, such
credits
1946's
Canada.
200
Wholesale
Food
Turns Downward
Price
—
■
steel
capacity of the industry will
be 89;7% of
capacity for, the week
beginning Jan, 6, 1947, compared
with 87.7 %-bne week
and
net
the
11
inqome for November
months
street,; Inq{
resumed
the
als
down¬
for
the
year
to
date
to
levels they
slight downward
consumer
a
buying expected to be large. Eas¬
ing supplies and greater emphasis,
inventories
on
sire
looked to; iri
what
change
will
in wholesale,market
determining
289,-
take
331,279 pounds.
ward
place
conditions.
Retail and Wholesale Trade
Post-Christmas clearance sales at¬
correspondingly reduced had 1.7%
these carryrback credits not
been
and
reflecting
trend. Indications in the week
also$3*,
pointed to a heavy buyer influx
into wholesale markets here with?
clean
purchase
by
the
CCC
totaled
4,455,185 pounds in the week end¬
ed Dec. 20,
bringing total apprais¬
movement which began in
have late
November. The index dropped
from $6.32 on Dec. 24 Uo
$6.21 on Dec. 31, This: marked a
decline of 4.3% from the record
would
been
are
pounds, compared with
1,952,700 in the preceding week.
Appraisals of domestic wools for
Index
Following the
were
.The Amencan1 ^
./approximately^^
moderate rise recorded a week
and fo^ the first,11 months of 1946
^Institute announced ohMonday of
ago, the wholesale food price in¬
they amounted to $99,000,000; Both
this week the
operating rate of the net
dex, compiled by Dun & Bradsteel companies
railway operating income
having 94% of the
and: the
retail
corresponding York and Philadelphia during the
occurred
in week ended Dec. 20 totaled
2,644,-
failures
;
./
•
,
,
According
to
the
Federal .Re¬
serve
Bank's index,
department
ago, 69.8%
tracted many shoppers
made.
during the store sales in
one
month ago
New York City for
and 85.2% one
last week of 1946. Dollar
volume
In the 12 months ended
the
f. year ago. This represents dn inNov. 30, high of $6.49 recorded on Nov.
weekly period to Dec. 28,1946,
19, declined moderately from the very
crease^ of 2 points or
19.48, the rate of return on prop¬ but was still 49.6 %
increased 76%
above
2.3% from
above the Jan, high level of the preceding
the;fsame
week,
Jthe previous week.
erty investment, averaged {1.72%; 1,1946
period
last year. This compared
but it remained well above that of
figure of $4.15.
This week's
compared with a rate of return oi:
with an increase of 31% .in the
operating rate is
Individual commodities that de¬ the corresponding week a year
equivalent
3.46%. for
:
-
to
steel ingots and
pares with
1,580,900
castings
1,545,600 tons
ago, 1,230,100 tons
and: 1,502,000 tons
Electric
one
tons
and
of
com¬
bae week
month ago
one year
Production-^The
Edi¬
to
4,442,443,000 kwh. in the week
ended Dec.,
29, 1946, from 4,940,453,000: kwh. in the
preceding
week.
Output for the week endec
29, 1946, was .18.2% " above
that for the
corresponding weekly
period one year ago.
I Consolidated
Edison Co. of New
York. reports, system output 'of
Dem
204,900,000
ended
■
kwh.
in
months
ended
clined
{during
the
week
ago when the number
were
preceding
of seasonal
week,
For
the
four
weeks ended Dec. 28,
1946, sales
flour; wheat, corn, rye, oats, bar¬ promotions was limited, according
rose 30% and for the
Total
to Dun &
year to date
operating revenues in the ley,,? hams,; butter, •
Bradstreet, Inc., in its
cheese,
anc.
increased to 29%. \ ^
first 1 i months of
1946. totaled eggs. Advances were
weekly review '6f ttade. The' estlsfiown
Qr
$6,990,072,083 c ompared with lard, cottonseed
mated ~$96 billions retail
volume
oil, cocoa, pota¬
$8,284,927,965 in the same period toes, hogs and lambs.
in 1946 was an all-time
The index
high, be¬ Free Certain Frozen Assets
of 1945, or a decrease
of 15.6%. represents the sum
ing
25%
above
the
1945
total of the
figure,
Secretary Snyder announced on
Operating expenses in the first 11 price per pound of 31
foods in { Retail food volume was; main¬ Jan. 1 an amendment to General
months - Of
1946■, amounted
to general use.
tained at a very high level and License No. 53
which removes the
$5,807,723,098 compared with
^\ <,*V' V*''
v *G'
was
considerably above that of a remaining freezing control restric- ■/
D ail y Wholesale
$6,086,670,396 in the corresponding
Commodity year
ago.
The
tions
over
supply of fresh fruit
practically all persons
The general level
period of 1945, or a decrease of Price Index
and vegetables was
abundant and in China, the, Netherlands East
of prices as measured
4.6%.
by the daily
ample
quantities
of
Indies,
French
meat, poultry,
wholesale commodity price
Indo-China, Tur¬
index, butter and
Fortyrnine
Class
I
railroads, compiled by Dun &
eggs were available. key,
the non-European colonies
failed to earn interest and
Bradstreet, Sugar and
rentals
and
territories
of
the
shortening
were
avail¬
liberated
Inc., registered a moderate de¬
in the first 11 months of
countries and certain areas whose
1946, cline in the past week. The index able in only limited quantities.
Of which 21 I were in the
Eastern fell to
;
Interest in apparel was bolstered blocked assets are insignificant, i
243.40 on Dec.
30, from
District, 10 in the Southern Re¬
The
to a large extent
245.59 a week earlier. The
Treasury
Department
anby the many
current
•
'
ago
son Electric
Institute reports that
the output of
electricity decreasec
v
the:; 12
30, 1945.
Nov.
,
v#-
'
'
^
—
,
the
week
Dec.
31, 1946, compared gion and 18 in the Western Dis¬
figure compares with 182.16 on the clearance sales of women's dresses,
with 186,600,000 kwh.
for the cor- trict.
shoes and luxury items.
The de¬
corresponding date last year.
vresponding week, of 1945, or an
mand for formal
Paper and Paperboard. Produc¬
gowns and lin¬
Grain markets fluctuated rather
increase of 9.8%. Local
distribu- tion
r—
Paper production in the nervously as prices continued the gerie rose slightly. Main floor
tionof
-
nouncement adds:
"The principal effect of
today's
is to unblock under Gen-
action
*
eral License No. 53A
property be¬
electricity amounted to United
items
were
States for the week
ended gradual downtrend of the previous
frequently sought. longing to most residents of the
,191,700,000 kwh, compared with
The
Dec.
28, was 73.5% of mill ca¬ week and
supply of men's suits and top¬ countries newly included in the
v
178,700,000 kwh; for ; the corre¬
holiday influences
coats remained
low, but there was generally licensed trade area. At
sponding week of last year, an pacity, against 102.7% (revised sharply reduced volume of gales. no
figure)
v-
;
in
the preceding
week
in the like 1945.
week,
according to the American Paper
increase of 7,3%'.
and 60,8%
Railroad Freight Loadings—Car
of revenue freight for &
Pulp Association. This does not
the week ended .Dec.
28, 1946, include mills
producing newsprint
totaled 627,967
cars, the Associa¬ exclusively.
{Paperboard output
tion,; of American Railroads an¬ for./ the
current week was 66
%,
nounced, This was a decrease of
compared with 102% in the pre¬
208,214 cars (or 24.9%) b.elow the
ceding week and 52% in the cor¬
preceding week and 121,990 cars
responding week a year ago.
or 24.1%
above the corresponding
week for 1945.
Business Failures Higher—Al¬
Compared with
the similar period of
though down■- slightly from the
1944, an in¬
previous week's high
crease of 43,091
level, com¬
cars, or 7.4%; is
mercial and industrial
shown.
''
failures in
loadings
«
Loading of
revenue
freight
the railroads of the United
States
in; 1946 totaled 41,341,205
cars,
according to complete reports for
the year, the Association of
Amer¬
ican
Railroads announced. { This
was
a
1.4%
decrease of 576,915
below
Freight
or
the
car
quarter* of
be 8.8%
cars
preceding year.
loadings in the first
1947
are
expected
above those in the
to
same
period in
1946, estimates compiled
by
the
13
Shippers:* Advisory
Boards reveal.
•:/
■
On the basis of those
estimates,
freight car loadings ofj the -32
v.
.;
principal
commodities
will
be
7,091,603 cars iri the first
quarter
of ./l 947,i compared with 6,515,810
actual
car
loadings. for1 .fhe
\same
commodities in the
corresponding
were
of
factors
in
reports of abundant
principal
grains
decline
the
decline
reserves
still
held on
the farms and the
bright prospects
for wheat and other
grains in 1947.
Government buying of wheat and
flour last week
light.
was
about
3,000,000
period.
as
consumption of
reported on the
Demand for flour from
grain
Inc.,
as
ending last Jan.
reports
30
decline.
was
in the same
a
con¬
tive
concerns
compared with 38
and 13
2
failing
week
ago
week, of 1946.
This represented the fifth
utive week that failures
consec¬
have out¬
numbered those in the
comparable
of both of the
preceding
two years.: ,
weeks
demand
for
flour
from
ropean and South American
tries
as
well
as
Eu¬
coun¬
the Far East.
values turned upward
after
on
Hog
Monday
displaying considerable
weakness
Market
throughout
receipts
for
last
the
in
the insistence of
demand for these goods.
consumer
Clearance
revoked since the new
amendment of General' License
No.
53
renders
them
obsolete.
This action thus supplements that
of
taken
a
year ago.
week.
holiday
compared
very
level.
The
consumer
demand
for
continued to rise. Interest in
toys
was
maintained by mark-down
sales in many localities. The
sup¬
of large appliances such as
ply
washing
machines,
refrigerators
and radios continued to increase.
Retail volume for the
country
in the week ended this
Wednesday
was
estimated
to
be
from
18 to
that of the correspond¬
a
year
ago.
Regional
estimates exceeded those of
or
with
furniture and electrical appliances
week were
sharply down from the
(r
■
22% above
Nearly all of the week's failures preceding / week. Butter prices ing week
suffered
a { severe
decline
last
involved liabilities of
$5,000
favorably
that of the corresponding week a
year ago. The estimated
$14 bil¬
lions spent for durable
goods dur¬
ing 1946 was 80% above the 1945
At 26,
when
were
only
seven.
On
the
there
other
holiday dullness was in evidence,
offerings were readily absorbed
Coast 15 to 19.
Wholesale
volume
areas were
94
Dec. 7, 1945, through the
of General License No.
licensed current trans¬
with all those areas not
on
issuance
which
actions
involving property blocked
that date.
as
of
;
/'Treasury officials pointed but /
that, with the exception of certain
special controls
relating to securi¬
ties and currency, the blocking
controls in general now
apply only
to (a) the property of and current
transactions
with (i)
persons {in
Germany and Japan, and (ii) per- ;
sons in
Spain, Sweden, Portugal, •/
Tangiers, (b) the; pre-armistice
.
assets
of
persons
in
Italy,
Hun¬
gary, Rumania and Bulgaria, (c)
the uncertified assets of
persons:
in
Switzerland, Lichtenstein and
the
liberated
not
included
European countries
a
year
week due largely to the accumu¬
ago by the following percentages:
these large failures lation of excessive
supplies.
New England 14 to
showed a decline from the 37 re¬
18,
East
19
to
Cotton prices displayed a
strong 23, Middle West 17 to 21, North¬
ported last; week butv were over undertone
during the week with
west 21 to 25, South
16 to 20,
three times as numerous as in the daily fluctuations holding within
Southwest 18 to 22 and Pacific
a fairly, narrow
same .week;' of
range.
Although
1946
more.
/
the same time numerous
general
licenses and public circulars which
:
applied to various of the affected
sales of men's apparel
limited generally to the
pro¬
motion
of accessories;
Over-all
apparel; volume fell ,• moderately
this week but was well above that
were
however,
The retail volume of durable
totaling goods fell
slightly last week but
bushels for the
Cash oats as well as fu¬
tures sold lower
this
comparatively
Corn / purchases,
good volume,
in
were
domestic sources was
seasonably
slow with buyers apparently hold¬
tinued to be more than
twice as
ing back, in expectation of lower
numerous as in. the
corresponding
prices. However, there was an ac¬
week last yerir. Dun &
Bradstreet,
the week
on
Leading
censed
in
trade
property
of
the generally "li¬
area,
and
(d)
the
«
certain German and''
Japanese individuals and entities
wherever located which
are
sub¬
ject to the provisions of
during
the
Ruling No. 11A."
^
=
y-k*.
titmsw*
Thursday, January 9,
■
CHRONICLE
& FINANCIAL
THE COMMERCIAL
*96
/tii
Commodity
Index Advances Snbstantially
Natiena! Fertilizer Association
Price
reals and drugs group
series in the index advanced
It
'i
'
f ff».
,
;
Each Group
Group
Bears to the
the
Totallndex
' ).
•
.
Cottonseed Oil—
—
—
23.0
$
Farm
:'
i
Products
.Cotton—
263.8
146.6
Dec, 27—
19.275
307.7
163.1
Dec. 28-——-i__
19.275
19.275
>
'-8.2;
1
IV*'
'
,1.3
'5
Fertilizers—,:
V;V-»aY:.3:
Farm machinery—
v^OO 0
:
all groups
232.4
; i7i.o
.294.1
232.8
Dec.
198:0
197.8
169.4
Jan,
238.9
225.9
157.6
r
157.0
161.5
133.5
216.3
210.8
159.2
136.3
110.2
207.0
207.0
158.4
139.2
-
215.0
HK,
152.9
153.3
127.0
125.1
123.3
123.3
118.2
128.2
128.2
125.6
119.9
'120.8
120.8
116.7
105.2
,
189.9
191.3
—Ji—
V 149.0;.
Dec.
28,
142.0
147.9;
and
■ppff.
M- 'i ?•■; •
Jan'iS, 1346, 110.6,
191.3
1946,
Wash¬
send up to milk
the New York "Liberals/- replied
in astonishment:
' ■
METALS ("E. & M. J." QUOTATIONS)
——
1
19.625
12.350
70.000
,70.000
19.625 £
70.000
12.350
;; 12.550
Holiday
Holiday
19.625
70.000
10.500
,
Holiday >
19.275
appealed to the same crowd.; In
his State he appealed to the poor
that was what
Roosevelt and the* "Liberals" did.
In ia campaign* he sought to raise
Holiday
Whites;: God knows
f.o.b. refinery, 19.275c;
copper
Straits tin,
St. Louis
70.000c; New York
10.500
12.350
12.550
raciatvprejudice.:; Roosevelt' and
the New Dealers raised prejudice)
between employee and employer;
Domestic
export copper, f.o.b. refinery 19.595c;
lead, 12.550c; St,; Louis lead, 12.350c;
ended Dec. 28 are:
said that Bilbo stirred up
between the whites and
the" blacks; Anybody who knows
Mississippi politics knows that he
did nothing of the kind but Sought
quotations
The above
are
hatred
"E. & M. J. M. & M, M's" appraisal
of the major United
producers and agencies. They are reduced
noted. All prices are in cents per pound
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations, are fo- oromnt delivery, only,
, v.
.
based on sales reported by
cash, New York or St. Louis, as
the basis of
to
1 Slightly Higher-Silver and Platinum Lower
of Jan; 2
with the E. & M. J. index
of lfp<pn-ferrous metal prices at 142.19.
This compares with 96.42 in
;January.; of the same, year: Demand for major metals Vin the free
market turned out to be surprisingly heavy/and the year. ended with
; copper,,! lead, and\zinc hon a firm price basis. VSilver was.unsettled
arid lower last
cause
over
of
a
month of 1946 ended
capitalize upon- a situation^ not;
of hatred incidentally, to be
elected to public office.
Roosevelt and the New Dealers p
to
week, largely be-3>
interest
period. Platinum
drop in buying
the holiday
spread of 20 points between
the New York and St. Louis quo¬
The
recently by St.
was reduced
sharply to $53 an
Joseph Lead, has not yet resulted
Uounbe troy on Dec. 31, a drop of
in general acceptance of the dif¬
tations, announced
$7;>v Foreign
copper
>.
Higher
freight rates
fective
on
.
last (Week at prices ranging from
to slightly above 20c per
pound, fas. basis. As the week
ended, important producers were
masking around 19%c.
The strike
•at*Braden has been settled.
■'■■til,! "■•'jj
■■
oh op
.
-
■
'•
,
,
•
could
have
sold
substantial ton-
had the metal been available. > There was Still some hope in
;
-nages
.
market circles that OTC will
the position taken by; CPA
,
alter
that
will
qualify hereafter in' regard to the
-
-
only? emergency requirements
:
{release of lead from the govern-
•
^
merit's stockpile.
'
and quality.
oped
Cathodes in standard sizes are sold at a
' {
•
.
•
'
frustration : over ;th^;;
is f dead^; Un*^;
doubtedly he has reasori' - to feel v
;
for common lead only',' ■ 5
Quotations for lead reffecl prices obtained'
YEARLY AVERAGE
(E. & M. J.
domestic,'
Copper,
export,
-
1943
•
11,775
.
6.481
6.331
8.250
*
.
.
6.500
.
1945
11.775"
51.928
$134,889
■ 15.839
$35,000
£0.000
—-
—
'
•
•' I f
";*iIk
•
OP'-yW'P--
'K- ■ •••
: O • iO-!'
i-'vS>'W V-*«?^ •;
Ferguson Chairman of
Fed, Trade Commission
come
way,
fashion
1946
13.820
15.000
that, he was able
amalgamate all of the smaller
rabble rousers, "leaders of men,"
8.726
54.544
into
80.151
one
Aside
$98,241
17.306
$57,199
109.022
.'
Because
was
to
7.957
•
form.
had
velt's power was
,8.109
-
or;
i
!
supported.; Roosevelt; f
a part of Roose-»
velt's crowd. The secret of Roose¬
& 14.791
\
52.000
.52.000 . 52.000
38.333 ^ 44.750
44.750
Quicksilver (per flask 76-lb.)..$196,346 $195,208 : $118,358
Antimony, domestic, New York—15.559
15.928
15.839
Platinum, refined
—
$36,000
$35,083
$35,000
Cadmium (producers' quotation)
90.000
90.000
90.000
Aluminum. 99 plus percent, ingot——
15.000
15.000
15.000
Magnesium, ingot
22.500
20.500 *
20.500
fellow , dema-*
fellow Liberal, .would
to his rescue: i n some
have
100%,! He
6.350
8.250
52.000
6.350
! 8.250
6.350
8.250 :
.
1944
11.700 r ; 11,700"
" 6.500 •. • 6.500
refinery^—1.684- -. • :ll".700r
f.o.b
-
...
11.775
a
goguer;
Bilbo
Averages)
refinery,11.775'
Lead,. common, New York-L—,
Lead, common; St. Louis
'
V
Zinc, Prime Western, St. Louis———
Tin, Straits* New York_—
-- W>.
Silver, foreign, New York———
-
""
.
Roosevelt, I a
that
PRICES—1942- i!) 16
1942
Copper,
feels
ably
p.
PPi
-nontb.
>
J.
trial prob-*
fact: that Roosevelt
prices for
Quotations for zind are for ordinary Prime Western brands.' . Contract
High-grade zinc delivered In the East and Middle1 West in nearly all Instances com¬
mand a premium of lc. per pound over the current market for Prime Western but
not less than ic. over the ^E. & M, J." average for Prime Western for the. previous
-
situatidiis. ?
new
Bilbo in his time of
15.000
group.
from' that,
Bilbo
has a
right to the belief that FD would ; •
have come to his rescue. Because;
Bilbo went to his once.
v
'
Joe Robinson, ?
majority leader iri 1937,
Roosevelt and the New Dealers 1
twice reappointed by President wanted Alben Barkley to succeed
Roosevelt;;; each term being for him. By every rule, except that he
seven
years.
* 20.500
20.500
After the death of
the Senate
was
.
After; hii; graduation from the
University of North Carolina in
;"
not as much a
New Dealer, as
Alben, Pat Harrison of Mississippi,
was the man entitled to the job.
When Garland S. Ferguson be¬
Chairman of the Federal
Trade Commission on Jan. 1, suc¬
1900, Mr. Ferguson engaged in the
There was quite a bitter fight
practice of law in North Caro¬ over it. In the end, Roosevelt and
lina,
first
in
Waynesville,
then
in
Mines on scrap. ~.<l
1
'
the New Dealers prevailed, Barkceeding Commissioner William A. Greensboro, where he was special
With the freezing of lead for all
ley being elected by one vote.
Ayres, it marked the fifth time he counsel for the Southern Railway
The one vote was cast by Bilbo.
uses, the government's lead stocks,
has assumed that post under the and also referee in bankruptcy for
Pat Harrison couldn't get Bilbo's
currently estimated-by CPA at
agency's policy of rotating the the United States District Court
around 37,000 tons, have been re¬
vote because he refused to speak
Chairmanship each calendar year. for the Western District of North
to
him.
But Roosevelt and the
served for emergency release only.
He is the only member of the Carolina. From 1918 to ,1921 he
New Dealers spoke to
him. He
Commission since its creation who was Assistant General Counsel for
Zinc
was a fellow "Liberal."
You see
has
been
Chairman five times. the Newport News Shipbuilding
With output of Prime Western
now what Liberalism is. ;
/
v .
The Chairmanship was previous¬ Co.,; with offices in Washington.
and Special High Grade well sold
H
ly held by Commissioner Fergu¬ Returning to Greensboro jn 1921,
up, the quiet that prevailed dur¬
son in 1930,
1934, 1938 and 1943. he practiced law there until ap¬ Hemingway Elected Dir.
ing the last week was viewed as Commissioner Ferguson has had
pointed to the Commission in 1927
a
natural development.
Demand
IT. S. Chamber of Commerce
a longer tenure on the Commission
to succeed former United States
;
on both of these grades has been
; W. H. Hemingway, President of
than any other member since its Senator John F. Nugent. Commis¬
Mercantile-Commerce .- Bank.&
well
above
ordinary peacetime creation, in 1915. Now in his 19th
sioner Ferguson was;a-member of
Trust Co.;:of St., Louis, has-been
levels, and producers look for this yeaT as a member of-' the Com¬ the; National Emergency. Council
elected a member of the Board' o£
condition to continue ■ for some mission, the North Carolina Dem¬ iri 1934 and of the Temporary Na¬
Directors of the ChambeT.qf Com-*
ocrat
was first appointed by Presi- tional Economic Committee, 1938+
time to come. yThe price situation
merce; of the' United, States.
V T';
;;
came
.
.
Lead
"u'Sales of domestic lead were
Hight
during J the
last week,
!amounting to 820 tons. Producers
-,
depending on dimensions
discount of 0.125c per pound.
up,
1,
between
Bilbo dealt "with a;;
situation already existing. Roose¬
velt and the Nevy Dealers devel*
for slabs 0.175c. up, and
dimension; for billets an extra 0.95c.
depending on weight and
0.225c. "up,
cakes
became ef¬
1947, and the reports to CPA on inventories
the refinery consumption, and. shipments of
primary lead, and consumption
quotation and the delivered price,
and stocks of scrap and secondary
Valley;, is ; certain to feflect the
lead and tin. Producers will con¬
change.; One of the leading refintinue
to ; report
on
production,
ers;has tentatively established the
stocks, a n d shipments.
Dealers
differential at .275 points.
must
report to the Bureau of
Foreign copper sold during the
Jan.
differential
standard
for
of hatred
area
new
and bitterness.
wirebars and Ingot oars
for copper are for the ordinary forms of
ingots an extra 0.075c, per pound is charged;
Quotations
.
For
offered
was
ferential. -Business
'has; he en
sparingly and the average price
booked, out of New York and from
again moved slightly
Gulf Forts on the old 15-point
higher." • The publication further
margin.
went on to say in part as follows:
CPA formally revoked all con¬
v." #\ v,Vf
*.' v •'v •'>trols on use of lead on. Dec. 27
Copper
but retained restrictions on inven¬
January metal involving special
tories indefinitely. The inventory
Vshapes was released by Metals Re¬
order requires consumers to limit
serve, beginning Dec. 31, with the
the amount of lead in their posesjresult that some sellers were quite
sion
to
30-days' • requirements
busy on the, last
day !: of 1946.
Consumers must continue making
for/the week
developed a
obtaining In
Effective March 14, the export quotation for; copper reflects prices
open market and is based cn sales in the foreign market reduced to the f.o.b
refinery equivalent, Atlantic seaboard.
On f.a.s. transactions we deduct 0.075c„ foi
lighterage, etc.; to arrive at the f.o.b. refinery quotation.
<
the
""
/
one
the trade,
In
is
It
zinc, 10.500c; and silver, 84.500c.
States markets,
Well, he had
But; he
the ."same?"
different ^ terminology.
a
;
10.500
12.350
•
Holiday
You say
10.500
12.350
.
12.550
,
10.500
12.350
12.550
70.000
19.625
19.625 C
the same illiterates. He
used the same demagogubry.
Towd,
has
10.500
12.350
12.550
/
70.000
St. Louis
St. Louis
New York
New York
19.625
:
have known
his life
ZinC
-Lead-
Straits Tin,
was a Liberal as
the gang. All of
he has catered to the same
Bilbo
Because
>
domestic copper prices arte quoted on a delivered basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,' the
figures shown above are net prices at-refineries on the Atlantic seaboard. * Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Metals-Foreign Copper Again
Mineral Markets," in its issue
slickers
,
we
>;
stated: "The final
honest
negligible for some time. Most of
•"Now, lady,;let's don't have any
the foreign metal sold here, dup¬
to ing the^ last month originated Jh misunderstanding. You ask, how
much it will take to, elect a Lib- •:
in Italy from outside sources.
eral in
Mississippi.
Frankly, I
Silver
don't
think there's that much
Average prices for calendar week
*■■
rv.i h1
':/;i. ,ME. & M. J. Metal and
Mississippi?"
hero, being more
lot of the boys we
a
ington
'
•
Ncn-FsrroHs
Liberal in
a
Our
than
throughout the week at 55V2d.
Exp. Refy.
3I_:—v—19.275
1_——1;
Holiday
Average
»
1
combined!
"i: 'Pii'Pjp
order M-81
129.4
157.6
154.4
.■
elect
the
several weeks as to
identity
162.5
157.6
1534
Fertilizer materials«j._v-*,-*——
b'J.3
229.1
322.8
198.1
;; i4i.3
:—.i-L——
Metals—.
Building materials-—
Chemicals and drugs-——-
Dec. 30—
229.6
314.3
215.0
'Textiles,
VM.
s
•
1
O
Miscellaneous commodities
.10.8
'
"223.6
Livestock
17.3
19.275
319.1
■
*.y.'
Dec. 26--—
259.9
-
—.
Refy.
277.3
*
'
:
Dom.
1946 :
143.9
>
to permit in¬
—Electrolytic Copper—
5,
216.9
for
ress
follows: !
A 364.7
u.'—
Fats and
t
214.3 '
:;2i7.2;
Foods
•.
ruV-
•
;
feature
DAILY PRICES OF
Ago
.1946
1946
1947
Up
25.3
•'
■
Year
Jan.
lent to election:;^
The quiet that prevailed in the money in the world.. My propqsi-? ;;
tio'n is not to elect a Liberal, but
preceding week carried over into
to defeat Bilbo." *
•
*
creased use of tihplate in the pro¬ the week that ended yesterday.
Washington ; reactionaries and
On the first trading day, Dec. 26,
duction of cans for essential and
non-forward looking people- have;;
the New York Official ' price was
perishable .products.
reduced lc an ounce troy to 83%c, been getting an awful kick out of.
Tin prices were unchanged, with a new low for the movement; The the whole episode of Bilbo. Yet
quotations covering forward met¬ London market was unchanged they are bewildered.
been amended
al nominally as
Dec. 7,
Dec. 28.
container
tin
The
has
Association
- 1 iiOli
Jan. 4 :
bonus
1947.
and 13
Latest Preceding Montb i
Ago
Week ; Week
of i: the outlook, sissippi primary, which is equiva-»,
belief; that foreign
Producers
year.
a
the,
continue
INDEX
WHOLESALE COMMODITY PRICE
Compiled by The National Fertilizer
1935-1939—100*
•
tons
given enough money Bildefeated in the Mis-»
couid be
uu
of the firm that is to
represent the foreign combine in
tained in the July-December pe¬ this country. Offerings of quick¬
silver by the Cartel;; have been
riod of 1946 at the! rate of 17,600
prices for bran, middlings, hides,
remaining groups
advanced and 16 declined; in
see
scccted preceding week 31 advanced and 26 declined. %
WEEKLY
per
beginning
1, 1947.
Under the present
agreement the price paid is 62
with a bonus payment of 3c in
the event that exports are main¬
Jan.
also at a new high metric
declined; in the preceding week 17
view
the
were
that if '
pressure
pound of tin contained,
cottonseed meal higher. The
During the week 24 price
»
76c
he
Though most operators take an
on
a propo-
several months ago
cition
||
page)
(Continued from first
went with
New York he
The "Liberals" -whom he cbn-*
will diminish, the price
tacted
introduced
him
to a
situation last week was unchanged
wealthy refugee, She was enthil-»
at $88 to $92 per flask for spot
siastic about his enterprise;
K;
metal, the price varying accord
"Tell me," she said, "now, just
ing to seller and quantity. " A
how much money will it take to
guessing contest has been in prog¬
indicate
to
concentrates
tin
Ahead of The Hews
;—
69.125c*.
Chinese, or ; 99% tin,
based
that producers will ask the United
States to raise the settlement basis
for
—————Holiday—
optimistic
Bolivia
from
:
;l|l
From Washinglpiir
SQuicksilver/.■;pppf-p
Tin
index were unchanged.
in the
31—.,—
in prices.
quotations for finished steel. The chem
slightly with higher prices for castor participating in the deal hope
ies index declined with
30
Dec.
Jan.-
;
was up
calfskins lower and
Dec.
point of shipment. Higher
manufacturing costs were given as
reason for the upward revision
fertilizer materials group rose reflecting higher prices for
sodium nitrate. The textiles index declined slightly; The miscellane¬
and
28^—u--_
the
oil.'; The
ous, com modi t
Dec.
.
Advices
Feb. V' March
70.000
70.000
1 "* 70.000*' 1 > 70.000
70.000
70.000
.
70.000
70.000,
70.000
.70.000
70.000 •
70.000
*70.000
Jan.
70.000
70.000"
—
Dec.' 27--J----
f.o.b.
j
26--__
Dec.
i'$ ■ :j■ {j
$15.75 per, 100 lb.,
ribbon zinc in* coils to $14.75,
and
,
point, advanced with higher
■
to
zinc
sheet
compiled by The
Jan. 6, rose sub¬
stantially in the week ended Jan. 4, 1947 to 191.3 from 189.9 in the
preceding week. This takes the index back to its level of a month ago
\vhich is still 0.4% below the highest point in the index reached in
the week ended Nov. 30, 1946. A month ago the index stood at 191.3
and* a year ago at 142.0, all based on the 1935-1939 average as 100.
The Association's report continued as follows:'
[
i
During the latest week six of the composite groups of the index
advanced and two declined/ The foods group rose moderately with
advances in most meats, potatoes, lard, cottonseed oil and other oils
more than offsetting declines in flour and veal. The farm products
group advanced only slightly; the cotton subgroup declined; the grains
subgroup advanced only slightly with mixed prices; and the livestock
Subgroup advanced with higher prices for calves and hogs more than
offseting lower prices for steers, lambs and live poultry. The build¬
ing, materials index advanced to a new high point resulting from price
linseed oil. The metals: index,
■
1, 1947, Illinois
Zinc Co. revised its base price of
The
rises in lumber and
p:'Pi::
■
Jan.
Effective
weekly wholesale commodity price index
National Fertilizer Association and made public on
an!
..</ V-;-v
■■X'':'': '
St.
10%c for Prime Western, East
Louis.
;.1947
generally, was{ firm • on .the j basis
tfent
}
poolid^e jp J92^ {^nd-^as
4L
serving,.as
.
j't".'
a'
sub-committee
V1 J •••>< il-;<
i
7(1. -1
.
-i;,"
;••'•
V
i V* i-
"i 7 €' Vci'iC {•:;,•<; in
i .Vnr/
(Volume 165
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4558
'
<'
Civil engineering construction volume .for, December, 1946, JSTo.vember, 1946, and December, 1945 are:
>'
Wholesale Prices Rose
0.1% in Week Ended
Bee. 2lv Labor Department Reports
'
,
■"/■' /Dec., 1946
'■
,:V "Average primary market prices advanced 6.1% during the week
;ended Dec. 21, 1946, with small increases in each commodity group
except foods," it was announced on Dec. 30 by the Bureau of Labor
Statistics, TJ. S. Department of Labor, yyhich stated that "the index
of commodity prices prepared by the Bureau reached 139.8% of the
1926 average, 1.8% above a month ago and 30.9% higher than the
^.corresponding week of last year." The Bureau further said: v.
v :'
Total U.
Private
Public Construction
State
and
"Farm Products and Foods—Average prices of farm products
1.2% because of higher prices for. fresh fruits and vegetables
arid grains.
Wheat quotations advanced with increased buying to
build up inventories following announcement of the government's ex¬
port program. Limited offerings caused higher prices for corn and
oats, and barley and rye also were higher. Livestock quotations de¬
clined on the average as the market adjusted to lower meat prices.
Eggs were up with heavy pre-holiday buying. Cotton quotations ad¬
vanced. On the average farm products were 0.8% lower than four
i/;/
rose
weeks ago.
Municipal—96,332,000
Federal
They were 29.8% higher than
.//
a year ago.
%
\
for
coffee and
black
pepper.
.
Commodities
—
Non-agricultural commodities
continued
their
steady advance. Prices of shoes and other, leather products,
products and housefurnishings increased further, reflecting
earlier raw material advances. Hide quotations continued to decrease.
There were declines for some cotton fabrics with improved supplies
and decreased demand atprevailing high prices. Price increases were
; reported for semi-finished steel, agricultural implements and other
finished steel products, as manufacturers continued to adjust prices to
higher costs following decontrol. Scrap steel prices also advanced.
.Quotations for antimony imports rose sharply and domestic lead
reached the highest level on record. Higher production costs were
/reflected in higher prices for petroleum products, coal, lead pigments,
and soap. Prices of lumber, naval stores and prepared roofing were
higher and there was ah advance for potash as a result of seasonal
'textile
•
discontinuance of discount.
Civil
Prices for natural menthol declined with
foreign competition. The group index for all commodities other than
products and foods was 5.6% higher than 4 weeks earlier and
22.8% above a year ago.
purchases at ,'frt
drawings at pa'r.
Beginning 1958, sinking fund will
be increased sufficiently to retire
outstanding bonds by Jan. 1,1966.
Maturity—Matur ty of the out¬
standing bonds will be extended
from Jan. 1, 1954 to Jan. T, 1966,
a period of 12 years; Redemhtionsr
All outstanding bonds may; be
redeemed on three months'' joUbished notice, at 101% with ac¬
crued
interest.
Security ^ All
erms
of the original bond 1 conments
construction 1 volume
continental
in
United
States totals $61,908,000 for the three-day Week ending Jan. 2, 1847,
reported by "Engineering News-Record."
This volume is 80%
the previous three-day week, 43% above the corresponding
three-day week of last year, and 21% below the previous four-week'
moving, average. The report issued on Jan. 2, went on to say:
as
above
'
The
and the previous week are both three-day
holidays, /with private construction, $32,200,000
27% greater than last week, and 21% above the week last year. Pub¬
lic construction $29,708,000, is 227% above last
week, and 78% greater
than the week last year. State and municipal construction
$24,124,000,
201% above last week, is 67% above the 1946 week. Federal con¬
struction, $5,584,000, is 428% above last week, and 156% above the
weeks
current
due
week
the
to
week last year. <
,
*
•
^
r
t Civil engineering construction/volume for the? current
week, and the 1946 week
'
are:,
week, last
2,1947 Dec. 26,1946
Total XI. S. Construction^
^
$61,908,000
$34,344,000
Private Construction
32,200,000
25,260,000
Public Construction
/ 29,708,000
9,084,000
StateandMunicipal-.>-..-^-« B 24,124,000
: 8,027,000
Federal
5,584,000
1,057,000
Jan. 3,1946
$43,295,000
26,642,000
-
16,653,000
14,474,000
2,179,000
--.-w
the
classifiedconstructiongroups, waterworks,*
beginning with the Jan. 1,
and extens cm of
maturity of the bond to Jan.,.l*
1947
sewerage,
highways, public buildings, commercial buildings, and unclassified
;
CHANGES IN WHOLESALE t»RTCES
'
wv COMMODITY
FOR WEEK ENDED DEC. 21,
..
-
.
1946
recorded
gains this week
sewerage,
over
the 1946 week
1966.
follows: waterworks
as
Max M. Warburg Dies
highways, commercial.buildings, and unclassified construe
Warburg, brother of
Warburg and Febk M.
Warburg, both deceased, died on
Max
(1926=100)' * '
' •
the $1,824,026 reported for the corresponding, period of 1945.
Percentages changes to
;
'
v '
-'
Dec. 21, 1946, from—
*
.■
' ;
./• 12-21 12-14
12-7
11-23 12-22 12-14 11-23
12-2?
/..i,Commodity aroaupfit-nB/ »», .1946
1946 .1946
1946.
1945 -1946
1946 ,
1945
Allcommodities-^w^w
fc
139.8
139.7 •; 139.1: 137.3
106.8 + 0.1 + 1.8 +30.9
„
..
New capital for construction purposes this week totals $9,316,000
is made up of state and municipal bond sales. New capital for
construction purposes for 1946 totals $3,407,681,000, 87% more than
;
-
*
i
,
and
»'
•
.
,
.
products—
170.7
Foods«i——w--
159.5
Farm
.
168.71
169.2
172.1
1315
1.2
161.3
161.7
165.0
108.6
1.1
—
—
0.8
+29.8
3.3
+46.9
Hides and leather products.^..
170.9
170.7 ?
166.9
158.6
119.4
0.1
+
7.8
+43.1
Textile products—-;—w——
Fuel and lighting materials—..
13l8
132.5
131.7
129.6
100.6
0.2
+
2.5
+32.0
96.0
94.9.
85.2
0.8
+
2.1
+13.7
Metals and metal products.
133.3
132.7
132.2
117.2
105.3
0.5
+ 13.7
+26.6
Building materials-.™™.
Chemicals and allied products.
Housefurnishings goods..
151.9
151.1
145.2
142.0
118.8
0.5
+
7.0
+27.9
125.6
125.4
124.0
123.1
96.1
0.2
+
2.0
+30.7
120.5
120.0
118.7
118.0
106.4
0.4
+
2.1
+13.3
108.1
107.9:
106.9
106.1
95.0
0.2
+
1.9
+13.8
96.9
Miscellaneous commodities.....—
Special Groups—
1 „. ■
- \
f
United Stales Savings Bonds Issued aiid>
Redeemed Through Od. 31,1946
96.1*
(Dollar amounts in millions—rounded
Series
155.5
'154.3
154.4
155.3
134.4
133.7
131.6
128.2
96.9
134.2
134.8
134.0
131.1
102.6
Raw
materials...
119.8
0.8
+
(matured)—-—
$255
;
Series .C-1938,
——
133.4
133.0
Farm products..
,
v
All commodities other than
/Farm products and foods—123.4
f:
••;>'
>
5
:
„
0.3
—
121.6
•;
Series D-1941
.
100.5 :+/ 0.4 ,+ ;5<6 +22.8
116.9
i-
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
>,-/:// /V/'
2 5, +31.3
+
^^^,'+DEC..;14,;..1946:,:TO.-pEa.':21, l946
.
-■
_
>
/V
Total
Series
-
series
E:
Series
leather
Other
i
Drains
—
products....————
2.8
Non-ferrous metals...—I..—™
Bituminous coal—
—
2.7
Brick
—-
-
farm
(Other
2.3
2.0
products—..——.—.
products———^——.——
Cereal
4.1
Fertilizer Materials—. 1.5
' 1.5
; Shoes
Petroleum and
•
products^-.—1.3
•.Leather —1-2
and
tile
Cotton goods
E-1941
—.
Agricultural
.i
Iron and steel—' 1.0
•,
Other, building materials-—.—-*-—0.9
Woolen
.v.
^ .••;
% Series E-1945
0.5
Series E-1946
'a$14vB
94.51
'
//;1134,;r:
71.15
>-•
35.69
> •
$241 <*)■<■
-328
r ?
-
——-—
■
'•
Livestock an4
»
,
.
>
poultry...^
Silk
;
9,836 >'
4,484
—U—r
—
0.3
feed——0.2
Other 'foods.^L—^.L":"0.2
€.8 Drugs and pharmaceuucals,-.../-:-^ V 0.1
oh;the BLS weekly index of prices of about 900 commodities which
measures changes in the general level of primary market prices.
This index should
be distinguished from the daily index of 28 basic materials.
For the most part,
prices are those charged by manufacturers or producers or are those prevailing
on
commodity exchanges.
The weekly index is calculated from one-day-a-week
prices.
It is designed as an indicator of week-torweek changes and should not be
compared directly with the monthly index.
,,
'
•
,438
8.078 v
?
,
6,698
§2,939
•
/
;
> 31.89
12.97-*;/;
$44,495
B
sailles.
the
from
He resigned,
however,
commiss'rn in 'ptotest
the eco^o^ic clauses of
Treaty of Versailles.
coming to the United
States, Mr. Warbnrg had begn a
director of the Hamburgh Ameri¬
31.81
$14,153,/;/ $30,342
the
Redemptions:
A-E
+
108
—
series A-E_
$49,127
$15,596
—108
1,524
158
~
/ $33,531
;
31.75
and G-1941.—j....M..
Series F
and
G-1942^...—
Series F
and
G-1943
—
G-1945——
/ .Series F and G-1946
(10 mo.)
1,366
363
3,173
—
Series F and G-1944
and
2,810
11.44
3,349
365
2,984
10.90
3,680
3,139
274
3,407
>7.45
120
3,019
3.82
2,532
10
2,522
$66,524
UTotal,, all series—.
*:
"^Includes
discount.
accrued
which
have
not
yet
been
tCurrent
presented
'' $16,886
redemption
$49,638
t'rr^ ibeen
>
.39
for redemption.
,
on
Public Debt Statement.
25.38
late
bro+^^s.
Felix !iand
matured
firm had close relations. Mr- War¬
burg himself first v.!sited ' this
country rin 1911 and frequently
thereafter before taking ujf per¬
tlncludes
'
I
<
His
Paul, were partners in* the New
York banking firm of Kuhn/ Loeb
& Co., witb which the fWarburg
§Includes $35 millions
filncludes series, A-1935
interest-bearing debt on
values.
public debt statement as "unclassified sales."
(matured), ,and therefore does not agree with totals under
reported
'-ne
prominent in the political life' of
Hamburg, where he had s°rved ^s
a judge and a member of the State
Parliament,
^B
10.37
7.41
bonds
Line and had at
-
Series F
Series F
"Before
can
■
*; ♦Based
,
X
manent residence here."
!
-U
December Civil
Engineering Ccnsimction
States
engineering' construction volume in continental United
totals $352,855,000 for December, an average of $88,213,000 for
each of the four weeks
the average
"ber,
1945,
<
t
average
is 28% above
On Carlsbad Loan
held
City
of
Karlovy Vary
(Carlsbad) authorized represen¬
tatives
of:
the
last month, but..43% greater than December, 1945., Pub-
outside Czechoslovakia,, estimated
>
*r
lie construction is 24% below last
-
■
for December -on
a
-
month and 62% above ,last Decem-
ber. State and municipal construction, while *12% above last month,
is 1X4% above the ayerage for December; .1945.
Federal construction,
down 81% from last
month, is 51 % below December, 1945.
: :'
' ;
>
+; •
President Greets Boy Scolds
'A
Christmas
President
message sent by
Truman
to
the
Boy
for conversion into internal obli¬
Scouts of America
gations. estimated at about $500,-
ary President, wished them;;and
their leaders an^ fronds "good
as
their honor¬
will not participate. in this
but will be canceled, ac¬ health
and
good cheer." ' The
cording to' .' the Council, which President told the crganizaUoRito
added in part;
>/■■
.'
"take joyous pride in your ..pro¬
The terms offered by the; City gram of service to the community to holders of its outstanding 8% and .to the nation." Mr. Truman's
bonds, with July 1, 1935 and sub¬ message was made nublic thrriugh
sequent
coupons
attached," are the organization's n.':.ionaV;ioffice
000,
r.
offer
.
.
approximately $500,000, said
on Dec. 30, and as- a
in New York, acrm*-mg to advices
of these ^negotiations, the summarized as follows: V Czechoslovak State Guarantee to the New York. "Times" orx Dec.
City is announcing the terms for
-The Czechoslovak State under- 24.
resumptiori disservice and interest
to be
the Council
t
Czechoslovakia]!
weekly average basis
added in part:
construction
is 83% above
The
Ministry of Finance to negotiate
with
the • Foreign
Bondholders
Protective Council, Inc. for a plan
of service on- the outstanding 8%;
Dollar Bonds of the City held
for November, and is 48% above the average of Decemaccording; to "Engineering; News-Record." The report
issued on Jan. 2,
Private
This
of the month.
payments on the outstand¬
ing-bonds. Bonds of this issue
by the City, as also, those ac¬
quired from Czechoslovak holders
Resumption of Service
arrears
.
Civil
fahilly
.
1
*
3,137
§3,377
(10 mo.).
Series F ancl G:-
a
Cattle
member of a
l
..
V 12,562
series E_^w^.—.....
Series
•
' 5.1
—
.i—>4.1
Dairy products——... * 2.2
Meats"
a
engaged in
.
"
I Hides and skins..
was
had
•
0.3
> Paint and Paint Materials-.—
that
against
Total
Unclassified
Total
"'oods
t
-
0.3
—
and worsted
/
r
'
>0.3
implements—
Anthracite
Furnishings'
•
0.6
0.6
miscellaneous—..i—0.4
Other
■i——
E-1943
>; Series E-1944
0.5
0.4'
Furniture
Lumber
Series
0.8
->«
-
A-D
Series E-1942
Fruits and, vegetablesBwCww-~^i-.^A.";
—
x
*
.
122.9
101.3
132.5 ; 129.7
Amt. Issued
,
*
Series D-1940
-
.
'Series D-1939'LI-,—
'
,
comrrerhial
banking since 1798.?. In' IS^^ he
s.75i K
>-•>426 »
> 25.91 •»..
had become; 'a partner^ in) MM M.
501" > 4 .22.20 ; :>
I: i.43
.>>644''
">•
*995" b;;:B*I94::/;B
19.50
802" ;
Warburg
& ; Co. of "Hamburg,
V 17.20
>
982
1,186
B./:
204 ,
founded by his great grandfather.,
514
437
;
-76 ;
1%
:;/ 14.79 >/
: "Warburg was author of5 & {plan
$1,335
$4,631
$3,296
;:>/28;83B/> for reparations payments by Ger¬
many that attracted international
attention following the first%orl<d
>: *>19.22'
277
1,164
1,441
war. In 1919 he was a member of
30.19
1,976
4,570
6,545
35.79 :-:>••• *•
the German delegation tori^Ver3,842
6,893
; 10,735
46i
'•
'
'
All commodities other than
'
.
Redeemed of
Outstdg,
.
philantfiropic
taking special/ interest in
the American' Joint Distribution
Committee, which a brother, Fe¬
lix, founded in 1915.
' -.ohr*
work,
"He
A-1935
Series C-1937
+38.7
0.4 "+ 2.4. >+30.8
Redeemed
,s
; "A United States citizen since
1944, the former banker hadff^^b
Percent
*t Amount
Warburg, an international
banker, who left Germany
A-D:
Series
0.1+ 29.8
+
•+.v 0.5 ■"(+>• 4.8
-7
Amount
Max
much of his time to
add to totals)
'*
Issued
.
Series'. B-1936B^.——
Semi-manufactured articles.....
not necessarily
"'Amount
,
Manufactured products™;.;....-
and;will
Dec. 2*3 at his home in New -York.
beqause of Nazi persecutippj was
79 years of age. In the NewaYork
"Sun" of Dec; 28 jt was statedrr
„
V
>
M.
M.
Paul
New Capital
U
GROUPS
,
coupon,
construction gained this week over last week. Five of the nine classes
0
*
■
annum
.farm
■
.
acceptance of the terms of the
offer, which terms include guar¬
antee by the Czechoslovak;*-State
with respect to payment ot rinierest, amortization, and principal;
reduction of interest to 4%s per
'
Jan.
In
ract will remain unchanged j ex¬
cept/as specifically modified., by
'he proposed plan.
?
'
Bonds
presented
under
the
offer will
be stamped to show
,
.
,
through
Delow par, or by
$61,988,000 for a Short (Three-day) Week
engineering
—
.
Engineering Construction Totals
Civil
'
"Other
Beginn'.nS
with the coupon da le J Jan,
X>
1947,- interest Will ba paid at itbe
rate of 4% per annum, whbh .is
50% of the original contract rale*
Amortization — 1 % cumulatiye
sinking fund beginning with half
year ending July 1, 1947, equ¬
ated on the outstanding bonds
as of the date of this offer,
De
used for semi-annual retire¬
,
54,991,000
■'
Interest
Current
New
,; ■
Prices of glucose and edible
tallow declined. On the average food prices were 3.3% below the
level of four weeks ago and 46.9% higher than the corresponding
Week of last year.
'
creases
86,106,000
10,216,000.
offer,
New Capital
prices for meats and dairy products Were largely responsible for a decline of 1.1% in the group index for foods during
the week/ Beef, pork, and lamb prices were lower and butter and
cheese quotations declined.
Prices of wheat flour advanced with
grain quotations following announcement of the export program.
Release of government stocks for sale at lower prices brought de¬
;
i
est, amortization, and repayment
of principal, all as provided under;;
the terms and conditions of this'
Dec., 1945
(four weeks)
$238,009,000
,
172,370,000
65,639,000
44,962,000
20,677,000
capital for construction purposes for the four weeks of
December, 1946 totals $314,558*000. On a cumulative basis, new con¬
struction capital in 1946 totals $3,407,681,000, 87% greater than die
1945 12-month total of $1,824,026,000./
;"i
"Lower
>
Nov., 1946
(four weeks) (four weeks)
$352,855,000
$275,825,000
246,307,000
134,728,000
■;'.' 106,548,000
141,097,000
Construction—
S.
Construction
■
-
1
Rkes \ to .guarantee the paym ent
of interest arrears, current inter-
,
'
result
.
""
&if'
Ls"*
T IvUf ;«<?„•►'/
FINANCIAL CHRONICLE
THE COMMERCIAL &
198
Jy
#ij
■■> *
Trading
Daily Average Crude Oil Production for Week
Ended Dec. 28, 1946 Increased 5,350 Barrels
figures showing the volume of
shows;
sales
in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately. 4,968,000 barrels of crude oil daily and produced 15,604,000
barrels of gasoline; 2,105,000 barrels of kerosine; 5,931,000 barrels of
distillate fuel, and 8,181,000 barrels of residual fuel oil duririg the
week ended Dec. 28, 1946; and had in storage at the end of that week
93,126,000 barrels of finished and unfinished gasoline; 17,181,000 bar¬
rels of kerosine; 58,941,000 barrels of distillate fuel, and 53,427,000
:
refining companies indicate that the
barrels of residual fuel oil.
"
Allow¬
Calculated
ables
Ended
Requirements
Begin.
Dec. 28,
December
Dec. 1
'
:
.f
..
Virginia——
)
Ohio—Other
j
Illinois uu
7,550
7,000
4,550
Michigan
Nebraska
Oklahoma—.——
'•'.■'V;v
/;•
30,050
■'"I!.;;,
'V
East Texas
Other
./A
2,550 V.
300
..'A
18,850
'18,850
134,800
135,250
422,650
424,150
208,800
209,450
34,600
34,700
27,700
499,700
499,950
118,000
118,150
81,100
81,050
1,996,050
1,999,650
/; '■
''v-J.
District IX
District X_
Total.Texas
2,050,000 J2,000,267
—
-.rv.'
"North Louisiana
Coastal Louisiana—
.).
& 310,350
——
'
'Total Louisiana.il-^ y.
Mississippi
Alabama
;
•—
403,850
-
60,000 '
'
.-'•v;
+
200
84,400
1,100
—
300
_
104,150
21,600
39,450
1,922,400
y
403,750
372,550
74,000*"7~~ 76,650
§840,700
ft
450
38,600
20.450
840,000
4,473,900
60,250
4,300
+
.56,350
tThis
the
is
net
shutdowns
Includes
j..- several fields which were exempted entirely and of certain
•
shutdowns were ordered
for from 8 to 11 days,
,
AND
totals
of
Mines
East Coast
...
Appalachian—
District No. 1
District No. 2
Ind., HI., Ky
99.5
767
76.3 A
loo
—
91.4
2,103 :
69.9
327
84.7
60
96.8
189
1,014
87.4
793
91.1
2,958
1,434
16,974
82.3
386
441
;
42
1,711
>
995
8,939
of
& Dlst.
Resld.
Fuel
Oil
Oil
8,966
21,531
"
551
310
no
: 182
6,257
4,159
•
232
70.3
1,037
3,693
391
522
742
89.2
1,260
102.8
3,663
14,337
3,124
10,494
6,836
351
109.3
1,128
1,379
3,608
2,096
97.4
No. La. & Arkansas-
55.9
*■'
Other Rocky Mt
•
California
...—
53.2
170
92.3
36
19.0
269;
1,781
r
*■:.
107
494
15
36
442
12,108
70.9
129
78.2
380
2,022
114
85.5
811
81.6
2,179
16,964
706
B. of M.
basis Dec. 28, 1946-
.85.8
Total : U. S. B. of M.
basis Dec. 21, 1946-
85.8
C 122
'
•
.
.
41
:
r
4,968
15,604
♦93,126
17,181
58,941
53,427
4,820
86.7
15,195
89,554
17,815
60,608
54,217
B. of M.
1945—
10,243
36,403
41,679
14,286
4,706
transit
tIncludes unfinished
bulk terminals, In
barrels of kerosine.
of residual fuel
stocks of 8,233,000 barrels.
JStocks at refineries, at
in pipe lines.
§In addition, there were 2,105,000
barrels of gas oil and distillate fuel oil and 8,181 barrels
and
931,000
oil
nrbduced
barrels
t96,198
stocks of 8,365,000 barrels,
vo'v;"-efeC|udes unfinished gasoline
casoiine
the week ended Dec. 28, 1946, which compares with 1,928,000
barrels and 8,419,000 barrels, respectively,, in the preceding week
during
5 789.000
h»4 f*r<t
©ceuptai
209,030
sales_—_——_ll_——L:'
182
35,910
2.800
:
2,035,000 barrels,-4,971,000
week ended Dec. 29, 1945.;
and
,
barrels and 8,957 000 barrels, respectively,
;
...,
+1
■
u
n
ihowtag *ta
132,290
Short sales
U
SfcUiDUft
The
Commtmun
off the floor-
Total purchases
+«»J
*'■
NYSE NUa In
30,310
2,950
mmmrnm
■
10.80
the floor-
32.960
4^
t':v
ihtf* in ii'it. ke fc/4.."
38,850
220,655
259,605
in the
j
Iffc
Wt-v
tb# F//4 11
pnrpmtf
_
tOther sales
tOther sales
f M/r ifir
m.tart it I
Short sales
Total
ft*
2,170,055
for Account of Members:
stocks in which
3. Other transactions initiated
|
%
v
•
fHrdi'Sbort
;Total purchases.
l »-<
the Li/Vvl
2,118,785
i
&+■
f?W»,t
M
tranxac urn* i
UMi
•
47.255
r.
uf ail
4 20
50,055
,Total sales
ifti who hmtiW4 ivbt
Total—,!
44,600
Short sales
-
..
tOther sales.
300,870
Total sales
345,470
■;
Transactions for Account of
$
Ik*,'-£
#>mtai
week
16.53
P'pm
istifc
0
figun;®.
97,504
i|
lmw4
ai#
filed with the C#r,Total purchases.
97,504
Total sales
87,503
"The
term
U-Hki
mit$ of
puhh*h*4 by
Specialists—
Customers'short sales—
{Customers' other sales.
,
Km York
371,630
Total purchases
odd*tot
"members" includes all regular and associate
.••
a/4 w'wtiM
ltr-»rvc y
tat
Exchange member*. ISteH
'ii|
Xf »»♦ -sVs 0*
****
AeVD
including special partners.
tin calculating these percentages the total of members* purchases and sale* I*
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales. : '
tRound-lot short sales which are exempted from restriction by the CommltttoB**
rules are included with "other sales."
! •,
{Sales marked "short exempt" are. included with Mother sales."
!
'
*t
W
iVe*.
W.4-* M fa '-*4 b#
ft
t
■
*
'<=>
h~,
ttf
•,
-
■<
.
4
e*#
sta'f
'i
0*4
A
m,
11,
f"
1
.;
.
j
.J.S
Odd
♦
Outstanding on Nov. 29
Commercial Paper
market paper
Oct. 31,
*'*
of New York
of open
Nov. 29, compared with $201,500,000 on
f'A'i*
.
outstanding on
$
<**(*< •'
.«•»
■
.
t
u
4*
226,800.000
Oct/ 31
Oct.
31—
201,500,000
Sep.
Sep. 30—
147,600,000
Aug. 31—
Aug._31
141,600,000
July 31
July 31—.
130,800,000
Jun.
June 28—
121,400,000
126,000.000
May 31
28
29—.
Apr. 30—
148,700,000. Mar. 30—
Feb. 28
31_
171,500,000
178,200.000
173,700.000
Feb.
28
Jan.
31—
158,900.600
Nov. 30—
Nov. 30
—
1S6.100.000
v.
,
I.
.:V- "*
*#•"*
^.4
...
imoo.ee©
111,100. or*
110.200 GOO
106,800.60®
•\
4,
.
*
100.80®. cm
102,800,6^1
118.600, W
146,700.60®
Tirta#
m»"*
.
„
,
,
laeM-14,*
157.300,000
162.400.006
1944—
—
*»%
-'ii
'
*§#$m
pmmt
Dec,
1945—
Dec. 31—
'
D'
1945—
29—
Apr. 30—
Mar. 29
,
4K4H#
the totals for the last two years:
May 30—.
•■'«*>!
dealers show a total of $226,800,000
Nov.
Jan.
V
1946, and $156,000,000 on Nov. 30, 1945.
The following are
I'
■'/ i
r^;; I
;
••
jpftwbf «M|
by the Federal Reserve Bank
Reports received
from commercial paper
28,080
89.4
S.
if:
if. at
51,270
Total sales,
! 608
,
Dec. 29,
MM
Total for Week
1946—
Total' TT; S.
Total.U.
f
and St+ch
,
Rocky Mountain—
New "Mexico—i—
67
12
4,843 +
;,
14, 1946
Total purchases-
i'i
v
Account
Short sales
1,285
2,788
78.3
59.8
Gulf Coast
.-f if
«*'4T
-
Okla., Kans., Mo
Louisiana Gulf Coast-
.
the New York Curb Exchangf
of Members'" (Shares)
on
tOther sales
a
Gas Oil
Fuel
7,994
19,978
2,474
on
Inland Texas
Texas
'
•
,
,
.\i|
....
At t*
>■* 4 ,• i
rt'-f l 3->';
■'Mr
V.
f: # /
n.
t r
>«f*v
4i
bvi
firms and their partners,
r
-<■ ft/'
*•
1
an
tStks. of fStks.
§ Gasoline tFinish'd
and
tStocks
Crude Runs Product'n
atRef.
Unfin.
of
Refin'g
to Stills
Inc. Nat. Gasoline KeroCapac. Dally % OpBlended
Stocks
sine
Report'g
Av. erated
District—
plus
basls-
% Daily
,
for
they are registered—
other fields for which
amounts and are therefore
Bureau
4tj»
.;•« * 11
b./
-
f...
t'-!<"■>■ if
ty
in
1. Transactions of specialists, in
the entire State was ordered shut down
estimate of unreported
***■.
rr*'reH? ,♦ ti»'f
tK-t t 1 |
1,511,929
Total sales
Round-Lot Sales:
(Figures in thousands
Figures
'
■
Aw
NdVftt
344
a
of barrels of 42 gallons each)
in this section include reported
:
Xr
Ur-.i
1.522.340
292,190
,
'
STILLS;
TO
»
# at/* *:
•••,
1,219,739
50,900
^
PRODUCTION OF GASOLINE; STOCKS OF FINISHED
UNFINISHED GASOLINE, KEROSINE, GAS OIL AND DISTILLATE FUEL;! \
AND RESIDUAL FUEL OIL, WEEK ENDED DEC. 28, 1946 + v
RUNS
.'%!.•!-««♦, Ht %
I'fi
t'Lhgrv"**
294,259
Short sales
C. Odd-Lot
CRUDE
2.2*
344,350.
tOther sales
operators only being
or labor needed to
the calendar .month.
Committee of California Oil Producers.
{Recommendation of Conservation
«
*•>
Amrr\h-\h
213,130
Total sales—
for 8 days, no definite dates during the month being specified;
required to shut down as best suits their operating schedules
operate leases, a total equivalent to 8 days shutdown time during
,
h?-■
1
mtwth.
tOther sales
'
31-day basis and
With the exception of
on
10 39
30.390
for week ended 7:00 a.m. Dec. 26, 1946.
basic allowable as of Dec. 1 calculated
and exemptions for the entire month.
'%\
f
•
r/H!
r>f
off the floor-
2. Other transactions Initiated on
tOklaboma, Kansas, Nebraska figures are
t
4*
It*'*#1
4
263,869
8. Round-Lot Transactions
calculations of the requirements of domestic crude oil
outlined in its detailed forecasts.; They include the
condensate that is moved in crude pipe lines.
The A. P. I. figures are crude oil only.
As requirements may be supplied either from stocks or from new production, con¬
templated withdrawals from crude inventories must be deducted, as pointed out
by the Bureau from its estimated requirements to determine the amount of new
crude to be produced.
>
■j
f
resdy
Short sales
premises
certain
upon
,
■*«". .%
t '*
t#r
tnm
36,000
Total sales.
•These are Bureau of Mines
based
I
u»fjf
rt
vi
V' f 5. •..Jw .%
199,190
Short sales——.
-
4,708,200
(included above)
••Pennsylvania Grade
A. Total
350
91,450
20,300
5,350
>•
4
% \t I
v v >jr f
<4
<4
177,130
WEEICENDED DEC.
97,500
•
22,800
+
4,713,200
\
<
}?9X*
700
•i, 887,100 ; 1+12,000 U 878,200
4,677,000
Total/United States
Tta
ith
*1
1,004,540
..
Transactions
53,950
1,100
300
*'
778,740
Total Round-Lot Stock Sales
104,450
—
^
i
4#
I
225,800
Total purchases———
j!
'M
350
+
—
j
t,.;:;
I
4.TotaL—f
1,500
■
96,000
24,000
32,000
845,000
*
'-v*
qwnlr;
which
Total purchases
77,250
.
Mijk.•
Litfj* kf-
tat
102,450
:
■ V',<.
ire,
Total sales-
295.300
,vl
h**r
4-.
i arrirf,
978,800
3. Other transactions initiated
82,850
50
—
pi\> ,v
v.'v
*Ar';
fiytd *«•!'
Total purchases-
•
St.w-VVH!
ferr
; $ Other sales
'
ill
«-•
>
„
Short sales.
•
Calif orniar._:
■ w
.
390,850
93,450
ft/
450
——-
Colorado
r
74,350
•
Mex|co—Other—j
Wyoming
Montana
100
—
102,500
109,000
98,000
East)
ft
81,247
2,000
—
—
New Mexico—So.
New
444,000-
382,000
76,000
Arkansas
241,900
310,300
100
—
93,500
-ft
'■
iv
,
99,550
v
34,500
,27,750
District VII-B
'
•
<>*
A
mttic
Odd-Lot
:.';!' ;
Total sales
-
wv.if
%-*"#
Wtf
iw tMi.; $
2. Other transactions Initiated on the floor-
316,300
316,000
A 99,350
;
'l!
;
«' $!f
W.*
Members,
of
Short sales
tOther sales
,
1
: :
34,500
VIII
700
270,850
; 371,250
Accounts
Total purchases—
.'v
■■
750
,•■•
Account of
lor
Odd-Lot
U
.V'-i
ftowmv'nur; t
Li
,J'
111
-.W#
-4>
I■&
tta
they are registered—
'
\
44,700
44,250
200
-
>);
+
;
District VII-C
Distribt
-
•
+
,,
VI
Dist.
29,550
1278,200
' V A;'
/.' >,<*.
District V
30,100
•
.v,
,
the
-
>■>,
«rv
■
'•
*»■»
tkrft
9.022,320
Dealers and Specialists: ^
S'...
'v
•, 1. Transactions of specialists in stocks in
3,050
13,400
•1371,750/
:
District HI—
3,550
2,400
270,000
—_
District IV
5,400
202,400
—
t700
6,150
g
lw
408,020
Transactions
for
Except
,t
v V.."f
-
8,614,300
'
100
250:
7,250
16,850
362,400
District I
District II
H
g
*
».•
1
i »
■
b-f
Total for Week
Total sales
8. Round-Lot
201,000
';-Y•"
,/v WEEK ENDED DEC. 14, 1946
>•
v
ir.-H'
$k
Stock Exchange and K«»ad~L*t Sleet
of.Members* (Shares)
Sales J.;!;,-
"
SW * *
Ita
29,
950
■
"S
'
+« H
vthvh H
the New York
tOther sales—
1,900
50
A:W.;v
—
"
Sales on
Transactions for Account
m
t
i* -;4>1
v
%
»
'^ji
fit'
'•
fwatkm#
During the week
of the total trading of 1,576,655.
Short sales.
;■
'
400
.
W
41,800
>263,000
380,000
Kansas
'
41,200
47,600
"
Stock
u
'
<•
A. Total Round-Lot
1945
,
1,100
—
•
:: 199,500
!'!'■
Dec.
1946
-
350.
+
—
'
'
'
.
'
■'
i.
C'gMJS#
Ended
Y
28,
:
17,450-;
i
29,000
46,000
800
.
'Vv3
■
—
Texas—
Week
;
;/fe3,550 *
2,150
1
Kentucky,
.
k
8,400
19,000
210,000
Indiana
-
Dec.
250
:
i.'
♦•Ohio—Southeast
Ended
from
Previous
Round-Lot
Total
5)1**4
(Mi
•<'
v. ■■
ri?
ty.f
V-:1}
I
srft
trading for the account of Curb members of 459,435
7
Dec.
A* hk
717,100 shares, or 16.52% of the* N*f*■ 4E, If
14 amounted to
Dec.
shares was 14.57%
Week
4 Weeks
Change
44,250
yFlorlda
'
♦♦West
1946
48,200
York-Penna.-.:
ended
"(S
(FIGURES IN BARRELS)
;'V.
Week
♦B. of M.
Exchange, member trading during the
York Curb
total volume on that Exchange of 2,170,055 shares.
*,
v
.
>
ended
week
Actual Production
State
'••New
-
•
.
CRUDE OIL PRODUCTION
AVERAGE
DAILY
v
*
New
the
wRii
fm,*
trading of 6,560,560 shares.
2,304,871 shares, or 17.56% of the total
On
ended Dec. T Ol
with member trading during the week
compares
vl'ffv j?
i
W\t
J; Trading on the Stock Exchange for the account of members
(except odd-lot dealers/ during the week ended Dec, 14 (in roundlot transactions) totaled 3,034,269 shares* which amount was 1681%
of the total transactions on the Exchange of 9,022,320 shares.
Thi 4
;;
'*■
■
Reports received from
v-
.
other sales in these figuret,
shown separately from
are
Commission. Start
being published weekly by the
of current figures
further
.1940, averaged 4,708,200 barrels.; The Institute's statement
for the account of alt member»
exchanges in the week ended Dec. 14, continuing a serte*
of these
ended Dec. 28,
Daily production for the four weeks
New York Curb Exchange ant! the
volume of round-lot stock transactions
the week ended Dec. 28, 1946, was
5,350 barrels per day over the preced¬
ing week and a gain of 239,300 barrels per day over the correspond¬
ing week in 1945:
The daily average figure for the month of De¬
cember, 1946, as estimated by the United States Bureau of Mines, was
4,713,200 barrels, an increase of
4,677,000 barrels.
Commission made public pn Dtc 31
btal'round-lot stock sales on the Hm
New York Stock Exchange and the
crude oil production for
age gross
New York Exchanges
on
The Securities and Exchange
daily aver¬
Institute estimates that the
The American Petroleum
.
Si. s. iaiartiie
30—
166,000.000
166,900.000
•aV
,494
*
v..
l.f»i
4*^
#■
1
's*jt55
Yilk''
'IS
J»u*w.7 *,«
,>
■f,*.
198
Trading
Daily Average Crude Oil Production for Week
Ended Dec. 28, 1946 Increased 5,350 Barrels
The Securities and Exchange
of current figures
sales
*
with member trading during the
7 trading for the accouiit
ended Dec.
shares
V
/
•♦New
♦
4 Weeks
Calculated
ables
Ended
from
Ended
Requirements
Begin.
December
Dec. 1
York-Penna.-
♦West
)
Ohio—Other
J
—
:-;i
7,600
;
Illinois uu
—
.
'
/
46,000
Kansas
>;
District II_,
they are registesed—
225,800
778,740
30,100
Total purchases^.
v
:
44,700
200
44,250
2,550
270,850
241,900
300
371,250
390,850
—
700
+
.
18,850
.18,850
134,80C
>135,250
422,650
424,150
209,450
2, Other transactions Initiated on the floor-
East Texas
177,130
VI
Dist.
\
;
District VII-C
District
VIII
District IX
••'•
District X
34,500
Coastal Louisiana
,27,750
118,150;
81,050
-t-1.
74,350
81,247
76,000
•>•
60,000
Mississippi
2,000
Alabama
New Mexico—So.
East)
109,000
Colorado
Total United States
§840,700
•♦Pennsylvania Grade
76,650
82,850
53,950
700
102,500
450
450
350
:,50
350
+
104,450
91,450
22,800
20,300
38,600
20,450
1,500
:-:v
39,450
300
887,100
hi +12,000
878,200
840,000
+
5,350
4,708,200
4,473,900
i;
+
4,300
60,250
A.Total
v
:
56,350
(included above)
Short sales
.
v.{Other gn1"g
Transactions for Account of Members:
,
speciaiistsja stocks in which
they are registered-w.
/ '
Total pnrr.hftgps ,-ft'-"-
Total sales.
Total
4.
.
•
.
Total—&1 SalCS
District—
East
Coast
—
.0
...
—.
Appalachian— ' f
;
,
District No. 1
76.3
District No. 2—-—
84.7
;
ioo
60
Ind., HI., Ky—
Okla., Kans., Mo
87.4
;793
78.3
386
Inland Texas
59.8
232
Texas Gulf Coast
89.2
Louisiana Gulf Coast-
97.4
No. La. & Arkansas-
55.9
69.9
327
2,474
96.8'..
189
1,014
91.1
2,958
/
'
'
'
v
2,788
995
3,693
391
1,260
102.8
3,663
14,337
3,124
351
109.3
1,128
4,843
1,379
67
53.2
170
1,781
269
*
'
"ft&!" 522 '
'>
3,608 r1
1,1
742
10,494
,
1,285
:
-
v
6,836
122
494
12
92.3
-36
107
70.9
129
78.2
380
2,022
85.5
811
81.6
2,179
16,964
■;
•
<
36
15 V:';
■
Oct. 31,
"41
•
market paper
442
608
706
12,108
28,080
TbMisDec'.
28, 1946.
■'^iteDec'. 21, 194^T
^9,Si945--i—~
-
226,800.000
•;l i :
.
'
■
•.
.S
Oct.
31-
201,500,000
30-
147,600,000
141,600,000
85.8 I4,820
86.7
15,195
89,554
17,815
60,608
54,217
Aug._31_
Sep. 28—
Aug. 31—
July 31
July 31_.
130,800,000
Jun.
121,400,000
'
'
i
i
i
t.
i• > :
n |
V- t
„
Nov. 29
on
1
/
-
-
':
vi.
■s
>'
j
t
r
-
i* y
t'j
i/.
mmm
,
f.
:
J
Mi
i
i
j
c
i
/
ODD-
N.
Week Ended Dec. 21,1946
- ■
Y.
4
*
f.';\
;
' ^Total
26,428
fiil 811,533 ;
...
'■»
/,/
ppp
1
>
/?'•" II
value.^—$32,064,164
"
(Custohiers'sales) ►
Number of Orders/ J ' ?
,
•
J
\
For Week
Number of shares
customers';
♦Customers'
shorttrsales-^..;..154 ,'
other sales—X, 26,532
"
;
Customers'
total
Number of Shares:
$
seles^^-,
'
1
Customers'
short- sales
^Customers'
other sales
26,686
'
,
6.29Q
4
804,145
126,000,000
May 31—
Apr. 30—
Mar. 30
171,500,000
Feb.
v
28—
Jan.
Total
118,600,000
146,700,000
Y
i66,ooQ,ooo
Nov/30—
; 166,900.000
i
,
f
$
'I" i'l-i
"I:
i
»t
sales_—
«
240,550
Number, of ;shares__—^.
\
..
'
"
249,200
and sales to liquidate a Ion? position which
is less than a round lot
"other sales."
< .
•'/ 1
V,
*•
5
marked "short exempt'V are reported with, "other sales."
- •"'/
- * Sales to "offset customers' ^dd-lot
ordert
1944—
Dec. 30—
4
-
♦Sales
173.700.000
158,900,000
156,100,000
-
240,550
Round-lot Purchases by Dealers—
; 162,400,000
31—
/
')
-
tOther sales„__._—:
100,800,000
102,800,000
157,300,000
•
;
•
Short.
106,800,000
.
> 810,435
$28,869,701
Round-lot Sale^ by Dealers—- '• ;
Number of Shares:
;; ito,2oo,ooo
29—
148,700,000
178,200,000
111.100.000
total- saleSi-,.^:
Dollar value
/
127,100.000
;
::i f
.
/
THE
(Customers' purchases)
'
Number of orders—.;—..—
Dollar
..
Sep.
June 28—
ON
'
1
31
53,427
1945.
4.
1945—
Oct.
58,941
14,286 196,198
10,243
36,403
41,679 May 30_.
Apr. 30—
:
*Ljcludes unfinished gasoline stocks of 8,365,000 barrels,
flncludes unfinished Mar. 29
casoline stocks
of 8,233,000 barrels.
{Stocks at refineries, at bulk terminals, in Feb. 28
transit and in pipe lines,
§ In addition, there were 2,105,000 barrels of kerosine. Jan. 31—
5 931000 barrels of gas oil and distillate fuel oil and 8,181 bari'els of residual fuel
oil produced during the week ended Dec. 28,
1946, which compares with 1,928,000,
1945—
batrels
5 789 000 barrels and 8,419.000 barrels, respectively,, in the preceding week Dec. 31—.
and 2,035,000 barrels, 4,971,000 barrels and 8,957 000 barrels, respectively,
in the Nov. 30.
week ended Dec. 29,
,
29-
17,181
4,706
THE
the totals for: the last two years•• ;v;':
15,604 •93,126
Dec.
;
1946, and $156,000,000 on Nov. 30, 1945.
89.4
'
FOR
Odd-Lot Sales by Dealers--
dealers show a total of $226,800,000 of open
85.8 4,968
-
reports
upon
stock,exchange
4.-Customers'
Nov.
based
Oddilot Purchases by Dealers— '
Oulslanding
1946—
*
•"
•
i.
;
are
SPECIALISTS
AND
;
outstanding on Nov. 29, compared faith $201,500,000 on
The following are
'
figures being
LOT ACCOUNT OF ODD-LOT DEALERS
;
.
'
114
21, continuing
TRANSACTIONS
STOCK
by the Federal Reserve Bank of New York
from commercial paper
2,096
;
Reports received
Dec.
odd-lot dealers and specialists.-
'■'ti
Commercial Paper
.
19.0
Other Rocky Mt
California
■
16,974
4,159
8,939
.
Rocky Mountain—
New 'Mexico
y/, 182
ended
figures,
87,503
;
310
110
6,257
1,434
>
i
;
!'i
1,037
—
the
on
filed with the Commission by the
i,
——
1,711
70.3
<•
■:
Oil
y'!- 42;
82.3
.
551
441
,
,
.
97,504,
''members" includes all regular and associate Exchange members, their
firms and their partners, including special partners.
tin calculating these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales.
^
„'
'T*
,
' r v"
■ " "
{Round-lot. short sales which are exempted from restriction by the Commission's
rules are included with "other sales/'1
J
v > 1. ;
!;■
• :,J
{Sales marked "short exempt" are. included with t'other sales."
> - '
■
^ J - > -
8,966
special¬
published by the Commission • The
Specialists-
97,504
—;—
odd-lot- account. <
for
series of current
a
•The term
Fuel
••
U-
;
week
345,470
Total purchases^,
Resid.
.
:
New York Stock Exchange'for the
300,870
.
,
—
Odd-Lot Transactions for Account of
*
of
Gas Oil
•
Capac.
*
;*
of complete figures
of all odd-lot dealers and
44,600
^
Customers' short sales-^-^.-...»—
{Customers' other sales—
{Stks. of {Stks.
and
{Stocks
Crude Runs Product'n
& Dist.
atRef.
Unfin. /y of
to Stills
Op¬ Inc. Nat. Gasoline Kero- /' Fuel
Daily
or
Blended
Stocks
r ':'•, sine
erated
Report'g
Av.
21,531
7,994;
91.4;
2,103 •
19,978
99.5
767
Refin'g
Exchange
public! on Decf
showing the daily volume of .stock
transactions
371.63Q
371,630
j
;
>
Total sales
% Daily
v
ists who handled odd lots
:
Total sales
2,800
47,253
——
~~
"
Short sales—
of barrels of 42 gallons each)
{Gasoline {Finish'd
and
Commission made
.
132,290
,,
—
{Other sales
Figures in this section Include reported totals plus an
v-";vestimate of unreported amounts and are therefore on a
-Bureau of Mines basis
v.
Bay,4.
/
used; the
nor
Securities
The
PPP'
2,950.; .4,;
■
(Figures in thousands
:
Marguerite
NYSE Odd-Lot Trading
1v
4
»
-
the floor—
£
Total nurchftsps
purchases-
GASOLINE; STOCKS OF FINISHED
DISTILLATE FUEL
1946
,
long has been. It has not
31 a summary
Fnitlatedoff
purchases?——r.-,-'——^
{Other sales..
GASOLINE, KEROSINE, GAS OIL AND
WEEK ENDED DEC. 28,
-
,
there in 1941, he said." 4
^
.
10.80
■
32,960
Short sales
; :,
8 to 11 days, the entire
RESIDUAL FUEL OIL,
AND
posi- -
a
"taken hy;f;
property .the Byrd Expedition left
,
Total sales
Total
entirely and of certain other fields for which
PRODUCTION OF
STILLS;
TO
RUNS
'
30,310
-
is
3. Other transactions
C.
AND UNFINISHED
.
,
__
State was ordered shut down
being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to 8 days shutdown time during the calendar .month.
{Recommendation of Conservation Committee of California Oil Producers. ..
CRUDE
"
"
•
{Other sales
definite dates during the month
no
=
.i
Short sales.
allowable as of Dec. 1 calculated on a 31-day basis and
exemptions for the entire month.
With the exception of
and
shutdowns were ordered for from
days,
floorer
"••
.
259,505
-
net basic
shutdowns
fields which were exempted
^-several
viv;209,030
•
/
if;
has beeii; f:
reaffirmation of
occupied the huts
'
I"".
''"V" :
220,655
purchases
ses———-»T-—..,
}
a
"But he conf ii'med London press
.
where it
?
.38.850.
a
pedition, from
',1-
.'
—
ions initiated^n the
2. Other transactions
.
the
V
-
Short sales
{Other sales.
domestic crude oil
They include the
condensate that is moved in crude pipe lines.
The A. P. I. figures are crude oil only.
As requirements may be supplied either from
stocks or from new production, con¬
templated withdrawals from crude inventories must be deducted, as pointed out
by the Bureau from its estimated requirements to determine the amount of new
crude to be produced.
:
' : ;
"■
'
""
«
tOklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m. Dec. ,26, 1946,
is
-
.
;
-:
2^70,055'/'■/"
'' " •
-
"
be
By Act of
reports that the State Department P
had not requested the British Gov-«
ernment to remove the British ex- f
' 5
"
•_':2,118,785 ^:
■ "v.
1. Transactions of
*These are Bureau of Mines calculations of the requirements of
based upon certain premises outlined in its detailed forecasts.
{This
*:
(Shares)v;. '
.
v-nVr-y;■■
<;
next f
independent, private ;f
tion that. long hag been
the United States.
4
Rxchahg# and Stock
Total for Week
51,270
• .4. j
•
:
8. Round-XiOt
.
includes
>■!"
-
n,
Total
50,900
,
-
' An
merely
16.81
1,511,929
Transactions for Account of Members*
-
jElound-Lot Sales; *' \
\
4,713,200
4,677,000 i
■
74,000
300 :v
97,500
32,000
845,000
California
200
102,450
21,600
24,000 1
;
/
■
104,150
96,000
—
■—
292,190.
372,550
1,100
New Mexico—Other
Wyoming
+
•
1,100
.
98,000
,
:
84,400
"
;
that wilL
his brief, orah assertion con- ;
cerning non-recognition of claims /
in Antarctica. It was regarded as/ /
1,219,739
Total Round-Lot Stock Sales on th«. New York Curb
295.300
403.750
100
—
77,250
-
93,450
310,300
- -
'-
expedition
''United " States
upon
11522,340
Total sales
1,922,400
1,999,650
403,850
-
444,000
382,000
3.54
294,259
{Other sales
_
,
'
Total purchases.
Short sales
*
"Mr. Acheson did not elaborate
:;v•i,.;
499,950
100
30,390
263,869
.
Total sales--.
4. Total—
27,700
—
r"
r:
the
Congress R Navy vessel
lent to him. ' -' f
344,350.;
;
/
—
{Other
another
Naval Reserve officer."
■'i
purchases
Short sales
■
118,000 i;
81,100
-310,350
V
-
'Total Louislana/-£l/rj "
Montana
f. Total
499,700
93,500
Louisiana
Arkansas
99,550
1,996,050
2,050,000 {2,000,267
Total Texas
99,350
34,500
2.28
3. Other transactions initiated off the floor-
;.
,
miles
500
to
American expedition, this will
led
by Comdr., Finn Ronne,
.
213,130
Total sales
■
■
8
36,000
?
400
Little /America, planes will
her deck to take Admiral
month.
"
ft-;.;-Short
is
carrier
:
leave "
199,190
Total purchases
316,300
the aircraft.4
"The carrier will rendezvpus
with vessels of the central, group ;;
of
10.99
1,004,540
Total sales—
750
:
on,
:
"The Marguerite Bay region iri Antarcticawip§be4^the? objective^^4
29,550
'
c 34,700
for
978,800
50
34,600
District Vn-B
.
\
1,900
-;J\
:v
America,
Byrd and/others to the Ross Shelf /.
ice/ where a la nding strip will be
readyf4 it/;.'/; f ;;;;4 '4' 44 ^ WdM
which
1. Transactions of specialists in stocks in
•
Short sales
41,800
States by
carrier, Philippine Sea. From the ,4
"Times" Washington account we
/■;y•„
leave
Dealers and Specialists:
v
3,050
"
;
including
to Little
from
Odd-Lot
{Other sales
208,800
Other
v
:
Members,
Accounts of
13,400
316,000*
•
Account of
lor
Odd-Lot
202,400
District V
District IV
North
the
{Other sales—
District IEC
/
3,550
9,022,320
;
Transactions
for
Except
'
District I
,
!;
100
6,150
5,400
/i;
of Task; Force 68, which already
is operating in the Ross Sea. When
408,020
2,400
18,850
Texas—
:
t%
,
ft:-8,614,300..-•"
^
J201,000
t278,200
1371,750
362,400
-
t
Total sales
8. Round-Lot
7,250
t7oo
263,000
380,000
Oklahoma
^
400
800
270,000
*'
; S50
—
1
";r>!-.
Total for Week
;
—
199,500
'
,
WEEKENDED DEC. 14, 1946
V,
w
'«•-30,050
7d.
f
'f
29,000
,
" ■'V
•5
210,000
'
29,
41,200
■
United
the
izens,
Exchange and ,Round-Lot Stock
(Shares)
Stock
2,150
—
'%i Kentucky,^
Michigan '
Nebraska
1,100
Vv
17,450
CV;
19,000
Indiana
:
'350.
4*
4,550
'
/
that claims have been asserted for p
the
1945
250
250
sKW 1,550"
8,400
Virginia
♦♦Ohio—Southeast
'
*
44,250
Dec.
28,
M
self/reserving, however, all rights
which it. may have in the. South
Polar; region. Mr. Acheson pointed
out, according to Washington advices to the New York "Times,",
of.Members*
.^{Other sales
Ended
47,600
3,550
—
Week
1946
Week
1946
48,200
Dec.
Previous
Dec. 28;;
,,
£____
Florida
•
Change
Account
Short sales
,
Week
v
for
Total Round-Lot Sales:,
A.
Actual Production
State
Allow¬
This
of Cprb- members; pf 459,435
''•■vl'i-
1
-
•.
Stock Sales on .{he New York
Round-Lot
Transactions
♦B. of M.
v
week ended Dec. 7 of
•
14.57% of the total trading of 1,576,655.
was
•->/' i-'
V-.,
rotal
(FIGURES IN BARRELS)
PRODUCTION
]
private cit-' *
Rear» Admiral ,
Richard E. Byrd, who, a Navy an- v
On the New York Curb Exchange,, member trading during the
nouncement states, is to sail from 4,
week ended Dec. 14 amounted to .717,100 shares, or 16.52% of the*
Norfolk, VaM to command the Ant-. <
total volume on that Exchange of 2,170,055 shares. During the week arctic Expedition now en route 4
compares
c
OIL
CRUDE
AVERAGE
"J
2,304,871 shares, or 17.56% of the total trading of 6,560,560 shares.
.
DAILY
which does
,
2,105,000 barrels of kerosine; 5,931,000
barrels of residual fuel oil.
policy in the Antnot rec-
States
area,
ognize/any claims there of other ' *
nations and makes none for it- it¬
members
the Exchange of' 9,022,320 shares.v
of the total transactions on
produced 15,604,000
barrels of
distillate fuel, and 8,181,000 barrels of residual fuel oil duririg the
week ended Dec. 28, 1946; and had in storage at the end of that week
93,126,000 barrels of finished and unfinished gasoline; 17,181,000 barrels pf kerosine; 58,941,000 barrels of distillate fuel, and 53,427,000
•
arctic
(except odd-lot dealers; during the week ended Dep. 14' (in roundlot transactions) totaled 3,034,269 shares^ which amount was 16.81%
mately 4,968,000 barrels of crude oil daily and
barrels of gasoline;
United
series
a
figures.
Exchange for the account of
Stock
the
on
Acting Secretary of State Dean
on Dec. 27 reiterated the
Acheson
being published weekly by/ theCommission;.vSM
shown separately from other.sales in these
are
Trading
companies indicate that the in¬
Bureau of Mines basis approxi¬
Reports received from refining
dustry as a whole ran to stills on a
14,; continuing
exchanges in the week ended Dec.
of these
•*'.v
/'"•
Policy Stated
for the account of all members
volume of round-lot stock transactions
week ended Dec. 28, 1946, was
barrels per day over the preced¬
ing week and a gainpf 239,300 barrels per day over the correspond¬
ing week in 1945;
The daily average figure for the month of De¬
cember, 1946, as estimated by the United States Bureau of Mines, was
4,677,000 barrels.
Daily production for the four weeks ended Dec. 28,
1946, averaged 4,708,200 barrels.
The Institute's statement further
4,713,200 barrels, an increase of 5,350
shows;
Commission made publi^
and the New, York Curb Exchange and the
New York Stock Exchange
crude oil production for the
age gross
UfS. Antarctic
New Jfork; Exchanges
on
figures showing the volume of total-round-lot stock sales on the New
Institute estimates that the daily aver¬
The American Petroleum
.
Thursday, January 9, 1947 /
FINANCIAL CHRONICLE
THE COMMERCIAL &
'■{if-
*v<-.
^ported wttl*
.
165".; Number 4558
THE COMMERCIAL & FINANCIAL
CHRONICLE
1
Railroads
Allegheny District—
28, 194t; Off Because of Holiday
Total Revenue
Akron. (Canton
Baltimore
Bessemer
Cambria
Central
&
<te
&
R.
Cornwall
&
,
1940
Voungstown.
32,042
Erie
1946
1943
585
1,304
28,729
21,161
931
1,104
17,343
1,423
729
1,110
16
3,889
4,818
'16,671
367
66
121
7
913
1
—-—
4,702
350
i
Pennsylvania—,,
Ugonler
*
-
288
420
Valley
uong
island——
——
Penn-Reading Seashore Lines-.
Pennsylvania System
—
Reading Co
■-
214
,
1,682
9
"
13
9
80
5
5
976
1,119
4,206
1,066
4,120
*
1,468
•63,811
i 50,797
"
8,785
57,7.34
10,925
1,800
47,505
11,342
42,919
15,545
14,535
17,064
22,392
3,843
21,155
2,564
tPittsourght—————,
Western Maryland
1
"
-
3,404
2,367
2,709
9,602
137,715
111,360
128,242
130,260
1,467
9,277
Pocahontas District—
mortgage "financing increased sharply; by the
life insurance
companies of .the
country during 1946, the total of
such mortgages owned
by th'e life
companies at year-end are esti¬
$7,000,000,000; up more
$350,000,000 ift the year, the
than
of
Life
Insurance
on
Dec. 29. The
stated that the
greater
Southern District—
Alabama, Tennessee & Northern.
Atl. & W. P.—W. R. R. of
Ala.—,
approximately $100,000,000. Farm
mortgages showed a rise of about
Atlanta, Birmingham & Coast
Atlantic Coast Line
9,099
Central of Georgia
$25,000,000. The
2,187
Charleston & Western Carolina-
i
Clinchfield
Columbus & Greenville—Durham & Southern
Florida East Coast
69
-I— 1——
Georgia & Florida
Gulf, Mobile & Ohio
63
792
topping
;<-v 209
c.
the billion dollar mark
.for the
first time in many
years, and ex¬
ceeding such purchases in 1945
3,839
—
Illinois Central System
Louisville & Nashville
21,685
20,414
M&oon, Dublin & Savannah
by $600,000,000. Holdings of fore¬
145
Mississippi Central
Nashville, Chattanooga & St. L.¬
0 240
closed real estate
2,626
Norfolk Southern—
duced
693
Piedmont Northern
;
Richmond, Fred. & Potomac
Seaboard Air Line—-——.
Southern System
Tennessee Central
during the
203
total
real estate
holdings, includ¬
ing home office properties, hous¬
ing projects and real estate held
544
Winston-Salem Southbound
were further re¬
of many 'milliotfs
year and at year-end
by sales
231
7,575
18,395
—
by
"Total new mortgage
purchases
in 1946 by the life
companies ap¬
proximated $1,600,000,000,
2,312
ft-;/
—,
increased
gages
fvv' 278
—
other
city mort¬
almost $500,000,000. The Institute further said:
248
•
1,142
,
re¬
advices
part of the
year's gain in mortgage •
financing
ias been in
city mortgages other
than FHA. The FHA
mortgages
showed a decrease during 1946 of
"
Gainesville Midland
>
estate
ported
-——
Georgia
real
Institute
Chesapeake & Omo
Norfolk & Western
Virginian
With
mated to be
114,544
.
Increased in Year
40
57
onion
Life Insurance Cos,
1,028
•
13,500
1,146
1,368
;
\
Mtg. Financing by
1944
376
26,348
I 1,233
Indiana
R, ol Mew Jersey...
Cumberland &
Total Loads
Received from
*.
t
Connections-'
"1945
482-
Ohio———„—
Lake
,
Freight Loaded
76
as an
investment, as well as the
foreclosed properties, were valued
at
$750,000,000, about $100,000,000
less than at the close of 1945.'!
Result of
Bill
The
tenders
Offering! 4
Dec.
on
for
thereabout
bills
Treasury
Secretary of the Treasury
announced
30 "that
the
$1,300,000,000
or
91-day Treasury
of
to- he- dated. Jaru.,2 .cand
to
mature April 3, which
were
of¬
Dec. 27, were opened at
the Federal Reserve
Banks, »von
Dec. 30.
■■
.f
fered
Central Western District—
J
accepted,
$1,311,177,000
(includes $19,040,000 entered on
a
fixed price basis at 99.905 and
accepted in full).
Average price, 99.905 -f-; equiva¬
Colorado & Southern
—
lent
Denver & Rio Grande Western.
Denver & Salt Lake
approxi¬
•;
.
—
High, 99.907, equivalent rate of
discount
—*
Pacific—-
approximately
Peoria & Pekin Union
per annum.-v
Southern Pacific (Pacific)—„
Toledo, Peoria & Western
Union Pacific System
»
.
0.368%
•
•
Utah
approximately; 0.376%
per annum.
.
;
30% of the amount bid for
the low price was accepted.
Southwestern District—
Gulf Coast Lines
300
International-Great Northern——«—
tK. O. & G.-M. V.-O. C.-A.-A
-01,645
1,326
1,881
3,331
860
871
4,200
.0 1,778
228
247
Litchfield & Madison
—
Missouri & Arkansas
1,802
§
f.
Missouri-Kansas-Texas Lines—
——
SL Louis-San Francisco
f
4,431
3,873
00
—0
155
8,266
0 7,217
Texas & Pacific
0
Wichita Falls & Southern
*—
Weatherford M. W. & N. W.—
"'*'♦» 0.V** V* *"
-£.' {*'
5,518
v
-V. "V
Atlantic
3,991
6,074
1,852
2,749
0:
6,412
9,448
3,309
5,967
99
98
•
30
•
"V
V-
j.
i
Line
42,817
■
RR.
.
■
1
"
tlncludes
Valley Ry. and Oklahoma City-Ada-Atoka Ry.
NOTE—Previous year's figures revised.
30
58,03 4
■
■"1
■
1
Kansas,
2,007
; : 2,902
V 1,302
.
2,129
•
1,871
■:
89;!
*
282
4,103
2,85.
01?'284
.
257
,
7,403
27
52,425
Coast
12,2!2
55
•/
"V;/ ™ '?■*
—
;
in
69
52
Louis-SouthwesteriL—--,———2,383
Texas & New Orleans-
tIncluded
2,088
*>218
,;
234
90
'
-0£;14-222
Quanah Acme & Pacific
••'
2,332
■;
.
707
'
2,597
„
;
Missouri Pacific---,.
t.'
0> 4,631
1,957
.
Midland
.-731
2,084
2,624
i1,800
—
Total
264
1,226
0
~
Louisiana & Arkansas
•
3,73700 3,678
—
City Southern
There
"
Burlington-Rock Island-—' 292
St.
-•
Low, 99.905; equivalent rate o.f
discount >
Western Pacific—
Kansas
,
bids:
1
Nevada Northern
North Western
discount
,
City
Terminal——
Missouri-Illinois
rate-of
mately 0.374% per annum.
Range of accepted competitive
—
Illinois
$2,892,507,000.
Total
Bingham & Garfield—_—,
Chicago, Burlington & Quincy.
Chicago & Illinois MidlandChicago, Rock Island & Pacific.
Chicago & Eastern Illinois
Fort Worth & Denver
on
Total applied for,
Atch., Top. & Santa Fe System.
Alton
.
Volume
6,349
4,263
-no!
18.
s
■
5,35<
3,93'
*
0 5,121
4,17!
6,092
4,68!
88
'
,
.
*
12
53,346
1'
.
44,46'
'
"
Oklahoma
§Strike.
&
Gulf
Ry.
was
a
maturity of
ilar issue of bills
amount of
on
a
at
sim¬
Jan. 2 in the
$1,306,922,000.
•
Wi»*!toWWS»W"
_i
Items About Banks
»
and Trust Companies
i
(Continued from page 189)
000
and undivided profits had
totaled
$24,735,776
been increased from $468,237 to
•against $25,609,796 on Sept. 30,
$561,407.
last and $26,828,736 a year ago.
decline in deposits, it is noted,
At the year end, The Bank for
was due to a steady decrease in
Savings, New York's oldest sav¬
U; S. Government deposits which
ings bank, honored several of its
totaled $571,868 on Dec. 31, last,
seniors.
To Henry J, Helck, As¬
against $1,724,711 on Sept. ^ 30,
sistant Vice-President in charge
1946 and $6,071,399 on Dec. 31,
of the bank's Yorkville office, and
1945.' Surplus and undivided prof¬
r-vr
of
to William D Newton, Assistant
30 and Comptroller at the Main office,
DeCoursey Fales, President of the
$611,385 a year ago. ■ Loans and
bank, presented silver bowls suit¬
discounts were $5,480,809 at the
ably engraved to mark 40 years
close of the year compared with
of service.
Thomas A. Cornwall
$5,175,894 three months earlier
received a gold watch commemo¬
jand $5,132,702 on Dec. >31, 1945.
rating 25 years with the bank and
Holdings of U. S. Government se¬
was made a member of the Twen¬
curities and municipal bonds toty-Five Year Club. . ,
.■; fcaled $12,645,612 against $13,384,-Vv.'.V?,
i220 and $15,308,878. Cash on hand
Th e statement: of condition of
and due from banks at the close Of
Brooklyn
Trust Company of
the ryear amounted to $6,391,667
Brooklyn, N. Y. as of Dec. 31,
compared
with $6,615,064 and made
public Jan. 3, showed total
$5,397,533.
deposits of $235,134,367 and total
f
:— 77:|:,;v7;7- "1
$762,303
and U. S.
amounted
$13,286,968 against $16,067,301.
from
014
statement of condition
1946 of the Grace
of Dee. 31,
as
Na¬
York shows
$78,652,479 as com¬
tional^ Bank of New
of
with $79,716,813 on Sept.
30, 1946 and $95,139,601 a year
k ago. ^Surplus and undivided prof*'
its amounted to $3,817,913 as com¬
pared with $3,768,475 on Sept. 30,
J946 and $3,624,458 a year ago.
Cash tin vault and with banks
.totaled $23,004,748 as compared
with $19,788,042 on Sept. 30, 1946
and $22,211,860 a year ago. U. S.
deposits
pared
Trust Company
-
$44,
$47,and
ago. Loans and
/Government Securities were
825,407,- as compared with
020,393 on Sept. 30, -1946
$49,8$^,878 a year
discounts were $22,860,114 as com¬
with $19,987,863
pared
on
Sept.
£*0,^1946 and $28,374,304 a year
President
of
Colonial Trust Company: of
Hew. .York announced on Dec. 30
the following promotions:
Wil¬
liam tH. Bassett, Assistant Vice-
:v
Arthur
Kleeman,
S.
.
President, to be Vice-President;
Josej5n M. Sullivan, Walter H.
Klaum and Arthur B.
Stewart,
be ; AsGeorge
Assistant Secretaries, to
■
sistadi!' Vice-Presidents;
$59,770,278 7 against
$58,643,113, while holdnigs of U. S.
banks ;' was
securities were
$147,846,449 against $165,473,393.
Total loans and bills purchased
Government
against
$36,161,114. The statement showed
undivided
profits of $1,637,401
against $1,879,897, while reserve
contingencies was $1,220,497
for
Capital and sur¬
against $778,691,
unchanged at $8,200,000
$5,600,000 respectively.
plus were
and
7
The Lafayette
reported
deposits
of $37,414,136 and total assets of
$39,748,827, compared, respective¬
ly, with $36,627,446 and $38,482,999 on Dec. 31, 1945. Cash on hand
and due from banks amounted to
$9,715,219, against.. $8,902,048;
holdings of United States Govern¬
ment securities amounted to $20,657,317 against $24,307,242; and
loans and discounts to $7,710,989,
/.
ing officers:
Vice-President
with
poration-reports
total
resources
of ' $79,337,377 on Dec. 31, ly-o,
against .$74,490,852 on Sept.-30th.
Cash on hand and due from banks
$7,037,301 against $8,588,883.
S. Government securities were
was;
U.
$35,400,062;
against
$42,991,045
Hibernia
customers' liability on
acceptances
$12,660,939 compared with $15,128,131^ Surplus and undivided
profits were $3,253,590 against
$3,189,209 in the previous quarter;
amount
due
customers
to
was
against
$48,346,705.
Acceptances
outstanding were
$14,799,128 compared with $16,$54,194,577
081,731.
Schroder
•
Trust
Company
re¬
ported Dec, 31 resurces of $35,367,684 compared with $38,958,200
Sept. 30th; cash and due from
$8,262,323 against $8,160,944. U. S. Government securities
oil
"banks,
totaled
$19,455,959
against
$23,-
920,863; loans and discounts $7,129,192 compared with $6,178,825.
Surplus and
undivided profits
WeSref $2,604,127 against $2,587,164.
Deposits were $30,544,123 against
$34)227,742.
V;- 777 ::
Thomas J. Shanahan, President
<o£^ih& Federation Bank & Trust
Cpjppany of New York, reported,
as
..of
,
Dec.
31,
1946,
deposits of
274,886 and total resources of
$3^,756,147 against $37,618,806 and j
$4^,7.44,253 respectively as of Dec.
31,; 1$45. Cash on hand and due
ported
on
resources
Sept. 30, 1946.
087, compared
cash
and
Total
amounted to $709,555,due from
banks aggre¬
compared with
U. S. Government
$330,341,131,
against
$359,285,254; state, county and
municipal securities were $12,-
Ripley
■
associated
was
Co.,
&
Inc.
:
the
of
Trust
Co. from 1892 to 1918, came
with
Trust Co. in February, 1946
after four years in active duty
the
with
the
the
United
Atlantic
Gross
holds
States
Navy in
and
Pacific.
Mr.
the
Bronze
Star
has
awarded while serving as Execu¬
tive
Officer
of
Mr.
Keller
has
with
the
since
the
USS
been
He
1931.
was
member
a
is
a
Trust
Co.
direct
de-
of
the
original
Chicago, 111. has announced the
following changes in personnel of
the
organization, effective Jan;
1st; J. Frank Bilger, Title Officer,
pointed Credit Manager; William
M. Rice, formerly of Decatur, has
been appointed Attorney in the
Law Department.
The
Bank
Harris
Trust and Savings
Chicago, 111., announced
of
in its statement of condition as of
Dec.
31, 1946, that total deposits
total
006,255
.
Trust Com¬
vided profits advanced from $2,-
373,977 a year ago to $5,326,660 at
the present time. > >7,, '77'7v/77V
day in January to
the fourth Mon¬
day in January.
Second National Bank
$11,668',949 against $9,400,785.
Capital remained unchanged at
delphia
$la500,000. Surplus had been in.from $1,400,000; to ^SOOj-:
Jotal, assets
s-\U
our
v':'
of Phila¬
in its statement of con¬
dition as of Dec. 31* 1946, reports
jof
; $21,629,896, : com£.
National
E.
Atwood,
President,
that directors
Bank
of
of First
Minneapolis
$1,000,000 to
the
bank's surplus by transfer of that
amount from the undivided prof¬
its. account;, This increase is re=fleeted in4he bank's
port to the
have
added
mptt-Qiier.;^
$12,635,000:
reserved
was
tization
bond/ premiums,
of
and
$1,032,000 was set up in reserves
and applied to the revaluation, of
assets
and " absorption of losses
other than loans. A profit-sharing
bonus of $1,964,000 was
for
employees,
$443,000
an
provided
of
increase
last year.
over
-
Reginald E. Knight, Superin¬
tendent of the Bank of Montreal's
the Fi¬
foreign department, is retiring on
nancial
Advertisers Association,
pension and will be succeeded by*
Mr. Ellsworth was its president in
John H. F. Turner.
Mr. Turner*
1920 and for 15 years has been a
who was cotton administrator with
member of its Senior Advisory
the
Wartime Prices and Trade
Council. He is also a charter mem¬
Board for three years to April*
ber of the Association of Reserve
1945, has had wide experience in
City Bankers, and was its Presi¬ this country and in England and
dent in 1919. He has been an ac¬
France. Mr. Knight, who is retir¬
tive member of the American
ing after 46 years in banking, has
Bankers
Association
for ; many
been Superintendent of the Bank
years; has served on its Executive of Montreal's foreign department
Council, on the Executive Council for the last ten years, and has
of, the Trust Division, and as been directly connected with the
Chairman of the Bank Manage¬ bank's
foreign business for over
ment Commission.
a quarter
of a century. He wilt
"Mr. Ellsworth states that he
continue his service with the bank
will
remain
reasonably active, until
May 1 next, and will act
having established an office in the during the intervening period in
Hibernia Bank Building where he
an advisory capacity.
will
engage
in the advertising
business, specializing in advertis¬
Cable
advices received front
ing for banks."
London by the New York repre¬
sentatives
of Barclays Bank Lim¬
At a meeting of the Board of
Directors of The Fort Worth Na¬ ited are to the effect that the bank
declared" dividends
for the*
tional Bank of Fort Worth, Tex., has
added:
<'
bank—$3,500,000.
the
1946 similar to 1945, that is
10% on the "A" stock and
14% on the "B" and "C" stock*
which are the same dividends
which have been distributed for
year
to say,
.
many,
year
end
condition reveals an
increase in surplus of $13,500,000
to a new total of $110,000,000; also
earnings, deposits, total resources,
loans and capital funds at new
Bank : of 7 America's
high levels and a greatly increased
reserve accumulated as insurance
against any possible future losses.
At Dec* 31. 1946, '■ deposits totaled
i
-
The net profit of
Limited for the
Bank
£1,676,-
year! 1946 amounted to
403.4.8.7
The
reserve
increased
been
fund -has
by:,: £ 1,000,000,
making a total of
£ 12,250,000.
This
increase
is
made up
of
£250,000
taken from the
amount
£714,051.15.11. brought for¬
ward
from
1945
and
£750,000*
taken from the reserve set aside
of
for
special contingencies during
and now no longer re¬
war
quired. The balance of the
amount
brought forward from 1945, name¬
ly, £464,051,15.11. has been added
to the net profit of £$1.676,403.4.8*
making a total of £2.140,455.-7*;
Special appropriations from prof¬
its have been made, as follows:
£250,000.
count;
count
-
..'
years.
Barclays
the
'
Currency as.7 ofj $5,415,849,000, pn increase of $76,-'
reserve,
for depreciation of bank premises
and other real estate and amor¬
charter member of
statement of
Henry
securities
of
resources
of Philadelphia on Jan. 2
broke with "Bank Day" tradition
when it announced that it had
announces
Government
and all
nated during
-
second Tues¬
S.
the year
and
meeting date
u.
funds
against any possible future loan
losses. /: There
were
no
known
losses in the bank at the year end
were
$459,- held on December 27, Estil Vance
$496,623,829 respec¬ of Texarkana was elected Vice209,153 versus $12,320,392; other tively, compared with $550,006,336 President, it has been announced
securities $36,236,912, against and $584,618,588 a year ago. Hold¬ by R. E. Harding, President of the
$37,287,527; loans and discounts ings Of U. S. Government obliga¬ bank. Mr. Vance' is now Vice$99.,407,175, compared with $101,- tions by the bank amounted at the President of the State National
492,456. The capital stock of the end of 1946 to $172,671,027 against Bank, Texarkana, with which in¬
bank at the end of December re¬
$134,090,272 on Dec. 31, 1945; cash stitution he has been actively as¬
sociated since 1929. He is a grad¬
and due from banks was $123,mained unchanged at $14,000,000.
A transfer of $8,000,000 from un¬
433,122 compared with $153,504,- uate of Texas A & M College,
divided ' profits to surplus,
in¬ 384; loans and discounts at the class of 1927 and Harvard School
creased the latter account to $36,- latest date are shown as $160,333,- .of Business, class of 1929. •
The Board of Directors also de¬
000,000.
Undivided profits were 154 against $134,662,096 last year.
$7,364,253, compared with $14,- Capital and surplus remained un¬ clared the usual semi-annual div¬
idend
of 4%, amounting to $140,356,463 at the end of September. changed at $8,000,000 and $12,000,000, respectively, and undi¬ 000,000, on the capital stock of
and
changed, its annual
totaled $9,890,655 against $16,874,401. § groans and discounts were
of which is to provide pro¬
tection in addition to capital
as an exec¬
Vice-President
Imahorn
"A
Pettibone, President
Title and Trust Co.
Chicago
been
Mr.
burg Bank in 1814.
from the customary
of
pose
bank, supervising our advertising
and
public relations activities,"
Leutze.
associated
Harrisburg
Holdings
$9,922,247.;
in New
number of years
a
grandson of Edward
a
Bailey,, President
frorcnbanks amounted to $9,250,-
949;:against
Bank
banks. For
he was Man¬
ager of the Advertising and New
Business Department of the First
National Bank of Chicago. Later
he became Secretary and Adver¬
tising Manager of the Guaranty
Trust Company of New York, and
for the past decade and more he
MiV
securities,
Land Title Bank &
year
with three prominent
the Navy he
$178,061,968;
pany
$13,696,000 at the end of
> from
earnings
and
to $31,115,000.' This is
unallocated reserve, the pur¬
creased
the
riman
into
with $694,124,620;
gated $224,584,827,
National
(1946), having served
,
deposits and $581,224,188
all other deposits—re¬
John
$3,-
amounted
will retire at the end of
of U. S. Treas¬ with the company since 1913, has
and $629,576,886 retired; Robert Kratovil has been
representing all other deposits. appointed Title Officer; Fred O.
This compares with deposits of Prescott, acting manager of the
$629,124,342—$47,900,154 of U. S. Credit Department, has been ap¬
covering
and
Vice-President Fred W. Ellsworth
in
deposits
Treasury
John S.
20.
President
Orleans, La., announced that un¬
der 7 the bank's retirement plan,
ing of $12,756,031
ury
$1,200,000,, all
change be¬
The
Dec.
-:
increased
than 25% in 1946,
and amounted to $17,063,043. Aft¬
er use of $197,550 to retire pre¬
ferred stock, capital funds gained
$11,702,000 and totaled $241,296,000, not including the "Reserve
for bad
debts" which was in¬
an
;
$642,332,917, consist¬
is
of
paid
or more
with the Investment Firm of Har-
phia National Bank of Philadel¬
phia, Pa. for the period ended
Dec. 31, 1946, shows deposits on
that date of
of /Birmingham,
$49,938,000., 7 ,v.7
Dividends
preferred stock was elimi¬
the year, L. M. Giannini, President, pointed out.
\
utive officer of the bank since its
Earnings for the year were $58,-•
founding.
'During, his banking
290,000. From this total $13,696,career," :• said Mr. Imahorn, "Mr. 000 was deducted for the * above
Elssworth • has •.? been 9 associated
of
:of The
;
President A. P. Imahorn of the
.
1945 on his release
from active duty with the United
States Navy as a Lieutenant Com¬
mander.
Prior to his entrance
of
The statement
Trust Com-
Maples Jr., Cashier.
December,
Philadel¬
-
stock.
Coleman
Mr. Illigen became associated
Co.
with the Harrisburg Trust Co.
capital
effective
came
Bank) the Harrisburg Raill
and the Harrisburg Bridge
ways
a
common
Holman D.
Schroder Banking Cor¬
J. Henry
credit
year ago.
Ala., has been converted into the
Birmingham Trust National Bank,
Director of the Harrisburg Na¬
tional
7 increase
as
follows:
Commercial
loans,
$257,000,000;
real
estate
loans, $287,000,000; instalment
The Birmingham Trust and Sav¬
Illigen an Assistant VicePresident, HenryM. Gross, Jr.,
and William
C. Keller, Trust Analysts.
Mr. Reily, III, has served as
Secretary and a Director of the
Trust Company since 1936. He is
Board of Directors of the Harris¬
1945.
a
ings* Company
Assistant Secretary,
a
an
mately
454,487,
Karl W.
and surplus and undivided
profits were $1,043,325, against
000,
$826,324 at the end of
against $137,813,-
as
end
year
creased
Secretary,
and
cendant of John Peter Keller who
from
were
the
at
$1,722,743,000,
pany^St^Louis.^
-
Capital was in¬
$850,000 to $1,000,-
against $4,170,064.
creased
for. 1945.
1946,
31,
aggregated
of
$704,002,000 over a year ago. The
increase was made up approxi¬
ing
Commerce Bank and
Reiiy, III, was elected
George W.
National Bank of Gross, Jr.,
Brooklyn in New York
as of Dec. 31, 1946, total
Ortn£r, Chief Clerk, to be Assist¬
ant Secretary and Assistant Treas-
share
of
gain
a
$139,462,000 during the year.
i ;
Loans and discounts outstand¬
Harry Castle has been promoted
Manager of the Consumer Fi¬
nance Department of Mercantile-
of the follow¬
tion and promotion
$254,809,392 and $272,665,009, respectively, on Sept. 30,
1946. Cash oh hand and due from
to: $33,633,509
per
Dec.
$5,765,525,000,
were
loans, $160,000,000. Concur¬
investments in securities
declined $651,021,000 and amount¬
ed to $2,882,151,000 at the year
end.
Cash
and
cash items in¬
Harrisburg, Pa. made a yearI erid announcement -oi the: elec¬
ing with
;
at
compared with $439,000,000 a yeap
ago. Net increase in deposits, ex¬
clusive of war loan, was $452,742,000 for the year. Total resources
rently,
77:7;;;7
$70,570 over last year.
The Harrisburg
of $253,410,203, compar¬
amounted
from in¬
account, were $517,564
share as against $610,-
$120,383,406
of
_
The
items
on
bonds
of
per
$4.07
or
Deposits
,
;
recoveries
to
•
resources
oper¬
$494,639, an increase
loans totaled
of
$3.45
751
insured
mortgages and FHA
and
or
during the year
of $871,173
crease
of
sale
the
vestment
discounts at the end
totaled $2,840,803, an in¬
1946
of
year
and
Loans
Sept.
Bank
its
previously charged off and profits
ago
Government securities
$767,655 compared
on
exclusive
a
National
profits for 1946, after all
taxes and depreciation,
ating
$2,758,885. Cash on hand to¬
$4,312,245, compared with
$3,911,577
J;
expenses,
increase
taled
to
Boatmen's
The
$16,497,141
with
compared
027,
at the end of 1945, or an
:
of St. Louis reports that
Government, climbed to $19,256,-
.
with;
taling $3,006,182.
high of $1,823,194 at the year end.
Total deposits, exclusive of U. S.
.
its amounted to
Dec. 31, 1946, which showed capi- 542,000 during the year. U. S. War
tal of $6,000,000, surplus of $11,- Loan deposits, included in this to¬
000,000 and undivided profits to¬ tal, amounted to $62,800,000 as
pared with $22,967,968 at the close
of 1945. Capital funds showed an'
-1—1--~
-"-increase
of $312,244 during the
12-month period to reach a new
Deposits
•
Thursday,. January 9, 1947-
FINANCIAL CHRONICLE
THE COMMERCIAL &
200:
ows
to
Contingency
Ac¬
£250,000. to Premises Ac¬
and £J3,515*?>to. Staff Wid¬
Fund,.;'
.( {;
@FedFRASER