Full text of Commercial and Financial Chronicle : June 27, 1946, Vol. 163, No. 4502, Section 2

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final Edition

ESTABLISHED 1839

In 2 Sections-Section 2

an

<L

Chronicle

Reg. U. S. Pat. Office

Volume

Number 4502

163

New

York, N. Y., Thursday, June 27, 1946

A Path to Peace in

Industrial
By HON. ALFRED
Under

Disputes

SCHINDLER*

Representative Jesse P. Wolcott,
Republican of Michigan, a mem¬
of the House Banking and
Currency Committee, on June 13

ber

Secretary of Commerce

issued the fol¬

lowing

palms

I

when

its

The

the

"American

way"!

achievements

of

talk

we

for

ed

of

in

the way. That

in

foot

every

British

the

may

"Socialist

is why Amer¬

way," but the
"American way" has been a social

ican

industry

force

has

been

a

a

that has

made

democratic

giant

our

country

the

among

unique
and
tremenjdous

great nations of the world—great
in the strength of our heritage, our

social force—a

culture and

our

industry.

in
to

report out the
British

Loan

A g r e ement

Bill

and

ex¬

pect to support
it

when

it

considered

the

is

the

tages

care¬

have

come

live

advan¬

against

alleged disad¬
vantages.
I

Jesse P. Wolcott

can

we

much of the world's accumulated wealth, productive and
otherwise, has been destroyed.
Thoughtful and realistic
students of the situation have, of course, never been in

so

doubt of it.

intentions

and

But it often appears—we had almost said, regularly ap¬
pears—that the protests of these relatively few are as voices
agreement to the effect that the
crying in the wilderness.
Politicians throughout the world,
dollar pool will be discontinued,
international schemers from one end of this planet to the
her blocked sterling balances will
to

up

her

Voices in the Wilderness

agreements contained in the Joan

materially reduced, she will
discriminatory empire

be

remove

trade
and

of

preferences and restrictions
effectuate plans which

will

our

other, and perhaps most of all those who "lead" the vast
armies of

"production workers" as they are now termed in
Washington, seem for the most part to be quite oblivious to
the fact that without full production—indeed, in the exist¬
ing circumstances, extraordinarily abundant production—
there can be no prompt escape from the war-born want.
Where, perhaps, such understanding may in fair degree
exist, there appears to be almost incredible ignorance of
(Continued

on page

3536)

agricultural and industrial
I believe these po¬

commodities.

tential benefits in addition to cer¬

Management Program

tain

Of Industrial Relations
By CARROLL E. FRENCH*

foreign

political advantages

From

transcend, important as it is, the
dollars-and-cents investment. The

foreign political advantages
I
mention include among

which

Europe and Asia to the

of Manufacturers

Washington

Ahead

other

things the very important ques¬
tion of communist expansion in

Director, Industrial Relations Department
National Association

always prospered, and always will prosper
it toils and spins.
Most of them are quite aware,
have no doubt, that this is particularly true today when
as

be expected to

force
Democracy lives on a mutuality will make it
possible to convert
possessed of of interest. It thrives on tasks to pounds sterling into dollars. Al¬
the
unswerv¬
(Continued on page 3541)
though the short-term, benefits to
ing purpose of
us
in foreign trade are not too
Alfred Schindler
^Portion of an address by Under
bringing more
material because of the immediate
goods and Secretary Schindler before the demand for all consumer goods,
National Confectioners' Associa¬
more satisfactions to more people
the ultimate results should be an
than any other system is capable tion, Chicago, 111., June 25, 1946.
expanded foreign market for all

,

the world has

to the conclusion that

social

A

perhaps be going too far to say that nowhere
today is there full realizaztion of the funda¬
mental fact that work—hard, patient, untiring, productive
work by everyone everywhere in the world—is the one in¬
dispensable ingredient in any effective prescription for the
economic ills of this postwar era.
If so, however, only lim¬
ited reservations or limitations need be placed upon this
sweeping generalization.
Most business men, at least in
this country, without doubt understand well enough that

only

House.

I have

It would

in the world

in

fully weighed

Great Britain

glory
the "British way," the Russians
people

voted

Committee

together in pleasurable anticipation of better
things to come.
It has gone of doing.
This is what we mean
out and work-

state¬

ment:

it be said of American business that it has sat back

can

rubbed

Copy

Congressman Wolcott

Department official, after asserting both business and
labor must revise their thinking before achieving industrial unity
and national prosperity, and after maintaining solution of peaceful
industrial relations cannot come from legislation or from "bureau¬
cratic interferences," proposes creation by each industry of a sta¬
bilization board, composed of labor and management members and
headed by an impartial chairman.
Grievances of both sides would
be submitted to these boards and decisions of impartial chairmen
would be binding.
Wants each party to post bond, to be forfeited
if decision is not accepted.
Says plan will not interfere with union
organizations or collective bargaining.
Never

a

Favors U. K. Loan

Commerce

£nd

Price 60 Cents

By

of the News

CARLISLE BARGERON

prejudice
and polit¬

A little publicized provision of the State Department appropria¬
If one concludes, as tion bill just passed by the Senate brings to light a serious situation
I have, that the loan agreement in the Washington Bureaucracy, one which would not be tolerated in
will prevent Great Britain from any other country in the world.
A rider to the appropriation bill
having to affiliate herself with provides that the State Department may at any time, for a period
of a year, discharge employes without regard to their Civil Service
the Russian sphere of economic
«>ment and labor, permanent solution does not lie in legislation and
and political influence, then the
status.
The
estimates there are now about 2,000
loan will perhaps result in pre¬
purpose of it
problem is to create a two-way street for dealing with people as
Commies and fellow travelers in
venting a future war.
If by the is to get rid
individuals and not in mass.
Says fair play and good faith should
the State Department. Before the
investment of three and three- of the
Com¬
dominate in collective bargaining and labor relations should be
war
this usually dignified setup
fourths
billion dollars America mies and fel¬
had only around 900 officers. Now
chief concern of top management in business.
can
even
delay another world low travelers
Calls for a renewal
it has some 20,000.
The Depart¬
holocaust, it is a good investment. of the Depart¬
of faith in democratic process as a solution of the problem.
ment, in absorbing the Foreign
ment.
It is a
Current appraisal of the industrial relations scene across the
GENERAL CONTENTS
Economic Administration, the Of¬
fine commen¬
nation would, on the surface, afford little basis for optimism.
Almost
Editorial
fice of War Information and the
tary on some¬
eleven y e a rs
Page
rather gallant Office of Strategic
thing
that
down that the Chief Executive of Financial Situation
3533
after the pas¬
Services, picked up thousands of
such
a
rider
the nation
asks for emergency
sage of the
Regular Features
daring young and youngish men
should
be
legislation, including the right to From Washington Ahead of the
Wagner Act,
of
varying shades of ideology.
necessary, and
News
'""jo
draft
strikers
of
Governmentwhich impleLike many other departments in
furthermore,
Moody's Bond Prices and Yields... .3544
seized plants into the Armed Serv¬
mented la¬
Trading on New York Exchanges
3546 that the rider
Washington, this one has gotten
bor's right to
ices, and impose terms of settle¬ NYSE Odd-Lot Trading. ••••••••••• -3547
so
big that the head can't tell
provides that
ment upon both labor and indus¬ Items About Banks and Trust Cos..3548
organize
and
what is happening beneath.
He
Carlisle Bargeron
this
action

of the world's economic

Asserting industrial relations are essentially personal relations,
NAM official pleads for closest cooperation of labor and manage¬
ment from lowest to highest levels of contact.
Holds though a
corrective law is needed to eliminate inequalities between manage¬

bargain

The

the

Nation

has

been

finally

nation finds

brought face to face with the in¬

itself

the

evitable

in¬

sence

throes

in
of

consequences

of

a

dustrial strife,

workable

impairing its

Anne

known

economic

postwar
c

o

v

e

rer

Carroll E. French

y,

of the ab¬

sound, balanced, and
national labor policy.

O'Hare

McCormick,

newspaperwoman,

wellspeak¬

ing before a recent convention of
the New York State Business and

(Continued on page 3540)

threatening
and feeding
inflation.
In large

fires

of

segments

of

the processes

ing

have

so

American industry
of collective bargain¬

completely




broken

Trade
........... 3535
Domestic Index.3545
Weekly Carloadings
3547
Weekly Engineering Construction. .3544
Paperboard Industry Statistics
3547
Weekly Lumber Movement
3539
Fertilizer Association Price Index...3544
Weekly Coal and Coke Output
3543
Weekly Steel Review
3537
Moody's Daily Commodity Index
3544
Weekly Crude Oil Production
3545
Non-Ferrous Metals Market
3546
Weekly Electric Output
3543

General

of

Review

Commodity Prices,

of National Banks at
1945
....3538
Federal Debt Limit at April 30
3543
Consumer Credit Outstdg. in April. .3543
Conditions

the standard of living,

the

peace.

State

try.

col¬

lectively,

ical

Dec. 31,

*An address

by Mr. French be¬

fore the Tamiment Industrial Re¬

lations

Institute,

June 20, 1946.

Bushkill,

Payments to Individuals in
April
Mortgage Financing in April

Income

Pa.,

3542
3542

may lay down policies until he is
getting blue in the face, but he will sub¬
jobs in other departments of the sequently find that they are either
Government.
The Senate in its being circumvented or at least
full
wisdom
has
decided that only carried out in letter and not

does not

udice

prejpeople from

these

Democracy or no

Democracy, we

this
ilk dealing with our foreign af¬
fairs.
Being
a
great tolerant
country, we shall continue to per¬

shouldn't be having people of

mit them

to do their dirty work

throughout the rest of the Gov¬
ernment.

The
ation

story behind this appropri¬
bill

rider

is

that

the

FBI

in full

spirit. The Department has

"pro" school and a "con" school
on
Russia,
on
Argentina, and
Franco Spain.
We have the amazing situation

a

of

an

Assistant Secretary of State,

Spruille Brad en, still agitating
against Argentina, with the con¬
nivance
of
Under-Secretary of
(Continued

on page

3539)

>

3534

feature is of great importance,

only to

By JULIAN S. MYRICK*
Second

well.

N. Y.

Insurance.

i-

lege" by legal
confisca tiio

a

n

might
bill

breaking
trust

the

up

of

hot

S.

of

already

under

then

Dr.
was

Conant's

longer

current

Federal

of

10 years
earn

leave

to

net

a

for

modest

closing in

was

$50,000.

These

a

net

figures

family in

Tax

hits

and is therefore

year,

election

as

But

year.

us

up¬

rate

the

has

high

as

are

been

And

there

change whatever in

no

Gift Tax

rate.

Even

Dr.

Co¬

nant does not believe in such pen¬
alties on the highest type of our

citizens.
Here's

how

the

picture

looks

Estate

Payment of
Estate Taxes

Income

Estate

Desired

Years
Years

$50,000
50,000

$50,300

20

50,300

10

Years

50,000

50,300

Years

50.000

50.300

Years

50,000

20

Years

50,000

Amount

Income

10,000

10

'"t

of

Taxes

7,500

$1,217
1,217

lO.oUO

Required to For Living
Create Estate Expenses
$5,030
$1,253

Taxes

$7,500

A VO'lohlf!

l.atJ
6,164

2,515

8,679

with

two

dependents.

Federal Income, and N. Y. State
Income.

Income

Taxes

include

CREATION OF A $100,000

(OR LARGER)

ESTATE

10

Years

$100,000

Years

100,000

107,000

10

Years

32,000

13,500

5,350

13,150

250,000

320,000

600,000

497,000

32,000

71,000

250,000
500,000

320.000

190,000

141,000

16,000

33,000

700.000

1,270,000

1,079,000

70,000

121,000

20

Years

10 Years
20

:

Years

20

1,530 000

1,000,000

1,530,000

Now, what conclusions

are

we

to draw from all this? I think
they
are obvious:

The

"American
Radical"
is
still beating his chest down in

Washington
2.

At

the

with

present

good

tax

effect.

rate—and

optimistically conceding
crease

in the years to

no

in¬

come—

he'll probably attain his
"legal
confiscation" goal in two or
three generations from now.
3.

At the present income tax
rates
the young generation has no

chance

of

reasonable

accumulating any
capital on which

any estate tax

4.

$51,500

550,000

1,000.000

Years

700,000

Assumption that taxpayer is married
Federal Income, and N. Y. State Income.

1.

$85,000

500,000

10 Years

can

operate.

It therefore becomes the duty
of all of us (a) to
combat his
(the radical's)
influence

through the democratic

proc-

$10,700

$22 800

2,130,000

453,000
1,827,000

153,000

62,000
150,000

1,075,000

909,500

76,500

89,000

with

35,000

dependents.

no

esses

(b)

Income

Taxes

include

still available to us,

while

and

hopefully awaiting

results, to set lip the

most ef¬

fective defense possible for the
protection of our families.
Life Insurance Best Defense
The best defense I
present
certain

know

Life

recently,

nominal

as

reason

tutes

adequate

Until

ance.

such

is

tax

of

it

earned

advantages,

$40,000 exemption
of

—

by

the fact that it consti¬

indemnity against loss of

in¬

come
due to death.
Yet if Life
Insurance is to do its full job of
preserving our estates as well—

if, in other words, it is to be prop¬
erly used not only to provide nec¬
essary

income for

our

wives

and

children,
but
also
to
provide
ready cash with which they may
pay those Estate Taxes
then

Chartered Life

Underwriters, June

11, 1946.




here, too, it's time for

a

on

change.

The social and economic advan¬

tages of Life Insurance in protect¬
ing the home, the aged and the

000

possession;

Next was
ehihh> with $13^
632,000, followed by Brazil 'with
$319,494,000.
Other

June

allowed

in

calculating Income
instance, New York

For

State

a

makes

for

allowance

an

Life

of

republics

pre¬

for

There

among

Insurance

is

hope
Policyholders and life

our

nsurance

Life

a

great

people that other States

in the

1947 sessions of their Leg¬
islatures will be wise enough to

adopt

similar

laws.

This

would

give the taxpayer an incentive to
build up and maintain a fair Life
Insurance estate for the protection
of his

family

tection

at

for his

or

retirement

self-administered

own

his

—

pro¬

own,

"social

secu¬

1943

in

speech before the

a

Institute

of

Account¬

ants,
Roswell
Magill,
formerly
Assistant Secretary of the Treas¬
and

prominent tax attorney,
that
"the
building of

declared

substantial estates will be

a

rarity

so
long as present Income and
Estate Tax rates are
maintained."
There are many others who be¬
lieve that the recent exclusion of

of

Life

Insurance

if

from

due

Government
of

increased

not
to

the

interest earnings.
tion

of

American

decrease

in

Otherwise, the

would

giving

to

be

with

in

a

posi¬
hand

one

while

taking with the other.
In addition—and this is
perhaps
ihe most important of

all, in view

the

current

the

—

Estate

Tax

so-called

situa¬

Lonergan

received

a

total

of

186,000.
The

the

President's

report

stated

American

China

military aid
"continuing beyond

is

to
the

period covered by this report," but
war
recalled his statement of
Dec. 15,
agencies
when
he
promised that
Mr. Tru-1 1945,

proposed plan, that with the
wartime

over

Federal

should be discontinued.

"United

States

support will not
for making'
extend to United States
Housing Agency a
military
to
influence
permanent bureau, and Mr. Holly- i intervention
the
day, taking particular exception i course of any Chinese internal
He told Congress that
to this provision which was not strife."
it
the

plan

provides

National

contemplated when the NHA

the

cost

was

000

United

States

$300,000,-

to

transport four Chinese ar¬
mies
serted
that
by air to place them in
the
reorganization
proposal wi'l not abolish unneces¬ position to disarm the defeated
sary functions and personnel, as Japanese after V-J Day.
In ex¬
established

far

during

wiir not make for
cal and practical

war,

economi¬

more

methods of han¬

dling Government problems
nected with

real

as-,

concerned, and plaining why it

the NHA is

as

the

estate

con¬

financing.

"The proposed plan does not

American

ury

members

Expenditures
Committee,
which is holding hearings on the

rity."
In

he, told

H'ouse

man's

Insurance

Mississippi also allows

premiums.

When

organize at all" Mr. Hollvday de¬
clared.

"It

adds,

erease®—but

ize.

What

it

it

combines,

does
does

not

is

in-

reorgan¬

impose

on

FHA and the Federal
Home Loan
Bank Administration the

unwieldy

and

unsympathetic weight of

other

holding

"We

an¬

that

Government

agencies
created
in
wartime
should be liquidated as soon as
the emergency has
passed. We
nothing sacred in the birth of

see

pose."

nouncement
on

nations,

the

in

record

on

as

Washington

President

addition

lend-lease

revealed

the

to

"gigantic

operation" of ferrying

Chinese troops by air, $68,000,000
in vehicles and $50,000,000 in am¬
munition

lend-leased

were

an¬

June 18, also went
opposing the pro¬

plies in the Far East. From the
Associated Press we quote:
armies

air
from
China to the
the

air

of

area

said,

"and

Another

Tientsin.

army

dis¬
V-J
than doubled the

President's

report

closed that this and other post

aid

Day
total

more

lend-lease

fur¬

assistance

eral

total

Bank

Commissioner

loans to farmers,
committee, of which

and

picked up at Hankow
transported by air to Peiping.
was

nished China before that date.

its farm loan

of

one

further by

transferred

was

to

South
Shanghai,"

and

West

President

these

transported

were

by

posed two-year extension of Fed¬

authority to make Land

to

China from American Army sup¬

"The
a

neces¬

an

agency which compels its perpetu¬
ation after it has served
its pur¬

The MBA, in

deemed

had been terminated for all other

"Two

company.

believe

was

continue such aid to the
Nationalist forces after lend-lease
to

sary

that
re¬

The

1945, now
$1,335,632,000."

through Dec. 31,

stands at

The President's report also in¬
Corley, Treasurer of Bank¬ dicated that a total of $1,242,594,Senate, would' have pro¬ ers Life
Company of Des Moines 000 in American lend-lease was
vided that Life Insurance
speci¬ is Chairman,
declaring that "ex¬ furnished American allies after
fically earmarked to pay Estate
isting conditions do not justify un¬ V-J Day. Reverse lend-lease from
Taxes, should not be included in
necessary emergency aid and high other
countries
to
the
United
the

Amendment, twice

passed

by the

J.

S.

S.

taxable Estate.

much

strong

measure

and passed

There remains

feeling

should

be

that

this

re-introduced'

by both bpuses. Recent

percentage loans encourage over¬
extension and consequent
stimulus
to a boom in sales
prices."

Federal Land Banks make
lo°ns
farmers up to 65% of value
while the Land Bank
found
in
Commis¬
the
adoption by the
sioner loans are made
United States Chamber
from 65%
of Com¬
| to 75% of value. The loans
merce of a
orig¬
resolution approving
inated during the
this proposal as a nart of
depression years
it* leg¬
at a time when
islative program. This
many farmers had
would not
to
have
easier
farm
only help to save our Estates from
mortgage
credit
than
(he
Land
"legal confiscation," and thus ef¬
Banks
could supply.
fectively thwart the
encouragement and
petus to public

possible im¬
interest will be

Radical," but
United

it would benefit the

States

For it would

Treasury

assure

of its tax revenue

might

be

the

the

no

as

well.

Treasury

matter what

structure

of

the

Estate.
I

closed

three
that

my

talk

in

Boston
ago with a thought
bear repeating. It was

years

may

this:
"The
and

progress

of

this

of

great
ours

has been based upon one
thing
and one alone: The
will to work
and

to

Senate Approves Aid
To

save

and

to

provide

se¬

most of this from the

pire,

which

British Em¬

$6,306,149,-

supplied

000.

tion

of

and

an

immigra¬

100

persons

was

July 4,

passed

sent

to

the

a

bv

year

the

White

House

on June
14, the Associated
Press reported from
Washington,
adding that two additional bills

were

sent

House,

one

by
of

Jersey
ber

the

Senate

which

on

of the

to

the

by

named

was

Truman

June 14 to be a mem¬

Refa"

Labor

National

Board, for a term of five
years from Aug. 27.
The jiomination was confirmed by the U.
J-

tions

ard

citizens, with

quota

after

of New
President

James J. Reynolds, Jr.,

on

has been

A bill to
permit Filipinos resi¬
dent in the United
States and its
possessions
to
become
United
States

Named

New NLRB Member

Senate

Filipinos

Senate

enduring Country

$7,345,747,000,

States amounted to

to

"American

a

Insur¬

—

*An address by Mr.
Myrick be¬
fore the New York
Chapter of

be

deduction for
premiums should

Insurance

Taxes.

U.

20

$107,000

Life

tion

5,030

$11,141 470
her

that

of

3,808

with
and

made by Senator Bridges of New

Hampshire, that

5,536

3,806

An announcement made

-

2,515

15,000

France

$114,646,000;
the
Netherlands
$178,064,000;
Belgium, $82,884,
000; Greece, $76,838,000;
Norway
$37,708,000; other countries, $100'

1,949

15.0QO

$30 7^2

lend-lease
Empire. Ru

by
the
Mortgage
Bankers'
through the ownership of Life In¬ 17
of
America
stated
the less such Govern¬ Association
its
Vice
ments will have to pay from their that
President,
Guy
O.
Treasuries in relief expenditures T.
HoUyday,
of
Balti¬
in the future.
more,
had voiced the organiza¬
;
tion's opposition to President Tru¬
Specifically, there appears to be
man's Reorganization Plan No. 1
a Sound basis for the
suggestion

3,768

50,300

married

or

third, with $2,377,072,000.

surance,

2,515

50,300

Assumption that taxpayer is

was

and

to encourage men to provide
for. themselves and their families

mediately,

Arrant

ment of

10

20

next

$100,000

B°fOT'p Poy-

Estate Before

1Qd1

Of the
tot

than 60%,

more

sia

Estate Tax should be restored im¬

$50,000 ESTATE

Earnings
nf

Net

to Build

sum,

Government, which, through
taxing policy, seems to dis¬
courage
Life
Insurance
rather
than to encourage it.
The more

$40,000

today:

Annuo!

No. of Years

n

304,000, of all wartime

its

Federal

remains

gone and cannot vote.

the

A

Washington dispatch.

that thought is perhaps more signow than ever before.

riL-icant

the British

an

for, of course, Estate
payable after we're

ever,

Taxes

into
OF

The Income

Estate Tax

estate of

CREATION

good reason—but the rates

permost in our minds—even in

upon

took

sure—

so high that it is
practi¬
impossible for anyone to

every

us, I presented the latest avail¬
able figures showing the amount

required to create

be

still

income.

ex¬

believe

I

life,

of

way

been

their approach in

deduction

today—a year after final
Victory—the personal tax picture
vs
substantially unchanged. The
to

all

31,

radical

went to

miums.

old age or sickness out of earned

penses—a
total of $850,000!
As
further evidence that the "Amer¬

ican Radical"

widow

Chance for Estate Creating

somewhat,

aid

March

Dec.

eral

$150

support of himself and

estate

living

fair,

a

his

build even a modest estate for the

one would have to
less than $85,000 a year,

allowing

leave

to

children.

cally

wife and children

your

to

a

But

are

hence,

no

competence

and for

an

$100,000 for the protection and

security of

.

was

that

obligation

lowered

opportunity,
starting from scratch, to create a
competence for one's family by
the standards of yesterday.
As evidence, I quoted Dr. Jo¬
seph Klein, one of this country's
leading tax authorities, who main¬
tained

of the

part

a

Federal Income Tax rate has been

us;

upon

income and estate tax rates there
no

reason

went

we

man's

Myrick

and

breath

"radical"
that

every

at least

pay

as

living

Julian

funds

Shortly after publication of the
article, I gave a talk before the
Boston Chapter of Chartered Life
Underwriters, pointing out that
the

was

ef¬

in

were

reform and didn't interfere with

and estates."

,

sav¬

along—just so
long as those taxes weren't im¬
posed for the purpose of social

gift

taxes and

annual

ana

War yet to be won

a

fect, and there

tive inherit¬
and

taxes,

why
taxes
and
MORE
taxes
should be levied in order that we

gener¬

ation through
"really effecance

was

when these tax rates

of all property
once

expenses

Tnere

for

lend-lease

from

through

do

allowing

total

countries

trend and in view of the

Statp and National Governments

after

living
ings.

end to "inher¬
v

States have

The

ad-

estate

an

i

so

consideration the number of years
it would take to build the $50,000

in

today's social-

cf

light

econormc

this connection than has the Fed¬

"Wanted:

he

that

possessions,

fixed and

so

Lberal in

more

Three years ago President James B. Conant of
Harvard Univer¬
sity wrote an article for the "Atlantic Monthly"
magazine, entitled

p r

other

man's

.

.

the

In

1945' 1
philosophies that are at¬ amounted to
minis iered
as
to
encourage
the
$49,096,000 000 ?
tempting even further to influ¬ cording to an
-widest possible ownership of Life
Associated prp!
ence
our

insurance is self-administered social
security.

ited

a

but should be

here, because qnder present taxes it is almost impossible to build an
Holds life insurance is best
defense, and urges laws ex¬
empting life insurance premiums from taxable income. Says life

for

Governments,

only give Life. Insur¬
even break in comparison

an

with

estate.

called

Estate
in both

not

ance

already

Taxes,

State

and

should

Gift,

Income,

Inheritance

Federal

University President's statement that
"unlimited privilege" should be eradicated
by confiscatory inherit¬
ance and gift
taxes, and points out "American radicals" are

which

The

and

Chairman of Board, American College of Life Underwriters

Mr. Myrick attacks Harvard

Radicals,"

On Lend-lease

State and Federal Governments as

Vice-President, Mutual Life Insurance Co, of

American

selves, are to be denied by law]
the privilege of providing secu¬
rity for the family, then others
must provide it. And every time
people accept a guarantee of
In the 22d report to
security from others, they sur¬
Conges,
lend-lease
render an equal amount of freeoperations, mario r 11
14, President Truman
d.om "
discWa

indemnifying
not
the individual but to the

business through its

Obstacles to Estate Creation

Thursday, June 27,

CHRONICLE

THE COMMERCIAL & FINANCIAL

D.

Reilly,

advices to

Mr.

June 21.

chosen

Reynm^

succeed Gei*

to

according

who

the New York "Time
^

from

Washington June 14, is r "
signing to practice law in Bosto
and Washington. The advices al
reported
years

the
who

that

old,

New

later

borer in

a

becoming

a

Mr.

Reynolds, 4
member

former

York
went

Stock
to

Exchang^

work

as

a

mill, subsequent y
director of industri'

steel

relations for the company,

serVT

would pro¬ in the Navy during the war.
curity and freedom for the fam¬ vide
relief for
Philippine veterans 1945 he was appointed special as¬
ily. And freedom is not
only a of World War
II, and the other sistant to the Under-Secretary
right but a hard-won heritage would
return
to
the
Common- the Navy in charge of labor me¬
which
constantly must be fought 1 wealth securities
pledged to obtain ters, and last May 22 went
for to be preserved. If
we, our¬ la military
equipment loan in 1935. inactive
duty. -

Number 4502

[Volume 163

THE COMMERCIAL & FINANCIAL CHRONICLE

The State

Repcits on Foreign Bond Situation

of Trade

Overall industrial production last week showed

Madden, Director of Institute of International Finance
University, estimates more than half of outstanding pub¬
licly offered foreign bonds are meeting debt requirements. Sees
continuation of redemptions and repatriation of principal, and
explains working qf adjustment plan relating to Brazil Dollar Bonds.

sections of the country reports told of gains in employment
payrolls with the settlement of many minor labor disputes.

many

of

For the past week

June 17.

pro¬

duction of s.eel was. only 5%

the

of

that

low

week

be¬

beginning

May 18, the highest point for the

below that of the

and 9%

year,

total

retail

volume

soaring above

that of the like week
Indications
.he

to

in

fact

the

that

generally

a

year

week

manufacturers

reopened their plants during the
For the week ending June

week.

15, car and truck output was esti¬
mated at 46,792 units, or 34%

the

of

Secretary

Krug,

Interior,

announced the establishment of

National

85-member

the

for

Council

an

Pe.roleum

of

purpose

con¬

tinuing the Government-industry
teamwork that proved so impor¬
factor in the

tant

a

war

of ihe

program.

to

interesting
week

is

the

15, total esti¬

ending June

mated

for

that

no e

it

according to the
Administration,

output,

Fuel

Solid

ed

to

1,120,000

tons

The

flow

In the

strike.

out

were

on

week ending June

of

goods

more

into

wholesale markets, stemming from

gradual rise in industrial output

a

in

the

wholesale
week

ceeding

past
ex¬

comparable

within

rate

three

production hit 86%
pacity,

rated

of

ecord

levels,

shutdown

in

may

week

same

the

of

first

tinder
week

below

of

rose

production was 43.2%
of the corresponding

that
a

Inspection

the

for

amounted

15

Federal
ending

week
to

180,000,000

pounds, which was 14% below that
of

the

under

that

week

a

week

corresponding

output

butter,

cause

a

June 13 was esti¬
27,200,000 pounds, or 1%
above that of the previous week,
tout

33%

that

below

the

of

like

period

a year ago.
With the expiration date

control
were

at

near

hand

conferences

conduced

being

of price

last week

between the House and Senate in

industry may
miners' vacation
period
without seriously inter¬
rupting output, states "The Iron
Age," national metalworking pa¬

-of OPA.

It is the belief of many

observers that the final version of

price control extension would lean
toward

more

Senate's

the

The strong

views

rion

the

for

hands.

since

time
and

steel

the

in

of

the

The

opinion

publication expressed the
that
OPA's
authority

men

s

although

uotas,

these

fall

receive^ according to the maga#

•

complete

The full effects of the

shutdown

the

in

this

earlier

are

year

industry

steel

now

the

forcing

of

shipments

balanced

a

nature

received.

are

During

the second half of this

uninter¬
rupted output with the result .hat
get into full stride of
will

customers

receive

before

a

steadier

It may be Sep¬

the

unbalance

products

the

of

the

•control over non-farm products to
toe eliminated as soon as supply
;and demand balance;

(3) removal
toy the end of 1946 of control over
all

items

not

important to living

business costs,

and (4) estab¬
lishment of decontrol board with

or

Veto power over

riculture

and

Secretary of Ag¬
authority to order

elimination of controls

over

non-

farm products.
;

Shoppers

the

past

were

week,

more

numerous

encouraged




by

status

Dec.

slight

in

increase

in

the

default

In

1945 are
following

Dec. 31, 1945

%

(000,000)

r!r

$z,568.4

50.17

$2,469.0

50.77

2,433.7.

47.54

2,277.8

46.84

to

as

sinking

117.2

Total

2.29

116.;

2.39

$5,119 .3

____

On Dec. 31,

100.00

$4,863.1

100.00

Dec. 31, 1944.

Europe's

36.5%

1945 European and

Latin American debtors accounted
for 83.8%

pub¬

interest-_

to

principal

or

all

paid in full__

as

default

ot defaulted

32.2

while

and

bonds.

on

percentage increased 47.9% at the
end of 1944 to 51.2% on Dec. 31,

Of

total

defaulted

total

32.6%

bonds

of

against

interest

to

distribution of

on

Dec.

% of Total

(000,000)

Defaulted Bonds

$741.9

32.6

1,417.0

1,166.8

51.2

517.3

288.8

12.7

Far East

With

ihe

steel

industry

going

(period of sustained opera¬

a

some

that

backlogs

cause

At the end of

80.2

3.5

100.0

1945, 82.3% of the

55.4% of the Latin
American, 55.8% of the Far East¬
ern and 5.0% of the North Ameri¬
can
bonds outstanding
were
in
An analy¬

to interest.

as

steel
the

will

by

types

shows that bonds of
governments account for

obligors

national

41.7%, corporate bonds for 39.6%,
states, provinces and departments

9.4%, and municipalities

for

for

actual

1945

for

be

would

be

fortunate

backlogs in the steel in¬
bound to be cut down
(Continued on page 3542)
are

an

rate

of

actual rate of re¬

1.70%

received

was

Latin ' American

bonds

as

on

com¬

pared to a contractual rate of
4.95%, while for 1944 the rates
were 1.52 and 5.05%, respectively.
In

1945,

of

0.90%

tractual
year

Europe paid at the rate
instead of 6.10% con¬
rate.

In

preceding

the

paid 0.94% instead
The North American

Europe

6.10%.

of issues in both years paid
the full contractual rate
interest.
There was practically

of

of

amount

on

the nominal

for¬

publicly offered

dollar bonds outstanding at

the end of the year, was

2.32% as

compared with the average con¬
tractual

rate

amount

the

of 5.14%.
of

cash

constituted

ceived

In

1944,

interest

2.31%

re¬

as

in

change

no

amount

interest

payments

The
received in cash in respect
issues.

Eastern

Far

the

to 1945 coupons was

45.06% of the

contractual amount due, as against
44.78%

1944!

in

contractual

The

due

terest

ceived for

and

amount of in¬

the

amount

re¬

bonds
Dec. 31, 1945 are

1945 coupons of

outstanding on
shown in the following table:

Nom. Amt.

Cont. Amt.

Outst'd (000)

Rate of Int.

Int. Due (000)

Due

Rec. in

Cash (000)

$1,339,441

$66,356

4.95

86.473

6.10

517,260
1,589,344

28.698

5.55

68.664

4.32

$22,711
12,728
11,347
65,946

$4,863,081

$250,191

5.14

$112,732

East

Far

North

America.

In

discussing

repatriation

of

states:
The
Institute has obtained information
bonds

the

bulletin

dollar bonds repatri¬
ated or purchased by foreigners
of issues of twenty-one countries
out of a total of thirty-eight coun¬
on

foreign

tries still

having dollar bonds out¬

standing in the United States. At
the end of 1945 these twenty-one
countries had outstanding

Abitibi

Power

and

of dollar bonds outstand¬

amount

ing

the day the Brazilian plan

on

became

effective
have
accepted
A, 55.81% have been ex¬
changed into Plan B bonds, while
Plan

of

the

bonds

have

not

elected either plan. Those option¬
al (original) bonds outstanding in

the

face

which

amount

are

of

$69,464,445,

considered

now

Brazilian Government to

bonds, receive

by the
Plan

be

interest

no

un¬

less they are presented for stamp¬
ing to evidence their change inta

Plan

A bonds.

Owing to the re¬
connection

duction in principal in

with the acceptance of Plan B and
to
the operation of the sinking;
fund

the

bonded

Brazilian

total

dollar debt

(exclusive of $335,500

principal amount of the State of
Ceara bonds)
has been reduced
from

$284,560,645

$217,036,385

to

at the end of 1945.

US Eases Restrictions

$2,412,-

on

Blocked Funds

are

in

Italy,

of

subjects

or

Bulgaria, Hungary or Rumania
residing in those countries may
now
receive limited support re¬
from

blocked

their

General

of

amendment

an

June 20

on

Department's advices said:
remittances

in

mitted

order

to

are

per¬

the

alleviate

of severe personal
hardship which have been brought
cases

many

to

attention

the

the

of

Treasury

The amount, how¬
ever, will be limited to a maxi¬
mum
of $200 per month for any
one
household, since no general
determination has yet been made
with respect to the disposition of
the blocked property of these four

Department.

countries.
"Individuals

countries who

residing
are

not

these

in

citizens or

subjects of enemy countries may
receive

to

up

under the

new

$1,000

month

per

license from their

Prior

funds.

blocked

this

to

amendment, the license extended
this privilege only to individuals
in Italy.
"Treasury officials pointed out
that all restrictions against remit¬
from

countries

these

to

tances

free funds

removed last De¬

were

through

the

issuance

of

General License No. 94.

Act. Amt.

1,417,036

Latin America--

the

cember
% of Aver.
Contractual

enough to obtain delivery on or¬ 769,525 principal amount of dollar
ders duplicated with other firms, bonds, of which bonds with a face
would be hardly likely to cancel value of $779,008,135 or 32.29% of
such orders. As production con¬ the outstanding amount were held
tinues,
dustry

1945,
of

turn

of

coupons

of

"These

For

re¬

of

amount

bonds

5.16%.

1945,
based upon the
cash interest received

in

turn.

rate of interest

the

Paper Company, Limited.
As of Dec. 31, 1945, bonds rep¬
resenting
19.61%
of
principal

der

almost

The

of

debt

License No. 32A issued

group

Actual Interest Rate

The

sterling

by the Treasury Department. The

contractual

the

against

of

9.3%.

observers are
large

they have no access to com¬

who

defaults

unusually

petitors' books, but the total of
such duplication, "The Iron Age"
points out, is probably heavy.
In today's sellers' market cus¬
tomers

of

interest

of

sis

reorganization plan,
adjustment of the

property in the United States un¬

$2,277.7

European,

default

and

mittances

1,589.3

North America

debt

Citizens

$1,339.5

America

is

1945,

31,

Amount in Default

(000,000)

Europe

Govern¬

National Railways of Mexico, and
the
settlement of the
defaulted

in the following table:

shown

Amount Outstanding

Latin

Brazilian

adjustment offer up to1945, the Province of

proposed

dollar

pre¬

importance

foreign dollar bonds in default as

1945 Latin

for

accounted

America

The Far East accounted at

The geographical

defaulted

European

the end of

At

bonds.

the

31,

the

of

defaulted bonds.

20.3%, respectively,
issues
represent

German

of

57%

Dee.

A

Dec. 31, 1944

In

of

table:

propor-

(000,000)

Debt Service

Bonds

1944 and

31,

summarized

Europe

production cycles.

their

fearful

features

of

as

is

whittled down
.'Senate plan are (1) Secretary of rapidly because of duplicate or¬
Agriculture to specify what farm dering. Steel companies have no
'Commodities are in short supply way of knowing the magni.ude of
;and subject to price control; (2)
duplications in steel ordering be¬
of

Foreign

the

on

in

elimina-ed, the
magazine states,
thus allowing
manufacturing concerns to reach
the highest point of efficiency in
steel

tions,

Some

The

of

24.58%

of

licly offered foreign dollar bonds

University.

eign

the steel indus ry is expected

year

to

Data

Madden

T.

J.

f

o

York

e w

being

past week
some midwestern plants to res.rict
manufacturing operations by as
much
as
50%
until fresh steel
and

felt,

iget

continuation of OPA control

may

zine.

into

a

sheet

would like

short of what they

would be curtailed sharply, con¬
trary to Administration efforts to

With little change.

strike,

firs

position to expect shipto the full extent of their

tember

Commerce

f

o

a

lation, according to Business Ac¬
tion,
weekly
report
from
the
of

the

For

strip customers of some firms

are

to

is not a crite¬
supply of steel in

flow of material.

United States.

N

upward trend in the

steel operating rate

ar

partial default.

or

$4,863.1

than the House draft of the legis¬

Chamber

Institute

per.

effort to determine the future

an

steel

.he

repur¬

cancellations of bonds

Status

use.

the coal

by

get

ending

mated at

in total

the

exceeded

and

serviced

Director of the

Notwith¬
opinion held to the

some

contrary,

38%

In the case of
for the

ago.

year

creamery

the

of

and

week

previous

Madden,

fully

1945.

reach
four-day

may

company

consumers'

year ago.

Meat production under
June

steel

standing

weeks.

three

in

increase

However,

17.4%

flour for
33.4% above
previous week, ihe

period

same

that

new

were

Output

production.
the

7.6% below
orders in

were

while

production,

T.

it not for

were

amortization

of

and

con¬

the end of 1945 for 12.7% of total

for

the

bonds

Dean

been

the total Latin American bonds in

taled 1,282,000 tons.

the week

redemption

The

default, Mexico and Chile account

soon

the

but
July

year

Brazilian

the

have

that

chases and

for

and

one

to

ca¬

gained rapidly the

put

ou

due

last

from

figure.

week

past

when ingot

points

8.5

up

the

of

points

fact

by

fund

strike level,

pre-coal

to

would

issued on.June

last week pushed its operating

ry

assented

17

year ago.

temporary stringency in supplies

ending June 8

Dollar Bonds"

Steel Industry—The steel indus-

16, 1945, anthracite production to¬
Lumber shipments for

the

ir

considerably

of the

those

the

volume

trade

levels

to

a

increase

moderate

a

was

during

siderably greater

ihree weeks, brought

past

about

Coal

mines

was

Of¬

Foreign

Dean

week's

coal

year

fered

International

com¬

hard

a

food

of

bonds

f

o

Finance

pared with 46,000 tons in the pre¬
ceding week when most of the

amoun

volume

that

1944

holders of substantial amounts of

entitled

well above that of the correspond¬

production

anthracite,

Pennsylvania

of

dollar

week

with

connection

In

success

of

shortages remained acute, though
the

in

full

in

Publicly

Meat, bread and other food

ago.

of last week, J. A.

On Tuesday

that

over

serviced

was

noted, that

food, apparel and hard¬

items

ware

fact

the

bul¬

a

50.17%

bonds

increase

quality

was

accord¬

ing to

ing week of last year.

than in the previous week.

more

volume in

It

from

3i,

of

Analysis

large increases occurred in dollar

where

goods

lacking.

1945,

tion

"Recent

foreign dollar bonds,
analysis of the re¬

an

ment debt

Alberta

ding

permanent adjustment plan.

conditions w^re restored to auto¬
mobile suppliers' industries and

not

to holders of

paid in full on $2,468,976,271, or
$4,863,081,625 of publicly offered foreign

of

total

Plan

heading

information

including

has been

service

the

high-

to

sents

bonds

Dec.

on

debt

of

"Statistical

were

priced

automobile

dollar

letin

pointec

consumers

responsive

ago.

corresponding week a year ago.
At long last, more .ranquil labor

more

1945

outstan

ca-<g>

beginning warmer weather which resulted ir

week

the

for

pacity

84.2%

at

estimated

In

50.77%

on

Adjustment
the

was

Developments" the bulletin

sults

j

In the steel mills outout continued its upward trend with opera¬

tions

Brazil
Under

of N. Y.

provement from the previous week with scattered reports indicating
that more raw materials were being received by the factories.
For
and

place while service of bonds
fuily maintained.

Dean John T.

slight im¬

some

3535

<1c of Aver.
Rate Ret.

1.70

0.90

"Attention

was

directed

to

the

fact that General License No. 32A

does

not

waive the

provisions of

General Ruling

No. 11 A."

Steelman

Head OWMR

2.19
4.15

2.32

paying interest on all issues
accordance with the loan con¬

Reversing

his

decision

to

dis¬

continue the Office of War Mobil¬

ization

tract.

to

and

Reconversion,

Presi¬

which are dent Truman on June 14 named
in complete default of debt serv¬
John R. Steelman to succeed John
ice, account for 56.56% of the
W.
Snyder,
recently
appointed
total principal amount of bonds
repatriated. These two countries Secretary of the Treasury, as Di¬
have
repurchased
36.64%
and rector of OWMR; the nomination,
69.51%, respectively, of their dol¬ of Mr. Steelman for a 2-year term
lar issues publicly offered in the
was
confirmed by the Senate on
United States.
In contrast, how¬
Germany and Japan,

ever,

to the German
was
carried

repatriation,

June

21.

The

President's

state¬

mainly ment announced that Mr. Steel¬
during the period the country was man would also continue in his
abroad.
Only $37,558,500 or 4.8% in partial or total default on in¬ present capacity as labor adviser
of the total repatriated amount terest and sinking-fund payments,
to the President.
represent bonds of countries that the repatriation by Japan took
which

out

ing that from time to time, of
late at rather frequent inter¬
vals, these gentlemen come
forward with plans as well as

The Financial Situation

ti

(Continued from first page)

misconception of what is re¬
quired to encourage (or per¬
haps better expressed, avoid
discouraging) such work and

almost

such

much in the dark.

production.

J; Evidence

lies

of this

about

Whether

us

infirmity
all

on

sides.

turn to domestic

we

policies and preachments here
in the United States

international

by

to the

or

viewed

scene as

policy makers in this

our

country this same basic short¬

coming is distressingly
It is difficult at

ent.

appar¬

great
a distance to be
quite certain
of the situation in this respect
in

so

foreign lands, but such in¬

dications

as

available

are

is) and hard work do not ap¬

to be hopelessly antagon-

The mat¬

ter, apparently, just is not
considered important enough
to warrant

Let

-

the

of

reader

these

words consider what he

are

of the view that the least

treated

with

ointment

that in at least

of the

some

formerly

"occupied" coun¬
politics and
bitter strife over "ideologies"
is seriously deferring the day
factional

Macedonian

when

cries

for

in

order

fhat

millions elsewhere in
world
may survive
in

many

the

com¬

pounded of accounts of much
greater privation in other

health.

How often do these

pleaders ever suggest to
the "production worker" that
lands.. All this and much more
he apply himself more dili¬
like it is designed to reduce
gently in order that more
his disposition to
complain of
his owri lot and to persuade may be produced to satisfy
him

to

do

with

still

order that he
may

much

more

less

in

same

both his
of

assist the

unfortunate

in

the

But if he asks what these
meet

their

doing to

are

dire

own

what is he told? If he
as

to

the

will be

suffering

these

work

week

a

men

few hours

even

with

millions
course

to

suggested

and

expected to continue

gets

no

satisfaction

information
at

all

points. Ignorance,
to

cover

and in

on

or

or

these

evasions

lack of

knowledge,
disposition to

general a
quite indifferent to this as¬
pect of the matter is what he

be




us

ments.

•

workers in the various trades.
"5. The elimination from positions of union lead¬
ership of all totalitarians — Communists, Fascists,
Ku Klux Klansmen, as well as racketeers.

hardly lies in the mouth of the Socialist
question whether

citizen of

a

So¬

a

simple truth is plainly suggested by the remedies
slavery proposed by the committee
quoted above.
for labor union

Reported

The New York Stock Exchange
made

public on June 19 the fol¬
lowing announcement:
The

interest

short

close of business
1946 settlement

the

of

as

the June

on

Commerce Dept. Officials Leave for Moscow

14,

Secretary of Commerce

Henry

"Dr.

compiled
from information obtained by the
New York Stock Exchange from
its members and member firms,
was
867,891
shares,
compared
with 1,022,399 shares on May 15,
last, both totals excluding short
positions carried in the odd-lot

A. Wallace

accounts of all odd-lot dealers. As

Policy Specialist in the Office of viser

of

World

June

14,

date,

as

1946 the total short
all odd-lot dealers'

interest

in

accounts

was

41,048 shares,

com¬

pared with 50,228 shares on May
15, 1946.
The
Of

Exchanges report added:
the

1,295

issues listed
June

the

14, 1946, there

in which
or

on

individual

more

which

stock

Exchange
were

on

59 issues

short interest of 5,000
shares
existed, or in

a

that two

ment's

curred

The
us

during the past

1945—

July 13
Aug. 14

well

known in

abroad

for

his

books dealing with economic and
social problems and international

relations.

Mary for Moscow to discuss

and finance in several universities,
was
a
member of i the staff at

of

means

increasing trade between this

country and the Soviet Union.
is stated

It

that E. C. Ropes, USSR

Trade

Policy,

and

Dr.

Lewis L. Lorwin, Staff Economist
in the Office of World Trade Pol¬

He

Brookings
1935

to
to

Office.

taught

Institution,

1939
the

was

economics

from

and

Economic

International

During the

he

war,

Ad¬

Labor
was

Economic Adviser in the Foreign
Economic
Administration.
With

icy, have developed an extensive the transfer of part of FEA to the
agenda of matters to be taken up Department of Commerce, he be¬
with

Soviet

officials.

The

construction program of
and the plans for full
of

ment

the

tremendous
ican

as

came

Staff Economist of the Office

Union

offer

Lorwin

has

visited

possibilities for Amer¬ Union several times.

goods

nicians

Soviet

re¬

the USSR of World Trade Policy of the Of¬
develop¬ fice of International Trade; Dr.

and
well

from

American
as

for

tech¬

increased

Russia,
said
Department's
which

in

part

stated:

the

crossed

Siberia

Moscow to

Institute

of

the

on

Soviet

the
In

1929, he

his way

Pacific

from

of the

conference

Relations

in

an¬

Kyoto, Japan, to which he was a
also delegate.
In 1935, he went to
Moscow on a special mission from

"Russia's

Amtorg,
or
State- the International Labor Office to
trading organization, has already study the work of the Soviet eco¬
had a great deal of experience in nomic and
planning organizations.
with
American
firms. Dr. Lorwin was an adviser to the
1,554,069 dealing
However, Mr. Ropes and Dr. Lor¬ U. S. Delegation
to the
First
1,420,574
win expect to discuss with Russian General
Assembly of the United
1,305,780 officials the new peacetime opera¬ Nations held in London in Janu¬
1,404,483

Nov. 15
15

1946—

their

1,181,222

the Russians to increase and im¬

information

commercial

prove

Mar. 15

made

available

to

the

trade

in

1,015,772 both countries.

Apr. 15

994,375

May 15

1,022,399

to

June 15

867,891

same

Efron Quits APC Post

time

is

and

1,327,109 tions of Amtorg and methods of ary-February, 1946.
He is now
further facilitating trade.
In line an adviser from the Department of
with one of the primary functions Commerce
to
John G.
Winanfc,
1,566,015
of
the
Office
of
International U. S.
Representative on the Eco¬
1,465,798 Trade, Mr. Ropes and Dr. Lorwin nomic and Social Council of the
hope to develop a program with United Nations.

15

Dec.

Depart¬

International

Lorwin

country

year:

June 15

Oct.

of the

of

this

Trade left that day on the Queen

nouncement

following table compiled by

shows the amount of short in¬

terest

officials

Commerce

during the month.

June 20 announced

on

Office

change in the short posi¬
tion of 2,000 or more shares oc¬ import
a

1,270,098

abroad without at the

But it

NYSE Short Interest
To June 15

slaves to their

are

party to criticize!
It is open to

15

needs

most union members

course

cialist state would have any freedom or rights at all.
That the typical Socialist is unable to see this

15

abnormal

Of

unions!

learn.

tials of all sorts be available
meet

programs."—A Labor Committee of the So¬
Party.

cialist

things, but that will be
needlessly expensive way to

Feb.

usual

The execution of effective trade union edu¬

"6.

cational

these
a

End of all race discrimination by unions and
opening of the unions' rolls to all unorganized

"4.

the

the truth about

Jan.

unreasonably reducing
parts of the world, what satis¬
supplies available to our own
faction does he get? Unless he
citizens.
is persistent to the
point of
going far beyond the dispen¬
Meaningless Lip Service
sers of the usual
It is true, of course, that
propaganda

he

in

will teach

women

straight time pay in order
inquires that more
food, more essen¬

to contribute to the
support of
these alien hordes in
many

around"

longer each

wants,

length of time he

the wheels go
business.
They

needs and those Sept. 14

abroad? Needless of

that

foreign peoples

own

ask how often it is

other lands.

understand

not

—

themselves

adequate housing here in
United States is being

do

makes

rarely do that for which they
are
designed, and when they
Depressing Situation
do they simultaneously create
If he happens to be one of
other problems of magnitude
the relatively few who have
access to
good sources of in¬ corresponding to that which
is thus solved.
formation, he soon finds the
That which is really essen¬
situation more than depress¬
tial
striking the shackles
ing.
He soon finds that in
occupied areas at least in Eu¬ from business—they are not
And labor is
rope, popular slogans, queer willing to do.
political and economic no¬ quite as unwilling itself to do
Sooner or
tions, leftovers of war propa¬ what is needful.
ganda and war psychology, later, of course, experience

sees

the

rights than he has as a citizen of the
remedy this degeneration of union
democracy we advocate the following measures:
"1. Regular and frequent conventions and mem¬
bership meetings.
"2. Democratic election of all union officers, cut¬
ting appointive positions to a minimum, and
through referendums among the membership rather
than election by convention delegates.
"3. Participation by the membership on all
nego¬
tiating committees, and discussions by the rank and
file on all matters of union policy and strike settleTo

nation.

though that these steps are
poorly conceived that it is
quite evident that their
"what

explaining can refute the fact that
number of unions the individual has less free¬

a

dom and fewer

so

said about it the better.

help will no longer be needed.
daiiy in his newspaper and Rapid restoration of produc¬
what is daily going on around
tion—which of course in such
him.
He is being carefully
regions in even larger degree
kept aware of the fact that than elsewhere in the world
large sections of the world's means harder and more dili¬
population are now being lim¬
gent work — seems almost
ited to 1,000 calories per day,
everywhere to occupy a sec¬
and that in all probability
ondary place in the public
large numbers of people else¬ mind.
where are subsisting as best
The same state of affairs in
they may on even less! He is
its essentials appears to exist
being told again and again
and again of the lack of cloth¬ right here within our own
borders;
No day ever passes
ing available to millions of
Without innumerable pleas to
human beings in other lands.
the rank and file to
deny
His dissatisfaction with lack
of

"No amount of
in

is

study and disclos¬ authors

else those in control

ure—or

tries

;Consider the Facts!

The Pot and the Kettle

invariably encounters.
price or other adjustments de¬
Even the most diligent and
signed (to let them tell it, at
determined inquiry will al¬
any rate) to increase produc¬
most
certainly leave him tion of this or that. The fact

amply warrant at the very
least suspicion that the coun¬
terpart of our weaknesses in
this regard is to be found
quite generally throughout
unending "red tape," and just
the world, at least among the
plain incompetence and bung¬
conquering countries, with
ling, all stand directly
the apparent exception of
athwart the path of economic
Russia where, of all the coun¬
self support among large in¬
tries of the world, commun¬
dustrial populations. He can
ism (if that is what it really
scarcely avoid the impression
pear

Thursday, June 27, 1946

THE COMMERCIAL & FINANCIAL CHRONICLE

3536

Mr. Ropes was educated in
vate

schools

in

St.

pri¬

Petersburg,

U. S.-Venezueia Pact
An

States

agreement for a United
military mission to serve

two years

in Venezuela was

signed

Russia, and Brooklyn, New York.
at Washington on June 3, said
He graduated from Columbia Col¬
special advices on that date to the
lege, New York, in 1899.
From
1919

to

retary

1922

in

he

was

YMCA

North Russia

and

sec¬

Es¬

New York "Times" which

further

reported from Washington:

"Secretary of State James F.
Ropes entered the
Byrnes signed the agreement with
Foreign and Domestic
Alfredo Machado Hernandez, the
nounced the resignation of Samuel Commerce of the Department of
Venezuelan Ambassador.
Commerce in 1923, became the
Efron,
Assistant
Chief
of
the
"The
agreement
follows
the
Russian specialist in 1925 and has
APC's Division of Investigation.
lines of similar arrangements with
continued in that capacity to date,
Mr. Efron is joining the New York
other American republics.
vague oaths of allegiance to
Army
for
an
absence
of
six
law firm of Maass and Davidson. except
and Navy officers are sent from
abundant production are tak¬
Before joining the APC in August months in 1928, devoted to a trip
the United States to advise the
en from
day to day by most of 1942, Mr. Efron was an attorney to the USSR for the Remington- armed forces on modern tactics
those who have special inter¬ for the Securities and Exchange
Rand Company. He is the author and equipment.
The agreement
est in keeping their names Commission and the Department
was the result of a request from
of numerous articles and reviews
of Labor. He is a graduate of Le¬
favorably before the rank high University and Harvard Law on Russia, appearing in Govern¬ Venezuela. It provides for be¬
yond the two years on request
and file.
There is no deny¬ School.
ment publications.
from Caracas."
Alien Property Custodian James

E.

Markham

on

June

24

an¬

tonia.

Mr.

Bureau

of

Number 4502

Volume 163

THE COMMERCIAL & FINANCIAL
CHRONICLE

"Except

Steel Operating Rate Again Up, Although

Handicapped by Serious Shortages of Scrap
Steel producer? this week were facing one of the most serious

for

the

increase

in

Holds Silver

average composite
ed steel, caused

price of finish¬
by a rise of $10
per ton in nails, steel composite
prices are the same as have pre¬

•_ •

2 4-«

^

_

rvv*

v*

Senators, who

dealers and scrap

some

producers are reported to have
been holding back supplies in the

higher

of

hope

OPA

that

prices,
be

will

the

fact
has

extended

eliminated, for the time being at

least, any chance for higher ceil¬
ings on iron and steel scrap. It is
assumed that any product the sup¬

The

American

Institute

of

be

con¬

"The tonnage of scrap which is

been

held

back

recently during the national price
controversy would represent only
small part of total scrap activi¬

this

When
into

flow

tonnage

week

one

ago and

on

starts

to

the

effect up¬

or no

the general supply picture. The

present shortage of
aggravated by the

scrap

of

the

has been

increased

during

use

two

past

Under

small

43.6%

ago,

91.5%.

one

3.0

the

"Steel" of
mary of
in the

year

Cleveland, in its

latest

the Government

tion of

in

to bring
Government-owned and

some

some

help

high cost blast furnaces may
the situation when and if

this action is taken.

It is

possible,

however, that the present delicate
balance between coal supplies and
coal • demand may result in the

temporary

shortage

blast furnace fuel.

of

for

coke

Over the long

however, the outlook for in¬

run,

creased
pig
promising.

iron

is

production

"In the face of scrap

shortages,

hot weather and other production

holds,

by

and for

lost

since

20,000,000
the

as

VJ-Day.

If

of

this

taken

be

more

steel

advance

its

a figure which
weekly production of

nearly

V-J

Day.

While

steel officials believe that the

current scrap shortage will not
only prevent the rate from going

higher, but will likely cause
it to decline, this opinion is not
uniform throughout the industry.
Many times since the first of the
any

industry predictions on the
of recovery from setbacks
in output have been too conserva¬
year

speed
tive.
"In

the

nonferrous

field

of

nonferrous

metals

sumers

gradually

recognizing

con¬
are

the

fact

that shortages of lead, tin, copper,
zinc and silver are world-wide in
scope

and

likely to continue

definitely

or

until

least

at

ploration reveals

in¬

significant

ex¬
new

deposits.
Government subsidized
purchases abroad
starting with
the

have

war

served

to

to

part

present

the

in

runaway

most

foreign

chances

of

crease

ton

is

much

as

reported

Prices

ore.

the

on

near

as

ducers'

certain

that

the

supply

falls

far

short of

in

However, it is expected

balance

question of

already

or

when

there

is

no

shortage. OPA has
taken such action on a
a

few steel

if

a

special decontrol board is set up
under the auspices of Congress,
controls

may

be

removed


i

■

V-

more

Business

order

the

will

special

on

items
.

.

was

same

stored

in

the

Ad¬

Deputy

to

the

that

a

same

sources,

certifying

new

down

under

on

procedure will
a

blanket

by
certifica¬

would

set—and

been

he

sale to site sale until the over-all
amount

of his

"General

certification is-at¬

lem

added,

how¬

in the field of sales to veter¬

the

is

ans

Texton

that 'the most difficult prob¬

ever,

brokerage.

of

(Jan.

best

approach

appears

to

1931

=

100).

113.7

as
of May 1 and 113.4 in June
last year, the announcement
point¬
ed out.

Infants'

and

children's

wear

the only main category of the
Index
which
remained
stable.
Piece goods, men's apparel, wo¬

was

men's apparel and home furnish¬
ings all showed increases, said the
announcement, which continued:

ments

in

piece

goods

recorded

were

depart¬

principally

for woolens and for cotton wash-

The latter, in particular, is
conformity
with
the
rising

in

Sheets
vance

also

continued

recorded

in

prices.

the

ad¬

May, although

blankets and comforters remained
stable at the May level.

items

the

reported

They are taking ad¬
the wartime sharp
drop
in the mining
of silver
throughout the world, and the

in

shoes.

the women's apparel
sharpest increase was
for
corsets and
bras¬
also

was

was

very

moderate.

from

105.7

further

no
change in
little change in

"The advance in
was

a

prices for furs and

There

hosiery and

of

to

men's apphrel
Index rose

The

106 2.

Chief

ad¬

consequent shortage of supply, to

vances

'decree'—that's

underwear, shirts, neckwear and
clothing.
-

amounts

what

to—that

that silver mining inter¬
$1.29 an ounce from 1948
Or, until they decide to ask
That

more.

and

one-half

figure

times

three

is

the

"These
Senators
for

Silver

Bloc

actually have succeeded
months

seven

efforts

—

voted

favorably

in

of then

that

cated

twice—to

with

silver-producing
West

principal in¬
luggage show¬
slight gain above the

a

"Infants' underwear

few

was

among

items

showing a minor
decline during the month.
This
was offset by
small increases for

solve

have

now

they

unless

only

infants'

indi¬

they will continue

adjourns

ed

the

Radio and

shoes.

House

to

prevent such purchases until Con¬
gress

men's

May level.

obstructing

supply crisis by selling the
silver-using industries some of

"Some

showed

creases.

the

which

for

erings

the

so-called

for

reported

were

"In the home furnishings de¬
partment furniture and floor cov¬

prewar

action

no

what

get

interests

of

the
the

and

children's

"The action
Index

and

of the Retail Price

is not surprising according

to A. W.

der

socks

Zelomek, economist, un¬

whose

supervision the Index
Modifications of price
control, in response to the steady
upward pressure on prices, is be¬
ginning to show up at the retail
level.
Further gains can be ex¬
pected in the next few months re¬
gardless of the outcome of price
control legislation."
is prepared.

want, legalized $1.29 silver.

That's
make

brazen
no

enough;

they

but,

secret of it.

"This will cost many
much
many

it

and

cost

may

a

great

employees much more. And,

I would say
concern

body

industries

that it is

a

matter of

Dinner for Graduate School

Of Banking at ABA
Chicago Convention
The

dinner

the

alumni

wants

a

new

car

and

shortly

.

alumni of The
Graduate School of Banking have
issued an invitation to a reunion
Chicago

for all of us, since every¬

to

GSB

who attend

Bankers

students

and

the American

Association's

convention

Chicago in September. Kenneth
R. Wells of the American National

at

cannot be

delivered."

Bank

&

Trust

Company

of Chi-

has been named Chairman of
the
affair by Franklin L. Purago

.

be

This

Index of

an

underwear.

basis.

become the reason why cars

.

3,
with

bust'

of tiny bits of silver

been

the

114.5

compares

retail

may

.

The Price Index

beginning of June stood at

There

lack

effective solution to it

June 18.

on

at the

rise

problem and at the moment
no

tions

sieres.

veteran

this

has

months, said the report of the in¬
dex issued by Fairchild Publica¬

"Among

The
Administration
continuously studying

question

has

Walker to Remain

on

FCC

rington, of the Federal Reserve
A.
Bank
of
Chicago, who is* Act¬
tegrity of the veteran.'
Walker of Oklahoma City, Okla.,
ing
President
of the
Chicago
"In another step to aid veterans
for another seven-year term from alumni group.
Plans call for a
and
small
business
purchasers,
cocktail party and dinner on Tues¬
the WAA has arranged with the July 1 on the Federal Communica¬
day
evening, Sept. 24, a time
Reconstruction Finance Corp. for tions
Commission, of which he
an

products

appeal to the honesty and in¬

The

nomination

of

Paul

assign a was an
orginal member, was ap¬
each site
sale.
According to General Tex¬ proved on June 14 by the Senate
ton, the RFC representative will Interstate Commerce Committee,
have authority to accept payment while the Senate confirmed the
for surplus property and to in¬
nomination June 15. Mr. Walker's

the

latter

agency

to

bonded representative at

are Well
In fact plate-

Plates

few certified orders
regulation as house-

re¬

be

permitted to carry the
certificate
with
him
from
site

importance, but well
is pipe, with car¬
third and light shapes

this

has

limit

no

Retail

sharper ad¬

it

ly will be felt by many big in¬
dustries, because Senators from
Western, silver-producing States
again are crusading on a '$1.29 or

taken,

plan a veteran
would be given a certificate to
buy a specific amount of goods—

of the total order

list.

were

pro¬

the

"Under

on

the

We

We stopped mak¬

the Treasury's idle and unneeded
silver.

new

tained.

next.

supply.
scrap.

the

tion

in

probably

scratching bottom

were

price of the metal.

time, Brig.-Gen. G.

WAA

Texton,

substituting

sheets

bars

we

By mid-

"Our little industry is hit by a
silver famine, whose effects short¬

on.

smaller

vide flexibility for the veteran

building and in somewhat

"Next

demand—automotive, and

other industries.

silver

for

"The

outlined in Direction 12.

behind

the

Commerce" advices further said:

iron

other products en¬

sheets seldom before

sheet

in

for veterans is being
developed.
The
"Journal
of

for

in

more

a

between May 1 and June I
has recorded for many

vance

than

"Gains

of

survey

processing

manu¬

disclosed

ing

book

or

procedure

urgent requirements
has placed

mated that 20%

dozen

a

ests get

according

"These regulations embodied in
M-21, apply¬

degree

are

enacted

.

ministrator for Plans and Policies,

Director 12 to Order

less

electric

were

E.

encountered.

to home

break

This ad¬

those

surplus.
affected

At the

makers expect

hand

said
'the

equipment

.directions

rant.

other

Small

plants of the largest firms'."

as

lar, show few signs of easing. Im¬
pact of recent regulations designed
to
relieve the housing shortage

pressure

and

The points are of silver.

vantage

before

versely

pipe shapes, small
bars and plates in particu¬

other

make

Publications'

trend of basic cotton fabric

facturers because the bulk of this

sheets,

bon

the

order, General Tex-

industrial items.

items, and has insisted
that controls will be dropped on
other products as conditions war¬
On

retail¬

scarcity of important rolled prod¬

in

gadgets nobody
contact points.

supply

in third
that from time to time individual quarter will go to meet needs of
steel products will be decontrol¬ the housing program and agricul¬
led when supply and demand are tural equipment manufacturers, as

demand.

who

good for an assortment of
items, in place of the present cer¬
tificate which is valid only for

and facilitate

'little

it
really
nobody shall
have any silver for industrial use,
now,
unless
it -is
agreed
and

declared

into

carbon

various

best tools and equipment in short

enameling sheets
stoves, bathtubs and other
trols over prices of iron and steel
household appliances.
It is esti¬
products should continue as long
as

to

"Meanwhile, with producers far
behind on current commitments,
ucts,

industry—

many,

operate at full
deliveries of the cars

electric

—

Fairchild

Price Index showed

goods.

on

advantage
which big contractors in posses¬
sion of surplus
equipment had in
being able to pick and choose the

sheets because of their importance

OPA's life will be extended, con¬

wholesalers

House

Committee

steelmaking also are
expected to rise, influencing the
higher trend in steel quotation.
tering

the

goods.

eliminate

future.

on

so

able to

as

knows'

May

24,

independent

new

"The

50 cents per

pending

scribed

many

said, will extend this oper¬
ating principle to capital and pro¬

|o third quarter, have placed
pressure on
galvanized
mining special

inflation

areas.

"With

Sharp

dustrial

are

ton

obscure

the significant rise in world prices
of these metals which is due only
in

in

effected

from

small

ers.' The

production is being
increased rapidly, an early level¬
ing off is in prospect as a result
of shortages of pig iron and scrap.

be

Order

may

.

Advance in May According
To Fairchild Index

ing deliveries.

and

ers

Currently,
government
agencies
are working on a program which
would permit pig iron producers
to advance prices.
Also an in¬

after

silver.

an ounce

companies
manufacturing contact points in¬
dicates that in May we were de¬
livering less than 10% of the in¬

also

'Precedence shall be given

"While steel

setback

Special

that

three weeks by the exhaustion of
the supply of what might be de¬

"A

to be filled before

are

had

were

There

"

higher freight rates, are likely to

some

scrap.

■

every car.

orders received from small retail¬

ap¬

well

pro¬

provide

what

automotive

has

currents.

"Journal of Commerce" continues,

now

steel comparable with peak peri¬
ods which followed the temporary

will

the

They

posses¬

states:

proaching normal.

as

in

of, the needs of small

Revised

had

ing coal price advances,

a

to

more

operator, this

order

companies

have

operating rate to

able

was

not

is

capacity,
everybody wants and needs prob¬
ably would be halted in about

in

those of larger companies."

strikes

represents

difficulties, the steel industry this

now

short

contractor

small

care

serve

automobiles and other items
would

the
a

"The

been produced, supplies of house¬
hold
goods,
construction
steel,

short

the

that, after priority claimants

industry,

tons

result

agencies

of

This

unob¬

now

difficulties during reconversion—

100% of the short supply items.

construction.

new

"Nearly
been

and

"If

which

vision is liberalized to allow pur¬
chase
by the contractor up to

now

business

contractors

Sil¬

do.

can

mean:

of

sum¬

news

are

allows

25%

"Where

June 24 stated in part as follows:
"Steel plant operations of 85%

capacity

"Journal

sion is

"Coincidentally the feeling is
growing in the trade that higher
steel product prices as a result
of increased costs, due to impend¬

week

of the metal, says
Blames silver

user

Retail Prices Show

hard truth—

a

make. It is

we

tainable.

procure

ago.

developments
metalworking industry, on

of

the

home

is the critical material in the

ver

supply of
Government-owned equipment in
their
plants.
It is added that

1,483,900 tons one week
ago, 768,400 tons one month ago,
one

to

owning

than

to

1,675,900 tons

can

head¬

a

tabloid," he added, "but
trying to think of some

ram

product

possession who waive their option
rights to purchase directly from

beginning June 24 is
to
1,536,800 tons of
ingots and castings, com¬

and

order

new

3.6% from the preceding
The
operating rate for

or

pared

18

sound like

and, that's the best I

plant equip¬

scarce

to

way

recently issued order

manufacturers

June

a

I've been

Commerce," which state that the

week

steel

a

fair share of

on

This

of

"That may

line for

and
production! materials,
according to Washington advices

resulting in
months when pig iron output was greater tonnage for civilian goods
than during any previous
abnormally low.
period
"Some steel makers are pinning in history.
their hopes on a greater supply
"Despite this tremendous out¬
of pig iron over the next few put, mills are not able to keep up
months as renovated blast fur¬ with the unending flow of demand
naces are brought back into
pro¬ from manufacturers of the every¬
duction.
The
contemplated ac¬ day items needed in all our house¬
scrap

June 21.

ment

month

one

year ago.

increase

an

a

equivalent

consuming channels, it

should have little

points,
issued

statement,

of the War Assets Administration

industry will be 87.2% of
capacity for the week beginning
June 24,
compared with 84.2%

week.

trolled by OPA.

a

crusading for $1.29

are

turers of electrical contact
declared in a

Small Business

the

points

ty.

points,

re-process

"Because silver is off the market, new cars
may be off the high¬
ways," John Tebben, of the H. A. Wilson Co.,
Newark, N. J., manufac¬

WAA to Aid

Steel

announced

operating rate of steel companies
having 94% of the steel capacity

represents

to

and

24

that telegraphic reports which it
had received indicated that the

demand will

continue

Iron

June

on

ply of which is far below actual

believed to have

to

rf

day (June 27), which further goes
on to say in part:
"While

contact

producers have been forced

prices were the general rule, according to "The Iron Age," national composite is
$40.60, steelmaking
metalworking paper. "Until such time as manufacturing operations
pig iron $25.50, steelmaking scrap
among steel consuming groups reach a much higher rate than at
$19.17."
present, there is little chance of<«>
Vv/%1
nil
"
this situation
being alleviated,
rapidly than if the sole power to
adds the "Age" in its issue of to¬ make decisions rested with OPA."
A

Shortage Impedes Auto Output

Manufacturer of electric

vailed tor several weeks. The new
finished steel composite is
$64.45,
up 91 cents.
Semifinished steel

shortages of iron and steel scrap since wartime peak production in
1942-43 when national scrap drives and agitation for higher scrap

3537

clude
(

the

necessary

transaction

hold boilers and water heaters are' with the War Assets Administranot included in end-use products, tion at the site."

name

was

sent to

which does not conflict with any

other scheduled convention activ¬

ity.

Students and alumni of The

Graduate School of Banking who

plan to attend the convention may
make
advance
reservations

through Mr. Wells, who j estimates
the Senate by that from 200 to 300 GSB men

the President on May 13.

will

attend the dinner.

3538

THE COMMERCIAL & FINANCIAL CHRONICLE

April Factory Employment in New York Slate
Highest Since V-J Day
Employment dislocations in New York State resulting from the
recent wave of industrial disputes were
largely dissipated by micU
April when industry continued its reconversion to peacetime pror

Condition Of National Banks
The statement of condition of the National banks under the
has just been issued and is summarized below.
calls

back to

and

CONDITION

duction at

BANKS

NATIONAL

IN

THE

an accelerated
pace, according to an announcement issued
June 21 by the Division of Placement and Unemployment Insurance
of the State Department of Labor, which continued:

total

since V-J Day.

Although
time

in

been

for

New

have

York

have

nationwide
much

Consequently,

position

war¬

employ¬

State

been

pronounced.
relative

from

factory

dips in

severe,

figures

from

declines

peaks

ment

of

New

more

the
York

State

manufacturing employment
has improved.
While New York
State

industries

employed about
13% of all manufacturing work¬
ers in the nation during 1943 and
1944, the post-V-J Day ratio rose
to
14%.
During the first four
months of 1946 it
"The

end

of

almost 15%.

was

the

war

had

less

the

October,

1943

peak.

1945,

to January, 1946,
reversed, with 31,300 workers reemployed. A drop
of 51,200 workers in February was
due largely to the nationwide au¬
tomobile,
steel,
and
electrical
equipment strikes. When some of
the trend

was

these strikes

settled, March
employment rose to the mid-Jan¬
uary level.
In April, the settle¬
ment of all major strikes in the
State, coupled with further reem¬
ployment for peacetime produc¬
tion, raised employment 50,000
above

were

the

January

level

and

about

1,-

other States.

wartime

of

employment

level

in

the

well, below the

course,

when

2,000,000 workers

more

than

were

employed.
From the wartime peak of
2,141,200 workers in September,
1943,

U.

and

S.

778,700 insured workers, 1,425,600,
or
80%, are production wageThe

earners.
are

remaining

and

including

securities,

Cash,

loans

and

balances

items
Bank

in

with

other

of

process

estate

owned

Investments
other

and

real

Customers'

Interest,

Lynch,
Pierce,
Fenner
&
Beane, announced that four grad¬
of

the

firm's

Investment

Training School have
ed

account

as

been assign¬
executives at 70

Pine Street office. The new men
are William L.
Fieldman, of Eliza¬

beth, N. J.; Joseph L. Hoguet, of
New York City; John J.
Humm, of

Baldwin, L. I., and Elijah N.
Jones, of Durham, N. C.
Mr. Fieldman, who is a
grad¬
uate of the
University of Penn¬
sylvania, served as an officer with
the Air

Forces in Europe before
entering the school. Prior to join¬
ing the Army he was employed by
Feltman Bros., Juvenile
Import
Co., Manila, P. I.
Mr. Hoguet, who is a
graduate
of Harvard, entered the Merrill

Lynch

of

I wo

Jima

and

the

early occupation of Japan. Prior
to joining the
Navy he was em¬
ployed by International Mercan¬
tile Marine Co.
Mr.

of

Humm, who is

the

Unversity

graduate

a

of

Dayton,

served for five years as an
Army
officer in the Asiatic-Pacific The¬
atre before

enrolling in the school.
Jones, a graduate of Elon

Mr.

College, also holds
gree
was

from
a

a

Masters De¬

Duke

naval

University. He
intelligence officer

for five years before
entering the
Merrill Lynch School.
He was

Business Manager of the
Durham,
N. C., city schools system when
he entered the service.
Mr. Cook said that he felt
par¬
ticularly fortunate in being able

should get first

firms

Most
to

of

them,

choice.

return

naturally,

that it

was

a

real job




so

intense

to decide

20,178,789

representing

bank

premises

503,793

495,105

12,960

10,068

47,643

45,937

46,384

or

30,144

rent

or

accrued

but

assets

Total

27,191

41,943

135,460

147,946

not

51,967

55,870

81,794,833

90,535,756

38,385,841

j.

47,507

76,160,538

assets

37,126,500

40,970,935

LIABILITIES
Demand deposits of individuals,
Time deposits of individuals,

partnerships and corporations
partnerships and corporations

Deposits of

States

and

14,315,450

15,960,051

7,614,668

13,210,056

3,266,274

3,153,723

14,163,153
3,487,711

8,251,954

9,230,786

821,563

767,854

1,430,311

71,183,213

Government

13,444,701

7,650,166

Deposits of U. S.

76,825,537

85,242,947

and

political

postal savings
subdivisions

Deposits of banks
Other

deposits

Total

(certified

and

cashiers'

checks,

etc.)

.

deposits

Demand

deposits
deposits

7ime

57,336 380

77,969

59

89

36,454

31,776

47,943

26,333

26,482

31,484

CAPITAL

(see memoranda

194,885

209,956

238,332

269,631

71,773,963

liabilities

179,442
218,068

liabilities

Capital stock

16,384,635

5,209

64

or for account of reporting banks and outstanding
Interest, discount, rent and other income collected but not earned
Interest, taxes and other expenses accrued and unpaid

Total

68,858,312

14,731,856

130,389

Acceptances executed by

Other

62,093,681

13,846,833

Bills payable, rediscounts and other liabilities for
borrowed money
Mortgages or other liens on bank premises and other real estate

77,322,280

85,880,019

ACCOUNTS

below)

1,576,209

Undivided

Total

capital

for

Total liabilities and

capital accounts

280,946

296,509

4,472,553

4,655,737

76,160,538

accounts

688,986

272,320

preferred stock

2,011,403

692,146

4,386,575

Reserves and retirement account

1,658,839

1,875,277

704,066

profits

1,624,184

1,833,980

Surplus

81,794,833

90,535,756

MEMORANDA
Par value

of

capital stock:

79,492

preferred stock
preferred

75,296

66,646

4,875

their

to

1,588,656

1,576,444

1,624,411

1,659,050

117,600

113,019

103.614

6,138

5,608

4,939

123,738

118,627

108,553

13,649,531

17,765,985

19,229,157

365,052

351,843

353,866

105,598

101,277

109,439

14,948

6,931

4,384

14,135,129

communi¬

own

3,748

1,544,755

18.226,036

19,696.846

10,500,141

15,923,659

17,269,578

123,091

5,209

77,969

10

7

10

15.928,875

17,347.557

38,385,841

37,126,500

40,970,935

7,243,787

12,868,475

13,841,894

_,

Retirable value of preferred
capital stock:
Class A preferred stock
Class

4,360

1,492,077

stock

B

preferred stock

wanted

was

the

ond

and

the

first

Total

sec¬

choice

of

most

"Our

blast

school

with

is

training. We
going until

running

classes

two

full
in

now

going

are

it

to

keep

have filled the

we

personnel gap caused by the de¬
pression and the war. I hope that
we

get

can

for

the

the

best

men

New

from every class

York

office.

guarantee

customer

Pledged assets and securities loaned:
U.

choice of four.

of

service

It

is

improved

that

I

can

think of."

S.

Government obligations,

direct

and

guaranteed,

pledged

to

secure

deposits and other liabilities
Other assets pledged to secure
deposits and other liabilities, includ. notes
and bills rediscounted and securities sold
under repurchase agreement
Assets pledged to
qualify

and

for

Securities

for

exercise

purposes other than

to

of

fiduciary

or

corporate

powers

liabilities

secure

loaned

Total

Secured liabilities:

Deposits secured by pledged assets pursuant to
requirements of law
Borrowings secured by pledged assets, including rediscounts and
repur¬
chase

agreements

Other liabilities secured by pledged

assets

Total

McNutt Envoy to Manila
President Truman announced

on

14 that Paul V.

McNutt, now
High Commissioner to the Philip¬
pines, would be the first American
Ambassador
lands
The

there

become

a

nomination

after

the

Is¬

Republic July 4.
sent

was

to

the

Senate by the President on June
18 and confirmed by that body on
June 20. Mr. Truman has also as¬

signed

Mr.

McNutt

to

represent

Demand deposits:

Deposits of

individuals, partnerships and

corporations

Deposit of U. jS. Government:
War loan

and

Series E bond

accounts

Other accounts

Deposits of States
Deposits

of

banks

American

Deposits

and

in

branches

of

banks

287,973

the

United

States

(including

banks

at
the
independence cere¬
monies, releasing Secretary of the
Interior J. A. Krug who had been
previously named for the position
and will

now

be able to remain in

the United States where the Presi¬

lands,

McNutt

is

foreign banks)
foreign countries (including balances of
foreign
banks, but excluding amounts due to own

now

in

the

Is¬

Associated Press Wash¬
dispatch June 14 stated,

tions for

helping with prepara¬

tne

stated

inauguration of in¬

announcement

that

Rear

christ Stockton

further

Admiral

Gil¬

already has been
appointed United States Embassy
Attache at Manila.

7,669,129

8,586,132

foreign branches)
Certified

and

credit and

cashiers'

travelers'

Reserve banks

Total

demand

checks

(including*dividend

checks- sold

for

cash

and

checks),

amounts

letters

due

to

544,899

603,325

of

Federal

(transit account)

821,563

Time

767,854

1,430,311

57,336,380

deposits

62,093,681

68,858,312

deposits:

Deposits of

individuals,
Savings deposits
Certificates

of

partnerships

and

corporations—

deposit

Christmas

13.731,807

~

Deposits accumulated for payment uf personal loans

367,025

13,444,701

savings and similar accounts

Open accounts

~

27,047

15,960,051

100,174

~

89,397
Total

13,444,701

14,315,450

77,756

78,379

15,960,051

Deposits of U. S. Government-

an

ington

7,115,525

of

in

Postal

Mr.

243,036
3,182,679

and

branches of other American

dent's press secretary, Charles G.
Ross, said "he has a mountain of
work before him."

2,858,679

494,454

private

258,145

2,987,237

political subdivisions

him

The

been

69,559,651

17,612,951

cash

103,925

savings deposits
Deposits of States and political subdivision'}
Deposits of banks in the United States t

"IIIIII
IIIIIIIIII

75.244

of

branches
banks

of

foreign banks),

banks

35,527

4,052

5.802

14,731,856

16.384,635

18.87%

18.82%

16.77%

16.54%

16.47%

11.18%

10.99%

15.24%

15.04%

11.08%
14.94%

branches)

time

deposits

J

of required reserves to net demand
Total, Central Reserve city banks
Total, Reserve city banks
Total, Country banks

all

33,874

.

in

Ratio

Total,

36,635

and

foreign countries (including balances of
foreign
branches of other American banks, but
excluding amounts due to own

foreign

2,979

305,032

18.95 &

private

5,057
295,044

13,846,833

including

5,152
279,037

3,552

American

Deposits

Total

has

63,409,034

16,784

and

premises-.

indirectly

dependence.

executives

141,256

511,702

balances,

reserve

acceptances outstanding
and other income earned

commissions,

Total

We

ties, but New York

Merrill Lynch for the New York
"The demand of our branches
in other cities for trained account

7,746

2,341,725
1,656,865
145,313

17,213,087

including

bank

assets

Class A

finally solved the problem by let¬
ting the men pick their own spots.

where he is

by

47,230,307

13,948,042
51,459,960

10,623,242

who

to get four of the graduates of the
first veterans' class trained

office.

31, 1945
(5,023 banks)

$

12,389,133

|

Dec.

occupa¬

tions in the manufacturing
of the State."

School directly from the
June
Navy, where he took part in the
invasion

1945

25,156

collected

Other

30,

(5,021 banks)

1,422,677

—

on

June

144,958

estate

liability

1945

58,185,286

banks,

than

31,

2,200,505

furniture and fixtures

other

DEC.

1,372,440

collection

other

AND

2,129,036

securities

premises owned,

Real

Merrill, Lyncft Graduate Four From Training

rill

43,993,856

Corporate stock, including stock of Federal Reserve banks

Total

30

$

j

Common stock

Victor Cook, partner in
charge
of the New York branch of Mer¬

20, JUNE

10,544,996

)

353,100

similar

MARCH

$

overdrafts

direct obligations

Obligations guaranteed by U. S. Government
Obligations of States and political subdivisions
Other bonds, notes and debentures

engaged in supervisory, office,

maintenance

discounts,

Government

Class B

uates

ON

dollars]

ASSETS

Loans

New York's diversi¬

upon

"Factory
State is, of

thousands

Mar. 20, 1945
(5,025 banks)

From

82,000 above that of Octo¬
ber, 1945.
fied
industrial
structure
than
"The figures for total manufac¬
upon the war-stimulated
indus¬ turing
employment subject to the
try of other States. The report Unemployment
Insurance
Law
went on, reconversion to
peace¬
shown for January, 1943, through
time production has been a minor
April, 1946, are based on re¬
problem to the important consum¬ cently
compiled
data.
Total
er goods industries in
the State, manufacturing
employment
in
Most producer goods plants easily
April,
1946,
is
estimated
at
switched to t'.irning out their for¬
1,797,700 workers, of which 99%
mer products.
In proportion to its are covered
by the Unemployment
peacetime capacity, the State does Insurance
law.
The
remaining
not have as many new plants de¬
1%, or about 19,000 employees,
signed primarily for the manufac¬ work in firms
employing fewer
ture of war goods as do
many than four employees.
Of the
effect

UNITED STATES

[In

of

1,778,700 workers^
were
employed in April in fac¬ employment declined slowly un¬
tories subject to the New York til V-E
Day when it totaled 1,State
Unemployment
Insurance 978,600, a drop of 7.6%. From V-E
Law, This total, representing 99%
Day to V-J Day it declined by
of all manufacturing employment about
126,900, and by October,
in the State, is the highest em¬
October, 1945, had dropped to 1,ployment figure for any month 697,100 — a
decline
of
20.8%

Comptroller's call of Dec. 31,
1945

For purposes of comparison, like details for
previous

including March 20, 1945, are included.
OF

on

"A

Thursday, June 27, 1945

member

National

banks

plus

time

deposits-

I
~~

Number 4502

yolume 163

THE COMMERCIAL &
FINANCIAL CHRONICLE

Washington

From

Ins. Head Endorses

Peace Rests

Ahead of the News Nal'l Health Plan
(Continued from first page)
Dean Acheson,
not seem to be

State
does

when

this

either

the

disposition of Mr. Truman or of
Secretary Byrnes. Braden's State
Department adviser is a man who
in

served

the

Spanish

Loyalist

forces.

the

brought

his

up

ago,

South

Byrnes
Carolina

jaw partner

to be Chief of Per¬
sonnel in the Department. Jimmy

thought

hoped

and
could'

friend

this

close

loyally
straighten
Manifestly, he is over

things out.
his depth.
Members

Congress, the middle-of-the-road
Democrats are now unquestion¬
ably in the saddle.
But throughout the Government
in the lower
levels, in subordinate

of the

positions,

men

of

still
them

their

Civil Service status of the

the bright young
Roosevelt school are

the

running rampant.
Some of
are
leaving, figuring that
careers

have reached
But most are still
hanging

peak.

a

and

on

fight.ng a vigorous rear-guard ac¬
tion, scuttling, circumventing and
defying their chiefs.

of

Congress, of his
own party, have been impatiently
pressing Jimmy to clean the De¬
partment out. Up to his neck in
European affairs on the one hand,
and being reluctant to start any
public commotion just now as the
flections approach, he has pleaded
that he was handicapped because

in

and

Truman

and

advisers

like

Byrnes are loathe to take
any
drastic action because this crowd
is part and parcel of the
CIO.

They work closely with this

ganization,
staff

of

which
smart

maintains

intriguers

propagandists here.
gan is

or¬
a

and

Bob Hanne-

vehemently

action

opposed to any
them because it

against

will antagonize

suspects. It was one thing, he has
complained, to suspect a man of
being a Commy or a fellow trav¬
eler, and another to be able to

that the alliance between
the CIO
and the Democrats is essential to

make^a

success

case

Service

Commission.

the

relief

sufficient to the Civil

Senate

This

has

the

is

sought
suite.

undoubtedly

this

is

done

"at

to do.

by

that

any sympathy for
He hates to have a

people.

sensation in his Department.
You get the very definite

im¬
pression, in fact, that Truman and

practically all of his too-flight ad¬
visers

like

would

than

to

kick

travelers,

nothing

all

not

of

better
fellow

the

mention

to

the

the

nothing

time."

is

The

secret around

no

school

Arthur

the

in

of

seek¬

was

public opinion

Russia
lateral

hard-boiled

towards

travelers in the Cabinet with his

Peron,

school

On the top level

here that

of

Japan and that Truman's military
advisers had to move in
forcibly.
Just now the pro-Russia school in
the State Department is under the

ex¬

selections.

some¬

administration

ception of Wallace, Truman has
replaced
the
Roosevelt
fellow
own

move

force

to

be

can

ing to impose the Soviet-inspired
advisory commission over Mac-

ton

the

this

pro-Russia

heat

With

that

Senate

It is

the

Communists, out of the Washing¬
Government.

from

oressure

thing being done "at this time."

Jimmy has

these

the

Congress that something be done,
countered by Byrnes and even
Clark

suggestion intended

in

and

out

would

of

is

the

insofar

but

concerned,

matters

such

in

as

being

Franco

still

is

as

col¬

active.

Attain New Peacetime High
F.

W.

ported
tion

Dodge

on

Corporation

June 21

contracts

that

awarded

re¬

construc¬
in

the

37

States east of the Rocky Mountains
attained
an
all-time
peacetime

and

with $2,533,461,000 during
corresponding period of 1942.
$2,794,401,000 during the first

five months of 1928.

Washington advices stated.
in

Holden, President of
F. W. Dodge Corporation, in re¬
leasing the May statistics,
ex¬
pressed

the

opinion

that

last

"presum¬

$952,418,000, which was
exceeded only once before during

ably

optimism

the

materials

tracts

The total of all

was

wartime

When

peak

contracts

264,000.

The

peacetime

Total
volved

June

totaled

volume

was

1942,

$1,190,highest

$667,097,-

May 1928.
of

volume
in

of

previous

000, reported in

Was

con¬

floor

month's

last

121,224,000

reflects

with

greater

to

respect

improvement

supply

than

fGr

in

the

view

of

impressed by the great need
this

form

of

Civilian

directives

Production

of

Adminis¬

contracts

regarding non-residential
construction, Mr. Holden said that
"it would not be surprising to see
reduction

a

in

contract

letting

feet, com¬
pared with 95,156,000 during May
1928, thus reflecting not only the

during the next several months.

dollar

volume gain but also the
physical volume gain over the last

he

peacetime peak month.

rather

square

Sharp gains over the previous
Jmonth, and substantial gains over
the volume of the corresponding
month of last year were reported
in non-residential, residential and

Residential

His reference was to
committee

is

construction

con¬

ber of residential units to be pro¬
vided in last month's contracts
was

66,489, exclusive of dwelling

accommodations

dormitories.

in

hotels

and

This volume is more

than double the number of units

called for in contracts let during
the first five months of last year.

-Publicly-owned residential

con¬

struction accounted for 3% of the
dollar

volume

of

May

contracts,

the

remainder being classified
privately-owned construction.

The

total

volume

of

all

as

con¬

considering

holm




which

sponsored by Senators Wagner
(D.-N. Y.) and Murray (D-Mont.)

for

system

a

of

Government-paid

Union

credit

a

to
of

the

for

the

000 worth of goods a

curity

levies.

a payroll tax
present social se¬

Mr.

Lewis, stating

that his company's business is de¬
voted
exclusively
to
writing

group
ance

health and accident insur¬
for unions, recalled the de¬

mand

of

and

United
"If

John

Mine

this

L.

Lewis

welfare

fund

for

a

the

for

Workers.

bill

had

been

ciated Press, "that particular bone
of
contention
would
not
have
existed. No
doubt
there would
have

been

strike

a

by

pleasure

a

"The

to

that

him.

is

a

thing that can
is to get the Con¬

man

ditions

would

stalled

not

have

been

they were, and the
strike certainly would have lasted

only

as

short time."

a

with

other man can
have shown that a

make.

any

They

peace-

loving nation, when it is pushed
to
the
point of resistance, can
fight and defeat any dictator that
walked.

fighting for

now

are

these

want

young

peace.

to

men

go

back to their communities and do

for

just

peace

what

they

were

willing and able to do to win
for

war

and

peace

a

prosperity.

returned from the fighting are the
welfare and

try.

They

interest of the

coun¬

must

display the
same ideals, the same bravery, the
same
sacrifice which they have
made to win the greatest war in

Lumber Movement—Week

ber

Manufacturers

the

to

a

Association,

National

re¬

Lumber

10.0%

were

be¬

low

production for the week end¬
ing June 15, 1946.
In the same
week

orders

new

16.8%

of

below

"The

now

these

mills

production.

vidual

mills

stocks.

amounted

to

83%

are

For the year-to-date, shipments

ders by

mills

ex¬

5.3%;

or¬

3.9%.

Compared

to the

average

and

men

cor¬

responding
week
of
1935-1939,
production of reporting mills was
16.4%
above;
shipments
were
12.5% above; orders were 4.9%
above.

young

"Thank

you

reading of the

Presidential Annual Report on the

Union

Camacho's

last

to

report

Secretary Wallace

Congress.

on

This is President
re¬

the

late President Roosevelt

ambassador
Avila

President

as

a

attend

to

Camacho's

inau¬

guration in December, 1940, said:
"At that time I came to have a

personal affection and a
admiration for President
sterling quali¬
ties. For a long time I have want¬
warm

Camacho's

revisit

to

ed

Mexico

and

President Avila Camacho
am

his

very

see

again. I

glad to be able to accept
to the September

invitation

function."
Mr.
about

Wallace
a

expects

week in Mexico.

to

spend

points

1.

He

The

his

at

will

hopes
Powers

make

German

that the four

in
Germany
investigation of

an

demobilization

made
these

I

have

2. The United

France

for

military
in

from

help make

French

coal

to

eral

scheme

coal

supplies.)
The

United

mitted

and

for

treaty

States

in

airport

advices from

months.

Russia

for

in

the

Wash¬

that

Indicating

Byrnes

by Secretary

the

Associated

said

statement
use

of

provision
the

the
was

18

made

maintenance

communication

occupation

forces

Government

British

would not disclose details.
Mr.

4.

tion to

Byrnes has

turning

in
an¬

Azores

its

base

to

Por¬

18 months' transit

an

drop its requirements for dis¬
arming of belligerent factions in
prior to admittance of

Palestine

100,000
Jews
proposed
by
an
Anglo-American Palestine Com¬
mission.

May Freight Traffic Off
The

volume

of freight traffic,
Class I railroads in
May, 1946, measured in ton-miles
of revenue freight, amounted to
33 billion ton-miles, according to
a
preliminary estimate based on
handled

by

reports

received

roads by

from

Reports have long been current
the

ain have
air

United States
been

and

Brit¬

seeking peacetime
the

in

bases

Azores.

Mr.

Byrnes denied these reports today,
in

conference.

news

a

Mr. Byrnes'

"Under
made

with

announcement said:
agreement

wartime

a

the

Portuguese

Gov¬

20, 1944, the
United States and Portugal con¬
structed at Santa Maria Island in
ernment

the

Nov.

on

Azores

a

modern

and

com¬

plete airport which played an im¬

portant role during World War II.
"With
the
expiration of this
wartime
agreement the airport
has been returned to the Portu¬

Government for conversion
to peacetime uses.
however,
the
"Meanwhile,
United States will be permitted
guese

the

rail¬

the Association of Amer¬

May, 1945,

The decrease

un¬

about 40.8%.

was

ton-miles

approximately

of

service

"'er 1945*
correspond¬

27%

i

years,

,

,

w

The following tab% r
ton-miles

revenue

months

five

of

^marizes
he

first

end

1945

4

194b

(000 omitted):
1946

% Chge.

fP"

mos._

145,696,827

02

—17.5

of Apr.
Mo. of May

*37,000,000
138,000,000

b,982
'52

—39.3
—40.ft

220,700,000 302,-^,436

—27.5

1st

3

Mo.

5

mos.

^'Revised

17

1

,'

61,"
6 7'

tPreiL-inary

estimate.

esti¬

mate.

Taylor Remains at Vatican
Until Mission Ended
•

Denying that he had ever con¬
sented to the "recall" of Myron C.
Taylor,
tive

right.
that

informa¬

no

show that Britain intends

to

of

nounced last night that it was re¬

tugal with

form

Byrnes

with

Germany and Japan.
The

peace

Tot.

announced

of

a

the

Mr.

treaty.

sub¬

Britain,

the first five months cf 1946 was

Press June 4 added:
His

has

performed by Class I railroads in

Airport

ington on June 4, which noted,
however, that the United States is
retaining transit use of the airport

State

French

to

Austria

draft

a

bolster

proposals

France

of

to

ing period two

of

deficit

a

supplies.

(This
previously been announced
by the British as part of a gen¬

made known in Asso¬

was

Press

was

Germany.
up

and 28% less than th^

18

to-

had

der

Portugal by the

wartime

this

coal

American

in

reserves

This is to

of

tons

June

tegic

for

was

States is making

60,000

ican Railroads.

much."

very

return

ciated

as

proposed at the Foreign Ministers
Conference in Paris.

United States of the former's stra¬

Azores

confer¬

news

still

occupying

Revenue

American

Avila

as

are

whom

on

Return Azores

on

Mexican

the

pinned these medals.

lines

June 21, that he
had
accepted the invitation of
General Manuel Avila Camacho,

the

going to win

men

because

Wallace to Go to Mexico

next.

liberties

are

young women

months'

attend the

his

of the same material

up

about

was

ence:

of

equivalent to 33 days' production.

reporting identical
production by

in

We

over.

going to win that peace is because
vast majority of our young

lent to 29 days' production at the

ceeded

won

indi¬

the

the

reporting softwood
mills, unfilled orders are equiva¬
rate, and gross stocks

have

we

makes

that peace, and the reason we are

For

current

which

safe

world

Unfilled order files of the report¬

ing

it until

won

peace

base

is only half won. We

war

haven't

According to the National Lum¬

Azores

Secretary Byrnes covered these
other

"All these young men who have

the history of the world.

Ended June 15, 1946

the

$10,000,000.

3.

"We
I

communica¬

Mr. Byrnes told reporters he be¬
the American
investment

available

tion

of

lieves

that statement.

in

me

"These young men have made a
contribution to this great nation
that is unequaled by any contribu¬

lines

with its occupation forces in

Germany and Japan."

He

greatest

to

come

nonetheless.

But the negotiations on the mat¬
ter of pay and other working con¬

The agreement is one

absorbed

things

doesn't have very many others.

the

on

statute books," Mr. Lewis told the
committee, according to the Asso¬

Avila

Lithuania—all

really

the

of

one

ever

great

in Moscow
covered possible compensation for
the estimated $25,000,000 frozen
Swedish assets in Estonia, Latvia

is

agree

Soviet

negotiations

the President of the United States.

It

maintain

in

Nimitz, and everybody here, will

directions in addition to the credit.

"The

follows:

the

of

of the most
comprehensive ever entered into
by Sweden. It is added that:

14

through

1,

$25,000,year in both

June

of

it

Of

exchange

advices

to

Sept.

recently took place
resulting in a pact

Washington

similar

special

Moscow

remarks

finance

dispatch. The same source, which
is not named, reports that trade
at

President's

to

tion

reported in Associated Press

was

General Eisenhower and Admiral

calling that he was designated by

discussions

Vlug
The

gressional Medal of Honor. I think

State

$250,000,000

the

of

J.

Michigan.

and hospital services for
majority of the American
people. The plan would be to

has

a

text

Dirk

Class

Rapids,

the

period of five years, ac¬
cording to an Associated Press

over

First

Grand

medical

President of Mexico, to visit Mex¬

Stock¬

were

Private
of

under which would be established

ico and

Sweden

that

extend

to

agreed

from

issuing

states

and

com-

the

Secretary of Commerce, Henry

report

Russia."

$3,129,822,000

occasion

an

$250 Million Credit

Of

was

as
corrective

market
as

Sweden Said to Give Russia

tracts during the first five months
1946

bill

a

is

Wallace, said

A

$463,600,000 during
the month, compared with $370,590,000 in April and $47,206,000 in
May of last year. The total num¬

than

tion

Marine Lieutenant John H. Leims of
Chicago; Technical
Sergeant Beauford T. Anderson of Soldiers Grove, Wisconsin; Tech¬
nical Sergeant John Meagher o.S>
—
Jersey City; Sergeant Alejandro the continued transit use of airR. Ruiz of Barstow, Texas, and ports in the Azores for 18 months

"It is always a pleasure to me
on an occasion of this kind to be

declared, "should be viewed
wholesome

the White House lawn after pinning the Congres¬
on five war heroes.
Recipients of the decora¬

on

as

alarm."

heavy engineering construction.
tracts totaled

A

^eduction, if it does take place,"
a

security

the prospects of continued
embittered industrial strife
if this bill is not passed."

tration

in¬

area

social

address

an

sional Medal of Honor

and

of

recent

am

in

and by

conditions

actually warrant."
In

"I

favor of it," he said, "because

I am

were

Thomas S.

month's contract record

high in May.

Casualty

lumber shipments of 411 mills

pared

a

company

Union

Trade Barometer
the

his

business, Alfred B, Lewis,

porting

May Construction Contrs.

safety of individual liberties everywhere in the world is a
prerequisite of genuine peace, President Truman declared June 14

Company of New York told the
Senate Labor Committee on June
18 that he was in favor of
national
health insurance, Associated Press

and

quite

put

President of the

health

Tom

no

rightly,

November,

But there

Even then it remains to be seen
what Jimmy can, or is disposed

There is

Bob

'48.

to

give him, and it is assumed that
the House will follow

believies,

the CIO and

project

Liberties, Truman Declares

oil

The

Although declaring that such

Executive Branch

key
months

Several

,

in

3539;

his

personal

representa¬

Vatican,
President
June 14 told his news

the

at

Truman on

conference,

according

to

special

Washington to the
New York "Times," that it was
his intention to have Mr. Taylor
continue in the special post as¬
advices

from

him until his mission
completed. This mis¬
the President defined as aid¬

signed to
had
sion

been

ing in re-establishing world peace,
stating that he had sent Mr. Tay¬
lor to Rome to help in making the
peace, just as President Roose¬
velt had sent him to aid in keep¬

ing peace.
for

The subject came up

discussion

ference

testant

White

at

the

news

con¬

Pro¬
churchmen, calling at the
after

House,

a

group

had

of

protested the

present arrangement, a • reference
to which appeared in our issue of
June 20, page 3394.

3540

made

Professional
warned

Women

that labor

attendant

problems

country's

cnief

next

and

will

his

its

this

for

the

what

corded

achievement

jority of employers
their

to
deal
fairly
employees, and to es¬
tablish such policies as will earn
the employees' respect and will

labor policy and
improvement in the
between labor and

in

While

this

impartial

many

forth

observers

maximum,

cooperation
too

well

as

their

call

country.

management

arbitration.

as

of

often,

at

the

to

All

these

top

good
not

are

translated into action in the

efforts

shop.

firmly convinced that the inequal¬

This

ities between labor and
manage¬
ment under the law are
largely

responsible for the situation in
which the nation now finds it¬
self, and while corrective legisla¬
tion is badly
needed, the great
majority of employers do not be¬
lieve that legislation of itself is

inevitable

administration to

they

result

of

party

that

assure

Even strike

Labor-Management Relations

terminate

employees have
their

desire

to

clearly
bargain

collectively and have exercised
right to select a bargaining

same

agent, I believe that the vast ma¬
jority of employers are making

a

settled.

sincere

efforts

to

relationship

employees will continue in

their

and

sound

a

management
and
em¬
ployees. It is quite probable that
the same management and
the

honest

apt to be misled by the
headlines and by the more dra¬
matic character of news
regard¬
are

lockout need not

or

between

indicated

an

agreement

tentions.

carried out.

are

at

adequate notice of its in¬

Where

all-inclusive and permanent
solution of the problem of indus¬
trial relations.
We

nel

the

arrive

to

cooperative

the

strike

relationship

In

after

lockout

or

been

the

heat

has

of

work

a

there

is

companies

tough, it is apt to have a pretty
tough union. If the management

business
tendency

men

handle

to

the

man¬

is fair, it will gradually win for
itself

a
fair and square union
leadership to work with."

to

have failed, the party which finds
it necessary to resort to strike or
lockout
should
give the other

failure to provide clearly defined
policies and an effective person¬

is

submitted

be

your

wrong,

among

required

vol¬

is

arbitration,
and
the
factors
or
principles
which are to govern the arbitra¬
tor in considering these issues.
It is an element of good faith
negotiations that after all other

voluntary

workers.

however,

intentions

are

the

arbitration

If

are

agement. If the management is

untarily undertaken, it is likely to
be more successful if the parties
first agr&e on the precise issues

sincere in

are

conscien¬

been

possibility of settling their dispute
by submitting unresolved issues
for final decision by
voluntary

execu¬

intentions

with

national

relationship

chief

believe it must be recognized

I

a

management

the

negotiation and

have

agreement, both parties should
give careful consideration to the

ac¬

pro¬

in all fairness that the great ma¬

to

of

of

to

tiously followed without reaching

and

him, than by public

direct

conciliation

by

does

management

nouncements

make collective
bargaining work.
But we can ill afford to wait 25
sound

influenced

effort

agreement by direct nego¬

both

If

effectively

tive.

es¬

necesary

much needed

the

and

tions

tiation.

and

company

more

want, but if

have

they

conscientious

a

reach

worker's

a

the character of the treatment

years.

management,

the

is

determined

tion to correct the balance and
tablish
conditions

for

business

be

united
as never before on a
program for
industrial peace/ is asking for a
program of much needed legisla¬

years

that

attitude toward his

ciubs,

concern

twenty-five

American

s

strife

knowledge

human rela¬ tions and responsibilities
havP
you haven t been clarified, and as
personal
goth much of a business.
And men have gained more
experience
management has too long dele¬ operating as directors and
assist!
gated this job to someone else, ants rather than bosses,
coordina
and simply has got to put much tion between the line
and
staff
more
time
and
much
more
departments, particulrly in
heart into that part of the job. ters of labor
relations, has shown
I believe it is true that man¬ a
steady
improvement.
Recog
agement will get the kind of riizing the paramount
importance
leadership in its union that is of this phase of the

concili¬

or

only after

but

ators,
the

mediators

Federal

or

A
(Continued from first page)

Thursday, June 27,1945

COMMERCIAL & FINANCIAL CHRONICLE

THE

Organizing for Good Employee
Relations
I think it is

fair statement to

a

make that today, as never before,
American
companies, large and

small,

better

are

sound

equipped

for
administration

personnel

than they have ever been before.
Regardless of whether there is

collective

bargaining

not,

or

sound personnel administration is
the key to satisfactory employee

relations.
has

Where

entered

management

a

-into

collective

bar¬

a

growing
to

select their

industrial relations and
personnel
from among the
most sue
cessful and best qualified
of

their

manufacturing

and

tives.

made

This has

sales

execu

for

greater

understanding on the part of
the
departments and a
greater
understanding and confidence between shop supervision
and the
staff

personnel staff.
The

growth

effectiveness

in

of

number

modern

and

person¬

nel

organizations throughout in¬
dustry is one of the most
ful promises for a better
dustrial relations; and

of

future

field

hope¬

era

of national

industry-wide

of in¬

regardless

developments

in

the

legislation

or

bargaining,

of

the

Personnel

Manager and his staff
gaining
relations,
I
believe will
play a larger and larger role
that
sound
personnel
admin¬ in the
steady improvement of the
istration is even more important,
because

without

it

collective

no

bargaining agreement
fectively administered.

be

can

ef¬

employee

-

management

relations

throughout industry in this

coun¬

try.

1

The
obstacles
and
union-management re¬ stoppage, the parties should bear
The
handicaps
National
Association
of
in
ing strikes, plant seizures, and
mind
that
which
they should
do
lationship
successful
and
to
admittedly
exist
are
Manufacturers
is
committed
to
heated debates in Congress. These
nothing which would injure theii^
make collective
enough to discourage the most
bargaining work.
the principle that efficient
do not constitute the fabric of in¬
pro¬
It is simply good business, once subsequent
relationship or the duction
optimistic
employer
and
drive
is directly related to em¬
dustrial relations. The truth of the
success
of the business. The is¬
him to despair. In
bargaining relationship has
spite of these
ployee satisfaction on the job, and
the matter is that these events are
of
been entered into, for the man¬ suance
heated, unrestrained
obstacles, American management
has been so impressed with the
only the surface manifestations,
is actively engaged
agement to put forth every pos¬ public statements by either side
in a longand that real
is likely to be an obstacle both in importance of improving the ad¬
labor-management sible
make

the

effort to make it successful

relations consist of the day-to-day
contact between employees and

ducive to

members of the management who

cooperation.

and to

carry on the processes of produc¬
tion in the shops and factories of

relations are,

analysis,

personal

in the

in

consist

enced

by,

of, and are influ¬
the relationship be¬

tween

the

worker

his

and

man

day-to-day

between

to

a

extent

ing

between

of

the

workers

the

heads

of
of

industrial

relations,

and

a

such prejudices),

employer's

the

Employee

of
a

at

labor

among

ployers of the paramouftt importance
of
human
relations
within the plant and the day-to¬
day contacts on the job that man¬

agements have, in large measure,
the problems of rela¬
tions with their employees as a

accepted

major

exequtive
responsibility,
have turned their attention to
(1)
the formulation of sound
policies,
<2)
the
establishment
of

and

proper

n/

organization and adequate

means

si

for

istration.

their effective admin¬
,

This concentration upon the im¬
portance of sound personnel ad¬
ministration has been speeded by

Mi
K

> r




important part, of
of employee re¬
a

collective

responsibility,

good

will,

and

determination to make it work.

toward

a

signed

agree¬

ment for a defined

To

period of time.
with,
each
party

begin

should present to the other
eral statement of its

the

a

gen¬

position, and

parties

should then explore
jointly. Collective bargaining is a two-way street, and both
j parties bear a great deal of reem-1 sponsibility for
negotiating ac-

the job of production. It is because of the wide-

it'. M

very

negotiation of

looking

policy

must get on with

i

is

and peaceful procedures. Neither
side should delay the commence¬
ment
of
contract
negotiations

These things take time, and in the
meantime
he
and
his
workers

recognition

adminis-

collective bargaining
but a part,
even

a

a

and

bargaining should be
undertaken promptly and in good
faith, and should follow orderly

the

them

.

j

tively and in good faith. Areas of
agreement

sought.

should

When

be

carefully

agreement

is

reached, the parties should care¬
fully define the scope and terms
of
the
agreement, in order to
avoid

possibilities

of

subsequent

It is the

tiations

essence

that

avoid threats
terfere

with

unable

to

negotiating their agreement,

it is to the interest of both
parties
to

provide an effective grievance
procedure for the settlement of

complaints
arise

that
wherever

bound

are

to

work

men

to¬

gether.

Disputes concerning the
interpretation or application of

the terms of
be

settled

an

agreement should

by

voluntary arbitra¬
tion, where necessary, rather than

resort

to

strike

grievance

lockout.

or

procedure

designed

to

promptly

and

The

should

settle

be

complaints

satisfactorily,

and
the various steps of the
grievance
procedure
should
be
set
forth

clearly, appeal procedures
vided, and time limits set.

pro¬

Every contract should provide
adequate negotiation period

for renewal.

Management
possible

aid

of good nego¬

should

and

sponsible union
careful

give

all

to

re¬

and

by

support

officials,

training

and

assistance,

insure that all levels of the
shop
management in their daily con-

I tacts with employees

and union
promote
good
friendly relationships. In

representatives
will and
a

small

is

because

of

contact

a

of

ease

personal
communication be¬

the

management and em¬
In a
larger company,
the successful adminis¬

ployees.

however,
tration

for

the

policy
carry
out,

to

easy

and

tween

such

company

relatively

of

the

such

a

level

same

program calls
of sound or¬

ganization and administration
required in other phases of

as

is

the

business.

Recognition

of

the

importance

was

of labor relations

well stated

by Mr. Herman W. Steinkraus,
President of the Bridgeport Brass
,

Company,

in

recent

a

speech

when he said:

"First and

portant

foremost, it is im¬

that

relations

the

we

too

item

on

its

Some of the difficul¬

program.

ties

first

have
many

today

is

years

delegated

to

because
this

has

someone

both

down the line

unpleasant task, instead of the

parties should
actions which in¬

normal

parties
reach

should seek the

are

find

operations

proceeding
themselves

agreement, they
services of State

most

cently
called

prepared
a

might

be

man¬

agement in appraising its policies
and in adopting

techniques which

have proved effective on the basis
of wide experience. This
docu¬

ment,

known

tions

and

presents

policies
will

Rela¬

Production,"

complete picture of the

and

be

"Human

as

Efficient

a

techniques

found

in

the

which

better

I should like to
dwell for

few

a

minutes

on
the
functions
and
character of the modern
person¬
nel department. This
department

in

most

either

as

as

a

more

or

less

important single task be¬

companies is referred to
the Industrial Relations

ecutive of the
company. It is the
department that is charged with
■;he

responsibility of assisting the

management

he

to

carry

management's

obligations

with

out

all

policies

respect

to

of

and

their

employees, including employ¬
ment, induction, training, promo¬
tion,

transfer, safety,
salary
administration,
various

phases

the union

the

and

collective

wage

and

all
the
relations with

of
the

obligations of

bargaining

ment, various benefits and
ices, and other matters

agree
serv

having to
directly with the relationship

do

between the
management and its

The Personnel
Director usually
in a staff and

acts

the various levels of
line manage¬
In a
sense, the Personnel
Director and his staff are
there to
assist all members of

from

the

management,

President

pany down to

have

mortar

all
and

machinery

You
anc

of

the

com¬

shop supervisor, to

discharge their responsibilities

in

accordance with the
policies of
the company and in
accordance
with the spirit of
the provisions of
the

collective

bargaining agree¬
ment wherever
there is one.
During the early

was

company.
the bricks

in
employee-management
relationships. This is a two-fold

directed

program,

toward

(1)

improvement in the process of
making and administering collec¬
tive

bargaining
agreements
to
previously referred,

which I have
and

(2) the organization and im¬
of methods of person¬

provement

nel
of

administration
management

prove

as

in

function

a

order

im¬

to

employee relations by act

and deed.

In both aspects of this program,
management
alert

can
rely upon the
effective assistance of

and

national,

many

state,

and

local

associations. I represent one such
Affiliated
with the

association.

National Association of Manufac¬
turers are hundreds of industry

associations, state manufacturers
associations, and local industrial
relations groups, many of which

General

Considerations

for

Em¬

ployers, Workers, and the Public

Looking ahead

at

the

task

of

improving industrial relations in
this country, I think we all need
to do some honest soul searching
and

admit that all too

often em¬

ployers, labor leaders, and repre¬
sentatives of the public have per¬
sonalized
and

our

have

let

views and opinions

prejudice

temper enter into
these
too

problems.

much

name

a

and

ill

discussion of

There

been
and at¬

has

calling,

tempts have been made to fasten
class labels

on our opponents. Em¬
ployers have been guilty of tak¬
ing the organization of their em¬
ployees as a personal affront or a
rebuke; and, by the same token,

advisory ca¬
pacity, the responsibility for
get¬ criticism the conduct or actions
ting things done
remaining with of unions has been branded as

problem

a

ment

Department or the Personnel De¬
are ably staffed to assist industry
partment, and is headed by a Di¬
in
its
relations with
rector or Personnel
employees
Manager who
reports directly to the chief ex¬ and with organized labor.

establishment
Departments

in

range, constructive program look¬
ing toward continual improve¬

or¬

ganized departments of personnel
throughout
American
industry,
and
indicates
the
importance
which management
today is at¬
taching to this phase of their ex¬
ecutive responsibilities.

fore management. Human re¬
lations are the most important
can

what

card to assist

score

ment.

management, the
top management, make its labor

been

ministration of personnel matters
plant level that it has re¬

at the

employees.

or

while negotiations
in good faith.

the

work

stop¬
page and in the subsequent re¬
lationship between the parties.

for

misunderstanding.

If

settlement of the

for

Collective

which in his ooinion is essential to
effective
collective
bargaining.

spread

of

bargaining agreement requires on
the part of both parties a sense

doing to im¬

relations

national

a

to
of

larger field

The

the

of

advantage

is

lations;

employer cannot wait
until badly needed
legislation is
forthcoming, nor until the evolu¬
tion

of

though

foundation.

For

negotiation

agreement

ing those relationships that I wish
to discuss tonight, and to talk for
a
little while about some of the
industrial

it

that, as a matter
business, all members

tration

Relations

very

management

sure

The

It is the importance of
improv¬

prove

the

some

Agreements

throughout the nation.

are

the

Negotiating Collective Bargaining

the

termine the state of
relationships
between management and labor

things employers

While

improving employee relations and increasing production,

,

engaged in the production processes at the
plant level largely de-

Good

union.

aid in

an

influencing these human relationships of individuals jointly

of

profit—not to engage
and
running
fight

of

factor

Importance

in
sell

management accept sound collec¬
tive
bargaining as a company
policy and learn to utilize it as

the

business. It is such contacts as
these that make up the
grass roots
of

good

cooperation exist¬

and

company

the

make

superintedent and his employees,
and
by the thoughts, attitudes,
and

is

and

may

encourage

shop steward, by the
relations

produce

have been prejudiced
against organized labor (and the
organizing tactics of some unions
group

superior, by the charac¬
dealings between the fore¬

and the

a

a

employer

an

to

members

im¬

mediate
ter of

all,

long
against the

relations.

a

In

After

goods at

Industrial

They

relationship con¬
good will and friendly

business

the nation.

last

develop

of
in

years

the

Progress in labor relations m
the days that lie ahead will take
all
the
patience, statesmanship,
tolerance, and skill which those ot
us in
labor, management, or gov¬
ernment

muster. In this re¬
all have a stake and a
contribution to make to this im¬

spect,

can

we

portant

field.

And

in

this

con¬

nection, I should like to suggest
three
principles
to
which we
of the might all
give earnest and serious

Personnel

industry,

anti-labor.

there

considerable

suspicion and
conflict between this
department

you and the
management. As its func-

consideration:
1.

ple

Think of and deal with peo¬

individuals, not in the uiass
philosophy of labor rela¬
tions worthy of the name must be
as

—Any

[Volume 163
based

Number 4502

THE COMMERCIAL & FINANCIAL
CHRONICLE

the

principle of the
worth of the individual, whether
on

worker

a

as

or

union.

the

as

The

member

a

individual

people doing their difficult
job
day after day against the handi¬
caps of selfishness and
ignorance,
that it is a pity

of

has

they must share
the odium that
comes when "a few
too powerful
go too far."
3. Let us renew our
faith in the

certain

rights, and the company's
policy, as well as the union's
constitution, must be judged in
the light of the extent to which it
safeguards the rights of the in¬
labor

dividual

democratic
to

and

promotes the indi¬
welfare and long-range

vidual's

and

less

of

with

should

be set up to deal with employees
all the various transactions as

individuals, and that the
individual

is

treated

the

way

determines,

coercion

for

this

situation,

is

denial

a

of

consequence

to

the

American way of life. The will
of
the American
people can prevail
only if the processes of democ¬
permitted to work. We
must have confidence in the
good
are

large measure, his opinions of
the company and his will to co¬

judgment

operate. This is true both with

the

people to arrive in

run

at

our

problems.

spect to the company

re¬

well

as

as

the union.

During the

officer of

war an

international

union

visited

an

union

it

result of

of its practices

some

making enemies for

was

ized

labor rather

took

long

than

organ¬

friends.

years and bitter

the

these

the

leaders
labor

firm believers in

the spirit of

tained

have

ment

and

service,

made

sus¬

and

accorded

to

labor

a

move¬

respected
place
in
the

of our republic. Where
have blundered into
trying to
force a policy or a

realization

not

of

interrupted,

The way must

own

the

solely

aims."

in

tives

honest

It

insight
an

ered

that

that

our

we
mo¬

hold.

been

voluntarism, the

individual, and the

into

the

Walter

to

value

of

be gath¬

may

Lippmann's
W.
Morrow

Dwight

"He knew quite

as

well

as

the

most

sophisticated among us how
often men, when left to their own
and

will

deceive

themselves

others. Nevertheless, he pro¬
on
the
assumption that

ceeded

they intended to be honest, and
by the very force of the assump¬
tion made them justify him. That

was, I believe, the inner secret of
his marvelous successes as a ne¬
gotiator.

By divesting himself of

all
weapons
could promote

adversary
too

or

but

had

feel

those

which

understanding, his
either

to

disarm

wretchedly

fortable at having to be
erate villain.

.

.

uncom¬

delib¬

a

businessmen

ex¬

the fear that labor is "gang-

press

ing-up"
heard

business, and I have

on

leaders

labor

the
fear that business is "ganging-up"
unions.

the

this

be

I

express

this: that if

say

in fact not
each other, but

they

so,

"ganging-up'

are

on

they are "ganging-up" on Amer¬
ica, on the "American Way," on the
American people, and on Ameri¬
ca's

road

to

to

work

strife

to

out

practical

minimize

There

so¬

living of the

fuller

contract

labor

In

angry

and

more

are

negotiations,

uncompromising

and

titudes

at¬

dangerous and unwise.

Resulting stoppage of work is de¬
to the general welfare.

trimental
So

long
terday's

the dead hand of yes¬
thinking rests upon the

as

shoulders of both labor and man¬

agement the forward progress of
country can only be halting.

our

Need Better Human

In this respect I was very much

What

country

our

come

when

that

best

protection

mum

must

is-maximum

maximum

Relations

painfully

in

the

old

husband

and

neighbors

to

wife
settle

both

realize

for both

it

to

both

cost.

Full

na¬

tional

production means full em¬
ployment for all and more goods
people at constantly
duced prices.
more

re¬

effective

most

"strike"

must

not

and

difficulties

by Thomas L. Stokes

people doing their
difficult job day after day against
handicaps of selfishness and
ignorance, that it is a pity they

the

and

the

confused.

be

must share the odium that

when

a

few

comes

too powerful go

I

its

believe
same

that

sincerely
statement

could

this
be

made, inserting instead of the
words,
"American labor move¬
ment,"
the
phrase,
"American

management,"

so

that

it

would

read:

"American management is filled
With

Labor

too

far."
this

needs today is

regard to business and accept its
obligations — yes,
and its op¬
portunities—for achieving indus¬
trial unity and national prosperity.

so

many

earnest,




sincere

has

come

up-hill struggle

a

long way in

for improve¬

ments of the labor contract.
have
to

Gains

made; advances which
forefathers may have ap¬

been

our

peared
beyond
reasonable ex¬
pectations are now generally ac¬
cepted. Today labor's problem is
not only that of retaining these
gains,

but that of integrating its

common

goal

which

all

good

employment must be such that
worker
will
willingly give

the

his best

forth

bond

it

that

would

refused
It

in

no

involved
it

to

should

this

now

of

the

be

forfeited

if

accept his decision.
be

pointed out that
denies the union

way

the

legal redress which

possesses, though I firmly
that
such
recourse
to

believe

courts of law and

interferences

ated

to

bureaucratic

is

when

This

often

be

ness"

and

given

an

good

costly problems

solved

if

but

were

opportunity to
No

can

"reasonable¬

"tolerance"

offices.

efforts.

It

is

man¬

agement's responsibility to de¬
velop the incentives which will
accomplish this end. Let it not be
forgotten that the laborer does

ize

program, which I have out¬

their

use

to
my
found a

one,

right of workers to organ¬

into

ively.
the

unions

This

basic

of

in

is

law

their

harmony

of the

land

harmony

with
the
Recourse
to

way."
would

be

on

a

had

and

ances

own

only

with

and

in

"American
the

Board

when

contract

griev¬

negotiations

union-company-management

basis

cannot
be
knowledge, has as yet
amicably con¬
satisfactory, workable, democratic cluded.
solution to the
The institution of such stabiliza¬
labor-management

problem.
found
Under
what

I do not profess to have

the

Secretary
I

am

about

to

al¬

propose,

though not a plan, in the sense of
having been worked out to the
most

tion

boards will, I believe, offer
however, as the best possible means of amic¬
of Commerce, ably resolving differences of opin¬

answer;

minute

ions

before

onisms.

method

and

labor

for

their

serious

opinion
there

become

antag¬

serious

a

strike

minor difference of
which
has
been
per¬

mitted

ment

they

Often

results from

detail, is, neverthe¬
less, the germ of an idea which I
humbly submit to both manage¬

to

a

magnify itself

has

been

not

which

could

because
effective

an

resolve

the-;

consideration. Many of its features

matter

have

immediately and amicably.

In

absence

already

with

been
If

success.

agement

labor

would

find

tried

—

and

man¬

upon

call

best minds and after

proposal

tried

their

studying this

that

it

contains

merit, then they, working jointly,
develop the necessary operat¬
ing detail.
can

An

Industry-wide Stabilization

^

C $$

Board

rep¬

resentatives from labor and

agement,

with

a

paid

chairman

any

selected
by
These stabilization boards

be
to

access

man¬

impartial
the
two

continuing bodies, and
them

should

be

time by either labor

had

at

or man¬

agement.
of each board should be furnished
and

With

such

data

at

bilization

the

industry

many
a

as

complex

a

whole

continuing study is
to

not
In

be

perverted in their

such sta¬
,

open

the only re¬
either to manage¬

or
to labor is embroilment
bureaucratic red tape and legis¬
lative reaction which, in a
high
in

majority of cases, ends in every¬
body losing and no one gaining.
As I envision it, the function of
stabilization
board
in
each

the

industry will not be remedial.
is

preventive!

to

It

cure

It should not seek

yellow fever by subjecting
patient to prolonged medica¬

the
tion.

Rather,

it should work to
epidemic by eliminat¬
ing the mosquitoes.
prevent

an

There is nothing radical and lit¬
tle that is novel in these

They

are

the

"American

proposals.

merely the application of

American

Way,"

system

of
the
democratic

of

evolution, to the problems of

man¬

agement and labor.
When
where

the

point

differences

is

reached

between

man¬

agement and labor, in any indus¬
try, are resolved within the in¬

dustry itself, then we have mod¬
advanced, management-labor

ern,

relations.
It
men

is

sign of maturity when,
capable of settling their

a

are

differences in honest discussiop of
the facts.
It is the immature—
those

Such

necessary

statistical data and hard facts

some

boards,

^trouble-makers in our. so¬
ciety—that necessitate the estab¬
lishment of protective laws and
who today threaten the attainment
its of our great destiny.

and

problems.

of

ment

his finger

tips
at all times, the impartial chair¬

the

course

through equal contributions from
labor

the development of These weapons should not be so
in his column in the New York better human relations among its used as to jeopardize the general man would be able to examine the
citizens.
Business must revise its welfare of our nation.
facts of any dispute and justly de¬
"World-Telegram" for Saturday,
termine their worth.
thinking with regard to laborJune 1:
Management must free itself of
adopt a more modern attitude to¬ the
Moveover, the staff of the im¬
"The
American
labor
move¬
thought that labor is a com¬
ward its workers. Likewise, labor
ment is filled with so many earn¬
modity to be exploited. Conditions partial chairman should be used
must
revise
its
thinking
with of
in making a continuous study of
est, sincere
ment made

decision

chairman
binding
upon
both
parties, each party should post a

the

increased

amicable solution.

an

Great

management,
and
"lock-out"—can be abused. While should be sufficient to permit the
both weapons are legally recog¬ impartial chairman an adequate
nized, their use imposes obliga¬ staff which can keep him supplied
tions. Both sides should constantly with current data covering the in¬
bear in mind that freedom and dustry and all its component parts.
license

pro¬

place,
of

Adequate funds for the support

must

management
their

of

choosing, and to bargain collect¬

should

that

the

the action took

groups.

realize

make

away from where

management and labor, and to the
nation—lie in efficient mass pro¬

weapons—the

To

differences, and catch the lined to you and which I strongly
plane to Washintgon, they advocate, recognizes the funda¬

production,

benefits—benefits

and

methods

or

mental

Neither busi¬

It must be understood that last¬

Labor

menclature

cedure.

resolve

nor labor can practice scarci¬
I propose that
every industry
ty
policies
without
ultimately create an industry-wide stabiliza¬
bringing down on them the wrath tion board.
These boards should
of the public.
consist of an equal number of

for

are

able methods.

find

ness

ing

courts, matters at issue

largely elimin¬
mature people
recog¬
nize the effectiveness of reason¬

court.

distribution and maxi¬

consumption.

dustry

have, by that very act of remov¬
ing the seat of the difficulty miles

labor

them

virtue

the

to

next

and

of

still

industry and labor
seemingly impossible to

business
the

This

When

in the standards of
American people.

has

possible.

a

their differences
they have placed
their hands on the knob of
the
door leading to the divorce

bring about a steady
improvement in production and

time

is

When

rush

industrial

and

The

simple, di¬

necessary rule of in¬
stabilization
boards.
In

many

difficulty besets

that family fights should
kept within the family house¬

be

duction at low unit

a

life.

abundant

."

impressed by the following state¬

heard

have

on

When Mr. Morrow died.

devices

of well-paid workers continuously
employed.
I

assumption

from

tribute

and

when

maxim

lutions

language

should be

us.

Industrial Disputes

experi¬

sincere.

are

An
such

the assumption

on

law

new

manship, common sense, and un¬
derstanding in both industry and

(Continued from first page)
-Americans seek: a better America
be performed for the benefit
of (for all.
the majority.
It does not live on
Labor must not
employees.
over-simplify its
fears for tomorrow.
It is only thinking with
2.
Do not impugn or
regard to manage¬
question when some
Americans lose sight ment and the complex nature of
the sincerity of the other
fellow's of their
mutual interest
in the management's problems. It must
motives—After all, there is no
"American
way"
that
fear for make every effort to understand
basic disagreement between us as
tomorrow permeates the very soul the
complicated
nature
of
to what we should like out of life.
the
of our country.
American
All of us want increased
economy.
In
other
produc¬
Our mutuality of interest lies
words, it must understand how
tion, a better standard of living,
in the basic
principle that the real the various parts of American life
and higher levels of
security. We foundation
of
are
related to one another—how
prosperity is the
may honestly differ how we can
best achieve these goals. An em¬ prosperity of the mass of every¬ they depend upon one another.
day Americans—the farming and
Neither labor nor management
ployer may be mistaken in some
working people of our country.
should wittingly
of
or
his
unwittingly
policies and
the
union
We can devise all kinds of ef¬ drive the American
people into
may be tempted to feel he is antificient distribution methods, de¬
distrusting classes. Nor must they
labor, but confidence and good¬
velop highly trained sales forces, foment the kinds of suspicions
will are not advanced
by ques¬
make plans in every direction, but which have led in
so many other
tioning the employer's sincerity.
if we do not find amicable means countries
to
revolutions
of
the
The same thing is true with em¬
of distributing more real income
right or of the left.
ployees and their leaders. Regard¬
among all the people, then all our
less of the questions which
may
Objectives of Both Business
arise in our hearts, we must force plans will plague us by their very
and Labor
A good market consists
ourselves to deal with one an¬ futility.
all

been a regrettable American
practice recently to cry out for a

democracy to work in
the
labor-management relation¬
ships. Once this is done, I am con¬

long

both

have

along
Government crutches. It

on

has

be clear for the

of

process

A Path to Peace in

for the employer to learn
that he, too, must give a lot of
attention to selling himself to his

are

a
dozen
laws.
America's progress along the road
to a greater future will be
slow
indeed if it must hobble

decision, even
right, we have

our

rect

challenge often lost sight of
through in¬
facing labor and industry and the
volvements in legal technicalities
American public is not in
passing and
wranglings over proper no¬
another
law
or

councils

and

be

their

contention in the most

new

of our economy.
Good
business practice does not mean a
blind worship of past methods.
The solution to the

we

though wise
impeded, if

should

pattern

be

party must

those

ary courts of law.
The representatives of
each side
be free to
submit

the full realization

sufficient to the needs of the

have

our

something

to

come

Each

technicalities?
frequently impede the

so

submission of evidence in ordin¬

challenge: Business

yesterday's methods of deal¬
ing with labor problems are not

by

progress

we

forward

our

which

that

their

ence

other

That is the
must

voluntary principles and have
inspired

working with procedures.
machinery who free
from

man

and

of their creative powers.

ness

words inscribed on
his statue in
Washington:
"So long as we have held fast
and

tools

brings forth from them the full¬

Gompers, the

actuated

354f

nothing; it is

fident that there is
enough state-

not

was

giving suffi¬
cient attention to selling itself to
the individual workers, and that
as a

and

rights of the

the

labor

greatest

industry

from

of

better than to quote
wisdom
of
Samuel

no

of

sense

the

plant where I was working, and
addressing a meeting of the local
lodge, stressed the fact that the
local

common

fair and just solution of

a

Our

and

can

we

basic

process, and is one
unless checked, is fraught

grave

racy

in

by

individual. Regard¬

blame

very existence
the democratic

personnel

our

the

do

justice
people.

of the

I

been

of

and

long-range

mass

to

marked

of

its

which,

soluton

a

much

is

violation

a

bear in mind that their systems of

in

as

so

scene

rights of the

nunion president is a human
being.
In particular, employers should

administration

that

force, intimidation,

human being, the shop stew¬
is a human being, and. the

ard

process

problems—It is extremely

industrial

economic interests. We must have
an mind constantly
that the boss
ias a

our

regrettable

basic,

if

are

use.

addition, the impartial chair¬

In

face of

the

internal

a

disputes,

democratic

way"

of

should

stand forth

In

world torn by

the
like

"American
processes
a

beacon.

land people look to us
man
would be
in a position to for
not work for cash alone—that the
guidance. We can best help
evaluate each company case or is¬ them
laborer's
by example, by
showing
pay
goes
beyond the
sue not only on the basis of the
actual
them how we go about securing
money
enclosed
in his
immediate contentions, but its ef¬ our own
future—by ending ouf*
envelope, and that it includes all
the

conditions

earns

The

under

his livelihood.
tools

and

and

of

he

fect

the industry as a whole own internal strife.
That future
position of the industry as which all of us desire, that to¬
part of the total economy.
morrow
which all of us seek to
on

and the
a

machinery in
Stabilization boards should not bequeath to our children, is ours
are inanimate
themselves create be hampered by delaying legal to be had if we but will it so.

shops and factories

things

which

every

THE COMMERCIAL & FINANCIAL

in April, and 36,500 in
May, 1945. New clip Texas 12 and 8-month
wools sold in large volume during
37,400

The State of Trade
(Continued from page 3535)
realistically with
conditions, and with the

to conform more
current

It

possibility that s.eel price control
will be out in 1947, the old-time
steel consumer, fearful of rising

i

h
■U

,

I-

I

•

-

;

b

'!

prices, would keep all orders on
steel mill books as a hedge, this
trade authority adds.

f

V'

With respect to

last

ation

week,

the scrap situ¬
it
remained

tighter than ever and was rapidly
reaching the point where some
extra
effort would have to be
made to increase ihe

supply. While

have held
back supplies hoping for an in¬
crease in ceiling prices, such ton¬
nage was a small percent of the
some scrap sources

;+

I

may

total.

The shortage of scrap is due

more

to demand and lack of scrap

Retailing accounted for 9 of the
Week's 16 failures.
In this line
and in wholesaling and

construc¬

tion, concerns failing about dou¬
bled the number last week. Among
commercial

and

manufacturers

establishments,

other hand, failures

Two Canadian failures were re¬

Since

of

Outbreak

War

—

In

Steel

advance recorded
since the end of August, 1939, the

Institute announced on Monday of

wholesale food price index, com¬

'

:S

week

of

piled by Dun & Bradstreet, Inc.,

steel

rtvl

companies having 94% of the

3.3%, over the
previous figure to stand at $4.35
on June 18. Largely reflecting in¬

the

operating

the industry will
be 87.2% of capacity for the week
beginning June 24, compared with
84.2% one week ago, 43.6% one
month ago and 91.5%
one year
ago. This represents an increase of
3.0 points or 3.6% from the pre¬

I j.ii;

,t"--'I

vious week.
This week's

<1

ij!

t.,.

t

I

r

;

operating

i

•

■i,
It

•

i

n

j

!

Electrical Production—The Edi¬

1

Electric Institute reports that

son

1

the output of

%

electricity increased
4,030,058,000 kwh. in the week
ended June 15, 1946, from 3,920,to

;

i

k!

768,400 tons one month ago
1,675,900 tons one year ago.

ago,

:

.

is

with 1,483,900 tons one week

pares
and

1-.)
\f

rate

equivalent to 1,536,800 tons of
steel ingots and castings and com¬

,

r.

A

rate

steel capacity of

fiii

•<

and

Iron

kwh.

444,000

ing June 15,
low

in

preceding

the

Output for the week end¬

week*

that

for

1946, was 7.3% be¬
the corresponding

weekly period one year ago.
Consolidated Edison Co. of New
3

sharpest

this

I

6'

American

The

**

York

reports system output of
174,500,000 kwh. in the week end¬
ed June 16, 1946, compared with
170,500,000 kwh. for the corre¬

i.

'

sponding week of 1945,
of 2.3%.

crease

of

electricity

or an

in¬

Local distribution

amounted

to

170,-

cents,

14

rose

creased

or

ceilings

butter

on

vhe

sales

of

volume

in

the

past
levels.

There

was

of 1.5%.

of

freight

revenue

for

the week ended June 15, 1946, to¬
taled 867,918 cars, the Association
of American Railroads announced.

This

was

an

increase

of

37,792

(or 4.6%) above the pre¬
ceding week and 5,404 cars, or
cars

0;6 %

below

week

for

1945.

of

9,575

the

corresponding
Compared with
the similar period of 1944, a de¬
crease

ill,
IjK

or

1.1%, is

Paper and Paperboard Produc¬
tion— Paper
production in the
United States for the week ending

on

extremely
some

low

activity in oats,

which trading in all deliveries

was

permitted, with prices at most

in the Southwest and the fact that

wheat

harvest

in

the

::'l

•

as

against 91.5% in the like

week, accofding to the Amer¬
ican Paper & Pulp Association.
Paperboard output for the current
Week

I

ft
•|C

li
ft t;
i||>

as

>

98% against 96%

in the

a year ago.

Rise

!

in

Business

Failures—In¬

creasing in the week ending June
20, commercial and industrial fail¬
ures numbered

I- 1

3;11!

I(1'
it:

25, reports Dun &
Bradstreet, Inc. Two times as
numerous as in the previous week
When 12 were reported, concerns
failing were also up sharply from
the 17 occurring in the corre¬
sponding week Of 1945.
Both large and small failures

JY

Showed

lit

there

an

upward trend; in fact,

were

failures

tv

groups.

as a

two

times

as

many
week ago in both size

Sixteen

large

concerns

failed involving liabilities of $5,000
more, as compared with 8 last
week and a year ago.
Small fail¬
or

I
.H"

If.
4,1'

-

i

ures

.

with losses under

y,

were

$5,000, at 9,

only half as numerous as
big failures, but showed a
comparable
upswing
from
the

ill *
S

the

f."

w
% fi¬

previous week's level.

ll

items coupled with strong
demand held total retail

consumer

Dun & Bradstreet, Inc.,

year ago.

neckwear,

for

for

Father's

The Department's index of total

incpme payments, the

announce¬

continued, declined slightly during April to 233.5, as com¬
pared to the March index of 234.7. The index is adjusted for seasonal
influences and uses as a base income payments 1935-39=100.
Since

October, the Department of Commerce said, income

last

payments, which include wages and salaries, net incomes from un¬
incorporated businesses, dividends and interest, net rents received by
landlords and other types of individual income, have remained gen¬
erally stable, the monthly indices varying within a range of 2%.
The high level of income payments is shown when April pay¬
ments

converted to

are

annual basis.

an

After seasonal

adjustment,

and' household

appliances.

Furni¬

Southwest

gains

moved

in

the

East

but

continued

stocks

to

drop.
improvement in butter and

Some
cheese

supplies

was

Washington
further

well.

Considerable

pur¬

noted.

was

Retail

volume

estimated

was

for

the

be

to

country

from

22

expectations of
improvement in export

trade.

Also tending to lift values
were the unlocked for heavy gain

in the use of the staple last month
and
the
belief that this year's

ing

week

a

year

Regional

ago.

percentage increases were: New
England 18 to 22, East 22 to 26.

bales,

the

May

rose

highest

to

since

38,500

March,

1945, according to the New York
Cotton

The

Exchange Service Bureau.

234.7

242.3

233.4

243.4

235.1

267.5

232.4

268.9

112.2

(Millions of Dollars)
Total income
Salaries

and

Dividends

payments

12,784
8,425

the

again last week and

was

es¬

to

be

appreciably above

levels

in

the

week

a

goods

were

in

most

filled

as

net

rents

Public

corresponding
ago.
Receipts of
increasingly steadily

year

lines
soon

Federal

and
as

orders

were

possible.

Reserve

Board's

dex for the week ended June

compared with

store

trade

was

8,360

9,560

33,005

38,187

15,781

1,386

808

3,913

3,578

2,856

2,488

2,402

2,276

9,914

9,047

assistance

other

Other

arur

4,551

94

80

369

320

378

898

95,7

470

3,897

1,848

638

other

relief

income

payjj§e&ts
gggg-

—

Mortgage Financing at Peak in April

The

rising*™[ume of residential construction, increased traffic in
building lots discontinued sharp competition among buyers for ex¬
isting homes
to

<^gmbined to boost the volume of mortgage financing
anothei^ecord level in April, said the Federal Home Loan

still

Bank

Adminis||ttion

continue^. That the number of veterans has increased close

to

4 million

which

in

an

in

15,

increase of 39%

New

brisk with

their

York last

department

volume running about 33%

monthly

singp the first of this year is only

letter

recording

mortgage

one of many

factors

accentuating the boom characteristics of the present mar¬
ket for rental properties as well as those
for owner occupancy, the
are

announcement

Nonfarm

qf June 4 went
a

considerably

ings in the

on

to

say.

r^ordings of $20,000
rise of 95%

more

or less

over

the

aggregated
same

more

than

month of last year

than double the April volume of

best^ost-depression

record¬

building year—1941.

With few

inceptions, all types of lenders in all parts of the
sharing in the increased volume of financing activity.
Nationally, recordings by savings and loan associations, commercial
country

are

banks and mutual savings banks have
of

last

more

Tbte Smallest gain, 52%,

year.

than doubled since

was

reported for

April

individual

*

Amounts in Millions

-April

in¬

the year to date by 27%.

week

24,204

royalties

lenders.

1946, increased by 37% above the
same
period of last year. This

Retail

52,980

93

and

Department store sales on a
country-wide basis, as taken from
the

51,098

interest

and was

timated

13,194

880

wages

and

13,199

Entrepreneurial income and

to 20 and Pacific Coast 24 to 29.
rose

110.5

sea¬

$887,000,000 in April,

i ahead of last year.
Merchants re¬
May. average coitipared with ported a greater selectivity on the

jit-

233.5
235.6

wages,

adjusted

28, South 21 to 25, Southwest 16

owing to early cool and wet in the preceding week.
For the
weather, got off to a poor start. four weeks ended June 15,
1946,
Average daily consumption of cot¬ sales increased by 36% and for
during

and

sonally

Middle West and Northwest 24 to

crop,

ton

sea¬

adjusted

Salaries

to

26% above that of the correspond¬

Total volume of wholesale trade

and

sonally

payments

which

chasing of toiletries and stationery

year's totals.

Despite somewhat irregular
movements, domestic cotton prices
surged upward to new high levels
for the past 22 years. Due to lim¬
ited offerings, volume of trading
was
only moderate but demand
was strong under the impetus of
price-control developments in

Indexes (1935-39=aoo)

Total income

sun

over a year ago were large
Camping and outdoor equipment

,




14.

of Commerce announced on June

leather

wallets, and
Day gifts. AH
types of women'^ apparel sold
well, with demand especially large
hose

flour

■'fii

,

of many

milling situ¬

somewhat

low last

104% of mill capac¬

1945

S

gains in the availability

has relieved the flour

.week

week,

J

Trade—

Retail

and

Wholesale
Gradual

harvesting of other grains will be¬ ture demand remained strong, es¬
gin within a few weeks. Aided by pecially for bedroom, dining-room
good rains, the condition of the and garden sets.
Rugs and other
new
corn
crop
was said
to be floor
coverings
were
eagerly
ideal with acreage believed to be sought. The
supply of auto acces¬
larger than expected. The early sories were up slightly and volume

preceding week and corresponding

was

ity, unchanged from the preceding

Dep't Reports Income Payments
To Individuals in April, 1946

ment

date last year.

fashions, bathing suits and
sportswear.
Children's
clothing
ings. All cash grain markets con¬ was bought in large quantitl.
tinued very tight despite the in¬
More
stores
reported slightly
creased movement of new wheat larger stocks of home
furnishings

expected, due
to the long awaited OPA order,
effective as of June 17, which in¬
creased wholesale prices 10 cents
and 5 cents per pound, respec¬
tively.
Although
average
hog
weights are running higher than
a
year ago,
market receipts of
hogs have been considerably be¬

June 15

•

67,161,426 pounds,

to date to

against 78,839,416 to the same

ation

cars,

shown.

•

season
as

times holding at permissible ceil¬

loadings

Commerce

reports in its survey of trade.
April income payments were equivalent to the annual rate of $156,$4.45. Compared with last year's With warmer weather in
many
900,000,000 which was only slightly below the record annual total of
$4.11, the gain amounts to 5.8%. sections of the
country, buying of
Sleers as well as butter and cheese
$160,800,000,000 for 1945.
summer clothes and equipment in¬
In the period from July 1945, the last full month of war, through
advanced during the week, while
creased considerably.
April 1946, the annual rate of pay of the armed forces declined from
potatoes and lambs declined. The
The dollar volume of food sales
index represents the sum total of
$17,200,000,000 to $6,600,000,000 and of factory payrolls from $37,the past week was maintained al
the price per pound of 31 foods in
700,000,000 to $32,100,000,000 said the Department of Commerce.
about 18% above that of the cor¬
Yet despite these declines, the April 1946 annual rate of income
general use.
responding week a year ago.
No
payments was only 4% below the annual rate for July 1945.
Wholesale Commodity Price In¬
easing was reported in the supply
During April 1946 as compared with March there were sharp
dex—Reflecting higher ceilings on of meat, bread, flour, and butter.
curtailments in military payments—pay of the armed forces, musterbutler and the combined uptrend
Sugar and canned fruits were also
ing-out pay and family allowances—and also in payrolls of the bitu¬
in cotton values, the daily whole¬ difficult
to obtain. Bakery volume
minous coal industry, factors influencing the decline in the index.
sale commodity price index, com¬ was maintained as
pastries sold in
However, these curtailments were largely offset by a rise in
piled by Dun & Bradstreet, Inc., large quantity. Fresh fruits and
factory payrolls and larger disbursements to railroad employees, re¬
rose
to new postwar heights in
vegetables were plentiful and sales
flecting higher wage rates and partial payments of wage increases
the past week. The index finished volume remained
high.
made retroactive to Jan. 1.
Of secondary importance were increases
at 198.33 on June 18.
This rep¬
Brisk buying of apparel goods
in payrolls of the contract construction industry and in veterans'
resented a gain of 1.3% over the sustained volume at a
high level. benefits and
unemployment allowances, the Department of Commerce
195.79 of a week previous, and of
Small quantities of men's suits ap¬
said.
11.8% over the comparative 1945
peared in the
stores and sold
Details of the April income payments are shown in the following
figure of 177.45.
quickly.
Gains continued to. be
table:
Restrictions placed on trading reported in the stocks of men's
MONTHLY INCOME PAYMENTS TO INDIVIDUALS IN THE UNITED STATES
in numerous grain futures by the slacks,
jackets, and sport suits.
•1st 4 MonthsMarch,
April,
April,
Demand
was
Chicago Board of Trade reduced
strong for men's
1946
1946
1945
1940
1946
1945
to

Freight Loading—Oar

date 33%.

come

at

week

Railroad

did not

chases in this field

Switzerland.

and

volume last week at the previous
and week's
high level and well above
that of the corresponding week a

the current level of the
index is higher than at any time
since Sept. 25, 1920, when it stood
cheese,

900,000 kwh. compared with 168,400,000 kwh. for the correspond¬
ing week of last year, an increase

/

According to the Federal Re¬
with some skepticism.
A heavy
index, department
increase in retail advertising was serve Bank's
mostly for scouring and
noted over that of a year ago. store sales in New York City for
used by woolen mills.
Fine de¬
the weekly period to June 15
laine wools were also in demand Some slight decline was reflected
1946, increased 42% above the
and fair activity was noted in in food sales resulting from the
same period last year.
This com¬
quarter-blood fleece wools.
De¬ continuing shortages of meat, but¬
pared with an increase of 47% in
sirable types of foreign wools con¬ ter and bread.
Buying in the wholesale market the preceding week. For the four
tinued scarce; practically all of
the offerings made by importers continued active last week with weeks ended June 15, 1946,
saled
were
of types which topmakers the garment industry a feature.
rose by 40%
and for the year to
and manufacturers did not cus¬ Notwithstanding the fact that pur¬

Appraisals of
ported as compared with one both domestic wools for purchase by
in the previous week and in the
the CCC totaled 11,044,029 pounds
Income payments to individuals during April totaled $12,784,000,corresponding week of 1945.
in the week of June 7, bringing
Food Index at Highest Point the aggregate appraisals for the 000, only 3% below the total for April a year ago, the Department
the

than to the price angle.

reserves

t, i

up to that of the preceding two
weeks, sales reached a new high
for this time of the year.

part of customers in the week and
reports of a real buyers' strike
were
received
by
storekeepers

the week,

on
the
did not vary
by more than one from either the
previous week or from the same
week last year.
Compared with tomarily purchase.
It was re¬
the 1945 record, failures in only
ported that an increasing volume
two groups, wholesale trade and
of such wools was being reexport¬
construction, trended up sharply. ed to Mexico, Holland, Belgium,
service

jThursday, June 27, 1946

CHRONICLE

-1st 4

^tonths-™—

-Percent of Total-

Chg.
Type of

1946

Amount

Mortgagee
Sav.

&

Loan

from

Apr., '45

AssnS._

1946
Amount

% Chg.
from '45

April,

-lst 4

1946

1946

Months—
1945

$315

+

101

$1,031

+

94

SS.6

35.5

companies

34

+

72

118

+

59

4.0

trust co§,__

3.8

214

+ 141

675

24.1

23.2

18.8

Mutual savings bafiks
Individuals
i__

+ 127

45

+ 186

128

+

146

S.l

4.4

3.3

insurance
Banks &

4.7

:

igo

+

52

635

+

49

20.3

21.9

99

Others
Total

33.6

+

77

319

+

59

11.1

11.0

12.7

$887

+

95

$2,906

+

84

lOO.O

100.0

100.0

26.9

Of the

$2.9 billion of mortgages recorded
during the first four
months of this year,
savings and loan associations accounted for
35.5%, commercial banks were second with
23.2%, and individuals
21.9%. In 1945, savings and loans
accounted for 33.6% of the Jan¬
uary-April total; commercial banks,

ld.8%; and individuals,

26.9%.

Volume 163

Number 4502

THE

COMMERCIAL

Electric Output for Week Ended June
22,1940
5.3% Below That for Same Week a Year

Ago

The Edison Electric
mated

that

the

Institute, in its

production

of

current

weekly report

electricity by the electric

esti¬

light

and

industry of the United States for the week ended
June 22 1946
was 4,129,163,000
kwh., which compares wih
4,358,277,000 kwh in the
corresponding week a year ago, and 4,030,058,000
power

ended June

kwh. in the week

15, 1946.

The output for the week ended
June 22

5.3% below that of the

was

week in 1945.

same

1946

'

'

PERCENTAGE DECREASE UNDER SAME
WEEK LAST TEAR
-Week Ended

Major Geographical Divisions—
England

June 22

New

Central
West

June 15

1.2

Middle Atlantic

0.3

3.3

3.7

4.4

5.0

12.5

9.2

§2.0

1.0

States

4.0

7.4

9.4

12.1

Rocky Mountain

14.1

§4.9

15.1

§7.2

0.5

7.2

§12.9

7.1

7.5

10.4

Southern
Pacific

Coast

Total United States

5.3

7.3

DATA FOR RECENT WEEKS

11.0

(Thousands of Kilowatt-Hours)

4,464,686

4,472,110
4,446,136
4,397,529
4,401,716
4,329,478

March

2

4,000,119

.March

9

3,952,539

March 16

3,987,877

March 23

1944

—10.6

1945

Apfil 20
April 27
May
4
May 11

4,017,310
3,992,283
3,987,673
4,014,652
3,987,145
3,976,750
4,011,670
3,910,760

4,397,330
4,302,381

May

18

3.939,281

4,377,221

May 25

3,941,865

4,329,605

June

1

3,741,256

4,203,502

June

8

3,920,444

—11.1

4,327,028

March 30

April 6
April 13

4,361,094
4,307,498

9.6

—

—

8.8

1,679,589
1,633,291
1,696,543
1,709,331
1,699,822
1,688,434
1,698,942
1,704,426
1,705,460

1,480,738
1,469,810
1,454,505

4,344,188
4.336.247

9.9

1,683,262

1,480,208
1,465,076

4,408,703

7.3

—

1,537,747

1,702,570
1,687,229

1,514,553

4,409,159

7.7

—

—

7.3

4,287,251

1,429,032
1,436,928
1,435,731
1,425,151
1,381,452
1,435,471
1,441,532
1,440,541

5.3

4,325,417

1,456,961

4,327,359

1,341,730

9.0

4,291,750

—11.0

4,030,058

4,144,490

—

4,348,413

June 22

4,129,163

4,358,277

—

—

obligations

which

be

may

issued

9.4

4,264,600

4,353,351

unearned

discount

U.

on

the grand total of
public debt obligations
1946 amounted to

S.

Savings Bonds). Thus

outstanding

The

Treasury Department's announcement follows:
Section 21 of the Second
Liberty Bond Act, as amended, provides
that the face amount of
obligations issued under authority of that Act,
and

the face

$300,000,000,000 outstanding at any
folowing table shows the face amount

The

standing and the face
Total face amount

amount

which

still

can

that

be outstanding

may

Treasury
♦Savings (maturity value)
Depositary
Adjusted
service

at any one time

Treasury

Certificates

of

♦Subject

to

current

ESTIMATED

2,023,000

2,130.000

PRODUCTION

OF

Penn. Anthracite—
♦Total

incl.

coll.

War

tCommercial

1946

283,171,258,006

June 16,

1946

refund

1945

June 16,

1946

June 19,

1945

1937

1,232,000

26,993,000

23,998,000

1,231,000

25,912,000

23,038,000

25,588,000

States

91,700

36,900

131,200

1,396,600

2,775,800

♦Includes

operations.

washery

tExcludes

coal

to

shipped

revision.

by

truck

from

authorized

§Revised.

Demand

(not held by

BY

STATES,

IN

June 8. 1946

1

CCC

192,214,135

6,000

Arkansas

Oklahoma

Colorado

5,000

61,000

total

Balance face

1,000

125,000
1,000

1,538,000

1,433,000

517,000

523,000

Georgia and North Carolina
Illinois
Indiana

Iowa

37,000

41,000

Kansas and Missouri

94,000

Kentucky—Eastern
Kentucky—Western
Maryland
Michigan
Montana

(bitum. &

126,000
1,024,000
377,000
32,000

442,000
59,000
2,000

lignite)

Mexico

(lignite)—.

Ohio

2,000

amount

(Daily
Total

of

284,104,286,890

obligations

WITH

issuable

STATEMENT

Statement

under above

authority.

15,895,713,110

of

the

United

gross

Add—Unearned

not

subject

THE

PUBLIC

States

public

Treasury,

1,

May

30,

Pennsylvania (bituminous)

AVAILABLE

1946)

and
U.

on

S.

maturity

by the Treasury

guaranteed

lignite)

debt

Savings

value

274,442,547,280

Bonds

and

♦Approximate face

public

debt

Board

nounced

on

million

375

lions.

of

Governors

May 31 that
dollars

of

the

Federal

Reserve

of

the

month

consumer

higher

an¬

credit outstanding increased about
an

estimated total of 7,355 mil¬

rise, the Board continued, occurred

the

than

total

loans

in

amount

34% above the year-ago level.

other

recent

outstanding

outstanding

amounts of
credit

increased steadily
or

at about the

ment

sale

credit,

rate

which

was

a

were

as

more

6%

on

automobile

fWest Virginia—Southern

2,419,000
<1,222,000

approximately 9% in April,

rose

in the preceding month.

ordinarily

shows

some

was more

180,000

1,072,000

{Other Western States.

Other instal¬

reduction

a

record high level.

tlncludes operations on the N.

& W.;

11,973,000

3,700,000

C. & O.: Virginian;

K.

& M.;

B. C. & G.;

the B. & O. in Kanawha, Mason, and Clay counties.
tRest of State, including
the Panhandle District and Grant, Mineral, and Tucker counties.
§Includes Arizona
And Oregon.
*Less than 1,000 tons.
on




of

foodstuffs

to

other

credit.

claimants

In

millions

of

dollars.

Figures

of

food

than

the

month

year.

consisted

7,355

31,

1946

April 30, 1946
♦Total consumer credit

to

deplete

our

since

cuts

more

in

this

would

consumption

which would
health

and

seriously impair the
efficiency of our na¬

tion."

Barley being sent to Germany
is stated to be the amount due to

saved

be

year

as

up
to September this
the result of reduced al¬

barley

announc¬

shipments

British
spokesman called attention to the
fact that United States

shipments
during May were fall¬
ing below the amount regarded as
to German

absolute minimum which but

for

British

as

500

cuts

action
in

would

rations

to

as

have

low

calories daily.

son

+

375

Apr. 30,
1945

+1,872

as

had

tendered

Ambassador to

his resignation
Uruguay, effec¬

105

Haiti,

+

22

+

123

President

+

89

+

471

Press advised from

289

'

on

tive Aug. 31, and that Orme Wil¬
son had resigned as Ambassador to

662

+

25

+

2,146

+

174

+

640

1,752

tlncludes repair and modernization loans.

coarse

stocks further in the

suggested

way
mean

1,695

loans

separately,

of

June 18 stated that William Daw¬

Instalment sale credit:

♦Includes service credit not shown

feeding

grains and animal-feeding stuffs.
We've no reserve surplus to oup
processing and distributing re¬
quirements and I am not prepared

From

-

and

controlled by my

or

White House announcements
estimated)

Mar.

Charge accounts
Single-payment loans

world

on

Dawson, Wilson Resigning
Increase or Decrease

tlnstalment

tons

ministry at the beginning of this
month were 3,806,000 tons, about
125,000 tons less than a month
earlier, and over 1,000,000 tonsi

CONSUMER CREDIT OUTSTAND$NG

(Short-term

He replied:
D-Day we've sent some

This type of indebtedness

than 40% larger than a year ago."

Automobile

12,780,000

this

at

than one-fifth above

"Charge accounts receivable increased further and at the end

Other

Total bituminous & lignite

of

meant

2,090,000

99,000

fit

ing

sales, which has

the level of last year.

at

to

released

location to breweries. In

earlier.

year

increased slightly, and

were

ill

as

Europe and this year
substantially reduced oup
import requirements for the bene¬

the

time of year,

was

we've

during

somewhat larger

than one-third above

28,000

tWest Virginia—Northern
Wyoming.

the

approximately

was

increased by nearly

outstanding

since June 1945,

same

At

By the end of April both instalment and

single-payment loans outstanding

"Instalment

months.

The Board's announcement continued:

April. The rise of 3% in single-payment loans

corresponding

world1

till the harvest.

of this

System

372,000

15,000

the

figure at
the
About 750,000 tons of stocks at the beginning

Outstanding in April

during April to

was

had

beginning of the

of

About half of the current

indebtedness

he

stuffs in MM

charge aclcounts receivable, but the rate of increase in other types

2,000

413,000

of

question

a

978,322,125

maturity value; current redemption value, $48,827,876,165.

or

to

"Stocks

obligations

limitation

132,000

Virginia
Washington

slightly

are

discussions

"Since

lower

131,000

1,000

an,

supplies."

current

284,104,286,890

2,921,000

119,000

at

500,000
tons of food of all descriptions fop
Europe to tide starving countries

$10,640,061,735

outstanding

of the month

Utah

ques¬

contribu¬

areas

figures

1,400,000

544,063,646

obligations

value)

was more

2,945,000

raise the

British

liberated

741,000

134,000

Tennessee

reported stocks
twice the pre-war

would

food-short

whether

1946

273,898,483,634

debt

discount

between

to

DEBT—APRIL

debt

Guaranteed obligations not owneo
Total

OF

1946:

public

gross

30,000

35,000

to

over

96,000
28*000

70,000

855,000

(bituminous &

NOT

30,000

North & South Dakoa

Texas

DATA

1,142,000

of

response

outstanding

RECONCILEMENT

93,000

108,000

and

that

The Minister's statement
Grand

than in other recent months.

June 9, 1945

fact

nearly

public before.

10,783,425
544,063,646

"Instalment

372,000

412,000

•Alaska

New

June 1, 1946

food

holdings had been given regularly

interest-ceased

Week Ended—

State—

Alabama

member

to the Combined Food Boards and
the United States Government but
that they had never been made

41,086,086

rivei
from

Labor

Minister for

It was stated by
Government spokesman tonight
that full details of Britain's food

533,280,221

NET TONS

(The
current
weekly estimates are based on railroad carloadings
and
shipments and are subject to revision on receipt of monthly tonnage reports
■district and State sources or of final annual returns from the operators.)

threatening

a

Treasury)—

FHA

obligations:

Matured,

end

ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL AND LIGNITE,

the

in

283,560,223,244

Debentures:

in

and dredge coal and
colliery fuel. tSubject

British

problem.

Interest-bearing:

1,732,100

total

the

here

Beehive coke—

United

Stokes,

food

Total

26,935,000

44,000

R.

asked

81,638,681

bonds

Consumer Credit

1,075,000

produc.

vation reported to be
Germans in the area.
R.

sending
80,000

and
the

Germany to stave off star¬

104,496,699

stamps
tax

Guaranteed obligations

COKE

46,000

to

lower than the 4,000,000-ton
figure
that has been generally assumed

202,829,858

1,926,000

1,120,000

fuel

was

barley

potatoes

of

zone

it

Govern¬

during the

early date.

Calendar Year to Date

June 15,

of

tions

interest:

no

profits

The
■

consump¬

the

that

weeks

tons of

further

186,135,380

1945

AND

five

tion

37,497,041,800
47,038,623,000

June 16,

1,502,000

time

same

announced

he

17,053,747,000

savings

Excess

Net Tons)

§June 8,

1946

1945

the

normal

11,746,000 210,410,000 274,049,000

PENNSYLVANIA ANTHRACITE

Week Ended

tJune 15,

At

500,157,956

9,661,739,610

1,958,000

in

cuts

mean

dangerous to the health and
effciency of the British nation.

were

tRevised.

(In

would

of

—Jan. 1 to Date—

1946

12.780,000

adjustment.

it

promptly served notice
following his reply that in view

Tons)

1946

con¬

tion

Official

Deduct—other

12,140,000

or

had the following to say:
He asserted that he was
unpre¬
pared to deplete the stocks for the
benefit of European countries as

436,360,000

indebtedness

held

figures,

59,467,937,900

interest-bearing

redemption

♦June 15,

ministry

a

who

$121,177,390,350

bills

(difference

June 16,

a

recently

101,589,411,800

corresponding week of 1945.

t June 8,

to

answer

wireless message to the New
"Times" from
London by
Michael L. Hoffman, which also

$300,000,000,000

$181,581,846,206

Outstanding April 30,

Bituminous coal & lignite-

obligations out¬

issued under this

Bonds—

corresponding period

Total, including mine fuel-.
Daily average

of

be

Outstanding April 30, 1946—

decrease of 162,000 tons, or 12.6%.
The calendar year to date shows
an increase of
12.5% when compared with the

Week Ended

in

Commons

York

tons

Obligations issued under Second Liberty Bond
Act, as amended:
Interest bearing:

as

Net

in

70,000

time."

one

limitation:

1,702,501

ESTIMATED UNITED STATES PRODUCTION OF BITUMINOUS COAL AND LIGNITE

his

next

by the Secretary of the Treasury), "shall not exceed in

Treasury notes

The Bureau also announced that the estimated
production of bee¬
hive coke in the United States for the week ended June
15, 1946.
showed an increase of 44,800 tons when
compared with the output
for the week ended June
8, 1946; but was 39,500 tons less than for the

in

trolled 3,806,000 tons of "food and

ment

Production of Pennsylvania anthracite for the week ended
June

of 1945.

stated

question

amount of obligations
guaranteed as to principal and
interest by the United States
(except such guaranteed obligations as

Bearing

15,

of April 30,

as

$284,104,286,890.

1,615,085

estimated by the Bureau of Mines, was 1,120,000 tons, an
increase of 1,074,000 tons over the
preceding week.
When compared
with the output in the
corresponding week of 1945 there was a

Sir

Food,

feeding stuffs, as of May 1. Ad¬
vices to this effect were contained

1,689,925
1,699,227

The total production of bituminous coal and
lignite in the week
ended June 15,
1946, as estimated by the United States Bureau of
Mines, was 12,140,000 net tons, a decrease of 640,000 tons, or
5.0%,
from the
preceding week.
In the corresponding week of 1945, out¬
put amounted to 11,746,000 tons.
From Jan. 1, to June 15, 1946, pro¬
duction was estimated at
210,410,000 net tons, a decrease of 23.2%
when compared with the
274,049,000 tons produced during the period
from Jan. 1 to June 16, 1945.

Britain's

closely
guarded
Ben Smith, Minister

public debt and guaranteed obligations of
$274,442,547,280 should be
subtracted $978,322,125
(outstanding public debt obligations not sub¬
ject to debt limitation), and to this
figure should be added $10,-

Weekly Coat and Coke Production Statistics

(In

the

secrets,
of

of

one

most

that

Total

June

to

Revealing
hitherto

at $15,895,713,110. In another
table in the
report, the Treasury indicates that from the total gross

Matured, interest-ceased

15, 1946,

subject

British Food Stocks

1,592,075

—10.0

June 15

of

1,723,428

4,233,756
4,238,375
4,245,678

9.1

—

—

amount

$300,000,000,000 statutory debt limitation

1929

1,538,452

4,425,630
4.400.246

7.8

—

4,332,400
4,411,325
4,415,889

June 29

9.3

—

4,321,794

1932

8.7

—

face

the aggregate

% Change
under 1945

1946

Treasury Department recently made public its monthly
report showing
that the face*amount of public debt obliga¬
tions issued under the Second
Liberty Bond Act (as amended)
outstanding on April 30, 1946 totaled $284,104,286,890, thus leaving the

may be held

9.4

{Increase.

Week Ended—

3543

of April 30, (946

as

The

15.1

6.0

Central

June 1

§0.1

3.9

Industrial

Statutory Debt Limitation

640,061,735 (the

——

June 8

& FINANCIAL CHRONICLE

+

57

+

464

effective date not given.
Truman, the Associated

Washington, in

accepting the
resignations,
pressed appreciation of the
men's services.

ex¬

two

3544

if

tfp <

r-U:

Bond Prices and Bond Yield Averages

$908,851,000, is 55% greater than J;he
corresponding period of 1945, whereas state
and municipal construction, $610,693,000, to date, is 401% above 1945.
Federal construction, $298,158,000 dropped 36% below the 25-week

Moody's

computed

bond prices

yield averages

and bond

are

cumulative total for the

given in the following table.

I
s
a

total of 1945

on

week and the 1945 week are:

Average Yields)

1946—

U. S.

Avge.

Dally
Averages

Govt.

Corpo¬

Bonds

rate •

June 25

124.08

118.80

121 74

121.25

118.80

123.34

June

R. R.

A

118.40

112.56

P. U.

Indus

116.02

Baa

Aa

119.20

121.25

24

124.08

121.25

118.20

112.56

116.02

119.20

Stock

21

124.17

118.80

123.34

121.25

118.40

112.56

116.02

119.20

20

124.17

118.80

123.56

121.25

118.40

112.56

116.02

119.20

KM-

124.17

118.80

123.56

121.25

118.40

112.75

116.02

119.20

121.46

124.20

118.80

123.56

121.46

118.40

112.56

116.02

119.20

121.46

118.80

123.56

121.46

1

18
17

Exchange

124.17

121.46

118.40

112.56

116.02

119.20

124.17

118.80

123.34

121.25

118.40

112.56

116.02

119.00

124.17

118.80

123.34

121.25

118.40

112.56

116.08

119.00

121.25

12

124.11

118.80

123.34

121.25

118.40

112.56

116.02

119.00

121.25

124.02

118.80

123.13

121.46

118.40

112.56

116.02

119.20

121.25

124.02

118.80

123.13

121.46

118.40

112.56

116.02

119.00

10
8

I

7

124.02

118.80

123.13

121.25

118.40

112.56

116.02

119.00

6

124.02

118.80

123.13

121.25

118.40

112.56

116.02

119.00

123.13

118.60

116.02

119,00

124.02

118.60

122.92

121.46

118.20

112.56

116.22

119.00

Capital

118.80

123.13

121.46

118.40

112.56

116.22

119.00

121.04

1

Stock

121.25

118.20

112.56

Closed

Exchange

May 31

123.99

118.80

122.92

121.46

118.40

112.56

116.22

119.00

121.04

24

123.99

118.80

123.13

121.46

118.40

112.56

116.22

119.00

121.04

124.14

118.60

122.71

121.46

118.20

112.56

116.20

119.00

121.04

123.83

118.80

122.92

121.46

118.60

112.75

116.41

119.20

121.04

124.49

119.00

122.92

121.67

118.60

113.12

116.61

119.41

121.04

Apr. 26

124.33

119.00

123.34

121.25

118.40

113.12

116.41

119.41

121.04

18

125.30

119.61

123.99

121.88

119.20

113.89

117.20

120.22

125.77

120.02

123.99

122.29

119.61

114.27

117.60

120.22

125.92

120.02

123.99

122.29

119.61

114.46

117.60

120.22

122.09

Mar. 29

125.61

119.82

123.99

122.29

119.41

114.27

117.40

120.22

122.09

22

125.74

119.82

123.77

122.29

119.41

114.08

117.20

120.22

122.09

15

125.80

119.82

123.77

122.29

119.20

114.27

117.00

120.22

122.29

8

125.86

119.82

123.56

122.50

119.20

114.46

116.80

120.43

122.29

l-.__—_

125.84

119.61

123.56

121.88

119.20

114.27

116.61

120.22

122.09

126.02

120.22

123.34

121.88

119.00

114.27

116.41

120.22

122.09

Feb.

21

Jail.

25

High

126.28

119.00

123.12

121.25

119.00

113.31

115.63

119.41

122.09

126.28

120.02

124.20

122.50

119.61

114.46

117.60

120.43

122.50

123.45

117.60

121.46

119.82

117.40

112.19

114.46

117.80

120.63

1945_

122.9J

115.82

120.84

119.41

115.82

108.16

112.93

115.43

Index Rises

Ago
1944_

120.19

1946

■I i

25,

National
the
week ended June 22, 1946, advancing to 150.8 from 149.0 in the pre¬
ceding week. The index, advancing to a new high level, registered
the following percentage increases: 1.2% above the preceding week;
2.2% above a month ago, and 6.4% above a year ago.
A month ago
the index stood at 147.5, and a year ago at 141.6, all based on the
1935-1939 average as 100.
The Association's report continued as
public on June 24, rose sharply in

Fertilizer Association and made

#,

r*

^ '

fi

$

i

2 Years

June

24,

112.37

118.40

117.00

112.00

113.89

106.04

102.80

117.40

MOODY'S BOND YIELD AVERAGES

(Based

I -!*'

1946—

U.S.

Daily
Averages

Govt.

.

on

Individual Closing Prices)

Avge.
Corpo¬

Bonds

Eight of the component groups of the index advanced during the
The foods index rose substantially with higher prices

A

Aa

R. R.

Baa

P. U.

2.71

2.59

2.73

3.03

2.85

2.49

2.59

2.74

3.03

2.85

2.69

2.71

2.49

2.59

2.73

3.03

2.85

2.69

1.46

2.71

2.48

2.59

2.73

3.03

2.85

2.69

2.71

2.48

2.59

2.73

3.02

2.85

2.69

1.47

2.71

2.48

2.58

2.73

3.03

2.85

2.69

2.58

1.46

2.71

2.48

2.58

3.03

2.85

2.69

15

Stock Exchange Closed
1.46
2.49
2.71

«:■

14

2.73

2.70

The rise in the fertilizer

prices for phosphate rock.
During the week 18 price series in the index advanced and 4

2.85

1.46

2.71

2.49

2.59

2.73

3.03

2.85

2.70

2.59

1.47

2.71

2.49

2.59

2.73

3.03

2.85

2.70

2.59

11—

1.47

2.71

2.50

2.58

2.73

3.03

2.85

2.69

2.59

10

1.47

2.71

2.50

2.58

2.73

3.03

2.85

2.70

2.59

2.50

2.59

2.73

3.03

2.85

2.70

2.59
2.60

*

8

2.73

2.59

1.47

2.71

6

1.47

2.71

2.50

2.59

2.73

3.03

2.85

2.70

5

1.47

2.72

2.50

2.59

2.74

3.03

2.85

2.70

1.47

2.72

2.51

2.58

2.74

3.03

2.84

2.70

2.71

2.50

2.58

2.73

3.03

2.84

2.70

PRICE INDEX

COMMODITY

Latest

%

in

the

months

June, 1942, through August,
1945.
The April figure was 56.5%

above

1939,

August,

and

86%

above the 1929 average.

Kellogg Pact Binding
The

Kellogg-Briand

Pact

out¬

is still in force accord¬
ing
to
international
law,
Sir
Hartley Shawcross, British At¬
torney General, declared on June
19 in addressing Paris jurists in

lawing

war

the Palais de Justice it
in

stated

was

wireless message from

a

that day to

Paris

the New York "Times",

which further said:

Speaking
the

and

international

of

its

for

reasons

law

failure,

international law.

binding under

Month

Week

Jun 22,

Gro up

Stock

Exchange

Ago

1.43

31
24

2.71

1946

1946

1946

1945

150.1

147.6

145.8

144.0

152.7

147.4

147.4

145.2

Fats and Oils

2.51

2.58

2.73

2.84

3.03

2.70

2.60

163.1

163.1

163.1

163.1

181.9

Cottonseed Oil
Farm Products

181.1

178.4

168.0
214.8

277.0

276.2

261.2

Grains

190.3

190.3

192.7

166.1

Livestock

164.6

163.5

161.8

161.6

135.8

131.4

131.4

Cotton

-

2.71

2.50

2.58

2.73

3.03

2.84

2.70

2.60

1.47

2.72

2.52

2.58

2.74

3.03

2.84

2.70

2.60

10

1.49

2.71

2.51

2.58

2.72

3.02

2.83

2.69

2.60

3

1.44

2.70

2.51

2.57

2.72

3.00

2.82

2.68

2.60

Miscellaneous commodities

129.4

138.6

138.6

133.7

Apr. 26

1,45

2.70

2.49

2.59

2.73

3.00

2.83

2.68

2.60

8.2

Textiles

169.7

169.6

166.6

157.1

18

li:?

1.48

17

1.38

2.67

2.46

2.56

2.69

2.96

2.79

2.64

2.57

7.1

Metals

123.5

122.2

117.9

108.9

Building materials
Chemicals and drugs

168.3

168.1

167.8

153.8

127.5

127.5

127.5

125.9

_

!—

118.9

118.2

118.2

118.3

r

2.46

2.54

2.67

2.94

2.77

2.64

2.56

6.1

2.65

2.46

2.54

2.67

2.93

2.77

2.S4

2.55

1.3

2.66

2.46

2.54

2.68

2.94

2.78

2.64

2.55

.3

Fertilizer materials

1.35

22

2.65

1.36

:

Mar. 29

2.66

2.47

2.54

2.68

2.95

2.79

2.64

2.55

.3

Fertilizers

119.8

119.8

119.8

119.9

.3

Farm machinery

105.8

105.8

105.8

104.8

150.8

149.0

147.5

141.6

15

1.3s

2.66

2.47

2.54

2.69

2.94

2.80

2.64

2.54

8

1.34

2.66

2.48

2.53

2.69

2.93

2.81

2.63

2.54

1.34

2.67

2.48

2.56

2.69

2.94

2.82

2.64

2.55

1.33

2.67

2.49

2.56

2.70

2.94

2.83

2.64

2.55

1

Feb.

Jan.

__

21
25

High

June

1!

25,

2.50

2.59

2.70

2.99

2 87

2.68

2.66

2.78

3.05

2.93

2.76

2.65

2.45

2.53

2.67

2.93

2.77

2.63

June 24,
1 $•

i!
1' I

i

.1944.

1.60

v

.

2.86

2.61

2.68

2.86

3.01

3.27

2.88

2.68

3.04

1.78

2.73

2.80

3.06

3.58

3.39

2.96

2.78

•These prices are computed from average yields on the basis of one "typical" bond
(3%% coupon, maturing in 25 years) and do not purport to show either the average
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.
level

NOTE—The

issue

Of

the

list

used

"Chronicle"

in
on

compiling the averages
page 2508.

was

given

in the Nov. 22,

Engineering Construction Tntals

'

4 '

*,

,-ii

ft:*

workers

actual

except

showed continued

worked

in

April,

hours
recov¬

The

June 20, went on to say:

sur¬

of 25 industries, a report on
was

issued

Reconversion
lows
were

for

June 22.

on

strike-in¬

and

nearly

all

these

reached in February

announcement

the

March

and

said.

April

While

advances

apparently indicate the beginning
of a trend, the direct and indirect
effects

of

strikes may
for

the

coal

and

other

affect the movement

$46,810,000, is 11% below last week and 96% greater than the week
last year.

follows:

Private
week

last

and

construction

228%

>

week,

above

this

the

week, $58,974,000,
week

last

year.

is 32% below last
Public construction,

State and municipal construction, $28,864,000, 3% below
is

137%

$17,946,000, is 21%

above

the

1945

week.

below last week and 53%

Federal

construction,
above the week last

year.

,1

116.1;

of

Total engineering construction for the 25-week period of 1946
Tecords a cumulative total of $2,503,580,000, which is 202% above the
total for a like period of 1945.
On a cumulative basis, private con¬

struction in 1946 totals $1,594,729,000 which is 559%

1



above that for

some

64.3%

5.8%

higher than April,
1945, 53.5% above January, 1941.
61.8%
over
August,
1939, and
97.5% higher than 1929.
Skilled
male

workers,

the

failed

and

$1,295

1939

the

to

prevent war,"
he said, "it was not because of
any deficiency in the law.
The
took

war

because

place

of

the

inactivity of international police."

Freight Gars on Order
Again Declined in May
the

order,

on

June 1,

freight cars
Association
of

new

June

This

21.

included

10,561

hopper, including 3,078 covered
hoppers; 4,812 gondolas, 1,163 flat,
12,773 plain box, 6,194 automobile,
3,880 refrigerator, and 100 miscel¬
laneous freight cars.
New freight
cars on order May 1, last, totaled
and
on
June
1,
1945,
39,708
amounted to 31,283.
They also had 585 locomotives
on order June
1, this year which
included 63 steam, six electric and
516

On June

Diesel locomotives.

1, last year, they had 504 locomo¬
tives
119

on

which included
electric and 383

order,

steam,

two

in

majority,

re¬

The Class I railroads put

The

Earnings.

April

previous April.

It

was

male

the

1929

average.

workers

averaged

$52.47.
Real

Weekly Earnings.
Aver¬
weekly earnings adjusted for
cost of living were 0.6% higher
in April than
in March.
They

age

7.7%

below April,

included

6,007

hopper

dolas,
47
refrigerator,
55 flat,
1,009 automobile box and 5,151
plain box freight cars.
In the
first five months of 1945 the rail¬
roads

put in
freight cars.

service

service

in

were

in

in the

53.4% higher than 1929.
Hours per Week.
Average

217

week, at 40.4,
0.7%

March.

or

They

less

in

in

April, 1945, slightly above Jan¬
uary, 1941, 6.6% longer than Au¬
gust, 1939, but 16.4% shorter than
the

1929

The

average.

in

the

level

were

the

were

rose

24.1%

man

4.2%

below

of

April, 1945.
They
highest since last Au¬

gust, but lower
months

Total

manufacturing

April, but

than

between

were

were

Diesel.

Moodys Daily
Commodity Index

11

286 ^
286 8
286 J
288 4
288 8
288 8
287 8
285.2

25
23, 1945

280 u
258 8

Tuesday June 18, 1946

Wednesday, June 19
Thursday, June 20
Friday, June 21

Man Hours Worked.
hours in

wartime

46.2 hours.

was

of which there

totaled 260
43 steam, and

year

ac¬

were

than

11% less than

were

for

all

January,

five

which

installed

period last

hour,

first

of

39
Diesel.

year,

locomotives

0.3

the

steam, and 62 were

this

months

same

tual hours per

18,818 new

They also put 101 new locomo¬
tives

New

1945, but

including

1,063 covered hoppers, 2,454 gon¬

23% higher than in January, 1941,
34.6%
above August,
1939, and

were

14,723

freight cars in service in the
first five hionths in 1946, which
new

above

Skilled

peak

March. At $1,165, the April aver¬
was

average

53.2% greater than January, 1941,
71.9%
over
August,
1939,
and

Hourly Earnings. Up 1.7% from
age

an

the

than

months, according to the
Conference Board;
its summary
of labor statistics for April, with
comparisons with earlier dates,

if
ill

1946,

of $46.90 was an increase
of 1% over March, but 6.4% less

according to
monthly

the

engineering construction volume in continental United
$105,784,000 for the week ending June 20, 1946 as
reported "Engineering News-Record."
This volume is 24% below
the previous week, 153% above the corresponding week of last year
and 15% below the previous four-week moving average.
The report
totals

on

15,

June

average

payroll factors indicating
well-being of manufacturing

factors

Civil

issued

117.5;

April.
Weekly

All
the

duced

$105,784,000 for Week
States

1946,

22,

1936

between

ne¬

of it.

Diesel.

April Says Board

which

I'

I1

in

vey

Civil

June

110.3.

Conference Board's

li"

in

were:

Workers'Earnings Bp

ery

t

■

base

ceived

1945

ll
!<• ■$.

His ••
f*'

1945,

23,

combined.

1926-1928

2.53

2 Years Ago

'I

June

on

2.62

Ago
1945..

•Indexes

2.55

2.58

1.31

1946

1 Year

2.70
2.77

All groups

100.0

and

1.31
1.51

1946

Low

132.0

1.35

5

I

10.8

1.34

12

■>
i

Fuels

17.3

"If

nations

use

mech-

American Railroads announced on

Jun 23,

May 25,

25.3

33.0

glected to make

on

Year

Ago

Jun 15,

Total Index

Closed

"admirable

an

was

1946, had 39,483

Preceding

Week

Sach Group
Bears to the

2.60

1.47

1_

■'

than

lower

but

from

The Class I railroads

The National Fertilizer Association
1935-1939=100*

2.60

3

May

Compiled by

2.60

4

WHOLESALE

WEEKLY

Stock Exchange Closed

__

7

de¬
declined; in the

in the preceding week 7 advanced and 1
econd preceding week 8 advanced and 3 declined.

clined;

2.59

3.03

13—1*

^

The textiles group again advanced.
materials group reflected the advance in the

higher prices for book paper.

Closed

12

•

wire nails.

2.58

Exchange

prices for brass sheets and rods, and copper sheets.
materials group rose because of higher quotations for
The miscellaneous commodities group advanced due to

the

in

The building

2.58

17

tW
,-s

vances

2.58

1.46

18

If

March, 1941 through August, 1945.
employment level was 13.3%
higher than the 1929 average.
Payrolls.
Manufacturing pay¬
rolls were 6%
higher in April
than in March, but 20.2% smaller
than in April, 1945.
They were
the
highest since August, 1945,

The

anism'\but the nations had

2.58

19

•

peak of

cheese and dressed fowl much more than offsetting the
quotations for potatoes.
The farm products group advanced,
reflecting higher prices for cotton, cattle, lambs and fluid milk.
The
fuels registered the largest increase during the week due to the rise
in bituminous coal.
The metals group was higher because of ad¬

2.59

1.46

20__

$

the

for butter,

2.59

21

H

below

tions

Indus

2.69

1.47

Stosk

2.49

2.71

24
22

§

25.8%

was

October-November, 1943, and was
lower than for any month from

He added that the League of Na¬

Corporate by Groups*

Corporate by Ratings*
Aaa

rate*

1.47

June 25—„

.

It

latest week.

n

i

Employment.
Employment in
twenty-five manufacturing in¬
dustries rose 5% over March, but
was 14.6% less than in April, 1945.

the

lower

;■$.

I

5.3%

were

than the 1929 average.

he said the pact of 1928 was still

follows:

1 Year Ago

June

Sharply

price index compiled by The

The- wholesale commodity

119.41

1946

Low

Prise

National Fertilizer Association Commodity

121.88

5

i

less

British Jurist Assets

121.67

12

If

1945. They

and August,

higher than January, 1941, 129.9%

this week totals $16,253,000,
and is made up of $12,578,000 in state and municipal bond sales and
$3,675,000 in corporate security issues.
New capital for the 25-week
period of 1946 totals $653,417,000, 23% greater than the $532,885,000,
reported for the corresponding period of 1945.

121.04

124.02

3

'

New

121.04

124.02

4

10

I!;

the nine classes recorded

capital for construction purposes

New

121.04

3

f

it

_

gains this week over the 1945 weeks as follows: waterworks, sewer¬
age, bridges, highways, earthwork and drainage, public buildings,
industrial buildings and commercial buildings.

121.25

17
£•'*

buildings

Stock Exchange Closed

—

5

it';

18,001,000
23,872,000
12,173,000
11,699,000

earthwork and
recorded gains

bridges,

construction groups,

classified

the

121.25

Stock Exchange Closed

11

1

In

21,45

$41,873,000

52,544,000
29,842,000
22,702,000

drainage, public buildings and industrial
this week over the previous week.
Eight of

121.25

13

Federal

June

'46

$138,911,000
86,367,000

28,864,000
17,946,000

Municipal

and

State

Closed

14

25

I
I:

20, '46

121.46

19

it %.

Public Construction

121.46

•*»

,4/

Private Construction

121.25

22

June 13,

$105,784,000
58,974,000
46,810,000

Construction-

S.

U.

Total

Corporate by Groups*

Corporate by Ratings*
Aaa

last

for the current week,

engineering construction volume

Civil

MOODY'S BOND PRICES

(Based

construction,

Public

1945.

•$

Thursday, June 27, 1946

CHRONICLE

& FINANCIAL

THE COMMERCIAL

the

1941

Saturday June 22
Monday, June 24
Tuesday,
Two

June

weeks

ago,

25
June

Month ago, May
Year ago, June
1945

265 8
252 4

High, Dec. 27
Low, Jan. 24

1946

High, June 24

Low, Jan. 2

-

288 8

264.7

Number 4502

.Volume 163!

THE

COMMERCIAL & FINANCIAL
CHRONICLE

Daily Average Crude Oil Production for Week
Ended June 15,1946 Increased 65,680

Wholesale Prices Up for Week Ended June
15, Swope Re-Elected Pres.

The American Petroleum Institute estimates
that the

daily aver¬
age gross crude oil production for the week ended June
15, 1946 was
4,960,650 barrels, an increase of 65,000 barrels per day over the pre¬
ceding week and a gain of 72,286 barrels per day over the
correspond¬
ing week of .1945.
The current figure was also 290,650 barrels in
excess of the daily average figure of
4,670,000 barrels estimated by
the United States Bureau of Mines as the requirement for the
month
of June, 1946.
Daily production for the four weeks ended June
15,
1946, averaged 4,842,800 barrels.
The Institute further reports as

follows:

Reports received from refining companies indicate that the in¬
as a whole ran to stills on a Bureau of Mines basis
approxi¬
mately 4,799,000 barrels of crude oil daily and produced 14,510,000
dustry

barrels of gasoline; 2,068.000 barrels of kerosine;
5,447,000 barrels of
distillate fuel, and 8,931,000 barrels of residual fuel oil
during the
week ended June 15, 1946; and had in storage at the end of the week

93,449,000

barrels of finished and unfinished gasoline; 13,611,000
kerosine; 35,582,000 barrels of distillate fuel, and 45,915,000

barrels of

barrels of residual fuel oil.
The

complete report for the week ended June 15, 1946 follows

in detail.
DAILY AVERAGE

CRUDE

OIL

PRODUCTION

State

*B. of M.

(FIGURES

Actual

Allow¬

IN

BARRELS)

Production

Week

4 Weeks

Change

Week

Calculated

ables

Ended

from

Requirements

Begin.

June 15,

Previous

June 15,

June 16,

June

June 1

1946

Week

1946

1945

•♦New York-Penna.
Florida

50,350

8,400

_

•9West

48,200

7,600

2,050

49,850
250

+

650

8,150

7,700

5,650

+

700

5,550

5,400

Ohio—Other

2,850

_

Indiana

19,600

210,000

_

207,800

550

2,600

2,700

19,800'

11,800

600

—.

Kentucky

31,000
46,000

209,050

200,250

50,150

800

—

29,900

Michigan

1750

Nebraska

-

—

Kansas

255,000

260,000

t282,900

380,000

380,000

30,600

29,600

47,800

49,450

750

—

Oklahoma

1,100
2,750

900

—

+

—

_

48,950

1,250

+

18,000

Illinois

t383,150

+

43,450

261,750

275,150

1,850

379,900

386,350

—

Texas—
District

I

District

II

District

III

District

IV

District

V

19,650

105,150

32,400

31,950

—

VII-C

28,450

District VIII
District

__

3,750

—

132,400

__

that

Labor Statistics, U. S.

ureau
at

Department of Labor which

111.8%

of the 1926
average, the index of commodity
markets prepared by the Bureau was
5.5% higher
ago and 6.0% abuve the end of the
war."
The advices
from the Bureau continued:
prices in primary
than a year

Faim Products and
Foods—The rise of 0.4% in the
group index
was due
primarily to increases in prices of cattle,
eggs
and milk.
Prices of cows and steers increased as the small
number received in the
markets indicated continued
holding-back
by sellers.
Lamb prices decreased with

for faim products

poor quality and poultry
The demand for eggs, increased by
the meat
shortage, combined with seasonally lower
production to
laise egg
prices.
Lemcn prices were
higher, but were still under
ceilings effective on May 27, and sweet
potato prices increased sea¬
sonally.
Prices of onions and potatoes declined with
liberal supplies.
Milk quotations moved
up under the ceiling increase
granted to pro¬
ducers June 7.
Raw cotton quotations
continued to climb.
Farm
products prices on the
average were 1.5% higher than a month
ago
and 6.8% above a
year ago.

quotations declined

seasonally.

'Sharp seasonal decreases in prices of fresh
vegetables and
smaller decreases for dressed
poultry more than offset higher prices
for bread and
milk, bringing the group index for foods to a level 0.1%
below a week ago.
This was 0.3% higher than a month
ago and 3.8%
above a year earlier.
The advance in bread
prices was the result of
weight reduction.

"Other Commodities—Prices of all
commodities other than farm

products and foods averaged 0.3%
higher during the week and were
0.9% above a month ago and 5.2%
higher than a year earlier.
Farm
machinery prices moved up from 3 to 10% and prices of brass .mill
products advanced following ceiling increases
granted in accordance
with the wage-price

proved wage

policy also

policy, to

increases.
made

were

higher material costs

cover

Upward adjustments under the
for

saws

and

ap¬

wage-price

and

alloy steel bars.
Substantial
price increases for red and white lead
pigments followed higher ceil¬
ings allowed by OP A because of higher lead costs.
Gasoline prices
moved towards
ceilings with increased demand.
There were sharp
advances in leather prices under increased
ceilings to tanners effect¬

District X

ive June 7.
The

following tables show (1) indexes for the past three weeks,
1946 and June 16, 1945 and (2) percent
changes in sub¬
indexes from June 8, 1946 to June 15, 1946.

for June 8,
group

27,750

580,450

IX

-J" fL
.said
.

358,000

107,350

__

VII-B

Health & Welfare Assn.

41,150

326,000

East Texas

District

223,800

__

Other Dist. VI
District

19,500
480,850

43,950

_

143,500

229,600

_

155,650

515,400

_

_

Labor Department Deports

Primary market prices continued their advance
during the week
ended June
15, 1946, increasing 0.3%," it was announced on
June 20

14

8,800

250

__

Ended

+

—

Virginia

•♦Ohio—Southeast

Ended

3545

538,200

CHANGES

131,000

_

86,450

IN

WHOLESALE PRICES BY
FOR

86,350

WEEK

ENDED

COMMODITY

JUNE

15,

Total Texas__

2,050,000 t2,293,092

—

2,257,750

3,750

—

2,187,200

Coastal

-Total

LtftJsianaiiii

700

80,700

+

6,000

292,250

377,850

417,000

J

+

6,700

6-15

298,950

372,950

368,000

79,000

Mississippi

57,000

Alabama

--

-

78,268

Farm

1,000

-

New Mexico—So. East

1

New Mexico—Other._

50
—

73,650

78,700

Hides

63,850

52,000

Textile

1,150

106,000

1,150

700

(97,600

f

98,000

96,450

103,350

_

\

_

Montana
Colorado

+

150

450

400

104,000

117,350

+

5,950

fl4,700

107,850

22,000

Wyoming

21,800

+

2,450

19,950

20,300

31,800

—.

500

26,000

California

§831,000

848,000

875,100

1,000

31,100

11,550

9,900

+

865,300

946,800

4,670,000

4,960,650

+

4,842,800

65,000

4,888,364

Fuel

and

leather

products

and

•These

(after

Bureau

are

deductions

of

64,800

of Mines calculations

condensate

and

the

of

3,400

+

63,550

62,050

1946

1946

1946

111.1

110.9

106.0

139.4

138.8

137.9

131.0

111.9

111.8

111.5

107.7

120.9

120.9

118.3

108.3

lighting materials

do, however,

with

crude

the

Includes
those

the

is

shutdowns

fields

basic

net

which

and

exemptions

were

exempted

Sor four days, no definite

required

shut

to

down

as

are

of

for

June

the

entirely

for week ended 7:00
1

calculated

entire

the

§Recommendation of
RUNS

on

month.

entire

a

30-day

With

state

June

a.m.

the

1946

basis

and

exception

ordered

was

12,

shut

of

down

dates during the month being specified; operators only being
as
best suits their operating schedules or labor needed to

•operate leases, a total equivalent to 4 days shutdown

CRUDE

Conservation Committee

of

(Figures in thousands of barrels of

In

estimate of

42 gallons

127.8

126.9

117.3

+ 0.2

+ 1.3

+ 9.5

96.8

96.6

96.3

95.3

0

+ 0.5

+ 1.6

110.4

110.2

110.0

109.4

106.2

+ 0.2

+ 0.9

+

Housefurnishings goods
Miscellaneous commodities
Raw

97.9

96.3

94.6

125.1

124.6

119.0

103.4

101.7

101.7

95.3

106.8

Finished products

97.8

125.5

104.4

articles

97.9

125.8

materials

106.6

106.5

106.1

102.0

of

Mines

products and

104.9

foods

{Gasoline JFlnisn'd
Produc'n
and
tStocks
at Ref.
Inc. Nat.

Blended

Gas Oil

of

& Dist.

Resid.

Fuel

sine

0.7

Bureau

in

prices

represent

Oil

or

203

147

191

phia

3nd., HI., Ky._
Okla., Kan,, Mo

87.4
78.3

748

86.0

2,733

19,058

1,992

4,921

3,635

than

389

82.9

1,336

8,137

827

2,117

1,271

tional

Inland Texas

59.8

212

64.2

893

3,024

364

350

Texas Gulf

89.2

1,206

98.4

3,694

5,821

334

104.0

1,009

14,140
3,997

2,332

97.4

1,270

1,791

5,315
1,335

55.9

57

45.2

149

1,841

204

406

191

Hocky Mountain—
42

20

34

70.9

129

78.2

354

2,140

136

443

747

85.5

802

80.7

2,080

14,636

701

8,136

23,998

Total U. S. B. of M.

35,582

45,915

C. S. B. of M. basis
June 16, 1945

4,827

86.8

13,864

94,146

„

13,013

and

in

pipe

4,957

lines.

kerosine,

14,940

In

addition,

45,938

187,105

8,5^

30,282

tlncludes

39,808

unfinished
in
of

at bulk terminals,
there were produced 2,068,000 barrels
distillate fuel oil and 8,931,000 barrels

5,447,000 barrels of gas oil and
tesidual fuel oil during the week ended June 15,
barrels, 5,441,000 barrels and 9,015,0001 barrels,
^nd

33,958

of

1946, which compares with 1,827,000
respectively, in the preceding week

1,541,000 barrels, 5,440,000 barrels and 9,385,000 barrels, respectively, in the week
16, 1945.

•ended June




in

The

enrollment

in

the

The Retirement Association

was

established under the sponsorship
of
the
national
association
of

Community Chests and Councils;
Inc., because of the need of
tirement

system

for

a

re¬

ill

workers

welfare

organizations throughout
the country who are not now cov¬
ered

by Social Security.

In more

than 125 communities, Mr.

Swope
said, the community chest has ap¬
propriated the funds necessary for
their constituent organizations to
join the plan.
Mr. Swope an¬
nounced

that

negotiations

with

make

the

available

Plan

the

to

hospitals throughout the country
belonging
to
that
Association.
According
to
John
H.
Hayes,
President-elect

the

of

Association,

Hospital
member

of

American

Executive

the

is

vfho

a

Com¬

at

are

disadvantage

great

a

in

competing with industry for per¬
sonnel because up until this time
hospitals have had no Social Se¬
or pension benefits to offer
employees. The business of

National Health

and

+ 5.2

0.3

Materials.

Welfare

by

0.2

pension

reinsured

0.1
0.1

man¬

a

and death
under a

0.2

Steel

is

board of 60 Trustees
representing welfare interests in
all parts of the country. Its affairs
are under the supervision of the
Superintendent of Insurance of
the State of New York and all its
aged

0.2

Products..

Association

benefits are
participating

agreement with the John Hancock
Mutual Life Insurance Company
Boston.

of

0.3

notation

wholesale

its

in

report:

data,

price

for

the

part

most

Annual

read

convention

Chairman

Basil

message

from
the

a

Truman

in

declared,
from

the

which

O'Connor
President
President

advices

according

to

Associated

Press,

that

organization, despite its tre¬
war
contributions, can
become an even greater force for
the

mendous

unity

among

Said

Meeting of

Small Business Assn.

or

June 18, and the more
4,000 delegates heard Na¬

the peoples of the

the President's

mes¬

sage.

"This broader role

•Includes unfinished gasoline stocks of 8,523,000 barrels.
•gasoline stocks of 11,773,000 barrels.
JStocks at refineries,

transit

+ 0.9

Meats

Statistics'

on

worid.

Total U. S. B. of M.

$12,000,000

+ 5.0

markets.
In general, the prices are those charged by
are
those prevailing on commodity exchanges.
The

primary

producers

689

at

85.8

Labor

American Red Cross opened
Convention Hall in Philadel¬

453

1946

+ 0.8

Products

and

by

plan is approaching 8,000.

their

0.2

and

the following

of the

67

8,

of

included

twenty-first

The

Oil

266

13,611

$20,575.

curity

Shoes
Iron

Red Gross Convention

Fuel

1,025

*93,449

covered

death benefit protection. Ten death
claims have been paid totaling

4.7

weekly index is calculated from one-day-a-week prices.
It is designed as an indicator
of week to week changes and should not be compared directly with the monthly index.

2,466

14,510

and already these employees

are

9.5

Lumber

1.4

Department

NOTE—The

184

86.3

agencies, are being re¬
ceived at the rate of $1,800,000 per
year

+

Foods

0.6

Vegetables

Labor

The

310

91

Petroleum

employers

Decreases

87.1

42

Other

Oct.

on

by

welfare

+ 0.7

0.3

Building

0.4

Materials

Furnishings

67.1

84.6

operation

1, 1945,
and.
employees of hospitals, health and

+ 0.2

FROM

Other Farm

tStks. of }Stks.

of

Stocks

its

contributions

The

National

provides new
challenges and greater opportu¬
nities
and
along
with
them,
heavier and more sobering re¬
sponsibilities. In the continuance
of our diligent work toward a
just and enduring peace, it is very
heartening to observe that how-

Small

Association

Men's

will

national

annual

Kero-

Unfin.
Gasoline

Other

0.8

Poultry

Paint

ed

+ 3.5

INDEXES

14

Skins

and

Paint

since the National Health & Wel¬
fare Retirement Association start¬

+

+ 0.3

Treas¬

Wickenden, Sec¬
Mr. Swope reported that

retary.

+ 5.7

99.7

Hobart

Assistant

and Homer

+ 2.7

1546

2.2

Products

Cereal

54

June

104.0

5.2

Implements

and

Vice-Presidents,

McPherson,

urer

+ 1.0

Dairy Products

Livestock

96

basis

104.3

1946 TO JUNE 15,

Metals

and

Hides

M.

+ 1.7

Increases

84.7

4,799

104.6

Leather

Nonferrous

Boston,

1.0

+ 0.2

com¬

Treasurer, Mrs. Charles S. Brown,
Henry Bruere, John O. Stubbs of

0

100.6

officers

for the

ing year, it was announced June
19,
were
Gordon
Rentschler,

the

104.8

Other

re-elected

were

Retirement

JUNE 8,

76.3

85.8

105.1

PERCENTAGE CHANGES IN SUBGROUP

District No. 2

1946

105.4

Conn., President.
who

+ 0.2
+

All commodities other than farm

District No. 1

15,

4.9

basis-

Appalachian—

basis June

+

All commodities other than farm

105.6

re-elected Chairman of the
Board,
and Milton H. Glover of
Hartford,

tion, the hospitals of the country

128.2

96.8

products

sociation, Inc., Gerard Swope was

mittee of the Retirement Associa¬

128.5

allied

and

meeting of

2.8

Building materials
Chemicals

annual

+ 9.3

0.1

+ 5.9

8,306

11

+

+ 1.6

10,955

19.0

0

—0.1

5,432

4

99.1

0

22,894

3

+ 4.3

+ 0.5

1,726

No.

+ 2.1

84.5

90.7

District

2.1

+

104.8

761

District No.
California

+ 3.8

87.0

99.5

Coast

+ 6.8

+ 0.3

109.3

manufacturers

each)

this section include reported totals plus an
unreported amounts and are therefore on a

% Daily Crude Runs
Reiin'g
to Stills
Capac. Daily % OpReport'g
Av. erated

Xouisiana Gulf CoastHo. La. & Arkansas

+ 1.5

0.1

86.7

Fruits eand

Oil Producers.

California

Bureau

District—

+ 0.4
—

109.5

time during the calendar month.

STILLS; PRODUCTION OF GASOLINE; STOCKS OF FINISHED
AND UNFINISHED GASOLINE, KEROSINE, GAS OIL AND DISTILLATE FUEL
AND RESIDUAL FUEL OIL, WEEK ENDED JUNE 15, 1946

®ast Coast'.

+ 5.5

86.9

TO

Figures

1945

+ 0.8

110.5

Agricultural

allowable

1946

0.3

86.9

requirements of domestic crude oil

field.

tOklahoma, Kansas, Nebraska figures
iThis

108.2

108.2

1946

+

natural

include small but indeterminate amounts of condensate which is

oil in

108.3

6-16

111.0

from crude oil inventories must be deducted from the Bureau's estimated requirements
to determine the amount of new crude to be produced.
In some areas the weekly
anixed

120.9

5-18

Metal and metal products

gas
derivatives) based upon certain
ipremises outlined in its detailed forecast for the month of June.
As requirements may
fee supplied
either from stocks or from new production, contemplated withdrawals

estimates

6-8

1945

111.5

123.4

products

products

♦•Pennsylvania Grade included above

6-16

139.9

Semi-manufactured

Total United States

5-18

111.8

products

700

74,150
63,450

6-1

m.8

commodities

Foods

Arkansas

6-8

1946

All

380,000

Percentage changes to
June 15, 1946, from—

Commodity group—

69,050

296,100

Louisiana—

+

first

of
the
National
Health & Welfare Retirement As¬

Hospital Association
have been completed and amend¬
ments to the By-Laws adopted to

1946

2,180,450

81,760

the

Trustees

the American

GROUPS

(1926=100)

North Louisiana

At
the

Business
hold

its

membership

differ on poli¬
issues, under

meeting at the Palmer House in
Chicago July 22, 23 and 24, ac¬

the banner of the Red Cross they

cording to DeWitt Emery, Presi¬
dent.
Operators of small business

ever

peoples

tical

and

unite

can

may

economic

the

for

betterment

of

mankind."
Mr.

O'Connor,
praising
the
work of the American organiza¬
tion during the war, asked, "Now
we
must face, indeed we are in
the midst of, a

reconversion per¬
iod to meet the continuing re¬
sponsibilities of our wartime serv¬
ices

the

and

expansion

of

our

traditional peacetime programs to
meet
of

more

all

that

our

the

adequately the needs
people." Pointing out

Red

Cross

is

rendering

service to approximately 1,500,000
men

overseas,

for whom it main¬

tains 5,300 workers serving in 780
camps,

hospitals

and

clubs,

he

enterprises throughout the United
States are expected to attend the

sessions, which will deal with
government regulations, labor re¬
lations, taxes and other problems

Harold

of

present-day business.

O.

McLain, President of the Rail¬

ways

Ice Company, Chicago, will

the

be

principal

banquet to be

speaker at

the

held July 23 and

Billy B. Van, Mayor of Newport,
N.

H., will speak at the luncheon

meeting July 24.

Other speakers

will also be heard at various ses¬

sions of the convention, Mr. Em¬

added that the organization would

ery

"not be able to reduce to

sociation, Mr. Emery will report

peacetime budget
expect us to.'^

a

total

as soon as many

liijftlfiifli

on

said.

As President of the As¬

the organization's accomplish-

mpnts

and

obiectives.

Thursday, June 27, 1946

CHRONICLE

THE COMMERCIAL & FINANCIAL

3546

Forward

Non-Ferrous Metals—Some

Trailing on New York Exchanges

series of current figures

a

sales

Short

sion.

being published weekly by the Commis¬
separately from other sales in these

shown

are

Trading

the

on

account of members

Exchange for the

Stock

(except odd-lot dealers) during the week ended June 1 (in roundlot transactions) totaled 2,539,686 shares, which amount was 15.22%
of the total transactions on the Exchange of 8,345,280 shares.
This

with member trading during the week ended May 25 of
2,356,933 shares or 15.52% of the total trading of 7,593,460 shares.
compares

June

ended

member trading during the
amounted to 820,315 shares, or 15.13% of the

York Curb Exchange,

New

the

On

1

During the week
May 25, trading for the account of Curb members of 690,985
was 14.16% of the total trading of 2,440,380 shares.
exchange of 2,710,220 shares.

total volume on that
ended
shares

Sales

Stock

Round-Lot

Total

Exchange and Round-Lot Stock
(Shares)

the New York Stock

on

Transactions

Account

for

WEEK

of

Members*

JUNE

ENDED

Total for Week
A.

"With strikes at

stated:

refineries either settled or about to be settled, producers
for some improvement in the supply situation in copper and
before the middle of July.
Stockpiles of these metals have been

and

ers,

look
lead

since the beginning of the year and will continue
to fall unless purchases from foreign sources are resumed in the pound. RFC has been negotiating
near future
Preliminary discus¬ for the purchase of foreign lead
sions in reference to buying cop¬ for third-quarter delivery.
The Government's stockpile of
per and lead from foreign pro¬

settled.

Dodge

Transactions for

the

for

Except

Odd-Lot

Members,

they

of

Accounts

Odd-Lot

746,670

Short sales

Office

Metals

of

Total

9.34

811,870

However,

Total

sales

Total

1,123,119

purchases

251,650

Short sales

JOther

Sales

Stock

Round-Lot

Total

Transactions

the New

on

for

Account

York Curb

of -Members*
JUNE

The

Exchange and Stock

inventories

The

A. Total Round-Lot Sales:

A

Short

B.

2,710,220

sales

Total

meet¬
officials and
producers in Washington on June
ing

for

Round-Lot Transactions

21.

Account of Members:

Transactions of

1.

they

are

Total

specialists in stocks in which
registered—
purchases

21,345
222,465

Total

sales

Total

of

9.29

sales

at

plants

four

2.10

56,985

sales

Total

Total
4.

for

31,250
110,000

Short sales

JOther

sales

recent

tin

25%

their

of

"kitty" to take

purchases

Short sales

JOther

378,270

-—

61,395
380,650

-—

sales

in

of essen¬

now

in

of

May 31 totaled 55,579 tons,
24,734 tons was pig tin

for renewal. It is believed

up

quarters that imports of

some

tin

are

tion in that

foreign market
strengthen, and busi¬

from

concentrates

East Indies

the

continue to

on

stockpile

Bolivian tin concentrate contracts

business.

Prices

Government's

30,845 tons contained in ore
concentrate.
The
figures
would indicate that the stockpile
has decline only slightly since the
first of the year.
There were no
developments in reference to the

ed to 1,456 tons.

Total

area

the

likely

Dutch

produc¬

as

increases.

15.13

442,045

sales

C. Odd-Lot Transactions for Account of Specialists—
Customers'

short

sales

0

§Customers'

other

sales

122,171
DAILY

Total

Total
*The

firms

tin

"members"

their

partners,

calculating

these

includes

all

percentages

compared with twice the total round-lot volume on the
the Exchange volume includes only sales.
JRound-lot
rules

short

sales

with

included

are

which

exempted from restriction

are

New York

New York

52.000

8.25

June

14

14.150

14.425

52.000

15

14.150

14.425

52.000

June

17

14.150

14.500

52.000

8.25

8.10

18

14.150

14.425

52.000

8.25

8.10

8.25

19

14.150

14.425

52.000

8.25

8.10

8.25

14.150

14.433

52.000

8.25

8.10

copper

"He said that the Secretaries of

War Prisoner Bill
President

vetoed

Truman

War

June

on

14

providing for
promotion of Navy, Marine Corps
and Coast Guard personnel who
had been prisoners of war, on the
ground that the measure did not

i:!

take into consideration the needs

Si
i%

'»•

I
■»"

r

r

I

the

neither

necessary

nor

it was
in the na¬

tional

interest.

The

President

of

I:

legislation

service,

and

that

to
Associated
Press Washington advices: "The
act does not include personnel of
the Army and it is my considered
belief that any such law should
provide
a
common
policy for
said,

according

prisoners
armed

of

war

forces

of

of

all
the

of

the

United

m




,

2

'

and

Navy

on

March

ment

made
31,

an

1945,

agree¬

estab¬

policy giving
special consideration to the pro¬
motion of returned prisoners of
war.
The two departments are
now promoting such personnel to
.the level which they presumably
lishing

would

a

St. Louis
•

common

8.25

8.25

8.10

8.25

8.25

8.10

delivered

acquired had they
captured.
"The act contemplates expendi¬
ture 'of large and indefinite sums'
under
retroactive
features,
he
said.
Army personnel who were
taken prisoner far exceed those of

at

domestic

copper

were

extended

to

them,

he said, it would involve expendi¬
tures far in excess of those con¬

templated in the legislation."

17

52.000

52.000

52.000

18

52.000

52.000

52.000

June

19

52.000

52.000

52.000

Chinese,
at

prices

Quicksilver
The

Italian metal

quoted
charges

consumers'

on

8.25

in

prompt and
basis:

futun

that

Is

plants.
As delivery
vary with the destination,
the
are net prices at refineries on the Atlantic seaboard.
Delivered
England average 0.225c. per pound above the refinery basis.

New

Effective
the

open

March

market

14, the export quotation for copper reflects prices
is based on sales in the foreign market reduced

and

refinery

equivalent, Atlantic seaboard.
On f.a.s, transactions
lighterage, etc., to arrive at the f.o.b. refinery quotation.

Quotations
For

standard

for

cakes

up,

depending

discount

for

ingots

0.125c.
of

copper

extra

an

up,

0.05c.

depending

dimensions

on

0.125c.

for

are

per

on

and

the

ordinary

per

pound

forms

is

High-Grade

of

charged;

we

obtaining
to

deduct

the

Ir

f.o.b

0.075c,

foi

slightly

with spot and

for

slabs

and

Ingot

0.075c.

bars
and

up,

weight and dimensions; for billets an extra 0.75c
quality.
Cathodes in standard sizes are sold at s

a

month

Middle

lc.

perpound

Quotations for

lead

over

the

brands.

West in

current

Contract prices for

nearly all instances

market

for

Prime

com-

Western

bui

& M' J" average for prime Western for the prevlow

°Ver
reflect

fiask,
The first quarter

drop of $1.

confirmed

statistics

earlier

re¬

ports that imports were light.
Silver
authorities

Market

look

for

a

in

pending legislation that would
the price after two years to
$1.29
is expected
to
be
side¬
raise

tracked

the

for

famine

present.

The

continues,

silver

in

with

of silver nitrate claim¬

consumers

ing that they are suffering real
hardship because of the dearth in

supplies.
that

Fear
ward

silver

another

is

moving

crisis

circles

exists

to¬

in

fi¬

in

London, par¬
ticularly in reference to the fu¬
ture

position of the metal in India^
price in the
United States is given as the rea¬

Pressure to raise the

for growing tension abroad.

son

The New York Official price of

foreign silver continued at 70%c.
London

unchanged at 44d.

was

National Petroleum
Council Established
J. A.

Krug, Secretary of the In¬

terior,

June 18 announced the

on

establishment of the National Pe¬
troleum

mittee

Council,
of

85

industry

an

com¬

who

members

will

without

compensation. They
advise Mr. Krug and the

to

and

Gas

partment

Council

The

cludes 55
time

Division

of

the

de¬

oil and gas matters.

on

membership

who served at

men

during the

war

in¬

some

the Pe¬

on

troleum

the

Industry War
Council,
industry
advisory
which aided the Petroleum

national

group

Administration for War in mobil¬

izing the
sources

United

on

Nations

oil

re¬

world-wide scale.

a

In

selecting the membership of
Council, Mr. Krug stated that
special attention was given to as¬
suring a well balanced represen¬
tation as between large and small
the

country
both

oil

tries.

He

the

in

all

parts of the
phases of

from

and
and

all

natural

gas

indus¬

explained that members

Council

do

not

serve

their

of

as

com¬

representatives of

as

as a

whole.

Krug pointed out that while
of the members are affil¬
with

the

larger companies,

companies.
"These
small
companies," he said, "in the ag¬
gregate form a large and most im¬
portant segment of the petroleum

classes

and

of

one

small

of

the

business

largest
in

the

country."

Ralph K. Da vies, formerly Dep¬
uty Petroleum Administrator, and
now

head of the Oil and Gas Divi¬

sion,

in

commenting

upon

the;

plans for the Council, said that it
was

contemplated
be

that

established

a

there

series

of

national committees of the Coun¬
cil.

This

additional

organization,

he pointed out, will broaden fur¬

f°J finc jTe, f<£ or^lnary Pr'-me Western
delivered In the East and
of

nearby quicksilver

available at $99 to $102 per

would

wirebars

pound.

zinc

premium

offered for ship¬
prices. This brought
lower prices here,

dent

Domestic

are:

delivered

a

con^

reports that

over

was

ment at lower
out

greatly

was

eerned last week

figures shown above
prices

market

industry

are

tin, continued

99%

or

51.125c per pound.

iated

the other services and if the bill's

benefits

June
June

the preponderance of representa¬
tion is from the smaller, indepen¬

8.2500; St. Louis lead, 8.1000; St.

Copper, lead and zinc quotations are based on sales for both
deliveries; tin quotations are for prompt delivery only.
trade,

52.000

many

The above quotations are "E. & M. J. M. & M. M's"
appraisal of the major United
States markets, based on sales reported by producers and.
agencies.
They are reduced
to the basis of cash, New York or St. Louis, as noted. All
prices are in cents per pound

the

52.000

Mr.

Louis zinc, 8.2500; and silver, 70.7500.

In

52.000

8.25

f.o.b. refinery, 14.1500; export copper f.o.b. refinery 14.4040;

Straits tin, 52.0000; New York lead,

have

not been

St. Louis

8.10

Average prices for calendar week ended June 8

The press advices added:

States."

52.000

panies, but
the industry

8.25

June

Average

15

representatives
Zinc

—Lead—

14.400

by the Commission's

52 000

June

of

QUOTATIONS)

14.150

"other sales."

§Sales marked "short exempt" are included with

President Vetoes

J."

13_

sales."

"other

M.

&

June

members' purchases and sales is
Exchange for the reason that

of

("E.

Straits Tin,

June

members, their

partners.

total

the

OF METALS

June

regular and associate Exchange

including special

FRICES

—Electrolytic Copper—
Dom. Refy.
Exp. Refy.

.138,637

sales

term

and

122,171

purchases

52.000

companies

Production of tin concentrates
being placed abroad indicates
that
sellers
are
obtaining
the in Malaya in the first quarter
equivalent of 834c and 9c per 1 contained 802 longs tons of tin.
ness

Total

52.000

Oil

and

set aside
production

care

14

serve

and

CPA, according to
to

involved

which

of

Lead sales for the week amount¬

3.74

141,250

sales

a

tial

Total—

i

The

circulating here, plans

producers

around

61,860

purchases

ask

to

Other transactions initiated off the floor—

3.

increase.

wage

reduced

in

52.000

June

are

by strikes for almost

months.

the reports
Total

and

Tin

refining opera¬
that have been

and

closed down

8,800
48,185

Short sales

greatly

distributed

smelting

tions

56,720

purchases

JOther

the

hour

an

next

months, owing to the resumption

Other transactions initiated on the floor—

2.

than

tonnages

^

243,810

sales

be

Franklin

the

at

About 1,000 workers are
in the wage dispute.

more

available

will

month

259,690

Short sales

JOther

believe that

Consumers

metal

strike

I8V2C

CPA

between

evident,

17. Members of District 50, United
Mine Workers, AFL, demand an

for July was discussed at a

74,655
2,635,565

sales

JOther sales

become

Ogdensburg mines of the New
Jersey Zinc Co. was called June

problem

supply-demand

has

according to CPA.

Lead

t %

Total for Week

in

are

short

supply, and
a
tendency to accumulate excessive

prices

1, 1946

grades of zinc named

critically

ruled firm and
higher than in
the preceding week.
The strike
at Chile Copper has not yet been

(Shares)

zinc, according to a release of
14.
Die-cast alloy also was

placed under the inventory curb.

settled.
ENDED

WEEK

High Grade and Prime West¬

June

slightly

averaged

has

CPA for Spe¬

ern

high in market circles.
A
figure would have

realistic

Foreign

15.22

1,416,567

limit

inventory

cial

end of the current month.

1,164,917

sales
sales

Total

30-day

been established by

brought the total down to around
310,000 tons at the end of May and
it may fall to 250,000 tons by the

4.11

Total-

4.

too

as

more

433,247

sales

Total

A

August

52.000

nancial

in New Jersey.

of

placed at 352,818 tons
figure, obtained
from official sources, was viewed

67,200
366,047

Short sales

{Other

consumers.

of May 31. This

as

251,969

purchases

some meas¬

stockpile

even

risen and certain

copper was

1.^7

171,450

bring

Government's

The

151,050

sales

Total

to

revising the price

on

though costs have
grades are in an
extremely tight position. Produc¬
tion of Special High Grade is ex¬
pected to decline because of un¬
expected work stoppages at mines

structure,

pro¬

probably
point for the year
these shapes and

relief to

of

ure

Other transactions initiated off the floor—

3.

reference

in

20,400

sales

copper

The in¬

dustry believes that OPA is in no

of

the form

in

shipped

develop¬

new

no

last week.

in zinc

July

13

compromise on silver that eventu¬
ally will raise the price to 90.5c
an ounce.
The provision inserted

regard to the price situ¬

hurry to act

be

that July should

124,480

purchases

Short sales

JOther

ments in

for

Reserve

were

ation

marked the low
sales

Total

There

been

ducers believe that June

647,820

Other transactions initiated on the floor—

2.

nominally

pound:

a

4

Zinc

than 85,000 tons
released by

has

wirebars.

164,050

sales

JOther

was

June

April
Canada
exported 13,723 tons of pig lead
During

reports.

will

purchases

Total

metal

follows, in cents

the Dominion Bureau of Statistics

June, it is doubtful whether more
than
one-third
of this quantity

registered—

are

amounted to 15,432
tons, against 15,644 tons in March,
and 14,086 tons in April last year,

to say in part as

more

copper

the

Transactions of specialists in stocks in which

1.

Canada

in

lead

Copper
of

Specialists:

and

Dealers

Account of

of

and 33 tons contained in ore.

Though
8,345,280

sales

a

during April

settlement is ex¬
The publication

on

down

which compares
month previous.

tons,

40,926 tons

Production

Co., and U. S. Smelting, Refining
&
Mining labor contracts have
been ratified by local unions. The
Phelps

39,600

with

funds has not yet been
Utah Copper, A. S. & R.

necessary

274,450
8,070,830

Sules

B. Round-Lot

to

though the question of obtaining

follows:

JOther sales
Total

lead at the end of May was

ducers have been in progress, even

further went

t%

Total Round-Lot Sales:
Short

sharply

pected shortly."

1946

1,

of June 20,
most non-ferrous metal mines, mills, smelt¬

Metal and Mineral Markets," in its issue

"E. & M. J

reduced

figures.

week

Supply Situation Looked for—Stockpiles Off

Exchange

exchanges in the week ended June 1, continuing

of these

members

and

as

June

Commission made public on
June 19, figures showing the volume of total round-lot stock sales on
the New York Stock Exchange and the New York Curb Exchange
and the volume of round-lot stock transactions for the account of all
Securities

The

Improvement in

prices

obtained

for

common

lead

only.

ther the scope of industry repre¬

sentation and will provide

work¬

ing groups of great value to Gov¬
ernment.

Number 4502

Volume 163

Revenue

THE

COMMERCIAL & FINANCIAL
CHRONICLE

Freight Gar Loadings Curing Week

Ended June 15,1946 Increased 37,792 Gars
Loading of
"totaled 867.918
nounced

revenue

June 20.

on

freight for the week ended June 15, 1946
Association of American Railroads an¬

the

cars,

This

was

decrease below

a

the corresponding
week of 1945 of 5.404 cars, or 0 6%, and a decrease below the same
week in 1944 of 9,575 cars or 1.1%.

Loading of revenue freight for the week of June 15, increased
37,792 cars or 4.6% above the preceding week.
Miscellaneous freight loading totaled
3b9,851 cars, an increase
of 12,628 cars above the preceding week, but a decrease of
23^003 cars
below the corresponding week in 1945.

Loading

of

126,078 cars,
,an

merchandise

less

decrease of 820

a

than

cars

carload

lot

freight totaled
week, but

below the preceding

increase of 19,613 cars above the corresponding week in 1945.
Coal loading amounted to 187,287
cars, an increase of 13,996

above the preceding week and.
-corresponding week in 1945.

increase of 14,193

an

cars

above the

cars

loading totaled 45,538 cars, an increase
above the preceding week, but a decrease of 7,383 cars
the corresponding week in 1945.
In the Western Districts
grain and grain products loading for the week of June 15

2,032

below
•alone,

cars

totaled

week

cars, an increase of 2,891
cars above
the preceding
decrease of 4,664 cars below the corresponding week in

a

Livestock

loading amounted to 13,660 cars, a decrease of 1,519
cars belcw the
preceding week and a decrease of 1,023 cars below
the corresponding week in 1945.
In the Western Districts alone load¬
ing of livestock for the week of June 15 totaled 10,064 cars, a decrease
of 1,298 cars below the preceding
week, and a decrease of 362 cars
•below the

corresponding week in 1945.

Forest

Atl. A W

Atlanta

1946

A Northern-

1945

474

t

1944

437

825

Connections
1946

1945

254

153

321

798

719

2,091

2,404

t

845

t

12,158

12,524

8,636

10,855

4,175

Central of

Georgia..
Charleston A Western

3,831

3,674

4,503

4,841

Carolina.".

436

3,624

2,969

258

243

294

248

105

124

1,008

557

1,000

983

1,390

1,049

95

50

52

82

132

1,200

~T

Georgia A Florida
Gulf, Mobile A Ohio

1,674

1,0/3

~~"

Georgia

1,669

1,803

102

Florida East Coast

419

1,724

356

Columbus A Greenville
Durham & Southern

401

1,636

Clinchfield

Gainesville Midland

1,211

1,343

2.624

2,456

403

I

416

403

828

789

4,956

5,084

4,Q36

3,690

4,341

27,464

27,843

28,576

14,860

16,775

29,190

26,529

25,252

9,612

12,236

200

Illinois Central System
Louisville A Nashville

211

165

990

1,023

Macon, Dublin A Savannah

~

Mississippi Central
Nashville, Chattanooga A St. L

428

348

216

253

452

3,473

3,401

3,180

3,955

4,616

2,263

Norfolk Southern
Piedmont Northern

2,121

1,342

1,382

1,596

454

406

377

1,410

1,260

426

579

426

10,859

9,659

11,626

10,277

9,835

7,320

7,749
24,645

Richmond, Fred. & Potomac

]

Southern System

27,199

25,151

Tennessee Central

22,608

24,323

741

543

687

757

Winston-Salem Southbound

734

149

129

130

1,137

1,097

134,745

125,011

120,316

107,450

114,478

TotaL

preceding week and

the corresponding week in
Ore loading
the

increase of

an

increase of 687

an

2,446

above

cars

week

but

increase of 7,882

an

decrease

of

11,307 cars,

an

a

8,449

cars

below

cars

the

20,482

19,050

20,189

13,466

2,333

2,264

2,972

Chicago. Milw., St. P. A Pac
Chicago, St. Paul, Minn. & Omaha

3,393

20,018

22,174

21,105

10,695

11,192

3,333

3,671

3,365

3,975

Duluth, Missabe A Iron Range
Duluth, South Shore & Atlantic

3,943

22,683

27,544

27,881

330

600

789

1,177

1,023

540

521

8,691

9,740

Elgin, Jollet A EasterifSi.
Ft.

7,253

Dodge, Des Moines A South

8,531

8,773

458

381

434

135

above

the

preceding week, but

decrease of

a

1,798

cars

below

cars

the

corresponding week in 1945.
All districts

week

in

1.945

reported decreases compared with the corresponding

except Eastern, Pocahontas and Southern and all

21,996

22,954

6,763

8,908

Bay A Western
Lake Superior & Ishpemlng
Minneapolis A St. Louis
Minn., St. Paul & S. S. M

488

402

492

2,243

2,522

2,673

80

71

1,607

2,031

2,150

2,067

2,604

843

979

7,249

8,010

6,755

3,542

3,117

10,111

11,581

11,114

5,380

7,187

130

310

147

537

572

2,607

2,973

2,975

2,529

4,350

122,564

134,506

134,294

62,545

72,588

29,545

29,103

27,233

10,054

14,937

2,675

3,904

3,461

3,401

with

1944

except

Pocahontas,

re¬

Southern

356

455

9

4

'5
4
.4

weeks
weeks

19,492

18,736

10,098

12,806

weeks
weeks

Bingham A Garfield
Chicago, Burlington & Quincy..
Chicago A Illinois Midland
Chicago, Rock Island & PacificChicago A Eastern Illinois

3,431

3,239

3,098

724

878

14,693

13,311

12,142

13,525

14,368

3,114

2,920

2,686

3,238

4,805

573

627

546

1,696

3,621

3,629

4,088

7,910

636

525

730

64

61

1,096

1,384

2,136

1945

1944

1,877

Illinois Terminal

1,929

2.519

2,270

1,671

1,987

January.

2,883,620

3,003,655

3,158,700

Missouri-Illinois

1,134

1,148

1,176

447

3,052,487

3,154,116

Nevada Northern

1,466

1,444

1,779

122

111

739

778

940

603

643

0

3

0

0

0

33,972

34,624

33,647

10,217

15,309

March...

3,982,229

4,022,088

3,916,037

North Western Pacific

2.604,552

3,377,335

3.275,846

Peoria A Pekln Union

May

Southern Pacific (Pacific)

of

2,616,067

3,456,465

Week

3.441,616

of

June

1

626,885

837,886

810.698

Week

Toledo, Peoria & Western

of

June

&

830,126

884,658

Week

of

873.174

Union Pacific

June

15

867,918

873.322

877,493

Utah

5

System

405

317

2

2,382

13,498

15,665

14,405

15,090

19,980

534

620

526

6

7

1,997

2,124

2,124

3,057

Califronia

the

The

gov¬

Central

action,

which over¬
rules
a
Senate
Appropriations
Committee
proposal
to
forbid
construction of any lines south of
a
25-mile link from Shasta Dam
to

Shasta

Sub-station,

increases

funds in the Interior Department

appropriation bill for the Central
Valley reclamation project to the
budget estimate of $25,000,000 for
the year commencing July 1. The
as
Associated
Washington advices stated,

Press

measure,

Senate-House

a

for

goes to

Conference

com¬

settling of the differ¬
the

between

Senate

appro¬

priations and a House aporoved
$10,840,120 for the Central Valley,

including

$414,090

for

transmis¬

sion lines. The advices from which

quote further said:

we

Senators McCarran (Dem., Nev.)
and Gurney (Reo., S. D.) opposed
an
amendment by Senator Hayden

(Dem., Ariz.) wh'ch restored

authority

for

Reclamation

the

Bureau to construct two 230-kilovolt

lines

Tracy,

Shasta

from

Calif.,

and

to

Dam

115-kilovolt

a

mento.

Mr.

the

said

McCarran

would

facilities

duplicate

lines

of

the

Pacific Gas & Electric Co., which

has
for

California

Northern

served

Government

institute

would

and

years,

a

would

that

policy

Total

17,278,107

19,507,896

133,162

138,017

130,996

79,496

110,699

a

summary

this

period

61

roads

gains

the

over

week

ended

2(1

334

423

729

995

4,013

Gulf Coast Lines

5,098

5,617

2,779

FREIGHT

LOADED

AND

(NUMBER OF CARS)

RECEIVED

WEEK

ENDED

FROM
JUNE

3,200

3,313

2,470

Railroads

Total
Revenue

Kjutern District—

1946

Ann Arbor

288

Received from

Freight Loaded
1945
306

1944

273

Connections
1946

1945

1,447

1,544

Bangor & Aroostook

1,500

1,303

1,074

407

33o

B««ton A Maine

7.911

6,988

6,913

12,118

13,974

Chicago, Indianapolis & Louisville

1,226

954

1,390

1,927

1,882

Central Indiana..
Central Vermont

1,047

1,017

1,117

2,386

2,388

Delaware & Hudson

4,828

4,949

4,957

11,029

8,097

8,048

8,061

9,445

10,962

401

247

286

211

891

1,773

private

monopoly."

enterprise

and

built,

he

said,

G.

P.

the

the

be

&

E.

only customer

for

Government

power.

2,030

4,959

6,213

3,029

3,040

2,596

3,309

3,884

2,119

2,851

316

2G5

246

1,400

1,593

Missouri A Arkansas

193

125

138

344

304

6,226

5.875

7,002

4,629

5,433

17,223

16,672

16,591

15,265

18,425

Missouri-Kansas-Texas Lines—
Missouri Pacific

l

NYSE Odd-Lot
The

386

138

65

198

11,175

9,784

8,906

7,127

8,731

19,

6,637

ed

made

Exchange

public

June

on

221

Quanah Acme A Pacific

Trading

and

Securities

Commission

St. Louie-San Francisco

3,212

Texas A Pacific

3,499

5,369

10,163

14,317

5,429

5,615

4,929

7,634

8,330
90
29

a

278

131

141

77

31

33

30

13

for the week end¬

summary

5,746

5,847

Texas A New Orleans

3,452

9,255

Louis-Southwestern

St.

14,205

Delaware, Lackawanna & Western

1,111

3,404

Litchfield A Madison

Total Loads

1,262

City Southern

Louisiana A Arkansas

15

distinction be¬

private

3,842

Kansas

CONNECTIONS

reply, declared

great

2,265

5,194

tK. O. A G.. M. V. A O. C.-A.-A..
REVENUE

"a

tween

would

International-Great Northern...

June 16, 1945.

is

Sooth western District—

Burlington-Rock Island

reported

there

If the Government lines are not

of the freight carloadings for

the separate railroads and systems for the week ended June
15, 1946.

destroy it."

Mr. Hayden, in

19,507,680
Total

following table is

"discourage private enterprise, if
not

5,201

Western Pacific

During

in

Valley.

a

distribution

552

2,866,710

April

The

Bureau for construction of

system

grant

a

Reclamation

2,576

2,612

Denver A Rio Grande Western..

February.

of
of

weeks

Alton

1,589

of

of

the

line from Keswick Dam to Sacra¬

Atch., Top. A Santa Fe System-

Denver A Salt Lake
1946

4

to

8b

18,727

Total

Fort Worth A Denver City

and Centralwestern.

$4,572,000

ernment-owned power

3,995

5

Spokane. Portland A Seattle

Colorado & Southern

ported decreases compared

June 20 approved

115

20,927

Great Northern

Central Western District—

increase of 2,906

of

vote of 36 to 31 the Sen¬

a

on

15,296

2,186

corresponding week in 1945.
Coke loading amounted to

By
ate

ence

Chicago A North Western
Chicago Great Western

Spokane International

66,375 cars,

Valley Power Lines

mittee

Northwestern District-

Northern Pacific

1945.

amounted to

preceding

cars,

Senate Approves Gent.

t

15,401

P.—W. R. R. of Ala

Birmingham A Coast

Atlantic Coast Line

Green

products loading totaled 47.822

above the

above

Aeathera District—

Alabama, Tennessee

Received from

32,145

but

1945.

cars

Total

Revenue Freight Loaded

Seaboard Air Line

Grain and grain products
of

Total Loads

Railroads

June

figures

complete

of

8,

showing the daily volume of stock

152

25

Detroit A Mackinac

Detroit, Toledo & Ironton
Detroit A Toledo Shore Line.,.

1,402
389

40

1,731

24

1,780

35

45

1,010

Weatherford M. W. A N. W

338

3,012

2,595

12,763

13,203

14,551

17,136

4,037

Grand Trunk Western

4,739

3,928

7,623

179

197

209

2,235

2,260

2,225

1,706

Lehigh Valley

8,405

9,208

7,308

2,790

2,480

2,420

2,866

Ry.

includes Midland bailey Ry.
also Oklahoma Clty-Ada-Atoka

Coast Line RR.

only

1944 and

in

and Kansas
Ry. in 1945

2,962

Monongahela
fcffontour...

5,169

6,383

7,647

290

2,904

2.K44

44

50,377

50,830

48,785

N

10,774

lt,<±o2

i

Y., N. H. & Hartford

10,084

9,odd

982

1,049

1,390

1,839

3,587

New York. Chicago & St. Louis
N. Y., Susquehanna A Western

6,728

6,241

6,672

13,276

368

382

419

1,893

2,211

Pittsburgh & Lake Erie

5,882

7,222

7,755

8,834

9,584

Pere Marquette

5,783

5,147

5,016

6,682

1,228

889

1,011

31

26

370

347

339

101

219

1,026

1,083

1,440

2,430

4,174

428

366

by

received by us from the National
in relation to activity in the

give herewith latest figures

8,432

Pittsburgh A Shawmut
Pittsburg, Shawmut A North
Pittsburgh & West Virginia

We

15,334

Rutland

t

,0 CtO

373

1,186

1,214

Wabash

6,116

6,238

5,685

11,073

5,752

5,723

6,087

4,205

4,650

163,380

160,564

164,012

193,467

226,844

Paperboard Association, Chicago, 111.,
paperboard industry.

Total.

..

The

members

of

Association

this

the

cates

represent 83%

Baltimore & Ohio

698

1,098

17544

46,924

47,722

23,300

29,005

5,041

5,418

7,058

1,753

2,143

1,537

1,313

1,659

17

15

Mar.

Received

2

6,546

6,897

6,712

15,675

20,100

Mar.

9

438

468

531

52

54

Mar. 16

.

Cumberland & Pennsylvania
Ligonler Valley

.

Tons

Tons

Current Cumulative

94

539,100

167,541

549,928

100

95

607,799

99

95

April
April

591,661

101

96

2,293

63,613
27,055

13,405

16,345

19,562

5,289

169,355

6,850

6
13

154.235

164,267

169,627

143.946

27

167,627

566.152

101

96

148,161

April 20
Apr.

156,291

553,274

95

96

174,501

605,288

101

96

229,120

4

sales

59

♦Customors'

other

sales

28,743

total

sales

28,802

Customers'

Number of Shares:

Customers'
Dollar

value

sales

130

152,210

Short

4,915

3,900

4,064

11,167

12,865

11

155.747

365.911

591,206

97

96

May

595,427

92

96

158,162

169,920

18

162.563

196,095

May

159.370

189,299

25

131,133

152,203

565,225

93

96

96

Number

♦Sales

June

Chesapeake A Ohio

36,240

28,698

28,864

17,090

14,747

Norfolk A Western

26,765

21,378

22,282

7,171

5,475

4,437

4,542

1,594

2,456

1

142,001

139,693

567,068

85

8

186.073

160,607

591.496

96

96

567,087

98

96

7,425

June

68,470

54,513

55,688

25,855

24,628

136,211

15

161,240

plus orders received, less production. do
orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made necessary adjust¬
Notes—Unfilled

not




805.791
$37,568,219

tOther sales

177,443

June

TotaL

sales-—

Number of Shares:

May

Pocahontas District—

Virginian

total
—

Round-Lot Sales by Dealers—

May

Total

sales)
short

95

164.562

1,714

Odd-Lot Purchases by Dealers—

2,300

100

133.509

25,553

shares

803,491

538,572

225,192

67,848

of

Dollar value

sales

551,081

167,243

Mar. 30

1,744

Number

Total
Per Week
33,145
968,865
$44,667,733

other

158.229

Mar. 23

15,304

orders

♦Customers'

178.443

157,237

16

88.852

of

sales

67

1,831

Number

short

4,500

15,238

1946

Customers'

9

88,280

8,

purchases)

94

4,678

1,695

Y.

93

99

178

9

June

Dealers—

by

ODD

EXCHANGE

Ended

Sales

(Customers'

N.

98

1,765

246

Odd-Lot

THE

THE

ON

533,794

104

171

14,821

Union (Pittsburgh)
Western Maryland

161,122

1,676

85,412

Co

Tons

198,985

1946—Week Ended

Unfilled Orders
Percent of Activity
Remaining

43

312

STOCK

FOR

ODD-LOT DEALERS

SPECIALISTS

Customers'

1,555

Reading

-

Production

ACTIVITY

99

Long IslandPenn-Reading Seashore Lines
Pennsylvania System

LOT ACCOUNT OF

(Customers'

REPORTS—ORDERS, PRODUCTION, MILL

Period

41,225

Central R. R. of New Jersey
Cornwall

TRANSACTIONS

STOCK

Number of Orders:

Cambria

Indiana

These

the total

industry.

Bessemer & Lake Erie
&

the time operated.

equal 100%, so that they represent

Orders

734

based upon

odd-lot dealers and spe¬

the

of the total

includes a statement each week from each
production, and also a figure which indi¬

activity of the mill based on

figures are advanced to

STATISTICAL
498

cpn-

cialists.

Week

industry, and its program
member of the orders and

Allegheny District—
Akron, Canton & Youngstown

Exchange,

series of current figures

The figures are

AND

12,239

Wheeling A Lake Erie

a

being published by the Commis¬

revised.

Weekly Statistics of Paperboard Industry

53,449

New York, Ontario & Western

Stock

York

tinuing

reports filed with the Commission

96

52,661

:

New

sion.

311

2,777

New York Central Lines

year's figures

NOTE—Previous

special¬

odd lots on the

ists who handled

12,156

Maine Central

Atlantic

Gulf

account

70,562

63,108

76,092

1,675

8,576

A

71,412

1946.

3,035

2,314

in

tIncluded

and

8,339

Lehigh & Hudson River
Lehigh A New England

68,154

Oklahoma

odd-lot

for

transactions

of all odd-lot dealers and

TotaL

1,178

414

11,524

Jtrle

Wichita Falls A Southern

necessarily

orders of the

equal

the

ments of unfilled orders.

unfilled

prior week,

Total

152,340

sales

Round-Lot Purchases by

Dealers—

305,530

shares

of

marked

"short

exempt"

are

re¬

ported with "other sales."
tSales to offset, customers' odd-lot order»
and sales to liquidate a long position whicfc
is less

than

a

"other sales."

round lot are reported with

As;;«;
-

■

v.r-

—

*

•

"

tw

!34ft 'V''
"

.;

"

M

,

mmemsmboitimcmkSi

Companies

$4%i-r*«£**!■■ "• .!L'irSk^ivK:-*rt'.A//;l':

•

jr

Company,

ance

is

Hubbell

Mr.

of the
Publishing

President

Press

"Water G. Kimball, Chairman of bank, which has, resources in ex¬ Middletown
Na¬ cess of $280,000,000 now has Company.
tional Bank and Trust Company three branch offices in New York

:

City,

hundred and twentyseventh annual meeting of the So¬
At the

one

Herman Ringe, President of the
ciety for Savings of Hartford,
Savings
Bank
of Conn., on June 18, it was an¬
Assist¬ Ridgewood
ant
Trust
Officer,. to become Ridgewood, New; York, has an¬ nounced that Charles P. Cooley,
Trust?; Officer; ^Sidney • Mathew^, nounced the election of George Chairman of the Board since 1928,

and appointment:
"Arthur W. Heidenreich,
-.

to become

Assistant Trust Officer,

Malcolm C. McMaster, Assistant Trust Officer, to
become. Trust, Officer; Sydney G.
Stevens* Assistant Trust Officer,
jto become Trust Officer, and
Isaac W. HUgties, Jr., appointed

Trust

Officer;

Assistant Trust

Officerr

dMeyer; as Trustee of the bank.
is Director and Secre¬
tary, of the Cord-Meyer, Develop¬
ing * Company, the^ Dick-Meyer
Realty\ Corporation, and the Gar¬
den1 Housing Corporation*

would retire because of ill health.

Mr; Meyer

Herman

Mr. Cooley,

President

the

Ringe, President of the

in

bank

the

now

United

has

two

tee.

of iAmerica and became its
President which position he still

pany

modern

Bank

National

J. Marshall Delamater has been

Secretary

and

and A. Radford
Quigley, Assistant Treasurers of
the Land Title Bank and Trust
D. Rice Longaker

&

/

The election of Harold G. Haw¬

thorne

as

Assistant Vice-President

Farmers Deposit National

present connected with the
Motors Acceptance Cor¬

Boulevard

and

019,000

to

$14,588,000,

a

announced

on

Vice-President

son,

and Comp¬
resigned his position

troller-had
with

the

health.

;

bank

because

of

ill

Mr.

Morrison, said the
Minneapolis "Journal" on June
21, who has been with the bank
since 1909, is being succeeded as
Comptroller by Delmar E. Kulp,
Assistant Comptroller since 1933!
The St. Louis Union Trust Com¬

St. Louis, Mo., announced
recently - the
election
of
Dr.
Charles A. Thomas, as a member
pany,

of the board of the

bank, accord¬

crat" of June 21 which also said

that Dr. Thomas is
of the

Monsanto

burgh "Post Gazette" which went
on

to say:

Hawthorne, who will as¬
new duties on August 1,

"Mr.

gain of

at

Vice-President

Chemical

Com¬

pany.

Hugh M. Schwab, Jr., has been
to

from

Assistant

Vice-President

Bank & Trust

ville, Ky., it
Louisville
June

of the

Cashier

Lincoln

Company of Louis¬

was

indicated in the

^Courier

Journal"

of

which said that Mr.
Schwab,
has
been
associated
with the bank since 1933, and has
20,

recently returned from four years
of service in the Army Air Forces.

than 75,000 de¬

by depositors in the past
fiscal year was $31,851,739 com¬

poration as assistant manager of
the Pittsburgh office. In his new

90

pared with $24,488,666 in the cor¬

position he will be in charge of

Security-First National Bank of
Angeles,
Calif., has been
granted approval by the Comp¬
troller of the Currency to open a

the bank's installment credit oper¬

branch in

ations."

of

The

General

ceived

Ridgewood
more

the

Bank, Pittsburgh, Pa., was made
known on June 21, by the Pitts¬

account, which increased from $4,262%.

with

-

jJ

Minn.,

advanced

is

second

Continental Avenue, Forest Hills.
serves

1945

June 21 that Kenneth M. Morri¬

Company of Philadelphia.

from which this information
is learned, went on to say:
"The reports at the meeting in¬
dicated growth in the bank's vol¬
ume of
deposits, which have in¬
creased from $48,877,000 to $114,-

of¬

Assistant

elected

his

now

,

Thursday, Jyne 2?,

neapolis,

sume

Queens

,

the First National Bank of Min-

1939 the bank erected
at

tyjk'

.'•£**

,,,

#

of

office

•>

«(*•

■

in Ridgewood and Forest
Hills.
In 1929, eight years after
the bank opened, a modern build¬
ing at the corner of Myrtle and 247,000 in the last 20 years. More
Forest Avenue:? was
erected to important additions during the
handle the expanding business. In same
period were in the surplus
its

'ji#

v

ing to the St. Louis "Globe Demo¬

19,

fices,

positors

Savings

resources

Bank

over

It offers every
Company of million dollars.
Hew York announces the appoint¬ type of savings bank service, in¬
ment of Joseph F. Lord as an As¬ cluding Savings Bank Life Insur¬
sistant
Secretary at
the Com¬ ance. During the war years the
Savings
Bank sold
pany's Fifth Avenue Office. Mr. Ridgewood
more
than $13 million in War
Lord was oh military leave of ab¬
Bonds.
Today, it is engaged in
sence from the company for more
development
of
new
than three years prior to last No¬ postwar

Guaranty

Chairman

and

The Hartford "Courant" of June

.

{•

1920

Company, was made a trus¬

Trust

The

States.

Hartford

the

ganized in 1921, the Ridgewood
rapidly expanded to become, it is
stated, the 44th largest savings
bank

jfec ' ;^'

^

"Evening Bul¬
letin" stated oh June 19 that Lee
Sowden has been elected Chair¬
man of the Board
of the North
Philadelphia Trust Company of
Philadelphia, Pa. He had served
the company as President for 27
years.
John F. McNelis, the ad¬
vices continue, formerly Executive
Vice-President, succeeds him as
President. Raymond A. Mayer, a
principal examiner for the Penn¬
sylvania State Banking Depart¬
ment, was elected Treasurer and
Francis Eisele was elected Assist¬
ant Treasurer. /,
i S-v

made an assistant
secretary of the bank and Ostrom
Enders, First Vice-President of

^Ilarvejr; D.i; Gibson, president of nounced that the bank is now cel¬
Manufacturers Trust Company of ebrating its 25th anniversary. Or¬

^rfe,?aini^nces t^

in

of the Board eight years later.
.
At the June 18 meeting Edwin

,

ineeting of its board of directors
liekLonJune 24 Kenneth F. MacJLellan of Chicago was elected a
Director. ; Mr. ; MacLellan
was
Iiorn in Trenton, Ontario, Canada.
Upon the completion of his edu¬
cation, all of which he received in
Chicago, he entered the employ of
the National Biscuit £ompaiiy Un¬
til 1910 when he joined the Chi¬
cago Carton Company. In 1925 he
formed the United Biscuit Com¬

who joined the bank
1902, became its

in

trustee

as

Ridgewood Savings Bank, has an¬

New^

.

W. Lewis,

■

The Philadelphia

;

H. Burkle, was

*

"

\

,

Middletown and

the Board of the Commercial

twE New York; announced on June
320 the following Official changes

r

dletown, Conn., held on June 3,
John M. Hincks was made a VicePresident and Elmer. S. Hubbell
was elected a director of the insti¬
tution according to Middletown
advices to the Hartford "Courant"
which stated that Mr. Hincks is
President of the Middlesex Assur¬ 400,000; surplus, $4,000,000.

fysSfii

Trust

"•<* '••'-•

' ■.'.

v#

President ol the bank
Mr.! Rockwell; the. Detroit "Free
Press" of June 18 reported, ig
July 1st, The sum of $600,000 was
President of the Timken-Detroit
at the same time added to the
Axle Company.'
4'
surplus,
which > was- formerly
$3,400,000. The capital and sur¬
Henry E. Atwood, President of
plus figures are now: Capital, $3,lar

m&k-.

^

FINANCIAL CHRONICLE

THE COMMERCIAL &

48

-

.«$?;

Trust

The

total

amount

re¬

responding period of 1945, an in¬
of

crease

31%.

Total

as

of

the

closing of the fiscal year ending
1

June

were

$114,247,496

com¬

The

Fidelity arid Deposit Com¬

Los

Bakersfield, county seat
County, according to
George M. Wallace, President. He
Kern

also announced that the bank has

Baltimore purchased a site with a building
in the Bakersfield business dis¬
and its affiliate,
the American
as
quarters for the new
of 9.3 per cent. Total bank assets Bonding Company of Baltimore, trict
are
$129,077,052 for 1946 com¬ have announced the appointment banking office. The bank will re¬
homes and better housing facili¬
model the building before open¬
vember, serving in the Pacific
pared with $118,370,552 in the of James F. Neale, Jr., as mana¬
ties.
tfr
fiscal year ended May 31, 1945."
ger of their Albany, N. Y., branch. ing the new branch, and later will
i - — with the rank of Lieutenant Com¬
He succeeds the late Joseph D. erect a modern bank building on
mander,
USNR.
Attached
to
'f
The Board of Trustees of Brook¬
the site. The Bakersfield branch
the Marine Corps Air Wing in
Terms for merging of the West Brooks, who had headed the of¬
fice since its opening in 1922. Mr. will be set up by the bank to
connection with radar and fighter lyn Trust Company of Brooklyn, Hartford
Trust
Company, West
N. Y., have declared a semi-an¬
Neale has been a member of the serve the entire south end of the
direction, he was awarded the
Hartford, Conn., with the Hartnual dividend of $2.50 a share on
San Joaquin Valley, Mr. Wallace
Bronze Star Medal.
rl
I
ford-Connecticut Trust Company, companies' field organization since
the capital stock, payable July 1
The bank already operates
1937 and has served in various said.
Hartford, Conn., have been agreed
in other parts of the valley 10 of
The directors of the Trade Bank to stockholders of record at the
upon, subject to approval by the capacities in the companies' of¬
close of business June 24.
This
fices in Memphis, Newark, Brook¬ its 120 branches in Central and
& Trust Company, New York,
stockholders, which is expected,
Southern California.
For many
Seventh Avenue and Thirty-sixth represents an increase from the it was announced on June 22
by lyn and Detroit. He will be as¬
previous rate of $2 a share semi¬
Street, announced the opening of
the Hartford "Courant," the ad¬ sisted in the management of the years Security-First National has
annually, or $4 per annum, which vices therein
been serving scores of important
a new branch of the bank on June
by A. E. Magnell Albany branch by George H. Fenhad been paid since April 1, 1933.
customers in the Bakersfield area,
nell.
24; this office is located at 8 West
further stating:
In December, 1945, however, an
and in recent years has felt in¬
Forty-eighth Street, and will be
"Under
terms
agreed
upon
extra dividend of $1 a share was
headed by Sidney W. Guttentag,
creasingly the need of banking
A semi-annual dividend of 4J/2%
stockholders
of
West
Hartford
facilities there.
Assistant Secretary of the insti¬ declared along with the regular Trust
Company receiving eight or $2.25 a share was declared by
semi-annual
dividend
of
M
$2 a shares of stock of the Hartford- the
tution. The bank also has an of¬
directors of the Calvert Bank
fice at Second Avenue and Fourth share, both of which were paid Connecticut Trust
The
United
States
National
Company, for of Baltimore, Md., on June 18, it
Jan. 2, 1946.
Street* <v
each
share
of
West
Hartford was announced in the Baltimore Bank of Portland, Oregon, opened
its 31st banking unit on June 17
Trust, will receive an equivalent "Sun" of June 19, which stated
Tfie merger of the Merchants of
The 25th anniversary of the
$712 a share for their stock that the dividend is payable June when the Bank of Oregon, of
National Bank of Dunkirk, N. Y.,
Forty-second Street Branch of the
Ore.,
became
the
shares of West Hartford Trust are 29 to stockholders of record June Springfield,
and the Bank of Corfu, N. Y.,
National City Bank of New York,
Branch. Announce¬
$100 par and those of Hartford- 26. The previous semiannual pay¬ Springfield
with the Manufacturers & Trad¬
which
ment
began
business at the
of
this
addition
to the
Connecticut are $25 par, making ment was 4% or $2 a share.
northwest corner of Madison Ave¬ ers Trust Company of Buffalo, the ratio of
From the "Sun" we also quote: United States National's statewide
exchange on equiva¬
N. Y., was approved by stockhold¬
nue
and Forty-second Street on
lent par basis two for one.
The
"The bank paid a stock divi¬ system was made by E. C. Samers of each bank on June
19, the current bid for stock of
June 20, 1921, was marked on
l< I.
mons, President.
West dend of 50% last October 31.
Buffalo "Evening News" of that
Thursday, June 20, with a staff
The Bank of Oregon, organized
Hartford
Trust
"The board also
Company
was
ordered
the
date reported; it further said:
in 1939, had deposits in excess of
banquet in the main ballroom of
transfer
of
$100,000 from un¬
"The consolidation will become $230.
the Hotel; Shelton.
Douglass, B.
"West Hartford Trust Company divided profits to
$2,700,000 at the time of the amal¬
surplus, as of
effective June 29. Henry B. King¬
Simonson,
Vice - President
In
has total resources of $13,500,000. June 29. This will
give the bank gamation.
man of the Dunkirk bank will be¬
charge of National' City's largest
H. L. Edmunds, President of the
Its capital is $200,000 (shares $100 a capital of
$600,000 and surplus
come a Vice-President of the M.
branch unit lit the entire domestic
Bank of Oregon since i|s organiza¬
& T. and will be in charge of the par) surplus is $300,000; and un¬ of $900,000."
and overseas system of the bank,
divided profits $105,000. The bank
tion, will now retire 'from the
Dunkirk office. Cyrus W. Carrier
presided. ; * ; ,; J <
°
was organized in 1926. No
banking field. Willis N. Ekblad,
changes
Harold 'W. Kreamer has been
will be Manager of the Corfu of¬
who has served as cashier of the
in personnel are contemplated.
named Treasurer and Lawrence I.
fice.
Bank
The Greenwich Savings Bank of
of
"In connection with this trans¬
Oregon, will become
"Stockholders of the M. & T.
Schiermyer, Assistant Secretary
New York has announced that it
action Hartford-Connecticut Trust
manager of the United States Na¬
and Assistant
also voted to increase the capital
Treasurer of the
will open a new branch office to¬
tional's Springfield Branch.
Company will have a capital in¬ Ohio Citizens
stock from $5,490,000 to $5,720,000
Trust Co. of Toledo,
day (Jhne 27) at 2 West Fiftycrease, from $4,000,000 to $4,400,and
to
issue
23,000 additional
Ohio, Willard I. Webb, Jr., Presi¬
R. H. McDade has recently been
'jseventh Street in New York City.
000. The terms of issue will be
shares which will be exchanged
dent, announced on June 12, ac¬
As
soon
as
materials
become
named Assistant General Mana¬
outlined to stockholders in con¬
for the stock of the Merchants
cording, to the Toledo "Blade"
tayailable; the; bank states a new National Bank and the Bank of nection with the special meeting
ger of the head office of the Can¬
which added in part:
bank building will be erected at
adian Bank of Commerce in Tor¬
of stockholders.
Corfu
on
the
"Mr. Kreamer became Auditor
following basis:
3-5
West
"Hartford - Connecticut
Fifty-seventh Street
Trust
onto, Canada, it is learned from
of the bank when it was
Nine-tenths of a share of M. & T.
organ¬ the Montreal "Gazette" of Jane
The bank's main office is located
Company is one of the strongest
for each share of Merchants; 10
ized in 1932. He was
appointed
jat
pared with $104,939,679 at the end
of the previous year, an increase

pany

of

Maryland

at

-

-

Broadway

and

Thirty-sixth

^Street, and it also operates an of¬
fice at Sixth Avenue and Six¬
teenth Street.

,

shares of M. & T. for each share

of Bank of Corfu stock. The M. &

T. and Merchants bank stocks have
par value of $10 while the Bank
of Corfu stock has a par value of
a

The Dolla^Savings Bank of the $100."
City

of New

York, main office
Third Avenue and One hundred
Forty-seventh Street, opened on

An item

regarding the proposed

merger appeared

May 30,

in

our




banks

and trust companies
England outside of Bos¬

Assistant Treasurer in 1944.
"Mr. Schiermyer also has been
ton.
Its total
resources
exceed
I with the bank since the organiza¬
$126,000,000:
Capital $4,000,000;
tion,
He has served as
Credit
New

surplus
$4,000,000;
undivided
profits $852,000; reserves, $1,061,000

as

of Dec. 31. 1945.

Manager since

1942 and is past
President of the Toledo
Chapter,
American Institute of

Banking.

issue of

page 2988.

;June;g24 a new branch office a
121 East One hundred Seventieth
Street in the Bronx, N. Y. The

state

in

At the annual meeting of the
Middletown Savings Bank, Mid-

At a meeting held on June 18th
the board of directors of the Com-

well

mercial Trust Co. of New Jersey
at Jersey City, declared the regu-

Mich.,

The election of Walter F. Rock¬
as a Director of the
Indus¬
trial National Bank of
was announced

Detroit,
by Eugene

2°.

After serving in various other
capacities Mr. McDade was ap¬
pointed Assistant Manager at Km
de Janeiro branch of the Cana¬
dian Bank of Commerce in
19^

Manager of that branch in
and Assistant Manager at London,

England, three years later. He was
made a superintendent at heaa

manaf^

office early in 1943, and
at London, England, toward
end of that year.

tne