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mar 14
rtSR loo n. X
UB*A*t
mnV or *ie» ■•'
«BI*8KAL
Final Edition
f
r,
*J»'V
•
ESTABLISHED 1839
/t4
In 2 Sections—Section 2
Reg. U. 8. Pat. Office
New York, N.
Number 4576
yolume 165
Price 30 Cents a
Y., Thursday, March 13, 1947
for End Reciprocal Trade
Texas, address, he stresses need of economic as
In Waco,
well
\
as
political international cooperation and decries trade barriers. Ex- :
tolls proposed charter of International Trade; Organization as
enabling nations in economic difficulty to work their way out. De- fends reciprocal trade agreements.
and world trade—are
support
the charter of
Decries
Organization
of
means
a
as
avoiding, eco-
our
nohaic Ccon-;
The
f 1 i c t s.
P
r e
need of
duction
"a bulwark to
of flat rate,
peace."
to
peace,
sistance in
y
they were.
in
a
V Science
as
President Truman
po¬
affairs
litical
fended
the
operation
President^ address:
>
this, particular
At
and de¬
of the re¬
invention
alternative. y;y\
After the first world war the
United States proposed a League
-V- ^ v
tifcie; the
of
Nations,
an
s
maintain order in the
Tariff
make
Hamlin
world
whole
C
o m
cial
a
+
to
mission
member.
Can any thoughtful person fail
is
concentrating
to realize today what that mis¬
xnuch of its thought and energy
take cost this nation and cost the
on
attaining the objectives of
.
his
party profit by the Republican
victory.
;
that many of the successful can-r
duties
under didates last year pussy-footed their way into the halls of
the so-called
Congress. Possibly that is one of the reasons for the impoRecipro¬
cal
Trade tency revealed since they have taken office. But be,that
as it may, the people very definitely made it clear beyond
Agreement Act, unany peradventure of a doubt that they "had enough" of a
t i 1
sufficient
good many things, and that they expected the new Congress
time
has
to give them a course of action radically different from that
elapsed to
:
'v
^ ■:;;v
* - '
permit the which they were rebuking.
adjustment of
organization to
world. But
when our proposal was accepted
ciprocal trade agreements, i * 7
and the League was established,
The following is the text of the
this country failed to become, a
of future wars,
as a means
further
the
continuing
and
;
quarters that Republican
to public questions, then the revolutionary election returns
will have been in vain—unless, indeed, the President and
postpone
ac¬
tion
seeking
-
well
.
,
:-VVVVVy V ■ W J agencies
have left us no
a s
as
some
If current indications of this sort do not
Representative Thomas A. Jen¬ last November.
kins has. introduced a. measure convince the
party now in power in Congress that basic
which if adopted would request
changes must be made at once in its attitude toward many
President Truman and all Federal
organize the world for
effort
as-
economic
Advocates return of
Congressional control
,
that we cannot
today
with other nations
leader¬
and
ship
to
lowering of
attempt to peg pro¬
with imposition
^
f
leaders are
"deeply disturbed" by the loss of public favor; that their
party has evidently suffered since the election last autumn.
It is most ardently to be hoped that current public opinion
polls and other indications corroborating them, will do a
good deal more than "deeply disturb" those who -are re¬
sponsible for the recent actions (or lack of them) -.of .the
party to which the people turned in such large numbers
worldwide decline of
on
efficiency.
tariff
as
find; security in isolation. If we
are to live at peace, we must join
S.
U.
know
We
stressed
world
Two wars have
borders.
shown us how wrong
Rl'
sident
the
own
Do-Nothingism in Congress
It is said in
T
.
Trade
tional
as
"arbitrary
the tariffs
The grave lessons
Interna-,
the
EDITORIAL
executive v
being both
opposes
of tariff
control
inseparable.
of the past have
proved it, ■'
v
-V.
•Many of our people, here in
America, used to think that we
could escape the ..troubles of the
world by simply staying within
Hamlin
unconstitutional and ineffective.
:'?v Speaking, at Baylor University in Waco, Texas, where he re¬
March 7, President Harry S. Truman
urged the na¬
tion to
By SCOVILLE HAMLIN
Mr.
ceived an honorary degree on
We It
See
As
Pacts Invite War
Of Economic Wars
Copy
spe¬
study
,
of
It is true,
;At
of
course,
number of points
a
precisely this sort of change has
by the.leader of the party
\ V
V
'
been effected—but
down in defeat.
-
which went
the Act. ■"
1'
V'y yy-J"ftV-r.Y'f'President LeadingVV;'y
• ■■
'
Such a study is called for not
world? V';V-,;
' W V."'
and freedom.
These ob¬
This time we are taking a dif¬ only by the Tariff Commission,
Y|V The
were,
jectives are bound up complete¬
ferent course.
Our country has but as a means of enlisting the di¬ with rationing and price controls—and the resulting dearth
ly with a third objective — reof many items which should have been plentiful enough
taken a leading part in building rect interest of the American pub¬
establishment of world trade. In
lic in the real intent and purpose and would have been
(Continued on page 1436) '
plentiful enough but for the dead hand
fact the three — peace, freedom
,
first of all, sick unto death
American people
peace
of this act.
It is
Banker
If I Were A
ROBERT P.
By
Financial Editor, The
brought
banks will be blamed and banking
government get out of banking business,
in depression
says
about
the
a
•
marked reduc¬
level of im¬
average
duties as compared with
prevailing in 1930 under the
Smoot Hawley Act.
What we
want to know is whether execu¬
tive control of the tariff is the
answer to reversal of the move¬
ment of the nations in one un¬
balanced direction;
our answer
(Continued on page 1432)
;V:;UVYY:
has
those
Vanderpoel calls attention to
cycle and
Agreement program
port
"Herald-American"
rapid increase in consumer instal¬
ment credit, and warns banks to extend such loans with caution
and restraint. Points out consumer credit accentuates business
Mr.
in
tion
VANDERPOEL*
Chicago
granted that the Recipro¬
cal Trade
From
Ahead
By
whether it is
to Constitutional con-
continued on page
Washington
For
a
of the News
CARLISLE
BARGERON
long time, certainly longer
and
than this writer's memory
1434)
presumably pretty much ever since the American political system
was set-up, there have
been what the political parasites call the
but Federal Reserve Board should exercise greater
Fat Cats. Although the simile doesn't seem to be appropriate, they
GENERAL CONTENTS
are the boys to be milked in the campaigns.
ity and quantity of credit.
No group in our honest midst was more excited about the cele¬
Editorial
<&If I were a banker today, I would be scared to death.
V Y:
Page brated Hatch
Fat Cats is of a size not to be
As We See It....
1429 A c.t
If there is a man in this room who is not frightened, I
t h a n
sneezed at and it engages the
suggest he do<£—
"
•
~~~ TT~.
these
para¬
it must be nice to be that
energies of and gives employment
Regular Features
say is
two things:
sites, because
to thousands of men.
V
From Washington Ahead of the
First, he way.
it threatened,
News
.........1429
Old Gene Talmadge, down in
That is a funny way for a man
should take a
for
a
short
Moody's Bond Prices and Yields..,. 1438
Georgia, used to have a merry
refresher who, for some time, has found Moody's Common Stock Yields..... .1439 while, to cur¬
time
tormenting the opposition
himself
the
optimist ; of every Trading on New York Exchanges.. .1442 tail the pe¬
course in his¬
NYSE Odd-Lot Trading
1442
county leaders whom he knew had
tory, particu¬ gathering, to be talking. ' The ex¬ Items About Banks and Trust Cos.. 1444 riodical redis¬
got a lot of money for use in the
tribution of
larly banking planation is that I am an optimist
campaign and who wanted to hang
l
State of Trade
wealth which
history.
Y for the near-term, but that makes
on to it.'
Addressing a rural au¬
me
all the more fearful for the General Review .-•:..;
1431 occurs when
Next, he
dience he would point to the op¬
Commodity Prices, Domestic Index. 1440
\
r ; Y
should
pre¬ longer-term.
they shake the
1443
position leader and exhort:
I have said there would not be Weekly Oarloodings
Fat Cats down.
pare, or have
Weekly Engineering Construction., .1440
"There's old Jim over there.
a
depression in 1947. I continue
'one of the
February Civil Engineering Con¬
It is looked
The power company has sent him
to
hold that conviction.
There
struction
........1440
brightest
upon
as good
plenty of money to defeat me
1443 clean fun. The
will be some adjustments—but we Paperboard Industry Statistics
young men
Weekly Lumber Movement..;
1443
with.
Make him give you your
have been having these ever since
Carlisle Bargeroo
Fat Cats have
Fertilizer Association Price Index... 1440
in
his
bank
share."
yy *V
;' V\
the end of the war. The trend of Weekly Coal and Coke Output.,,,, .1441 the money, the
prepare for
The most delightful phase of a
business failures is upward—but Weekly Steel Review................ 1433
R. P. Vanderpoel
The campaign comes when it has about
him, some
Moody's Daily Commodity Index.... 1434 parasites want some of it.
statistics
and only from the lowest levels in our Weekly Crude Oil Production...,...1441 question of just how much the
two weeks to go.
Then the local
Non-Ferrous Metals Market
1442 millions spent in campaigns af¬
history.
some charts.
1433 fects the outcome, has long.been leaders begin creating crises for
Some
time this Spring, this Weekly Electric Output
*
done this, he
Federal Debt Limit at Jan. 31....... 1433
the purpose of getting one more
If, after he has
Summer or this Fall, the people
and will continue to be debatable
Cotton Ginned from 1946 Crop Prior
still is not afraid- -well, all I can
haul out of the mony bag.
of these United States are going
to Nov. 14
1441 but it would certainly upset our
"My country was all lined up,"
to wake up to the fact that the Federal Reserve January Business
economy and probably bring on a
Index
I.......
....1439
they will report. "But something
over-advertised depression has
*An address by Mr. Vanderpoel
depression of no mean proportions has
Consumer Credit Outstanding in
gone wrong.
I'll need $50,December
J
1439 were the spending to be cut out.
before the mid-winter conference failed to make its appearance.
(Continued on page 1444)
Then take care!
Watch those Short Position in N. Y. Curb Ex-
endangered.
Proposes
control of qual¬
would
*
,
'
.
r
.
«
.
-
I
■
'
•
.....
of
the
Illinois
Bankers
Associa¬
tion, Chicago, 111., Feb. 21, 1947.,
(Continued
on page
1437)
change .YY7....7!....1439 The business of
shaking down the
1430
THE COMMERCIAL & FINANCIAL CHRONICLE
ir
putes.'
"The Best
i'.
"It
decided to
was
Way"
give the .benefit to
tomers rather than to
stockholders
our.
our
we
reliance
must
J "After
a
ceded
[expectations of stockholders
and
\
7
versing
j
specified
a
class
be
he
erms
no
tio
opinion, the best way to distribute industry
gains is by giving it to consumers.";? 7 / •/V:
7y7V7;7
my
["Even if
5
Fowler
act
McCormick,
Chairman, ; International
Company, announcing a reduction in
prices of his company's products.",
(which
consumer
that system. V.\
is
n
everybody) fares best under
<7/77 '7
77
/;•/;
Strike Case
power
Norris-LaGuardia
Act
does
Federal
of
courts
issue
to
injunctions when Government is the
employer.
a rule of law that
divesting pre-existing rights or privi¬
leges will not be applied to the sovereign without
expressed words
to that
effect, and cites debate in House as
Refers to
was
indicating Government
of Act. Says mine workers'
not to be
agreement
was
mine operators
brought within scope
solely between Government
and
the
union, and
were
^
case
against John
L.
Lewis
and
the
United
Mine Work¬
The
ers.
two
the
judges
were
Lewis and his
Union had
been
Fred
M.
judged
i n
contempt
for refusing to
obey an in¬
junction and
Vinson
restraining
:■.'
T.
der
Allan
of
Goldsborough
or-
Judge
of
the
United States District Court in
the
District of Columbia on Nov.
18,
1946.
The
court
had
ordered
Lewis to withdraw his notice of
contract termination with the
Gov¬
ernment and order the
miners to
return to work. Lewis
ignored the
injunction, with the result that
contempt proceedings were insti¬
tuted and a
subsequent fine of
10,000 was levied on Lewis
per¬
sonally and the union was fined
$3,500,000. Lewis and his attor¬
neys then appealed
United
directly to the
States Supreme Court.
No Violation of Norris-
LaGuardia Act
In the
majority opinion of
the
Court, read by the Chief
Justice,
•
Fred M. Vinson answered
the con¬
tention of the Mine
Workers Un¬
ion that the injunction
was in violation of the Clayton and
Norris-
LaGuardia
Act
in
the
language:—
following
.
■ •:
,
'Defendants' first and
principal
in
violation
We have
come
to
a
of
contrary
decision.'
"It is true that
in
Article 20
that 'no such
Congress decreed
the Clayton act
restraining order or
of
injunction shall prohibit
son
or
persons
■,
,
.
mending, advising,
others'
,
.
or
to strike.
.
any per¬
from
recom¬
persuading
But by the
act
itself this provision was made
applicable only to cases 'between
an
employer and employees, or
between employers and
employ¬
ees; or between
employees, or be¬
tween persons
employed and per¬
sons
seeking employment.' ;;
For
which
reasons
will
be
ex
plained at greater length in dis
cussing the applicability of the
Norris-LaGuardia act, we canno
.
construe
ployer'
the
to
general term 'em
include
the United
Stated, where there is
no
express
reference to the United States
anc
no
evident affirmative
grounds
for believing that
Congress in
tended to withhold an
otherwise
available remedy from the
gov
ernment
as
well
as
from
a
speci
fied class of private
persons.
"Moreover, it seems never to
have been
suggested that the pro
scription on injunctions found in
the Clayton act is in
any respect
broader than that in
the
LaGuardia act.
Norris-
Defendants
do not
suggest in their argument that it
is.
has
This
court,
stated
successfully iii
on
the
contrary,
that
the Norris-La¬
Guardia act 'still further
(nar¬
rowed) the
circumstances under
...
which
the
grant
injunctions
Federal
courts
in
we
inclined
are
.
to
could
labor dis¬
need
we
not
reliance,
this
rule.
2,
the
; in
Section
public
-
operations
as
war
place .entire
deposits in the
found
in the loan
re¬
1946, in commercial,
largest increase
in
was
com¬
loans, which
by $399,000,000 in the last
half; of 1945; by $176,000,000 in the
pointed
,
State, showed
the
over
securities,.^however,
not uniform, for
was
New York
City[ banka\had a
arid the
institutions^ else¬
decline
where
reported, an increase in this
The change in interest in¬
come on Governments, the report
noted, corresponded fairly closely
o the change in net
Current earn¬
tem.
:
,
ings for the two groups of institu'.ions. Net current
earnings of the
New
York
$9,697,000,
Citv
banks
declined
7 %, and those of the
elsewhere rose $2,939,000,
or-16%,-The earning power of the
or
banks
New
York
City banks,
me^s-/
as
ured
while that of the banks elsewhere
in- the State increased from -.62%
to .68 %,
From the Department's
advices
we
qlso quote;
/
"The major increase in
earnings
in 1946 was in income
from inter?
est on loans, which rose
by $19,-
000,000, or almost one-fourth, re¬
flecting the rapid expansion .of
business, real estate and'consumer,
loans.There .were ; increases also
in the average rates of-return on
loans from 1.55% to 1.88% in New
York City and
from,7L74%7to/
3.87 %
elsewhere. 7. The
average
-
rates
of
return
[Government
on
securities, in and outside New/
York City, /rose .from 1.25% to
1.35%, and from 1.47% to 1.59%,.
respectively. ; The proportion 7 of
011^7 raised the total of business
$2,858,000,000 on Dec. 31,
1946,' an increase of 75% for the
earning? derived from/interest
18 months ended
Government' securities
.
loans to
announcement
of property' who
have been
permitted to 'organize in the cor¬
that date. The
on
from
the
Depart¬
ment added:
"In the
same
owner¬
period. real estate
loans; rose by 46% to $326,000,000
ship association,' and on the .con¬
sequent helplessness of the Work¬
consumer
installment loans
were
actual
liberty of up 175% to $81,000,000, and single
thereby to/ob
payment consumer loans increased
and
.,/
,
was
next/six months, and by an addi¬
tional $651,000,000
by the end of
1946. This
expansion, it is
ers
...
There
rose
declarer
po¬
contract
he
totai
mercial and industrial
exclusionary
policy
-
the
estate/and- consumer." loans
The
a
exercise
with
all
Government
he showing
The
rising trends in the post¬
period, and especially-in thf
real
sition of the 'individual
unorgan/
ized worker' and that of the 'own¬
'to
'
.
arger income from loans: In the
of income/from interest on
$1,-
These, he stated,'
latter half of
to the scope of the act. It
predi¬
cates the purpose of the act on
the the contrast between the
er
from
flected
"77
porate and other forms of
1946,
was
portfolios.'
of the United
guide to the act's; in¬
terpretation, carries indications as
States
./'.
,
: 73,809,000 113,145,000
case
to
banking
(language)
which
/
'
on
According-to Mr. Bell's report,
banks
gov¬
oressive evidence of the transition
0 V normal '
peacetime"
Scope of Norris-La Guardia Act
"But
on
ast half of 1946." ^7/7 ;/
7..7777
>• Mr. Bell said that the most im-
reiterated,;
7:7//'7,7.;'-.7/
.
in
demand and "time
and, with knowledge of that rule-,
Congress would not, in .writing
the Norris-LaGuardia
act, omit to
<clear and specific
after'
divs.
tain acceptable terms
and condi¬
tions of
employment.' The purpose
of the act is said to
be to con¬
tribute to the worker's
'full free¬
dom of
•
;hy;;the ratio, ot net. earning?
to i average
a
considerable slackening in the
/total; assets, remained
practically unchanged; at, 0.7%,
rate of? growth in these
private
give it much weight here.7Con+
gress
was
not ignorant of the
rule which those
cases
fell
resented time deposits:
^
Clayton and Norris-LaGuardia
acts.
dissenting
Murphy and
Rutledge.
issued
were
explicit, that
$13,485,000,000
rising $1,178,000,000 to a new high
point / of $14,090,000,000. Of this
amount, $12,062,000,000 represent¬
ed demand and
$2,028,000,000 rep¬
so
closely similar to the
present one, and the statement of
the rule in those cases has been so
cases.
contemption is that the restrain¬
ing order and preliminary injunc¬
tion
has been invoked
profits
'
1,790,000
49,666,000
53,904,000
at
securities
continued
construction
to that effect'if it
^ctolly intend¬
ed to reach the
government in all
7; •'■£' On March 6, Chief Justice
Fred M. Vinson
unexpectedly delivered
the decision of a
majority (7 to 2) of the Supreme Court
upholding
;
'•
r
r
the Govern-^
ment's
of
v
stk.
com.
and
.
pfd,
....777771,255,000
capital
.."The expansion in /deposits of
ndividuals, partnerships and cor¬
porations in these banks, however,
only.
Though that may be true, the rule
use
not involved.
Lewis fine upheld but
levy on
union cut to
$700,000 provided organization accedes within five
days to maintaining wage agreement in effect.
^
:
f,
rule
a
Belf
sayk/y^/^/y/;/;.
cases
divest
not
was
on
in.
V.
730,168,000 to $645,626,000."
advices:went-on to
ex¬
154,915,000 161,673,000
26,877,000
62,943,000
dividends
debents.,
Net
Elliott
e l
from
ernment
should also be deemed
subject to
a restrictive
statute, that this rule
Supreme Court Upholds Government in Lewis
Finds
declined
traneous and affirmative reasons
for believing that the
sovereign
and
on
the
stood
■
...
income...
stock, etc
$10,134,000,000;' and loans
that- effect,. It has been
stated,
cbses in which there were:
o
Int.
banks,;,
t h
$*
earnings.
other
1945
363,361,000 344,059,000
208,446,000 182,386,000
Profit kef. inc. taxes 101,792,000
224,616,000
Taxes on net inc...
52,824,000
60,015,000
Net profit
128,968,000 164,601,000
Treasury^ obligations re¬
duced such deposits from $5,223,000,000 to only $458,000,000, while
loldings of - government securities
words'
express
ing
Net
redeem*
divest pre-existing rights or privleges will not be aplied to the
however,
borrowers'
i
■
Curr. oper. earns.__
Curr oper. expense.
Net current operat-
Divs.
of
vear
stopped here, we could hardly
sovereign without
noted,
private
follows:
$18,335,000,000 and $20,266,000,000,
respectively./ In the year, with¬
drawals from war loan deposits to
Law
to this conclusion.' There
old and well known rule that
statutes which in general terms
is, of course, not only the "best way," but is
the way dictated by natural law in a
system of free
enterprise and full competition,; That is why the
d
n
ts an
It
was
to
1946
de¬
which, at
assent
Harvester
in loans
New York State banks
and
trust companies for 1948
and the
previous year were as
resources
)f these
examination of the
our
..•
by Elliott V. Bell,
Super-
■
deposits
md
re¬
the
and
a
State,
according to
_
es.
54,000,000,000
in
lieve the customer is entitled to consideration. In
of
decade,
a
«*-
■;
were
in
ors
that the restraining order and in¬
were forbidden by the act
and were
wrongfully issued.; 7
Rule
•*
\
30,
cline of almost.
general
junction
[77 ,7-A
7
Feb. 27
main fac-
e
argue
employees, I be¬
on
Year-End
1946 in the
com¬
by New York
nearly
strongly rising tendency
oper-
n s
clicics
ion for the United States. From
ihese premises,..defendants
•
A
for
Banking
nancing
express excep-
and make
in
lasted
in
Treasury fi¬
specifica¬
are
had
Departmentreports that
been
13
securit
cn
as
Dhe plaintiff below. So much seems
o be found in the
express terms
of Articles 4 and 13 of the
act, set
out in the margin. The
Article
that
loans
except
had remained one
between defendants and a
private
tion in
and net profits declined
added, .especially since June
of
dispute
employer, and the latter had
trends
ntendent of Banks.
bring it within that class-if the
;o
3asic
resources
year^end figures made public
jurisdiction to issue in¬
in
Deposits,
mercial banks and trust
companies chartered
un¬
;he present case would be such
has fulfilled the reasonable
company
Clayton act is
It would probably be con¬
that the characteristics oi
cases."
"High prices and higher prices is the thing that
gets you caught in a vicious circle. High prices
permit high earnings which stimulate excessive
wage demands. Our labor troubles may be worsened
if high prices and high
earnings continue..
•
of
junctions
third group—our customers.
•
the
A
"By the Norris-LaGuardia act,
Congress
divested
the
Federal
courts
was
-
on
necessary.
recently increased from $3 to $4, and
also done plenty for our
employees. Now
try to be equitable in our treatment of the
have
we
Decline in Resources and
Deposits of
Bank Shown at
not apply, "neither does the less
comprehensive proscription of the
Clayton act; if it does, defendants'
our
employees, because we feel that the time is here to
recognize customers as an integral part of a busi¬
ness. Our
present wage-price-profit mechanism is
out of date with the America of
today.
"All industry
today finds itself in the same situ¬
ation. Buying power and demand is still
good. Sales
volume is high and there is also a
high level of
earnings. Like other companies, we have done
something for our stockholders. The annual divi¬
dend rate
would
we
ieel justified in this case to con¬
sider the application of the NorrisaGuardia act alone.
If it does
cus-.
to
or
Consequently,
Thursday,; March 13, 1947
30% to $315,000,000. The
foregoing
figures f include 7veterans'
loans
in
on
decreased
both
grouDs of banks,/falling
from 50 to 45% in, and from 50 to
48% outside. New York
City.
terest
on
In¬
loans' increased from 23
to
27% of gross earnings in New
York City, and from 29 to 33%
elsewhere.;
.7-:/
•" :/.v;7 ■ • -{
-"Taxes
net income absorbed
on
$52,824,000
net
on
profits in i946,
or
$7,191,00():: less than in-1945:? • 7
guaranteed or insured pursuant to "Capital,
accounts
of '[the" 261
association, self-organiza¬ the
/ Servicemen's'/Readjustmen
commercial banks were increased
tion, and designation of
represen¬
Act.: Such loans/increased from in 1946
tatives of his own
by $74,117,000 to $1,721,r
choosing,, tq
negotiate the terms and
condi-? $345,000 on June 30, 1945, to $38,- 783,000, the highest figure oh rec¬
tions of his
797,000 on Dec. 3L 1946.
employment, and tha
ord, ascribable to the retention
he
shall
be
free
from the
ference, restraint
or
employers of labor
in the
designation
sentatives
,
v y
or
of
inter
coercion
/
yearly
their agents
of such
repre:
for the purpose o
on
viously do
net >
There
their face, ob
we
strip
eral
to
completely
to
all
issue
from
their
the
cline
than
in
on
page
1432)
a
total
a
^(Continued
of
the
from
$32,461,000,
in
1945
The
on
or
or
the
de¬
largely the result
of
and
or
21%, in pay-rol
1946 was the chief factor
$154,915,000 in
net
a
cur
rent
had
*
operating earnings. Increases
been
preceding
reported
years
Condensed
in
the
seven
in these earnings.
earnings figures
of
of
increases
net
in
profits
capital
and
t?
through
sales
of new
stock, etc. t, Mainly
because of the reductions
in; total
deposits, the
deposits
rose
ratios
of
capital jjto
in 19^6 from 7,52; to
9.72% in New York;
City and from
6.88 to 7.63%
re
reduction of $6,758,000 to
of
a
more
securities. An increase
$20,000,000,
costs in
tha;
power only in
specified type of
case, and that
this type is a
case
'involving or
grow*-? "Mt of
any labor dispute7
declined
50%, in net profits
coveries
of
Fed¬
they withdraw this
was
reduction of
pre-existing
injunctions,-
income,
$181,792,000 in 1946.
examine
courts
powers
net
profits
high-point of $224,-316,000
Articles 4 and
13, on which defendants
rely, we
note that
they do not purport to
.
net
rises,
$73,809,000
commercial, banks, before taxes
not apply to the
gov
ernment as an
employer or to re
lations between the
governmen
and its
employees.
"If
seven" successive
"Following
of
collective bargaining.'
considerations,
-
elsewhere.7t'-v,
"Disbursements
capital. in
on
the form of dividends
or
interest
totaled $55,159,000 in
1946, or $3,-
702,000
dends
or
more
than in
on common
declared
84%, of the
in
1945.
stock
1946
Divi¬
were
by
paid
219,
commercial banks
or
in
operation at the end
of,the year.
Six banks resumed
dividend pay
ments."
-7" '
^
u
165— Number 4576
Volume
; the commercial & financial chronicle
Pres. Truman
.
In
The Government
\
vised
Congress
Selective
on
pro¬
Service
sufficient
to .reduce
0
Press
dispatch
trength of 571,000 through volunary
enlistments, then the War
and Navy Departments at a later
them over anything from five to ten weeks. We ' ;
have had bad winters in the past, but we have never
had such a breakdown in our industrial activity due
to bad weather as we have on this occasion. What is •/
fine
against
John
union
President's
message
,
Vinson,
com¬
John L. Lewis' atti¬
that
Lewis
announcement
that
said
Department
the
by
all
rate
the
said
agresslve
War
noncompliance" of the district
a majority
course
The Class I railroads of
':
the United States in January, 1947, ex-;
'
•
"
'
For
the
31,' 1947,
ended Jan.
months
12
return
of
the-rate
on
property investment after depre¬
the 12 months ended Jan. 31,
income,
amount Heft
the
1946.
above as
; > The earnings reported
net •; railway
operating
represent
v
or
.to
after
an
increase
of
month of 1946, an
Operating ex¬
penses in January amounted Vto
$538,948,218 compared with $495,885,440 in January, 1946, an in¬
Of
crease
7%.
8.7%.
Thirty-nine
v"
•
•
Class
•
.
.
the
low 1946.
'
interest and rentals
earn
Those
'
*
:
'
Eastern District
«
Class I railroads in the Eastern
District in January, 1947, had an
estimated net income, after inter¬
est and
rentals, of $8,600,000 com¬
pared with
$10,589,227 in the same
month of 1946.
Those
same
1947, had
a
income,
.
rentals
of
"•
-
roads
.
in
/
January,
interest
$22,467,888
a
.
and
compared
pared
totaled
House decision that
extended is
CLASS
:
tions
J
boards/
this means the
local draft
the
service.
The Selective Ser-
has on its payfull-time and 1,457
part-time employees,
/ Unpaid local board members
and volunteer helpers number
164,468, La
Selective rService
spokesmen said. They have been
largely inactive since draft calls
vice system now
;
7,641
roll
^
-
$269,-
expenses
inducted more
into
which
10,000,000 young men
than
January
totaled
Presumably,
dismantling of 6,442
/ were
$207,341,007/ an ' increase
suspended,
Service said it had
J Selective
1946.
figures
the number .of
on
no
'1946
i
non-volunteers still
$640,840,668
:
who will be
I RAILROADS—UNITED STATES.
•
T~r
Month of January—
Total
operating
revenues--,—~
Total
operating
expenses-
Operating
Taxes
l—
(before
(.es^iated).
.,
-4
charges)!——_
;■■..i'..—-V.:
income, after charges
*
$685,534,027
538,948,218
ratio—percent————^——-
^et railway operating income
Net
—^
1947
,
-;.
'
75,983,554
57,732,041
29,000,000
-v
495,885,440
;.
78.62
77.38
67,593,598
.
'i >
■
-
.
detailed recommenda¬
for a training law.
I
v
.
,
Congress
same
of 5.9% below
The White
is expected to report in
two or three months, and Mr.
Truman has said he will send
0.1%" com¬
period in
the
to see whether the
services could get all the
they needed as volunteers.
was
group
operating
with
pay
The idea
public
leaders
studying the
question of what system would
be best for this country.
This
railway operating in¬
1946,) and
raised
^commission* of educators and
before interest and rentals,
of $25,307,565 compared with $35,702,408 in the same period of 1946.
Operating revenues of Class I
railroads in the -Western District
January,;. 1947,
and
year
a
;
come,
in
this
president Truman has repeatedly said that he wants some
inform of universal training law
enacted eventually. He now has
Western
in
roads
same
net
spring, Congress extenduntil March 31
policy is concerned.
January,
554,883, a decrease; of
/
net railway operating
before
had
the
.'
v
\
'
Class I railroads in the
District in
They
care.
1 • eral future military manpower
,
1947 had an
in January, 1947, of which 18 were estimated net income, after in¬
in the Eastern District, five in terest and rentals of $14,000,000
the Southern Region, and 16 in compared with $17,242,235 m the
the Western District.
same period of 1946.
failed to
medical
short-term one, so far as gen-
a
District
Western
//V'-
those
the law need not be
V
/
operating expenses totaled $77,253,414, an increase of *13.8% be¬
railroads
I
further
men
::v<"
while
1946,
of
period
same
■'
66,681,905
33,887,227Hj'-
.i
.
system of gov¬
$nd the rights and privi¬
enjoy as citizens under
year
that
ago..
of
the
similar
Consumed de¬
mand for durable
at
the
goods remained
levels of previous
Interest in Spring apparel
high
moderately
with
many
re-
/
i-J>
•'
Truman's:
the
order
-
in the Army
released under Mr,
announcement that
Department soon will
the discharge of all non-
War
-a-—
volunteers;, /
our system of government.
Wholesale volume displayed >a
"Upon the maintenance of that modest rise and ended the weelt
system," the Chief Justice added, somewhat above that of the cor¬
"depends-all future/progress to responding 1946 week. New order
which they may justly aspire. In volume in most wholesale centers
our] complex society there is a was light as buyers continued to
great variety of limited loyalties, press
for ' immediate
delivery.
but the overriding loyalty of all
Shipments of many electrical ap¬
is to our country and to the insti¬ pliances, however, improved no¬
tutions under which a particular ticeably.
; /
;
,\.?V
interest may be pursued."
Steel Industry— Further in¬
On Monday of the present week
creases in basic metals last weefc
the United States Supreme Court
featured nonferrous metals, iroffc
handed
down its ruling on the
and steel scrap and pig iron and
question of whether foremen are,
definitely pointed up an inflationor
are not "employees"
for pur¬
ary period which was outshadowposes of collective bargaining un¬
ed only b,y temporary periods dur¬
der the Wagner Labor Relations
ing and shortly after World War"/
Act.
I, according to the "Iron Age,'r
On an appeal of the Packard
national metalworking paper, in ^
Motor Company from a decision
its summary of the steel trade.
of the National Labor Relations
Pig iron prices the past \Veeft
Board theSupreme Court by a
were raised as much as $2.50, $3.00 %■
5 to 4 vote upheld the Board. Jus¬
and $4.00 a ton depending on thO /
tice Robert H. Jackson wrote the
grade and the producer.
Somo /
majority opinion in the case and makers advanced the price $3.00 /
stated: "The point that these fore¬
a ton on all grades, others raised -
der
h
& armed
of
same
J
result of trial;
a
as
/then
penses and
668 in the
•
scales of enlisted men.
rentals of $6,400,000
interest and
we
our
"The gains, social and
certificates of disability;
those who voluntarily submit
of
operating ex¬ compared with $6,055,765 in the
same period of 1946.
taxes, but before in¬
Those same roads in January
terest, rentals and other fixed
charges are paid. Property invest¬ had a net railway operating in¬
ment is the value of road and come, before interest and rentals,
equipment as shown by the books of $9,956,588 compared with $11,of; the railways including mater¬ 053,202 in the same period in 1946.
Operating revenues of the Class
ials, supplies, and cash.
I V Total
operating / revenues /in I railroads in the Southern Regioh"
Januaryr,1947, amounted to $685,- in January totaled $99,723,744, an
534,027 compared with $640,840,- increase of 10.8% compared with
the V payment
leges
on
Last
railroads in the South¬
sections of the coun¬
above
•<ed the draft law
Region in January, 1947, ;had
estimated net income, after
;
and
a
other
may
be retained beyond
deadlines set for others.
1946.
Class I
they
weather
week
ernment
will be made in
ot men' awaiting trial or
held
/held
Southern Region
ern
some
.
slightly in the week and was a
rose
cases
operating expenses totaled
$254,353,797, an increase of 9.5%
ciation averaged 2.68% compared
with a rate of return of 3.72% for
freezing
tritle
guilty."
Speaking of
were
Exceptions
while
below
in
weeks.
*
-
-;
:
snow
follows:/
than June 30.
1947,^
—
railway operating in- with
$19,926,295 i in the same
come, before interest and rentals, period in 1946.
Operating revenues of the Class
of $57,732,041
compared with a
net railway operating income of I railroads jn the Eastern District
in January totaled- $316,255,400,
$66,681,906 in January, 1946. The
an
increase %of T2.6%
compared
Association further reported
as
with the
same
period of 1946
follows:
Despite
it, Chief Justice Vinson spoke as
net
a
•
try, total retail volume increased
United
and
a
economic, quests for cosmetics and cos'umo
problems. They must, however,i which the miners .and other citi¬ jewelry reported.
Food volume /
return eligible men to this coun¬
zens haye realized in the past, are
fell slightly as consumers con- '
try for completion of terminal ultimately due to the fact they tinued to resist the high prices o£
leave and discharge not; l&ter enjoy the rights of free men un¬ some foodstuffs.
Class I railroads in January,
had
initial claims,
advanced less than 1%.
As for
make the release be¬
shipping
post-
poned from the preceding holiday-
additional month and
of
unem¬
ployment compensation rose near¬
ly 7 % due largely to the inclusion
an
cause
after interest": and: rental^,;of
$29,000,000, compared with $33,887,227 in January, 1946, according
to reports filed by the carriers with the Bureau of Railway Economics
of the Association of American -Railroads and made, public today,
.
February 22*
claims for
found
all
of
continued
half to
a
miles^N had^ an estimated, net income;
*
discharge
In the week ended
total
emphasize the gravity of the
offense of which the union was
schedule
commanders
Overseas
given
of 227,313
RR., representing a total
cept the Missouri & Arkansas
the
for
calls
trucks for both countries.
week.
that a fine of sub¬
stantial size is required in order
for
124,650
14,500
cars and 8,200 trucks for Canada*
making a total of 451,825 cars and
in this week's total of claims
of the nation,
•
eligible
men : in; the
•/States by May 15.
January—Net Declined Over $4,880,000
In
'
Up $44,693,359
forecast
constitutional government, and to
the economic and social welfare
com¬
to
Glass IRR. Gross Earnings
revised
taken by the union carried with it
such a serious threat to orderly
From the
we also
Department's
Ward's
the studied and delibe¬
court's order and that
Associated: Press advices
•
court order
"was
of the court felt "that the
had been ordered to start the
4
upon
leader in
manders in this country and over¬
release of eligible men.
v
February produc¬
tion have been moved up to 399r082 units, comprising 263,959 cars
and 114,460 trucks in the U. S. and
13,498 cars and 7,165 trucks ia
Justice
appropriated, the necessary civil¬
ian help to offset any shortage of
enlisted men if strength falls be¬
low the required levels.
£ The
v
Estimates for
March is 304,475 cars and
trucks for the U. S. and
Chief
re¬
toward the
quote:
respectively, in Canada.
Canada.
tude
pletter>■'received from a British correspondent %
but
to $700,-
the government the
original amount of the fine shall
menting
(A Keynesian Liberal).
70.457 cars and 28,700 tni^irc made
2ft 7nn trucks
70,457
in U. S. plants and 3,455 and
1,825^
contract with
hire, from funds already
seas
Lewis,
complies with the court
against
breaking
off
its
order
orized to
-
$10,000
000 the fine against the union with
the
stipulation
that unless the
law.
An
L.
from $3,500,000
quested that the services be auth¬
ity and gas, steel and transport. I hope our experience"
will be taken to heart by the workers of the U. S. A.
Nationalisation is a snare and delusion and can never
the
be reimposed.
draft
The '
happening now is a good example of what nationalist- > :
tion will mean. It is just terrifying to think what the
situation will be when they have nationalised electric- >
upheld
court
reduced
date would request renactment of
a
Thursday of last
--
>
The
Washington, that if the Army
could not be kept at that strength
and the Navy at its authorized
carry
L°alA?tnk* a* s° orderued by
1* Alan Goldsborough.
Congress, according
Associated
an
from
the American
upon
on
Mineworkers Union. They were adjudged guilty of
19Wer^C?Ur,
failure to halt last fall's soft
the
'j;»-
'resident told
major decision far-reaching in its effect
came suddenly and quite unexpectedly
wef
t!le United States Supreme Court in a 7 to 2 decision
upheld the ruling of the Federal District Court against John L. Lewis
being discharged in
are
A
r
people
Army to its projected strength of
1,070,000 by July 1. However the
just muddlers. In the past private enterprise has always 1
organised itself to meet such eventualities as a -bad :j
winter, they would accumulate stocks, which would I
recent
the
legislators that drafted
now
numoers
numbers
are
organised society.—Excerpt \from a
the
men
making thevery best of this to cover their shortsightedness. ; The ;
full responsibility for the present crisis is that of the
Socialist Government; they are not planners, they are <
work in a highly
that
and Training Act be permitted to
expire on March 31, 1947, and ad¬
Godsend this appalling weather is to the
Socialist planners!
to
message
3, .President Truman
posed
LONDON, 25th February, 1947.
a
a
March
Also Backfires
What
Urges
End of Draft Law
§ Britain's New Deal
.
1431'
,
:
,
■
men
most
are
employees, both in the
sense at common
technical
in common, accept¬
ance of
the term, is too obvious
to be labored."
; ;
law as well as
quotations $2.50 a ton on some
types and $3.00 on others," while
at least one pig iron producer advanced his prices $4.00 a ton, the
magazine states.
/
/,:!/•p''
/
The Iron Age pig iron composite
last
price last
week. moved front
week held close to the very high
$30.15 a gross ton to $32.23 a gross ^
levels attained in recent weeks,
ton up $2.08 a ton. A further adthough shortages of. raw materials vance in the composite is expected :-t
and inadequate shipping facilities
this week after other makers take
caused output to decline modestly
price action. In 1920 the "Iron Age,'F
in some industries.
'
pig iron composite averaged $42.75 /•
In the steel industry production
a gross ton with a peak of $47.83
remained unchanged from that of
a ton reached in July of that year.: J
a week ago when a new postwar
In 1939 the composite was $21.19
;
high was reached. Due to the a ton and during the war years v
critical shortage of pig iron, foun¬
when controls were in effect the
dries in many localities found it
average
price of pig iron was /
necessary
to suspend operations
$23.61. //■/;/*
[A»
temporarily^ In addition to the
The iron and steel scrap market
short supply
of pig irqn, : steel
situation a week ago was in its
scrap shortages also continued to
most chaotic state in steelmaking »?:
be an obstacle to greater output,
history. Buyers and sellers alike
i
Automotive production last week
appeared to have lost their per¬
exceeded 100,000 units for the
spective and were openly admit¬
third consecutive ™°riod with out¬
ting that scrap prices were en¬
put estimated by Ward's Automo¬
tirely out of control. According to,
tive Reports at 104,437 units. This
authoritative sources within the
compared with a record postwar
steel industry itself it is now.
high of 105,175 units in the pre¬
Privately admitted that the bitter
ceding week, v / ** "•
'
/
competition for material at some,
In the corresponding week last
distance from the steel mills has,
year, 23,050 units were built as
contributed primarily to the snowcompared with 125,915 in the 1941
continued cn page, 1435) v. \
Total
industrial production
,
.
?
.
•
period. Last week's
total included
T.r-'J y.
1432
trol
?v-r-As- We See
(Continued from first page)
of
V
^
^
».
; :
-
which had
tion
in
labor
cursed the
so
1946.
Possibly
lican
Budget Timidity
And what do
hostilities
end
to
is
be
formally at
another
in
case
point; Along with that proc¬
lamation went
other
number
a
of
irritating governmental
of this weak
suggestion. The
dispute witl>
the Republican ranks, but
he
man
in the street is
excusable
in
Board
an
end to
other: enactments
stow
the
.upon
powers which
conciled
which
President
not be
can
with
be¬
re¬
peacetime
quirements; In
re¬
even as
one
much
as
he has
But the
;
v
Opportunity Not. Lacking
ment—which in
The
should
Republican party has
not been in want of
nity
1
>
%
m
••
to
is
I
opportu¬
very
leadership
President,
but,
or at
the
the contrary,
positively and even
on
the
consumers'
terms of
steady
from
price
index
decline
in
every
in
December,
154.5 (1923
1946.
1946level
100)
as
a
month
October to December,
The
of
15.0% be-!
was
low the peak of
March, 1945. Real
weekly
1946
earnings
were
January,
payrolls all
December,
above
and
Employment,
of
in
15.6%
1941
those of August,
those of
26.5%
above
4939,;
hours, Vand
man
rose
in
each-month
ing
October
rate
week
and
December,
lengthened.
increases, reported
the
Wageto
The
Conference Board, for the 25 in-
manage¬
dustries, amounted to 0.2%
in
be
each of the
last
less
or
three months
weakness
on
is
the
in
the
current
September. Compared to the war¬
enough, unfortu¬
time
peak
in
working
hours
nately, that the Republican
reached in
January; 1945 (46.2)
party has no notion of doing
hours), the December average is
anything of the sort.
It is obvious
,
.
5.6
hours
level.
the President.
The President
never
hearc
country in peace¬
several times
as
the
has
caught the public eye
and, apparently, public favor
in
dealing with Mr. Lewis anc
dispute about the
budget. Here is the President his miners.
Criticism which
proposing expenditures nex was
justly leveled at the Ad¬
time—indeed
following
an
disputes
not
where
involved.
under
It is
this
bill
function with
can
injunction, if that
is
necessary
in order to
carry out the purpose
of the government. I
should like
to see this
clarified, but I want
to go on record as
saying that un¬
interpretation of this bill
der my
the
at
Federal government will
not
time be prevented from
any
La Guardia
same
or
of
'members
are
employers
who stand in
or
of
affiliated organi¬
an
employ¬
or
some
one
of
other
specified positions relative
to a dispute over the
employeremployee relationship. Every one
of these
qualifications in Article
13 (A) and (B) we think relates
to
an
filled
economic
by
a
role
ordinarily
private individual
or
corporation, and not by a sover¬
eign government. None of them
is
atall
suggestive
of
any
part
played by the United States in
its
were
tee,
both
in
explaining the bill
and
standing. We cannot but believe
that the House
accepted these au¬
thoritative
representations as to
the proper
construction of the bill.
The Senate
expressed no contrary
understanding, and we must con¬
Congress, in passing the
clude that
act, did not intend to withdraw
the government's
existing rights
to injunctive relief
against its own
employees.
would
to
specify
the
any
commonly
be
United
States
or
role which it might
thought, to fill is
stfong indication" that;it:,did not
intend that the
act should apply
situations; in-; which
United
States appears as
employer.
p "In the type of
re¬
advocating its passage. No
member of the House who
Voted
for the-bill
challenged their ex¬
planations. ; At least one 1 other
member expressed a like under¬
to
to
which
ported and recommended the bill
to the House.
They were the most
active spokesmen for the
commit¬
relations with its own
employees.
We think that
Congress's failure
refer
members of the
Committee
"If
we
''
'
were
be
"/
to stop here there
little
difficulty in
ac¬
cepting the decision of; the Dis¬
trict Court upon the
scope of the
act. And the cases in this
court
express consistent views concern¬
ing the types of situations
which the act
applies.
to
They have
gone
farther
no
than
case to which
the act applies, Article 7
requires
certain findings of fact as condi¬
Congressional desires by regard¬
ing as beyond the jurisdiction of
tions precedent to the issuance
of
injunctions even for the limited
injunctions sought by the United
to
follow
the district courts the issuance of
recognized by the act- States and directed to persons who
are not
One such required
employees of the United
finding is 'that
the public offices
States/ None of these cases dealt
charged with
with the narrow
the duty to protect
purposes
complainant's
segment of the
property are unable or unwilling employer-employee
opposed—is,
of of
relationship
1946.
to furnish
course, to bring in a tariff
adequate protection.' now before us.
■*■■■$?/
Working Hours—Working hours Obviously,
such
finding could
measure
to
supersede
it
War Labor Disputes Act
never be made if the
showed a
complainant
which would
sharp rise from Sep¬ were
really make an
"But regardless of the determi¬
the United
States, and Fed¬
native
important beginning at least tember to December. The Decem¬ eral property were threatened
guidance; so offered, de¬
by
in
leading the world to a new ber, 1946 average was 40.6 hours Federal employees, as the respon¬ fendants rely upon the opinions of
or 1.5%
(0.6 hour) more than in sibility of protection would then several Senators uttered in May,
footing of international trade!
or
12.1%
below
this
/•''/
'
;
part of his
found
year of amounts
of in this,
that
the government
Judiciary
to
the last quarter of 1946. Dur¬
work
judgment
notion
my
the
are
zation
Real
1923 dollars)* showed
individuals,
en¬
indirect interests
therein,'
>'employees of the same
or
ees,'
years.
—
the
1
:
industry, trade,
occupation,' who 'have di¬
or
who
average
A Labor
Policy
aggressively clinging to some
Employment—More workers
.The
And, with
Republican attitude were employed in December in
deep regret be it said, the op¬ toward
agriculture and labor the 25 industries than
during any
position has not had the cour¬ unionism—if one
may guess month since June, 1945.
Except in
age or good sense to
what
the
challenge
party's- attitude February, when it was lowered
him, The most
noteworthy in¬ really is—is more or less in¬ by
strikes, employment rose each
stance of this
obduracy on the distinguishable from that of month in
1946, and at the end of
opponents,
I
the
weekly earnings (actual*weekly
earnings adjusted for changes in
of its
very essence.
part of the President and this
f'
than
'in
'This deals with labor
are
that
same
were
greater
March,
earnings
view
.
the
very least to compete with
him for it. It would be
foolish
to suppose that the
President
has fully abandoned the
New
Deal
"ideology" and all its
works. Not
only has he not
done so,
I
take
from the
our
gaged in the
—
require
the
in
weekly
"Real Weekly Earnings
way to oppose this
tariff
Earnings
clauses
employer,' who
reached
point in recent
perhaps, more sion, but in such a manner as
accurately, by reason of the to suggest that what is
really
fact that
they have let the wanted is not even this micro¬
impression gain currency that
scopic relief from tariff bar¬
they do not have any policy. riers. Thie
to
v
involve persons 'who
case
]
:
February, 1946, when weekly
earnings dipped to their lowest
are, or
of
Those
Board
4
1945:
delu¬
program
Weekly
the
for
many
term
the
func¬
the
- employee
relationship applying for an injunction, if one
affirmatively suggests that the is necessary in order that the
gov¬
United States, as an
employer, ernment may function.' ' '-v„
was ; not
meant to be included.
"Representatives Michener and
rect
December
one
the
"Those clauses in Article 13
(A)
(B) spelling out the posi¬
tion of /persons' relative to the
hourly
series
of these example. There are
many
matters, of course, the Presi¬ others. Take the so-called re¬
dent was in a
position to lead ciprocal trade treaties
pro¬
the way. In some instances he
gram.; As with the Adminis¬
took action before
Congress tration which preceded it, the
convened. In others he could
Truman regime ; is
making
deal; withv situations over¬ considerable, political capital
night by simple executive out of this
program, certainly
action. He has
gained im¬ very much more than should
measurably in the esteem of oe accorded
any such lame
the rank and file
by making and impotent action. The
op¬
good use of his position—and
position is making a bad mat¬
by the failure of the leaders ter much worse
by opposing
of the
opposing party to make it, not on the grounds that its
clear and unmistakable what
accomplishments are hardly
their - policies
or
programs more than a snare and
were or
not desire
extend to them.
(Decem¬
1946 average: $50.54) were
only 0.9% below the peak in the
,
,
did
gress
In
the
craft
16.0%
budget is but
extending the term of sovereign
implies that Con¬
ber,
in his cheek!
The ab¬
governments
Actual weekly earnings
suspects, with his tongue
this
employer
"Actual
asked,
it
of any comparable provision
sence
.
in the series,
noted, and it added:
expected
popular as time passed. Simi¬ or wanted from Congress, and
larly also with a number of quite possibly more—maybe
act itself for
to extend to associations.
of
,,
of the
and
month
ever
ed
terms:
between
13
this
"In a later
stages of the debate
Representative Michener
repeat¬
ordi¬
the government is
Arctile
($1,111). : The
December,
1946
figure for average hourly
earnings also represented a new
high for the eleventh consecutive
that the President has
every
cent that he has
will
necessary * for
nerships and corporations, and in
1945
pecting, on the present showputting ng, that when the dust of
lattle has settled he will find
compulsory military
ques¬
tion had
grown less and less
Feb. 21, average
on
it
that
attempt to legislate
S. Article 1, 1
U, S. C. Article
1, for the term to extend to part¬
($1,247)
were
12.2%
above the war-time high of
June,
sus¬
activities. The President has
taken the initiative in
Service, which without
Conference Board.
last month of 1946, said
employing
remembered
any
is
same
R.
survey
af
tioning of the government.''
narily not be construed to do so.
Congress made express provision
earnings
quite
cynically
statutes
Industrial
the
ernment
The act does not define
'persons.'
In common
usage, that term does
not
include the sovereign,
and
earnings of production workers in
25 manufacturing industries
con¬
ducted monthly by the National
matter is still in
in
the
K
Federal gov¬
rights which it
has
under existing
law, to seek and
obtain injunctive relief
where
on both sides of the
case,
the conflicting interests of
'per¬
sons' on both sides of the
dispute.
hourly
earnings... in
December, 1946 were the highest
in
<
government
employ,
ees.
I do not believe
that the en¬
actment of this bill into
law will
take away from the
or
•
it
does not
concerning
ships. And 'persons' must be in¬
Average
recorded
bill
volved
Hourly Earnings
Top Wartime Highs,
Says Conference Bd.
ever
Be
several defined economic relation¬
Dec.
find the
we
opposition done?
;
the
t •.;;
Coal Strike Case
ing interests' in a labor dispute of
'persons' who stand in any one of
course.
party white.
i.
■
Do-nothingism in Congress
again bleeding the Repub¬
is
'
v
when it 'involves persons' or 'in¬
volves any conflicting or compet¬
But
to.
• *
*
(Continued from page 1430)
Section 13, in the first instance, own
employees would not be
declares a case to be of this type fected:
■ "
■
* v
But the
unattended
what has the
opposition doing?
Well, in
changes ' in
administrative
preliminary discussions this
policy and attitudes have not oarty of Calvin
Coolidge timbeen as dramatic as was the
dly suggested taking some $6
case with
rationing and price Dillion from the President's
controls,, but they have been
budget, and it could not resist
fairly substantial.
he pressure groups which de¬
scended upon them as a result
The proclamation
declaring
an
an
traditions, sug¬
Nothing of
rate of expenditures
na¬
^
labor
mains
'
•.
Thursday, March 13,
1947
Supreme Court Upholds Government in Lewis
\
formulating
policy, as well
agricultural policy, re¬
basic
as
real American
disputes
now
whole matter of
a
tude of the Federal Govern¬
toward
few months hence.
a
given rise to such righteous gesting a
wrath. The
story is somewhat which not even the most rabid
the same as
respects the atti¬ of the spenders had expected.
ment
has
effectively 'met
action which ends the
power Of government to do so
regulation. 1 large as ever dreamed of in
The President
evidently was | the most profligate of the
in no doubt of the
meaning New Deal years. Here is the
of all this—even before the
eader, presumably of an ele¬
voting—and lost no time in ment in the Democratic party
dismantling
the
elaborate which believes in a return to
,
matters,
rather;
by
government
control mechanism which had
such
been
♦
-
-
v(
THE COMMERCIAL 8c FINANCIAL CHRONICLE
ministration for
ernment
having
undertake
ous means
to
gov¬
by devi¬
manage or con¬
year was
19.1%
greater than
at the end of 1945.
■
!
Payrolls
—
Payrolls
were
were
also
31.7% larger than
December,
more
during the
tary forces. If these failed, a Fed¬
eral injunction would be a mean¬
ingless form. This provision, like
those in Articles 2, 4 and
13, al¬
ready discussed, indicates that the
act
was
not intended to affect the
relations
States
between
and
its
the
than twice
year 1929.
as
large
as
United
employees.
;
."
.
Government's Right to Relief
a
"When the House had before it
rule for the consideration of
the
bill,
Representative Michener, a
ranking minority member of the
Judiciary Committee
for the
Rules
and
Committee, made
statement in the House
and
spokes¬
minority party
a
on
concern¬
of the bill
advocating its immediate
sideration.
clearly
ment's
In
stated
this
that
the
general
survey
the
con¬
he
govern¬
rights with respect to its
while
debating
the
Senate
bill, S. 796, as originally intro¬
duced. Section 5 of the
substitute,
as
amended, provided: 'The Dis¬
trict Courts of the
United' States
and the United
States Courts of
the territories or
possessiorik shall
cause shown,
but solely
upon application by ^the
Attorney General or under his di¬
have
1946, and by December ing the subject matter
1945. Payrolls at the end of
1946
were
1943,
version of the war
labor-disputes
act. The debate at that time cen¬
tered around a substitute for the
only on state offices but
all Federal civil and mili¬
on
man
increased in each of the last
three
months of
rest not
also
jurisdiction, for
rection
or
.
.
.
to restrain1 violations
threatened
act.'
violations lof
this
Following the rejection of
other amendments
aimed at per¬
mitting a much wider use Of hi-1
junctions
and
characterized;,
as
contrary to the Norris-La Guardia
act, several Senators were of the
opinion that Article 5 itself would
remove
given
some
of
employees
view
the
by
protection
that act, a
contrary to what we have
just determined to be the
scope of
the act
5 was
as
passed in 1932.
defeated, and
no
Section
injunctive
provisions were contained in the
Senate bill.
;
'
; "We v have
considered these
opinions, but cannot accept them
as authoritative guides to the con¬
struction of the Norris-La Guardia
act. They were expressed by Sen¬
ators, some of whom were not
members of the Senate in 1932
and
none
of whom was on the
Judiciary
Committee
which reported the bill.
They
were expressed 11 years after the
act was passed^.and cannot be ac¬
corded even the same weight as if
made by the same individuals in
Senate
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4576
165
Volume
between
the
mine
of
workers
Steel
Operations Again Rise—Inflationary
Forces Pushing Prices Higher—Demand Heavy
and the
private operators on April
11, 1945, which, except as amend¬
ed
and
supplemented
Krug-Lewis agreement,
tinued
in
effect
for
by
the
was
con¬
the
agreement
were
provisions for
mine-safety
new
code.
a
Operat¬
ing managers were directed to
provide the mine employees with
the
protection
and
benefits
of
workingmen's compensation and
occupation disease laws. Provi¬
sion
was
made for
a
welfare and
delphia,
Chicago, Phila¬
Cleveland and Youngs:
town.
"Despite
the
' &;■
;•
•;
increase
'-•■L'L'LL;
in
the
of the Norris-La Guar¬ retirement fund and a medical so-called local scrap prices dif¬
and hospital fund. The agreement
dia debates. Moreover, these opin¬
ferentials still exist between these
substantial
wage
in¬
ions were given by individuals granted
quotations and delivered prices on
striving to write legislation from creases and contained terms re¬ scrap
originating
outside
con¬
the floor of the Senate and work¬ lating to vacations and vacation
suming districts. This is especially
Included were
provisions
ing without the benefit of hear¬ pay.
true in the case of scrap moving
committee reports on the calling
crucial to us here. We fail
how the remarks of these
Senators in 1943 can, serve to
change the legislative intent of
issues
to see
in
grievance procedures.
for changes
equitable
'
•
;
•
from eastern
York
and
points such
into
Boston
as
New
the Pitts¬
"It should be observed that the
burgh area. As a result of price
was one
changes during the past week
government 'The Iron Age' scrap price com¬
Congress expressed in 1932,: and and the union. The private mine posite including the average of
we accordingly adhere to our con¬
operators were hot parties to the heavy melting quotations at Pitts¬
clusion that the Norris-La Guar¬ contract, nor were they made burgh, Philadelphia and Chicago
dia act did not affect the jurisdic¬ parties to any of its subsequent moved up from $36.67 a gross ton
tion of the courts to issue injunc¬ modifications. Lit should also be to
$38.75, a gain of $2.08 a gross
tions when sought by the United observed that the provisions re¬ ton. L
~L'VL.LL
States in a labor dispute with its late to matters which normally
"The currently high scrap mar¬
,
Krug-Lewis
solely
agreement
the
between
<
own
employees.
.
.
."
;
constitute
the
subject
matter
of
ket, while having been exceeded
collective bargaining between em¬
"
through first half of the
course,
hinges upon
serious labor trouble and
averting
produc¬
The decision
of the Supreme Court last week in
tion
to
that the
of cold weather leads
he; conclusion this week
Demand for most
expected to exceed
easing demand pressure on many
products by midsummbr. This, of
burgh district, prices were higher $>there this week and similar con- j because
is
However, sustained steelmaking / operations at tne high
rate in effect since January is seen
inflationary spiral in iron and steel scrap
ditions applied at
year.
year.
stayed last week and the upward movement
the course
ings and
supply
prices was not
continued this week at
major consuming centers, according to "The Iron Age," national
metalworking paper, which, in its issue of today (March 13) further
states as follows:
L r.LLLy.;:,V'L
:
"In an effort to forestall a movement of scrap out of the Pitts¬
The
period
of government possession. Among
the
terms
of
the v Krug-Lewis
the
products
interruptions.
the coal
case
is considered heart¬
ening in this regard. At any rate,
tightness in the supply of major prospects for an easing in the supsteel products will continue for ply-demand situation are believed
several
months
at least.
Even promising with consumer press¬
though
inventories are
unbal¬ ure reported easing at the moment
anced and in the aggregate heavy
on
alloy
steels,
certain
wire
at some points, fresh demand for specialties
and large
carbon
steel
continued
unabated
this rounds."
week."
American
The
Institute
this
Iron
week
and Steel
announced
Debit Balances
telegraphic reports which it
received indicated that the
that
had
NYSE in January
operating rate of steel companies
having 93% of the steel capacity
of the industry will be 95.8% of
The
(a new post-war high)
for the week beginning March 10,
capacity
94.4% one week
compared with
V:
on
New
York
7;
Stock
;
Ex¬
change reported on Fek, 14, that
as of the close of business on Jan. '
31,
1947,
member
firms
of- the
New York Stock Exchange carry¬
month ago and ing margin accounts reported as
:.
The operat¬ follows:
y '.;v L.-'.LL:-LU
ing rate for the week beginning
Total of
customers' ; net debit
March 10, which is also the high¬
balances of $533,033,604 on Jan.
est since the week of April 2,
31, 1947 against $547,552,009 on
1945 when the rate was 96.9% of Dec.
31, 1946. These figures in¬
capacity, is equivalent to 1,676,- clude all securities, commodity
93.7%
ago,
83.6%
one
one
year ago.
in one or two instances in the
ployer and • employee. Many of past, represents a new peacetime
the provisions incorporated into level when the L period of time
"Thle defendants contend, how¬ the agreement for the period of during which the higher prices 400 tons of steel ingots and cast¬ and other accounts. Do not in¬
ever, that workers in mines seized government operation had there¬ have applied is-considered. Be¬ ings, compared to 1,651,900 tons clude debit balances in accounts
by the government are not em¬ tofore been vigorously opposed by cause other„ pig iron producers one week ago, 1,639,700 tons one held for other firms which, are
ployees of the Federal govern¬ the private operators, and have followed the increase in pig iron month ago and 1,473,400'tons one members of national securities
ment; that in operating the mines not subsequently received their prices made a week ago by many year ago.
exchanges, or "own" accounts of
"Steel" of Cleveland, in its sum¬
thus seized the government is not approval." -Z*
makers. 'The Iron Age' pig iron
reporting firms, or accounts: of
mary of latest news developments general partners of those firms, J L
engaged in a sovereign function;
Composite price is up this week
in the metalworking industry, on
and that, consequently, the situa¬
to $33.15 a gross ton from last
The Exchange's announcement
March 10 stated in part as follows:
tion in this case does not fall
week's figure; of $32.23, an ad¬
of Feb. 14, also said: Credit ex¬
"Inflationary forces in raw ma¬
within the area which we have
vance
of 920. The total advance
tended
to
customers .on
U.~ S.
terials markets are forcing prices
indicated
as ~ lying
outside the
from the level which existed be¬
Government obligations was $69,to higher levels on a broad front
scope of the Norris-La
Guardia
fore increases were made amounts
007,409 on Jan. 31, compared with
with
accompanying uncertainly
act.
It Lis clear, however,
that
An
additional $145,187,630 in to $3 a ton. $74,168,844. in December.;, (This
and confusion in steel and metal¬
workers in the mines seized by
"Because scrap prices today are
amount is
included in the net
appropriations
was v requested
Meanwhile, ad
the government under the author¬ from Congress by President Tru¬ dictated entirely by free market working circles.
debit balance total.) •<); 7'ZSfL*-verse weather continues to ham¬
ity of the war labor-disputes act man on Feb. 28 and; according to conditions and the gyrations ac¬
Cash on hand and in banks'fi
stand in an entirely different rer Associated
Press
advices from centuated by intense competition per steel shipments, while indu¬ the United States amounted to
strial gas shortages are seriously
lationship to the. Federal govern¬ Washington, appearing in the New among steel producers, there is no
opera¬ $442,533,2901 on Jan/ 31, - against
ment with respect to their em¬ York "Times" was split up in the indication this week as to when curtailingmanufacturing
$461,983,826 at the end of 1946,,
tions at some points. LC'LL
ployment frpm that which existed following way:
a price reaction may be expected
: 5 m L $0.
Total of customers' free credit
"Last week, pig iron went up
before the seizure was effected.
to set in. Efforts by the governL
$50,000,000 to provide tem- men to unloosen WAA surplus several dollars a ton, scrap con¬ balances, was reported at $687,That Congress intended such was
| porary re-use housing for vet¬ equipment which will be classi¬ tinued to spiral at various centers, 378,796 Jan. 31, against $704,399,to be the case is apparent both
erans.
upward adjustments were effected 278 on Dec. 31, 1946. These fig¬
: L
from the terms of the statute and
fied- as scrap are underway, but
ures include free credit balances
on important ferroalloys, and lead,
from the legislative deliberations
$87,532,000 for airports and some time may elapse before such
copper and silver hit new postwar; in regulated commodity accounts.
air navigation facilities.
preceding its enactments Section
action furnishes aid to scrap con¬
highs. All in all, the various me- Do mot include free credit balances
3 of the war-labor disputes act
$7,580,630 for the State De¬ sumers or may be expected to af¬ tallics markets presented every held for other firms which are
calls for the seizure of any plant,
fect scrap prices. Meanwhile steel
partment.
members of national securities Ex¬
appearance of boom.
.
>
;
mine or facility when the Presi¬
$75,000 for the rural delivery producers are finding their steel- L "The, surge in scrap is uncheck¬ changes, or free y creditbalances
dent
finds
that
the, operation ^ service of the POstoffice, a de¬ making: costs mounting rapidly
ed! and features the inflationary held for the accounts of reporting
thereof is threatened by strike or
because of scrap costs. •
v i .
trend in metallics generally. Scrap, firms or of general partners ,of
ficiency appropriation. . L
other labor disturbance and that
"While higher scrap costs may
; L;L-Z<V';'
f
however, is believed reaching a those firms.
The press advices added: ' L
an interruption in production will
■
—'
have some bearing on the final
point where a leveling off in
unduly impede the war effort.
The President also suggested outcome of wage negotiations, the
prices can be expected, if not a
Congress intended that by virtue
that $20,000,000 which he had total effect may not be in pro¬ reaction. Many trade leaders think Avery Chairman of
of
government seizure a mine
L recommended
for veterans' portion to the current magnitude the market has moved too fast to Chicago Federal Reserve
should become, for purposes of
educational needs in the 1947- of the scrap problem. Further¬ higher levels to hold for long,
The Board of Governors of the
production and operation, a gov¬
48 fiscal year be spent this year. more increased living costs which
especially with spring just around
Federal Reserve System an¬
ernment facility in as complete
Under the housing program, are also expected to be temporary the corner with its traditional im¬
nounced on March 6 the appoint¬
a sense as if the government held
for which Congress already has will match the- temporary high proved flow of material into con¬
ment of Clarence WL Avery,' of
full
title
and
ownership.
Con¬
appropriated $445,627,000, Army level in scrap quotations, as bar¬ sumption.
^
Detroit, as a Class C director of
sistent with that view, criminal
barracks and other military and gaining factors.
"At the same time, consumers
the Federal Reserve Bank of Chi¬
penalties were provided for in¬
"Despite the need for immediate and sellers are reported increas¬
civilian
and Lother
wartime
terference with the operation of
structure
are
converted into action and despite the dependence ingly impressed with the fallacy cago and his designation as Chair*
man and Federal
Reserve Agent
such
of a great number of steel pro¬ of current buying policies, notably
temporary dwellings, v.
/;r
facilities. Also included were
of the Bank for the remainder of
ducers
and steel consumers on trade-in
procedures for adjusting wages
transactions and ex¬
:
The President said that be¬
the 3-year term ending Dec. 31;
and conditions of employment of
the outcome of the wage negotia¬ cessive cross-hauling which large¬
fore Feb. 1, this year, alloca¬
1948.
The Bank's announcement
tions between the United States
the, workers in such a manner
ly have contributed to the spirited
tions had been made for 158,v fL•;LLv;' *7
as to avoid interruptions in pro¬
Steel Corp. and the steel union, bidding for material and the ac- says:
834 units, but the rising costs of
/'Mr. Avery is Chairman of. the
duction. The question with which
no final action will be taken un¬
commpanying price swirl. Mount¬
building and scarcity of matewe are confronted is not whether
til the portal-to-portal problem ing production of pig iron, Jan¬ Board and President of the Mur*
rials made it necessary recently
has
been
definitely settled by uary output of 5,014,796 tons be¬ ray Corporation of America.',)Rie
thp workers in mines under gov¬
to suspend 8,357 of these. With
ernment seizure are 'employees' of
Congress. The company and union ing the largest since March, 1945, has previously served as a direc¬
cut-backs which had been or¬
tor of the Detroit branch of the
the Federal government for every
have only about six more weeks should exert a quieting influence
dered earlier, he added, it now
Federal Reserve Bank of Chicago
in which to reach a satisfactory on scrap, especially with the price
purpose which might be conceived,
appears that Federal funds may
and subsequently ps a Class LB.
but whether, for the purposes of
agreement.
spread between scrap and pig
provide for only about 150,000
director at Chicago.";
this case, the incidents of the re¬
;
,
r
L "When the portal-to-portal is¬ iron narrowed.
units, or about 25% fewer than
L Advices from the Federal-Re¬
lationship existing between the
"Pig iron was advanced $2.50
sues
are
settled, the Steel cor¬
i was planned.
:
L '
government and the workers are
and the USWA will to $4 per ton by important sellers serve Bank of Chicago on
The recommended additional poration
these of governmental employer
without • doubt
reach a quick last week in the face of improved said:.
*7 ;
•;;;•»■; j
}•
L appropriation for airports and
an$ eqipjoyee.
agreement unless f some unusual production. Highly ;' accelerated
air navigation facilities would
"Mr. Avery has taken an active,
/, "Executive, Order 9728, in pur¬
change in the current temper of demand, far above previous peace¬
; include $9,411,000 for salaries
suance of which the government
both sides occurs.- It is still a time experience, the scrap short¬
part in the civic life
and expenses of the Civil Aeroage and rising costs explain this
seized possession of the mines, au¬
From 1940 to 1942, he was Presi¬
L nautics
Administration, $11,- good probability that before the move. Elimination of government
thorized the Secretary of the In¬
final agreements are reached, the
dent of the Detroit Board of
L 114,000 for establishment of air
Steel company will make some allocations, except - to soil pipe
terior, to negotiate with the rep¬
merce.
In 1942, he was the ,fixst.
navigation facilities; $1,900,000
resentatives of the miners, and
move reflecting a moderate de¬ production, after Mar. 31, is ex¬
.for technical development;
pected to have a salutary effect President of the petroit War
crease in the delivered price ' OJ:
thereafter to apply to the National
$107,000 for Washington National
steel while at the same time con¬ in this market, making for more Chest. He is now a member of,
Wage Stabilization Board for ap¬
) Airport and $65,000,000 for the
propriate changes in terms and
ceding a moderate wage increase equitable and orderly distribution. the Engineering Society of
"Federal
aid airport program
"Ahothei' quarter of active steel
conditions of employment for the
with
some ■. social-benefits
de¬
He is a director of Kalamazoo^
during the fiscal year 1948. :
demand is ur prospect-. L Again
period of governmental operation.
manded by the union, < y-., v:~,;
:
The supplemental appropriasteelmakers generally will have Vegetable Parchment Co./
Suchnegotiations- were under¬
"The
exceedingly heavy de
tonnage ./< carryover, gan Bell Telephone Co.,,
taken and resulted in the Krug- / ftion of $7,580,630 for the State mand for steel products, the box substantial
Department would include. $4,-r
Lewis agreement.^ That agreement
Economic Club of Detroit."
< **
car
shortage and the disruption, though arrearages
contains, many basic, departures Li 195,347 for United - States par- of some finishing mill schedules to be as heavy as
V, tieipation in the United Nations.
from the earlier contract entered
Mine
Workers Are Government
Employees
Supplemental Funds'
Asked by President
,
.
.
,
.
;
•'
Lf
.
.
;
.
"
.
-
.
MarchuS
<
of/petroii..
■
,
Detroit,
<
*
:
Michi-*
and the;
v
1
.
at the beginning
1**1434
THE COMMERCIAL & FINANCIAL CHRONICLE
Robert R. Young Announces Officers
Of New Federation for
6K.S Million
In
Railway Progress
Executive Vice-President.
,
.
New York.
!
Headquarters of Mr. MacMillen
xess under the
peake
previously
Jiis railroad
Association
roads,
Lines,
who,
announced
.
withdrew
companies
of
from
American
Rail¬
MacMillen,
in
School.
From
1939
York
He
1, 1939, until
he entered the army as a
private
in April,
1942, Mr. MacMillen was
a partner
in the Troy, N. Y. law
firm of MacMillen
and.Filley.
until
Assistant
Nov.
is
year
work..
From
culture in
1941 he
Secretary of the
V
State
Bankers
from
to
Newj
Association.
accept
an
invita-j
the_ Virginia - Bankers J
Association to be its first full time
secretary and treasurer. During
a
out
,
.
the
and
,
four
discourage
removal
War.
power and
An
by
the Senate,
tional
as
to turn
■,
unemployed
is
confirmation
|
or
departs from the
balance between its
basic industries..
A New Balance Between
*:
Basic Industries
It is to
kas*c
a
new
dYfr,
balance between
industries
at
home
ma-
mining
manufacturing, that
and
for the
I abroad, that accounts
turity of commerce,
and
have
we
to
extension of opportun-
an
J;kaji wd.4 make Yor rising
standards of ^ving all along the
I kne* Direct subsidy aid would be
subject
to
where
Congress
the control of the in¬
tax to the President.
come
a
raised
the country
as
approaches
unconstitu¬
as
apply
Hy
cf. the
it would be for
over
different
to
new
*ook for
without
including
rate
all the goods imported
from
nation, and lowered or
the
of
control
single
to
_
executive
treaties
This
country,
thousand
against that nation
tariff, which permits the writing
of
five
or
items.
•
waste attending disbalance.
V/e
have to keep clearly in mind that
it was on this waste that
Germany
and Japan traded themselves into
.
structure in this
world, then it is simply
to; exaggerate the evil,
serving
census
1941 Mr. Payne served as
Deputy
Administrator of the Defense Sav-
.
the
If this arbitrary lowering of the
is an attempt to
peg production on a falling standard of
capital-labor efficiency through¬
compen¬
,
and
of
;
sating drop of about 300,000 from
january
February. These facts
are from the
Monthly Report on
Labor Force, a sample survey
COnducted by the Bureau of the
,
taxing
interest
tariff
The number
showed
the
'
:
Pegging Product on on
Worlds Inefficiency
„
over
employed in non-agri-
cultural work
was
government
balanced development of basic industries .at home and abroad.
largely the result of
some areas.
of persons
July
January
resigned
tion
He
The increase
of
spending *' in
"Farm employment went up by
about 400,000 in
February as the
weather grew favorable for
agri¬
1938, and has been engaged in
administrative
old, is a graduate of Wil¬
College and Albany Law
trol
were
returning to civilian em¬
ployment, according to Mr. Capt.
The department of
Commerce, in
advices to this effect, added:
>
Mr. John H. Payne who becomes
Executive
Vice-President
was
graduated from Colgate University
organization.
who
is
33
new
persons
veterans
tion of American Railroads.
dent and John H. Payne, Jr. was
named Executive
Vice-President.
Mr. Young has assumed the Chair¬
manship of the
last
when
the grounds that it was
progressive, Mr. William C.
MacMillen, Jr. was made its Presi¬
years
of the Census.
since its inception last October 15,
the Chesapeake and Ohio
Lines withdrew from the Associa¬
the
on
liams
Railway Prog-
as^
not
Mr.
to be in
auspices of Robert R. Young, President of the Chesa¬
Ohio
and
for
(Continued from first page)
55,500,000
employed in civilian jobs in Feb¬
ruary, virtually the same as in
January, but 4 million over a year
ago, according to Director J, C.
Capt of the United States Bureau
.';;r..fvSv:
Following the organization of the Federation
Employed
Febmaty
About
William C. MacMillen, Jr., named President and John H. Payne, Jr.,
j
Thursday, March 13, 1947
adequate.
If the
in
special cases
protection was in¬
use
tariff
The
■
of this
use
new
principle of
question has *; become too balance as the
gtnnnnnm
WSS ^
basis
ings Staff, United States Treasury
| 2,500,000,; about the same as .in complicated •• to be handled by justment of tariff tor the ad¬
1945 was promoted to the
rank of
Department. In May 1942 he wasH^nuary and slightly below ,the
rates, would
Congress, the same is true of taxes bring the tariff of
Major and was made Chief of commissioned an
the United
ensign in the
^or„ a.1^ear a^°'.
one as a whole. In keeping with this States under
Personnel Statistics
Branch, Head¬ United States Naval Reserve,
serv-j million 01 the unemployed. were tariff procedure we are follow- trol. It would constitutional conquarters, Army Air Forces. Upon; ing in the Solomon's
make "every citizen
campaign of j veterans, another million consisted ing in the
his discharge
footsteps of Europe,
December, 1945, he 1943 and released to inactive
duty]0* male non-veterans, and about centralizing the powers of gov- 1 and representative * directly rewas awarded the
Legion of Merit as a lieutenant in September 1945.1 one-half million were women. The
sponsible for the use of this taxernment in the executive.
*>y General H. H. Arnold. Since He was then
ing and. protective power.appointed assistant average period of unemployment
\ While comparatively few AmerJan. 15, 1946, he has been
assistant to the Executive Manager of the I *or
Sr°nps was about 12.weeks
Foreign countries, under these
*0 Mr. Young on his New
York American
Bankers
^caf would go hack ^to the gen- I conditi0nS, would know just where
Association,
staff.
He will continue to make from which
position he resigned
earlier
his headquarters in New York,
with
to accept his new
was
tariff
commissioned in 1942 and in
-
.
r
.
Mr.
Young stated that Mr.
Millen
has
been
organization
post.
Mac¬
developing
of
the
-
.
Payne, a resident of Tarry-'
town, N. Y., is married and has
the
Federation
one
John Howard Payne, III.
son,
Export-Import Bank Approves Credit
f ;
Bolivian Development Corp.
]
i
:
*
Mr.
the House
100,
of;
increase
an
of
announced
$3 million in
^Development Corporation
to
program
Bolivianos
Jmown
as
resulted
the
be
for
conducted
(the
negotiations
with
Export-Import Bank by GuillGutierrez, President of the
Development
Corpora¬
tion, arid Guillermo Mariaca, Gen-(
eral Manager of I the
YPFB. The
announcement of the Export Im¬
port Bank further said:
Mr.
Martin
Export-Import
recalled
that1 the
Bank authorized a
credit of $15,000,000 to
the Boliv¬
ian Development
Corporation in
March, 1942. Of this amount, $5,-
500,000
leum
the
;
allocated to the
petro¬
was
development
remainder
and
program
to
highway
con¬
struction. Under the terms of this
allocation the Bank has
to date
advanced
to
the
Development
Corporation $1 million for
drilling
operations in the Camiri oil
fields,
and the Corporation
has in turn
advanced this amount to YPFB
to
finance those operations.
There
have been no actual
advances for
construction costs and
purchases
in
connection
and
on
with
the
pipeline
refinery, since advances
these
purposes
were
for
conditioned
reasonable assurance of
mini¬
a
mum
stabilized production in the
Camiri
oil
fields,
satisfactory
plans and specifications
and cost
estimates,
,
and
satisfactory
con¬
struction contracts with
approved
United States
engineering firms.
Bolivian
and
private
United
States funds
equivalent to $5,650,
000 have also
been allocated to the
petroleum development
program,
thus making,
together with the increase of
Import
$3 million in the
Export-
Bank
$14,150,000
credits,
for
the
whole. The funds
by
the
Export
amounting
be
used
now
to
-
to
part
of
in
the
cost
the
Camiri
of
as
a
Bank,
will
drilling
fields,
pipeline from Camiri to Coch¬
abamba, and the construction of a
refinery
at
Cochabamba.
Any
a
constructing
to
be
other
supplied
than
the
from
Export-
proponents
■
to produce
The
270 to
pro¬
a
"
.
V
rected
of
the
to
a
tion
-
the Bolivian
credit in favor of
1
Development Corpo-
been agreed that the
Export-Import Bank funds
ad-1
to
Bolivian
YPFB
through
Development
will be repaid to the
committee
.
.
;
.
collectively
ation, the adequacy of
the
to
evil.
government
,
no
in
a
treatment
.
of
encourage
,,
expansion
balance,
a
rate of
It
at
Bank
than
$3
in
event
any
million
in
not
less
of
the
each
years 1949 and 1950 and that
these
repayments will
be
dedicated
by
South
America
agriculture
through the
p?n?ion °f the *mPort
£ „4y
sus-
excise tax
HousfwaysTnd St
the
Committee on March
6,
March 10 the Committee
0n
and
on
soil and
forestation.
ance
Jt
this
was
Import Bank, to the
completion of
the
highway
In
to
program.
announcing
Bolivia
for
1»/r„
the
oil
since
new
credit
development
'
Mr. Martin noted
that YPFB has
.
announced
a
*
,,
policy,
,
subject
to
ratification by the Bolivian
Cdngress, of opening the oil
resources
in the
Chaco region to
ment
by private capital.
•
the
aclfon
shortage is
a
source
of
concern to manufacturers of auto-
To
as
mobiles, piping and
other build-
Ung materials,household appliances
and accesories and
wire.
Recently
the
Reconstruction
and
Finance
Corporation raised the price of
foldings, said to
its
be abou
develop-i^wks'notedIn the^-W^
Street Journal"
of March 7,
an
impoverished
was
basis
in
ing
a
op-
on
Standard Time.
definite
information
effect
this year,
sults
will
the Com-
Industry Association of
conduct-
nationwide mail survey. Re¬
are
expected to be ready for
report by the middle of April, f
I
ill-paid
in
the
IVIOOIIf S If ally
^
^
„
u
,
416.6
Wednesdayfmrch'il":,
418.1
Thursday, March 6——
Frid&y- March 7—
March
Month
adoption of
Year
simplified revision
is substituted for the
Maine
Island, while local
New York, Inc., again is
The return of the
tariff to Con¬
gressional control calls for
the
a
reported
for
421.7
420.7
422.8
sidyUaidal hati°nS thr°ugh sub-LSSf'^rflo:r"^"
Tuesday,
whereby a flat
one, two or some higher
an
State law, in
where Daylight Saving
K
procedure
by
disbal¬
agriculture
industry, only kept alive
by
observance
nierce and
agriculture,.
and
to
be
re¬
at
expense - Of the
part,
has served to
reduce
1946,
obtain
to
subsidy aid into favor.
This expansion of the whole
at the
to
that
prevailed in Delaware, Flor¬
mained
the
home and abroad which
Corporation, pursuant to its
formally brought deficit spending,
cheap
understanding with the Export- aPProved the legislation.
credit and
Large
the
York
ida, Illinois, Indiana, Louisiana,
Michigan, Missouri, New York,
Ohio, Pennsylvania, Vermont, and
West Virginia.
Other States re¬
expansion of
upkeep and
showed
Statewide
a
j ^0n
on
labor
in
an(j Rhode
its own to im¬
prove the proportion
between cap¬
ital and labor
sufficiently to cov¬
er
Association
official
J
but
New
Connecticut, Massachusetts, New
Hampshire, and New Jersey. Un-
of
served
cities, in
A survey conducted last
year
served
falling
Encouraged
continued
expense
.
.
hour of Daylight
Saving was ob-
(
to, encourage
,
,
Secretary of the Asstated.
"In: all prob¬
ability," Mr. Miley said, "a similar Period of observance from the
last Sunday in April to the last
Sunday in September—will be observed again by 60 of the 62 in-1
.
purpose
and
conthe symptoms of
Expansion
\
on
.
,
sociation,
the
commerce, mining and manufac¬
turing as infant industries served
measure
...
.
not yet received definite word"
nations raised their
tariffs
.The
A
bring-
cost that nullified the
of tariff protection.
It simply
use
supply,
A
.
_
corporated
designed to relieve a
revenues at a rate to be
-commerce,- mining and manufaccritical domestic shortage oL cop- turing which
determined by the
made it impossible
Export-Import per by stimulating
imports from for
surplus
,
State, as well as by many smaller
communities, although we have
machine.-Failure to make this
adjustment:resulted
Copper Imports
Corporation from the anticipated
industries,
nations indi-
the
measure of
I Suspend Tax
Development
world
for
and
the
the
Program
basic
in
justify recogni-
ing the representative measure of
capital-labor efficiency in
the law of
supply and demand
up-to-date so as to account for
service for them and the
equitable
allotment of materials in short
ration, it has
vanced
called
of
manufac-
cost or
road-building program, to inesses with
particular reference
which
the
Export-Import Bank I to postwar
problems, factors hindhas already allocated
$10,000,000 ering their development and
under
oper1942
as
This
This
committee, a Washington
dispatch to the New York "Times"
stated, has been .empowered to
study the problems of small bus¬
sub¬
Cruz
the
established
well
were
enough nations to
ing the interests of small business.
surplus of revenues be¬
ginning in 1949. In order to carry
forward the Cochabamba
Santa
-
turing
charged with the duty of protect¬
stantial
'
,
and
vidually
special
-
.
By 1900 the infant industries
same day the House
voted,
92, the same advices stated,
recreate
Daylight Saving Time in
N. Y. City April 27
balancing of supply
commerce,, mining
has
measure,
to the
and demand.
standing committees.
duction of the
petroleum products
required by the Bolivian
economy
and is expected
United
contended that newsprint- was a
special problem requiring special
treatment beyond the scope of
petroleum,
development
program in Bolivia which the Ex¬
port-Import Bank is assisting in
the
the
who, with other
.
in
production
The committee's
Chairman will
be
Representative
Clarence
J.
Brown (R.-Ohio)
Bank, and arrangements
the: provision of such
funds
have been made. ?. H •
result
pos¬
outside
Reciprocity in the exchange of
and services, is
something
,
country and Alaska, and
study prospects of supplies
sources
a
by not selling below the cost 0f
f*Lra hour of da?il|h] \n
production; by not building up the. Commerce and Industry 19A46>
Asplarit? capacity capable of con-1 socmtaon of New York reported on
tinualiy flooding the markets and March 7.'<<New.York
City.'s
driving prices down below^ the ance W1^ begin on April observ;
27 and
cost of production.
It is an ex- extend to Sept, 28," Thomas Jefchange of goods and services di- ferson Miley>
the
increased
of
will
long-range
Our tariff would be
bulwark to peace.
existing 1 Deneilcia1'
-
Daylight Saving Time will be
more than
observed again this year in New
compromise
with
the principle
of balance.
York City and most of the
; It is an exchange in
States
which all parties stand to
..and communities which had
an
benefits
stated.
to
an exchan§e of g°ods and
changed; is something
this
from
Import
financing will
attention
antee of
blanket
more; than
an
increase in the
amount of goods and
services ex¬
other
States, including Canada.
for
The
special
i
Press
committee
the
on
granted by Congress
Executive to alter
goods
investigate
Washington
touchv
r
i
a
.
and
and
will
additional funds required for the
completion of the approved
pro¬
gram ; are
from
of
Associated
sibilities
generally
the
sources "
to
newsprint
seven-man
to
desperate,"
establishment
i
the
tariffs.
voted,-269 to
short-range
in
of
supplied
$8,500,000,
finance
the
be
Import
v
program
total
a
program
to
entity
the
products,
give
new credit
ermo
Bolivian
The
by the Yacimientos Petroliferos Fiscales
petroleum
.
and
committee
advices
existing credit to the Bolivian
Bolivian; Government
YPFB)<. The
from
an
paper
financing the petroleum development
treirielv
1
dropped to levels
Feb. 26
on
supplies' of
Feb. 27 the approval
by the bank
on
for
special
Wm. McC. Martin,
Jr., Chairman of the Board of Directors of the
Export-Import Bank,
mSnth°s of°log§£■ Impto^fh^tr^^tS
are"vast^numbers8'who"are^ex- a §uarantee °'£ reciprocity; a guar-
Spurred by reports that news¬
print supplies in cities
throughout
the country had
termed "critical
to
diyri
Special Business and
Newsprint Groups
rate
of
percent
existing rate
Two
1946
1947
weeks
ago,
ago,
Feb.
Feb. 11
ago,
„
March
High, Dec.
Low, Jan.
425.7
*
11
11
—,—
_
_
_tu
_
J
_
423.4
411.5
25„___
_
_
^-
391.4
271.3
380.6
264.7
2
High, March
10_
Low, Jan. 20—.
425.7
371.5
,
'
^
^.*
Volume> 165 '> Number 45 7 6
THE COMMERCIAL & FINANCIAL
and
The State of Trade
nine
that,
CHRONICLE
of
operating
American
Railroads.
Class
I
railroads in
January, 1947, had a
railway operating income, be¬
net
rate for some months
fore interest and rentals, of $57,-
to come. ./.y.■•■>/■>//
y Nonferrous metals prices have
j
reached
the
peaks,
new
«
732,041 compared with $66,681,905
in
above
January, 1946. " / / .^ /: ./ i;'v:
the twelve/months ended
un¬
•
"
.
•
V,
;
.
,
,1
Wholesale Commodity Price In¬
dex—Continued
Jan.
in
on
last
31, 1947, the rate of return
property investment after de¬
metals,
decreases
,
1
.
.
For
i trade authority reveals, with cop¬
per at 2iy2 cents a pound, exceed¬
country the past week, but slight
were
in ? evidence
in
together with decreased
output of machinery castings oc¬
some
localities due to unfavor¬ casioned by shortages of pig iron
able weather conditions, Dun & for foundry use posed a serious
Bradstreet, Inc., reports in its problem for the durable goods
summary of trade conditions. Fur¬ industries. In food and processing
machinery,
cocoa, cur¬ ther resistance to high prices on equipment,' foundry
rants and hogs. The index repre¬ the part of the consumer con¬ refrigeration and materials han¬
sents the sum total of the price tinued to keep unit sales below dling lines the demand continued
per pound of 31 foods in general those of a year ago, while total strong.
Wholesale food prices estab¬
use./'///''/'/// * - : / •'"/ ;"v'/,: ■1 •. /•'. dollar volume held slightly above
'
1
that of the year preceding. The
lished new high levels during tha
remained
changed. Advances included flour,
(Continued from page 1431)
f /wSieat, corn;, rye, oats, barley;
hams, bellies, lard, butter, cheese,
balling effect in higher pricesi est and rentals, of $29,000,000 com¬
coffee, cotton-seed oil, beans, eggs,
pared with $33,887,227 in January,
Some sources fear that quotations
potatoes, steers, sheep and lambs.
1946, according to the Association Declines occurred in
may go higher before, a reaction
t sets in and point to the supporting
t factor of an anticipated high steel
1435
grain
and
sharp
carried
week
advances
livestock
the
for
demand
articles
brand
well-known,
remained
strong
but ac¬
markets ceptance of unfamiliar brands
Dun
was
&
week, but unit sales volume was
somewhat lower.
,
,
to the Federal Re¬
serve
Board's index, department
store sales in New York City for
According
slow with consumers displaying a
daily wholesale com¬ tendency to buy only when they
modity price index to new high could get what they wanted.
the. weekly period to March
1,
ground for many years. The index
r cents
a pound is
at. an all-time
Retail grocery volume fell slight¬
1947, increased 14% above tha
figure rose to a/ new post-war
high, approached only in 1917 by
ly below the high level of the pre¬ same period last year. This com¬
peak of 257.99 on March 3, and
ceding week with increases in the pared with a decrease of 3% in
S the previous high of 12 y4 cents a1
534,027 compared with $640,840,- closed at 257.89 on March 4, as
price of" bacon, ham and other the preceding week. Sales in tho
pound. Current prices for these
668 in the same month of 1946, an compared vwith
252.33 a week
metals have been forced up by
pork products reported. The sup¬ latter were sharply reduced- be¬
increase
of 7%.
Operating ex¬ earlier.
ply of fresh fruits and vegetables cause of heavy snow storms along
:] the world shortage coupled with
penses in January totaled $538,
All
grains registered marked was ample except in those com¬ the Atlantic Coast. For the four
; unprecedented world
demand for
948,218 as against $495,885,440 in advances last week on the Chi¬ munities
affected
by
adverse weeks ended March 1, 1947, sales
reconstruction and civilian pro-:
January, 1946, an increase of 8.7%. cago Board of Trade. Strength weather conditions. < Interest in
rose 9% and for the year to dato
r duction.
■
O. ' » ■■//', : •■■/''•
ed only by highs of nearly 24 cents
*
preciation
averaged * 2.68%
as
against 3.72% Tor the 12 months
ended Jan. 31, 1946.,"
* j '-///' 4
Total
operating /revenues
in
January, 1947, amounted to $685,-
pound in 1929 and 1919 and 37
cents a pound in 1917. Lead at 15
a
,
'*
Bradstreet
„
.
•
in wheat and corn reflected the canned goods was maintained at increased to
16%.
/y There is evidence, the "Iron Age"
Paper and Paperboard Produc¬
;
•
/
extreme tightness in cash mar¬ a high level and stocks of canned
points
that; current increases tion
Paper production in the
'
kets as a result of heavy Govern- soups and
fruits improved ap¬
Jin these metals may be followed United States for the Week ended
Statement on Sat. Closing j
ment purchases of wheat, flour preciably.
up by new price increases in other Mar. T,vWas' 108.5% bf fnill ca¬
metals that are in a similar suply-; pacity, against .10^.9% _.(rpvjsed and/' cbrn recently, as well as a
Durable
goods
volume
com¬ By Pennsylvania Banks
»demand position.
Such increases figure) in the preceding week and •Shortage ' of box / cars T: to move pared favorably with thatV of a
On Feb. 27, the following state¬
Other stimulating factors year ago as appliances and house¬
101.8% in the like 1946 week, ac-, grain.
may well be expected in tin, anti¬
included reports of large export wares continued to be best sellers. ment bearing on Saturday bank
mony, cadmium and perhaps zinc.
cording to the American Paper &
closing was issued by the Pennsyl¬
The present copper price repre¬ Pulp Association.
This does not requirements of all grains, and Interest in furniture was slightly
)■
—
'
-T
,
.
■
,
•
,
•
-
increase of 49.6% over include mills producing' newsprint
OPA-approved, price ef¬ exclusively. Paperboard output for
fective, until Nov. 10, 1946. • The the same week was 102%; com¬
/ present lead price is increased pared with 103% in the preceding
sents
an
the. last
81.8%
the last OPA price;
over
week and 98 %,- in the correspond-,
~
With respect to the U. S. Steel
•:
ing week a year ago.
Corp., the magazine notes that the
company has approved a bonus of
$250 for each of its 9,500 foremen
in the company's basic steel sub/ sidiaries.
T h i
s
remuneration
;
which amounts to
$2,375,000 is al¬
ready being distributed at some
plants and is recognition for the
supervisory assistance .in the eli¬
mination ;rof wage inequalities, a
'project which has extended over
1 f many.months. / M/,.;
The Americanv Iron
A/-? f
-
v.f
and
Steel
of
J this Week; the operating rate/of.
/steel companies haying. 94 % pfihe
steel capacity of tbd industry will;
;/>/ Institute announced on Monday
/
>
/ be 95.8% of
capacity for the week
| beginning Mar,.10,\1947, as ;'com-
pared with 94.4 %/ one week^ ago,;
one month ago and 83.6%
"93.7 %
'/one year ago.
,
This represents an
increase of 1,4 points Or 1.5% froihi
the preceding week.
The week's operating rate is
t
.
equivalent : to 1,676,400 tons of
steel ingots and castings as against
> 1,651,900- tons
one week ago,\ 1;-'
639,700 tons one month ago and
:
///; 1,473,400 tons one year ago.
/
/
V
Edi-
Production—The
Electric
Electric Institute reports that
son
.
the output of electricity increased
.
to
-
4,797,099,000 kwh. in the week
ended
Mar.
./* 740,000
1, 1947, from 4,777,in the preceding
kwh.
week. Output for the week ended
Mar. 1, 1947/ was 19.9% above
/
.
/ Consolidated Edison Co. of New
York
/
reports
216,900,000
"
■
*
system
in
kwh.
ended Mar.
output of
the ' week
2, 1947, compared with
.:f :■/./* 193,200,000
kwh. for the corre•sponding week of 1946, or an in
r
/
crease
•
tion
of
of
12.3%.'
Local
electricity
distribu-
amounted
to
/§/•/ 202,400,000 kwh.' compared with
/.186,600,00() kwh. for - the' Correysponding week of last year, an
// '/ increase of 8.5%. v
..
_
.........
yRailroad Freight Loadings—Car
/ ./loadings of revenue freight for
:
the' week
/
totaled 850.031
>/
/
ended
tion
of
1,
1947
cars, the Associa¬
Railroads an¬
American
nounced.
V> 73,342
ceding
Mar.
This
cars,
an
increase o
above the prewhich included
9.4%
week
-
was
/Washington's
,
Birthday on Saturday, Feb. 22, a holiday, anc
67,634 j cars or 8.6% above the
corresponding
week
for
1946
.
// Compared with the similar perioc
'./. : of 1945,
or
.
8.2%
increase of 64,295 cars
is shown.
/
Railroad Earnings In January
*
Class
■j
States
.
an
I
railroads
in
January,
of
the
Unitec
1947, had
an
estimated net income, after inter-
on
lower than in the previous
week,
supply
vania Bankers Association:
/
,
;
>
'
"It appears
obvious from many
of \ public ' sentiment <oti
of mattresses and bedding was re¬ reports
Winter wheat crop was greatly
ported. The ; demand for little Saturday bank closing throughout
benefited by a good snow cover known brand radios now available Pennsylvania, that the State Leg¬
which
the
blanketed a large part of
last week. The Upturn
belt
but
improvement
ties
was
very
the
in
to the consumer in
Business Failures Continue High
Although
down
light.
large quanti¬ islature would not approve a man¬
datory bill. /Since returns wero
a
,
-
iast year's
corresponding week
that for the corresponding weekly however;/failures/ ih/mahufactur?
/ -period one year ago.. ;
ing were three times as heavy in
v.
reports
crop conditions in Europe. The
outlook
for the
new
domestic
received from the Questionnaire
in
oats, rye and barley was
Many stores reported a mod¬ issued
by Pennsylvania Banker®
little : from' largely influenced by the action
erate increase in the demand for
the previous week's high- level,; of wheat and corn. Futures trad¬
Association, permissive bills have
women's Spring apparel with in¬
commercial and industrial failures
ing >on the Board of Trade last terest directed primarily toward become law in New York and New
in
the
week ending March .6 week
Jersey. Ohio is canvassing their
amounted
to
274,792,000
medium, and higher-priced suits situation. The Maryland Legisla¬
continued to be over twice as bushels, or a daily average of
and blouses. Numerous clearance
ture now has permissive closing
numerous
as
in the comparable 45,700,000 bushels, the largest in
sales of furs and winter clothing
under consideration, the bill hav,week of 1946. Dun & Bradstreet,j about six years. Domesticj flour
were also reported. Cosmetics and
ing passed the House and is now
Inc., reports 58 concerns, failing bookings held to the moderate
costume jewelry attracted more
against 74 last week and only 22 scale /of recent weeks. Buyers attention than in many previous up for second reading in the Sen¬
ate. /In Delaware, the Wilmington
in the coresponding week , a y,£ar Were extremely cautious > as.:prices
Weeks, while the demand for Banks have been closing on Sat¬
ago. This represented the twenty- forged into new high ground as a
men's suits and topcoats continued
urday for some months under a
fourth consecutive week in which result of the sharp advances in
at a high level. Some improve¬
failures have exceeded /those; in, wheat./? Near-by
lard contracts ment in the supply of medium- year-round permissive act, with
banks in other counties, excepting
the
previous / year's: comparable sold at new seasonal highs last
priced White
r/\ one, being similarly privileged. :
week.
week', 4 Hog prices equaled the
Retail volume for the country /
"These various actions have un¬
Fifty-two of the fifty-eight/fail^ Record/ top of $30 per hundred¬
in the week ended last Wednesday
doubtedly influenced sentiment in
ures occuring during the week in-,
weight, aided, by smaller market¬
was estimated to be from 4 to 8%
Pennsylvania in favor of permis¬
volved
liabilities; of / $5,009/ 05 ings and continued broad demand.
above that of the corresponding sive closing, because these action®
more.
These large failures num¬
J While, leading cotton markets week a year ago. Regional esti¬ in
bordering : states / will affect
bering ,52 showed' a dedirie Trow W^^S^erally/fiyni^vdurihgvthe
mates • exceeded those of a year many of our Pennsylvania banks*
the 69 registered a week ago;
yveek, there were, some sharp re¬ ago by the following percentages:
"The Pennsylvania Bankers As¬
there were almost three times as, actions at times ahd closing prices
New England 5 to 9, East 7 to 11,
sociation Committee on Legisla¬
many, as in .the same week last were slightly- under those of a
South 4 to 8, Northwest 10 to 14,
tion
is / accordingly
suggesting
year/however, when only 1 9 were! week ago. Supporting factors in¬ Pacific Coast 9 to 13. The South¬
reported in the large /Size group. cluded continued moderate mill west declined 1 to 5% and Middle amendments to the Frazier Bill,
S-38 to/ provide for
permissive
Small failures with losses/Under price-fixing ; operations
and a West ranged from 3% above to
Saturday closing for the entire
$5,000 remained low, totalling six fairly/good speculative demand
1% below that of a year ago.
year, in order that each section
ih/the'week/^tist/endM/aiz-eiim^ in, the distant positions. Buying
Although wholesale centers re¬ of the State may meet the prob¬
pared with five in the previous was also stimulated by the tight
mained generally quiet, there was lem in accordance with its par¬
week and three a year ago. /////// supply position, reports of con¬
a slight rise in dollar volume
in ticular needsr"
/ ,//•%
/ ; /
Almost half of the ;week?s\fall¬ tinued holding by growers and
the
week due more to higher
ures
occurred' in manufacturing the expectation ; and subsequent
prices than to increased unit sales.
Alaska Ship Bill Signed
industries. Twenty-eight manufac¬ realization of an advance in the
Total wholesale volume was mod¬
turers failed, a somewhat smaller parity price for the staple, which
Congressional action on legis¬
erately above that of the corre¬
number than/ a week agp when proved to be considerably larger
sponding week a year ago. Ample lation to authorize the Maritime
there were
36.
Compared with than had been anticipated. The stocks in most retail outlets en¬ Commission to negotiate with ship
t
.,,
unfavorable
further
reactionary movement
visible at
abled buyers to
purchase cau¬
prompted by profitto limit their orders
taking / on / the/ advances
and tiously and goods. Shipments in¬
to/ needed
the
week just ended./ Retailing liquidation resulting from reports
creased moderately this week and
With 16 had the second-largest of possible elimination of the sub¬
buyers continued to press for im¬
number
of
failures this week sidy payment on exports of cotton mediate deliveries.
,
'. « ,
In
this
tradeas/ in manufac¬ by this country/ Preparations for
Department store sales on a
turing, /a
sharp ' uptrend/ from the new crop were said to be
country-wide basis, as taken from
the 1946 level was apparent. The, making normal progress through¬
the Federal Reserve Board's in¬
other trade and industry groups, out most of the belt. Carded gray
cloth.iv markets . were dex for the week ended March 1,
on
the other hand, showed little, cotton
featured i; by heavy, business . in 1947, increased by 10% above the
change in failures, with, only five,
same
period of last year. This
or
less recorded in any of these sheetings for third . quarter de¬
livery with some bookings noted compares with an increase of 2%
groups. The Middle Atlantic States
in the preceding week. For the
accounted for two-times as many! for fourth quarter delivery. Busi¬
ness
in print-cloths was, down four weeks ended March 1, 1947,
falures as any other region this,
sharply . for the /week as many sales increased by 8% and for the
week. y.//////"
!:/
year to date by 14%.
houses withdrew offerings
Canadian
failures showed
a.
z
Retail sales volume here in New
Buying : interest in domestic
marked rise this week, numbering
wools showed moderate improve¬ York reflected some tapering oft
10 as compared with two in the
ment in the Boston market last the past week resulting in a gain
previous week and four last year)
approximating between 5 and
week. This largely reflected
.* Food
Price Level at New High scarcity of foreign wools and con¬ 10% over the like period one year
Most
foodstuffs/ continued toj stantly rising prices in foreign ago.' During this period in 1946
purchase
of
spring
move
upward in the past week/ markets. Although buying con¬ cbnsumer
bringing the wholesale food pric^ tinued cautious,
a
fairly good ready-to-wear and accessories
greater than
index compiled by Dun & Brad- turnover was reported consisting were substantially
times
was
,
operators to institute private oper¬
ation of a steamship service.; to
Alaska* for 16 months was com¬
pleted 011 Mar. 3, with the House
agreeing to minor Senate amend¬
ments, Associated Press Washing¬
ton advices stated. The signing of
the bill by President Truman was
announced on March 7. Under the
newly enacted measure
with
the
the Com¬
authorized to contract
mission is
private operators to operate
Alaskan
furnished
nominal
ships
with
service
by the Commission at
charter hire.
Also, ac¬
to the Associated Press,
operators would agree
to
cording
the
stand all losses.
The government
.
-
.
—
all-time high mostly of small lots needed for
immediate consumption to fill in
between ' receipts
of , Australian
and South African fine wools
the $4.17 recorded on
Retail and Wholesale Trade
street, Inc., to a new
for the
point of $6.77 on March 4. This
compared with $6.62 on Feb. 25, a
rise of 2.3% in the week, and was
to
62.4% above
the
coresponding date last year
commodities rose during
Nineteen
the
week,
against three declinesi
Retail volume
erately in most
increased
sections 01 tne
current period,
reports in hand.
according
•
would get
75% of all profits above
10%. The same
The
advices said:
interim operation*, was
cided upon to give
>•
de¬
Congress data
the service
permanent
plan for Alaska steamship service.
The government has operated
on
on
private operation of
which to base a
the service
/!
The
since 1942.
Commission
said
that. it
garment mar¬ planned to inaugurate the private
kets
activity
was
more
pro¬ service April 1< It will mean an
nounced last week than has been increase in rates estimated by pri¬
the case in the past few weeks
of vate operators at about 35%.
Sharp increases in /prices
In the
wholesale
1436
THE COMMERCIAL & FINANCIAL
CHRONICLE
to work.
within
We
our
national
by
Nazi
Germany. - < Nations
strangled normal trade and dis¬
criminated against their
neigh¬
bors, all around the world.
Who among their
peoples were
gainers?
Not the depositors
who
lost
their
savings in the
power to foster inter¬
co-operation.
We
dedicated ourselves to its
have
failure
success.
This is not, and it must never
be, the policy of a single admin¬
istration or a single
party. It is
the policy of all the
people of the
United
States.
We,
in
this
those
streets
we
There
to
seem
confine
can
with
other
still
our
Now,
have
that
co-operation
to
of
eign economic policy of the United
:'-77?:v"
Such
a
Our
-
statement simply
;
not make
does
\
sense,
-;
foreign relations, political
and economic, are
indivisible. We
cannot say that we are
willing to
co-operate in the
unwilling
other.
ers
I
field and
one
co-operate in
the
glad to note that lead¬
in both parties have
recognized
that fact.'
•
•
,
-
are
to
am
The members of the
United Na¬
tions haVe renounced
aggression
as
method
a
political
of
putting armies
have
now
around
out.
their
Instead of
the march,
they
down
on
agreed
to
sit
table and talk
a
In
settling
differences.
-
dispute,
any
will present its
of all will be
fair and just
things
each
party
The interests
case.
considered, and
solution
will
a
be
found, This is the way of inter¬
national order. It is the
way of a
civilized
community.
It applies,
with equal
logic, to the settlement
of economic
hese
is
was
policies
flux.
In
in
to
differences.
are
the
.
or
giant
of
Whether
r
the
to
are
be
meeting
un¬
trade
There is
value
cans
v
;
one
even
freedom
c om
of
that
not, the future pattern of eco¬
depends upon us.
the
c oms
of
loan
the
two of these freerelated to the third. For
cut down
of
this
on
device
t is
im¬
terms
the
ing
Many
of
ariffs. >;, •;:
if
over
in
1946.
tend
than
cut
trade
are
really to be tight tariffs are not
enough. Even more drastic mea¬
no
1932
1946
making
billion dollars in
to five billion
a
for
profits,
is
one
was
would
con¬
better year
a
selling goods, or
or finding jobs, 7
when markets
Business is good when
markets are big. It is the
purpose
of the coming negotiations to
low¬
er
poor
small.
existing
barriers to trade so
markets, everywhere, may
grow. 77,
hat
can be used.' Quotas can be
I said to the
Congress, when it
imposed on imports, product by
ast considered the
extension of
frequently; en-! product, country by country, and
the trade agreements
nations to economic peace or we joyed in those societies that have month
act, and I
by month. Importers can
can
plunge them into' economic accorded a considerable measure be forbidden to buy abroad with*, now - reiterate, that .domestic inof freedom to
erests will be safeguarded in
war.
77v7; ;■ wv;:- r-7',7
individual enter-; out
this
obtaining licenses. Those who
process of expanding trade. But'
Freedom
There must be no question as prise.
has- flourished
buy more than is permitted can be
where power has been
here still are those who
our
course.
We must not
dispersed; lined or jailed. Everything that
sincerely
go
fear
has languished where
that
the
trade
agreement
irough the '30s again.
power comes into a country can be
kept
las been; too
highly centralized J within the limits determined by a negotations will prove disastrous
There is abundant
evidence, I So our
o the interests of
devotion to freedom of central
particular pro¬
hink, that these earlier mistakes
plan. ; This is regimenta¬
I am sure* that
will not be repeated. We have al¬ enterprise, in the United States, tion. And this is the direction in ducing groups.
has deeper roots than a
heir
misgivings are not well
desire to which much of the world is head¬
ready made a good start. Our gov¬
founded. The situation briefly Is
protect the profits of
ernment has participated
ownership.1 ed at the present time. ; i ; v.1777;
fully in
his:
■'•''• \7
is part and parcel of what
7
777" :
we
setting up, under the United Na
call American.
•
y:
1
;ions, agencies of international co¬
U. S. and Counter Controls
Summary of Situation
operation for dealing with relief
X^"
Role of Private
If this trend is not
Enterprise
and
reversed, the
(1) The reciprocal trade agree¬
refugees,
with
food
and
government of the United States ments
act has been on the books
The
agriculture, with shipping and
pattern
of
intenational will be under
pressure, sooner or since 1934. It has been adminisrade that is most
aviation, with loans for recon¬
conducive to
ater, to use these same devices in
struction and
ered with
freedom of enterprise is
development, and
painstaking care and
one
in
the fight for markets and for raw
with the stabilization of curren¬ which
strict impartiality. Some 30
the
major decisions ; are
agree¬
materials. And if the government
cies. And now, in order to avoid made, not
ments with other countries have
by governments, but by were
to yield to this
economic warfare, our government private buyers and
seen made. And trade
pressure, it
ha? grown,
sellers, under would
shortly find itself in the to the great benefit of our econ¬
has
proposed,
and others have condtions of active
competition, business
of
allocating
foreign omy.
agreed, that there be set up, with¬ and with proper safeguards
;777
goods among importers and for¬
in the
United Nations, another against
the
establishment
(2) This government does not
of
eign markets among exporters and
agency to be concerned with prob- monopolies
and. cartels.
Under
intend, in the coming negotiateling every trader what he could
ems and policies
affecting world such a system, buyers make their
ions, to eliminate tariffs or estabbuy or sell, and how much, and
;rade.
This is the international purchases, and sellers
ish free trade. All that is conmake their
when, and where. This is precisely
rade organization.
sales, at whatever time and place
emplated
is
the
reduction
of
what we have been
trying to get
and in whatever
This organization would
quantities they
ariffs, the removal of discrimi- >
apply
away from, as rapidly as
possible, nations and the
to
commercial relationships the choose, relying for guidance on
achievement, not
ever since the war.7 It
is not the
what ever prices the
same principle of fair
of free trade, but of freer
market may
dealing that
trade.;
American way. It is not the
afford. Goods move from
way
the United Nations is
country to peace.'
applying to
(3) In the process of negotia/
to
country in response to eco¬
political affairs. Instead of retain¬
ions tariffs
to
ng
what
see
choice
is
we
We
ours.
shall do.
can
The
lead
been
lave
the
sures
most
•
•
-
i
,
Economic Wars
-
,
Economic
„
tacular
stages,
One
conflict
at
r—
But
nation
is
is
not
spec¬
in
least
it
;
the
early
^always serious
take
may
action
iq
own
producers, with¬
notifying other nations, or
consulting them, or even consider¬
ing how they may be affected. It
behalf of its
out
cut
may
another
down
its
purchases
of
country's goods, by rais¬
ing its tariffs or imposing an em¬
bargo or a system of quotas on
-imports. And when it does
this,
some
producer, in the other coun¬
try, will find the door to his mar¬
ket
sudden-slammed
and
bolted
in his face.
*
Or
exports,
b«3ow
f
idone,
t
nation
a
producer
a
country
goods
When
cost.
will
in
find
its
1
|
atte
if such
Profits
a
market
thing weret done
disappear;
workers
dismissed.
The producer feels
that he has been
wronged, with¬
out
1
warning and without
reason.
He appeals to his
government for
His government
•action.
retaliates
and another round of
tariff boosts,
embargoes, quotas
is under
way.
In such
"war.
a
and
This
is
economic
war.
each
battle of
was
res
more
ap
parent.
Hawley
went
of
on
and
From the tariff
policy o
and
Smoot, the world
to Ottawa and
the system
Imperial
•Ottawa
and
to
the
detailed
preferences,
kind
of
countries would
the
its
from
might
withou
all
would
and
be
solution
politics, this is the
to peace.
A
.•
World< Trade
The
work
by
It
was
carried for*
a
preparatory committee
nations meeting in
London
18
last
fall.
at
second
a
r
mittee
It
in
Geneva,
April 10.
already
should be completed
meeting of this com
beginning
one
If
progress that has
been made on this
project
of
the most
heartening
the
observe
on
The
a
international trade, they will co
more
readily in other in
ternational affairs.
Such
operate
agree
prevent the bitterness
that is engendered
by an economic
war.
It will provide an
atmos
phere congenial to the
preserva
tion of the peace.
elaborate
As
have
a
part
asked
of this
program, we
other nations o::
the
of
trade
that
is
by governments. Under
system, the quantity of
purchases and sales, the
sources
of imports and the
destination of
a
exports are dictated
by public of¬
ficials. In some
cases, trade
conducted
others, part
left
in
the
all
or
of
trader
is
not
may
state.
it
private hands.
the
so,
by
may
But,
free.
In
be
even
Gov*
ernments make all the
importan
choices and he adjusts himself
to,
them as best he can.
;
77"
,
This
-
the
was
seventeenth
and
turies. Unless
we
cisively, it will
the next
pattern
of
the
eighteenth cen-,
act,, arid act de
be the pattern o
century.
-
7
-
alternative has
an
organization that is to be consider¬
ed at Geneva in the
coming month.
The
charter
would
limit
the
freedom
of
governments
to
en¬
V»,
impose detailed administrative
regulations on*their foregn trade.
The international trade
organiza¬
tion would
require its member
nations Ito confine such controls
to exceptional
cases, in the imme¬
diate future, and to abandon them
entirely
The
tions
as soon as
they
trade
that
can.
agreement
will
accompany con¬
sideration of the charter should
enable countries that are now in
difficulty to work their way ou
of it by
affording them readier
cess to the markets of
This
program
is
ac
thq world
designed to 7 re¬
store and preserve
tem that is
a
trading
Worldwide Economic Pressure
Everywhere
are
under
on
earth
economic ^pressure
Countries that
the
war are
their
were devastated
by
seeking to reconstruct
industries.
Their
need
import,
in the months that
ahead, will exceed their
to
export.
imports,
And
must
trolled.
Countries
so
be
I
to
lie
capacity
they feel tha
rigidly
„
that have
'
con
board.
sys¬
Action
(4) In return for these
sions
shall
we
concessions
to
benefit
If
these negotations
the
are
to
be
we ourselves must make
same
commitments
that
we
selec¬
our
conces¬
obtain
and
other
countries
export trade; 7
,
(5)
Millions of Americans—on
farms, in factories, on the rail¬
roads, in export and import busi¬
in
shipping,
aviation,
banking and insurance, in whole¬
nesses,
establishments and in
stores—depend
for
some
hood. If
terests
we
of
trade
liveli¬
their
to protect the in¬
are
these
investments
retail
foreign
on
portion of
people,
in
their
and
their \ employ¬
ment, we must see to it that our
trade does not decline. To; take
one
ple:
of these
...
We
groups as an exam¬
exported
cotton,
every
economy. It is a program
that will
serve
the interest, o: I
other nations as well
as those o; I
the United States.
seek
from
country that chooses freedom for
own
across
be
others not at all."
$3,000,000,000
its
will
tive; some rates may be cut sub¬
stantially, others moderately and
consistent with contin¬
uing freedom of enterprise in
sucessful,
nations
will not be cut
he
sale
7
negotia
v!77'7^'"7
war;
nations
can
agree
to
code of good conduct
in
ments will
pattern
Fortunately,
been offered to the world in
the
charter of the international trade
present
made
such
be
Charter
of
United States,
of
way
drafting a worlc
charter was begun
by the
trade
ward
be
of
least conducive to
freedom of en¬
terprise is one in which decisions
are
and
would
In economics, as in inter¬
national
The
interest of
considered,
just
matter
terprise.
sit down around
The
a
the
or
Individual
This is the essence of
free
things out. In
each party woulc
case.
imports,
transactions
are
private choice.
and talk
dispute,
any
restrictions adopted
table
of
sources
destination of exports.
warning and without consultation
developments since the
the economic
-war-of the '30s
more
others,
economic
;fought, the inevitable tragic
ult
became,
to
is
war
As
that
measures
harmful
subsidies
nobody wins.
Certainly, nobody won the las
'
adopting
be
found.
is
been dumped.
In either
case, the producer gets
a*$gry,
as you or I would
gei;
angry
to us.
of
this
flooded with the
goods that have
"
conduct and agree to
live according to its rules. Insteac
fair
other
the
economic
abroad
some
his
ing unlimited freedom to commit nomic opportunities. Governments
may impose tariffs, but
of economic
they do
aggression, its
members would adopt a code of not dictate the quantity of
trade,
acts
present
subsidize
may
selling its
their
f
1
were up
But
that
Business
are
by raising
7' 7-;
controls
down to
932; they
the
to
way
countries of the world.
larger when we have a thrivforeign trade.
Our imports
were
now
agreement and the
International Mone¬
■
But
But
is
tary Fund. Another
down; on imports is
free-!
first
that ex¬
It also
means
cannot
:
imported goods.
to
rules
worship
speech—and
throughout history,; freedom of
worship and freedom of speech
waiting and watch-
for
pay
by
enterprise. It must be true
are
to
way
limited
than peace,
more
7
Brititsh
t is freedom. Freedom
of
foreign
otherwise ■'
means
ake more products from
abroad
unless we produce just that
much
'ess at home.
money
to
'
_
This
people, it is true, are afraid of imorts.
They are afraid because
hey have assumed lhat we
to
ports is by curtailing the freedom
traders to use foreign
Geneva
thing that Ameri¬
difficult
of
economic
at
monies
be.
our
it
ports will be larger.
that imports will be
larger.
their
„
One
recourse
negotiations
must not fail.
eco¬
controlled.
political affairs.
The
these
■<
make
Importing countries," when
their purchases, there¬
Fortunately, this is not the case,
fore seek to discriminate
against
he size of our market is not
countries whose currencies they
for¬
ever fixed.
It is smaller
do not possess. Here,
when we
again, they
attempt to isolate ourselves
feel that imports must be
from
rigidly
he other
Nations struct¬
in
outside
tliey make
organization,
co-operation
buyers
earn.
which
effective
of
and
nomic relations
The world is
the
he whole United
like it
we
at
find
.j
have been
we
larger, than
would
enough to enable them to pay for
he goods they want;
And they
fund, and to the strength of
ure
to the world.
We'
and
discrimination.
negotiations
the
ary
this
nomic world.
of
discussing will
trade
borders do not hold the money of
hese countries in quantities large
operation of the
nternational Bank and the mone-
state
a
mand.' But
the
' here
The program that
Nor is this all. The products of
some
countries are in great de¬
sential to the establishment of the
everywhere.
are
tariffs,
international
Reached
year
uncertain
toward
may
ports must be rigidly controlled.
opens in Geneva next month. The
success
of this
program
is es¬
1920, we
turning point in
a
of
dertaken
con¬
atmosphere- of
doubt and hesitation, the decisive
factor will be the type of leader¬
ship that the United States gives
foreign
policy ; of
the
United
States, but that there need not be
'bi-partisan support for the for¬
■States^
the
reached
Economic
involved.
This attitude has sometimes
led
to the assertion that
there should
be bi-partisan
support, for the
>
Point
in
as
future
not
Wants Bi-Partisan
Support of
Foreign Economic Policy
-
not
history. National economies have
been disrupted by the war; The
political
need
we
Turning
directed
abandonment
•
A
in reducing
We have not
us
abroad, toward the elimination of
other restrictive measures and the
of the de¬
cause
pression. But I do say that it
major cause.
co-operate where economic ques¬
are
reduction
the
that economic
say
the sole
was
a
are
believe
countries
relationships; that
tions
Not
looking for work. I do
to
mean
flict
America,
must do to
carry
we
policy.
who
banks.
fully
realize what
out
the
negotiations
farmers who lost their farms. Not
the
millions
who
walked
the
are unanimous in our
determina¬
tion to prevent another war.
But some among us do not
•
of
be
established,
they, too, feel that competing im¬
proposed
the
Program Will
Increase
Foreign Trade
r
industries
asked them to remove all
barriers.
Nor have we ourselves
offered to
do
so.
But
we
have
;
doing everything
are
the world to join
barriers to trade.
Thursday, March 13, 1947
•
their development are seeking to
industrialize. In order that new
Troman Calls for End of Economic Wars
(Continued from first page)
the United Nations, in
setting up
its councils, its committees and
•commissions, and in putting them
,1/0
in
worth
1946
oven
>
of
.agricul¬
alone, mostly ,grain, £
tobacco, dairy products
tural products
and
eggs.
If
substantial
we
part
market
the
million
farm
should ilose ^a
of
incomes
this: foreign
of
families
over s
six
would (be
materially reduced and their buy¬
ing power for the products of- our
factories greatly curtailed.
ask of all the other
nations of the
world.
We must be
(6) There is no intention/to
sacrifice one group to benefit an¬
make concessions if
other group. Negotiations will be
directed toward obtaining larger
prepared
to
we are to ob
tain concessions from
others in
return. If these
negotations shoulc
fail,
our
tion
of
hope of
an
early restora
an
which
international order in
private trade can flouris
would
be
lost.
lagged in must not fail.
I
say
again, they
markets, both foreign and domes¬
tic, for the benefit of all.
7 7
(7)
No tariff rate
duced
until
has been
who
an
made* until
wishes
a
will
be
exhaustive
re¬
study
every person
hearing
has
been
.
Volume 165 i Number 4576
heard
and
careful
THE COMMERCIAL &
FINANCIAL CHRONICLE
consideration
given to;his case.'■
;■ - y'1jj_,
...
(8) In every future agreement
there will be a clause tnat per¬
mits this government — or any
other government — to modify or
withdraw a concession if it should
result, or threaten to result,; in
serious injury to a domestic in¬
dustry. This is now- required by
san
advantage
period
of
nomic
this:
isolation,
Take
-
changed.
in
way
which
history of
operations, the
negotiations are
Isolationism,
ruptcy, ;X';
Happily,
of
interests will not be injured.
have
Barriers
years
iis reflected
administered
*• CordelLHull. It
the charter of the
iinternationaL trade
lit is
one
;
i—;turn^ aside.
To those
are.
organization,
of the cornerstones of
plans for peace. It is
"<which'weccan vnot
j
; siot 3
for
by
m
a
>and
to undernvinethis
must
,
"aihonrg rus-^aiid
still .a few
our
policy from
—
partisanship.
continuation of bipartisan
support.
Our
,■
A
•;v,
people
are
y7:
united.
They
come to a
leadership,
policy of reducing barriers
to trade is a settled policy of this
.•government.' It is embodied in the
Reciprocal trade agreements act,
imany
there
who would seek
policy for parti¬
rney are determined
upon an in¬
ternational order in which
peace
and freedom shall
endure. ~ v
Peace
and
freedom
are
not
easily achieved. They cannot be
attained by force.
They come from
mutual
understanding
and co-op¬
eration, from a willingness to deal
fairly with every friendly nation
in all
matters—political
nomic. Let
to
do
us
and
eco¬
resolve to continue
just that,
now
and
in the
future. If other nations of
world will do the
same, we
reach
the
goals of
the
can
permanent
peace
and
world
freedom.
If I Were A Banker
,■
realization of their
responsibilities. They are
ready to
assume their role of
The
'
now
narrow
;;>'*/>*■ v
economic
rest upon a
Here, as elsewhere in
foreign relations, I shall wel¬
come a
and
not
purposes.
hy the
safeguarding clause —
should provide assurance, if as¬
surance is needed, that domestic
■
V/R
foreign
our
Leaders in both parties
have ex¬
pressed their faith in its essential
our
^fathered
the
after two world
wars, is a con¬
fession of mental and
moral bank¬
conducted, the protection afforded
Reduced
in
-;
changed. The temper of
people * has
changed. '; The
slogans of 1930 or of 1896
are
sadly out of date.
base
trade-agreement
only
have
say
Times
position
world has
jority leaders in the Senate,
;
can
our
policy does
All these points—the
I
care!
Our
executive order which I issued
on
Feb. 25, following extensive
conferences between officials in
the Department of State and ma¬
the
and go back to the
tariffs and eco¬
high
;
"
1438
I
Moody's computed bond prices and bond
given in the following table:
I
PJ
MOODY'S
1947
U. S.
Dally
Averages
»
are
limitation:
Avge.
Govt.
Govt.1
Total
Corpo-
Bonds
Corporate by Groups*
Corporate by Earnings*
A
Baa
R. R.
P. U.
11
122.20
117.20
122.09
120.02
117.00
110.34
112.75
118.20
120.84
10—.-—
Mar.
122.17
117.20
122.09
120.02
117.00
110.52
112.75
118.40
122.17
Aaa
120.02
117.00
110.52
112.75
118.40
117.20
122.09
120.02
117.00
110.52
112.75
118.40
122.09
120.02
117.00
110.52
112.75
118.20
117.20
122.09
120.02
117.00
110.52
112.75
118.20
122.20
117.20
122.09
120.02
117.00
110.52
112.75
118.20
120.84
3
122.20
117.20
122.09
120.02
117.00
110.52
112.75
118.20
120.84
1
122.20
117.20
122.09
120.02
117.00
110.52
112.75
118.20
120.84
28
122.20
117.20
122.09
120.02
117.00
110.52
112.75
118.40
120.84
21
122.14
14
122.20
117.40
122.09
120.02
117.20
110.88
31
122.08
117.40
121.88
120.22
117.40
110.88
24
Jan.
Both
122.39
117.60
121.88
120.43
117.40
110.88
117.40
122.09
120.22
111.20
110.70
Certificates
ki.
'K
•
118.40
113.12
118.40
Bonds—
118.80
122.24
117.40
121.88
120.22
117.40
110.70
113.12
118.60
Armed Forces leave
117.20
121.67
119.82
117.20
110.52
113.12
118.40
116.80
121.25
119.61
116.80
110.15
112.75
118.00
—
k
;
Special Fundsof indebtedness-
-
Certificates
ternational
ship."-
12,048,500,000
Treasury notes
12,728,404,000
V- ' IV..'
:
' ''
24,776,904,000
lows:
116.30
121.04
119.61
116.80
110.15
112.56
118.80
119.82
121.92
116.61
120.84
119.20
116.61
109.97
112.37
117.60
119.82
Matured, interest-ceased
13
121.92
116.41
120.63
119.20
116.41
109.97
112.37
117.40
119.61
Bearing no interest:
6
121.74
116.22
120.84
119.00
116.22
109.60
111.81
117.40
119.61
War
stamps
76,122,145
29
121.55
116.22
121.04
118.80
116.02
109.60
111.81
117.60
119.61
25,784,228
121.77
116.61
121.04
119.20
116.22
110.34
112.19
117.60
120.02
refund bonds
Special notes of the United States:
121.08
116.61
121.04
119.00
116.61
110.15
112.37
117.80
119.82
122.92
118.40
122.71
120.43
118.00
112.37
114.85
118.80
121.25
123.77
118J60
123.13
121.04
118.40
112.56
115.63
119.20
121.46
June 28
124.11
118.80
123.34 o, 121.25
118.40
112.56
116.02
119.20
121.46
May 31
Apr. 26
123.09
118.80
122.92
118.40
112.56
116.22
119.00
121.04
124.33
119.00
123.34
121.25
118.40
113.12
116.41
119.41
121.04
Total
Mar. 29.
125.61
119.82
123.99
122.29
119.41
114.27
117.40
120.22
122.09
Guaranteed
High
122.39
117.60
122.29
120.43
117.40
111.07
113.31
118.80
121.04
Debentures:
122.08
116.80
121.04
119.61
116.80
110.15
112.56
117.80
120.02
Demand
125.86
119.82
123.77
122.50
119.20
114.27
116.80
120.43
122.50
Interest-bearing
Total
—
25
Sept. 27
Aug* 30—
July 26
121.46
savings
Excess
of
1947
F.H.A.
45,674,186
»';•
*
216,799,890
C.C.O.^
262,474,076
1 Year Ago
Mar.
11,
1946_
2 Years
Mar.
122.47
1945_
10,
114.85
120.63
118.60
114.66
106.21
110.88
114.46
—
259,131,259,147
authority--
$15,868,740,853
outstanding
MOODY'S BOND YIELD AVERAGES
(Based
on
Individual Closing Prices)
of
amount
Balance face
obligations issuable under above
"
1947
U. S.
Avge.
Daily
Averages
Govt.-
Corpo
Mar.
Bonds
11
rate*
Aaa
2.79
2.55
1.56
10
v-
Corporate by Earnings*
1.57
2.79
Aa
A
2.65
Corporate by Groups*
R. R.
Baa
2.80
U.
3.02
3.15
Indus.1
2.61
2.74
2.55
2.65
2.80
3.14
3.02
2.73
2.61
2.79
2.55
2.65
2.80
3.14
3.02
2.73
2.61
7
1.57
2.79
2.55
2.65
2.80
3.14
3.02
2.73
6
1.56
2.79
2.55
2.65
2.80
3.14
3.02
2.74
Reconcilement with Statement of the Public
Debt, Jan. 31, 1947
•
(Daily Statement of the U. S. Treasury, Feb. 3, 1947)
Outstanding, Jan. 31, 1947—
y y'; kirk /yy^vy
Total gross public debt
$259,776,476,279
Guaranteed obligations not owned by the Treasury
—
269,919,526
2.61
1.57
—
Government with
Union
final settlement.
a
behind a feeling
equitable treatment,
satisfactory to both I sides.
The
magnificent conception of Lend-
of
have
just
left
and
of
Lease—one
the
most
able in the history
'
remark¬
of internation¬
al affairs—has been carried out in
its
broad
intent
in
a
public debt and guaranteed obligations
—
$260,046,395,805
Deduct—other outstanding public debt obligations not subject to debt
Total
gross
which
way
•
..'
United
the point
r
2.61
8
the
sults
total
are on
"The negotiations and their re¬
119.41
Grant
the
and
finalized by an exchange
between, the two Gov¬
view to
a
$269,919,526
Ago
notes
met
7,445450
interest-ceased
Matured,
Africa
Secretary of State the warm ap¬
preciation of my Government for
the fair and considerate spirit in
which the Secretary of State and
his assistants and agencies have
(not held by Treasury)—
obligations:
Lend-Lease
ernments, I wish to express to the
$258,861,339,621
Interest-bearing:
1947
LOW
I%•._
the
that
of being
248,285,000
—
obligations
Smuts*
v'-\..
•
South
350,191,373
————
increase'-"in¬
Marshal
of
States of America
#&<.!<■
-
Bank for Reconstruc.
Development series
and
oetween tne
and
transactions between the Union of
profits tax
Internat'l
Sec¬
goodwill and friend¬
text
"Now
'
NOT.
to
statement was made public as fol-
258,212.240,556
298,907,692
122.17
20
.
the
-k
The
'■
120.02
Dec. 27, 1946—
>
performance," which will
two- countries
120.43
122.14
872,951,025
170,889,424,056
120.84
122.17
3
national
strengthen relations
-
,
congratulations
cable
;o
50,342,505,081
351,075,000
redemp. value)
,,
conclusion v of
retary Marshall on "a fine inter¬
119,322,892,950
i,—
,
shal Jan C. Smuts of South Africa
''
—
Depository
120.63
17
k-I '•
.•
(current
•Savings
120.63
118.80
v,
against
-
negotiations prompted Field Mar¬
,
>;
15,680,764,500
Treasury
claims
war
*
"Successful
$62,545,912f500
120.84
113.31
113.31
29,790,916,000
indebtedness
of
notes
Treasury
121.04
112.93
10
Oct
all
waived
and the
months from that
governments
also
^
y-
$17,074,232,000
in
each other.
Bond Act, as amended.
to
agreement
six
second
date.
$275,000,000,000
_
.
«
—
the
of
date
120.84
4
isSiied under this
time
be outstanding at any one
Treasury bills
120.84
122.14
may
agreed
pay
' I
;-f'
Interest-bearing:
120.84
117.20
tnat
amount
lace
"J
31, 1947—
Obligations issued under Second Liberty
120.84
122.17
122.20
5
Feb.
122.09
7
6
•
117.20
Indus.
J-y
'
supplies,
end-Lease
the United States $100,000',-.
'\vjv )00 in two equal installments. The
out¬ first is payable 30 days from the
•
obligations
face amount of
which can still be
Outstanding Jan.
120.84
8
rate*
/• •/
••
following table shows the
The
Average Yields)
on
-.*
•
standing and the face amount
BOND PRICES
(Based
yield averages
amount."
considered as its face
holder shall be
turity at the option of the
Moody's Bond Prices and Bond Yield Averages
Thursday* March 13, 1947
CHRONICLE
FINANCIAL
THE COMMERCIAL &
adds to its value for international
3.02
2.74
2.61
1.56
2.79
2.55
2.65
2.80
3.14
3.02
2.73
2.61
goodwill and friendship.
"The whole matter, from begin¬
ning to end, has created a happy
impression, for which both sides
1.57
2.78
2.55
2.64
2.79
3.13
3.01
2.73
2.60
can
14
1.56
2.78
2.55
2.65
2.79
3.12
3.00
2.73
2.61
7
1.56
2.77
2.55
2.64
2.79
3.11
2.99
2.72
2.61
2.78
2.56
2.64
2.78
3.12
2.99
2.71
2.62
2.77
2.56
2.63
2.78
3.12
2.99
2.71
2.62
2.78
2.56
2.64
2.78
3.13
3.00
2.72
2.61
1.57
2.79
2.57
2.66
2.79
3.14
3.00
2.73
2.63
1.57
2.81
2.59
2.67
2.81
3.16
3.02
2.75
5
1.57
2.79
2.55
2.65
2.80
3.14
3.02
2.74
2.61
4
1.56
2.79
2.55
2.65
2.80
3.14
3.02
2.74
2.61
3
1.56
2.79
2.55
2.65
2.80
3.14
3.02
2.74
2.61
2.79
2.55
2.80
3.14
1.56
28—III—
Feb.
21_
Jan.
v
-
31.MWU.M
1.57
24—
.:.
1.55
17
1.56
10
I
3
-
Dec. 27, 1946—
r
2.65
I
1.57
2.81
2.60
2.67
2.81 ■;
3.16
3.03
2.75
2.66
1.59
2.82
2.61
2.69
2.82
3.17
3.04
2.77
2.66
13
1.59
2.83
2.62
2.69
2.83
3.17i
3.04
2.78
2.67
2.84
2.61
2.70
2.84
3.19
"3.07
2.78
2.67
,vn 6
;f
—
1.60
-.1
"
915,136,658
-—
$259,131,259,147
Electric
Output for Week Ended March 8,1947,
21.1 % Ahead of That for Same Week Last Year
1
•
." ' .• k
•
.v.•
2.63
v
20
,x
limitation
'
..
'
*
Edison Electr,ic
The
imates
•
■
the
that
-
'<4.
*.% •
,.*>*}■■ *\
>
.....
,
t
•
\.*
-yvr*
?v-v
.
Institute in* its current weekly report, esof
amount
electrical
distributed
energy
the
by
electric light and power industry for the week ended March 8, 1947,
was
4,786,552,000 kwh., an increase of 21.1% over the corresponding
Nov.
29
1.62
2.84
2.60
2.71
2.85
3,19
3.07
2.77
2.67
Oct.
25—
1.60
2.82
2.60
2.69
2.84
3.15
3.05
2;77
2.63
Sept. 27
1.65
2.82
2.60
2.70
2.82
3.16
3.04
2.76
2.66
Aug. 30_
1.55
2.73
2.52
2.63
2.75
3.04
2.91
2.71
2.59
July
1.49 :
2.73
2.50
2.60
2.73
3.03
2.87
2.69
2.58
June 28
1.47
2.71
2.49
2.59
2.73
3.03
.2.85
2.69
2.58
May 31
1.48
2.71
2.51
2.58
2.73
3.03
2.84
2.70
2.60
Apr.
1.45
2.70
2.49
2.59
2.73
3.00
2.83
168
2.60
argest increases were reported by the Southern States and Centra
Mar. 29
1.36
2.66
2.46
2.54
268
2.94
2.78
2.64
2.55
ndustrial
High
1947
1.57
2.81
2.60
2.67
2.81
3.16
3.03
2.76
2.65
spectively
1947-
1.55
2.77
2.54
2.63
2.78
3.11
2.99
2.71
2.60
26
Low
'
when electric output ^amounted to 3,952,539,000 kwh:
week last year
The
figure also .compares with 4,797,099,000s,kwh. producec
current
in the week ended March
over
the same week in 1946.
11,
1.34
1946-
2.66
2.47
2.53
2.69
2.94
2.81
2.63
2.53
10,
*
1.66
1945_
2.91
These prices are computed
(3% %
level
the
Illustrate In
2.92
t
3.38
3.12 '
2.93
2.68
from average yields on the basis of
one "typical" bond
and do not purport to show either the average
average
movement of actual price quotations.
They merely serve to
a more comprehensive
way the relative levels and the relative movement
coupon,
or
2.72
2.62
maturing in 25 years)
of yield averages, the latter being the true picture of the bond market.
NOTE—The
Issue
-
Mar. 8
,
of
the
list
used
"Chronicle"
in
on
compiling
page
the
averages
was
given
5,
this
opportunity to congratulate
Mr. Secretary, von this happy
and fruitful result of a fine in¬
you,
ternational
Smuts."
Foreign Liq- j
uidation Commissioner in its an-|
nouncement
ic
tion
trade
both
coun-l
settle-]
ment
transportation, telecommuni¬
cations, and elimination of double
12.6
a
12.4
South
}
Africa
29.3 '
30.3
Lease
surplus
17.0
16.7
24.8
23.5
24.1
22.5
10.5
7.6
7.0
8.0
Pacific
23.1
19.9
19.4
.19.1
16.5
21.7
'
'
•14.7
•
transaction, the sale to
of
certain
Lend-
21.0
20.5
being £ re¬
States from
;
"In this sale South Africa will
this country about
pay
1946
additional
WEEKS
now
,
21.8
19.9
;
second
claimed by the United
the British.
:
RECENT
matters
air
30.8
t
DATA FOR
on
24.4
21.1
substantial mu¬
involving
agreement
tual accord
"Simultaneously with this an¬
nouncement, OFLC also disclosed
Feb. 8
15
;
1321.
goodwill,
12.8
13.0
Coast
and
determina-|
international
tries acknowledged in the
13.6
18.1
*
their
stimulate
to
16.4
27.2
States
likewise stated,
"Reaffirming
14.3
23.8
Central
Southern
performance.
The Office of the
,
Rocky Mountain
West
will
the good
feeling which has always existed
between our two peoples. I take
10.3
.
which
and
strengthen
.12.3
>
13.6
Total United States
In the Sept.
%eb
Feb.22
and
estate and income taxation.
LAST YEAR
SAME WEEK
Mar. 1
13.0
I
Industrial
Central
^ v/I
Week Ended
Middle Atlantic
Mar;
c
Division—
New England
2 Years Ago
'
OVER
Major Geographical
Mar.
.
INCREASE
*
J
The
which showed increases of 27.2% and 23.8%,; re¬
groups
PERCENTAGE
1 Year Ago
1, 1947, which was 19.9% higher than the
4,000,119,000 kwh. produced in the week ended March 2, 1946.
thankful
be
deepen
(Thousands of Kilowatt-Hours)
$1,400,000
African
South
in
pounds
to
be
spent in
South
Africa for cultural purposes and
,
% Change
Week Ended—
Statutory Debt Limitation
*
as
of Jan. 31, 1947
The
Treasury Department made public on Feb. 6 its monthly
report showing that the face amount of public debt obligations issued
,
under the
Second Liberty Bond Act (as
amended) outstanding on
Jan« 31, 1947 totaled $259,131,259,147, thus leaving the face amount
of obligations which
may be issued subject to the $275,000,000,000
-
ing
•
986.
as
31,
were
given in
Dec. 19, page 3277;y.:
Treasury Department
$258,553,982,our
1/
issue
y
of
3,^8,942
1,637,683
1,542,000
tion premises, over a five year
period.
Any remaining unused
balance at the end of that time
\
1947
4
1,619,265-
Over 1946
1945
1932
1929
1
+ 18.3
4.427,281
1,602,482
1,733,810
+ 16.6
4,614,334
1,598,201
+ 17.2
4,588,214
4,856,404
18
25____
3,865,362
4,163,206
4,145,116
4,034,365
3,982,775
3,983,493
+ 20.4
4,801,179
4,505,269
1,588,967
1,588,853
1,578,817
1,545,459
1,736,721
1,717,315
1,728,208
4.778,179
3,948,620
+ 21.0
4,472,298
1,512,158
1.699,250
4,777,740
Jan.
3,922,796
+ 21.8
4,473,962
1,519,679
1,706,719
4,797,099!
4,000,119
'+19.9
4,472,110
1,538,452
3,952,539
+ 21.1
4,777,207
Feb.
—
-
—
8
Mar.
+18.2
■% Change
4,852,513
4,856,890
*
Jan.
Feb.
:
1946
4,573.807
11
u-
22
Mar.
k
+ 20.5
4,786,552
29-w-
V
announcement of Feb. 6 covering the
Seciion
21 of the Second
4,446,136
1,537,747
4,397,529
4,401,716
1,514,553
1,683,262
1,480,208
1,679,589
4,329,478
1,465,076
1,633,291
Liberty Bond Act,
as
amended, provides
authority of tha
act, and the face amount of obligations
guaranteed as to principa.
and interest
by the United States (except such guaranteed
obligations
as may be held by the Secretary of the
Treasury) "shall not exceed
in the aggregate
$275,000,000,000 outstanding at
purposes of this section the current
tion issued on a
discount basis
| 'H:> i
any
one
redemption value of
which
is
redeemable
time.
any
For
obliga¬
prior to
ma-
of
shall be paid to the
United States
Urges Subsidy Study
:
As
Chairman
of
House Committee
on
Senate-!
the
Reduction of
Sen¬
(D.-Va,) on
Non-Essential Expenditures,
ator
Harry F. Byrd
March
3
submitted
a
report
to I
South Africa Settles US Lend-Lease Account
cash
agreement ; of
$100,000,000
payment to the United States
largest
! payment
on
Lease account to date.
by the Union of South Africa for
Lend-
Provisions
of the
ered
any
agriculture and the States1
count and
purchase of certain
surplus, valued at $7,500,000
ac¬
war
was
announced
T. Lane,
on Feb. 28
by Chester
Lend-Lease Administra¬
tor
and Deputy Commissioner of
the Office of the Foreign Liquida¬
tion Commissioner.
The advices
from
the Commissioner's
further said:
"In
terms
of
cash
it
Office
was
settlement,- which also cov¬
aid supplied by said that it indicated "conclusively
South Africa, will be acknowl¬ that the need is urgent for a thoT' I
edged in an exchange of notes, ough study of all Federal subsidies
probably next week, between the now existing." He said also th,aM
Secretary of/State for the United the report showed that "the States
reciprocal
States
and
the
Government
of
Minister
the
South Africa.
for
Union
>
the
of
.
"Under the arrangement, South
Africa, to which
the
totaled
$13,000,000,000 from 1943 to 1946,
according to Associated Press anvices from Washington/
Cbmmen1v,
ing on the report, Senator,.Byrd
was
shipped
ap¬
are
now
able
to
carry
a
grea];eJ,!
proportion of the expenditures f°*
their own functions which hereto¬
fore have been shared with or
cured
exclusively
from the
se¬
Fefl-|
proximately $189,000,000 worth of era! Government."
.* 't
K
|
Congress in which it was tevealea
that Federal subsidies to business,
settlement of her Lend-Lease
that the face amount of
obligations issued under
I. improvement
consular and lega¬
in dollars."
1,718,304
1,702,570
1,687,229
3,987,877
—
—
* or
States
1.726,161
3,992,283
15-
Mar.
4,576,713
4,538,552
+ 19.9
4,017,310
——-
Mar.
An
Jan. 31 figures follows:
,v
1,414,710
4,442,443
4,616,975
4,225,814
•:
$259,131,259,147.
On Dec. 31, 1946 the
statutory debt outstanding was
The detailed figure as of Oct.
The
United
+16.5
28
Week Ended—
Mar»v 1—-
public debt obligations not subject to debt
Thus the grand total of public debt obligations outstand¬
of Jan. 31, 1947 amounted to
acquisition
1,860,021
4,239,376
Dec.
22
(outstanding
1,840,863
1,554,473
4,940,453
Feb.
136,658
1,563,384
>
21
15
limitation).
1929
-
4,563,079
Dec.
Feb.
$260,046,395,805 should be deducted $915,-
1932
4,538,012
+15.0
4,777,943
Jan.
1944
+14.1
4.672.712
14
Jan.
Over 1945
4,154,061
7
Dec.
guaranteed obligations of
.
1945
4,096,954
Dec.
statutory debt limitation at $15,868,740,853. In another table in the
report, the Treasury indicates that from total gross public debt and
.
1946
V;
MiMrimMfl
[Volume 165 ^Number 4576
THE COMMERCIAL & FINANCIAL CHRONICLE
| Federal Reserve January Business Index
The Board
ft
Governors of the Federal
Reserve System issued
Feb. 26, its
monthly indexes of
industrial
production, factory em¬
ployment and payrolls, etc. The
Board's
customary summary of busi¬
ness conditions was
made public at
the same time.
The indexes for
January, together with a month
and a year
ago, follow:
'
x
jj?'^ -v
,
Adjusted for
Jan.
Total
-ft
/ft
ft Durable
ft'ft-
•190
-—*—;——
Jan.
Dec.
160
•184
179
156
163
•192
188
160:
Jan.
210
166
•177
*217
173
208
164
161
*172
136
171
157
141
*139
131
134
t
154
107
t
:—
t
125
143
87
61
t
122
50
127
118
149.9
Residential
t
—
factory employment—
;
163
145
130.7
t
.
•173.1
172.4
144.4
*172.8
172.3
131.6
144.1
119.8
•131.2
132.2
300.1
*
131
133
227
•209
441
274
167
ftft t
235
JnwnUt-
To
138
179
'
,n
^
<nHpv
on
-'
c*
4-
nondurable
nondurable
Federal
"
manufactures,
mam
Reserve
Chart
and
daily
minerals
Book,
multiply
.469^ and minerals by .152.
'Construction contract indexes based on
3-month moving
averages, centered at sec
of F. W. Dodge data for 37 Eastern
States.
To convert indexes to
value
figures, shown in Federal Reserve Chart
Book, multiply total by
$410,269,000, rfesi
dential' by $184,137,000 and all other by
durable by .379, nondurable by
at
In
millions
of
dollars.
Figures estimated)
Increase
decrease from
or
Nov. 30, '46
9,773
+ 578
credit
consumer
Instalment sale
Dec.
31, '45
+ 3,039
credit:
Automobile
545
40
+
318
+
1,023
+ 166
+
347
tlnstalment loans
2,436
+ 138
+
974
charee accounts
3,027
+ 168
+ 1,046
Single-payment loans
1,879
+
•Includes
service
tlncludes repair
©nd month,
credit
not
shown
61
^ndW,^. without seasonal adjustment,
Bureau
and payrolls index compiled
(1935-39 average
separately,
on
T'i :
MANUFACTURES
Steel
—
ft';
—
Electric
Machinery
;
,ft
equipment
159
107
•182
187
107
t
195
151
•161
160
clay and glass products
Plate glass_:
♦212
:?.
asbestos
prod.
Leather
national prod¬
the national
income, on the other side of the
national ledger, rose from $161
billion in 1945 to $165 billon in
"While the gross
Exchange
29
149
135
xftfttft
Aireon
190
American
*264
ft
134
224
262
199
Cities
151
164
151
141
138
1235
t
180
153
t
180
153
115
117
t
114
117
110
115
t
122
131
t
<
'
ft94
t
ft.;
ft;*-ft
68
t
54
ft
118
92
68
t,:
'
151
ftft *ft V- /ft- 317
109
122
92
-i
v-
131
'
1 u'
;■>
f:--C
117
*152
156
153
175
155
151
131
*184
168
165
*156
145
148
-
t
104
185
ft-72
151
152
94
t
138
142
t
109
104
t
177
185
ft/;t
63
70
•
ft:'.
71
133
t
163
137
143
109
192
:
v
ftft; t
150
145
179
168
and publishing
Newsprint consumption
Petroleum and coal products—
86
87
85
138
118
*135
141
120
-
.
102
114
126
*166
;fttft.
*144
t
t
*148
^ftft/ft; tft;
ftftfttftft ft/ft.
.
Oil
1
131
ft/ft t
"•
129
t
t
/ft t
•144
171
t
ft tftft
t
-
ft
ft.'.
—
—
.
-
143
•166
•148
common
5,400
5,100
position (stocks)
position (bonds)
166,436
134,149
W-kM
180
t
-:t:
143
184
-
116
■
(25)
4.4
4.6
Banks
Insurance
Yield
(15)
(10>
(200)
4.6
4.2
3.3
4.5
4.7
::
116
4.2
3.3
4.7
t
139
111
*383
278
296
234
*250
248
233
V *288
281
251
•425
422.
384
economy,
returned
*245
248
215
reached in
MINERALS
•
215
141
'"ft 146
.
'
Bituminous coal,—1—
Anthracite
Crude petroleum—
Metals
L;
'-.ft
146
159
*173
130
159
121
114
*118
121
114
'ft* 147
144
*144
•147
144
107
t
'74
60
t
58
50
*173
,
t ft
ft":
tData not available.
130
108
ft ft
-
ft
;
—
tRevlscd.
,
§This -series is
currently based uP°n
'.the automobile and
automobile parts
:t
the
141
*144
'
—
activity, during
Ml' firptn
I
*150
ft;*ii8
.s,.
'preliminary.
251
384
248
; '
*150
Iron'ore> L—;
;ft
281
ft
month
connection
and buses; production of
classified In
productive
trucks
Including replacement
plants
.
industries^J
with
in
.
designed
Wy
J
a
of
to
measure
passenger
,
cars,
bodies//partsgnd™
co
Parts; and output of nonautomotive products made in the pianos
j
a
(1935-39
-
...
.
_I
I„_I
i
^
Livestock
Forest products
'
175
157
163
'
v
'
the
on
wartime
peak
the first half of 1945,
the Department of
Commerce said
Feb. 21.
However, the announcement
added, a considerable part of the
recent dollar increase in produc¬
tion was due to price increases,
and the "real" level of the national
for the entire year 1946
approximately one-seventh
highest war years."
economy
was
below" the
From
the
announcement we also
148
132
v v.
ft:.
„*
;122
-148
132
.
133
163
184
ft
152
152
118
118
rl2l
147
152
139
157
-
ft'
v'
109
145
118
■/■ft 44
45
30
152
148
134
139
139
123
78
•'■■ft 74
-
:
v
,
NOTE—To
163
.
126
122
156
,
127
155
162
'
during 1946
however, about
one-fifth
larger than in 1941, reflecting both
a higher level of employment and
a
more productive
utilization
'
<
-
ft
ft
78
ft'
-
-
74
1945.
tion
ft' *
multiply coal by
^
.213 and miscenaneu
k
,
average
tions
...
„,inno
with $199.2
-
.
billion in
The dollar value of produc-
increased after touching the
reconversion
qu<?r£!ier
The
were
when business opera¬
considerably
below
lew point in the first
,
•,
.
.
income
share received by
non-corporate business was un¬
usually high, primarily because of
the high incomes'of farmers
distributors.
and
The $30 billion total
for 1946 ineiudes the return
to the
proprietor for his labor as well as
return on his investment. The
increase in the net income of
agri-
national product in- cuitUral proprietors was the result
of sharply higher prices received
annual rate of $183.7 billion in the for agricultural commodities. Net
first quarter to $190 billion in the farm income rose to $14.9 billion,
second, $196.6 billion in the third 190/ above 1945 "
and $204.7 billion in the fourth
lUi
quarter. The quarterly rates for
1945 were $205.1
billion in the Hughes on
first quarter, $208.2 billion in the R - .
v ;r
i_clirjl—
second, $198.2 billion in the third Banks
and $185.2 billion in the fourth.
William P. Hughes has been
"Government expenditures for appointed Executive Assistant of
gross
creased from a seasonally adjusted
.
Staff of Savings
Lite Insurance rund
goods and services declined sharply during the first three quarters
of 1946 and leveled off in the
Prior to
with the
Com-
uct—representing the total output from $24 billion in the first quar- Statistics and Research.
that Mr. Hughes was
of final goods and services at mar¬ ter to $10 billion in the fourth.
"The
deflationary impact -of, Metropolitan Life Insurance
ket prices and including govern¬
ment services—was $194 billion this decline was cushioned by loans1 pany.
-.
convert coal and miscellaneous indexes
in Federal
Reserve Chart Book,
7.3%—than in the late 20's or in
1941 but were far above the 1936-
Savings Banks Life Insurance
Fund. Since 1941, except for a
period of service in the United
fourth quarter. The decline was States Navy, Mr. Hughes has been
confined
to
'war' expenditures, with the Institute of Life Insurthe nation's resources.
"In 1946 the gross national prod¬ which at annual rates dropped ance where he was Director of
was,
176
-—-
l.c.l
.
'ft- ,[
ft!ft
100)
average
163,
123
Miscellaneous
Merchandise,-
to
"Actual production
CARLOADINGS
FREIGHT
i,/< U\. LVft'i.
.
measured in dollars, had
billion; and corporate
"Corporate profits after taxes
represented a smaller proportion
of the national income in 1946—
39
in Dollars Equals Wartime Peak
quote:
'■ j 1
billion to $13
profits after taxes from $9 billion
to $12 billion.
full-employment levels.
By the fourth quarter of 1946$*
the total output of the nation's1 ™mpared
111
422
*425
billion; non-agricultural
$13.1 billion to $15.3 billion;
rents from $11.8
"The
296
Agricultural in¬
increased from $12.5 billion
interest and net
(25)
Utilities
6.6
6.8
Nation's Output
components of the
were higher in
income
$14.9
from
Average
(125)
1947
other
national
32,387
AVERAGE YIELD OF 200 COMMON STOCKS
Industrials Railroads
January,
a
was
fully compensating factor.
"All
171
125
result of lower
employment, shorter av¬
erage hours and a shift in employ¬
ment from higher paying durable
goods industries to lower paying
nondurable goods industries. Wage
increases were an offsetting ,* but
not
2,647
300
For yields in prior years see the following back issues of the
"Chronicle"; 1941 yields (also annually from 1929), Jan. 11, 1942,
page 2218; 1942 yields, Jan. 14, 1943, page 202; 1943 yields, March 16,
1944, page 1130; 1944 yields, Feb. 1, 1945, page 558; 1945 yields, Jan.
17, 1946, page 299; 1946 yields, Jan. 9, 1947, page 193.
WEIGHTED
in manufacturing
decline
payrolls
to
247
*288
chemicals
.
Moody's Common Stock Yields
MOODY'S
the period.
"The
1946 than in 1945.
-
*251
-
Fuels
V*
Inc.
131
t
t
t
over
come
139
*245
"
short
278ft
*383
Rubber,
Ore
6,300
94
i
•
,
Coal,
Coke
Grain
8,947
February, 1947
oil
i"
7,810
14,850
warrants-
114
122
Gasoline
•
short
Total
86
'
refining
Chemicals
Rayon
Industrial
6,395
16,600
common
145
87
*139
Printing
Coke
Total
133
168
87
179
4,709
6,900
31,450
Industries,
149
175
rv
22,423
2,150
14,205
Corp.
143
*155
____
Byproduct
Beehive
Selected
5,460
6,900
common—
Corp.
Airways Corp. wts.
Oil
1,355
Decrease
10,912
7,610
common——
Inc.
118
154
t
Kerosene
Neon
Frazer
American
Richfield
90
149
products
ftft Lubricating
Co.
common-
Increase
Jan.15,'47
6,203
23,778
common
Elec.
140
162
*172
&
bon» and manufacturing payrolls
down $2 billion. Non-manufacturing payrolls increased substantially
average
54
125
ftftftft.-.
veg._
Pan
134
155
foods-
and
-
115
V •'»
*165
'•157
fruits
oral civilian payrolls down $2 bil-
,
or over was
Feb. 15, *47
Corp.
Gas
Service
Kaiser
254
Mfg.
Claude
161
•
1
year.
position of 5,000 shares
Security—
158
*219
260
t
a
Short Position Short Position
f 158
*155
tobacco
^ trailers,
107
.'
*
*174
Paper and products
ft Paperboard
ft Newsprint production
^
161
-ft v
reported in eight of
the 87 stock issues traded on the Curb Exchange on Feb. 15, 1947,
compared with nine issues on Jan. 15 against 205 a month earlier.'
On May 15, 1946, a short position was reported on 233 Curb issues,
in 8 of'Which thfe position was 5,000 shares or over
The report follows:
138
leathers
C-..'-ft
'
sharp drop in Federal civilian
payrolls, and a decline in manu¬
facturing payrolls.
For 1946 as
a
than
A short
1235
/ft ft -1' ft
200,749 shares. In making this known, the
29
-
1946, the total Curb
15, 1947. On May 15,
more
141
ft;-ft -1
bJ
163
164 ft
-ftftv/t:.
t&y.Li
201
1916.
its
sept.
254
ft'1" Cigarettes-
•
•201
199
Tobacco products
ft
Cigars
ft//.
172
262 ft
.;
manufactured
ft.ft' Fuel
135
99
<
at
^ 15 /igu x? rePresents tbe fbtb monthly increase since compared with 1945 military pay15, 1946, when the short position reached its lowest point in rolls were down $10 billion, Fed-
C
161
Meatpacking
.Petroleum
160
131
ft
Exchange added:
-260
wheat flour__
ft
•161
197
>
*174
Sheep and lamb leathers,'v .t Shoes
\
Manufactured food products—
Other
135
'
144
Goat and kid leathers
Processed
*80
177
y.. -
Other
114
150
t
ft;:, ft Calf and kip leathers
•»Mv
140
129
218
-
;;
hide
158
*128
*112
135
ft
*264
products
Cattle
•ftft t -•
/
95-'*
•170
,
ft/ /Tanning
140
108
*227
products
textiles
.ft:..;
207
149
—
and
Wool
-
220
—:
consumption
Rayon deliveries
ftn
235
151
Cotton
x"'
•231
187
Clay products
Gypsum and plaster products
ft-
220
132
ft.ft
ft
217
and
of'*1™*
shares reported on Jan.
Short position stood at
199
275
158
Cement
*£'.■
381
141
•ftft
i
422
•275
235
ft-
199
•133
».:i Textile
95
the
dollar totals in the best prewar
years of 1929 and 1941. The 1946
total is capable of providing an
investment outiet for a very large
volume of individual and corporate savings as well as for reinvestment reserves.
of depreciation and other
business
highest point since May,
"Wages, and salaries declined
1946 figures issued by the exchange on Feb. 19 show. The short posi- |from
$111.4 billion in
1945 to
$106.6 billion in 1946, due to de¬
o«?JJor, u
166>436 shares on Feb. 15, registering an increase
32,287 shares, or approximately 20%, over the figure of 134,149 mobilization of the armed forces,
108
195
Stone,
^
'A'
145
217
♦142
and
100
174
,
177
ftftiftfft--
—
Abrasive
152
207:
95
•182
Furniture
"r>
t.
108
102
381
t
Lumber
ft
100
-
Jan.
275
*231
v
L
Dumber and products—
»;
*•(4.
Dec.
•192
422 -!
Konferrous metals and products
Smelting and refining
1-
;
ft Jan.
102
•275
^Automobiles
:»
Jan.
159
—:
—
Transportation
•
1946—
Dec.
t ftft
152 ft
207
r
7t 174
ft; 177 ft
145
.
heartll
Open
s,
Without
—Seasonal Adjustment—
1947
Jan.
Pig iron
■
%
100)
=
*192
p. Iron and steel-,—
V
=
half of
double
uct declined in 1946,
N. Y. Curb
stood
on
Adjusted for
—Seasonal Variation—
1 Q-lfi
1947
about
rate
a
The real value of con¬
expenditures in 1946 was
about 20 % above 1941.
and modernizatioh loans.
Short Positions
by
production
at
sumer
The total short position in stocks traded on the New York Curb
industrial
1946
prices.
263
+
$226,132,000.
Employment
Private capital outlays were
being made in the latter
expenditures for
services amounted to
$127 billion in 1946, 20% above
1945 and 70% higher than 1941.
Consumer expenditures have risen
steadily since the recession of 1938,1
but the greater part of the sus¬
tained rise represents higher
OUTSTANDING
Dec. 31, '46
•Total
°
'
credit.
Other
and department store sales
indexes based
—
convert durable
(Short-term
146
fData not yet available.
manufactures,
'Tr?nint!'V*dlir?bie ,manu*actures>
points in total index, shown in
to
123
140
274
NOTE—Production, carloadings,
PA
nAMtrAI»4
Indexes
215.7
♦265
total.
goods
CREDIT
243.0
272.4
•ft* t
% t
ft 150
investment, totaled $32 KilUnn for
5
•
*
J <POO billion fnr
1946. This was a record high, and
more
than three times the 1945
"Consumer
at the end of 1945."
229.2
328.3
goods
averages...
•
,
Nondurable goods
Freight carloadings
Department store sales, valueDepartment store stocks, value
•Preliminary. V
-
.
a
CONSUMER
Durable
>
119.2
Factory payrolls—
^
nearly 67% above the year-ago level.
fnrni-tal?Jent cfedit outstanding on automobile sales increased 8%
Hniio
in Dec^mber and at the year-end was over one-half billion
OtherSi'n^Hfmin?n
amount outstanding on Dec. 31, 1945.
toma^v cfi^JJ ^e *Cr?. outstanding showed more than the cus51^ larepr thai
m Decf.mber and at the end of the month was
^ppnnnfa]o
/
^
at
tVmpwhnf
re?®lvahle increased further m December but
the end of fho
1
G
u? i
PrecedinS month. At
than s b llion dollars
hifuA^
° indebtedness amounted to slightly
as compared with less than 2 billions
morp
*149.5
♦131.9
Nondurable goods
-
larSer rise than in other recent months. At the end of
were
i
loans
•
149.6
•150.0
goods
V yvi;.,;,:--'
130.2
—
other
?o5«nluW
194b these
-1946-
Jan.
•145
Nondurable :
Minerals
Durable
1947
•220
Construction contracts, value—
Total
All
,
Board said, its business inventories and foreign
'
'
.u,
Instalment loans outstanding increased about 6% in December,
190
>,
i
Total
0n
adOing.
<rr
181
•188
Manufactures—
:
Dec.
tu
was
<,<■
Without
—Seasonal Adjustment—
—Seasonal Variation—
\
;|,947;ft>^+^l9464-ft^'i
industrial production-
stated that "Most types of States products.
in lts advices Jan- 31
•
anrieaSf,tnmSfe^ sh.ai:ply °VCT 'the >'®ar:Per!od with instalment "Private capital outlays, includcenteee ffW "
e cred.'i sh°lVI,ng 1116 larEest Per- ing construction, purchases of maine
ahmit
year the total amount outstand- chinery and equipment, changes in
loans
announeempnf
ft
all other series.
s££i! rAyUESSS
nhAiiV Rw-Ur!5er-Cre^!t outstanding increased 578 million dollars or ments to veterans. These loans
Haii
during December to an estimated total of 9,773 million and payments were a potent factor
Sxrcfi™ acc^dinS to the Board of Governers of the Federal Reserve in the market demand for United
" a.
business indexes
ft'ftftftftV^ 1939 average= 100 for
factory
:xftft;',ftftft'/ftftft. 1923-25 average = 100 for employment and payrolls;
/ftftft-'' 'ftft :ftft.,'\1935-39 average = 100 construction contracts; ,*•
for
i-
Consumer Credit Outstanding in December
of
ft
on
1439
tic
Civil
Engineering Coaslruclion Totals
$127,871,000 fer Week
further increases for men's shoes and calf
production costs. Higher costs of beans raised prices for castor oil
and quotations for natural menthol increased with higher prices in
Brazil. Prospective improvement of supplies following the completion
purchase of linseed oil from Argentina reduced prices of lin¬
seed oil. Prices of paper and pulp and cement continued to advance
because of increased costs. Increased costs also caused higher prices
News-Record." This volume is 39% above
above the corresponding week of last year,
and 43% above the previous four-week moving average. The report
March 6
added:
the
week
last
below last week, but 28%
47% below last week, is 45% above the 1946 week.
tion, $4,796,000, is
last year.
above last
;
CHANGES
below the week
,
Mar. 6,1947
Total U.
S.
Construction
Public' Construction
i' State and
Municipal
*,
..
100,596,000
27,275,000
22,479,000
Federal
>
*
In
construction
168.9
131.1
164.2
156.7
155.9
108.3
1.0
4.2
+ 50.0
172.9
170.7
120.1
1.3
3.0
+ 46.4
135.5
137.7
135.7
101.1
0.1
0.2
+ 33.9
98.6
98.6
.98.5
85.6
0
0.1
+ 15.2
138.3
137.7
105.8
0
0.5
+ 30.8
"
over
172.6
129.2
172.8
170.6
165.5
120.2
0.1
4.3
+ 43.6
128.3
127.6
127.4
96.0
0.7
1.4
+ 34.6
125.3
123.0
123.0
122.5
108.0
1.9
2.3
+ 16.0
110.7
110.0
110.0
110.0
.95.4
+
0.6
0.6
+ 16.0
156.2
154.3
153.1
152.1
119.7
+
1.2
2.7
+ 30.5
-
Special Groups—
;
Raw materials—
gains this week
141.3
141.7
141.3
138.6
98.5
0.3
1.9
+ 43.5
139.1
137.5
136.0
103.4
0.6
2.9
+ 35.4
Farm products
—
All commodities other than
138.3
137.6
136.5
135.1
102.2
2.4
+35.3
Farm products and foods
128.3
Manufactured products
-
__—;.
All commodities other than
last week.
FEB. 15,
'aa
10-week
period
of
1947
and
"Increases; '
Al,
>
AaAA
and pharmaceuticals
0.4
Other
miscellaneous
0.4
Leather
Agricultural
Brick
1.5
:
Hosiery
0.7
Chemicals'
Coke
0.5
Other
building
0.5
Other
farm
_________
•Based
Totals $350,491,000
engineering construction volume Jn continental United
$356,491,000 for February, an average of $89,123,000
States
totals
for each of the four weeks of the
month.
the average for January, and is
This average is 3% above
above the average of February
44%
J946,
on
•
according to
"Engineering News-Record."
March 6 continued in part as follows:
''Private construction for February on
The
aA>;
weekly
a
report
average
2% above last month, but 36% greater than
February, 1946.
construction is 6% above last month and
61% above last
issuec
is
It
•
capital
for
Feb., 1946
weeks
of
February, 1947 totals $74,592,000, or a weekly average of
$18,648,000,
14% below the January, 1947
average, and 89% above the average
for February, 1946.,A
,\r-AA;AH ■Av;■ AaAA-
Wholesale Prices Rose 0.8% in Week Ended
__
A-AA_:
feed
:.
-___
changes
and should not be
compared
.7+- ■<'
i
the
1935-1939
Commodity
The
100.
as
average
Upward
Association's "report
while two
vanced
declined; the other two remained at the level o
the previous week. Lower prices were quoted for cocoa and pork
but the index for the foods group rose because of higher prices for
flour, corn meal, ham, coffee, lard, and most meats and oils. Th
rise in the index for the farm, products group was due to higher
prices for cotton, corn,, wheat, grains, and eggs. Higher prices for
cellaneous commodities,
index
advanced
because
despite lower prices for hides.
of
rise
in
the building materials
fertilizer
week.
a
materials
Lower
advanced
from
prices for camphor caused
the
a
level
_
f
1.1
,
,
at
supplies
The
remained
the
decline in the
previous
small.
Most
situation
V-H.
pnees of raw cotton advanced for the
caused
a
decline
in
quotations
**1(iUoi n^lcet
*_arm Products
and 31.0% above
last year.
* r
y
t
k
i
"
i"
k-K
for
4th
Argentine wool.
wtrl fiSdr°PPed
^
l
canned
year
COMMODITY
PRICE
,,-V
^
%/-•: /A Group /A;-'//'A i:;A'
Total Index
INDEX
Mr. New had
i
25.3
-
(v
;
•
a
-23.0
-
;
°r
.225.3
222.2
301.0
427.4
Products
1
-;
New's talk, Mr. Kleeman in¬
troduced the new Secretary of the
Chamber, Dr/ E.- W. K6onSj/whose
connection * with1 Korea begari in
387.5
387.5
7
-
309.5
239.1
223.2
253.5
253.8
Metals
L
159.4
157.8
209.4
;
205.9
Korea until the
terned
1942
Building Materials——
173.2
*
238.8'
159.5'
208.4
1
;
-
157.5
126.5
154.t
214.6
.
this
on
the
:
146.9.
142.8,
v142.4
116.9
'212.5:
213 J3
162.5
155.2;
155.3-
155.0
127.8;
; 125.6;
"133.7
125.5
133.6*
:
first;
more
as
126.3:
124.3
/
105.2
Farm
*
Machinery———
A—
All groups combined--.
,126.3'.
•Indexes
and
March
on
9,
1926-28
I
1946,
'
base" were:
111 '•3.
-Ti":.
199.9
•v— -M—
^y>;
March
8,
194T,
part of OWI, and
a
recently,
member of the
as a
State Department staff.
Results of Treasury
Bill Offering
!
The
10
Mar.
on
that
the
$1,300,000,000 of there-,
about of 91-day Treasury bills
be
dated
Mar.
June
Mar.
12, which
7,
to
and
13
were
to
mature
offered on
opened at the Fed¬
were
Total
on
Mar. 10.
applied for, $1,836,470,000.
Total
fixed
$24,660,000
in full).'"
of
rate
mately 0.376%
'
v.;
.
99.095+;:equiva^
discount
per
*
,
^appcOjaj?/
annuiri^£ a** W"
i
Range of accepted
bids:
entered
price basis at 99.905 and<
Average price,
lent,
$1,306,510,000
accepted,
i i 4i
competitive
'V-'j;/";V•*(; k"/'
High, 99.906, equivalent
ra^e .of
-
approximately / 0.372%
discount
per, annum.
7
197.8
•'
■
127.2,
+',v; /V'
Low, 99.905, equivalent rate
discount
;
per
116.4
(69% of- the amount bid for at;
the low price was.
accepted.)i^
-191.8. >142.9
T55.7;"March
1,
1947,
1541;
bf
approximately 'a 0.376 %
"
^
a/+A an'C:amount;Qf;'.$l,314,809;000i/
ah
f|
Secretary of the Treasury
announced
119.8
133.7:
Gripsholm; since that
broadcasting in Korean to Ko¬
rea,
;161.3
Chemicals and Drugs___i-*.^__:
Materials
They
August,
in
country
V. 133.9
(
Fertilizer
Fertilizers
beginning of the
time they; were in¬
time Dr. Koons has been in charge
172.4
213.7.:
:v
—
num¬
byl the Japanese.
reached
253.8
„
the small
among
was
a
*
159.2
•159.9
Commodities
Textiles
as
his
war, at; which
"
236.8
324.4
163.1
;
*
; 251.4
1
landed there
when he
ber of Americans who stayed- in
146.6
last
up'0.2%vduring the week. Quota-,
this country. ^ Prior to
in
Mr.
141.6
280.7
255.1
Miscellaneous
1946
213.8
,
330.8
:,.
Fuels
a group prices of all'Commodities other-
-Ii
;"" ■'"
Mar. 9,
1947
Livestock-
130.0',
.i •<
Oil——
Ago
Feb. 8,
Grains,"
with good supplies.
were
1947
316.2
■
Fats and Oils—„
Farm
^
WaS 4-2^ above late J9n"ary and 50.0%-above
&anfa™Inr1X^tt!f^^S
1947
■
-Cotton—
Higher prices
k
butter, corn syrup and a number of fats and oils
,^een. scarce and m heavy demand. There-were declines
tomatoes, canned salmon and black'pepper. 'The group
ihantarm products and
foods
.
—.
Cottonseed
month ago
a
;/A
Foods™
built up
substantial dollar • buying
a
power
Year
Ago
Mar. 1,
-4'"
a
volume,"- should begin-to, give
Korea
a
Week
Mar. 8,
between Korea
eral Reserve Banks
Preceding Month
Week
Bears to the
such services are
arranged
accepted
Latest
would
seven
1935-1939=100*
-
.
supplies.
^
WHOLESALE
Each Group
Spot
consecutive week. jrAs
were 4.6% higher than
as soon as
Compiled by The National Fertilizer Association
"Food prices
W
,ii
Korea,
(includes
WEEKLY
the
and
Lines
to include stops at
ports, and indicated that
there should l;be no difficulty ih
providing substantial air and sea
cargo between this country and
+
During the week 39 price series in the index advanced and
increased generally with the group index up 1.0%.
resulted in higher prices for flour. Meat
prices
averaged 1.5% higher as pork prices rose
reflecting limited
iv/r
wWh
H
,
United
expanded
ie
index for
The index for the fuels group fel
slightly.
advance
| Hi
»;AA.v
drugs group.
the
Airlines
President
The index for
of
u
November.
generally reflected increased buying
livestock and grain quotations
were
higher as demand continued
heavy in relation to supplies.
Prices of citrus fruits
again increased. Egg prices declined
seasonally.
Lack of strong demand for
foreign wools and an uncertain tariff
as
M
if-
I
i
Jace
jr.
index of
chemicals and
Pr»rtucts and Foods—Market prices of farm products rose
ln
reaching a level 0.2% below their peak in
_
Northwest
he
declined; in the preceding week 35 advanced and eight declined; in
the second preceding week 29 advanced and 13 declined.
of 0.8%
and
He expressed the earnest
lope of the business interests of
Evora that the Far East services of
The textiles
commodity prices in primary markets was 2.9%
above late January and
34.4% above the corresponding week of last
year
The Department further
reported:'
;
A
'
-
s
a rise
Korea
Detween
States.-
;
freight/.communication
and
ger
tenders for
index to rise slightly.
1.8%
In his •'
members
present,
Mr. New discussed the urgent need
;:or immediate methods of passen-
the
price of hemp. Price in¬
creases for pig iron, steel scrap/copper,
lead, and silver forced up
the metals index. Higher prices for white lead in oil and linssed oi
*
the
to
report
feedstuffs.and paper board caused an advance in the index for mis¬
the
Bureau
fl
of the New York Chamber.
of
of the composite groups in the index ad¬
seven
a
for1 1 o c a 1
Chambers in the 40 largest cities r
in the American-occupied zone.
Mr. New is also a Vice-President
wife,
added:
During the week
Industry of Korea,
missionary.*
commodity price index compiled by the National Fertilizer Associa¬
tion and made public on March 10 rose to an all-time high of 199.9
from the previous high point of 197.8,> which was reached in the
preceding week. The index has risen each week since Jan. 25, 1947
A month ago the index stood at 191.8 and a year ago at 142.9, al
on
and
parent, organization
transaction which when
'
'
market prices again advanced to a new
postwar
during the week ended Feb. 22, 1947/accordmg to the Bureau of Labor
Statistics, U. S. Department of Labor,
which, on Feb. 27 stated that "at
144.3% of the 1926 average the
peak with
fl;
he associated Chambers of Com¬
merce
in
0.1
products———
During the week ended March 8, 1947. the weekly wholesale
caused
February 22, Labor Department Reports
Average primary
£orea.
0.4
0.1
materials-
Price Index Continues
based
'
four
week-to-week
of
basis is
Public
presented Ilhan New,
just returned from
Mr." New is President of
0.1
0.1
National Fertilizer Association
(four weeks)
$430,970,000 $248,025,000
/ 279,915,000
168,630,000
151,055,000 .A":, 79,395,000
M07,867,000
52,922,000
43,188,000
26,473,000
New Capital A - Aa.AA.;
construction purposes for the
indicator
an
S.
part in arrang¬
ing the first shipment of Korean
exports to this country since the
war, thereby initiating a type of
0.2
A--*-—.~*-A.--
Cattle
1.3
the
York,
Kleeman, President of
had
1903
«
■
as
directly with the monthly index,
February
municipal construction is 15% above last month and 87%
above the average for
February, 1946. Federal construction,; down
17% from last month, is 9% above
February, 1946.
Civil engineering construction volumes for
February, 1947, Janu¬
ary, 1947, and February, 1946 are:
:[;}
Jan., 1947(five weeks)
designed
Arthur
of
of New
and the United States.
the
on
Colonial Trust Co.
change
BLS weekly
index of prices of about 900 commodities which
in the general level of primary market prices.
This index should
be' distinguished
from the daily
index of 28 commodities.
For
the most : part,
prices are those charged by manufacturers or producers or are those prevailing
on commodity exchanges.
The weekly index is calculated from one-day-a-week prices.
State and
Feb., 1947
(four weeks)
Total Uj S. Construction
$356,491,000
Private Construction
228,567,000
Public Construction127,924,000
State and Municipals
V.
99,J 67,000
/ Federal
'-i..
28,757,000
——_
Office
Center
Rockefeller
0.2
changes
measures
Commerce, held on March 3 in the
established arid a medium of ex¬
AAAAAAAAiA-AA/A
Decreases
of the
Chamber
of
;
0.3
and underwear—
0.7
products
meeting
American
0.2
implements-*
and .tile—-A——*. A A A-
Furnishings
Other textile products
Paint and "paint materials——
-
0.3
——-——
and fats-*-a Aa.a A—.aA
.Oils
1.5
_A——'
*——
——A
Other foods
Engineering Censiruelion
0.5
Drugs
A A—A___AAA-A-A
•
2.0
pulp____
A__
Dairy
A
2.2
products
Meats
$208,100,000,i 34%
less than the $315,189,000
reported for the corresponding period of
special
a
Korean
Shoes ■'
1.8
totals
1.0+26.9
+
3.7
__________
——A
and
0.2'
+
INDEXES FROM
SUBGROUP
3.8
poultry..
Cereal
+
5.5
Cement
Paper
101.1
127.0
128.1
128.1
IN
——Aa.
Livestock
0.5
+
1947 TO FEB. 22, 1947
'//>..
a*
At
Korean
American
CHANGES
PERCENTAGE
the 1946 week
over
+
140.0
Semi-manufactured articles
bridges, industrial build¬
groups,
138.4
Miscellaneous commodities
New Capital 77AH'?;
the
+ 31.0
4.6
1.7
165.5
160.9
173.6
98.6
Building materials
New capital for construction purposes this week totals
$25,095,000, and is made up of $22,745,000 in State and municipal bond sales,
and $2,350,000 in corporate securities. New
capital for construction
for
+34.4
2.9
+
175.8
135.4
Hides and skins
'■'aHa
0.8
+
1946
2-23
Chemicals and allied products
Furniture
purposes
107.4
,
construction.
.
140.3
:
138.4
foljows: bridges, highways, industrial buildings, and unclassified
as
141.7
products
1
Four of the nine classes recorded
1947
1-25
2-15
143.1
Textile products
Fuel and lighting materials
Metals and metal products
$68,369,000
47,073,000
21,296,000
15,491,000
4,350,000;
5,805,000
ings, and unclassified construction gained this week
*
2-23
'
171.7
products
Hides and leather
$91,704,000
45,141,000
46,563,000
42,213,000
4,796,000
the classified
1-25
1947
162.5
Farm
Feb. 27,1947 Mar. 7,1946
$127,871,000
Private Construction
2-8
Foods
V
are:
2-15
Feb. 22, 1947 from—
r
1946
1947
144.3
All commodities
Civil engineering construction volumes for the current week, last
week, and the 1946 week
1947
Housefurnishings goods
;i
.
-
1947
2-22
Commodity Groups—
Public construction, $306,254,000, is 45% greater than the cu¬
total for the corresponding period of 1946, whereas State
1946.
Following
Kef urn from Korea
who
Percentage change to
a
of
'
;
he: bank,
(1926=100)
r
municipal construction, $229,513,000 to date, is 65% above 1946.
Federal construction, $76,741,000,
gained 6% above-the-10-week
.
H A
1947
and
V-
yv-vrM'
of 1947
10-week period
mulative
total
V.":
■
cumulative total of $915,332,000, which is 38% above the
total for a like period of 1946. On a cumulative basis, private con¬
struction in 1947 totals
$609,078,000, which is 34% above that for
1946.
GROUPS
COMMODITY
BY
PRICES
WHOLESALE
IN
VA',FOR WEEK ENDED FEB. 22, 1947
..
.
records
more
Federal construc¬
week, but 17%
A;.- Va
Total engineering construction for the
'
•
10%
ihamber
advanced by the
There was a fractional advance
for farm machinery. Soap prices dropped slightly.
On the average
prices of all commodities other than farm products and foods were
26.9% higher than a year ago."
a-'a /a.;-/a ;AA:a
than
State and municipal construction, $22,479,000,
year.
The selling price of sisal was
products.
Reconstruction Finance Corporation.
construction this week, $100,596,000, is 123% greater
week, and 114% above the week last year. Public con¬
last
struction, $27,275,000, is 41%
.
for tobacco
.
Private
*7
than
Korean-American
of the
ported by "Engineering
the previous week, 87%
on
Meeting in N. Y. of
.
States totals $127,871,000
issued
highet reflecting earlier advances due higher
and cooking stoves were
construction volume in continental United
for the week ending March 6, 1947, as re¬
engineering
there were
leather;: Prices of furniture
continued to advance and
ions for cattle hides and skins
Civil
Thursday, March 13, 1947
COMMERCIAL & FINANCIAL CHRONICLE
THE
1440
Number 4576
165
Volume
THE COMMERCIAL &
FINANCIAL CHRONICLE
Daily Average Crude Oil Production for Week
Weekly Coal and Coke Production Statistics Appointments to
Ended Mar. 1,1947 Decreased 14,800 Barrels
production
1,
The total
The American Petroleum Institute
estimates that the
daily aver¬
age gross crude oil production for the week ended March 1
1947 was
4,771,350 barrels, a decrease of 14,800 barrels
per day from the' tireceding week. It was, however, an increase of 45,100
barrels per dav
over the corresponding week of 1946, and was
131,350 barrels in ex¬
cess of the daily average figure estimated
by the
Bureau of Mines
the requirement for the month of
as
for the four weeks ended March
February, 1947. Daily output
1, 1947, averaged 4,771,350 barrels.
1947,
of soft coal in the
week ended March
estimated by the United States
Bureau of Mines, was
as
000 net
tons,
1.2%, from the preceding
^responding week of 1946 amounted to 12,-
^oeoe£;* ?utpumun *he
782,000 tons. The
2.5%,
,A.
compared with
gasoline;
kerosine; 38,004,000 barrels
barrels of residual fuel oil.
DAILY
AVERAGE
CRUDE
V;
OIL
♦B. of M.
PRODUCTION
ables
Requirements
February 1
•♦New York-Penna—
A
Ended
Begin-
Mar.
Feb. 1
\
(FIGURES
48,200
Week
1947.
|
—1,050
45,900
200
1,150
7,800
6,750
15,500
250
5,200
400
2,200
+
]2,150
—-
18,000
18,000
Illinois
—
204,000
195,750
27,500
44,150
Kentucky
Michigan
28,000
46,000
—
Nebraska
/-
—
Kansas
—.i
Texas—
v
800
;.-a-
■
270,000
371,700
-
42,800
700
900
19,950
:
146,000
451,000
223,250
36,450
106,100
36,100
District VII-C—
La's 32,650
.
Vin_
12,875.000
13 030 000
District X
ESTIMATED
PRODUCTION
OF
PENNSYLVANIA
tMar. 1,
Penn. Anthracite—
♦Total incl.
coll.
fuel
tCommercial produc.
1,099,000
2,030,000 t2,042,500
126,350
'
;
2,109,250
v.'
•
••
550
94,250
82,800
310,300
3eorgia and North Carolina—™:
387,000
Mississippi
Alabama _i.—_
447,000
404,150
79,580
76,000'
73,900
550
66,000
_
84,200
2,000
._
+
850
.
New Mexico—So. East
New Mexico—Other.
98,000
Wyoming
93,000
33,000
Daliiornla
§844,300
838,000
Total United States>. •-
4,640,000
/A
..
85,200
450
1,050
98,000
450
450
400
108,900
105,050
1,850
22,650
—
—
—
4,771,350
2,550
37,000
-t-14,800
23,300
894,650
7,500
848,300
4,771,350
4,726,250
••
4♦Pennsylvania
Grade
,
(included
above)
58,950
—
1,950
u
♦These
Bureau
are
of Mines
57,850
.-
.,
63,550
calculations of the requirements of domestic crude oil
foased upon certain
premises outlined in its detailed forecasts.
They include the
condensate that is moved in crude
pipelines.
The A. P. I. figures are-crude oil only.
As requirements
may be supplied either from stocks or from new production, con¬
templated withdrawals from crude inventories must be
deducted, as pointed out by
the Bureau, from its
estimated requirements to determine the amount of new crude
to be
produced.„
.•"'/.•A"./'//•/•••.v/-'
-./'/-A: AA//AAA/A/;///////A/:////;:''.:/
<
tOklahoma,1 Kansas, Nebraska figures
tThis
are
for week ended 7:00
is
the net basic allowable as of Feb. l calculated
shutdowns and exemptions for the entire month.
Feb. 27,
a.m.
1947.
28-day basis and
Includes
With the exception of
several fields which
were
exempted entirely and for certain other fields for which
shutdowns were ordsred for from 6 to 12 days, the entire state was ordered shut down
tfor 6
days, no definite dates during the month being specified; operators only being
required to shut down as best suits their
operating schedules or labor needed to
.operate
V
leases,
a
total equivalent to 6
§Recommendatk>n
on
RUNS
AND
TO
a
days shutdown time during the calendar month.
of Conservation Committee of California Oil Producers.
STILLS;
UNFINISHED
PRODUCTION OF GASOLINE; STOCKS OF FINISHED
GASOLINE, KEROSINE, GAS OIL AND DISTILLATE
FUEL AND RESIDUAL FUEL OIL, WEEK ENDED MARCH
-t
A,/
1, 1947
(Figures In thousands of barrels of 42 gallons each)
■:% /.//:- Figures In this section Include reported
"
AA/y /A A
\
.
'
v:/estimate of
A'v•';:
v.-i
unreported amounts and
of
—Bureau
——
Mines
Kansas
and
% Daily
Product'n'
Crude Runs
to Stills
Refin'g
,
Montana
of
Resid.
Kero-
erated
Blended
Stocks
sine
Oil
92.0
1,984
22,740
/
5,932
*
13,130
on
6,963
109
76.2
309
2,693
244
437
217
66
106.5
220
1,049
26
70
104
825
'«•' 76.3
^94.8
2,859
21,731
1,221
2,823
84.7 *
tnd., 111., Ky
v
Mo
.
Inland Texas
Texas Gulf, Coast
Louisiana
0. 772
-
North and South Dakota
Oklahoma—
:
—
(bituminous and lignite)
i
Virginia
Washington
fWestVirginia—Southern—
tWest Virginia—Northern
—.
87.4
Gulf Coast-
2,441
•390
71.8
1,096
4,537
222
318
763
93.7
3,518
16,025
1,781
6,535
5,133
352
109.7
976
5,208
820
2,054
1,601
60
97.4
'83.2
237
89.2
No. La. #
Arkansas
f
1,149
78.3
59.8 A
.47.6
178
2,319
"282
454
132
55.9
1,452
10,538
356
tocky Mountain—
/ New Mexico
Other Rocky Mt
19.0
13
100.0
34
99
15
70.9
120
72.7
407
2.865
California
85.5
803
80.8
2,158
15,999
1,311
8.
B.
of
1,017
31
35
58
478
756
692
10,363
26,013
basis
Feb.
Total U.
-
8.
22,
B.
1947
of
85.8
4,896
85.8
4,860
V
11,649
38,004
103,904
11,697
40,739
44,919
13,611 U04.773
7,814
25,455
38,495
88.1
;
15,191 ♦105,803
87.4
14,668
,/
I
.V
,
i'
"barrels, 5,929,000
barrels
barrels, respectively;: in- the preceding week
2,482,000 barrels, 5 933,000 barrels and 8,800,000 barrels, respectively, in the
^eek ended
March 2. 1946.
1v
\
/A .' A
•
x
and
8,542,000
/A,
w
120,000
1,184,000
•
463,000
1,000
40,000
3,000
A-
84,000
93,000
36,000
78,000
67,000
728,000
*
27,000
68,000
158,000
-
'
'
\
v
"'
'
-
/
24,000
27,000
2,257,000
1,050,000
2,460,000
:
•
835,000
/
185,000
:
204,000
1,000
v
1,000
•;
12,350,000
'.</"!
(Counting round
'
as
,
•;/
'
'
v
,
/.
,
1946
United States
A-
/A../
♦6,533,228
Alabama
*
y
-
r
'
•
;/
<
.
83,708
728,165
.
•
•
v.
2,635
y
2,831
9,889
336,731
550,608
1,176,675
1,596,105
—
Mississippi
Missouri
70,126
Mexico
534,587
62,058
307,406
557,148
162,993
—
Oklahoma
179,103
403,142
.
South Carolina
510,391
Tennessee
'
252,127
454,108
1,394,902
10,000
1,881,290
A
♦Includes
171,641
counted
in
bales
bales
of
the
crop
of
1946
ginned
prior
the crops
the
supply for the season
of 1945 and 1944.
statistics
in
this
714,524
330.301
1,345,593
—
—
of
1945-46,
compared
to
with
19,517
Aug.
1
132,737
which
was
1,537
entire year include
ginned this
as
com¬
only publicly
dividend
account
The
which
of
all
disburse¬
for
about
cash
dividends paid."
Department added:
For
the
year
porations
as
retail
trade
whole, cor¬
in wholesale
a
engaged
made
the
best
showing with a 46% increase in
dividends
paid
during 1946 as
compared with
The
,
1945.
miscellaneous
.
group,
con¬
corporations other than railroads*
increased their dividend payments
29%;
mining corporations 13%;
corporations engaged in fi¬
nance,
11%. Dividends paid by
corporations
engaged .»in. com¬
and
munications
for 1946
-
season
prior
as
were
about the same
for 1945.
Corporate
manufacturing divi¬
dend payments for 1946
11%
over
1945.
advanced
Within the manu¬
group, however, there
wide variations. Paper and
facturing
their
The statistics for 1946 in this report are
subject to revision when
5,726,444 bales.
December, 1946 the
stated
"payments
reported cash
bales of American-
checked against the individual returns of the
ginners being trans¬
mitted by mail. The revised total of cotton
is
For
printing
report include
the
pared with $768,200,000 in Decem¬
ber,
1945, a gain of 24%. The
figures both for December and the
were
Egyptian for 1946, 2,091 for 1945, and 3,504 for 1944; also included are
bales of Sea-Island for 1946, four for 1945, and two for 1944. The
ginning of round bales has been discontinued since 1941.
f
26.
amounted to $950,200,000
48,182
and
no
to Nov.
?eb.
55,851
308.821
.
Carolina
of
9,989
555,086
Louisiana
than
more
ture companies and transportation
A-'"'-
6,040
225
$4,334,700,000
12%
sisting principally of motion pic¬
V
118,461
—
1946;
44,858
560,830
Georgia
Island
1,112,199
45,717
Florida
Kentucky—
' other
Rhode
totaled
1946,
Department
'928,033
California
New
1944
9,486,356
68,545
Illinois
during
:
'
849,493
-J-
porations
60%
836,425
Arizona
Carroll,
Dividends in
and
1945
.
Austin
ments,
6,425,144
:
Arkansas
resigV
fnsuis
of
Publicly reported cash dividend
payments by United States cor*-
12,660,000
-
half bales and excluding linters)
A;'-.. '■
.
the
the
of
513,878,200,000 paid out in 1945, the
Department of Commerce said on
follows the number of bales
BALES
J.
1,000
150,000
398,000
A
-
by
office
Commissioners
states, including Miss Addie Leo
Farish, Alabama;
Maynard^.Gar¬
rison,
California;^ Charle§
F.
rlobbs, Kansas; Donald R. Hodder,
Nebraska; Walter Dressel, Ohio;
Gregg L. Neel, Pennsylvania, and
163,000
•/
409,000
.
from
ance
are
2,895,000
V
198,000'
as
nation
caused
58,000
'
4,000
ginners, shows
committees
765,000
•
2,725,000
RUNNING
45,175
/V//'
♦Includes unfinished gasoline stocks of 8,206,000 barrels,
flncludes unfinished
gasoline stocks of 8
527,000 barrels.
tStocks at refineries, at bulk terminals, in
transit and in pipe 'lines
§In addition, there were produced 2,140,000 barrels of
kerosine, 5,488,000 barrels of gas oil and distillates fuel oil and 8,824,000 barrels
residual fuel oil in the week ended March 1, 1947, as compared with 2,277,000
and
vacancies; fin </the
Census report issued on Nov. 21, compiled from the indi¬
-
The
4,813
appointments
fill
ginned from the growth of 1946 prior to Nov. 14, 1946, and
comparative statistics to the corresponding date in 1945 and 1944.
M.
March 2, 1946
the
to
Cotton Ginned from 1946 Crop Prior to Nov. 14
Virginia
M.
\,basis, March. 1, 1947
Total U. 8. B. of M.
-
13,030,000
Texas
Total U.
of
,
North
A
All
tlncludes operations on the N. & W.; C. & O.;
Virginian; K. & M.; B. C. & G.; and
3n 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.
HRevised.
"Less than 1,000 tons.
vidual returns of the
Work-
made
536,000
37,000
129,000
*
lignite—
Ohio;
nia.
155,000
l.ooo
1,554,000
y
.,37;000
191.000
and
sioner
Shield,
36,000
'
1,157,000
"
375,000
57,000 : /
65,000
,
Wyoming
lOther Western States
Total bituminous
;,/
135,000
3,000
190,000
382,000
27,000
2,347,000
1,016,000
(bituminous)
Tennessee
/
3,240,000
—-—
Pennsylvania
Texas
(lignite)
Compensation, C CortimisWallace Downey, Califor-
7,000
579,000
7
84,000
35,000
72,000
783,000
Lee
'
1.000
.......
District No. 1
District No. 2
pWa., Kans,,
99.5
sioner
•: VC 368,000
Fuel
Gasoline
_/
missioner Brooks
Glass, AlabamaValuation of Securities, Commis¬
1946
a/A1:
406,000
1,397,000 '
•
of
Committee];
Life, Superintendent Lee Shield,
Ohio; Real Estate, Commissioner
Bernard
R..
Stone," Nebraska;
Commissioner George ri, Bisson
A. jjiaaujU
>_.v.v/igv
Rhode
Island;
Taxation,
men's
43,000
168,000
1,000
r
.
and Complaint
the Fire and Marine
flFeb. 23,
7,000
-:
4Q.OOO
'124,000'
—1—:. -
New Mexico
Stste—
Fuel
Inc. Nat.
Appalachian—
authorized
SEstimated from
-
\
1,160,000
410,000
50,000
(bituminous and lignite)
a
& Dist.
% Op¬
vReport'g,AVy
■ast Coast
an
on
Gas Oil
Capac. v Daily
District—
plus
fStks. of tStks
tStocks
and
totals
therefore
Unfin./ of
at Ref.
:
Missouri
Kentucky—Eastern
Kentucky—Western
Maryland. ———r.i,
Michigan
basis
gGasoline tFinished
from
of cotton
'
.
are
6,
'
15,
AV//
A
as
Health, Commissioner Frank Sul¬
livan, Kansas; Fire and Marine,
1937
1947
628,000
*
——
The
CRUDE
by truck
SRevised.
A
1,418,000
'
—
41A
?. 19,100
-50
—
890,100
y ?:
55,100
950
;r~5o
35,750
I
2,450
( 103,400
110,000
I
Colorado '1
v
77,000
103,400
22,350
1
371,650
74,150
.7-
111,300
23,000
A}
Montana
404,550
550
—
Iowa
following appointments
645,200
35,000
288,850
_
A.
The
763,200
1947
173,000
1,000
as
Estate
Interpretation
Feb.
7.000
Real
8,166,000
413,000
Arkansas—
the
members of NAIC Committees
are
also
announced:
Accident
and
Week Ended
':,A
of
Committee.
operators.)
--
Taxation
Commissioner
and
Pearson, of Indiana,
1,036,400
Feb. 22,
.
D.
the
9,182,000
99,200
washery and dredge coal and coal
shipped
operations.
tExcludes colliery fuels. •
tSubject to revision
weekly carloadings reported by 10 railroads.
Indiana
Arkansas
Committee;
John
Commis¬
Carlson, of Utah,
of
[Commissioner Malone is also ap¬
pointed to the Sub-Committee on
120,000
♦Includes
State—
Chairman
8,596,000
128,900
ilabama
Hospitalization
Service;
sioner Oscar W.
Commissioner
Mar.
Committee, which
Group
10,177,000
9,785,000
1,057,000
9,549,000
Beehive Coke—
-
George Butler, of
Chairman of the Laws
as
Medical
as
of
Committee;
Wallace
Downey,
California; Commissioner James
F.
Malone,
Jr.,
Pennsylvania;
.
2,056,650
310,300
Total /Louisiana JL
and
COKE
Mar. 2,
1946
1,239,000
1,191,000
fiUnited States total.
Marine
includes
-
-
83,150
93,850
Coastal Louisiana
Mar. 1,
1947
1946
1,050,000
1,010,000
467,450
2,056,650
Louisiana
Mar; 2,7
1947
-
and
Texas,
,1946
AND
York,
appointments
of
Chairman of the
as
and Legislation
tMar. 2,
1947
New
President of the
Commissioner
-Calendar Year to Date-
'
§Feb. 22,
1947
Colorado
North
♦Mar. 1,
ANTHRACITE
(In Net Tons)
-Week Ended
Alaska—
Total Texas
Fire
12,732,000 111,335,000 108,665,000
2,122,000
2,179,000
2,086,000
2,146,00
2jl722)00
adjustment.
tRevised/
current
32,650
467,450
126,350
83,150
;
—
1947
as
of
Commissioner Jesse L.
White,
LIGNITE
•——Jan. 1 to Date
tMar. 2,
1946
1947
capacity
Mississippi,
/
Feb. 22,
>
AND
of /Insurance
Dineen
Chairman
BITUMINOUS COAL
ESTIMATED WEEKLY PRODUCTION
OF BITUMINOUS
COAL AND LIGNITE,
"
' BY
STATES, IN NET TONS
:
1
;■:'/:.../
(The current weekly estimates are
based on railroad
carloadings and river ship
ments and are subject to revision
on
receipt of monthly tonnage reports from district
and State sources or of final
annual return from the
36,450
328,200
106,100
36,100
328,200
VI„__
District VII-B
■I District IX
average
♦Subject to
850
257,050
389,450
369,300
451,000
East Texas—
District
30,150
272,350
>
8,550
223,250
V
Dist.
Daily
OF
Week Ended-
Mar. 1,
V
212,550
•42,000
19,950
III
'
•
Bituminous coal & lignite—
Total, including mine fuel—
A, 18,300
7
27,450
146,000
District IV_
Other
18,250
192,500
1
I
District
When
the
(In Net Tons)
3.200
v
500
2,400
1271,800
t369,150
District II
District
preceding week.
an
corresponding week of 1946
decrease of 140,000
tons, or 11.3%. The calendar year to
decrease of 6.2% when
compared with the corresponding
5,000
:
,
"
District
300
5,000
«'r.
t700
263,000
,370,000
—
Oklahoma
the
over
1,099,000 tons,
was
E.
Commissioners,
announced
on
National Association of Insurance
March
4
the
for the week ended March
1,
Mines,
The Bureau also
reported that the estimated
production of bee¬
coke in the United
States' for the week ended
March 1, 1947,
showed an increase of
8,900 tons when compared with the
output for
the week ended leb.
22, 1947, and was 29,700 tons more than
for the
corresponding week of last year.;,'
7,900
j
—
a
;
;
100
6,550
,/,.• /
in his
hive
50,650
150
tadiana
7
Mar. 2,
1949
46,900
♦♦Ohio—Southeast
Ohio—Other
«
Mar. 1,
/
8,200
Virginia
a
4.7%,
or
production in
Superintendent
Robert
108,665,000 tons produced
period of 1946.
■
Ended
100
♦♦West
was
Week
Ended
Previous
1947
there
date shows
the
ESTIMATED UNITED
STATES PRODUCTION
BARRELS)
4 Weeks
from
1,
Florida
;
IN
Actual Production
Week
Change
Allow¬
i
fuel, and 45,175,000
;
State
Calculated
of distillate
11,649,000
A
:
Output of Pennsylvania anthracite
1947, as estimated by the Bureau of
increase of 49,000 tons,
barrels of
over the
from* Jan. 1 to March
2, 1946.
Reports received from refining companies indicate
that the in¬
dustry as a whole ran to stills on a Bureau of Mines
basis
approxi¬
or
total production of
bituminous coal and lignite for
the current calendar
year to March 1,
1947, was estimated at 111,335,000 net tons, an increase
of
The Institute's statement adds:,/
mately 4,896,000 barrels of crude oil daily and produced
15,191,000
barrels of gasoline; 2,140,000 barrels of
kerosine; 5,488,000 barrels of
distillate fuel, and 8,824,000 barrels of residual
fuel oil
during the
week ended March 1, 1947; and had in
storage at the end of that week
105,803,000 barrels of finished and unfinished
Comm. of Natl. Assn.
Of Ins. Commissioners
12,875,-
decrease of 155,000 tons,
a
corporations
boosted
disbursements 43%; textiles
and leather,
37%; other manufac¬
tures, 32%; chemicals, 18%; ant*
oil refining, 13%. Dividends de¬
clined v 18% A in
the • automobile
manufacturing group and 2% m
the
group.
transportation
equipment
!3SH
Exchange Commission made public on
The Securities and
Total
tin
United
States
de¬
in
the
months.. RFC established
March
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
5
stocks
quisition price at 21*/2C, Valiey.
Phelps Dodge raised its quota¬
New York Exchanges
on
Administration.
tion
next two or three
the ac¬
basis during the
Trading
Thursday, March 13,
FINANCIAL CHRONICLE
THE COMMERCIAL &
1442
clined about 14,000
tion
for
211£c,
Inventories Rise
tons, reducing
supply
Again in January
hand
on
53,337 tons (pig tin and tin in
ore
and
concentrate).
Since
a
to
that
to the same level as
or
the government's
to
3
March
on
copper
1947
The value of
ventories
manufacturers'' in¬
reached
a
new
all-time
Excepting Ken- large part of the reserve supply is high of $20.6 billion at the end
of
immobilized
in
working stocks
members of these exchanges in the week ended Feb. 15, continuing a
necott, other sellers followed the
January, an increase of $350 milseries of current figures being published weekly by the Commission. move initiated by Phelps Dodge. and in process, the net supply
lion from December, the Office
of
available; for .industrial needs is
Short sales are shown separately from other sales in these figures.
As
the
week
ended
interest
Business Economics,
Department
much smaller'than the stock fig¬
Trading on the Stock Exchange for the account of members shifted to Washington, where the
of Commerce, said on March
7.
ure would indicate.
Pending re¬
(except odd-lot dealers) during the week ended Feb. 15 (in round- House Ways and Means Commit¬
The rate of increase in invento¬
ceipt of details on 1947 allocations
lot transaction) total 2,129,883 shares, which amount was 18.61%
tee heard various agency offcials
ried during January was about the
of the total transactions on the Exchange of 5,721,930 shares.
This on the bill introduced by Rep. by the Combined Tin Committee, same as for November
and De¬
CPA has
not made known Rs
compares with member trading during the week ended Feb. 8 of
Robert A. Grant, of Indiana, call¬
cember the
Department
views on the outlook of new sup¬
stated,
2,932,227 shares, or 17.49% of the total trading of 8,383,500 shares. ing for the suspension of the 4c
and it added that the January in¬
plies.
World mine production of
On the New York Curb Exchange, member trading during the
import tax on copper until March
crease resulted from about
equal
tin in 1947 is estimated at 147,000
week ended Feb. 15 amounted to 636,285 shares or 18.77% of the
31, 1950. Authorities believe that
advances in the dollar Rvalue of
total volume on that Exchange of 1,694,530 shares. During the week a strong likelihood exists for the long-tons, against 91,000 tons in
inventory held by both durable
1946.
7'7'.
ended Feb. 8 trading for the account or Curb members of 660,325 temporary waiving of the duty,
and nondurable goods industries.
The price
shares was 16.42% of the total trading of 2,011,025 shares.
situation here was The
probably for a period of one year.
Department's advices contin¬
p|:i
«:■
Total
Stock
Round-Lot
Sales
the
on
Transactions
FEB.
ENDED
15,
March.
1947
unchanged.
Straits quality tin for
shipment, in cents per pound, was
nominally as follows:
allocation in
for
copper
32,000
about
release
will
of
tons
for Account of Members*
WEEK
by RFC.
RFC
Exchange and Round-Lot Stock
(Shares)
Stock
York
New
named
,;/
:
March
-
lOther sales
5,485,350
Transactions
Except
for
the
Dealers and
ior
Odd-Lot
Account
Accounts
of
tion,
Specialists:
"
;
.
'
'
•
634,230
Short sales
115,540
—
526,510
\
V-:
''77/'."7
..."
■
,7vv.T
7
f
Total
■
20,200
200,600
3.25
220,800
>• Total sales
3. Other transactions initiated off the floor•
7'7
177,063
Total purchases
7.7
Short sales
36,940
v77 : tOther sales
'
267,430
•
4.21
304,370
Total sales
4. Total—
."7t,77;7 7 7 77:
Total
t'y.',
172,680
994,540
Total sales
18.61
1,161,220
777.-;
Sales
the New
on
Transactions for Account of Members*
WEEK
ENDED
A. Total Round-Lot Sales:
FEB.
v
;
15,
(Shares)
1947
Short sales
tOther sales
Total sales
-
:7'\:v77/7.7 7"v"
are registered— 7
Total purchases.
192,565
Short sales
13,420
tOther sales
—
I....
tOther sales
•..,/>
the
months
Manufacturers'
99% tin, 69.125c.
or
of
1947
-
Indian
to
of durable goods advanced
during
the Decern-^
ber level, but this gain was off¬
January to 4%
the
were
ex¬
'
!i
'
»'■
'
1
«•
*
|.
1
-
Total sales
2.59
54,270
112,360
Total purchases
6,700
...
tOther sales
79,765
Total sales
■
'
5.87
86,465;
i
.
338,615
41,120
by
Total sales.*.
Odd-Lot Transactions for Account of Specialists—
297,670
.
C.
')VX<
Customers' short sales
,
SCustomers' other sales
Total
vv
-f
'!'■ '
*•'
92,281
Total sales
•The
"members"
' )f. -i i
i
y
,
,
•
,
,
tRound-lot short sales which
rules
included
are
with
are
Selling
:
somewhat
77. •••/v-
;
<
some
that
J
in
the
Civilian
this
quarters
lot
OP METALS ("E< A M. J."
Feb.
27—.
19.450
Straits Tin,
New York
20.675
Feb.
of
it
1#,/
"E. & M. J. Metal and Mineral
Markets," in its issue of March 6,
stated: "The sharp upward movement in prices of copper and lead
that occurred during the last week was generally attributed to the
continued heavy demands from consumers who seem to act as if the
transactions
on the i
f
Exchange for the f
week ended Feb. 22f continu¬
ing a series of current figures be- A
ing published by the Commission. \4
14.000
13.800
14.000
13.800
14.875
13.800
15.000
14.800
70.000
15.000
14.800
7o.ooo
14.479
14.133
20.925
3
20.650
21.425
4
19.725
21.800
70.000
5
21.800
70.000
v:
70.000
1
,
"AND
shortages in these vital metals will be permanent.
Most sellers of
copper raised their prices to the basis of 21V2C., Valley, and lead
jumped to 15c, New York. Silver?)
also
advanced
eign
sharply, with for¬
domestic
business in
and
good volume.
Sales of silver for
to
buying
two
probably absorbed
10,000,000 oz. since the
movement started about
weeks
quiet
and
ago.
Zinc
terials
of $1 per f'ask."
part
as
on
remained
per
i. I
V'
<"?
for allocation to domestic
the
on
average
ever
is
higher.
V'f- 1 -Y
(
V
,i'V
con¬
cost
of
About 55,000 tons
twill be available for sale
>
ma¬
kj
i i
J{
9
.»
on
this
1%
1
14?
1*
Week
10.500
,«
In
figures
at
in
prices
2.
consumers'
New
above
are
&
England
average
^
0.275c.
pound
per
i
above
the
a
month;
.oremium
than
lc.
of
lc.
over
the premium
pound
per
the
on
A
over
M
the
refinery basis
Special High Grade in
Quotations for lead reflect prices obtained
.
,.
t
r
.*
£'•*
current market
J ", average
.
-<
/■* ■-
*'
,
1--;'.
t
for
Prime
~
664,651
if
i.
—__ii $27,429,581
(Customers' sales)
■
Customers'
;
*Customers'
'
short
*
330
other_ sales
20,204
.•J
:>
•
i i1;
■
i
")■!ri
h'f'
^..^:Customers- Mtotal7sales^^;r"r»iit«20,M4i^
;
;
.
Nurpber of Shares:
_
:
i
;
Customers'
,
short
sales__JL^*^
♦Customers'
effective
a
Western
most instances
c.V
lV^c,
the
•
other
sales_^_i'
•
J
Customers'
total
sales
•
.
Dollar
11,133
568,193
579,32
Round-lot Sales by Dealers—
Number of Shares: ;
:
Short sales
;
.1 *•'
.
■
*
>
'- ■ 'Vv?i"
..
174,871
Total sales_„>
4---14
Round-lot Purchases
by Dealers—
Number of shares
♦Sales
ported
marked
with
tSales
to
"short
V"',-.
'•*
L:
"174,870
sales/'-
offset
customers*
tfjSVand sa^es to liquidate
,251,550
V
re¬
I
odd-let
•
a
:
.
.
exempt"-
"other
with "other sales."
:-
/'. " Tl
'
tOther sales__i___^
but
previous
$21,910,53'
round Iofc
lead only.
* r
'
is
for
i
ff
•
Number of Orders:
.*
,
for Prime Western
for common
''
,
For Week Ti
^ 22,537. r#
;
at
less
shares
.
.
M's" export quotation-.for
discount of 0.125c per pound.
Quotations for zinc are for ordinary Prime Western brands.
Contract prices for
High-grade zinc delivered in the East and. Middle West in
nearly all instances com¬
not
Total
>
.
Odd-lot Purchases by Dealers—
,
copper reflects prices obtaining in
the open market and is based
oh sales in the foreign market reduced to the f.o.b
refinery equivalent, Atlantic seaboard.
On f.a.s.-'transactions
0.075c., is deducted for
lighterage, etc., to arrive at the f.o.b. refinery
quotation.
Quotations for copper are for the
ordinary forms of wirebars and ingot Dars.
For standard ingots an extra 0.075c.
per pound is charged; for slabs 0.175c. up, and
for cakes 0.225c. up, depending on
weight and dimension; for billets an ektra 0.95c.
up. depending on dimensions and
quality. Cathodes in standard sizes are sold
mand
of
copper prices are quoted 'on a delivered basis: that Is
As delivery charges
vary with the
destination, the
net.prices at refineries on the Atlantic seaboard.
Delivered
_
;*•
"
-
orders
plants.
1947.
,.
of
trade- domestic
shown
'v
•
(Customers' purchases)
Dollar value___
major United
only,
delivered
'
:
Y.
N.
Ended Feb. 22, 1947
Number
v
sales reported by producers and
agencies.
They are reduced
to the basis of cash. New York
or St.
Louis, as noted. All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both
prompt and future
deliveries; tin quota>ticns are for prompt
delivery
^
THE
Domestic
are:
J- M. & M. M's" appraisal of the
ON
Odd-Lot Sales by Dealers—
10.500
-
.
arf "E- &
:y.,;
ODD-
THE
STOCK EXCHANGE
.
.
10.500
19.317c; export copper, f.o.b. refinery 20.696c;
Starits tin, 70.000c; New York
lead, 13.833c; St. Louis lead, 13.633c; St.
Louis zmc, 10.500c; and
silver, 76.750c,
•
Jan.
of
acquisition, plus the duty, or the
prevailing market price, which¬
in
follows:
"?
■
policy
bought by the government
sumers
The pub¬
to say
/.V • V:.;
;
the
since decontrol of prices, RFC was
on Feb. 28 to price cop¬
the
lication further went
with
instructed
price unchanged.
Quicksilver was steady at an ad¬
vance
comply
avoiding subsidized sales of
Indian account
close
Copper
7,7/
To
week ended March
f.o.b. refinery,
on
SPECIALISTS
Number
Average prices for calendar
*
-
i,
i.
FOR
LOT ACCOUNT OF ODD-LOT DEALERS
"
21.217
q"ota"ons
TRANSACTIONS
10.500
'
19.679
V-
'
,
.
•;)J,,''V
STOCK
.7.10.500
7' 10.500
Mar.
19.800
by. the odd-lot dealers and spe¬
10.500
13.800
Mar.
•
The figures are based upon reports filed with the Commission
St. Louis
•
4
special-^
Stock
'Zinc ;
St. Louis
account
odd-lot
ists who handled odd lots
New York
cialists.
1
-Lead
—
for
of all odd-lot dealers and
QUOTATIONS),
New York
Trading
a
summary of complete figures
showing the daily volume of stock <1
will
v;; 14.000
20.675
19.225
ma.kets, based
"
5
calculated
70.000
19.225
1
States
f
•
Securities and Exchange
Commission made public on March
is " believed
2,900 flasks
a manner
70.000
28
Mar,
copper
.
was sea¬
The
;
Copper Producers
Raise Copper to 21V2C—Silver Advances
!
4
NYSE Odd-Lot
Cartel, according to market au¬
thorities, has not been pressing
metal for sale, which also tends to
Produc- steady the general situation here.
—Electrolytic Copper—
Exp. Refy.
Non-Ferrous Metals—Most
I
sonal."
last
to disturb the price structure. The
Dom. Refy.
Average
January than in
However, for most of
the industries the decline
in quicksilver
pressure
diminished
Mar.
exempted from restriction by the Commission's
"other sales."
SSales marked "short exempt" are Included with "other sales."
,
■
December.
t^
grades.
DAILY PRICES
includes all
regular and associate Exchange members, their
firms and their partners, including special partners.
tin calculating these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales.
term
all
week, and most operators believe
Tin
the
to
for
and paper products report¬
paper
Quicksilver
not be sold in
cording
relatively
occasioned
coal
the
mobiles. 1
Domestic use of pig tin in 1946
approximated 60,000 long tons, ac¬
188,837
purchases-
the
levels
ed lower sales in
18.77
188,837
—
from
strike.. Sales Were
heavy goods except building materials and auto¬
to 50d during the last week.
;#7
some
P;
increase in
sales
■'
In
7 0;
the
"Each of the nondurable goods
troy, against 753Ac a week ago. '
London, silver, spot, advanced manufacturing industries except
erally
viewed
as
comfortable,
even though scarcities occur from
256,550
;
of
December
larger
V ,The New. York. Official price of
silver ^settled.* at£4%c an ounce
time to time in
tOther sales
corresponding decline for
industries.
upswing
an
low
Co.
-
Total purchases
Short sales—
,
the durable goods group reflected
'
that
the so-called *,"cheap"> dots
excitement that. prevailed haVe nbeen disposed'
of, causing
in copper and lead did not
spreqS prices,on ,spotvto settle at $87 to
to zinc.
Producers reported Tan
$90 per flask, or $1 higher than a
orderly market, with Prime West¬ week ago.; There were no fresh
ern; unchanged on the basis Of developments in connection with
10V2c, East St. Louis.
The over¬ the Japanese metal now in the
all supply situation in zinc is geh^ hands of the U. S. Commercial
■.1'
33,270
a
over
nondurable, goods
"Part
blocked
sterling,
at a huge profit to the Belgians,
who subsequently released dollar
funds for the purchase of silver in
the New, York market for India.
year
remained
level.
to advance.
The :daily - Average
volume of sales by manufacturers
Indian
funds
'value of
at the De¬
average
dex of manufacturers' sales failed
.
into
converted
Zinc
3. Other transactions initiated off the floor—
4. Total—
valued'
were
January was the
first month since July 1946 that
the Department of Commerce in¬
delivery
ultimate
merchants.
a
?
middlemen
shipments
cember
The
.77
some
in
"The' daily
in the acquisition
quantities of silver set by
6,741 tons,
33,690
—
Short sales
sales
$13.3 billion
for
sales for
for last
average
21,000
:
5 70.000
V 70.000
;
70.000
; ,70.000
70.000
of substantial;
as *
Sales for the week amounted to
the floor—
i-
-
March 5
the. effect
first two
10.31
156,935
—
70.000
——
January
While
major industries showed larger
inventories, other reported either
no>
change
or
slight
declines.
at
tively small tonnages of foreign
143,515
v.
Total sales
on
70.000
.
price reluctantly,
lead.
n 2. Other transactions initiated
£ 77
Total purchases
;• v !■■
7.y short sales
;J.
;
5
Chinese,
l
month. The com¬
pany feels it a mistake to estab¬
lish a price for the larger tonnages
of lead consumed domestically on
the basis of prices paid for rela
1,694,530
thev
to
industry's monthly
ceeded
1. Transactions of specialists in stocks in which
:
v
it felt that
by 12,000 tons
77;77
i
on
the
t*
46,945
1,647,585
B. Round-Lot Transactions for Account of Members:
•/
•
Co.
the
Total for Week
•
_
supply and. demand
is gradually
being brought into
balance.
It was pointed out that
Curb Exchange and Stook
York
70.000
in the
increase.
inventory
s
statement
a
that it raised its
as
Stock
''
70.000
2Q.0007U?0.000; 7'V 76.000
caused
St. Joseph Lead
issued
Round-Lot
* *
'.r
v
New York market.
962,663
purchases
Short sales
tOther sales
Total
4
March
7.
the
American turn irt the New. York' official
Smelting & Refining Co. to again quotation. It has been known in
raise its published quotation es¬ silver
circles
that .-*■ India
stood
tablishing its price on March 3 at ready to acquire the metal in
15c per pound, New York* a new
quantity if, dollar exchange could
high. St. Joseph Lead Co. did not be obtained.
Funds were made
follow this price advance, imme¬ available
through 'whht .is describ¬
diately, but on the following day ed in, Wall" Street as a "fdur*
announced that it brought its St.
nation7exchange::deal.f^'Belgian
Louis quotation in line with the interests
'were credited as acting
151,370
purchases
Short sales
tOther sales
vf-7
••
premium
the floor—
on
March
1
tries shared alike
70.000
70.000
70.000
_____
May
"T; 70.000
■
,,::y-yy
.
11.15
642,050
Total sales
2. Other transactions initiated
V
1
March 3
ton in the British quota¬
purely internal affair, no
a
April
70.000
.70.000
March
The rise of
iZiLL-
";
,.
January, an in¬
7X
Lead y'y :
crease
of $500 million over the
f
Silver
December
So-called "black market" lead
volume, i but the ad¬
Buying of silver continued ac¬
vance was due entirely to ant extra
continued to plague the industry,
tive, with foreign demand largely
and sales of outside metal at a
i
responsible for another sharp up¬ working day in January;
which
specialists in stocks In
they are registered—
-v.;'
f'
Total purchases
prices
doubt influenced world prices.
Odd-Lot
1. Transactions of
ranging
28
£ 10 per
Members,
of
27
Feb.
to 227/sc.
from 21 tec
5,721,930
B. Round-Lot
Feb.
sales
with
ward,
236,580
Short sales_
v ;
.
"Preliminary
figures
indicate
that not all manufacturing indus¬
,
market moved up¬
The foreign
t*
Total for Week
A. Total Round-Lot Sales:
ued:
or-
-
are
long position
«re
reported
Number 4576
y°Iume 165
COMMERCIAL & FINANCIAL CHRONICLE
------
Revenue
Railroads
Ended March 1,1947 Increased 73,342Cars
Loading of revenue freight for the week ended March 1; 1947
;
Freight Loadled
1947
Att. As W. P.—w. R. R. of
Ala.__I
Loading of revenue freight for the week of March 1, increased
73,342 cars or 9.4% above the preceding week which included Wash¬
Carofina
loading amounted to 185,068 cars, an increase of 2,648 cars
above the preceding week, but a decrease of 208 cars below the
corresponding week in 1946.
.;■ •
: • *
Grain and grain products loading totaled 56,913
;
of
7,8-33
above the preceding week and
cars
above the corresponding week in 1946.
cars
cars, an
increase
an
40,054
and
week
in 1946.
an
.
cars,
increase of 2,208
•'
v-
increase
an
'
• -
»
of
5,980
above
the
preceding
Livestock loading amounted to 13,266 cars an increase of 967
corresponding week in 1946.
decrease of 3,408
a
5ld
cars above;
care
below the
cars
In the Western Districts alone loading
of livestock for the week of March
of
1
-
above the preceding week but
1 totaled 9,670 cars an increase
the preceding week; but a decrease of 2,918 cars
Forest products loading
totaled 52,858
cars,
T;
'
Ore loading amounted to 12,913 cars an
%•
' ' *
increase of 277 cars above
.
increase of 3,456
sponding week in 1946, Coke loading amounted to 14,484'
car|„above
the correr
increase of 281
cars, an
cars
the
cars v above
'
.
266
428
weeks
of
1946
3,179,198
V 2,866,876
850,031
3,003,655
782,397
3,052,487
'
of
333
March !—.—-
7,197,626'
Total
,
.
.1
The following table is a summary of the
785,736
6,533,130
•.
.
-/fax
•
•.
6,841,878
...
....
.
/
1,058
for
t-
V'i-
(NUMBER OF CARS)
%.
V
WEEK ENDED MARCH 1
weekly earnings. The Department
1,707
1,643
further reports:
1,603
503
8,364
10,507
8,706
26,678
24,094
24,881
609
623
975
898
141
149
134
904
(
/
Railroads
,
918
i >
.
Received from
Total Revenue
■
Ann
1847
C
;
Arbor
1946'
;>
3,043
S'^OO
7
7,426
13,069
13,229
1,278
2,223
2,144
53
51
1,213
V
'
32
Central Vermont
Delaware
Ac
Detroit Ac Toledo Shore Line
, ■
11,385
10,371
9,296
251
1,964
71,719
265
.Cv446
4,161
3,877
12,498
4,926
3,127
4,1)35
16,162
8,441
135,917
127,838
112,449
-
8,399
3,269
2,920'i
Y-
6,624
6,239.
10,489
994
<776,796
7 v
5,783
-
■
$46.79
40.5
49.20
40.3
122.0
44.29
40.6
109.0
Final
16,625
14,219
15,974
14,018
2,653
2,968
2,373
3,534
23,780
21,348
21,160
11,637
3,204
11,156
4,228
3,975
3,351
5,007
4,802
1,551
1,104
1,446
394
..338
664
Chicago, Mllw., St. P. Ac Pac
Chicago, St. Paul, Minn. Ac Omaha
Duluth, Mlssabe Ac Iron Range
785
697
1,141
11,269
683
Duluth, Bout' "\ore Ac Atlantic
Elgin, Jollet AS Eastern
Ft. Dodge, Des Moines Ac South
8,653
Green
Bay As Western
Lake Superior Ac
8,751
6,903
519
356
127
tions
10,430
5,930
440
-
508
505
1,130
319
210
63
47
2,495
1,886
2,887
2,723
but
7,088
5,519
4,376
4,909
4,163
12,567
Northern Pacific.
10,031
coal
8,946
5,828
5,238
Spokane International
195
124
250
539
2,135
2,595
3,038
2,718
97,324
89,645
81,551
73,417
67,056
26,111
TotaL
;
24,081
22,953
10,858
9,055
in
2,973
3,115
3,382
3,568
3,407
234
10
341
67
6;726
22,167
19,070
13,031
506
973
'7683
<
'
i-
<f,ti 757v..v.
3,462
3,300
3,139
854
783
14,446
2,919
13,482
11,065
2,700
15,222
3,459
13,079
2,819
574
707
758
1,877
1,340
3,832
3,095
3,782
4,704
3,682
'oil
650
663
62
30
.
3,261
7,468
26
949
836
1,321
1,292
an
2,317
2,145
1,874
1,579
November
503
866
913
559
1,494
1,302
123
541
738
648
13
7
o
0
27,124
29,384
10,600
9,195
1,213
1,652
—.
980
Peoria AS Pekln Union
8
Southern Pacific (Paclfio).
Toledo, Peoria Ac Western
Union Paclfio System
1
,
31,848
.
2,444
7-1,856
4,447
>
1,074
1,192
11,999
11,558
6,212
4,178
3,633
214,222
158,858
{
204,857
.4
69
0
313
202
0
17,716
15,801
16,863
12,704
11,322
1,076
940
545
10
7
Western Pacific
1,616
1,677
1,949
3,929
2,477
125,148
122,848
85,672
73,533
339
645
612
r
'
TotaL
139,505
—
Llgonler Valley.
Long island
Ptnn-Reading
670
563
*106
1,509
39,966
40,271
24,449
300
367.
-
6,842
2,735
2,631
4,571 0;
3,676
ly
1,477
workweek
5,321
2,376
2,120
1,157
1,254
877
1,837
3,607
2,577
3,146
4,625
3,189
2,969
2,595
3,300
2,992
2,429
1,302
1,366
City Southern—
-v
343
386%
380
-
Y
§
187
110
5,494
6,585
4,770
20,295
18,012
15,548
129
121
46
ttissourl-Kans&s-Texas Lines
Missouri Pacific
Quanah Acme Ac Pacific
3,736
18,501V
weekly
13,712
1,454
6,882
V
429
.6^97
409
»
9
8,131
2,920
2,562
3,519
5,263
5,304
16,634
63
59
,
9,539
9,109
10,943
5,587
5,378
5,246
9t. Louis-San Francisco
8,472
10,259 <;
10,612
:
8,146
>
V
5,415
4,311
8,672
90
78
76
38
44
Wsatharford M. W. At N. W.
21
36
24
18
12
69,601
68,491
A
i
Total
72,003
-
"-V
f Includes Kansas, Oklahoma Ac Gulf
Ada-Atoka Ry.
65,358 /'
.
'
by
us
According to the National Lum¬
Manufacturers
Association,
from the National
ber
Trade
of thif Association represent 83% of the total
^
cates the
production, and also
activity of the mill based
on
a
were
These
Period
Total
'7
7
172,275
109,210
543,675 v
102
96
66
96
85 :
85
1,623
1,905
4,530
4,726
1,614
1*764 ;
1,790
1,988
73,143
78,427
54,783
13,390
15,060
18,824;i"
25,143
.
'J
3,842 ;V
4,191t
4,238
159,592
172,949
11,860
148,745
'
~r
-
2,698
12,057
147,772
33.136
•
30,988
,
——
t
;:; \
-
4 ,881
5,030
fin 627
57,470
.
V 21,452
26,859
,20,833
i
1947- -Week
:
,
•-
12,129
142,338
171,420.
178,043
588,406
% V 580,026
Jan.
18—
173,851V
178,556
Jan.
25—
6,608
1,784
52,091
21,067
19,953
V
577,269
4—
155,432
8.—..«•——•
1
173,720
98
101
557,140
>
99
102
579,562
202,189
181.017
599.009
';v- 104
OQ
169,624
—
178,458
589,544
102
565,571
103
100
181,709
574,856
102
,
100
177,282
192,670
,
:
meats of
orders of
unfilled orders.
production.
sponding week in 1946, production
reporting mills was
17,1 k
101
prior week, plus orders received. less production,
Compensation for delinquent
do
'iccessanAy equal tne unfilled oraers at the close.
filled from stock, and other Items made necessary Adjustreports, orders made for or
NOTES—Unfilled
current
equiva¬
Compared to the average corre¬
sponding week of 1935-1939, pro¬
duction of reporting mills was
26.6%
above;
shipments
were
19.8% above; orders were 55.1%
above. Compared to the corre¬
94
179,347
the
year-to-date, shipments
of reporting identical mills were
14.3%
above production; orders
were 19.2% above production.
97
147,458
15—
22.—
Mar.
V
102
103
204.033
1
Feb.
■y\\
at
For the
Ended
196,927
Jan.
11,561
7,249
1,689
532,773
11.
Jan.
Feb.
4,399
Current Cumulative
Period
Feb.
'
23 610
—.■
•' V
'i,
•
^
r
571,179
96
99,555
production
lent to 35 days'
96
14,836
6»*"
■
99
102
144,083
<
7
Tons
578,742
167,937
% :
Virginian
Tons
Dec. 28—
4,464"
days'
rate, and gross stocks are
Percent of Activity
172,417
175,640
Tons
,
Dec. 21—
14,330
MILL ACTIVITY
Remaining
reporting
mills, amounted to 68% of stocks.
For reporting softwood mills, un¬
filled orders are equivalent to 26
Unfilled Orders
Production
207,137
7
80,760
Pocahontas Dl»irn»«—
As
:
Dec. M.¬
V
&
-
1946—Week Ended
Dec.
Feb.
Norfolk
<•
9
18,769
PRODUCTION,
Orders
Received
7
17fi 007
Chesapeake
REPORT—ORDERS,
•1,579
Dnion (Pittsburgh:
Western Marvlan**
•
STATISTICAL
34.5% above production. Un¬
filled order files of the
figures are advanced to equal 100%, so that they represent the total
V;
12.0%
were
production for the week
ending March 1, 1947. In the same
week new orders of those mills
figure which indi¬
the time operated.
to
Barometer
above
industry, and its program includes a statement each week from each
member of the orders and
mills re¬
the' National Lumber
lumber shipments of 412
porting
paperboard industry.
6
25,900
lesser
industry re¬
Weekly Lumber Shipments
Exceeded Output by 12%
Paperboard Association, Chicago, 111., in relation to activity in the
4
56,911
no
ings over the year.
Weekly Sfatislics of Paperboard Industry
.156
-
while
ported a decrease in hourly earn¬
Ry., Midland Valley Ry. and Oklahoma City-
We give herewith latest figures received
>
1,450
Seashore
showed
industries
the
of
58,219
.>■' NOTE—Previous year's figures revised.
>104
Pennsylvania 8ystem—
Reading Co.— *
of
production
manufacturing
in¬
reported increases of more than
10% in hourly earnings, only 5%
SStrike.
26
—
in
increases,
261
_
refining
by over $5.65 or 13%,
hourly earnings rose by
15%. About 95% of the industries
6,133
Wichita Falls AS Southern—
Texas At Pacific.
67
.
increased
sugar
while
Texas At New Orleans-—..,
358
.
,
-
for the
the
creased
St. Louis-Southwestern
11
18,332
•
501,
1,064
1,801
>"
1,665
6,016
1,160
u,.
•3,127
2,606
in
earnings
workers
198
235
responsible
industry (December 43.1; Novem¬
ber 39.1),
a
,*
.y
•<>
Since December, 1945 average
411
8
5,972
Missouri AS Arkansas
Relief
of
imports
as
flowed into the market, was large¬
2,706
6,613
International-Great Northern.
24,261
v
$5.67
between
December, rising
For the first time since
production
controls.
material
shortages,
Southwestern District—
1,387
41,823
V • 2,986
V-
Baltimore Ac Ohio
Bessemer > As Lake Erie———
Cambria As Indiana.
Central R. R. of New Jersey.
Cornwall
Cumberland Ac Pennsylvania
of
the workweek in this
industry averaged 40 hours, re¬
flecting new contracts for ship¬
building and ship repair.
Of the nondurables, the soap in¬
dustry reported an increase in the
average workweek of IVz hours
reflecting the lifting of wartime
:• 463
industry.
Allegheny District—
Akron, Canton Ac Youngstown.
periods.
and
to $57.09.
V-J Day
110
;
Utah
'7,347
,
postwar
or
increase
985
'
41
".77 113
r
6,059
149,267
165,554
2,296
7,353
war
2,323
City.
'
384
5,953
,
279
833,,
344'
5,364
v
8,436
782
•
_JU
1,298
8,742
244 -7
7,028
Erie-
riiJ
5,208
the
increases in weekly
earnings, with the return to the
6-day week.
Among
the : durable
goods
manufacturing industries, weekly
earnings in shipbuilding showed
11,939
Illinois Terminal
14,492
7,450
431
7.
15,616%
r
6,583
.
-
—^
-2,335
mining.
substantial
9
24,897
Denver As Rio Grande Western
13,991
2,643
also all-time records in
were
mining industries produc¬
ing copper, lead and zinc, reported
24
15,498
y
an¬
Other
Bingham As Garfield
Chicago, Burlington Ac Qulncy
Chicago AS Illinois Midland
Chicago, Rock Island Ac Pacific
Chicago Ac Eastern Illinois
Litchfield Ac Madison
and
coal mining in December was the
longest ever reported for this in¬
dustry, exceeding any wornweek
:':S V-; V' ''
Atch., Top. Ac Santa Fe System.
52,518
52,199
11,057
870
336
-7...
.,
bituminous
the
opera¬
The average work¬
week of 46.7 hours in bituminous
474
2,912
with
full-scale
only the highest averages reported
for • December ; by any
industry,
261
2,305
Minneapolis Ac St. Louis
Minn., St. Paul AS S. S. M.
of
the
December,
weekly earnings of about $70 and
$66 in these industries were not
4,914
1,009
Ishpeming
in
for
that
-
115.6
thracite coal mines, the respective
186
14,287
figures
indicate
resumption
11,383
591
12,591
Great Northern
1946
268
..
Manufacturing-.
Durable
•'-4,021
180
7
14
48^59
,<
822
425,,
Y'
1,129
Pittsburg, Shawmut As Northern
Pittsburgh As-West Virginia
Rutland
a-
2,371
4,645
-
6,789
—.
-v
5,603 V
492
Erie—
Pere Marquette
Pittsburg Ac Shawmut
,
7,337
4,053
57761
7? 44,378
10,286
1,609
,
m
v
2,868
50,031
New York Central Llnes___.._
N. Y.;n. H. Ac Hartford
New York, Ontario As WesternNew York, Chicago Ac St. Louis
N. Y., Susquehanna Ac Western-.
2,516
8,327
:
3,272
7 1,344
V
1,7*1
2,1971
8,146
f
160
156-7
129
868
follows:
as
Earns. Hours Earns.
109,224
16,645
Chicago Great Western
15,055
9,142
3,006
Total
7
1.624
,'2,038
10,939
Western
As Lake
MB6
are
Weekly Weekly Hourly
77-7157
2,209
477
■
Wheeling
%
11,679
.
>
12,506
Montour
Wabash
;^91
I
7,687
—
Lehigh Ac Hudson River
Lehigh Ac New England.
Lehigh Valley
Maine Central—
Monongahela
Ac Lake
a
4,356
-/■v.! 224
2,827 7-7 1,694
,
Pittsburgh
37
.1,084
309
Detroit, Toledo Ac Ironton—.—,.
Trunk
,i
393
.?
7,482 -7
Mackinac
trie
Grand
.
426
5,020
Delaware, Lackawanna Ac Western—.
Detroit
*47
•
1,757%
1,616
1,029
,
Hudson
Ac
1
284
7,265
V.V"
7,771
Chicago, Indianapolis Ac Louisville—. W7 1,461
Indiana.
77 1946
353
%
Boston Ac Maine.
Central
1947 1
2,571
388
Bangor Ac Aroostook.
1945
1947
ary,
All
139,011
Louisiana AS Arkansas
—Connections—
Eastern District-
averages for Janu¬
24,504
519
Preliminary
9,055
11,202
Northwestern District—
Kansas
Total Loads
■\
were
2,029
370
tK. O. At O.-M. V.-O. C.-A.-A—
rANDi RECEIVED FROM CONNECTIONS
Labor
Record
3,967
459
Burling ton-Rock Island
LOADED
of
24.
(cents)
freight carloadings for
,
FREIGHT
Feb.
544
-
Gulf Coast Lines
REVENUE
Department
on
"'774717';:
4,192
3,091
27,121
TotaL
During this, period 83 roads reported gains over the week ended
'
drop
961
.
12,154
Winston-Salem Southbound
$47
in the
hourly earnings of almost
primarily responsible
maintaining the high level of
$1.16
the separate railroads and systems for the week ended March 1,-1947.
March 2.
hour
average
9,725
336
Southern System
Tennessee Central
North Western Pacific
1945
3,168,397 >. ^2,883,863
January^
Four Weeks of FebruaryWeek
995
14,319
Seaboard Air Line
Nevada Northern
1947
Four
14,684
10,374
217
U.; S.
reported
13,790
25,788
around
average
y2
Bureau
the
893
26,906
;
the
2,323
:
to
workweek to 40.5 hours,
of Labor Statistics of'
average
4,436
433
Richmond, Fred. Ac Potomac
779
609
4,224
1,343
527
.676
4,489
3,485
■
7.
V
•7,v 429 "
343
3,437
Missouri-Illinois.
r
'
...
,
2,215
1,612
Fort Worth Ac Denver
reported increases compared with the corresponding
1945.
1,251
1,173
26,274
Denver Ac Salt Lake..
corresponding week in 1946.
weeks in 1946 and
7 139
29,296
Colorado As Southern
-.1^6
stboVe the preceding week and an; increase, of
All districts
1,638
129
continued
despite the
Central Western District—
the corresponding week in 1946.
the preceding week and an
297
1,584
208
Piedmont Northern^
increase of 6,602
an
3,778
320
1,642
56
28,233
Mississippi Central
Nashville, Chattanooga Ac St. L,_.
above the preceding week and an increase of 10,270 cars above
cars
1,671
3,866
235
513
-
Weekly earnings in manufac¬
turing industries in January, 1947
4,840
7
1,627
5,129
Norfolk Southern
4,504
;
108
415
:
10,169
3,734
28,119
Illinois Central System
Louisville Ac Nashville
::
Continue at $47 Level
2,023
9,898
84
4,913
Macon, Dublin Ac Savannah
2,214
64
1,011
~
200
3,420
■;
87
Spokane, Portland Ac Seattle
below the corresponding week in 1946.
-
101
1946
286
Nondurable
above the corresponding week
cars
432
2,925
Georgia
A
429
h-
Florida East Coast
In the Western Districts
cars
4,264
508
390
Chicago AS North Western
totaled
881
15,555
1,792
1
Georgia Ac Florida
1947
7
2,001
grain and grain products loading for the week of March
alone,
•
4,648
541
Columbus Ac Greenville
Durham Ac Southern
increase
of
932 ;;v
15,203
1,897
Clinchfield
,
Coal
384
929 ■4
Gulf, Mobile Ac Ohio
Loading of merchandise less than carload freight totaled 123,993
cars an increase of 13,847 cars above the preceding week, and an
increase of 2,351 cars above the corresponding week in 1946.
'
1945
530
15,991
4,379
Gainesville Midland
'Miscellaneous freight loading totaled 390,536 cars an increase of
40,857 cars above the preceding week, and an increase of 51,636
cars above the corresponding week in 1946.
1946
432
'
Atlantic Coast Line
Central of GeorgiaCharleston Ac Western
Factory Earns, in Jan.
—Connections—
*
Alabama, Tennessee Ac Northern
totaled 850,031 cars, the Association of American Railroads announced
on March 6.
This was an increase of 67,634 cars cr 8.6% above the
corresponding week in 1946, and an increase of 64,295 cars or 8.2%
above the same week in 1945.
^
ington Birthday holiday on Feb. 22.
Total Load*
Received from
Total Revenue
Southern District-
of
above;
the
i
shipments were
13.6%
orders were 37.6%
above; and new
above.
*
CHRONICLE
THE COMMERCIAL & FINANCIAL
nounced by L. M.
Giannini, Presidirector of public relations dent; Mr. Bruns will make his
James A. Bailey, President of for the New York State Bankers headquarters at the San
Francisco
head office of the bank.
Menotomy Trust, has for some Association.
President
Giannini states that the
years been a director of the
extensive
Trust, will also be at
Harvard
office.:;
that
About Bank
Items
y
•
\
t
",v'
v.
v
'}.
•••
i*'..
J.''
' !'.'>•' •
.
/ 1:
„
Companies
elected
has
member of the Board of
a
Directors of Bankers Trust
Com¬
monument
York, it was an¬
March 6 by S. Sloan
New
pany,
nounced
on
American
Colt, President. Mr. Jackson is a
courage
partner in J. H. Whitney & Com¬
pany,
630 Fifth Avenue,
New
York.
Mr.
Jackson
joined the
new
It is a
It
who
health organizahas been a
and
'
a
He is
T.
Madden,
became
•
later to
The Emigrant Industrial
Bank opened for busiSept. 30, 1850. On its first
day, deposits amounted to: $3,009;
the number of depositors totaled
20. Over the whole period of 97
-
.
'
at
one
Street.
Ka
there will
Middlesex
brochure
Trust
Co.
issued
be
the
Bank
&
of
nnpn
the
28
Tradesmens National
Trust Co. Sept. 17, 1928.
1
stock
the
Cheltenham
Ni-
assume
and
the deposit
the
Chelsea
bank
March
office
of
Co.
letin of the
troller
as
National
of
Office of the Comp¬
the Currency.
The County Trust Co. of Mary-
land
of
Cambridge,
Md.
has
elected Addison H. Reese, Presi-
oSzation
the
success
mutual efforts. More
accumulation
the
sum
of
of
our
important,
this great
| March 6,
is not typical of American
bigness"
as
the term is gener-
ally applied to our industrial or
it
is
a
achievements.
T
,.£""55, bS,
*n accordance with the
over-
Riming vote of stockholders of
J^o^1 Harvard Trust Co. of Cam-
seiV
^es
stantly
timK-v
crease
depositors, has
kept
pace
with
Its
steady
the
Ml™™ •"
growth
4 Under the terms of the agree¬
ment, Harvard Trust Co.; has
has
reduced
parallel in¬
which ; it
share,
per
splitting the
two-for-one.
vard
Trust
In
Co.
billion dollars
entrusted to its
care by 283,000
depositors, it typifies the tradi¬
are
of
has
its
shares
stock-
holders of Menotomy Trust Co.
in the proportion of one share
of Harvard Trust Co. for each
prepare
for
in
Appointment
Bruns
0f
of
Walter
-
E.
Vice-President in charge
as
governmental * relations for the
*•"*
^
/»
Bank
•:
A
of
1
M.
Jones,
Vice-President
Treasurer
dent
of
of
Menotomy
a
Harvard
been
an¬
From
Trust,
and
Norman C. Jenkinson has been
and
in
Good,
*
an
Assistant Treasurer
addition
Jr.,
Timothy
Vice-President
Trust
as
advanced
All of which leads up to an
ap¬
praisal of the ride
we
ing
,u6
world
taken
WlVWl
for
in
Xll
1U1
we
be¬
are
politics.
VVUHU
We are the Fat Cat in the world
of bamboozle.
Every time
dictator
dQwn
he
wants
orbit.
your
some
shake
to
us
g.
Trust Officer. He is
American
Vice
rd
rather stay in
But there is
Com¬
a
munist urge among my people.
will take $300,000,000 for me
It
to
It's the old game which the poor
little
1AttAC
dictators —
of
downtrodden
««wnuuuuvu
France that without
people
ample pocket
Britain ; and
a
"loan" their
going to fall into an¬
other orbit; usually it was Ger¬
many's orbit they were going to
were
fall into
0f the
A
without this
"shoring
up
economy."
hilarious
little book of the
'20s told of the expenences of an
...
American
travelling salesman who
visited Paris. Suddenly one night,
his hotel
utive committee. Mr. Reese, is
American
new
fect
spy
a
W.
of
he
the
Second
a
week, everything
freed without
was
explanation,
any
just
told to go his
He learned that a Rumanian
delegation
D.
C.
through the sale of new stock
has raised the capital from $500,000 to $1,000,000 the latter having
been in town to
"loan" to "shore up"
to
scare
divert public atten¬
tion.
Well,
no
the
old, .happy
We
more.
hunting
are
to
account of
on
take
are
their
having
our
become bored with domestic af¬
livening international
more
A.
in
Hemminger
charge
of
has
been
advertising
and public relations for the Amer¬
ican National = Bank > and Trust
Company
of
Chicago,
according
to announcement by Lawrence F.
appointment
pressed
lid
mises
on
After
takes
ef¬
'}.
no
compro¬
subje<#.,C
happened
it
that Paul's
assume
the
Truman to
keep
make;
what
fair to
in
to
the
on,
.career
was
Washington: bureaucracy
at
an
end and that at
long
last, he would be free to take one
fabulous offers that indus¬
try had been making to him for
of the
so
long.
When
heard that he
we
ing to Greece,
that it
sumed
junket
was
was
go¬
justifiably
we
as¬
last
one
little
that
was
being given, to
him, utterly harmless and costing
the
taxpayers relatively little. But
just
he
as
made a crisis out of
has developed in Greece
coincident with his arrival.
As if to add to the
OPA,
one
hilarity of
it, Turkey which cashed in on the
war, lets it be known that
she, too,
will have to let Russia
have the
Dardanelles
some
unless
fork
we
up
cash.
Wait until our Latin
American brothers begin to grab,.
It
that Argentina's Peron
orbit competing with ours*.
seems
going to pay through thekeeping those Latin Ameri¬
nose
can
"democracies" within
ours.
same
and
•
\
Paul
when
•
time
blandly
because
Moscow
is
we are
over
discussing
in Moscow
Stalin
with
howr to maintain peace.
having the time
.
of
his
/.
was
the
head
of
FDIC Assoc. Gen Counsel
Maple
-
T.
OPA
Congress
was
fighting to
price ceilings. We are be¬
ing told by the Democrats now,
remove
that the voters did not really vote
Stern, President. Mr. Hemminger for the Jtepublicans on Nov.
5,
was formerly
advertising manager, that they were just fed up with
of the Bankers Trust
Company,; the OPA.-Well, no other one man
Harl,
of
Chairman
Federal Deposit Insurance Corpo¬
ration has announced the
appoint¬
ment of Norris C. Bakke
as
Asso¬
ciate General Counsel for the cor¬
poration.
-of
Judge Bakke,
North
Ph. B.
game,
,
life..
Russia
supplying the Communists. At thd
Dakota,
en-
It strikes me, as well as a lot
of others around Washington, as
amazing that the Greek crisis
ing
C.
placed
the
Association.
had
a
country's economy, and the
■-
National
Washington,
who
the
wifth
capture.
After about
fairs and gone into the
*
has
of
tions waited upon him periodically,
It
probably isn't generally un¬
gesticulating and hurling ques- derstood, but when we
give money
tions at him which he coundn't to Greece and
Turkey to keep out
understand. In the meantime, the the
Communists we are at war
newspaper headlines screamed of
P*ace>
of
and
are
University Schooi and the Johns
Hopkins University.
of
Financial
immediately..
We
grounds of France and Britain
capital
the
.Bankers
His
gendarmes. He
rushed off to jail and he d
incommunicado. Frenzied delega-
was
a
$500,000 in the
in
Committees
an
native of Baltimore County. He
was
educated at the Marston
increase of
active
on
has
spy
exec¬
present
Blackstone
California,
been
battered down
room was
and in rushed the
di¬
a
of
served
French officials had concocted the
as
Legion, is
Commander
and
member of
Association
hold them in line."
He
serve
a
*
was:
Post, was city attorney at Reedley, Calif., for three years, is a
was
<Te'rsonally'
-
will continue to
•
(Continued from first page)
000 more to turn the
trick, other¬ was more responsible for the
wise the county is gone."
Democratic debacle because it was
that
10 years.
Officer, and in 1940
to Vice-President
Washington Ahead of the News
negotiate
and
Vice-Presi¬
Trust,
Assistant Trust Officer
after several years in the
practice
of
law in Fresno
County. He
transferred to the bank's
head¬
quarters in San Francisco in 1935
as
t
has
America
in St. Marys County, is retiring
as
President after serving in
capacity for
of
Fresno
in 1929
Advertisers
way.
Senator Coad, whose home is
Bank
has
.
.
of Harvard Trust. Both will re¬
main
at the Arlington
ofifce
and
Building
administrative;
Comptroller of the Currency.
"'
should coincide with our sending
Mr. Paul Porter over there. I can
become effective on Feb.
6, it see Paul right now sitting in the
lVz shares of Menotomy Trust, was made known by the
Comp- Toots Shorr of Athens, telling
As a part of the
merger, Ira troller of the Currency's Office. Kentucky stories, wining and din-
work, progressive expansion of
industry, education, commerce
save
Trust
Baltimore.
Bank
distributed to
elected
desire to
Mercantile
the
Past President of Associated
Trust
Companies of Central
'
calmed down and the bewildered
offices in the
Har¬
tional American virtues of hard
and the arts combined with the
me present $1,000,000
was reported March 3
American
capital by 20,000 new
$10 par stock, which
to be
the
has its executive
An
has been elected
a
total
shares
w
raised
in
one
officer. Mr. Bruns joined the
Bank
of America organization at
$825,000, 1 the
^u,uuu,
land and the Eastern Shore and
increased
Now with half
a
of
addition,
its
■was
value
par
stock from $20 per share to $10
1850, New York City
growing community of
less
than
600,000
people.
A
jhandful of men organized the
institution for "the purpose of
affording advice, information
and protection to emigrants and
their small savings." Deposits
in the bank on its first day
were
$3,009; its depositors 20.
serves.
In
the
County Trust Co., is the
largest bank in Maryland outside of Baltimore City with total
"resources of approximately
$50,000,000 as of Dec. 31, 1946.
The company operates 19 branches through Southern Mary¬
rector and member of the
the
con¬
prosperity of its de¬
and the expansion of
communities
a»A6,WK«rS
Its
and
positors
the
through
to
contributed to
of
hi,
(
The
Rather
tribute to the thrift
■■
'
.,
bridge Mass. and Menotomy Trust
Co. of Arlington, Mass. the two
our people — telling evidence
institutions have now - merged
that this time-honored virtue is ?.nd hereafter the banking operawidely practiced. It means that tfons of the consolidated bank in
the Emigrant Industrial Savings Arlington will be carried on at
Bank represents truly the fun- the old banking office of Menodamental principles of the savTrast Co. at 655 Massachuings bank as a community sav- setts Avf- Advices to this effect
financial
.
stated:
1308.
page
from
$500,000
dividend
Easie™ .EuroPe have lonS Played
on Britain and France. These fel-
Pa
of^ Cheltenham^ Pa
Shawmut Bank. The personnel dent to succeed Senator J. Alan
nf the
Chelsea Trust Co
of the $500,000,will Coad, who tendered his resigna©00 mark in deposits by our
become a Dart of the Shawmut tion at
the annual meeting of
bank should give all our' de¬
^awmul stockholders in January. We
A
positors and the bank's staff a
reference to
the
proposed quote from the Washington, D. C.
feeling of pride and gratifica-1 merger appeared in our issue of "Post" of March 9,, which further
in
cu
•
will
31
26
matters
in the Bulletin of the office of the
fi^ure
*lnsA
^
lows always kept in
from $185>000 to $225,000, it was money by telling
indicated on Mnmh 2 in the Rn
March 3 in thn Bul¬
The passing
tion
Feb.
-
Mnndav
nn
_
Through the sale of $40,000 of II
1
The merger becomes effective
the
close
of
business
on
March
announcing the Emi¬
grant's new high mark in deposits,
Mr., Madden said in part:
.In
effective
nf ° $175,000
amnimt
Na¬
by
National
..
liabilities of Chelsea Trust
Chambers
51
A
Tradesmen's
tional Shawmut Bank will purchase the property
cnase me
property, assets and
assets anu.
goodwill and
has
and the bank today has
branch, at 5 East 42nd
Street,
but
at
located
of
March 11 reporting this, added:
Under-the agreement Na- tional Bank
the bank has never failed
to pay a dividend; 233 payments,
amounting to $371,362,703 have
been declared. Since its opening,
been
II
tional.
Assistant Treasurer in
ton. The Boston "News Bureau" of
wn. ine dusiuii incws ouicau m
years,
of the bank
President
cePt the recommendation of thel*4' 1864;
board of directors to merge with'Bank and
National Shawmut Bank of Bos-,
rtl-A
office
ttri
u-
Savings
main
^+
1
-
ness on
the
***
Philadelphia anthe Loans and Discount depart- nounces the
completion by it of
ment. In 1936, Mr. Rieger was 100
years of banking. The instipromoted - to
Assistant
Vice- tution was founded on March 11,
'
President.
1847.
The
development of the
bank into the present organization
...
is
indicated
by it
as
follows:
Stockholders
of
the- Chelsea
Tradesmens Bank, March 11, 1847;
Trust Co. of Chelsea, Mass. at a
Tradesmens National Bank, Nov.
meeting on March 10 voted to ac-
growth in recent
*
safd'
27
Albuquerque,
its capital has been
and the sale of. new stock to the
changes in personnel. Medville Clark, President of May¬
nard Trust, will become a Vice-
Company,
re*
promotion two years
a
today's relations
institutions and.
coordinate
such
America under
no
Trust
•
^
years.
—
Feb
discount teller for the
a
ceiving
teamwork
staff's
the
bank's
the
for
Currenrv
in
Bank
$325,000 to $1,000,000; a
increase through a stock
brought the capital up to
orougni me capnai up m
hv 1
annrnvpH
f the
National and
sex
bookkeeper. Later he joined
Marine
thriftiness, Mr. Madden, who has
been President since 1945, com¬
plimented
hppn
trbUe
■***
the Bank of Buffalo and in 1926
people's
of
evidence
ha_
'
Maynard Bank will be
operated as a branch of Middle-
beginning his
career in 1917 with
history, deposits of
the bank have passed $500,000,000 during the last month and
now total $500,809,012, represent¬
ing the combined savings of 283,000 depositors. Calling attention
a
years
this '
Fve?eft Mav/
of
The
the Bankers Trust Company as
to ;
Bank
,
c
before
Emigrant Industrial Savings
Bank of New York announced on
March 6 that for the first time in
97
Under action taken by the First
Born in New York City, Mr. the Boston "Herald" of Feb. 28,
Rieger was brought to Buffalo from which it is also learned:
Railroad
banking
the
its
^riHHlp„PY rn,int'
A
ith
NatiokS
by his parents when he was a
year old. He served as an office
clerk for the New York Central
President of
,
*
.
sity and Harvard Law School. f.v*
John
M
•£lasTnnounced on^
graduate of Princeton Univer¬
a
-
T™® merger of the Maynard
March
andyhas' re
nas, reta^ed" temporaril^a
ea tempo a _y
a
that firm.
•
-National Hank of Everett, Mass.,
£§
new
New Mexico
in part: gI
partner in the law firm of Carter,
connection with
«*
National
old,
according to the Dutiaio
"Evening News," which also said
Jackson
and
*
increased
C1 —~
-—
Mr.
*
•
Max
years,
Rieger, Assistant Vice-President |
quarters, Twelfth Army Group, of the Marine Trust Company's
He is President of the'New York Buffalo
Trust ; branch died on
tions.
Trust,
as
Identified with Buffalo's bank¬
Bradley^s
educational
stock. The increased capital became effective
Feb. 4, according to the office of
the Comptroller of the Currency.
member^ of the Ar¬
serve
have
of $50,000 of
agreed
Menotomy
to
30
of
and at the same time increased it
from $150,000 to $200,000 by sale
Sawyer and M. Ernest Moore,
were formerly, directors of
the
is
opportunities.
for
complexities
directors, together
three
C.
story — confidence,
and the creation of
business
of
Government now cover'
such a
wide range of
activity that it has
become desirable to
of Harvard Trust.
ing
Bank
capital from $100,000 to $150,000
by a stock dividend of $50,000
lington management committee
Army in
1942 and served as
Deputy Chief of Intelligence on
General
Staff at Head-
City
between financial
Guernsey, Frederick W. Hill,
James W. McAvoy, Geoffrey A.
thrift.
to
National
Waco, Texas recently increased its
with Thomas J. Donnelly, Henry
are
bank and its resources.
The
addition,
growth of the
the
for
reasons
New York and prior to that he
was
•
the
These
future.
the
been
;
:
Henry G. Wilton and Edmund
L. Frost have also been elected
directors
of
Harvard
Trust,
These
Jackson
H.
William
>
Trust. ; In
Harvard
Trust
Thursday, March',13$ 1947
and
LL.B.
a
native
received
from
versity of Chicago in
his
Uni¬
the
1919.
He
also took graduate work at Har¬
vard Law School.
Colorado
in
After moving
1920,
to
served as
he
County Judge and City Attorney
until 1926.
eral
After six years of gen¬
practice, he became Deputy
Attorney-General
of the
State i&
1933, serving in that capacity un¬
til he became Associate Justice
the State Supreme Court in
During
1945
he
quarters of
as
Chief!
The
head-j
served
Justice of that court.
of
1938'
Judge Bakke will W
Wa.hinfffnn
n Was
gton.
@FedFRASER