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"BKHMMCAL 4W1»
«B««KALURRAK4
.Win M MM*..
Final Edition
Number 4574
165
Volume
ESTABLISHED 1839
.
Hoover
New
Reports
dition
Group
On Monetary Policy
Dr.
sunk to lowest level in century and their con¬
survival of western civilization. In statement to
are
menaces
Benjamin
Reporting to President Truman
Connell
da rk
completed,
recently
V ~ " '
thus
the condi¬
tion
of- the
of
that
situation
a
which,
ing
peace,
to
ly
this
Foreign Affairs .Committee
he
urged strict regulation of food dis¬
tribution.
V'.%
of
Mr.
Hoover's
re¬
port to the President follows:—
Introduction
time
of
her
surrender,
Germany had exhausted all of her
and- most
reserves
back
We
into
would
within
her
a
stocks
and raw ma¬
know that, driven
now
have
her
of
of consumer goods
terials.
been
she
in chaos
borders,
own
blown
up
short time without further
military action.
Promptly after, the surrender,
her liquid resources from which
she could have been provided with
supplies were seized and divided
relates
report
al
adminis¬
each
,
and
to
that
area
;
;
Manpower
changes which have taken
place in population profoundly
affect all economic problems.. The
population of the combined zones
in 1939 was about 34,200,000. The
Germans expelled from the Rus¬
annexations
Polish
to¬
gether with those from Czecho¬
slovakia, Hungary, and Austria,
have raised the population in the
American
about
In
and
succeed¬
ing
Benj. M.
D
Anderson
the
P.
late
Leonard
r.
Ayres,
for
Vice-President of the
many years
British
Zones
to
41,700,000.
an
incumbents
win W.
of
fessor
International
Princeton,
more
B.
the late Dr. Ed¬
were
J£emmerer, Walker Pro¬
held
who
than ten years,
Finance,
office
for
and Dr. Ray
an
tour of parts of Europe.
been all to often
absent from public documents. Yet, for
part, we find it difficult to shake off a feeling of dis¬
appointment. Mr." Hoover has set forth in arresting terms
our
the horrows of
situation which have
a
long in broad outline
In doing so, doubt¬
less, he will help to bring more vividly to the mind of the
average American, largely engrossed in his own problems
and difficulties, a situation which cannot, or at least must
not, be cast lightly aside. He has apparently made some
suggestions as to administrative and other matters, the
merits of which are difficult to appraise at this distahce.
been familiar to all informed observers.
But the fundamentals of the situation in
abiding
Germany—the
causes
"Promptly after the surrender her (Germany's) liquid
from which she could have been provided with
supplies were seized and divided as reparations/ The popu¬
lation thus became largely dependent for its life
upon the
resources
armies of
occupation.
Westerfield, Professor of Eco¬
"It is
nomics, Yale University, who be¬
came
the Committee's first Presi¬
dent 14 years ago.
It
extended, if
He has sub¬
the President which shows plainly the
imprint of the ex-President's experience in food relief, and
at points a brand of common sense which has of late
years
somewhat hurried,
mitted a report to
which if permitted to continue must give
on business trends, Dr. Anderson
rise to long abiding effects of the nature of those now de¬
becomes the fourth President of scribed
by Mr. Hoover—draw hardly a passing reference.
he Committee. The two previous
Says the ex-President:
is estimated
1,000,000 will
Other officers of the Committee
come into this area by December
for the current year are: Executive
1947. There are also about 400,Vice-President and Treasurer, Dr.
000 British and American military
and
civil personnel.
Thus, the Walter E. Spahr, Professor of
that
Mr. Hoover and Germany
Ex-President Hoover has returned from
Cleveland Trust Company and in¬
ternationally recognized authority
The
and
Monetary
Policy
as
President
o f
the organiza¬
tion.
nation
expense,
Committee
o n
was
/
^
.
sian
the
now
of
Econo¬
mists' Nation¬
occu¬
Changes in Population and
population in
their respective zones of occupa¬
tion. At a hearing of the House
At
the
American and British
have
only.
Herbert Hoover
;
and U. S. to feed the
text
territory
four military
tratively combined,
bearing one-half the
by Britain
The
into
The
Zones
be
shared equal-
Committee
dependent
the- armies of
upon
shrunken
the
icans.
an
expenditure of
approxiihately $1 billion
elected by the
E x ecutive
population
pation zones between the Rus¬
sians, French, British and Amer¬
last¬
a
life
divided
he
states, pre¬
cludes
The
occupation.
It is hardly necessary to repeat
that parts of Germany were an¬
nexed to Poland and Russia and
mass¬
remedy
rary
Herbert
became K largely
its
for
and urged,
a
tempo¬
as:
President
reparations.
as
of
es,
former
<^-
picture
German
Califor-
nia, Los An¬
geles, has been
his economic mission to Ger¬
on
,
.
EDITORIAL
M.
Anderson,
Professor
of
Banking,
; University o f
House Foreign Affairs Committee he outlines relief policy.
many, which
he
Hoover gave a ;
As We See It
Economists'
appropriate $475 millions to feed Germans, otherwise there will
be no peace and occupational Costs will be greatly increased. Says
masses
Copy
a
Anderson, President of
Former President recommends United States and Great Britain each'
German
Price 30 Cents
York, N. Y., Thursday, March 6, 1947
Germany
on
In 2 Sections-Section 2
additional
were
1
:
hardly
necessary to repeat that parts of Germany
annexed to Poland and Russia and that the shrunken
;erritory was divided into four military occupation zones
between the Russians, French, British and Americans."
(Continued
on
1296)
page
-
"
two
zones
modate
will
about
have
to
43,000,000
accom¬
people
bringing the population approxi(Continued on page 1298)
Economics, New York University;
From
Vice-Presidents, Dr. James Wash¬
Professor
ington' Bell,
of
Washington
Ahead of the News
Eco¬
nomics, Northwestern University,
and Dr. Neil
I
of
Bay Bonds on Merit Without
Regard to Taxes
v
and
Dean,
Assistant
University;
Lehigh
and
Editorial
As
reasons
We See
bonds may
major
two
bonds.
ever,
Each
issue
should, how¬
be judged on its own merits
All the U. S. Governments shoulc,
groups.
By t a x able
bonds I have
in mind those
be safe.
The small investor should
buy Series "E" which yield abou
3% although you must wait ten
establish¬
f
ed
c o r p
o ra¬
tions and U. S.
Govern¬
Moody's Bond Prices and Yields... .1305
Nsp o
ndents
Items About Banks and Trust Cos..
are
now on
the
They
according to their mar¬
medium-grade-
V
■
■
■'
•
State of
General Review
•,
the
Trade
......
1295
Commodity Prices, Domestic Index.
investor buy¬
bonds
often
better than the low-yielding
Weekly
out
parties
planted.
This
of
they
Car-loadings... ..............1307
have
come
to
.
is in¬
assaying the "emer¬
correspondent
months
invited
impressed
selected
recalls
one
ef-
because
the
salon
they
had
of
their
were
been
influ¬
standing and reliability,
their ability to com¬
prehend problems. Then the high
as
Carlisle Bargeron
to
that
ago,
and
ence
get-
constitute
in
several
Those
official.
t hers
This information
long
enough ago to tell about. A high
brass really did a job on us in the
matter of the "problem" in Austria.
write
t oge
at
gency."
without
Thus the
time, the problem is to
just which of these
and
by whom it was
valuable
ascribing it to
••
Paperboard Industry • Statistics..... .1307
ing only for income and security,
the
•
be
be safe.
an
y\
Weekly Engineering Construction.. .1306
yield from 3%
For
1308
learn
tion bond,
es
to 5^%
Trading.
NYSE Odd-Lot
like the interest from any corpora
market should
ketability.
1304
may
what
Trading on New York Exchanges... 1304
bonds.
tion bond issu¬
Babson
;
same
that
...1293
News
f
l y all
corpora¬
The
is
years
but the security should
of the highest possible.
session.
corre-
;
N
e a r
down
the
Washington Ahead of the
ment
such
Roger W
before getting your interest
Large investors buy the "F's" or
"G's" which yield 2%%. The in¬
terest on these bokds is taxable
hair
rule
Prom
the
find
a
his
of
colleagues to
drop
in
for
a
.
o
1293
It
Regular Features
be *
into
divided
invite
few
Pncro
■
I discussed
ago
dinner
and
GENERAL CONTENTS
the stock market. I gave 10
favoring higher prices. This week I will discuss bonds. These
weeks
CARLISLE BARGERON
high officials are invited to frankly relate their problems. A cor¬
respondent, for example, will have a cabinet official in for cocktails
and prospects of both taxable and
non-taxable bonds, and concludes in . today's market it is better
to buy good yielding taxable corporation bonds than to gamble in
non-taxables. Prefers good industrials to rail issues.
Mr. Babson discusses yields
Several
By
Treasurer,
By way of showing that they are abreast of the march of prog¬
Dr. William W. Cumberland, Laress, that they are capable of dealing with the maturity which we
denburg, Thalmann & Co., New have attained in world
affairs, the Washington correspondents have
York City.
come to vying with one another in the holding of salons to which
By ROGER W. BABSON
;
Carothers, Professor
Economics
well
as
confided
brass
behind
closed
propaganda celts.
They doors that he was letting us in on
explain the sudden flush of stories this secret because of our impor¬
Weekly Lumber Movement.....'.....1307
\
about a given project or an "emer¬ tance.
Non-Taxables Too High
Fertilizer Association Price Index.. .1304
Well, it seems that we are face
gency" such as the situation in
I
am
bearish on non-taxable Weekly Coal and Coke Output
1306
to face with, and overwhelmed by,
Greece.
bonds at this time and this applies Weekly Steel Review...,1297
the Russians in Austria. But we
These get-togethers are a cur¬
to all of the three leading groups Moody's Daily Commodity Index... .1305
can head them off and keep them
as follows:
Weekly Crude Oil Production....... 1306 rent fad and for those whose busi¬
!i
from accomplishing their nefari¬
ness it is
to know what really
1. Municipal bonds of pur big
NpA-Perrous I Metals Market......... 1305
ous ends by some very competent
gest cities sucli as New York, Bos
Wjefkly Eleqtdc Output.............1304: goes on in the Nation's Capital administration in our
zone, to¬
General Crqp Report for 1946.......1300 they are somewhat of a problem.
ton, Philadelphia, Baltimore, Pitts
When one of these emergencies gether with the spending of some
burgh, Detroit, etc., are truly risky
fective
■
.
.
„
(Continued
on
page
.
1303)
♦Not available this week.
pops up
in several papers at about
(Continued
on page
1303)
THE COMMERCIAL &
FINANCIAL,CHRONICLE,
somewhat further in
January, re¬
chiefly increased; khtprments
of
coal, iron, steel, and
lumber. Shipments of most manufactured-products and agricultural
commodities showed little change.
Shortages of cars continued to
Attention, Planners!
mentioning 'the, grave drought' that re- *
quired 'a reduction in food consumption' in 1946,. \
the statement (of the Council of Ministers of the
limit the movement of
USSR) enumerates last year's industrial deficien'cies.
v-:'v' :'1'7
'I
of
es
■
"As summarized from the statement these
"Slow growth of the coal
the development of various
-
are:
dustry and transportation.
"Prices
production of consumers goods. 7/
"Failure to fulfill the plan for housing construc¬
tion, which delays the organization of the permanent labor force and holds back labor productivity.
anotner
7
7
and
from.;, the
declined
hand.
allocations
export
to
hand
on
national
housing requirements, mostly as a result of slow develop¬
ment in lumbering."—Drew Middleton under a
7..
jr.ay
hope that those
among us
•which
to
economic
our
this Moscow
member
to
member
A
pressure.
however,
to sup¬
seem
are
banks
banks
and
sold
"Bank
of
of
February and issued
tended that their agreement, which
until next Aug. 30, precluded
the
January
Reserve
and
record
February
a
current determination of rep¬
resentatives. In the special advices
to the "Times" it was stated;
re¬
four
weeks
:'7; Early in dts history the Board
g Was confronted with the prob-
ending
and
Feb. 19.
industrial loans
:
lem
|
tract was
|
lion of
and early February; the rate
ary
a *
i
bills
and
but that
rials
have
creases."
shown
The
reported.-;
in¬ :>•;
further
Board
further
,yyv7;?y')ry^y iXK'y'K-^
"Total output at factories
mines
of
in
January
188%
of
the
at
was
1935-39
-
and
rate
a
average,
according to the Board's seasonal¬
ly adjusted index, as compared
peak
rise
in
November.
The
certificates."
ndost
large
January reflected chiefly
sharp gains in output of coal, iron,
steel.
materials
Production of
these
had been curtailed in
November
and
December
owing
to the bituminous coal work
stop¬
page.
'
■■■
"Production of iron and steel in
.January
ume
was
since
in the
May, 1945.
operations
largest
vol¬
Steel mill
averaged
93%
of
capacity and were at a slightly
higher scheduled rate during the
first three weeks
of
February.
Output of building materials was
maintained
at
unusually high
an
level for this season, and
activity
in
the
nonferrous
metals, ma¬
chinery, and transportation equip¬
ment
industries
close
to
the
was
"Production
goods
was
maintained
December rate.
at
a
of
rate
the 1935-39 average in
iv
177%
January
and
December.
Activity
in
The
number
ployed
chemicals, foods, and paper
printing industries reached
and
new
earlier peak rates.
bituminous
coal,
after being curtailed in
November
variation.
persons
increased
unem¬
further
to
a
Construction
.
"Value of construction contracts
awarded,
as
reported by the F. W.
Dodge Corporation, increased by
y4 in January following a marked
decline j during
the
preceding
seven months.
About % of the in¬
,
crease
was
accounted for by pub¬
nonresidential
construction,
reflecting chiefly, large awards for
Veterans'
hospitals.
contracts
Trust
&
Amend;
Daniel
a
determination
year;Villi'
V; of two years
II
expanded
Residential
by
y3
due
IT•
the
was
presumed
burden
was
year
agreements
were
not
principally to awards for several
large apartment projects.
termination
i
,
ground
:
of
de¬
a
reasonable duration and there¬
fore, operates as a bar to; an
1
-
community
s
has
come
the usual seasonal changes.
this
the
first
Sales
weeks
seven
of
were
17% larger than
period last year. Sales at
year
same
were
at
a
rela-
ventive
and
correctional
people,
and
many
goal
for
1947
has
been
set
goods
started.
automobiles
Unit
sales
and
of
hard¬
numerous
nondurable goods apparently have
declined somewhat from earlier
advanced levels.
Freight
carloadings
j
increased
by proving that one-year agree¬
customary in the in¬
dustry in which the employer
is
engaged.
Consequently, the
ments are
at
$1,000,000.
;:v
; •
: /
Mr. Kelly is now
completing the
membership of his committee, and
as
In the present case the peti¬
tioner rebutted the
presumption
TV
$1,920,005. Its
tively higher level compared with
last year, reflecting mainly ad¬
vanced prices for foods and in¬
creased supplies of such durable
ware.
to say, the "Times" advices stated
work
for children and
adults. The Special Gifts Committe in 1946 raised $852,144 out of a
total appeal fund of
,
,
question
.
actual
the
solicitation
has
It will continue
!
already
through
house-to-house
canvass., of
Catholic families in the 374
par¬
ishes of the
Archdiocese, which
will
run
Reserve
days
the Federal
Bank
New York in a notice to
the
banking institutions; in the Dis¬
trict issued by Allan
Sproul Pres
ident of the
Bank, said:
of
Pursuant to such sections
from April 20 to
April 30. 1
;
before
us
now
is
whether
cycle
we should complete the
by holding that a two-
year contract operates as
a bar
election until the approach
of its terminal date, even in the
to
an
\ face of a contrary custom in the
industry.
/.'""I: <l
Whenever
as a
bar,
contract is urged
the Board is faced with
a
the
York™ ,R^erv.e Bank Of New
Will
will be
hn 111
/ ltS
Branch.
closed
on* BuffaI°
each Saturday
A,pril 5>. W7; andpublic
each
Saturday ,,will. be
a
tl° p,a; m all respects affecting
York'Thra/,Raserve Bank of New
nlll
books of this bank will,
.be closed on each Sat¬
urday beginning April 5, 1947.
..."Btnsuant to
our time sched-
wmiidCrfKU f.or':cash items that
Inch elf 5wise
given on any
Ihp next
nfnl succeeding
^iU business
be g^enday;
oh
the
Ktih.il SU; .Saturday will conIS
nwl b"?lness dhy. in determin.ng the time when credit will
^,lven' Pursuant to
our
time
ifpmc ,?S' f°r deferred-c r e d i t
1iraw*\ on or payable at
pfii Reserve
IlocatedDistrict.
the Second Fed¬
eral
^Pursuant to
section
of
36:1-1
the Revised Statutes of New Jer1Q47
a^La^^^dod effective Feb. 24,
Saturdays'; sure treated and
whatsoever
f
of
as
regards
the
pre-
paFment or acceptance,
the protesting and
giving
notice of
dishonor, of bills of exnange, bank checks and promisy ootes.
In the case of cash
*.
? ^?n
or payable at
the Northern New
mprnL
members
of
-
9Aeari1?^ House - Associa-
on, credit which would otherwise
Q^gl-^en by our head office on a
,,5ii uay .prior to APril 5, 1947,
poii?lve.n
eedmg
on the next suc-
business; day;
i
i.e.,
and
our
Branch
Buffalo
an additional busifor
three
business
receiPt, credit for cash
1drawo on or payable at
New
Tr
can
fare
among young
other services
«
wlieh
stability of industrial relations
to"
closed on any one or more Satnr
1
1V*? F^ent
ruling the Board Ll
ess;day
The time
decided:
Feb. 27
loeatecf irf PTff'^g.that
banks
New York may
be
JI is overcome.
the
on
enact.®5? ^aw in New
and
service rendered by the 174 wel¬ the better served, without unrea¬
institutions affiliated with sonably restricting employes in
Catholic Charities.' Last
their right to
year, Mr.
change representa¬
Distribution
Coleman explained at a recent tives, by
refusing to interfere with
"Value of department store sales committee
meeting, Catholic Char¬ bargaining relations secured by
in January and the
early part of ities expended $2,297,075 in fam¬ collective agreements of two years
February was maintained close to ily, child and health care, in pre¬ duration." The decision
went on
the
level
prevailing since last
June, after allowance is made for
Calling attention
Yiw-k
representatives
election unless the
presumption
basis
on
for'a-
N. Y. Reserve District
cus¬
principle that a two-year
7 agreement is presumed to be of
:
City,
non-sectarian
contract
° years eannot be
the
to the
Chairman of the committee..
The Special Gifts
Committee,
composed of business and profes¬
sional leaders of New York
a
a
| Tv:;
na
could operate as a bar to
Exchange, who is Executive
of
the
Special - Gifts
Committee. John S. Burke, Pres¬
ident of B. Altman
&l
Co., is
general - public
of the wide
that
hi °nt
tomary, in the industry.
Bank & Trust
Chairman
on
xedson-
nsidered; as public holidays in
New
Jersey Tor all purposes
the
iron
petitioning union to prove
contrary by showing that two-
J.
County
Stock
appeals
the
reason
said
to be of unreasonable
duration
to
Announcement of these ap¬ l/l/T We thus progressed, said the
Board, from the rule that no
pointments was made by John A.
contract, - which had been in
Coleman, Chairman of the Board
effect for more than one year
of Governors of the'New York
to
believe
of
he of reasonable duration, and
that
Co., and Thomas J. Shana-
han, of Federation
preclude
modified previous decisions and
ruled that a contract for a term
Vice-Chairman of the
division are Robert Louis
Hoguet,
Amend
to
Co.
level of 2,400,000.
other retail stores
peak rates in January,
while output of most textile and
leather
products
was
below
of
of
as
postwar
"Output
seasonal
no
Beginning in 1945, the Board
,
Mahoney,' Jr., of Bronx
usual
the
the
Charities.
of
the
of
compared with 173% in November
•l:
•
nonagricultural
one
representatives, although it had
already run for more than one
and Trusts
for
during
nondurable
of
manship of the Banks
change in January, after allowing
lic
I >,./ '.■•
'
other
that
of
R was held, however, that a
~..two-year contract which .was
customary in the industry served
Kelly Heads Div. ff
777 tee of the
Laity for the 28th An¬
"Employment in manufacturing nual Appeal of New York Catholic
and
held
term
Vtt
division of the Special Gifts Com¬
mittee of the Cardinal's Commit¬
of
in
and
crude ; petroleum
Employment.
; ■; •
v;
with 181% in December and with
the previouspeacetime
183%
and
slightly.
industries continued to show little
Industrial Production
>'■
anthracite
declined
board
fori: a
contract which had
been in effect for more than one
•
risen in recent
contract
year could foreclose an election.
Orie
a
our experience
administering the act we
existing con- such
a determina-
year,
and bank sales of
For Catholic Charities
commodities have
an
bar to
a
whose expiration date was
:f not imminent, would bar a declined further, reflecting Treasury
termination of representatives,
debt retirement
■
substantially larger, and December, increased in Januthan in the same period last year,
ary
to the highest level in 20
reflecting
mainly
increased years and was 9% above a year i
prices," the Board noted, and it ago.
Production of metals ad¬
Orie »R. Kelly of the Lawyers'
itated that "prices of agricultural vanced somewhat, while
output of Trust Co. has accepted the Chair¬
was.
weeks, following earlier declines,"
while "prices of building mate¬
whether
cisions, the
;
of increase was more moderate
than during last summer and
fall,
Government security holdings de
27 by the Board of Governors of
System. "Dollar volume of retail sales during
early part of §>
r
—
the
also
were
collections, notwith¬
v
am employe bargaining
continued to expand during Janu¬
I - representative. In its first de-
,
Feb.
on
#
the Federal
con¬
runs
deposits
Commercial
statistics, for January and the: first half
upon
Machinists, Independent, which
employer and the CIO union
short-term
standing the return flow of cur-,
rency. At member banks in lead¬
ing cities demand deposits:; ad¬
justed declined by $1,3 billion in
peacetime level in
January—one-sixth higher than at the beginning of last year," said
the summary of general business and financial conditions in the
UnitedyStates, based
the International Association
and
was
to
for
•
maturing
with which the company made a
two-year contract in August, 1945
cur¬
there
securities
duced by tax
an
problems will not miss
new
slowly
a
Reported by Federal Reserve Board
a
Board's
a
detlrmSfon
*n Jbe. light of
in
.•
The case which has brought
about this far-reaching effect upthe
that
bargaining;
able period.
prematurely
started to seek a collective bardecline in required reserves. To I gaining election
shortly before the
maintain their reserve positions, contract was a year old. Both the
>
Industrial Activity to February 15
reached
be
Bif. Company of-Houston, Texas,
the n United
Steelworkers, CIO,
banks... under
reserve
will- not
>
reasonski«
conversely
may ..preclude a
of representatives
contracts
two-year
' at
desire,
or
collective
fron.
*
who
intervals;
;policy is that of the Reed Rollei
of about $900 millions and
an
increase
in
monetary
gold
stock supplied some reserve funds
dispatch.
output
"Times"
rePresentailvet
tlheavnf
a
If
tney so
tc
bargaining rights,
j
the
"Industrial
one year.
aavices
reneKS
Of .the
disturbed by rival unions seeking
Credit
•on j
Government
that "planning" and central direction
answer
York
make
^
Reserve Banks.
We
of
j In furtherance of the rm™
act, we have
held that employes are ehtmJ
the Board's
past eieve^
elections nave
tne
The
the Board's decision, as
the1 New
building material
post-holiday return flow of
Moscow date line in the New York "Times."
pose
Th s'revises
domhTng ilJterest w the CS
ch^n£fr:Pl0yes
t0 "elect S
change their, representatives
*.
rency
the
and
of
as
essenitl
coflecthf
employee
an
wnen such
been permit ied after
the Reserve Banks in January and
the
first half of
February and
moderate
"A considerable gap between stocks of building
materials
be
application
Tor
years,
"Income tax collections greatly
increased Treasury
deposists at
placed
sheet metal for automobiles.
r;
cannot
result
Bank
produce enough tracks and wheels
railroads, pipes for the petroleum industry and
for
labor-
usual practice, of
prices have increased further.
lag in the production of electrical
equipment and agricultural machinery.
•
unani¬
•pointed out in special
little change but
'serious'
"Failure
ruled
♦
of?X Wo
the St ?eS
society .which
designed to protect* the-iVt
m such
stability as is
to encourage
effective
bargaining, and- the somS\
Relations
two-year
contract
union
election.
products
-
:■
27
a
disturbed, by Van
;
of balancing
interests
separate
for •Washingtcni is to give assurance
grains. Wholesale prices of most to unions and employers that here¬
industrial products have
shown after, Tegardless of
custom, tney
number of new mines and fer¬
metallurgical plants for production in 1946,
leaving a considerable amount of uncompleted
on
that
that time, reflecting partly severe
weather conditions and increased
Federal
"Failure to open a
*"A
Feb.
on
mously
Labor
part of January, have risen since
rous
construction
Board
middle of December to the latter
.
■
farm
foods,, which
"Deficit in the
«
'
of
National
management
Commodity Prices
industry, which delays
branches of heavy in¬
7 '
<
:
■:
;:i I
>
The
I ,l"l
freight.^
problem
'
and
class¬
some
the
Two-Year Contracts
flecting
"After
Thursday, March 6, 1947
ther
Jersey banks located
iAf.e, Second Federal Reserve
iJisirict which
are
on
received by us
Fridays prior to April 4, 1947.
Your attention is called to the
act
will
that Saturday
in
many
bank
-closingi
instances • result in
delay in the presentation of:items
and in the advice of dishonor and
return of unpaid items."
'V ; ^
Maritime Bill Signed
Legislation
Maritime
under
which
Commission is
the
author¬
ized to
continue to operate ship¬
ping vessels until July 1 received
the signature of
President Truman
Feb. 26,
according to an Asso¬
ciated Press dispatch irom Wash¬
on
ington.
l;:
-
7". v:'!'7
Volume
Number 4574
165
THE COMMERCIAL & FINANCIAL CHRONICLE
io Ban Portal
House
*
Pay
L. W.
%
-
future
and
portal pay
suits
would
be
banned
would
The. bill
also let
advance
ployers
The
Walsh-Healy
and
Ba-
Government
The burden
of
turned
Representative
M i
Committee
the
h
c
*
committee
today for
Chairman Wiley (Hep., Wis,)
of the Judiciary Committee, ob¬
would
~
to
finishing touches.
some
con¬
tained
;
unanimous
consent
to
recall the bill. He told reporters
e n e r
Chairman,
the
r
proof in
claiming
"good
faith"
rest with the employer.
(R.-Mich),
action
the
said
approved " the
who
requested
was
Donnell
Senator
bill "by a very large majority.'?
subcommittee
the
headed
by
Mo.),
(Rep.,
which drafted the bill.
Questioned further, he said that
there
not
was
formal
a
date
of
Press
Feb.
28,
advices,
in
new
Congress on a major labor bill,
the
rebuffed
House
all
efforts
to amend the measure.
1
Action
The
after
on
meeting
of
effect
bill. in
banks
tion
'
-
decision
court
were
mo-
.;4 tions to increase the statue of
limitations
fixing
the
time
suits
which
be brought
employers under the
against
may
minimum
nation's
y hour laws.
The
v
•
and
wage
■
House
also
rejected
an
amendment designed to narrow
the
?
grounds
under
which
ment
Boston
The
Feb.
in
1
Boston
reporting
he
suddenly in New York
just before sailing. - Mr. Gardner's
death was noted in our issue of
Mr.
in France in World
War I, a State Legislator, mem¬
ber of Congress, Director of the
Federal
approved on
•
substantially
earlier by a
dicated
approved a week
subcommittee, as in¬
to the "Wall
advices
in
;
areas.
In
part the Associated Press ac¬
from Washington Feb. 26
also said r
He also took a two-year turn
(1938-39) as Vice-Chancellor of
Canada's
McGill
University,
where he had
a close-up oppor¬
tunity for studying the British
While It took a world
their
"Street Journal" from its Washing¬
ton bureau, proposes
?
,
and
pending
Invalidate
,1,
to:y4y.yy
remain closed
Saturdays, begin¬
on
ing.
bless
In
work
,
r
.
,
y
y
claim.
4V
'
3.
Set
a
limitations
der
the
pending
4.
.
~
•
on
all suits filed un¬
House
(The
law.
wage-hour
one-year
y
two-year statute of
bill provides a
Permit out of court
valid
settle-
portal
ments
of
claims.
This would annul a Su¬
pay
(spending,
Hut
in 1934,
fighting the
Mrt
and
Douglas
with this the¬
of heavy spending.
ory
He re¬
signed in August, 1934, and af¬
terward opposed the New
matter,
Deal
1
given
on
In
Mr,
1940,
Douglas
Willkie for President. He fought
a
-
third term for Mr. Roosevelt
the grounds
on
.
it
was
"at¬
an
ported
political machine in all Ameri¬
Reserve
In
will,
and
closed
be
a
on
fact
Bank
other
may,
that
cash
items
and
most
sup¬
powerful
continue
to
the
in responsible
preme
Court
decision
which
not
our
advice
to
you
of the
payment of such items. *
production
in
the
United
are
264,659 passenger cars
7,475 trucks, making a total
countries of 395,436 for
'4
a
common
after
President
footing and a few
ordered
the
Harbor
Pearl
Mr. Douglas
week
last
At
the
supply
of
American
equipment.
weapons,
food
'
and
than
more
as
month
a
ago^
substantial increase
a
in
last fall.
While
these
two
major factors
will have considerable bearing on
the' progress of wage negotiations,
little doubt exists that
a
moderate
increase in wages will be granted
and
that
and
the
time
the
between
now
agreement will be used
in effecting a satisfactory com¬
promise.
The
portal - to - portal
suits
considerd
still
are
serious
houseware
gift,
of
hard¬
and
shows in New York, Boston
ware
Detroit, the past week, new
order volume was low, while at¬
tendance was high but below pre¬
vious
peak
noted
that
It was also
exhibited a
conservative attitude toward plac¬
ing
levels.
buyers
in
at present prices
wholesale markets. -
orders
many
A
Association
release from the
consuming districts. This situation
was bound to occur as a defensein those
tain
the
above
of
month
same
1946.
expenses,
results.
in
January, 1947, was also greater
than in January, 1946, by 21.2%,
taxes,
final
the
upon
operating
in
trends
touch
not
does
and
or
income
freight
Estimated
revenue
but estimated passenger revenues
Heavy snowstorms in the East¬
ern section of the country and a
viously scarce items.
Buying
was
light and consumers continued to
their
Wholesale
fractionally
and
cautious
volume
in
attitude,
declined
the week as
ad¬
weather delayed shipments
verse
hampered
travel.
Mail and
telephone orders were numerous
and
total
order
volume
was
Food volume was very high
prices, of some commodities
perceptibly.
some
wholesale
shows
was
Attendance
durable
at
goods
high but buyers were
Steel Industry—The U.
S. Steel
Corp. and the United Steel Work¬
ers
of America last week began
initial
re¬
Substantial in¬
price of heavy
melting steel, the magazine re¬
ports, have occurred in Birming-*
ham, Detroit, Philadelphia, Boston
use
possible.
as
and
in
"raiding"
in
consumers
as
attempt to eliminate?
areas
other'
by
users
scrap
areas.
4
■
y
from
4'
444 44;
general signs of
slackening in the volume of new
There
a
the
York
New
those
were
no
steel orders last week and in most
volume
order
cases
so
in
far
February was ahead of the same
period
month ago and bookings
a
placed since the first of the year
were
running
more
than 50%
ahead of the same period a year
yt
The "Iron Age" notes.
ago,
Despite reports to the contrary,
the
railroad
industry last year
obtained about the same percent¬
of steel supplies as it did in
and since the total
produced
last
year
was
greater than in 1939, actual ton¬
nage
of
steel
shipped 4 to the
pre-war years
steel
carriers
approach
to the wage
question and other economic fac¬
tors to be included in the final
'contract, according to The "Iron
was
higher.
American
The
y
Iron
and
Steel
Institute announced on Monday of
operating rate of
having 94% of the
industry will
be 94.4% of capacity for the wee"
beginning Mar. 3, 1947, unchange
the
week
this
steel companies
steel capacity of the
from
ago
the
ago,
for
week
one
month
a
strike
steel
93.4%
one
one
year
accounting
sharp curtailment of opera¬
'.y
■
yy;
ia
1,651,900 tons of
ingots and castings the same
The
steel
one
operating
week's
equivalent
as
ago,
76.7%
and
tions. ;
moderately above that of a year
rose
effort to
an
much scrap for their own
as
age
decreased 39.5%.
maintain
part of consumers
in
areas
creases
represent 81.6%
revenues
the
measure on
of total
an
to London to hurry the flow
in
circumstances than
when negotiations
by industry and labor leaders, but
each group expects that the Su¬
durable
goods continued to in¬
preme Court
and Congress will
crease
despite delayed shipments straighten out this Frankenstein.
resulting from freight car short¬
Competition for scrap last week
ages. In the case of some electrical became
so
frenzied that quota¬
appliances and housewares the tions in secondary areas were ap¬
backlogs of orders remained huge. proaching those in major scrapFor
and
weeks
many
non¬
and 11,397 trucks.
Canada's pro¬
duction is estimated at 10,905 cars
two-term
~
held that wage claims may
1,840,
States
itself, be¬
White
of
case
high, cost of living which is ap¬
proaching the peak established
cars
respectively, in Canada,
Preliminary figures for Febru¬
House
on
"3 may
^nd
week's
opened
such
29,258 trucks built in United
and
.>4:.-
industry and the
already facing a dif¬
the price of scrap and the current
Aid for Britain brought Mr. reticent to place large orders at
Douglas and Mr. Roosevelt back prevailing prices, y44
hanks. in
remain
delay in the return 61
dishonored
set
the
was
4
of Bos¬
Saturdays, v
last
States plants and 2,685 and
theallotted
the
yond
the
of
shows 71,019 passenger
ago.
period."
the
Reserve
ferent
was 17,575 and 126,550
corresponding period in
breakdown
and
are
y
A
positions of public power, even
in
banks
on
First: Federal
District.
view of
Federa1
ton
drawn
the
the
by
personnel
same
the
time when
credit will be given for deferred-
encouraged
history,
can
determining
in
,
total
/.yV'..V. -.-.4?.:
union
a
ment in the supply of many pre¬
the next succeeding
business day; and Saturday will
items
1941.
week
same
L.
Republican Wendell
ported
on
located
the
for
the
sup¬
dictatorship. 4
the
Reserve Bank of Boston will be
credit
ago
year
for
general lull in consumer purchas¬
ing throughout the nation resulted
in a noticeable decline in total
retail
volume
the
past
week.
There was a continued improve¬
leading toward inflation and
tempt,
Massachusetts
limitation.)
the day Mr. Roosevelt
couldn't go along
not constitute a business day in
»
.
be
He re-*
Saturday for cash items forward¬
ed for collection to the Federal
given
dividually or collectively must
file their own suits. Wage demands could not be filed by any
employe representative who did
not
have
an
interest in the
4;
;
in¬
employes
otherwise
would
on
depression
•
as
of
Output
be
Both the steel
a
revised figure of 103,400 units in
the preceding week. -
will
states.
of American Railroads reveals the
office, March 4, 1935 and
ernment's policy for
and
on
on
"pump priming" was the Gov¬
y
next
after
March 8, 1947, pursuant to our
time
schedules, credit which
are
unconstitutional,
the
in
compared with
and some
reached
wages
benefits
time—possibly by the
early part of April, the magazine
became Director of the Budget. This estimate, it was pointed out,
In this post he was given au¬ covers
only operating revenues
Saturday,
President
Sproul,
Accordingly,
industry involved, y'
- . "
2.
Provide that, if the first
method of invalidation is held
•
a
spending
on
differences
thority to cut down on Govern¬
New York Reserve Bank added:
% practice and custom within the
;
advices
his
Allan
consistent with
contracts
or
historical
they
on
This
units.
extension, but it
a
satisfactory
that
on
before that
postwar high last week, ac¬
cording to Ward's Automotive Re¬
ports, which placed output at 104,802
contract
expected
social
a
operating revenues, esti¬
mated railroad operating revenues
in January, 1947, increased 6.5%
ment
acts, authorized, required on
permitted to be performed at, or
by, or with respect to, any bank
performed on the
succeeding business day."
field, produc¬
trucks reached
velt was first elected.
4
the action
be
and
cars
past week that based on advance
took
Massachusetts law "provides that
Massachusetts
In the automotive
tion of
is
Mr; Douglas was a 38-year-old
reports from 87 class I railroads,
signed
all
may
agreement
whose
:
on
months to go before the end of the
1%,
Congressman when Mr. Roose¬
The New York Federal Reserve
its District bearing
break
1940
'amicably in the end.
Reserve
March 8, pursuant to the
provisions of the act, approved
January 30 permitting such clos¬
1934
the third term, they got along
ning
future back portal pay suits, un-
io
war
back together after
their
and
4
Federal
in its weekly review of the steel
trade. Both sides have at least 21
and
commonwealth.
Bank of
Boston has announced that it will
The
Age," national metalworking paper,
unem¬
current
month.
policy
uniform
a
claims for
15
reached in any full week in 1947,
while initial claims rose less than
the
bring Mr. Douglas and President
until
almost
War II, and Deputy War Ship¬
ping Administrator.
Roosevelt
has been adopted in the various
in
lend-lease
a
Association of
Massachusetts, announced that
savings banks will remain open
month
Feb.
ended
compensation dropped
-2% to the lowest level
both
that it had been advised that the
was
Budget,
Dougall, Executive Manager of
4
week
continued
for
Mc-
Kbnneth
"Meanwhile*
the
expediter in London in World
counts
Saturday on year-
of the Boston Reserve Bank stated
the Senate Judiciary
Committee by a vote of 9 to 3.
•. The
Senate Committee's bill,
Press:
soldier
A
Saturdays for at least another
an
by
a
died
follow¬
suits,
24
it
and "a. duty."
He
takes the post to which O. Max
Gardner,
former
Governor
of
North Carolina, was bound when
•
on
total
ary
Bank in advices Feb. 11 to banks in
A similar bill
considered
he
honor
sociated
employer could plead good faith
as a defense in minimum wage
Feb.
because
great
member
Clearing
of
in
new
special
a
,
re¬
as¬
Mr. Douglas himself expressed
surprise at his nomination, but
said that ho accepted the appoint¬
the Savings Bank
The
two
of
close
*
opened the way
back
.Beaten
•
Committee, which will
the appointment, said in
comment,
"Mr.
Douglas
is
on
sume."'
round basis.
work.
ductive
:
officials
executives.
to
for workers to sue for pay for
time not actually spent in pro¬
;
a
as
totally qualified for the high
sponsibilities which he will
permitting Massachusetts banks
which employers must pay un-
^ der the wage-hour law.
Relations
ing the signing by Gov. Bradford of the recently-enacted bill
for
time
to
ployment
recom¬
was
at
The action was taken
overturns
what is work
of
8
31
Jan.
the
of
bank
Court interpreta¬
Supreme
selec¬
said
was
to
weather in
cles, and Chairman Vandenberg
(R.-Mich.) of the Senate Foreign
House Association and other local
this said:
The
Douglas
high levels attained in recent weeks with output above?
postwar peaks.
Heavy snowstorms and extreme cold
many eastern sections hampered outdoor work.
It was
reported that the increased use of gas for home heating purposes
curtailed the supply of gas available to
industry.
'
As for employment, it is noted<$>
close
that
Saturdays
on
March
mended
speakers declared the wave of
portal suits, following the Su¬
preme
Court Mount Clemens
Pottery decision, threatens the
stability of the nation's economy
and the Federal Treasury itself,
the
Boston
beginning
"Herald"
V:
-
in
numerous
came
come
Washington
Although
Industrial production for the country as a whole last week held,
at the very
or
surprise, it is re¬
garded with favor in official cir¬
closing of all commercial
banks
the first action of the
Republican i - dominated
In
y,
Closing
Of Boston Res. Bank
the
had
following to say:
Press
stated.
Mr.
Great Brit¬
20, page 1057.
Douglas, a native of Ari¬
zona, who is 52 years of age, has
served as, to quote from the As¬
re¬
given
as
New York "Sun?'
the
in
have
>:
Year-Round
porting the House action, the As¬
sociated
Associate
tion of
York,
Feb.
vote—
y "not even a show of hands."
Under
ain,
advices
his.
The Senate's bill to wipe out
nearly $6,000,000,000 in suits for
portal-to-portal pay was - re¬
Ambassador to
be
"Journal of Commerce" of Mar. 4.
con-Davis acts establish work$ ing standards which must be
tracts.
to
wage-hours,
Bacon-Davis
26
since 1940 President of the Mutual
pass
contention
y.
on
wage-
Feb.
on
Life Insurance Co. of New
in controver¬
Walsh-Healy and
observed
the
hour law.
acts.
The
under
Truman
nominated Lewis W. Douglas, one¬
time Director of the Budget and
following Associated Press
account from Washington, Mar. 3,
appeared
in" the
New
York
acted in "good faith.';
that they
They could offer it
sies involving the
,
em*
defense
a
the
claims
against
as
entitled
are
President
under
legislation which was passed by the House of Representatives on
Feb; 28 by a vote of 345 to 56, and sent to the Senate. The portalto-portal pay claims, which the measures is designed to bar, now
amount to $5,785,000,000. The bill was approved by the House
Judiciary Committee on Feb. 21, at which time the Associated Press,
in stating that the measure would *
be compromised for less than
virtually outlaw all such claims,'
-the amount to which employes
added:
'•
" *
1
v-
Douglas Named
Senate Bill Returned to Committee Ambassador To Britain
Pending
f
1295
rate
to
week
ago,
1,633,700
tons
one
month ago and 1,351,700 tons
one
year ago.
•
;
Electric Production—The Edi¬
son Electric Institute reports that
output of electricity declined
4,777,740,000 kwh. in the week
1947, from 4,778,-
the
to
ended Feb. 22,
179,000
week.
kwh.
in
the
preceding
Output for the week ended
22, 1947, was 21.8% above
(Continued on page 1302)
Feb.
what
and
As We See It
ought to be the
influential, voice in de¬
most
Thursday; March 6, 1947
FINANCIAL CHRONICLE
THE COMMERCIAL &
1296
Truman Sends Service
Merger Bill to Congress
President Truman sent to Congress on Feb. 26 the draft of
a
bill
manding a change of tactics to unify the armed forces, and accompanied it by a letter which stated
and of policy. Some of us had according to Associated Press Washington advices: "It is
my belief
At the end of the detailed tion is carefuly studied and hoped that possibly one of the that this suggested legislation accomplishes the desired unification
of the
services and I heartily recommendits enactment bv thl!
report on conditions in Ger¬ dispassionately appraised, the main purposes of the Hoover
Congress."
,
* me
conclusion is almost inescap¬ mission was to
place
these
many, Mr. Hoover adds that
Entitled, "National Security Act<$>
—
able
that
the
force
behind
vital
facts
"It
determine
effectively before of 1947," the proposed legislation
priorities
may
come
as a great
for
the
would set up a national defense
military procurement programs.
shock to American taxpayers the apparently very general the American people.
establishment,
under a
civilian
(4) A Research and DevelopI
that, having won the war feeling in well informed cir¬
Russia and the World
Secretary of National Defense with
ment
Board
to
cles in this country that we
advise the
over
Germany, we are now
Cabinet rank, and bring under the
National Defense
Secretary on
Of
course,
the problem defense establishment equally im¬
faced for some years with shall have to "stay" and "see
(Continued from first page)
large expenditures for relief
for these people.
Indeed, it
is something new in human
history for the conqueror to
undertake.
the
"Whatever
might have been that
would
And
faced with it until the
are
now
we are
faced with it.
export industries of Germany
can be sufficiently revived to
for their food. The first
pay
militarism
maintain
?
ag¬
Europe, or, for
all of Europe. In
the Near and Midle East, to
that matter,
which to
In
-
Reconsider
Let Us
vitality to work."
addition,
to
; ;
therefore, to
direct relief which may
to prevent mass
starvation in the months im¬
any
be necessary
that the "first neces-
that
Force
(Air
Force
Air
Headquarters
Combat Command).
The President would appoint,
•
-
subject to Senate confirmation,
Chief of Staff of the Air Force
a
not very
much in his report
public to help in
made
now
man
aggression. Ger¬
industry through the
of
war
elimination of that in¬ decades, despite some modi¬
fication at the behest"} of the
firmity* from the thought of
the great rank and file, which militarists, had on the whole
will in the end direct and con¬ developed in response to nat¬
ural conditions and thus had
trol ; the ' policies
of this
country, vis-a-vis all these "planlessly" applied itself to
those pursuits to which it was
European and Asiatic prob¬
Lim¬
lems. We can only hope that best suited by nature.
further
observations which itations, restrictions, or con¬
he says he will presently hand trols which doom Germany to
the : President
will make pursuits which are relatively
amends for this short-coming unrelated to the manufacture
of modern armament would
of the first report.
before
we are
too
deeply
com¬
mitted.
the
(
There
were
doubtless good
condemn the country
to eco¬
in perpetu¬
vented Mr. Hoover from mak¬ ity. As Mr. Hoover himself
ing plain, blunt statements of incidentally points out in his
"reasons of state" which pre¬
two fundamental
tial to any
the present
•
facts essen
understanding of
situation or any
planning of the
nomic impotency
moreover,
"punish¬
meted out to "Nazis"
report,
ment"
whom
hopefully expect to
"convert" is robbing the Ger¬
intelligent
future, but there is every man-people of a substantial
part of the vital assets they
reason in the world why they
.should be called to the at¬ need to become self-support¬
tention of the American peo¬
ple by
any
under
not
restraints
or
brief,
1.
are
Washington.
said
was
to
Marshall
Mr.
have
reviewed
Com¬
mittee, and Chairman Eaton (R.N. J.) later told reporters that the
Secretary of State's visit had been
basis of a "very exhaustive
and interesting session."
From the Associated Press
from
the
it
was
so
the
whole
situa¬
therefore,
have
the largest,
the
,
;
Committee
that
he
United States
Marshall
with
tional
Intelligence Authority.
legislation, the Sec¬
retary of National Defense in
line of succession to the presi¬
Under the
dency
replace the
would
on
the
list
President,
State
the
and
the
behind
and
Vice-
Secretaries
of
Treasury.
Miller Vice-President
Of Natl. Assn. of Mfrs.
•
Kenneth
R.
Miller,
Treasurer-
Business Manager of the National
Association of Manufacturers, has
been appointed Vice-President in
charge of member relations ef¬
the
the
the
would
•.
:>■
a
of
the
Surplus Inquiry Funds
A resolution to grant the Senate
.
Secretaries of the
the
under
overall
di¬
appointed
was
Acting Treasurer.
:
:
.
InJL926, Mr. Miller began a 15in life insurance sales
year career
director
of
the
Federa¬
National
organization of WPB in 1942, Mr
Miller joined the staff as man¬
agement-engineer, and the follow¬
ing year went to NAM as assistant
to the Executive Vice-President.
member of the
Nation¬
the
Defense, the legislation
provides that any of the three
may appeal directly to the President, after informing the Na¬
tional Defense Secretary of any
he
wishes
to
take
-
of
York.
Mr.
er
...:.,
,.
....
(1) Creation of a War Council
up of the
Secretary of
Defense, as chairman,
with power of decision; the sec¬
retaries of the Army, the Navy,
the Air Force, the Chief of Staff
of the Army, Chief of Naval
Operations and Chief of Staff of
made
National
Society for the Advancement
Management, the National Of¬
fice Management Association, and
the Sales Executives Club of New
up
Other provisions of the legis¬
lation include:
.
a
tional
-
,
Miller is
al Federation of Sales Executives,
with the White House.
re¬
-v,-
Treasurer,
rection of the Secretary of Na¬
matter
Committee
Governments
the
function
policy in
American
sistant
the Navy and the De¬ In July, 1945, he was appointed
partment of the Air Force would Treasurer-Business Manager. Mr.
States; relations
other
John C. Bosted, As¬
ganizations.
tion of Sales Directors.With the
While
18
Informants in
told
United
Americas.
Bosted, a native New York¬
and graduate of Fordham Uni¬
versity,
joined
NAM
in
1943 as
accountant system technician, and
in 1945 was appointed Assistant
Treasurer and Assistant Business
Manager.
Chairman of Three
NAM
Committees
Chairmen
of
National. As¬
have
the United States Air Forces.
(2) A Joint Staff, under the
committees
Joint
Chiefs
made
up
reappointed to serve during
1947, it was announced on Feb. 21
by Earl Bunting,
President of
of
Staff,
to
be
of not exceeding 100
officers to be drawn in equal
numbers from the Army, Navy
and Air Force, operating under
a
director to be appointed by
the Joint Chiefs of Staff.
(3) The establishment of a
Munitions Board to co-ordinate
sociation
of
J.
principal
three
of
the
Manufacturers
been
NAM.
E.
The
chairmen
are:,
Converse, Jr., i Secretary,
Belknap Hardware & Manufac¬
turing Co., Louisville, Ky., Tax
Administration Committee; Clar¬
Randall, Vice-President,
Co., Chicago, Indus¬
standardization of specifications
mittee
and to prepare
tee; H. E. Humphreys, Jr.,
man
Finance Ccommittee,
tential
Rubber
on
Feb.
19, Associated
Washington
advices7f,re-
ence
B.
industrial procurement, produc¬
Inland
tion and
trial Relations Program
distribution, including
estimates of po¬
production, procurement
and personnel. This board would
f*'
A.
Expenditures Committee $100,000
for investigation of the Govern¬
ment's disposal of surplus property
was approved by the Rules Com¬
ported.
Sec¬
retary of War, currently fourth
Army,
These informants said Secre¬
Press
*
as principal military adviser to
the President and the Secretary
.;■>military forces.
publics.
with
/ /
,;
Intelligence
Agency which would take over
management and association work,
and in 1941 was named managing
Defense, preparing
strategic plans and providing
.for strategic
direction of the
position to know said General
study
<
Central
A
joint command would act
of National
Latin America when he returned
Moscow.
and the Chief
of Staff to the commander in
chief, /'if there be one.'? ;
. 4
This
said today, also assured
review
Naval Operations,
States Air Forces,
Secretary Marshall, informed
persons
Chief of
the Chief of Staff of the United
ad¬
Feb.
Washington,
elo¬ experience has now again
forth by Mr. shown how difficult it is to
the results of reach any sort of unified ad¬
of
Staff of the United States Army,
'
also quote:
the
of
and the commanding fective
immediately, it was an¬
general of the Army Air Forces nounced on Feb. 23
by Walter B.
would be transferred to his chief
Weisenburger,
NAM
executive,
;;.:of staff. ;
V
; Vice-President.
Mr. Miller suc¬
The legislation sets up within ceeds
Byron Shimp, who resigned
the National Defense Establish¬ to return to the field of public
ment the Joint Chiefs of Staff, relations and financial counsel for
to be made up of the Chief of educational and
philanthropic or¬
Air Corps,
the
we
commanding
the
general of the Air Force Com¬
Command, the chief of the
world's "sore spots" for the
vices
of
bat
the
tary Marshall promised a "full
careful and thorough survey"
of United States policy toward
Argentina.
The Secretary of
State was quoted as saying he
planned to formulate
a
new
"Marshall policy" of relations
this be
Germany
policies imposed by the con¬ ministration and consistent
applying throughout
querors upon the conquered, policy
and unless those policies are Germany under such condi¬
radically altered it may be tions. In particular, Russia is
questioned whether the Ger¬ a thorn in the side of any pro¬
man
people can ever within moter of unified and coopera¬
the foreseeable future gain a tive policy in Germany. Next
position of self support—cer¬ to Germany itself the United
tainly not a position suffi¬
States of America appears to
ciently comfortable to pre¬
be expected to bear the bur¬
vent political chaos
in the
den of all this nonsense.
We,
heart of Europe.
2. When
from
.
The
of four years.
term
functions
by members to have appeared
"optimistic ;on the whole" over
prospects for maintaining peace,
Associated Press advices reported
becoming Secretary of State to
All
the
'catastrophic situation
Hoover
by, the
Foreign
experience dic¬
beginning that
avoided this time, but
not.
Newly acquired
of
tated* at
The i extremities
set
complicated
division
wise to impose "zones."
are:
quently
further
this situation is
House
Affairs
Committee on Feb. 18, Secretary
of
State Marshall was reported
from
Of course,
two-hour closed session
that he had not had time since
himself. These facts, in
upon
a
the
into
which the ex-President felt it
.necessary
ing.
and all who are
the
we
Group Finds
Marshall Optimistic
After
a
the
,
House
with
for
advise
the functions of the current Na¬
Army
,
other
(7)
;
frained from
to
co-ordination
on
mobilization.
Air
Forces
the Air
Corps of the
United States Army, and General
the
-
Security Re¬
military, industrial and civilian
..
transferred
Security
.
Board
sources
President
,/
be
National
A National
(6)
Russia, no
policy or at¬ legislation, was contained in an
Associated
Press
account
from
titude, is threatening or could Washington Feb. 26 given in the
directly threaten the United New York "Sun";
States. She is, however, day
Under the measure, the United
States Air Force would be estab¬
and night pressing forward.
lished under the Department of
There is good reason for the
the Air Force to which would
suppose
the
of
man
matter what her
American
the
Navy, Air Force and the chair¬
Resources Board.
staff, all of whom, Mr. Truman
stated, approved the bill. The fol¬
lowing regarding
the proposed
people) that we, must take up the
of us have re¬
going vigorous¬ must, first of all, completely "burden" of the British Em¬
alter its rather hastily adopt¬
pire at least in substantial
ly beyond the "first neces¬
ed notion that the basic na¬
part.
*
i!:
sity" in our analysis of this
For our part, we hope that
situation.
We are confident ture of the German economy
that Mr. Hoover has made no must be altered in order to the
entire
matter
will
be
such mistake, but there is prevent preparation for an¬ studied much more carefully
read
made up of the Secretaries
of State, National Defense,
Army
length with the Secretaries of
War and Navy and the joint chiefs
city,"or at any rate, a "first ne¬ mediately ahead, or, for that
cessity," is "sufficient food," matter, ' in the year or two uneasiness in Britain about it
but the really serious tragedy immediately ahead, the Amer¬ all, and, once again, Ameri¬
ican Government (for which cans are inclined to the view
in this whole matter is that
all too many
be
National
of
military
respect to integration of "foreign
and military policies." It
would
at
It would be absurd
the fore,
for
\
t
(5) A National Security Coun¬
Defense, with only
say nothing of India and sur¬
the last
named
having Cabinet
rounding areas, it takes on a rank. Clark M. Clifford, the Presi¬
definitely disturbing aspect. dent's special counsel, who com¬
In the Orient, whether it be pleted the draft of the measure,
China, Japan or the other ad¬ was said to have first consulted
joining areas, the Russian
question is eternally kept to
.
cil to advise the President
with
secretaries, in turn, would operate
under direction of the Secretary
of
research
programs.
Secretary to direct its activities as
an individual unit, and these three
with Central
of the United States.
Beyond the "First Necessity"
There can be no doubt, of
course,
German
push her expansionist and ag¬
gressive foreign policy to the
point, first, of gravely en¬
dangering the British Empire,
already in distress, and then
of colliding with the interests
necessity for such a revival is
sufficient food upon
or
gression than a want of con¬
policies fidence, or any basis for con¬
fidence, that Russia 'will not
have avoided this expense, we
scientific
thing through to the bit¬ posed by Russian policy is portant departments of the Army,
ter end" is less a fear of a much broader than any ques¬ Navy and Air Force. Each of the
recrudescence
of
German tions which have to do simply three branches would have, a
this
ment
Steel
Commit¬
Chair¬
U. S.
Co., New York, Govern-*
Finance
Committee.
/
.Volume
Number 4574
165
THE COMMERCIAL & FINANCIAL CHRONICLE
4
i.f 'X *"■!
•»
and
scrap
pig iron,
the price $3.00 a ton
all grades, others raised quota¬
tions $2.50 a ton on some types
and $3.00 on others, while at least
pig iron producer advanced
prices
$4.00
a
ton.
Some
one
his
makers have not taken any action
as yet but it is certain that
they
too will advance their quotations.
"
'The Iron Age' pig iron com¬
posite price this week moved from
$30.15 a gross ton to $32.23 a gross
ton up $2.08 a ton. A further ad¬
vance
in the
composite is ex¬
pected
next
week
after
other
makers take price action. In 1920
'The Iron Age' pig iron composite
averaged $42.76
a peak of $47.83
a
ton reached in
July of that year. In 1939 the
composite was $21.19 a ton ,, and
during the war years when con¬
trols
in
were
effect
price of pig iron
the
was
average
$23.61.
"The iron and steel
scrap mar¬
ket situation this week is in its
most chaotic state in
steelmaking
history. Buyers and sellers alike
to have lost their perspec¬
appear
tive and
scrap
are
prices
control.
openly admitting that
are
entirely out of
YY;v;gv. ";
•'
"The air is full of
counter
charges
charges and
to the respon¬
as
sibility for zooming prices. Ac¬
cording to authoritative sources
within the
steel
industry itself it
is
now
privately admitted that
the bitter competition for material
at some distance from the steel
mills
has
to the
snowballing effect in higher
prices.
contributed
Some
quotations
primarily
fear
sources
that
higher before
a reaction sets in and
point to the
supporting factor of an anticipated
high steel operating rate for' some
months to
go
may
come.
"As the result of
.
realistic pol¬
a
in recognizing delivered prices
of scrap to consumers
regardless
cussions
on the expected wage in¬
it is anticipated that both
sides
will
when
they
make
sit
headway
again next
some
down
week to discuss economic
in the
coming
"The
factors
States Steel
in
the
has extended
The
this
Iron
received
indicated
that
current
week
is
the
fourth
; average
ton, and advance of $2.59
gross
a
ton..'
"In
June, 1917 J'The Iron Age'
composite
$37.21
periods
a
price
gross
around
for
ton
scrap
and
in
hit
other
that
time, some
isolated sales of heavy melting
steel were made at close to
$50
a ton. In 1939 the
average price of
scrap was $16.39 a ton and during
the war the controlled
price re¬
flected a composite for steel scrap
of $19.17 a ton. Actual
payments
revised
walk by lack of cars, while
heavy snowfall over a large
section of the nation has disrupted
reported
due
to
lack
storage space to accommodate
abnormal piling of finished goods
of
delayed in shipment.
"In addition, shortages of indus¬
Buck
'
had
$69.73,
on
the
by
the
New
18,
during the latter period, however,
Were
of normal gas pressures.
which
points,
in
in
"Times."
York
reply
to
a
behavior"
making
Moscow
and
Union."
pay that
tection.
a
protest
of
Mr.
declaration
"a
called
without
.
"There is evidence
that current
increases in these metals may be
followed
up
by new price in¬
creases in other metals that are in
a
similar supply-demand position,
increases may well be ex¬
huch
pected
in tin, antimony, cadium
perhaps zinc. The present
copper price represents
an
in-
and
r?^\Se of 49.6%
over
the
CPA-approved price effective
last
un¬
on
the proposed 10% increase. These
advices added:
g: r
.
denied
He
vigorously, *. how-
ever, making and "deal" with
Senator Hawkes (R.-N. J.) by
which he would accept the 10%
boost in return for continuation
his
deals
congressional
Recovery would be fixed
ij at $500 or triple damages, which¬
ever
was
greater.
Vr;
(8) Allow the States to apply
to a Federal agency not yet des¬
ignated to take over controls.
anyone
acts on legislation strictly
its merits as it comes to him
from Congress.
/
ggg-W ■ -v;;
Courts, permitting the tenant to
go into any court with his griev¬
ance.
with
and
g
the
he
conference
news
no
help of the
OPA, ending Federal supervision
next Dec. 31,
(7) Leave enforcement to the
on
month
A
control
that
to
rent
of
23
stated
emphatically
although responsibility rests
with
of
advocates
repeal, President Truman
Jan.
on
before," replying
he
Congress
continuing
was
controls
throughout the country.
in
favor
on
rents
■
-
g-
Retail Store Sales at $97 Billion in 1946
December sales
of retail stores are estimated at $10,280,000,000
bringing the yearly total to $97 billion, the Office of Business Eco¬
nomics, Department of Commerce, said on Feb. 13. Sales in De¬
cember according to the Department were 20% above December 1945
and after seasonal adjustment only slightly below the November all
time high. The Department further reported:
:
J
,
line of
.
having spoken "in
duty," and explained that
as
the
sharp
since
V-J
gross
the Soviet
hostile to
.
Acheson
;
with
rent con¬
that day but left in doubt
whether he will approve or veto
no pro-
advance
sales amounted to $6
above
in
the fourth
quarter
billion, 60%
1945
quarter of
and 8% above the third quarter
of
1946 after seasonal adjustment.
"For
both
in his appearance before
merchandise
apparel and general
stores
mittee
"In the automotive group
progress
Fourth
Day.
sales
during
the
..
mills
trol
*
<
the Com¬
Under-Secretary5 had the fourth quarter of 1946 failed
ply situation.
Sheet producers, acted
pursuant to this country's to equal the third quarter levels.
for example, report the transpor¬
Constitutional system of Govern¬
tation
bottleneck ? not
only • is
High price lines and luxury prod¬
ment. "Under our standards," Mr.
and 1919 and
37.000 a lb. in 1917. hampering deliveries to consum¬ Marshall told Mr. Molotov, "a re¬ ucts in particular sold less readily
Lead at 15.000 a lb. is at an all- ers, but it is restricting production
strained comment on a matter of in the fourth quarter than for¬
time high, approached
only in 1917 by limiting receipt of essential
public policy is not a slander. merly. The year closed with many
by the previous high of 12.250 a lb. raw materials, such as scrap.
Therefore, I know that on second stores launching clearance sales
"Few companies are able to ship
Current1 prices for these metals
thought you will not attribute
tonnage
in an effort to realign inventories.
promptly,; and,
mean¬
hjve been forced up by the world
hostility to frankness."
shortage coupled with unprec¬ while, orders continue to pour
The fourth quarter dollar volume
In
London
Associated
Press
the
28, President Truman reaffirmed
urged
amount, need
to
his stand for continued
(5) Allow reasonably increased
by
agreement
between
On
Secretary Marshall in his reply
to the Soviet Union defended Mr,
;;::"The slowdown in shipments is
accentuating the tight steel sup¬
on
Associated Press
advices from Washington on Feb.-
this provision
saying people who can afford to
,
paying last Dec. 31.
was
According
,
slander
in
tenant
makes
and
many
metalworking shops have been so
pinched they have1 been forced to
furlough thousands of workers
temporarily pending resumption
edented world demand for recon¬
struction and civilian production.
require continuance
of present services for which the
ing
admissible
gas
producing
camps.
•
..
To
improvements.
(6) To continue rent control
Acheson
trial
rY \ -g. «■■
(4) Remove ceilings on rents
above $225 a month after ap¬
plication of the 10% increase.
er
own
-
foreign
policy as ag¬
"Retail store sales in the fourths
—
gressive and expansionist—Sec¬
quarter of 1946 totaled $28 billion, above those of the same period of
retary Marshall in a formal note
an increase of 5% from the third
1945.
The average year-to-year
to the Soviet Union rejected the
quarter after allowance for sea¬ gain gfor the first three quarters
protest, and upheld Mr. Acheson
sonal
factors.
This
After seasonal adjust¬
gain
was was 13%.
in his statement, according to As¬
due entirely to price increases. ment, sales at eating and drinking
sociated Press Washington advices.
After
adjustment
for
price places were 5% above the third
The
Under-Secretary's
remarks
changes the sales volume was at quarter.
;
were
made
in response
to the
about the third quarter level.
"Drug store sales in the fourth
committee's questioning, Mr. Ache¬
"Sales
of
non-durable
goods quarter-of 1946 were 12% higher
son
stating, according to a tran¬
stores were $22 billion in the than in the*same period of 1945
script of the proceedings quoted
fourth; quarter, ■ 17%
above the and
by the Associated Press: "I am
filling station sales were up
fourth quarter of 1945 and 4%
quite aware of the fact that Rus¬
In both cases sales after
above the third quarter of 1946 18%.
sian foreign policy is an aggressive
seasonal adjustment were abbvb
Sales
and expanding one," Mr. Molotov after seasonal adjustment.
it is said had objected to the "in¬ of durable, goods stores continued those in the third quarter.;.
the
are
all hotel
its
•
steelmaking pig iron at $29.56."
at
diplomatic incident
testimony of UnderSecretary of State Dean Acheson
havoc with steel
downs
on
has
of the controls themselves, tell¬
steel
Russia's
generally, both rail and
Metalworking shop shut¬
(3) Lift controls
area
landlord and tenant for certain
That
to dent the huge order
traffic
(12)
housing
1, 194b
This
rent control law.
$52.10, and
caused
shortages
truck.
the bill.
accommodations including trail¬
An
Matter Closed
and adverse weather are playing
a
(11) Exempt the District of
Columbia from the provisions of
Permission
to
increase
10% over the ceilings ol
new
*
the first day of the fhst month
after its adoption.
the provisions
are
landlords.
or
(10) Make the bill effective
r
v;
(2) Decontrol of
'v
extra card on
strip from
Indicates Acheson
■
tenants
;
rent
finished
Feb.
car
.
last December 31.
'
and
Cleveland, in its by Soviet Foreign Minister Molsummary of latest news develop¬
ptov
against
a
statement by
ments in the metalworking indus¬
Under-Secretary Acheson—which
try, on March 3 stated in part as was
said
to
have
described
freight
rents
on
have forced curtailment
of steelmaking operations at some
higher due to bringing scrap
*nJfrom distant points. •
\
<
v Nonferrous
metals prices have
reached new peaks with copper at
21.500 a lb., exceeded ;only by
highs of nearly 24.000 a lb. in 1929
its
sheets
of
"Acute
(1)
to the Department of
Commerce, where they would
be made accessible to the courts,
lay
to
^ull committee in about
following
but
to
to
an
on
one
follows:
The
Talk continued to be heard
semi-finished steel at
year ago.
"Steel"
week,
a
ready
Transfer of rent records
files
and
that
reporters
steady last g and Jan. 31, 1947.
month ago
before the Senate Atomic Energy
and 76.7% one year ago. The op¬
Committee was closed and that
erating rate for the week begin¬
he would not reply to the second
ning March 3 is equivalent to
Soviet protest was indicated on
1,651,900 tons of steel ingots and
Feb.
25
by Secretary
of State
castings the same as last week,
Marshall,
according; to
special
and compares with 1,633,700 tons
Washington advices on that day
one month ago, and 1,351,700 tons
one
before the
a
on
tion and compares with an operat¬
ing rate of 93.4%
measure, he told
the bill would be
;
-
con¬
working plants have been slowed
is
were
steelmaking scrap 50
cents to
Averages held unchanged
secutive week of postwar produc¬
phia heavy melting scrap quota¬
tions, moved up this week from
$34.08 a gross ton to $36.67 a gross
which
prices
(9)
(R.-Del.), admitted
that the five-man group had split
3 to 2 on many provisions of the
$34.33.
operations were at the
95.3% of capacity. The
of
Senator Buck
not rented between Feb.
supply conditions.
1945 when
of
price,
ex¬
enforcement
an
new construction and newly re¬
conditioned rooms, and a general 10% increase in ceilings. Although
the
sub-committee's
Chairmai.
—
ear¬
housing and
in states where
system is established, decontrol of
heavy melting steel
scrap
in eastern Pennsylvania
lifted Steel's composite price on
reached since the week of May 14,
rate
Administration to the courts, except
steel
advance
the
Pittsburgh, Chicago and Philadel¬
Age markets reflect higher scrap
prices this week. The composite
products involved
overflowing.
This
the list issued last December.
operating rate of steel companies
having 93% of the steel capacity
of the industry will be 94.4% of
capacity for the week beginning
March
3, unchanged from last
week when the highest rate was
producers' efforts
accumula¬
tions on their books.; Shipments
Into and out of steel and metal¬
origin, practically all Iron
the
are
hot-rolled
telegraphic reports which it
had
Banking sub-committee on Feb. 25 approved legis¬
embracing new rent-control proposals, which would include
transfer of all controls now remaining with the Office of Price
and accommodations which were
again
of
Group Approves Revised Rent Control
Sentate
lation
likely early increase in pig
iron. Carnegie-Illinois Steel Corp.
announced
week
A
1297
...
ports is certain to intensify tight
of
Steel
and
Senate
burden added to that carried
week.
project which
many months."
over
American
institute
that
elimination
■
advices:
for
"Steel
a
"
books
marked steel for
$2,375,000 is already being dis¬
tributed at some plants and is
recognition for the supervisory
'
ing to Washington Associated Press
by the mills in the form of
Corp.
to
inequalities,
Should enlarged
.
to other consuming lines as order
This remuneration which amounts
wage
steel
car
consumers.
company's basic steel subsidiaries.
assistance
of
'
•
of the proposed legislation as Sen¬
ator Buck outlined
them, accord¬
new
agreement.
wage
United
en¬
.
operations become effective with
second
quarter it probably will
mean a further cutback in quotas
already
has approved a bonus of $250 for
each of its 9,500 foremen in the
icy
of the
other
ing met this week to continue dis¬
crease,
last
require¬
will be at the expense of
ments
Steel Corp. or the steel union hav¬
ton with
gross
a
"Upping
"With neither the United States
advanced
the
pro¬
for monthly
production of 10,000 cars, instead
of the 7,000 recently agreed upon.
This proposed change, it is esti¬
mated, will require 235,000 tons of
steel per month, instead of the
165,000 tons originally scheduled.
"Pig iron prices this week were^
til Nov. 10, 1946. The present lead
raised as much as $2.50, $3.00 and
price is increased 81.8% over the
$4.00 a ton depending on the grade
last OPA price. ,;:
and the producer. Some makers
'
I
deavor to supply steel
follows:
on
reflects
the
February
efforts to get
this program, steel producers
week indicated they would
featuring nonferrous
definitely point up an
inflationary period outshadowed only by temporary periods during
and shortly after World War I, according to "The Iron Age," national
metalworking paper, which in its issue of today (March 6) states as
steel
in
\V t
'
: ,0
•,
,1
.
jected car-building program going
as soon as possible.
In support of
Further increases-in basic metals this week
iron and
js..-.:-
concerted
Level—Gar Shortage Guts Shipments to Users
metals,
V
placed
Steel Output Maintained at High Postwar
I
'
■
demand
1946
quarter
fourth
sales- were' 125%
above fourth quarter 1945 and 15%
higher
than
those
in
the
third
quarter of 1946 after seasonal ad¬
justment.
However,.' the ' -dollar
of
volume
in" the: fourth
Sales
quarter of 1946
was
still 8% below
the peak established in
of
both the
building
groups
1941. Sales
home furnishing alld
material
and "hardware
continued at high levels in
the fourth quarter 1946.: As com-
pared
with
the
same
<
period^ of
1945, home furnishing sales were
up
55% and hardware sales were
up
37%.
"The only durable goods group
of sales for apparel stores was
let-up. advices Feb. 22 it was reported
showing a declining trend in the
expected that the Moscow radio Saturday 10% above that of the same pe¬
(Feb. 22) said the Soviet riod a year ago. General mer¬ fourth quarter sales was- jewelry
to out-run production the remain¬ night
had
reiterated
its
dis¬
der of this year, possibly longer. Union
stores. Sales in the fourth quar¬
chandise store sales were up more
Of all major products, bars ap¬ pleasure with statements attrib¬
ter 1946 fell 7% below those of
uted to Mr. Acheson in a second than 20%, and food store sales
pears the only item to show any
the third quarter after seasonal
• g
noticeable easing in supply, and note from
Mr. Molotov to Mr. were up 25%.
even here the situation
seems as
"Despite higher prices and in¬ adjustment. The decline'reflected
Marshall. The advices by the lat¬
to some extent the decreasing de¬
tight as ever in the smaller sizes.
ter,^indicated above, to .the effect creased population, sales at eat
"Surge of freight car -buying
mand for certain types of luxury
ing
and
drinking
places
in
the
that
the
incident
had
been
closed,
featihes current market develop¬
^
fourth
quarter
were
only 6% products."
'
ments, At least 15,400 units were 'followed or^Feb. 25.
showing
Sheet
no
signs
requirements
of
a
are
'■
•
n
.
■
.
>
"
••'
.1298
THE COMMERCIAL & FINANCIAL CHRONICLE
wholly
Hoover Report s
1
(Continued from first page)
mately
9,000,000
above
sian
that
ket, of
The
of
skilled manpower and. the
xatio
of
working males in the
population have been greatly af¬
fected by the war. For the whole
tons
that
of
oners
over
3,000,000
quences
are
war
held
armies
fed
in
and
from
work
American
and
civilians
home.
sian army
Due
to
pris¬
is fed
large Rus¬
their zone.
upon
lack
a
entirely
are
The
of
fertilizers,
good
750,000
in
France; 400,000 in Britain, and
40,000 in Belgium. The detention
of large numbers of skilled Su¬
seed, farm Implements and
skilled labor, the 1946 agricultural
production in the American and
deten
pre-war.
in
camps
Russia;
German
Czechoslovakia
workmen
bears
British
in
As
this
Zones,
represent
present subtraction of
000
of
was about 65% of
A generalized appraisal
that in the American
Zone the harvest
a
applied to the American and
British
Zones,
indicates
this
on
problem.
the
most
about
6,000,-
over
vital
and
1,100
lar
supply
was
.about
in
concentration
Nazis
held*
and the
1,900,000 others held under sanc¬
average
tions by which they can only en¬
with
in
gage
camps
manual
comprise
labor
naturally
considerable part of
a
pliers."
is
especially
to
men
10
and
women,
in
in
are
and
than
men
these
The
men.
be¬
groups
million
7
more
wo¬
results upon
the
pre¬
the
small
harvest
in¬
of
in
should
ever,
show
greater
pro¬
duction from the 1948 harvest.
60,
Thus,
there
of
1947,
potatoes (if better
seed is provided in time). >Tlle
steps which I recommend, how¬
winter, with frozen
impeded railway traf¬
fic, has rendered it impossible to
maintain
the
even
present
low
basis of rationing in many locali¬
bad enough,,
ties.
The coal shortage and the
to morals
consequent lack of heat, even for
are appalling. h
V" ''.-y,_,
cooking, has added a multitude
y '-'V-P: Housing y
;
of harships.
The conclusions in
The housing situation in the two
this report as to the food situa¬
productive
but
the
power are
consequences
is
zones
the
worst
civilization has
25%
of
the
that
even
urban
modem
About
seen.
housing
was
destroyed by the war. Therefore,
25% of the urban population must
find
roofs
from
maining 75
per
cent,
the re¬
in addition
to
destitute
"expellees"
all
the
other"
and
There
has
among
groups
brought in.
been little repair of
damaged houses, due
to
lack
of
materials and transportation. The
result of all this is that multitudes
living
are
ments.
tens
in
The
of
rubble
average
millions
and
space
base¬
among
the overcrowding Confined to ur¬
ban areas, for the "expellees" have
been
settled
into
every
farm
bouse.
rapid spread
communicable
://;■'/. w*
./-■i-V/-
"y; Coal
y ;y'yvvy,
shortage of coal is, next to
The
food,
the
most
serious
ate bottleneck to both
immedi¬
living and
the
revival of exports to pay for
food.
The Ruhr, which is how
almost the sole coal supply of the
Anglo-American
Zones,
to lack
men
is, due
phys¬
ical vitality in labor,
producing
only 230,000 tons per day, as
against
day.
a
of skilled
a
Of
which
to
amount
must
be
nations
suffering.
The
surrounding
also
are
shortage leaves the two zones
without sufficient coal for trans¬
port, household and other domi:
rant
services,
which
to
dustry.
.
table
last
must
precise
autumn.
not
for
the
be
the Berlin Sector
as
tributed
the
on
start
y;y
7/
with
little
upon
exports in the in¬
'y yy •. y
yyv;: y
The coal famine all
over
West¬
ern
others.
It
is,
basis
however,
i.
•
>
V
many, no household coal has been
issued in Hamburg, since October.
Other
but
German
little
better
cities
have
population:
It must
of age
V:
'
of
war
the
and
food
areas
production
taken
Poland.
over
came
from
by Russia
Moreover, the Rus-
con¬
910,000
is likewise in
'i-
;
,
;
deplorable
large
a
part
vitality
study, in ,the
A
shows
of
steady loss of
and
ability to
a
urban
British
adult
males
19 pounds and females near¬
study
in
weight.
American Zone
the
proper
workers
2,500,000
workers
heavy
•
1,910,000
work¬
ers
720,000
■
persons—
:
.
y/■:
'
680,000
34,045,000
zones--
41,685,000
.
Total
poplation,
two
The base ration is 1,550 calories
per
person
ities and
uation
day to the
per
maF consumer"
group, with prior¬
supplements,
requires
as
the sit¬
permits, for
instance, milk
in priority to
or
other
and
"nor-
groups. For
fats are given
nursing mothers an'd children
to
six
of
years
The
in
Hamburg
increased
death
roll
the aged
is appalling. In
70, in three months
over
more
including
in
This basic
minimum
ration for the
"nor¬
temporary maintenance
intake
"normal
.recommended
consumers"
nutritionists,
as
by
follows:
for
eminent
Present
mended
German
Minimum
Protein
——
283 grams
.%
Defic-
Thus
iency
24 grams
335 grams
45 grams
47%
52 grams
65 grams
20%
1,550
2,000
Calories—
with
Jhe
deficiency
16%
24%
in
quantity and in fats, protein and
nutrients, the 1,550 ration is
other
supplements,
enough
in
perhaps
are
themselves,
his
wife
yet
effect in
and
children,
and
it does not have its full
supplying
for the
77
energy
himself.
(f) The 680,000 Displaced Per¬
are
about
one-third
in
the
recom¬
appropriation!
supply of 65,000/
of
cereals.
These
the
measures;
substitution
great
ration
whole
system by 250 cal¬
ories.
In addition to these
measures
I have included in the sums
giveri
and
1
propose
This
different
a
program.
approach
new
is to repair
spots in the nutrition¬
situation, I believe that this
method
will
accomplish
the
purpose of the
eral
increase
^
550
the
bi-zonal
tion
in
giving
certain
schools.
There
body-build¬
(meat, fats, milk, etc.)
ing foods
of
at
least
imperative
350
calories
for
worst
the
areas
daily
children
if
the
of
future
a
wholesome
combined
Germany
character
is
In order to start this
I
once,
Army
recommend
surplus
is
in
to
ing
and
in
now
the
of
the
Forces.
form the
ma¬
jor base of this system for a con¬
siderable period. This is the more
possible
as
it
is ! proposed
to
slaughter during 1947
000 head of
over
below
its
forword
200,000 to 250,000 tons
potato seed, with some al¬
ready in hand, we should be able
to
thereby
yield from the 1947
5,000,000
tons, and
effect some savings in
overseas
food imports for the fis¬
assure
harvest
a
of
cal year 1947-1948.
;;
Necessary Imports and Finance
The supply and finance of food
and
collateral relief imports and
development of exports with
the
which
ultimately to pay for these
imports, has been organized upon
the basis of dividing foreign trade
into
two categories:
/
Category "A" covers imports of
food, fertilizers, and petroleum
products for the civil population.
This Category is to be paid for
by appropriations, and thus onehalf of the
rations,
control
to
next
the
United
system at
Occupation
resources can
fall
of
enroute, and certain excess
stocks not adapted to
Army feed¬
American
ration
the
be
now
These
low
the
cannot al¬
taxpayers each of the
States
United
the
and
Kingdom.
using
10-in-l
we
of good
is
appropriate
until
Certainly
can
the
of
calorie ration
area
and
the
Russian
Zone and is not available. If we
no
meal
ship¬
of
annexed
ra¬
systematic school feeding in
American Zone* A system of
soup
kitchens to provide a hot
of
an
more importance, most
potato seed of our zones
normally comes from the Polish-
agree¬
small
a
the
Of even
two groups to which
are
for
harvest.
of
/ /
are
1948-1947
year
necessary
already dangerous levels.
in
under
to be
balance
precedented
winter,
and
other
causes, there are not enough po¬
tatoes by
250,000 tons to cover
that portion of the minimum
1,-
of so large an
imports in the fiscal
1947-1948 as has been pro¬
posed
the
400,000 tons of surplus
from the United States,
The object is two-fold.
Due to spoilage during this un¬
may mod¬
year
recommend
potatoes
I In many Ways, I believe it is a
better program, and if this method
proves a successful remedy during
the next few months, it
increase
fiscal
ment
ma¬
proposed gen¬
:
for
amount
ration
1946-1947.
year
I
appropriated
this
as nearly
accomplished within the
be
can
in
below which
5,OQ0,-
cattle, hogs and sheep
in order to lessen the animal
con¬
sumption 6f» ground
crops, and a
meats and fats
It has not been deter¬
mined whether seeds fall in this
In my opinion they should
be, and I have included them in
my estimates of supply and cost
which appear below.
;i Category
"B"
is /. under
the
group.
"Joint
who
Agency,"
Export-Import
importation of
raw materials and the export of
coal, some other raw materials
regulate
and
the
manufactured
The
products.
organization started with
a
certain
working capital and all exports of
coal
and
other
commodities
are
credited to this fund until the ex¬
British Zone and two-thirds in the
portion
United States Zone.
ports, when the surplus will be ap¬
These various supplies,
together plied to the cost of Category "A."
It is hoped that the
with some miftor. cereal allot¬
export surplus
ments, should carry the program will begin to contribute, to Cate¬
for six months, t
gory "A" in the last half of 1948
ish
In the
Brit¬
Zone
they receive the Ger¬
only/ In the United
States Zone they receive supple¬
ration
man
ments which amount to 700 calor¬
ies
in
day,
per
doubt
so
there
that
ican ration is above
ration"
the
can
be
no
to their adequate supply
area.
In fact, the Amer¬
as
of
the
other
the "normal
nations
on
Continent, except the former
neutrals.
These
-
nutritional
based
are
upon
•
surveys
made by
Dr.
Wm. H. Sebrell, Jr., of the
United States Public Health Serv¬
ice, who was a member of my
Mission.
At my request, he also
visited
Italy,' France,
Belgium,
Holland and Britain, to study the
comparative nutritional situations
of
these
countries
with
that
tritional condition in those
is nearly pre-war
tries
that
of
nu¬
coun¬
normal,
while the
I
special German groups
have
mentioned
are
not
only far below the other nations
but
disastrously
A
New
can
so/
second
The
Anglo-American bi-zonal
agreement of last autumn calls for
this
demanding
group
relief
is
the
"normal
persons, now
calories per day. I
ommend
A
several
strongly
lines
of
certain
portion of -them
advanced to* the group
of moderate
heavy workers and
receive
the
supplement
applic¬
able
to
that
category./ (b) An
emergency
supply
of
cereals
be
alloted
to
in
chens.
need
(c)
in
aged
and
the
"normal
consumers"
group and others where
certified,
kit¬
soup
I recommend that the
the
be
issued
medically
tickets
upon
the soup kitchens for the meal of
350 calories per
day
School
week,
ures
and
most
to
during
be
the
consumed
these
kitchens or taken
These supplemental meas¬
will
will
substantially
at
least
cover
carry
material im¬
virtually all the cost in
calendar year
1950.
Therefore, the cost of Category
"A" for the balance of
th^ 1947
fiscal
year,
improve,
over,
needy part of this group.
the
in which
a
deficiency
appropriation is involved/ and the
whole of the 1948 fiscal year,
fall upon the
will
taxpayers of Amer¬
ica and Britain.
.
Cost and Supplies of Category
Imports
for
Fiscal
the
German
welfare organizations with which
to provide a supplement to fam¬
ilies
and
the
rec¬
action,
Should be
sl*ould
raw
.
17,910,receiving 1,550
000
ports exceed the
program.
consumer" group of about
either at
?
these
applied to
j The
home.
Program
of
be
immediate
(a)
conclusions
Germany. He reports that the
Recom-
—
to
rations *
the
increase otherwise
necessary to import for the proposed program of a lift in the
working energy in many adults,
created. ""/:•;,
up
food,
more .meat,
is given
supplement to hard workers,
etc./:
•/•;'. y /'■ .■/•■ :7'.
age;
health
or
stated
10,000
program
.
children
many
zones,
be
in
deficiency
emergency
for
consumers"
weight. Famine edema is
showing in thousands of cases,
to
included
I have said, are in
as
1,550
of
support of the above
tons
is not enough to maintain health
in
ment.
;
event,
shows
any
sons
>
base
"normal
the
,,
,
»
present
for
showed from 5 to 20 pounds under
/
;
„■
,
j As the
Calories
charities,
worker
.
nard
Which, in terms of grain, would
1,260,000 tons and $136,000,000 annually to costs, above the
already huge burden upon the
taxpayers of our two nations. ■■
children.
have
an
Rdd
There
therefore
v>'"
17,910,000
.
Displaced
v
supplies
group comprises the light
physical workers and is in large this repair of weakness should be
majority- women : and many are given quickly:
First are the children over six
aged. Some portion of this group
are able, to supplement the
1,550 years of age and the adolescents.
calorie
ration
by
purchase, of The number of this group who are
some
supplies from the
black under-nourished is estimated to
market, from the free markets in be about 3,500,000 or more than
the vegetable seasons, and from 50%.
To cover this group and
package remittances. Some part assure that the food reaches the
of this group are too poor to pur¬
child, the British in their zone,
chase even the 1,550 calorie ra¬ aided
by the Swedish and other
with
1
'2,100,000
.
20 years up
Heavy
Extra
./
•
/>/.>/
import
ify the necessity
universal tendency is for the
worker to share his supplement
15-20
of age
"Normal'
Consum-
Moderate
y
■... •••
•
4,495,000
hydrates
borne in mind that
the German
pre¬
groups
worse
...(d) A considerable part of the
consumer" group of 17>-
high
*
-
years
erS,"
\
•
3,070,000
age
Adolescents.
been
of
even
the
660,000
Children 6-15 years
Pats
be
25%
showed
5.1 .lbs., be¬
Other
"normal
due
.
Carbo¬
about
standard.
was 40%.
(e) While the workers' rations,
/
s
off.
Agricultural Production
studied
alone.
"Non-sell' Suppliers," i. e. urban
food
example in Ger¬
with, girls
ditions.
•
duced everywhere the most acute
an
weights,
low such
among
7,640,000
increased
fiscal
9 and 16 years showed
under minimum standard
ages
proper
pur¬
farmers '•••
e,
their families
plies
program also im¬
a
the
last autumn the increase
and
mended
Such
limits of available supplies and
finances for the remainder of the
.
"Self-Suppliers,"
of 1947.
In
con- '
naturally tend
food to
help
I
(actual starvation)
appearing in the children.
A
study of groups of boys between
lbs.
"normal
for children and. "normal
is
5.5
be
the
tions, renders such an increase
impossible until after the harvest
as
as
mal consumer"
compares with the
As
stunted
evi¬
jor
persons
y
limits
from
removed
sumer" group, who
to
cut their
own
the
cereals,
growth, and delayed development
is
widespread.
In
some
areas
A
accurate
enough for food computation
poses.
but
undertaken
ly 5 pounds under
as
Europe and the unprecedented
severity of the winter have pro¬
suffering.
been
these
However,
famine edema
over
not dis¬
same
lim¬
increase is
an
in
By aid to the
children and
adolescents, some pressure will
undeter¬
some
their
al
has
work.
groups,
was
in
better
shortage
ing
outside
weight,
The
regarded
different
is
at'
Such
desirable.
the weakest
In
census
and
former 450,000 tons per
the present . production,
considerable
exported
undertaken
years
potentially
.
situation
tion.
below,
German
date.
ited localities where school feed¬
Zone
the
are:
condition,
deplorable
a
-
added many difficulties.
From the food point of
view,
the population of the combined
zones has been divided as
consequence
diseases.
in
are
Their
the group
upon
conse¬
of the hard winter,
location, but upon the basic con¬
ditions, to which the winter has
based
immediate
the
'
(a) The 7,640,000 self-suppliers
are, naturally, in good condition.
(b) The supplements and prior¬
ities in special foods given to 3,730,000 prospective and nursing
mothers, and children under six
years of age) appear to be enough
to keep them in good condtion.
(c) Over half of the 6,595,000
children
and
adolescents, espe¬
cially in the lower-income groups,
temporary dis¬
is the Prospective and
nursing mothersof tuberculosis and. Children 0-6
One
other
tion are, however, not based
upon
the effect of this
is
equivalent to
between three and four people to
a
12 ft. by 12 ft. room.
Nor is
of
irrespec-
groups,
day
per
denced by the early reduction of
bread rations in several other na¬
t' This
This terrible
canals and
tive
different
condition.
>
Food Distribution
,
tween 6
sup¬
contrast
amounts
expected
from
the
.age group
between 40 and
about 7 men to 10 women.
"non-self
calories
an
crease
tortions is that in the age groups
20 and 40 there are ' 6
day
per
consumption.
being made to
agricultural production,
ever
"between
the
3,000
the restrictions upon
1
calories
With the efforts
there
country, and
them, how¬
necessary, add to administra¬
tive and industrial problems.
J
One consequence of these dis¬
900
normal German
war
trative
the
per day for
suppliers." The simi¬
in the British Zone
These
improve
of
equal to
calories
to
the former technical and adminis¬
skill
yielded
the "non-self
most
skilled workers in the population.
90,000
1946
(self-suppliers)
Likewise)
the
of
supply, beyond the needs of the
farmers
a
The nutritional condition of the
Contribute
British
ories
>vorld
Population
above
nothing.
increase of rations by 250 cal¬
an
mined
■
Nutritional Condition of the
millions
formerly flowed into the
The
Germany, it is estimated that
5,700,000 were killed or perma¬
nently injured.
It is also esti¬
Some
supporting
which do not
of
.
highly
American and British Zones from
these areas.
These sources now
of
mated
Germany.
incapable
health of the groups,
have supplements.
Military Zone in Germany
a large part of the bread bas¬
was
in
1939.
Germany
on
Thursday, March 6, 1947
The
costs
the
Year
later
for
to
imports
and
for
program
whole
The
1st
large
January
appear
fiscal
reasons
are
given
year
that
unduly low during
last six-, months of 1946 and
the
were
the drain
duly
on
large.
include
and
so
the
the
1947-1948.
to
from
July 1st, 1947 will
compared
■
1946-47; '
program
of supplies
to cover Category
the six months
to
"A"
Last Half of
indigenous food un¬
Also,
the
shipments
as
to
it
cost
is
necessary
of
purchases
to July 1st
prior
provide in June for ar¬
rivals in Germany during the pe-
Volume
t
165
Number 4574
'
THE COMMERCIAL & FINANCIAL CHRONICLE
riod1 July
1st to Aug. 15th, for
which appropriations for the 1947-
propriations which must
determined.
"
48 fiscal year
cannot be available
until after July 1st. This works
to lessen the burden on the fiscal
following that date. I have,
year
included
said,
as
the
"normal ration"
port the
sup¬
group,
and the potato imports. *
:
1
The following is the estimated
for both zones; for the six
;
cost
months Jan. 1st to July 1st, 1947>
in which are included the1 sup¬
plies already shipped for this
riod:
•;
.
pe¬
,!'/.■:■ 7';77
•' v.
program
.
changes in rationing
render
toe
general
cal¬
orie lift
appropriation the
seeds
are
pro¬
vided in
time, there should be
substantial additions to the Ger¬
man
potato harvest, in relief of
1947-1948
expenditures.
If
the
fertilizer and seed recommenda¬
accepted, there should be
ings by increased indigenous
I
sav¬
pro¬
505,000 tons ——
$288,000,000
Other foods, 720,000 tonS-___ - 54,000,000
Fertilizers
1—
-7
17,500,000
Seeds
12,500,000
Petroleum products (civil pop¬
ulation)
12,000,000
—,
I-
Total
—--$384,000,000
The United
*
States
contribution
sults in
operation
already covered by ap¬
and
what; portion
are
must need be covered by deficien'
appropriations,
cy
to
is
not known
me.
'7>7'i7rVv7'
tiff
Supplies and Costs for Fiscal
I
'
«
1947-1948
Year
by
up,
materials, all of the
con¬
shipping.
some
*
If
temporary
German
crews
75 Liberty ships,
to transport food
say,
re¬
now
of,
laid
and
raw
could
expanse
be paid
supple-
strengthen the
children, ado¬
"normal
ration"
should undoubtedly carry
group,
and 7
through these groups until October, especially with the Spring
and Summer produce. Therefore,
; it will not, in any event, be neeessary to increase the general ra/ tion by the 250 calorie provided
*
*
made
in
the
bi-zonal
revised
weak
agreement
until
is my hope that the
It
methods
places
by
in
the
which tithe
system t
are
>
strengthened
may v partially
or
'.wholly avoid' this necessity. after
'that date. I have, however, prot vided in the estimates an item
'of $62,300,000 for such an increase
*
after
October.
I
cluded in these
have
also
estimates
"larged fertilizer and seed
^It
is my
burden
fiscal
en-
program.
belief that these latter
measures
-
in¬
an
will greatly lighten
the
taxpayers in
1948-1949.: "
*
the
on
our
year
for
home
There
ourselves
for
•
terms
Cereals
cf
calorie
lor
wheat)
2,-
—
"normal
consum-
.
$278,500,000
.;V.v :
ers" emergency supplemental
feeding, 192,000 tons
7
19,200,000
Chile!
.feeding
program
(in-'
eludes special loods), 130,000
•.
•
tons
Other
civil
have
copy
for
the
relief
the
of
'
At my
tions
instance, all Allied
in
the
that
agreed
first
na¬
World
German
War
civilian
re-
ief
expenditures
at
that
time
should be repaid from any liquid
assets
and
ahead
ranked
reparation claims.
of
They
any
were
so
repaid.
The grounds which I ad¬
vanced
at
that
time
are
less
no
valid today.
By these relief ex¬
penditures, we are rebuilding the
the
of
economy
other
that
German people
payments
by them. These costs should
be
sort
a
of
"Receiver's
this
If
policy
Certifi¬
catches
wise
tons.—
(available)
75,000,000
" 45,000,000
Seeds
;
population
;
.
.
7
" 7.
'
1947
25,000,000
>
,
Cost of ration increase to 1,800
calories on or abcut October,
V
surpluses pos¬
the
South
It would
American
to
seem
be
$504,706,000
as 7
indicated
with
passu
selves.
the
below,: pari
British
62,300,000
i__
_____
$567,000,000
and
our¬
Germans
lost
a
consid¬
erable part of their deep sea fish¬
such boats could
more
be found and
surplus
leased from Amer¬
small
shipping,7 the
greatly in¬
fishing grounds in
supply could
The
be
are
be¬
ing limited against German fish¬
ing. As there are ample supplies of
fish in these seas, it seems a pity
that with this food available, Brit¬
ish and American taxpayers are
to
upon
furnish
food
in
substitution for fish the Germans
could catch for themselves.
Fish
is
particularly needed
as
the present diet is sadly lacking in
content.
protein
:j 8. A still further saving ta Brit¬
American
and
possible
of which the
of 50%
United
States share
amounts to $283,500,000.
Due to these changes in method,
.
the
above
program
from that submitted
Department
for
the
is
different
by the
War
fiscal
year
*$71947-48, but the total cost is
greater.
,
»
no
-1
man
paid in dollars after July 1, 1949
effective implemen¬
tation of such a provision.
might be
an
if
taxpayers
maximum
manufacture.
few days.
7
7
■
.
Austria
on
UNRRA
harvest.
..
American
thought
ment
it
taxpayer,
Austrian
minimum
very
suggest
relief
to
to
'under
the
other
committee
for
those
I
strongly
favor
from
to
aid
is
expedition
The Joint Ex¬
expenditures for relief
for,'these .people.
Indeed, it is
something new in human history
for the conqueror to undertake.
Whatever
the
policies might
that, would have avoid¬
faced
ed this expense, we are now
with
it
it.
And
until
the
Germany
we
with
faced
are
industries
export
of
be sufficiently re¬
for their food.
The
can
vived to pay
first necessity for such a revival
is sufficient food upon which to
maintain
vitality
work.
to
Entirely aside from any human¬
itarian feelings for this mass of
want peace; if we
want to preserve the safety and
health of our Army of Occupa¬
if
people,
want
of
pense
port-Import Agency is doing its
best, but such exports are ham¬
pered by the lack of.coal for man
tion--!
ufacture;
by
Trading-with-theEnemy Acts, and restrictions on
free communication together with
limitations on dealings .between
buyers and sellers. The restora¬
7 Our
but
see
meet
to
Army
our
can
and
size
the
reduce
to
of
Occupa¬
other
no
burdens
the
ex¬
course
I
have
here outlined.
determination is to estab¬
lish; such
as
in
regime
a
will prevent forever
part
some
the
of
the
countries
serve
with this
priation
relief
it
and
is
load
I
appro¬
such
child feeding in the (German and
Austrian program, that would, in
turn,
take
the
fund.7
of
some
United
the
Nations'
load
off
children's
>
777^
total
of
all
these
claims
supplemental
to
the
five
civilian
and of
relief
own
our
since
the
upon
the
balanced
is
war
taxpayer,
exports keep
living.
up
un¬
prices
and the cost of
.
their
miseries
the
and
that
local,
after
35%
the
war,
the
of
taxes, Federal
two years
still taking about
our
are
now,
income.
national
is in the interest not
only of
stop, look, and listen.
America, even with all our bur¬
we
dens, never has, and I hope, nev¬
er will, cease to do its utmost to
starvation in
prevent
7
try.
any
t
•
coun¬
>
:
However, we should bring gov¬
ernmental relief to
an
end
as soon
possible, encourage the as-?
sumption of the burden by wellequipped
private
organizations.
Moreover, I believe we should be¬
gin to secure, repayment of these
sums
and have the full right to
demand efficiency and economy
in the use of public funds for re¬
lief and we have the further right
to
see
that they contribute to that
productivity and peace which will
again the
alone end these burdens.
.
my
conviction that
approprations
.for both the
for
these
punishment1 of
the
Nazi
placed administratively or legally
under
this proposed
appropria¬
tion.
These 1 suggestions are not
made in criticism of the proposed
tion
of
trade
is
inevitable,
and
Category
1947-1947
and
"A"
the
-1947-1948 fiscal years should have
burden
of
our
taxpayers for
relief that could otherwise be paid
for in goods.
No
that
in her utterly ..shattered
state,
purposes. The occupational forces. Germany is a present economic
menace to the world,
"
7 : V . 7
; cannot
be reduced without these
Should there be such good for
^assurances of minimum food sup>'Ply, from the point of view only tune as to realize all these possi
v7 of maintaing order, the need for bilities, we could not only in
.these forces is not great, if we crease the food supply to health
•can meet the food
needs.
Their levels but also lessen the joint
jsize will depend upon other con- costs by $150,000,000 during the
fiscal year 1947-1948.
However,
siderations.
.7V ■ 7;
as I have said, I am convinced tha<
7* Further Savings to the Taxpayers the larger sum should*be provided
$ first consideration,
in prior¬
ity to, appropriations for military
even
one can say
-
,
.
Germans
a
/misgivings
great
of
all
for
warmth and
been
sunk
shelter—have
to < the
-
lowest
in .a . hundred
Western history." f
7 If
v
in
level
tfears
of
is
to
Civilization
Western
survive
of
the
in
have no
them—in
can now
food,
,known
mass
concerned
not
conspiracy
it must also
And it must
cooperative mem¬
Europe,
survive in Germany.
be built into
a
ber; of that civilization.
the
deed/is
hope
of
That in¬
any
lasting
•
%■
-
■
*
That Can Be Made
There
are
costs could
they
are
ways
by which these
be
reduced, although
not certain enough to be
deducted in
advance
against
ap¬
for. '' \7\>'
;
' :
German Repayment
>
V
7'7
7
The
on
These
great
relief
of
Outlays
sums
the
'
:
flag flies over
these
people.
That flag means
something besides military power.
After
all,
our
for
.v
hitherto
German
peace.:
spen
civilian
addition
to
his
report
to
Forces
of
the
governments
o?
main¬
are
of .1%
of the
popula¬
from
producing food: or making
things that could be exported to
pay for food.
:
full
desire to fail to do
no
starvation of
allieviating
in
part
women
tho
and children
merely because of actions by their
officials.
But
at
some
point
American patience and humane*
is
action
likely
hausted.
to
become
ex¬
*7.7;7*;
(7) No food from relief or do¬
production in any relief
mestic
country should be used for politi¬
cal pressure and there should bo
racial
no
or
other discrimination.
No relief should
7(8)
given
be
where either commodities
cask
or
going out of that country for
are
reparations
or
the
of
purchase
commodities
Such
arms.
cash
or
should be used to pay for food.
(9) In my view, any nation re¬
ceiving
relief should obligate it¬
the cost thereof, either
self to pay
to
United
the
donors
to
be
or,
States
for
Nations
other
and
preferably, to
by the
established
future famine
fund
United
a
relief.
nations
The
receiving repara¬
tions from relief countries should
be asked to defer
til
these
The
in
relief
reparations un¬
are
repaid.
costs
justice of this proposal lies
fact
the
that
this
relief
ob¬
to preserve tho
manpower productivity, and there¬
fore the ability to pay repara¬
viously
serves
'-'7
tions.-
■,'
Both the nations under repara¬
tions
and
those
who
are
not
legislation but in the; hope that should agree to assure repayment
a
tax of i say, 5 or
10%,
they will be' helpful in accom¬ by
upon all exports from the debtor
plishing the £nds we all desire.
(1) No relief other than'food, country, to be paid in the cur¬
medicine,
sefed ; and
fertilizers rencies of the countries receiving
should be furnished under these such exports, such payments to
relief
appropriations.
In- some begin in two or three years.
In conclusion, such methods as
cases limited supplies of clothing
these would give some production
might be included.
to
the
American taxpayer yet
(2) Relief from our contribu¬
tion to these funds should be lim¬ would deprive no needy people of
ited to United States products and relief if their Governments are
to
;'
cooperate with the
in
securing ef¬
ficiency and economy in the use
of relief, in the restoration of pro¬
We should not
willing
to
American dollars to purchase
United
States
transportation.
use
elsewhere.
In
Larg<&
This mobilization keeps men
tion.
f
would, therefore, like to sug-i
I
with
countries which
one-half
is
as
:,y7,
Nations
to
taining military forces far beyond
any necessity for police purposes
—say, a number not more than
It
our¬
selves but of the whole world that
'
jL It is
that
small
our
people
abroad believe our possibilities of
giving are unlimited. ;They do not
realize
for
reasons
States.^
We have
Advocate^ Caution
In
many
Another such difficult situation
Charitable relief by Government
burden
ter¬
program,
time.
Military
to
resources.
but these unremunerative and
any
any
are
Relief
No
have already spent
we
with
action
United
Germany
people.
promiso
or
into
implied in its emer¬
gency nature. Moreover, difficult
policy questions arise in connec¬
tion with relief to peoples whose
governments are said by our Gov¬
ernment not to have kept their
promises or agreements with the
including
am
for
There
v
$350,000,000
as
entered
minable at any
to
every
day's delay in removing
these barriers is simply adding to
these
obligation
be
month-to-month
a
off
proposed
gest to the committee some pol¬
icies or methods that should be
withirt
higher
no
agencies named.
No
country
But those
who believe in vengeance and the
.
have*
I
as
specific amount
of relief; the distribution must bo
aggression
militarism and
rise of
¬
feeding of subnormal children.
This fund, however, would take
we
tion; if we want to save the ex¬
pense
of ; even
larger military
forces to preserve order; if we
tax
should
with large
have been
supplier
own
further governmental
any
the
(6)
the
faced for some years
now
are
Germany,
our
United Nations project for special
rect
over
of
and
recommended
Germany and Austria.
I
needs
continuously under supervision of,
^satisfactory to, specialists
higher levels
any
have
ity, has been undertaken.
war
whole*
for
is today, a double tax upon most
of our people. It is not only a di¬
the
the
we have proposed
Germany.
(5) The distribution should ho
that
cannot,
considera¬
same
on
won
1947
bases than that
organization matters, which I
will improve administra¬
tion, now that bi-zonal operation,
under.larger German responsibil¬
7 It may ceme as a great shock
to American taxpayers that, hav¬
time
tho
the
program should,
said, be calculated upon
believe
•,
that
of
to
relief
which
countries
tions, be put at
payers,
the
be sustained.
can
in view of these
than
to
six billion
ing
At
the
and
German
;
to
Conclusion
end
In view of short world
recom-
programs
health and work
I
the
hold
we
have
I
to
necessary
that
and
world
are
as
the
operation
tion then.
the
Governments of the two
zones
(except
for
should include only th<*
from
upon
made
International
estimates
the
of
certain recom¬
mendations to the. joint Military
haye
,
and
Health.
relief problem should be taken up
afresh in the light of the situa¬
view
the generosity of tbe United
States comes to k very large suni.
And we must not forget that
they
I
Public
the
shortage
of food and the great strain upon
In
The
Organization
These
should bd able to fur¬
such information
exam¬
Agriculture
States
and
period
a
of
United
Austria)
nish
relief
after full
Emergency Food Council.
,
.
could be made of exports of Ger¬
Total
It;would, seem that a tax upon
exports, of some per cent, to be
we
';
.
The
ish
re¬
supplies could well be fur¬
paid
fish
pur¬
coverable expenditure and not a
charity loaded onto our taxpayers.
that
me
nished by these nations, being re¬
27,000,000
JPetrplpum products for civilian .7 7'v
They
increased
some
from
States.
some
British:
in Norway,'Swe¬
Denmark; which other¬
little 'likely to find a
are
sible
the
of fish
market, and
7.
;
I
ments and
in
1
fund.
brought the committee a
of my report on German
agriculture
and
food
require¬
be
can
made
surpluses in
possible
den; and
called
—35,000,000
foods, 450,000
.1 Fertilizers
7
food
are
„
level,
of
voyages
the Baltic and North Seas
(in
1,550
785,000 tons
-
return
and
comprise
'Category "A":
Cereals
be
the control of other nations than
creased.
,
tures
population, (Category "A") past
and future, should be made a first
charge upon the economy of Ger¬
many and repaid from any future
net exports from Germany before
any payments to other nations of
any kind.
' >.
children's
estimate
this
the ground by special¬
Service
the
of
ists appointed by the United States
the
and
costs
made
on
tria
Liberty ships.
-the supplies and costs needed for
-the fiscal year 1947-1948 covering
T
the
on
these
6.
could
taxpayers if the
return
Army
being transported
rates, were sent
equipment, now
at high ocean
ican
.
dollars
the
American
ing fleet. If
•-•7; The following is my estimate of
saving of possibly
further careful
and
should be
except that of Germany and Aus¬
the Parliament, can become a re¬
annum.
million
large
*
/ that date.
per
5. A further
personal inquiry
no
through other
ination
arrangements, that these expendi¬
cate.''
several
-7
A
need
Department
as
000,000
the
,7.7'1"
7
(4)
of
Committee
peace
announced
cal
1947-1948,
the
supplies
vl have made
be
lief asked from the Congress, and
supports I have proposed
to
or
channels.
into the relief programs proposed
it
sued, these appropriations for
year
throughout
statement
follows:
credit
a
that
so
$40,-
tries
and
for American
needy coun¬
the world.
His
to
;he American and British author¬
by the Germans in marks,
except for fuel, and thus save a
very
large
amount
of
dollars
probably amount to
Committee
1
-policy
a
distribution
ities
would
:
food
.1299
Affairs
outlined
upon
otherwise coming from the Amer¬
and British taxpayers. This
to
•
effect
no
urged
ican
lescents
*
overseas
therefore,
In considering the supplies and
cost of Category "A" for the fis¬
mental
«
could
we
Declaration
Germany having
tures
propriations,
*
4. The Potsdam
sequential
'*
<
conditions for the indigen¬
ous crops turned out
exceptionally
favorable.
of one-half of this is $192,000,000.
What portion of these expendi-
*
~
matic
-
have,
Foreign
oral
policy, and stipulated in all
tions for the fiscal
year 1947-1948
are
Governments,
two
I
a
77 duction in the
year 1948-1949. >
: 3.
There would be savings if
prices proved lower and if cli¬
Cereals (wheat equivalent) 2,-
population
form " outside
Ger¬
many's
borders,
together
with
hose in the future, should not
be an irrecoverable expenditure to
our
unnecessary, there would
saving of $62,000,000.
* :
2. If through the 1947
deficiency
be
allotment
65,000 tons of cereals to
of
1. If these
be I
now
(3) None of this fund should be
which are able
President Truman, Mr. Hoover, on
used for countries
Feb. 28 appeared before the House
to
pay
in
cash
or
to
secure
ductivity and the promotion
freedom and peace.
of
THE COMMERCIAL & FINANCIAL CHRONICLE
General
Crop Report of the U. S.
Department of Agriculture for 1946
»
■
%
The Crop Reporting Board of the U. S.
Department of Agriculture
made public on Dec. 17 its
report of Crop Acreage and Production
for the United States, from reports and data
furnished by crop corre¬
spondents, field statisticians, and cooperating State agencies.
The report in part follows:
";
-Acreage Harvested
(in
Crop and Unit—
thousands)
Wheat,
All
55,404
(bu.)
spring
Durum
—
39,113
—-
(bu.)—
(bu.)
Other
spring (bu.).
(bu.)
Barley (bu.)
Dats
—
1935-44
1945
1946
88,718
2,608,499
65,120
46,989
67,201
843,692
2,880,933
1,108,224
3,287,927
1,155,715
48,510
618,019
817,834
873,893
18,691
225,673
290,390
2,004
281,822
2,453
31,900
13,803
32,840
16,127
16,238
35,336
245,986
41,933
43,648
193,774
1,129,441
257,550
36,711
'
1,535,676
10,465
10,477
289,598
266,833
3,410
1,856
1,509,867
263,350
1,598
(bu.)
4~4
Flaxseed (bu.)
2,673
Rice (bu.) —
1>169
Popcorn (lbs.)
87
Sorghums for grain (bu.5,556
♦Sorghums for forage (tons)
8,643
tSorghUms for silage (tons)'
916
Cotton, lint (bales)
24,890
42,356
V 23,952
409
18,685
390
7,138
6,644
7,105
3,785
2,430
23,426
34,557
—
—
(bu.)
Buckwheat
—_——
1,494
Cottonseed
70,431
12,075
_
Alfalfa s£ed
Red
clover
Alsike
1,567
55,257
68,150
312
71,520
163
116,300
427,780
266,752
6,765
86,543
97,014
7,504
106,737
6,248
12,012
9,816
3,622
680
646
5,184
17,059
17,639
12,553
77~017
74~352
91,306
14,020
10,616
(tons)
Hay, all (tons)_^
Hay, wild (tons)
(bu.)
(bu.)—
seed
14,532
888
1,071
1,176
2,186
2,584
1,314
153
149
304
337
239
229
883
718
'"922
974
362
378
143,169
1,783
57,514
16,408
4,580
103,457
6,591
491
Sudan grass seed
(lb.)—.
159
73
{Beans, dry edible (bags)—
{Peas, dry field (bags)——
59
1,879
1,485
1,617
362
518
512
Soybeans for deans (bu.)
5,698
10,661
1,259
648
2,243
3,160
3,168
2,083
1,256
2,696
1,075
—
Cowpeas.for peas (bu.)—>
Peanuts picked & threshed
Potatoes
(bu.):.^
1
2,968
——
(bu.)
778
Tobacbo (lbs.)
———
Sorgo syrup • (gals.)
Sugarcane for sugar
558
2,113
351
390
606
616
1,658
213,900
15,797
3,222
1,587,964
2,042,235
2,075,880
*850
525
211
.
!
372,756
67i
679
1,821
159
1,938
66,422
1,479,621
12,213
291
—
\
'
179
290
310
1
;
418,020
64,665
6,926
Maple sugar (lbs.)—.—
Maple syrup (gals.)
Broomcom (tons)
9,850
6,718
6,418
!; 28,711
24,450
8,626
10,666
118,000
643
\ ■" 237
372
118,000
2,625
991
1,328
821
110,442
117,336
117,336
279
1110,442
—
300
Flax fiber (Oreg.) (tons)—.
Apples, commerc. crop (bu.)
Peaches, total (bu.)
Pears, total- (bu.)
Gi&pes, total (tons)
—u.
66,807
2,235,328
12,074
5,873
133
713
——
474,609
20,625
9,568
132
787
Hops (lbs.); 11—
:
;
120
298
44
34
41
41
**39,631
118
56,772
8
8
ttl3
12
14
**120,962
121,520
**59,938
68,042
**81,564
**86,448
**29,002
**'34,011
35,488
**2,553
2,792
2,851
.
—
Cherries (12 States)
(tons)
Apricots, (3 States) (tons)
Plums (2 States)
(tons)
Prunes, dried
(3
**160
—
39
.
x-
;
**148
'
O
215
**236
**194
343
**74
**73
105
210
•234
214
81
110
81,450
f 104,520
y
125
125,430
63,550
67,320
14,500
13,900
40,083
11,520
—
624
—
For market
(11
(25
crops—
3,304
3,837
4,099
crops)—
1,726
1,928
2,087
crops),t.1——_
—
1,578
1,909
334,823
346,482
♦Dry weight.
tGreen weight.
111,000 trees tapped.
**Includes
{Excluding
and other
-'/■
crops
fruits,
yyi!
.v.,1..',
;
not
'•
>
Cqrn, all (bushels)
YHieat, all (bushels)
—
spring
100
%
...
-
——
-tT"..
——
.
i
-
1945
28.5
32.7
17.0
15.9
,17.4
—
straiwberries
——
wheat
were
set
harvest
•
previous
crop.
successive
year
any
billion
bushels
of
harvested, production
breaking all previous
in
marks
returns
the
final
to
peanuts
and
average
Better
grapes.
than
of
hay, sorghum
dry peas, sweet-
crops
grain, popcorn,
potatoes, apples, prunes, apricots,
hops, sugarcane and sugar beets
harvested.
tonseed
Cotton
production,
one-third
and
below
;
smallest
since
1895.
1921,
Other
falling below average are
barley, flaxseed, buckwheat, rye,
broomcorn, dry beans, cowpeas,
pecans, and maple products.
.
1946
growing season were
mostly favorable. Although winter
grains went into the winter in
only fair to good condition, they
got an excellent early start in the
weather
permitted
unusual
progress in spring work
seeding of grains, but frosts
May over a large West North
and
Central
back
set
area
field
some
crops
severely * and
damaged
friuts Planting conditions in late
May and June were nearly ideal
in
<
most
of
the
Corn
Belt.
But
Valley and vir¬
tually all the rest of the country
frequent heavy rains kept fields
waterlogged and limited planting
'
v,
''
;
16.4
'34.6
25.1
dried
12.2
12.9
11.7
16.8
rains
16.2
18.2
8.3
9.1
9.4
1.38
45.6
15.8
1.31
5.53
*
243.8
1.38
5.33
5.73
253.8
230.7
—
—.
—
Sweet potatoes
(bushels)
Tobacco (pounds)
([Short-time average.
1945
data
for
up
range
improved
and
area
pastures.
Fall
the situation in
made
it
possible
to seed a large
acreage of winter
grains
for
1947
harvest.
Most
major crop areas enjoyed favor¬
able summer and fall
conditions,
which improved yields and
qual¬
ity of maturing crops. Rains in
the first half of November
delayed
1.09
0.80
0.82
harvesting of
2.62
the northwestern
part of the Corn
2.69
Belt,
2.23
2.29
2.67
2.54
203
*3.51
220
3.68
18.0
5.3
3.70
20.5
5.8
5.8
646
818
836
125.8
155.0
655
96.3
crops
346
204
12.1
13.0
§1.37
280
295
1,395
1,306
equivalent
per
except fruits and nuts
Agriculture,
32
the
crops
million
level
4
acres.
tree.
are,
6
States,
Michigan,
harvested
amounted
acres.
to
This
acreage
nearly
total
of
355
to
is
any of the
362
million
Total acreage changes
vary
significantly
by
geographic
of
the
Vermont, Illinois,
Idaho,
Oregon
and
—
California
the
—
1946
Harvested
tops that of any previous
Harvested
acreages
were
acreage
year.
other row
in the South. In all
other
abandonment was
relatively
light. On the, whole,
crops
was
northern
ties
of
oats;
disease
Yields
per
rain* damaged
acre
reached new
for corn, pota¬
toes
and
tobacco.
Except;; for
cotton, rye, rice, peanuts, broom¬
corn
and
wild
hay,
heights this
year
virtually
every major crop
than average. As
yielded better
a* result,
the
composite yield index is 134% of
the
much
totaled less than this year.
due
larger
to
losses
acreage
proportion
now
to
as
summer-
fallowed and pastured.
The
355
million
actually
acres
planted in 1946 reflected
able
planting
a
favor¬
Some
season.
in¬
tentions
was"
some new
varie¬
and
rice in Texas.
some
1923-32
average,
exceeded
peak of 136 set in
harvested acreages
only by the
1942, when
Production of food grains
and
feed grains, both, are the
largest
of record. The tonnage of the
8
grains, amounting to 162.5 million
tons, exceeds by 7.5 million tons
the previous top total of 155
mil¬
were unfulfilled because
of the wet spring in much of the
South.
But
another
important
grains make up 125.5 million tons
factor
of
the
was
relatively
light
wheat,
particularly in the Great Plains,
where it is customary to replant
large
acreages
of
abandoned
abandonment
of
winter
and sorghums. The
in
1946
left
corn
abandonment
sorghum
and
broomcorn
New
Mexico
also
reduced
lion
tons
the
set
total
tributed
in
to
1942.
near-record
The
which
record
a
corn
feed
con¬
oats
crop,
quantity,
a
sorghum
grains more; than average and
barley
a
below-average crop.
Though carry-over stocks were
relatively small, the feed supply
animal
per
unit
where consumption was
unusually
in November because of
fall snow storms.
Elsewhere, pas¬
plant at optimum dates.
feed
heavy
tures
have
been
supplies
contributing to
until
a
much later
Some factors other than weather
which
affected*
than usual date. The 37 million
tons of food grains consists of the
carried
largest
plantings
from
over
economy
and
■
the
were
wartime
crops of wheat , and rice
harvested in this country,
ever
the
continuing
emergency. The heavy demand for
food and feed influenced increases
in wheat, rice and oats since these
but
below average crops' of rye
and buckwheat. This total is about
1.4 million tons above', the
pre¬
vious high mark set in 1945.
crops also have the advantage of
l-S Oilseed
relatively low labor requirements.
Increased
-
of
acreages
spring
grains also fitted 'in well with
farmers' plans to return land to
nages
crop.
The
in¬
limited
in sugar beets was
crease
by prospects for labor, but on the
other hand, relatively high
prices
for
tobacco and ' truck crops and
the increases in family and local
labor favored expansion of these
high-labor
crops.
Some farmers
who had grown flaxseed and
soy¬
beans witn only marginal success
turned their acres to
other^crops,
especially those with less labor
requirement. The fact that land
not as fully utilized as in the
previous 3 years reflects the de¬
was
sire of farmers to return to
pre¬
vious rotation, pasture and fallow¬
ing practices.
;
/•';
Acreage
losses,
the
difference
between
planted acres and har¬
vested acres, amounts to
only 9.6
million acres, about 2.7% of the
planted acreage. This reflects in
part the favorable season and is
the
smallest acreage loss of the
past 17 years. During that period,
losses ranged from
only slightly
larger in 1930 and 1945 up to 46
million
in 1936. Most of the
acres
other
years show losses
16 million acres.
Among
major
causes
frosts,
floods
curred
losses
in
were
and
cance,
of
12
to
the usual
of
acreage losses,
and
drought oc¬
limited
of
areas.
Most
only local signifi¬
early damage
much
overcome
as
the
season
pro¬
gressed. May frosts in West North
Central
States
merely set
wheat, oats
made
but
of
for
back
and
earlier
first
and
cutting
part
crops
as
barley that had
usual
some
caused
of
most
such
than
necessitated
flax
the
starts,
replanting
the
alfalfa
loss
of
a
locally.
3% less than in 1945
above the 1935-44 aver¬
The deficit from small ton¬
age.
nurse
11 *
in
1946, only
and 13%
serve
a
crops totaling-over
tons
were
produced
million
clover and alfalfa for which
they
as
of cottonseed and flaxseed
was
partially offset by the record
tonnage of soybeans and nearrecord total for peanuts. A rela¬
tively low yield and a small har¬
vested acreage resulted in a cot¬
ton crop of only 8V2 million bales.
Flax fiber in Oregon yielded well
and
production
dwindled
peak to
well
was
Hemp
average.
has
from
above
production
fiber
wartime
a
Nearly
tobacco
The
2Va
pounds of
in 1946.
billion
produced
were
flue-cured
Southern
and
Maryland crops are the largest
ever
produced, with hurley only
slightly below the record 1944
total. Sugar production from cane
and beets is expected to reach Z
million tons, raw value,
about
one-seventh
than last year.
more
The
tonnoge of sugar beets is the
largest since 1942.
1
Fruit
with
production,
both
citrus and deciduous fruits at new
high
levels,
volume in
total
of
13
one-third
the
fruits
than
more
the
reached
largest
history. The combined
last
more
was
oneTsixtn
and
year
nearly
than average. For
individual
fruits, production
ranged from above aver¬
age to record proportions. .Apples
were
slightly above an average
crop and 79% more than in 194JL
of each
Of
the
nut
filberts set
nuts
were
almonds and
high marks, wal¬
crops,
new
above average in quan¬
tity, but pecans were only about
three-fourths of the average crop.,
More
than
9.2
million
tons
of
the 25 commercial truck crops for
in
fresh
1946,
region harvested the smallest agnprpa2G
in me
the'; io
18 years
acreage
in
major crop sections. But excessive
vious
rains,
8.5 million tons
small
favoring
acreage
weevil
activity,
1
relatively small acreage
grown in Wisconsin, though
Kentucky still produces a small
|
hemp seed crop. /
/' ' • r v
a
now
Drought in the Southwest resulted
relatively
'
is
planting in dry land areas. Gen¬
erally,
however,
the
planting
season gave farmers
ample oppor¬
tunity to prepare fields well and
■
•
likely to be
the most liberal in
history. Sup¬
plies of hay and roughage are also
liberal and fairly well
distributed,
except in; the Mountain States
loss
~
al¬
in
sections;
prevalent among
although it decreased yields in the
covering crop gregate
0f
high,
though there was some
damage
September frost damaged corn
gions. In 1946 the South Atlantic
re¬
quality
relatively
significantly below the high totals
early Thirties in the Great
Plains States, but this was not so
of the
was
preceding three years, larger than
in any year from 1933 to
1942,
but substantially below the 1929-
1.90
sugar
1946
52
"
slightly smaller than in
51.11
1.50
§Total
In
for
20.7
216
1,168
•
98.3
23.1
mid-November
was
country.
67.5
.
after
rapid under favor¬
ing circumstances throughout the
1,153
61.9
particularly in
snow
But
progress
184.1
1,035
corn,
interfered with
other late crops in the Mountain
806
'
and
States.
391
18.0
728
the basis of the 1945
Census of
area
1.36
purposes.
all
in
1.55
111.60
{All
and
to
0.82
—
weight.
adjacent
1.33
--
—————
sections
1.41
—--
tGreen
in
Michigan and Erie
0.91
952
Sorgo syrup (gallons)
———
58.0
Sugarcane for sugar and seed
(tons)*———
20.1
Sugarcane syrup (gallons)
——
136
Sugar beets (tons)
—
—12.1
Maple sugar and
syrup (pounds)
S2.08
Broomcorn (pounds)
298
Hops (pounds)
Flax fiber
(Oreg.) (tons)
how¬
1.29
85.4
,
central
Plains
0.88
193
—
rapidly.
the
1.57
977
(pounds)
this
1,634
1,353
(bushels) —A———_.—
(bushels)
an
25.4
15.1
in
Great
ever, cut into prospects for wheat
and late crops.
Dry areas also de¬
36.6
45.6
improved
rainfall
had
difficulties
embracing portions of
adjacent States where prolonged
lack of rain
severely decreased
plantings
and
production
and
'14.6
1,372
their
of
1,142
Peanuts picked and
threshed
of
sections
of
southern
22.8
14.9
most
out
By July 1,
crops.
18.0
15.1
'"y
row
prospects
30.7
•
of
care
than half
more
total
harvested
acreage ** of
the
country was within 2% of the 1930
peak of 198.6 million acres. In
in
Growing conditions throughout
April
counts for
plantings. The drought centering
the
spring.
The North Atlantic re¬
gion is only slightly below the
peak total of 1935. The North
Central region, which usually ac¬
acreage.
corn,
crops
i
larger
a
less land available for
replanting,
with
consequent
reduction
in
average
and, with the exception of
the
harvested
never
low
is
re¬
level of 1945. The Western region
has
severe
losses of
cotton
acreage and permitted
weeds and
grass to overrun some
areas
gion is virtually at the record low
wheat to
cot¬
however,
17.2
1,213
—
-
NOTE—The
excellent
parts of North Dakota and Mon¬
tana. New Mexico was the center
37.1
881
weight.
crops
join potatoes,
tobacco, peaches, pears,
plums,
and truck crops. Crops with nearrecord
production are oats,
Lakes
1946
•■7".
399
peas
of
crop
a
year
veloped
873
——
beans
on
•.
(lb.)„__——————362
Beans, dry edible
(pounds)
Peas, dry field (pounds)——
$Velvetbeans (lb.)
Potatoes (bushels)
•
individual
third
than
15.1
—
—
revised
the
16.0
—
y—
—
♦Dry
For
more
and
average
:v
"i 16.0
12.9
——
—
(bushels)
-i———.—Rweetclover seed
(bushels)—-—
Despedeza seed (pounds)
Timothy seed (bushels)
-—;
h
tops
Lack
purposes
—
Alfalfa seed (bushels)
Red clover seed
(bushels)
Alsike clover seed
Cowpeas for
':■
153
1,328
————
(bu.)————
♦Sprghums ,for forage
(tons)w*.
tSorghums'l'or silage
(tons)————-—Cotton, lint (pounds)
Soybeans for
acreages,
47.6
.——
—
seed
1935-44
—
for grain
§A11
.
ttShort-time
.
——
Sudan grass seed
duplicated
14.0
—.—
Flaxseed (bushels)
Rice (bushels)
Popcorn (pounds)1
(uncleaned).
,
13.9
——-y
.*
—
Ray, all (tons)
Ray, wild (tons)
quality
and
Average
t-
Oats (bushels)
Barley (bushels)
————
Rye (bushels).
Buckwheat (bushels)
i
{Sorghums
corn
and
:
——
(bushels)-———
.
but
is out¬
generally favorable
growing conditions. A 3.3-billion
bushel
however,
pounds
—
1-^1
——
(bushels)
spring (bushels)
Durum (bushels)
Other
47
-Yield per Acre-
All
h
r:
345,773
crops,
• .■
Winter
...
846
V;.' '7'7
quantities not harvested.
:,.1
Crop and Unit—
-
•
77,155
2,012
>
iBags of
some
harvested, minor
:y;;'■
y
quantity
the
worked
{Total 52 crops
$
657
105,746
138,082
37
1112 .' ".'7;
for processing
.
last
in the Ohio River
—
■<
of
of
crops
'
Production
reflects
in
•V--
Prunes, other than dried
(3 States)
(tons)_^„_
Oranges (5 States) (boxes).
Grapefruit (4 States)
(boxes)
Demons (Calif.)
(boxes)
Cranberries,
(5
States)
(bbls.)
Pecans'(12 States) (lbs-.)
Tung nuts (5 States)
itons).:
Commercial truck
44
53,171
States)
(tons)
standing.
about
-
1,993,837
'
Sugarcane syrup (gals.)_—
Sugar beets (tons)——
only the
quality of
the
1,398
23,000
-
196,725
'
.,.V
Not
year.
also
1942
m
new
1,750
1,333
production
above that
points
Rice, soybeans and cher¬
11,530
187,000
record
ries
3,790
,
1923-32
records.
13,250
1,182
29,100
13,083
The
8,482
3,452
100,860
5,915
192,076
9,606
,
2,578
>
1,554
_——
and seed (tons)—
-
the
7
were
§Velvetbeans'(tons)
Sweet potatoes
"
,
usual.
this
3,664
-
than
3,701
108,539
-
141
—
,
.
767
(bu.)
Sweet clover seed
(bu.)
pespedeza seed (lbs.).—.—
Timothy seed (bu.)
8,619
-
9,015
5,240
1,292
,—-
seed
clover
22,962
6,408
*
r
favorable
and
18,131
Rye
High yields are
primarily responsible although the
harvested acreage is fairly large,
and the growing season has been
country.
our
vious
1946
88,079
2,488
16,2i!2
1
—
of
caused
crops
total
(pre-drought)
average, 2 points above the pre-
Average
(bu.)—^1,698
(bu.)
all
Winter
revised, with the exception of cotton.
output of crops in<$
1946 is the greatest in the history
of record. The South Central
The
aggregate volume of crops is 26%
tin thousands)
1945
1935-44
V
ages are not
above
-Production-
Average
Corn, all
and production for 1944, as well as other check data which
become available at the end of each crop season. The 10-year aver¬
acreages
more
ACREAGE AND PRODUCTION OF
CROPS 1946
Thursday, March 6, 1947
market
were
produced
exceeding by 9%
high
aggregate
in
the pre¬
of
nearly
produced in 1945.
•
!
[Volume 165
Number 4574
THE COMMERCIAL & FINANCIAL
CHRONICLE
Eight
of the individual crops,
cantaloups,
cauliflower,
celery,
eggplant, lettuce, onions, peppers
and tomatoes, contributed recordbreaking tonnages, ' and all but
artichokes, kale, peas and spinach
above average. Commercial
were
truck
for
processing
^exceeded the tonnage in any
crops
also
pre¬
vious year.
For the 11 vegetables,
the total was 6.3 million tons, 18%
more than last year, 8% above the
previous high mark of 1942
nearly one-half
than
more
tonnage
The
age.
of
and
aver¬
cucumbers
pickles and green peas,
for
beans and tomatoes for
the
was
largest
of
Sweet
produced.
lima
processing
each
corn
every
at
was
near-record level.
With record
a
>
<
near-record pro¬
or
farmers
had
Favorable
and
orginally
weather
in
planned.
late
June
most of
July improved pros¬
pects in practically all areas. But
dry
weather
in
late
July
and
August affected yield prospects in
the
Great Plains,
the northern
Lake States, and scattered
parts of
the
West. By October
apparent that the crop
of
1
it
was
would
excellent
quality, since
growing conditions
tember
be
Sep¬
were
favorable except in the
dry areas.
Though light frosts occurred in
northern and Great Plains States
in September most of
the corn
was too far
along to be damaged
to any serious extent.
In fact, a
killing frost
needed in Octo¬
was
ber and early November to
check
growth and permit curing of the
Harvest
duction of alfalfa, red clover and
ears.
lespedeza, the total of the 6 prin¬
cipal legume and grass seeds is a
sixth larger than last year and
during November, with
taking steps to insure safe stor¬
age of the high moisture
corn, oc¬
curring chiefly in Iowa and the
than
more
above
The supplies of these
regarded,as adequate for
.average.
seeds
one-quarter
are
domestic
needs
and
for
some
of
progress
northwestern
part
Belt.
rapid
farmers
was
of
the
Com
•
,
Yields per acre of
usually rapid and at prices well
above
North
heavy foreign demand. Move¬
from
ment
farms
has
been
un¬
average.
CorhV'1:/'*^
per
acre,
yield of 37.1 bushels
on
relatively
a
has
acreage,.;
produced
small
the
,
tion's largest corn crop.
Na¬
The 1946
is, also, one of the best from
standpoint of quality. The
year's harvest is now estimated
.at 3,288 million bushels from
88,718,000 acres. This total produc¬
crop
the
tion exceeds
the
by 85 million bushels
previous
is
and
record
set
than
more
in
1944
one-fourth
larger than the
10-year average.
Bast year's
production, mow re¬
vised
down
to
2,881
million
bushels, is exceeded this year by
about 407 million bushels or
These estimates of all corn
14%
pro¬
duction include, besides corn for
grain, an equivalent production
of corn for
and
silage, forage, hogging
grazing.
*
•
Corn harvested for grain is es¬
at #,990 million
bushels,
timated
than
more
before produced.
ever
This is
equivalent to 91% of all
production, compared with
corn
the
Central
over
North
for grain re¬
better quality
records
were
1.156 million bushels of wheat
larger than the previous rec¬
ord of 1,108 million bushels in
1945. This is the third consecutive
billion-bushel wheat crop, and the
third consecutive
record-breaking
The only other year when
production reached a billion bush¬
year.
el
1915, which still holds this
was
record for the
largest spring wheat
production, yIi The- - 1946recordbreaking crop is attributed prima¬
rily to the increased acreage of
winter wheat seeded; low winter
losses,
the remarkable recovery
early season shortage of
Great
in
both
Plains
the
winter
southern
wheat
and
regions; and the outstanding good
to
be
1945. The acreage of corn used as
silage, 4,555,000
acres,
is less than
usual, but produced about 36 mil¬
000
quantity. The acreage for forage,
is
including that hogged and grazed,
seeded
only 4,452,000
acres or
5% of
the total harvested
acreage, com¬
pared with 5,197,000 acres which
was
6%~ of the total in 1945.
In only 5
1898,
1939,
in
season
Pacific
the
acres
the
harvested last year,
:
season.
J
1948 winter wheat crop of
The
•
1940,
bushels
1945,
larger than the
818 mil¬
6% larger than the previous record
90,027,000
of 825 million bushels
planted was a
comparatively small acreage and
abandonment,
1.5%,
rela¬
tively low. But the average yield
per acre
was
nearly ;2 bushels
above the previous
high point of
1942, and 8.6 bushels above aver¬
age.
of
Hybrids,
the total
was
planted
acreage
67.5%
on
and;
on
91%
of.? the; high-yielding Corn Belt
acreage, were a major factor in¬
fluencing the higher yields.^The
long,
season
and
favorable
and
steadily improving yield
1
V/
prospects*
•
_
Overcoming
-
growing
resulted in excellent qual-
most
the
of
obstacles by July 1 the
Save promise of
duction'
i;
toeen
corn
breaking all
records.
Planting
early
crop
pro¬
had
delayed by. frequent rains
'during: the latter part of May in
Ohio j River
of
the
Valley and most
country outside the main
'^orni
BeLt.; In, most of the
Belt
and
Part,
Corn
especially in the western
planting
conditions
were
nearly ideal, though the excellent
conditions
for
^rains and the
seeding
spring
light abandonment
°f winter
wheat had left
acreage
available
for
a
smaller
corn
than
until harvest
for
by
and
late
heavy
mid-May
quite favorable
development
Although a con¬
acreage
of
the
-
headed
short
earlier
expectations
in
fly
growth
in
or
earlier
more
than
the
of
need
for
wheat
have
been
Southeast
wheat
acreage
grain
of
in
than
the
volunteer
Most
Plains
vested
Area
lower
are
for
than
recent
last
production, although at
a
comparatively low level is above
at 282 million bushels.
is below
last
lion bushels produced in 1945 and
produced in
year's produc¬
tion of 290 million bushels and the
smallest crop since 1942. The
18,-
691,000
was
harvested
acres
slightly above the
acres
harvested
this
year
18,131,000
last year.
How¬
ever, the 1946 crop season in the
northern Great Plains started off
with a cumulative moisture def i ciency. and rather
poor
prospects
for
spring
wheat.
This
situation
relieved
until
in late June. Straw
rains
fell
durum
vested
wheat
States
har¬
2,453,000
acres in 1946, an
increase of 22% from the 2,004,000
acres
harvested
last
year.
The
durum wheat was
—
1.6%
of i the
planted acreage, approaching
1.1% abandonment last year,
A
the
wheat
48,510,000
only
206,000
acres,
^
1919 and
in
area
els,
soft
red
winter
213,350,000
bushels and white wheat
000 bushels.
l'W\ ■
119,897,■'•
:;
oats
/!'-/.■
was
at
exceeded
1938.
The 52,-
acres seeded in the fall of
exceeded only by seed-
acreage
was
in the section of the
northern Plains that
was too dry
during the early part of the grow¬
ing season. Yield prospects were
of durum wheat after the
damage
from
dry
needed
wheather,
was
reflected in the yield of 14.6 bush¬
els per acre, nearly 2 bushels low¬
er
to
than in 1945. This is due largely
North Dakota's yield of
14.5
ings in the fall of 1936 and 1937.
Winter wheat acreage was reduced
Dakota's yield per acre equals last
from
was
early intentions in the South¬
east
of
because
the
delay
in
harvesting 1945 crops and wet
fields at seeding time but an in¬
creased acreage was seeded under
generally favorable soil moisture
conditions in the Great Plains
area
and western States. In the Pacific
Northwest, particularly in Wash¬
ington, the favorable soil moisture
situation
shift from
a
marked
spring wheat to winter
wheat.'
.
Winter
wheat
in
resulted
killing
came
out
while that for Minnesota is
bushels higher than last year. •
year,
2
Other spring
estimated
light
the
and
dormant
wheat production,
246
at
production
bushels is' only
1,510 million
million
bushels
44
average
by a margin of 2.3bushels. Harvest results have been
despite
weather
tions
the cool, wet
early in the season which*
growth. Weather condi¬
after
June
for the crop and
of
26
below the record 1945 crop.
Abandonment this year was 7.2%
the planted acres, compared
of
with 8.6% last year.
It
was an ex¬
ceptionally good season in most
so that little oats acreage
areas,
abandoned
was
diverted to
or
other than grain.
v
'/;/•
:;
uses
;
,
An early
able
for
ages
in
spring season, favor¬
seeding, increased acre¬
the
North
North Atlantic
Central
favorable
were
final yield results
'
r■
generally good.
-
1.7%
about
or
United
but still exceeds the 10-year 1935-
mated
tors
and
States.-Other fac¬
responsible
in
the
fall
wet
for
Corn
of
season
favorable for
Rye production this
f'-"/',;'
r
is esti¬
18,685,000 bushels, 22 %►
less than the 23,952,000 bushels
produced in 1945, and about 56%
less than the 1935-44 average. The
smaller production is due to both,
the smaller acreage for harvest
and lower yield per acre than last
year.
Except for the small crop
of 1934, this year's production is
year
at
the smallest
since 1875.
Rye acreage harvested for grain
this year is estimated at 1,598,000
ares,
14%
below
the
1,856,000
harvested in 1945 and about.
acres
53%
less than 10-year average.
Decreases from last year occurred
in all regions except the western
States where there
crease.
The
vested
for
3% in¬
a
was
of rye har¬
grain in the ,. North.
Central States this year is esti¬
mated at 1,140,000 acres compared
acreage
with. 1,301,000 t acres
last yeaiv
However, in Minnesota and North
acreage
Belt
1945
bushels,
-
bushels
per
less
was
un¬
sowing. ";j,
The yield per acre
34.6
acre
than
this year of
is
the
about
1945
2
yield
during May and dry weather dur¬
ing most of June adversely
af¬
fected development of heads in
some
areas,
especially Nebraska,
and the Dakotas.
but far above the 10-year average.
Weather
"during
the
growing
oats
highly favorable
was
over
v
.
$"
Buckwheat
losses
comparatively
quality and test
weight is good. The use of rustresistant varieties and high yield¬
ing strains contributed materially
to the high yields obtained this
areas,
light
and
were
the
year;
however,
somewhat from
yields
declined
early expectations
due to disease which affected
The
for
most of the country/Al¬
though autumn rains interrupted
harvesting
activities
in
many
some
of the newer strains.
of
1946 buckwheat
7,105,000
Production
of
barley
declined
in 1946 for the fourth consecutive
The 1946 production esti¬
mate of 263,350,000 bushels is 1%
less than the 1945 output and 9%
year.
million
bushels
production,
was,1 slightly
less than the 1935-44 average pro¬
duction, but about 7% more than
6,644,000 bushels produced in
1945. The yield per acre was 18
bushels, compared with 16.2 buskels last year and the 10-year aver¬
age of 16.8 bushels. Yields were*
above average in most of the im¬
portant producing States, except
Michigan where September frosts
curtailed
prospects. This year's
crop was planted under favorable*
the
conditions
Barley
and
benefited
late
fall.
Conditions
time
were
nearly ideal.
The
the
by
harvest
}
acreage this
the smallest since 1942.
was
planted
year
The
favorable
planting other grains, holding-
early
for
at
season
was
very
last
in
the
case
of
other
spring wheat production than for
durum
because
the
acreage
of
of the War. Harvested age losses this year were 6.0% of
following the same trend, the planted acreage compared with,
estimated at 10,477,000 acres
first
year
acreage,
is
other
precipitation in the western Great
persed, and the Western States in
In
Plains
general enjoyed a quite favorable
States,
together with deple¬
The
vested.
period in good condition. The light
area
satisfactory.
^'Vy" Rye ''w.
1946
increase.
States average of 25.1 bushels pew
acre
is slightly below last year;
The second consecutive IV2 -bil¬
lion bushel oats crop is now har¬
The
Montana,
<
bushels, less than the 1935-44 average.
buckwheat which is used exten¬
year's 258 mil¬
The downward trend in barley sively as a catch-crop in some
lion bushels, even though the har¬
acreage started after the 1942 peak areas, to 415,000 acres or 8% be¬
vested acreage is a little larger
and largely accounts for the small¬ low the 10-year average acreage.
than
in
1945—16,238,000
acres
er crops of the past few years. The
The harvested acreage of buck¬
compared with 16,127,000 in 1945.
United States acreage seeded to wheat this year is estimated at
The yield of 15.1 bushels per acre
barley has fallen off about 8%
390,000 acres, compared with 409,is 0.9 bushels under last year. The
a year since
1942. The 11,594,000
effects of the dry spring in the
000 acres harvested in 1945 and
acres
planted in 1946 was only
northern Plains
States are
less
three-fifths of the acreage in the the average of 424,000 acres. Acre¬
is lower than
pronounced
v/as
of
have' been,
for
,
bushels per acre, which is 2 bush¬
els under the 1945 yield. South
1945
however,
considerable
Yields of barley this year have
been
good
.
harvested/
Acreage
acreage.
except
had
retarded
season
large part of the durum wheat
moisture supply was received, the
winter
oat
.
The
wheat crops,
of
in
West,
which
hard red winter 520,843,000 bush¬
creases
was
cut back sharply during June. In
spite of the remarkable recovery
pro¬
acre¬
in¬ Dakota, the acreage harvested was
States, larger than last year. Nebraska
very short
ranks first in acreage harvested,
where
75%
of
the
acreage
is
as growth was
largely determined
located, were: the very tight feed while the Dakotas are in a close*
during the period of early season
second and third position.
<
dryness.
Later rains aided the situation, upward trends in yields
in
recent
The yield per acre this year
years,
and relatively
development of well filled heads
light labor requirements for pro¬ estimated at 11.7 bushels compared
of medium size, but with
plump,
with last year's 12.9 bushels and
high quality grain. In the Pacific ducing oats. In some other areas,
South Atlantic and the 10-year average of 12.2 bush¬
Northwest yields were unusually particularly
South Central States where con¬ els. Harvest weather was general¬
high.
siderable fall oats are grown, the ly
favorable.^ Freezing weather
not
was
1931. The current year's record
production climaxes three conse¬
cutive years with bumper winter-
the largest ever
duced except for 1931. The
increase
production, by classes, is as fol¬
lows: hard red spring
220,849,000
bushels, durum 33,285,000 bushels,
winter
This
year—an
continued to decline with the
age
year
Durum
years.
both of the preceding 2 years. The
revised 1945 distribution of wheat
carried
not. har¬
was
spring
below
wheat
through the winter in the western
Great
36,317,000
record, while
and
soft red
on
the
years.
acreage
durum
largest
red
and
harvested for
was
recent
the
winter
pro¬
In
-
bushels,
hard
low-yield¬
usually would
abandoned.
barley this
moderate
larger percentage of
a
more
tl\e
some
that
acreage
urgent
vested
hard red winter and white wheat
usual.
encouraged
ducers to harvest
ing
the
acreage. The nine States of the
North Atlantic region also har¬
is
acreage,
reflects the good conditions under
which the 1946 crop was
produced.
and
•
changes in 1946 for the more im¬
portant barley growing States of
planted
prices
'
■
region,
barley-
000 bushels, soft red winter 196,947,000 bushels and white wheat
126,258,000 bushels. Production of
(acreage not harvested for grain),
7.1%
■
.
This
ticularly in the South, barley
The abandonment of winter wheat
at
•
.
..
bushels, hard red winter 581,832,-
States did not result in high grain
yields. Harvest was completed a
week
,
1945.
000
eastern
some
•
in
than
increase of nearly 9% over 1945k
In other parts of the country, par¬
injury occurred locally. Abundant
straw
•'
1946
1946 production of wheat by
classes is: hard red spring 214,361,-
all
areas, except in Illinois and Mis¬
souri
where serious Hessian
■,
.
Wheat Production by Classes
heads
of high test weight. The
outturn
was
substantially
above
grows well over half of the
The
was
final
North.
States
<■
early
season
filled well and
drought,
grain
The
year.
year,
Plains
is 3.4%, the same as last
whereas in the northern
area it was 2.5%
compared
with 2.1 las year, i '
^
•
rains
this
reversed
Central group of States harvested
over 5 % more acres of barley in.
wheat
maturity.
because
May
The abandonment of other
year.
spring wheat for the entire United
from
were
winter
siderable
56 million
was
has the harvested
acreage of corn
been smaller than in 1946. The
acres
the
Conditions
came.
since 1938.
The
increased to 71,510,000 acres from the 69,130,000 abandonment of
acres
seeded for the 1945 crop unusually
low
largest
874 million bushels
and
and
acreage
of the past 50 years,
1941
Northwest.
The 67,201,000 acres of all wheat
harvested is 3% above the 65,120,-
lion tons of
silage, near the usual
was
before
ska
was
4%
immature forage, compared to
little
moisture
set
the northern Plains spring wheat
left
soil
grain because of the
The acreage harvested for
and early spring
grain
drought.
this year is estimated at 43,648,000
by Abandonment this
year was slight¬
Iowa, Illinois, Indiaria and North ly
larger than in 1945, and 1942, acres, about 4% more than the
Carolina, with numerous other when it was 6.8 and
harvested in
1945, and
6.9% respec¬ acreage
States particularly in the South at
about
19%
more
than average.
tively, but aside from those two
near-record levels.
The estimated acreage planted for
years was lower than any other
all purposes in 1946 was
47,048,000
year since 1931.
K<.-y.
Wheat
acres, about 2.5% more than the
Production of all spring wheat
The 1946 record production of
acreage
planted
a
year
ago.
is estimated
Dioduction
salvaged
which
as
group
regions, about 6
bushels, though all regions aver¬
aged higher than in 1945. New
moisture
year's
a
Central
higher
proportion
as
The largest gain in yield
last year was also in the
from the
this
States
above.
2,594 million bushels for grain in
1945, about 90% of all corn. This
flects
corn
average
is about 9 bushels above
average
with other regions 3 to 4% bushels
'
A record
exceed
of
Favorable
equal or
in all States,
except Maine, Michigan, Montana
and
Idaho.
The
yield
for
the
the
tion
early spring growth caused sharp
deterioration in the crop in Okla¬
homa, Texas, Kansas and Nebra¬
1301"
spring is more widely dis¬
for
average
1946.
some
of the major
however,
producing
the treind was
and
a
abandonment
16.0%
of
5.8%,
abandonment
(Continued on page 1302)
last
THE
1302
frost damage to
some
Report of the U. S.
Department of Agriculture for 1946
(Continued from page 1301)
;
to
Tobacco
The December 1 indicated pro¬
an
,
The crop
than the
of
1945.
is
previous record crop
The
marketing season
over
output of
the week
system
average
of 80,310,000
in the early
harvested
the
This w;as„ a decrease
nounced.
252.33
Louisiana harvested
184.48
with
date
the corresponding
on
;
ago.
year
a
n
r
Some
irregularity developed in
eading grains last week as trad¬
ing in futures markets reached
the best volume in many months
with wheat furnishing the bulk of
the
of
2.9%-below the pre¬
23,288 cars,
Feb. 25. This compared
a
week earlier, and
on
247.05
with
of the early ceding week and 53,408 cars or
acreage in California, where an
7.4%
above
thecorresponding
average yield of 410 bushels was week for 1946. Compared with the
harvested. All of the early States
similar period of Jl945, an increase
except Alabama, Arkansas, and of
4,293 cars, or 0.6% is shown.
expansion
further
Commodity
past week, carrying the Dun
Bradstreet
daily
wholesale
&
776,689 ears, the Associa¬
of American Railroads an¬
tion
Wholesale
orice index of 30 basic
commodi
ties to a new post-war peak nf
totaled
producing States was 29% larger
of 62,166,000 bushels
harvested in 1945. There was a
1
Index —. The
rising trend
commodities continued through
Price
1947,
22,
Feb.
ended
week
the
than the crop
acreage, potato production is becoming more concentrated in high
for flue-cured types,
Only negligible quantities of types
11
and
12 remained unsold on
largely
reports
i
ill
use.
Daily
of New
Consolidated Edison Co.
York
The estimated crop
factors contributed to the bumper
yields this year, with a continued
downward trend in the national
larger
150 million pounds
almost
the
and
bushels
Indiana, Alabama, and Washingof flue-cured tobacco ^on were the 1946 yields below
1,322 million pounds, those of last year. Many different
is placed at
general
period one year ago.
,
to this season, the highest national
potato yield was the 155 bushels
obtained last year. Above-average
tobacco is estimated at 1,938,000 yields this year: with a continued
acres,
somewhat below
earlier State except Louisiana. Only in
estimates but 6.4% above the 1945 this State and in North Dakota,
acreage.
t
hat for the
31,325,000 217,000,000 kwKT*ln
is 31,- ended Feb. 23,jT947, compared
210,000 bushels. Missouri is the with 185,600,000 iwh. for the cor¬
only State in this group in which responding week of 1946, or an
growers harvested a larger acre¬ i ncrease of 16.9%,. Local distribu¬
age in 1946 than in 1945. There tion
of electricity! amounted to
has been a downward trend in
201,300,000 kwhl compared with
potato acreage in these States and 180,700,000 kwh|; for the corre¬
only in New Jersey is the 1946 sponding week of last year, an
acreage above average. In New increase of
11.4%;^ : '/•%<«.
Jersey, Kentucky,r and Missouri
Railroad Freight Loadings—Car
yields are the highest of record.
loadings of revenue freight for
for the United States. Prior
year
(Continued from page 1295)
corresponding weekly price per pound of 31 foods
.
produced
States
;hese
bushels
yield per acre
harvested this
high
intermediate
(New Jersey, Delaware,
Maryland,
Virginia,
Kentucky,
Missouri, and Kansas) is placed
at
36,434,000 bushels.
In 1945
of 184 bushels was
all-time record crop,
and compares with 1,994 million I
pounds for 1945, and is about
1V2% lower than was indicated on
November 1. The acreage of all
pounds,
record
A
million
duction of tobacco is 2,235
si
Production in the 7
:
States
vested from only 2,578,000 acres,
which is the smallest acreage
since 1892. In 1945, potatoes were
dug from 2,696,000 acres and the
average
is 2,968,000 acres. The
1.8%
abandonment
of planted
acreage is the lowest since 1931.
adverse I
weather at harvest time. Heaviest
losses this year occurred in New
York, Pennsylvania, and Michigan. |
largely
due
year
The State of Trade
potatoes at
harvest time.
General Crop
Thursday, March 6, 1947
FINANCIAL CHRONICLE. ■
COMMERCIAL &
All
activity.
deliveries
advanced
futures
wheat
to
of
neiy
ligh ground for the season aided
by continued aggressive world de¬
mand and reports of increased al¬
locations for export to European
countries. Corn
larger acre¬
slightly easier
was
interests
elevator
)ut
purchased
large amounts for deferred ship¬
Paperboard Produc¬
ment. Oats were irregular and
ages in 1946 than in 1945. Potato
Paper production in the
yielding commercial areas; production in South Carolina and tion
slightly lower at the close. Do¬
December 1
weather throughout most of the Florida is a record-high this yeai. United States fof the week ended mestic flour buying remained cauFeb. 22, was 104.9% of mill ca¬
Yields in these two States, North
A total of'581 million pounds of
ious as a result of adequate stocks
hnrlpv fnhnrrn from the rron of
lng the 810wmg season, the late Carolina, and Tennessee are the pacity, against 104.5% in the pre¬ now on hand, the current high
ceding week and 98% in the like
1946 is indicated as of December fal1 Permitted
'evel of prices and reported con¬
largest ever harvested.
1946
week,
according
to
the
1
This is annroximatelv the same additional tonnage;
sumer
resistance tp prevailing
American Paper &~Pulp Associa¬
}■
able commercial acreage was
Sweetpotatoes
as was harvested in 1945 and about
costs of baked goods. Export flour
sprayed with DDT that apparently
tion. This does hot'include mills
2% below the record crop of 1944.
A sweetpctato crop of 66,807,000
inquires continued numerous but
producing newsprint exclusively.
The December estimate of total I
y
most countries were said to be
bushels was harvested
in 1946.
Paperboard output' for the cur¬
acreage of burley tobacco, at 477,*
r.
...
.
,,
This production is 3% larger than
iplding off pending issuance of
000 acres is 7% below the 511,0001
Estimated production in the 30 the revised estimate of the 1945 rent week was 103%, "compared new allocations. Lard prices
with 102% in th§'preceding week
acres harvested
in 1945. The in- tote potato producing States is production of 64,665,000 bushels
reached new seasonal highs last
dicated average yield per acre in
bushels, compared with and slightly higher than the 1935- and 97% in th^oorresporiding week as hogs at Chicago rose to
week a year ago.
1946 is an all-time high, about 88 324,529,000 bushels harvested in
all-time
an
44 average of 66,422,000 bushels.
high
of
$29 - per
Paper and
—
tubers to add much
and consider-
I
e"eCtive ln con4rolling
■
■
pounds
*
of 1000
^945 bushels.
and the
that
above
acre
per
y
average
293,111,1946ofcrop
is 6
The
The
679,300
1946
is
1945.
tobacco
y*1
i
Mo
TUr,
harvested under fa¬
was
promise of the highest production
of record—40.5 million pounds
more than twice the small crop of
1945 and
about 6% above the
?
4
previous record crop (1944).
pounds
above
since 1940 when
..aoo
placed at
7oroe"3eS
acres o?
or I5?
45 /b |
3,700
brought record yields
and the resultant
P°unds
production 46.9
Q^ceed^'
8%. There
°*
were
from
dark
season
bushels
this
area
was
verv
In
the
and"" industrial fail¬
ures in the weekending Feb. 27
totalled 74, the.-highest number
registered in anyAyeek since June
crops
in
when
reported.
All
average,
as
ures
mm
III:
nearly
by
minor
and
sbltts
acreage
some
I Sf.*
10
central late
low
bushels
93,866,000
the
har-
combined with almost ideal grow-
and only in North Dakota
is the 1946 acreage above average
In the Red River Valley, dry
weather
during
much of the
the Lancaster
growing season reduced the pros-
is
in
prospect, -more
above last
year's
conditions
ing
area
crop.
10%
of
increase
than 25%
An acreage
over
in
last
year
in
1946.
production in
pective
Damage
crop.
from
this
the
California.
The 1946 yield is below the 1945
yield
in Mississippi,
Arkansas,
Louisiana, Texas, and California.
Kansas, Oklahoma, and
week
points to 35.08 cents
The uptrend largely
reflected active price fixing for
mill accounts for the purpose of
replacing cotton
being rapidly
York up 78
per,
pound.
consumed. Other factors
included
purchasing stimulated by the ever
tightening supply situation, the
unexpectedly
large
mill con¬
sumption of the staple during
January and the belief that the
export subsidy payment may be
further reduced or
eliminated en¬
the Census
consumption d u ri n g
January
at
947,000 bales, up
sharply from the 774,000 for De¬
tirely. The Bureau of
reported
Yields in Louisiana have
sharply
the
spotted frosts of early September
duction
but
they
were
yield
per
was
acre
linois, and Iowa) is about half the
of 12,400 acres,
about 11% above last year, a total
of 12.5 million pounds of wrap
On
ilf
:f-'r
f
'**
indicated. This compares
production of 11.2 million
with
■'
rt :.
acreage
is
pers
,
I''"
an
pounds in 1945.
■/;.
ft-'
|
|
»'• '
Production of late-crop potatoes
same as
vested is above-average
Nation's
1946
of 474,609,000 bushels
ff
potato
crop
exceeds by
zona
the
2% the previous record-high crop
\
of 464.999,000 bushels
'
1943.
the
> >r
crop
ir
and
<
It ;
111
harvested in
Production this year exceeds
revised
This
estimate
of
the
1945
of 418,020,000 bushels by 14%
is
average
27%
of
above
the
372,756,000
record-large
in Idaho,
Utah, Nevada, Oregon,
California. However, only in
Montana,
The
t.
1
the 1945 production and
35% above average. Acreage har-
crop
1935-44
bushels.
was
har¬
Washington,
and
Ari¬
does the late acreage exceed
harvested
acreage
in
1945.
Growers in Idaho reduced acreage
from
16%
last
year.
the
record
harvested
Production in Arizona,
Oregon, and California is a rec¬
Carded gray
cotton cloth
featured by heavy
markets
selling of
print
tor
third
firm
re¬
weather
Civil Service Commission,
Washington dispatch from the
Associated Press stated on Feb. 24.
a
in the western States is about the
and
Potatoes
{
f t \
,
Colorado,
•
,,
average acreage.
the
Retailing with 22 had the
just ended. Increasing
week ago .to 22 this
during August and September. ;
of
811,000
January a year ago.
were
increased
duced this season by dry
and
cember
next-largest number of failures in
in recent years as pro¬
has become highly com¬
mercialized,
total fail¬
At 36, manufacturers failing
than doubled' the number
year.
proved loss extensive in North
Dakota, Minnesota, Wisconsin, Douds Regains NLRB Post
Charles T. Douds has been re¬
and Michigan than first estimated
The area harvested in the non- instated as New York regional
commercial States of .this group director of the National Labor Re¬
only 101 (West Virginia, Ohio, Indiana, II- lations Board, on recommendation
pounds above that of 1945.
-
move
.
demand.
continued to
moderately i \ upward last
-with spot cotton at New
values
Cotton
except 5 of the week's fail¬
involved liabilities of $5,000
ures.
production of binders is
placed at 71.9 million pounds compared with last year's total of 61.9
million pounds. This increase was
due mainly to higher acreage since
The
*
ained strong consumer
numerous as
most half of the week's
generally
development
of
season
Above-average yields were pro¬
duced in all States except Illinois,
age,
accounted for the substantial
increase
■
pre-
failing were
growers
of 13%.
Weather
states
the
in
damage
storm
for the
estimated
average
Georgia-Florida shade section, the vested in 1945, and 15% below the
cigar types of tobacco had an un- average of 101,043,000 bushels. In
usually favorable season. A total each of these States, the acreage
of 64.4 million pounds of fillers harvested is below the 1945 acre-
■'
price controls
rise was atributed to slim receipts and sus-
'
Production of 85,698,000 bushels
as against a pre¬
$27.50 set shortly
The
October.
ast
or
more.
Numbering 69, these
in Virginia
and Georgia continued to reduce large failures rose-'from 47 last
week and were ov.gr 5 times as high
sweetpotato acreage. In the South
Central States, the acreage har¬ as in 1946's corresponding week
acre procjuced in Pennsylvania is
vested in 1946 exceeded the 1945 when 13 concerngjgiled in this size
the
highest
of
^cord.
The
1940
acreage despite
further- declines group. Small failures with losses
aereages
jn Maine - and Rhode
in the Alabama and Mississippi under $5,000 remained low. There
Island exceed the acreages harwere only half as many as in the
acreages. In this group of States
vested in 1945. In these States
larger
acreages
in
Louisiana, previous week, 5^against 11. This
the potato acreage is highly comTexas, and Tennessee increased compares with 2 small failures re¬
mercialized. The Maine crop was
the total. Growers in Louisiana corded for the same week a year
harvested with negligible losses
harvested 18%" of the
national
from freezing.
acreage in 1946 compared with the
Manufacturing accounted for al¬
in
produced
high of
after the removal of
comparable!Week a year
only 15 failures were
the
ago
harvested in 1946 was
slightly lower than the acreage
harvested in 1945 and 18% below
hundredweight,
vious
reported in
Last month's
(Michigan, Wisconsin, Minfavored
the
consumption on a daily rate basis
more
air-cured to the dark fired types. nesota>
North
Dakota?
South
about 43,000 bales,
sweetpotatoes, and the crop was occurring a week ago and further¬ averaged
Except
for
some
local
hail Dakota, West Virginia, Ohio, Indi
harvested with minimum losses
against 40,700 in December, and
more, were six times as frequent
damage in the New England States ana, Illinois, and Iowa) is 9% beas
in the comparable week last 36,900 during January last year.
1945
•
timesJail
almost five
States,
-
fro^;S8 in the
Up
vious week, concerns
and the 1935is 85.4 bushels.
Atlantic
1943.
of
acre
South
Sharply
Business Failures Up
Commercial
the acreage
lftIS
,
per
1944 average
in
Maine, Rhode
Island> Connecticut, and
Long
Island. The 158-bushel yield per
10% below last year, a very favorseason
in
usual, <; Record-large
were
dark
able
harvested
States
in
of 777,600 acres. The esti¬
mated yield of 98.3 bushels ap¬
proaches the record-high of 102
bushels. In 1945 the yield was 96.3
favorable and continued longer
spite of an estimated acreage
air-cured tobacco about
In
were
growine
than
with 58 million
1945. The preliminary
above 1945.
the
of
each
compares
pounds in
of
yields
high
cnKctnnHnii,,
that of any year
is
?xc.^eds *be 1945 crop by 37% and
1S 47% above average. Unusually
substantially
is
—
part of the coun¬
In the eastern
harvested
than 1945 har¬
but 13% below the
average
1943.
States in
acres
more
vested acreage,
try, production in the late States
production
of(Th
tobacco—96
million
fired
dark
and
these
indicated
The
bushel crop produced in
Oll-OOCI
gives
and-
conditions
vorable
million bushels below the 364,-
1%
the
week
19
from
a
week, retailers fsfiling were more
than seven times^as numerous as
last
In
year.
trade
groups,
,
other industry anc
wholesale trade
construction,
a n
commercia
d
cloths and sheetings
quarter delivery at
prices.
;
_
As for some time
in
foreign
both
wools in the Boston
tinued
quiet.
past,
and
activity
domestic
market con¬
A few lots
of re¬
domestic wools
were
reported
changing hands
in
these
groups?" were : a
little during the week.^ Imports of ap¬
higher this yeaP"*than in 1946's parel wools received at Boston,
comparable week, ^"they did not New York and Philadelphia in
service, concerns-failing remained
at a low level. Although failures
exceed
in
7
any^of
the
groups.
—
A further
defective
three
the week ending
-
to
Wholesale Food Price Index Up
Sharply
valued
sharp up
in foodstuffs' irt the pas
week pushed the,Dun & Brad
street wholesale food price index
swing
Feb. 14
amounted
5,262,000 clean pounds, com¬
pared with 2,609,000 in the pre¬
ceding week and 4,147,300. tw°
weeks previous.
-•
\
Wholesale Tradeand extreme cold
over
the previous peak of $6.49 weather in some sections ol J"
said, was dropped from the Board
recorded
on Nov.
19
to
establish
country were responsible for tn
on
Feb.
20, 1945, appealed his
a
new all-time high
of $6.62 on sharp decline in total retail vo removal to the Civil Service Com¬
Mr.
Douds, who, the same advices
mission under the Veterans
erence
Act
and
won.
Pref¬
The same
advices stated:
one-time regional
director in Pittsburgh, was suc¬
ceeded in the New York office
Mr. Douds,
Feb.
25.
This
marked
2.3% above last week's
a
gain oi
$6.47, and
compared with $4.16 a year ago
an increase of 59.1 %.
Contributing ta the week's rise
were
advances in flour,
wheat
.
and
Retail
Heavy
ume
snow
However, dona
slightly above that
corresponding 1946 week, re¬
last
week.
volume was
the
ports Dun & Bradstreet Inc.: in
weekly review of trade;'Unit sal
in almost all
localities were
mo
erately below those of a year ag •
oats, barley, hams, bel
by Howard Le Baron, former
The general increase in c0"sul[!h
lies, lard, butter, cottonseed oi
Atlanta
regional director.
A
selectivity and a resistance to n 8
cocoa,
steers,
hogs, sheep and
prices and inferior goods co .
Board spokesman said a place
lambs. Declines occurred only in
tinued.
probably would be found for raisins and currants. The index
Heavy buying for the
represents the sum total of the
Le Baron.
>
corn, rye,
..
ord-high this
rado,
and
year.
In Idaho, Colo¬
Wyoming
there
was
holiday
..
'
'
H.
yolume 165
Number 4574
THE COMMERCIAL & FINANCIAL CHRONICLE
week-end kept retail food volume
at the high
levels of previous
weeks and total food
volume
com¬
pared favorably with that of the
corresponding week a year ago.
There
was
abundance of fresh
an
fruits and vegetables and the sup¬
ply of many kinds of previously
canned goods continued
sqarce
Some
improve.
price of meat
The
supply
increases
the
reported. (>?tf
were
of
in
to
hardware
and
other
durable
goods was more
abundant. While demand for elec¬
trical appliances and housewares
remained
strong,
housefurnishings
continued at
a high level. An in¬
in the number of purchases
the installment plan was noted.
crease
on
leavy
with
Apparel volume declined
weather in many sections of the
country discouraged the sale of
Spring merchandise. Interest in
ready-to-weaf
was
noticeably low with a sharp drop
in the demand for
furs, jewelry
and other luxury items reported.
men's
increased
and
remained
at
suits
and
interest
consumer
the
high
coats
levels
of
to
previous
weeks.
Resistance
high prices and poor quality con¬
tinued in most lines.
Retail
volume
for
the
country
irf the week ended on
Wednesday
of last week was estimated to be
4
from
to
8%
above that of the
corresponding week a year ago
Regional estimates exceeded those
of a year ago by the following
East
percentages:
reflected in part the fact that last
year
sales in the City of New
York were reduced because of
the
Middle
and
of
Coast
of
8%
varied
from
below that of
I*!m1 0
II
11
UrSBu
®
A
a
proposal
member
has
V
been
of--the
made
be
set
study
al Jai?2r+
accordmg
to
committee
Senate
1.
was
country-wide basis, as taken from
the Federal Reserve Board's in¬
week
ended
Feb.
22
1947, increased by 2% above the
last
year,
This
compares with an increase of 17%
(revised figure) in the preceeding
Feb.
8%
For the four weeks endec
22,
and
1947,
for
sales
the
cents
on
the
dollar
increased
to
year
by
date by
an4 were "re-organized"
risky to buy at present prices,
originally sold at par
Then they defaulted
were
5 cjQt
pay
prices fell to 20 cents
to make a
the situation
up
of
30's.
3.
medium-sized cities which
is
is
not
too
in
sound invest-
a
,nent These bonds should not default but, due to the great demand
by rich people for "tax exempts,"
be
so
to buy them.
crazy
What
no
labbr legislation until
Senate ^Lnoves.
He
con¬
the
not have
,
,
.
butchered
ways are
A
,
u,<
.
,,
in
the Sen-
»>rv.-iv.ot
2. Management and labor
v•
loggerheads
are
what kind
enactr
New
ported
to
thought
mittee
York Senator is
have
stated that
that
such
com¬
would
make
possible for Congress to "work
out a program, helpful to every
one." Senator Ives said he thought
the first thing to do "would be to
get the Republicans together," because since theARepublican
party
is in control of Congress it should
show the way^i He emphasized,
however, that.*i£ a joint group is
set up in Congress it should be bipartisan. "LabqrJegislation should
The
course
of retail
trade here
in New York
City the past week
was
reflecting
reversed,
be
have
cret
which
.
up¬
some
be called at anytime,
r
™
m
a
ton.textile prices, with indications
that they have passed their pea
despite recent
•i
wage increases,
Durable goods
continued
in
and
short
machinery
supply. Pros
higher prices are in view
m
many Lines, according to reports
uf( industrial
purchasing execu
prices, too, re
fleeted increases in
primary mar
kets the past week.
According
serve
an¬
to
Board's
the
Federal
Re
index,c department
store sales in New York
City for
weekly period to Feb. 22,
1947, decreased 3% below the same
the
Period last year.
Sales last week
The
postage
the
applicable
to such parcels has been changed,
and a uniform rate of 22 cents!
William
There
ly
key-in-AsiaUo
be sent.
which
parcels
students
about
a
source
fear
a
National
mindedness
leader
of
Board
unadulterated
certain
a
his
labor
justified fears
United
have
ments
some
aid.
of
the
six
-s—
be
sent
to
6,000
commended
World
Trade
for special attention this
in view of the extraordinary
Week
importance of foreign
and opportunities to
trade on a sound basis.
commerce
develop
Adding to the interest in World
Trade
Week
States
countries.
will
reciprocal
be
United
the
trade
program
and the
forthcoming Geneva
ference
for
the
setting
con¬
of an
International Trade Organization.
totals
are
of
the
rising toward
United
new
States
peacetime
started
a
left
views
of
considerably
center.
to
Invitations
niche
meet
He
for
this
and
carved
himself
Finally
wanting
to
cided to
do the
in
other
the
to
his
that
in¬
widely
quite a
the
corps.
correspondents
get
from
de¬
pendence upon his hospitality, de¬
It
has
that
the
away
thing.
point
same
to
come
the
bureaucrats
and
now
others
with
something to sell—the scien¬
tists, in particular—are amazed at
the
with
ease
peddle their
no
looked
are
which
upon
makers
money
they
can
But there
wares.
for industrialists.'
room
as
with
is
They
just sordid
nothing in¬
teresting to tell.
high
to main-
war
employment
high
growing
standards of living for a
population.
ductive
The tremendous
capacity
of
of
theme
World
Trade
the
pro¬
United
States, greatly expanded in recent
years, will provide an increasing
margin
of surplus for export as
pent-up domestic needs are satisied and
after
0
The resulting industrial
and
employment
will
United States market
peace.
activity
widen
the
the products of other nations.
is the way trade develops,
or
That
In ever-widening areas of mutual
advantage and two-way exchange.
On the nourishment of
trade, the
United States has grown to a
giant
among nations.
and
-
,
"Development
of
world
prosperity at home
related.
No nation
can
trade
closely
are
raise itself
to the
heights of prosperity by its
bootstraps. For all its wealth
own
abroad
the
"In
world
a
striving to repair
achieve
prosperity
peace
standards
tions.
Never
need for
than
of
the
among na¬
there greater
peace
was
promotion of world trade
now.
trade
and
And
United
never was
States
the role
in
important
States for
as
leadership in economic
The United States
development.
for
kets for its
"Let
give
us
due
increasing variety
expanding marproducts.
:
an
own
j
;i
.
as
a nation,
therefore,
recognition to the im¬
portance of world trade—now and
for
the
World
future.
Trade
The
Week
'World
Trade
Though
the
theme
this
Unites
of
year
is
Nations.'
organization
of
the
United
for
Nations, the world strives
system of cooperation which
assure
peace
and security.
a
will
Trade
other
this
can
do
much
as
as
any
single force to help cement
structure
tion.
of
world
coopera¬
'
"I commend World Trade Week
world
it is now.
"The world looks to the United
so
—
industry gains momentum
change-over from war
the
of imports and for
year
•
and
The
importance. World trade is a way
to
undestandiing,
rising living
1
with
Week, formerly National Foreign
and
the development of trade among
nations has assumed extraordinary
"tough" that
countries might decline the
been
go
vogue
few years ago by the
correspond¬
ent of a Middle Western
paper
Trade Week, will be "World Trade
United Nations." Mr. Jackson not¬
enduring
so
hostesses
The
ive genius, the United States looks
the damage of war and to
He
have
of natural resources and product¬
•
ap-
to
records,
change in the title
is "timely and appro
priate" added in part:
of
that
celebrities.
seems
up
Moreover, both export and import
trade
the opinion that the
of the relief agree¬
would
been
throughout the country to partici¬
pate in the observence of World
proximately 57% of the minimum
needs
,
of
Chambers of Commerce, trade as¬
and
business
firms
year
zeal
same
ain
sociations
postwar
for'interesting personalities with
larger
Commerce has announced that in¬
vitations
They have in truth come to be
quite important in our scheme of
things.
The correspondents yie
scale than before the
Chamber
States
come
in turn will need export markets
and sources of imports on a
World Trade Week
The
has
were
part
Relations
of
of
and
country
out
the
U. S. Chamber Fixes
lICUgGll
represented
the
sought,
and
Americanism
The Under-Secretary
told the Committee that the $350,-
sought
being the smartest labor
in
teresting personality
on
Labor
ing that
000,000
leader
stories recent¬
really let his hair down at one of
these gatherings.
' •
'
1
Occasionally you may see
spilling of ink about' the high-
ber,
inspection
about his
salons to
enough> money. Instead of any re¬
trenchment here, it was contend
ed, the appropriation should be
doubled.
An NLRB official hac
PIonO'An
under
this
may
flush of these
right thinking men that the Re¬
publicans were going to scuttle
the Wagner Act by not giving the
this
expressed
may
quite
was
anonymous
L.
and
provisions
applies to all places
Turkey-in-Europe and Tur-
other
Not all of the salons, however.,
to do with foreign affairs.
nation
fraction,
now
of
have
distribute relief without discrimi¬
for the first pound and 14 cents
for
each
additional pound
or
in
thousands
cognizant of the situation.
in the list.
rate
money
after
weight I the American radio and press,
applicable to parcel post
Mrv Clayton was reported to
packages addressed to all places bave stated that aid from the
in Turkey-in-Europe and TurkeyUnited States would be limited to
in-Asia to which parcels may be
Austria, Greece, Hungary, Italy,
sent has beenAncreased from 22
p0iand and China. Yugoslavia and
pounds to 44 pounds per parcel, white Russia were not mentioned
The advices added:
;i.
much
the
nounced on Febik26 that the
WWhbleSalm'foocl
would
happens that
The military knows no
less, of course, about the
prospects of war with Russia than
©
Racll'IftllAnC
I1COII IOeIUIio
fellow
beat hell out of them."
more or
limit
pects for
•MVes.,
Turkey~3farcel Post
Postmaster Albert Goldman
shared
they
Trade Week May 18-24.
William
K. Jackson, President of the Cham¬
Nffi 9*11 RfiHfif
later
weeks
Walter Reuther has appeared so
gracious at these gatherings that
much of the propaganda build-up
outlay.
My
#
few
a
philosophical
become con¬
a
you
mannered
from them.
of
|
that
quiet
military establishment is to
get is sharply to the fore in Con¬
gress, and a tremendous propa¬
ganda is waging that there must
?e no reduction in the military
Utility bonds are good; but their
yield is low and they are liable to
involving human relations."
He
expressed. disappointment that
cot
correspond¬
away
the
,
evidence in
come
escape them. It so
he matter of how
Clayton,
Under
ward trend
Secretary of State for Economic
during the week ended
union
leaders
who
have
testified
1
March 1, following the decline un¬
Affairs, assured the House Comthus far, including William Green, mittee
der that of a
on
Foreign
Affairs
on
year ago in the pre¬
President of the A. F. of L., and
Feb. 25 that the $350,000,000 fund
ceding week.
Department store
Philip
Murray,~C.
I.
O.
President,
volume was estimated at 10 to
sought by the administration for
"have offered jao ideas for the relief in liberated countries after
12% over the like week of 1946
proper kind of labor legislation discontinuance of UNRRA activiIt was reported that the
gain in
dollars was not sufficent to place program which the people are de- ties would be administered under
manding." But he said he does not the strictest agreements to guard
unit sales ahead in
view of the
go along with the stand of Senator
against its use for other than relief
higher price level.
Morse (R-Ore.),vihat if it comes to I
purposes. Members of the ComIn the garment markets
activity a choice between no legislation
mittee, Associated Press Washingwas slackered on account of bad
and bills which-go too far, the bills
ton advices stated, had been inweather
which
restricted
con
should be adopted.
sistent on the need for assurance
siimer response to
spring goods a
that
countries
"under
Russian
present bging offered. Price ease
domination" would be required to
ment was in
an
the
goggleeyed and frightened lest the se¬
prefer the industria
long-established companies rather than railroad bonds
partisan basis," he
declared, "nor should any matter
on
more
and
and
and
And
ents
further
bonds
English
inevitable.
b
never
parties
able
1
puts
attitude
be
ordering his men to "go into the
plant and drag those finks out
better to
it
In
setting the labor leader
forward his best manners
a
recently high brass have said
bluntly that war with Russia is
Certainly in today's market it is
buy good yielding tax¬
corporation bonds than to
gamble in non-taxables of any
group. Of these corporation bonds
he
joint
a
arrangement
re¬
exchange
the uproar
from
away
labor-management conflict.
such
get
At several of these
wil
them.
atmosphere
men can
situation and how
beforehand
much it cost.
more
by paying
houghts
of
clubby
a
about the grave
Hence
thought;5f taxes; DOn't
buy questionable securities to save
income taxes; don't refrain from
taking profits for fear of paying
a 25% profits tax.
com¬
in
thinking
vinced that any management that
distrusts him is a fool. You for¬
advice is to buy and sell on merits
°,£ _le,g,lslatl0?l lf any' Congress I
should
The
than
a
eader
where
write
without
,
over
taxes
said publicly to
Las a penchant for
"meeting im¬
portant people" has had some of
lis colleagues in to meet the labor
correspondents
money
in the long run by trying to save
.
_
an
"reactionary" industrialists
wreaking irreparable damage
0
the
economy.
Some
bright
Washington
correspondent
who
are
and
Taxes?
Investors have lost
than
more
that
mittee of Congress. But it was far
more effective to have a group of
on
tended that House labor bills al-
at
About
nothing
Department.
The
depart¬
ment, in fact, had indirectly set
up
the gathering.
Nothing was
said by the general that he could
yield only 1% to 2%.
Now, in view of the coming cut in
income taxes, rich people will not
much
these
War
t£ese bo*ds
needed because.
"There
are
haVT excellent
and
credit should be
?i?s expert, said,
Washington dis-
a
Municipal bonds of high-grade
| ^ieiocaliiy
is
on
ten years ago. Arcadia,
Florida, is
not paying her coupons on time
even thesfe best municipals
House, Representative Hart-1 gradually sell off in price,
ley (R.-N. J.), the Chairman,
moder¬
ately above that of the corres¬
ponding week a year ago.
Department stole sales on a
week.
50
the
year
below
Total whole¬
week ago,
of
to
many of these cities are no better
off fundamentally than they were
Labor
trick.
of
one
drop
Recently, these same bonds
have sold at nearly par again. Yet,
'
the
do
every
effort to get money. The Austrian
heme had been rehearsed in the
bonds
liaison" between the House and
Senate Labor Committees. (In
considerably
period
comes,
Bonds of many Florida cities are
illustrations of this group. These
the Associated Press,
that he believes a joint
22
Feb.
telephone orders
sale volume last week
same
III
would
Indeed,
Lush-hush affairs that I have at¬
some
are
by
management
dropped slightly as the number of
buyers registered
in
wholesale
for the
War
4%.
leads. Mr. Ives, who is recognized
remained high, total order volume
dex
this
years ago
-
and hold separate private confer¬
ences with union and
2%
a
viUOy
d
■
horough
some
sections of the country
hampered deliveries in the week
a
If
spiritual
World
of these cities will surely be
bombed
and their bonds
could
uV oGII. iVfiS
members
in
that of
prevent
Committee,
Senator
Irving
M.
ves (R.-N.
Y.)-y who is a freshman and asks for another
"re-organizain the national
legislative body, tion." Probably other Florida cities
that before Corigress takes action
will make the same demand. This
on labor
legislation a joint com- could hurt all
municipal bonds
mittee of both House and Senate
| which were re-adjusted in the
cars and adverse weather
fell
world
a
can
I the dollar of less. Then their interest was scaled down to 1-2-3-
Ol-.J..
uOini L3D0r
action
centers
III.
and their
freight
and
million
Only
tended
110
has announced there will be
mail
hold.
War
and for the year to date
In the wholesale trade shortages
While
to
this
a
increased to 16%.
ago.
:
(Continued from first page)
My recollection is that
general thought about $65
(Continued from first page)
I awakening
because stores were
closed on
Feb. 12 owing to a
power
shortage. >.a For the four
weeks ended Feb.
22, 1947, sales
rose
Washington Ahead of the News
money.
..
England declined 1 to 5 and
Pacific
From
on
Merit, Says Babson
closing of all business establishments on
February 12 to avoid a
s^ortaSe, those in the City of
hiladlelphia were reduced be-
South 3 to 7, South¬
west 8 to 12, Northwest 11 to 15.
above to 2%
Purchase Bonds
compared
,
cause
1303
of
the
increase of 22%
an
West 4 to 8,
New
along
This
(revised
figure) in the preceding week.
he large increases in this
week
women's
of
Coast.
appre¬
ciably in the week. Unseasonable
Stocks
storms
snow
'Atlantic
over-night. No, I don't want any
curtailment in public I of these non-taxable bonds,
t ransportation service on
February I
2.
Municipal bonds of small
name
brand
I*
u
ln
cities which defaulted about 15
radios
were
were reduced
refrigerators
and
among the
most frequently re¬
quested items. Consumer interest
in furniture and
sharply reduced because
were
for
of
special attention in this year
opportunity. The opportunity
to build for peace,
trade among
and to develop^
nations, is here."
■
,u
it'
in.
r"in-f
-ir
t
quoted for steel scrap and silver.
Commission made public on Feb. 26
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended Feb. 8, continuing a
series of current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these figures.
The Securities and Exchange
j-
for the account of members
(except odd-lot dealers) during the week ended Feb. 8 ( in roundlot transaction) total 2,932,227 shares, which amount was 17.49%
cf the total transactions on the Exchange of 8,383,500 shares. This
compares with member trading during the week ended Feb. 1 of
2,692,238 shares, o*r 18.18% of the total trading of 7,402,850 shares.
On the New York Curb Exchange, member trading during the
week ended Feb. 8 amounted to 660,325 shares or 16.42% of the
total volume on that Exchange of 2,011,025 shares. During the week
ended Feb. 1 trading for the account of Curb members of 667,830
Trading
'
the Stock Exchange
on
in the index advanced and 8
declined; in the preceding week 29 advanced and 13 declined; in
the second preceding week 35 advanced and 8 declined.
During the week 35 price series
■
>,. •;
%
Total Index
on
the New York
Transactions
tor Account of
Sales
Stock
Round-Lot
ENDED
WEEK
,
Total Round-Lot Sales:
7.1
(Shares)
229.4
320.8
300.8
214.7
200.7
170.0
153.6
133.9
162.0
142.9
142.3
110.2
212.2
213.0
161.3
155.3
154.7
127.2
125.5
125.5
116.4
133.7
133.6
119.8
126.3
124.3
124.3
105.2
197.8
195.4
125.6
133.7
Materials
Farm
Machinery
All
March
groups
1926-28
on
combined—
base
—
March
were:
110.5.
2, 1946,
•
,
TRANSACTIONS
FOR
THE
SPECIALISTS
AND
ON
THE
Week
Ended
Feb.
15,
Total
(Customers' purchases)
For Week
Number
of
orders
24,99ft
Number
of
shares
749,098
141,9
„
and
152.2;
(Customers'sales)
Number of Orders:
short
sales_
other
sales_—_
they are registered—
\ "t
v.
Odd-Lot
the
.
.
.
/
..
v /
.
for Week Ended March I, S947
19.9%. Ahead of That for Same Week Last Year
Electric Output
,
894,250
Total purchases
'.
133,630
668,070
tOther sales
■
f
2. Other transactions Initiated on the floor—
'fa
'
180,100
Total purchases
■'
7"
Short sales
2-
,
51,900
*
.
216,830
tOther sales
<■
:
2.68
268,730
Total sales
3. Other transactions-initiated off the floor.....
319.687
Total purchases
Short sales
56,375
.
361,385
tOther sales
spectively over the same week in 1946.
4.40
417,760
Total sales.
■Short sales
291,905
tOther sales
1,246,285
/
Round-l ot
1,538,190
Stock
Sales
on
the
New
York
WEEK ENDED
FEB.
Short sales
States
♦Sales
are
17.0
16.7
14.7
23.5
24.1
22.5
21.8
10.5
7.6
7.0
8.0
9.0
21.7
19.9
19.4
19.1
22.8
19.9
21.8
21.0
20.5
19.9
167,520
14,445
4,672,712
4,096,954
"short exempt" are
"other sales."
offset customers' odd-lot
to
Dec.
14
4,777,943
Dec.
21
Dec.
28-
4,940,453
4,442,443
4,154,061
4,239,376
3,758,942
7,000
49,930
Short sales..
„
tOther sales
.
«
1,717,315
1,728,208
4,777,207
+ 19.9
1,578,817
1,726,161
Feb.
8
4,801,179
3,982,775
3,983,493
4.778,179
3,948,620
+
4,777,740
3,922.796
+ 21.3
5,900
Mar.
Mar.
+ 20.4
+ 20.5
4,505,269
1,545,459
21.0
4,472,298
4,473,962
1,512,158
6.06
91,680
—-——
Mar.
22—;
Mar.
29
—
._
-
1,538.452
4,446,136
1.537,747;
1,687,229
4,397,529
1,514,553
1,683,262
bids:
4,401,716
1,480,208
1,679,589
4,329,478
1,465,076
1,633,291
Total sales.
16.42
309,660
Customers' short sales
0
{Customers' other sales
208,129
Total sales—
92,333 '
.
=
*The term "members" Includes all regular and associate Exchange members, their
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.
partners,
short sales which are exempted from restriction
"other
sales."
'■
by the Commission's
v7 •
Ship Bill
To
Price
(69% of the amount bid for
nounced
20, that the
weight limit for letters, for sur¬
face or air transmission, to all
the low
ka from
of
amount
Mar. 1,
1947, to June 30,
1948, under legislation passed by
the House on Feb. 18, according
Associated
to
bill,
authorize
would
Washington
Press
The
advices.
if
the
enacted,
commission
Feb.
Germany
is
pound.
rates applicable to
mission
are:
Letters—5
charter
—3 cents each.
the operators
the Government to
receive 75% of the profits, if any,
the
hire,
"The Government has been op¬
steamship
Alaskan
an
service since 1941 with the
owners
post
first
and' 3
ounce
age
was
of
a
at
accepted.)
maturity of a sim¬
on Mar. 6 in the
$1,315,534,000.
Postmaster Albert Goldman an¬
nounced
cents
for
service
The air mail post¬
rate is 15 cents per half-ounce.
in
part: Communications must be of
a personal, family or ncntransacbusiness nature,
Increased Mail to Austria
for
The announcement also said
tional
There
was
ilar issue of bills
cents
each additional ounce; Post Cards
operators to stand all losses.
added:
one
intended for surface trans¬
the
to
to
price
7: .'V'
nonillustrated
and
letters
cards
increased
,/;
The postage
Gov¬
ernment-owned ships at nominal
furnish
erating
,
During the week ended March 1, 1947 the weekly wholesale
commodity price index compiled by The National Fertilizer Asso¬
ciation and made public on March 3, rose to an all-time high of
197.8 from the previous high point of 195.4 which was reached in
the preceding week. A month ago the index stood at 189.4 and a
year ago at 141.9, all based on the 1935-1939 average as 100. The
Association's report continued as follows:
per annum.
premitted to contract with
private
steamship operators-: to
furnish steamship service to Alas¬
The Associated Press
Climbing
Low, 99.905, equivalent ra+e of
approximately
0.376%
Germany
on
'..
discount
Postmaster Albert Goldman an¬
Commission would
approximately
annum.
be
to
"short exempt" are included with "other sales."
Index Stiil
Increased Mail Service
The Maritime
208,123
purchases.
House Passes Alaska
of
0.368%
High, 99.907, equivalent rate
discount
per
282,315
approxi¬
discount
of
mately 0.376% per annum.:
Range of accepted competitive
4,472,110
+ 19.9
3,952,539
3,987,877
4,017,310
3,992,283
1-—
8_,—
15
rate
1,702,570
•
Odd-Lot Transactions for Account of Specialists—
{Sales marked
4,000.119
4,797,099
+ 17.2
27,345
Short sales
tOther sales
with
lent
1,583,853
1
85,780
Mar. 3.
1,706,719
4,856,890
4,856,404
1,588,967
25
Feb.
Feb.
on
1,718,304
18—
Jan.
350,665
Total purchases.
included
eral Reserve Banks
1,699,250
Jan.
151,885
mature
to
1,519.679
1,733,81(
1,736,721
22—————
and
•
1,602,482
1,598,201
-
6
Mar.
which were offered on
were opened at the Fed¬
5,
Feb. 28,
1929
1932
1945
Over 1946
4.427,281
2.19
dated
June
or
applied for, $1,873,522,000.
Total
accepted,
$1,315,553,000
(includes $22,932,000 entered on
a
fixed price basis at 99.905 and
accepted in full).
Average price, 99.095-)-; equiva¬
4,614,334
4,588,214
4,576,713
4,538,552
Total-
tRound-lot
be
the
that
3
$1,300,000,000
Total
18.3
Mar.
Total sales
4,225,814
4,616,975
+ 16.6
3. Other transactions initiated off the floor—
£ Total purchases,.
4,563,079
3,865,362
Feb.
■
1929
1,840,863
1,860,023
1,637,683
1,542,000
+ 18.2
+
long position
are reported
there¬
91-day Treasury bills to
about of
'
1932
1,563,384
1,554,473
1,414,710
1,619,265
4,163,206
4,145,116
4,034,365
Jan.
56,930
•
J. 'v'.
.
4,573,807
31,260
Short sales
Total sales
' •'7 ' '
1944
+14.1
+15.0
+16.5
4,852,513
4
re¬
or¬
of the Treasury
Mar.
on
tenders for
11
Jan.
tOther sales
1946
1947
Week Ended
8.17
a
round lot
a
Secretary
announced
% Change
161,050
Total purchases
?
«"
4,538,012
Over 1945
189,620
___
Result of Treasury
(Thousands of Kilowatt-Hours)
146,605
Total sales..,
their
1945
1946
7
2. Other transactions Initiated on the floor—
are
29.4
16.5
'/o Change
registered—
tOther sales
,
261,939
_,
marked
ported with
The
Week Ended—
Short sales
'Jules
shares
Total sales
9.4
30.3
24.8
Dec.
&
189,620
11.1
Feb. 8
13.7
2,011,025
Total purchases
.
of
,
Feb.l
12.4
13.6
1
...
which is less than
12.6
15
7/., 7 29.3
668,175
$24,991,412
—_—
sales
Number
tSales
12.8
30.8
Total United States.
1. Transactions of specialists In stocks in which
V+
total sales__
value
Round-lot Purchases by Dealers—/
t%
43,920
Total sales
firms and
Feb
14.3
Coast
Pacific
B. Round-Lot Transactions for Account of Members:
.; ;.v
654,947
with "other sales."
.
12.3
DATA FOR RECENT WEEKS
Total
sales
tOther
1,967,105
tOther sales
C.
other
Short sales
7:
:
.
24.4
Rocky Mountain
'
_
16.4 i
Industrial
Southern
Total for Week
A. Total Round-Lot Sales:
Feb. 22
•10.3
Central
West
(Shares)
1947
8,
Mar. 1
England
Middle Atlantic
Exchange and Stock
Curb
Transactions for Account of Members*
7'
13,228
♦Customers'
Round-lot Sales by Dealers—
Number of Shares:
-Week Ended-
Division—
17.49
Central
they
sales
Customers'
OVER SAME WEEK LAST YEAR
Major Geographical
New
!
Total sales
7:-."
short
ders, and sales to liquidate
PERCENTAGE INCREASE
1,394,037
Total purchases
,7,
23,430)
Customers'
Dollar
4. Total-
Total
total sales
Customers'
Number of Shares:
report, es¬
timates that the amount of electrical energy distributed by the
electric light and power industry for the week ended March 1, 1947,
was 4,797,099,000 kwh., an increase of 19.9%
over the corresponding
week last year when electric output amounted to 4,000,119,000 kwh.
The current figure also compares with 4,777,740,000 kwh. produced
in the week ended Feb. 22, 1947, which was 21.8% higher than the
3,922,796,000 kwh. produced in the week ended Feb. 23, 1946. The
largest increases were reported by the Southern States and Central
Industrial groups which showed increases of 24.8% and 24.4%, re¬
10.41
851,700
,7,
360
23,061
in its current weekly
Edison Electric Institute,
The
$23,927,933
———_
Odd-lot Purchases by Dealers—
,
Dealers and Specialists:
,
*
Odd-Lot Sales by Dealers-—
Customers'
of
Y
1947
♦Customers'
Account
lor
N
STOCK EXCHANGE
Accounts of Odd-Lot
V
-^.',-1. Transactions of specialists in stocks in which
for
Except
s
Transactions
ODn
DEALERS^
LOT ACCOUNT OF ODD-LOT
7
>
.
cialists.
STOCK
Dollar value
1947,
22,
Feb.
154.1;
1947,
1,
189.4
,
ports filed with the Commission
by the odd-lot dealers and spe-
252.3
213.3
Fertilizers
♦Indexes
163.1
•172.0
'
155.6
Fertilizer
Exchange for the
Members,
B. Round-Lot
,
387.5
241.6
216.4
.3
100.0
$8,383,500
387.5
t#
$406,700
Total sales—
140.5
146.6
—.—208.4
Metals———:—————.
142.8
Building Materials
212.5
Chemicals and Drugs
155.3
.3
Stock
ing a series of current figures be¬
ing published by the Commission
The figures are based upon re¬
211.1
278.6
126.5
.3
of all odd-lot dealers and
special¬
ists who handled odd lots on th#»
1947
;.
220.4
159.8
Commodities——
summary
1946
296.9
Textiles-
a
week ended February 15, continu¬
157.6
Miscellaneous
on Feb
of complete figures
showing the daily volume of stock
transactions for odd-lot
account
26
New York
230.4
10.8
Exchange
Commission made public
Ago
241.3
——
—
—,
Trading
and
Mar. 2,
'159.4
17.3
8.2
7,976,800
;
.
Securities
Feb. 1,
159.4
157.8
Fuels
6.1
Total for Week
t
;
—
Products——_
■'/Cotton.,324.4
Grains;
'>223.2
Livestock—,—
253.8
1947
FEB.
——;
Oil
Cottonseed
Farm
23.0
1947
222.2
301.0
387.5
251.4
—-—
and Oils.
Fats
Stock Exchange and Round-Lot Stock
Members*
1-
Foods
25.3
Feb. 22,
1947
The
Year
Ago
Week
week
Mar. 1,
'•
1.3
Total
7;/, 7. v:,v.
7
•
Preceding Month
Latest
.
Group
Bears to the
NYSE Odd-Lot
V-"J\
1935-1939=100*
+
7...
Each Group
4
:
Association
Compiled by The National Fertilizer
'
18.24% of the total trading of 1,830,515 shares.
was
PRICE INDEX
WHOLESALE COMMODITY
WEEKLY
7
,
k
^shares
higher prices were
The textiles index declined.
,
to drop, although
steel caused the metals index
Trading on New York Exchanges
Thursday, March 6, 1947
CHRONICLE
THE COMMERCIAL & FINANCIAL
1304
limited to
the ascertainment of facts and ex¬
on
to
Feb.
that mail
extended to
20,
Austria is
include all classes of Postal
Union
articles, that is, letters and letter
packages, single and reply'-pmn,
post« cards,
commercial;
printed matter, and small
for
surfase
air
or
*
papers,
packets,
transmission.
in part:
The advices further state
"For
by' Siifface
transmission
accepted up W
the normal weight limit- ih each
Last year
the Government lost
mail, and correspondence concern¬ instance, and subject to the' post¬
more than $4,000,000 on the opera¬
age rates shown in Table No:;X on
tion.
7\.v, ing German external assets, will
"Under a law enacted at the last rot be permitted. The transmission page 3 of part II of the current
of such documents as birth, death,
Official
Postal
Guide,t Articles
session of Congress, the Commis¬
v
During the week six of the composite groups in the index sion would have been required to or marriage certificates, wills, sent by air to Austria
exceed the air-mail weight ilimn
advanced while two declined;
the other three remained at the turn the ships back to the private legal notices, etc., is authorized.
The enclosure of checks, drafts, of 4 pounds 6 ounces, .and must be
level of the previous week. In the.foods group, prices for butter,
operators March 1. The operators
securities, or currency will con¬ prepaid at the rate of' l'S'CerltS P®1bread, beans, and veal dropped but price rises for provisions, cocoa,
coffee, meats, and oils caused the index to rise slightly. The index
lor the farm products group was 4.1% higher than for the previous
week because of higher prices for cotton, grains, eggs, and livestock.
Higher prices for leather, calfskins, cottonseed meal, and feedstuffs
caused
The
*r
the
index for the miscellaneouss commodities
building
materials
pr*ce ?* ^lass.
index
rose
slightly
group
because
of
to rise.
• a
rise
The index for fertilizer materials advanced
of
lines
the
as
its agents.
said they would not resume serv¬
change of information. The closing
of business deals and contracts by
tinue to be prohibited.
ice to Alaska unless they received
increased rates."
The
sent
that
measure
on
the
—-
Noncommercial
up
which
has
been
for Senate action provides
Maritime
.Commission
.—
slightly, as did that for farm machinery. Lower prices for finished shall adjust
acting
the rates:
.'Oa
6
half
printed
matter
to a weight limit of 4 pounds
ounces,
when
sent
as
gifts,
is
acceptable for mailing to the Brit¬
ish Zone of Germany, as well as
to
the. American Zone, excluding
•'
;
.u'V '.
Berlin.
means
articles
ounce
are
or
fraction.
Dutiable
accepted in letter
packages for Austria. All articles
articles may be
may
be registered, if
desired, upon
fee 0
the regulai^
prepayment of the registry
20 cents in addition to
or
air-mail postage.
service is not yet
Money-order
available."
7
165
Volume
Number 4574
'
THE COMMERCIAL &
FINANCIAL CHRONICLE
Non-Ferrous Mela's—Lead Price Advanced to
15c, N. Y.—Copper Quotations Also Higher
"E. & M. J. Metal and Mineral
;
•
"The continued strength of the foreign market for lead,
coupled with heavy demands for the metal from 'frightened' conjsumers, brought about another sharp advance in the
quotation, es¬
tablishing the selling basis here at 14c. a pound [further increased on
/March 3 to 15c. a pound, a new all-time high.—Ed.] Silver gained 5c.
continued
on
ounce
buying3>
domestic and foreign sources,
Bismuth, one of the minor metals,
advanced to $2 a pound, in ton
from
possible
in
early
action
by
the
Reserve
in
outside
been
at
selling
has
sources
a
premium, and
paying the equiv¬
alent of the new price in
making
consumers were
In copper, interest centered
lots.
——
tained-from
purchases
of
foreign
lead.
..
In
regard to releasing metal for next
other words, the scramble for the
metal has been
increasing in in¬
month from its stocks. Quicksilver
tensity,
of
Office
declined
Metals
$1
per
-
to say in
on
The matter of settling the ques¬
tion of handling copper still in
ous
government's
possession
was
decision
a
reached by March 3.
posals
would
Various
Lead
be
448
reasonable ton¬
nage for March at "average cost
plus duty." Washington officials
apparently wish to avoid taking
any
action that would tend to
raise the price of copper.
Prices named during the last
a
in both domestic
eign metal showed
'The
:20V2C
to
from
lead
The
stable
two
January statistics of the
fabricating division of the indus¬
try placed consumption at 139,263
tons, a new high for peacetime.
December consumption of
cop¬
.
Louis.
idea
St.
13.800c
raising the price to this
—Electrolytic Copper—
Dom. Refy.
: Feb. 20
Exp. Refy.
19.350
'
Feb. 21—
; Feb. 22
•
January prob¬
Feb.
Feb. 20
70.000
Feb. 21
70.000
wPh
99
remained
the
period
of
,
*,
,v,
24IIIIIII
Consumption of slab zinc in
November / amounted : to
74,630
("E. A M. J." QUOTATIONS)
70.000
Feb. 25__
70.000
70.000
70.000
Feb.
70.000
70.000
70.000
26-
Chinese,
Zinc
-LeadNew York
13.000
St. Louis
St. Louis
10.500
12.800
-
20.425
70.000
13.000
12.800
10.500
20.425
Holiday
Holiday
Holiday
Holiday
19.275
20.675
70.000
Feb. 25—
19.400
20.550
70.000
Feb. 36——.,
19.325
20.675
70.000
v
13.000
,12.800
10.500
14.000
/. 13.800
10.500
"14.000
13.800
10.500
1
■-v.
0'Quicksilver
;
y
10.500
13.200
13.400
Average prices for calendar week ended Feb.
22
Domestic
are:
•Copper f.o.b. refinery, 19.385c; export copper, f.o.b. refinery 20.429c;
"Straits tin, 70.000c.; New York lead,
13.000c.; St. Louis lead, 12.800c;
iSt. Louis zinc,
10.500c; and silver, 70.750c.
: hCorrection—Domestic copper, f.o.b refinery, average for calendar
"^veek ended Feb. 15 was 19.350c per pound. '
'
The above quotations are "E. & M. J. M. & M. M's"
appraisal of the major United
States markets, based on sales
reported by producers and agencies.
They are reduced
to the basis' of
cash. New York or St. Louis, as noted. All
/
»
-'Copper, lead and
■deliveries;! tin
In
the
•delivered at
zinc quotations
quotations
trade,
are
domestic
consumers'
figures, shown above
are
are
based
on
sales
prices are In cents per pound.
for both prompt and future
for prompt delivery
only.
quoted on
•/prices in New England average
-Jan. ,2, 1947* - ■
./ /.,r:\ >.
prices
are
0.275c. per
a
pound above the
•<"//•/•
refinery basis,
/'■•:■/ a;1.
'•/••.
effective
•' /
.••'
the export quotation for copper reflects prices obtaining in
the open market and
is based on sales in the foreign market reduced to the f.o.b.
refinery equivalent, Atlantic seaboard. On f.a.s. transactions we deduct 0.075c., loi
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 extra 0.95o.
dp, depending on dimensions and
quality. Cathodes in standard sizes are sold at a
•discount of 0.125c per pound.
•
,7
7.
;
Quotations for zinc are for ordinary Prime Western brands.1 Contract prices for
High-grade zinc delivered in the East and Middle West in nearly all instances com¬
mand a premium of lc.
per pound over the current market for Prime Western but
dot less than lc. ever the "E.
& M. J." average for Prime Western for the previous
*nonth; the premium on Special High Grade in most instances is l'Ac.
Quotations for lead reflect prices obtained for common lead only.
..
,
Effective March 14,
little under
a
Mines
Feb.
on
duction in the
by
statistics
the Bureau of
25.
Domestic pro¬
the
October
totaled
period
9,205 flasks, against 8,002
July-September pe¬
flasks in the
riod.
December
-
4—
Consumption of quicksilver
in the last quarter was estimated
at 8,800
flasks, against 7,300 flasks
in the third quarter.
of
continued
to
cial
price advanced sharply, be¬
ginning Feb. 24, settling at 75%c,
or 5c higher than in the preceding
week.
Domestic
chased the metal
a
substantial
consumers
freely, and
more
business
of
volume
pur¬
foreign accounts.
The growing currency complica¬
tions abroad were thought to have
been a factor so far as foreign
buying was concerned. '[It is re¬
ported that the price of silver
was
subsequently
increased to
an
The
46d
market
spot
on
Feb.
fiscal
•
•:
.
.
.
.
,
.
debentures
consolidated
dated March
at par.
$24,035,000
debentures,
<
new
1,
maturing
bentures
outstanding
As of March
stood
416
Year
ago,
ago,
Feb.
Jan.
18—
March
4,
117.20
122.09
120.02
117.00
110.52
112/75
118.40
120.8#
122.14
117.20
122.09
120.02
117.00
110.52
112.75
118.40
120.84
110.52
112.75
117.20
122.09
120.02
117.00
118.40
120.84
120.84
Stock
122.14
117.40
Exchange Closed
122.09
120.22
111.20
110.70
112.93
118.40
121.04
122.09
120.22
117.20
110.70
112.93
118.40
121.04*.
120.22
117.00
18
110.70
113.12
118.40
121.04
122.17
117.40
122.09
120.02
117.00
110.88
17
113.12
118.40
122.17
121.04
117.40
122.09
120.02
117.00
15
110.88
112.93
118.40
122.17
120.84
117.40
122.09
120.02
14
117,20
110.88
113.12
118.40
122.20
120.84
117.40
122.09
120.02
117.20
13
110.88
113.12
118.40
122.17 ' 117.40
120.84
122.09
120.02
117.20
110,70
113.12
118.40
120.84
Exchange
Closed
113.12
118.60
120.84
:—*•
Stock
122.17
117.40
122.09
120.22
117.20
110.88
10
122.20
117.40
122.09
120.22
117.20
110.88
113.12
118.60
8
120.84
122.27
117.40
121.88
120.22
117.20
111.07
7-—
113.31
118.60
120.84
122.20
117.60
122.09 ' 120.22
117.20
111.07
113.31
118.60
120.84
122.24
117.00
122.09
120.22
117.40
11C.88
113.31
118.60
120.84
122.27
117.40
121.88
120.22
117.40
110.88
113.31
118.60
120.8#
122.27
117.40
121.88
120.22
117.40
110.88
113.31
118.60
120.63
122.14
117.60
121.88
120.43
117.40
"110.88
113.31
118.80
120.63
122.08
117.60
121.88
120.43
117.40
110.88
113.31
118.80
120.63
120.63
31
122.08
117.40
121.88
120.22
117.40
110.88
24
113.31
118.80
122.39
117.60
121.88
120.43
117.40
110.88
113.31
17
118.80
122.24
117.40
121.88
120.22
117.40
110.70
113.12
118.60
122.17
117.20
121.67
119.82
117.20
110.52
113.12
118.40
120.43
122.14
116.80
121.25
119.61
116.80
110.15
112.75
118.00
120.021:
120.63
120.84
122.17
116.30
121.04
119.61
116.80
110.15
112.56
118.80
119.8a
121.92
116.61
120.84
119.20
116.61
109.97
112.37
117.60
119.83
121.92
116.41
120.63
119.20
116.41
109.97'
112.37
117.40
119.61
109.60
111.81"
117.40
119.64
121.74
29-———
15—
116.22
•
120.84
119.00
116.22
121.55
116.22
121.04
118.80
116.02
109.60
111.81
117.60
119.61
121.80
116.41
121.04
119.00
116.02
109.79
112.00
117.60
119.83
122.05
116.61
121.46
119.20
116.41
110.15
112.37
117.80
120.02.
122.17
116.61
121.25
119.20
116.22
ill—III
110.34
112.37
117.60
120.02-
122.14
116.41
121.04
119.20
116.02
110.15
112.19
117.60
119.82
Sept. 27——..
121.08
116.61
121.04
119.00
116.61
110.15
112.37
117.80
119.82
Oct.
„
25
121.77
116.61
121.04
119.20
116.22
110.34
112.19
117.60
120.02
Aug. 30———.
July 26
122.92
118.40
122.71
120.43
118.00
112.37
114.85
118.80
121.25-
123.77
118.60
123.13
121.04
118.40
112.56
115.63
119.20
121.46-
June 28—
124.11
118.80
123.34
121.25
118.40
112.56
116.02
119.20
121.46
May 31
123.09
118.80
122.92
121.46
118.40
112.56
116.22
119.00
Apr.
26
124.33
119.00
123.34
121.25
118.40
113.12
116.41
119.41
121.04
Mar. 29
125.61
119.82
123.99
122.29
119.41
114.27
117.40
120.22
122.03
Feb.
126.02
120.22
123.34
121.88
119.00
114.27
116.41
120.22
122.09
122.39
117.60
122.29
120.43
117.40
111.07
113.31
118.80
121.04
122.08
116.80
121.04
119.61
116.80
110.15
112.66
117.80
120.02
122.29
119.20
114.27
116.61
120.22
122.29
114.66
106.21
110.70
114.27
119.41
21
1947
High
1947
121.04
1 Year Ago
4,
Mar.
125.81 .119.82
1946—
2 Years
3,
Ago
123.56
'/•:••/' //:
1945—
/>/
122.11
114.85
v
120.63
'
118.60
MOODY'S BOND YIELD AVERAGES
(Based
1947
U. S.
Daily
Averages
Mar.
Govt.
Corpo¬
Bonds
4
on
Individual Closing Prices)
Avge...://.;/::.:/ ///:/ ////'■/ /
Corporate by Earnings4
rate*
Aaa
Aa
2.79
2.55
2.65
1.56
A
Corporate by Groups*
Baa
2.80
R. R.
3.14
1.56
1
1.56
28
1.56
2.55
2.65
2.80
3.14
3.02
2.74
2.61
2.79
2.55
2.65
2.80
3.14
3.02
2.74
2.61
2.79
2.55
2.65
2.80
3.14
3.02
2.73
2.61
*
27
1.57
2.79
2.55
2.65
2.80
3.14
26
1.57
2.79
2.55
2.65
2.80
3.14
25
1.57
2.78
2.55
2.64
2.80
3.13
3.01
24
2.55
2.64
2.79
3.13
t 3-01
3.02
3.02
•
"
2.60
2.73
2.60
2.73
2.60
2.78
1.57
2.78
2.55
2.64
2.79
3.13
20
1.57
2.78
2.55
2.64
2.79
3.13
3.01
19—
1.57
2.78
2.54
2.64
2.80
3.13
3.00
2.73
2.60
18
1.57
2.78
2.55
2.65
2.80
3.12
3.00
2.73
2.60'
17
1.57
2.78
2.55
2.65
2.80
3.12
3.01
1.57
2.78
2.55
2.65
2.79
3.12
V 3.00
1.56
2.78
2.55
2.65
2.79
3.12
3.00
2,73
2.61
1.57
2.78
2.55
2.65
2.79
3.13
3.00
2.73
2.61
.
Stock Exchange
15
14
v
•Stock
11
Closed
3.01
;
2.73
2.60
'
12
Exchange
/
/ 2.73
2.61
2.73
2.61
Closed
1.57
2.78
2.55
2.64
2.79
3.12
/ 3.00
2.72
2.61
10
1.56
2.78
2.55
2.64
2.79
3.12
3.00
2.72
2.61
8
1.56
2.78
2.56
2.64
2.79
3.11
2.99
2.72
2.61
7-
1.56
2,77
2.55
2.64
2.79
3.11
2.99
2.72
2.61
6
1.56
2.77
2.55
2.64
2.78
3.12
2.99
2.72
2.61
5
1.56
2.78
2.56
2.64
2.78
3.12
2.99
2.72
2.61
4
1.56
2.78
2.56
2.64
2.78
3.12
2.99
2.72
2.62
3
1.57
2.77
2.56
2.63
2.78
2.71
2.62
1-
•
•
3.12
2.99
1.57
2.77
2.56
2.63
2.78
3.12
2.99
2.71
2.62
31
1.57
2.78
2.56
2.64
2.78
3.12
2.99
2.71
2.62
24
1.55
2.77
2.56
2.63
2.78
3.12
2.99
2.71
2.62
17
1.56
2.78
2.56
2.64
2.78
3.13
3.00
2.72
2.61
10
1.57
2.79
■2.57
2.66
2.79
3.14
3.00
2.73
2.6T
O
,
1.57
2.81
2.59
2.67
2.81
3.16
3.02
2.75
1.57
2.81
"2.60
2.67
2.81
3.16
3.03
2.75
2.65
1.59
2.82
2.61
2.69
2.82
3.17
3.04
2.77
2.6ft
1.59
2.83
2.62
2.69
2.83
3.17
3.04
2.78
2.61
1.60
2.84
2.61
2.70
2.84
3.19
3.07
2.78
2.67
29
1.62
2.84
2.60
2.71
2.85
3.19
3.07
2.77
2.67
22
1.60.*
2.83
2.60
2.70
2.85
3.18
3.06
2.77
.2.65
15
1.58
2.82
2.58
*2.69
2.83
3.16
3.04
2.76
2.63
8
1.57
2.82
2.59
2.69
2.84
3.15
3.04
2.77
2.63
1.57
2.83
2.60
2.69
2.85
3.16
3.05
2.77
2.6ft
Dec. 27, 1946-
13
6
Nov.
2.61
2.61
2.73
1.57
13
Jan.
2.73
2.73
21
22
-'/'/' /
2.61
2.79
"
:
Indus.
2.74
"
'
Feb.
U.
3,02
~
3
/
'/
;
2.65
1
-
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
3.70
2.82
3.16
3.04
2.76
2.63
Aug. 30
1.55
2.73
2.52
2.63
2.75
3.04
2.91
2.71
2.53
July
26
1.49
2.73
2.50
2.60
2.73
3.03
2.87
2.69
2.5ft
Oct.
June 28
1.47
2.71
2.49
2.59
2.73
3.03
2.85
2.69
2.5ft
May 31
1.48
2.71
2.51
2.58
2.73
3.03
2.84
2.70
2.601
Apr. 26-
1.45
2.70
2.49
2.59
2.73
3.00
2.83
2.68
2.63
Mar. 29
1.36
2.66
2.46
2.54)
268
2.94
2.78
2.64
2.59
1.33
2.67
2.49
2.56
2.70
2.94
2.83
2.64
2.53
1.57
2.81
2.60
2.67
2.81
3.16
3.03
•// 2.76
2.65
1.55
2.77
2.54
2.63
2.78
3.11
2.99
2.71
2.65
1.34
2.66
2.48
2.54
2.69
2.94
2.82
2.64
2.5#
1.68
2.91
2.62
2.72
2.92
3.38
3.13
2.94
2.68
21
Low
1947
1947
.
409.
409.
415.
418.
18
1946_
120.84
122.20
120.84
'
Saturday, March 1—
Monday, March 3—
Tuesday, March
ago;
118.20
122.29
Feb.
411.
weeks
112.75
117.40
High
Tuesday, Feb. 25, 1947Wednesday, Feb.
26—
Thursday, Feb. 27
Friday, Feb. 28
Month
110.52
"
Moody's Daily
Commodity Index
Two
117.00
117.40
March
1947, the total amount of de¬
$341,745,000.
120.02
122.17
$34,300,000 will be for
money purposes.
122.09
122.17
1, 1947, and due Dec
were placec
Of the proceeds, $24,035,-
and
117.20
20
000 were used to retire
1947
122.20
Indus.
121.04
Both issues
1, 1947.
118.20
121.04
$26,980,000 1.10% consolidated de¬
bentures dated March 1, 1947, anc
due Sept. 2, 1947 and $31,355,000
1.10%
118.20
112.75
118.40
was
agent for the
The financing consisted of
York,
112.75
110.52
118.40
made Feb. 19 by Charles R. Dunn,
New
110.52
117.00
112.93
advanced
Banks
P. U.
117.00
120.02
112.93
25, following
United States
Credit
R. R.
120.02
122.09
110.70
of debentures for the Federal
Intermediate
Fan
122.09
117.20
110.70
ounce.—Ed.]
London
A
117.20
122.20.
117.00
booked for
was
,
117.20
Mar.
silver
expand, and the New York Offi¬
Aa
'
120.22
Low
1
Aaa
-
120.22
3-r—-
period
amounted to 6,150 flasks,
against 6,500 flasks in the preced¬
ing quarter. General imports in
rate*
•
'
122.09
lllZZIIZ
October-December
v
Corporate by Groups*
122.09
y
Nov.
,
117.40
11
fourth-quarter
released
were
•
117.40
Dec. 27. 1946
The
Average Yields)
Corporate by Earn!)
122.08
Bids
noted at
are
122.11
Jan.
were
averages
122.20
122.08
20_
$86.
on
'
Corpo-
22
'/;/^ .-"'/M:
yield
25
with sellers at $86 to
flask,
depending
on
quantity. Several sellers refused
to quote less than $87 per flask.
•'••• -V
delivered basis: that Is,
plants.
As delivery charges vary with the destination, the
net prices at refineries on the Atlantic seaboard.
Delivered
copper
.'
bond
24
% 6——
unsettled,
$90
per
'
70.000
—
26
99% tin, 69.125c.
or
—
5—
banks.
19.425
y
70.000
70.000
sues
Meetings that took place dur¬
ing the last week between repre¬
70.000
20.529
70.000
70.000
80V2C.
Holiday
19.355
70.000
April
70.000
2103
28
-Haliday-
Buying
.'•Feb. 24——
Average
March
Avge.
Bonds
27
changed last week. Straits quality
for
shipment, in cents per
pound, was nominally as follows:
and
:
(Based
Govt.
•*';
;;
,
1—
tin
prices
MOODY'S BOND PRICES
U. S.
•
4__
Feb.
bond
following table:
•/,;/ 3
The price situation in tin in the
United
States
market
was
un¬
Silver
keep the price situation
Straits Tin,
New York
20.425
lead
Tin
."level, but found that metal obDAILY PRICES OF METALS
in
market
Producers did not like the
of
Mar.
the
•••;..
Daily
Averages
FIG Banks Place Debs.
pound'pn Feb. 25, establish¬
ing quotations at 14c per pound,
./per
at
ton¬
sources
•
21192
computed
in
1947
•
tons, against 79,894 tons in Oc¬ the upturn in the
tober, according to the Bureau of market. Forward silver was post¬
Mines.
Galvanizers took 30,316 ed in London at
44y2d.
;
tons; zinc-base alloys 19,893 tons;
brass mills 13,446 tons; ingot mak¬
ers
and foundries 873 tons; roll¬
ing mills 7,783 tons; and others
A successful offering of two is¬
2,319 tons.
January
Lead
and
zinc
in check.
from
The price of lead advanced lc
York,
obtained
throughout
tends to
131,432 tons to 124,432 tons. Fab¬
ricators had 393,451 tons of re¬
New
above
uplift in lead and s
Most producers' regard the zinc
supply as ample, though it is well
known, that a tight situation ex¬
ists in certain grades, as Prime
Western and Special High Grade.
Possible permanent inj ury to the
market because of growing com¬
petition with other metals also
The
fined copper on hand as
ended.
»
"<„>
;
the
sharp
v
downward
released
price excitement that followed the
3.—
,
revised
on
the amount asked for.
given
pound of
per
smelting
charges,
which would in effect
give to the
Bolivians the equivalent of a rise
in the price of about one-third of
Zinc
-
sold in the foreign market at
yprices ranging from 20V2C to 21c,
was
Sta¬
imported
The supply of foreign
available
a
Moody's Bond Prices and Bond Yield Averages
Moody's
are
So
ably exceeded 10,000 tons.
per
per
to
consumers
privately.
As in the preceding week, cop¬
i
Metal
Reserve
foreign/
cop¬
was
matched
by
:major companies on March
J
■' «♦>
t •
■
f.a.s. basis.
addition
21^c.; This
/.increase
Metals
nages,
on
price
of
In
copper,
Corporation raised its
selling
per
of
7,010 tons for January.
releasing cop¬
per, most operators limited busi¬
ness
to
a
minimum.
[Effective
March .1, the Reconstruction Fi¬
nance
Bureau
44,343 tons, against 40,613 tons
(revised) in. December* The Of¬
with
•the rest of the industry at 19 Vfcc.
Pending clarification of the gov¬
ernment's stand
December
Shipments from domestic
refineries in January amounted to
little change.
domestic
for
in
tistics.
seller continued to quote
one
week
a
monthly average for 1946
38,299 tons, according to the
fice
officials
far, the RFC has
willingness to make con¬
cessions
scrap.
the
(revised)
American
ports.
shown
and
of
for¬
and
tons
Bolivian
1305
the
The market for quicksilver was
for
-
and
contained, f.o.b. South Amer¬
ican
year.
sales
RFC
holding out for 76c
tin
Feb.
United States lead refinery sta¬
tistics for January placed pro¬
duction at 44,422 tons, against 40,*
made, including one
5hat would place all of the gov¬
ernment's surplus metal in one
•week
price
amounted to 13,544 tons,
pro¬
were
pool and release
the
particularly
sources,
ning of the
given special attention during the
last week and the industry be¬
that
increased
the
Bolivian
producers
to
discuss
terms of sale on 1947 deliveries of
tin
concentrates
resulted
in
a
Production of lead from scrap has
been increasing since the begin¬
.
lieved
[Some major sellers
3
to bring out more lead from vari¬
.
i;
the
for
expected
Copper
:
March
on
regard
further to 15c., New
York.—Ed.]
The higher market is
part as follows:
/",v/
little
prices asked.
flask." The pub¬
lication further went
with
of
deadlock.-
Markets," in its issue of Feb. 27,
stated:
.an
sentatives
_—
—
1 Year
Mar.
4,
Ago
1946—
2 Years Ago
416.
Mar.
398.
basis of one "typical" bond
(3%% coupon, maturing In 25 years) and do not purport to show either the average
level or the average movement of
actual price quotations.
They merely serve t<>
Illustrate in a more comprehensive way the relativ levels and the relative movemenc
of yield averages, the latter being the true picture of the bond market.
382
270
1946
High, Dec. 24
Low, Jan. 2
380.
1947
High, March 2
Low, Jan. 20
418.
264.
371.
3,
1945
-
♦These prices are computed from average yields on the
NOTE—The
list
used
Issue of the "Chronicle"
in
on
compiling
page
1321.
the
averages
was
given In the Sept. 5,
»
1940
•<
1
Thursday, March 6,.
1947
THE COMMERCIAL & FINANCIAL CHRONICLE
1306
Daily Average Crude Oil Production for Week
Ended Feb. 22,1947, Increased 28,500 Barrels
"
The American Petroleum Institute estimates that the daily aver¬
>.
,
crude oil production for the week ended Feb. 22, 1947, was
age gross
4,786,150 barrels, an increase of 28,500 barrels per day over the pre¬
Of
of soft coal in the week ended Feb. 22, 1947,
as estimated by the United States Bureau of Mines, was 13,030,000
net tons, compared with 12,350,000 tons in the preceding week and
12,625,000 tons in the corresponding week of 1946. The total output
for bituminous coal and lignite for the current calendar year to Feb.
22 was estimated at 98,460,000 net tons, an increase of 3.2% over
The total production
Guaranty Tr. Go ofN.Y.
The
Feb. 23, 1946.
ceding week and a gain of 72,500 barrels per day over the corre¬
for the week ended Feb.
sponding week of 1946. The current figure also was 146,150 barrels 22, 1947, as estimated by the Bureau of Mines, was 1,050,000 tons, an
in excess of the daily average figure estimated by the Bureau of increase of 80,000 tons, or 8.2%, over the preceding week.
When
Mines as the requirement for the month of February, 1947. Daily compared with the output in the corresponding week of 1946 there
was a decrease of 87,000 tons, or 7.7%.
The calendar year to date
output for the four weeks ended Feb. 22, 1947, averaged 4,741,050
shows
The Institute's statement adds:
decrease
a
approxi¬
mately 4,860,000 barrels of crude bil daily and produced 14,668,000
compared with the output for the week ended Feb. 15, 1947; but was
received
industry
barrels
whole
as a
of
indicate
companies
refining
from
to stills on a Bureau of Mines basis
ran
5,929,000 barrels
gasoline; 2,277,000 barrels of kerosine;
of distillate
the
that
44,700 tons
ESTIMATED
more
finished
of
unfinshed
and
barrels of kerosine; 40,739,000 barrels
11,697,000
gasoline;
of distillate fuel, and 44,919,000
barrels of residual fuel oil.
AVERAGE
OIL
CRUDE
Feb. 22,
Bituminous coal & lignite—
Total,
Daily average
♦Subject to
Calculated
"v;'\;
current
••New York-Penna.__
Begin.
•
Virginia
'
-
Indiana
18,000
Illinois
' "X
190,750
28,000
;
XX:
46,000
„
45,900
250
100
5,350
4,200
2,300
3,200
350
18,150
17,100
3,550
192,500
211,000
27,550
30,400
41,900
45,300
700
850
X
50
2,350
'
■
...
8,000
7,050
700
+
+700
„
_
--XV':
263,000
370,000
Oklahoma
Texas—
XX.
District
270,000
371,700
t280,350
t370,050
_
'
_
253,650
368,300
390,050
fuel
1,050,000
produc; 1,010 000
States
•Includes
IV
District
V
"7
W XX.
VXXvXX'XX :
total-
"
'/XXX;X •,
East Texas-:
Dist.
VI
VII-B
*1.
District
VII-C
X
District
VIII
IX
District
X
-'7 ; 328,200
321,400
XX^:' X>XXX^'X
District
District
36,450
'
r.
•
>-
219,050
35,750
106,100
104,450
36,100
35,600
'
i.'V'1
'7
•
.
32,650
31,400
."467,650
466,750
X ,'■? /XX'X.XXX XX '••126,350
xx/xxxx*-,v-;XxX' 83,150
Total Texas
2,030,000 {2,042,500
-
2,056,650
i|
—r; 200
94,400
Coastal Louisiana.
Total
310,300
XX
94,250
82,000
288,850
404,700
200
405,400
370,850
v---—'
76,000
79,580
350
74,000
77,500
—66,000
74,450
81,750
3,800
85,800
52,850
2,000
900
100
950
1,050
New
98,000
Montana
500
California
Total United States-
•These
based
are
-
condensate
that
111,700
3,650
107,250
23,000
24,200
50
22,250
19,100
38,300
400
36,800
24,450
897,600
2,500
892,700
846,400
4,786,150
+28,500
4,741,050
7,713,650
3,650
59,550
58,100
§844,300
and
(included above)—
60,900
be
may
supplied
from
either
crude
from
inventories
+
stocks
must
from its estimated requirements to
to be produced.
XXX XXX XXX
xxX-X
tOklahoma, Kansas, Nebraska figures
the
is
basic
net
shutdowns
and
allowable
for
new
deducted,
the
Feb.
the
l
calculated
entire
month.
as
production, con¬
pointed out by
of
amount
for week ended 7:00
are
of
as
exemptions
from
or
be
determine
Feb.
a.m.
on
basis
and
the
SRecommendation of Conservation Committee of California Oil Producers.
RUNS
TO
STILLS;
UNFINISHED
PRODUCTION
OF GASOLINE; STOCKS OF FINISHED
KEROSINE, GAS OIL AND DISTILLATE
WEEK ENDED FEB. 22, 1947
GASOLINE,
FUEL
OIL,
(Figures in thousands of barrels of 42 gallons each)
Figures
in
estimate
this
of
section
include
of
XX'
reported
unreported amounts
Bureau
and
Mines
are
% Daily
District—
Crude Runs
Refin'g
to Stills
Capac.
Daily % Op-
Product'n
erated
99.5
776
92.5
1,815
District No. 1
76.3
100
69.9
306
District No. 2
84.7
Coast
—
Blended
an
on
a
of
& Dist.
Resid.
Fuel
Fuel
sine
Oil
of
X:
»
Oil
6,020 4 14,761
6,597
X "475
210
Appalachian—
249
2,612
67
108.1
217
967
24
79
126
Ind., 111., Ky
Okla., Kans., Mo._
87.4
809
93.0
2,431
79.1
21,041
10,529
2,925
371
2,686
1,413
1,273
78.3
436
1,349
Inland Texas
59.8
228
e9.1
1,063
4.424
220
312
734
Texas Gulf Coast
89.2
1,156
94.3
3,420
15,808
1,637
7,058
5,214
Louisiana Gulf Coast-
97.4
343
106.9
858
5,112
851
2,337
1,578
No. La. & Arkansas-
55.9
65
51.6
188
2,362
258
449
118
1,035
-
Rocky Mountain—
New
Mexico
19.0
'16
123.1
28
98
15
29
Other Rocky Mt._
31
70.9
124
75.2
440
2,843
60
490
698
85.5
805
81.0
2,134
15,908
654
10,475
26,147
California
Total
U.
S.
B.
basis Feb. 22,
Total
'
U.
S.
basis Feb.
Total
Feb.
U.
S.
23,
B.
of
M.
1947of
of
4,860
87.4
14,668
*103,904
11,697
40,739
44,919
M.
15, 1947B.
1946
85.3
1,397,000
1,375,000
1,522,000
579,000
562,000
524,000
37,000
33,000
42,000
129,000
130,000
117,000
1,157,000
1,075,000
1,101,000
376,000
378,000
427,000
57,000
52,000
54,000
l.OQO
1,000
3,000
;
84,000
71,000
91,000
36,000
33,000
23,000
78,000
59,000
61,000
•
85.8
4,737
4,629
85.2
—
13,962
!{■;
12,911
103,048
12,813
r 42,793
46,515
+104,921
8,095
26,086
39,321
j
week
ended
Feb.
22,
1947,
es
^bRai991ftnnelpectiyely'
5,745,000 barrels and 8,122,000
barrels,
compared
in
^
with
preceding
respectively, in the
oooonnn
week'and
week
hHrrPiR
Roonnnft
2,509,000
ended
Feb.
barrels,1
23,
1946.
to
the
trust
service
to -American
business
branch has served
firms,
United
States
as
The
official
an
depositary, and
■
during
can
,
both
used
its
wars
facilities
extensively by Ameri¬
and Allied
Governments and
military personnel. An addition¬
al London
branch, in the Kingsway section, was opened in 1921
and is located in Bush
House1
American
constructed
"sky¬
scraper."
The
company
also
maintains branch offices in Paris
and Brussels, and a representa¬
tive
in
Liverpool.
The Paris
office, opened in 1917,. occupies
one
of the group of 18th
Century
Utah
198,000
194,000
145,000
409,000
393,000
381,000
well as
—
——
Oklahoma
u
Pennsylvania
(bituminous)—
728,000
—
;
Tennessee
53,000
2,766,000
158,000
160,000
134,000
4,000
Washington
"West Virginia—Southern
2,000
24,000
24,000
2,327,000
28,000
2,187,000
X 893,000
963,000
185,000
197,000
215,000
1,000
1,000
1,000
Wyoming
lOther Western States
lignite
2,000
2,460,000
835,000
-
iWest Virginia—Northern.-—
741,000
68,000
2,970,000
(bituminous and lignite)
Total bituminous and
675,000
,68,000
2,725,000
,
12,350,000
12,300,000
12,065,000
B. C. & G.; and
Kanawha, Mason and Clay Counties.
{Rest of State, including the
Panhandle District and Grant, Mineral and Tucker counties.
§Includes Arizona and
Oregon.
;XX
XXX., -X
X";: X.XXXX ■ "■
on
the B.
& O,
in
the Brussels
area.
An affiliate of the
the
Guaranty,
Executor
and
Guaranty
Trustee
lished
Company, Ltd., estab¬
in
1925
at 32 Lombard
qualified
ration.
and
also
Street, is
British
Trust
located
fully
a
Corpo¬
.
'■•j Civil Engineering Construction Totals
!
N. Y. Savings Banks
Retirem't System Appoints
Charles Diehl, Chairman of
the
Board of Trustees of The Savings
Banks
Retirement
System and
$91,704,000 for Week
construction volume in continental United President of the Empire City Sav¬
$91,704,000 for the week ending Feb. 27, 1947, as re¬ ings Bank of New York, has an¬
ported by "Engineering News-Record." This volume is 7% below nounced that Robert Matherson,
the previous week, 5% below the
corresponding week of last year, Jr., formerly Executive Manager
and Treasurer of the System, has
and 2 % above the previous four-week
moving average. The report
issued on Feb. 27, went on to say: • xsx/Xxx.-x.
X'X/XX^XXXXX-;; been appointed to the newly cre¬
Private construction this week,
$45,141,000, is 37% less than last ated post of Executive Vice Presi¬
week, and 35% below the week last year. Public construction, $46,- dent. In addition to his new duties;
563,000, is 74% above last week, and 73% more than the week last Mr. Matherson continues as .Treas¬
urer of the
year.
State and municipal
System, which position
construction, $42,213,000, 169% above last
he has occupied since the incep¬
week, is 173% above the 1946 week. Federal construction,
$4,350,000
tion of the System-^May 1, 1941.
is 61% below last week, and 62% below the week last
year.
•
Mr.
Total engineering construction for the nine-week
Diehl also announced that
period of 1947
States
engineering
totals
cumulative
a
total for
total
of
$787,461,000, which is 32% above the
like period of 1946. On a cumulative
basis, private con¬
struction in 1947,totals
$508,482,000, which is 25% above that for
1946. Public construction,
$278,979,000, is 47% greater than the cu¬
mulative total for the
corresponding period of
and
a
1946, whereas State
municipal construction, $207,034,000, to date, is 68% above 1946.
construction, $71,945,000, gained 8% above the nine-week
Federal
total of 1946/
'X.XX\xXx
xxXX
Total
.x
U. S.
Private
Construction—
Construction——
Public- Construction—
State
and
Municipal
Federal
.
Feb. 27,1947
Feb. 20,1947
Feb. 28,1946
$91,704,000
45,141,000
46,563,000
42,213,000
$98,463,000
71,722,000
ii 26,741,000
15,714,000
11,027,000
$96,876,000
69,969,000
26,907,000
15,457,000
11,450,000
4,350,000
the
classified
construction
groups,
waterworks,
sewerage,
bridges, highways, and public buildings gained this week over last
Six of the nine classes recorded
gains this week over the 1946
week
as
follows:
waterworks, bridges,
sewerage,
buildings, and commercial buildings.
highways, public
:;V
New Capital
New capital for construction
purposes this week totals $24,993,000, and is made up of State and municipal bond sales. New
.
capital
for constructi°n purposes for the nine-week period
$183,005,000, 39% less than the $301,653,000 reported
Spondmg period of 1946.
William
W.
Sullivan, " formerly
Assistant Secretary of Institutional
Securities Corporation, has joined
the staff of the System as Assis¬
tant Treasurer. Mr. Sullivan was
-
associated
with
Se¬
Institutional
curities Corporation for 14 years.
;Xxx^XX:',
■
Civil engineering construction volume for the current
week, last
week, and the 1946 week are: XxCxxX;
XxxV'
•
::
M.
—
move
Virginia
Jhlo
(lignite)
week.
^
the
1,000
by
building
buildings fronting on the Place
de la Concorde, near the Ameri¬
can Embassy and Consulate. The
Brussels branch, opened in 1919,
is the only American bank in
Belgium, serving Antwerp as
In
♦Includes unfinished
gasoline stocks of 8,395,000 barrels,
flncludes unfinished
gasoline stocks of 8,648,000 barrels, {Stocks at
refineries, at bulk terminals, in transit
and in pipe lines.
§In addition, there
k qoo nnn
k
i
n
were Pr0(iuced 2,277,000 barrels of kerosene,
5,929,000 barrels of gas oil and distillate fuel oil and
8,542,000 barrels of residual fuel
oil
in
1,000
(bituminous and lignite)
records
Gas Oil
Kero-
Stocks
22,200
plus
{Stks. of JStks
{Stocks
at Ref.
Unfin.
Inc. Nat. Gasoline
::
Av.
Report'g
and
totals
therefore
basis
§Gasoline {Finished
East
1,000
New Mexico——..
Civil
20, 1947.
28-day
a
With
exception of
fields which were exempted entirely and for certain other fields for which
shutdowns were ordered lor from 6 to 12 days, the entire state was ordered shut down
for 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 leases, a total equivalent to 6 days shutdown time during the calendar month.
AND
6,000
32,000
143,000
—
crude
new
several
CRUDE
7,000
36,000
192,000
premises
withdrawals
{This
104,000
302,000
43,000
-
Montana
1946
391,000
168,000
Missouri
—
1947
406,000
7,000
—,—
Feb. 16,
tIncludes operations on the N. & W.; C. & O.; Virginian; K. & M
Bureau,
includes
450
of Mines calculations of the
requirements of domestic crude oil
outlined
in
its
detailed forecasts.
They include the
is moved in crude pipelines.
The A. p. I. figures are crude oil only.
requirements
templated
450
50
1947
*.,
temporary
a
announcement
were
8,
caused
the
on
banks, and individuals.
Bureau
certain
upon
98,000
33,000
838,000
4,640,000
••Pennsylvania Grade
103,300
93,000
——————
Colorado
the
103,400
Mexico—Other—)
Wyoming —t___
As
110,000
'
Feb.
damage
and: British
COAL AND LIGNITE,
Week Ended
•
its
banking
BY STATES,
.
when
Guaranty's London office was
established to provide
complete
from authorized
HEstimated from
railroads.
Feb. 15,
Texas
-
10
Lonl
com¬
company also notes:
current
Maryland
311,150
664,000
by truck
§Revised.
as
is
nearby premises in Birchin Lane
just off Lombard Street. Reno¬
vated premises at the
original lo¬
cation were
reoccupied a year ago.
In
1937
7,907,000
7,512,000
565,700
IN NET TONS
weekly estimates are based on railroad carloadings and river ship
inents and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual return from the operators.)
(The
Michigan
447,000
New Mexico—So. East)
8,594,000
ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS
Kentucky—Eastern
Kentucky—Western
387,000
Alabama
8,125,000
907,500
124,800
operations.
weekly carloadings reported by
Kansas
^
Mississippi
1,093,000
75,300
Iowa
Louisiana—
Arkansas
8,938,000
120,000
North and South Dakota
'
8,450,000
Indiana
2,109,250
Feb. 27,
1,137,000
Illinois
2,025,400
;
.
COKE
Feb. 23,
•V 1946
970,000
933,000
Georgia and North Carolina
82,900
Feb. 22,
1947
Colorado
124,300
23,
1946
Arkansas
441,300
451,000
223,250
v
II
direct bomb hit
necessitated
-Calendar Year to DateFeb.
washery and dredge coal and coal shipped
tExcludes colliery fuels.
{Subject tb revision.
Alaska—
142,750
146,000
III
District
War
a
2,069,000
1
"City,"
district
was opened
on March
1, 1897
except for a period during
World
Feb. 23,
1946.
95,389,000
,
AND
financial
it
Beehive Coke—
State
II
District
2,183,000
ANTHRACITE
1947
Alabama
19,750
19,950
'
Other
275,550
100
:XX
-
I
District
+ 19,700
—
2,104,000
j
SFeb. 15,
1947
i
-
Kansas
•
47,150
1,450
200
>—
41,750
800
■
1946
+
+
27,000
1
1
tCommercial
+
17,700
204,000
Nebraska
i
XX X '! 2,550
y-x
2,000
:• +
5,250
•-:>7£
•Total incl. coll.
{(United
■'• +
7,700
-
7,800
.)
Penn. Anthracite—
Feb. 23,
1947
Week
'
250
'•
8,200
••Ohio—Southeast __)
:
47,950
"
....
Ohio—Other
Ended
Feb. 22,
1947
•
PENNSYLVANIA
OF
of the
monly known," has been
occupied
continuously by the branch since
LIGNITE
(In Net Tons)
Ended
from
Previous
Feb. 1;
'Feb. 22,
1947
98,460,000
.
-■Week Ended
tFeb. 22,
Week
4 Weeks
Ended
48,200
Florida
adjustment.
PRODUCTION
Feb. 23,
1946
12,625,000
2,058,600-
2,172,000
—r_
„„.r
BARRELS)
IN
Change
Feb. 22,
ablea
February
13,030,000
heart
don's
Jan. 1 to Date
Feb. 15,
1947
12,350,000
1947
including mine fuel..
anv
The
the
X
COAL AND
Week Ended
Actual Production
Week
Allow-
Requirements
(FIGURES
PRODUCTION
State
*B. of M.
OF BITUMINOUS
Europe by
original site at 32 Lombard Street
(In Net Tons)
ESTIMATED
Kentucky
Michigan
PRODUCTION
STATES
22, 1947; and had in storage at the end of the week
barrels
103,904,000
♦•West
than for the corresponding week of 1946.
in
branch has remained
open through
out a period
witnessing the dis¬
location of two World
Wars.
,
fuel, and 8,542,000 barrels of residual fuel oil during the
week ended Feb.
DAILY
>
UNITED
established
American bank, observed its
50th
anniversary, on March 1. The
compared with the corresponding
when
'
~
The Bureau also reported that the estimated production of bee¬
hive coke in the United States showed a decrease of 4,800 tons when
Reports
K-
5.5%
of
period of 1946.
main
;> London
office of
Guaranty Trust Company 0f Neu,
one
of the
first branch*
the 95,389,000 tons produced from Jan. 1 to
Production of Pennsylvania anthracite
barrels.
X"
London Office of
,
.
of
1947
for the
totals
corre-
^
First Deputy Supt.
r? ii
N. Y. Banking Dept.'
nounced
Bell,
on
Feb.
27
by Elliott V
of Banks
Superintendent
The appointment became
effectivi
Saturday, March 1, Mr. Lyon con¬
tinues as Secretary of the Banking
Board. For four years Mr. Lyor
has been Executive Assistant h
the
he
Superintendent. * Before tha
for a number of years £
was
de¬
member of the financial news
partment of the New York "Her¬
ald
on
■til
j.
The appointment of William A
Lyon to the newly created positior
of First Deputy
Superintendent oJ
the Banking Department was an¬
Tribune," specializing in neWJ
money and
banking.
>
,
Number 4574
165
Volume
THE COMMERCIAL & FINANCIAL
CHRONICLE
Revenue
Freight Gar Loadings During Week
Ended Feb. 22,1947, Decreased 23,288 Gars
-
;
•
.Loading of
freight for the week ended Feb. 22, 1947,
the Association of American Railroads announced
revenue
totaled 776,689 cars,
on Feb. 27.
This was
an
increase of 53,408 cars,
corresponding week in 1946, and
above the same week in 1945.
,
or 7.4% above the
increase of 4,293
cars, or 0.6%'
an
[i ,A'
/ f Loading of revenue freight for the week
23,288 cars, or 2.9% below the preceding week.
of Feb.
above the corresponding week in 1946.
;
-
i-
•
.
; *
.Miscellaneous freight loading totaled 349,679
cars,
10,783 cars below the preceding week, but an increase
"i
'• •.
.
/
Railroads
,/*/< '•,* V.''
Southern District—
Alabama, Tennessee
decrease of
a
of
47,219
*
—
cars
. >
»
> Loading of merchandise less than carload freight totaled
110,146
a decrease of 8,951 cars below the preceding
week, and a de¬
of 3,737 cars below the corresponding week, in 1946.
cars,
crease
Coal
loading amounted to 182,420 cars, an increase of 3,485 cars
above the preceding week, but a decrease of
1,766 cars below the
corresponding week in 1946.
loading totaled 49,050
below the corresponding week in 1946.
cars, a
34,074 cars, a decrease of 2,868
22
totaled
below the preceding week and
cars
a
corresponding week in 1946.
decrease of 1,021
a
cars,
below the preceding week and a decrease of
4,943 cars below the
cars
In the Western Districts alone
loading
of livestock for the week of Feb. 22 totaled 9,160
cars, a decrease of
685 cars below the
low the
preceding week, and
decrease of 4,005
a
cars
be¬
the, preceding week, but
the corresponding week in 1946.
cars below
Ore
loading amounted to
above the
378
330
222
904
15,721
4,117
4,626
480
1,768
411
423
85
90
2,900
3,875
Durham Ac Southern
/
81
1*130
of 3,541
increase of 8,606 cars above
an
increase
an
of
403
of January
February 1
v
4,243
14,732
10,627
924
V
1
9,549
Great Northern
_
3,168,397
2,883,863
3,003,655
835,051
723,301
739,556
767,481
i
1945
799,977
713,240
707,054
755,832
784,703
776,689
723,281
772,396
6,347,595
5,750,739
381
465
4,159
4,095
833
1,770
334
433
463
1,635
1,556
377
391
400
7,520
9,260
in January of last year and
$1,055,230,000 in January, 1945.
7,973
Purchases
1,594
11,853
25,433
10,404
23,905
8,022
25,537
24,497
642
617
664
989
972
137
138
131
874
1,018
130,411
134,591
127,534
110,441
16,639
14,590
15,147
14,164
2,342
2,616
2.243
20,872
20,570
3,860
11,683
11,244
3,711
3,679
3,133
4,762
4,519
1,383
1,022
1,271
370
/ 298
617
613
605
821
550
9,101
3,437
8,970
11,610
8,851
331
452
259
120
114
9,526
11,515
9,354
455
545
447
Bay Ac Western
Lake Superior Ac Ishpeming
354
Minneapolis Ac St. Louis
Spokane International
Spokane, Portland Ac Seattle—
298
1,162
66
55
1,890
2,662
4,843
5,055
3,726
3,627
2,563
3,745
8,652
9,160
8,638
4,438
5,140
177
120
258
604
427
1,895
1,909
2,463
2,499
2,543
reported
gains
over
the
ended
week
80,243
78,617
67,816
63,554
—
25,246
22,364
22,366
10,297
9,245
3,000
2,915
3,338
3,587
3,238
210
6
436
98
12
19,159
21,065
18,128
10,810
11,449
3,286
3,315
3,065
853
796
10,850
12,113
10,978
11,935
12,343
2,768
2,800
2,704
3,525
3,320
521
640
672
1,857
1,367
3,707
2,852
3,770
4,903
3,581
Denver Sc Salt Lake
789
Fort Worth Sc Denver
City
—
RECEIVED
FROM
CONNECTIONS
North Western Pacific
663
566
55
43
•
1,279
827
2,409
2,178
831
921
859
474
1,639
1,486
1,359
190
i 119
764
502
662
638
489
17
14
24
Q
0
-
Peoria Sc Pekin Union
—
Southern Pacific (Pacific)
—
Toledo, Peoria Sc Western
Union Pacific System-
697
1,796
'•
'2,198
:
.
-
1,295
^
~
1,735
511
28,577
25,238
49
0
17,785
28,342
10,385
305
210
..15,859
-13,188
.
15,858-.
.:
.
8,973
:
0
•
11,149
Utah
1,140
889
565
6
1
1,227
1,468
1,983
2,716
2,685
125,253
118,115
118,876
79,258
72,305
Southwestern District—
Railroads
292
289
319
836
647
5,061
4,925
6,191
1,968
2,203
1,577
1,972
2,295
3,176
3,619
1,180
1,391
981
2,140
1,583
3,227
2,537
4,653
2,888
3,279
2,213
2,383
3,117
2,870
2,239
404
367
359
1,471
1,296
—
-
City Southern
v
Total Revenue
•
Eastern District—
Ann
1947
Arbor
333
Bangor Sc Aroostook-.
3,179
Boston Ac Maine.
6,930
Chicago, Indianapolis Sc Louisville—
1,503
Central
Indiana
31
Central Vermont
Delaware
v
Hudson
Ac
Delaware, Lackawanna
Detroit
&
.
Sc Western—
1946
1945
1947
1946
301
297
1,929
1,667
2,535
2,501
392
402
6,467
6,499
12,490
12,891
1,161
1,287
2,319
2,023
32
39
55
}
38
940
955
1,007
4,741
4,047
4,501
10,843
11,327
6,644
6,570
7,226
8,240
9,279
349
200
165
228
159
2,693
1,562
1,775
1,943
1,918
Mackinac
Detroit, Toledo Ac Iron ton
—Connections—
•
Detroit & Toledo Shore Line
447
2,224
I
;i,992
268
353
4,580
3,497
9,542
11,877
15,999
14,603
10,570
—
Grand
Trunk
Western
4,736
Lehigh & Hudson River
Lehigh Ac New England
Lehigh Valley
■
■
3,060
4,043
8,684
9,113
143
152
154
2,955
2,339
626
2,009
1,959
1,160
1,559
7,126
7,064
Maine Central
3,089
2,660
Monongahela
6,312
6,579
2,996
7,250
8,094
7,188
2,427
4,298
4,170
5,678
213
2,854
2,260
23
17
48,181
41,517
46.781
51,715
51,184
Y„ N. H. & Hartford
New York, Ontario & Western
8,293
8,985
10,292
13,365
13,512
919
796
949
2,426
2,592
New
6,726
5,554
6,776
14,994
14,069
359
338
403
1,107
1,578
Pittsburgh & Lake Erie.
5,638
3,815
7,353
8,646
7,302
Pere Marquette
6,427
4,650
5,038
8,479
7,940
Pittsburg & Shawmut
Pittsburg, Shawmut St Northern
Pittsburgh & West Virginia
1,152
940
816
20
24
371
302
289
97
237
973
757
678
2,397
1,621
381
311
260
1,179
1,035
Montour
New
Missouri-Kansas-Texas Lines
Missouri Pacific
—
York
Central
Lines
N.
York, Chicago At St. Louis
N. Y., Susquehanna Ac Western
Rutland
Wabash
—
r.V
;
Wheeling
Lake
&
■'
Erie
t
Total
§
153
131
§
409
4,562
14,731
4,677
6,743
4,043
3,857
16,715
15,420
13,936
13,916
5,909
5,881
5,906
11,941
11,206
4,063
•W 5,725
4,241
3,179
154,179
135,934
152,557
207,276
199,924
140
118
64
272
192
9,692
9,228
8,523
7,218
7,948
2,990
2,498
3,322
5,359
4,794
9,234
8,813
10,644
5,542
5,049
3,337
—
St. Louis-San Francisco
8t. Louis-Southwestern
—
Texas Ac New Orleans
Texas Ac Pacific
Wichita Falls Ac Southern
TotaL
Baltimore & Ohio
Bessemer1 Ac Lake Erie
Cambria Sc Indiana.
§Strike.
of
541
759
36,943
1,704
I,679
/ 5,097
38,853
265
1,509,
New Jersey.
5,718
395 '
342
no
1,214'
;
Penn-Reading
583
2,939
Cornwall
Cumberland Sc Pennsylvania—
Ligonier Valley
Long Island
'
39,555
244
being
rushed
to Romania
reported
to relieve
starvation
of
in
persons
Moldavia.
the
500,000
now
route
en
armed
to
of
Truman,
tons
the
forces overeas
of
in
food
American
be diverted
to
Constanza,
Romanian
port,
stipulated, according to an Asso¬
ciated Press Washington dispatch
of Feb. 17, that the food not be
for
political
President
has
>
The
purposes.
requested
the
American Red Cross to supervise
its distribution by the Romanian
Red Cross.
Saying
northern
that
thousands
in
the
Romanian
province are
already reported dead, and hun¬
dreds more dying
daily, Mr. Tru¬
announced
man
"taken
this
that
action
had
he
humani-i
on
4,845
6,078
6,170
90
68
49
35
23
11
tarian grounds. It is the tradition
of the American people to take
58,757
59,664
67,732
57,888
57,261
all possible steps to alleviate the
present suffering of the people of
Midland Valley Ry.
and Oklahoma City-
the
in
matter what
no
of
cause
which
the
these
dire
may
be
emergency
people
now
find
themselves."
figures revised.
We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
_
of this Association
represent 83% of the total
industry, and its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time operated.
These
figures are advanced to equal 100%, so that they represent the total
industry.
STATISTICAL
province
President
directing that 7,000
78
Weekly Statistics of Paperboard Industry
members
the
REPORT—ORDERS,
PRODUCTION,
MILL
ACTIVITY
Production
Tons
Tons
Remaining
Tons
According to the National Lum¬
ber
Manufacturers
lumber
porting
Percent of
Activity
Current Cumulative
Association,
shipments of 399 mills
the
to
National
Trade Barometer
production
for
Feb.
22, 1947.
new
orders
were
the
0.1% above
week
ending
week
In the
same
those
mills
of
re¬
Lumber
were
12.7% above production. Unfilled
order files of the reporting mills,
amounted
Unfilled Orders
Received
Weekly Lumber Shipments
0.1% Above Production
to
66%
of
stocks.
For
reporting softwood mills, unfilled
orders are equivalent to 24 days*
production at the current rate, and
96
5
Nov.
23
145,507
554,982
100
96
6,153
170,533
15,956
15,160
NOV. 30
545,042
96
'53
162,353
94
462
153,574
47
7
207,137
578,742
99
96
Dec. 14
167,937
|571,179
102
96
Dec. 21
144,083
172,417
175,640
172,275
543,675
102
96
13.5%
99,555
109,210
532,773
66
96
were
85
Compared to the average cor¬
responding
week
of
1935-1939,
production of reporting mills was
166
30
119
1,610
5
■
13
5
8
3,819
4,521
•
6,359
19,626
4,689
1,318
4,219
3,481
4,068
11,219
12,292
170,080
142,006
139,311
Nov.
Dec.
205.422
2
Dec. 28
Period
;
1947—Week
Jan.
Ended
■
;■
196,927
171,420
173,851
155,432
142,338
1
204,033
179,347
8
11
18
Jan.
25
Feb.
.
—
588,406
85
178,043
580.026
102
94
178,556
577,269
103
97
173,720
557,140
101
98
579,562
102
99
J
599,009
104
31,327
29,936
12,061
11,265
Feb.
15_u__
202,189
169,624
181,017
32,447
178,458
6.748
6.612
Feb.
22^|—
147,458
177,282
4,683
5,154
22,273
4,786
589,544
565,571
102
21,636
1,702
1,617
58,901
58,117
57,000
20.511
19,494
Feb.
NOTES—Unfilled
96
*
4
Jan.
Jan.
100
21,771
District—
U. S..Food to Romania
An emergency
shipment of food
from the United States is
3
18,440
Total
force.
1,647
(Pittsburgh)
Western Maryland
.
insured personnel under group
insurance contracts already in
96
1,752
Virginian
the figure for
These purchases
102
25,307
-
times
January, 1941.
101
54,098
Ohio
total
more
601,787
613,752
580,331
1,472
Ac
four
the
and
174,752
175,906
170,411
23,901
Ac Western
than
times
a year ago
185,047
53.730
Poeahontas
31/2
January
138,100
1,800
Norfolk
than
more
for
9
14,998
Chesapeake
January, 1941.
Group life insurance purchases
$184,095,000 in January,
were
16
1,369
136,617
year
Nov.
77,091
165,749
last
Nov.
1,454
Total
the
over
month
over
1,134
1.361
II,411
Union
29%
22,295
66,040
1,387,
76,347/
corresponding
and
$328,518,000,
19%
1,541
23.729
1,884
12,991
Seashore Lines.
to
of
life
Janu¬
2,728
Co
Pennsylvania System
Reading
increase
an
in
68
:;.///;■
NOTE—Previous year's
1946—Week Ended
•
Industrial
purchased
amounted
ary
•
Romania,
The
and nearly two
in
times the total
1941.
insurance
Janu¬
3,452
Orders
Allegheny DistrictAkron, Canton & Youngstown—
year
$1,-
were
over
89
tlncludes Kansas, Oklahoma Ac Gulf Ry.,
Ada-Atoka Ry.
| rerlod
Central R. R.
-
.
-
ago
one-half
20%
28
f
—
Weatherford M. W. Ac N. W
263
5,462
.
.v,
■
—
Quanah Acme Ac Pacific
'
Erie
—
Missouri Ac Arkansas
Received from
Freight Loaded
—
Litchfield Ac Madison
"
■
a
and
used
Burlington-Rock Island
Louisiana Ac Arkansas
Total Loads
ary
1,689
Western Pacific—
Kansas
WEEK ENDED FEB'. 22
January
up
'
—.
International-Great Northern
AND
said:
represent new groups set up
and do not include additions of
Gulf Coast Lines
(NUMBER OF CARS)
in
229,026,000,
January,
'
83,429
-
likewise
Purchases of ordinary life in¬
1,037
200
2,311
'
•
Association
4,822
2,022
_
tK. o. As G.-M. V.-O. C.-A.-A
•'
in January, 1941 were
$822,132,000. The advices from the
3,484
4,385
carloadings for
Feb. 23,1946.
\.!i
000
109,377
22,360
Green
Total
The following table is a summary of the freight
•'
Management Association
Hartford, Conn.
Total
pur¬
chases in January were
$1,741,639,000 compared with $1,350,915,i
of >'•
3,340
323,/':'
/
9,361
6,056,142
the separate railroads and systems for the week ended Feb.
22, 1947.
K
Agency
1,346
26,142
_
twice the
aggregate reported for January in
pre-war 1941, it was reported on
Feb. 19,
by the Life Insurance
3,383
;
15,610
Nevada Northern
1946
February 8
February 15
Week of February- 22*
LOADED
280
857
.
purchases
over
1,101
Missouri-Illinois
1947
Week of
FREIGHT
154
2,179
well
were
1,079
390
3,313
Chicago Sc North Western
Chicago Great Western
Chicago, Milw., St. P. Sc Pac
Chicago, St. Paul, Minn. Sc Omaha
Duluth, Missabe Ac Iron Range
Dulutb, Sout." ""Sore Ac Atlantic
Elgin, Joilet Ac Eastern
Ft. Dodge, Des Moines Ac South
Illinois Terminal
1945 except the Allegheny and Southwestern.
REVENUE
:
and
year
over
corresponding month of last
surance
increases
roads
94
2,352
'
26,619
/
190
;
:
1,649
increase of 29%
in the
Northwestern District—
Denver Sc Rio Grande Western
80
35
811
27,191
235
•V
1,776
27,828
Colorado Sc Southern
period
3,768
807
V :/•' 396
TotaL
All districts reported increases compared with the corresponding
week in 1946 except the Southern and Southwestern and all
reported
During this
759
4,110
15,227
Alton
;! -:
Total
782
cars
corresponding week in 1946.
C
an
327
115.
398
Seaboard Air Line
Coke loading amounted to 14,203 cars, a decrease of 306 cars
below the preceding week, but an increase of
5,351 cars above the
of
1,575
3,616
403
4,388
,
Bingham Sc Garfield
Chicago. Burlington Sc Quincy
Chicago Sc Illinois Midland
Chicago, Rock Island & Pacific
Chicago Ac Eastern Illinois:.
of
1,637
3,941
:
■v
371
;
January Increase
225
1,762 '
./ 1,099
In
Life insurance purchases in the
United States in January, showed
450
Richmond, Fred. Ac Potomac-
Atch., Top. Ac Santa Fe System
weeks
4,517
Life Insur. Purchases
Central Western District—
an
i Vs
Week
4,317
5,492
Piedmont Northern
Total
Corresponding week in 1946,
Week
3,742
27,821
Norfolk Southern
increase of 5,348 cars above the
Four
1,968
10,596
5,438
Northern Pacific
12,636 cars,
preceding week and
over
2,130
10,013
25,674
27,798
"V
Southern System
Tennessee Central
864
15,513
61
•
<
414
Mississippi Central
Nashville, Chattanooga Ac St. L
,
419 /■:
1,913
Columbus Sc Greenville
Minn., St. Paul Ac S. S. M
corresponding week in 1946.
Forest products loading totaled 46,256
cars, a decrease
;
449
In the Western Districts
alone,
loading amounted to 12,299
corresponding week in 1946.
463
decrease
decrease of 2,670 cars
a
grain and grain products loading for the week of Feb.
Livestock
1946
Winston-Salem Southbound-
Grain and grain products
of 2,574 cars below the preceding week and
decrease of 327 cars below the
1947
979
Georgia.
Georgia Ac Florida.
Gulf, Mobile Ac Ohio-
.
—Connections—
1945
15,985
Charleston Ac Western Carolina.
Clinchfield
Macon, Dublin Ac Savannah
Received from
v.;
1946
"
Illinois Central System
Louisville Sc Nashville
,
1947
Atl. So W. P.—W. R. R. of Ala
Gainesville Midland
.
,
.
Freight Loaded
Atlantic Coast Line
-
*
i
Sc Northern
Central of Georgia
'
Total Revenue
-
"f
/
1307
Total Loads
•
Florida East Coast
22, decreased
4
■
orders
of
the
prior
103
99
100
.
('■
100
week, plus orders received, less production
do not necessarily equal the unfilled orqers at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made necessary adjust
ments
of
unfilled
orders.
'
gross
stocks
are
equivalent to 34
days' production.
For the
of
;
!
year-to-date, shipments
reporting identical mills
were
above
15.6%
28.8%
production; orders
above production.
above;
shipments
were
10.2%
above; orders were 35.1%
above.
Compared to the corres¬
ponding week in 1946, production
reporting
mills was
19.7%
above;
shipments
were
16.8%
above; and new orders were 32.7%
of
above.
'
THE COMMERCIAL &
1308
of
Bank,
announced that George W. Hall,
Vice-President, will assume charge
of Oakland operations.
Mr. Hall
has been with the bank for 32
years. C. William Brown, Assitant
Cashier, has been named manager
of the Oakland Real Estate Loan
Department. Mr;- Brown has been
associated with Crocker First Na¬
tional Bank
for 33 years.
Mr..
Crocker also announced that offi¬
cers
of Farmers and Merchants
Savings Bank who will remain
with Crocker First National Bank,
Oakland, include F. C. Martens,
J. Harold Brown, John Campe, V",
F. Obermuller and F. C. Wheeler.
Items ^About^Ban^,
anies
According to the Providence,
Robert G. Hogg has been ap¬
R. I., "Journal" of March 1 the
pointed assistant agent at the New
trustees of the Savings Bank of
York
agency
of The Dominion
Bank. Mr. Hogg joined the bank Newport, R. I., announced on Feb.
28 the creation of two additional
in Toronto in 1926 and came to the
officers effective as of March 1.
New York office in 1928.
They are Assistant Treasurer and
Auditor Charles E.
Livesy and
Crocker, President
W.
Wm.
Crocker First National
the
Thursday, March
FINANCIAL CHRONICLE
New York Banks and Trust
Not
Companies
Empowered to Sett Transportation
a bank or trust company in New York Stat
sub-agent for the sale of passenger transportation was th
The
to act
6,1947
authority of
as
recent ruling by State Attorney General Nathan T
provisions of the Banking Law the Attn*
defining the powers
ney General noted that Section 96 of the Law,
of banks and trust companies does not include a specific grant nf
of
subject
a
Goldstein^ In reciting the
to
nnwpr
he
he
Subdivision
section,
that
of
1
termination that such
power is
"necessary to carry on the busi
that
added
Q*
" •'
sale
the
in
pn?a?p
transportation";
of banking"
however, "concludes with a grant
ness
to 'exercise all such in¬
cidental powers as shall be neces¬
that it
of power
ing
to carry on the business of
banking'."
Lafayette
National
Bank of
Assistant Secretary and Mortgage
Brooklyn in New York announces
According to the Attorney Gen¬
Officer John H. Hodgson.
As a
Farmers and Merchants Savings
that Harry D. Papenmeyer is now
eral, "authority for a bank or trust
result of the additions, says the Bank was
incorporated in 1892
associated with the institution in
company to engage in the sale of
a
representative capacity.
Mr. "Journal," the bank now has two under the laws of the State of transportation would
.
.
have to
Assistant Treasurers as compared California and remained a state
Papenmeyer is a life-long resident
be found in the determination that
of Brooklyn and was
formerly to one formerly. Election of the bank for the entire period of its such power is necessary to carry
Vice-President ' and
Cashier of two officers was held at a special existence: As of Dec. 31, 1946, the on the business of banking," and
...;■
bank, it is stated, had deposits of he sets forth as his view that "I
the
Flatbush National Bank of meeting of the trustees.
$29,500,618 and total resources of do not consider a determination
Brooklyn.
business
company"
;; trust
sary
(subd. 1), or
"necessary in conduct-'
is
the
of
I do not consider
v
a
bank
or
(subd. 9).
determina¬
a
tion that such power is
"neces¬
sary" to the exercise of banking
powers a
justifiable
one.
.
5
An increase in the
Y
York State Banking
New
The
•
Phenix
capital of the
$30,000,000.
Provi¬
Bank of
:V::t; " Y/YY.yt
■
.
<:■■';
:
and 25,000 shares of
of
$10 each to $355,600, consisting of
52,800 shares of preferred stock
of the par value of $2 each, and
25,000 shares of common stock of
the par value of $10 each.
$1.50
each,
stock of the par value
As of Feb. 14, the First
Bank
Poughkeepsie,
of
(capital $500,000) and
Bank
of
Arlington,
of
Town
$75,000)
Feb.
of the First
consolidated, effective
were
the
title
Bank
of
under
17,
the Vassar
(capital
Poughkeepsie
National
N. Y.
National
that such
National Bank of
Crocker First
dence, R. I., in the amount of
San Francisco was established in
Department approved on Feb. 18
a
certificate authorizing an in¬ $50,000, raising the capital from 1870.
Both
James
K.
Moffitt,
$450,000 to $500,000, effective Feb. Chairman of the board of direc¬
crease in the capital stock of the
Huguenot
Trust
Co.
of New 17, is announced by the Comp¬ tors, and Wm. W. Crocker, Presi¬
troller of the Currency's office.
Rochelle, N. Y., from $329,200,
dent, are direct descendants of the
consisting of 52,800 shares of pre¬
founders of the parent institutions
/ The
stockholders of the Ken¬
ferred stock of the par value of
of the present bank.
Mr. Moffitt
common
.
National
justifiable one."
The
eral
-VY/Y/
"I
recently issued by the
Office of the' Comptroller of the
bulletin
a
Currency.
r-
1 •
-
.
;YY.-YY'
■
Law
it
is
$1,600,000 by the sale of $400,ber of the bank's organization 000 of new stock, according to the
so honored within a week.
Wed¬ Feb. 24 Bulletin of the Office of
nesday afternoon at the Lincoln the Comptroller of the Currency.
tention
v
office friends of Elliott T. Dietz,
one
in the
The issuance of a charter on
to celebrate Feb. 14 for the Union National
anniversary with the Bank of East St. Louis, 111., with a
his
35th
bank.
of
Directors
Chelsea
the
Co. of Chelsea, Mass., at
ular
meeting on Feb.
Trust
capital of $300,000, all common,
was reported in the Feb. 24 Bul¬
letin of the Comptroller of the
CED
basis.
He
formerly
Louis
Boston,
for
President
of
the
disclosed.
This
R.
merger
trust
was
ers
Ass'n,
of
the
and is now a member
Business
Credit
Bankers
of
Assn.
American
the
In
accepting
ap¬
the
having
change
effective
Feb.
17.
Paul
be¬ tively helpful in educational
A.
company,
and Frank J. Shay
is Cashier.
in the
26, which
further said:
calls for the as¬
sumption of the deposit liabili¬
ties and
the
purchase/ of all
assets of the trust company by
;
the Shawmut Bank.
The
will
with
present board of directors
actively associated
remain
the
advisory
office
as
an
It will be my
list
the
business
interest
men
of
96
of
and
not
include
Subdivision 1 of
concludes, however,
grant of power to "exer¬
transportation.
with
a
cise
as
such
all
incidental
the
business
subdivision
final
of
"To
discount
/
v
debt;
any person
or
such terms
as
their
•
.
ested.
will
be
made
to all who
are
inter-
solutions
available
must
allow
sufficient time
advise their domestic and for¬
to
eign customers and
correspondents
so
arrangements required.
exchange,
is
It
that
noted
YYYYT'5'
■
the New
York
Clearing House has already rec¬
ognized
for some
time after the
of the bill by stating that
necessity
the
reasonable lapse of
passage
its
member
banks
probably
will
early in April when
Saturday closing will take effect.
a
The
New
date
approved by the
measure
York
Legislature
was
in¬
Assemblyman D.
Mallory
Stephens,
Of
Putnam
County, and was strongly sup¬
ported
by
the
Committee on
Legislation of the State Bankers
troduced
by
Association, of which Frederic
E.
Worden, President, National Bank
of Auburn, is Chairman. The bill
was passed
by the Assembly on
Feb. 10 and by the Senate on Feb.
11 by a vote of 51 to l.\ The sup¬
port of the State Bankers
Associa¬
tion, Mr. Dewey indicated, was an
extension
of
the
initiated
effort
by the Association in 1939 when
it
ing July and August.
Association supported a bill which
extended
the
Saturday
closing
shall
all
powers
to
as
carry
successfully.; supported
corporation upon
exercise
or
trust
prescribe;
and
In 1940
the
incidental
period from June 30 to Labor Day*
shall be necessary
the business
of
During the 1946 session of the
Legislature the Association, re¬
flecting the desire of a majority
such
on
■;
■
V 1 J.'.:/•-'/■'.
9,
the
last
sub¬
grant
trust
companies:
of its
"To exercise such of the pow¬
by
the
of
a
general
permitting Satur¬
during
the four
to September in¬
day" closings
June
clusive.
Alfred E.
signed*
in conducting reluctantly, it is stated, a bin
bank or trust
permitting year-round closing or
corporation
shall be necessary
record in
members, went on
favor of the bill
months,
company."
publications
discussing
these problems and suggesting
days
the bank
company
the business
better
a
negotiate
division of Section 96, is a
of powers to banks and
common
the
the per¬
deposits of moneys, securities or missive legislation which enabled
other
personal property from banks to close on Saturdays dur¬
CED
committee,
sell
buyand
the nation's economic problems.
be contin¬
and
is
power:
coin and bullion; lend money on
real or personal security; receive
The banking business
Oakland will
this
the
The
promissory notes, drafts, bills of
exchange and other evidences of
of Farmers and Merchants Savings
of
which
grants
stock
Bank
banking."
in
clause
and
Bay Area.
powers
shall be necessary to carry on
effort to bring about
understanding of the
facts and principles underlying
a
of
does
to engage in the sale of
conferred
a
Banking
powers
en¬
who
that
fix
specific grant of
a
ers
Bank of Oakland, two of the old¬
est banks in the San Francisco
the
Mr.
Wisconsin
others
part of the
the
defining
Subdivision
objective to
a
banking." '
wish to associate themselves in
personnel
as
Aschenbrener said:
March 3 of
the Crocker First National Bank
of
San
Francisco,
Calif.,
and
Farmers and Merchants Savings
and
all ued under the name Crocker First
will become National Bank. Plans for the con¬
a part of the Shawmut
organiza- solidation were noted in our issue
tion, Mr. Kiernan said.
of Feb. 27, page 1180.
present
.
Chelsea
such
mittee and its research staff.
Formal consolidation was sched¬
uled to take place on
The proposal
pro¬
that which is being
carried on by CED through its
national research and policy com¬
grams
as
banks and trust companies,
Small
Commission
Kiernan, Schlafly is President of the bank
noted
Boston "Herald" of Feb.
come
Law,
President of the Wisconsin Bank¬
Louis,
plan
with the National Shawmut Bank
Section
was
stockholders
of
profit and
banks' regular business.
in such capacity on a state¬
wide
unanimously to recommend to the
voted
for
plan of having leading
industrial,
commercial
fields
named,; to
in
making
note that such arrangements are
Wiscon¬
.their reg¬ Currency.
25
•
financial
and
or are
similar
arrangements for the sale of air
and
rail
transportation.
You
appointment as Vicerepresenting banking
The bank, it is indi¬ pointment as State Vice-Chair¬
cated, represents a conversion of man he expressed belief that the
the Union Trust Co. of East St. nation's bankers can be construc¬
a
of passenger trans¬
sale
contemplating
chenbrener's
men
York
New
various
portation and have made
that section
serve
of the assistant managers of
the office gathered
that
newly formed CED National
Information Committee. Mr. As-
sin
Bankers
they may plan their remittances
accordingly. Also, it will be neces¬
in the New York City area have
sary for individuals and corpora¬
for some time been acting as tions
customarily
doing / their
sub-agents for such companies banking on Saturday to make any
the
the
President of the New York State
State banks and trust companies
power
follows
legislation by
Law."
part we quote as follows from
Fuller, President of the Curtis
Publishing Co. and Chairman of
and finance
for
matter
a
of ship, rail or
air passenger
transportation. You. state that it
has recently come to your at¬
opment, it was announced here in
New York on Feb. 27 by Walter
Chairman
a
Association, pointed out
measure
approved by
both houses of the Legislature,
the opinion of the Attorney Gen¬
requires that boards .of directors
eral to Superintendent Bell:
of
banks
desiring to close on
Your letter of Sept. 23, 1946,
Saturdays must adopt resolutions
asks my opinion as to whether
authorizing such action. He stated
a New York State bank or trust
that many banks throughout the
company has the power to act as State
were
preparing to follow
sub-agent
for
transatlantic that procedure.
He added that
steamship companies in the sale banks planning to close on Satur¬
In
delphia was announced on March tofore conducted a/ savings ac¬
1 by Glenn K. Morris, President, count banking business only, it is
it was stated in the Philadelphia our
intention
to
immediately
to
cently
Legislature* and : signed by Gov,
Dewey on. Feb. 24. 1
;
In commenting on the action of
is found desirable for the
the Legislature, Chester R. Dewey,
Or prosperity of banks,
amendment to the Banking
For GEO Committee
Mr. Rosser is the second mem¬
such
If
implication.
year-around '
closing / legislation re¬
enacted * by
the
State
existence
Ashenbrener Named
v
by
power
establishment of banking
years. Nelson W. Jones has been
clearing
house
clerk,
book¬
associated with the bank for last
keeper, teller and assistant sec16 years.
:./YY,Y;; Y//-Y v.
retary. At the close of business
yesterday a surprise party was
held in his honor in the bank's
Effective Feb. 18, the First Na¬
dining room.
Vice-President tional Bank of Roanoke, Va,, in¬
creased its capital from $1,200,000
George H. Hawks presided.
read into
be
permissive
Saturday
to sell transporta¬
the Banking
power
tion to
.reality within the next
weeks*
the
of
exigency requiring the
no
implied
"Inquirer" of March 2 from which broaden present facilities to in¬
•
;/;■
. />■/.;/' clude every banking service."
Ellsworth H. Rosser, Assistant we also quote:
Elections of M. H. Callender,
Secretary at Rochester Trust of¬
fice
of
the
Lincoln
Rochester
formerly Treasurer of GermanTrust
Co.
of Rochester, N. Y.,
town Trust Co., as cashier, and
celebrated
his
30th
anniversary i. Nelson W. Jones as an Assistant
with the bank on March 1, it is
Cashier also were announced.
learned from the Rochester "Times
Mr. Wylie has been with Na¬
Union" of March 1, which also
William
Ashenbrener
of
the
tional of Germantown for 24
stated:
years.
His
appointment fills American Bank & Trust Co. of
vacancy
caused by < death of Racine, Wis., has been appointed
Mr.1 Rosser
joined the old
Edward Meadowcroft. Mr. Cal¬ Wisconsin
State
Vice-Chairman
Rochester Trust and Safe De¬
lender has been Treasurer of for Banking and Finance of the
posit Co. March 1, 1917, and ad¬
Germantown Trust for last three Committee for Economic Devel¬
vanced through the positions of
;Y
see
a
as
banksC in various
communities act to take advantage
few
Mr. Goldstein said:
conclusion
In
Promotion of Peter Wylie from by Crocker First National Bank in
common
$567,500 in shares of 28,375, par the post of Cashier to that of Vice- Oaklan is a logical step. He also
"while
Farmers and
$20 each, and surplus of $567,500. President of the National Bank, of said that
These advices were contained in Germantown & Trust Co. of Phila¬ Merchants Savings Bank has here¬
with
beqbme
20, and made available by the
Banking Department on Feb. 21.
out that the
facilities
Crocker pointed
Mr.
The five-day work week for a
large number of the 60,000 bank
employees in New York State will
ruling of the Attorney Gen¬
conveyed to New York
was
State;/ Superintendent
of Banks
Elliott V. Bell under date of Jan.
Philadel¬ is the son of James K.' Moffitt, one
phia have approved the sale of the of the founders of the First Na¬
bank's assets to the Pennsylvania
tional Gold Bank of San Fran¬
Company for Insurances, effective
cisco, and Wm. W Crocker, who
March 15, it is learned from the
succeeded his father, the late Wm.
Philadelphia "Inquirer" of Feb. 28.
H. Crocker, as President of the
Germantown Trust Co. stockhold¬
bank in 1936, is the grandson of
ers will vote March 8 on the mer¬
Charles Crocker, one of the found¬
ger plans.' It is reported that at
ers of Crocker, Woolworth & Co.,
the coming meeting of the stock¬
a private banking concern whose
holders of the Pennsylvania Com¬
influence still endures both in the
pany plans to change its name to
name
and business principles of
the shorter title of Pennsylvania
the institution. In making the an¬
Company for Banking and Trust
nouncement of the consolidation,
will be acted upon.
In New York Slate
the exercise of banking powers a
sington National Bank of
Poughkeepsie,
capital stock; of
Dewey Signs Bill
5-Day Bank Week
For
'necessary' to
is
power
Gov.
laws
as
In
New
Driscoll
Jersey Gov.
on
Feb.
banks in that State
24
on
Saturdays
trust The newly enacted law does not
company to engage in the sale require banks to close on that day*
of transportation would, there¬ but islin the nature of permissive
fore, have to be found in the de- legislation.
/
Authority for
a
bank
or
@FedFRASER