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1W
WW ?■
BUS. ADM
Final M-dition
ESTABLISHED OVER
100
YEARS'
In 2 Sections-Section 2
Commercial
;-v
Reg. U. S. Pat. Office
Volume 163
Number 4486
New
"Which Way
York, N. Y., Thursday, May 2,1946
Price 60 Cents
Copy
a
The Economic
Americans?"
By ERNEST T. WEIR*
Chairman, National Steel Corporation
Leading steel executive
,%
mistakes by government usually re¬
sult in more power to government, and that present Democratic
Party is dominated by radical element that seeks a planned econ¬
omy. Holds New Deal policies have retarded recovery by "bum
guesses/' and have interfered with collective bargaining by estab¬
lishing government-fixed wages. Attacks "phony fact finding/' and
claims Administration's policy is destroying small business by "a
system of Big Government, Big Business and Big Unions." Holds
OPA snarls our economy and is wrong in principle, and urges all
who believe in individual freedom to participate in politics on
Value of Music
warns
By ROGER W. BABSON
*ji1
».
>
•.
,
»/;' yy i*
1
',J.
\
Vj/-' •)'/
'
'
Mr. Babson points to
the univer¬
sality of the spoken language of
music
as
of
insurance
an
world
sent
Some time ago the House of Representatives passed and
on to the Senate a bill which would "emasculate" the
law under which the OPA operates.
It was a signal setting
into feverish action Mr. Bowles, Mr. Wallace, and various
other elements working through or with Mr. Hillman's "Po¬
peace.
Declares that music, hay¬
ing potential power far exceeding litical Action Committee." The picture these astute prop¬
that of atomic bombs, should be agandists and political manipulators have
painted of the
used to supplement armaments. results of action such as that proposed
by the House is
Economist reports
his growing in¬ frightening. The rank and file have become fearful of "in¬
statistics, flation." Our thinking under the influence of European
broader scale.
concerning whose importance he refugees and communistic fifth columns has been tinged with
Detroit has had the dubious pleasure of serving as host to the
has become disillusioned.
notions quite alien to American traditions.
We have become
strike which
in length of time and numbers involved — has been
The immediate lesson from the accustomed to being "pushed around" by paternalistic gov¬
the. .greatest^
.(■/'
recent Russian negotiations is that ernments. There
i n
American believe that a fundamental change
is, accordingly, an evident tendency even on
we must keep America strong,7history. The has been brought about in the
the part of the mbre understanding in the community to
physically, intellectually and espeterest in culture iix lieu of
—
w
v
a
e
f
American system.
of
the idea that the
o
strikes,
which
Gen¬
eral
Motors
They scoff at
innovations of
,
recent years can make any great
difference in the way Americans
cially spiritu¬
ally.
This is
the
con¬
of
one
clearest
its
dem-
trations
o n s
yet of the dan¬
gerous
T.
Ernest
of
Weir
4
effects
false
ory
and false
practice in government.
Many of
the strikes have been settled,
the rest will be.
the-
and
But nothing fun¬
In fact
in which these strikes
damental has been settled.
the
manner
created/ and in which some
were
of
have
them
added
and
to
settled, has
aggravated our
been
condition
present,
of
domestic
confusion.
Unless
people act soon to
basic change in the phi¬
weakness and;
the American
secure
a
losophy and methods of Federal
Government,
our
country will
find itself at the dreary end of
the road we have been traveling.
The end of that road is Statism
which, in one form of another,
has engulfed most of the countries
of the world.
never
is
It
characteristic
way
the
n
peace."
World
Peace
and Education
A
been submitted to them di¬
i c e
paid
everything
for
be
In
accept.
we
the
of
case
the
mo
s
t
wants
a
13 years,
expected that the shrewd manipulators of
the public mind would center their attack
upon the "ex¬
cesses" of the House bill/ and it may be taken for
granted
worthwhile
C state-controlled
%xr
objective by separate steps. Each
step was offered to achieve some
n
time, energy, thought and prej udices. This will require radical
(Continued
cepted by the public.
But each
step also extended and increased
the authority of government while
it limited the freedom of the in¬
dividual.
These steps fit into a
pattern.
It is
pattern of social
a
revolution. It has been in prog¬
ress for years.
It has moved us
closer than most people realize
the
radical
objective of state
world peace.
Of course,
the first thing which
a
universal
nied
by the teaching
versal
reason
the
language,
books
accompa¬
of a uni¬
history.?There is no more
why all nations cannot see
language
same
as
they
and
now use
(Continued, on
An Administration Divided
Against
page
The administration of
our
ernment is in the hands of
litical^ party
against itself.
those
po¬
the
They
the South.
are mainly from
On the other side are
those who do not believe in Amer¬
ican principles. They are mainly
from the big cities of the North.
This separation within the party
.4,4
Situation.......72413
Washington Ahead of the
News
...............,...........2413
Moody's Bond Prices and Yields. ,2423
Trading on New York Exchanges...2426
NYSE Odd-Lot
Trading..../..,.7...2426
Items About Banks and Trust Cos..2428
Changes in Reacquired Stock... „;,2419
ii supposed to
is that they are still, campaigning against Roosevelt-Gov¬
ernor Stassen, we take it, would not do this.
He would campaign,
against, Truman. The Stassen propagandists have gotten consider¬
able publicity on this. It has tended to develop him as a forward
looking man
around declaiming:: "Send me to
and one who
is not looking
Congress to support Truman.u ;To
those who follow the party-line,
back, the two
it will be: "Send me to Washing¬
of them being
ton to carry out Roosevelt's pol¬
the
same
icies,"
thing
any¬
where
else
Truman, himself, has subscribed
to this procedure several times,
except in the
field of cur¬
most recently at Hyde Park.when
he
dedicated
rent
politics
RooseveltV-grave.
In his Jackson Day dinner ad¬
where
descript i ons,
dress, he accepted and stated a
,
tional life
has been a steady re¬
duction of the power and freedom
early New Deal, but has been
growing steadily since the days of
of individuals and a
proportionate
increase in the power and author¬
the
Weekly Carloadings,...2425
ceased
The situation merely underscores
Weekly
Engineering
Construction..2426
mean
ity of government.
what is well
Paparboard Industry
Statistics......2425
We have been
"Rubber
Stamp"
Congresses.
known, namely, that
State of Trade
General Review.................... .2415
labels
and
line
Commodity Prices, Domestic Index.2427
slogans
have
his
from government
based on the American principle
of individual freedom and respon¬
the Democratic party today is by
no
definition
the
Democratic
Weekly Lumber Movement.......,,.2425
party that existed for many
Weekly Coal and Coke Output..,i..2426
sibility. We have not yet reached
government based on the Euro¬
before
moved
away
state
control.
In this circumstance, we
find the
pean
principle? of
the New Deal.
Non-Ferrous
are
not the
same.
-7*
Weekly Steel Review....'......,..,,.2422
American life
Dail^Commodity
Weekly Crude Oil
Index.,..2423
Production......2423
Metals
Automotive
*An address
Detroit
by Mr. Weir before
Section, Society of
Engineers,
Detroit,
Mich., April 22, 1946.
V:
(Continued on page 2420)
Market
2427
Weekly Electric Output...;.
day is the decision as to the type
a
Moody's
the
government they want.
Many good Americans do not
on
Fertilizer Association Price Index...
larger scale but for ^jmilar rea¬
sons, American Government and
explanation for^much of our na¬
tional confusion.
The, issue that
confronts the American people to¬
of
And
years
propagandizing to the, effect
of whom he
be one,
has been present for quite some
time.
It was dormant during the
*
are
that the trouble with the Republicans,
?
Regular Features
From
BARGERON
The friends of Governor Stassen
same
2422)
Page
Financial
that
is
divided
On one side stand
believe in American
who
principles.
Editorial
gov¬
a
By CARLISLE
history
GENERAL CONTENTS
Itself
Washington
Ahead of the News
develop
"
control.
From
educators should do to insure
world peace,would be to
our
dominant feature of our na¬
ernment.
2416)
on page
social or economic gain, which changes in out schools; and colThere is no short-cut to
was the basis on which it was ac¬ j leges*
with power
the
to be"
was
things, ' ,t h i s
price includes
ments, when they make mistakes
For the past
It
that a number of influential individuals and
organizations
which, during the past week oriwo have come mpdestly and
America knew well that the vast
gently before the public to speak a word for -moderation"
majoriy of Americans would
s o.mething have been inspired by the radical labor elements centering
promptly and
Roger W. Babson
violently reject
much
mor| in the Political Action
state control if it were openly and
Committee, but when men like Sen¬
than money or
honestly presented.' So that mi¬ what can
ator Taft come forward in support of "middle-of-the-road"
be
purchased
with
nority, working inside and outside
It includes sacrifice of dealing with this subject, it may be taken for granted that
of government, moved toward its money.
that
of govern¬
they already have, to
attempt to correct the mistakes by
securing new and larger powers.
With these they then proceed to
make new and larger mistakes.
The
founders
of our
country
clearly understood this trait of
governments. That is why they
made the individual citizen the
chief
repository of power, and
strictly limited and defined the
powers to be entrusted to gov¬
Shrewd Propagandists
p r
must
rectly or in its entirety.. ;The
change has been produced piece¬
meal. And it did not just happen
that way.
The small but clever
and
energetic radical minority
to
Mistakes of Government
only
"w i
to
live, can limit the freedom of the
tinues. And in individual, or can depress stand¬
this
strike ards^of living/That is because the
wave
the issue
of
the
American
system
country
has versus the European system has
part,
was
"wince and relent and refrain"—to condemn the. obvious in¬
adequacy, the evident incompetence, the almost incredible
arrogance and the constant blundering of the present man¬
agement of OPA, but to concede that control is still- essen¬
tial either under new and better management or under
rigor¬
ous restrictions,
imposed by Congress.
;.2419
Federal
for
Reserve Business
,..2422
Gross and Net Railroad
Earnings
Wi*Nofc available
Carlisle Bargeron
ly,
however,
from the standpoint
of the Stassen
Republican
adherents the $ext
qandidate will b A running against
Roosevelt',, unless, the New Deal¬
ers
as
change their plans.
in life he
date.
is
In death
still their
candi¬
Particularly
in
will this be
forthcoming Con¬
campaigns.
It is in¬
the
gressional
conceivable
that
candidates,
1 During 1945..
Harbor
•id'
Unfortunate¬
true
Indexes
February
*" to
thing.
a
or any
the
New
Deal
.,.2424
this week.
sional
which
had
been inserted
in
speech for him.
It ; was a
sly denunciation of the pre-Pearl
candidate,
other Congres¬
will
be
going
Isolationists, so-called.
From much other evidence it is
clear that the next campaign will
revolve
around
New Dealers'
This
being
Dealers
Roosevelt
choosing.the
should
considerable
of
case;
be
a
the
at
•
able
the
to
New
create
nostalgia
for
him in view of the present crime
wave
ing
out
With
we
and rackets that
our
recall
all 7
are
break¬
the,
country.
elephant-like
memory,
over
that
we
were
in
the
throes of gangsters when Roose-
(Continued
on page
2418)
THE COMMERCIAL
2414
Worth,
$5,500;
$4,500. ^
Consistency and Absurdity
fight against inflation is the most immediate
and urgent problem facing our members and the
American people.
Inflation is our No. 1 economic
enemy.
To win the peace we must defeat the
forces of inflation as decisively on the home front
as we
defeated the forces of aggression on the
:
>
and Fort Worth, $60;
Chicago and
Washington,; .$55;
Bpston and Seattle, $50; Atbn ;a,
Denver, Kansas City, Los Angeles,
Louisville, /Milwaukee and , NeW
Orleans, $40. #
:
out
the
a
little short of ridiculous.
housing goal.of 2,700,000.homes in
Which) is being sent to all ABA
,: #./# ■y;/•;..#,•1
V f ••
work this way,
housing go$l for epch State
area he nw
designate^
i
. ..
be
will
the present unnecessary costs
due
delay, increased .Overhead, addi¬
charges during con¬
"Half of all homes built to be struction, 16w volume, restrictive
sold must come below a new price buiidiing codes, and the substitu¬
line which also varies from city to tion of more expensive materials
city; $4,500 in New Orleans, for because ordinary materials are not
instance; and $9,000 in New York. available, we will obtain more
"Ceilings on construction are and more housing under $6000 or
for the buildings alone and do not under
$50
until
our
goal ) Is
to
tional interest
•
..
reached."
'
,
who
Mr.
quarter."
Wyatt also said:
•/'/,/
;
..
and
.
is
/mtebp/tented for' a^figurcat^dr
the; dividing^
below
dividing line
est
approved
'.owest
Emergency
Housing
Program
contemplates
channeling of the largest part of
available
materials
and rental housing
into
homes
selling for not
and
Philadelphia,
Providence
Milwaukee,
apolis-
and
$7,000;
Kansas
•
Indian¬
City,
-Mo.",
$6,500; Denver and Seattle, $6,000;
Atlanta,
Louisville
and
Fort
on
♦
third
rent
of
shown in
the
the
applications
for
15 and March
Program
the. local
withoutfr
may
WailhihtgOh^ap-;
prpyaU
.
://ttn ailpport of it£ drive for mod^
arately priced homes tor .veterans,
he National Housing Agency re¬
ported that the cost of low-priced
has soared 65.1%
nomes
1940..
...
.
"The rise for such small homes
which
—those
less
cost
than
1940#has been/ greater
-that# for
medium-priced
dwellings in the $6,000 to $12,000
class, the agency said. The latter
have increased 57% >
^
- J:.
"Haw land has risen 60.1% and
prepared #uilciing uots^^ttaveTgu#
up 61.8% on the average, said the
to
survey
made
by
Officers Elected
by
investment; analysis
and
demands;
%
'■
' \
/ / Third, refunding bonds of
Tong-ternV should be)offered
t
;f
de¬
York;
-
and
Secretary, Wilhelmina A. Wehdel,.
Assistant,. Cashier,. Barr Brothers
Co., Inc.•
,
.
henfce/)to >some:^^extent^their/earrti
loans
as a.
sound step.
1
accumulating
institutional
and private funds, the ABA Ex¬
ecutive Council sees an opportu¬
nity \ for the^) Treasury) to "carry
further the refunding of Govern¬
ment debt held by banks into the
*
*
Treasury
Victory-Loan
in
connection
with every subscription that
loans against these securities
by June/ 8.: Banks have
>
an ?
obligation to review these and #
appeal
other
loans
on
Government m
securities
carefully to see that
; ) they/ arev not
encouraging
reducing
speculation in such securities.
of
;;
of a type that could- be
liquidated within six months.
Those Six months will"elapse)?
to
such investors in order-to bring
this" result about. V
'
^ -.
matter
the
were
bond issues, the Treasury
should) ttiaki offerihg$fLavihgt&
the
loans
The banks certified to
the
ings
rate: to
the
in
Drive.
nonrbank investors, and
and
Government securi¬
issued
states that in addition to the sav¬
maturity
particularly
that were made on securities
In
hands of
on
ties,
ings it, nevertheless, regards this
.
-
speculation in Government securi¬
program suggests
that the banks review their loans
on
such securities,
consideration
discount rate
of
In urging re-f.
the
this
In
ties, the ABA
Council
<
preferential
on,short term.Gov¬
connection
the
also
suggests
that
the Reserve System reconsider
the preferential discount rate
on
short-term Government se-,
ernment. securities, the four-point )) curities at the Reserve Banks
/
which is now one'-half Of 1
program Observes that this pref¬
erential rate had a special and V This rate had a special 8nd
useful war purpose in encourag¬ /; useful, purpose during the wan)
in
ing bank$ toi carry their; share '• of
Government1 securities. "Today,"
i;
it says, "when a gradual reduction
ii bank holdings of Governments
is desired, this invitation, to credit
encouraging banks to carry
their; share of Governnienf
securities. ;; Today when g
gradual reduction in
bank
holdings of Governments is
desired
expansion" is unwise and is inflaUonary in tendency/' ■
credit
,
and
The Brogram
in ABA
.
as
in
full,
as
cc
The
-ltained
President..Rathjels letter,
:
These four points constitute
the principal monetary poli-i
which
appeared
invitation
to
is unwise)
inflationary in ten#
:
to
the
Council most essential at this,
time).iiL avoiding. further in-
,
?
Council <
commends
these'
follows:
cies
is
this
expansion
dency.
The ABA anti-ipfiationary pro¬
nouncement
./
,New
loan account
,
Company
&
institutions
t
to meet Treasury ;
v
is
of
member
on war
other possible
being sent
.
partment, Chemical Bank Si Trust
.
letter
a
liquidity
calls
is
program
-
In
AIB Alumni Association
of
in
ABA
has
Sent to Members
1
several
agencies in the. housing,Afi^.ld.7 j
ger
'
from time to time to noril '
President,
Frank
C,
Rathje of Chicago, who is Presi¬ / bank investors. Accumulating
dent of the Chicago City Bank &
/ institutional and p riva t e J
v funds prnvide an opportunity #
Trust Co. in that city..,,
for the Treasury to carry furf S
In jrallirgifor the vigorous sellr
ing of Treasury savings bonds as /) ther the refunding of debt #
of the greatest importance,iq com¬
'/•held/by*-|he^.banksiHlato;/the hands of/non-bank investors.
bating inflation, the. ABA pro¬
To do this it is necessary that'#
gram also urges plans to persuadp
/the Treasury In addition to#
bondholders to keep their bonds.
the saving bond issues, should
In urging the continuation of the
make offerings of bonds that)
policy of using war loan accounts
have a maturity and rate to
in banks to repay Government
debt, it points out that this has
appeal to such investors, -,. ■
the anti-inflationary effect of re¬
Fourth,
steps should be?
ducing bank deposits, which are
taken to reduce speculation
potential buying power. Although
in Government securities. The |
it ; recognizes)) that / this
practice
banks cart) dosomething to
will have the effect of reducing
improve this condition by re¬
the earning assets of banks ;amX
viewing carefully their own
statement, which Was based on a
recent
*.
;
anti-inflation
contained
$6,000^ in
than
>
areappraisaUi
by* each bank of its Govern-f ^
ment portfolio to see that it
-Will aisoeallfor
,
to
the banks, and'so'reducing to'
some extent their earnings. It
sociation
ithe dwellings ms(k#
period. No line above $7,500
set
necessity
approval, and# throughput ^ ^the j country; by ^As¬
t^'This Bne
be
The
the Washington of-r
fice. of FHA for
up
.
.
"If the dividing line, works out
to
dueibg th^ eafhing assets of
r
balanced national budget as
between Jail* ,resist inflation."
.29 of this year.
higher dhattt $60, it, must be re¬
duced to that sum, unless it is
submitted
a
"the greatest, single
approved by FHA
•
effect) of /
bank deposits) y?hich*
) aro-potential 1 buying/ power. /This is a sound step, although
it does have the effect of re-,
se¬
in addition^the program callg
^
the. anti-inflationary
1 reducing;
such securities available at the
line:##The FederalReserV© banks,
is fixed at the high¬
„
Boston, $7,500; Los Angeles
in / Government
'
using its war loan balances in )J
the) banks /to/.repay: Govern- ).
fnent debt. //That /action has
and
Set ; aside vfor: rental
curities, including the termination
dwellings. At least, naif of tne^e of the
preferential discount rate
"25%
.
"The .Veterans
repay) Government 'debt
speculation
,
$8,000;
/
T
fdi fhe::taking.bf; steps td Reduce
.
-
the second
fo.
down as follows:
Leroy Clark, ah Assistant Viceapply to; build
throughout the country will be their own homes will receive first President of the Marine Midland
expected to induce builders to* preference in
the issuance of Trust ? Company^ ; ' was / elected
undertake the low-priced housing
priorities, according to the order, President of the Alumni Associa¬
projects. The Government's whip with next preference going to tion of the New York Chapter,
for builders Who dislike this type builders who
agree to sell or rent American Institute of Banking, ai
Of construction will be withhold¬
under the new dividing liiiO, it the association's "annual meeting
ing priorities on scarce lumber, was noted in the Associated Press, and dinned held on April 23rd at
materials and supplies.
The an¬ which said:
the Stockholm Restaurant,-New
/ j\ /#.*1 /
nouncement of Mr. Wyatt said:]
"The new "dividing line" is to York " City/ Other officers elected
Vice-President,
"Approximately
one-third
of be worked out
in/each city by the were: /First
the priorities, issued through .the
Charles H. Schoch, Deputy Su¬
local Federal Housing Administra¬
Federal
Housing Administration tion director, under a method set perintendent of Banks of the State
(FHA) during the first quarter of forth in the order,; For some of New York; Second Vice-Presi¬
this year Were for homes costing
major cities it will establish ap-,: dent, G; Russell. Clark,- Assistant
$6,500 or less. The immediate ef¬ proximately these sales
Manager,
New. York
Clearing
marks;
fect of the new order, Mr. Wvatt
"New York, $9,000; Washington House
Association;.
Treasurer,
said, would be to increase by 50%
and Chicago,
$8,500; Pittsburgh, Emerson Stiles; Assistant Mana¬
the homes built under $6,500 in
Veterans
.
proves the Treasury policy, of
loan accounts in banks
war
ury
j
brokein
#The local target istheh
-
received in ; the Jan.- 15*Ma£ch_.29
produced today
under $6000 in all parts of the
country, but it does mean that as
we
increase
the
production of
materials and eliminate many 6f
houses
J; their bonds,... ■>.^4 %:))
)
Second, the Council ap-"
*
ington; then each FHA 'director their)b6nds) The recommendatioits
.sets local targets for each city or call for the continued,use of Treas¬
is an amounfequal to
the highest approved sales ceiling
in the lowest third of applications
.
Also, the vigorous sale of
freas'ury savings bonds and plans
fo persuade bondholders to keep
FHA district is set up in Wash¬
or
,
.
efforts
ters.
housing target
may be sold, but at least half 61
."these must: come below & sales
dividing line. ;
"
\
J
by National Housing Expediter Wilson YVVWyalt
on April 20, apportioning certain definite percentages of new housing
Construction into rental units and low-costJiomes, with allowances
for geographical differences in construction costs, is described by Mr.
Wyatt as, the first step toward channeling building, materials under
the Veterans' Emergency Housing
Program.) The action is designed
to steer//most of the country's
'
residential building materials into more than $6000 or renting for
hot more than $50 per month. Dp-e
homes well under the
present
$10,000 sales and $80 rental limit.. viously these are - objectives for
total
As summarized by the Associated the
program
of 2,700,000
Press in a dispatch from Washing¬ houses\ ■< It does not mean that
include thd price of lots.'#
?
Federal
housing* officials
T
*
v
•
are
program
tions): for
.
"The order will
ing
Wyaft Issues New Housing Order
ton, the order directs that:
i "One-fourth of the dwellings'
henceforth authorized in any city
must,be; built for rental; and of
these, at least half must rent at or
below ceilings which range from
$40 monthly in New Orleans to
.$65 in New York.
J
v
~
in the anti-inflation¬ !;0; U.' S. securities.
recommenda¬
First, the continued vigor- )
to> .refuhd. the
#bus Sale of Treasury savings ;;•
Government : rdebi
out \ of
the :)/bonds
by the/banks is of the .;
banks into the hands of hon-bank
) great importance. in combat- /
investors by means of offerings
ing inflation.'; This program |
of refunding bonds with fate and
; should
include plans to per-,
maturity to appeal to such inVes; suade .bondholders r to
keep
ary
be
lines will be" lowered:
Included
.
produced at once in all
parts of the country, but as build;ing costs are lowered through bigvolume construction the dividing
will
power in the form of bank )
#credit, qufreftcy, ahd cashable:-;
T
• .' -
members^
Wyatt said this does hot
that houses under $6,00b
■>"The1resf*of
An Order issued
.
"Mr.
v
^
;
$6,000 price class in meeting
Trumah/s.It veterans'
probably—reduction*
-
,
^
/
^
..Natiohaljhpttetary^policies.. necessary to4he avoidance of-further
inflation ;were; set "forth: by the; American Bankers; Association:oh
22 in a four-point anti-^*
inflation program adopted by the
: flatten-from the present
huge' ^
Association's
accumulation * 6 f
executive
b u y i n g)
council,
two years.
|
efforf ^to^ appear
logical in demanding higher wages at the same time
that he undertakes, anti-inflationary propaganda!
But the obvious absurdity of his reasoning is only
tial discount thte/on short-term Government securities*/
April
President
:
mean
an
;e
"Aim of the order; is to provide
many homes.as- possible below
very
Mr. Reuther at least makes
•
/
as
reaction and inflation is
ideals for which we fought this^blc^dy;hhd :
costly war.
"Our first task, therefore, is to keep prices down..
Price control must be maintained, and we must do
everything in our power to see that effective price ;
control legislation is enacted, and that, such. legislation is strictly enforced.
.
.
.
"We subscribe to the policy that wag§ increases #
must not" be passed "along' to consumers" in) higher #
prices whenever it is within the capacity of the em- ;
ployer to pay higher wagqyput of the current prices,
charged by: the industry*')or# by bringing/ his ;effii
ciency up to the level of the industry in which he
operates.
"We recognize the need for higher prices in in¬
dustries or parts of -iMustries.;Which^anpotbthe^i
'wfee-; raise vthek',;Wage:^o,a decent level.
And' we
•recognize that efficient employers are able to pay
higher wages than an industry wage, pattern might ; )
require them to pay."—Walter P. Reuther.
••
sale
w
stopped, the skyrocketing of prices Will cancel
our
wage increases within a few months and. '..i
will lead to economic chaos which will threaten the
•
Program
Executive Council recommends (1) continued vigor-
s
of'Treasury savings bonds; it), using Treasury balances J
in banks to repay Government debt; (3) the offer of.long-term-;
refunding bonds from time to time to individual investors; and f
;(4)s the' reduction of Speculation in Government securities by,loan 4
restrictions on holders.
Also suggests discontinuance of "preferettous
dianapolis
as
"If this mad drive of
not
#Association
"Providence, Philadelphia and
$65; Pittsburgh ; In¬
;
daily grow more threat¬
big business pushes its power drive to force
Congress to abandon price control. Inflation is the f
major obstacle in the way of achieving our goals of |
full employment, full production and full con- r
sumption. #
ABA Has Anfti- Inflation
lines
.
NOW York,
/•
Thursday; May 2, 1946
Orleans,
are
"The forces of inflation
ening
New
"Sample rental dividing
approximately: > * / -■; ;
"The
battlefront.
FINANCIAL CHRONICLE
v
;
points to the attention
of the banks, of the country)/
They concern only the mone¬
tary phase of the Inflation
problem; a balanced National
budget continues. to be the
greatest single / necessity to
) #resist inflation.
..
,
■
,
-...
:
:
THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 163 / Number 4486
House Passes Curbed Price Control Extension;
Senate: Seeks Moderation; Public, Continuance
-The House
April 18 passed and sent to the Senate legislation
on
expira¬
to'extend the Price Control .Act for nine months beyond its
tion date of June
30, 1946, but, according to Associated Press Wash¬
ington advices, in a form .which Stabilization Director Chester Bowles
said would make
tion
price control "impossible.":- Although administrar
Senate to reduce the drastic restrictions in
leaders look to the
,
the House
on
2415
7
the price control ex¬
tension, measure. On "April 25, the
Associated Press Washington dis¬
patch: stated, Secretary James B.
Carey of the Congress of Indus¬
trial Organizations told the Com¬
mittee
that " unless § the
House
"
•
action is reversed by-the Senate,"
labor's wage demands which have
recently been settled on the basis
of; continued price control, will
The soft .coal strike and its resultant adverse effect
that the situation will
.
the
House-passed measure, it was^
generally conceded that the ex-' yisiohs similar totthpserpassdd 'bj'
•
-.
•
•
.:
tension
bill, approved • by ' the the House,.
Senate -Republicans are being
overwhelming vote of 356 to 42,
with its sweeping changes > was organized.-by Senators .Robert A.
the most serious.defeat President Taft.; (R.-Ohio): .and Warren R.
Truman's policies have yet been Austin
(R.-Vt.) into a group to
dealt.,..-:>'-7.,
v >■ support what the sponsors called a
"moderate program of extending
An estimate by OPA chief Paul
Porter places the rise in consumer price--- controls",
the
Associated
prices at 50% if there is a gen- Press reported on April 27. Sena¬
«
,
v
oral
collapse in
result of the
m* the
new
his agency as a
limiting amendments
bill,
- ■ ; v
for complete
abolition
of
price
control
on
March
31,71947,
the following
broad amendments were adopted
by the House, according to ad¬
'(
Besides
calling
vices to the "Wall Street
I
Mandatory
Journal"';
decontrol, of
7 any
commodity when production of it
period of 12 months equals
ever a
or-
exceeds
in
the
production recorded
period between July 1,
1940 and June 30, 1941, approved
on a roll call vote of 228 to 166.
i
Mandatory, pricing
of
every
commodity to allow current costs,
calculated' in
as
established
ac¬
counting practice, plus "a reason¬
able profit," for producers, pro¬
cessors, and distributors, includ¬
ing retailers, approved
by roll
-
,
,
,
have to be renewed until increases
are
given to correspond with the
cost of living.. "Chaos
increased
and confusion" was his prediction
for the country
in, the event,
con¬
trol
the pro¬
on
duction of steel caused industrial output in some industries to register
slight declines the past week. At present there is. little indication
improve, since John L. Lewis and his United
Mine Workersfare sticking to. their original demands'in the soft coal
controversy and show little inclination toward a compromise with
thef soft
operators. ' It was«s>—■—
———-—r~1—
~~
Monday of this week, ucts about 700,000 net tons. Before
however, that the operators and the strike is seKled, the ingot loss
the United Mine Workers would may
exceed 2,000,000 tons," so
coal
reported
on
-
overprices were lost;
/ resume
joint negotiations on Tues¬ s.ates "The Iron Age," national
/"Farm groups,, although for the
day. Previous conferences were metal-working paper in its review
most -part seeking a termination broken off
on April 10, last.
The of the steel trade dated April 24.
of
subsidies, • asserted
through inroads-the coal strike has made
Considering the 7,500,000 tons
their; representatives, their beliefs in the production of steel may be of steel ingots lost' because of the '
in the- need for .continued price seen
tor Taft, chairman of the minority
by the latest report of the steel strike earlier this year, and
controls. Edward A. O'Neal, Presi¬ American Iron &
S.teel Instiutute, the.; 1,000,000 tons which will be
Steering Committee, is said to
dent of the American Farm Bur¬
which places scheduled steel out¬ irretrievably lost by the end of
have stated that the Republicans
eau Federation; declared, accord¬
put of companies having 94% of this week because of the'-" coal
hope to enlist enough Democratic
backing to beat off what he called ing to the "Journal of. Commerce" the industry's: steeL capacity for strike, this 8,500,000 tons of raw
qq vAprU^6^ that .the bill passed the week beginning April 29/ at steel represents the disappearance >
"irresponsible last-minute amend¬
ments" and put through a plan- by the House "goes too far in elim¬ 67*.7% / as - against 73.6% a week of. approximately 5,900,000 tops of
ned-in-advance program curtain¬ inating price controls^' James G. ago* representing a decline of 8 %. finished steel—the total shipments
production made to the automotive industry during
ing some of OPA authority but Patton, President of.the National •..• Automobile
Farmers Union,;aI$o aSse'rt^d that progress in the week rising £0% the full year of *1939, according to 7
retaining major anti-inflation con¬
trols.
Senator Austin went on the House bill- goes toov far and above the' ldvel of the preceding the magazine.:*.'
week, § with output/estimated. at C Some steel companies continued
record as saying that he and Sena¬ sEud;thaf;^e^quse;tq^
units as compared with to operate at high levels ' last
tors f of ;like views '"want'to save ful risk with the future of all 57,565
the necessary controls but to pro¬ 'qfcjis"
; , ! ;*/";. A'/'; % ||J 49,425 : units the week before. To week, but by the end of this week
date the automobile manufactur¬ at least?two large firms will be "7
vide for relaxation of those con¬
A-; young; business organization
:
trols as fast as the • war-to-peace called -the New Council of Ameri¬ ers are at the highest level of forced to cut production-. by as
their reconversion output, approx¬ much as 50%. The gamble which ;
can Business,, declared itself op¬
timetable'will permit." . r'.V.1
imating -an annual, rate of close many, companies took that the
posed to 1 theprogranr*of the
[ The Associated Press added:
coal strike would be short-lived
|; As outlined tentatively by Sena¬ National1 Association of • Manufac¬ tq .3,000,900; cars and trucks,, but
; • <", •'
tor Taft, the projected Republican turers which seeks to have OPA futurd;outRut^irv5goqd;nieasure has been definitely lost.
^
Present indications are that the ^
controls abolished by June 30, ac¬ ccuitihgent fipqn: vtheir ^ability to
program would revise/a Houseobtain sufficient steel, v
coal strike will run well into May.
V
cording ito* Associated Press
.
'
.
Wash¬
approyed/'cost;plus" Amendment
) Carlohdirigs -of"railroad.freight Governmental plans for ending
to provide that the Office of Price ington. advices of .April 26. H. L,
move ahead slightly in the week
the tieup, so far have no sub¬
Administration must fix price ceil* McCarthyj executive director: of
call vote to 259 to 137.
:
Elimination of all meat sub¬ ings which would-give manufac¬ the council, questioned.dhe bright Riding; April? 20; the -increase stance, ; and the, controversy • has
Urpouqting; to, 1,549 cars ;pr 0.2% settled down i to the usualcoal :
sidies after June 30,
1946, ap¬ turers a margin over cost on major of the NAM to speak for industry
oVer- th# of the;week -previous. dispute pattern.
In the past in-><■
proved by roll call vote of 214 items Similar to > that in. a certain as -a-whole; He said that every-poll
Here;? again: thet currentl^dft coal Mr. Lewis' dealings with the coal
"contradicts
to 182.
pre-war period. If there was no of business opinion
J,
'
strike has worked to-curtail load¬
operators ho has held out for his
pre-war margin, there would be the findings of. NAM"- that'.97%
£ -Termination of food subsidies
December 31,
on
of
a
1946, by means
cut-back program calling for
by
reduction of subsidy payments
25% every 45 days after June 30,
1946. This amendment also would
require;_ ceijings
on
agricultural
The
now.
none
.
I*, 1941,
producers since January
..
Reduction in money
*
for food subsidies to
from the
authorized
$654,250,000
$1,870 million sought by
Administration, in line with
the six-month cutback program,
.The' effect of the measure as
the
House
provided
have
tors ; must
a
profit 7tmvalf itemsaSen4tor!{Taft
Republicans agree that
OPA's maximum average price
said
the
most
certain
proportion
of low cost clothes, must go.
OPA
officials have charged this would
increase clothing priceS; 10%. v w ,
'
The, Republican group is think¬
ing,. the Ohio: Senator, said, df of¬
fering a liquidation formula under
,
which
OPA
the
would .have
to
lift price ceilings on any product
passed by the House would be to as its
output reaches 120% ..of
wipe out the most important con¬ 1941
production.
trols which OPA now posesses,
The House made
this figure
and is, indicative of the growing
tendency within Congress, to end 100% of 1941, but Senator Taft
said less unemployment now, plus
what has been generally termed
population increases, indicate a
as regimentation.
higher production rate is necessary.
The action has been generally
-
'
protested by the public in
the
flood of letters and telegrams rer
ceived by Congressional commit¬
tees, but, so far as the House
Banking and Currency Committee
these appear to have
bad little effect of deterring the
Is concerned,
limiting amendments, as many
of
received before
the amended legislation had been
approved. * £ Economic; .Stabilizer
Chester Bowles was reported by
the Associated Press to hav
clared on April 21 that the people
Would press their insistence upon
•Congress for extension of price
control without the "destructive
amendments." Administration
leaders in the Senate however,
liave not been so sanguine - that
anything material would be done
-to offset the House-passed 'meas¬
ure. The Senate bill as it stands
calls for; a full year's extension
of the Price Control Act, but this
was also true of the House legis¬
lation
before
the
Committee
amended it. There seems little
•doubt that the provision to elim¬
inate price controls on any item
after it reaches 1940-41 levels will
be retained in the Senate measure.
Senator
McClellan (Dem.-Ark.)
the messages were
predicted, according to the Asso¬
ciated
Press,
that the Senate
Banking and Currency Committee
would send the .extension bill to
the floor "about as the Adminis¬
tration wants it," "but that after
It gets there he anticipates re-
the OPA.
Senator
Bourke
Hickeri-
B.
(R.-Iowa); a member of
Banking Committee,; said to
looper
the
be 6ften critical of OPA policy,; on
April 28, according to the Asso¬
ciated Press, expressed himself in
favor of the agency's continuance
"in reasonable form." He •; con¬
ings oL revenue, freights Electric demands despite* the drastic ef- H
kilowatt production; on the other fects of the,coal shutdown;^,;;
hand, dropped in the same week ; .There-is; more; th?in..a ;50-59
to 3,987;145,000 kwh:., or 9.6%; be¬ chance that the steel industry will
low' -the ^ corresponding- - weekly become
paralyzed and reduced to
periodbof 1945. Paper output for an insignificant operating level be- V
.
" "reasonable
■
'
of business Is against
that manufacturers and, distribu¬
} producU^cxiinclude^ increases in prdej^'By/W^
duction of a
cost to
,
,
7
jjlBAMemberships
f
95.7% of US Banks
'
United
the- week ended
of all banks in the
Over 95.7%
States
are
members
now
of the:American Bankers
Associa¬
vealed
April ^O^ralso
re¬
like, period.
s
;
Arkansas/ ; Colorado,
Delaware,
District; of
Columbia,
Florida,
Louisiana, Nevada, New
beginning;' of
some policies .if the flow
key goods is to be increased.. the'year, the Organization Com¬
It must- begin to - make decisions mittee was successful in enrolling
165 new members including r six
quickly instead of waiting months
v/;*
time;'^
.
The
consumer
banks
tries
from
and
7
advisory commit¬
United
States
terri-
Mr.
Dominick'-reported. He added: ;
indrea.se the! -membership
; At'Tb y
I. "We
percentage, it was- necessary for
the committee to enroll practically
are
convinced- by
over¬
some
,
ments.
cultural jobs
.Around May 2. the OPA is ex*,
pected ,to revise' the. increase on !
alloy | steel from^ 4 %. to > 8.2 %.
Mahy steeL firms have hot Milled >5
the. labor market from the 2,000,000
be
to
discharged
by July,"
banks organized in
:
,
1
4 ".•*-/
\
their,
customers; on * the 4% in¬
basis, but have notified
them/that when the pnee ques4/v
tion is finally settled, additional
billings to compensate /for; the!^
„
crease
states Business Week* in its "Out¬
price increase will be made, the
magazine discloses.
*
.
^
-
,
look."
It is
;
certain that at
,
,
: , the end
J
.
ofM
•'Construction, Which now em¬
ploys 1,328,000 (more than double the 90-day period from the time t*
steel prices were increased, the
a .year ago)^ may provide
up to a
million jobs;
'1 ,\ " ' • steel;industry will require fur-/"
"Manufacturing has been add¬ ther action from OPA on the steel
If may be that /!
ing to payrolls right along. Strike- price structure.
ridden- metal-working lines; whose the unbalances claimed by the
expansion;; has % been ?: throttled, industry will be straightened out
;
foreign countries,!'
tee to OPA said in its statement:
whelming. evidence. that -existing
companies in the East and in
other parts oi the country Will' be
able to operate on cold pig iron
000 veterans had found non*agri-
,
change
mean¬
'
;
,
of
production
cleared
Several
is
'
.
("slowing
coal situation
tion; according - to
Robert
L,
The picture of new order vol¬ and scrap charges, but even these *:
Dominick, Chairman of the ABA
ume for industry as a whole was
fiyms "-will ;be:. hampered ' due to
Organization Committee, iri a re¬
the growing scarcity; of; jug ir'ori;.
port' for the six month period still; bit the increase last week
with back ^orders ^continuing to due to Blast; furnace sjautdowns'.
ending March 31', 1946, The report
shows that 15,635 banks, of which pile up.
Many, small .plants throughout,he country are unable to obfain
tClaims for Unemployment com¬
15,498 are located in the con¬
various types, of steel products, ihit
tinental United States; represent¬ pensation. fqr the
ending
ing 99% of the banking resources April 13, jdeclined by. 5.5% and order to round out their own pro-.;/
of the nation, are novv members between, now and Midsummer no duction program and unless some ^«
Of the ABA,
important increase1 is; looked for Means: are found to,takes care',ofn^
'
.1 ; "
in unemployment except for labor
hem, wholesale' shutdowns and
I Mr.
Dominick, who is also
disputes intervening which could curtailments wall' result.
Large ,
President,c of the; Traders Gate
well upset current' prospects.
users": too*
are/in for .a series of.
City National Bank, Kansas City,
leacjaches wifhin the - next few
Mo., reported that all banks ;in j;The Bureau: of the - Census esti*
because, many 'ot,1,their,/,
16 states and the District of Col¬ mates the. jobless at:2,710,000 in weeks
sources
of steel supply will be
umbia are now ABA members. Ma>cM up only 60,000 cfrom* that
curtailing operations v and- ship*.'/
The :10Q%
states are' Arizona, of February^ figuring:that 6,440,*
by .March and that
qn additional 600,000 -had been
Idaho,
re-employed in farming. ;.!;
"
tinued, according to the press Mexico, <: Nprth Carolina/ North
i "About 1,500,00U veterans who
Dakota, Oregon, Utah, Virjginia,
accounts:
are hot now actively seeking- jobs
"I don't want to see OPA emas¬ Washington, and; Wisconsin;
remain to be absorbed., Approxiculated," he added, "but it must 1 4'Despite the ; small number > of ipdtely al niany jmdre will5 enter
non-members at the
and
fore ,the
slight: 'Hecline rofrl:t%v'
a
while, production of paperboard
remained Without 'bhang 2 for the
<
price-control policies do not stand
in the way of full production and
all of the
feel
be in the .market for an by a revision in steel price .extras.
The strike, wage and price sit¬
increasing;* number of hands in
membershipAof. ;•• 100 % Aiq qyery coming months;*; The price-cost uation in the nonferrous indusstate, I think we should recognize, squeeze 'being' what • it is, they tries is very similar to that of the /
that? this
objective - may never can't afford to' boost output with steel industry some three months •
be attained." He stated, however, overtime;-'.. ,,
.
.7
ago, with the establishment of
-"All
that efforts will be continued to
things considered, * mid¬ fact-finding boards to'study'the "
enroll all of the remaining non- summer unemployement looks wage and price structure of
cop¬
members because "we still believe like 3,000,000.
That's a far cry per mines and smelters.
Price *
strongly that Congress should
protect the nation against- those
special interests which are seeking
to destroy price control for their
speculative gain.f A / v : ,
pent-up savings are so
that,
especially in food,
clothing, housing, refrigerators and
other durable goods, inflationary
pressure is intense."
/ ? A/ Meanwhile, spokesmen for or¬
ganized -groups throughout the
country have sought to-impress
upon the Banking Committed the
desirability
of
eliminating
the
own
.
"The
great
limiting amendments imposed by
new
order to offset the normal number
of
liquidations and mergers of
Although we aim for a
should
banks;
1
it is irhpof taiit
that 'we help these
insti¬
from
the 6,000,000' to
anticipated." -
10,000,000
banks run the best possible
once,
tutions] and the addition of the
remaining non-members will add
next week the coal mine
-Steel Industry—By, the: end
increases have
now been granted
mills, and all but one
major
wage
adjustment
have
been settled in the industry. Other V
stoppages in the lead and ' zinc
to the brass
of
stoppage
strength to the representative in¬ will have cost the country more
fluence of the American Bankers than
1,000,000 tons of steel ingots
Association."
and in terms of finished steel
prod¬
mines
.
'
are
awaiting the establish-
(Continued
on page
2419)
;
vuz J
w
^;, 'jar
l,;;j
!
•? r'
-
-
*
*
:
;
2416!
THE COMMERCIAL &* FINANCIAL CHRONICLE
T-'t
(Continued from first page)"41
a
v- *" •" •;•
•
5 '
^ih6;£nptipn that the House'the markets,;of the country.
«'!;werit.;t66 far" has taken hold j How many times have : we
slriv quarters
not under the
of these profes¬
thumb of any
sional. agitators. * •, It is well to
Itecall >t; this point also that
ithe-; attack"
for
has
price
on
the
most
control
part been
'directed not at control
as
such
So much "as at the blunders
.
land
.general shortcomings of
have been doing
controlling.
V
■those-" who
the
j'r:Now..'it is
the
dhat
fact, of
a
course,
management of the
-OPA has been about the last
:0 Time;- and /time
OP A has ordered
economy.
The Financial Situation
v
g a
i
n.
;•:'.
«
Thursday,' May 2, 1946
^changes in price ceilings to
stimulate
production of
,
in
A
tain
how
uniformly have such
surances
as¬ haver the
proved to be quite
pastoral letter by Catholic Bishops of Western Germany which,
or
substance!
York
complications, the
impracticalities, and the un¬
we
or
.JoagUes haye been essaying a promised time and time again
in the past as a result of other
2. whqijiy~ impossible; task,; that
irito the black markets.
Much of all this of
,
course
the
lately from
from
Weisbaden,
'
official
ria,
United
.
^
States
said the letter was to have
read by Catholic priests in
British, French and United
;
on
Easter Monday.
"The Americans learned of the
letter's
;
(Apr.
is
existence
20)
last Saturday
discussed it with
and
almost
12
sation
States zones, not including Bava¬
seyeral Bishops, who agreed to in¬
the fact
months
that
the lustrations could be * cited not merely. in OPA; as now
Without difficulty. .;;The eco¬
constituted but in any system
thodgh; tq devise and execute nomic system, as: we have of general price control in
control system which found on several other occa¬
peacetime: •
Syo'uld At one and the same sions to suggest,
is shot
time be-effective and permit through with ucorn-h%g ra¬
among
.
From Londrin, Associated Press
advices
ernment officer said.
-s
"[The■ ^officer; connected) with
legal division, said that letter
the
High Court Rules Oath
to Fight Not Required
not
directed t specifically
against British policy, but against
the? four-power :;Control Council
as
under
given
of
date
in
the
"Times" stated:
April
"The
:
26,
.York
New
3
.
v
Vatican
radio,
joining
Catholic Bishops of western. Ger¬
many in denouncing conditions in
.
the Russian
of eastern
zone
Ger¬
said tonight, that. 2,000 •. to
4,000 Germans were dying week¬
ly in camps thore? and thatv dis¬
ease; starvation and rape r were
Widespread.
...
many,
was
in:: Berlin; ' whicht.P ^will r- hold
us a with pre- popularize. To put the^inatV A ruling of .the Supreme Court
Jo^ph iCardirial : Fririgs; ;Archr
as a people ter in another add -hiord'prbon'April 22* makes it possible for bishop: of Cologne, resporisible.'
saic way, what is 'known as
-'Want: from day to day.
an
alien to become a citizen of
-prices'' is.an:infinitely com¬ the United-States without promis¬ ; "[Whether "the letter was read
How Much It Would Save lis
in the; French"zone1 was
deter¬
ces¬
"Hundreds of thousands, if riot
millions, are put like slaves to
forced labor, although the only
thing with which. they can be re¬
proached is the fact that; they
were soldiers," it declared."
"
[The letter was read in all
Catholic churches throughout the
British occupied zone, a dispatch
from Hamburg said.
Its reading
was
not
discouraged there be¬
cause "it is impossible to
inter¬
fere irwith; the
liberty ;of
the
churchy" a. British Military Gov¬
today,
the
after
of
hostilities, millions of
German prisoners, of war are still
being
kept , back
indefinitely,
often under miserable conditions,
arid deprived of their freedom.'*
struct their priestsmot to read it
from the pulpit.
oLmen there is none wise
ly J in Supplying
Peisjely% what we
"Antf
been
-
func¬ tios," which haye not had the
efficiently and vigorous¬ talents of,.a»Mr. Wallace to
"Times"
also- quote.
source
a
situation easily r and fre¬
though:the wisest amongst us adjustments!
quently observed by the man
'were to replace him and his
in the street. What is needed
Many Other Cases
'Stiffvthb effect of price con¬
is a general understanding of
But many, many other il¬
trol., would still be quite unthe fact that it all is inherent
the'economic system to
■
■
.
i&atlsfacfory—that
'
;
cer¬
Bishop's Letter Criticizing Gonditons in
Soviet Occupied Germany Withdrawn
if
■
-that"- Mr. Bowles and his col-
tion
•*
goods in popular demand it is stated, criticized what it termed the
"revolting proceedings" in
—with results quite different Soviet
occupied Eastern Germany was withdrawn in the United
been told that certain changes from those
expected.
Some¬ States zone at the request.of military Government officials, who, ac->
had been made in certain sec
times changes made more or cording to Associated Press accounts from Wiesbaden, Germany,
tions of:, the price complex for
April 26 said it "incited resentment, unrest and possibly riot.
From
less simultaneously elsewhere
what
is
the purpose of: stimulating
purported
as
official^
in the economic system nul¬
sources, it is indicated that the arid managers without a moment's
certain classes of
goods for lified alterations made for an¬ letter (it is learned from the As¬
notice, by the arrest of thousands
which the public had been
sociated
Press), assailed Allied of others without judicial sen¬
other f purpose.
Sometimes
occupation policies; it is added tence, by their being deprived of
clamoring? How many times such
changes brought unex¬ that it compared the denazifica¬ freedom without
have we been told that such
any possibility
pected complications affect¬ tion program' to 'a "nightmare," of self-defense, without any con¬
changes would increase pro¬
and said "hundreds of thousands,
nection with their nearest relaing the production of still
duction
of these
goods by other
if not millions," of German war tives."
0pP0P:lp,P:i:b
types of goods also
some
prisoners were being forced to do
large percentage with¬
"The letter added that the Ger¬
greatly in demand by the slave labor. From the Associated
in a very short time?
man "sense of
And
justice suffers also
public.
More often perhaps Press advices as given in the New
without warrant
competence
jsons
•
German
certainties of the situations
maladroitness, in¬
and arrogance. Possibly the textile field has created by a mass of compli¬
But all of us would fare much supplied most numerous il¬ cated rules arid
regulations
lustrations of this type of
driven enterprises, out of ex¬
^Her^dn 3; the; future if <we
folly; and still more are .now
paine at once to a full realiza¬
istence, into the production
tion of the .fundamental fact being instituted to achieve of some other kind of goods,
results
which
have. b e e n
word
"
V '.■■•
*
In
broadcast recorded iri Lon¬
a
don, the Vaticari radio read
port of
an
'a re¬
unidentified eyewitness
of conditions in eastern Germany
who said that' "the Germarir prfesa
is not allowed to: mention the ex¬
tent of the suffering."
•*
-
plex; delicate; and; in
How
much
anguish
a
free
we
Should;'Save ourselves if we jtem,;6flvalues; exp^
Cpqjd .accept once for all the terms of money, but which
?obvious ^.fact 3 that
prices—^ really constitute an intricate
-meaning thereby not merely, mechanism determining- ;ahd
riot, even Chiefly; measurihg
dhe^yalue -6f3yery
as. the price
large numbers of J commod¬
>level,v hut rather the .inter- ities^ eachu-in terms, of many,
relationships between various manybtlirirs::['■Wh&many ar¬
.
'
^i^es-fhaye -always;acted
;
.
pituitary;^gland of
the economic
•first
one
as bitrary
or
and then another of
re¬
prevents them
from
promptly
adjusting
industry and themselves to the differential
^fj^de tcjexjband or to contract
demands; of', consumers ' for
system, as a this yari^ate&imultiudeTpf
-whole -jmigbt j not only func- goods,
the
whole
system
-fion vigorously -but function ceases to function. -c;
Jiftr;Wch .a^way as to produce 0: Men itl recent months' have
lYii.brd^ that the
;
—
gained .reputations; for|great
"every day .life.. \ It is nothing wisdom from
pointing to the
short of folly for man to sup¬
obvious fact that wages are a
pose 5 that; he can remove or
part of the price system,
inactivate" this gland and suband that it is. not feasible to
M|t|xtei^ therefor 3 synthetic
so
without
some¬
Somewhat the
same
observa¬
thing approaching disaster to tion could be made concern-!
,piir economic and social oring the prices of farm prodj
graism.' ci:V3,> ■'
33; ■
ucts.
Cautiously and with
! :;; H'is; difficult to believe that due
regard for implications
Ifffe'p'h I'e'r v
Chief
elementary principlesi
history of price control, What is
;Partictilafly over the attempts sibly not
without any teaching for a. year.
.
'
.
Adventist
The
Church.
United
property
whatsoever,
;$tates District Court in Massa-' without any. possiblity; of gaining
chusefts directed that Girouard be their Jiyelihpod,,
; ■
admitted to citizenship after hd : "It is hard to ■ imagine how
out
any
not
mentioned, pos-^
even
realized
said
a
he
willing to
was
arms:
The
serve
as
these1 Vast numbers,
but would not
non-combatant
bear
Federal
their
Circuit
trict
court.
:
homes,.
from
Court at Boston reversed the dis¬
and
y.niV 3 *
may ?
turning-
driven from
be . prevented
quarrelsome
into
elements."
peace-breaking
rip
are,
,
The radio, which did riot,
iridep-
tify the eyewitness it. quoted, jdescribed; as "refugees" the persqns
confined in the carrips, which.it
said
had
weekly
2,000 to 4,000
death
persons.
_
rolls,.,pf
,3
:
"Many of the priests who have
letter : asserted"* that
the
shared their bread, with the !r^appropriation program in
ugees are to weak to celebrate
eastern Germany ' "violates right
service," the radio said. "Added
and
law,"\; and threatened "the
to the great physical suffering,
,[s
Christian I order -of property." It
the great spiritual burden. There
gress
expressly, made , any. such
said that, ."under the slogan 're¬
is no food, no blankets, no
finding a prerequisite to. citizen¬
said
"Justice Douglas
?
that the
The
land
oath required
of aliens 'does not
in terms require that they prom-f
ise to bear arms.'. Nor has Con-,
form
ship, he said. "To hold that it is
is to read into the act
(Nationality -Act
1940)
by
could
not
assume
has
of October .14,
implication.
that
intended to make such
'"
But ...we
Congress
an
of
a ? radical ex¬
landed property
taken •place."-:" ;
;
;•
>
thej soil'-
propriation. of
required
that
of
tribution
of
the
unequal
dis¬
Bishops;1
"We,'the
conviction
abrupt
tained.
tutions-may be supported and de¬
the
land
is
are
one
of
the
.
Chief Justice Stone in his dis¬
sent
said
But it said that "what is
happening now in the German
east has hardly anything to do
a true reform of soil."
!
fended.
.
or un¬
there were ,any,; there
medicines," it added.' !
_
-
•
the
latest
action
with
taken
made since derstood by the
authorities, by Congress gave "no hint of any
.We ■■end of hostilities to fix is the fact that experience has relaxation,"- at least for persons
who
had rendered
and re-fix prices in, such.-a proved s i m i l a r <
nd; mihytary
principles
service, of the requirements of the
way as to bring out this, that operate
when changes are oath of
allegiance and proof of
or the other type of goods to
made elsewhere in the
price attachment to the
That, have. been
"Thousands of children have been
t
.;
these
"Only some 2 ;to 4% pf the cat¬
tle'is;; still there," it continued.
.
^eir^lu^^^pph
over
Seb(is
Justice
t individual which may>j, notjo always .be and radical departure from oui: deepest sources of social abuses,"
.could"fail at^ least to get a
pleasant forMherhy price con¬ traditions unless it spoke in un-^ the, letter said, >and . it expressed
willingness of the church to dis¬
2
glimmering. conception of this trol authorities Have laid: the equivocal, terms."
;
;; i,
; •:
Justice Douglas said the bearing pose of "some ecclesiastical prop¬
blame for.
-^ntijal' truth if he were only
of arms, important as it is, is not erty" so that a better distribution
j&sit down: calmly for a short failure -of ^qtheranto 3t&bserye the only way in which our insti¬ of earthly goods might be at¬
"the-
thoroughly
serted ? "There are not even'
for the coming'year/!'
Stone, whose ern rtyermany,; esptecially in . Sili- They just vegetate, are underdeath occurred on the day the sia and the Sudeten region,, wh^e
norirished, broken in body arid
decision was handed down, arid more;.than ten millions :p£v?Ger-; spirit."
; '
; 3;,'..-"
' ■ . ;
joined iri by Justices Reed and •mans 'ire most brutally., driven
"The report said cries 'for rhelp
from fheir ancestral homes- with-i
Frankfurter, made it a 5-to-3 dd-?
were
going up from "girls - and
cision, which was delivered by out any investigation, whether women who are
being brutally
Justice Douglas. From the Associ¬ personally, guilty.or not," it said.
raped and whose bodily and spir¬
"No
ated Press we quote:
■!
pen
can
describe
the itual health is
completely shaken,
"The ruling,was on an appeal by dreadful misery caused there by
so that they are rinable
to give
James Louis Gir ouard of Stone-? the disregard of all humaneness
birth to a "healthy
child.".,
hand, Mass.. He was born at Monc-f and justice. All these people are
"There are no doctors to cope
ton, New Brunswick,. Canada, and crowded -closely; together in the
with
veneral
diseases,
arjd. if
is a member of the Seventh Day remaining parts of Germany with¬
late
a n
ItuheVand 'icast his mind
bf^tHe^^us-
haslJ been
zone
plundered,1' the radio report' as¬
^
.j
control other
prices, or rather
Hormones devised and adminprevent
other prices from
istefed h^ any man or group
rising, when the price of labor
*oLmen^tliat is, at least,-that is left to rise
largely at will:
hb;'Cah do
"Thev eastern Half3
•
siari
■
dqtside1. force;,:iri> Ex¬
erted which disturbs these
system, causing lationships
the branches of
ing to bear arms in the-' country's
mined immediately.] ■ - r
defense, which overturns a deci¬
United States""Military Govern¬
sion refusing citizenship to a Ca¬
ment officials described the let¬
nadian who had refused to fight
ted as^"offensive and derogatory
but had expressed willingness to
to the Allies." i ^
* perform o t h e r ? noivcombatant
C :rAlready.a few weeks ago we
military
service,
according
to
Associated Press Washington ad¬ felt bound to give our opinion on
vices. 'A dissent; Written; by the the revolting proceedings in east¬
Constitution.
'
Of
the
the
letter
denazification
commented:
program
-
.
;;
medi¬
cine,
)
no
The
nothing."o:3:.-
broadcast,
transfer
sons"
of
from
of the
Russian
Their -? suffering-
new
:
"One must have
.resi¬
-
.
seen
the plight
—trains packed with people plun¬
dered both spiritually and materi¬
ally. Their
cry for material help
priests,
priests who could help them die
humanely and give them a Chris¬
is reinforced by a cry for
tian
burial.
people's sense of jus¬
touched by the dis¬
thousands of officials
such
tice is sorely
church
of
the
per¬
is p immense,
horrible and cannot be expressed
in figures. '
'
; v '
•
'
cm
the German
missal
to
zone
\
:3 "Never
are
describing
5,500.000
dences in the west declared:
obliged to declare that
"We
"some
the eastern provinces
today."
an
in
.
before
v.'
:
has
opportunity
the
-
.
»
there' been
German
for
east
the
as
•
Volume 163
Number 4486
THE
Preferential Discount Rate Discontinued
COMMERCIAL & FINANCIAL CHRONICLE
Governars: Urge
i
Passes From Existence Cos. and Coal Mines
^
prepared statement, released
on April 21 simultaneously in 26
State capitals in the United States,
u-e b°ar<*s of directors of the Federal Reserve Banks of Phil¬
i
After existing for 26 years; the
League of Nations came to an end
at 5.43 p.m. (12:43 p.m. E.S.T.) on
April 18, when, at Geneva, Carl
A
adelphia, New York, and San Francisco have voted to discontinue the
special wartime preferential discount rate of Vz of 1%
per annum on
advances to member banks secured
by Government obligations due
or callable in not
more than one year; announcement to this effect
by the Governors of those states;
endorsed the principle that a bal¬
;Was made on April 24, by the Board of Governors of the Federal Re¬ anced budget is essential to na¬
serve
tional solvency and criticized defi4
System. The Boston Federal^——————
—,|i"f—-—Reserve Bank announced on April banks still were making funds cit spending and continued bor¬
26 that it
would discontinued the available at less than that cost. ;x>. rowing as an "unsound Federal
fiscal practice," according to ad¬
preferential rate, as of April 27.
X "Federal
funds, for example, vices
to the New York "Times."
Changes in rates, to become ef¬ were
supplied at seven-sixteenths
fective at the Reserve
Banks, must to one-half of 1% although it was The G overnors' statement called
be
on Congress to provide a balanced
approved by the Board of
widely
predicted,
that
three- Federal
Governors said Board's announce¬
budget beginning July,
fourths to seven-eighths of 1%
ment
of
and were reported to have been
April 24, which also soon would be the rate
quoted.
stated:
made in response to suggestions
XX'/
-x^x- xx'-*. • ■
The rate on
;
;
Nationalizationof ins.
' League of Datlons
By New York and Other Reserve Banks Balanced Nat'l Budget
'
2417
In France Voted
The proposal to nationalize-45
large
insurance
companies
in
France,
holding 85%
of tbtal
French insurance premiums, was
voted 487 to 63, by the : French
Constituent Assembly on April 24.
In Asociated Press advices from
J. Hambro
of Norway, President
Assembly, pronounced the
of the
words: "I declare the twenty-first
and last session of the General
Assembly of the League of Na¬
tions closed." Gallery spectators
outnumbered delegates from the
v' "The Board has approved dis¬
continuance
rate
because
of
purpose
financing
the
stated:-'1
it
has
served
facilitating the
the
war-
program
'.does not favor
] ;interest
higher level of
rates on U. S. securities
a
than the Government is how
payspe-
cial rate will not involve any in¬
crease in the cost to the Govern¬
«
.
Discontinuance of the
ing.
■:
ment of
carrying the public debt.
^"The preferential rate encour¬
ages member banks to borrow at
Federal Reserve Banks
i
to hold
or
to
in
order
purchase ^additional
^Government securities,
or to lend
to others at low rates for the
pur¬
pose
of holding or purchasing
was a
h
encouragement was justified early
war to induce the banks to
Utilize their
reserves moire fully
financing huge war expendi?x
tures, it has subsequently made
£ for r speculation in Government
in
X securities and has resulted in un-
necessary expansion of the money
supply through xmonetization 5 of
the public debt, w The Govern¬
j
;
.
ment's
for
-
h
program
expansion
no
longer calls
of; bank credit to
thelp finance •huge
war
from state taxpayer
H.
The
peace
earth
thousands of treaty texts,
the Associated Press stated in its
report
expendi-
jtures, | Instead, it calls for action
that will ; stop i additions f to arid
bring -about reductions inX the
country's
monetary
supply xln
oyidor to reduce inflationary preSX sures.^Ihscontiriuance of the pfeX ferential
rate, therefore; signifies
; an appropriate adjustment from
;
wartime to postwar conditions in
accordance 3 with
the;. GovernI
;;
.
day periods.
ment's
.
program
-
X/At
the
the
same
(April 24)
Treasury Department issued
announcement
stating:l that
old
Mlge. Loans for
"Times"
W.
v
were
Governors
Walter
Bacon,
ware;
Republican, of Dela¬
Simeon S. Willis, Republi¬
of Ky.; Edward J.
can
.
.
*
25
all
as
part:
the; folio vying to
.;!: "The money: market
today
-
; short-term Federal
>
securities,
-
further
use
of
'/That, if. these trends and
amounted, to
v;x;,;V x??xx x.^!
tices continue,
crease,
evitably
$8,925,959 and for,
the first quarter
r
was
1%;
"That • the
such
new
"Savings during the month - of
March increased
«:
to
they will lead in¬
increased; costs/
in¬
thus affect adversely every
hidiyiduMr
>: ?
1946^ and I urge the people of
loan;
-
a
•
>
business
of
in
Communists stole
which; ..the
march,;on the
Socialists by'putting through .the
nationalization of part''of fhe'6oal
and power
cialists
a
industry while:the So¬
unable to obtain the
were
nationalization of two more-
large
' -A-;'x?'
"Nationallzation of the/eleitients
of the- coal and powe:r interests
banks.
/X'-x
;? ?
-
,
voted by an overwhelming
majority on a show of hands,. ,The
Socialist-sponsored bill tp;hat|operal as from
alize the BOnque de Paris et des
Jacklin of South Africa as Treas¬
Pay * Bas .and the ; Banque? vde;
urer
f^om 1944. They will continue l'Union
Parisienrie, -' two; of, r^he
toK serye until the: last of the
largest French industrial .tban|^s,
League's
affairs
is
liquidated, was lost in the shuffiej"
V; v
was
Lester of Eire
Secretary Gen¬
1940 and Seymour
as
which will be; undertaken1 by a
board of liquidators and probably
last at least another year,:
; xyj
/
A last act of the Assembly was
to approve a resolution
the
intention
of
expressing
various
powers
the.^eiy. Yotk
Special advices to
from Paris: April124
"Times'-
;by
Kenneth Campbell had the follow¬
say in part; regarding;the
action X of the Assembly on the
ing to
nationalization of; insuraitce»*bifci-
mandates
y
Under
that it was the view of his goverhi
ment :that:.?"maiidates have ; ter¬
.
.
The vote
taken after. a two-
was
day debate in which
the Socialist-
Communist group
blocked AH * at¬
tempts by Deputies of the Right
to obtain any important modifica¬
tions of the bill. Proponents of
,
these modifications
claimed tjbey
minated
were
essential if the Flench insur¬
the
ance
business
so
with "the dissolution: of
League of Nations, and that
far as Palestine j' is concerned,
there should be no / question of
putting it under trusteeship," The
Assembly President, Dr. Hambro,
replied that the matter / would
probably : be discussed by the
United Nations in September,
was
to survive'the;
competition of foreign-owned
companies. Shareholders ip the
nationalized insurance companies
will
receive
3 %:
Government
bonds in return for their holdirigs,
•
and the State becomes sole owrter
.
x
of the
Companies. t ■ Y-,'Vn^ ^ $
The account in the 'Times!'; also
According; to/ United. Press ac¬
counts
from
Geneva
the
resolu¬
stated
that
said:,,
of
''Considering that the charter of
United Nations has created,
the
for
as
purposes of the same nature
those for which the League was
established^ an / international or¬
ganization known as the United
Nations to
which
be admitted
as
States may
all
members
-.
.
,
de-
siring to promote so far as it lies
in its power the continuation and
development of • the success > Qf
international co-operation
Re¬
nance
other
,
Assembly ? voted
of the
in favor
the
the
proposal' in' spite
"warning by former "Fi¬
Minister Rene Pleven and
Deputies of the .moderate
tion^ readxhy President? Hambro,
Right that the proposed ;hotI6ri0lization
might ruin the French
insurance business beyond repair:"
.
.
.
»V7
Equitable Trust Joins
:
Nat. Sales Finance Plan /
Announcement
was ; made, on
April 20 by; William B; Hall,- Co¬
ordinator of the ; National ; Sales X
close of the present session,., the
Finance' Plan, that? the Equitable
Assembly / of K the;1 League shall Trust
Company of Baltimore,,M4.,
cease to exist except for the sole
has ' become
a
signatory xljank.
purpose!' ofxthe; liquidatiort: 6f / its Stromberg-Carlson Compahy, hslaffairs."
tionally known radio manufac¬
;
From the United Press' we also turer, is among the. more recent
quote:/..>?>:';; 4x\x:^:.;''
-.::;;--x' ones to sign with the' National
Immediately ; aftev the resolu-. Sales Finance Plan: for .distribu¬
tion was adqpted,v P. J. Moel,
tor, dealer * and customer firiahe.
solved from the
.
.
day following the
_
said ih
of
a
■
•
Federal budget beginning J uly
.
court.
leader
and
and
an¬
j
rush
t^ie .British delegation, ing. It was also announced .that
speecli. that, ."our work by the coverage: secured by. th,e
is MiVelndedi ]It hd^ only just be- First
National Bank1 of V.Kansas
"I/thoreforejsincerelyhope that guW-tWe ' start1 again ' from this
City And* the First National Baiik
x ■"
•
Congress/willprovideabala need •afternoon." ^ • - x
[; and Trust Company of-Oklahoma.
of 1946 the; in*
amounted ' to$25,5.70,967
tal. share capital of .4.2%;; t
nounced late yesterday afternoon.
(j.The eliminationv meant' that tlwi
sent
.
prac¬
-''TotaLresourcesofair. savings
on
*
Constituent; As¬
-
creased prices and increased taxes;
representing aniincrease in the to-
slow' to1 adjust itself to the elimJ
i nation
of the preferential * disicount .ratelofi one-half ;of
.r
'
in
say
^.x:Xx/xx;;xXXX X; x-XX?/)
other. purposes
$784,546;
"The New York .'Sun' of April
had
*
practices is a constant menace to
homes amounted Jo $714,350 and the constitutional position of dtir
refinanced loans amounted to $1;- State >arid "lbckl: governments, ;a
333,384 while loans for repairs ahd threat to their fiscal solvency; and
rapidly^ as its financial position
permits, Secretary Vinson said. 1 X~
of, the total amount, loaned.
Loans for the construction of
iis
orderly repayment of. the debt
of
Court
and
i until x they r were
trusteeship of the
United Nations. This was objected
to by Egypt whose delegate, abr
staining
from voting, r, declared
■
/XThe' Treasury will continue
Justice
National
sembly, France's first elected' law¬
making group since thb' couritiy
was liberated, ended today: ip *a
| The League also confirmed Sean
as
•
1
Permanent
on
.
•
90%
"The
congratulatory message to the new
International
Court
being
or¬
ganized at The Hague, seat of the
placed
three months of 1946 savings and
loan .associations in ;the State' of
May 1st - the Treasury will .have
paid • off nearly $7,000,000,000 of
maturing obligations without dis; tprbing the
.*.X- j x
its
International
Campbell, said among: other
things:
tinue to administer these countries
ln
addition, the executive heads
of nine other states issued original
statements.
T.K e s e,
said ct h e
For the second time in the first
time
also
with mandated territories to con¬
Thye, Re¬
publican, of Minnesota; Vail Pittman, Democrat, of Nevada; Wal¬
an
New York set a new record for ter E. Edge, Republican, of New
;
Secretary Vinson said "the Trea- mortgage loans made.
According Jers^r; R. Gregg Cherry, Demo¬
sury was fully informed of the
to figures just released April 22 crat, of North Carolina; Earl Snell,
i proposal to eliminate the prefer-;
by Zebulon V. Woodard, Execu¬ Republicain, of Oregon; Lester C.
ential discount rate." The Treative Vice-President of the New Himt, Democrat, of Wyoming, and
sury's announcement went on to York State
League of Savings and Herbert v B. j Maw* * Democrat, of
X say:
M x?x Loan
Associations, mortgage loans Utahi|||;^|x^xilp
X * "in a letter of April 19, to Sec- granted by all savings and loan
The text of the signed statement
x
retary Vinson, the' Federal Re¬ associations in the State during which had been prepared by the
serve Board gave
assurance that
the
month
of / M a r c h,
1946, taxpayer organizations' committee
the elimination of the preferential amounted
to
$16,960,886. - This was given. by the ''Times" -as fol<4
discount rate will not be allowed represents an increase of
$2,907,to disturb the security markets,
§ 701 or 20.6% above the previous
"As Governor of the State of
: r "Secretary
Vinson " stated that record; set; this year < in January,
L^JiW^IvPndbrsc: the; principle
the Treasury has been and is con¬
1946, when loans amounted to that a balanced Federal budget
,is
cerned to see that the reconver¬
$14,053,185. Loans by savings and essentiM
t6^nationalxspivency;x j sion of industry, which has pro¬
loan
associations ifpr
the first
"I am convinced:
^
gressed so rapidly, should not be quarter of 1946 amounted to $43,disturbed by uncertainty in the 657,507
as compared with $19.,- f\VThat; If urther xdeHcit ^spending:
and continued borrowing are ma¬
money markets.
*
-' \
• \ T
227,864 for the corresponding pe¬
riod of 1945.. The advices further jor threats tq the nation's welfare;
; ' "Secretary Vinson pointed out
"That the alarming growth of
that in the past two months the state
"Loans for the. purchase of homes inflationary trends is increasingly
Treasury has been paying off the
debt, with particular emphasis on for the mohth of March amounted aggravated ; by unsound: Federal
'
/
(
v
the debt held by the banks. By to $14,128,607, representing almbst fiscal practices;
■
.
minated
neth
The
inherit
session.
will
April
18, according to the Associated
Press, the League formally ter¬
v*
N Y Savs. & Loan Assns.
of X economic
stabilization."
final
In other final * actions
1
.
.
the
Nations
are
j the NeW York "Times"' by Ken-
property valued at $11,700,000, in¬
cluding the League palace, other
real estate and the League's office
equipment and supplies,
x
•
*
York, San
x
Record
of
United
and
in the
legislative
hopper, but the Assembly is. sched¬
uled to adjourn tomorrow, and
may not have time to pass them,
With the adjournment* of* the
Assembly on April 26 a; special
cablegram April 26 from 'Paris' to
coal mines
by the
Organization,
body
the
electric industries. Bills
and
to nationalize business* banks
been inherited
N a tions x
"xx:
has
gas
which received from the outgoing
Green, Republican,t of Illinois^
view
has
•*"
nationalized deposit banks and
League's work to maintain
among the nations of the
United
y;
-'
"Since last fall the Assembly,
,
Ralph F. Gates, Republican, of In¬
diana; Robert D. Blue; Repub¬
Francisco and Philadelphia Re¬
lican, of Iowa; Horace A. Hildreth,
serve
banks;; in ; eliminating the
Republican, of Maine; Herbert R.
preferential discount: rate - as [a
O'Cohor, Democrat, of Maryland;
compromise With g the: Treasury
Sam C. Ford, Republican, of Mon¬
rather than as a declaration? Of
tana;; Charles M. Dale; Republican,
independence by. the banks. The
ofNey^.Hampshire.
l.
Reserve 5 Board
apparently
h0s
-Alsn Fred G. Aandahl, Republi¬
undertaken to guarantee that the
can, of North Dakota; Ransome J.
Treasury . will; not t have to pay.
Soujh
higher coupon rates on its future WUiiams,; i Democrat,, of
Carolina; M, Q. Sharpei Republi¬
issues of securities, x; Under x this
can, of South Dakota; Jim Nance
informal
guaranty c the ' Federal
Reserve banks seem to be stopped MqCord, Democrat; of Tennessee;
Coke R. Stevenson; Democrat, - bf
from making any - change in their
three-eighths of 1% buying: rate Texas; Mortimer R. Proctor, Re¬
for Treasury bills, which has been publican, of Vermont; Frank: J.
and still is far out of line with Lausqhe, Demoqrat, of Ohio, and
the actual value of money for 90 Dwight Griswpld,: Republican,; of
in the
;
dispositiori to
general
the action of the New
Government securities. While.such
k
major organization for the estab¬
lishment of world peace in the
20th
century ceased
existence,
which dated from the entry into
force of the Treaty of Versailles
on Jan. 10, 1920.
organizations^
security dealers was raised from
Chambers of Commerce and other
five-eighths of
1 %,
to
threecivic groups.
Coming - from Re¬
quarters of 1%, effective imme¬
publican and Democratic State ex4
diately or on May 1, according to
ecutives alike, the recommenda-j
the policy of individual banks. 1
tions follow a similar plea for a
"The banks hailed the action of
balanced budget made recently by
the Federal Reserve Bank, taken 16
leading members of Congress^
last Thursday but approved by the
both Democratic and Republican.
Federal Reserve Board only yes¬
Seventeen
of
the
Governors
terday, as restoring a measure of
signed and released an identical
freedom to the money market.
statement prepared by a coordi¬
The banks also took the view that
nating committee of state tax¬
whatever rates they quoted for
payer organizations. According to
short-term borrowiing below the
the "Times," these/ were Govern
discount rate of 1% was only on
nors Chauncey M. Sparks, Demo-^
the assumption that they had the
crat, of Alabama; John C. Vivian ■
surplus funds: if short they would
Republican, of Colorado; Dwight
not lend at less than 1%. There
preferential
for which it
adopted in 1942. The Board
was
,
of
"Wfi'll
Street Journal" of April 25, is was
,
loans to Government
the'
in
published
Paris,
34 nations represented as the first
associations^, reached
1;
this
Austria's1
lowed" to
delegated
vote,
was:
and
not/ al¬
City operating
the
Colombi^s
as
key banks under
MercantilerCommerce
,
Bank
and. Trust; Company .of St.. Louis,
there are 1,322 banks now particibasic cost ; of» .mioney o had. .been representing.anrnGreaseof -2;5 % men f in. the /achievement of this ;a apectator; because his credentials
pating in* the National ? Sales; Fi-;
doubled to 1 %; yet this;afternooif. fort the" 'quarter."c.!, • x;": - v;-.;.;* important Tesult."
nance-Plan;:x;xx"-x:X xri-xV"x"?.-a;
* >
were not in orden-
$747,069,429f
as
of; March 81 r; 1946;
State to, support: their ' Congress¬
Daniel :Henaa wa&present
only; as
-
,
-
.
i.i 1;
i.
'iur
xy
-ft
"m
•
v—
>"
»■
-•
■*"
;
Jiit
'
■y
2418
;THE:COMMERCIAL & FiNANCXAL^CHRONIC^E
Thursday, May 2/1946
■
From
Senate
from first page).
that
.
in
these
gangsters
are
a
forget
never
''Gabriel
Over
House," t Hearst had
according to the cynics,
/ signed to tell Roosevelt,
v
he
was
elected,
Roosevelt
carried
J
-.
-
.
by
up
to
Paul
women's
.
organizations but
have long been notorious as
and recognized and used as
by
smart
propagandists. /
do.
through faith¬
they
cause
Deal
*
-
'
-few
had
split
been
after .the
in
only a
months,, but apparently bepower
/
it had
cause
ideas
<
and
a
lot of melodramatic
Roosevelt
liked
/ ' sort of Stuff.
One'
'
tivities in the past.
that
j
idea
was
.gangsterism.
It is
to
break
people
up
fact, that the
a
serious
.
way..
In
r
position, that an A.F. of L. union
was seeking to exact tribute frbm
-
■
them.'
'
.0....
the
circumstances,
would veto
ing the elimination of gangsterism
another reason why Roosevelt
as
yond
human
tact
proper
j
Truman
*
he
now
-
partment
,
-
.
on
April '26 by Yanbe
taking ' steps / to
was
collect about
-
-
told
was
N. Klrby, of the Treasury Depart¬
ment's Tax Division, that the De¬
expectations, the
would be that if
Roosevelt policies.
ff
tee
proved to be be¬
the proper 'Support,
continue
with those
got
would
that
such
passed by the House.
>;/
■
In
a
the
as
vices
stated
he
tha
-'.'-'V
according
the
session.
Justice's
illness
interrupted
matically
formal report to the Senate
Committee,
the
It
was
dra¬
court
added that it
was
the first time the court had
con¬
vened after a three-week recess
to
United Press Washington advices
during which: the. opinions handed
Said that
down on April 22/were prepared,
From these advices we also quote:
Justice Stone had worked hafd
it
would
be
unwise
to
return the USES to the States
$40,000,006 in tax jss
which it considered owing to the
-://.
Government
on
;
the elimination of gangsters coincided with the end of prohibi¬
tion.
Their return is coinciding
-
.
Executive
by the House
White
,
v
United
Press
•
part:
,
"The
death
^
Honorable
the
of
Harlan Fiske
Stone, Chief Justice
of the United States, occurred on
the evening of. April 22,: 19.461
Through his untimely death the
people of the United States have
lost the services of an' eminent
jurist and
a
distinguished public
servant.;
'"His
Court
Washington!
-
service
on
the
Supreme
of
•
.
Opportunities in Foreign
i
i
the
Association's
s
^
its present form are
weaken.
.
from the
issued
directing that/ the
flag be flown at half-staff on ;all
public buildings," in'this country
and American official buildings
abroad for thirty days.
/
;v ■
The President's order said in
.
■
•
order
House
the United States v Was
during the recess/Elmore Croplejy,
characterized by his high sense of
account as given in the New York Clerk of the court/told
a'repoirtqr,
and
"Herald Tribune" added:
probably had - ^'over-taxed ,duty, his great legal learning; and
the clarity of his judicial reasonIt said; that our immediate con¬ himself."
ing.";. ■ v
cern right now is
In one of his most recent
feeding Europe
apd
/The President interrupted a t?1"*
and that this requires "tha • maxi¬ well known opinions; Justice Stone
cation cruise on his yacht Wilmum utilization of -all our; agrl* Upheld the conviction as a ,w&r
cultural and food processing re¬ criminal
of
Japanese '• General iiamsburg/i to. attend/the fuiieral
at the National Protestant Epis¬
sources."/
■
Tomoyuki Yamashifa/ Yamashita
later was executed by the military copal Cathedral on April .25,
/v The Committee said that re
cruitment; of, the; necessary; food of thfe Philippine^..
:
;
J
workers ' Was. therefore a mationa
i/Ont; his /last day on the bench,
problems — not a local or in¬ a few hours before his death, Justice Stone, delivered two /dissenltrastate one.
...Jjjp JL
.......
/ President - Roosevelt/took! over jn'g; opinions./He also had thrtq
the USES from the States in the majority opinions ready to read to
A 16-page pamphlet for; veter¬
early days of the war. At the time a packed court room, but he fal¬ ans describing opportunities for a
the States "were; promised /that/the tered on the first land Justice Black career in the
foreign trade; field
offices Would be returned i tdXhem had to finish
was issued on April 24
for/him,
by the
1
as. soon
Before his Supreme Court/Serv¬ Commerce 'and
as " the "emergency
was
Industry Associa¬
over.
The issue has been* a hot ice, he had spent only 11 months tion of New
York, simultaneously
one on Capital Hill ever since.
in public office—as Attorney Gen¬ with its announcement of a series
'
eral in the Coolidge Administra¬ of panel interviews
beginning on
tion. He was picked by
Coolidge ^April 25^^ for/service imenjyishing
Czech, Luxembourg Assets to
to enter foreign trade. The panfels
reorganize the Justice/Depart¬
Uiifrozeh by United States ment following the turbulent ten¬ which will be held
every Thurs¬
ure
The
of Harry M. Daugherty during day/ Will handle approximately
unfreezing of assets of
Czechoslovakia and Luxembourg thd/YTarten; G. Hiding: Adihihis^ 30; veterans at each session, hy
in the United States was made tration.///;,
appointment/ only.
A panel /of
'/l;.;//
known oh April 24 by the Treas¬
Previously he had been Dean of three or more experienced for¬
the
Columbia
law eign traders will discuss each vetUniversity
ury / Department.
According to
Associated Press accounts from school and had practiced his pro¬ eran*s problem and advise/ hini.
AH panel sessions will be held; at
Washington the amounts involved fession in New York/ City.
The
by
ten: American
shipping companies from wartime
Steamship -operations.^ Mr. Kir by
j.
asserted, according to Associated
Press
with the black
Washington advices/ that
market, steadily
expanding to engulf , most J of our the Treasury believed; the. taxes
/ economy.
Ordinarily respectable were owing on about $90,000,000
people are once more coming! to which a number of ship operators
look -Upon i
paid into a Maritime Commission were given as $33,400,000 for Lux¬
He -was born October 11/ 1872,
deahng ^ith ^
marketeers as a sporting sort of fimd " during'the" yfears frbm 1942 embourg and $9,400,000 for Czech¬ on a form neat Chesterfield, N/H.
proposition; as a challenge against to 1945 inclusive, the Department oslovakia. From : these accounts ; "He obtained a B.S. degree iit
Amherst > in 1894, taught school
having decided the $90,000,000 was we also quote:
"authority.'
'
M
"Simultaneously, it said those two years, returned for an M.A.
The great test of what we in¬ Subject to taxation because it was
paid into the fund during yeafs countries had reported that they degree at Amhurst in 1897/took
tend to do about that is now
up to
ah LL.B. degree from Columbia
in which the operators were nbt• were,relaxing /restrictions
on
| the Senate, and this is to report
law school in' 1898 and was admit¬
that the opponents of the OPA In receiving | Government subsidies; transfers, ofvTunds/;^Xb ? thd/Dnited
The facts are, of course, that
.
a message* of .coni
dolence to Mrs. Stone and had; ah
Trade Field- Pamphlet
j
.-A"House Maritime subcommit¬
•
i should be back. His coming back
having by
■"M*"
Treasury to Collect
Ship Line Taxes
expect- by next November
that- the New Dealers will be cit¬
.
indicated
a measure
hours, later his death wjas
Associated Press ad¬
from Washington, April 22,
announced/
President's signature. Mr
Truman; has
Truman * sent
a
•
ac¬
we
can
,
is, number,
as
■
Under
/,/
the bench of the
A few
f
cording to the lobbyists profess¬
ing to represent them here, some
500,000,000 as against the some
140,000,000 in our country. Not
in ; all our/ experience in Wash¬
ington .have the /spokesmen stood
on / flimsier / ground, v But
the
pressure is having its effect.
: ' ;
ern
city recently, dairy farmers
complained,r showing art 'unusual
hardihood for citizens .in such1 a
».
this
on
special advices
:Washington/to the New York
"Times" by Lewis Wood, President
from
.
Middle West-
a
in
Suddenly
Stricken ill
Dec. 31, 1946
on
the date proposed
com¬
leader Senator Barkley, minority
leader White and other. Senators.
XL S. Supreme Court on April 22
Chief Justice Harlan F. Stone died
of final legislation which wil
win the
such
howf
total
country" wantirig
OPA to remain
FBI moved in and "broke it
jup.
Now it is ? developing again1 in a
••
No such
■
plete rest for a few days at home
was ordered for him
by a doctdr.
sage
who
tools
mittee, is likely to.'develop/
ever.
In the meantime; the
i
the. effect, of bringing about pas¬
have blown the lid off similar ac¬
"
>
USES return to state supervision
June 30, 1946, and may hate
present
New
and
.
approved
on
.
/;/
-
•
few hours later of a cerebral
hemorrhage.
His ailment had at
first been diagnosed as a "sm&ll
Attack of indigestion"/and. com¬
ice to the States
/The
propaganda - in?v favor of
OPA would -make delightful read¬
ing if some -Seniate committee
would go:into it, as committers
fully,; manifestly not because 'of
his affection for the publisher be-
>
—
■
Which is a .compromise of the
House-passed bill providing for
the
of whom represent long es¬
some
Education
Committee
April 28 to return the
United States Employment Serv¬
organizations,
tablished
'
On April 23, said
Dies
measure on
radio men
Porter,
/Senate
Labor
OPA
of
ers
that
to
v
campaign managers
also have gone around the coun¬
try and primed, for a price/ lead¬
the
now<
headed
The
de-
what
.
administrator, and doing his
bidding.
■
..
<
*
been
was
-
OPA
one of Roosevelt's most aggressive
supporters in 1932.
This picture,
i:
•
be
"
,
investigation reveals it
beholdened
the
Hearst motion picture at the outset of the Hoosevelt ^Administra¬
White
cursory
to
moving
are
■
shall
tion, called
,
The indications
again.
We
-
.
in.
came
-
Group Approves Ghief Justice Stone
| Ahead of: the News Compromise USES
X'hC
(Continued
velt
-•
beginning, to
Senator Taft is believed
to wield the greatest single influ-
The Associated Press; had the fol¬
ted to the New York bar
States.
in
the
offices
in .the
Woolworth BuRding, 233' Broad¬
way. : Thomas Jefferson
Miley,
Secretary/ said the Association;
cooperating with the- New York
State Division of Veterans Affairs
in
its
on-the-job
training/pro¬
gram, will shortly place a
num¬
ber of veterans in its various de¬
partments for training. Produc¬
"Property of Americans in those same year. ; r
lowing to say in Washington ad¬
It was also noted that President tion of the pamphlet is part of
vices April 26:
icoimtries willrbe^treated, as fav¬
the efforts of; the / Association's
Under the Maritime Act, he ex¬ orably as that of nationals of any franklin D.. Roosevelt, a Demo¬
other country,' Secretary > Vinson crat/;
appointed/Justice Stone, a Foreign Trade Bureau; under
plained, "the fund /Was established
said he had been advised by au¬
so that subsidized
Republican, Chief Justice after the Joseph A. Sinclair, to open careers
Operators could
jurist became widely known ; in in that field for veterans. ^ The
build up reserves to purchase and thorities of the two countries. |
"The freeze was decreed almost judicial circles as a "liberal!/ He booklet lists employment oppor-r
repair ships. Money so deposited
five years ago to prevent' assets had been an Associate Justice fbr tunities in various branches :of
was free from taXatiqh/ he said.
the export and import-fields and
16 years at that time.
But during the war years when from falling into' German hands.
The Associated Press likewise on the qualifications necessary for
the Government i took over, tbe Similar freezes already have been
success.
"
f.
/<
: i
ship- concerns no subsidies were lifted for a number of other coun¬ April 22, said: * /
The, death of Justice Stone lejit
The; booklet
paid and, therefore/he contended; tries,"
the operators were not entitled to
Secretary of the Treasury Vin¬ the court with only seven of its is nothing; glamorous about world
'
;
;
ence on the question of whether
his body will stick pretty close to
the
House amendments, clarifying the language in some in/: stances,
tightening/ up the bill
generally/'or seek to undo the
/
•
House's work.'
He has been
j
v
.
I
severely Critical, Of
the OPA.
He has made a moist
exhaustive study of 1ts; operatichs
and
with
many months ago -came up
the conclusion that some¬
.
,
•
tax
.exemption
on
the-
de¬
money
thing drastic had to be done: to
■
posited.
the agency in the interest of pre-*
serving our economy./*
j .
; Mr; Kirby told
the Committee;
which called the hearing to lear-n
.
But
with
are *
those
who
have
talkqd
him/ in the past few days
convinced
which
the
that
OPA
the
has
pressure
applied
is
weakening .him/ This ^essure/ is
/ something the industrialists, the
;
NAM and the Power Trust, as we
'
used
.
;
:
to
hear
the
.
it, 'shoqld
Study; They have been babes- in
the woods in the matter of propa¬
ganda,
We remember; it was a
tremendous
-■
about
sensation
when
once
politicians revealed that the
so-called
duced
philosophy into the
$ schools, by having professors on
..
.
;
its payroll, and again, when it was
disclosed that some of its
proponents
had
arranged
for
the
flooding
of
%: grams from
telephone
Congress
with
tele-
names taken from the
directory
and
tomb¬
stones.
Such * tactics
would
.be
outmoded in the light of what the
OPA is doing.
There is a lobby
here, for example, and a tremend¬
ous lot of agitation is
being done,
by a hastily gotten together "or¬
ganization" of business
men.
But
://.;/,':/'/
/;■:
.
Act; that the Treasury feels that
funds deposited with the
reserve
Commission
from
should
not
taxationr even
be
when
free
sub¬
sidies are paid/If Congress wishes
to ' assist /shipping
companies, he
said, it should do it directly and
mot
through tax exemptions.
Raymond S.
McKeaogk,
ber of the -Maritime
testified
.
that
lecting
Commission,
the,
would assist, the
a mem¬
Commission
^Treasury in coir
any taxes which
might be
nine Justices available. The work
Whose
trade
of
in announcing that Czecho¬
slovakia and Luxembourg have
been added ,to the list of -countries
son,
blocked accounts may be
released under / the certification
if I the taxes Would / be - collected
procedure .Of General License Ncx
and/ to Consider th^ possibility ; of
^5/ said on April 25: /
/
•
amending / the! Merchant Marine
"TheNational Bank, of Czecho¬
Power Trust had intro¬
its
.
.
requires -a
-
presiding
devolves
the court now
Justice Hugo * F,
over
upon
rent world
When-it; became obvious during
,
-
previously named in General Li¬
cense
No. 95,Dr.
Srobar,/the
,
Czechoslovak Minister of Finance,
and Mr.
Prime
Dupong, the Luxembourg
Minister
Finance,
have
Minister
and
advised
Vinson that restrictions
of
Secretary
on
trans-*
at 2 o'clock for lunch.;
*The Association points out that:
Supreme Court chair^oc- "More important than; knowledge
cupie'd by the late Chief justice of a foreign language is the knowl-,
was draped in black on April 23;- edge of
products and American
The
.
i
-
as.
the tribunal heard
eulogy of
a
bis work./The funeral was sched¬
uled to be held today (April
25).
to United States nationals will be
hear argument on April 23, and
the remainder of the week, but
treated
Justice Black announced it would
Chairman
said
that
given
a
Jackson
ship
any
at¬
liabilities.
(D., Wash;)
operators
will
be
an
opportunity to testify at
hearing.- /
J,,
u
-
...
«
as
nationals
favorably as that of
any other country,-
of
Copies of the letters
at
later
means
■
erty in their countries belonging
or
knowledge and background
work, Concentrated studyV and ap- /
slovakia and the Institut Belgoplication. Export technique is
Luxembourgeois du Change have ing/ he was assisted from his chair learned only with long and seem- ;
been designated bythe Czecho¬ at/the; center of the: bench* by the ingly tedious routine training and;
;wo Justices who sit "alongside him
slovak .and; Luxembourg Govern¬
practice; The opportunity .to work/
ments, respectively,' as the certi¬ —Stanley: F. Reed" arid justice abroad may not come until - the
fying. agents under - the /license, f / Black. They supported, him by the individual has acquired the neces¬
//"In exchange of letters similar arms as he walked into the cham¬ sary specialized knowledge/and
to those written in connection with
experience • in American.; Indus- ;
bers behind the bench 15 miriutes
the
defrosting of the countries Defore the usual half-hour recess tries, products and practices/L l, \
Cathedral.
tax
developments/ > it sa^s.
proper basic
session of the Supreme
Court that justice Stone was ail¬
at
tempt to avoid their
cur¬
today's
will be liberalized and that prop¬
charges of "trickery"
eco¬
"Acquiring-fhe
fers of funds to the United States
from1' any
edge of geography, history,
nomics, trade techniques and
Chief Justice.
.
fended
operators
foreign service. "No field
imore detailed krioWl-;
Blacky ; pending' the appointment
oy President Truman of a new
determined to be'owing- but de¬
the
or
the Federal
New
are
Reserve
-1-.
Banks
of
r;;,:-.,,
■ ■.;;;
v
p.m.
,—
in the
Washington
The Court had planned
:o
until April 29.
j
The Senate also adjourned early
recess
available
York, Chicago and San Fran¬
cisco."
2
„
,
a mark of respect after adopt¬
ing a resolution of condolence and
as
listening to eulogies by majority
methods.
In fact/ as export
and
import operations consist largely
in. handling documents—invoices,
>
bills of
lading, certificates of ori¬
sanitary certificates, letters
credit, warehouse receipts, dock
receipts and many others —the
man or woman with knowledge of
typewriting, stenography and of¬
fice procedure should not have
much difficulty in obtaining a job
gin,
of
with an export-import or shipping
..company//:.
,.,... ,*.,
„
„
,
THE COMMERCIAL & FINANCIAL CHRONICLE
.Volume 163* 'Number 4486
price
(Continued from page 2415) -/
of $
and brags
i
—
'
the operating rate of
companies having 94% of
week
steel
the steel capacity of the industry
will be 67.7% of capacity for the
week-
•
beginning April 29, com'
pared with 73.6% one week ago,
874% one month ago and 95.8%
one year ago.; This represents a
decrease
'
5.9
of
from' the previous
points
or
8%
weeks.
'
/This
operating rate is
equivalent to
1,193,100' tons of
Steel ingots and castings'and com¬
pares with 1,297,100 tons one week
ago, 1,535,00(1 tons one month ago
and 1,754,700 tons one year ago.
week's
Electrical Production—T he JtUdi-
,/ son Electric Instifutb reports that
the output of electricity decreased
to
^,987,145,000 kwh., in the week
1946, from 4,014,652,000 kwh. in the preceding
week.
Output for the week ended April 20, 1946/ was 9.6% below
thsit for the corresponding weekly
period bne year ago/•
ended April 20,
'
■
/.
■
Consolidated Edison ^d. of New
mbvement,
in
the / daily
wholesale
commodity price index, compiled
ot Dun & Bradstreet, Inc., moved
slightly higher in the past week.
Registering 189.48 on April 23, the
latest figure is fractionally under
the post-war peak of 189.64 re¬
corded on April, 10, byf compares
with 176.67 on' the corresponding
spurred
whole,
Easter
week and was consider¬
ably above that of the correspond¬
ing week a year ago. Dun & Brad¬
street, Inc., states in its weekly
review of trade. The high volume
of consumer buying that was in
for
the
corre*
spqnding week of; 1945;,or an in/
Crease of 5.4%.
Local distribu-
:
'
!
tion
of
0.2%)
above,
the
ri6d
of withholding
at
;
,
The Edison Electric Institute, in its current weekly report, esti¬
<
-
.
•
-
,
•
Rocky Mountain
women's
in
center
qn
apparel
accessories
was
Total United States.
i
seeking quality goods; ir> all
price lines, < Selections -of formal
gowns ^and -lingeries continued to
m
;
DATA FOR RECENT
7.7
(Thousands of KUowatt-Rours).
WEEKS
,% Change
'
i- 1944
1929
1932
1946
1945
under 1945
5
3,865,362
4,427,281
—12.7
4,567,959
1,602,482
4,163,206
—,9.8
4,539,083
4,531,662
4,523,763
1,598,201
Week Ended—
/an.
4,145,116
4,614,334
4,588,214
4,034,365
4,576,713
—11.9
3,982,775
4,538,552
3,983,493 :/ 4,505,269
—12.2
4,524,134
4.532,730
3,948,620
4,472,298
*-11.7
4,511,562
3,922,796
4,000,119 <
3,952,539
4,473,962
—12.3
4,472,110
—10.6
4,444,939
4,464,686
Demand for children's
1,545,459
1,512,158
1.519,679
1,538,452
4,446,136
—11.1
4,425,630
was
9.3
1,733,810
1,736,721
1,717,315
'
1,578,817
—11.6
Feb^-16-,,;-,-^^—
Feb.
March' a,—,—,
March
on the increase the past
Scattered- reports of: in¬
creased stocks of men's clothing
r
:
9.7
—
••
1,588,967
1,588,853
1,728,208
1,726,161
1,718,304
/ 1,699,250
1,706,719
: 1,702,570
1,687,229
4.400.246
1,537,747
1,514,553
4,401,716
—'8.T
4,409,159.
1,480,208
1,679,589
3,992,283
.
4,329,478
—'7.8-
4,408,703
1,465,076
1,633,291
3,987,673
4,321,794
1,480,738
4,014,652
4,332,400
4,361,094
4,307,498
3,987,145
4.411,325
4,344,188
1,454,505
3,976,750
4,415,889
4.336.247
•1,429,032
4,397,529
3.987,877
March 16,
4,017,310
March 30_,
•
—
.7.7
—
7.3
—' 9.6
—
—
9.9
1,683,262
,
1,469,810
1,696,543
1,709,331
•
1,699,822
1,688,434
Changes in Holdings of Reacquired Stock
reported in many: localities.
Fldrists kaheially reported a/high
vqiume^mheth/PQ
was
cut flowers.
; •
•
-
y .>
,
I . The New York Stock Exchange announced on April 16 that the
following companies have reported changes in the amount of stock
held is heretofore reported by. the Department of Stock List:
,,
£
;
-Retail volume to the, -country
estimated to be from 29 to
'
year-agoi
Atperican Ice Co., 6% iion-cuitt. pfd—
Estimates of regional
percentage
increases/- were:. New
*
,
Middle;West 23 tp 27, Northwest
•«- '
Selling volume in ' the carded 25^ to 29,/-South 35. to 39, /Souths
west 27' to 31,-and Pacific Coast
i fluctuations in the week
ending gray- cotton /goods - markets ex¬
;
-//
April "25, reports Dun
Brad- panded appreciably over recent 36 to 40. /;/
Wholesale volume cqntinued. to
street,- Inc, Concerns failing num- weeks, aided by the*: issuance of
>; bered -17, *exceeding:byl those long-awaited Government distri* Injcrease; the*pjast/week/ esiimates
/ -v •
t
A placing it. from IQ to-13% /above
<f. occurring, in the; previous/ week/ hut-ion controls. ■
;<| but falling' 3 short:of thd 50 hx the: %' Activity id the Boston raw wool that of the corresponding week a
.
•
.
.
32,116
—-
(The), 4V2% cum. cqr.v. pfd.—
Associates " Investment .Co., 'common——/-— ■—-—
Associates Investment" Co., 5 % cum, pfd*—-/-r——,
Atlas' Corp/ ..common---—
Bordeh Co, (The), common* $15 par-*.-—
Burlington Mills Corp., common, $1 par
^
Eastern Stainless Steel Corp., common—'—_—•
International Minerals & Chemical. Corp., common, $5 par
Jewel Tea Co., Inc., common—-4^—
Jchnton & Johnson, common--—
Johnson & Johnson, 2d pfd., ser. A 4%>—
—Mead Corp. (The), $5.50 cum. pfd., ser. B——
Newport Industries, Inc., common^„__'
u—i—
Plj mouth Oil Co.,. common, $5 par——
Pprity Bakeries Corp.,. common—!
Reynolds Spring Co,, common
v—
American Rolling.Mill Co.
previo^ /estit England-17-to 20j East/33, tq/37..
v
Per Latest
.
•
quiet;
Mills year ago. ' New order volume rose
.marked: the fifth time,- and . the were still reported operating; at as' buyers; turned their attention
second- consecutive week, in the capacity with" ample inventories to summer goods, and stocks;, of
/past fifteen weeks in which fai|- ofapparelwools:-Buying of1 both durable goods increased • slightly,,
4 ures have been lower than in the dohaestic and'/foreign- wools/was lit general, deliveries on many
continued
Safeway Stores, common
corresponding weeks of 1945,
mainly to fill " urgent , needs, and ordersr w.era- more tegular> last
/,. Large - failures- involving losses consisted ^mostly -of* small- and week than they have been for
/ '.
'
*)of $>,000 or more were more than scattered lots,- There -was consid¬ some time.
two times as numerous as small erable
distress selling of: South
Department store sales on a
I failures.
Remaining at 12, the African wools noted due to the country-wide basis, as taken' from
S/S. White Dental
Wilson
&
Co.,
Manufacturing Co.,
38,009
1,640
:
24,235
23,709.
(4)
"•
/; 1,101
1,081
2,996 .'If.
1,100
4,384
12,019
2,799
None
.
;
-
,
3,384
13,269
-
-
(5)
2,370
None•
6.17.T
1,322
...
1,28.2
v.
35
—
—
.
45,304
4
^
.432' ;
;
5,897.
—
:
,
132
,.
45,303
capital—-—
common
(3)
3,200
1,650
38,919
—
5% pfd
35,332
,
4,700
;
(2)
184,958
.
33,532
70 [35]
common—
(1)
'46,247
102,041
178,058
*
Virginia Iron Coal and Coke Co.,
5,080
40,063
,
.
;//e:/90 (7) /; 471
i
United States Rubber Co.,
/;
42,604
,
i
32,124
•
70
,
•-
—
Inc., capital
Sterling Drug,
.
Report
Reported
Company and Class of Stock—
33,% over the corresponding week
a
Shares
Shares
Previously
was
.
market
.12.2
Of N, Y. Stock & Curb Listed Firms
slightly
mates.
;
§Increase.
week,
With
9.9
Jah. 26_
Feb. '2_—
Feb."
ers
wear
7.3
'84.7 V
.
Jan. 19—
selective with consume
be limited.
12.9
:
/////4.8////
9.6
:>/
10.9
Jan. 12
a
more
H.X
12.6
13.1
"
big favorite/ Many ap*
par el shops- reported that demand
were
/
:
Pacific Coast—*
last Week; White blouses and mil1937,/ '
;/ <- •>•-.
'^ ,/•/ "f linary'proved very popular. The
Flour; mill grindings showed
continued warm weather-drew
further signs! of/euriailriieht ;t!be
much consumer attention to sum-,
ta the new Government moves
mer
clothing, < and print dresses,
.
This
.
.
—
April 20 was 102.5 %/of JURl/oa* which would sharply curtail the
/.parity, against 103.6% in the pre¬ powers eurrently/he^
ceding week and 9(K7% in the like fiCe of^price/A^inistratidnvDe?
,J945
week,
according- to -the mahd on ' the/whote was-modern
American /paper Jk Pulp Associa- ate/with /tonecbuying . noted by
£ tion.
Paperboard output for the mills-to fill requirements, ... Con¬
current week wag <101% uneharig/ sumption of cotton during March
according/ to /the/Bureau of/ the
; ed* from/ the preceding; week,/ and
compared with 98% a .year ago.
Census, amounted to 804,000 bales^
/t comparable' -week of 4945.
pe-
clothing
new
Jtlnited States for the weekending
•
of
the
mated that the production of electricity by the electric light and
.
Business/ Failures
Slight ^Commeitial ; and industrial- failures'showed.only mild
period last year. This com¬
an increase of 89% in
preceding week,; For the four
weeks ended April 20, 1946, sales
rose by 50% and for the year to
date by 29%,
pared with
Deferred oats deliveries sustaining overall retail volume, power industry of the United States for the week ended April 27»
seasonal highs, re¬ The selection of fresh vegetables 1946, was 3,976,750,000 kwh., which compares with 4,415,889,000 kwh.
flecting the offer of the Govern¬ remained large. Citrus fruits were in the
corresponding week a year ago, and 3,987,145,000 kwh, in the
ment to purchase unlimited quan¬
the most j^lentiful of .the fresh week ended April
20, 1946,
The output for the week ended April 27,
tities of oatmeal, for foreign re¬
fruits; the supply, of pineapples
1946, was 9.9% below that of the same week in 1945,
lief.
The May rye contract on the
was increasing and small quanti*
Chicago Board of Trade advanced ti4s of bananas and thubarb were
PERCENTAGE DECREASE UNDER SAME WEEK LAST YEAR '
/
to a new all-time high of $2.58%
evident.
Current
shortages, of
"/-—■■
Week Ended."
»— < ■<
< "m" ■
per bushel, as the result of active meat were
Major Geographical DivisionsApril 6
acqte in many locali¬
April 13
April 27
April 29
1.0buying induced by the announce¬ ties, though supply of fish and Mew England,.
2.2
80.1
2.3
Middle Atlantic
§0.5.
3.7
V 3.0 / (
ment of the newGovernment
;0.2
poultry- was generally/adequate. Central Industrial
11.6
8.8
•
12.9
v/';
11.0
order providing for bonus pay¬
2.5
4.1
5.1
Reports indicated that supplies of West Central-,/
0.5
ments of 30 cents/ per bushel on
10.8
11.8
//'/■' 9.4*
;
12.3
butter/ and other fats/were scant. Southern States
^old
preceding
Change ;|n
20,
the
above
Output for Week Ended April 27, 1946
9.9% Below That for Sanie Week a Year Ago
,
•.
April
to
51%
Electric
April 6—
trading. limited by ...the
helped but little in alleviating the April 13_u--—,-^
week and 213,957 cars, or 24.7% Good
Friday and Saturday clos¬
overall shortages.•
Apiril
below the corresponding week for ings,
cotton
prices fluctuated
Retail volume of /hoursewares April 27-,^-^-^—
y l945, : Comparedsimilar father widely .last w^ek. but/re*
;' period of 1944, a decrease .of 187,* gained some of the ground lost continued hfeh for the week. In; :994 ;cars;> or 224%*: is; shown,//
during the preceding period. The tejrest'' iA ^5QhaI ^it^nxs/subh;^8
/•
;/ Paper, and Paperboard /Produc¬ market
recei.ved considerable ^rderijsupi^e^^^and outdobri fur¬
niture was rising. A highly selec¬
tion; "r-rPaper production
Congressional
in' the stimulation from
action on the Price Conti'ol Bill tive- demand- for * floor coverings
;;
period
increased
ceilings.
.
(Cor
weekly
1946,
Re¬
department
City for
York
same
showed; concern over/another
A continued high volume in re*
tail food has been important in
amounted to
170,600,000 kwh., compared with
designed to divert a greater per163,800,000 kwh. for the corre¬ centage of domestic wheat into
sponding week of last year, an in* export channels. Hogs were steady
crease of 4.2%.
- at
ceilings.
Swine receipts - at
Railroad Freight Loadings—Car western markets continued below
loadings of revenue freight for demand but the new Government
the week ended April 20, 1946, to¬
cruder raising wheat/ and, corn
taled 650,743 cars, the Association prices to farmers for a limited
■,/ of American Railroads announced. period is Oxpected to result in in¬
• This
was an increase of 1,549 cars creased marketings.; / : / /
;
electricity
the
There
of demand in
up
and rayons prove stronger
than ever.
In the retail field merchants
*
kwh;
letting
index,
in New
store sales
Federal
the
to
Bank's
serve
tons
mediate
///York/ reports system / output; of
wbeat/and^oats/Visible wheat
Interest
17^,500,000 kwh/in the week ehd« supplies continued to recede and
ed'April 21, 1946, compared with are now at the lowest point since tended to
168,400,000
no
According
/
the
over
ih rye and oats.
All wheat, corn
and barley futures were firm al
"Principal
activity in leading
grain/ markets during the past
Vv
part
apparel departments.
tiihe their
present
de¬
evidence
AQhday;week/was/-again centered
■'
.*
most
fabric lines and demand for cot¬
"post-Easter ; shopping
days.
The
trend was toward
greater emphasis being placed on
home and garden'items while in¬
terest in apparel ebbed.
date last year,
the
was
the past
week-end
•
and
shopping, continued to rise,
the
for
preseason
pur¬
evident in garment
were
the
At
stocks^ are at a very low level./;.,:
increased
chases
country as
by last-minute
clined4- only slightly/ during
markets
but
Retail volume for the
a
tions.
Quiet ruled last week in. wholeSale
jWholesale and Retail Trade-
,
this
of" 31 foods
pound
per
deliveries because of MPA limita¬
post-Easter
a
.
general jase,
pattern' in the coppet lb /thlCprdvio^
in the corresponding week of .1945;
industry*
\
/ "Wholesale
Commodity
Price
Py The American Ji^oh and Steel
Index
Continuing its Irregular
Institute announced eh Monday of
/ ment
to be/ expected in
period. •;.
v,;',
{
tants, steers and lambs. The index
represents the "sum total of the
The State oi Trade
2419
(6)
.
overcrowded ^condition? ef ware¬ the Federal Reserve Board's in¬
houses in Boston and vicinity; dex for the week ended April 20,
ed^ by one the number /occurring Imports of apparel/wpbls into- the 1946, increased by/51 % above the
l/a year ago.
Five small concerns three leading Eastern ports in the same period of' last year.
This
failed with liabilities under, $5,000; first -week of April, totaled ap¬ compared with; an increase of
Although up slightly from last proximately
13,325,000 : qlean *81% in the preceding week. For
week, small failures were only pounds, as compared with 14,- the four weeks ended April 20.
week, these large failures exceed¬
.
same
1,500 shares of common
wholly owned subsidiary,
•
■
(4) Decrease represents shares delivered .
^
iy(j5):^^EAch
•
/
/,
,
/,/•
4/**'''c it
(7)
*In Using year-ago comparisons
preceding price index, compiled by Dun &
construct Bradstreet, Inc., for April 23 fell for this week;an allowance should
be made, in addition to that made
tion " and'
commercial, service lp to $4.19 from the/25%-year
//where no failures were reported peak of $4.20 recorded a week for the/differing dates of Easter,
a Week
ago.
The only declines previous. The current index com¬ for the fact that last year many
stores were closed on either all
came in trade, both wholesale and
pares with $4.10 last year, a rise
of 2.2%.
1retail. '
*\~r
* '
< ""
Rye and eggs continued or a part of Saturday, April 14
a day of mourning for President
-Four Canadian
failures were upward during the week, but ae
reported,/as compared with one elines occurred iq potatoes, cur«i Roosevelt/4 l.v//
acquired during February and March.
'
// /:'://
As of Jan. 31, 1945.
Exchange made available
April 20 the
Shares
<
\
-
..
Air
Investors, Iric.,- conVi 'pref-
American ^General Corp.;
Manufacturing
-
A
Hygrade Food Products Corp.,
International
common—
—
of America,
Plan
Corp.
•
Niagara Share.Corp.,
'
31
493,268:
v
359
-
^
37,969/
304
:■•;//
:
common
common___——;
316
1,457
149
148 '
232,781
226,267
•
,
384'/;
9,936
None
1
—
23
Starrett Corp.;, common-—
Stein (A.)-& Co.-, common—--—
„
—
■
5,300
•
10,353
common—
Morris
/;//'
36,667
common
Utilities Corp.; common
King-Seeley Corp.,
,26
6,300
A
Co.,
.
.
Report
489,381
Bridgeport Oil Cq., Inc., common^—
Dennison
Per Latest
;
common-,————
Carman & Co., Inc., class
Shares
Previously
Reported
Company and Class of Stock—
.
on
changes in their holdings .q! reacquired stock;
•
_
<4
following list 'of issuers of fully listed securities; which have reported
appeared in
also'
*'
shares of $5 par
:
The New York Curb
week
the
from
week
v•
1 x'i^
-
Increases
"
/
sharo of;cqmmon stock of $10 par . exchanged for two
(6) Shares
.
'
•
under the Exployee Extra CompanSatlon
x
-*
i
6ince last reported.
544,009 in the preceding • week, 1946, sales increased by 45 % and
Slaughter of sheep and lambs de¬ for the year to date by 23%.
Manufacturing accounted for 10 clined / in March; but the total/for / Retail trade in New York last
the first quarter was, the largest week continued to reflect a high
j of -the week's 17 failures. Increasv
r
volume of sales, though percent^
ing from six a week ago, the num- on record for- that period;* ^
/ ber Of manufacturers failing was / /Food Price Index Declines-—In age gains over that of a year ago
over
three times as high as in the- first downward move since were lower.
However, this* was
the comparable week last year. mid-January,-the; wholesa!e> food
high as in the
Acquired 4,738 during
Plan.
•
as
2,541 shares of common
(3)
■
.
/ half
stock were sold during February and March, 1946.
month of March and retired 60,532 shares., i: •
stoek were disposed.of by Industrial Steels, Inc., a
(1)
(2)
;
number, as in the .previous
/ same
r
f
8,706'
<30^
7,456
2420
tTHE COMMERCIAL & FINANCIAL CHRONICLE
"Which
(Continued from first page)
of our
some
people repudiated the
American principle that each in¬
dividual's ; i
failure in
life is the responsibility of that
individual.
In their minds, that
principle - was replaced with a
principle 4 <of. radicalphilosophy,
namely, that the individual's suc¬
cess
success
or
failure is not his respon¬
or
sibility but, that of the system
which
der
he
,
un¬
Under
lives.
the
first principle, rewards come from
the individual's
own
work
and
are
in
proportion to the value of
his
work.. It encouraged the in¬
dividual to put maximum effort
into his work.
Under the second
principle,
-
rewards
the system,
depend
upon
.It encourages the in¬
dividual to devote his energies to
political action designed to make
the system? give him more for less
work.
■
,
t
,
•
,
'
*
?
"
The second principle is doctrine
that has long been preached
by
^radicals,-Not until the New,Deal,
however;:;was
by
accepted
The
second
it
sponsored
American leaders.
-
ever
principle
apply
The New
Deal created classes, the "Haves,"
only in
a
and the
can
class society.
"Have-nots."
It told the
American people that the way to
national
prosperity was through
political action that would force
the
"Haves,"
the
New ;Deal—owned
who—according
and
to
con¬
trolled-^ the, great bulk of the
country's wealth, to provide more
jobs and pay,higher wages for less
productions Now/this was advice
that would! be
the ignorant
time.
readily accepted k>y
and shiftless at any
I
do not believe, however,
that it would have been accepted,
it was, by so many Americans,
as
except under the prevailing con¬
ditions of the most ^ serious de¬
pression In ■ the history of our
The idea of political ac¬
change our system was
country.
tion
to
job
sold by the largest, highest-pres¬
sured, most.continuous, and most
costly propaganda campaign over
known.
It was endorsed by labor
unions
and
politicians.
It was
grafted intd the teachings of many
When it
it
churches and schools.
our
The
the
political
New.
Deal
action
asked
by
a
as Al Smith
used
let's look at the record.
Now
I
do
not
know
who
we were
and its works were
reconversion
ant offices.
Ideas that
propounded
tions
were
import¬
first
were
in
radical publica¬
next seen in official
end
of .the war, and
all assured that
would
be
the
order of national business.
first
Every¬
was
great¬
Bill.
The idea of that bill was CIO
had
not
broken
its
"no
that the Administration "experts'* strike" clause in the steel con¬
would budget jobs so that the tracts, just as
President . Truman
country would be sure of enough found — gratuitously — that Mr.
,
Reuther's demand to "look at the
marked deference by the Admin¬
the estimates of probable
American tradition.
istration, and
delights
Mr. Wallace and Mr. Ickes. Paral¬
lel to this infiltration of the New
ployment for next spring (that's
"Phony Fact-Finding"
right now).
Arthur J. Altmeyer
;;
—5,500,000 to 10,000,000.
While we are on the subject of
Secre¬
tary Wallace — 8,000,000. Secre¬ "fact-finding" and "looking at the
tary
Schwellenbach — 8,000,000, books" there is another little mat¬
Deal,
John W.
tion.
the
with
the
were
legisla¬
treated With
admitted
were
radicals moved in
unions—over many
labor
to
of
companionship
eminent statesmen as
such
the
"must"
and
Radicals
on
of
which they exercise dominant in¬
fluence today.
Radicals have no illusions about
either the Democratic party or the
New Deal. The Democratic party
was
simply the first political
ve¬
bit
a
unem¬
ter
identical estimate.
an
And there is
this
estimate
cleared
three
some
was
because
man1—not
in
evidence that
not properly
gentle¬
Administration
another
the
but rumored to be close to
as
which they were able to steal a
ride.
They will stay with it only
is Sidney
Hillman.
long as they can control it.
They would throw it overboard
tonight if they were able and it
it—gave
the
United
States
on
so
suited
their
They
purpose.
sup¬
ported the New Deal because they
saw
it
as
medium
a
through
which the American people could
gradually accustomed to the
be
idea of control, and as an instru¬
ment which would create the class
enmity, confusion, huge debt, de¬
preciation of money, and general
disorganization which would set
the stage for final radical action.
Radical Influence Dominant
New
in
Deal
Radical influence is still domi¬
new
in
the
New
Deal
management.
under
its
Since the end
10,000,000.
His
name
problem- of unemployment. - Yet
the depression
dragged.on because
the New. .Deal's
attempts to con¬
trol the i
economy prevented re¬
covery. • "Unemployment stayed
close to
10,000,000. These facts
were
apparent to everyone, yet
the New Deal
managed to remain
in power by
binding together di¬
verge
port.
elements
of
political
Broadly, these
sup¬
First,
were:
groups who acquired a vested in¬
terest in the New Deal
through
participation in Federal spending;
second;, organized labor, the great¬
est single
beneficiary of the New
Deal, and /. third, * the
radicals,
whose
;
special
interest
was
of
* a
very
nature..
These, plus the
tradition-bound. South and big
city
political
machines
of
the
North, were sufficient to give the
-New Deal its necessary
margin of
support.
its
.The New Deal covered
continuous
permanent
vertised
<
failure
to
'improvement;
bring
ad¬
series of
as
normal
under
conditions
of
full
employment. On the basis of those
guesses, gentlemen, what would
happen if Government "experts"
could really run our economy—
instead of just interfere with it?
strike
present
You
will
the
remember
General
that
during
Motors negotiations;
themselves.
the
Make
individuals
no
mistake
about it!
State control operates—
provided that strict obedience can
enforced
wave.
The
first
port
Big
Unions
businessman knows
and as most workers know, condi¬
tions differ widely among individ¬
ual companies.
Costs that are
possible to some simply cannot be
absorbed by others. In Pittsburgh,
a
CIO Ipcal union, representing;.;!
workers of a particular; company*
accepted a substantially lower in¬
crease than I8V2 cents per hour,
every
and its members
started
back to
work. Before the first day passed,
they were ordered out again by
the national union which refused
to
accept less than the Govern-'
ment-dictated
natural.
This
scale.
was
Government sets
When
it
wages,
establishes
a
national
that
the increase.
been prepared by the
The brief was issued un¬
der date of Oct. 26, 1945.
In No¬
had
union.
follow with another of 10% in
without
year
a
increase in
statistical basis for
less
The final result of^ :
type of pgeudo collective
bargaining can be only one thing
•a
system of Big Government,
this
prices.
The
peculiar statement was not
public until Dec. 29. It was
then revealed that the Depart¬
that
made
...
new
Big Business and Big /Unions in
fhe United States-^a complete
elimination of the small
I point out
man.
In
you
And
that this result is the
objective of radicals.
any
Now here is what is really in¬
until
out.
was
first intimation of the bizarre new
simultaneously?
CIO
bargaining but
power
to
not
purpose
a
Or was
collective
demonstration of
intimidate
government
and public?
from
ual and group
and
As
pattern, and no union will accept
even where it knows that in¬
dividual companies cannot afford
months later. Both cite the
The gist of the re¬
that business in general same original source of material,
was able to grant wage increases and in tabular matter both make
of about .25% without any in¬ four identical errors in computa¬
crease in
prices.
That was the tions based on the original mate¬
leaked
struck
be
Big Government, Big Business,
Reuther placed a great deal
of emphasis on an economic brief
Mr.
thing that happened was a report teresting, ; Both the Wallace, and
by certain anonymous Govern¬ Reuther 1 documents:!use' figures
ment economists that supposedly that were not available to others
the
than
not
.
.
.
•
every individ¬
within the State—a
No
"Collective
Bargaining"
rial.
Both
contain
dexes of matter
lished.
takes
identical
in¬
before pub¬
Both make identical .mis¬
in
never
referring
numbers of
a source
to
the
book.
page
There
,
any Well-bklan^ed economy,;
must have small business
as
well as large; and small business
must have the opportunity to de-
velbp and grow.
>
In one respect,
ment; of Commerce report bore small
business is a necessary comDuring that same season of bum
the date1 of Oct. 25,1945—j ust one
guessing, the series of events
plement to large business; in anday earlier than the Reuther brief. other it
is both a competitor and
started which culminated in the
direct the lives Of millions of in¬
n
:;
stimulator.
There is a great ;in^^:.
centive for a man ima small bUsf- U
ness that is growing.
He has a
"get up and go," a keen aliveness
tp every opportunity; and a for¬
ward-pushing spirit that is some¬
times difficult to maintain in the
J%ger enterprise.?- For these/rea¬
small businesa has an/ ener^
gizing influence that is invaluable
sons,
to our
omy*
more
nomic
country and its entire econ- £
The small business ralso is
seriously affected by
hazards
than
eco¬
strongly fi¬
instances of similarity,
but I think you have enough to
nanced larger companies. It would
be
nothing less than tragic if
get the idea.
small
are
other
Then to cap the cli¬
max, just last month,
Secretary
Wallace, the darling of the left
wing,
came
the state¬
figures were phony
out
ment that the
with
and should not have been relied
upon.
was
That
settled.
November
after'the strike
But what he said in
"It is apparent
that present cost-price relation¬
ships are such throughout the
(automotive) industry that a basic
wage increase is possible without
raising prices."
were
to
*
diminish
because the burdens created by
Government became -too heavy to
.
bear.:;v
Wages Fixed by
was
was,
business
Political Action
It is my opinion some kind of
wage increase was in the cards
following the war.
If Govern¬
stayed out of the pic-
a
ment had
,
those increases would have
been agreed upon by real collec¬
tive bargaining.
A union doesn't
ture
set its. demand too high "when it,
was no
And—against a background of knows that a final agreement can :
by purges, concentration camps collective bargaining all the way such conduct—the New Deal still result only from genuine bargain¬
and firing squads.
State control through.
From the outset, Mr. maintains
the
fiction
that
in ing with an individual company..
operates—but never well enough Reuther's attitude was, "Grant America all men stand equal be¬ It enters negotiations
with the at¬
to give the people who live under my demand—or else."
Government — even titude of;
In Steel; fore their
compromise^giye and
it anything approaching a decent Mr. Murray threw his demand on businessmen.
take.
The final figure is usually.
living standard.
If the American the table with the statement that
Settlement by collective bar¬ about the right figure in relation
people need any proof that state it. "was not subject to quibbling
to costs, prices and other economgaining?
The whole .thing was a
control is undesirable, they have or compromise."
I submit that burlesque \of' collective; bargain-* icfactors. When the union knows;
it abundantly in the partial gov¬ anything not subject to
compro¬ ing. : It was collusion between the that the final decision will be
ernment control now established mise is not a subject for collective
by
Government
Administration and the CIO, fol¬ made
decree,,
here.
bargaining.
It is a plain holdup. lowed by a Government-directed however, it makes its demand un-.
When a handful of companies re¬
As I said, the only possible basis
settlementrilnthesteelindustry^ reasonably high to start y/ith and > •
for government
contrhl
is" that jected the CIO's demand, the sev¬ npt a word was spoken to nor so¬ sticks to it. Furthermore, the fig-!
eral hundred companies of the
government can plan better and
licited. from a single representa¬ ure then becomes the general patdirect; better.
New! Dealers be¬ steel industry were struck. There tive of .the ,ste<el industry other tern to whichallindustry must;
lieve devoutly ' that: this is true. was not even a pretense of collec¬
thian Mr. Fairless, President of the conform regardless of individual
Raymond Moley< whO^ certainly tive
bargaining.
Some
of
the United States Steel Corp.
As a conditions. In other words, wages
knows the New' DeaF > f rorti
nth'e- smaller Companies received a tele¬ result the ..settlement—if it can are fixed not bycollective bar-;
inside, said recently:
gaining but by political: ectipnfr-:
^ThrOUgh^ phone call : from a CIO agent. properly be called a settlement
out .the past 13 years,
was * just
intellectual There
one
question, for the entire steel industry was by collusion between union and
leadership in the Administration "Will you" pay $2 a day more?" made
And that, plus the
by agreement between the government:
has been talking of what toe must Others were struck without even
Government's idiotic price poli¬
Administration, the CIO, and the
the courtesy of the phone call.
do for them,.
We are those, who
<
United
States
Steel Corp., and cies, has produced economic chaos
detail .that
has
been
taken
The fact
care
is that there
of
,
know best, the elite.
have what
They
are to
.decide to do," That
by 'creating, a
emergencies"
and thatis the Is the end of Mr. Moley's remark,
an,interesting
how our governmen¬
agencies find their, "facts."
vember, 1945, Secretary Wallace
our unemploy¬
today, despite the strikes gave out a Statement that econ¬
and other interference with re¬ omists had discovered that the au¬
conversion, is no greater than the tomobile industry could afford to
raise, wages 15% immediately and
amount
statisticians
regard
as
dividuals
The New Deal sold itself and
its objectives to the
country pri¬
marily on the basis that it would
end the depression and solve the
throws
on
The fact is that
economic theory that there is no
peo¬ lation the Administration has
op¬
connection
between
prices and
ple the truth, namely, that gov¬
posed is opposed by the CIO and their
principal
component—the
ernment, can control successfully
by the Radicals.. For confirma¬ cost of labor. Almost immediate¬
only if
it
controls
completely.
tion, read the radical newspapers ly the CIO unions came ^foiward
They knew this would be political
and magazines. Now, the ultimate With
their demand not for 25%
dynamite. Therefore they sought
objective of Radicals everywhere but for a 30% increase.
Your
only partial controls, placed where
is complete state control of the
friend, Mr. Reuther, made the
ifthey would directly affect the
economy.
State control has only kickoff and his play was
quickly
fewest .votes but create the ap¬
one claim to recommend it.
That followed by the CIO in Other ma¬
pearance bf carrying out the New
is the contention that a small jor industries!
Was it just coin¬
Deal objectives. This was a half¬
group of Government officials can cidence that such a large section
way measure and like mcst such
better plan the lives and,better of American
industry should be
measures
Recovery
sidelight
accord with
ment
in
ideoldgistlj They ;did hot tell
New Deal Prevented
strictly in
was
which
tal
that
would make
books"
It is
officials
Snyder-—8,000,000.
odd
his guess
hicle
is
the basis for his .deci¬
to go around. Now at that time—
from August to October—here are
statements
It
viewpoint.
a
express
19 Vz
on
papers in connection with
that
doomed to failure.
that
decision
Washington to take ly: concerned about deflation and sion; but amazingly, the fact find¬
places in the Swelling bureauc¬ unemployment. That was its rea¬ ing panel later; found that his fig^
racy. ; Names new to the Ameri¬ son—it said—for wanting quick ure was exactly right.
It also
can public appeared in the news¬
passage of the Full Employment found -^gratuitously — that the
scended
give
was
their
panies were involved by this decision.
Not one of them had the
opportunity to state a position or
not reveal
the
by radicals of every shade down
to the deep-red Communists.
They
emerged from obscurity and de¬
know yet what
found by this board,
what
information they
on
based
don't
were
industry's biggest and rich¬
Hundreds of com-v
the
est company.
time the Administration
toward
adopted from
I
"facts"
record of guesses—bum
You will remember that
a
after it,
enthusiastically,
Motors.
as
thing was to be done to expedite
it—nothing to delay it.1 At that
It is
was
Deal version of State control. But
it is certain that the" New Deal
and
The
generally known, but many smallcents per hour was exactly the er companies are still strikebound • v
amount of a raise to which the because they cannot pay the wage
CIO was entitled.
I don't know increase and stay in business.
A
anyone else who does.
In the few have gone out of business. If ;y;,
steel case, the fact finding board this is to be the future pattern, of
did not get to work until after wage settlements, there is no fu¬
President Truman handed down ture for small business in any
18 % cents as the
figure for the branch of industry in this great
steel industry.*
Mr. Truman did United States.
guesses.
outset,
say,
nor
responsible for the original New
the
to
"Bum Guesses" Regarding
Reconversion
hot
of the war, the Administration's
it power to control
legislative program has been the
the economy. But most New Deal¬
program of the CIO and behind
ers
were
more
politician than the
CIO, the radicals. The legis¬
would
Now,
ended
and
millions were still
unemployed.
nant
action
was
at.
prised..
the war, the de¬
had
•
of
good
face to face with
real emergency,
pression
really
was
came
was
certainly pleasantly sur¬
alleged * fact-finding
panel was appointed for General
Way Americans?7'
one
This chango first occurred when
CIO
Thursday, May 2, 1946
ice
-—and always will.
*
consequently,, every .steel comhad a
regardless. of. size or. com^
j In another way, these strikes
v.
-pany;.
that Government would mercial or competitive conditions, have differed from any we have.
step into the picture?1 If .not th^lmust absorb the same labor, cost ;known: before.. :They .were :not;
v
iWhy this .stiff-necked attitude?
Could
it
be .that
„
the" CIO
...
_
/Volume
I
163 /
'
•
Number 4486
*
h
ll,W>
M',
' '
!
in
Mr.
management.
2421"
tainly does not know everything
cal
about
war,
|
does.
No
business.
every
I have
spent
one
lifetime in
a
policies.
At times during the
only about 40 % of our pro¬
ment based
ciples
duction Was in goods and services
on the American
prin¬
individual freedom of
of
thought
action*.: Americans
and
Reu-
the steel industry. I know some¬ that; people could buy, leaving a must reaffirm their
determination
thing about it, but I tell you sin¬ very large percentage of our na¬ to make their own important de¬
cerely that neither myself nor tional income in floating money cisions in life and their
willing¬
tration
I imagine you gentlemen anyone else knows enough about that had no
place to go except ness, as,; individuals, to
accept the
remember Mr. Reuther's interest¬ the steel
taxes
and
industry to lay down into
savings, / This responsibility for those decisions.
ing
suggestion
that
the
CIO general, inflexible rules for the money, of course, represented our Individuals
must again look to
should regulate the activities of operation of any part of it.
If war
production—only; part of their own efforts and their own
automotive engineers.
I believe this is true of one industry, how which was paid for by taxes. The work for their own
advancement,
the activity he had in mind was can
any group of men in Washing¬ remainder was borrowed by the and not hope to gain
special adsweeping-floors.
It is true that ton—most of them with narrow Government and the consequent vantage
through political group
after the strike Mr. Reuther said business
debt exists as a demand" on cur¬
experience—lay
down
aetiori//;;/vi//^
that his "look at the books" talk general, inflexible rules for all rent and future production.
SeMany persons will agree thor¬
tvas "just a maneuver to put the American industry?
rious~mmrgTT~in itself, the infla¬ oughly that something should be
company over a barrel."
But it
tionary effect of this borrowing done about this situation, but al¬
OPA Wrong in Principle
is also true that union invasion
is multiplied many times by the ways think in terms of
someone
of management has been a con¬
However, it is not with the de¬ Government method of financing. else doing it. They will say,
stant CIO and radical objective.
Government
tail of OPA
borrowing "What' can I do as an individual?'!
operation that we Much
Unless they are stopped—abrupt¬ should be most concerned.
not• from
individuals and I/never quite "get over
OPA was
being sur¬
ly and now—you can be sure we is
wrong in principle.
The Ad¬ business firms, which would have prised "by this statement.
Every
"Will hear more of it. The way in
ministration raises a great hue withdrawn money from circula¬ idea the World has ever had was
Vhich the current strikes are con¬
and
cry
about
inflation, then tion, but from banks. The banks conceived by an individual. Any¬
ducted also merits close attention.
points to price control as the sov¬ did not pay but actual money; thing ever accomplished was done
The unions not only - assert the
ereign preventive. Prices are but they made bookkeeping entries by .individuals. Wars are fought
Tight to stop production, but also one of the economic factors.
They by issuing deposit slips to the and won by individuals acting in
the right to keep
anyone
they are not the cause of 'inflation; Government's credit. Every dol¬ concert.
The processes of
our
Dplease. out of plants and offices—
they are the effect of it. They are lar thus loaned was, in effect, an economy and the world's economy
•company officials; clerical em¬ the mercury in the thermometer additional * dollar created.
Of are carried on by individuals each
ther's conduct of the General Mo¬
tors strike is an excellent illus¬
.
.
ployees,
and
In
maintenance
—not the temperature that causes
course,
Pennsylvania and
New Jersey they defied court in¬
junctions and raised the Com¬
the mercury to go up and down.
was
Workers.
even
munist cry of "cossack" when the
police
power was used to
enforce
the court orders.
this
method
of
at his
financing
during
necessary
the
own job.
Our country was
brought to its present state by in¬
war.
through OPA, the Adminis¬ There is no excuse for it now. dividuals. It can be/restored by
preaches the unfounded But Government goes right on individuals
working alone or
economic theory that it can con¬ with an unbalanced budget, creat¬ with others of like mind.
Here
are some of the things I think
trol, the; temperature^he Excess ing: new debt, monetizing it; and
you
thus further widening the gap be¬ can do as individuals.
*
money Supply versu s the insuffi¬
'
/r
cient supply of goods and services tween the supply of money and k<l. As the essential
first/ step,
—if only it can hold down the things for which money can be
you can make up your own mind
If Government is to make as to where
mercury—prices.
Here again the spent.
Yet
tration
—
'
In
are
fashion
>>
quarters—some
of
highly placed—it is the
to
points
ence
j
certain
Which
smear
the
to
anyone
Communist
in strikes
as
a
who
influ¬
red-baiter.
I
want to read you some brief ex¬
tracts from an article: "The mem¬
bers of the UAW know that Com¬
munists were well represented
among those who laid the founda¬
tion stones for the UAW.
munists
Com¬
the principal lead¬
were
motive
sincere
a
and
about
prices is intended to divert public
the budget—reduce Govevrnment
attention from
expenses
nomic.
political
The
and
not
hullabaloo
the real
eco¬
causes
of
inflation.
One
of
the
best
things
that
could happen would be discontin¬
uance
of
a
of OPA and the restoration
free market.
Naturally some
to the bone, see that in¬
exceeds
come
couraging
outgo—stop
en¬
inflation
with
inflation, stop
with production and
price
interfering
the free market.
what
country
it
direction
is
better
maintain
to
to
or
You must
believe
really
you
in—whether
for
its
restore
our
present
2.
of
can
study
Government
it
principles
is
line
in
the
or
every
to
action
determine
with
other
your
fellow's
,r Concerning the effect of money
prices would go up. \ Speculators
principles, and oppose or support
Incidentally, I witnessed the sign¬ and shysters would try to get manipulation by governments on it accordingly.
'
' •
ing of the 1937 contract. The chief every last/ dime that the traffic the social structures of nations, v- 3. You can look with a search¬
signer, negotiator for the union would bear. As a
Lord Keynes had -this to say in ing eye 1 upon your
matter, of. fact,
community;
and leader.< of-the strike, was a
they are doing so now in the big- one of his essays: "Lenin is said What individuals and groups sup¬
Communist,"
.
.
"The; tradition
.
established
by
Communists
at
Ford'sis well reflected: in the
strong Communist influences in
local 300 and'the big block of pro¬
gressive votes that local's delega¬
tion delivers at every UAW con¬
vention."
"Communists, not to
.
count
>
.
friends they influ¬
big blocks of votes
many,
cast
among the 8,830 in
City convention."'
ence,
.
These
the
Atlantic
statements,
gentlemen,
made by a red-baiter.
tFhey are the i exact words of a
column writer on the editor
page of the Tuesday, April 2, 1946,
were
-
not
issue of the
"Daily Worker," of¬
ficial
publication of the Commun¬
ist Party in the United States.
gest
black
market
gll time.
Certainly, this would not be done
by established legitimate business
firms.
They would not damage
their reputations and
of
have
to
tem
.
was
OPA
Snarls Our Economy
Government's
encourage¬
ment pf. strikes. and its arbitrary
settlement of wage demands, in
themselves, have increased and
intensified the complexities of an
the
best
good will by There
sys¬
to debauch the currency.
Lenin
.
certainly
subtler, 'no
was
right.
is'-no
surer
overturning the exist¬
ing basis of society than to de¬
'
of
greedy attempt to rake in wind¬
profits.
Free prices would
open
the congested
arteries of
means
business. They would bring prod¬
ucts and services into proper re¬
engages
lation
struction, and does it in
a
manner
which
a
million
a
fall
with
each
other and
rees¬
tablish the overall proper relation
between business revenues and
business
costs.
Production
bauch the currency.
not
ly needed products would begin
to appear in volume.
Scarcities
would disappear and as they did,
the best regulator of prices ever
.It is not
of au¬
men/.were
a group
You
in
brought up on competition.
No
industry is more competitive than
yours, and you know that with¬
an
Favor
for /
stand
bppbsite: iprihcd£les?
;
accident that radi¬
gram is one of increased Govern¬
spending, and therefore the
df
more
debt
and
dollars; still higher wages, con¬
tinuance of price controls, and the
extension of other Government
controls
omy.
over
the American
econ¬
/ What is their motive? Do
nessmen
are
without
just because they
men
have
are
an
influence
tually restricted can serve by in¬
spiring others to /action.
5. You
of
this
can
secrire the discussion
issue
before
any
group
with which you have connections.
6. You can communicate your
position
to your representatives
Congress and to state and lo¬
cal officials—both generally and
on
specific
measures.
Despite
in
statements
to
the
contrary,
con¬
.
.
.
:
tical way to get
the kind of gov-Thata.
ernment /. you
want.
through politics.
not leave to
can
do
It is a job you \
others/ You must
.
it yourself.
fl These
!
just a few'sugges- • others will suggest"
to
ingenious minds." '
Anyone who sees the issue is mot ;/•
helpless before it.
Our situation:'1 '
is far from
hopeless.
There '• is
<
nothing wrong with our country
tions.
are
Many
themselves
that,
can't
thousands
be
if
corrected
some
of
citizens—ordinarily /
inactive in a political way—would
become active in politics on itshighest plane—would make it a: *
personal job of work to bring this 11
issue before their fellow countrymen squarely and plainly." You{/';j
know from your own work thai-:
problems can be solved;^It:
justr/ p-
depends
upon
how important they pi/:
are. There are probably 1,000 meri-'.
in : this room. "You " know
/from
your experience with production:J
how far reaching the cumulative' v.v
effect would
number
"
be if each :of ;fhis?
would take thi3 matter
/
4
seriously to heart and make it a v
realf personal responsibility?
^
Anyone Who advocates a ifcturriv *
to American principles these days
is branded as a "reactionary " He*s' 1
is
a fellow
who yearns for' the'' J
"good old days";' who wants time /
to stand still. I Want to point out"
;
that the concepts of human^ree- ";"
dom
which this
on
still
nation
were
•
represent' the far^1^
advance
in
the
thinking
of mankind.
the, individual-^-and' I
apolitical-5
It' affords
mean
^
;ithe-
average individual-^he: best/
^
as-;
siirance in all
history for opportu¬
nity, advancement, and good liv^ 1
ingi The so-called "progressive^;^
governmental ideas of our day are ■
in
reality throwbacks to - auto-^p/
and -repressive"forms
of' government which our Founders
rejected. He who advocates: the- ,v
return to American- principles 'is; •*
cratic
>
call to
,
n
action!
.
influence that
broader than they think. And
even the man whose range is ac¬
of
competition, the industry they want to see this country tact
private
citizens
with
economy already badly snarled Would never have grpwn to its emerge from its troubles strong, elected officials does have an ef¬
fect and an important one when it
from years of depression; previ¬ present magnitude nor have de¬ prosperous, and united?
Obvi¬
ous Government mismanagement, veloped the .world's best ,automo-- ously not.
They want to supplant is sincere and spontaneous.
and war.
The new complexities biles at the world's lowest, prices, the American form of govern¬
7. You can bring pressure to
But OPA urges its continuance ment with their form of
are compounded by the existence
bear on the leaders of your po¬
govern¬
of OPA.
The advocates of this for "just one more year" with the ment which is complete state con¬ litical
party to make that party
The American people could more
most bureaucratic of bureaus sup¬ moth-eaten plea of "emergency." trol.
accurately reflect your own
port it with fanatical fervor.
It Next year it will be back with the rievet be induced to consciously ideas.
is OPA or ruin, they say.
Yet same old plea asking that it be accept state control so. long as
.8. You can get active in the
from jridustries all over the coun¬ permitted to continue the hopeless conditions are
reasonably toler¬ work of your political party—nbt
try, evidence piles up that OPA is task of holding down prices while, able. Therdforej the real objective because
you have
political am¬
for political reasons, wages re¬ of the Radicals is to
now a principal barrier to a free
bring about bitions Tmt to make that; party a
flow of economic processes.
No main uncontrolled, goods remain intolerable conditions.
So
they more effective mstrumerit in; rep¬
one, of course, can realize this so
unrationed, and Government goes are for inflation. ©They are for
resenting you. I want to say this
clearly as the businessman who on adding to the money supply. higher wages, lower production— abbut political activity. Under
must go to Washington and at^ For a
Government 'agency, an and consequently excessive costs.
any system, it is through/ politics
tempt " to get something done emergency never ends.
They
are. for
the
inefficient, that the character of government
about restrictions that make it im¬
short-sighted mishandling of the is, determined./, You can't have
The Real. Cause of Inflation
possible to operate his particular
economy by our present Adminis¬ good
government ^without first
business/' He
must
deal
with
Government blandly ignores the tration. They are for strikes, ra¬ having good 'politics. {And y©U
men whose'minds are fixed with
cial feeling, class
one. thing that is at the heart' of
anatogispi, In Won't have goqdr politics if it is
almost religious devotion on what the whole inflation
problem. That short, they are for, anything/that left j e^Iusiyel^fin /tho hands; of
they regard as broad / economic is the
Government "manufacture" Will break this .country 'down and the relatively few* who, make it a
principles which they are deter¬ of money. to meet unbalanced create chaos. And certainly the
profession fpr susp it for narrow,
mined to uphold at any cost.
He budgets. UnforturiatelyV all. too. present, Administration,
knpWpersona^ advantage. The radicals
must butt- his head against; the
j rigly or through ignorance, plays
many others also ignore it—prob¬
through;°n>any:: organizations, in¬
stone wall of their inability; to ably under the
impression that it directly into their hands.
cluding the CIQ-PAC and this
understand what he is
talking i s unpatriotic or dangerous :tq. tell
new
Artists',;group, • headed by
about.
Men like Chester Bowles, the
Return to Principles of Individual
public the truth.
The/real
former
Secretary
Ickes,
make
for instance. Now,' I do not doubt threat of inflation is the existence
Freedom :iC
s;..v'fP'.il«'/, *//*/':•/ *'A
politics a real" job nf work—not
••'/ ''}
for a second that Mr. Bowles is a of
first, the - Federal debt ap¬ yi What is to
be/ done about this only at election time, but every
very good advertising* man.v He proaching
$300,000,000,000, piled very serious
situation?,^We have day.: They know exactly what
probably knows the advertising [ up by New Deal: spending and the only
jqrfe hope. That ,is; tO return they want arid are willing to: work
business thoroughly. But he cer- war, and second, the Federal fis¬
by the shortest route to .Govern¬ f6r it. They will be successful
v
who
businessriien,.
out this
f >>
citizens
our
not a reactionary ; ' he is - the-true •• / >
^"progressive.?- ^
* -h
>,w u :,•;-n
Gentlemen, the important thing- p.
with your friends and acquaint* is that America live not accord¬
tances—make
them
realize
that ing to radical principles, but■ ac-l> ■
this is the real issue. And on this
cording to American principles./
point, it is just not true that busi¬ This is the issue^-rand this is' a /
<
more
of
opposite political faith
willing to give equal time and/.;
energy.
There is only one prac¬
What can you do to aid the former
arid oppose the latter?..
m***
4. You can discuss this
issue
Most
*
Inflation
cals favor governmental measures
that lead to inflation.
Their pro¬
ment
men.
man
of de¬
port the principles you stand' for?
What
individuals
/arid groups
is
Radicals
creation
I don't need to la¬
point with
one
forces of
the side
is able to diagnose."
discovered would take its effectbor this
on
now
frozen would be stimulated. Bad¬
tomobile
The process
all the hidden
economic law
competition.
The
that
to destroy the capitalist
way
.
declared
those
the
thest
You
Whether
unless
hold
are
American, founded
freedom.
wage
consequent
restore
decide
v,-
-v
stand.
you
effective
fight
against inflation, it must balance
is
1937 GM sitdown strike.
ers of the
f ,V ■'
"
merely strikes for wages. -They
were open moves toward the radi¬
cal objective of union
participa¬
tion
A
tTHE COMMERCIAL" & FINANCIAL' CHRONICLE
Reduce U S
Norfhry
Holdings Abroad
United States Government non-t ;
military agency holdings of per¬
sonal property abroad, exceptSUr-' ^
plus property^ were reduced $32,- ;
000,000 during the fourth quarter
of 1945 chiefly because of ship^' ^
ments of stockpiled metals to this
country, the Clearing Office -for
Foreign Transactions, Department^
of Commerce, said on April 18.
The Department's annouric^merit ?/ >
further stated,
—
"These foreign holdings totaled h
$118,000,000 on Dec. 31,< 1945, but k re¬
current; heavy shipments tor thek
United States should sharply* re- b*
duce all stockpiles except rubber, , i?
which may increase, according to •
the Clearing
Office. More >-thari
80% of the inventories consisted -'
of scare© and critical'>$upi>Iies, y
chiefly metals and cotton yand ./l
other fibers./ The
reinainder'lwas^
chiefly
unclassified
equipment,
,
materials
and
supplies generally
used for administrative/and imairi-
/
tenance/; operations/ by/
States agencies abroad.' :y;l> Xv/V in:
"The bulk of the $118,000,000 in
foreign holdings /was owned -by *X
the
United
-
States
Commercial '-/
Company whose inventories *>
totaled $71,000,000. The Office of-/?
Metals- Reserve
abroad
had
inventories/ ;
/ of /; $19,000,000
the
and
Rubber "Development Corporation :^
$19,000,000.: Of the totals
000/
held in Peru,
was
$3Q^OpO;^ /
$24,000,000///M
jn Canada, $20f,OOO,OOp, iri/Tur^e_y^ 1
$15,000,000 in Bolivia and $13,00Q,-v;:
000
in.Brazil, the/ Clearing Officq-'
said
"
"I"
v
-
Steel
Output Again Off Due to Goal Miners'
Strike—Scrap and Pig Iron Supply Critical
manufacturing standpoint is the effect of the
coal strike this week on steel users through curtailment of the use of
"Serious from
/
a
"The Iron Age," national metalworking paper,
states in. its issue of today (May 2), further adding: "Varying utility
;
company coal stock? provide no uniform national basis for curtail¬
ment of service, but in some important industrial centers regulations
-are
beginning to appear which*
"will cut power consumption for been lost so far during the strike,
manufacturing as much as 50%. counting the expected output of
industrial
.
Plans in
■
power,"
>. sumption
:
noon.
"Steel ingot
much
between
*
•
;
;
-coal
firms
piles
as
find
their
The
dwindling.
loss of steel ingots
a
of this week because of the strike
is
•
than
more
the
end
loss
•
will
tons
of
1,000,000 tons.
week
next
close
come
unless
the
the
to'
ij;7'The steel
t
By
total
1,750,000
coal
strike
ended,; which is less than
possibility!
"
-
time
is
remote
a
industry this week
on the verge of starting suecessively sharp reductions in ac¬
tivity. If the coal controversy is
not settled
.
effect
by June 1, the overall
will
approach the chaotic
production
which
from
resulted
strike
c
situation
order
and
the
steel
earlier
this year.
Production schedules have already been
-disrupted to
some
extent
and
many companies have found their
delivery
promises
further
and
*
further extended,
"In
v
effort
an
I companies
i^for
1
small
the OPA will
supply
better
a
products
is
steel
return
which the
non-existent,
on
or
take action to
soon
revise the
prices of certain steel
products upward. This action, it
is hoped, will also serve the purpose of stepping up production of
'
-
"
0 these low-return products.
mills
v
*
v
Many
forced to drop some of
were
these
steel
products
from
,
their
schedules in order to concentrate
the output of more lucrative
items and thus compensate for the
;•* on
*
sharp increase in steel
.')
wages.
"Steel officials, CPA and OPA
meeting this week to allocate
are
increases
the
to
various
low-re-
turn steel
products. It is expected
part of the increase will involve alloy steels which will re¬
that
;
ceive
advance of 8.2%
an
instead
of the 4% recently granted by the
OPA.
The OPA does not believe
"X
that the increases to be made
>; will
be
than
;
increase
1
v
the
made
March
on
1
be-
cause of certain deficiencies in the
total
amount
of increases allo-
cated
to
time.
steel
';
-
-
"While
products
at
that
•
the
steel
granted
a ton
industry
permission
plate $5
,
soon
more
inflationary
general steel price
any
was
as
was
raise
tin-
to
of Feb. 15, the
J action was nullified because all
| large tinplate producers had already signed 1946 contracts at the
•old price"
ihX Steel production is scheduled to
>; decline
sharply
this
week
to
67.7% of capacity, a drop of 5.9
points from last week, because of
f
low
t
Iron
coal
:
supplies,
and
4
nounced
4
the
Steel
American
Institute
an-
adding:
f
\ "The
on
April
National
29,
further
operating
rate
this week will result in the pro¬
duction of only 1,193,100 tons of
steel ingots and steel for castings.
This compares with production of
?
I
approximately
week
at
1,297,100 tons last
73.6%
of capacity.
A
around 1,535,000 tons
were produced at 87.1% of capac¬
ity and one year ago approxi¬
"month
ago
mately
1,754,700
tons were
duced at 95.8% of capacity.
:
;
*
,
"
; "Preceding
the
start
of
pro-
the
miners' walkout the steel industry
operating
was
88%
that
of
approximately
is believed
could have
capacity. It
the 88%
level
strike
of
year ago follow:
their people a
average —100
for
1923-25 average
=
1935-39
"The strike is the second
since
the
by the
miners.! Therefore,
approximately 1,000,000 tons of
ingots and steel for castings have
Feb.
•154
TotaL,.—ir>rrManufactures—
160
236
♦150
-
,
164
252
♦153
*144
„167.
346
*142
166
157
of
Cleveland, in its
the iron and steel
April 29 stated in
172
*165"
Nondurable^
161
176
*161
140
141
-;v*i35
133
substantially
lower,
trade predictions now being for a
loss in
tonnage in May far greater
the 'million tons estimated
than
t
107
59
t
87
50
Residential————
t
61
13
t
50
12
i—_—.
t
145
96
t
118
81
All other.
for April.
'
.
during
April % but
162.5
*118.0
123.0
137.1
219.1
*123.1
136.7
112.7
117.8
*114.0
112.2
117.2
217.2
333.7
factory payrolls—— —
greater loss in output
next month will be inevitable.
"Decline in production of light
flat-rolled steel, a most critical
product, is beginning to* reflect
more
seriously the reduction in
ingot -output. Until recently the
reduction of steel ingots has been
most noticeable in bars, plates and
t
231.7
203.1
211.9
123
130
time for such action has arrived,
quota system are
sold through the year and an in¬
creasing carryover into 1947 is
♦Preliminary.
averages.
Indexes
to
threatened by the coal interrup¬
tion. Small carbon bars are also
in heavy demand, with the situa¬
tion in small cold-drawn bars now
carloading,
Employment Index, without
by Bureau of Labor Statistics,
in hot-rolled.
available
in
MANUFACTURES
44
191
552
222
436
Transportation equipment—
*514
220
695
*214
220
695
Automobiles^^^^.^.^«^^
Xonferrous metals and products-
•101"
105
242
*101
105
242
t
150
*130
140
*108
preduott.^
H,.,110
,123
*100
100;';
80 \
Lumber.
112
Plate glass
166
106
t
*136
Gypsum and plaster products...
*199
199
185
Abrasive to asbestos
*216
220
305
*156 J
151
155
products.—
Textiles and products
Cotton consumption.-Rayon deliveries
.—
192-;
305
*156
151
146
;
138;
K
,152
213
153
151
t
118
121
t
115
119
:V
'
t
130
137
\
' t
133
•
——
92
t
kip leathers,,—
89
,
153;)
119
t
•
t
j54
t
90
t
,
63
t
151
148
-
,
•54
t
140
121
.>
66
Effect
of
the
coal
being
123
t
121
123
t
152
158
*143
141
141
*148
*139
131
*150
*139
132
;
ore
131
146
*169
155
139 t
163
165
*149
150;
149
Processed fruits to vegetables...
*13?
136
163
*85
-89
103
economic insurance;
156
143
123
148
142
118
in
Tobacco products^.........—.—
Cigars
Cigarettes
104
95
111
104.
193
185
*176
•
111
205
—,
Other tobacco products———
69
Paper and products——i—
Paperboard-—
Newsprint prQductionw^,»w—
*140
145
185
67
70
*141
133
145
152
86
>86
152
86
83
118
■;>
102
*172
276
*131
*137
106
*172
.
:
Gasoline.—,,,,,,,^4,.'.
r
-*
eration of Music Clubs. Mrs. Guy
83
-
t
126
t
168
■
I
Kerosene..—
,
t
126
,t
Lubricating oil—.—..,.4...
.
couraging music in all homes and
communities; it is even entering
the a international
field. It. has
recommended -that all American'
■'
150
174
■
t
t
125
t
t:
musical organizations unite 4n a
132
'•
168
f
163
163
t
367
*273
294
367
236
.
*236
t
294
X'-t
V273
Byproduct—
;;.Beehive—
-vt%
t.;
318
*238
235
319
;
•
*250
249
241
*250
249.
386
400
*389
386
400
♦213
209
247
*213
209
.
241
*389
247
♦149
Anthracite—
of
......
at upper
146
•149
150,
*160
146
1461
159
159
*121
...
.
;
143
108
112
*121
114
148.
114
*147
&4M
Crude petroleum
mines
146
•160
—
Bituminous coal..^,—
•147
143'
150
'
'
111
t
Iron ore^.,—
68
68
303,561 tons.
hearths
by
,
enlarged
use
in
pig iron supply
dwindles and steelmakers seek; to
as
keep up production.".
FREIGHT CARLOADINGS
:
...
V,..
•
)
(1935-39 average
•
....
Coke
Livestock
Forest
152
-
I
—
———
100)
=
148
,139
152
127
^
107
—
Grain
^
"Scrap shortage continues and
increased
:/-■
Coal
only 17,-
tP&t* not yet available.
♦Preliminary or estimated.
178
119
150
152
126
12l
122
113
133
168
134
152
78
66
,
•
#.
in
way
more
1
-
.
an
cast
;,p. 117
120
97
128
123
74
one
world"-Jn
42
,$143
64
—To conver^;foal and miscellaneous indexes to points in total index, shown
Federal Reserve Chart
Book, multiply coal by .213 and miscellaneous by ,548, K
A Personal Confession
,
endeavor to measure and fore¬
139
109
29
in
My entire life has- been! given
to the study of figures, — or what
the
professors
call - "statistics".
These figures, I have laboriously
collected,, compiled and used Jn
152
"
24
113
75
;
188
tRevised.
1
one
cpmplete harmony.
148
■
147
126
121
ofxthe; earth
133
114
158
126 /
94 1
products...;
Ore——...—...
Miscellaneous——
—121
Merchandise, l.c.l.—
-78
in
112
148
60
50
—.
formances and
further the ^uniting of the peoples!
MINERALS
Fuels
strike,
.
International .Music Con-»,
gress to -bring together represent
tatives
from
many v countries.
There they will discuss the future
of niusic, render their, best per¬
great
•
v* t
^Gannett of Portland; Maine* hi
President. This Federation is en¬
83
.
*137..
•131
150
174
t
t
,
t
t
•:Fuel oil—
pro¬
Joined in the: Rational Fed¬
dow
104
94
t
84
t
>:
,
114
*121
105
f
108
,
.
also a part,
)pfvc/thous$nd ihusic^ clubs kre
138
155
—
a
-
' 94
97
in all its
practcial world peace
gram.;
•
;
95
137
145
*122*
.
«
136
i71
86
-~
«
134
v
<
155
and publishing^v>,«»
Newsprint consumption.——,..
.
•
the Music
children that you are. interested
ih music and- will 'enable* you to,
help them become4nterestedr This:
will give them both pleasure and
*164 *"•
■
ago similar stocks were
" :
Other manufactured foods-
the
short
ore
'
;phases>x'Tbis^,^
162
*158
make
X
emergency
port community music
93
•
Sbcef—— ....——
"
an
Club of their community and sup¬
148
Manufactured food products—,—
Wheat flour^^—..
Meatpacking..———^——
...
in
Parents should join
128
■
X
The ability
ciuhs'<*»
125 ;
»
'
Goat and kid leathers-
Sheep nndlamb leathers
—
151
•
insurance
excellent
National Federation of Music
215
233
234
an
living. " /
152
115
t
Leather products.
——
Tanning...-
and
a
138
is,
Music
155
t
,
on,"):— whether it is; mechanics,
typewriting, accounting, or music*
^0 sing, uriplay; will' ihake^lends.
177
220
can pass
competitive examination there¬
for any- young person*
66
118
*216
"
234
Wool textiles.—..
'
.
-
*191
:
,
233
146
——
1
156 .:
56
133
56
Clay products...,,———
.
a
'j 146
-
107
122
29,
C
prbvld^^!the:bby;br girl
29
87
143
*143
.
114
1391:
*173
.
t
—„r'i-
:
*140
163
131
106
4—
—
Cement—
146
175
*183
v
191
1
139
;
*140
products-JL.
.
♦79
*91
,
Furniture
Stone, clay and glass
docks. However, stocks of
27,601,106 tons of ore at furnaces
and on Lake' Erie l docks provide
plenty for present needs. A; year
open
257
191
Smelting and refining. ————
Lumber and
-.
257
150
140
v
I often urge upon parents the
importance of training children to
become experts in some one thing.
The chosen line is not important
100
*207
t
spend $10,000,000 a year
music.
on
436
*130
Music
180
.
552'
.
better than words.
afford to
226
r
191
Metals
is
95
Petroleum refining—.
coal, and strikes at iron
lake
107
36
222
—
limiting, tonnage of
44
180
*207
~
20,435,199
operators
226
95
-100
Electric.--—.^..
Machinery..,—
Petroleum and coal products—
tons in
first quarter of 1945, Great Lakes
shipping is in an uncertain posi¬
vessel
107
-
r
thoughts *
convey
exceeding that of atomic bombs.
Our State Department could well
202
"192*
t
t
192
36
is 4 reflected) in first Chemicals.,.^——
Rayon
quarter consumption of 11,488,445
Industrial chemicalA——
of
Feb.
*101
,
develop confidence or feaT»:,
hope or discouragement, love or
hate.
Music. may not take the
place of armaments, but it cer¬
tainly should be used by govern¬
ments to supplement armaments.
Music has potential power far
1945
1
Jan..
Feb.
*140
202
t
t
steel -strike
because
Feb.
*101
can
•
can
•'
Steel.,——...—
Open hearth
the level
of prestrike
months, reaching 6,021,018 gross
tons compared with only 1,748,469
tion
Jan.
Feb.
*140
Iron and steel-Pig iron
tically
against
much
Without
-1946
1945
Music
Without words and inny do it
Seasonal Adjustment
1946——
.
tons,
Music As An Influence >
^
*■<>
*
-
*
<
(1935-30 average swlOOJ
Adjusted for
Seasonal Variation
in March regained prac¬
February.
words at all.
and payrolls Index compiled
seasonal adjustment*
have no
great, symphonies
The
daily
minerals
multiply
department store sales indexes based on
W ;
!"Consumption of Lake Superior
in
and
spoken language.
can neither
read,
music can talk together
who
nor
through music! In fact; the "words
of the-great hymns are insignifi*
cant compared with the music;;
INDUSTRIAL PRODUCTION
Various sellers are sold for the
remainder of the year, on small, printing
tons
142
dential by $184,137,000, and ell Other by $226,132,000,
Calf and
of operations ' since the
end of.the war, but, prospects for
m a i nt a i n i n g these rates are
ore
171
140
Construction contract indexes based on 3-montbi moving averages, centered at second
month, of F. W. Dodge data for 37 Eastern States.
To convert '.indexes to value
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000, resi¬
is heavier
schedule
iron
179
t
'
than ever, as fabricators have
been able to attain: the highest
sizes,
with little
larger diameters.'
119
*207
149
To convert durable manufactures, nondurable manufactures, and
points in total index, shown In Federal Reserve Chart Book,
Cattle hide leathers
"Pressure for sheets
as
139
211
156
durable-by.379, nondurable-toy'.469,- and. minerals .by .153.
a
critical
133
227
t
words
'
-
universal
a
People
?Data not yet available.
Note—Production,
definitely in prospect.
as
126
*254
Department store sales, value—
Department store stocks, value...
sheetmakers
operating on a
quarterly quota basis, are unable
to set up new quotas, though the
is
458.3
t
freight carloadings——__'
rails, among the major products.
Under <present circumstances
almost
t
.
Durable goods-^——
a
on
thing about music of even greater
importance. Music is more than
a
universal written language; if.
218.7
'
♦114.6
fuel
the coal dispute average steel pro¬
duction rate will drop to a point
Those not
162.0
123.5
•123.6
supply is being exhausted and un¬
less there is early adjustment of
where
versa! language and: history.
;
But I want to emphasize some- •
*118.5
Nondurable, goods—
*
uni-t"
much-needed
the
to
stone
Total—
Total—
Thus, music offers a very
practical and available stepping.
Durable goods—pJ.__—■
districts, in sharp con¬
trast to others, have been able to
maintain exceptionally! high op¬
erations
|.
factory employment—
*
other nation even though he
cannot speak a word of the lan-!
guage.
Totai______.—
A
Universal Language
a
any
135
Construction contracts, value—
'
early settlement of the coal strike
go
As
Nondurable gooda^-.............. J.
"STEEL production continues to
decline and with no indication of
will
161
•156
Durable—f
markets, on
part as follows:
it
156
-
Total
last
ended
war
Jan.
Feb.
Jan.
a
one;
practical move in this di¬
rection, every nation should give
Feb.
more attention to music.
All iia- *
232
tions now use the same musical scores,
A musician ol any nation
249'!"'
can read and play the music of345
Industrial production—
strike started."
of
Without
Seasonal Adjustment
*142
required to regain the 83 % op¬
erating level which prevailed in
the
steel
industry before that
"STEEL"
Music
Adjusted for
indus¬
August..: Jn October steel opera*
tions declined to 65% as, a result
of a miners' walkout, After the
miners returned several weeks
summary
100 for all other series
Seasonal Variation
.
universal language :
a
universal history in
generation.
K ,v
and
factory employment and payrolls;
100 for construction contracts;
average^
try to the pre-strike level,
miners
(Continued from first page)
arithmetics.
BUSINESS INDEXES
1939
required to restore
been maintained if there had been
no
Furthermore, the
Uiiited;!^ Nations could Steach ^11 i
part of the total loss.
will be
Of Music: Babson
At the same time, the Board made
available its customary summary of business conditions.
The in¬
dexes for February; together with comparison for a month and a
employment and payrolls, etc.
"Some
to
with
those
profit
-
March 22
on
—13-atu
the operations of the steel
was
;?
1
tons is only
total
to the end
up
System issued
its monthly indexes of industrial production, factory
Feb.
"That estimated loss of 1,000,000
The Economic Value
Business Indexes
The Board of Governors of the Federal Reserve
Even after the strike ends, some
output will take
steel
Federal Reserve February
the current week.
con-
sharper dive next week
additional
;
power
hours
the
to
to 12
a.m.
call for
even
areas
some
restricting industrial
8
Thursday* ittajr 2,1946
THE COMMERCIAL & FINANCIAL CHRONICLE
2422
social
investment
-business,
trends.
At
one
time
-
I
and
al¬
most
worshipped figures. But now
at the age of 70 — I have con¬
cluded that the world is not ruled
—
by figures —- but rather by feel*
tags, This is another reason for
my interest in music*
»
Volume 163
THE COMMERCIAL & FINANCIAL' CHRONICLE
Number 4486
-
2423
vfDaily Average Crude Oil Production for Week MoodyVBond Prices and Bond Yield Averages
Ended April 20, 1946 Decreased 5J 00 Bbls.
The. American
v
Petroleum i Institute .estimates
p#:^c^dy^;computed
bona prices and bond yield
liven in the" following table*
that .the jiaily
1946—
for the month of
April; 1946.
April 20,. 1946
ports
es¬
101,059,000 barrels
of .finished
.
add unfinished gasoline; 11,225,000
}
.
DAILY AVERAGE CRUDE
'
OIL
ZV 3
*B. Of M.,
.
'' s ;
v,
•'■<
.
Ended
April
.!
I
,1946;
367,000
.
;
250,000
„
800
...
from
t378,750
245,200
'
y;
v
■"
119.00
123.34
121.25
118.40
113.12
116.41
119.41
124.24
119.00
123.34
121.25
118.40
113.12
116.80
119.41
121.04
124.49
119.00
123.56
121.25
118.60
113.12
116.80
119.61
121.04
124.74
119.41
123.77
121.67
118.60
113.50
117.00
119.61
121.25
119.61
123.99
121.88
119.20
113.89
117.20
120.02
121.67
ford
119.61;
123.77
121.88
119.20
113.89
117.20
120.02
121.46
Schulte
3,250
+
22^-—:;: 124.99
20—^4.'—'——■; 125.24
273,150
750
'
-
•
900
'469,150 S" 489,500
'
134,350'
145,550
347,150
326,500
378,100
309,750
352,150
452,550
?4 565,250
2,054,600
1,947,800
2,170,550
85,950
'
750
+
84,950
-
286,800
f.
398,022
-——1—7 *'
288,450
; 372,750
750
+
373,400
366,050
77,500
400
77,500
79,900
V 53,000
■M Mississippi ——-1^-
81,526 /
'
55,700
650
55,900
1,100
12-—^
4,350
2,800
209,550
206,850
19,450
•.
•
197,000 ^V
V1 14,000
Indiana
'
-..,
r.••.<,;:
-
■.-j Michigan
-Wyoming
:
,
.
7.
;
121.67
120.22
121.67
122.09
119.41
114.08
117.60
120.22
121.88
120.02
124.20
122.09
119.41
114.08
117.60
120.22
121.88
120.02
123.99
122.29
119.61
114.27
117.60
120.22
121.88
122.29
119.61
114.27
117.60
120.22
121.88
vember,
122.29
119,61
114.27
117.60
120.43
121.88
whether there had been
122.29
119.61
114.27
117.60
120.43
121.88
122.29
violation
119.61
114.46
117.60
120.43
121.88
120.02
120.02
124.20
120.02
123.99
120.02
123.99
7^——-
15
;
>
1,350
65,250
110-—
120.02
123.99
122.29
119.61
114.46
117.60
120.22
122.09
123.99
122.29
119.61
114.46
117.60
120.22
122.09
ties
120.22
122.09
will
^
' 125.92
120.02
125.89
120.02
224.20
f>o oq
119.61
114.46
117.60
120.43
122.29
125.92
120.02
124.20
122^29
119.41
114.46
117.60
120.43
122.09
125.86
119.82
123.99
122.29
119.41
114.27
117.40
120.43
122.09
125.64
119.82
123.99
122.29
119.41
.114.27
117.40
.120.22
122.09
119.82
123.99
122.29.
119.41
114.27
117.40
125.74
31,700
Colorado
i.___
22,000
•
i
•
4,900
—
46,700
110,100
20,100
106,050
19,800
24,550
.106,000
^
26,350
1~150
95,800
+
119.61
114.46
117.60
East
California
;!
of
120.22
122.09
issue with the contention that its
11941
114.08
117.20
120.22
122.09
119.20
transactions constituted violations
114.27
117.00
120.22
122.29
119.82
123.56
122.50
119.20
114.46
116.80
120.43
122.29
125.84
119.61
123.56
121.88
119.20
114.27
116.61
120.22
122.09
126.02
120.22
123.34
i 121.88
119.00
114.27
116.41
120.22
122.09
;
119.61
126.14
123.56
121.88
119.20
114.27
116.80
120.02
122.29
126.15
119.61
123.34
121.88
119.20
114.27
116.41
120.02
122.29
126.05
119.20
123.34
121.46
118.80
113.50
115.82
119.41
122.29
121.25
126.28
124.74
1946-—'—
123.12
119.00
113.31
120.84
118.60
112.93
120.63
118.20
112.56
121.67
119.82
117.60
120.02
124.20
122.50
117.60
121.46
119.82
1 Year Ago
"
April 30, 1945- |r 122.38; 115.24
:S:
'
119.34
'
.
.
v
,
'\-y. ».;*i
111.62
122.09
118.80
121.88
118.40
121.46
114.66
117.80
120.84
114.46
117^60
114.46
120.43
117.80
122.50
112.19
107.09
112.19
114.27
119.61
117.40
115^3
.
...
?
120.63
v
119.20
116.41
111.63
(Based
101.47 ,105.34 >113.70
116.41
1946—
'Govt.
Avge.
Corpo
-
Bonds'
0:
30—
rate*
y
1.45
29—i—
1.44
26
'
3,786,000
I
Total United States
•These
oil
(after
premises
deductions
outlined
of
of
in
.'§830,000
7,300
+
2,200
4,686,300
Mines
calculations of
condensate
its
—
859,700
-
4,620,000
Bureau
are
3,826,600
-,
834,000
detailed
and
natural
forecast
5,100
the
3,881,715
.916,200
* 856,700
4,562,050
24
month
of
April.
As
requirements
may be supplied either from stocks or from new
production, contemplated withdrawals
from crude oil Inventories must be
deducted from the Bureau's estimated requirements
to determine the amount of new crude
to be produced.
In some areas the weekly
change
2.49
2.59
ownership for • the
March, April and May
until / June, 1944, although; such
report should have been iiled: by
2.73
,
estimates
do,
however,
include
small
but
is mixed with crude oil in the field.
indeterminate
of
condensate
which
■
2.49 !
2.59
2.70
2.49
2 59
2.73
2.48
2.59
; y "2.72
2.47
2.57
2.71
lowing the transactions.,
2.69
ther
■
2.67
2.46
2.67
2.47 •
.
,1.39 v
'
?
-
2.56
1.384 r
—
2.67
•••>•2.73'?
•
;
2.56
-
•Stock
2.46
the tenth day" of the month fol¬
2.69
Exchange
2.56
Closed
2.69
2.96
2.7.9
:
2.64
: 2.87
'
1.37
2.67
1.36
2.65";i
1.35
2.65
1.35
2.65
1.35
2.65
1.35
——
^
•••"
11
2.56
2.46
2.68
2.96
2.78
*'2.64
2.57
2.55
2.68
2.95
2.77
2.64
>2.56
2.55
2.68
2.95
2.77
2.64
2.56
2.46
2.54
2.67
2.94
2.77
,2.64,
& 2.46
2.54
2.67
2.94
2.77
2.64
2.56
2.54
2.67
2.94
2.56
2.45 y
'y'2.45
'
7:00 a.m.
April 17, 1946.
tThis ls.the net basic allowable as' of April 1 calculated bn a
30-day basis and
shutdowns and exemptions for the entire month.
With the exception of
those fields which were
exempted entirely the entire state was ordered shut down
for six 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
Includes
kases,
total .equivalent td six days shutdown time during the calendar month.
jRecommeiidatldn of Conservation Committee of California Oil Producers.
!;
AND UNFINISHED
:•
.
*
;.A;
7
v
-' ;
-
GASOLINE;
;
.7...
Figures in
this
APRIL
42
Lm
-
2.67
2.94
2.77
2.63
y 2.46
2.54
2.67
2.93
2.77
2.63
2.56
2.65 >fe?2.46
2.54
2.67
2.93
2.77
2.64
2.55
1.34
2.65
1
2.54
2.67
2.93
2.77
'2.64
4
1.34
; :
3
^>>•■•■'2
1.34
76.8
are
.
plus an
therefore on a
tStks. of tStks.
tStocks
Unfln.
Gas Oil
& Dist.
of:'
of
Resid.
1,758
Kero-
Stocks
5,074
Fuel
OU
Oil
9,918
(
:., v2.45 «
2.54
2.67
2.93
2.77
y 2.45
y.i.2.46
2.54
2.68
2.93
2.77
2.63
2.55
2.54
2.68
2.94
2.78
2.63
2.55
2.66
2.46
2.54
2.68
2.94
2.78
2.64
2.55
22—
2.66
2.54
2.68
2.94
2.78
2.64
2.55
1.35
I
2.66
1.3ft
2.46
2.66
1.34
15
2.54
2.68
2.95
2.79
2.64
2.54
2.69
2.94
2.80
2.64
2.54
2.48'
2.53
2.69
2.93
2.81
2.63
2.54
2.48
2.56
2.69
2.94
2.82
2.64
2.49
2.56
2.70
2.94
2.83
2.64
2.67
1.32
Xi
94
64.4
\
433
58
116.0
181
2,813
1,206
203
81.2
50
!■
80
,
.
2.67
2.48
2.56
736
85.9
2,703
22,920
1,648
-3,821
78.3
385
82.il;
1,239
9,143
513
59.8
1,560
3,110
1,098
223
67.6
878
3.075
326
318
Jan.
Coast—
89.3
1,193
96.4
3,606
15,502
1,783
Louisiana Gulf Coast-
5,102
96.8
355
3,819
136.5
856
3,944
819
59
46.8
154
1,877
196
Inland
-
Texas—
Texas Gulf
No. La. & Arkansas—
55.9
Rocky Mountain-*:
DistrictiNo; 3-—
•
-
.
District No. 41—i,
>72.1
Total U. 3. B. of M.
basis Apr.
20,
;
1946-
41'
74.8
351
84.0
1,907
.
'
'
V V '/ "'i
v
•
\
812
V
'
100.0
119'
'
86.5
—
7-:
basis Apr,
Apr. 21,
r.
85.7 .4,789
85.7
:^'246
40
48
ji
'"••i
106
10
2,328
15,475
113
378
621
490
6,720
29,389
>i
"
88.6
•;
-■
14,029 • 101,059
11,225
-
13, 1946-
U. S. B. of M. basis
938
414
•
Total U. S. B. of M.
-■
1,500
„
' 17.1"'" 13
,
California
r
206
4,636
'85.8
13,351 5102,581
'•
30,284
•
10,409
•
v'-'
>
38,124
;•
30,047
37,862
'
.
4,715
•
,13,100
793,241.
'
7,640
28,576-
,
40,376
flncludes unfinished gasoline stocks of 8,888,000 barrels.
tlncludes unfinished
gasoline stocks of 11,736,000 barrels."
tStocks at refineries, "at bulk' terminals, In
transit and In pipe lines.
§Not including 2,201,CTO0 barrels of kerosine, • 5,211,000
barrels of gas oil and distillate fuel oil and 9,230,000 barrels of residual fuel
oil
produced "during the week ended April 20, 1946, which compares with 1,985,000 bar¬
.
,
rels,
5,265,000
barrels
and
8,608,000
2.65
2.54
2.67
2.49
2.56
2.69
2.94
2.83
2 65
2.54
2.69
2.49
2.58
2.71
2.98
2.86
2.68
2.54
25
1.31
2.70
2.50
2.59
2.70
2.99
2 87
2.68
2.61
2.72
3.01
2.89
2.71
2.56
2.55
2.62
2.74
3.03
2.90
2.73
2.58
2.66
2.77
3.04
2.92
2.76
2.61
1.33
2.74
1 38
4——-
i:
2.72
1.32
2.76
High 1946
1.46
1.31
>*-
2.57
^
2.58®
2.65
1946-
?
,
2.66
2.78
3.05
2.93
2.76
2.62
2.45
2.77
LOW
2.53
2.67
2.93
2.77
2.63
2.53
2.88
3.33
3.05
2.94
2.69
1 Year Ago
1.63
1945
2.89
2.62
2.73
I
29»f 1944-
1.86
'
3.08 ' ;
barrels,
;
2.73 f
;
2.83
3.08
3.66
3.43
2.97
2.83
"typical"
averages,
relative^ levels and the relative movement
the latter being the true picture of the bond market.
.'
NOTE—'The list used in
Issue of the "Chronicle"'on
eficial ownership in Park & Tilfordl common stock.",
,
,
During the period frorh Dec. 15,
1943, td June 1, 1944, the SEC
contended, "there were ,at least 21
customers of Haupt & Co* who
purchased 2,300 shares of Park &
Tilford
through Haupt & ; Co.;
which shares were purchase^by
Haupt & Co. for these customers
through; specialists IniFjark
ford on the;
Exchange,"/
V
•
The
stipulation
forth that
set
"no registration under the Securi¬
ties Act of 1933
effect wfth
was in
compiling the averages was given In the Nov. 22,
2508.
1945
grounded in religion,it has a
splendid opportunity to empha¬
size the^value- of morak training
Message to
and
At the annual convention of the
National Catholic Education As¬
our
to
iend spiritual support to
national ideals."
in
St.
the
United
States.
a
The
special
apostolic blessing on the' organ¬
ization arid its leaders, the As¬
sociated
.Press
reported^ vSaiid
quoted f the following from- the
of
message
courages
was
"Because
an
-V,
President
read
your
Inp.,
sold by David A. Schulte and the
David
that
Schulte
A.
Trust
-
during
period commencing Novr11#
1943, to June 1, 1944" and that
made
of
use
transportation
*
of
communica¬
and
tion in interstate commerce/
and
mails to sell the unregis¬
of. the
tered
the
instrumentalities
and
means
stock of
common
Park &
referred
above
-
and caused such stock to be car¬
ried through the mails -arid inter¬
state
commerce
struments
of
by means'apd in-*
transportation
fpc
ery
after sale."
-.y
.
.
j
•.
,
Louis,
which
24, Archbishop*
eral, delivered the welcoming ad¬ "concerned with the future of the
world must strive to inculcate in
dress, and messages were read
from Pope Pius XII and the Presi¬ our/youth n^w vision and wholeof
com¬
the purpose of sale and for deliv¬
The
President
keynoted
the
"tragic consequences" of the war
on. the youth of the world,, and
opened on Apfil
John T, McNicholas of Cincinnati/ went, .on, to .urge in his message
to the Association. that
the
association's President-Gen¬
every one
sociation
the
stock of Park & Tilford,
mon
page
NCEA Convention
dent
the SEC with respect to
Tilford, Inc.,
Truman
reporting
-
which he had "any change of ben¬
"Haupt & Co.
♦These prices are computed from average yields on the basis of one
bond
(3%% coupon, maturing in 25 years) and do not purport to show either the
average
level or
the average movement of actual
price quotations.
They merely serve to
Illustrate in a more comprehensive way the
Of yield
A.
Schulte filed the reports required
for each
of the months during
2.55
2.53
vy.r;18
which
2.81
1.32
respectively, in the preceding week and
1,463,000 barrels, 4,633,000 barrels and 9,050,000 barrels, respectively, in the week
ended April 21, 1945.
HRevised in Texas Gulf (finished gasoline) due to error by
company.
2.94
2.55
1.33
Pope's message conferred
1945—-
It fur¬
David
2.55
;
1
744
Okla., Kan., Mo**—.
295
2.69
2.55
8—
vL:
L/v
253
87.2
District No.'
f
Ind., 111., Ky——
2.54
.i
2.47
2.67
1.33
—
21
2.63
^£2.47#
1.34 •;..2.66. S
.
/;
•
6,652
.sino
22,670
Fuel
2.55
1.36
Mar. 29
April
totals
'
2.66
2.65
.
■«! 2 Years Ago
Mines basis-
and
2.46
2.56
1.36
.
ym; 15——
j 8
?
i
.2.60
,
1.34
1
April 30,
:
J
?
.
"
Blended
93.8
"
.
of
\
each)
reported
Inc. Nat. Gasoline
erated
742
>
■
District No. 1
Av.
99.5,7
-
•*
atRef.
Daily % Op-
Report'g
Coast---
Produc'n
to Stills:
Capac.
Appalachian—
1946
:v7 {Gasoline JFlnish'd
'"-yrt
,,
Refin'g
East
gallons
Include
section
-Bureau
v
% Daily Crude Runs
V
20,
.^estimate of unreported amounts and
.
District
STOCKS OP FINISHED
GASOLINE,KEROSINE, GAS OIL AND DISTILLATE PUEX.
,
-
OP
AND RESIDUAL QIL, WEEK ENDED
: f WPlRure* m thousands or barrels of.
.
v .
2.63
2.54
2.65
a
l,CRUDE RUNS TO STILLS; PRODUCTION
ft far.
2.77
1.34
1.34
.9—^—
that
,
1.34'l.-
—
stated
was
2.56
•
2.65 y 2.45 &
2.65 $
2.46^
Feb.
for week ended
are
.
2.70
13---—
.
:\;7
tOklahoma, Kansas, Nebraska figures
r
amounts
of
1.45
'
the
months of
2.72
2.68
15—
■Vr
for
^
stated that during June,
was
2.58
2.70
18
;
f It
v „>,
•
1944, the price of the stock dropped
from.. 79x?2 to 30%, and that, the
Trust failed to file a report of its
A
1.44
116
-----
93,195
of
Schulte interests."
2.73
•
1.42
a
20_—
4,797,915
requirements of domestic crude
derivatives) based upon certain
gas
the
for
3,705,350
\"
,
total
a
1.46
yv
25_
'%17
Corporate by Groups*
',
,
.
the Trust 38,900 shares at prices
ranging from 80 Vi to 98, and for
the 1924 Corporation 4,853 shares
at prices ranging from 72^
to
2.59
2.51
2.70
■
Aa-
o|
^registrationyprovisions.
2.49 ?
-
2.71
2.70
'1.45
27—
Corporate by Ratings*
Aaa
the
It was alleged by the SEC that
"during the period from Dec.-15,
1943, to May 31, 1944, Haupt & Co.
sold for Schulte 49,442 shares at
prices ranging from 60 to 95^, for
;
Individual Closing Prices)
on
of
the securities law.
76%,
^' *•
i
118.40
119.41
115.24
112.37
120.63; 118.40
•
115.63
115.04
*
MOODTS BOND YIELD AVERAGES
^ Daily
•
.While admitting to the facts in,
case, Ira Haupt & Co, takes
122.29
5
Calif.
..........
.
122.29
6
/y* Tot.
be
submitted soon
Commission. ;Ly y :v> y v: yy *•■'*:-• y f :'iy
123.77
Low
:y,:
pro¬
1933,
to
the
of
123.77
Higb';'l9S6S^'"
43,300
Act
il9.82
117.80
104,750
850
;
Exchange
119.82
125.18
9,050
+
' 20,050
v-'
,
99,000
.
"1 New Mexico—
^
and
125.70
11——
-
willful
a
registration
125.86
122.50
25,750
+
-
122.29
!
122.09
S
determine
to
the
the
125.61
-
123.99
119.00
April
1944,
of
visions of Section 5 of the Securi¬
120.02
118.20
p.f
was an¬
April 18.
on
Findings of the SEC investiga¬
tors, who were instructed in No¬
125.92
118.60
64,150
500
95,750
64,750
31,100
—
114,250
.",'• 21,000
.
nounced
125.89
ju
12__
m Montana
,
123.99
125.83
125.86
126.28
,300
100
<
44,350
92,000
;■.
120.22
117.40
22—1.41
ML'V'*
29,500
46,000
117.20
113.89
23
7 61,900
—
Kentucky———
113.89
119.41
126.11
.
.
119.20
126.06
,
(Not inch 111., Ind.,
® ; Ky.)
loo
,
207,600,
»
18,700
Eastern—..
i
1,100
.
.'
.
1944, it
121.88
123.99 i 121.88
A.
Schulte
A.
124.20
18———' ■
11,400
s.
800
•
j
Illinois
:
«
Trust in 1943 and
David
for
David
and
119.61
125.77
.15
&;;>
52,400
ytjAlabama
Mi Florida
stock
common
125.74
Feb. 21,—l—
' 295,000
78,000
s
123.99
Closed
125.77
22
71,050
;
r
374,000
119.61
Exchange
121.04
120.02
—
•]|',;'2years Ago
April 29, 1944-
-y ■{ ■;
Arkansas
125.30
.15^
Averages
M
•Stock
'
.15—
347,350
252,700
372,000
2,080,000 $1,816,819
...
;
—
Mar."29-L------;:
,1945
480,700
Total Louisiana—.
/:
.
121.04
124.33
8
:;:81,750; 7',90,000.
y?l53?i<)0ly *150,600
7
Louisiana
% >
119.41
2
Week
372,950
495,000
139,700
•
North Louisiana
j.
116.41
125.86
Ended
650
—
,82,000
158,700
Coastal Texas-——
"■
113.12
10_—
Apr. 21,
+750
•
■
*»>■
Texas^w^i
Texas.:...,....,.'•"
Central; Texas.;
East Texas.—...,
y.
Southwest Texas.;
u*
Coastal
118.40
3.——.
Ended
Week
t262,400
j
!
,
East
,
121.25
11—
:
bar¬
Apr. 20,
1946
Previous
Apr.; 1
:.
367,000
•_..
.y ?.< Total Texas
123.34
13-—
•.
:
West
121.04
119.00
1
4 Weeks
Change
Apr. 20,
Panhandle Texas
North
120.84
119.61
125.45
•
ables
Nebraska
119.41
116.41
Groups^
125.58
(FIGURES IN BARRELS)
Week
C Begin.
•••;.
Oklahoma
116.22
113.12
Corporate by
,
18—-—
Actual Production
Allow¬
Calculated•*.
■}
'■Kansas
113.12
118.60
Corporate by Ratings*
Baa
• Aa
c; A
Aaa
4———
PRODUCTION
••*•' Requirements
.
.118.40
121.46
-r^jA 19-_-_
,
State
. .
121.25
123.34
25-
kerosine; 30,284,000 barrels of distillate fuel, and 38,124,000
barrels of residual fuel oil.
,
Indus.
122.92
119.00
24——
*
: *,.v
as a whole ran to stills 6n a Bureau of Mines basis
approxi¬
mately 4,789,000 barrels of crude oil daily and produced 14,029,000
barrels of
gasoline;- 2,201,000 barrels, of kerosine; 5,211,000 barrels of
distillate fuel, and 9,230,000' barrels of residual fuel oil during the
.week ended April 20,1946; and had in storage at the end of the week
%
P. U.
118.80
124.39
-.V'.
;
26.
j
dustry
!
R. R.
124.36
i
re¬
Reports received from refining companies indicate that the in¬
rels of
rate*
23
as -follows:
To avoid a protracted lengthy
trial, the New York regional of¬
fice of the SEC and Ira Haupt &
Co., members of the New York
Stock
Exchange,
on
April
11
reached an agreement on the facts
with respect to the sale of 93,195
unregistered shares of Park & Til-
Corpo
124.45
:
The Institute further
barrels.
Avge.
Govt.
Bonds
the requirement
as
In Park & Tilford Sales
*
30-—
April
Daily output for the four weeks ended
averaged 4,562,05o
'
Daily
Haupt & Go.
Agree to Stipulations
29——.
daily average figure of 4,620,000 barrels
Bureau of Mines
U,S.
Averages
<
timated by the United States
.
(Based oh Average Yields)
7 was 4,686,300 barrels, a decrease of 5,100 barrels per day from the
preceding week, and 111,615 .barrels per day less than in the corre¬
sponding week of 1945.- The current figured however,. was: 66,300
excess of the
y
,;
,
are
MOODY'S BOND PRICES
average gross crude oil production for the week ended April 20, 1946
barrels in
.
averages
SEC and Ira
to
the
Truman,
assembly:
association
en¬
educational - program
+ U.r
,
«■
aspirations! to the end that
nations may, live at peace."
The association's secretary gen¬
som£r
eral, Msgr. Frederick G. Hochwalt
of
Washington, told the members
present
that
only
ned education
level
could
be achieved.
on
an
world
-
* ^
through plan¬
international
understanding
' *"
-
' ■1
Moody's Daily
Commodity Index
Tuesday, April 23,
Wednesday,
April
Saturday,
Monday,
Year
1945
—-r_
273.6
y_-27
273.4
273.7
,
273.5
April
weeks ago,
Month
'273.7
26
April
Tuesday, ^April
Two
H
1946__
April 24,—c*273.6
April 25
Thursday,
Friday,
M
ago,
ago,
30
273.1
April 16,
1946
272.^
March
April
30,
272.9-
1945__
High, Dec. 27
Low, Jan. 24_„
,j.—<
265.0
252.1
—
'274.2
1946 High;
r
April 6—
Low,. Jan, ^ 2
y/
256.8
L--—
-.r-
y<j'-y
—
•
'264.$
/'
<!' M W 4|W -IU# 1)1
MY
Thursday* May
THE COMMERCIAL & FINANCIAL CHRONICLE
2424
*
Note—Our grouping of the
roads conforms to the classification of the
the following 'indicates!- the-fco'nfines^-.of the
Cbmmerce .CottiriiiSsion,' and
groups and regions:
i-:
<
'$$$
For
the
W"
»"T
WKB-WMWH1BB
calendar year
■ W%««
«W
• W
EASTERN DilSTRICT.
New England
f
1945 the railroads showed a decrease in
compared with the previous 12-month
periods However, the gross earnings were the third highest ever
recorded,: being exceeded only -by the two previous war-time years
earnings
as
.
.
.
.
■
-
3p$|I--:
In
turning to
net
revenues
from
note
tization
of
defense
projects, which amounted to $634,049,037 more
4.U*.
Despite the large increase in operating expenses, the
net earnings for the year of 1945 were the fourth highest ever
recorded for a calendar year.
The highest net earnings ever rec¬
orded were $3,396,943,710 in the year of 1943.
-t-1
i
r\ a
,1
t\
than in 1944.
-.a.
/ We now add
ii.
1
.
4i
•
...
_
_
-
tabulation-h
showing the totals for the year of 1945
a
tnu
-ja
breakdown of the gross and net
.
Lakes Region—Comprises the section on the Canadian boundary between
England and the westerly shore of Lake Michigan to Chicago, and north of a line
Chicago via Pittsburgh to New York.
} : :.R
*
"
Central Eastern Region—Comprises the section south of the Great
east of
a
line from
mouth of the Ohio
:-v- . 7
from railway operations, we
.1
Region—Comprises the New England States.
line thence to
the
Lakes Region
Chicago through Peoria to St. Louis and the Mississippi River to the
River, and north of the Ohio River to Parkersburg, W. Va., and a
southwestern corner of Maryland and by the Potomac River to its
mouth.
111999028857632687734504
0
of
n ;
•
the
the
:
.
000
($80,294,000 or 22.9%), it shows
plowing a substan¬
part of their earnings back
into the
capital account rather
than paying them out to stock-*
holders, thus building up an ad¬
ditional safety factor for the pro¬
tection of depositors and . adding
to
reserves
for the day when
earnings are less favorable than
at present."
' ^*"':' The ABA advices likewise re*
ported:.
'
• r.
I •rY :
"Gross earnings from, current
operations for the year were $1,174,867,000, an increase of $151,*
477,000 over 1944.
The principal
to a point near Kenova, W. Va., and a line thence following the
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas
Region—Comprises the section north of the southern boundary of
of Kentucky and the Ohio River north to Parkersburg, W. Va., and
Parkersburg to the southwestern corner of Maryland and thence
by the Potomac River to its mouth.
j
Virginia,
south of
east
a
lme from
WESTERN DISTRICT
119903785236542—190
Region—Comprises the section, adjoining Canada lying west of the
north of a line from Chlcago to Omaha ,and thence to Portland,
by the Columbia River to the Pacific.
Northwestern
Great takes Region,
Incr.
"
Calendar Year—
Mileage
Gross
•
of
131
expenses
of
Ratio
to
exp.s.
7,051,799,111
i*
0.10
—
(66.57)
$8,902,349,173
,
(—)
or Deer.
219
228,692
$9,436,789,812
6,282,062,685
..(79.21)
_
(+)
Amount
1944
223,473
earnings..
Operating
;"
1945
roads
earns.-
$534,440,639
5.66
—
+12.25
769,736,426
and
Central Western Region—Comprises the section south of the Northwestern Region
a line from Chicago to Peoria and thence to St. Louis,
and north of a line
Louis to Kansas City and thence to El Paso and by the Mexican boundary
west of
from St.
to
the
Pacific.
Net
Yl- $1,850,550,062
earnings.......
.' ©
?
Operating
,
—Second Six Months—
5:
'
1944.
; 1945
$4,699,870,508
3,395,745,901
expenses.
-
1944
$4,636,071,620
3,077,777,848
$4,202,478,665
3,856,053,210
$4,800,718,192
3,204,284,837
$1,504,124,607
earnings
'
$1,304,177,065
$3,154,727,127
—First Six Months—
■;Yi Y 1945.
Gross
-41.34
$1,558,293,772
$346,425,455
$1,596,433,355
and
Y
Y
Southwestern
lying between the Mississippi River
City and thence to'El Paso,
Region—Comprises the section
south of St. Louis
and
line from St.
a
Louis
In the
following
we
furnish
a summary
171,316
—11.89
199,726
197,237
deposits,
+ 12.16
228,508
225,027
than
9.20
237,554
of annual comparisons
earnings for each year back to and including
1907:
»-,Net
0
earnings---.
'Let
the
is
turn
now
deficit
to
a
of
$349,639,433 for the month of December. As was
noted in our monthly article,? the principal factor for this large
decrease was the amortization of defense projects.
Following is the
stable .furnishing comparisons of the monthly totals for 1945 and
"
k
siiist
■
; "■
■
,
S
1945
Month—
.
-Gross Earnings Inc. ( + ) or Dec. (—)
1944
,
$;
..v
740,671,731
712,806,326
735,305,464
February*i
'
'
»
Ma
797,029,215
759,534,145
623024,606
804,055,622
820,389,756
799,475,442
796,1X0,617
755,218,187
809,038,158
836,183,413
679,177,735
696,991,354
661,181,176
613)691,363
818,302,899
780,230,525
756,857,662
August
September
October
'
November
December
■:V J';
.
-yt
'
799,228,982
1945
1.44
3.06
228,529
228,765
228,528
228,698
2.62
228,509
228.506
228,667
1.60
9.68
—
228,811
2.36
—
228,844
228,536
2:56
—
228,561
228,545
2.04
10,665,040
22,499,138
+
16,298,399
+
19,451,291
+
18,968,984
+ 20,914,314
12,909^541
80,965,226
—120,051,247
—121,311,545
—119,049,349
—143,166,299
+
228.507
228,615
Monthr-r" I
15.02
228,494
228,258
228,361
15.26
228,119
18.92
227,857
228,350
228,533
228,615
213,163,750
March
Inc. ( + ) or Dec. <*•
268,517,737
247,296,330
275,360,857
236,658,658
243,211,633
269,595,860
15,554,072
30,047,883
-
-
May
...
-
3,234,012
1,927,512
207,954,824
297,694,552
-
277,964,935
279,343,308
255,995,436
200,988,958
278,682,349
-
July
L_
August
...
y.
*
'
-
12.35
0.40
—
1.29
—
0.70
—
2,326,563
0.83
—
—12.98
36,869,860
-
6.57
—
—
1,078,123
250,530,342
277,288,369
281,008,912
283,981,413
57 QB4. 409
—
.
-
247,111,553
'April
89,739,728
30.15
—
-219,980,533
-209,004,315
79.14
—
74.82
-143,363,910
56.00
—
-r-273.96
■550,628,391
-
-J.that, every region showed
^
we
r|in(J
decrease in both gross and net earnings
for the year as compared with 1944.
The largest percentage decrease
of 9.53% was recorded by the Great Lakes
region: This is in Con¬
.
trast
Central Western
>
a
the smallest decrease of
to
was-25.06% and
1.35%, which was recorded by the
The decreases in net earnings were con-
region.
recorded by the Southwestern region.
was
The fol¬
lowing tabulation, which is arranged in conformity with the classifi¬
cation of the Interstate Commerce Commission, indicates the earn¬
ings of the railroads in a geographical arrangement.; The boundaries
tbf4h#yarious regions are indicated in the appended footnote.
SUMMARY
^
BY
District and Region
'
GROUPS—JAN.
Y
1945
Eastern District—
DEC.
TO
31
———-Gross Earnings1944
inc. ( +) or Dec. (—)
England region (lo roads)—
Great'Lakes region (23 roads)--Central Eastern
Total
(51
312,9451167
1,336,153,959
region (18 roads)- 1,706,802,606
roads)
—
3,355,901,732
$
326,563,163
1,476,917,659
%
13,617,996
-140,763,700
—
4.17
—
9.53
—
7.04
-
-129,182,124
1,835.984,730
—283,563,820
3,639,465,552
—
7.79
Southern District—
Southern
region
(23
roads).
-
Pocahontas region (4 roads).
-
'Total!(3C roads)
.
1.229,534,611
•
409,849,521
1,332,947,262
1,639,384,132
1,776,623,419
950,285,763
963,729,805
/L-
J43,557',200 2mw,9Z2
-
443,676,157
33,826,636
-
-
<16 roads)
<18
roads)—
"
Eastern District—
1945
New England region
6,561
Great Lakes region 25,559
Cent, East, region.. 23,882
4,138,433,260
4,900,759,309
.—
—
2.83
9,436,789,812
—534,440,639
—
5.66
—
'■
1944
6,589
25,577
,
1945
«
«':■
:
$
Net
5,552,022,979
5,522,522,416
6,342,058,872
5,961,186,643
—
—
3,987,692,675
4,287,446,017
5,342,255,003
7,466,223,077
1941-
19421S43-
1944-
9,054,730,231
9,436,789;812
1945.
8,902,349,173
1944
Inc.
< + ) or Deo. <-
%
23,915
518,979,918
Southern DistrictSouthern region-.,.
37,314
Pocahontas region.
6,014
1,006,554,58^.
37,368
279.464,834
493,853,995
Y ' •
•
92,711,691
412,666*373
39,929*746
231,006,840
501,176,51#
21.40
+
694,999,048
901,726,065
909,470,059
883,626,478
937,968,711
907,022,312
828,522,941
1,040,304,301
1,272,639,742
-
■
■
)'
!
5.25
4-19.82
235,765
235,690
0.80
4-13.08
235,654
235,461
5.87
234,795
+
3.34
+'
4.31
236,330
236,891
+
239,482
242,169
237,799
242,517
—25.34
242,764
242,043
242,056
on
0.88
241»,111
225,053
+
5.68
239,075
240,840
+
5.46
237,659
238,960
237,918
220,000, leaving profits before
come taxes of $549,301,000.
—
242,582
+17.45
236,759
2.81
—14.42
235,413
234,482
+12.07
233,468
7.52
4.23
228,624
229,096
5.66
228,473
228,692
+
J- 24.56
+ 39.76
.+■
—•
235,991
235,470
234,436
—,
+
—
0.68
$4,526,646
7.13
20.12
1.09
8,996,848
2.69
24,288,388
"
1,604,400,124
1,731,509,130
1,579,621,895
1,706,067.669
1,798,200,253
1,367,577,221
904,448,054
828,650,401
1036,016,315
1,275,190.303
1,190,566,335
903,058,338
765,876,029
+
—
—
+
+
—
—
—
—
402,150,071
951,49^,925
1,161,243,340
1,409,433,583
1,428,508,949
1,602,513,558
1,735,075,393
971,654,527
1,367,459.116
733,368,461
977,800,101
859.639,028
830,442,174
733.168,657
846,562,604
833,545,337
858,417,431
859,473,948
1,121,241,272
1,047,043,870
343,060,935
1,121,154.894
1,076,494,031
1,206,734,953
843,133,884
1,076,433,617
1,682,327,593 !
2,864,897,652
3,401,544,877 ?
3,154,820,466
1,850,550,062 »
1,207,437,133
1,682,270,377
,2,864,864,444
3,396,943,710
3,154.727,127
1,047,043,262
+
-
75,925,113
-
8.39
+
'
25.54
22.84
-
-
-
-
4.71
23.92
1.05
8.05
8.96
6.57
432,368,693
395,804,589
244,431,640
+
126,471,171
16,120,430
+
25,928,611
+
262,823,841 ;
74,111,024
203,982,327
+
233,360,147 J
+
130,301,336
+
474,890,460
+1,182,627,275
+
536,680,433
242,123,244
—1,304,177,065
—
—
—
--
—
—
—
—43,07
—55.98
—43.23
5.35
24.02
28.94
25,00
17.25
1.90
3.11
30.62
6.61
19.48
27.68
12.10
39.33
70.30
Y®Y'
includes: El-
tral
survey
President,1 Cen1Bank & Trust Co., Denver,
Colo., Chairman; Robert €.
President,
Bellows Falls
Co., Bellows Falls,
Coleman,' President,
Trust & Savings Co.,
Clark#
Trust
Vt.; John S.
Birmingham
Birmingham,
Hill, Vice-Presi¬
dent, Fifth Third Union Trust
Co., Cincinnati, Ohio; H. R. Le*
Ala.; G. Carlton
Merchants
President,
brecht,
Mo.; George
Lewis State
Bank, Tallahassee, Fla., and H. L.
Williamson, Executive Vice Pesident,
Commerce
Union Bank,
Bank, Kansas City,
Lewis, President,
E.
Nashville, Tenn.
,
;
V.,
7.13
41.34
'}
Senate Confirms
Nomination of Johnson
On
April 22, the U. S.
the
confirmed
Capital Structure, ABA Reports
:
in our
Herschel
V.
—55.26
nomination
Johnson
Carolina to be
1945 is
r-r-43.41
100,406,778
bank
27.65
—48.44
f21^389,161
from
:RY-
nation's economy during
>74,663
announced9
the-fifteenth annual
survey on condition and opera¬
tion of all State supervised banks,
which is being prepared for pub¬
lication by the ABA State Bank
Division.
' Y
;
The committee in charge of the
are
State
12.31
;
figures, it is
These
•
wood M. Brooks,
19.98
155,453,498
105,169)783
year.
39.69
21.50
,
in¬
$118,780,Increase of $58,692,000, of
for the year were
15.80
+138.38
14,807,031
175,891,175
128,995,572
91,282,713
6,88
3.56
+
211,653,900
236,623,427
60,079,749
284,771,020
143,479,608
303,953,283
556,503,286
190,100,146
249,725,296
1,600,897)886
1,706,917,540
1,799,945,914
60,350,833'
.33,487,100
in*
those of the previ¬
Deducting this amount
left net profits after taxes and be¬
fore dividends of $430,521,000, an
increase of $80,294,000 over last
year.
This aggregate net profit
amounted to a rate of 7.3% on
capital funds."
... Y
ous
230,836
53,371,196
151,040)322.
securities of $133,-
000, an
almost double
Decrease (—)
+
940:399,412
1,424.240.614
come
Increase ( + ) or
—
loans and
"Federal and State taxes on
233,4G4
232,824
232,188
+ 21.23
232,781
232,192
231,012
229,256
+
750,685.733
877,617,878
1,141,598,071
1,410,968,636
ies on loans and investments of
$247,774,000, and deducted there¬
from were losses and charge-offs
Earnings-
Preceding
$665,280^191
748,370,244
and recover¬
profits on securities
239,536
241,625
net earnings
operations wer®
current
from
—20.72
534,440,639
907,914,866
461,922,776
958,653,357
1942
240,626
(
the
to
"Added
—15.97
+ l,588i507,25G
+
382,739,022
—
2j38,527
.'V*,. :+r
of $62,280,OOOj
1944.
over
235,809
0.49
+
DGIOl'tJ IlltUlliV
747,0000, an increase
236,139
operating
gross
$1,174,867,000 left net
Slid
235,338
3.93
—
I
764,578,730
earnings of
235,705
234,622
2.63
—
;
905,7.94,715
1939
—
900,473,211
1,215,110,554
1922:
+
733,687,222
371,687,892
from
deducted
234,777
+
'
$228,694,000; a total of
$740,120,000, and an increase of
$89,197,000 over 1944. This amount
247,868
249,879
—10.68
$52,939,000;
operating, ex¬
taxes,
current
other
247,936
664,027,980
43,693,964
-Net
1914—
249,098
+
Year
1SQ9
5.06
+11.62
-V
$113,701,000; taxes other,
income
penses,
232,639
234,264
234,579
-
7,466,222,975
$660,753,545
243,636
+1,025,235,925
9,054,050,790
9,436,789,812
Year Given
239,625
250,193
233,014
233,985
-
Calendar
Year
236,000
246,356
249,081
—
-
3,128,862,541
3,267,044,444
3,445,521,612
4,046,637,111
4,158,453i384
3,558,925,166
241,423
242,931
+17.36
208,178,035
-
5,335,131,510
4,230,360,663
3,157,463,014
1939-
+
239,691
6.54
—
+
199,593,392
5,977,687,4)0
+
266,086,139
6,169,453,120
253,305,228
6,448,564,574
30,265,342
6,198,384,829
+
162,305,781
6,176,941,101
1,014,198,837
6,349,330,347
1,105,303,735
5,335,664,398
1,071,798,819
4,229,261,833
27,892,564
3,156,755,105
175,551,942
3,091,492,502
178,356,824
3,267,164,788
601,299,505
3,445,337,606
113,818,463
4,044,634,921
599,528,218
4,158,453,384
429,428,841
3,558,263,834
299,820,042
3,987,625,975
4,288,847,139 H Y ,053,407,864
5,342,255,003
+ 2.123,969,074
6,195,259,346
6,168,119,487
6,339,246,882
-
1.06
7.94
—
233,829
238,275
863,892,744
258,130,137
6,332,874,535
6,177,280,802
6,435,539,259
173,028
State Chartered Commercial Banks Strengthen
*
Earnings
Preced'g
4.72
+
152,539,765
547,647,836
430,679,120
4,915,516,917
5,1178,639,236
6,216,050,959
5,478,828,452
5,608,371,650
6,204,785,141
—
•
4,036,866,505
5,173,647,054
—
1944
—
56,081
if't v.* Y,
*
—
1940-
70,902,758
—113,637,532
56,002
i
3,166,214,616
3,702,940,241
—
1943
884,123,104
52,781,945
181,659,533
284,538,440
■
2,972,614,302
9.42
+
$196,906,154
239,011,258
30,024,816
221,579,969
142,521,797
2,835,109,539
2,790,810,236
3,019,929,637
3,180,792,337
3,013,674,851
3,155,292,405
3,707,754,140
1945
Mileage—
% i
—
1938-
1.35
4,020.700,841
■—
i'Tbtai
2,805,084,723
3,012,390,205
3,162,451,434
—
1937-
8.02
813,220,346
Year
Given
c/v
301,749,724
282,453,959
2,597,783,833
1940.
1.39
8,902,349;i73
U
2,836,795,091
1&11_____
13,444,042
29,290,732
3,907,063,309
(5.0 roads).
4
i
IS 10
1941
(16 roads)
'
.—
1938
-7.72
—137,239,287
•Western District—
N<? rthwestern region
;Total
—$2,287,501,605 $2,090,595,451
2,235,164,873
2,536,914,597
:— 2,605,003,302
2,322,549,343
1937——
-103,412,651
Year
Dec. (—)
1936—
'
Mileage-
—:—
Inc. ( + ) or
Preceding
1926—
$
Neiv
'
1
1
YV
192380745
Earnings
Year
Given
1936.
C/o.
221,104,586
September
228,631
'+
$
\
■-
January.
-
228,858
14.82
1944
1945
February
June
1944
-Net Earnings-
;
*■'.
;
<—Gross
r
Year
Year
1919——
—-Mileage
.$
.
751,336,771
January
"
"
'
■
Y"
tc
Calendar
table
showing a month-by-month comparison of both gross and net earnings for 1945 as contrasted with
1944.
We note that the highest gross earnings were shown in May
fp£..the year of 1945, whereas in 1944 the highest gross was recorded
in ;the month of August.
In net earnings the most conspicuous figure
us
Interest
securities, $578,114,000; interest and discount on
loans,
$336,276,000; service
charges, $98,212,000; other current
earnings, $162,265,000.
;,
"The
principal operating ex¬
penses were: Salaries, $344,786,*
000; interest on time and savings
and dividends pn
by the Rio Grande to the Gulf of Mexico.
in both gross and net
of earnings were:
sources
Kansas
to
with
taxes
tial
south
Mississippi River and
of the
Deputy Represen¬
tative of the U. S.
with the rank
,
mm*
6.003
81,276,527
181,683,305
'V
v;
tfi'B'i'L'i
■
||
Total
J'.
43,328
43,371
360,741,361
675,537,300
N'rthwestern region 45,650
45,675
178,577,967
521^700,867'
314,795,939
—46.40
..Western District—
.
i
Cent. Westrn
<
So'thwestern region 28,589
:
iT
,..
Total
126,752,007 —41.51
806,265,786. — 284,564,916 —35.29
•361,039,394* 90,489,445
28,627
270,549,949
r-J- _rr.-'_"-T29,143 129,240
' 970,828,783
1,472,635,246
228',692 ^850.550,062
3,154,727,127
^25.06
!•
-
t
-
of
.31, 1945,
according .to H, N. Thomson,
'305^330,066
region 54,904' 54,938
' I'
'/Total
all di.ti"
223,473
•
501,806,463
i
sL'iTtr'i* iiV ii; i ij i/i,i4'«Ni
—34.68
wbw) ■ rjiHgf:
American
Bankers
Mr/Thomson, who
chants
of
the
is
Farmers
Vice-Pres¬
and
Mer¬
Bank, Presho, Si D.< report¬
ed that net
-1,304,177,065 —41.34 ail btate
:■
/'■*
y.-YYYy/-;-:YY,;i4vlyc
J
Security
-
7
Extraordinary
in the
of the United
Johnson, Minister to
Council
ending Sweden since 1941, was nominated
31, an increase of $80,294,000 to his new post by President Tru¬
the year 1944, Cash dividends
man on April .11, to be Deputy-'t<> ;
year,
profits after taxes for
commercial banks were:
?.v
.'s
over
Envoy
Nations. Mr..
Associa-*
$430,521,000 for the
ident
™
that banks are
Ohio River
eastern
9.2%), as compared
in profits after
or
the increase
-,r
section east
4^"
Thomson also sai§Y, /
"Inasmuch 7as •. dividends /were
increased only slightly ($10,523,-»
SOUTHERN DISTRICT
Region—Comprises
The ,divi« J .
$10,523,000,
of
crease
dehd figure for 1945-Fepresent^ an
annual rate of 2.1% on capital
funds, rMr,
-
Great
New
Southern
i
Interstate
.different
V.
_
-
1
■
s
^
both gross and net
'!
2,1949
iWimiin.w..
■'Mi
f
'*
■
i!
**w,.
t
^Volume
-v.
Number 4486
163
V
-
rrtv-
•^w;<!>''~sfii' r*#/*}#
«*■'*('">
V'-^-'?fct^t>Vv' •'tt*'*'^»v^';\,^>^'A'^:;':.-
', ■■'
_
—* • ?•:»*»
'- v-♦•»• *•
THE COMMERCIAL & FINANCIAL CHRONICLE
!j-% :;'^i;g|'"^-^;:"S!2425:;
• •.
"
*;
•h
v
Avjfjj £•' H 'ft.,
*
Total Loads
•
Revenue Freight Gar Loadings During Week
| EndedApril
!••"-•
Loading of
;
-totaled 650,743
ion
'1945 of
213,957
a
decrease below the
1946
Connections
■i. 1944
...
'
*
438
.441
935
825
Atlanta, Birmingham & Coast
:'t
-
Atlantic Coast Line.
•
2651;
■
1*';
*.
r
3,602
Charleston to Western Carolina
515
496
418
715
1,775
413
-242
116
130
4,423
2,538
ei
58
-
——i—.—
Florida East
.
Gainesville Midland-,
;v
10,326
t
V
1,306
2,642
281
260
\
4,462
-
245
128
343
1,649
39
125
£2,159
caps above the
375,379 cars, an increase of
preceding week, but
below the corresponding week in 1945.
Loading
128,216
of
merchandise- less
cars a decrease of
-2,332
cars
/.v.J
*
carload
than
cars
decrease of 25,428
a
*
lot
freight
totaled
below the preceding week, but
increase of 14,396 cars above the corresponding week in 1945.
;
!
"
;•
260
i.
corresponding
in
week
1945.
:;cars above the preceding
week and
'the
in
corresponding
In
the
Western
Districts
1,103
1,166
from
410
4,874
403
1,124
483
10,655
12,284
11,131
8,175
8,928
24,521
25,708
23,313
20,867
541
—
761
680
530
—
serve officers.
They will be subject to the same promotions; as¬
signments and post-graduate or
technical training as regular com¬
27,264
;
772
127
154
154
880
1,299
132,129
124,904
101,168
127,950
—
week
1945.
In
the
Western
Districts
missioned
20 totaled 15,073
Chicago Great Western
cars
12,201
14,085
2,978
2,374
3,068
20,167
19,949
8,709
10,130
3,255
3,463
3,217
4,085
3,640
3,621
19,201
20,227
209
182
641
800
560
494
578
6,722
9,225
8,572
6,723
11,139
503
434
394
107
96
9,469
Great Northern
——
-
18,702
20,027
4,596
412
502
996
1,325
63
1,589
2,073
1,864
2,471
6,532
6,091
3,445
2,990
9,686
10,199
4,485
5,598
.136
235
157
399
303
2,143
2,497
2,641
2,206
3,464
79,417
117,845
116,260
54,257
65,942
22,987
24,238
21,475
10,756
15,698
3,950
3,058
2,800
3,949
—
Northern Pacific
above the corresponding week in 1945.
On April 19, the President Mgried
emergency legislation * m a>k'i nig
available $181,269,469 f Or- pay'Aient
2,402
4,601
8,2.99
Minn., St. Paul & S. S. M.
event Of their transfer to the? reg¬
ular navy."
.IMl:
50
2,793
increase of
an
opportunities for advancement in
1,043
2,403
,
of
Spokane International
Spokane, Portland to Seattle
Tnt.l
■
.
..
—
_
'
.
loading amounted to 12,269
Sthe.
but
cars,
increase of 2,437
an
decrease
a
of
48,878
Central Western District—
cars
Bingham & Garfield.
~ithe preceding week, and
decrease of 417
decrease of 7,405 cars below the
a
corres-
,-ponding week in 1945.
All districts reported decreases
compared with the corresponding
1
1946
^4 weeks of January
4
<5
weeks
of
weeks
*Week
"
February
of
& •
;
1945
1944
3,158,700
3,154,116
3,052,487
Southern Pacific (Pacific)
838,737
12,555,615'
12,654,258
summary of the
RECEIVED
Total
Aim Arbor.—
12,537
15,817
1,129
1,292
1,713
2,073
28
7,663
8,094
12)472
232
260
1,736
211
447
350
1,692
13,573
13,343
11,916
4,136
6,255
187
2,062
2,355
2,096
2,148
902
7,675
1.556
8,487
9,085
7,088
12,397
-
•
2,442
2,263
3,928
167
5,867
6,397
254
23
2,608
24
43,521
52,017
2,662
49,921
34,702
10,226
11,052
10,860
14.695
1,016
981
1,089
2,373
6,292
6,605
6,574
464
11,532
436
1,424
r-u.l2-fijL.in;
8,389
7,982
2.788
5,749
819
18
14
248
314
132
1,032
1,295
451
1,829
375
482
1,119
5,414
10,038
5,697
2,992
4.990
166,525
.
'Western
1,672
6,544
160,296
J
744
:
,0
■
1,215
,
716
' '
1,378
10
19
222
,
1,882
128.
1,256
>
49
5,298
5,973
J2,001
1,787
90,031
84,330 5
2,120
43,461
G4.057
14,237
16,069
15,816
17,471-
30.740
16,701
2,170
3,975
20,375
4,356
x
.
v
,
2,606
1,373
7,099
'7,511
14,925
■
124,365
193,039
189,840
Chesapeake & Ohio—
113,714
..
Norfolk & Western—
.Virginian
.
—
8,420
—
6,743
—,—
614
—
Total-
.
.
1.447
208
6,301
6,227'
4,450
.15,777
28,624
.
21.238
28,956
21,695
4,377
4,270
54,239
"
54,921
of
the
Allied
four-
Council for the cqnquerec
country. Unofficial reactibn ip tfe
16,493
15,912
123
207
3,193
11,287
12,645
5,702
5,607
6,107
7,355
sirability of having
8,914
Wichita Falls & Southern
93
Weatherford M. W. & N. W
68
34
14
47
.
said
42
18
101
50
.
62,902
-
tlncluded
Oklahoma
and
Atlantic
in
Gulf
&
Ry.
Coast
Line
only In
RR.
{Includes
1944' and
1946.
.
72,751
Midland
also Oklahoma
„
;
74,193
24
Valley
62,340
Ry.
and
that
sion,
on
a
over
the -Council's
next-
*
ses¬
April 30, is. scheduled tc
Japanese family holding compa¬
nies, the so-called Zaibatsu.' This
question was advanced on the
agenda at the request" bO&i Rus¬
Kansas,
1945
sian
;'
.
preside
consider steps taken for dissolving
78,043
City-Ada-Atoka Ry. in
,■
trained dip¬
meetings 61
which international policiSs^are
involved. The Associated Press alSc
lomat
5,486
5,185
<
that previous , sessions o
the Council demonstrated1 the de¬
37G
'
in the Associatec
marked
22,520
84
9,832
Texas & Pacific
Total
of
Mr.
Atcheson
adviser to General Mc-
Arthur and chief of the headquar¬
ters diplomatic section, was saic
report; from Tokyo," Whiel
added
that some observers1 re¬
5,129
16,329
129
Texas & New Orleans
NOTE—Previous year's figures revised.
member, Lieutenant General
Derevyanko. "1 ^
*
Kusma
Lumber
Weekly Statistics of Paperboard Industry
Endsd
ber
of
this
industry, and its
Association
represent
83%
program includes a statement each
of
member of the orders and production,
cates the .activity; of the mill: based
Trade
the total
figures
are
industry.
i
i
,i
;
--
-L.
-
.
179,111
".'tvr,f
"11.7':.l
Feb.
2
Feb.
9
——
-
Feb.: 16
——
8,645;
1,306
.15,702
W
9-061
3,261
28,024
169,482
:
*
139,993
2
198,985
Mar, 9
178,443.
Mar. 16
——
157,227
—
Mar; 23——
"
•
1225,192^;
"
_
of
these
above
's'
production
at
the
rate, and gross stocks!
lent to 34.
current
a^ J^tva-
days' productioh^iki '
}'
For the year-to-date, shipments
•
of
reporting
identical^mills4'fex-
.
.
.X;-w
4P^ i°
orders
new
3.4%
ceeded
production by 8.4%4'orders
v-:.-
•
133,509
—
k V" ••
Remaining Percent of Activltv
Tons
Current Cumulative
150.634 K".
5161,776 t ^l957;t# ; 90 >
^ 152,066
8?r,.V-S297767
97 ^ ^
91
;
1-49,794
516,211
94
92
155,381 ^ " 500;507
u' 97
'•
93 •
161,122
533,794
98
93
;158,229
551,081
- 99
2
94,,.
167,243
;vu;53W*
V100i:m
94-, -164,267
V 539,100
95
99;;,
167,541
100
549,928
95
;
164,562
;;99
95
607,799169,627,
101 i
96
.591,661
Tons
-
'
169,355
——
April' 6————'
.
by 9.0%.
Compared to
>
tha average* Cor¬
,
rW-fc—miou 443,946.
;es—Unfilled orders
t
-167,627
..
§66,;52.
101.
,
96
.
of the prior week, plus orders
received, less production, do
equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made
necessary adjust¬
ments of unfilled orders.
;■:•>...
not necessarily
15,398
*
139,681
—
Feb. 23
Mar.
i
178,590
—
pills
Production
Tons
week
same
Unfilled
Received
1946—Week Ended
1.0% f
the
mills amounted to 89 % oft -stocks.
For reporting softwood mills',; un¬
filled orders are equivalent to 31
i..
Orders
.
,
production, tinfilled order files of the^ reporting
were
REPORTS—ORDER8, PRODUCTION^'MILL ACTIVITY
Period
for
Week
These
la
v
production
were
ending April 20, 1946. In the
advanced to equal 100%, so that they represent the totaV
STATISTICAL
-
"5,'447!
the time operated.
Barometer
above
week from each
and also a figure which indi¬
on
-
lumber
paperboard industry.
members
>
Manufacturers
.-Association,
shipments of 436 mills reporting to the National
Lumber
Paperboard Association, Chicago, 111., in relation to activity in the
The
Movement-^\Veek
April 20, 1946
" ^j!
Accordiag to the National.Lum-
We give herewith latest figures received by us from the National
Mar. 30
.Pocahontas District—
Chairman
Press
12,123
8,237
-11
....
*
^ .
-
187
5,343
56
9
1,826"
Maryland-——————
1,024
364
;
375
14,391
"
9
60,382
—
•'
I»
7,140
22,369
i-.'K
.
9,958
;
89
5,007
15
13,3.52
.'34
7,497-
166
.96
1,602
,-->1,056
1,653
489
22
,235,608,
LL_^v
»r,
*6,6581^4
6,775
434
j Penn-Reading Seashore Lines
Pennsylvania Systenuw^—————"
300
210
8,100
"t
6,174
7
Llgonler Valley—
Long Island----------
<
46,227
758
-
Reading Co
-i—
Union (Pittsburgh)—
781
25,764
Cornwall——.-—J-———
Cumberland & Pennsylvania-—s
405
.
2,830
11,879
6,283
661
Central R. R. of New Jersey
(
225
3,414
.
6,837
167,226
quarters in Japan
to be favorable
2,306
2,456
'
829
,3,007
6,093
3,318
8,506
1,126
v
;
5,297
3,668
3,712
8,767
847
t
Indiana™
2,959
2,386
—.
2,794
4,378
1,493
8,076
8,972
5,062
2,784
(■Bessemer & Lake Erie
2,437
5,380
.
2,783
3,554
5,355
142,919
announced at
———————:
6,229
—_
-
—
18,872
125
}
Japan Council
Allied! head
on April 21 tha
George Atcheson, Jr., had beei
appointed American member,;dhc
was
political
Louis-Southwestern
2,482
'
It
53,255
f
207
..
Allegheny District—
Akron, Canton & Youngstown
j Baltimore & Ohio...—
*
400
St.
15,417
391
>
Allied
30
116
Prtotal———
•
341
St. Louis-San Francisco
294
6,099
—•
Wheeling & Lake Erie,
v
256
4,407
•
7,174
Pittsburg, Shawmut & North
Rutland
.
414
Missouri Pacific
Quanah Acme & Pacific
3,315
2,518
& Pittsburgh & West Virginia
&
; 308
9,140
156
—
Cambria
107,730
3,464
17,624
4,245
230
New York Central Lines
2
4,699
72,508
Missouri-Kansas-Texas Lines
1,387
260
,-'N. Y., N. H. & Hartford
New York, Ontario to Western
New York, Chicago & St. Louis
N. Y., Susquehanna & Western
Pittsburgh & Lake Erie
fPere Marquette
$ Pittsburgh & Shawmut
-
117
1,012.
4,389
Monongahela
i
30
2,299
13,794
12,311
Lehigh & New England
Lehigh Valley___
Maine Central.:
Wabash
34
2,025
9,314
1,700
Lehigh 6? Hudson River:
:
38
1,018
4,780
•
401
-
1
2,624
116,094
Missouri & Arkansas
6,913
2,308
(Grand Trunk Western
Montour
1945
7,252
7,823
516
2,011
127,471
,
Litchfield & Madison
Connections
1946
421
Atcheson Heads
power
Kansas City Southern
850
8,095
-18,538
Louisiana & Arkansas
28
Detroit, Toledo & Ironton
petroit to Toledo Shore Line
11,616
543
1,875,
284
1,575
Detroit & Mackinac
13,314
15,97'8r
0
2,011
no'
2,242
513
110,644
Received from
1,177
2,317
2,676
429
5,095
15,425
0
7,306
1,415
1,187
9,799
305
860
263
5,054
29,436
301
3,131
2,018
Delaware & Hudson—.—
31,090
7,064
1,077
Delaware, Lackawanna & Western
0
1,267
252
Central Vermont
0
2,682
2,203
Centrallndiana
3
6,803
347
Chicago,Tftdianapolis & Louisville
788
19
tK. O. & G., M. V. & O. C.-A.-A
,1?44
could
appointment
7,196
Boston & Maine
118
539
1,351
a
Southwestern District—
2,594
±_.
$ Bangor & Aroostook
61
785
International-Great Northern
■
1945
2,036
743
13)
Revenue Freight Loaded
1946
1,372
—
Total Loads
Railroads
1,-653"
564
CONNECTIONS
FROM
WEEK ENDED APRIL
•1,544
1,017
'12.442
Pacific.
Gulf Coast Lines
AND
Eastern District-
.
—
Burlington-Rock IslandLOADED
783
"905-
'
;
TotaL
the week ended
April 21, 1945.
(NUMBER OF CARS)
forthcoming
>
Federal
—TFfn i •»«:>
22
1,937
i
week ended April 20, 1946.
over
funds
and
6,329
-
926
!•
freight carloadings for
gains
481.
7
3i,55Q
Toledo, Peoria & Western
Union Pacific System—
a
salary
"tlt'f'r
1,501
Peoria & Pekin Union—
Western
-
be met,
°
847,013
.864,700
r
payrolls
2,472
—
650,743
Brie
56
3,242
1,950
Nevada Northern—
787,985
798,683
|ihe separate railroads and systems for the
yjDuring this period only 39 roads reported
i
3,788
758
1,281
1,541
3,916,037
The following table is
:
3,173
exhausted
2,413
1,045
765,672
-Total,
t *.
5,166
1,620
North Western Pacific
'
;
14,749
3,071
708
Missouri-Illinois-
4,022,088
FREIGHT
12,090
2,547
789'
139
644,663
649,194
6
REVENUE
10,854
2,908
_
Denver & Rio Grande Western
3,982,229
•,
12,551
2,099
that
nearly
1,075
11,951
formed
57
12,069
762
Fort Worth & Denver City
Illinois Terminal.
13
i
-
"3
9,514
3,138
640
20—-
Week of April
April
495
17,745'
3,223
Denver As Salt Lake
3,003,655
2,883,620
2,866,710
March
April
426
19,439
'
11,677,159
of
Week -of
fm.HViii,
41
15,893
-
Colorado & Southern
cWeeks in: 1945 and 1944.
■
: 209
Chlcago, Burlington &> Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific—
Chicago & Eastern Illinois
below
cars
appropriation after Con¬
gressional leaders had been * s in¬
;
corresponding week in 1945.
a
salaries?' a
because >an
gency
Atch., Top. & Santa Fe System.
below
cars
*
Coke loading amounted to 7,083 cars
workers'
necessitated
appropriation bill to provide'(the
funds was momentarily stalled in
the Senate.
A
joint resolution
was approved by the HOuse ,and
Senate Oh April 48^^^ for the
j^me^
i(4he corresponding week in 1945.
£8bove the preceding week
Federal
measure
.
Forest products loading totaled
45,086 cars an increase of 1,383
above the preceding week and an increase of
2,544 cars above
Ore
policy
any. ap¬
on the part of naval
officers regarding 'their
reserve
6,575
424
216
Green Bay & Western----;Lake Superior & Ishpeming
remove
prehension
3,167
19,236
—.
Duluth, Mlssabe & Iron Range
Duluth, South Shore & Atlantic
Elgin, Jollet & Eastern
Ft. Dodge, Des Moines & South
an
18.161
19,037
2,292
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha
Minneapolis & St. Louis
week, and
adopted "to
was
16,265
-
officers.
A preamble declares the
Chicago & North Western
alone
Wash¬
it is set down as Con¬
gressional policy that there, shall
be no discrimination against...re--
1,202
531
11,783
Under the
reported in ain Asso- 7
ington,
1,624
f 519
;
12.769 to 35,000.
legislation, as
ciated Press dispatch from
470
.
Northwestern District—
increase of 3,204 cars above
an
^loading of livestock for the week of April
Jipcrease of 1,487 cars above the preceding
cars
376
3,906
1,333
114,719
decrease of 12,242 cars bel6w the corresponding week in 1945.
cars
278
3,302
13,381
—
Winston-Salem Southbound—
Livestock loading amounted to 18,605 cars, an increase of
1,071
>3,411
153
402
3,733
402
'
.
Tennessee Central
alone, grain and grain products loading for the week of April 20
ctotaled 21,578 cars, a decrease of 1,454 cars below the
preceding week
a
225
4,294
3,263
20,467
13,045
10,336 y 12,085
1,175
1,032
-
below the preceding week and a decrease of 16,903 cars
cars
below the
and
24,808
3,274
1,257
Grain and garin products loading totaled 34,396
cars, a decrease
; of 900
4,045
27,882
25,509 >
391"
Southern System
corresponding week in 1945, due to coal strike.
4,940
29,784
.
"
_
Seaboard Air Line.
below the preceding week, and a decrease of
135,487 cars below the
•
14,611
Piedmont Northern
cars
730
—
Richmond, Fred. & Potomac
Coal loading amounted to 29,709 cars, a decrease of 1,852
and of the Marine'.^Corps
64,400 to 100,000 men, with
officer strength of the Navy raised
men,
from
2,363
763
21,141
—
Macon, Dublin & Savannah
Mississippi Central
Nashville, Chattanooga & St. L.
2,016
361
4,061
System^«.^^4*«f^
Norfolk Southern—
'
V
Illinois Central
-
Louisville & Nashville
1,245
438
.
peacetime size of the Navy :
from 232,000 to 500,000 tehllsted
175
1,248
481
Georgia & Florida
Gulf, Mobile & Ohio
on ApjfA„ 18
bill designed t6> increase
a
the
1,381
;
1,399
' Miscelleneous freight loading totaled
J..'
President, Truman
signed
'761
4,327
,
!'
Also Fed. Worked Pay;
12,991
5,615
1,460
2,182
f
1,607
-
•
2,656
t;
13,348
3,939
—
ii-
m'd ! Jt
341
/
1,852
775'
14,956
4,479
:
.198
r
741
16J228
Central of Georgia—
Durham & Southern
Loading of revenue freight for the week of April 20, increased
.1,549 cars or 0.2% above the preceding week.
: .1945
,.1946
"r
Columbus to Greenville
\
1945
Legislation Signed
On Peacetime Navy
Received from
5,
Clinchfield
week
same
Total
Atl. to W. P.—W. R. R. of Ala
freight for the week ended;; April 20, 1946
24.7%, and
•'
...
.
Alabama, Tennessee<te NortherdJ^,lL^
the Association of American Railroads announced
a decrease below the corresponding week of
cars, or
.
ffeaiherapistrici^ ;:
was
--in 1944 of 187,994 cars or 22.4%.
..
Revenue Freight Loaded
20,1946 Increased 1,549 Cars
revenue
cars
April 25. This
'*
Railroads
lywm>|> no."*11-'
.frv*-^v;vw
v.• >•
.
responding
week
of
1935-1939,
production of reporting mills
was
0.7% below; shipments were 3.0%
'below; orders were 0.1%
below.
Trading
'■vi.-
total for a like period of 1945. On a cumulative-basis,■ privatescon^
structiomin 1946 totals $l;OOL95d,dOOj Tvhicb is 536% ?abofethait$(>&
New York Exchanges
oil
The Securities and Exchange Commission
7
v
madelpublic oii April
23 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 ?fo?^thei account of ^all
members of these exchanges in'the week ended^April 6i continuing
a series of current figures being published weekly by the Commis¬
sion/ Short sales are shown separately from other sales in these fig¬
ures.
Vinson Entertained
1945.s|Tiblicconstructioh, $514,523,000i is 42% greater thap the cumu^
for the corresponding rperibd 'oM945,HwhereaS I3tate; and;
municipal Construction, $341,243,000 to date, is 459% above 1943*
Johnston of Chemical
lative total
Federal
construction, $173,280,000, dropped 43% below the 17-week
total of 1945.
the: Stock! Exchange, for the account of members
(except. odd-lot
dealers) during the /week ended April 6: <in
on
totaled 2,916,282
round-lot transactions)
April 25, '46
Public Construction——
State &
.
i
Stock Sales on
Total Round-Lot
.
U
■
the New York Stock Exchange and Bound-Lot Stock
(Shares)
>
APRIL
ENDED
WEEK
Short sales
:
1940
6,
'
•
;——i
J———
——
9,009,910
Round-Lot Transactions for Account of Members,
-
■"
,
specialists In stocks In which
registered-*
v,7.
i'.--*""5
i. Transactions of
they are
Total purchases.
'
^853,980
Short sales.-.,
;
JOthersales———
Total sales.
178,170
701,830
1
-
162,360
12,600
161,250
Total purchases-.
Short sales
r
;
.
tOther sales—-
;
Total sales.
7
40,960
Short sales.
411,877
salep^.
1
jrotal sales.
4. Total--
4.70
452,837
.
.
Total purchases—
1,409,575
231,730
1,274,977
Short sales.
{Other sales.
^:
16.19
1,506,707
'Total sales.
kv
t
.:-7
393,235
-
t Other
v-.'.v-
...
.
7
?
.
.
Bound-Lot Stock Sales on the New York Curb Exchange
Transactions for Account of Members* (Shares)
Total
\
WEEK ENDED
APRIL
%
'
and
Stock
1946:
6,
\%
Total for Week
»
.
% ToUl Round-Lot Sales:
40,880
3,133,715
Stort sales—:———.
{Other sales.
3,174,595
Total sales.
.18,580
259,105
8.28
277,685
Total sales.
transactions initiated on the floor—
m Total purchases—
Short sales-.
r
period
of 1946 totals
for the
capital
UNITED STATES PRODUCTION OP BITUMINOUS
Apr. 20,
Bituminous coal &
Apr. 13,
1946
1946-
710,000
650,000
118,000
108,000
lignite—
Total, including mine fuel—
Daily average
9,720
—.
greater than the
COAL AND LIGNITE
-
■
1
Jan. 1 to Date
Apr. 21,
''Apr. 20
Apr. 21,.
1945
' 19*6
1945
11,234,000 163,149,000 182,770,000
1,872,000
1,752,000
1,928,000
.
AND COKE
393,320
30,600
379,610
Total purchases
—
{Other sales
Week Ended—
—
§Apr. 13,
$Apr. 20,
Penn. Anthracite—
Apr. 20,
Apr. 21,
Apr. 24,
1946
1945
1,100,000
1,056,000
tCommercial produc.
P. Odd-Lot Transactions for Account of Specialists—
0
Customers* short sales.
JCustomers' other sales
1,339,000
1,287,000
1,236,000
18,762,000
18,011,000
17,447,000
1,285,000
6,600-:; 106,400
1,210,600
1,739,000
H Total purchases-
United States, total.
132,312
132,312
•Includes
18,141,00
17,234,00
16,749,000
washery and
BY
»"
(The
members' purchases and sales is
the Exchange for the reason that
;
,
.
;
,
,
Commission 8
liRound-lbt shorttaleswhich ;are!:exempted: fromvrestylcllpii by the
s
weekly
current
ihipments and
,
dredge
coal
and coal shipped by truck
$Subject to revision.
§Revised.
1,167,300
from
authorized
:
district and
State
"estimates
subject
are
sources
are
to revision
or
of final
on
based
on
receipt: of
annual
returns
carloadings and river
monthly tonnage reports' from
from
the
operators.)
Apr. 13,1946
i.„
Apr. 6,1946
in
and
Illinois—
Iowa
United
States totals $131,594,000 for the week ending April 25, 1946, as re¬
15% below the
previous week, 309% above the corresponding week of last
continud
as
and
1,502%
average.
The Report
Public construction,
State and municipal construction, $26,882,000, 16% below last
week, is 488% above the 1945 week. Federal construction, $20,775,000
is 17% above last week and
$% below the week last
year.
Total engineering construction for the 17-week period of 1946
records
a
cumulative total of
320,000
tinuing
DATA
for
odd-lot
account
the
on
Exchange,
:
a
reports filed with the Commission f
STOCK
spe¬
TRANSACTIONS
FOR
THE
ODD
LOT ACCOUNT OF ODD-LOT DEALERS
AND
SPECIALISTS
ON THE
N.
Y.
EXCHANGE
Week Ended April
•
vV:
'
.
Dealers—:
V"
■
(Customers' purchases)
of
orders..!
Number
of
■
shares.—,
DolJar value
■
AVAILABLE
(Customers'
...
...
"
'
40,653
1,198,571 (-
854,179,228
Customers'
-
' *•
*
sales)
Number of Orders:
short
..
noC
sales
^Customers' other sales
Customers' total
Number of Shares:
3,000
28,000
27,000
552,000
2,188,000
39,608
Customers'
sales—.
t
39,713
short sales...
4,029
"Customers' other sales...
<
52,000
1,000
135,000
339,000
—
;
27,000
2,152,000
1,127,000
180,000
:
.1,087,113
f Customers*
Dollar value
total-' sales^..
Round-Lot Sales by DealersNumber of Shares:
*
.
$48,313,373 t
Short;<mles!U:/.~*—
tOther
850,000
10,225,000
,
-
1,091,144
.
sales—
120
v,
238,760 ;
Total sales.
v •
Round-Lot Purchases by Dealers—
Number of shares.
-
238,880
-•Sales
650,000
the N^ & W.l C, & 'Ct.r:Ykglni8SU''^^M.l B. C. At Qa
and on the B. & O. in Kanawha,
Mason^-and Clay counties.
{Rest of State, including
the Panhandle District and Grant.
Mineral, and Tucker counties.
{Includes Arizona
on
than 1,000 tone.
:
' i
,
Total
'
Odd-Lot Purchases by Dealers—
69,000
Washington—
tWest Virginia—Northern—:
tWest Virginia—Southern———
Wyoming^-,*—
$1,516,473,000/which is 191% above the wclOregon^Less
■
Per Week
'
/
Number
•
.
Total bituminous & lignite.—
•
'
;
IS, 1940
•—Odd-Lot Sales by
147,000
NOT
NOT
Pennsylvania (bituminous).—
Tennessee-w^^-i-i^-^—
Texas (bituminous & lignite)
tlncludes operations
-
con- ?
34,000
AVAILABLE
.
'
sion. The figures are based
upon f
792,000
,
§Other Western States
v
figure '
,
390,000
—
—
complete
series of current figures
28,000
DATA
and Missouri
Mexico.
for the week end-
of
being published by the Commis-
1,302,000
.i—..
North & South Dakoa (lignite)—
Utah—
$47,657,000 is 6% below last week and 72% greater than the week last
year.
13
New York Stock
*
——
Kentucky—Eastern
——
Kentucky—Western.———
Maryland..—..—
—
Michigan—^—>—
—
Montana (bitum. & lignite)
New
Exchange
showing the daily volume of stock
130,000
$83,937,000, is 20% below last Virginia—/
above the week last year.
April
60,000
year,
follows:
Private construction this week,
week
moving
a summary
ed
6,000
-
———-
........
and
'
Oklahoma
i———
Kansas
continental
ported to "Engineering News-Record." This volume is
and 10% above the previous four-week
23,
Apr. 14, 1945
136,000
».
Indiana—'5—
$131,894,000 for Week
construction volume
Securities
-Week Ended
State-
Colorado..-——
engineering
The
Commission made public on April
cialists.
railroad
Alabama
Arkansas
Engineering Const ruction Totals
of
NYSE Odd-Lot Trading
STOCK
Alaska
t'other sales."
Chairman
STATES, IN NET TONS
Georgia and North Carolina-.-—
Givil
Bower,
by the odd-lot dealers and
ESTIMATED WEEKLY PRODUCTION OP BITUMINOUS GOAL AND LIGNITE,
associate Exchange members, their
k
3,800
fExcludes colliery fuel.
operations,
130,246
Total sales.
Civil
A.
Committee, Chemical Bank
1937
1946
Beehive coke—
fnlw are iBcIuded with "other sales."
{Sales marked "short exempt" are Included with,
Joseph
ists who handled odd lots
-Calendar Year to Date-
Apr. 21,
1945
-
1946
"Total incl. coll. fuel
12.66
410,210
Total sales
compared with twice the total round-lot volume on
tho Exchange volume Includes only sales.
V
L. Harri¬
of all odd-lot dealers and
special¬
(In Net Tons)
•The term "members** included all regular and
United Nations; George
son,
transactions
ESTIMATED PRODUCTION OP PENNSYLVANIA ANTHRACITE
3.14
92,525
firms and their partners, including special partners.
tin calculating these percentages the total of
also
'
.
"Subject to current adjustment.
82,805
Total sales.
N/; Short sales—
was
& Trust Co.
4. Total-
./'
New
$439,959,000, 58%
Trust
1.24
106,925
—
{Other sales—
,
of $14,788,000 in State and municipal bond sales
in corporate security issues.
Week Ended-
40,000
Total sales.
Total purchases
Short sales
made up
Kentuckian
present at the luncheon and other
guests included: £ •
Trygve Lie, Secretary General,
(In Net Tons)
I. Other transactions initiated off the floor»,
$1,263,000
ESTIMATED
38,485
2,300
37,700
;—
{Other sales-
<
is
fellow
$16,051,000,
gencies, on April 28 were estimated by J. A. JCrug, Solid Fuels Ad¬
ministrator, to be about 1,150,000 tons. This coal was accumulated
through the operation of an order issued March 28, three days before
the .mine strike was called on April 1. - :
247,910
...
•
*
New capital for construction purposes this week totals
and
•
.
*
Capital
Federal Government since March 28, to take care of critical emer¬
-
a. Other
,.
New
Remaining stocks of bituminous coal held under orders of the
fk Rouad-Lot Transactions for Account of Members:
,1. Transactions of specialists in stocks in which
they are registered—
:>... •
Total purchases—
v *'
Short sales——i,———..
——
"7 {Other sales-i.-——
...
,
.
...
1.87
173,850
9. Other transactions initiated off the floor—
Total purchases.
<
9.62
880,020
Other transactions lnitlated on the floor*
v*'
17,722,000
Weekly Coal and^Goke Production Statistics
of.Odd-Lot
:,.Except for the Odd-LOt Accounts
Dealers and Specialists: < " " -t,>,
,
President, New York Life
Insurance Co.; Lewis W. Douglas,
$278,693,000 reported for the corresponding period of 1945.
President, Mutual Life Insurance
Co. of New York; Allen Sproul,
President, Federal Reserve Bank
df New York; E. Tappan StanThe total production of softioal in the week ended April'20, nard, President, Kerinecott CopRer Corp.; Harold Stanley,; and
1946, as estimated by the United States Bureau of Mines, was 710,000
net tons, an increase of 60,000 tons £pver the preceding week.' In the Perry-E. Hall, Partners, Morgan
corresponding week of 1945, output ,amounted to 11,234,000 tons. For Stanley & Co.; John M. Schiff,
Kuhn,
Loeb
&
Co.;
the calendar year to April 20, 1940,; production of bituminous coal Partner,
Clarence Francis, Chairman, Gen¬
and lignite amounted to approximately 103,149,000 net tons, a de¬
eral
Foods
Corp.;
Robert
T.
crease of 10.7% when compared with the 182,770,000 tons
produced
Swaine,
Cravath,: Swaine
&
in the period from Jan, 1 to April ?1;, 1945.
Moore; Jay E. Crane, Financial
^
Production of Pennsylvania anthracite for the week ended April
Vice-President,
Standard
Q i1
20, 1946, as estimated by the Bureau-Of Mines, was 1,100,000 tons, a
'Company (N. J.); Harold J. Roig,
decrease of 239,000 tons, or 17.8%, froih the preceding week. When
Vice-Chairman, W. R. Grace &
compared with the corresponding week of 1945 there was a decrease
Co.; Dr. Henry W. Cave, Head
of 187,000 tons, or 14.5%:. The calendar year to date shows an in¬
Surgeon,
Roosevelt
Hospital;
crease of 7.5% when compared with the
corresponding period of 1945.
Wayne Johnson, Partner, Johnson
The Bureau also reported that the estimated production of bee¬ &
Shores, John J. Rust, President,
hive coke in the United States for the week ended April 20, 1946, "The
Kentuckians"
Vice-Presishowed a decrease of 2,800 tons when compared with the output
President,
Equitable
Securities
for the week ended April 13, 1946/ and was 102,600 tons less than
Corp.; George F. Lee, Former
for the corresponding week of 1945.
,
President,
"The
Kenluckians',,
Most of the production since April 1 has been from mines
Assistant Vice-President, United
operating under contract with the Progressive Miner workers in
Illinois and about 200 unorganized mines, located in various other States Trust Company of N. Y.;
producing regions. Since the beginning of the strike and through Frank K. Houston, Chairman, and
April 20, approximately 2,210,000 tons of bituminous coal have been N.
Baxter
Jackson,
President,
mined, compared with 29,175,000 tons mined in the Same period
Chemical
Bank
&
Trust
Co.;
of last year.
8,740,990
■
Total sales.
1
49,799,000
32,077,000
:
bridges and earthwork and the "University plub; the night^of
<
:.; /; ^
drainage recorded gains this week over the previous week. Eight of April 26.
^ John ^B^^Hntson^^Assistant :Seb/
the nine classes recorded gains this week^ver the 1945 week as fol*
lows: Waterworks, sewerage^ bridges* highways, v earthwork, and retary General in: charge of Ad¬
drainage, industrial* buildings, commercial buildings, and unclass¬ ministrative and Financial Serv¬
ices of United. Nations, another
ified construction.
*
17-week
268,920
_
—
{Other sales-
j
was
on
In the classified construction groups,
and
Transactions-for Account of Members*
>'
A. Total Round-tot Sales:
/;
Secretary of
entertained at
April 26 at the
Vinson,
luncheon
,
^
On the New; York Curb Exchange, member trading during the
week ended April 6 amounted to 803,530 shares, or 12.66% of the
total volume on that Exchange of 3,147,595 shares. During the week
ended March 30^ trading, for the, account of Curb members of 648,620
shares was 12.95% of the total trading of 2,504,250 shares.
V
47,657,000
26,882,000
20,775,000
Municipal—
—oa
*
April 18, '46
——
Federal
.
ff,
week, last Chemical Bank & Trust Co. of
' !
New York by Percy H. Johnston,
April 26, '45 Chairman of the Executive Com¬
$32,332,000 mittee and Harold H. Helm, First
5,240,000 Vide-Prerident all fellow Ken27,092,000 tuckians.. Mr.
Vinson
was
the
4,568,000 guest of honor at the Annual Din¬
22,524000 ner of "The Kentuckians" held at
Total U. S. Construction—— $131,594,000-; $154,743,000
Construction
83,937,000
104,944,000
Private
36.19% of the total transactions on the Exchange of 9,009,910 shares.
This compares with member trading during the week ended March
30 of; 2,397,448 shares, or 16.13% of the total trading of 7,430,600
shares,
M.
by
Civil engineering construction volume for the current
week and the 1945 week are:
;
:
4 -
shares, which amount was
I
Fred
the Treasury,
a
•
Trading
1
^Jbursda^ May 2394#
THE COMMERCIAi; & FINANCIAL CHRONICLE
2426
marked, "short exempt'! .are re-*
•, •;
tSales to offset customers' odd-Jot
orders i<
and sales to liquidate a
long .position which i-
ported-.with'
is Jess than
ta round lot are reported with
"other sales."
^
•
•••
Volume 163
Number 4486'
:
THE COMMERCIAL &
^FINANCIAL CHRONICLE
2427
HMH
April 20, Labor Department Reports
smaller
increases: for agricultural
commodities," the Bureau of Labor Statistics of the U. S, Depart¬
Labor-reported, on April 2£> that "the index of commodity
prices prepared by the Bureau .rpse 0,3% during the week to 109.6%
of the 1926
average. 1.1% above four weeks ago and 3.8% higher
ment, of
,
than, the corresponding week of 1.945.
The Bureau further stated: i
"/ "Farm Products and
Foods--Average primary market prices of
farm products were fractionally higher during the week. With spec¬
ulative buying rye qUbtatiohs reached the highest level since March.
1918/ Sheep odtot^iOiish WCre .higher reflecting light
supplies. Prices
of lemons and
oranges rose seasonally and apples and onions were
higher with short supplies: .Prices of potatoes in Eastern markets
advanced With gdod demand.
Sweetpotatoes declined sharply.
Egg
quotations rose particularly for poorer grades as Easter demand in¬
creased:
"/Cotton quotations were lower. On the average farm prod¬
uct prices were 1.9% above a month ago and 4.6% above a
year agd.
.
*
zinc
than <50%;
to 15% of
Early settlement of labor dis¬
capacity; wire mills to 25%; and putes at major brass mills is exrod mills td: 25 %, CPA Officials
pected, which would lead to a
..
mother Commodities
.
were
creased
Prices of farm machinery
for
approved
individual
ceilings for work clothing to
The
report:"
Labor
r
.
OPA
notation
commodity exchanges.
producers
or
or
are
John
changes apd should not be compared directly with; the moftthiy index,
gThefollowing tables show (1)indexes;.fo^M£^^fcbr6e
CHANGES IN WHOLESALE
FOR THE
-
,
'
.
PRICES BY
WEEK
,-r
COMMODITY
ENDED APRIL 20.
.
4-20
Commortitv croup—
All
4-13
1946
4-6
*
GROUPS
109.3
3-23
4-21
4-13
3-23
1945
1*M6
1946
+0.3
+1.1
+3.8
"•
1P45-
J35.4
Foods
no.4
—
;
135.2
103.9
132.9
109.7
129.5
109.4
120.1
120.1
118.S
104.5
7.02.4
+ 0.2
105.7
120.3
105.0
Hides and leather products
*•
120.3
Textile products————*». 105.2
Fuel and lighting materials
86.6
Metal and metal products.*--—_
109.0
Building materials
135.1
+ 0.5
+
+
+ 0.2
+ 0.2
+
2.7
4.4
1.7
Domestic
25,336
86.5
85.5
85.4
83.9
+
0.1
+ 1.4
108.2
10&.0
107.9
104.3
+
0.7
+ 1.0
+
4.5
+ 1.6
+ 1.9
+
7.7
0
+ 0.1
0
+ 0.3
124.0
124.0
123.6
117.0
96.1
96.0
96.0
94.9
108.7
95.4
96.4
95.4
94.6
Raft-
123.0
122.8
122 2
120.9
117.7
Semi-manufactured article*!——
100.8
100.8
100.6
100.3
94.8
Manufactured
105,1
104.8
104.6
104.3
101.9
+
103.9
103.7
103.4
103.0
100.3
+0.2
+0.9
103.1
102.8
102.4
102.0
99.5
+0 3
+1.1
—-
108.4
and
products
foods—
American
year,
+ 0.8
+ 4.5
Metal Statistics reports.
0
+ 0.5
+ 6.3
0.3
+
0.8
+
in
3.1
production
APRIL 13,
/
IN
SUBGROUP INDEXES
1946 TO APRIL 20,
•
strikes.
Iron
Implements
.
of the Labor party, who criticized
if52.000
52.000
52.000
23
52.000
62.000
52.000
the United States policy of secrecy
in atomic-bomb manufacture as a
24
52.000
52.000
#52.000
99% tin, continued
per pound.
beginning
Production:
,
Other
Cereal
Grains
Primary
Secondary
The
the
domestic
market
foods.-—i
o.
Stock
products:
o.
a
thereafter
40,070
41,643
48,257/
45,31
1,573
week
at
was
Livestock
and
poultry
end
at
0.
7O3/40.
3/ 44d., with
t
OF METALS
o!
Dom.
Apr.
0.1
Exp. Refy.
Refy.
&
on
St. Louis
6.35
11.775
52.000
11.775
12.050
52.000
6.50
6.35
12.175
52.000
6.50
6.35
8.25
11.775
12.175
52.000
6.50
6.35
11.775
12.175
52.000
6.50
6.35
8.25
11.775
12.3.75
52.000
6.50
6.35
8.25
Average
11.775
12.133
52.000
6.50
6.35
8.25
ceiling
prices will
be
set
is> not
'
known, but most observers
that
per,
er
Brass
have
been
8V2C for lead, and 90
arid
lead
continue
ends.
resumed."
The publication further stated in
has
been settled
the
high¬
returned
the
and
and
will
"emergency"
strike" at
labor
copper
Effective March
14,
Copper
Quotations for copper are for the ordinary forms ,of witebars and ingot bars.
standard ingots an extra 0.05c. per pound is charged; for slabs 0.075c. up, and
0.i25c. up, depending on weight and dimensions; for billets an extra 0.75c.
up, depending on dimensions and quality.
Cathodes in standard sizes are sold at a
discbunt of 0.125c. per pound.
/
*
'
.
Butte
has
Voluntary rationing: of copper
requested by CPA in a state¬
ment
-
of policy
negotlations/td This Atep
dispute at Ameri¬
for cakes
and copper products by producers
was
was
Average price, 99.905-f /equiv¬
rate of discount approxi¬
mately 0.375 %: per annum.
Range of accepted: competitive
bids:
.
High, 99.907,' equivalent rate jof
discount
approximately, 0.368%
the export quotation for copper reflects prices obtaining in
open market and is based on sales in the foreign market reduced to the f.o.b.
refinery equivalent, Atlantic seaboard.
On f.a.s. transactions we deduct 0.075c, for
lighterage, etc.* to arrive at the f.o.b. refinery Quotation.
paf£ a$ follows:
,*/
Quotations for
mand
a
not. less
'
month.;/
nnd smeUer production of copper
»ine are for
High-Grade zinc delivered
issued April 22
taken because miiie
:
alent
the
For
until
The
or
Rationing of
for, $1,8^0,058,060/
accented,
$1,309,246,000/
(includes $43,723,000 entered on a |
fixed price basis of 99,905 and ac¬
cepted in full),
*' t
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
t
" In
the trade, domestic copper prices are quoted on ft delivered basis: that is,
delivered at consumers' plants.
As delivery charges vary with the; destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices in New England average Q.225c. per pound above the refinery basis.
140 will be named for cop¬
for fcinc.
end
guess
can
Total
:
a/flat-priced
new
Total applied
States markets, based on sales reported by producers and agencies.
They are reduced
to the basis of cash, New York or St. Louis, as noted. All prices are ih cents per pound.
in offering these metals for delivery next month
which
8.25
Average prices for calendar week ended April 20 are: Domestic
copper f.o.b. refinery, 11.7750; export copper f.o.b. refinery, 12.1040,
Straits tin, 52.0000; New York lead, 6.5000; St. Louis lead, 6.3500; St.
Louis zinc, 8.2500; and silver, 70.7500.
«
:
\
The above quotations are "E. & M. J. M. & M. M's" appraisal of the major United
prices; for Copper, lead; and: 2iric viewed ad ta
at
on
April 29 that the
$1,300,000,000 or there¬
about of 91-day Treasury bills to
be dated May 2 and to mature
Aug. 1, .which were offered, ;fcn/;.
April 26, were, opened .at. the' Fed¬
eral Reserve Banks on April 29.
tenders for
8.25
11.775
Secretary of the Treasury
announced
8.25
22
higher ceiling
level
-energy
Result of Treasury
Bill Offeriug
at
St. Louis
New York
19
Markets," in Its issue of April 25,
disputes that have crippled pro¬
January
atomic
peacetime applications.
The
New York
^
of
clouded, Geft* Groves
said, until Congress passes legisiation governing its^ development
and use.
He added that the bomb
was dropped Aug. 6 last
year and
that the Manhattan Project had
oeen
waiting since that time to
proceed With theiaeveiopment of
Zinc
—Lead—
6.50
r
future
must remain
Mon¬
20
duction and distribution of major non-ferrous metals since
believed td be near at h^nd, and relief in the; form of
The
The
M. J." QUOTATIONS)
Tin,
Industry. ~
may cost
power
has
London held
quotation
no
12.050
0.1
—
Settlement of Strikes and Price Relief
basis.
"The experimental pile is not
expected to be an economical pro¬
ducer or afford the basis for any
exact estimate of whati. atomic
day, owing to a holiday.
<"E.
Straits
—Electrolytic Copper—
KofrFerroui MelaEs—Market Keflecls Early
on
designed
to
produce atomic energy for^indtistrlal use will be Started* The same
advices stated;
unchanged last
24
became shy
tirfettiumStockpile
upon.
23
thereafter
on
The/New York Official price of
foreign silver
on atomic
energy was
to get under way.
He went
to say that building,
up of a
soon
for the next two
$1.29
virtually been agreed
Feb.
28,702
41,939
—
18
week
of research
Washington advices state that
compromise on Treasury silver
fend
a
The General told his au¬
dience, according to the, "Journal
of Commerce," that a new
program
reality.
Treasury, may release "free"
at 900 an ounce
51,929
DAILY PRICES
Decreases
and
;
energy could be expected to be
o.
'
products—I
Meats
"F. & M. J. Metal and Mineral
stated: "With settlement Of labor
it would be ten to fifteen years
before industrial use of atomic
at
is following
the price
set by Spanish agents.
silver, the market situation is not
expected to improve. Most sell¬
ers
still look for a compromise,
which means a higher price than
the 71.110 basis.
years
24,179
1,157
Shipments
0.4
goods—
atomic bomb was: developed, told
tne annual conference of the So¬
ciety of the Plastics Industry that
Silver
by
45,312
o
Paint and paint materials
Cotton
On April S3; Major-Gen. Leslie
Groves, officer-in-charge, Man¬
hattan Project, under which the
R.
Until legislators arrive at a de¬
cision on the price level at which
o
25,336
FROM
tile
threat to international relations*
or
;
Figures for February anc
0
0.6
Agricultural
52.000 /62.000
82.000
52.000
The drop
March
1946
farm
1.3
Clothing
OUier
2.2
vegetables—J
and
3.8
steel
and
Brick
0.7
and
Fruits
5.8
Lumber
52.000
52.000
pattern
March, in tons, follow:
Increases
Plumbing and heating
Other building matei-ials
19
22
week.
last
caused
was
Stock at
PERCENTAGE CHANGES
52.000
20
present
February
Bureau
+ 2.4
0
+ 1.7
of the* National
reportfe to: the "Times" of the pro- :
tests of Harold J. L&skl, Chairman
June
52.000
Quicksilver
March
March
0
"
All commodities other than farm
products and
the
in
tons
+ 0.2
106.2
All commodities other than farm
/
48,029
in
tons
+3.
products
108.7
May
52.000
The price situation in quicksil¬
ver
was
about
unchanged last
produced
in
lead
or
41,643
against
+3.6
materials-
#
y
18
Chinese,
at 51.1250
+ 1.3
+ 3.2
126,0
allied
Condon, director
Bureau of Standards and scientific
adviser to the Senate
concen¬
York.
refineries
tons
same
April
that
amounted to 2,-
4—Exploration of new sources
supply in the United States
and in foreign countries.
+ 6.2
products—
96.1
Housefurnishings goods—
,*./ 108.7
Mlsceilaneou* commodities——. 95.4
Chemical and
*
tons was in ore and
3—Early settlement of strikes.
4.6
+
+ 0.9
0
99.1
1.9
+
ex¬
April
April
of
Perm products.:——
and
A year ago
April
*
'
Committee,
broadcast, as re- 2
ported from Washington to the
New York "Times," Dr. EV U.
Snyder, head of War
"
Energy
Qrt; the
was
1P4*
105.6
hand
April
April
April
on
lead. '
4-21
U-46
109.1-108.4
ln46
———109.6
commodities--^-
31,915
ore
However; thereWasno pressure
to sdl from any direction and
quotations on spot held at $102 to
1—Intensified efforts to salvage
$105
per
flask,
depending
on
scrap lead.
: <
quantity involved. Forward metal
2—Conservation and allocation was offered by importers on the
to eliminate non-essential use of basis of $101.50 per flask, New
Percentage changes tg
April 20, 1945, from—
,
and
in
supplies of lead. The four
requirements are:
1946
....
tin
world
changes in
subgroup indexes from April 13, 1946, to April 20, 1946.
pig
tations follow:
Government
one-
Connecticut, Chairman of the
Committee,
warned that delay in establishing
price at which metal is Civilian control, a provision of the
moving to consumers continues I legislation, was injuring'our
prounchanged on the basis of 520 | gram of atomic research/
for Straits quality. Forward quo¬
From London, on April 21, came
and
Reconversion,
April 20 that chiefs of
agencies and rep¬
resentatives of the lead industry
have agreed on four emergency
measures
designed
to
increase
substantially both domestic and
stated
a
by the
Department the following
evening, Senator Brien McMahon
Atomic
contained
Mobilization
It is designed as an indicator of week to week
f for M£rch
W.
on
The
main¬
Sales of lead in the week
ended yesterday
968 tons.
those pevailing
The weekly index is calculated from
toward
legislation
power
In discussing
radio round-
State
trate.
Advisory
Industry
destructive
man.
table broadcast sponsored
basic
the total
61,282 tons, of which
25,285 tons was pig tin and 35,-
on
taining operations at plants con¬
suming the metal.
its
of
was
concentrate.
at
Washington on April 23 in ref¬
to allocating
May metal.
Requests for lead, as expected,
were cut
down sharply, and ef¬
.
those charged by manufacturers
//
tons
all
light
quotations
were
directed
yet known to
the
would seek to con¬
most
.
form
the
erence
was
and ether
the
stockpile oL tin at the fend pressed the hope that the bill'
of March contained 53,818 long would
receive quick action by the
tonS/bf which: 21 >90$ tons was in legislature;
Committee met with CPA officials
fort
trol
The
largely nominal.
Lead
measure which
of
in
in¬
in
aluminum
special
was accompanied by a "
125-page report telling of the
Committee's work over a period
of nearly five months to draft a
in Copper and
as
energy
bill
April 19 by,
Senate
Committee
on
islation, it
Tin
Lead
The
higher fabric costs."
cover
bullish
as
atomic
reported out
the
materials.
998
higher
as
manufacturers.
Department included the following
day-a-week prices.
basis,
Export
times were
The Bureau of Labor Statistics' wholesale
price data, for the most
part* represent prices in primary markets.
In general, the prices are
oft
price
age
,
rose
because of possible
OPA's price policy.
among zinc producers
Energy Speeded
the
which had been studying the leg¬
ead, owing to price competition
with
developments expected here were
also reflected in the foreign martet Offerings, except on an aver¬
plumbing and heating equipment advanced sharply reflecting adjust¬
ments to new OPA ceilirtgs, and
jthere were, small Increases for com•
is not
Though demand for wire bars
was active, the short¬
age in these shapes made for a
very tight situation.
The price
This group of commodities. has increased 1.1 % during the last four
weeks and 3.6% in the last yean Prices of several
types of lumber,
ceilings
Sentiment
Continuing the .trend of recent weeks,
imon brick and plaster.
of
and cakes
around.
was
Is following developments in
revision
the labor dispute in
on
;ry
When
The indus-
Washington
Washington April 24.
average priced for all commodities/^
ithan fafm^
foods advanced 0.3%
during the week to 103.1% of the 1926 average.
•
1
CPA, declared* j
,
u
The fact-finding board resumed
xearings
active last week.
was
the Metals and Minerals Division
increases, ftye flour prices . advanced 15 % to record levels. Food
prices averaged 0.9 % above late March 1946 and 4.4% above :thie
corresponding week of 1945,'.^.. \
j
Atomic
gain in consumption
of
those
grades of zinc that have been rel¬
atively inactive so far this year,
namely Regular High Grade and
1Irass Special. The call for Prime
Western and Special High Grade
•
of
Peacetime Control of
,
Though the stockpile at the
March contained 444,402
bfts of |copper> a shortage exists
in
certain * shapes, notably wire
jars.
During the emergency the
Copper Branch of CPA will work
closely with the War Assets Ad¬
ministration to keep
them in¬
formed of manufacturers', urgent
needs, Frank H. Hayes, head of
of
end
wage
?,
more
said.
'The :group index for foods rose 0*5%
during the week largely
because of higher prices for fruits and vegetables. There were small
advances for dried: fruits as OPA adjusted ceilings to cover
;
y
mill production
Drass
Stating that "primary market prices continued to advance during
the week ended April 20,1946 as a result, of sharp increases for cer¬
tain industrial commodities and
dropped
ias
Wholesale Prices Rose 0.3% in Week Ended
premium
than
lc.
of
lc.
in
per
and
Middle
West
in
Contract prices for
nearly all instances com¬
pound
jbvef the-rVE.
.Z?. ro
bfdinary Ffirne Western: brands.-'
the- East
over the current market for Prime Western but
& .M. J." average for Prime Western for the previous
v.-/.'v^
/'
" v'V j.+;-■ /<. * - ■';
/.Quotations^loiibdbftj fefkct prices ^tttakied lor
eomittoB
lead
bftly.
pgr
|
.
,
annum.:
T
Low, 99.905; equivalent rate of.
discount
approximately
per annum.
0^376 %
,
(69% of the amount bid for Ut
the low
There
price
was
was a
accepted.)
maturity of
?
a
sim-
ilar; issue^ qf
the amount of
$1,315,867,000.
-
ville, Ky., will act on May 16 on
the question of changing the name
Urge Hailing Double Tax on Residents ami
Corporations in US and Britain
to the Bank of Louisville and to
Items About
Banks,
change its capitalization, Jesse F,
Streng,: President, announced oh
April
26.
Indicating this,
the
Trust Companies
John E.
stock
planned to increase capital
April 17 urging adoption of the Tax Convention by the U. S. Senate.
V : "The. provisions of the Convention, which is now pending be¬
Worthington'
tween the United States and the United Kingdom of Great Britain;
and Northern Ireland, conform^
''■?1
substantially, to the conventions India under which bank notes of
which
additional shares of $20 par value
stock and be given the right to
share.
Vice-Presi¬
as a
.
from
purchase three additional shares
Baltimore,
Md., announced
on
of $20 par valug stock at $45 a,
April 25 the election of EUicott
H.
(
$20 par value stock. At the same
time holders of each $100 par
value ehitre will: >be rgive^?;tWo
Company, Edward L. Stevenson, Warren
announced on April 24 the promo¬ Bryant, Edward Bennett, Jewett
tion of Granger Costikyan from M. Richmond, Spencer Clinton, E.
Assistant t Trust Officer to As¬ Corning Townsend and Charles L.
sistant Trust Officer to Assistant Gurney, now Chairman."
Vice-President. Mr. Costikyan a
The Mercantile Trust Co.
of
graduate of Yale University, A. B.
Trust
degree; -1929, has held several
positions since joining the com¬
pany in 1929 and is at present in
charge of the Investment Service
"Double taxation of incomes and estates of residents and corpora*
$100,000 to $200,000
and : to
split present $100 par
value shares into five shares of
Biewirth, President of Albert H. Tracy, Elijah D, Efher,
York
New
to
tions in the United States and the United Kingdom should be halted"
the: Commerce and Industry Association of New York declared
April 27 further said:
"It is
*
<j
.I'.'
of
"Courier-Journal"
Louisville
*
the
Thursday; May 2,1946
THE COMMERCIAL & FINANCIAL CHRONICLE
2428
have
been adopted in
the
:
.
In
a
letter to the Senate Foreign
Relations
Rs. 500 and over ceased to be legal
tender.
past," said the Association.
Committee,
Thomas
Jefferson Miley,Association Secre¬
.
tary, wrote::
\ "Discriminatory
taxation
of
foreign business and investment is
a practice • that must be avoided
or corrected if we
are to enjoy
Generally unsettled com*
ditions
ensued
and
the
Bombay
Bullion Exchange decided to
r
closed
until further
notice; in the mean¬
time, "ceiling" and "floor" priceat
for trading were fixed at Rs. 140*
and Rs. 136 for silver and Rs. 85,
and Rs. 81 for gold. The Exchange'
Completion cf the plan would
give the bank in addition to cap¬
re-opened for dealing on January
ital stock a surplus of $200,000 free
and
now
con¬
uninterrupted
inter¬ 15th, but business was spasmodic
and undivided profits of $60,000. national economic and financial and on several days quotations
nected with the investment bak¬
were nominal or no trading
re-ft
?the ^consolidation of credit and ing firm of Baker, Watts & Co., Streng said under a new lease intercourse. Business enterprise
will assume his new duties on concluded, the bank will enlarge, has always tended to expand be¬ ported. At the end of the month f
statistical operations.
and remodel its present banking
the situation a ppear e d
May 1,
:r:
/
yond national frontiers. Commu¬
mbre/
"He will be associated with H. room, and take over the second nications are rapid, raw materials normal, with prices showing a; Harvey L. Schwamm, President
Elmer Singewall, Vice-President floor and part of the basement in are located in distant lands and firmer tendency, and on February
of! the .National Bronx Bank Of
11th
silver
was
quoted at Rs,
in charge of the trust company's the building it rents."
production. depends
upon
the
Department. As Assistant VicePresident, he will be in charge of
a newi department resulting from
dent. The "Baltimore Sun" in re¬
porting this said:
"Mr.
Worthington,
.
-
announces that the
bank's newest branch, located at
New'York,
White
?
Avenue,
Plains
off
just
Parkway,
opened
for
Monday, April 29 th.
The new branch is known as the
Van Nest Office and occupies its
own modern building fronting on
White Plains Avenue. In addition
Pelham
business
on
uptown office
Chase Streets;"
at
-
Charles
and
maintenance
1945 Resources of
James Dixon, President of the
Easton National Bank of Easton,
Md., and also President of the
Maryland
Bankers
Association
since 1944, died on April 18, at the
age of 72. The Baltimore "Sun"
to
providing complete banking
in reporting Mr. Dixon's death
service and facilities the Van Nest
also said:
Office is equipped with safe de¬
"He became a director of the
posit vaults as well as travel and
Easton National iBank in 1906,
■foteigri ^remittance departments.
Vice-President in 1915 and suc¬
Mr. : Schwamni
also announced
ceeded his father as President
that
Jack
Gutstein,
Assistant
Community Trusts in
U. S, and Canada
Community Trusts in the United
charitable
resources
of $75,092,009
at the end of
large
foreign
"It has become
vital,, therefore,
give particular attention to the
taxation problems of these inter¬
national enterprises. Each country
its
tax
laws, so that
difficult and intricate questions
arise as to the taxability of busi¬
nesses operating in more than one
country. The worst damage done
by double taxation lies in the
barriers which it presents to a
further development of efficient
enterprise. It should be empha¬
own
148.14.0; this level was not main-*
tained and prices declined follow¬
,
to
makes
States and Canada had aggregate
of
markets.
ing a
Government notification
easing the restrictions on the pe-\
riod for forward dealings and
al-1
lowing for monthly deliveries
asj
from March 12th.
When the contents of the
India#]
Budget became known on, Febru-Y
28th it was revealed that UjH
was proposed to increase the im¬
port duty on silver into India}
ary
1945, compared with
from 3.6d. per ounce to 9d. peF
$67,0*1,684 at the close of 1944,
ounce; this unsettled the market
according to a survey published
on April
and, in consequence, it was not»
22, by the New York
until March 29th that dealings oal
three
years later.
He was a Community Trust. During 1945 sized that without such
Vice-President, who will be as¬
agreements
former, director of the Baltimore $2,021,890
was
disbursed, com¬ double taxation is likely to hinder a monthly basis were resumed;
sisted by Frank W. Fitzpatrick,
branch of the Federal Reserve pared with $1,918,475 in the pre¬
Following the Budget statement}
Assistant: Cashier,
international enterprise and
will manage
there was no trading in ready sil¬
Bank of Richmond."
i
>
ceding year. The number of unit checkmate efforts to
the Van Nest Office.
The main
promote in¬ ver until March
funds administered has risen to
14th, when it was
office
of
the
National Bronx
ternational economic cooperation.
The Farmers State Bank, Plain- 627 from 543 at the end of 1944.
quoted at Rs. 145.8.0, but there¬
Bank is located at 150th Street
The unfettered exercise of un¬
after there was a rapid upward4
ville, Ind., became a member of From the announcement we also
and Melrose Avenue and main¬
limited national sovereignty is as
movement and the highest price4]
the Federal Reserve System on quote:
tains other branches serving the
dangerous in the field of taxation of the first
quarter of the year, i|
April 23, it is announced by the
needs of several Bronx communi¬
"Reported holdings of the larg¬ as elsewhere."
Federal
Reserve
Bank
of
St. est
namely Rs. 159.5.0 (76 7/16d. peril
community trusts at December
ties.
ounce) was reached oh Mar, 30th£ j
Louis, which states:
31, 1945, were New York Com¬
.
"The new member
Bergh completed 40
employe of the; State
Bank of Albany, N. Y. on April
23, according to the Albany
Walter
S.
years as an
ized
as
with
a.
was
organ¬
private bank in 1908
capital of $10,000. It ob¬
a
tained its State charter in Novem¬
ber, 1937 and has a capital of
stated that
$25,000, surplus of $10,000 and
Bergh, Assistant head teller at total resources of
$841,679.05. Its
the banking institution, entered
officers are: Emery S. Harstine,
the bank's service as a messenger
President;
Frank
B.
Goshorn,
boy on April 24, 1906, and has
Vice-President; W. Lyle Witsman,
filled, many positions in it during
"Times-Union" which
Mr.
the'last 40 years, occupying his
Present post for several years.
The
100th
anniversary
of the
Buffalo Savings Bank of Buffalo,
N. Y. will be observed on May 9.
From the Buffalo "Evening
News"
Myron S. Short,
President of the bank on April 26
it is learned that
announced that "The whole week
of May 6-11 is
being set aside as
Open House Week in honor of
birthday. Historical exhibits
will be arranged in the bank and
our
will
visitors
receive
color
bro¬
chures of A Century of Service
in Buffalo/ "
munity Trust, $17,090,046; Chicago
Community
Trust,
$12,274,073;
Cleveland Foundation, $9,607,644;
and
Boston
Permanent
Charity
English Cold and
Silver Markets
We
First
Assembly of
World Court at Hague
reprint below the quarterly
of Samuel Montagu
The first meeting of the he\tff
Angeles,
$4,194,669;
Winnipeg, & Co., London, written under date Permanent Court of
International?
$3,609,603; and Indianapolis, of April 1:
Justice, elected by the United Na-j *
Gold
$2,888,045. Among community
tions Assembly and the Security f
trusts as a whole approximately
The amount of gold held in the
Council, took place on April '.lfcl.
Cashier, and prby R. Chandler, 20% of
reported resources are Issue Department of the Bank of in the Peace Palace at The
Assistant Cashier."
Hague>\
temporarily devoted to non-phil- England was unaltered at £247,- the
The addition of the Farmers
Netherlands, a wireless to thef
anthropic uses but in a number 833.
New York "Times" stated.
The?
State Bank brings the total mem¬
of localities, including New York,
The Bank of England's buying
court, during a purely formal
bership of the Federal Reserve
Boston and Indianapolis, all funds price for gold remained unchanged
ceremony in which 15 Judges took
Bank of St. Louis to 493 as com¬
held are currently applicable for at 172s« 3d. per fine ounce, at an
oath to administer the law im- ?
pared with 480 a year ago.
charitable purposes.
which figure the above amount
partially for the benefit of all na-V
was calculated.
"In
amount of disbursements
tions, was described by speakers i
Following
the
organization
The gold output of the Trans¬ from several of the United
Na-t!
meeting of the stockholders of the during 1945, New York was first
vaal for the months of January tions as
with $567,349, followed by Chic¬
equal in importance with i
new North Shore State Bank of
and February 1946 is given below, the Geheral
Assembly and the Se-|
Milwaukee, Wise., on April 19, it ago with $351,211, Boston with
$250,715, Cleveland with $253,929, together with the figures for the curity Council in the maintenance i
was announced that the bank will
corresponding months of 1945 for of world order. Said Paul-Henri,
and Hartford with $114,742.
open for business on May 4—The
the purpose of comparison:
Spaak, President of the Assembly i:
Milwaukee
"Journal"
reporting
"The largest volume of new in¬
"If we had lost the war there most 5
1946
1945
this stated;
coming funds was $1,030,510 re¬
certainly never would have been!!
"The new institution will open
January
1,016,458 1,029,384
ceived by the Cleveland Founda¬
such a body in existence,"
The !
with a capital of $100,000 in com¬
February
946,577
965,569
tion.
Other sizable additions re¬
"Times" dispatch continued:
mon stock, surplus of $25,000 and
The Indian Budget statement
"The significance of the newf
a contingent fund of $25,000.
Of¬ ported included those of the Hart¬
made on February 28, 1946 pro¬
court, which replaces the old Per-:]
ficers elected are Ralph M, Itosen- ford Fundation for Public
Giving, vided for a duty on the import of
manent
Court
of
International j
heimer, President and Cashier;
$848,016; Chicago Community gold into India of Rs. 25 per tola, Justice established here in 1922
Floyd A. Fuller, Vice-President,
which is the equivalent of £ 5 under the aegis of the League of
and Harvey O. Kneser, Assistant Trust, $776,000
and Kfilahidioo
Fund, $5,994,791. - Next in order
similar'foundations in Los
were
bullion letter
,
-
From the
also
"Evening News"
we
quote:
"The
institution
was
the
12th
savings bank to be organized in
New
York
State.
Millard
Fill¬
more; later to become President
of the United States, was one of
its incorporators. Today the bank
is 19th in size among 532 savings
banks
in
the
United
.
States.
Created by an act of the Legisla¬
ture May 9, 1846, when Buffalo
Cashier."
Mr.
the
new
institution has been Vice• of
the Cudahy State
President
Bank
of
director
Cudahy, Wis.
of
the
State
He is a
Bank
of
a population of nearly 30,000 Fredonia, Wis., and the Bank of
and prided itself on being the Jackson, Wis., as well as several
metropolis of the West, the bank civic organizations.
opened its doors two months later
in the old Spaulding's Exchange,
«Jbhn PisarkieWicz, who recently
bad.
162
Main Street,
per
Foundation, $586,650.
Rosenheimer, President of
"Community
ounce.
Nations,
Silver
Trusts
receiving
Throughout
the
three months
their first funds during 1945 were
under review the official price of
the St. Paul (Minn.) Foundation,
44d. per ounce
the Mt. Vernon
Trust,
the
Community
(O.) Community
Wilmington (N. C.^
Welfare Foundation
and the Rochester
(Minn.) Com¬
munity Foundation.
Initial out-
be much
greater^
.999 fine for both
Soviet?
the United States and the
Union, Green H. Hackworth of the \
United States, who is a member of
months' delivery the court, said before the session.?
unaltered and silver He explained that it was impos¬
continued to be supplied by the sible to foretell the exact nature',
authorities for use in essential or volume of the work to
cash
and
two
remained
be|
industries. The purposes
for which handled by the court until after
|
acquired were
the
peace
treaties have beerf
officially reviewed and, as a result,
such silver may be
just below the returned tqt the Mercantile-Com¬
payments were made in 1945 by a notification issued towards the
merce
Bank
Trust
Co., St.
community trusts in Spartanburg end of March extended the uses
"Four months after the banks Louis,
Mo.;, i after >four and oneopening, there
were
104 de¬ half years of military seryice, has (S, C.) and Columbus (O.), Ala¬ considered as "essential" to re¬
positors and deposits totaled $13, been appointed Manager ' of the meda County (Cal.),and Centralia quirements for photography, sol¬
ders and certain engineering re¬
466. By the end of the year, re¬ bank's War Veterans" Ld^ih De¬
(111.).
sources had grown to $18,585. To¬ partment. He will handle all in¬
quirements for home consumption.
The survey was based on re¬
In Bombay the year opened with
day Buffalo Savings has 135,510 terviews in connection with loans
accounts and resources of $190,- to veterans under the provisions ports from 75 community founda¬ the price quoted at Rs. 135 per
of the Servicemen's Readjustment
381,357.
tions. Of these, 65 are now in pos¬ 100 tolas (64%d. per ounce) and
conditions were fairly steady un¬
r"Mr. Short is the bank's 12th Act (GI Bill).
session of funds and 54, compared
til January 12, when an ordinance,
President. His predecessors have
with 48;,a year;; earlier, jare cur¬
^dtstoddiolders of the Morris J
been Charles Townsend, the first
aiming at black market activities,
was issued by the Government of
President; Russell H. Heywood; Plan Industrial Bahk of Louis< rently making appropriations.
Terrace.
may
since it includes representatives of
signed.
yf
present the court is busy}
changing rules of procedure to,
"At
meet
the
requirements
of
instead
of
Nations
United
the;
the!
confi-|
League.
The Judges were
dent
their decisions,
supported by the Secur?!
today
would be
that
•
ity
•
Council
would
tions
and
be respected
consequently|
by the
appearing before it."
ha-|
|
@FedFRASER