Full text of Commercial and Financial Chronicle : May 30, 1946, Vol. 163, No. 4494, Section 2

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I m 3| Sections

ESTABLISHED 1839

Final;-Edition

-

Section 2

Reg. U. S. Pat. Office

Volume163

New

Number 4494

Price 60 Cents

York, N. Y.y Thursday, May 30, 1946

President and House

Revolutionary
Take Strike Action Changes With
people, condemning the leaders of two
Atomic Energy
striking railroad brotherhoods, and
before Congress to
President broadcasts to

Dr. Boris Pregel visions its civilian

and after the brotherhood
leaders accepted the President's

gress,

railroad
b

r

terms, the House of Representa¬
tives
passed
the
recommended
anti-strike bill.
The Senate, after

otherhoods

and

severely

indicted the

refusing to vote a closure on the
pending Case Bill, referred the
House measure to its Committee
on Interstate Commerce.
In the
meantime the Senate passed, with

uncompromis¬
ing attitude of
A.

of

Whit¬

F.

president

ney,

the Broth-

amendments, the Case anti-strike
bill
which
already
had
been

of

erhood

railway Train¬
men, and Alvanley John¬
ston, president
of

passed by the House.
The text of President Truman's

the Broth¬

President Truman

gineers;: On the foUowirig afternoon, May 25, he appeared before
a
joint session of Congress and
recommended the immediate pas¬
of

sage

would

temporary law

a

make

which

strike
Government
and
illegal

it

to

the >
permit him, as President,

against
would

national emergency
under which he would be empow¬
ered to draft striking employees
declare

to

passed

as

by the House

of

a

into the Army and assign them,to
duty on the railroads. Within two
hours after he talked to the Con-

I

come

before

the

American

people tonight at a time of great
The crisis of Pearl Harbor

crisis.
was

the result of action by a for¬

The crisis tonight is
of men within

eign enemy.

caused by a group
our

own

the railroad strike td

country who place their

private interests above the wel¬
fare of the nation.

As
Americans you have the
right to look to the President for
leadership in this grave emer¬

I have accepted the re(Continued on page 2980)

gency;

.

It is

learned that in

ers

A New World completely inde¬

some

circumstances at least the

political

would turn, and turning, inflict severe punishment

worm

the world from starvation.

cue

better than were available to the men prior to the strike.
high time that arrogant and irresponsible labor ^lead¬

no;

those who had unduly and unwarrantably prodded it
vigorous action. The two leaders - of the
striking railroad brotherhoods had deployed their not overly
strong forces in a fashion which left them open to a devas¬
tating thrust, and all will agree that they deserved about
what they got.
It would appear the great maj ority of the
people of the country would for the moment at least go
a
good deal further than this. It may be that they ;applaud
upon

belated but

to

pendent - of coal and iron mines
and an economy in which conflicts
over wages and hours will have all that the President was aroused at the eleventh' hour to
wholly evapdo.
They may have imagined, briefly at least, that we are
orated
be- i •
on our

man -f'
will no
longer
be;!
cause

needed

toward elimination, or at the very least-drastic

were

Optimism Unwarranted

It is With regret that we are obliged to say quite frankly
that we can not share these views.
As we have taken

the

among

as

labor difficulties.

our

Unlimited

in in-

dustry,

way

reduction of

power

foreshadowed

Representatives, follow:

En¬

comotive

radio talk, his subsequent address
to the Congress, together with the
bill

erhood of Lo¬

as

mines antiquated.

delivered a radio address to the peo¬
Friday evening, .May 24, in which he recounted his efforts to

pre v e n
strike of the

rendering coal and iron
Predicts end of
manpower as a power in indus¬
try and foresees equally drastic
changes in exchange of goods and
services, and in investment and
credit processes.
Declares artifi¬
cially created radioactivity can res*

use

President Harry S. Truman
on

By taking "strong action" the President has brought
an eiid—brought it to an end on terms

rec¬

against strikes in key indus¬
tries when operated by Government. House passes temporary antistrike bill within two hours of pact ending rail tie-up.

ommend drastic and radical legislation

ple

Tile FMancial Situation

,

appears

*

Copy

a

in these: columns

occasion

to say more than once, much
legislative action is required to bring this soof the applica- :
called labor situation under control.
These extra-legalistic
lion of atomic
requirements are, in our considered opinion,} far more vital
energy to ci¬
in the long runphan any law that Congress could enact.
vilian use, by
Boris
Pregel,
Indeed, in the absence of a drastic change in the attitudes
economist and
of leading political figures, it may be questioned whether
Dr. Boris Pregel
engineer, and "
any legislation of more than strictly limited scope can• Jbe
President of
the Canadian Radium and Ura¬ particularly effective or, for that matter, even remain very
nium Corp., who spoke at the long upon the statute books.
These phases of the situation
"i

n

evitable

consequences"

than

more

.

,

School for Social Research,

New

(Continued

2976)

on page

Mfiy 23.

revolutionary

Correspondingly

changes, Dr. Pregel predicted, will
be brought about in our present

From

Washington
Ahead of the News
By

elaborate

investment
values will

CARLISLE BARGERON

high point of Mr. Truman's move against the

rail strike, and

one and ojily thin^ that is iteeded to effectivelydeal with
strikes, was his announced determination to enforce the law.
It

really fhe

requires no new legislation to do this, an announcement of intention
to do it should not be looked upon as dramatic in the slightest.
Yet
Mr. Truman's announcement was dramatic, it was thrilling.
He

eloquent.

was

It is

a

mentary

; -v;-1,1-.
.■
and their rights under the Wag¬
ner Act.
Others would call for

.

com¬

on

an

how far we've

be

accounting

of

funds

by

the

age

no

and

credit.

in

values

left only two main

problems, Dr. Pregel added:

the

occupied.

Taking for his theme the prac¬
use

of atomic energy for in¬

Men

ized labor—on

speak of
fact finding

bers of

have them

causes

galore.
They
speak
of
strengthening
our

ices

serv¬

when

one

were

all

.

to be

operated,, that if nec¬

called upon

to

do the operating.

But the

really important thing he
which have re¬
cently had 'plenty of attention said, and the one single thing that
broke the strike was his declara¬
have had plenty of mediating and
tion that men who wanted to work
arbitrating
machinery at their
would be protected in their right
disposal. John L. Lewis' crack,
to work.
This is but a simple
when Mr. Truman sought addi¬
enforcement
of the
law.
It is
tional fact finders and arbitrators
several months ago, that it seemed something that should be done in
the smallest dispute.
But it is
to be a proposal for the assistance

of ,the

disputes

something we
seem,
in recent
years, to have gotten completely
away from.
• ; V;

professors,
was
There are
all sorts of proposals about strik¬
ers
losing their seniority rights'of

indigent
college
quite appropriate.




(Continued

on page

2979)7. 7

war;

the

*

* «

and

verse

Yields...

our

indus-:

Imports
effort

.2984

Trade

impor¬

re¬

Review ............;

.2974

Weekly Carloadings
2987
Weekly Engineering Construction.. .2984

Paperboard Industry Statistics
Weekly Lumber Movement....;

2987
2978

Fertilizer Association Price Index...2983

Weekly Coal and Coke Output
2984
Weekly Steel Review.
.2977
Moodv's Daily Commodity Index... .2984
Weekly Crude Oil Production
2986
Market........2985

2984

for the war
either shut out alto¬

not needed

were

dif¬

gether

ferent prod¬

duced.

ucts

re c

Commodity Prices, Domestic Index.2986

Metals

on

the goods

part

of

al¬

was

Our

tered, the di¬

Non-Ferrous

ef¬

imports was to;get for ourselves
needed for the war ef¬
fort which we did not possess and
could not advantageously produce.

every

tance

Items About Banks and Trust Cos..2988

Weekly Electric Output.....

war

received impor¬

lend-lease. The chief aim of

tive

Trading on New York Exchanges., .2985
Odd-Lot Trading
..2985

General

common

in turn

tant supplies and services

.

ramifica¬

tion. The rela-

NYSE

State of

allies in the

fort. We

«2973

the

•''«'-«

Moody's Bond Prices and

our

purpose

of

Regular Features
News

our exports soared because*
supplies we turned over to 7

trial organiza¬

..

Prom Washington Ahead of

of

of the

economic

f

to

:;

ume

changed

tions extended

Editorial
Financial Situation

essary the armed forces would be

trying

are

to create. The

the

It sounded pretty forceful when
said that the trains

Carlisle Bargeron

we

activity

GENERAL CONTENTS

them
effective remedy

Mr. Truman

arbitra-

tration

the

The development of trade is the greatest single job of postwar
It is the keystone of the world structure

economic reconstruction.

o

Congress, of high officials
And

to be lost in the shuffle.

mediation

and

mem¬

and by many of our editors.
the continued pressing of

agencies when
we

the part of

Hails new International
achievements in negotiating inter¬
governmental commodity arrangements, expanding trade, raising
employment, and thereby promoting £ democratic peace.
Trade Organization's prospective

sumed, and the political, to keep

tical

trade policy to increase our imports.

our

economic, to get the product con¬

mankind amused and

-

war,

of transmutation of elements."

There will be

«
■

Pointing to drastic dislocations in economic activity^ wrougl^Jrjr
Mr. Winant urges need for prompt readjustment to peacetime
conditions. States as a prerequisite to multilateral trader we must
make currencies of our debtors freely convertible and reorganize

an

labor disputes.

with

.

disappear, for "there

lasting

dustrial, medical and biological
All of these, in this writer's
opinion, reflect a lack of knowl¬ purposes, Dr. Pregel declared that
(Continued on page 2979)
edge of the mechanics of prgan-

in dealing

By JOHN G. WIN ANT*
R S. Representative, UN Economic and Social Council
Former Ambassador to Great Britain
'

Money

unions.

gotten from
fundamentals

Peace and Foreign Trade

ex¬

change of goods and services, in

can

The

in the

mechanism

t ion

trading $

of

w a s

G. Winant

During the war
of trade

was

during the
largely
a

war

re-,

was

one-way

These shipments did not
foreign ' exchange prob¬
goods were part of
our
contribution to supply the
the main pur- tools of war to our allies, The re¬

to contribute to

address

by Mr. Winant at
+he W^rld Trade Luncheon, New
York

drastically

process.

involve

the defeat of the enemy. The vol*An

were

trade

therefore
John

changed and the channels of trade
were violently disturbed.
nose

or

City, May 24, 1946.}77777

lems and the

turn

of

purposes

peace

has

changed

of trade once again.

We have contributed

the
;

substantial

quantities of goods to the

United

(Continued on page 2982)

THE COMMERCIAL & FINANCIAL CHRONICLE

2974

It "Lies With the

IIS Delegation invited to
Tout Devastated Areas, f

People"

of Soviet Uiiiott;//:!v-

world and security at
and close collaboration
—r
among nations as the only guarantee of a lasting
/peade. We want the Realization of the Roosevelt
'".'"""Bill of Economic Rights as the only guarantee of
'
full democracy and real security for the people of
"We want peace in the
home.
We want friendship

/

A

Thursday, May. 30, i.946

v

"iv'//

"delegation of Americans, in¬
Peter Grimm, President

cluding

■

the

.

,

whether

"The 1946 elections will determine

nation

can

r

-

these

goals

Government

our

"As at

for the world.
> - V
every crucial moment in history, the final

people."—Sidney Hillman.

in saying that the
final decision "lies with the people.":
He would have been equally right had he said
that "whether

nation

can move

forward"

or

When that is

steady progress.

done

the way

/./.' ;•

•

•

not

/••; ;,,,;/_ •/

.

Directors

of

Among those invited on

of

Mr. Grimm; the Rev.

Church in

Christ

New/Xork

and Chairman of the - Na¬
tion Interfaith Committee of Rus¬
City,

once

the

•••'

Southern Baptist

.National War Labor
Board; speaking, at & labor relations hieeting " of the Radio Manu¬
facturers Association, in New York City, on May 22, said that the
Wagner act should "pass quietly out of existence" as having "just
about" • accomplished its purpose. Mr. Davis defined its purpose as
establishing recognition of the right of collective bargaining. The
of

''

improvement over those of the
previous
week; and
wholesale
shows were well attended.
As
for

its

new order
volume, it continued
upward trend.
,
t>

Steel Industry—The

flicted

damage in¬

the flow» of steel

on

into

majo^eorisumihg/chanhels fy
steel: strike

has

been

ih&
greatly

so

exaggerated by.the^current-coal
impasse that makers of automo-

•

week.^-^

r

Convention

strike

appeared

.

their^production-programs; states^
'IThe Iron Age," national

■

^stems from m^or fac^/w set-'
Another the steel
and
strike

imminent

and

Chairman-of • the executive
committee of the Cabot Memorial

metal-

working paperv. in its review of
the steel trade fone week ago.

Boston "Surgeon,

Young,

-/

■K-.tv —?

Deliveries generally showed some

coal operators and

It was
encouraging
to note,
Relief; Dr. Louie D. Newton,
Assistant Secretary of the Baptist hpweyer,
that reports late on
World: Alliance, and Chairman bf Tuesday of ;the present -week stat-

William H. Davis, former Chairman of the

Tribune"

the

sian

Says WagEier Act Has Accomplished
j
Purpose and StakS Now Pass Out of Existence

"Herald

of

the

accepted the invitation
Dr. Ralph
W. Sockman,. Methodist minister
are:

Edward

York

control

biles;i household: appliances,^ vari-:
ous consumer goods;J construction
miners expired on Saturday material and industrial /requireat midnight and the miners again ments rwill/see
many months- pass
left, the-pits despite the-seizure before they will be able to^btain
of the mines by the Government a complete and
/orderl^ flow of
on
Wednesday of the/previous the ^ part§ necessary; to:? slep; up"
tween the soft

the trfp

Who have

Davis

New

whereby the Gov-

assumed

dentand train service

Committee for Russian Relief; Dr.
{*"•

an order

.

will be clear for

///

of

f

/l.t ' /will depend less upon what the people do at any
election than upon what they do from day to day in
their ordinary lives.
The people themselves, not
their government, determine their future.
What they must be sure to do in the 1946 elec¬
tions is to put government back in its place.

*

.

our

sued

again
the American Society for Russian Was- restored the same evening
Relief for several years and in and the roads turned back to pri¬
September, 1945,- took over the vate management on- Sundays
Hardly had the rail strike been
post of Treasurer of the relief
Settled when: the. 12rday- trucev be¬
organization.
/
.
/» ,,
•
Board

National

Mr. Hillman, of course, is right

.

appeared 'futile: the President is-«
.erxtment

.

war

decision lies with the

.

American Society for RussianThe
Relief, through whom the invita¬ roads; as of, Friday, last;
tion was delivered.
Mr. Grimm, walkout was short-lived, however,
who is Chairman of the BOard of for on Saturday, last, the heads
William A* .White & Sons, real of the two rail unions accepted
estate" firm, has served on the the terms laid down by the Presi¬

.

only in

by the Soviet
and the Soviet Red

the

:^;orily want and insecurity at home and encourage an
aggressive American imperialism which can end

•:;

areas

Citoss alid Red Cresceht Societies,
it wa^ announced -on May 17 by
Edward C. Carter, President of

whether our national policy will yield

or

coal industry and our rail transportation system played havoc
witJi;industrial productioh: iast Jweek and set back the-nation's efforts
to hasten reconversion by many months.
Threats: of a nation-wide railroad strike hung like ®, pall over
the ftation the past, ^week httd When hopes of a quick settlement

devastated

tour

to

nous

of the Soviet Union

forward to the achievement of

move

Two major labor problems involving the, workers of the bitumi¬

Chamber of Commerce

invited

America.

*

of

State of New York, has been

of the

WWth is- causing^

a

end

a

fhi

Thp

$2,000,000 penicillin plaht
in Moscow; Louis-Levine, member
of
the
executive board' of the

build

nhntS

boHant

Fund which is collecting, funds to

aa«

some steel products and almost an
fhwittatiorr in the Output of others
steel

a

jf fhp h£vi

Slv

and Na¬
Jewish
Council for Russian Relief; Mrs.

World

Jewish Congress,

tional

Chairman

of

£?

the

General

if ffvl

hr5ti?"!^fh

time and

one-ha"lf

be

President of the
Federation of Women's

LaFell Dickinson,

after

paid

hmllv

for overtime to

hours.,

thirty-five

The miners under their old

/May 23, from which the foregoing maturity" of collective bargaining Clubs, whose 7,000,000 members
/•• Was taken, also had the following as it operates "over the table." He have cooperated in many Russian
to 'say regarding Mr. Davis' re¬ contended that collective bargain¬ Relief campaigns; and Fred Myefs,
marks:
ing, properly, conducted, is inher¬ Executive Director of the relief
'
• •••
i
V,:; Mr Davis said there will be no ently able to maintain continuous agency.
:•#•*':—
need for the Wagner act when col- production!*1 •
The Bight Rev/ H^hry W.'HobHe foresaw a time -when tfie
lective bargaining is so univers¬
son, Episcopal Bishop of Southern
ally accepted that its purpose will Government might have to take Ohio, and a member of the Cin¬
/ have been fulfilled. He indicated over the coal industry "like it ddes cinnati, Ohio, Committee of Rusthat that time is rapidly approach* the/water supply or the mails." lie
sian Relief, was also invited on
added, however, that it should not
Thg/
"
the. tour by the Soviet Govern¬
come about as a result of the fail¬
Mr. Davis, who was considered
ment, but is unable to leave his
/•""'in some business circles as favor- ure of collective bargaining but las duties for the month of July.
j
/ fable, to labor when he Was head a natural development.* / '
The Ah^ritah Society foR Hps*
An indication of labor's attitude
; of the NWLB, explained later that
sian Relief, Inc.: was founded 'in
there would still be need for an toward the National Labor " Rela¬
agehcy to count votes and estab- tions Act was given by Mr. Pres¬ September, 1041 and by the ehd
of 1945 had collected almost $80,*.
/ lish j bargaining units following ton; [of the International Brother¬
000,000 in cash and relief goods:
hood of Electrical Workers] who
; labor elections.
, i
r":- He added that he would "fe declared that the act is "loadied The -agenc^. / Is currentlyv/cHhi
plore" any amendments to the against the employer and we in¬ paignihg for $25,000,000 for thej
Wagner act that would weaken tend to keep it that- way." He sdict purchase of medical and other
the
National
Labor
Relations it is labor's only defense against relief supplies; to; be shipped ,td
the Soviet Union during 1946. Iri
.Board and -make union-company the 'unscrupulous' practices"
[of. New; York. Cityr a; committee
negotiations a matter of lohg- employers.
-

tract worked six nine-hour

price 'picture/ ' Steel

companies have^ been forced to
Ffoduce^those^tems on which the
Profit is greater in order to offset
what they claim are unreasonable

^in the Pr°duction of other
rr.hi*

con-' .S1®

days.

,

Under

the

arrangements
the miners will receive. $59.25 for

because

th®eTenr$W5STayafor

"

*****

new

?eofrate

SSr w^k

*

Two

cfihd

^

mS' 1 part of
r«rM?

health

1? lie 2r

,

"

the

o"

scarcity

other

^a^hfacturing lines. One axample

°f this general situation- is the
ika steady withdrawal oLfirms from
the the
production of tracks, spikes

nLtrafi itS^ctriai WrnduptiAn Ian<^
fh?/vncf^^ week remained almost will
the past

*

of

»»»

b°lts which after mid-year
prevent the railroad^ from
mWoior,-

£&> ™:« A pr°-.

,

*

^coffipanleshad.npeffecti^
steel

;

decline in 29 States.
Current reports reveal an increase
in
employment in the "building

fleeting

*

■

of
present^ labor picture,
Mr.
/ Davis
said that two profound
changes have taken* place that
;
have "changed the whole situa■

vthe

'

tiori for the future." The first of

these* he said, has seen the end

%

Viof a "slogan of many years stand¬
ing'* to the effect that labor legis¬
lation
*

"sacred

is

and

not

to

be

interfered with at all."

"We have to face the fact that
such legislation is

body

.

can

/ will do any

any-

good," he went On. He

said that industry

f

possible if

dope out legislation that

labor

as well as

Z is opposed, however, to anti-strike
// legislation because it puts the na¬

tion's economy into the hands of
the Government and leads to other

making

/ step$

0

for

a

controlled

/
/v/The second change he saw
economy. ••

-

1

in-

/. volved the country's production
/;/ potential. For the first time in
history,
/

he

conflict

between

said,

the
the

"unending
haves

and

have nots" is occurring in an at¬

mosphere

in

which both parties

know that economic abundance is

possible.
If'we don't produce to the

full

possible it will be because
don't have the sense to do it,

extent
we

he

asserted.

present un¬
settled labor conditions have been
a "tremendous expose" of the "im¬
Mr.

Davis said the




trades.

Steel

production in the United
States slumped.to the low:

fprithe softeoalstrike liefioiland
Newboid Morris ;is tor the lowest level since the incampaigning for $4,000,000 to re- dustry. was completely tied up by
equip i the First .Central Medical a- strike ~ of its own workers from
institute' of Moscow and to ship Jam 21 through February, the
urgently-needed medical supplies, American Iron and Steel Institute
/ National officers of the Ameri¬ ; disclosed on Monday of the pres¬
Operations of steel
At the annual meeting of tire can Society for .Russian Relief, ent- week.
Kings County Baijkers Associa- Inc., are f Edward C« Carter, Presi¬ producers are scheduled to aver¬
tioh/held on May 21, /at the dent; Allen Wardwell, Honorary age only 43.6% of capacity agalrist
Brooklyn
Club,
,131
Remgen Chairman; Henry C. Alexander, ,49.2%, for Jast week.
Automobile
output
for
the
Street, Brooklyn,: Charles Olden- Vice-President; the Rev. Dr. Hejnbuttel, Vice President of the Peo¬ ry Sloane Coffin, Vice-President1, United States fell 30.5% with the
ples /National'Bank of:Brooklyn, Mr. Grimm, Treasurer • Lewis ;V. number of units produced amount¬
was elected President of the As¬
Mays,. Assistant Treasurer; James ing to 45,659. ; Copper^ shortages
sociation for the ensuing year, A.
Rigney, Assistant Treasurer, had; a bad effect upon the pro¬
John J./ Hayes,
Assistant \ Vi6e^ an£ Willmm W. Lancaster; Secre* duction of low; horsepower elec*
President of the /Manufacturers
tary.
Members of the -Board ;Of trie motors and many electric fixheaded

drawn out court procedures.
Ifi a comprehensive review

*

a

by

.

Oldenbultel Heads

|

Kings County Bankers
-

.

Trust Co.

elected First Vice-

Adams, |ures. This * was accounted for in
President, and Harold F. Klein, Zlatko Balokovic, William L. Batt, part by the domestic strike in the
Vice-President Of the Brooklyn
C, C. B.urlingham; Mfs. Edward copper mines * and a decline 'Of
Trust Company, was elected Sec¬
C. Carter; Mrs. Hugh L. Cooper, nearly 75 % ih copper Imports beond Vice-President. William
jM. John C. Cooper, Maurice P. David¬ loW previously contracted sched¬
Scott, Assistant Vice-President; of son, William Green, Mrs. J. Borden ules, according ;to reports..
/
the National City Bank of New
The volume of retail trade in¬
Harriman; • William
N. Haskell,
York,
was
elected 'Secretarycreased last week despite adverse
Stanley M. Isaacs, Pierre Jay,
Treasurer. The: following
were John A^ Kingsbury, Benjamin :H. weather in many localities and it
elected members of the Executive
Kizer, Leo Krzycki,. John - J ay was considerably; above that of
Committee:: Mr."Oldehbuttel and McCIoy, Clark H. Minor, Harriet the corresponding week a year
Women's apparel and home
Mr. Hayes, ex-officio; Chester A* Moore, Newboid Morris, William ago.
furnishings were high on the list
Allen,
Vice-President
of
the Morris, Jr., Philip Murray, Ray¬
Gifts and jewelry
mond Robins, James N. Rosenberg, of best sellers.
Kings County
| Trust Company; Victor Schoepperle, Reeve Schley, departments usually were crowded
was

Directors

.

are:

Frances

.

.

William

K.

Swartz,

Vice-Presi¬

Serge

Semenenko, Dr./Henry E.

hattan

former
*

consumers

interested

in

mack,- Richard Welling, Owen 'D.
Young and Vladimir Zworykih.

that of the like week a year ago.

Thomas

Company / and

'

Way-

Sigerist, the Rev. Dr. Ralph W.
pany; and William J. Ahern, Vice- Sockman, Vilhjalmur Stefanssson,
President of the Bank Of the Man¬ Francis C. Stokes, Robert Strong,

President Of the Association.

with

graduation gifts and the available
selection of almost all types of
merchandise was onNthe increase.
•; Wholesale
volume
too, . con¬

dent of the Lawyers Trust. Com¬

J.

Watson.

W.

W.

tinued to rise and was

well above

operations,

but//actually

a

drop occurred. The past week, the
the steel

ingot operating rate un¬
changed from the previous wOqk

hiay be revised,^subse-

^s

forced down

completely on Tues¬
day of last Week.
*
TSince the mines have bfeen taken
by the Adftiinigtratibii/aiith-/
sources how long familiar

over

oritative

with the coal labor pattern defi¬

nitely expect that the Government
will

make

deal

a

John

with

L.

Lewis Which Will include h OOni/
promise on the health and welfare
demand and

substantial increase

a

in wages,

states "The Iron Age."
Following that, it would be ex¬
pected that the Government Will,'
after a
certain /tim(^//hUAd/^the:
mines back /to/ the/ operators, With

lat.er'holding the bag//;/1

the

,

%

.The t erriflc.se tback,exper|enced

by

the

steel

,

industry

since

first of the year has made

it

the
cer¬

tain that the steel tonnage set: up

Government/authorities

by

for

European rehabilitation purposes
will not go abroad this year,; al¬
though some token shipments may
be made. Domestic steel demand is
so

far ahead of domestic produc¬
that steel salesmen abroad

tion
are

twiddling their thumbs, while

some

European countries
up

their

own

are

steel

step-

ou/put

for export purposes as well as in¬

capacity, the magazine
points out. • /;//;//:/•:'•://"
creasing

Major steel firms
steel

on

plies. /o
/ "L

the

same

American

(Continued

are

exporting

basis, that ap¬

consumerg—a

on page

2983)

.:

:

CHRONICLEf

THE COMMERCIAL & FINANCIAL

Number 4494

Volume-163

Hsover

Vandenfeerg Reports to Senate on Paris Meeting JflonJgomery Ward
Senator Arthur H.. Vandenberg <R. Mich.), who, accompanied
Wins Damage Suit
'.Secretary* of 'State Byrnes to the recent Paris meeting of Foreign

f.

»'

that

A $1,916 judgment was

denberg's Statement as reported
Washington by the Associ¬

from

ated Press:

' When

;

Washing-

to

Saturday from Paris 1
had/expected to address the Sen¬
ate in some detail this afternoon

•

-

returned

I

last

tQn

«

the

regarding
work

the

of

important

vitally

Council

of Foreign

just tempo¬

which has

Ministers

rarily recessed until June 15. But
status of
the Senate's calendar and the ur¬

when I discovered the

gent necessity 'for earliest
action upon pending

possible

legislation, I

concluded that it would be
for me to

unwise
at-

divert the Senate's

V'tention to another subject, re¬
gardless of its paramount concern
to every citizen; and when Sec¬
retary of State James F. Byrnes
1 made his able radio report to the
nation last night it

even

in

in respect to

detail

with

the

at

Senate

and

a

■

;

•

our

major prob¬

not achieve
agreement on a number of con¬
trolling points. It is advisable to

lems hang.

It did

Entirelyfrankscores

and weri£r&
democracy were unable, for the
: time being,
to see eye to eye in1
most of these considerations.
Af • It is unfortunate that great j
progress cannot, be immediately
V reported. But delay is preferable
to error in such vital matters.
We
can
"compromise"
within the ,
boundaries of a principle.
We
can no longer compromise prin¬
ciples themselves. That becomes (
f. ""appeasement," and appeasement
oftly multiplies the hazard from
Eastern

geance in these formulas of
which now insists upon

peace;

ton P. Anderson who, according
crisis," he declared, accord-, to a dispatch to the New York
ing to advices from Washington "TimCs," made the statement that
by the Associated Press, "is ce¬ "we have shipped abroadv in tfiis.
reals,
particularlry wheat
and crop year more wheat than eriy
rice.
There is great need of fats nation ever exported before." - He

special food for children. But
can furnish 85% of an

and
as

eontinued;x;v:This week farmers

cereals

bread

plies

Ford

"From

Opposed by
Felony

as

000

as

of

"The

was

contended

May 14 by
Company that
on

for ant instant,
Farmers
keep their wheat rolling."
Ail announcement made' by the
White House "oh May 13 stated
that Mr. Hoover had /.accepted

on to say:
The argument was put

".

'

.

counsel,
in
appealing ' a lower
court conviction against the com¬

"docking"

pany

for

three

men

the

of

pay

who took time off

to

bassador to seek famine

there, Associated
report.

employed
Ford's Green Island plant.
'
The

men

were

at

States.

4,220,-

Mr.

"We

will

statements

between
India

-

Hoover
recognize
are
esti¬

They, however, comprise

reasonable basis upon which to
formulate policies."
a

•

,

canceled

iffidet- "->an

signed 'at. Washington

May 16 by Dean Achesoil^Acting Secretary of State, and A-;- A.
Waugh, member of Industrie^ and
Supplies in the Viceroy 's ^Execu¬
tive Council, it was made, known
in special advices from Washing¬

on

ton on that date to the

New/.York

"Times," which further stated;
"After six, weeks of discussions
it was decided that the aid granted
each other about balanced

and/ so
there should be no dollar; settle-*
The aid

ment.

lend-lease
war

was

between

000,000

given through-the

operations during? the
estimated to aggregate

$500,000,000
each side,

and

$600,-

The agree¬

on

ment also contains a settlement of

surplus

questions /.be¬
governments. *

property

tween the two

"Under, the various provisions
India will return to ;us silver^she
received from us during the war,
a value of about $160,000,She cancels payh?ent^y /

having
000,

"

of

$45,000,000 in cash for supplies
delivered by India t6 our forces in
the Southeast Asia Comihand'after
v-j Day."
,
::

which

wants

a„

people's

V""

peace.

'

;.

hours off with pay

for voting was

unconstitutional.

icans were, trying to do
succeed in doing.

\ V

/'

*

can save

these people from

will.". Mr. Hoo¬
ver proposed as the best means of
doing this that ,more intensive

the worst, if we

That is what I think we Amer¬

at Paris.
That is what. I pray we may yet

"We

.

April
The Bureau of the Census

an¬

breadstuffs

of

conservation

and

practiced in North Amer¬
ica and that every grain of cereal
on
farms be brought to market.
fats be

Reporting

;

further,

Mr.

Hoover

.;.

,,

Saturday Closings "4>fy /'

■

Massachusetts Banks ,■} ^'
In a notice issued May 24 to the
banking institutions in the New
Federal

York
Allan

Reserve

-

District,

Sroul, President of the New

York Reserve Bank said;

according to advicer
from the Associate^ Press: "If the

Federal Reserve Bank of' Boston

world's estimated 800,000,000 hun¬

that pursuant to the

people should receive no more
relief, the measure of their

Section 52 of Chapter1167 bf the

continued,

gry

the. caloric yardstick
would be about as follow?: - '
ger

with

fundamental

We

have

advised by the

been

^provisions/of
.

General
wea

of

Laws

1th

the

Common-

Massachusetts;^

of

as

amended by Chapter 284 of the
Arts of

1946, the Federal Reserve

Bank oi Boston Will remain Closed

.

on

.

...

lend-leaise

States jjahd

are

-

arising -out* of

reverse

.

policy

21,^5^60; ib NoVemb^v 2i;721;"About 100,000,000 would be re¬
792 in October, 21,911,746 in. Sep"freedoms, which will Win - the
duced to the 2,'000-calory level. He
Booklet of Manufacturers
moral judgments t>f the conscience
tebabbiv^22^170,l80 in; Augusts and explained that an average of 2,200
cof the world, and mich may Tnist ou Mortgage
22,158,674 in April, 1045.
The calories per person per day was a
aggregate number of active spin- minimum in a nation of healthy
promise peSce-for-rkeeps. we must:
• •
r®.-®
ifiwwncics :Wpj
l/lanaflrArriAnr
dle hours reported fdt^^ ihe thonth
persist with patient firmness. - We Management
persons.';-;;';:;
.Manufacturers Trust Company was .0,133473,246, an Average of
must try to understand each other.j
"About 100,000,800 would be re¬
I do not despair of the result—? of New1 York • announces that ■ • it 383 per soindle in place, compared
duced
to an 1.800-calory level;
pMwdariyif ihe^ unself ish-voiee is1 distributing a new booklet, en¬ with 9,102,$96,150, ah avetage of ■about
150,000,000 to a level of 1,titled "Nine Keys to Sound Mort¬ 382 per spindle ir> place,' for last
of America Is a united one.
500 calories: about 150,000,000 to a
The booklet month and 9,020,542.812, an aver¬
In other directions tne Coun- gage Management,''
level of L200 calories, and about
deals in -an informative manner age of 390 Per Fioindle Sir place,
«cil was at feast a partial success.
300,000,000 to 900 calories or less
Eor example^, it
amended - the I with ^problems^ such as deiinquency for April. 3945. Based on an ac¬ —a level which he said was 'slow
armistice terms with Italy, onee in interest payments, under-in-: tivity of 80 hours per week/cotton death.'
spindlfs in the United States were
our enemy, Subsequently out ally, ! surance, neighborhood changes af*
■

advices

the f United

agreement

.

I will support that sort of for¬ nounced pn May 20 .that, accord¬
eign policy- under" any ; adminis¬ ing to. preliminary figures. 23,038,434 cotton spinning spindles
which it seeks escape.
History tration, and I hope' that - any ad¬ were in place -in the United States
ministration, whatever its political
leaves no room for doubt upon
0h3 Abril 30, 1940, of which 21,that score.
The wrong answers complexion, will stick to that sort 072,784 Were operated at sortie
of foreign policy for keeps.
;
" will breed wars for tomorrow.
time during the month, compared
; This sort of policy, plus the^ ef¬
'
With 21,957.254 in March, 21.^628,-5
-'We' must "earnestly persist
fective operation or the United
796 in February,
21,'329,882 in
striving Tor Allied unity; for unity;
Nations, Is the way to stop World
,551^960; InDeccinber,
within the ^H"ihciples yditch^aei^l' War III before it starts.

^jhurnan rights and

obligations

All

lend-lease and

,

.

closing,

.

relief^aid

Press

Lend Lease

ma

out:

these

that

mates.

vote in '1944.
•h

Before

to

future as the President's food am¬

report

in table three."
pointed

invitation

to South America in the near

go

addition to the above

In

Truman's

President

forward
before
the
Appellate
Division siroplies there is a 'possible' about
here by John H. Broderick, Ford 1,500.000 tons more, as indicated
.

.

must

tons:. Canada,

tons."

"Times," went

into

wheat

movement of

pause

2,300,000; Aus¬
tralia, 992,000; United Kingdom.
the
Ford Motor
206,000; Argentina, 2,375,000; Bra¬
granting time off, with pay, to an
zil, 200,000; other Western Hemi¬
employee to vote, constituted a
sphere States, 40.000; Burma, 75,felony.
An Associated Press ac¬
Siam,
195,000;
Russia-tocount from Albany, N. Y., on that 000;
Total, 10,897,000
date, published in the New York France, 300,000.
i'lt

people * whose

hungry

terminals and to !ships must4 not

of

United

the

to

Cancel USJndia

estimate

To Vote

bring¬

daily diet is 85% bread products,

stated:i
probable sup¬
May 1 to Sept; 30 are:
the

Elsewhere
"Our

were

ing their grain to us at the rate of
4,500,000 bushels daily," ;he said.
"That means 225,000,000 loaves^of

484.000 tons."

.

»

"self-, troduced to the Chicago apdience
countries." 1 by Secretary of Agriculture Clin-

five

in this

Time Off With Pay;

.

-

•;

as

surplus

On
May 17 Mr. Hoover ad¬
ethnic j Mr. Broderick said, in a brief,
dressed a meeting of the Chicago
recognitions that no longer traf¬ that the New York penal law
Emergency
Committee,
fic in the lives and destinies of "makes guilty of a felony any Famine
pays, lends or and the speech, broadcast by ra¬
helpless peoples, and which spurns person who .
dio throughout the nation, gave
expansionism #s a plague upon contributes, or offers to pay, lend
tomorrow's peace and security'. or contribute, any money or other the American people a full report
It is a policy which invites all of valuable consideration to or for of his 35,000-mile tour, warning
oUr ipartaersin^bewair--instead any>voter br other person to vote that only a 30-day food supply
of a - closed corporation; of big -or to refrain from voting at aft exists in most of the famineelection.''
1
% *
stricken areas covered by his sur¬
powers—to h&ve a" proper vdifce
Ford's counsel also challenged vey.
"Hunger hangs over the
in the making of the treaties and
the writihg bf the peace which,-re¬ the conviction on the ground that homes of more than 800,000,000
the State law which required em- people
he declared, and
sult from the common victories
which we all helped win: It is a ployers-ito grant employees two added: -

•

•

or

"The dominant need of the world

not only With

guaranties as an earnest of Amer¬
ican good faith. It is a demilitar¬
ization policy. It is a policy which
now
substitutes justice for ven¬

the distin-

gaining agreement upon sevkey questions upon which

of

incident

as

sufficient

concluding peace Martin, President of the local, and 000 tons; Latin America, 1 000.000•
Italy, -Ro¬ William W. Smith and Stanley South Africa and New Zealand,
mania,
Bulgaria, Hungary and Bokowski, members of the United 198,000; Middle East, 100,000; In¬
dian Ocean area, 2,886.000; Pacific
Finland, but also with Austria, Automobile Workers (CIO)."
Ocean area, 1,910,000.
Total, 14,which is close to the center of the
treaties

-t? cral

the solution

an

well

ficiencies

mands action in

guished Secretary's report; and I
compliment him upon his able
leadership1 in this critically im¬
portant enterprise.
;w-' The Council was not a success
in

aftermath of

an

be" placed..,at
Mr, Hoover.,

rej^rted that;;he ;anti his commission had;|ravele<i sorpe 35,000 mileSr,
visiting 22 countries with food de- ♦
1 »'
-4

and in -disclosing which a "union was held liable for
a
positive constructive, peace- damages." According to the Asso¬ emergency diet, we considered
cereal requirements were the first
seeking, bi-partisan foreign policy ciated Press accounts from Detroit
for the United States.
It is based "the plaintiffs asserted that pick¬ concern, and the best indicator.
If a foundation of bread can be
at last upon the moralities of tire ets
paraded through the company's
assured, and as much fats and
Atlantic, andAfhe Bap ®ah
store; tossing merchandise oh the
children's food as possible, mass
Charters. Yet it is based equally floor
and
interfering with the starvation can be
prevented."
upon the practical necessities re¬
store's
normal
operation." The
Referring to his attached "coun¬
quired for Europe's rehabilitation. press advices as given in the Mil¬
try-by-country, month-by-month
It
is
a
policy which
seeks waukee "Journal" added:
minimum program or
required
promptly to end the present, in¬
"The defendants included the
conclusive
armistice regimes local, United Wholesale, Retail cereal imports to the deficit and
famine areas from May 1 to Sept.
which are postponing peace be¬ and
Department Store Employes
yond all limits of reason and of of America (CIO); Roy Scoggins, 30," Mr. Hoover summed up total
requirements as: "Europe, 8,390,safety. It is a policy which de¬ union regional director;
Merrit

v

:'

was

Hoover submitted a report to President"
which he stated that the grain deficit in these.,,

areas, originally estimated at 11,000,000 tons; can now
afound 3,600,000 tons and perhaps as low as 2,100,000.

oping, at last,

prehensive and so adequate that
I was confirmed in my decision to
It is
let the record stand where he left total, continental problem.
a policy which demands aetion in
f it for the time being.- Therefore I
arriving at decisions for a unified
content myself for the moment
Germany, where the real core of
•with this brief observation.
Europe's recuperation resides, and
If Secretary Byrnes requested the where the
problem must be con¬
liable Chairman of the Senate Forsidered as a whole rather than in
i.eign Relations Committee
(Mr.
four
air-tight compartments in
-I; Connally, of Texas), and myself to
four zones of military occupation.
-accompany him to this meeting of
?
It is a policy which is definite and
the Council of Foreign Ministers
specific upon these counts and
> which
was summoned primarily
which demands specific deadline
X- to deal with
the preparation of
dates in these regards, before it is
peace treaties with Italy, Romania,
too late.
I Bulgaria, Hungary and Finland.
It is a policy which guarantees
I am happy to say that this Amermaximum protections against re¬
i/.ican delegation was a constant
Axis aggressors,
and
unit in thought and action. It had surgent
which dramatically offers specific
P. no differences. Thus I gladly as¬
'

The court

appropriate time.
during a December, 1944, strike at
But, in my view, the more im¬ the firm's Dearborn store. Court
portant news is that the Council attaches described the verdict as
was a complete success in devel¬
the first instance in Michigan in

was so com-

myself with

union members.

4

action, said the Associated Press,

more

/

sociate

awarded

Montgomery Ward & Cpi by a
Circuit Court jury at 'Detroit,
Mich., on May z2 in its $100,000
damage Suit against a union local

the larger is?
sues.
This is progress.
All these
lowing is the text of Senator Van- things I shall be glad to discuss

seeking, bi-partisan foreign policy
for the United States."
The fol¬

;

Herbert

President

mer

Truman-on May 13 in

flgaiasi Unien

{:cbnferenc&;specif:inmebtiod'ioiIhbdifficulties the Amer-i
: iean delegation was reported to have had in seeking Russian agree| mehts to certain proposals, Mr; Vandenberg told his colleagues that
|:the Paris meeting had,developed^; ' , 1.—1 'V ; * "a positive, constructive, peace- harrowing the area ,«f dispute

Reports World Food Survey

Returned from a survey of the world's famine stricken areas, for¬

; ;;

-

kMinisters*, reported to the Senate on May 21 on the results' of

2975

Saturdays during

June,/ July,

-

a

'

August and September beginning
June 1,

1946.

-

*

'

'

o^verated during
April, 1946 at
permit larger native autonomy ,- feeling property values, and other
2 09,7 % icapacitv.
The percent.
^nd to allow Italy; more\ readily; pitfalls inherent in - mortgage inthe s^Wactivity base's, -wa$i 101.7
-to tecuperate-ias;:a Self-sustaining• vestments; which dpnot*receivempmber of the family -of. nations,
skilled, full-time ..supervision. for March, 1134 for, February;
i
Copies$of the booklet may be 110-7;for 8anuary, 101.5 for De^
"It succeeded, indeed, in finding
cember, 104.6 for November, 105.0
common ground in a large area of
obtained from the bank's Real Er
for October, 111.8 for Seotember,
detailed action which are involved tate and Mortgage Management
J00.5 for. August, and 116.9 for
to

-

'•

in. the

peace

'

mechanics of re-established;

Further; it

Department at; 45 Beaver Street,

succeeded in New York.




.

.......

April, 1045.

;, *

-4 "

"

^'

"As

move

we

descend

step by step from the stage

of hunger to
and

this scale, we

the stage of disease

epidemics, to the stage of pub¬

lic disorder, to tbe stage of starva*

strongest, and,
finally, at less than 900 calories

tion of all .but.the

we come

The

to

mass

former

starvation."

President

was

in-

tn

view

Federal

of

the

fact' that

the

Reserve Bank of' Boston

and other banks in Massachusetts

will rem'aiii

closed

on.

Saturdays

during Hie months, stated" above;
there may be

of

turn
items
on

a

many

and

in

delay, in the re¬

dishonored

our

advice

the nonpayment of

cash

to

you

such items,

j The legislation in the matter
was

passed by the Massachusetts

Senate

on

May

7,

and

was

ap¬

proved by the House on May 8.

I

nl'Mi,,.., .M,.,.,,,,

HI

I,

*" riyilaliid UMlimiltllill '■ III ■

t

^

y.»wn m,i

2276

THE COMMERCIAL & FINANCIAL CHRONICLE
i;

rj^TSfrs-

The Financial Situation

provisions of law which under

0.

certain -circumstances would
declare

striking employees no
(Continued from first pagej*
longer employees, and require
have been analyzed at some at least very large sections of
- ana require
it an*
these columns in it, and th,Jnr-,Jw affppt tw them to return, if they wish
thus cruelly affect the
to return and are permitted
r^enlsqweeks, and no good general public. Where is the to return at
all, only as new
purpose-would be served by line to be drawn. In the leg¬
employees without seniority
islation now placed on the
iX^-tiyei^exposition of them
right or any of the other:
books, such troublesome ques¬
rights accruing from long!
tions are left to the President

-^hererate, however, certain

tenure, but to undertake to-

—a favorite dodge of recent
bearing. upon
make failure to return to a
taken by the Presi- years—-but that obviously is
job upon the demand of the:
no
solutionWhatever de¬

cc;:jiderations
the action

She demands of the

President

u p

whichti we

think

Congress

on

should

be

broughf'to the attention of
tl^ughtful elements in
the public- One of the first of
the

?

these iSfthe fact

]Pfbsi3ent

that what the

has had to say re-

j^fes only, to

a

small segment

of the economy.

The railroad

controversy had ceased to be

d^sput|' between

manageand labor and had be-

cxiHie ^a:

strike

against

of

Government

the

United

a

the

President

make in such matters,

unless

an

crime is another

entirely different mat¬
obviously could"" be

It

ter.

.

the

S,-BrHaili Make Food Pact

As,Herbert Morrison, M. P., Great Britain^ Lord;Pr^ident'of

Council, prepared to return to London after spending several days'
Itt
^Washington,. in conference with President Truman and other
United

States officials on the world wheat
crisis, a joint United
States-British announcement was made of an agreement
between the
two countries for the distribution of
10,000,000 tons of cereals among
nations requiring 13,400,000 tons^
: v -ni
between

now

and September.

The

Associated Press in reporting the
announcement from Washington
.

on

son

May 17 stated that Mr. Morri¬
had' told reporters that it was
agreed
that
the
two

further

countries would "pursue common
rationing standards at the earliest

possible

date"

in

their

zones

in

Germany.

This program of com¬
rationing will not extend to

mon

by interpretation
used to chain any - man to a the Russian zone, he added, as the
place virtually all industry
Russians do not participate in the
job for the remainder of his
in the class to which this law
Combined Foods Board.
life, regardless of his wish to
Although Mr. Morrison gave no
would apply, the economy of
sever
such connections for other details of the
joint Anglothe country could be, and at
American accord, he did disclose
any reason,
If such a pro¬
times
doubtless would be,
that Britain has agreed to relin¬
cedure is b6h$titUtidnai; thbn
quish : another 200,000 tons of
severely handicapped, if not the
Constitution itself is in wheat for other nations
during the
brought to a standstill by la¬ need of

bor difficulties which would
be in any way

not

now

touched
the President

processes

proposes.

attention/

The pro¬ May-September period and called
this
a
"hard
.blow."
Asked
President
whether this would mean bread

visions

giving the
right to draft into the
army workers who fail to re-,
the

turn

work

to

is, of course,
In any event, two standards
open to this same obj ection—

one

set up,

are

standard for unions in one

cciiKei^ because the Govern¬ type of industry and another

ment!^# so maneuvered that

and

a

.

to

strike of labor conduct

against the Government, of

may

indeed he is

the by the

the Presi-

den^silt had become

cisions

President

Thursday, May 30, 1946

standard

for

another

,

rationing for Britain; he replied
that "is up to the Cabinet to de¬
cide."

It

the direct and im¬

that

of

the

leaders

of

the

mediate effect upon

the pub¬ steel, motor, electrical unions,
lic;, add; the emergency legis- or some of them, yet one
lStivl provisions suggested by group has been severely con¬
the President are designed to demned before the public—
Xa|>p
such situations and we think rightly so—and
lh thj£iutiire as the President the others have suffered no
^Ijudges .to be in this same such attack, have indeed often
category:
Elsewhere in the by implication rather re¬
economy^ actidii quite similar, ceived the approbation of the
;p^h&$s! eyen identical, with powers that be. No one can
thaitakenby the two striking for a moment suppose that
trbtherhoods, is apparently the steel industry, the motor
iiCt^pridemned, or to be con- industry or the electrical in-;
indeed, dustry is not "essential" in
Jb e commended by what the any and every real sense of

is added that Britain previ¬

ously had given up 200,000 tons
and in addition would make
for immediate shipment to hun¬
of the army an institution of gry nations with the understand¬
correction or punishment, a ing that it would be replaced later

.

Unessential

i

>;■ "

uXxf i ^industry

course,
given line of
atrtkpi^by^Workmen engaged
in

ex¬

Press, and indicates the extent of
United States Government activ¬

both

tives

of

Chip/ ate not so
by understandable
impatience that they can not'
see the grave danger inherent-

blinded

in

such

a

President

program

now

the!

as

proposes.

House

by voice vote
tibhs bill

;
May 23:
Naval appropria-1

passed
a

serve

on

providing $4;639,718,000:

to support a

country's sup¬
the broadest possible

'

The- United

taken

reported
in

achieve

the

States ' representa¬
oil the measures
United* States to

production and
to switch agricultures and avail¬
able supplies away from the war¬
time emphasis on livestock prod¬
ucts

has

consumption.

measures the

taken

the

United

following

steps to attain maximum exports
of grain:
■
*
1. Substantial increases in the

ceiling prices of grain for export,
replace earlier export premi¬

to

of 30 cents

ums

and

corn.

bushel

a

wheat

on

*

2.' Increase

of

the

extraction

rate of flour to 80%.
3. Limitation

''

millers' inven¬

on

tories, including grain purchased
and in transit, to a 21 day
supply.
Actual
cases

inventories

are

in

many

even

less, averaging two
weeks' supply, with some of the
big mills already shut down. ! "<l
4.
Prohibition of the
use
of
wheat products for alcohol bever¬

and

ages
such

use

curtailment

severe

of other grains,

of

includ¬

ing limitation to 24 hours

run

a

month in the manufacture of al¬
to 70%

5.
of

a

cut in beer production

of the 1945 level.

Restriction

grain

purchase
grain products by

and

livestock

r)

s

the

on

feeders

to

amounts de¬

signed to limit the weight of hogs
cattle

ana

poultry.,

and

JVA.•;\;

.

the
,<

-

numbers

6. Limitation of the

by mixed-feed
80%

of the

7.

the

of

use

of grain

manufacturers to

1945

use.

A similar 80%
use

of

■

p

limitation

on

grain
in syrups, etc. The United States
production problem differs from
corn

or

sorgum

the British in that it requires an
extensive
change from agricul¬
tural

purpose:

greater

and

production

Mouse Passes Naval Bill
The

ities to make this

plies

States

over'

of

to

a

bread

maximum

grains

di-

policy established to meet
demand, instead of a fur¬
ther development along wartime
wartime
lines

in the

as

ain.

The

case

of Great Brit¬

recently
adopted for diverting grains into
human consumption an# fpr cut¬
ting down consumption by live¬
stock are only now beginning to
measures

have their full effect.

President Truman

Says Steps Toward Feeding
World's Families Is Step TowardWinning Peace

.

v;^|0|y^he will, of
reCQghf^^that

nonetheless

gratitude that there
are members of Congress who
like Senator Taft and Repre¬
sentative Frederick C. Smith,;
press our

human

Navy of 1,045 combat!
In a message welcoming the delegates to the meeting aX
Was^
ships during the fiscal year begin-•
ingtonon -May 20;i of the United Nations Food and Agriculture organ¬
ning-Julyl 1. The measure which
ization/ President Truman stated that "in meeting' at this critical
was sent to thC Senate wa^/-ap- •
period you have heavy Tesponsibilities and great opportunities, "What
proved in substantially the form;
this conference accomplishes or fails to accomplish," said the Presi¬
is at best a temporary and recommended by the House Ap-r
dent, ."makes its mark not only in the areas where people are
propriations Committee on May
hungry as the aftermath of wai^inadequate makeshift.
21: According to a dispatch from!
but in all parts of the world and
The remaining weeks before
Washington on that date from the
1946
for a long time to come.". The the
grain harvest in the
Again, the Constitution!
Associated Press/ Secretary of the;
President's message was read in Northern Hemisphere are espe- 1
Some other aspects of the Navy Forrestal nad told the com-;
his absence by Secretary of Agri¬ cially critical and the United NaT
mittee that the proposed postwar*
President's program-—even if
culture Anderson, who was named tions and other countries in a
fleet would be "qualitatively and'
of a temporary nature—seem
permanent Chairman of the Con¬ position to help must continue an# ,
quantitatively .> equal to all the
ference --- Herbert Hoover, who heighten their efforts.
to us to be' even more ques¬ forces of the world." The Asso¬
In this country we have raise# ^
addressed the meeting urged the
tionable. ' For years past— ciated Press added:
creatibq ; by September 1 of a progressively our export program
The $4,639,659,000 which the
broad international, food adminis- as world needs became more ur¬
indeed,'ever; since the advent

'rPiesid^fehad:- to say, and that, .term. X Such ,a double
What0
pther political leaders: Standard /of s labor behavior
^ej^l^be saying today. • ■ apg^ifS;tb usf to be of Lmore
than doubtful workability! It
vs.
"

are; we must

to

cohol and

from the United States.
The ad¬
type.
policy of more than doubtful ditional
200,000 tons relinquished
any*st£ike at all would be "a Already, we find something wisdom.
now, however, will not be re¬
strike against the Govern- of the sort appearing.
The
As thoroughly out of sym¬ placed, Morrison said.
The following is ah excerpt
mentV'r,fThe action taken by behavior of the railroad pathy with labor leadership,
^|hCp^ing unions was inde¬ brotherhood leaders was yes, as thoroughly disgusted from the joint official announce¬
fensible^-and intolerable by hardly less reasonable than with labor leadership as we ment on the world food situation,
as
reported by the Associated

reasontofc

rected

Among other

a

the manufacture of

some

.

maeiensibie in prm

t.tJ

be

tolerated/,

vbilep-eveh less indefensible

part of those of Mr. Roosevelt and the Newl
daily- necessaries Deal—there has been a per¬
i^uldonotnout of considera¬ sistent'tendehcjrto^ solve Cur¬
tions jbf self-defense if for no rent problems by "emergen¬

actmn^on^the

be tolerated for
a

,moment.;

clear to all

cy" actiqn, which often has

Yet it must be paid scapt he^d to American

thinking persons traditipn^tpr ,even hthe< pro¬
policy based visions of the Constitution of

$374,-i. ^atiQn/.to speed y prpdpction and gent, reducing progressively at
guide distribution of supplies—the the same time our own consump¬
reau had recommended, but was in;
agency to, be .created; "under the tion of wheat. In this wheat mar¬
the neighborhood of $1,600,000,000
auspices of the: United Nations keting year we already hav6
less than the Navy had requested," Security 'Council .pi:
better^ still shipped more than 300,000,000
including contract authority. The! under your committee." President bushels of wheat, which is close
committee

approved

were

260,000 more than the budget bu¬

extra

funds

voted

by the

Com-!

mittee were earmarked mainly for',
art

Truman

in

his

message

had the

foUowingi toy say in part:

/,,

expanded training, and

.

research I '. Any,-,step'' toward V deeding the
V
world's families better /and mak¬
plan, approved by ing the fullest use oLthe products
such considera- the United States.
We make the
Committee, provides for an of farms and fisheries is
a step
tic ns- can ,hardly be adequate a profession of
legal erudi¬ average of 500,000 enlisted men toward wining and securing the
crl ^jrfaptbry.
tion. We certainly do not set and 58,000 officers' throughout the peace. Food touches everyone in
In the first
fiscal year starting July 1, starting;
the world more directly and more
ourselves
that

~a~Tabor

program.
The operating
„

>

pl^ce,1(yiere

are

all degrees

||^^f^ialityTin industry
-

and

Some branches

supply-j absolute

necessaries

which must be supplied each

day.,p eThe services of others

be/equally essential but
alsolute ^continuity of operamay

ticn ,may
In

be less imperative.

-industries stoppages
ivc.uldnin the long run para¬
in

up as authorities on
constitutional law.
Yet we

.




Covering
wheat
years
our

400,000,000

for

the

entire

crop.

.bushels

of

;

marketing

represents about a third of

total production
:

■'

from the 1945
.

\

The people of this country have
shown an admirable willingness

,

,

_

or

to 40% of the total world exports
of; wheat.
Our export
program

,

with 950,000 men and 105,000 of-; keenly than most boundary set¬ to do their share in the great
humanitarian task of preventing
ficers on July 1 and tapering to tlements and other primarily po¬
are unable to rid ourselves of
famine in other lands, i : •,
"t ;
litical actions that are often local
During the war we have learned
the positive conviction that 437,000 men and 57,800 officers at: or regional, in their effects.
valuable
lessons
in cooperation
the end of the year.
\!
some of the
It is not necessary in a mes¬
provisions of this
with the rest of the world. What
*| Provisions is made for a 2-ocean sage to this group fo go into the the
law crassly and
baldly ignore fleet of 291
people of this country have
major combatant ships details of the serious food situa¬ done is
the spirit if not the letter of
ample evidence that they
on active
duty, 42 in the reserve tion. Everyone realizes now that recognize the necessity for pro¬
the Constitution of the United
fleet and 632 in the inactive class. the world-wide scarcity of cereals gressive and effective action in s
States.
/
achieving for the world freedom >
For
aviation, about 3,000 fleet cannot be completely overcome
Few thoughtful observers
from want.
that they are con- '
planes, 3,000 operating planes and with the 1946 harvest; that defi¬
scious of the world's needs and >
will, we suppose, find them^
2,400 spare planes will be avail- cits^ in; livestocks products will are ready to cooperate in a pro¬
selves out of
sympathy with able.
>
•
'continue for a long.time. ;
gram to meet them.3;,.;^
.

lyze, the entire economy,

/

,

.

,

-

'J

ia«f

'tl

vff)

v-<.

1

/? >\4

tiff

Number 4494

Volume 163

iilA:

fc'-.;

r

THE COMMERCIAL & FINANCIAL CHRONICLE

Steel Production Shows Further Decline—
General Revision of Existing Orders

i

Underway

demand for scrap, as melters seek
to obtain all possible tonnages, at

whatever cost, for use when steel-

making is resumed.'
"Effect

the

of

>»- 4

4

Labor Department's Consumers'Retail
Price Index Up in March

;4,

v

strike

coal

2977

on

Average retail prices reached a new postwar peak in mitflMircli
exemplified in
according to the Bureau of Labor Statistics of the U. S. Department
the reduced tonnage of iron ore
of Labor in a report issued on May 1. With higher prices Jor ju-Ost
consumed
in
>:
April. 'The Lake
principal items in the family budget, the consumers' price index ad¬
Superior Iron Ore Association re¬
nmetalworking paper.
With
vanced (h5% between Feb. 15 and March 15 to 130.2% of the'1035-^9
ports April consumption of that
\ mines it is logically expected that Mr. Lewis will get all or most ot
average, said the report which continued:
>
4^
what vhe ? wants i in the; way of welfare fund and a wage .inciceaso. ore at, 4,768,718 gross tons, com¬
"The consumers' price index
1
;...v ■1' 41 1
' w'y.-'.i' -4 ^4; 4'.V">v
r.; Whether*or4not)/fhe4titir£lle4hf*'
pared 4 with
6,021,018
tons • iri now
32.0% higher than in August
: union organization of supervisory. strike attihe.rate of about 200 per March. For four months total ore
IK rarra - j1939, the month before the begin¬
consumed totaled 16,257,163 tons,
employees can* be overcome ;re-- week,< and this ds vcxpected; to
ning of the war.
•
\
against 27,076,751 tons used in
main? to be seen. "The Iron Age,' mount to about 259 pey week
"The* food bill for moderate-in¬
he hear future.' Since there is a the comparable period in 1945*
in its issue of today (May 30),
minimum 'cooling-off' period of Stocks at furnaces and on Lake come city families rose 0.4% dur¬
The
further states in part as follows
inflationary sitdatiori;i-'in
ing the month
after 1 having
4
farm real estate is becoming seri¬
"When the coal strike finally 30 days, following filing of intent Erie docks May 1 were 23,078,dropped 1.3% between mid-De¬
ends it will take from one week i;o strike, this mounting volume 980 tons, compared with 16,428,ous, according
to C.. > W... • Bailey;
cember
and mid-February. The
indicates serious tie-ups later this 765 tons at the same date last
Vice-President of the Arftericun
; to 10 days before an. ample flow

work next Monday
since the crippling
Iron Age, national
the Government having taken over fhe

Prospects' of the coal miners going back to
were brighter early this week than at any time
walkout took place on April 1,- according to
The

•-.-.,.

-

blast

•

furnaces

■

is

""'

-

'

Land Prices Serious

.

^

of
•

•

reach

will

coal

steel

whose supply has practically dis¬
appeared.
A step-up in steel

disturbances will be a jam

er

of

supplies,

in

parts.
serious shortage in
component

operations should the strike end
next week, would be small and There is a
pre-strike output is not expected nonferrous metals, which transates itself into shortage of wire
to be reached until at least three
weeks after the men return to for motors, for example, which are
needed for all
electrical appli¬
the mines.

?

"The

:

of

tonnage

steel

as well as for automobiles
and trucks.
Wire shortages have

ingots ances,

lost by reason of the coal strike
to the end of this week amounts
to about 4,000,000 tons and an

already caused reduction vin auto
assembly schedules—but this is
he steel wire used for upholstery
additional loss will be incurred
next week of about 350.000 to springs.
Further slow-downs of
400,000 tons even if the pits are auto assembly lines are in pros¬
reopened on Monday. If the strike pect within the next few days un¬

almost 5%

less

is not called off then the steel in¬

ary

OPA

inspection trip of the
With his arrival

Pacific regions.

Nanking, China,

on

May 9, Gen¬
a

statement

tending' to
answer,
indirectly,
criticism of Chinese Communists
who have been urging that Amer¬
ican forces: get out of China and

stop transporting Chinese Gov¬
ernment troops to the Manchurian
impossible,
fighting area. General Eisenhower
44: next week|vi4-;^:::< ,-A? ^
with steel output declining at al¬
declared, according to Associated
"Steel order volume has fallen most all points.
The two-week Press advices, that the American
off somewhat, in the past week as breather in the coal industry has
Army's sole aim in China is "to
"This

increased.

seems

now

the

customers

find. little reason to
business until the strike

place
issues

•

settled.

are

eral revision

There is

of

a

gen-

existing

orders
underway on steel mill books with
4 V cancellations
running * high
in
-

•

This situation, how^-

.some; cases.

ever, has no significance toward
the long-term pull.
It is merely
an indication that steel
companies

'

inventories and there will have to
be

commensurate

a

later ori lo rebuild

spite of various uncertain¬
ties sellers allocating production

quarterly basis are begin?

a

After

respectively.

and

Term., in

as

General

boarded

.

of

strikes

and

will

slow-downs

exceed 12,000,000 tons.

The conf
4 tinual shutting down and starting
up of poke ovens, blast furnaces
and openhearth steel units has so
-

.

;

upset

;

maintenance

regular

and

production

schedules

that

"

u

op

-

in

cities

most

indicated

the

coal

that they had received some ship¬
of
preticketed garments

his

problems which in the past have
led to war.
General Eisenhower

'.

*

Press, that the entire problem oi!

"While sheet demand c^ntmues
far in excess of production, con¬

bases in the Pacific for the United

in many instances are re-

seriouS-Is.ithfe

ag

to which -the U. N. succeeds as a

States is dependent on the exten

yising their programs downward preserver of peace..
because of inability not only .to

General; Eisenhower- made-an

inventories which will
,

prevent^

^

get sheets in quantity desired but
other materials and components as

call jat Hilo,

Hawaii
Oh May416^ wheh he larideidiat the
unexpected

well.. Perhaps greatest and most Hild4Aftli^ ^AirportHis plane
consistent, pressure is for narrow^
Siinflower II after a 14-hour fligh
drasticallynrevised'i^otasc^ ^ 44 •?
strip,?with producers.Tepprting es- from- Wake Island, it, was statec
zX'll ^'Another ?■serious-aspectfof-/the:
in a ^wireless message from-Hilo
H-current steel situation; is. the fail-;
to the New York ."Tin^s," which
4-"J nre-of-some- customers to .obtaih
•vnear^term

'

,

Completion sr. of: * even

=

,

.

^"Excessive-

is- v also reported ^Hat he returned to 4tha':
Specific time Jbecause-v of the see' noted, in #amaU -carboinu hars^andi territory. / 44 ': :4$$04; 44:4
applying to both hot-rolled
4 i.sonal ;cha racter df t hei r. jbusiness.t '
San4Fmhciscothe:"Time^M
steel supplies, greatly needed

t

,.

£

w

pressure..

-

lower

in

.

.

4

J ;4Xhe American- Iron, .and Ete

5

.Institute
4

fcpold%4ra wn.4 -^i^Uy^jooth-;

on.May ,-27-annbuhce

i) that telegraphic reports which 4'iti
ha<I; received : indicated>:tKat^thb

^

•

.4-44 operating rate, of steeLcompanies
haying 94% of the steel capacity
of the industry will be 43.6 % of
■

,

4

capacity for. the .weekv beginning
May 27, compared with 49.2% one
week ,ago* 67.7% pne month, ago
and 91.0% one year ago. This rep^

.

;

:
•

resents

a

decrease of 5.6 points or

•

11.4% from the preceding week.
operating rate for the week
beginning May 27 is equivalent to
768,400 tons of steel ingots anc
/A fcasUhgaf compared, to >867;lha"fohk
4 - one week ago, 1,193,100 tons one
; month ago, and-1,666,800 tons one
The

•

.

.

.

■.

to

articles.

lower

the

v
*

this year-and all indications point ^nUhisway-to^^
to a heavy carryover at the end."
ported
that
"morale
is
fine"
Even in larger sizes of hot-rolled
among Pacific occupation and gar¬
carbon bars not much tonnage is
rison- troops..
Efficiency of 4 the
to be had before November or

dresses,

cotton

women's

nightgowns,

.

•

-444

Lend-Lease Accounting
sizes, promises fall mainly in July
and August.
\ '
4- Functions- Put

underwear

,are

in}-,

though major'; strikes
settled shortly..H The country

:

*

is

-

which

4;

even

;

■■

4
'.
.-.

a -wave of, small strikes
will \ prove as effective, ir

facing

slowing fdoWn 6utput"&s* the steej
(strike, the coal strike and, ithfe-

?

railroad strike...

r

AJ'Tlie. iDepartment,; of • Labor-is

-




t

costs

since the beginning of'W^ld. War
II. Other States in which averse

were

higher in mid-March than in mid
February. Hosiery and gloves also
cost

more

this spring, due to

replacement

"of

values have

nearly: doubled* iaVe:
Montana, / Arkansas", Mississipjpi,
Georgia, Ohio, anjti Mic^gan*^

the

women's 4 rayon

m

"Sales of farms pave

stockings by nylon hosiery when¬

and

gloves. A moderate but wide¬
spread advance also occurred in
shoe prices.
"Residential

0.1%

ship; has increased.;.This ^rneans
speculation

Under Treasury
in spite of CPA regulations, and

farm real estate market-have

during the first quarter of

ihey - «re assured of deliv¬
material js in
snort ^supply jas available 'steel for
this purpose is usually only off,

heat steel aiid discards.

is heavy.

Demand

::4>4.;'4.;4-v:4v4-4j"

4-liaw.matenaI supply,.4>igJroh»
scrap and; coke,-is far below needs
and probably i will be for;
ioinje:
time before anything like "normal
conditions aie restored.,- Reduced:;

ap¬

parently influenced / banks- to^ tn-

1946, the first increase since De¬
cember 1944. Rents edged upward

crease ;

their: interest ipQ
•

making

in

farm mortgage Joans;

JJnder these

circumstances

'A^cultural

in rental bills occurred in Atlanta

Commission has. stressed the im¬
portance to country batiks: of-de¬
veloping sound and helpful .farm"

eight of the 161 cities: surveyed
in March decreased slightly in 3
cities, and showed no- change- in
the remainder. The largest change
where

an

increase

of

0.5%

"Rate

reductions

lowered

,

tH

e:

lending::methods.,:your, attention

was

again, called to the ^attached
by the v Cbhi'misS'on,
'Principles of Farm ^ortgago :Fi-

is

reported between September 1945
and March 1946,
' 4 ^*4

statement

the.

1. Advise those who

are likely to
purchase of a farm in a
lifetime to go slow; 2».Discourage
borrowing, to speculate) in, .farm
land; 3. Encourage farmers—and

ton, Chicago, and Manchester.

"""The

make

miscellaneous

of

cost

in

Buffalo,

Richmond,

•

everybodyr~to buy XL^^Sa'vings
to

and

-

-

herent

"Under*-the'? new. -arrangemen
tiie. State ^ Department will prd-

Peterson Asst. Secy. NYSE
Edwin Bi Peterson, an

the:Office

since

r

years

the

vices

a

TeeordS.^

lend-

as

welL as? the

:

;

May 23

page; don in

1

May

from4,Wikshihgt6h,
that}^ans 4 for

out

dtSwft^iip at

a

United Nations conference in Lon¬

New-^ York.. Stock

Exchange^ Institute;/' 4

appro^at?tm

passed by1 ^^64 tir4l

UNESCO had been

Feterson, * who is 30

old, joined: the: employ : of
.

in1;* the
opal,

Gultural^rg|hl2a-

House

pointed

the; Ex-t

Exchange in 1933 as

til

roll call vote. Associated Press Ad¬

been: appointed

Secretary iof

won

23 in a bill

Stock,Exchange
of the, Secretary

has

1933;

particip'

i t e-d- -Nations'

Scientific and;

employee tibn

of the New^York
in

n

"T>

Approves5®

American.,

with;>certrfied boy." He v Was v graduated 4 froin
copies pf all- agreements relating Alexander Hamilton High School
to lehd*leas#/settlements and all

steel production has-not lessened lease " accounting

in- excessive 'farhi1' - land

■rnr

vide the: Treasury

affecting

•

House

U

tion;

other documents^

now;'^.;. Help

picture admissions, hair'cuts and!

'

Department -will continue
to. administer all other lend-lease
functions noW. under its jurisdicState

fight inflation

veterans by giving them, practical
information about the/ hazards In¬

Treasury -Department;
effective
June 1, it was learned from Asso¬

~

one

BOnds and to save in iothef»wavs

4 4On May 17 President Truman
beauty shop services were higher
heavy inquiry is received, in face
transferred- lend-lease account' qg. in a few cities. Newspaper prices
of:decbning-.pIam'materiab'prbfunctions from the State to the
advanced in Seattle."
r
ductiort.-^ Public ^rbjects^not
4
^

eries. 4Keinforcing

farm,,,laq^.^Ihr

in

creased;prices and :acthtity iir; ti)e^

rents 4 increased

Philadelphia. Charges4for motion

.

"Construction demand; is active,

der regulation, are earning out in

epptipped

at high level during the p#s{ year,
the numbers of farms--resold
after: a limited: period: of-hWher-

obtainable, and the continued
disappearance of
lower
priced

ever

ices

where

:T4'4;:|

*2 ^"Little' relief, is in sight for,

4 - dustry

.

*

Colorado;^^Indiana; ii;NorilriAaiid
South c Carolina*

and

goods and services increased 0.2%.
Medical care
costs, particularly
Army 4there was, picking up, the
hospital rates, advanced in 18
December, although in larger sizes General ^aid, adding: \
•
cities.
of cold-drawn some promises are
Upwardadjustments in
"We have passed the low point.H
maximum charges resulted in in¬
being made for late third quarter
creased prices for laundry serv¬
and in hot-rolled alloy bars,: all

\ ■year:-ago;M^

4as follows*

interesting to. note that
farm land prices have more than
doubled in Kentucky,' -Tennessee,

these

of

is

nahcing.'-if 4f4-:
average cost of gas to domestic
s^^ed'that the General consumers in San Francisco and of 4*^hkers>have: ^3;big;r!?sPOhS5^
amving4titcHamilfori:^^Field5 today electricity -to consumers in Bos¬ bility in the present situation to:

-

•

cost

,T

"It

However, percale house-

.

•

adds;

of

garments, appeared
quantities in some

sufficient

cities

-

•

priced

18

oh

vdlume^:hut?m^ny;^ds^ areolar
abovei i»ppix>priations, 4n;; ;many ciated, Press advices from Wash¬
; .^ i7"Sleel^3 of v Cleveland,: "in'Tit^
ington published in the New York
case resulting in postponement of
, summary
of latest news developawards./ Fabricators are slow to "Sun,'? which further reported: <
4." ments .in the : metalworking injbidin -some
instances, 4 except : "In an Executive' Order; the
<4v dUstry, on May 27 stated in pari
President made it > clear that the

■v

increase -stocks

to

program

.

•

one^quairfliF^ bfv the

"More than

increase during the present pOriod
of inflation has occurred* dur.ng

during the month. Higher clothing
costs
were
reported for men's
the past year, and the inflationary
wool suits, work clothing, busi¬
situation has become Especially
ness
shirts, pajamas, and socks.
p renounce d
during**'recent
Rayon and cotton dresses, manu¬
months," Mr. Bailey states.)? rHe

strike has not said, according to the Associated

sustained- *4

;World^-^hTr4;

which followed

ments

plane for Tokyo to obtain infor¬
mation on the Pacific Island hop¬

,

wntmi^^unlralan

•

during

been as well

sumers

erators will be finding production
difficulties for some months to

'come' .Equally

products,
with few exceptions,
will be-even less, as produciidh

knownjUle

^

'•

factured under the Government's

the

letter to secretaries of
on May

6.
In 4 making this.
ABA said;
.•#z-'*;

.

retailers

and

shek,

a

State bankers associations

for

average farm land p.ripes; In coh4
"Clothing costs increased 1.7% tinental United States are how.
up
oetween mid-February and mid71% of the pre-World; War'Tl
March and are now 52.6% higher
1935-1939 average.
This-increase
than in August 1939. Supplies of
compares with a 70%; rise - from
medium and inexpensive quality
the pre-World War I s 1912^1914
apparel continued low, although
average to the 1920 inflation peak

lunching with Generalis¬
Madam Chiang Kai-

simo

"In

on

relations."

shutdown

Inventories

AgriculturaiiCOmmis-

cabbage,
lettuce,
onions,
and
vi{ 4-4,5':':4
potatoes. Spinach dropped season-"
"On the basis of March 1,. 1946,
ally
14%.
Cheese
and
peanut
butter prices continued to edge figures from the Bureau of Agri¬
cultural Economics of til# Uhited
upward
by 2.3% and 1.4%,
States Department of Agriculture;

nirig to announce quotas for third ping tactics. He made a statement
and their customers alike must quarter. Indications are that sheet
to a news conference there on
completely revise their require¬ producers will be six to eight
May 11 in which he repeated
ments for future production.
weeks behind schedule on an av¬
previous assertions that the world
."It is now certain that the total erage, with a result that hew al¬
Cannot
stand another war, and
steel loss to American industry
locations will be relatively small,. declared • that it was imperative
since the first of this year because Allocations of other than light flat
that
the
United r Nations
solve

:

§

promote the growth of friend¬
shipments of coal to the mills. ship," which he described as "the
Consumers are living primarily on
basis of all peaceful international

its

sion, who is also President of vie
National Bank, Clarjksyilie,

First

1

;

of

man

continuation

prices
rosev! 1.7%
prices were reported

ligher

General Dwight D. Eisenhower,

eral Eisenhower made

insure

vegetable

United States Army Chief of Staff,
returned to San Francisco on May
18 after his

to

of large imports. Fresh fruit

From Pacific Tour

supplies of upholstery wire

can be

dustry will lose close to 1,000,000
tons of steel production during

following early Febru¬
ceiling price adjustments by

and';1 Chair¬

Association

Bankers

,

Eisenhower Returns

in

of sugar increased

price

average

4

"The chief result of these small¬

•

1

year."

summer.

plants

;

pose

Novemberr1945,?;iTHe

par-

ascribed to it is dhjffpromo¬

tion of world peace

andi harmtfny

by encouragement, of.

intkrest: in

educational ;and*ctdttnai* matters.

2978.

THE COMMERCIAL & FINANCIAL CHRONICLE

Cost Accoiisttanls to Hold Annua!
Meeting

tI-A

The 27th International Cost
Conference of the National Associ¬
ation of Cost Accountants will be
held at the Waldorf-Astoria Hotel

Stalin Unable to

Truman

In Grain Relief Plan

'

^

~

-

Moscow on May 22, according to
"^The feature of this Conference will be the annual
dinner .which
Associated
press
advices
from
Ballroom of the hotel on. Tuesday evening,
there and from London, that
t" June-; 18.
This occasion includes the
ceremony of induction of

will; be held in the Grand

the

'•'newly-elected officers and directors of the Association and the Premier Stalin regretted an .in¬
ability to join in helping to relieve
"presentation of the trophies and banners to the
winning chapters in the
the Stevenson Trophy
crisis as the Soviet Union was

Competition,

■Si->Upon completion of the business
'"•'and' their guests will be entertained
-the" ^tage and radio.

J&e

of the

by

a group

—

of top-flight stars of

j

schedule for the technical sessions
First Session

Conference the members

will be as follows:

Monday Morning, June 11

Urges Nation to "Work and Work" to
Help U. S. Become Leader of World in Peace

Help

in-New York City* June
17, 18 and 18, 194.-3, with a .pre-Conferencfe ; After President Truman had re?reception for members on
Sunday afternoon, June 16,
vealed on May 16 that he had
r All technical
sessions; business meetings, exhibits, of accounting been in touch with Prime Minister
equipment, and general social events: wilL take place withim the hotel Stalin to appeal ;for Russian aid
and-';following the close of the Conference technical sessions on in sending relief food supplies to
Wednesday, chapter officers and directors will meet for luncheon and the famine-stricken areas of the
ari afternoon of discussion
of chapter problems.
world, it was announced from

;;
-

already pledged to ship quantities

In

an

admonition to the country to "Work, work,

work," Presi¬
on May 20, at Liberty Mo., where he had gone to re¬
honorary degree of Doctor of Laws from William Jewell
College, declared that:
■. ; dent Truman
ceive

•

'

an

"That is all

The

President

above remarks,

"You

had

been

made

and

to create the

preceded

greatest age in the history

normal, decent, understand¬

a

this

motto:

school

'Trust

Fed. Tax Procedure
has
in

a

The organization

God

of

and work.' We must trust in God

work.

of

the

comprehensive study of Federal
procedure was announced on
May 2 by Secretary of the Treas¬
ury Vinson.
a

admonitions

tax

duty to give to
the country on V-E Day was in
just three words: 'Work, work,
was

of a committee;
authorities in tfye

field to work.v-wltkaGoyerpr
ment revenue-officials in makiqg

are going to be a
anything,
we
must

One

which it

prominent

tax

we

at

Group to Study

the

by saying:

know

wonderful

always. If

foods

now

Names

1

success

other

need

world—simply work, work, and
ing of our neighbors and our®>neighbors needs, locally, nationr
ally, and internationally."
r r

that the4 United
States Presidents plea had come
in the middle of May after
assign¬
ments of exportable grain and

and

we

of the

of foodstuffs to "France and other

countries",

Jhujrsday, May 30, 494$

my

Designated to serve on this ad- ;
"when the ;res6ui#£s of the SdViet work.' That same admonition was
McKinsey & Cd.; New York, N« Y., Chairman.
.^Influence of Volume on Costs and Prices—Speaker to be ani- Union are already being ex¬ given to the country on V-J Day. visory * committee said 4*^ AfK'
nouncement are the following;hausted." Mr. Truman had also I wish the
country would listen
^ : Enounced;
:
1
to that admonition today."
Samuel O. Clark, Jr., Washing¬
Helping the Sales Excc«tiae--Wiiliam E. Jones* Vice-President expressed to the Russian Premier
the hope that ; Russia could co-¬ *•; In his further remarks, the ton, D. C., attorney and former*;
in Charge of Sales, The Scranton

H. G.. Crockett,
A,-j

.

'

-

Lace Co., New York, N. Y.

f vW'

Y-. "/[•

/('•' * h /* •' i*'\'. ^J'j "j', v K

Second Session

7

•».

:

.

u ^

concerned, Premier Stalin informs

Massa-

columnists

'

The
from

following
the

broadcast

text

of

is
of

message

excerpt

an

the

Tass

a

-Training People for the Job—Hugh J. Phillips, Jr., Director of
Organization Planning, United States Steel
Corp., Pitts-

Moscow

"Stalin

in

his

dispatch

answer

as

to

the

of President Truman

ex¬

,

Making the Figures Talk—Frank Wallace, Principal,
. & Co., New York, N. Y. ■ " - :
'
Third Session

V

\

pressed his regret Truman did not
'•.- *'■ address the Soviet Union on the
McKinsey above question three months ago,

!

; Putting Cost Accounting to Work

'

when the Soviet Union could have
done something in this
respect, but
did it instead in the middle of

'

Tuesday Morning, June 18

—

j

Edward J. Hanley, Allegheny Ludlum Steel
Co., Brackenridge, Pa.,

Chairman.

'

..

i

V* *
S

'

'

~

>

/

Breitenbucher, Manager, Cost Depart¬

ment, Lockheed Aircraft Corp., Burbank, Calif.
For Cost Reduction—r-h. Clayton
Hill, Works

* *

Pencil Co., New
r-'l

1

-»•

'

i* I

u*

n

Vw'

-

£

J

j.v'1.

1J

?

?,

-4

'

Manager,

Eagle

York; N. Y.
* S.

**

C;:;vvv).,'f.

Fourth Session

J

"

*

^ *

—

May, after the Soviet Union had
already assigned a certain quan¬
tity of foodstuffs to France and
other countries and when the

".For Cost Control—Verne

'
v

^

^

*

-

1

.

.

i

"X

«*

\<

*

::

.

Tuesday Afternoon, June 18

sources

of

the

Soviet

Union

re¬
are

to

tell

the

President

President Truman the Soviet Gov¬ what he ought to do. Somebody
Putting Cost Accounting to Work (Continued)
ernment has no objection in
prin¬ has to sit in the front row and
William. H. Franklin, Caterpillar Tractor
Co., Peoria,vlll., Chairman.
ciple to this proposal but that it do the work; '.
.For Profit Deter ruination and
Inventory Valuation—Herbert T. will require, however, a special
•"Now, that is true in Congress.
McAnly, Partner, Ernst & Ernst, Chicago. 111.
That is true on the farm. That is
study."
To Answer the $64
true in the coal mines. That is
Questions—Herman C. Heiser, Controller,
•

of Internal Revenue.
that

p

Crown Can Co.,

Fifth Session

Philadelphia,
—

Pa.

St. Lawrence Bill Deferred
The

Wednesday Morning, June 19

Committee

James J.

Hastings, James J. Hastings & Co.* Newark, N. J., Chairman.
Long-Terra Profit Planning—Speaker to be
announced.
Explaining Profits to Employees-^Spedker to be announced.
^
The various cortimittees

:blowing::
'.

•

%

v,

.

•

on

'.vvn

•

*'

*

Conference

Committee—George L. Nohe, 0. F. Taylor & Co.,
N. Y., Chairman; Ernest A.
Davis, Pitney-Bowes, Inc.,
Stamford, Conn,; Marshall Granger, Alexander Grant &
Co.,, New
York, N. Y.; George E. Hallett, Tung-Sol Lamp Works,
Inc., Newark,
N, J.; Milton
Hudders, Recording & Statistical Corp., New York, N,
Y.;
Clarence Theders, Comptometer
Co., Boston, Mass,; Charles W.
Tucker, Childs Co., New York, N. Y.
New York,

;

Technical Program

Committee—H. G. Crockett, McKinsey &
Co.,
New. York, N. Y., Chairman; William H. Franklin,
Caterpillar Tractor
Co., Peoria, 111.; James J. Hastings, Jame^ J.
Hastings & Co., Newark,
W
Edward J. Hanley, Allegheny Ludlum Steel
Co., Brackenridge,

on

deferred

■

Relations
action

the railroads. That is true

in

the automobile

is

true

in

the

factories. That

mills

on

legislation to authorize

construction

arrangements will comprise the fol-

Foreign

on

'and

every¬

thing else that makes this country
a society which is
organized, and when one cog in
seaway
and power project be¬ that organization
gives out, the
cause of the filing of a
dissenting whole structure begins to shake
report by Senator White^ (R^ loose.
■'
Maine), according to Washington
"Now, let me urge upon you -—
Associated
Press iadvice^i
Mr. let me urge upon you—get in line,
White's was the negative vote in
get on the team, do a little work,
a 3 to 1
approval of the measure help make the United States what
rendered by a Foreign Relations
it must be from now on, the leader
subcommittee on May -2, which of the world in
peace, as it was
after hearing
testimony for three the leader of the world in war,
jwqeks, disagreed for the most
"I
urge you to
become good
part with claims of opponents that
workers in the ranks. Of course,
the
development would harm we need
leadership, and we will
railroads, port cities, coal inter¬
develop the leadership which we
May 22

^
~

t

Senate

true

of

the St.

great. We have

such

It is

hoped

recommendations

will

lead to

changes which will enable,
litigation in the tax field to be
conducted
as
expeditiously and
efficiently as possible ip the in¬
terests of tax practitioners,
Treasury and the courts.

the

"The study will also include an
of
the
extent
to

.

;

in

General

front of me today to do the work.
They can't all be managing edi¬
tors. They can't all be top notch

serves.

recorded in London:

§g§f|!

Attorney

"As far as the coordination of
the work of the Soviet Union with
other countries exporting grain is

better utilization of the world-re^

D.

l®t§if:£8 burgh, Pa.ii|;if!;|pf|||IplJilSJ;'1' ff-':

Assistant

charge of the Tax Division of the
^'.'You know* great stress is laid Department of Justice; George E>
upon leadership on days such as Cleary, attorney, New York City;'
this, and all-these young people Arthur H. Kent, attorney,- San
who « are,- graduating today
and Francisco, California; Charles L.
who are just starting out in the B.
Lowndes, Professor of Law,
world are impressed with leader¬ Duke
University, Durham, N. C.;
ship. Let me tell you a secret. Randolph E. Paul, Washington,
Leadership isn't worth very much D.
C., attorney and Executive
unless there are a few workers Assistant to the
President, and
and followers. What we need now, Edward S.
Reid, attorney, Detroit,
more than captains and quarter¬
Michigan.
backs, particularly Monday morn¬
The Treasury Department ad¬
ing quarterbacks, are people who
vices also said:
are willing to work for the
things
"The overall objective of the
which they claim that they are
Committee's study is to develop
for,
recommendations
for
improve¬
"There
isn't
a
single
great
ments in the existing machinery
newspaper in the United States
that could operate if it didn't have for the judicial review of tax de¬
terminations of the Commissioner,
these
workmen
down
here
in

^Program for Improving
Performance—rPercy L. Proctor, VicePresident, Titeflex Metal Hose Co., Newark, N. J.

^

.

ordinate its actions with other President, according to Associated
grain exporting nations, to obtain Press accounts from Liberty, said:

already being exhausted.

1*2

Increasing the Industrial Accountant's Value
MacLaren, Hey wood-Wakefield Co., Gardner,
,/lchusetts, Chairman.

Stuart

*

\

Monday Afternoon, June

—

examination
which
dure

existing

defects in

contribute

proce¬

to

present tax
litigation, with a view to suggest¬
ing changes designed to reduce
the

volume

of

Lawrence

<

"It

is

such litigation.

believed

the

that

;

study

will be of assistance to the Con-gress

in, considering

the tax field."

problems in

;

Wall Street Airplane
Accident-Statement by

Bank of Manhattan
Incident to the aeroplane acci¬
dent in the Wall Street district,

May 20 it is pointed out by the
qeed but let us develop a few Bank of the Manhattan Company
good followers. '
'
i that many of the papers spoke of;
v "Thank
gality of the proposed legislation,
you."
Publicity Committee—JUS. Seidman, Seidman &
;
"
j the bulidihg involved as the/
Seidman, New based on an agreement between
The President left Washington "Manhattan
York,rNv Y. Chairman; Henry G, Beeny,
Building owned by
Yardley of London, Inc., the United States and
union, City, N. J.; David B.
Canada, as¬ by plane on May 18 for Missouri, Bank of the Manhattan
Caininez. Hyatt Bearings Division, Gen¬
Company"'
serting that there was no need, as and was back in Washington oh
eral Motors Corp., Harrison, N.
So that similar errora may not
J.; William R. Donaldson, New York
opponents had argued, to handle, May 20; his trip included a visit
N.,Y.; Russell C. Flood, A. Schrader's
occur
in the future, the. bank;
Son, Brooklyn, N. Y.; Raymond it
as a treaty. It went on to de¬
with his mother, Mrs. Martha E.
G^Harringtpn, Ryan & Harrington, New York, N. Y.; John A;
presents the facts as follows: -■
Lacey clare that the seaway Would
re¬ Truman, at her Grandview, Mo.,
Internatipnai Cigar Machinery Co., Brooklyn, N. Y.; Ira S. Wilson! sult in "considerable savings" in
"The Forty Wall Street Corpo¬
home/',
Halliwell, Inc., New York, N. Y.
ration owns the building at 40 Wall
transportation facilities and that
Street and the Bank of the Man*^
port
cities
and
coal
interests
Parcel Post V ;
hattan Company has no financial
the measure. Associated Press
^
ad¬ would not be harmed to the ex¬
interest in that corporation or the!
vices from
Washington May 21 tent contended. The Associated to the Netherlands
Bill. Sugned *
building whatsoever. Part of the
said:
'
Press added:
Postmaster Albert Goldman an¬
A" bill to increase the
land on which the building stands
pay of
Postal workers received a
Construction cost of the seaway nounced on May 14 that
$400
ordinary is owned by the Bank of the
regular1 postal employees by $400.
yearly increase July 1, 1945. Sup¬ and its power project is estimated
(unregistered and tininsured) par¬ Manhattan Company and is leased
; a year;ion which action was com¬
porters of the newly signed
Of this amount, cel post packages addressed for
legis¬ at $619,500,000.
pleted with Senate passage on lation
to the Forty Wall Street Corpora¬
said, however;- that it was the United States and Canada
delivery in the Netherlands are no tion under a long term lease and
May 10 was sent to the White required to
make up for added have already expended
$1,742,000 longer limited to "gift" parcels. the Bank of
House, i * and received President living costs and a
the Manhattan Comreduction since and
$132,6.72,000,. respectively, Parcels for the Netherlands taay
Truman's signature on May
pany has taken back a long term
21;; it last July in the number of hours
leaving the total remaining esti¬ not exceed 11 pounds in weight
affects about 400,000 workers. All
lease from the Forty Wall Street
Worked by niost employees; The mated cost at
$455,086,000.,
; j
per package, and not more than Corporation for the space it oc¬
increases are retroactive to Jan.
1, cut in hoyrs eliminated overtiijie
An estimated 2,200,000 horse¬ one parcel per week may be sent
1946,1 and the total cost is esti¬ pay received
cupies as banking quarters."
by many;
power will, be generated at the by or on behalf of the same per¬
mated at approximately
$160,000,Under
The accident to the plane which
the
legislation, it is power site in the international son Or concern to hr for the same
0Q0-~ yearly.
Fourth-class
post¬ stated pay increases are not
ap¬ rapids area; New York and4 Can¬ addressee. Parcels for the Nether¬ crashed into the 58th story of the'
masters do not get the $400
raise, plicable to skilled trades em¬
ada will share
equally in the pro¬ lands must, hereafter, it is added building, resulted in the death of ;
but^ will receive a 20% increase, ployees of the mail equipment
duction,
"
be accompanied by three customs all 5 of the
the^ Associated Press reported in
plane's occupants. No >
shops, jobs cleaners in first and
Opponents of the legislation declaration tags (Form 2966), in
its " dispatch
from
Washington. second class postoffices, and em¬ are
one in the building at the time of
reported to be confident that addition
to
one
dispatch note
Part-time workers will receive an
ployees who are paid on a fee or no
action will be taken by the (Form 2972) and one parcel post the accident (at 8:10 p.m.) was
^increase of 20 cents hourly under contract basis.
■

.Pa.£ Stuart D. MacLaren, Heywood-Wakefield

Co., Gardner, Mass.

ests and lake carriers.

!

■

.

on

The May 2 report defended le¬

,

Postail Puy; Increase

,

.

;




,

r

,

-

-

...

present * Congress.

•

'

sticker (Form 2,922),

injured.

-

*

*

Volume 163

From Washington
Ahead of the News

Treasury Certificates
To Be Redeemed in

2979

CHRONICLE

THE COMMERCIAL & FINANCIAL

Number 4494

Sees Revolutionary Changes With Atomic Energy

Cash

(Continued from first page)

'

Secretary of the Treasury Vin-^

never since .th6 beginning, of. the
May 20 that the World had we been so rich in
3% Treasury Bonds of 1946-48, in
(Continued from first page)
knowledge as we have become in
It is downright
silly for the me oxaciai nysteria over the rail the amount of $1,035,873,400, and the past 30 years; but never was
3%%
Treasury
Bonds of
newspapers to be headlining and strike.
For example, Mr. Tru¬ the
this knowledge used so badly.
the radio commentators to be de¬ man's
proposal
would • provide 1946- 49, in the amount of $818,- Mankind has advanced at so fast d
claiming that John L. Lewis is that no seized plant could keep 627,000, which have been called rate that it has ceased to under¬
for redemption on June 15, 1946,
the most powerful
man
in the any earnings while in Govern¬
stand what it has: accomplished/
world, that he can paralyze our ment custody. The coal from the will be redeemed in cash.
"Where," he asked, "has it been
At the same time, the Secretary
country.
Before the New Deal, mines would be taken without the
made absolutely clear that the
announced the offering, through
the
coal operators,
rightly or operators or the owners receiving
actual state, of science can make
the Federal Reserve Banks, i of
a red cent.
;■
••
5'
wrongly, heat Lewis to a frazzle
accessible to mankind all the food,
in
In
the
much
debated J Case %% Treasury Certificates of In¬
every major dispute they had
wprkj
security and liberty
to
with him. Lewis called the strikes. "anti-labor" bill there is scarcely debtedness of Series E-l947, open
which it aspires?
The most that
on an exchange basis, par for par,
The operators continued to
more than one worthwhile pro¬
oper^
has tome of our new knowledge
tq holders of %% Treasury Cer¬
ate/ They
employed company vision: that holding the unions
has been the danger of death,
tificates of Indebtedness of Series
gunmen, it is a fact.
They had responsible for their contracts.
misery .'and unhappiness." ;
; There
is a provision for a 60- Er1946, in the amount of $4,799,the assistance of the State police.
Referring. to the field of artifi¬
There were many bloody battles.
day cooling off period instead of 491,000, which will mature on cial
radioactivity, Dr. Pregel stateo
.When our hearts began to bleed the present 30 days in the Smith - June. 1, 1946, Since it is planned
that the application of neutron
for the rights of labor the so- Connally Act.
This means that a tq retire about $2,000,000,000. of radiation to
the investigation of
called Senate Liberties Commit¬ flock of unions would automati¬ tfye maturing certificates on cash
biplogical problems. may bring
tee, managed by Senator Bob La- cally file their 60-day notice im¬ redemption, subscriptions will be notable
results. "With its help we
Follette, paraded all sorts of stuff mediately the bill became a law. received subject to allotment to
cqn
follow human animal and
about how brutal these company In the great game of arbitration al,l holders on an equal percent¬
plant metabolism, and we already
guards and State, police were. the union usually asks for 30 cents age basis, except that subscrip¬
tions in amounts up to $25,000 will hive today a whole series of new
This committee alleged that the when it expects 15 cents. Arbitra¬
facts regarding the absorption and
guards and police were not con¬ tion invariably works against the be allotted in full. Cash subscrip¬ secretion
of
the
life-sustaining
tions will not be received. The
tent with preserving order but employer which is to say he in¬
substances. This would apply to
\
that they provoked disorder. Un¬ variably has to pay half of what Treasury advices also state:research on vitamins, hormones,
The
certificates
now t offered
doubtedly they did in many in¬ is asked for, and the unions so
will be dated June 1, 1946, and and many drugs. /
stances but most of the bloodshed gauge their demands.
The rail
"We also know," Dr. Pregel con¬
will bear interest from that date
strike which broke down the so-

powerful apparatus, the Synchro¬
tron, 300,000,000 volts of electrons
can be produced.
"It is easy to
visualize what a tremendous ef¬

sen announced on

fect

esses
we

practical realization', of.
cooperation proc¬

the

these

nuclear
may

.

when

occurred

tacking

strikers

workers

property.
A few
couple of strikers
train

guards

at¬

called perfect

ago

a

killed by

belt line rail¬

ing to raid three rival unions. But
this
perfect
machinery
always

were

road out in

the Chicago area.

went up from the so-

called

liberal press. But
remains that the strikers

tacking

the

manned

train

by guards.

A

It is

at¬

was

rand

Charles

S.

dent of the Chase National Bank

;will not get hurt.

of

New

York

and

formerly

^ What we have been permitting
member of Congress, appeared
fin recent years, apparently by

May 23 before the House Banking
and
Currency
Committee, / of

consent, is picket lines
forcibly prevent workers from
entering a plant.
Your correspondent has been
hearing for several years now that
common

to

the

coal

not

wofk-uhless

from

miners

Lewis.

work,"

contract,

no

are

1940 he could not get a single one
vote for Willkie, and

in, 1944, after years of propagan¬
dizing, a single one to vote for

Dewey,

either

in

or

instance

once

other formidable law enforce¬

or

Brit¬

ain and affiliated trading nations

back

toward

free

the

pursued

system

would

enterprise
the United

by

States; To deny the
State-control

just for

like to
the Government send troops

see

the credit would help Great

tinued,

against Roosevelt.
We should

the

to

provisions of
of 1941, in
certificates now

Public Debt Act
upon

emption,
tax acts
The

the

shall
as

not

have

any

ex

such, • under Federal

now or

hereafter enacted.

full

provisions relating to
forth in the of
ficial circular released today.
Subscriptions will be received
at the Federal Reserve Banks and

taxability

are set

loan,-he

incline

con¬

toward

such
as
Russia's. "I do not believe," the
former Congressman said in his
systems

.

Reserve Bank

Federal

or

Branch

,

The Federal Works Agency an¬

many

loyal and disciplined.

■■

■

,

*

The
the

plain fact is that

mass

consider

five

are

how

cattle.

like

difficult

to make

men

it

in

Just

is

for

bargain and
keep together without one or two
thinking he can steal a march
and breaking away.
Apply this
knowledge of human nature to
1,QQ0 or 50,000 or 100,000 men.
Union leaders will tell you pri¬
vately that they have to depend
men

upon force
their ranks.

a

and violence to keep
In the interest of the

workers it shouldn't be this. way.
But it is.
<

The rail ranks

were

beginning

to. break before Mr. Truman made

Stanton Minister
;

to

Siam

der the Federal-Aid
of

was

confirmed by the U. S. Senate on

April 26.
been

Stanton,

who has

General

at

Mr.

Consul

Van¬

There seems to have been
considerable disposition of late




veloping

a

program,

York

a

road

$3,000,000,000

dispatch to the New
from Washington

"Times"

B. C., was named to his stated. It advices also said:
post by President Truman on
Under the terms of the law, each
April 17. As Minister to Siam Mr.
$500,000,000 has to be apportioned
Stanton succeeds George Atche^
new

as
follows: $225,000,000 for the
who also, said /special
Federal-Aid highway system
Washington advices to the New
$150,000,000
for
secondary
or
York "Times," is the State De¬
feeder roads; and $125,000,000 for
partment's chief political adviser the Federal-Aid highway system
\yith Glen. Douglas MacArthur,; a in urban areas.

Jr.,

son

For New York State, the allot¬
taking tip his official residence in ments were $10,834,758 for high¬
duty that has prevented him from

Will continue in his advisory post
■

under

General

"Times"

advices

MacArthur.

The

April

Mr. Stanton is a

:

$4,272,294

way,

for;

secondary

$18,776,072, for urban,
total of $33,883,124.

roads and
or a

Connecticut received a total of

$4,768,522, consisting of $1,395,047

second¬
$2,607,496 for urban.

for highway, $765,980 for

17 added:
graduate of the ary, and

University of California arid is 45

/New

Jersey's

apportionment

$9,433,928, of which $2,864,310
for highway, $1,041,631 for
secondary
and
$5,527,987
for

was

the

part of management to let
public opinion boil up against
organized labor.
But they should
see the danger of this course in

on

President Truman signed legis¬

lation

or

final

thal¬

important factor

are

so

these

of

necessary

minute that

it, is difficult to prove their ex¬
istence, or to define the amounts

With the

of
elements
we
have means of applying and
controlling such trace elements
and

of

creation

radioactive

thereby raise the production
food products, a' fact

many

which

is

the

of

impor¬

greatest

tance

today when one-quarter of
population of: the world is

the

faced

with

tt

,

Of War Dead to U. S.

United States for burial either in/
a

private cemetery/or in

one

;

enough. AH now de¬
how man will apply it."

restricted*

a

national

the /armed

to,

reporting Presidential
of the plan, the Asso¬
the'Army
had indicated that the first of the
returning dead would, probably
reach the United States) shortly
before the first of the year, with
a r r i v a 1 s
totaling about 1,200
monthly at first, gradually in¬
creasing to ftearly 19,000.
Of the 77,901 who lost
(their.,
lives in the first World WaV/46,In

approval

ciated Press stated that

310

were

returned to the United

States. The estimate of those who

starvation."

years

old. He entered the foreign

service in 1921 and since has spe¬
cialized in Far Eastern affairs.

with atomic energy

Cross

workers,

ents and others

war
—-

correspond¬

who died since

September 3, 1939, the date of the
limited

national

cording

to the

emergency,

ac-*

Associated Press,

when added:
It

includes, too,

all citizens of

the United> States who served in
the armed forces of any govern¬

in the Sahara
Desert with the purpose of rais¬ ment at war with Germany, Italy
ing to the surface the natural or Japan and died while in that
water resources which are found service.
The War Department will start
many
hundreds of feet below
ground, thus converting the waste convassing next of kin regarding
land; into
have

we

he

an

the

oasis,

As

suitable

soon

as

material,"

stated, "we can make available
sources of light and heat by

huge

which

of

means

we

settle

can

such deserted regions as the

Arc¬

wishes

their

in

the

next

few

weeks.

Hicks Elected President

American Hotel Assn.5

We could con¬
Leonard Hicks of Chicago,, was
spectral composition of elected President of the American
this light through an appropriate Hotel Association at the annual
choice of luminous compounds. business
conference
at
Biloxi,
This artificial sun giving off light Miss, recently. Mr. Hicks, Gen¬
and heat can be directed towards eral Manager of Hotel Morrison,
a
storage plant in which fruits Chicago, succeeds J. E. Frawley,
may be ripened and their vitamin Detroit, who becomes Chairman of
AHA's Board of Directors, *
content raised."

tic and Antarctic.
trol

the

(

Highway law

1944 to assist the states in de¬

couver,

Siam in the months since he was

spoke,

May 16 allotment of

ifornia to be Minister to Siam

appointed Minister. Mr. Atcheson

were

on

TTuman of Edwin Stanton of Cal¬

break¬

speech; they

nounced

the second $500,000,000 of the
The appointment by President $1,500,000,000 fund authorized un¬

ing seriously in the hours imme¬
diately following. It is a fact, too,
that the rail officials were mak¬
ing no serious effort to operate
the
trains
until
Mr. - Truman

his radio

on

Plans for Return

of

to

of these other unions whose
members are supposed to be 100%

;

pends

forces.

necessary.

He now' takes

alone is not

The

artificially

philosophical'/

pur

of man.

concept

subscriptions
from States for all purposes. "Or an¬
$25,000 or less of the other figure, 2.2 pounds of uranium
maturing certificates. The sub- transformed by fission liberates
sdription books will close, for the the same amount of energy as that
receipt of subscriptions of the lat¬ which could be obtained from the
ter class at the close of business explosion of 17,000 tons of TNT."
Friday, May 24.
"French scientists," Dr. Pregel
Subscriptions addressed
to a said, "are considering experiments

the dues check-off is essential to

*

revise

to

his place not as a superman/ but
as a minor god.
But knowledge

of

recpipt

holders

prepared
statement,
"that
this or to the Treasury Department,
agents into the mining areas,
country can live alone, a free en¬ and placed in the mail before
force men to work, but
terprise State, in a world of State- midnight of the respective closing
simply to insure that any man controlled economies. I feel sure days, will be considered as hav¬
who wants to work is permitted
that no matter what may be the ing been entered before the close
to, do so.
Just keep in mind that
political color of the administra¬ of the subscription books.
in this union which Lewis' every
tion, it would be forced to make
word is supposed to be law, that
foreign treaty arrangements in
he has to have a check-off to col¬ contradiction
SecondJHalfBillion
to our concept of
lect the dues.
Keep in mind that free
competitive enterprise."
Allotted for Roads
ment

not

•

have

.

of them to

.

trace elements

denominations of
$10,000, $100,000

,

light of the new.age/*
Dr. Pregel concluded, "we shall
"In the

for the raising of plants and crops.
amounts

nuclear

of

source

a

energy."■•/ -.■- v.-

was a member for two
By way of illustrating the enor¬ died in World War IX is 328,000.
The present legislation, involving
mous quantities of energy released
to advocate passage of the Branches, and at the Treasury De
proposed legislation to lend Brit¬ partment, Washington, and should by nuclear fission, Dr. Pregel a cost of between $195,000,000 and
ain $3,750,000,000. Asserting that be accompanied by a like face pointed out that the energy that $215,000,000, provides for the re¬
the loan, would "arrest the world¬ amount of the maturing certifi¬ could be supplied by breaking, turn, if desired by next of kin; of
wide
/■ ■ ' ; ;;
' ''j through
movement toward
State- cates.-. Z;
fission,
250
tons
of the bodies of all military per¬
The
uranium would equal that pro¬ sonnel, civilians employed by, the
controlled trading," Mr. Dewey,
subscription
books
wil
according
to
Associated Press close at "the close of business Wed¬ vided' by* the 'B50;OOO,000* "tons" of United' States Government or at¬
Washington advices, declared that nesday, May 22, except for the coal burned annually in the United tached to the armed forces — Red

which he

absolutely will
they get word

"No

form

cobalt

as

very

into

ter

on
May 16 providing for
burial of those Americans
Who lost their lives in World War
II bn foreign soil. Under, the
measure choice1 will be given to
next of kin of having their, serv¬
ice dead remain in national cemetejrieg abroad where they fell or •
often traces of having the bodies returned to the

very

such

are

what we

years,

told is their slo¬
gan.
It is strange that he should
have such a hold as this when in
we

a
on

tinued, "that
a

offered

Dewey, Vice-Presi¬

an¬

lium

terest

British Loses

com¬

striker who goes home
abides by the law himself
a

per

elements

the

pretty

a

1%

of

semi-annually on
Dec.
1, 1946, and June 1, 1947.
They will mature June 1,. 1947.
They will be issued in bearer

i Pursuant

which

%

payable

only, in
$1,000, $5,000,
and $1,000,000.

railroads money.

cost the

the fact
were

|safe bet that in the meanest
munities,

num,

machinery for the
of labor disputes, came

because two rail leaders were try¬

hue and

cry

af the rate of

handling

mine

months

a

on

were

the

or

have, as with their-help
almost;, qll: of
consider worthless mat-,

transform

can

,

was

urban.

;■■■■.

•

.

In

this manner also Dr.

Pregel

"we can change the
material properties of inorganic
matter and produce new and until
now still unknown compounds of

predicted,

In

material.

bould

use

the

same

the source for

way

we

the pro?

AHA, which represents 5,500 of
the nation's leading hotels,

elected

Howard F; Dugan, Vice-President
of the Hotels Statler Company of
New York City, First ViqetFresi-/
dent; and Joseph II. Adams, Man-/
ager of the El Commodoro: Hotel,

coal and petroleum Miami, Fla., Second Vice-Presi¬
organic constituents of dent. Also elected at the -confer¬
ence
was
C. J. Mack, General
vegetable matter."
:"We do not have to worry," Dr. Manager of the Mayflower Hotel,t.
Pregel said, "about the perma¬ Washington, D. C., as. Treasurer.,
nence
of
the
uranium supply. J. B. Herndon, Managing Director,:
There still exists about one billion of the Hotel Plaza, New York City,
times as much uranium in the was elected Secretary. Mr. Hicks;
crust of the earth as in the mines entered the hotel business in 1903
in Chicago, moved to Saratoga,.
we have already exploited.".
Dr. Pregel also referred to the N. Y., latei* returning to Chicago
promising new discoveries being where he operated hotels and
made by means of the Batatron restaurants. He rejoined the Hotel
duction

from

in

of

the

experiments with cosmic rays.

Through

it

and

the

still

Morrison organization in 1931

more .managing

director.

;

as

/ /-.

,

2980

Thursday, May 30, 1946 »,

President

an

(Continued from first page)
as I have accepted it
in other emergencies.
Every",,'citizen of this country
has the'right to know what has

will

brought'

and

sponsibility,

about

this

crisis.

It

is

my

d&ftte

has

already taken place and the

to

report to you what

action

bring chaos to food 'distribu¬

tion.;,:;^

:\■

Farmers
markets.
iood

move foods to
All of you will see your

darkened,

I would regret

tion facilities broken down.
The housing program is

being
a severe setback by the in¬
terruption of shipment of mater

the/railroad operators start¬
ed in accordance with the
Railway
Labor Act.
Twenty unions were

rials.

involved,-JJ. Eighteen

of these un¬
ions agrded to arbitrate the
wage

tion of fuel immediately.

question;,and

able to get home.

A1

an award was made.

vanity",Johnston,

the

Brotherhood

Locomotive

Engineer^; and A. F. Whitney,
President of the Brotherhood of
Railway, Jrainmen, refused to ar¬
bitrate

thd, matter for their un¬
ana' instead took a strike

ions

vote."

An.Emergency Board heard

the case of these two unions and
recommended the same wage in¬
crease

awarded

to

the

18

other

that

Millions

of

begin

conserva¬

workers

Johnston and Mr.
Whitnej^ however, rejected the

.

As

be

;

,

.

I submitted a compromise propo¬
sition to- all the parties involved.

pressure

Negotiations

were

made consid¬

erably !mdr§;difficult by the atti¬
tude
of 2 Mr. -Whitney
and Mr.
Johnston* in "refusing my request
that the'yi meet with the operators
and the"- other 18 unions in

conference in the office
President rof the United

joint

a

of

the

States.

They agreed to meet with the

op¬

erators but not in the presence of
the representatives of the other

unions.

Accordingly, three separ¬
ate conferences had to be held in
the White House.

The^ mnidns'■ had been awarded
increase of 16 cents per hour
and ^certain^changeS 'in rules by
the arbitration
and
emergency
an

■

men

These

not

jrecommended

that they

accept the 16-cent increase award¬
ed by the boards, plus 2Vz cents in
lieu of rule, changes.
These rule
changes j thad: been considered by

in

Emergency Board, which

rec¬

ommended that most of them be

negotiated by the parties.
<

AfteyKponsideration, this

promise

com¬

was

accepted by the op¬
erators and by 18 of the unions.
These 18 unions were cooperative.
>

They placed the interests of their
tccmntry

first.

The

compromise
.rejected, hy. the locomotive

was

^tginee^^ and the trainmen,
^his offer,of

society arid

"

v-.'on.

these

two

unions

speaking. This strike with which

are

'

*
"

'V

the suggested increase, of
cents, was within the wage
"Jzation formula — and„■ this
.

"

"Uatjmust be maintained.
r'd.

dp'' .tors, Mr. Johnston and Mr.
ney chose to reject it and to
fA"" a strike of their Unions. I
ume that these two men know
"

'

terrible; liavoc that their deci¬
ha'sVauyed and the even more
extreihe;suffering that will result
H the
future. It is inconceivable
that
thej'rapjt and file of these two
unions
realize the terrifying sit¬
s

2

sion

uation

created

these two
ifli

•-

by

the

action

■

■

'

1

'

The
.

were

try.
and

of

the

feji immediately

rail

tie-up

shipping is bringing about the

shutdown**# hundreds of factories.
Lack p#/(transportation facilities




But there is

strike

has

It

.

against

itself.

(

now

are

is

not

re¬

at once thousands of per¬
both here and abroad, will
starve.
During these past weeks
I have told Mr. Johnston and Mr.
sumed

the

of

That kind of strike can never
be tolerated.
If allowed to con^

a

sonal gain.

that
They
warning.

these

facts.

I

am

that each

of them

face

his conscience and

the

spectre

death

that

of

will

which

course

If sufficient workers to operate
the" trains have not returned by. 4
p.m. tomorrow, as head of
your
Government I have no alterna¬
tive but to operate the traiqis by

telling them

one

result

can

consider

starvation
from

using

every
means
within my
I shall call upon
the
Army to assist the Office of De¬

and
the

power.

Mr.

Whitney and
Mr. Johnston are following.
I do not speak
tonight of the

tween

Government

the

and

fense Transportation in operating
the trains and I shall ask' our
armed forces to furnish protection
to every man

of his

the

requested the Congress to be in
session tomorrow at 4 p.m. and
I shall appear before a joint'ses¬

"A Friend of Labor"
a

am

men

of

with

labor

of

who

labor.
are

sion of

Congress to deliver
sage on this subject.

You

familiar

record in the United
Senate know that I have
consistent advocate of the

think that I should have taken
this
action earlier and that I
should have made this appearance
here

men

a

and

of

the

THE

We

determined to make every
possible human effort to avoid
this strike against the Govern¬
ment and to make unnecessary
the kind of legislation which I am

racy

any

placed in

are

who

it

have

within

their

powerHo cripple the entire econ¬
omy of the nation.
.

I request temporary legislation
to take care of this immediate

crisis.
I request permanent legIslation leading to the formulation

about to request.

;

of a long-range labor

policy; designed to prevent the recurrence
publicly and pri¬ of such crises and generally to

Recites Negotiation Difficulties
For months,

:

vately, I have been supervising reduce the stoppages of work In
directing negotiations be¬ all industries for the future..

and

tween the railroad operators and
Asks Temporary Legislation

the 20 different railroad unions.
I have been doing the same with
respect to the pending labor dis¬
pute" in the coal mines.

I

request that the temporary
legislation
^ effective jonly^^ for hi#
period of six months after the /.
declaration by the President or by; |
the Congress of the termination
of hostilities.
It should be applicable- only to those few indus'
tries jn which the President by j
proclamation
declares ..that an
emergency has arisen which affects the entire economy of the
United;States." r»'Jt v shbtildlbe0^^^
fective ^pnly Iri those ; Situations <

President

fore I took my place at the mi¬
crophone last night.

either to remain at work

Mr.

*

railroad strike which threatens to

paralyze all

cultural,

industrial, agri¬
commercial and social
our

life.'

had arrived.

picture which

It is

we

faced

at home

and abroad if the strike is

leave their

In that action, you,
Congress of the United States,
and I, the President.of the United
States, must work together—and
we must work fast.

democ¬

ted

two men should be
position where they

to

The

a

It will
.

1

-:

.V.

continue.

shall

ask

to take

you

are

obey

disaster will spare no one.
bear equally upon busi,?V

V

•

to refuse to

to

necessary

our

any

order of the court made

(c)

great and

the

save

masses of working men
women from
the dangerous

of

ill-advised

the

own

ers

and

leaders.

.

•

and Arrogant
>;y.

.

*;■$>■ i-,v.'.

..

v

legislation should provide
that, after the Government has ;v
taken over an industry and hasv;

-

directed the men to remain at work

-

J-/>'•'*" ':'/•* *?*;

...

This particular

crisis
brought about by the
arrogance of two men.
Mr. Alvanley Johnston,
■

.

The

Brotherhood Leaders Obstinate
?••>'-'-v%

lead-f V

who violate the provisions of

the act.

of their

some

Provide criminal penalties

against employers and union

mighty
and

their

of

the Government.

That action is also

Government.

;

senority rights who, without good
cause, persist in striking against

neces¬

for the ■ preservation of

sary

or

has been

to

return

to

work,

the

wage '4

Scale be fixed either by negotia- v;
tion or by arbitrators appointed ;

obstinate
They are
by the President, and when so
President fixed it shall be retroactive.
:

of the Brotherhood of Locomotive

Engineers, and Mr. A. F. Whitney,
of the Brotherhood of

other unions

a

and

all

Eighteen

of the

[ This legislation must be used in
f:
v way; that: is
fair to capital and ";

labor
not

rail¬

or

road companies of the nation are
ready to run the railroads.
And
these two men have tried to stop

1

can

tude

of

'

'

those

The

President

will

,

;

either side—industry: 4 "
workers—to use it to further • '

their

own

upon

selfish

the

interests

or

to

•

Government';,the'?£;■

carrying out of their selfish aims.

*

members

of

I Net profits of Government op- ^ /
eration,; if any, should go to the:;
Treasury of the. United States.;; ; ;,;,,

the

.

who

alike.

permit

foist

appreciate the atti¬

well

Congress and those citizens of the
United States outside of the Con¬
gress:

-

work or

return to work, subjecting him to
contempt proceedings for failure to

The action which I have already in such proceedings;
(b) Deprive workers
taken arid the action which
I

would seek to take
vengeance for the unpatriotic acts
of these two men. r However, 1 am
sure that none of us wishes
to

permit¬

,

inciting members of the union to'

the

I

Last night I tried to point out
to the American people the bleak

to work and where such a\'i

turn

r

them,

'

'

men

to re--'"

,

Railway Trainmen.

'

*

or

t

our

country.

Requested

However, when the strike ac¬ request is ignored the legislation
tually broke against the United should:
States. Government,; which
(a) Authorize the institution of
was
tryipg to run thej railroads, the injunctive or mandatory proceed- time for negotiation definitely had ings against any union leader for¬
passed and the time for action bidding him from encouraging or

President

For the past two: days the na¬
tion has been in the grip of a

has

.

I deem essential to the welfare «of

particular group, no
matter who they may be, and the
country as a whole, the welfare of
our

President,

I desire to thank you for this
privilege of appearing before you
in order to urge legislation which

one

inconceivable that in

CONGRESS

United States:

conflict that arises

first.

TO

Speaker;
members of the Congress of the

shall always be a friend of labor.

come

ADDRESS

Mr.

to advocate those measures that
result in the greatest good for the
Greatest number of our people. I

country'haust

striking against their'

and
against
of their fellow-citizens, g
dealing with a handful of

Government

men

was

effects

The text of President Truman's
address to Congress follows:

im¬

ployees to organize and bargain
collectively. It has been the basic
philosophy of my political career

in any

:

every one

today.
The reason
not do so was that I

I did

who are

own

before

that

misguided acts of

provement ,pf labor's position.
I
have opposed and will continue to
oopos'e unfair restrictions upon
the activities of labor organiza¬
tions and upon the right of em¬

the

a mes¬

my

States

been

friend

who heeds the call
country in this hour of need.

This emergency is so acute and
the issue is so vital' that I have

unions.

I

J

M

road unions up to two hours be¬

Would Use Army

strike.

have refused to heed my
I doubt whether the rank and file
of their unions have been told
now so

has

must

labor
years

the Congress. As President of the •
tinue, the Government will break United States I have repeatedly
down.
Strikes against the Gov¬ urged not only their retention but y
ernment must stop.
their improvement.
I shall con-.
I. appear before you to request tinue to do so.
immediate legislation designed to
^However* what we are dealing
with here is not labor as a wholehelp stop them.
I am sure that some of you may We are
dealing with a handful of. 1

confronted

tragedy

would result from

which

gained in the last 13

be preserved. I voted for all these
benefits while I was a member of

■

sons,

Whitney

benefits

The

a

Government

»

t

railroads

\

Labor

man¬

become

now

the

!
,

Must Preserve Benefits Given

longer

no

dispute between labor and

!

me" personally
arid many days
have been spent by my represen¬
tatives in attempting to negotiate
President of the United States, I
settlements of these di$putes.
call upon .the men who are.,now
I assure youj' that: it was not
out on strike to return to their
easy to be patient.; But, until the
jobs and to opferate our "railroads
very last moment, I made every where the President of the United
'
To each man now out on strike I
effort to avert this crisis. In fact, States has taken over the
opera- f
say that the duty to your country my •
representatives were in con¬ tion of the industry.K '
4 " *
1 ^
goes beyond any desire for per¬ ference with the two
striking rail¬
In such situations where the
-

.

,

our

between

by indus¬

that I do not take

dinary emergency which exists, as

3tark; tragic truth. ilf the operation; of

But

Lack of fuel, raw materials

I am here not only to urge
speedy action to meet the imme¬
diate crisis, but also^ deliberate
and weigh consideration * pf any
legislation which might affect the
rights of labor.
decay.

The railroads must resume op¬
In view of the extraor¬

Country's Welfare Paramount

men.

this country it would stagnate and

night,

eration.

difference be¬
tween life and death to hundreds
of thousands of persons.
This is

of

Effects of Strike

our population.
paid, well housed and well nour-y > |
ished working men and women in ,y:j.

not only

the

rights of labor

tead of accepting; this offer
18 of the unions and the

;;

in

tied up.

This is

j

'ji
Without well > |

now

alternative.

agement.

y-.

great as that of any other group

as

Army of the. United States.

no

country in peace
in war is at least

and to its victory

touches
Time and again I have seen the
the welfare of a class but leaders of the unions and the rep¬
vitally- concerns the well-being resentatives
of
the
operators.
and the very life of all our people.Many hours have been spent by
we

mouth.

country by the strike of these few

are

ilthe highest paid unions in
truqfry.' It is also important

""•or

the welfare of
It is time for plain

upon

country*

our

an increase of 18Vz
situation in the coal mines; of the
tjper hour was eminently fahv
nation, for* the men are now at
;
*"*uld have resulted in actually
work and negotiations for settle¬
tr
.'asing the take-home pay of
ment are now taking place be¬
vc
union
members
above
the

";*",ai':st take-home pay which
^ enjoyed during the war. In

earn

cannot believe that any right of any
worker in our country needs such
a strike for its protection.
I be¬
lieve that it- constitutes a funda¬
mental attack upoh the rights of

,

the

being operated

are now

these wages because of the
willful attitude of these few men. I

-

boards*

a small group of
and their Government.
The

has resulted in mil¬
lions* of other workers losing their
wages.
The factories of our coun¬
try are far behind in filling their
orders.
Our; workers have good
jobs at high wages but they can¬

week.

means

la¬

This is a

group of men

living from
They depend
upon weekly shipments from us
to
meet
their minimum daily
needs.
This grain held up in this
men

between

against their Government. The
fact is that the action of this small

because the strike of

people

to

contest

no

by your Government and
the
strike of these men is a strike

Threat of Starvation
hand

public

last

stated

I assure you

United

contest between
railroads

keeping the
eood from reaching the ports.
If
these ships are held up any longer
it means that the bread supply of
15 million people will be cut off
one

the

bor and management.

,

two unions

of

I

this action lightly.

am

Strike Against Government

third

within

that

million

This is

today in liberated Eu¬
receiving less than one-

sail

the

those

the action of these two men.

friend^

'hese

lose

our coun¬

try is extremely acute, the condi¬
tion in EUrope is tragic.
Most of

cannot

to

the representative of
people and I cannot
stand idly by while they are be¬
ing caused to suffer by reason of
140

y

to agree,

the

unless
the railroads are manned by re¬
turning strikers I shall immedi¬
ately undertake to run them by

ill-ad¬

legislation

labor

President

States, I

i,

production

While the situation in

rope are

cause

result

not

were

As

gains which it has rightfully made
during the years.

of the average
American
consumption of food.
We have
promised to help the starving
Emergency Board's recommenda¬ tiasses of Asia and
Europe, and
tion' hi 'itiS, entirety.
v,,
we have been
helping them. We
cave been exerting our utmost ef-'
Cites' History of Negotiations
;
orts and it is
necessary for us to
I ^ began
^ conferring with Mr.
ncrease our shipments.
At this
Whitney and Mr. Johnston as far
ninute 100,000 tons of grain are
back as Feb. 21, 1946, in order
being i held ' up by the strike of
that every effort should be made
hese two unions.
UNRRA has 12
to avert'a'^rail strike.
When it
ships scheduled to leave from our
became evident that the parties
ports with grain. These ships
themselves were unable

unions^1*'Mr.

should

Restrictive

would

not be

will

inflationary

caused by the drop in
cannot be measured.

our

rOads

deeply if the act

a

thrown out of their jobs.*
The added

there

vised

Returning veterans will

:

president of

of

must

growth of this

housing,

!|

L
j}
yy,|

The contribution of labor to the

die who could be saved if the rail-.

should create such a wave of ill
will and a desire for vengeance

-

Utilities

labor.

our coun¬

of the two leaders of these unions

that I intend to take.
Negotiations between the unions given

and

take any action which will injure w
■ w.' •'■'•■'
V:-■■[<i--■

and

shipping,

our economy

ultimately destroy

fess its impotence. *

transporta¬

your

farmers

every citizen of the United
States. Food, raw materials, fuel,
upon

health, the public safety—all will
try. The Government is challenged be dangerously affected.
Hun¬
as seldom before iii our
history. dreds of thousands of liberated
It must meet the challenge or con¬ people of Europe and Asia will
and

cannot

supplies dwindle, your health
satety
engandered,
your

streets

completely stifle

can

:

-

£ workers,

nessmen,

d House Take ! Itrike Action

|

•

J As^a

part

of

this

temporary

;

,

t

emergency ;r. legislation 1 - request £
the Congress immediately to au- f

thorize the President to draft into

the

armed

forces

of

the,. United;

-

(Volume 163-1 Number

THE COMMERCIAL & FINANCIAL CHRONICLE

4494

States

all
workers who are on
strike against their Government.

hour

These measures may appear to
you to be drastic.
They are.
I
repeat that I recommend them

recommendation, in lieu of rules
changes/ The agreement is that
there / will be a moratorium on

only as temporary emergency ex¬
pedients : and only in cases where

rules for

workers

are

striking against the

1-'1

■■

■.

V:'-.

::

?.''<■!1j-i

.

'

■

Asked Early Passage of Price
Control Laws
I take this occasion

again to

re¬

quest early actionby the Congress
to continue the price control and
stabilization laws in an effective
form.
The stoppage of work in

many industries has brought about
a decline of
production which has
caused great pressure upon

We

jobs

tee.

we

protect

well

as

the

workers

ask to remain

the millions
have remained

as

workers

of

who
on
their j obs and the
many millions
of other American citizens

against
extraordinary inflation which
may come upon us. Delay by the
Congress is daily increasing these
pressured and I urge immediate

issuance of the proclama¬
tion, it shall be the obligation of
he officers of the employer con¬

.

ious—as I

am

anx¬

fhat the

sure

am

most

Engineers.
A.

Whitney,

Brotherhood
•

bill

strike-control

thd Con*gress are—to do nothing which
would injure labor or the cause

passed

Representatives

on

A BILL

the

emergency

I believe that the time has come

present period of
for the prompt set¬
industrial disputes

affecting the national
the transition from

vitally

to adopt a comprehensive labor
policy which will tend to reduce

of

economy on
war

to peace.

Be it enacted by the Senate, and
House of Representatives of the

United States of America in Con¬
gress assembled:

Section 1. It is the policy of the

however, that adequate study and United States/that labor disputes
interrupting or threatening to in¬
consideration can
produce perma¬
nent long-range legislation Which
will reduce, the number of occa¬

sions where that ultimate remedy
has to/; be adopted. The whole

subject of labor relations should
be studied afresh.

terrupt

of indus¬

operations

the

tries essential to the maintenance

the

to

from

effective

to

war

transition

•.

i\U»

i

I

'

.

•

: "

■

I: vtrecomm^nd

.:

'

creatiohdhyr-Congress
committee

to

k-.'.

v

.

the »immediate

make

st*

that

joint

study.

That? committee should
study the
whole problem and, within a pe*
riod of six months, bring in rec¬
ommendations.

for ( appropriate
legislation which would be fair to

labor and to industry and to the
public at large,
I make

these recommendations

for temporary and
islation with the

long-range leg¬
same

emphasis
on each. They should both be
part
of one program designed to main¬
tain our American system of free
enterprise with fairness and jus¬
tice to all the American citizens
who contribute to it.

HARRY S. TRUMAN.
The White House,

.

Pact Ending Rail Strike

,

ern

tees

text

carriers
and

of

the

interruption

or

occurs

continues therein after such seiz¬
ure;-' then, if/ the/ President
de¬

facility is vitally necessary to the
maintenance of the national econ¬

the President may, by proc¬
lamation, declare the existence of

s

national emergency relative to
interruption of operations.

the

the

by the Brotherhood of Locomotive
Engineers and the Brotherhood of
Railroad Trainmen,
of the Brotherhood
of Locomotive Engineers and the

The strike

Brotherhood

of

Railroad

Train¬

signature

-

employees to take affirmative ac¬
tion prior to > thA finally effective
date of the proclamation to recall
the emnloyees and all officers and
executives ■: of
the / employer to
their

posts

of duty and to use
their best efforts to/ restore full
operation ; of
the * premises
as
.

is hereby settled on the basis
of the President's recommendation
men

of May 22.
The basis

such

jurisdiction
not be limited by the act
and

power

decree of the court shall be

subject to review py the appro¬
priate Circuit Court of Aopeal
(including
the
United
States
Court of Appeals for the District
of Columbia) and by the Supreme
Court of the United States upon
writ of certioari.

quickly

as may

Section

Any affected em¬
ployee who fails to return to work
on or before the finally effective
date of the
excused by
after such

lock-out,
other

mines

proclamation (unless
the President) or who
date

or

in

engages

strike,

any

slow-down

or

interruption

concerted

operations

of

while

facilities

such
are

plants,

in the pos¬

session of the United States shall

be deemed to have voluntarily
terminated his employment in the
operation thereof; shall not be re¬
garded as an employee of the
owners

operators

or

thereof

for

the purposes of the National Labor Relations Act or the Rail¬

Labor Act, as amended, un¬
he is
subsequently reem¬
ployed by such owners or operat¬
ors, and if he is so reemployed

way
less

shall be deemed

a

for

seniority

purposes

be; and (4) estab¬

lish fair and just wages and other

terms and conditions of employ¬
ment in the affected plants, mines

6.

Section

of

new

employee
rights.

7« The President may*

in his

proclamation issue'd under
of settlement was a
Section 2 hereof, or ih a subse¬
wage increase of 16 cents an hour or facilities
which .shall be in ef¬ quent proclamation, provide that
or $1.28 per basic day as recom¬
fect during the period of Govern¬ any person subjectthereto who
mended by the President's emer¬
has failed or refused/without the
ment possession, subject to modi¬
gency board, to be effective as of
permission of the President, to re¬
Jan. 1, 1946. and an additional in¬ fication thereof, with the approval turn to work
within 24 hours after
crease

of V-k cents per hour, or 20

cents oer basic

"day, effective May
22, 194-3, making a total increase
of I8V2 cents per hour or $1.48
per basic dav.
The

additional

2^

cents




per,

of prop¬

which-^possession has
by the United States
provisions of Section 9

under the

the

owners

Selective

Training

•

and

Service Act of 1940, as amended,

other similar provision of

or any

law,

due

consideration

shall

be

$200,000,000

this act. shall cease to be effec¬
tive six months after the cessation

the

next

$250,000,000

and

year,

beginning "July 1;

for

/fiscal

for ./each

succeedngi fiscal year. /./ V. //
Endorsed by the National Education Association, the bill " was
introduced by Senator Hill. (Dn
Ala.) for himself and for Sena-

"

ors Thomas (D„ Okla.) and Taft
(R., Ohio). From the "Times" wq
quote:
-:v;i

The money would
be apporioned among the States under a
formula designed to assure annual
expenditures for public education
■

at the rate of

,,.
.

Thirty-

$40 a pupil.

three States would derive .benefit
under conditions prevailing today.

These include all of

ther Southern*,

States;;;////./^
In view of suggestions by oppo- /
nents of Federal aid

to States for
education that the result wouldbe /;
Federal control of the vccwhtry-s

public educational system,, the bill
carries the following stipulation:

-

"No department, agepcy, jofficer,

employee of the United States
shall exercise any direction; supeiy
vision or control over, . or preor

*

•.

scribe any requirements with rre^'" 4

spect to, any; school, or anso State /
educational institution or agency, .
with

respejct to which any funds

have been or may be made; avail# /
able or expended pursuant.to this >

entitled "An act to amend the Ju¬

omy,

.

commit¬

pensation to the

$150,000,000/for

the fiscal year

com¬

other

persons

or ;

circumstances,

shall not be affected.
thereby. J

;

.

termines that the continued oper¬
ation of any such plant, mine or

Section 3.
The. President shall
in any such proclamation, state a
time not less than 48 hours after

represented

fixing just

dicial

and

other

or

agreement

conference

employees

In

<

thereof at which
such proclamation shall take final
which ended the strike of the eneffect; (2) call upon all employees
gineers and trainmen, as released and all
officers and executives of
by John R. Steelman, Presidential the
employer to return to their
labor consultant, follows:
posts of duty on or before the
Memorandum of agreement be¬ finally
effective date of the proc¬
tween carriers represented by the lamation
; (3) call upon all repre¬
Eastern, Western rand Southeast¬ sentatives of the employer, and the
The

Senate/on ^

act; nor shall any term orifcondi—v
of hostilities, as proclaimed
by the tion of: any agreement or any /
Code, to define and limit president, or upon the date (prior
other action taken under this act, /
the jurisdiction of courts sitting in to the
date of such proclamation) whether
by agreement < or other-,
equity, and for other purposes,
of the passage of a concurrent
wise, relating to any contribution
Section.',?. Whenever the Unitec approved March 23, 1932. Notice resolution
of the two Houses of made
under this act 1 to or on be¬
States has/tokep ^ossessipn^^un- or
process of the court urnjer this Congress? stating that 'such
pro¬ half of any school,^or
der the provisions of Section 9 of
anyvStatesection may 'be Served in any ju¬ visions
and
amendments / shall
educational institution or agency,
the Selective Training and Serv¬ dicial
/ district, / either ; personally cease to be effective.
or any limitation or provision in/
ice Act of 1940, as amended, or the or.
by/leaving a copy thereof at
Section 11. If any provision of any appropriation made pursuant
provisions of any other applicable the residence or
principal office this act, or
the\ application of to this act, seek to control in any
law, of any plants,/mines or facile or place of business of the
person such
provision to any person or manner, or prescribe requirements
ities constituting a vital or sub¬ to
be served. Petitions filed here¬
circumstance, is held invalid, the with, respect to, the administra-f
stantial part of an essential in¬
under shall be heard with all pos¬
remainder of the act and the
ion, the personnel, the curricuap¬
dustry, and in the event, further, sible expedition.
The judgment
plication of such provision to
uihj 'the instruction/ the/ihethOds •
that a strike, lockout;; slow-down.

*

May 25, 1946.

of

shall

promptly and fairly mediated^ anc
brought to a conclusion which
Wanis Congressional Committee will be just to the parties and pro¬
tect the public in
; to Study Labor Problems
>

9.

taken

and

should; be

peace

unanimously; .ap¬

May 17 legislation to aid/public

,,

of the national economic structure
and

Grodp

Education and La¬

,

To provide on a temporary basis

during

Senate

Committee

proved and sent to the

United

any person

a
by

,

tlement

canital and the whole population.
The general right of workers to
strike against private employers
must be preserved.
I am sure,

as

of

May 25:

of labor.

the number of stoppages of work
and other acts which
injure labor,

text

the

given to the fact that the United
wilfully violating the States took
possession of such
provisions of sub-section (A) of
properties when their operations
this section shall be
subject to a had been
interrupted by a work
fine or not more than $5,000, or
to imprisonment for not more stoppage, and to the value the
use of such properties would have
than one year, or both.
;
had to their owners during the
/ Section 5.
The Attorney Gen¬ period they were in the possession
eral
may petition
any District of the United States in the light
Court of the United States, in of the labor dispute
prevailing.
any State or in the District of Co¬ It is hereby declared to be the
the
lumbia, or
United
States policy of the Congress that neith¬
Court' of any Territory or: Pos¬ er employers nor employees
prof¬
session, within the jurisdiction of it by such operation of any busi¬
Which any party defendant to the ness enterprise
by the United
proceeding resides, transacts busi¬ States and,; to that end, if any
ness, or is found, for injunction net profit accrues by reason of
relief, and for appropriate tempo¬ such operation after, all the ordi¬
rary relief or restraining order, nary and necessary business ex¬
to secure compliance with Section penses and payment of just com¬
4 hereof or with Section 6 of the pensation/ such net
profit shall
War Labor Disputes Act.
Upon be covered into the Treasury of
the filing of such petition, the the United States as miscellane¬
court shall have all the power and ous receipts.
,i
..
jurisdiction of a court of equity,
Section 10. The. provisions of

Text of House Strike-Control Bill

tfya

date

provisions of this act.

Section

been

(C)
On and after the finally
effective date of the proclamation,

is

The

bor

took'1 possession

of

ful.

John R. Steelman, witness.

Following

the

States

interruption at any such plant,
or
facility shall be unlaw¬

Train¬

,

.

at

erties

mine

men,

the

] n

On and after the finally
effective date of any such proc¬
lamation, continuation of a strike,
lock-out, slow-down or any other

president,

Railroad

of

Voted by Senate

provisions

shall apply
who was employed
affected plants, mines or

facilities

(B)

.'//;-'

-

F.

Stale Education

any person

out the

tion.

grand chief engi¬
Brotherhood of Locomotive

ma¬

jor^ of dhe members of

/oregoing
■;o

^

the House of

I have said that I

erms and
conditions as may be
prescribed by the President, as
aeing necessary in his judgment
o provide for the
emergency.. The

thereof,
education in
low-income /States
including officers and executives
of the employer, and shall further through Federal grants each/year,
advices to the New York ".Times"
apply to officials of the labor or¬
from Washington stated.
Eventu¬
ganizations representing the em¬
ally amounting to $250,000,000 an-/
ployees.
nually, • the fund would be de¬
Section 8. There are /hereby ausigned to equalize educational op¬
rescind or terminate such strike,
horized to be appropriated such
portunities in the States. The bill
lock-out, slow-down, or interrup¬ sums as may be necessary to carry
wo.uld authorize

the

action.

(A) On and after the

initial

.

A. Johnston,

their

on

a

J. B. Parrish, chairman, South¬
eastern carriers conference com¬
mittee.
neer,

must

Section 4.

ducting or permitting such lock¬
out or interruption, the officers of
the labor organization conducting
Signed:
or
permitting such strike, slow¬
H. A. Enochs,. chairman, East¬
down or interruption, and of any
ern carriers conference commit¬
person- participating in the call¬
tee.
ing of such strike, lock-out, slow¬
D. P. Loomis, chairman, West¬ down/ or interruption
Jo take ap¬
ern carriers conference commit¬
propriate affirmative! action
to

price

levels.
whom

specially appointed for
he purpose by the President.1

period of one,year.
Appropriate agreement will be
executed by the parties at the
earliest possible date.

Government,
s

mission

20 cents per basic day is

or

in accordance with the President's

2981

of

the

President, pursuant to the

applicable

cluding Section 5 of the War La¬
bor

the

finally

effective

provisions of law, in¬ proclamation issued

Disputes Act,

or

pursuant to

the findings of any panel or

com-

2

hereof,

shall

be

date

of

his

under Section

inducted

into

the Army of the United States at

such time, in such
or

without

an

manner

oath) and

on

(with
such

Palestine/ Import License
Postmaster Albert Goldman
nounced

an¬

May 14 that goods im¬

on

ported into Palestine for commer¬
cial purposes exceeding 1 pound
sterling ($4.05) in value and goods

of

instruction,

materials' of

or the

instruction; nor: shall any/provi¬
sion of this act1 be interpreted or
construed to imply or require any

change in any State Constitution '
prerequisite to any State sharing
he benefits of this Ect.^01
To qualify for the grants/States
/
would have to meet several

Mndi-

exceeding tions/ including at*'just 'anctjequitable apportionment of sucli funds
pounds sterling
($60.75) in
value, require the production by for the benefit • of public* schools
the addressee of an import license. maintained for minori ty ra^es,":
sent

bona fide gifts

as

15

.

If the

addressees do not produce

the import

license, when required,

where separate schools are/ihain1 ;ained
for such purpose: ^Any re¬

the packages are liable to con¬ duction in the amount spent' for
minor ity^race schools in
/the /cur¬
fiscation^/ The advices add:
rent /fiscal year; is also prohibifedf/
Packages are accepted for mail¬
To continue to qualify
ing under the following conditions
fc^/pid
after the program's fourth year of
only: (a) Gift packages--If the
package or consignment of pack¬ operation, a State would have; to
maintain an expenditure fori edhages from one sender to one ad¬
cational purposes of 2.2%;'bf the
dressee does not exceed $60.75 in

total

the

value

wrapper or wrappers
endorsed by the' sender

must

be

with

the

words

value not

exceeds

"bona

fide

gift

£ 15." If the value

over

$60.75

the

sender

must

endorse the
wrapper or wrappers

income

of

its

citizens;

President Vetos 2
Puerto Rican Bills
President

ojlhin

Truman :

on
vetded,___,

has obtained import May 16 a measure by the1 Puerto
(b) Commercial pack¬ Rican Legislature which provided
ages.—If the package or consign¬ for a plebiscite cn the p£rhianent

"addressee
license."

ment of-

packages from the Same

sender to the
ceeds
or

same

addressee

$4.05 in value the

ex¬

wrapper

wrappers must be endorsed by

the

sender

with

the

words

"ad-

dressee

has

cense."

If the value does not

ceed

$4.05

obtained

no

quired insofar

import

endorsement is
as

ex¬

status

Reporting
advices

New

this

from

York

"He

of

that

^oiihtry.

Assoc'ate^/Press

WasiingtoiV/'iri the
added/1; ./-/'

"Times"

also

vetoed

companion

a

providing

measure

"poll

a

Puerto Rican v^t^r- for
pose

re¬

the Palestine im¬

of

Rican
ernor

port license regulations are
cerned.

li¬

political

con-1 before

a1 Puerto

recommending

for
in

appointment

the

the

event

of

as^pvivacancy

a

perm a nent /

status of the inland

of

'th^1 "pur¬

were

pblf tical

decided."

/

THE COMMERCIAL & FINANCIAL

2982

CHRONICLE

Thursday, May 30, 1946

preliminary negotiations on tariffs

Peace and
k..«

but

Nations Relief and Rehabilitation
Administration for

ship¬

overseas

Foreign Trade

production

(Continued from first page)

to

of

send

refuse

and

the product of
duce

make

in

and

must

we

rapid adjustment not only
practices but also in our
of'thought in order to make
a

our

ways

the

transition

shipment' of
for

from

goods and services
give and take that
if trade is to make

is necessary
its s contributions

£

peace.

this one-way

to the

war

to

living, in
;

• •'

forces

Our

ft

,

overseas

V

unless

abroad

pleasures

receive, goods

to

two-way

process

export,

for

commodities

But normal trade, is essentially
a

goods

or

services in return is to give away

ment. This also is one-way traffic.

t

have

for

our

others

labor.

so

that

we

can

'

by depriving us entirely of many

things produced abroad for which
we have no domestic counterpart

ceases

r

ceptance of a lower standard of

future?

Th& readjustments will be cost¬

ly* and difficult unless we are pre¬
pared to take a comprehensive in¬
stead of :a harrow view of inter¬

national - commerce.
Over will

for

The

change-

be eased by the demand

exports directly or indi¬
rectly resulting from the post-war
our

loans We'have made
to

a 1

number

loans

or

life than we would otherwise en¬

joy. At the same time it would
reduce the purchasing power of
other countries for our products
so that it would be harder for us
to sell those things that out peo¬

of

flow

plans for international
reconstruction

it

was

a

the

But

establishment

of

is

independent of the others. On
the contrary, their fortunes are
interdependent; the serious weak¬

ening of any

one of them will
determine
the
whole

to

tend

structure.
The New International Trade

Organization
The

important from

most

economic

X

point

of

view

of

an

the

agencies planned but not yet es¬
tablished

the

is

International

Trade Organization, This Organi¬
zation is vital to the completion
of the structure to which the In¬
ternational

Monetary

International
struction

Bank

Fund,

the

Recon¬

for

and

Development and
and
Employment
Commission of the Economic and
the

Economic

Social Council belong.
*

The United States took the lead

Historians

Crucial Years

preparing for this Organization

will

look

back

on

ings of the General Assembly and
Economic and Social Council

the

took

economic re¬

comercial policy and related sub¬

liability to lationships because of the deci¬
sions made in these years oh in¬
the world's economic life.' They
ternational trade.
will assist these countries to free
After the first World War ef¬
their currencies. And we cannot
more
toward multilateral trade, forts were made to restore inter¬
national
economic
relationships.
we cannot freely send our goods

jects began working in Washing¬

their economies

be

an

rehabilitate

to

that they can

so

asset and not

the years

1946 and 1947 as a criti¬

world international

a

that there were

.

But to loan dollars and to
the

construct

economic

life

re¬

two outstanding

factors—the failure to maintain a

of

high level of employment and the
be failure to expand world trade.
enough in the 'long run to keep These failures had disastrous con¬
world : trade going unless these sequences,
They, r distorted and
countries can earn more dollars wrecked the internal economies of
countries

will

not

by relling their goods and

many countries, strengthening the
forces of nationalistic militarism
substantial increase of im¬ and reaction and weakening the
ports Into the United States.
supporters of democracy and in¬
collaboration.
They
Some of these imports can take ternational
the form of services received by ruined the high hopes of a peace¬
cur people
in, for example, for* ful world which men held in the

ices to

bp"

serv¬

There must, therefore,

us.

a

eign travel, but there is a large
market for imported goods in our
t-cc'

'

omy

nineteen twenties.

War and Full Employment

today, and by purchase

ing them we as a nation will make
it possible for others to buy the

When large numbers of unem¬

ignation as Secretary of State on

comprehensive proposals concern¬
ing trade and employment. They
did this so that the United States

tries

Exporting

were

*

In- the

,

past,

have

our

obscured

peace-time
one

trader

of the

The

concerned
with
export
goods, but from the point of view

of

the

whole

country, the chief than a repetition of these inter-war
purpose of exporting is to enrich failures. We have established an
our community by
enabling us to international
organization
for
buy from outside the goods we dealing with international mone¬
Want for our own consumption, tary questions and with interna¬
just as other countries export to tional investment superior to any

measures

for

the

international

conference

and employment.
was

suggested

States in the

on

trade

This Committee
by
the United

Council

as

a

means

bringing the project outlined
by our Government under the
auspices of the United Nations.
The
Preparatory
Committee is
us to raise their standard of liv¬
that was set up after the last war. composed of representatives of 18
ing. It is also true that domestic, But once again monetary and lend- .countries, including all countries
.employment is stimulated by the' ing facilities will not avail long we had invited to participate in




of

conditioned by fear, but ignorance
and fear are the pressures under¬

lying" violent popular upheavals.
It is opportunity to go forward
peacefully that men desire, it is
the possibility of obtaining decent
cpnditions of life and the aim of
the Economic and Social Council
is to clear the way for this. Inter-:
national trade is indispensable to,
this purpose. The natural re-f
sources
of
the world are dis¬
tributed unequally among differ¬
ent countries and so is the
population of the world. The dis~,
tribution of resources is imper¬
fectly related to the distribution,
of population, and trade between
countries is the principal door to
progress

for all; It is peculiarly
the whole is

trade that

of

true

greater than the sum qf ,its parts.
The
immediate
aims
of the

ter life.

1927

some excellent resolu¬
tions but most of the Governments

failed

to play their part in im¬
plementing the decisions. Our at¬
titude this year and next on inter¬
national trade policy will be a
decisive test of whether or not we

have

really turned our backs on
economic isolation and sincerely

taken up the ways

of international

cooperation.
stating again what
of you well-known
the
importance of

I have been

for many

are

about

facts
trade

and

real

the

and

direct

benefits that we as citizens of the

Railroads Reformed lo

Owners—Slriko Ended
control of the nation's£

Federal

337 railroads was
5 p.m.

relinquished at

(EDT) on Sunday, May 26,

after reports

showed that normal

nearly normal service had been
restored' rapidly in the wake of a

or

48-hour strike which
President Truman's
4.50 p.m. (EDT), the day

paralyzing
was

settled

terms at

on

before.

of Railroad
Brotherhood of
anyone doubt that every state in
Locomotive Engineers on May 26
this country, including the richest,
signed a formal contract which
has benefited by the absence of calls for a straight wage increase
trade
barriers
between it and of 18 Vz cents an hour for the en¬
other states? Similarly all coun¬ tire industry, of which V-k cents
tries, including the richest can is in lieu of changes in working
benefit from a reduction of bar¬ rules for one year.
The 18 other
riers to trade between countries, railroad unions signed earlier in
providing that such reduction is the day an agreement covering^
accomplished with due regard, to the same terms.
its impact on existing economic
United States obtain from it. Can

The

Brotherhood

Trainmen and the

,

interests.

National City Bank Advt
Task

The

and

the Economic

of

Transmitted by Cable

Social Council

A

Yet I do not feel it is enough to

full

?

page

The National City Bank

talk to. ypu. only

Our task

of

on

Social Council

the Economic and

is to

ensure

that

special tabloid edition.

the beacons of economic progress,

one

destroy the international econ¬
we are trying to build up

they

produced

of

omy

conference

The

traders.

relaxation

economies

attitude among

understanding

It

who^e

ends

The

operation, with a view to the ex¬ Trade Organization on the Inter¬
pansion of world trade. In this national scale and of your organi-v
respect, present plans are a zation on a national scale are
marked advance over the inter¬ clear enough — to expand trade;
national conference on trade in and
to
free
opportunities for
1927 which ended without setting trade, but let us not lose sight of
up adequate continuing machinery. the greater purpose of which this |
But neither conferences nor or¬ is an indispensable part — that
ganizations will avail without an man might live in peace with
informed public opinion and an justified hopes of obtaining a bet¬

on

were

to

of an Inter¬
national
Trade
Organization is
only one part of the Work of re¬
construction in the field of trade.
It is an important part because it
will ensure that continuous and
not sporadic attention is given to
questions
of
international
co¬

on

countries

Public

But the setting up

employment reaching agreement not only
preparing for war. these proposals but also

geared to meet the demands tariffs and other trade barriers
central. purposes
of
exporting. of consumers in a peaceful world under the authority of our Trade
From the point of view of the could not reach this goal while Agreements Act.
The Economic and Social Coun¬
private; exporter, the immediate that world was honeycombed with
purpose of exports is to make a trade restrictions.
cil at its London meeting set up
living for the producer and the
Nothing could be more certain a Preparatory Committee for an
habits

Informed

Opinio^ isNeeded

life.

of

,

attaining:; full
those

An

tions

struggle for may be born of ignor¬
ance and
the means they, adopt,

advertisement of
of New
in terms of. the York, relating to the services of
tion.
: "•; ,;'v ;>■; ■
market-place ~ Important though its three branches in China, lo¬
The proposals were tested and
the market-place is to all of us.
cated in Shanghai, Tientsin and
refined in discussions with the ex¬ I have the honor to represent you
Hong Kong, and appearing in the
perts of other Governments, and on the
Economic and Social Coun¬ English language "Shanghai Eve¬
after a thorough review and re¬
cil of the United Nations and the
ning Post? inconnection with
vision during the Anglo-Ameri¬
work of this Council depends in
Foreign Trade Week in the Chi¬
can trade and financial talks last
the last analysis on the extent to nese
city, was approved in New
autumn, they were published by which men can
really understand York one day and appeared in
the
Department of State in a in their hearts the implications of
Shanghai the next. This it is made
pamphlet entitled "Proposals for world
cooperation, We are begin¬ known by the bank Was accom¬
Expansion of World Trade and
ning to see in our political and
Employment."
These
proposals economic life that regard for our plished by cable and with a speed
unknown in recent years, iridic
have the endorsement of the Ex¬
neighbor is not only an individual eating that lapses due to wartime
ecutive Branch of our Govern¬
virtue; it is also a necessity for conditions have been effectively
ment.
The
Government of the
the survival of civilization. This removed.
Foreign Trade week
United Kingdom—a key country
involves what President Truman was
celebrated
May 19-25 by
from the point of view of inter¬
called "aT normal, decent 'under¬
leading American and Chinese
national trade—has accepted all
standing of our neighbors and our business firms. National City's ad
important points in principle as a
neighbors' heeds, both locally, was published May 18 in the
basis for international discussion.
nationally and internationally."
Shanghai "Post," which issued a

ployed; Walked the streets, pui^
we want to sell and
chasing power declined in the
which the livelihood of mil¬ leading industrial countries. The
lions of our workers depends. In demand for foreign trade products
The United States Government
order to 'increase our exports we fell off along with the demand for intends to negotiate with a group
must expand our imports.
domestic products. The only coun¬ of countries for the purpose of
commodities

upon

The Real Purpose of

the Preparatory Commit¬

up

suggested a program for dis¬
cussion corresponding closely to
the main chapters of the pamphlet

ton in 1943 before Mr. Hull's res¬

might be prepared after the end
to all countries, unless the cur¬ Steps were taken to stabilize cur¬
of the war, to take the lead in
rencies
of
these
countries are rencies in a number of countries,
sponsoring a constructive program
and private international lending
freely convertible.
for promoting the production, ex¬
took place on a large scale.
But
Secretary Vinson stressed this
change and consumption of goods.
the
results were
disappointing,
Monday in reply to a question in
These proposals do not deal only
and the world suffered a grave
the House Banking and Currency
with tariffs, >preferences,-^quotaseconomic set-back after' 1929—a
Committee on the advantages of
and other direct restrictions on
set-back which aided the subver¬
the British loan when he said:
trade, but include the mainte¬
sive forces in Germany, Italy and
nance of
"The' most
employment and Eco¬
important benefits
Japan—forces that plunged the
nomic activity, the elimination of
would
come
from the British
world into a second Great War.
restrictive businessf practices and
agreements* to abolish the sterl¬
The failure of world economic
ing : area. dollar pool, to make reconstruction in the inter-war the problems of inter-governmental commodity arrangements. To
sterling convertible, not to dis¬
period was no doubt due to a va¬ deal with these
criminate against American trade,
questions the pro¬
riety of causes. But it would not
and to 'v do something about the
posals include the establishment of
be simplyfying too much to say
an international trade
organiza¬
blocked; sterling balances."

these

ting
tee

a

cal time for the whole future of

them

enable

the

of

resolution

The

ference.

number of separate agencies does
mean thati the work of each

long before the organizing meet¬
1946-1947

will

ceiving

consideration by; the general con¬

not

place in London this year.
Our best experts in the field of

and

draft

Economic and Social Council set¬

to attempt to place
single agency all the detailed
work of international economic

in

than others can make.

These

help to put the re¬
countries on their feet

the

frontiers.

decided not

ple can make better and cheaper

will make

countries.

of

our

economic

which trade barriers inflict on us

to minimum occupation
has
stopped.

near

In

increase

annotated

an

agenda and a draft convention for

published by the Department of
Our business community is bet¬
State. The Committee will meet
organized for export trade organization. A number of special¬
ized agencies have therefore been 3this fall and report to a subse¬
than it is for import trade.
We
quent session of the Council.
created and others will follow.
must learn to consider the losses

Lend-lease

entirely in the

across

barriers. It will

ter

in variety or quality or price.
In
protectionist countries these de¬
UNRRA's
contracts
to
purchase privations affect every individual
'goods ' have
practically reached in his daily life. We need to or¬
the limit of the funds available. ganize imports so that goods se¬
By ;194?r1hot much will be left of lected to meet the demands of the
this'vastone-way traffic in sup¬ American people are brought in in
porting the war effort and meet¬ greater variety and in greater
quantity than before. Without this
ing relief needs.
we would have to. go without some
The war and relief traffic Have
articles and to use othOrs that are
employed large numbers of work¬
ers here and kept our ships loaded inferior and generally more ex¬
to
capacity. What will happen pensive^ than the best that could
be obtained. This means the ac¬
when- this kind of traffic
dwindled

needs.

and

trade

out

work

accompanied by
to widen the channels of
are

goods

in

produce for us.

they

trade

We pro¬

obtain for ourselves what others
can

and.' other

are

or

within
is not

sight of all peoples.
job to take from

our

country and give to another
the neces¬

to hand out directly

sities of life. Our job is to assist
in clearing away " the; obstacles

Dutch Credit Paid
Before Maturity
Financial
Netherlands

Dr. Hendrik Riemens,

Counselor

of

the

Embassy, announced on May 24
that the $100,000,000 bank credit
barring the road to pes a ce f u 1
to the Netherlands Government
change. When men are blocked in
their efforts to advance by Condi* was paid off that day —17 months f
tions
beyond
their control yet before its maturity date. The,

vio¬ credit, secured by gold, was made
be on February 8, 1945, some four
the only method of breaking months before the liberation of
through. Whenever the common the Netherlands, by a syndicate of

within the control of others,

lent action frequently seems to

people
aroused

any
country
to wage war or

in

can

be

revolu¬

tion, whenever ordinary men de¬
sire to fight their neighbors, it is
because they believe that in doing
cn

thpv

pan

nrivanrp

their condi¬

14 New York banks

headed by the

It was to
November 1»:
1947.; At the time of repayment,
the credit was completely used
Chase

have

pYfpnt

National

Bank.

matured "on

fnr $33 000.

£
:

.Volume 163

;

V ..'"V;

i .j S«" >V

'

'V.

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4494

National Fertilizer Association Commodity Price
Index Continues Its Advance
Commodity prices

_

when the wholesale commodity price index compiled

a?nw

1

continued their advance in the week ended

by The National Fertilizer Association and made public on May
27,
rose 0.4% to the new
high level of 147.5 from 146.9 in the preceding
week. In May, 1943, when the "hold-the-line" order became effective
this index
stood; at 135.7. Just before the steel price rises, March 3,
the

index stood at 141.9.

In the 12

This was a 4.6% rise from the, 1943 level.
weeks, since March 3, the index: has risen 3.9% which is al^

IS0S; .as greet; a rise
,

the-hne

and
The

a

order

year ego at

as

occurred in the three

years when the "holdA month ago the index stood at 145.7

effective.

was

140,7, $11 based

Associations report went

the 1935-1939 average as 100*

on

to say:

on

and

,

largely in the
Midwest where
keen
competition developed for

Ten manufactur¬

representing

failed,

were

the

previous week.
In foreign
markets, buying fell to
extremely low proportions. There
were
practically no offerings of

Com¬

however, they were five times as
numerous.
Failures in retailing
increased from only 2 last week
to 6 in the week just ended—
X more than in the corresponding

desirable
Australia

porters

failures numbered

the pricesTor bread,
oranges and potatoes. While the farm prod¬
ucts group did not
change there were many price fluctuations in the

in

reported to either
South Africa, and im¬

or

were

finding it difficult to

the recent advance in

2

this week as compared with hone

March

both last week and

four of the composite groups of the index
advanced and the remaining
groups showed no change.
The largest
gain was registered in the foods
group which reflected the advances

lots

South American

move

a year ago.,

Canadian

a year ago. 1
Wholesale Food Price Index Off

Good

Gains—Good

Sales

%

Show

gains in vol¬

for independent retail hard¬

ume

10-r-The wholesale food price in¬
dex, compiled by Dun & Bradstreet, Inc., moved 10 lower from
last
week's 25% -year
peak to

Hardware

wools at

prices.

stores in all parts of the
country for March were reported
by "Hardware Age" in its everyware

dex

industrial

groups the fuels index showed the largest increase; it
advanced because of higher
prices for bituminous coal.
The textiles

-index
■

meal.

higher.

was

due to;

The miscellaneous commodities gmup advanced
a further small rise in linseed

higher pricekfbrfcigarettes an#
.y

••;.} :,v

■-.;■

^ >7.

33%.

Index represents ihe sum total of
the price per pound of 31 foods
in general use.

in

Compiled by The National Fertilizer Association

^

1935-1939=100*

'

Latest Preceding

Bach Group
Bears to the

Week

Group

Tear

Month

Week

Ago

Ago

<

May 25,

May 18,

Apr. 27,

May 26,

1946

Total Index

1946

19%

and of 14% over

price ceilings, the
daily wholesale commodity price
index, compiled by Dun & Bradstreet, Inc.; declined slightly to
close at
194.11
on
May 21, as

year were

wholesalers reported that in¬

ventories,

on

indicated

hand

an

1946

1945

against 194.23

144.3

142.6

this time last year

Fats and Oils—

23.0

147.4

147.4

147.4

145.3

at 176.76.

aged 17%

more

163.1

163.1

163.1

163.1

178.4

178.4

175.2

167.4.

year

and

261.2

258.0

263.6

215.5

Trading in the country's leading
grain exchanges was compara¬
tively quiet in the past week de¬
spite the opening up of dealings
in new grain futures
contracts.

Farm Products—

Cotton—

.

Grains—

192.7

Livestock—

Fuels

192.2

174.0

163.7

161.8

—

162.7

161.6

161.0
130.4

138.4

134.5

133.7

166.6

166.1

167.0

157.2

117.9

117.9

104.7

167.8

167.8

167.8

154.4

Chemicals

drugs.
^
Fertilizer materials———

127.5

127.5

127.5

125.4

118.2

118.2

118.2

118.3

Fertilizers

119.8

119.8

119.8

119.9

Farm machinery-

105.8

105.8

105.8

104.8

All groups combined

147.5

.146.9

145.7

140.7

i

J

.

130.8

BulldingmaterlaisZ—TI—"1——

100.0

130.8

138.6

117.9

:

131.4

Textiles

,

...

Miscellaneous commodities.—_____

"Indexes

and

1926-1928

on

base

were:

May 25,

1946,

114.9; May

25,

May 26, 1945, 109.6.»

1946,

114.4;

and

A

feature

of

the

At

was

of Match 31

of

22%

higher than as of Feb. 28 of this
Accounts receivable aver¬

the figure stood

week

as

average

144.6

a

February, 1946.

year's (comparable quarter. Hard¬
ware

145.8

Foods.

last year

over

22% greater than last

Cottonseed OIL

•:. v>

sales increase

average
of

Sales for the first quarter of this

in grain

week earlier.

an

March

in

.

vance

Wholesale hardware distributors
all parts of the country re^

ported

~

WHOt^Af#:^

year.

ago

in March than a
5% in excess of

February, 1946.
Wholesale

Retail

and

Trade—

Despite rain and cool weather to¬
tal retail volume for the country
at large rose this week and con¬
tinued to ^be considerablyabove

the

rye contract,
resulting from better demand and
strength in the cash market fol¬
lowing 12 days of steady decline.
Cash wheat at the new ceiling re¬

upturn in the May

that of the corresponding week a

according to Dun ,&
Bradstreet, Inc., in its current re¬
ago,

ye,ar

Consumer demand,

view of trade.

mained tighter

high in practically all lines
and was not easily diverted to
substitute items.
Selections of

than ever with the
situation further confused by new

was

trading regulations and Govern¬
ment pronouncements." * * - *
-•

to 30; Northwest,
22 to' 26;
South, 23 to 27, "and Southwest,
18 to 22A'A;

Wholesale volume continued to

expand
above
week

some

-

goods

scarce

increased

| £ -M I
production continu¬ slightly.
ing to drop, domestic flour book¬ ;; Retail food volume remained
ings were reported practically nil high this week with current per
capita consumption of food esti¬
and
it
was
feared
that
many

(Continued from page 2974)
based

on

prewar

loadings

of

freight for
the*week ended May 18, 1946, to¬
taled 688,240 cars, the Association
revenue

shipments. By the time the United
industry is in a posi¬
to supply substantial quan¬

of American Railroads announced.

tities

This

States steel
tion

of

steel

abroad,

European

steel mills and those in other parts
of the world may have become

greatly expanded and may be in
a position to
supply a good por¬
tion of what was once imported
from this country. >
,

"

6

The

American

Iron

Steel

and

Institute announced on Monday of
this week the operating rate of
steel companies having 94% of
the steel capacity of the

industry

will be 43.6% of capacity for the
week beginning May 27, compared

with 49.2%
one

year

month

one

week ago,

67.7%

and 91.0 % one
This represents an in¬
of 11.4%
from the pre¬
ago

ago.

crease

vious week.

was an

(or* 0.5%)
week

increase of 3,298 cars

above, the

preceding

and

180,674 cars, or 20.8%
corresponding week for
Compared with the similar

that

for

the

180,500,000 kwh. in the week end¬
ed May 19, 1946, compared with
163,000,000 kwh. for the corre¬
sponding week of 1945, or an in*
crease

tion

of

10.7%.

Local

distribu¬

of

electricity amounted to
171,200,000 kwh., compared with

162,200,000 kwh. for the corre¬
sponding week of last year, an
increase of 5.5%.

Railroad

Freight




operations shortly.

mated to be

curtail

more

than 10% above

the 1935-1939 average.

Unless

The short¬
of butter and oils continued

the available wheat supply situa¬

age

tion

to be acute. The supply of poultry
and fish was plentiful, but that of

indications
point to virtually all flour mills
closing down by June 1. Supplies
of

improves

lard

soon,

for domestic

meat remained low.

in

bread

distribution

induced

retailers

835 cars, or

a

decrease of 181,-

20.9%, is shown.

tion

—Paper production in the
United States for the week ending
May 18 was 98.3% of mill capac¬

ity, against 102.8% in the pre¬
ceding week and 92.5% in the like
1946
week,
according
to
the
American Paper & Pulp Associa¬
tion.
Paperboard output for the
current, week was 92% against
97% fn the preceding week, and
the corresponding week a year

Large failures involving liabili¬
ties of $5,000 or more were four
times as high as those with losses
under $5,000. Concerns
failing in
the large-size group, at 17 this

week,
ago
9

were

and

from

1945.,

On

$5,000

the
with

varied

4 in

more

the

13

a

week

almost double

occurring in the

failures

1

up

were

same

other

little;
week

than in the

the

week of

hand, small

liabilities

there
just

Oils and fats likewise

week and
of

the

was.

under
were

ended,

preceding week

well

corresponding

New order vol¬

year ago.

increased and deliveries gen¬

ume

erally improved over those of the
preceding week. A trend toward
greater selectivity was in evidence
at

of the shows this week.

many

Department store sales on a coun¬
try wide basis, as taken from the
Federal Reserve Board's index for

-

the week ended May

18, 1946, in*
creased by 38% above, the] same
period of last year.
This ,com4

25%.

;.

The
had

railroad

strike

paralyzing effect

a

ments

from

here in

are

impose

an

allotment

The supply of men's suits in¬
creased slightly as. mofe light¬

in very

..

last?. week

New York at

ship¬

on,

wholesale

markets

the week¬

end and concern was felt for

fuf

ture production because of

inabil¬
ity to obtain raw materials from
outside the city.' Retail trade was
affected in a lesser degree and
reports indicated that local stores
may

receive

some

of the merchan¬

dise which cannot be delivered to

stores

elsewhere.

Early jn the?
buyers of
women's garments, was high, with
the peak level looked for
within
week

the

arrival

of

the next three weeks.

According to the Federal Re*'
Bank's index, department

serve

store sales in New York City for
the weekly period to May

18,1946;

increased

46%

above

period last year.
with

weeks
rose

week.

same

This compared

increase of

an

preceding

the

54%

For

in

the

the

four

ended

May 18, 1946, sales
by 42% and for the year to

date by 32%*,
1111"
.

..,

wmbmMBBBMWBWwwwwi

'

.

n; '

"

i

i m hii

i if-'.A;'

'.

End of Draft Law Looms
Administration
pressed fear

supporters

ex¬

May 21 that, the
Senate Military Affairs Commits
on

tee's

rejection of a proposal to
bring up for immediate floor ac¬
legislation to
extend
the

tion

draft for

a full year might result
eventually in Selective Service
being permitted to die on July ; 1*
expiration date, for the present
stop-gap measure, to which refer¬

ence was made in
bur. issue o^
May
23,
page
2814, ^.Senator
weight suits appeared in retail Thomas
(D.-Utah),
Coippiittee
pectations, receipts at primary stores than have been evident dur¬ Chairman, predicted; the', end of
ing the last few weeks. Men's the draft when his
markets failed to increase follow¬
group: failed
woven shorts were becoming less
ing the reqent advance of 25(5 per
to recommend "unanimously" that
scarce, though selections of shirts the Senate
bushel for corn.
approve "without dis¬
continued to be limited.
Interest
cussion" a full year extension of
Cotton prices were
depressed
in women's apparel centered on
the law, resuming induction of
during most of the week due to
cotton
dresses, sportswear,: and' those under 20
lack
of mill
demand 'resulting
years of age,' in-i
short coats.
Main floor depart¬
stead, a dispatch from Washing¬
from the coal strike and the tem¬
ments generally were busy as the ton to the
New York "Herald
porary embargo on freight ship¬
demand
for
graduation
gifts Tribune"
ments.
Toward the close of the
stated,. Chairmaix
mounted,
t,,",,
Thomas confessed, he and other
period, however, values rallied on
A slight increase in the stocks members of the' committee had
reports that the railway strike
of piece goods in some localities discovered that the subject of ex¬
situation might be settled before
the end of the five-day truce and was noted, but it was insufficient tension of the draft law was "con¬
the likelihood, that the Govern¬ to alleviate the over-all shortage. troversial" and if called up'in the
goods
generally
were Senate would provoke consider¬
ment would take over the coal Woolen

short

■;;;Paper and Paperboard Produc¬

heavy Government takings.

to

Shortages of

localities

some

system on their customers.

only

Loadiqg—- Car

to

due to

corresponding

one year ago.
Consolidated Edison Co. of New
York
report system output of

forced

continue well below' requirements

,

low

their

be

1945.

This week's operating rate is
ago
ftAAA
equivalent to 768,400 tons of steel
Business Failures Rise -^ Com¬
■ingots and castings and comparejs
mercial and
industrial failures
with 867,100 tons one week
ago,
turned upward in the week end¬
1,193,100 ton^ one month ago and
ing May 23, reports Dun & Brad1,666,800 tons one year ago.
street, Inc. Concerns failing num¬
i Electrical Production—The
Edit* bered 21, exceeding both the 16
son Electric Institute
reports that in the
previous week and 12 in
the output of electricity increased
the .corresponding week of last
to 3,939,281,000 kwh; in the week
year.
This represented the 13th
; ended May 18, 1946, from 3,910,Weeks&Tar in 1946 in which fail¬
760,000 kwh. in the preceding
ures have
been more numerous
week. Output for the week
endr than in the corresponding weeks
ing May 18, 1946, was 10.0% ber
of 1945. '

weekly period

will

bakers

below the

period of 1944,

this
that

a

With flour

The State of Trade
system

Regional

ago.

year

26

**■"

quota

a

..

During the week 11 price series in the index advanced and Two
Wholesale Commodity Price In¬
declined; in the preceding week 11 advanced and four declined ;imthe dex—Following the sharp rise of
second preceding week six.advanced and one declind.
last- week occasioned by the ad¬
WEEKLY

week

percentage increases were! New
England and Pacific Coast, 17 to
20; East, 30 to 34; Middle West,

other-Thursday market summary,
ihe average being 29% over last
pared with an increase of 40%
year. Gains for March also aver-,
$4.08 recorded a year ago.
Pota¬ aged 29% over February of thiss (revised figure) in the preceding
week.
For the; four weeks ended
toes and lambs advanced during
year. ; For the first quarter of this;
May 18, 1946, sales increased by
the week, while declines occurred
year there was an average volume
33% and for the year to date by
in rye, tea, eggs,
and; currants. increase-Df

subgroups.; The cotton subgroup 'advanced* The grain index reached stand at $4,20 on May 21. This
a new
high level because of the rise in ;ryeprices. The livestock in¬ reflected a rise of 2.9% over the
declined with lower prices for lambs and eggs more than off-,
setting higher prices, for good cattle, calves and sheep. Among the

ing

primary

pared with ihe same week of 1945,

week

clip wools. Growers' prices
steady to 10 higher than in

new

in¬

an

of 2 from last week.

crease

in

,

week's failures.
ers

the shortage of coal. Activity
domestic wools was; centered

to

the

comparable week a
\
*
Manufacturing continued to ac¬
count ; for about one-half of the

During the latest week

,

in

year ago.

298?

Hogs held at cur¬

supply.

rent ceilings, and contrary to ex¬
.

'

mines.

Although

ahead of last
somewhat

more

available than either cotton

able debate. The "Herald

Tribune",

Stocks of floor advices added:
|.
As a result Senator Chap Gur-,
less favorably, with heavy rains coverings, curtains, and draperies
were
limited, but nevertheless ney, Republican, of South Dakota,
reported over the eastern part of
year, crop progress was

or

rayon

goods,

„

.

the belt.
In line with; expecta¬ continued to attract much con¬ sponsor of the Senate bill to ex¬
tend; the draft for another 'year*
tions the Census Bureau reported sumer attention.
Shortages of some types of elec¬ announced he would attempt to
consumption
of
cotton
during
April at 813,732 bales, up slightly trical appliances continued to be call up the measure, "just as soon
from / the March total of 803,937, evident, but over-all supplies were as Majority Leader Barkley gives
and a gain of 44,523 bales over increasing gradually. In the radio the Word."
%
To get Senate action within the
April last year. Total use of cot¬ line attention tended to be cen¬
on
ton for the nine months of the tered
the radio-phonograph immediate future would require
current crop year amounted to combination.
The
demand
for that the Senate lay aside the pend¬
Senator
6,771,882 bales, against 7,278,600 paint and wallpaper
remained ing labor disputes bill.
for
the
corresponding period a high and supplies generally were Barkley has confessed he does
not have the votes to sidetrack
year ago. Activity in carded gray
adequate.
Watches and jewelry
.

cloth markets
erated sales

was

of

limited to mod¬

print

cloths

and

sheetings, mostly, on a spot basis
or for nearby delivery.
" "
Buying in the Boston

raw

wool

were

much in

ation t gifts.
wares,:
was

demand

Interest

as

in

gradu¬
house¬

hardware,

sustained at

week. A-AAA

and furniture
high level this
/.'•■
t
-'"A'

this bill,
Pro-draft

ijA
including

Senators,

Mr. Gurney, felt

that the lack of

a

Retail volume for the country
market last week was cautious
and spotty as some mills were re¬ was estimated to be from 24 to
ported, curtailing operations due 28% over that of the correspond¬

unanimity in the Military Affairs
Committee

foreshadows

a

pro¬

tracted debate in the Senate oncq
the bill is brought up on

the floor,'

,tM * i%* 1 ~*K k ' if A f k Yk: ^,4v(V^ -V ' ktk
THE COMMERCIAL & FINANCIAL CHRONICLE

> *v-1'

2981.

and

Moody'sBond Prices and Bond Yield Averages
given in the following .table,

21-week total of 1945.
Civil

f1

19*6-1

(Based

U. S.

Avge.

Govt.

Corpo-

>i
Averages

123.92

28i:
27_^_

123.99

*

'h'jj'

Total U. S. Construction
Construction '—

on.Average Yields) u

^
;

Stock Exchange Clored

^

■

124.45

118.80

124.49

119.00

3^--—r- '. 124.49
(;.,f124.52

119.00

124.45

118.80

'23~.u_w

118.80

123.99

118.80

21-

; '«

J*'-

123.99

22——_

A".V; '•

':.

118.80

123.55

118.80

124.05

118.60

124.11

118.60

124.14

'i< '■

118.60

MllU*--18:,—„

123.83

118.60

123.64

118.80

123.49

118.80

123.45

,,/f 'i

123.13

118.80

123.80

118.80

mmz-z

123.83

118.80

ZiyPfildJLj-Llr^.

123.86

118.80

•

119.00

■trj;8—_—,V 124,27
124.33

/v'
/Y'Y
j

118.80

119.00

,}1'

112.56
112.56

118.40

121.46

j

121.04
121.25
121.25
121.25
121.04
121.04
121.04
120.84
121.04
120.84
120.84
121.04
121.04
120.84

120.84
120.84
120.84

State and

119.00

123.34

121,25

118.40

113.12

116.41

119.41

123.99

121.88

119.20

12

125.77

120.02

123.99

122.29

119.61

113.89
114.27

117.20
117.60

5

125.92

120.02

123.99

122.29

119.61

114.46

117.60

120.22
120.22
120,23

121.67
121.88
122.09

125.61

119.83

123.99

122.29

119.41

114.27

117.40

120.22

122.09

125.74

119.82

123.77

122.29

119 41

114.08

120.22
120.22
120.43

125.86

119.82

123.56

122.50

119.20

114.46

117.20
117.00
116.80

.125.84

119.61

123.56

121.88

119.20

114.27

116.61

120.22

122.09
122.29
122.29
122.09

126.02

120.22

123.34

121.88

119.00

126.14

119.61

123.56

121.88

119.20

114.27
114.27

126.15

119.61

123.34

121.88

119.20

114.27

116.41
116.80
116.41

120.22
120.02
120.02

122.09
122.29
122.29

119.41
119.41

122.29
122.09
122.50

s;22:

125.80

'I1?
Feb.

%

.

21

'UX^Jr-V'-'*r- ■

119.82

123.77

114.27

119.20

122.29

iiz.::::

126.05

119.20

.123.34

121.46

118.80

113-.50.

115.82

Ja&;,25_______

126.28

119.00

123.12

121.25

119.00

113.31

115,63

126.28

120.02

124.20

122.50

119.61

123.45

117.60

121.46

119.82

117.40

114.46
112.19

,117.60

kaw!194i6..~_„.

;-,v;4

';-,v

1

\

*"

y

•

«-"

j*-

!

*r

fi

120.43
117.80

114.46

1945 week

' s

v

I

*

i!

1

*

fWay^|28j)^jl945^

122.25

120.63

115.43

118.80

112,10

118.60

113.89

105.86

102.46

111.81

116,80

MOODY'Sr BOND YIELD

•

117.20

AVERAGES

*

'ii9463b^%
Daily
Averages

U. s.'

i.-ro2Tu^!„:_—

-

25..^..u.

'"'2.71

1.43

•v

2.71

Stock

2.50

Exchange

2.58

2.73

3.03

2.84 '

2.58

v 2.73

3.03

2.84

k 2.60
ff 2.60

2.70

2.51

'

2.70

2.71

2.50

2.58

2.73

3.03

2.84

2.70

2.71

2.50

2.58

2.73

3.03

2.84

2.70

2.59

1.43

2.71

2.50

2.58

2.73

3.C2

2.84

2.70

1.48

2.71

2.51

2.58

2.73

3.02

2.84

2.70

1.47

2.72

2.52

2.58

2.73

3.03 r

2.84

2.70

1.47

2.72

2.52

2.58

2.73

3.03

2.84

2.70

'

v

.

* i

,

'

'

'

\|

?

''i

1

'

'

j'1

'r 1

'*

r

V

2.74

1.47

2.72

16

1.43

2.72

2.52

2.59

2.73

3.03

1.50

2.71

•2.51

2.58

2.74

1.51

2.71

2.51

2.59

2.73

3.02.;,
3.02 ';

2.58

2.52

i

*

2.59

2.60
2.60

2.70

2.84

'3.03

17
,0

2.59

,

2.60

3170

2.84" *'

f '

''

2.84

2.69

2.61

2.84

,

2.69

2.61

13—

2.59

2.73

2.71

2.51

2.58

2.72

3.02

2.84

2.69

2.60

1.49

2.71

2.51

2.58

2.72

3.02

2.83

2.69

municipal bond sales

during the week ended Ma/ 18,

1.48

2.71

8—x._

1.46

2.70

1.45

2.71

1.44
1.44'

2.71

1.44

2.70

1.44

2.70

&iil

iV.

3—:

'2—-

■'V;.

2.71

2.51

A'ptifeg-fl:
t'.

1.30

2.67

1.35tki2.65>'

'

to

'rv

May.-19,T945k;^|6^J^^.^-';-^!,
Production

strike, there

was an

increase of 1,292,000 tons.

date shows an increase of 25.8% when

with the corresponding

period of 1945.

The Bureau also reported

k

^

week ended May 18, 1946,

May 11, 1946; but was 98,200 tons less

than for

2.82

2.68

3.01

2.82,

2.69

2.51

2.58

;r

2.72

3.00

2.82

2.68

2.51

2.57

;

2.72

3.00' *

2.8*

2.68

2.51

2.58

2.72

2.51
2.49

2.58

2.73

,

2.59

2.73

-

> ,2.56

2.69

2.46
2.46

-2.66

2.46

2.66
2.66

2.47 i

.2.66

2.48

?.67.

2.48

2.67

2.49

l Year Ago

;+

2.83

'SlOOljk
'

2.94

2.68
2.69.

2.94

'2.53

2.69

2.93

2.56

2.69

2.56

2.70

'.

2.95

2.54

,

'2.54v.
2.54

■

,?

r

2J61.
2.60

2.64

2^7

i:;

•

2.64

2.56

}<

2.C4

!'• 2.55

2.78

: ,:2.64

2.77;

C

'

2.80

2.81

i

2.55

,

2.55

V' 2.63

'

2.55

2.64

2.83;

2.64

1

2.55
2.54

2.94

2.81

2.65

2.94

2.83

2 65

2.49

2.58

2.71

2.98

2.86

2.68

2.54

2.50

2.59

2.70

2.99

2 87

2.68

2.55

2.58

2.66

2.78

3.05

2.93V

2.76

2.62

2.69

2-0

1.51

2.77

'

2.54

.

iJI

2.65

2.45

2.53

2.67

2.93

2.77

2.63

2.53

1.64

2.83

2.C2

2.71

2.87

3.31

3.04

2.91

2.69

1.84

3.05

2.72

2.81.

3.07

3,60'

340

*.2.96

2.79

.

u

2,Years Ago
May- 27)' 1944..

•

computed from average yields oil the basis of one? "typical" bond
and do not purport to show either-the average
level;or the average movement of actual price quotations.
They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages, the latter being the true picture -of the; bond market.
•These-

prices

coupon,

9,300,000

470,000
78,000

:

1,550,000

*

v

——Jan. 1 to Date--—

k^kk -y>

k

4

United States total:
•

*

•

i

/

43,000

19,123,000
18,358,000

22,665,000
21,582,000

1,246,800/ ; 2,251,400

J,475,200

24,064,000
23,101,000

are

maturing in 25 years)

NOTEr-The lis! used in compiling the averages was given in the Nov. 22,
of the "Chronicle" on page 2508.
.

truck from authorized

operations./, tExcludea ■:eoUiery^iiml«;-tBuajeet;'td'-^i8h«iw;?4R®vlsed^^>rt,

for Week Ended May 25, f94S
9% Below Thai for Same WeekaYear flgo

and 3,939,281,000 kwh. in the week
endeid May 25/ 1946,

corresponding week a year ago,

18/ 1946.

ended May
wets 9%

The output for the week

'

below that of the same week
PERCENTAGE DECREASE

in 1945.

UNDER SAME WEEK LAST YEAR

'

V

Vest

vv

Private construction this week, $71,233,000, is -11% below last

week and 854% above the week last year. Public construction, $32,930,000, is 43% below last week.and 20% greater than the.week last
; year.v State and municipal construction; $26,021,000,: 26% below last
■f week; is 463 % above the.1945 .week: Federal construction, $6,909,000,
.

year, v

•

/

'V

'Total engineering construction for^ the 21-week period of 1946
recd'Fflisr a .'cumulative'total 6f $2,004,862,000, which is 202% above the
-

:
.

t$ptaJ',£or- a like period-of 1945.

On

a

cumulative basis, private, con^

struction.in.194^ totals: $1,300,138,000, which is 599% above that for

1945^:/^Public construction, . $704;724,000, 'is 4.7 %- greater: than the
cumulative toiai. iw uie corresponding period ;oi 1945, wnereas sta^




.

Executives Lu JMeet±iatwr;

Thorri'as

Steel

k

V:- '•'

10.0

.

k:

9,1

1

;

-*

1946

fy

1945

[': under 1945

v

2—.i
9—

Feb. 16
Feb. 23

March

2..:——.

March

9-,—

i

^

3.987.877
March 23

April 6
—

:

April 27

May .-".4^*—-——;
May 11_

May 18

,

4,329,478

3,992,283
3,987,673
4,014,652

3,987,145
3,976,750
',4,011.670

:

3.910.76O

——U

3,939,281

,

,

4,017,310

-

-

April 13
April 20

4,538,552
4,505,269
4,472,298
4,473,962
4,472,110
4,446,136
4,397,529
4,401,716

3,982,775
3,983.493
3,948,620
3,922,796
'4,000,119
,3,952,539

'

—

March 30

sessicmsE:

rk" !/:

r

/ comprise

ati;thej ^aldorf-

afternoon; session-

the

American

will hold

Management

itsanmialkbusii^ssi^)^

8.8

•V
■'

Feb.

k-

WEEKS (Thousands of Kilowatt-Hours)
% Change

Feb.,

.

conferehce ,-will

;

DATA FOR RECENT

Week Ended-*-

,

"Astoria Sote^ At:the "close of: the

10.7

9.3

9.0 \

'

-:

3.2

:

80.2

!

Corp., Policy Formulation
Organizational ' Techniques;
S.kCowdrick, New

Edward

dinner

%

5.6

12.2

States

Planning," Carnegie-Illinois

tion

mofhihg/rafternooh and evening

••••>/;

9.2

2.9;

Central^—:

(Increase,

4.1

•*12.2

-i4.$ r;

Total United States.———

1946 as re24%.below

.

Speakers?* includedl^orest; D.

The

3.1 if

1.2.v

Industrials^—:

Southern

continental United

.70.% .below, last week and 70% below the week last

•

v

§1.6

Rnglftnrt

Rocky Mountain—

♦

is

to

Siefkinv*'Vicfe4President, -Interna-k
Harvester^€o.;r> Training r

tional*

May 4

May 11/

Pacific: Coast:——-v

of last year,
The report

1

Y"ork, Profit Sharing.

-Week Ended-

Central

$104,163^00 for Week

(

efforts; they^^or¬

managem^t'-biti^articulari/:

and

Yew'

Sta.^s^totals $104,163,000 for the week ending . May 23,
ported to "Engineering News-Record." "This volume is
Jhe mreviou* week, 197% above the corresponding week
aiid '2%. below the previous four-week moving average.
-issuedron May 23,.continued as follows:'
v--'»

whose

men

and

•Major Geographical Divisions—

1

1,: ^ivil engineering construction volume in

*

operate these controls and able
easily Jahd ^ooihly• with

the

Th^'Edison JElectric Institute, in its current weekly report, esti¬ G. Spate^'.Vicd^eskfeitkGcneral mated that the production, of -electricitykby the- electric; light* and FoodsCm^«en^^
PresidenL^^^HrBm^bJ®lectric','/Co;/
power Industry of the United States for thierweek- ended May 25,1946,
Executive Development;"'Eugene
was 3,941,865,000 kwh., which compares with 4,329,605,000 kwh. in the
B. Mapel, Supervisor, Administra¬

1945

Civil Ectgineeriag Coastrnction Totals
tV'V

propertl/kdevelop^^ai^

ganize are of primary •'concern

Electric Output

Middle Atlantic

-

and industry to

to work

all

issue
r>\.'

agement
to

122,800

of
the
the' totaV Community;'
them; sensitivity

organization and man-i
controls,' ' executives

effective

1937

*■•1945

and coal shipped by

dredge coal

and

1946

demandskof

/May 22^

May 19,

May 18,

1945

most

our commerce

\

• f

7,500i

24,600

;

washery

Includes

kk

May 19,

opinion,

public

challenging questions not entirely
anticipated in; postwar/ planning,

help create

*

.

45,000

1,385,000|

produc* ;1>284,000

Beehive cokA—

:

§May 11,
1946 -.i'

of

"Pressures

Government regulation,' employee
demands and consumer needs pose

benefits of the effort of those who

' ' .• v- •1

Calendar Year to Date

1,443,000

1,337,000

"Total incl. coll. fuel

t Commercial

k

the

*

pressing and fundamental of
these questions.- It will be a top
management conference because
173,840,000 227.491,000
1,485,000
1,915,000 equitable systems of sharing the

■

Ertded

..>.■!

tMay 18,
1946

announcing

conference Mr, Dodd said:

1945

ANTHRACITE AND COKE

(In. Net Tons)

Iii

velopment.

May 19,

1946

11,234,000
1,872,000

:

periences in the solution of re-^
conversion
problems of recent
months as a basis for policy plah-i
ning for the immediate future,
particularly on matters of profit
sharing, training management to
meet labor unions,, techniques of
policy formulation and organizak
tional controls, impact of infla¬
tion on corporate fiscal policies^
and executive education and de¬

.

1945

ESTIMATED PRODUCTION OP PENNSYLVANIA

.

•

of the Board, General Foods

2.54

2.69

,

1946

*Subject to' current adjustment,

Penn. Anthracite—

.

May 19, v *Mayl8, :,

j May 11,
5
1946

May 18,

■'

■

["Week Ended

'/•

ligniteTotal, including mine fuelDaily average —:

•

.

.

2.5*

2.82

:"2.94;.;;

/

2.64

2.64

2.79

2.94

v

>

2.77

-

2.93/ '

2-68^

t

2.68V
.2.68

2.83

; •2.79

2.96

2.67 '- v2^4-

.2.67

v

2.69

1.31

^ay/.28f, 1945:

'XI

Bituminous coal &

2.61

2.68

2.82

3.00

BITUMINOUS COAL AND LIGNITE

r.'fV.(In Net Tons)
1

2.61,

2.56

2.49

1.33-

High" 1946^^_
Lov.,1946-:—^

v

2.54

•

2.48

2.67

,

-2^4

3.00

V

2.56

2.67

1.32

matg&Sl'

f

2.47

1.32
8

.

'2.46

1.34

-

v;/

;

2.60

t,34

if '15-j——*•

UNITED STATES PRODUCTION OP

ESTIMATED

i'

2.60

'*

1.35'

?

K

the corresponding week of 1945.

2.61

3.01

in¬

Chairs

JohnHancock, Partner,
Brothers; Beardsley
Kuml, Chairman of the Board,
R. H. Macy & Co., Inc.; Keith S.
McHugh, Vice-President, Ameri¬
can Telephone & Telegraph Co.;
Henry P. Kendall, President and
Treasurer, The Kendall Company;
and Thomas Roy Jones, President,
American
Type -Founders, Inc.;
William L. Batt, President, SKF
Industries, Inc.; Keith S. McHugh,
Vice-President, A4merican Tele¬
phone & Telegraph Co.; Austin S.
Iglehart, President, General Foods

with the output

increase of 17,100 tons when compared

for the week ended

The

compared

that the estimated .production of .bee¬

hive coke in the United States for the
an

of 106,000

the anthracite

output in the corresponding week of 1945, when most'of
on

v.v.-;

When compared with the

from the preceding week.

(7.3%)

k.

•

anthracite during the week ended

of Pennsylvania

May 18, 1946 was estimated at 1,337,000 tons, a decrease

2.61

2.72

committee

Francis,

'

2.61

2.69

.2.72

1.3A.

y-Mf

2.69

2.82

2.58

2.65

,1.34

2.83

3.01

2.58

1.33

?!

3.02

2.51

1.36.;

ivi

,

2.51

2,70.

v1.4o:|5.L',;2J0-

9

2.57

-

>

-yA:

2.72

2.72

2.59

2.51

,

Clarence

estimated at
This com¬
pared with 470,000 tons produced during the week preceding the Corporation; Dr. Jules I. Bogen,
truce^and with. 11,234,000 tons in the week ended May 19,1945. For Editor, "Journal of Commerce,"
the calendar year to May 18, 1946, output of bituminous coal and New York, and Mr. Dodd will
preside.
lignite totaled 173,840,000 net tons, a decrease of 23.6% when com¬
The conference wili assay ex4
pared with the 227,491,000 tons produced in the period from Jan. 1
9,300,000 net tons by the United States Bureau of Mines.

2.60

9--^.,—

/$-

2.51

1.49

10-_r—

,

1.51

11—

.Iji

3.02

sponsoring

Lehman

1946, the first week of the truce-in the coal strike, was

2.60

;

the

called/

was

Corp.;

totals $15,606,-

Weekly Goal and Coke Produclion Statistics

:3.61

■

■

2.70

2.84

The

cludes:

"

22-

President sof

.

780,000, reported for the corresponding period of 1945.

Production of bituminous coal

-

industry'

-

at the request of AMA members
but will be open to all executives.

man
*5

*

and

May 25 by A1-.

on

The- conference

tion.

New Capital
'

'

viy,"

ilv\

'

,

Ek. Dodd,

Manage¬

American ^Management Associa^

of 1946 totals $541,080,000, 4% greater than the $498,-

week period

" 2.60

1.48

,

■'.•'kv.-

y

1

announced

vin

$5,850,000 in corporate security issues. New capital for the 21-

and

showed

Closed

1.43

24':
,1.
..Ct.vll 23:il«a__'_

SS

v

11'

k

vr

-y

000, and is made up of $9,756,000 in State and

R. R.

Aaa

rate*

1.48

M6^28Y:_„k
■

Corporate by Groups*
P. U.
Indus.

Corporate by Ratings*
Baa ;
A
Aai

Corpo¬

Bonds

.t

I'

k

'

,! '* 1

calendar year to

Avge.

Govt.

y

•

k v'i/v'/.'v'u

/.

.New. capital for construction purposes this week

mines were

(Based, on Individual Closing Prices)

.'

"

•

:
J

tons
113.66

(W.\?ui.\C'

k.v

v "•

119.20

114.85

112.37

107.44

115.63

2-Year^ Ago '

'l

t

\

business

was

bridges^thighways, earthwork and

follows: sewerage,"

as

General

one-day

fronting

In the

120.63

I Year Ago

/

-

drainage, industrial biiildings and commercial' buildings.

121.04

119.61

Mat. 29._—_w-

k; A

classified construction groups, sewerage, industrial build¬
ings arid public, buildings recorded gains this week over -the previous
week. Six of the nine classes recorded gains this week over the

120.84

124.33

'

Municipal- ,.—-

Federal

'

%8LLL.J;£i 125.30

&

ment Conference" in New York.
p4
June 11 to enable executives to
discuss
Current
problems
Con^

"

121.04
121.04
120.84

.

*

Public Construction

•

116.22
119.00
123.13
121.46
118.40
116.22
119.00
123.13
121,46
118.40
112.75
116.22
119.00
122.92
121.46
118.40
112.75
116.20 119.00
122.71
121.46
118.40't 112.56
116.20
119.00
122.71
121.46
118.40 .*-112.56
116.20 £ 119.00
122.71
121.46
118.20
112.56"" 116.20
119.00
122.71
121.25
118.40
112.56
116.20
119.00
122.92
121.46
113.20
112.75
116.20
119.00
122.92
121.25
118.40
112.75
116.22
119.20
122.92
121.25
118.40
112.75
116.22
119.20
122.92
121.46
118.60
112.75
116.22
119.20
122.92
121.46
118.60
112.75
116.41
119.20
122.92
121.25
118.60
112.75
116.41
119.20
122.92 v 121.67; 118,60
112.93 ; 116.61 119.20
122.92
121.46
118.60
112.93
li6.81 119.41
122.92
121.46
118.60
112.93
116.61
119.20
122.92
121.46
118.60
113.12
116.61
119.41
122.92
121.67
118.60 '113.12
116.61
119.41
122.92
121.46
118.60
113.12
116.61
119.41
122.92
121,46. 118.40 .113.12
116,41 119.41

123.99

•

Meeting June 16 in NY I

volume

$104,163,000 $137,822,000k $35,016,000
71,233,000 v - 79,678,000
7,470,000
32,930,000
58,144,000
27,546,000
26,021,000
35,173,000 k 4,623,000
f:4 6,909,000
22,971,000
22,923,000

-

Private

*"

<'1,;-

Corporate by Groups*
Corporate by Ratings*
rate*::..'.'Aaa..V! v. A*.':y/:VAY *\.iEaakkR.R.Y 'P..U.;V: Indue.
118:80
123.13 T21.46
118.4Q
112,56
116.22 119.00 12104
118.80
122.92
121.46
118.40
112.58
116.22
119.00 121.04

Bonds

Way

Daily

.*<

AMA Management

;;s■££■$■&

fori the .current; week,

engineering ,construction

,

MOODY'S JBOND PRICES
'

above

May 23,1946 May 16,1946 May 24,1945

r

v
...

406%

is

:::

,,

last week and th^ 1945 week are:

*

'

■

to- date,

(^pp£>ed "37%^^^b^

'1945;Federal^- cGristfuction,^^'$243,355,OOOj

computed bond prices andr bond yield averages are

Moody's

,

construction; $461,369,000,

municipal

Thursday, May 30,. 1946}

4,321,794
4,332,400
4,411,325

'

.

1944"

r
.

r-1929

1932 ? '

—12.2.

4,524,134

4.532,730
4,511,562
4,444,939
4,464,686
4,425,630

—12.3

—ll.L
—

93

4.400.246

—

8.7

—

7.8

4,409,159
4,408,703
4,361,094
-4,307^498
4,344,188.
4.336.247

7.7
—

7.3'

9.6

4,415,889

—

9.9

4,397,330

—

—

1.519,679

.

v

1,538,45*
1,537,747. d
1,514,553
1,480,208
1,465,076
1,480,738
1,469,810
1,454,505
1,429,032 '

8.8

*233,756

1,436,928

9.1'

4338.375

1

—10.0 ;

4,245,S78

1,425,151

-

1,726.16;
1,718,304
T,699.25L
1,706,719
1,702,571
1,687,221
1,683,262
1,679,588
1,633,291
1,696,543
1,709,331
1,699,822

Month- ago, Aprir.27_—.

1,688.434

Year

1945

/ 'Xow., Jan..;r.24__:::—
1946vHigbt. May 35., >:&:*

M?705,460

Tuesday,: May 2V
Wednesday,. May:

—.

-

289.0

Friday, May

-280B

•3&turdayv-. May
v.-

V/

21^-.'*-::-.,*,

.,279.9,
280.4

y-.

Tuesday,. May.-28-^Two

weeks

279,7

,:279.T.:

Thursday, Hay 2?

^

I,joo

m

Moody'sDnily kkkk
Commodity judex g

1 704.476

1,545,459
1,512,158

—10.6

t

1,698,942

1,578,817

—11.6
—11.7

—

4,302.381
d,37T,221

'

ago:-Ma^lA^k^LV'

al .379.2

ago,.:May 28, 1945_/.__
High, Dec. 27r-:_—1;--.^,--.-.

Low,.Jaiu.2-,——

273.7
257.2
265.0

252.1
f-280.2
—

,2M?

THE COMMERCIAL & FINANCIAL CHRONICLE

J^olume 163 ; Number ,r4494

Trading

wopld be permitted to rise in two
stages, (1) to apply to all pro¬
ducers to take care of higher costs
incurred up to the present time,
and (2) an additional uplift in the
quotation for producers who have
granted the 18 ^ wage increase^
Prices mentioned wore 13.800 and
14.320, respectively.

The Securities and Exchange Commission made public on May

22.'figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
jthe wolume of round-lot stock transactionsj for the' account of all
inemebrs ,of these exchanges in the week ended May 4r; continuing
a> series of current figures being;published weekly by the. Cornmisr
sion.
Short sales are shown separately from other sales in these
figures,,,
■
*
'
1
,

,

..

As

ticut

On the New York

.

WEEK ENDED M^r4,.:l946:;;>.v.;y^
'
Total for Week

;/

'<
f,
1
Id. Total Bound-tot Sales:

ceiling

;

—

Bound-lot Stock

for the Odd-Lot Accounts of Odd-Lot
r

,

.

1. Transactions of specialists in stocks in which
are

Total

registered—:?V;'■

purchases-.

—.——

602,250
100,660
447,910

—

tOther sales

,,

——

Total sales.

the

of

trade

.

The

.

Life Insurance

Government's

was as

follows:

';

Teachers

52.000

52.000

'

52.000'

equal

9.82

May 18
May 20--.^

that

shipped

during

the

current

hardly

strikes at mines and refineries in

tons
1.49

month.
more

will

be

In

other words,

than 30,000 to 35,000
available, owing to

country,

greatly

and

duced imports.
'-(
With the price certain

52.000
52.000

May 22

Chinese^

52,000

or

at 51.1250

July

-

52.000
52.00'

52.000

rise

,

*, Total sales-.
Total—
Total purchases.

.4.54

275,329
948,035

.

,

Short sales—

146,660

tOther sales—

762,229
15.85

908,889

Total sales—

,•

JTotal Bound-Lot Stock Sales on the New York Curb Exchange and Stock
iA//■ -r.y,

■■ ■

Transactions for Account of Members* (Shares)
:,v
WEEK ENDED MAY 4, 1946

n-r.: ?

•

.

Total for Week

'

'

,

ft, Total Bound-Lot Sales:
f Short sales
v
tOther sales

v■;

™

t%

'

'

25,550
2,172,185

Total sales.

>->^■%£'■■■■?**

near

2,197,735

i-■

.

,

'

month.

jft,, Bound-Lot Transactions for Account of Members:
1,
1. Transactions of specialists in stocks in which
>:»j they 'are registered—~
«
»VWi.

Even the

serve

i

A

-

211,905

Total
Short sales.

>

M '/"/. tOther sales.
A*

10,935

takes

A Total, sales^i^^..

9.32

197,555

'

23,360

8hortsales.

„

"A////://

Total sales.
Other transactions initiated off the.

>l M

25,175

....

;

v."

1

•

47,900

,

>

v

■

■

70,69.0

X)s

discount

/

approxi-1

per annum.

Range of accepted competitive /

1 »

&

/ High,
99.908; equivalent rate oT
discount approximately
0.868%

Cur¬

normal

rency

Committee on/May 20 ap^

per annum,'

proved proposed silver legislation

-

^

xi

.

•;

,

Low, 99.906; equivalent./rate of
that would /authorize the Treas¬
discount * approximately 'I).376%
ury to buy /domestic: metal on the
per annum.
"
i'l
: J,
basis of 90.30 an ounce troy, and
(66% of the amount bid for at
Resell on that basi$ for commer¬
the low price was Bccepted^ ' ^ / ivV
cial
use.
After two
years the
There was a maturity of &■ sim- /
price would rise to $1.29. The bill
ilar > issue of bills: on: May:/31 inj
now

more

,

.

2.94

0-:v:4. Total283,165

tOther sales—

Of

rate

mately 0.376%

NYSE Odd-Lot Trading

rm.

81,200
Total purchases.
Short sales—

equivV

Average price, 99.906-f ;
alent

,

WQ

10,510

^:v,.r>^40ther SRICS^.—
;

1.10
\AKi

tfii iJL&Vinjoi m*kjMswffi-

A'A-Total pubehte<Hiii.^;-t —.fr.

O

'Short salpu.
t

300

24,875

f Other sales.

a

Demand continues

i. Other.transactions initiated on the floor—

Total purchases—

on

/

aspect.
active, but Vir¬
tually no business is being booked
on
a flat-price
basis under pre¬
vailing chaotic price conditions.
goes to the Senate for action,
♦
The stockpile ef slab 'zinc on then to conference with represen¬ the amount of $1,316,676,000.
April 30 totaled 234,152 tons, of tatives of the Senate and the
which
62;313
tons
was
Prime Hduse^tthenf to the House; and
western; '15,184 toils Bra^sT Spe¬ hsick to /-the/ Senate ^ A move is
cial; 5,588 tons Intermediate; 4,- ml foot/to present the /measure as /
The Securities ancL Exchange >
400 tons Special High Grade; and
a/sepai/ate bill, instead of as a Commission made public oA, May /
rider to the Treasury-Post Office
146,667 tons Regular High Grade.
22, a summary for the week/end- >
Appropriations bilk > /;
; v>.:>
ed May 11, of complete figures
Platinum
A bill passed by the House last
showing the daily volume oix stock t
Sellers have been successful in December provided for the sale of
transactions for odd-lot a<jcoui)l 1
establishing a more orderly mar¬ surplus silver by the Treasury on
of all odd-lot dealers and/ special*
ket in the platinum metals, even the basis of 71.110.
r
/ : .• ists who handled odd lots dn the
though
pressure : from
outside •v The New York Official price of
New/ York Stock Exchange^ con^ J
sources continues to be a factor. foreign silver continued at 70 %0
tinuing a series of current; figure*
The selling basis for refined plat¬ an ounce troy;/ London was un¬
being published by the COMmis*
inum is being maintained, at $56 changed at 44d.
sion. The figures are
based/upon /
reports filed with the Cbmnftsfk*1*;
pAILY TRICES OP METALS ("E. & M. 3." QUOTATIONS)

A-",-1'*/■

"

to be holding back
'

186,620

Banking

.

.

Office of Metals He-

appears

zinc until new - price ceilings are
announced
and
business again

,

'.*>) '

Senate

May/27.:

on

$1,948,786,000/

$1,310,201,000 V
(includes $22,423,000 entered on '
a fixed price basis of 99.905/-ahd *
accepted in full).

Silver

The

'

.,'<1

.

Banks

Total applied for
Total
accepted,

1

,.Zinc
r

'

v

■•***>*.'

dated

eral Reserve

•

ft*.

-i

Offering

90-day Treasury pilla tQ
May 31 and to amature /
Aug. 29, which were offered on
May 24, were opened at the1'Fed¬

be

Quicksilver
to

Annuity

about of

pound.

re¬

The quiet condition of the mar¬
future;; sellers again
ket Jinally made some. (sellers
limited transactions to pricing on
father uheasy and it was reported
date of shipment.
Sales during
that Mexican metal sold at con¬
the last week totaled 3,364 tons.
cessions. Prices last week covered
Imports of pig lead in March
a range of $100 to $103 per flask,
amounted
to
6,531 tons, which
or $2 lower than in the preceding
compares with 8,010 tons in Feb¬
week. /It / was: rumof'ed that $98
ruary and 12,062 tons in January,
had been done; but this could not
according to the Bureau of the
be confirmed. Prices were unset¬
Census.
Imports of pig lead dur¬
tled as the Week ended.
f
/
ing 1945 averaged 18,903 tons a

in the

and

•

The /Secretary of 1 the Treasury f
announced on May 27 that the
tenders for $1,300,000,006 or_the,Teij

99% tin, continued:

per

•

Riil

52.000

52.000
52.000

52.000

May 21

:

52.000

52.000

v

>

nesiiIi|pIrMs|ry

52.000

May 17

; •

Insurance

Association.

•.

*

Klem,

elected. Secretary
of the
Society to succeed Wilmer A; Jen¬
kins, Vice-President and Actuary,

-

/

Walter

was

June

•

Co.

Associate Actuary of the Mutual
Life Insurance Co. of New York,:

tin at the end of April

52.000

this

Short sales—

Insurance

end of the year on the basis of
Company, was re-elected Bresi- \
62V20 per pound of tin contained,
dent of the Actuarial Socie£y<co£
f.d.b. South American ports, ac¬
America,/ at tne latter's annual
cording to trade reports/The new
meet.ng in New York Cit/$f oil / ■
terms, retroactive to April 1 oi
the current year, also provide for May 20. Other officers re-elected
were:
Vice-President, Valentine
a premium of 10 per pound in the
event that: shipments: exceed the Howell, Vice-President and/" Ac— J
tuary of the Prudential Instance
average of 1943-44 by 15%.
Th
Co.; Vice-President, George W.
existing agreements with the U. S.
Commercial Co. expire on June Bourke, General Manager and Ac- "
30.
The settlement basis for the tuary of the Sun Life Assiijjance /
Co. of Canada; Treasurer, Oliver '
Apri}-June quarter is 58^0 pet W.
Perrin,
Associate
Actuary,.
pound of tin contained. Bolivian

May

256,115
40,700
234,629

tOther sales.

Marshall,: /aSee^e
Actuary of the

and

Provident Mutual Life

able for delivery next month will

Other transactions initiated off the floor—

purchases—

W.

President

52.000

84,990

Total sales.

agreements to pur¬
chase Bolivian concentrates to the

May 16

5,300
79,690

tOther sales

Edward

the

tonnage avail¬

89,670

purchases

Short sales

Total

Members

doubt whether the

Other transactions initiated on the floorTotal

advancing to 14.400, f.o.b*

terday.

548,570

Marshall Elected Pres.

cfdctiisrialSociei^//

The Government is prepared to
extend

stockpile of
contained
Lead i
55,402 long tons of tin, of which
21,997 tons was pig tin and 33,405
'• The problem of
distributing; the
tons contained in ores and con¬
shrinking lead supply to take care
of consumers for June was con¬ centrates. Compared with a month
sidered at a meeting between rep¬ previous the stockpile increased
1,584 tons.
resentatives
of
producers
and
CPA officials in Washington yes¬ I Straits^^qtiality^^ tin te shipment

5,859,200

-

.

.

alent
,

187,040
5,672,160

—.

—i

—

Dealers andSpecialists:"/

A/,/ they

that

troy. London has moved '
to £14 per ounce, "•

per ounce

up

industry.
An¬
higher schedules is
Penn Mutual Life Insurance! Co.:
producers have been insisting on
expected early next week.
Editor, John R. Larus, Vice-RresiExport copper was quite active a higher settlement basis to offset
dent and Actuary, Phoenix Mutual
and.higher,; the New" York equiv¬ rising costs.

Bound-Lot Transactions for Account of Members,

:,

for

refinery.

Total sales.

Except

that

nouncement of

,

:
Short sales
:
A*/ tOther sales--_

<i

is believed

cials are expected to confer with

,

;:

It

brass and bronze ingot makers be¬
fore this week ends, to revise

.

„

Valley.

important questions relating
to the new ceiling price on cop¬
per have been settled.
OPA offi¬

Curb

Total Bound-Lot Stock Sales on the New York Stock Exchange and
.Transactions for Accoiint of Members*, < Shares).

it ap¬

the

Exchange, member trading during the
week ended May 4 amounted to 587,095 shares, or 13.36% of the
total volume on that exchange of 2,197,735 shares.
During the week
•ended April 27, trading for the account of Curb members of 686,010
shares was 13.57% of the total trading of 2,528,140 shares.
t

stand,

now

pears that the new ceiling price
will move up to 14.3750, Connec¬

..

*'

matters

,

Trading on the Stock Exchange/for' the account A6f members;
i(ekcept odd-lot dealers) during the week ended May 4 (in roundlot transactions) totaled 1,856,924 shares, which amount was 15.85%
of the total transactions on the; Exchange of 5,859,200, shares., .This
compares with member trading during the week ended April 2.7 of
2,576,523 shares,- or 16.43 % of the total trading of 7,841,310 shares. ,.

»*

11

'

New York Exchanges ,.///,

on

2985

282,185

21,745

-

t-

:U

V.: ?h■

IJ»otal gal6S

m,Sgi ii-

-n t,

r,L.fT~2'^

fhi Odd-Lot Transactions Tor Account of

303,930

rrrwT|

Specialists—

.

Customers'short sales.

■r.Vf.;

''X$ To

ICustomers' other sales.

13.36

123,122

Total purchases;

123,122

Total sales.

,

117,297

*The term; "members" includes all regular and Associate Exchange members, their
firm^'end their'partners, Including special partners. -.
u»k*>
*1. i
fin. calculating these percentages thfe total of members' purchases; and sales Is
compared with twice the total round-lot volume on the Exchange for the reason that
$ha Exchange volume includes. only jsales.;
;
v 4 ^ ^
; .
.
ur ,.r.'r
tRound-lot short sales which are exempted from restriction by the Commission's
antes are included'with Mother sales/".
^
^
^v
.
a
v., " SSales. marked "short exempt" are Included with "other sales."

'
"

v'

May

<><16

'

'

-

—Electrolytic Copper—
Refy.
Exp. Refy.V
/ 11.775. 14.175

Dom.

>

St, LoulS

52.000

6.50

6.35

8.25

13.975

52.000

6.50

6.35

8.25

-

52.000

6.50

6.35

20

.

11.775.

14.175

Ne^yYork

v

;

21

■

11.775

.

22

-,':6.50/'-,'
6.50

Non-Ferrous

Metals-Copper and Lead Users
ftwail OPA Action on Prices-Quicksilver Off

T

M,;,^ Metal and Mineral;Markets/^in its-issue of May 23j

■

^tated; ^Except that progress was made, last week in the matter of
settling the queirtion^of revising ceiling prices of copper,; lead, and
industry was hardly in a position to talk business.
stoppages resulting from the growing scarcity in supplies of

Einc upward, the
Work

major metals were more numerous. It was hoped that an announce¬
ment on prices would be issued^
Copper-/ ^
by OPA during the next week,
The foreijgn market * for copper / Meetings held
during the last
was active and the price advanced week to clarify the
price situa¬
to a higher level than that men¬ tion
in
copper
have "not yet
tioned as the likely new. ceiling brought about final settlement of
£rice for the domestic trade. the problem, but it was felt that
There were no price develop- considerable progress was
made,
fments in the platinum: metals. and OPA now recognizes that
-

'

Quicksilver

was

quiet and

;

the anything short of

price declined $2 per flask.''

?

1

The

to say

publication further Went Oh
in part as follows;




Average) 4/"r

11.775

•

6.50

14.217

52.000

6.50

6.35

'

14.400.

LOT ACCOUNT OP

AND

A*'-*..

.

; /.Average prices ,for calendar; week end^d, May, 18. are;. Dpmestic:
copper f.o.b. refinery, 11.7750; export copper f/o.b; refinery 113.8980;
Straits tin, 52.0000; New York lead, 6/5000; St. Louis lead,/ 6.3500; St;
Louis zinc, 8.2500; and silver, 70.7500.
;
/.
-

,

T.

,

r

>

THE ">N..--.YJ)<

Odd-t A* :*S|n>ei? by Dealers—
*IX
Totat
(Customers' purchases)
" Vet week.;
Number of orders-i.^..^
41,381
Number of shares^
1,202,505'Dbllar value ^_^-^iU_-i--iAjfe55,718,310
Odd-Lot Purchases by Dealers—A. /
/
/
(Customers: sales) - .v
•
•<
•
@ jSTumbet Of Ordersr
1
- A
A
Customers'.short sales_/^
//
224 •

%

r

v

ON

Week Ended May

,

8.25

m

STOCK' EXCHANGE' *

8.25
"

1

.

ODD-LOT DEALERSl

SPECIALISTS

^

8.25

.

dealer^Ahd^

TRANSAOTIONS FOR THE/'ODD

8 25

6.35

.

STOCK

8.25
-

6.35

52.000

A

11.775

V

6.35

52.000
52.000

/ 14.400

"

—-n

St. Louis

New York

11.775
18

by the odd-lot
cialists.' ' - -

Zinc

-Lead-

Straits Tin,

'/•"Tl."775/" —14.175

..

.

'

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

'Customers

A

cuctoxriers*

other

sales.™

^4,347/

/total *sales/il J°1^4,$7l

Copper, lead and zinc quotations are based on sales for both prompt and future
A Number.of Shares:
*
<
V>J f)9f<
*
deliveries: tin quotations are for prompt delivery only/A;,
v >> '
"
f Cu'tomers' short sales_n_.;v^-rn 7,808
In the trade, domestic copper prices are quoted on a delivered basis; that is
A /•Customers' other sales.A--.
1,(10^,530
delivered at consumers' plants.
As delivery charges vary with the destination. tTif
figures shown above are net prices at refineries on the Atlantic seaboard.' Delivered
"A
Customers* total sales—i.;tc 11009,339
"prices in New England average 0.225C. per pound above the refinery basis,
t
Dollar value
Effective March 14, the export quotation for copper reflects prlcea obtaining in.
.$45,^98,881 ?,
Round-Lot Ssles' by Dealers—r
the open market and is based on sales in the foreign market reduced to the f.o.b
/ Number of Shares:
; /
A
^
refinery equivalent, Atlantic seaboard.
On f.a.s. transactions we deduct 0.075c. for
cv^rt-sc^s-^.-—_—570/
lighterage, etc., to arrive at the f.o.b. refinfery quotation. :•
'.
"
/
t ;
:.
/
tOther sales
Quotations for copper are for the ordinary forms of wirebars and ingot bars
i——5 p„ 223,1401
For standard ingots an extra 0.05c. per pound is.
charged; for slabs 0.075c, up,-and
for-cakes 0.125c. up, depending on weight and
-223,210*
dimensions; for billets an extra 0.75c. A/:."/ T0t-1 sales lA—L—"
•.
.
up, depending on dimensions and quality.
Cathodes in standard sizes are «old at a Round-Lot Purchases by Dealers^
discount of 0.125c. per pound.
Number of ahare'-i-r-.—,q^87,310;
',A> ;-.r./■
ve.•
:^
./v-••;/■.
Quotations for zinc are for ordinary Prime Western brands.
Contract prices for
•Sales marked "short- exempt'/Tf-re ,re- ^
High-Qrade zinc delivered in the- East and Middle^ West in
nearly all Instances com- ported with "other sales."
\ ...: .-1
mand a premium of lc. per
pound over the current market lor Prime Western bnt
tSales to offset customers' oddJldt orders,
not less than lc.' over the "E^ & M. J.",
average for Prime Western for the previous
to liquidate a long position which-,
,

.

—

.

.

.

single quota¬
tion for the - industry would be
worthless.
At one time it was
suggested by OPA that the price
a

.

month.:

•

:>/•

Quotations for lead reflect prices obtained for

...

common

lead only.

-

J.

,

v

"other

»•>*

!*

sales."

reported: with"

round lot are

A

,

'liJ my

THE COMMERCIAL & FINANCIAL CHRONICLE

2986

Thursday, May 30, 1946

Wholesale Prices Rose 0.7% in Week Ended
Daily Average Crude Oil Protection for Week
faded May 18,1946, Increased 17,000 Bbls.
May 18, Labor Department Reports

figure, however, was 116,115 barrels per

day below the output for the

ended May 18,1946, averaged 4,714,200

reported as follows:

/;•

,

indicate that the in¬
of Mines basis approxi¬

Reports received from refining companies

dustry as a whole rari to stills on a Bureau

rroducts and Foods

f'Fatm

The institute further

barrels.

low

of

$1,079

1945. The March

above

in

figure

barrels of kerosine; 5,595,000 barrels of

barrels of gasoline; 1,984,000

■

8,420,000 barrels of residual fuel oil during the

distillate fuel, and

;

of that week

week ended May 18,1946; and had in storage at the end

Januar^^.94i;iiahcl J5910 %

above

August,

1939,

$50.99;

reached

there

daily average crude

was

in

March,

■

•

,

"

-

Average "Real", .Weekly: Earn-.
ings—average weekly earnings.
adjusted for changes in the
cost,
of living (index
numbers, 1923=*

Prices of .white potatoes in¬
creased in most markets with good demand and onions were higher
reflecting good quality.
Light supplies caused slight price advances

apples.

for

"The

Actual Production

State
*B. of M.

Allow¬

Week

Change

4 Weeks

Week

Calculated

ables

.Ended

from

Ended

Ended

Requirements

Begin.

May 18,

Previous

May 18,

May 19,

May 1

1946

Week

1946

May

./♦•New

47,200

51,700

2,750

7,900

150

7,700

7,300

5,750

750

2,650

150

2,700

16,400

20,400
207,850
30,150
46,000

1,850

19,400

3,000

210,000

1,350
1,600

30,850

J

Indiana

—

204,000

Illinois

Kentucky

30,000

.

Michigan

46,000

*

_

Prices of Granges, declined * substantially because of

a

100.) Following the wartime
peak

■,
W mUrnirn

mm

t700

50

750

250,000

t261,350

16,050

252,150

370,000

|373,400

150

369,400

800

82,750
163,500

83,000
164,800

Panhandle Texas
>

Texas

East.-Cenfcral Texas__

521,100
139,600

East Texas

388,800

West

Texas

486,000

(Coastal Texas—

The

563,300

2,114,800

2,050,000 t2,103,120

North Louisiana-—,
Coastal. Louisiana—,
Total

1178,650

150

82,100

380,000

372,000

-;

■

370,100

299,800

372,400

150

+

71,100

290,300

+

291,450

Louisiana—

2,176,150

2,094,200

group

370,900

following notation is included in the report:

The

Statistics' wholesale price data, for the
prices in primary markets.
In general, the
prices are those charged by manufacturers or producers or are those
prevailing on commodity exchanges.
The weekly index is calculated
from one-day-a-week prices.
It is designed as an indicator of week
to week changes and should not be compared directly with the
monthly index.
most

Total Texas—

1946.
brought the

Bureau

part,

of

Labor

represent

over

5=/:,;

1172,250

900

Alabama

350

75,000

1,400

58,650

49,800

1,100

450

1,050

%

New

Wyoming
ir

50

Montana

106,'950
20,850

22,000

California

CHANGES IN WHOLESALE PRICES BY

400

111,250

19,400

23,000

•

_L_.— CM

;i Colorado

500

50

.

29,600

650

28,300

885,400

862,600

§835,000

840,000

5-18

5-11

1946

Total United States

4,626,900

4,751,350

17,000

+

4,714,200

1946

110.9

110.1

5-4

15.7% shorter than the 48.3
hours!
on
£he average in 1929.
<
•Payrolls (Index nurpbers, 1923 y
=100). Here, the peak was as far

worked

back

commodities

1946-

was

62,450

Farm

of the requirements of domestic crude oil
natural gas derivatives) based upon certain

Hides

65,350

63,650

3,650

+

5-19

5-11

1945

4-20

1946

5-19

1946

1945

109.6

105.8

+ 0.7 ± +1.2

+ 4.8

135:8+135.6

135.4

129.5

+ L5

»

products

—

—

137.9

+1.8-

'>•

+ 6.5

■

111.5
♦These are Bureau of Mines Calculations

(after

deductions

condensate

of

and

premises outlined in its detailed forecast for the month of May.
be

either

supplied

may

or from new production,
contemplated withdrawals
must be deducted from the Bureau's estimated requirements

from crude oil inventories
•

As requirements

stocks

from

the amount of new crude to be

tp determine

produced.
In some areas the weekly
do, however, include small but indeterminate amounts of condensate which is
mixed with crude Oil in the field.
*•

estimates

Textile products
Fuel and lighting

materials

Metal and metal products—

110.7

110.4

106.8

+ O.o

+

1.0

+ 4.4

120.3

120.3

120.3

118.3

+ 0.5

+ 0.5

index

106.7

106.7

105.2

99.1

+ 1.4

+ 2.9

87.0

86.6

84.6

0

+ 0.5

1929 average.
Total Man

109.3

109.3

96.3

Housefurnishings goods

;

109.4

.

109.1

109.0

104.3

0

+0.3

+

126.8

126.9

126.6

126.0

117.2

+ 0.1

+ 0.7a

+ 8.3

96.2

96.1

96.1

94.9

+ 0.1

+ 0.2

+ 1.5

108.7

108.7

108.9

96.2'

106.2

96.3

96.2

95.4

123.2

123.1

123.0

101.7

101.6

101.5

100.8

Manufactured

106.1

105.6

105.5

105.1

|This is the pet basic allowable as bf May 1 calculated on a 31-day basis and
shutdowns and exemptions for the entire month.
With the exception of
fields which were exempted entirely the entire state was ordered shut, down

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

'{Recommendation o{ Conservation Committee of California

products

products

•'

;

STILLS;

Figures In this section include

'■M'M

reported

estimate of unreported amounts and
-Bureau

of

Mines

are

% Dally Crude Runs

Capac.

District—"
East Coast..,

Produc'n

Report'g

fStocks

erated

802

301.4

Blended

1,890

and

Hides

76.8

therefore

an

on

Gas Oil

Fuel

District No. 2.,

10,092

tnd.j 111., iKy—

66.4

188

62

97

756

88.2

2.572

20.831

1,737

78.3

389

82.9

1,314

8,131

614

4,101
1,691

217

65.8

903

310

695

1,189

96.1

3.573

2,982
14,820

299

Texas Gulf Cbast—

59.8
89.3

Louisiana Gulf COast.

96.8

293

1,893

112.7

4,770

802

4,109

1,611

5,560
1,653

No,

55.9

; 57

54.2

154

1,759

206

441

193

Arkansas..

3,276
1,106

1,206

Rocky Mountain
3.

17.1

10

76.9

District No.

4.

72.1

124

66.8

762

California

37

92

10

>78.0

402

2,056

2,232
■15,478

122

78.8

36

41

388

584

670

7,427

22,085

Total U.S.B. of M.
basis

May

18, 1946

85.7

4,756.

88.0

'

Y

Total U.S. B. of M.
basis May

11, 1946

85.7

4,820

1»■."*-*/

^

8912

14,198 ♦97,050
^/ T» ]'

11,848
^

\

*j%,'

32,186
\

I

41,875
vV>

,

\

-,vt

S

13,903

98,158

11,079

31,736

41,008

15,329

t88,533

8,232

29,859

38,852

U.S. B. of M. basis
r

V. :

May

19,

1945

+ 4.3

+0.9

+ 4.3

Employment (index numbers,
1923=100).' From
the
all-time

r

and November, 1943, there was a down^
ward
trend
to
October, 1945,,/,.

1946.

^

gradually to 108.8 in March,
The March level, was

2.9%

under that of

January, 1941, but
27.3% above that of August, 1939,
and 7.7% above the:
average for*
1929.

11, 1946 TO MAY 18, 1946

Four New/Committees

Anthracites^'

0.5

';f 5.2.»-tOther -textile products

0.4

10.4

—

——

3.3

Brick and

3.1

■■

Cement
Other

tile_c-i-4._.

0.3

-T

0.2

All the fadtors which contribute

to the income of wage earners

>

-

cases

Four

Bank
new

committees .-of

Bank

were

in

There.-follow

The

that,

on

"TimesT !
v-

They ,/jyill ^ai:With ^

v

relating to the bank's capital, de-

igodiia: "pbsitories^^^ etc.; the marketing of
securitiesj.loan

accentuated in

the latter

>

announced on May
23;
by Emilio G. Cdllado/ • Americah" £
membier,„according to special

which further said:

■" ;:.v

,: ij";

the.r

of the World

were

vices from Washington
date, tq .the New York

half

of

March, in most cases reversing the 1945 and continued through Febr
Course of reconversion slumps,.ao* ruary,- .1946, tindeT .the Influence
cording to the National Industrial- -6f - majorc strikes.

Board, whose report
issued oh May 20 continued:
5^
&With the exception of total and

-

Board of Directors

0.1

duction-saturation of war

In The declines

manufacturing turned upward'in- •most

.

0.1

lood

Higher Vn MatcH

Named

0.2

——

.

Conference

No.

District

+ 0.9

+0.3

u„B«W.tked»«4VleeHvEa-»i»Ss
r

182

Okla., Kan., Mo.

&

+ 0.4

99.7

,0.9 Fruits , and vegetables
0.6 Meats
"Other.t-Iarm.products—------•" 0.1"

?•-,•

154
C

Inland JTexas...

La.

100.5

103.1

———i———

7,497

390

120.0

2,635
1,031

231

60

87.2

307

103.9

103.6

2.2

Oil

81.2

,

104.3

Drugs and pharmaceutical-^——-

Fuel

Oil

5,079

and,

9.3% below the average for 1929:

+ 3.9

of

sine

22,950

90.0, which
was
1.6% under
ahuary; 1941»
36.8% above August,' 1939,

+ 1.0

104.4

feed

a

Kero¬

97

to

index /

when the index stood at 104,1. It

103.7

skins—.

Appalachian—
District No. 1

trend

February, 1946. The

recovered ih March to

rose

104.8

—

products.

of

Stocks

that time

downward

+ 5.7

tStks. of tStks.

Unfin.

Inc. Nat. Gasoline

Av.

"

99.5

and

atRef.

to Stills :
Daily % Op-

plus

MAY

—

Furnishings
totals

a

+ 7.3

basis

{Gasoline tFinish'd

Refln'g

Clothing

Cattle

(Figures In thousands of barrels of 42 gallons each)

'

*

Cereal

AND RESIDUAL OIL, WEEK ENDED MAY 18, 1946

- - -

was

+ 0.9

+

Increases

Grams

PRODUCTION OF GASOLINE; STOCKS OF FINISHED
AND UNFINISHED GASOLINE, KEROSINE, GAS OIL AND DISTILLATE FUEL

■

there

83.3 in

PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM

Oil Producers.

Arkansas, 72,600; Mississippi, 60,450; Wyoming, 113,000 (less than 50 bbl. deleted).
CRUDE RUNS TO

1923=100). The wartime peak of%
142.6, was reached in October and

+ 1.8

1.1

104.0

———-

products and foods—

11Figures in these areas are on a strictly crude oil basis beginning this week.
Comparable crude oil figures for last week (May 11) follow: No Louisiana, 78,500;

.

+ 3.0

in

numbers,

1.3

+

All commodities other than farm

joperate leases, a total equivalent to 5 days shutdown time during the calendar month.
;;

materials

Raw

for five

-

+ 0.6
+ 0.9

All commodities other than farm

'

Miscellaneous commodities

May 15, 1946.

(index

+ 0.5

102.1

those

^

are for weqk ended 7:00 a.m.,

re- <;

a

47.4%

+ 0.1

94.8

Includes

0.5

+

117.9

Semi-manufactured articles

4.8

+ 0.1

94.6

124.6

r

tOklahoma, Kansas, Nebraska figures

saw

was

Hours; Worked

Manufacturing

+ 2.8

—.+4

171.1. March

1941,116.5% above
August/ 1939, and 75.2% over the

+ 9.2

37:0

and allied products—

Building material?-.
Chemicals

steep decline. from Marchf,:

was

covery to 189.9, which
above January

+ 2.2

87.0

products

110.9

120.9

108.2

leather

and

a

1945, to February, 1946, when the

November, 1943. From

*

#*Pennsylvanla Grade included above.....

as

November, 1943, with the
index af 275.7. After a
gradual de¬
cline fotf a year and a
half, fhere

GROUPS

109.9

4,867,465
All

4-20
1946

over

January, 1941, 7.4% longer than
in August, 1939
(37,9 hours), and

Percentage changes to
May 18, 1946, from—
Commodity group—

163.5,

33.9%

aver-,
age of 40.7 hours was 1.2%
longer /.
than the average
work, week in IT

(1926=100)

945,100

19,700

1941,

February, 1946. The March

'"/':/■/ FOR WEEK ENDED MAY 18, 1946

11,200

400

COMMODITY

January,

.

for April 20, 1946 and May 19, 1945, and

103,500

95,300

i--v 99,000
106,000
95,300
Mexico—Other.)■}
.. ?.*
• ? - «■*.*•.
500
•
97,C00 '
;
:' 5112,950

% New Mexico—So. East)
>

upturn

to

up

1939, and 52.5% above
the 1929
average.
Average
Actual
Hours
Per
Week. From the wartime
peak of
46.2 hours in
January, 1945 there
was a downward
trend to 39.2 in

following tables show (1) indexes for the past three weeks
(2) percentage changes in
subgroup indexes from May 11, 1946 to May 18, 1946.

79,850

1161,850

77,387

79,000

3 53,000

March

August,

The

Mississippi

The

index

which represented
gains of 22.3%.

"Other

355,650

March, 1945, there was
153.4 in Feb-4

year's decline to

ruary,

rosev 0.3%

379,800

328,400
482,800

331,500

Texas

-

513,300
138,850
384,600

'

Southwest

5.500

46,100

a

were

Commodities—Average prices of all other commodities
during the week, with the largest advances in clothing,
Prices of work clothing increased
2,500 hides and skins, and cattle feed.
12,450 following ceiling adjustments to restore 1936-39
earnings and prices
194,650 of men's
suits were higher.
Quotations for Brazilian goatskins ad¬
26,850
vanced sharply as the Reconstruction Finance .Corporation increased
45,800
900
its buying price to meet world competition.
Higher OPA ceilings to
271,300
encourage production were reflected in a substantial price increase
385,400
for linseed meal during the week.
There also were increases for
anthracite, drain tile, cement, and rugs reflecting earlier adjustments
90,000
of ceilings.
The group index for all commodities other than farm
153,900
495,300 products and foods was 0.9% above-a month ago and 4.3% higher
138,200 than mid-May 1945."
8,000

5,200

370,000

Kansas.

Gn the average prices of farm products

supplies.

of 181.8 in

index for foods advanced 0.5% during the week
chiefly because of higher prices for bread due to reductions in the
loaf size without corresponding price reductions.
Prices of foods
averaged 1.0% above mid-April 1946 and 4.4% above the correspond¬
ing week of last year.

15

200

252,000

/ "

Nebraska

North

+

250

•♦West Virginia.—
•♦Ohio-Southeast —1

Ohio—Other

48,950

50,750

8,400

York-Penna—

Florida

?

1945

1945,1

full

a

—*

1.0% higher than a month ago and 6.5% above mid-May, 1945.

oil production (figures in barrel)

-

94.1%

twelve-month
decline! to $43.56" in
February1946. The upturn in March
brought ;

ceiling which becomes effective June 1.

with light

: ^

and

.

Average Actual Weekly EanW
ings. From the wartime peak of

$[7>050,000 barrels of finished and unfinished gasoline; 11,848,000 bar¬ preponderance of small siEcsv ^ubtations Tor steers increased' with
rels of kerosine; 32,186,000 barrels of distillate fuel, and 41,875,000 heavier demands from large packers and sheep quotations were higher
barrels of residual fuel oil.

.

50.9%

was

over the average for 1929,

'

14,198,000

mately 4,756,000 barrels of crude oil daily and produced
-

re-

October,'

-

the average up to
•
$46.44, as com¬
in
Substantial price advances for pared with $30.61
January,
1941, and $27,29 in
grains to new OPA ceilings raised average prices of farm products
August, 1939.
The March
average was
1.5% during the week.
The new ceilings, above current parity levels,
51.7%
higher than that for
were granted to encourage increasd production to meet foreign com¬
January, 1941^/
70.2% higher than
mitments for relief and to discourage feeding to livestock.
Quota¬
August,, 1939,
tions for corn advanced more than 20%, and for, barley, oats, and and 62.7 %.. above the average forVt
Wheat 6 to 10%v
:/
Rye quotations declined in anticipation of the OPA
".vyThe Bureau further reported:

Daily production for the four weeks

1945.

ended May 19,

week

;

cent

"Higher prices for grains and clothing were largely responsible
for ah advance of 0.7% in primary market prices during the week
ehded1 May 18, .1946," it .was stated on May 23 by the Bureau of
Labor Statistics, U. S. Department of Labor, which added that "at
110.9% of the 1926 average, the index of commodity prices in primary
markets prepared by the Bureau was 1:2% higher than in mid-April
1946 and 4.8% above a year ago." i
;

:! The American Petroleum Institute estimates that the daily aver¬
age-gross crude oil production for the week ended May 18, 1946 was
4/751*350 barrels, an increase of 17,000 barrels per day over the pre¬
ceding week and a gain of 125,350 barrels ever the daily average
figure of 4,626,000 barrels estimated by the United States Bureau of
Mines as the requirement for the month of May, 1946.
The current

,i;

.March,, as compared with the

Conference

Board's figures for March,

1946,

andv comparisons^ yyith the war¬
time peaks^with January, 1941

/

policies and interpretations of agreements and by¬

laws."
Iy
■winiii'm"..!Vi'iiriii'M
I

'

!

u

1

Us-}

,

nomination

■

"

./'V1'

Cooper Ambamdor
The

LJ'i

,,

i

of

to

..V'.

'J

Peru

;

Prehtice-

Cooper of Tennesse/ to, be> Ahi-*"
bassador to Peru^^waS .confirmed
•

by the .United States Senate on
weekly houts worked, all r the; in¬
of the - Little Steel May i. The nomination was sent /
dicators reached levels in March X base., date
which were well above the im¬ Formula), with .August, 1939, and to the Senate by President Truwith the average for 1929.
All men on April 29, Mr. Cooper sue- ;
mediate postwar troughs.
Many of the declines, /such as data-cover all.production workers ceeds William D. Pawley, who re- v
those in employment,, total man. in the ^manufacturing industries cently . s became
Ambassador
to
been - regularly
sur¬ Brazil. /Formerly? Governor, /of ".
hours worked, and payrolls, be¬ that have
-

4,951

.--

>includes unfinished gasoline stocks of 8,420.000 barrels,
tlncludes Unfinished
gasoline stocks of 11,388.000 barrels.
tStocks at refineries, at bulk terminals in
transit and in pipe lines.
§ Not including 1,984,000 barrels of kerosine,
5,595,000 barrels
of gas oil and distillate fuel and 8,420,000 barrels of residual fuel oil
producing during
the week ended May 18, 1946, which compares with 2,027,000 barrels, 5.422,000 barrels
and 8,724,000 barrels, respectively, in the preceding week and 1,523,000
barrels, 5,181 000
barrels and 9,425,000 barrels, respectively, in the week ended May 19, 1945.
•




,

gan

long before reconversion got

and were due in the
earlier stages not to reconversion

under way,

but rather to manpower

and, in

a

shortages

number of cases, to pro-

veyed by The Conference. Board Tennessee, Mr. Cooper, it is stated
of a cen¬ has long been associated in the
Democratic party activities.
tury.
-:•
•••'■;
with

*

for more than a quarter

Actual Hourly Earn-, Senator McKellar, President
Ings. At all-time peak of $1,145 in tempore of the Senate.

v

.Average

>'

pro
•

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4494

Volume 163

'2987

Total Loads

Revenue

Freight Gar Loadings During Week
Ended May 18,1946, Increased 3,298 Gars

Loading of

Railroads
Southern District—

■

Alabama, Tennessee & Northern

k

v

42,138-ears,-an incteas^
decrease of l 1,051 ^ears
below the corresponding week in 1945.
In the -Western Districts
alone, grain and grain products loading for the week of; May°°18
totaled 28,686 cars, an increase of 1,514 cars above the preceding^
week, but a decrease of 8,179 "cars below the corresponding week
Grain arid grain products loading totaled
of 990 • cars above the preceding Week, but a
•

;

; in

;-v^:
Livestock loading amounted; to 14,635 cars, a decrease of 1,387
cars below the preceding week/ but an increase of 333 above the.cQrresponding: week in:1945. in &e Vifeste^
alone: loading .of

\
~

J ^ livestock, for' the week of May 18 tbtaled'10,837 cars, a decrease of
the corresponding week, in .1945.
Forest" products'

-

1

loading-totaled 34,820; cars,/, a-decrease of :1L083

*

cars

>

11,440

3,780

3,929

4,638

418

1,231

1,617

1,665

2,493

2,895

223

288

236

369

1,460

1,672

1,196

56

63

.53

100

1,140

1,254

1,706

1,142

■.

fairs

592

2,506
730

352

^431

340

736

5,610

3,996

2,958

4,162

Illinois Central System..

22,734

29,630

28,748

12,558

18,449

Louisville & Nashville

19,292

27.091

25,761

8,368

208

187

207

1,179

12,414
1,074

275

559

284

367

Macon, Dublin & Savannah.

1 2,997

•

-

of 8,983 cars-below

below .the preceding . week and a decrease

orrestal not to enter into a com¬

415

'u:

;

980

1,192

1,483

Army and Navy leaders to recon¬

396

1,100

1,228

;©< 47*

413

cile

9,999

10,845

10,440

II,236

10,639

25.092

24,032

6,747
19,926

8.521

20,519
538

582

732

645

802

120

Seaboard Air Line

Southern System
Tennessee Central.

■

-

-

137

134

969

1,140

Winstoa-Salem Southbound.

3,543

,>4,426

©

128,956

14,534

90,559

119,818

14,304

19,713
2,828

11,114

2,428

2,759

3,345

21,191

10.519

3,025

3,587

3,351

8,253
3,651

12,273

26,561

173

320

"1.

455

1,116

493

9,057

9,230

6,987

10.520

499

386

242

116

13,131

24,892

21,765

5,384

458

"442

704

2,024

61

87

1,938

1,972

1,980
1,869

2,256

2,462

4,716
9*375.

7,842
020

6,697

3,328

3,380

10,230

4,460

6,210

276

180

37B

571

2,939

2,793

2,305

4,060

89,391

136,338

133,230

52,422

68,804

tions

COrrCspohcU

i.weektpt -Jahiiaryi^^.^.^

••;
1

weeks

4

2,866,710

February...—

of

weeks

6

•

of

I

March

•

Week- of. May

•

3,982,229
2,604.552

—

\-A-' weeks ..of

I

3,003,655
3,052,487
4,022,088

'

.

*

:

684,942

Week of May 1U—

866,034
838,764 '%

of

Total,

-

868,914

688,240

>lay lS©^©©*-^©/©^-

14,381,604

following table is

The

carioadirigsfor

of the freight

a siimmary

16,077,494

16,029,277

,

|

May 19, 1945.

«<,

£

5,784

1,709

2,080

3,410

3,624

538

1,228

1,047

804

1,725

2,122

City.

999

■

Total Loads
.vi'lvv: t-V-J v.:V

Railroads
v'.'V

S>

Ann Arbor.

Total

^

■

1944

.280-

>

■••

6,853 ". ;

——«

4

O

0

9,470

13,661

13,211

19,409

31

1,148

Delaware.As Hudson..—i---—
Delaware* Lackawanna As WesternDetroit As Mackinac
—

4,426

Detroit, Toledo & Ironton
Detroit As Toledo Shore Line.—

287

2,155

5,003

7,921 " >12,512

6,298
.-•"•245

7,900

7,349

1,641

1,781.

827

341

10,241

11,572

13,535

1,641
11,129

3,956

4,059

3,867

5,776

208

146

187

2,367

:

Lehigh As Hudson River—.
Lehigh As New England—

£&*—

Montour
New York

Central Lines—

Y., N. H. As

1,952

•

4,708

r

-

6,400

10,380

505

883
385

8,883

S?:|i!44

.178

1,617

365

•

5,666

.

8,165
f

■

.39'.

,

1,333

163,775

.-.

1,034

1,163
12,98°

3,014<

218

3,194

8,955

.

6,312 :

t.151,209-

2,131

■

6,963

5,172

372

6,104

1,286

.

7,905

-4,881

325

.'419

764

37,377

47,010

2,600

•6,911

4,622

153 ;870?;« 217,616

Pocehontai

7,203

409

454

334

:::

86

515

102

v" 251 :

91

163

2,064
18,600

'

4

'

sfeaag*

29

8

.

-'

13

r

7
52

1,269
1,524

1,889
1,880

1,743

1,954

2,048

87,704

88,998

46,144

63,926

15,298

1,655

10,782

3,995

4,908

v

4,064

3,844
189,314

18,446

27,938

20,500

20,619

3,851

'&

26,214

i

18,103

=

Western

4,632
•




907

459'

.'I 316

111

169

189

7,198

6,603

3,813

5,707

13,058

17,090

16,005

14,134

21,048

282.

3,454

7,966

4,125

7,864

v

•

198,613

28,433 !
* l;

21,484

4,520

12,909
'

'117,415

s

169,323

''10,368

15,941

5,627

4,688

1,278

•;

48,949

54,437

55,450

26,859

of American

,

♦

performed by Class I railroads in
the first four months of 1946 were

70

199

367

8;603

6,100

9,793

21.8 % under 1945, arid

than in the corresponding
two years ago.
't;'/

7,697

5,788

Texas At Pacif io^i.i

5,048

5,652

4,480

6,213

.119

100

•30

48

56,315

78,441

Wichita Falls At Southern.

Weatherford M: W. As N. W.
TotaL

made

Railroads and

public today. The; decrease Under
April, 1945, Was about- 35%5 .due
in part to the stoppage in; bitum¬
inous 6oal. production.
y
Revenue - ton-mile8 of servipe

89

4,883

119

54

,25

73,880

8,182

25

55,011

.

1

50
.

39

76,250

23.4 % less
period
(

The following table summarizes
revenue ton-miles "for
the first
months

four

of

and

1946

1945

(000 omitted'):
tTnrfnrfttt l»i

v.

Gklahnmn

«iv. »fi»t Kansas,
in 1944 and ftlSO Oklabbmei CitV-Ada-Atokii By. in 3949
PR.

Gult RV. only

XTnc1"Ap»

Vftllav

Midland

-.v

1945

1946

Deer.

1946,

"--iv:--1 ■>.

-V

f

f't

'

v

'

,

<

's.

•-

y

■

1

.

i

f.

>j

"

,

l

56,808,024
55,425,307

of

Mar.

■» 52,800.000

64,424,041

18.0

of

April

t40,000,000

61,406,982

35.0

mos.

180,100,000

238,064,354

21.8

Mo. of Jan..

Mo."Of. Feb.-

NOTE—Previous yeaFa figures revised.
■.

48,241.378

45(089,938

Mo.
Mo.

and

■

■"■•ly-l

15*1

;

18.6

.•

Total 4

Weekly Statistics of Paperboard Industry

•Revised estimate.
f.

'We give hefewith latest figures received by us from the National

Paperboard Association, Chicago, 111., to relation to aetivity lit the
paperboard Industry.
^

.

u

♦

•-

.

.

.

tPreliminary estimate.

.aagnmpnani

"

•

•

'•;-v '. vi ' ;/

Lumber Movement—Week
Ended

May 18, 1846

.

,

the members of this Association represent 83% of the total
According to the National Lum¬
Industry, and its program includes a statement each week from each ber
Manufacturers "Association,
member of the orders and production, and also a figure which indi¬
lumber shipments of 424 juijls re¬
cates the activity of the mill based on the time operated;
These porting to -the "National.Lumber
figures are advanced to equal 100%, so that they represent the total Trade Barometer" were"?,9% be¬
industry.
low production for the Week end¬
ing May 18, 1946. in^ the same
STATISTICAL RKFOBTS—ORDERS, PRODUCTION. MILL ACTIVITY
•

week
Orders

Jfcrlod

Received
Tons ;

';:194e—WeekEnded
Feb,"

•-.-..ttofilled orders

^

Production
Tons

178*590
169,482

139,681

Feb.-23«,——«
Mar/

:Tons

152,066

Feb* 16^..;..;...; ——L—a—

Remaining

150,634

————

•

Current Cumulative

95

516,211

94

92

139,993

149,794
155,381

500,507

97

93

£»!:•:■ 93#$

551,081
538,572

164,267

99

May

orders

necessarily equal the

169,627

591,661

ioi;

167,627
156,291

566.152

101

553,274

95

174,501

605,288

101

155,747

365.911

591,206

.97

162.563

595,427

92

&

18

Notes- -Unfilled

99

•143,946

llll IIZIIIIZIlZII
■

100

148,161

.

549,928

607,799

159,370

April 13.—.—I.————April 20—
;•
Apr..' 27

99

167,541

164.562

154,235

—J.

539,100

133,509
6——..—.

of

"••

96
96
:

-

•

.

96

96

.-

' rv

■' 96

days'

production

at

the' current

rate, and gross stocks are equiva¬
lent to 33 days' production.,
v

shipments
identical mills ex¬
production by 8.2%; or¬
ders by 8.3%.
•
;; ;
Compared to the average cor¬

of

reporting

ceeded

96

'

mills

For the year-to^date,

95
95

the prior week, plus orders
received less nroductlon
unfilled orders at the close.
Compensation for

"Mes,TS?ior ruled ,rom stock'snd °th"

i

95

©

these

For reporting softwood mills, un¬
filled orders are equivalent to 31

94

.

of

r

100

225,192

Mar.

April

91

98

167,243

169,355

Mar. 23—•

533,794

158,229

157,237

—

161,122

178,443
.Mar, 16^;

90
■'

orders

mills amounted to 91% of stocks.

516,776
529,767

97

new

7.4% above production. Un¬
filled order files of the reporting

were

Percent of Activity

198,985

Feb.

2,435

'

17,273

of, freight, traffic,
by Class^T* railrdhds; in
April/1946, measured in tori-miles
of revenue freight, amounted to
about 40,000,000,000 toh-miles; ac¬
cording to a preliminary estimate
based Gn reports received from
the railroads by the Association

9,981

.4,956

8.483

•

The volume

handled

151

2,948

May

29,037
21,725

35% Below Thai in '45

7,736

,

13,193

not

Total.

280

1,893

3,153

3,338
1,396

4,689

229,120

14,352
U

134,773

District--"

761

12,640

62,771

——

Chesapeake As Ohio—

&

1,363
28,353

'

—

Total—t'

988

h

1,634

5,619

?

Maryland!. —

Norfolk As

1.585

—

(Pittsburgh)—i—

Western

7,321

:

20,208

.

#

Seashore Lines.—w—
Pennsylvania System
. •
Onion

.

2

_

Cumberlahd As Pennsylvania—.———
Ligonler Valley—
Long Island—
—

Reading Co.

779
48,428
.

5,784

New ievsey—

Penn-Reading

2,139

3,513

16,801

'Allegheny. Plstrlct—

Central R. R. of
Cornwall

1,262
2,559

12,672

15,007

6,475

As Youngstown

6,072

3^650

2,374

3,667

•1,046 •

Erie.

Baltimore As-OhlOi.—:———
Bessemer As Lake Erie.—
—
Cambria k Indi&na.—

1,276

4,028
316

-

8,784

59,487

2,508

380

-137,522

Akron; Canton

982

Texas At New Orleans

•'-Cvf3l

;

36,384
14,226

5,419

:

Total

4,461

265

1,194

762

951

r;

RntlancLi.-——
-"Wabaah

^

10,313

7,914

248

■

Shawmut As North...
Pittsburgh As West Virginla^-.j.i-«—.

1,219
11,640
2,761

6

51,238

5,274 4

.

1 823

,

2,772

m 387...
"

5,244

- Pittsburg,

542

2,480

4,456

5,243 i

s

Louis-Southwestern—^..

-

6,627

304.

,
"

198

"

'

r

10,801

,

'

;'-vf 149

841 4;

10,202..

•

480

2,549

1,018

Missouri Pacific—

3,370

2,387

6,513

'

10,861

6,029

2,204

.

2,426'

"

■

2,031
:v r'-n."813

9,186

704:

5,342

"1,048
-6,356,

New York,

Wheeling As Lake

168

^'4- 5,542 m .3,260
1,517
2,927
39,063 ^ 51,182

Hartford—

Ontario As Western
•'.1 New York, Chicago As St. Louis
N- Y.; Susquehanna As Western..—
Pittsburgh As Lake Erie.
Pere Marquettp.—~
Pittsburgh & Shawmut—

4

..

8,134
2,443'

.

Maine Central—

Monongahela

■"

V 2,793-

•••■••

Lehigh Valley....;

315

7,437

2,735

2,839

Missouri As Arkansas

St.

398

7,636

2,112

City Southern

Louisiana As Arkansas.

8,361

274

Grand Trunk Western

108,258

16,393

301

Brie

71,910

7

1,264

426

'

7,524

'

56

1,829

5,784

3,032>

5,924

& 1,755

Quanah Acme As Pacific

1,067'

3,162

121,682

130,219

St. Louis-San Francisco

31

;•>

o

2,229

»

Nonthwestern District—

Litchfield As Madison.

'146

2,308

541

2,303

116,974

vl,57iH ^ -2,210

38

3,317

1,272

-

5171'

570

1,502'- Missouri-Kansas-Texas Lines

397

14,077

,r:,.

1945;

'

r,

1,935

10,867 V •-12,983

-

1,377

-

23

1,017

;

7,019

-

247

15,633

,

1,144

1,115

7,052

"

682

April Freight Traffic-

103

530

410

1946

255

1,023

Central Vermont_^..~.—.wi;

N.

'Connectibns

77

829

.

Kansas

Received from

; >1945

i

352

Indianapolis & Louisville

.Central Indiana..—

,

f

;

4:1,195

Aroostook,

Boston Ac Malne-i..^_i-^——

Chicago,

•

1946/

.^'lastora'
'Bangor' At

:vV

Revenue Freight

646

1,748
•

31,454

t*L O. At a, M. V. At O. C.-A.-A..

-

2,198

0

12,294

International-Great Northern

(NUMBER'OF CARS) ".WEEK-ENDED MAY 18'

1,428
,•1 518©

876

•

1,744

- ;

32,369

'

■■

<■

■

\

33

1,231'

8

,

Gulf Coast Lines.

f

703

Separate

a

7,373

64

32,390

Burlington-Rock Island

"

1,492

615

699

2,407
1,117

1,404

f

4,095

.

•

TotaL

erid^d-

Ddttng this, peridd Only. 3hidads reported gains over the week

12,815

2,827

Western Pacific.

^ tteseparate raUrorids and systems for the week ended May 18, 1946.
-

11,010

698

Toledo, Peoria As Western—
-

1,009

v

411

Union Pacific System
fTfcah

1,151

2,538

—

Southern Pacific (Pacific)—..

■

75

12,128

2,966
536

Peorin As Pekin Union.

867,182

>'870,075

7

4,338

6

9,354

2,364

i

North Western Pacif lc.

'

1.5 Week

12,807

1,981

Nevada Northern—

835,538

.

3,072

Missouri-Illinois.

3;916,03T

-

J

395

17,957
3,540
11,517

Illinois Terminal

v.;3,275,846

'

2,734

305

3,370
11,054

—

Fort Worth As Denver

3,158,700
3,i54,116

3,210

3,326
18,669

the

to

aviation

^5. .Removing from the Secre¬
tary of War and the Secretary of
the Navy the responsibility for in¬
itiating the. budget of their re¬
spective v departments; and sup¬
porting these budgets before the

16,081

463

Denver As Salt Lake

;. ; 1944

9,339

5

v'

Denver At Rio Grande Western

2,383,620;

22,673

26,532

17,703

Colorado At Southern

ing weeks in 1945 and 1944.

..

'

Bingham & Garfield
Chicago, Burlington As Quincy
Chicago As Illinois Midland.
Chicago, Rock Island As Pacific
Chicago As Eastern Illinois

responding week in 1945.

1945

naval

of

air corps.

Central Western District—

23,974
2,481

_

taining a fleet marine force to
support fleet operations. ;
,
"4. Transferring the Vital func¬

Army Air Corps Or to
—.

..

Marine' Corps
function of main¬

"3. Divesting the

2,125

TotaL

of
department
With a' -single

defense

of all the armed forces.

7,520
11,932

Spokane, Portland At Seattle.

the

<

single

of its important

144

Northern Pacific.

Spokane International

; by

secretary at its head.
'
"3. The placing of a single niilitary officer in supreme command

102

162

-

A

Common

602

5,692

•

opposed the

Written

measure

ciated Press:

391

preceding week, and a decrease of 9,703 cars belaw^he'cor-'

1946

two

3,590

30,048
671

Green Bay & Western
Lake Superior As Ishpemlng

program.
committee. heads1 are s

Military Committee. They
specifically advised against com¬
promise on the following five
points it was noted by the Asso¬

21,459

Dodge, Des Moines & South

GreafrNorthern

19,731

to

come
>

Senate

123,439

2,074

Chicago, Milw., St. P. Ac Pac
Chicago, St. Patil/Mlnn. & Omaha.
Duluth, Mlssabe & Iron Range
Duluth, South Shore & Atlantic
Elgin, Jollet & Eastern

and

unification

a

known to have long

18,857

Chicago Great Western.

views

on

The

25,986

Northwestern District-

Chicago & North Western

Atch;; Top, At Santa Fe System.

All districts reported decreases compared With the

their

terms

merger
104,316

Coke loading amounted to 4,962 cars, h decrease of 131 cars

m

beloW the

W&r
plan.

a

3,395

308

Alton.

■i *•

such

on

891

!■

&

'• ^

,

Secretary" of

based

President Truman had called upon

'i;[-

Sspondingweek in 1945.

With

Patterson

414

872
335

§ the corresponding week in 1945.
Ore loading aniounted to 25,581 ;cars$ a decrease of 593 cars below
the preceding week and a decrease of 55,378 cars below the corre*

Senate

3,507

Norfolk Southern—

Ft.

the

House,

promise

*

Mississippi Central
"NashVIUe, Chattanooga & St. L..

of

Senator Walsh (D.Mass.) and Representative Vinson
(D.-Ga.), in a letter to Secretary
of the Navy Forrestal on May 20
declared that Congress would hot
approve a single department of
common ^defense, rind
urged Mr.

1,186
.101.

3,663

;;v

Committees

and

281

153

1,902

v.:

The Chairmen of the Naval Af¬

t

7,001

147

.

Georgia & Florida
Gulf, Mobile & Ohio

367
2.520

Minn., St. Paul As S. S. M

1

heloiv'

3,406 cars below the preceding week, arid a decrease of 19 cars

-

-

■£'

1,822
t ?

711*

v;.

Minneapolis As St. Louis

:

1

I,801

810
•"

87

Richmond, Fred. & Potomac.

vlthe-eorrespOttding^ Week in 1945f due to coal strike.

^

1,284

.

Piedmont Northern.

loading amounted to 139,497 cars, an increase of 104,924

J cars above the preceding week,-but a decrease of. 9-, 141 cars* helmy

*

516

:

Georgla___

*

f

412

■

315

Florida East Coast

Miscellaneous freight loading totaled 307,247 cars, a decrease of
81,814 cars below the preceding week, and a decrease of 97,694 cars
; beloW the corresponding week in 1945,
..'
v1
Loading of merchandise less than carload lot freight totaled 119,r
] 360 cars, a decrease of 7,608 cars below the preceding week,.,but^an^
increase of 10,943 cars above the eorrespoiiding Week in 1945,^. v-> iCoal

3,713

Gainesville Midland;

1945

137

12,320

3,885

i*

Clinchfield—^

»

,

12,628

.Columbus & Greenville
Durham & Southern

j

_

f

11,834

Charleston & Western Carolina

-''

-

3111

437

815

t

Atlantic Coast Line

Loading of revenue freight for^the week of May 18, increased
3,298 cars or 0.5% abOve^the preceding week. 'v 1
* •-

*

,1046

.

273

—

Central of Georgia

.

Congressional
Heads Oppose Merger

Connections

645

Atlanta, Birmingham & Coast

revenue

Naval

Received from

:

Atl. & W. P.—W. R. R. of Ala....

freight - for the week ended May 18, 1946
; ;totaled^ 688,240
cars* the Association of American Railroads* an;
nounced on May 23.
This was a decrease below the corresponding
week of 1945 of 180,674 cars, or 2Q.8,%yand' a decrease-- below* the
v,same week in 1944 of 181,835 cars-of 20.9%.
:

Total

Revenue Freight Loaded
1946
1945
1944

>r

.'

dn

delinquent

responding week of 1935 - 1939,
production of reporting mills was
12.3%
above;
shipments
were
9.1% above; orders were 24.9%
above.

•-

THE COMMERCIAL & FINANCIAL CHRONICLE

2988

Thursday, May 30, 1946

"Mr.

Speak returned to
the pared with $897,605 at April 30,
January with the-rank of 1945^v;^:'V;:-Lieutenant
Colonel
after
three
"As a previous transfer to sur¬
years and
19 months with^thd plus of $500,000 had been made
Army Air Forces in England. As¬ from miscellaneous reserves, cap¬
sociated with the bank since 1920, ital and surplus on April 30, total¬
he has been Assistant Secretary ed' $8,060,000, compared, with $7,and Assistant Treasurer."
^
r
060,000 a year ago."
bank in

Items About

'.ft!.?

,

Trust

Companies

rjy:

On

May 23 stockholders of the

Secretary the Dime Savings Bank of Brook¬ Broad Street Trust Co. and Chest¬
and Treasurer of the New York lyn, recently announced the elec¬ nut Hili Title & Trust
Co.; both
Telephone Co., was this week tion of Alvin G. Brush and Gor¬ of Philadelphia, unanimously ap¬
elected a Director of the Public don S; Braislin to the Board of proved the
merger of the two in¬
National Bank of New York to¬ Trustees of the bank. The Brook¬ stitutions.
The merger is to be
gether f with Luke J. Murphy, a lyn"Eagle" of May 20 reporting effected by the exchange of two
■
'
Vice
President, in accordance this, said:
shares of capital stock of Broad
"Mr.
Braislin, a resident of Street Trust Co. for each share of
with jhe action taken by the
shareholders at a special meeting. Brooklyn,
is' the President of the capital stock of Chestnut Hill
The shareholders also voted ap¬ Braislin, Porter & Baldwin, Inc., Title & Trust Co. Total combined
Brooklyn realtors, a trustee of the resources of the two institutions
proval,, of the directors' recom¬
mendation that the date of the Title Guarantee & Trust Co., and are $33,500,000.
re g u,la r
ahnuall shareholders' a director of the National Insti¬
meeting be changed from the sec¬ tute of Real Estate Brokers. He
A plan for the consolidation of
ond; to the third Tuesday in Jan¬ is also yice*President and a mem¬
the First National Bank at Pitts¬
N.

Percy

-

Edwards,

«t ,

,

ber of the Board of Governors of

uary

the

Cable advices received;;by the
New York agent of Barclays Bank
-

(Dominion, Colonial and Over¬
seas);* 120 Broadway, New-York,
state? that the bank has declared
interim dividends of 4% actual on
the cumulative preference stock
and 3% actual on the A stock and
B shares payable on the

ilgthlbf

June, 1946.. These dividends are
for

,

.

period Oct,

the

1945,

1,

to

Real Estate
York, Inc.t

same

for, the

those declared

as

corresponding

period

one

year
v:

IS

Barclays Bank (Dominion, Co¬
lonial and Overseas) which is af*
filiated to Barclays Bank Limits

New

bf

-

*

"Mr. Brush is

Chairman of the
Board of Directors of American
Home Products Corp., s He is also
a
director of the Manufacturers
Trust

Co., Stevens-Nelson Paper
Corp., H. D. Roosen & Co., Buckhills Falls Co., and a trustee of
the Long Island College of Medi¬
cine."
Mr, Brush is also a mem¬
ber

of

MarchjB.l; 1946, and are sub) ect to ciety
deduction of British income tax
at the standard rate of 9 shillings
in the £.
The dividends are the

Board
,

the

York

New

State

So¬

of Certified Public Account-

burgh

Peoples-Pittsburgh

and

Trust

Co.

submitted

was

shareholders

to

the

institutions

both

of

April 17; the consolidation was
ratified by the shareholders of
both institutions on May 20, and
is subject only to final approval
of the Comptroller of the Cur¬
rency.
An announcement May 21
on

by the bank says:
"In view of the

numerous

tails to be worked out in

tion

the

with

de¬

connec¬

consolidation,

the

Boards of Directors have determ¬
ined that the consolidation will

a
trustee
and former Treasurer of the City

Valentine,

Stephen

Savings Bank of Brooklyn, died
on May 23.
He was 93 years of
age, it is learned from the Brook*
lyn "Eagle," which in part also

effective

become

1946.

plete

of

as

This will enable
our

July

us

plans for the

to

new

tution without confusion

or

1,

com-*

insti¬
inter¬

Eritrea, Libya and Somalia.
:K.

ers;

..

/

;

It
F.

announced on May 23 by
Goodhue; President of
Of the Manhattan Co, of

was

Abbot

Bank

t

"Accordingly,

.,

1912, and in 1918 be¬
associated with the City
Savings Bank.
"For many years he had been a

banking offices, viz.:

member of the New York Produce

Co., located at Fourth Avenue and
Wood Street, will be known as the
"Fourth Avenue Office," and the
Fifth Avenue Office—the present

business in

•
J: 'V1

y.

„

New

'

Two downtown offices—Fourth

came

Avenue Office—The present main
office of Peoples-Pittsburgh Trust

York, that John M. Lyons Exchange."
been
appointed
Assistant
Treasurer. After graduating from
Merger of the Merchants Na¬
Lehigh
University, > Mr, Lyons tional Bank of Dunkirk, N. Y., First National Bank at Pittsburgh,
joined Merrill, Lynch, Fenner & and the Bank of
located at Fifth Avenue and Wood
Corfu, N. Y.,
Beane.
Following this in 1944 he with the Manufacturers & Trad¬ Street, will be known as the
became the New England District
"Fifth Avenue Office," and in ad¬
ers Trust Co. of Buffalo has been
had

.

of the Eastern
March, 1946, he
joined - the bank's • staff.
He will
be si' representative of the bank
in the Central Atlantic States.

Traffic

Manager

Lines.

Air

■.

In

approved by directors of the three

institutions,

banking

President

(V s Parker

signed

announced on May 2133Xhe Buf¬
falo; "Evening News" in its adr

ers

,/

,

McComas has re¬
Vice-President of Bank¬

as

Trust Co. of New York.

^The merger; agreements still
require the approval of stock¬
Mr, holders and the State Superin¬
,

McComas had been with Bankers

tendent of Banks.

Trust Co, since 1928 and for the

a

past eight years was in charge of
the Banking and Foreign Pepartviraents,;;;^

•

Lewis G. Harriman of the M. & T.,

vices in the matter adds:
.

dition to these two offices, eight
branch offices.

Nine-tenths of

share of $10 par value M. & T.
stock will be exchanged for each
share of Merchants National stock,
which

has

the

same

value.

The

issuance

of

a

charter

on

May 14 for the Anacostia National
Bank of Washington, D. C., was
announced by the office of the
Comptroller of the Currency on
May 20. * The capital stock con¬
sists of $300,000 all common stock.
The President is W. Ledru Koontz;

Practical helps and guides for
vacation travelers are offered in
the new Travel

Exhibition at the

,

The

-

stockholdersbf

Trust &, Savings Bank of Chicago

meeting, it was stated in the Chi¬
cago "Journal of Commerce" of
May 24.
r
-

...

aging committee of Security-First
National Bank of Los Angeles,

Savings, Fourth Avenue
Street, New

and ;■ Twenty-second

York. ;
tion is

Recognizing

that

recrea¬
and that

of Lewis N. Murray, directors of
Merchants will continue to act in

ing business in Utica, N. Y., for
years.
He also serves on
three other important committees,
the executive, central credit and

eight

loan.

estate

Dr. William

B.

Munro, a director of the bank and
Treasurer
of

of

California

Institute

Technology, has been appoint¬

ed

the bank's executive

to

mittee.
was

a

William

E.

com¬

Siege!, who

Lieutenant. Colonel in the

Infantry in World War II and
participated in several major Pa¬
cific invasions, has been elected
Assistant

Vice-President

estate

real

loan

the

in

department

at

the head office.

At its regular monthly

meeting

held May 21, the Board of Direc¬

advisory capacity in the Dun¬
Henry B. Kingman
thrift is not merely putting money kirk area.
will become an M. & T. Vicein the bank, but also the wise util¬
President and will be in charge
ization of time and energy, Row¬
land

a

K.

president

human

need

McElvare, senior Viceof the bank, has ar¬

ranged/this exhibition to supply
to

thoSe

on some

interested

information

available vacation facili¬

an

of

the

Dunkirk

office.

Carl

E.

Frantzen and John G. Flahaven
will be Assistant Secretaries and

Harry E. Straight and Jerome C.
King will be Assistant Managers

The acquisition for future of the office.
"Directors of the Bank of Corfu
expansion of an adjoining
old brownstone house, one time also will act as advisers under the
residence of the late Bishop Pot¬ Chairmanship of Anson R. Law¬
ter, made possible a series of at¬ rence. Cyrus W. Carrier will be
ties..

..

bank

tractive exhibitions in
open

floor.

rooms

that

manager

and

Clarence H. Bord-

of

$100 par
of $10 par.

Citizens National Trust &
Savings Bank of Los Angeles,
Calif., elected J. Hartley Taylor a
member of the board, H. D. Ivey,
President, announced on May 22.
Mr. Taylor is owner of
Runnymede Farms, Reseda, Calif., and
President
of
Modern' Motors,
Glendale Cadillac and Oldsmobile
Agency, Glendale, Calif. He was
formerly Chairman of the board,
Taylor Milling Co., recently pur¬
chased by Ralston Purina Co., and
is

former

a

owner

of

Mountain

Meadow Creamery, San Diego. In
addition to the election of the
board

member,

the

board

stalment Loan Department.

3

Horn's Plan Bankers

from

the

business and to change
of

the

annual meeting

fourth

Wednesday

well and

in

Henry M. Bangert will May -to the second Wednesday in
directly upon the banking
v<The new exhibit is the be Assistant Managers. The staffs January,.

third, in a series which has previ¬
ously featured home furnishing
and home sewing.
In conjunction
with leaders in the travel field,

bf

both

banks

will

remain

un¬

changed,"!::'.^
Alfred J. Speak has been made
Second Vice-President of Fidel¬

bition to give helpful suggestions
to those planning a short holiday

ity Union Trust Co, of Newark,
N. J., and assigned to the bank's

long trip, with details on where
to go—how to go—and what to

Ironbound

Or

see..

Philip A, Benson, President of
•*?«?




^Earnings

for

the

year

ended

Abril 30, 1946, amounted to $892,028 after transfers to reserves.

the bank has assembled this exhi¬

Meet in

This

was equal to $25.27 a share,
compared with $532,301 earnings,
or

M.. Underbill,; Executive
Director \ of
the
Morris
Plan
.

Gary

$15.08 a share in the preceding
Mr. Thompson reported. '

year,

urer.

;

Southeastern

—

Emsley A.

Laney, Wilmington, N. C., Presi¬

May 22 by Horace K.
Corbin, President, according to
the
Newark
"Evening News,"

surplus and payment of $886,496
in
dividends during
the fiscal
year, the undivided profit account

dent; > Malcolm ^ C. ; Engstrom,
Richmond,
Va., Vice-President;
F. ■ Van
Benthuysen,
Columbia,

stood at

S.

nounced

on

which further said:

-

;v

$900,187

on

April 30,

com¬

signalizing

as

Cleveland's

ses*

annual "show window" and mar¬

Toronto,

C

England;
before

d a ; Manchester,
Leipzig, Germany

a n a

and

the

The fair

war,

is

de¬

Thousands of items

plastics,

now

made in

ranging

shown

be

Metals"

in

and

the

"Avenue

of

"Machinery in Mo¬

tion" sections. Hundreds of

new

products, new uses for metals,
machinery in actual operation,
and gadgets for home and work
will be displayed. Several of the
new prefabricated
and pre-as—
sembled homes^ as well as the
series
bf; prize-winning model
homes

selected by National au¬
thorities, will be erected in one of

the exhibition halls. With 1946 the

golden jubilee of the automotive
industry and the Mid-America
region an integral part of the in¬
dustry, one hall will be devoted
to an auto show—from "horseless
carriage" days to the streamlined
ultra-modern models.!

Report

Small Business ;;

on

Loans Shows New High
The

first

id

bimonthly report

be made to the President and the

Congress by the Reconstruction
Finance Corporation on its small
business activities, following the
transfer

to

functions

RFC

of

of

the

the

lending

Smaller

War

Plants Corporation, effective Jan.

28, 1946, was submitted

on May 21
by Charles B. Henderson, Chair¬
man

of the RFC Board.

port

covers

RFC

small

The

re¬

business

activities during the period Feb. %

through

March

31,

1946,

and

is

made in compliance with Section
5 of the Smaller War Plants Cor¬

poration Act and with Executive
Order 9665, issued by the Presi¬
dent on Dec. 27, 1945. In his re¬
^Small, business

loans

Reconstruction
tion attained

new

of

the

Finance

a

Corpora¬
high for any
March, 1946,

month in
when
1,027
loans,
aggregating
$48,617,731, were... authorized to
postwar

business

concerns.

Of this

num¬

,

„

"After transfers of $500,000 to

was

upwards
of v a v quarter-million
people. The exposition planned,

ber, 951 loans, or 92.6%, totaling
$17,913,041, were for $100,000, or
less. Approximately one-half were
in amounts of $10,000
or less.
Principal borrowers have been
small concerns engaged in whole-?cers
of these three groups are: sale and retail trade, in the metal
New England—A. B. Jenks, Man¬ working industries, in food and
related products, in transportation
chester, N. H., President; William
and communication, in the con¬
H. Butler, Haverhill, Mass., Vicestruction industry, and in the lum¬
President; T. Maxwell Marshall,
ber and wood products gusiness."
Portland. Maine, Secretary-Treas¬
The foregoing'figures it is indi¬
urer.
Atlantic States — Syd J.
Hughes, New York, President; cated include direct RFC loans te
Harry O'Brien, New York, Vice- small business and loans
made int
President; Royden C. Bryan, Wil¬
mington, Del.,
Secretary-Treas¬ participation with banks. Included

an¬

Branches, it

Ohio, Public Audi*
torium, and attached exhibition
halls,. and is .expected..to drUw

port, Chairman Henderson said:

Philadelphia

value to 353,000 shares
Bankers Association, Washington,
The ten-for-one ex¬
D. C., announces that a joint meet¬
change of shares will be made ef¬
fective within a few weeks, John ing of the New England, Atlantic
K. Thompson, President, reported Statesi and Southeastern sectional
in special advices to the "Wall groups will be held at the War¬
wick Hotel, Philadelphia, May 30,
Street Journal" from its Cleve¬
31 and June 1. Royden C. Bryan,
land bureau, which also had the
Vice-President of the Equitable
following; to * say:33;:. v.v;*y ;:;.3 •
y
"Stockholders also voted to per¬ Trust Company of Wilmington,
mit the bank to conduct trust Del., is program Chairman. Offi¬
company
the date

in the

Cleveland,

tors,

at their annual

meeting on May
22 approved a proposal to change
the 35,300 shares of capital stock

Cleveland, May 23 through June 2
it termed. It will be held

from bathing
has been elected to the Board of suits to houses, will be on display.
Directors, accordingyto George Mi Industrialists, trade buyers and
visitors will find interest in the
Wallace, President.
Mr. Wienke
march of industrial science and
has served the bank since 1923,
miracles of production progress to
and previously was in the bank¬

■

Bank for

what
Mid-America Exposition at

the

signed to give visitors a view of
the new postwar products, proces¬
; „Cv T;
Wienke, Vice-President
ses, machinery for home and work.
and member of the six-man man¬

also elected Glen Weber, with the
bank 24 years, to Manager, In¬

conversion of the Ana¬

a pre¬

a

new

a

costia Bank, Anacostia,

I "The show of today with

view of tomorrow." That is

ket place for the manufactured
special meeting
June 12 to vote on a proposal to products of Mid-America—an area
add two members to the Board of bounded roughly by Detroit, Cin¬
Directors, it was announced on cinnati, Pittsburgh and Buffalo
May 23, and if the proposal is ap¬ with Cleveland as its "capital." It
proved, stockholders will also be is hoped to be equal id magnitude
asked to elect the directors at the to that of the annual' fairs at

will be called to

resents

Ten shares of M. & T. stock will
.

I

Exposition

At Cleveland

quicentennial celebration, is hoped
by its sponsors, civic, business,
Harris and labor groups, to become an

Cashier, H. I. Beall, Jr.4 This rep¬

Washing¬
ton, D. C. The change became ef¬
be exchanged for each share of fective May 15.
Bank of Corfu stock, with a $100
par value,
The stockholders of the Union
"Under the active Chairmanship Bank
of Commerce of Cleveland
par

Comptroller of the
Currency .reports the issuance of
a: charter on May 15 for the Ma¬
rine National Bank of Chicago,
111.
The capital stock consists of
$200,000, all common. President of
the primary organization is R. E.
Law; Cashier, Harry Teplin.

real

ruption of service/to ourc^

the new bank,
under the name of Peoples First
"Mr. Valentine Was graduated
cd, London, maintains branches
National Bank & Trust Co., will
overseas in South, East and West from SWarthmore College In 1874.
commence operations on July I,
Africa, Egypt and the Sudan, the He then entered the flour firm
1946."
Mediterranean, Palestine, the which his grandfather had found¬
The enlarged bank will have 10
British West Indies and also in ed.
He retired from the flour
sa■.

The office of

Mid-America

C., Treasurer, -

also

are

veterans' loans and loans

made for the purpose of

helping

small business enterprises to pur-r
chase Government-owned

property,

-

surplus
m