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Final
ESTABLISHED OVER 100 YEARS
Edition
Volume
New
Number 4442
162
Price 60 Cents
York, N. Y. Thursday, November 29, 1945
Oni Job—Prosperity for
Observations
j
President
,
The
long-awaited "show down" in the motor industry
; The concentrated, monopolistic power of the
unions has been brought to bear upon one of the employers
—albeit the largest employer—in that industry, which may
not under penalty of law conspire with other employers to
meet this type of attack (which is scheduled to hit the others
also in the near future) effectively.,
Indeed this labor trust
so well knows its
advantage in this respect, and is so sure
•
is
hand.
at
of
keeping it, that it tauntingly announced that it intends to
keep its present victim's competitors well supplied with all
the labor
they need in order that they may be able to make
the greatest possible inroads into competitive markets.
It
may well be questioned if the much berated "trusts" of other
years ever showed quite such utter contempt for fair dealing
or for the public,
\
This, however, is but one
of the
why this Gen¬
the American public
reasons
eral Motors strike situation should spur
to
some
very
careful thought about the situation to which all
the labor
coddling of the past dozeri years has brought us.
One other aspect certainly not common in labor controversies
is the fact that the unions, under the ambitious leadership
of Mr. Reuther, not
only would oblige the motor industry to
largely to the wages of the highest paid workers
world, but in addition would undertake to dictate the
add very
in the
prices at which the industry is to sell, its products to-the
public. ,It has become a definite part of the campaign of
the unions in this case to insist, not only that nothing need
price of automobiles to cover the cost
be added to the
shall be.
30% increase in wages, but that nothing
;
,
of
a
In
political
a
sense
......
page
on
money
in
,
relation
to
securities—as the
principal justification for a con¬
tinuing upward price trend. This
the
supply
of
fear
of
scarcity
a
of
stocks
ap¬
parently becomes acute during ad¬
vanced stages of bull markets. But
in the bear market of
1938 stocks
Poor's
average)
sold at only a third of their 1929
level despite an intervening in¬
crease of $4 billion in the amount
of deposits and Currency outstand¬
ing. And between January 1937,
and June 1942, stocks declined by
(Standard
and
50%
almost
in the face of
con¬
a
current 40% increase in the aggre¬
gate of deposits and currency. Th;s
would indicate strongly that the
supply of money is only one of
many
factors that govern share
prices.
'
r
berni
also
have
Speculators
po'nting to the "large," or to the
"increasing," short interest as an
important safety factor; in provid¬
ing
cushion beneath, the market.
a
it must be noted
But
tion
the
of
tion
that
a
published short posi¬
only
"technically
is
total
short" against long holdings; and
increasing extent
an
of the desire
be¬
now,
to protect ac¬
profits, while not incurring
penalty for holding for less
than
the
six-month differential
prescribed by the capital
tax law. And from the his¬
$>eriod
,
total
position
of
1 Vz
million
large; exceeding the
total of a year ago by only 100,000
shares, or 7%—contrasted with the
intervening price rise of 30%. And
the present short position is 25%
lessithan at the time of the 1932
short
shares is not
Washington
Ahead
of the News
g The General Motors strike has already
not to be minimized in its
accomplished one thing,
importance, and that is the destruction of
a.labor leader. It is a part of the
pattern of thing.® now happening in
years
man.
develop
in
well,
movement, a
much
smarter
who
the
man
knew
them¬
selves.
Un¬
utives
doubtedly,
has
had
considerable
this
tance
with
reluc¬
to
deal
with him: un¬
utter
amateurishness.
strike fund of
Carlisle Bargeron
doubtedly, the
stuff
about his knowing more
about their business than they, in¬
creased their fears that underly¬
gigantic scale. The
here assumed, and
there
is reason' tq believe GM
thought, he would ^call out only
enough key workers to shut down
the plant.
The other workers,
thrown out of work "through no
fault of- their own," would be en¬
titled to State unemployment ben¬
efits. A check-up shows that none
of the Stales with the exception
of New York, pay unemployment
benefits to strikers. New York, it
is understood, does so after seven
weeks on the assumption, presum¬
ably, that strikes do not last that
boys
Reuther not only
pulled out all
the workers in Detroit, but at
agement.
the
country.
old
time
labor
leaders
Washington, not*wishing the
in
CIO
plants
throughout
the
He could have done just
much harm to the industry by
various
as
(Continued on
the
to
shortsellers
community of
in
increasing
their
sales when prices are
the way up.
that
page
2623).
and human
yout thoughts away virom
from strikes and the miracles
;'
:
re¬
conversion
.
—
,
'.
■
.
—.'——
,—
appearing in 471 newspapers
now
coast to coast and in
from
17
na¬
nomic and po¬
tional magazines as well. I quote:
"It was in 1621 that Governor
litical ' impli¬
Bradford
from
the
eco-~
proclaimed a' day
of
thanksgiving and prayer after the
New England colonists brought in
their,
first
harvest.
Gradually,
over
the years, it became a na-
the
cations
of
atomic
bomb.
Let
take
me
back.;, to
you
ticmal
the beachhead
of
awesome
derness
the
birth
of
alone
'
Not alone our magnifiof military victory.
harvest
-cent
■
celebrate
we
of our Lord, 1945!
our
bouhteous harvest
of crops.
—
after
year
Not
one
traditions
harvest
a
this
in
finest
annually
After the harvest!
"What
of
and
cf
harvest.
to
—
our
thanksgiving
the
wil¬
cradle
America
cqstom to set aside one day
of
and
vast
a
i
"
,,
high, or on
For the record shows
present decline in the
short interest since 1932 occurred
(Continued
on
GENERAL
2627)
page
Situation.
'
no.
Emil Schram
..2617
Regular Feature*
T.-.'.i....-.v,..
Observations
.2617
.2617
..................
Moody's Bond Prices anci Yields. ,>.2628
About
Trading on
Banks and Trust Cos..2632
New York Exchanges...2629
Trading
2629
Odd-Lot
State
of
Trade
General
Review,,r..........
,
.2618
Commodity Prices, Domestic Index.2629
Weekly Carloadings..........;....2631
Weekly Engineering Construction... 2629
Paperboard Industry Statistics
.2631
Wee^lv Lumber Movement..........2631
Fertilizer Association Prioe
Index.. .263n
Weekly Coal and Coke Output..,..2628
Weekly Steel Review....
;.... .2627
Moody's Daily Commodity Index
Weekly Crude Oil Production
Metals Markets
262R
,.2630
2630
Weekly Electric Output
....2628
in Reacquired Stock Hold¬
ings
.....2627
Changes
Cooper Statistics as of Nov.
Federal
Debt
a
dinner of
Stock
better way than by quoting
the
Association
Exchange Firms,
1945.
briefly from the New York Stock
Exchange's Victory Loan message
>
;
(Continued
Better Think
on
Nov.
full utilization of
our
resources
2622)
Again!
will there be any
substantial recourse to the capital markets.
There will certainly be no dearth
of available funds for the capital
markets, with the exception of
possibly small company loans.
"Given the huge accumulations
of liquid assets by individual in- stitutions
and
corporations, it
seems
quite clear that for the'
very
foreseeable future there will be
an
insufficiency of
new
j
security ;
offerings (by domestic corpora-1,
tions) to absorb the funds seeking
investment levels.
;:
,
"We
Limit
at
Oct.
13....♦2663
31.. ,.*2563
items appeared in the
of Nov.
25,
% are
every
recognizing more
day to what extent
on
pages
Ganson
Furcell
looking to the United States
financing. Not only are the countries in need
of reconstruction seeking loans in our markets and
from our Government institutions, but many for¬
eign governments and private enterprises abroad
which have plans for industrial expansion look to
the United States markets for their best and virtu¬
ally only source of credit.
"The amount of funds which could be employed
abroad in the next decade is of fantastic magni¬
tude."—Ganson Purcell, Chairman of the SEC.
that
by domestic^ corpora¬
tions will depend more upon the political
at-».
mosphere than upon the factors enumerated by Mr.
We
suggest, if we may,
"Chron¬
indicated.
.
.
(1) New security offerings
Purcell;
V
.
Purcell — and the others--give more
thought to the real nature of these liquid assets
and the significance of their existence, and
(2) Mr.
(3) It is not so
be
American
much
a
of
19,
-V"'"i .V
page
"Only with the high level of production accom¬
panying full employment or at least approximately
"could
♦These
icle"
at
do this
Schram made
for its
Washington Ahead of the
News
Items
•
\
can
the rest of the world is
CONTENTS
Paace
NYSE
I
clearly
Editorial
l\f
Financial
From
Day!
in
*Remarks of Mr,
the
Non-Vermus
long.
ing his agitation is an attempt of
the UAW to take over the man¬
But
cience
This is $20 apiece for
workers involved in
He did not have to go
in¬
the smallness of the
from
short interest, by ascribing omnis¬
about it on this
smart
about
than the exec¬
GM's
200,000
the strike.
running Gen¬
eral ' Motors
do
his
$4,00.0,000.
than
a
more
at
nevertheless tearing their
The union claims a
manage¬
ment,
are
hair
labor
man
mere
this country that for four or five
there has been a tremendous propaganda back of this .youngish
He has been widely touted as just about the smartest man ever
the
to
Nor should market safety be
ferred
Walter Reuther's invincibility as
one
to
deoression.
BARGERON
CARLISLE
By
|
g
industrial
of
por¬
torical viewpoint the current
From
V
Exchange
take
;
For just a moment I would like to
the grief and destruction of war .
.
.
Thanksgiving
mirs
"
Stock
York
.
the
2620)
New
Mr. Schram
crued
it was, perhaps, necessary for the
insist that what they demanded
(Continued
•
investable
cause
union leaders in this ease to
All
;
.
Misleading the Public
~
Copy
Calling Attention to Thanksgiving for the Greatest Harvest
We Have Ever Had—Peace, Says Our Immediate Job Is to Have Pros¬
Stock market bulls point to the
technical supply-and-demand fac¬
perity Spread Over the Couptry and from Top to Bottom of the Economic
tor—that is the great volume of
Ladder; Urges Support of Victory Loan.
to
;;
a
By EMIL SCHRAM*
'
'
j
—By A. WILFRED MA\=
2
In 2 Sections-Section
question of what funds
employed" abroad, ^.as how much the
investor would he wise in sending abroad.
THE COMMERCIAL & FINANCIAL CHRONICLE
2618
The
"Can
Nal'l Sales Finance
Beginning oi Wisdom
Plan
national campaign,
be that in the next
it
aspirant for the Presidency
National
Finance
Sales
Plan became operative in its
tial
ini¬
stages on Nov. 26 when Wil¬
B.
dent
Rocky Mountains which
ed
reflect
of
finance ; retail
to
most
relieved of the
constant threat of Governmental competition, freed
from the burdens of undue regulation, and assured
of the fairness of the demands of union labor, the
hum of factories and the whirr of spindles again
will be heard throughout the land.
.
.
"With a revival of trade, such as fair dealing and
honest purposes can quickly bring about, employ¬
ment will be increased, budgets tan be balanced,
and a populace <can be again prosperous and, happy.
"Labor talks loudly of the necessity of preserv¬
ing 'democracy.' Democracy, it is true, must be pre¬
served.
But so long as many labor leaders are auto¬
crats and act without restraints, the democratiza¬
tion of labor is an impossibility.
.
.
.
'
;
"The lot of many of our workers is no better than
are gear¬
week
of
household
appli¬
Appointment Ox Mr. Hall
Y/illiam Wood
the
Plan
in
banks
the
behalf
on
A
will
be
as
initiate
to
arrangements with household ap¬
pliance manufacturers throughout
the country
for almost nation¬
wide bank financing of their mer¬
chandise.
:
•
"•
'
' -
V
...
'
The type of manufacturer's con¬
Committee
on
to
resort
matter
issue
at
union's ' demand
the
involves
for
$2-a-day
wage boost.
No strike will be
called, according to. Philip Mur¬
ray, CIO and ; United Steelworkers'; President, until the union
Wage policy committee; and in¬
a
.
ternational officers give the word.
Mr. ' Murray
district
has
already
warned
local officers
and
against
permitting wildcat walkouts. - V ".
participating banks does /'; Shortages of essential materials
not tie up a manufacturer "exclu¬ and the dearth of skilled labor,
sively;" Thus, a television manu¬ coupled with industrial conflict
facturer or a refrigerator manu-- over wages; and hours of work,
facturer can sign an agreement are retarding
influences^ in the
by
the
,
.
with
in
National
the
Plan
cies.
current
1
realiza-
addition
d-.'-
his
Finance
arrange¬
financing agen¬
for
render
to
National
the
Plan
their
stress
a
and
new
streamlined public service by re¬
a;,;'
quired of the purchaser to obtain
the benefits
of bank financing.
Forms to be
line"
reconversion process and they are
preparing the
inflation, a
for unbridled
/.:'■<;?-vA'aAa a.-,aa
way
:j On Monday of this week offL
Finance
ability
Sales
to
'
Spokesmen
Sales
war
necessary.
on
tract which has been worked out
Nations Organization
shall not again be
United
the
Foreign Affairs
Nov. 22 to urge
na¬
640,000
CIO / steel
plants throughout
will register their
-the strike question.
country
The
state:,/*;!>
One of Mr. Hall's first tasks
Co-ordinator
of
Advices
Plan.
the
.workers in 776
sentiment
Finance
stalment financing to the consum¬
er.
No
extra
steps will be-re¬
appeared
Eisenhower
Rela-
when
Board will conduct
the
regarding the Plan also
Gen. Eisenhower
General
Labor
tory.
Ex¬
of^the
duction of overall costs of the in¬
.
;
largest strike vote in his¬
ments with other
before the House
National
tion's
Sales
Stalin."—Judge John
beginning of wisdom in dealing with
problems, including labor difficulties", is a
tion of the truth of these observations.
the
tions
Chairman
will
signed "on the dotted
available
be
cials
General
Motors
Corp.
considering a new union
proposal for negotiations in their
wage dispute.
Stepped-up pick¬
eting activity has reached a point
where
the
company's extensive
automotive operations have been
vitally affected, enforcing great
of
were
numbers ;* into
idleness.
;
The
United Automobile Workers' union
retail
in
on
Sunday, last, urged General
of the bill, now under
carrying
manufacturers' Motors officials by telegraph to
consideration by the Committee, | "The ravished nations of the stores
world are looking to UNRRA for .goods which the banking group permit of public negotiations be¬
to authorize an additional $1,350,their relief in this period of their has agreed to finance.
fore
Federal
conciliators.
The
000,000 appropriation to the United
The market in which the banks strike was called on Wednesday
\
:
"
:
Nations Relief and Rehabilitation necessity.
expect to obfain their share is a of last week- following General
"If UNRRA were to fail them,
Administration. The General, who
Before the war, Motors' rejection of the UAW's
had been called on for a report they could not help but feel that substantial one.
the
American public purchased 30% wage increase demand as un¬
of his personal opinion of the ef¬ not only had the United
States
the majority of all capital goods reasonable
under
fectiveness of UNRRA in handling fahpq tnem but that the hope of
present price
on
time, and about 69% of mer¬ structures.
relief in Europb, said, in .part, ac7 solution of world problems
Up to the present, it
chandise sold in household appli¬ was understood that no formal
cording to the Associated Press through
United
Nations action
ance
stores
was
bought on the word had been received from the
report on the text from Washing¬ wUs an illusory one. ,- — y *
.
passgge
.
ton:
a
"I
am
.
that the-best
convinced
"During the war it was inevi¬
table that our military forces and
of
those
first call
had the
way of developing the habit of
co-operation is by building and
should have supporting effective operating in¬
gllies
our
resources
on
of
organizations such as
the
United
Nations Relief and
Rehabilitation Administration.
ternational
personnel,
shipping,
equipment
and supplies of all kinds.
This
seriously handicapped
UNRRA in its earlier * operation.
situation
Today
shipping
the
situation has eased.
-v
"Even
available
former deputy chief of staff,
General Morgan, and my former
chief administrative officer, Gen¬
Gale, who are now in active
in
These men, typical of
leadership, are experi¬
charge of UNRRA operations
the
field.
the
new
administrators. of
enced
unques¬
tionable competence.
;
; ■'
"I am one of those who believes
permanent main¬
tenance of the peace is dependent
freely that
on
the
any
continuance
those
of
that
co¬
of
the broadening
operation and
activities
in
tions of the world
which
the
na¬
join hands
understanding
solve their common problems.
and
with
can
mutual
"The relief of Europe and
areas
those
of Asia which have similar¬
j
Receipts of Say's and
Loan Assns. for 8 Mos.
eight months of, this
first
The
year, which were the last eight
months the nation was formally at
war,
constructively
in
meeting
the
challenge of the peace. The United
States
assumed
ganizing
States
has
also
ship in urging
tions
of
leadership in
UNRRA.
the
or¬
The
United
assumed
world
the other
the
na¬
thought
that by united action and consul¬
such
a
medium
as
credit from
banking'had been largely
in
pation
which
consumer
excluded before the war by its in¬
ability
contracts
make
to
.
with
by savings and loan asso¬
ciations and co-operative banks
practically double the amount
for
January-through-August pe¬
1941,
according to W. M. Brock, Dayton,
Ohio,
President
of - the United
States Savings and Loan League.
He says that this year the receipts
the
riod of the last pre-war year,
of
savers''
some
and
investors'new
money
highs, being
28.5% above last year's first
eight months, at which time they
net increase
tors'
funds
January
previous peaks. The
in savers' and inves¬
was
$669,252,000 from
through
/August,
Mr.
Brock pointed out. In August the
is ex¬
Plan—which still
Finance
conference.
1
A
■
;
.
The situation which has devel¬
oped the present week in the Ford
Motor
Company plant at
and several of its
Rouge
River
hydro
bringing about a 'curtail¬
production and affecting
employees in the Detroit
plants,
the
Pennsylvania
Company for Insurances on
and Granting
Lives
Annuities, Philadel¬
phia^ Pa.; State-Planters Bank &
Trust Co., Richmond, Va.; Mer¬
Co.,
St.
Mo., and
Louis,
National "
&
Bank
cantile-Commerce
Bank
Trust
Central
Cleveland,
of
Cleveland, O.
Mr.
are
Hall,
headquarters
in the Board of Trade Building,
141 West Jackson
cago,
Boulevard, Chi¬
111., is an instalment finance
oped
supervised
Department of the Detroit
Bank
and
and
1945,
its
the
more
Time
than
30
topping the usually heavy inflow
branches, and previously he oper¬
month,
ated
000,000.'
January," by
;
•'
-'
: ?
some
$10,-
'
a
finance
company
and
industrial bank in Michigan.
an
wages
fixed income.'!
or
defrauds
those
who
every one,
live
,
:
on
V.
Capital Flotations In October—
Total corporate financing for the
month ;,;of October reached
the
total of $1,202,160,112
compared .with $801,392,052 in
September of this year.. The tig-
enormous
as
the
largest monthly total
1929, and the
tniru largest monthly total ever
reported, according to the "Chron¬
icle's"-' records.., "Va-'a'a^
Since the year 1919, after theclose of World War I, and down
to October, 1945,'your compilations
show that corporate financing for
the following months
surpassed
u^es
are
since
September,
..
the
billion/dollar
mark.:
These
December, 1928, $1,002,728,May,
1929, • $1,313,893,306;
September, ; 1929, f $1,507,876,014;
and month of October, 1945, $1,202,160,112.
VS
A
Refunding, operations in Oc¬
were:
082;
tober
were
other
month
than
greater
since
The
1919.
of
in
any
the ; beginning
-
total
aggregate of
new financing as well as the huge
refunding •: operations
for ,■ the
month, may be attributed to the
influence
of
the
Victory Loan,
started
drive
which
to the
repeal of the
tax
Jan.
It
Oct.
and
20
profits
excess
1946 incomes
on
effective
on
;\y
1, next.;
may also
noted
be
that the
tendency
toward lower prices in
the markeLfor outstanding issues,
which was prevalent in July and
August, had largely disappeared
by October and this also had a
good effect on the flotation of the
new,issues, y■
;a-;; a • ■ -a,;;.'•!!;;"A-/
As
already noted, the October,
figures
of
$1,202,160,212
compare
with
$801,392,052 1 for
September and $748,153,755 for
October, 1944.
Of the month's
total, $213,120,022, or. 17.7%* rep¬
resented new financing, and $988,931,090, or 82.3%, was for refund¬
1945,
ing
purposes.
The
refunding
operations continued the trend of
the previous 22
months.
a; A:y
issues
utilities
Public
were
15 Ford
49%, of the month's aggregate;
railroads, $228,987,000, or 19%;
suppliers and with others
the
Reporting
sufficient
of
lack
employees to' keep output at nec¬
essary levels.; y /; •'y ■
»
Such strikes and the subsequent
loss of
production growing out of
Clifford
Folger, .President
Investment
since
Asso¬
Bankers
ciation, such warnings
belated
rather
are
inflation
in
,
the
United States today is a reality,
Addressing the opening
on
Mon¬
day
can
eliminate
and get our plants
into full operation the inflation
problem will be solved.
Actual
weekly earnings of labor have
and
great,
if
we
work stoppage
about
whose
one
dominant for the month,, the total
of this week gf the 34th
yearly convention of the associa¬
tion, he stated, "Inflation is not
just around the corner, it is here."
Said Mr. Folger, "Inflation will
not flourish where production is
Mich"j
ing every
especially
Tuesday and Wednesday was in¬
duced by strikes in the plants of
Memphis, Tenn.; the Detroit Bank,
Detroit.
and get some goods on the
shelves
or
the
take-home
pay
won't buy a thimbleful.
^Appeas-;
wages
on
of the
Credit
ond largest for any month of
shutdown
John
shown
the sec¬
a
New York, N. Y.; PeoplesPittsburgh Trust Co., Pittsburgh,
Pa.; Republic National Bank of
Dallas, Dallas, Tex,; Union Plant¬
ers National Bank & Trust Co.,
pany,
amount of net increase which was
was
result of
a
Ga.; Bank of the Manhattan Com¬
He established, devel¬
the books
as
them lead, directly down the road
to
inflation.
In the opinion of
specialist.
on
40,000
ton, Boston, Mass.; the Citizens and
Southern National Bank, Atlanta,
leader¬
upon
tation through
of ;new
receipts
net
saw
money
reached their
major
back to early
of banks met
partici¬
discuss
to
panding—covers today some 3,0ia>
cities, towns and localities.
The 12 banks which have taken
the
initiative in organizing the
flan are the Fifth Third Union
Trust Co., Cincinnati, Ohio; the
National Shawmut Bank of Bos¬
problem, and no nation desirous
of a peaceful world can ignore it.
one
goes
group
area
have mounted to
"UNRRA represents
a
York
New
graphical area. The National Sales
ly suffered is not the responsibil¬
ity of our nation or of a single
group of nations.
It is a world
effort of the United Nations to act
in
problem---the prevention of
widespread suffering and starva¬
tion
during the coming winter
of liberated peoples in Europe."
my
eral
1944 when
ment in
cal
UNRRA
to
Plan
Finance
Secretary of Labor who had an¬
nounced plans to call officials of
both sides to Washington for , a
manufacturers^ covering sales ar¬
rangements
over
a
wide geo¬
United
leadership in whom I have the
fullest
confidence.
The
British
made
Formation of the National Sales
Nations, is already in po¬
sition to meet the currently criti¬
\
Moreover, UNRRA has been in¬
fused
with
new
and
vigorous
have
1
civil
the
portant is the fact that this
organization,
representing
supply
and
immediately ' im¬
more
instalment plan.
to
_
instalment
announced by
McCarthy,
continued
week
new orders deluging plants
and
large number of unfilled orders 6n
The labor situation continues to be a
very provoking one what
With strikes in the automotive industry and other
fields, and a threat¬
ened general .tie-up in the steel
industry in the not distant future.-'
.On Wednesday of the present1*'———
ecutive Committee of the National
.
The
a
hand.
;
under Hitler and
reporting
ances.
industry can be
past
slight upward progress with
manufacturers
purchases
was
it would be
The nicture of industrial output, the
^
Hall, former Vice-PjtesU
the
Detroit
Bank, as¬
sumed his new post as "Co-ordinator" for nearly 1,000 commer¬
cial banks in 37 states East Of the
liam
1
"If business and
Operative
The
will dare proclaim
that as against the unjust demands of both capital
and labor, the day of deliverance is near at hand?
"If some such aspirant be possessed of a courage
and stamina, that will render him fearless of either
capital or labor, perhaps he will go farther and an¬
nounce that, as honest capital pays the penalties of
its sins, the capital of honesty and fair dealing will
be saved from the confiscation that now endangers
some
Thursday, November 29, 1945
doubled
and
country
about
advanced
tion
"Right
the
50%,
but
now
holding
inflation
debt
public
ital, harassed
down
have
infla¬
the
take
the
as
the
line
paying off
and
are
the
pressing financial problems.
must
this
1939 in
earnings
destroy these gains.
con
against
since
real
two
Cap¬
it is with taxes,
rap
and
Government
whittle
debt.
Labojr should pull in its horns on
for
accounting
other
$595,142,113,
or
industrial and manufactur¬
ing, $230,919,951, or slightly more
than
19%; and all other cate¬
gories, $147,111,048, or 13%.
privately,, which
several years played
dominant part in corporate fi¬
Issues
in
a
the
placed
past
nancing, have for the second con¬
secutive
month
formed
but
a
of the total. The
October figures
of $140,808,000,.
comprising 23 separate issues, was
but 11.7% of the total as com¬
small percentage
pared with' $12,700,000,
for September. A
or
1.6%,
'
Steel
of
Industry—In
anticipation
possible general steel strike
the
near
future, frantic at-,
a
in
tempts were being made by most
steel consumers the past week toy
have their steel shipments
stepped
The chance of steel custom¬
receiving over the next sev¬
eral
weeks more steel ^suppliesr
than
has
been
the case' in the
up.
ers
past few weeks, is nil, according
to "The Iron Age," national metal
working paper,
in its review
of
the steel trade.
The can-making
most
active
pressure
industry is the
exerting
customer
upon
the steel industry
for better deliveries
ploying
strong
withdrawn
from
and it is em¬
efforts
steel
to
have
company
(Continued on page 2626)
•
•
V
'
I
.
THE COMMERCIAL & FINANCIAL CHRONICLE
Numbq r 4442,
Volume 162
N. Y. Bankers lo Seek Sal. Summer
Military Command Altered—Eisenhower Urges! Report of Senate
Training Youth
7..YY/;Y/4-:; Small Business Group
On Nov. 20 President Truman announced broad
changes in the
military command, with the resignation of General of the
Army George C. Marshall, as Army Chief of Staff, who will be
succeeded by General of the Army Dwight D. Eisenhower; and the;
resignation of Fleet Admiral Ernest J. King, as Chief of Naval /Op¬
erations, who will hq succeeded by Fleet Admiral Chester W; Nimitz7
United Press accounts from Wash-^
Sngton Nov, 20 noted that Messrs Chief • of Staff, according to 7 the
Marshall arid King, who blue¬ Associated Press, "is not a /sin, it
printed the victories, are retiring is a necessity! We rnust be strong
for age. Gen. Marshall will be 65 first to defend ourselves,: second¬
Dec. 31, while Admiral King was ly; to give the necessary ^dignity
and influence to the words Of our
67 years of age on Nov. 23.
|
The shift was announced at a leaders as they labor to perfect
prass; conference by President .machinery by which the world
Truman who also disclosed these may settle its difficulties legally
•
Allied
Commander
of United
mander
Sat¬
Progress Report of the urdays during the months June
Business Committee through September will be sought
submitted on Nov, 21 by its by the New York; State Bankers
Closing
It does point to a trend toward a
shorter workweek for bank em¬
New
on
ployes."
The
Senate Small
was
Chairman;^ Senator Jarpes E. Murtay (D.-Mont.), to the full Com¬
mittee. The report covers, in addi¬
tion to the year's activities of the
Association at the 1946 session of
the New York State
was
announced
on
Legislature, it
Nov. 20 by
Bernard E, Finucane, President of
the
Meat and Butter
Rationing Ends;
Sugar Continues
Med¬
" and
Com¬
latest
States
forces
the
in
Theater
iterranean
York State banks to close
Security Trust Company of
Committee, and a continuing pro¬
gram
for
Committee
activities Rochester, who is the President
The ending of all meat rationing
of the association. The proposed
during reconversion, the effects of
legislation; which would give bank was announced on Nov. 23 by Sec¬
war
production on the postwar
employes 17 to 18 extended Week retary of Agriculture Anderson,
possibilities of small business.
who, at
the
same
time
made
ends in'communities where such
In its introduction, the report
action is in keeping with local known that butter and all food
states that the future of small
business practices, was either ad¬ fats were also made free from
business depends upon the solu¬
vocated or not objected to by 254 point rationing. Secretary Ander¬
tion of two broad general
prob¬ of 402 banks which
replied to an son stated that there Was no im¬
and peaceably, rather than ille¬
lems: '
:
;
7'
inquiry on, four-month Saturday mediate prospect of the lifting of
gally- and by force.
;
7- "First,
existing
small
enter¬
closing in a questionnaire the as¬ sugar rationing. His announce¬
"We, as soldiers and veterans; prises " must be preserved as a
sociation recently distributed to ment was made at a news confer¬
bear the conviction that, given the basic part of our economic
struc¬
changes, said the United Press:
General Joseph T. McN'arney,
until recently Deputy Supreme
f
v
permitting
Legislation
•
nation's
2619
.
.
and
plentiful equipment,;
strength still springs from / unity,
from stamina, from teamwork and
from perfected technique. These
result from training! And train¬
ing requires time! The minimum
is a yearl
;.. 7,77 ■%; ;7-} J
"With your knowledge of the
680
ture.
The
founded
United
upon
States
itself
is
freedom of enter¬
member banks. AccordingJ to
Association
the
157
banks
indi¬
it was noted by the Asso¬
ciated Press accounts from Wash¬
ence,
they definitely favored ington Nov, 23, from which we
closing
during
four quote:
Rationing Of all meats; canned
the year; 87 had "no
vive without the existence of a
objection" and would close if the fish and food fats and oils, in¬
healthy, militant, and dynamic majority of banks in their com¬ cluding butter, was ordered aban¬
small-business community.
7 munities favor such action; an ad¬ doned effective at midnight to¬
"Second, steps must be taken ditional 61 banks; while not in night. •
t
difference between trained; and to make certain that
The sweeping action left sugar
persons de¬ favor of the proposed legislation;
f : Admiral Raymond A. jSpruance, untrained men in battle,-/ what siring to establish their own said they would go along with the as the only food commodity re¬
until recently Commander of the greater boon,. what greater privi¬
small-business ventures have an majority.
Only 97 of the 402 banks maining under the rationing proFifth
Fleet,
succeeds
Admiral lege could be given to all our opportunity to do so.
Equally im¬ indicated that they would not granri instituted early in the war
Nimitz as Commander-in-Chief of young men than a degree of train¬
portant, those former small-busi¬ close on Saturday even if the to assure supplies for military re¬
the Pacific Fleet.7 77 \ ■. 777>l
•'77f; ing which in emergency' will al¬ ness operators who Were forced
practice were favored by the othet quirements and to provide equit¬
Mr. Truman also- revealed, un¬ low them quickly to be integrated
to close their factories,
offices, banks in their communities. It is able distribution.
der questioning, that General H. into the forces that may have to
Besides butter and meat, food¬
stations, warehouses or stores be¬ added that the same question¬
H. Arnold, chief of the Army Air stand between our country and a
cause of the demands of war pro¬
naire asked for an expression of stuffs removed from rationing in¬
f duction or entrance into the armed
Forces, and General Brehon B. thousand Buchenwalds?" 7 7 v
opinion on Saturday bank closing cluded margarine, lard, shortening
Referring to the resistance -of
Somervell, Army supply forces
7 *
services, must be given an oppor¬ the year around. Of 460 banks and cooking and salad oils.
chief, both have asked to be re¬ spiritual and educational leaders tunity to reenter business." ,'7 " which voted on this
Since September 30, about onequestion, 166
tired but that their requests have to the enforced military training
The report goes on to say that were in favor Of year around clos- third of the meat supply has been
for
not- been accepted yet.
youth, General Eisenhower the
This
Included
the
problems facing small busi¬ ing; 191 were opposed; the re¬ ration-free.
i
Gen, Arnold is expected to re¬ continued, according to the Asso¬
ness in shifting from war produc¬ maining tanks expressed a neutral lower grades of beef, veal and
tire before Jan. 1 and be succeed¬ ciated Press: .7^,777.v.;'77> ;7 :W
tion into; peacetime operations are: attitude. One hundred and twenty lamb. Only choice cuts of those
There appears to be a failure to
ed by General Carl A. Spaatz,
;
1. Labor-management relations ; banks indicated that they would meats and virtually all pork had
there, will succeed Gen. Eisenhow¬
er as Commander of United States
forces in Europe, Commander-inChief of United States occupation
forces
in Germany and United
States representative on the Al¬
lied Control Council for Germany,
prise and free competition in
nomic activity. These cannot
cated that
eco¬
Saturday
sur¬
months
'
of
v
v
who commanded the United States
Strategic
Forces
Air
in
Europe
and the Pacific.
:
i
amid re¬
ports that General George S. Patton, Jr., colorful former Com¬
mander of the Third Army, also
was
contemplating
retirement.
Gen. Patton now is 15th Army
The
✓
changes
Commander.
sent
was
*
*
^
Eisenhower's
Gen.
;
came
to
the
r-
nomination
Senate
this
af¬
He will take over as
Chief of Staff as soon as the nom¬
ternoon.
ination
is? confirmed. : Pending
confirmation, he will serve as act¬
ing chief.
7
•=
The Nimitz-King switch will
not be effected until after Christ¬
mas; by which time Admiral Nim¬
itz will have transferred his Pa¬
cific command
ance
to Admiral Spru¬
and completed a vacation.
The
Marshall-King
departures
have been expected since VJ-Day.
■7
Mr. Truman expressed great re¬
gret at losing them. He reminded
reporters that he had described
Gen. Marshall before as the great¬
est military
leader ever produced
by this or any other country.
v The
President said Gen. Mar¬
shall "feels that his primary duty
mobilization, the
training, and the employment of
of directing the
our
wartime Army has been com¬
pleted, and that the military is
entering a, new and lengthy ad¬
ministration of an interim and
postwar Army."
"General Marshall is of the firm
that the decisions inci¬
administration should
be made by his successor in off ice,
who will be charged With the re¬
opinion
dent to that
sponsibility of carrying out those
decisions."
7/ 7
at a time
Navy are ar¬
guing before Congress the merits
of a proposal to merge the nation's
armed forces under a single de¬
partment of defense.
Gen. Eisenhower appeared be¬
fore the Senate Military Affairs
Committee last Friday in support
The
changes
come
When the Army and
'
*
of unification;
Admiral Nimitp ap¬
peared in opposition.
The evening of Nov. 20, Genoral Eisenhower,
attending an
American Legion national com¬
manders' dinner at Chicago, reit¬
*
universal mil¬
training. "To be strong na¬
erated his views on
itary
tionally,"
said the new; Army
understand
that
motives
own
if
be
trust
we
then
of
that
our
strength
our
the
bully,
If we sin¬
cerely believe, as I believe, that
the America of the futurewill be
true, to our traditions of the past;
that we will respect the rights of
Others and be considerate of the
weak; that we will work to in¬
can
never
but Of the peacemaker.
7" 2.
Prices;
Finance;
;4. Marketing
'' 7
not close
•
3.
and
distribution;
5. Materials and equipment pro¬
curement;
^6. Technical advice. ;
^
.
These problems are discussed
from the standpoint of how they
have been approached and worked
by the Committee during
the past year, and as they will
but will not steal from others to.
continue
in
importance in the.
satisfy a desire of our own: that so
postwar period.
;
7
;
far as it is given for mortals to do,
Some basic
production mate¬
we
will act in the international
rials, parts and components, says
field in the spirit of the Golden
the report, will still be in short
Rule—if we have faith in these
supply for indefinite periods^of
things, then we and the world will
time.
"Labor disputes have al¬
be advantaged by our strength.
This country can never be mil¬ ready contributed to reduced avail¬
itaristic in its thinking—and to ability of some materials and prob¬
ably will continue to do so in vary¬
pretend that a year of training
ing degrees throughout the next
will develop such a national phi¬
year or more." Continued watch¬
losophy can but be answered by
fulness of this complex situation
yourselves. You—all of you —
is essential, the Committee be¬
have military training—do you
feel militaristic? Do you feel in¬ lieves, if small businesses through
the Nation are to receive fair and
clined to urge our country to ad¬
equal treatment.
here to a policy of aggressive war?
In addition to the immediate
I am perfectly satisfied—I leave
problems enumerated above, small
that answer to you.
business is now faced, the report
emphasizes,
with
the
over-all
Mail To Philippines
probability that emergence of the
Postmaster Albert Goldman an¬ economy
from war production
nounced on Nov. 5 the receipt of willresult in .concentration
of
crease
the fruitfulness of the earth
upon
.
.
at Washington, that
the limit of weight formerly ap¬
plicable to fourth-class (parcel
post)
matter addressed to the
Department
ing
on
at
four-month basis,
Mr.
Finucane said:
may be
actually disclosed
that many banks favor year round
Saturday closing. However, care¬
ful analysis of the findings indi¬
cated that legislation; validating
such a practice would run counter
to the requirements of banks in 50
upstate agricultural counties. A
large number of these banks,
which make up more than 60% of
the Association's membership, re¬
port that their customers expect
and
require Saturday banking,
and that. a five-day bank week
might actually interfere with the
normal
survey
conduct of business.
Nu¬
upstate banks, following
community custom, already close
Wednesday
afternoons. These
merous
banks apparently feel that a fur¬
ther curtailment of the workweek
would not be in the public inter¬
Many downstate banks voted
Saturday closing the
year
round, but failed to vote on the
four-month closing question, and
this factor also had to be weighed
est.
for
economic : power in \ all
fields- in interpreting the results of the
production and distribution, the poll.";;;777Y'-Y:/7YY;Y.';;---7
7,; 7;7
latter including wholesaling, jobFollowing a study of the ques¬
bihg and retailing—in the hands tionnaire returns, the Association's
of the few.
executive committee voted unanir
>
all
Philippines,
office
group,
is
accepted for air-mail dis-' near-by nations, provides that the
to
of
the
islands in
except
Basco
in
to
the
the
the
post
Bank: of
wegian
kroner
to
will
Nor¬
sell
the
Bank
Bataan; England against payment in
of
ster¬
when prepaid at the rate Oft ling. The rate of exchange is fixed
50 cents per half ounce or
thereof."
fraction
at
twenty - kroner
sterling.
undoubtedly
remain
closed
on
to nine extra Saturdays if
proposed legislation becomes
law. This does not mean that all
seven
Norway
to
"
the
.
,
pound
'
remained
that time.
the
of
the banks
which voted
did not oppose the
ing will observe
during June,
September
a
for or,
Saturday clos¬
five-day week
July,-.August,
and
if the law is amended.,
the ration list after
on
7
meats
The
program
„
and
was
fats
started
rationing
March
on
29, 1943. Secretary Anderson esti¬
mated that the ending of meat
rationing will make meat avail¬
able' for civilians in December at
an
„"Our
restored,
mously to seek an amendment of
such limit being 70 pounds for
Section 24 of the State General
Britain, Norway
parcels to Manila, Baguio, Iloilo,
Construction Act to permit banks
Cebu, Zamboanga, and Davao, but Financial Agreement
to remain closed on any one or
^
parcels for other places in those *7.-'A financial agreement has been more of the Saturdays during the
islands may not exceed 20 pounds. concluded between Great Britain months of June to
September, in¬
The limit of size for parcels to and Norway under which the.
pay¬ clusive, upon a ma j ority vote ! of
all those places is 100 inches in ment Of obligations between, the their
directors or trustees, with¬
length and girth combined. Mail- two nations will be facilitated and out exposure to liability under ne¬
services is now available to all the resumption of newsprint sales gotiable instrument laws for their
by Norway to Britain
will be action in closing.
post offices in the Philippine Is¬
made possible at once, a dispatch
Mr. Finucane said: "Nearly 100
lands except Basco in the Bataah/ from
London to the New York
New York State banks are now on
"Times" stated on Nov, 12. The
group.
The advices also state:
a
five-day schedule dtiring July
Effective at once, articles not agreement,;'similar to pacts con¬ and
August under laws enacted in
exceeding one pound in weight cluded/with Sweden and other 1939 and 1940; Many others will
patch
Islands
7 In announcing the Bankers As¬
sociation's proposal to request leg¬
islation permitting Saturday clos¬
.
information from the Post Office
Philippine
regardless of the action
taken by the other banks in their
communities.
7 Y
annual rate of 165 pounds per
capita
compared with an annual*
110 pounds; during : the
early spring and summer,
v,
In announcing
the action he
said the decision was agreed to
rate
of
.
Price
by
Administrator
Bowles,
The whole question of continuing
rationing
was discussed at a White
House
conference
Wednesday
night (Nov. 21) attended by both
Messrs. Anderson and Bowles.
The Secretary said the ending
rationing will in no way af¬
fect Government plans for the
shipment of meats and certain fats
and oils to Allied and liberated
of
countries.
Mr. Anderspn said the
supplies
of fats and oils will continue to be
limited for several months. He ex¬
plained, however, that continued
rationing of fats add oils after
cessation of meat rationing would
have necessitated establishment of*
rationing program, at least
short time. The OPA, he
said, was not prepared to handle
a
new
for
a
such
a program.
Mr. Anderson said that the Gov¬
ernment may have
trols of some sort
to impose con¬
on
bakers and
other
large industrial users to
prevent them from absorbing the
limited supplies of fats and oils.
The rate of civilian supplies of
"meat in-the first quarter of 1946
will depend, he said, upon the size
of exports. Foreign shipments will
be influenced by the amount of
funds available for the United Na¬
tions Relief and
Administration.
Rehabilitation
Legislation appropriating addi¬
tional funds for UNRRA are now
before
Congress. Mr. Anderson
said that should UNRRA get the
additional money/total exports in
the first quarter might run as high
as
625,000,000 pounds compared
with an estimate of about 550,000,000 pounds in the
current
,
quarter*
He
that
said
should
exports
amount, the
supply in the first quarter.
reach the maximum
civilian
should be at
pounds.,
;
7
a
/
s
rate of around 150
.
».
7
THE COMMERCIAL & FINANCIAL
2620
CHRONICLE
Thursday, November 29, 1945
,f
Ask
The Financial Situation
(Continued from .first page)
granted without cost cisely the point. The labor
of the past
the public—a spurious plea pampering
decade
or
more;
the one
any event—but it appears
to
The
in
is to
evident that the matter
than this by
One may
be taken ^further
that they
fellow
their
which
under
we
operate
at
the encouragement
and (not to employ stronger Ian
the guage) which has been given
the union leaders.
be 'certain
sidedness of labor legislation
travelers,
Communists—will make full
present;
so-called union
the
to
move¬
increase in prices ment; in fine, the careful
forced upon the industry by nursing of labor monopoly at
the
same
time
that
these
grants
to
the
unions to
"smear" the industry as ef- unions have been sedulously
cultivated as political allies—
fectively as these profession¬
'
of any
Use
-
these
al "smear ers", are,
some
are
of the forces
able to do.
which have brought us to our
Already, tbey have been busily engaged in spreading dis¬ present position, and they are
torted versions of earnings forces which promise to take
-
the
for
records
of
purpose
farther
the same
of difficulty and danger.
us
along
public believe road
profits have Experience with the railroad
should
have
been made during the war brotherhoods
and that somewhere, no one taught
us
a
lesson — one
the
making
that
;
exorbitant
knows
precisely where, huge
which wotild have warned us
funds have been stowed away
not
out of those
ation
earnings to help
swell the holdings of men al¬
in
economy.
are
now
two
equally important sides.
incredibly
One
of them has to do with
ig¬
prompt and equitable settle¬
which they insist' upon talk¬ ment of the present and such
of
norant
about
matters
other
controversies
as
may
ing, or else are far from be¬
ing intellectually honesty are develop. The other relates to
able to "doctor" income state¬ longer term policy. The Gen¬
Institute
of
America, representing retail mer¬
chants in 44 states, appealed on
Nov. 8 to President Truman tor
termination
immediate
>
exist¬
of
curbs on instalment buying.
It is pointed out that under exist¬
ing
ing regulations, established dur¬
ing war time, consumers are re¬
quired to pay cash or make heavy
down payments on such articles
as
furniture, refrigerators, wash¬
ing machines, radios, jewelry and
clothing.
The balance must be
paid
twelve
within
months.
In
Truman,
during
the
Nov.
ended
Astoria,
9
York
New
members
tute
lifted
Insti¬
con-!
that
be
should
curbs
with the termination of the
7
war..
City,
argued
credit
sumer
petition, approved
convention
which
at
the
Waldorf-
1,
;
1
Consumer
known
credit
restrictions,
Regulation W, were a
war-time measure, and the Insti¬
tute's membership "acknowledged
the imperative need" of Americans
as
standing together in time of war
and "loyally complied" with the
regulat'on, the appeal stated.
,
President
-
Truman
by ' law
to
is
execu¬
tive
order, the letter pointed out.
The
appeal
eleven spe¬
cific
reasons
why
the
controls
should be lifted. One of these is
the
that
force
living
included
credit
millions
their
cash
war
restrictions
of
will
Americans
bonds
to
obtain
to
necessities;
another,
the
of returning veterans
difficulties
and displaced war workers
.
\
.
.
.
in get¬
.
to another parties to this particular dis
side of this
picture which pute, but almost everyone
must not be overlooked. This else, is fully aware.
Politi¬
is what is known as a "labor cally speaking, it will pres¬
dispute," and it. should be ently probably prove neces¬
for
the
Washington
nothing more than that. As a sary
matter of cold fact, however, Administration to "do some¬
it is about as much a political thing" to get things settled
struggle as it is anything else. down and to work again.
brings
us
It has been obvious from the
Specifically the pressure
very
first that the unions upon the Administration in
were
of
this; General
keenly aware of the fact respect
that, in a degree far beyond Motors controversy is likely
the ordinary, it would be nec¬ to be very heavy. The public
essary to win a popular ver¬ can only hope for the best.
dict in order to gain their
t
Wages and Prices
ends.
What the public must
Whatever else is done in
.
frequency of mailing imposed
on
for
the same addressee, is rescinded
for letter packages, printed mat¬
ter in general, commercial papers,
samples of merchandise and small
packets.'
•
1
Parcel
post packages
remain
subject to such restrictions when
addressed to countries to which
concern,
lo
or
:
not
fail to
take careful note
of is the fact that this is prov¬
Washington it is to be hoped
the fiction
that larg6
that
ing obviously not a good mode increases in
wage rates can be
of reaching a reasonable set¬
granted throughout industry
tlement.
The issue is being
and trade without affecting
lifted out of its
and the
surroundings,
outcome
made
—
if
the
prices
the
public
must
for the goods and serv¬
possible—to turn ices it
wants, or must have,
on
much the sort of unmiti¬
will be dropped without de¬
gated buncombe that so often
lay, Perhaps it would not be
seems to determine the
pay
that proves
results
,
of
ordinary
more
.
and
industrial
cisions
more
and
must
elections.
in the
business
be
If,
future,
made
going! too
nonsense
de¬
in
light of such considerations
far
to
say
that
abandonment of this sort of
ning
with
of
the
would be the begin¬
wisdom
current
in
the restriction was heretofore ap¬
plicable.
The foregoing does not apply to
parcel post packages for countries
or places to which the restrictions
concerning the frequency of mail¬
ing ; have
not
been previously
situ¬
its
set out
are
statement
intelligently and rigorously
on the problems in hand.
Of
course, if wages keep going
up
to
and labor keeps refusing
as it ought, prices
produce
will
rise—must
duction
is
to
rise
occur,
if
in
nection between the two
J
in
sachusetts introduced in identical
situ¬
silver
(H. R. 4590).
that the Sec¬
retary of the Treasuf-y is author
ized
to
sell
for
manufacturing
17:_
there
Recently
follows
as
the
on
ation as of Nov.
ation
that
issue
has
feel
we
fabts in the case.
express
certain
it
statement
a
been
so
advisable
covering
to
the
We also wish to
our
opinion
advocating
legislation which we be¬
lieve'would
beneficial.
be
20th
the WPB re¬
scinded Order M-199, thus remov¬
ing all official control over the
distribution of both foreign and
Aug.
,
silver.
domestic
the
One
raised
OPA
month later
the
ceiling price
on
foreign silver to 71.110—the
sameas
the
domestic
ceiling.
Therefore
silver
all
used
subse-
proximately the 710 level without
regard to classification as foreign,
domestic or Treasury silver.
At the present time
the demand
from
the arts and industry for
silver is considerably in excess of
the
total
combined
domestic
of
production and such foreign pro¬
duction as is imported into the
United
States.
condition
This
probably will continue to prevail
However, past experience
in 1946.
indicate
would
affairs
of
is
that
by
manent. .-When
last
five-year
World
a
per¬
conditions
period
just
were
during the
to prior to
' period
silver
consumption
industry in the
United States averaged less than
30 million ounces per year.
Al¬
by
to
pro¬
satis¬
must
House
the
uses,
including manufacturing
incident
reconversion
to
building
the
arts
550
in
a
and
little
uses
and
the
of
employment in
industry, upon such terms as he
shall deem advisable, any silver
held
or
owned
by the
United
States at not less than 71.110 per
fine
troy ounce,
provided
that
such
up
silver
pledged
is
/not
coined
,
or
monetary backing for
silver certificates.
7'77.
as
Unless silver from the Treasury
is made available in 1946 to sup¬
plement
the supplies from
production,
industrial
rent
cur¬
de¬
mand in the United States will not
be
of except at a price
level which will substantially raise
tak.en
care
the cost of articles made of silver.
Furthermore, the',increasing use
purely industrial pur¬
poses will be seriously curtailed
by a sharp increase in the price
of silver for
of silver.
The
1;7
.
•
.
silver-using industry needs
the
to
access
Treasury's stock of
silver during the pe¬
unpledged
riod of
reconversion.
The above-
mentioned Senate and House bills
provide
such
access.
•>;'
Handy
&
Harman
therefore
strongly advocate passage of Sen¬
ate
bill
S.
R. 4590.
1508
over
a
year.
House Bill H.
or
7 7
.
—I.
War
II, the world produc¬
tion of newly-mined silver aver¬
aged 255 million ounces per year.
On the other
hand, during- the
same
in
state
means
such
no
namely,
normal,
bill
These bills provide
misunderstanding
7 evident
——.
..—
,
77 v:.
Unian Leaders Sued
For $20,000
Damages
in "Wild-Gal" Slrike
The filing of a damage suit for
$20,000 in the United States Dis¬
trict Court in
Philadelphia against 7
of
the Interna- '
three
members
tonal
Association 1 of
American
Machinists,
Federation
of
Labor
affiliate,
by the France Packing
of Tacony,
Company
Pa.,
was
made
known
in
Associated
Press
advices from Philadelphia on
21, in which it
The
defendants
Nov.
also stated; '77,7
was
F,
Thomas
opposed
higher
price level for silver but also to
any
extreme temporary increase
in the price. In our opinion, either
shop committeemen, all of Phila¬
delphia.;
The /company,
which
situation would be harmful to the
claims
silver-using
trades in the United States.
But
neither of these alternatives need
cat"
Handy &
Harman
are
not only to a substantially
best
interests
occur
because
of
the
the likelihood of a
higher price is de¬
nied by past statistics, and a tem¬
porary advance can be forestalled
by legislation such as the Green
permanently
Act.
7777.
;
■
'
.
Green Act
expires on Dec. 31, 1945, the pass¬
age of similar legislation making
Treasury silver available to in¬
dustry in 1946 will be necessary
in order to fill tbfe gap between
demand
and
current production
and to make such additional silver
available at
a
reasonable price
Since
rescinded.
dealing factory volume—but the con¬
labor
Harman
April 20, 1942, is rescinded insofar though the after-effects of war
will undoubtedly tend to retard
at affects articles in the regular
mails, that -is to, say, mail other' production and stimulate demand,
than parcel post,* for any foreign it should be only a question of
country to which mail service is time before the normal relation¬
ship of excess supplies again ex¬
4n operation.
Accordingly,
the
restrictions ists. In this connection, it may
limiting the mailing of packages be worthwhile to note that after
to
not more than
one
a
week, World War I the price of silver
when sent by or on behalf of the rose to $1.38 in 1919 but dropped
person or
'
'
the
as
same
'
.
Nov. 5 by Representative Martin, ..under
silver-using industry^—
:———
would
be
given
access
to
the Rhode Island (author of the pres¬
Treasury's
stock
of
unpledged ent Green Act) introduced a bill
silver during the period of recon¬
in the Senate (S. 1508). On Nov.
version.
The views of Handy &
5th Congressman Martin of Mas¬
which
quently by industry in the United
the-States has been available at ap-
terminate
'
r
,
introduced
empow-
credit controls through an
*
They strongly advocate the passage of Senate bill 1508,
Oct. 24 by Senator Gr6en or an identical bill, House Bill
on
4590,
Om'
! 7; 7
•,
by the ablest eral Motors situation in par¬
ticular presents a problem in to make
heavy down payments on
and accepted by
the, SEC
as
representing pragmatics. -It doubtless will the things they need.
in a very real sense prove to
truthfully the facts of the case,
"test case."
What is Removal of, Restrictions on
and persuade the uninformed be a
J
public to accept their "find¬ finally done in this contro¬ Foreign Mailings
Postmaster Albert Goldman an¬
ings"—well, it is difficult to versy will, without question,
nounced on Nov. 20 that informa¬
conceive of the extent of the in very large part,
govern
tion had been received from the
harm they may do before they future "collective, bargains." Post Office
Department in Wash¬
Of this
fact
not only
the ington that the restriction as to
are through.
f ;
This
price."
R.
regarding the current silver situ¬
specialists,
J
Hi
much
ting re-established and millions of
others who do. not have the cash
audited
ments
in the
introduced
in the form of
a
'w J »
,
In a statement regarding the silver situation, Handy & Harman
expressed themselves as "opposed not only to a substantially higher
price level for silver, but also to any extreme temporary increase
their appeal to President
ered
by which we
confronted presents
If these labor
are
obviously
almost
either
our
permit a similar situ¬
to
develop elsewhere
The situation
ready overburdened with illgotten wealth.
leaders, who
to
Credit
Retail
\
I
Legislation In Behalf of Silver-Using
7
:
Industry Urged by Handy & Harman
Lifting of Curbs
Buying
On Instalment
could be
'•
l
level.
the
It is
present
important to emphasize
of price in this con¬
the question
nection because there is no short¬
of silver involved—merely a
shortage at the current price level.
To illustrate;
The Mexican Gov¬
age
Dailey,
ward
are
shop steward, and
a
Ed¬
Jy Brown and Louis Kober,
.
.
a $20,000 loss from
strike, brought suit
the
men
as
individuals
"wild¬
against
a
the
after
union disavowed the strike.
the
In
the
petition
^pnufacturer
marine
of
77
company,
tracking,
the union officials failed to
observe the 30-day "eooling-off"
says
period provided by law. The pe¬
tition states the union complained
to
the National Labor Relations
Board
about wages and
sifications
Oct.
fendants struck
job clas¬
but the de¬
week later, tak¬
24,
a
ing with them sufficient employ¬
ees
to
shut down
the
plant.
y
Chungking Ratifies
Hretton Woods Agreement
Advices
that, the
Shungking
Government had ratified tire Bretton
Woods
Agreement
were
re¬
not be permitted
ceived by Secretary of the Treas¬
to escape
ation, So long as the public,
governed by such fac¬ or
the notice of the rank and ernment has supplies of silver ury Fred M. Vinson from the Chi¬
large elements in it, are
tors, American business is in
other
than
current
production nese Embassy at Washington on
laboring under the delusion file.
Nov. 23, according to the Asso¬
for an uncomfortable time of
would undoubtedly come on the
that wages can be greatly, or
As to the second phase of
ciated Press, which said;
'
market at prices between 710 and
it."'1" '
'
even
"China is the first nation or
moderately, increased the matter—permanent labor $1.29; silver from other sources
We Asked for It
without calling upon the con¬ policy—the
danger at the should also be forthcoming at state in addition to the United
Perhaps, in the circum¬ sumer for funds with which moment is that Congress will prices above the current level; States to sign the act which was
millions of ounces from the U. S. enacted July 31, 145, to stabilize
stances, it was inevitable that to pay them, just so long will go off half-cocked again only
are
available
under jnternatfonai currency and to promatters should come to this it be
Vide an international bank for re¬
doubly difficult to fix again to lapse into indiffer-1 present
o^er $1.29.
construction and development."
pass.
That, however, is pre¬ the attention cf the public mce when things quiet down.
On Oct. 24th Senator Green of
or
be
.
.
.
.
<
Volume
162
Joint Allied Declaration
;
Commission
At the
Under UNO
Recommendations^
7
designed to convert
the. benefits of harnessing atomic energy
United States and the Prime Ministers of Great
(Clement Attlee) and Canada (W. L. MacKenzie King) is¬
joint statement in which they declared a willingness that
Britain
a
energy be
shared with other United Nations^-———
—
,H —
rocal confidence in which political
v"as soon as effective enforceable
safeguards against its use for de¬ agreement and cooperation will
structive
i .•
purposes
can
be de¬ flourish.' i,
information
the
on
application
practical
atomic
of
,
vised."
They proposed that a new
commission be created with the
United .Nations
formulate
Organization
(6)
We have considered the
question of the disclosure of de¬
tailed information concerning the
r\
to
de¬
recommendations
practical industrial application of
atomic energy> The military ex¬
signed t to end' the use of atomic
energy for destructive purposes
and to accelerate its adaption to
constructive
The
joint
Attlee
and
MacKenzie
v/7- i;; 7■.
■.
President
The
f' 777' '• 7.7'/ *'"
not convinced that .the
• •••;.:
:■
.
regarding the practical
application of atomic energy, be¬
fore it is possible to devise effec¬
tive, reciprocal, and enforceble
safeguards acceptable to al| na¬
tions, would contribute to a con¬
structive solution of the problem
formation
United
the
of
vV' • 7/ ;■./
are
published' Spreading of the specialized, in¬
King/'and
Nov. 15, read as follows, according
to
Associated
Press Washington
adyices: :-z
7
uses.
.' We
processes- as
required for industrial
be
Would
Minister
Prime
and
methods
same
communique, signed
by President Truman, Prime Min¬
ister
de¬
the
ploitation of atomic energy
pends, •in; large . part, upon
z^/V//;'/*;/■•»''
ends,
States, the Prime Minister of the
United Kingdom, and the Prime
Minister of Canada, have issued
the following statement: 777/77.,; of the atomic bomb.
*(!) We recognize that the ap¬
plication of recent scientific dis¬
:,
coveries to the methods and prac¬
tice of war has
of
posal
placed at the dis¬
mankind
de¬
of
means
struction 7 hitherto
unknown,
against which there can be no
adequate military defense, and in
the
employment
of
which.1 no
single nation can in fact have a
monopoly.'
-
(2) We desire to emphasize that
responsibility
for devising
the
tnat tne new dis¬
means to insure
coveries
shall
used
be
the
for
benefit of mankind, instead of as
a
of
means
on
destruction, rests
nations
our
alone
but
the whole civilized world.
not
upon
Never¬
theless, the progress tjiat we have
made in the development and use
of atomic
energy
demands that
take
we
ter, and
mat¬
initiative in the
an
The
Energy for Industry
Scientists and industrial physi¬
cists who played key parts in the
atomic bomb project are prepar¬
ing to discuss for the first time
before industrial management the
development of atomic energy on
a; usable, industrial scale, how it
will
be - released
for practical,
peacetime use, and when to ex¬
pect it. The atomic energy discus¬
will
be
feature
a
:
of
cording
ng
University,
to
act
homes
plants,
the
trial
the opinion that at the
practicable date a com¬
earliest
should
mission
to
set
Organization
to the
should be'ln-
Commission
The
under
up
recommendations for
organization.
prepare
submission
be
Nations
United
the
purposes,
of
are
we
humanitarian
and
prospect
-Carbide
of
poses.
■
H
;
--
* "
.
(b) To promote the
•
future
and
cent
.
.
use
advances
of
re¬
sci¬
in
entific knowledge, particularly in
the utilization of atomic energy,
for
peaceful and humanitarian
ends.777777 777Z//7:77• 7!7;/'/(3) We are
that the only
aware
/complete protection for the civil¬
world
ized
use
the
from
the
destructive
of scientific knowledge
prevention of
war.
of safeguards that can
separate phases of its work.
with
.
lies in
No system
be devised
extending between'all
nations the exchange of basic sci¬
entific information
for peaceful
For
(a)
ends,
,
;7 (b)
-;/
(c)
(4) Representing
as we
do, the
knowledge essential to the use of
atomic energy, we declare at the
outset our willingness, as a first
contribution, to proceed with the
exchange of'. fundamental scien¬
information
tific
and
the
inter¬
change of scientists and scientific
literature
for
peaceful ends - with
nation that will fully recipro-
any
cate.
:'/v
77;.' •"/.';•, /7......
'
(5) We believe that the fruits of
scientific research should be made
*
from
atomic
of
armaments
and of all other major
weapons
adaptable to mass de¬
struction,
* v
7 * 7
Terming
and
t
v
work of the commission should proceed by separate
stages, the successful completion
of which will develop
confidence of the
world/before the next stage is
undertaken. Specifically, it is con¬
sidered that the commission might
the
marck
devote
the
its
attention
first
7 (9)
Faced
raw
with
before
the development of atomic energy
of
only
peaceful purposes has already
the
maintain
for
been made available to the world.
realize
war
more
from
rule
our
intention
Jthat all further
United
"Unless
of
law
the earth.
support
Nations.
take
trous
This
t
>'
■
i
* :l
25
effective
will re¬
operating
war.
:
the
to
lot
Step."
to
the
?
■
American
of
of mutual trust in which all peo¬
ples will be free to devote them¬
selves to the arts of peace. It is
firm resolve to work without
J'Z
V
:
;
•
?7
,
unable
legislation
any
to
which
to check the develop¬
atomic energy for de¬
Dave E. Satterfield,
Jr., who
Congress only
to
a
his
and
fifth
<
few weeks
prior to coming to the post of
general counsel for the Life Insur¬
Association of America, early
ance
In Congress, Mr. Satter¬
served
field
the
on
He
Committee.
had
Judiciary
been
active
reciprocal trade
agreements
set
up
by
Cordell
Hull,
had
sponsored
legislation
seeking remedial administrative
procedure and was one of the
leaders in effecting legislation to
correct the situation left by the
in support of the
Supreme Court decision changing
the status of insurance. He was
of
important legisla-y
State's rights,
giving States permission to appear
by tneir Attorney-General in all
support of
New Jersey Department
of Bank¬
ing and Insurance. In 1929 he was
appointed Actuary for the New
Jersey
Department
and
had
charge of the insurance affairs of'
the state during the early days of
the
depression's dislocations.4 In
1932, Mr. Shepherd went
August,
Actuary with the Association
of Life Insurance Presidents/ now
as
the Life Insurance
Association of
holi¬
America. The national bank
day followed almost immediately
and he was thrown into the spe¬
cial work involved in
meeting the
problems which followed on that
crisis. He has continued as actu¬
ary
Association to the
and has recently
the
for
present
time
been serving
as
Acting Manager
■
-';77:77'
Association.
from
people
in a
was
are
„Nov.
the
E./Shepherd,
Bruce
,^j;uary
Association for the past 13
elected Manager
meeting.
years, was
tion
the
vision,
said:
the Worcester Five
"Mr.
Satterfield, who will also
as general counsel,
will
continue
have
the
policy
while
charge
Mr.
responsibility for
executive direction
Shepherd will be in
full
and
of... administration.
This
gives the-association leadership a
President of
Cents Savings
Mass.. The re¬
gional savings and morgage con¬
Bank,
is
who
'■ \
tail,-to permit
'f'.t l''t
>■*
,i it .#
:
a
''
f
suspended last year
wartime transportation
difficulties
and
restrictions on
hotel accommodations. The con¬
ference will be held at the Hotel
Statler in Boston. Plans for the
ferences were
because of
thorough analy- der way.
it
I
I; [
.f t
also
Worcester,
composite of expert knowledge on
law, legislation and actuarial de- piogiam are
of Canada
-
bq held in Boston, Mass;, March
and 8 next, according to Myron
F. Converse, President of the Di¬
7
announcing this, the Associa¬
<
"'j.i, i
resume
ing thrift and in the merchandis¬
ing of their mortgage loan serv¬
ice, with fin eastern regional sav¬
ings and mortgage conference to
.
•same
W. L. MACKENZIE KING
rrime Minister
Bankers
20 at a special meeting of
Association's board of direc¬
tors.
>: Prime Minister of the
United Kingdom
will
Division of> the
Association Z
its program of re¬
Savings
gional savings and mortgage con¬
ferences to aid banks in ,proiriot-
this year,
elected Executive Director on
of the
the United States
The
American
earlier
York
New
in
Savings Biv. to 7
Hold Eastern Meeting
re¬
Congress to become
general counsel for the Life In¬
surance
Association of America
C. R. ATTLEE
.
term in
opposition
ABA
signed
'/
■"
7Y-: z
have*, been
In Life Insurance Posts
coun¬
HARRY S. TRUMAN
/7
elected
Satierfiild,
in
persuasion to lead
taking of this disas¬
7
/■ 7'".
7 7- ;
President of
any
been
of the
In
Organization and
have
structive purposes.
of
the
Congressional
serve
ment ■'of
used
defiance
Washington,
The White House,
November 15, 1945.
c,
■
•
might
reservation to achieve these ends.
can
authority^, thus creating conditions
-•: i
war.
war
The City of
by consolidating and extending its
our
a
them
among
become available from time
to' time shall be similarly treated.
We trust that other nations will
adopt the same policy, thereby
creating an atomisphere of recip-
population
an
formulate
panic of utterly unreasoning fear,
I venture to prophesy that it will
than
information of this character that
may
in
have lost their minds, or
,
It is
now,
he
had
did
/
campaigns
Germany. It
civilization.
be brought about by giving
wholehearted
as
committees
accept this policy which has
brought Europe to the brink of
ruin, and all but destroyed our
terrible
urgently
;
overwhelming need to
the
in
from now, no city of more
7 Meanwhile
us
to
nations and to banish the scourge
will
And
his
of
/
center after the first hour of
try, President Truman would have
materials.
the
modern
up
the sacred tradition of this
exchange of scientists
information, and as
a second stage to the development
of full knowledge concerning na¬
of
Wilheim
the system that Hitler used
world.
wide
resources
*
in
100,000
main
his hideous attempt to subdue the
and scientific
tural
.
Kaiser
and
build
to
is
necessary
well
than
*
of " uranium
an
atomic
use
that
state
■
•
none
on
the
on
"Conscription is the system that
Napoleon used in his wars of con¬
quest. It is the system that Bis¬
The
one
"was
for
"Times" of Nov. 26:
.
essential to
information
,
indicated in the New York
was
In
found
•
it
protect complying states
the hazards of violations
evasions.
of each
bomb
he
peacetime universal The meeting was told by Dr. Irving
military training as "the greatest Langmuir, Nobel Prize physical
danger which this country has chemist 'and associate director of
faced
since
the
General
Electric
Research
days of chattel the
slavery" the Rev. John Haynes Laboratories, that future develop¬
Holmes minister of the Commun¬
ment of the bomb might make it
ity Church, had the following to possible for one country to make
the rest of the
world uninhab¬
say on Nov. 25, in its service in
the Town Hall, 123 West 43rd St., itable.
\ - •
•/,
proposal
to
against
scientist
every
the
on
minute
politics,
managing the campaign for
George Peary when he was elect¬
ed Governor of Virginia in 1934.
Three years later, Mr. Satterfield
was elected.*'to Congress from the
Third District of Virginia and was
reelected for the four succeeding
out
suits in which either rights or re¬
7 77'77. sources of the State are involved.
Nov.
16, at Philadel¬
Mr. Shepherd after his gradua¬
a
joint
phia,
meeting
of
the tion from the University of Chi- "
American
Philosophical Society cago in 1922, worked at the Illi¬
and the Academy of Natural Sci¬
nois ^-ife under O. J/ Arnold, Who
ences heard Dr. Arthur H. Compis now President of the North¬
ton,
President
of
Washington western National Life.
Twp years
University in St. Louis, winner of later he went with the actuarial
the 1927 Nobel Prize for physics,
department of the Missouri State
and
Chairman
of
the
National
Lite of St. Louis and in 1927, he >
Academy of Sciences Committee became Assistant Actuary of the
Truman's
President
that
the
lay ahead.
years
(d) For effective safeguards by
way
of
inspection
and; other
means
Press,
Also
Training Dangerous 7 /
realities of the application of sci¬
ence to destruction,
every nation
scientific
^
^
&
active interest in state
an
in
,
that
freedom of investigation and free
interchange of ideas are essential
to, the progress of knowledge. In
pursuance of this policy, the basic
available to all nations, and
'*
,
Tucker; Bronson, Satter- 7
Mays, but he maintained 7
of
field
author
worked
what
studies, University of
>
tice
firm
tion
weapons.
•
returned to the prac~;
of law as a member of the ;
Satterfield
also
scared"
Galls Peacetime Army
'z
,
elimination
the
For
(8)
thr^e countries which possess the
;
? 1
weapons
of atomic energy.
,
'
7
purposes,
guarantee
.
i 7
,
control of atomic en¬
ergy to the extent
necessary to
insure its
use
only for peaceful
For
national
against production of
atomic weapons by a nation bent
on
aggression/ Nor can we ig¬
nore the possibility of the devel¬
opment of other weapons, or of
new
methods of warfare, which
may constitute as great a threat
to civilization as the military use
nuclear
of control-
ways
atomic
Richmond, a post he
In 1933, Mr.
held for twelve years.
said, according to the Asso¬
who
Ridge; P. C. Keith, President of
Hydrocarbon Research, Inc"., mem¬
Chicago.
and, for
in
Dr;
ciated
Chemicals Corp.'operation at Oak
of
of
use
Rush
In
particular the
commission
should make specific proposals:
■;
will of itself provide an effective
,
dealing
time
to
with Britain and
States for the purpose
establishing
ing
ect; and Dr. S. K. Allison„director
time
to sit in
invited
recommenda¬
submit
to
from
the practice of law and two years
later was elected State's Attorney
this year.
.
H.
the United
thorized
tions
New
.a
Washington on Nov. 16, Drs.
Rush, of Oak Ridge, Tenn.,
and Francis D. Bonner, his associ¬
ate, who worked on the atomic
bomb, announced that hundreds
of scientists in this country had
endorsed
a
resolution
urging a
parley in which Russia would be
of
use
policy
a
Ill
J.
ber of the initial? atomic bomb
planning board and supervisor at
the
such
report in the
"Herald Tribune."
York
the Oak Ridge aas diffusion proj¬
prevent
that
Mr. Satterfield resumed
the Navy,
he
asserted
cording to
to proceed with the ut¬
dispatch and should be au¬
v
" /
1
■ •</■ /
Following the World War I in
which he served in the Service in
terms.
distrusts which make an adequate^ solution - impossible,.",;: ac¬
most
To
its
very
structed
(a)
a
will "intensify and perpetuate the
together to consider the possi¬
bility of international action:—
atomic energy for destructive pur¬
for
of policyholder
matters
interest." *
les
and
for
Carbon
and
the; Anglo-Amer¬
ho1 d
of all
sis
bargaining power
in post-war negotiations. Mr. Dul¬
development
bomb; Dr. G. T. Felbeck, who di¬
rected' the
increase
to
participated in
of the atomic
the
While it
"monopoly, of atomic know-how"
small
Nemours Co. which
des¬
a
,
; What have we got in the atomic
secret, and what will it do to ex¬
is
effort
an
from
.
tfie
"Manhattan Project." Such
questions as the following will be
explored:
/
W
~ •
What
world
time,. Mr. Byrnes is reported to
have said, ♦'this period need not
be unnecessarily prolonged."
,7
The same day, speaking in New
York, John Foster Dulles, chief
adviser to Secretary Byrnes dur¬
ing
the
meeting
of
the
Council
of' Foreign
Ministers
in
London,
sounded
a
warn¬
ing against the United States giv¬
ing the impression it is using its
moderator, and the panel will
Major General Leslie R.
Groves,'
commander-in-chief 7 of
cities,
"in
step
the
view,
to
production secrets
atomic
include
lives?
first
rescue
is necessary, in
ican-Canadian
7,; j7!
will
the possibility of control¬
ad¬
ad-♦-
jfress
Anglo-American
perate armament race."
as
isting
the
was
I Dr. James B. Conant, President
Harvard
the
program, proposing a United Na¬
tions Atomic Energy Commission,
Anniversary Congress of
American Industry, sponsored by
tfce National Association of Manu¬
facturers, at its December 6th ses¬
of
Associated
to
that
vices,
the
the Waldorf-Astoria.
to .whether trie secret of the atomic bomb shall
Charleston, SC., Secretary of State James F. Byrnes declared, ac¬
Golden
sion in
as
ling atomic energy to prevent its use as a weapon of destruction, have
become subjects
of nation-wide discussion b.y eminent scientists
and prominent statesmen alike.
Speaking at a dinner, Nov. 16, at
;
sion
question
shared with other United Nations; and
be
"packages" of atomic power
/ 7// 7 77'.'
for light and heat, to drive auto¬
On the
contrary we think it mobile, airplane and other en¬
might have the opposite effect. gines,' and hoW many years must
We
are,
however, prepared to we wait for them? Will atomic
share, on a reciprocal basis ywith energy revolutionize our civiliza¬
others of the United Nations, de¬
tion?
tailed information concerning the
On the panel will be William L.
practical industrial application of
Laurence, science writer for the
atomic energy just as soon as ef¬
New York "Times," who was as¬
fective
enforceable
safeguards
signed -by
the
Government, to
against its
use
for
destructive write
the first story of the atomic
purposes can be devised.
bomb undertaking arid who ob¬
/ (7) In order to attain the most
served
its effects on Nagasaki;
effective means of entirely elim¬
James C. White, President of Ten¬
inating the use of atomic energy nessee Eastman Corp.; Dr. C. H.
for destructive purposes and pro¬
Greenewalt, technical director of
moting its widest use for indus¬ the division of E. I. du Pont de
have accordingly met
we
Atomic Bomb of Grave Concern to Scientists
To Discuss Atomic
Atomic Energy
on
Prepare
purposes
the President of the
sued
To
conclusion of an historic conference
only .to peaceful
2621
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4442
-J-
;
already getting uni
/'..p't'i1 t
>'•
<4
THE COMMERCIAL & FINANCIAL CHRONICLE
2622
necessity of
General de Gaulle Receives Vote of
terest.
'
supreme
Confidence From French
Assembly
Unanimously elected as interim President of France by an en¬
thusiastic Constituent Assembly on Nov. 13, according to Associated
Press
Charles de Gaulle on Nov. 16, having
form the Government of "cohesive and independent" char¬
Paris
failed to
Gen.
advices,
proposed, because of friction as to how
which he had
acter
party
representation should be accomplished within the cabinet, submitted
of the presidential^
national unity conforming to the
indication furnished by the As¬
sembly and in line with its real
intentions, I have the honor to
The following day, in a radio
broadcast,
Gen. de Gaulle ex¬ return for decision by the Na¬
plained to the French people the tional Constituent Assembly the
his resignation
assignment, and left it to the As¬
sembly to decide whether-a new
President should be elected.
for his action, and
reasons
offered
mandate which it confided to me.
I
the Assembly,
insist to
must
again try to form a government
if the
Assembly, when next it
met,
confirmed him
in office.
Concern as to the consequences if
knowing every fact, on the evtreme urgency of forming a Gov¬
nothing were done to prevent M.
de
Gaulle's
overthrow, brought
Text of Broadcast
to
demonstrations intended
compromise. However,
reports indicated that none of the
three
principal
parties
would
yield concessions.
On Nov. 19, the Constituent As¬
sembly voted 400 to 163 to ask
In these
brought
to force
Gen.
a
de
Gaulle
forts to form
to
his
renew
ef¬
coalition govern¬
a
ment
giving equal representation
Communist, Socialist and
Popular Republican parties it was
the
to
known
made
Associated
in
accounts from Paris
communists
"The
voted
as
a
what
it
about.
is
the
Bourbon
"The vote ended
least
of de Gaulle's
France's
interim
however.
In a last-
chance
any
resigning
President,
as
tactics
of
switch
minute
temporarily at
the
So¬
cialists,"who had said they would
abstain in the balloting, voted for
de Gaulle. The Assembly then ad¬
journed until Thursday."
On
that day
(Nov. 23)
the
French
Constituent
Assembly
President de Gaulle a unani¬
gave
vote of confidence after he
mous
had presented his Cabinet of
"na¬
unity" and its program of
progressive
nationalization
at
home.
We quote from Paris ad¬
tional
that
date
vices
of
York
"Times"
by
Schmidt which
The
said
forms" lent themselves to
onstration
t
which
which
patriotic
the
neither
and Socialists
the
of
mood
nor
fragile
as
hour,
but
Communists
the Popular Re¬
publicans and Right-Wing
to
re¬
dem¬
a
solidarity,
felt to be
many
the
as
of
de
fit
saw
5
mar.
President
de
resignation
broadcast
Gaulle's
his
and
to
the
letter
French
nation
given
by
the
Associated
Press, in its Paris dispatch of
Nov. 17, as follows:
were
'•:>
Responding
National
to
the
Constituent
call
of
the
Assembly
last Nov. 13, I have tried to form
Government,
a
The
unanimous
vote of the Assembly appeared to
to indicate that the Govern¬
me
ment
must
be
constituted
base of national
ticipation
on
unity, with
a
par¬
of
each of the
representatives
of
three principal polit¬
ical parties
essential, an indication
I
considered, moreover, as
conforming to necessities of the
reconstruction and rebuilding of
that
France,
as well as to the gravity
of circumstances abroad.
-In addition, I considered it in¬
dispensable that the Government,
being responsible to the entire
Assembly, should enjoy indepen¬
dence, cohesion and the Authority
necessary for its duties in dealing
with
all
others.
Certain demands presented im¬
peratively by one of the parties
and concerning the selection of
of
one
its
members
for
this
to
me
to
be
incompatible
these conditions of
cohesion
and
with
independence,
authority
of
Government.
the
j.
of
as
in
welfare,
and
James
sibilities.
tion's
I
turn
now
the
to
representatives
and
at
their
disposal the
they confided to m
other
one
affairs
than
of
urged on Nov. 18 by
Farley, General Chair¬
Committee,, in
Memorial
letter
a
it
you
have seen
i Hope!
/
was
the nationwide
much for our Victory
By now, most of
so
message.
remind you
Americans have come a
to
that
we
ford's day—from
morial will be
wilderness
long
16-story addition
i to St: Vincent's Hospital,
which is
the only general hospital with am¬
a
service from '39th
bulance
River
Avenue,
Mr. Farley pointed out.
By in¬
creasing bed capacity to 750,: the
Memorial will place St. Vincent's
in the status of a general medical
Center A effectively
serving • the
needs of the many thousands who
some¬
the
the
fatherland, I will
leave without any bitterness the
post which, through the gravest
perils of her history, I have tried
to serve well for five years and
livexon
New
-
the
West
lower
York, and the
Side
even
,
the
greatest indus¬
the
earth—from
on
the block-houses
and
striking force in
greatest
military history—from Old World
oppressions to more Freedom than
Fifth
to
east
nation
unconquered
an
the
to
blunderbuss
to
Governor Brad¬
since
way
trial
Street
south to Canal and from the Hud¬
son
it*
read
and
But I would like to
presidents and business
executives of the city. The me^
na¬
direct
Loan
company
manadate
to
me
Fund
place
If their decision is to call
Well,
an
A.
of
man
harvest of 1945!"
our
essential protective
service for New York's health and
dustry,
clearly
fact, charged me with forming
directing the Government of
France and it indicated, by its
unanimous vote, the character it
wanted me to give it.
That is why, in conformity with
the principles of the representa¬
tive regime that we wanted to see
reborn and which has the right
and duty of assuming its respon¬
(Continued from first page)
peace—Glorious peace—that's
But
Hos¬
Memorial
Man
will
find
oni
anywhere else,
earth—from back-breaking toil to
the world's greatest array of la-,
bor-saving devices and machines
our
factories, for our farms
and for our homes—from pitiful
for
of
bands
greater
of half-starved; heartsick
courageous—pilgrims to the
million best fed, best housed,
—but
number who work there.
35
I will
I had thus to form the Gov¬
dum.
ernment of France.
the
still
best
try to
carry
interest
France.
and'
it out
honor
shown
was
seemed
In the choice
out together.
carry
for
necessary
reconstruction
that we have to
of
task
renovation
and
name
my
over
of Ministers, as in the common
national task, I did not intend to
exclude any 6f the main currents
of
opinion and notably one of
parties that obtained by
the three
the
far
tions
in
votes
most
the
and
the
seats
most
elec¬
the
in
the
naturally,
But,
intended
I
to
ministerial depart¬
distribute the
ments, or, as some say, the port¬
folios, myself* on the one hand,
according to the aptitudes of each
and, on the other according to the
policy that the men evidently rep¬
within
resent
outside of the
and
which
from
party
the chief of
they
come.
Government cannot
a
proceed in that manner,
does lps position signify?
I
However,
find
what
with
myself
the demand of the chief of
the
If
one
of
three
Urge Pay Rise for Federal
principal parties which
a categorical condition for
participation of its men in
the Government.
This party de¬
manded that I give one
of its
or
i
The Senate Civil Service Com¬
mittee, considering
crease
20%
pay
in¬
General
Tom
by AttorneyClark that; higher
stated.
vices
stated
every
"Back
Mrf
also
Clark
that "we're losing judges
day" because of the inade¬
that
condition.
As
much
the
I
as
associate in
a
disposed to
was
wide
economic and
measure
social
the Government the
with
work
of
belong¬
ing to the party concerned and to
accord them those
men
Ministries, just
much I did nofbelieve it pos¬
sible to confide to them many of
as
that
state"
to
such
administrative
jobs
under
civil service from $9,800 to-'$15,-'
000./;v
Salaries for heads
tive
of
departments (Cabinet mem¬
the rate of $25,000, for
and
solicitors
taries
assistant
foreign
policy: the diplomacy that ex¬
presses it, the army that sustains
it and the police that
protects it.
assistant
and
In
acting otherwise, in today's
world
situation, I would
have
risked not following, if only in
appearance
verse
and in
our
tense uni¬
appearances count
for much,
the
which I believe abso¬
lutely
necessary for the interests
the
country
and
even
for
of
.It
peace.
that
this
posed
but
a
happened,
question
coincided
difficult
pure chance,
coincided, with
moment
between
in
these
the
two
great
for
was
by
nevertheless
tions
moreover,
which
powers, particularly
the future, of peace.
rela¬
attorneys-
was,
as
jurious
you
to
can
men
and
carefully.
■8&
$22,500
Court,
of
for
the
of
judges
and the
Customs
Claims,
District
Court
there
nothing in¬
but simply an
United
and
grave
bia
$20,000 for judges of all dis¬
States
courts.
trict
sent
v
generally
This
a
would
$10,000
repre¬
a year
in¬
I ask all French
women
to
study this
As for myself, I would
crease
all down the line in Fed¬
Vice-President
The
Speaker of the House
$15,000.
ceive
bers
and
now
Congressmen
now
$10,000, and Cabinet
$15,000.
the
receive
re¬
mem¬
We have,
responsibilities.
global victory!
'global
first global responsibility
our
is to remain strong at
neither
gather
our
And I doubt if
other nations."
of
the
It is
home!
job nor our goal to
strength at the expense
our
American
people/especially
our;-returning servicemen, will
permit any other nation to gather
strength at our expense!
•
J"Our Job to Prosper"
is
It
?
•
job to prosper.
For,
prosperity, we can not re¬
strong—and ; still
remain
our
without
main
free. Just
prosperity has spread
as
America
in
to
State
from
State,
industry, from
the top clear to the bottom rung
from
industry
economic
the
on
to
ladder—so,
too,
the
beds
charity
for
and
surest
years
the
safest way
remain strong and free
to
us
of
for all
is
the
in
But it must start here!
The
for
earth
the
of
tions
ahead.
us
to
do our utmost
strpng
Of the
Exchange's net current assets are
to
keep
and
That's why 70%
free.
U.
Government
our
As
Government bonds.
S.
know, the bonds of our Gov¬
ernment are the only securities
we have ever recommended in the
you
of our existence.
And!
Government's final warfinancing effort,' the New York
Stock
Exchange
is urging
all
Americans to buy Victory Bonds
153
so,
years
in
and,
our
Hold them! Invest in Peace—
ri
instead of war!
sick children,
and better
Madden Heads Savings
Bank Division of
Smith Memorial
the
among
President of
Industrial Savings
of New York, has accepted
T.
John
Madden,
Emigrant
Bank
Chairmanship of the Savings Bank
Tito's Party Wins
•
Memorial
Earliest returns
elections
in
on
Front to have
won
a
11,
Nov.
leaders,
reported
12.
Partly
est
vote
Front
ever
was
from
Associated
Belgrade,
because
recorded
candidates.
on
The commit¬
Nov. 23.
tee is raising
funds for a 16-story,
Hospital to bear Governor Smith's
the
polled
Smitli
$3,000,000 addition to St. Vincent's
women
voted for the first time, the
slavia
E.
National
dorsement, despite appeals of op¬
position
nounced
Alfred
Committee, it was an¬
sweeping in¬
Tito's
Marshall
showed
the general
Yugoslavia, Nov.
the
of
Division
Yugoslavia
Press
eral judicial posts.
And
the' essential com¬
munity needs covered by the Mas¬
ter Plan."
; :
/ ;" ■■
were
$20,500 for the Chief In
Justice of the District of Colum¬
for
ters
Court
of
Court
of
inherited
facilities for the training of young
doctors arid nurses all of which
of the
of
Master
clinical,
pathological* ■ chemical, bacterio¬
logical and' hemological labora¬
tories, provide a new blood bank,
larger and more attractive quar¬
the
Circuit Court of Appeal and
We have arrived at our destina¬
tion
wards. It will enlarge the
Supreme
see,
anyone
interest of State.
justices
this
under
additional
100
as¬
very
In my negative attitude toward
what was demanded of
me,
sociate
addition
first
Plan, the Francis J. Spellman Pavillion. The proposed new addi¬
tion, bearing his name, will com¬
plete this plan, bringing the total
bed complement to 750, including
secre¬
the United States. $30,000 for
command
have come a long way!
we
in
the
Advisory Board of the Hospital
in 1941, led the movement for the
under-secretaires
$20,000;
> t
■
prosperity of this nation can
and should spread out to the na¬
"A1 Smith, as Chairman of
execu¬
bers)" at
general,
v: /,
Side area.'
ceiling for professional, scientific
2.
the
all
in
mechanism
pitals and the Hospital Council of
Greater New York unanimously
approved the plan. The proposal
for a West Side Municipal Hos¬
pital was dropped and the taxpay¬
ers were saved many millions of
dollars.,The City's officials said
in
effect: 'New, York
City has
given St. Vincent's complete re¬
sponsibility for the lower West
program
and
Yes,
in
to provide, at great expense,
large public hospital for the
district. The Sisters of Charity and
would be "in
cal powers
that
world today!.
a
increases
French policy of equilibrium
between the two very great politi¬
levers
nancial
upon
general, $17,500, and heads of in¬
dependent agencies and boards,
$17,500 or $20,000 &s determined
by the President.
3. Salaries of $25,000 for the
Vice-President and the Speaker
of
the
House, and; $20,000 for
members of Congress.
Mr. Tru¬
man previously had recommended
the increase for Congressmen.
4. Increases in the judiciary to
$30,500 for the Chief Justice of
the
an¬
Mr.
;.xC
by the Associated Press on Nov. St. Vincent's doctors came ; for¬
2 to have urged that the pay of
ward with a Master Plan for, the
Congressmen be increased to $20,progressive rebuilding and devel¬
000
a
year
and the salaries of
opment of their hospital to pro¬
Cabinet members to $25,000. Ac¬
vide this part of our city with ade¬
cording,to the report, Arthur S.
quate hospital protection for the
Flemming of the Civil Service next several decades.
Commission told the Senate com¬
"The City's Department of Hos¬
mittee
that he was "authorized
members
of the three follow¬
business firms and
the city would have to be called
quate pay provisions.
i
President Truman was reported
dent's program also included: V.
1.' An
increase
in the salary
one
millions—from the flow of
by barter to the cleanest,
strongest, safest business and fi-f
goods
1940, it was apparent
that St; Vincent's buildings could
not meet the needs of this part of
the city for many more years. It
looked as though the taxpayers of
Washington ad¬
was cen¬
few to our
a
by
serve,.the lower West Side dis¬
trict, from Canal Street to 39th
Street," Mr. Farley said:
pay was warranted for members
of
Congress who, he said, are
"possibly the most grossly under¬
paid" > people
in
government,
earth—•
on
present-day system of ownership
committee, Mr. Far¬
from
families
tered in the hands of
■ Pointing out. that "Sti; Vincent's
is the hospital whose ambulances
Nov. 7
on
more
clothed
ship of material wealth
of
,
for civil service employees*
told
was
a
conformity with the
of the President."
Mr.
Flemming, according to the As¬
sociated Press, said that the Presi¬
ing Ministries: Foreign Affairs,
War, Interior. I could not"accept
groups
corporations not previously
nounced; were disclosed by
Farley. .•
V
Civil Service Personnel
the
posed
national
Industry
ley revealed. Contributions of $500
Associated Press
Assembly."
Commerce and
,-:V:
v
My desire was to form it in
image of the same unanimity
that
building bear¬
ing the late Governor's name, has
been assigned to New York City
to
of
the
consider myself incapable of be¬
such a situation, and given
ing Chief of the Government of
impossibility, as I found it, France if I failed to recognize to
constituting a Government of; accomodate a combination' this
situation the judge
constituted.
It is the
National Constituent Assembly, It,
is
Smith
you
In
the
In this
mity.
E.
pital campaign by business and in¬
best
of the law that
voted in the Oct. 21 referen¬
or
that specific Cabinet post seemed
Alfred
unani¬
national
from the dark days when owner¬
of
succeeding
of
Nov. 13 by virtue
part:
M.
"first
of
program
in
of
broadterms
Gaulle's
Adams
Dana
also
New
the
to
Government
Is the Job: Schram
Strong support of the $3,000,000
.A quota of $750,000 toward the
which
surrounded
Of Smith Memorial
of one party, unable to
I would have liked to, a
'
construction of the
vital
which
as
Prosperity for All
If, on the contrary, the Assem¬
bly confirms me in my mandate;
the
Palace where the Assembly met.
demands
form,
Farley Urges Support
happen, I find
result of the speficic
may
as a
five months.
and
ling with guns and armed guards
As¬
Constituent
National
The
sembly, in whose hands I had
placed my powers last Nov, 6, as
you know, elected me unanimously
President
of
the
Government
mandate in
atmosphere brist¬
-x-
circumstances, I
explain to all
grave
bloc against renewal of de Gaulle's
an
French Republic.
the
find it necessary to
Press
that day,
on
of
ernment
myself,
national in¬
■?
■
Whatever
Thursday, Npvember 29, 1945
by
heavi¬
in Yugo¬
National
name.
The project
Smith
nor
is one Gover¬
initiate
helped
Chairman of the* Advisory
of St. Vincent's until his
1944.
made
the
Contributions
payable
and
committee,
Building.
as
Board
deatri
should
addressed
in
"be
to
Empire State
Volume 162
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4442
scribed
Fsirchild's Relail Price Index for Oct. Unchanged From Washington
Retail prices
based
the Fairchild Publications' Retail
Ahead Of The News
; Prices—-remained unchanged in October. The Index however showed
•
fractional
gain above Nov. 1., The fluctuation in the Index has
been within a very restricted range fdr nearly two years, said the
Fairchild
Publications
announcement
issued
Nov/
16/ which
U
■
Senator
marks,
(Continued from first page)
puliirig out only key men in De¬
troit, let alone not bothering the
other plants.
;
continued:
Government's
his
objec¬
tives in' his speech to Congress on
13. Commenting on his re¬
While the
composite Index re-«>
When it is realized how strike
unchanged,
nevertheless, Chester, Bowles, Price Adminii- strategy- is tied up with unem¬
there were some changes in two strator, tossed a bombshell into ployment benefits, it will be un¬
of the commodities included in the steel price controversy, When derstood
why there has been such
the Index—sheets and furs.
As he announced that the Office of a bitter fight here to have the
compared with a year ago piece Price Administration "finds no Federal Government control these
goods and infants' wear showed cause at this time for a general compensation setups, as well as
fractional
declines
while men's increase in steel prices." He said, the
continuance
of the United
and women's apparel showed very however, that "the situation would States
Employment Service.
It
moderate
gains.
As
compared be reviewed promptly and care¬ has been operated as .an adjunct
with pre-war lows, the greatest
fully when the next financial re¬ of the; CIO from the beginning. It
increases were reported in piece turns of the steel companies are has now been voted to return the
Y'. service to the States. That is where
•.goods, a gain of 33.3%, women's submitted after Jan. 1, 1946."
Mr. Bowles stated that OPA the- compensation setups are to re¬
apparel followed with an increase
.'•
of 28.2% and home rurmsUuigs could not properly adjust prices main.
,>;;• ;-t;: Y/- : •";yv
t with
27.9%.
Infants' wear and on the basis of profits experi¬
The WPA financed the forma¬
a men's
apparel
showed
smaller enced in the' period immediately tion of the CIO. It was the prac¬
following V-J Day, for which op¬ tice of the CIO leaders in those
gains of 12.7% and 19.2%.
The
increase in
sheet prices erating data are now available bej* days, .when planning a strike, to
during October was due to the cause: this period was "short, con¬ notify Harry Hopkins.; He di¬
;
j;
rected the local relief officials to
i higher OPA ceilings.
The very fused and abnormal."'
He
said
the
OPA has been immediately certify the strikers
i small gain in furs was due to the
fact that ceiling prices on higher
'
"deeply concerned over the fact for relief.
:.YYY:;Y Y:r:,Y- ' '
Even if Reuther had not com¬
priced furs were removed. This that many of the small non-inte¬
also explains the greater changes grated steel companies are in fif mitted the sin of calling out so
ras compared with a year ago on nancial hardship and that action
many workers, the original fact
mains
Taft
(R.-Ohio),
who is said to be in favor of a
British loan, expressed the opin¬
ion that Mr. Attlee had "sounded
a
little too New Dealish for some
peojJe," the Associated Press re¬
ported on Nov, 14. Senator Wher¬
ry
(R.-Neb.) was said to have
.
-
-
••
.
.
,
•
-
•
both of these items.
Will be taken to relieve this situa¬
remains
A comparison of the price trend
since 1939-40 shows some very
-
tion
when
;
r
sharp
woolens,
and cotton wash goods as well as
sheets
and
pillow-cases*
and
!
gains
in
rayons,
insofar
this
as
done
be
can
by price action for these compan¬
ies." A meeting of OPA's General
Steel Products Industry
Advisory
Very marked increases
and
dresses, , furs,
furniture,
tions* retail prices in 1946 should
higher than in 1945. The
extent of the advance will de¬
meeting will be held in about
week,]
:
pend on final disposition of QPA.
Proclaim Women's
also recorded in aprons
were
bouse
.
:
average
.
-Even if OPA were to be extend¬
ed to the end of the year, upward
•■revision of wholesale prices would
be
'would
well
as
in particular.
cottpn
raw
4
reflect higher
as advancing
to
necessary
labor costs
This
least
partially refleeted in higher retail quotations;
7 according
do
A.
W.
Zelomek,
: Economist,
-under whose super¬
vision the Index is prepared.
be
at
-
' The lifting of OPA price
:
"
-i:'
In
an
increase"
interview
on
was
urged
Nov. 23 at At¬
lanta, Ga. by Benjamin F. Fairless,
President
of
the
United
States
Steel
Corp.,
according to
which we
the United Press, from
also quote: ',
"YY/
■
^
The steel industry, he said, now
is "operating in the red" because
;©f heightened price structure re¬
sulting from the war and because
He charged also that the de¬
mand
was
"undemocratic" and did
represent the, masses of Amer¬
ican laborers.:
},
' • , 'Y
.
■:
t.
"Industry! cannot live half free
.arid half slave," he said.
"Once
.OPA is out. of the way and we;
not
.
.
cart
arrive at
*
a
fair price for
our
products, I am certain that labor
and management can get together
on a fair wage increase."
<• '
( \U.
its
§; Steel faces a demand from
500,000 steel workers for a
$2 a day
"threatened
these
increase
pay
with
demands
a
not
and
strike
be
is
should
Mr.
„Fairless_said. "In turn, Big Steel
has petitioned OPA for a $7 a ton
Increase in the price of steel. Such
an increase would bring the indus¬
try up to date with the past and
would allow
a
reasonable increase
in wages-^-but not the $2
steelworkers
are
'
[On the
met,
same
hike the
asking."
day (Nov.
November 2, the anniversary of
the day in 1920 when women in
the United States first .voted, in; a
Presidential: election' .was
then
President
tion
on
Truman
Oct.: 31
franchisement
the
as
to
have" the
The -iext at
proclamation, acY
the
Associated
company
effect? of
closing down
GM. hut its workers would-. then
be eligible for strike benefits.
It
Women's En4
Day.
President's
cording
by
cripple the
by strik¬
ing the parts workers. This would
set' by
proclama¬
doubtful
is
Press
if
the
fall for it. Y'YY
mentators-
business
One
of
our
will
:;Y;-Y
company
Y
•
erudite
more
lectured
a
com¬
the Other day,
men
of
group
tell¬
ing them among other things that
their representatives'In Washing-?
were
frightening them to
death for the purpose of holding
their jobs. There was no need for
alarm, he insisted.
«
V Y Y i.
a Presidential election; and
'
"Whereas, Senate joint resolu¬
Congress, first
session, approved; Oct. 3i, 1945,'
requestsr the
President
of: the
United States to issue a proclama¬
tion designating Nov. 2, 1945, as
Women's
Enfranchisement Day;
ton.
.
.
A group of business representa¬
tives got together and listed some
■
which they had been re¬
and
concerns
"Whereas, the extension of thd
franchise to: women cohstituted d
porting
asked
notable advance
thought they were harmless. They
the. democratic
in
strengthening
,
The
-
"Now, therefore* !, Harry S,
Truman, President of the United
States of America, do hereby, des¬
and
Yv:Y;/Y
proposed
payroll taxes.
-Y'y
'
-
The Fair Practice Employment
Comipittee, by which an employer
select
his
employees with¬
out being accused and subject' to
legal action on the grounds of
racial bias.
V
;
;
The
:
an
fight to keep the "USES" as
adjunct of the CIO; the fight
to administer
efits /
unemployment ben¬
Similarly.
;
,
>
-
Y" '
-
the
„
•
fact that our Government
ignate Nov,. ?, .1945, as; Woirieh'sj can't 'pursue a definite and real¬
Enfranchisement
Day
andcall istic policy towards Europe, or the
uponv the e people; throughout the situation in. China, because of the
the : day
serve
ceremonies.
t "In
•
-
With
-'-v
appropriate
The
'-.Y^Y
witness .whereof,
>
LeftislV agitation
directed
"Done at the City" of- Washing-;
thirty-first day of Octo¬
ber, in the Year of Our Lord one
thousand nine hundred and fortyof
the
Independence of
the United States of America the
one
our
country
promoting
the
,?
interests of Russia.
sider "and at the same time pro¬
tect our national interests."
;
The particular reference was to
that part of Mr. Attlee's address iri
which he asserted that the Brit¬
ish Labor party was not the radi¬
cal organization pictured by some
Americans, and that primarily it
is concerned with the welfare of
the common man, which, Mr. Att¬
lee
declared, takes Government
planning. He added that his party
No Progress in British
Loan
served that there is
world
for
trade
4
room •
hundred and seventieth.
•'HARRY S. TRUMAN.
"By the President:
"Secretary of State."
Although talks of
or
and
without "tindue
in thri
British
rivalry."
Senator^Green (D.-R. I.), the
a
huge loan,
Britain have been
Washington
for
Great
under way
several
in
weeks,
nothing concrete has yet emerged,
in
spite
cause
of,
of,
the
or
•.
perhaps
frankness
be¬
with
which Prime Minister Attlee de¬
business
the Novem¬
on
15,
shares arid
shares
on
compared withM,404,483
Oct. 15/1945, both totals
carried
excluding short positions
odd-
in the odd-ilot accounts of all
,
dealers. As of the Nov, 15,
1945, settlement date, the total
short interest in all odd-lot deal¬
ers' accounts was 56,152 : shares
lot
51,226 shares
with
compared
Oct. 15, 1945."
The Exchange's
"Of
added:
stock
the
report, Nov. 23
1,271 individual
listed
issues
on
Y
Ex*-
the
on
change on Nov. 15, 1945, there
were 81 issues in which a short
interest of 5,000 or more shares
existed, or in which a change in
the short position of 2,000 or more
shares
occurred
during
the
{ ■/ :;/.
<
" 'Y ?
The following table compiled by
us shows the amount of short in¬
terest during the past year:
month."
Dec.
'
-'f
,
L__—_.$1,436,271"
1,390,713
-
29_»—
-
.1945—
•
Jan. -31--.——i--
1,475,441
'—
15——
1,582,647
Mar. 15-.——— 1,520,384
Apr. 13
1,361,495
Feb.
—.1,486,504
May 15—
June 15——
1,554,063
July 13—1,420,574
Aug. 14——— 1,305,780
ness man."Sept. 14———
1,327,103
Senator Smith (R.-N. J.) told a
Oct. !5„
1,404,483
reporter he was confident that "a
Nov. 15——,.—— 1,566,015
reasonable loan, on proper terms,
———
—
—
can be worked out"
ish.
for the Brit¬
America, he; added, "would
tremendously
if ; Britain
suffer
down at the heels
were
econom¬
ically."
■■■■'Y.
Senator McClellan
Aid for Philippines
cannot buy from America
"ex¬
cept and unless we loan them the
?
Pledged by Truman
On Nov.
(R.-Ark.) in¬
sisted that the whole problem is
that foreign countries say they
15, the anniversary of
the inauguration of the Philippine
Commonwealth, a statement by
Truman, issued from
President
the White House, gave the pledge
;Yv.
!; " ■ '< '•
i;- of; the United States to aid the
possibly afford to do peoples * of the Philippines ■ In '
that within proper limitations," every possible way, according to i
he said.
report from Washington re¬
"But we cannot afford a
ceived by the New York "Times"
to grant unlimited credit or make
Following are excerpts from the
Ipans without reasonable assur¬
money."
"We
:
;
can
,
of repayment."
ances
President's
Y
McClellan
suggested
that
if
Britain gets a loan, it might well
be stipulated that she spend part
of the money in American mar¬
kets.
with
(R.-Minn.) agreed
Attlee that, there is
"ample
room" in the world
for products
of great industrial nations.
■I think that's right," he said.
only answer to these eco¬
"The
nomic
Y problems
is
world trade."
v
Senator
expanding
;
;
Hoey
(D.-N.
the British Labor
C.)
•
/
said
party's "policy
of. planned economy" and of tak¬
ing
over
our
monopolies "contravenes
view of government,"
Representative Jack Z. Ander¬
son
(R.-Cal.) said "We have tried
(a planned economy) long enough
over
here to know
it^won't work/'
Senator O'Daniel
(DYTex.) said
is "against any more loans to
England, regardless of how nice
he
their
new
Government is."
Senators
Wheeler
that
that
(Di-Mont.)
(D.-La.) commented
sort of economy some¬
times ends in
dictatorship. Wheel¬
the British Govern¬
statement:
Nov.
15, 1945, marks the tenth,
anniversary of the inauguration
of the Philippine Commonwealth,
Neither
nor they knew/in
test the Philippines
we
1935, what
„
Senator Ball
a
would be
called upon to pass in
1941—the test of war. The Filipirfov
people went through the ordeals
war and of Japanese occupa¬
tion in a manner to their im¬
mortal credit. It was a credit to
of
road
from
led
who
the
them, and. to us,
Philippines
along
serfdom
the
40-year
Spain
under
to Commonwealth status.
<
But
credit
racy
more
to
than
those
and
that
ideals
human
it
was
a
of democ¬
dignity
which
America introduced into the Phil¬
ippines in 1898, ideals which took
firmly as to survive
every savage effort of the Japa¬
nese to uproot them.
root there so
The
United
States
honors
the
Filipino people on this-tenth an¬
niversary of Commonwealth Day,
The Philippines will become art
independent republic July. 4,1946,
day the" President^
released, Philippine
President Sergio Osmena and Paul
V. McNutt, United Statese High
Commissioner to the Islands,
On
the
statement
was
joined in a radio program in
which
the
development of the
friendship between the Anierican
tact for another five years.
and
Philippine people was
Meantime British and American
stressed, as well as the importance
delegates continue discussion of of the continued strengthening of
the extent and terms of a possible that friendship, according to the
"Times" report. Mr. McNutt de¬
$3^ to $4 billion loan program,
clared that the Philippines wereand
both sides have expressed
"America's opportunity to demon¬
confidence that an agreement will strate
democracy in action to all
be reached in the near future,
the peoples of the Orient."
ment has
credit arrangement, for
interest
1945, settlement date, as
compiled from information ob¬
tained by the New York Stock
Exchange from its members and
member
firms, ' was
1,566,015
ber
_
American
er noted that
Negotiations
close of
Nov. 20 the fol¬
\
as
of the
on
short
"The
in Government taking
monopolies, when big busi4
.1944—
ness gets in that class, the Asso¬
Nov. 30..
ciated Press stated. He also ob-f
over
and Ellender
ton this
and
in
towards
L have
hereunto/set my hun<J apd caused?
the seal vof1 the 'United ^ States" of
America to be affixed.
■■YY
five
-
public
lowing:
.
r
United -States of America1 td;ob/
Reported r
The New York Stock Exchange
made
_
;
can't
"isn't
On the other hand, Senator
Magnuson
(D.-Wash.X said, ac¬
cording to the Associated Press,
that he thought more speeches
like
Mr.
Attlee's
would
bring
greater
understanding
to' the
world; while Senator Morse (R.Ore.) said he thought the Prime
Minister had made an appeal for
world
citizenship that the United
States is going to have to con-i-
he
if
commentator
Beveridge co-op
or."socialized" medical plan, which
would add 4% to the employers'
'•'/YY/;/
]:[■
the
employers,
included:
basis of our gov¬
ernment; and
their
to
Attlee
To No«. IS
of view of the hard headed busi¬
parts workers, a strategy to
his. mistake of pulling out
too many workers. It is believed
that he is trying in some way or
other to coax GM into a deal arid
"James F. Byrnes
23),<
in
see
recoup
•
"Whereas, the movement for
equality has gone steadily for¬
ward,
culminating on Oct. 24,
.•"steel prices were frozen at a low
1945, in the coming into force,
rate." "/.■
••• .with respect to our country and
He charged that present union
28 other countries, of the United
demands for pay raises of up to Nations charter which reaffirms
.30% are "unreasonable" and other 'faith
in
fundamental
human
.issues may make the labor situ¬ rights, in the
dignity and worth
ation a threat to the system of of the human
person, in the equal
"free American enterprise.
rights of men and women':
;
■,/>
{
now
,
that
Associated, Press went on to re¬
port,'saw in the idea of increasing
world consuming power "not hu¬
manity, not charity, but the. point
the
Enfranchisement Day
..
■
here
observed
salesman that Churchill was."
believed
Reuther's effort to reopen nego¬
tiations and his threat to call out
tion 107 of the 79th
con¬
GM
Of those working,
Observers
in
to pave the way for agree¬
ment of management and labor on
150,000
a
United States first cast their votes
trols
.*'a fair wage
than
Washingfbn, read as follows:
"Whereas, Nov. 2, 1945, is the
25th anniversary of the day on
which
women
throughout
the
Agreement; Fairless
strike
a
majority participated
in the vote.
''YYY;
from
Lifting Price Controls
Would Enable Wage
than
7
working.
ent
less
a
;
called
were unemployed. In this
connection, incidentally, it is note¬
worthy that of the total number
of /employees certif ied as eligible
to ballot in the strike vote, only
19% voted.for the strike. This in¬
cludes the employees hot at pres¬
these smaller non-integrated com¬
panies." It is expected that this
blankets.
he
workers
Committee is being called "for the
specific
purpose
of
discussing
what price action may be taken to
lessen the financial hardship of
and floor coverings.
:
On the basis of current ipdica-
J
that
more
NYSE Short Interest
Nov.
on
—
2623
kept its war powers in¬
Netherlands Presents War
War
to
amounting
damages
$14,148,000,000 * (25,725,000,000
guilders)
were
claimed by the
Netherlands Government
Nov.
on
presenting a war loss bill
Reparations Confer¬
ence
in
Paris.
Calculating all
losses
in
terms
of replacement
19
in
to the Allied
in
1938, the Netherlands
delegation said the dollar amounts
values
Reparations
Members Favor Sat.
also totalled after that date.
were
The
first
of
category
losses—
material losses of national income
-—amounted
guilders;-
,
claim.
almost half the total
Itemized loss claims under
this heading are
following table:
1
billion
11.425
to
-
or
shown
State
the
Industry
-
2,200
1,800
Commerce
'Banks and insurance_______
15
Shipping and fisheries
325
Harbor
300
works
Reunion of Veterans
address to the fifty-fifth
reunion of the Army and
an
annual
Navy Legion of Valor, Brig. Gen.
Julius Ochs Adler, Vice-President
and
general manager of the New
York
report
a
,
'Times," said, according to
the... "Times"
to
from
Philadelphia on Nov. 12, that if
hoped to win the present peace it primarily must remain militarily
strong by pro¬
viding:
'
•
-
America
*
*
sea
and in the air.
A
,we
trained
.'YvxAv
citizen
category—losses re¬
production restric¬
from
after
consider
it
If
What
to
train
young men to do so in time of
peace.
I
-
Ample and adequate weapons,
ships, planes and munitions immediately available.
Continuing
for
scientific
improvement
same
and
weapons
research
and
develop¬
ships, planes,
munitions, includ¬
ment of these
if
Continuing
study
to
conversion to
General
"We
vain,
did
not
say
World
do
we
carry
prompt
status.
war
never
in
but
industrial
Adler went
will
who fell
a
of
enable
on
to
that
War I
admit
say:
those
and
again.
the future
nations
By
dispute
mind
can-
of any
force of
vital
for
that
if
all
doing
arise
to¬
cause
in
which
single
war
act
no
of
victoriously
on
the
wartime
than
of
group
is
300
the
the
the
the
the
Navy
Martin, in
from
"treacherous
coun¬
tries."
"That implement," he said,
"in the hands of godless men and
of
men
zation
to
drive
mankind into
t
savings,
ciations
survivors of
the
the
caves."
1944
is
Illinois
building
the
over
the
year, on
Netherlands
guilders ($756,000,000) for purchases abroad on be¬
half of Dutch industries and
for
merce
In
23
loan
and
com¬
half of this
this oh
indicating
Information
Netherlands
in New York
of
activities of
the
they
Chicago reflected the second full
However, many of the pur¬
chases will not be delivered until
month
early: 1946,
A. R.
covers
cerpts
from
ered at the
the
Other
ex¬
address,; 'deliv¬
Governor's dinner, at
Federal
the
Edward
loaned
of
Pennsylvania
a
past ; national
badge
and
a
life
commander's
of
of
the
post-war world.
Gardner, President, said that
$667,831
which
the
bank
which the Legion presented Gov.
Martin
Bank
Home Loan
to
the
largest
October
activity, since 1941, in his monthly
membership
certificate, were, according to the
report td>,the Federal Home Loan
"Times":
Bank
.
We need
main
tion
so
more
than
strong that
will
weapon
:
ever
dare
against
ever
no
to
re¬
off
other
to
ton
na¬
this
use
law-abiding and
peace-loving populations.
At
later
some
when
date,
perhaps
convinced that all
nations truly want peace and will
we
disarm,
i
are
we
too
can
safely do
so.
But that time has not arrived. We
believed differently after World
"War I
and
acted
accordingly. In
within a quarter of
the world was locked
consequence,
a
in
century,
a
titanic conflict and
our
,-jf,
...
very
Administration
on-1
Nov.
some-
1945,
in
between
4.5%
line
at
The
15.
from
with
September
a
Washing¬
total
was
September,
downtrend
and
October
which
has been characteristic of
at least half of the years the bank
has been in
existence, he said.
Having redched its thirteenth an¬
niversary in the course of the
past month, the Chicago bank now
has assets of
$42,137,639.84, and
has 457 affiliated
savings and loan
institutions in the two states of the
Seventh Federal Home Loan Bank
district.
June
institutions
member
represented
000.
so
Dutch
the
sum
actually
requirements
until
1946.
Netherlands—in
the
praised
and other
resulting
Associated Press
reported - Nov. 10 in Washington
advices, which quoted the Presi¬
dent as having written:
,
relieving
accordance
revitalization
of
distress
"UNRRA has been and is today
the
for the
ground
proving
ca¬
pacity of the United Nations to
work together to relieve suffering,
prevent starvation,
and restore
hope to the people who have borne
and resisted Fascist invasion."
*
Mr.
continue
trade
program—has, begun the export
of
many
commodities.
Already
released for export is coal, while
country
this
said
Truman
would
to
sup
port
UNRRA, the Associated Press con¬
tinued.
L.
Bevin,/looked forward
to another year "of yet further
achievement in relieving the dis¬
tressed
peoples
countries
of
the
of the
world."
ravaged
Kai-shek
thanks for the arrival
Generalissimo Chiang
expressed
the
China.
ships
UNRRA
first
in
1
Herbert
General
H.
of
Director
Lehman,
stated
UNRRA,
on
9, according to the Associa¬
Press, tha4, although, its re¬
mission was "less tban half
Nov.
ted
lief
operations soon
funds were not provided.
done it must stop
if more
to comDlete our
now
Far East,"
work of
entirely upon
work in Europe and the
he
the
depends
of the further con¬
granting
tribution which
the'tJNRRA
coun¬
nations has
the latest announcement from The
recommended to the Government.
"Long known as the world's
largest exporter of seed potatoes,
within
country is now forced
to ra¬
export of this product
because of shortages of supplies
and large demands at home. Rationing ranges from 65,000 tons
for
to
the
France
Brazil.
to
1.000
Before
tons
the
allotted
end
of
the
exporters hope to partially
satisfy all demands for this item."
year,
?-X'A: *>-■
'
the
in
owns
;
Morris
„
Plan Bank of
Virginia. The price
Washington stock is $29 a
share. Robert M. Berkeley cashier
of the Virginia Bank says: : //.:
the
of
Also
'
the
being/offered
the
of
stockholders
Morris J?lan Bank of
•
JV-'S
Virginia are
opportunity/to
an
buy 15,000 shares of new stock of
the/Virginia bank at a pried of
$30v a ;r share.
Each stockholder
owning one share is entitled to
buy V4 of a new share/'or one
new
share
now
owned.
for
of Dec.
a$
All
four
each
'
7X H
■'
"x
x..^' "■
T
-
shares
Payment is called for
15.
the
//
V
r/""/',
offered has been
stock
underwritten
for the
both
Wash¬
ington shares and' the Virginia
shares,' but the ' Virginia bankJs
stockholders have the first Call
't
'
'
'
1
on
the purchase
of the shares offered
Washington bank and
the Morris Plan Bank of Virginia.
both of the
'
'
•>./ '
capital of the Morris
Virginia is as fol¬
preferred capital, $250,000;
common, $1,000,000 (60,000 shares);
surplus, $600,000; undivided prof¬
its, $372,000. As a result of the
Plan
of
Bank
lows:
outlined, the cap¬
sale of stock
as
ital
will
account
flect "somewhat
ferred
Dec.
on
31
follows:
as
i
.
re¬
m
pre¬
stock, none; common
cap-,
i' i
■
ital/ $1,250,000
(75,000 shares);
cf ■; ■.
surplus,
$1,000,000;
undivided
.v/r.
profits (after year-end dividend) •xf ;•
$375,000—total
capital
account, v-/,.
f
Morris
Plan
Bank of Vir¬
tfr;$v
'
xd
ginia was organized in 1922 with
a capital account of $375,000.
Its
resources now exceed $50,000,000.
"
"UNRRA must cease
a
very
contributions
stoppage
tions
are
would
Operate Job Service
Appearing
b
legislation
the
before
Senate
a
la-
subcommittee
*
o r
considering
the future course of
on
United
States
:
to
Schwellenbach
B.
made
the
pro¬
v
ployment
offices
"in
7.1:
state
any
'
/;'/
,
'
•*?•
whi^h fails
or refuses" to operate xx7r
offices in line with Federal
such
the
Associated
Press
'r
.
report from Washington, Nov. 13.
Asserting
that
heaviest
are
load
work
•
their
in
■
■
his¬
•
tory," Mr. Schwellenbach urged >y:.
legislation designed to:
/
■„/
(1)
Vest in a single Federal
agency, the Department of Labor,
all
Federal
functions
and
sponsibilities with respect to pub¬
employment office functions.
(Rather than divide {hem be¬
the
department
and
"
■
-^
i
•'
7
(2) Establish
a
^'.^1'. 'x
(
>
office
will
be
to
state
,
77X'
'
■1
■.'.a"---
•
•1
Hid
em¬
■
i-
which
systems,
identical
,
i.
Federal financ¬
ing program for state public
ployment
jc
the
Social Security Board.) \ /
•
*
re¬
lic
tween
'.
•
:
public em¬
carrying the
"our
ployment offices
unem¬
received.
not
involve the na¬
ployment compensation systems—
100%
financing of administrative
costs.
1
Clarify
(3)
us
is
peoples of the United Nations
so
terrible
a
of the world."
threat
shall
the
guide
■
'V
the
Secretary of Labor in the promo¬
tion of the Federal/state national
employment
public
of
system
offices.
(4)
Authorize
ployment
upon
amplify
and
which
principles
contemplate. Tm sure
to the future
' •'
.V
posal that Congress empower his
department to operate public em¬
of, Labor
will not allow
■
•
Employment
Service, Secretary of Labor Lewis
too
dependent
serious
the
operations
short time if these
catastrophe in which such a
The
Schwellenbach Asks to •Vis/-
future
"The
said.
UNRRA
Hague mentions seed potatoes as
an export
item.
tion
/
pro
.
cil of the forty-seven
the
stockholder
standards,
Foreign Secretary,
British
The
Ernest
"We have
"Despite shortages of all kinds,
the
with
stockholders
the
to
rata to the number of shares each
_
from the war, the
of
added/
'
"
world leaders for its achievements
in
Nov.
"Industry's demands will total
1,200,000,000
guilders
and
food
imports will account for 800,000,-
asso¬
month
same
the
Bureau
Wisconsin
and
the second
C.
owns
The
.
allocated
has
by Thomas
,
Truman
by. President
; f
1
announced
was
$2,625,000.
Anniversary
The/United Nations Relief and
Rehabilitation Administration on
Saturdays
June to
2,000,000,000
year.
the
way
each
In line with aerogram for the
rebuilding of international trade,
A 40% increase in October ad¬
to
Second
to
Foreign
Trade Increasing
III.-Wise. Savings Up
vances
UNRRA Observes
be
permission
Netherlands'
hate, could destroy civili¬
and
close
to carry out his
encouraging post-war
for
production and prosperity.
New
may
a
knowledge should be kept
secret
ideas
New
of
as
during the months of
September inclusive.
Gov¬
brief address,
told
the audience,
the "Times"
stated, that in his opinion atomicbomb
the
of
laws
give
and
wages
troduce legislation
banks and their domestic branches
Cross,
present at the dinner.
to
necessary
Congressional
Medal
of
Honor, the Distinguished Serv¬
and
other
and
said
its second anniversary was
Law
Construction
eral
and
,
Clearing House Association
legislation
York
officials
place in both but these should be
determined by free enterprise and
collective bargaining rather than
by Government order.
7
; . ,
Senator Taft said he would in¬
Resolved, that
banks
it
Boushall, President of the former.
The Morris Plan Bank of Virginia
The present
Senator
The
for such amendments to the Gen¬
veterans, whose mem¬
limited to holders of
Cross
member
York
It
Be
increase for
100%
a
prices should be held in balance,
that
some
changes should take
,'t 7 /
;
.
and
service
civil
Federal
for
Congressmen.
declare that they favor
■>
ice
public;,
Therefore
decision
members of
openlyadvocated
<
Government
top
of
inconvenience to customers or
ous
;'V:'
More
House
•/
levels
: .1
time of peace the cause for which
gave their lives."
White
in
business.
and
meeting
justified by the certain de-
in
in
demanding an increase when the
open
Saturdays
workers
by
The gamble would
arms.
blamed for
not be
could
workers
The resolution passed at today's
aggressor na¬
warrant
feat.
the
is
realize
so
would
not be
It
civilization that all
prevented
gether.
tion
of
shall
be
can
we
died
that
Mentioning; the recent street¬
and bus tie-ups in Washing¬
ton,'; \Senator
Taft
said
these
;
car
Whereas, after studying the sub¬
again
vV1 J
war-time controls;
ernment
40% In October
.
policy of inflation." Senator Taft
end for nearly all
advocated/an
.
of
group
engaged in a "planned
tor, were
ject and after giving consideration
to the possible effect of such clos¬
ing on customer relations and the
general public, and to the benefits
to be derived by the staffs of the
banks, it appears that such closing
can be effected, without any seri¬
a
Chester Bowles, • Office, of
Administration administra¬
and
substantial increases over pre-war
May
.
the President
said
Ohioan
The
order to
provide maximum service to Gov/
during
ing the atomic bomb.
mobilization
remain
to
on summer
Foreign
ernor
Government
'
to
Ministers is unable to agree on a
peace
settlement?
Let them try
were
of
1940
depression,"
reported
Associated Press, which
VZ-"V"*//-V // 7 :• /T
the
added:
in the fall of 1939, the banks
in
proposed."
- ;
policy would cause a
a
followed -by
boom,
by
in Eu¬
war
Administra/
any
as
Mr; Taft asserted, it was
...
ligation
our
of
policy
a
"Such
.
obligation of
citizenship: to fight in time of
war, and we do, it is an equal ob¬
an
outbreak
reckless and irresponsi¬
as
tion has ever
the Clearing House
ers, based on the assumption that
group was>as follows:
:
Netherlands
industry would be / Whereas, the' member banks of
operating at full production level the New York Clearing House As¬
sociation, now that hostilities have
by the end of 1947.
" / /
- i
ceased, wish to give consideration
to the question of -the Saturday
existence as a nation for a time
closing of banks during the sum¬
hung in the balance.
mer; and
// ''../
bership
reserve.»
the
rope
7,
1945 — was
calculated at 4,300 million guild¬
A
M
with
decided
The fourth
ble
Legislature
1939
Bank of
Plan
23,496 shares of the Wash¬
ington institution and they will be
"about
permit Saturday closing during
July and August, the commercial
banks in New York City promptly
adopted
that
policy.
However,
,
shares in the
Washington,
purchase
to
Morris
offered
prices and at the same
allow
wages
to rise was
Price
first amended the law in
23, ac¬
Nov.
on
Richmond
right
the
of
Bank of Virginia at
are
being offered the
Pjan
time
re¬
HZ;TK'
When the New York
Senate
the
stockholders
705
The
Morris
/
to freeze
during
employees in the summer
period. •"'-,/
for business
w
compact and efficient pro¬
fessional establishment on land,
to bank
•/
•
to
"
in
exchange! -:
branches
Saturdays
on
four
billions of worthless Reichsmarks
•
In
closed
permit
months, of JuneSjuly,
August and September, if they so
elect. The Clearing House in mak¬
ing this known Nov. 20 added:
At present the statute - permits
banks
to 1 close r\ on
Saturdays
from June 30th to Labor Day! The
proposed Change would approxi¬
mately- double - the " number of
Saturdays available under the law
German
.
Group Hears Adler
to
Policy
cording to Associated Press Wash¬
ington advices, that the Presi¬
dent's announced policy of trying
York
banks and
New
the
domestic
main
heading included the
occupation and
losses suffered by the Netherlands
Bank, which was forced to accept
of
cost
tions
(In millions of guilders).
laws
their
this
under
of
„
told
favoring
resolution
a
amendment
delivery of production to
Germany—also amounted to 6,000,000,000 guilders.
The losses
sulting
:••/•;
mately impossible," Senator Rob¬
ert
A.
Taft
(Republican-Ohio)
member banks of the
approved
forced
the
on
;
,
New
The
The third category—losses from
tions
losses
of Va. Morris Plan Bank *
Referring to President Truman's
policy .on wages and prices as
"ridiculous, dangerous and ulti¬
York-Clearing House Association
at a special meeting on Nov. 20th,
_—
sulting from' production restric¬
financial
Price
Closing in Summer
825
gardens and woods—
Public
property
(schools,
150
roads, buildings) —_____
Private possessions
1,200
Gold and foreign exchange_ 1,210
Foreign investments.-7_-__ 1,000
640
Jewels, paintings-_________
970
Buildings
juana,
'
^industrial/and
Offer to Stockholders
Clearing House
~
"
after May 7, 1945.
All war
damages
were
calculated from
May 10, 194(1 to May 7, 1945, but
Taft Decries Truman's
N. Y.
i
Transportation • (including
'•
650
railways,, vehicles and air) v
100
Bridges
—-—
figured on the guilder-dollar
Other damages -i-H————10
exchange rate for that year: 1.81
or
1.82; guilders. for the
dollar.
The secondx.category—damages
Advices from the Netherlands Incaused by the restriction of indus¬
!'formation Bureau in New York,- tries—actually totalled 6,000,000,reporting this, added.>
*
,J
\
000 guilders, based on the normal
Damages were divided into four increase in income if 1938 pro¬
main
categories: ; (1)
Material duction
had
been
maintained.
-losses
of
national
income;
(2)
However, this amount was rer
: damage caused by the restriction
duced
by:2,000,000,000 -part of
r of industries during the
war; (3)
which would have normally been
losses resulting from forced despent on maintenance and part
livery to Germany of Holland's of which was
-already included
X production; and
(4) damages re¬ Under stolen factory installations.
were
'
Thursday, November 29, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
2624
which
such
to
the
offices
fails
offices
Department
operate
or
in
refuses
in
public
em¬
any
state
to operate
accordance
with
Federal standards."
f-
,Volume 162
THE COMMERCIAL &
Number 4442 '.
f Predicts Failure of
Senator Murray Proposes Punitive
.
Measures Against Wage
The
'
,
Murray's
be
to
re-
duce
[
in
h
age
urly
E.
Jas.
.
overtime
wages
of employees.
^
,
'V.
•
(2) Congress should amend the
tax law to provide that any cor¬
poration* which refuses
to bargain
collectively in good faith or re¬
fuses to accept the mediation or
voluntary arbitration offered by
.the Secretary of Labor, is not en¬
titled to the carry-back and carry¬
forward tax provisions with re¬
spect to the income of the year in
.
which it
In
commenting
these
.
belief
that
first
the
management
encourage
Dr. Fisher
"would
grant
istration
would
downgrading),
prevent
was
of
was
to
and
\
if
as
workers,
artisans,
we are
farmers,
and
owners
research
for
of
Industry
is
the
to
and
can
ment of
In
the month
bales
the
There
peacetime industry will consider¬
ably increase the level of wages
possible
without requiring any
raise in prices to consumers," he
said.
;
'■ •"■ y ' ■
In concluding his speech, Sena¬
tor Murray said:
lint and
am
of
at
with
.
soon
explain
the
wage
.On
in
addition
to
this
important
declaration it is vitally necessary
that both sides to this controversy
make clear to
ple
without
the American-peo¬
equivocation
hand
de¬
There
ception the facts upon which they
spindles
stand.
which
They
owe
an
or
obligation to
the
American
peop.e
the
dangerous
consequences
strike which will
to
prevent
of
a
of
.
bigger
get
the
now
'
:
.
C
.
control could not be exerted over
Diesel
|
active
October, 1944.
science, but that control would
affect only a part of the world;
and he added that the society thatThe Class I railroads put 33,696
attempts
to
control
science is
freight cars in service in the first weakened in the long run.
ten months this year, which in¬ '/
Referring to the atomic bomb,
cluded
7,665 hopper, 5,352 gon-f the New York "Times" went on to
dola, 490 flat, 239 stock, 1,826 re-; say: r
•1
" '■
'
" ■'
Dr. Compton asserted that to
frigerator, 1,818 automobile and
16,207 plain box freight cars, and attempt to withhold or restrict
spindles during
V
Diesel
one
year
miscellaneous
99
months of 1944
com¬
ago.
V
cars.
;
Total'
30,832 freight
was
' 5 v%
"
■
i
in
service
V;
:
They also put 522
locomo¬
new
the
in
first
ten
months of 1945, of which 74 were
steam and 448 were Diesel.
New
locomotives installed in the
period last
included
same
steam,
electric
one
be
controlled,
fight against it must be
until
and
it
controlled.
is
Tuberculosis
affiliated
its
Asso¬
associa¬
forty-eight States, the
terri-;
campaigning ceaselessly
tuberculosis. Through
are
X-ray
surveys
to
find
un¬
through health edu¬
tion
of
tuberculosis,- through the
rehabilitation
and
of
through
the
associations
the
tubercular
medical
afe
this dread disease and
victims.
research,
combating
helping its
:
.
W,
Marriner,
former
in
the
Textiles-Leather;
Fibers
division,
has
been
of
the
to
Gover¬
of
Board
the
of
Associates
Wool
of
Mr.
York Cotton
President
tempore
pro
Associates
Wool
of
the
Cottorr Exchange,
elected at
resolution adopted
unanimously bV the House on Oct.
30
states
that it is
the
"sense" of
Congress that the Navy shall Con¬
sist of 6,084 combatant and auxil¬
the
fill
New
Inc.
has
meeting of the Board
a
on Nov. 14, to
created, by the
vacancy
election/ of
Harrison
B.
Oohan
(Walker & Company, Boston), to
the position of First Vice-Presi¬
W.
Albert
succeed
to
Hilli-
(A. W. Hilliard & Son, Bos¬
ton), who recently resigned his
official position with the Wool
Exchange,
As First Vice-Presi¬
dent, Mr. Cohan also succeeds Mr.
Hilliard
Chairman
as
the election
nounces
in
York
Cotton
Gordon
also
to
Ex¬
Wool
an¬
member¬
Associates
Wool
ship
New
the
Knell
Mr.
Exchange.
the
of
of
Committee
ecutive
of the
Exchange, Inc.
Smillie
S.
October,
of
Boston.
1945,
10
79
51,500,000,000 ton-miles, ac¬
cording to a preliminary estimate
based on reports received from
the railroads by the Association
,18 battleships
under
.
October,
ton-miles
of
service
performed by Class I railroads in
the first ten months of 1945ibv£as
1944,-and 3V2%"less
than the corresponding period two
years
ago. - However,
compared
under
5.6%
with 1939 the 1945 total had more
heavy cruisers---,
403,000
light cruisers—— 450,000
367 destroyers
760,000
300 escorf
destroyers.387,000
ten months of
submarines
--———
that
on
the
the
earth.
United
States
scientific
developments
conclusively
that
proved
love of one's
neighbor has become
without it."
'
President Truman
Felicitates USSR
Soviet
Union- of
The
Socialist
Republics,
celebrating
the 28th
anniversary of the Red Revolu¬
tion, received congratulations and
best wishes from the President of
the
United
ican
States and
the Amer¬
Washington dis¬
patch, to the New York "Times"
stated, Nov, 7. The President's
message was contained in a tele¬
people,
a
Kalinin, Presi¬
to. Mikhail
gram
dent of the Presidium
viet
of the So¬
Union, which read, according
to the "Times":
"It gives
great pleasure on
of the;
Union of Soviet Socialist Repub¬
lics to send to Your Excellency
me
national
this
the
anniversary
of the Soviet
congratulations
and
the people of the
United States, as well as my own
personal greetings and felicita¬
and
to
Union
people
the
of
wishes
best
%
lft
8
Mo.
of Scpt.__
Mo.
mos.-.,-
of
Total
Oct._,
10
mos.
other
peoples of the United Na¬
tions, the forces of aggression in
and Asia, which consti¬
tuted so dangerous a threat to the
Europe
freedom
1944
482,468,182 495,561,822
Dec.
2.6
*52,200,000
61,181,730 14.7
151,500.000
63,875,263
19.4
586,168,182 620,618,815
5.6
"Revised estimate.
and
of
prosperity
the
peoples of the world, have been
totally defeated in a long and
bloody struggle.
"The years
ahead offer an un->
ing peaceful progress and improv¬
ing the lot of the
The, recent
the
United
tPrelimlnary estimate.
common
m^n.
effect of
into
entry
Charter
Nations
is
a
happy augury for cooperation be¬
tween our two
years
peoples during the
of peace, in the same
spirit which animated them dur¬
ing the past four years of war."
'
omitted):
1945
of
efforts
joint
the
peoples and their valiant
armed forces, in alliance with the
two
coming
shall
greatest naval power
"
.
revenue
314,000
The resolution, sent to the Sen¬
remain
izes
.
following table summar¬
ton-miles for the first
1945 and 1944 (000
The
31
199
of service
spirit
exampled opportunity for achiev¬
;//v-:
than doubled.
48
in¬
►the rule of life. We cannot survive
1944, was
•"."•
.
665,000
large cruisers---—82,500
3
.
The de¬
American Railroads.
crease
Revenue
light aircraft carriers 117,000
escort aircraft carriers 725,000
I
miles of revenue freight, amount¬
"Times":
24
freight
traffic,
railroads in
measured in ton-
Class
ed to
19.4%.-
large aircraft carriers 135,000
aircraft carriers----—. 650,000
of
volume
handled " by
of
3
have
"Through
follows, a special dispatch from
Washington advises the New York
Total tonnage
the
in
Recent
our
as
-
an
tions. i'' •'•.•
iary vessels and 12,000 planes, the
fleet
to
be specifically
divided
Types of Ships
cooperation,
"We cannot go back to the preatomic age. We can only go ahead.
of
of Governors held
The
A concurrent
and
going
Exchange, Inc.
"Everyone can join the fight
against tuberculosis by buying and
using Christmas seals."
Navy
are
Marriner, Boston Wool Mer¬
York
of
we
for one's fellows.
Board official
Production
nors
the direction to¬
see
which
creased need for education and an
'
House Votes Postwar
"We must
ward
increased
announced that Mr. Marriner was
can
physics would result in
weakening the United States and,
eventually, the entire world. The
only answer to the discovery, he
said, is
to
adapt ourselves to
changes in society and t<r make
the most of the opportunities of¬
fered by recent discoveries.
;
increase
elected
v-
nuclear
adapt ourselves to the future," he
declared. "These changes indicate
New Officials Named
and
lent his
has
scientific investigation in
further
totaled 783, which
year
287
495 Diesel.
and
charge
a
known cases,
a year ago.
.
This
ard
in
cotton
this
locomotives.
415
dent
sure
138
1
with 102 steam, two electric
War
statement released by
National
mass
1,912,212 bales of
bales of linters on
21,721,792
cotton
during October,
compares
with 22,911,746
could
on a regional basis only. Dr.
Compton said that it was not that
Nov.
on
By Wool Exchange
Urges
Truman
a
1'
the
against
months
were
that religious/ po¬
economic and social con¬
be exerted over sci¬
litical,
ence
tories
and
active
Nov. 23, according to the New-
on
York "Times,"
year,
order
Mr.
ate, is admittedly designed to as¬
j
demoralise the ^
266,420
Secondary Schools and Affiliated
Associations held at New York,
They also had 520 locomotives
on
District of Columbia and the
to
public ^storage and
at compresses on
Oct. 31, 1945,
there were 9,230,766 bales of lint
and 29,238 bales of linters, which
compares with 8,307,985 bales of
lint and 25,038 bales of linters on
Sept. 30 and 11,984,390 bales of
lint and 27,932 bales of linters on
Oct. 31, 1944.
But
rec¬
unemployment,"
tions in the
Wash¬
.
and
con¬
tragic and_ needless
lives,"; Mr. Truman con¬
of
ciation
Sept. 30, 1945, and 1,971,866 bales
of lint and 206,420 bales of linters
on
Oct. 31, 1944.
y
greatly encouraged by the
will
"Tuberculosis
men
1,748,654
bales
of
lint
196,588 bales of' linters- on
and
President's announcement that he
will
were
of the Middle
convention
States Association of Colleges and
which included 117 steam and 403
the
toll
hand in consuming establishments
on Oct.
31, 1945, which compares
.
price situation to the nation.
three
1944,
St.
ner
annual
trols
Knell,
tinued:
and 85,464
compared with
responding-period
by
"I
he
are
-./J;/./' cation-planned to reach all groups
October, i945, with information on the
preven¬
lint
1,
Chan¬
University in
Louis and Nobel prize win¬
in
physics, asserted at the
cellor of Washington
<
exacts such
field.
October, 1944,
ending
Oct. 31 cotton consumption was
2,200,617 bales of lint and 247,158
bales of linters, which compares
with
2,425,139 bales of lint and
374,916 bales of linters in the cor¬
In
profits tax.
Other savings
not subject to such precise meas¬
.
qnd on
Nov.
amounted to 30,408.
repotted from
Washington, Nov. ,17. Deploring
the prevalence of a disease "which
bales of linters in
excess
job,
the Association and
lint
as
of
freight cars
last, totaled
1,
38,315
chant, .recently resigned his Gov¬
ernment wartime
post to rejoin
his ; firm
of • Winslow ^ Bros.
&
Smith Co., of Boston.
Frank J.
cording to
now
amounted
of
linters,
bales
Oct,
for the sale of Christmas seals, ac¬
77,439
bales of linters in September and
793,976 bales of lint and 126,381
ployed workers, and the very sub¬
stantial sums voted by the Con¬
gress
in the elimination of the
be1 made
of
consumed
759,806
many
his
instead
continued
of October.
New
cars.
on
New
and
Bureau
of
-
support to the National Tubercu¬
losis
Association's
annual
drive
large urban centers..
bales of
include the dropping of
overtime, the downgrading of em¬
will
does
President
at the
He
training
cotton
savings
which
order
on
tives
owners
aid in the future develop¬
Census
month
savings in the cost of production,
according to the Senator.
"These
urement
cellaneous
management and
predicated on how
Xmas Seal Purchase
Cotton Consumption
The
included
12,549
hopper, 4,834 gondola, 1,222 flat,
14,811 plain box, 3,669 automobile+ 769 refrigerator, and 50 mis¬
Kenneth
Estate
educational
the
701,000
making
23.
cars.
"When these facts
President
The
Oct.
;
now
announced
This
at lower cost, but
Lincoln said.
Na¬
the
Real
of .Michigan.
who
shopkeepers,
managers,"
the Senator said.
each
ployment
Statistics.
estate management
search
nation of industrial
a
both
threatened
consultant
the United States, cotton on hand,
and active cotton spindles in the
prosper
Railroads
Nov.
dividends instead of smaller ones,
and there will be continuous em¬
to
necessary
American
placed in service in the first ten
the
At Columbia, Dr. Fisher will con¬
duct a graduate course in land re¬
absolutely
to continue to
present
higher,
returns
are
obr
not
the practices of peace, to maintain
those high. levels of employment
anpl income which
of
-
have lower prices instead of
will
ington on Nov. 20 issued its re¬
port showing cotton consumed in
economy
place
gov¬
ognized, wages of the worker will
rise 100% instead of 30, consumers
.
wartime
totalitarian
will
University
in
union-busting
they
.should be required to do so at
their own expense."
y
The proposal was made in a
speech on the General Motors„UAW controversy over wage in¬
creases
and price control, which
Senator
Murray indicates is no
ordinary disputq over wages and
working conditions.
"It is rather
..the first big practical attempt to
our
of
tends.
Boards and for ten years professor
of real
♦engage
adjust
in
must be
well
Association
as
and
Association
'.
of
form
wages
labor
for four years director of edu¬
tional
v
have
may
expect/retaliation
better products
joining the F. H. A., he
cation
Concerning point two, the Sen¬
said: "If corporations are to
a
Not only must industry provide
director of its Divi¬
Economics
to do
ator
"it
says,
democracy/'
Housing Admin¬
Washington, D. C.,
undue
any
profits if industry refused
SO." /■' VV ''O/'/O 'f\ ' : V
;
he
ernment
to the A. B. A.
came
in
where he
Prior
►and
the
from the Federal
wages due to elimination of over¬
because of
A.
success¬
consumer
freight
Association
Compton
Arthur H. Compton,
Dr.
..
adviser, and will continue as
of the faculty of The
Graduate School of Banking.
•
sion
or
B.
this,"
good reason to
in
however, for he will
A.
the
member
tors (reduction of average hourly
time
in
has
the
and
increases to offset these fac¬
wage
the
serve
giving
better and better product at lower
and lower cost. If industry fails
with
connection
completely,
two
to
his
only be done
can
Controlled:
1,
cars
and
management and
serve
the consumer,
to
Science Cannot Be
on
new
pares
fully, by
He
American Bankers
points, Senator Murray expressed
the
Economics."
,
sever
a
on
1945, had 37,904
order,
the
on
try—including
Fisher, who for
Ernest
Land
refused.
so
must necessarily fail. He declares
that "the sole purpose of indus¬
ioin the faculty of the Columbia
University School of Business on
Dec. 1, it was announced in New
York on Nov. 18 by Dr. Frank D.
Fackenthal, Acting President of
the University. Dr. Fisher will es¬
tablish a department of "Urban
downgrading
or
that the confer¬
interest
Amejrican Bankers Association in
ing from elimi nation of
Murray
"collective
is neglecting the consumer's
and
that this approach
ence
charge of its Savings Division and
director of Research in Mortgage
and
Real
Estate - Finance,
will
result¬
wages
called
believes
and this
the past five-and-a-half years
been
Deputy
Manager
of
aver¬
o
crease
Sen.
Dr.
prices to
offset any de¬
•
Lincoln
Colombia University
di-
rected
:
to
bargaining," instead of seeking a
plan to eliminate that war. Mr.
Dr. Fisher Joins
O P A
should
doomed
between labor and
war
management
Freight Cars
The Class I railroads on Nov.
l&bor—is
lows:
»
continuous
pro-
gram is as fol¬
(1).
is
been
called for the purpose of
writing new rules for fighting the
Mont.) on Oct. 26 proposed a twocalling for the use of government sanctions against
corporations^
and other em¬ country. Both sides must take the
ployers who public into their full confidence
fail
to
in¬
and give a straightforward, honest
crease
the statement of the facts so that the
American
t a k e-h o m e
people
may
k n o W
whether demanded
increase in
pay of their
workers.
wages may be made without an
:
Senator increase in prices."
point program,
Conference
2625
Order November 1st
Labor-Manage-
failure, in the opinion of J. F.
Lincoln, President of The Lincoln
Electric Company, because it has
Senator James E. Murray (D.,
-
Truman
iment
Losses From Elimination of Overtime and Would Deity Concerns Which
Refuse Collective Bargaining or Wage Arbitration Privileges of "Carry
*
Less
Labor Conference
Cuts
Montana Democrat Would Have OPA Reduce Prices to Offset Wage
Back" Tax Provisions.
FINANCIAL CHRONICLE
At
House
the
same
denied,
"Times",
Stalin
had
time,
the
according
rumors
.
that
recently
been
White
to
the
Premier
in this
country or that he planned to visit
the United States.
THE COMMERCIAL & FINANCIAL
2626
reaction of any
their first
The State of Trade
warehouses
tin-plate
held
being
there for them.
rush
The
material
this
move
tin-plate users to
by
their own
to
however, was 10.5%
for the corresponding
riod
strike
occurs
has caused a box car
shortage at some tin-plate pro¬
ducing centers.
This shortage has
been aggravated by heavy use of
the, cars in the Middle West grain
movement, "The Iron Age" noted.
:
Appalled by their inability to
.secure delivery promises on steel
for
months
to
users
some
come,
with little or no
success
to place blanket orders
for delivery as far ahead as 1947
in order to assure a place on roll¬
are
attempting
ing mill schedules.
Fear
of
a
general
>
is
strike
working to curtail further expan¬
sion of steel production despite
the rise in operating rates in most
pre-coal strike levels.
who banked
at the time of the
coal strike or who have had blast
furnaces down for relining or re¬
districts to
Some steel producers
blast furnaces
holding them out of pro¬
duction in order to prevent dam¬
age to linings which might result
from returning them to produc¬
tion aftd then shutting them down
again in case of a strike, states
pairs
Steel
amounted
compared
Day.N
after V-J
With
ing
steel buying continu¬
new
level, though
lower than wartime peaks, order
at
higher
a
volume for 1945 will
probably ex¬
by 15%.
Some
large producers who have en¬
countered production difficulties
report an excess of orders over
shipments
amounting
to
50%?
This
does
not
include
a
large
amount of business being refused
because
of
filled
rolling
mill
of 1944
ceed that
.;'\;A'AAA A}
schedules.-
Continued reluctance of OPA to
higher steel prices after
announce
repeated promises
served
on
such action
further
to
complicate
the steel wage-price picture. The
original request by the industry
for higher steel prices had nothing
included
but
accumu¬
XV,A\\\
to
pricing situation
still awaiting official clarification,
trading in domestic wools in the
With the wool
Boston
Produc¬
in
production
liabilities
volved
from
five
the
one-fourth
only
food
price index, compiled by Dun &
Bradstreet, Inc., for Nov. 20 regis¬
tered $4.15* duplicating the 20year peak reached a week earlier.
This compared with $4.07 for the
like date a year ago, an increase
in
12
the
On the other
week of 1944.
same
hand, small failures although" de¬
clining from those a week ago,
only
were
one
of
;
barley
stability.
good its promise for
price ad¬
Iron Age,"
a
justment, states "The
has tied
the
industry's price
re¬
quest into the current wage de¬
mand where it definitely does not
A-/*:": A::A^A''AA
belong.
The
American
Iron
Institute announced
and
Steel
Monday of
this week the operating rate of
steel
companies having 94% of>
the steel capacity of the industry
will be 83.5% of capacity for the
week
beginning Nov. 26, com¬
pared with 82.4%
72.9%
one
on
week
one
month ago
one
year ago.
increase of 1.1
ago,
and 96.3%
This represents
points
an
1.3%
or
above that of the previous week.
This
week's
equivalent
to
operating rate
1,529,400 tons
is
of
steel
and
the' $4.04
over
lambs,with
and
declines
being listed for wheat and pota¬
toes.
The index represents the
to have as many as two
failing this week. Even
concerns
failures de¬
the 1944 level
failing in manufactur¬
total of the price per
in these two groups,
sum
clined sharply from
pound
of 31 foods in general use.
—concerns
•
ing were down to two-fifths the
number last year and
concerns
a
third.
with
compared
irregularity appeared
grain and cotton markets last
week. .The daily wholesale com¬
modity price index, compiled by
Dun & Bradstreet, Inc., fluctuated
Cash
sell
at
parts
hindered
from
hats
agcK•••"
apparel
country.
and
suits
were
Depart¬
sweaters,
active.
All
styles of coats, with black as color
leader, maintained volume at a
high level.
Gifts for the holiday
sold in an increased volume; jew¬
per¬
movement
the
the
of
ments'handling /wool
ceilings aided by a per¬
sistent shortage of box cars which
grains
over a year
-
missible
has
more
were
demand.
De¬
specialty
stores
rushed in pre-holiday buy¬
Food retailers reported in¬
to
Heavy winter clothing
accounted
for
a
relatively in¬
creased volume last week in many
wheat, corn and
to
of
stationery
elry, 'accessories,
the
country.
De¬
May rye futures again
established
new
highs
for the
season, the latter reaching a new
25-year peak.
Day-to-day price
movements, however, were some¬
and
favorites.
Volume
in formal wear also increased...
lingerie
cember and
were
Small rugs in
bright colors were
sought last week and demand for
new
carpets also increased. Many
dealers
reported
in¬
ingots
and
castings,
and
compares with 1,509,300 tons one
what
Week
eries of most
Hardware
demand
slight improvement in sup¬
plies.
Building material dealers
reported fairly large volume/ in
most categories, although lumber
ago,
1,335,300
tons
one
month ago and 1,732,400 tons one
year ago.
'■
■
Railroad Freight Loading—Car-
loadings
the
of
week
revenue
ended
freight for
17, 1945,
Nov.
total 800,361 cars,/the Association
of American Railroads
announced*.
This was a decrease of 37,857
cars,
mixed
noted
in
.
the
with
reaction
distant deliv¬
provement
during
the
continued to report large
backlogs of orders on hand. But¬
ter ..supplies
were
limited; de¬
Mills
mand
was
was
Western markets continued to
Electric
son
Production—-The Edi¬
Electric Institute reports that
the output of electricity increased
to
approximately
kwh. in
3,984,608,000
the week ended Nov.
17,
1945, from 3,948,024,000 kwh. in
the preceding week.
Output for
t:.
Though still under last year's
levels, hog arrivals at principal
ex¬
pand.
Active demand held prices
firmly at ceilings.
The increase
in hog marketings was reflected
in larger production of lard and
pork
fats.
This
has
enabled
packers to cut down their backlog
of accumulated orders to
tent.;'"
.
some ex¬
•
Cotton futures markets suffered
over
retailers
a
year
ago.
experienced
■"■a*
scarce.
,:AA,
again last
week and was estimated about
10% over the comparative period
last year.
Much of the increase
over
the
previous
week
was
seasonal:
With improved stocks,
retailers were able to take orders
Food
active and most trading
week
Compared with a
similar period of 1943, a decrease
of 81,926 cars, or 9.3%, is shown.
remains
done at the advanced ceiling
'■
volume
some
week.
price.
of 1944.
creased
grains. With export
active, domestic buying
of flour showed no signs of im¬
4.5% below the preceding week
this
year,
but
63,631 cars, or
7.4%, below the corresponding
or
furniture
some
more
Retail
.
week
rose,
by the
encouraged
of
the
for
great holiday
the„ substantial sup¬
turkeys on hand.
Food
and
wholesale
in
trade
also
continued high, but did not ap¬
proximate the gains enjoyed in
the previous week.
According to the Federal Re¬
Bank's
index,
rose
of holiday fowl.
packed canned
goods was maintained at its high
level.
A scarcity of milk for fluid
for large amounts
Volume
in
new
consumption was reported.
Retail
was
•:
volume
volume
estimated
for
to
the
be
country
9 to
over
a
year
ago.
definite
military needs
defense, with every ef¬
assure
fort
made
to
meet
these
needs
through voluntary enlistments. ;
4.
That
/
the
'we
concentrate
fundamental
and
upon
vital
issue
of world
organization to preserve
peace and security by strengthen¬
ing the existing United Nations
organization.":
r.''A'Af~;AZook
majority
told
of
educators
the
the
committee
nation's
a
leading
universal mili¬
oppose
tary training in principle, but in
the
interest
security
of
sound
a
pointment of
national
they favor
program
ap¬
representative im¬
partial commission to study and
report on all aspects of total de¬
a
fense. Action on military train¬
ing legislation, he said, should be
deferred until this report is ren¬
dered.
This was reported in the
"Herald
Tribune"
account
of the
hearing by Mr. Tait, from which
also take the following:
■
; ]
Dr. Zook, former United States
Commissioner of Education, add
first opposition.witness on trail¬
we
ing; legislation*: said % the
council
actually is not taking a ."positive
position" for or against universal
military training, .but; feels the
problem should not be considered
at
this time.
Through the pro¬
posed commission, he said, the
training uestion could be settled
in conjunction with other prob¬
lems of national vsecurity^v;-;/'/^^;;/
An
outspokes
of
proponent
present military training legisla¬
tion,' Representative Wadsworth
Military
Affairs Committee when the Na¬
with
tional
increase
an
of
13%
in
the
the four
17, 1945, sales
by 12% and for the year to
preceding
rose
For
week.
ended
weeks
recalled
The
he
Dr. Zook
%
Urges Delay
Training Bill
On
fairs
Nov.
on
Council
President
on
Dr.
of
20
Education,
of action
Truman's
Zook, it is learned from the
said
Press,
he
ex¬
pressed the views of a majority
of
1,685 college, university and
junior college heads polled last
February.
Dr. George William
McClelland, of Philadelphia, Pres¬
ident of the University of Penn¬
sylvania,
supported
the Presi¬
dent's proposal before the Com¬
mittee on the ground there was
"no
satisfactory
;
alternative"
in
"It
Representative James
Republican, of
York, by implication (ac¬
Wadsworth,
cording to special Washington ad¬
the
to
vices
Tribune"
the
by
in
legislation, t
Tait)
Jack
against
committee
-
politics
York /"Herald
New
tional
As
playing
training
After World War I,
considering
said, politics wrecked
he
warned
the na¬
defense program^
alternative;
an
cluded
training at or near the
military
age
of 18, Dr. Zook, said
the As¬
sociated Press, proposed.
1.
Elimination
through
national agreement of
military services
tices and
2.
dent
a
inter¬
from the prac¬
politics of all nations.
Presi¬
national commission to
study every
aspect of defense be¬
recommend
to
oJTT
-
election
Presidential
a
cal
parties
told
Act in¬
Defense
if
us
to
came
and
me
dared to keep it in
we
political-football,
a
would
be
have
not
Senate
"We
made
it
and
either the
in
chance
a
the House."
or
around
it would
discredited
so
to
committee, and
the
of
the bill it would be kicked
like
pro¬
But leaders of both politi¬
members
:
•
in
mistake
one
1920," Representative Wadsworth
the ;
erected
omission as
structure j but
From
fill it with men.
failed to
1920
of
mistake
"a
said,
1940
to
stood
structure
the
•'{
empty."
"V
'
,
He said the nation had a
escape"
"A year or
in
;
"very-
an$
1940-41,
narrow
added:
14 months is
scarcely; long enough to make this
country secure."
-
_
'
,»
Representative Wadsworth, likscompulsory : education
ened
train youth
norance"
have
the
The
which
said,
*
'
w"
;
alternative
program,
to
said,
he
A}A
the
is a
professional military force
will "tend to impose the
will of the military on
Dr.
would
militarize
to
regiment youthful
or
*,
only
training
large
he
/ tendency,
nation
military
universal
which,
no
"to
against error and ig¬
tb
.
training
:
compulsory
Appointment by the
of
able-
take one year of
confidence"
universal training
a
gram.
to-legislation
which woufd require every
bodied youth to
failed
:
A thinking.
/
a
the
believe he
not
why the Senate
National
the
of
;
Nov. 20,
was
told
year," he said, "and the first draft
sity of Pennsylvania, but not the
entire faculty. 'AA.-:AA:.A'Ar Al-A
At the same committee hearing
New
them
was
we
on
did
"violating
told
Committee
keeping the nation prepared. The
Associated Press reports that Dr.
McClelland
emphasized that he
spoke for himself and the trustees
and administration of the Univer¬
W.
1920
of
Senator
he
that time.
Dr.
was
compulsory training legislation at
House Military Af¬
Committee
American
he
*
former
committee
if
Act
Defense
drafted.
1920
the Senate
of
would be
by 13%.
in
that
Chairman
Nov.
date increased
from
Regional
percentage increases: were: New
113%
of
of minimum
uotas
to
•
Establishment
3.
department
store sales in New York City for
the weekly period to Nov. 17,1945,
increased 13% above the same pe¬
riod of last year.
This compared
serve
Associated
merchandise
most
continued.
Volume of trading in grain mar¬
remained on a broad scale
continue
volume
con¬
many
proposed
outline to Congress for universal
military training.
above
The heavy demand for
range,
kets
barley
tight wwith
seeking
goods.
the: previous
week and over a year ago, accord¬
ing to Dun & Bradstreet, Inc., in
its weekly review of trade. Stocks
moderately
ing.
creased volume
Nov. 20, as against
last week.
Condi¬
markets
very
demand
ply
advanced.
wholesale
in
advisedV postponement
were
closing at
181.56
a
week previous."At this date a
year ago the index stood at 171.96.
a narrow
on
past
George F. Zook, President of the
ample relative
partment ? and
in
18L62
Trade—
re¬
the
of
five
Wholesale Commodity Price In¬
within
Retail
and
colder
of
buying
impetus
ward with volume estimated to be
Two Canadian failures were re¬
as
Wholesale
in¬
an
/
buying last week; con¬
tinued to push retail volume up¬
■
ported
York
New
in
/ Before the
Holiday
failing in retailing were down to
necessary
financial
2.7%
represented a rise
recorded
two years ago at this time.
Up for the week were rye, oats,
Manufacturing
and
retailing
were
the only trade or industry
groups
2.0%,
of
failure short of the
number last year.
Index
wholesale
advent
Christfftas
buyers
Price
Food
showed
week and retail trade volume here
been
con¬
a
Nov.
-
greater
tinued
to trend downward.
Unchanged—The
or
week, were
last
ceived
training.
Dr.
on
taken from
Board's in¬
ended
date
the
With
weather
by
had
as
of 11%;
notified
bids
all
sales
Reserve
to
year
tions
were
to
17,
1945, increased by 9% above the
same
period of last year.
This
compared with an increase of 13%
in the preceding week.
For the
four weeks ended Nov. 17, 1945,
sales increased by 11% and for
Late in the
during August
wools
Wholesale
$5,000.
down
that
13,
^
$5,000
for the week
volume
parel
involved -liabilities
Large
failures,
four
more;
under
of
Federal
dex
supplies were irregular and lim¬
ited.
Consumption of raw ap¬
dex—Some
for
handlers
CCC
have
to
were
materialize.
not
tinued
:
which
by Tuesday, Nov.
a
marked
was
continued
store
country-wide basis,
food
failures in¬
lated
The delay by the OPA in making
made
period
fore Congress acts on compulsonr
allotment basis.
an
on
Department
rejected and that a new method
selling domestic wools would
be resorted to. Fine foreign wools
were
in demand but available
occurring in
ago.
up
of
previous week and less than
the 17 in the comparable
year
sold
,
wools
did
both last week and a year ago.
wage
and material costs
which the industry claimed were
on
such
22, re¬
ports Dun & Bradstreet, Inc. Only
seven
concerns
failed, a marked
a
result of the
a
that handlers seek
to 10% of their hold¬
been
Nov.
Three of the week's
as
ings were considerably under ex¬
pectations
and ^ allocations
of
declined in the week ending
week
be
available
were
the
the
half
that
crease
Commercial and industrial fail¬
decrease from the 12
a
ap¬
same
by shortages in many lines. Stocks
request of the Commodity Credit
bids
the
of
The market
year ago.
Corporation
week
Thanksgiving,
wools
domestic
Business Failures Continue Low
with
received on
Bids
proximately 13,200,000 pounds of
17, was 96.4% of mill
against
97%
in the
preceding week and 90.3% in the
like 1944 week, according to the
American Paper & Pulp Associa¬
tion.
Paperboard output for the
current week was 95%, compared
with 97 % in the preceding week
and 96 % in the like 1944 week.:
ing Nov.
capacity,
ures
at
remained
market
standstill.
the
week end¬
States for the
that
the
reported.
was
176,400,000 kwh.
corresponding week of
an increase of 2.2%.
':;i
Paper and Paperboard
United
kwh.
180,300,000
to
selling
mediate
be
completed except in some
late districts where good progress
with
tion—Paper
to do with the current wage con¬
troversy,
the
for
last year,
the
production for the
country the past week rose 3.5
points to 82% of capacity, match¬
ing the highest level: obtained
ingot
0.3%.
Picking of cotton was said
level.
distribution of electricity
Local
are
the above trade authority.
has
comparing
with 181,200,000 kwh. for the cor¬
responding week of 1944, or a
decrease of
above
selling and profit taking.
trading was noted at in¬
terior spot cotton markets where
prices held quite steady at well
above
the ' Government
buying
1945,
18,
Nov.
Numerous
hedge
week
the
in
kwh.
180,800,000
ended
.
Active
of
output
considerable
under
recessions
est
system
reports
York
England and Middle West, 7 to 11;
East, 10 to 14; Northwest, 5 to 10;
South, 9 to 13; Southwest, 11 to
15; and Pacific Coast, 8 to 12.
buyers, seeking im¬
and spring mer¬
chandise,
kept, the
volume
of
wholesale
trade
up
this week;
volume was at a level moderately
tant deliveries showed the sharp¬
year ago.
one
Consolidated Edison Co. of New
plants in order to provide a work¬
ing backlog when and if the steel
17, 1945,
below that
weekly pe¬
Nov.
ended
week
the
Prices
turned
irregular after reaching
new
high ground for the season
early in the week.
Net changes
for the period were mixed; dis¬
2618)
.''v (Continued from page
conse¬
in over six weeks.
quence
Thursday, November 29, 1945
CHRONICLE
W.
George
President
of
the
civilians."
McClelland,
University o£
Pennsylvania, said he favored the
pending legislation but
Only "re¬
luctantly." He" said: "It is because
of
my
strong
love of peace and
hatred of war that
strong military
I believe ib a
policy now."
■
?,
Volume
162
Number 4442
THE COMMERCIAL & FINANCIAL CHRONICLE
'
Changes in Holdings of Reacquired Stock
Of N. Y. Stock & Curb Listed Firms
77
'V
^ew
Stock Exchange announced
following companies have reported changes in
Nov.
on
-
held
Previously
,
&
Co.,
.
Associates
Investment
Corp.,
Borden
common-
common,...,.;
Robert
Simon, 7ffi.
Gair
Co.,
"
___;
_________
.7
.
'^C
7-
44,472
.7-7";-7"j.
Pieferred
R
common..^....
...
-i
135
Tide
&
Steel
Corp.,
Associated
Cigar-Whelan
Universal
Ward
Wilson
common-
Oil
Co.,
Stores
7
30,939
(3)
13.699
$3.75
Corp.;
'
•
29,869 -:7;;7 29,869
6,295.
20
6,081
J7 h:
■
;
,10,500
7;.,— 31
■.
J__
______
Acquired
„__1
and
shares,
sold
637
issued
.
:
'
York
1945,
Curb
; 662
.
shares
"i
,
to October,
1945.- ;
=.
fected
'
in event widespread work
stoppages in the automotive and
7
Officers'; and
'v.
Employees'
ViV::^
7:
Employees Extra Corapensa>.7-',= ,7 ..7 .-v.." ; ■
J
77.' "
Exchange made available
Nov.
on
17
the
steel' industries
cancellations
Company and Class of
'
Previously Per Latest
Reported; 7 Report •, 7;
£? 7-
Stock—^77 7V>
,
Ait
Investors^ Inc., convertible preferred
11—
Anierican General Corp.,
.7-7
common_£_____i._£_^££^__ii££^_
Crown
Central
Petroleum
Corp.;
International
Utilities Corp.,
International
Utilities
New
York
Pacific
Can
Co.,
240
454,971
77 458,091
^__i„
77
278
130,681
2,400
7
-•
.
None
63,894
49,667
1
12,925
12,950
"Unlike events in the automotive industry where labor-managewere rushing towards a climax this week, the steel wage
»jment tussels
controversy
"
leisurely shaping
was
bid by both sides for
labor trends for
•
into
cautious but cold-blooded
pattern which would reveal the course of steel
a
up
a
time to
come," states "The Iron Age," national
in its issue of today (Nov. 29), which further
went on to say::..7;-v';"v
<$>~
;
"While the probability of an in¬ OPA granted what the industry
dustrywide steel strike was even has claimed to be necessary price
some
metal working paper,
*
.
Stronger than
ever
in view of the
adjustments
;
and
the OPA in denying the steel in¬
statement
dustry a past due and promised
price adjustment, it was apparent
this
week
that
Year, The
dicted.,.;;'' ;V:V'
Iron
Age
pre¬
7':;7J?
plants, but
week
in
steel
close
to
processing
number of elections
a
slated
for
Dec.
6.
With
labor
stakes
high, the policy of Philip
Murray, USWA head; in directing
the steel union during the current
situation
is
'no
illegal
strikes'
Which is expected to preclude any
of
series
wildcat
stoppages. The
word is going out to union lead¬
ers to squelch any attempt of the
rank-and-file
ture
v
,
to
start
a
prema¬
walkout
."Past* procedure
the
union
policy
after
meet
would
the
indicates that
committee will
strike
counted to decide
votes
are
'future course.'
a
;This
meeting will probably take
place around Dec.< 10 to 15. Fol¬
lowing such meeting it is unlikely
that
be
past
wage
The
costs.
OPA
steel
.
reviewed
earnings
after
fourth
quarter reports have been
pleted, only
serves
com¬
to further
will
until
offer
of
the
OPA
to
do
something for the small noninte-^
grated mills carries no weight in
the steel
industry because it
runs
counter to steel selling practices.
If the smaller mills were to have
higher prices than the larger mills,
steel
consumers
would
by-pass
the smaller plants and place their
orders with the larger units. 7: •
i
"Practically
steel
users
without
exception
have been living from
are without in¬
hand to mouth and
ventory allowing them to continue
manufacturing in case of a strike.
Most manufacturers, it is expect¬
ed, would have to
two
three
or
ginning of
orders
the
a
have
be
shut
down
days from the be¬
steel walkout. Few
been
received
from
automobile
delivery
of
industry to stop
steel previously or¬
that any steel strike will be called
dered.
until, January,
shipped to warehouses near pro\
ducing centers to be on hand when
the automotive v/age issue is set¬
bfj-ain trust is
that
ment
union
as aware as manage¬
losses incurred in
of
this
taxwise,
more
shutdowns
The
any
December
mean
1946.
occurred
would
year
than
in
if
the
1946
in
■view of the recent changes in the
tax law.
'"The
steel
bombshell
price-wage
the OPA has
nite
Steel
on
now
parf-of the
into
tossed
controversy
become
whole
a
by
defi¬
program.
industry leaders have gone
record that there would be
further
wage
negotiations
no
until
Automotive
steel
is
full
have
faced
Dow
supply during the
sufficient
assure
production
of
vehicles
of
production
the
threat to
beiAg
steel
seek to obtain
case
good
deliveries as possible now, before
a
strike occurs, if, indeed, it ac¬
tually. comes about.
as
V^^TliiB^pressure continues in spite
of the fact that mills generally are
(refusing;-tonnage
and
number
a
of
out
the
in
of
many
cases
producers
market
are
because
of
overloaded books and
inability to
There has been
promise delivery.
some change in the nature of
con¬
demand, most effort now
apparently being to have orders
accepted, giving position on mill
books, with somewhat less effort
to obtain early delivery.
This in¬
dicates possession of steel for cur¬
rent
consumption under condi~
tions of labor shortage and de¬
sumer
sire
to
continuous
assure
supply
the
quota
system
now
applied
by
most
producers
to
products delivery possibil¬
many
ities
on
current orders
mean
little,
steel is distributed pro rata to
as
all
regular customers
in propor¬
tion to normal buying in the past.
However, backlogs
on
practically
all steel products now extend well
irto next year and in some cases
practically
cover
probable
pro¬
duction for the entire year.
The
latter condition applies particu¬
larly to flat-rolled steel, with wire
products, and bars only slightly
less
involved
and
structural
shapes gaining in demand.
"Demand
for
steel
plates
conT
tinues to surprise the trade, being
directly "contrary to
of
a
few months
ago.
expectations
With capa¬
city reduced by return of contin¬
uous
strip mills to production of
sheets and strip, demand is crowd¬
ing producers and delivery dates
are
being pushed back steadily
into
next
year.
Miscellaneous
users contribute heavily and tank
boilermakers'
and
needs
are
reconversion proceeds.
tled.
'
Some shipbuilding also is coming
"One serious byproduct oF
out to require plates and shapes.
OPA's failure to adjust steel prices
"As a result of considerable in¬
will be
the necessity for many
terruption to blast furnace opera¬
steel companis to step up produc¬
tion during the coal strike Lake
tion oh those items for which the
Superior iron ore smelted in Oc¬
return is greater and cut down
tober
reached
only
4,491,246
output of the products on which
gross
tons.
In September con¬
the company claims money is be¬
sumption was 5,837,017 tons and
ing lost. Items such as structural
in October, 1944, it was 7,319,948
steels, reinforcing bars, rails and tons.
By virtue of the^smaller
heavy
as
i
railroad
track
accessories
may
use
in
October stocks
on
hand at
current
that some¬
their
from
theorist: '
is
mental
"Either
the
bull
strong that a suffi¬
cient
penetration
to
convince
everyone will occur, or it is not
so
that
strong
take place."
and
setback
a
will
;7.'£'^71'
.
The logical fallacy fundamen¬
tally underlying all chart-reading
of course continues;
that is, in
assuming the major premise that
past action is per se the indicator
of
the
future.
a
come up heads 49\fimes
succession, it has other than an
exactly
In
Drive's
Victory
present
sale
to
Bonds,
the
full
term retention of the Smith-Con-
strife immeasurably through
irre¬
sponsible "opinions" issued by its
official agencies. An example is
the Department of Commerce's re¬
port stating that the motor indus¬
try can raise wages by 25% in the
next two years without increasing
prices
and
without
sacrificing
"high profits." In addition to mak¬
ing a variety of unwarranted as¬
sumptions about costs and sales
volumes, this pronunciamento was
directly inconsistent with Bureau
of
Labor
Statistics
conclusions
that productivity
declined ~ 11%
during the 1929-1939 decade, and
that unit costs per worker actual¬
ly increased by 21%
pre-War years.
than
two
Loan
individuals
despite
the
ten-year
a
one-half
and
a
to
one.
great swing toward
the
higher-yielding issue com¬
pared with their relative records
in
the
during the
five
NYSE Amended Rules
On
Delivery of Galled
Stocks and Bonds
In
longer maturity, surprisingly are
outselling the 2y4% issue by more
This marks
quasi-meddling or take
responsibility for strike
its
stop
settlement. In addition to its long-
the fiftieth toss.
on
the
2V2%
chance of again com¬
even
ing heads
"
Government should at least either
coin has
in
:
This
reasoning is
similar to assuming that because
previous Drives in
which they both were sold. In the
Fourth Loan the 2Y4S actually out¬
sold the 21/2s, and in the past Drive
calling
to
attention
the
amendment of Rules 205, 206, and
232 affecting the delivery of called
stock and
called registered bonds
the New York StocK
Exchange,
Louis Schade,
Acting Director of the Department
on
Nov.
effective
Floor
of
21,
Procedure
advised
change,
member firms
the
of
Ex¬
members
and
Nov. 16, as fol¬
on
lows:
'■
7
"Prior to the
two
205
a
of
amendment, Rule
provided that, when there was
drawing for redemption of part
an issue of stock, the particu-"
the sales of the 2V2S exceeded the
lar certificates which
214 s
by only 50-%. Although the
Treasury
is
permanently
com¬
for
mitted
numbers of the called
to
low
its
interest-rate
policy, it is evident that even a
slight raising of the return would
bring about enormously increased
anti-inflationary bond sales to in¬
#
;
•
The
possibility that the political
benefit from catering to the union
labor vote
is
overestimated, is
suggested by some of the non¬
union representations made before
President's
the
National
Conference.
Labor-
After
pointing out that a sixth of Amer¬
ican family units have no way of
increasing their dollar incomqs,
the
Executive Secretary
to the
People's Lobby, Benjamin Marsh,
warned
organized labor that it
"must demand
measures
to bene¬
fit the general
public, incluTting it¬
self, and not rely, as today, large¬
ly upon getting a larger cut of the
through
political
to enable it to offset in¬
flation. It has got to do this or it
capital
swag
pressure,
the Administra¬
tion's
current
philosophy,
this
consumer
spokesman
said
that
"America's basic problem is to re¬
duce
costs
of
production
and
prices, and to thwart the Admini¬
stration's diabolical plan to pay
the national debt by inflation...,
The tax reduction program of the
Treasury Department and the tax
bill
just
enacted
by
Congress
relieve
12,000,000 taxpayers
Referring
from
the
to
direct
income
tax;
Re¬
lieving theih from that tax is only
a blind, for they will pay several
times as much in higher prices if
the
present
the
dollar
purchasing power of
cut even one-third,
is
of
Nov.
those of
tons
1
a
were
year
almost
as
manner
for
procedure
when
against 45,342,562 tons. Num¬
es¬
called
bonds.
coupon
Rule
amended
to
205,
corporation announces that
an issue of stock is to be
a
part of
for
redemption,-those
tificates which
are
demption will
not
cer¬
drawn for
be
re¬
delivery
after the record date fixed by the
corporation for the purpose of the
drawing, or the date the transfer
books close.
This provision will
also
apply to registered bonds,
which may be drawn for redemp¬
tion.
a
7'777'/ \,77
"Amended
vides
that
made
also
pro¬
recl^fnation
event
the
in
7 .77.,
'
;
232
Rule
a
may be
called cer¬
tificate is delivered, as it was not
a
delivery under Rule 205 at the
The ef¬
time of original delivery.
fect of this will be that, if a stock
certificate is delivered after the
of
the
the
for the purpose
drawing and subsequently
list
called
of
certificates
is
published
containing the number
so delivered, the
seller would be required to take
of the certificate
back the called certificate and re¬
place it with an uncalled certifi¬
cate.
'■ '7"
7.
•
.
"Information
for
drawings
as
for
to record dates
redemption
is
readily available to member firms.
Listed
corporations
agreement
to
give
under
are
the
Exchange
notice at least ten days in advance
of
the record
formation
is
dates,
and
published
as
this in¬
in
well
the
as
in
the various financial services.
"Members
equal to
earlier, 45,090,166
will
of
treating
called stock or called registered
bonds, but will make no change
new
"Weekly Bulletin"
furnaces and Lake Erie docks
certificates,
Rules
amended
a
record date fixed
public sympathy.".
will forfeit
"The
tablish
Pursuant
»*7:7 ,;7:'
drawn
were
redemption ceased tq be & de¬
livery upon publication of the
in
dividual buyers.
Management
when the pinch is relieved.
"Under
results
market
the
In the
con¬
reports
probably not be in final shape
mid-February, 1946., '".K.y7|.:|
"The
can
interruption, to
for
fuse the issue because such
worker strike votes will
be counted this
800
steel
and
are
before the
occur
New
'V'Steel
mill .shut¬
steel
downs would not
covering
material
surprise and right-about move of
to
prolonged.
weeks, it is un¬
preparations have been
accept and store all the
consumers
Sfeel Output Again Higher—Denial by OPA
of General Price Rise May Hasten Strike
51 "1
expected unless
are
after the strike ends.
7':7 9,517 7y
9,217
7
derstood
steel milla
132,581
Some
of the automotive
case
consumers, who
strike threat for
made
619
'
274
."77:
——__
7
20
7;7
common_7£r7_—_i__—L-
Root Petroleum Co., $1.20 convertible preferred
Sterling, Inc., common
I
Utility Equities Corp., $5.50 dividend prior stock—
7;
616
7:
——
common....
Inc.,
common-.
200
7
common—______
,7 7 77/
$3.50 preferred
Corp.,
Merchandise Co.,
:7~ Shares
Shares
are
stoppages
"In the
:-
transpire.
indications-, hint of suspension of
shipments to the automotive in¬
dustry, but relatively few order
the
gymnastics is the following con¬
published by
a
leading
as
fi
,
V,"It is uncertain to what extent
steel product demand will be af¬
per¬
their
is
clusion
mar¬
•
work
-.
times
sum¬
Nov. 26 stated in part
on
to
escape
ample of double-talk
,
Cleveland, in its
of the iron and steel
kets,
follows:
7
1
28
'
under
.
(4)
2,762
'7.7
22
'
*
,
.
Acquired from June,
The New
7
"Steel" of
mary
37
..
-
shares.
25,000
7'7
7
Stock Option Plan.
j
Decrease represents shares delivered' under the
*
! tion Plan."
:
;7:
J ;7'>
7.« ••777~- / ••
(4)
*
chart-readers
point," "break-away gap," "dyna¬
mite triangle," etc. And an ex¬
1,335,300 tons
and 1,732,400 tons
year ago.
*
increasing
of such esoteric terms as
"exhaustion
are a,"
"explosion
week ago,
one
Onh month ago,
7;_ 12,113
552
;
notes
shares
3,900
tons
one
7 v
#
of
usage
beginning Nov. 26 is equivalent to
1,529,400 tons of steel ingots and
castings,
compared
to
1,509,300
59
-v
mental
'
—
'777 *■
(1); .Acquired. 137
•
plexity of
1.3% from the preceding week.
operating rate for the week
or
6,071
4,042
1'
pfd
common
Ay'„
5,795
18
_J
cum.
15,199'
7;
*
Indication
capacity for the week beginning
Nov. 26, compared with 82.4% one
*
Irrespective of the ultimate so¬
lution of current labor-manage¬
ment controversies, in future the
mally Act, the Administration cer¬
tainly aggravated the automobile
creased.-
The
40,100
Baking Co., 6Vi% cum. pfd.———-JjV
None
& Co., $6 pfd._^__:__u-_^_——
i
;
JJJJJ L.'r.v.',None
Common
(3)
-
,
' 51,679
:-.'l,401
;
:
Laboratories, Inc., preferred—
(2)
565
' "
1,409
J_7
pfd._J__T_.i_r_,.,
Iron
Water
United
None
-
32,089
Sheaffer Pen Co., common—
Squibb & Sons, common.L
:_J
R.
.
40,000
__
.
E.
7,7
11,643
operating rate of steel companies
having *90% of the steel capacity
of the industry will be 83.5% of
ago, 72.9% one month ago,
and 96.3% one year ago. This rep¬
resents an increase of 1.1 points
.
6,865
58,279
_
A.
68,371
--
-
Steel
announced
week
80
58,471
-v
Newport News Shipbuild'g & Dry Dock Co,, $5 cum. cv.
pfd.
Plymouth Oil Co., common
7_____u._:u__7._
:
Purity Bakeries Corp., commoni;.'.....:.......^..^^^?:
Real Sjtk Hosiery
Mills,. Inc., 7% cum.
W,
424
9,865
'
(2)
795
,
16
_
Motors Corp., common."...
1
Goodyear Tire & Rubber Co.
(The), $5 cum. conv/ pfd._i__
W. P. Hail Printing Co., common
7
Hat Corporation of
America, 61/2f/o pfd._________d—
International Minerals & Chemical
Corp., comm6n____i£:. "
Johnson
& Johnson,
preferred-'l____^i.i__=
Rustless
;
354
General
Common
33,708
690
V'7 ::£-
(1)
180,978
202,078
•
77
•
1 _7
43,972
33,697
■■ -■ ■
cum..
Inc.,
51,000
,
and
26
*
it
during a tripling of prices; that
during the 1932-37 bull market's
300% rise, the short interest, in¬
stead of growing, actually fell by
more than
50%; and that during
the
following
year
of
falling
prices,
the
short
position
in¬
that telegraphic reports which it
had received indicated that the
Report7;
''
J/2
»
Iron
Nov.
on
under present poli¬
be
cies."
(Continued from first page)
expected that the level will go
higher in the near future."
American
it will
as
Observations
much
The
Per Latest
-
■'
i
Co.,. common.^.;.,.^...]
Cor '• .(The),.. capital
Franklin
7
x_
category
curtailed.
Institute
Shares
Company and Class of Stock— 7-7•/
<;. • 77 Vvt
' V Reported 7
American Safety Razor,
Corp., capital_"____v'___^j;-_«_l_:__'
48,100
Atlas
ably
that the
the amount of stock
Shares
the
in
"Steel ingot output this week
has again advanced and it is not
:
15
themselves
where production has been force-
heretofore reported by the Department of Stock List:
as
Armour
find
2627
are
requested
to
bring this matter to the attention
of their office personnel,
in order
ber of blast furnaces active in the
that they may be prepared to act
United States and Canada Nov. 1
in
was
132, compared with 172 a
earlier."
year
accordance with the procedure
established
Rules."
by
the
amended
THE COMMERCIAL & FINANCIAL CHRONICLE
2628
compared with the 554,464,000 tons produced during the period from
Jan. 1 to Nov. 18, 1944.
:
'vy',,r:i "; •'
V '■*/'*
r.*"-
/ \
.
BOND
MOODY'S
;
V
v
,
v.' ;
PRICES
.
v
?" V
(Based on Average Yields)
1945—
U. S.
Oally
Averages
Gov t.
1176
Avge.
rate*
Honds
R.R.
Indus.
P. TJ.
XX
period of 1944.;
Corporate by Groups*
Corporate by Ratings*
Aaa
Aa
A
Baa
Corpo-
Peace Time
Production of Pennsylvania
and bond yield averages are
prices
bond
computed
Moody's
Postponing Decision on
anthracite for the week ended Nov.
17, 1945, as estimated by the Bureau of Mines, was 1,041,000 tons, a
decrease of 131,000 tons (11.2%) from the preceding week.
When
compared with the output in the corresponding week of 1944 there
was a decrease of 193,000 tons, or 15.6%.
The calendar year to date
shows a decrease of 14.8% when compared with the corresponding
Moody's Bond Prices And Bond Yieid Averages
given in the following table.
:;
j
117.00
120.84
119.61
117.00
110.70
113.31
117.00
120.43
123.78
116.80
120.63
119.61,
117.00
110.70
113.31
117.00
120.43
116.80
120.84
119.41
117.00
110.70
113.50
116.80
120.22
showed
24—„4.+—i
123.75
23
123.70
110.80
120.84
119,41
117.00
110.70
113.50
116.80
120.22
119.61
120.22
.
—-
Stock Exchange Closed
22
120.84
116.80
21_-___lll''' 123.57
,
•*'
i
'
•
117.00
119.61
117.00
110.52
113.50
117.00
120.84
119.61
116.80?
110.52
113.50
117.00
120.22
119.41
116.80
110.52
113.31
116.80
116.80
120.22
116.80
116.61
1
12
Stock
10
123.28
-
8_
Oct.
;-r
-
116.61
120.63
119.41
116.61
109.97
113.12
116.61
116.61
116.61
120.63
119.41
116.41
110.15
113.12
120.63
119.41
116.41
110.15
113.12 '
116.80
120.02
116.61
123.03
116.41
120.63
119.20"
116.41
109.97
113.12
116.61
119.82
122.84
116.41
120.84
,
.
120.02
116.41
119.82
109.60
112.56
116.41
120.02
119.20
116.41
?
116.22
120.84
119.00
116.22
109.24
112.37 '
116.22
120.02
116.02
120.84 ' 118.80
115.82
108.88
112.19
116.02
119.82
115.82
108.88
112.19
116.02
116.02
120.84
118.80
121.97
115.82
120.43
118.80
116.02
108.88
112.19
116.02
108.70
112.19
116.22
119.61
112.37
116.02
119.61
112.56
116.02
119.41
120.84
122.09
116.02
120.63
119.20
116.22
108.52
116.02
120.84
119.00
116.22
108.52
116.02
121.98
115.82
120.63
119.00
116.02
108.16
115.63
119.41
121.91: 115.82
120.84
119.00
116.22
108.16
112.56
115.§2
119.41
116.02
121.04
119.20
116.02
108.34
112.93
115.82
119.41
122.36
115.82
120.84
119.20
116.02
108.16
115.82
115.82
120.84
119.20
115.82
108.16
112.93
115.63
119.00
116.02
108.16
112.93
115.43
119.41
112.93
122.29
120.63
118.80
115.43
107.44
112.19
114.85
119.20
120.84
118.40
115.04
107.09
112.19
114.27
119.20
114.85
121.04
118.40
114.85; 106.04
111.25
114.27
119.20
121.92
—
115.43
115.24
122.01
114.66
120.02
118.60
114.46
106.04 ; 110.52
114.08
119.41
113.70
109.24
113.89
118.60
118.00
119.41
113.89
120.88
26—___1
Nov,
105.17
"
.
Uaska
Arkansas and Oklahoma
Colorado
113.50
117.00
120.22
Iowa
108.52
113.70
118.20
-
—.
,1
Indiana
110.70
104.48
';
—
118.80
113.31
117.40
118.00
108.16 ,113.70
103.97
Kentucky—Eastern
Kentucky—Western
Maryland
Michigan
102.96
98.73
110.88
118.40- .115.63
110.52
115.82
113.31
Montana (bitum. &
U.S.
Corpc-
Bonds
Aaa
,
27
1.49
2,80
1.49
2.81
2.67
2.80
3.13
2.99
2.80
2.63
2.67
2.61
26—;
2.80
3.13
2.99
2.80
2.63
2.62
1.49
•:
2.81
1.50
22
Stock
"
2.61
2.81
;
23__
2.61
'■
•
:
-
2.98
2.81
2.64
rWest
2.98
2.81
2.64
CWest
Virginia—Southern—
Virginia—Northern
3.14
2.98
2.80
2.64
20
1.51
2.81
2.61
2.67
2.80
3.14
2.98
2.80
1.51
2.81
2.61
2.67
2.81
3.14
2.98
2.80
2.64
17——
1.52
2.81
2.61
2.68
2.81
3.14
2.99
2.81
with
314,000
essential
34,000
3,000
3,000
90,000
92,000
78,000
2,714,000
121,000
150,000
V-
2,000
'!
33,000
1,762,000
1,083,000
216,000
21
2.61
2.81
1,51
-
•
•
2.81
2.67
'
iOther Western States
Total bituminous & lignite
v
—
1,018,000
16—
1.52
2.81
2.61
2.68
2.81
3.14
2.99
1.52
2.81
2.61
2.68
2.81
3.15
2.99
2.81
2.64
2.82
2.62
2.68
2.82
3.15
2.99
2.65
•.he
1.52
2.81
;
1.52
2.82
2.62
2.68
2.81
3.16
2.99
2.82
2.65
*nd
13——_
12
'
Stock
3.00
2.82
3.00
C. & G.;
including
Panhandle District and Grant, Mineral, and Tucker counties.
{Includes Arizona
Oregon.
*Less than 1,000 tons.
V
s, *
't
'
:
1.53
2.82
1.53
A
10—r
Closed
Exchange
2.68
2.82
3.16
2.82
2,62
2.68
2.82
2.82
2.62
2.68
2.82
2.82
2.62
2.68
2.82
3.17
6
Stock
8
"
—
;'
2.81
2.65
3.00
2.82
2.65
2.82
2.65
3.00
3.17
1.53
,3.00
3.15
1.53
7 -L—
9
Closed
Exchange
5—
1.54
2.82
2.62
2.68
2.82
1.54
2.82
2.62
2.68
3.00
2.82
2.65
1.55
2.82
2.62
2.68
,
2.83
".. 3.16?
3.00
2.81
2.65
1_._—
1.55
2.83
2.62
2.69
'.
2.83
3.17'
3.00
2.82
2.66
Oct.' 30_——„
for Week Ended Nov. 24, 1945
712.1 % Below That for Same Week Last Year
Electric Output
2.65
3——
;
2
f:
3.16
2.82
3.16
2,83
1.56
2.83
2.61
2.69
2.84
3.18
3.01
2.83
1.55
2.84
2.62
2.69
2.84
3.20
3.02
2.83
2.66
16———
1.58
2.83
2.62
2.69
2.83
3.19
3.03
2.83
2.65
1.57
2.84
2.61
2.70
3.21
3.04
2.84
2.65
1.61
2.85
2.61
2.66
1.63
2.85
2.61.
1.65
2.86
2.63
2.71
1.66
2.85
2.61
2.71
1.65^
2.85
2.62
2.69
The Edison Electric Institute,
;;
9
2
r-
—_
Sept. 28
j
L__;
21
v
14
.■■'-.V-7
—
2.84
.
v
-
v
3.05
2.85
3.23
3.05
2.85
2.66
2.85
.
2.71
3.23
2.86
2.71
.
2.61
2.85
1.65
Aug. 31__.
3.23
3.05
2.85
2.67
3.24
3.05
2.84
3.25
3.04
2.85
3.03
2.85
236
,
2.85
2.84
,
f
2.70
'
2.8^*
3.25
2.67
;
2.67
2.68
1.67
2.86
2.70
2.85
3.27
3.03
2.87
2.68
1.67
"2.86
2.70
2.84
3.27
3.03
2.86
2.85
2.60
2.69
2.85
3.26
3.01
2.86
1.64
2.86
2.61
2.69
2.85 •/;
3.27
3.01
July 27_,
1.64
2.86
2.61
2.69-
2.86
3.27
3.01
2.87
June 29
1.60
2.85
v';.
2.69
2.85
3.27
2.88
2.68
May 25
1.64
2.88
2.62 '
"
2.71
2.88
3.31
3.05
2.91
2.69
2.89
2.61
2.73
2.90
3.33
3.05
2.94
2.69
2.73
2.91
2.72
2.93
industry of the United States
1945,
?
A
2.61
V
2.60
"1
was
corresponding week a year ago, and 3,984,608,000 kwh. in the week ended Nov. 17, 1945. The output for the
week ended Nov. 24, 1945 was 12.1%' below that of the same week
1944.'
in
.U
-
;
Apr.
27-———
Mar.
31———
1.66
2.91
2.60
1.69
2.92
2.65
Feb.
1—
23
High 1945—
1945——'
:
2.94
2.69
2.95
2.68
2.72
2.68
2.75
2.97
3.44
3.21
2.96
2.71'
2.76
2.99
3.48
3.25
2.97
2.74
2:60
2.67
.-.2.80
3.13
2.98
2.80
X:
,
v>" V:v ''77-A:v
PERCENTAGE DECREASE
Middle Atlantic
-V4.4 \
5.7
;
Central Industrial—-.
4.4
West Central—
Southern States——
T'A-:
4.8
"
—
;
12.9
1.8
.
1.6
t
:
-
0.5
15.0
::-r;
v;:*!1
3.00
2.71
2.78
2.99
3.51
3.27
2.97
2.75
3.14
2.73
2.87
3.12
3.83
3.57
2.99
over
similar
Kenneth M. " Sills,
Bowdoin; Robert G. Sproul, Uni¬
versity of California; William T*
Washington;
11.2
- i:
.
•
•12.1
X'.'X-10.5
;y?,:;^-10.2
Tolley, Syracuse; Donald B.
.
•2 Years Ago
Nov.
27,
1.80
1943-
FOR
DATA
/•>
v
coupon,
or
the
illustrate
of
In
maturing in 25
average
a
more
yield averages,
-NOTE—
issue
of
The
the
years)
movement
of
comprehensive
the latter being
list
used
"Chronicle"
in
on
do
not
price
purport
show
to
quotations.
true picture
30$
the
2508.
}
the
relative movement
/
in
the
Nov.
22,
1945
7
July 14
•
21
July 28———
4_v~
Aug.
;
—
Aug. 11——
1—
Aug. 25—„—
as
estimated by the United States Bureau of Mines, was 11,440,000 net
tons, a decrease of 1,040,000 tons, or 8.3% from the preceding week.
This falling off in operations was due to the partial
Nov. 12
was
(Armistice Day).
12,310,000 tons.
observance of
Output in the corresponding week of 1944
For the period from Jan. 1 to Nov. 17, 1945,
duction amounted to 506,100,000 net tons, a decrease of 8.7%
pro¬
when
4,432,304
4,395,337
4,399,433
4,415,368
4,451,076
4,418,298
over
—
0.1
4,196,357
1.0
4,226,705
4,240,638
1,415,122
1,729,667
6.8
4,322,195
1,431,910
1,436,440
1,464,700
1,733,110
4,264,824
—
4.358.512
1,476,442
1,490,863
8.2
4,359,610
1,499,459
7.5
4,359,003
1.505.216
1,792,131
1,777,854
1,819,276
7.9
4,341,754
9.6
1,507,503
1,528,145
1,806,403
1,798,633
1,533,028
9.7
4.382,268
4,415,405
4.452,592
1,525,410
1,824,160
1,815,749
4,354,939
-10.5
4,413,863
3.948,024
4,396.595
-10.2
1,798,164
1,793,584
3,984,608
4,450,047
-10.5
4.482,665
4,513,299
1,520,730
1,531,584
1,475,268
3,841,350
4,368,519
-12.1
4,403,342
1,510,337
4,560,158
1,518,922
Oct.
20——__
Oct.
27;-—
3,914,738
3,937,420
3,899,293
"
10—
24_— i_'
<*.».
—
4,524,257
1—•'
i.
•
11
*■ -■} it,
*
-
-
-
-
^
9.9
:ri.
••
1,806,259
I
\ \
J:
263.6
"Tuesday, Nov. 20, 1945_^__,r„
Wednesday, Nov.. 21—
Thursday, Nov. 22
—
Friday,
1,806,225
-
4,354,575
4,345,352
4,358,293
6—
Moody's Baity
Commodity Index
1,818,169
1,718,002
4,375,079
3,934,394
•
1,674,588
4.350.511
4,229,262
4,028,286
—
13—
Dec.
1,*761,594
7.5
Oct.
Nov.
1,423,977
1,750,056
6.6
6.3
-
17
1,440,386
1,426,986.
4,287,827
4,365,907
Nov,
1929
1,711,025
1,727,225
1,732,031
1,724,728
0.7
3ept. 22_
—Sept. 29—--——L
Nov.
1932
1,415,704
1,433,903
0.5
+
—
-
3™
-
—11.5
-
Nov.
.1943
3,919,398
4,184,143
+
4,227,900
4,394,839
4,377,339
8—
Oct.
1.9
+
4,414,735
1——„—
Sept.
Sept. 15—
1944
1-0
.
4,137,313
3,909,403
4,106,187
4,018,913
4.038,542
3ept.
The total production of soft coal in the week ended Nov.
17, 1945,
1944
3,940,854
4,377,152
4,380,930
4,390,762
3,939,195
4,116,049
Aug. 18-
Weekly Goal and Goke Production Statistics
"
1945
3,978,426
4,295,254
4,384,547
4,434,841
Week Ended—
July
July
the bond market.
'averaged was given
.
either the average
merely serve 'to
They
the relative levels and
way
the
compiling
page
and
actual
Brown.
% Change
l^ese prIces are comPuted from average yields on the basis of one "typical" bond
(3 A\%
level
lin, and Henry M. Wriston,
(Thousands of Kilowatt-Hours/
RECENT WEEKS
Tre-
sider, Stanford; Herman B.'Wells,
Indiana; Ernest H. Wilkins, Ober-
week in previous year.
2.86
•Increase
10.5
;
i2.i
;_i—
"otal United States
■,
12.3:
;
Reed Col¬
University of
lege; Lee Paul Seig,
*0.6
—
■
Minnestota;
Morell,
W. Nason, Swarthmore.
Also Peter Odegard,
16.3
0.8
Mis¬
Middlebush,
A.
L.
J.
University;
Young
Brigham
John
1.0
*
14.2
Wilson
Lyon, Pomona; James A. McCain,
Montana State; Howard McDon¬
4.2
14.3
5.8
Rocky MountainPacific Coast—
■
E.
Wooster;
of
College
11.8
12.3
12.3
16.5
—
System of Higher Education.
Also Tully C. Knowles, College
of the Pacific; Howard R. Lowry,
souri;
3
4.9
4.9
6.4
7.1
New England-,.——
Nov.
'
Nov. 10
Nov. 17
,
M. Hanscher, Iowa State;
G. Hajrmon, Drake; Rufus
C. Harris, Tulane; Fred Hovede,
Purdue;
Frederick
M.
Hunter,
Chancellor of the Oregon State
Virgil
Henry
Frederick
Week Ended
Nov. 24
Major Geographical Divisions-
Bryant;.Conant, Harvard; Carter
Davidson, Knox.'
Also Edmund E. Day, Cornell;
John
Sloan Dickey,
Dartmouth;
ald,
UNDER SAME WEEK LAST YEAR
.2.64
v
i.85
1944-
3.10
3.14
2.98',:
1 Year Ago
27,
3.39
> 3.39
*;
2.80
1.80
V; i-49
■
Nov.
,
2.96
1.77
26—_—
Jan.
Low
'
-
v.-s.:-r '.-7 V
:
2.70
"
1.63
'
.
"
v
2.86
for the week ended Nov. 24,
approximately 3,841,350,000 kwh., which compares with
4,368,519,000 kwh. in the
2.70
3.01
3
,
2.62
'
electric light and
production of electricty by the
that
power
2.68
—
17——
the
mated
2.68
1.65
24
'
"t:" 10■
in its current weekly report, esti¬
*.2.65
23
v;
.
.
:'
2.63
.
Williams
Victor
L.
Butterfield,
Leonard
Carmichael,
Tufts;
Oliver
C.
Carmichael,
Vanderbilt; Ben M. Cherrington,
University of Denver; James
College;
Wesleyan;
2.65
14
included:
ton; James P. Baxter 3d,
tlncludes operations on the N. & W.; C. & O.; Virginian; K. <fe M.; B.
ind on the B. & O. in Kanawha, Mason, and Clay counties,
{Rest of State,
'
'^'-^-V •
Harry
Chase, New York Uni¬
signers
versity; Harold W. Dodds, Prince¬
10,820,000
2.81
in¬
and
: v
The
Woodburn
1,000
,
their
for
knowledge
special
ments.
202,000
12,470,000
12,480,000
the telegram said,
matic, legislative, industrial, scien¬
tific
and
educational establish¬
27,000
2,223,000
and
experience with large affairs," and
should represent military, diplo¬
322,000
-385,000
ma¬
"selected
be
tegrity,
136,000
15—
■:
should
2,000
"131,000
1,000
done
manpower,
resources
natural
Its members,
62,000
...
be
to
strategic
industry,
scientific research.
674,000
2,777,000
is
country's
the
terials,
35,000
31,000
what
recommend
2.64
2.64
49,000
780,000
803,000
force adequate
military
a
protect the country and to carry
out its international commitments;
2.64
19
assure
158,000
:
military
to
476,000
39,000
,
—.
1,227,000
432,000
349,000 7
31,000
7:;. 2,222,000
1,135,000
230,000
'
*
Wyoming
•
vide
47,000
.
universal
the Council would pro¬
the basis for legislation to
120,000
133,000
Washington
necessary.
was
1,060,000
152,000
'
————.
/irginia
3.13
2.80
'
■
v,
lignite)
' 79,000
1,000
:
.
training,
151,000
'
3,000,000
,
—.
Texas (bituminous &
Utah—
3.13
2.80
2.68
2.68
Closed
Exchange
Indus
P. U.
R. R.
Baa
A
Aa
:
-
Tennessee—
Corporate by Groups*
Corporate by Ratings*
rate*
;
....
',
.
telegram : said
Besides
7,000
1,516,000
/•; 566,000
29,000
75,000
*768,000
-
(lignite)
Pennsylvania (bituminous)
Avge.
Govt.
—
Jhio
it
1944
1,000
efforts
the signers
would support universal military
training if such a Council found
Nov. 10,
155,000
S33.C00
357,000
38,000
<->r■
3,000
lignite)——' ^ 32,000
Mo*rth & South Dakota
YIELD AVERAGES
BOND
enlistments in the
-,;v
The
'
.
109,000
554,000
39,000
124,000
n
ob¬
to
of
373,000
v?
J' *1,542,000
—
y
3,
6,000
*
.-t-
-■
,
Kansas and Missouri
Daily
I-'V
7
'reached, and
is
decision
a
tain voluntary
river shlpfrom district
1945
-iO-5,000
S:'i 156,000 J
—7
i
-
117.00
113.12
until
on
intensification
409,000
416,000
*
6,000
r
3eorgia and North Carolina
aiinois
;
113.31
1945—
;
Service
coal and lignite,
Nov.
i
,
^national
defense
extension of Selective
a
year-to-year basis
program,
authorized
Week Ended-
1945
(:\
military training as part of
long-range
armed forces.
Nov. 10,
•
.
,
•
—
119.61
Averages
—
2,982,900
based on railroad carloadlngs and
are
:
117.80
(Based on Individual Closing Prices)
24—
•
v
t,
Mew Mexico
■i
6,368,500
op bituminous
production
'
"
.
*
121.04
MOODY'8
Nov.
3,685,400
———
Alabama
118.80
*'»• '
119.69
1943-
27,
115,500
and coal shipped by truck from
{Subject to revision.
§Revised.
7- ,7I
117.00
119.37
1944_
27,
2 Years Ago
a
coal
dredge
estimates
weekly
113.50
1 Year Ago
Nov.
43,462,000
subject to revision on receipt of monthly tonnage reports
ind State sources or of final annual returns from the operators.)
/
123.75
.
the defense
versal
46,786,000
are
120.55
1945—
1945
and
the creation of
council to study uni¬
program,
-
1937
4^,749,000
77,400
golliery fuel.
weekly
current
and
•
122.38
23
Nov. 20,
,
1944
57,228,000
54,939,000
48,733,000
enactment of
immediate
a
in¬
suggested,
telegram
of
such
:;7;by states, in net tons
nents
State—
119.20
121.04
116.02
122.93
112.56
./"U",
1,185,000
1 >
»
,
76,300
washery
119.00
122.39
121.91
—
"
fExcludes
estimated
(The
•
122.14
May 25
Apr. 27
Mar. 31.'
♦Includes
jperatlons.
119.61
116.02
118.80
122.09
June 29
'
•
Nov. 18,-
>
1945**'' ''
1,234,000
,1,125,000
999,000
.
Nov. 17,
'1944
1945
quote the follow¬
also
we
The
119.82
122.19
27_^r^>__'
*
United States total-
119.20
120.63
which
stead
Nov. 18,
§Nov. 10,
1945
1,041,000 ' 1,172,000
Beehive coke—•.
122.81
—
$ Nov. 17,
tCommercial produc.
112.93/ 116.41
112.75
122.31
10-
'•
f Penn. Anthracite—
"Total inch coll. fuel
109.79
120.63
2,024)000
Calendar Year to Date
-Week Ended—
r:
109.42*
116.41
Affairs
ing:
116.22
116.22
Nov.
PENNSYLVANIA ANTHRACITE AND COKE
PRODUCTION OP
ESTIMATED
119.20
116.22
Committee on
tary
7;'■ -.7:'(In Net Tons)
Exchange Closed
Mili¬
20, it was noted in the New York
''Herald Tribune" of Nov. 21, from
554,46\000
working days.
based on 5.6
{Average
adjustment.
current
to
18,
V—1944
-
pre¬
by the group to the House
Nov.
tNov. 17,
Nov. la,'
telegram
A
senting their views was addressed
,.
,.
,
1945
1945
v .
1944 - r
1945
11,440,000.^. 12,480,000 ? 12,310,000
506,100,000
1,871,000
$2,043,000
2,080,000"' 2,052,000
—
tSubject
120.02
116.61
24
average
"Revised.;
120.02
123.05
—.
'-v.;,
-Jan. 1 to Dftte-
Week Ended
"Nov.lO,
«
indispensable.-
BITUMINOUS COAL AND LIGNITE
120.02
116.61
113.12
113.12
120.63
<
1945
17,
-
fuel—
incl.-mine
120.02
109.97
_____
Total,
120.02
116.61
V;
•••-.
Nov.I7,
120.02
116.80
110.15
14—
High
116.61
113.12
116.61
V,7—W
Jan.
113.12
110.34
122.75
Aug. 31~
Low
110.15
116.61
123.03
21
Feb.
116.61
119.41
116.61
kept. 28——
July
119.41
120.63
119.41
r__.
\;>y
Bituminous coal A: lignite:
Daily
120.43
119.41
,1—X
2—;
.vv'
120.02
120.63
*.-y: 9
/
116.61.
>
116.61
23
■
113.31
123.11
30_
■
110.15.
week ended Nov.
''(in Net Tons)
,:v.
120.02
116.00
for the
ESTIMATED UNITED STATES PRODUCTION OP
'
120.22
116.80
116.61
r
123.27
Stock
'j"!:.' 2~I—I
■;
116.80
113.31
123.17
7—.
V'v
113.31
110.34
116.61
123.28
•
113.31
110.34
States
decrease of 1,100 tons
"
.
Closed
Exchange
123.28
9—
-
110.52
116.80
116.61
119.41
120.63
123.41
116.80
119.41
119.41
120.84
120.63
120.22
119.41
120.84
116.80
116.61
13
•
120.84
123.41
'
V. '
•
116.80
123.41
,
14—
a
120.22
123.44
15
„
113.50
120.84
116.80
123.44
16
•-
110.52
116.80
123.45
17
•>;;
116.80!
123.47
—'
United
the
in
coke
training, a
(34) of college and univer¬
sity presidents would have any
decision in the matter delayed
until
such ' time
as
a
specially
created national defense commis¬
sion decides that the proposal is
when compared with the output for
1945; and was 39,200 tons less than for the
corresponding week of 1944. '
IXXyXi
;•
—
I9_v
'
hive
urging delay on the proposal
universal military
group
the week ended Nov. 10,
27
'
•
In
for
":'y.
j;: i
Training
Urged by College Heads
The Bureau also reported that the estimated "production of bee¬
123.79
26——
Nov.
'W/"'
Thursday, November 29, 194S
i
Nov.
23
263.9
<■
—-
Saturday, Nov.. 24„^^.___.
Monday,
Nov,r 26
Tuesday,
Two
ago,
ago,
Nov.
ago,
1944
264.0
Low,
263.6
13_—
261.9
248.5
1944-
High, Dec. 31
l :r t
263.9
Oct. 27_
Nov. 27.
Year
1945
?63.6
—
•;—
Nov, 21---^-^^.-..
weeks
Month
263.7
Nov.
i_—:
.
—
.
w
^
J, *
.
254;4
245.7
264.0
High, Nov. 14—
252.1
Low, Jan. 24_Ji
♦Holiday.
i.
j-J
:a >:".i
■:
'?
;.V
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4442
162
Trading
prices for eggs advanced nearly 1 % with their seasonal movement ac¬
centuated by shortages.
Onions, white potatoes and hay moved-up
seasonally.
Prices for apples in Eastern markets, were down from
the high levels of earlier weeks.
New York Exchanges
on
The Securities and Exchange Commission made public on Nov.
figures showing the volume of total round-lot stock sales on the
Stock Exchange and the New York Curb Exchange and
the
volume
members
sion.
these
of
series of
a
round-lot
of
of
account
the
sales
shown
are
/'V
separately from
these
in
:v-' '1;.
■
November of last year.
Exchange for the account of members
(except odd^lot dealers) during the week ended Nov. 3 (in roundlot transactions) totaled 3,075,565 shares, which amount was 14.24%
of the total transactions on the Exchange of 10,798,800 shares.
This
compares with member trading during the week ended Oct. 27 of
2,140,881 shares, or 15.19% of the total trading of 7,047,490 shares.
On the New York Curb Exchange, member trading during the week
ended Nov. 3 amounted to 946,065 shares or 10.16% of the total
Trading
volume
the
on
Stock
"Other
for
Total
Round-Lot
fertilizer materials raised the group index for chemicals and
some
by 0.1%: Higher sales realizations for natural and
manufactured gas were responsible for the advance of 0.1% in aver¬
age prices for fuel and lighting materials.
During the week the group
index for all commodities other than farm products and foods ad¬
vanced 0.1% to a level 1.4% above mid-November 1944."
'
'
;
.
Sales
New
the
on
Transactions
Stock
and Round-Lot
Total for week
Total Round-Lot Sales:
'
Short sales—»—____
316,070
tother sales————
10,482,730
Total sales—.
10,798,800
Transactions
Round-Lot
for
Except
for
the
Dealers
and
Account
Specialists:
Odd-Lot
Accounts
The
Members,
of
Odd-Lot
PRICES
*
..
•
-
Farm
21,200
tOther sales—______
products
;
.r
A. Total—
:
248,930
.
,
Round-Lot
Stock
Sales
Transactions
tbe
on
for
New
Account
WEEK
Curb
Members*
1944
+0.8
+2.1
129.5
129.1
126.9
124.5
-+0.6
+2.7
+ 4.7
abouts of
+ 1.3
+ 2.2
be
104.9
+.0.2
U6.7
0
0
+ 2.1
98.9
0
+0:6
+ 1.6
83.6
<
Exchange
(Shares)
Nov. 29, ahd to mature
1946, which were offered
Nov. 23, were opened at the:
+0.1
+0.1
+ 1.2
on
103.8
0
+0.2
+ 1.4
Federal Reserve Bank
0
+0.4
+ 1.9
95.6
95.5
95.5
94.8
+0.1
+0.1
+
106.4
106.3
106.1
0
+0.1
+ 0.3
94.6
94.6
94.6
93.4
0
0
+ 1.3
118.6
118.2
116.9
114.3
+0.4
+1.9
+ 4.2
0
+0.2
+ 2.2
0
+0.3
+ 1.0
+0.1
+0.3
+ 1.4
+0.2
+ 1.4
94.6
i
119.1
-—
:
96.8
96.8
96.7
96.6
94.7
102.2
102.2
101.9
101.9
101.2
101.1
101.0
100.8
100.87
and
CHANGES
.
A v."",'
••.
t70;.
Other
INDEXES
—
0.3
—
applied for $2,154,745,000.
Total
accepted,
$1,316,013,000
(includes $46,172,000 entered on
fixed price basis at 99.905 and ac¬
cepted in full).
Average price, 99.905 -f-; equiva¬
lent rate of discount approximate¬
FROM
ly 0.375% per
Range
0.1
—;
Round-Lot
•
1.
Account
of Members."
Transactions of specialists in stocks in which
they*
•
for
are
registereu—
* ~
K\':.Total purchases—....
>-■:.Short sales-.
tOther sales.
.
.
258,660
the
on
Total sales—.
purchases—
Short sales—
off
..
•
Total
Total—
2.03
•_
v
annum.
:.7..y
153,330
414,375
46,690
•
brings the cumulative volume to $1,991,777,000;
24% greater than the $1,600,543,000 recorded for the 47-week period
of 1944.
Private construction's cumulative volume is 175% ereater
v
*
than
Total sales——
531,690
CL Odd-Lot Transactions for Account of Specialists—
Customers' short sales
;
'
Total purchases
:
"The
and
term
"members" includes
their partners,
all
regular and
the
Exchange
volume
tRound-lot
are
short
included
includes
sales
with
only
which
"other
'
of
sales.
are
.
exempted
.
purchases
and
sales
is
Exchange for
the
reason
isv420% greater than tne week last year.
is
;
restriction
by
.
the
•
are
■
~
included
.
■
•
with
.
and
than
66%
respectively.
Civil
>
/
■
37%
greater
the
less
than,
last
week
last
construction
and
week, and the 1944 week
volumes
month ago and 2.1%
a
year,"
says
"Farm
above the corresponding week of last
the Department, which adds:
Products
and
Total U.
0.6%
S. Construction
Private Construction
Public
State
-
—
the
week
last
&
/
Municipal
—-
„
v
of
issue
amount
showed
ifications
the
of
week
The
—
an
increase
were
end
Nov. 15,
1945
over
the .preceding
'
and is made up of
000
in
'nil
I .!■,
a
ing
w
——
Trading
and
Exchange
for the week ended
summary
figures show¬
volume of stock
daily
the
for
odd-lot
account
of all odd-lot dealers and
ists who handled
New York
special¬
odd lots
STOCK
LOT
FOR THE
TRANSACTIONS
ACCOUNT OF
AND
ODD-LOT
SPECIALISTS
STOCK
year,
ON
N.
NOV.
10,
shares
-
:• r v
1
Nov. 23,
(Customers'sales)
Number of
'.'fv:;"
week;
they
..
38,302
_
other
sales_^
Number
of
total
114
32,616
salesJ
32,730
Shares:
"
Customers'
sales
4,309
"Customers'
.
short
other
sales
901,942
.Customers'-
Dollar
total
sales__~..i,
value
$1,740,000,
1945
Shares:
'
.
154,080
154,180
3% increase over the $1,683,047,000
Round-Lot Purchases by DealersNumber of shares
;
marked
"short
1944.
-,371,640
exempt", are
re¬
ported with "other sales."
tSales to offset customers' odd-lot orders
and sales to
liquidate
is
a
47-week period of
'• ;;
100
.
"Other sales
"dales
:
'
Short sales
■
906,251
-
$36,820,850
Round-Lot Sales by Dealers—
Number of
a
less
than
"other sales."
.
,
sales
1 Customers'
.
*
-
short
Total sales
The .week's finahcing brings the
;
Total
For Week
/
Orders:
"Customers'
-
are:
this week totals $2,598,000
: :
1945
1,119.521
$46,581,155
Customers'
15,800,000
Gains this week over
+
Odd-Lot Purchases by Dealers—
1944
$23,189,000
6,277,000
16,912,000
1,112,000
7
Y.
EXCHANGE
ENDED
of
ODD-
DEALERS
THE
(Customers'purchases)
Number of orders_^____7___:
Number
$2,198,000 in state and municipal bonds and $400,-
cumulative figure to
the
on
Stock
Exchange, con¬
tinuing a series of current figures
being published by the Commis¬
sion. The figures are based upon
reports filed, with the Commis->
sion by the odd-lot dealers and
specialists.
': • '
V"\
corporate securities.
reported for the
I.
Securities
transactions
reported in waterworks, sewerage, bridges,
New capital for construction purposes
in
$1,309,041,000.
Nov. 10 of complete
only three of the nine class¬
public buildings.
29
Commission made public on Nov.
21
earthwork and drainage, industrial buildings and commercial build-
ings.
Nov.
on
NYSE Odd-Lot
current week,
^
3—-
sewerage
1944
of
'
:
^
bills
Dollar value
1945.
In the classified construction groups
waterworks,
for the
$46,143,000
$76,318,000
32,662,000 '
56,070,000
13,481,000
20,248,000
:
8,096,000
11,762,000
5,385,000
8,486,000
-
Construction
Federal
Foods—Average prices for farm products
during the week to a level 2.7% higher than four weeks
ago and 4.7% above mid-November 1944.
Quotations for oats ad¬
vanced 9%, reflecting market shortages of
competing grains.
Rye
prices were up nearly 7% on a shprt crop and wheat prices also ad¬
vanced.
Cotton quotations rose, reflecting the small
crop.
Average
rose
the
A;•
are:
r ,v:
.
Odd-Lot Sales by Dealers—•
-
Reports
above
ilar
Federal work
last year.
Nov.'22,
Wholesale Prices Hose @,2% m Week Esded
Nov. 17,1945, Lahor Slept.
Rising to the highest level since January 1921, the index of com¬
modity prices in primary markets, prepared by the Bureau of Labor
Statistics, U. S. Department of Labor, moved up 0,2% durins the week
ended Nov: 17, 1945.
The Department advices Nov. 23 stated that
"higher prices for agricultural commodities were again
chiefly re¬
sponsible for this advance which continued the rise begun in midSeptember."
"At 106.3% of the 1926 average, the index was 0.8%
Public construction
•
engineering
'•
V
below the week of 1944.
down 31% from last week,
of
week
same
A
annum.
WEEK
Commission's
"other sales."
628%
that
Federal
volume
Private construction for this week dropped 42% below last week
is
the
from
and
State and municipal construction volume,
members'
on
while public construction is 16% less
municipal construction continued to
year,
State
is reported as 33% below last week and 20%
Exchange members, their
.
sales."
5Sales marked "short exempt"
;
associate
including special partners. +
last
ago.
1944.
\
133,975
tin cauiulating these
percentages the total
compared with twice the total round-lot volume
rules
:
but
Total sales—
firms
of
120,865
—
period
year
gain over last year, is now 51% greater than a year ago.
construction is down 30% compared with 47-week cun/ulative
120,865
1
a
10.16
0
{Customers' other sales
the
i.han
485,000
—
'
k:V';.A
more
week's construction
2.66
*,:•
Short sales—
tOther sales--
engineering
representative comparison is found in comparing the
1945 and 1944 cumulative totals for the 47-week period.
The current
The
171,780
Total purchases—.
:
■;
.
,
•
.
118,450
*
.
saJes_L-A—-
-'i.y
7
;• '■
75,950
.
.
tOther sales.
Civil
floor—
the
per
States totals $46,143,000 for
101,250
Other transactions initiated
:-
High,299.908, equivalent rate of
approximately
0.364%
discount
(55% of the amount bid for at
the low price was accepted.)
/
There was a maturity of a sim¬
construction volume in continental United
the short (four-day) week ending Nov.
22, 1945, as reported to ^Engineering News-Record/'
This volume is
40% below last week's volume, but 99% greater than the volume
of the corresponding week of 1944.. This week's total is 28% below
the previous four week moving
average." The report issued on
Nov. 22, continued as follows:
v
•;
,
V
-
A."
•> •+'
*
,?
•9.700
91,550
:
'•'V
•
88,020
Short sales--——
tOther sales—'——
5.47
:>■
•a'*.".1;
flpor
purchases——
2' Total
WW&0 $48,143,1100
240,120
—
Emgiieseriiag Gcnslruction Totals
250,405
18,540
transactions initiated
Total
OiviS
•
—
Total sales
Other
•
.
<
.
competitive
Low, 99.905, equivalent rate of
discount
approximately
0.376%
4,657,695
Transactions
annum.
of accepted
bids:..
0.3
0.3
0.2
—
as
are
'
Total
1945
Other foods
Dairy products
Nov. 26.
on
details of this issue
follows:
Increases-
•
-A-----'1 0.4
products
Cement
+
-
17,
1,J—AA---—J---,'' 1.2"- Fruits' and vegetables—lA-;
products-_w__X_,r.--——- 0.8 Livestock and poultry—
farm
Cereal
,
*
NOV.
to
+0.1
98.9
100.1
SUBGROUP
IN
1945,
10,
100.1
100.2
100.3
:
NOV.
.
99.7
than farm
PERCENTAGE
Stock
.
than farm
—__——
The
0.8
95.5
106.4^ 106.4
the
dated
116.4
84.5
that
26
Feb. 28,
per
B.
—
Nov.
on
$1,300,000,000 or there-,
91-day Treasury bills to
105.1
All commodities other
4,595,170
Total sales
.
Secretary of the Treasury
118.1
,
62,525
fOther sales—
The-
announced
tenders of
84.5
14.24
Total for week
—
Treasury
Offering
Bill
118.2
Grains:
Short sales
Results Of
105.2
1945
Total Round-Lot Sales:
*•'
Michigan
Mutual
Liability
Company, is General Chairman.
\
84.5
,
ENDED NOV.. 3,
1;he
105.3
All commodities other
1,597,493
York
of
Forbes, Michi¬
Commissioner, is
Honorary Chairman for the meet¬
ing. Walter E. Otto, President of
+ 0.2
99.9
Insur¬
A.
118.6
products and foods.:
Total
David
104.1
119.1
National
Insurance
gan
105.5
Manufactured products--:—,
265,770
—
mittee.
105.9
84.6
Semimanufactured articles—
1,331,723
Total sales
Dearborn
Company, is Chairman of the
Banquet and Entertainment Com¬
ance
106.1
105.8.
Athletic
Broderiek, President
105.3
Raw materials
____*
the
of
Detroit
the
at
David
118.6
products
A;
1
Housefurnishing goods——
.
tOther sales—:
:
executives^ representing
meeting
Club.
11-18
100.0
Coprmittee,
of a large
Michigan insurance interests, met
recently at
a
special
luncheon
17, 1945, from
106.6
The'
composed
of
group
1945
Miscellaneous commodities—
3.81
1,478,072
__.
is
10-20
Chemicals and allied products
362,793
7v
.
Short sales—.
Mich.
which
1945
119.1
Commissioners
Building materials^—-
424,513
Total purchajses
•
Rapids,
11-10
100.5
furthered
were
Insurance
1944
119.1
Brown,
of
Insurance
to be held December 2-5 at Grand
11-18
107.0
plans
Metals and metal products—-—.
398,072
A—: i:,':
tion~-of
''
100.5
S.
Secretary
the
1945
;
F,
and
Accident
approaching mid-winter
meeting of the National Associa-
Y;
119.1
products
Textile products
61,720
———
Company,
10-20
Fuel and lighting materials
:
•
—
Total sales-.:
'
2.19
off the floor—
transactions initiated
,;.'VTotal purchases—
A"1-' 7 'Short sales—
r
-HaA'
•
''.A
107.2
Hides and leather
tOther sales
..
.
of
Standard
11-3
1945
106.3
227,730
2..
——...
Total sales
the
1945
11-10
1945
!
All commodities
i
.
chairmanship
Percentage changes to
11-17
'
■
'"'l. Other
100)
=
1945
Meeling
meeting of the Executive
a
Vice-President
'
,17,
223,990
Short sales
At
130.3
v
Commodity-Groups—;;
floor—
the
on
-
••
8.24
924,050
lotal purchases
-
NOV.
Nov.
741,200
5
(1926
■
182,850
Total sales
•
ENDED
...
'
'
7
WEEK
FOR
856,010
Other transactions initiated
'■
(1) index for the past three weeks,
changes in sub¬
following tables show
WHOLESALE
Short sales—
i.
its
indexes from Nov. 10, 1945 to Nov. 17, 1945,
groups
J
Total purchases
....
in
for Oct. 20, 1945 and Nov. 18, 1944 and (2) percentage
registered—
are
notation
*v '
•
7
.
following
included the
.
specialists in stocks in which
1. Transactions of
'
they
of
Department
Note—During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Statis¬
tics will attempt- promptly to report changing prices. ; The indexes
must be considered as preliminary and subject to such adjustment
and revision as required by later and more complete reports.
'i
1945
Labor
report: '•
(Shares)
Members*
NOV. " 3,
ENDED
WEEK
Exchange
Stock
York
Account of
for
.
.
The
Stock
'
and Finance Committee under the
for
—
allied products
During the week ended
of Curb members of 1,008,690 shares
14.06% of the total trading of 3,'586,670 shares.
'
,
Commodities
Prices for other commodities generally
were unchanged during the week.
Quotations for cement advanced
fractionally under higher ceilings allowed by OPA in some South¬
eastern states.
Turpentine prices were lower.
Revised price reports
that Exchange of 4,657,695 shares.
on
Oct. 27 trading for the account
was
Plan For
In
higher prices for fruits and vegetables, quotations for
butter continued to rise in adjustments to
higher ceilings.
Rye and
wheat flour advanced with light receipts and
heavy demand strength¬
ened by renewed Army buying of wheat flour.
In the past four
weeks average food prices have risen 1.3 to a level 2.2% above mid-
all
continuing
other sales
during the week.
Ins, Commissioners
addition to the
figures being published weekly by the Commis¬
C
figure*,,
for
exchanges in the week ended Nov. 3,
current
Short
transactions
stock
,
"The group index for foods advanced 0.2%
New York
i.
•
,
21
2629
a long
round lot are
position which
reported with
V"' '..
■
K>
•
THE COMMERCIAL &
2630
FINANCIAL CHRONICLE
Thursday, November 29, 1945
Daily Average Crude Oil Production for Week National Fertilizer Association Commodity Price
Ended Nov. 17,1945 Increased 23,300 Barrels
Petroleum Institute estimates that the daily aver¬
The American
,
, 17,
1945
the daily
output for the preceding week. It was, however, 264,350 barrels per
day lower than the figure for the corresponding week of 1944 and
125,500 barrels below the daily average figure of 4,600,000 barrels
crude oil production for the week ended Nov.
gross
age
of 23,300 barrels
4,474,500 barrels, an increase
was
over
November,
recommended by the Bureau of Mines for the month of
for the four
Daily production
1945;
"
tute follow:
«
-7
Reports received from refining companies indicate that
.
1945
ended Nov. 17,
weeks
Further details as reported by the Insti¬
averaged 4,379,250 barrels.
the indus¬
whole r^n to stills on a Bureau of Mines basis approximately
4,693,000 barrels of crude oil daily and produced 15,577,000 barrels
try
of
as a
distillate
gasoline; 1,811,000 barrels of kerosene; 4,586,000 barrels of
lead in the Jan.-Sept. period
The
Association
market
week,
/v-'1,:
CRUDE
AVERAGE
DAILY
a
There
was
,
from
growing concern
Previous
"
November
Nov.
17,
390,000
249,000
I
1
j it
would be reflected > in •
reduced rate of activity in die
casting. ;■
Imports of zinc in July amounted ' :;
to 49,445 tons, of which 42,446 tons
contained
was
During the week 4 price series in the index advanced and 1 de¬
clined; in the preceding week 4 advanced and 5 declined; in the sec¬
ond preceding week 8 advanced and none declined.
/
r'
WEEKLY WHOLESALE COMMODITY PRICE
t388,700
jBears to the
Total Index
Nov.
Group
t-
and
Fats
West
t267,350
/,.
—
-
Texas
East Central
East Texas
Texas-
,
Texas
1,990,000
North Louisiana
Coastal
398,000
77,311
54,150
144,600
.3
300
Florida
Farm
553,400
2,132,300
72,600
72,250
290,250
'Illinois
Eastern—
50
75,600
80,450
650
53,500
52,550
350
250
-
150 )
206,850
350
—•
13,350
207,850
550
—
f
63,550
65,200
29,150
+
45,850
—,
+
Montana
23,200
19,550
Colorado
12,000
21,800
30,400
'
California
Total United States
■'These
oil
(after
of
Bureau
are
deductions
Mines
the
natural
and
condensate
of
95,600
104,850
25,600
3,541,650
3,850,350
^300
of
gas
calculations
21,350
20,750
837,600
888,500
■I'
+
4,474,500 / +
4,600,000
93,700
400
832,600
§824,000
860,000
49,800
19,700
*
+
3,641,900
3,740,000
45,850
97,800
.
.
94,200
104,000
102,000
Total East of Calif.
250
,
23,300
9,650
—
4,738,850
-4,379,250
requirements of domestic crude
derivatives) based upon certain
As requirements
premises outlined in its detailed forecast for the month of November.
may be supplied either from stocks or from new production, contemplated withdrawals
from crude oil inventories must be deducted from the Bureau's estimated requirements
to
the
determine
estimates
do,
of
amount
however,
new
is mixed with crude oil in
crude
be
to
produced.
small but indeterminate
include
the field.
In
areas the weekly
condensate which
some
of
amounts
v/
..
v
tThis
several
for
operate
basic
days,
to
of
as
shut
down
total
a
from
for
definite
to
TO
calculated
on
30-day basis
a
their operating
schedules
days
6
time
•:
§Recommendation
RUNS
of
Conservation
shutdown
calendar
the
/v'/
Committee of California
Oil
RESIDUAL FUEL OIL,
■
Figures
WEEK ENDED NOV. 17,
of barrels
In
this
of 42 gallons
section
Include
1945
reported
iVv'v!estimate of unreported amounts.and
-Bureau
of
.
each)
are
basis
Mines
totals plus an
therefore on a
% Daily Crude Runs
duction
porting
r
Pro-
Refining
to Stills
Capac- Daily
lty Re- Aver- % OpCoast
age
tStocks
;
,
at Ref.
Ci
of Re¬
Mili¬
Inc. Nat.
& Dist.
sidual
tary and
vilian
Blended
erated
Gas Oil
Fuel OU
Fuel "oil
Other
Grade
on
99.5
825
104.3
2,098
15,972.
6,897
5,190
12,789
76.8
101
69,2
375
603
174
818
1,646
81.2
52
104.0'
147
124
208
110
652
87.2
District No. 2.
Ind., Hi., Ky.
758
2,859
6,505
3,184
3,884
12,743
1,197
5,911
78.3
Dkla., Kan., Mo
88.4
340
72.5
59.8
221
67.0
1,330
987
Texas Gulf CoaBt
89.3
1,172
94.7
4,053
Louisiana Gulf Coast.
96.8
284
109.2
823
62
49.2
Inland
Texas
No, La. As Arkansas—
Rocky Mountain—
55.9
189"
1,133
2,922
463
:
5,213
500
•
1944,
groups
base
108.7.
were:
in
interests
over
381
19
943
.
areas.
The recent sharp advance
foreign silver prompted a re¬
The pub¬
lication further went on to say in
part:
Demand for copper
for Decem¬
ber
approximately 40,000
tons of foreign copper for ship¬
ment to consumers next month,
but
2,280
9,648
25,172
7,125
5,934
vinced that this total will increase
30
85.7
4,693
86,8
15,577
45,341
45,608
*25,888
55,066
85.7
4,789
88.6
15,793
45,126
45,936
25,717
52,471
14,793
47,209
63,465
39,223
39,437
basis
the
and
name
military gasoline, finished and unfinished, title to which
of the producing
company; solvents, naphthas/ blending
8,378,000
barrels
residual
week,
unffnishet
fuel
oil
produced
during
the
week
ended
Nov.
17
1945
which
compares
barrels, 4,851,000 barrels and 8,587,000 barrels, respectively
preceding week and 1.498,000 barrels, 4,425,000 barrels and 9,047,000 barrels'
tively, in the week ended Nov. 18, 1944.
1,724,000
NOTE—Stocks
of
kerosine
at
Nov.
17,
1945, amounted to
against 12,739,000 barrels a week earlier and 14,211,000 barrels
in
the
respec¬
13,181000 barrels
a
year
beforef
as
'
Civilian
Production
continues
Ad-
,
stress i
to
importance
of
the t salvage :■
for
augmenting
this/
country's supply of tin. Collection
of tin cans for shipment to detinning plants is necessary because
supplies of tin from the Far East
cannot be definitely relied
upon"1/
program,
V
reach the United
to
States in the
future, J. D. Small, Admin-
near
I
.
istrator of CPA, reports.
/ The > stockpile
of tin
hands of Metals Reserve
30
:
in
the a
Sept. #
placed at 53,351 tons/This t
was
and concentrate.
/
in
,
on
total includes tin contained in ore
de¬
the
advanced and 5
declined; in
.
/-..j
American
The
I
V/ ^
r'
Straits quality tin for shipment, f
cents
pound,
per
was
foW;
as
lows;
Nov,Dec.
Nov.
15
Nov.
Nov.
16
Nov.
19
Nov.;
20
Nov.
21
/
.
62.000
52.000
53.000
52.000
62.000
52.000
52.000
52.000
52.000.i
.....
■
.
Chinese,
at
52.000
52.000
52.000
///—,
17
51.125c.
;
52.000
52.000 /,
52.000«
52.000
62.000
f. 52.000U
-
<
tin, continued >
pound,
99%
or
per
Quicksilver
The
latest
statistics of
the Bu¬
of Mines placed consumption
reau
quicksilver for September at./
3,100 flasks, which compares with h;
5,300 flasks in August;. Domesticsproduction in September declined
totals
producing
include
some
contained in ore and con¬
The
stockpile / total
the
authorities
trade
con¬
are
to 2,050 flasks, and 1 general
im-i^ports amounted to only 582 flasks;/? i;
Export
; Government,
for account
at
which
figures
-With
production, and no pres¬
foreign, material on the,9
market, most operators -view the vrecent recovery in prices as a na- >
tural
development.
■ During [ the
•,
last week quotations
at $107 to $110 per
the
week
ended consumers
steady
were
flask, the price i
depending
The
the
quantity.
on
stockpile of quicksilver in
hands
Sept. 30
of
Metals
Reserve
.;
^
on
then,
63,638 flasks, Since /
however,
several
large "ii
blocks
were
was
added
to
s
-
.
'
the
on
1-■
-s
<
■
Silver
..
Handy & Harman, in
ment
stock--.J
the
pile, the trade believes.
-
interested in the tonnage of
i
consumption in*excess of
of
sure
•
As
September 9.
domestic
Lead
were
for
not available.
were
-
present, tptals around 450,000 tons.
current
a
state¬
silver
situ¬
foreign lead that would be al¬
lotted to them for December. Re¬
ation, point out that demand from
quests were large, probably ex¬
ceeding 22,000 tons.*
',
ably in
excess
duction
plus
the arts and
industry is consider¬
of
domestic
pro¬
imports, and advo¬
i
for
to between 45,000 and,50,000 tons
cate passage of legislation
making fi
week that ended
Nov.
21
in the next week or so. Shipments the
amounted to 7,856 tons. The price unpledged Treasury silver avail¬
of domestic metal in December
able in the reconversion period to
situation was firm.
•
;
may drop below 70,000 tons.
Imports of lead in July totaled maintain an orderly market for
Negotiations for Extending pur¬
chases of foreign copper are still 35,505 tons, of which 13,262 tons the metal. Use of silver for
purely
Sales
compared with 12,224,000 barrels a year ago.
These figures do
not include any gasoline on which title has already
passed, or which the military
forces may actually have in custody m their own or leased storage
iStocks at re¬
fineries, at bulk terminals, in transit and in pipe lines.
§Not including 1 811 000 bar¬
rels of kerosine, 4,586,000 barrels of gas oil and distillate fuel oil and 8 5141000 barrels
with
Latin
was
87
aviation
139.6
this .country held
of
2,536
1,447
-
copper
in
'
'
1,209
4,598
141.5
centrate,
15
Nov. 18, 1944——-
142.0
usuaHy referred to in market cir¬
cles here covers refined
copper
314
1045
104.7
in
743
1945
119.9
105.0
quest for a 40% boost."
20
Total U. S. B. of M.
119.9
105.0
1945/110.6; Nov. 17, 1945, 110.6, and
in
dis¬
higher
has released
Total U. S. B. of M.
of
the
119.9
105.0
for
527
this
ministration
'
were
Mexico
demands
403
gasoline
118.3
\ "E. & M. J. Metal and Mineral Markets," in its issue of Nov.
states:
"Though tension over labor difficulties at automobile
plants is increasing, the demand for most non-ferrous metals for
December shipment has not slackened. In fact, requests for both
copper and lead for next month now point to a larger movement
to consumers than in the current month.
Fear of forded selling of
surplus metals by the Governments
has virtually disappeared. Mining States and Canada and 35,117 tons
>?v 33
in
118.3
Tonnage of Foreign Copper and Lead for Dec.
79.1
remains
118.2
Non-Ferrou$ Metals-ConsuiiiersSeek large
63.5
"Includes
/ 118.2
Tin
The
of
92.3
still
126.1
week 4 price series in "the index
During the
12
M.
126.2
r<v'vV
155.0
declined; in the preceding week 8 advanced and hone
preceding week 7 advanced and. 4 declined.
765
of
126.2
the second
101,
B.
'126.2
'4 119.9.
■']
If
'
86.5
S.
154.1
subgroup declined with good cattle and good calves quotatiorfs de¬
clining and more than offsetting the rise in the prices for'poultry.
The fertilizer materials index declined fractionally.
All other groups
of the index remained unchanged.
,
/
»
17.1
D,
105.6
154.7
general index.
The foods index', advancing slightly, reached a new
high level due to a small rise in the price for flour. The textiles
index also advanced fractionally/ The farm products group remained
steady with the rise in the cotton subgroup being offset by the declines
in the grains and livestock subgroups.
The decline in the grains
subgroup was due to lower quotations for corn and rye being more
than offset by a slight rise in wheat at Kansas City.
The livestock
72.1
10,
109.8
Two of the composite groups of the index advanced and one
clined but the changes were small and not enough to affect
3____.
17,
159.9
109.8
154.71
price.index1 compiled by The
National Fertilizer Association and made, public on Nov. 19, remained
unchanged at its high level of 142.0 for: the: week ending Nov. 17,
1945, the same as for the preceding week/-/ A month ago the index
stood at 141.1 and a year ago at 139.5, all based on the 1935-1939
average as 100. The Association's report added:
; * V- - 1 ~
4
Nov.
160.8,
110.2
154.7
-
The weekly wholesale commodity
No.
Nov.
133.2
-//-VV
No.
basis
130.4
132.8
166.6
sustained demand
a
tive, electrical, and hardware in¬
dustries.
The stockpile of cad¬
mium is estimated at 1,338,900 lb.
160.4
129.9
-.160.8
-_
Nov/24,
District
basis
166.0
combined—.
1926-1928
District
California
:
V 129.9
142.0
.
heavy, measured by do¬
mestic peacetime standards. The
Copper Division in Washington
1,745
1,060
5,230
1,452
6,271
prospects for
for plated ware from the automo¬
Machinery-——.—.™—4-__(
8,367
1,004
1,786
:
to
excellent
157.9
it 132.8
4—+
Copper
1
of
164.2
We also give below the report for the~previous week:
Appalachian— <■ /
District No.
like
would
because
202.8
129.9
Drugs——Lwi/—«_/
wages.
tStocks JGasoline Stocks
of
25,
turbed
{Gasoline
whom
165.2
22,
Producers.
PRODUCTION OF GASOLINE; STOCKS OF FINISHED
GASOLINE, GAS OIL AND DISTILLATE FUEL AND
(Figures in thousands
East
Nov.
operators only
or labor needed
during
of
metal
171.6
and
STILLS;
AND UNFINISHED
District—
"Indexes
the month being specified;
dates during
as best suits
equivalent
month.
CRUDE
1
Nov.
for the entire month.
With the exception of
entirely and of certain other fields for which
1 to 13 days, the entire state was ordered shut
exemptions
were
exempted
no
leases,
allowable
and
ordered
were
6
being required
to
net
which
fields
shutdowns
down
the
is
shutdowns
163.1
14, 1945.
tOklahoma, Kansas, Nebraska figures are for week ended 7;00 a.m. Nov.
includes
163.1
.'•/
66,750
1,800
New Mexico
ix
29,350
1,350
97,300
.
...
—
12,500
63,550
2,100
/+
47,000
92,000
+
190,450
'
-
28,000
-.
Wyoming
t
-
(Not incl. 111., Ind.,
Michigan
50
.*
13,700
•-
,.
Ky.)
363,550
362,850
All
100.0
291,300
150
'
215,000
13,500
___.—
GOO
550
'•
stock
163.1
'•j. 132.8
•
1—
Fertilizers
.3
600
+
many
145.1
347,100
440,500
+
and
-I
Materials—-—
Fertilizer
-
367,900
1,822,500
:
76,050
48,000
.
—
Chemicals
123,950
--—
—
to meet the requests of consumers,
143.9
146.6'
222.4
—
288,200
/
+
1944
144.4
145.2
v
167.2
.166.9
i—
I.—-—-
_
—
310,600
368,400
78,000
Kentucky
Building Materials—
.3
365,000
Alabama
Indiana
6.1
,
Arkansas
Mississippi
94,150
473,950
74,750
293,650
—
Louisiana.--
Total
Metals__
433,500
1,894,200
12,016,198
____
Louisiana
Textiles
•■V 1.3
464,250
Texas
Total
1945
145.2
173.1
-
Commodities:
Miscellaneous
8.2
151,200
W'.
'
228.3
Livestock——_—?
■
17.3
142,100
300,100
mi
18,
83,750
'
remains
173.3
1
10.8
V
;:v «'
cadmium
-228.3
i—
__
1,000
750
for
active, owing chiefly to a revival
in
plating of civilian products.
Supplies available are inadequate
Year
U Ago
,
.
-
___,
282,700
254,500
316,000
_______—
Southwest Texas
Coastal
23,550
457,750
128,000
_____
Ago
Oct. 27,''Nov. 25,
17,
1945
163.1
—
Products
COttOn
...
147,100
•;/->
/-J
Month
•
/
con-
167.3
Farm
23.0
81,000
Texas™.
Texas
+
t750
800
_
Panhandle
North
270,000
—
Nebraska
Nov.
144.9
,146.6
7.1
Kansas
24,
1945
,
Food—..—-—1———
"Y
25,3
358,050
377,300
1,450
—
Demand
Week
'and
ore
Cadmium
v
INDEX
Latest Preceding
Week
*
Each Group
in
centrate, and 7,029 tons jn blocks/'
pigs, and slabs. * • • ; .•', o •v-'
Compiled by The National Fertilizer,Association
\ 1944
1945 r{'\
Week
1945
Nov. 1
390,000
;
_™____—
over
automo¬
a
Ended
Nov.
the
of
.
period,
The farm products group advanced because of small increases
prices for rye, good cattle and lambs.
The metals group ad¬
slightly with a rise in the price for finished steel.
The foods
group declined fractionally due to lower prices for oranges.'
AH of
the remaining groups of the index were unchanged. t ^ 7; ^ -
Week
Ended
Nov. 17,
and
tonnage,.
in the
'
Change
hales
labor-difficulties
vanced
:
4 Weeks.?
Week
Ended
business
of
small
week.
Cottonseed Oil
ables
Begin.
■-
bile industry. Should automobile
plants shut down for a protracted
SSf
BARRELS)
IN
..
The small advances in the farm products and metals groups were
offset by the fractional decline in the foods index during the latest
Actual Production
Allow-
*B. of M.
•:>"iV:'Calculated
;
Requirements
Oklahoma
(FIGURES
PRODUCTION
OIL
v.state
.."'V,/''.,--;"-:
.
Y»?
and 45,608,000 barrels of residual fuel oil.
;
•
,
was
volume
others
;
fuel, and 8,514,000 barrels of residual fuel oil during the week
distillate fuel,
•
spotty last
producers reporting
some
fair
a
.
ended
Nov. 17, 1945; and had in storage at the end of the week 55,066,000
barrels of civilian grade gasoline; 25,888,000 barrels of military and
other gasoline; 13,181,000 barrels of kerosene; 45,341,000 barrels of
month.
a
:/':'v', '•<Zinc ■>,:.:''',,•;_::
commodity price index compiled by The
made public on Nov. 26, remained
unchanged for the second consecutive week at the high level of 142.0
for the week ending Nov. 24, 1945.
A month ago the index stood at
141.5, and a year ago at 139.6, all based on the 1935-4939 average as
100.
The Association's report continued as follows:
Fertilizer
of 32,327 tons
age
The weekly wholesale
National
was
estimated at 290,942 tons, an aver- c.
of lead
by producers
,
..
in progress, and,
was
with the excep¬
contained in ore and concen¬
tion of the Office of War Mobili¬
trate and 22,546
zation and Reconversion, approval
has been given to complete the
bars.
program,
advices.:
production from domestic
mines, in terms of recoverable
metal, amounted to 30,548 tons in
September, according to prelimi¬
Lead
according to Washington
■
•
"■
•,J
The Metals Reserve
tons in pigs and
•
(RFC) pos¬
sessed 543,843 tons of copper on nary figures released b,y the
Sept. 30. Of this quantity, 508,726 i of Mines. Production in
tons
was
stored
in
the
United1
K
I:
> i1
f
was
industrial
30,375 tons.
bureau
August
the
purposes,
merchants
■
seriously curtailed by
in
crease
silver
maintain, / would
the
price.
•
be
sharp in¬
a
:
"
The New York Official for for-,
eign silver continued at T0%c.
ounce.
Mine output of quiet
.
The London market
at
44d.
"
.
A-
an
was
v
"V;'
-
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4442
162
2631
Total Loads
Revenue Freight Car Leadings Daring the Week
Ended Nev. IT, 1345 Decreased 37,857 Cars
Loading of
•
totaled
800,361
nounced
the
cars,
This
Nov; 23,;
on
was
a
Railroads
American
of
Association
^
products loading totaled 31,448 cars, a
Forest
'
week in 1944.
the corresponding
f.
,
January
of
4- Weeks
1
3,001,544
3,049,697
4,018,627
3,374,438
3,452,977
of February.!
——•—;
March—.——— v.; •;
4:
Weeks
B
Weeks
of
4' Weeks
of
April—,
■!
;
v-
of May
4-Weeks
3,158,700
4,338,886
3,459,830
3.576,269
4,424,765
Weeks
Weeks
of
August—.—.
of
September—————i.——1 :/.•>/
4,116,728
4
Weeks
of
''
3,150,712
851,962
838,218
800,361
4
Week
October—
...—;
—
3—
November
of
;-p
———
—.
Week
of
November .lO-cj—.—
Week
of
November
V Total
f
—
The following table ,is a. summary
-
893,069
REVENUE
-1""
\
•
v
Aroostook—•———
Boston & Maine
Chicago, Indianapolis &
Delaware, l.ackawanna &
1,000
4,739
7,600
447
:
Western——
Detroit & Mackinac—-
—
1,989
Ironton—_—-—-
Detroit & Toledo Shore Line—
r*
;
Maine Central—
7,841
——
Monongahela
•
; y
———.
Central Lines——.—
—.
y., N. H. & Hartford—
New York, Ontario & Western—
tn.
—
Chicago & St. Louis.;——.
Susquehanna & Western———.
Pittsburgh & Lake Erie—
Marquette-—
—
.
r
Pittsburgh <fc Shawmut———
—•
& North—
Virginia————.
Pittsburg, Shawmut
1,110
Wheeling^
-
-
—
.
7,967
23,664
10,845
9,474
26,456
810
851
-129,970
126,605
105,677
124,890
■
:V'
lb,723
17,636
13,472
13,288
2,783
3,010
3,438
22,098
22,289
9,353
3,936
3,396
"3,669
4,071
9,694
3,975
8,750
13,333
17,863
172.
498
594
482
381
7,651
9,072
8,723
9,023
467
406
420
122
15,499
15,161
15,591
590
491
Bay & Western...
*
••
279
10,722
<:
180
7.260
5,188
585
656
~
602
1,025
1,063
44
V -,
2,378
2,193
6,427
5,523
6,806
3,305
2,540
2,920
11,640
11,102
11,890
4,541
5,866
.
131
253
168
; 487
566
1,814
2,442
2,548
2,394
3,546
103,065
107,975
115,121
58,786
65,762
23,769
25,879
24,294
10,418
15,890
3,103
4,106
3,508
2,940
3,600
•
!
'
404
406
77
62
Chicago, Burlington & Quincy
Chicago & Illinois Midland
20,897
22,575
22,287
11,225
13,820
2,703
2,918
3,302
684
975
12,923
13,163
13,002
11,443
f
-V-
2,632
3,193
3,032
2,847
1,048
./• 1,206
1,193
1,609
5,326
2,913
4,025
5,514
5,156
4,837
:
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
■V
504
-
City
.'773
680
662
969
982
1,543
■
—
Hlinots Terminal
>
35
1,201
1,763
Fort Worth & Denver
20
Vs
1,979
2,440
1,321
1,682
1,199
496
584
1,217
2,244
147
853
939
741
922
19
12
12
0
Peoria & Pekin Union
Southern Pacific (Pacific)__1
26,468
•
w
■
_;
0
431
-
799
Western Pacific
30,738
29,653
19,797
—
■
Total———'
0t- -i
20,448
492
708
2,083
127,615
f
141,199
-
1,836
13,893
9
'
16,877
r'::>
3
3,170
■4,537
77,843
2,618
■
14,034
10,047
408
;
22,088
r-'..
2,109
^
.;"/y" '■
Burlington-Rock Island
Kansas City
8,728
331
105,829
2,160
2,376
3,243
3,651
2,875
5,127
2,165
-
3,738
;
309
i
-
291
.
;
1,288
1,018
212
Missouri-Kansas-Texas Lines..!
-
_V.
100
13,017
14,531
1,641
1,395
1,660
181
357
4,672
18,536
648
42,246
3,678
*
1.336
5934
Cornwall—--———^. - -504
Cumberland & Pennsylvania———
260
Llgonier Valley—
—-—•
42
Youngstown
7,876
2,208
2,298
•Not
1,550
1,449
Note—Previous
8,465
4,013
6,099
485
'
V
671
15,110
2,114
-7,654
6,896
5,406
5,125
6,122
820
903
27
313
354"
The
1,103
6,357
6,780
10,387
Union
4,344
5.241
4,519
161,490
167,397
189,371
683
769
1,012
1,199
24,677
cates
222,026
28,121
-
members
the
figures
45,883
47,043
of
:
1,606
6,998
404
'47. 5;v,
78,826
Midland
Valley
-
48
23
31
29
81,023
56
56,237
68,854
^
1,626
(Pittsburgh)-----———~Maryland^.
Association
on
the
■....
—
15,690
-Pocahontas
District—
of
time
the
total
operated.
These
49
V'
55
635
238
52
154
8
W
1,715
1.360
4,058
4,750
1,971
1,991
1,759
2,398
84,662
86,280
61,384
66,188
15,717
25,445
28,619
Sept. 22
19,507
20,028
4,638
5,004
4,048
4,993
10,695
12,811
"
/
Aug.
189,304
193,776
151,295
169,642
Virginian-'
12.985
29,097
30,708
13.930
22,570
21,799
23,569
7,351
1
4,332
4,859
1,961
56>831
59,136
23,242
23,146
Total—'
Tons
Current Cumulative
153,368
109,034
582.785
532,186
J 61,763,
173,322,
159,653
125,683
160,303
162,065
155,428
134,324
154,147
160,031
155,723
140,583
156,551
—
13
—___
—135,756
20
27
—
3
94
94
82,362
150,029
128,061
Oct.
:
94
6„——193,674
OCt.
;
577,024
8—w__——160,857
Sept. 29—
2,671
55,228
_
t *
Activity
.
mailed un¬
of small
articles
classification
the
der
v
not acceptable in the
are
Poland.
However, there is no parcel
service to Czechoslovakia.
151,365
.
.
post
488,289
494,699
,97
527,938
:
80
515,295
489,702
492,880
96
533,087
506,935
489,971
468,549
93
96
95
97
Nov.
94
^
'
Note*—Unfilled
not
93
ments
For
to
reporting
80%
of'
softwood
For
of
.date shipments
identical mills ex¬
production by 4.0%; orders
the year to
reporting
94
ceeded
94
by. 6.2%.
Compared to the average corre¬
sponding week of 1935-1939, pro¬
duction
of reporting mills was
156,223
511,022
97
94
154,122
479,228
95
94
of the prior week,
amounted
98
201,060
orders
mills
96
plus orders received, less production, do
equal the unfilled orders at the close.
Compensation for delinquent
orders made for of filled from stock, and other items made necessary adjust¬
of unfilled
orders.
necessarily
reports,
ing
of the report-
stocks.
93
94
■vft
•
Unfilled order files
mills,, unfilled orders are equiv¬
alent to 29 days' production at the
current rate, and gross stocks are
equivalent to 34 days' production.
94
93
93
93
123,281
—
17—
National Lum¬
Association,
lumber shipments of 453 mills re-;
porting to the National Lumberv
Trade Barometer were 8.3% be¬
low production for the week end-'
ing Nov. 17, 1945.
In the same
week new orders of these mills
were
5.0% less than production.
Manufacturers
ber
94
99
v
Nov./17, 1945
According to the
93
67
v :
..
Ended
.
7>490
4,601
29,660
——
—.——.
25
Sept.
Sept.
■
153,694
131,952
18
Aug.
15
.
Tons
v
Percent of
Remaining
157,653
——
Sept. 15
15,896
171,877
Tons
,
.
Unfilled Orders
Production
223,467
Aug. 11—
175
y
Norfolk & Western-—
-
4
Nov.
Chesapeake & Ohio—;
Orders
Received
./
1945—Week Ended
Oct.
Total-..
small packets up to two
pounds, three ounces and samples
up to 18 ounces.
Lumber Movement—Week
83%
\
14
18,781
Oct*
•
to
weight limit of four pounds, six
post packages for these
countries are limited to 11 pounds.
K
represent
STATISTICAL REPORTS—ORDERS, PRODUCTION. MILL ACTIVITY
547
17,331
3,753
re¬
paid ? at the letter
matter in general
be mailed to those countries up
articles
advanced to equal 100%, so that they represent the total
erlod
J*
*
8
1,175
7,557
the
packets, are not acceptable for
Finland and Poland, and dutiable
Ry.
(
activity of the mill based
are
'
.
..
*
■
printed
ounces;
5,401
Goldman
20
commercial papers may now
,5963
7,362
;
this
,
1,857..
4,832
5,556
1,749
Western
"Packages
rate,
and
84
6,072
Nov.
of
6,546
;
Albert
on
information from - the
Post Office Department at Wash¬
ington that Postal Union (regular) —:
mail articles addressed for deliv- ery in
Belgium, Czechoslovakia,
Denmark,
Finland,
France,
Greece, Luxenbourg, Netherlands,
Norway, Poland, Switzerland and
Yugoslavia may be accepted for
mailing subject to the
normal
weight limits and other condi¬
tions applicable to mail for those
countries.
The advices added:
ceipt
14,788
member of the orders and production, and also a figure which indi¬
12,191
3,503
-■
known
72
industry, and its program^ includes a statement each week from each
2,849
1,055
:
Weight
Printed Matter,
on
Postmaster
made
a
paperboard industry.
23
1,965
f
.
Etc., Sent Abroad
3,885
2,908
year's figures revised.
199
;
363
1,203
j.
Paperboard Association, Chicago, 111., in relation to activity in the
1,566
Lines—
Pennsylvania System—
Reading Co.———
Limits
429
We give herewith latest figures received by us from the National
7,682
'246
.
364
;
.
Restore Normal
6,925
Weekly Statistics of Paperboard Industry
/
17,675
78,904
H'o2?
Long Island-——————
Pen'n-Reading Seashore
reporting firms or of partners of
those firms.)
7,348
7,645
933
•
;1
Parcel
3,148
2,091
~
credit
firms
of national
members
letter mails for Greece or
53,903
13,228
7,008
6,715
v-
..
F.394
■
1,034
are
8,986
18
2,149
10.549
9,771
in
include
not
securities exchanges, or free credit
balances held for the accounts of
117
: ; 288
47,274
14,131
53,614
49,916
.
(Does
accounts, or free
balances
held
for
other
7,255
3,697
286
29
2,596
v
2,670
V
29.
modity
4,789
47
flncluded
credit
credit balances in regulated com-
103
14,029
7,760
2,319
6,254
reporting,
free
Oct. 31 stood at $632,-
compared with $594,456,-
Sept.
3,469
7,635
228
2,061
2,289
customers'
on
However,
3,389
8,593
pl
—••
759
'/V
of
397,068
9,433
63,857
168
—
Lake Erie—_
—
Buffalo Creek & Gauley——
Cambria
& Ind'ana—.
Central R. R. of New Jersey
Bessemer &
Total
balances
segregated
Commodity Exchange
'■ .'V
77
industry.
Akron, Canton &
Act.)
balances
of
the
under
10,598
Allegheny District—
Baltimore & Ohio,——_——
clusive
138
Weatherford M. W. & N. W
2,149
on
against $266,036,504 Sept. 29, (Ex¬
483
3,699
I 14,684
16,419
3,942
1,237
602
6,436
88
TotaL
/
in banks
Oct. 31 is reported as $280,158,273
1,296
13,308
343
'
V
19,385
Texas & New Orleans
2,529
V;
2,279
.
hand and
on
10,231
i-
Wichita Falls & Southern
147
2,603
■
7,104
Texas & Pacific
1,331
Cash
6,189
i
balance
debit
net
i
12,049
~.
•
Louis-Southwestern
11,354
2,760
3,098
2,421
244
l£f,843
5,562
Quanah Acme & Pacific
269
t
2,693
3,711
,
215
Missouri Pacific—
St. Louis-San Francisco
343
t
5,478
t
'
Missouri & Arkansas
St.
628
391
7,516
2,325
Midland Valley
44
350
734
6,130
2,691
,i..
4,315
_
Southern
12,621
.
»
2,067
Litchfield & Madison..
Y.357
2,414
10,382 \
139,229
Southwestern District—
_
on
0
North Western Pacific
Louisiana & Arkansas
,
in
total.)
93
775
:
1,993
1,147
Nevada Northern
1,906
\
46
Credit extended to customers
obligations was
$158,242,766 at the end of October,
compared with $153,451,610 at the
end of September. (This amount Is
2,076
1,260
Missouri-Illinois...
or
U.S.' Government
6,627
Chicago & Eastern Illinois
14,494
1,856
exchanges,
securities
13,655
V.
for
firms.)
•v
which
Bingham & Garfield
368
national
held
members of
are
"own" accounts of reporting firms,
or
accounts of partners of those
92
2,268
2,188
:
Kansas, Oklahoma & Gulf—
12,664
V
244
312
.
4,942
T51,355
—-
;
■
207
;
1,197
1,002
:
Total
accounts
in
other firms which
3,325
21,057
:
compared
included
•
17,856
2,692
Inteifcational-Great Northern
,-•'1.437
:
7,926
i, 1,871
839
6,206
43b
6.808
5-6i0
730
157
753
•
Central Western District—
1,435
&184
8,067
6-244
—
Lake Erie—
Total
11,016
23,336
125,761
Alton
1944
1.125
5;012
—
-
8,317
387
448
10,687
25,218
'"»•
Northwestern District—
Atch., Top. & Santa Fe System
Total Loads
v4i-:;:
29
9,299
,
;
Pere
Wabash
1,339
1,085
for
1945
1,269
1,268 *
8,710
2,330
45,832
;
—
Pittsburgh & West
.2,365
1,456
961
Spokane International
Spokane, Portland & Seattle
Received from
6,816
v
Rutland
4,948
1,388
376
532
138
Minn., St. Paul & S. S. M
Northern Pacific—.
1/7 K
254
186
# 2,040
N. Y.,
3,958
1,117
499
836
-.
167
Utah
1943
'
408
Lehigh & Hudson River
—
Lehigh & New England———v
Lehigh Valley
——
New York,
3,475
1,048
398
Lake Superior & Ishpeming
Minneapolis & St. Louis
CONNECTIONS
2,541
6,951
4,093
Orand Trunk Western
Montour-.—--——
385
r
10,795
Union Pacific System—
359
c
11.707
Erie.———
New York
988
437
Toledo, Peoria & Western
L 1,925
r 424
^ 32
—
Delaware & Hudson-——-
&
9,842
197
297
3,685
1,104
Ft. Dodge, Des Moines & South
Great Northern..
Connections
2,639
.—
Central Vermont———-———
Toledo
balances
26,302
184
148
882,287
Total Revenue
6,521
Louisville——. .;// 1,151
Central Indiana————
Detroit,
•
12,141
695
406
,
Arbor—1-—.1—--
Bangor &
*
1944
Eastern District—'
Ann
^
Railroads -;■ /-V-v
26,496
..
25,895
847.972
!'
.
16,941
3,085
;
839,504
of the freight carloadings
(NUMBER OF CARS)
.
14,707
.
AND RECEIVED FROM
WEEK ENDED NOV.
LOADED
4,491
30,016
...
Gulf Coast Lines
FREIGHT
.
822
4,144
-
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha_.
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic
Elgin, Joilet & Eastern
v
18, 1944.
468
25,612
•
railroads and systems for the week ended Nov. 17, 1945.
During this period only 40 roads reported gains oyer the week ended
$1,062,941,062,
of
4,504
29,559
Chicago Great Western
37,890,714
31
Oct.
1
489
1,278
602
r
ances
4,561
755.
the separate
Nov.
2,413
carrying margin accounts reported
total of customers' net debit bal¬
26,729
Chicago & North Western
754,739
38,940,875
2,148
on
452
1,185
863,992
' 37,638,367
•
1,182
♦lose of business
the
of
5,127
TotaL
3.607,851
U
-
17_*—: 11
•
.
.3,598,245
;
115
520
Green
As
Wednesday, Oct. 31, member firms
o£»the New York Stock Exchange
with $1,083,687,915 on
Sept. 29. These figures* include all
securities, commodity and other
accounts.
(Do not include debit
240
i
3,554,694
4,456,466
5
June—;
of July
Weeks
1,541
127
Winston-Salem Southbound
3,455,328
3,441,616
4,364,662
3,378,266
3,240,175
of
weeks
4
1,478
4i
r..'
53
:<
.:
Tennessee Central
2,910,638
3,055,725
3,845,547
3,152,879
3,363,195
4,003,393
3,916,037
3,275,846
1,968
I.?
2,382
N. Y.
Slock Exchange
734
2,337
Seaboard Air Line
1943
3,154,116
563
Chicago, Rock Island & Pacific—...
•1945
——
—.
130
252
.
1944
11,
296
143
Richmond, Fred. & Potomac
reported decreases compared with the corresponding
Pocahontas, and all reported decreases com¬
•
3,026
253
Southern System
decrease of 2,279
"•
1,754
2,787
311
62
Piedmont Northern.
in 1944 except the
r
1,371
1,752
340
Nashville, Chattanooga & St. L
,
pared with 1943,
4*2
1,754
454
119
Norfolk Southern^—
loading amounted to 32,787 cars; a
All districts
414
1,752
Mississippi Central.;
937
the
.
9,231
4,792
3,861
""^452
—
glinols Central System
Duisvllle & Nashville
decrease of 9,356 cars
week-and. a decrease J of ^ 7,238 cars below the
corresponding week in 1944.
V ' ^
1.
.^;.'.,iCoke loading amounted to 12,832 cars; an increase of 290 cars
above the preceding week, but a decrease of 1,311 cars below the cor¬
responding week in 1944. •
'
Week
183,440
3,856
Macon, Dublin & Savannah
below fhe preceding
.
13,101
4,112
Georgia
Georgia & Florida
Gulf, Mobile & Ohio—
decrease of 10,004 cars below,
' •
below the preceding week and a
Ore
12,386
1,548
11,975
5,193
Gainesville Midland.
products -loading for the week of Nov. 17
increase of 334 cars above the preceding week
increase of 2,537 cars above the corresponding week in 1944.
loading'amounted; to 25,005 cars, a decrease of
below the preceding week, but an increase of 688 cars above
cars
2,934
1,228
Florida East Coast.—
corresponding week in 1944. - In the Western Districts alone loading
of livestock for the week of Nov'. 17 totaled 20,085 cars, a decrease of
736 cars below the preceding week, but an increase of 1,033 cars
above the corresponding week in. 1944.
i
>
362
2,106
707
Durham & Southern—
cars, an
Livestock
cars
184
702
and grain
36,610
an
'
325
874
Columbus & Greenville.^
/
Grain and grain products loading totaled 55,889 cars, a decrease
of 1,451 cars below the preceding week, but an increase of 3,854 cars
above the corresponding week in 1944.
In the Western Districts
and
435
681
'
on
1944
1945
767
Clinchfield.
♦
grain
1943
434
Charleston & Western Carolina
.
alone,
1944
901
Central of Georgia
7.4%, and a decrease below the same
9.3%.v*
Loading of revenue freight for the week of Nov. 17 decreased
37,857 cars, or 4.5% below the preceding week. /
Miscellaneous freight loading totaled 354,423 cars, a decrease
ofl 1,924 cars below the preceding week, apd a decrease of 53,812
cars below the corresponding week in 1944.
^ ■ v,'-V> V:7"
•
Loading of merchandise less than carload lot freight totaled 115,924 cars, a decrease of 569 cars below the preceding week but an in¬
crease of 6,955 cars above the corresponding week in 1944.
Coal loading amounted to 172,053 cars, a decrease of 11,631 cars
below the preceding week, and a decrease of 2,763 cars below the.
corresponding week in 1944,
J. ' ,
totaled
Connections
1945
Atlantic Coast Line
an¬
week in 1943 of 81,926 cars or
:
Debit Balances
Received from
Atlanta, Birmingham & Coast
week of 1944 of 63,631 cars, or
:
Total Revenue
Alabama, .'Tennessee & Northern..
Atl, & W. P.—W. R. R. of Ala._.__
below the corresponding
decrease
*
.
Southern District-
1945,
freight for the week ended NoV. 17,
revenue
'
Prelght Loaded
.Railroads
;
32,8% less;
•
shipments were 32.3%
less; orders were
31.7% less.
•.
■»
THE
2632
Assistant Treasurer and Assistant
Items About Banks.
Reginald W. Pressprich, a lim¬
of R. W. Pressprich &
Co., has been elected a member
ited partner
anies
board
the
of
Franklin
Hayden was appointed
Carl W,
a
Vice-President of the National
City Bank pf New York at the
meeting of the bank's board of di¬
rectors on Nov. 27.
Mr. Hayden,
who is stationed in London, hap
Supervisor
of
English
branches.
A native of Minnesota,
been
Hayden attended the Uni¬
versity of Minnesota and began
with the bank in 1916.
He _has
Mr.
had
extensive foreign banking
an
experience.
The following, were
appointed
Assistant
Vice-Pres¬
idents at the same.meeting: Sam¬
uel T. Bitting,
Granville S. Carrel,
Joseph G. McCarthy, Oscar
Nor-
gard and George C. Scott.
State Banking
York
New
The
Department announced on Nov. 23
its
approval of a certificate of
increase of capital stock of United
States Trust Co. of New York,
$2,000,000,
consisting
of
20,000 shares of the par value of
$100 each, to $4,000,000, consisting
of 40,000 shares of the par value
of $100 each.
Provision for the
from
made
through
a
stock
dividend
of
100%, approved
by the stock¬
capital
increased
was •
.
holders
21 and declared
Nov.
on
by the trustees on Nov. 23, pay¬
able Dec. 27 to stockholders of
10.
record Dec.
Fischer,
J.
Mathias
'
formerly
Comptroller, and Frank A. Sherer
and, Louis ;F. Gerber, Jr., for¬
merly Assistant Vice-Presidents,
have been elected Vice-Presidents
of
Corn
Exchange Bank
Trust
Company of New York.
William
H.
Blum,
formerly
Assistant
Government
States
securities."
The letter stated
or
other
that total of
bank over the
earnings of the
net
period from Jan. 1, 1936, to Sept.
30, 1945, was $12,943,934, of which
less than 50% was paid out in
cash dividends.
He also said:
"During those years profits on
securities and recoveries have, for
part, been used to write
securities owned,
reserves
and other purposes
therefore are not included, in
the most
down the cost of
for
and
figures.^ The bank's
lending operations, which have
become greatly diversified, have
grown
and have shown exceed¬
ingly good results.
In view of
the position now reached by your
bank
and the outlook for even
the earnings
activity in its business—
of the board of
directors that it would be in the
best interests of the bank and its
stockholders to increase at this
funds." /*■'
time its capital
'
•
at which the new
stock will be offered to stockhold¬
ers will be determined by the di¬
The
price
rectors
day of the stock¬
the
on
trustees
Savings
of
of^New
Bank
John B.
who
of
was
the
Reimer, retired banker,
organizer and President
Third
Ozone
Bank
National
Directors of the Public
National
Jark, Long Island,
Nov.
on
continued
at the age
15
as
of
member
a
of New
issuance
of an additional 110,000 shares of
capital stock for the purpose of
increasing
the
bank's
capital
have proposed the
•funds to
level
a
in line with
more
in deposits over
the
last
10
years,
it was an¬
nounced on Nov. 26 by E. Chester
its large increase
.
Gersten, President of the institu¬
tion.
It is proposed to offer the
new shares to stockholders of rec¬
ord
10
Dec.
share of
offer
will
of
one
stock for each four
held.
shares
basis
the
on
new
subscription
This
be
underwritten
by
a
group
of
investment
bankers
headed by the First Boston Cor„
/
recom¬
mendation for issuance of the new
stock
will
of
the
at
a
on
■
directors'
The
poration.
be
submitted
stockholders
Dec.
special
10.
of
for vote
the. bank
meeting to be held
Upon completsion of
the
financing, the management
contemplates increasing the an¬
nual dividend rate of $1.65 per
share from the present $1.50 per
share annual rate.
v
V-
he
also
was
and
of the
one
former
a
organizers
of
Vice-President
Richmond Hill
the
in Richmond
Savings Bank
Hill, Long Island.
At
meeting of the stockhold¬
a
of j. Garden
and
Trust
Company,
Garden
City,
Long Island, NVY., held Nov. 2,
authorization
was
given to in¬
crease the capital stock from 12,000 to 18,000 shares by the sale
of
an
additional
6,000
shares.
ers
Stockholders
may
Ciyt
of
Bank
Mr/Gersten,
.
in
a
letter to the
stockholders,
stated
that
since
Dec.
31, 1935, the bank's total
deposits
have
multiplied
three
and one-half times, or from $138,312,940 to $482,384,176 as of Sept.
30, 1945.
"Capital funds, as rep¬
resented by capital stock, surplus
and undivided profits, have also
substantailly increased,", said Mr.
Gersten's letter, "although not at
the same rate as deposits.
As of
Sept. 30, 1945, such capital funds
aggregated $21,561,007 and com¬
pare with $13,702,573 on Dec. 31,
1935, an increase of over 57%."
"This figure," said Mr.; Gersten,
"indicates
of
$49
$17.50
a
on
book value per share
the 440,000
shares
of
stock
subscribe for one-half a new
for every one share now
The stock will be offered
mitted
surplus.
share, of which $25 will
to capital and $15 to
The rights which were
issued to
stockholders
at
$40
1,845 employees who left
the National City of New York
to serve in the armed forces dur¬
Out of
World War, 476
have been honorably discharged.
Of this number, 393, or 82%, are
the
ing
back
trust
Bank
The
very high
City
affiliate,
Company.
Trust
Farmers
this
considers
bank
either the bank
work in
at
its
or
second
a
per
credited
be
expired
on
on
standing. and if allowance is
made
common
for stated unallocated
reserves
contingencies, the book equity
share
of
common
stock is
The bank's statement
for
per
$54.50.
did not
re¬
Nov. 5,
It is expected
Nov. 20.
that the increase will become ef¬
fective
on
or
about Dec.
1:
bursing Office, amounting to more
than $10 billion a year and for
the
collection
$1,500,000,000
the
due
approximately
annually which is
on
renego¬
tiation
of
contracts,
rentals of
property and equipment, etc. This
year, in addition to his assign¬
ments
in
Washington, - Captain
,
Wakefield
named
was
three
the
members
as
one
of the
of
Three officials of the First Na¬
tional Bank of Atlanta, Ga., have
recently resumed their duties with
the bank following their discharge
forces.
from the armed
They are,
according to the Atlanta "Consti¬
tution," J. Arch Avery, Vice-Pres¬
since
C.
1929;
and Charles R..
T. Hardman
Yates, both Assis¬
tant Vice-Presidents.
V
'
regular monthly meeting
Los
&
Trust
National
of
Bank
Savings
Calif,,
Angeles,
held
on
21, J. A. Carrir.gton, for the
past two years manager of the Do¬
mestic Trade; department; of the
Los
Harris, Beach, Keating, Wilcox
Mr. Car-
rington assumed his duties in the
Development department
of the bank on Nov. 26.
A grad¬
Business
uate of Stanford
University, J. A.
has
had
previous
banking experience with ' Harris
Trust and Savings Bank of Chi¬
Carrington
at Los
He joined the staff of
Angeles Chamber of Com¬
and California Bank
cago
gold stars.
-
;
;yu:'u';*/.■;
Dale, to the directorate of the
Security Trust Company of Roch¬
ester, was announced on Nov.
Morris Plan Bank of New
The
the
announced
on
Nov.
of John
M.
O'Rourke as
election
19
Assistant Vice-President, who was
Capt. Wal¬
(SC),
.Wakefield
Milton
lace
USNR, as a Vice-President of the
Pennsylvania Company for Insur¬
ances on Lives and Granting An¬
in 1941 as Director of Pub¬
lic Relations.
;
latter.
Assistant Treasurer of the
He
is
of
director
a
and
porations
several'
member
a
7th
the
of
Committee
Finance
cor¬
of the
Regiment Veterans Organization.
The Morris Plan Bank has also
announced
the
election
to ■■ its
board of directors of Col. Ellery
C. Huntington, President of the
Equity.. Corporation, ... American
General Corporation, First York
Corporation, Utility Equities Cor¬
poration and recently was elected
President of the Morris Plan Cor¬
poration of America.- He is also
Chairman of the Executive Com¬
of
mittee
the
organized
newly
American Installment
Corporation
formed
by
-
founder
of
the
Arthur
the
of
development
nance
program.
Plan,' for
a
v
;
:.
fi¬
Re-election of Commander Gene
ney,
Commander
Tun¬
Resigned from the board at
the time of entering military serv¬
ice
well
as
ness
as
from his other busi¬
interests.
In
accepting
the
directorship, Commander Tunney
said
that it
was
his first business
affiliation since leaving the serv¬
ice.
.
v
The
New York
shortly and will assume his post
at the bank after the first of the
After he was graduated
from Colgate University, Captain
year.
Wakefield became associated with
Security Savings and Trust Com¬
Erie, Pa., and prior tp en¬
tering the service in 1941, was
Secretary of the Security-Peoples
Trust Company of Erie, Pa.
V
pany,
As
he
a reserve
officer in the Navy,
to
ordered
was
active duty in
July, 1941, in the Supply Depart¬
ment of the Naval Aircraft Fac¬
Philadelphia, with the
senior grade.
tory
at
rank
of Lieutenant,
The
following
named
August,
he
was
district coordinator for the
Fourth
Naval
District's
program
defense
included the
with the
to Junior Vice-
Savings
Business
Department.
'
.■
Trust Company
recently announced the promotion
of John T. Degnan from Assistant
statement of
the Canadian
The
\
Oct. 31,
Bank of Commerce as of
1945,1 shows deposits on that date
$1,202,981,316, largest in the
history of the bank.
This comparesN with deposits of $1,095,013,865 on Oct. 31, 1944. - Total assets
on
Oct. 31 amounted to $1,284,320,784 compared with $1,178,647,a
year earlier.
On Odt. 31,
423
and had a major
1945, paid-up capital of the bank
$30,000,000 and the reserve
fund was $20,000,000, both figures
was
the
during
past
12
months..
Mass. How-
*
ever, due to anticipated transportation difficulties, crowded hotel
1
conditions,
departments.
In Jan¬
1942, he was elevated to
and that
Lieutenant-Commander
transferred to the Navy
Department, Washington, as Dpeuty Coordinator for War Bonds.
It was his duty to select reserve
officers, supervise their training
and assign them for duty in all
parts of the world.
He was also
given the task of organizing tfre
Community Fund Campaign in
the Navy Department. • 1
year was
Wakefield was raised
Treasurer to Assistant Vice-Presto his present rank last January.
ident
and
the
appointments of In his present assignment, he is
H. A. Brennan and C. II. Bruns as personally responsible for the le-
unrealized
appreciation
v.™.-.. fja* r
in
r. .zr v tru?-*
affair
streamlined
limited-to
a;
of threeand one-half:
days, Mr. Scott states. It will open
on
the afternoon of June 11 and
close June 14.
; iT.,
program
The
\
.
regular convention of
was held in New Or¬
last
the Institute
leans, Louisiana, in 1942. In
June,-
1943, the A. I. B. held a wartime
in
Chicago, Illinois,
with restricted attendance. It held
conference
in St. Louis,
similar conference
a
Missouri, in June, 1944. Plans
a
for 1
scheduled
conference
wartime
Ohio, in June, 1945,/
were abandoned because of Travel
conditions and Government regu-;
for Cleveland,
lations, and a meeting
constitution.
the
the
for
of the Ex-,,
instead
provisions of
Local arrange¬
convention next
-
year
Cincinnati
President."
Life Insurance Deaih
Benefits High
families
York
New
$159,296,000
in
life
death benefits in the
received
insurance
first nine
under 152,120
claims, the Institute of Life In¬
surance reported on Nov. 20. This
compares with $155,007,000 in the
corresponding
period
of
1944,
when 150,040 claims were paid,
and $127,144,000 in the like period
months of the year,
of
1941,
pre-war
were
128th
The
annual
136,399
when
paid. :■'{/T:
•!
continuing flow of bene¬
fits
is
an
important stabilizing
force in the present period of re¬
ended Octc 31, released
shows deposits of $1,613,428 000 and total resources-of
$1,715,934,000,
both
establishing
the highest levels in the bank's
history. Deposits increased nearly
cal
year
Nov.
26,
$200,000,000 during the year.
total resources as reported
pared
with $1,526,734,000
of the
end
The
com¬
at the
preceding/fiscal
year.
gains reflected the high
; business
and financial
These
of
level
activity throughout
"Canada.^The
report, signed by George W. Spin¬
ney;, President, and B. C. Gardner,
General Manager, also disclosed
that the bank passed the billion
dollar mark in Resources repre¬
-
by Government and other
bonds and debentures, the greater
sented
mature
which
of
consisting
at
Dominion
dates.
early
$162,-
Such holdings increased by
000,000 during the year to reach
a
record total of $1,117,604,000.
Commercial and other loans in¬
creased
from
$203,104,000
during
year" to $213,417,000 which,
said, was an indication
the
the report
of increased
tivity
as
private business ac¬
opposed to the trend of
preceding
years
when firms en¬
gaged on Government war
had less need for
Net
work
banking credit.
to a peace economy,"
HoJgar J. Johnson, Institute
ad justlnent
said
President, in reporting the figures.
"Insurance
benefit dollars have*
go
to families in
circumstances
and £■'_
they are funds which go into im¬
mediate
circulation
throughout
the community. The aggregate of
death
benefits
in - these
nine
months has continued high largely
because
of
war * death
claims
which have offset the benefits of
a
continued
low civilian death
rate. War claims did not fall off
immediately after V-J Day be¬
cause of. the natural: delays
in
transmitting notices from distant
theatres and in""clearing up cases
previously reported missing." The
advices from the Institute add:
continued
to
emergency
"Of the aggregate
payments £n
$113,636,000
this state,
was
under
ordinary
policies;
$18,under 8,639 group life
insurance policies; and $26,p83,000
41,851
677,000
was
was
101,630 industrial in-'
policies.
. /
.
under
surance
"For
the
nation
as
a
whole,
paid as death
claims under 1,008,090 policies in
$967,474,000
the
first
was
nine
months,
compared
$899,593,000 under 941,856
policies in the corresponding pe¬
riod of last year and $751,490,000
under 818,255 policies in the first
three quarters of 1941."
<
with
profits of the bank after taxes
amounted
with
to
$2,934,682 compared
$2,694,300
in
the
previous
adjusted figure
sion
for
.
flect
and' the
continuing,
problems of the banks,
will be a *
convention
1946
"This
•
Government and high grade provincail and municipal securities
ernment
Institute, who is also As- *
Cashier of The First Na¬
tional Bank of Boston,
claims
portion
Captain
sistant
Development
President,
plan for the purchase of
bonds by employees at the Phila¬
delphia Navy Yard which has
since become standard in all Gov¬
uary,
the
of
Bank of Cleveland, is
of
part in developing a payroll sav¬
ings
...
Tunney, USNR, to its board of di¬
rectors,
was
also recently
an¬
nounced by the MQrris Plan Bank
of New York.
f
nation-* savings
automobile
dealer-bank
wide
Morris,
J.
Morris
Captain
:
11-14, next, it was announced by
David T. Scott, national President *,
bank for 20 years,
and
board
Citizens National
statement of
the Bank of Montreal for the fis¬
became
28.
.
the ;
resume
election of John R. Holt,
the
by
of the
Disbursing Office in Washington,
will be released from active duty
Trust •Com¬
subsequently
he
pany
absorbed by
was
Midland
Marine
the
Nov.
an¬
will
B,
will be in general charge of
Chapter,
of
which
Louis R. Sabo, of the Cincinnati
branch
of
the Federal Reserve
action
Other
■
unchanged
institution
that
on
was
I.
A.
The
ments
•
Mr. O'Rourke joined the Fidelity
Trust Company in 1926 and when
nounced
Philadelphia,
v
holding of its conventions with its
43rd annual meeting scheduled to
be held at Cincinnati, Ohio, June
the Los
merce
Wakefield, now serving as officerin-eharge of the Finance Group
of the Bureau of Supplies and
Accounts and of the Central Navy
a
ing of the Council, further: plans
will be made.
for the convention
ecutive Council was held
nuities' of
appointed
Hotel, Dallas, Texas. At the meet-'
under the emergency
member of the"
bank's commercial executive staff.
also
ing Executive Council is scheduled *
January 13-15 at* the Baker .
of
-
The appointment of
York
16
,
for
Angeles.
and
by the board of directors.
Chamber of Com¬
named a Junior Vice-
Angeles
merce, was
President of the bank.
meeting
American Institute of Bank¬
manpower,
-r
of the board of directors, Citizens
Trust
of
The annual mid-winter
of the
the
At the
of
AIB In Dallas
board
of managers of the Bank of Guam.
ident
Mid-Winter Meeting
of
Government
dierctors
'
According
to
the
Rochester
"Times Union,", the election
of
Charles S. Wilcox of the law firm
percentage either for banks or
industry.
This report is • as of
Nov. 15 and at that time the Na¬
out¬
par
29
Oct.
record
share
holders at their meeting.
pay¬
Central Navy Dis¬
by the
Nov.
held.
will be sub¬
for approval by the share¬
,
:;
the
Queens Advisory Committee. Ac¬
cording to the "Brooklyn_Eagle,"
holders' meeting and
Bank and Trust Company
York
of
N. Y.,
of 74.
Following the purchase of the
Ozone Park bank by the Bank of
the
Manhattan Co., Mr, Reimer
died
tional City service flag carried 54
Comptroller, was appointed Assis¬
tant Secretary. ■,
'T'/Vv/TS V:'/
the
York, it is announced by Henry J.
Cochran, President. The bank, at
Eighth Avenue and 42nd Street,
has
resdurces over $135,000,000
and serves more than 90,000 de¬
positors."'" ;V ,■ V/
greater
it is the judgment
of
propriety of all
gality and
ments
respecitvely.
Trust Officer,
United
Thursday, November 29, 1945
COMMERCIAL & FINANCIAL CHRONICLE
fiscal year, the
latter being an
premises.
reflecting provi¬
depreciation
of
bank
@FedFRASER