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ESTABLISHED 1839
Final-Edition
In 3 Sections -Section 2
Reg. U. S. Pat. Office
Volume
New
Number 4540
164
1^ One Yeai After V-J Day
EDITORIAL
By HARRY A. BULLIS*
Herbert Morrison, Lord President of
the Council, states economic
and social threats which followed war offensives, are being con¬
President, General Mills, Inc.
(1) creat¬
ing and maintaining "suitable conditions," through proper use of
Controls and subsidies;
(2) creating full employment through
"smooth transference" from war to peace economy?;; (3) strong
priorities for "export drive"; (4) vigorous production campaign; ,
and (5) thorough economic planning.
Claims output is generally
satisfactory, and shortages result from demand far in excess of
prewar.
-; V;:-,£v
Reports Government strategy
as:
out,
result of
as
greatly increased
a
in
time
this
opportunities to size up at inter¬
vals
how
the
campaigns were
view,
going.
Ameri-v
cs^tradepro-,
vposals-now un¬
discussion
der
in.
after-math rwhich
In
don.
the bangs
"We have
now a
Harry A. Bullis
fairly complete
statistical picture of the first year
after V-J Day.
Looking back we
Lon¬
in
unpleas¬
so
and the bloodshed.
confer¬
ence
is
antly like waif t minus
,
interna¬
an
tional
especially in this troubled
peace,
con-,
nection with
can
that
confer¬
ers,
ence
British
Herbert
■
Morrison
see
that
as soon as
the bomb¬
the Vis, the V2s, the Panzers,
the
E boats and the
U boats,
ceased to be flung at us a whole
Government
group of new enemies were ready
spokesmen
There was
have been cautioning that unless to go into the attack.
the USA succeeds in maintaining a great blow aimed at our stom-:
full employment at home any in¬ achs by the threat of world fam¬
ternational
trade
charter
will ine. Another blow was directed at
our
hearths by the worldwide
prove vain.
Mr. Morrison is in
charge of official planning for full shortage of coal and other forms
employment in the UK.
His re¬ of fuel. A third big attack threat(Continued on page 2391)
marks follow:
Cy
,
now
higher
The people of this country "have had enough" of a
stand¬ number of
things. Housewives are as tired of seeking in vain,
ard s.
Holds for
day-to-day household needs as their husbands are weary
these
factors
of feeling the lack of them, Millions of businessmen and
have
created
farmers from one end of this country to the other are sick
heavy consum¬ unto death of the trials and tribulations
they have been and
er demand, but
are still
obliged to undergo in an effort to earn a living in
foresees a rethis once free country of ours. - It is definitely being borne
adjustment in
upon the consciousness of most members of thebusiness,
such as took
community that in addition to all this, or as a result of it,^
place in 1920- what is known as
prosperity—so far as we have had it in
1921.
Says
reality—may presently slip away from us.' All, or virtually
stock
market
all, Americans are demanding that "something be done
break could
about it."
This much the voting on Tuesday definitely
"no better time,"
It was a useful practice
hope we will keep it up in
and I
of. the
*
they
living
LONDON; ENG.—Mr. Herbert Morrison, M.P., Lord President of
speaking at a press conference in London on Oct. 18, made
following
L ■ :
,!
During the war as one phase
remarks,
followed another we used to have
which are of
inter¬
supply,
borrowing,
seek
/
at
people have
so
;
.
expected has happened!
History has repeated it¬
a
vengeance.
The party of Franklin D. Roose¬
velt has been repudiated, although precisely what policies
and programs of that party have been rejected remains a
subject for debate.
There can be no question, however, that
something akin to a political revolution has taken place.
self with
money
because of government
;
The
national in¬
war
has. doubled and
come
the Council,
est
Where To Go From Here
Prominent business executive points
the
special
Copy
a
H«w Long Will
fs Economic Position
trolled and repulsed.
Price 60 Cents
York, N. Y., Thursday, November 7, 1946
*
r!
have
at
come
since it curbed inflation and gave
for
reason
restraint
wage'de¬
on
mands. Sees need for greater
effi¬
ciency and productivity, and calls
for living within our means by both
government and people.
v;'-'.;V
proves.
How much further than this public thinking has gone
;
it would be veiy difficult to say at this time.
It is doubly
important, therefore, that we sit down now that the cam¬
paigns are over and consider with care precisely what must
be done to right the situation.
The thoughtful citizen will
*
~
realize
we
it
(Continued
::
...
Whether
2388)
on page
not,
or
aVe all concerned with what is
we
on in the world at large.
transportation and mod¬
technology have made this
going
Modern
ern
on
sphere truly "one world," and
happens in any part of it,
whether good or bad, affects the
what
let's Cut Our Military Costs With
Travel and the Facts
daily life of all of
are
in business
the
case,
but
know that this is
♦From
Company; Chairman, United States
Associates, International Chamber of Commerce.
'
Chairman, General Electric
at
an
address by Mr.
Bullis
meeting of Newspaper Food
Editors, Chicago, 111.; Oct. 29,1946.
(Continued on page 2392)
'Citing high cost of our military establishment as insurance against
50 cents of every tax dollar—Mr. Reed stresses
a
; war—taking
necessfeyo# reducing hazard af international warfare. 'Holds this
should be done by (1) increasing import and export trade through
drastic tariff reductions; ■ (2) encouragement and facilitation of in¬
'
*
ternational travel; and (3)
about America.
,
GENERAL CONTENTS
As
We
i\' ); •'*''j
•'
\
»
I
Let
me
at the outset that I
say
strong, modern military
-rand, if pos- "
sible, the most *
formidable—,
in
land,
• ■
machine^: We must not only be
"
sea
and air forces
but
be
we
in
world ' to
tion.
course,
of hu¬
£......
.
.
>>
'Si.-. iZito
V •/"! it .V ,f:.'.
T
Washington Ahead of the
■
~
.2385
News
Moody's Bond Prices and .Yields;.. :2396
Trading on New York Exchanges.'. .2397
.2397
NYSE Odd-Lot
Trading..
Items About Banks
and
Cos. .2400
Trust
State
Trade
of
T
Review .....................2387
the fact
.
the"hecessity;.j[s very real,*;
thing
dreadful
about this
30, 1947 the American peo¬
will pay more than 10% of
the
Philip D. Reed
pol¬
,
by Mr. Reed at a
total
national
support and development of
our
Army, Navy and Air Force.
This is the premium we are pay¬
ing
on
our
against war.
Writers
using half our
City, Oct. 28, 1946.
and
the
dinner of the New
York Financial
Association, New York
income
roughly 50% of the Federal Gov¬
ernment's total tax receipts for
insurance
policy
you and I were
income to pay our
If
(Continued
on page
2390)
<
Weekly Lumber Movement..........2399
Fertilizer
Association
Price
Index;. .2393
Weekly Goal and Coke Output
.2396
Weekly Steel Review.............. ;.2388
Moody's Daily Commodity Index....2396
Weekly Crude Oil Production..... ..2397
Nan-Ferrous
Metals Market......... 2398
Weekly Electric Output...........,.
*
at
Sept. 30.,.........................2398
Commercial Paper Outstanding
Federal ReservrTkugust
Business
O'lQ'i
Share'VaiJu^at
Sept.'30.'.'.'.'.'.2395
Changes in Stojbk Holdings.........2395
Gross and Net Railroad Earnings
'< In First Half...,
.............2394
Cotton Ginned Prior to Sept. 16
2394
Selected
Items
Income
of
Class
and
I
Sheet
Balance
for
Railroads
'
*
2393
Portland Cement Output for Aug.. .2393
May
of
race
....
•Not Available This Week.
1
crocodile
in the
around here
tears
peo¬
ple,'
uld
co
ory
liilf
■0$$££
that load,
on
j
i
PA-
the New Deal¬
U
ers-went
m
paign
never
men-,
i
name.
0i
'
M
1
J
if
in ■. his¬
if
Carlisle Bargeron
only one,
•>
after
Democratic or .New Deal
single
campaigned
candidate
on
the
grounds that he was needed in
Washington to help the President,
which is to say that no one of the
was
coattail
trying to ride on
the White House
On the other hand,
of
cumbent.
the
in¬
the
Republicans did not make a cam¬
paign against him. They had a
way of saying that he was a tre¬
mendously good fellow, a good
American, but that his soul was
not his own.
The
point is that in the mem¬
; y
;
started
what
of
his
policies.
they
propaganda
about
awful fix the country
the
an
in, if the Republicans
control of Congress
Democrat in the White
A stalemate in govern¬
would
be
should
have
with
a
ineffective,
being
This;
was
v
continuation
the
•
all, this correspondent
has not lived through all time, no
and
is.held.:
sort of
propaganda in the
campaign on the part of the New
Dealers.
They
put
Roosevelt's
voice on the air, shouted about
backhanded
not
.
if he planned to make a
Speech in. favor of the candidates,
no, he didn't think it would be of
any assistance to them.
There is
something pathetic about that and
it. is indicative of the feeling in
asked
which Mr. Truman
one
tory,
j Mr. Truman said privately when
I; However, there
few
times
the
•W
;
his
n g
For
the
of
,
•
.
....ft'
p.
the
pam
V
\'~r
attitude,
n
has
slightly, if any at
all, in the off-year campaigns. :
1
t h
through
,
not figured, but
:1 This; being
e
of this oldest inhabitant the
incumbent of the White House
•
ade¬
.
No one in our midst, we being
<e>-
or¬
dinary.
"ins"
-
l\
Indpxp<?
NYSE
of
great Franklin Delano Roosevelt.
a
tip
General
The
ple
icy against war.. Its very exis-,
tence
is
a
powerful deterrent
address
;
insur¬
June
powerful mil¬
itary estab¬
lishment is an
*An
stage of the development
man
civilization to carry
insurance is that
costs so much.
During
the fiscal year ending
is, of
that a
insurance
"
others;
at this
•i
reason
this
.
That is should be necessary
that
manding posi¬
for
by
ing, few! would dispute
be in this com¬
The
formidable
From
(1,
against international war is
Commodity Prices, Domestic Index.
*
deplorable and shocking. But in Weekly Carloadings
.2399
the light of the first-hand experi¬ Weekly Engineering. Construction., .2398
ence of twa generations now liv¬ Paperboard Industry Statistics..... .2399
the capitals of
the
~~
warlike acts
against
ance
must
known
believe America must maintain
'
Regular Ftaturei >
V
a
It.
See
4
lot
a
over
quately taken
Page
\
been
what would happen to Mr. Truman in the event
of the expected Congressional overturn.
As we understand it, he
is a man whom everybody loves, and they think it is perfectly awful
that he should have been called upon to inherit the mantle of the
past few weeks
have
:Editorial.
effectively telling the world the facts
<
have
There
of the News-
CARLISLE BARGERON
By
not always
are
we
properly impressed with the im-
By PHILIP D. REED*
j
Ahead
We who
us.
a
House.
ment, we were told it would be;
the country would be estopped in
its forward progress, in its as¬
suming its "proper
world affairs,
leadership" in
and what not.
It should be interesting to know
what Mr. Truman thinks of that.
From
can
the
best
information
we
gather, he will, in a couole of
(Continued
on page
2393)
I&8M
THE COMMERCIAL & FINANCIAL CHRONICLE
2386
tion
Again, Mr. Churchill!
"Certainly I hope for a broad peace to be gained
by the world—a peace for all, a peace and recon¬
ciliation for all, vanquished as well as victors.
I
trust the statesmen who manage our affairs will
make
all
that
sure
the
the
past
may.
gradually be assuaged.
"We're
told
that
one
of
the
MXS0
great evils from Which we suffer
I is international suspicion. There's
a
very good remedy for suspicions.
It
is
the
full
disclosure
w
of
facts, and that simple remedy
I hope Will be applied to the
world situation by the United
Nations organization now meet¬
ing in the United States.
"What is called
war
Winston Churchill
1
talk will be swept away
by
an
interchange of actual military facts, supported
by adequate reciprocal inspections on terms of hon¬
orable -equality between all powers, great and
smalb which are involved.
That will be a great
step forward in itself and may lead the way to
others."—Winston Churchill.
•.
;
Again Mr. Churchill
his debt. ./
This
seems
to have put us
all in
/■/';///J: -■./y
implacable, dauntless warrior at
times appears to be almost alone in the realization
of the need of assuaging bitterness.
\
Whatever the best method of attaining it, all peo¬
ples badly need relief from the present burdens of
armament, and this they are not very likely to get
so long as even one nation may be
secretly doing
what Japan did in the 1930's.
>
Wants Gold Restored to
People
arid
laws
should
be
repealed
gold restored to the people.
EDWARD HENRY NEAttY.
Port
was
of
annual
on
the
President
new
membersr of
before
Reserve,
Board
/
David
E
"
in
September,. 1941,"
Henderson, who went
,
./"It
announced
was
-
effective
became
said Miv
to sayr
,
on
as,.,a
war-
.
measure.
The
beeri over for almost
time/ emergency
has
war
a
year,
now
arid
a
W remains.
half, but Regulation
The supervising
offi-y
*
cirils; having tasted this temporary
Commission form of control, are now
named
/J
Askociritibh, Henderson strohg-
W. ririd Useless reporting.
"Regulation W of the Federal
Oct.
appointed the members of the
Atomic Energy- Comrriission cre¬
ated by Congress last July in its
Atomic Energy Act, thus confer¬
ring upon civilians unprecedented
powers and removing from riiilin
tary control development projects
in the use of atomic energy. As
of the
:
lritibn
28
Chairman
of
Companies at the /
convention of the Associa-y
speech
ance
the
After three months of delibera¬
Truman
Assocmtiori
Loan
ly urged the elimination of Regu^
Energy Commission
-
elected President
tion held at the Hotel Commtfdore? /
in New Yqrk City. In an accept-'
,
President Names Atom
President
19
American
of -Small
Washington, N. Y.
tion
Oct.
on
the
for its
plugging
permanent retention.
Reg-?
Chair¬ ulatiOn W is}nb longer needed iii y
man of the Tennessee Valley Au¬
the
cash lending business,1 if; it ;
thority, the post he held since ever was. It is high time that this
13 5/7.
'
The other four members particular field was again per-r|;
The importance of understand¬ 1941.
mitted to operate under the nat¬
ing that gold can not have a price named, / riccbidin^/ ta ;Associated
ural laws of supply and demand!
is illustrated by the action of the Press Washington advices, are: $
Dr. Robert Fox Bacher, 41, Cor¬ Regulation W's impact is primary
Administration in forcing down
nell physicist who woriked on the ily on the lower income groups. It//
the
paper
dollar
intermediate
is discriminatory arid ' unfair.; t<>
May 12; 1933 (inflation Act) and atomic bomb and is scientific con¬
v
Jan. 31, 1934 (Depreciation Proc¬ sultant to Bernard M. Baruch on such people."
the United Nations .Alohiic Com¬
He told the group that they cab
lamation).
One
means
was
to
Lilierithal; who resigned
as
.
rriission.
on the part of cer- '
government officials to re-»- /
tain Regulation W or pass permri- t
Bulletins Nov. 1933, ss:
the Des Moines (Iowa) "Register" nent federal legislation to take its /
quotations of the dollar in francs
arid "Tribune" and a director of place. "We must prevent these- /
which were then gold.
Acts were
introduced iri the 79th Congress the Chicago Federal Reserve efforts from succeedirig," he said. ^
'
*
Mr.
Henderson
also
further to raise the price of gold! Bank,
adyocatfed /
Sumner Tucker Pike, 55, of Lu
elimination of useless state regu- |
i. e:, .to depreciate.
'
/Another connotation of the def¬ bee, Me., former insurance exec¬ lation and reporting.' The small ¥
inition is that gold coin and bul¬ utive and member of the Securi¬ loan business is he said conducted i
the
price
it!
See
called
of gold, as they
'Federal Reserve
expect efforts
/ Williarri Wesley Waymack, 58,
Pulitzer prize-winning editor of
and daily
tain
under state laws and hence is sub- /
ject primarily to state regulation
stein Strauss, retired, 55, former and; control///:-I//yyfi/y
y
Mr. Henderson is the 30th Presi- %
Secretary to Herbert Hoover,
memberOf the/Ar^
derit of the American Association Vj
cepted by the Treasury at face nitions Board, now a partner in of Small Loan Companies, whicli /
Value if they have riot lost by nat¬ the New York banking firm of wris organized in 1916. This Asf i
sociation is the only national trade* *:
ural abrasion more thrill Vz ot l%
Kuhn, Loebvyri& Co. .**'4. .
lion
pass
by weight and
not by
by count, y Minor coins
and paper mdney pass by count.
See U. S. Code, title 31, sec. 318,
tolerance, i. e., gold coin are ac¬
tale, i.
>-
Such
gold, is that gold
not have* a
raise
ardent,
JLetter to the Editor:
Small Loan Head Urges
Elimination of Reg. W
price; gold is the
price; price is the amount of gold
for which other things exchange.
As said in the Bullion Report, riri
ounce* of gold, always .exchanges
for an ounce Of gold.
It is .an ap¬
plication of the Law of Identity;
therefore comparison with "a syl¬
logism may help. Gold is a metal;
all metals are eleriients; therefore,'
gold is an element. Here gold is
compared with other things; in
the proposition gold is not com pared with any other thing; dif¬
ferent weights, i. e., dollars and
price, of the same identical thing,
i. e.. gold, only are involved.
: What
is erroneously called the
price of gold is the monetary
value or coinage valife, i.e., the
number of pieces which an ouhce
(480 grains) of fine gold, renders;
now
$35, i. e„ 480 divided by
can
healing
which time and nature
supply will at least be al¬
lowed to flow freely and our bit¬
of
15
grains.
-
can
hatred
to
5/21, a loss of the; mighty and rich break and
God created the which catch only the weak arid
heavens arid the earth, but riot poor, as Anacharsis said.
(Plu¬
value nor tender in payrhent of
tarch/ Solon.):/■
//-/;': ■/■ «y//;; y
debt alias, legal tender; I suspect
The moral aspect of the subject
Byrd E. Henderson, President of
Satan invented tender! //./
is
left to the conscience of the
Household Firtarice Corporation/
reader.
1
A conriotatibri of the definition
10 59/105
of the dollar as
processes
ter
above
Thursday, November 7,194?
ties
Commission.
,
"
■
.
Rear /Admiral • Lewis " Lichien/
|
e.,
,
5
Edward Henry Neary/writes
"Chronicle"
v.-
our
present monetary;
s,
i.... •
-v
"
;•?... v.
•„>
* • •.
of
weight after a circulation of 20
Little opposition is expected to
system is based on fiat moneys which always has had terribly
years and pro rata for shorter the appointments which are Sub¬
times.'
ject to Senate confirmation.
injurious effects. Says our monetary laws are like spider webs
The State' Theory
/The President issued a state
of Money,
///: through which mighty and rich break, but which ensnare only weak
11 e., that' the Government gives rrient making it ciear that "the
and poor*
value to money by its fiat,' its entire program" of atomic energy
say-so; and the theory that the carried on by) the Army during
"Editor, Commercial & Financial Chronicle:
Stamp of the m;nt gives a value the war, is being transferred to
■I
Felix qui potuit rerum cognoscere causas—Happy is he who has to
gold coin (Normaft v. U. S., the civilians of the new Commis¬
been able to learn the causes of things (Virgil, Georg. II, 489). •
294 U. S240) are thus shown to sion,
but he said "the orderly
:
Money is rationalized by com-<S>
'
' '
'
——-—
be erroneous.
In fact, when gold transfer of, functions, and prop¬
paring it to the syllogism and to crete noiin, as gold, silver. Some was; in circulation, properly cer¬ erties front the Manhattan Dis¬
: the first axiom, of Euclid;
the er¬ ideas are drawn from, or in rela¬ tified bars, in. large .transactions. trict may well extend over a
rors of the State Theory of Morition to, things; ideas, e. g. value, sold at a
premium over coin be¬ period of months."
/
ey, of Managed Currency, of .Debt have no ex.tensioh, mass or cause it was nbcessarv to melt
| The- following is described in
Money, and of Fiat Money gen¬ chemical composition;, the noun assay arid' weigh the coin' in order the Associated Press accounts as
erally, are also thereby exposed. "value" is abstract; value has no to avoid counterfeits /and short the tasks which the new atomic
f
The form of the; syllogism is, separate, existence; it simpty does
weight beiow tolerance.
ri energy commission will tinder^
(1) A equals B; (2) B equals C; riot exist; it is only a concept of
The theory of managed or ma¬ take:;///)!/;:^
therefore, (3) A equals C. Note the mind. B, the same thing, arid
nipulated currency is alsb there¬ •; Conduct its own research, and
; l&at B occurs in (1) and (2); it is
money must be a thing, a mate¬
In¬ promote research by others.
the standard with which A and C rial substance to which the mind by 7 shown to be erroneous.
1 Own rind operate facilities for
deed the basic law of thought is
are
compared; it is the middle, may attach the idea of value; the
mak'irig fissionable material. No1
fm
pnalogue
of
the
first
axiom,
/the medium.: But suppose^ some thing measures value! Gold served
i e., Two terms agreeing with one 6ne else may do. this except ftnder
slicker, like a shell game operator, as a common measure of the value
license from the commission.
changes B quickly before it is of the crops and of the articles, find the sarin e third term, - agree < Own rill
plutonium, uranium and
with each other.
The theory i s
; placed
in (2); then (3) is, A i.e. it was the standard of value,
therefore irrational, contrary to other material which the commis¬
does not equal C.
and for that reason it was the
sion deems capable of releasing
reason; illogical.
»
f
:T^
axiom of Euclid, i. e. medium of exchange.
But if gold i
Promises to pay dollars, i. e., '/substantial quantities" of atorriic
Things which are equal to the were riot a repository of value it
notes or promissory notes, and energy. Any now privately owned
same thing are equal to one an¬
could have been neither a stand¬
bills of exchange, debts and cred¬ will be taken over arid paid for/ *
other; mriy be considered a gen¬ ard nor a medium.
How many
Prospect for new material.
its, can not possibly be dollars;
eralization of the syllogism. "The nothings were the
crops worth?
they are obligations to pay dol¬ V Buy fissionable mriterial abroad;
same thing" corresponds to B.
The articles?
'
>
if
necessary, for defense.
lars: they depend for thei r value
A
farmer
raises
crops
and ■. Standard units of
Distribute atomic material for
value, such on the wealth of the promissOr. or
wishes manufactured articles. He
research
or medical Use/ making
as
the dollar,
are measures
of debtor, his morals -and the/avail¬
can shop around until he finds a
weight of gold and of its fineness. ability of his wealth to seizure iri its own rules as to charges rind
manufacturer who will exchange
g. the dollar is 15 5/21 grams of case bf default in" payment.
A other terms.
his products for the crops; but his
Conduct military research arid
gold
0.9
fine.
(Letter
Secty. nromissory note is an evidence of
farm
may
be overgrown with
Treasury, Sept. 18, 1946; procla¬ idebt; • monetizing
debt
simply make atomic bombs for the armed
weeds before he finds one. Then,
/' ■/'/
mation J an. 31, 1934; Agricultural changes; the form of the debt; but forces:
how much, wheat e.g., should he
L i cbris e the pianufacture of
Adjustment Act of May 12, 1933, it humbugs some people!
exchange for the article?
Silly! sec. 43 (b)
(2); U. S. Code, title
But payment of the gold has equipment rind devices fori . using
Of course he takes his
crops to 31, sec.
314; Constitution, Art: 1, been; stopried, so we have the atomic;energy.' (,).)/;
market, sells them in competition sec.
Issue reports dn any atomic en¬
8, clauses 1 arid 5.). The last name/ dollar, but not the sub¬
with other farmers and gets
gold, gives the Congress
power:
"To stance, the gold; symbolized bV ergy developinents for industrial
and with gold, "the same
coin money, regulate the value the name
and Commercial use.
/
dollar; that
is, fiat
thing," buys what he wishesi
thereof."' To coin irionfey, means
Take over.for public use, with
iftoriey, mostly greenbacks in all
-
association
sriiail; lbrin
com¬
-'
berships in the U. S. Mr. Hender^
reported that according to* /
Federal. Reserve
figures, .the •
amount of customer notes receiv-^ v
son
able
on
,
v
of
panies and .has over 2.000 mem-
the books of such lenders? y
,
$535,000,000 ori Aug. 30, 1946r /;
Which compares with $158,000,00b /
was
for credit unions,
industrial
$184,000,000 fori
and / $792,000;*/;/
depart— i
merits-, of commercial banks..
;
banks,
000 fot the personal loan
.
••
•
;
,
,
.
,
;
-
Conference Bd. Elects
Councillors, Others
,
Two Councillors and 50
Members
Industrial
al
A
thing,
material
substahce,
to
stamp metal. There is nri such but .name. It has been tried time
jthing as value, therefore it is im- and again in rriariy places always
nossible for the Congress to regu¬ With
terribly iniurioUs effects. It
and
thickness,
and
by
mass, late it..
AH the Congress can do is the basis of the most devastat¬
weight. There are upward of 90 is to
chose fh.& metal, gold; pre¬ ing SOrt of inflation; no
laws, even
such, each called an element; scribe the
fineness thereof, 0.9; with the sanction of the death
therefore chemical
composition is and fix the weight of the stand¬
penalty, can stop the operation of
incidental to matter.
ard. 25.8 grains troy, depreciated reuse ?*d effect.
Such: laws are
:
The name of a thing is a Con¬
by the President by the proclama¬ like spiders' webs through which
matter, is characterized by exten¬
sion, dimensions, length, breadth
t
r
,
■
o;.
■>.*
.
.
■
>
.
■■■
elected
or
reelected /
the-Natiorir /
Conference
;
Newly-elected Councillor for the
five-year term is Frederick J.'
Koster, President of the California
Barrel Co.; Ltd., of San Francisco;
Councillor Alfred- P.- Sloan, Jr.;
Chairman, .General. Motors Corp.;
was
reelected. /Mr.
Sloan . has /
serveci
of
as
the
one
of the Councillorri'
Conference
-Board
any
;
| The nine
newly-elected Board
Members are: George
C: Brainard;;
President and General Manager;'
Addressograph-MUltigraph Corp.;'
Philip Cortney, president, Cotyy
trie.; George M. Gillies; Jr^ Presf
ident, Adams Express Co.; Willirim,
Fulton
Kurtz, ; President, ; t h e;
Peririkyivaftia Co.; Henry Ware;
Jones, Jr., President; and. Treas-4
urer, American Tube- Bending .Co.),
Inc.;
Colonel
W)
F. /; Rockwell;
President, Rockwell-
Manufacture
Chair*,
Of
dissemination
since /
1941/-)' /)/:/■')://'//'V// :/ /-'; -""6'-';^'
just compensation, any patents for ing Co.; Grant B. Shipley,
making or using atomic energy.
man of the
Board, 'Elliott
Coritrol
Board
Oct. 24 at the Waldorf-Asyg
toria Hotel iri'New York. ^
/
held
-
.
were
at the * 281st Meting of
i
Board
Conb
pany;v Henry S. Sturgis, Vice*.
Issue regulations for safety, President, the First Nationril Bank
information.
secret
,
health arid other purposes
atomic /field.
Report
twice
a
to
year.
in the bf the City of Nqw York; Jrimes .
Congress
at
least
V.
son
Edi/I•
Toner, President, Boston
Co. ..-/-/y )
Volume
Number 4540
164
THE COMMERCIAL
-
&
FINANCIAL CHRONICLE
2387
Applications From Burrows Named
lran;^Bdl^NeJ herBaiiils;:::
^ To RF® Pools
Ylforid Bank Announces Loan
;
The
Iran wants $250 million,
while Dutch seek $503 millions. Francs,
Denmark, and Chile have already applied for various amounts,
which are under study by Bank.
;
J('
,
Reconstruction v
Finance
Corporation announced on Oct. 28
the appointment of Harold W. H.
A fractional increase was noted in industrial
production last
Assistant to the Board, week as new
postwar peak levels of output were attained in some
of Directors. Mr. Burrows is also
industries.
Similar factors present in past weeks such as limited sup¬
Mr. Eugene Meyer, President of ^
being designated Controller of the plies of raw materials and
component parts worked to restrict further
the International Bank for Re¬ connection with a program of re¬
Corporation reporting directly to increases in the
production of some manufactured goods during the
construction
and Development, construction and development, to the Board of
Directors.
The Di¬
week. - Total continued Claims for
announced on Oct. 30 that a pre¬ be. undertaken for the purpose of
unemployment insurance declined
rectors have established the posi¬
0.6% in the week ended Oct. 19,$>
——-——:
raising the general standard of tion of Controller for the
liminary loan,
purpose while
initial
claims
dropped readjustments in the.various seg.a p p lication
living and improving the health of
centralizing in that office the nearly 15%.
ments
of
our
and
lor $250,000,welfare of the people of Iran..
economy."
responsibility for accounting, bud¬
Steel ingot output declined to
Total retail volume last week
The
Iranian
Government
also
tjQOO has been,
geting and internal auditing func¬ 89.4% for the week from 90.3% rose
states
that
it
will
in
due
course
slightly
above
the high level
received from
tions and for developing such re¬ of
capacity in the previous week. of the preceding week and was
communicate full and
t h e Govern- complete visions in operating methods as Scheduled
ingot production for well above that of the correspond¬
Client of Iran,
particulars with, respect to in¬ will
contribute to economy and this
week, however, is placed at ing week a year ago, Prices of
dividual projects as well: as the
and that a let¬
efficiency of. operations, said the 91.1% of
capacity. Electric power many commodities rose during the
detailed plan for financing them.
ter has been
RFC whose advices, also said in
production also touched a new week with stocks
The letter from the Netherlands
received from
generally in¬
part:
:vT':}0postwar
high
ft he Govern¬
Government discloses that an ap¬
advancing 1.4% last creasing and shoppers becoming
'7 "Mr Burrows was engaged in
week.
Daily
average
crude oil more selective in their demands.
ment
of
plication is being prepared which
the
public accounting work for over
output was almost unchanged, in
There was a slight decline in
will give the details of the pro¬
Netherlands
10 years with Ernst & Ernst. Sub¬
the past week, declining to 4,729,- wholesale volume
in
the
week
gram for which financing will be
.•stating that it
sequently, at the request of the 800 barrels from
4,732,600 barrels; but it remained considerably
Intends to ap-r
sought.
'
*
Governor of the State of Michigan,
while freight carloadings, on the above that of the
It
has
been
previously; • an- he
■ply for a loan
corresponding
participated in the reorganiza¬ other hand rose the
past week by week a year ago. Price fluctua¬
f r p m
nounced that, formal loan applica¬
t h e|-v,;
tion of the State's accounting sys¬
1.1% to attain a new 16-year high tions
tions
have .been filed
Bank in the
following the removal of
by
-Eugene Meyer
;
tem and became Controller of the record.
V ;7
Governments of France, Denmark
amount
YYY
//Y";1;. price ceilings on many commodi¬
of
'
State in 1939. In June 1942, Mr.
In the durable goods field the ties resulted in a cautious attitude
and Chile. These applications are
;?$50p,OQO,000. ;
;
Burrows
entered
th e
United
?
The
supply continued to. show im¬ cn the part of many buyers! De¬
preliminary
application now receiving study and are the
States Army as a commissioned
from Iran states that it has de¬
provement with shipments of liveries generally were
slightly
subject of further discussions with officer with the immediate re¬ wheel
cided to apply for a loan to be
goods such as baby car¬ improved the past week.
Burrows
as
,
,
.
'
,
.
.
.
,
available for
expenditure .;.v:
during representatives
AVJL'-y vA^v/iVWrvUL,v?'
r:
•**vaxiauxc
sa
period of five to
■■
—!
•
■
seven years
—-'
'■
of
the
applicant sponsibility of developing for the riages,
,v-uisv,,.
''■■——
—»—*———
—
dealt
War Death Claim
Payments by Life Companies
toi those killed jk^ adion numbered; ^
or
only 7% of all
war
not
only in
hold
of
War
all
He
early part of 1946.
was
;
claims;
connected in
pacity |with
the
.
Depart¬
ire-
was
United
000,000, Holgar J. Johnson, Presi-®dent of the Institute of Life In¬ preciably below the rate for civil¬
surance, stated in a report issued ians of the same age groups. The
Jtfov. 1. Of the amount paid $23,- disease
death
claims
numbered
000,000 was paid, in the first nine, only 18,000 or less than 5,00Q per
months pf this year, largely rep¬ year, with armed forces that were
istration
until taking
up
his
As
stocks
week's
level
from the
to
•
an
previous
estimated
88.282 units. In commenting upon
automotive output it is worthy of
turned
from
new
He recently re¬
Shanghai
1937.
tablishing the position of Control¬
ler is
consistent with
the first nine months of
$635 million or 7.5%, as
compared to $886 million or 12.4%
twere $68,000,000.
■'\J\ during the, same period last
year,
v.«
"The, war claim payments of
was reported for the 131
mutual
the life companies, in addition to
John W. Seaberg, President of
savings banks of New York State
the benefits received from Nation¬
by Robert M. Catharine, President the Union Loan & Thrift Corpora¬
al Service Life Insurance, were of
of the Savings Banks Association. tion, Minneapolis, Minn.; has been
jgreat aid to the families of those
A
1945-46
comparison of nine elected Vice-President of the
Whp died in service," Mr. John¬
months' totals for new accounts American, Industrial Bankers As¬
son said.
"These war claim pay¬
reveals, the Association's advices sociation to fill the unexpired
ments made up only 6.7% of total
said ; that during the" first mine term of R. G. Kirschmann, Sec¬
life insurance death claim pay¬
months of 1946, accounts increased retary-Treasurer. of the. .Johns¬
ments from the beginning of the
by 225,959'.which was approxi¬ town Finance & Loan Co., Johns¬
•war to the
end of 1945. ,*■ Taking
mately the rate of gain in ac¬ town, Pa., who resigned because
into
consideration
only
battle
counts for the corresponding pe¬ of ill health. Mr. Seaberg's elec¬
•deaths end accident deaths, as the
riod in 1945, i.e., 233,869.
From tion took place in a meeting of
disease deaths might well have
the announcement of the Associa¬ the executive Committee of the
•occurred at
home, the directly
association in Fort Wayne, Ind.,
tion Oct. 24, we also quote:
^ •
■war-caused claim payments rep¬
While gains in both savings ac¬ prior to the semi-annual meeting
resented only. 5.0% of total death
of the Board of Directors of the
•claims payments."-',V;?;
'.kV'. counts and dollar deposits con¬ AIBA at the Edgewater Beach
tinued during the third quarter. Qf
>
I Battle deaths constituted the
Hotel in Chicago on Nov. 7, 8 and
^greater part of the war claims, ac¬ 1946,, the rate of gain was lower 9. He will serve until the annual
Named Vice-President
Of Inda^trl^I
First
National
Bank
of
forces V -deficit financing,
great
money supply, scarcities, and huge
pent-up demand — predominated
in both postwar periods, it is to
be expected that there would be
strong similarities in, features of
the business patterns. On the other
hand, it should be noted that there,
are also important dissimilarities.
l|ai|Kev^;h
tuating
for
number of
tute
those
figures
killed
numbered
ments
on
71%
war
of
the. total
claims, the Insti¬
previously
reported*
The meeting
gain in accounts, during the third
194,000
these
and
claims
$200,000,000.
rs;v Claims for deaths caused by accL
•dent numbered 60,000 or 22% of
total war claims and payments on
these claims totaled $80,000,000.
"These
were
largely accidents
caused by training or conditions
•direqtly related t6 the war and
were at .a
rate many times the
accident rate that would have
t)een normal for these men and
women in civilian life.
'
Only 7% of the war claims were
due to death by disease. Disease
deaths in this war's armed forces
showed
a
net gain, in savings de¬
posits of $35,025,877 and the total
number
of
depositors > served in¬
creased by 12,315 to another high
$8,919,134,598.
the i*atio of
als
has
At the
same
time
deposits to withdraw¬
continued
quarter of
through
the
1.16,
which
1946 to average
compares
favorably
with the first six months' rate, of
1.3.
Sales of United States Savings
hot only much smaller than Bonds and "Stamps'during Sep¬
In past wars, but were even ap¬ tember amounted to $8,411,469;
were
can
be
their
expected
tactics to speed up
"The Iron Age," na¬
pressure
orders
Denver
of
next
the
Association
June.
' His
of
the
placement
of
and the production of steel.
Because
of
the-low
supply
of
coal stocks and the precarious po¬
sition
of scrap supplies, • a coal
mine tie-up later this year.would
have
on
an
the
almost
output
immediate effect
of
steel
in
some
major plants, the magazine notes,
adding that such a development
would force down a number of
blast
furnaces
some ;
of
which
might be kept out of blast until
the outcome of the steel
negotia¬
tions in January had crystallized.
The absolute certainty that the
steel union will demand
increase
because
take-home
pay
a healthy
of the lowei*
compared with
wartime levels and because of th»j
,
low
nature
take
to
This made for a
in
its
course.
sharp and clean-
cut correction. But the policy now
election
is
for
the
to
Step
breach
and
Government
into
the
if the unbalanced inventory prob¬
lem isn't corrected soon,
who
have
obstacle
customers
been surmounting one
after
another
in
to maintain manufacturing
order
scher-
the
shock, and it has Ules will have to consider seri¬
commitments, to provide ously canceling some deliveries
j" support, particularly in the case and reducing their production rate
In
addition to elevating Mr. of agriculture. This may prolong to conform with the availability
of all steel components, the above
Seaberg, who was a member of the readjustment period and delay
•
/
recovery.",,;
■
1K
/; . j,' authority observes.
the
Board
of Directors of the
The steel price situation was no
The article concludes by stating
AIBA for the State of Minnesota,
closer to a settlement last week
that these are significant points
than it was some weeks ago. Ne¬
the Executive Committee disposed
of similarity as well as, of differ¬
gotiations are still going forward
of routine business matters and ence
between the two postwar
with OPA and the possibility thai
and
adds
that
"these
prepared
the
agenda
for ;the periods
Congress may throw out prico
should be taken into consideration
controls before the present con¬
Chicago board meeting. Principal
in
attempting
to
appraise the
troversy between
the steel in¬
matters of business to, come before
future business outlook. The trend
dustry a\id the OPA is settled ia
the Board will be the plans for of events in the earlier period
by no means remote.
the Denver meeting and the 13th should serve as a general guide
The American Iron and Steel
to what; may lie ahead, but allow¬
annual
Institute
of
Industrial ances. should be made for dissim¬ Institute announced on Monday of
Banking, held each year in con¬ ilarities in regard to timing as this week the operating ra(te cf
(Continued on page 2392)^
well as in the scope of possible
junction with the convention. .
the association.
•
'
many
4 Y|.'
-
•
.
%
third
a
•
comprised of officers of
totaled
no
non-agricul¬ dite shipments and expand their
considerably orders will not meet with much
lower.
'/ " 1 1
V1' success in steel company saleu
"After the first World War there offices, "The Iron Age" states. ;
It was apparent last week that
was an official disposition to al¬
for
automatically makes him. a mem¬
quarter of 1946 was 57,598 and in
quickly
action
ber of the Executive Committee,
cushion
the pay¬ deposits $157,032,423. September which is
enemy
of
the first World War,
tural prices
are
show.. Claims
by
by
threat
sudden and sharp increase in liv¬
ing costs will in all probability
cause consumers to use every ef¬
There is now much less credit fort to increase their inventories!
strain. The individual farmer, is before actual conditions have?
currently in a stronger financial forced a showdown between tho
position. Corporate and individual steel companies and the union.
savings are considerably larger: Any effort, however, by largo
While farm commodity prices are steel consumers to revert to their
at about the same level as .after
high pressure methods to expe¬
■
than
concerned,1 it
Boston in
during
of
crisis
the
that many steel users will resume
standpoint
.
The
a recommen¬
'
1946
coal
where
Savings Bank
Deposits Up 7.5%
were
$245,000,000 and
under
industrial
[policies
the
removes
deliveries,
tional metalworking paper states.
he mention that truck production in
the first three quarters of 1946
Tn recent weeks there had been
was Controller of UNRRA's China
has been exceeded only during the a definite trend* toward a- more
Office.
^
Y "The action of the RFC in es¬ corresponding period in 1929 and orderly steel- market
from the
duties with RFCv
NY State
those
of
means
temporary
postpone¬
glassware
discussing general busi¬
dation contained tin the Interim
at
over
10,000,000 a
resenting claims, delayed by the sustained
Report of the Corporation Audits ness conditions in its. "New Eng¬
long efforts of the gpyernment to: large part of the time. Claim pay¬
land
Letter''
for the month of
Division of. the General Account¬
trace missing persons and prison¬ ments for the, disease deaths to¬
ing Office, submitted to the Pres^ October.makes note of some of the
taled $33,000,000.
ers of war. "
*
*
Z ** 4
'
'
v
ident and the Congress last June. outstanding characteristics of war
V
War claims met by the com¬
This, recommendation was subse¬ and postwar periods, and specific¬
panies C numbered
272,000,
of
quently'concurred 7 in
by
the ally the comparison with the per¬
which 120,000 were on ordinary
House
Committee
on
Expend¬ iod following the end of the first
and group life insurance policies
itures in the Executive Depart¬ World War. In summarizing its
and 152,000 were on industrial life
findings it had .the following to
ments."
Insurance policies. The claim pay¬
A net gain in savings deposits
say:
ments under ordinary and group
"Because the same fundamental
policies;
Industry—The
politically slanted
of ment
appliances, house¬
and
Steel
but
removed from these
were
dropped 2.2%
Nations
Relief and Rehabilitation Admin¬
Total U. Sf war elaim payments on the lives of members, of. the
warmed fprces are reported by the life insurance companies at $313,-
adequate
kitchenware
controls
Mr. Burrows
consulting ca¬
a
scooters
increase.
possible tie-up at the mines later
this
year
with steel consumers,
items by OPA.
Y's:J " highly vulnerable to any slight
Automobile production, of major change in the steel, market andt
sensitive
where
the
importance in the durable goods extremely
supplies
is
line, and to our economy as well, question of future
theatres, including, the accounting
expenditures.
and
notable
a
of
small electrical
leased from active service in the
000,000, while claims for death by disease amounted to $33,000,-
000,
activities
this country but also in overseas
ment
amounted to $200,000,000, and accident death, claims totaled $80,-1
with
result
a
distribution
Holgar J. Johnson, President of Institute of Life Insurance, reports
claims thus far
velocipedes
Army an adequate fiscal account¬
reflecting
ing system. In this capacity, he
in countries.
v
THE COMMERCIAL & FINANCIAL CHRONICLE
2388
Thursday, November 7, 1946
>.
..........
-w-
r.
ft, sett.,-trsiaway-.
enough to have become inter¬
-
As We See It
:
•
*im>
•' m
*?.
v
'
•
-
A
\fiw
i
^
■
with
twined
*>?
:
t
(Continued from first page)
.
much
of
business' life'p Of the
the
of the New
baggage—as
.'most,
must rid ourselves of the circumstances which it
really ought to be—is ac-1
Ijma^Vii; possible for a small coterie of men in Washington cordingly a real task, and one
•toido-rwhat is tantamount to making the law of the land at
which needs be done with
•pgUill long
Hhehr
in reaching the conclusion thatfirst and fore-,
As bad
uncontrolled discretion.
own
much of the
as
Jsp^ciffc; legislation
now on the books unquestionably-,is, th^
statutes1 wiiich enable the President to turn controls off and
wilj; virtually to "nationalize'Lthe coal mines of the
nation; to "allocate," restrict or otherwise control the flow;
of-materials into industry, and to do a thousand and one"
othor "acts at discretion—these statutes are infinitely worse.;;
at
on
the board at
Government by Law
j-/jif,
rent situation is the fact that
so
little constructive
has been
7^We7;must without further
delay get back to a system of
government by law and not
given to
of action,
Despite a produbtion pattern far more intricate and varied than
wartime, the steel industry this week regardless of scrap and cer¬
shortages was turning out steel at an unprecedented peace¬
r.
and
boots
circumspection, albeit with
thoroughness. One of the dis¬
couraging features of the cur¬
It should
once.
situation
once
thought
a program
the political
was
such that those
understand the real
who
•
.
Expungement
Deal
Highest Since June,! 945—
More Producers Opening First Quarter Books
in
tain labor
time level which on an annual basis would
produce more than 84,000,000 tons of ingots—21,000,000 tons above the previous peacetime
peak of 1929, according to "The Iron Age," national metal-working
paper, which in its issue of today®—
" ' ' ■'
' '■7[ " '■
7) further states as followsri be bound to promptly show, up
!r>
r*l/-Inc+Vt/'o
+ inrt
."Unless hampered by
a
coal in the industry's operating rate.'
mine' shutdown later this year, it
The American Iron, and': Steel
is expected that the industry will
Institute
this
weekannounced
maintain this unusual output over
the next, several months.
Some
sources
L.
na¬
,
/#,
by men—or more precisely
bygone man. The first step,
■
pervasive that it permeates
the entire economy, indeed a
to good more than the economy
of course;-is to put an end t;o
the " powers which owe their
ment
•\
;;
*7 77'
But over and beyond any
origin to the war or
and fall things Apolitical, the
since the lives of us all are
"emergencies" of one sort or
great rank and file of the peo¬
another
proclaimed by the directly or indirectly touched ple of this nation, particular¬
and affected by it all. Indeed
President with Congressional
it is difficult for even the ly the masses in our indus¬
Some of these pow¬
Sanction.
ers
determine Jfthe
limits of the powers of the
of the original
President under a number of
Congress re¬
would have expired un¬ lawyer
der the terms
acts ' had
newed
not
them.
extended
or
Most of these extensions will
in
turn
within
expire
the
to
these wartime statutes,
termination, if left for nature
take
to
its
next six to nine months. Re¬
come
for
lief from the
sence
of
hardship of not
being able to find adequate
food from day to day may
lead some of us to forget that
all -our7 difficulties can be
brought > back upon us over
night by a simple decision of
whose
course,
may
not
In the ab¬
Congressional or
years.
Presidential
action,
or
proc¬
lamation to the effect that the
has
war
heaven
to
come
J knows
an
end,
when
the
trial
their
^enters, must come to
senses if
they are to save
themselves
from
and
the
nation
much unnecessary
suf¬
fering and hardship.
Long
years of depression, of frus¬
tration, of paternalism, of lis¬
tening to the "isms" which
have done
it
so
difficult
pean
much to make
for
Euro¬
peoples to keep going,
many
and other factors of
a
related
have
nature
brought all too
many
American
citizens—
with deep regret be it said—
lapsed.
One
of
the
very
first
the President, under powers
to a point where they have
tasks which confronts us is
extended last* summer until
that of getting back to a nor¬ begun to suppose that some¬
the middle of next year.
If
how the world owes them a
there is no way of getting rid mal peace as respects mat¬
living,
and to depend upon
l'f
of it sooner, then one of the ters such .as.these.
government to
save
them
first and most important of
from themselves:; Others un¬
the tasks before
us
on
Other Powers, Too
is to make
certain that this law dies for
all time
would support a con¬
tention that these powers had
courts
June 30 next,
r
But
we
to 7 the
Again, the Civilian Produc¬ 1933,
tion Administration
was
due
World
War
Roosevelt
to cease,
der
outbreak
II,
the
prodding pf malcon¬
so afraid that
they
will give a whit more of their
of services than they are paid
obviously can not
stop there.
From March 4,
v
tents
are
President for that the essential need of
accumulated
being at the end of
full and efficient production
this year,' but Congress pro¬ authority
than any other is lost to sight.f Discipline,
longed its; life, last summer President had ever dreamed self-imposed or other, seems
and now it will go on—if of having in peacetime. In¬ to have all but
disappeared
nothing is done about it— deed, he pushed forward into from the American scene. '
until the middle of next year. ground which his predeces¬
We need to turn over a new
Its intermeddling with Amer¬ sors, * more |7 respectful
of leaf.
7
' •
7
;
ican business is a definitely American tradition, had not
trod
even
in
war
time.
retarding influence upon our
Here,
progress in getting back to a too, action is urgently needed.
normal
peace
footing.
Of We should be sadly deluding
course ^ action
by Congress ourselves if we supposed that Stand on
could bring an v end to this we could get back to a normal
Secretary of State' Byrnes oil
sort
of nonsense forthwith, way of life in business until Oct. 22 told a news conference
that he knew of no intention on
and Congress ought not to de¬ these
extraordinary § powers the
part of Spruille Braden to re¬
lay taking the necessary step are taken from the hands of sign as Assistant Secretary in
as soon as it is once
the
Chief
Executive, or any charge of Latin American affairs.
again in
session. Certainly there must other official or branch of the Mr. Byrnes' statement was made
in reply to questions regarding a
be no thought of prolonging government—and
that
re¬
rumor that Mr. Braden might re¬
further either the activities gardless
of the degree in sign if the United States reversed
of this agency or the powers which >; they are
being em¬ its policy toward Argentina that
under which either it, or the ployed. The very existence of the South American country-must
President, may do what it has the powers is hazardous and rid herself of any Nazi agents har¬
bored there.
7;'77 777 V1'V;
been doing. So long as such destructive.- Of course, this
Mr. Byrnes declared, according
means
extensive
revision
of
power as this exists danger
to Associated Press Washington
of its use exists.
';
many existing statutes,
But advices, that his statement of last
it needs to be done regard¬ April 8 still holds. In that docu¬
ment the Secretary of State said
I;r /D0wn With OWMR!
less of the cost. We
simply
this country and other American
;
The Office of War Mobili¬ must get back to a system of
republics would consider holding
zation and Reconversion has government by law. <
a
conference to, write a hemi¬
vast powers tq-make life mis¬
Most of these New Deal sphere
military
defense
treaty
more
.
Byrnes Reaffirms US
Argentina
erable
and
difficult
for
the
if not all of them,
event in sore need
as it
now stands this
power of drastic revision, regardless
lapses' at
the
middle
of of whether they should be
next ; year.
It should have permitted to remain on the
businessman*
lapsed
once'
should
long
it
is
see
-
Under the law
Congress,
Washington,
ago.
in
to it that it
goes
by
statutes,
are
in any
statute books at all.
that
now
some
been
of the
in
Granted
laws
effect
with
Argentina only after that
country had expelled Nazi agents.
The Associated Press added:
"Mr. Byrnes said he sees no pos¬
sibility
of holding the defense
treaty conference at Rio de Janei¬
ro
this
fall
because of the meete
rtnonfi
l
fear, however, that John
Lewis in his attempt to suc¬
cessfully
gain, increased
wages
be understood all round that
ture of the New Deal could (from the government may adopt
the same plan of attack as he did
its powers, will not be exer¬
cised meanwhile.
These are' begin to function with dis¬ last April,
r*? ; ' ;
t;"A curtailment of steel produc¬
,
' .*/
but examples of a situation patch and vigor. ' J;
tion at this time, after the indus¬
•O-'"
'.■•V- "KKti-y
which is so extensive and so
try has indicated what it can do
We, Too, Need Readjust-
<s>'
Steel Production
nation.
if it is allowed to go forward un¬
hampered, would create a national
crisis.
This
sort of
a
Mine
Workers
year
of
would
as
be
the
crisis which the
a
these
used
same
United
earlier
this
bargaining factor.
probabilities are in
All
the
minds of both steel producers and
steel
and
users
for
this
reason
be expected that every
can
it
effort
possible will be made to
squeeze
out
produc¬
maximum
a
tion
long
as
as
"Another
steel
steel
factor
steel
spur
of
possible.
ing rate of steel companies hav¬
ing 94% of the steel capacity of
the
industry will be 91.1-% of ca¬
pacity for the week beginning
Nov.
4
(the highest level since
June, 1945), compared with 89.4%
one week
ago, 90.4% one month
ago and 77.0% one year ago. This
represents
points
week.
week
increase
an
beginning Nov. 4 is equiva¬
lent to
gots
1,605,500 tons of steel in¬
and
castings,- compared
and
1,410,400 tons
one year ago.
*
;
"Steel" of Cleveland, in its sum¬
mary of the latest news develop¬
ments in the metal working indus¬
try,
Nov.
on
4
stated
in
other than
tion
part
as>
'
"Limitation
cause
lay
in as much steel as possible is the
possibility of a steel strike early
next year.
While it is too soon to
to
1.575,600 tons one week ago, 1,593,200 tons one months ago, and
to
to attempt to
' 1.7
of
1.9% from the preceding
The operating rate for the
or
follows: 1
expected
production
consumers
telegraphic reports which it. had
received indicated that the operat¬
7 construction
o n
housing, high construc¬
costs
and
a
less
favorable
outlook for busines in general has
cut sharply into
the structural
steel market,
v
■
*,
'probability'
building up 7 "Some mills are already caught
which
by next February
may up with their shipping promises
present a* far more serious threat and are rapidly eating into their
to
continued
high* steel output backlogs,' which have declined
than the spectre of a coal mine substantially.
Others report they
shutdown does today.
', «"•,» ;' »; will be caught up and ready to
call
such
today,
strike
a
factors
a
"Speculation in the trade
whether
not the OPA will
or
decontrol
.
are
carbon
steel
as
to
soon
book
" '
"Other
products
business
new
quarter.
•;
in
'
k
.
the
first
'
J
;;
steel
products remain
tight,
particularly
sheets
and
trolling alloy steel which consti¬ strip, although one mill is now
tutes about 9% of total steel out¬
establishing quotas for first quar¬
put,
continues
rife.
However, ter business and others are ex¬
such action would only produce
pected to follow.
after last week's action in decon¬
.
sooner
balanced price structure
steel industry through
a
which
its
the
advisory
committee
is trying
to obtain from OPA.
"The price situation is clarified
somewhat this week with the
re¬
moval of
ceilings over alloy steels
types and on wire rope,
well as iron ore for 1947 ship¬
of various
"No steel producer or steel user
as
expects wholesale price advances
ment.
when
ready fairly well balanced with,
demand, and there is little likeli¬
hood of price increases on any of
steels
carbon
trolled,
are
decon¬
look for up¬
items, the
production of which has been held
but
rather
revision of those
ward
down
due
to
producers.
the
So
low
far
return
there
is
to
not
the
slightest indication that alloy
steels, having been decontrolled,
will
advanced. 7 On
be
the
con¬
These commodities
are
al¬
them.
in
"Shortages
and pig
hamper
steel
production at some points. New
iron will shortly reach the market
from government-subsidized fur¬
iron
continue
scrap
to
trary alloy steel producers are
naces,
carrying $8 to $12 pre¬
watching each other like a hawk
miums over current ceiling prices,
to determine *if the current price
but this iron is supposedly headed
structure will remain strong.
for the housing program exclu¬
"With iron ore decontrolled ef¬
sively and a large share will go
fective Jan. 1 and with alloy steel
to foundriesifather than to, the
having been removed from con¬ steel mills."
trol, the continuance of regula¬
tions on other steels appears to be
,,
untenable.
ment
of
For this reason
the
a
seg¬
steel
,
White House Visitors
industry looks
for a sudden change in position on
Two callers at the White House
the part of those OPA officials on Oct. 28 were Canada's Prime
who
have
insisted
on
keeping Minister Mackenzie King and the
steel price ceilings as long
as United
States
Ambassador 'to
possible.
x
'
Russia, Lieut. Gen. Walter Bedell
"Steel
shipments in
October
greatest in any month
since V-J Day.
Aside from cer¬
tain wartime peaks, new records
have been made at many steel
company plants.
The only sore
spot in the current picture is the
unavoidable loss of plate produc¬
were
the
tion at
ern
some
mills
of the smaller east¬
which
ha*ve
been
squeezed between the dual short¬
age
of pig iron and scrap.
"While the steel industry in re¬
cent weeks has been busy upset¬
Smith.
with
House
press
as
a
particular
President
described
was
man
Ross
The Canadian Prime Min¬
visit
ister's
by
Tru¬
White
secretary Charles C.
call," with no
"social
topics
listed
for
dis¬
cussion, and that it was "without
political significance." How¬
the Associated Press dispatch,
Washington mentioned that
Ottawa dispatches had said that
plans for joint defense of the*
Arctic might be discussed.
General Smith, who has been
in this country on a 10-day visit,
told reporters that his primary
any
ever
from
ting its own estimates of steel
production, it continues to keep a
weathered eye on the scrap sup¬ mission had to do with the or¬
staff,
ply situation which is by
no ganization of his Moscow
means encouraging.
"Any serious and declined, according to Wash¬
bottleneck in the availability of ington 'advices to the New York
scrap or the transportation of this "Times," to comment on the "gen¬
material due to severe weather eralities" which he said he had
ings of the United Nations Assem¬
have
bly and the Big Four foreign min¬
conditions
isters
in New York.,;
long
later
this
year
would
discussed with the President.
:•
*
:,.vf
; I '• /,
Volume 164
■'>1 "'i'-i'
Number 4540
-
\%ai:
THE COMMERCIAL & FINANCIAL
CHRONICLE
September Loadings of Motor Carriers Drop
Supreme Court Upholds September Retail Prices Highest in
Under August Because of Strikes Georgia Unit Rule
Quarter Century, Says Conference Board
"Vi
>1:
2389
- Due.
The
United
States
primarily to strikes, particularly in the northeastern area,
Supreme
the volume of freight transported
by motor carriers in September Court on Oct. 28 dismissed two
declined 11.1 %.:. below
August, according to statistics compiled by protests against Georgia's county
American Trucking. Associations, Inc. Despite the strikes, however, unit election system, according to
the September volume held at a level that was
11.2% higher than the Washington Associated Press ad¬
volume transported in- September of *last
year.
The Association's vices. By a six to three refusal to
September, 1946, marks the highest point reached in more than
(since November, 1920) in. the consumer price index; the
National
Industrial
Conference Botird
reports.
The Conference
Board's quarterly:"Consumers' Price Index" or "Index of
Quoted
statement further adds;
climbed
The
ATA
figure, computed
the
on
hear an attack upon the State's
tonnage ' reported, plan the Court left standing the
decrease of 3.7% below decisions of a special three-judge
#
«
-
index of :
truckloading
basis
the
total
of showed
a
25
years
Retail Prices for Consumers' Goods and Services Purchased
by Mod¬
erate-Income Families" (formerly called "Cost of Living Index")
last
year.
add:
tained
Minn.
average
the
cluded
of the
65
in
surveys
.
the
increase.
from
U.
—
iptlOIIS I®'
Treasury Certificates
cities in¬
S.
high
These
shows
increases
an
Secretary of the Treasury
Snyder announced on Oct, 31 the
range
3.5% in. Dallas, Texas to a
of
8.9%
in
Minneapolis,
.
,
August.
r
-.
'v'l.l 65.2% over September, 1945. : V: nomination as Governor although
he
was
behind
James -V.
CarH\ The average index for the first
About 3% of the total tonnage
nine months of 1946 was 180.4,
michael in the popular vote., The
reported consisted of miscellane¬
same
slightly above the average index ous
system also permitted the
commodities, including tex¬
for the first nine months of 1945
defeat-, of
Representative Helen
tiles, groceries, chemicals, ' pack¬
(179.4) and 1944 (179.0), but 6V2
Douglas Mankin in the Fifth Con¬
ing house
products, automotive
gressional District, who, although
points below the average index of
parts,
motor
vehicles,
tobacco,
she headed the popular ballot, lost
186.9 recorded for the first nine
school supplies, paper and rubber
in the unit vote to James C. Davis.
months of 1943.,,'
. :■'
;1: •
products.
Tonnage in this class
The September figures are based
One of the rejected lawsuits at¬
dcreased 4.1% below August and
upon comparable reports received
tempted to upset Mr. Talmadge's
I.9% below September, 1945.
primary nomination;' the
by ATA from 207 carriers in 37
other
The September J tonnage of car¬
states. These carriers transported
sought to have Mrs. Mankin de¬
riers reporting from the Eastern
an
clared
the
primary choice for At¬
aggregate of 1,848,420 tons in
District represented a decrease of
lanta Representative.
September, as against 2,080,089
14.1% below August but increased
tons in August and 1,662,185 tons
Under the Georgia
plan, the
II,8% over September, 1945. 1
Associated Press pointed out, from
September of 1945.
.
;,
Carriers in the Southern Re¬ two to six unit votes are assigned
Approximately 89% of all ton¬
nage
transported in the month gion reported a decrease of 10.7% to a county and they go to candi¬
if. was hauled by carriers of general below August but increased 2.3% dates receiving the most votes in
?
..
Each
,
in
;
September
Board's advices
over.
The
,
the June fig-#
over
and is 7.9%
monthly tonnage of August, but increased 0.9% over United States district court in At¬
lanta which had ruled that there
reporting - carriers - for the September, 1945.
' ' '
three-year period of
Carriers of iron and steel hauled was no violation of equal rights
1938-1940
as
representing 100, dropped to about; 3% of the total tonnage. guarantees in the Georgia system.
170
in
September as compared Their
traffic
volumedecreased Under the county unit system Eu¬
with the high index of 204 at¬ 7.6% below
August but increased gene Talmadge was able to win
the
5.9%
ure,
The
Conference
using
1923
subscription and allotment
figures with respect to'the %%
Treasury Certificates of Indebted¬
'.V';.
Index,
Board
100, stood at
as
final
■'
^
of
ness
114.6
Series
K-1947
for
September.
The June, 1946
figure was 108.2. \ Not since No¬
Oct.
vember, 1920, with the index at
115.7, have quoted retail prices
approximated
this
level.1 The
J-1946, maturing Nov.
Conference
ports
Board's
figures
in
21
,
of
cates
exchange
offered
on
for .Certifi¬
Indebtedness
of" Series
1, 1946, in
the amount of $3,777,773,000. Sec¬
Snyder
retary
are
indicated that re¬
from the Federal
received
.
.
freight.
The volume in this cate¬
over
September, 1945.
the
The lower court ob¬
county.
the
served that the plan
de¬
the
operates like
College system in
crease of 4.8% below August but electing a President—some with¬
; Transportation
of
petroleum increased 12.9 % over September out a popular vote majority. The
three Justices who favored the
products, accounting for about 5% of last year.
review
were
Hugo
L.
Black,
gory
decreased
11.8%
but increased
September, 1945.
gust
below Au¬
11.4%
over
■
Tonnage
Western
.
from
reported
District
revealed
a
Electoral
based
retail
on
price
quotations
(for food
data; on June 13 and Sept. 16),
and show only the situation as it
prevailed on those days.
Food
est
during
the
quarter of this year.
Murphy
ledge. * % ;
Profits of National Banks in First Half of 1946
;- According to
banks
an
fused
its
reconsider
to
four
to
Comptroller of the Currency, Preston Delano, the
three decision of last June, the
the United States and possessions reported net Associated Press reported, which
1946
3%
were
those
of
Prices
of'fresh
vices, made available Oct. 5
September ;last
fruits
er
|
'year.
and
tables, however, showed
vege-
|
lesse"mg
•
fuel; and
light
straight percentage bal¬
a
any one subscriber, with
ments, where necessary,
v
"Since
Sundries increased only 2.0% dur¬
ing the quarter. '
'
ceived
j
•
.
it is
planned • toj retire
about $2,000,000,000 of the maturtion,
component.
adjust-
to the
next highest $1,000. '■ V * ' V ..:
In announcing the offering on
Oct. 21, Secretary Snyder said in
ing certificates
,v<
Increases granted on coal after
the
last I coal
strike
settlement
were reflected in the
3,3% rise in
the
on
part:
declines
p!h>
tf!L I n^fhS -f11 coffee'
eggs, butter and other items.
ments, etc., previously charged off
of $55,703,000, and deducting
losses
and
rejected a proposal to remap
congressional districts.
*
•
-i"
■
-
>m«"————BW—i
■
"*"
1
1
"""'
charge-offs
funds.
The
in
dividends
the
first
half
taxes
net
on
on
cash redemp-
subscriptions
will be f resubject to allotment to all
on* an equal * percentage
basis, except that subscriptions -in
1
amounts up to
$25,000 will, be al¬
holders
lotted
in
full.
will not be
■
To Meet in Nov.
nounced
Oct.
of
The
commissions
two
the
of
;
■
—
"The
Cash
subscriptions
received.
'A >
1
Bank
and
at
31
a
for
will
Recon¬
Development,
that
an¬
conference
press
Charles
on
Chipman
Pineo, of Canada, has been ap¬
pointed Director of the Loan De¬
partment of the Bank, thus
pleting
Pineo
Dec.
the
Mr.
born in Nova Scotia
was
on
22, 1883,
He served as As¬
General Manager of the
sistant
Royal
treal
of
Bank
from
Canada
1931
to
in
Mon¬
The
1945.
an¬
dated
bear
Nov.
1,,; 1946,
and
seven-eighths of.
one
percent per annum* payable with
the
1,
principal at maturity on Nov.
They will be" issued in
1947.
1
form
bearer
only, in xlenomina$1,000,
$5,000, $10,000,
$100,000 and $1,000,000.
tions
of
,
The
subscription
books
were
closed at the close of business
Oct. 23,
on
except for the receipt of
subscriptions from holders of $25,r
000 or less of the maturing certifi¬
cates. The subscription books for
the receipt of subscriptions of the
latter class closed at the close of
business, Oct. 24.
nouncement further said:;
bffered
now1
interest from,*that; date
at the rate*of
com¬
the appointment of
principal officers of the staff.
certificates
will .be
Eugene Meyer, President of the
International
struction
'to
were
profits
:
By International Bank
ABA Commissions
~
cash
stockholders
1946
$72,967,000 and
27.84%
of the
net
American Bankers Association de¬
available. The remaining
voted exclusively to promotion of
income
of $102,003,000,
the net 72.16% of net profits, or $130,the welfare of country banks will
profits before dividends for the 485,000* was retained by the banks
hold their annual executive busi¬
six months ended June 30, 1946 in their capital accounts.
I
-.
j
ness
sessions during
November.
"On June 30, 1946, there were
amounted to $280,593,000, which
The Agricultural Commission will
at
an
annual
rate
amounts
to 5,018 national banks in operation,
meet at Louisville, Ky., on Thurs¬
11.51% of capital funds. This fig¬ as compared; to
5,021 on June
day and Friday, Nov. 14 and 15,
ure of net profits before dividends
30, 1945."
'
* < •- ;
and the Country Bank Operations
was.. $31,325,000
mfKJtmm
more
than the
Commission will hold its meeting
amount
reported
for
the
six
Caribbean Commission „ at Mobile, Ala., on Monday and
months ended June 30, 1945.
The
Meet¬
The four nations having terri¬ Tuesday, Nov. 18 and 19.
Comptroller's advices also stated:
"The principal items of operat¬ tories in the Caribbean area have ing with the Agricultural Com¬
mission at Louisville will be the
ing earnings in the first half of signed an agreement for the set¬
Subcommittee
on
Agricultural
1946 were $361,602,000 from in¬ ting up of a so-called Caribbean
Credit of the Committee on Fed¬
terest on U. S. Government ob¬ Commission, which is to be form¬
eral Legislation.
John N. Thom¬
ligations and $51,251,000 interest ally established, with its auxiliary
son,
Vice-President- and Cashier
and dividends on other securities, bodies—the • Caribbean
Research
of the Bank of Centerville, Cena total of
$412,853,000, which was Council and the; West Indian Con¬
terville, S. D., is Chairman of this
an increase of
$53,814,000 over the ference—as an international ad¬
subcommittee.
Both commission
corresponding period in 1945; visory body to the four signatory
meetings will be addressed by C.
$226,210,000 ; from
interest
and Governments in the interests of
W. Bailey, the new ABA Presi¬
discount on loans, an increase of greater cooperation. The United
dent, who was formerly Chair¬
$44,868,000, and $33,010,000 from States was one of the signatories,
man of the Agricultural Commis¬
service
charges on deposit ac¬ the others being Great Britain,
sion.
Mr. Bailey is President of
counts
an
increase of $2,287,000. France and the Netherlands.■
the First National Bank, ClarksThe principal operating expenses
The agreement, according to a
ville,
Tenn.
were $208,455,000 for salaries and
special dispatch from -Washing¬
wages of officers and employees ton to the New York ^'Times'' on
and fees paid to directors, an in¬
Oct. 30, provides for a permanent Change Name to
crease of $34,400,000 over the first
Secretariat, for which a'building Consumers Bankers' Ass'n
half of 1945, and $69,991,000/ex¬ has
been
acquired in Port-ofand
Pineo Named Director
the Comptroller stated that adding to
the net operating earnings profit on securities sold of
recoveries on loans and invest-*
$63,548,000
above
Illinois'
7<i
of
,
in the other components combined.
Quoted retail prices for Sep-.
„
had
increase of $50,650,000 over the first half of 1945. In his ad¬
therefrom
situation
51%
| sis, but not less than $25,000 to
was
sizeably greater than the increases
tember,
and
in
operating earnings of $317,474,000 for the six months ended June 30,
1946,
-
the tribunal also decided to keep
hands off a State's system.
It re¬
Reported by Comptroller of Currency
National
Rut-
i
.
electoral
another
In
>
Wiley
and
third
(13.0%)
sub¬
Subscriptions in amounts up
including $25,000 were al¬
lotted in full, and amounted to
$40,563,000. Subscriptions in
amounts over $25,000 wereallotted
The rise in
the food index alone
that
$3,432,410,-
aggregated
000.
to
prices showed the sharp¬
advances
showed
Banks
scriptions
for June 15 and Sept. 15
.
Frank
Reserve
%-t
;
ii
'
"Mr.
Pineo
1902
in
career
service
of
Halifax.
Subscriptions
began his
banking
entering the
upon
the
Union
When
amalgamated
this
with
Bank
bank
of
was
divided
were
Treasury
1910, he was
assigned to Puerto. Rico and, la^er
to Cuba.
He became Manager of
New York
the
Philadelphia
National
York at Sao
where
City Bank
Paulo, Brazil in 1915,
remained
he
of New
he
until
re¬
joined the Royal Bank of Canada
four? years later,
and organized
branch offices in Brazil, Argentina
and Uruguay. In 1920, he was ap¬
pointed Supervisor of the South
American
business
of
the
Royal
among
allotmeptg
the several
.
:
follows: \
as
Federal
Reserve
the
in
Canada
of
d
Federal Reserve Districts and the
Royal
Bank
a n
Subscriptions
,
District
i
Boston 11
;
39,246,000
•
p
V
123,10^2,000
■ V
"
*
;
38,008,000.
•63,855.000
37,715,000
72,105.000
—
San Francisco
35,039,000
-
64,602.003»
66,531,000" * ,*••
'
42,319,000
■'1 169,758,000
324,216,000
__
MinneapolisKansas City—
Dallas
•'-'•47,344,000
75.T80.0C0
80,539.000
Louis—
*$42,20$,'OOO
i 90,592,000
—
—
Allotted,/
2,026,66?, OOlv ; 1,036,450,000
42,569,000
82,249,0C0
_
Atlanta
Chicago
.
Subscriptions
.
Received.''; f
f % $8i,244,060 ;
Cleveland—--
Richmond
St.
Total
Total :
v
>333,899,000-' 0 1*71,263,000
11,288,000
5,778,000
—$3,432,410,000
$1,774,552,000,
Treasury
.
'
pended
on
in
time
the
and
increase
form
of
savings deposits, an
$10,934,000. Gross
of
earnings of $764,215,000
ported
of
for
1946.
crease
gross
the
This
six
represents
of
in
were
month
$111,766,000
earnings for the
months
interest
1945.
re¬
period
an
over
first
Operating
in¬
Lawrence
Unit
e'd v.SJ
GeneraL lij-r
The
.
W,- Cramer
a
t.e
>;:b> ■£;;;/ ■'
Commission
of
-
plipjiipir
succeeds
mission, the "Times" said. It
tinued:
penses, excluding taxes on net in¬
•
the
Anglo-American. Caribbean ^Com¬
six
Its
"
objectives
accord
-v
are
con¬
of the
$446,741,000 as against United Nations Charter. Its aim
$385,625,000 for the first half of is the improvement of economic
1945.
*
"
■£>.
and social well-being in the area,
"Cash
dividends
declared ,on the
promotion of scientific, tech¬
common and preferred stock to¬
nological and economic develop¬
taled. $78,108,000
in comparison ment,; thie facilitation of the use
with $73,3,71,000 in the first half of resources and in
general the
come, were
of >1945.
The' annual
dividends
Was
rate
3.21%
of
of
cash
concerted
capital
problems.
treatment of mutual
Plan
Bankers'
changed its
sumer
Bankers'
wound
up
name
As¬
to Con¬
Association
and
its convention on Oct.
23, at Virginia Beach. Va., bv re¬
with
York.
headquarters
" *
.
<
.*'
in New
Europe
ica."
■'''
as
well
as
dent
of
another
vices
the
to
Bank
head
of
Georgia
the
The
in Latjn Amer¬
reporting
Press
stated
this
ofher officers elected
were
Vice-President
B.
President,
John
Equitable
Wilmington,.
Del.,
;
that
First
Jessop,
Trust
and
ad¬
Co.,
; Second
Vice-President Clyde C. Shively,
Announcement
28
re
were
results
asury
was
Post
made
on
of
the -appointment
olas Brown as
of the Navy
Assistant Secretary
for Air. Born in New
46
years" ago,
Mr.
other, irecent
of
Certificate, ,pfferings[
referred
Oct,-24,. page
to
in
our
issue
of
Vv
2141.
Maui
Returned to Hawaii
In
executive order issued on
an
Oct. 28, President
that areas of the
by
Presidentr Truman of John Nich¬
Oct.
T
\
■
Brown in Navy Air
Association
United
year.
in
Total
.;
"Later, at the Head Office of the
Royal Bank of Canada in Mon¬
treal, as Assistant General Man¬
ager,- Mr. Pineo had charge of all
the
bank's
foreign branches in
electing; Joseph E. Birnie, Presi¬
Atlanta,
'
held to be in
with the principles
Morrs
sociation
the
is^fSecretary
s
the
ex¬
The
Spain, Jrinidad. It is reported that
Bank
described
as
Trurhao ordered'
Island of Maui^.
"certain
lands'...of.
Maui, situated at Mala landing,"
Lahaina,
Ma^i,
Hawaii."' taken'
over
by
the Navy in
be restored to use
April,
1934.
by the territory;
said As-"
City
sociated ?; Press
Washington ad-'
Brown, a graduate of Harvard
University
who - served -; in
the vices Oct. 128, had been set < aside I
Navy in the first World War, has for use by the Navy as a section *.
lived most of his life, in Newport* base and. radio, station,.;:and the,
York
President, State Industrial Bank,
R.
Columbus, O.
Press
I., according to an Associated
Washington dispatch.
-i
■
•.
«•,
-
of
Hawaii.
These
areas,
,
President indicated that the Navy
no
longer had need of them.
il*;IA.>ij 'Ai&ffi'uiiii
[THE COMMERCIAL & FINANCIAL CHRONICLE
2390
KBlitaiy Costs With
let's Cut Ou
(Continued from first page)
on
fire, automobile and accident in- tariffs on products
products
It is, also of great importance,
culture, to transact official busi¬
pertaining to the War. These especially in countries which suf¬
competitive
tion
ness
Americans chrhe from every part
the
of
country and from almost
life; and a consid¬
erably majority of them had never
been abroad before. Most of them
every walk ;of
Trade, tiivd and Ihe ]Fa«Ss
Thursday, November 7,194ft
chips on -their Should¬
ers, either because "they were just
with
came
fered
economic standpoint, lies
purely
valuable
most
a
source
income.
quate
;
must
we
only
as
the risk
senting its case and recdmmenda^
For
warfare
be
interested to know that during the
past six months a committee made
up of representatives of all Oper¬
ating
Departments of
General
Electric Company has been study¬
ing this matter of imports and
tariff schedules on electrical prod¬
will it be possible to cut/the ter¬
rific premium on our war insur-
policy
levels.
/
■
to
■.
•,
the subject of
'begin
can
reasonable
more
•
It is to
"*'(
to
how
we
the risk of
mySelf
Obviously, One
reduce
war that I wish to address
"
briefly
tonight.
do
can
such
lem
no
more
on
an
that committee arid with the ap¬
this than to pose, the prob¬
and outline the main areas
as
proval of the officers in charge of
each of the Operating • Depart¬
ments
•lie!
A Long-Term Plan
ing.
war
is ob¬
It reads
undertak¬
It calls for
clear
tariffs
-
think that
1
targe
erich
on
;
>
~
The
arguments for expanding
world; trade both in the interest
of high employment and better
living standards here at home and
in
foreign countries are well
known to you, and I will not burden you with a repetition of them
t
titude,
I do not
to suggest
mean
and
having, through person¬
that the British
are
average human beings like
themselves,
they
returned * to
America With a sense of under¬
ears
al contact, learned
;is essehtihl for
-r-di.'
fened
truths
to the untruths and half
That were cohstaritly.»being
and
formalities
bering
ment
endless
and
red
tape encum¬
prohibiting the
or
of
quotas
and
materials
and
•
.
;
abOut
products
tas a veritable fortification against
exchange by the countries of the
World of the materials and prod¬
ucts each is best qualified by
son
the
aptitudes
of
As
•
you
Charter for
an
Organization
ftions"
is
International Trade
of
the
United
Na-
aimed
at freeing the
world of many of these impedi¬
menta to international trade. This
.effort
deserves
the
enthusiastic
support of every American.
It is an old story that business
riers
the
to
flow
of
the
abroad.
cerned
with
our
war
What
.
I
am
con¬
this heading,
under
it
known
to
on
the
subject of trade—It is
belief that
my
healthy, prosperous,
a
expanding volume
of
trade
be¬
tween the nations of the world is
a
strong antidote to war. And an
increasing degree of economic in¬
terdependence between " nations
will correspondingly reduce the
risk of War.
pared
faithfully
depicted
and
■^od.everywhere.
_
„
for
building - interna¬
tional understanding and reducing
the risk of war than travel, I have
;
.
failed to -discover it.
And
subject
direct
I
based
mony
give
Can
on my
on
this
testi-!
experience in
London during the V-k war
years
I spent there. It was one of the
duties
of
the
mission
I
had
the
statements about us, bur
ahd
our
vate
honor to head to receive and as¬
sist many
who
to the death any attempt to reduce
from
came
groups, from
private
singly and
government and
industry and agri¬
released by government
or
(and
as
.
we
may,
some
;
•'
quirements,
change
add
ence
so
:
and
customs
duty
currency
re¬
; pro¬
and
ex¬
,.r
agencies arid private capital
this port ion of the program must
be' borne
goverriment. - /
international*
fjy: the
Take; for example,
and expense of foreign travel.
^
broadcasting. vAU,reports, confirm'
the fact that our: curfent Activi¬
ties ;afe
ih
activities
woefully inadequate both
the'^quality
content; And vin
merit is
lions
|
<
I
eXpendituro of $16 millions), for? eign brodacasting would fall away ;
to a small fraction of the present.;
output if the government with- $
drew
its ^support
and
private ■ .■
as
The
alone.
relied
were
upon
and
agencies must 4play im¬
portant roles. But we may start,
I submit, With the fundamental
necessity of havihg -competent,
first-rate Americans to represent
private
pays her Am¬
Washington approxi¬
sufficient
in
rhofe than
a
More
that
a
to
amount
finance
,
hours
'
currently devoted to such
broadcasting.
In these circumstances it would appear that the
only satisfactory solution is to
develop international broadcasting
to the desired level through h
government-financed organization
Some
of
eagerly sought by
our
ablest
and women..
Libraries where
;
a
young
/
Wide selec¬
.
•
'
,
:
r
"
which, is divorced from the oper¬
of
-
is
%
given maximum freedom
-
being
t
action,
time
program
available both to the government
and to
ing
private
:
Operht-
j
this basis, there is good
on
believe
to
reason
sponsors.
that
as
expands arid international
casting
and
audience
more
trade
r
"broad- ;>
foreign
the
grows,
radio
and more
„
of the broadcast time will be purchased
commercial
by
\
sponsors
cies.-
-
!
J
These
Travel
and
then
elements,
The
and
-—
Trade,'
Facts—properly
developed can' bring
wisely
\
.
..
.
•
■
•
i'-'V*
S"!
ating ' departments of government
and
^
.
■A&
already
service will be
men
corrected/
Y
■
small fraction of the
and the job-of providing adequate
been taken.
must be taken to the end foreign information service will
gradually revert to private agen¬
career in American foreign
have
:
for
reason
,
years gone
Britain
.
-
this, of
course, is that in the present state V/i
V:;
of international broadcasting and*
trade the operators of private
broadcasting facilities would be unable
to
obtain
commercial
sponsorship of foreign broadcasts r.
task
I simple one.
It is a mixed
which both government
in
affairs must" be'
,
■
broadcasters.
telling, .adequately
apd truthfully the story of Amer¬
ica to the rest of the world is not
a
spending about $7& mil?
foreign broadcasting fhis
compared with a British
on
year
Told
Be
restrictions which-today thousands
greatly to the inconveni-
:
some'vsubstaritial :part bf the in-
sThe- job -of
simplifying and, where possible, steps
Hundreds of Americans cedures,
to England
-
formational. program I have out-?
lined.
The cost of carrying out
objectives. These state¬
designed tb arouse fear
encouraged and facilitated many
eliminating passport and visa
1
will riot be'available ;td" undertake "
ments ;arre
believe that if foreign travel
encouraging foreign, travel, by
[j
;
Government Participation
AThe ufgericy arid importance of
mately four times what we pay
our Ambassador to the Court o*
St. James.
Indeed, the cost of
millions
of
Americans will
go discharging
the
duties of an
abroad on business or pleasure American Ambassador in ; many
during the next decade. It is of capitals of the world so greatly
exceeds -his < official1 salary and
utmost importance, in my j udgexpense allowance that the post
ment, that our government and is
closed to all but independently
foreign governments collaborate wealthy individuals. This state of
In
lk.
getting this job brgbnized and un¬ ofthe signal.
Other countries, ;
der way is 'emphasized by- the fact
Britain and Russia, for example, %
that /other powerful governments, are doing
a very much, more efnjitably Russia arid her satellite fective
job than we are in the
countries, are continuously put¬ Continent of
Europe. • But inade¬
ting; out false and misleading
quate as it is (and ouy^ govern? «
bassador to
Facilitated
,t
J ft Ts /dlear^ fibwev^fhat /Jri-/^
.
that Great
Foreign Travel Must Be
.
-j.'-.
1
;
governments should abstain from
engagirig In-any activity (other
than those which arri peculiarly
the functions
of : government)
which
private v individuals aridprivate capital are ready and will¬
ing to undertake.. ^
under-
Si
subject /to the charge of being
slanted
her people,
■'1
;
r
and
part of. it will be slanted); and,
second, because I believe our
activities of
:
k
pre-
ica, her way of life, the interests
and
/
«
.
is
If there is any more potent in¬
strument
each
to
elemental that any
is
by our official foreign
other's country, a free exchange
representation has all too often
of
the
facts
concerning
each lacked both quality and quan¬
ether's way of life, their likes and
tity. The compensation has been
dislikes, their culture and condi¬ inadequate both at the top * and in
tions, are potent factors in reduc¬ the rank and file. Just as an ex¬
ing the risk of war.
,
ample, it is my understanding
I
Travel
Travel
be
informational; material
every corner of the earth to the
end that a true picture of Amer¬
Well known to the
us .in. the embassies, legations and
people by direct per¬ consulates around the world. In
contact.
sonal
to
all
'
adequately'sup-'
plied by American private enter-*
prise." I hold this yiew for two
reasons.
First, because I believe
,
were
an
and will be
can
neigh¬
become
had
American
To summarize what I have said
in
two-way
goods.
give lip service to the prinCiple of tariff reduction but battle
men
bors
With
specific goods to the extent that have ' isolationist
apd resentment toward us arid to
leanings those
can be done without Unduly
attract other countries ; into the
who saw foreign Service during
Russian orbit.
upsetting a domestic industry the war or who visited
foreign
which
is
efficiently operated theatres of War voted
heavily in
The American Story Must
world,
know, our government,
under the leadership of the Depart-ment of State, has taken a
strong
* position; on
this matter, and its
recently
published
"Suggested
>
exchanging intelligence
information
this
their people to
Offer in the markets of the
-
rea¬
of their natural resources and
or
them.
essential to bring imports more
nearly into balance with our «x- immeasurable.^
-t" ' \
ports. This will enable, us to'be
: I have not Analyzed the/House
paid for the goods We sell and or Senate vote 'on the .-United
to be repaid for loans Which
Nations Charter, the extension of
have been made for rehabilita¬
the Reciprocal Trade Treaty Bill,:
tion of foreign countries.
the British Loan or Mother impor¬
"Our country and each industant ' legislation which / has been
try in it must take the lead in acted
updn by Congress since VEr
the reduction of "trade barriers
Day, but I am told that of bur
by proposing mutual reduction
Congressmen and Senators who
of tariffs and other barriers on
before
move¬
across national boundaries. Many,
^ if not most, of them have come
into being during the past twentyfive years. Arid they stand today
of
means
jlt *is important that this run¬
.[
ning story be well and fully told.
The extraordinary Way ip which
The very fact that we are today
Human contact dissolves differthe greatest economic power on
eribes arid "false impressions is nd
ekrth and thereby have, whether
better epitomized than by thei, reWe like it or not, a responsibility
murk Of the British, clergymah
fbr leadership, requires that our
Who Was onbe heard to say,. "The
aims, oUr. policies and oUr objec¬
only Americans I can abide tare tives be made khbwn to bther
the ones I have met," Anddespxte
nations.-" Anyone in a position of
the gripes 'and "grouses Of the mil¬
great pbWer will be feared, sus¬
lions of American GIs, Who
|ShW pected and perhaps ganged-upt on
service in foreign theatres of War,:
if he fails to demonstrate his good
the net."effect in terms -of broad¬
'intentions or to Win the Confi¬
ening and internationalizing the dence and > respect of the comAmerican viewpoint is literally
munity.
circulated
are
c,i.u
they all became anglophiles. However,
are •1 - the
other
well
But, having seen with, their own known media for communicating
eyes and heard with their own information about our country to
»
as
censes
services
that
;
particularly, and especially, good
for America as a whole, not sim¬
and
whose
existence in • this
favor
of
these
measures
while
ply for those Who would profit
: country is essential to the pres¬
most of those Who did not travel
directly from increased exports or
ervation' of our economy or na¬
abroad persisted in their former
imports.
'■
■
tional security."
/ views or modified them only in
Today national trading areas are
separated from each other by a
From this you Will see that response to pressures from home.
complex and staggering number G eneral Electric, although 90 to I
Examples <)f the broadening ef¬
©f obstacles and barriers to the 95 % of its
business has always fect of foreign travel could be
aiatural, easy flow of goods and been in the domestic market, be¬ given almost Without limit. I am
services.
They
include
tariffs, lieves in and will support the gov¬ satisfied that this country could
monetary restrictions, exchange ernment's efforts to broaden our not and Would not
go to war with
controls, import and export li¬ trading area by reducing the bar¬ any other country whose people
'
.
difference in their at¬
enormous
insurance
,
:
positively, affirmatively—selfishly, if you will—good. And I mean,
;
'
countries
tatioh of goods into the United
States from other countries is
•
me say in
passing,, how¬
I have said repeatedly
before, that I am profoundly convinced that a far larger volume
of foreign trade—and this means
imports as well as exports—would
be good for America. And I mean
^
a
countries/
all
industry arid for an
increase in the over-all standard of living. A larger impor-
iiere.. Let
i
to
r
Trkde'
-
ever,
will contribute to
benefit
total
bur
■
^
a
the
me en-
of these
items.
V'"*>
i'..
of
Uther
:
Trade,
We
A larger exchange of goods between the United States and
•
■
little
a
against another war. Intelligence, America's foreign program, we
information, communications—call come riext to the question of how
it What you will—the essential the great task shall be divided
objective is to provide means of betjyeen government and ^private
currently and contiriubusly ex¬ agencies. I, for one, am strongly
changing the facts With ; other and unalterably opposed to our
countries of the world. Trade'and government's providing any for¬
travel are themselves iinpbrtant eign informational services which
adequately what
tremendous difference there was
in the attitude of these people
when they left. The very fact that
they had; spent a few days or
weeks in Britain, actually experi¬
enced wartime Uvirig conditions
there, met face to face and talked
out
their
problems With their
British
' counterparts,
made
an
you
.r'il
as
for reducing the cost of
to
\
these
describe
the. ish and with their resistance
stif¬
'greater ;economic stability and;
instruments for reducing
hazards of War are:
Travel and The Facts. Let
.
on
larger exchange of
better balance Of
among the countries of
trade
-
V
influence
a
the world
be
ade,, 1
- v,
;
Briefly staged, the three fria'j or
or
one
as
'gdOds and
to Week Or from month,to month
but rather from year to year-^or !
even, perhaps, from decade tb dec¬
the
<,
free flow of world trade.
•
.continuous effoft in Which results
Will be perceptible hot from Week
^ tools
follows:
as -
that
preparing to depart. I Wish I could
a
[
;
,
I think we
informational
essential part of
Having agreed,
must,
her
"The General Electric Com¬
current events, her accomplish¬
pany
is interested in import standing and respect for the Brit¬ ments and her
failures/ shall be
J and then it calls for hard, patient
r
brief policy statement for
guidance of the entire com¬
pany was adopted very recently.
a general plan,
understanding of the ob¬
jectives and the reasons for them,
,
a
the
Needed
.Reducing the risk of
viously ho short-term
recommendation of
the
On
ucts.
occasion
in which the solution appears to
a
.
In this connection you may
*
ance
reduc¬
on
tions.
reduOed
is
proposed tariff
r;■<' ■■'"W
tions
hazard of in-
or
statesman-like attitude in pre¬
a
the
reduce
insurance.
war
ternational
to
do
our
f
.
>■■•■
tional short-wage broadcasts from
America should be greatly in- • /,;
creased and approved.
1
?
> v
,
of
J
|
,
>
day-to-day
of
coverage
events, riot simply the head-i
lines, must somehow be made
available, to the press of other
countries.
And, finally, interna¬
-
cost
>
.
news
'
what
•
work; arid play should
of dollar likewise be made available. Ade^
live,
We
And; foreign governments
with their own. I am told that
premiums, we. would bh
naturally anti-British or because can well afford to give high pri¬
our government is now reviewing
giVing a great deal of thought and,
the particular matters that brought
ority to the provision of adequate
American tariff schedules ih'prep¬
putting a great deal of heat on
them to
Britain involved some
transportation, hotel and resort
aration
for
the negotiation
of
our
government to adopt iheas
"difficulty or dispute in which they facilities in order to attract their
ures
which: would
reduce fire, mutual tariff reductions with a felt the British Were
being grasp¬ full share of foreign visitors.
<
-automobile and accident hazards large number of countries with
ing arid Unreasonable.
It is devoutly
and thereby make possible a sub¬ whom we trade.
The Facts
I^
:
It was my practice to talk with
stantial reduction in the tost of to be hoped that American busi¬ each of these
visiting missions on
This brings me, gentlemen, to
that insurance. This, precisely, is ness will take the long view and arrival and
again when they were the third item in our triumvirate
'
American books, maga-i-
damage, that adequate
preparation be made to receive be made available in all countries.
and., 'comfortably, accommddate Educational films showing what
foreign travelers. Here, from the our country lobks like and hoW
surance
-•
of
zines and official government doc-*
uments can be obtained should
war
•
,
„■(';■■1
v.-.i.■/
:
.
olume
164
about
V'
J
degree
of
international
these
since
And
stand
We
effectiveness.
taxes, could be
proportionately
to
re¬
in
or
lose
to
ceed,' there ward swill be glorious,
"
indeed.
exposure to war
back
mot
which
dwellings
had
house
to
ithem.
A fourth attack was aimed
at
v
the
7
fore
output could
v
* '
be stepped up
/
fhe
,
to* drive prices sky-high and rob
in -our pockets,'/ the
of,/inflation which aimed
.earnings
«our
•
i
and
savings
v.
of a
Even
.large'part of their value."
these
*
■
all.' The country
not
were
.
and wn are
war
coming out at
bottle-neck in
the rate of 7 million
almost wiped
for
that
the
nation
needs
the
before
more
coal
because
war
of
greater activity, not because the
coal
available
is
home
at
less.
The home
supply of electricity is
of
greatly above
course
form
ten
prewar,
about double what it was
ago
years
this is another
which is due to
—
of shortage
increased
volume —is
rather
demand
supply.
The bottle-neck
building ;* materials,
which
tp bring the buildjng
?
sion is completed.
The divi- industry to a halt but has been
;J
dend on putting export first met by an increased production—
is already coming in in im-r e.g.- brick production up from 101
v
'
proved British crediT~>ud million in July 1945 to 305 mil¬
r
i larger supplies.
In 1946 we lion in July 1946; cement,' in the
are
importing by volume same period, frpm 373,00,0 tons' to
69 % of the amount 'we im682,000 tons; clay tiles from 21,
i. ported in 1938.
Next ' year squares to 54,000 squares. r '
it will be more, although on
"7; "Now take heavy industry. Hpw
exchange and supply grounds many people realize the scale on
•; 4
imports must lag a long time which British heayy industry; is
behind exports in surpassing producing?
In no single month
this year has production fallen as
the 1938 level.
low as the average month of 1935
"(d) The Production Campaign—
for any of the following products
.<
I will come back to the proin
would
/
be
without
money or credit
/
*
,
: ?
the food We
eas
-
the
,
necessary
tobriy from
over-
heed to Hve !bn
-
i
j
jand the raw materials
;
work- with..
-
the
/
need~to
morale.
our
The
-
of
fatigue
and defeatism and
and
shortage
dis¬
unity aiming to destroy our wartime sense of purpose and capapity for achievement and to per¬
_
'
"
suade
us.
7.
our
victory
first time we
medium plates, cold rolled strip,
have got the beginnings of a
Even' in
sound universally
accepted' wire, and steel castings.
the holiday month of August steel
riatiorial economic policy lriingots
and
castings were 7 18%
;
hot
was
77
stead of talking about gold
v
standards " arid
"Let us keep that picture in
mind in considering the economic
record since V-J Day and how we
•
.
,
,•
stand
,
f
'
|
tory>qn.. any
front,; but
we
cpnfrontheld,
control,
mental.
in
increased
| '
remarkable
even
more
profits.
It
dangerous by
For in¬
,
V'
*11
-
Thi^
be
'
workers
shortages which
-
due
were
on i
the
those
cause
more
produc¬
Even in the
7
of
a
over
million
"Let
technique and in leadership
J;
^
,
.
7. 7
.
of
can
be applied .right
through
|
industry, we should see a
much bigger increase in out.put per person employed. We
have barely yet scratched
the suiface of the opportuni-
'
ytfoer. shortages right down the
line.
*
"
•
\
,
'
7
.Government's Economic Strategy
"7 \"The Government's line/of atv
tack
has
—
1been
1---11
based
lowing strategy:
"
the
on
fol-
;
.
Creating
and
maintaining
suitable conditions—For exuse; of:
"
jl
"'7/7#
■
-
<r
i
subsidies.^to
hold down the cost of
Proper ;use
liyingl
of; controls,, and
"wbere necessary rationing
V.! and priori ties,, to hold down
prices and ensure fair shares;
the
successful
' Chancellor's
balance
7
between
-
restoring
.Budget equilibrium and
eas¬
ing burdens all round; the
maintenance of. a very high
degree of industrial peace;
/>:/"
J
assured markets for farmers."
.
0
Smooth' arid
transfer
rapid
from the Armed Forces and
munitions 'to civil, employ-
-
rrient
—
men
About
and
seven
women
million
were
leased in .the first year
7:
/
V-J Day.
the
port
most
This
trans¬
problem We have
faced in time of peace.
ever
ever,
We
nearly
have, howgot .over the
most difficult period of demobilisation,
of-; releasing
7:77 factories and other premises
%:| 7 tri civil industry, of1 re-tool7
-
irig,
re-training and
rebuilding production teams!
7
!
7
look
now
at some en¬
$
millions worth; in the 12
■
up
to the end of July 1946
made £ 18 millions worth. Allowiqg for the rise in prices there
is a good 50% increase in output.
We are making locomotives stead¬
we
ily at the rate of 700
is
improvement
an
Or
railway
made
after
tion
.
a year
on
1,500
a
1935 output.
In
wagons.
.which
1935 we
this year,
tank produc¬
month;
conversion to
started
at only 1,300 a month, but the
industry is well set to beat the
1035 ,figure on the whole year.
Electric lamps.
Here is an indiistry:;-deeohcentratea just • before
during
..
the
war
we
-
V-J Day which is now making 180
TS^e have also goiie far in. remillion / lamps a year against J00
7^7 filling the pipe-line'between .million in
"
19,35.
factory and consumer which
Exports of lamps
7 dividend on all
7
/
this will be-
gin in the second year after
V-J Day, the year which we
v;
.•
::-7' ,7have just
entered.'-3^7'7;
;-7^
"(e) Economic Planning^ spoke
on this at some, length yes¬
terday elsewhere and will
7
not repeat "what 1 said then,
,'-7 ;
•
-
except
^
to
without
-
remind you that
economic plan-
the
7- 7 ''
:
nirig machinery which is be-,
developed there will be no
■'■i '\J reasonable hope of maintain^
ing. stable economic condi¬
:7'
-
-
tions.
%
7'7
••
7 -;"7
7'"!'
have remindedyou of the
varied and grave threats
which faced us after V-J Day and
the government strategy for coun-
many
once
no¬
a
again in fair
supply. Tobacco is being used for
cigarettes at 120% of prewar; In
August we produced about 8,100
millions cigarettes against 6,300
millions monthly in 1939.
Even
some raw materials such as rub¬
ber are beginning to come back
into
free
are
supply.
individual
So' much
cases.'
for
r" 7
'
v
^ The General Pierre
"First—a
record
of
,
impress)ve
output in many lines \ybich should
enough to satisfy everyone that
be
Britain
can Make It.
We want an
all-out effort for greater produc¬
tion. 7. But the
reason
want it
we
is not because of any general fail¬
by both sides of industry to
get down to the job.
it is rather
because the magnificent and en¬
couraging record of the first year
ure
after
V-J
"New industries
are
of
discouragements
reconversion
Let
be
not
us
left' behind.
are
depressed by
de¬
failing pro¬
ductivity and shortages. How can
productivity soar and shortages
disappear while millions of people
featists who harp
on
are
entering and learning new
jobs, hampered at every stage by
legacies of the war?
(On this, by
the way, it is worth noting that
the
number
not
yet
at
of
demobilized
fell
work
men
month
last
tacks
have not beaten
All
have
down
been
are
our
held,
heavy sacrifice, and
visibly being repulsed.
some
Our
ing up/7 Alarm clocks which
we
did not make before the war are
our
morale is
high,
j
coming out at
a
'age.
Monthly production of mo¬
tor cars has tripled since the be¬
ginning of this
is still only
level."
" •
year although it
two-thirds of the 1935
"Thjr/i
—.
the
manv
shortages
which still press so hardly on us are
not all of the same kind.
Many
due
are
enforced
being
ravaged
raw
fields
of
Asia.
factories and
drag
trade
or
over¬
material
enough
grown
southeast
and
devastation
war
Food and
seas.
not
to
neglect here arid
on
has
recovered
to
slightly above prewar level, al¬
though production of wool cloth
must
was
because
ages
Damaged
railways are a
the resumption of world
and of supplies which we
Until
made
good the flow, of output will not
recover: That is a physical, rather
than a political problem.; <7
| . ,
7'Other
.
types
of
shortage, are
due to. lack, of manpower, aggra¬
backward in
peace
or
uri-
This type of
shortage is .particularly difficult
to bear, "especially since it affects
ent ! requirements.
used
distribute*
were
that
vast
so
they
Now there iai
shortagp of purchasing power
$nd only a localized shortage o*
no
jobs.
Therefore
all
the
other
shortages are seen in true per¬
spective and the only way to
break them is by much more out¬
put.
It is a truth which we must
face that with the expansion and
better distribution of purchasing
the country cap have muclv
milk, or beer, or cigarettes*
steel, or electricity than before*
the war and still be desperately
power
more
or
short
pf all these things.* Indus¬
agriculture have beer*
crying out for years for more de¬
mand.
Now the challenge is foa*
them to satisfy it.' ;'7-7'V
try
apd
Production
The
-"Now
a
Campaign
word about the Produc¬
Campaign, in which Britisl*
have already playecl
a valuable part, and, I
am sure,
will wish to go on.
I can assurer
you
and
industry
both
that
and th<»
Departments
Government
con¬
appreciated the good
reporting which tho
cerned have
faithful
have given the Pro¬
duction Conferences; and, I would
add, it shows good journalistic
sense, because there is no ne%»
of such vital importance to the*
newspapers
news
of produc¬
tion and productivity.
Success oxaffect
nation
today
in
failure
as
production1 will
reader of every newspaper
in the land—upon its success denends their standard of living and
their hdpes "fori the future?17
""V
.''The Production Campaign waa*
every
'
Minister'^
Prime
the
by
opened
Broadcast in March.
It has con-
sisited, io the main, of necessary
work in the way ot
foundation
between
conferences
and
employer;*
Trade Unionists!
"Following
the
in
conferences
p/-/
first
two
Central
big
Hall
in
March, there have been twentytwo conferences, each addressed
by Cabinet Ministers, ana attend¬
ed by over 25,000 representatives!
of employers
and worker.
;
Government
."The policy of the
increasing production has beei*
representatives, p*
at the Con¬
ferences.
We must now begin to
think as individuals along the
same lines, and to help to bring
by
endorsed
both sides of industry
this about we can
and
mines
to
swamped all others.
ployers
need from many countries.
the damage and neglect are
/;
failure
the
are
Europe
get
and then*
purchasing power before the war
was so tragic.
Purchasing power
in fact wais shortage No. 1 of the*
prewar economy, and employment
was shortage No. 2.
Those short¬
the
on
trade
and
rely upon em¬
factory
managers,'
branches and shopThey will need all the
union
stewards.
help we can give them—perhaps*
above all, the help you can give
them in the newspapers by re¬
fairly and ex¬
-how the statistics > o£
progress fit into the economic pat¬
tern.' Local color is of special im¬
porting
progress
plaining
portance to our newspaper friend9
putside London, and I, would ad¬
vice .keeping in touch with the
Chief /Regional Officers of' the
Central Office of Information who
are
concerned with the produc¬
should be in a po¬
tion drive and
sition tq give a constant flow 0*
significant progress news stories.'
"We have in the ropm here
,
the posters
all
over the country.
In addition to!
these, there is planned a series
pf poster? specially designed for
industries which cannot meet re¬
display in factories. There will be
quirements without more workers
must be treated as a special and others addressed, to people aboul
some
which
specimens
are
of
already going up;
urgent problem by all concerned. to retire and others to women ir*
America
with its industry. Then there are the small
much greater resources and its
booklets, which contain some solidl
free enterprise system is experi¬
sensible material, for distribution
encing much the same troubles. 1 ;
a
"The third type of shortage is at meetings."
7;..'. Ipciden tally
."Even in the textile field rayon
production
we
never
a
andt
enough,
everything to satisfy everyone.
Thqre only seemed to be surpluseci
on
-
rate of 50,000 essential clothing, fuel and build¬
a
month! 7: In August 7we made ing materials.
The leeway lost
clocks and watches worth nearly over several years, cannot.be made
four times the 1935 monthly av^r? good in a month or two, but those
nqw;
limits
There
way
shortage
of
base for the counter-attack stands
tirni and
its
in
cannot be for quite a time
tion.
and
T
also start¬
to it.
newspapers
were
■777New Industries 7
within
is
of
difficulties
fallen behind others because they
the prewar .figures.
That
type
Day shows what great
things industry can do when the
vated by the reluctance of work¬
ers to join industries which have
7(;'7:77 waS drained after 1939}7The
777
Toys
use.
shortage,
defenses.
j
after
represented
vast human
're¬
77
7
-
j-
which exist.
r
:;'/J
-
ties' of increased productiolri
7#
us
months
*
-
home
torious
often at
gineering products. Take machine
tools of all types. In 1935 we made
As
and wartime lessons both in 7
,
1938. Yet
Engineering Products
extra
four years.*
monthly average
the level of
even
effective demand has tripled.
gur
%', a year.
equivalent to a
production teams get settled
.
therefore, impos¬
concentrated
and
greater
,
was
windfall
hard to increase
because there was so
to tackle bottlenecks and
shortages separately one by one.
The whole tangle had to be considered at once so that efforts
could
effort
as many as this time a year
and two-thirds of these are
ago,
short. Why? Because from 725,000 to
540,000
which
organized demand, in spite of ail means a further 180,000 added to
we have to do to throttle it down,
productive strength.): ^, - 7^; _7/. 7 7.7.
is out-running the present capa¬
"Second—the many-pronged at¬
city of the'industry7;7;^7 tacks-launched since V-J.
Day
"Or turn to another shortageagainst our stomachs by world
aluminum. How much did ive
famine, against our heartbs and
make in 1935? 1,250 tons a month.
jobs by lack of fuel, against our
How much are we making now?
shelter by lack of houses, against
More than twice as much (2,700
our
clothing by textile "bottle¬
tons average for 1st half year).
necks, against our money by the
If we only used as much alum¬
danger of inflation, and against
inum now
as
in that 'normal' our
supplies from abroad by our
peacetime year 1935 we would be adverse balance of
payments arid
p^ouh: '^if-suDDortine in it; actuagainst out*; morale ; b^ general
ally whiid our output has doubled, shortages and fatigue—these at¬
of about 1 lk
age
sible
,
—
inter-w^r period productive
efficiency rose by an aver¬
,/v
itself—
was
was,
greater
tion elsewhere.
little to buy with the earnings and
?
production
stirnulates
-
because
in
ge—grave
production
•
bottle-necks
cause
to
low,' but it
,
as
scientific. methods—assists. or
stance, people have found it hard
to buy because production was so
'
Just
ing behind reconversion arid the
Progress already registered are all
becomes
•
s
greater output
employed is furi-
place
one
1935
above
year or
steel is very
bottle-?
;1, 7 riecks right down the line, so
•contributing to the rest.
/••
7 Thi
the
13%
the rearmament year of
of
^ "The impetus which is gather¬
each
;
manpower.
question
,/i
in
and
partly repulsed.
limited
-
per person
Britain has been faced,
4,10
'7
eyer
and
-
.77
(brought«under
'
.
-;,?//
some eases
'
*
can
threats which have
above
find
to
talking about
real : things,
C such as how to make and
£lairp*ihat this most formidable
array of economic and social
«d
3
*
We. 7;7 777 distribute - the
maximum
vie-*
goods and services with our
peace.
•cannot yet claim a conclusive
,
how
something, "for the unemployed" to do - we; are now
,
Jor the next phase of the
^ campaign to win the;
.
^-steel/ingots and pastings, ho^vy
rails
apd sleepers, heavy gnd
Since
on.
.V-J Day for the
;
•
;
duction drive later
•
worth while.
,
.
that the struggle to make
something of
:
*
;•
Finally ,-theriewa$
on
powerful .forces
/M
,
attack
we
at
15
factories
a
times
*
threatened
-
whole/ Jwes C threatened'; with
bankruptcy, in the sense that we
the
from
than to
.
as
ing served
reduced
the
for
forward
footballs; the output
of
But tennis balls are be¬
consumption of coal in this coun¬
try is running well up to pre¬
war rates.
The fail in output has
out exports, but the
shortage here is due to the fact
Pay
annual rate over
There is still a
an
above 1945.
50%
paying the price now.
Few peo¬
ple even now realize that the
home consumer as -reconvert
money
threat
-
power,
the
prewar.
in fact
is. coming
were
saucepans
to intense de¬
pressing on even a high,
level of supply—in fact boom con¬
is not yet up to three-quarters
and
among1
quickest
shortage due
mand
capital before the
heartening evidence of what
\
7 7?
enough to meet the people's needs.
Then .there was <* fifth -attack on
and
the
ditions.
quarter of 1946 they '
have been running at about
.1938
and
prewar
healthy
than
of
of
cotton is another black spot.
to
fuel
achieved in exports—in the
110%
is only about 75%
of Production
Progress
1239|
are
thit"d
clothing on vour backs,
which threatened to wear out be¬
::
...
,
.
,3
;
1
us look at
production.
Now let
.
.
'
CHRONICLE
benefit from reconversion and
Priority for export drive—
We all grumble when we see
stuff labelled 'Export Only,'
but
what
is
now
being
(c;
evacuated7. people
towns
to
enough
:
■
,
coal is^oi
course the difficult spot. Our fuel
and power industries, except per¬
haps electricity, were starved of
(Continued from first page)
cened to leave many families with¬
out a roof over their heads as de-
ccame
'
'
articles
"In
If they suc¬
One Year After V-l
and
I'
1
"
■
"Kettles
The
Britain's Economic Position
imobilized
•
tering them.
building meas¬
with all possible speed and
nothing if they fail.
reduced
" •>
*'
the actual progress of
friendship
dollar
duced hazard
*
'
.•
v
■*
1
'
.
develop and apply
great task is to
our
ures
pay
'' '
attitude and
countries, our
military establishments, which is
currently taking 50 cents of every
we
1
■'
measured by the
as
the
war.'
•
THE COMMERCIAL & FINANCIAL
armament of other
of
,'* )
y'
-f
'
Number 4540
friendship, confidence and under¬
standing that will greatly reduce
risk
'
■vw*" wwu
THE COMMERCIAL & FINANCIAL CHRONICLE
<12392
a mount ed- to
11,862,700 stores following the settlement of
trucking strike had some
pounds, clear basis, in the week the
ended
Oct.
18
compared with slight adverse effect upon inde¬
v
f
v
7,714,200 pounds in the previous pendent enterprises', *<
week,
According to V the Federal Re¬
;:v ;Vv'
serve
Bank's index, department
Retail and Wholesale Trade —
store sales in New. York City for
Retail volume continued to be
the weekly period to Oct. 26, 1946,
at a very high level during the
phia
The State of Trade
(Continued from page 2387)
Thursday, rNovember 7,1946
.
-
Steel -companies having
the steer capacity of the
94%. of curred, as compared with five; in
industry the previous week and six in the
will* be 91!%
of capacity for the corresponding week of 1945.
beginning Nov. 4, compared
Wholesale ; Food
Price
Index
with 89.4% one week ago, 90.4% Rises Slightly — Wholesale food
week
month
one
ago
and
77%
one prices
increased last week for
This represents an in¬ the eighth consecutive time, to
1.9% from a new high; the increase from
the previous week.
the preceding week was ; not as
This week's operating rate is steep as
in; past weeks. The Dun
equivalent to
1,605,500 tons of & Bradstreet wholesale food price
ssteel ingots and castings and Com¬ index was $6.44 on Oct.
29, up
pares with 1 >575,600 tohs one week 1.6% from the $6.34 on Oct. 22,
ago, l,593,200 tons one month ago The latest index was 56.7% above
and 1,410,400 tons one year ago.
the $4.11 for the corresponding
year ago. '
of 1.7 points or
crease
.
a
year * ago,
Commodities
— The
Edi¬ date
Electric Institute reports that With higher prices the past week
sthe output of electricity increased were flour,, wheat, rye, oats, cof¬
Electric Production
son
to 4,601,767,000 kwh. in the week fee, cocoa, butter, cheese, potatoes,
ended Oct. 26, 1946, from 4,539,- hogs, sheep and lambs. Six food?
712,000
kwh. in the
preceding stuffs with lower ; prices .Were
Week. Output for the week ended corn, barley/ cpttoriseed. oil, eggs,
'Oct*: 26, 1946, Was 'I6;9%; above hams, and bellies. This index, based
itthat for the corresponding weekly on authoritative quotations in le¬
gitimate markets has not at any
period one .year ago.
;:Jg;
:
.
'
•
Consolidated Edison Co. of New
York
reports system output of
*<202,500,000 kwh. in the week end-
time
reflected
black
.market
% or
under-the-counter p r i c e is and
should riot be confused with cost-r
pf-living indexes. The index rep¬
resents the sum total. Of the price
per pound of 31 "foods in general
sponding; week of 1945, or an iriuse.
\
,.,';
*crease of 12.3%. Local distribution
fed.; Oct, - 27,- 1946, compared :with
1 &86>200,000, kwh> for 'V the; corre¬
Daily Wholesale Commodity
electricity amounted to 187,Fluctuations in
1800,000 kwh. compared with 178,-* Price Index
€00,000 kwh.. for the correspond¬ prices of grains, livestock, and
ing week of : last year, an in- cotton were primarily responsible
-■ ferease; of
5,2%."'■■
'I.!•, for the changes last week in the
:
Railroad Freight Loadings—Car daiiy wholesale commodity price
loadings of revenue freight I for index, compiled by Dun & Braditheweek ended Oct. 26, 1946, to¬ street, Inc. Although there was a
taled 942^257 ears, the Association slight rise in the index to 240.40
on Oct. 24, subsequent declines re¬
fetf American Railroads announced.
<of
.
.
This
increase
of
10,491
cars (or 1.1%) above the preced¬
ing week and
87,478
cars,
or
40.2 %
above
the corresponding
Week for 1945. Compared with the
was; an
sulted from
a
rapid fall in cotton
prices: The index, which stood at
236.73
Oct.
on
29
Oct.
22,
compared
233.71 on
with 179.33 a
was
year ago.
There was only a flight drop in
slrhilar period of 1944, an increase
the
irif 25.772 cars, or 2.8%, is shown, prices of grain futures on
Chicago Board of Trade last week
^
^ Paper and Paperboard Produc-
although some trades liquidated
their holdings. The drop in prices
United States for the week ended
of wheat futures was not reflected
Oct., 26, was 106.8% of mill cain cash grain prices due to the
.(pacity, against 105! % an the, pre¬
buying of cash, wheat by Govern¬
ceding week'and 95.8%; in the like ment
agencies during the week.
IK945 Week, according to the Amer¬
%'ion^-^Baper.: production in the
ican Paper & Pulp Association,
Xaperboard. output for the current
The
volume
cently
of wheat traded
re¬
has; been small so that cur¬
past week, being up slightly from
that
of the previous week and
considerably above that of the
corresponding week a year ago,
Dun & Bradstreet, Inc. reports; in
its current survey of trade. In¬
terest
in
waned
as
Some
seasonal
temperatures remained
high; Many shoppers were becom¬
ing, increasingly selective with re¬
gard to quality and, in some cases,
to prices, v
;■ ;i «.
Housewives were cautious shop¬
pers last week as rising prices
followed the lifting of price con¬
trols from all foods except rice,
sugar and some sugar; products.
The supply of meat continued to
increase above the. low level< of
the
previous week with .prices
falling sharply in some cities. The
supply of poultry, fish, fresh veg¬
above
3%
period last
How
the
This
year.
same
compared
failures
in
the
seven
grains last week although the vol¬
ume
of Jrading was moderately
fekceed>
for the sixth straight below that of the previous week;
week, the failures in the cpiripari there was a decline during the
iable .week of 1945.; Dun & Brad- week in the
volume of trading in
street, Inc. reports 22 concerns all grains. Corn receipts rose dur¬
.
tailing, as compared with 33 last
week arid 17 in the corresponding
week
a
year ago; /
Fifteen
more.
of
the
These
sonly half
;;;;
week's
liabilities
involved
Livestock moved
failures
of ; $5,000.
or
large failures -Were
as numerous
ing the week; both cash and fu¬
tures prices were little changed.
into stockyards
quantities during
the week and prices were gen¬
erally -higher. Hog prices fluctu¬
in
increasing
week ated and the net change for the
as a
bbwevery when *30 were> reM week amounted to a slight drop.
sported; but* they * remained above Sheep and lamb prices moved up¬
SEgo,
*£he 12 in: the
■
same
week of 1945.
ward
in
take
of
all
place
do
nor
the
events
that
our
eyes,
before
items
the stock market break
was
curtains arid draper¬
reported to be adequate
in
many
localities. Wool piece
goods were generally; plentiful,
but
selections
of
rayon
piece
goods remained limited. The sup¬
ply of cotton piece goods increased
slightly from the low levels qf
previous weeks. ;
Stocks of
ies
were
derided,
Mpre
numerous
than
in
ous
week. This
was
followed later
mny; W^ek. since February; cori- by a decline brought on by re¬
<cerri£ failing' in this trade rose newed profit taking and
general
froririkeven in the previous Week liquidation. Cotton yarn sold well
to J1 this week, about five times
during the week. Converters Were
the
knowledge.
„
;
•
"
,
Parallels of Two Wars
i
during and after the second World
War parallel those of 25 yekrs
earlier. An understanding of these
slightly'' belpw
the
1945 record.
No other Jridustry or trade group
had '^pre t thisin three
concerns
failing; rine, wholesale trade, did
not
have*
Seven
failures,
Canadian failures
any
...
}
oc¬
There must un^
readjustments
of
-
took place in 192021, and we: should probably: be
thankful that such readjustments
as
we are
while
able to weather
still have a
&&!'■
we
huge backlog .of unsatisfied con-sumer.rdemana.*
There could be
for such
no
better time
break. and decline in
the stock market than the presa
,
'
ent. This'break has crime at what
thus far has been the crest^upthe
present cyclical,
buoyant, inflationary waves. It is
a good reason for restraint on the
part of labor and for asking in¬
dustry and labor not only to plan
for higher per-worker productiv¬
ity, but to plan as surely, as they
us
i to understand the possibly
^
can
.
<
.
^
twice the $80 billions figure which
marked the postwar peaks Of 1929
and
Trends from-. Farm .Creates!
that
>
taxation
during
the
'• C
Fragile Economy
1941.
4
For many years the
trend has
been away from the land,; so that
War
now only one-fifth, of ourvperiple
The second significant point' is
,
period did not cover war expenses.
still remain on farms. The
result;
We did pay 46% of the war costs
is a predominantly urban
Pacific Coast 18 to 22.
pooula-1
as
compared with 32% during
tirin and a fragile economy. There;
Wholesale volume d e c 1 i ri e d World War I, but the total was
are fio frontiers of new land where'
slightly during the week, though vastly greater and the remaining
it was very high in comparison deficit of 54% was borrowed by people may go when times get
with that of the corresponding the G o v e r ri m e n t. The money tough, but that does not mean;
that frontiers are lacking. There
week a year ago. Selectivity con¬ which was so borrowed by the
.
tinued to increase as buyers cen¬
tered v their
demand
quality
goods and brand names. The ter¬
mination of many price controls
last week was followed *by caritious buying as future price de¬
velopments were awaited. : '
\ Department store sales ori'a
country wide basis, as taken from
on
Business
here
in
York
New
Government
busily engaged in
readjusting itself to the new. con¬
ditions prevailing with .the lifting
Of iriany controls; The openings
of- women's garment spririg lines
and heavy sales of cotton textiles
played an important role in the
week's activities. Retail trade con¬
was
came
■
back
to
the
are
unbounded frontiers ahead of;
scientific research, and these frori-^
public and business in payment of
tiers show great promise as new*
wages
and ; products and went
processes and new products
are^
back into the banks to create in¬
creased deposits. While the sav¬ developed. The job ahead is to.
speed up the process so that newings of the public are not spread
scientific developments may pro¬
among as many individuals and
vide* new jobs and, ri continuing;
family groups as we had hopfed
high standard of livings
•"
would be the case, we do know
All of us in and out of business;
that more people have more monshould give of our time for the
ey than in any other period in our
study of international problems,
history,; ./$.
so that. we may have
an intelli¬
The 'third factor^ is that the
gent understanding of the present
public w?nts to live better than world
situation and a realization ?■
ever before. We may call it "keep¬
of the interdependence of. the na-v
ing rip with the Joneses," but it
tioris of; the world. International
is indicative of-a period of high
industrial; and, economic activity. problems- will never be solved if ?
;
.
r
,
last week
three factors
These
find • their
expression in expansion of de¬
mand, both deferred and current,
and we have the elements which
our ecoriomists tell us are needed
for a boom.- As a rriatter of fact,
we
'are ; rightpow i^; % boom
arid ing arid eqriipping: plants^ has fur¬
ther enlarged- the money incopie.
the; unsettled United Parcel Ser¬
normally high temperatures
stream,
i
the wealthier nations of the
world
do not share their progressJn an-
understanding
way,
by
sensible,";
of loans and sound, di-t
rect investment with the nations5
programs
which
are
struggling to
come up. r
1
Here
budget
at
home,
our
^ national.x
is still unbalanced.. This ;
fact should give all of us
because the lime
concern"
has arrived when
'
^
we
must again live within *our
yet there has been no com¬
means and begin to pay back the
increase; ip the; flow
domestic wools.* European coun¬ 30% above the, like
perioU one of consumer gpod$j but it is in¬ money which we borrowed to see
tries continued to be the largest
creasing
and
will s soon reach -us through the emergency. When
year ago. Inventories aside from
purchasers at wool auctions in
the budget: is -balanced industry '
canned tomato and tomato prod¬ huge proportions.
Australia, Imports of unmanufac¬
will go forward with renewed
Will Prosperity Last?
|
tured apparel arid carpet wool at ucts arid: canned fish were Stated
vice
striken In
the
week
whole¬
sale food volume -was. reported ^ at
..
As
mensurate
,
^
*
Boston, New York, arid Philadel- < to be good. The ^opening of chain
-
,
for lower prices as
stresses
and
strains
which
lie soon as total output rises.
J
We need greater efficiency in.
ahead of us in .the next few years.
our
entire
economy.
We need
First, as a result of the huge vol¬
ume of work to be done to win
greater productivity, which means
more
the War, and as a result also of
output per worker every.
That does
not mean the
generous
Government
pay day.
Price controls were lifted from the
"speed-up"
or the "sweating"' of:
many household appliances and rolls, total money incomes were
labor.
As
a matter-of fact, it is
kitchenware last week and the tremendously increased between
1940 and 1945. The huge momen¬ management that must do most
supply was adequate. Furniture,
of the
sweating. When we' all
hardware
and
home
decoration tum generated during this period
realize that the more we produce,
items continued to attract a large has. continued national income at
the more we will have, then' we
share of consumer attention.: V/x a level as high; as the highest of
shall reach the efficiency which
''Retail volume for the country the war period. The current level
in the week passed was estimated of national income appears to be we need for a high standard of
billions,
which ! is living and a balanced economy.; ••
to" be from 21 to 25 % above that of about ' $160
; help,
may
-
hand, appealed in manufacturing the Boston wholesale market de¬
failures. The, number ofh manu¬ creased last week as prices of for¬
facturer^ failing • declined to sev¬ eign wools moved upward and the
en this week, only half as many
Commodity
Credit
Corporation
as
xn ;the
preceding week ;and maintained the higher prices on
sion is under way;
wards---of
twp failures pccuring in the offering large quantities of lowerperiod1; Producer^ havej ibeen try< a year ago; IA
grade finished goods.
;' i!;
jrig' tC pfpvide greater, capacity,
downward
turn,
ori the other : The volume of wool boughtj in tinued to lose ground due to ab-* and ^fhe
huge program.pf, build¬
comparable Week
we in
which will
Are
boom
a
doubtedly: be
values such
!n 1929, business was still hum¬
ming, but the, economic fabric was
heavy. Se¬
,
futures markets and regained part
of the heavy losses of the previ¬
ush¬
ering, in si major depression.
There appear to be three ways
lections of men's apparel contin¬
in which economic developments
ued to increase slowly. - ;
.
Retailing^^accburited'for one-half
of the. failures in. the: week; just
prosperity last?
we
Egg." Few pf us then realized that
11 y warm
demand for main
remained
riy
date by
always; see them soon become deflated? Should the
in their proper perspective. For recent reversals in the stock mar¬
instance, take .the events which ket be interpreted as signs, of
started in 1929; 17 years ago al¬
coining depression? There appear
most to a day, when the theatrical to be so
many favorable factors
journal "Variety'v came lout with that most of our ecoriomists do
the headline "Wall Street Lays an not believe that a serious,
depres¬
u n sea sona
there was a the Federal Reserve Board's in¬
Cf>n the .other hand, small failures let-up in receipts at
stockyards. dex for the week ended Oct. 26,
with losses under $5,000 showed Lamb prices held at .a
high level 1946, increased by 23% above the
upward trend, With; more than after previous rapid; increases. same period of last year. This
twice as many concerns failing as Demand for cash lard eased some¬
Compared with an increase of 24%
flast 'week. Failures in this small what after the heavy- purchases in the preceding week. For the
$tee group numbered seven against the week before.
four .weeks ended; Oct. 26, 1946,
three-a Week ago and five in the
Cotton prices moved up early sales increased by 19 % and for
yomparable week of 1945. ,
■,
last, week in both; the spot and the year to date by 29%.
:
this
the midst of
and
floor
weelfcs
31%.;;:
when
The
four ;
1946, sales rose
and for the year to
1%
come
weather.
the
For
ended Oct. 26,
them
the, week;
t
:
Newark.
badly torn and twisted. Even With
week of
the pre¬
(Continued from first page)
portance
.
industrial
increase of 4%- iri
all the hindsight; whiph has been
Sportswear, resort styles and al¬
most all types of men's wear were brought to bear upon the causes
best sellers in the apparel line, of : the great i mpression; we are
I rite r e s t centered largely on still not too sure; how it came
about. It is possible"; that our postbrightly colored woolen and pastel
wari Experiences after World War
crepe dresses. Coats and furs were
may
add something to ' our
seldom requested during the past II
etables and fruits were adequate.
was
days-ending Oct. 31 continued to
an
ceding week. Work stoppages in
the trucking industry accountecl
fori the, reduced sales for the week
in the cities of News York and
Long Will Prosperity last?
items
rently active selling resulted in a the corresponding week ; a year
.101 % against 98% in
more severe break in price. Dur¬ ago. Regional estimates exceeded
e- preceding week, "arid 98 %
in
ing the week price beilings were those of a year ago by the follow¬
corresponding week a year ago,
removed from wheat flour but ing percentages: New England 20
Business Failures Lower
Al?; there was little appreciable < in-, to 24, East 21 tri 25, Middle West
though • declining from the previ¬ crease in
trading. Trading in oats 19 to,23, Northwest 25 to 29, South
ous week's- level, commercial and
futures was the heaviest of all 25 to 29, Southwest 23 to; ,27 and
week*,
increased
with
The
questiori is, how^ long ? will ■confidence.
,,
i'
.
.
*
;
;
r
Volume
164
Number 4540
THE COMMERCIAL &
Selected Income and Balance Sheet Items
Glass I Railways for May
'js
'•»
National Fertilizer Association Recession
The Bureau of Statistics of
the Interstate Commerce
Commission
has issued a statement
showing the aggregate totals of selected in¬
come
and balance sheet
items for Class I steam
railways in .the
United States for the month of
May and the five months ending
with May, 1946 and 1945.
Yy f'
Y;:
These figures are
subject to revision and were compiled from
129 reports
representing 133 steam railways.
The present statement
..vv*. §§
3a
excludes returns for ^lacc
A
Class A
switching and terminal companies. The
report is as follows:
*
a*
«
■
—
»
'
;
1946
week
the
Income Items—
- |
$
-~**tt$4,779,573
,
Net. ry.
operating Income
Other Income-
'
13,272,247
■
Total Income
Inc. avail, lor fiJced
charges
Nixed charges; i
Rent for leased roads &
<
*
equip.
•Interest deductions——
i
Other deductions
v
'
v
.
Contingent charges-
,
Depreciation
.tures
.
(way
•
and
On
/
2,626,433
11,116,462
116,631,371
Y 170,194,079
509,548,279
9,905,340
12,435,908
equipment)—28,685,529
^
22,186,935
,
lor
\\
"
67,0^0,641-
Railways
Receivership
;
70,185,782
18,181,346
a945
ffi./t-'i''
Equipment^}:——-
$81,332,995
>
91,248,967
$69,104,267:
110,397,847
.
174,525,985
'^Temporary cash investments
and
bills
receivable.
;
"Traffic & car-service bal.—Dr..
SNet
balance
receivable
from
'
Miscellaneous
Y,
•
541,467,383
1,041,792,867
292,232,307
1,049,756,927
Y 187,123,475
1,438,942,078
281,992,410
378,563
470,195
476,239
35,893,753
88,829,524
373,655,947
608,760,176
29,246,315
194,526,575
y 32,422,845
accounts receiv—
Materials and supplies—
interest & dividends receivable.
Accrued accounts receivable.,
either current assets.———,
'
8.2
140,375,102 Y
614,537,340 r
605,825,835
40,286,065
'
..3
months—J.
i
127.777,165
'
Traffic
and
••
■y:0 ances—Cr.
car-service
....
104,750,451
—
^Analysis of taxes accrued:
'
90,823,602
451,788,962
130,639,369
44,681,393
8,313,990
8,502,168
a
K' / 61,845,862
^
•'
,
•Other unadjusted credits—...
'558,045,177
3,280,044,283
1,713,628,658
than'
the
one
ratio
close
year
was
of
month
after date
follows:
as
560,544,038
of
of
report.
issue.
May,
1946,
■: §Includes
HFor
0.01;
five months,
137,925,648
-
can
to
come
444,872,441
;
"s
.
a
1,432,941,279
116,649,345
0323,054,180 >^487,588,681
obligations
which
mature
not
-
to' decline. to
an
for
August, 1945.
Clinker production of 16,104,000 bar-;
rels in
August, 1946, represents an increase of 65% over that re¬
ported for- August, 1945.
1-:
' : '&!• " Y
Tu:
by hiill'Jshipments, in August
higher than ^he'corresponding
great
no
party has
ai-
to his real underlying
as
Ever
•
railways in receivership and trustee¬
May, 1945, 1.68; five months, 1946,
his
man.
serious defeat and that
a
he
since
of
one
*7
"•
....
PORTLAND
CEMENT
IN
,
/
THE
■
,
;
UNITED
'•
.....
Prdduction
.
.
;
'
.—-—•
Stocks
(Aug. 31)———
.Capacity-. used
Clinker:'
c
"'.Ys
Production > .'1.^.1^."
Stocke. (Aug. 3D...
the
Presidency,
-
■■
RICO
-
AND
>'
v
v'
HAWAII
->■"1945—8 Mos.—1946—
•*'
•
16,213,000
61,405,000
65,432,000
17,955,000
101,053,000
108,165,600
9,322,000
\:f 49%
•:
v
'
79%
38%
63%
•
9,743,000
4,556,000
16,i64,C00
' 4,534,000
•
,
60,978,00(|
.
102,357,000
-Includes
.
„
August,
.
220.3
216.8
165.8
194.2
166.1
154.2
154.2
129.9'.
151.1
149.5
201.0
143.5
125.0
% 207.8
% 125.0
184.5
178.5
128.2
128.2
122.5
"122.5
125.1
1125.1;
,
VV
124.5
109,8
126.2
122.5
>:'■ 118.3
116.5
184.4
173.8
1946,
The Pope
concluded his addrfess
nearly 12,000 assembled' dele¬
gates of thd Congress with- the
Apostolic Benediction.:
i is
154.7
128.2
tl25.1
Oct" 26,
141.0;
160.1
178.6
.
university curricular."to
132.8
;
210.8 '
116.6
:>
| Result of Treasury
119.9
105.0
*
141.7
143.6,
and
inclusive.
New
-
plant" first
Secretary of the Treasury
on
Nov. A
that.rihe
$1,300,000,OOO ^or
91-day,. Treasury
be dated Nov. 7rand to
that
was
:
his
first
pressing him with the argu¬
."If you don't do this, you
repudiating the great Frank-
are
lin Delano
Roosevelt."
Roosevelt
had
President
which
being
made
After all,
him
resulted
in
President.; Truman
intensely loyal
man as
Vicehis
is-
an
witness his
he intervene.
And
prepared to: intervene,
was
always hanging over
assured
are
friend
whom
by
we've
fact
that he had voted along with
Roosevelt pretty much on his New
Deal measures. But in his think¬
ing,
these
that
were
latter
not
something
particular re¬
were
his
sponsibility; they were
head, ; and in carving
career
as
a
Senator,
then
are
to Tret
over
and with
what
them,
being done
that oh nuts,
when
-
he
came
to feel his great
sibility and
in
the
that, he wanted to
respon¬
exercising' of
very dif¬
his prede¬
He did not want
go
per annum.
t Low, 99.905; equivalent rate
discount
of
0.376%
approximately
»
per
v
71% of the aihohnt bid" format
the low price was accepted;-.--5YY
There
maturity of
was a
on
a
sim¬
Oct. 31 in the
t
$1,315,336,000.
they return to work,
out
of
work
of
because
the' American people who
was
repudiation.
from there.
go on
Amazing
as
Then he
vY
,
.
can
;
,
it seems, we are as¬
sured. He will really welcome
Republican
Congress,
the
a
stale¬
which^Talked about. Be¬
he
himself, has
crusad¬
no
ing program which he wants
put over,
to
He will appreciate the
relative calm which will
American affairs.
.
(
come
.
.
Profits Council Post
Y The
Treasury Department. iin-:
nounced
Dudley ..Greeley,
New York attorney and
account—;
member of (the Excess
Profits Tax Council. Mr. Greeley%
ant,
as
a
appointment completed the roster?
of the 15-member Council, which.:
recently began its program of ad-;
ministering claims of corporate j
,
to
taxpayers for relief from the war¬
time excess profits tax, under Sec¬
-
tion
Managing Director
Of Netherlands Bank
Oct. 29 the; appoint¬
on
of Harold
ment
man
Internal Revenue
722 of the
Charles D. Hamel is
Code.
the tide is that way, the
thing for
me to do is to hold my job. Which
is, of course, to say that he is not
a Big man, whatever that is.
!
Yt-M*}ti;r'!; t['■'
strikes in supplier plants, but that
cause
was
agree
(experi¬
personal
of strikes whereby men
strike for three months and
held
mate
to go 'along
try to buck the
tide. ' With other Senators he used
relax
to
come
,
discount
Russia,
are on
his
rather than
,
High, 99.907, equivalent rate of
approximately ;' 0.372%
,
amount of
his
something he ought
with
repre¬
elections
of the Council.
received
law
Chair¬
Mr. Greeley,
degrees
from
New'
York University
(LL.B.) anql the
Advices Oct. 21.^rom Amster¬ University of Maine (LL.M.) and
also
took
graduate
studies; at
dam (Netherlands News Agency)
Harvard University, Y He was ad¬
stated
that
ingen,
head
Bank's
Dr.
of
foreign
J.
R.- Van
;
Taal-
the'Netherlands
exchange depart¬
mitted
to
the
bar
inl.New(,X'orlt:1
and Connecticut and
as
in
a
certified
New York.
also qualified
public: accountant
He has
been .en¬
ment, will become Managing Di¬
gaged in the practice of both law
rector of the bank, as succeeding and accounting since 1912, and has
to be a crusader for
anything; he Dr.' Arnold J. D'Ailly, who was also been a Professor of Taxationfelt very definitely that the coun¬
at the New York. Law School and
recently appointed Mayor of Am¬
a
lecturer on Taxation and', Es¬
try had gone too far to the left,
sterdam, it was learned. The fore-, tates at Columbia
he had no ambition to tell it
cessor
had gone.
way
University,^ew
so,
but he wished very much that it
would swing back and his idea
.
mately 0.376% per annum.
'
,
Range of accepted, competitive
bids:
ilar issue of bills
out
were
been
the
in them, that he can
over
they
fixed price
and will
attitude, that it was not
he who repudiated the great -FD's
principles, such as appeasement of
ence
did the
a
his
his closest
take the
it
It is also
$1,804,814,600.
$1,311,974,000
.
him, the argument of the Leftists:
"Are you going to repudiate the
policies of the great FD?'\_ ; . „,Ui
he
in trouble.
r"
■
$29,149,000 entered <m
basis at 99.905 and
accepted in full).
;
Average price, 99.905-f ; equiva¬
lent
rate
of
discount
approxi¬
that
there
.Federal
(includes
a
he
when
6, which were of¬
1, were opened'ai
Reserve Banks,1 ha
Nov.
: Total applied for
v Total
accepted,
they arose, her encountered the
demand from the mob, from the
press,
of
Feb.
on
Nov. 4.
alone, ft
would do just that.
"
"
Problems arose, however. When
loyally to Boss-Pendergast when
was
it
left
and forget
ment:
.
he
if
which he did not set up and over
which he had no control, would
come
for
-
to
the
senting,: that with
over, and he has
ferently from the
9,921,000
11,467,000
15,966,000
figures for Hawaii from
"May; to
started reporting in
May, I94s>. \-"v %
.
PUERTO
.Mf'^
Y
c..—r-—'
Shipments
STATES,
YiO.
-1945—Month—1946-
.
Finished cement;
'•
i,
224.2
.233.2
thought as to what he should do,
was
right.
But then the forces
in the previous months, was
Be that as it may, we are as¬
1945, in all districts of the United \ Stat£s and in ^Puerto
sured by his closest friend that
Hico, but was lower in Hawaii. The increases
range froip. 13% ins when he entered the White
House,
California to a maximum of 112% iri' Kansas.
of
;
154.2
181.0
catapulted :._We
was
.
139,667,861
►,
-O 113,172,736
that
a
re¬
his closest friends and advisers:
into;
stocks continued
as
Y 172.0
368.4
The
titude, We have this from
2,826,984,359
Aug. 31 total of 9,322,000 barrels.
This represents a decrease of 42%
frpm that reported in the corresponding month of the
previous year.
Mill, shipments of
17,955,000, barrels were 57% greater than those
1946,
But
.171,296,673
1,549,590,624
!
of 16,213,000 barrels of finished
portland cement dur¬
ing August, 1946, reported to the Bureau of
Mines, United States
Department of the Interior, was 63% greater than that
reported for
August, 1945. Although 79% of capacity was
utilized, production
amonths
217.5,
tRevised.
in that defeat, he was considered
such a liability as not to be per¬
mitted to speak. /'
— - ,
yjr
60,468,212
August Portland Cement Output 63°0 Higher
Production
Demand for pement, as indicated
.
222.2
1946,
2,
163.1
202.3
237.7
331.1
bills
know
to
suffered
.-60,676,675
operation,,
did: not meet demands and mill
Nov.
146.6
thereabouts
laxation that
150,267,134
1945, 1.68,
♦♦Net railway operating income Is affebted
by accruals
tfor recent wage awards, retroactive to
Jan. 1, 1946, in the amount-of
$1,082,261 fob
the month of
May, \.„t tDeficit. 4tFigur,es dnclude returns of the Chicago, Milwaukee,"
St.'Paul and Pacific which
emerged from trusteeship on Dec.
1, 1945 and the Chicago,
Jlndianapolis and Louisville Ry. Co. which
emerged from trusteeship on May 1,' 1946.
3§Excludes Toledo, Peoria and Western
RR. road not in
-reported
Were:
144.6
,
;
(Continued from first page)
424,391,003
167(931,941
94,158,095
8,036,141
t
♦Represents accruals, Including the amount in
default.'' tFor railways not in
areceivership or trusteeship the net income was as
follows:
May, ' 1946,
deficit,
3527,555,773; "May, 1945, $61,948,385; for the five months
ended May,
1946, deficit,
3519,970,876; five months ended May, 1945,
$240,898,583. tlncludes payments of principal
of long-term debt (other than
long-term debt in default) which will become due withitl
ship
base
1945
187.4
mature
500,000
;
186,136,294
•
396,659,857
-
39,703,490
:•
221,369,733
1,799,669,744
149,282,669
U. -8. Government taxes
542,183,567
1,655,524,979
Other than U. S. Gov. taxes.. "■
129,535,765 h. ; 144,144,765
.
.
-
58,382,555
60,468,212'
671,719,332
148,824,901
Total current liabilities.—... 2,003,310,033
<
206,776,637
100,501,994
491,260,589
8,779,878
Taxes accrued—
S0.52;
1926-1928
on
1945, 110.4.
Ago
Nov. 3,
.
tenders
106.224.229
7,000,000 ',
176,569,853
•
,
59,158,868
Other current liabilities——
smore
•Indexes
4,276,361,744
120,180,006
3,985,000
Wnmatured dividends declared-. >
39,703,490
Accrued accounts payable^—.
225,870,864
after
All groups combined————
:
215.6
116.0 :
:
also by the interior forces\yeakness and decline," ; Pius
XII asserted, and added' that?re¬
ligious instruction was- ^indispen¬
sable not only for children in Sun¬
day schools and growing youth in
higher classes," but should "hold
a
place of honor ip * college - and
of
235,210,939
52,857,019
>
r/S'h
.-r'
■
IDivldends matured unpaid
Unmatured interest accrued
months
^
kick
10,854,058
bal- -Y
qhiefly to ^n ignorance, or at best.
9 very superficial knowledge p€
religious truths." The church is
menaced not only from without,
From
34,784,516
3,256,007,247
-Y- 131,597,820 '
jiAudlted accs. & wages payable— Y
516,861,216
Miscellaneous accounts payable.
166,235,119
interest matured unpaid
——v
50,551,856
:»ix
100.0
-
—
machinery——
Naturally, it gives him
•ILoans and bills payable...—
12
Press
"but
' 193.1
284.9
.
Christ to-
of
declared,
fered
5,148,849,618
-i
*\:4$
Farm
Y
—
weeks, experience the greatest
——
„
286.4
heart
according to Asso¬
advices,
that the
"growing weakness, the devital¬
izing process going on in not. a
few parts of the church is due
Year
Vj
1946
;
the
from
ciated
-
Ago
Oct. 5,
,
;
begun' to lose their
The Pope told has
announced
Selected Liability Items-rfSFunded debt maturing within
6
Fertilizers—-
....
.
Nov. 3,
499,729,858
526,063,920
-
167,498,261
26,463,475 ;
•
.
—
206.2
287.4
-
drugs——^
Fertilizer materials-,
...
201.9
280.1
279.2
—-
—
1946
324.0
i
Chemicals and
week*
of sin."
He
;
Oct; 26,
have
sent
126,326,552
'
24,195,665
56,130,653
"
—
Building materials-*—
.3
:
—
:
'
>
1946
'
v
Metals
■:
•
.3
'38,291,932
78,685,366
-304,414,560
529,178,315
285,241,177-:
-
Y Total current assets—— 3,975,480,227
,
Textiles
....
'
^
men
sense
the Congress was that the Churcfo
"be holy and without blemish*"
I
Nov. 2,
Y
*
—
11.3
\
375,653
59,040,540 -,Y27,412,283
«...
:
Fuels
—■
Miscellaneous commodities
10.8
197,427,722
: :
—!
Cotton
V;..
V
address delivered by
an
radio audience that-the challenge
advanced; in the
Latest Preceding Month
Livestock———.
< 860,808,725
YY:..\''yy.YY
agents and conductors—
.
1,242,795,643
1,812,006,393
1,367,556,296
deposits.^—199,630,432
* Y
:
-
;
559,811,697
and
the
dolfo, Italy, in which his Holiness
^
declined
Association
~
-Week
Farm products
•
W.-
$66,147,187
93,002,508
l-97,725,632
" '
; •
Cottonseed Oil—
23.0
*
,
CCashJl«l—1,044,482,125
LLoans
Foods
7.1
563,951,368
248,610,196
-
Group
6.1
588,928,154
„
increase in linseed oil prices.
an
Congress of
declared that "perhaps the great¬
est sin in the world today is that
mixed, with lower prices for
were
Pats and.•
77,340,944
;;
bonds,
other
than -those of
affiliated companies.—.
fOther unadjusted debits—
^
fSpecial
;
25.3
T7.3
$83,496,649
prices
Total Index
,
,
Grain
Compiled by The National Fertilizer
Group
Bears to the
Trusteeship
en4of May
" '
1946
26, heard
.
..
National
radio by Pope Pius XII from .his
summer residence at Castel Gan-
The
100.
as
more
1935—1939=100*
Each
2.32
^i
average
WEEKLY WHOLESALE. COMMODITY PRICE INDEX
.
or
Balance at
'J
,
(its all-time high level) in
A month ago the index stood at <173.8 and a
*
<
481.568.938
-
The
Confraternity of Christian Doc¬
trine, meeting in Boston on Oct
184.4
preceding week 9 declined and 22 advanced.
ad-
r';; J dittoes and betterments:;
stocks,
second
137.878.937
•w-97,526,394
\\
from
4 vDuring the week 21 price series in the index
advanced; in the preceding week 10 declined and 31
273,772,354
9,580,755 Y*yi9,60l,i8i>;
2.64 V'Y
0.86
Balance at end of May
(gross)
•
and wheat
:ttClass I Railways Not In
All Class I
in
iv: >■
■
181.0
Y
16,428,008
tt42,897,521,
41,338,091
Y
,0.17
.
■if
Investments
>
-
to
group advanced due to
551,412
219,347,917
280,200,362
«
-Y' 4,027,041
—
charges..
;
14,717,131
'
,
v
>
—-
61,799,156
W
198,374,469
tt28,180,390
i
cattle, calves, hogs, lambs, sheep and eggs.
The foods group also de¬
clined as a result of lower prices for
butter, dressed >meats, dressed
fowl, and cottonseed oil more than offsetting higher prices for pota¬
toes, dried beans, and canned milk. The textile index was moder¬
ately lower. ; The miscellaneous commodities group advanced and
reflected higher quotations for feedstuffs.
The building materials
156,997,349
599,025
; f?
Selected Asset Items—
'\y-»
Expenditures
:•:
27,745,689
142,219,223
19,906,733 V;Yr: 3,096,380
109,910,090
9,636,264
V 757,614
■■
117,963,249
-.
common stock—.
On preferred stock
"ilRatlo ©fine; to fixed
48,050,775'.
149,724,669".
"i
3,723,702
68,694,135
;
——ft37,073,662
strac- YyV
.Amortiz. of defense projects.:
■
1,503,640
2,999,844
,
--
6,989,034
and
Federal income taxes__—:
Dividend appropriations: i.
$
$448,579,002
.
———»'.•
/'I tNet income—!—.
S
"
i»
than offsetting higher prices for oats and
rye.
The livestock subgroup declined
substantially, with declines shown in
$114,603,472
66,707,069
181,310,541.
mi
,
1845
$
'
2
ago
corn
$103,633,696
15,624,108
119,257,804
'
Total fixed charges—
;
Income after fixed
charges—^;
ended Nov.
the level of June 22.
1946
•
•
The principal decline during the latest week was registered in
farrh products group, which declined 5.8% from the preceding
week. The cotton index declined sharply and was almost back to
1
31,029,438
31,654,671
Y;, 128,074
122,955
41,062,852 r}) 44,213,534
tt34,073,818 V *• 72,417,837
■'
;
Y'U YY?
*i
commodity price index compiled by The National
and made public on Nov. 4, declined in the
at 141.7, all based on the 1935-1939
Association's report went on to say:
For the five months of
73,659,163
522,238,165
12,689,886
8,492,674
VMiscell. deductions "from inc._
*
*
-
Association
preceding week.
year
Railways
1945
Pope Radios Message
Is Registered in Commodity Price Index To Boston Meeting
The wholesale
Fertilizer
-
All Class I
For the month of
May
2m
FINANCIAL CHRONICLE
going advices were reported in the York
New.York "Times" of Oct. 22.
University,
stitutions.
and
other
in¬
i;
>♦
■L*
■
l*'^^¥>'»rrr-?»-r-
.'■>
'
.
i:^"-.V-;^;-§iV-'v
'_• ;'; ':"\-\i ;.^ViV:' ' ;:'';.?^,VS ]7.i« ■»
;:'
2394
•^*;f:':'''•••••/•:
•^•::;v; ':^;•=-iv
-
V'vy;
' •;
*'•
'
Railroads for the Six Months Ended June 30
were
••••u"—Inc. ( + )orDec. (—)—
/;/.:.••'>
Jan. 1 to June 30—
Mileage of 131
roads_____
earnings.:—!.:.
Gross;
227,770 ;
228,293
$3,577,307,662 $4,697,322,658
—
3,194,524,028
—
Operating
expenses______
3,085,325,344
Rtitio qf e?ps. +q e^rns...;
(86.25)
Net
earnings
Next
shall turn to
%
:'
,
0.23
—23.84
3.42
—
—
,+vv
—67.26
—$1,010,816,312
$1,502,798,630
qnonth-by-month breakdown
of these
-i
i
•-
a
"*
'*
''
.
—$1,120,014,996
*09,198,684
(68.01 °/o)/.
$491,982,318
_
we
Amount"
' ' - 523
1945
./• ;1946
1.1
1
__t
_
.
-
..
11. 1
-
_
in bur regular monthly articles,
and are now presented for comparative purposes. The greatest gross
earnings for any month in the current year were recorded in
January. The lowest were recorded in May. (In net January again
shows the largest figures, and the month of March shows the lowest
net earnings.
A monthy-by-month comparison in both gross and
net earnings for fhq first' six months of l946 and 1945 is presented
totals. These figures .were: presented
below:
Inc. ( + ) or Dec.
Year
Month-
;
1945
1946,
f
■'V$'
/// •'
—110,039,291
—14,65
227,904
228,322
579,136,123
—133,670,207
'—13,75
227.799
March
646,099,474
—166,818,981
—20,52
227,794
228,539
228.288
April.
712,806,326
812,918,455
776,574,290
—211,872,790
—27.21
227.800
May
822,568:254
—290,014,886
—35.26
227,742
228,290
228.289
819,945,586
—208,006,175
—25.37
227,692
228,267
566,701,500
-——,———532,553,368
June
611,939,411
Inc. ( + ) or Dec.
Amount
1945
January
February.—
1119993042752—.
2
11993234046—
,
_
^
April
...
—-L-—
(—)
%
—
—
—
70,053,401
—39,53
—93.21
—188,482,846
—76.28
275,114,375
—234,762,423
—85.33
/ 95,083,268 $ 278,455,168
-183,371,900
_
65.85
shall turn,to
we
a
This decrease of 47.04% is in contrast With the largest per¬
district.
by the Central Eastern region.
These notes are better reflected in the tabulation which follows.
The classification presented in this tabulation is in conformity with
that of the Interstate Commerce Commission. The territories covered
,
recorded
of 81.05%
drop
centage
explained in the footnote
///,
by the various districts and regions are
appended to the table:
SUMMARY BY GROUPS—MONTH OF JUNE
-Gross
District and Region
England region (10 roads)-.
(23 roads)—
(18 rds.)—
(51
roads)—
162,330,536
714,386,301
572,452,683
684,400,033
Central Eastern region
Inc. ( +) or Dec.
906,306,169
1,394,053,355
1,783,023,006
521,667,618
671,568,330
171,135,111
220,160,544
/ 692,802,729
891,728,874
——
(—)
%
137,200,639
:
Great Lakes region
Total
1945
■
$
vr..
Eastern District—
New
Earnings-
!
1946
r—
—
—
—
■
25,129,897
—15.48
141,933,618
221,906,136
—19.87
388,969,651
—21.82
149,900,712
49,025,433
—22.32
198,926,145
—22.31
—24.48
Southern District—
Southern
(26 roads)—
region
Pocahontas region (4 roads)——
Total
roads)_______
(30
—
—
—
—22.27
Western District—
Northwestern region
2,671,369,•048/
Central
Western
region (14 roads)
(20 roads)_,
all districts
Eastern
(131
1,490,451,578
2,022,570,778
reads) 3,577,307,662
4,697,322,658
District—'0 1946
New England region
Great Lakes region
1,117,820,865
439,128,705
317,288,721
Southwestern region
Total,
465,621,208
379,041,323
794,121,534
__
$
."'1945
—
—
—
86,579,885
—18.59
323,699,331
—28.96
121,839,984
—27.75
532,119,200
—1,120,014,996
6,563
18,072,732
43,831,424
25,522
25,562
55,504,724
179,304,295
•Net
—26.31
—23,84
$
■
6,540
District and Region—
•r*
—
—
%
25,758,692
—
58.77
123,799,571
—
69.04
Earnings
'
'
"V
Cent. East'n region
Mileage
1945
1946
- Inc. ( + )
or Dec.
.2,665,747,212
.2,605,203,228
^2,602,347,,51L
3,086,129,793
—
2,864,512,167"
2,890,965,666
,3.011,796,048
.3,020,928.478
^2,901,379,728
3,018,0087^34
i__i_i
358,015.357 £ +15.39
2.4667,476,090
—
.+,
480,926,565
—
,225,987,341
+18.46
—
7.31
—
"+'•0.81
23,096,456
131,448,135:
9,132,430
116,62a,506
:
+
many areas.
+
:<—2.38
63,399,701
—
+.-4.55
chopping and
much needed cultivating which
had been delayed by a wet May.
0.30
—
3.86
—
v
<
„
-
•
-
—
(--)
23,881
23,882
44,353,731
234,108,211
—
189,754,480
—
81.05
55,943
56,007-117,931,187
457,243,930
—
339,312,743
—
74.21
37,260
37,332
83,394,092
239,776,915
156,382,823
65.22
6,027
6,009
43,826,702
82,756,594
38,929,892
47.04
4,697,322,658
—
555,683,025
265,705,922, .^
265,007.159 ;
195,582,649
1920.1—
:_
1925——Zu_—
-w—
1929_
26,799,669
+
50,660,208
47,615,341
166,151,387
393,225,507
+
rr
540,911,505
—<275,205,583
/
265,324,144
263,029,233
:v-
+ 83.87
! : +69.96
649,131,5651
597,828,199
531,566,924
.
54,000,364
651,828,563
656,848,197
711,888,565
727,923,568
713,906,228
>
1.83
—
8l8,154,445'nS^EJa9fii587,164
—24.39
618,597,371
—M7,407,933
—23.83
471,340,361
-^321,452,887
—1^,889,660
—31.80
376,399,748
""^417,993,205
-451^?5,#i5
3 75,859,793
498,179,057
745,400,656
1.123,614,510
+
.08,534,655
+
^608,287
+ 32.35
/ + 23.47
+"247,221,599
+ 49.62
1.716,118.241
1944—;
1,558,293,772 "-a/|/7L5^49,906
+ 59^,503,731
—157,656,134
1,558.293,772
1,502,798,630
54,169,165
-1,010,816,312
491,982,318
+
+ 37»",213,854
1943-—__:!
1,504,124,607
16.95
+
^30,4.669,136
497,712,078;/-2-:l403,103,791
1,123,614,510
+ 20.16
—42.34
403,103,791
Oklahoma,
In Texas and
50.74
+ 52.73
9.20
—
In those States
prospectsweremateriallyreduced.
Boll weevil damage
-
—67.26
Central
in
threat
16
Eastern
since 1941. Frequent sho\yers
prevented dusting in most of these
areas and also favored heavy veg¬
year
which increases'the
etative growth
weevil damages. In East- •
Texas and Oklahoma, weevils
threat of
ern
numerous,
are
been limited by
but damage lias
dry weather. /';..
pf cottonseed pro¬
will be made until De¬
cember. However,, if the ratio of
lint to cottonseed should be the
No estimate
duction
same as
years,
the past
production would be: 3,-
the average for
781,000 tons.
was
3,634,000
Cotton Ginned from 1946 Crop Prior to Sept.
is a serious
.and
parts of the Belt with reports on
infestation mostly in excess of any
3.48
—
.
end of the
there was
extensive shedding of early plant¬
ed
cotton and a
checking * of
growth of late cotton. In Louisi¬
ana, and
the States east of the
Mississippi River, Jul.y rains were
frequent and generally heavy/.In
Louisiana
and Mississippi qrop
toward the
serious
month,
9.95
♦
10,267
1940
.,745,400,656 "
+ 20.58
isaMtt',-693,457
+^^£,765,722
J6,553,043
';&/451,648,720
9.54
+
W.679.039
+"721,353,026
+
1939——
19.46____
2.20
—
16,035,003
+ 16.36
304,542,359^+7628,152.626^^
—
9.84
114,947,201
+
1938---—^
1942
+
+ 10.82
13,059,449
■
628,201,763
8.28
•
.
22.12
—
71,056,875
+
—
:
1-702,553,020
„
5§,807,728
+
597,855,833
700,846,779
817,500,221
+
+ 117,564,641
•;^«I7,993;2!^-s-fer346^40,179
1941—
—25.64
67:446,584
141,808,030
—
—/..—I
1937_^,—^—
0.12
—
+ 218,332.024
RU5.g,.7(
1936—
1.27
t-+50.88
+
471,189.438
1935
+ 42.25
—
7,155,748
—
13.72
+
—; /< 316,985
;■
7.18
+
312,088,627
727,905,072
progress.
—12.84
530,420,651
ga:
opment.
!
In Missouri, Arkansas, Tennes¬
see
and the "yVestern irrigated
States weather during July was
favorable and the crop made good
0.54
—
169,082,335
618,567,281
—
1932————————
+
310,890,365
656,663,561
1928
25,717,377
2,037,477
if 6.36
.—r
562,838,773
f
grass.
later than usual espe¬
cially in North Georgia, Alabama,
Oklahoma and parts of Arkansas.
In the latter two States there is a
marked variation iri plant devel¬
%
t 36,817,815
347,068,207
;/559,376,894
—
1
1917—L_
cleaning the fields.of excess
The-crep is
rain was very light and
drought conditions were becoming
+ 25.98
—
seed and
further thinned in
July
7+9.91
+
below
already generally
wet soils, were
m;
394,495,885
343,835,677
394,683,548
-___
1.38
$76,640,239
'
375,407,648
373,442,875
400,242,544
6.67
+
Stands,
—23.84
Decrease (—)
404,569,430
378,852,053
373,370,171
+
permitted
normal because of poor
Increase (^ ) or
371,562,668
408,380,483
—-
t/
Preceding
$294,951,102
Year Given
$371,591,341
63,798,888
,
Year
—
-
:
—1,120,014,996
NET EARNINGS
1915——
1916
289,737,029
+
4,346,334,591
4,636,071,620 -i'+
4 699,870,508
3,577,307,662
weather in
Generally favorable
June/
+
1945
(16 roads)
2.326,657,150
2,738,845,138
2,684,672,507
Jan. 1 to June 30—
_
percentage standpoint it may be noted the decreases for
a
—
——
1946
geographical division of the total figures.
all
the regions ranged from a low of 15.48% for the New England region
to the largest decrease of 28.9$% recorded by the. Central Western
region/ In the net earnings category, ail the regions showed; much
(more, substantial decreases thap in gross. The smallest decrease in
net earnings .was compiled by the Pocahontas region of the Southern
Now,
'From
—
—
1944—4,636,071,620
84,255,207
1-
May
June
,
5.22
2:905,912,090
151,648,890
1929_____3,057,560,980
324,823,450 /—10.61
3,062,220^45
1930—2—•;. 2r737,397,195
—18.74
.•£03,786,279
'
2,184,221,360..,2,688,007,639
—26.78
584,780,093
1,599,138,566 7 2,183,918,859
—10.57
168,965,008
1,430,226,871"'*:i,599,191,879
1933—1——i1—
+ 15.17
214,374,745 •
.1,'413,-361,745 /+
I934__i___—_--w/-i^±-t/:Vv/;.!l,627,736;490
-+ 0.32
-li627,736,49d
5,259,590
li632.996.080
+14.53
237,256,748
.1,632,939,310
""
~
1936—12/-' "!'■ 1,870,196,058
: +11.43
213,636,273
11—1:2
2,083,250,357 /1,869,614,084
:_—21.59
t 2,082,853,003
449,634,747
,1938_———1,633,218,256
+ 10.27
+ > 167,655,342
1,632,876,851
1939__l2—222_-——1,800,532,143
+10.58
+
190,531,967
194Q——!
•
V 1,991,064,110 v 1,800,532,143
+ 21.50
+
428,226,321
1941—_________
2,420,002,097 -1,991,775,776
+ 35.57
+ ", 860,755,320
2,420,002,097
:
—2_1_—
3,280,758,417
+ 32.49
3,280,758,417 /+1,065,905,316
1943
1
__2
\4,346,663,733
—31.72
—
1946
,,
.
1928——
—250,120,535
•
'
Thursday, November 7,
*•'■'
*^iv,-.-
—
1927—/_/_—
268,329,877
247,086,865
—
'
March'
220,865,926
213,163,750
150,812,525
128,908,534
18,209,342
58,604,019
- 40,351,952
—
-•:-
,
1945__
—
'X'H
',"'" '•••,;<
■
Parkersburg to the southwestern corner of
its mouth. .•
" -K/v.1- •'
"<■({' '' VV;
' •}*«' •V .* i-'.V
•
'
1 • ' • .
"•
2,887,608,623
3,022,413,801
EARNINGS-
-NET
1946
Month—
;
1926—2--^-
"J
750011,171
February
_____
• ;
1925—
1945
1946
640,871,880
January
line from
a
'l
•/
2,865,947,474v' 3,091,934,815
Year
'Year
(—)
Amount
-
*'
1924—'
MILEAGE
EARNINGS
-GROSS
.
1922^__^2—ii-i—w
'
'
'
1
^
-
:/'."•
FINANCIAL CHRONICLE
1199223843——7: —
compared with $3,194,524,028. The net earnings of $491,982,318
equivalent to a drop of 67.26% when compared with net earn¬
ings of $1,502,798,630 for the corresponding six-month period of 1945.
These figures are now presented in tabular form:
~ V
as
•
? v'U'.;' f.""f:;\0;'xVf;'V^•!•
;:
) Af:; •'
.M
by the Potomac River to
United States
•During the first six months of the current year, the railroads
showed marked decreases in both gross and net earnings. The gross
earnings for the first six months of 1946 were approximately 75%
of those compiled for the corresponding six months of 1945, and the
net earnings were only about one-third of the 1945 period. The gross
earnings for this period were' the lowest since 1942, and the net
earnings were the lowest since 1939.
.
'
Gross earnings for the first six months of 1946 were $3,577,307,662 as compared with $4,697,322,658 in 1945. This is equivalent to a
decrease of 23.84%. Operating expenses were only silghtly less than
in 1945.
For the current six-month period they were $3,085,325,344
•>.
•
Maryland and thence Cotton Report As of Aug. I
.//-'v''''
A 9,290,000 bale cotton crop for
'•
,
. '•
:
.
the United States is forecast this
4 .,v I r
'
f >.■;/:.'/..
WESTERN DISTRICT
„ ■' ■<':/ !!','•■'■■J;;< /«.
>'
/ / Northwestern Region—Comprises the section adjoining Canada lying west of the
year by the Crop Reporting Board
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
of the Bureau of Agricultural Eco¬
and by "the .Columbia River to the Pacific. •-•£.<''."'C.V;•
S'
nomics. The indicated production
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
is 3.1% or 275,000 bales above the
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
small 1945 crop, but is 3^4 million
to the Pacific,
'
1
J
i
>' ** •- ' <l
bales below the 10-year average.
;
Southwestern Region—Comprises the section lying between the Mississippi River
south of St. Louis and a line from St: Louis to Kansas City and thence to El Paso,
This forecast in 500 pound gross
and by the Rio Grande to the Gulf of! Mexico.
,
;
V,
1 „
weight bales is based on informa¬
;V;
Our final exhibit is the customary summary of the compari¬ tion as of Aug. 1.
sons in gross and net earnings of the railroads of thef "country for
Prospective lirit yield per acre,
the first six months of each calendar year from 1946 back to and in¬
computed at 247.9 pounds com¬
cluding 1909:/
;' !
pares with 251.0 pounds harvested
GROSS EARNINGS
in 1945 and the 10-year average of
Increase ( + ) or
Year
Decrease
(■—)
243.2 pounds. If abandonment is
Preceding
Jan. 1 to June 30—
Year Given
;. +11.44
+ $120,332,208
$1,051,853,195
1909_/L_-> _!_x_____
$1,172,185,403
equal to the 10-year average/the
—15.27
170,089,522
1,172,481,315
1910.
1,351,570,837
2.16
acreage for harvest this season
23,9^8,798
1,339,539,563
1,310,580,765
1911
+ .4.30
+
would be around 17,991,000 acres.
56,349,506
1,309,006,353
»1,365,355,859
+
9.97
+ /136,168,743
1,366,304,199
1,502,472,942 :
This is only 4.4% above last year's
5.72
85,033,426
1,486,043,706
1,401,010.280
2.76 harvested acreage which was the
39,998,560 ;
1,447,464,542
-1:407,465,982
1915——
—23.37
1328,012,578
smallest since 1885/ Unfavorable
1,403,448,334
1,731,460,912
1916—2i-—
>>11.78
-205,066,407
1,946,395,684-, .1,741,329,277
weather during the 1946 planting
+
9.62
.181,8.48,682
1,8.89,489,295
2,071,337,677
season, liipited the
acreage - in
265,635,870 /: +12.81
2,339,760,126* >'2,074,114,256
—2_—
south of
Gross and Net Earnings of
;■'
■
(■V ■'■',.
\
i*
;
THE COMMERCIAL &
_
'i:
^
>
Production in 1945
tons
as
with the 10-year average
compared!
of 5,240,-
' / *
000 tons. '
of
of
of cotton ginned from the growth of 1946 prior to Sept. 16, 1946, and cotton ginned from the crop of
1946 prior tp Aug. 1, compared
comparative statistics to the corresponding date in 1945 and 1944.
with 132,737 bales for 1945 .and
Ilifp/;./
5
RUNNING BAL^S
////;
(Counting round as half bales and excluding linters)
48,182 bales for 1944.
. *
State—
; V1944
;•/:?7:!/:'/ 1946 //;'•1945 '/
The Census report issued on;
vidual returns of the
Sept. 23, compiled from the
ginners, shows
indi¬
follow^iheSwamber of bales
as
The report
from the Bureau
shows 161,825 bales
the Census
,
Tot^l'
-----
Southern DistrictSouthern
region:—
Pocahontas- region'
United
States—I—
1,248,545
Total
43,287
322,533,503
43,331 127,220,794
—
195,312,715
—
60.56
Arizona-/^.--.//—
1
Western District—
Arkansas
Northwestern reg.__
45,538
45,670
Cent. - Wfest.- region
South yes tern reg.—
54,529
54.683
36,600,655
145;924,42f
28,602
64,305,261
28,473
129,146,268
92,545,613
71.66
Florida.
415,150,562
178,724,361
269,226,141
64.85
Georgia
114,419,100
64.02
:——
•
:
r.
11,322
72,988
">2,770
_'
—128,540 128,955
Louisiana
91,973
^
:
246,830,337 ' 723,021,191
—
476,190,854:
—
65.86
Missouri *
New
Total all dists.
227,770 228,293 491,982.318
1,502,798,630.
NOTlj—>Qur grouping of the roads conforms
Commerces.Commission,
groups and regions:
"
;
■
New
and
*
;
the
followihg"Indicates
Lakes
—
67.26
the' fcqnfines
6f
the
different
■■
....
f
Region—Comprises
the New England States.
the section on the Canadian-boundary
New England and the westerly shore of
Central
of'
a
Eastern
line
from
-
between
a line
Region—Comprises the section south of the Great Lakes Region
Chicago through Peoria to St/Louis and the Mississippi River
its mouth."""
*
* ""
'
'SOUTHERN
Southern
DISTRICT
Region—Comprises the section east of the Mississippi River and south
Ohio River to a point near Kenova, W. Va.; and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Of
the
15,634
;
3,663
145,130
L—!
—
'
509,790
♦Includes
counted
171,641
in the
x—
______
bales
of
the
/
-
-
115,§68
fr
"•
178,090
479
JV
294,664
.
49,676
3 +.'
?
r;.:
«a
.23,182
188,358
85
""
39,583
;
1
456,841
445,144
'-44
80
■
'1,304
'
Which
oCl946 ginned-prior to Aug
'of 1945-46, compared with *32,737
report include 22 bales
s-189
\ 60,095
5,194
crop
supply for the season
1945 and 1944.
•
1,247
82,884
was
and 48,182
:
bales of the crops of
The statistics in this
ri
■t
95.295
1,384
2—I
Tennessee__1—
147,906
/ "6,825
188,371
115/760
•
3,930
> a
.
6,394
4,497"
V
6,674.
V
—
South.Carolina
of"American-Egyp-
1946, 20 for 1945, and 175 for 1944; also-included are no
bides of Sea-island for 1940 ndne for 1945, ^nd none for' 1944. The
tion
for
;'/•/
The statistics for 1946 in this report are subject to revision when
checked against the individual returns of the ginners being trans¬
mitted by mail. The revised total of cotton ginned" this season prior
ginning of round bales has
Region—Comprises the section north of the southern boundary of i
east of Kentucky and the Ohio Rfver north to Parkersburg, W. Va., and to
Pocahontas
Virginia,
Carolina
Oklahoma
AH other States^
tp the mouth of the Ohio River,r and north pf fhe Ohio River to parkersburg, W> Va.,
and a lihe thence to" the southwestern corner of Maryland and by the Potomac River
to
North
Texas'
Lake Michigan to Chicago, and north of
from Chicago via Pittsburgh to J4ew York.
east
"
<
.
EASTERN DISTRICT
England Region—Comprises
Great
—1,010,816,312-
to the classification of the Interstate
"—
Mexico.^—!—
185,248
144:106^?
T -4,457.
149,853
6,594
1,824,262
1,021,a!f7.
141,349
—
Mississippi———
Total
'
88,84l>"
Sept. 1 is 532,762
bal^s.
been discontinued siriceA,194L
~
Agreement Between
U. S. and Lebanon :
Air
An air
tween
>
transport agreemppt ;be-
.States
the /United.
Lebanon was
and
signed at Beirut on
Minister George
.behalf of
the U. S. Government, a S^tate
Department annpuncement pf Aug.
August ,11, with
Wadsworth .signing, on
The advices added:" ■+
agreement, which is sub¬
stantially the same as that signed
between
the United .States! and
13 said.
"The
Egypt
Pan
on
-
June
15/-will permit
make
American. Airways to
commercial traffic stops at
on
the
Beirut
between
United States and India," -
its certificated route
#f,
v
,n-
Volume 164
Number 4540
jH3
Federal Reserve August Business
Market Value of Stocks
Indexes
Federal" Reserve
The Board of Governors of the
>
an¬
Based
a
year
'/
i
1
•"
follow:
ago
'
<
-
In
.
'
r
■
= 100 for factory employment and payrolls;
^X923-25 "average = 100 for construction' contracts;; fAv:
1935-39 average = 100 tor all other series
.
-
j
t '•
•
Adjusted for
Seasonal Variation
'
5
—-1946
Industrial production—
1
Total
July
Aug.
*176
172
186
Jilly
Aug.
Aug.
;
173
*178
of all listed
not
/
Total
*182
Durable
*206
Nondurable
___
______
Residential
All other__
4 ■
:J.
'a;
___
196
194
*184
178
239
*208
203
240
*165
157
159
•157
'
•
,
140
*146
149
143
165
61
t
179
65
1161
24
162
24
168
91
3.46
a
;>'i>
aaa ; at'aaa.
_
a;
156
*143.;//'a'
__
Construction contracts, value—
Total
aaa
aaa*162
___
Minerals
177
:202
■
J!
a/!
193
t
Tot a 1
__
!__ __
_
■%<? Durable- goods_j_____
Nondurable goods
*143.4
140.3
147.6
*144.6
*165.1
T60.7
187.5.
*165.4
*126.4
124.3
116.1
*128.3
:
Factory payrolls—
tU Total i
Durable
!___
.•■a
'vy-..
i'vv"
t
■'A,-! a;
market,
148.7
161.0
187.7
124.9
117.9
va;
•'
Freight carloadings
Department
store
sales, value-
Department .store stocks, value
•♦Preliminary.
141
139
a ; *289
273
.
335.4
indexes
To
to
curable
convert
points
-ana
aepartment
143
132
168
169
saies
store
maexes
nasea
total
•
c'.
/
aaiiy
Inultiply
^biploynient f Index!, Without
by Bureau of Labor "Statistics,
>''•*
'
'
'
'
t
(1935-39 aVerage
:; 'Adjnsted
Iron
Aug.
steel!!.
and
183
T# Pig iron
0Pen
i - V
hearth-!
:''Electric•'•
:_
.
•■-••^••i
■
1178
v
_!!_
V 168
•146
Stone,
and
glass products
Plate g 1 ass__!!___!_
_
•
-
■
Cement
,,
;.
and
and
Cotton
J29
107
,98
£5*134'.'
"
114
v
45
47
130
114
150
138
*139
130
Chemicals
ZZZ.I"
'
96
t
*240
t
138
t
140
233 a
a
•
388
*217
211
109
114
k' *164
161
151
*y.rt
*137
128
:
Bituminous coal—ZZ_
ZZ
153
*156
"159
*120
128
*151
*154
131
155
141
82
71
115
107
'104
87
t
*240
^
222
368
a
a
.
137
t
160
153
155
148
,
Canada
ZZ.ZZZIIZZZZZZ
...
•■'l
'
•
' '•*
,\v"
Preliminary
or
estimated.
146
a
'*259 a
255-
*390
388
Second
preferred sei ies
144
^.•156^
•
.102
a
>120
128
A ?
102
152
A''.; *151
♦154
?
152
a a! 282
not
yet
available.
i.
u———
Coke
[
—__j.ZZIZZZZZZZ^
Grain
Livestock
Forest
Ore,
_i
products
;
Z •"'
;
Miscellaneous
__Z.
Merchandise, "I.c.l._!l_
in
•NOTE
To convert
Federal
Reserve
coal
Chart
average =
145
128
"-'152
167
.^177
131
118
139
166
163
142
115=
113
-
•
;
122 '--a at
124
295 a
289
7
145
.
•
;i66
""
153
133
~-iC5
153
164
166
-243
263
145
141
132
446
142
77
78
64
*77
78
,
and Ihiscellaneous indexes
Book, ,Lmultiply
to points
coal ^,'.213
arid
A 100
107,634
107,648
197,558
197,958
10,000
3,600
5,764
5,7.74
20,039
1,516
19,339
23,345
23,317
area
take its
2,604
954,161
Airport Commission appointed
by the late Mayor Henry W. Kiel
for the construction of Lambert-
an
Mr. Holderness
business as
Assistant Cashier of the First
Petroleum
Corp.,
Manufacturing Co.,
."
AA'A
<;i '
A
common—
A common
——
109
140
International Utilitie-j
249
King-Seeley Corp.,
•
65
.548.
Corp.,
common
Plan
Corp. of America,
Merchandise
Co.,
Niagara Share Corp., B comrnin
Russeks
Fifth Avenue,
*
common-—
Inc., oommon
Inc., common
—
—
——.———
—
—
—-
500
43,070
44,372
1,000
None
782
2,182
1,245
1,675
159
161
134,431
134,881
256,168
; 256,368
12,948
ous
'
273
None
founded
with
the
Holderness
of
in
two
has
1919
other
National.
Third
Association and has
81
'
was
merger
of the
that in¬
served
as
President of the Missouri Bankers
,
49,163
.79
:
banks
Mr.
80,220
:>
52,663
A
Merritt-Chapman & Scott Corp., A pfd.^
Morris
9,395
79,220
,
I—!!!!—,
common
9,521
Vice-President
as
stitution
Report
632
Third Na¬
First National Bank when
through
Per Latest
631
of the
of
became
he
tional Bank of St. Louis and con¬
Previously
Reported
Trust Co.
1914
In
Vice-President
Shares
A .'
and
Bank
Savings
tonares
—
banking
the
Nashville.
!
The New York Curb Exchange made "public on Sept. 20 the
following changes in holdings of reacquired stock as reported to it
Central
and
Municipal Opera Asso¬
ciation, has a long record of avia¬
including service on
the
30
954,158
the
as
Mr. Hol¬
Treasurer
is
who
entered
11,184
of the
and
rightful place
St. Louis Airport.
10,590
A 2,561
"
air center of America."
650
8,484
•V
—
area
650
10,940
i-!!!!'—!.
Louis
St.
tion interests,
15,630
26
his
for
as
bank's "desire to see the St. Louis
derness,
191,531
/,
15,130
A.!——
the
tee of the
1,066
■
term
Chairman of the Finance Commit¬
1,454
None
Holderness
Mr.
of
that
stated
Smith
Mr.
"evidence of
the Bank's interest in developing
aviation as a great industry in
by issuers of fully listed securities traded dn that exchange:
in total index, shown
miscellaneous..-by
B.
George
and
Bank,
unexpired
tinued
,
133
■■
Smith, President of /the First
vices
None
p 1,067
(W. A.) Pen Co., common
Sinclair Oil Corp., common-
176
135
157
162
joint announce¬
Sept. 10 by Walter
a
on
Logan, President of the Aviation
Reported
,
Equity Corp., $3 conv. preferred
^
Esquire, Inc., capital
,!.
Grocery Store Products Co., capital
———'————Hussmann-LigOnier 'Co., $2.25 pfd
——
Hygrade Food Products Corp., common.,—_———-
128
,
Louis, Inc., as
Manager in * October,
to
38.20
Shares
171.631
New York
common.
Corp., common
Plymouth Gil Co.,- capital——'!!-!!'!-!!
Purity Bakeries Corp., common——
,'160
172
Louis, will become asso¬
thb Aviation Council
National
Per Latest
Report
Corp.,. capital———._!_!_!!!!—
Dennison
177
Bank
42.79
Shares A
National Cylinder Gas Co.,'■common———
100)
352
will
Vice-Presi¬
as
National
with
Executive !
46.04, W.
.
First
of Metropolitan St.
ment made
47.99,
Previously
None
Crown
.184
St.
$0.44
announced on Sept. 16 that The
—
ComDany and Class of Stock—
(1935-39
-
1, 1947,
of the
according
of Reacquired Stock
Sa;'®"a
/^Revised.
dent
49.22
144
159
a,'/
105
45.79
47.88
74,350,238,520
Sept! 30——• 66',863,605^035
i—,——
4%
A,
National Distillers Products
146
/'
-
79,132,$65,907
.
Kinney Co., Inc. ,(G. R.), $5 prior pfd.——!—!Lowenstein (M.) & Sons, Inc., 4(4% pfd.
Marine Midland
368
193
153
48.61,
30
Dry Ginger Ale.,
Johnson & Johnson, common-
Freight carloadings
Coa(
'Aug.
a;■
International Minerals & Chemical Corp.,
222
a
211..
-^150
!.—
tData
!-
30
Jewel Tea Co., Inc., common———-—i—I-!-——!
'
"a-
v",
28—
Inc., common—_—
Cuban-American Sugar Co. (The), 7% cum. pfd—
332
261
'
Marvin E. Holderness, who
retire Jan.
in
-
Company and Class of Stock—
:
229
"*217 a
193
t
331
^.•*231;.!/
46.33^
78,467,733,341
74,164,879,781
: 77,932,414,601
80,943,361,516
I
Aldens, Inc., cum. pfd. 4 Vi % ser.—
Atlaa-Corp., common!-,.!—i——
Borden Co. (The), capital———
——
155
135
.
*371
73,765,250,751
of N. Y. Stock & Curb Listed Firms
%■£$.;.'A TI; V3
173
t
46.13
in the amount of stock
held'as heretofore reported by the Department of Stock "List:
95
136.
82
-
•
265
-
98 ■!-'
t
ore
*
*150
—
72,729,703,313
following companies have reported ^changes
204
123
t
61,242,460,874
64,315,140,586
The New York Stock Exchange
91
'■'■z/t/.--;
•'a
'
Metals
Iron
■il
Apr.
Sheaffer
f?
~iK
Feb.
Changes in Holdings
'
M.f 'M
Ivi
"'Anthracite
Crude petroleum
31
Aviation Council
Council.
,134
106
*141
62,636,685,716
ex-
on
Washing¬
ton, D. C., post office. - A novel
"flying mail car" winging over the
nation's a original
coast-to-coast
airway, heralded the arrival of
the bank is contributing the ser¬
45
114
*145
'
placed
were
; 79 r
46
t
72
nomination,
elusive first-day sale at
.■
69,560,968,600
31-—
'
MINERALS., !'
Dec.
—-
July
t
Till
332
255
*390
30—
$
43.17
84,043,436,932
't
148
331 AA
*259
chemicals
31—i—!'—
jNov.
Jjan.. 31—1
£ no
r;T, 66
153
155
♦371
37.20
1945—
31
—
Aug:. 31^!——
on
Washington,
in
St. Louis Bank—Joins Local
Price
-44.23
80,929,333,989
kkkkfk
173
•
36,14
-
marked
were
when a
new
five-dent
air-mail
postage
•stamp and an embossed air-mail
stamped envelope in five-cent Tie-
ciated
'Tf': I ' i
355
160
~~
"Fuels'
j
121
*141
i
ZZZ^'x
'
Rubber
30
"
k *235 'A
lv' Rayon
72
111
t
\
30
Dec.
-
,
31
'*
t
Nov.
.
Get.
•
28
91
t
35.84
armed
the
42.79
67:065,130,865
June
;99
.
53,086,843,093
63,591,644,063
55,511,963,741
-$
•
Sept. 29—
May
165
.
35.75
40.68
40.64
40.68
39.65
41.56
155
*145
—
Industrial
Oct;; ;31^_———
'
$
■'
52,929,771,152
61,496,723,658
62,430,603,026
145
-t
1945—.
*
July
;'f 141
27.56'
of
Average
Price
Mar.
t
84
31.44
Z 38.39
;;
127
150
124
,34.03
Market Valiie
213
;
f
104.32'
AVerage
Sept. 30
abroad,
States
United
the
in all
;ifiarket^ltte Holderness io Retire From
of stocks listed on the Exchange.
.233
■':,VV ':- tk:
; T*147
'!•
20.95
of
re¬
postage
ounce
an
nickel air mail on Oct. 1.
-142
140
oil-.ZIiZZ^ZSi
—
74,350,238,520
jMar. 30—,
119
V 123
Byproduct
38.20
39.84
38.15
.154
•
'^6^863,^05,035
97,84
160
83
%£fetVd Stocks..---—
107
'*169
59.30
air-mail
/the
members
to
Sept. 25
41.01,
28_—59,680,085,110
"31__
57,383,487,905
225
98
6100
;31———56,585:846,293
154
H 131-
forces
1,721,186,113
Feb.
122
72-;
71.97
28.81
1,118,284,365
Jan.-
190
and
3,435,049,302
in
territories
42.94,
24.99
123
vk:f't
40.21
•67,245,580
125,433,014
134
*247
136
'48.12
260
*172
155 >
5,549,453,287
127"
101
195
rate to five cents
594,906,562
"
181-
34.10
35.23
797
...
32.03
1,050,289,615
8,479,723,967
Businesses^
Abroad—
'•'•'<:-A''--
Ceremonies incident to the
duction
1,340,572,691
93
fe-
34.79
23,75
101
-
2;810,351,681
2,060,866,165
1^107,744,352
1,154,680,799
551,261,935
1*
t;
tion."
27.72
Apr. 30——
May .31———-June 30——!—!
:
dynamic field of mail transporta¬
12.19
234
139
"•
29.45
<
unpre¬
37.21
5,131,093,018
848,306,608
-
an
growth in this vital and
38.03
143
133
129'
kKerosene
Beehive
162
173
'
——Z
.-...ZZZZZ
^
^Coke' —>Z^ZZ
.
18?
152
i.
98.08
-.220,796,845
105,621,152
.»
that in the days
look forward to
can
cedented
113
165
169
'4,344,108,642
-1944—!
,110
138
refining
; Lubricating
61
129 V
•150
:
:
Miscellaneous Utilities—
Maiket Value
124!
*151
t
*147
productionZZ._Z"~
consumption..—.
Petroleum and coal .products..
;r.
3
229 •
75
122
I'
•:
Newsprint
^
98
106
"kVvktr'"-
oil
108
.199 >
t
-
.29.08
*"
.4
t
,29.69
we
air mail
and
ahead
encouraging
most
sure
76,233,323
:
A'
__—
and the average-price
'•165-
193
147 k
112
*147
Printing and? publishing.......
Fuel
149'
1,876,038,803
'935,852,236
been
am
340,293,826
.
.
3,492,920,996
2,028,637,761
4,617,083,607
255,171,371
1,256,491,068
108
171
127
.
-J—
Gasoline
*159*
123
103 *
t
.
Other tobacco products—Paper and products.
—..v
Paperboard.
,•
134
213
•f;
manufactured foods.Z
Processed fruits and veg._
*S'
CA244
t
'
kip leathers
Petroleum
260
.
__3
.....
^.Cigarettes1!—
3
♦185
;
products.!
Newsprint
162
-
233
'
t
Cigars
; >'
*152k
=30.17
18.49
—,
i
'
Tobacco products..-.^—
it
-110
--
^127?,?'1
;229
Other
.
143
'
*149
Wheat flour..
Meatpacking
-
k.
t*
234
*159
Manufactured fobd products.'—
v
114
'
2,456,623,876
X790,044,648
113
=
5- 144
5
97
183
165
u*200
300,335,410
givetelowTw©-yea%tbmpilsitioh
405,
'142
,.T37:i".
*151*
.....
61
•
147 '■
*244
•
'
;
160
47.33
'2,308:6^0,016
:310 k
"
; 171
133
26.22
5,080,888,619
86,183,462
18.76
Miscellaneous
1421
130
>
964,617,189
1,397,399,014
32.66
U. S. Cos. Operating
'">319*?
'•143
v
;
«Goat and kid leathers—'
Sheep and Iamb leathers.
-
.124
193
155
■
"183
Shoes. ;■
.
144
-•-,129'-V
v
prod.
s-'M Cattle hide leathers
:
.
*147 '
r.
products^—....
Calf and
.*146
171
"121
consumptioh^iV;v,gv-/
Tanning
■
165"'
•131
*193
Rayon-deliveries.
Tyool textiles"
Leather
179
131
'
asbestos
244
*185—
*121
_
!_-.-y.n,,/a,
Abrasive
Textile
242
—*245':
136k
^-?139
■
/:?£; Clay; products.v.__V._V_.lr/;
5?r Oypsum and plaster products
--
■
*151
...
clay
^251!
142
I79 -'
^143
.•.''67.74
60.58
'22,74
42.66
31.87
!10;24
29.96
Week.
Mail
"The response to 5-cent
V164
J43
310
*
Lumber-■.
Furniture
^ 378'
k
I
"53.17
15.22
Foreign Companies.—
'*1«1&
168 v
'
•'405
-
244
,*137 :
k'k 169
319
-■•i
.
"
KOnferrous met&lk arid products
'-Smelting and refining..—.'
Lumber and products
V -a
;242
....
V *185
4.
'
i
has
36.94
1,543,391,169
26,253,007
'V Communications"
155
190;
142
$42 "
*245
179
72.66
2,023,499,000
35.65
■v
Aug. v
9,205,055,405
33.13 (
3,000,335,963
1,010,472,731
■!,Gas A Electric" (Holding)
«**»«
1945
"*
tl78
169
■V*251.
i
183^
161
v
V 190 :k--v 164V
-
Automobiles
A
'65.92
862,572,571
.
Gas & Electric (Operating)
'July
^f.Aug,
155 k
-
4946
nr"
.'.Aug.
195
.•378
Machinery•_%•
Transportation - equipment-i_-
* 1945
179
.186
V
k
v^uiy
Air
43.54
32,956,740
k'Without
rS BeafeonalAdjustment r!
:
significance of this event by pro¬
claiming this period as National
1,205,494,868
—
Textiles^.-!—-!—
40.31
50.15
T,-780,079,744 A >56i90
4,742,695,836
"41.12
4,760,340,750
{39;61
•v!774,583,121 ^65.7T>
M 56,233,681
*20.90
———.
K
28.59
..
1,052,043,184
1,051,899,202
'24.26
=53.30
,32.11
Ship Operating-^!.
$
1,149,328,559
;! 5,229,875,613
k:; '668,498,613
,
Ship Building——
the United States has added to the
Market Value Av. Price
39.67
45.94
.
Tobacco!-!!!!:!!—■
i
for
—1946—
AAA? IV A
V .• / -H
manufactures
'it'
k
Realty..
Transportation Services
Utilities:■■'•V f
•Seasonal Variation
"average price
'17.85
;
are
we
Air Mail Week to
bring to
theattention of
the
Amercian people the advantages
of air transport. The President of
904,997,714
4,579;594,488
73,825;255
63,899,700
;
Merchandising
Rubbet!,^_^!:i^!^!!iw!---'!!i!!:!k!
100)
=
:
Retail
:- i-
"From Oct. 27 to Nov. 2
celebrating
960,754,878
612,340,948
a
business, which he believes will
Postmaster
General
E. Hannegan said:
20.75
8,475,562,267
Petroleum!—!——k—
industrial production
-
34.43
1,814,806,638
:
Steel, Iron & Coke—
V;
'
.
4,473,461,629
72,-
Robert
'
f
24.60
Electrical Equipment
Farm Machinery—.
Railroad
-
,
'
'
.
,
A
-P;
against
as
continue,
total
Aug. 30, 1946'
,
990,179,963
!
—.
a<^ustiheht, 'sinb pa'yrollk "r lnd«Acompifed
seasonal
'-'kv'
Machinery & Metals—
Mining (excluding iron)——
Paper & Publishing_______V-—_k-..
$41<),269;00b,« resi;
V : '
their
and
classified by leading in¬
are
Business and Office EquipmentChemical
Land &
-
i
shares
rate,
jump of 19,184,160 or an
increase of 26.48%. Com¬
menting on the rise in air mail
ber,
x
Leather.
T Ttonstruction coutracfrlridexeisbased oh 3-month moving averages, centered at'second
Inohth; of F. W. Podge data, for 37 Eastdrri States,
To convert indexes to ■ value
>
listed
on
5-cent
average
of
types
handled during the
were
454,680 the first half of Septem¬
value
V
Food————
-.<a7:'r
hy .379, nondurable;/by .469,■•and- minerals by .152.
figures, shown lri the Federal Reserve" ChSft HBook/ multiply total by
Slentfa.1 by ,$I84,l37,bob,-and ail Other
by $226,132,000, f
other
value./
Aviation—.
Building
minerals
manufactures, ^nondurable manufactures, and
Index, shown in Federal .'Reserve Chart Book,
borrowings
In the following table listed stocks
Garment
on
durable
In
between
Financial—
aag/za/a-.;
include all
Gov't issues
Aihusement——
Automobile!:!.,.!————^
200.6
208
U. S.
by
mail
new
not collateralized by U. S.
were
Market Value Av. Price
235.3
of
first 15 days of October under the
that date, was, therefore, 0.38%. As the loans
on
Group—v.*
286.2
222
t
|
182
:
a
*242
200.
/fa'aaa,;
t available.
Note—Production, carloading,
,
averages.
.
■
145
.123
222
t
.
tData not ;
a/a.; t
;•—aa!
throughout the country*
on reports from 30 of these
offices, which handle 75% of the
air mail business, 91,638,840 pieces
which
of
$407,924,764
to
Sept. 30, 1946
267.3
offices
borrowings, these ratios will ordinarily exceed the precise
for each:
'
*■;Nondurable goods.
amounted
dustrial groups with the aggregate market value and
/a;..-
140.8
260.5
t
"
goods—
,
stocks,
relationship
99 a
,'.lrv
Factory employment—
borrowings
collateralized
member
;;
figures received at the Post Office
Department from Air Mail Field
New York Stock Exchange
The ratio of the latter borrowings to the market
188
Manufactures—
.
net
Gov't issues.
1945
1946
total
$251,041,662 represented loans which
*
Seasonal Adjustment
■
1945
Aug.
member
becoming the na¬
habit, according to
tion's mailing
,
,
As of the close of business Sept. 30,
■
Without
..
;
'
air mail is fast
making public the Oct. 5 announcement, the Exchange fur¬
ther said:
;
V
1939 average
A A/
'
•
Postmaster Albert Goldman
The New York Stock
System issued
BUSINESS INDEXES
•
Popularity of 5c Air Mail
Sept.
and
r •• •
■
N. Y. S. E. in
nounced on Oct. 25 that the nickel
?
:
on
Exchange announced on Oct. 5, that as of
the close of business on Sept. 30, there were 1,315 stock issues ag¬
©ri Sept. 27 its monthly indexes of industrial
production, factory
employment and payrolls, etc. The Board's customary summary of gregating 1,750,250,158 shares listed on the New York Stock Ex¬
change, with a total market value 6f $66,863,605,035. This compares
business conditions to Sept, 15 appeared in our Oct. 24
issue, page with the figures as of Aug. 30, of 1,309 issues aggregating 1,737,716,634
2134, The indexes fof July together with
-ifor a; month shares; total market value $74,350,238,520.
,,
:>.•
'
2395
[THE COMMERCIAL & FINANCIAL CHRONICLE
•
held numer¬
other offices in that associa¬
tion and in the American Bankers
Association.
the
He
Financial
ciation of
was a
founder of
Advertisers
Asso¬
America, which he has
also served
as
President.
THE COMMERCIAL & FINANCIAL CHRONICLE
Moody's Bond Prices and Bond Yield Averages
Moody's computed bond
given in the following table:
;
.
1946—
■.<
.
t
Daily
Averages
Nov.
'■
Govt.
Corpo
rate*
•
averages
are
'j--w
I
BOND
Average Yields)
PRICES
'
Corporate by Ratings*
Baa
:Y.., Aa;
•
>
Aaa
P
.
'•
'
-
Corporate by Groups*
R. R. 4;
P. U.
Indus.
-.
•
119.82
119.82
116.02
106.97
112.00
117.60
119.82
121.04 ,119.20
116.02
110.15
112.00
117.60
120.02
121.04
116.02
110.15
112.00
117.60
120.02
of 1945.
112.37
117.60
120.02
122.14
116.61
121.04' •119.20
116.22
110.15
112.19
117.60
120.02
122.14
116.41
121.04.
116.02 : 110.15
112.19
117.60
119.82
122.02
116.41
121.04
116.41
121.04
2yj—L_
121.83
116.41
121.04
28
121.83
26
121.77
i
•
.
—-—
119.20
119.20
116.02
119.20
.116.02
119.20
116.41
116.41
"
<
121.77
116.61
121.04
119.20
116.22
110.34
112.19
117.60
120.02
116.61
121.04
119.20
116.22
110.52
112.19
117.80
120.02
121.36
116.61
121.04
119.20
116.22
110.52
112.37
117.80
120.02
224—
121.36
2i^„_
16,
■'
121.04
120.02
showed
112.19
116.61
121.04
119.20
116.22
110.34
112.37
117.80
116.61
121.04
119.20
116.22
110.34
112.37
117.80
120.02
121.43
116.61
121.04 -
119.20
116.22
110.34
112.37
117.80
120.02
121.45
116.61
121.04
119.20
116.22
110.34
112.37
117.80
119.82
119.20
117.60
119.82
116.61
119.20
.v.
121.04
116.22
117.80
-
116.41
110.34
112.37
121.20
116.61
121.04
119.00
116.41
110.34
112.37
117.60
119.82
121.11
116.61
120.84
119.20
116.41
110.15
112.19
117.60
119.82
Exchange
,
a decrease of 2,100 tons when
compared with the output
the week ended Oct. 19, 1946; but it was 51,200 tons more than
the corresponding week of 1945.
v
ESTIMATED UNITED STATES PRODUCTION OF BITUMINOUS
Net.Tons)-'^-J;
Closed*
121.08
—
116.41
120.84
119.00
116.22
.
110.15
112.19
'
119.82
,117.60
Oct. 2C,
-
'iOct. 19,
.-
:•
—Jan. 1 to Data—
*Oct. 26,
Oct. 27, ;
V. 1946
1945
Oct. 27,
v
•
10
121.05
116.41
120.84
118.80
116.41
110.34
112.00
117.60
119.82
9
121.05
116.61
121.25
118.80
116.61
110.34
112.37
117.80
119.82
Bituminous coal and lignite—
1946
Total, including mine luel_„
12,465,000
8_W4
121.08
116.80
121.25
118.80
116.61
110.34
112.37
117.80
119.82
Daily
121.02
2—;::
116.80
121.25
117.80
120.02
121.02
116.80
121.25
119.00
116.61
110.52
112.561117.80
120.02
121.05
116.61
121.25
119.00
116.61
110.34
112.56
117.80
119.82
ESTIMATED PRODUCTION OF PENNSYLVANIA ANTHRACITE AND COKE
120.77
116.80
121.25
119.00
116.61
110.52
112.37
118.00
120.02
(In Net Tons)
120.70
116.61
110.34
112.37
118.00
119.82
120.83
110.34
112.37
117.80
119.82
110.15
112.37
117.80
119.82
Penn Anthracite—
112.75
117.80
119.61
•Total incl. coll. fuel
1,296,000
1,203,000
1,258,000
49,933,000
tCommercial produc.
1,246,000
1,157,000
1,210,000
48,008,000
.
119.00
116.61
110.34
112.37
121.25
119.00
116.61
116.61
121.25
119.00
116.61
121.08
116.61
121.04
119.00
116.61
20
121.14
116.61
121.04
119.00
116.61
110.52
'•f13 j
121.80
117.20
121.46
119.41
117.00
111.44
113.89
118.00
120.22
122.52
113.00
122.29
120.02
117.80
112.19
114.46
118.60
120.84
122.92
118.40
122.71
120.43
118.00
112.37
114.85
118.80
12L25
2."
r
■-■■•r.'"
Sept. 27,
,
.
'
-
6,-1—
Aug. 30—-,—
122.92
118.40
123.30
23
16—
;^9.——
120.84
118.20
112.37 *
115.04
119.00
'
*
fc'iA
122.92
120.63
118.20
112.37
115.24
119.00
121.25
123.13
120.84
118.20
112.56
115.24
119.00
121.46
118.20
112.56
115.43
119.00
121.25
123.45
118.60
123.13
120.84
26———-
123.77
118.60
123.13
121.04
113.40
112.56
115.63
119.20
19——
123.83
118.80
123.34
121.25
118.40
112.37
115.63
124.14
118.80
123.56
121.25
113.60
,112.56
124.24
118.80
123.34
121.25
118.60
124.11
118.80
123.34
121.25
118.40
2-
.;
July
118.40
118.60
:-5—■
t
.
♦Includes
31^~.—: ; 123.09
Apr. j264—_1—
118.80
122.92
121.46
118.40
121.46
,"
121.46
ments
112.37,
115.82
119.20
121.46
112.56
116.02
119.20
121.46
121.04
119.00
123.34
121.25
118.40
113.12
116.41
119.41
121.04
Mar.
29,^.——; 125.61
119.82
123.99
122.29
119.41
114.27
117.40
120.22
122.09
Feb..
21——+L,]
126.02
120.22
123.34
121.88
119.00
Jail.
25
126.28
119.00
123.12
121.25
119.00
124.33:
114.27
116.41
115.63
113;31
122.09
120.22
122.09
119.41
washery
and are
;•
■
122.50
119.61
114.46
117.60
120.43
122.50
Illinois
118.80
116.02
109.97
112.00
117.60
119.61
Indiana
119.41
119.55
112.15
118.40
116.80
109.97
.YVaY/-;
2 Years Ago
Nov.
116.61
;4. ;1944^
l
113.12
Y A,;.
,112.93
103.47;
116.61
113.31
' v
"
by
on
.
*
-
..' i
v
'
t;
district
7;000
35,000
" 150,000
.
27,000.
.-114,000
1,174.000
.
•
North
J
Dakota
i
'
-
,-.
34,000
135,000
/ A 124,000
v.
r
438,000
r.
33,006
;
1,000
.
\
,
2,000
66,000
28,000
-
'69,000-
84,000:.* -V
(lignite)
^
.99,000.
30,000
...
-
a ;. ,;
: :
30,000
;
25-000
and South
:
404.000
;
82,000,
(bituminous and lignite)
:
a
1,168,000
■
>
1,478,000
105,000
;;
-
26,000
116,000
,
v
i.ooo
—
1,000
-.575,000,
38,000
•
7,000
38,000
vM 170,000
"•
1,378,000 "
>,
:
•
.392,000
*.
.
1,000
597,000
v
Missouri
Kentucky—Eastern—
Kentucky—Western
'
i
:
V
V
.39,000
.
400,000
i
.
'
7.000
"
>
194.1
-:
1', 375,000
.
151,000
A;'';-
%
■:
62,000
"
■
•
■>,-
1346-—•
tr;s.
Dally
Govt.
.
Averages "
Nov.,'7
-
-
5_
•
Avge. a,;'Y:
Corpo-
Bonds
Corporate by Ratings*
rate* v;:> Aaa
.A.
Corporate by Groups*
Aa •<■■■
Indus.
U.
Texas
1.56
2———
(bituminous)-
Pennsylvania
77
2.65
(bituminous and lignite)
•
:
Utah
134,000
'
Virginia
tWest Virginia—Northern
958,000
:
r-
:
-
Sept. Gas Sales 11.8%
2,000
' '
115,000
-j 255,000
.-
v'.-'-A,
-
181,000
'
27,000
255,000
A,:-a 510,000
A-V
'
852,000
-
/
211,000
-J
5,947,000
;S v.■'
-
totaled
ber
and
12,510,000
lignite
.
12,250,000
.
Virginian; K. & M.; B. C. & G.; and
counties.
IRest of State, including tnt
Tucker counties.
§Includes Arizona anc
.
,
,
; , 4 > ,
tlncludes operations on the N. & .W.; C. & O.J
23
—
on
22—1.63
19
^
—
18
Oregon.
1.63
,
in
Kanawha, Mason and Clay
District
and
Grant, Mineral
*Less than 1,000 tons.
.
-
.
■.
1
and
,v
,
Stocks and Consumption of
Stocks of bituminous
16-—'
1.63
15—
1.64
Bituminous Coal
1,743,276,000 therms in the - cam-**
; month
last year,
the-
1.65
14—
Stock Exchange Closed
—
coal in consumers'
hands
11
Oct. 1
on
1939
,10.5% below those on April 1, before the strike in the soft coal
when they were estimated at 58,531,000 tons.
On Oct. 1, 1945,
mately 37,
ities had
crease
as
on
'1'
53,350,000 tons*
mines,
stocks
i.,
against 36 days' supply on Sept. 1., Electric power util¬
an average of 70 days' supply, which was an in¬
increase over the days' supply on Sept. 1.
Average
Oct. 1
of 2.9%
days' supply of by-product coke ovens increased 9.5% during the
month of September; that of steel and rolling mills increased 2.9%;
mills, 17.1%;of other industrial plants, 1.8%, and of Class I
railroads, 7.1%.
Retail dealers had an average of 12 days' supply on
of cement
Aug.
Oct. 1, a decrease
of 14.3% below that of September 1.
Consumption of soft coal during
;
•
gas
year
earlier.
May
Apr.
31
Truman -Thanks Jackson
-
2.64
_
21
2.64
Jartl. 25
2.68
High" 1946—
2.77
1946——
2.63
Feb.
of August.
,
Lov{
1 year
Nov.
5,
1945—
4,
the August
dealer de¬
.V i-:t;
•These
(3% %
level
^
the
average
a more
computed from average yields
movement
of
the basis of
"typical" bond
and do not purport to, show either the averdge
actual
price
on
quotations.
one
They-
merely
lssue of
list
servo
to
comprehensive way the relative levels and the relative movement
yipld averages, the latter being the true picture of fhe bond mdrkeC- ' "
NOTE—The
-
are
coupon,' maturing in 25 years)
or
Illustrate in
of
prices
used
tfie "Chronicle"
in
compiling
on page
1321.
the
-
averages
'
given-in
was
.
,
-
the Sept.
-"
5,
Jackson
Military
of
Tri¬
ever
was
tempted.
at¬
■•.
own: part >1 have no
in declaring that the
precedent set at Nuern¬
,my
hesitancy
historic
the ex¬
pressed "my heartfelt thanks and penditure
of effort, / prodigious
the thanks of the nation for the though it was.
The-precedent be¬
great service which you have comes basic in the international
3.02
1.87
H.
States counsel
International
bunal in
2.82
1944—
chief United
the
.2 Years Ago
Nov,
V if For
as
"■:*
Ago
in ' history,
size
ciate
Robert
a
letter in which he
rendered."
Saying
studied
report
the
Mr. Jackson
"
ex¬
that he had
submitted by-
Oct. 7 concerning
the prosecution of hiajor Nazi war
criminals at
1946
on
berg abundantly justifies
The principles
law of the future.
and
the
r e s ul t s
place international law
established
achieved
on
the
side
•
141.3% of the 1935-1939 average,
Sales of mixed gas
advices
in Septem-*
1946 were 78,589,000 therms;
a gain of 25.5%
over sales of 62,-*;
629,000 therms in the same month,
ber,
Mixed gas sales during
ending Sept. 30/
last year.
the
months
12
"1,218,732,000 therms*
with %1,171,694,000
therms, an increase of 4.0%. The
September, 1946 index of mixed
gas sales stood at 173.1% of the
Were
compared
Sales of natural gas to
consumers
ultimate
September totaled
for
1,718,991,000 therms, representing
a gain of
11.1% over sales of 1,-*
547,513,000 therms in the same
month
last
year.
For; the 1£
months ended Sept. 30, 1946 sales^
22,574,470,000
to a loss of;
1.4% from sales of 22,894,660,000
equivalent
therms,
therms in
the
The
earlier.
like month
Association's
natural
September
of
stood
index
gas
of the
184.1%
at
year
a
sales;
1935-1930
average.
A
therm is
a
unit of measure¬
supply which takes
into account variation in heating
value. One therm is approximate-;
of
gas
;
ly equivalent to 190 cubic feet of
manufactured gas, 120 cubic feet
mixed
gas,
or
95 cubic feet of
Moody's Daily | §;
Commodity Index
Tuesday,
'348.2
Oct. 29, 1946—
Oct. 30—
342.2'
Wednesday,
31—:
352.66-
—:u_—
358.6
Nov. 2_—.~—
356.4;
Oct.
Thursday,
Friday, Nov.
Saturday,
1
Monday, Nov. 4
ri
357.5*
Tuesday, Nov. 5
weeks ago, Oct.
Two
Month
ago,
353.5y
22—
339.5
Oct.
,
of
peace
as
against
Nuernberg, the Presi¬ aggressive warfare.. ' '
•4' "I
am. convinced that the ver¬
for
which
from Washington,- dict
you
worked
dent said, according to Associated
Press
' ^
given in the. New York "Sun": natural gas, .,'
"Nq litigation approaching -this,
the'first,international criminal as¬
President Truman on Oct., 17
accepted the resignation of Asso¬
Justice
;
.
as
/
For Nuernberg Role
^6——
Mar. 29
r
,
.sales during;
September; w e r e"r 150,552,00©);
therms, a gain of 13.1% over sale&
of 133,134,000 therms in Septem-*
ber, 1945;:; Sales in the 12 months
ended Sept. 30, 1946 amounted to
2,112,273,000 therms, an increase
of 1.5% over 2,080,827,000 therms
sold in the preceding - 12-montb
period. The Association's index of
manufactured gas sales stood at
of
June 28—
util¬
were
Manufactured gas
ment
the month .of September was
estimated at 42,424,000 tons, which was 2.1% greater than
burn of 41,565,000 tons. " There was ah increase in retail
liveries of 10.2% in September over, those
For the 12 months
average.
of natural gas were
September the average days' supply was approxi¬
At the end of
re-*
1.
Nov.
on
about 25,905,475,000)
therms, a decline of 0.9% under
sales of 26,147,181,000 ; therms
ity
were
at
of soft coal totaled
Association
Gas
The Associa-*tion's index of total gas utility;
sales stood at 179.4% of the 1935ported
1935-1939 average.
'
52,367,000 tons, which was an increase of 9.1% over
those of one month before, Dan H. Wheeler, Deputy Solid Fuels Ad¬
ministrator announced on Nov. 1.
Stocks on Oct. 1 were, however,
estimated
therms*,
of
parable
1.62
.
12—-
& O.
1.63
4-
17
the B.
Panhandle
1.63
21*
Septera-*
1,948,132,000
increase of 11.8% over sales
1946
Total bituminous
utility industry;
Sales of the gas
to ultimate consumers in
-
-
21,000
2,176,000
;
if.
194,000
Wyoming
lOther Western States
66,000
1,085,000
28,000
'
19,000
>
'
390,000
*
2,318,000
—
f-V
•
163,000'.
.
272,000
.•
kvA:
A
1,000
1,000
135,000
377,000
Washington
tWest Virginia—Southern
60,000
2,975,000
-
137,000
,
Oct.
:
2,968,000
.
•/-
829,000 ■;
'
67,000
Tennessee
Stock Exchange Closed
—
4_—4^._
-
Oklahoma—
•*,'
u
823,000
——'
Ohio
;•
ending Sept. 30,1946, sales of
Oct. 20,
1946
.
,r
1,428,000
and
•'
v
American
;
35a;ooo
v
Maryland
'
truck from authorized
carloadiags and river ship¬
railroad
1946
New Mexico
Individual Closing Prices)
2,857,900
4,460,000
Octi 19,'
'*L;S
t>r
1
Montana
(Based
-
-
^
!
117.20
MOODY'S BOND YIELD AVERAGES
40,525,000
§Revised.
'
.
42,658,000
Week Ended
•:
Michigan
,
■
45,938,000
44,169,000
IN NET TONS
based on
are
;
120.02
•.
■
107.62
-i
'
;
Kansas
120.63
lyia
•
on
'
Iowa
116.61
coar shipped
and
tSubject to revision,
Georgia and North Carolina
120.84
123.17
w
Colorado
124.20
1945—
Oct. 30,
Oct. 27,
.
3,461,300
63,400
:
120.02
5,
'•<'
t
Arkansas
116.41
Nov.
coal
Alabama
126.28
4
/•/
'
i*51
\
State—
..•
sideration."
Higher Than a Year Age
Calendar Year to Date
' Oct. 27; :^ Oct. 26,
1945 VS'. f 1946
^
;
BY STATES,
subject to revision
/'"r*-
120.70
year Ago
.
^
receipt of monthly tonnage reports from
and State sources or of final annual returns from the operators.) *
High '. 1946,.—._
V"!
and dredge
(The current weekly estimates
"
Low
;1946j.
i 14,600
112.500
121.46
119.00
;
levels.
an
.
119.20
116.22
1946
•
•,
' ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL AND LIGNITE,
.
116.024119.20
112.56
§Oct. 19,
1946
^Excludes colliery fuel,
,
May
1'
total
States
operations.
,
June ,284,,—_
y
,
Beehive Coke—
United
miser-*
I note
what
you
say
concerning the
method through which these re-t
maining
criminals
areto
be
brought to justice. - The recom-*
mendations which you make in'
this regard, coming
they; do
out of your experience at Nuern-*
berg, will be given careful con-*
their
played
able roles at lower
1,866,000
1,751,000
2,036,000
2,085,000 '
-Week Ended''
tOct. 26,
121.46
123.49
123.49
1945
>
v-K';;
12,215,000 438,876,000 471,788,000
12,510,000
2,078,000
•Subject to current adjustment.
*
r-i*.
1946
.
—_U'___
average
for
for
COAL AND LIGNITE
•
Week Ended
j
'
1U
.
meting out justice to the
militarists, industrialists,
malefactors
•
120.02
110.34
121.43
Stock
V
J
116.61
'
The Bureau also reported, that the estimated production of bee¬
hive coke in the United States for the week ended Oct. 26, 1946,
121.43
121.30
is—-
v
119.20
121.55
.
task of
the
emphasize,
-
117.60
110.34
23,^
you
117.60
116.22
25
as
112.00
119.20
121.92
24
"Although your own part in tha
dispensing of international jus-*
tice is at an; end, there remains,
112.00
121.04
31
'
•
as
awaits them.
110.15
116.61
'
■
history
international
warn
the fate that
109.97
r
'
■
1946, and, according to estimates by the United
States Bureau of Mines, amounted to 12,465,000 net tons, as com¬
pared with 12,510,000 tons in the preceding week and 12,215,000 tons
in the week ended Oct. 27, 1945.: During the calendar through Oct.
26, 1946, the cumulative output of soft coal was approximately 438,876,000 net tons, a decrease of 7% when compared with the 471,788,000
tons mined in the comparable period of 1945 through Oct. 27.
:
in
stand
production of soft coal showed little change in the
total
week ended Oct. 26,
German
politi-t
^Production of Pennsylvania anthracite for the week ended Oct.
26, 1946, as estimated by the Bureau of Mines was 1,296,000 tons, an cians, diplomatists and police of-*
ficials
whose
guilt
does
not
differ
increase of 93,000 tons (7.7%) over the preceding week.
When com¬
pared with the output in the corresponding week of 1945 there was from the guilt of the criminals
who have already been dealt with*
an increase of 38,000 tons, or 3.0%.
The calendar year to date shows
that
these
remaining
an increase of 8.7%
when compared with the corresponding period except
:
Exchange Closed
30-.A-1-.
.
The
;
yield
v.:\\
122.20
.
Oct.
bond
MOODY'S
Avge.
Stock
and
';,"V
(Based'on
U. S.
Bonds
"
.
5-.—.
1
prices
*
of civil-*
and will
a beacon ta
brigands oi,
wiU receive the accolade
ized people everywhere
Weekly Goal and Coke Production Statistics
Year
1945
1946
'
ago,
Nov. 5,
'-1945-^4.^-,
High,
Dec.-27__.-"__>^-ir.
Low,
Jan.
J
High, Oct.
Low, Jan.
•Holiday
262.8
265.0
252.1
24
2_i„
—
■*
•
.
371.6
264;T
.Volume 164,
Number 4540
THE COMMERCIAL & FINANCIAL CHRONICLE
Daily Average Crude Oil Production for,Week t
iEnded Cel. 26,1946, Decreased 2,800 Bbls.
The
30
the
'States Bureau of Mines
4946/was
4,771,000
•ended. Oct,.:
26,
/statement further
adds:
'Reports received
dustry
whole
as a
Daily
averaged
production
for
four
the
barrels.
4,734,104
.C'a- ;
to stills
on
Short
with
w:
On
week
the
Oct.
was
York
Oct.
total volume
ended
to:584,390 shares
V"1
the (New York
on
Transactions
for
Account
.,T)
y,
■
AVERAGE
Members*
WEEK ENDED OCT. 12, .1946
;
A. Total Round-Lot Sales:
OIL PRdDIJCTION
CRUDE
';r
.
•B, Of
Mi'
(FIGURES
i-jr
Allow¬
Week
■
Total sales
—_L—————1—..
B. Round-Lot Transactions for Account of
Members,
v
4 Weeks
Change
Week
'
Calculated
t
;Requirements
' y
October
"•
y
-fr-^
ables
Ended
Begin;
Oct. 26,
1946
Oct. 1
Ended
fromlwv
; Y
Previous
Ended
Oct.' 26,
Week
y
"
'
•♦•New York-Penna
Florida '
AAiA
■♦•West
Virginia
48,200
JJ
50,600
:
200
<
51,350
v, they
46,700
.
4
—
+
150
;
8,100
7,600
5.650
Ohio—Other-
J
•J/
!"V
Undiana
19,000
214,000
.Illinois
^Kentucky
rMichigan
_
_
:
_
1
V
-
i/V,
1
i
50
—
150
204,250
45,900
800
:-.t750
.
;
V. 4,700
18,750
13,850
V
-
/
,
'
352,590
-
'
;
.
:
'.
—
—
on
'
;
;
Kansas
,.,264,000,
.
r—
270,000
t280,350
■353,625
f355,850
v
T> 384,000
+13,300
,
271,500
2,200
+
264,950
367,500
.354,400,
—"
District I
19,450
District II
District III
^
>v.
y,
39,800
JEast Texas
"
'
,
39",900
~
■44-4 y.
316,000
Dist.
VI
iii- ::;,;;
V}fpi:vV.vv.T'-/ -v-
District VII-B
;V',y
District
District IX
5
District X-
T
Total
A
' -4-
V
102,600
33,400
27,450
129,700
■v.
^
Total
84,950
2,046,350
•
.
—
I:
Louisiana
rCoastal Louisiana
Total Louisiana.—
\
^Arkansas
••vSr.yV'
2,050,850
1,711,700
88,950
68,000
436,000
77,000
80,284
y;
•
-
100,000
106,000
75,950
v;.-;
;
99,100
&
•"Colorado
109,400
24,000
24,150
:-32,000
KCalilornia.
if
§842,500
050,000
Total United States
4,771,000
•'(after
of
condensate
and
+
73,500
+ y
75,050
1,000
52,450
99,100
99,500
1,200
Transactions
;
'
"
"
400
101,900
38,550
950
;;; —15,100
2,800
—
843,400
4,734,104
4,273,000
600
.64,350
65,250
based
in its
detailed
forecast
for
:tnay be supplied either from stocks or from
-Jrom crude oil inventories must be deducted
-to determine the amount of new crude to
the
month
from
be
of
October;
production,
new
the
Total purchases—
Short sales
tOther sales—
V.
'
In
,
•
.
<
of
,
„
requirements
the
areas
•
■
•
tOklahoma, Kansas, Nebraska figures are for. week ended 7:00 a.m. Oct. 24, 1946.
'VtThis is the net basic allowable as of Oct. 1 calculated on a 31-day basis and
.several
shutdowns
fields
and
which
exemptions
were
for
the
entire
month.
With
the
exception
•operate leases,
a
"
v,1
a
of
Conservation Committee of California Oil Producer's.
'
A,;
■
'
>"
J.
«CRUDE
RUNS
TO
STILLS;
PRODUCTION
OF
AND UNFINISHED GASOLINE, KEROSINE,
\
"
,
'
V-
(Figures in'thousands of barrels of
«■
,
"
Figures
-
'
"
*,
;
.
in
estimate of
this
% Daily
SEast
OF
Crude Runs
Refin'g .to Stills
Capac. Daily % OpReport'g Av. erated
Coast
section
include
-
reported totals
amounts
99.5
713
85.0
Product'n
and
are
Unfin.
of
Inc. Nat.
Gasoline
Blended
Stocks
1,982
20,175
■'•
,1
tin
plus
therefore
Kero-
an
on
a
tStks.of tStks.
of
& Dist.
Resid.
9,335 "
24,239
District No. 1
76.3
Texas
95
66.4
301
2,379
517
84.7
52
83.9
190
755
72
133
87.4
824
94.7
2,907
15,060
2,811
8,877
78.3
361
77.0
1,404
8,702
1,325
3,411
Texas
59.8
Gulf Coast
231
70.0
894
95.5
3,270
112.5
1,118
60
47.6
163
9
69.2
<23
'74.5
322
89.2
1,171
Louisiana Gulf Coast-
97.4
361
No. La. 8s Arkansas
55.9
19.0
476
640
>3,875
4,778
:'1,855
10,585
,> 3,740
1,684
347
470
2,875
13,256
V
83
15
1,344
209
546
15,332
.7,7,0
12,185
41
'
District No. 4
-
California
70.9
123'
85.5
758
76.3
v
-
2,289-
Total U. S. B. of M.
basis Oct.
85.8
basis Oct.
85.8
26, 1946Total U. S. B. of M.
19, 1946-
♦Includes
"transit
unfinished
and
in
of
residual
fuel
pipe
oil
85.6
14,863
♦86,423
21,607
4,779
86.0
'
65,499
14,874
85,930
21,207
64,761
60,512
15,347
f74,514
13,192
44,827
46,547
gasoline
5,666,000
in
lines.
the
barrels
§In
of gas
week
stock
of 8,657,000 barrels,
tlncludes unfinished
tStocks
at
refineries, at bulk terminals, in
addition there were produced 2,055,000 barrels of
barrels.
oil
ended
and
and
distillate
Oct.126,
1946,
fuel
oil
which
and
1,723,000
7,728,000
compares
7,509,000 barrels, respectively, in
barrels, 4,919,000 barrels and 8,982,000 barrels,
•Week ended Oct. 27, 1945.
"
W "
and
the
'
.
-
.
'
'
"
<
A-"
are
special partners.
the total of
"
14.44
•
-
:■
a
.a
/
a.-.-
the
barrels
of
with
1,890,000
preceding week
respectively,
week
a
>A
in
the
ended
Oct.
19,
continuing
series of current figures
figures
based
are
reports
upon
filed with the Commission by the,
Exchange members, their
members*
a.v.;.
purchases
and
sales
is
odd-lot dealers and specialists.
STOCK
TRANSACTIONS
FOR
SPECIALISTS
AND
ON
THE
STOCK EXCHANGE
are included with "other sales."
Treasury
Washington
has
Circulation
Department
issued- its
;
in
New TVA Head Named
j
The
new
Chairman of the Ten¬
Reserve system)
and
service
mean
a
continuation
was
as
$3,459,434,174.
■"
/M;
of personnel for TVA,
of
orders
Total
Number
of
shares
value
Dollar
•
40,473
1,198,755
$44,140,7741
;
(Customers' sales)
v."//
,,7
'r
'
Number of Orders:
V
Per Week
1
—f
Odd-lot Purchases by Dealers—
cus¬
$28,506,662,- of the superior performance in
against $28,447,643,163 on the
public service that has char¬
Aug. 31, 1946, and $27,825,550,acterized TVA in the past." For
737 on Sept. 30, 1945, and com¬
the post of General Manager of
pares with $5,698,214,612 on Oct.
TVA, to be vacated by Mr. Clapp,
31, 1920.
Just before the out¬
break of the first World War, that the President has named George
is, on June 30, 1914 the total was F. Gant, who has been director
707,
%
Number
Y.
'
19, 1946
'(Customers'purchases).
in
N.
.
Week Ended Oct.
Odd-Lot Sales by Dealers—
Money
ODD-
THE
LOT ACCOUNT OF ODD-LOT DEALERS
%
\-0..r:
,
being
published by the Commission. The
v,s
92,224
associate
the
on
New York Stock Exchange for the
total round-lot
included with "other sales."
account
—-——.
—
percentages
;Y§Sales marked''short exempt*'
odd-lot
,
' "a
-
!
for
ists who handled odd lots
,r'<
88,364
j ti/i"':'.-'ifjTS*;—rr-n—»
i——
88,364
————
on Oct.
of complete figures
of all odd-lot dealers and special¬
:
——
banks of the Federal
8,045,000
.kerosine, 5,710,000 barrels
•tarred
4,758
4,791
stocks
twice
0
summary
transactions
3.03
nessee Valley
Authority, who will
5,681 tomary monthly statement show¬
replace David E. Lilienthal, newly
1,296 ing the amount of money in cir¬
appointed
Atomic Energy Com¬
726
culation
after
deducting
the mission
8,027
Chairman, is to be Gordon
ri >2,280 money held in* the U. S. Treasury
R. Clapp, formerly TVA General
by Federal Reserve Banks
?}218 and
Manager. Mr. Clapp, according
and agents. The
figures this time to a
;v/:40
Washington dispatch of Oct.
are those of Sept.
O-t 678
30, 1946, and 28 to the New York
"Times," was
28,849 show that the money in circula¬
credited by the President with a
tion at that date
(including of large share of the TVA
success,
course, that held in bank vaults
60,872
and added that "his appointment
of member
257
of M. basis
27, 1945
tgasoline
with
269,360
"■
a
.
.
'
District No. 3
Oct.
362
632
.o,
Hocky Mountain—
*J. 8. B.
rules
12,458
"
District No. 2
^
these
.
.
The
Tnd., 111., Ky
•Okla., Kans., Mo
J
"
^
Exchange
showing the daily volume of stock
I,,
volume on the Exchange for the reason that
Exchange volume includes only sales.';
;-.,v A
tRound-lot short sales which are
exempted from restriction by the Commission's
/ Oil
Appalachian—
Inland
the
30
259,405
x
-_i—■ "
——
—
i
Trading
Securities ; and
Commission made public
Fuel
Fuel
Oil
calculating
compared
Y/
Gas Oil
sine
-
•The term "members" includes all regular and
firms and their partners, including
;
-
i.*-."''V-'.'■.
:Total sales—
t,
315,030
—
——
{
-
9,955
—
.
..'y:
■,
tStocks
and
at Ref.
.
—
f'
FINISHED*
.
gallons each)
Bureau of Mines basis
§Gasoline tFinish'd'
%
District—
42
unreported
/
•
••
STOCKS
AND RESIDUAL FUEL OIL, WEEK ENDED OCT. 26, 1946
,
r'
GASOLINE;
—
Total purchases
GAS OIL AND DISTILLATE FUEL
1.12
43,865
./"'A
——.
,r
;/;>/
purchases————^
Shortsales-%.
tOther sales
i.Customers' short sales
§C?Ustomers' other sales——.
■
!
„
1,100
42,765
Total Sales————i
C. Odd-Lot Transactions for Account of Specialists—
total equivalent to 7 days shutdown time during the calendar month.
§Recommendation
,,
of
exempted
ordered for from 7 to
were
-
78,610
Total
entirely and of certain other fields for which
10 days, the entire State was ordered shut down
:for 7 days, no definite dates during the month
being specified; operators only being
required to shut down .as best suits their operating schedules or labor needed to
iBhutdowns
NYSE Odd-Lot
*
,
-
v
for
China received 13,597; Egypt, 43,-
The
.
-
In motor vehicles
704; Australia, 57,183.
10.29
24,800
Total sales———
Canada; and 2,131
Latin America.
a
2,300
22,500
,
tOther sales
^;
7,537,
mediums.
Egypt; 1,266 for South Africa;
2,070 for
'
)
which
,
a
—
'V
Short sales
<
weekly
condensate
—
received.
were
20,460
■
sales———-u—u--—./
J
Total purchases
for
200,695
Total sales———
;
3. Other transactions Initiated off the floor—■
certain
>
194,140
-
——
1
.
6,555
-
:Cncludes
•
Short
;
which
••
/
•y-a;
213,960
———
second/ with
2,201; Egypt, 4,052;
French Africa, 1,791; Italy, 2,027;
Latin America, 803.
,;. t;/ a*
Other aircraft shipment figures
showed 1,168 for China; 4,364 for
India; 2,741 for Australia; 3,493
'
————
——
—
tOther sales
'
•
.
requirements
estimated
some
••estimates do, however, include small but' indeterminate amounts
:fs mixed with crude oil in the field.
.
>.'
■
r.
5,797
>
2. Other transactions Initiated on the floor'—
Total purchases—
■
Russia
of
(Shares)
'
was
India received
2,024,035
_
Russia
mediums.
Exchange and Stock
2,002,070
-
•A.
being 12,755, of which 10,412 w£re
15.54
21,965
-LL-————
con¬
.
•
1943
Total sales
contemplated withdrawals
Bureau's
produced.
As
1.
advices
a
for
The United Kingdom was alsa
first in tanks furnished, the total
Total for Week
they are registered—
'
premises outlined
12,
1. Transactions of specialists in stocks in
which
59,550
upon
Members*
•
—:
Total sales
of domestic crude oil
derivatives)
gas
<
fOthersales-——-———rr?
•
natural
of
WEEK ENDED OCT.
6. Round-Lot Transactions for Account of Members:
24,250
20,300
37,900 A 19,100
872,000
Account
Curb
■
-,av
100
108,850
for
-
1,169,696
—■
the New York
on
-
.
'
A. Total Round-Lot Sales:
Short sales——
75,250
.
450
.700
—
are Bureau of Mines calculations of the requirements
deductions
353,000
•
—
4,729,800
;
285,000
'■
865,100
•♦♦Pennsylvania Grade (included above).
1;" *These
,300
305,600
394,550
1,050
100,000
—
150
—
450 5 7k i
"Wyoming
850
—
73,200 >■•
V
.New Mexico—Other—
'Montana
—
393,950
'V;60,000
yy; 2,000
'.New Mex.-So. East—
850
—
305,600
m 383,000
'
rMississippi
.Alabama
88,350
■
'•
,
1,287,825
237,710
sales——.—1,407,406
.
SNorth
•
;
3.34
-
K
..
—
Total Round-Lot Stock Sales
.
2,120,000 t2,064,032
'
•
JOther sales-—-——————
■
^
■_
129,600
84,950
Texas
-
;
117,300
$814,472,000.
Other large recipi¬
ents were China, $22,972,000; In¬
dia, $258,653,000; Australia, $114*519,000, and Egypt, $358,265,000.? '
-
.'
325,946
Short sales---—————..j.——
.<•'
27,400
485,400
484,650
-i—
Total purchases
'
VIII
?•
•
33,500
District VII-C
•?
-i
,
4. Total—
317,100
___
102,450
-
^
sales—291,516
Total sales
•••>
v
mo¬
received
with
The "Times"
worth.
"
34,430
$Other
7
94,912,
en7
ordnance and ammunition, having
received a total of $1,953,291,000
1.81
-
.
214,0^)0
W
;
Other
sales—172,730
450,950
214,300
4'k-y *'{ *)'V '-j.-'t
v'.1
,;>•
5 145,200
449,300
-
District TV
; ' District V
;
19,450
",
144,800
'AtA.
Britain
re¬
not
Great Britain headed the list in
3. Other transactions initiated off the floor—
" ' \
Total purchases—
-i'
252,795
Short sales—
—.
"Texas—
; a
Total
;
of
tinued:,
—
riot
she did
in strategic bombing. In
India.
10.39
'
-
140,810
27,100
.145,630
Russia had
since
any
vehicles
total
■
j
of which
gage
■
rOklahoma
bein| 478,-
craft, the "Times" report con¬
tinued, with 10,658 of all otypes,
including 851 four-engined bomb¬
the floor—
—
oth^r Al¬
or more than half of all/vehi¬
cles shipped to Allies.
V
Great Britain was second in air¬
tor
908,730
-
government
here to*'settle
899,
ceived
732,550
recently
this
also far outstripped all
176,180
—
by
mission
a
lies in the number of motor, vehi¬
cles received, the total
-
,
asked
send
ers
1
"Times."**/ The
engine and one-engine bombers,
pursuit planes and transport^. She
^r
iA
York
her Lend-Lease
account, led'ifr air¬
with a total of
14,503/ two-
,
'
y
.
New
craft
Z«
,
;
t%
8,676,030
.
1
j.
„
Short sales.—.—
tOther sales.—
800
to
•
Odd-Lot*
Total purchases
44,250
750
of
———
29,900
47,100
1
registered—
Total Sales;.:
2. Other transactions initiated
*
v
Accounts
Short sales
211,650
30,400
Odd-Lot
tOther sales--——
>
3,300
206,050
;;
+ .; 400
,V ''
•■+y- 8,150
5,700
'
250
—
8,200
2,400
300
—
30,050
47,000
Nebraska
—
y
tr*-
150
2,450
18,600
30,000
>
4550
—
the
V
the
to
Soviet Union, which has
been
and-Round-Lot Stock
(Shares)
purchases—894,220
*
-
8,400
are
Total
•
-
.•
••Ohio—Southeast —'
for
/
>
Dealers and Specialists;
1. Transactions of specialists in
stocks in which
Oct. 27,
1945 :
y
.
1946
.
Except
$49,096,125,000,
according gto ' Ha
special dispatch from Washington
of
During the week
Total for Week
tOther sales."
>'/§
IN BARRELS)
Actual Production
State
,
United States under the ^LendLease program, which made a to¬
tal expenditure up to V-J
f)£y of
14.44%. of the
or
Stock 'Exchange
of
■
■■
these
trading for the account;of Curb members of 421,630
Short sales
DAILY
in
office
by the
Exchange of 2,024,035 shares;
.
k
sales
15.42% of the total trading of 1,367,295 shares. '
,
kerosene; 65,499,000 barrels of distillate fuel, and 60,872,000
.
other
by the
Administrator,
Chester T. Lane, on Oct.
17,
a
tabulation by nations fof;, the
wartime supplies shipped
Exchange, member trading during the
amounted
that
on
5
12
Curb
Total Round-Lot Stock Sales
$6,423,000 barrels of finished and unfinished gasoline; 21,607,000 bar¬
•
from
trading during the week ended Oct. 5
15.79% of the total trading of 5,556,880 shares.
or
New
ended
shares
'
separately
member
1,754,920 shares,
distillate fuel, and 7,728,000 barrels of residual fuel oil during the
ijweek ended Oct.' 26, 1946; and had in storage at the end of the week
tbarrels of residual fuel oil.
shown
are
released
of the Lend-Lease
\
kerosene; 5,710,000 barrels of
rels of
sales
.
compares
mately .4,758,000 barrels of crude oil daily and produced 14,863,000
^barrels of gasoline; 2,055,000 barrels of
Figures
all
lot transactions) totaled 2,695,231
shares, which, amount was 15.54%
of the total transactions on the
Exchange of 8,676,030 shares.1: This
weeks
Bureau of Mines basis approxi¬
a
of
account
Trading on the Stock Exchange for the account of members
(fexcept odd-lot dealers) during the week ended Oct., 12 (in round-
from refining companies indicate that the in¬
ran
the
Oct.
12, continuing
weekly by the Commis¬
sion,
Institute's
The
Lend-Lease Report cf
Total Supplied hy ft S.
Oct.
on
figures showing the volume of total round-lot stock sales on the
York Stock Exchange and the New York Curb
Exchange and
figures.
estimated by the United
as
the requirement for the month of October,
as
barrels.
1946,
figure,
Exchange Commission made public
volume of round-lot stock transactions for
members of these exchanges in the week ended
a series of current
figures being published
4,729,800. barrels, a decrease of 2,800 barrels per day from the
preceding week., It was, however, an increase of 456,800 barrels per
May over the 4,273,000 barrels produced daily during.the week ended
-was
average
New York Exchanges
on
Securities and
New
The American Petroleum Institute estimates that the
daily aver¬
age gross crude oil production for the week ended Oct, 26, 1946,
*Oct.-2T, 1945." The daily
Trading
•
.
2397
•
y
sales
424
Customers'
short
•Customers'
other
sales
26,051
Customers'
total
sales
26,475
'
:
::.A
of Shares:
Number
short
>Customers'
•Customers'
Customers'
sales—
total
sales——
Number
Short
Sales
of
812,539
$31,046,222
value
; Dollar
Round-Lot
16,636
795,903
other sales
by
Dealers—
Shares:
r
,
.
O
sales
tOther sales-.—154,940
Total
sales
.154,940
——;
Round-Lot Purchases by Dealers—
Number of shares
,
•Sales
marked
"short
exempt"
ported with "other sales,*'
"
547,570
are
re¬
.
tSales to offset customers' odd-lot orders
and sales to
liquidate
is less than
a
"other
sales,"
a
long position which
round lot
are
reported with
_»
THE COMMERCIAL. & FINANCIAL CHRONICLE
2398
Civil
Civil
souri mines of St. Joseph Lead
was
settled on
Engineering Construction Totals
$189,385,000 for Week
ly to jdstify the increased use perreturn, to their j obs: oh v:Nbv.«:T: ^mitted^nder- arr «aiheh'dment to
The work stoppage, which began Order M^43f but as the' lead and
Oct. 22, probably reduced the sup¬ antimony shortages are; threaten¬
ply of lead available to consumers ing the fbearings industry, it has
for November delivery by more been decided to
draw more heav¬
.
construction volume in continental United
States totals $109,385,000 for the week ending Oct. 31,1946, as reported
by "Engineering News-Record," This volume is 98% above the pre¬
vious week, 25% above the corresponding week of last year, and 15%
above the previous four-week moving average. The report issued on
Oct. 31, went on to say:
*
*
Production
the week last
State and municipal construction, $30,530,000, 27% above last
week, is 200% above the 1945 week; Federal construction, $3,765,000,
is 203%. above last week and 63% below the week last year.
duced
the
on
available
prices,
9^20
at
52.000
25.._
52.000
52.000
52.000
tee of the American
ceiling
did not
26
52.000
52.000
52.000
Oct.
28_______
52.000
52.000
52.000
52.000 -I.
52.000
is
period of 1946
is 151% above the benefit greatly from the increased
basis, private con¬ rate of production. Shipments of
by domestic refineries 1 in
struction in 1946 totals $2,776,636,000, which is 244% above that for lead
September amounted to 34,Q47
1945.
Public construction, $1,794,982,000 is 77% greater than the
cumulative total for the corresponding period of 1945, whereas State tons, against 32,811 tons. * in Aug¬
and municipal construction, $1,236,654,000 to date, is 297% above 1945. ust.
The refinery statistics for Aug¬
Federal construction; $558,328,Q00, dropped 21% below the 44-week
ust and September atjev summary
total of 1945.
engineering construction for the 44-week
and
consumers
a
Civil engineering construction
week and the 1945 week are:
.1
$87,798,000
67,439,000
20,359,000
30,530,000
24,090,000
10,192,000
—3,765,000
1,242,000
10,167,000
Public Construction
State and
Municipal-
Federal
Stock
Oct. 24,1946 Nov. 1,1945
$55,203,000
29,871,000
25,332,000
Construction
at
Primary,
39,612
1,696,
a,f7Q8
Totals
at
shipments
end-
______
New Capital
$17,318,-
of
primary
lead
tinued
unchanged^' last
shipment, in
cents per
follows:
nominally
pound,
Demand for zinc from galvaniz-
and die casters was active, and
the grades used in these industries
ers
being shipped about as fast as
they are being produced. In other
are
words, the tight supply situation
in
Commercial Paper Outstanding on Sept. 30
Prime
Western
High
Grade
grades are in
and
Special
continues.
a
was
Nov.
Oot. 24__^
52,000
Oct.
29__™__
Oct.
30
'
Dec.
'
■
:
52.000
.
Chinese,
"
52.000
52.000
52.006
v.
Jan.
•
52.000
_
99%, tin, was
or
as
Y
un¬
Other
comfortable sup¬
1
sociation
has
set
Bankers As¬
a
national
organization among, the banks,
similar to that which proved so
up
during the War Bond
successful
"ac¬
cording to H. Frederick 'Hagemann, Jr., Chairman of the Amer¬
Platinum
On the same
Between
drives end the Victory, Loan,
changed at 51.125c.
hay that the mice
ican
Bankers
Association
Com¬
mittee, who is also president of
to $72 an ounce (Oct. 15), price the National Rockland Bank, Bos¬
This national ' organs
competition V resulted
in
sales ton, Mass.
down to $69, wholesale lots. It has ization includes a committee of
been possible to pufchase refined bankers with regional representa-
of
refined platinum was
reduced
platinum at the lower level ever ti9n and also State Chairmen.rep^ '
since Oct. 15, and; we have revised resenting commercial banks in
each of the states, and State Chair¬
our quotation
accordingly, retro¬
men representing mutual savings
active to that date.
However, all
These State
sellers have not come down to bank associations.
that level. Demand last week
was
moderate, though somewhat * bet¬
ter than, in recent weeks,; Palla¬
dium continued unchanged at $24
dunce.
per
High prices; for platir
nqm are expected to result in an
Chairmen
maintain
will
liaison,
between the banks in their State
National Bankers Associations
and
and the Treasury's Savings Bpnd
Committee in each state.
H^To aid ;the banks in contribut¬
expahding^market for palladium ing their support to the
for
campaign,
the Treasury has distributed win¬
dow
and
lobby displays, port¬
folios of newspaper ads, and other
jewelry.
Quicksilver
Wide publicity was
Zinc
1946 totals $2,954,108,000, 72%
$1,718,931,000 reported for the corresponding period of
week.
Straits quality tin for
tons.
and municipal bond sales
New capital for construction
for the 44-week period of
than the
34;047
plants dropped from 56,229 tons in
July to 40>102 tons in August, ac¬
cording to the Bureau of Mines.
Receipts of battery plates alone
dropped from, 38,907 tons in July
to 25,146 tons in August.
000, and is made up of $17,018,000 in State
more
40,720
40,944
during
the last week amounted to 2,832
capital for construction purposes this week totals
in corporate securities.
35,690
32,811
34,275
Lead scrap receipts at smelters'
this week. over the: 1945 week
$300,000
,
33,994
Sales
purposes
|
:—
Domestic
Five of the nine classes re-as: follows: sewerage,
bridges, highways, industrial buildings, and earthwork and drainage.
and
^ 34,275
v
Secondary————
Stock
gained this week over the previous week.
\
.•,/*.
5
'
constructibn groups, waterworks, sewerage,
drainage, - bridges, highways, s industrial buildings,
commercial buildings, public buildings, and unclassified construction
New
Sept.
beginnings-—31,396
Production?
and
corded gains
follows, in tons:
'
classified
the
In
earthwork
as
Aug.
.
$109,385,000
75,090,000
/ 34,295,000
Total U. S. Construction
Private
"■
Oct. 31,1946
-
ized
volume for the current week, last
~
SalesSavings
Oct.
basis
prevailing
Bond
Oct.
in
cumulative total of $4,571,618,000, which
total for a like period of 1945. On a cumulative
records
/
not
on stocks of tiri^,
The price situation in tin con¬
ily
lead
refined
of
the United States in September
increased, largely as a result' of
the
receipt of material moved
during the period of higher prices
that obtained in July. Metal pro¬
construction this week, $75,090,000, is 151% above last
above the week last year. Public construction, $34,-
year.
Total
ABA to Promote
Armistice Day, Now
lth, and Pearl Harbor Day, Dec,
7th, the)United States Treasury
will car/y oh a nationwide Sav¬
ings Bond sales program, and has
asked the nation's banks to help
in its campaign to sell an extra
Savings Bond to every American.
To provide for bank participation
in Savings Bond sales effort, the
Treasury Savings Bond Commit¬
than 3,500 tons.
week and 11%
295,000, is 35% above last week and 68% greater than
Cg, antimony,, CPA said, the, supply.
workers: signified that they would
engineering
Private
Thursday, November 7> 1946
given to a
report that 3,000 flasks of Italian
quicksilver had, been offered^ to
campaign promotion material. The
familiar minute-man poster of the
war bond drives will reappear as
the trade here on the basis of a symbol of security for windows
and lobbies, along with placaYdsr
$63.50 per flask, shipment from
and window "paste-ons" bearing
abroad, equivalent to about $82.50
the lengends "Buy Your Savings
duty paid, New York. According
Bonds Here" and "We Are Issu¬
to latest information, the bulk of
ing Agents for Savings Bonds."
this material has been soldHow¬
Folders describing all issues of the 1
ever, the news served to upset the
Treasury's
bonds for individual
market, and a state-of confusion
of New York from ply position.
investors
will
be
distributed
still prevails in all quarters.
A
commercial paper dealers show a tbtal.of $147,600,000 of open market
OPA is expected to annourice
through the^^apfcs^along^with
rumor to the effect that the Cartel
booklets
pn
Series G
paper outstanding* on Sept. 30^1946, compared with $141,600,000 on higher ceiling prices in a day or is to take over the marketing of special
two for jrinc dust, die-casting al¬
Aug. 30,1946, and $111,109,000 on Sept. 28, 1946, the bank reported on
quicksilver for European produc¬ Bonds, for use by trust officers.*
Reports received by the Federal Reserve Bank
•.
Oct. 14.
The following are the
1946—
™—
.121,400,000
126,000,000
-C—
——
May 30-™—--
——
—
.
Mar. 29——
Feb. 28-
™-™——w------
Jan.. 31
—
.
Jan. 31-^
173,700,000
162,400,000
——
with
the
current
market
on
Nov.
1
attracted, interest
seriously. Pres¬
to obtain, dollar balances has
sure
a
-
,
158.900,000
Nov^30_™----—1.——
156,100,000
Oct. 31—127.100,000
Dec.
■„
-
higher settlement basis,- reflecting
166,000,000
NoV. 30-w—i
166,900,000
^ 141,700,000
Sep. 29—^—
140,800,000
Dec. 30-
9-%c zinc, or a revision in quotas
The
supply
continues
to
favor
Foreign Copper Firmer Strike at Lead HHne$ Ends - Quicksilver Off
.
.
Tin
-
Permitted
use
duction of
of tin in the pro¬
babbitt for
silver
consumers,
has
Mineral Markets," in i^ts issue of Oct. 31,
states: "Producers and consumers of lead were greatly relieved on
news
Producers of zinc concentrate, in
to sell on the
the Tri-State district again refused
unchanged basis of $50 per ton, but there was hope that
may be asked to
bids, and, OPA may
to revise quotas under the
Zinc
smelters
raise
their
agree
Premium
provide
■
Price
Plan
upward.
produc-
has
The publication futher went on
to
Copper
moved
slightly
made during the
ness was placed
at prices ranging
lent
of
17.375c
higher on sales
last week. Busi¬
in fair tonnages
from the equiva¬
to
17.65c
per
pound, f.a.s. New York. On aver¬
age, the price became well estab¬
lished at 17.50c, beginning with
Oct. 25. Demand was active, par¬
ticularly for January metal, with
offerings light because of the I
transit
the
to
was
per
14.150
17.425
Oct.
14.150
17.425
f
Oct. 29
14.150
17.425
i ' 52.000
Oct.
14.150
17.425
;
14450
17.413
Average
Louis zinc,
•
■
■
Lead
'■
'
New-York
IH-V. 8.25
52.000
8.25
52.000
6.25.
S
Zinc
8.25
^810
a*)';
9.25
9.25
-l
8.10,
9.25
i
8.10
9.25
52.000
-8;25'
8.1Q
v6.lO
9.25
52.000
8.25
840
9.25-
'
9.25
at
refinery, 14.150c; export copper f.o.b. refinery, j,7.350c;
9.250(?; and silver, 90.1250.,
lead,; 8.1000, St.
"
;
•
consumers'
plants.
As delivery charges vary with the: destination, the
are net prices at refineries on the Atlantic seaboard. ' Delivered
prices in New England average 0.225c, per pound above the refinery basis.
Effective March 14, the export quotation for copper reflects prices .Obtaining, in
the open; market and' is based on sales in the foreign~market recniced to the f.o.b,
refinery equivalent, Atlantic seaboard. On f.a.Sv transactions we dfiduOt 0.075c.,- fpf
lighterage, etc., to arrive, at. the f.o.b. refinery quotation.
...
Quotations
for
are for the ordinary "forms of wirebars jand ingot bars.
extra 0.05c. per pound is charged; for slab|fO.Q75c„ up, and
for cakes 04 25c, up, depending pn weight and dimension; for billetBFan; extra 0.75c.
standard
ingots
copper
.
an
depending, on dimensions
discount of 0.125c per pound.
up,
-
and quality..
Cathodes in standard sUses are sold at a
1
N
ordinary Prime Western brands.
Contract Prices for
High-grade zinc delivered in the East and Middle West in nearly all. instances, com?mand a premium of lc. per pound over the current market for'Prime. Western but
not less than lc. over the. "E., & M. J," average 4or Prime *Western-fon the jirevlous
month.
;
'
;; ,-f.
Quotations for sine
are
,
for
Quotations for lead reflect prices obtained for common lead only,
•
v'.V
:
«Y.;
National
>
Security
-
First
Bank,
Los ^ Angeles,
Allen Morgan,: Executive
Vice-President, IF i r s t National
.
Calif.;
Memphis,
'
Memphis,
Henry J.c Nichols, VicePresident; National Shawmut
Bank, Boston, Mass.; Robert W. i
Sparks; Vice-President and Treas¬
urer, Bowery Savings Bank, New
York," N. Y.; Burr S. Swezey,
President, Lafayette National
Bank,
figures shown above
For
Vic^ - President,
H.
•
delivered
N.
Tehn.;
-ps...•■•.te¬
st. Louis* :* St. Louis
6.25'"" '
v
..
The above quotations are "E..& M. J. M„ As M. M's'f appraisal otihe major. United
States markets, based on sales reported by producers and agencies. *,.Tbey are reduced
to the basis of cash, New York or St. Louis,
noted. All prices Hre in cents per "pound*
Copper, lead and sine quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only,
<
'
''
/
In the trade, domestic
copper prices are quoted on a delivered, basis: that is,
January
•
52.000,
52.000
Straits tin, 52.000(J; New York lead, 8.2500; St. Louis
January
The strike at the Southeast Mis¬
-Lead—r
Average prices for calendar; week ended Oct; 26* are: Domestic
copper f.o.b,;
January
.
It 55-^2 d;^^
M. J," QUOTATIONS)
&
s'
26™„_™
30
and Trust
York,
ington, D, C.; James G. Hall, Ex¬
Vice-President, First Na¬
Bank
<"E.
Oct.
Kingdom, in long tons:
___
tion. continued
'
17.350
I
troy;, The«London quota¬
ounce
Straits Tin,;
New York
|
New
mingham, Ala.; George R. Martin,
17.425
United
1, 1944——.—
199,400
1, 1945™—282,400
1, 1946
123,100
February 1, 1946—97,600
March 1, 1946———————
92,400
April 1, 1946™—™—™_—. 81,700
May x, 1946—80,400
June 1, 1946
73,100
July 1, 1946__-_—-——80,900
"■
METALS
Company,
Thomas J, Groom, President, Bank,
of Commerce and Savings, Wash¬
unchanged
price
throughout the week at 90ygc
14.150
Ministry of Supply
consumers,;
and
including
in
Jr.,
ecutive
34.150
British
metal
Hagemann,
tional Bank of Birmingham, Bir¬
25
per released by the government.
Stocks of virgin Copper held by
and
The foreign market for copper
'
Oct.
Shortages in certain shapes have
the
Frederick
The'New York of¬
Oct.
-
in part as follows:
to
substitute for, lead and
a
Electrolytic CopperDom. Refy.
Exo: Refy,
diminished.
not
CPA
r
Call for copper from domestic
consumers
by
DAILY PRICES OF
Quicksilver was unsettled on of¬ not been entirely relieved, but the
ferings at lower prices from Ital¬ transportation situation has, im¬
ian sources, and the price dropped proved. Total deliveries for Octo¬
$3 per flask.
Refined platinum ber are expected to exceed 110,000
sold in better volume on the basis tons, and will include approxi¬
of $69 per ounce, wholesale lots." mately 50,000 tons of foreign cop¬
say
"
increased
ending the dispute,
the price situation in that market ♦
will be settled ill the near future. sold-up condition of most
.
been
that the strike at the mines of St. Joseph Lead, Co. has
Federal conciliators took a hand in
been settled.
are:
H.
the Treasury.
1
receipt of
ABA
the
from dome'sticMnes is moving to
ficial
bearings
in
thoough current production
even
"E. & M. J. Metal and;
members; of
Public National Bank
situation
under the Premium Price Plan. A
decision is expected shortly.
Non-Ferrous Metals
tee
factor in recent low-priced
Silver
19145—
The
Treasury Saving&iEond Commit-^
offerings of quicksilver, some ob- President, National Ropkland
Smelting Industry Advisory Com¬ serVfers contend.' Spot metal de¬ Bank, Boston;:.Mass.; George R»
Boyles, President, Merchants Namittee met with OPA officials in clined to $936/ $96 per
flask, a re¬
tiooaliBank^CMcago, IlL; X rL»
"V^shington onOct* 29 to review duction of $3 for the week. De¬ Driscoll, President, First Security
the matter of satisfying ore pro¬ mand was inactive.
Bank of Idaho N> A., Boise, Idatoo;
E.
Chester
Gersten, President,
ducers
who
are
demanding a
118,600,000
——
but was not taken
line
been
171,500,000 Mar. 30——-—_—
146,700,000
178,200,600-"Feb. 28—
-™,—157,300,000
.-™
_
ers
in
The Tri-State Zinc Concentrate
Aug. 31—.—110,200,000
July 31_
——
106,800,000
Jun. 29
—
—
100,800,000
May
v 102,800,000
Apr.30_
Apr. 30™™—™———148,700,000
loys, and anodes, bringing prices
for the metal.
194S—
• >
$
Seg. 28—;———• =- 111,100.000
$' '
147,600,000
141,600,000
130,800,000
'
-
Sep. 30
Aug—31
Jnly 31
June 28-
totals for the last two years:
:
Lafayette, Ind.;
Edward
Wintqn, President, Continental
National
Bank," Fort Worth, Texas;
William ' R.
Kuhns,
editor
of
"Banking," New York, Secretary.
'M/
.
..
■—pp—in
Armistice &
_
ThanksgivHig
Days Proclaimed
.
In
two, proclamations issued
Oct.
28,
President
Truman
on
de¬
clared Nov. 11 Armistice Day and
Nov. 28
Thanksgiving Day,
The
President's statements, Associated
Press
Washington'
;
adyices Re¬
ported, asked his felloW country¬
men to j oin in renewed
efforts, to
Obtain lasting peace for the whole
world.
The Armistice Day proc¬
lamation directed that the Amer¬
ican flag fly from all government
buildings
on
that day.
IVolume
2395
FINANCIAL CHRONICLE
THE COMMERCIAL1 &
Number 4540
164
Total Loads
Virginian
25,970
3,475
itottll1
'
.
increase of 87,478 cars or
an
was
J,----;—i-.—i.—,
10,491
cars or
above the
Clinchfield
Florida East Coast
131,-
weeks
4
of
January—
—
February—————.i—
6 weeks of March————a—•
4 weexs of April———————.—
4 weeks of May
—————
Greeks
4
of
.
5
of
weeks
of
5 weeks
4
August,
-
♦reeks of September-
Week of Oct.
12
Week
19—-a—
of
Oct,
Week of Oct.. 26
Total
REVENUE
Winston-Salem Southbound.
171
162
AND
LOADED
OF CARS)
RECEIVED
T__
Indianapolis &' Louisville—1.
4,267
Chicago, Milw., St. P. & Pac
26,697
23,310
24,252
11,815
10,398
—
5,364
4,942
&/ Mackinac———a——aa—
Detroit
Trunk
5,037
7,682
556
•
Central
Monongahela. -—
Montour a__'—
N.
Y., N.
New
•New
Central
York
New
;
■
—
24,984
23,444
a
—
__—.
Llgonier
Long
530
2,445
2,445
2,146
147,548
———147,548
r.
134,177
Grande Western
-Total Loads
291
14,353
12,515
2,089
:
:
,
46
49
1,818
28
1,055
2,304
2,394
5,144
11,773
9,890
7,811
10,006
9,035
385
323
.141
13,785
17,240
13,955
3,960
7,709
3,033
6,993
:
1,945
1,301
:
9,253
7,503
3,654
3,355
255
162
2,822
.
304 -y
ri;^. 30
,17
53,414
'*•..'54,495
43,369
15,555
9,857
•
1,040
2,327
7,029
14,406
6,433
-
5,988
5,724
f- 757
•
209
v
438
7,333
?
V
\
•
.156,435
5,587
:
1,961
402
;
1,355
3,595
110
64
14,220
12,337
3,131
13,812
3,070
788
754
13,545
14,092
13,366
2,997
2,998
3,487
3,019
2,263
5,650
1,114
991
1,735
>, 2,742
1,250
1,277
1,488
1,108
932
a
36
v
2,089
215
fy;,'966
v
"
Tnt.1
X
5,708
1,755
2,127
1,709
,
...
527
652
138
118
731
716
27
v; ,§
33,586
288
22,914
24,098
32,007
33,223
•
§
.
11,908
12,013
I*
\0
16,504
.23,505
■:
.
,
,
/ j0
16,134
:va;-H8
151,914'
.
Southwestern District—
279
3,577,
.348
.753
261
548
Gulf Coast Llnes_A,i————-aa/.
4,199
5,986
2,352
2,361
International-Great Northern—
3,038
3,216
Burlington-Rock Island————
1,997
2,090
2,675
tK. O. & G.-M. V.-O.
1,196
il,072
1,652
1,576
Kansas City
C.-A.-A,——1,422:
Southerh_A.————
2,970
2,864
5,637
2,883
2,442
2,184
3.729
332
2,328
2,441
g:l,540
•; •
8
1,190
2,301
Litchfield & Madison
429
Missouri & Arkansas—.A—
a—
•§
Missouri-Kansas-Texas Lines—a——
5,681
Missouri Pacific..——a-a—a*..—17,708
Quanah Acme & Pacific—-'——a-——'< 166
St. Louis-San Francisco—
10,387
St. Louis-Southwestern
—.
3,318
Texas & New Orleans
t.—
9,588
Texas & Pacific
5,428
Wichita Falls & Southern
86
Weatherford M. W. & N. W.
38
rpnfoi
-
■■■
'V,:...■: ■■■
293
.
186
159
-j
349
.
>5,663
6.730
4,280
3,005
18,052
19,176
15,235
15,547
66
202
196
9,786
10,669
8,251
8,026
2,880
3,867
4,874
4,467
8,929
12,159
,5,693
5,607
6,213
>6,092
6,559
;:
v;;r 102
4,833
72
20
6.4.375
:
,
v
V,.
v.
39'
,17
22
•
58,410
58,791
79,346
63,697
58
93
84
laidland^VaUeyyfty^ and .Oklahoma City-Ada-Atoka Ry.
.v!
year's
NOTE—Previous
figures
Strike.,
revised.
t
Weekly Statistics of Paperboard Industry
We give
ill.; in tRlation to activity in the
pafcerboard industry.
members
The
-
the National
herewith latest figures received by us from
iPaperboard Association, Chicago,
of
.
this
>
,
-
635
572
46,086
4,516
4,553
"5,662 \
1,547
1,634
7,083
6,542
6,786
19,318
14,626
529
477
574
54
42
.289
276
182
12
10
1,684
Jersey
—.
-
..._
60
:
1,998
—_:
Union
;
:
:
.
'
...
777
■
47
126
1,773
2,262
1,730
93,213
82,963
1,410
member Of the orders and
cates the
industry.
1,671
•
r
11
Period
.
,
4,948
4,110
1,802
2,189
1,624
88,453
68,029
53,787
16,154
14,835
15,623
25,758
23,555
19,291
8,945
19,595
5,288
4,412
4,272
4,260
3,939
10,886
10,184
192,934
174,606
194,505
167,295
136,240
equal 100%, so
; •
,
•
,
'
;
PRODUCTION,
14
Sep.
21
—
—
to
National
the
Assdcia-
shipments of 426
reporting to ; the National
lumber,
tion,
mills
,
Barometer
Trade
Lumber
were
production for the
week ending Oct. 26, 1946. In the
same
week new orders of these
9.6%
below
below
5.3%
mills
were
tion.
Unfilled
order
produc¬
of the
files
reporting mills, amounted to 62%
of stocks.
For reporting softwood
mills, unfilled orders are equiva¬
lent to 26 days' production at the
stocks are
current rate, and gross
equivalent to 40 days' production.
For the year-to-date, shipments
of reporting identical mills ex¬
ceeded production by 0.3%; or¬
ders were 0.4% below production.
Compared to the
average
tor-
week ; of 1935-1939,
production of reporting mills was
responding
above;shipments
12.8%
4.1%
above;
orders
Compared
were
were
18.9%
the
corre¬
to
sponding week in 1945, production
of
reporting mills-, was < 66.1%
above;
shipments
were
61.0%
above; ; and
new
orders were
5
Oct.
12
Oct.
19—
—
...
—
26———
V
,
:
MILL ACTIVITY
Remaining
Percent of Activity
Tons
Current Cumulative
167,192
620,354
163,034
610,459
,
,
98
v,:
95
95
96
drew
Oct.
30
as
ofl
address, and
the words in
anniversary
the
attention
to
resolve
as
having
special significance in "world af¬
fairs"
today: "That this; nation,
shall have a new birth
and that Government
of the people, by the people, for
the people shall*not perish from
under God,
95
98
the earth."
100
564,299
100
192,978
138,189
($15,865
83
151,407
172,476
593,213
101
95
156,822v
169,143
170,970
579,500
100
95
Day,
569,409
101
95
tion
223,117
172,354
019,581
100
158,176
169,988
605,059
99
155,589
161.534
598,569
98
155,140
175,440
572,188
-;;• 95
95
;v:l;
•
95
96
101
96
.
pursuant to a joint
of Congress, by
95
95
1
.
according to ad¬
vices from the Associated Press in
Washington, called upon the
American people to observe the
day, to be known as Dedication
578,276
,
■
The President,
600,674 :■•;. ■
^
19
on
proclamation dedicating
closing
the
173,064
r
a
Truman
Lincoln's Gettysburg
168,120
filled from stock, and
■
issued
166,363
NOTES—Unfilled orders of the prior week, plus orders received, less production,
equal the unfilled orders at the close.
Compensation for^delinquent
reports, orders made for or
ments of unfilled orders.
President
of freedom,
Unfilled Orders
Tons
Proclaimed
Dedication Day
:
160,074
160,969
L±
'
do not necessarily
__
According
Lumber i Manufacturers
146,057
158,304
•
—
Sep. 28
Oct.
V/.
156,766
-——L—
7
Sep.
time operated.
These
that they represent the total
Production
Tons
3.
Aug. 31
Oct.
Received
215,730
Aug. 24__—————£
Sep.
each week frohi each
..
,
r
1946—Week Ended
Aug. 17
10
'
Orders
Aug. 10
.
,;
<
STATISTICAL REPORT—ORDERS,
'909
2,532 y; >1,273
'> A
..9
13
a statement
production, and also a figure which indi¬
activity of the mill based on the
figures are advanced to
21,689
;
26,847 y
47,681 v!'
Weekly Lumber Shipments
9.6% Below Production
Nov.
of the total
Association represent 83%
includes
industry, arid' its progriam
,
''
757,215
-
70.5% above.
'177,606
216,995
.168,515
849,698
732,649
627,964
"
...
15
above.
tlncludes Kansas, Oklahoma & Gulf 'Ry.i
(Included in Atlantic .Coast Line RR.
t
12,266 f
4,528 . .'4,086
40,948
•
Penn-Reading Seashore Lines
•Total
2,210
Hi
50
1,665
*
1,524
Oct.
'
61
:
746
—w
Southern Pacific (Pacific).—.r—i,—-
10.190
7,141*'
5,946
i
135
1,196
.
6,656 y
4,873
1,475
6,440
•35
306
„
'
i,i33
■
>
•
813
y
'
*10,197
8,214
5,972
867,891
—a..:
Aug. 15_a
Sept.l3_.
3,409
4,079
404
1,485
1,101 ,f
2,247
7,600v
.1,653
497
.J. 357 y;
994,375
1,022,399
15..
July 15
23,981
817
North Western Pacific..—l .i.—a a-. ;
11,B10
-
—1,270,098
1,181,222
1,015,772
Apr. 15
May
245
5,210
City___—i—
Peoria & Pekin Union
13,223
.
15
Mar. 15
23,266
5,044
Nevada Northern.——aa^—-a---4-
1,989
1,670
-
12,698
.
.
1,942
2,787
893
13,612
1,324
Missouri-Illinois
;
1,172
10,332
28,244
1,325
Illinois Terminal—
rended
1,432
46,916 :-S
2,502
63,508
3,376 :
1,551 f,
2,227
1,147 '
1,551
Fort Worth & Denver
for
.1,279
6,126
v,
♦2,689
73,830
■
36,344,310
340
5,691
*
2,768
4,900
■M 753
Colorado & Southern
.24)14
.
.
15
Feb.
357
.
138,902
26,372
.
...
Aug.
& Pennsylvania—
(Pittsburgh)
Western Maryland—
201
15
Jan.
June 15_a—_
1,731
6,189
506
a
Island—.:
128
4;205
2,341
6,187
Erie
Valley
240
90,745
9,057
1,059
—_
Cambria & Indiana
Cumberland
5,038
95,360
2,589
-255
\
'
Cornwall
5,438
145,258
?V..t
New
3,315
13,576
T52.578
8,845
5,962
a:
Akron, Canton & Young'stown—a
Baltimore k Ohio
—1
;
of
7,401
13,920
9,
403 :;'
.
It.
8,813
14,895
1,404,483
1,566,015
1,465,798
4.
194g
3,693
2,849
182,582
R.
8,657
3,977
——
—„—u.—_
tij
Dec.
280
9,660
1,152
-•'Total
Central
3,070
918
2,443
2,291
7,438
:
:o.:
Lake
50
3,445
,
739
2,453
-385
.
:
a*!—y
Wheeling & Lake Erie.
&
58
2,509
'
•__!
Bessemer
;
-
1,500
15
Nov. 15.
772
.592
2,232
:
1945—
6,834
2,498
:V;:'
during the month.
following table compiled by
shows the amount of Short in¬
Oct.
106
•
.581
1,993
2,708
28,459
Alton
3,100
Bingham & Garfield———————-—
185,
Chicago, Burlington & Quincy
23,821
Chicago & Illinois Midland
—3,712
Chicago, Rock Island & Pacific
15,553
3,334
Chicago & Eastern Illinois.
4
.Pittsburg,) Shawmut &: Northern
— '
Pittsburgh & West Virginia——a.a-J
Allegheny District—
683
:
Western...^—...
Superior & Ishpeming
-
2,474
2,372
'
Marquette——
Pittsburg & Shawmut—i
Pere
!
Northern_.4^^-^-~-^^wi-;i.
:
Centra! Western District—
444
;
i72
8,135
-
Y., Susquehanna & Western
Pittsburgh & Lake Erie—'———
Wabash
8,120
434
.,696,
1,909
3,824
977
——
N:
—
22,659
497
'
Atch., Top. & Santa Fe System
1945
.
12,188
10,843
H. & Hartford—
York, Ontario & Western
York, Chicago & St. Louis.
Rutland
356
6,494
8,941
of
short interest
a
terest during the past year:
274
2,411
J
359
"
186
58,029
Lines.
•
1,100^ '
5,251
——
•
464.
,
1
■/.
487
14,253
;
River.——.
Lehigh Valley^A^wtaiAiiilJLAl-ii^
Maine
9,332
7,311
Western Pacific
6,819
1,127
8,376
,
-
Western
Hudson
&
443
9,427
139
Elgin, Joilet & Eastern.———
Ft. Dodge, Des Moines & South
Total.
1946
43
•,
2,522
—
Grand
Lehigh
44
5,761
-
& Toledo Shore. LlneL—L.*.—-
Erie
624
312
Utah—aa.__1—a—.
1,294
Detroit, Toledo & Ironton—- J
Detroit
690
916,485
1,988
t
Delaware, Lackawanna & Western
i
3,687
25,655
1,262
906,005
1,265
1,218
Hudson-———_—
&
4,209
22,048
1,185
us
898,720
1,857
7,268
'•
Central Vermont—
Delaware
4,622
:
The
3,413
23,146
1946? there were 46 is¬
or more
curred
14,633
V
773,807
8.Q10
Indiana——___:
Central
,
103,136
113,655
was
which
754,559
1,560
1,767
Aroostook——.—
Maine
&
:340>i.
126,228 !
accounts
shares existed, or in
a
change in the short po¬
sition of 2,000 or more shares oc¬
5,000
854,779
1944
1945
in which
952
16,707
Spokane International
Spokane, Portland & Seattle
Received from
:••*:
15,
sues
1,009
20,641
Minn., St. Paul & S. S. M.
Northern Pacific—...
—Connections—
473
Oct.
816
138
.3,083
Minneapolis & St. Louis
Total Revenue
1946
"Eastern DistrictAnn
Arbor————l.
8,045
21,692
823
2,842
Green Bay &
Freight Loaded
•
8,929
24.865
725
19,816
23,039
dealers'
9,444
Toledo, Peoria & Western—:
Union Pacific System—
—
.
Boston
4
8,418
2,816
WEEK ENDED. OCT. 26
Railroads
Chicago,
;
9,060
•
15, 1946, settlement
total short interest in
,
;•'•:■• 1,269
••
.—
CONNECTIONS
FROM
1,684
1,725
Oct.
the
odd-lot
25,174
-
125,071
137,376
137,376
—
Louisiana & Arkansas
FREIGHT
4,087
1,905
Chicago Great Western
.
'(NUMBER
Bangor. &
26,461
Tennessee Central
separate railroads and systems for the-week ehded Oct. 26,1946
•
"i
10,403
;
612'
Great
877,035
•33,105,284
the
71,475 shares, compared with 58,158 shares on Sept. 13, 1946.
The report added:
Of the 1,315 individual stock is¬
sues
listed on the Exchange on
496
;
4,530
X:; 371
750
Duluth, Missabe & Iron Range.
Duluth, South Shore & Atlantic
.768,040
"During this period 97 roads reported gains over the week
Oct. 27, 1945.
394
444
v
929
1,065
:
1,059
470
12,896
Chicago, St. Paul, Minn. & Omaha
3,255,757
The following table is a summary of the- freight parloadings
,
the
.
436
-
398
:
::
Chicago & North Western
3,517,188
34,098,911
;
'
.
"
Northwestern District—
4,100,512
.
of
3,511
Total———:
3,406,874
•
1,276
-'.3,544
1,142
•
28,755
4,478,446
.
4,017
463
Seaboard Air Line
4,338,886
3,459,830
4,473,872
3,527,162
942,257
4,137
1,395
Richmond, Fred. & Potomac
4,366,516
; 3,379,284
—
5,010
3,486
Denver & Salt Lake———•
;
729
Piedmont Northern
Denver & Rio
906,848
899,443
931,766
accounts of all odd-lot dealers. As
858
Nashville, Chattanooga &St. L—..
3,154,116
3,916,037
3,275.846
3,441,616
..
2,024
522
402'
Norfolk Southern——————————
3,052,487
-.
Oct. 5—
Week of
"2,230
Mississippi CentraL
2,866,710
:*4 weeks of July—
1,164
341
1944
V
1,344
210
3,158,700
.
111
1,299
■
,
224
1945
4,062,911
June.
71
242
3,003,655
•.
1,745
58
352
Louisville <fc Nashville
the cor¬
3,456,465
979
.
757,215
246
_
1946
3,377,335
439
64
.138V
405
2,883,620
4,022,088
275
906
1,580
376--
•'
Macon, Dublin & Savannah
rwf/
2,604,552 v
2,616,067
276
159
members and member firms, was
all
with 1944 except
3,982,229
368
1,745
,
date,
increase of 5,622 cars above the
'
2,597
as compiled from
by the New
Exchange from its
94
v.
10,448
14,235 cars, a decrease of 455 cars
and Southwestern.
1,514
Stock
sharfes,
compared
vvith
627,964 shares on September 13,
1946, both totals excluding short
positions carried in the odd-lot
1,697
10,322
corresponding week in 1945,
i
All districts reported increases compared with the corresponding
the Allegheny
4,495
1,599
3,456
York
26,184
of 13,181 cars above
week iri 1945, and all reported increases compared
5,246
date,
information obtained
t
9,895
25,782
Lake
an
407 V"
•
9,646
28,770
62,725 cars' a decrease of 114 cars below
j Coke loading amounted to
below the preceding week, but
'
3,715
:
1,583
t
'J;
15,139
loading totaled 47,823 cars, a decrease of 680
?
908
10,720
16,530
responding week in" 1945.
y
15, 1946, set-
as of
the Oct.
on
lement
31,683
In the. Western Districts alone load¬
preceding week but an increase of 4,114 cars above
the close of
business
27,400
the corresponding week in. 1945.
the
short,interest
206
2,121
806
.
207
V
1
r
28,243
ing of Livestock for the week of Oct. 26 totaled 23,976 Jcars a decrease
of ; 2,468 cars below the preceding week, but an increase of 905* cars
above the corresponding week in 1945.
Ore loading amounted to
20,266
24,803
.383
431
,
.
1,795
____
Illinois Central System
■
cats below the preceding week but an increase
Reported
The New York Stock Exchange
Oct.
18, reported that the
4,463
Livestock loading amounted to 30,793 cars a decrease of 2,706
belbw the preceding week but an increase of 2,788 cars above
Forest products
Oct. 15
4,324
grain and grain products loading for the week of Oct. 26 totaled
34,429 cars, an increase of 1,955 cars above the preceding week but
a decrease of 3,180 cars below the corresponding week in 1945.
-
>•'
"
Gulf, Mobile & Ohio
Grain pnd grain products loading totaled 52^409 cars, an increase
of 2,172 cars above the preceding week but a decrease of 5,075 cars
below the corresponding week in 1945. In the Western Districts alone,
v
NYSE Short Interest to
,1945
1,283
57,075
3,899
•
141
Georgia & Florida
*
the corresponding week in 1945.
.i";--;'. t
.
447
_w'
■
775
■'
1,951-
—
Georgia—
and
[
532
—
_
Gainesville Midland—
-
cars
6,184
/J,715
; 12,641
4,039,
;
_
_1a—_a£——
Durham & Southern——_
above the corresponding week in
corresponding week in 1945.
12,36?
7,394
383 --a
1,075
Columbus & Greenville_______—
1945.
•»>>-#• Coal loading amounted to 189,782 cars, a decrease of 1,237 cars
below the preceding week but an increase of 6,077 cars above the
increase of 15,038 cars
an
16,126
21,789
4,658
55,535
15,036
Central of Georgia.——.a.—.:a_—a
Charleston & Western Carolina
_
v Loading of merchandise less than carload lot freight totaled
562 cars an increase of 1,207 cars above the preceding week,
r
30,628
21,045
4,818
.
.
Atlantic Coast Line—a_——a_——
totaled 412,928 cars . anvincrease ^ol
above the? preceding1week,; and an increase' of,T 44,833* cars
corresponding week in 1945.
"
.
12,304 cars
29,672
313
Atlanta, Birmingham & Coast
revenue
Miscellaneous freight loading
,,
,
63,864
Alabama, Tennessee & Northern..:—
freight for the jveek of Oct. 26 increased
1.1% above the preceding week.
Loading of
\
1946
Southern District—
Atl. & w. P.—W. R. R. of Ala—
1"
1944
on
10.2% above the
Corresponding week in 1945, and an increase of 25,772 cars or 2.8%
This
Oct. 31.
on
34,419
L
—a—i..———1:
Norfolk & Western———.—
ended Oct. 26, 1946,
Railroads announced
Loading of revenue freight for the week
totaled 942,257 cars the Association of American
,
—Connection"—
—
1945
1046
'
Chesapeake & Ohio——_a—
..
Received from
Total Revenue
Freight Loaded
,
Pocahontas District—
'
,
;
i
Railroads
■
Revenue Freight Car Loadings During Week
Ended Oct. 26,1946* Increased 10,491 Cars
address
"in
public
States and
ships at
and wherever the American
throughout the United
its
sea,
resolu¬
reading the
assemblages
possessions,
other items made necessary adjust¬ flag flies."
on
our
THE
2400
and
Avenue
Erie
and
Street
Avenue and Green Lane,
Roxborough, will be operated as
the Erie Avenue and the. RoxRidge
Banks9 Jpl
Items About
borough-Manayunkbranches of
The Pennsylvania .Company; The
sale price, reported in excess of
$1,800,000; amounts to approxi¬
mately $62 per share on the Erie
Companies
1| Trust
bank's outstanding
Houston,; Chairman
Board
of the Chemical
the
of
York,
W.
Roy
that
announces
Froeb, Sr., Chairman of
the Lin¬
Moore, President and Director of
Canada Dry Ginger Ale, Inc., was
elected to the Advisory Board of
ihe Madison Avenue at 46th Street
Savings Bank, of Brooklyn,
and formerly President of the in¬
stitution for more than 20 years,
died on Oct. 30. He was 89 years of
is
enable
Germany
\-change Bank Trust Company of
Oct, 30.
on
of
the
////
i
* *
the
bank
of
meeting
a
directors
of
board
held
at
York
Hew
;
fa;
Chairman of
the Board of Chemical Bank &
Twist Company of New York, an¬
nounced on Oct. 30 the election of
Frank K. Houston,
President | of
McCampbell & Company, Inc., and
W, C. Langley of W. C. Langley
45c '.Company,
to the Advisory
Board Of the 320 Broadway Office
Q/v Hughes,
John
Each has been iden¬
of the bank.
tified with the Worth Street Area
.Mr.
Hughes, in addition to heading
McCafnpbell & Company, is a di¬
tor
great
a
years,.
many
Graniteville Co. and
a- director
and : member of the
Executive Committee of the Asso¬
ciation of Cotton Textile Mer¬
rector of the
chants, Inc. Mr. Langley was for¬
merly one of the principals of
W. H. Langley "& Co.:
He is a
member of the Board of GoodallSanford,
and
Inc.
other
textile
well as several
industrial and insurance boards.
In addition to his work as Chair¬
corporations,
of the
man
as
Beekman Downtown
Fund,
Mr.
number of
philanthropic and charitable
Building
Hospital
Eangley is active in a
dher
associations,
v
;
.
death said:
City Bank of New York held on
Oct. 29, Louis P. Gallet was ap ¬
pointed an Assistant
v
Cashier.
F. Abbot Goodhue,
the Bank of the
/
President of
Manhattan Com¬
31
ney G. Stevens as an Assistant
Vice-President.
He will be sta¬
tioned at the main office in the
Stevens
is a graduate of Westfield High
School and Princeton University.
Trust
From
Department.
1930
to
ment
Mr.
1933 he was asso¬
ciated with the
General Develop¬
He then joined
Company.
Commercial
Bank
and Trust Company where he was
ejected an Assistant Trust Officer
the?
"Eagle"
•.
./ fa- .,j;.
National
large resources of our company to
industries in the
two sections where
Erie
are
Leof,
Savings Bank
he was elected President in 1914
and continued: in that post until
active
of the Lincoln
.
President)
other
the
and
and
officers
all
the
Walter Chatten
bank
the
of
President and
as
;
||:'
■
National will con¬
ployees of Erie
tinue with us as
members of The
Pennsylvania Company's organi¬
zation." (fafa-fafa--fa; ;•;/'• -■ - ?•
The Erie National, a member of
ner in his honor, Jan. 17, 1938, at
the Federal Reserve System* and
the Hotel St. George, 13 savings the
Federal
Deposit
Insurance
bank -presidents, - including
the Corporation, was founded in 1927.
late Philip A. Benson, hailed the Its last statement, it is said, re¬
career of Mr. Froeb."
veals resources of more than $21,//
Mr. Froeb, who was also a di¬
000,000,
and
deposits totaling
rector of the - Maufacturers Trust more than $19,000,000.
.
~
Co., | formerly headed his - own
Commenting upon the sale, Jul¬
company, Charles Froeb & Sons, ius P. Leof, President of the Erie
distillery
and wholesale; liquor National Bank, said: •«'
dealers, in Brooklyn, which con¬
"The rapid growth in the busi¬
tinued in existence until prohi¬ ness of our bank has taxed its
bition.
'f
■
facilities
to the limit.
This trend
'
has been marked by a sharp in¬
Glenn H. Caley, Vice-President crease
in
commercial accounts
and General Manager of the Dela^ from all sections of the city.Our
ware
& Hudson RR. has been directors approved the sale be¬
elected a director of the National lieving that the additional bank¬
Commercial Bank & Trust Co. of ing services and larger credit fa¬
Albany, N. Y., it was. announced cilities that can be offered by The
on Oct.
24 by Herbert J.: Kneip, Pennsylvania Company will en¬
President of the bank.
The Al¬ able US to provide a better service
a
,
is
made
by the
Federal Reserve Bank of St. Louis
that
the
National
Bethalto
of Bethalto, 111., opened
Oct. 24.
ness
bank
new
Bank
for busi¬
officers of the
The
Charles A. Prange,
are:
President; Leslie E. Prehn, VicePresident; John T. McGaughey,
Cashier, and Mrs. Alma Neubauer,
Assistant Cashier; , *
^'
jpany.
Trust Com-
The
a
Irving
Savings
Bank of
opening
Oct.
30
of
its new office
Llth Street and Broadway.
ice
of the
bank
in
was
1 '
:
.
the
1911
serv¬
and was
at both the Liverpool
branches, following
which/he entered the London of¬
employed
Oldham
and
fice
Assist¬
General Manager's
as
ant in 1937, and was appointed a
General Manager in April
Joint
entered
Mr., Rouse
the bank's
service at the head office in 1903,
He
wide
had
three
experience—with
a
years' interruption on war
service
various- London
at
—
branches and at New Street, Bir¬
mingham,
head
later
office
and
returning to the
becoming: Chief
Accountant in 1930. Shortly after¬
wards he was appointed Control¬
ler
of
the
1936
in
and
Bank
a
|||;/y|
The Seattle-First National Bank
Seattle, Wash.,1'.announced on
Oct; 26 the opening of its new
Industrial Branch, erected on tide-
land reclaimed from Elliott Bay.
.
'The Seattle "Times" states that
the
ABA
Regional Meeting
Savings and Mlgs.!
On
Two of the three Regional Sav¬
new branch, built at a cost of
approximately $200,000, is located
ings
at 2764 1st
conducted
Mortgage Conferences
each
year/ by
the
American
Bankers
Ave.M,
Howard Bingaman,.is Manager
of the Industrial Branch; Bart
Hooper, Assistant Manager, and
George
Brandt, | Pro
Manager.
Lawrence M. Arnold is Chairman
of
of
the
bank, and
Thomas F. Gleed is President.
the
Board
v
and
...
will be held in the
Association
Middle West
during the same week in Decem¬
ber, according to an announce¬
ment
by
F. Spellissyynew
ABA ;/ Savings;
and " Executive
Vice-
Fred
President. of
Division,'
President
National
-
^
j In the Seattle "Times" of Nov. 1
it
that
stated
was
the
under
*
"Times-Union": of Oct. 25,
from which we quote, also said: |
"He [Mr. Caley] succeeds Col.
J. Taber Loree, former Vice-Presi¬
dent of the D. & H., who recently
resigned.
Col. Loree is now an
officer at the New York Port of
Embarkation.//V"'1/ /:'/'/;// '-'VS', ''
"Mr. Caley came to Albany in
1938 as General Manager of the
bany
and
H
&
made
was
President in 1941."',
directors
The
Trust?
'
of the
of
Company
*
Vicev
,
-
Stamford
Stamford,
have elected Harold E.
formerly of Hartford, to
be President and Chairman of the
Executive Committee to fill the
recently,
according to the Hartford "Cour^
Clarence
E.
was
Mr; Thompson's
the "Chron¬
noted in
1993.
Mr. Rider joined the Stamford
Trust Company in 1932 as Trust
Officer it was stated in the "Cour-
icle" of Oct. 17, page
ant," which also had the follow-?
ing to say:
^
'
customers."
of the
National Bank and
Company, of Philadelphia,
has announced two promotions in
the official staff of the bank, ef¬
fective Nov. 1. Harry Gottlieb was
advanced to Vice-President.
He
had been an Assistant Vice-Presi¬
dent since January 1938, and has
been with the bank since 1921.
William T. Carey was advanced
to Assistant Vice-President from
Assistant Cashier.
He has been
with the bank since 1922, serving
as Assistant Manager of the For¬
The
.
of Directors
Board
sued
an
business
on
2
Nov.
4203
West
institution,
starting with a paid-in capital of
$100,000, and a surplus of $20,000,
will feature all general banking
"Times" also said:
December
at
It is indicated that
Alaska Street.
this community-owned
facilities
1943.
is¬
been
independent bank¬
ing institution in Seattle since
1928/ the new West Seattle Na¬
tional Bank planned to open for
to
Trust
eign Department•: since
has
that
Corn Exchange
Thompson,
of Oct. 30.
death
our
first : charter
"R.
of
the
Board
of
new
Chairman
President and
as
the
heads
Shelton
D.
bank
The
services.
and
Directors, E. H.
is
Vice-President,
and
John B. Gordon, Cashier.
Besides
Messrs. Shelton and Savage, the
Savage
board includes William Anderson,
Morrison
F.
Campbell, L. J. Dowell,
Clyde Dunn, J. B. George,
Holert, Paul Isaacson, Al¬
Frank
fred R; Johnson,
Bob Jones, Mel-
vin T. Swanson, E. H. Vann, Don¬
ald H. Waller and Noble W. White.
caused by the death of
vacancy
ant"
to
capital stock
National Bank &
An increase in the
of
the
First
of Bethlehem, Pa.;
from $1,000,000 to $1,100,000 was
announced recently, by the Comp¬
troller of the Currency.
The in¬
Trust Company
crease
which
became ' operative
21, was effected through
stock dividend of $100,000.
Oct.
a
| The Midland. Bank
of London
with regret
that, acting
G. P. A. Lederer, M.C. retired from the office
of Chief General Manager at the
announces
on
of
the
:
the
Street
Market
October.
of
end
directors
The
their appreciation
of the value of Mr. Lederer'a
services to the Bank, extending
have expressed
nearly 47 years and cul¬
minating in a succession of high
appointments. |/; ',//•, |/; I/ /
"Mr.
will
submitted
be
to
the
stock¬
count,
which totaled 2 V-i
holders of the Erie bank at a spe¬
dollars
scheduled for Nov. 18.
The transaction is to become ef¬
$4,000,000.
in
1943,
million
has increased to
fective at the close of business on
Nov.
beginning the fol¬
Monday the two offices
23,
at lowing
of
the
in
stock
completion
proposed further increase
and
of the Erie bank,
With the
will total
the
capital and surplus
$7,000,000.
located at Sixth total $240,000,000."
The deposits
early
he was a member of
and
Bankers' Institute, and
years
the Council of the Liverpool
District
until
cil
recently
of
During
served
the
the
in
was
on
Institute
war
France
of
the Coun¬
in
London.
1914-18
and
he
Belgium
with the King's (Liverpool)
Philadelphia, Pa.
Bank,
Letters of invitation
1500
some
South
ance
North
Minnesota,
announcing
Dec. 9 and
on
sent to
were
banks.in
Dakota,
Wisconsin
and
and
confer-
a
10 in Minne¬
apolis.
Some 3,000 • bankers in
Illinois, Indiana, Kentucky, Michi¬
gan, and Ohio received announce¬
ment
of
a
in Indian¬
conference
apolis on Dec. 12 and 13.,. Mr.
Spellissy announced that each of
the meetings will
be "a shirt¬
sleeve,working conference."
The
first day at each conference will
be devoted primarily to savings
management problems, r- The sec¬
ond day will be given over to
mortgage
problems,
under the*
guidance of the ABA
depart-*
ment of Research Mortgage and
Real Estate Finance.
The third
Savings and Mortgage
Conference to be held during the
current fiscal year will be the
Eastern
Regional
scheduled for New
Conference^,
City iis
York
March of next year.
Anniversary for ;
Quarter Century Club
v
The Guaranty Quarter Century-
medical advice,
over
.
York announced the
'
,
.
cial meeting
ew
he
which
.
;
of
.
ate of Manufacturers
during
Mr. Edington entered
Joint General Manager.
Rider, began his banking
Stockholders of the',; American
career at the City B?.nk and Trust
National Bank and Trust Com¬
Company, in Hartford, soon after pany of Chicago at a special meet¬ i The directors have appointed
in 1937 and Trust Officer in June, his graduation from Dartmouth
ing called for Nov. 13 will vote W. G. Edington and H. L. Rouse,;
1946.: V During the war he served College in 1925, and advanced to on the issuance of 5,000 common at
present Joint General Man¬
with the Finance Division of the the post of Assistant Vice-Presi¬ shares as a 25% dividend in stock
agers, to be Chief General Man¬
U. S. Army.
He left the service dent.
\ '
K/ fa and the offer of an additional 5,000 agers as from Nov. L
Mr. Rouse,
with the rank of Major.
:/'./K/.
r
Mr; Rider is Vice-President of shares to stockholders for sub¬ who for some years has been in
the Underwriters Building Com¬
of
administration/will
scription at par, $100 a share, in charge
pany of New York City and is a the-ratio of one new share for
continue to give special attention
j Manufacturers Trust Company
member of the trust committee each four held, Lawrence F. Stern, to such matters/
of New York opened a new office
of the Connecticut Bankers/ As¬ President, said on Oct. 31, ac¬
at 47-11 Queens Boulevard near
i
Mr. Lederer entered the service
sociation.
/ /
cording to the Chicago "Tribune." of the bank at the; Dale Street,
47th Street on Monday, Nov. 4. At
"Stamford Trust Company is The advices in that paper also
these quarters the bank will offer
Liverpool branch in 1899, becom¬
capitalized at $700,000 and has stated:
*'<■;['«;
i
to residents and businessmen of
ing Assistant Manager of that
total resources of $24 million and
"The plans involve an increase branch in 1911.
that community complete banking
| Ten years later
administers trust accounts in the in the banks' capital stock from
service including commercial
he went with the Thireadneedle
amount of more than $21 million." $2,000,000 to $3,000,000.
The stock Street branch iri London,, and in
checking accounts, special check¬
dividend and the subscription of¬ 1925
visited the, tfnited States on
ing accounts (no minimum bal¬
Purchase of the assets of the fer will be made to stockholders behalf of the
ance
required), special interest
Bank.*^ For some
of
record
on
the
date
on
which
accounts, personal loans, complete Erie National Bank of Philadel¬
years he: was responsible for the
the increase is authorized.
bank's dealings with the money
gift check service and, in fact, phia by The Pennsylvania Com¬
"Similar action was taken by market, and in 1929 he became a
pany for Insurances on Lives and
every modern banking service to
suit the needs of the community. Granting Annuities was approved the bank in December, 1943, when Joint General Manager.
He was
on
Nov.
1
at
meetings
of
the
Assistant
Chief
General
5,000 shares were issued as a divi¬ made
Safe
deposit facilities will
be
boards
of
directors
of
the
two
dend
and
a
similar
amount
sold
made available by Manufacturers
Manager in 1938 and Chief Gen¬
Ratification of the sale at par.
The bank's surplus ac¬ eral Manager five years later. In
Safe Deposit Company, an affili¬ banks.
;
ment,
wounded.
1945;i|\'/.;:///y/?//
Announcement
em¬
period including the mer¬
ger of the Fort Hamilton Savings
Bank with the Lincoln.; At a din¬
1940,
Conn.,
Rider,
of New York, announced on
the appointment of Syd¬
pany
Oct
.
years
organization
mary
the residents and
I''After several years as a trus¬
tee
D.
regular meeting of the
board of directors of The National
the
At
12
Company to offer the comprehen¬
sive
banking
services and the
the offices of
located," said William
Fulton/ Kurtz, Presidentof The
//I.-/ Pennsylvania Company.
"Mr.
the
old.
The
reporting his
.to
came
wnen
Brooklyn
Fulton, President of
the Home Life Insurance Co., was
elected a director of the Corn ExA.
James
in
United
Mr. Froeb, who was born
age.
Broadway National Bank
Quincy, 111., has been granted
bank charter by the
Office of Comptroller of the Cur¬
rency.
The capital of the new
bank will consist of $150,000, all
common
stock.
Under the pri¬
National
a
J. E. Kline, Cashier.
stock.
in acquiring the
Bank
The Pennsylvania
of the Erie. National
to
The
of
purpose
assets
States
office of the Bank,
"Our
the Board of Trustees of
coln
of New
Trust Company
&
Bank
Charles
K.
Frank
Thursday, November 7, 1946j
COMMERCIAL5 & FINANCIAL CHRONICLE
Club,
composed
employees,,
of
officers and directors of Guaranty*
Trust Company of New York who
have
or
served
more
the
years,
company for 25»
held its Fifth An¬
niversary Dinner
on
Grand
of the
Ballroom
Nov. 4 in ther
Waldorf-
Astoria, with more than 550 mem¬
bers attending.
The Club induct*
ed. 77 new members during 1946,
bringing the total; membership to
843, which includes members in
the company's London, Paris, and!
,
Brussels offices./
;
)
>
An
/ address was made by A..
Nye Van Vleck, Vice-President of :
the company and a member of theClub,/and Miss Frances Alcaldeaccepted a membership certificate
on
behalf of this year's new mem¬
bers.
; Senior /officials
of the
bank/who are members of the
Quarter Century Club include W.
Palen Conway, Chairman of the
Executive Committee; Eugene W.
Stetson, Chairman of the Board;
William L. Kleitz, Vice-President;
and Charles E. Dunlap, Cornelius
F. Kelley and William C. Potter/
Directors.
Charles
L.
Treasurer
of
Miller,
the
Assistant
Company,
was
elected President of the Club for
the forthcoming year, succeeding:
Albert
Auditor.
is
L.
Gettman,
Assistant
Membership in the Club
honorary
and
in
addition
membership certificates and
ice
emblems, members
are
Regi¬ month's vacation annually.
to
serv*
given &
\
@FedFRASER