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'Final
Volume
162
>; W'v
Edition
are
many
Price 60 Cents
New York, N. Y., Thursday, October 18, 1945
Number 4430
The Financial Situation
There
In 2 Sections-Section 2
YEARS
ESTABLISHED OVER 100
President Dedicates New
Here and There
sections of the masterly report of Gen¬
people _By A. WILFRED MAYcould and "doubtless will read with great interest.
There
The, growing degree of ; infiaare certain sections which thoughtful citizens must not fail
tion in government borrowing is
to study with great care.
The full meaning and significance exemplified in the Treasury De¬
of some of these will be grasped only when- read in con- partment's War Finance Commit¬
tee results.
This, is seen in both
j unction with what appears to be most surprisingly wide¬
current; arid
anticipated
bond
spread, if novel, notions about our due part, even our in¬ sales to individuals—the antievitable part, in world affairs from this time forward.
inflationary typq
of financing.
TVA Dam in
eral Marshall issued last week which the American
:
From
one
of these latter
we
quote:
v.V"
'
of the Series E
Sales
issue—"the
people's bond'r'n-rduring
the .last
existence of a substantial half of September (the;, most^ reportion of the Nation's young, manpower already trained or in proc¬
^enttabuiatedperiod)fellfo60%
ess of training, would make it possible to fill out immediately the
of recent volpm0S>; Mpreover, the
peacetime ranks of the Navy, the Regular Army, the National Guard, Treasury ^ does hot / regard /. this
and the organized reserve.
As a result our Armed Forces would be situation as temporary, as for the
ready for almost immediate deployment to counter initial hostile forthcoming Eighth Loan Drive.it
moves,', ready to prevent an enemy frpmrgaining footholds from whiclt has set the national quota at only
In: another national: emergency the
i
against
launch destructive attacks
could
he
industries and
our
our.
Full
Their
Await
Be Cut Out."
"Foolishness
Dedication
Speaking Extemporaneously,
Development/1
Blames "Our Little Troubles"
Oct.
on
Urges Selling Speed-Up.
linked
to
our
the
political world oh notice that this vast power/
wealth, and production; is im¬
tremendous resources^
.>/•
his
har
<
:
"
'
America's
n
billion;..contrasted
set. at-only $4.
of- $7; billion, .and
actual .sales of $8.7 billion in fhe
last Loan. : The quota for sales to
quota
a
Associated
power. v
1 n g
TV A
sells
or/
Call-/
the
/ The President recalled the
troversies 'Z
rio "
report,/
current
with
sales at record
ing, of our huge .private
WPB Chairman Tells of War Times Achievements and
Bond
Says Government and Industry Working Together Are
Dping a Fine Job, and Much Is Due to Their Joint Plan¬
ning Before V-J Day
,
■
Production Board, scheduled to go out of existence
■■'The*, War
its 100th and final meeting on Oct. 9, at which its Chair¬
man, Mr. J. A.
ington report to the "Wall Street
Krug,
pre¬
sented a com¬
Journal," Mr. Krug deplored the
Nov. 3, held
unsettled
review,
plete
conditions
be¬
existing
ments and the
management and
warned
that
if
continued
they
could result in a breakdown in
Reconversi
o n
the
of
patriotic
interest
in lieu of the
motive; - from the
#
Outlook,"
high production.
The following are the highlights
of Mr. Krug's report concerning
the vast effort
1
of
years, as - reported by the
Associated Press from Washing¬
demo crac
y"
ton: ';
a
generally appreciated that
It is
tax
imminent
The grand total of war
mate¬
July, .1940,
through July, 1945, was valued
at
$186,000,000,000. --This
in¬
bringing
a
cept a small minority'^ regard as
great American
accomplish¬
Kentucky Dam is the sixteenth,
dam to be completed, and
J.
A.
The
planes,
much information
tion's
.
activities
production
war
97,000
were
"
64.500
landing craft. 6,500 other Navy
ships and 5,425 cargo vessels.
of the
17,400,000 rifles, carbines and
sidearms; 315,000 pieces of field
bring industry
artillery and mortars; 165,525
through the transition from war
1/ naval guns. ;' ■ :?;/'
to peacetime manufacturing.
and
included
board's
a
effort
statement
to
.
Xf Estimating
duction
reach
next
for
more
that
monthly
civilian
use
pro¬
could
than $1,253,857,000 by
June, according to a Wash-
i
//
w
\
41,400,000,000 rounds of small
arms
ammunition; 4,200,000 tons
of artillery shells.-
r
"
(Continued on page 1874)
v
the
1865
1835
.1877
Trading"............1877
brow-
been
..1879
Carloadings
Paoerboard Industry
C^n^mction.. J°7«
Statistics
1879
Wr"'-vi y Lumber Movement..........
Fertilizer Association
1879
Price Index... 1876
Weekly Coal an1 Coke Output
1876
meekly Steel Review......
......1875
Moodv's Daily Commoditv Index... .1875
Weeklv Guide'Oil
Non-Ferrous
Production..1873
..... .1878
1876
Metals Market...
Weekly Electric Output
Reports on Corporations'
Working Capital
of
1945
Agricultural
Oct.
1
Crop
in First Quarter * .1859
as of
' * *
...1872
Report
original
of
10-dam
to
war
The text of President
supply
at
the
Truman's;
dedication
eere-y
reported from Gilberts¬
ville, Ky.,; October 10, by the
Associated Press was as follows:
mony,
as
,f
Nine years ago the
the Tennessee Valley
a
first dam of
Authority—
(Continued on page 1870)
1
BARGERON
CARLISLE
as
to
by might and main, and an un¬
usually good stomach, that it is
:
to
the
to
and
The
,
,.J
the
Mr.
people,
into
Rat.„opnn
,
aCa,l..lo
doing everything he possibly
can to get us back to local Gov¬
ernment and the responsibility ol
local officials. He is traveling all
and being just
be. He is
roing
around
attending State
fairs, taking drinks with Demo¬
cratic cronies, signing autographs,
and in general showing, or trying
to Show, that the Presidency is riot
the important job which in recent
around the country
as
the
having
strong
been; introduced
leadership
prin¬
question. Should he show a strong
hand as the late great Roosevelt
did and resolve these matters in
favor of the strikers?
Or should
a p s
GerWith¬
modest
.
so
ciple, are impatient that he should
do something
about the strikes.
Just what he should do is another
is
as
they .are
'k:',* : ;.*•
k
not been
has
We have not been
recently out in the country our¬
selves but our reports are that
it
it1
Truman
reaction
satisfactory.
saying so,
out
people to run
Government,1 if
capable of it.
diffi¬
teach
to the American
up
their
get us ;
the
of de- '
mocracy, as
is
He has
be.
into
norms
it has been made to seem to
been trying to show
years
have
subje-
m a n s.
Trade
Review...<........,....... .1857
odifv PricC3, Domestic Index. 1877
General
Weekly
/advent
address
has
cult
New York Exchanges..
Odd-Lot
NYSE
the
that was expanded with
needed power.
The
country
back
Moody's Bond Prices and Yields....1875
Items About Banks and Trust Cos.. 1880
Trading on
on
This is nat-
been
the
.
Weeklv Engineering
76.485 ships—including
here¬
tofore held confidential of the na¬
297,000 military air¬
of > which
bpmbers.
report it is noted brought
light
and There
State of
A fleet of
Krug
of
......................... • • • • ?
.
10
No.
program
^
4
ural.
most
Ahead
;^.
;. *; rc;;•
TVA
beaten,
a nd
our local offi¬
Regular Features
Washington
News
in
,
ment."
lot of
a
for so
long, that it is
Page
going to be al¬
*..... 1865
x
From
are
gated
Editorial*.
Financial ■ Situation;.
cluded:
War II
successful
conclusion.
to
must
GENERAL CONTENTS
■
a.,
opportunities for so-called Big and Strong
men these days outside of Washington, the first time this situation
has obtained since Franklin Delano Roosevelt, as his worshipers used,
mouthfully to say. The State governor has a chance to attract at¬
tention, so does the local mayor. But the indications are that they
are being slow to move up to it.
,
There
cials
Here
rials produced from
d u ction
necessary
to
p r o
to
reductiqns
(Continued on page 1873)
five
with the huge
World
inflation.
By
-
'
the nation's munitions record for
making this
country the
,"arsen
*
*
♦
'
...
which resulted
in
otherwise excellent prospects
un-
rate
substantial investors; and from
growing public fear of
for
time Achieve¬
the
self-
attractiveness of the interest
to
but
Ahead of the News
in
decline
buying results largely from
previous overemphasis of
tween labor and
entitled "War¬
The
experiment;
an
From i Washington
with savings deposits at unprece¬
dented ' levels.
,
the
savings
movies, |ood and luxuries; and
the
longer
department.. sto^e speech at New Orleans last year.
highs; the spend¬
Krug Foresees Civilian Production
At Double the Prewar Volume
on
indorsed
he
which
con-
attended
"a
that he had not retreated one step
and
that/
demonstration", of which "all ex-:
he added that
'
-
It,
TVA's creation-and declared it "is;
;The fact that this report appeared so shortly after the planted war, but the defeatism in from his advocacy of a chain of
failure if the meeting of the Council of Foreign Ministers in promoting Bond Sales: to the ihdi- regional "TVA's," as had been
proposed by President Roosevelt
■
(Continued on page 1868)
vidual buyer must be contrasted
.
the'.
mu¬
cooperatives,^
well as to/
defense plants. ; / '
and
aluminum
,
•
to
and other- agencies as
.
Reconversion has of. course sup¬
directly
electricity
nicipalities, ' rural
.
There can be no. question that all the nations
"the valleys of
A*m erica
fworld will rhspect our .views- accordingly* creating; at.; least
a ferobatoHity of peace on earth: and of good will among .men rather
bank^/ corporations/ arid! other a wait their •
thahs^isaster upon disaster in a tormented world where the very
Vrion-indiyiduais^r-largely-repre- full develop¬
President Truman
processes of^civilization itself are constantly threatened.; r.
ment.
The
. - .
senting
portfiolio-shifting, * taxi
The timing of our decision on the question of universal military
time has come
/
training is urgent.
The officials of the State Department have been anticipation mechanics, and in¬ —now that materials and man
strongly of the opinion that a decision in this matter prior to the flationary y. bank
buying—at f $7 power are more plentful—to press
final peace negotiations would greatly strengthen the hand of the
billion,
equals
the / equivalent forward." In advance of his^ad'United States in securing acceptance of a genuine organisation to
dress, the Associated Press stated
quotaTn the previous Loan, /'(s c that the President told
handle international differences.
■
:
reporters
mediately available.
of
agency
status,
Press pointed out.
independent
big /
ir i vers! f
Press
a
ident
*
g
by
of directors
responsible directly to the Pres¬
and
Congress
under
an;
of -4
i
operated
board
three-member
in
policy
n e s s
is
TVA
Thes
again
belief
the
/-r.
•
once
$2.
with
President Truman oppor¬
Kentucky Dam at Gilbertsville, Ky., gave
tunity to voice
.
Valley Authority's new
of the Tennessee
10
He
Few Selfish Men and Asks That
on: a
-
therefore
arid
Kentucky
He Supports TVA, Calling It
"Just Plain Common Sense" and Saying That "the Valleys of America
In Formal Address at Gilbertsville, Ky.,
billion/which is but one-half "just ..pi
By'this method we would establish, for the generations to the quota \in the last Loan,-and c o m m 0"'A ;'
come, a national military policy;: (I) which is entirely within the, lower than in
any previous Loan, sense,' / acr'r;
financial -capabilities of- our peacetime economy and is absolutely
Similarly, ihe quota; for sales; of cording to. the !
tifcrfSderStictoitf'hatuffe/hri&X^^^^
all issues. to individual buyers; is Associated;/
homes.
Copy
a
he
can
he turn the Federal
armed might
against them?
1 ;
,
' ^ '
He is obviously trying to show
'
by his actions and
deeds that peo¬
ple have got to quit coming to
Washington for the solution of all
their problems:
He is trying to
say to them that their governors
and mayors should have some ef¬
ficiency. When and if this atti¬
tude is realized it will be amazing
how auickly these problems will
i
.
(Continued on page 1870)
y,**
1866
THE COMMERCIAL & FINANCIAL CHRONICLE
to the success of
Marshall Urges Universal
plan
based
most democratic expression of our
sound security
a
concept of
the
on
Thursday, October 18, 1945
of yvar materiel must be. Serious
limi¬ thought and planning along this
this line can save millions of tax dolmatter, I submit the evidence of ;lar&V?.:Vr'-:..
v '
the proposal of our first President.
Industrial Mobilization
national
a
life.XWhatever
tations
citizen army.
*
- .
:
It is possible to train individual
soldiers as replacements for vet¬
be
may
in
my
judging
•
Chief of Staff of Army States
"Only by Universal Military Training
and Life Be Instilled Into the Reserve System." Denies
Danger to Democracy. Also Urges Scientific Research for Mass
Can Fall Vigor
It Is
a
Production of War MaterieL
Biennial
Oct.
quickly how to
the
battle.
This lack of troops with which
reserve
officers
could
acquire
a
V
i
ical limitation.
was
listed
on
He
urged
a
program
of
scientific
enlisted
o r
meth¬
for
Gen. Geo. C. Marshall
mass
production of war materiel" and
thought
planning along this line can
and
"serious
that
concludes
millions of
save
no
en¬
tax dollars."
had
an
strength—and the number
men
in
the
Regular
Army was so small that it was
impossible to qualify reserve offi¬
cers
by training with Regulars.
Especially in the .dense centers of
ment of expe¬
ods
was
Guard—which
enlisted
of
develop¬
the
There
,
National
r e-
"f
the most crit¬
strength in the reserve
force. There was little connection
and understanding between the'
Officers' Reserve Corps and the
ag¬
gression.
ditious
J
In
population there were few Reg¬
ular troops. Yet kere were located
the largest groups pf reserve offi¬
cers.
Even had funds for trans¬
the
ten
other
So it is with
and staff work
keeping a
search
'
.
practical experience in command
and
also
.
of
n
world peace
brake
?'
■
n g
means
ture
three
men
21
the
from 46
men
the
as
reserve
peacetime
training
men
an
combat air group.
a
rifle "or
the
on
militia
team.
bill
Men learn to
Congress.
machine ' gun
fire
the House
quickly, but it takes, long hours
scrimmage, which ♦theX army
calls maneuver, before the firing
of the rifle is coordinated with the
first
was
the Third Session
in
division or
army
,
finally
as
It
on
All
enacted
All
of
men
than
more
the
on
team.
14,000
who
might some day
for their Nation
The
seasoned soldiers of our present
superb divisions will have lived
beyond the age of military useful¬
have
men
to
fight
The
ness.
situation
will
be
war
has
that
The
sim¬
filled
its
impressment
was so emas¬
war
brief
of-
would not have
seamen
ilar in the peacetime army to that
which obtained when we began to
mobilize for this
much of the
avoided
and all men
the concluding section of his re¬
port relating to preparedness and
military training, General Mar¬
retard
way
peace¬
*X":-*
great
I have here outlined. In
measures
making
history.
these protections we can face the
future with a reasonable hope for
American
been
in. no
choice of those' who wish passion-'
ately for peace. It is the choice of
those who are willing to resort to
violence for political advantage.
We can fortify ourselves against
disaster, I am convinced, by the
the best and with quiet assurance
re¬
that
harmless pastime in
1800's, nor would the
Kaiser have been so easily dis¬
posed to avenge the death of the
garded as
the early
these
on
organized that
so
it must bear in mind now and in
the future that war is not : the
bill himself voted against its
passage. '
'■ -y;
; X -,
It appears probable that had the
bill been approved by Congress,
the
United
States * might
have
must have this team training.
mobilization
founded
If this nation is to remain
Washington's
the
X
be
Yet they must
no
activities
other
It
must
or inhibit. the. cour?eX.pf
time production.
v.
culated when finally adopted that
the representative who introduced
recommendations.
it
*. them Xand
any
other situation that many develop..
introduced
contained
.
Industrial
plans
assumptions and
they will meet
was considered in
5 March, 1792, and
of any of
na¬
once
begins it can end only as this
ending, in the destruction
ment.
of the First
element
The
that
"version from- peace to war pro¬
duction will take place initially
under enemy distant
bombard¬
would
of
will be ever^
one.
such
of the vanquished, and it should
be assumed that another recon-
to 61,
corps.
is
war
is
one
to 46, known as the main
corps/ ;and
of
now
mage
reserve
basis for mili¬
mainta i
divided
be
before he* is proficient. at members of main and 1 reserve
carrying the ball through an opr corps would have been graduates
posing team, utilizing the aid ol of the
training, program.
The
training
as ,a
and
to
was
classes, men from 17
to 21, known as the advance corps,
of
with the ball,
run
into
known
learn
can ;
.citizen-militia
be certain that the next
can
war, if there is one,
more total than this
arriving
but it takes time and much prac¬ have been concentrated in the ad¬
tice and long hours of team scrim-< vance corps, but eventually all
tary prepared¬
ness
halfback
We
for universal
a
officers re¬
ceived had little relation to actual
citizens
army
in
4 years and so few
troops that the limited
every 3 or
numbers of
sal training
a
now
team."A
<i>-
10, advo¬
univer¬
cated
for
Chief
of Staff of the Army# fn his
Report covering the operations of the war, released "on
General George C. Marshall,
do
comparatively
short period of time. The training
pf the unit itself cannot be ac¬
complished at best in less than a
year; air units require even more
time.
The principle is,identical
to
that
of /coaching
a football'
we
Washington's program provided
training of all men
at the age of 17.
The
divisions and air groups as
eran
a
though the worst
even
may
come, we are prepared for it.
<
As President Washington said in
his
mesage
to
Congress
of
3
had to have at least a year of unit
portation to the areas where Reg¬
ular troops were stationed been training before we had divisions
Archduke
Franz
Ferdinand
in
available, and they were not, the even fit for shipment overseas.
1914 with a world war, nor Adolf
shall said:
few troops on the Regular rolls
The training program would be
Hitler have been quite so quick to
The fourth and probably the would have been, completely sub¬ according to the standards which
break the
peace,
if over these
most important mission of
the merged under a deluge of reserve have made the American soldier
Regular Army is to provide the officers. For example, the strength in this war the equal of the finest years the United States-had been
recognized by the war mongers
knowledge, the expert personnel, of the Officers' Reserve Corps in fighting men. It would be kept
as
a
nation
immediately to be
and the installations for training
1938 was more than double the abreast ot technical developments
reckoned with.J X ~
X
the citizen-soldier upon whom, in
number of Regular soldiers in and the resulting modifications of
my view, the future peace of the combat units in the continental tactics.
Ample Weapons Necessary
X*
X
Xpi
World largely depends.
United States.
The peacetime army must not
^ ^ ' X 7*
Throughout
the
training ,. a
Of the citizen Army, the Nastrenuous program of instruction
only be prepared for immediate
Reserve System Requires
tional Guard is in the first cate¬
would have to be followed/but it
mobilization of an effective war
Universal Training
gory of importance. It must be
would not be possible in peace to army, but it must have in reserve
Only
by
universal- military carry on the work tinder the tre¬ the
healthy and strong, ready to take
weapons needed for the first
its place in the first line of de¬ training can full vigor and life be mendous
months of the fighting and clearpressure we now follow
December,
I
1793:
cannot
notice
'.
recommend
measures
for
:
to
the
your
fulfill¬
*
-
in
the
first
weeks
of
instilled into the
an
duties to the rest
our
world, 4without
again
of
press^
ing upon you the necessity of
placing ourselves in a position of
complete defense, .and of exacting
from them. the fulfillment of the
duties towards us.
The United
States ought not to indulge a per-r
suasion, that contrary to the or¬
der of human efforts, they will
forever keep at a distance those
painful
appealsto
arms,
with
which the history of every other
*
fense
of
ment
the
nation
reserve system.
pool of well-trained
abounds.
There
is
rank
a
in wartime. Athletics, recreational cut plans for immediately produc¬
due to the United States among
opportunities, short weekends, and ing the
tremendous
additional
men and officers from which the
other vacational opportunities such' quantities of materiel necessary in nations,; which will be withheld,
if not absolutely lost, by the
National Guard and the Organized as
at Christmas time, would, of total war.
We must never again
rep-;
J
Reserve can draw volunteers; it
utation of weakness—if we de¬
course, be necessary. However, if face a great national crisis with
sire to avoid insult we must be
provides
opportunities
for
the the Government is to be
justified ammunition lacking to serve our
Guard and reserve units to parti¬
ready to repel it; if we desire to
in the expenditure of the funds guns, few guns to fire, and no de¬
secure
cipate in corps and Army, maneu
peace,
one
of the most
involved,
a; vigorous
schedule cisive procedures for procuring
vers, which are vital preparations
jshould be enforced; otherwise we vital arms in sufficient quantities. powerful institutions of our rising
to success in military campaigns.
would produce a half-baked prod¬
The necessity for continuous re¬ prosperity, it must be known that
Without these trained men and uct
we are at all times ready for war.
which would fail to command search into the military ramifica¬
officers, without such opportuni¬ the
respectful attention of the tions of man's scientific advance
ties to develop skill through ac¬
nations of the world, and there¬ is now clear to all and it should
Gas Sales Gain in August
with the Guard from 1907 until tual practice in realistic maneu¬
fore negate the primary purpose not be too difficult to obtain the
Sales of the gas utility industry
1941, the essential requirement vers, neither the Regular Army, of the entire system.
necessary appropriations for this
in August, 1945, were estimated
for such a system under modern the National Guard, nor the re¬
To those who fear the Army purpose during peacetime. There
to be 1,788,618,500 therms, accord¬
serve can hope to bring high effi¬
conditions
is
universal
military
might militarize our young men is, however, always much reluc¬
ing to the American Gas Associa¬
training from which to draw the ciency to their vital missions.
and indoctrinate them with dan¬ tance to expenditure of funds for
tion, representing a 2.5% increase
; volunteers
for the ranks of the
Though ROTC graduates com¬ gerous
conceptions, to those who improvement of war-making in¬ over sales
Guard.
Without
such
a
firm posed 12% of the war officers, its
totaling 1,745,643,000
particularly
where
express
doubts
of
the : Army's struments,
therms in August, 1944.
The As¬
foundation, I am clearly of the most important contribution was
capacity to do the job, I submit there is no peacetime usefulness, sociation's
statement continues:
opinion that a sufficiently depend¬ the immediate availability of its
in the product.
the
evidence
of
our
present
able force for our post-war needs
Sales in the 12 months ending
product. Just what we could have armies. The
The development of combat air¬
troops
have been
cannot be maintained.
Aug. 31, 1945, were 25,599,753,done in the first phases of our
trained
sufficiently to* defeat a planes is closely allied with de¬ 500 therms, a
gain of 4.5% over
mobilization and training without
It
dependent
upoil a year or more of training
before it can be conditioned to
fake the field against a trained
enemy.
It is not feasible under
the conditions of peace. for the
National. Guard within itself to
provide the basic, the fundamental
training which is an imperative
requirement
for
its
mission.
Therefore, in my opinion, based
; on a long and intimate experience
and
emergency,
not
creates
a
,
first-class
An Organized Reserve
The
these men,
second
important compo¬
nent of the citizen Army is the
organized reserve through which
full
mobilization
of
the
know that
had
levels
therefore
which
our
after
officers.
These officers
and
graduates
of
the
on a
college
as
young
his predecessors
were
2 Vz
years of the - original 3
years' course.
He
would
have
completed his elementary train¬
ing—the military equivalent of his
grammar school and high school
courses—and would be prepared
for college work, that is for trains
ing as an officer, a prospective
present
leader
were
largely veterans of World War
the
vanced
Army acquired its vital small unit
leadership were staffed by re¬
serve
the
education in
men
of the
ROTC are engaged.. All this is
made easily possible if the student
has participated in universal mili¬
tary training, and at the same
time the length of the course can
be shortened by one year.
He
woul,d enter the ROTC as far ad¬
beginning on the
strength of the Reserve
The
Officer
Candidate
from
of
which
tern drew in the
Schools
and
on
higher
level, comparable to the academic
largely
one
of individuals, but of wide
extent and great importance. The
depleted officer ranks of the Reg¬
ular Army were filled by the re¬
serve, the countless new staffs and
organizations were mainly com¬
posed of reserve officers, the great
training camps for men inducted
through the Selective Service Sys-f
Corps.
curtailed
It must be established
bilization. The contribution of this
officer
greatly
European front would have been
delayed accordingly. We must en¬
large and strengthen the system.
regimental and divisional groups
lacking a practical basis for mo¬
was
be
I do
plans would have
the cessation of hostilities
Nation's
resources
to
war
footing is ac¬
complished- At the start of the
present war, the reserve was al¬
most entirely an officer corps, the
component
to
I do not know.
our
of
men.
The
product
of
velopment
are
soon
-
n cumiig
appears
essential
am
confident, that
the men
are
composing those Armies
far better physically than they
otherwise
would
have
been, that
their general health has been bet¬
ter than at
home, except for those
serving in- the
The
officers
Armies were
•
tropical
who
jungles.
trained
our
largely citizen-sol¬
They did have the initial
guidance of Regular officers, but
only 2% of the entire officer corps
diers.
professional.
was
more were
25%
cers'
were
men
from civil
Only
slightly
of the National Guard;
products
Reserve
were
of
Corps,
the
12%
came
aeronautics;
come
were
originally
Many of the aeronauti¬
cal principles that helped give this
nation the greatest air force in
the world grew out of commercial
development and our production
know-how at the start of this
was
partially the fruit of
war
peace¬
time commercial
many
no
enterprise. Since
vital types of weapons have
commercial
peacetime
weapons
glected.
a
counterpart, the
of these
grossly ne¬
development
has
been
Antiaircraft
good example.
weapons are
The highly effi¬
fighting
from the ranks, 59% of
the total, which guaranteed the
democracy of the Army.
Democracy
began.
The consequent
time, life, and money of
this failure to spend the necessary
sums on
such activity in peace¬
time has been appalling.
There is another phase of sci¬
cost
in
entific research which I think has
been somewhat ignored—the de¬
velopment of expeditious methods
for the mass production of war
m
my
opinion
it
would
period
sponding
*
1944.
corre¬
August,
'
\v ■ j • ■ •;, ;
unit of measure¬
.
A therm is a
i
ending
of gas supply which takes
into account variations in heating
ment
value.
One
therm
is
roughly
to 170 cubic feet of
manufactured, and mixed gas and
to 100 cubic feet of natural gas. X
equivalent
Sales
of
manufactured
and
mixpd gas in August totaled 189,893,900 therms, or an increase of
0.8%
over
therms
in
sales
of
188,317,200
August, 1944.
In the
ending Aug. 31,
12-month period
1945,
sales
of
the
manufactured
and mixed branch of the
industry
3.6%, increasing from 2;858,249,400 therms in the period
ending a year ago to 2,962,470,500
were up
therms in the
same
in the current year;
•
period ending
.
I
:
■
August sales of natural gas were
1,598,724,600 therms;*
estimated at
an
increase of 2.7%
over
the levbl
of sales in
August, 1944.
In thd
12 months ending Aug. 31, 1945,
natural
gas sales were approxi¬
22,637,283,000 therms, as
compared Xw i t h, 21,646,752,000
mately
u|ionXjX=Xtemo?
-
the volume of sales in the
to
bombers.
more
up
on
civil
prototypes of many of our
present transport planes and those
Offi¬
commissioned direct
life because of certain
No Imposition
of
the
cient anti-aircraft of today did not
materialize until long after the
professional
qualifications.
The
great majority
of
the officers
an ROTC would
provide the
National Guard and the organized
Office^/Training*Corps. R®iESSUS"cSacter" ^ °f
training''to^ brief'period
e"
satisfied, I
their Armies are, in
fact, armies
of democracy.
They know that
such
I
Reserve
enemy.
Their : minds
have not been warped—quite the
contrary.
The American people
,
therms in the
oe
tne
|ourcJ J/war ^^anT/ow
large and costly
our reserve
stocks
same period ending
This is equivalent to a 4.6%
increase.
i
1944.
-
,
Volume
THE
Number 4430
162
"Thb
Tax Giet
temporarily injured something in
righteous indignations at
this war and the brutali-?
enemy have clouded our vision of justice.
has
war
"Justice demands that the
men
responsible for this must be pun¬
ished.
It requires that the mili¬
tary castes and-their weapons be
destroyed and be kept destroyed.
"Bui justice also requires that
do
we
of
the
Germans
of
millions
and Ja¬
on
V
V
"Measures
tions to the low levels of
accumulating due to delays
in deliveries'and the shortage of
skilled labor. ;
In the lumber
the
Sen¬
11 could be sent
House
by early
That will give the In¬
Revenue Bureau time to
out
new
which
forms
13
added:
immediately
the
after
showed
That
bill,' he forecast, will give
greater relief to all taxpayers.
"Individual rates are entirely
high, and should and must be
cut," he said.
He still maintained, however, it
'
since 1941.
The
TA<i*»viir»1
omy. In the week there was fur¬
ther evidence to show the effects
strikes ifi the cbtil ihdiistry have
had Upon
production of steel.
•
AI?
/^Aiwk
its Wash¬
industry practice of compensating
key employes by basic pay plus
additional
compensation
when
their services result in producing
profits, Draper &
ofr the
one
largest
buyers
Co.;
and
the
at
wool
States, paid six key men basic
salaries of $92,700, total: bonuses
of
•
ot the revenue
wools in the United
raw
$312,600, and, in addition, paid
instirahce compajiies for" the ben¬
oL five of the six men total
efit
i
,
premiums
on
annuity
eoritt&cts
•
amounting to '$83,244; - The
•
1
on
to say:.
utives
in
with
accordance
the
i
J
j
/this
'was
formula,
a
percentage of% its., profits; td
ex^Utiyea^nVplyedfin; cpn4
tribu^ihg. td future earnings. .
t vUndCrthe^^d^cdmput^
ing the amount of the contingent
compensation* an i allowance was
made for the deduction of 6%
of the company's net worth as
fieturn • on capital.
After, this
the '<
,
•
If the Senate
.
allowance had-beenr excluded, the
amount of; earnings to be divided
the employes Was deter¬
among
mined*
-
Under
the'.f6rmulaf 65%
the
the
-
: : . :'r.
The Internal Revenue Commis¬
Shareholdings.;.^,-
sioner disallowed $303,044 of the
additional compensation paid to
services
rendered,
earnings over
a
fpgeth^r
period of yearS;
j
Although the CouRt upheld the
total bontises paid
in
Photographic
ductions.
Supplies
pipe organ interests have
aSked' relief, evefi though their
taxes did not go up in 1943 when
/
,
.
minum
case
of
Which: the return is considered to
enough
almost
be
Should
;
advances
enough.
or
.
made
be'
on
semi-finished steel, as is expected,
increases
corresponding
made
to
on some
extent
an
wiU, be
flat-rolled products i
which will enable
a
freeze the rate would
costs
of
time
rate
ingot
for the
week declined three
of
Of
industry this
points to 76%
capacity and if the mine dead¬
continues, further reduction
lock
Age" said.
t
effect
The
of
strikes
coal
on
production the past; week
prevented steel companies from
catching up on some of their or¬
stefel
ders
while
minute
made
consumers
progress
:<
last
reconversion
on
changes. - /
.,/■ /'■:
Normally steel companies should
be Obtaining as large an inven-
tory of. Coal. as possible at this
time, in. order to offset subsequent
If the
materializes
this winter,
many steel companies will again
be forced to operate at a lower
weather conditions.
severe
latter,
c^herVise be neq-r
/
essaty..
Despite a somewhat reduced net
steel order volume in recent weeks
due
to
additional
cancellations,
lowef
operating rates have tended
deliveries much farther
Doubt no longer
that the tightness in many
products
especially
flat
items will cause many steel
to extend
into the future;
steel
rolled
consumers
to
revise
their
more
optimistic plans for. production of
products. Whether or not
this difficulty in obtaining bars,
sheets j and
strip
will be pro¬
longed depends entirely upon the
course of present labor difficulties.
War expansion in steel facilities
and the introduction of new prod¬
ucts has enabled Canada to attain
almost complete independence of
civilian
the United States with regard to
steel supply.
Before the war the
Canadian automotive industry im¬
Co. of Canada.
Shown in 15 citie$ while six
go
cities
The largest
decrease was registered in De¬
troit, with a drop of 1.4% for the
month.
Trenton, N. J., followed
with a dip of 0.9%, while in Buf¬
falo, N. Y. living costs were down
0.8%, and in New Haven, Conn.,
recorded no change.
63 Industrial Cities in
payments on the ground y Living
.
ported practically all sheets used
in the manufacture of automobiles
there, as well as a large percent¬
age Of castings. These export po¬
tentialities
will
be
drastically
changed upon completion of the
new sheet and strip mill unit at
Working ■ paper; in its summary of the Hamilton works of the Steel
lind Living Costs Drop in 42 of
the advance pre-
adjustments or none
involve products on
justments to compensate for cost
factors other than any wage in¬
crease which may be granted in
the steel industry have practically
been decided upon by OPA, states
"The Iron Age," national metal-
appeared ready to take
House
provisions with no
questions \ asked.
Those would
knock Out the $5 automobile use
taxi and freeze Social Security
taxesv another year at the pres¬
ent/rate: of 1% each on em¬
ployers and employees. Without
such
the
to come.
•
»
Steel Industry--Steel'price ad¬
:S Senators
two
at
years
the ehiplOyCS,' up to 2Vz % Jan. L.
.deductions, it drew the
the
Chair¬
Estimating
of unin¬
terrupted Supply WoUld / be r re¬
quired to meet the pent-up de¬
mand for some goods, Mr. Krug
added, this could readily warrant
operations well above pre-war
levels in these industries for some
plus the basic salaries as legiti^
mate
year,
that three or four years
.
the
next
Germany's surrender.
to " their rpre*war
levels .is Stirring manufacturers of
other taxed items to demand re¬
.
with the history of the company-S
decline in na¬
$155,000,000,000, as compared with
$207,000,000,000
payments were;reason4 the taxes were increased on Hable when viewed in the light of qubr; • fiirs^ jewelry, luggage and
: y „"'
Commissions customarily paid tot other items..
of. them* " i
.While Some of the executives
stockholders, the percentage
of their share in the profits, as
fixed under "the formula, bote fid
delation - to the amount of theif
Jdktiry Mtkxes'
■■■■}
light of the nature Of the com¬
income
-
:
.
a
Krug stated that national in¬
come
would level' off at about
chair¬
man'indicated that the HOuse de¬
cision to reduce certain war-time
position
buying afid selling wool, in the
will
all
exists
tional
finance" Committee
-The
that the
were
*/
took
pany's business and the duaRty of
percentages for .each
J
Court
while lower
rate than would
man
although
profits would be paid td
key executives in% varying
net
of
Hie
average out between $2 and
$2.25 a ton. Higher increases will
be made on items showing they
greatest loss or th6 least return,
may
modified*
'.iii predicting
decide to
the excess profits levy,
Senator George favors keeping
the normal and surtax rate at 40%
payments bore no relation 'arid
to their stock ownership*
should
,
repeal
stdckhbld^
ers the
steel
carbon
many
on
products may be announced with¬
in the next 30 days or so and on
an
overall basis the adjustment
ment, in an ample way, Mr. Ktug
said, should labor disputes become
prolonged and widespread, ex¬
tensive hoarding of materials oc¬
cur, together with a serious dis¬
ruption of the price structure, or
other unforseen circumstances, the
above forecasts would have to be
the-excess-profits tax
no greater monetary.
Relief to, corporations than the
changes in the House bill, which
include reduction of the combined
normal and surtax rate from 40
t6 36%/ - ' "
' - ' i '
'
would give
adopted
for something else'' and
Some of the men were t
civilian produc¬
a
production would be halted early
next year.
Qualifying his state-
nation -of
y' y "/:
the ; Court Said./; ;^e;^ayipentS
"were never intended as a guise
other re¬
manufacturers
and
prospects in general.
Basing his forecasts ''on the as¬
sumption of an orderly reconver¬
sion/' Mr. Krug predicted that the
decline
in national income and
Senator George declared elimi¬
.
dustry practice.m1%
^
,
L While described as a "very suc¬ prior to the taxable year ift an
cessful"
company
in
the Tax afmsrlength transaction and;was
Court i decisioii, the 'Compah^ had intended; as thd' establishifieht
had 'losses for two yearr when, iij &■sound: practicalmd/rMsOhabld
1939, it established
a
mathb j basis' of compensation for- perl
matical formula fof the payment sonal ibifyicfes;actaaUy(fei^^ed,'f
of
'
the company was ;not entitled to
deduct the payments to the exec¬
special l93$ifdi^fiuia^ki^The
advice$ttoithe^'JpufhA
merce" went
commissioner that
manpower
and that
tion within
,
ings on the skill and endeavors of
its key executives../ -y.
The Court rejected the theory
sellers of
•
the
materially
sources
buying and Selling business, the he is
still considering outright ,
widely ramifying tperatiofis, 6f
repeal of the excess-profits tax
the
company
throughout
the on
corporations
effective next
world, the highly competitive, na¬ Jan. 1. The House bill would cut
ture of the. business and the de¬
the effective rate of the levy from
pendence of the company's earn¬ 85.5 to 60% next year,
increased
•
try's
adjustments, it was indicated; V
Barring unforeseen events price
wholesale factured goods into the distant
exemptions.' In fact, he said, the future.
;
committee may decide to accept v; Some encouragement was of¬
ther House plan, keeping in mind fered the country at present con¬
that Congress will go to work fronted With" depressing news of
widespread strikes and unemploy¬
very shortly on a comprehensive
ment by the optimistic report of
tax equalization program.
"
Chairmah J. A, Krug of the War
Senator George, who wields tre¬
mendous influence on Congres¬ Production Board, on reconver¬
sional tax policies, made it known sion, ' employment • and business
nature
described
of
the
diminish
duced without granting
the
of
Gay
case, any wage
is indicated for next week, "Iron
length
"Journal
coming of
demands of ,war
It was felt with the
VrJ
sought./This being the
increase will result
in demands for additional' price
relief they
at
.
Com-
the
future, a Steel
near
small nonintegrated producers to
obtain relief. .,J'
'
i
Because of coal strikes the steel
merce" advices that following an
in
with regard to
price
increases
reached
steel
for the
Reasonable period.
The current epidemic of strikes^
however, now threatening busi¬
almost any reduction plan that ness and industry have throttled
industrial output" and at the same
-coukbbe devised.. ; ;
' v
/
Senator George did not go int9 time have pushed delivery dates
details of how taxes could be re¬ of essential 'materials and manu¬
■
Court
noted
;
.
Nation's
the
already
could swing into,
the
Tax
"
process. of
normal ecohr
the
a more
tremendous drain upon the coun¬
The
'
hasten
* House
program.
He
that "inevitably" some
of the lowest bracket taxpayers
would be swept off the rolls under
ington bureau on Get.
which stated that this thereby overthrows a
decision by the Internal Revenue Commissioner that bonus payments
exceeding the amount% of the basic salary shpuld^he; disallow
as
"excessive compensation."
It was3>—
A
to
transition to
would
.under
- Enunciation by the United States Tax Court of a highly liberal
policy iii approving "bonuses"-to key employes, was indicated hi
'
probable
increases
'
materially than to cancel entirely
the income tax paying of 12,000,000 individuals, as would be done
Policy In Approving "Bonuses" to Key
Employes Enunciated By U. S. Tax Court
lihi
almost
of
would be better to trim all taxes
Liberal
.
increase
efforts
conceded
from
an
200% above last year, but dipped
slightly from the previous week.
Commercial building on the other
hand reached the highest level
will buckle down to
drafting a comprehensive revenue
plan for peacetime.
late.
Commerce"
already
a
growing number of strikes
continue to hamper the country's
Congress
warning is taken carefully to heart before it is
of
extremely low level.
above those of
costs
stop-gap war-end bill is out of
the way, Senator George predicts
We—and the world—will be well served if this
"Journal
an
of
featured the construction
Engineering construc¬
tion for the week ended Oct. 4,
,
York
at
Rising
The cur¬
lumber stocks
by 39%.
makers, it was reported were not
able to obtain any where near the
Almost
people have long needed to be
reminded of these simple truths—reminded of them
by some one whose voice will be heeded.
New
condition
held
being
is
industry
the
industry.
too
the
orders
new
rent
steel
pending a clearer view of what
industry faces in the way of
increased wage costs. Such costs
if they come it is understood will
not be included in the decisions
up
year ago
Oct.
an
The American
advices to
the
«
.
industry; produc¬
for the week ended Sept. 29,
declined
36%,
shipments
25%
price increases in
of
nouncement
tion
withholding tables
probably will
mean savings of 10% or'more to
each individual taxpayer. The As¬
sociated Press Washington advices
Hoover.
t
/
An¬
the steel trade dated Oct. 10.
slated
send
agriHerbert Hoover
cultural state are neither justice
nor
good policy. That will create
gigantic cesspools of hate, poverty and con¬
spiracy against the world. There is no such thing
as a 'hard peace' or a 'soft peace.'
It must be a
just peace if we are to restore justice in the world.
And without justice there is no peace."—Herbert
too
of new orders ,,has
sustained with unfilled <S>-
orders
ternal
life of coming genera¬
economic
one year
been wen
November.
and
reduce
period
are
White
the
for the most part continued
Individual industries in spotted instances
while in other lines moderate declines be¬
previous week were noted. Compared with the same
ago, decreases in the latter group, proved substantial.
According to manufacturer^ reports the volume
and
to
V
which
low that of the
the House Oct.
can we
of industrial production
downward the past week.
reflected increased output,
Committee Chairman
figured that the bill, which passed
the sins of their fathers.
justly indict and pun¬
ish 200,000^000 people. Vengeance
and revenge are not justice. Nor
The trend
ator George,
panese
'
Committee
Finance
Senate
children
visit
not
"Slarler";
as
Terming the $5,000,000-plus tax*
cut planned for next year as just
a
starter,
Senator
Walter
F.
George, Democrat, of Georgia, told
reporters on Oct. 13 that "cer¬
tainly in 1947 and 1948 taxes" will
be* considerably lower, although
they still will
be high when
judged by pre-war standards."
In
advance
of
the
hearings
which opened on Oct. 15 for the
ideals of justice. Our
the crimes which brought
ties of the
1867
CHRONICLE
The State of Trade
It Needed to Be Said!
our
FINANCIAL
&
COMMERCIAL
Aug.
wage earners
clerical work¬
and Steel
Monday of
operating rate of
steel 'companies having 94%
of
the steel capacity of the industry
will be 66.3% of capacity for the
The
American
Iron
Institute announced
this
week
on
the
week beginning
Oct. 15, compared
week ago. 83.2%
ago
and 97.0% one
off 0.7%. The largest increase was one; month
ers dropped during August in 42
'pensation"; it disallowed also a at that time and therefore were
Ala.
of 63
industrial cities surveyed recorded
in Birmingham; ...a., year ago. This represents a de¬
deduction for advance premium not
crease of 7.2 points or 9.8% from
"necessary.'' They were not, each
month, the National Indus¬ with a rise of 0.5%. / Rochester,
deposits made to the insurance
however, disallowed v.as "exces¬ trial Conference Board announced N.Y., and Macon, Ga., showed a' the preceding week,
companies in connection with the
r
<Continued on page 1874)
on Oct. 2.
Increased costs were rise of 0.4% each.
sive."
;
annuity contracts. - - - the executives as
"excessive com-
that they did not
haVe to be made
and lower-salaried
,
with 73.5%
one
M'i
•
t
.
THE COMMERCIAL &
1868
tion
The Financial Situation
fkt
(Continued from first page)
,
and* mechanization
that
■.
-
other
naturally has not es- that with anything approachcaped notice. It may or may jirig alertness we could match
not n Have been purely acci- o u r
military preparedness
denial that the one followed with theirs in the future
the ether so closely, but it is should we think it necessary.
What renders these typical
scarcely strange thatthere
shodld be those who suspect Army doctrines (which have
that it. was," not At, Any. rate, in one form or another been
it a, hint to Russia was in¬ heard many times) disturbing
tended, one can scarcely ex¬ at this time is apparent deter¬
pect it to be particularly ef- mination on the part of many
and it must
fecttye. If Germany (and, in¬ of our leaders
cidentally,. also Japan) are to be said in all candor, with j
be-rkept permanently impo¬ apparent support of a great
tent Russia can hardly be exmany
citizens who should
become
self-sustaining.
Yes, but
true.
Revealing a naive faith
in the efficacy of mechaniza¬
tion
such and
as
them and alien to their
believe
that we know much better—to lay out
cpi^jd >be particularly effee? lines of future international
tive> in matching force with
policy which could and in¬
hdr in eastern
.Europe or in
any part of Asia' she is partic¬
ularly interested in-^even if
she
believed
the
American
people could be' persuaddd to
Of course/; if the /Gehsuspects that presently
lry~
eral
RusMa
will
deed almost
involve
inevitably would
ininternational
us
controversies
of
moment
are
alter
McLaughlin^
"If
I
help—all
we
suaded to
be
can
Clearing
ber
such
fact
that
"ik
per¬
give her, doubtless
non
in
she
to
is
certain .matters
have
"As
-
r
would
or
could then
preferable if
go
united
in
it—according
Trustees:
the
Legis-
f lature with
if
Geo.
anywhere in the world. It is
In Heaven's Name, Why?
one thing to be quite safe and
free to proceed in the future
So it is to go throughout
with moderate military bur¬ the world. We must take the
dens 'when we* are minding world in hand and
keep it in
our own affairs; it is quite an¬
line, eliminating one after
V.
McLaughlin
other
an
front
it
every
Saturday -in
would be
could
year
be designated as
legal holiday by
might be some con¬
unqualified
law,
seeking the
While
there
siderations
outside
necessar y
to these world schemers.
in
law now stands, Sat¬
urdays in the months of July and
August become legal holidays for
any
banking
institution
upon
adoption of an appropriate reso¬
lution by its Board of Directors
few
member
the
that the
sure
exists
the
quickly
follow, and we
,
part of her freedom of
the
situation
banking institutions.
doubt
no
.
banks
,
ployees, and I feel
same
take
action, I
have
to
some
mem¬
bank
,
would
—and she too must surrender
choice
every
House
pr0p0sais are being
Russia, too, Wants
heard.
Such appeals have resulted in
the
loss by this
company of many
experienced and competent em¬
^ said:
cus¬
the
■
18, 1945
members of
likely to be par¬
ticularly successful in mak¬
ing it a success?
Yes, but
not
K :vV:;",ji / Vv
'///
the New York
Clearing House Associa¬
tion; urging that they support a general agreement by
Clearing House
on Saturdays
throughout the year, and pledged co¬
operation of Brooklyn Trust Co. in any such
agreement.
Mr,
not
are
•>
-
banks to close
recognize that a people
obliged from without to set up
a business
system foreign to
toms
•>.{«
•
George V. McLaughlin, President of Brooklyn Trust
Co., of Brook¬
lyn, N. Y., on Oct. 10, sent a letter to the chief executives of all
banks which
failure to
a
■
Thursday, October
McLaughlin, of Brooklyn Trust, Urges Support
Bylilearing House Banks of Saturday Closing
Amost incredible?
—
to
' so
British
economy may
survive and at some time or
London
fapkd
FINANCIAL CHRONICLE
field
which
would
changes
such
action
the
in
law."
by
If that be so, the next best
course,
I believe, would be to seek exr
tension of Saturday bank holi¬
In the "Wall Street Journal" of
Oct. 13 it was stated that bank*
throughout the nation show little
interest in all-year Saturday clos¬
develop ambi¬
ing, a move which is being spon¬
tions to subj ugate the world
sored by many New York
City
as
^Germany and Japan are other to be less than armed to another each potential cause banks. The
paper, quoted fur¬
commonly believed to have the teeth, so to speak, if we of future wars!
In such an ther, said in part:
"A check of banks in
done, the situation might be must "rule the world" for the event we
key cities
might very well be reveals
they either have not been
different, but such a contin¬ purpose of keeping it peace¬ foolish not to spend huge
talking about the matter or that
gency appears too, remote, to ful and without danger to us sums and
other- treasure they feel it would be impractical
furnish a good argument for
as, incredibly enough, is be¬ yearly for military might. We because of local business needs.
"Chicago reports there has been
siicji sweeping proposals.
ing insistently suggested in are likely" to need it.
no talk
of bank closings on Sat¬
more than one
quarter. //
•
; But why in heaven's name urdays ' Some banks state that if
Faulty Argument
must we try to
mariage the they were going to do iWwhich
Plain Speaking ? •
<With all due respect to the
affairs of the world? i?
2 they are not—they would not
Of course, only those who
! General/ it must be said in1
consider it in the winter months.
The
Clearing House,
iall candor that his use of the, commendably enough a r e President Signs
however,
Army
said
that
if
New
York
banks
rise, of Hitler as an argument fond of putting things plainly
Enlistment Bill
closed, Chicago iristitutions 'might
for;superlative military and bluntly to themselves
consider it.'"
r *-\;
President
Truman
signed on
Mr.
strength in the United States and others use such terms as Oct. 6 a so-called recruitment bill,
McLaughlin's' letter
fol¬
lows:
appears almost disingenuous. these,, but many of the pro- designed to encourage voluntary
the
banking
weigh against
the Legislature.
days throughout the year.
"The first step, I
the
V
believe, is for
managements of all
Clearing
House member banks to agree on
uniform
policy of Saturday
a
closing and signify their willing¬
to put it into effect.
Just as
ness
soon
ask
this has been done, 1 will
as
board for
my
appropriate
an
resolution—if such be required—
and I hope that you will agree
with
and do likewise."
me
:.f
;...
Burns Ejected Director
-
.
?
Is there ^anyone who; doubts posals of the day,-and indeed
.MHi,wycuid
quickly
thoroughly,being pursued
-
enlisting in 'the 'Army and Navy
to. b«
and
"
crushed at the: outset of his
subject
the
at
ment, come very close to
precisely
mo- theArmyonhalfpayaftertwenty
im?[ years of service (already allowed
that.» We' Jy
prance and the United States talking about exterminating
as
they then existed had the! certain social and economic
'>
n
.
^
i
i—
i
.peoples of those countries,
those
even
of Great
or
Britain
and
France, been disposed to
pse them for the purpose?
Hitler
,
?5d benefits of the
closing would be practicable only
adopted by all or substantially
attained
by
those
reason
his
later
to
of
oppose
/could not gain their
in
ers
tell them. There
sent to act until the eleventh
who believe that
hour.
the "world
It
almost
seems
to
preposterous
us
to
to
be
£ug|
-gest that we must maintain
any such military establish¬
ment as that
suggested by the
•? General
to protect ourselves
against either - the • military
r power or the
military poten¬
tial of any power on earth if
we
may assume that
we
shall
I
writing to
am
Therefore
tion
of the National
Oct.
on
of Dr.
Director
>
10
the
resignal-
Wesley C. Mitchell
of.t Research
as
after.n25
of service in which the pol¬
icies arjd practices of the National
years
assure
you
that
are
reach its goal of 300,000 men, the
figure mentioned to Congress re¬
cently by Gen. George C. Mar-1
shall, Chief of Staff, who ex¬
plained that in addition to the
volunteers it was expected that
800,000 would be inducted under
many
anywhere in
where,.there is
Selective
of
a
spot" with potentialities
serious dimensions/ there
must in j ect ourselves and
ideas—with
our
force if- heed
almost
ideas
be.;
,
a
,
show
;sq
not able to blink the evi¬
keep Germany and f? Japan dence before our eyes/
harmless, that Russia is not to
Ideas similar to. these, lead
who
not
eligible for
Thus, - according
to
General Marshall, the New York
"Times"
stated,
the
over - all
of
-widely
before
were
discharge.
strength by next July sho.uld
2,500,000. vv; '
- • / o
It is to/ us
held in this country, but we
are
and
about
incredible6 that: such
should; be
Service
August.
To this total of
1,100,000 would be
added men already in the Army
"sore
we
,
_
be
:;
'
Airmail
Postmaster
announced
tion
has
Italy* Balkans
to
on
been
.
Albert -" Goldman
Oct. 8 that
informa-;
received from
the
Post Office
Director of Research effective Oct.
10, to succeed Dr. Mitchell.
Mitchell will continue
"
which
the
sidered.
member
subject
action, I have
few
may
be
con¬
If every Clearing House
bank would take such
no
non-member
Dr.
of
Burns
the
tional
has
research
been
staff
since
Bureau
Dr.
as a^htcni-'
ber of the research staff.'
the
management of this company
Germany — which
strongly favors Saturday closing
one
authority estimated the and men with at least six months throughout the year and will
other
day might take 50 of training may re-enlist for only gladly cooperate in any general
years. We are actively en¬ twelve months. Army regulations agreement to accomplish that end.
also permit two or three year en¬
"In addition, I would like to
gaged in a campaign of "edu¬
listments.;^,:
urge that you place your insti¬
cating" the Japanese people
It is hoped that the new legis¬
tution on record in favor of Sat—as
if a conquered
people lation will help the Regular Army day closing at any meetings at
beliefs
him what these "hateful" foreign¬
own con¬
all commercial banks.
press- Washington advices. Under
the short-term provision of the
bill new recruits will be permit¬
ted to enlist for eighteen months
4-
position
military
weakness of thte or any other
country,' however
greatly could be expected to sit at
they may have lacked real the feet of its conquerors and
strength, but rather because accept as words of wisdom
not
Directors
Of closing of commercial banking
Bureau were developed. TJhey also
on Saturdays is
being
election
of
Dr.
discussed by officers of several of arinounced the
Arthur F. Burns, Professor of Eco¬
the principal banks of the city.;
nomics, Columbia-University, as
"It is well known that Saturday
if
/v
The
Bureau of Economic Research an/
nouiiced
institutions
military) plying
aggressions by the
"I am informed that the
of NaFI Research
a
of
/
,
member
the
1930.
Na¬
Prior
to
joining the faculty of Columbia
University he taught at Rutgers
University: He is author of "Pro¬
duction
States
Trends
Since
in
the
is
United
1870," published by
the National Bureau in
1934, and
co-author with Dr. Mitchell of
"Measuring
volume
now
Business
in
press
Cycles,"
and
a
sched¬
uled for publication early, in 1946.
doubt that the
banks
would
quickly
follow, and we could
to the Legislature with
a
united front in
seeking the
necessary changes in the law.
then go
"The five-day working week is
spreading rapidly in business and
industry, and with the return of
peace the last plausible argument
against, its; adoption in banking
has, in/my. opinion, completely
disappeared.
The argument. that
the public would protest has been
disproved' by experience in New
Jersey arid other: areas in the
Metropolitan District;
I do not
thing we need concern ourselves
over possible loss of business to
Declined in August
Average, employment in /.steel
dropped nearly
15,000 below the July level/ re¬
flecting in part the end Of the
war, it is indicated in a report
released, on .Oct. 12 by American
plants in August
Iron
Steel
and
further adds:
J
JnsRtute,^^\^i(3i
:
"'
\
During August, an average of
542,700 employees, was at work in
the industry, compared with 557;500 in July and with 569,200 in
.
Department, at Wash-,
August, i944.
jngtonj indicating: that articles ac/
be feared as
Monthly payrolls " likewise
Philadelphia; and Boston banks,
aggressor against many to believe that:we must ceptable for
dispatch to Greece,;
for the five-day Working week dropped during August to a total
this nation, and that future
underwrite the British Em¬ Italy and Yugoslavia will be for¬
Will undoubtedly spread to; those of $128,117,000 from the total of
events will not
bring forth pire today, tomorrow and al-j warded :bv air when prepaid at cities within a relatively short $141,006,400 in July. In August a
the rate of 30 cents per half-ounce
some combination of
time.
I
powers ways if need be in order to or
understand it
already year ago payrolls totaled $143,fraction.
Articles for Greece,;
such as
Great /Britain and have its assistance in
has been adopted by banks in 900,100.
keeping Italy \( except the provinces - of
France against us.
V:
Hourly, earnings of wage earn¬
Indeed the world
Gorizia, Trieste, Pola, Fiume and Wilmington, Del.
straight. Some even
"As
you
: are *' undoubtedly ers in August averaged 125.3 cents
exception of go so far as to express - the Zara),and Yugoslavia,:, says the
as against 126.9 cents in
July and
Russia, military policies can view that we should extend announcement,' m?v not exceed aware, it is becoming increasingly 116.9 cents in August of last
one
year.
pound in weight, and for the difficult to obtain and hold com¬
and probably will be well
liberal grants in aid to Great Italian v- provinces
Wage earners worked an aver¬
of
Gorizia,; petent personnel against the com¬
known and so much needs to
Trieste.
Pola.
Fiume
and
Zara. petition of other .types of business age
of 40.4 hours, pef week i;i
Britain, but only if we s. are
roav not ^x-?eod
H
done
before
ounces../Air which offer the five-day week as August, compared with 43.5 hours
any
real, permitted to dictate an inan
mail articles for
inducement; and
with
threat
the
to
sole
us
could
develop
dustrial policy of moderniza-
Greece and Italy
may
not contain merchandise.
it
per
week in July and 47.5
in their advertising.
per
week
n
-
prominently
feature
:
in August,
1944.
hou^s
Volume
!//By
dropped
make it
i
Opposes Gut Above $5 Billion
measure
the
House
page
off
cut
g
-j
which he said
another $2,000,-
000,000 in 1947.! In testifying be¬
fore the committee he reviewed
if the recommendations he made
originally to the House Ways and
Means Committee for a 1946 tax
$5*175 000,000.
of
cut
advices
Press
Oct.
Lifts
House
than- 40%.
"grants reductions that are. rea¬
///
sonably close to. that amount /for
00
1946. : But without further con¬
■.m
gressional action,.;the provisions
of the House bill would operate
ite $7,000,000000
for the
calendar
It would write into
$2,000,000,000 of- tax
1947.
year
law
about
reduction
and: above
over
the
$5,000,000,000 reduction applicable
in 1946.;; I believe that we should
not today
>
■
would
The
-
The first;
cuts.'
tax
laid
down
was
must be limited
ductions
two
that re¬
because
continuing large expenditures
which he said will continue "high
of
months to come.": !
point was: z "The
basic objective of tax adjustments
at this time is to put us on the
for many
His
person
amount
second
high road of peacetime full em¬
ployment and maximum produc¬
tion.
From the taxpayers'
large tax is easier to pay
high income " than is a
small tax with a low income."
with
.
a
a
that infla¬
tion may get away from every¬
body during the transition from
war to peace.
This should be kept
in mind, he said, in preparing any
}
Mr. Vinson
reduction
tax
•
warned
"We
our
he
plan.
cannot
/
afford
to
abandon
'safeguards against inflation,"
said.,! "We have held this
at bay throughout the war
and it would be folly to drop our
enemy
guard
the final
before
won." /- .Vi; •.';.
Advices
to
'the
.
"Journal
of
round
♦Japan.
New
York
bureau on Oct. 15
that day Secretary
Vinson disclosed that "rough" of¬
ficial estimates lead to the belief
Washington
stated
that
on
that the Federal deficit might fall
as
low
as
$5,000,000,000 to $8,000,-
000,000 by July 1, 1947.
vices added:
.
T/,
•
The ad¬
<'
Making the estimate before the
Senate
Finance Committee, Mr.
Vinson warned, however, that the
blueprint, of that kind;
the House
| The completion, by
the tax reduction- pro¬
gram was noted in o.Ur issue ol
Oct. 11, page H54, ...
group of
.
employees'
i; Business
were
further
&
Press
in
recommended by the
Instead, it applied the
exemptions, $500 for the
outright,
as
Treasury.
surtax
taxpayer and $500 for each of
his
September; according to Dun
Bradstreet/ Inc.,} tot a I e d
64 artd- involved $1,658,000 liabil¬
ities as compared with 56 in Au¬
.
gust involving* $1,166,000/and 75
involving $4,065,000 in Septem¬
ber a year ago.,
- .
,,
t
(
the
had
more failures in September than
$500 regardless of -the. number of in August, the retail group had
dependents.
It then reduced the the same number and the remain¬
graduated surtaxes by four per¬ ing groups had fewer failures in
centage points in each bracket.
September than in August. When
dependents, to the normal tax now
collected
on
net
income
above
This system is
point
reduction
each surtax bracket.;
The
relief
tax
>;>,
for
-
<
service
and
groups
consid¬
wholesale and con¬
in struction groups had. less liabil¬
ities involved in September than
equivalent to re¬
peal of the normal tax, plus a one
percentage.
manufacturing
The
commercial
business
the amount of liabilities is
ered only the
in August, j.
*
,
*
-
the
value excess
excess
declared
profits taxes.
stock
capital
and
gust.
Retail failures in Septem¬
ber numbered 17 the same as in
The recommendations of Secre¬ August but liabilities were up to
$347,000 in September from $133,tary Vinson made to the House
000 in August.
Construction in¬
Ways and Means Committee were
before
renewed
mittee.
the
Senate
com¬
Some of these were fol¬
figures were based on the assump¬
tion that tax rates would not be
lowed,
others
reduced in 1947 beyond nis recom¬
House
solvencies
the
amounting
There
000.
was
September
were
eight and lia¬
down from $186,000
in
A
mendations.
cal year was
The
$130,000,000,000
the 1947 fis¬
income for
presupposed.
Treasury
Secretary,
1. Excess
appeared at tax bill hearings, held
the Lrst hope, voiced by any
out
bilities
profits tax. repeal ef¬
fective Jan. 1, next...
2. Normal
individual
,
Income
were
$217,000 in August.
When the country is divided in¬
the
to
addition
ward
balancing the Federal bud¬
lows": ;./z/;;
1947, and that the
budget might conceivably be bal¬
get by July 1,
anced
not
long thereafter.
:
/
;
y
Repeal of- excess profits -levies,
$1,496,000,000.
Repeal of capital stock and de¬
clared value excess profits taxes,
$60,000,000.
serve
Districts did not have any,
while
all of the' remaining dis¬
tricts
had
more
insolvencies
September than in August.
in
When
; / ... r ^ ^
the amount of liabilities involved
reductions,. $506,is considered it is seen that out¬
000,000.//; V
side of those districts that did not
-In urging immediate repeal of
the excess profits tax, Secretary have any failures only the At¬
differing
in
numerous ; respects
Reserve-District had less
from the measure advocated by- Vinson said it is the fixed policy lanta
Secretary / Vinson - before
the of the Administration "that every liabilities involved in September
war-control over American busi¬
House
Ways and
Means Com¬
than in August. /< •
^
mittee.
His recommendations ap¬ ness and American life shall be
/. The
bill passed by the House
the* first' major re¬
duction in taxes in 16 years and
met
little
resistance,! although
represented
"Excise
tax
tonnage. Their traffic volume was
11.7% below July and 21.0% be¬
!
About
reported
/ consisted
laneous
commodities,
tobacco,
the total of such refundable
to!$2.3 billion asiof March
ing
August. 1944.
/
4% of the total tonnage
low
in
increase
2.3% under*
decrease of
a
July, but increased 5.7% above
August, 1944. !>'/.
! Carriers of iron and steel prod/
ucts hauled about 2% of the total
working capital, corporations con¬
tinued
to
accumulate
post-war
credits in refundable taxes, rais¬
milk,
:
miscel¬
including
products,
materials,
building
bricks,'
coke,
of
; textile
taxes
cement and household goods.
31, 1945, an increase of $200,000,000
over
the
quarter.
Other
sources
of
substantial
refunds
nage
corporations are the
provisions of the income and ex¬
cess
profits tax laws for carry¬
year.
there
was
unused excess
drop
of
and
of losses
back
side
assets
a
in
$500,000,000
property account and
facili¬
recomputation of
the
liabilities side a reduction
income
for
continuation
characterized
of
1945,
these tax refunds will hereafter
be reflected in the net working
i-apiv'! p«»suion of corporations/
As for other items affecting the
corporations'
financial position,
the
.
a
trends / which
preceding
two
years'.
Act
Adjustment
of
of
reflected
of these declines
both
excess
on
debt;
long-term
in
$500,000,000
profts determination. As a result
of the
recent enactment of the
Tax
the
on
about
accelerated
for
for
and
last
of
>
net
amortization of emergency
ties
decline
a
August
under
the
credits,
profits
6.0%
of
Ton¬
30.9%;
in this class increased
above July, but showed
to
payable
The
tabulation
attached
shows
capital of all cor¬
porations in the United States on
which
the
above
discussion
is
the
working
-
Though there was con¬
variation for the vari¬
based.
siderable
*It
been estimated
has
that tax refunds
carry-back of losses
and the
computation of amorization allowances
amount to $2.7 btllion in addition to
$2.3 billion of refundable taxes which
accumulated to March 31, 1945.
resulting from the
unused
excess
profits credits
will
capital
working
had
groups
all
rise of
in this quarter
in previous
as
in
shared
groups,
the
size
corporations,; 'practically
of
re-
and
industrial
ous
and
the
periods.
; /
..
CORPORATIONS
fCURRENT ASSETS AND LIABILITIES OP U. S.
r
1939-1945
'
(Billions of dollars)
,
1945
-1944,
Current Assets—
Cash
S.
U.
$ Reveivables^ from
Government
.
;
1^41
•
1Q42
13.1/13.9
1939
.
,
1°40
M«r_'June Sept.
1°43 ; 31
30'
30
22.8
22.0; 21.8
24.1
15.8. 18.1
19.7 18.9
:
1.9
3.9
17.7
10.0
.1
.6
; 4.0
5.0
22.1
18.0
1.4
23.9
27.4
23.3
22.5
19.8
54.6
hand and In banks
10.9
Govt, securities—.2.2
on
; XL
;
(
.4.9/
;'.4.8
Dec.
Mar.
31
'31
'23.0
24.8
19.8
20.8
4-6/;4.7:-
,
4.3
—
notes
receivable
Other
to Federal Reserve Districts it is
topflight public official, that the tax repeal (3%) on the same date.
3. Reduction of excise taxes to found that the Atlanta- and San
prospects of balancing the budget
in the next several years are real.
their; 1942 level, effective next Francisco Reserve Districts had
!/!///;/
While some confusion developed ..July
fewer failures in September than
He; listed the/ 1947 revenue
from a discussion of fiscal and
losses under the House bill, in in August, the Philadelphia/Rich¬
calendar
years,
Mr.
Vinson
seemed to indicate that this coun¬ addition to the 1946 cuts, as fol¬ mond, Minneapolis and Dallas Re¬
try might be well on its way to¬
showed
components of working capital.
In
v petroleum -
Transportation - - of
•
products, r accounting
for about'
15% of the total tonnage reported/
down to five from
ignored,
by the
in August to $87,000 in Septem¬
.said
Associated
ber. Commercial service failures
Press Washington advices, Oct. 15,
in September were up to 16 from
which added:
five in August and liabilities up
His program included:
to
$424,000 in September from
who
|
to $400,000,comparatively
group,
national
liabili¬
change in any of the other
little
all;
of
the month!
was hauled by carriers of general';
freight. The volume in this cate-[
gory showed a slight increase of
10.5 %/ over July/but - decreased |
8.0% under August, 1944. • //. |. ; |
$800,000,000 drop in notes and ac¬
counts payable and the reduction
in receivables from the U. S. Gov¬
ernment
!Sl/z%
tonnage transported in
quarters.
Other changes
current picture were the
base-period
Manufacturing failures in Sep¬
profits tax next year from an tember were up to 24 from 21 in
effective rate of 85.5% to 60%; August and liabilities up to $780,repealing this .tax Jan. 1, 1947; 000 in September from $595,000 in
wnoitsaie
tailures
in
reducing
the
1946
corporation /vugusi.
combined normal and surtax from August numbered two with liabil¬
40% to 36% ((the cut being in the ities of $20,000 as against five
surtaxes); repealing next July 1. With liabilities of $35,000 in Au¬
involve cutting the
in
'
;100, was 171.58.
I • Approximately
billion which have
relatively/constant for
remained
:
puted on the basis of the average ,
monthly tonnage of the reporting;
carriers for the three-year pe¬
riod of 1938-1940 as representing
$16.1
several
■• •
in
reported:
/ ,•?/ .<• /..i ■';/;
;
The House declined to repeal
the 3% individual /normal" tax
of their income tax
of
ties
in September
failures
X higher
| • The
$1.0 billion.
Corporations' hold¬
ings of U. S. Government securi¬
ties, however, amounting to $19.8
billion, were still substantially in
excess
//;; /;/ / • /:.
;
ATA . index/ figure,: com-;
list, -1944.. -f
blilion.
This increase was
partially /offset by the drop in
U. S. Governments, amounting to
.
Associated
$800,000,000.
to
.
$24.8
laid, out any
number
and
pay
and. employer's
payrolls. amount of liabilities involved than
Without the freeze the tax would in : August but Mower : in number
jump to 2.5% against- each on and amount- than in September a
Jan. l. v
^
./ !/ i //> /// year; ago. ; Business 'insolvencies
would
Commerce" from its
He said? he; wants to* find
?
out if Mr; Vinson; has
[ Freezes the social security tax
The
amounting
in 42 States
transported !
an aggregate of
1,758,271 tons, in.
August, as against 1,744,674 tons
in duly and 1,877,775 tons in Aug-?
showed these carriers
By far the largest change in any
totsay in his Sept. 6 message to of the items of current assets or
Congress About plans to start pay¬ current, liabilities was the $1.8
ing back some ef, the.money bor¬ billion increase in cash on hand
rowed • ; to* .whip ^Germany
and' and in banks to the record total of
,
is
/// /''
ties
.
j
ATA from 222 carriers
dentCTrumam had; iiothing;specififc
pOOiOOO in the last six months of
£946, -About $160,000,000 in floor
atock taxes would be refunded.
Business Failures
;
Abolishes the $5 automobile use
lax-July!
\//•./ ■%>/«.// Iii September .: * !!>
in 1946 at 1% each on
/^Comparable reports received by
capital during this quarter com¬
prised
an : increase
in current
assets amounting to $600,000,000
and a decrease in current.liabilir
.
trans¬
partment of Research of Atnerican Trucking Associations, Inev^
;
a
substantial portion of the
total.
The
growth inv working
very
j/Senator Byrd t noted fhat Presi-
.
angle,
•„*
f *
accounting for
securities
ment
freight
of
volume
The
ported by motor carriers in Aug-4
ust showed a slight increase of
0.8% above July, but was 6.4% '
below August, 1944, according xo
statistics compiledby the De¬
with both cash and U. S. Govern¬
over.
War." .'•••;■*
to
Eases^^brporatiori/hUrdens by
|
considering
principles in
guiding
war* • ended)
to more
10%
is
I /'The only, way we can have real
taxi reduction is to get Federal
expenditures in line with Federal
income/' be^ told a reporter. "We
can't-go. on doing nothing, about
the debt.we have piled up in;the
$1*888*000,000,a/ including - partial
repeal of the war-time excess
profits levy and lowering of the
business, surtax, rate.
;
i
Reduces sharply!
1 the
war-time,
excise
.taxes. ■/ This
would ■> save! consumers;
$535,-
prejudge to this extent
// ///
Secretary
No
11 UCIlIUdlllBl^
Higher Than in Jaly
But
war
—
'
j AHO'llct TfllPl!IAafllRtP
.prevailed during the
year 1944.
This increase can be
fully accounted for by: retained
profits after taxes and dividends,
with a
have only
would
highei<S)
than
rate
dependents
income
January
by $1.4 billion, a somewhat
,
duced Jan. 1.
the tax needs of 1947."
I
50,000*000
1
$2,-327,000,000.
Pay-as-you-go withholdings fi-om
Wage and salaries would be re¬
grant reductions of more than
to
from
in¬
more," he said.
said the Commission which, under
Senator
Byrd
(D.-Va.)
date qf Aug. 29, went on to say:
said that before he votes to cut
taxes he Wants to know what, if / As in previous quarters, work¬
anything, is being. done about ing capital at the end of March
cutting the budget now that the was in extremely liquid form
would get
less than -a 10 %; reduction.* - In¬
// cr!
come
tax savings to e individuals
bill,"! he .said,
15,
"The
ranging
by
months,
4.3%
and gives other
taxpayers when the
cuts
$5,000
from
taxes
income
persons
individuals (there were
reporting
stated *//!///, :// ///!.?
♦
all
12*000,000
without
man
..
....
pf Oct. 11:
Associated
s
1569/
22.8%
a
public on Aug. 29
During the three
through March, 1945, working capital increased
according to the quarterly analysis made
the Securities and Exchange Commission.
1945,
the amount be had left,
in
$46.9 billion as of'March 31,
quarter, of this year, estimated at
first
imder the Hodse bill/'A married
revisie the pro¬
visions of the bill, but, as passed
by the House, it contains the fol¬
lowing relief for taxpayers in
1946, according to the Associated
Press in its Washington advices
Washington,
this,; further
from
Oct.-4,
The Senate may
provisions
would
$100,000 would have
The net working capital of American corporations (exclusive of
and insurance companies) reached another new high in the
,
banks
pendents making a net income of
// //
action by the House on the bill*
peared in the "Chronicle"
hearings on the measure,
at the opening of which on Oct. 15
Secretary of the Treasury Vinson
advocated a $5,000,000,000 tax re¬
duction! for
1946
but
opposed
I
de¬
no
Quarter of 1945 at New Peak, SEC Reports
[/
!//;/!//■!
mari with
married
"A
crease
began
Working Oapiftal of U. S. Corporations in First
provision of
a
testified
:<
Committee
Finance
Senate
saia
generally shall have a 10%
cut/gives special relief to those
With incomes above $20,000.
He
in income tax and the amount of
000,000 for 1946.
Following the conclusion of the
as
soon ,ast conditions
possiblefb'do so:^!!^^
Vmson
payers
and reduce the amount paid by individuals and corporations
excise tax by an estimated $5,350,-
payers
Mr,
the House-approved bill that tax¬
vote of 343 to 10, the House on Oct. 11 passed a tax relief
which would eliminate about 12,000,000 persons as tax¬
a
foiling'
..
House Passes I Tax Relief Measure; /|/
Vinson
1869
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4430
162
accounts;
and
y
■
22.4
27.2
21.9
26.8
22.1
22.9
23.2
SOther current assets
26.8
26.0
25.9
i 1.3
1.4
1.4
Total current
assets
25.6
27.3
27.0
1.5,/:, 1.4
1.3
1.3
60.3
72.8
83.6
94.4
2.2
2.3
2.2
2.0
21.9
Inventories:
22.6
25.6
24.5
25.7
i 25.7
25.2
25.7
26.7
25.9
1.2
2.5
<7.1
12.1
15.9
16.1
16.2
16.1
16.0
16.1
7.1
7.2
8.8
9.3
9.2
9.1
9.1
8.8
8.8
6.9
1.3 /1.4
95.9;'96.4 97.8
98.8 99.4,
CurrentTLiabilities—
and prepayments
U, S. Government-^.--—
Other
notes
and accounts
tAdvances
.8
payable
Fed.
income
HOther
tax
current
liabilities—
liabilities—
,
2.0 /
' 1.8
1.7
53.1 53.3 52.7 52.9 53.3 52.5
41.3 42.6 43.7 44.9 45.5 46.9
tAll U. S. corporations, excluding banks and insurance companies.
Data for
1939-1941 are based on Statistics of Income, covering virtually all corporations in the
United States.
Data for 1942-1945 are estimates based on data compiled from many
different sources,
including data on corporations registered with the Commission.
Because of the nature of the figures, these estimates are subject to revision.
'
l
{Receivables from and payables to U. S. Government- do not include amounts
offset against each other on the corporations'
books or
o-i^ng from sub¬
contracting which are not directly due from or to the U. S. Government,
i
§Includes marketable securities other than U. S. Government.
; /
flpor 1942-1945 includes provisions for* renegotiation other than those combined
/'Total
/ Net
current
working
liabilities
capital—
30.0 ' 32.8
24.6 27.5
40.7
32.1
'
-
/with income
tax
liabilities.** ;
•
*
47.4
36.2
CHRONICLE
THE COMMERCIAL & FINANCIAL
1870
rivers
President Dedicates New
of
central' valley
the
California.
They
of
all designed
their gen¬
are
energy; that is, we 'ihave found
out how to turn it loose.
We had
to make the rivers and
to
bounty serve instead of in¬
juring mankind.
for destruction.
erous
TVA Dam in Kentucky
Waters
being har¬
into electric¬
ity—electricity which has helped
supply the weapons of victory in
war—electricity
which
can
be
the
Norris
Dam
Kentucky Dam also provides a
deep-water, navigable channel 183
miles long.
The other TVA dams
Clinch
the
on
dedicated
by my il¬
lustrious
predecessor — Franklin
D. Roosevelt.
At the very start
that
carry
presidency, he had the
great vision and foresight to rec¬
ommend and encourage the com¬
away.
prehensive
Middle
development
,
this
of
entire great valley.
It
is
now
a
matter
under
puts
man
it
nesses
has
the
not
other
his
do
to
river.
of
West
this
nation
Waters
are
water trans¬
portation,
The benefits of this
dam go not only to the Tenrfbssee
Valley; they go to St. Paul and
Minneapolis, to New Orleans and
press
the
any
are
on
forward.
pioneer are not dead.
great Mississippi Valley that
served by our inland water¬
sources
proud.
termined
.
Here in this great yalley Amer¬
ican enterprise and
courage and
have
with
through; again
come
genuine achievement.
a
of
The
TVA does not
As
of
creation
first
of
Roosevelt
our
the
entire
belongs
States.
to
all
the
United
'
And, indeed, it has in¬
spired regional resource develop¬
all
ment
the
over
tinguished
observers
than
50
this
historic
They
world.
countries
from
have
more
to
come
American
here
came
Dis¬
has been done.
valley.
study what
to
They went
away
to try
to adapt to their own re¬
gions the lessons that have been
learned here from actual
experi¬
ence.
•
v
As
Senator
a
strong
I
was
the
transcends
a
can
never
had
of
the
TVA.
to you that I have
say
occasion
to
regret
my
mere
elimination
cultural
use
and
distribution
tion
It
is
be
can
to
applied
made
planning and
locks
is
and
chemical
lines.
power
than
more
It
is
and
which
their
bring
people
Federal! Government
closer
together—not in Washing¬
ton, but right where the people
live.
Here in this
valley there
has been
firmly established the
basic principle of
development of
resources
on
an
autonomous
re¬
gional basis.
1
Why
has
TVA
that
succeeded
principles
valleys
so
convert
can
two
alike, of
valleys
just how this region
or
that region should be devel¬
oped are matters that require
come
to
Why does it have the es¬
teem of the
people of this valley
and attract the
attention uc other
regions of America and oi' «lie
,
entire world?
To
the Rvsitet
me
is clear—TVA
mon
is just plain c^iIt is common sense
sense.
hitched
up
to modern science and
good
management.
And
about all there is to it.
-
that's
Instead of going at the river
piecemeal with a dam here
and
a ;
dam
there,
the
river
was
.
«
treated
were
Would
m
as
call
fit
a
whole.
designed
together
The
dams
that
so
they
unit and
that way get the most
service
the river for
mankind.
<
as
a
out of
:~t Consider
Kentucky Dam itself.
This dam will hold back
four mil¬
lion acre feet of flood
water from
the Lower Ohio and
Rivers.
levees
The
Mississippi
people
behind
the
decide.
Here
in
this
public and private, have
With' TVA in Sf: two-way
joined
"partner¬
ship.
Qf
This
was
the pojicy
tralization.
a
natural
result
of regional
That
;
decen¬
policy
same
ought to be followed in the other
river valleys as
regional agencies
are
set
created
to
by the Congress and
worki:
V;
We must continue all
United f States
to
over,
the
wage
those rivers know how
much that will mean to
them in
protection from disaster.
When
the danger of flood is
with the
flood waters
not to be wasted.
did
will be put through the
wheels here at the dam to
produce great quantities of elec¬
war
drought.
Our
our
on
past, those
are
They
water
tricity.
That electricity will rush
to-serve the people of the
valley,
their homes and farms and in¬
dustries.
against flood
vast
can
store
and
of
be made to
in
same
war.
natural
serve
resources
us
in peace
efficiency
We
should
as
they
exercise
common
sense, go ahead and
continue to get the job done.
Much has
already been done in
the past 12
years on river devel¬
opment
in
country—on
Colorado,
on
other
the
parts
of
Columbia
the Missouri,
on
the
and
the
;
to
no
going
are
to
us
look
to
make
Let's
for¬
in
an
We
just
peace
going
are
as
worked
we
is
absolutely
We
having
are
the
first
folded
days
there is still
who think
more
interests
of their
than
the
the
pull
until
that
prophesying
We
can't
and
The
it
tomorrow;
this
country what it ought
to be—the greatest nation the sun
ever
shone upon.
trails for Selling:
In
a
Conference
livered
on
on
the
Boston
Distribution,
a
speed-up of "the
techniques of selling and service
and
keep treat¬
critical
a
the,
means
with
and
a
view
distributing
to
reduced
servicing costs.
vinced,"
in
-
re-examination
of
his
of the
said
I
to
the
agencies
selling
con¬
Truman
Chairman
Conference, "that
tributive
of
goods
am
President
message
dis¬
our
and
facilities
in
are,
how
was
It
trator.
in
had
how close he
was
Roosevelt
was
to
and
being that close,
public funds he had been
able to wangle out of him.
what
That stuff
Truman.
is
really
These
under
over
local
hot-shots
have got to get out and do some¬
thing for themselves.
This means,,
they've got to settle problems ii5'
their community. Well, how does
one
is
settle
to
strike?
a
maintain, law
reasonable
very
The best way,
and order, a ,
thing
to
ask
a
governor to do.
mayor or a
The labor leaders have attained
de¬
Oct. 15, President Tru¬
called for
man
office
to
those days on
accomplished
or
could accomplish, as an adminis¬
he
their
Speed-Up
to
message
and the governors
under his thumb.
course,
office
for
ran
we
Cut out the foolishness and
work.
make
mayors
claim
what
I
to realize just exactly what we
have and what we will do with it.
Now let's all go home and
go to
treated by
they could get from
municipal im¬
provements. No one ran for of¬
fice, or rather, no one successfully
about.
comes
do
international
was so
much money
do
it next month, we prob¬
ably can't do it next year.
It is
going to take some time for us
Roosevelt,
him for State and
own
age
Under
matter of
a
of
Their
push
great
refer the matter to
press.
were,
But they
harness
or
demands.
became
going to prevail. You are
going to let them prevail. You
going to force everybody to
this
some¬
of the many
importance, and
not
into
involved,
bound to do
was
his
we
they
public welfare.
notwith¬
than 1,000
be
like the Russians, everything that
was done in any remote
locality,
of that
some
more
big boards which
he had, and the little local labor
leader, aside from attracting at¬
tention, would get a least part of
blow off, steam.
to
no
would
one
You
after
and
governors
foundations,
men
board
up a
Everybody
up.
Inas¬
thing and invariably he would set
can't do
Barkley
coming over
so
Roosevelt
little
war.
strike.
a
the
very
or
and
terrible time
a
two
a
national
our
a
let-down from
a
All
great Roosevelt had
standing that
to
war.
our
back:
this immediately became
problem, threatening
mayors,
few of them. They
serious.
Just a blow-up
not
the
am
as
threaten
superseded
a
for
essential
look
a
much as the
opportunity
the welfare of the world in
get
tnis
to
was
had
take
leader, regardless of his im¬
portance, had to do in the past,
greatest age in his¬
have said that every
have
gotten
labor
it, and every one of you
and all of us are going to get to
work for the welfare of the world
are
the sun
-
small
Washington and they always had
something to gain in that event.
are
can
we
long
little
assume
and
-
to
case.
They
used, even the
fry labor leaders, to
creating a problem in the knowl¬
edge that it would be settled by
have
to address
not
ham¬
are
-
selves
I
time
are
ing him like this, there is no pos¬
sible way for him to retire from
study and judgment in each p.ar^
public life.
'
ticular case.
The procedure in
I
hope that time will never
each valley may have to be a
lit-come, because Barkley is a good
tie
different.
The
details
of
public
servant.
Congressman
administration and. control may
Gregory — I had the pleasure of
have to. be different.
But the
giving him his first plane ride
underlying common-sense prin¬
the other day.
He said he didn't
ciples of this development here
like riding in a plane;
Lots> of
in the Tennessee
Valley can pro¬
vide guidance and counsel to the people are averse to riding in a
plane. Even my wife hates to ride
people in other regions who like¬
in a plane.
•
wise aspire to
put their resources
But after I got Gregory aboard
to the greatest use.
he confessed that if he was going
Let me 'emphasize that in the to
get his neck broken, be would
last analysis such development is
just as soon break his = neck; in
a
matter for the
people them¬ .with Barkley and me. I
>
valley State and local; agencies,
I
tory, and
of
agreement
with
these
broad objectives. Whatever
you
ban spell out. >as to how these obr
law
tremendous
and
order
because
power
not
were
main¬
tained. For
example, under Roose¬
picket lines became sacro¬
velt
sanct.
Under
this
regime, picket'
lines ceased to be composed of the
The strikers, in the or¬
strikers.
derly ^situation
fashioned,
which
went
Roosevelt
home
and
con¬
tinued to draw their pay.
An en-'
terprise of
professional pickets
was
developed, a new industry.
These people were paid so much a
day for picketing. They had no;
relation to the workers involved.'
If you
what
had stopped and asked
he
one
picketing for he'
could have gone no further than -•
jectiVesMnay* be' attained will be a point to what was said on his'
contribution toward better standi placard: i.e. Zamenski is unfair to'
labor.
* i "
* '-*
ards of
x '•
- •
.
' ' )
.
well?
the
to
personal
home.
me
with
think
I
war.
ward
men
let-down from
here that if the people
fearful that this is the
the
■
going to
in peace just
with them in
cooperated
we
has
they
whispered
the details of
us
and
use
we
Allies
our
cooperate
as
Well,
/
when
For that reason,
course.
think
had
turn out like this for them
ways
exactly
are
I
to
happy and how glad I am to
be your guest here today.
I am
particularly glad because Senator
Barkley and Congressman Greg¬
ory informed me that people al¬
idle
for
steam that wants to be blown off.
And we still have a few selfish
hii' talk,
of
text
think
Japanese
asserting that "the
order
that
to
I
Now I want to say to you how
wasting resources of other
valleys into jobs and better living.
No
in
(Continued from first page)
disperse. The labor leaders are
do just that.
very
de¬
the
The
follows:
Careful
common-sense
a
it
put
had
pub¬
lished by the New York "Tithes,"
i
direction.
hesitate
nation the greatest nation
ha^ ever shone upon.
and
important
the
in
velopment
experiment in democracy.
In it,
administrative methods have been
devised
ishness"
already recommended
Congress that a start be
and
plants
devel¬
other
to
other.
after
greatest age of history is upon
us" he urged all. "to go home and
go to worK and cut out the fool¬
I have
the
to
and
dams
an
and
to
and
create
can
remember what
a
challenge.
blow-out after
the war"
that most of
see
common-sense
energy
are
reconversion and world
peace as "little troubles" and "just
/
easy
these
not
other disturbances which
provided for a tying together of
all the things that go to make up
economic
that
will
it for
use
Washington
Ahead of The News
;
greatest age in the history of the
world, if we are sensible enough
troubles now,
pering
diversifica¬
a
well-rounded
lies
us
?
necessary.
like
referred to the labor troubles arid
agri¬
lands
of industry."
confidence of its old friends.
it
develop¬
His prophecy has been fulfilled,
for in the TVA the Congress has
opment.
dreams
Ahead of
going to
/1
- any
more,' T hope.
tremendous
source
of
that
That
After delivering the above pre¬
pared address, President Truman
spoke extemporaneously regard¬
ing the economic outlook.
He
.
from
and
We
whispers
the
.
marginal
of
support of, the TVA and of the
idea it represents.
Its record has
fully justified the hopes and the
But
.
power
estation,
supporter
And I
of
River
ment; it enters the wide fields of
flood control, soil erosion, affor¬
a
always
usefulness
Tennessee
that
tradition.
meet
Authority in April of 1933:
It
timid,
America
Tennessee Valley
the
belong to the peo¬
ple of the Tennessee Valley alone.
the
to
great adventure in building even
stronger the foundations of our
beloved country.
said
recommended
the
march forward.
impossible to accomplish.' In the
great valleys of America there is
a challenge to
all that is best in
people
President
he
listen
not
But
those of the Tennessee Valley are
in the
Valley and the Middle
West may enjoy themselves.
when
to
will
/
-
responsibility.
of courage,
men
/
From
beginning
re¬
vision, of endurance, just as in
the pioneering clays of old.
The nation, I am sure, is de¬
Tennessee
f
skill
thousands
calls for
not
are
the
de¬
The
natural
our
of
The
on
of
We
in
loose
anybody.
The greatest age in history is
upon us.
We must assume that
plentiful—to
The days of the
velopment
accomplishment, of which all
are
The valleys of America await
Memphis, to St. Louis and Kan¬
City, to Omaha and Sioux
City—to all the communities in
of
'
us
now
it
turn
destruction
families.
their full development.
The time
has come—now that materials and
completion of ways.
a new high point
In addition to power and flood
in modern pioneering in America. control and
navigation, there is
Nine
recreation.
TVA has joine.d with
years
ago
TVA was a
highly controversial subject. To¬ the various States and local com¬
day it is no longer an Experi¬ munities in the development of
ment, but a demonstration.
By great lakes here in the South.
all except a small
minority it is Here we have boating, fishing
now regarded
and hunting where thousands up¬
as a great Ameri¬
can
American
of
making crops
where
recently
only desert dust,
was
j
homes
and
land
on
there
by
of
are
grow
this dam marks
of
farms
thousands
result, the South and
a
the
This
work.
happened
yet
in
sas
control
whole vast river—and har¬
a
used to improve the standards of
living and comfort and efficiency
deep-water
manpower are more
tem of dams across the Tennessee
now
As
connected
now
of great
pride to me to dedicate the 16th
great structure built by the TV A
-v-the Kentucky Dam;
The sys¬
reliable
channel all the way to Knoxville
in
East
Tennessee,
650
miles
his
of
now
are
nessed and changed
(Continued from first page)
River—was
Thursday, October 18, 1945
living;.fuller.employment
and the
To
/
public ^good."
was;
These >l|n^^
COpted1 as; v law. " Establish; one'
around a man's house, around his
Fury^
Y.
ReserVe B^nk BparcI
business, and the: "don't; cro^s the
picket;line"£h# facts -
are; and the rtow Tst that people
j,^^wessors
i are x to.-he chosen have a perfect right{ta go through:
I hope that the development *of
this great valley here will result ^jweeAy
1 and i Npy^ 16 to those lines. It is up to the local
in the development of
(our other the/ following directors. of the New ^uthdriiies|To,^aee^iiafcth%^:.b^n'•
go
through - them without ; m<K
river valleys along -the same Mine.
lYork• Federal1 Reserve ;Bank,
testation.
You know, our resources have
iwliosp; ^ term^ i will
expire V ori
.Under Truman's regime, there
barely been touched. Somelbf our
Dec." 31; \ ""
national
is-an; opportunity; for^ mayors and
resources,
lumber;1 V for
^
instance, have been exhausted by
Class;. A-, director, Warren - Wr governors to see that this is done.
It isn't a "question of breaking a
senseless deforestation.
* '
jClute,.. Jr.; President,: Glen Na¬ strike; There: is^a$FederaLMa*^
We are; trying to remedy: that
tional Banfe; of £ Watkihs li Glen, now that strikebreakers cannot be
.
•
situation
This
now
by reforestation.
development
has
conclusively that a free
,
proven
people
human
do-
can
necessary
anything
race
We made that machine op¬
erate to the disaster of the dicta¬
Now, then,
we want to
keep
operating. We must
keep that machine operating.
We have just
discovered the
that machine
.
of
man
$hat; is
the welfare of the
as a.whole.
;; 2
world.
source
^irector^Carld/^C^^mhyay; Chair¬
for
We created the greatest
product
tlon machine in the history of the
tors.
Watkjhs Glen, N;* Y-V and class B
great
the sun's
power, atomic
qf
tiie' l^ard;and President,
imported'? into a > State; : This; is;
aimed at the old practice of indus¬
breakers. But, there is no law any^
Continental -. Can - Company, - Ihc:>
where that
New york,: N.\Y.
!
vprofessionat^| strike-*1;
tries: hiririg
to
Both directors
member
thpir
banks
*
were
in
«
.
elected
Group
3
by
and
successors will be chosen
byl
this group.. The member banks in
work,
a
or
worker who
anybody
wants
else;, can't,
walk through this picket line with
protection.; of
whom
him.
ting
he
the.-, authorities
pays
taxes
on :
to
this
and
to>;
protect
to
Some'local officials
are
their
get--.
prob-?
Groups 1 and 2 do not elect direc¬
lems
tors
They;;should keeplin mind: how"
this
year
and
will
ticipate in this election.
not
>.
par--
Calyin
are
being
Goolidge
solved
came
easily.
into Tame,
,
Truman
Urged by Commerce & Ind. Assn. to
Advance N. Y. as Seat of United Nations Council
'
'
U, S. Coast Guard
by the Com¬
merce and Industry Association of -New York/ Inc.
The- letter . of
Thomas Jefferson Miley, Secretary, setting forth the advantages of
the city as the most suitable world center for the Council follows: *
In selecting the permanent site of the. United Nations Security
Council,
central
location
ana**
—'.
:
" 1 "—-—
placed
transportation
and
came
im¬
portance. From the standpoint of
location New York is centrally
situated
of
number
Certainly
United
Nations.
city
has
direct
States
facilities
United
other
no
to
the
in
tional communications
The great
passed.
the
world
New York
The
new
the
are
stamp will be of the
the free
news
maintain
services
offices
Cents"' in
simplified filing and refiling pro¬
cedures, the liberalization of the
in
Across
press
accommodations
for
housing
the Council and the delegates and
From the standpoint of the
individual delegates, New York,
the entertainment center, the arts
center and the style center can¬
staff.
be
overlooked.
this
In
great
cosmopolitan city, whose citizenry
includes
representatives of every
nation in the world, delegates will
have the opportunity of associat¬
ing with many of their own coun¬
trymen, in reading newspapers
and publications in their own lan¬
guage and to engage any needed
clerical
tension from 30 to 60
staff assistance. More¬
or
as
consular
here is
composed
of
every commercial nation.
We earnestly beseech your active
support of our recommendation
that the many .advantages of the
City of New York /as the site
for the Security Council be placed
before
the
proper
body of the
of
corps
the
mortgage was orig¬
inally filed, (4) provision that the
removal
of mortgaged : property
does not impair the lien, (5) cov¬
erage of property in the same class
as
the mortgage property if ac¬
quired by the mortgagor during
the mortgage's span of existence,
(6) permission to make future ad¬
New York is considered
the most important consular post
by many countries, the foreign
over,
(2) ex¬
days of the
period for refiling, (3) permission
to refile at the office of the clerk
where
selected * representatives
(7) elimination of the ne¬
(8) the
previously mentioned provisions
permitting the'sale and use of
mortgaged
property,
redefining
'crops' and extending farm and
vances,
cessity for witnesses, and
crop
"A
loan purposes.
joint
acknowledgment
George
President
Bank, Herkimer, N. Y,, and Fred¬
eric E. Worden, Chairman of the
Committee
on
Legislation
and
President of the National Bank of
Auburn, N. Y., calls attention to
the legislation
as
a
'substantial
contribution
Council.
National
First
New
to
York
banks
and other agricultural lenders
to farm borrowers.'
Liberalized Mortgage
Loans In NY Explained
Liberalized
mortgage
loans for
farm borrowers under 1945 amend¬
'The
1945
model
over
for
forts
of
chattel
the
reforms
publication recently released to
700 banks ip the State by the New
Bankers
State
Association.
Prior to the enactment of the 1945
pointed out,
handicapped
by a
patchwork of conflicting
•agricultural
chattel
mortgage
laws, while borrowers who patJronized government agencies erfjoyed the advantages of up-todate
legislation
which
applied
only to these agencies. The Assor
bank borrowers
were
,
>
Henry P. Irr. Baltimore, Md., Vice
President of the
United States
Savings and Loan League,
Oct. 6.
it was
1937 that these
He emphasized that
the first time since
home
said on
dollar
mark
had
billion
institutions
lending
reached the three quarter
in new loan volume
tion which
was
supported by the
New York State Bankers Associa¬
now
war
stood the test of time for 11 years
without any substantial change or
and wartime home
ownership
went up to a new
undertakings,
added.
contributing causes for
high of $600,000,000, It was
modification.'"
.
Among
expanded new loan volume,
beginnings "Of the
G. I. home loan program, includ¬
ing priorities for new home build¬
the
Truman Salutes China
On Oct. 10, the 34th anniversary
of the
tion and drafted
by Alan J. Flat¬
tery, assistant to Crandall Melvin,
•President
of
the
Merchants
Na¬
tional Bank and Trust Co., Syra¬
cuse. r • - '
*
.
"Mr. Flattery has been Chajr-
|
man
.
of the Association's Subcom¬
mittee
<
i
Chattel
on
Revision
lecturer
since
at
the
Mortgage Law
1943, when, as a
Association's
an-
confidence
that;
China
•
he named the
would
possible for people to borrow for
home improvements up to $1,000
established for it by Dr. Sun Yat-;
without asking anybody.
Sen."
Said Mr. Truman, accord¬
"Of course the great bulk of the
ing to Associated Press Washing¬
loans the first half of this year
ton advices: -» *
were for home purchase," said Mr.
The American people today join
Irr.
He also noted that repay¬
the people of all free nations in
ments
on
existing
home loans
saluting the people of China upon
achieve "the democratic objectives
this
34th
time in
of China's
For the first
anniversary
national "revolution;
14 years China is able to
mual Farm Credit School, he called
attention to the handicap under
celebrate the Double Tenth with¬
»which banks and other New York
final victory in
;
,
agricultural
lenders ' were
then
operating, and suggested desirable
|reforms.
t
•
■•/*
Act, " which
mortgage
legislation applicable to banks and
ti
•
r -r-'
.
*
"The
makes
•
Anderson
Federal
agency
out
fear
of aggression.
.
.
.
from
regions
the", Army
State and the
the Department of
Free¬
War
'
The
which ,, are
assist American busi¬
Department,
anxious
to
possible in
speedy re¬
in every way
nessmen
broadcast.
was
some
is preparing to
withdraw, f; The matter, however,
is under constant consideration by
order to bring
about
a
normal relations between
turn to
the United' States
ated countries.
With
the war achieved,
China now faces the urgent prob¬
lems of reconstruction of her dev¬
astated nation—a task which will
require all of the inspired leader-'
ship and full co-operation of the
Chinese people which have been
Limit
cluded
dramatic recital of the
highlights in Mr. Willkie's career;
participants were Helen Hayes,
~
a
Beck
and
Gilbert
Mack.
Philip Willkie turned up
unexpectedly at the ceremony to
Lieut.
his appreciation to found¬
ers
of
the
memorial, to
his
fathers
.
■
express
,.
.
,
and the liber¬
-
;
Subscriptions
rbe permitted to subscribe to the
marketable securities in aggregate
amounts
inx
not
amount equal to
ment
an
States Govern¬
held
securities
of
excess
15% of the total
amount of United
the'sub¬
by
scribing company on Dec. 31, 1944,
or 6% of that company's total ad¬
mitted
assets,
that
of
as
date,
whichever figure is larger.
Facilities for Amer.
Businessmen in Europe
Caffery
announced on Sept. 25 that Amer¬
ican businessmen traveling in the
liberated countries of Europe will
henceforth
be
able
to
secure
Ambassador
Jefferson
transportation,
for a six-months period.
At the
provided they clear through the
same
time, the* repayments
by* Department of State in Washinfborrowers from savings and loan
ton and later through the Embassy
institutions, representing both pre¬
or
founding of the Chinese re¬
public, President Truman issued a ing by veterans which began to
statement, released by the White ^et underway during the first half
of the year. He also felt that the
House, commemorating the oc¬
casion, in which he said that step-up in home reconditioning
which were some 12%
Americans took pride in the "de¬ ioans>
ciation's advices state:
greater in dollar volume this year
"These advantages were leveled cisive role plaved by our gallant
than for the like period of 1944,
off by the enactment of the An¬ ally in this titanic; struggle for
was
due somewhat to the WPB
freedom," /"and "• expressed
derson chattel mortgage legisla¬ •world
amendment late in May making
*
particularly
which
a
tributes
t
continue diffi¬
outlying 'districts
will
and
former Under-Secretary of State,
Sumner Welles, led the program,
$833,935,000
was
first six months
of 1945 by savings and loan asso¬
ciations and. co-operative banks,
is
it
•amendments,
of
Conditions
in"
balcony of the building
overlooking the crowd, a program
of
total
A
have all the advantages of a
fair, modern
statute, especially
adapted to today's farming condi¬
tions—a statute which has already
Chattel Mortgage Law of
From
~
on
statutes are explained
"Agricultural Loans Under the
1945," a
mortgage
and
•
cult
loaned during the
revision,
law
Fund
service is rendered.
dom House itself,
$833 Million Loaned by
Savings and Loan Bodies
In First Half of 1945
ail
subcommittee
Service
Student
Jackson
New York lenders and borrowers
York
the
building, according to the "Times"
report, are the NAACP, the AntiDefamation League of B'nai B'rith,
the Citizens Housing Council of
New York, the Common Council
for American Unity, the Public
Education Association, the World
occupy
All charges will be
prices.
dollar value, but in the cur¬
a
rency of the country in which the
.
first-day covers
Through the ef¬
mortgage
able
:
to
are
Limited Transportation will
also be made available at reason¬
Willkie
a
which
accommoda¬
similar
home for
at
'
,
needed
Wendell
parallel to those in effect
prices
tions.
cies
philatelic Agency does not service
law,' the acknowl¬
the nation.
me
at
Ins. In V-Loan Drive
edgment adds, 'may well serve as
a
to
;
be
will
meals
and
i
'
By Ins. Cos., Savingsjl
and
State chattel
ments to New York
in
"
in person,
in which she
an appropri¬
Rooms
on
Agriculture and
on
the
of
modations elsewhere.
appear
message
r
——
have not been able to find accom-
saying that although Mr. Willkie
had never held public office and
Stamp collectors desiring firstspent only a few years in public
day cancellations of the 3-cent
"Coast Guard stamp may send not life, "within that short space of
time, he became an outstanding
in excess of 10 addressed envel¬
force for human betterment, and
v
opes,
accompanied with remit¬
a
symbol of popular hope, not
tance for the stamps to be affixed,
Secretary of the Treasury Vin¬
only
in
his
own
nation,
but
to the Postmaster, New York 1,
son madd.public* on Oct. 8the lim¬
N. Y., in time for servicing before throughout the world of free and
itations to be placed on subscrip¬
democratic peoples."
Nov. 10.
The stamps will be on
Dr. Harry D. Gideonse, Presi¬ tions, including deferred payment
sale at other post offices through¬
dent of Freedom House, sponsor
subscriptions,
from
insurance
out the country as soon as distri¬
of the ceremony, read a number •companies and savings institutions
bution will permit.
of messages honoring Mr. Willduring the Victory; Loan Drive.
For the benefit of collectors de¬
kie's memory, among them one in These decisions were reached after
siring stamps of selected quality
which President Truman, said the
consultations with representatives
for philatelic use, the Coast Guard
"Times," observed that "a great of the two groups affected, ac¬
stamp will be available at the
and dynamic personality was lost cording to the Treasury Depart¬
Philatelic Agency, Post Office De¬
to
his
country
when
Wendell ment,, which added:
partment, Washington 25, D. C.,
Willkie died."
The program in¬
"All insurance companies will
on and
after Nov. 10, 1945.
The
by
Chairman of
Sluyter,
J.
the Committee
Fiftn'4>
building bearing his name
work¬
ing/toward causes in which he
deeply believed." The seven agen¬
is
the
wording
"U.
S. Coast
of mortgageable chat¬
Guard" in white face lettering of
the inclusion of addi¬ the same
type.
To the left and
tional purposes for which farm
right of this wording and slightly
and crop loans may be made.
elevated are the dates: 1790 and
"Advantages to lenders include
1945, respectively, in dark Gothic,
(1) extension to three years of the
The color of the stamp will be
duration of a mortgage lien from
announced later.
New York offers the most mod¬
the
of
should house organizations
tels, and
the date of original filing,
York.
New
of the
bottom
.
ters in
that
lettering.
stamp
Gothic
dark
the
not
a
seems
memorial to
ate
definition
that the dissemina¬
so
will also be aided by
Borrowers
would be assured.
In
addition, the large interna¬
tional banks have their headquar¬
not
said "it
under the original mort¬
coming from a Supply Ship in the
agreement and permission to
background. Across the top of the
use, consume, sell, and exchange
stamp in dark Gothic lettering, is
mortgaged
goods provided the
"United". States
Postage" on
a
proceeds are- used in accordance
shaded
panel.
Directly
below
with statutory conditions and the
this panel, on the right side Of the
conditions stated in the mortgage.
stamp,
appear
the
words
"3
unsur¬
did
she sent
advices state:
The Post Office
vances
tion of information regarding the
activities of the Council through
ern
didate
the establishment of this service:
farm
the
"From
Minister
Bonnell,
that " Alexander
gage
travel
of
part
every
,
globe by air, water and rail equal
to those available here. Likewise,
with respect to radio, cable and
telephone New York's interna¬
of
on
borrowers'
special
delivery size, arranged
point of view, important privileges
horizontally, with a single line
extended by the new law include
border.
The central design shows
with respect to the great¬ the ability to secure future ad¬
two 'Coast
Guard landing-craft
tions should be of paramount
est
of the
first
be-
Dewey last March, and
effective Sept. 1, 1945.
It was at this loca¬
10,
witnessed by two thousand persons who stood in front
flag draped structure, it was noted in the New York "Times"
Oct.,9.-..'The invocation was pronounced by Dr. John Sutherland
ceremony
Hamilton, Avenue-Presbyterian Church. AlSecretary of the Treasury, though Mrs. Edith Willkie, widow
made his speech recommending i of the one-time Presidential can¬
tion
other lenders, was signed by Governor
communica¬
the
at
Streets, New York, N. Y.,j
Nov.
on
,,
.
,
sale
first-day
on
Sub-Treasury Building, Wall and
Nassau"
Willkie, the Willkie Memo¬
stamp of the; rial Building of Freedom House, 20- West Fortieth Street, New York,
Forces " Series
will "be; was dedicated on the first anniversary of his death on Oct. 8 at a
Armed'
permanent seat of the United Nations Security Council
availability of adequate accommo- J
dations and of direct world-wide
Willkie Memorial Building Dedicated
A monument to the late Wendell L.
Guard
Coast
States
the
that
nounces
New York as tne
President Truman has been urged to advance
Stamps
uoidniau cu3-cent United
" rosiinaacor Aioert
;
1871
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4430
Volume *162
lodging, food
and
Legation of the United States
the respective countries they
wish to visit. The Foreign Serv¬
ice of the United States through
in
the
American Embassy at Paris
"Savings institutions, which are
deposits, savings and loan
building and i loan
associations,
cooperative
banks
and credit unions, will be per¬
mitted to subscribe to the mar¬
associations,
the
priority basis, provided, how¬
this does not interfere with
Army's redeployment pro¬
of long ne¬
of
an
equal to twice the amount
of the net increase in assets (to¬
tal assets less borrowed funds) of
the subscriber during the period
July 1, 1945, through Sept.
30, 1945, plus 7% of the amount
of United States Government se¬
from
curities held by the
1945.
subscriber on
The formula set
groupvVas reached in rec¬
ognition of the difficulty in
ing
normal
the
meet¬
consistent interpretation of
a
portfolio adjustments and
disparity in growth of assets
among
individual institutions fall¬
ing within this group.
"Insurance
This is the outcome
aggregate
excess
amount
gram.
gotiations conducted by the De¬
partment of State and the Em¬
bassy at Paris with Army officials
in the War Department and in the
in
not
for this
ever,
in
securities
ketable
amounts
agreement has been reached
Army and the State
Department
whereby American
businessmen
can
gain access to
Army quarters and messes, as
well as transportation facilities,
on a
savr-
as
mand
June 30,
An
purpose
ings banks that do not accept de¬
further reports:
between the
this
for
defined
ings institutions are requested
to
use
vent
,
"
companies and sav¬
not
these formulae to circum¬
the
non-bank
Treasury's request that
investors
refrain from
The housing, selling securities heretofore ac¬
feeding and transporting of Amer¬ quired in order to obtain the funds
ican businessmen
could not be
to subscribe for securities offered
provided without the active par¬
in the Victory Loan Drive, except
ticipation of the Army, which, in
have been increased by the same
for normal portfolio adjustments.
high wages and full employment spite of its rapid demobilization
"It will facilitate handling of
as
have brought the increase in operations, has offered every as¬
home ? ownership
undertakings. sistance to make this plan possible. these subscriptions if each insti¬
•These repayments were up 10%
In Paris, where conditions are
tution planning to subscribe under
over the like period of 1944.
more
difficult than in any other
*
these formulae will furnish the
European city, a hotel and mess
i-tn
so
during these years of
desperate struggle
for survival
and without which Japan's savage
of
Theater.
I.
■
evident
aims
European
aggression
succeeded."
"
-
'
might
"
have
will
be
transient
operated exclusively for
American businessmen,
the
care
of
a
Federal Reserve
Bank of its dis¬
entering subscrip¬
tions, with the figures applicable
few businessmen who to it under its formula."
This hotel,
California, has already taken
effective Oct. 1, 1945.
trict, prior to
\/
1872
THE COMMERCIAL & FINANCIAL
CHRONICLE
Agricultural Department Report
Crops as of October I
The
United
Oct.
on
give
States
below;
*
prospects
in part
National
of
affected some impor¬
Wet weather, some
drought, extremes in tempera¬
tures,, and early frosts all con¬
crops.
somewhat
the
prospects for som$ crops
Oct.
Washington
1, which we
stock
1945
will be diverted to
corn
result.
the
was
indicated
indicated
than
since
at
com
for
heaviest
1926.
It
the
normal
and
tember
not
for
some
crops
outlook
beets
sugar
for
and
some
States,
more
or
but
reductions
less offset
are
by gains in
other States. Harvest returns disclosed that yields of spring wheat
and
barley
were
turning
out
slightly lower, but yields of oats
and
flaxseed
were
exceeding
-eaiTier expectations. Tobacco, po¬
tatoes, sweetpotatoes and some
other crops show net gains over
\ a
month
ago.
September was
$ favorable
for pastures and for
milk
and
egg
production,
but
seasonal farming operations were
delayed, and
once
again this
not
only
to
lessen
the
threat
of
.spoilage to
frost damaged corn,
but also to permit
resumption of
field work, especially
harvesting
operations
winter
and
the
seeding
the
Oct.
1
of
includes
lower
record
truck
midseason
almonds,
crops
flaxseed,
and
sugarcane
are
of
expected
and
Near-
corn
In
Northern
States,
cially from Wisconsin
westward
tains,
to
the
weather
Cascade
bumper
a small
wheat
crop
any
part of
remains
unharvested, the bulk being safely
in
store.
Rice
harvest
de¬
was
layed by heavy rains in Arkansas
hut made good
progress in Lou¬
the
hens
corresponding
pected to
dozen
1944
last
feed
crops
is
areas
Areas hit by frosts
appreciable
soft
or
to utilize in the com¬
have
used
or
pasture.
as
Even
the aggregate tonnage of feed
grain crops seems likely to reach
121 million tons. Production of all
a
ciable
and
week
and
acreage
to
10
across
of
corn,
otlier c-nps at
of imnfaturitv.
an
A
supplies in
Pasture
years.
ord
the
is
13%
outcome.
Locally, large
1942.
condition
than the
during
conditions
on
usual
the
sea¬
month,
good
are
to
damage. The October fore¬
was
a
month
promise for
billion pounds.
2
made
harvest
is
sidering
progress
well
the
crop
The
and
of
late
tobacco
advanced
con¬
Wet weather
detrimental to peanuts in the
South Atlantic
the
East
States, to soybeans
North
Central
States,
dry beans in Michigan and
New York.
.
a
difficulties- experi¬
enced from weather.
final
Tobacco
ago.
holds
crop
an
acreages
more
feed
and to
the
last
2%
and
year
cultivated
tree
age.
.With
harvest
of
commercial
reasonably certain that aggregate
production for the entire year will
establish
Frosts hit beans in the
Western States, and checked the
a
new
high
Production
record-
during
the
winter
was about 7% less than in
1944 and in the summer about
2%
less. But a 6% increase in
spring
production and
indicated
an
larger fall outturn
the
year.
31%
sufficient
are
bring about the 5%
for
increase
Abundant
supplies
of commercial truck
crops for the
fresh market are in
prospect for
this fall.. Except
cated
fall-season
is
crop
for celery, indi¬
production
of
well
above
that
1944, and except for green
considerably
of
peas
above
average.
Aggregate production of fall crops
is now indicated to be
31% greater
than in 1944 and 48% above aver¬
age.
Oct.
1
late vege¬
processing continued
active through September.
prospects
for
76%
of
the
region.
and
during
Most
of
the
States is utilized
in
Virginia, West Virginia
Florida,
while
prospects
Sep¬
the
main-
planted
late.
But the major portion of the
corn
acreage on Oct. 1 either had not
yet been touched by killing frost
sufficiently mature
to
damage. By Oct. 10
escape serious
killing frosts had occurred in the
major portion of the Corn Beit.
Dry warm weather is now needed
than offset
more
in
the
other
Texas
Arkansas
and
bushel decline
a
corn
yield,
while
South Central States main¬
tained earlier prospects.
of these States'af£
Several
ihaking record
average yields and production this
year.
Frost
damage
inmany
Western
States
tended
to
reduce
yields,
particularly in Colorado,
Wyoming and Idaho, but yields
improved in New Mexico and
Oregon.
f
Corn
mature
the grain arid reduce
high moisture content of the
Alabama,
nessee,
crop-
able proportion of the
acreage was
vulnerable to frost damage be¬
and
were
maintained in other States. Gains
of a half-bushel in
yields in Ten¬
area, where a consider¬
[Ar.
change.
South
region showed increased
production prospects, due to gains
Frosts occurred near the
usual dates in northern and west¬
'
suf¬
offset de¬
Atlantic
tember.
'
Dakota
than
for silage and forage. The
to fall short of meeting the
Corn—Earlier prospects for an¬
3 billion bushel corn
crop
ears.
no
acreage in these
other
to
South
more
in
showed
requirements in 1946.
was
prospects imago in In¬
month
a
prospects in eastern New England
while other North Atlantic States
relatively few seeds, such as alf¬
alfa, alsike clover, white clover,
and Kentucky
bluegrass, are ex¬
or
of
much
Ohio, Nebraska and
Kansas, with Iowa and North Da¬
unchanged.
Slight
gains
were
registered
since Sept. 1 in corn
production
year,
been
at
in
kota
in sharp contrast with the favor¬
able weather last year, supplies of
had
corn
occurred
dates
Yield
over
Missouri
oc¬
cur¬
tailed the acreage harvested. Even
with the unfavorable late summer
and early fall weather this
it
1944
diana, which is producing an all
time
record
crop,
in
Illinois,
Michigan, Wisconsin, Minnesota,
clines
cause
moisture
total
frosts
usual
ficiently to
of
the
until
progress
near
only reduced yields but also
portions
9.
in
an extremely un¬
planting season and a
rather rainy and cool
growing sea¬
son,
the crop made unexpected
curred at harvest time which not
ern
and
yield
favorable
proved
producing
8
on
In spite of
crop.
to be made this
strengthened
Oct.
on
effect
high
tion forecasts
is
to
be harvested
currently
million
87%
the
of
for grain
estimated
at
2,680
approximately
bushels,
,
estimated
Corn production is estimated at
3,078 million bushels on the basis
duction of all
of
with
total
pro¬
This compared
million
bushels
for
corn.
2,910
grain in 1944, which was 90% of
all corn production. This
prelim¬
1944.
with
Oct.
1
conditions.
This
is
an
improvement of 9. million bushels
the Sept. 1 forecast. Such a
crop would be the third largest of
record, exceeded only in 1942 and
The
bushels
with
pares
yield of 33.4
harvested acre com¬
33.3 bushels forecast
average
per
foT
appeared
corn,
tomates)
of about 5.300.000 tons
for this season, which is 4%
larger
than production in 1944 and 41%
the
Tomato
10-year
.
average.
production
prospects
improved slightly during Septem-
feed
that
so
supplies
Farm Stocks
bushels
on
in
lent
1942.
These
estimates
of
pro¬
duction and yield include corn for
all
purposes — for
grain, silage,
forage, hogging and grazing.
Development of
the
was
weather
crop
benefited
by favorable
during the first third of Septem¬
ber, but the remainder of the
month
tures
below
were
result
rainy and
was
corn
in
tempera¬
normal..
As
a
Northern
States
continued
green
and
growing,
with ears containing a high
pro¬
portion of moisture. Light frosts
in
some
areas
growth,; while
Northern
and
tended
to
severe
frosts
Western
killed much immature
check
in
States
corn.
Sal¬
operations of cutting corn for
silage and forage were hampered
sometimes\by rain and muddy
fields.
Most
of
the
immature
or
livestock ,to
are
as
utilize
it.
Farmers
prepared to salvage this corn
silage and fodder, or by hog¬
and grazing. Few of these
ging
areas
cash
are
corn.
normally
A
producers
serious
situation
the
—
Stocks
of
old
of
the
307
corn
re¬
farms Oct.
1, equiva¬
10.5% of the record 1944
production.
Though nearly 50%
larger than the relatively low
to
stocks
a
these stocks
year ago,
smaller
than
Oct.
on
1
of
are
any
of
the
preceding
six
years,
and
slightly below the 1934-43 average
for
441
the
date.
million
since
ter.
July. 1
The
bushels.
the
start
is
added
the
October
to
the
estimated
from
the
with
3,116
pared
year
Oct.
heaviest
July-Ofctober
average is 262
Farm supplies of
of
of
farms
on
quar¬
ipnillion
<k>rn
at
feeding
reach 2,987 million
when these
stocks
are
bushels
a
the
from
thus
season
grain
Disappearance
bushels
record for the
ago
and
1, 1943.
-
new
for
corn
crop,
com¬
million bushels
3,084 million on
' ■
' - '
X
,
-
Wheat—Production of all wheat,
now
indicated
at
1,149,825,000
bushels, remains the largest on
record,
exceeding the 1 previous
record
crop
of
1,078.647,000
by
year
wheat
nearly 7%.
production of
last
All
spring
312,856,000
bushels is nearly
equal to last
year's crop of 314,574,000 bushels.
of
The
decline
is
the
estimate
likely to develop in southern Min- ! production is
nesota and extreme northern Iowa
for
comparisons
in previous
years
may be made before
usual December estimates.
million
favor-
pimientos, and
year,
mained
an
beans, kraut cabbage, green
second
Sept. 1* with 33.2 bushels in
1944, and the average of 26.8
bushels, and was exceeded only
eight
oeas,, sweet
inaryestimate is made
on
soft corn resulting from frosts in
aggregate tonnage 0*7
Michigan, Wisconsin, North Daprocessing vegetables' kota, South Dakota, and Nebraska
fcanning beets, green lima beans, is in areas which have sufficient
able
above
recorded
ultimate
North Central States account for
2,351 million bushels, or 8% less
than production in these
States in
1944.
Thus these States account
month) will be harvested this year,
compared with 4.4 million last
year, and the average of 3.4 mil¬
were
a
this
grain.
million
Unusually wet weather
be
of
areas depends
upon whether
the fall weather will be
favorable
for
curing
the
more
vage
harvesting of
for
the
snap
were
the
lion.
all
or
these
crops
are
will
corn
parts
over
; v
crops moving into the fall
producing areas, it now appears
to
that 4.3
in
where light to heavy frosts
The
below-average
seed
immature'
problem
area,
(not in¬
cluding alfalfa, lespedeza, and Su¬
dan grass feed, for which
produc¬
the
of
(walnuts, pecans, almonds,
filberts) in 1945 is indicated to
be slightly larger than in 1944 and
ouite
over
sorghums
,
below
production
deciduous fruits
nuts
estimate
the
on
rec¬
Combined
principal
Production
The
in
bearing
were
below average.
tables
was
important
cherries
sour
lows.
of
for 9,779 thousand bales,
still
aoore-
have
production,
ap¬
ples and
down 247 thousand bales from the
various stages
will
citrus
average.
peak
cast
The full extent of
weeks
record
probably about 5%
above
last
year's
record
and
27%
above
the damage is not measurable
at
this timo.
Weat^or renditions in
coming
the
truck
weevil
and
days earlier
cauvht
be second only to
about one-third greater than aver¬
The 1945 cotton
crop showed the
month
higher
usual
billion
5%
so,
but
altitudes of the
Great Plains States. These freez¬
ing
temperatures
struck
some
than
4.6
A production of this
21
the
Illinois, southeastern Ne¬
braska, and northeastern Kansas;
thus
acre.
estimated
of
ex-1 pected
more than last season.
The crops
of peaches, pears and sweet cher¬
ries were record highs while
for
generally favorable. This is true
practically all sections of the
country except parts of Texas,
New Mexico, and local areas in
sonal-decline
Nebraska and southward
the
about
year.
be
1945 bloom is expected to be
abput 5% less than, last season,
but about 17% greater than aver¬
effects of excessive
rains,1 hot and
dry
weather
and
further
boll
over
reach
last
may
the
Toward
western
1945
tion, including citrus crops from
is
northern
100
This season's total fruit produc¬
areas.
Iowa and
per
record.
each
northern
period
for
eggs.
size would
very good outside of parts of the
Southwest and other limited local
ha^d-killing freeze swept
with
season
laid
record level.
a
Production
experienced in the
Rocky Mountain States
from mid-September
on, causing
damage to feed crops and beans.
the
eggs
for
outlook
was
generally abundant
during
September. Range feed prospects
Moun¬
were
of
of
above last season, is in pros¬
pect. All oranges are indicated to
be 3%
less but grapefruit 23%
The
Oct. 1 is among the
highest ever
reported for that date. Green feed
northern
close
far this
so
Although the
layers was 8%
smaller, egg production for the
first three quarters of this
year
was
only 5% below that of the
showed
the
poultry
exceptionally
been
average number of
half of September was
mostly too
cool for proper develooment of
the late crops.
Frost and some
p
Farm
year.
have
number
snow
*
last
age.
isiana.
20
espe¬
the
the
Only
Sup¬
plies per animal unit appear to be
slightly larger than last year and
the largest in a record
covering
and Illinois
during
other year.
billion
the
below average, however.
the
(tons more than produced in
97.2
including Oct. 1 farm
of corn, barley and oats
production of corn arid sor¬
ghum grain, totals 123 millon tons,
2 million tons above
the supply
last year, but 6 million tons below
apples,
beets, dry b&ms and broom-
are
This estimated output is 2 million
stocks
above average crops of
barley and
sweetpotatoes.
Production
esti¬
mates
for
cotton,
rye,
sugar
grain production, including a wheat crop of 1,150 million
bushels and a rice crop of 72 million bushels, totals 37 million tons,
arid
as well' as big crops
sorghum grain, and
and
corn
Food
The
grapes
*
behind schedule
almost everywhere.; -:
:
are
riod
flocks
productive
virtual
a
1945 totals
pounds, up over 4 billion pounds
from production in the same
pe¬
the second largest ever
produced.
supply of feed grains on
farms now,
oranges,
It is
acres
of
adjacent portions of southern and
million
the
proportion
western
The marked ex¬
pansion in acreage this year and
last resulted largely from attrac¬
tive support prices, and
acreage
and poundage payments for im¬
portant kinds of seeds.
cow
including the big hay
crop and a fairly large tonnage of
sorghum forage, promises to oe
for market.
of hay, potatoes,
crops
record
to
feed crops,
crops
hops
seeding
fooder
wheat, oats, rice, soybeans,
peanuts, tobacco, peaches, pears,
early
and
grapefruit,
ind
"wet" corn
of
'
harvesting
rains
ing feeding season, and much corn
will have to be fed as
silage and
prospects for some crops, the ag¬
gregate total production indicated
on
excessive
months of
for
South
some
plowing
may
wheat.
Notwithstanding
outlook
In
clover,
pounds.
The
production ' this
attributed entirely to an
per
large
a
fed locally. A
frost-free October
would have been
necessary for all
corn
to mature in Missouri
and
average
offsets
yields
record. With pro¬
at or near the
new
the Northwest.
sea¬
son a
backlog of work developed.
Dry weather would be welcome
-
the
States
brought
corn, peanuts,
rice is down ini
than
level ever attained, the
volume for the year seems
likely to hit 123 billion pounds.
Production
for
the
first
nine
and
crops
standstill and impaired quality of
crops that had reached
or
were
in the harvest stage.- Fall
or
a
quite
winter-cover $ crop
417.4
-
is
year
Milk production promises to
per
to
expansion in acreage, which
1943, slightly less than produc¬
1944 or 1942, but substan¬
tially larger than in any other
year.
and
about
tion in
establish
expected
Sept. 1.
on
above
of
duction
where
acreage is immature and will
pro¬
duce soft or at least
chatfy corn
in excess of amounts
which can be
tals 470.2 million pounds of clean
seed, and is indicated to be 2%
larger than in 1944 (460.3 million
pounds), and 13% larger than the
10-year
(1934-1943) average of
of
approximate 45 bil¬
lion pounds live weight. This to¬
tal
would
be
about
6
billion
pounds below the record output
also
States, the Lake States
Missouri, Arkansas, and
in
adjacent
that were at the harvest stage,
namely cotton,
sorghums, soy¬
beans, dry beans* and buckwheat,
-The
rains
the late feed
pastures.
Atlantic
Sep¬
that had
already reached maturity,
The
crops.
improved
wheat
off during
fell
Based
crops
.for
seeds, for which production fore¬
casts have already been
made, to¬
should
year
total
sown
and
Prospects
1945
true
Production of 21 kinds of
highest
benefited
late com before ma¬
some
record.
is
same
not
are
grass,
and
month
above
was
on
the
the
reach the production levels indi¬
cated
third
or
and
crops
in
same
pigs, lambs and calves, the num¬
ber of chicks and
turkeys hatched,
marketing weights for meat
animals and poultry, farm
pro¬
duction of cattle, hogs,
sheep and
poultry for the current calendar
September
for
pastures in the Southern sections
turity.
5
the
to be second
the size of
fall
ago.
Early September weather
promoted rapid development, but
Jdlling frosts at the end of the
month
and
in
early October
cauvht
products
be about
largest volume
on
seeding operations and will help
germination and early growth of
month
a
to
is expected
'
1
Precipitation
lower
3*078 million bushels is not much
different
livestock
the aggregate volume produced
but about 5% below the
all-time high in 1943. Production
1.
The forecast for
record.
and
seems
last year,
Aggregate total crop everywhere, except in the area
production, however, still prom¬ extending from Texas to Cali¬
ises an output equal to that pro¬
fornia.
Beneficial
rains fell in
duced in either of the exceptional
the hard red winter wheat States,
where soil moisture has been very
years 1942 and 1944. The total is
expected to exceed production in deficient. Preparation of ground
the big year, 1943, by about 6%
and wheat seeding had been held
and
the
1923-32
"pre-drought" up because of the dryness, al¬
average by 24%. Food grain pro¬ though some wheat was seeded
duction is the largest and feed in the dust. These
general rains
production the second largest on have put the ground in shape for
on
ber,
Thursday, October 18, 1945
Georgia pimientos. A record high
production of green lima beans is
in prospect. The other vegetable
States.
Sugar crops
continued to make good
progress.
Total farm production of live¬
silage,
forage, or pasture. Adjustments
in feeding practices and kinds of
livestock to be fed are; bound to
adversely
to
Western
as
only slightly during Sep*
.tember as a result of weather that
tributed
Agriculture, at
Potatoes,
however, improved in the Central
and
de-
crop
clined
tant
of
Department
%
on
issued its general crop report as of Oct.
10,
late potatoes in Maine.
million
from
of
a
bushels.
all
last
month
spring
in
wheat
little less than 2tz
This was due to
Volume
162
-Number 4430
THE COMMERCIAL & FINANCIAL
CHRONICLE
C'i"
4 some
harvesting .losses
however, were moderate
which,
and
43.0; Illinois at 48.0 bushels equals
the previous record.
oc¬
In
Maine,
the
failed
crop
make good growth after
Sept. 1.
only
limited
areas. 4 Oats
Tuber
Stocks on Farms: Oct. 1
growth
was
limited
by
£ Weather in general was very fa¬ stocks of oats on
farms are esti¬ aphis and flea beetles. In Aroos¬
vorable for harvest. Some sprout¬
mated
took
at T,318,666,000
County, killing frosts ter¬
bushels,
ing of unthreshed grain occurred
equivalent to 83.3% of the 1945 minated the growth of potatoes 011
in northern Minnesota and
parts crop. This is more than one-third Sept. 18 and reduced
production
of North
Dakota, and there was above the
950,861 bushels held from that expected earlier in the
some
shattering of standing grain. last year and about a half
season
from the late acreage in
larger
Compared with such losses in re- than
the 1934-43 average. Stocks this area.
However, the Maine
cent years of
heavy crops, how¬ are above average
crop shows unusually good quality.
everywhere ex¬
ever,
the losses this year ' were
cept in the North Atlantic region. On Long Island, quality and size
comparatively small, and an un¬
They exceed last year everywhere of potatoes harvested this year
usually high percentage of the
been
except in the North Atlantic and have
good.
About fourcrop was completely garnered.
Western regions.
The large crop fifths bf the crop was harvested
Other spring wheat
production and late harvest have made stocks by Oct, i. Yields of Green Moun¬
is estimated at
279,885,000 bushels, high both in bushels and in
tains and other late varieties are
per¬
slightly under last year's 282,641,centage of crop.
exceeding earlier expectations. In
000 bushel
crop.
Durum wheat
Disappearance from the 1945 up-state New York, potatoes have
production of 32,971,000 bushels is
supply on farms (the July 1 farm suffered heavily from blight and
a
little above last
year's produc¬ stocks
plus the 1945 production) insect damage this season. Only
tion of
31^33,000 bushels.
totaled 476,242,000 bushels. This in properly sprayed fields on high
The all spring wheat
is above the
yield of
disappearance of 400,- lands are satisfactory yields being
16.9 bushels per acre
equals last 824,000 bushels during the corre- secured. Digging was delayed by
year's yield of 16.9
bushels, and sponding quarter of 1944, and the rains during the latter part of
has been exceeded in
only three 363,641,000 bushels average for the September. Potato yields in Penn¬
previous years. The durum wheat quarter.
sylvania are spotted but slight
A
yield of 17.4 bushels per acre is
occurred
during
Barley—Barley production, esti¬ improvement
2.3 bushels above last
September
year, and mated at 277,246,000
following
beneficial
bushels, is
has been exceeded in
rains in the western I counties.
only one only slightly changed from a
other year of record.
The other month
However, digging has been de¬
ago. The crop this year is
spring wheat yield of 16.8 bushels about
21/£% less than in 1944, but layed by these continued rains
per acre is nearly half a bushel
and some rot has
is about I V2 % above the 1934-43
developed in low
below last
year, but has been ex¬
lying fields.
average, despite a much smaller
ceeded in only four other
years of
acreage for harvest than last year
Digging of the Michigan crop
record.
The decline in the allor the
average. The indicated yield is running behind schedule be¬
spring wh^at yield of one-tenth of of 26.1
bushels per acre is the cause of wet weather since mida bushel
per acre since Sept. 1 is
The
highest since 1915. This high yield September.
mid-September
due
primarily to declines in other is about 3
bushels per acre above frost in the commercial area has
spring wheat yields in North and last
resulted in a larger proportion of
year and almost 4 bushels per
South Dakota.
Oct. 1 yield estiacre above the
10-year average. small potatoes than was produced
; mates are higher than last month
laSt year. In Wisconsin, the
Most States indicated no
crop
change
in
the
Mountain
and
Pacific in
made large production but
yield, from last month.
The has
\ Northwest States. This year the most
significant change was in quality is doubtful because of re¬
unusual situation of durum
wheat Wisconsin
where yields are turn¬ ported
grubworm
damage
and
yielding above other spring oc¬
ing out considerably better than some late blight rot. In Minne¬
curred
in the Dakotas.
Durum expected and a
sota, yields are generally high,
yield of 39.5 bush¬
out-yielded other spring
by lVz els per acre is indicated
compared especially on the heavier soils.
bushels per acre in North Dakota
with. 38.0 bushels forecast last However, considerable blight, ring
and one-half
bushel in South Da¬
rot and other disease damage is
month.
Michigan
yields
are
kota, while in Minnesota the
slightly above a month ago, while noticeable in the extreme north¬
durum yield is 2% bushels
under all
ern
other
North Central States
part of the Valley, particu¬
other spring.
r
show no change from that indi¬ larly on the lighter soils. Excessive
The
indicated
rainfall in much of the northern
production
of cated on Sept. 1. The season
gen¬
wheat by classes is hard
section of the State is delaying
red win- erally has been
very
curred
1873
to
little-realized
Heie and There
in
"bigness" in the
(Continued from first page)
cause
But
rise
a
what
estimate
the
not
public
realized
resulting
assumes
of
come
J
in
is
the
even
huge
in
national*
.
ter,
524,000,000 bushels; soft red
winter,
243,065,000;
hard
red
„
spring, 242,397,000? ' dhrum, 33,784,000, and white wheat, 106,579,-
i
000 bushels.
This year's big wheat
crop is reflected in larger
produc¬
tion than last
year in each class
of wheat
except hard red
spring,
particularly in the
hard red win¬
ter and soft red winter
classes.
Farm
Stocks of Wheat—Stocks
of wheat on farms Oct.
1 are esti¬
mated at
539,217,000 bushels,
com¬
pared with 532,270,000 bushels on
the same date a
year ago, and the
10-year 1934-43) average of
378,441,000 bushels. Although stocks
remaining on farms are higher
than,any other year of record ex¬
cepting the 640 million bushels on
Oct. 1, 1942, the stocks in
per cent,
production are comparatively
of
low.
Disappearance
of wheat from
farms is the highest
on record
for
the first quarter of the
crop mar¬
keting year—8% larger than last
year
and
two-fifths
larger
than
average.
1,583,650,000 bushels
previous
139
record
exceeds
crop
of
1920
the
by
million
bushels. The current
production exceeds the 1944
pro¬
duction of
1,166,392,000 bushels by
36%, and is about one-half larger
than the *1934-43
average.
The season was
exceptionally
favorable for oats. Moderate tem¬
;
peratures
in main
the
and
;
period
1934-43
for
development
of
average
in
most
States.
Below
average
yields are esti¬
mated for the northern New
Eng¬
land
States, New Jersey, Missouri,
Kansas, and Oklahoma. Very high
yields
attained in the north¬
ern Corn Belt
States. Yields lower
than in 1944 are estimated in
were
New
York
vested before the heavy Septem¬
ber rains fell.
V '
*
:'
'V
Stocks
1,
of
1945,
barley
farms
on
amounted
of
hand
for
the
Oct.
and
New Jersey
and
in
States westward from the Plains.
New record yields
per acre for
grain are estimated in the
oats for
-following States: Wisconsin, 51.5;
Minnesota, 46.0; South', Dakota,
,
Oct.
to
production,
of Oct.
as
losses
equivalent
to
52%
of
Nebraska is the only late West¬
ern State for which
this
percentage
farms
of
Oct.
cent
in
the
States
In
bushels,
a
rye-
Great
larger
per¬
ago remains on
East North Central
in
relatively
the
on
year
the
and
a
low
still
principal
of
the
South
where
a
higher
percentage
is
and where ad¬
delayed seeding
this fall. Large rail
shipments of
rye are reported from States with
marketable surpluses. Farm stocks
needed
verse
of
for seed,
weather has
rye
mated
on
Oct.
1
have
been
esti¬
only in 1944 and 1945.
Potatoes—A potato crop of 435,395,000 bushels is indicated for
the
Nation.
In
1944
the
crop
amounted
to
379,436,000
bushels
(1934-43)
period.
Even
though
the prospective national
crop in¬
creased
2l/z
million
bushels
dur¬
ing September, there was a drop
of about 3 million bushels in the
Maine prospective crop. This de-r
cline was more than offset
by im¬
proved prospects in some of
Central and Western States.
the
A crop of 303,264,000 bushels is
indicated for the 18 surplus late
States, compared with 271,479,000
bushels
in
1944
average :: of v
Production
amounted
in
1943,
year.
the
the
257,604,000
for
to
and
these-
328,581,000
record
44.4
Prospective
cut
1945
very
crop
contrast,
than
farms
the
in the
1
producing
Plains.
is
is
Sept.
1.
10-year
bushels.
States
bushels
areas
below
of
by frosts.
continued
On Oct.
year
the crop now
prospects
this
yields
State
generally until late
curred
in
in
In Montana, growth
September when killing frosts
In
on
were
in
oc¬
main
the
all
parts
of
the
State.
late-producing sec¬
tions of Idaho, frosts had killed
nearly all the vines by the end
of September.
However, there
apparently had been no freeze
damage to tubers prior to Oct. 1.
Maturity of the crop was has¬
tened by early frosts, thus per¬
mitting
harvesting
for
storage
than
earlier
wise
would
have
other¬
possible.
been
This
exten¬
sion of the
harvesting season was
as
the supply of labor
harvesting the crop is limited.
Quality of the Idaho crop is vari¬
welcomed
for
able: with
many rough potatoes
produced in fields planted early.
from later plantings are
generally
smooth
but
sm a 11.
Tubers
Harvest in the San Luis Valley of
Colorado got under way rapidly
as
vines
were
killed
by
early
frost.
Quality of potatoes in the
Valley is exceptionally good. In
northern
Colorado, frost caused
vines to die earlier than usual
but harvesting operations were
not being rushed by late Sep¬
tember.
V
of
The
the
Pacific
crop
Coast
of
States
each
ex¬
reserves
and
thus
In
hinders
capital-financ¬
preventing
ex¬
re¬
legitimate investor.
In
obstruct¬
ing the accumulation of adequate
corporate reserves, it undermines
the
position
of
the
holder
of
bonds and preferred
stock; in the
of the common stockholder
it
case
additionally
him
prevents
reaping 1' needed
from
cyclical
profits
from ' benefitting
from
"growth" enterprises--thus forc-'ing him into the futile position of
and
retary Vinson, hope of 1948 bud¬
having all to lose and very little
billion.
to
$130
But, realistically,
assume
maintenance
tional
income
the
near
present
at
or
present
figure
of
is
'
Our
double
—in
Government
tomer.
taken
by
up
private
consumption filling the 4 "void"
created by wartime alleged "un¬
derconsumption."
But assuming
previous
underconsumption
is
wholly fallacious, actually sales
at food and apparel stores have
been
double
the
age
and total
and
1940.
1935-1939
Hence,
of
long-term
national
In
focussed
directly
extremely dubious.
income
the
#
.
The
War
* /
I
if
ernment's 4 complete
It
reaffirms
profits tax,
of
this
be
no
royal
commission
that
al
■
their
contains
comparative
laxity.
It
compulsion toward
no
the
was
made
uniformity
or
case
to
at
in
'
Fran¬
San
based
the
on
Conference
merely
appear
actually
are
shall
con¬
the
pro¬
continuing
M. Molotov
et
fundamental,
world
be
ruled
by
the
Five)
Powers, with Russia retaining her
"veto"
power;
or
by; all
the
United Nations in the spirit of
the new league with whose ac¬
tivities they have been so strongly
urgdd to cooperate?: The more
realistically
this
difference
is
understood by the public—with¬
out ideological sugarcoating—the
more constructively can action be
Big
some
yields har¬
early crop
produced
good yields. Potatoes now being
harvested in Oregon are grading
out well and the quality is good.
of Califor¬
area
com¬
substantive and long-term differ¬
ences
in policy.
Simply stated:
County
In the Tule Lake
on
controversies with
The
1944.
informed
cedural,
the very good
in
•-
Soviet at the London
was
the Klamath Basin area will not
Malheur
to
upright
..'.
In the matter of keeping share¬
As
including salaries (with
and thus addi¬
tionally enlarges the flood of
spending.
in
and
service." 4 4 4
cisco—although the rift with the
excess
our
1877
free
major
a
sumer
equal
in
left
honest
its
be
the method of reporting.
"10-cent dollars")
vested
should
until
effective at the end
Surely there can
also
"it
investigating
Exchange
Con¬
Vitiates prudence and rationality
in business outlays for general
tax
supervision,
present
contradiction that this tax
The
the
London
suggests
year,
expenses,
abstinence
exchanges.
wide delegation
financial
general
former
eliminate
has
control
from concern with the
step in curbing inflation, it will
completely
drastic
stock
standardization
our
policy,
panies' current affairs, the Cohen
report
likewise
continues
the
the
*
really wants to take
gress
the
SEC
inception
abolished
not
was
But
to
its
continuation
holders
must
and
profits tax of World
excess
1922.
1946
financial
exchanges,
British, report recom¬
of the gov-;
new
mends
The Gov¬
accounts
expense
"atomized"—in
future.
\
laissez-
passed in 1929.
most
on
to
ernment
were
its
continue
is
toward
direct contrast
the
be
44;' ,f
is
which 4 from
result from the satisfaction of
"consumer starvation," at a level
budgetary
expendi¬
tures above the $15 billion level,
*
British
first consideration of the financial
laws
since
the
Company Law
to
support
Three
,
(not
even
taken.
\
nia, the size of tubers increased,
improving yield prospects.
4
'
thus
frosts
Killing
later
were
,
than
Steel Output in Sept.
usual.
Production
late
other
indicated
for
the
5
New Hampshire were
than 4 off set 4 by
improved
in
pects
more
prospects
Massachusetts
in
and
Connecticut. Yields in these States
are
about average
rather
high
of
areas
cut
Close to Peak in 1929
New England States is»
only slightly higher than the Sep¬
tember estimate.
Reduced pros¬
but range from
some commercial
in
Connecticut
and
Mass¬
light in the Connecti¬
Valley area of Massachusetts
and in southern and western Ver¬
Steel
-
production in September,
the first full
of
the
month after the end
climbed back to a
6,008,403 tons, just 351
the peak month
of
1929, which still stands as the best
peacetime year for steel produc¬
tion on record, according to the
American Iron and Steel Institute,
which further reported
as
fol¬
lows: 4.4: 4
'
4
of
total
tons
war,
=
below
States
The report of September pro¬
duction showed output during the
month rose nearly 5% over the
forecast a month
ago.
Yields in prospect for Ohio,
Indiana, and Illinois are higher
August total of 5,736,376 tons. In
September 1944, however, nroduction was 7,235.111 tons.
For the
the
5
Estimated
other
late
production
Central
in
exceeds the crop
than
fields
most
there
those indicated
have
Sept. 1. Wet
delayed
of these Central
is
some
digging
in
•
including discretionary regulation
over
new
issues, to the London
Stock Exchange.
This maintains
uninterrupted the finding of the
consumer
expendi¬
tures
having during this year
been running 50% ahead of 1939
maintenance
'
■
exemplified in the
Committee's
report—the
Cohen
of
aver¬
"4'.
-
*
attitude
regulation
amendments
*
4 Of
course, the current assump¬
tion is that the slack will be
per¬
manently
#
traditional
faire
production
the face of the
rapid exit of
as
main
cus¬
the
.'
%
1
The
It as¬
triple that of
1933 arid 70% higher than in 1940
'
.m
any event, surely companies
organized this year and thereafter
should be exempted from all ex¬
cess profits taxation.
4
-
anywhere
level?
almost
In
; •
our p na¬
dollars).v
sumes
gain.
can we
that in the 1929 boom and is
60%
greater than in 1939, (expressed
in
equivalent
mont.
potato crop Deschutes area of Oregon, a very
4 * ■5\4 good crop is expected. Yields in
the
cor¬
investor.
get-balancing anticipates absence
of further tax-rate reduction
plus
national income of at least
ceeds
than those expected a month
ago.
Digging
of
late
varieties
had
started by Oct. 1.
In the Crook-
the
as
employment. Vitally important fcr
the injurious
repercussion on the
unbearable
deficits;
and
that
hence the most drastic
cutting of
government
expenses
is
abso¬
lutely vital to avoid disaster.
A national income of
$ 157 bil¬
lion is required to
keep the 1946
deficit even down to the
$35- bil—
lion level;
and, according- to Sec¬
central
Sept. 1 indications. In the
irrigated sections and in
the delta and sub-irrigated farm¬
ing sections of western Washing¬
ton, indicated yields are higher
the
business
pansion it will interfere with
in
achusetts to
prosoective
undermines
and
1946, or sizable income reductions
►in subsequent years will
prolong
in¬
»*•
some
the
is
creased by the lateness of the sea¬
in¬
1, 1944 farm
16,314,000 bushels, or
of the 1944 production. No¬
63%
freezes
severe
son.
stocks were
table
from
on
1.
are
frost
,
indicated
Rye stocks farms Oct. 1
dicated
at
14,381,000
production.
possibly
damage if potatoes .cannot be dug
A good crop of excellent
potatoes
is
being har¬
vested in North Dakota. Digging
will be prolonged at least to Oct.
20, and the possibility of field
1, 1944, the first year
barley stocks were es¬
which
timated
1944
and
soon.
174,315,000
bushels, equivalent to about 63%
of the 1945 production. This com¬
pares with 185,420,000
bushels, or
65%
rot
con¬
quality
,
and production
averaged 375,091,areas prolonged 1000
bushels during the
10-year
grain, resulting in high test weight
and large yields
per acre.
Yield
per acre equals or exceeds the
siderable
of the North Central States.
Most of the crop had' been har¬
abundant moisture
producing
digging and could result in
area
States
Oats—The nation's first 1V2 bil¬
lion bushel oats
crop has been at¬
tained.
The current estimate of
.
favorable,
especially in the heavy producing
well
as
ing.
in¬
-
;
actually
of
case
financial
soundness
of
medium-sized and small business
any re¬
income
It
general
deficit
$157 billion, that
duction
It
that
national
a
poration
debt.
is
evils.
penalizes "smallness" rather
than
first nine months of this year pro¬
duction
of
61,886.532
tons
was
States
and
more
possibility of
loss
67,375,801 tons in the correspond-
than
8%
below
outout
of
Demand
The State ol Tirade
(Continued from page 1867)
foreign
operating rate is potential
week's
This
equivalent to 1,214,400 tons of
steel
ingots
and castings, and
with 1,346,300 tons one
ago,
1,523,900 tons one
compares
stimulated
fish
for
by
heretofore
Kzug Foresees Civilian Production
At Double the Prewar Volume
of
the ' scarcity
meat, dropped sharply as meat
supplies became easier. Pork and
lamb are about the only scarce
for
demand
and bar¬
United States wheat. Rye
meats now.
ley established new highs for the
Corn prices held close to
plies
Good grade
beef sup¬
somewhat
decreased
week.
last
season.
from
found it
Consumers
kill¬ easier to obtain fine quality vege¬
ing frosts. Country movement of tables and fruits, with the ex¬
month ago and 1,745,000 tons one
corn was somewhat improved al¬
ception of those approaching the
| year ago.
,
though still slow. Oats were in end of their seaspn. The supply of
Railroad Freight Loading—Cargood
demand
due
to
current' brown sugar, tablet sugar, and
; loadings
of revenue freight for scarcity of corn offerings. Flour confectioners' sugar has increased
a
small
; the week ended Oct. 6, 1945, total demand was slow with moderate to
degree,
but stable
767,985 cars, the Association of bookings for the week.
Prices granulated sugar remains scarce.
i American
Railroads announced. held firm due to strength in cash
Washers, ironers, and electrical
This was a decrease of 64,278 cars,
wheat.
Government shipping di¬ appliances are moving in small
; or 7.7% below the preceding week rections were more active. Hogs quantities,
while furniture vol¬
>
this
year,
but 109,050 cars, or were still in demand and re¬ ume is slightly above a year ago.
12.4%
below the corresponding stricted
Retail volume for the country
market
receipts
were
week of 1944.
Compared with a
readily cleared at ceiling prices. was estimated at from 4 to 9%
similar period of 1943, a decrease Cattle
prices were strong reflect¬ over a year ago. Regional per¬
of 138,372 cars, or 15.3% is shown.
increases
were:
New
ing active demand and light re¬ centage
Electric Production — The Edi¬ ceipts.
England 3 to 7, East 4 to 9, Middle
son Electric Institute reports that
West 6 to 10, Northwest 4 to 8,
Paced by active demand from
the output of electricity increased
mills,
commission
houses
and South 1 to 5, Southwest 8 to 12,
week
Thursday, October 18, 1945
FINANCIAL CHRONICLE
iTHE COMMERCIAL &
1874
ceilings, aided by reports of
'
tanks
86,338
(Continued from first page)
and 2,434,553 ♦ tries covered.
Table II presents
production in dol¬
volume at factory sale prices,
this anticipated
; .x
trucks.
.
Navy
fire power increased
ten-fold in five years.
J
The merchant fleet was quad¬
lar
and, based upon the company re-r
ports in Table I, are
projected tq
include all units of each of
rupled.
total
The
of
output
civilian) and services
rose
by more than 50%.
The
volume of manufacturing nearly
tripled. Output" of raw mate¬
(war and
60%.
civilian production re¬
rials increased
Total
levels of 1937
and 1939, despite the fact that
manufacture of automobiles, re¬
frigerators^ and washing ma¬
chines and many other products
was halted.
Employment in manufactur¬
mained above the
the 59
V
industries.
goods
,
recapitulation of the tables,
the average monthly dollar pro¬
duction for 1939 is $405,250,000%
The actual August, 1945, produc-r
tion
was
$210,174,000, estimated
In
a
September,
for
the forecasts for
$245,421,000
and
December, 1945*
1946. are $620,769,$965,119,000, respectively.
Chairman Krug emphasized that
and for June,
000 and
the report
is solely "an indication
of the trend of
reconversion prog¬
in order
increased by 6,407,000 to get an up-to-the-minute pic¬
Wholesale
trade < volume
last
ture
of
reconversion
progress
persons from 1939 to 1944. Air¬
week increased only slightly over
craft
employment grew from through the nation from the 1,the previous week. The volume
222 companies reporting, data on
100,000 to 2,000,000.
the week ended Oct. 6, 1945, was
861 were gathered by telephone
tures
contracts rose sharply to was also slightly higher than a
Reporting on technological
7.9% below that for the corre¬
year ago.
Stocks of many types
or
taken from WPB forms, 295
register new seasonal peaks. Spot
progress, Mr^.Krug pointed out,
of
merchandise
continued low.
sponding weekly period one year
prices also scored good gains al¬
according to
the "Wall Street were obtained from trade associ¬
Deliveries generally remained un¬
ago.
Journal," that manufactures ations, and 66 are estimates of
Consolidated Edison Co. of New though trading in Southern spot certain
and
slow.
Buying was
industry
divisions.
The
markets continued to lag some¬
learned during the war how they WPB
York
reports system output of
concentrated
on
better
quality
what.
could
turn
out
products more projections of these forecasts in
173,300,000 kwh. in the week
Confirming the estimates of pri¬ goods; volume in markets show¬ efficiently, cheaply and speedily Table II are made on a basis of
ended
Oct.
7, 1945, comparing
vate forecasters, the Oct. 1 report ing low priced goods was below than in the past through develop¬
10,822 companies.
with 176,300,000 kwh. for the cor¬
the level of a year ago.
Buyers
of the U. S. Department of Agri¬
ment of numerous new techniques,
Commenting on the overall op¬
responding week of 1944, or a de¬ culture indicated a total crop pro¬ appeared- in apparel markets in
and that as a result of this, many
timistic tone of the forecasts, the
crease of 1.7%
duction
this
year
of 9,779,000 greater numbers than a we'ek
companies expect a higher output WPB Chairman said "that much
earlier. Stocks of most food prod¬
i
Local distribution of electricity bales.
I
of this could he attributed to the
per employee than before the war.
ucts have eased further over pre¬
amounted
to
172,600,000
kwh.,
Domestic
wools
continued in
Citing the automobile industry as long and arduous spade work done
vious weeks.
compared with 167,600,000 kwh.
slow demand in the Boston mar¬
an example, predictions there are
by
industry
and
Government
for the corresponding week of
Department store sales on-ja
ket.
With
no
further develop¬
of a gain of 11% in output per
agencies in the months before Vlast year; an increase of 2.9%.
country-wide basis, as taken from
E Day."
ments reported in price reductions the Federal Reserve Board's in* worker.
Paper and Paperboard Produc¬ on offerings of CCC held wools,
With the road back to full civil¬
"Government and industry
tion
Paper production in the buying of both domestic and for¬ dex for the week ended Oct. 6, ian
production appreciably working together," he said, "have
1945, increased by 11% .above-the
United States for the week end¬
-smoothed by months of hard pre¬ done a fine job along several im¬
eign wools remained very cau¬
same
period of last year.
ing Oct. 6, was 97.6% of mill tious. There were numerous in¬
liminary work by WPB and other
portant
lines.
Notable among
compared with an increase oft#%"
capacity, against 98.1% in the pre¬ quiries for fine
Government
procurement agen¬ these was the careful distribution
foreign wools
(revised figure) in the preceding
ceding week and 93.4%
in the against prospective large require¬
cies, industry; is now ready to of contract cancellations between
week. For the four weeks, endedlike 1944 week, according to the ments for civilian goods.
In for¬
meet the long^pentup demaind for
V-E and V-J Day so as to reduce
Oct. 6, 1945, sales increased'by
American Paper & Pulp Associa¬
civilian gpod&by doubling its pro¬
eign primary markets all offer¬
to a minimum any maladjustment
10% and for the year, to date
tion.
Paperboard output for the
duction records of 1939, Chairman
ings on which spot or nearby de¬
that might occur in employment
showed an increase of xl %.
current week was 95%, compared
livery could be promised were
J. A. Krug&said Oct.? 5 in prer
and
production."
He also em-*
with 96%, in the preceding week
Retail trade- here in New York
readily taken up at strong prices.
eriting his Second report on the phasized that much excellent work
and 96% in the like 1944 week.
the past week responded to.
Wholesale Food Price Index De¬
-^Progress oLReconversion."
had been done in contract termi¬
stimulus
of brisk fall^WeaA i
,
* —
.
1n/lc
.
'Business Failures Remain Low
clines—The wholesale food price
The Columbus Day holiday 1i3sH&A.ctu?.1
August 1945, civilian nations and plant clearance by the
•—In the week ending Oct. 11,
index, compiled by Dun & Brad¬
contributed in a large wav t^
lame way torn-:,Pr°duction
ot these selected industries and Government agen¬
.
.
commercial and industrial failures
street, Inc., fell back 1 cent the
crease sales volum^
product .industries was up to cies concerned, which had per-f
varied by only one from the num¬
1% of the average month base
past week to stand at $4.06 as of
mitted a quick shift into high gear
tile
markets
incoming
bify
ber in the previous week, reports
Oct. 9. While up 1.2% from last
period of 1939; September pro¬ in
many cases of civilian produc¬
were
restricted to tmeir reguletr
Dun
&
Bradstreet, • Inc.
This
duction is estimated to be *30%;
year's $4.01, the current figure
tion.
•
marked
the
third
consecutive is identical with that recorded on allotments of merchandise with.the forecast for December, 1945,
mills
4,028,286,000
kwh. in the week ended Oct. 6,
1945, from 4,038,542,000 kwh. in
the preceding week.
Output for
approximately
to
Pacific Coast 2 to 6.
volume of trading
in
cotton
futures
markets last
week reached the best proportions
in many months.
All active fu¬
trade interests,
He explained that
ress."
ing alone
-
—
.
week that failures have
at
a
continued
level with little
low
change.
the
Concerns
failing numbered 12 as
compared with 13 last week and
15 in the corresponding week of
last year.
,
wheat,
while
No
change occurred in large
failures
involving
liabilities
of
and also the
a
as
same
parable week of 1944.
failed
concerns
liabilities
were
5
a
under
3 in the
.
year
this
they re¬
week ago
in the com¬
Two small
week
$5,000
—
total
the
just
represents
the
price
per
general
in
the sum
pound of
use*
Wholesale
and
unfavorable
of
spite
weather.
with
putpufc^l"* is for 153%, and for June, 1946,
ready committed for tjie nexf,J90
it is expected to be 238% of the
days. In fact there ^Was a relafcr
1939 base figure.
tance on the part of mills to book
In
making his report public,
business beyond that -pgriQd. ShoeChairman Krug emphasized that
buyers at the spring exhibits here
the figures he gave represented
displayed disappointment,over the
what industry felt it should be
scarcity of offerings fo£ nearby
able to do between now and the
volume
Retail
there
deliveries.
Trade—
in
shopping
for
women's
in
Food
week's
oc¬
concerns
construction, from 4
only 1 this week.
climbed
volume
and
last
over
last
year's figures as
was re¬
try boosted sales of umbrellas,
raincoats, and galoshes. Coats and
•suits
of all
types were readily
ported against 1 both in the pre¬
vious week and in the correspond¬
ing week of last year.
Wholesale Commodity Price In¬
purchased. The demand for fur
coats was spotty; there is evidence
that consumers are waiting
for
the removal of the fur tax. Warm
dex—The
week
to
Only 1 Canadian failure
Mrs, Truman Honorary
Red Cross Chairman
Following
in
the, tradition
by Mrs. William Howard
started
Presi¬
dent, Mrs. Harry S. Truman has
become
Honorary Chairman of
the National Committee on Vol¬
unteer Service of the Red Cross
items
were
Since the days
price index, compiled by Dun &
Bradstreet, Inc., was only slightly
below the war-time peak of 178.56
registered on July 16. This com¬
pared with 177.50 on Oct. 2, and
with 173.32 on the corresponding
ported active selling of blouses,
budget
millinery, and
jewelry.
Sales of gloves increased in both
dressy and casual styles.
Child¬
ren's matched accessories,
snow
suits and out-of-doors clothes in¬
date last year.
creased.
Grain
to
of prices
move
markets
again
showed
in negligees
and lingerie
heavily demanded but con¬
sumers
continued to find stocks
low.
Main
floor
levels
a
been
the
of Mrs. Taft it has
for the First
custom
hold this position, re¬
linquishing it to become an Hon¬
orary Vice-President of the Com¬
mittee when her husband left the
White House.
Mrs. Truman will
act as Chairman at the next meet¬
Lady
jx£
indicated.
production
the
The
report,
he
be viewed as an in¬
dication of \Vhat industry expects
said, should
The week of Oct.
7-13 this year
proclaimed
by
President
as "National Employ the
was
Truman
Handicapped Week,'?
to a nation-wide
drive to find jobs for disabled
persons.
The drive was under¬
taken under sponsorship of the*
United States Employment Servt
ice, U. S. Department of Labor.
Aid
for
the
physically, handi¬
capped is particularly important
Physically
with
a
view
economic stress, Lewis
Schwellenbach, Secretary of
in times of
B.
Labor,
said;
The Presidential
promptly solved.
proclamation urged ail governors,;
Krug"" said WPB's second mayors,
Federal
officials and
"Progress of Reconversion" report agencies and industrial, labor and'
should not 'be compared to the educational leaders to cooperate
assuming the wage and price
to do
are
to
ing of the committee, Nov. 6 to
9, the "Times" stated, when the
post-war work of Red Cross vol¬
unteers will be under consider¬
ation. The Red Cross gave Mrs.
Truman's record of service
for
first
issued*i-abotit a- month ago,
a& the most recent re¬
inasmuch
in
the
was
national
campaign which
initiated by a joint
resolution
Congress.
The
resolution
port covers a much broader field, of
59 industries instead
of the 42 Stipulated that hereafter the first
treated in the earlier survey, and week in October of each year
"National
Physically Handil-Ji
The second^'Progress of Recon¬ cappedWeek."'
Support of the campaign's ob^
version" report, which includes a
the
percentage increase
different base.
brief £ summary,
two
tables.
is on a
is
be designated as;
the
divided
into jectives
has
Table I presents the
anticipated -.civilian
shall
Employ
;/•
production
picture (in units) by 1,222 com¬
panies which comprise a satisfac¬
tory eross section of the 59 indus-
Mo., Chapter; and as a member of
the Senate ladies' surgical dress¬
been expressed by
Bradley, admin¬
General Omar D.
the Veterans Admin¬
istration,
and Paul V. McNutt,
former War Manpower Commis¬
sion
chairman and USES chief
during the war. "The handicapped
helped win the war.
They de-;
serve an equal peacetime job op¬
istrator- of
converted
chute fabrics quickly sold where
portunity,"
Mr.
McNutt said,
Mrs. Mason Colt,
while k General
Bradley pointed
of Red Cross
the disabled;;'veteran
work
in
England and Western out •* that
should
have
first call" on the
Europe, visiting the freed con¬
nation's
• consideration. \
"Give
centration camps of Germany, is
that organization, as a volunteer
them their chance and they'll de¬
Motor Corps driver in the Inde¬ new Chairman of Red Cross Vol¬
liver the goods," he said.
offered.
pendence
Piece
goods
strength largely influenced by the
inflationary aspects of
pending
worsted
cloth
legislation in Washington. Wheat
sold at about the highest prices
in twenty years. A leading factor
ia the rise was said to be the huge
Flannels
were
ited
sales rose and
demand
increased
departments re¬
present wage and price problems
which might:" retard the accom¬
plishment
For Disabled Persons
Mr.
upward f last
week.
Rising to 178.49 on Oct. 9,
the daily
wholesale Commodity
general level
He
light of many possible complica¬
tions such as are involved in the
problems
Washington dispatch to the New
York
"Times"
stated,
Oct.
2.
continued
Employment Opportunities
out, that their optimistic
forecasts must be studied in the
the weekly period to Oct. 6, 1945,
increased by 15 % above the same
Taft when her husband was
first half of 1946.
Urges Added
Truman
pointed
Junior
receiving in¬
promotional
emphasis.
apparel.
children's styles are
supplies increased in most lines.
Rain in many parts of the coun¬
last
end of the
period of last year. This com¬
pared with an increase of 2% in
the preceding week. For the four
weeks ended Oct.-J6^1945, sales
rose by 11%
aneTfd? tlie year to
and'
date increased by 12%.
week's
failing
sales
index
ing Week and of the correspond¬
ing 1944 week. According to Dun
& Bradstreet, Inc. Demand con¬
tinued strong for fall styles in
creasing
curred in the number of
store
department
in New York City for
Bank's
serve
slightly above that of the preced¬
retail
A decline
-
According to the Federal Re¬
the
trade, 3 concerns failed so that
manufacturing - and retail trade
together accounted for 10 of the
12 failures.
their
reporting
county at large was estimated as
to 7 in
ended, f in
ago.
years
potatoes and hogs,
peas and sheep
de¬
index
of
Retail
previous week and
weeks rebounded
two
week occurred
Shoppers turned out last week
ago.
week
oats,
31 foods in
Manufacturing
failures
after
continuing at a negligible number
for two
rye,
The
10,
this
clined.
.
$5,000 or more. At
mained the same as
date
similar
Advances
degree
was
for
in
wool
evidence.
available to
and nylon
an
and
a
lim¬
Branch,
Kansas
City,
ing
unit here.
who was in charge
untary
Services. v>
Volume
162
Number 4430
THE COMMERCIAL & FINANCIAL
CHRONICLE
Moody's Bond Prices
.Moody's computed bond
given in the following table.
l.
1945—
U. 8.
■
prices
and
»
averages
Govt.
Avge.
Corporate*
jo a
are
<The
-
Average Yields)
■''■■■
R. R.
P. U.
116.41
120.63
119.20
15_____:_
116.41
122.75
109.60
116.41
112.56
116.41
120.02
12Q.84
119.20
116.41
109.42
112.56
116.41
120.02
13
12.
11-
122.76
116.22
120.84
119.00
116.22
122.78
116.22
120.84
9--r—
;
119.00
116.22
122.81
109.42
116.22
120.84
119.00
116.22
109.24
118.80
8
,
109.42
112.56
116.22
120.02
112.37
116.22
120.02
112.37
116.22
120.02
122.73
6
____
116.22
120.84
116.22
122.72
109.24
116.22
112.37
116.22
120.84
120.02
119.00
122.56
__
5
,
116.22
109.24;
116.22
112.37
116.22
120.84
120.02
119.00
116.22
109.24
112.37
116.22
<
120.02
L t:::::
120.84
119.00
116.02
122.41
109.06
116.02
112.37
116.22
120.02
120.84
119.00
2—.
116.02
122.31
108.88
116.02
112.19
116.22
120.84
120.02
1
118.80
115.82
122.25
108.88
112.19
116.02
116.02
119.82
120.63
118.80
116.02
108.88
112.19
116,02
119.82
120.84
118.80
115.82
108.88
112.19
116.02
119.82
112.19
j
.
1132
Sept. 28
122.42
122.19
_______
21
116.02
116.02
121.97
115.82
120.43
14
'
121.98
116.02
116.02
120.84
118.80
116.02
122.09
108.70
116.02
112.19
116.22
120,63
119.61
119.20
116.22
108.52
112.37
116.02
119.61
122.09
116.02
120.84
119.00
116.22
121.91
108.52
115.82
120.63
119.00
116.02
108.16
Aug. 31
24
x
118.80
116.02
108.88
112.56
116.02
115.82
112.56
120.84
115.63
119.00
116.22
108.16
122.14
112.56'
116.02
115.82
;
121.04
119.20
122.36
116.02
115.82
108.34
120.84
112.93
115.82
119.20
July
122.39
115.82
120.84
119.20
122.80 ir. 116.02
115.82
108.16
121.04
119.41
116.02
108.34
119.61
116.22
108.34
113.31
121.91
27
.__
20
Apr.
<116.02
121.04
119.41
116.02
108.16
112.93
115.63
119.61
116.02
121.04
119.20
116.02
108.16
115.43
112.93
120.63
118.80
115.43
119.41
122.38
115.43
115.24
112.19
120.84
114.85
118.40
115.04
122.01
27_,_
23-
107.09
114.85
112.19
121.04
114.27
118.40
119.20
114.85
106.04
111.25
114.27
119.20
Jan.
110.52
26__
114.66
114.46
106.04
113.89
119.41
118.00
113.70
105.17
109.24.
121.04
113.89
119.61
116.41
109.42
113.31
116.41
118.80
117.80
113.31
104.48
108.52
113.70
118.20
118.60
117.00
112.93
103.47
107.27
114.08
117.40
119.20
116.61
111.25
99,04
,103.30
113.70
116.61
113.50
119.61
U.S.
Govt.
Bonds
,
rate*
16
1.58
1.58
8
Corporate by Groups*
R. R.
2.83
2.65
2.69
2.83
3.20
3.03
2.83
2.65
4
2.61
2.70
2.84
3.20
3.03
2.84
2.61
2.65
2.70
2.84
3.20
3.04
2,84
2.65
2.70
2.84
3.21
3.04
2.84
2.61
2.71
2.84
3.21
2.84
3.04
2.84
2.61
2.70
2.84
3.21
2.84
3.04
2.84
2.61
2.70
2.84
3.21
2.85
3.04
-
2.84
2.61
2.70
2.85
3.22
2.85
3.04
2.84
2.61
2.70
2.85
3.23
3.05
2.84
$
i.6o
-4;f
1.61
2.85
2.61
2.71
2.86
1.61
3.23
2.85
3.05
2.62
2.71
2.85
3.23
3.05
2.85
2.61
2.71
2.86
3.23
3.05
3
3.60
—
28
1.63
___
2l_
-
-
2.71
2.85
3.23
3.05
2.85
3.24
3.05
2.85
2.62
**2.84
2.69
2.84
3.25
3.04
2.85
1.65
2.85
2.61
2.70
2.84
3.25
3.03
2.85
24
1.67
2.86
2.62
17
.
2.70
2.85
3.27
1.67
3.03
2.86
2.87
2.61
2.70
2.84
3.27
3.03
1.65
2.86
2.85
2.60
2.69
2.85
3.26
3.01
2.86
2.86
10
3-
1.64
2.86
2.61
2,63
2.85
3.27
3.01
27
1.64
2.86
2.61
2.69
20
July
2.86
3.27
1.60
2.85
3.01
2.87
2.60
2.68
2.85
3.26
1.60
3.01
2.34
2.87
2.60
,2.67
2.84
1.60
3.26
2.85
2.99
2.60
2.87
2.68
2.85
3.27
de¬
ofd^TS for tonnages in
ex-
up-by steel companies.
"2.70
overall
^^uc6H^%pushing.
mills
_
to
the
maximum
3.01
2.87
1.60
2.85
2.60
2.69
2.85
3.27
1.64
3.01
2.88
2.88
2.62
2.71
2.88
1.63
3.31
3.05
2.89
2.91
2.61
Mar. 31
2.73
2.90
2;69-ifcack!
1.66
3.33
3.05
2.91
2.94
2.60
2.73
2.91
1.69
3.39
2.69;"fOTc6d the steel
Peb.
3.10
2.92
2.94
2.65
2.72
2.93
3.39
3.14
2.95
'
26
1.77
! Year Ago
Oct. 16, 1944
2.68
2.75
2.97
3.44
3.21
2.98
2.71
2.76
2.99
3.48
1.57
—
2.96
1.80
1945-
2.83
3.25
2.97
2.60
2.67
2.83
3.20
2.99
3.83
1.85
16, 1943—
3.02
1.82
*These P^ces
(3%%
level
coupon,
or
the
Illustrate
in
2.72
2.80
3.01
3.54
3.32
2.95
2.69
-
are
average
a
3.11
2.82
3.10.
3.81
3.55"
2.96
computed
from average yields on the
basis of
and do not purport to show
maturing in 25 years)
more
movement
of
actual
comprehensive way
price quotations.
the, relative
one
"typical" bond
either
Thev
the
merely
.?*
-
Redeem French. Gov. Bonds
Morgan. &
sinking
Oct., 15
average
"serVe
to
fund
Co.
Inc.,
administrators,
-
as
on
the
•
drawn
bondssstdmmlr payment
made eithcamrupon
pre¬
will; be
sentation
of
Morgan
the
Co.
bonds
to
In«*jwin
J.
P.
United
notified. holders' of the
States dollars,
Gr,j380til further
Government t of the French Renotice,
upon
presentation
and
pubUc Ext?jrpai;toan Of rl9?4
25t surrender
by hankfer&JjroRers or
Year -Sinking -Fimji j^%,Gold
Tinancial'institutions jp the office
Bonds; due. Pee. J,;'
1949lr. issued, of Morgan &
under Loan Contract dated Nov.
Cie-CJnc., jParis,
22, 1924, that $3,999,500 principal France, in the French franc equiv¬
alent of the dollar amounts
specie
amount of. these bonds have been
drawn by lot for redemption on fied, calculated upon the basis of
the official rate of
exchange for
pec. lV at 105%, Tjie drfnyn bonds
the dollar in France at the date of
wiUhe redeemed and pa id op and
maturity.
after
~_
,
the 3 redemption
Bate, in
United states dollars, at the office £. |n order to comply with .the
dey
crees of the French
of
the
Government
sinking ! fund
adminis¬
trators, 23 Wall Street, New York dated July 16, 1935 and Aug. 25,
City, subject to the issuance-of 4937,«/the bonds drawn for : .re*
licenses under Executive Order demption on' Dec.1," 1945,^ and
.
.
^o. 8389, as amended,
permitting
the disbursement of funds for
the
purpose,
upon
presentation
and
surrender of the bonds and of all
appurtenant coupons maturing af¬
ter the redemption date. > Interest
will cease on the drawn bonds af¬
ter Dec.
this
week
has
ingot rate down
Tttfafte pdlnis „to 66.5% of rated car
2 72?ipupity. .Operations previous to the
2 74^^0.^1
sj^ike difficulties approxi2.'653iTi^ited ;84%_of capacity and represented a. strong comeback fol¬
2.78
lowing V-J_"Day. Hardest hit dis¬
tricts were, Pittsburgh,
operating
**2.82
at 47%.. this -week,
compared to
levels and thrTelative movement
yield averages, the latter
being the true picture of the bond mtfRiet.
tThe latest complete list of bonds
used in
computing these indices was published
In the issue of Jan.
14, 1943, page 202.
•I
j J.' P.
' of-coal
"
2 Years Ago
Oct.
2.96
1, 1945. The advices also
state:#^
y;-'y
.The Government, of the French
is notifying holders of
Republic
coupons
maturing on that date
will be redeemed
by payment as
follows:
(a) - Bonds
which
are
stamped to indicate
beneficial ownership
deemed
coupons
and
paid
which
at
are
non-French
will be re¬
105%, and
3' similarly
stamped will be paid at the face
amount;
(b)' Bonds
which
are.
stamped to indicate French
to
continue, after study,
more
basing points and
name
possibly eliminate others.
Other
companies are expected to take
similar action.
.
The
American
Iron
and
Steel
Institute
on
Oct. 15 announced
that telegraphic reports which it
had received indicated that the
operating rate of steel companies
having 94% of the steel capacity
industry will be 66.3% of
capacity for the week beginning
Oct. 15, compared with 73.5% one
week ago, 83.2% one month
ago
aqd 97.0% one year ago. The cur*
products as a measure of relief
from increased production
cost.
This
recommendation
does
not
take into consideration
any wage
increase which may result from
current negotiations between
steel
companies and unions. Possibility
of further increase in steel
price
when the wage question is set*
tied is left open. Not all
products
will be affected
by the recom¬
mended
increase.
OPA
pended price control
steel products.,' This
has
sus¬
stainless
on
is
the
first
steel product tc be thus
removedL
from control.
of the
v
"Conferences between CIO rep¬
resentatives
companies
and
those
were started
of
steel
Oct. 10 at
Pittsburgh and will be continued
at
other
production
rent rate represents a. decrease of
question
7.2 points or 9.8%
from the pre¬
for
ceding week.
operating rate
centers.
The
steel wages.
The
for the week
equivalent
steel
made
Iron
on
and
operations
at
issue
increase
an
is
of
the
$2
demand
day in
per
,/
>;
"Scrap continues in heavy de¬
mand, diminished pig iron supply
causing heavier use of old ma¬
terial, j On the other hand smaller
steel
has
production
at some points
shipments to be held
caused
back
temporarily. Prices are firm
ceilings on all grades." ;
:
'
at
Results of
Treasury i
Bill Offering
Oct. 16 to the American
Steel Institute. If steel
The
Secretary of the Treasury
drop to 50% of ca¬
pacity approximately 200,000 of
the industry's employees shortly
tenders of
afterward will be out of work
to be dated Oct. 18 and to mature
or
working only part time schedules,
it is expected.
The
Institute's
that
release
announced
abouts
Oct.
on
15
that
the
$1,300,000,000 or there¬
91-day Treasury bills
of
Jan. 17, 1946, wheih
offered
were
on
Oct. 12, were opened at the
Federal Reserve Bank on Oct. 15.
The details of this issue are as
.
own-
&$%
la|tlweek;
compared
to
Chicago at 73%,
86%
last
week;
'Ybungsiown 52, compared to 63;
and Ruffalh .B1.5;
compare^ to 99.
The expansion of basing points
for
steel ^products
other
than
stainless
items
predicted
three
weeks ago is now underway. Car¬
negie-Illinois
Steel
Corp.
last
week
announced
Youngstown
as
a basing point for hot-rolled carbbn steel bars and sniaU shapes,
alloy hot-rolled bars and spring
flats, alloy bar strip and alloy
strip, all of which are made at the
company's Youngstown plant but
which
were
not
heretofore based
priced at Youngstown. /The same
company also named Chicago and
Pittsburgh as basing points for
spiegeleisen and Pittsburgh as a
base for ferromanganese. It is ex¬
pected
that
United
States
even
further
a
the mine strike will not
Steel
be subject to a deduction of 10%
of the difference between the is¬
have
had to be cooled for lack of
type of product
.<£•67; ha^ shojya
jao let down in the
-.2.67,
pi&t few jwggks. v
25
Low
,
already
and
this
•*2.68
27
Jan.
__
will
stated
demand for steel is
Apr.
High 1945
"Office of Price
Administration
has recommended an
average in¬
crease of about
$2 per ton on steel
has
:
set
June 29
,
chaotic
impossible to make defi¬
May
23
it
quick end to
bring im¬ follows: j-""'
2^.1being obscyred by factors tend- mediate improvement in steel
Total applied for, $2.047,96-3,000/
pro¬
2v66_ -ing- to- keep. down the amount of
ductions despite the urgent need
Total
accepted,
2.66i ^business
$1,309,235,000
placed on order books, for more steel
by civilian goods
2,vr
(includes $53,581,000 entered on a
a
reservoir of tonnage esindustries.
A week
to
10 days
.2,6
fixed
price basis at ■ 99.905 and
2.67
peciallyvTn tjse flat rolled products will be required for coal to reach
accepted in full.
^68 grdup -ffotWayet
accepted by the the steel plants after the strikes
2.68
st'ekb companies is building up
Average price, 99.905 -f- equiva¬
end.
Due
to
the
necessity
of
2.68
ragidly,3 Despite this situation, building up stocks and reheating lent rate of discount approxi¬
_2.68
mately 0.375% per annum.
2.70
sheet and coke ovens which
2.85
2.71
1.65
Aug. 31
2.63
2.61
cancel
_<«The
2.85
2.86
3.85
current
2.65-f cess- of- the informal quotas
.
2.85
1.65
th$
looms
nite promises for future deliveries.
Customers
are
being
asked
to
2.65
2.85
1.66
r:
^14_r_,
out
2.65
Sjf
reconversion
ules
find- it
2.61
2.84
steel products next week
approximate 250,000 tons.
livery situation. Shipping sched¬
haVd^fchen so badly disar¬
ranged f MtTiffany steel companies
Indus.
3.03
■$
1.58 W
: k
£? V 1.59
P. U.
3.19
2.84
.
,*f iil 1.57".#
6
5
Sept.
\
Baa
2.83
2.61
2.84
il.57
2
A
2.69
2.84
<*.1.57
9
•
Aa
en
2.62
2.83
1.57
10
"
Corporate by Ratings*
Aaa
2.83
Exchange closed
Exchange closed
11
-
.
Closing Prices)
Avge.
Corpc-
13
.
111.G7
119.41
MOODY'S BOND YIELD AVERAGES
(Based on Individual
*
15
-
112.75
120.31
-
1945—
Oct.
114.08
Ago
16, 1944
Dally
Averages
118.60
that
beginning Oct. 15 is
to
1,214,400 tons of
ingots a$d castings, com¬
more
important than any later pared to
1,346,300 ton? one week
attempt to make up for coal strike ago,
1,523,900 tons one month ago,
losses.
Finishing mill operations and 1,745,000 tons one year
ago.
have
been
adversely
affected
Prospect of steel production
along with steel ingot output re¬ falling to
approximately 55 % of
ductions because supplies of raw
capacity by Oct. 22 and rapid ac*
steel ahead:pf the finishing mills
celeration of lay-offs and part
have been at a low point for some
time work in steel plants, unless
time at inSfty plants.
coal mining is immediately re¬
It may take months to
straight¬ sumed, were indicated by reports
120.02
120.55
1945
120.02
serious
enforced
If the coal impasse continues
Corp.
ap¬
it
necessary
118.60
116.41
will
While some of these losses
may
be made up in
subsequent months,
the
time
element
because
of
119.20
120.83
423.05
3 Years Ago
Oct. 16, 1943-
•
119.61
121.92
1945
1 Year
*
107.44
115.63
loss
Interpreted into finished steel
product loss, steel consumers last
week received about
125,000 tons
may
so
seems
proximate 393,000 tons for the in¬
dustry as a whole.
ished
119.00
119.41
121.04
122.29
Mar. 31
Oct.
115.63
115.63
116.22
___
Feb.
Low
115.82
112.93
122.93
25
High
112.93
112.93
122.92
June 29
May
108.16
119.41
122.89
13—____
; '
116.02
likely,
now3
as
tons, an amount which,
available, would con¬
tribute heavily to the
production
of
cars,
washing machines^ re¬
frigerators and other civilian ap¬
pliances.
Probable loss of fin¬
119.41
119.00
.
week,
total steel
225,000
119.41
3
17__
i
next
were
119.41
10
1
become
to civilian manufacture,
metalworking paper, in its issue of
18), which further adds: The steel
industry will lose
than 300,000 tons of steel
ingot this week because of
less than they would
have, had it
not been for the coal
strike. This
week total finished steel
ship¬
ments may be off as much as
119.61
7
'
has
shutdowns due to lack of coal
supplies.
into
10____„__
.
I
week
(Oct.
more
Exchange closed
Exchange closed
___
this
the brakes for
reconversion
"The Iron Age," national
today
Indus.
122.75
*
strike
_______
Corporate by Groups*
way.
on
states
Corporate by Ratings*
Aaa
Aa
A
Bba
i6_wL~:-
*
coal
jammed
•
"Buying of steel rails for 1946
delivery is getting well under
Strikes Gontinue—Price Rise Recommended
\
.<
187?
Averages Steel Output May Drop Further if Mine
bond' yield
" MOODY'S BOND PRICESf
A1
Bonds
.
Oct.
"
(Based
: Dally i v
Averages
■
1'
.
And Bond Yield
needed
could
level
before
production
begin to rise toward the
prevailing before the mine
"Steel" of Cleveland, in its sum¬
mary of the iron and steel mar¬
amount, when
French
or
ershipi and unstamped Bonds, will individuals.
in
the
ownership,
foreign, of others than
*3-
1
,
ilar
steel
thrown
mill
schedules
"Some
of
There
was
was a
issue
I
,
the amount
of
bid for at
accepted.)
maturity of
bills
on
sim¬
a
Oct.
18
producers
the
in
the
regard
than
in
early
days, before inauguration of
Samuel Walker Returns
Controlled
war
To Duties
as
Some mills
behind
worse
are
Materials
four to six weeks
current
on
Plan.
shipments, not¬
ably on sheets and bars, and back¬
logs continue to increase in spite
the fact that
of
(59%
the amount of $1,305,479,000.
greatly out of gear.
situation
■"■'
\;■
per annum.
has
orders have lev¬
eled off somewhat because of
settled labor
un¬
conditions.;
steelmakers • is
becoming more prevalent, ; with
quotas set up in some instances
"Rationing
at
Commander Samuel
S.
Walker
has been released to inactive
by
the
U.
S.
1
Jos. Walker
Navy
and
duty,
has
re¬
turned to Joseph Walker &
Sons*
120
City,
Broadway,
New
York
members of the New York Stock
by
Exchange, of which firm he Hrs
been
a
member since 1920.
Com¬
carefully scruti¬ mander Walker served a year in
nized in all cases. # Some sellers the Aleutians and subsequently
are
virtually put of the market was Officer in
Charge of the
temporarily, being unable to of¬
Naval Air Transport Service at
fer any thing even suggestive of a
firm delivery promise. Some or¬ Floyd Bennett Field, New York.
ders are being accepted with de¬
livery at mill convenience. Sheets,
with orders
and
bars,
pipe
others, are
and
shapes, among
in, special demand.
Within the past few days a lead¬
one
indicate
<?
Low, 99.905, equivalent rate of
discount
approximately' 0.376%
the low price
others than individuals.
which
are
stamped to
Coupons
High, 99.907, equivalent rate of
approximately
0.368 %,
discount
Oct. 15 stated in part as
follows: "Restricted production as
a
result
of
labor
disturbances,
combined
with
heavy
demand,
producers have been rationing hot
and cold-rolled sheets on a quota
French ownership, and unstamped
coupons, will be subject to a de¬
duction
of
10%
of
the
face
accepted competitive
per annum.
on
price and the
redemption
price (a deduction of 1.1% of the
principal amount),;,when in the
ownership, French or foreign, of
sue
of
bids:
steel
strikes.
kets,
Range
coal,
between two to four weeks will be
ing producer set shapes
up
on
a
quota basis, effective Jan, 1. Some
basis since the end of the
war
and
has just opened books offici¬
ally for first quarter, on the
basis
as
Others
for
are
programs,
view
of
the current
working
•
out
same
quarter.
similar
but find it difficult in
commitments al¬
heavy
ready made.
;•
Moody's Daily
Commodity Index
Tuesday, Oct. 9, 1945
261.1
——
ago,
High,
Low,
1945
Dec.
Nov.
261.1
—
260.9
260.6
Oct.
Month ago, Sept.
Year ago, Oct. 16,
1944
.
___Holiday
Holiday
Tuesday, Oct. 16
weeks
26QA
——
Wednesday, Oct. 10
Thursday, Oct. 11
Friday, Oct. ?2
Saturday, Oct. 13
Monday, Oct. 15
Two
j
2
259.3
17
255.9
1944
2494
31
254-4
1__
High, Oct. 8—
Low, Jan. 24
245.7
^
261.1
2524
^
■
total production of bituminous coal and lignite in the week
ended Oct. 6, 1945/US estirhated by the United States Bureaii of
Mines, was approximately 8,000,COO net tons, a decrease of 2,890,000
tons, or 26.5%, from the preceding week.
Output in the correspond¬
tons. For the period from
amounted to 445,798,000 net tons,
with the 483,320,000 tons produced
during the period from Jan. 1 to Oct. 7, 1944*
^Production of Pennsylvania anthracite for the week ended Oct,
6, 1945, as estimated by the Bureau of Mines, was 1,155,000 tons, a
decrease of 75,000 tons (6.1%) from the preceding week. When
compared with the corresponding week of 1944 thdre^ was a decrease
of 76,000 tons, or 6.2%.
The calendar year to date shows a decrease
of 15.8% when compared with the corresponding period of last year,
;
The Bureau also repotted that the- estimated production of bee¬
hive coke in the United States for the week ended Oct. 6, 1945
showed a decrease of 22,500 tons when compared with the output for
the: week ended Sept; 30* 1945, and was 74,100 tons less than for the
amounted to 11,726,000
ing week of 1944
Jan., ,1 to Oct. 6, 1945, production
a decrease of 7.8% when compared
The weekly
•
:
'
•
.
Ddring the week: 1 f
^Subject to current adjustment..
w-v *:V:"■
ft
y; t >v y / ,/ * ;,,v~ , ;;
ESTIMATED PRODUCTION OF PENNSYLVANIA ANTHRACITE
e
(In Nej. Xons) • / . ••• '.4 f^-.f
Calendar Year to Date-
the
WEEKLY
AND COKE ;
""
;
'*
tOct. 6,
:•
'
.1945
Penn. antharcite—
-
Week Ended'
fSept. 29, "
1945, -
Oct. 7,
1,231,000
1,155,000
1,230,000
fCommereial produc.
1,109,000
1,181,000 1,182,000
'
... .. J , > .
•
60,400
1118,000
United^ States
;
>
<v%...
total
43,900
/
dredge
and
washery
♦Includes
■
v.
•
ESTIMATED WEEKLY
'
vf
:,
Oct. T. •;
Bears to
the
1937
41,989,000
40,312,000
49,847,000
47,853,000
4,357.100
^
h
V1 ■
PRODUCTION OF BITUMINOUS COAL
BY STATES, IN NET TONS'
Fats
37,249,000
-
authorized
of final annual-returns
fropi -the operatorsJ
Sept. 29,
1943 Kl/'V- /,;
!
State-
:;.M
Alaska
'
'
136,000
•„■■■■
'
Iowa_
34,000
2,000
Michigan
2,000
North & South Dakota (lignite;
62,000
// 748,000
2,196,000
Ohio
Pennsylvania (bituminous)
:/
,
1,006,000
351,000
36,000
?// 4,000
„
78,000
90,000
30,000
lignite;
>Z
149,000
105,000
-
«■..
30,000
30,000
49,000
46,000
'
752,000
:
52,000
130.1
•
132.2
October
13,
bers-
104.1
served in the
154.0
Keough, said the nominee was "a
fine man" and there was no ques¬
tion of his integrity.
,
153.8
,
126.1/
125.8
118.3
118.3
119.9
119.9 '
119.9
104.9
104.8
104.7
140.1
139.8
139.5
1945,
,
109.5 October 6,
1945,
109.1;
108.7.
682,000
,
2,680,000
:
2,950,000
134,000
135,000
2,000
/
1,000
Lumber
In New Location
Output Lowest Since
The marked
expansion of bank¬
ing services to the public, which
has taken place all over the coun¬
try and which has found expres¬
sion in the growth of the Amer¬
ican
Bankers
Association, is
re¬
Lumber
1939
production for the first
months of 1945 and prelimi¬
nary
estimates of production in
August indicate that total output
seven
for
the
will fall
year
of the< Committee,
28,750,000,000 board feet,
to
about
the War
who had
House with Mr ./Mc¬
The Commerce
Estimated 1945
:
>
Bailey >said several mem¬
155.5
,
140.6
combined
"employee" and still
108.9
1
119.9
;
Mrr
,
the payroll.
132.8
118.3
.
118.3
—
on
157.3
104.9
—-
was
109.6
154.7
125.8
125.8
and Drugs
1926-1928 base were:
nature of an
160.2
129.T
ABA Nat'l Headquarters
168,000
•
.,V
980,000
377,000
New Mexico
Montana (bitura. &
v
37,000
'
39,000
Kentucky—Eastern.
Kentucky—Western
Maryland
-J. Zi/
1,406,000
539,000
536,000
97,000
997,000
348.000
>:
Missouri
on
14, 1944,
161.6-
157.8
P.
1,483,000
482,000.
34,000
Indiana
and October
159.2
■
1,423,000
.
Illinois
♦Indexes
164,000
...
:?r
154.7
Machinery-
All groups
100.0
92,000
-102,000
'
1,000
Georgia and North Carolina
375,000
6,000
.
5,000
•
77,000
141;000
Colorado
Kansas and
1945
413,000 f
5,000
•
Arkansas and Oklahoma
Farm
1.944 y
phasized that he was not a CIO
member, that he was acting in the
159.0
109.6
Materials
Fertilizers—
Sept. 30,
•
402,000
Alabama.
Chemicals
206.5
163.1
,
132.8
159.0
—.—-—;—
,214.5
158.9
;•
132.8
Building Materials
Fertilizer
Sept. 22,
:—'
165.2
129.7
161.6
129.7
Metals—
163.1
'
164.8
■
166.0
Commodities—
145.1
216.8
——-
Fuels.
142.8-
-
Commerce;subcommittee-more
than two weeks ago,' said he was
the 1944 director of the CIO-PAC
in Illinois/ Wisconsin and Indiana:
iri supportofthefourthterm cam¬
paign of former President Roose-» ^
velt;/\)''{ '
.: -'r:
At that time, however, he em-*
U64.4 £
163.1
; 366.3
218.2
Textiles^.,.^-
;
Week Ended
"■
145.2
163.1
——
Miscellaneous
t •"
141.8
168.4.
Livestock
and - river ship¬
Prom district
"
Cotton,—*
141.0
-145.2
rivalry among factions'
of seamen's unions":^
♦ -v »
"Mb; McKeough, when7before* a
,
1944
—-—
—
Grains.:
(The current weekly estimates are based on railroad carloadlngs
ments and are subject to revision on receipt of monthly tonnage reports
and State sources or
the Intense
Ago ;
1945
.'
"due to
but asserted:-thatat ^was
Year A
1945
Oct. 6,
~
~
: r'
said the adverse
report wasy"not due to-his (Mc¬
Keough's) ' connections" - with the '
ClO-Political Action Committee,
Oet. 14,
145.2
Oils
and
Products
Farm
>r;"7"
AND LIGNITE,
■
Senator Bailey
'
V:
Ago:
8ep. 15,
1945
Cottonseed OH'
•
23.9
2,700,800
by truck from
(Revised. / '
{Subject to revision.
members voted;
•
Week
Oct. 13,:
Group.;':,:
5
25.3
'
5,662,900
PRICE INDEX
Week
Total Index
•
■
advanced and; four
N/ C.)
rafter the closed
meeting he voted for confirmation
but declined^to disclose how other
told; reporters
•
,
142.3
Each Group.
39,209,000
coal and coal shipped
tExcludes colliery fuel.
operations.
.
*
"
WHOLESALE COMMODITY
•
1944
•
♦Total incl. coll. fuel
Beehive coke-
Oct. 0;
1945 '•
:
'.1944
-
* / •
price series in the index
*
Oct. 9,
'
Compiled by The National Fertilizer Association: M".
:
vV',:Sl1935-1838=100* Latest Preceding Month
,V. ,
;
'
A
,
:•
~
,
preceding week nine advanced and three declined;
second preceding week 13 advanced and six declined. - - f y f
♦Revised!.
«
,
1) Associated Press
Washington said:
Chairman Bailey (Dem.,
declined; in the
*
""
• <
Maritime
that date (Oct.
advices from
on
remained unchanged.;
term* as a
United States
a
index
McK^ougljQ
Commission
member of the
Commis-,r
sion;
The nomination had been '
held up in the Senate since Oct.. 1,
when the Senate Commerce Comriiittee disapproved the appoint¬
ment by a vote of 10 to 7.
Oii
o-year
.
•*.!•• tocfe.6,Oct;?; » In
/•* 1945 ^ 'vr 194#^
445,798,000 483,320.000
.
1,898,000
2,027,000
Oct.6,'
*8eptvss, ' Oct;7,
••••:Bituminous co*l <&Jlsntte: ? : 1945ZZ ':0 194S ~
v
Total, incl. mine fuel—._
8,000,000;. 10,890,000 11,726,000
Daily) average
1,33?,000 .1.815,000
1,954,000
>,,../■■ v.■
cdmplfed by the
Oct. 15, advanced
*
..
1945
The/U; S^ Senate; on Oct^l 1 ap- >
proved by a vote of 42 to 34 the
nomination by President Truman
of Raymond S. McKeough for a
1945, irom 14U.1
back almost to
index stood
at 139.8, and a year ago at 139.5, all based on the 1935-1939 average
as 100. The Association's report continued as follows:
The rise in the index during the latest rweek was :due principally
to
general price advance in the farm products group, with all of the
Subgroups sharing In the advance. This group has now again reached
its all-time high point that was previously reached on Aug. 4. The
rise in the cotton index carried it to a new high level. Most grains
advanced, resulting in the grains index almost reaching its highest
point. The livestock index rose substantially, with the ceilings raised
the prices of hogs, and higher quotations for good cattle and for
eggs much more than offsetting lower prices for calves and lambs.
The foods index registered an advance for the second consecutive
week following six weeks of declining prices.
There were price
changes in the textiles and metals groups but they were not sufr
ficient to change the level of the indexes. All other groups in the
STATES. PRODUCTION OF pIIUMINOUS CO A L
LIG NITE
(to Wet 'Toijb).v
;
Week Ended—»—Jan. 1 to Date
ESTIMATED UNITED
wholesale commodity price index
Association and made public on
National Fertilizer
To Maritime
substantially to 140.6 for the week ended Oct. 13,
for-the preceding week; This takes the general index
its level of Sept. 1 when it was 140.7. A month ago the
•v^
corresponding week of 1944.
Index
-
The
.
Senate Cpnfirnjs
Association Commodity?rice
Shows Marked Advance
National Fertilizer
Statistics
Weekly Odal and Coke Production
Thursday, October 18,
CHRONICLE
& FINANCIAL
THE COMMERCIAL
1876
Committee, at a
previous session, declined to take
any:action and Mr. Bailey, at that
time, said the President would be
given -an
opportunity to shed
■morelight"on
Oct.
counts
12
the:nomination.
Press ac¬
Washington stated
Associated
from
Senators ;
George (D.,
the CIO in¬
joined with
seven
other Democrats and 25
Republicans in voting against Mr."
McKeough.
Thirty-nine Demo¬
crats,
two
Republicans and a
progressive supported confirma¬
that such
Southerners as
Byrd (D., Va.) and
Ga.) who don't like
fluence
in politics
.
announced on
2,000
Texas (bituminous & lignite;
Sept. 25. Production for the year
129,000
121,000 •
126,000
Utah
i
was formerly expected to amount
ters to the Combustion Engineer¬
&
350,000
/ 390,000
365,000
Virginia
tion. \Z,.
27,000
25,000
ing Building at 12 East 36th St., to 29,500,000,000 board feet.
v/ 26,000
Washington
Two issues were involved in the
2,168,000
1,993,000
2,045,000
which is planned for the end of
tWest Virginia—Southern—.
Decline in production is due to
1,130,000
H
953,000
813,000
'
appointment, said the Associated
tWest Virginia—Northern
this year, John J. Rooney, Comp¬
188,000
manpower and equipment short¬ Press on Oct. 2, viz.:
179,000
208,000
Wyoming
'
troller of the ABA, said on Oct.
;■•"
.v'
P
lOther Western States
ages,
pricing and other factors.
1. Can the bulk of Senate Re¬
13. To provide for needed space,
;
V:
X
Efforts made to eliminate factors
12,180.000
i-.4.
11;600,000 •
:
publicans, who don't like the CIO,
Total bituminous & lignite
10,890,000
the Association has taken the en¬
retarding production have not yet
get enough Democratic votes on
tIncludes operations on the N. & W.; C.
O.; Virginian; K. St M.| B. C. & G.; tire ninth floor %of the building. been wholly effective, WPB said. their side to engineer the first
and
the B. & O. In Kanawha, Mason, and Clay counties,
tRest of State, including
The
new
quarters will provide
the Panhandle District and Grant,
Mineral, and Tucker counties,
(Includes Arizona
The revised forecast does not rejection of a Truman nomina¬
20% more floor space to carry on
•nd Oregon.
♦Less than 1,000 tons.
' v
take into account losses resulting
tion?
Mr. McKeough is on the
the Association's increasing
ac¬
from work stoppages on the West
CIO's Political Action Committee
tivities in behalf of its more than
payroll. : •' * :
■" 15,000 member banks. These ac¬ Coast, WPB pointed out. (
2. Is the AFL strong
enough
Electric
Production for the period Janu¬
tivities have resulted in the re¬
cent creation of such departments ary through July, 1945 totaled among Senators to swing the bal¬
as
the Post-war Small Business 17,157,614,000 board feet, a decline ance by its opposition to Mr. Mc¬
Credit Commission and the Coun¬ of 11% from production in the Keough?
The Edison Electric Institute, in its current weekly report/esti¬
The Press accounts added:
try Bank Operations Commission, comparable
period of 1944. In
mated that the production of electricity by: the electric light and
and enlargement of the programs July, 1945, production was nearly
Eight
Republicans arid two
power industry of the United States for the week ended Oct. 13.
.of
older
departments,
among 9% below that in June and 15% Democrats—Senators Overton of
1945, was approximately 3,934,394,000 kwh., which compares with
which are its Agricultural Com¬ less than that in July 1944. June
Louisiana and O'Dariiel of Texas
4,354,575,000 kwh. in the corresponding week a year ago, and 4,028,mission, Bank Management Com¬ and July production normally are —forced Committee adoption of
286,000 kwh. in the week ended Oct. 6, 1945. The output for the
mission, Consumer Credit Com¬ on approximately the same level; the adverse report. Seven. Demo*
yveek ended Oct. 13, 1945 was 9.6% below that of the same week
mittee, and the American Institute The 8.8% decline from June to crats voted for approval.
/
in 1944.
of Banking.
H July was due in part to shut¬
The Committee decision came
PERCENTAGE DECREASE UNDER SAME WEEK LAST YEAR
In the 71 years since its organi¬ downs in the West on; account of
■Week Ended
after
the Chairman,
Senator
zation, the ABA has moved its forest fires and to long vacations
Sept. 22
Oct. 6
Oct. 13
Sept. 29
Bailey (D., N. C.) announced that
Major Geographical Divisionsnational headquarters only three
4.4
3.5
3.1
over the Fourth of July.
•
7.4
New England
the President had written him rq4.2
2.6
times before, and, as it does this
3.9
4.7
Middle Atlantic
'
The drop iri production is to qiiesting Committee actiori so that
ri 1,12.3
;Z-,vlL4
ii.o
Central Industrial
12.8
time, the change ' reflected the
2.0
0.6
1.0
some extent offset by the sharp the matter could be decided by
1.2
West Central,
growth
and
popularization of
10.6
9.7
11.1
12.9
Southern Btates/—
••
reduction
in
military
require¬ the Senate. Sometimes Presidents
bank services, Mr. Rooney said.
♦3.1
♦3.3
♦1.6
•39
Rocky Mountain
ments following V-J Day. During withdraw nominations after un¬
5.9
8.1
-6.0
7.2
Pacific Coast
The Association has occupied/its
the first half of 1945, direct arid favorable committee action.
Mr.
present 40th Street offices for al¬
V
8.?
7.5
9.6
7.9
Total United 8tates_____.
indirect
military requirements Truman made it plain he wasn't
most 15 years. By virtue of being
amounted to 12,000,000,000 board going to.
able to locate all of the national
feet; in the second half of the
The reasons Committee mem*
DATA FOR RECENT WEEKS (Thousands of Kilowatt-Hours/
headquarters on one floor, it .will year, direct and indirect mili¬
bers gave for their action varied.
% Change
1929
1944
Week Ended—
1945
over 1944
1943
1932;
;
be possible it is stated to provide tary requirements are expected to But all came back to this central
1,711,625
+
1.0
3,940,854 i
3,919,398
1,415,704
July
7
?! 3,978,426
for a more efficient layout of the amount to only 4,000,000,000 board point/ /McKeough's •' employment:
1,727,225
1.9
4,184,143
1,433,903
4,377,152
July 14
4,295,254
feet.
1,732,031
by the PAC as its Chicago^ district
+
0.1
4,196,357
1,440,386
4,380,930
Association's
July 21
4,384.547
departments/now
1,724,728
+
1.0
4,226,705
1,426,986
4,390,762
July 28--_
4,434,841
Estimated 1945 production is director in the Roosevelt fourth v
occupying three floors at the 40th
1,729,667
4,399,433
''4- 0.7
4,240,638
1,415,122
Aug.
4_
4,432,304
,
.
>
" '
the: lowest since 1939, when pro¬ term campaign..
1,733,110
0.5
4,287,827
1,431,910
4.415,368
Street location. Plans now being
Aug. 11
4,395,337
No "one had anything to say.
—11.5
1,750,056
4.264,824
1,436,440
4,451,076
Aug. 18
3,939,195
duction amounted to 28,582,000,carried out in remodeling of the
1,761,594
4,418,298 ! — 6.8 1 4,322,195 f 1,464,700 "
Aug. 25
4,116.049
000 board feet. As war needs for against* McKeough's character or.
6,3.
1,674,588
new space follow the office design
4,350,511";
1,423,977 v
4,414,735
Cept.
1^_
4,137,313
his other; qualifications. Senators
7.5
1,806,259
4,229,262
1,476,442
4,227,900
lumber increased, production ex¬
Sept. 8—
3,909.408
now
employed in many of the
6.6
1,792,131
4,358,512:
1,490,863
4,394,839
Sept. 15
4.106.187
who /had, r served/in the House/
8.2
panded to a peak of 36,538,000,000
4,359,610 ? 1,499,459
4,377,339
Sept. 22
4,018.913
1.819 276
moderh banking rooms. Prepara¬ board feet in 1941, and dropped where he represented the Second
7.5
4.359.003 " 1.505.216
4.365.907
Sept. 29"—
4.038.542
tions are being made to move
1,806,403
7.9
4.375.079
4,341,754
1,507,503'
Oct.
6—:'J.
4.028.286
Illinois" District from 1934 to 1942,
to
34,622,000,000- board feet in
1,798.633
4 354,575
9.6
4.382,268
.1,528,145
!the ABA offices about Dec. 1, Mr.
1,824,160
4,415,405 " 1,533,028
Ct. 13'—
get. 20_,___
3,934.394 4.345,352
1943 and to 32,554,000,000 in 1944. praised his ability.- - Rooney said.
-: / •
. *
1,815,749
Tennessee
131,000
_
,
.
the removal of the
Association's national headquar¬
flected
in
Production
Board
.
■
,
.
,
,
..
"v.
■
.
p
-
y ■
'
•
.
'
.
on
Output for Week Ended Oct. 13,1945
9.6% Below That for Same Week Last Year
.
,
,
'
*.
.1 >•
;
,
J'
'
■■
i,;
v
;
.
,
—-
.
„
—
.
—
—
'
'
—
—
—
—
—
Oct. 27
i--,
4,358,293
,
4,452,592
1,525,410
Volume
162
Number 4430
Trading
The
Exchange Commission made public
10
on
Oct
of
{*
series
a
all
of current
figures being published weekly by the Commis¬
Short sales are shown
separately from other sales in these
sion.
TRrading
the• Stock Exchange
on
for the
account
of
Other
for
members
(except odd-lot dealers) during the week ended Sept. 22 (in roundlot transactions) totaled 2,186,158
shares, which amount was 14.26%
of the total transactions on the
Exchange of 7,663,200 shares.' This
.compares with member trading during the week ended
Sept. 15 of
Total
Round-Lot
Stock
trading of 1,818,435 shares,
Sales
the
on
Transactions
for
WEEK
New
York
Account
ENDED
Stock
of
'
.
Statistics
SEPT.
;
for
7,455,090
Total saies.
Transactions
Except
for
Dealers
and
Account
the Odd-Lot
Specialists:
of
Accounts
by
7
they are registered—
....
Total purchases
Short sales
Odd-Lot
Oct.
10-6
Commodity
644.080
120.930
Groups—
Allcommdditles
686,800
on
Total purchases
Short sales
(
initiated
Textile
161,080;
off the
244,620
Raw
19,400
—
.
{Other sales
288,678
105.0
103.9
+ 0.2
124.3
123.3
<+0.8
104.7'
105.1
105.1
104.1
+ 0.6
118.6
118.6
—
1,149,058
Stock
Sales
the
on
New
York
Curb
Exchange
'
Transactions
for
Account
of
Members*.
(Shares)
and
104.8
104.8
104.8
103.9
0
0
117.7
117.6
116.1
+0.1
+0.3
A.
ENDED' SEPT.
22,
1945
95.3
95.3
95.3
94.9
0
106.3
106.1
0
0
94.6
93.4
0
0
+1.3
Total Round-Lot Sales:
Total lor week
Round-Lot
%'i
'
j.
ia/5
;
**£■»
•'*
•-?<**-.?*
Total sales
7.7,
B.
\>r i
Transactions
for
Account
Transactions of specialists in
they
f.
are
Total
registereu—
,
of
t 'sax
**„;
*
100.6
100.6
100.8
99.0
99.9
100.1
98.9
IN SUBGROUP
on
i
._
off
the
.
ter
•'
'•■>(*■
*
'
■
\
-the
.
with
twice
the
includes
all
regular and
total
round-lot
volume
Exchange volume includes only sales./-:/
are
fSales
included
marked
with
"other,
"short
7
ask
sales.""'''"'/; *
exempt"
are
for
,
included
the
members, their
t]
purchases and sales is
Exchange for the reason that
"other
personal
that
of
your
'or*
" ■' *
the Commission's
sales."
Wliolesale Prices Increase IL2%in Week Ended
October 6, Labor Department Reports
The index
commodity prices in primary markets" prepared By
the Department oLLabor's Bureau of Labor Statistics^ rose
0.2„% duri ing the week ended Oct. 6,
chiefly because Of - higher prices -for
agricultural products, it was reported on Oct.: 11 by the U. S. De¬
partment of Labor; which added that the index,f at 105.2% of the 1926
average, was 0.2%above the first week in* September4 and 1.3%;
.
the
below
the
corresponding week of last year. It was, however; 0.8%
high of 106.1% reached during the first week in June.
The Department's advices continued:
Farm Products and
Foods—Average prices of farm products were
0.8% during the week. Most grains were higher,
reflecting strong
•demand.
Egg prices continued to advance seasonally.
Fruit and
vegetables were generally higher. Apple prices increased in Chicago
up
and New York
as
the result of
higher OPA ceilings and there
also increases for oranges and onions.
clined seasonally and livestock and
clined
row
Live
fractionally.
Quotations for
demand for the poorer
poultry
was
were
White potatoes in Chicago de¬
poultry prices
cows
were
as a group
lower because of
de¬
nar¬
grades while sheep quotations moved up.
higher in Chicago and lower in New York. : An
months.
by
1
I
Brooklyn'^
been
made
Oct.
on
to
7
added
individuals.
'Tt
that
is
childreij
m:
the Treasury
$11. billions, of
York
which $4 billions is to come from
sale of securities to individ¬
uals and the remainder from other
nonbank
investors.
While
the
We have tried to
Drive
design the
so
7
Government
early in December.
7
expenditures
are
being drastically reduced and this
will continue
vigorously. The re¬
sults of war,
however,
carry grave
responsibilities that must be met.
The
cost
of
bringing
contract
maximum investment of
funds
our
settlements,
armed forces
Commission
10
a
and
hold
to
from
a
war
well
and
goods
market in
sonably
to
a
advanced
to
are
peacetime
or
securities
clining
ing
completed,
coming into the
sufficient volume
meet
demands,
rea¬
it
highly- desirables'to-' channel
much
as
nonbank
as
possible of the available
funds into Governmenl
securities.
great
is
The
banks
can
be
of
help to the Government in
the
daily
transactions
volume
for
of
odd-lot
stock
account
of all odd-lot, dealers and special¬
ists who
handled
odd
lots
the
on
New York Stock Exchange;, con¬
non-
tinuing
indirect
series of current figures
a
being published by the Commis¬
to
and
also
in
de¬
eliminating
purchases
these
AND
and
will
do
all
in
investments
statement
and
issued
State
Authorities
Dollar
1942, which reads in part
lows:
"*
-
-
*
*
-
«•
subscribers
*
•
7
Sept.
29,
Number of
Orders:
■'Customers'
Customers'
of
Number
,7
790,814
$32,687,080
/
,
:
••
sales
J
25,152
total
sales.—:.,
25,284
Shares:
other
sales.*
total
sales—_
relying
-
Customers
Dollar
$26,456,864
tOther
;
.' *■
-
Shares:
of
Short
684,605
689,320
value
Number
anticipated income may wish to
their subscriptions by
temporary:
borrowings
from
sales—4,715
Round-Lot Sales by Dealers—7
upon
132
sales__—
*Customors'
fol¬
••-
other
the
'
1
-
•••
Super¬
23,
•
/
ZV7
short
as
"
.
Total
For Wee£
26,411
.//Customers'
;
Y.
'
L
—
—
Customers/short
7
■
N.
1945
shares/__
of
ODD-
DEALERS
THE
Odd-Lot Purchases by Dealers—
Z r> (Customers' sales)
r-
Nov.
on
ON
orders..rr._V—-4.
value
and
THE
FOR
ODD-LOT
(Customers' purchases)
Number
•
Commis¬
dealers
EXCHANGE
Ended
Number- of
se¬
by
Bank
STOCK
Week
.
curities provided such loans con¬
to
the
provisions of the
National
OF
Odd-Lot Sales by Dealers—
I
you
Government
the
7
SPECIALISTS
•/
7,
to
There is
'
ACCOUNT
LOT
undesirable
help stop such practices. :
no objection, of course,
to the making of loans for the
purpose of facilitating permanent
can
odd-lot
TRANSACTIONS
8TOCK
I am sure that you as a
banker appreciate the importance
of
with
the
by
specialists;',-
subscriptions
accept
filed
reports
poses.
basis
Z
Oct.
on
summary for the wCek ended
sion
joint
is
Exchange
public
sion; (The figures are based upon
visory
industry
made
participation of commercial bank
to a very minimum.
I re-
will be great and will
require bil¬
lions of dollars.
; /
of
Trading
and
Sept. 29 of complete figures show¬
form
reconversion
-
funds
home,
// Until
hahf
•'
spectfully urge, your co-operation
in
declining to make loans for
speculative purchases of Govern¬
mustering-out pay, hospital¬
ization, care, and rehabilitation
their
enclosing
cover
•---
The 'Securities
from customers which may appear
to be entered for speculative pur¬
that additional funds
•
NYSE Odd-Lot
to/pro¬
ment
so
stamps to
dling costs.
se¬
tions incurred in the achievement
of victory,
including those for ma¬
liquidated
th^
It may be obtained by writ4
10 cents in
the
Treasury balance is large at the
present time,
enormous
obliga¬
will be needed
of
City Board of Educa^
ing to the Brooklyn Eagle Resort
its effort to; hold the line against
the pressure on prices if they will
co-operate in carrying out the objectives of the Treasury.,
bank
cooperation
and Travel Bureau and
highly
cure
Drive,
the
Th^
available
school 7:
great public
as:
this
Daniel
Section of the New
Mr. Budd's
with
Brooklyn
New
tory; : Loan
the
•
from restriction- by
."7
7/7/
with
has
through
in the Vic¬
In
associate Exchange
on
sales
on
terials and munitions already de¬
livered and used, remain to be
above
to
every
your
and
must raise at least
7|/\"!7'"
{Round-lot short- sales* -which-.are
-exempted
rules
.14.44
82,005
73,672
including special partners. < v
/.fla calculating. these -percentages the total of members'
"compared
to
•
.
*The term "members"
.firms and their partners,
0
four
deals
0,2
curities to be offered
82,005
-
Total sales
:
-
.
—
••
booklet
'/7I7/77;
-
say:
303,890
''^"'r-^'f.-5<••
Total purchases.
o.l
bank during the Victory Loan
Drive, which opens on Oct, 29*".
Secretary Vinson went on to
271,450
f Customers' other sales
>
-
is
co-operation
32,440
—
of
place in the coming Air Age. '
materials—,—,*.0.1'"
try incident thereto, in which he
said that "the purpose of this let-
4.16
275,055
-
Brooklyn "Eagle"
written
Aviation
coun-————.7.,/§/.,7'"
70,340/V
Odd-Lot Transactions for Account of
Specialists—
*
Customers' short sales
-
12,670
Total—
Total sales
v7
2.37
57,670
{Other sales
1.
paint
airlines
York,/, to¬
"Airline Profiles"
period
discussion
effort be made to sell at least $4
billions of bonds to this group of investors." Mr. Vinson's
reminders
regarding the Drive were contained in a letter addressed to banking
institutions throughout the
96,525
-
Total purchases
Short sales
0.
Pkint end
important," he said"that
floor—
Total sales
r ■
4.
•
,
the
^ Livestock and. poultry*;
0.6
,
"
1
major emphasis will again be
63,355
-
{Other sales
...
and
■'*
Pointing out that the Victory Lorn
driye, Secretary of the Treasury Vinson
58,095
—
the
York Board of Trade.
7
Short sales
7
7.S1
5,300
—J
Total purchases
.........
*
floor—
-
Other transactions Initiated
v,
the
31,475
{Other sales
i.
FROM
Safes (0 fntfividiiais in Coistiieg
YicfcryLoan
Drive Stressed by Secretary Vinson
"
147,055
14,470
170,155
transactions initiated
Total purchases
all
New
is
an
introduction by John F.
Budd, Publisher of Air Transport
tation Magazine and Chairman
of
.....
-
sales
+1.0
+1.1
1.5
Fruits and vegetables—
1.2
i.4 rOrains"' -i——-1.2^
; Other textile products————:——
0,4
■
of
were
tion.
Total sales
f" Total
—0.1
—0.1
'
—:
+7
Lionel,-' Brooklyn
"Eagle"- ' Air
Transportation Director, and there
wlucb
155,685
■■'i-L Shortsales-
They
«
+0.1
INDEXES
Treasury's
Decreases
Hides
*
,_——.
Other
-
+ 0.1
^
into
-
in the
ran
a
+2.3
Increases '7;.v
■Lumber
-> -
{Other sales
3.
over
*+1.4;
—0.2 " +0.6
0
.
-
of
maps
come
which
pTOducts^^.-i^-^—1.3
2,004,230
purchases—
Short sales
<
99.7
1Q0.0
Members:
stocks in
101.2
SEPT. 29, 1945 TQ OCT.
6, 1945
t*
1,968,425
4>j£.\
" +0.5; '+0.d
0"
+0.2'
94.6
102.0
.
-35,865
.
*•*'11
0
.
-
farm
" 95.7
the
meet
'7/^477'"'.
collection
a
+0.2
94.6
Other foods
Other
will
are
available in a new
bpoklet,
"Your Airlines." "Your Airlines" is
+ 0.4
106.3
94.6
101.8
sub¬
gether with the dramatic story of
their
growth and future' plans,
+1.1
106.3
7"T§;
:,V;:
that
+0.8
94.6
PERCENTAGE CHANGES
>
+0.5
106.3
101.8
whidi
be
Route Maps of Air Lines
—0.9
^95.3
Brick' and
WEEK
•
which
objectives.
+1.6
Q
.+0.1
113.7
will
different
subscription with a yie>v to
makihg the program as effective
equitable as possible and one
+0.9
117.8
115.3
of
care
received, >1
many
and
+1.4
104.8
100.7
>
Stock
—0.2
98.8
"83.8
products—ioi.8
14.26
—0.2
99.4
115.7'115.5
95.9" 95.7
..
take
to
scriptions
+1.2
85.3
95.9
•
every
+ 0.2 '
99.6
<
the
of
1.3
/ 84.5
116.3
••
116.8
in
previous,
thousands
circumstances under
+1.9
99.9
materials——w—w—.
,
Total sales
118.8
-
in
as
would greatly appreciate it if
your
bank -would
carefully
examine
+1.1
117.9
411 commodities other than farm
products and fnnria,,..,,
1,037,100
152,830
996,228
—
{Other sales
+ 0.2 7 +
104.9
84.4
;
products.--^
Total purchases
Short sales
the
1944
124.5
All commodities other than
farm
3.48
Total—
1945
lis.O
products.———
99.9
lighting materials—84.5
Manufactured
1945
§19447
.war
10-7
124.7
Semimanufacturedarticles^^-*—.
269,278
Total sales
Round-Lot
1945
9-8
purchaser
precise formula
Route
Chemicals and allied products—.
Housefurnishing goods
Miscellaneous commodities
2.10
floor—
;
Short sales—
a
°
*
<
through the
7/ •
'
>
■
•• v
§ While it is not possible to set
/
-
the
Loan
drives. 77/ 7-
1945, from-i-
9-29
105.3
—
Building materials—
..Total purchases-.
Total
1945
10-7
105.S
Metals and metal products
173,580
Other transactions
4.
1945
Fuel and
12,500
'
t ? Total sales
t.
9-8
Hides and leather
products—118.4
148.400
{Other sales—
;/
Foods
8.68
the floor—
•
6,
125.7-
Farm products—
:
9-22
1945
1
9-29
565,870
Other transactions initiated
•;
'
by
Victory
//
1945
-->»
sales
sales
160
...
/. 140,970
:
augment
banks.
Such
loans
will
not
be
Total
a
basis
riods
short-term
or
amortization
fully repayable within pe¬
exceeding six months,"
not
There
are
two
additional
mat-
sales
141,130
Round-Lot Purchases by Dealers—
Number
subject to criticism but should be
on
or
subscription for
credits will be given to
localities
Percentage changes to
1
{Other sales
3.
6,
understanding
a
account; and (2) to hold to
minimum the transfer of funds
desired
complete
more
that
the purchase of Government
securities. For statistical purposes
The
v/7/„
.7,7
■
the
on
for
for the past three weeks
,
;
...
and
.,/
Outr
any
loan
a
subject to such ad¬
WHOLESALE PRICES FOR WEEK ENDED OCTOBER
;
(1926 =■= 100)
'
^
•
;
t
prices.
purchase
ment to be made
Sept. 8, 1945 and Oct. 7, 1944 and (2)
percentage changes in'sub¬
Sept. 29, 1945 to Qct. 6, 1945.
*
,
'
•
;
•--+> 1. Transactions of specialists In stocks In which
i,
later
,./ ../;.
following tables show (I>. indexes
Members,
of
changing
to
substantially like amount of
Treasury securities offered' dur¬
ing, the
Drive
will
be ZTrtiade
through your bank with/ pay¬
group indexes froni
7,663,200
for
report
:V./-VV
The
t*
208,110
{Other sales
promptly to
indexes must be considered as
preliminary and
and revision as required
repotts.
Total for week
attempt
decline
condition
„
justment
>
1945
22,
will
ap-
a
/"Note—During, the period of rapid changes caused1 by 'price Con¬
trols, materials allocation, and
rationing, the Bureau of : Labor
Exchange and Round-Lot Stock
(Shares)
■ ' :
Short sales
Round-Lot
,
to
few important price movements
were
commodities
.
Members^
Total Round-Lot Sales:
B.
'
Commodities—There
other
gre^tl^
co-operation dur-■
Loan Drive: (1)
standing securities from nonbank
investors
prices of all commodities other than farm
products and foods were
0.1% below the level of four weeks
ago and 1.1% above early Octo¬
ber, 1944. /:// 7:7/7
-XX.'i'M
The Labor Department also
included the following notation in
its report:
1
^
-r
2,030,367 shares, or 14.47% of the total trading of 7,015,000 shares.
Onr the New York Curb
Exchange, member trading during the week
ended Sept. 22 amounted to
578,945 shares or 14.44% of the total
volume on that Exchange of 2,004,290 shares.
During the week ended
.Sept. 15 trading for the account of Curb members of 475,490 shares
was lS.07% of thetotal
-
-
your
ing the Victory
during the week. Brick prices rose 5%, re¬
flecting higher ceilings granted by OPA to
encourage increased
output. Ethylacetate prices
dropped sharply to meet competition of
a
lower-priced synthetic and shearlings were lower.
Quotations for
mercury and sales realizations for
electricity were higher. Average
;
.
ters in which I would
predate
The price advances for
fruits and vegetables and
eggs were re¬
sponsible for a rise of 0.6% in the
group index for foods during the
week. On the
average, prices for foods were 0.2% above
early Sep¬
tember and 1.2%
higher than the corresponding week of last
year.
•
/members of these exchanges in the week ended
Sept. 22, continuing
■
iS
was reflected in
higher cotton
quotations during the week. Prices of
farm products as a
group havC
advanced 1.1%
during the last four weeks to a level 1.9% above the
first week in October 1944.
v
figures showing the volume of total round-lot stock sales on the
;; New York Stock Exchange and the New York Curb
Exchange and
the volume of round-lot stock
transactions for the
account
CHRONICLE
increase in the
parity price of cotton
New York Exchanges /§
on
Securities and
THE COMMERCIAL &
FINANCIAL
♦Sales
of
shares
marked.^/short
254.240
exempt'
are
rar»
ported with "other sales."
;
tSales to offset customers' odd-lot orders
and sales to
is
less
than
liquidate a long position whicji
a
round lot are reported with
other sales."
'
& FINANCIAL
THE COMMERCIAL
J878
Thursday, October 18, 1945
CHRONICLE
v castings
in 1942 totalecl
9,587,000
lb.; 77,359,000
lb. in
1943; and 117,509,000 lb. in 1944.
Shipments
in the first
seven
months of 1945 totaled 32,701,000
bomb
Civil
Daily Average Crude Oil Production for Week
Ended Oct. 6 1945 Decreased 736,600 Bbls,
Engineering Construction TolaEs
$33,208,COO for Week
engineering construction volume in continental United lb.
The American Petroleum Institute estimates that the daily aver- States totals $33,206,000 for the week. This volume is 56% under
Tin
Reports originating in British
age gross crude oil production for the Week ended Oct. 6, 1945, was the total for the preceding week, 42% below the corresponding 1944
week's volume, and 47% lower than the previous four-week moving sources state that some 18,000 tons
3,620,850 barrels, a decrease of 736,600 barrels per day from the
average as reported to "Engineering News-Record."
The report is¬ of t|n have been located in
preceding week, or to the lowest level in several years, operations sued on Oct. 11 went on to say:
Malaya.
It is expected that the
again being affected by labor difficulties. Output in Texas fell off
r!
Private construction is down 63% compared with a week ago, Combined Materials Board will
593,800 barrels per day. The figure for the week ended Oct. 6, 1945 but is 313% above the week last year as a result of the increased take over this and other stores Of
activity in industrial and commercial building. Public work is 26 and tin found in the Far East for dis¬
was also 1,070,700 barrels per day below that for the corresponding
:
»
79% lower, respectively, than last week and last year. Federal vol¬ tribution..
; week of 1944, and showed a decrease of 843,550 barrels when com¬ ume declines 25% from the preceding week, and drops 92% from the
Consumption of virgin tin in the
pared with the daily average figure as recommended by the Petro- 1944 week's total. State and municipal construction is 27% under United Kingdom in the first half
leum Administration for War for the month of October, 1945.
Daily a week ago, but tops a year ago by 6%.
of 1945 amounted to 8,016 long
The current week's construction brings 1945 volume to $1,604,tons.
;
output for the four weeks ended Oct. 6, 1945 averaged 4,260,950
191,000 for the 41-week period, a 10% increase over the $1,463,770,The market for tin in New York
barrels.
Further details as reported by the Institute follow:
000 reported for the period last year. Private construction, $644,070,was unchanged.
Forward quota¬
Reports received from refining companies indicate that the in¬
000, is 115% higher than a year ago, but public construction, S960,- tions for Straits quality tin, in
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬ 121,000, is down 17J/2% due to the 29% decrease in federal work. cents per pound, follow:
Oct.
Nov.
Dec.
mately 3,409,000 barrels of crude oil daily and produced 10,612,000 State and municipal construction, $275,748,000, is 34% greater than in
Civil
.
*
'
-
.
*
the
3,517,000 barrels of
distillate fuel, and 6,435,000 barrels of residual fuel oil during the
Week ended Oct, 6,1945; and had in storage at the end of the week
45,428,000 barrels of civilian grade gasoline; 29,180,000 barrels of
military and other gasoline; 14,305,000 barrels of kerosine; 42,348,000
barrels of distillate fuel, and 46,059,000 barrels of residual fuel oil.
1,174,000 barrels of kerosine;
barrels of gasoline;
AVERAGE CRUDE OIL
DAILY
October
Oklahoma
Nebraska
North
Texas
...
Texas
West
.
—
>
East Central Texas—
Texas
East
.
Southwest Texas
Coastal
«.
Texas
Louisiana
North
vp
1
Arkansas
393,000
75,000
78,642
Alabama
1
200
100
137,400
*
& 200,000
13,000
nitoois
Indiana
Eastern—
preceding week.
Gains over
and commercial
buildings, earthwork and drainage, and streets and roads. Subtotals
for the week in each class of construction are: waterworks, $175,000;
sewerage, $941,000; bridges, $802,000; industrial buildings, $10,618,of work to report an increase over the
the 1944 week are in bridges, industrial
98,800
148,800
492,800
149,500
371,350
334,400
537,700
Ky.)
66,200
•28,000 fs
.
^
——
50
44,400
150
181,250
2,550
12,350
13,200
—
4,250
10,900
+
61,700
18,300
•
«
3,400
2,450
450
1,300
65,650
24,650
51,900
96,900
63,750
26,250
45,500 103,000
20,200
12,900
100,150
•
—
20,300
^
-
Total East of Calif.
*PAW
recommendations
22,400
9,050
103,950
—
derivatives to be produced.
861,700
4,260,950
4,691,550
represent
above,
shown
as
886,300
45,100
—736,60Q
allowables,
3,805,250
3,399,250
—691,500
3,620,850
State
and
production of crude oil only, and do not
gas
+
817,200
4,464,400
Total United States
;
8886,000
886,000
California
—
2,803,650
3,578,400
the
include amounts of condensate and natural
*
Oct. 3, 1945.
+This is the net basic allowable as of Oct. 1 calculated on a 31-day basis and
includes shutdowns and exfemptiohs for the entire month.
With the exception of
several fields-which
were
exempted entirely and of certain other fields for which
tOklahoma,
Nebraska figures are for week ended 7:00 a.m.
Kansas,
{shutdowns Were ordered for ffom 14 to 26 days, the entire
for 19
days,
no
state was ordered shut down
California Oil Producers.
-
I Recommendations of Conservation Committee of
;
{Subject to change by any further emdfggncy orders.
dRUDE tttJNS TO STItUl;
AND UNFINISHED GASOLINE, GAS OIL AND DISTILLATE
RESIDUAL FUEL OIL, WEEK ENDED OCT.
FUEL AND
1945
6,
(Figures is thousands of barrels of 43 gallons each)
this section Include reported totals plus An
estimate of unreported amounts and are therefore on a
iirniirirrw,ri,r, ,tr, Bureau of Mines basis
•
Figures In
IGasoline
ProfStocks
Auction
of
Refr tias Oil
.
% Dally Crude Rubir
Refining
to Still*
Capac- Daily
ity Re- Aver- % Opporting ago Orated
■
District—
East
f Stocks tGAsolln* Stocks
Of ReMillClsidual tary and vilian
Fuel oil
Other
Grade
Inc. Nat. & Diet,
Blended Fuel Oil
647,
81.8
1,544
14,597
6,931
ti
81
55.5
42.0
368
78
551
131
236
215
1,568
183
87.2
430
334
50.2
1,525
1,253
3,248
1,202
4,231
71.2
6,120
2,728
«9.3
96.8
234
33d
309
70.9
26.7
118.8
954
1,008
888
55.9
73
57.9
17.1
13
100.0
J2Z 673
9,803
4,164
25!
81.2
Coast—99.5
Appalachian—
*-'8K8K£Ai
-District No. 2-*.-;—.
led., IRrj Ky—-it—■
6E1A.. Kan4 MO.--ste.ws
Texas Gulf
■
78.3
55'!
Coasti^
Louisiana Gulf Coast-
1,450
1,269
728
11,562
1 5,178
1,447
893
450
938
8,491
8,332
7,821
6,885
199
446
277
99
1,784
36
•
Rocky Mountain—
f
Kl
20
31
715
15
11
;
1,513
1 021
87.3
830
.
44T
359
9,854
2,460: !
83.2
25,907
■
1 641
1 106
-
1,046
421
5,008
7,209
v;;
V'
.
85.8 3,409
62.7
19.612
42,348
46,059 *29,180
45,428
701
11,913
43,689
46,853
\3l,348
48,204
3,812
14,340 44,397 64,769 28,138 39,447
fcasoline, finished and unfinished, title to which
SSfelf^Srmfnof!, th® ,W°f«ci"6 company; solvents, naphthas, binding
fhf«wppI rlfmnir-? !utJi
Z Use' and 9' 719.00(> barrels unfinished
gasoline this week, compared with 12,433,000 barrels a year ago.
These figures do
Oct. 7, 1944.
rtni
not
4,642
*2dnf inVltahi0n*oamf
include
any
gasoline
on
which
title
has
already
passed
or
which
the
militarv
£»+*«£?nf kerosine, 3,517,000 barrels of gas in P*Pe lines. §Not including 6,435 000
barrels of tr»rJ5r,rS17 nnn^ *ra?sit _and
oil and distillate fuel oil and 1,174,000
barrels
of residual fuel oil produced during the week
ended
Oct.
6
which
1945
com¬
pares with 1,278,000 barrels
3 940 000 barrels and 7,047,000 barrels, respectively, in
the preceding week and 1 377 000 barrels, 4,670,000 barrels and 8,732,000 barrels re¬
spectively in the week ended Oct. 7, 1944.
NOTE—Stocks
against 14,499,000
52.000
52.008
10
52.000
52.000
Chinese,
of
kerosine
at
Oct.
6,
1945,
amounted
to
barrels a week earlier and 14,407,000 barrels
52.000
52.000
99% tin continued
pound.
or
at 51.125c. per
Quicksilver
Call
for
quicksilver
for
spot
nearby delivery was in fair
and sufficient to again
and
volume
At the beginning
metal was available
at prices ranging from $95 to $97
per
flask. By Oct. 8, however,
business was reported at $100 per
flask.
As the week ended quo¬
tations showed a range of $100 to
raise
prices.
of the week,
-
centered in developments connected with
Government's purchases of Latin American metal.
Interest in copper
ing the
Official
York<^
in
quotation for foreign sil¬
raised one-eighth
of zinc
was
spotty. The New
cent an
establishing the market at
70%c.
This revision was viewed
as an adjustment, owing to lower
handling charges than those in-:
curred in purchasing newly mined
domestic silver. Quicksilver again
advanced in price, with sales at
$100 per flask." The publication
further went on to say, in part, as
ounce,
follows:
Pending developments in con¬
with the 'Government's
Buying
United Kingdom in the
first half of 1945 averaged 17,797
tons a month.
14,305,000
a
year
barrels
before.
ber
buying of
period that
centered largely
zinc in the seven-day
10
Oct.
ended
Special High Grade and
in
Where
Western.
ness-"
forward
involved,
was
busi¬
consumers
-
one-third.
production
also expected to
ifornia.
Silver
Effective Oct. 9, the New
foreign
for
to
70%c.
slight advance
quotation that
an
York
silver
was
This
ounce.
from the 70%"c.
prevailed earlier
in the week resulted from an
ad¬
Prime justment in calculating the han¬
placing orders on
average-price basis.
...> .
leaned
September pro¬
Octo¬
$90.
drop by one-third. Unless uncer¬
tainty in regard to surplus metal
is removed, December is likely
to see little production in Cal¬
raised
As in recent weeks,
,
at
reduced
duction
Official
-
Zinc
toward
The slab zinc statistics
nection
extend¬
nominal
the
an
Copper A.::
.
for Sep¬
dling charges on foreign metal.
Also, it is hoped that it will servD
as an inducement to increase sup¬
plies moving to this market. The
quotation for. domestic silver was
unchanged at 70%C. all week.
tember, issued by the American!
for domestic silver
Zinc Institute, placed stocks on Quotations
hand at the end of that month at for Saturdays have been discon¬
233,328 tons, against 213,556 tons
month/ th6 industry is'doing; (revised) in? August. . As fftost. of
nothing about the delicate foreign this tonnage is owned by,the ;GoVsituation in the metal.
A decision ernment,\ the hiatket was not
by the authorities in Washington greatly concerned with the figures.
settling this question is expected However," should' stocks owned by
shortly. Though demand for copi- producers begin to increase, which
per from
abroad has improved, is thought likely unless consump¬
the tonnages involved have'been tion can be maintained at a high
small
compared
with p normal level/ the industry will follow
times. An inquiry for 10,000 tons future ^production' and: consump¬
tion: figures " more closely. Ship¬
or so from some European- coun¬
try • - receives
wide
publicity: ments to consumers r during SeprEurope's needs for copper are tember dropped to 41,357 tons,_ but
greet, bht credit and ether ? diffi¬ there was little doubt in the minds
culties stand in the way. of-re viv- Of: bfodutefs; thkt this total fell
fat/ sholt of - actual consumption.
ing business on a large? scale;
*
Domestic v requirements^- for In other Words,/ Cohsumefs con¬
October have been about Covered. tinued to reduce their inventories.
\
Production of 61,600 tons of zinc
tinued.
».v. Vv-
•i
^
this
'
■'
in September compares with the
demand for lead for monthly high for the current year
applications are being of 71,739
tons, established in
Reduced
military
increased consumption
products, with the re¬
sult that current use is holding
at around 60,000 tons a month.
Demand for lead was fairly active
offset
:
858
TotelUEM3V£5"
,{
9
Oct.
Lead
—A—:
Total U. 6. B. of M.
Oct.
Metal and Mineral Markets," in its issue of Oct. 11,
stated: "Lead was the most active of the major non-ferrous metals
In the week that ended Oct. 10. f With civilian demands expanding,
consumption of lead at present is almost as high as in the war period.
.
District No. 3——
California
52.000
52.000
52.000
Volume-Foreign Silver Quotation Higher
'
No. La. & Arkansas—
52.000
"E. & M. J.
program
for
purchasing-' Latin
American copper after the end of
PRODUCTION OF GASOLINE; STOCKS OF FINISHED
,
52.000
4
.
only being
definite dates during the month being specified; operators
required to shut down as best suits their operating schedules or labor needed to
Opet&te leases, a total equivalent to 19 days' shutdown time during the calendar month.
>
8
streets
ver was
14,150
96,600
100,000
—
Oct.
000;
50
193,900
—
44,600
93,800
47,000
Wyoming
' 93,200
Montana—.
,m 23,500
Colorado12,000
New Mexico
100,000
Michigan
52.000
public
»■
tit, Ind.,5
$
(Not lbcL
52.000
52.000
earthwork and drainage is
the only class
—
—
10,300
-
,
52.000
52.000
6
Non-Ferrous Metals-Lead Sales in Good
51,100
47,000
500
Plorlda
Keqtucky
-
76,150
^..=
-
850
52.000
5
Oct.
commercial building and private mass housing, $11,013,000;
buildings, $1,144,000; earthwork and drainage, $2,459,000;
and roads, $4,214,000; and unclassified construction, $1,— 19,100
840,000.
• * i. ■
. . ''
*
—138,300
New capital for construction purposes for the week totals $9,- $104 per. flask,- spot and nearby.
— 73,750
With domestic output falling, and
—183,850
085,000. It is made up of $4,414,000 in state and municipal bond
importers not pressing for busi¬
—593,800 1,683,500 2,133^350 sales, and $4,671,000 in corporate security issues. The week's new
ness, consumers with no surplus
—
350
71,100
74,050 financing brings 1945 volume to $1,681,344,000, a 4% increase over problem have been less inclined
—
7,000
290,250
289,750 the $1,618,350,000 reported for the 41-week period in 1944.
to quibble over prices.
•
■
''
• San Francisco advices received
—
7,360
361,350
363,800
on Oct. 9 reported prompt, ship¬
—
200
77,300
80,600
ment quicksilver $95 per flask,
—
1,450
52,100
49,250
f.o.b.
Coast;
forward shipment
400
300
355,500
—
Mississippi
-
$33,206,000 $74,731,000 $57,6*79,000
22,332,000 59,974,000
5,400,000
10,874.000 14,757,000 52,279,000
7,238,000
9,928,000
6,806,000
3,636,000
4,829,000 45,473,000
classified construction groups,
In the
344,050
251,300
950
88,000
135,500
393,300
115,500
280,750
261,150
409,300
— 25,600
—153,200
•
•
350,000
Louisiana
Total
—
70,500
285,000
—-
Louisiana
Coastal
■i'4
Federal
Oct. 7,
1944
390,350
267,900
7,850
20,350
150
—
1,187,100
1,868,000 11,204,722
Total Texas
—
88,000
116,300
260,000
93,000
177,000
193,800
-259,000
Texas
Panhandle
Construction
State and Municipal
Public
Week
Ended
4 Weeks
Ended
Oct. 6,
1945
Change
from
Previous
Week
t383,450
t252,150
t750
383,000
254,400
380,000
274,000
1,000
.
Kansas
Week
Ended
Oct. 6,
1945
ables
Begin.
Oct. 1
dations
Private Construction
Actual Production
Allow-
♦P. A. W.
Construction
Total U. S.
52.000
Oct.
Oct.
construction volumes for the current week,
week, and the 1944 week are:
Oct. 11,1945 Oct. 4,1945 Oct. 12,1944
last
PRODUCTION (FIGURES IN BARRELS)
•State
Recommen-''
period last year.
Civil engineering
by
March.
Magnesium
in civilian
during
the
last
week,
Sales
amounting to 11,767 tons, against
Production Board has
released
additional figures on
production of magnesium products
The War
during the war years;
foundries
of
restrictions on lead
used in the production of lead
chemicals
were
eliminated by
months
WPB
on
Oct. 9. This action,
take"
amending Order M-384, will
make
for greater flexibility in
distributing the products.
by
as
Consumption
of primary
lead
Postmaster Albert Goldman ha?,
directed attentibn to aii announce¬
shipped 237,000,000 lb.
magnesium
castings
body
1945.
.Magnesium
from
From
incendiary-bomb
during the
42
1942 to July
trickle early in
Feb.
a
1942, output of
bomb castings in¬
creased until it
reached a peak of
more
than 16,000,000
of 1944.
lb. ill Match
Shipments of magnesium
issued
ment
^
eral Robert E< Hannegati
that ef¬
1/ the -limitations as
to ^ size of all mail- ihcludinig par¬
Oct.
fective
cel post
through
addressed for' jdelivery.
a ciViliah pdst Office,
foreign coUhtry, in the Philip-,
pines or in any United States
:
ritory or possession " which were
any
itt effect prior-
to^Ahril/SO}? 194^
have beeh restored.; Existing
itatiohs
as
changed/
to
weight
lininot
are
This- Will- permitr the,
mailing
destinations of parcels containing
bulky articles" such" as -tjvercoats.
which due t6 theiy
very
nature cannot be divided.
and ^ blankets
The advices alsd State:
"Information
ds
to
the
maxi¬
weight and size of mail mat¬
intended to be dispatched t'o
mum
.
7,884 tons in the preceding week.
End-use
Mail to Foreign Countries
ter
these destinations can be obtained
at any
United States Post Office.
"The removal of this restriction
ih any way
affect the
licensing requirements
o! the Forr
does
eign
nor
or
not
Economic-
Administration,
does it provide for any
mail
parcel post service which is not
now
in effect."
^
^
;
J
a-:
Ended Ocl. 6, 1945 Fell Off 64,278 Cars
]
,
Loading of
767,985
freight for the week
revenue
totaled
the
cars,
Oct.
on
11.
138,372
was
ended
Oct.
6,
1945,
15.3%.
cars or
*
revenue freight for the week of Oct. 6 decreased
7.7% below the preceding week.
Miscellaneous freight loading totaled 346,641 cars a drecrease of
.
;
v
k
15,010
'
Loading
of
merchandise, less; than carload
110,758 cars* am increase of 248 cars; above the
.
lot
Com loading amounted to 124,532 cars
.
TntftV
.
Great Northern.
loading amounted tp l0,336
Corresponding week in 1944.
;
All districts
1
4
Weeks
of
Weeks
«
Weeks
of
4
Weeks
of
4
Weeks
of
-
of
4
5
June—
Weeks
of
September-
Week
of
October
767,985
file separate railroada and system^ for the
~
•
REVENUE
FREIGHT
"
,
LOADED
(NUMBER
OF
'
-
AND
CARS)
'
3,455,328
^;554,694
-
33,623,100
32,704,222
week ended Oct. 6, 1945.!
RECEIVED
Railroads
"
/
FROM
ENDED
Total Revenue
1943
1945
301
264
1.288
1,435
1,488
1,395
7,027
6,905
6,895
1,095
26
..—
1,188
1,444
25
54
1,125
1,174
4,805
6,297
6,867
7,997
7,705
Delaware, Lackawanna & Western.—
Detroit & Mackinac..
232
Ironton
1,153-
Detroit & Toledo Shore Line
415
289
1,860
1,929
10,648
357
302
13,800
3,685
3,761
216
171
206
2,099
2,139
1,512;-
8,522
8,842
*
7,887
8,916
7,285 ;
2,432
256
2,701
2,323
51,326
54,580
9,919
154
1,166
100,999
120,919"■
19,79 1
20,282
23,340
15,652
9,488
9,904
'
2,479
3^168
3,435
3,655
22,615
23,816
10,637
11,186
4,317
4,640
3,811
3,507
25,067
26,111
743
28 166
551
857
1,095
537
518
7,358
9,063
8 633
8,181
10,089
-
!
4,402
221
,
461
434
498
121
61
24,221
28,720
6,453
*509
6,623
600
660
*843
1,033
46
84
2,146
1,673 i
1,860
,;.
2,321
...
1,750
^
2,633
2,726
3,164
3,135
2,999
5,038
6,536
226
123
2,646
299
489
2,347
2,366
3,488
135,137
137,414
152,193
64,660
69,758
24,564
24,937
3,275
23,635
3,260
11,566
3,258
232
441
20,116
1,404
2,278
12,216
1,890
7,907
4,761
9,431
5,557
5,890
7,542
1,130
26
19
166
241
1,954
1,121
550
754
171
307
Pittsburgh & West Virginia
932
1,103
409
1,165
433
389
385
.
5.502
5,282
6,851
9,813
3,429
5,410
5,516
3,609
2,748
1,241
13,052
4,414
136,592
160,900
170,134
176,505
227,587
-
—
Wabash"
Wheeling & Lake Erie.
-
567
830
981
1,440
46,587
44,859
22,561
28,800
4,077
■'
Buffalo Creek & Gauley.
Cambria & Ind'ana
729
36,492
—
5,672
6,081
1,791
t
+
305
1,847
1,758
-i
6,646
V
10
7,102
15,705
56
.
517
534
674
219
202
229
4
13
62
101
143
10
47
2,066
1,891
1,543
14,162
Union (Pittsburgh).
16,254
1,762
1,992
1,988
72,111
86,364
*86.146
5,225
948
551
65
33
4,164
1,889
4,623
Total
158.477
710
1,399
1,605
1,392
1,152
1
17
10
30,802
33,767
.
421
2,058
2,447
139,764
-
2,414
X
362
174,060
Pocahontas District—
55,198.
13,886
6,840
8,048
2,176
^55^50
2,994
2,481
326
149
5,054
6,286
;;
17,778
9,831
9,660
2,534
3,349
7,235
10,893
3,166
13,625
3,878
5,396
,.
84
30
36
56,860
375
1,637
3,782
2,303
21,521
24,237
E.
McDowell, John G. Byler, A.
Stone, F. N. Highams, Leland
Powers, Alvin A. Burger, Sidney
W. Dodge, M. E.
Krantz, and Jas.
Martin.
nelley,
figure.
tNot
of
7,581
58
21
the
Tax
yearly.
The Institute issues nu¬
other publications includ¬
merous
ing
symposium
pamphlets,
volumes,
forum
releases, and
bulletin, Tax Policy.
popular
monthly
ganization
national tax
a
with
members
Midland
Valley
Ry.
or¬
in
all
sections of the country.
numerous
It also hag
subscribers.
foreign
Lumber Movement—Week
Ended Oct. 6, 1945
According to the National Lum¬
ber
Manufacturers
to
Association,
re¬
the
National Lumber
Trade Barometer were 3.2% above
production for the week of Oct. 6,
1945.
In
of
69,551
Note—Previous year's figures revised.
ser¬
vice is the compilation of a
quar¬
terly classified index of public
finance materials. Some three to
four thousand items are
indexed
orders
56,823
the
& Don¬
A feature of the Institute's
the
files
amounted
week
same
these
than
order
in
of
porting
51
75,018
tlncluded
reporting.
Eisner
President
Institute.
more
week's
Mark
Olvany, Eisner
is
6,266
27
con¬
H.
lumber shipments of 454 mills
5,664
po¬
Beardsley Huml, E. M. Elkin, C.
A.
Dykstra,
H.
M.
Robertson,
Thomas N. Tarleau, J. K.
Lasser,
Joseph M.
Cunningham, Philip
Nichols, Joseph H. Crown, C. H.
Eklund, R. C. Beckett, Maxwell
294
99
72,048
it
8,984
21
,.
that
7,349
4,534
.5,466
6,022
un¬
not itself offer reform
programs."
Also
on
the
committee
are
•5,348
19,902
and
organiza¬
314
.
4,990
-63
Weatherford M. W. & N. W
1,275
15,520
-
72
9,320
Total
'
18,323
62
103
1,183
1,710
319
699-:;
170 :
6,270
16,391
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis-Southwestern
mills
production.
of
to
the
new
9.7%
were
Unfilled
reporting mills
83%
of
stocks.
For
reporting softwood mills, unfilled
orders
Weekly Statistics of Paperboard Industry
We give herewith latest
figures received by us from the National
Paperboard Association, Chicago,
in relation to activity in the
paperboard industry.
The
members
industry, and its
of this Association
program includes
member of the orders and
industry.
of
the
total
statement each week from each
production, and also
a
figure which indi¬
on the time operated.
These
advanced to equal 100%, so that they represent the total
j
5'
REPORTS—ORDERS; PRODUCTION.
/'
1945—Week Ended
Orders
Received
Remaining
Tons
Tons
Tons
99,960
145,797
575,918
575,134
121,864
156,619
96
94
127,772
156,519
507,758
95
94
223,467
153,694
677,024
94
94
4—
62
537,639
582.785
;
94
f'194.1
reporting
date, shipments
identical
ceeded production by
mills
ex¬
4.4%; orders,
by 7.0%.
Compared to the average corre¬
sponding week of 1935-1939, pro¬
duction
of
reporting mills was
45.1% less; shipments were 42.0%
less; orders were 38.7% less.
97
94
"Herald
93
said:
125,683
527,938
150,029
128,061
162,065
160,303
151,365
155,428
193,674
154,147
93
<
93
Oct.6.
515,295
489,702
492,880
'V
80
96
<
93
96
95
93
,
Press
advices
in
from
the
Washington
New
York
Tribune," which further
93
' 93
Notes—Unfilled orders of the prior
week, plus orders received, less production, do
necessarily equai the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made
necessary adjust¬
orders.
part
properties expropriated in 1938 by
Mexico, according to Associated
published
160,857
unfiiled
State Dean Acheson on
check for $4,085,327.45 in
payment for American oil
a
94
494,699'
*
Oil Debt
of
94
159,653
533,087
tary
Oct. 2
.
67
99
k,
on
Colina, charge d'af¬
faires,, presented to Acting Secre¬
1''.
532,186
488,289
,
94
;
90
Sept. 15.
Sept. 22.
Sept. 29.
of
For the year to
of
Rafael de la
Percent of Activity
Current Cumulative
180,155
151,085
ments
equivalent to 28 days'
| Mexico Pays
MILL ACTIVITY
Unfilled Orders
Production
July
7
July 14
July 21
July 28
Sept.
Sept.
are
production at the current rate,
and gross stocks are
equivalent to
33 days' production.-
:
STATISTICAL
Period
a
represent 83%
activity of the mill based
are
not
36,750
2,240
civic
an
providing information
molds thinking
but does
X
2,743
3,108
1,073
8.
12,505
'1.^ t
5,734
300
...
180
Missouri Pacific
261
f
4,736
3,766'
1,112
Missouri-Kansas-Texas Lines
2,486
2,192
2,944
x
2,315
2,505
Louisiana & Arkansas..
Litchfield & Madison
173,322
22,369
116,075
-h
2,520
'
1
23.656
89,817
2,490
3,751
153,368
109,034
4,406
138,570
5,642
161,763
21,708
5,256
5,079
82,362
29,084
4,471
3,017
157,653
3,083
6
2,239
for
of
on
The Institute is
131,952
17.581
35
424
Aug. 11
Aug. 18
16,086
2,194
20,042
...
427
6,396
Norfolk & Western
609
350
29,584
Chesapeake & Ohio
14,720
0
17,134
20,457
-
.
726
4,842
.
-
13,096
0
347
ACK
142,441
89
854
the
Oil
distinctive in
which
its
Aug.
J192;270
•
'
<-"•
329.
20,984
667
113
32,631
257
19,316
481
of
department
Co., Inc.
a
activity has
hardly been scratched. The Insti¬
2,353
1,196
service
law firm
2,219
Membership
tion like the Tax Institute are
limited.
The surface of the
tential field for its
W.
1,829
.15,324
190,792
"The
business
3,101
1,668
2,096
1,189
2,013
system
Committee
and
of Shell
potentialities
5,090
1,497
65,537
A
Institute,
7,929
896
54,665
24,138
r/JZ
13,933
1,258
131,800
•Previous
tax
formed
Finance
2,116
5,638
2,196
760
60
2,304
recently
and
3,116
802
-,21.223
15,128
19,269.
Western Maryland
11,910
,
1,198
Aug. 25
—
955
12,709
2,702
1,240
4,801
.....
Total-
20,564
Cornwall—
Penn-Reading Seashore Lines.
Pennsylvania System
Reading Co
889
•LV
816
831
:
t
4
Cumberland & Pennsylvania—
Ligonier Valley
Long Island—
2,871
-
67
14,467
4,372
Western Pacific
1,848
; 744
6,210
Central R. R. of New Jersey—
12,779
2,729
Utah
figures
Baltimore & Ohio
3,066
'
Toledo, Peoria & Western
Union Pacific System
cates the.
Allegheny District-
Bessemer & Lake Erie-
2,892
12,162
...
Nevada Northern
2,235
7,738
5,462
Pittsburgh & Shawmut
Pittsburg, Shawmut & North
11,572
3,152
North Western Pacific
Peoria 6c Pekin Union
Southern Pacific (Pacific)
15,002
683
21,897
;
;
1,956
Missouri-Illinois
2,960
7,100
504
20,267
4,696
72
-17,982
1,184
6,400
405
City
17,404
3,409
487
896
Denver 6c Rio Grande
Westeru........
Denver 6c Salt Lake.
20
5,711
.'
17:.
55,973
4.835
Pittsburgh & Lake Erie
;
Colorado & Southern
335
973
the
tute is
8,078
14,550
2,030
Fe System
Fort Worth & Denver
Illinois Terminal
the
all directions," de¬
Barker, Chairman of
Carl
centrates
7,332
13,921
8,366
13,549
Bingham & Garfield
Chicago, Burlington 6s Quincy^......Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
3,420
24
42,032
14,300
clares
15,210
2,605
21,679
so
badly
proposals
when
now
manager
....
;
been
never
as
remaking
con¬
"Tax
emanate from
119,148
12,998
_
needed
1,178
122,622
■
have
for
>
Wichita Falls & Southern
6,028
'
845
160
.
24,434
Alton
2,336
2,991
6,218
688
Chicago & St. Louis
N. Y., Susquehanna & Western—
TotaL——
;
1,686
2,398
43,039
New York,
Vhrginian.
25,298
808
8,164
-
5,404
-
I
Akron, Canton & Youngstown
22,281
553
-
.492
132
112,369
Texas & New Orleans
Texas & Pacific..
17,428
r
1,233
New York, Ontario & Western—
Pere Marquette..-
23|508
cerning his public finances.
facts
9,222
24,423
582
,
382
.
and
terest and inform the citizen
9,468
,
r;
2,602
2,025 5 :-
14,073
2,599
-
7,987
8,111
,400 i-
153
1,322
2,415 ;
2,147
-I
134
,,
878
13,782
:
New York Central Lines
Total
""
355
N. Y., N. H. <fe Haxtford
V
' 140
39
2,511
12,704
9,205
3,359
;
Rutland..
;
11,521
.
Grand Trunk Western
Montour
425
9 911
',,
Midland Valley
'•
9,746
Monongahela
•••
f
Missouri & Arkansas
2,044
2,385
4,739
Maine Central
1,355
337
;
Central Western District—
14,537
38
1,141
Delaware & Hudson
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
j 4,510
1,631
9,236
& Seattle
^ •344
- -
•
1,931
Central Vermont
—
•
Kansas City Southern
1944
12,018
—_L__
-l..--
International-Great Northern
Kansas, Oklahoma & Gulf
1.475
,
352!
Boston & Maine
JErle
3,849
nonpartisan
sponsoring no tax
representing no in¬
group, but existing to in¬
terest
896
J', 161
The Tax Institute
independent,
organization,
665
469
Gulf Coast Lines
Connections
1944
Bangor & Aroostook—
&
822
618
3 714
Southwestern District-—
Received from
310
Toledo
180
239
3 234
an
program
1,786
1,558
Burlington-Rock Island
6
1945
Chicago, Indianapolis & Louisville
Detroit,
174
9,591
24,692
1 -.
is
4,133
372
443
»'
..—
Total-.—..
CONNECTIONS
OCT.
Freight Loaded
Eastern District—
Ann Arbor
Central Indiana
25 873
18,283
11,825
3,444
•::"
■
Total Loads
*
25,522
4,397
13,460
10,037
L
District—
Spokane, Portland
over the week ended
'
•
4,456,466
-
906,357
;
WEEK
3,363,195
4,003,393
,
freight carloadings for
Luring this period iwily A4 roads reported gains
Oct. 7, 1944.
3,152,879
877,035
,,
32,765,099
The following table is a summary of the
3,055,725
3,845,547
3,459,830
3,576,269
4,424,765
——
Total.
.
i;
3,916,037
3,275,846
3,441,616
4,338,886
4,116,728
6_
2,910,638
^
3,154,116
>?•
3.378,266
3,240,175
August—
1943^
3,158,700
.
-
3,452,977
4,364,662
'
;
"
1944
3,374,438
———
July
1945
'4,018,627
-
of
v,;^^
3,049,697
4
-
Weeks
•-
3.001,544
,
.
—
May—
of
4 Weeks
-
■
April—
§ weeks
I
..
.
March
of
3o!359
fiscal
general public.
:
Atch., Top. & Santa
January...
February..—
4
28',353
-
.
."
:YY;'
,T
4 329
,
Reported decrease^ compared with the corresponding
weeks in 1944 and 1943.
4 510
importance of
policies in
the
just ahead a group of busi-*
professional men have
734
228
Northern Pacific
Spokane International
below ihe
cars
572
281
Minneapolis & St. Louis.
Minn., St. Paul Se 8. S.
decrease of 1,146 cars
.cars-a
116
402
,
i
Group
the
formed a committee to
bring the
•information services of the Tax
Institute to the attention of the
2,371
Y
,
and
ness
1,344
125
2,103
Ishpeming.
amounted to
below the preceding week, and a decrease* of
3,447
384
1,141
49
1,188
20,421
Green Bay & Western...
Lake Superior <2
■
Coke
1,075
51
of
and
years
4,183
24',264
...
•
1
Y/'V
65,231 cars a decrease of 3,102 'cars
b^low the preceding week and a! decrease of 5,869 cars below the
corresponding week in 1944.
!.
^
'-
;
865
1,249
4 603
Chicago Great Western
Chicago, Milw., St. P. & Pac
Chicago, St; Paul; Minn. & Omaha....
Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic..—^
Elgin, Joilet & Eastern
Ft. Dodge, Des Moines &
South........
~
loading
774
432
Chicago & North Western—
Forest products loading- totaled 34,263 cars' a - decrease of
3,493
below the preceding week and a decrease of
8,262 cars below
Ore
•>
^ Northwestern
the corresponding week in 1944.
)
298
660
'
Because
tax
Tax
the
,
3,147
268
144
1,387
,,
.Corresponding week in 1944.; In the .Western Districts alone loading
of live stock for the week of Oct.* 6 totaled
20,080,. cars, an increase
of 1,046 cars above the
preceding weeky.and an increase of 1,220 cars
cars
2,364
353
i66
65
Winston-Salem Southbound—..l
cars
.
1 676
291
B43
Southern System
Tennessee Central.Li
grain and grain products loading for the week of Oct. 6 totaled
36,778 cars, a decrease of 1,428 cars below the preceding week but an
increase of .7,033 cars above the
corresponding week in 1944.
,
1,598
j 6B5
391
151
Line——r_.j.
t-i i^one,
,
1,343
gorfoUc Southern..
.
,
4,566
431
1 527
Piedmont Northern.--.—Richmond. Fred.'A Potomac
Seaboard Air
Grain and grain products loading totaled
52,025 cars adecrease of
cars below the pirecedihg week but an increase of
6,577 cars
the corresponding week in 1944.
In the Western Districts
f
7,976
3,866
459
.
Mississippi Central..
Nashville, Chattanooga & St.
above
above the corresponding week in 1944.,
10 897
3,799
424
Macon, Dublin & Savannah
,
-
11,593
1,339
10,519
3,951
Illinois Central System
Louisville & Nashville
freight totaled
Livestockdoading amounted to 24,199 cars an increase of 987
above the' preceding week and ah increase of
55.4 cars above
2,710
1,101
STgl^-,F1°.ri^7
Gulf, Mobile & Ohio
a
1,887
348
2,084
—
decrease of 40,875 cars
Joelow; the preceding week, and a decrease of 46,995 cars below ! the
x^rrespondixg yveek in 1944.
'
$
"
*
.
" r
%
174
717
707
Gainesville Midland
preceding week and
increase>o£ 2,310 cars above the
corresponding week in 1944.
|
an
329
863
Georgia
below, the preceding wjeek, and d decrease of
53,888 cars
below the
corresponding week in 1944.
cars
Tax Institute
1944
817
Durham & Southern
Florida East Coast—
or
340
1945
10,803
Columbus & Greenville
Loading bf;
$4,278 cars;
1943
801
Charleston & Western Carolina
Clinchfield
\.
,
1944
416
Atlantic Coast Line
Central oLGeorgia—_.—
j
Connections
842
Atlanta, Birmingham & Coast
a
Received from
1945
& Northern
Atl. & W. P.—W. R. R. of
Ala...
Association
This
Total Revenue
Freight Loaded
Alabama, Tennessee
of American
Railroads an¬
decrease below the
corresponding
week of 1944 of
109,050 cars, or 12.4% and a decrease below the same
week iii1943 of
nounced
Carl Barker Heads
Total Loads
Railroads
Southern District—
"The
State
$8,170,654.90
Department
remains
to
be
said
paid
within the next two years to
liqui¬
date the original debt of
700.84."
$29,137,-
.
THE COMMERCIAL
<880
shares of the
which were recently
offered to shareholders, have been
fully subscribed. The Boston "Herald" in report¬
Trust Companies
Eric
Lamb, formerly
F.
Foreign Economic
Administration,
has become special
for J.
Brazil
in
of the
correspondent
Henry Schroder
Corporation and Schro¬
Company with head¬
Banking
bank's stock,
made Trust Officer
American National Bank
later the American Trust Co. and
in 1927 came to New York on its
behalf to assist in the organiza¬
zation he was
of
the
ing this on Oct. 9
With
tion
previously connected with the
Reserve Bank of New
York and with the First National
Bank of Boston in Buenos Aires.
was
The First
National Bank of New
of the
in
the
par
$25 to $40
share now bing made, and the
completion of this financing, the
capital funds of the bank consist
of
$4,000,000 < capital, $6,000,000
surplus, and undivided profits and
unallocated reserves of approxi¬
per
an
Shanahan, President
Federation Bank and Trust
Thomas J.
Federal
~
of
further said:
increase
value of the stock from
affiliate—the Pacific
Trust
Cov-^which $ later united
quarters at Avenida Aparicio Borwith the Manufacturers Trust Co.
ges 207, Rio de Janeiro.
Mr. Lamb
Trust
der
an
mately $1,750,000. This is the
Co., announced on Oct. 9 the elec¬
to its Board of Directors of
Vincent P. Di Napoli, Treas¬
first
over 40 years that the
has been increased, al¬
though substantial additions to
surplus have
been made from
tion
time In
Mr.
capital
through its urer of Tully & Di Napoli, Inc.
of Long Island City.
Alexander C. NagJe
earnings.
' ;*
1
*•
that at a meeting of the Board
The Second National Bank of
E. Chester Gersten, President of
of Directors held that day Grant
Boston is one of Boston's oldest
the
Public National Bank
and
Keehn, Lt. Col., F. D., A. U. S.,
Trust Co. of New York, announced financial institutions, having been
and Robert G. Fuller, Assistant
with respect to the Foreign De¬ chartered as the Granite Bank in
Vice-President of the bank, were
1832. It received its national bank
elected
Vice-Presidents.
Mr. partment which is headed by charter in 1864 shortly after the
Vice-President H. A. Hayward,
Fuller also continues to serve as
that John Kuback was advanced passage of the National Bank Act.
Acting Cashier. Lt. Col. Keehn
from Assistant Manager to Man¬
is expected to assume his duties
Stephen W. Carey III, Execu¬
ager.
y7::
Nov. 1.
tive Vice-President of the Provi¬
At a meeting of the board of dence Washington Insurance Co.,
George B. McGowan, formerly
trustees of the Broadway Savings was elected to the directorship of
Assistant Vice-President of The
Bank of New York held on Oct. 10 the Providence National Bank of
Corn Exchange Bank Trust Co.
Edward Everett Watts, who has Providence, R. I. at a meeting of
of New York has been elected a
served as President since
1935, the directors, it was made known
Vice-President.
was
elected
Chairman
of the in the Providence "Journal" of
Board and Thomas R. Cox, Exec¬ Oct. 9, which states that he fills
;
The calling of a special meeting
utive Vice-President, was elected a vacancy on the board caused by
of stockholders of the Federation
President. Mr. Watts has been a the death of John B, Lewis.
Bank and Trust Co. of New York
trustee of the Broadway Savings
to be held on Oct. 30, for the pur¬
Bank since 1915. For many years
Elmer King, noted banker and
pose of acting upon a proposal to
he was President of the old Fifth
lawyer of Northern New Jersey
increase the capital of the bank
National Bank of this city. Sub¬ died on Oct. 9. at .the age of 74.
from $1,000,000, to $1,500,000 was
announced on Oct. 9 by Thomas sequently for about four years he Mr. King was President of the
J.
Shanahan,
President of ithe was Vice-President of the Gar¬ Board-of Directors of the" First
field National Bank and then for National Iron Bank of Morristown,
bank. The proposal calls for an
York
announced Oct. 9
President,
in¬
He
one
was
--.V-
in
of more than
half a century service to the live¬
stock and meat industry of Kansas
Commemoration
City and the Southwest,
ized by the Inter-State
opened for new business on Oct. 1:
The Chartered Bank of India,
Australia and China; The Hong¬
is signal¬
National
kong & Shanghai Banking Corp.;
The Mercantile Bank of India Ltd;
The Eastern Bank Ltd. The Na¬
of New York.
City Mo. in an
historical and pictorial
review of its history its is learned
from the "Kansas City Star" which
states that the bank now is in its
tional City Bank
fifty-fifth year and adds.
The bank's name has a literal
has been Chairman since Decem¬
of Kansas
Bank
institution
located just a few
originally was
west
rods
In
Kansas.
the
since
meaning,
of the State line in
1911 it moved to the
Live ' Stock >;. Exchange
building, which is in Missouri.
Colonel Sir A:
Henry McMahon,
joined the Board of the Im¬
perial Bank of Iran in 1917 and*
who
1937, has retired from the
Chairmanship but retains his seat
on
the Board.
The Board have
elected Lord Kennet of the Dene
ber
Chairman.
as
State line still
The
through
runs
fl.P. Denied
stockyards - and ran through
Exchange building formerly
Occupied bY the bank.
Rehearing
the
Chase
The
been a trustee
of service in the Finance
Department, Army of the United
years
States.
►
,
■
Irving Trust Co. of New York
announced
on
Oct. 11 the promo¬
William
T.
Pagen from
Secretary to Assistant
Vice-President.
Mr.
Pagen has
been
in
the living's
Corporate
Trust Division since he joined that
institution in 1933.
His banking
tion
of
Assistant
career
At
began
San
in
Francisco.
War I
the outbreak of World
he left his position
there with the
Security Savings Bank to enlist
in the Army Engineers with which
he
served
orated
overseas
with
the
Croix de Guerre.
started
three
and
Silver
was
Star
dec¬
and
After demobili¬
Lewis
G.
Harriman,
-
President
& Traders
N. Y. an¬
nounced on Oct. 9 the appoint¬
ment of Robert J. Littlefield as
of
the
Trust
Manufacturers
Co.
of
Buffalo,
Acting Assistant Manager for
of the branches, of the bank,
all
of
William W. Downing as Assistant
Manager of the Riverside Branch
and of Fred C. Wertz as
Assistant
of the Fillmore-Utica
Branch according to the Buffalo
"Evening News". Mr. Littlefield
and Mr. Wertz have both been
associated
with the bank
since
Manager
been
with the institution since 1923.
1931 while Mr. Downing has
his banking
office boy with the
career
P.
Beal,
President
of
as an
.
National Bank
Press; for; ai rehearing, of :.the .rul-;;
ing that the -A;- P. . must amend its. :
bylaws on admission of new mem- C
of the National
Commerce
with
the
pany
of
ton, Mass. has announced that the
ment.
Supreme Court on Oct. *8.
Court had previously held
The
,
President, says:
"The effort here
the
of
Regarding
decision
Press
to present
is
brief but comprehensive
preserved; together
complete Toll call' of the
personalities who, as past or pres¬
ent officers and directors, have
that
a
record may be
parts in making the history
that is recorded here. For history
is
made
by men,
not by institu¬
tions."
Associated Press decision
final 20 days from now
motion to petition a sec¬
ond time for rehearing is made
The
unless
Oct.
date of
under
10 that the San Antonio Na¬
tional
rated
and
advised
are
the
Bank,
in
bank
first
the
incorpo¬
oldest
Texas,
bank or¬
Southwest
national
ganized in San Antonio, has, with
the approval of the Comptroller
of
the
Currency,
changed the
name from "fhe San Antonio Na¬
tional Bank" to "First National
Bank of San Antonio," effective
June
12,
1945.
It is further an¬
nounced:
All outstanding preferred stock
has
been
retired; the
common
stock has been increased to $500,-
the surplus increased to
$100,000.00;
and there remains
over $100,000.00 undivided profits,
making a total capital structure
of over $700,000.00, \
000.00;
J. K. Beretta,
outstanding bank¬
has acquired
a
substantial
holding in the bank; and his wife,
Mrs! J. K. Beretta, has been
er,
elected
a
member of the Board of
Directors.
hitherto
an
has
Assistant
been
General
appointed a
Mercantile-
Manager,
Joint General Manager.
,
,
-;
,
a
by the court.
and granted
news-gathering
The
tive lost
a
co-opera¬
civil action filed by the
Government in 1942 under the an¬
The Supreme Court,
ti-trust act.
in
decisionlast
five-lo-three
a*
June, upheld in full a two-to-one
District Court decision.
It calls
Associated
of
amendment
for
We
Washington
from
becomes
a
had
Associated
8
Oct.
on
! advices
prevent members
from considering the competitive
effect of an application for mem¬
bership.
* •"
Press
rules
McLean,
Robert
The
to
Associated
following
York:
of
President
issued the
Press,
New
from
statement
.
has been
counsel that, with the
denial of the petition for rehear¬
The Associated Press
-
advised by
in the
ing, all efforts in the courts
Government's
anti-trust
action
have been exhausted.
Prompt action will be taken to
comply with the decision so that
the
Court- injunction, may
be
since
lifted,
it
is
inconceivable
the world's greatest news
service shall operate permanently
that
restraint
under
which
threatens
Government supervision
channels of news.
of<. the
*;
*
Anthony
Eden
and Lord Lea¬
appointed Direc¬
;
3
AlthPughllhiitations have been
placed on its right to control its
own affairs, the Associated Press
will "continue to supply 'all .' the
news—unbiased and untrammeled
—with the fidelity that has char¬
acterized its course since its foun¬
,
dation.
Its
is
staff throughout the
world
Its
dedicated to this purpose.
operations
are
tide of war
expanding as the
recedes. It will con¬
the charges leveled
tinue to merit
against it by the Government that
its service is of outstanding qual¬
ity and that its form
tion
is
assurance
gathered
of organiza¬
that the news
and distributed by the
be as near¬
Associated Press shall
impartial, objective and com¬
plete as human endeavor can
ly
thers have been
!
Court's
Supreme
the
Oct. 8 said:
-
the principal occurrences
and developments in the progress
of the Inter-State National bank
mainly
with
bylaws were in violation
Sherman T Anti-Trust Act;
that the
,
Trust Com¬
in 1929, and is still in charge
present Savings Depart¬
Mr. Reinhard has been ac¬
the
the Second National Bank of Bos¬
Bank of
the United
by
denied
bers;.was
States
.
from that date
X There has been no change in the
until 1917 had experience in vari¬
officers
who are authorized to
ous departments of the bank. Dur¬
sign for this bank. Checks drawn
ing the latter part of that period
on
"The San Antonio National
he was Assistant Manager of the
Bank" will be given the same at¬
Collection Department.
In 1917,
tention as those drawn on "First
when the bank opened a Savings
National Bank of San Antonio."
Department, Mr. Reinhard was
made Manager, and was respon¬
The Midland Bank Ltd. of Lon¬
sible for its organization and de¬
don annonuces that T. R. Nichol¬
velopment.
Five years later he
son, Joint General Manager, has
became Assistant Cashier and in
retired after 51 years of valuable
1924 was made Vice-President. He
service to the Bank. H. Wheeler,
retained this title throughout the
merger
petition of the Associated
The
runs
of Commerce, and
Commerce Bank and
Thomas
bank
record'of Kansas City's trials and
progress.I
; t
X^ I
M '•
In a foreword io the booklet,
entitled,
"The
Widening Trail
Through Fifty-five Years With
the Inter-State National Bank of
Kansas
City," David T. Beals,
-
Bank "and
the
of
story
through the big flood of 1903, the
big fire of 1917, drought and de¬
pressions, making an interesting
,
National
By Supreme Court
the
-
Commercial
/
-•
present
,
Trust Co. of New York after
-
elaborate
six N years
has
v-
.
ganizers and has served as Pres¬
ident of the Savings Association nearly 47 years' service. The Di¬
rectors
have
appointed Herbert
of St. Louis Banks. Active in the
Cremer and James Stewart, for¬
affairs of the American Bankers
merly
Assistant
General Man¬
Association, Mr. Reinhard helped
to develop the regional
savings agers, to be Joint General Man¬
conference
and
in
1925
was agers. At Lothbury Office Oliver
Read succeeds to the Management
elected to a three-year term as a
and W. L. Cooper has been ap¬
member of the Executive Com¬
mittee of the Savings Division of pointed Deputy. Manager.
the ABA. At present he is a mem¬
Information has been received
ber of the Committee on Savings
Development. He is also serving from the representative of the
Chartered
Bank
of India, Aus¬
on the Membership Committee of
the Better Business Bureau of St. tralia & China in Singapore that
branches of the following banks
Louis.
•
\
Vice-President of the N. X; a director » of the Dover
NationalBank. ;Mr. Cox Trust Co., Dover, N. J.; President
of the Broad¬ of the Citizens National Bank of
way
Savings Bank, since • 1933. Netcong, "1SL J- and director of the
same institution since 1904.
present plan of the directors to During the; war he* served; a$ a
declare a stock dividend of 25,000 Major in the United States Army.
Before that he was a partner in
shares and to authorize the sale
William K. Paton, President of
the firm of Brinton & Co. and a
at $20 per share of 25,000 shares
the Farmers Bank of the State of
member of the New York Stock
of such additional stock to stock¬
Delaware,
at
Wilmington, an¬
Exchange. The Broadway Savings nounces the appointment of Pierre
holders of record.
Bank, located at 5 Park Place, is S. duPont III by Governor Walter
over
94 years .old, having been
J. Luther Cleveland, President
C.
Bacon
of
Delaware
to the
Besides Mr. Board of Directors of the Farm¬
of Guaranty Trust
Co. of New founded in 1851.
Watts and Mr. Cox its board of
York, announced on Oct. .13 the
ers Bank of the State of Delaware.
trustees
includes Charles A.
Mr.
appointment of Joseph A. Bucher
duPont, a resident of Wil¬
Frank, Richard Kelly, Louis F.
as a Second Vice-President of the
mington, Del,
graduated from
Ferris, Joseph F. Calvert, Alfred Tower Hill School, attended
Company, and the return from
B. Rode, Henry L. Finch, Harold
military service of Col. R. T. TupPhillip Exeter, graduate of Mass*
L. Walton, George G. Milne, Paul
achusetts Institute of Technology
per Barrett with appointment to
S. Ranck, Edward E. Watts, Jr.,
his former title of Second Vicewith a degree of Bachelor of Sci¬
Gif fOrd, Ralph E. ence in Chemical Engineering. He
President.
Mr.' Bucher has for Clarence v H.
Morton and William G. Rossiter.
many years been an assistant sec¬
entered the employ of the du
retary
at the Company's - Fifth
Pont Company in 1934 as a Chem¬
Lafayette
National Bank of ical
Avenue Office, with which, branch
engineer and later as a tech¬
he has been identified since 191 li Brooklyn in New York announces nical
investigator. Until recently
that it has increased its capitaliza¬
Col. Barrett has been on military
he served as sales representative
from
$750,000 to $850,000
leave of absence for the last three tion
of
the
Nylon
Division and in
years,
serving in the European through the sale of $100,000 addi¬ charge of product development.
The sale was over
theater with the Army's General tional slock.
How he is Assistant Director of
Staff Corps. He has been awarded 98% absorbed by present stock¬
the
Trade Analysis
Division of
holders.
the Bronze Star Medal and the
duPont Company.
Mr. duPont is
French
Croix
de
Guerre
with
a
son of Lamont duPont,
Chair¬
Charles P. Eschmann, Borough
Gold Star. The former decoration
man of the Board of E. I. duPont
Attorney, has been elected a di¬
was received when, as chief of the
de Nemours & Co.
financial branch, G-5 section, with rector of the Nassau Savings and
supervision over military govern¬ Loan Association of Brooklyn, N.
Bryson Strauss has retired as a
His father, the late Joseph
ment financial matters and prop¬ Y..
Vice-President of the First Na¬
erty control, he personally super¬ Eschmann, for many years was
tional Bank in Gibson City, 111.
also a director of the association.
vised the packing, shipment and
Mr.
Strauss
will
remain
as
a
Mr. Eschmann is a member of
redeposit of recovered enemy gold
member of the board of directors.
bullion valued at several hundred the law firm of Connolly, Frey
million dollars. Prior to the war and Eschmann and well known in
On
Nov.
1, H. H.
Reinhard,
Col. Barrett was a Joint Manager real estate and financial circles
Vice
President
of
Mercantile of the Guaranty Trust Company's said the Brooklyn "Eagle" of Oct.
Commerce Bank and Trust Co., St.
2
which stated, that among his
offices in France.
organizations are the Brooklyn Louis, will celebrate his fiftieth
with Mercantile-Commerce
and New York State Bar Associa¬ year
Lieutenant
Colonel
Dean
J.
and its predecessor, the National
Wells has returned to his former tions, Brooklyn Real Estate Board,
Bank of Commerce. IVtr. Reinhard
duties as Vice-President of The and various others.V v»*,-■
<v.;..
the number of its
100,000 to 150,000 to
make available 50,000 shares which
will be necessary to carry out the
increase
-
Greenhill, a Joint Gen¬
eral
Manager
since
1933, and
Manager of Lothbury Office since
1929 has retired on pension after
-
shares from
Ltd,
James
of the organ¬
of the or¬
Board of Governors
ization.
of London.
the
Banking and has served as an
structor and as a member of
Bank
Westminister
of
tors
Institute of
the American
in
tive
'
■
Thursday, October 18, 1945
CHRONICLE
20,000
additional
Items About Banks,
& FINANCIAL
make it.
~
,<
,
,
Thursday, October 18, 1945
FINANCIAL CHRONICLE
COMMERCIAL &
THE
2018
of four companies
qualifying shares)
owning connecting lines,
capital stock,
All of the
(2)
stock of Lehigh
company's
the
as
interest under a
Navigation Coal Co.,
.
facturing
Inc., as
company s anthracite
southern anthracite
facilities for mining
kwh. for the
162, p. 1892.
MacAndrewsr & Forbes
the
to
meet
r
coal
the revenues
material effect on
all
v
its subsidiaries.
of the company or
UNDERWRITERS—The names of the several underwriters,
principal amount of bonds underwritten by each are as
expenses
profits taxes."
and exc,
.
follows:
est.
for
Prov.
and the
$904,332
$748,710
18,000
292,000
433,000
$145,699
^5,000
,,
$456,710
$471,332
f
$141,283
earnings
Net
•
deducting
after
Earns,
"*-'V
•
'•'•
*<''
.v
nteg^ti ng * £o.f inc,-^-$tock
banking group headed by Cruttenden & Co., Chicago,:
on Oct. 24 offered 100,000 shares of com. stock (par $!)•
at $12.75 per share. Other members of the underwriting
group include: A: G. "Edwards & Sons, Mackubin, Legg.
& Co., Watling, Lerchen & Co., Livingston & Co., Doyle,
O'Connor & Co;, and George D. B. Bonbright &; Col Of
the shares being offered, 30,000 shares are from the
company.
';''v
' • ■;:-TV
./r
:. :>.■ V-: /• 1 5
Co.—Earnings—
1945—9 Mos.—1944
1945—3 Mos.-^-1944
'j: ^
z.
$146,283
$193,699
Fed. Inc.1 J
Period End. Sept. 30—
toad
y
sinking
secured
outstanding
the
D isi
Jersey
to
Bonds Called—
fund 4'/2% bonds dated
May 1, 1943, have been called for redemption on Nov. 24. next, at
102V2 and interest.
Payment will be made at the Central Hanover
Bank & Trust Co., trustee, "70 Broadway, New York, N. y. /
i
'■
Immediate
payment of
the full redemption price,
together with
accrued interest to Nov. 24, 1945, may be received upon presentation
and surrender of said bonds.—V. 162, p. 12."*/'••/■:'*■'.>; *•,: .v.;." \
of
All
modernization
$2,042,318
interest in
Mercantile Properties, Inc.—4V2%
Oct. 20, 1945,
Louisville Ry^Plans
A
•
• ••
the company and its subsidiaries are der^ed
directly or Indirectly, from the anthracite
anthracite industry do not affect the obligation
part, either
Conditions in the
of thi3 company
Moderaization of Syjstehpt—
program, which calls for the replace¬
ment of present street cars with
141 new trackless electric trolley
coaches and gasoline buses, was announced on Oct. 21 by John E.
Tarrant, Vice-President and General Counsel.
It is expected that
the program will be completed by the end of 1946.—V. 15o, p. 602.
1
of
revenues
The
output
Electric
additional
the company.
extends to the
working
Output
Electric Co. (Ky.) —Weekly
for the week ended
totaled 22,555,000 kwh., as compared with 32,880,000
corresponding week last year, a decrease of 31.4%.—-V"
^ r
of manu¬
engineer¬
to
also
lease
1891.
p.
Louisville Gas &
i
i
industry.
of
Central to pay the rentals fixed under the 1871 lease, except
extent that such conditions may affect Jersey Central s ability
its obligations.
The anthracite work stoppage in May 1945,
temporarily, an adverse effect on the revenues of Lehigh & New
England RR. and Lehigh Navigation Coal Co., Inc.
The more recent
strike was confined to the bituminous industry and had no
*
; large
162,
ing.—V.
which l^high
lease under
Inc. operates certain of the
coal lands located in the
eastern part of the
fields of Pennsylvania and uses the company s
and
preparing anthracite coal for market,
Navigation Coal Co.,
■Vi^e-Presidents^---' • appointed Vice-President in charge
and G. G. Landis as Vice-President in charge of
Kneen has been
P.
H.
the overriding royalty of an
In addition to the royalty provisions ther
company an elective right to a % of tha'
lieu of the overriding royalty. /
/
Mr.
Voit
stated that "sufficient drilling has not
yet been done
to
determine the limits of the field or pool and the full effect on
the company's position and
earnings depend on further development
of the property which is provided for in the lease, and the company's
decision on the Working interest."—V. I62; p. 1892.
entirely
7/a
enj|fcled t0
additional amounts
t ohitrh i,
except qualifying shares, of Lehign «
the* capital
well
•
branches
and
basic royalty
'/*
Va as provided in the contract. On the 5,500 acres which the company,
has'sold, one-half of the basic % royalty will be paid to the owners
of
the
surface or others,
but the overriding royalty will be paid
Halsey Stuart & Co., Inc., who
Proceeds from the sale of these
L. A 6, System,
System properties-
and properties included in the
and company's interests under its lease of L. & S.
to
Jersey Central
under which the company is
a
minimum rental
of $2,267,801 per year plus
determined from year to year.
tracks
other
And
full
the
hid from a .group headed by
dflered 99.0799 fur a 3*4% coupon.
bonds will he used, with other funds
Of the company, to redeem the company's outstanding general mort¬
gage 4'/« bonds of 1965.—V. 162, p, 1642.'
/"* '
v..
attracted enly .one pther
offering
The
furnishing water service, and
The following assets are pledged as security for the bonds under tlie, ;
company's sinking fund mortgage dated Oct. 1. 1945/
_
.
(1)
Lehigh & Susquehanna RR. properties owned directly by the
company;
all of the company's interest in the securities (except
coal at retail,
the sale of
in
engaged
$1,100,000 / Stroud^
Divs., preferred stocjt—
29,856
29,856
89,568
89.568
The proceeds to the company arc
1,000,000
E. W. Clark & Co...
55n'nnn Divs., common stock
■
106,363
106,363
319,089
319,089 and for the financing of anticipated to be used for working capital,
post-war expansion.
The com¬
• Biorep & Co.-~-.--~
300,000
pany is a Jeading producer of powdered metals.
Aluminum
1,000,000
W. H. Newbold's Son
.' Surplus for period
- /$5,064
$9,480 '• $48,053
S62.67L America and Reynolds Metals Co. are important licensees underCorp. ofpatents
1,000.000 'v & Co..——--—
SJ'X Cora. shs. outstdg. (net)
303,894
303,894
303,894
303,894\ held by the company.—V. 162, p. 1642.
> •
,
1,000.000
: Stein Bros. & Boyce.
300.000 Earned on cpm. (per sh.\ , $0.37 '• $0.38
$1.21
$1.26,\
^
^ Butcher & Sherrerd—•
200,000
NOTE—No provision has,been made for renegotiation of business
Mexican Light & Power Co., Ltd.—Earnings—
1,000,000 1 Elkins, Morris & Co.-.,
200.000 for U. S. Government end-use.—V. 162, p. 460. -' . i , '• •
Blyth & Co., Inc..— , /l,000,000 // Janney & Co..—f 200.000
(Expressed in Canadian currency)
E
H
Rollins & Sons '■/;'/'//^ *> Y Parrish & Co
200,000
Period End. July 31—
1945—Month—1944
1945—7 Mos.—1944 '
(R. H.) Macy & Ga., Iuc.—Unit to Expand—
/Inc.----t 700,000 , ' Yarnall & Co...
"£ 200.000
Gross earnings
$1,280,705 '.$1,016,305
$8,383,171 $7,067,147
A
$2,000,000 expansion program has been announced by Davison-;
"tucker, Anthony & Co.
7/700,000 / H. Hentz & Co.-----Oper. exps. & deprec.._
1,017,697
865,248
6,498,715
5,886.997,.
Paxon Co. of Atlanta,
Ga., an affiliate
A 10-story building will be
Biddle. Whelen & Co.
600,000
Schmidt, Poole & Co.
*00.000
Graham, Parsons & Co.
600,000
Wurts, Dulles & Co.—
100,000. erected as an addition'sto the existing structure, and will increase
Net earnings
$263,003
$151,057 $1,884,456 $1,180,150
selling space by about 25%.. Charles H. Jagels, President, said con¬
—V. 162, p. 1394.
CONSOLIDATED STATEMENT OP INCOME (000. OMITTED)
/
struction work will be started as soon as materials are available.—
•Vv'f
46 Mo».'En<L
Calendar Tears- >■'"
V. 162, p. 1892/
,K"' f ^
;
' •
i June30, '45
1944
1943
. 1942
(The) Miller-Wohl Co., Inc.—Sales—Conversions—
Gross sales, less discs., &C,
$15,561
$37,539
$32,539
$24,808
Majestic Radio & Television Corp. — Preferred Stock
Max L. Tomber, President, on Oct. 20 stated;
Oper.
revs.," railroad—/
2,696
6,271
6,039
n'ifai.V Offered—Kbbbe, Gearhart & Co., Inc., and Newburger &
Sales for the months gi Aygust and September,
1945, were only
Rent revenues, railroad
. 1,173
2,347
2,3^6 ■
^ 2,346
fraction of 1%
less than they were for the months of Augyst and
Other
revenues
-—485 .
' 909
927
809 Hano on Oct. 26 offered 300,000 shares of convertible September one year ago,
.'
^ w
preferred stock at par ($5) per shared /* /
*
The company has just concluded a lease for a new store in Holly-,
4
Total
' /?S19,915 - •>'• $47,066
$41,851 , $34,126
Of the proceeds not in excess of $300,000 will be ap¬
wood,' Flqrida. and is hegotiating for several additional new stores
Cost of
goods sold——
14.115
32,727
28,673 "
on terms we regard to be favorable.
•''■*'"u*r""'" ;f/
?•.'(
Oper., sell. & gen. exp. /
3,264
6,514s
6,329
6,226 plied in partial payment of the cost of land and con¬
In the course of this past week more than 1,900 shares of preferred
struction of a new plant at Elgin,' III.,- and:the balanceDepr. depl. & amortiz.
- ?
/>'
^
-'•'?
stock
were
converted at
the conversion rate of three shares of
of defense equipment
647
1,747
; 1,699
V 1,419
Will be added to working capitah' This balance will be.
common
stock for one share of preferred.—V. 162, p. 1892.
V'
'y-i■
' »• ■
"■'*
- 'I
"*
Gross profit
$1,689
$6,078
$5,150
$4,118. expended within the next six months for inventory and
Missouri-Kansas-Texas RR.—New President, Etc.—
Other income
——
123
188
,
265
211 purchased parts for the assembly of civilian radio receiv¬
v-i
'
' '
'
ii,,-y'"i " ,r....V v,,,,-,,,., ,,, , ,, ■ ,
Donald V. Fraser, formerly. Vice-President,
has been elected Presi¬
Total income—
$1,812
$6,266
$5,415 . " $4,329J ing sets under the name and trademark Majestic and
dent, succeeding the late Matthew S. Sloan who held the posts of Chair¬
Mighty Monarch of the Air.—V. 162, p. 1771.
Income deductions——
619
, 1,274
1.410
1,873
of the
board and President/
Raymond J. Morfa was recently
•'//*•
"
•' " *.
> ' '•
Prov. for inc.' taxes
2Q2 •
1,523
1,270•
889
elected Chairman of the board.
' ' "
" ■
•
7 :
•//V"
Manufacturers Trading Corp.—Places Debs. Privately q
Mr. Fraser was also elected a member of the board to succeed Hunter
: Net Income
T
$911
$3,469
$2,735
—Alfred H. Sachs, President, announced Opt. 23 that the
! L. Gary, of Kansas City, Mo., resigned. J. H. Hennessey, Jr.'/ was
elected Vice-President in charge of traffic to succeed J. F. Garvin, rfe-'
|nc. apport. to min. int.
3
r :,'4
:
company h|is sold privately $1,500^000 five-year debfn-.y^.
:■
■ t.
1
■
■
; ■ ■
,
tired, and J. T. Mahaney was named Comptroller to succeed J. C.
ture notes.
The debentures are subordinated to the com¬
Income
available
to ?
»«*:
\ * '
i'"*
Livengood, retired-.
•'c/ - ii
The board of directors also authorized the purchase of $3,000,000 of
"7, Company
and subs.
c
'
s .
I
pany's short term unsecured borrowings which, at pres-'
before prov, for sink.
•
.
?
•
nii , . /
steel rail, sufficient fcr 146 miles of-replacement in 1946, the new rail
ent, ' include borrowings from 22 banking institutions^,
funds
$9p8
$3,465
$2,732 . , $1,564.
being 112-pound section.
The road aicp will purchase for $475,000 six
This fiparicing was arranged through Hlter dc !Co. of
—V. 162, p. 1642.
1,000 horsepower Diesel switching locomotives to replace eight steam
New York.
'
" ' . ' . "•
'' 5
locomotives in the Dallas, Tex., terminal.
Provision was made for
installation cf 50 miles of automatic block signals at a cost of $122,250.,
Lehigh Valley Coal Corp, (& Subs.)---Earriings^--During recent years the company has experienced a substantial growth
—V. 162, p. 1643.
*
in its business of financing manufacturers, jobbers, wholesalers and im¬
Period End. Sept. 30—■ ,
19,45—3 Mos.—1944
1945—9 Mos.—1.944'
porters, and further growth is expected in the post-war years.
The
Income from mining &
r
1
"
>
Monogram Pictures Corp.—Correction—
• • <
financing, enlarging the company's base of capital and fundedselling coal
$316,481
$667,175
$822,669 $2,048,382
David D, Horne., Assistant Treasurer of the Monogram International
Inc. from other opera— :
7,435
8.297
26.714
41,p6ff debt, coupled with the usual bank accommodations, will facilitate a
material expansion of the company's activities.—V. 161, p. 111.
Corp., has. been elected a director of that corporation, and not of the
Total income
$323,966
$875,473"
$849,384 $2,089,448
Monogram Pictures Corp.,
as stated in the "Chronicle" of Oct. 22,
Marlin Firearms Co.—Operations Increased—
Disct.. on -bonds purch.
1945. in V. 162, p. 1893.
7
/ for1 sinking funds——
157
2,543 •
531
-19,839
'3Both: 4ayj
night $htft$ are pow working : At (he .'company's,
Refunds & adjusts, a/c
.
■
*"{
i.
Monroe Auto Equipment Co.—Co-transfer Agent—
plant at New Haven, Conn., to keep up with an increasing demand
prior years' taxes, etc.
125,800
4,735
124,742
308,183
for sporting guns, "apparently greatly stimulated by returning service-,
The Chemical Bank & Trust Co., New York, N. Y., has been appointed
Profit on sale or other
,
I
who want to hunt game instead of Nazis and Japs," according
co-transfer agent and the Manufacturers Trust Co., New York, N. Y./
disp. of fixed assets.
19,974
■ Z)r6.313
Dr22,737
Dr33,966
to Frank Kenna, President.'
The night shift was added as soon as
registrar for the 5% cumulative preferred stock.—V. 162, p. 1893.
Other income
340,998
321,094
882,830
958,876
additional help could be obtained.
•
Mr. Kenna said that "production is being speeded up as rapidly
Gross income ——$810,898
: $997,532
$834,751 - $3,342,382
Monsanto Chemical Co.—Year-End Dividend of 75£—
as
possible to fill a huge backlog of orders." The company's ration-,
Cost
of
carrying
idle '
'
• ">' '
v
/■: •:
The directors have declared a year-end dividend of 75 cents per
ing plan to distributors must be continued for a while longer, how-,
props. & res. coal Ids.
19,152
19,669
54,585
77,682:
share on the common stock, par $10, payable Dec.
1 to holders of
ever,
he said.—V. 162, .p. 1892.
///;.' ,
'
int. on funded and un¬
Drexelfc
Union Securities Corp.
__
Ripley & Co. "
Inc
7.
Smith, Barney & Co/
Kidder. Peabody & Co.
Paine
Webber," Jack8on'& Curtis
Harriman
.
.
,
„
-
_
,
>
^
;
•
..
.
,
a
.
—__-
--
<
.
.... —
'■■m
'
—
•
■
-
,,
man
v-
-
.
—
.
———
*
'*
.
new
—
.
—
„
,
.
•
,
men
.
as
-
„
v
,
.
,
debt
i.
taxes,
excl.
and deprec.
—
Pederal
V?
tax
24,447
754,322
4,910
'
10,170
39,865
.
1.95$
2,114
3,369
8,914
$426,374
227,409
1,205,437
$1.87
fninor. int.
Deduct
Co., Springfield,
Mass.—Official Promoted—
•
' " / ;/> " ^ '
Homer N. Chapin has been elected Second Vice-President to succeed
to the position made vacant by the resignation of H. S. Paysqh ^.owe.
Mr. Chapin formerly was Assistant to ihe President.-r-V; 162, p. 15^5--
$419,862
227,409
1,205,437
$l;85
$654,424
227,409
1,205.437
S2.88
♦ • $0.12
$1,480,090
Mathiesop Alkali \Vor^s
v
corp.
income.^-,
shares
outstdg.'—
Net
Pfd.
outstdg.
inc. pei shr. pfd—
inc. per shr. com—
shrs.
Common
Net
Net
;
$0.21
:;
$0.21
^Period End. Sept. 30— 7
1,205,437
Deprec.
S6.51
$o,8d
* $1,431,242
$2,543,697,
purchased for- sinking funds_.^;/ ,. 2,265
a/c prior years.'taxes, etc. /- '136,675
or other disp. of fixed assets—
13,350
316,776
Income
from
Income
from other
1
operations
1
1,074,714
—_
$2,658,247
•Net
$4,024,014
carrying idle props, and res. coal ids.
on funded and-unfunded debt-iJ-—L
71.838
429,351
on
income
—i
;
'
'income
Gross
of
Cost
Interest
Loss'
—
Federal
Provision
'and
depreciation—^-^.—
fpr Federal income taxes_i.a———
808,668$■'*> 985^ 154-
Treasury
excluding Income-
provision for Penssylvania income
minority interest— —
-
/ 281.120
'Ik.' 11,297
tax-.^U
5,177
Deduct
Net
income
per
.I'*'-" Jm.
:
1'
income
$1,021,041
share preferred-^.—$4.49
Net
income
per
share
<**''
y
Net
—V.
corporate
-161,
.
' V *
•81,815'
taxes,
Depletion
103.714'
516,086
'
stock to par
revaluation, of
stated value—
on
'('■and
s.—
pp.
_*
common-.—
291Q and. 222; and V. 162,
p.
460.
$0 28
,
31,955
/■/,38 432*
^^64^
'
.
•
'
$1,629 357.
. $7.16
V
$0 79
V
derwriting group headed by Kidder, Peabody & Co., re- '
the award Oc,t. 2^ of $4,000,000 first mortgagebonds, series B, on a bid of 95.5199 for a 3% interest!
rate.
The bonds were reofferedv immediately, subject
ceived
approval of the Interstate Commerce Commission, at!
interest., Associated with Kidder, Pea-'
100 and accrued
Harriman Ripley & Co.,*
Inc., and Smith, Barney & Co.
A
t
,t
body & Co. in the offering are:
20,562
;
.
.
' i
828,i71
.$23C,639
'
ent
ucts
> r ■
reduce the
in
its other
plants to increase
pres-i
body & Co.; Central Republic Co.
Co.; The Wisconsin Co.;
button & Coe.; Kalman 'fcCa'^lncZ Ripcr^^affray & Hfop-v
woo<i; E. H. Rollins & Sons, Inc.;' Equitable: Securities!
Corp.; Kebbon, McCormick & Co.; Laurence M. Marks
& Co.; Stifel,. Nicolaus & Co.. Inc.; The Illinois Co.^
Pacific Northwest Co. and Whiting, Weeks & Stubbs.—'
V. 162, p. 1395.
- :
:
f
additional new prod¬
162, p/ 1771.
.
;
McKesson &
Van
(The) Mengel
Co.—First Oil Well Produces—
Montana Power Cov^-Bonds
by Halsey, Stuart &
headed
I^obMnSvJnc—Two Officials Promoted—•
Gorder of New York has been elected Executive VicePresident and George V. Doerr of Minneapolis as First Vice-President,
the latter succeeding Mr. Van Gorder.- , Mr/- Van Gorder is also a'
director and member of the executive Committee of the company.
Mr,
Doerr
is
executive head of the company's central district and a
member
of
the
board of directors and the executive committee.
—V. 162, p. 1642.
'
"
.
u,
George
the offering are: Kidder, Pea-,
(Inc.); The Milwaukee
Woodard-EIWood & Co.; W, JS.'
Pierce, Fenner & Beane in
,$922,018 • $828,801:
caDacities of several of its
balance of the bank loan:to $500,000.
Blyth & Co., Inc., and Merrill Lynch,
Associated with
828/171
products.
Company is also proceeding with
that Will make for'wider diversification.—V
stock will be indirectly
applied toward payment of the purchase price of the out¬
standing securities of Dakota Public Service which was
financed by a $6,500,000 bank loan.
This step, which
also involves the use of other funds of the company, will
•
ments
stock
$11.50 per share.
Proceeds from the sale of the
1,375,344
,$479,517 ; $2,227.781, $1,800,571:
/ 53,878
175,763/
166,770'.
175.000
1.130,000 ./ 805,000
•>
Stock Offered
of 223,351 4/6 shares of common
Fenner & Beane at
.
T
l anci Sept.
1, June
(pa^r. $5) was made Oct. 26 by an underwriting group
headed by Blyth & Co., Inc., and Merrill Lynch, Pierce,
$452,022 < $2,163!394 $1,736,484
64,388 / ^: 64,087.
/. 27,495
hi',
-■
$290,503
dncome
627 886
--
>■
50 cents each were made on this
1, last.. Total for 1945 will amount
paid in 1944.—V. 162, p. 1771.
' "
Distributions of
10.
share, the same as
Montana-Dakota Utilities Co.—Common
•
/.
828,171
828,171/
$0.30 $0.25
$0,96
'
$0.85
i Earnings for. the third quarter were Adversely affected by
a strike
at company's Lake Charles plant which was closed down from Sept. 13^
to Oct: 1. The plan! is now back in operation."
' > •"'• ' '< / •' J s '.
New
that
essential materials are becoming available, company isdoubling the capacity of its Sodium Chlcrlte plant and making improve-'
Lehigh & New England RR.—Bonds Offered—An un¬
to
*
J" "7*
:lfp. of shares ■ of com-,
:' "mon stock —>
Earns, per com. share- / •
Dr28,227
1,171,929
sale
Profit
Other
$708,397^
——1
income
$728,959 !
Incople charges : •_—68,456"
Prov. for Fed. taxes/.--*
380,QCQ
' 19^839
adjusts,
and
.
; Tctal
"57.,718-
bonds
on
Refds.
coal--—
operatiqns—
income from
Total
Disct.
•
"
earnings
Net
.
1944
$2,485,978.
*
/
1,369,636
455,616
460,537
and deplet.i._^_
'
1945
$1,390,880
: 40,362
Sept. 30— '
mining and selling
(|^.)-^|larningsr--
per
—Public offering
;
________
Incorne credits
'■./.'•J',' ''/pW'fV'''
^CONSOLIDATED INCOME'ACCOUNT
12 Months Ended
earnings
Total
to $2.25
1945—3 Mos.—1944 H 1945—9 Mos.—1944
$1,168,934
$907,638 $3,533,030 $3,111,828
■
227,409'
Nov.
issue on March
Massachusetts Mutual Life Insurance
206,995
576,480
*
'
J, "
160.865
70,755
' '
1,955
———
16,993
584,866
7 12,794
249,223
835
188.660
Pennsylvania
for
income
.
recqrd
380,580
308,603
122,833
'
\
Fed." inc. taxes
Prov. for
Prov.
•
taxes
come
Deplet.
101,156
in-
funded
!/
Offered-^A banking group
Co., Inc., made a
public
offering Oct. 24 of $40,000,000 first mortgage bonds, 2% %
Series due 1975, at 101% and accrued interest. The group
bidding, Oct. 22
2.86% interest basis.
bid for the issue both of which named
a
2%%
coupon.
A syndicate led jointly by Smith,
Barney & Co., Blyth & Co., Inc./ and Lee Higginson
Corp., bid 100.0899, and a group headed by Union Se-=
was
awarded the bonds in competitive
offering 100.2799 for the issue on a
Two other groups
President, on Octjv22 announced the results of the
curities Corp. offered 1Q0.Q599L?,
first well drilled under this company's oil lease with the American
Liberty Oil Co., covering npproximiatelv g 000 acr<*s in Richland Parish/
,r Dated Oct. 1, 1945; due Oct. 1, 1975.
-Interest payable on Apr1! 1
Louisiana.
He
said: "Allowable production is limited at present-to / and Oct. 1 at office or agency of the company In New York. ' Coupon
90
barrels per day,. 24 days per month/'';//^' ;: //: form in denomination of $1,000 register able" as to principal, qoly, and
Alvin"
A.
Volt",
by the lease
fully
and
the company
either
retained
the property
interchangeable.
The Mengel company owns in fee 2,500 acres covered
5,590 acres had been sold prior-to; the lease but
the mineral rights. . On any wells found .on
owned
in
fee
by Mengel, Mr. Voit said, the company
•;
w^l receive
registered
form/ in
form
in-denominations of $1,000 and
multiple of $100.
Coupon
The bonds are redeemable at
anv
$10,000 and in-
and registered bonds
prices ranging from
@FedFRASER