Full text of Commercial and Financial Chronicle : October 24, 1946, Vol. 164, No. 4536, Section 2

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ESTABLISHED 1839

Final Edition

In 2 Sections-Section 2

Commercial an d
Chronicle
Reg. TJ. S. Pat. Office

[Volume 164

New

Number 4536

Byrnes Reports

Secretary of State, in radio address, says much was accomplished
despite disagreements. Says proposed treaties with Axis statelites
were compromises.
In dealings with Russia, upholds a firm but

Production Lag

:•

committed to

outlining in

isters and at the Paris Peace Con¬

considerable

ference your

detail

and

our

toward

The

Russia. The

complete
dress

difficult

tasks

delga-

were

lightened

measurably

the

text

harmonious

by stockholder, worker,
through reduced

customer

The country has high-level em¬
ployment. Wage rates are high in
The Golden Age for the

working man has arrived
o d y
is
•

the

splendid work and cooperation of
associates, Senator Connally,

nob

Democratic chairman of the For¬

about

v e r

follows:

plan

dollars.

im¬

incentive

prices.

under the guidance and
of the President of
the United States.

but patient at¬

titude

united and

and

instructions

firm

our

shared

representatives were

tion acting

policy

foreign

technique, with the removal of
ceilings on workers' earnings, are

"''rz3

and

::ference

The authorities in

represents

benefits

the
.

the radio, explaining the problems of the Paris Peace Con-r

over

--vV

eliminated by providing workingman with profit motive^
States

Secretary of State James F. Byrnes, on Oct. 18 spoke to the peo-

pie

-M' 'X

labor
"glorified
leaf-raking" — that is, full em¬
ployment without adequate pro¬
duction. Holds shortages can be
situation

principle of right of every people to organize their
economy and will defend freedom everywhere.
Concludes that re¬
gardless of Russia's attitude war is not inevitable.

v/;-'1

Mr. Lincoln asserts present

firmly and irrevocably

we are

»"5*

Vv\"

yhappy

now

fifteen months

Senator

since

for the

de-

was

o n

'reached

Potsdam

set

Council

Vandenberg,

and

preparatory. work on the
peace treaty for Italy, Bulgaria,
Rumania, Hungary and Finland.
Those months
have been hard,

difficult months.

lief

;

After every great war the vic¬
Allies have found it dif¬

torious

Foreign Min-

At the Council of

(Continued on page 2140)

but we

Board, General Electric

Prominent industrialist stresses importance

expanding

ing standards.

our

trading

And since this is true

the

high

horse

time,

employment and our liv¬
trade is two-way street and

Expresses strong opposition to foreign state monopolies, in view of our need for imported raw materials, v Says we should advertise advantages of
American economic system abroad and keep the Nation strong,
economically and militarily, while standing firm against Russian
communistic propaganda.

■"

|Continued

ers

of the labor

agree,

From,

but

Not long ago, I was

questions
about

ran

sentially negative, essentially de¬
fensive, in that we fear another
war may be in the making if we
fail to help out* with loans and
food and by sending a few astute
chaps like Jimmie Byrnes to Paris
to see that the other big countries
don't run off with the show?" \
And continuing, they said:
"It certainly is clear that Rus¬

;:J

follows:

"What

can
the rest of the
;

world offer to
us,

the greateconomic

est

power

earth?
there

honest

Are
real
to

sia

goodness profi t

opportuni¬

ties in foreign

trade?

Philip D. Reed

concern

o u r

;;

reciprocal

trade

ments and the United

*An

fore

address

the

National

agree¬

Nations

es-

by Mr. Reed be¬

280th Meeting of the
Industrial
Conference

Board, New York City, Sept. 26,
1946.

lot

countries

,'i

2133

Regular Featured

Washington; Ahead of the

News

..........................

Washington

the

NYSE

Odd-Lot

and Trust Cos.,2148

Items About Banks

State of
General Review

Trade

.................... -

Commodity Prices, Domestic Index.
Weekly

Carloadings..............

Weekly

Engineering

Weekly Lumber Movement..
Fertilizer Association Price Index... .2143

Output..... .2144

Weekly Crude Oil Production..

the Communists aren't in

Non-Ferrous

industries have
since

V-J

by their gov¬
ernments without competition. We
think that's very foolish and is
bound to result in

backsliding in¬
dustries with poorer products and,
unless they are subsidized in cne

(Continued

on page

2139)

2145

Weekly Steel Review...

Index... .2145

2144
2146

Metals Market

2144

Weekly Electric Output.......
Bartvp™'

Doila*"

Acceptances Out¬

2143

standing at July 31

Day

and will be operated

2147
2147

Paperboard Industry Statistics

too, that even in countries where

important

.2146
.2147

Construction. .2145

Moody's Daily Commodity

nationalized

.2135

NYSE Bond

Values at June 28...*2062

NYSE Share Values at

Cement Output in

Commerce

*2062

Individuals

During

...*2062

....

•These Items
of

Dept. Reports Income

x-avments

June

July 31.

July

appeared in "Chronicle"

Oct. 21, on pages

indicated.

n,;.:

on Nov.

Song and

planning for the future. They figure they are through, temporarily,
indeed, with Truman's throwing over of controls. It is a fact," too,
that the historians looking back over these times, will record that
at least something was due to Mr. Truman: That reluctantly or not,

Trading on. New

adopt her single-party totalitarian
system.
So what, provided we
on to ours?
And it's clear,

control,
like Britain and Western Europe,

...2133

Yields....2145
York Exchanges...2143
Trading.;
.2143

hold

been

page213 3)

It is significant of what is apparently going to happen
that the so-called Liberals are already singing their Swan

Moody's Bond Prices and

Weekly Coal and Coke

many

about peace

treaties,

wants

* V.',C

See It

V;' -:-'

discussing the foreign situation and the out¬
of my business friends. Some of

and comments

\'r

look for world trade with a group
the

•f
on

By CARLISLE BARGERON

Editorial
'

From

have here, an in¬

Ahead

GENERAL CONTENTS
,

quite proper and quite wise to look a gift

carefully in the mouth.

unions are coming
they insist upon
having their own way before urg(Continued on page 2141)

bar-

area, our

Pointx^^

demonstrates.

stance when it is

matt^r> is that

all practical purposes, has the power to
or off at will-r-as his recent action .fully

favors reduced tariffs for larger imports.

sham in any event.; The

ployment, not just leaf-raking, to
create real wealth. Even the lead¬

of foreign trade to our

and asserts elimination of obstacles and

economy,

i tiers would enlarge

Company

largely

turn the OPA

however, there are few who ques¬
tion that it takes productive em¬

By PHILIP D. REED*
of

Lincoln

things we must have for a
standard
of living.
This

The Ontlook fox World Trade
Chairman

not" pro¬

ducing

the President, for

during

are

was

really important fact about this aspect of the

ment provided

ment,

well since it

employ¬

W P A
ficult to adjust their differences
days.
|W e
in the making of peace. Even be* have
employ¬
■

•

do anything they desire.
But this, too; is not regarded
by the authorities to be of any great importance. They do
not even make any mention of it at all now—and it is1 about

ilar to the re¬

the United States.

interesting to learn how it comes
an Administration which, accord¬

President and

periencing ? is
resented no political parties. We glorified leafraking',
sim¬
have been united in representing

start

■

the

country is ex¬

In the conference we have rep¬

James F. Byrnes

ing to their own repeated testimony, on one day had been
robbed by Congress of any power to do anything about
the OPA and its works, finds on the next day ample power

the

W hat

Republican party in for¬

It would likewise be
about that

it, least

all

and simple.

pure

and

—

workingman.

spokesman

eign affairs.

the
< .*Vi
v
V,'
of Foreign Ministers to

Committee,

Relations

eign

Washington have at length seen a
political light, and have accordingly begun what is described
as an accelerated program of decontrol. They have obviously
come to the conclusion that a great many voters in this coun¬
try "have had enough." It might be interesting to trace the
course of the economic reasoning by which the conclusion
was reached only a short time, ago that all this multitude
of price controls were absolutely essential but by which
it is now found that they are unessential and in the way of
progress.
At least it Wofild be interesting if any really
serious attempt had been made or was being made to
■'explain" such an about face or even to rationalize it. But
little or nothing of this sort has been attempted, and it is
about as well that it has not, since no amount of sophistry
could even half conceal the fact that all this is "politics,"

Accelerated Decontrol

„

President, Lincoln Electric Co.

Asserts

EDITORIAL

By J. F. LINCOLN

J§patient attitude and decries criticism \re have been too soft or too
tough. Strenuously denies Russia's charge we were enriched by
^ war and that we desire to make "hand-outs" to European'peoples
in order to enslave them.

Copy

As We See It

Workers Con Correct

Profit Motive for

Peace Conference
"'

Price 60 Cents

York, N. Y., Thursday, October 24, 1946

bungled
country

but

the

out

into

back

temporarily, though, is with¬
doubt, and of some impor¬
to our future. They do not
intend to remain out. They figure

tance

Enter¬

Free

prise system.
So many of
us

ing

amazing

are

not

sing¬

ing

Mr. Tru¬
praises

for

There
never

ence

itself,

After

his
Carlisle Bargeron
*

this

history to
time more

World War I, we had a

political reaction
recall. But co¬
incident with the economic up¬
turn, there came to Congress in
1922, some 22 members who were
to become known as the Sons of
a

tremendous

after the war, they

was

greater

the

bust,

boom, then a depression and then
came the roaring 20's. There was

bungler than
The differ¬
is that he bungled us into
a

Roosevelt

and

quickly.

bungling

boom

They are looking for

repeat

condemning
him

about.

man's

instead

for

will return in the latter
period and remain forevermore.
What they want to come about,
they most surely Will try to bring

this,

for

that they

long been cry¬
that

are

have for so

Great.

the wrong Way.

But getting back to the "Lib¬
erals," without controls they are
sunk and they have come to be

quite prepared for Nov. 5. That
they believe they are to be out

and who down
raised delightful
political cain. In the heydey of our
prosperity, they enjoyed ouite a
(Continued on page 2137)
the

Wild Jackass,

over

the

years,

■i

2134

Let Us Not

XHE^COMMERCIAli& FINA^aALjCHRONiCLE

Forget

Distribution

got enough copper,
.'

gust reached
of

must

chrome, more man¬
ganese,
more
tungsten,
more
high-grade iron ore. We need
more of all these
things. We are
no
longer anywhere near- selfWilliam L. Clayton

bauxite

were

be¬

on out.
Copper people tell us our
good only for the. next 25 to 30 years.

after

We must likewise bear in mind upon all occa"sions that we must always "have access" to many
raw materials of foreign origin.

and

upon

; have

been

reduced

statistics for August

September, issued on Sept. 28 by the Board of
Governors of the Federal Reserve System.

na¬

Office

Price

Administra--

tion, Washington, the possibility
securing an amendment which
would provide prospective buyers
and sellers on the Exchange with
benefits
Equivalent
to
those"

granted, the Trade under Amend¬
ment

No. 16.
The necessity for
this, t said advices from the Ex¬
change on Sept. 4, was occasioned
;
duction, processing and marketing by the fact that the Office of
'of .coffee;- and for more than 32 Price Administration when
issuing
No.
16 -failed
years it has proved its worth to Amendment
to
the producers and * consumers of amend that portion of the original
order
which governed Exchange
sugar. We have come to regard
our
quotations as symbols of a operations,^..
t
><-■;free market, which means free
enterprise, and free men acting
v
*
according to the dictates of their Wallace Deputy Gov.
town-/;judgmentin A free society; Home Loan Bank
System
for in no other kind of society do
,

ad¬

The

free, markets.exist.
"Let

Earl

therefore

preserve

be cn

guard

-the free market.

It
_

all too easy to feed upon the

appointment

Wallace,

Frederick-

Commissioner

Banks of

Massachusetts, as Deputy
Governor of the Federal;-Home

Loan Bank System, was announced!
Oct. 7 by Harold Lee, Governor*

oil-baring pap?: oEeredsby /^bureaucracyand oh
the

pat^nalistic 'dorgoodersvwhotof

offer what,may. at. times appear
to be the easy way, the pleasant

considerably

from the high levels existing from
1938 to 1945, but the carryover on

and the first half of

said

tional emergency) this: Exchange
;has performed an important 4 and
useful economic role in the pro-

dairy; products
agricultural and

comniodities

Gardner

Iporaryr closing in periods of

price
these commodities.

other

"For < 64 years (except for tem-

re-

Federal

preceding six weeks
lapse of Federal price

some

Mr.

part:

vanced further in recent weeks.

have

Reported by Federal Reserve Board
States, based

! Exchange,

meats

sharply, at the be¬
of

the

/incident. to the reopening of the

crops.
This is the second season
of a small cotton crop and stocks

!*-/ "Production and employment at factories continued to expand
in August," according to the summary of general business and finan¬
cial conditions in the United

livestock

and reduced output of

Industrial Activity to September 15

In his remarks to the members

"Crop production" this year vis
expected to be slightly larger than'
the previous record reached in
1942 despite the small cotton
crop

der of the world.
'

Oct. 21, for trading in

21; 1946."

;..

Agriculture

must in justice to ourselves cease
to regard ourselves as Santa Claus for the remain¬
we

Oct; 17^a resolution was

on.

Prices of

industrial

late—many of them—

when it appeared that Washington officials had not
the slightest acquaintance with such facts as these.

Obviously

the

control.

and

There have been times of

13%

bad fix with zinc and lead also."
—WILLIAM L. CLAYTON.

futures, signalizing; this by welcoming the members back, to

the floor,

ceilings over
Reflecting mainly that;action/ the
general index of wholesale prices
declined 4% from the middle of
August to the latter part of Sep¬
tember, following an advance of

it from this time

We're in

reduced

establishment

aluminum production has gone up. Take
copper. Today we must import it in large quantities
/to meet our domestic needs. We will be importing
reserves are

change, formally reopened the Exchange
coffee

Commodity Prices
"Prices

cause our

period of enforced inactivity, Vice-President John

Gardner (acting President) of the New York Coffee and
Sugar Ex-,

high

ginning of September/ by the

need

-Aftjer

^Value 'of department store

offset declines in other classes.

sufficient.
"We

com¬

special meeting of the Board of Managers of the Exchange
adopted;?stating that:
inventories,
after
allowingW for
"Whereas, on Oct. 17. 1946, by
seasonal changes, increased from
order .of the Office of Px'ice Ad¬ will once
again be serving the
222% of the 1935-39 average at the
ministration, restrictions limiting coffee industry. It gives me" a
end-of July to 225 % at the errd of
the free trading in coffee were great deal of
pleasure to soundAugust.
.-/• ■: -ft: 'J' t.V
1
this gavel!".
lifted,"Freight Varloading? continued
"Be It Resolved,- that trading
As a step towards the resump¬
to rise in August and, after allow¬
in Coffee Contract A
(basis 4) tion of coffee trading on the New:
ing forrseasonal changes, were at and Coffee Contract
D (described
York Coffee and Sugar Exchange,
the highest level since the early
Santos. No. 4 Contract) beginning Inc. the Board of
Managers at.a'
part of 1945. Increased shipments with
December 1946 delivery be meeting on Sept. 4 instructed its
of coal, coke, forest products und
resumed at: 10:30 a.m. on Monday, Coffee Committee to explore with
miscellaneous freight more; than
Oct.4

Now it's about 80,means

of September continued at a

level.

Heretofore the em¬
phasis- in bur foreign -trade has
been on exports; the time is prob¬
ably not far distant when the em¬
phasis will be on imports. ...!*""
"Before the war we produced
about
50,000,000 to 60,000,000-

import

average

273

according to the
Board's seasonally adjusted indepc.
Sales during the first three weeks

quantities.

That

1935-:39

high of 289%

half of the year,

compelled to import these |
and many other items in large

000,000.

new

irr July and an
average level of 254 in the first

are

tons of steel.

the

pared with

needs.

Coffee & Sugar Excli; Reopened for
Trading i
In Coffee Futures — 0PA Removes Curbs

"Department store sales;;in-Ah-

Today we haven't even
lead, zinc, high grade iron ore.

our

•

r"We never did have enough tungsten,
manganese,!/
chromium, bauxite and many other essential metals §
and minerals for

Thursday, October 24, 1946}

But if

way.'

yield to the' temp¬

the System.
In his new post'
Mr, Wallacey^ill directthe^;super-'

visory and examination functions
of the Federal

Home Loan Bank

tation- of,

subsidies, fixed prices, System, in connection with the 1,Aug.
1 was
still ~ substantially guaranteed;margins, divided mar¬ 473 Federal savings and loan" as-',
larger than the average levels pre¬ kets; and' all the other bait in sociatlons now-, in operation and
vailing in earlier years. The feed 'whatevEr-gui^ presented, we will the 1,018 State-chartered associa- >
supply situation is expected to be ultimately find our muscles flabby Hon? whose investors' accounts"
improved this season because ol and without the. strength to resist are -insured through the Federal;
the larger feed crops as well as the
j enslavement -which
must be Savings and Loan Insurance,Cor-:
the reduced number of livestock inevitably follow.
poration.
Mr, Wallace is a resi ¬
on farms.
Total output of fruits
"Our sugar, ring is still silent. We dent of Wakefieid, Mass., Born, in;
and vegetables is indicated to be
hope; that, the recent marked trend Easton, Pa^ he began his career
substantially greater
than
last of public sentiment and especially as a banking ^nd^home financing*
season and larger than in
any pre¬ the events of the past few days executive by service with finan¬

"The value of retail trade reached new record levels; reflecting
partly further advances in prices^for goods," said the Board, which three weeks of September.
Fed¬
cial institutions in
vious year.
have hastened the time when su¬
Boston, includ¬
added that "in the early part of erally inspected meat production
gar trading can ! be resumed.
We ing the First National Bank. For
September prices of agricultural in August, after allowance for
Bank Credit
a year he represented that bank
are
commodities were reduced con¬ seasonal changes, was 16 % below
working toward that end.
in Buenos Aires.
"Treasury withdrawals from its However, let that silent
During the early
ring be
siderably by Federal action." The the high July rate and a sharp
deposits
at banks to retire public a constant reminder that sthe bat¬ -20s he was- successively
Chief
Board's announcement of Sept. 28 further curtailment occurred in
Bank Examiner and special asdebt,
together
with*
an increase in
tle for free markets is not yet
continued:
September.
Output of flour and
slstaht to the Massachusetts Comcurrency in circulation, in August fully
won; and that there are still
bakery. products showedf further
missioner of Banks, Later he be¬
and early September, resulted in
Industrial Production
grandiose plans afoot for extend¬
large gains in August, reflecting
moderate ; pressure, on
member ing- indefinitely oh an interna¬ came Vice-President of the Web¬
"Industrial production rose fur-* improved > wheat supplies.
Pro¬ bank
ster and Atlas National Bank of
reserves
and
banks
sold tional scale
ther in August to a new peacetime duction of most other nondurable
many of the agricul¬
Boston.
In 1944 he accepted
short-term government securities
ap¬
tural -.controls foisted upon us
peak and, according to the Board's goods increased slightly from July
pointment as State Commissioner
to. the. Reserve Banks. In the first
to
during recent years under the
seasonally
adjusted
the
index,
August.
of
half
of
Banks, with the task of effect¬
September deposits of guise of wartime
level of output was 176% of the
"Minerals production declined
necessity.,
ing a reorganizatioin of the De¬
businesses
and
individuals
in¬
1935-39 average as compared with 2 % in August,; reflecting
i
"The members of this Exchange,
slight de- creased
partment
of Banking.
considerably and required
172 in July.
creases in output of coal, and crude
••
■:
V-'-"V'-1-^l'!"-'yt f
then; can best serve their own in¬ '■
reserves rose by about
$200,000,- terests and
'.•"Production of durable manu¬ petroleum.
the interests of their
Output
of
metals
000.'
There was some decline- in
factures continued to gain, reflect¬ showed little change.
fellow citizens' by continuing the H. H. Pease President
the following week, ' largely the
ing further advances in output of
-fight for the complete restoration
result
of
income
tax
payments.
Construction
Assn.
metals and metal products.
Ac.

•

••

.-.v

*of

free

market

both

coffee

."Commerial
and
'industrial and
"Value of construction contracts
tivity at steel mills averaged 88%
«ugar~-our market/ operating
Of capacity in August as compared awarded, as reported by the F. W. loans • at member • banks in • 101 in. a free
! economy^ functioning
•with 85% in July and operations Dodge Corp., declined
somewhat leading cities/ showed a further smoothly
and without external
in September have been main¬ further in Augusts
reflecting- a sharp- increase during August arid hindrance in ;the movement of
tained at about the August rate. drop of one-fourth in nonresiden¬ the first three weeks of Septemt
millions of tons of sugar apd mil¬
Output of copper continued to ad¬ tial building awards. Residential ber and have risen by about "$1:.5 lions of bags t)f coffee from probillion
vance in August and exceeded the
since June. > - Real estate tducer: to
building awards increased slightly
consumer,"' * "
»
r
:
pre-strike rate in January. Activ¬ in August following, large de¬ and consumer, loans, also continued
Mr. Gardner added:
creases*
in
June and July.
ity in the machinery and automo¬
Value to increase. Loans for
"I cohsider. it a happy coinci¬
.

bile

industries

increased

Output" of

gust.

passenger

cars

purchasing

new

construction; activity

con¬

10%

and

trucks,

and '

dence that on the

pSffyirig;. securities declined

the

tinued to rise in

August^ but pre¬ by over $500,000,000. Holdings of
13%; pro¬
duction. of trucks totaled .105,500 liminary figures indicate that'ac¬ Treasury certificates declined
by
units,
which
was
the
highest tivity showed little chahge in Sep¬ about
$2 fcillion, reflecting pri-*
monthly rate on record.
tember. .' ;,',:
? marily'
Treasury, debt retirement
-r
"Production of nondurable goods
Employment
operations, whiie holdings of Gov¬
as a group advanced in August to
"Nonagricultural employment in¬ ernment bonds increased
slightly
the same level as in June, 162% creased
.by about 550,000 from further; •
•
" " ":
of the 1935-39 average, after a
July to August to a level more
V
Security Prices
large decline in July, due chiefly than 1% million above August 1945. C :
"Prices of common stocks de¬
to vacations in the textile, leather, Over
300,000 workers were added clined sharply
during the first
paper and tobacco products indus¬ in manufacturing, and
employment three weeks of September.. -Bond
tries.
Output of paperboard rose in most other industries continued
yieids rose somewhat in August
in August to a level slightly above to increase. The ; number of per¬ and
September, while short-term
the previous peak and continued sons unemployed declined
,by 230,- interest ' rates
sho w e d
little
at about this rate during the first
000 in August.
change." /./.
f,■. j
rose

Exchange

day we reopen
the members will

elect as its

President, to fill the
office left vacant by the, resigna¬
tion of Mr. Silence, a man who
has served them well in the past

MacIii;TooI Builders'

Herbert H.; .Pease;; President of ;

•

and has

done much to make this

reopening possible, Chandler A.
Mackey."
^
?. '■v-yi•!
i v Mr. Mackey followed! with the
remark that:
"The

coffee

industry j of

United States is
of coffee

men.

now

the

in the hands

The charter of the

New York Coffee and Sugar Ex¬

change, Inc. states that
purposes

place
of

for

is to provide
the purchase

coffee.

one

of its

market
sale
hear. the

and

When you
sound of this gavel the Exchange

the New

Britain-Gridley Machine.

Division,

the New Britain
Ma-^
Co., New Britain, Conn./

chine
was

the

Oct

Builders'

elected
i

President

Machine

Association

sociation's
at

National

at- the

Tool.

As-*

Annual

Meeting held
the Chateau Frontenac,
Quebec,:

Alexander G. Bryant, Vice Presi-!
dent of the Cleereman

Machine,

Tool

Co.,

Qhicago^;

was

electee);

first Vice-President and L. D. Mc¬

Donald,

Vice-President

Warner. & Swasey Co.,

Second

the'

Cleveland,

Vice-President.

Lou is

Polk, President of the Sheffield"

Corporation, Day tori,

was

elected

Treasurer. H. L. Tigges, Vice-Pres¬
ident and Sales Manager of Baker i

Brothers,

Inc.,

Toledo,

Donald, and Mr. Polk
directors of

the

Berna continues
ager

Mr.

were

Mc-^;

elected

Association. Tellas

General Man-;

of the.Association and Mrs.

Frida F.

Selbert

Secretary,

Volume

Number 4536

164

THE .COMMERCIAL & FINANCIAL CHRONICLE

>if tiy,

Wants American AgricnHure

whereby the. prices of commodi¬
ties

Unregimented
to

;

preventing displacement of American free markets in commodi- 4

by international controls.
of ngriculture cn Soviet model

Sees drift towards collectivization

s
-

of this country to
hunger abroad. But they,

common

with all lovers of free¬

democracy,: maintain

that this aim

Higgons,. Jr., on Oct.
"Wartime * controls,"
Congressional ciation's letter to the

13 urged a thorough

tarian, efforts

relieve

best be

can

accom¬

plished in the American way."

dent,

for

commodity exchanges and
are prepared and
eager to
play their full part in the humani¬

dom;^ and

With food supplies lower than during wartime and, the: future
of American agriculture threatened by "world
pools,'' the National
.Association
of
Commodity
Ex-$>—-—
changes and Allied Trades, Inc., riers to private international trade
through its executive vice-presi- throughout the world,'." ,.4 ;;.
4

established

would be scrapped for
system of remote control.
4 4
"The

stitdy World food sihiaticn wtth view;'

ties

been

trades

J. A. H]ggons, Jr„ Executive of National Association of Commodity
to

have

many years
a

;

Death of Mr&A;G; Dana
The

death

Mrs.

occurred

Arnold

the' Asso¬

whose

husband

committee

many

years

Oct.

Guyot

Dana,
formerly for

was

associated

with

the

study of «international proposals chairman*;; said,
"were .-accepted "Commercial
andFinancial
involving regimentation nf our on > the sbasis of
patriotism; while Chronicle" in an official and edi^agriculture on a world-wide scale the new-controls are
being urged torial capacity. Mrs. Dana died at
and allocation of food supplies on on the basis oL
humanitarianism. her home in New
Haven, Conn,
an
international minimum-stand,"They are being urged," he added, where Mr.1 Dana has resided7 for
iarct basis.
M
'
"in the face of - the failure of the some 25

Mr,

in the form of a

Flannagan,

Jr.,

was taken
letter to John W.

Government's

methods, employed
• end,
to 'achieve
their ostensible objective; bf re¬
lieving the world food shortage.
This matter must ultimately4and
inevitably con?e before the ' Con¬
gress if the advocates of those
plans are to obtain final authority

since, the. • war's

Chairman -of the

House Committee on Agriculture.
The committee is making a study

the

world

food

its

implications
riculture.

situation

and

American ag¬

being fOf their consummation. It is vital
to our whole economy that the
plans be thoroughly exposed ; and
tested American methods of agri- understood before any such at¬
cultural distribution by a world¬ tempt is
made on the -plea of
wide totalitarian system, having emergency." *
>' i ■
for its goal the collectivization of
Mr. Higgons said; that his asso¬
agriculture on the Soviet model," ciation not only spoke for leading,
"Concerted

efforts

are

made by persons in high Govern¬
ment circles to supplant our time-

„

the

declared.

letter

"The

activi¬

sentatives

munistic

of a .com¬
for America

trades

insidious,

views

but

the

also

d i t y

' c o m m o

noted

the

Total industrial production continued to hold
close to the peace¬
time peaks the past week.
Such important we^klv business barom¬
eters

steel

ingot output, electric power production and coal and
output all reflected a sligntly mgher trend, and thus in
effect, partly offset modest declines in other industries.
Production

crude

oil

in past months, was
frequently limited by the available supply of
materials
and
component
—•—• ;
1——parts and by shortages of skilled ventories.
The latest report on
laihnr
t
..'-'.'H
r4
labor..
•
Federal Reserve members' com¬
*->•;
•.
For the the third straight week mercial loans shows an
unprece¬
continued claims for unemploy¬ dented
jump of $217,000,000 in the
ment compensation veered down¬
week ended Oct. 9.
The headlong
ward, being 1.4% lower in the rise that started in the
last week
week ended Oct. 5, while the
of
June
has raised loans by
up¬
$1,ward trend in initial
unemploy¬

raw

750,000,000.

claims which jumped 20%
largely the result of the sharp

was

cars

Brooklyn

prosperity might be
based
on
credit.
;^44?V.-.■
44",■ :y'' .f'4 > •;'•

and

Canada

revised

and lived "for 50 years on Brook^-

lyn Heights.

motive Reports.

Piatt's

School

Utica,

studying in - Dresden.

later

She

was

musician and for many years the
Schumann Club of Brooklyn met

weekly at her home.

Other clubs
in Brooklyn in which she was in¬
terested included Mrs. Field's Lit¬

Club

erary

and

the

Twentieth

In locating
Dana

in New Haven, Mrs.

became

member

the

represented" thd

The

increase

during

the

retail

week

volume

moderate

was

reviewing the j with total volume at

a level well
corresponding
ago. The supply of
many goods rose fractionally with,
some of the
largest increases re¬

materials situation with respect to

output, reports in

car

above

some quar-

that

week

ters state that steel continues to
be the main obstacle to increased

the

year

production and in refutation, "The
ported in the durable goods line.
Iron Age," in its
summary of the
| A rising interest in home fursteel trade for last week had thenishings was reflected in- much
to

s^yi

°f the current demand for furni,ture, appliances, curtains and betfding.
y7H4:44444-;4:v^ V;/ 4;
plants were being shut down be--1
Wholesale volume rose for the
cause of the steel shortage fell far sixth
successive week ending last
short of
presenting the total picWednesday and it continued to be
ture.
While certain types of steel
well above that of the
correspond¬
have not
been reaching
many ing week a
year ago.
Increased
automobile
companies
in
the
supplies of durable goods-attracted
qualities; desired to maintain
am-^any buyers. Order volume ret

The.bare statements from

troit

Century Club,

the

magazine warns, for any in¬
dication that too much of our

States

figure of 86.330
units, according to Ward's Auto-

She attended Packer
Collegiate T Institute
and
Mr?.

borrowing should be
watched, along with bank loans,

in the
last

United

for a

stands at $9,381,000,000.""

89,687 units, making
slight gain over the previous

week's

and trucks

now

Consumer

pro¬

duction of

The total, which long
outdistanced all past rec¬

since

ords,

increase reported in Pennsylvania:
In the automotive industry

Newton,

born

ment

week totaled

was

>■

••

Brooklyn "Eagle'-' of Oct. 15, Mrs.
Dana, [Grace Newton Dana] the
daughter1 of ' the late Albro J.

commodity exchanges -and repre¬

ties of these proponents
economy

years.

Higgons' action

2135

last

week

that

De-

automotive 1

Connecticut Society of the Colon¬
majority- of ial Dames, the Fortnightly Club,
behind-the-scenes furtherance of
farmers; processors, distributors, the Music Club and Ourv Society.
their schemes to open, official ad- bankers,
brokers, commission mer¬
Besides her husband, who was
4vocacy—whether
authorized
or chants, warehousemen, insurance at son of the late Professor
James
unauthorized—of their concepts. men and others who would suffer
Dwigbt-Dana of Yale; said the exwtionaH^hjgh rate;of aut°^mained high, but deliveries gen+
mobile Production,
"The goal of this effort seems directly by the elimination of our "Eagle," Mr$. Dana is survive^
Detroit has
by
erally, were unimproved;
to be to displace American free free markets and the substitution two daughters," Mrs. Thomas D. admitted that shortages other than
4 Steel
Industry—Although price
markets in commodities with Gov¬ of a- totalitarian economy."
Hewitt of Greenwich and 4 Mrs. steel have been just as serious
these include copper, lead, fabrics controls in the metalworking in¬
ernment controls on an interna¬
The letter, said that* the FAO Philip H. English of New Haven;
dustry 4 and *particularly in the
IU UVUW
and
other XbClilb.
items."
.4;V;4:.;44y;%y^4-v>4::-^4/V
tional scope. This would require program
V
was
being
developed a son, Albro N. Dana of Prov¬
The
stock
market
last
week t steel group8 may remain in effect
-v controls
even
more
drastic than "with "little open discussion or idence";
a
brother,
William L.
-have

progressed. from

"the

vast

U those

imposed by our Government public knowledge of its implica¬
tions. * Although 4 the
American
people have been told little "about
■would mean an end to free mar- it and, apparently, no official ap¬
rkets in this country. It would ob¬ proval has
been given by the
viously involve a material low- United States. Government, vari¬
ous
individuals
in high official
Bering of the American postwar
•standard of living. It would also places have presumed to speak
involve more drastic regimenta¬ for this country in proclaiming
tion of the American farmer than American support," it added.
during wartime and now extend¬
ing into the postwar period. It
.

ever

Newton

of
Greenwich; a sister
MrSt1 Eugene' S. Graves of; Prov¬
idence; six grandchildren and one

great-granddaughter;
Mr. Arnoid G, Dana

also

was

nephew of the late William R.
Dana, founder, editor and pub¬
lisher of the "Chronicle."

Fletcher Leaves CED

Food and Agri¬ system in which one country has
and
another
is
in
Organization,
as
pro¬ abundance
claiming American support of the need." Mr. LaGuardia was also
plan. It declared that if they quoted as declaring that "it is ho
spoke with authority, "American use saying we are not going to
interfere with free exchange- and
institutions are in imminent peril,
-.and if they did not speak with free sales" and as suggesting a
f
authority, "their pronouncements plan of national and world health,
-should be
promptly and vigor¬ standards fixing the surplus as
the quantities needed for mini¬
ously repudiated."
Nations

"United

cultural

Mr.
'

Higgons, in making public
Flannagan, point¬

the letter to Mr.

ed out that the threat to

our

agriculture is being
lieightened by a situation with
intern a t i o n a 1 ramifications in
"other commodity trades. "Interna; "tional controls and behind-the4 - scene agreements with regard to
various commodities moving
in
international trade are having a
-disastrous effect not only in trade
in those commodities but on ag¬
riculture as a whole," he said.
•"There is no doubt that, if con¬
'

tinued,
•*
•

4 injury

health.^

De¬

set up, and a
shown of prewar
are

comparison is
consumption of food

supplies

ances

Postwar

Planning, in a report last spring
which said in its conclusions. -..In

^"Underlying all of these utter¬

sized by the

House Committee on
Economic
Policy
and

the various countries and the ad¬

they will cause irreparable ditional amounts that would
provided for deficit countries.
to our agriculture.'.
. p..

i
"The great dangers of these in4 ternational controls were empha¬

partment of Commerce publica¬
tion, outlining the FAO plans for
a
"world machinery" to "ensure
that sufficient food is produced
and distributed to bring the con¬
sumption" of all people up 'to a
health standard." Under this plan,
nutritional "targets" for the va¬
rious countries

is an obvious manifestation

wide

free

bureaucratic

enterprise

opposition

and

effort

not only to continue but to extend
totalitarian
methods
adopted

.jgeneral, the solution for restoring under the guise of wartime emer¬
;jind expanding international trade gencies," said Mr. Higgons. "Under
should be found, not in perpetu¬ this plan the judgment of persons
ation or adaptation of wartime who are experienced in commodity
controls, but in the elimination or fields is supplanted by that of the
reduction of governmental bar- bureaucrats. The machinery
.-frrj;.

i :f

I; l

-K f s V > ,3

Films, Inc., with offices in
Chicago, and assumed his new

duties at "once.

ciated with CED
as

,11

> -i

He will be
as a

asso^

trustee and

member of its Research and

Policy

Mr. Hoffman

Committee,

said.

Under Mr. Fletcher's

leadership,

the CED report of Oct. 21,
more

The letter also quoted from

do- article by Mr.. Tolley in

mestic

■

mum

nica

added,

than 2,900 local CEDs were

formed in the three years prior to

Friday,

losses

operator
was

this

items

sidered

which

short, it

future
still

are

for

con¬

apparent last
Administration

was

that

was

same

bale,

The

one

about

reported that

speculator whose

steel

industry " was

pro¬

ceeding last week on its price ad¬
justment request on the basis that
OPA

controls

will remain .in ef¬
significant that the price

fect. It is

request

before the OPA is in

now

the form of higher prices for spe¬
cific products on which the re¬

changes broke those markets and

turn is low and not

forced all cotton

exchanges in the
country to close on Saturday to
permit time for lifting the load
of distress

on a

horizontal

across-the-board basis.
Should controls

basic mater¬

ials be rapidly removed it

can

cotton off the market.

expected that price increases will
multiply, but on the other hand
dreds of smalLand large speculaf an adequate check to such moves
tors who had paid up to 39 cents may present itself in a
stiffening
$ pound for cotton were wiped in customer resistance, "The Iron
It

was

likewise reported that hun¬

out in the break. 4

Age" states. That steel

With the lifting of meat controls,
both wholesale and retail, meat

have

prices dropped sharply as growing

serious

resistance

consumer

inflated

their buying habits in the midst of
been

steel

beef

ventories

down

as.

much

shortage rumors has
for

apparent

manufacturers

meat prices made itself felt. Steer
was

consumers

already become cautious in

•

those

•

immediate

distress selling on the New York
and
New
Orleans
Cotton
Ex¬

After serving, first as

the

week'

cotton de-

attributed

estimated

$5,000,000.
it

saw

approximately $30

$10
per hundred pounds and cow beef
director of the CED field develop¬ as much
as
$14 from Friday's
ment program; Mr * Fletcher later wholesale prices in packer branch
houses. C. F. House, market news
became, executive
director and
analyst for the United States De¬
continued in that capacity imtil
partment of Agriculture, reported
he resigned.
that trading on Monday at the
.In his new position,. Mr. Fletcher wholesale level was very slow be¬
cause consumer resistance to high
plans a large scale program of ex¬
prices last, week resulted in many
pansion and intensification of all retailers
carrying over* supplies.
of the visual educational activL For. the first tjme in many weeks,
House
said,
there was a "normal
ties of Encyclopaedia Britannica
to liberal supply" of all meat ex¬
Fiims, He succejeds E. H. Powell
cept beef and pork in the whole-r
as President, the latter, who also
sale market. 1 Last Friday wit¬
is
President
of
Encyclopaedia nessed the heaviest shipment of
Britannica, becoming Chairman of livestock to move this year into
the stockyards of Chicago with
the board of the films corporation.
additional meat promised for the
Prior to World War II Mr. Fletcher
current week. : 4"v' *
.vwas general Sales Manager of the
"Demand for bank credit con¬
Studebaker Corporation. He went tinues phenomenal," states "Busi¬
ness Week"
magazine in its cur¬
with CED in 1942 as a wartime
rent issue, adding, "there is more
service; and has now returned to than a
suspicion that a big hunk
of the money is going into in-;
private business. ; 4 4v ;
; '

y-J Day.

•

during

fol¬

the:
single day's gains since the out-*
break of war in September, 1939. would eliminate price controls as
rapidly
as
The cotton market in the same
possible, according to
week, following a three day break "The Iron Age," national ; metal4^
•
which started oh Wednesday and working paper.

with

cited

course

President's decontrol
speech and registered the largest

ended

An address by Mr. LaGuardia
The
utterances by before the FAO in Copenhagen
resignation of C. Scott
Fiorello H. LaGuardia, Director on Sept. 5 was cited. In this ad¬ Fletcher as Executive Director of
Ceneral
of
UNRRA, Henry A. dress, Mr. LaGuardia was quoted the Committee for Economic De¬
Wallace,
former
Secretary
of as laying bare what he alleged velopment was announced on Oct.
Commerce, and Howard R. T°l* were "tho failures of the present 21 by its Chairman, Paul G. Hoffley, Director of the Division of system of distributing food", and man. Mr. Fletcher has been elected
Economics and Statistics of the pleading with FAO "to discard a President of Encyclopaedia Britanr

letter

downward

lowing the

cline

before envisioned."

The

altered its

1947

and

•

weeks

some

their

eye

scale

down

in¬

their

manufacturing patterns into
alignment with available

better

steel supplies.

The

trols

probability that price con¬

will

removed

ac¬

celerated rate

plus the substantial
production of steel expected over
the

three

months

ex¬

serious

pected

thought

in the metalworking in¬
case for

cause

dustry than has been the
some
are

time. Major steel producers
aware of the higher costs

well

encountered

by manufacturers of

durable and nondurable goods and

this
reason,
the
magazine
points out, pricing policies of in¬
steel companies in the
event of a rapid lifting of controls
are expected to reflect a conserva¬
for

dividual

tive

attitude.

the past week
building projects
have been dropped because of-the
It

was

disclosed

that many large

high cost of materials. One .rail:

(Continued on page 2142)

public ? to : what7 was being
done, continued these powers

As We See It
'ft

i* toftf

in effect for

rW* (v*

Pre-Elcction,

<■:

(Continued from first page)

Post-Eleetion

pened

more than once during
the Roosevelt Administration,

broad

concessions

other stated

period—sometimes, although
r not
always,; subject to prior
now/ pfbmised a "decontrol termination
by Presidential
prograirx". — something we proclamation or joint resolu¬
have?been on occasion prom¬
tion of Corigress. Now is. the
ised in the past; but which
time for the voters to make
did not long endure. .That is
it crystal clear that they ex¬
definitely not enough.
>
pect their representatives in;
threats of them.

^It has happened more than
once; in. our history, it hap¬

that

some

were

are

U. S. Asks Russia to Settle Lend-Lease Account
I

.''V'S

^ *.v' ?

;

?**■•.'

;

X ;k;

'■

•

mission to

Washington

soon

all these vast war and emer¬

the vote had been

could

The rank and

happen gency powers.

renewed

the voters

again —and

can

to it

see

that

file of the

people of this coun¬ they are not/
.
^
*
by men—perhaps we try must -see to it at the. com¬
Only by such thorough
say by a man—and not ing election that both the steps as these can a situation

againr;;.We still have

gov¬

ernment

should

President^ and the mew Con¬ be created in which

bf daw/; So long * as this is

gress arfe put on notice1 that
end must be put to each

dependent upon
a single

the -turn of mind of
,

the

very

and every one

all to

President by

statue

fairs

yds; particularly burdensOme^WTthe businessman—

that

when this,

ceases

abundant

taining

the

$11,141,000,000

lend-lease which it had furnished
.to the Soviet as of Dec. 31, 1945,
in .which

"emergency" is past as

field

science.

Known

the

•

he .wuldtbe^paive whq acceptechoasia foregone conclu¬
sion'* the"notion that the pres¬

ently; prpclaimed "decontrol"

: *

A U

* * «," *■ ' \

Another Procedure

There

another

class

powers held by
President which in part

special

bated^after the elections until

•

What we'/need, and. what
must have in this country,

least

could

emergency, which President
Roosevelt brought into being
arid to which he clung so

summation

such

con¬

reached

some

Foundation

upon

head

the new
Director

the

shed

it difficult

ter to do

practical mat¬

Aeronautics

director

and

the

Office of Scientific Research and

Development."
Mr.

Truman

specified that the
work, of • the new Board would be:
"To insure that the scientific per-i

sonnel, training and reaerch facil¬
ities of the nation

are

used most

effectively in the national inter¬
est."

Congress.

the

The

lend-lease

dis¬

cissions from the suggested nego¬
tiations for ' a $1,000,000,000 loan
td

'Riissia/ it Was reported.

Associated Press advices
the New York

•
The
given

"Times" added:

ex¬

in eastern Europe.
Further negotiations are stalled
because
of
Soviet
failure
to
answer

third American note on

subject

settle

sent

three

about

*■;

„

But

30 last

some

which arrived

call

the

other date

during the past

attention

ceived

American

needed

finan¬

purpose

balance

the

dollar

credits

purchase
surplus
American property in the negotia¬
tions. No attempts were. made, to

lend-lease

direct

..The

and

accounts

for-dollar basis.

reverse

dollar-

officials

did

know

not

whether any sale of surplus goods
to
the
Russians
was
contem¬

plated.

They indicated, however,
deal by which the So¬
viet government would turn over
that

some

real

estate

Moscow

United States for

the

by the

use

bassy, as several other countries
have done in their capitals, might
be welcomed

ment.

part of the settle-*

Like most other lend-lease

re-*

the

time

the

France,

only

States

United

shut

off lend-lease in September, 1945.
It amounted to between
000 and

$300,000,-

$400,000,000.

Russia

got approximately one~
total

fourth of the $45,000,000,000

the United

lend-lease that

shipped

of the Big Five nations to
their
accounts, both re¬

the

was

States

during-: the

its allies

Britain

war.

principal

recipient with about $30,000,000,000.

The amount of gold held in the
Issue Department of the Bank of

England1 during the
July,
August • and

months

of
September,

1946, was unaltered at £247,833.
The Bank of England's buying

Ji,. b -V,

The

;City 'of

has made

the

Greater

offer to

Prague

resume

in¬

terest

payments on $482,000 out¬
standing dollar bonds of its 7V2%
mortgage loan of 1922, which
have not been serviced since be¬
The

war.

Foreign Bond¬

holders Protective Council, Inc.,

prepared to recommend the plan,
which

calls

interest

the

for

arrears

period of nine

payment
full

over

—

1945

ounces

Fine

1,047,599
1,014,081

—

978,097

ferences between

over

the

extended
Loeb

the

price

are

1, 1960. Kuhn,
paying agents.

On Oct. 1 of this year the

for the purchase

maturity will be

Nov.

Co.

the U. S. Senate

of Representatives

and the House

and sale of

domestic silver by the

was

and

Czech¬

received

On July 20 news

both Houses of a
ver

Bill

which

the passing

the Treas¬

oslovak Government made similar

domestic silver at 90 V2

arrangements for the resumption
$1,723,300

fine

its

first

series

bonds.

and

series

the

compromise Sil¬
fixed

ury's buying and selling

of interest payments on

dollar

Chancellor of the Exchequer

Sept. 26 that "in view of the
high price and world shortage of
silver the Government intend to
as

soon

proyide
for
the
gradual substitution of
eupro-nickel coinage for the ex¬
isting silver coinage."
bill

passed in 1920 reduced
of United Kingdom

fineness

the

coins

silver

925/1000,

from

500/1000 and now, under a pew

act, silver is to disappear from the
coinage
altogether. The with¬
drawal of silver coins from1 Cir¬
culation will
ment with

provide the Govern¬

supplies for the repay¬

the U. S. A. of a large
portion of the silver obtained un¬

ment tp

lend-lease

der

which

agreements

and

within

five

returnable

from the end of the emerg¬

years
ency.
:

the

Bombay Market, prices

ranged between Rs. 152 per 100
tolas in July and Rs. 171.12.0 in

price for
cents per

received
Presidential signature on July
ounce; the measure

other factor

the approval of

was

the American loan to Britain.

during
August, following the raising of
the silver price in New York and

firmer

set; in

tendency

London.

increased

silver

equal

tolas,
was

of Feb. 28,
import duty

Indian Budget

The

1946,

the

Rs.

18.12.0

9d per

per

1QO

ounce;

announced in New Delhi

Aug.

thatr the duty

it
on

was

rer

duced

Rs.

which

equivalent to 4y2d per

ounce.
-

legislation

ounce .999 fine.
The
rise: was on Sept. 24, September; the sterling equiva¬
1945 when there was an advance lents are about 73d and 82 7/16d
from 25V2d to 44d—an increase of per ounce respectively (without
18^ as compared with HV2d in allowing for import duty and ex¬
penses). Weakness shown in July
the present instance.
The raising of the London price was attributed to the uncertainty
then prevailing as to the outcome
was not unexpected, following as
it did the adjustment of the dif¬ of U. S. silver legislation and an¬

rent interest rate will be reduced

U. S. Treasury.

ounces

1,024,796
1,032,717

1,018,543

ending Nov.
1, 1955. Under the Plan, the cur¬
years,

conditions.

An announcement was made

introduce

54V2d-per

Prague to Resume Interest

plies; are, at.present, rather lim¬
ited, the development was wel¬
comed as a step towards a return

Parliament reassembles to

knowl¬

—~

;

substantial sbipipen.ts
Although eligible, sup/

gether with the figures for the
corresponding months of 1945. 4
•1946

the

some

effected.

August 1946 is shown below, to¬

security and the de¬ June
velopment of the domestic econ¬ July
omy depend upon the extension Aug.
scientific

and

the

Fine

export of silver from the United
Kingdom to India.
Licenses are
now being granted to export to
India
silver originally imported
from certain approved quarters.
Sales have been :made to, Jndia

to more normal

The Transvaal gold output for
months of June, July and

intimation

of restrictions on

relaxation

price
for
gold
remained
un¬
changed at 172s 3d per fine ounce

the

54d

the London Market

at-which figure the above amount
was calculated.

In his Executive Order the

fundamental

written under date
Gold

is approximately

official

received

We reprint-below the quarterly
bullion letter of Samuel Montagu
& Co., London,
of Oct. 1.

cents

per ounce.
In August,

Silver Markets

"National

90 V2

English Gold and

President added:

fore the

so.

always be harried either year or ; two. In very nearly
Undue, perhaps wholly all these cases Congress quiet¬
unexpected, and certainly un¬ ly, without any serious effort

The Indian Budget of Feb. 28,
edge and the application of basic
principles to the development of 1946, provided, for a duty; on the
import of gold into India of Rs. .25
new techniques and processes.
l"The nation has a vast reservoir per tola/ equivalent to £5 per
of war accelerated technonogical ounce; it was announced on Aug.
12
that the'duty was now re¬
see the President issue a proc¬ development which must be ap¬
duced by 50% to Rs. 12.8.0 per
lamation asserting that so far plied speedily and effectively to
the problems of peace—stepping tola, equal to £2.10.0 per ounce.
as such powers are concerned,
up productivity in both industry
Silver
hostilities had ceased and the and agriculture/ creation of new
The official price of silver in
war come to an end.
For all farm and factory products and ad¬
the
Lpndon £ Market; was
ad¬
vancement of medical science."
practical purposes, this should
vanced on Aug. 6 from 44d to

shall

measures;

desire

board
John

Besides Mr. Steelman,

according
to
Associated
Press
Washington advices, the 12 mem¬

with

warranted control

divorces

other

Science

Steelmhn.

Congress is not without
its own responsibility in all
tenaciously as long as : he this. War or eir^rgency stat¬
lived/ - and which his suc¬ utes had, conferred a number
cessor apparently is as deter¬ of important powers upon the
mined to prolong to the ut¬ President to expire on June
most.'*/ Until

requested

note

tional

dent

%idMy a "voluntary"
program/of decontrol by the
President subject to reversal
by him at his own discretion.
It; is nothing short of an end suffice, we should suppose.
to 'the power of the President Whether, or not it would be
to do any -of this controlling technically 5 possible for the
President to resuscitate, these
W other interfering with bus¬
iness vTand with the personal powers at some later date,
lives of us all., We must, in we should expect him to find
fine, end this government by

months ago.
Britain and

Reconversion

at
by the
Chief //Executive -irrevocably
hd^||hiehgency controls are at his own discretion. They
left.-venture the opinion
are powers which have been
thatcfwhat happens in these
vested in him "for tHe dura/
particulars after the voting tion of
hostilities," for. the
will furn in large part upon
"duration of the war," or
what appears to be the trend
some other
similar designa¬
of^Opl0il|i®pihi6n or political tion.
Precisely what is nec¬
.expediency — and wthat, of
essary to terminate some of
coursejSsJit difficult thing to these
powers. may be a sub¬
foresee.!-ject about which the lawyers
'S1*1 ' t'.J,
could argue endlessly, but,
H A; Return to Government
for our part, we should like to
*/j
by-Law
movement will continue una-

speed settlement of such accounts

the

ministrator, Chairman of the Fed¬
eral Communications Commission;
Chairman of the Tennessee Valley
Authority, Chairman of the Na¬
of tional
Advisory; Committer for

1 • r.V,

because

group will be in effect an admin¬
istrative substitute for the Na¬

bers include:
tainty as the whether, when
The Secretary of Agriculture,
and ip what form the OPA or ly has no intention of doing so
now despite recent changes in Secretary of Commerce, Secretary
sorife' ^eguivalent of it would
of the Interior, Secretary of Navy,
return^
plague us. It is attitude, strongly indicates Secretary of War, Federal Loan
that the voters must take a
Administrator, Federal Security
probably true that the same
hand in the proceedings next Administrator, Federal Works Ad¬
.

disclosing the lend-lease
the decision had been

said

reached

Presidential Research Board, the

which the last Congress failed to
Named by the Presi¬

should; long ago
have recognized this fact with
a
formal proclamation.
He
has not done so, and the fact
that he has not, and apparent¬

month.

.>■

take action.

President

eco¬

the Associated

says

amination Of economic conditions

degreer;:6f uncertainty does

note,

familiar .' with

policy,

Press jn,

agenda which would include

President Truman on Oct. 17
established a new board to corre¬
late government activities in the

nbt^ig|ift)day, but certainly

cipients, Russia received a credit
ly* a year ago but has not agreed to enable her to purchase stocks
ordered but hot yet delivered at
to / American . suggestions
for

Research Board

plan for the fu¬ proclamation. The fact of the
ture i; often for months and matter is that these "emer¬
even years ahead.
gencies"—so far as they ever
^
It Ihas
been
repeatedly actually existed *— have long
noted tHat-a substantial part ago passed into history. The
vagaries of the markets
during the interlude last sumpier' when there was no OPA
is tcnbe attributed to uncer¬

thoroughly
nomic

Truman Names

hiust ; daily

Of the

• •

Russia requested the loan near¬

all determined by Congressional
or
businessmen—who action
by Presidential

are

live

life.

and in- one sense at least

of us

go forward with its task
making it possible for lis

can

of them. The
simple procla¬
rpdst^a;yery few individuals,
fprt;dhe; f; conditions under mation cbuld, of course, yield
which dye must live and earn up many of these powers ir¬
our bread.: Such a state of af¬
revocably, Such authority by
individual,

business

has been received by the United States as yet to a note stated to have
been sent several weeks ago per¬

;

soon

possible for the

of
its $11,000,000,000 lend-lease account, according to state¬
ments of informed government officials in this country on Oct.
12,
the Associated Press stated in a dispatch from Washington. No reply

winding

period." Russia's' reverse
made, to public demand prior
lend-lease, contributions
totaled
There are several types of
to important elections and re¬
Washington to bring a prompt $2,213,000,
,
r;;;;::- ,;y-; ;
end
to
this
kind
of
business.
pealed or an some other way arrangements by which the
The
American
officials,
who
reiiSered^ull and void almost Chief Executive holds on to Not one of these laws ought cannot, be. quoted but who are
counted.

••

Russia has been requested by the United States to send

;

cial

9.6.0

per

100

tolas,

Volume

Number 4536

164

THE COMMERCIAL & FINANCIAL CHRONICLE

U. S.

Small Reports on Production and

Military
Urges Longer Work Week Occupation Expenses
Small, Civilian Production Administrator, presenting his
In Germany
report
civilian production at
conference

;

From Washington
of the News

John D.

monthly

news

Sept. 27, declared that a longer work week would be necessitated for
many industries if a "substantial increase in over-all production" is
to be achieved.
Mr. Small asserted, according to advices to the New
York "Times" from Washington, that the present rate of production,
maintained

the

end

the^

would eliminate most of the
problems / of
reconversion.
"If
things continue the way they have
been
running
the ;r last
few
months," Mr. Small continued,
"we are going to be very short
of manpower by the end of the
year." The advices to the "Times"
year,

added:
"The

•

ployed

number

last

persons

month

stood

em¬

58,000,000 while unemployment de¬
clined by 230,000 to stand at 2,-

000,000,

the

December,

lowest

figure

Mr.

1945,

since

Small

re¬

"He regarded this decline coin¬

cident

virtual

with

demobiliza¬

tion of the armed

forces, as an in¬
rapid exhaustion
by industry of the labor resources

week."

"more production

mean

hour

per

more
hours per
emphasized that this

and

vogue and found their wild

The American Military Govern¬
ment in occupied Germany has
the United States

cost

$28,000,000 in

wages

millions

for food and

than

far, plus
other

supplies, the monthly report of
Gen. Joseph T. McNarney showed
Oct.

suggestion included overtime pay

stated in Asso¬
ciated Press accounts from Berlin

for the additional

i "The

CPA's

showed

working time,

monthly
report
the production

at close to

9, it

that

was

day,

further

which

re¬

ported:

with

that

of basic materials

jackassing business quite profitable.
Looking back, this writer thinks
we
enjoyed, tolerated, even en¬
couraged them as a luxury just
as

of from 20
in

the

to 35%

output

fix¬

and other critical construc¬

tures

The production of
reconversion bottleneck,

products.

nails,

climbed 18% to the
so

month

one

.far this'year.v

highest levels
cJ t <\ *1

supported

speakeasies,

ment.

;

- ,

;

t "The

These

••/.?

the

New

supplies

;

"The

were

the

fore¬

Deal.

They

Then

the

ried

and retired people."

women

"With

industrial plants
already operating at capacity, the
many

report stated "increased produc¬
tivity of currently employed labor
needed now to bring about
higher levels of production and

interpreted by Mr.

was

vilian internees 602 tons of food

duction rate of 183,000,0.00
week. ■;
•
Small

"Mr.

anticipated

indicated

yards a
/''
that

decline in shoe

pro¬

duction during the coming TnonthS
as a

consequence

cattle

thus combat inflation."
"This

- -

slaughter, which

lifting of .controls

subsidy payments to the
industry, which, according

statement of

official of the

Reconstruction Finance Corpora¬
tion,; as reported in, Washington
advices
will

the

result

Treasury

Associated

Press,

saving

about,

the

$380,000,000.

The RFC official said that of the

$400,000,000
thorized

only

which

meat, the President's

for

about

Congress

subsidies

Used for the purpose. *,
OPA economists have

may
^

/"Last

the

year,

RFC

official

said, meat subsidies averaged be¬
tween $50,000,000 and $60,000,000
monthly. He added, however, that

list

decontrolled.

added

that

com¬

that list will

His

announcement

noted that

"price ceilings must be
retained on important commodi¬
ties and services where demand is

packers have averaged only about
20%* of last year's.
irtr

;

_r.

* "The Government subsidy, pro-1

gram became a part

ceiling

effort

when

of the price
prices were

rolled back during the early
days
of
control.
The
Treasury paid

and slaughterers- a - few
pound, with the idea of al¬
lowing them to raise prices to

packers
cents

excess of supply."
As an
example of items remaining un¬

der

control

listed

were

producers

without

biles, farm equipment, household
appliances, furniture, basic cloth¬
ing items and building materials.

er's block.

Jr-0.0

;

''The subsidies went out. when
price controls lapsed on June 30,
but

reinstated at the former
levels when price lids were reimwere

posed.

•;

/'Under

the

;

Markham Resigns
«•/ It.

that

was

announced

James

Markham,

Alien

Property Custodian, had submithis ^resignation to President
Truman, tp return to private law
practice^ " Operations of the of¬
fice, the Associated Press reported
from ;

■

Washington,

.are '-:

being

transferred to the Department: of
Justice- under Executive order.
;

*
.

subsidy

•:

•.

•

•.

program

the actual allocation, of funds

was

Italy- Offers Statue

passing, every single one of them
had come to despise him. A single
exception was old George Norris,
died

wno

the

before

just

the

Great Man

are

now

these

vogue

joyed for their

looking

fellows

en¬

comfort. But

own

Woodrow Wilson failed in
his great global ambition, and the
globaloners went into eclipse, to
as

New York City has been offered
statue entitled, "Radio,
Carrying
the Heart of the
World," by the

Italian

Government "as

token

friendship toward the * Ameri¬
people," special advices from
Washington tp i;the New J York

my.

man's (Economic Stabilizerapd Re¬
conversion

Director.

The

;

/ j;_

On"

"■/

»t

funds

Congress:
Pepper and
Wayne Morse in the Senate, and
scarcely an audible voice in the
House.; They .••». won't
have
any
"Progressives" in Congress around
whom to rally. Pepper is the most
thoroughly disliked man in the
Senate, by both his colleagues and
the

newspaper
_.

Morse.

corps.

had

better' not

again laugh at the offside "move¬
ments".

they

Congress. ■> We know
become serious.... J; ...j /

can

ABA Issues Manual
On Loans to Veterans

anteed

insured loans\to veter¬
Committee on ' Service

the

ans,

for War Veterans of the American
Bankers

lished

Association

has

operating

manual

titled

"Loans

which

will

War

pub4

„

en¬

Veterans,"
all

available "to

ABA member banks. '"While the
manual

new

has

been

published

to guide banks in complying with

the

requirements of the law
regulations ^governing
loans," says. : the an¬
nouncement
in
the
matter, , we
believe
that
it
is \ essentiaVV to
sound credit that the interests of
many

and

the

veterans'

the

veterans .be

test of

protected.' The
good loan to a veteran is

whether

not

him to
life,"
Chester R. Davis," Chair¬
or

helps

establish himself in civilian
asserted

of the

man

who

ABA

also

Committee;

Vice-President

and

Trust Officer of the Chicago Title
&

Trust Co., Chicago, 111.
The manual describes in

detail

each of the eight important steps
that must be takeq .in iqaking a
,

guaranteed

insured loaih

toH

veteran. It sets forth-thfe'

war

Wayne

„

re¬

"
N

called

is fastly moving

unenviable

to that

estate.

Another

for

thing, and it is quite

important: The Leftists will leave
quite imbued with Fear. They
been selling us Fear for 14

have

to assume the? office of years.
President. The needs of this hour :
upon

Every time we've gotten

I*"1® confidence they've recalled

find

eloquent

prayer

expression

tne

of Solomon:

Give therefore thy servant an

understanding heart to judge thy
people, that I may discern; be-;
tween

good

and

bad; for. who is
able to judge this thy so great a
people.'"

™e Depression and it has come to
be

something

our

children who have

which

influences
come

The

fifth

Quarter

dinner of the

annual

Murdoch Heads fenii.

So having this fear, haying this
deep consciousness of something

Century

Club

Bank of the Manhattan

New

York

•

was:

of the
Company

held
on

the

Oct. 17.

t>f

had: completed their- 25
service

what

years

with the Bank during

and

were

what

and

likely to
offspring,
we

absurdity they were,
irresponsible they
what quacks they were
they led to. We aren't
be so tolerant of their
as: we were of them. If

utterly

have learned

depression;
also

learned

that

come

lesson of the

our

might

not; have
fantasies

the

before?

-;.

In their day, we had no way of
knowing how far-they would go
if they, came to power or' how
sided. > J. Stewart Baker, Chair¬ dangerous they could spawn. We
remember very well a favorite
man
of the Board of the Bank,
expression of those days, that even
£r esehte^
\ if A1 Capone .were to be elected
and gold .hadges.to the new mem¬ to the Presidency he would sober
the

past

•

year,

Frederick

Freese, President of the club,

Charles

completed 25

Hall, .who
,

years

;

pre¬

has

with the

.and realize his great respon¬
sibility and turn out to be a good

man/

mem¬

that

bers;; Arthur-Wilbert'-for the 30-

how

bank* spoke, for:, the;

year

new

members^ .Philip

Mon-

aghan. for the 35-year membersWilliam F. Hauser for the 49-year

...

•

was

inconceivable to

politician, regardless of.
radical he -talked -on the

lower rungs,
White -House

would: go
,

there

and

the

seek; te

organize every gang ih the coun¬
try,- political and. otherwise, into
super-gang - of -the totalitarian

State, .But _wq've; learned.- That
isr if we've .learnedanything from
the
,

(depresSioh,.

wej

learned from this.
.

jnusL. have

•

Golden

the

Anniversary

Meeting of/the Pennsylvania Wa¬
ter Works
Association, I John H.

Murdoch, Jr., Senior Counsel of
the American Water Works and
Electric Company, Inc., on Oct. 16
was re-elected
President ;for the
ensuing year. Mr; Murdoch has
held this post since 1928, .Nathan
B. Jacobs of Pittsburgh/'who is
associated with MoTris.- IChowleS,
inc., was re-elected First VicePresident, and W. F.' Oz Rosens
miller '.of -the
York.t Water, .Co.,York, Pa., was re-elected Second;
Vice-President.
Al^n lICv- Taylor-,
is

who

( associated *

Brownsville

Water

j with h»the \
CqjC Browns*-.

ville, Pa., was elected Third

President,

Edward C.

R. Hannum of the

Richland Town¬

ship Water Co., Windber,
elected

Qlure,

;

Pa.,(wasj;

Sebretary.and,Treasqrer^:
McWiiliams,

;

Vicerf

succeeding Maj. -Geps;
Shannon^ deceased., E.

Rulison

Reberf and

^mes
: W*

Evans>

Ted A.*; Kain/were
Executive *
f

elected members of the

Committee for a period of
years.. George
a

three-

Williams .was made J.

member of the Executive

Cpiq- -

mittee to-fill the unexpired tern}-;

There must be a shining

;

Water works Assn.

how

qonstant

might rebuild his civilian ,life;V; v;,.

?> who never went through

ass,

The

emphasis it lays on sound policies
and procedures is for the 'purpose
of
assuring
a ' firm • ^financial
foundation on which the veteran

'1*' but who_have.heard llQrrible
? ? ?
0

also of the Sons of the Wild Jack¬

Quarter Century Club

the veteran.

and

along

happened years ago, we are
likely to have a consciousness

Bank of Manhattan

protection of the' bank,"

the

Mr. Davis said, "its chi'4f-^m: is
of service both toi the. bank

to be

that

„

countrymen

members; and William H/ Reyn¬
Oct. 11. .* The olds for the
45-year .members.
statue, which is now in New York,
-Loute Waechter, Jr.-, of the bank's
was exhibited
by the Italian Cov*
ernment at the New York World's Park Avenue; office* was elected •
Fair.
;
./c
President for the coming year. :
"Times": stated

left

the appeal. for a share in

prayers

N. Y. just

To provide banks with informa¬

in the 20's.

time

this

which I made when I was

bers.

into
onto

tion about all phases of the pro¬
cedures involved in making guar¬

Of the 216 members who attended,

oni Oct.

can

directed from the White House
by
John R. Steelman, President Tru*

Christian World,

Waldorf-Astoria Hotel

cor-

responding increases at the butch-

20, read in part:

should

the

automo¬

livestock

Wallace

•

still in

since the payments resumed when

price controls on meat were reimppsed Sept. 1, subsidy claims from

com¬

which ceilings will be

modities not

modities

specific

be expected to result in pro¬

tor Paul Porter according to the
same advices said that his agency
"will announce as soon as prac¬

retained."

portionate price increases for the
consumer.. The Associated Press
advices stated:

slaughterers and packers, usually
monthly."
i; In announcing the end of,meat
price controls OPA Admihistrar

renew

pointed
ending of meat subsidies

out that
can

meats

$20,000,000'

au¬

on -Oct.

the

back

hold

sponsibilities carried by the'lender
in servicing such loans;id v,
H The new manual it Is''added is
There will, of course, be Henry
made public by Mr.
Speers on
a complete treatment o'f fne many
Oct.
16, President Truman re¬ Wallace, the editor, and Harold legislative and regulatory require¬
peated the "appeal first made to Ickes, the columnist. It is a com¬ ments
pertaining < to
veterans.'
his fellow countrymen when he mentary on Editor Wallace that loans. It is organized witht.&, topi¬
he must take his ghost writer
cal index which
becanje ; Chief
Executive
that
makes'jit/a"rprac¬
they, pray Jtor him* The letter, along with him to the "New Re¬ tical handbook for fapld'acrosswhich was occasioned, according public." Their journalistic enter¬ the-desk
reference,^ which will be
to
advices
to
the
New
York prises will be nothing like having useful in discussing a doafn; with
a
formidable array of talent in
the veteran. "While the. manual
"Times," by the President's en¬
Congress such as the Leftists did
dorsement of "Laymen's Sunday"
appears to be written primarily

were paid out by the RFC on the
basis of statements received; from

ticable

letter

Movement for

action included abolition of govmeat

Truman Asks Prayers
JC.
Speers, chairman of the Laymen's

were
officially ended on livestock, meat and food
hhd feed(products made from them, effective .at 1:01 a.mV Oct.. 15f by
the Office of Price Administration, acting under orders from Presi¬
dent Truman.
Slaughter controls tod were revoked* with consequent
ending

ernment

issued

Government Saves Millions in Subsidies

the

brooms and mops have been
to displaced persons."

soap,

deprives

tanners of hides and leather "

Price controls

In addition to

addition, approximately
1,000,000 blankets and large
quantities of clothing, footwear,

of the decline in

0PA Lifts Meat Price Controls
:

"In

being bungled
Free Economy. ^To
are

the time of the Great Roosevelt's

the

,; .-f

and

following tonnages, how¬ win ultimately with Roosevelt, sc
:
"Almost all f kinds of consumer ever, were issued to German civil¬ they feel they will get a new and
ians
to
date:; 1,283,865 . tons ;of permanent lease on life.
goods; showed
production ' ad¬
They be¬
released by the ending of the war* vances over the previous month, grain and food, 59,219 tons of agri¬ lieve this is inevitable
progress.
cultural
supplies
and
fertilizer,
with
the leading categories being
{ "Pointing out that the jobless,
They contemplate nothing of the
total included unemployables, the
118,855
tons
of
petroleum
and
long period between Wilson and
passenger tires, up 18%. Refriger¬
administrator felt that reinforce¬ ators and sewing machines fell petroleum products, 9,418 tons of F. D.
They believe their tempor¬
ment of the country's labor force short of prewar production rates. textiles, 8,500 vehicles and trail¬ ary eclipse will be
only, a few
ers and 12 complete hospitals With
could come only from women and
years,
maybe two or four,
"In' the textile field, the report
related supplies.
retired individuals who had been
' .< < S:
i Your correspondent finds many
said
that
cotton
broad woven
("Displaced persons have re¬ faults in the
temporary war workers and that
goods hit their highest point of
analogy. After Nov.
ceived 53,475 tons of food and ci¬
"it was not easy to get back mar¬
the year in August, with a pro¬
5, there will be little of their ilk
dication

that

over us

million

They

for it.

way

The "Liberals"

the

were

the

Guinan,

Deal absorbed them

New

shipped; into ;Germany to sup¬
port German civilians, displaced
persons and civilian internees was
not available,

fellows

runners

vx/'l

dollar- value

and

prize fights.
good clean fun.

paved

"The American Commander said

Texas

dollar

ca¬

plumbing

the

that
$23,349,000 had been dis¬
pacity, industrial output climbed persed in salaries to maintain mil¬
in August to a new postwar peak.
itary personnel and $5,138,000 to
"Building
materials,
made American civilians and allied na¬
"spectacular gains," with increases tionals working for the govern¬

tion

ported.
-

Small

(Continued from first page)

star

of J. N. Chester who has

-.pi*

resigned,*

2138

THE COMMERCIAL & FINANCIAL CHRONICLE

NYSE Program for Foreign Share
The New York
made

public

stock Exchange

requirements

new

for the

development, under proper
safeguards, of American public

investment

foreign

equity-

securities.
"In

says

Vice-President

John Has¬

the

represent

endeavor

the decks of any
requirements of

Exchange which may restrict
development of the listing of
leading foreign stocks, without
sacrificing any basic principle of
the Exchange's established
listing
policies in the interest of the gen¬
public."

recommended

that they be adopted
by the Board
"as one step in the

development

foreign listings", and the pro¬
visional requirements
were
ac¬
cepted by the Board on Oct. 3.
'

Haskell

lowing
items

furnishes

the

fol¬

summary of the principal
of a
policy nature, con¬

tained

the

requirements
contrasted with the old ones: :7

old
requirement that
the currency of the
country where
the company is organized be on a

gold basis is eliminated.

loan

associations

for

quarter of this year
on

Sept.

President
Loan

by
of

port is based
associations

whose

the

Loan

are

month

during the quarter, Mr. Gardner
In April savers put in $1.52
for every $1.00
withdrawn, where¬
as by June there was an inflow Of
$2.45 for every $1.00 withdrawn.
Out of the total new money in¬
said.

strictions pre vent the free trans¬

ferability into

dollars

either

the proceeds of sale
for the account of American hold¬
in the foreign market,

ers
-

u'.',

"3. While

retaining the Ameri¬
Depositary Receipt technique

can

the

most

means

effective

bridging

mechanical

the

be¬

gap

tween the form and technical set-,

foreign

share certificates
and regular New York Stock Ex-,

change

protective

standards,

ne¬

gotiability and transferability, the
new

requirements do not close the

door

completely to listing foreign
shares in the form of original cer¬

try during the second quarter, Il¬
linois'and

Wisconsin

institutions

the

Foreign
12

Office

after

toting

decided

its

ledgers,

which showed that the
Paris conference has cost the
gov¬
ernment $1,305,085. This is learned
from

United

Paris

Press

advices

from

that day. As given in the

Brooklyn "Eagle" the advices also
had the following to. say:

provided
particular
case
provide, past two and a half months the
equivalent facilities to those pro¬ bill to the Foreign Office has been
vided through use of American $10,170. :
*
"That is on top of the $177,966
Depositary Receipts.
! 'in

the

"4.

While retaining the
require¬
that the foreign

ment

company

Webb, Budget Director,
7

the

■

abandonment

subsidies.

of 'meat

Associated

The

Press

that

the

growing

"But Mr. Webb indicated that

further

increase

flood

control

allotments will be made.

He, also
said that he and Reconversion DU
rector

John

foreign
be listed, the

Steelman

would

ects.

international

they

are

character

associated

with

established United States
compa¬
nies.
The basic consideration in
listing of shares having a
broad foreign market is free in-

the

terchangeability.
:

However, many
foreign
governments,' including
Great Britain and the
Argentine,

have laws and
regulations in ef¬
fect similar to those of the
United
States
Government

applying

the

securities

American

""II

m..

;>£

which may have such
tations on a
sues

limi¬

percentage

stock,
eachthe

but
case

instead
will

of their
indicate 7that

considered

light of the particular circum¬
This recognizes the
post¬
pattern of American invest¬

stances.
war

ment

abroad

basis

part¬

nership in local industries, rather
than

the basis of 100% control.

"5. The

tinue
'

new

requirements

con¬

standard for disclosure
of financial statements that
which
as

which the French spent in
giving
the Luxembourg Palace a house

under

jjiut

the

Securities Act

gendarmerie, drivers and attend¬
ants was $241,271 up to the end of
September.

The

staff

numbered

2,041."

and Administration Committee

Army

Release '45

nounced

ferson

Oct. 7 by Thomas Jef¬

Miley,

Association.

trade

Secretary of

the

Actively engaged in
for more than 20

primarly in the field of
shipping and customs procedure,
Mr. Bennett is at present Chair¬

years,

War

orders
for

Department
Oct.

would

the

.»•• I'Y .-<V •" Jft OW

release

relations

with

Commission.

dent; of

the

He is
New

Maritime

past Presi¬

York

into

put
all

that

effect

remaining

present
about

strength.:of 1,745,000 by
435,000 men, according to

advices

from Washington to the
"Wall Street Journal." In thus
cut¬

ting the Army's strength approxi¬
mately one-fourth, the demobili¬
about

save

the gov*

$50,000,000.

Al¬

for the

order; the War Department

stated

the

reason

';' •'

charged

were

intended for

Europe;

"imperialistic"

purposes.
The same

day President Trumanias reported •; to haver Sehtr ar
message to the people of Czecho-,,
Slovakia and their President,
Ed-;
uard Benes, on the occasion of the^
28th

anniversary of the founding*

their
Republic, which the1
economically.;
;
>
President
said; 'according "to'
; "American
diplomats vigorous¬ Washington :* advices" to the New.
ly. ^denied these accusations, < as York
"Times," brought to mind
well
others

the

effect

that

September Retail Prices Continue Steady
Upward Trend Says Fairchild Report

Retail prices in
September showed the seventh consecutive
monthly increase according to the Fairchild Publications' Retail Price

Foreign

increase of 2.8% as
compared with
the corresponding
period a year

ago."

in New York, it was announced
recently by Charles E. Saltzmah,

Vice-President

and

the

New

and

Co-Chairman

York

Secretary of
Exchange,

Stock

of the

Finance

is Frederick

M. Warburg of Kuhn, Loeb &
52

William

Co.j

Street.

Serving with
Mr. Warburg, -are the following
heads of their respective groups
in the campaign:

that

the

further

advances in consumers*
durable goods items are also in¬
dicated."

The Fairchild Report added:
"Every group showed gains dur¬
ing the month as well as over a
ago. This

year

since the
vanced

war

greatest

is the second time
that all groups ad¬

the

gains

time.

same

were

The

recorded

men's

tion of the campaign

announce¬

indicated

having

after

his government ever had

record
at
the
Paris Peace Conference.
There
her ./representatives;
agreed with
Soviet Foreign Minister: Molotov

charged, the7 United States .was
attempting 'to enslave' Europe

approval

that United States loans to

with

and

for

this sale

Government

Czech

the
USO's
Campaign, j The
Chairman of the Investments Sec¬

1945 draftees before the end
of
the -year; and the
weeding out of
"unfit" officers and enlisted
men,
to an extent to reduce the
Army's

in dollars rather than in their lo- '
exceeded.

'•

in granting - stick credits
misunderstood
by
the
Chechoslovakian -Government.
tied

asked

officials told
States had

already negotiated the pact/'
The day after announcement of
the State Department's action
Foreign
Office
spokesman /; in
Prague, according to United Press
advices from there, denied that-

were

statement

the

down

Index.
"This is the first time since the
upturn following the depres¬
sion that retail
prices have gained for seven consecutive
months,".
joint committee oL for¬ said the Fairchild
report of Oct. 17, which stated that "the Index at
eign freight forwarders and cus¬ if 16.7 (Jan. 2, 1931 =t:
100) shows a gain of .6%, a new high in the life
tom house brokers for the study ■of the
Index. Prices also show an <$>man

Draftees and Misfits
ment

when

the statement that the
objec¬
and policies' of the United

Czechoslovakia's

United

the Commerce and Industry Asso¬
ciation
of
New York
was
an¬

and Carriers and Utilities Division

would represent a large numbers of volunteers
have
substantial hurdle for most for-'
made it likely that the
1,300,000
eign companies to overcome. Un¬
men
set as a limit by Congress
less a foreign company has a
last summer would otherwise be
pressing need for raising

From

pared

with

the

1939-40

low,

Sets UN Education Day
'

President Truman called

all

schools and colleges in the United
States "to give special consider-'

by ation to the problems, plans and
policies of the United Nations" on

apparel and infants' wear.
pressing; Name Investment Chairmen
As
the Government spent $76,270 on
compared with a year ago
For USO Fund Campaign
men's
apparel, women's apparel,
extravagant shows and receptions
Five war veterans have been and home
at the famous opera house.
furnishings showed the
"But the big expenses have been named as Chairmen in the in¬ largest increases.
"Retail prices based on the In¬
for the actual conference delibera¬ vestment field for the USO's cur¬
rent campaign to raise $2,750,000
tions. The cost of the
dex, have advanced 31.3% as com¬
secretariat,

even-so it

capital

was

tives

the

turned thumbs

States

Oct. 23, the day on
whicl^the UN
General Assembly" convened in"

New York, In

a proclamation, reported froth Washington on Oct,

dent

called

educational

institu¬

tions

"powerful weapons against
the ignorance and ill will" which

result

quality

the

"which

the

striving to eliminate," and urged

items

changes

included

in
in

many of
the Index,

;

by the United Press, the Presi¬

before the outbreak of hostilities.
If it
were
possible to measure

ib international
the

United

conflicts

Nations

are

advance would be still greater, "the' heads
and governing bodies.
probably coming closer to 45%.!
of $uch institutions to set aside
"Very few individual items in¬ a period on or about that (Oct. 23)
cluded in the Index remained un¬
day for appropriate educational changed during the month. There exercises relating to the work of
great number of items which
showed marked increases during
are a

the

United

Nations."

President Truman, in endorsing
month, including sheets and
the United Nations
program
as
pillowcases, corsets and brassieres,
promising "an important cohtribu-.*
R. Parker Kuhn, of the First
women's 7 shoes,, men's
hats and
Boston Corporation,
100 Broad¬ shoes, and infants' shoes. As com¬ tion.to public education about the.
United Nations " called : for the *
way, Chairman, Investment Bank
pared with a year ago,- greatest
observance of the week;through-77
ers Group; Hugh
Bullock, of Cal¬ increases were recorded in
sheets, out the
"country in a message, ap- •
vin
Bullock,
One Wall .-Street, corsets and brassieres, furs, men's
pearing in the New York "Times'* 7
Chairman Investment Trust
underwear; shirts and neckwear,
of Oct. 21 which quoted the Presi¬
Groups; Dwight Rose, of Brun- hats and caps and
shoes; and in¬ dent as
saying that "it is fitting
aage,
Story & Rose, 90 Broad fants' shoes, "..v.
*;*77'77 that the American, people should 7,
Street, Chairman Investment Ad¬ 7; "Further gains in retail
prices In this
visers and Management Consult¬
way mark the opening of ;
are
expected for the rest of the
the first session
of the; United
ants Group; Oliver J.
Troster, of year and possibly for the ; first
Nations
Assembly in
Troster,' Currie & Summers, 74 quarter of next
.this.country.'y
year according to
Trinity Place, Chairman Unlisted A. W.
The President added: •
\
Zelomek, economist, under
Securities Group.
7V';l
7 "r
whose supervision ' the ' Index
is j "Only through an increased un- ,7;
7 The $2,750,000 New York'USO
compiled: 'These '/'advances 7 will derstanding of the United Nations •-

the

1933

"the close ties of friendship which"
United States profited while
have botihd th£ Czechoslovak' arict:
Appointment of Fred. Bennett; others suffered
during the war, •
Vice-President of M. J. Corbett
"Another of the reasons speci¬ -American peoples in their com-f:
& Co., Inc., 8 Bridge Street,, as fied
by the State Department was mob struggles against the foes of"
Chairman of the Customs Service that
Czechoslovakia had negotiat¬ democracy and freedom."

session before the need for
speed
in deliberations became

though economy has been reported
by some sources to be the reason

holders of American
companies.
This standard would not call for
the extreme amount of detail filed

memorandum sent Sept. 28.
the Oct. 16

used

ernment

normally disclosed in listing
applications and reports to stock¬

action

reporters

the

marks

zation is expected td

States'

"State Department

Fred. Bennett Gets

com¬

munication companies which limit
the total number of shares of
cer¬
tain industries that
may be owned
or voted
by aliens.
The proposed
new
requirements dO\ not " close
the door to
listing important is¬

United

d'Affaires

informed

was

■*""■'

where

Charge

Deputy. Foreign. M in i s t e r
proposals to increase
who
repeated 1 y
the ceiling on reclamatioh proj- Vishinsky,
act soon on

and

concern

small

the

"This

cleaning last Spring to remove the
Freight Forwarders and Brokers
left by the Germans who
Association.
Mr.
Bennett
suc¬
the
palace as Luftwaffe;
companies will not
ceeds Benjamin
A. Levett, cus¬
new
headquarters
during the occupa¬ toms
requirements indicate that
atorney, whdv recently re¬
smaller
companies than usually, tion.
signed after serving 27 years as
"Some of the money has
considered eligible may be ac¬
gone head of the committee.
- 1''1 "
cepted where their operations are. for entertainment. Early in the
must

Czech

Washington

Washington accounts

added:

foreign

"Every day the delegates have
met at Luxembourg Palace for the
arrangements

tificates,

announcement

The

•

Peace-making is expensive busi*
Oct.

Comm. & Indus. Post

Cost of Paris Conference

mitted,

by supporting charges that Amer¬ property at terms which indicated,
was
trying to "enslave" Eu¬ the* Czech
Government
might
rope economically.
profit b,y the deal. : ica

accounted for 15%."

ness,

year ' ending
$130,000,000 will be per¬

saving to the government of ap¬
proximately $380,000,000 in meat

"The Associations' ratio of new

withdrawn

current * fiscal

price controls have resulted in

added:

money
from
month

In¬

June 30,

since

Savings

Insurance

Press.

$95,000,000 limit set
flood control expenditures in

Corporation;
the FHLB's report issued
Sept. 4

money
climbed

Associated

However, it is stated,- the Ad-" we quote:
ininistration's econoiny: plans inay 7
"Uppermost among the Variety
not thus be materially
affected of reasons
given for the action

re¬

accounts

Federal

works,

the

James E.

returns from 305

stated.

Home

The

the

stead

the

and

second

Federal

from

and

Gardner,

Chicago.

insured
and

$35,000,000 fof: Washington advices on Oct. 18,^
on Oct. 17, came as
a
result of Czechoslo¬ ed with Rumania for resale of
according to Washington advices vakia angering the United States $10,000,000 in American surplus

reported

was

the

Bank

the

increase

flood-Control

$30,324,100 in the

savings invested in Illinois
Wisconsin savings, building

Republic

Oct. 16 halted payment of the remain¬
ing $40,000,000 of a $50,000,000 credit to Czechoslovakia extended last
spring to enable her to purchase surplus American Army and-Navy
on

resulted in
President war property in Europe; and asked the
Export-Import Bank to sus¬
changing his economy pend indefinitely negotiations with the Czech Government for an
program to the extent of granting additional $50,000,000 loan. This
action, according to Associated Press

Loan Associations
A net gain of

their

The State Department

>■

Truman's

"2. The old requirement is con¬
that the Exchange would
not list foreign shares where for¬ vested
in insured savings and loan
eign government exchange: re¬ associations
throughout the coun¬
tinued

dividends

retrenchments affecting

projects,

Savings in HI. & Wis.

new

"1. The

♦:

gressional Democrats displeased at

regulations have* been modi¬
fied.".'
-v 5v" ;
■
'■

the

President Truman Hails

The demands of influential Con¬

Suspends Czech Credits:

Flood Control Quota

clear that we cannot expect many
listings of the most desirable type
of foreign companies until certain
provisions of the Securities Acts

clear

this

Mr.

quite

appears

Ex¬

change, in a letter to the Board
of
Governors,
"these
revisions

eral

President Raises, 7.■ 7.; United States

Listings

currency,

and

substance,"

kell,

cal

Thursday, October 24, 1940!

campaign goal is part of the na¬
tional goal of $19,000,000. This is
the sum needed
to
carry
USO

through

1947,,

requested

General Eisenhower and Admiral

Nimitz.

sharply
years.

The

budget has
been
reduced from' v the war
.

:7; ;7//7;7.V

,7 77;.,

occur

recorded

items.
may

■

prices

with' continuation

even

OPA. .The

sharpest gains will be
in

cotton

Women's

soften
will

and

apparel

while

men's

gain

further.

leather

and

poses

resulting support of its pur- T
and principles

can we

estab-

lish the solid foundation of peace

prices upob which

must all place our

apparel hope for the preservation, of our7
Some

civilization.'!.;

<0,\.

<;■..•

Volume
*v<-'

..;

•

■

//:„

r THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4536

164
:

■;

2139

' ••

the industries of most of the coun¬

The 1 Outlook fdiitWorld Trade
competitive

system will

ing between state monopolies and whole, properly regulated imports
private enterprises ' are not de¬ would have exactly: the reverse
signed to encourage even the most effect. New foreign products not
sophisticated foreign traders to; produced here would C stimulate

(Continue^ ;from first page) VJ
way or another, higher prices. But
again we say, 'So what?'
Our
^

look all

the better by comparison and we

rush in;

•

demands and create

new

employ¬

: Closely
will be able; to 'outsell pur foreign*
associated ' with these- ment in the. distributive and ser¬
competition/with finer and lower problems is the need for estab¬ vice industries. Lower priced raw
materials
.and; semi-fabricated
/ priceds American products."; "
! lishing ; uniform principles and
rules governing rights and respon¬ products from abroad would re¬
-These and similar
.

questions

observations

the

arid

lips of

foreign

American

many

countries

;

that

endeavor to

set them

our

out in this

My first proposition is that for}*
eign trade is good for America.'
r

And I don't

assume

charter for

Indeed, there is
that it would,

This charter is

amplification of
Proposals

for

the

Trade

and

also

must

remember

that

import means that dollars
have gone abroad which must ul¬

timately come back to this coun¬
try :in payment .fob goods or serf
vices produced here in America, !

document called the "U. S.

ment

evidence
,

State Departs

ample

every

International Trade

Organization.

negatively good.
I mean
positively, affirmatively
good. Trade is, of course, the mu¬
tually advantageous exchange of
mean

that vigorous competition

with foreign finished goods would
not benefit the national economy.

being carefully examined by
government under the lead¬

ership of the Department of State.
Indeed, as. Mr. Wilcox has told
you, the State Department pub*lished only last week its suggested

Foreign Trade Good for America
■

the

increasing both sales and employ¬
ment. -And there is no reason to

These and other related matters

r-briefTalk/;/;^

therefore

price of home produced
finished goods into which they go,
thus broadening the market , and

business men. The answers aren't" movement of private capital; to
clear and simple as one could areas badly in need of industrial
reconstruction
or
development
wish, but in trying to find them it'
helps a great deal to have one's will be facilitated.
are

and

selling

the

feet solidly placed on two or three
fundamental propositions. I shall

the "cost

duce

sibilities of American investors in

in the minds and

are

Expansion of
Employment"

During the past six months a

two-

World

street, not a handout. The
larger the volume of trade the
higher the level of employment

which

and the more goods are available
to make living pleasant and com¬

French.

discussion at g meeting being held

schedules

fortable.

next month

On /the recommendation of that
committee and with the approval

products

services.

It is

way

vides

benefits

ciple

Our

the

has

and

o\yn country prof
classic example of the

issued

was

been

December

last

in prin¬
the

approved

the- British

will

in London

basis

under

made

tatives

all

ments ^of

and

be the

committee

up of represen¬
operating depart¬

the

General

Electric

Company has been studying this
matter
of
Imports and tariff

for
the

auspices of the Economic and So¬

electrical

products.

large trading area cial Council preparatory to the of the officers in charge of each
can
move
freely International: Trade: Conference of the operating departments a
without political or economic hin¬ which is scheduled for 394?,- The brief
policy; statement/ for thh
drance.
Our great home market State Department's proposals guidance of the entire
company
and high standard of
above referred to were considered was
living may
adopted a few days ago. It
be importantly attributed to the last June by the governing body
reads as follows;
j
fact
that
forty-eight sovereign of the International Chamber of
"The General Electric Comstates
permit. the unobstructed Commerce and, with the excep¬
pany
is interested in import
flow
tion of certain
where

of a

goods

across

their bound¬

aries.

ing

restrictive

Had the-states of the Union in
tthe early days created tariff bar¬
s'

and

greatly ; Ancouraged that

promoting

the

acceptance

It is a! matter of historical acci*
dent that our national boundaries

But let

where they are. Had they by
circumstance included Can*

south,

the

north

and

Mexico

there is every reason to be¬
lieve that in such event the vol¬
of trade between those

areas

own would be far
larger
than it is today, with
correspond¬

Please

misunderstand

I am not

ination of

dollars

of
<

living.

were?

During

abroad.

used

advocating the elim¬
tariff barriers through¬

be*-

maximum

development of
total industry and for an in¬
in the over-all

standard

the,; world.

times

Not in but

bring imports

into

balance

the

with

"This will enable

our

nearly

exports,

to be

paid

for the goods we sell and to

repaid for loans which have
been made for rehabilitation of

These

foreign countries.

products exported dur?

sent

will

dollars

assumption

Favors Reduced Tariffs

rials

products from
abroad—products that are either

non-existent

specific goods, to the extent that

■

this

observed

Having

since the

war

of losing it.
both during
years the im¬

portance which
other, go vernments, even democratic govern¬
quantity to meet our needs. If we ments, attach to their foreign in¬
assume
that foreign nationaliza¬ formation service, I have become
tion of industry has proceeded to convinced that America is hiding
the point where most of these its light under a bushel. We sim¬
products can be obtained by pri¬ ply must, with government help If
vate American companies, not by necessary, do a broader, more ef¬
purchase: from private suppliers fective job of telling the world
abroad but only from a single for¬ how we live and the wonderful
eign government selling agency, it things our ; way of living has
is clear that the trading strength brought, not to the few but to. the
or position of the buyer and seller
many.
•
;
would be seriously out of balance.
Stated more broadly, therefore,
II the for eign; gQvernmenfs sell* my
second proposition "is that
ing agency, having no: competition, America's political and economic
sets
prices which seem exorbi¬ scheme of things is importantly
country or
sufficient

tant to ,the American buyer, the
latter would have to pay the price
or
go' without' the material.
In
order

equalize the bargaining

position, the buyers would event
tually request their government to
assist them in getting reasonable
prices.> In due course the govern¬
ment would become the

from

and trading methods of other
of the world, and that
probably could not maintain
multi-party representative democ¬
racy and private competitive en¬
terprise in a predominantly totali¬
up

countries
we

tarian world.

Keep America Strong
Economically /'•/'//;—/

foreign government.—
long step toward putting

United

States

have

been taken.

;

maintain herself strong/ vigorous
and trim as an economic as. well

military power. She must, in
use
every decent' and
friendly device to sell her'-polit¬
ical and economic philosophy to
as

addition,

other countries of the; wdrld and
to keep it
-

nation

under 'a

American

sold..
or

group

with

fly the banner of democracy and
private enterprise. That the Rus¬
sian government does not think so
was

Stalin declared in his

This

government participation
would gradually broaden and ex¬
do

has

itself.

rarely

otherwise,

been

Who

countries

business would

soon be done by
under the direct supervision of
our government.

pow¬

Of nations

peacefully' in this

other

reasonably, equal terms with the
foreign buying agent. Here, again!
or,

totalitarian

single party

system can live
world

knows whether

one

erful

purchasing agents, un¬

self-defense the

from the other two. It is
America must make and

flows
this:

On the export side, the same
problem would arise. Each for¬
eign country desiring American
goods : would
purchase
them
through due buyer only, and he
would be the official purchasing
agent of the foreign government.
He would shop around among the
American suppliers, playing one
against the other in the familiar
fashion of

My third and final proposition

Government

irjto control of American industry
would

purchaser

the

and

the

til

affected by the governmental set¬

made

when

clear

now

speech of February 9,

Joseph
famous

1946, that-

"inevitable" in d' capital¬

war was

istic world.

We continue to hope, and. many
of us to believe, that Mr. Stalin Is

the

handling

because

so,

to the end that the aggregate

purely, domestic ones is, a short until that happy day when the
Step.'; And/ under the cjrcum* American: and Russian / peoples
described, it Would in my will have access to each other and
judgment bd an inevitable one.: 7 will achieve mutual understand¬

stances

These,

are

icans have

the
of

trend

the reasons we Amer*

very
toward

real interest in
nationalization

industry abroad. As I had- oc?

casion

to say not long ago, it is
perhaps / the greatest . paradox of
our

time-that

the

economic

sys¬

tem/which lifted the standard of
living of America and many other
countries
to
the
highest levels
they have ever known/is losing
ground, to another and far older
system 'whose ultimate contribu¬
tion throughout the centuries has
been disillusionment arid poverty
and blood. The trend stems largely

ing and friendship, is to be .strong
and alert ourselves and tp stand
firmly for our way of living and
the great freedoms of the Atlantic

Charter.
War

Only

thus, will

World
in

have not been, fought

vain.
:

These, then, are the foundation

stones upon

built.

world

These

progress

home

which broad and busy

avenues

are

and

trade -can

the highways to

prosperity both at

abroad.

pathway to( peace.
them

This

the

Whether we

well

and

build

from apathy and a lack of under¬

shall

standing

soundly upon them, no man can

of. private 'competitive

enterprise.

Here in America too

of; goods both- into and out large a fraction of the population
of the country Will be substan-f has enjoyed our democratic free¬
tially increased. >
1
doms for
so
many , generations

flow

use

say.

Much, very much, depends

upon

whether

Americans ad¬

furidamentals
tf we
And so I conclude my discus-r
that; they take them quite foi do, there is good reason confi¬
is precisely what will happen lin? siori of.
proposition Number One
granted and fail to recognize the dently to expect a volume of
less we increase our..imports arid as I
began it-^by saying that for*

/Differences in the rules of trad¬
ing between the countries of the
world, particularly as regards thO our foreign travel
sufficiently-to
permissibility of so-called restric¬ balance. our foreign trade account.

of: foreign trade. And, of
course, the very practical and as
yet unanswered problems of trad¬

in very real danger
and

wrong in that statement. But cer¬
regulation of one tainly we must not close our eyes
phase of any economic activity al¬ to the fact that we cannot escape
the reduction of trade barriers
ways seems to require that addi*. trouble with Russia
by running
/ by proposing mutual .reduction tional phases be taken over. From
away from it.
The best, indeed
of tariffs and other barriers on
import-export
transactions
to the only way, to prevent trouble

field

available

not

are

known

tive business agreements, are an¬
other deterrent to entering the

System

This is an indictment of Amer¬

other

and

•

nomic

system

our

substantial amounts of raw mate¬

try in it must take the lead hi

However; we >anformalities and red tape encumr
not continue indefinitely to be a
bering the movements of products
sort of involuntary Santa Glaus by
and people are "just as serious' and
shipping goods ; out. of this coun¬
in some respects more so than
try and in effect refusing to ac¬
tariffs., "■ V'%
/V7.., V
7
cept payment for: them.. But this

that

We
by the infiltration of foreign ide¬ ican business management.
ologies, although I have no doubt have failed to recognize that we
that if government ownership of must advertise and sell the Amer¬
industry became general through¬ ican economic system as well as
out the world we would be sub¬
the products of that system. Tt is
ject to a great deal more foreign our job to explain and sell the
rightness of* private competitive
propaganda.,
;
:\y •: ;
What would happen, as I see it, enterprise
both
at . home
and
is this:
America requires yvery abroad. If we don't, we shall be

tend

"Our country and each indus¬

not available abroad to meet these

life^

the

would be weakened and destroyed

living, A larger importation producers would band together—
of goods into the United States
under government supervision, of
from other countries is essential course—in order to
bargain on

this can be done without unduly
foreign countries
that
millenium
be
upsetting: a domestic industry
in exchange for their gold which
achieved. But whatil am assert!
which is ' efficiently; operated
we
put into the ground and did
7 "and
whose existence /in:, this
ing with great earnestness is that
not use to buy foreign products.
a reduction in the
country is essential to the pres*
stifling total ,of In this way we continued to
sup¬
obstacles and barriers to the nat¬
ervation of our economy or nat
ply our foreign: customers with
//tional. security,"
ural, easy flow of trade and move¬
dollars to rpay for our exports
ment of people would have the
From this you will see that Gen?
without receiving imports tin ex-f
effect of enlarging our
trading change and so impoverished our¬ eral Electric, although 90 to 95%
area, our volume of trade, our
of'
its business has always been in
selves,
except as
gold
in : the
employment and. our standard of
ground may be regarded as con¬ the domestic market, believes in
;Iivingf/ *
;//
/;■;//£./] tributing to our standard of living. -and will support the government's
efforts
to broaden - our trading
\ v There are many obstacles Pthei
'During 'World"War II v^e exi
than tariffs to the movement of
drea' by .' reducing: the barriers to
ported; huge; quantities/of > goods
'goods and people across national
;
to foreign countries, but during the/two-way rf low: of goods,.
|
boundaries, and all must be yig/ the war
; Youwill observe that the state-}
years we had thO Lendorously attacked if we are to
lease Act to make possible con¬ ment speaks of mutual tariff re¬
achieve the objective of substan¬
tinuation of exports without re¬ ductions.; This, of course, is very
tially ; expanding our • external
ceipt of imports, The' wartime exA much a part of the over-all object
trade. Monetary restrictions, ex¬
perience was, to be \sure, excep¬ five/ Other-countries will be exf
change controls, import and ex¬
tional and entirely justified in bur pected to - lower their trade bar-}
port licenses and quotas, endless
riers ih'consideration of our doing
owh interests.
out

tor pay 7 for.

obligations. During the 1930's

goods

tween, the United States and
other countries is essential for
the

ing that period. But when the
loans ; came due a great many/ of
them defaulted because, our im¬
ports having been * substantially
less than our exports, dollars were

not

loaned hundreds of mil¬

credits

No Elimination of Tariff Barriers
me.

moment to

1920's

American

ing economic improvement there
here.

and

be of benefit to all countries.

„our

standard
lions

and our

and

return

larger exchange of

part of her exports. And this has
been a draih on our resources rnd

And

ume

development and
rules for interna¬

crease
me

greater economic stability

ty-five years America hasn't re¬
ceived payment for a substantial

trading
would be greatly expanded.

area

trade;

the world will contribute to 4

domestic

our

nur

this matter of two-way trade. The
fact is that during the past twen¬

some

free flow of world

the

better balance of
trade- among the countries of

Two-Way Trade

influence

one

goods and

trading which are solidly
based
upon
private competitive
enterprise.

different and a much
pporeriplace in which to live,
r

the

think that

tional

very

ade

agreements,

government is taking the lead in

living standards between sections
Of the country, America would be

are

business

tariffs

generally and heartily en¬
dorsee^ I, for one, am both proud

attempted to protect bud¬
ding industries in newly devel¬
oped areas, or had they sought by
state line import duties to
equal¬

provisions regard¬
agreements and

were

riers,

ize differences in wage levels

commodity

integrity of the very managements
of: the world became: state that produce them.
;
■
monopolies,
y.
Must Advertise
American Eco¬
This assertion is not based on
tries

We must get - over the notion
that imports are bad for us, that

eign trade is good for America,

significance
upon

Opposition to State Monopolies j

My second proposition may be
they- lower, our > standard of 1 iving -stated; thus; The system of pri-f
and f cause j unemployment/' Froiri Vate
cpmpptitvie enterprise; would
the standpoint of the country as-a hot- survive/ even in: America/ if

here firmly to these

during the next five years:

encroachments world trade hitherto undreamed
of and a larger degree of healthy

them.. Too many people are

interdependence
be¬
convinced of the superiority and economic
integrity of the products of Amert tween nations, which are perhaps
icari industry and: yet are skepr the greatest and most effective
tical of the

motives, decency and

keeners

the

peace.

THE COMMERCIAL & FINANCIAL CHRONICLE

2140

Thursday, October 24, 1946

pursued. In following those poli¬

Byrnes Reports
dent Roosevelt warned
"The

nearer

quishing

come

enemies,

our

inevitably

Yugoslavia and leave
the United Nations powerless to
prevent
it
becoming
a
battle¬
ground between warring groups.

that.

van¬

There must be no seizure of power

the more
conscious

become

Peace Conference

tectorate of

(Continued from first page)
fore, the fighting stopped, Presi¬

in Trietse after this

cies

war

there

state-

times for

compelled to sign
or
ratify a peace treaty there is
no perfect peace-making machin¬
ery; Where boundaries,
colonies
and reparations are involved,
a
peace treaty cannot be made ef¬
fective unless it is satisfactory to
can

differences among the Allies."
'That was why President Roose¬
velt ,vwas
so
insistent
that
the

was

The- Yugoslav
delegation
ad¬
vised the conference it would not

the principal powers.

United

sign the treaty recommended. My

Paris conference provided

Nations

lished

before

ments

should
the

inevitable

concrete

ments, the

Allies

debate

the

disagree

they

that

pe^ce

should

issues

and

not

the

concessions

settle¬

Although

eign

which they agree. It was also in¬
evitable
that
such
discussions

one

have

reason

agreements

upon

the

rapidly
Leaving unsettled

should

peace

Must

issues which

? ' J

Liquidate

War

cannot think

what will

the

constructively
will not contrib¬

ute to the building of lasting peace
and

rising standards of life until
the war and i give

the

can

United States.

peoples of this world a chance
live again under conditions of
;,,,

live

...

ad¬

posed treaties as it was practical
to provide.

our

ac¬

earnest ef¬

patient but firm.

have

been

for

criticized

being too eager to find new ap¬
proaches after successive rebukes
effectuate those

efforts to

our

policies.

And

likewise

have

been criticized for not

should help to
Tyrol a bond

efforts to traditionally friend*

ly relations with states bordering
Soviet Union.

the

We deplore the talk of the en*
circlement

peace in the
They should be able

together in

together in peace in

Union;

Soviet

the

We have it from

less author*

ity • than Generalissimo S t a 1 i n.v
himself that the Soviet Union is in
no

danger of encirclement.
the

During
states

taken

were

USSR.

the
and

over

Polish

The

Baltic?

the

war

frontier

We will continue to seek friend¬

ship
all

of For¬
unable to
change in the

South

peace.,

the

Neither

words.

our

Disturbed by Soviet Attitude
The

the

not

the

lettered
if

continued

disturbs
provisions

discussion

under

treaties

the

which

thing

the

Soviet

states

and

Union

the

basis

justice and the right of others,-as

of
but

well

tension between us and the Soviet

ourselves, to opinions and

ways

of life which

But

do not and

-,::

cannot-; share,

increasing

not

with
other

our

Union.

The

have

Soviet

been

assigned

the

Cer¬

her.

dispossessed nation.
,V

-C'iVX»•'

' V

..C*"a:'V

Supported Russia

per¬

Nazi

which

devastation

suffering

the

know

and.

aggres¬

„

understanding between the
Union
and
the
United

States

Pacific the

tainly the Soviet Union is not a

spective.

day I

thetic

In the

her.

Kuriles, Port Arthur and Sakhalin

•

retain

must

given

Soviet Union.
The American people came to the
sion brought to the

support of the Soviet Union even
before the United States was at¬
tacked and entered the war. Our

peoples were allies "of the Soviet '
people during the war; And the
American people in time of peace
desire to live on terms of friend¬

mutual helpfulness and,,
equality with the Soviet people. f
ship,

•

the

Before

liquidate

both

■

being too "soft" and at
being too "tough." I

curately describes
forts

We must guard against the be¬
took office as Sec¬ lief that deep-rooted suspicions
can
be reconciled by any single
rather than a barrier between the retary of State I stated that "the
act of faith.
supreme
task
of
statesmanship
two peoples. 1
The temple of peace must be
It
is
my
earnest hope that the world over is to help them
built solidly, stone upon stone.
Czechoslovakia and Hungary,
(the people of this war-ravaged
It the stones are loosely laid, they
to understand that they
and Rumania and Hungary, may earth)
may topple down upon us.
find by common agreement some¬ can have peace and freedom only
We must equally guard against
what
similar
solutions
to
their if they tolerate and respect the :
the
belief
that
delays or set¬
complicated nationality problems rights of others to opinions, feel¬
backs in achieving our objective
ings and ways of life which they
on the basis of working together
make
armed
conflict
inevitable.
as
friends and neighbors. We in do not and cannot share."
It is as true now as it was then It is entirely possible that the
America
know that people of
that the development of sympa¬ failure or, inability of the Soviet
many different races and stocks

for

dislike

circumstances

these

times

criticized

been

seeking new
the Finnish frontier
have
been
equate an opportunity
for the approaches. We will not permit the substantially modified in Russia's
criticism
to
disturb
us
nor
to
in¬
smaller states and ex-enemy states
f avor. Koenigsberg, Bessarabia;
fluence our action.
to express their views on tne pro¬
Bukovina and Ruthenia are to be

Council

encouraged by the
delegation to reach an

the

make

increase tension among the Allies
and unrest among the peoples af¬
■:

con¬

Under

were

agreement which

set¬

settled, only serves to

fected,

make

were

American

possible.

the

Ministers

Paris

con¬

tinuously pressed to bring about
tlements

must

agree
to
any
Austrian-Italian frontier, the rep¬
resentatives of Austria and Italy

should emphasize our differences
That is

she

cessions to bring about the peace.

which

those

con¬

sideration Yugoslavia will realize
that just as other states have made

discuss

war.

hope, however, is that after

settle¬

peace

making of
and

estab¬

made."

were

was

after the last

Fiume

have

paramount

task of

statesmanship.
It; is difficult to deal with the Europe.
Such understanding is necessary
problems- of a convalescing world
Danube Navigation
to make the United Nations a true
imtjl wq get, the patient off the
At Potsdam in the summer of
community of nations.
operating table.
1945
President Truman
stressed

leaders

rid

themselves of that

effort

belief lies at the very root of our
difficulties. We will never be able

the

Indeed

rid the world of that belief if

ourselves become victims to it.

Peace Con*,
States spared
reconcile its views

Paris

ference the United

with

proposed
of

those

the

treaties

peace

Union, v

Soviet

Soviet Union
which insisted that our views.be
it

was

the

;

treaties

..These
as

had

are

From

not written

the

of providing for
navigation of the great; in¬
ternational; rivers in Europe on

would write them if we
free hand. They are not

we
a

written

other

importance

free

-governments

terms

equality for the com?

Potsdam conference,

the

place at the beginning
of his
administration, President
Truman and I have worked and
we
shall' continue
to "work to
which took

would; write them if they had a merce of all states.
bring about an understanding with
free hand. But they are, as good
President Truman was not seek¬
the Soviet government.
as.wfc
hope to get by general ing any special advantage.for the
Two states can quickly reach
agreement now
or
within any United States. He was seeking to
an understanding if one is willing
reasonable length of .time.
promote peace. He was seeking to yield to all demands; The
Our iViews on reparations are to insure that these great water¬
United States is unwilling to do
different' from the views of coun¬ ways should be used to unite and
that. It is equally unwilling to ask
tries whose • territories were laid not divide the people of Europe. it of another state.
,
waste by, military operations and
The
delegations repreisenting
(Every understanding requires
whose .peoples were brought under the Soviet Republic and the Slav the conciliation of differences and
the y,ok£ of alien armies and alien countries vigorously opposed the
not a yielding by one state to the
proposal.
destapb^;^, f.
,;
'
arbitrary will of the other. >
The
Paris conference recom¬
The., reparation payments are
Until we are able to work out
Jbeavy ^.excessively heavy in mended by a two-thirds vote definite and agreed standards of
that the treaties insure freedom
their
bur¬
conduct such as those which gov¬
-

dens-

should

not

unbearable

of- sustaining
and

are

given

Danube

equality to all states.

hope

that when the Foreign

Ministers meet we can agree upon

occupying armies
chance to rebuild

adoption'of this recommendaf

the

their, shattered economic lives.

the

commerce

terms of

if -th,ei peoples on which they are
laid i are,/freed from the burden

tion;

In recent weeks much

For

^Europe with her mingled
economies, there are no ideal
boundary settlements.
The--proposed
settlement
for
the Trieste area was long
and
warmly debated. The conference
approved
the
proposal
of
the
Council of Foreign Ministers that

said

and

about

acrimonious

divisions

the

conference.

Back

;

has been
debates

in the Paris
of
those
de¬

bates and divisions were real and

ern

decisions

within

the

comr

petence of the International Court
of Justice and such as those which

For

centuries

devout

and

men

thought it was necessary
fight with one another to pre¬
serve their different religious be¬
liefs. But through long and bitter
experience they learned that the
only way to protect their own re¬
ligious beliefs is to respect and
recognize the rights of others to
their religious beliefs.
War is inevitable only if states
fail to tolerate and respect the
women

by agreement between
But

sovereign

the

states

are

reach

ing of the conference.

If, therefore, in the conference,»
we
differed on; some questions,
they were not questions that were
fundamental
from
the
Soviet
viewpoint.

this close alignment of the

heal.

month

must

lose

not

year.

But if the temple

states.,

Union would consent to the hold*

While there were many issues ■
which attracted little public at¬
rights of other states to ways of
tention on which the Soviet Union
life they cannot and do not share.
and the United States. voted
That is a truth We must recognize,
gether, it was regrettable that on
j fBecause in the immediate after¬ many issues which did command
math of war our efforts to in¬
public attention the Soviet Union;
duce nations to think in terms of
and the newly established' gov¬
peace and tolerance seem to meet
ernments 4 in central arid south**'
with rebuff, we. must not
lose
eastern Europe voted consistently ,
faith.' What may be unrealizable
together against all other states. ;;
now
may be realizable when the
Whatever considerations caused I
wounds of war have had a chance

faith, ndr
cease
to struggle to realize our
we hope may be agreed upon for
the control of atomic energy, in¬ faith, because the temple of peace
ternational problems between sov¬ cannot be completely built in a

ereign states must be worked out

reconciled ion all questions whichII
the
Soviet
Union
regarded i as£
fundamental
before
the
Soviet

of peace is to

built, the idea of the inevita¬

bility of conflict must not be al¬
lowed to ' dominate the minds of

Soviet |

Union and her Slav neighbors on*
these issues,

constrained

other states were not*
vote as they did -

by any caucus or bloc action; ;
>
I It requires a very imaginative-

geographic

sense

put

China

Ethiopia into a Western bloc.
And it was quite evident to dis¬
or

cerning observers at Paris that;,
they must act in
men
and tear asunder a world not only China and Ethiopia but y
in the spirit of
Norway and France were partic¬
conciliation. They must not launch which God made one.
It is that idea of the inevita¬ ularly solicitous to avoid not only |
false and misleading propaganda
this area - should become a free
Those
differences
cannot
be against one another. bility of conflict that is throttling the fact but the suspicion of alli¬
the economic recovery of Europe. ance with any Western bloc.
Iv
territory under the protection of dispelled or reconciled by a mere
They must not arbitrarily ex¬
It is that idea that is causing arti¬
the United Nations., The confer¬ gloss of polite words. And in a ercise their
power of veto, pre¬
Cleavage Due. to Conviction
ficial
tensions
between
states
and
ence
also j by a two-thirds vote democratic
world
those
differ¬ venting a return to conditions of
Not Design
within states.
made recommendations fotvan in¬ ences cannot and should not be
peace and delaying economic re¬
If the voting cleavage at Paris,
The
United States stands for
ternational statute defining the .<ept from the peoples concerned. construction.
freed o m for
all nations and was
significant, its significance J
responsibilities of the United Na¬
No state should assume that it
In a democratic world states¬
friendship among all nations. We lies in the fact that the cleavage
tions in relation to the free terri¬ men must share with .the
people has a monopoly of virtue or of
is not between the United States
tory. ,Such recommendations are their trials as well as their tri¬ wisdom. No state should ignore shall continue to reject the idea
of exclusive alliances. We shall and the Soviet Union, or between
an
expression of world opinion
or veto the aggregate sentiments
umphs. :
refuse to
gang
up
against any a Western bloc and the Soviet;
and cannot- be arbitrarily disre¬
It
is
better that the world of mankind.
Union. The cleavage is based upon |
state. ;;
garded. :
should witness and learn; to ap¬ X States must not unilaterally by
) But we stand with all peace- conviction and not upon strategy ,
Those; recommendations of the
praise clashes of ideas rather than threats, by pressures or by force
'
conference provide that the Gov* clashes of arms.
loving, law-abiding states in de¬ or hidden design.
disturb the established rights of
fense
of
the
principles of the
I should be less than frank if I ernor
appointed by tne Security
If this peace is to be lasting, other nations. Nor can they arbi¬

differences in interest, in
ideas, in experience, and even in
prejudices.
deep

such agreements

good

faith

and

•

Council.'

should

authority
order

and

sufficient

have

public

maintain

security,v to

preserve

mental

freedoms

all

the

The

minority
wassupported

peoples

Charter of'the United Nations.

peace.

peoples of this world who

for

make

they

peace

their

will not be
influence

able

felt

the1 conflict
in ideas and in interest that give
rise to war, and if they do not

in¬
.

proposal
bythe

The

long

of
the territory, and to protect the
basic human rights, and funda¬
the independence and integrity

habitants.

must

not

know

know how the

which

peoples

Soviet

those conflicts.

statesmen

other

and the

countries

view

Union, Yugoslavia and other Slav
hope that in in¬
countries
would
have
made a ternational democracy^ as in na¬
figurehead of the United Nations tional democracy, experience will
Governor and would have given prove that appeals to reason and
Yugoslavia virtual control of the good faith which unite people
customs, currency and foreign af¬ count for more in the long run
fairs of the territory. Certainly that
appeals
to
prejudice and
we .could
not agree to
4
that. It passion which divide people.
In a world where no sovereign
would ' make the territory a pro¬
But

our

trarily resist or refuse to consider
changes in the relationships be¬
tween states
and peoples which

did

Any nation that abides by those

not

the

confess my bewilderment '*•

motives

which

the

Soviet

principles can count upon the delegation attributed to the United ;
friendship and cooperation of the States at Paris. Not once, but /
justice, fair play and the enlight¬
United States, irrespective of na¬ many times, they
charged that j
ened sentiments of mankind de¬
United States had enriched >
tional difference or possible con¬ the
mand, " (.
V.
itself during the war, and, under :
flict of interests.
We must cooperate to build a
the
guise of freedom for com- ?
No country desires unity among
world order, not to sanctify the
merce and equality of opportuni¬
status quo, but to preserve peace the principal powers more than
and freedom based upon justice. we or has done more to achieve ty for the trade of all nations, was /
And we must be willing to co¬ it. But it must be unity founded now-seeking to enslave Europe I
economically.
I\
operate with one another—veto on the charter and not unity pur¬
Coming from any states these j
chased at its expense.
or no veto—to defend, with force
if necessary,
We deplore the tendency upon charges would be regrettable to
the principles and
purposes
of the Charter of the the part of the Soviet Union to us. They are particularly regretUnited Nations.
;f
regard states which are friendly table when they are made by the
to us as unfriendly to the Soviet Soviet government to whom we -•
,

Not

too

"Soft"

too

"Tough"

Those

are

the policies We have

Union

and

friendly

our

consider

efforts

un¬

maintain

advanced
dollars

than; ten

lend-lease

billion

during

the.,3

^Volume 164

with whom

and

war

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4536
want

perialism. That is justice and fair

be friendly in time of peace.

play, "v"

2141

suited for the individual business.
The
important
point to • think

their

self-reliance

about

ment

which

rate of individual

productivity, in Sept. 20, except for the receipt of
cohtent-

and

subscription from holders of $25,apply¬ 000 or less of the maturing certi¬
prosperity like freedom must
right to dictate
applicable
to
almost ing their abilities and energies
ficates; the books in the case of
other countries how they should be shared, not on the basis of every business under the
sun, to without stint, in their larger earn¬ the latter class closed on
Sept. 23.
'manage their own trade and com¬ hand-outs, but on the basis of the white collar workers as well as ings and their certainty that
they
On Aug. 30 the
Secretary of the
merce. We have simply urged in fair and honest exchange of the industrial
piece - work
workers will not work themselves out of
Treasury
announced
the
final
the interest of all peoples that no prqducts of the labor of free men and to all other people who work. a
job, but that they were just like
'
\ Good faith is of the first im¬ other industrial workers before subscription and allotment figures
country should make trade dis¬ and free women.
with respect to the %%
America stands for social and portance in establishing
Treasury
criminations in its relations with
an
in¬ they joined the organization which
Certificates
of
Indebtedness
of
Other countries,
.^.0 economic democracy at home and centive pay system. Workers are gave them ail opportunity for full series
H-1947 offered on Aug. 19.
On that principle the United abroad. The principles embodied prone to look upon incentive pay use of latent
as well as*trained
Subscriptions for amounts up:to
States stands, It does not question in the„ social and economic re¬ as a speed-up plan, and they have abilities.
' '
and including
; "
$25,000 were allots
the right of any country to de¬ forms of recent years are a part some
cause
for
this
suspicion
ted
in
full
and
amounted- to
bate the economic advantages or of the American heritage. /"Vf*•*: based on past experiences.
Universally Applicable
Good
$39,109,000.
7
It would be strange indeed if faith and justice are
These
disadvantages of that principle. It
necessary,
desirable conditions
at
does object to any government in this imperfect world our so¬ coupled with intelligent applica¬ Lincoln Electric are
Subscriptions and allotments
emphasized
charging that the United States cial and economic democracy were tion and an ability to make clear because they are possible for all were divided among the several
Federal Reserve Districts and the
enriched itself during the war and perfect, but it might help our So¬ to the worker what his gain will workers,
everywhere. : Friction
The

United

claimed

the

States

has

never

America

have

'learned

to' that

tems

that

incentive

pay

sys¬

comes

from

hre

■

desires

make

"hand-outs"

viet friends to understand

bet¬

European governments in order to

ter if

•enslave their peoples.

social and economic democracy is

Long before we entered the war
President Roosevelt took the dol¬
lar sign out of the war. He estab¬

further away from the devil-takethe-hindmost philosophy of by¬

lished Lend-Lease

from

the arsenal

they realized that today

days than Soviet
Czarist Russia.

gone

Russia .is

democracy

and ^ opened that
Whatever
political' differences
orsenal to all who fought for free¬ there
may be among us, we are
dom. Europe did not pay and was
firmly and irrevocably committed
asked

mot

ireplenish
•done

with

^American
The

build

pay

that

arsenal.

American

That

was

labor

and

resources.

be and how it

be made.

can

between

to
the principle that' it is
our
right and the right of every peo¬
ple to organize their economic and
political destiny through the freest

Incentive

Pay

management

Workings

example
might be cited.
Assume that a hypothetical com¬
pany has not enjoyed
a
regular

foreign beliefs

earnings record,

checked.

low.
tem

if regular, the
has been
incentive pay sys¬

Now, an
is initiated, the workers be¬

Totals !■ I Total

District

The
an

nation

can

example

New

prosper

Which

enthusiastic, production —
using, the' same manpower, floor

without

threat

the
war.

Wants

settlements

progress

The

We want to assist in European
because
we
be¬

reconstruction
lieve

that

European

prosperity

will contribute to world prosper¬
ity and world peace. That is not
dollar democracy. That is not im¬

inseparable.

are

American

people extend
the hand of ; friendship to the
people of the Soviet Union and
to all other people in this warweary world. May God grant to
all of us the wisdom to seek the
paths of peace.
*■
,

( Continued from first page)
ing the rank and file to buckle
An Incentive Plan in Operation
The average annual income for

INeed Production, Not Wrangling
?'Do' notJ look for a diatribe on
labor unions here, however. There
lias been enough
wrangling while
the ship is sinking. The
thing to
do is to find away to
get the men

He is the

us.

pleased.

San

that

Maximum

still has the

strike

Lincoln

eliminate

shortages of the matej*iaL things of life.
Bring it into
play and shortages will vanish,
spiraling prices will turn down¬

der

ward

again and labor disputes wiil

Ibe.at the minimum.
Profit for the Workingman
This

desire

powerful force I speak of
for

gain.

advancement, profit

Give

the

workingman
the incentive to produce and pro¬
„

duction miracles will follow. That
force stirs in the breast of man as

surely today
forefathers

built

did

great industrial power.
conditions

have

human nature.

our

Times and

changed, but not
The

with his hands is

Incentives

when

America

man

working
responsive tc

the

shareholder,

the manager or anyone else.
'

>There is
the

umbrella

no'

company and

the

over

its workers.

are

business

of manufacturing
welding machines and
electrodes, a field wide open to
competition.
Our
patents
are

electric

arc

taken out simply to prevent others

from

hamstringing

We do not

the

industry.

them for

use

our

own

selfish advantage.

The
the

accomplishment

due

remarkable'

productivity of
the Lincoln workers who
produce
not

because

there

are

company

picnics, clean washrooms,
ant smile

from

and

pat

pleas¬

the back

the

foreman, free lunches,
pills or similar induce¬

vitamin

ments,

but because

they get paid
for what they produce.
There is
no
ceiling on their earnings and
,

Time

and

again the incentive there is no
changing of the rules
pay system in effect at The Lin¬ in the middle of
the
coln

ment»and
a

game

Electric

Company has been
example of what can
accomplished when manage-

cited

team.

labor work

For the

who have not
who

have

together

benefit of those

seen

this record

overlooked ,its

signif¬

icance, the record in brief

is sub¬

mitted:

•

v ;

down the unusual
to double
come

man

to cut

who is able

triple the average in¬
$5,000 annually. :V

over

A full discussion of the Lincoln
Incentive System

is; not possible

here.

should

It is
be

not

necessary

detailed

here.

that

Every

business is different and each
should - work out -the

plan

one

best

V-

620>

:'L

$4,144,854

$2,340,643
-m/?

subscriptions will1 be
subject to allotment to

all holders on an equal
percentage
basis, except that suscriptions in
amounts up to $25,000 will be; al¬

lotted

full.

From

on
Sept. 30 the
subscription and allotment
figures with respect to the offer-

preferred, but it
same meaning.
It is

Cash

subscriptions

will not be received*"

ment

umvri

the

Treasury aririoufitSeAug. 19 we quote?*

Interest
offered

will

the certificates
be

paid

noW

With ?ithe
thus elim-

'PrinciP^ at
inating the need for the'eonvenwere

allotted

to $37,877,-

| «°"al

chance.

subacriptions:received'

ing to

25 years.

over

136,62*/

a,011

demption,

announced

its

continuously for

31,272

242,444
;

received

Why are men blind to this glar¬
:riie total
half-century his¬
tory. Management is assisted in ing truth, especially so Americans; aggregated $3,203,145,000, and toin our factories and mines
subscriptions
who have seen what the profit tal
allotted
pro¬ its efforts
were
by an advisory board
ducing to their full abilities. The on
can
accomplish for the $1,439,522,000. Certificates of Se¬
which there are representa¬ motive
chief criticism against the
ries J-1947 were offered on Sept.
major¬ tives of labor and
good of mankind?
management.
ity of the working men, and it is
There is no other worker organ¬
Americans are accused of stress¬ 18, and the, offering was opened
sl serious
one, is that they either ization
on an exchange basis, par for
par J
in. the plant. Workers are ing the material things of life.
*ail to recognize or- are indifferent
to holders of Treasury Certificates
paid for what they produce, not Possibly ; so, but no one who has
to danger from the
production lag for the amount of
of;
Indebtedness
of
Series
H-1946,
time they put seen an unhappy individual, one
to themselves and their
in the amount of $3,439,855,000,
country. in each
day.1 unable to acquire a decent home
With that exception, there is some
maturing
on
Oct.
1,;1946. It was.
Because of pur incentive com¬ for his wife and family through
Justification for their revolution¬
stated that:
pensation system, production of no fault of his own and living in
ary attitude today.
"Since..
it
is
planned
to retire
constant
the individual
worker
has in¬
uncertainty, transformed
There is jno need to enter a creased.
about; $2,000,000,000 of the-matur¬
by seven times since 1933, to a proud man who has earned a
tttaze of arguments and economic
take-home wages increased four home in a good neighborhood by ing certificates on cash, subscrip¬
theories;to-: find the!-.reason; for times, dividends increased three the sweat of his brow and by the tions will be received subject to
production lags. One constructive
times, people employed increased use of what is inside his brow allotment to all holders on an
force, greater than all the de¬ four times, prices decreased 60% can call the materialism that does equal percentage basis, except
that subscriptions in amounts up
structive
forces -combined,
and
can
dividends
have
been
paid that, a shallow thing. Man is wiil
in

*,r'39,225
-73, a&£

54,268

——

Francisco

final

touted

been

; r.r

Secretary Of the Treasury Sny¬

the motive that pushed men on to
factory workers is over
q
$5,000, which makes them the build America.' Jt made America
highest paid group of industrial great dhd can ^make America'and and including $25,000
Workers in the world. There has the world still' greater if given a tettH and

Electric

36,082.

63,906
125,770*

Lincoln

never

170,733

61,128

City

Total

Treasury Ctf s- Offerings

pay

term

23.706

43,341"

;

299,550

Subscriptions to and

incentives to get
maximum production. Substitute
profit motive for pay incentive,
if

54,43«
■

problems in our The Aug. 19 announcement stated
than production lags will that "since it is planned to retire
about $2,000,000,000
be removed.
'•
<
of the "ma¬
turing certificates on"cash re¬

Production
It takes

Treasury

Allotments of Recent

for

75,571

;

economy

prices of the things he buys go
buy more and have
a
higher standard of living. He
will get more for his money when
every producer produces
to the

Motive

Atlanta

31.965

r,vr

away, many more

down, he will

Profit

Correct Production Lag
..

must

best of his ability.

Profit Motive For Workers Can

down.

who

41,151

Dallas

f
$47,617
?. 1,651,403

The offering was on
an
exchange basis, par for pai^; to hblders
of Treasury
Certificates of
worth. The way is clear foi? those Indebtedness of Series G-1946,
it\.
the
who sincerely want to overcome
amount
of
$4,336,327,000,
the production lag. In taking that which matured on Sept. 1, 1940.

holder, the worker, the manager
and all the rest of

95,089

Richmond

workers are unleashed.:

An incentive pay system which

in the form of reduced prices.
The
customer
is
the
share¬

one

Cleveland

Minneapolis

in¬

to Assist Europe

56,269

Kansas

possible expression of their col¬ above any previous year; profits has operated successfully through
augurated by President Roose- lective will. We oppose privilege rise beyond belief.
Then these a
depression, prosperous years,
•velt
have
been
faithfully and at home and abroad. We defend greatly increased earnings should war and postwar years with all
be
shared
between
the
meticulously carried; out by Pres¬ freedom everywhere. And in our
sharehold¬ the attendant production obstacles
ident Truman,
view human freedom and human er, the worker and the customer has
proven
its
soundness
and
lend-lease

(ooos omitted);.„ -

2,944,957

Philadelphia

These things can and will happen
the productive abilities of

Subscriptions Allot.

$83,740

York

Chicago
St.. Louis

when

and other cap¬
facilities—soars

Subscriptions Rec'd

Boston

rest of the world will be anxious

come

space, machinery
ital
investment

Set

and

years

follows:

Federal Reserve

contrary to great
principles
can
be

American

the

over

Treasury

labor,

decreases profits for both, can be
largely eliminated. The spread of

average

and

which slows down production and

our

work

for

these

things

$25,000 will be allotted in full

number or represents—

s^eplif°y

avoid

the inconvenience of
pons twice a year,

i1!*

accounting

clipping cou¬
thereby* effect-

Banks and the

to certificate
Federal
Reserve
Treasury. Thte-cer-

tificates

holders,;

expenses

the
will

dated!

Sept; :|,

1946, will bear interest from thet
at the rate of W of 1% per
annum and will mature
Sept. I,
1947.
They will be Issued m<
bearer form only, in denomina- v
tions
of
$1,000, $5,000, $10,000,$100,000 and $1,000,000.
date

The

closed

subscription
at

the

books

of \

were

busirieiiSjJ

Aug.. 21, except for the receipt rir
subscriptions
from
holders
of
"The certificates now offered $25,000 or less of the 'maturing;
to be honest, it also pays man¬
will be dated Oct. 1,1946, and will certificates, books for the; latter
agement and stockholders to give
bear interest from that date at the class being closed at the close of;
that chance to workers.
"
rate of % of 1% per annum, pay¬ business' Aug.' 22.
■:! y There
is nothing paternalistic
able with the principal at matur¬
about incentive; pay systems.
On
ity on Oct. 1, 1947. They will be
OP A Resignations
the contrary, it is good business
issued in bearer form only, in de¬
for employer and employees and
Price Administrator Paul Por¬
nominations of $1,000, $5,000, $10,ter
announced on
develop the spirit of individual
Sept. 13 the
000, $100,000 and $1,000,000." ^
workers
well

fight for them arid he de¬

the chance.

serves

Just

it pays

Cash

subscriptions, will not be

re¬

ceived.

rather

than

-•'

Man

has

now

were

within

eliminate

have

seen

his

want

our

man

Communistic

power
from the

with

beliefs

come

seen

his

former

beliefs.

have

family ready to break

because

the

and strain
of an inadequate income become a
happy unit and stable citizens
worry

when the breadwinner found

em¬

effort.

The

men

Company

several

Total
Federal Reserve

District
-O"•

Subscrip

Subscrip¬

tions

Received

Allotted

;

Total

-(000's Omitted)Boston
New

York

Philadelphia
Richmond
Atlanta

Chicago
Louis—

Minneapolis
Kansas City
San

Francisco—

Treasury,

$45,458
792,947

70,503

32,075

Cleveland

St.

$101,784
1,796,827

159,856

72,199

46,035
74,979

21,683
34,725

376,095

171,303

66,484
67,117

32,286

128,664
61,034
251,389
2,378

61,710

34,452
"28,122

111,509
1,053

resignation

James

•

Rogers^

Jr., as OPA General Deputy Ad->
ministrator, according to Associ¬
ated
Press
Washington advicris,
which added that Mr. Rogers' doties would be taken over by Max

Total

different than

The

workers in their high

closed

$3,203,145,

$1,439,522

Ohio

industrialist, from the agen¬
industry Advisory Com-?
mittee in protest against. OPA re- ;
fusal to grant price increases for >
steel
scrap.
Although ^GBA^*
granted some increases in* cast iron scrap, it rejected any price
cy's

scrap

increase

steel

scrap,; and

Mn
in-

J dustry cannot be expected to func-i;

subscription; books were tion in 1946 on pirice levels wirthe close of business, tually unchanged since 1941.

;

McCullough, Assistant Deputy. On
Sept. 16, the same advices report¬
ed, announcement was made of
the resignation of William J. Wolf, >

Wolf contended that the scrap

•

at the Lincoln Electric

may

most other

the

Dallas

ployment which paid him for his
full

among

Treasury as follows;

into

plant, succeed in getting the

divided

allotments

and

Federal Reserve Districts and the

avowed

material things of life by his own
efforts and turn away in disgust
from

Subscriptions

world if he is but given something
to do instead of somebody to hate.
I

pampering

thera.''^:^:.^;,;;

THE COMMERCIAL & FINANCIAL CHRONICLE

2142

Thursday, October 24, 1946

than, that for the same month last heavy purchasing in anticipation J up

The State of Trade

year,

rise

mestic

resale

prices of do-

CCC

wools.

This

increase

output. It was also reported
that the break in cotton
prices was

responsible for cotton goods offerWholesale
Food
Price Index
in nriPA*
nrlcrinsllv
fnr
in
prices, originally scheduled for
ingg which otherwise might have
Reaches Record High—With the
period of 1944, an increase of 723 removal of
Oct. j, 7,
was
been saved until November.
postponed
to
take
:
price controls on live¬
cars, or 0.1%, is shown.
stock and meats, the
According to the Federal Re¬
wholesale effect Oct. 14. The new schedule
Railroad Revenues in September ' food price index, compiled by Dun of prices provides for advances of serve Bank's index, department
—Based on advance reports from &
Bradstreet, Inc., advanced approximately 5 cents a poupd on store sales in New York City for
eighty-six class I railroads, whose sharply from $5.40 last week ;to fine Wools, 4 cents on %-blood the weekly period to Oct. .12, 1946,
revenues represent 81.3%
of total ; a new record high of $6.15 on wools and 3 cents on %- and '14- decreased 4%
below the same
operating revenues, the Associa-. Oct. 15. This weekly index is in¬ blood wools, all on a clean basis. period last year. Work stoppages
tion of American Railroads state tended
Imports
of
in
foreign
apparel
wools
the
to show changes
in the
trucking industry accounted
that
according to current esti¬ level of food prices at wholesale. showed considerable drop in the for the reduced sales for the webk

(Continued from page 2135)
road

has

cancel

cated

even

gone

projects
steel

ready.

far as to
which fabri¬
so

commitments

been

had

approved.

al¬

other

manufacturers have reduced

cases

their

pressure

steel companies
along with

and have quietly gone

steel

requests that 1947
consumer
requirements reflect a
more realistic
approach with re¬ mates, railroad operating revenues
spect to the availability of steel in
September,
1946,
decreased j
3.7% under the same month of!
products.
Having been subjected to con¬ 1945. This estimate, it was pointed
siderable criticism and some out, covers only operating
company

questioning
going,
the

to where steel is enues and does not touch upon]
steel industry two the trends in operating expenses,
quick to point out taxes, or final income results.

the

industry

automobile

present is obtaining
12% of the finished

than

Even

—

was

the entire
1939., In

almost 40% ahead of

vious

output of this item in
cold-rolled

1939

sheets

week

but

numerous

continued

than

in the

cor¬

responding weeks of either 1945
or
1944. Dun & Bradstreet, Inc.,
put of finished steel while so far
reports that 23 concerns failed
this-year they represent 8.4% of
during the week as compared with
total; finished output. During the 25 last week and 15
a year ago.
first ■nine months of this year, de¬
Nineteen of the week's 23 fail¬
spite1 the steel strike and the coal ures involved liabilities of
$5,000
mine deadlock, the steel industry
or more.
Although declining by
was only about 1 million tons be¬
2 from the 21 reported a week ago,
hind the total Output of finished
these "large failures were, almost
steel in 1939,
two times as frequent as in the
constituted 5.8%

of the total out¬

The. American

Iron

Institute announced

rent

figure

indexes.

the

represents

Steel

same

week of 1945 when

only 11

failed in this size group.

concerns

dustry group.

'•

failed,

Ten manufacturers

compared with 16 a week
ago and 7 in 1945's corresponding

week's

changes
higher prices for wheat, rye,
oats, barley, hams, bellies, lard,
butter, .cheese, steers, hogs, sheep
and lambs. Declines occurred only
in corn and potatoes. The index
represents the sum total of the
price per pound of 31 foods in
general use.

were

Daily

Wholesale

Commodity
Price Index—Agricultural
prices
continued
to
edge higher last
week, resulting in a further rise
in the daily wholesale commodtiy
price index, compiled by Dun &
Bradstreet, Inc. The index ad¬
vanced sharply from 233.56 a week
ago, to a new postwar peak of
243.90

with

Oct.

178.20

15.

This

year,

the

compared

date last

gain of 36.9%,

Grain markets

shoppers. Consumer

numerous

selectivity continued to be
ticeable

New

York

and

In the

week ended Oct.
increase of 1% was reg¬
istered. For the four weeks ended
Oct. 12, 1946, sales rose
by 4% and

5,1946

for the year to

date by 33%.

■"

factor

much

the

banks became

buying.

result

food

volume

attention

centered

increased

sumer

consumer

American

alternate

Presidential

a new

Credit

financing

service

among

reality with the
Oct. 5 by the Con¬
a

Committee

the

Bankers Association of

"Consumer Instalment Lend¬

foods to replace the many meat ing Directory." The
directory, says
products that remained in low the ABA announcement, brings
supply.. Poultry prices dropped together for the first time the
with the removal of price ceilings names
of approximately 10,000
on meat and the supply of both
banks located in every section of
poultry and fish remained ade¬ the United States which make in¬
quate. The current consumption stalment loans to finance dealers
of

dairy products was estimated
considerably above the pre¬

to be
war

level. The demand for canned

foods

the

was

high

supply of leather shoes
generally less liberal than

Housewares

and

home

continued to attract

appli¬
large

share of the attention devoted to

for

both

coverings

hard

was up.

types of hardware

were

banks in
state

and

soft

Almost all
sought.

Retail volume-for the country in
the past week was estimated to be

their

readiness to

collecting agents for other
the

servicing of out-of-

of "skip" or de¬
linquent accounts.
The new di¬
rectory of more than 300 pages
loans

and

will be available at cost to ABlA
member banks and

through them
other

manufacturers "and

tomers

durable

cus¬

engaged in the financing

£oods

consumer

and

services. The advices also state:
This
sumer

ice

national program of con¬
credit financing and serv¬

will

enable

the

commercial
posi¬
field,

banks to maintain a leading
tion in the consumer credit

according to Carl M. Flora, Chair¬
man of the ABA Consumer Credit

Committee,
President

durable goods. Interest in furni¬
ture remained high and consumer
floor

than

act

the

The

demand

purchasers of dur¬
goods and services.
7,000 of these banks

consumer

have indicated

during previous weeks.
ances

able

level

week. The supply of many fresh
fruits and vegetables was abund¬

was

and individual

almost unchanged from

were

the

collection

publication

Retail

slightly last week with

flour business remained at a vir¬ ited.

the

instalment

fairly active ant and attracted numerous
past week and prices gen¬ shoppers.
erally continued upward in the
Consumer interest in cold
face of record yields of Wheat and weather
apparel increased during
corn and the second largest oats the week as
temperatures fell in
crop ever to be harvested. many sections of the country. Wo¬
Strength in wheat reflected con¬ men's suits, coats and wool dresses
tinued light country offerings and were
frequently requested. Scarfs,
a shortage of box cars which has
dickies and gloves were among
been hindering the movement of the most
eagerly sought accessor¬
major crops to terminal markets. ies. Slight increases in the sup¬
The new winter wheat crop was
ply of men's shirts and underwear
said to be off to: a good start in were
reported, but selections of
the southwestern belt. Domestic suits and overcoats remained lim¬

Establishment of' a nationwide
consumer

and

in the

announcement of the decontrol of

ABA Directory to Aid in
Consumer Goods Financing

no¬

—

were

cities

operating rate is
all livestock and their food and
equivalent to
1,591,400 tons ; of week. Retail trade with five had
feed products, effective as of Oct.
steel ingots and castings and com¬ the second
highest. number; this 15. Butter and cheese scored fur¬ from 21 to 25 % above that of the
pares with 1,595,000 tons one week line as well, showed the sharpest
corresponding week a year ago.
ther advances in the week under
ago, 1,593,200 tons one month ago upswing from the previous week
Regional estimates exceeded those
broad demand for existing sup¬
and 1,192,400 tons one year agb. when
only one reailer failed. All plies. High asking prices by pro¬ of a year ago by the following
percentages: New England 18 to
Electric Production
The Edi¬ industry and trade
groups had ducing countries is said to be re¬
son Electric Institute reports that
more
22, East 17 to 21, Middle West 19
failures in the week just
stricting business in coffee. Sup¬
to 23, Northwest 29 to 33, South
the output of electricity increased ended than in the corresponding
plies afloat to th§ United States, 27 to
31, Southwest 21 to 25 and
to 4,495,220,000 kwh. in the week week of last
year, but the in¬ however, have shown some recent
Pacific Coast 20 to 24.
ended Oct. 12, 1946, from 4,478,- crease did riot amount to more
improvement.
The
sixth consecutive weekly
092,000 kwh.
in the preceding than three in any group. More
Cotton
price movements last increase in total wholesale volume
week. Output for the week ended than half the week's failures were
week were again irregular, with was
Oct. 12,
reported during the week.
1946, was 14.3% above concentrated in two regions, the
that for the corresponding weekly Pacific and East North Central closing prices steady after touch¬ Dollar volume was slightly above
ing new seasonal highs earlier in that of the preceding week and
States.
period one year ago.
the
period, following announce¬ was considerably, above that of
Three Canadian failures
Consolidated Edison Co. of New

the

Newark.

the

previous week,

This

Oct.

Retail and Wholesale Trade —
Retail volume continued to rise

moderately during the past week
The cur¬ and was up considerably in com¬
a rise of parison with that of
the corre¬

tual standstill, with most mills
operating rate ' Of Small failures with losses under
still holding to a withdrawn po¬
steelt companies having 94% of
$5,000 remained at four, the same
sition pending announcement of
the steel capacity of the industry
number as in both the previous
new ceiling prices for flour. Steers
•will be 90.3% of capacity for the
week arid in the comparable weelc
and
hogs
remained
at ceiling
week beginning Oct. 21, compared
last year.
limits under insufficient supplies
With: 90.5% one week ago, 90.4%
Concerns failing this week were to cover demand.
However, in¬
one
month ago and 65.1% one
twice as numerous in manufactur¬
creased receipts and higher prices
year ago. This represents, a de¬
ing as in any other trade or in¬ are expected in the near future
crease of 9.2 point or. 0.2% from

this /-week

and

Monday of

week of

not be confused with the so-called

duction

cents, or 13.9%, in the week, sponding week a year ago, ac¬
while comparison with last year's cording to Dun & Bradstreet,
Inc.,
Estimated freight revenue in Sep¬ index of
$4.10, reveals a gain of in its current review of trade. The
tember, 1946, was slightly greater 50.0%.
steadily increasing supply of dur¬
than in September, 1945, by 4.7% >
able goods attracted the attention
Included in this week's

steel being
though automo¬ while estimated passenger rev¬
bile companies rightfully indicate enues decreased 31.6%.
that some of their production lines
Paper and Paperboard Produc¬
"have been shut down because of
tion
Paper production in the
steel
shortages, especially cold- United States for the week ended
rolled sheets, it was apparent last
Oct. 12, was 105.9% of mill ca¬
■week that some lines were cur¬
pacity, against 107.2% in the pre¬
tailed because the volume of raw ceding week and 96.2% in the like
materials was not high enough
1945 week, according to the Amer¬
'to .maintain a rate of automobile
ican; Paper & Pulp Association.
output which would more than ab¬ This does not i n elude mills
sorb increased costs in that field,
producing newsprint exclusively.
'"The Iron Age" noted.
Paperboard output for the current
On the other hand late statistics week was 99 %
against 100 % in
indicate that the short item most the preceding week, and 97% in
mentioned
cold-rolled sheets — the
corresponding week; a year
is being produced in far greater
ago.
'
quantities today than it was in
Business Failures Hold Steadythe prewar base year in
1939. In the week
ending Oct. 17, com¬
During the first nine months of mercial
and
industrial
failures
Ihis year cold-rolled sheet pro¬
were down slightly from the pre¬
produced.

than

sensitive

comprehensive indexes which are
prepared less frequently. It should

rev-j cost-of-living

weeks ago was

that

National

who
the

First

also ViceWisconsin

Bank, Milwaukee;

Wis.

Peacetime Record for Taxes
Taxes collected by the

Federal
three

Government during the first

months of the current fiscal year

exceed collections for any

twelve

peacetime months in the nation's
history, according to advices from
Washington from the Associated
Press on October 5, which con¬
tinued :
• ■
"■
: ' '■
■
; : ' 5
Federal spending during those
three months, ended Sept. 30, aJ^
so

topped that of any whole fiscal
of peace except 1941, when

year

billions were laid out for

defense.

July-through—
September period Were $9,450,000,000, which would be an an¬
nual rate of $37,800,000,000. Thht
Receipts for the

would be $1,800,000,000

below the

budget estimate for the year

jend-;

of the Government's Oct. 1 the
corresponding,; week a year
ing next June 30, but- officialsestimate, which tended tp ago. The backlogs of orders gen¬
hope heavy tax; receipts v next
further strengthen the statistical
erally
remained
large
with
almost
parable
Week
of
1945.
ed Oct. 13, 1946, compared with
position of the staple. The report no improvement in deliveries the spring will close, the. gap,
; •;
Building Permits in September indicated
170,800,000 kwh. for the corre¬
a
probable
yield: of past week. - < ..\ */ <.. s. vc V p
Spending for the quarter was|
sponding week of 1945, or an in¬ —A further slackening in the rate
8,724,000 bales, as compared with
Department store sales; on a $9,331,000,000,-at an annualrate bfl
crease of 16.7%. Local distribution
of contemplated building expendi¬
a forecast of
9,171,000 on Sept. 1, country wide basis,, as taken from
of electricity amounted to
$37,324,000,000/ That Would • fee
185,- tures brought the September vol¬ and with last year's actual
crop the Federal Reserve Board's in¬
600,000 kwh. compared with 169,- ume to the lowest level since last of
9,015,000 bales. Profit-taking dex for the week ended Oct. 12, $4,200,000,000 below the budget
700,000 kwh. for the correspond¬ November. Estimated cost of per¬ and
hedge selling, attributed to 1946, increased by. 15% above the estimate for the year, but the first
ing week of last year, an increase mits granted for new
buildings, prospects of heavier planting next same period. of last year. This quarter did not include any of the
of 9.4%.
-•';-■
and for alterations and
repairs in year, more than erased early gains compared with an , increase of $2,400,000,000 GI terminal -leave
In the week ended Oct. 6, 1946
during late dealings. Mill demand like
amount
in
the
215 cities dropped 13.3% to
preceding
$176,- for both
output amounted to 194,400,000
forward and prompt ship¬ week. For the four weeks ended pay and other commitments."
kwh. compared with 173,300,000 492,394, from $203,580,309 in Au¬
ment was quite active and sales
The Government never took in;
Oct. 12, 1946, sales increased by
kwh. for the corresponding week
gust, according to Dun & Brad- in the ten spot markets rose sub¬ 20% and for the year to date by more than $5,668,000,000 a year in
of 1945, or an increase of 12.2%.
street, Inc. Comparison with the stantially over the previous week 30%.
>-p-p;-:;:
the Nineteen-Thirties, nor did it
Railroad Freight Loadings—Car
and corresponding week a year
New York City continued the
September, 1945 figure of $121,spend more than $8,707,000,000.;
loadings of revenue freight for
ago. Sales volume in carded gray
past week to feel the adverse ef¬
Officials see no prospect that Fed¬
the week ended Oct. 12, 1946, to¬ 495,487 showed a gain of 45.3%, goods was fair but spotty and was
fects of the trucking strike upon
taled 899,443 cars, the Association the narrowest year-to-year rise confined largely to standard print
retail
trade;
Department
store eral tax collections or spending
of American Railroads announced. recorded for more than a
cloths
and
sheetings, with the sales dropped for the fourth con¬ ever will go down again to any-Vt
year.
York

reported against five in the

reports

system output of
199,300,000 kwh. in the week end¬

vious week and

none

in the

pre¬

com¬

ment
crop

This

(or

was

decrease of 7,405 cars

0.8%); below

week

and

144,884

the
cars,

19.2%

above the corresponding week for
1945. Compared with the similar

Plans

preceding

filed

in New

during

September

584,694,

the

York

totalled

bulk

City
$17,-

sum,

and 24.7%

Activity

delivery secutive week, the decline being
thing like the figures of the Nine- ?
estimated

domestic

wools

at 5

to 10%

under last

teen-Thirties, although they may

Then, too, rayon converters
move back some from the present
, the Boston
market was somewhat strike hampered garment manu¬
less slower last week following recent facturers in their efforts to step peacetime peak, >""
v
:

decrease of 33.4% from

August

of the business for

in September.

year.

Volume 164

Number 4536

Trading
VThe Securities
lb ligures

THE COMMERCIAL & FINANCIAL
CHRONICLE

toes and dressed fowl;

New York Exchanges

tonseed

made public oft- Oct.
showing the volume of total round-lot stock sales on the
New York Stock
Exchange and the New York Curb Exchange and
tfte-volume- of round-lot Stock
transactions for the account of all
members of these exchanges in the week ended
a

Sept. 28, continuing
figures being published weekly by the Commis¬

series of current

sures

sa^es are shown separately from

oil, lard and

offset the

WEEKLY

On the

New York Curb

ended

Sept. 28

Stock

Exchange and Round-Lot
Transactions
Account; of Members* (Shares)
/WEEK-ENDED SEPT. 28, 1946

A. Total Round-Lot Sales:

f :

Each Group
Bears to the

;

B. Round-Lot

Transactions for
Except for the Odd-Lot Accounts
Dealers and Specialists:
.
•

f-H'

l- Transactions of specialists
they

>0%

are

'254

j.__

~
^.1

t.-.y

•

; Total
4. Total—
.

181,800

402,520

3.62

1,583,975
308,930

the New

York

Curb

Exchange and Stock
Transactions
forAccount; of* Members*4 (Shares)
ENDED SEPT.

28,

193.6

190.4

154.2

143.5

206.0

211.9

206.4

159.5

125.0

124.5

109.6

178.5

178.3

178.6

154.7

—

materials
Chemicals and drugs

H11; tother sales

they

are

Fertilizer materials—

Fertilizers—;

Totalsales—___

118.3
119.9

Farm machinery——

116.5
116.5

116.5

115.4

104.9

All groups combined

178.4

1926-1928

base

Oct.

were:

July 31 total represents

'BANKERS

;

The

—

781,000
239,000

Minneapolis

;

City

•.

Increase for month

11.88

67,536,000
8,814,000

Imports——

3,025,000

118,000

19,060,000

13,446,000

$205,381,000

$191,719,000

$116,717,000

Dollar exchange

June 29, 1946
$134,225,000

9,021,000

11,422,000

9,940,000
17,238,000

10,087,000

14,217,000
.40,000

215,000

12,343,000
341,000

9,£76,000

8,453,000

4,217,000

goods stored in

July 31, 1945
$80,708,000

21,648,000

shipped

The increase in bankers' acceptances created during July may be considered contraas
since 1925 there have been 18 decreases as against 7 increases
during

seasonal

2.81

that

month.

imports,

334,725
28,565

Coffee

while

other

was

the

commodity represented in the increase of
cork, skins, lumber and woodpulp.
Increase
oil products, machinery and /general merchandise.

imports

^exports Included grain,

principal

included

285,395

16.37

313,960

dfrn billS—-- $66*920,000

....

77,254

...

was,

unnecessary.

NYSE Odd-Lot
The

Securities

Trading

and

Exchange

Commission made public on Oct.
16 a summary of complete figures

showing the daily volume of stock
transactions

odd-lot

for

account

of all odd-lot dealers and special¬
ists who handled odd lots on the

BILLS

Total
Ci Odd-Lot Transactions for Account of
Specialists—

vately owned lands to meet exists
ing shortages. Recommendation
action, Associated PresE
Washington advices of Oct. Id
stated, had come from Secfetary
of Agriculture Clinton Anderson,
but Senator Cordon declared/ it
for such

$88,664,000

23,974,000,

between foreign countries

44,665

Short sales;
tother sales

oppose any
for governmental control o£
large-scale timber cutting on pri--

move

CREDIT

July 31, 1946
$146,452,000

Domestic warehouse credits
Based

Congress that he will

1,207,000

3,348,000
273,000

528,000

Domestic shipments

1.68

Senator Guy Cordon (R.-Ore.)^
assured the American Forest

has

5,516,000

Increase for year

Oppose Government's

Plan for Timber Control-

178,000

$13,662,000

in-*;

3,529,000
935,000

;

new

vestment portfolio service for'''cor¬
respondent banks was made by
Mr. Kurtz, and there were ad¬
dresses by Vice-President William
F.
Kriebel and D?, Lionel D«
Edie, New York economist.

1,199,000

1,127,000

Company of America.

An announcement of

1,035,000
18,926,000

Exports

66,770
2,400

Total sales....

SCustomers' other sale?

William Drake, director of group
annuities of the Prudential In*

$17,223,000

1,059,000

12 San Francisco-^

42,265

Customers'short Sales-j,-—I.—_,_...^_i

rin, Forster and Crosby, Inc., and

July 31,1945

124,831,000

afternoon

Clegg,

surance

13,663,000
654,000

Trust Plait

session by John
Trust Officer of the
company; J. H. Shreiner, Assistant
to the President of Towers, Per-)

209,110

38,820

of the
W.

29,1946

Pension

institutions, recently

State to provide for the pension-f
ing of retiring employees and offi^
cers, was described during most

$21,325,000

13,812,000
1,407,000
1,106,000
3,428,000
5,279,000

Chicago——^

June

Penco

organized by The Pennsylvania
Company to enable banks in the

and

RESERVE niSTRICTS
July 31, 1946
$21,272,000
137,'938,000

4,800

Total purchases.

135.9;

and

Secretary,
for financial

follows:

Riohmond———

-8 St. Louis

34,020

4. Total—
•'

12, 1946,

Whittlesey, Vice-Presidents,

141.1

27,750

tOther sales.__.w

139.0; Oct.

170.5

were

A. Caldwell Van Rodeft, Assistant

gain of $88,664,000.

ACCORDING TO NATURE

Total sales.

District—

u_-

10 Kansas

•

William
M. David,
Robert A. Wilson and Albert W.

ACCeFTANCES i OUTSTANDING—UNITED STATES

DOLLAR

the floor-

Total purchases
;
Short sales_.^.ii..^-._.

19, 1946,

174.4

Company executives who

spoke

126.2

122.5

6 Atlanta——

230,475

*—

3. Other transactions initiated off the
floor-

5•

1,981,095

Short sales

128.2

124.3

21,365
•

~tOther sales
"

240,205
;

Total purchases

128.2
122.5

11. Dallas

2. Other transactions initiated

fields*

132.8

124.3

Philadelphia..

;

JOther sales
-

129.7

122.5
——

4 Cleveland—

registered—

.Shortsales

devoted to a series of ad-*
dresses covering modern develop¬
ments in the fiduciary and trust
was

164.5
-

124.3

.*13Boston

1,943,495
1

Total purchases

#''4■

32,600

B. Round-Lot Transactions for
Account of Members: ' "
:•
1. Transactions of
specialists in stocks in which
.

1946

/Total sales

128.2

——

.Federal Reserve

Total for Week

164.4

143.5

BY FEDERAL'

WEEK

212.4

224.0

The Reserve Bank's
report

1,542,970
V

.■

223.1

comparison, imports, exports^ domestic
shipments and those based on goods stored in or shipped between
foreign countries were higher while domestic warehouse credits and
dollar exchange were lower in
July than in June.
In the yearly
analysis all the items except dollar exchange were higher in July
1946, than a year ago*

30,570

A. Total RoUnd-Lot Sales:
Short sales—...—i

218.0

163.1

In the month-to-month

371,950

**__;.■

Stock Sales

219.7

144.7

Building

ago, the

Total Round-Lot

348.8 ''

The Volume of bankers dollar acceptances
outstanding on July 31,
amounted to $205,381,000, an increase of $13,662,000 from the June 29
total, according to the monthly acceptance survey issued Aug. 15 by
the Federal Reserve Bank Of New York;
As compared with a year

1.77

mother sales

367.9

145.2
'

July 31, $206,381,000

13.09

157,600

„

___:.*

Total purchases
Short sales—.___

170.1

329.0

The
Pennsylvania
and introductory re¬
marks by Frank G.
Sayre, Vice-»
President, the morning session

Baakm Dollar Acceptances Ontslandwg oa

270,'765

sales—

211.8

Company,

—„

iOther sales

188.2

;>V 202.3

154.2

24,200
.

3. Other transactions
initiated off the floor—

Short sales

193.0
202.3
218.2

Fuels

6.1

♦Indexes

146,740

•

"""JJJ""
~~ _1"

sales__^^x_-1.i^__^_-_____-

Totaipurchases-i-^-;

245.6

213.7

230.9

Miscellaneous commodities
Metals—

1,267,580

flbor—""""

the

*—*__**

Total

143.7

Textiles-*.-—

1.3

160

l,013^420
'

2. Other transactions initiated
Total purchases

178.8

■

7.1

Stock

1166 470

Short sales

Oct. '20, 1945, 109.9.

r*—_

t Other sales

188.8

President

Oct. 20,

Sept. 21,

in stocks in which

Total sales

17.3
10.8

Odd-Lot

i tOther sales

•

192.6

Livestosck

Short sales—

•

1945

Grains

9 297 750

Total purchases,,

•

%:1

registered— /H

1946

Cotton

Account'orMembersi
of

1946

Farm Products

100.0

Total sales

1946

Fats and Oils—„
Cottonseed Oil——;
I

8,900,670

address by William Fulton Kurtz,

Ago

Oct. 12,

representatives
banks of The

the Hotel Warwick to hear a dis¬
cussion of current banking trends
and activities. After a
welcoming

Year

Oct. 19,

hundred

correspondent

Pennsylvania Company for Insur¬
ances on Lives and
Granting An¬
nuities attended an all-day meet¬
ing at Philadelphia on Oct. 18 at

Latest Preceding Month
Week
Week
Ago

Foods—

23.0

397 180

tother

Three
of

INDEX

■

Group

25.3

Total for Week

Bhortealesili-iWiL.-^ii^ir

COMMODITY PRICE

Total Index

the Now fork
for

WHOLESALE

8.2
on

Pennsylvania Company
Correspondent Banks Meet;

648,685 shares or 16.37% of the
total volume on that
Exchange of 1,981,095 shares. During the week
ended Sept. 21
trading for the account of Curb members of 869,950
shares was 17.72% of the total
trading of 2,455,030 shares.
Total Round-tot Stock Sales

flour, cot¬

Advances

Compiled by The National fertilizer Association
1935—1939=:100*
1
■

Exchange, member trading during the

amounted

shown for cheese,

were

many

declines.

the seebnd preceding week 16 advanced
and five declined*

other sales in these

\
on the Stock Exchange for the account of
members
(except odd-lot dealers) during the week ended
Sept. 28 (in 'round*?
totaled 3,435,875 khares, which amount
was 18.48%
ot the total
transactions on the
Exchange of 9,297,750 shares. This
^lth member trading during the week ended Sept. 21 of
4,017,085 shares, or 16.07% of the total
trading of 11,839,180 shares.
Week

Advances

other foodstuffs, however, which more
were registered in the
metals,
building materials and miscellaneous commodities groups. The tex¬
tiles index declined somewhat. All the
remaining groups of the index
were unchanged.
During the week 22 price series in the index advanced knd nine
declined; in the preceding week 18 advanced and eight declined; in
than

and Exchange /Commission

2143

Increase
±'f '

' 0' K

HELD

ACCEPTING

BANKS

Bills of otheri—^ $50,859,000
for

TotaL—. $117,779,000
month-*-!.*.————$8,309,000 '
>; ; ;

]

iVj

New York Stock Exchange

week

Oct.

ended

for the

continuing

current market rates on prime bankers acceptances, aug* js, 1946

series

current figures being

•Total

purchases.

Day^

77,254

•'

Dealers'Buying Rates
v.-V

30
;

Total sales

107,086

-w

90————

*The term "members" includes all regular and associate Exchange
members, their
firms and their partners* including special
partners.
% , tin calculating these percentages the total of members'
purchases 'and sales is
v

ml,,,,:

.1.

| '■-1-

■ .« ' ..?■

National Fertilizer

Association Commodity Price
Index Advances to New High Level
New

high levels

ifidex

that is

made

Were reached

in the wholesale
commodity price

compiled by The National Fertilizer Association

and

public on Oct. 21 when it advanced to 178.4 in the week ended
19,1946, from 174.4 in the preceding week, The increase amount¬
ed to 2,3% over the preceding week and
1.1% over the previous high
point which was reached Aug. 24. The government action in
decon¬
trolling livestock, meats, and fats and oils was

■

% V/

-A-v'v

STOCK TRANSACTIONS FOR

T944_

AND

2946—

1945—

Oct.

114,953,000

115,336,000
128,944,000

Aug. 31-

128,035,000

Sep.

134,533,000

129,743,000

NOV.

134,592,000
144,790,000

126,269,000

Dec» 31*-—

NOV. 30

-1—

De6. 30—L*

1945—

■■

Jan.

31_

Feb.

28—

all

A month ago the index stood at

based

the 1935-1989

average

responsible for the'

170.5 and
as,

100,

The

year ago

at 1411

Association's

re¬

port added;

Five; of the Corftposite groups of the index advanced
during the
latest week and one declined. The
largest gain was registered in the
,

farm

products group. The livestock subgroup rose almost
16% due
lifting of the controls on livestock and much more than offset
sharp drop in the cotton index, and the smaller decline in the
grains, index... Milk.prices rose to.the highest level on record.
The
td the

the

foods index advanced 2% and is
perhaps understated as there
no reliable quotations for
meats -last week.
Butter prices

127,512,000

Jan.

Feb.

May 31—

116,825,000
104,356,000

June 30—..

106,893,000

Apr. 30—-- 168,879,000
May 31
177,273,000
Jun. 29—
191,719,000
tfuly 31——— 205,381,000

Apr.

July

116,717,000

—

166,352,000

sharply during the Week* and there"

were

dropped

were

declines in prices for pota¬

Ended Oct.

Mar. 30—

Number

162,790,000

Number' of

]

ball

game
at
West Point -on
Sept; 28, IS reported by his press
secretary, Charles G. Ross, to be
planning ^a'* visit" to > the Naval
Academy;.-at Annapolis this fall,
according r to
Associated
Press
Washington advices of Oct. 7. The

the

mid¬

shipmen and attend another foot¬
No date has yet been

set for the visit.

* *

fund, $54,400 principal amount of

drawn

by lot for redemption

1946. payment ' at 100%
principal amount will be

the

made at the Chase National Bank
of the City of New

National City

York

;

/
'

;

sales——

258

♦Customers'

other

sales——

20,391

total sales

Customers'
of

20,649

Customers'

10,035

short, sales—_
other

592,589

sales—*

602,624
Dollar value—*—*-*— $24,017,462
Round-Lot

total

sales

sales****

Dealers—

Number of Shares:

•'

Short sales—*

—

134,940

tOther sales—.—*
Total

Number of

♦Sales

134,940.

sales——**

Round-Lot Purchases

by Dealers—

shares——*——

"short

marked

exempt"

ported with "other sales."

312,860
are

re¬
*

tSales to offset customers' odd-lot orders

at the

Bank of New York,

navina aeents.

short

Customers'

Jt-4%%

Nov.

(Customers' sales)

♦Customers'

external read¬
justment
sinking
fund
dollar
ponds of 1935, due Nov* i, 1975,

$30,192,030;

Customers'

Number

Province Of Buenos Aires,' Ar¬

27,635
778,210

shares___/_**.—

Number of Orders:

gentine
Republic,' Will redeem
through operation of the sinking
its

Per Week

Odd-lot Purchases by Dealers—

154,349,000

President T t u m a n, Who at¬
tended the Army-Oklahoma foot¬

ball game.

Total

/ '

of orderS-___-.__-.___

Dollar Value—-—*-

■/

inspect

—

kedeem Buenos Aires fids*

will

1946

(Customers' purchases)

166,852,000

Truman to Vlsit" Annapolis

President

THE ODD*

THE

Odd-Lot Sales by Dealers—

Mar. 31

29——
Oct. 31—**,

;

STOCK EXCHANGE

Oct.

rise.

SPECIALISTS

July 31—*— 138,692,000
Aug. 31--—— 109,632,000
Sep. 30
L-*'-- ill,10L00Q
31

the

LOT ACCOUNT OF ODD-LOT DEALERS

Week
,

reports

upon

odd-lot dealers and specialists.

month since June 1944:

based

are

filed with the Commission by

The following table, compiled i by us, furnishes a record of the
volume of'bankers' acceptances Outstanding at the close of each

■

180——

with twice the total

;
5

150—------

round-lot volume on the Exchange for the reason that
Exchange volume-includes only sales.
'
tRound-lot short sales which are exempted from restriction by the Commission's
rifles are included with "other sales."
1
*
'
SSales marked "short exempt" are included -frith
"other sales."
II

■

120—12
'

the

figures

cbmpared

published by the Commission. The

Dealers? Selling Rates

and sales to
is

less

"other

than

liquidate
a

sales."

round lot

;;„

„

long position which
are

reported with
.

/>';■

Daily Average Crude Oil Production for Week NYSE Short Interest
fnded Ocf. l 2, 1946, Increased 834 Barrels For Sept. 13 Reported

Weekly Coal and Coke Production Statistics
The total production of bituminous coal and lignite during the
Week"ended Oct. 12, 1946, as estimated by the United States Bureau
of

Mines,

12,200,000

was

in the preceding week and 6,220,000
week of 1945.
During the calendar year

production of

preced¬

4,737,400 barrels, an increase of 834 barrels per day over the

soft

ing week and

dustry

reported that the estimated production of bee¬
States for the week ended Oct. 12, 1946,
increase of 10,400 tons when compared with the output

showed

Cuj

•

(In Net

,■

;

Bihimlnous coal and

lignite—

Total,

including mine fuel

Dally

average

1946

12,300,000
2,050,000

12,200,000
2,033,000

•

tSubject to current adjustment.

•Revised.

1,195,000

fCommercial produc.

1,149,000

"'•BeehiVQ Cofcc

1946

Oct.

Oct; 12,

13,

1,208,000

1,202,000

1,161,000

Oct. 16,

Oct. 13,
■V:V1945^

1946

1945

•

.1,250,000

•♦West

jilabama-i;-._L——
Alaska.

—

Arkui>das_.._.

7.—;

____

152,000
1,000

—

&nd Missouri
Kentucky—Eastern

1,000
1,440,000

556,000

23,000

25,000
'

1,107,000

;

410,000'

Maryland

113,000

1,195,000

432,000

402,000

386,000

43,000

34,000

42,000
1,000

Michigan'Mon una (bituminous and lignite)

;•>

82,000

31,000

++++

North and South Dakota
Ohio' L-X-~

76,000

(lignite)

801,000

Oklahoma

•

47,000

l.i»—-

•

(bituminous and lignite)—.
:

——

Virginia
i.
—
Washington
tW«st Virginia—Southern
tWest Virginia—Northern
Wyoming■

—
•

27,000

60,000
422,000

709,000
49,000

49,000

1,480,000
116,000

126,000/
2,000

2,000

134,000

145,000

123,000

369,000

312,000

24,000

30,000 v
2,403,000.
1,024,000

21,000
2,225,000
937,000

183,00b

•

30,000
66,000

38D.OOO
-

—

_——

3,000
74,000

3,102,000

2,979,000
149,000
1,000

(bituminous)

Tennessee

2,000

82,000

Total bituminous

l>.;

District

and

i*Less than 1,000 tons.

Oregon;

§Includes Arizona and
/•

800

700

800

264,000

3,950

273,100

270,600

384,000

353,625

$352,650

—

2,700

354,100

358,800

1,600
6,600

147,000
458,700

2,400

217,750

500

40,550

4,300

322,050

450

103,100

"The Edison Electric Institute, in" its current weekly report/ es¬
timated that the production of electricity by the electric light and

144,800

—

449,300

—

214,300

—

District IV

39,800

District

industry of the United States for the week ended Oct. 19, 1946
was
4,539,712,000 kwh., an increase of 16.0% over the correspond¬
ing "week last year when electric output amounted* to 3,914,738,000
kwh.
The current figure also compares with 4,495,220,000 kwh., pro¬
duced in the week ended Oct. 12, 1946, which was 14.3% higher than
the 3,934,394,000 kwh. produced in the week ended Oct. 13, 1945. ■ The
largest increase was reported by the Southern State§ division which

?;;• Division-—
New

Oct. 19

"
England...—...

Central
;

13.3

Wttt vCentratu.—iXXXXi!;

14.7

28.4r ?

States.—

—.

11.7 *

16.5;

•

9.9

9.7

7.8

8.9

9.3

49.5

&.5

9.0

\
S

.:7*'7.
jTTotal United States

.16.0;

;

7.0

Total

Week Ended—

July

1946

6—.—,*—

1945

9.6

Arkansas

436,000

77,000

80,284

14.6'

■

Izi

Mex.-So. East

74,000

2,000

1,000
99,100

Wyoming
Montana

;

Aug.

17—

Shpt,

1,650

108,200

24,200

450

24,100

32,000

37,650

—

250

17,350

811,200

4,771,000

4,737,400

834

4,756,650

3,780,650

(included above)

66,800

1,900

65,550

59,050

Total United States

1929

the Waldorf-Astoria Hotel
3.

tober

requirements of domestic-erode oil

•These are Bureau of Mines calculations of tho

Taylor,; Eastern

ican,

Say be
supplied
either from
stocks
or from new
contemplated
withdrawals
crude
oil inventories
must
be deducted
fromproduction,
the Bureau's
estimated requirements

deductions

condensate

and

natural

gas.

determine

the

amount

however,

do,

new

include

crude

crude oil in the field.

tOklahoma, Kansas, Nebraska figures are
IThis. is ;the

In some areas the weekly
amounts of condensate which

produced.

but indeterminate

small

net basic allowable

for Week, ended 7:00 ,a.m> Qck 10, 1946.
calculated on a 31-day .basis and

as-of;Oct. >1

entire month.. . With the exception of
and of certain other fields .for which
shutdowns were ordered for from 7 to 10 days, the entire State- waf ordered shut down
for 7 days, no definite dates during the month being specified;
operators only being
required to shut down as best suits their operating scheduleFor labor needed tooperate.leases, a total equivalent to 7 days shutdown time during the calendar month.
Includes

several

shutdowns

fields

and

which

exemptions

the

for

entirely

exempted

were

Oil-Producers.

$ Recommendation of Conservation Committee of California

AND

PRODUCTION

each) /

(Figures in thousands of barrels of 42 gallons

Figures/ in this section include reported
estimate of unreported amounts and ar*
-Bureau

Mines

Crude Runs

East

Report'g

Coast

Op-

Dally

Capac.
>

99.5

at Ref.

to Stills
erated

Av.

.786/:

and
Unfin.

JStocks
of

21,324

1,945

93.1

tStks. of tStks.
Gas Oil
of
Fuel

Fuel
OH

23,259

■'

sine

Vf 8,929

Resid

& Dist.

Kero¬

Inc. Nat. Gasoline
Blended .< Stocks-

plus

basis

§Gasoline JFinish'd
Product'n

totals

therefore

l——

103
43

84.7

Ind.,-111., Ky;_iJ—i.—
87.4
779
Okla., Kans., Mo
78.3
377
Inland Tex'as -J—59.8 V 205
Texas Gulf Coast——
*

La. & Arkansas—

Rocky Mountain—

••

;

>360
,250

son;

5,563

Metal: Rolling & *

3,560

1,319

13,183

1,449
489

*84.6
73.3

798

634

3,604,

9,881".

8,039

1,864,

3,362

2,088

502

230

1,557

340

f-' 15

337

1,364
15,055

198

144

148

4,237:

1,056

Castalloy / Co./.; Inc:/

Cambridge, Mass.; Clayton E. Lar^*'
566 V

2,723
«

President,

8,840

486,

Eclipse-Pio- >

Division, Bendix Aviation ?
Corp., Teterboro, N. J.; Leo B*|
Grant, Sales Manager, Magnesium
Division, The Dow Chemical C04/
Midland, Mich.;- Fred - Hengschy

2,900

8,649

•

Manager, Foundries,
neer

Mag¬

Magnesium Company of America,
Chicago, 111.; Anthony Cristello,

705

2,366

916

Americavn

Cleveland, Ohio;
Christiansen,-President,

Corp.,

Edw.

15,325

' '

11
121

1,433

3,910

46.8

144

355 ^110.6

19.0

314

62.1

97.4

70.9

?2,66t

89.5,
80.4

.1,208.- ' 98.5

r' ""

69.4

89.2

55.9

District No. 3_i—— t

.72.0;

Refining/ Co.,

Y,;/Vic^-President,

Magnesium Ltd., Toronto, Canada;
Treasurer, Irving T. Bennett, Vice-r
President, Revere Copper & Brass
Inc., Baltimore, ,»• Md.; 'Directors,
J. D. Barrington; Irving T,.. -Ben4
nett; Arthur Bidwell, President^,
Superior Bearing Bronze Co., Inc.,
Brooklyn, N. Y.; Wiser Brown,

Oil

11530

Operations^

General

nesium
STILLS;

Oc¬

Barrington/ Vice-President
Manager, Dominion

and

Smelting

New York, N.

Vice-President,

GASOLINE; STOCKS OF FINISHED
UNFINISHED GASOLINE, KEROSINE, GAS OIL AND DISTILLATE FUEL
AND RESIDUAL FUEL OIL, WEEK ENDED OCT. 12, 1946

CRUDE RUNS TO

President, R,

are:

Federated Metals Division, Amer¬

derivatives) based upon certain
premises outlined in its detailed forecast for the month of October, ^ As requirements
fafter

They

:vv 50 M-v

Manager, White)
Stamping- Corp*:

"General

Brooklyn, N. Y.; D. W. Moll, Vice+
President
McCanna

and

Treasurer,

Hills*

Co.;.Chicago,.111.; G. W».

Motherwell, Works Manager, Wy+

1,727,225

"4,293,280

4,384,547

2.1

4,380;93Q/

1,440,386

••

1,732,031

—

?■
1.9 "

California

j. '1,426,986

—

1.8

4,399,433

1,415,122 C

0.4

4,415,368

1,431,910

-1,733.11C

1,436,440

1,464,700

1,750,05^
1,761,594

1,423,977

l,674,58f

-1.476.442 M

1.806,25'

1,490,863

1,792,131

1,499,459

1,777.854

1,505,216

1,819,276

stocks of 8,552,000 barrels.,
tlncludes unfinished idents/The Permanente
Metals
barrels.--tStocks- at refineries;-"at" bulk- terminals, 4n
Corp., Oakland,. CaL; V, D. Swee-,
addition,„ .there- were produced 1,940,000 barrels of
kerosine, 6,166,000 barrels of gas oil and distillate fuel oil ahd 8,454,000 barrels of
ney, General Sales- Manager, Na^
residual .fuel •. oil in ibe? week ended. Octv.-12, 1946,- which compares with
1,645,000
tional v Smelting /Co.,; Cleveland^
barrels," 5,687,000 barrels artd 8,194,000 barrels, respectively, 4n the preceding1 week
and
1,145,000 barrels, 3,904,000 "barrels end-7,287,000 barrels, respectively/ in the
uftio, and R. D. Taylor./..
week .ended Oct..;13, .1945^. .
V".
Vv

4,432,304
4,395,337
>

3,939,195

j
;*•
/

4,137,313

4,184,404

3,909.408

4,517,874

4,038,542

5—1—4.478,092

4.028.2861:

4,539,712

4,390,762

4,451,076
8.0 V' 4,418,298

6.5

,+12.3

:"4,116,049

Sept., 28——

—

+12.1
>

•

' 4,377,339

+11.9
+ 1L2

4,414,735

+-7.0 J 4.227.900
4,394,839
+10.1

4,365,907

4,375,079

1,507,502

1 f
jA.9^
,'i 4
3,914,738f. < +16.0-/ ; 4,345,352 VI,533,028

Oct. "12——4 AOS U29> "v* 3

—

20,250

38,600

872,200

1,433,903 +•

4,018,913

4,377,152 >

,4,106.187

Oct.

7,400

3.2

4,404,192

97,950

and Secretary of The
Magnesium Association, announced
that the following officers for
1946-4947 were. elected by mem¬
bers of The Magnesium Associa¬
tion at its third annual meeting at

»—

4,506,988

19-i——

875,100

400

Atkins, Executive Vice-

4,295,254

4,521.151

Oct.-

450'

4,156,386

Sept. 21.

Oct.

93,250

President

1 .4,444,040

yf.,

200

99,500

VDIstrict No. 4

.4,351,011

7-————-

76,000

50,850

1,000

1,711,62?

.4,422,242

Sept. 14——-v-

73,500

73,850

4.411,717

Aug. 24L.

Officers Elected

1,415,704

27-—/4,352,489 ?;.>4,434,841

Aog, 31_—

355,750

3,940,854'

July

—...

Magnesium Association

392,900

108,500

§842,500

849,698
732,649
627,964

......

70,750

•

July 15
Aug. 15
Sept. 13

285,000

500

850,000

1,328,950

867,891

.....

88,100

100

+
v

v.,",.

1,022,399

.....

June 15*..

1,181,222
1,015,772
994,375

6.0

20.

10—

50.

—

1,270,098
...

- ~r

July

Aug.

15.^.

Feb. 15.+.

304,800

24,000

Colorado
California

~~—

1946—

Jan.

Apr. 15
May 15

2,071,900

—

....

15—1,465,793

3,979,426

13_

Aug.

;

Dec.

Mar. 15—

84,950

100,000
_

District No. .2J—

Nov. 15

1,327,109
1,404,483
1,566,015

3,741,006

July

w—_.

106,000

| 100,000

New Mexico—Other._

Louisiana Gulf Coast*

1932

129,300

73,750

60,000

Alabama

No.

1944

300

—17,950

394,700

383,000
_

Mississippi

District No.

under 1945

488,650

305,600

Total Louisiana

18.0

i ■" 3.5

Change

33,100
27,300

2,850

■

89,100

Coastal Louisiana

New

Oct.

——..i

X—

Appalachian—

DATA FOR RECENT WEEKS (Thousands +>f Kilowatt-Hours)

150

2,046,350

2,120,000 $2,064,032

Texas

District—

;

11.6

"lL9 } /

/ IL2/

300

84,950

North Louisiana

Sept. 21«

17.3

16.$

•

mi " ".

+
+■•
—

129,700

District X

ac¬

com-*

1945—

Sept.14

—.—

11.2

9.6

1.2

4.3
"

484,650

% Daily
Refin'g

Sept.- 28: >

8.1"

24.1
V

Rocky Mountain—..
Goast——

I0J1

Southern

Pacific

9.7

Oct. 5

Industrial-:'—-^

■

12.8;.

9-7

27,450

District IX

Week-;Ended'

Oct. 12

10.9

Middle Atlantic-...—.

—

33,500

■

...s.!PERCENTAGE INCREASE OVER SAME WEEK LAST YEAR
■

-yh.

jshowed a gain for the week ended Oct. 19, 1946 of 28.4% over the
same; week in 1945.
,\
X-:\: .V/v'',;

VIII

—

102,450

VII-B

District

—

316!000

Dist.

Other

power

19,450

Output for Week Ended Oct 19,1946
16% Ahead of That for Same Week Last Year

Major G'eorgraphical

t700

District vn-c

dealers'

shares/

21,050

$271,300

III

is mixed with

10,850

270,000

District

Electric

•

2,550

District

odd-lot

58,158

15, 1946,
,x
The report added:
*
Of the. .1,314 individual stock
issues listed on the Exchange on
Sept. 13, 1946, there were 44 is¬
sues in vWhich' a short interest of
5,000 or more shares existed, orv
in which a change in the short'
position of 2,000 or more shares
occurred during the month.
The following table compiled by;
us shows the amount of short in«
terest during the past year:

<;+

28timates

:
;J])

45,200

Nebraska

"•Pennsylvania Grade

JRest of State, including the

counties.

and Tucker

Grant, Mineral

3,300
152,550

47,550

—

196,000
Z*xki

•nHhpB. & O: in Kanawha, Mason and Clay counties.

2,450

150

549,000

186,000

8,168,000
12,675,000
12,300,000
& W.; C. & O.; Virginian; K. & M.; B. C. & G.; and

lignite—.
Tlncludes operations on the N.

300

—

4,000

■

and

4,800

1,328,000

fOtheir Western States—

1»i:«;: >;+1

5,750

East Texas

125,000

200

49,000

7,050

30,650

380,000

567,000
124,000

Kentucky—Western

Utah

150,000

1,000
1,422,000

1,385,000

———

Kansas'

Pennsylvania

153,000

8,100

208,950

i^is+rict I

7,000

1,100

50,500

Texas—

29,000

200

30,000

Oklahoma

7,000

•

2,300
18,700

19,000
214,000

47,200

51,700

600

8,600
5,950

■

1945

1946

't —;;i/Kl6::

7,600

Kansas

37,000

52,250
1
k

Oct. 13,

12,

47,000

382,000

384,000

Oct.

Week

8,400

Ended

from

;

Week

4 Weeks

Change

Week

Kentucky

1945

1946.

33,000

—

Georgia and North Carolina

1946

)

BARRELS)

Michigan

Oct. 6,

Sept. 28,

387,000
7,000

Colorado"'--.---.-------^——

•

Oct. 1

48,200

all

pared with 36,281 shares on Aug*

21,131,000 bar-r

18,700
207,450
30,900

Week EndedOct. 5,
1946

Panhandle

October

—

Illinois

AND LIGNITE,

(The'current weekly estimates are' based on railroad carloadings and river shipand are subject to revision on receipt of monthly tonpag'e'reports from district
and State sources or of final annual returns from the operators.)

Texas

Oct. 12,

Virginia.

Indiana

Mien tis

New Mexico

Begin.

Ohio—Other_._.

BY STATES, IN NET TONS

J :

Elinois

Requirements

3,226,500
4,378,100
2,758,000
108,300
108,300
97,900
17,700
*/w»includes washery and dredge coal and coal shipped by truck from authorized
operations.
tExcludes colliery fuel. ^Subject to revision/, § Revised.
.

Ended

♦♦Ohio—Southeast

ESTIMATED WEEKLY PRODUCTION OF BITUMINOUS COAL

ables

'■*

41,770,000

tJnJted States total
'

Allow¬

Florida

40,427,000
38,406,000

odd-lot

13, 1946,
date, the total short in¬

Actual Production

State
♦B. of M.

York-Penna.__

•♦New

1937

43,443,000

47,434,000
45,605,000

all

(FIGURES

PRODUCTION

OIL

Calculated

AND COKE

Calendar Year to Date

§Oct. 5,

tOct. 12,
1946.

Pp,un Anthracite—
♦Total incl. coll. fuel

CRUDE

of the Sept.

counts vwas

(In Net Tons)
-Week Ended-

terest

•'r:

AVERAGE

...

ESTIMATED PRODUCTION OF PENNSYLVANIAr ANTHRACITE

accounts

settlement

barrels of residual fuel oil.
DAILY

was

dealers.

distillate fuel, and 59,753,000

rels of kerosine'; 63,412,000 barrels of

firms,

odd-lot

hadj in storage at the end of the week

J2,1946; and

86,585,000 barrels of finished and unfinished gasoline;

-—Jan. 1 to Date—
Oct. 13,
1945
1946
1945
6,220,000 413,851,000 453,626,000
1,037,000- . J,734,000
1,883,000
tOct. 12

Oct. 13

'Oct. 5,

Oct. 12,

week ended Oct.

Tons)}

Week Ended

i v

14,993,000

8,454,000 barrels of residual fuel oil during the

distillate fuel, and

BITUMINOUS COAL AND LIGNITE

UNITED STATES PRODUCTION OF

ESTIMATED

to stills on a

ran

the,

compared with

gasoline; 1,940,000 barrels of kerosine; 6,166,000 barrels of

barrels of

than for

1946, and was 90,600 tons more
corresponding week of 1945.
.

for thd week ended Oct. 5,

the*

whole

as a

mately 4,867,000 barrels of crude oil daily and produced

the United

the Septem-4

627,964 shares,
732,649 shares on
Aug. 15, 1946, both totals exclud¬
ing short positions carried in the

the in¬
Bureau of Mines basis approxi¬

Reports received from refining companies indicate that

tained

member

tute's statement further adds:

interest

13, 1946, settlement date, as
compiled from information ob¬
by V the New York Stock
Exchange from its members ancl

4,771,000 barrels. Daily output for the

was

12,1946, averaged 4,756,650 barrels. The Insti¬

four weeks ended Oct.

'The Bureau also

coke

1946,

short

■

ber

for

by the United States Bureau of Mines as the requirement

the month of October,

Exchange.

The

close of business

The daily average figure, as estim¬

hive

the

gain of 956;750 barrels per day when compared with

the corresponding week in 1945.
ated

had the following to say on Sept.
18 regarding the short-interest on

crude oil production for the week ended Oct. 12, 1946, was

age gross

through Oct. 12, 1946, the

coal was approximately 413,851,000
net tons, or a decrease of 8.8% when compared with the 453,626,000
tons mined in the comparable period of 1945 through Oct. 13.
Production of. Pennsylvania anthracite for the week ended Oct.
12, 1946, as estimated by the Bureau of Mines, was 1,195,000 tons, a
decrease of 55,000 tons (4.4%) from the preceding week.
When cornlaired with the output in the corresponding week of 1945, there was a
decrease of 13,000 tons, or 1.1%.
The calendar year to date shows
an increase of 9.2% when compared with the corresponding period of
cumulative

The New York Stock Exchange'

daily aver¬

The American Petroleum Institute estimates that the

which compares with 12,300,000
tons in the corresponding

net tons,

fans

Thursday, October 24, 194$

COMMERCIAL & FINANCIAL CHRONICLE

THE

2144

1.724,728

1,729,667

1,806,40:

l,tZO

«'+>

,**

^t>ki_ X,Oi&u,-xxO

1,824,160

Total U. S. B. of M. VFr:
«

basis' Oct.

Oct.

13,

1946^:

1945——»

*Includes

transit

and. in

554

741

12,056'.'" 27,792

;V v.:" :X-:X'
;,«86,585;^421,131 V.,63,412> 59,753

v- v, • ':

87.6"*? 14,993

4,865
87.5
15,340"
85,409 - 20,992
62,214 ,58,61L
V.

85.8
V

-V

unfinished

gasoline .'stocks; of

2,094-'

> 82,5

820

-Vv'.+:V

U.S.B. of M. basis

Oct,

12,: 1946/ ^85.8^ 4,867

Total U. S. B. of M.
basis

85.5

780

"3,616
gasoline

8,985,000

pipe

lines.

§In

11,107

169,046

12,697

43,519

46,073

man-Gordon

Co.,.: W 0 r c e s t e

Mass.;. W. H. Osborne,
Acme,

Aluminum

ii,

Secretary*:

Foundry. Co.*

Chicago, 111.; E. H. Perkins, Pres¬
ident, Brooks & Perkins;v Detroit^

Mich.; D. A. Rhoades, Vice-Pres¬

r'.i'iir *»:ir"*T*

THE

jVolume 164;; Number 4536

*C":'&r :-TC

V* >*••-*>:

COMMERCIAL & FINANCIAL CHRONICLE
■

above

Moody's Bond Prices and Bond Yield Averages
i. Moody's' computed bond prices

(liven in the following table,

Federal construction, $55.3,321,000,^dropped 20%
the 42^week .total of 1945.
4

MOODY'S

BOND

PRICES

U.S.

-Daily
Averages
Oct.
'

Bends

{ |

> ;

V
r

120.02

State and

117.80?

120:02

Federal

120:02

119.20

116.22

110.34

112.37

117.80

120.02

121.04:119.20

116.22

110.34

112.37

117.80 1

119.82

110.34

112.37

117.60

119.82

12—_—

121.30
116.61
121.04
119.20
116.61
121.04 C 119.00
121.11
116.61
120.84
119.20
Stock Exchange Closed
s

116.41

11——...

121.08

116.41

10—121.05
9———
121.05
8—^
121.08
7
121.02

116,41
116.61
116.80
116.80

121.43

116.61

121.04

121.45

116.61

119.20

;

„

—

110:34

112.37

117.60

119.82

110.15

112.19

117.60

119.82

119.00

116.22

110.15

112.19

117.60

119.82

116.41

110.34

112.00

118.80
118.80
119.00

116.61

110.34

112.37

117.60.
117.80

119.82

116.61

110.34

112.37? 117.80-

119.82

116.61

110.34

112.37

117.80

120.02

„

116.80

121.25

119.00

116.61

110.52

112.56

117.80

120.02

121.05

116.61

121.25

119.00

116.61

110.34

112.56

117.80

119.82

120.77

116.80

121.25

119.00

116.61

110.52

112.37

118.00

120.02

120.70

116.61

121.25

119.00

116.61

110.34

112.37

118.00

120.83

116.61

121.25

119.00

116.61

110.34

112.37

117.80

119.82

121.08

116.61

121.04

119.00

116.61

110.15

112.37

117.80

121.14

116.61

121.04 V 119.00

116.61

110.52

112.75

117.80

119.61

111.44

113.89

118.00

120.22

117.20

122.92
123.30

;

119.41

*121;46-

117.00

—

——

;

1,830,000

;

2,860,000

clas^ied

construction groups}? wafeiworks^ sewerage^-in¬
dustrial buildings, commercial buildings, and unclassified construc¬
tion gained this week over the previous week.
Five of the nine
classes recorded gains this week oyer the 1945 week as follows:
In the

waterworks, sewerage, highways, industrial buildings, and commer¬
cial buildings.
- .
!
-y?/:???
v;;New Capital ?/■.■,
x//:'
<

New capital for construction purposes this week totals $13,025,-

000, and is made up of $12,776,000 in State and municipal bond sales
and $249,000
purposes
more

in corporate securities.

New; capital for construction

for the 42-week period of 1946 totals of $2,929,703,000, 72%

than the

$1,701,677,000 reported for the corresponding period

of 1945.

i-'

';'rJ'*

'$3*

"Steel"

"tf

M a>"

Cleveland,

as cause for speculation
producers and consumers.
Some relatively minor; > products
may be relieved of control in

immediate future but steelmakers
are in the dark as to
just when
OPA will effect broad

"So

apparenlty> had
the change in administrate
tion stabilization policy withiii the
past week, that general, lifting .of
price regulations on steel, jjrnay,
come

before the yearend,

in lact,
completion of conversa¬
recently initiated by the in¬

before

■:

dustry with OfA,

121.46

higher/ ceiling: prices

115.24

119.00

121.25

114.85
115.04

122.92

120.63

118,20

123.49

:118.60

^23.13

120.84

118.20

112.56

115.24

119.00

121.46

123.45

118.60

323.13

120.84

118.20

112.56

121.25

Steel Operations Slightly Under Year's High
Of Last Week—Demand for Products Unabated

decontrol/

marked

been

121.25

112.37

118.20

■

among

120.84

114.46

118.00

120.84

in j Jts

expected

tions
•:

119.00

,112.19

120.43

122.92

■ •

one

summary of latest news develop¬
ments in the metalworking indus^t

118.80

117.80

122.71

118.40
118.40.

-I'M:."

and; 1,192,400 tomf

ago,

1X8.60

120.02

118.40

112.37
112.37

123.49

9
: J •' 2

$108,205,000 $81,945,000
80,215,000 / 57,277,000
27,990,000
24,668,000
-1-, ^ 26,160,000
21,808,000

Municipal

118.00 ' 122.29

•

119.82

122.52
23—

119.82

118.80

121.25
121.25
121.25

120.84

116.41

121.02

121.80

4ug.30

120.84

112.19

116.41

,121.20
—-

V*.
fU

Construction

117.80»

Public

117.80

$e$t'27
V

IndUs.

P. U.

112.37

■.•-V-

'ft. R.
112,37

121.04

Corporate by Groups*

Baa

-•■.■V

■

try, on Oct. 21 stated in part as
$73,081,000
follows: -;:v
"■•.■■..
57,079,000
:
"Possibility of decontrol of iro»
16,002,000
X 12,794,000 and steel prices may come soopejfir
than recently had generally- been
\ 3,208,000

Total U. S. Construction„--i>—

^110.34

121.04

116.61

116.22 ,110.34
116.22 ;; -110.34

121.04

116.61

121.43

116.22

.116*61

121.43

5-.

119.20

121.36

„

.
16_
15
s 14

Aaa

21____.„_

/;
;

Corporate by Ratings*

rate*

Oct 17,1946 Oct. 10,1946 Oct. 18);1945

119.20

22_

•<

Private Construction—

' .Govt. ^Corpo

Ayge.

•

(Based on Average Yields)
1946—

year ago. ••?■;

are

beloiw month

...

1945,

X Civil engineering construction volume for the current week, last
<...
) week, and the 1945 week are:

bond yield averages

and

products,

.certain

(irt

f'Precise ■ immediate
ef fe c t
should steel prices be decontrolled
is difficult to gage.
The industry

115.43

119.00

iTuly 26

123.77

118.60

123.13

121.04

118.40

112.56

115.63

119.20

121.46

19_

123.83

118.80

123.34

121.25

118.40

112.37

115.63

119.20

121.46

124.14:118.80

123.56

321.25

118.60

124.24

118.80

123.34

121.25

118.60

112.56
112.37

June 28—124.11

118.80

123.34

121.25

118.40

Many steel customers in recent weeks, sobered' by inventory is not
pressing for a broad over¬
figures and the probability that some potential demand figures for all increase,
indicating cohsei^afinished products were inflated, have. eliminated their practice, of tism in
121.04
119.00
116.22
price policy, which un>*
121.04
119.41
116.41
attempting /to obtain every pound;' of steel that is not nailed down doubtedly would be extended to
122.09
120.22
117.40
regardless of what type of product it was, according to "The Iron a free market. Removal of ceil¬
122.09
120.22
116.41
Age," national metalworking paper, which in its issue of ' today ings on steel, however,
119.41
122,09
115.63
prdb'ably
(Oct. 24), further reports as fol-^122.50
would be accompanied by simi¬
120.43
117.60
119.61
117.60
112.00
lows:
changed its: course recently, it lar action: on raw materials/'1 in¬
."While it is true that demand looked, this week as if the steel cluding scrap, and
'
by cost in¬
112.75 116.41 119.82 for steel products in general con¬ industry may. have to 'sweat it creases in other directions./ with,
y
tinues unabated, there is a trend out' before steel is established as the result considerations
underly-*
107,62 113.60 117.40
•
*
among
many
manufacturers to a free market*
ing present appeals might ' have
"Steel industry officials at the to be revised.
build their production schedules
In turn, this might
on the basis of the availability of
OPA meeting in Pittsburgh, how¬ lead; to a broader increase/ and
the 'hard-to-get items' rather than ever, filed resolutions suggesting possibly to a greater rise on some
Corporate by Groups*
to continue the policy of further the decontrol of all steel prices products than now .contemplated^
Indus.
P. U.
R. R.
2.65
2.76
3.05
unbalancing inventories by build¬ and also suggesting that the cur¬ '■/ "Whatever the
developments*
2.65
2.76
3.04 ?
ing up to dangerous levels prod¬ rent cost /study looking towards steel producers may be expected
2.65
2.76
3.04
ucts which are more easily ob¬ an increase in some items proceed to hold
2.65
2.76
3.04
prices as stable as circUjftftf
2.66
2.76
3.04
tained.
at
ayswifter pace./ The present stances will permit through^.the
2.66
2.77
3.04
"There is a good possibility that price ad j ustment negotiations be¬ period of readjustment to normal
2.66
2.77
3.04
2.77
2.66
this trend in a more orderly steel tween the OPA and the steel in¬ marketing.
3.05
Further,
the/Jico^
market will assume much larger dustry, which are ;now. in their petitive element
should become,
2.66
2.77
3.05
proportions over the next several sixth week are already taking on more pronounced despite short¬
2.66
2.77
3.06
2.66
months. Some manufacturers will earmarks of those of a few years ages in supply,
2.76
3.04
particularly ligh?t
2.76
3.04
,2.66 be forced
flat products, since under/ lu^bi
^
tp give ground on some ago which ran on and on.
l2.65
2.76V
3.04
of
their
previous overoptimistic
2.65
2.76
"The steel industry this week operations, supply and demand
3.03
2.66
2.76
3.03
production goals. The net, result continues to turn out steel at the should strike a reasonable
2.65
2.75
3.04
of such a move, however, will be
in
many
lines / within/^highest peacetime level in its his¬
2.66
2.75 V
3.04
on the positive side because dis¬
months.
2.66
2.76
3,04
tory. Should a coal, strike develop
tribution
of
steel
now
being
pro¬
2.76 *
3.04
as a result of an impasse between
"Ability of mills to maintain
2.66
2.67
duced at record level will take the
3.02
2.76
United Mine::Workers and high production is of greatest eon*
2.64
2.75
2.96
on a more healthy hue.
tern
at the moment.
Secretary of the Interior J. A2.61
2.72
2.93
"By the first of the year or Krug, it would not take long se¬ iron and coke are short o||ne^fc(si
2.59
2.71
2.91
steel production
2.58
2.70
shortly
thereafter
considerable riously to affect
2.90
could go still
qurrent steel pro-,
2.69
2.70
2.89
headway will be made in clean¬ duction.
higher with more adequate
v
2.58
2.70
2.89
ing up the duplication of steel
"Grave
concern
has
2.59
2.70
already plies. No stocks of Scrap am, b^2.88
ing accumulated for winter, how-f¬
2.58 orders, reducing carryovers which been" expressed by the stedl in¬
2.69
2.87
2.58
represent unfilled promises and dustry as to the
2.69
2.87
supplies of coal ever, and ore supply may be light*
2:58
2.69
2.85
paring down substantial back¬ to be available during the coming er than usual. /With return to a.
2.58
2.69
2.86
logs.
It is to be expected, how¬ winter^months. Although stocks free market some of these threats
2.58
2.69
2.85
ever, that a large segment of the on hand are not far out of line to //high production ? may/becbih&;
2.60
2.70
2.84
steel
2.60
2.68
2.83
consuming industries will with 1945 inventories/ the most less menacing, particularly^ with,
2.55
2.64
2.78
regard to scrap.
J yi |
continue to order for inventories
significant factor is the emphasis
2.55
2.64
2.83
after production quotas have been on the
"Currenlty an easing tendency
2.55
2.68
2.87
steady production of coal
met as a hedge against probable
2.67
rather than
the inventories on in demand is noted which hiay be
2.77
3.06
2.53
accentuated by uncertainty over
2.63
2.77
price rises next year.
hand.
^

112.56
112.56

Apr. 26

124.33

119.00

123.34

121.46
121.25

110.40
118.40

113.12

Mar. 29-

125.61

119.82

123.99

122.29

119.41

114.27

feb.

126.02

120.22

123.34

Jan.

119.00
119.00

114.27
113.31

119.61

114.46

May 31

High

123.09

1946——

IiOW

1946

118.80

122.92

126.28

119.00

123.12

121.88
121.25

126.28

120.02

124.20

122.50

120.76

116.41

120.84

118.80

116.22

110.15

123.05

116.22

120.63

119.20

116.22

109.42

;

1 year Ago

<)ct.

22,

'Oct; 21^ 1944^

119.55

112.75

118.60

116.61

112,93

(Based on Individual Closing Prices)

1946—
'

U.S.

Avge.

Govt.

Corpo¬

Corporate by Ratings*
A

JBaa
3.15

Aaa

22—————

1.63

2.82

2.60

2.69

2.84

21-

1.63

2.82

2.60

2.69

2.84

'3.153.15

Averages
Oct.

Bonds

rate*

19—

16-——-

*' :'V:

:;y;'T4«,

ii—-

10
9

7i>

2.60

2.69

2.84

2.82

2.60

2.69

2.84

3.15

1.62

2.82

2.60

2.69

2.84

3.15

1.63

2.82

2.60

2.69

2.83

3.15

1.64

2.82

2.60

2.70

2.83

3.15

1.65

2.82

2.61

2.69

2.83

3.16

2.70

2.84

3.16

Stock Exchange Closed

12———

2.82

1.63

18^-—.

{

-—,7y"
V i jXi/,
*
^

2.83

2.61

1.65

2.83

2.61

X 2.71

2.83

3.15

1.65

,2.82

2.59

2.71

2.82

3.15

2.71

2.82

3.15

2.70

2.82

3.15

2.59?. ".ii 2.70

2.82

1.65

1.65'

2.82

2.59

1:65

2.82

•2.59

5———

1.65

2.81

4———.v.

1.65

2.82

2.59

2.70

2.82

3.15

2.81

2.50

2.70

2.82

3.14

2.70

2.82

3.15

2.70

2.82

1.67
>

> j

1.68
,1————-

——

$ept. 27-—-—.

1.67

1.65

3.14

2.82

2.59

2.82

2.59

2.82

2.60

2.70

2.82

3.16

2.70

2.82

3.14

3.15

1.65

2.82

2.60

h'~;/.ri3

1.63

2.79 i

2.58

2.68

2.80

3.09

1.58

2.75

2.54

2.65

2.76

3.05

Aug. 30-.

1.55

2.73

2.52

2.63

2.75

3.04

23—

1.52

2 .73.

2.51

2.74

3.04

16-

1.51

2.73

2.51

■

a': ■:

121'.46

119.20

121.46

116.02

119.20

121.46

103.64

MOODY'S BOND YIELD AVERAGES

Daily

119.20

„

1945-

2 Years Ago

116.02

115.82

——————

2:61

3.04

2.62

2.74

3.03

1.51

2.72

2.50

2.6t

2.74

ST———

1.61

2.72

2.50

2.61

2.74

3.03

July 26—~—

1.49

2.73

2.50

2.60

2.73

3.03

3.49

2.71

2.49

2.59

1.47

2.71

2.48

1.46

2.71

2.49

1.47

2.71

2.49

rtt

19—

44 '12
5———————

-June 28

May 31

—

-Apr. 26
Mar. 29

2.73

3.04

2.59

2.72

3.03

2.59

2.72

3.04.

2.59

2.73

3.03

1.48

2.71

2.51

2.58

2.73

1.45

2.70

2.49

2.59

2.73

3.00

1.36

2.66

2.46

2.64

268

2.94

Feb.

21-——-—

1.33

2.67

2.49

t 2.56

2.70

2.94

.Jan.

25———————

1.31

2.70

2.50

2.59

2.70

2.99

1946——

i.68

2.83

2.61

2.71

2.84

3.16

1.31

2.65

2.45

2.53

2.67

2.93

2.84

2.62

2.69

2.84

3.20

3.02

2.72

2.82

3.01 *

:High
XOW
"

—

1 year Ago

•■Oct.

22,

1945-

1.55

2.66

2.83

3.02

2 Years Ago

eiOct,

1946

21,

1944-

1.86

2.78

2.98

3.30

3.53

ar4 computed from average yields on the basis of one "typical" bond
(3%% coupon, maturing in 25 years) and do not purport to show either the average
Revel or the average movement of actual price quotations.
They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement
•of yield averages, the latter being the true picture of the bond market.
(■r
note
The list used in compiling the averages was given, in the Sept. 5, 1946
1

*These prices

ijissue of the "Chronicle'.' on page

(Civil

1321.

•

reestablishing

Oct. 17
..

...

ported by "Engineering News-Record." This volume is 32% above
the previous week, 48% above the corresponding week of last year

moving average. The report
,

strike

earlier

this

aggravated the loss of steel
sustained during the steel strike.
Any prolonged tieup at the mines
would. ..again demoralize a steel
year

market which is only now begin¬

ning to take

the aspects of a

the quotations of various products
rather than a move for a general

of the current Detroit wage

governmental

f f icials

charged with control of prices are

normal

officials

also

distribution.
are

not

Steel

unmindful

trends,
the results of which may form a
pattern for steel contracts which

future prices.

some

dent Truman's recent talk

week and 43% below the week last year,

will be opened up

for negotiations
January next

about the middle of

the

may

be}

that telegraphic reports, which it
had received indicated that* the

according to some observers, that
a reconvening of Congress Will be
necessary before alacrity becomes

operating rate of steel companies
having 94% of the st.ecl capacity
of the industry will'be 90.3% of

decontrol

meat.

the OPA

cause

of unbalanced inventories

materials

and

components.

certainties in material

"Despite /prospects
material

rdw

/.oi/ jiifher

decontrol/ lifting

may

assure

the gen¬

balance and serve as a check oik

advancing prices."

Moody's Daily
Gommodity Index

week ago (which was the highest

Tuesday, Oct. 15,

level

reached/ since

July, 1945)^

Wednesday.

prices early

this week gave little indication of

90.4%
one

one

month ago and 65.1%

year ago.

records a cumulative total
the total for a like period

Oct. 16
17

Thursday, Oct.

Tuesday, Oct. 22
Two

weeks ago,

>hf\.

?7IA

1946-.^.-

Oct. 8__
Month ago, Sept. 21——.
Year ago, Oct. 20, 19451945 High, Dec. 27——
Low, Jan. 24
1946 High, Oct.
15—
Low, Jan. 2

eral question of steel

capacity /for^ the ^e^xbeginhing
Oct..21, compared With 9C.5% one

of $4,407,030,000, which is 163% above an early decontrol of all steel for the week beginning Oct. 21,
of 1945. On a cumulative basis, private prices.
Even though-total price
1946, is equivalent to 1,591,400
construction in 1946 totals $2,671,675,000, which is 281% above .that control will be completely elim-?
for 1945,
Public construction, $1,735,355,000, is 78% - greater than inated in this'country long before tons of steel ingots and castings,
the cumulative total for the corresponding period of 1945, whereas what would have; been; the case Compared tO 1,595,000; tons one
the
State and municipal construction, $1,182,034,000 to date, is 310% had
Administration not week
ago,
1,593,200 tons one

engineering construction for the 42-week period of 1946

prices in event of

Friday, Oct. 18————~
Saturday, Oct. 19,
—
Monday,
Oct. 21

Total

/'Un¬

supply aind

labor are resulting in mvisiohs
important expansion programs.

The operating rate

consuhihir

products pipe lines are filling up
and in others, particularly heavier
manufactured items, less' pressure
for steel is being experienced be¬

Private

is 36% below last

coal

sound economical balance between

construction this week, $80,215,000, is 40% above last one of the main ingredients of
Week and 41% above the week last year. Public construction, $27,- OPA's price decontrol
activity. '
1990 000, is 13% above last week and 75% greater than the week last
/"An important meeting between
yeari State and municipal construction, $26,160,000, 20% above last the Steel Industry Advisory Com¬
week is 104% above the 1945 week. Federal construction, $1,830,000,
mittee and
>

"The

of restriction^
higher steelmahinif:
in no hurry to carry out the im¬
operations, which, combined with
year."
plied intention rapidly to remove
The American Iron and Steel easing in demand, may bring sup-*
United
ply and consumption in closer
price controls contained in Presi¬ Institute
this
week
announced

engineering construction volume in continental
States totals $108,205,000 for the week ending Oct. 17, 1946, as re¬
Civil

*and 4% above the previous four-week
issued on Oct. 17 went on to say:
.

interested

some

for Week Ending
.

months. A decontrol of steel prices
would find producers primarily

horizontal hike in prices. *
"It was apparent this week that

Engineering Construction Totals
.

"Probably at no other time in
steel market history is there less
probability of unreasonable price
advances
than
in
the
coming

366v»

350^

347ii
3^3.5
339.8

335.5
261.3
265:0

2;v2:t
STJLft

2G4.T

THE COMMERCIAL & FINANCIAL CHRONICLE

14, and effective

Wholesale Prices

Up 0.6| in Week Ended
Oct. I, Labor Department
Reports*;|§§

"Higher

prices

agricultural

commodities

About 25%
sold

chiefly re¬
sponsible for an advance of 0.6% in average primary market prices
during the week ended Oct. 5," according to the Bureau of Labor
Statistics, U. S. Department of Labor, which on Oct. 10 stated that "at
125.1% of the 1926 average, the index of commodity prices prepared
by the Bureau, was 11% higher than at the end of June and 18.9%
above early October 1945.

were

The Bureau further reported:

with

decreases

for

corn

and

tons

agreements.

seven

taled

236,574 tons.

months

;

Oct.

1946
Percentage changes to
Oct.

10-5

: Commodity Groups—

1940,

1946

10-6

3-7

9-21

9-28

1945

125.1

124.4

123-8

122.0

105.2

+0-6

Farm

158.0

156.6

155.1

150.4

125.7

+ 0.9

Foods

1946

135,5

133.0

131.9

130.7

105.3

+ 1.9

141.1

140.9

139.4

139.6

118.4

+ 0.1

1.1'

125.9

125.4

123.7

117.3

99.9

+ 0.4

7.3

+26.0

95.0

954

95.3

95.1

84.5

—0.1

0.1

+ 12.4

114.2

113.6

104.8

0.5

Building materials————— 134.1

134.0

133.9

133.1

117.9

+ 0.1

0.8

+ 13.7

Chemicals and allied products—
98.6
115.1
Housefurnishings goods—

98.2

98.4

97.9

95.3

115.0

114.7

114.1

106.3

Miscellaneous commodities—

102.2

101.8

101.3

Raw materials

144.5

143.6

142.5

137.5

Semi-manufactured

116.9

116.7

116.2

1+8.1

117.5

117.1

Fuel and

lighting materials——

Metals and metal products—

Manufactured products—.

All commodities other

+19.2

0.7

3.5

0.9

8.3

94.6

0.9

8.0

116.3

+ 0.6

5.1

+ 24.2

111.5

95,9

+ 0.2

4.8

+ 21.9

116.9

101.8

+ 0.5

1.0

+ 16.0

than farm

products..—^

117.8

117.4

116.9

115.8

100.7

+ 0.3

1.7

+17.0

112.6

112.4

112.1

110.8

100.0

+ 0,2

1.6

+12.6

All commodities other than farm
<

products and foods^>,_r'-»—-v—

CHANGES IN SUBGROUP INDEXES FROM

PERCENTAGE

SEPT.

•

1946

28,
,

TO OCT.

1946

—

———■

Other

miscellaneous-.;^-

Hides

and

skins

--—:

0.8
0.7

0.3
0.3
0.2

0.2
0.2

Drugs and pharmaceuticals—a O.i
Paper and PUlp;,~-.—v-.^~.-.-^-r-.--^
04

Decreases
Grains

Livestock

and

Paint and

———1.6

———————

1.3

poultry—

paint materials

Bituminous coal—

0.2

—

0.1

—

the

BLS

the

Jersey

most

part, the prices are those charged by manufacturers or producers or are
prevailing on commodity exchanges.
The weekly index is calculated from
one-day-a-week prices.
It i3 designed as an indicator of week-to-week changes and
should not be compared directly with the monthly index.

strike

lifted

Eastern

industry

mines

The

Ore

48,308

tons

month

Premiums

on
Copper Chapes
Up—Platinum Off

Oct.

"E. & M. J. Metal and Mineral Markets," in its issue of Oct. 17
states: "Though decontrol of meat by President Truman on Oct. 14

■). was hailed by metal producers

highly encouraging development,
pointing to the end of numerous price controls at an early date, quick
action to free the major non-ferrous metals is not anticipated.
Zinc
producers were relieved when OPA announced an upward revision
the
111
ceiling price of lc per«^
——«—«
■
pound.
The pricing agency also ately lower than in the precedingThe tonnages sold fn the
raised the premiums allowed cop¬ weeks.
per
refiners for casting special open market were light compared
shapes. The lead situation showed with a week ago.
The British
little improvement, with the flow Government is reported to have
of scrap continuing below normal purchased Rhodesian copper dur¬
because
the
price is generally ing the last week on the basis of
viewed as too low.
Platinum met 17V2c.
The
with a sharp price setback.
September
statistics
of
The
publication further went to say Copper Institute showed deliveries
of
in part as follows:
112,339 tons, against 118,814
tons in August.
; Copper
-W ' U ;v-v.;.V
Increases ranging from $2 to $4
Copper sold in the foreign mar¬ per ton in premiums and toll
ket during the last week at prices charges for converting or casting
ranging from 16.75c to 17.25c f.a.s. refined copper into special shapes
New York equivalent, or moder- were announced by OPA on Oct.

as a

52.000

Oct.

52.000

—Holiday'
-

52.000

tin,

tic

was

that the

quicksilver

silver

un¬

eration and F.H.A. commitments,
mainly loans to builders- for new
home construction, were up - over
100%, and loans -on appliances,
automobiles, home modernization,

etc.,. jumped
on

403%. Commenting
statement by Emil

recent

Schram,

President

York Stock
troller of

the

New

Exchange, that Comp¬

Currency should investi¬

on securities made by
banks, Mr. Maderia said loans of

gate loans

this type by Land. Title

increased

only 6% "despite the tremendous
increases reported in other types
of loans."
r

remains

mined

United

The

Committee

States
the

Operating

Combined

Oct. -7

Tin

announced

that tin allocations

months of 1946 totalled about 25,000 tons.

uncertainty is the extent to which locations are:
foreign holders of silver are will¬ Argentina
ing to offer the metal in this mar¬ Austria

——-

200

ket to obtain dollar exchange. A Brazil —200
report to the effect that the Span¬ Canada
1,200
ish Government intends to ship Ceylon
40
85 tons of silver to the United Chile —W—-*
25
——

—

States did not

help matters.

So-¬

called

sources

have

been

outside

offering silver

Official price

York

New

J."

120

4,000
Greece I——1-1—--4—J #: 80
Lpndon continued Hong Kong---ir^+---r+-+-Sffi| 75
-t.

India

New York

St. Louis

16.800

.52.000
52.000

12—:—
Holiday
14—14450

16.800

Holiday

17.050

52.000

8.25

15_—— 14.150
16
—1- 14.150

16.925

52.000

8.25

8.10

16.925

'52.000

8.25

8.10

St. Louis

8.25

8.10

8.25

8.10

8.25

Holiday

2,000

Iran:

QUOTATIONS)

16.800

240
v; 175

the

Zinc

Straits Tin,
New York

600
——.

Finland'
France

throughout

unchanged

to quote 55y>d.
("E.

Czechoslovakia
Denmark

Egypt

freely.

week at 90 Va C;

METALS

Tin Allocations in Second
Half of 1946jto Be Lower

un¬

after

and

14.150

_—r>_

situa¬

was

PRICES

report

14.150
—

Average

52.000

while personal loans—loans to in¬
dividuals rose 82%.-Building op¬

Details of the allocations for the
July 1 this year is now moving
Middle East (excluding Egypt and
to the Treasury,
lifting some of
and: the OLatin American
the pressure from; the market, Iran)
specified will be
sentiment in market circles re¬ countries not
mains decidedly mixed. Cause of made available later, - Specific al¬

for

—Electrolytic Copper—
Refy.
Exp. Refy.

Oct.

52.000

The

DAILY

Oct.

12
14

over

1945, and of 21% over
Juner30;-1946; Business* loans—
credit for both large- and $mSll
business--i-showed,; he said,-166%
increase for first nine
months

•

month,

Dom.

Non-Ferreus Metals—Zinc Ceiling Raised Ic.—

Oct.

of 69%

Dec.* 31,

•

price of platinum was re¬
Oct. 15 by leading sellers

10—

52.000

Oct.

1945.

Oct.

52.000
52.000

...

Though it is known that domes¬

production In

States.

51,195

Oct.

52.000

"for. first nine
totaled $27,-

year

increase

totalling 18,055
prices here.
The tons have been recommended by
shipping situation continues to the Combined Tin Committee for
limit offerings of spot and nearby the second half of 1946.
Most of
metal.
Quotations held at $96 to the allocations are on an interim
$99 per flask, spot, with a possi¬ basis, the Committee said, with a
bility of ;doing; $95 on forward further review of the tin situation
probable in early November.
metal;
Silver
Allocations .for the first six

Platinum
The

■

Dec.

this

even; course of

During the first half of 1946,
production of zinc at the mines

duced

Foreign producers are
maintaining prices,
which
ac¬
counts in large measure for the

Chemical Co., operating in Colo¬
rado, closed its mill at Leadville
in August.

weekly
in the

those

...

fol¬

>;
Nov.

changed.

preceding month.
Production in
the Central States was more than
double the July output.
Settle¬

index of prices of approximately 900 commodities
which measures changes
general level of primary market commodity prices.
This index should be distinguished from the daily index of 28 basic materials.
For
on

;

Oct.

tion

Some producers of Prime
favored a higher level.

clarification of the uncertain price
situation that prevailed in the.

against

10
11

un¬

Quicksilver

recoverable

average

Oct.
Oct.

Dealers

to 46,092

the

nominally

was

Chinese, or 99%
changed at 51.125c.

August, in terms
metal, amounted
tons, against 33,545 tons
(revised) in July, the Bureau of
Mines reports.
The increase in
production is attributed largely to
of

we r e

e r e

Oct.

Mine production of zinc iri the

all of
•Based

Straits quality tin for

shipment
lows:

United States in

New

Dairy products •-,—,-^—,—.—-—'7.0 Furnishings
Other-farm; products——i.——i——
34'. Lumber;
Mixed
fertilizers—2.6 Fruits and vegetables
j.
Cotton goods.
i-2 Oils and fats——
Meats
0.8 Other foods—

rate of 200,000
is not expected

out ' that

loans and discounts

On the

associated with the

ment

Increases

year

London

Quotations

is certain to rise.

9.0

0.4

1949.

changed.

27,574

that the new quotation
will bring about larger imports.
The ore market, it is pointed out,

+ 28.7

+ Q4
+ 0.4

believe

+ 25.7

Textile products--

—^

Few

+18.9

Hides and leather products—;

14.

Western

1945;

2-5

' -

August amounted to

Grade.

1946 from—
10-6

9-7

1946

All commodities.,—

products-^-,—-

9-23

at the
a

group... No difficulties are expect¬
ed in 1 handling - the worlds tin

whole, the new
price was viewed as satisfactory
under prevailing conditions, par¬
ticularly in reference to High

(1926=100)

;

participating

traders look
for general approval of* the-study

After two months of price un¬
certainty, OPA raised, the ceiling
price of zinc lc per pound, estab¬
lishing the market at 9y4C for
Prime Western, East St. Louis, on

; v

until

Zinc

CHANGES IN WROEESALE PRICES BY COMMODITY GROUPS
FOR WEEK ENDED OCT. 5,

that

conference

a permanent
study
similar to that for rubber.

group,

tons, against 24,547; tons in July,

ceiling adjustments to cover higher raw cotton costs. Prices of sev¬
commodities exempt from OPA control, including goatskins,
lubricating oil, cigars, and snuff, increased. Prices of dinnerware
advanced following ceiling increases.
Shop lumber sold directly to
millwork manufacturers rose, with incentive ceiling adjustments.

The

come.

the Bureau of Mines reports.

eral

138,009,

bank figures
Mr.." Maderia
Land ; Title's

own.

example,

time

Production

States mine output of

United:
lead in

Company of Philadel¬

tons of tin

tons.

months

governments be asked to approve

remains

pointed-

recommended

Japan.

lead

out of

come

the London tin conference points
to. a continuation of allocation of
the- world's production for- some

f rom

for

Trust

phia. Citing his

that has

news

formation; of

teries advanced following eariler ceiling adjustments to cover higher
lead costs. There were increases for cotton goods with fiirther OPA

;

little

lead in November than they

Demand

Industry by
Philadelphia Banks

and

■

And

Tin

--•The

1946 -..to¬

obtain

?was

well in excess of the available
supply. Sales of lead for the week .situation: until quota ; problems!
that ended Qct, 16 totaled 3,575 again enter into the picture., *

mixed fertilizers increased, reflecting OPA ceiling adjustments and
there were increases for acetone and menthol. Prices of storage bat¬

for the

reason

id vfhe
currentf mohth.
Imports have been larger, due in
part to the "windfall" obtained

tons.

Small increases in most commodity groups
raised average prices of all commodities other than farm products
and foods 0.2% during the week to a level 6.8% higher than at the
end of June and 12.6% above a year ago. Prices of soybean oil and

■

Imports of lead* re-¬
covered from that country may
total between 30,000; and 40,000

good demand.

"Other Commodities,

shark
offerihg +200 r^L'Banks in; the Philadelphia area
iridio-platinum "to the have ; p^yed an ^important part
highest bidder" on Oct. 11 was a tKis Vye^V in! 'aiding v business, • iDdistrubing development. This air dustiy," and "• tneV individual
loy* which contained 10% iridium, meet the financial problems cre¬
^sold on the basis of
$82.50 per ated by v the reconversion period,
ounce.
Weakness has also ap^- declare? Percy C. !Maderia,*i;Jr^
President of the Land Title Bank
peared in the London market.

casting

face

;Gi*edil Jo-B«siiiess;||f

ounces, of

received

10%, cheese 9% and butter 5%. Dressed poultry
Prices of black pepper and baking
powder, not under OPA control, were higher, and there were in¬
creases
for peanut oil following ceiling adjustments.
Grape juice
prices declined. The group index for foods was 19.5% higher than at

given'as the

re¬

grant ip+

may

adjustments for

Consumers may

were up

the end of June and 28.7% above a year ago,

losses, OPA

the

drop in, prices.. An

cus¬

services

some

first

prices of dairy products, exempt from OPA control,
largely responsible for an increase of 1.9% in the food index
during the week. Fluid milk prices, governed by milk marketing
on

Should

sources

iL^fe^eil^lume::of>;business

Lead

"Higher

agreements,

outside

to 41,104 tons, against 19,599
in June.
Production in the

rose

were

prices increased

which

Ending of work stoppages was
reflected in a sharp increase in
production of copper in Chile in
July, when output of bar copper-

wheat, barley and oats. Prices of live poultry and
sheep declined with large marketings. Prices of farm products have
increased 5.1% during the last four weeks to a level 25.7% above a
1

refineries

requirements*of .their

under toll

small increases for

year ago.

this

dividual

and

rye

general

sult in

while prices of apples, white potatoes and onions were lower. Cot¬
ton quotations advanced further on reports of a poof crop. Average

lower

special
that

tomers.

■

troy

riots;^attd>;$75f$^

country + -iriv&lvesr ^les -'tb/^ohsumef^ a decline *'lof
shapes.
OPA '* explained $i&rt^Continued ^ pressure from

meet

Average prices of farm products rose
0.9%; Prices of fluid milk advanced in Chicago and New York. There
were sharp increases for oranges following ceiling advances to cover
higher container and wage costs, and for lemons and sweetpotatoes,

were

to the basis of $72 per
oqnee

day.

same

cast copper into special shapes;, do
it on a toll basis for producers to

"Farm Products and Foods.

grain quotations

the

of the refined ycoppeii;

Holiday

25 :

Italy

800

Middle
and

East

(excl.

Egypt

Irani.-r.r,-r—7 V

150
Mexico:-';25;

14.150

9.25

8.10

9.25;
9.25

Norway
Poland-i:++L£iA
Switzerland

120

-iw

360

640

—■

Sweden

16.883

200

American

Latin

Average prices for calendar week ended Oct,

countries

12 are: Domestic
(not/elsewhere specified)"T150
copper f.o.b. refinery, 14.150(5; export copper, f.o.b. refinery 16.9290;
United States-—-;,-.^
6,400
Straits tin, 52.000(5; New York lead, 8.2500 St. Louis lead, 8.1000,
Yugoslavia
46O
St, Louis zinc, 8.2500; and silver 9.0,1250.
*
' \
'<?.*■
r
The Committee said' that, the
The above quotations are "E. & M. J. M. &
M, M's" appraisal of the major United
States markets, based on sales reported
by producers and agencies.
They are reduced tin will come from Belgian, Brit¬
.

•

to the basis of cash, New York or St. Louis, as noted. All
prices are in

cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only,
*r
'
*
In
the trade, domestic copper prices are quoted on a delivered basis: that is,
delivered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the refinery basis. Effective March 14, the export quotation for copper reflects prices obtaining in
open market and is based cn sales in the foreign market reduced to the f.o.b.
refinery equivalent, Atlantic seaboard.
On f.a.s. transactions we deduct 0.075c., fpr
lighterage, etc., to arrive at the f.o.b. refinery quotation.
- >••';•'•'• .,■<
Quotations for copper are for the ordinary forms of wirebars and ingot bars.
the

For

standard

for

cakes

up,

depending

ingots

0.125c.

up,

extra

0.05c.

depending

per

pound

charged;

0.075c.

for slabs
for billets

up,

and

weight and dimension;
an extra 0.75c.
quality. Cathodes in standard sizes are sold, at a
discount of 0.125c per pound.
■ ■ r,•'.•.•.+•:«•
; :
;
'
Quotations for zinc are for ordinary Prime Western brands.
Contract prices for
High-grade Zinc delivered in the East and Middle West in nearly all instances com¬
mand

not

less

month.

premium
than

;

lc.

dimensions

lc.

over

•'/

per

the

and

pound

'.'E,

& M.

over

J."

the

current

average
:

market

for Prime

for

Prime

Western

Quotations for lead reflect prices obtained for

common

Western

but

for the previous

/•

lead only.

ish or Dutch sources, plus some
from South Africa and, also from

Japanese stocks held in the United
States.
For the Latin American

countries,
States
very

however, -the; United
additional

source

limited quantities and

plies

will

France
and

to
China.

also

from

the

French

for

sup¬

available to
Indo-China

United

States

from

The

Japanese stocks were dis¬
covered
by miltary/-.occupation
forces and shipped to the United
States for inspection and
sorting
prior

allocaiton

by the Com¬

bined Tin Committee.

Volume

Number 4S36

164

THE COMMERCIAL & FINANCIAL CHRONICLE

Total Loads

Revenue

Freight Car Loadings During Week
; Ended Oct. 12,1946, Decreased 7,405 Cars

Loading of
totaled: 899,443

freight for the week ended Oct;'12, 1946
cars, the Association
of American Railroads announced ou Oct. 17.
This was an increase of 144,884 cars or 19.2%
above the corresponding week in 1945, and an increase of 723 cars or
0.1% above the same, week in 1944,
l

revenue

•

Lpading. of revenue freight foi: the week of Oct. 12 decreased

7^,405
:

0.8% below the preceding week.
Miscellaneous freight loading totaled 389,391

cars, or

decrease of

cars, a:

Railroads
\, '•*'•/{;:v

Pocahontas District-

11,137

26,165
4,242

11,935
1,658

62,697

24,730

——————;^!

below the preceding week, but

cars,

increase of 35,839

cars

1945.

Alabama, Tennessee & Northern-.
Atl. & W. P.—W. R. R. of Ala

15,539

21,855

6,822

5,922

4,005

1,448

1,839

54,552

23,809

18,053

180,296
ah
'

•

cars, an

increase of 3,766

above the preceding week, and

cars

374::

196

230

801

2,126

812

2,062
t

11,731

12,390

8,534

8,745

3,871

Oct. 18, were opened at the Fed¬

3,656

4,573

4,247

eral Reserve

502

472

Clinchfield.

1,776

1,499

Coal

loading amounted to 185,266 cars, a decrease of 3,198 cars

458

1,683

below the"

preceding week; but

increase of 84,832 cars above the

corresponding week in 1945.

loading totaled 49,735 cars, an increase

of 2,508 cars above the preceding week, but a decrease of 4,095 cars

corresponding week

the

below

179

812

554

874

935

1,510

1,231

11£

1,071

1,384

1,377

2,293

2,231

385

in- 1945.

Districts

In the. Western

alone, grain and grain products loading for the week of Oct. 12 totaled

417

428

244

598

681

4,831

3,569

4,376

30,571

15,289

15,742

29,412

17,152

25,739

9,544

205

224

225

804

383-

287

349

3,360

3,175

3,333

4,182

1,204

i,ioa

1,040

424

403

1,909
1,712

850
',519

•

3,884

Average price, 99.905 + ; equiva¬

lent

9,665

348

Oct. 21.

$30,750,000 entered on
fixed price basis at 99.905 and
accepted in full).

4,865

Banks,

(includes

26,474

;

offered

were

5,020

------

Mississippi Central
1
Nashville, Chattanooga & St. L

309

27,278

•

Savannah

Norfolk Southern

Grain and grain- products

156

747

288

23, which

"yTotal applied for $1,790,665,000.
Total Accepted, ' $1,301,905,000

1,922

118

Georgia & Florida

1,247
'

398

;

1,278

+r3.517>:

421

Gainesville Midland

iviacon, Dublin

Jan.

Illinois Central System
Louisville & Nashville

the

12,429

that

825

4,127

Georgia

Oct.

tenders for $1,300,000,000 or there¬
about of 91-day Treasury bills to
be dated Oct. 24 and to mature

441

Central of GeorgiaCharleston & Western Carolina

Columbus & Greenville

Secretary of the Treasury

857

Atlantic Coast Line

Gulf, Mobile & Ohio

increase of 16,589 cars above the corresponding week in-1945.

The

announced

282

Atlanta, Birmingham A Coast—•

Florida East Coast—

I'T Loading of merchandise less than carload lot freight totaled

10,292

28,692

Southern District-*

Durham & Southern

above the corresponding week in

5,115

Result of Treasury
Bill Offering

1945

X 32,290

VirginianlzZZL.
——

Received from

—Connections—

1946

Chesapeake & Ohio
Norfolk & Western

Total

Total Revenue*

-Freight Loaded-

rate
of
discount
approxi¬
mately 0.375% per annum.
Range of accepted competitive

bids:

RichmondwFred. & Potomac———
Seaboard Air Line——
——.

440

479

421

7,792

High, 99.907, equivalent rate of
discount
approximately • 0.368%

10,584

8,055

7,205

per

27,875

9,913
24,088

9,641

SouthernSystem-

25,225

24,701

19,839

661

484

751

879

845

164

133

144

1,092

1,000

129,814

110,944

126,108

105,748

98,129

——

piedmont Northern

—i——— y

Tennessee Central—

429

•

-u

Winston-Salem Southbound

1,466

1,426

7,829

annum.

•Low, 99.905; equivalent rate of
discount
approximately
0.376%
per annum.

32,510 cars, a decrease of 1,126 cars below the preceding week and a
decrease of 5,133 cars below

Total-

the corresponding week in 1945.-

Northwestern District—

Livestock loading amounted to

23?67Lcars, a decrease of 537 cars

Chicago & North Western.
Chicago Great Western
Chicago, Milw., St. P. & Pac.___'
Chicago, St. Paul, Minn. & Omaha_.

decrease of 2,328 cars below the

In the Western Districts alone loadr

corresponding week in 1945.

cprs

week, and

below the preceding

decrease

decrease of 2,058

cars

hielow: the corresponding week in 1945.
Forest

15,553
3,995

15,142

2,646

21,866

23,816

11,347

10,289

3,747

4,209

3,541

20,387

25,711

2,330

the corresponding
Ore loading

week but

increase of 10,653 cars above

amounted to 60,361

cprresponding week. in. 1945.

cars,

week, and

an;

corresponding week in 1945.''
•

decrease of 2,650 cars

of 3,117

cars

increase of 6,509 cars above :the

cpmpared with 1944 except the Eastern, Pocahontas and Southern.

weeks

5„weeks

1945

3,003,655-

weeksy of. May—5- weeks of June
—:
—

2,616,067
4,062,911

4.;weeks of July—
i of -

3,406,874

5 .weeks

weeks

136

100

23,502

24,044

24,507

5,512

654

615

657

6,910
1,001

2,139

2,486

1,632

2,166

2,529

2,633

2,925

2,814

549

3,249

4,901
227

•

2,790

2,363

2,660

2,836

2,524

135,989

138,641

140,051

69,100

62,624

26,474

24,327

25,836

13,730

11,718

3,251

3,525

3,592

3,419

3,400

Spokane, Portland & Seattle

Alton--——

Bingham & Garfield
Chicago, Burlington & Quincy—
Chicago & Illinois Midland

326

301

391

21,866

23,181

22,079

3,110

3,011

2,463

Chicago, Rock Island & Pacific-

13,376

12,875

Chicago & Eastern Illinois

11,847
?+- 745

;

4,962

5,224

5,286

5,797

5,436

868

883

1,072

'1,648

2,246

2,179

1,598
2,149

1,395

1,239

484

507

1,420

1,3841,427

1,594

152

103

1,206

1,195

1,208

+ 662

724

31,812

34,364

11,404

11,743

Toledo, Peoria & Western

380

Union Pacific System

21,047

21,393

23,754

16,805

16,892

991

793

489

2,440

2,117

2,394

4,435

4,632

877.035

Utah

——-

Western Pacific.

•••

898,720

140,259 '?;

143,849

146,059

94,163

88,997

Southwestern District-—

Oct 13, 1945.
REVENUE
-

••

FREIGHT LOADED AND RECEIVED FROM

CONNECTIONS

•

Ann

Arbor--

: '430

—

326%

-364

1,603

1,345
7.790

Aroostook^—

Bangor &

.Af-Maine--—
Chicago, Indianapolis & Louisville—

Boston.

Central

1,495

Delaware

••in

Hudson--—-—

Detroit

Mackinac-———

Detroit ."Toledo

Detroit'

Lehigh.

278

1,552

438

1,540
12,482

'7,969

7,327

143

;

768

54,070
York Central Lines
'..11,330
Y'4 N. H. & Hartford-ri—--——
'+—*964
York, Ontario & Western---—
,7,531
New York, Chicago & St. Louis——,
New

,V,,

Shawmut
.
Shawmut & Northern——
Pittsburgh.. & West Virginia
;
.

Bessemer

•

51,515
9,532

1,241

& Yoyngstown
Ohio---—

35,534
13,614
'

2,960

2,275

11,155

7,831'

4,769
."

;

1,020
476

•

5,918

529

822

•182

326

401

K-

•

8,695

6,762

•

1,339

4,113
5,193
29

i3i

■

170

1,830

1,211

i.ooi
5,901

1,818 -

1,055

1,886

1,552

3,214

2,737

5,053

2,611

2,496

2,316

2,351

3,932

2,430

2,205

401

271

278

1,507

1,118

185

196

324

Litchfield & Madison

1,278

1,104

6,360

1,776

9,487

5,394

3,712
204,519

3,532

160,937

Texas & New Orleans

672

541

753

40,945

34,568

46,642

3,148

5,462

369

1,674

6,023

6,702

———

Erie

5,037

—;

1,645
"

7,184
—!V

Pennsylvania—

Island

—

Co.——---—r

Union

-—v
-

517

477
180

Seashore Lines—
Pennsylvania System——

(Pittsburgh)—
Western Maryland—-s-—

•

221

2,287

2,031

1,985

68,882

86,820

16,353

13,947

15,521

18,562
4,160

12,284

18,949

♦3,606

3,984

147,980

191,254

•

3,606
14,671

160

100

3,348

y-10,057
2,612

8,647

7,209

,4,219

4,001

80
'*

•*

Total

271

10,836

8,210

7,703

3,954

5,044
5,680

4,428

11,074
-.

5,547

;

203

5,140

6,151

-62,224

59,164

76,066

58,843

55,474

tlncluded in Atlantic Coast Line RR.
tlncludes Kansas, Oklahoma
Midland Valley Ry„ and Oklahoma City-Ada-Atoka Ry.
SStrike.

figures

year's

14,761
55
8

8
•%

4,265

2,041

1,663

61,442

48,640

24,869

22,095

6,088

4,027

;

10,123

10,604

155.931

128,701

September,

linters

compared

linters

September.

J+'+r;

1,673,960
;161,473 bales

;was

bales

lint

and

linters', 'which
with 1,438,893 bales of

compares
lint and 161,518

in the
year

There
lint

bales of linters

corresponding period,"of

ago.

and

hand

1,956,442

were

156,795

bales

bales
of

linters

consuming establish¬
Sept. 30, 1946, which
compares with 2,082,696 bales of
ments

lint and 197,954 bales of linters

Aug. 31, and 1,745,954 bales of lint
and 196,267
bales of linters on
Sept. 30, 1945.
On hand
at

public storage and

compresses

there

Sept. 30,

1946,

4,328,526 bales of lint
and 41,641 bales of linters, which
compares with 3,834,342 bales of
lint and 40,527 bales of linters on
Aug. 31 and 8,306,523 bales of lint
and 25,040 bales of linters on Sept.
30, 1945.
tr,
were

revised,

Gulf Ry.,

■

There

21,642,924 cotton
spindles active during September,
which compares with 22,018,548
cotton spindles active during Au¬
gust, 1946, and with 21,359,866 ac¬
tive cdtton spindles during Sep¬
tember, 1945,
...
were

~
We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.

;

The members

program

STATISTICAL
,J
i
:

REPORT—ORDERS, PRODUCTION,
Orders

•"

Period
;

6—

—

'20—

July 27

■

Aug. 24

Sep.

——

Oct
Oct.

5
12—

141,476

—

Percent of Activity

Tons

Current Cumulative

596,425
:

158,210
161,405

599,527

575,590

95
98

96,

100

»95

173,064

192,978

138,1^9

615,865

172,476
169,143

' 95

170,970
172.354

619,581

100

158,176

' 169,988

605,059

100 : ;
101 t

•

t/r

- 95

95
;

ments of

unfilled orders.

the

••

prior week,

the

Association,

National

Barometer

were

Lumber

12.0 %

be¬

low production for the week end¬

ing

Oct.

12,

new

1946.

orders

In
of

the same

these

mills

6.7% below production. Un¬
filled order files of the reporting

were

For the
i

95
95

plus orders received, less production,
do not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made necessary adjust¬
NOTES—Unfilled orders of

porting
Trade

'101

223.117

•/<

593,213
579,500
569,409

151,407

100
-

Manufacturers

lumber shipments of 408 mills re¬

mills, amounted to 62% of stocks.
For reporting softwood mills, un¬
filled orders are equivalent to 25
days' production at the current
rate, and gross stocks are equiva¬
lent to 39 days' production.
/

620,354

146,057

167,192

160,074

•

^ '

163,034

166,363 v
168,120
t

70
v.

588,429

610,459
600,674
578,276 '564,299

156,822
160,969

Sep. 21

Sep.

149,547:

256,766
158,304

■

Aug. 31

—

215,730

—

Sep.

According to the National Lum¬
ber

week

Remaining
?

118,542

127,832

149,865

Tons

;?f 180,587

—I—

Aug. 17

Production

Tons

——

MILL ACTIVITY

Unfilled Orders

Received

J946—week Ended

July

Weekly Lumber Shipments
Were 12% Below Output

of this

Association represent 83% of the total
includes a statement each week from each
member of the orders and production, and also a figure which indi¬
cates the activity of the mill based on the time
operated. These
figures are advanced to equal 100%, so that they represent the total
industry.

industry, and its

the

Weekly Statistics of Paperboard Industry

NOTE—Previous

6,142
'"■■.■'■y-

'■/

I s

Aug.

+, 4,562

4,394

14,902

Weatherford M. W. & N. W.

Aug.

1,947

1,778

91,089

6,593

18,633

1,235

-Y

5,333

Wichita Falls & Southern

20,548

111

•2,139

.190,757

17,657

■':%••

Texas & Pacific

2,283

18,506

521
183

782

1,409
24,552
■-i

5,262

10,258

;;

17,137

St. Louis-Southwestern

July

—

St. Louis-San Francisco

1,922

xfeSttiA

? 164,630

Penn-Reading
Reading

51,662
•:

.3,220

Ligonler Valley—:
Long

132,841

Indiana——
R. R. of New Jersey

Cornwall
Cumberland &

233

.20

-14,955

503

+ 4,951

1,334

City Southern

1,237

6,746. + 13,494'

.402

1,328

Kansas

2,145
-

311

,,5,878

Cambria &
central

•

; 174,113

District—

& Lake

2,940

870

tK. O. & G.-M. V.-O. C.-A.-A—
Louisiana & Arkansas

July

Akron, Canton
Baltimore

3,461.:

2,714

9,705

-277•

mrr.

Allegheny

2,312

41,237
r

-,.*.'7,143+

6,959

417

1,060

——--

Eriej.-^.—--^.——

2,768
1,884
8,281

6,137
%

5,686

5,795
7,045

■-—

Pittsburg,

Wheeling" & * Lajce-

204

2,214

8,685

■

Pittsburg &

Rutland

2,*574

•V-

2,787

131

7,985

6,097

New

217:.

2,363

3,042
-v
.

Marquette—--:—:

917

15,692

Pere

111

3,865

2,024

Y., Susquehanna & Western
—
Pittsburgh & Lake Erie-—————

8,934

260

1,409
3,092

13,649

•

8,985

9,123

1,821
361'

3,645

•

—-———

8,240

11,490

A«Hudson River—————— •;+,

Monongaheiay++++++?:^

2,567
9,153

4,905

Lehigh A New -England———i-—
Lehigh ;Vallex:rr--r--—^r-—-r—
Maine'

2,337

13,712

Toledo Shore Line,:

Montour

3,143

11,400

;

433
.

399

1,690

5,062

;
'

^Trunk Western—'—

Grand

6,821

505

2,550

—•

& Ironton

li076!

4,942

8,095

Delaware, Lackawanna & Western-

324

11,683

v43:->-.

1,082
:

1,178

368 '

13,207
2,191

1,274

.38

;

1,191
5,534,..

Central Vermont--—————

1,679
6,799

1,139

todiana-^-i--—

1,451,
6,713

1945

1946

1944

1945

375

2,285

2,933

Quanah Acme & Pacific

—Connections—1946

•

435

2,310

2,659

Missouri Pacific^.

Received from

Total Revenue.

Railroads

773
5,307

1,886

Missouri-Kansas-Texas Lines

Total Loads

-Eastern District— -

383

2,959

1,891

International-Great Northern

Missouri & Arkansas

(NUMBER QF. CARS) WEEK ENDED OCT. 12

298

3,630

Burlington-Rock IslandGulf Coast Lines__J

the

In the two months
ending Sep¬
tember
30,
cotton
consumption

34,521,820

is a summary of the freight carloadings for
the separate railroads and systems for the week ended Oct. 12, 1946.
During this period 93 roads reported gains over the week ended

bales

2,225

834

spindles

month

bales

2,219

1,946

hand and

with 855,511 bales of lint and
84,030 bales of linters in
August and
700,44 bales of lint and 77,488

1,212

4,473,872
3,527,162

;

the

1,416

33,862
§

The following table

749

1,103

cotton

1946, cotton consumed amounted
to 818,449 bales of lint and
74,-

[1945.

Southern Pacific (Pacific)—1__

33,536,698

active

2,998

2,206

consumed

States, cotton

month of September.

12,075

4
■

United

3,507

4,338,886

■

showing cotton

113,729

3,459,830

Nevada Northern

Oct. 24 in the

$1,305,129,000.

The Census Bureau at
Washing¬
on
Oct. 17 issued its report

2,965

897

City

662

Sept. Cotton Consumption

12,622

Colorado & Southern

ton

2,611.

3,141

Illinois Terminal

13,212
V

3,379,284
•

amount of

556

Atch., Top. & Santa Fe System.

Total—

32,224,888

5,338

4,366,516

768,040

•

3,741

177

Peoria & Pekin Union

+ ; 354,559

899,443

7,660

13,814

155

North Western Pacific

;

3,255,757

906,848

i-i—

Week of! Oct.:

8,600

14,167

243

3,441,616

4,100,512
*

7,919

13,679

828

3,275.846

3,377;335

489

7,651

Missouri-Illinois

3,456,465 '■

3,517,188

—

Week of

466

•,

8,895

3,154,116
3,916,037

4,022,088
•

4,478,446

September,

524

Minn., St. Paul & S. S. M

Fort Worth & Denver

'+•.3,158,700

3,052,487

2,604,552

479

Denver & Salt Lake—

1944

1946

2,883,620
2,866,710
3,982,229

March

of April

weeks

4
1

January--.
February—

595

9,597

671

was

for

accepted.)
maturity of a sim¬

531

961

;

There

bid

amount
was

ilar issue of bills

4,782

7,398

Denver & Rio Grande Western-

4,838 :
24,776 -Y;+'y305-+
•

1,024

Spokane International———

Total—

3,501

Central Western District—*

increase of 435

cars, an

ing week in 1945, except the Northwestern,-and all reported decreases

4'^ weeks

9,221

Lake Superior & Ishpeming
Minneapolis & St. Louis

below the

cars

districts reported Increases compared with the correspond¬

All

Elgin, Joilet & Eastern
Ft. Dodge, Des Moines & South
Great; Northern—-———

Coke loading amounted to 14,349

above the preceding

Duluth, Missabe & Iron Range
Duluth, South Shore & Atlantic

Northern Pacific—

week in 1945.

below the preceding week and a decrease

Green Bay & Western—

products- loading totaled 46,374 cars, a decrease of 2,614

below the preceding

cars

20,874

2,478

24,364

ing of livestock for the;week of Oct; 12 totaled 19,793 cars,

ojf 1,066

20,535

21,345

—

tjelow the preceding week and

70% of the
the low price

y,ear-to-date, shipments

reporting identical mills ex¬
ceeded production by 1.2%; orders
by 0.3%.
of

Compared to the average cor¬
responding week of
1935-1939,
production of reporting mills was
8.0% above; shipments were 1.1%
below; orders were 6.6% above.

THE COMMERCIAL & FINANCIAL

2148

that city,

reported in the

was

Thursday, October 24, 1946

CHRONICLE

Albany "Times Union" on Oct 16.

and

tion since 1883,

Items About

Banks,

Trust
The election of Robert

,'ens

T. Stev-

Trustee of The Franklin

The

•

offices

the

73rd Street

-—

Y. has been

given ' approval to increase its
capital stock from $150,000 con¬
sisting of 15,000 shares at $10 par
to

$200,000 of 20,000 shares at the

same-par

value.

/z,-/:;-

•

Broadway and 4th Avenue &
is an¬
nounced by Henry
J. Cochran, 14th Street — will benefit by the
: Kenneth Strachan, Treasurer of
plan.
•
President.
Mr. Stevens is Chair¬
Baldwin, Bowers & Strachan Inc.,
&

Savings Bank of New York

man

P. Stevens

of the Board of J.

the Mu¬

Inc., a Trustee of

& Co.,

Philip A. Benson, President of
Co., and a
the Dime Savings Bank of Brook¬
Director of the Guaranty Trust Co.,
lyn, N. Y., and active in civic and
New York Telephone Co., General
philanthropic affairs, died on Oct.
Electric Co., General Foods Corp.,
16 after a brief illness. He was
Alexander Smith & Sons Carpet
64 years of age. Besides having
Company, and the Yale & Towne
held the presidency of the Ameri¬

Insurance

Life

tual

^Manufacturing Co.

Savings Bank of 115
Chambers Street, New York, an¬
nounced on Oct. 16 that it will
The Irving

its

open

office, at

branch

new

West 111th Street

and Broadway,

Manhattan, on Oct. 30th. This new
office will be located in the old

can

Bankers'

Mr.

Benson

the

President
Banks

Association in 1938,
served

also

had

Mutual
of

Association

Savings

New

York

State, and of the National Asso¬
ciation of Mutual Savings Banks—
Brooklyn in Dec. 1881,
Mr. Benson according to the New
York "Herald Tribune" of Oct. 17
in

Born

had

been

advertising
concern,
has
been
named Chairman of the Execu¬

election

The

Barker,

Willard

•

Vice-President of the

Surburban National Bank of Sil¬
ver

Md., was announced

Spring,

Oct. 11 by T. Edward Duckett,
Chairman. According to the Wash¬
on

comes

from the

surburban

the

bank

City Bank of Washing¬

dustrial Bank,

8 authorized the transfer of

supervise operations of the insti¬
has been

tution until a President

chosen.

The Buffalo "Evening

said.

Strachan

some

Riggs

$500,-

undivided J profits

from

surplus account. The bank's bal¬
sheet, after giving effect to
the latest transfer, will show capi¬

tal

of $5,000,000 and surplus of
$7,500,000, the Washington, D. C.
"Post" reported on Oct. 9.

time, Mr.

Meanwhile,

the

Joining the

messenger,

department at
V>

Following

meeting

the!

board of directors of the Domin¬
ion

(head office Toronto)

Bank,

announced that A. C. Ash-

was

appointed as As¬
Manager of the

been

had

General

sistant

Ashforth,, entered the
bank at Toronto in 1910, according
bank.

Mr.

"Globe and Mail"

the Toronto

said:

of Oct. 7 which, also

appointed

F. F. Hull has been

ance

News" In

reporting the foregoing also said
in part;
A President is not expected to

be; selected for

000

the Maiii Office.

forth

Directors

1918

been in the credit

•

tive Committee of

mittee which has been formed to

subsequently
filled
assignments
in
many
departments. For the
past two years Mr. -Chance has

ton.

announced.

also

staff

ington, D. C." "Post", Mr. Barker,
who
succeeds
George
T.
Day,

National
Bank, Washington, D. C. on Oct.

the Buffalo In¬
Buffalo, N. Y. As
Chairman of this committee, Mr.
Strachen also will be head of the
institution's new Operating Com¬

Washington and Idaho. Promotion
of
W.
N.
Chance
to
Assistant
Cashier of the Bremerton Branch
was

Banking

State

of Albany, N.

Bank

employees

200

bank's two

York

Department announced on Oct. 11,
that the Morris Plan Industrial

Companies
imately

New

Brandywine.

connected with the latter institu¬

of the bank's main To¬
ronto branch in succession to Mr.
manager

joined the bank in
junior clerk at Guelph,

Ashforth., He
1917

service at

since when he has seen

various Eastern branches.

Appointment of Arthur' J. McConville, Novel E. Pearson, "and
John F,
Singleton as Assistant
Vice-Presidents

LaSalle

the

board

The

Bank

nounces

directors

the

South Wales an¬
that R. S. Brittain, for¬
New

National Bank of

merly Manager of the British and
Foreign Department of the bank
the Operating Committee
has been appointed Manager of
:Y a century ago. The bank pur¬ Brooklyn in 1895. The next year composed of Vice-President Ralph
the
bank's London
Office and
chased the building last year and he was with the Mutual Life In¬ W. Stoddard, Vice-President Ken¬
that D. J. M. Frazer, has been ap¬
has
recently renovated and al¬ surance Society of New York, and neth R. Reid and Secretary-Treas¬
All three were advanced from pointed Manager of the British
tered it to; provide a complete from 1906 to 1917 with the Realty urer Sherwin J. Thome,
department Dfead
as
Assistant cashiers. and / foreign
Victor Holden has resigned as positions
range of Savings Bank facilities. Associates of Broklyn. The "Her¬
Each
of the three new officers Office, Sydney.
The
alteration includes modern ald Tribune" added:
President of the bank effective
has been identified with the bank
vaults and Safe Deposit Boxes and
He joined the Dime
Savings Tuesday; Stock control of the since it was founded six years ago.
an
elevator for customers using
bank was reacquired a year ago
Bank in 1917 as an Assistant Sec¬
to
that department. The office is the
by the Morris Plan Corporation of
retary, specializing in real estate
second branch established by the
America. This control was relin¬
The
of
Walton
W.
election
and mortgage work. His rise in
Steele as Cashier of the Baltimore
Irving Savings Bank in Manhat¬ the bank was
rapid.:He became quished in 1937.

Keannelly's Restaurant Building
a famous eating place a quarter of

as an office: boy for
Phenix
Insurance
Company

began

the

bank's

operations will be super¬

vised by

Chicago, 111. was
announced on Oct. 14 by C. Ray
Phillips, President. Advices ap¬
pearing in the Chicago "Journal
of Commerce" of Oct. 15, added:

Attend Tin Talks

U. S.

main office at 115

tan besides its

branch,
established in 1937, at 81st Street
Chambers Street. Its first
and First Avenue,

accounts.
President of the
Irving Savings Bank, expressed
the .belief that the outlook for in¬
creased savings in the West Side
area is very encouraging.
It was also announced that with
the opening of this new branch
with

recently passed

.$10,000,000 mark in deposits,

the

11,000

than

Robert A. Barnet,

Full text of Commercial and Financial Chronicle : October 24, 1946, Vol. 164, No. 4536, Section 2

FRASER