Evening star. [volume], July 29, 1941, Page A-15, Image 17

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
B. F. Goodrich Co.
Reports Six Months'
Net of $6,646,033
Consolidated Edison Co.
Reports $34,590,306
Profit Over 12 Months
|t thF Associated Pres*
NEW YORK, July 29—B F.
Goodrich Co. reported today net
profit in the first six months of
*6,646.033. after charges. Federal in
come and excess profits taxes and a
reserve of SI.000.000 for contin
gencies. This was equal to *4.31 a
, common share and compared with
*1.362,691. or 26 cents a common
share, in the like period of 1940.
The company reported net sales
In the first half amounted to $98,
(103.059 an increase of 45.2 per cent
« er last year, after excluding sales
of European subsidiaries in both
periods.
Consolidated Edison Co.
Consolidated Edison Co. of New
York and subsidiaries reported for
the 12 months ended June 30 net
Income of $34,590,306. equal after
dividends on the preferred stock to
$2 06 a share on the common stock.
This compared with $36.540 007. or
*2.23 a share, for the 12 months
ended June 30. 1940.
For the June quarter net income
was $6,999,452. against $7,548,630 for
the June quarter last year.
Directors today voted a dividend
of 40 cents a share on the common
stock, or 10 cents a shafe less than
was paid in recent quarters, pay
able September 15 to holders of rec
ord August 8.
Citing a probable $4,000,000 jump
tn taxes over the 1940 levies, Floyd
L Carlisle, chairman, said the divi
dend cut was to enable Consolidated
Edison to maintain a substantial
margin of earnings over dividends
t on the common stock "in the pres
ent uncertain times.”
Puget Sound Pulp £ Timber.
The Puget Sound Pulp & Timber
C*. reported lor the six months
ended June 30 net profit of $578,305
after provision of *867,445 for Fed
eral income and excess profits taxes.
This was equal lo $167 a share on
common stock and compared with
*433.433 or *1 18 a share in the
first hall of 1940.
Crucible Steel Co.
Crucible Steel Co. reported net
Income for the six months ended
June 30 of *2.924.430 equal, after
Federal income and excess profits
taxes, provision for anticipated in
crease in Federal taxes and a *500,
000 reserve for extraordinary con
tingencies. to $4.69 a common share
compared with *1.817.293. or $2.20
a common share in the first half of
1940.
Lehigh Portland Cement.
Lehigh Portland Cement Co. re- j
ported net profit for the 12 months'
ended June 30 of $2,638,790 alter j
Fedeial taxes equal, after require-,
ments on 4 per cent preferred stock
to S3 32 a common share on 726.244
shares compared with $2,161,213. or
$2.58 a common share on 748.934
shares for the 12 months ended
June 30, 1940
Cleveland Graphite Fmme. 1
Cleveland Graphite Bronze Co re- j
ported net profit of $855,315 for the
six months ended June 30 after pro
vision for Federal taxes equal to
$2.50 a common share compared
with $804,921. or $2.50 after pro-i
vision for taxes in the like 19401
period.
Panhandle Refining Co.
Panhandle Producing & Refining
Co. reported net income of $67,936,
equal to 7 cents a share for the
quarter ended June 30. compared
with a net loss of $29,918 in the June.
1940, period.
Real Silk Hosiery.
Real Silk Hosiery Mills. Inc., re- j
ported estimated net profit for the
six months ended June 30 of $11,585,
equal to 83 cents a share on 7 per j
rent preferred, compared with a
ret loss of $482,330 in the first half
rf 1940.
Bridgeport Brass Co.
Bridgeport Brass Co reported net
profit for the six months ended June
30 of $867,494, equal, after'Federal
and excess profits taxes, to 92 cents \
a share compared with $506,167, or
54 cents a share in the first half
Pf 1940.
Doyle Machine & Tool.
Doy le Machine & Tool Corp. re
ported net income after provision
for Federal income and excess
profits taxes for the first six months
of 1941 of $76,826. or 68 cents a share,
compared with $35,318. or 31 cents a
share in the like 1940 period.
Hershey Chocolate Corp.
Hershey Chocolate Corp. reported
pet profit for the quarter ended
June 30 of $1,377,529 after normal
Perietal income taxes, equal to $164
a rommon share, and compared with
] 040 second-quarter profit of $814,881,
or 82 cents a common share March
quarter net had been reported as
$2,182,874, or $2.44 a common share.
For the June quarter, the company
said, *106.949 in provision for Fed
eral Income taxes was charged to
| surplus and no provision was made
for excess profits taxes.
i I.one Star C*as l orp.
‘ Lone Star Gas Corp. showed net
Income for thp first six months of
1941 of *5.333.437. equal to 96 cents
a common share, against *4.973.231.
or 90 cents a common share, in the
first half of 1940.
Boston Edison C o.
Boston Edison <io. reported net
Cnrome of *5.873.049. equal to *2 38
a share, for the year ended June 30,
compared with *5.579.028. or *2.26 a
•hare, in the preceding 12 months.
American Radiator,
American Radiator & Standard
Sanitary Corp. and United States
subsidiaries reported net profit for
the six months ended June 30 of
*3,271.009, equal after preferred divi
I dends to 31 rents a common share.
and compared with *1,535.905, or 14
cents a common share, in the first
half of 1940.
i Odd-Lot Dealings
The Securities and Exchange Com
mission reported today these trans
actions by customers with odd lot
dealers or specialists on the New
York Stock Exchange for July 28:
8 468 purchases involving 102108
shares; 3.915 sales involving 105812
shares. Including 40 short sales in
volving 1*167 shares.
i
————I ■■■' ■■ 'I. M ..HI I- ■yggg^gg=^SggSg==^^==g=
Monthly Copper Production [
'THOUSANDS OF Copper Production in the United State* T<2£
SHORT TONS SHORT TONS
r «oo j
]
i ;
[ j
I __ _ 1
1917 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 ‘29 '30 '31 '32 '33 '34 '35 '36 '37 ' 38 39 '40 '41
-p£ Sjl~
^a—i———WM^pgMC
Class 1 Railroads'
Six Months' Earnings
Are $433,538,408
Association Reports Rate
Of Return for First
Half Is 4.07 PerCent
1 Bj the Associated Press.
1 Class 1 railroads of United States J
had earnings of $433.538 408. before j
interest and rentals, in the first six !
| months of 1941 compared with $245.- j
: 523.110 in the same period last year j
I and $369,416,251 in the first six j
months of 1930. I
The Association of American Rail- j
roads reported today that earnings
In the first half of 1941 were at an
annual rate of return of 4 07 per cent
on the railroads property invest
ment. This compared with 2.32 per
cent in the first six months last
vear and 3 45 per cent in the first
half of 1930.
Class 1 railroads in June had
i earnings, before interest and rentals,
of $93,261,372. compared with $48 - ;
090.785 in June, 1940 and $67,683,471
| in June. 1930.
Investing Companies
NEW YORK July 79 P — Ninon*] As
sociation of Securities Dealers Inc
Bid. Ask'd.
Aeroniut Sec . . - - 7.72 5 1
Affiliated F Inc_ 2 46 2 .1
•Amerex Hold _ -- 13.3.o 14.8.6
Am Bus Shrs . - 2.80 3 07
Am For In’ - - - 6.84 _ < >•
Assoc 8tand Oil 4 J.d *?
Axe Hough*on Fd 10.88 11.0
•Bankers Nat lnv Corp 3 l‘-o 3.8.5
Basic Industry 3.44
•Blair A Co -, .S<5 ■
Boston Fund Inc -34 IQ 35.In
Broad St lnv -21 4n -3 1«
Bullock Fund - 12*9 1391
Can lnv Fund - -*'1 3.25
•Central Nat Corp A _ 20.00 22 00
•Central Nat Corp B" 1 00 '- V.
Century Shrs Tr -Jo ■. . 4
Chemical Fund . - g-S'f
Comwlth Invest - 3.63 S.vo
Coiporate Trust _ -- - 19
Corporate Trust AA - *2 09 -
Corp Tr Accum .- 2 09 -
Corn Tr A A mod- 2.60
Corn Tr Are Mod - 2.SO
•Crum A- Forster 2fi -•> a* .n
•Crum A- Forst 8/"*> pf 11# o«>
•Crum A For-t Ins B 29 50 31 50
•Crum At Forst Ins 7 pf ll-.O''
Cumulative Tr 8h 4 30
Delaware Fund - 1?0
Diverstfied Tr C _ ?.30
Diversified Tr D * O ’ 5 .0
gmdend Shrs - 1 lo 1-1
at * How Bsl Fund Ji?? }J?<
Eouity Corp *" pf . - t.,.o lJ.oO
Fidelity Fund Ir.c -- JO --t J ■ • <
•First Boston Corp 13 A" l?**’
First Mutual Tr Fd _ _ . _ 5 0. o'-? \
Fiscal Fund Bk Bh- - o^ r,
Fiscal Fund Ins .- 3 Jo •'
Fixed Tru:' Sh A ... J •? -
Found Tr Sh A - 3 40 3.90 ,
Fund Investors Inc . . 16 lo i . r»4
Find Tr Shrs A 4 33 5.13 j
Fund Tr Shra B 3-go
Gen Capital Corp 2# .25 -J 30
Gen Investors Tr - 4.44 4 84
Group Sec Agricultural __ 6 no 5.nl
Group Sec Automobile . 3 65 4.o.j
Group Sec Aviation _ 7.n« 8 2.>
Group Sec Building _ 4 04 5 44
Group See Chemical-- 6.00 6.60
Group Sec Poods 3.83 4.2*1
Group Sec Merchandising 4 95 n 4n
Group Ser Mining 5 28 5 81
Group Sec Petroleum 4 6! «»9
Group Sec RR Equip 3 67 4 Oo
Group Sec RR Shrs - 2 67 2 ?»o
Group Sec S'eel 4 88 5.3 ^
Group Sec Tobacco 4,24 4 6,
Income Found Fd - 1.31 1.43
Incorp Investor? 14.71 3 •*> w«1
Independence Tr Sh - 2 «*6 2 3i»
i Instl Sec Bang Group_ 91 1 on
1 Instl Sec Insurance - 1 ‘-4 1 37
Investment Co Am _ 18 89 20.53
Investors Fd C" Inc . 9.47 9 68 ,
Ketone Custodn B 1_28 65 31 42
j Kevsmne Custodn B 2-23 28 23 64
Kevstone Custodn B 3_14 59 16o.->
Keystone Cus’odn B 4 — 7.51 6 24
Kevsrone Custodn K l-13 3n 16 T4 ■
Keys'one Custodn K 2 - 13 59 15 00
Keystone Custodn S 2-12.16 1*38 |
Kevstone Custodn S 3- 9 42 10.3. 1
, Keystone Cus’odn S 4 - 3.53 3.93
l Manhat Bond Fund _ 7.31 8.04 ,
Maryland Fund - 3 0.-» 3 95
Mass Invest Tr . 3 8.38 19 .6
Mass Invest 2d Fd Inc- 8.66 9.31
| Mutual Invest 8.82 9.64
Nation Wide Sec _ 3.32
Nation Wide Voting - 1.10 1
Na*l Investors 5.14 5.53
1 Natl Sec Ser-Income Ser 4 25 4 .1
Natl Sec Ser-Bond 8er 4 99 5 ft1
i New England Fund 11.22 12.IP
i N Y Stocks Automobile 4 28 4 .*
N Y Stocks Aviation _ _ 30 47 II 51
! N Y Stocks Bk Stock? - 8.07 8.88
1 N Y Stocks Bldp Supply 5 12 3 64
N Y Stocks Chemical 8.40 9 24
N Y Stocks Elec Equip 6.91 w . 61
N Y Stocks Insur 10 28 11.30
N Y S ocks Machinery 8.21 9 03
N Y Slocks Oils - 7 87 6 66
N Y Storks Railroad _ 3 33 3 68
N Y Stocks R R Equip __ 6 0S 6 .0
N Y Stocks Steels 6 57 ..23
North Am Bond Tr etfa 4t* 5<»
Nor Am Tr Sh 1953 - 1.97 -
Nor Am Tr Sh 1955 - 2 44 -
i Nor Am Tr Sh 1956 _ 2.39 -
! Nor Am Tr Sh 1958 _ 1.97
Plymouth Fund Inc _ .3* 4 2
Putnnrr. <G» Fund _ 3 2.40 13.2.
Quarterly Income 8h _ 4.40 5.30
Repub lnv Fund * 3.41 3 61
•Schoellkopf-Hut A PoVi . 10 .30
Selected Am Sh Inc _ 8.35 9.11
• Selected Income Sh _ 3.74
; Sovereign Invert _ 5 88 8 51
Spencer Trask Fund _13.30 14.11
8iand Util Inc - 21 .74
•State Street Invest _63.125 66 126
Super of Am Tr AA - 2.14 -
•Trustee Stand lnv C_ 2 17 -
•Trust tSand lnv D.- 2 06 -
•Trustee St Oil Shrs A- 5 20 -
•Truster SI Oil Shrs B- 6.40
; Trusteed Am Bk B 45 50
i Trusteed Industry Shra- -.2 8!
; Union Bond Fund B - 3 6 05 1 * 53
U 8 Elec Lt A: Pow "A . 13 625
U S Elec LI Ar Pom B’ _ 15.
Wellington Fund 14 10 15 50
Quotations furnished by National Asso
I cia'ion of Securities Dealers, Inc which
I states they do not necessarily reflect actual
transactions or Arm bids or offers, but
should indicate approximate price,. and
t unles, otherwise indicated. ere as quoted
I by the sponsors or issuers.
•Indicates ’Not quoted by sponsors ev
issuers."
Jersey City Livestock
1 TFR8F.Y CITY July 79 P 'United
i States Department of Agriculture1—Cat
tle: Salable, ISO: total. 650 Cows fully
I stead' cutter to medium. 7 00-8.00; can
I ncrs, 5 on.6 '15. Bulls barely steady, light
I bulls under pressure medium to good aau
i sacr kinds. 8 00-9 25: cutter and common,
I 7 00-7 50. No steers on tale
V*alers and calves: Salable. 580: total.
I 5.140 Vealers and r.a’.ves ateadymod
and near choice nearby vealers. 13.no
14 00; choice Southerns. 14.00: few decks
mixed 703-pound calves. 11.50: others.
9 'Hogs: Salable. 20: total. 1.950. Butch
er hogs mostly 5 higher, good and choice.
190 pounds, 11 R5.
Sheep and lambs: Salable. 980; total.
1 8.950 8Drin* lambs mostly 25 lower;
J good *nd choice. 84-72 pounds.
I common to medium 81-pound Kentucky*,
j 9/15. throwouts, 8.00-8.60.
Boston Wool Market
BOSTON. July 79 (Pi (United States
Department of Agriculture 1—Very few in
quiries were received today for fleece wools
in the Boston market. Quotonons were
I stead, compared with last week but they
were la-cel, nominal due to lack of trad
; ms Combing three-eighths and one
fourth blood bright fleece wools *trj
I quoted at 45 to 47 in the grease. Grided
. -er-t-q-v woels of the fine and cne-r.ilf
| blood grades had a wy moderata demand
! at pricaa unchanged from laat weak.
In the Business World
Steel Officials Favor Less Expansion
Of Production Than 0. P. M. Wants
By PAI L GF.SNER and JOHN BECRLEY.
♦ The Bur » Special Mew# Service ■
NEW YORK. July 29—Just how large that coming expansion In steel
production facilities will be isn t certain yet, informed sources indicated
today.
Plants with annual production capacity of around 7 000.000 tons are
practically sure to be built. Specifications for this amount of new plants
have been submitted to Federal authorities in charge of defense work, and
now lie on the desks of O. P. M
But O. P. M. is said to favor a minimum of 10 000.000 new tons ol
annual producing capacity. A few Government officials are talking about
the need for 15.000,000 extra cons.
On the other hand, a number of steel executives think there Is a
possibility the war abroad might oe
aver by this time next year. They
privately hold a wise course would
be to build a few new plants and
clamp down tight on civilian steel.
jiving broader first call of defense
industries on metal available until
the World War situation is a little
clearer.
The capacity of the steel industry
at the moment is estimated to be
around 87.000.000 tons annually. By
the end of the year, with the com
pletion of new plants now building,
capacity is expected to reach around
91 300 000 tons.
This week mills are operating at
99 6 per cent of capacity.
Steel >1av Be Big Factor.
Autos: Many observers now think
the question of how many automo
biles will be built in the i942 model
year will he determined principally
by the amount of steel the auto
companies will be able to get. rather
than by any arbitrary schedule set
up by either the markets or the
Government.
Hugh Items for Defense.
Defense: The big home defense
plan has now grown into a $50,000,
000.000 program. Including the $3.
671,000.000 British contract?
Here's what defense authorities
now seek:
Airplanes $11 469.000 000
Naval ships and parts 6.430.000.000
Ordnance 8,034.000.000
Other military equip
ment and supplies 3,925.000000
Merchant ships . 1,905.000.000
Industrial facilities 5.530.000.000
Posts, depots, fortifica
tions _ 3.652.000.000
Housing _ 495.000.000
Other 1.874.000.000
Pav, subsistence and
travel . 6,269.000 000
To date, around 98 per cent of
the $6,430,000,000 funds voted for
naval ships has been placed under
contracts. About 53 per cent of the
airplanes actually have been ordered,
around 60 per cent of the ordnance.
64 per cent of other military equip
ment, 74 per cent of merchant ships,
50 per cent of industrial facilities.
60 per cent of posts, depots and
fortifications: 57 per cent of housing
and 52 per cent of all other defense
funds.
Factories Spreading Out.
Spreading out: A new step in
further decentralization of produc
tion of defense materials was re
ported this week in Goodyear Tire
<t Rubber Co.'s announcement that
one of its subsidiaries would build a
plant for manufacture of airplane
parts at Litchfield Park. Ariz.. some
15 miles west of Phoenix. The plant
requiring an initial investment of
$500,000. exclusive of equipment.. i.«
strategically located to serve avia
tion production of the West Coast
and Texas.
Standardization Coming.
Changes coming: Expect simplifi
cation and standarization of desigr
of many kinds of ordinary thing.'
shortly. In the hardware field, foi
instance, studies are now going for
ward for the gradual elimination ol
odd-shaped and odd-sized nuts anc
bolts. It Ls hoped manufacturer!
will co-operate and use standaic
sizes on future products. Goal:
Freeing for defense work of ma
chines and man power now requirec
for the special work entailed in pro
ducing the odd size, as well as re
duction of metal product inventorie!
in the hardware stores themselves
It is reported that in certain retai
lines around 80 per cent of the sale!
Foreign Exchange
NEW YORK. July 29 W — Noon forelir
ezchange rates follow 'Great Britain If
dollars, others in cents):
Caiadi.
Official Canadian Control Board rate;
for United States dollars Buyina. 10 pel
cent premium; selling, 11 per cent pr«
mium Equivalent to discount? on Ca
nadian dollars in New York of buying 9.91
per cent: selling. POP per cent.
Canadian dollar in New York open mar
ket. 114. per cent discount, or 8R.43*,
United States cents.
Esr«H.
Oiea‘ Britain, official ‘Bankers' Foreigr
Exchange Committee rates), buying 4 03
telling. 4 04, open market. Cables. 4.03**
Latin America.
Argentine official. 39 77, no .03 cent
free 23 83. Brazil official, 8 00n free
6 lOn Mexico. 20.70n
Far Ini.
Hong Kong 26 on ireprwenti i 12!
eent advance Saturday but reported <ml!
today and a new 1P*1 high'
.Rate* in seoi cable* unlese otherwi?
I indicated *.
| n Nominal.
Crude Rubber Futures
NEW YORK. July 2P uP>.—Crude rub
,bci futures opened inactive. Bids: Sep
tember, 22 60. December. 22 25. Marci
si.on.
are made from 20 per cent of the in
ventory.
Saving Brainpower.
Conservation of brainpower:
Sperry Gyroscope Co. and Consoli
dated Engineering Corp. this week
announced an agreement aimed at
conserving skilled engineering talent.
Look for more moves of this type as
the defense load grows heavier.
Consolidated, headed by Herbert
Hoover, jr . w ill take over Sperry s
work in the field of vibration and
[strain measuring equipment. This
equipment is extremely important
in developing new and improved
types of aircraft.
i Consolidated's staff already is
familiar with this field, and the
transfer will enable Sperry to free
j more of its engineers for pressing
problems in the development and
production of other aeronautical,
marine and anti-aircraft gear.
It's a movp to avoid duplication of
effort and to stretch the supply of
skilled technicians as far as pos
sible.
Ickes
i Continued From Page A-12.)
not be willing to make unless the
necessity were great.
Your Goternment hopes that
there will be a united, concerted
effort by all of the people in all
I of the East Coast States, including
the District of Columbia, to sav-p
gasoline and oil. I hope that this
will be voluntary. I hope that this
| voluntary saving will be under
’ taken immediately If it is not.
' then we can only conclude that our
many exhortations to conserve oil
, and gasoline have fallen on indif
ferent ears and that it will be
necessary to put into effect some
system of involuntary rationing. The
I figures that we will get from the
i oil companies during the next week
! or two. when compared with those
of today, will show whether there is
any reason longer to hope that au
tomobile owners and householders
who burn oil will do willingly what
we must all do if the common good
is to be served.
Loyal Americans, patriotic Amer
icans. when they understand the
situation, will co-operate They
will co-oirerate to the end that
| ottr national defense program may
! not be hampered They will co
operate to the end that all of us
may continue to enjoy the Ameri
j can way of life, safe from the
threat of Nazi aggression. They
: will co-operate because our sacred
. honor is pledged to aid Great Brit
ain in hurling bark the hordes of
Hitler, and Great Britain cannot do
this without essential oil and gaso
line
Only America, with her tanker
fleet, can furnish the oil that a
friendly navy requires to help us
' patrol the broad highway that- is
the Atlantic Ocean and thus pro
i tect our shores. Only America, w-'th
j her tanker fleet, can supply the gas
oline necessary to keep the R. A. F.
; flying.
Chicago Produce
j CHTCAGO July 29 P>.—poultry Me,
no cars. 36 rruck*- *ssy. hen*. 5 pound*
and down 20‘a Leghorn hens. 16 broilers.
2*2 pounds and down WhiTe Rock 17.
spnnc* 1 pound* up Pivmou*h Ro'k IP’s-.
Wh !e Rock. 70V under 4 pound-- Whit*
Rock is1 a other prices unchanged.
Butter, receipt 1.633.747: **s>y cream
ery 9o *core 33*4 88, 31's; 99, cen
tralized c a riot s. 33V
Errs receipts. J3.660; firm; prices un
ehaneed.
lUmted States Department of Agricul
ture*—Potatoes, arrivals. 47: on track.
334 total United States shipments. 162:
supplies liberal Western Triumphs de
mand fair, market steady other varieties,
all sections, demand slow, market week
sacked. per hundredweight, Idaho and
Oregon Bliss Triumphs. U. S. No 1. 1.35
65; lonR white. U 8 No. 1 1.75: Russet
Burbanks. U S. No I. 1.76-90 Nebraska
Bliss Triumphs. U. S. No. 1. 1.25-35.
Freight Loadings
NEW YORK, July 29 '**.—Revenue
freight e»rs handled by railroads report
‘ y for the *eeg ended July 2H tn
, July 26 Prev Wk. Yr Aso
N. AW 31.619 31.466 25 673
! N Y Central 106 275 109.690 60.373
I Sou Rwy 44.631 43.406 36.040
i Lehigh Vel_ 20.420 20.543 14 319
New Haven _ 29 5.39 29.452 20.399
Dry Goods Market
! NEW YORK. July 2P «A>An excellent
1 demand for spring wear In men’s woolen
Riece goods was reported today. Prices
eld steady at levels which have gov
erned the market for many weeks.
The Worth Street gray goods market
was unchanged as mills with a shortage
of supplies for nearby shipment were re
luerant to operate ahead
Prices in the rayon goods market were
■ ftrmly bid at the top level* of the current
- move. althou*h turnover was restricted
. by a shortage of yarn needed to wave
' cloth.
United States Treasury Position
By the Associated Press.
The position ol the Treasury July 26 compared with comparable date a year ago:
July 26 1941 July 26, 1940.
Receipts _ 512.060.106 14 511.658,013.76
Expenditures _— . 64,842,595 15 23 745.578,63
Net balance . - _ 2,618,922.135.32 2 296,875,290 17
Working balance included _ 1 868.710,444 66 1,566.464.632.28
Customs receipts tor month.. __ 30,811 421.01 22 005 714 78
R-ceipts for fiscal year (July 1)_ 331,205.513,78 281.526,036 06
Expenditures ___ 1.366.473 350.34 732 165,174 04
L
Busjness Loans Rise
For 13th Straight
Week, Banks Report
Defense Program Sends
Figure $1,549,000,000
Above Year Ago
By the Asfoc’.ttrd Pr»M
The Federal Reserve Board said.
today that banks stretched the latest |
spurt of business loans resulting 1
from the defense program to 13 con-1
secutive weeks in the period ended !
Jdly 23.
Last week, the board said, banks
in 101 leading cities boosted their
commercial, industrial and agricul
tural loans bv $23 000.000 to a total
of $6.011 000.000 This was $1,549.
000.000 larger than a year ago
The Reserve Board's 101-city
member bank condition statement
gave the following summary of as
sets and liabilities on Julv 23. to
gether with changes for the week
and with the same week last year, in
millions of dollars:
«.ij Trent lam ie».r
week week ago.
Lo*>n? and inveM
menu. rotgl . 2* d*3 — - 4 ^PP
Loan* total 1® 5®4 — 1® - 1 9P0
Commercial, in
dustrial and
aari'l loan* *.®11 — 23 1 54®
Open mkt naper 3*3 -r 3 -r P*
Loan? '.o broker*
and dealer* in
securities 4*1 — 44 4- 50
Other loan* for
Durcha»m* or
carrying * e -
furi!ie« 441 *— 3 — 35
Real estate loan* 1 252 -3-43
Loans to banks 37 — 2
Other loan? 1 P14 1 2*1
U. 8 bill* 1 0*1 — * 2*7
U P note? 7 251 - 4 - 15*
U R Bond* 7.»59 * -1.394
Fully guar. Gov*. _
obligation? 3 302 *1 3*3
Other securit:ee 3 54® 1 — 13
Reserve with F
R bank* 10 *55 — 44 — 3,1
: Cash in tault 54* — 7 50
Balances With do
mestic bank* 3.493 -— *7 315
Demand deposits.
adjust'd 24 3*1 -121 3.397
Time deposit* 5.414 — 2 -
Govt, deposit* 4P4 — 3 — 33
Interbk depnsi**
Domestic b»nks 9 115 — !®4 - 3®*
Foreign bank* 354 Ure. — .2
| Borrotk-ing? 1 Tine. Unc.
80 Canadian Chain Stores
Dollar Sales Rise in 1940
OTTAWA July 29 i Canadian
Press*.—Dollar sales of 80 Canadian
! chain store companies operating
i 1.808 individual stores in the re
I tail food trade were 13 per cent
! higher in 1940 than sales reported
in 1939 by 87 companies operating
2.044 stores, the Dominion Bureau
j of Statistics said today.
Sales during 1940 amounted to
1 *144 943 500 compared with *127
945.000 in 1939 Average sales per
j store increased to *86.500 in 1940
[ from $68,500 in the previous year.
Increased .'•ales were reported in
all sections of the country. Per
centage increases ranged from 2
per cent in the maritimes to 24 in
Manitoba. Other percentage in
- creases bv provinces; British Co
lumbia. 18: Ontario. 14; Alberta
11; Saskatchewan. 11. and Quebec, 8
Ceilan Cass Hendee Dies
CHICAGO. July 29 (/#»> —Ceilan
! Cass Hendee. who emerged from
business retirement at 60 and became |
a magazine illustrator of dogs, died
yeterda.v at 77. He built and op-1
erated the first stockyards in Sioux ;
Falls, S. Dak.
German
(Continued From First Page )
I ter which puroorted to be from
Ma.i. Elias Belmo«te Pabon. Bo
' livian military and air -.ttache
who has beei^ dismissed by his
government on a charge of trea
son. to Ernst Wendler. German
minister who was expelled from
La Paz in measures against an
asserted Nazi putsch plot. The ■
major also denied yesterday that j
! he had written the letter or
5 maintained revolutionary rela
tions with tne minister.)
Dies Committee Blamed.
This development came rs uithor
ized German sources expressed be
lief that the Dies Committee of the
United States House of Representa
1 tives was responsible for the action
of an Argentine congressional in
vestigation committee in having
German diplomatic pouches seized.
The Dienst. which is close to the
Wilhelmstrasse declared Berlin ob
viously is convinced that ‘the Bel
monte case )s onlv one link of at
tempts on the part of responsible
quarters in the United States to
1 bring about friction between the
Axis powers and the South Ameri
.jean people by ouch methods."
Dienst said documents m Berlin
showed that ‘ the United States, by ;
i creation of such a poisonous at
I mosphere. anticipated that South J
' American powers would prefer to
grant military bases to the United |
States’’
The anger of the controlled Ger- j
man press as well as that of the j
Deutsche Diplomatisch Politische 1
Korrespondenz, which speaks for the j
Foreign Office, was turned on Presi- ,
dent Roosevelt in connection with )
the cases of Wendler and Belmonte
Pa bon.
Roosevelt Accused of Forgery.
The Lokal Anzeiger of Berlin1
came out bluntly with the state
ment:
President Roosevelt “in his hate
for Germany • • • has turned forger, j
He befouls his office with machina- j
tions usual only in Chicago gangster ;
circles.”
Korrespondenz asserted that the
President was trying to prove that
South America was threatened so
“he can set foot militarily there • * *
and Ret bases in preparation for his 1
aggressions in Europe and Africa."
“Sensational revelations” will be
offered to the world1 In the next day ;
or two to prove that the United!
States aims to make South America
a “colonial dependency.” authorized
: sources said.
The German government was said
' to have documentary evidence show
ing that “the economic imperialism
' of Washington's Jewish circles runs :
; parallel to the policy of military
I bases.”
Pouches Declared Stolen.
The German sources asserted that
the diplomatic pouches were stolen
with connivance of the pilot of a
United States-owned airliner. The
seals were broken and the contents
tampered with, it was said. The
pouches since have been restored to
the German Embassy and what
further steps are to be taken, the
sources were unwilling to say.
The United States is trying to
make Latin America subservient to
her "policy against Europe.” it was
said. The forthcoming revelations
•how secret and public demand* by1
i
Huge Ordnance
Plant to Be Built
By Goodrich
BJ *h» Associated Press.
AKRON, Ohio. July 29—The
B F. Goodrich Rubber Co., through
a newly organized defense subsidi
ary, will operate a $35.000 000 ord
nance plant on a 24,300-acre tract
near Texarkana. Tex.
President John L. Collyer of
Goodrich announced today that
8.000 construction workers would
start building the plant immediately.
The Goodrich subsidiary, the Lone
Star Defense Corp. will draw on
Goodrich personnel to supervise op
erations.
Tire giant plant will load bombs
and shells, Mr. Collyer said. Con-1
struct ion contracts have been
awarded Winston Bros. Co of Min-1
neapolis, C. F Haglin Sons Co. of
Minneapolis, the Missouri Valley
Bridge Ac Iron Works of Leaven- |
worth. Kans , and the SoUitt Con
struction Co. of South Bend, Ind.
Draft
(Continued From First Page >
against the measure, conceded freely
that It would be approved on the
floor.
Spurred by such predictions, two
administration stalwarts, Senators ]
. Lee. Democrat, of Oklahoma and
i Pepper. Democrat, of Florida, called
j on their colleagues to go all the way,
] following up the service extension
1 authorization with another measure
S declaring a national emergency and
! removing an existing restriction
; against sending selectees and
Guardsmen out of the Western
Hemisphere.
The War Department had asked
| that Congress declare a national
1 emergency, but the Senate Military
i Affairs Committee declined to ap
prove the request. However, a state
ment was written into the extension
bill declaring the national interest
was imperiled
"Everybody knows we face a na
tional emergency." Senator Pepper
told reporteis. "Why should Con
gress shirk its responsibility to meet,
the issue realistically and cour
ageously?"
"I believe there is a national
emergency,” Senator Lee asserted,
"and I would like to vote my con
victions. The situation is mote
critical now than it was when we
originally enacted the draft last
year."
A compromise version of legisla
tion to defer the training of selec
tive service registrants 28 or older
was expected to be called up in the
House today.
The measure also authorizes the
| President to take over defense
plants when production is inter
rupted.
!_
Pitts
'Continued From First Page '
on values said to have been grossly
Inflated.
In 1934 the Internal Revenue
Bureau auctioned lor $6,257 bonds
belonging to Pitts which had a
lace value of some $300,000
Pitts has been brought from Lor
ton on at least two occasions to tes
tify in civil suits In 1934 Pitts en
tered suit, in District Court to halt
sale by the Government of assets
valued at $3 000.000
Internal Revenue Bureau agents
in 1931 struck simultaneously in five
States in an effort to seize all avail- i
able assets of Pitts. These included
a $500,000 “villa by the sea' in Palm
Beach, Fla.
■-- - --—
the United States on Latin Ameri
can countries, it was added.
Argentina Will Return
Seized Papers and Radio
BUENOS AIRES. July 29 <A=V—'
Following a sharp protest from Ber
lin. a congressional committee in
vestigating anti-Argentine activities
has decided to surrender a portable
radio transmitter consigned to the (
German Embassy and other confis- I
cated property which the committee
said included “documents in code.”
The committee, which announced
its decision last night, declared,
however, it wrould file a report on
the incident with a federal judge to
determine whether events leading up
to the seizure involved "crimes or ,
infractions in any form affecting
the laws or ordinances of the Argen
| tine nation.”
Nazis Charge Breach of Law.
The confiscated property, the com
mittee declared, included photo
graphs. motion-picture film and
! "other elements of propaganda.”
The German protest said the con
gressional committee had committed
a breach of international law and
"a violation of diplomatic immunity"
in taking the Nazi property off a
plane at Cordoba last Saturday.
The Argentina Foreign Office sup
ported this view.
i In Berlin, the official German
news agency, D.N.B, said the
confiscated property included
three diplomatic pouches en route
from the German Legation at
Lima, Peru, to the Embassy in
Buenos Aires. The German pro
test, D.N B. said, was couched in
“the strongest" terms'.
The radio transmitter—which
weighed 500 pounds—was flown from
Rio de Janeiro, Brazil, to Lima via
Argentina on June 21. It was re
turned to Argentina Saturday, how
ever. when an attache of the Lima
legation, who accompanied the con
signment, was informed that only
44 pounds of diplomatic baggage
could be admitted without being
opened for inspection.
Will Surrender Packages.
In explaining the seizure, the Ar
gentine Committee said the concept
of diplomatic baggage is limited to
correspondence, that such baggage
! should be locked and the key trans
mitted to the foreign minister, and
that its nature should be clearly
i marked on the outside.
“The baggage in which the radio
| transmitter and other elements
i were discovered did not have any of
: these characteristics,” the commit
i tee declared in a report to the
Chamber of Deputies.
The investigators said, however,
that “notwithstanding all these
circumstances” they would surrender
the packages to Foreign Minister
Enrique Ruiz Guinazu for “his dis
posal.” Inasmuch as he previously
had expressed agreement with the
German protest, it was assumed he
would turn the property over to the
German Embassy.
j The committee first had said It
1 would retain the documents. Before
surrendering the radio the commit.
, tee called in newspapermen “to see
the radio was of small dimensions
1 but great power.”
House Leaders Mass
Strength to Bring
rax Bill to Floor
Adoption of Rule Limiting
Amendments Seen Despite
Critics' Gog Charge
the Associated Press.
Administration leaders marshalled
their forces to get the $3529.200.000
tax bill to the House floor today un
der rarely-used parliamentary pro
cedure designed to curtail strictly
the number of possible amendments.;
Although critics denounced the
method as a "gag rule." indications
were that it would be sanctioned by
the House, and that the till would
be approved and sent to the Senate,
possibly Friday, in virtually the
form recommended by the House
Ways and Means Committee.
The rule would authorize three
days of debate and bar all amend
ments but those sanctioned by the
Ways and Means group.
Imposing the heaviest individual
and corporation income taxes in
the Nation's history, the revenue
measure would bring Federal tax col
lections during the year ending next
June 30 to 111.302.000 000
Individual Incomes Tapped.
Ways and Means Committee ex
perts estimated that although the
new levies would produce only about
$1,900,000,000 during the remainder
of the current fiscal year, they and
the existing taxes would yield about
60 per cent of anticipated Govern
ment expenditures during the first
full year of operation.
As recommended to the House, the
bill would tap individual incomes for
about $1,152,000,000 additional an
nually through a drastic system of
surtaxes starting at 5 per cent on
the first dollar of taxable income.
Through higher excess profits
taxes and a revised method of com
puting them and increased surtaxes,
corporations would be required to
put up about $1,322,900,000 of the
1 new revenue The balance would
come from higher estate and gift
taxes and a long list of new or in
creased excuse taxes.
Late yesterday, the Ways and
Means Committee agreed to three
minor changes in the measure, one
of which would subject newspapers
and radio stations to the proposed
5 per cent excise tax on their month
i lv telephone bills. The committee
specifically named those types of
; firms, experts said, to make it clear
I that the tax applied to them despite
an existing provision exempting
their leased-wire circuits from taxa
tion.
Joint Returns Likely to Stand.
Although Republican House mem
bers already have signified their in
i tention of using the bill as an op
| portunitv for attack on the admin
istration's non-defense spending
policies, chief target of criticism in
the measure Itself was the provision
requiring all married couples to file
i joint returns. Under existing law
they can file separate returns and
thus frequently escape taxation at
j the higher surtax rates.
1 Unless the Ways and Means Com
mittee can be induced by oratory to
reverse itself on the proposition,
however, there seemed little likeli
hood of its elimination
Some legislators indicated they
would voice demands for further
lowering of personal exemptions so
i a* to make more persons tax con
scious but this. too. seemed doomed
to failure. However, Chairman
Doughton of the Ways and Means
group told the House Rules Com
mittee yesterday that Congress
"doubtless" would find it necessary |
later to lower the exemptions and
impose a general sales tax in order
to meet the demands of defense
financing.
"We're not at the end of this tax
road yet," Representative Doughton
said. .
Moscow
I (Continued From First Page •
passed to energetic counterattacks
and inflicted heavy losses on the
enamy.
"In other directions and sectors
of the front there are not important
combats to report."
Bessarabia Is Liberated
From Reds, Nazis Claim
Berlin, July 29 Bessarabia
has been 'completely liberated"
from the Russians and the last of
the Red Army units trapped by
German drives in the Smolensk
sector and in Estonia are facing
destruction, the high command de
clared today.
"A great number of prisoners and
a large amount of booty will be re
ported within a few days as a re
sult of this tremendous battle of
destruction," it said of the Smolensk
! fighting.
The high command, in a com
munique from the Fuehrer's head
quarters. said "the enemy's power
groups which were overrun in the
course of a break through the
j Stalin Line in the direction of
Smolensk now have been virtually
j wiped out."
"The last encirclement eastward of
Smolensk is facing destruction."
Trapped Units Face Destruction.
West of Lake Peipus, the com
munique said. Russian forces "en
circled by units assigned to mopplng
up operations of Estonia also are
1 facing destruction. ’
German-allied Rumanian troops
completed the conquest of Bessa
rabia by reaching the Dniester River
I estuary, and operations in the neigh
boring Ukraine "continue steadily,”
the communique added.
Authorised sources declared that
| Gen. Ion Antonescu's Rumanian
i troops had captured Cetatea-Alba
I <Akkerman\ on the Dniester mouth
at the Black Sea and described this
as the last Bessarabian town in Rus
sian hands.
The Russian Black Sea port, of
Odessa, a city of 410,000 with both
rail and highway connections to
! other key points of the Ukraine, lies
less than 20 miles east of the
Dniester Estuary and about 25 miles
northeast of Cetatea Alba.”
Moacow Raida Renewed.
The bombing of Moscow, inaugu
rated nine days ago, was renewed
last night and the high command
said strong combat units "effectively
bombed armament plants, supply
industries and traffic facilities” of
the Soviet capital.
Authorized sources said the bomb
er crews, concentrating on the
northeastern part of the city, saw
numerous fires in other sections of
the metropolis.
i
Structural Steel
Bookings Advance
Sharply in June
Orders Run 13 Per Cent
Ahead of Monthly
Average for 1941
Bj h* Associated Press.
NEW YORK, July 29.—New busi
ness booked by structural steel fab
ricators in June ran 13 per cent
ahead of the monthly average for
the entire first half of 1941 and the
new orders received in those six
months were more than double the
like 1940 period, the American In
stitute of Steel Construction re
ported today.
June orders totaled 245.255 tons,
compared with 109.744 in June. 1940
The first six months' orders totaled
1.298 432 tons, compared with 619,231
in the first half of 1940.
Shipments of fabricated structural
steel were 184 095 tons in June com
pared with 119 097 in Junp, 1940 and
the shipments of the first half of
this year totaled 1.055 946 tons com
pared with 655 912 in the first half
of 1940
Canal Zone Beef Sources
The Government of Panama will
furnish 3 000 head of beef cattle to
the Canal Zone commissioners in
the present fiscal year and 6.000
head will be shipped from Cuba and
Bolivia.
Money for Construction Loans
and
Loans on Completed Properties
(Owner oeeintetf or rental)
Favorable Rate
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