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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. 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