The Brooklyn Daily Eagle from Brooklyn, New York • Page 17

17 Brillo Reports i TODAY'S MARKET Authorizes i iRecord Volume BROOKLYN EAGLE FINANCIAL For First Halt Gull Oil Corp. To Distribute 25c. Dividend Parke Davis Orders 40c. Payment Utility Firm Pares Arrears Gulf Oil Corporation declared dividend of 25 cents payable Oct. 1 to record Sept.

13. The same i i Stock Trading Lags; Changes Are Small Meagerness of Turnover Induces Slight Reactionary Tendencies Late in Session THURSDAY, AUG. 29, 1940 Rising Costs, Heavier Taxes, However, Cut Profits, Loeb States Averages FURTHER DECLINE HERE CUTS U. S. BANK CLEARINGS Freight Traffic Best for Year Last Week's Loadings Set New 1940 Record Compiled by Vow-Jones INDUSTRIALS 1940 Hlih.

152.80; 1940 Low. 111.84. Share places moved erratically within a very narrow range in slow-trading on the stock market today. Leading issues as a rule merely rested while a number of special stocks featured the list with advances, which at times assumed substantial proportion. Late in the day an easier tone developed, but trading failed to display even the slightest sign of Brillo Manufacturing Company, in the second quarter and first half of 1940, enjoyed its largest volume of sales for any corresponding periods in its history, Milton B.

Loeb. president, reported today. Earnings of the company were adversely affected by higher costs and heavier taxes, however, according to the semi-annual report, which shows net earnings for the six months ended June 30, after all charges, Including depreciation, amortization and State and Federal taxes, of $131,385. After dividends of $21,849 on the outstanding Class p.m. 126 96 .09 in.

126 91 -r 04 1. 12 m. 00 .13 3pm 2 m. 126.74,- 13 expanding. The major shares, led Staple onH rii-irfc n-nrn vf 4V RAILROADS 1940 High, 32.6'; 1940 Low, 22.14.

I41UIVI nut vii i tions and around the lows for the ij Washington, Aug. 29 U.R Revenue freight loadings on the nation's railroads In the week ended Aug. 24 totaled 761.002 cars, the highest since Nov. 18 and a more than seasonal advance of 17,881 cars STEEL OFFICIAL lpm. 27.05 .16 12 m.

27 .01 .20 3 m. Mucn or mis coma oe Vi U1W VUUiU LfC 11 a.m. 27.01 .20 2 m. 27 02 .19 a a traced to evening-up operations by jGeorge W. Rooney has been traders nrpi-wirintr fnr an pvtpnHiv! rnntrrtllpr rtf th A stock, net earnings are equal to UTILITIES 1940 High.

26.45; 1940 Low, 18.03. Transactions Below Past Week, Year Ago N. Y. Total Off 26 Bank clearings throughout the country in the past week fell below both the preceding week and the corresponding 1939 period, principally because of a continued decline at New York City, Dun Bradstreet, reported today. The authority reported that total check transactions at 23 leading cities for the week ended Aug.

28 amounted to $4,202.252 000, a drop of 13.8 percent from the year-ago total of $4,875,148,000. The latest figure was $366,716 000 smaller tha.i in the Aug. 21 week. weekend. 1 1 nf Klou! 75 cents share on 145'310 shares i Several of the utility shares -orPra rlon of no par common stock outstand- of American Railroads disarmed up small amounts, but, the to be effective Oct.

1 ing (excluding 14,690 shares held in today. rails were dull and quotations were it was announced today by the company's treasury on which The gain over the previous week's 1 p.m. ::.21 .01 11 a.m. 22. 2.4, 12 m.

22 22 uncta. 3 pm. Sharp Rale Cut On Rail Freight Vigorous Opposition By Motor Carriers To Bring Investigation Washington The I. C. C.

today authorized sharp reductions in thousands of less than carload freight rates on commodities within southern territory between the North and the South and from Mid-western points to the South. Commission's approval of the rate reductions, despite united protest of the trucking industry, was given in a vote not to suspend the cuts which are slated to become effective Sept. 1. To Investigate Lawfulness The highway motor carriers, while vigorously protesting the railroad rate reductions, had filed tariffs covering similar reductions by motor truck in order to be in a position to maintain the rail-truck rate if the I. C.

C. refused to halt the railroad reductions. The Commission said that while the rites would be permitted to go into effect Sept. 1, it would make an investigation as to their lawfulness. Whether this investigation" will be conducted concurrent with the genera! class rate and classification investigations already under way or will be conducted separately will be determined later, the I.

C. C. The railroad rate reductions are being effected by reducing approxi-! mately 3.500 classification ratings. The trucking industry had told the commission that the railroad move was the opening gun in a war to completely put out of business the highway trucking industry. Through the L.

C. L. rate reductions, the truckers contended, the railroads would lose between and $5,000,000 annually. 2 m. 22.20 .02 Olds chairman of no were paw.

and com-j figure of 74,3,121 sars was Detter narrowly mixed. The latter isues rvjng failed to respond to highest I See later editions for closing averages. pare with net earnings of $147,962, I or 86 cents per share on a like number of common shares for the first half of 1939. lugs' totals for the year registered imc "ey "U3 this week and a more than seasonal been associated with sub-advance reported after midday. sidiary companies since 1930 Good Business News vuau nnu vtci nuLivttuitu.

In the corresponding 1939 week loadings amounted to 683,906 cars, and in the 1938 period 620,557 cars. All Districts Gain All districts reported increases amount was paid In preceding quarters. Parke Davis Co. Parke Davis Co. declared a dividend of 40 cents payable Sept.

30 to record Sept. 14. Like amount was paid June 29. National Stores National Department Stores Corporation declared regular semiannual dividend of 30 cents on 6 percent $10 par preferred payable Oct. 1 to record Sept.

20. Foreign Power Co. American Foreign Power Company, declared dividends of 30 cents a share on the $6 preferred stock and 35 cents on the $7 preferred, payable Sept. 16 to record Sept. 6, on account of accumulations for the quarter ended March 31, 1932.

W. T. Grant Company W. T. Grant Company declared quarterly dividends of 25 cents a share on the 5 percent cumulative preferred stock and 35 cents it share on the common stock, payable Oct.

1 to record Sept. 13. Federal Bake Shops Federal Bake Shops, declared interim of 25 cents on common, payable Sept. 30, to record Sept. 16, against like payment in June.

Gannett Company Gannett Company, declared regular quarterly $1.50 on $6 preferred, payable Oct. 1, to record Sept. 14. Great Western Sugar Great Western Sugar Company declared 50 cents on common, pay 2,000 Shares Redeemed For the second quarter ended Railroads june ju, net, earnings were o.iia, compared with corresponding weeKs contrasted with a rise of alter all charges including taxes, i 1939 and 1938. Yesterday, and perhaps in a number of issues today, satisfactory business news was making itself felt.

Also a more optimistic view toward the outcome of the war was noted In some quarters. However, 675.000 between the same two periods of last year. equal to 33 cents a share on the lo Consider Cut common stock after Class -A dividend requirements, compared with $73,963, or 43 cents per common main interest at present appears to i I be centered on the new development I DafnC All I A3 1 in the Balkans. Ill ICllCi Ull VUul share for the second quarter of 1939. I On July 1 the company redeemed 2.000 shares of its Class A stock out Charge 4 Firms With Glass Bulb Monopoly Plol Conspiracy Began in '36, Was to Continue for Ten Years, Government Says The General Electric Company, the Coming Glass Works, two Netherlands concerns and six individuals were under Federal indictment today on charges of conspiracy to monopolize this country's supply of the glass bulbs used in electric lamps.

According to the Government, the conspiracy began in 1936 and Anthracite Institute Calls Conference for Amicable Adjustments Near the close steels and motors were at the lows for the session, with Chrysler loss extended to more than a point. Republic Steel, Bethlehem, U. S. Stell and General Motors were off only fractions, however, due to the limited price fluctuations throughout the session. North American was the leader in a firm utility section.

Rails were quiet and about unchanged. Revere Brass preferred, and Liggett Myers were up substantially. Bullard Cuban American Sugar, of cash on hand at $30 per share plus accrued dividends. Directors have declared dividends of 50 cents on the Class A stock and 20 cents on the common stock payable Oct. 1 to stockholders of record Sept.

16, 1940. Crown Zellerbach Net earnings of Crown Zellerbach Harrisburg, Aug. 29 (Pi-Representatives of nine coal-carrying railroads and the Anthracite Institute have been invited to attend a conference at Philadelphia Sept, 5 to discuss lower freight rates on hard coal. Heavy gains in the movement of industrial products accounted in the main for the extra seasonal gain in loadings of revenue freight last week. But for a slight decline in coal shipments commodities movtd hi heavier volume.

Last week's total increased 2.4 percent, over the preceding period 11.3 percent over like 1939 week and 22 6 percent above like week two years ago. In the week of Aug. 24 loadings increased 10.9 percent and 24.3 percent over the like 1939 and 1938 weeks, respectively. TVA-Served Area Power Inadequate The TV A area is the only section of the country where a power shortage is indicated in the face of expanding national defense requirements, the magazine Power reported in its September issue today. In a survey entitled "Power for Defense" the publication asserted that "the TV A has publicly an- Corporation and subsidiaries for the quarter ended July 31 were the sec was to continue for 10 years, dur- Bower Roller Bearing, U.

S. Smelt- 26 Percent Decline Here New York City clearings slumped 26 1 percent to $2,205,127,000 from $2,983,263,000 in the corresponding 1939 week, while volume at the 22 outside cities, amounting to $1,997,125,000. showed a 56 percent Increase over the year-aso total of $1,891,885,000. i Only four cities outside New York showed decreases in the year- to-year comparison. At San Fran- Cisco, check clearances were down 9 percent to a total of at Richmond, 87 percent to $39 at Boston.

46 percent to $179,150,000, and at Chicago, 43 percent to $271,100,000. Important Gains Detroit recorded the widest per- 1 centage gain over last year's figures with clearances up 26.3 per- cent at $109,085,000. Other im-: portant increases included: Pittsburgh, 22.7 percent at Cleveland, 19.1 percent at Baltimore. 135 percent at Atlanta, 24.2 percent at Orleans, 25 percent at St, Louis, 10 3 percent at $76,700,000. and Portland, 19.3 percent at $26,743,000.

Taxation Group 1 I 1 1 i ing and Sears Roebuck were among the small number of special issues ility Financing ing which time Corning was to have the benefit of all American patents owned by the N. V. Philips Gloeilampengabrieken, formerly of Eindhoven, the Netherlands, and now located in Curacao, Dutch West Indies. An agreement was entered into, it was alleged, whereby Corning was to pay $15,000 to $25,000 yearly f(r the patent rights, and half the amount was to be paid by General able Oct. 2, to record Sept.

14, against like payment in previous quarter. National Breweries National Breweries, declared regular quarterly 50 cents on common, payable Oct. 1, to record Sept. 16. Truax-Traer Coal Truax-Traer Coal Company declared regular quarterlies $1.50 on 6 percent preferred and on 54 percent preferred, payable Sept.

14, to record Sept. 2. Vnited Wallpaper United Wallpaper Factories, declared regular quarterlies $1.50 each on preferred, payable Sept. 0 and Dec. 2, to record Aug.

26 and Nov. 25, respectively. State Secretary of Commerce Richard P. Brown listed these principal rate changes to be involved in the negotiations: 1. Reduction in rates to eastern and central New York State to meet motor truck competition.

The area Involved includes the cities of Poughkeepsie, Utica, Rome, Oswego, Watertown, Syracuse and Auburn. 2. Reduction of rates on steam sizes of anthracite to destinations in eastern Atlantic areas extending from eastern New York State to the Virginia border. The area includes Maryland east of Hagers-town and north and east of the Potomac River; the Atlantic seaboard from Cape Charles north to New York, involving all of Delaware, New Jersey and southeastern New York State. "We hope that through negotiation with the railroads," Brown said, "we can reach an amicable agreement and obtain voluntary reductions in freight rates, rather than resorting to the expense and delay of litigation before the Interstate Commerce Commission." nounced its lack of capacity to I meet present loads by serving no- ond highest for any quarter on record, while sales in the same period were the largest for any quarter in history, the corporation reported today.

Net profit in the three months ended July 31 amounted to equal to 81 cents a common share, compared with $1,729,874. or 47 cents, in the corresponding 1939 period. No provision for the pending U. S. excess profits taxes has been made, the report said.

POOR Si and subsidiaries June quarter net profit $193,000. equal to $1.20 a share on Class against $252,000 or $1.57 year ago. UNITED WALL PAPER FACTORIES, INC. Year ended June 30 net profit $320,265, best since 1930, against net loss $216,198 year previous. IUTWMEL-ROSS FIBRE CORPORATION Six months ended June 30 net profit $365,748 after charges and income taxes but before any provision for excess profits taxes equal after deducting dividend requirements on 6 percent preferred to 88 cents a common share, against $37,806 or four cents a common share in first half of 1939.

to show appreciation. Dow Chemical was one of the weaker issues. Alleghany Bonds Strong Alleghany Corporation collateral trust bonds showed renewed activity at rising prices. The stamped 5s of 1950 sold up to 45, a gain of l'i. The 5s of 1944 likewise were up by more than a point.

Traders suggested that the quickened Interest in these obligations may have been due in some measure to estimates indicating a marked increase in earnings available for Chesapeake Ohio Railway stock this year. Interest in Lehigh Valley Railroad general consolidated issues was stimulated by forecasts indicating that the road probably will be able to resume full interest on these obligations 011 May 1, 1941. Other sections of the rail list were relatively quiet. In the industrial list Childs Company debenture 5s showed no signs of rallying from their lows. Treasuries displayed quite a firm tone with some of the long-term bonds showing gains of around an eighth of a point over yesterday.

Foreign bonds were relatively dull. tices on purchasers of 'surplus' power that present low-water con- ditions may necessitate some cur- tailment." Only a slight improve- 1 Electric. Firms to Fight Charges The indictment further alleged that as part of the agreement the Philips organization undertook not to export bulbs or tubes into the United States or into any country north of Panama. This provision, it was alleged In two counts, violated the Sherman Antl Trust Act and the Wilson Tariff Act. which prohibit interference with foreign commerce.

Philip D. Reed, chairman of the board of the General Electric Com Starts Campaign C. William Hazelett. honorary chairman of the National Committee for Incentive Taxation, today announced the launching of a Heaviest in July Washington, Aug. 29 (U.R) The Securities and Exchange Commission today reported that effective registrations during July under the Securities act of 1933 aggregated $200,313,000.

Of the total amount, $195,286,000 was prootd for by issuers, against $56.240 000 in June, 1940, and SISfi 081 000 a year ago. Approximately three-quarters of the proposed for sale by is-viiTf accounted for by three flotations, namely. $61,800,000 in 3 -percent debentures of the Texas Corporation; $52,750,000 of 3 percent bonds of the Cleveland Electric Illuminating Company, and $33 440.000 in percent bonds of the Indianapolis Power Light Company. The survey disclosed that the heaviest financing by any industry was done by utility concerns, aggregating $111,767,000 or 57.2 percent of the total. Securities proposed by manufacturing industries totaled $77,256,000 or 39.6 percent.

Indicated compensation to underwriters and agents amounted to $4,523,000 or 2 3 percent of the total to be paid issuers. Other expenses totaled $1,182,000 or 0.6 ment has resulted from recent rains, the trade journal said. It also said that this condition had resulted in an authorization by Congress for the Tennessee Valley Authority to Install two hydro- Issues Registered By Dow Chemical Dow Chemical Company yester campaign to acquaint tne public electric units at a new dam, three with tax nlan whicn a con. additional hydro-electric turbines I cesiion in tax rates ln return for at existing dams and a new steam expansion ot enterprise and em-plant with two 60,000 horsepower iovment. pany, and John Lord O'Brian, counsel for the Corning Glass turbine-generators.

Pepsi-Cola Erects In its opening bulletin, the committee stated that if the power to tax is the power to destroy the power to tax might be the power to construct." Under the proposed tax plan, individual and corporate tax levies would be based upon the annual rate of turnover of individual and corporate income a.s well as assets, Works, both issued statements yesterday declaring that they intended to fight the charges and insisting that their respective companies had acted in good faith and without any improper Intentions in concluding the agreement. The corporate defendant, alleged to have acted as an intermediary in the agreement, is the Nleuwe Nederlandsche Maat-schaapij Tot Vervaardigen Van Spiegelglas, N. the Netherlands. Federal Financing For Fall Studied Washington, Aug. 29 Alternatives of offering direct obligations of the United States Treasury or fully guaranteed Reconstruction Finance Corp.

notes are being considered by fiscal officials in preliminary work on the September Du Pont Niagara Falls Plant Permit Sought Niagara Falls, N. Aug. 29 (Vfj Application by E. I. duPon de Nemours for permission to erect a $95,000 research laboratory was on file today with Building Commissioner Norman Ray.

The application, filed yesterday, Huge Electric Sign The Pepsi-Cola Company has put up the longest Neon or electrically-lighted sign in New York atop its East River plant at 46th Ave, and 5th Long Island City. Constructed in red and blue Neon, the sign is 200 feet long and 65 feet high. The message reads, "Pepsi-Cola 5c" with a 50-foot replica of the bottie. The and the are in red Neon, approximately 50 feet high, and the "5c" in blue Neon. The General Outdoor Advertising Corporation executed the Job.

day filed a registration statement witli the SEC covering a proposed offering of $15,000,000 10-year debentures and 103.199 shares of common stock. The registration will be affected by the recent amendment of the Securities act of 1933, permitting a shortening of the 20-day registration period at the discretion of the SEC. It is presently expected that the registration will become effective about Sept. 10. Smith, Barney Co.

will be the principal underwriter for the debenture issue. Holders of the outstanding 1.031-988 shares of common stock are to be given pro rata rights to subscribe in the ratio of ten old shares for one new share at $100 a share, according to the statement. The debentures are to be publicly offered. Part of the proceeds of the financing will be used by Dow Chemical to redeem $5,000,000 of its outstanding 15-year 3 percent debentures at 102'i. Balance of the proceeds will be added to cash funds and will be used for plant additions and improvements.

Southern Pacific I used to facilitate trade and expand i pay rolls. Hazelett. who chairman of the Hazelett. Metals Company reported that Senator Vandenberg, Senator Joseph C. O'Mahoney, chairman of the temixrary national economic committee, Lovell H.

Parker, congressional tax expert, and many other prominent offi- cials were co-operating in the i movement. was the second within a week to quarterly financing program. How- be submitted by a Niagara Falls ever no definite decision has been industrial company. Last week the Mathieson Alkali Works, applied for a permit to erect a large new plant addition. Building Awards Lower on Week Engineering construction awards in the week ended Aug.

29 amounted to $57,444,000, a drop of 55 percent from the near-record volume of the previous week and 14 percent below the corresponding 1939 period, the Engineering News-Record reported today. Volume in the previous week was $128,449,000 and in the year ago period $67,009,000. Private awards amounted to compared with $19,014,000 the previous week and $24,228,000 a year earlier. State and municipal contracts were valued at $28,674,000 against $29,599,000 a week earlier, and $29,791,000 a year ago, while Federal volume was $8,452,000 against $79,836,000 and $12,990,000, respectively. Total awards for the year through Aug.

29 were $2,134,721,000 compared with $2,055,915,000 in the corresponding 1939 period, an increase of 4 percent. FOREIGN MONEY reached to undertake a major financing operation next month. This is due mainly to the fact that the international situation is so acute that Government financial officers are reluctant to commit themselves to a sale of securities until the last moment. If the RFC goes to market, it is likely that $350,000,000 to notes may be sold. The proceeds might be held in their entirety by the lending agency to swell its own balances or a part may be trai-sferred to the Treasury as a payment on its pledge to return $350,000,000 capital funds to U.

S. Security Sales By British Decrease Treasury Figures Reveal Significant Drop In Aggregate Liquidation as Prices Slump Issue Marketed Halsey, Stuart Company, today headed a banking syndicate offering $11,820,000 of the Southern Pacific Company's 2'i percent serial equipment trust certificates. The certificates, dated Oct. 1, 1940, were awarded on an Interest basis of approximately 2.7 percent, and were offered for public sale at prices to yield 0,50 to 3 percent for maturities ranging from 1941 to 1955. They are subject to Inter-slate Commerce Commission approval.

Today's offering was the first equipment trust issue by Southern Pacific since last Summer when it awarded $7,575,000 of 1 to 15 year 2 to the First Boston Add 22 Members To Life Institute The Institute of Life Insurance has admitted 22 life insurance companies to membership thus far this year, bringing total enrollment to 99. Holgar J. Johnson, president of I the institute, announced today. Johnson said that the institute now has as members companies with approximately 62 percent of the life Insurance in force in this country. Tiiese companies, he added, have home offices in 34 States, the District of Columbia and Canada and have policyholders iif every' State of the Union.

Franklin D'Oiier. president of the Prudential Insurance Company of America, has been added to the institute's board of directors, Johnson announced. American Airlines Plans Offering of Preferred Preferred stock financing to th? extent of 100.000 of whirh would be publicly offered is under active discussion for American Airlines, it is reported here. Emanuel Kidder Pea-tody k. Co.

and Lehman Brothers are expected to head the underwriting group. Proceeds of the issue would be used for equipment and other purposes. British Insurance Firms Create Fund Plans for the creation of a protective fund for the benefit of U. S. policyholders of 27 British insurance companies were announced today by O.

D. Duncan of Washington, Aug. 29 (U.R) Net sales of American securi- the Treasury sometime this fiscal ties during May aggregated only $15,489,000, largely reflecting! year, if the RFC issue is side-sharp curtailment of offerings by British interests, the August! tiackeA ln favor of a Treasury issue of the Treasury bulletin disclosed today. bond or lssue' the may coasist of new money borrow- The slowing pace of British liquidation of American inga note retundi8 or a combina. Large World Supplies Of Wheat in 1941-42 Seen Washington, Aug.

29 United States acreage seeded to wheat for Parity of Currencies on gold standings is quoted at present gold relationship in dollars; all others gold dollar parity. Prev.ou; Co-f J.Kir 03i $4 Oil $4 0:7 Quotation! In Cents Prance, trane (5 96) Not auotfd Italy, lira (8 91) 5 05 5 05 Belgium, (26.95) Not quotid Germany, mark (49 43i Not franc '3 07 .2 PO to guiltier N't Quoted Denmark, krone :6.8 Quoted Norway, krone IH6.8M quoted sacti'it. kro.ie 3 r9 E6 European txrhanie Bulgaria, lei 1 Finland. markKa 1' 07 -Greece, drachma C.eci ft Hur.aarj. per.jo C7 19 50 19 50 Yugoslavia, dinar 2 30 2.30 Poland, (17 40'' Not quoted set urines uuruig uie niunui tion of both.

significant in view of the fact that Halsey, Stuart also handled an offering of $85,000 in City of Port- harvest in 1941 will be about the domestic markets broke rather Duncan Mount, representatives same as in 1940 according to pres sharp during that period. ities during the four-week period in May, net sales of $7,848,000 were recorded for Asiatic countries and $3,959,000 for Canada. Smaller sales on balance were made by of the British insurance group. land, 1'3 percent refunding Paper, Pulp Sales Abroad Set Peak Net sales by the United Kingdom in the 28 days ended May 29 amounted to $4,755,000 compared Final details of the plan and the names of the participating companies are expected to be disclosed shortly. The fund, which has been France, the Netherlands and Latin bonds at a price to yield 1 35 percent.

The bonds mature Sept. 1, 1950, and are regarded by the underwriters as legal investment for savings banks and trust funds in New York and Connecticut. with net sales ot jsa.iw.uuu in uie i Amerlca. Switzerland, however, preceding four weeks. Prior to that showed net purchases of $5,908,000.

time, however, British liquidation May apjtai inflow had been proceeding since outbreak i Net apital inflow into the Uni.ed of the war at an average monthly om to Mav 29 ent Indications, the Agriculture Department reports. Moreover, world acreage, excluding Soviet Russia and China, is expected to remain close to the 275.000,000 acres harvested in 1939, the Department said, adding large world supplies seem likely to continue during the 1941-42 season. The Department foresaw a United States carryover at the beginning of the 1941-42 season of 300.000.000 bushels or more. Gimbel Says Department Store Sales Outlook Good Portugal, f.uc under consideration for some time, has the full approval of the British Government, it was stated. Consummation of the plan would make this the third trust established in the United States since outbreak of the war for the protection of American policyholders.

Lloyd's previously established a fund of more than $40,000,000 and the Excess Insurance Company set up a trust of $250,000. rate of $20,000,000. Reflects Lower Values The continued lag in British liq- uidation, the bulletin pointed out, came with sagging market prices here. Billions of dollars in Ameri Far Eastern Exchange Japan, rcn Romty. rupee (2fi 44'1 July and August volume of the Saks Co.

stores was approxi- mately 35 percent to 40 percent -23 45 -30 32 5 57 111 Frfth ATenuel New Yrk Cits amounted to $27,107,000. This was traced to a decrease of $40,617,000 in American short-term funds abroad, an increase here of in brokerage balances and the repatriation of $4,407,000 in foreign securities held in this country. Foreign short-term balances here reached a record high of on May 22 but in the following week dropped to $3,066,410,000, and Washington, Aug. 29 (U.R United States exports of wood pulp and paper exceeded all records in July, reflecting demand from buyers shut off by the war from their usual European markets, the Department of Commerce revealed today. Pulp exports for July amounted to 64.700 tons, a gain of 57 percent over June and 487 percent over July.

1939. Principal customers were the United Kingdom. Japan and Australia, which formerly purchased supplies from Scandinavia July exports of paper and paper products totaled approximately 70-000 tons, an increase of 10 percent over the previous month and 217 ahead of a year ago and sales of nimhPi nms Tnr uhote wrp Knell Leaves bchwabach can security values were wiped out also up sharply, though not quite i Frank J. Knell, president of the during May when Germany invaded sn much, accordine to Adam L. New York Wool Top Exchange and the Low Countries.

During that ShanBi.a Honskone. Canadian Eirhange South American Exchange ArKer.f.r.a 'free Pf'ot Brazil Chile (5 8G) Peru (28 00) Urugus? 1 0342i Gimbel, president, or saks ana a former president of the New York period the Dow-Jones industrial Cotton Exchange, has announced 1 stock average dropped from 148 43 144TH COSSF' TNVl F'FFl RE DlTTTtM nairte-rlv d.v:uenJ ot 1 a soa I Krt en up-n t1' Preierred v.t of hf ti Covirw, paaote in at-h in Otnher 1, r40, to st'Xkhnldcri nt record at tSe close of raisings September 10, 1940. CVcks will be mailed. IlriMvwD A. Hakvty, Trmnrtr Afit 21, JS at the close of April to 116 22 at the for the four-week period showed a 5 3.50 15.75 22 SS 5.

3 50 15.75 36 01 Continue Tin Trading The Commodity Exchange, announced today that trading in Straits tin futures will be continued after Dec. 31. Previously it had been voted to terminate trading in the contract after that date. director of Gimbel. Mr.

Gimbel declared that he believed the national sales outlook was extremely good, partly because of the impetus given by the national defense that on Sept. 1 he will sever his connections with the firm of E. J. Schwabach Co. He will continue on both exchanges as an independent floor broker.

decline of $9,203,000. Movement of short-term balances was highlighted by withdraway of $33,982,000 in Swiss funds. end of May, a loss of 32.21 points, or approximately 22 percent. Of the total net sales made by foreign holders of American secur- percent ahead of a year ago. Par given reprc-entg old dollar.