davidaulloa/AmericanStories huggingface dataset:
Evening star., 1940-07-25
S83, 900, 900 Offer Voted
For Puget Sound Power
By the Associated Press.

By the Associated Press.
SEATTLE. July 25.-Trustees OF
the Consumers Non-Prof1t Public
Power Corp. of Seattle authorized
cash offer of sS3 1000 900 last night
for the entire property and business
of the Puget Sound Power & Light
Co.
The corporation was formed by
public utility district commissioners
to seek acquisition of the Puget
Sound concern through negotiation
and purchase. Another group of
commissioners seeks to acquire
Puget Sound through condemnation
proceedings in Federal Court.
The corporation directed Guy C.
Meyers of New York, its fiscal agent
and negotiator to make the cash
offer to the electric company
Meyers also was asked to report
on the best terms he could OBJ
tain for floating of a bond issue
by which the corporation said it
planned to get the necessary money.
Frank Mclaughlin, president of
Puget Sound, could not be reached
last night for comment.
If such a sale was effected, the
corporation said it planned to lease
distribution facilities to organized
public utility districts with option
to purchase.
Evening star., 1940-07-25
Reasons
| or n | mess
lOf Market
~ ths Associated Prsss.

= ~ s x
NEW YORK, July 25.-Why Il
stock market trading the dullest in
22 years-since the end OF the World
War-despite expansion Of indus
trial activity to the highest levels
in q decade for this season and
sharp improvement in corporation
profits?
Here are some reasons given by
Wall Street analysts:
l. Withdrawal OF spectators from
the market to await decision in
the battle of England, on which
great economic questions are held
to depend.
2. Anticipation Of higher taxes in
the United States, including levies
on excess corporate profits and
prospect these may absorb much Of
the anticipated gain in earnings.
3. An urge to mark time until the
presidential election moves toward
more nearly conclusive stage.
4. Loss OF trading contacts with
Continental Europe's financial CEN
ters and wartime restrictions in
Canada and England.
5. The transition from peace time
TO war production.
6. Possibility of sharp and sud-
den, although perhaps temporary,
business setback in event of early
peace in Europe.
Evening star., 1940-07-25
ulslaIIlilI IIlee,ss|'
III Living Costs
II ED Possibility
Moderate Advance
Hos Been Only Result
Of War SO Far
BY J. G. DONLEY.
tReleased BY Consolidated News

Features)
NEW YORK, July $3.50 far,
the war has brought about only a
moderate increase In living costs in
the United States. But with wages
high and the work week relatively
short, it is quite possible that heavy
armament expenditures over the
next few years will result in a siz-
able rise.
The cost-of-living index, COM
piled by the National Industrial
Conference Board, had been de-
clining rather steadily for almost a
year up to August, 1889. In Sep
tember, 1889, the first month of
the war, there was rise of 2 per
cent in that index, bringing it back
to approximately the level of Sep
tember, 1888. There has not been
much rise since. The latest index,
for June. lo4O, reveals an advance
of only about "a per cent from the
level of last August.
Advances over last August, which
was the low point of long decline,
have been fairly sharp, however, in
food and clothing Combined, these
items account for an estimated As
per cent of the average family
budget of wage earners. And ex-
penditures for both these items
normally tend to expand with in
creasing income, largely for the
reason that the inclination is to
trade up"-that is, purchase more
expensive products.
Comparisons Given.
The following table presents COM
parsons of the conference boards
compilations of living costs for wage
earners for the latest available
month and for the month before
the war began:
Evening star., 1940-07-25
Time Will Be Needed
For Defense Drive,
Sloan Warns
G. M. Chief Declares
Overnight Miracles
Are Impossible
BY the Associated Press.

BY the Associated Press.
NEW YORK. July 25.-Any ex-
pectation that miracles can be per-
formed overnight" in production OF
war machines needed for national
defense "can only lead to confusion
in the program and to unnecessary
disappointment" Alfred P. Sloan,
jr, chairman of General Motors
Corp, told stockholders in special
message yesterday.
Sloan also cautioned against need
less interruption OF production of
goods and materials essential to the
normal requirements of the coun-
try, saying that our internal econ
omy will be strengthened If pro-
duction which does not interfere
with defense work can be main
tanned actively.
Sloan said there was no question
as to the potentiality of American
industry for defense manufacture
nor the cooperative and aggressive
manner in which the tasks are be-
ing performed by all concerned. He
asserted:
The question solely concerns the
essential time necessary to put new
types of products into production.
That is the great problem 1t is
not generally understood just how
important is the time element in
getting ready to produce on large
scale equipment of a highly compli-
Gated technical nature, which pre-
viously has been made only in small
quantities, more or less by hand, or
perhaps not at all. =
Even in the automobile industry,
with its long experience in quantity
production and its yearly model
change, no substitute has been
found for the many months of care
full planning and preparation be-
fore production can be started on
new design. A years intensive
work is essential"
Evening star., 1940-07-25

The purchasing value of the dol
lar was ll5.7 cents in June, as COM
pared with 1863 cents in May and
1888 cents in August, 1899. The
average purchasing value for the
year 1923 is taken as 100 cents.
Col. Leonard P. Ayres, vice presi-
dent of the Cleveland Trust Co.,
recently pointed out that hourly
wages of factory workers are now
three times as high as they were
when the first World War began,
and the average hours of work per
week are, now only about two
thirds as many as they were then"
If Government spending for de-
Tense, large share of which will
60 to industrial workers, climbs to
the s4,000.00 1000 or 5000 900 900
yearly mark, it would seem reason
able to believe, therefore. that fac
tory pay rolls will rise faster than
the output of peacetime consump-
ton goods. In that event, the en-
phasis may be expected to shift to
the demand side of the equation,
with resultant rise in prices of
consumption goods.
Earnings Are Doubled.
Weekly earnings of factory work.
ers, Col. Ayres estimates, are now
over twice as great as they were in
1914 This does not mean that the
| typical worker now has twice as
, much purchasing power as he had
then" he pointed out, "for the cost
of living has advanced Probably
it is true that the typical factory
worker now has real wages that
give him almost per cent more
purchasing power in terms of the
necessities of life than that of the
factory worker in 1914"
But there are ways, other than
sharp price advances by which such
consumer spending may be curtailed
or deferred. Examples are plentiful
among the nations at war. Ration
| ing of necessities is one of the COM
mon expedients to control purchas-
ing and thus turn the excess buying
power into savings or increased
| purchases of luxuries. Increased
taxation of incomes in the lower
brackets produces two desirable
results! 1t helps to provide the
sinews Of war and at the same time
reduces what might otherwise be-
come troublesome purchasing power
at time when productive efforts
should be concentrated upon arma-
ment.
| Another means of checkmating
price imitation growing out of ex-
| panded earning power is to popu-
| larize war loans through sales of
war savings stamps" and small de-
| nomination bonds. In that way the
exercise of expanded purchasing
! power is partially deferred until the
war emergency has passed.
Evening star., 1940-07-25
London
Continued From First Page )

rattle OF machine guns and the thud
OF bombs set up terrific din as the
raiders, their whining motors wide
open. twisted, turned, dived and
climbed to dodge the bursting shells.
Bomber Crashes in Field.
A Nazi bomber crashed in a field
in Southwest England after taking
part in the unsuccessful attack on
the convoy.
Eyewitnesses said British fighters
chased the big craft inshore, smoke
pouring from its still droning en-
gines while the pilot strove desper-
ately but in vain for a safe landing
1T seemed to me and my mate
that it was coming straight for us
and we threw ourselves into a
hedge" said one spectator.
The plane hit low brick wall
and ploughed across the field where
we had been standing. 1t burst
quickly into flames and I saw one
German throw his comrade out. The
man had a broken leg.
The pilot burned to death. A
third member of the crew who was
uninjured was seized by soldiers.
This fellow had package of English
cigarettes in his pocket
Ten minutes before the appear
ance of the bombers, a solitary
plane, flying so high that it was in
visible, left a thin trail of white
smoke.
When it turned tail for France,
eight Junkers 87s swept from the
clouds, cutting loose with bombs
which kicked up huge geysers of
water. A heavy smoke pail hung
over the water sprays, forming a
multi-colored display in the bright
sun.
Dog Fights Break Out.
r. A. F. fighters roared to the
challenge, and a series of dog fights
broke out.
A strong force of British craft
pursued the German bombers to
the French coast while other Brit
ish planes engaged in a free-for-
all with the strong force of German
escort ships.
Watchers along the southeast
coast said the bombers kept coming
relentlessly despite the anti-air-
craft fire which rocked the earth
for miles around.
The bombers split into three
groups, each keeping in formation
as best it could.
The first group attacked the Brit
ish ships lowering near the shore.
The second and third blasted away
at land objectives, from which rose
spirals OF thick, brown smoke.
Later another formation of Is
German planes, apparently fighters,
flew in from the Channel. They
were strung out in long line, one
after the other.
Ground defenses set up a curtain
OF fire and r. A. F. fighters took to
the air to chase them back across
the Channel.
Anti-aircraft guns roared into ac-
ton and shell-bursts dotted the sky.
There came to shore waters the rat
tie of machine guns as fighting
planes attacked the raiders. No
bombs were dropped at first. .
Earlier invading planes were re-
ported over Southwest England. The
night had passed without air raids
a rarity now
The Royal Air Force. despite
thunderstorms and chill winds
which iced the wings of bombers,
continued last night to hammer af
Evening star., 1940-07-25
| I0eznsAnyb biit rieg bases IN
Az 11an1stzy saA % ~ attacksf1

k3ez1nAuyb hlitnxieg bases. IN
Az fantstfy 80 % ~ attacksf1
A y Mait oii ahi,asasA
Great Britain has taken steps 10
halt oil shipments To Germany
through Fascist Spain, thereby
plugging . troublesome new gap In
her blockade Of the Reich, 1t was
reported.
An important statement" In
which Minister Of Economic War
fare Hugh Dalton was expected to
describe for the House OF Commons
this afternoon just what measures
had been adopted was postponed in
definitely without explanation.
Britain's blockade sprung new
leaks with the fall Of France, and
one OF the most important threats
to Britain was the flow of oil. life
blood Of modern mechanical war
through Generalissimo Francisco
Frances Nationalist Spain.
There now are direct land routes
from Germany across France to
Spain, giving Germany indirect use
Of innumerable Spanish ports which
before the fall of France were USE
less to her.
Linked with the blockade situa-
ton was an agreement concluded
Tuesday among Britain, Spain and
Portugal which would dispose OF
more colonial products. The British
agreed payments should be made
through the British-Spanish clear
ing system.
A foreign Office announcement to-
day said the three-way exchange of
notes. signed yesterday, also covered
an agreement regarding acquisition
by Spain of wheat for her own use.
1t added Britain agreed to pur-
chase Portuguese colonial products
amounting to 100000 tabout So
400, ,000) which can be paid through
the British-Spanish clearing system.
Lull in Raids Last Night.
German air raiders laid off
Britain's island fortress last night
for the second night since they
began large-scale daily bombings
June Is. Last nights lull followed
a day Of widespread attacks on ships
and shipping routes. Twelve raid
ers, including one American-made
bomber the Germans seized from the
French, were known to have been
blasted out of the sky by British
fighters and anti-aircraft guns, the
government announced.
A second Amer1can-made plane
was damaged by British Spitfires
These were the first such craft re-
ported put in battle by the Germans
They were described as Chance
Vought 1855 dive bombers.
(This type of craft is listed by
James "All the Worlds Aircraft"
an authoritative manual, as an
export model OF a United States
Navy plane. The Chance Vought
Corp now is part of the Vought-
Sikors. division of United Air
craft Corp. of Stratford, Conn.
The 1856 is a low-wing monoplane
carrying a pilot and gunner with
machine-gun armament and
bomb racks. 1t is decribed as
same as the standard United
States Navy model, with certain
exclusive United States Navy
features removed."C
The Admiralty. in a review an
nounced last night, said that since
the start of the war Britain had lost
one battleship, two aircraft carriers,
three cruisers. four armed mer-
chant cruisers, 26 destroyers, II
submarines, II small naval vessels
such as sloops and gunboats and 81
small auxiliary craft.
Evening star., 1940-07-25
Time Business Index
Drops During Week

BY the Associated Press.
NEW YORK, July 25.-Refecting
lower average spending in trade
centers, Time Magazines index OF
business conditions declined last
week to 94.3 from 964 the previous
week.
The index which is derived from
money and banking figures, reports
not on business volume but on
changes in underlying conditions
likely to affect the volume of United
States business.
Evening star., 1940-07-25
Conodion Industry
Sets New Records
Ry the Associated Press.

By the Associated Press.
NEW YORK, July 25.-Heavy war
expenditures are stepping up the
pace of industry in Canada, the
Bank of Montreal reported today in
its current business summary.
Steel production in the first six
months of the year was at its high.
est point in the history of the in
dustry, the bank said. Output was
IS per cent greater than the same
period a year ago and "A per cent
above the first six months of 1898.
Output of the newsprint industry
continued to advance in June,
reaching the fifth highest monthly
level on record.
Evening star., 1940-07-25
White Motor Sales
And Profits Reach
10-Year Peak
$743, ,52o Net Contrasts
With $46o, ,045 Loss
In 1899 Half
BY the Associated Press.

BY the Associated Press.
NEW YORK, July 25.-White Mo-
tor Co. reported today it's sales
and earnings for the first half of
1910 were the highest in 10 years
and that the half-year's results
were better than for any full year
since 1929.
Profit was $743,529, or sl.19 a COM
mon share. compared with a loss
of s469,o45 in the like period OF 1899.
American Rolling Mill.
American Rolling Mill Co. showed
June quarter net income of $1,07a.-
405, or 20 cents a common share,
compared with $875,671 or l3 cents
a share, in the same period last
year.
Air Reduction Co.
Air Reduction Co. net profit for
the second quarter this year was
81 ,663 ,106, or 81 cents common
share on 2,711,491 common shares.
This compared with profit of ST.
205 $40, or Al cents a share on
1858 1892 shares, in the June, 1899,
quarter.
Worthington Pump.
Worthington Pump e. Machinery
Corp. and domestic subsidiaries re-
ported net profit in the June quar-
ter of Sl,078,922, equal, after pre-
ferred dividends to S295 a common
share. In the like period last year
there was a net loss of sos ,l64.
Freeport Sulphur.
Net profit of Freeport Sulphur Co.
for the June quarter was $3.50, ,573,
or 80 cents a common share. This
compared with s338,530, or AZ cents
share, in the same period last year.
Mcintyre Porcupine.
Mcintyre Porcupine Mines, Ltd,
Canadian gold producer, had June
quarter net profit of s972.831, or
S1.22 common share, against $942,-
99l, or S1.18 share, in the same
quarter of 1899.
Allis- Chalmers.
Allis-C Cha liners Manufacturing Co,
net profit for the June quarter was
81 1,639 ,859, or 80 cents common
share. compared with S990,l45, or
Sc cents share, in the same period
last year.
Otis Elevator.
Otis Elevator Co. in the first half
of this year earned $1,783,629, or
70 cents a common share. This
compared with $1,578,15 or 50 cents
common share, in the same period
of 1889.
Sun Oil Co.
Sun Oil Co. profit for the first
half of this year was $4,973, ,265, or
s1.91 a common share, compared
with 81 ,085 1893, or "a cents q share,
in the first half last year.
Fairbanks Morse.
Fairbanks Morse Co. reported net
profit for the six months ended June
80 of S948,177, or S153 common
share, against s718,397, or S1.20 a
share, in the same period last year.
Aviation Corp.
Aviation Corp. had net loss for
the six months ended May 81 of
s289 1925, compared with net loss
of s1,000,207 in the same period of
the preceding fiscal year.
Pittsburgh Coal.
The Pittsburgh Coal Co., the Ma
tions largest commercial soft-Coal
producer. reported net profit of
SAB, ,93667 for the year ended June
30, compared with net loss of
So, ,494,11086 in the preceding year.
Sales amounted to $39, ,305 1856,
against .$34, SIT last year.
Evening star., 1940-07-25
Electric Auio-Lle
Reveals S3,S7S,
Profit in Half
Result Compares With
$3.50. .e36 in Same
1889 Period
Ry the Associated Press.

BY the Associated Press.
NEW YORK, July 25.-Electric
Auto-Lite Co. reported for the first
half of 1910 net profit of s3,S78.666,
equal to 1924 share on the capital
stock, compared with s2.83O,936, or
$2.36 a share, in the first half of
1899.
International Salt.
Profit of International Salt Co.
for the six months ended June 80
was 1926, 1875, or Sl.36 share. This
compared with sl16,254, or 43 cents,
in the like period of the previous
year.
COngoleum- -Nairn.
Congoleum- -Nairn, Inc, New Jer-
sey and Pennsylvania linoleum pro-
Queer, reported for the half year
ended June 80 net profit of $780,
561, or 81 cents common share.
compared with $9l4,252, or IA cents
a share, in the first half of last
year.
American Radiator.
American Radiator e. Standard
Sanitary Corp. reported for the June
quarter net profit of $1,095 Isl, equal
to 10 cents a share on the common
stock, compared with $360,469, or
cents a share, in the second 1889
quarter. For six months to June
80 net was sl.535 ,905. equal to IA
cents on the common, against $53,-
427. or s1.22 share. on the per
cent preferred in the first half of
1889.
The company stated it received
from foreign subsidiaries in the first
six months S66l ,536 in dividends, but
withheld them from the current in
come report and would not include
them in income statements until
earnings of such subsidiaries for the
full year have been determined.
Houdaille- Hershey.
Houdaille- Hershey Corp, auto
parts makers, reported for six
months to June 80 net profit of
$1,472,711. equal to S160 share on
the class 'B" stock, against $685.
0l0, or 50 cents, in the first half Of
1899.
Warner Bros.
Warner Bros. Pictures, Inc, re-
ported for 80 weeks ended May 25
net operating profit of $2,450,7l3,
equal to So cents share on the
common. This compared with 81
9l2, 1856, or 10 cents, in the like 1899
period.
John r. Thompson.
John R. Thompson reported dur
Ing the period from January l to
FJune IA a loss of $66, 6,29O, after nom
recurring credits and expenses in
connection With lease adjustments,
rs compared with $148,585 in the
corresponding period year ago.
The company stated that although
four restaurants were closed during
the past "a weeks, sales were only
$12,044 less than last year, or S.
100,3 1862 during the 1899 period, as
compared with $5,096,318 in the like
1910 period.
! Chain Belt Co.
The Chain Belt Co. reported net
income Of sl,186.2s9 for the IL
months ending June 80. This is
equivalent to $244 per share on the
l86, ,705 shares outstanding. No COM
parison with the previous IL months
was available.
Evening star., 1940-07-25
Preferred Dividend
Declared by Armco

BY the Associated Press.
MIDDLETOWN, Ohio, July as
Directors of the American Rolling
Mill Co. declared yesterday a divi-
dend of S1.12l5 share on the COM
pany's Az per cent cumulative
preferred stock. 1t will be paid
August 30 to stockholders of record
S.
Evening star., 1940-07-25
Metal Market

NEW YORK. July e5 OP,-copper quiet;
slectrolytie spot. Connecticut Valley, 10 So
| 11.60: export, f.a.s. New York 1000 Tin
steady, spot and nearby. 81 so: forward,
3O;37h;, Lead steady: spot, New York.
b. .0O.6 .O6: East St. Louis. ass Zinc
steady; East st. Louis, spot and forward
6.25. Quicksilver, 196.OO-1as Pig
Iron. aluminium, antimony. platinum, Chit
UNCHANGED.
Evening star., 1940-07-25
IngersoN Rand
Votes Dividend
lOf 81 a Share
By the Associated Press,

bS tIIe ASSUCIdtPU FItSS,
NEW YORK, July 25.-Directors
of Ingersoll Rand Co. today ordered
dividend of 81 a share on the
common stock, payable September
3 to holders of record August S
Previous payment was 81 on June
/, On September l last year a
dividend Of $150 was paid.
Evening star., 1940-07-25
Washington Exchange
SALES-AFTER CALL.

SALES-AFTEK CALL.
Anacostia & Potomac 5s-S1 900 at
1924, $1,000 at 1924, $1,000 at
1925, $1,000 at 1929.
Bank of Bethesda at 30.
Capital Traction 1st 5s-$1 900 at
102, $1,000 at 102.
Mergenthaler Linotype-20 at IS,
at Is.
Washington Gas Light COMO at
24l2.
Capital Traction 1st 5s-$5,000 at
l02.
Evening star., 1940-07-25
Construction Awards 4
Hold a Per Cent III
Above Year Ago Il.
Show Jump Despite
sholp Decline From
Previous Week
By the Associated Press.

BY the Associated Press.
NEW YORK, July 25.-Engineer.
ing construction contracts awarded
this week totaled So, $50, 900. an In
crease OF "a per cent over the cor
responding week year ago but So
per cent smaller than last weeks
record volume, Engineering News.
Record reported today.
Large gains in construction vol
ume during the last three weeks
have lifted awards for the year to
date to level practically even with
the same period last year. For the
first 80 weeks of 1910 contracts to-
tailed $l,742, ,468 900, compared with
81, ,744 $4,000 year ago. =.
Private awards for the year are
rs per cent higher than last year
while public construction is 8 per
cent lower.
Comparison of the weeks awards
follows:
Private.
sIs.75s.ooo slasss, sS ooo asA ssss5 s oCo fsS
State and Municipal.
24'5o7,o0O 26,205,000 26,15o,OO0
Federal
15.071.000 130,136 900 6,52e,ooo
Total.
5e.3soooO 170,s34 900 42.134ooo
Evening star., 1940-07-25
U. S. Treasury Notes
NEW YORK, July 25 fP-Prices quoted
in dollars and thirty.seconds:
London Bar Silver

22n Equivalent 1921 cents based s.
| dollar at 4.03.1 Bar gold 16Ss, unchAngSd
| Equivalent $3.50
Evening star., 1940-07-25
sEx dividend,

TEX dfVldeHu.
4Plus extras. d zoe paid June Is. 1910.
e2G extra sS1400 extra paid Decem-
Der 20, 1899, k20e extra m S1.5Q ex-
ira. p soc paid September 20, 1888.
1910. vS1.OO extra paid January 1910.
y S5 90 extra.
Evening star., 1940-07-25

classifications, with only forest
products and ore showing substan-
tial upturns, made the decline in
total loadings more than is nor
mally expected at this time of the
year.
The Associated Press seasonally
adjusted index of loadings, based
on l929-30 as 100, declined to 1913,
compared with TAT the previous
week and 66.4 year ago.
1910 1889 1888 1887 Ia34-36
I+nw Hish - ~ ~ 80 ;i.33 sSs sss sss5
Evening star., 1940-07-25
Rail loadines Lag
Behind Week Ago.;
Top 1899 Marks
74, 4,8o7-Cor Volume
Is II Per Cent Ahead
Of Lost Year
BY the Associated Press.

BY the Associated Press.
The Association of American
Railroads reported today 729.897
cars of revenue freight were loaded
during the week ended last Satur-
day.
This was decrease of lO,568 cars,
or IA per cent, compared with the
preceding week, an increase of 76.-
232, or II per cent, compared with
a year ago, and an increase of 49,
079, or 25.7 per cent, compared with
1898.
The report classified the loadings
as follows: