Oakland Tribune from Oakland, California • 46

EVERYBODY'S BUSINESS Corn Prices Settlement of AMI CTEw; I Rail Loadings Continue to Steel Strike Steady Southern Pacific Company Buys 950 New Box Cars 44 Oakland Tribune) BUSINESS MIRROR operation, and Don Rollins. manager qf merchandising and service. I Rising said the new ware ations Outlook By SAM 1 NEW YORK, lJuly 1 (iTi as business enters the second The first 34 industrial corporations to report on earn Friday, July EVr DAWSON Profit prospects are bright half of the year today. of their fiscal year show net 12 per cent higher than a them noted improvement, and were suDsianiiai. nanroaa FRANK P.

LUCUS (S Business Column) Construction Awards Top Week Ago NEW YORK, July 1 wv- Heavy construction contract awards reported in the week ended Monday totaled; $439,1 000, Engineering News-Record and Construction Daily said today. The, total, consisting of 673,000 in private construction and $161,442,000 in public construction, compared with the previous week and with $323,867,000 for the like week a year ago. This brought volume for the 26 weeks of 1955 to 000, 38 per cent more than last year's slack pace and 19 per cent ahead of 1935's record rate. The current week's private awards are the highest ever for June week. For the first 26 weeks commercial building has averaged $34,000,000 a week, 41 per cent ahead of tjie previous high.

THE TRADE WINDS Profit Bright on Grain Mart By LAWRENCE N. ELDRED CHICAGO, July 1 UP) Wheat traders made an effort tq get their guard up for next week today1 by liquidating vulnerable lines. Weather over the 'long weekend is forecast to be favor able for harvesting and traders anticipate heavy deliveries at terminals by Tuesday, the next tradina dav. The Iw'inter wheat harvest has been delayed a week or two be hind normal because of rain and wet grain, but the trade expects next week will bring the peak Distant deliveries were least af fected. Corn was quite steady throughout the session, but soy beans sagged as excellent grow ins weatner continued in me major belt.

Oats were easy -Wheat finished unchanged to ls cents lower. Julv SI.97'--1.97: corn was im changed to 3 lower, July oats were to ott. July e.i and rye war unchanged to 'a dowrt, July 01 a. Soybeans were IV, cents lower to higher. July, S2.41 and lard was unchanged to 17 cents hundred pounds higher, July il.vt.

GRAIN RANGE CHICAGO. July 1- Oneii High Low Clo-e WHli 1 uly l.na'4-99 1.99 1.97 1.97'U-97 2.01 1.99 1.99i.- 2M-'t 2.03,w-,s 2.M 2.02" 2.0;t'b-, 1.99 1.97-' i.ga'u-' Sept. 2(n'j Dec. 2.04-04 Mar. 2 Mav 198 CORN Julv 1.42 1 1.4P.

1.42',-' Sept. 1.40', -39', 1.40 'a 1.39'a 1 .4.0 'iW -1 Dec. I. XI 1.34 1.33' 1.33V1! Mar. 11.3V.

1.37 1.36 1.57 OATS 1 July Sept. Dec. Mar. RYE-Julv 1.01.'4-'i Sept. 1.64'4 Dee.

1.08'4-08. Mar. I ll SOYBEANS .64 .67 'a .69 .67 .68" .4 Ol lOO1 1 01 1.04:r4 1.031. 1.04-A4U 1.0fi14 1.07'a 1.08 "i 1.11', 110'a 1.11V Old contracts: 1 Julv 2.42 2 42'a 2.41 '2 2lh-t Sept. 2.31U 2.3HA 2.30 2.301;-lil Nov.

2. 27'. -'a 2.2R'a 2.27'', 2.27-,ii Jan. 2.29' 4 2 281. 2.27U 2.273Wa New contracts Sr.pt.

2.3S Nov. 2 30'2 2.35 2.33V 2.33'i. 2.30' 1 2.30 2.304 Jan. 2.32 M.tr. 2 32'a' LARD fuiv 11.70-72 2.32 2.33 2.31U 2.32)1, 2.31 2.33i 1 1 95 12.20 12.15 1.42 11.97 11.95 11 70 12 (12 12.00 11 11 4 11.90 11 92 12.117 12.ir.

1142 11 ft 11.90 -Srpt. 120.1-02 Oct. 12flO Nov. 1 1 .35 Dec. 1190 J.n.

190 CASH GRAIN fHIPAfifl Julv 'Wheat: No. red S2.03: No. 2 No. 3 til No. 1 red tough No 3 red tough garlicky $185: No.

11 hard 2 06: No. 1 yellow Tiard $2 07. Com: No. 1 yellow si. 50: No.

zi.si.ao. Oats: No. 1 heavy mixed 74'4c: No. 1 heaT white No. 1 white 73n4C Barley, nominal: Malting.

1.50; feed LOCAL GRAIN GRAIN In per bulk hasis. b. tracks at San Francisc: i No. 2 bright Western bar- lev. testing 44 lbs.

$2.27 i No. 1 bright Western mari- i out. testing 4 lbs 2.32'aiS.3. Medium malting types-. 2.45 Good and choice malting types 2.55 No' 1 hard white 3.52,4i.57' No.

1 soft white Heavy dockage wheat 3.45 No. 2 yellow corn 3.68 Si 3.69 No. 2'yehow nulo 2 82'a'i2 8 Sample grdr red feed oats 2.40 fr2.45 M1LLFEEDS Bagsed, per ton. ic car-lots: Standard mill run $53.00 Red wheat bran S5.a04ijS.00 ALFALFA (Baled, per ton. in: car- rhnir nifatfa cfenerallv com parable to U.S.

No. 1 Nn 1 dairv. ppnerallv com- parable to U.S. No. 2 leafy JU.ooraJi.w Nn.

2 dairv. penerallv 'com- oarable to U.S. No. z.iw.u.uu LIVESTOCK MARKET SOUTH SAN FKANCISCQ Pi I.iveMork: July CATTLE Salable ior wrek 2.050. Com-' oared with last v.cci-.

supji-v nn this eason. opened slow. ac-tivp alter Mondav. slaus classt-- un- evenlv weak to '50 cciit lower, feeder stfrs mostly to Fed sltecis scarce, lew loads good tliort-ieeaers S2J Oii-2'. 50: utulilv and commorcial steers cutters, one lot hioh enori fed heifers $20.00: k-omnimiciai hi.Hn.-i 75 nn UI11IV ana cornmercidl cows SU.00-13.-iO: earners anrt entters SR5O-1100: slullv cairncrs fi 50 and commercial nuns S14OO-1K00 lew S16.30: mo-t sood im 900-lb.

feeder steers few 7 ciano oo- few cnod 650-7W-ID. teeaer neners 00. and good 16.no. CALVES- Salable for week Com pareti with last week, moderately active, slaughter classes steady to weak, few stocker calves about steady. Most good rnd choice vealers and slaughter calves tin' to 450 lbs.

no; commctrrial and good grades few lot: good 35f)-400-lb. stock steer calves $118.00 i9.oo. HOGS -Salable for week 20. Com, narrd with last week, the comDanv placed temporary embargo on all local California hogs throughout the week. This embarqo will be rcmioved to receive hogs on Tuesday.

July o. 19oo Few Ghoice 190r220-lb. butchers $21.75 on Mondav. SHF.F.P Salable for week 13. .100.

Compared with last week, moderately active. Slaughter lambs around 50 cents to Sl.OO lower slaughter yearlings and ewes about steady. Three loads choice and' prime 105-lb. wooled California Sierra Mountain spring lambs $20.75 most good and choice wooled spring lambs $20.00. few $20.50: most good! and choice shorn spring slaughter lambs with No.

2 pelts sl900-19'50; one load $19. i3. several shipments to S20.23 on Monday; few lots good and choice sihorn yearling wethers cull to chhice shorn slaughter ewes 00. Move Ahead WASHINGTON, July 1 CD Railroad freight loadings con tinued the recent steady! advance last week, reaching a total of 1799,472 cars, the Association of American Railroads reports. This volume for the week ended June .25, was 14.047 cars or tt.8 per cent above the ore- ceeding week and 86,312 cars or 12.1 per cent above the same year ago but ,1878 cars "i pci uciil ueiuw me tor- i j.

I if i j-iuduuigs uy classifications, with increase or decrease from the) previous week and ithe corresponding week a year ago, follow: Last Wcelc Previous Week Year Ako Miscl. freight 386,885 Less than carlot mdse. 1 67.173 Coal .....133.345 Grain and grain products 58.143 Wtt. dist. 38.823 Livestock 5.546 dist.

3.8!3 Forej-st products 48.313 Ore 88.274 6.673 551 3,516 fi.599 13.873 I i i 5.785 7,010 88 142 10.403 4 16.686 4- 4.397 4.48! 5,021 63 509 7.032 614 Coke Daily Crude Oil Output Declines NEW YORK. Julv 1 The dailv average eross crude oil ind lease condensate produc tion! increased 11,100 barrels in the week ended June 24th, totaling 6,636.700 and compared with 6.509t800 barrels a year ago, the American Petroleum Institute reported jtoday. Rlefining companies ran to stillis 7,464.000 barrels of crude oil daily. The daily average for week' was 7,520,000 barrels. A year ago runs were 6,939,000 barrels per day.

Total U. S. heavy fuel production was estimated at 7,615,000 barj-els, against 8,109,000 the previous week, and 7,374,000 barrels a year ago. Light fuel oil production was estimated at barrels compared with 11,205,000 barrels the previous weejk, apd 9,700,000 barrels a yeaf ago. Finished and unfinished gaso line stocks totaled 1B4.471.000 barrels compared with 000 barrels a si of the previous week, and 168,147,000 barrels a year ago.

Unfinished gasoline stocks totaled 10,862,000 barrels. Tptal estimated gasoline pro duction in the United States amounted to 25,850,000 barrels, against 25,535,000 barrels the, previous week. Jverosene pro-! auction was 1,946.000 barrels agajnst 2,197,000 barrels the previous week. The daily imports of crude oil pnd petroleum products east of California for week ended June 24 were, crude oil 690,400 barj-els, residual fuel oil 255,600, distillate fuel oil 2,700, asphalt none, others none, a total of 948,700 barrels. California total wasj 91,900 for a grand total of 1,040,600 barrels.

Bakersfield Bank Branch Approved First Western Bank and Trust officials announced that the Federal Deposit Insurance has I approved the establishment of a branch of the new banking firm in Bakersfield. P. Coats, chairman of First tern Board, said the plans the new Bakersfield office We for are now being completed with a view to opening the new facility as soon as possible. Cjoats said that a long term lease has been negotiated covering I the southeast corner of 21st and streets. N.Y.

COTTON MARKET NtW YORK, July l-i-l' Cotton fu- turef closed 40 cents a bale higher to 10 cent-- low1)- than the previous cise: riiih Low Cto-ie Juiyi J01 a3.MO J4.c0-4.01 Octdber 34.19 34.07 34.16 December 34.22 34.29-30 March .....34.15 34.10 34.15 May 34.33 34.25 34.2flb Julvi 33.88 33 81 October 33 78 33.73 33. 7H Decerflber 33 77 33.73 33.73 Middling, spot. 24.80n, up 5. n-iNominal. b-Bid.

SUGAR FUTURES NfW July 1 14 Domestic sugar futures No. closed 1 lower: September 5.48b: November 5.5flb. World Sugar futures No. 4 closed unchanged to 4 higher: September 3.22; Mhrch 3.25: May 3.27. Raw spot.

5.95n. n-jNominal. b-Bid. ings for the first six months! income after taxes, running year ago. More than half of in some insiancejs me gairs proms are eveni more im prcssive when compared with a year ago.

In the first five months of this year, net income was nearly double that of tljie previous) year. It is widely expected that when the full six months figUms are in. the picture will continue just about as rosy Bank earnings are expecterj toj be very satisfactory when the financial institutions make their reports in the next week or two. "Higher interest rates from in vestments, and increasing de mand for loans to business, have aided the banks. Other lending institutions are sharing the sajme prosperity.

Utilities arc enjoying in creased sales volume. Electrical power output is hoilv at an aM-time peak. Although! utility raitcs re tightly regulated by GVr ernmcntal agencies, I the gain1 in production is sure toj be reflected in higher total earnings. The 34 industrial corporations that already imported for the first I six months! are among those whose fiscal years don't jibe exactly with ihe calendar year. Their reports can be used only as an indication of what total corporation earnings will look like when, in a month or th; big flood of profit state rnents flpws in.

FIRST HALF NET Combined the 34 showed first Jialf net income of $14,007,509 A year ago the same 34 had combined profit of $65,967,988. The Increase was 12.1 per cent. i But 15 of the 34 slipped back this 'year, most of them slightly. In a few special cases; (in jvyhich the particular firm i appears to be running counter 1 to the trend in its of.vn industry) the was, fairjly substantial! i Among the companies show-i ing notable gains inj profits' this year over last were (firms in the textile," farm machinery, container, rubber and plywood industries. This year two of the 34 were operating in the red.

Last year tone was. The early returns show up another characteristic of this year's business recovery: in many cases recovery is quite as selective as last year recession COME IN SLUMP Some industries still haven't worked out of the slump. Others have been boorhing. Some companies within prosperous industries have had rough sledding. The biggest profit gains ftcr taxes usually re chalked Jlipjby the larger corporations.

Studying the general field bf eorporatc profits before taxes, the Federal Reserve! Board reports that in the first three months of this year they were running at an annual rate of 40 billion dollars. compares with 34 billion in the previous year, a gain of 19 per cent. The board reports hat a study of large manufacturipg companies shows their pre-tax earnings running 40 per cent ahead of the previous year in the first quarter, with every indication of a continued rise in the threC months that ended yesterday During all of 1954 these pre-tax earnings were from 1953. off IS 4 per cent The outlook for profits after taxes in the final sixL months of this year also appears good. Ris ing labor costs and the threat of crippling strikes are the chief clouds on the horizon.

The Ups Stocks i By STEVEN V.I DAVID NEW YORK, July 1 lift The stocks market advanced today wjth settlement of the steel strike. settlemen News, of the brought: a flood of buy orders and steels led the market higher. Subsequent prof it taking Market Holiday NEW YORK, July 1 Financial and commodity markers throughout the United States will be closed Independence Day, Monday, July 4. trimmed most gains; but in late afternoon another rally got under way. Trading quickened as the sec ond rally got going and volume for the day was estimated, at about 2 million shares com pared with 2,370,000 yesterday.

Stronger groups included the aluminums, drugs, utilities, tex tiles and rubbers. The coppers were higher despite strikes in the industry. A block of 50,000 shares of International Hydroelectric Sys tem class traded at 32 Vz Up J2. Monsanto and American Vis cose sciored wide advances. Bank America Reports Further Gain in Assets i I i- The world's largest (bank is getting bigger and wealthier.

The Bank of America today announced record highs in total resources, deposits and loans for the first half of 19a5. The bank said its total re sources at the close of business yesterday were $9,240,087,971, increase of more than 000,000 over mid-1954. It said deposits total $8,390,597,004 an increase of some $794,000,000 and outstanding loans total more than 4.3 billion up $396,000,000. President S. Clark Beise said there haj been a consistent upward trend in loans, the bank's major earning asset, and Indica tions are; that this demand will Net earnings for 1955V, first half, before profits from security transactions and before allocation of earnings to reserve for possible joan losses, totaled 047.347 fir $1.46 a share on 'he bank's HOOO.OOO outstanding snares.

He said this compares with $34,624,423 or $1.44 a share for the first half of 1954. The bank said its totai capital funds amount to $544,606,754. years ago because foreign than hear ago which was greater than the gain in income. Moreover, people jhave been withdrawing more; than they have putj into savings accounts. The gain in the savings banks deposit total is due imaihly to interest accruing.

1 What the average consumer does and will do isn't being given adequate consideration by manufacturers and trade associations. Mr, and Ima Buyer still account for the largest part of the spending, in this country. What they say and think has a great impact on the economic trend. Corporate heads had best start a cpnsumer relations program the most modern tool of trade that builds a believing following. State and municipal operating costsi are steadily increasing.

It spells out higher sales taxes. Revenues must be had. Texas shows what to expect. To meet a jump of $116,000,000 in spending over the next two years, the legislature hiked the levies on gasoline to 5 cents a gallon; to 5 cents a pack on cigarettes; to $4.30 a barrel on beer a $2.30 jump; and, a 25-cents boost in corporate franchise tax to $2.25 per $1,000 of capitalization. The new rates become effective in: September, and will add $50,000,000 to the State take.

Want to do business with foreign countries? More than 100 foreign purchasing; agencies are in the United States representing 50 countries. Get their listing by writing: Superintendent of DocumentsJ.S.I Government Printing Office, Vashington. 25, D.C. Ask; for the booklet "Foreign Government! Purchasing Agencies," The price is 10 cents per copy. the and sailing from Los Angeles itomorrow.

Company offices in Puerto Rico will be closed at the end of July Election of Thomas G. Mc- Guire as president oft the Indus trial Indemnity Company was reported today by K. K. Bechtel, a director-and president of the firm since 1931. Bechtel becomes chairman of THOMAS G.

McGUIRE the board. McGuire, who joined Industrial Indemnity in 1938, was made executive vice presi dent and a director in 1945. He lives at 3941 Happy Valley Road, Lafayette. James C. Roberts, 50 Robert Road, Orinda, has been named contracting manager in.

charge of the San Francisco district of fice, American Bridge Division, United States Steel Corporation. He succeeds J. R. Fox, who is retiring after almost 46 years of service. Joseph Ferro, of the Melrose branch of Bank of America, has completed 25 years of service with the firm.

A one-day "mortgage clinic" will be held July 19 at the Claremont Hotel, according to John I. Hennessy, executive vice president of the Associated Home Builders of the Greater Eastbay. The local group will handle the arrangements for the spon sor, the National Association of Home Builders. The meeting will be devoted entirely to home financing and -is certain to cover current charges of "overbuild ing" being made in some quar ters, Hennessy said. R.

E. ClawSon and Dale Smith have been appointed city freight agents in Oakland for the South em Pacific Company, it was reported today by C. H. Reeves assistant general freight agent. Richard Saanders has been ap pointed Bay Area and Coast region sales representativle for Forest Fiber Products hard RICHARD SAANDERS board manufacturers of Forest Grove, Ore.

He will have head quarters at 24 California St. San Francisco. Hersh's Printing Company to day has moved to new and larger quarters at 9328 E. 14th the firm reported. Ducommun Metals and Supply Company next.

Wednesday will open a wortnern Laniornia di vision at 2550 Seventh St was reported today bv Russell Rising, vice presi dent of sales.1 Joseph W. Rabb has been ap pointed manager or the inew HAVEN Ithe East Bay Headquarters for Machinery, Power Teeia anal Supplies De Waft Saws Delta Power Tools Skil tools. Electric and Pneumatic Stanley Electric Tools Boicc-Crane Tools Yates-American Machinery Porter-Cable Machinery i Disston Blades, Dados, Knives, Hacksaw Blades and Metal Bands GE Motors and Controls Onan Generators Standard Drills, Taps and Diet Simonds Grinding Wheels Ramset Fasteners 3M Sanding Disc and Belts SALES RENTALS REPAIRS 950 14th St. TE 4-f110 Southern Pacific Company has ordered another 950 box cars costing about $8,250,000, it was reported today, by D. J.

Russell, president. The new order raises the number of freight cars acquired, or on order by Souther Pacific since World War ill, to about 44,000, of which 26,000 are bpx cars. Russell said that together with purchase of Diesel locomotivs in the postwar period, a total of about $568,000,000 has been spent or authorized to date for new equipment. Robert Hooier, 858 Para mount Road, has been elected vice president of jthe Oakland California Towel Company, it was reported today 'by Brooke Petray, president, i Hoover will retain his posi tion as assistant secretary, i The firm has head offices here and 10 branches and subsidiary com panies located between bacra-mento and Pasadena. I.

Brewster, 1866 Melvln Road, has won first prize of a $1,000 color television set in a contest sponsored'lby the men's sport shirt firm, Artvogue of California. Brewster entered the contest at Kahn's Department Store. Norman H. Strouse, formerly of San Francisco, is i newly-elected president of tne J. Walter Thompson Company.

He succeeds Stanley Resor, president since 1916, who be comes chairman. He will nave headquarters in New York but will; maintain an office in De troit, Mich. Strouse joined the advertising NORMAN H. STROUSE firm in San Francisco in 1929 He was assistant Pacif.ic Coast manager when World War II broke out. He enlisted' in the Army as a private, was dis charged as a major iri 1945 and rejoined the Thompson firm.

John Clinch been ap pointed manager, of the Oakland terminal of Shippers Express Company. iHe succeeds William E. who has been trans ferred to manager of the Los Angeles terminal, according to D. Wool ley, president. -Pope and Talbot, Inc.

an nounced suspension of its service to Puerto Kico IroYn West Coast ports. George A. Pope president, said "circumstances beyond our control ave torceaus 10 suspend serv ice to Puerto, Rico." The last Pope and Talbot ves sel calling at Puerto Rico will be WHOLESALE PRODUCE FRIDAY. JLXY 1 i By the Unltrd Prrs FRl'ITS: APRICOTSl-Lots lse. C.

Costa Royqli. tee. S2.75: Tiltons. S2.2."i4f 2.7.M Sollano-Yoi-o Royals, S2.S0. AVOCADOS S.

Calif. 20-24s, $3U 3.3(1. 24-lb. Ius. Coach Vly.

1 nomp. sdiss. SBSi.ft.au; imo. viy. rci -lrttes.

GRAPEFRUIT Marsh sdls ctns 40, Coach, S. Calif. SJ. LEMONS Calif-S. Barb.

ctns 105-12 3 7Sf 4.00.' ORANGES Valrncias bxs 220. Tulare S5.50&5.75; sa.Za. VEGETABLES ARTICHOKES S. Mateo-Marin 2-bx 24-36s. $353.50.

BEANS S. Dieso Ky. wdrs. 8-10c; S. Mateoi bluelakes, 12-13C POULTRY AND GAME Fdf ra'-tt( Miirkt Nw Srri-lre Paying Price f.o.b.Easibay dressed prijre 'to re-Nn 1 Ih'r tailrrs I 'i to 2't lb.i 47648 I- EKS- 4 to lbs 3233 RUA3 1EI13- 4'a 'bs.

and over 4BCI.49 HenF. light type; all weights 31S32 Hens, heavy type, weights J72 39ici.40 OLD RUOSTERS All weights 1112 DUCKS All weight 44Q46 TURKEYS Vnnnn hrns. all i Young toms; ail SQUABS 12 lbs. ana over, per aoz. nutaii.io DOMESTIC RABBITS Under 12 iD- WOSa DAIRY PRODUCTS Market ouoUtiSns furnished by eral-state martcei news erviue, on Francisco: BUTTER Wholesale grade AA.

S3 score 59'ac: grade A. 82 score. 59 'ic; grade B. 9( scoie, S6c. CHEESE (srade Ah wholesale: ched- der loat i9w4jc: Mngis daisies.SB'i 33c.

EGGS Wholesale, large A. va ac; medium A. 37c to 37'ic; snvall A. Poultry Producers Association of Cen tral California auotaltions to retail trade: EGGS Largos AA 49 to 30c; large A. to 4 medium 39i to 40c; small 1 1 Storage Egg Futures CHICAGO.

jjjTv 1 ii Storage eggi Sales ligh Low Clone September i .21 4160 41.20 4L45 .1, 214 43.45 42 10 42.20 October November 1 43.2S 42.90 43.05 December January 17 43 33 4300 43.00 house will be chiefly devoted to metals. Aluminum, brass, copper and stainless steel will bm carried in a wide range of sizes. shapes and finishes. i i Pacific Gas and Electric Com pany win dedicate its new Morro Bay steam; plant July 9 in ceremonies before 300 representative civic and industrial leaders. E's top executives.

headed by James B. Black, board chairman, and Norman R. Sutherland, president and general manager, will attend. Frank P. Lucus has been ap pointed assistant to C.

E. John- son, executive vice president of Pacific Intermountain Express Company. Johnson said Lucus will carry out special assignments hati have arisen as a result of PIE's major expansion program. Lucus came to PIE last year when tha firm acquired the System Tanl Lines, of which jhe was vica president of sales land traffic. I Richard McDowell, 2311 L4 Conte Berkeley, has joined the staff of the Union OilrComr pany's Oleum Refinery as 1 ari ft si 4 'RICHARD MCDOWELL! I engineer.

A recent graduate a Purdue University, he holds sj masters degree in chemical en- gineering. i The first formal written ex aminatian for applicants' aspiring to become licensed landscape) architects will be held Aug. 26; 27 and 28 in Berkeley and Los Angeles, it was reported today by the State Board of Landscape Architects. The final date for filing applications is July 20. Information may be obtained from the board at Room 589, Business and Professions Building, 1020 St, Sacramento.

Appointment of R. D. Irwin aa plant engineer at Rheem Manu- facturirg Company's Richmond plant was reported today by; B. F. Cake, plant manager.

Irwin has been with Rheem since 1952 and was formerly with E. I. DuPont de Nemours as process and methods engi neer. flKSlOE TBItirT CO, IM FfJWClSCO ts cwurr awiwc a turn r. MM mm.

mm, towns tnr mwtmi wrw m. mrstsM. ewesn mttm Tinrr ct. mkiam irear mm Msnut. mer.

tmmt 4 Lb 'tele eo4eeieX' 1 IriKKSIDt 0WtaiijL I San rrmicl Qoartars, 1 1 cwy MMUt I Foreign Trade Pacts Lack Definite Factors By LOU SCHNEIDER NEW. YORK, 1 The cries of "ravishment" and staggering to American industries as a result of Washington's trade agreements with foreign countries fail to acknowledge definite factors. What applies to the textile industry could readily be applied to other industries. Its export volume is consid continuing boom, is the brightest hope. BANK REPORTS hll .11 I I i)KUnd iniit Last vear 7.730.000 Berkelev debits 4.03f, Francisrn clearing 120.oo0.ooo l.oj Angeles debit Zai.KXKJ.OOO FOREIGN EXCHANGE NEW YORK.

July 1 4 Foreign exchange rates follow (Great Britain; in erably below five and seven output is increasing and is increasing these competitors offer more liberal credit terms. To put it bluntly, sav in ternational bankers, Amer ican manufacturers ani traders can no longer sit back. and demand cash letters of credit before accepting ar order. More over, American producers encouraged tjhe competition by their high prices during the immediate postwar years. The foreign trade picture isn't nearly as bad as some industry arid trade association spokesmen declare.

There's a market for most everything, everywhere, if the price, terms and quality meet competition. And Tn American-made goods always get preference, The apparel cloth price tone is strong. Moderate increases' are likely. So says Donald B. Tansill, president; of M.

Lowen-stein Sons. He; doesn't expect a runaway fnarket but suggests near-term buying to cover expected use. 0 0 Automobile makers are prepared with an ace card to help sell the huge accumulation of cars in dealers' hands. Business is usually slow in the summer months, and new models are due in another few months. So, expect the intimation to spread that "1956 models I will surely carry higher price tags." Prices will run higher, but no one can guess how much more.

Competition is keen, and a lot depends upon what trade-ins dealers can offer. In the meantime, it's a buyers' market and they are doing plenty of price shopping. The 1956 models will stress more horsepower and some styling changes. This ts important: the public spent 8 per cent more in retail stores in the first six months Bill to Eliminate Wheat 'Manipulation' Planned WASHINGTON, July 1 Senator Ellendcr La.) said he plans to introduce soon a' bill, to eliminate "Manipulation" of wheat prices by speculators who also own or operate grain warehouses. He said this bill would be the basis of hearings by tne Senate Agriculture Committee in Chicago, probably this fall, on various phases of wheat marketing.

Ellen-der is committee chairman. His announcement came as the eomrnitteej was hearing Thomas D. Campbell of N.M., and Hardin, testify concerning price supports fior wheat. Campbell is one of the country's major wheat e- Ellender later told reporters his proposed legislation would bar speculators in wheat from owning or operating grain warehouses. He said 'witnesses had indicated, "something is rotten ift marketing of wheat." "We want to find out how to regulate it," he added.

Ellender told reporters hei didn't think it was right that speculators could control warehouses and determine what wheat shipped to Chicago could be stored quickly and what could not. He said this had an undine effect on the price of wheat. Canadian dollar in New York open market per rent premium or 101. 43 M.S. cents, unchanged.

I Europe Great Britain (pound 2 7811. tip of a cent; 30-day futures 2 "B'. up' A of a cent; (to-day futures 2. 7711. up 'i of a cent; to-day futures 2.77 Up of a cent; Belgium; tfrancl 1MI1.

off of a rent: France tfranct .28 y. of a cent, unchanged; Ocrmany ext ern i (Deutsche marki 23.85, unchanged: Holland i guilder i 2H off of a rent Italy ilirai of a cent, un changed; Portugal trscudoi .1.50, un- cnangea: swrclrn ikronai 19.34, un-i changed: Switzerland i franci (freei 23.34. vncnangea; uenmarK (Krone, 11 io. unchanged I I Latin America Argentina (freei 7.22J tinchanged: Brazil ifreet, 134. unchanged Mexico 02.

Venezuela iboN Ivan. 30 03. unrhanged. I Far Cast Hong Kong (dollar) 17.40. uncnangcii.

TREASURY POSITION i WASHINGTON July lr-ii The cash oltion of th Treaswy4Xuoe 2B JcomJ with aaihe date a year ago: Balance. f.M9.3SS,M7.M M. 714.33 .89 8j tfepoalta fiacal year July 1. W4JM.4 4oa.t7a.M-71.177.7T4.2ai.2: withdrawals fiscal year. Sel4M.8U.gl6.m-71 J0.43.4 452: total debt.

S373J03.S71.44a.l7tt fold asseU. tlnoludaa debt not ub- Ject to tatutecx imut. sit i 4 I 'i-; l'-i rj'' I.1':';'1 )' i -1.