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July 1, 1929

Revisit the news, notable people, and historical moments connected to this date.

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Headlines from July 1, 1929

TAX CUT FORECAST ON EARNED INCOMES DUE TO BIG SURPLUS; $185,000,000 Is Accumulated for Fiscal Year--$300,000,000 Likely by Dec. 31. TOTALS AMAZE MELLON Secretary Calls $220,000,000 Gain in Individual Income Returns 'Remarkable.' DEBT NOW $16,931,000,000 Reduction of $673,000,000 Brings It to Lowest Since War--Saving in Interest Is $54,000,000. Increase in Income Tax Yield. Expect $300,000,000 Surplus Dec. 31. Prospects for Tax Reduction. TEXT OF MELLON'S STATEMENT RECEIPTS: Big Rise in Individual Income Tax. Drop in Internal Revenue Yield. Comparisons With 1928. EXPENDITURES: Increase in Government Outlay. SURPLUS: THE PUBLIC DEBT:

By Special to The New York Times

Fiscal yr closes with surplus of $185,000,000

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BRITISH URGE ACTION FOR PEACE ACCORDS BEYOND ARMS TALKS; Feel Time Is Ripe for Wider Discussion and Fear It May Be Lost in Some Minor Dispute. PREMIER WILL PRESS VIEWS King's Speech Tomorrow Will Tell His Hope for Concrete Understanding With Us. MORE GOOD-WILL SOUGHT "Hearts Count as Well as Yardsticks," Says J. L. Garvin, Urging Greater Confidence. MacDonald for Wider Scope. League Union Urges Action. BRITISH URGE ACTION FOR PEACE ACCORDS Date of Premier's Trip Uncertain.

By Edwin L. James. Special Cable To the New York Times.by Edwin L. James

J L Garvin says "hearts count as well as yardsticks" in Anglo-Amer relations

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Notable Births

Gerald Edelman

1929Gerald Edelman, American biologist and immunologist, Nobel Prize laureate (died 2014)[†]

Gerald Maurice Edelman was an American biologist who shared the 1972 Nobel Prize in Physiology or Medicine for work with Rodney Robert Porter on the immune system. Edelman's Nobel Prize-winning research concerned discovery of the structure of antibody molecules. In interviews, he has said that the way the components of the immune system evolve over the life of the individual is analogous to the way the components of the brain evolve in a lifetime. There is a continuity in this way between his work on the immune system, for which he won the Nobel Prize, and his later work in neuroscience and in philosophy of mind.