Evening star. [volume], August 06, 1940, Page A-17, Image 17

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
New 'Big Steel’ Chief
Resumes Open Forum
At Board Meetings
Olds Greets Newsmen,
Submitting to Questions
As Did Judge Gary
By the Asiocieted Press.
NEW YORK. Aug. 6.—Irving S.
Olds, the new chairman of the
United States Steel Corp., has re
sumed the "open forum" feature
of big steel's quarterly board meet
ings after a lapse of many years.
Following last week’s session of
the board, Mr. Olds came out to
greet the score or so of newspaper
men who covered the meeting and
genially invited them to fire away
with any questions they chose to
ask.
Veteran reporters said it marked
the first general press conference
held by a "big steel” chairman since
the days of Judge Elbert H. Gary,
whose question and answer period
initiated in the early years of the
century set a precedent in the rela
tions of big business with the press.
Before Judge Gary came on the
scene it had been the custom of
most big corporations to tell the
press as little as possible about their
affairs, and in many cases the same
secretiveness characterized their
contacts with stockholders.
Judge Gary died in office in 1927
and that was the end of the steel
press conferences although pub
licity policies which he inaugurated,
dealing with stockholders’ informa
tion, were continued.
Judge Gary's immediate suc
cessor as the steel corporation
chairman was the present J. P.
Morgan. Nobody expected the
banker to continue the Gary quar
terly forum because from his youth
Morgan had shown a marked aver
sion for group meetings of news
papermen. He was just uncom
fortable in such an atmosphere.
Taylor Reticent, Too.
Myron .4?.. Taylor, now President
Roosevelt's special Ambassador to
the Vatican at Rome, took over the
big steel chairmanship in 1932. He
handled himself w'ith a mob of
newspapermen much better than
Mr. Morgan, but in his six-year
tenure he seldom made a personal
appearance after the quarterly
board meetings to talk things over
with the reporters.
Then came Edward R. Stettinius,
Jr., as chairman for a two-year
stretch from which he entered the
National Defense Commission a few
months ago. The young industrialist
apparently wasn't keen for the Gary
system either, although his relations
with individual newspapermen were
cordial.
In ending the "drought,’ Mr. Olds
gave the impression he would be
around regularly to talk for and off
the record on the affairs of Big
Bteel.
Dry Goods Market
NEW YORK. Aug. u ».•?.—Dry goods:
Brisk demand for ducks in the Worth
stree* textile market today contrasted with
negligible converter buying in print cloths
despite U. 3. and foreign government
orders.
Small demand from manufacturers for
woolen goods Trade pnc*s on plied rayon
yarns ana blended spun items for fall use
continued «lrm. Th»re light trading
in staples for spring us*5 at fractional
concessions. Silk fabrics marks, remained
quiet although hosiery retailors showed in
creased interest in supplies to fill antici
pated fall orders.
Metal Market
NEW YORK. Aug. 6 iJP Copper steady
electrolytic. spot. Connecticut Valley.
11.25-50: export fas.. New York. U.Pn.
Tin steady spot and nearby. 52.25: for
ward. 50.75. Lead easy. spot. New York.
4.85-90; East St. Louis. 4 TO. Zinc steady;
East St. Louis spot and forward 0.25.
Quicksilver. IPO.nu-lPl.no nominal. Pir
iron. aluminum. antimony. platinum.
Chinese wolframite and domestic scheelite
unchanged.
CARLOADINGS—Chart shows weekly freight carloadings in the last three years.
Detroit Edison Co.
Held Subsidiary of
North American
S. E. C. Turns Down
Plea for Independent
Company Status
By the Associated Press.
The Securities Commission ruled
yesterday that the $350,000,000 De
troit Edison Co., which supplies
electricity to the Detroit area, was
a subsidiary of the North American
Co. system.
Detroit Edison had requested that
it be declared an independent con
cern and not a subsidiary of the
North American Co. or of American
Light & Traction Co., the United
Light & Power Co., the United Light
& Railways Co. or Gardner &
Brown.
The commission denied the appli
j cation with respect to North Ameri
can. dismissed it with respect to
Gardner & Brown, which disposed
of its holdings since the action was
begun, and granted the application
with respect to the other concerns.
‘‘In the light of Edison's and the
unbroken continuity of Nortli Amer
I ican officers, directors and designees
| on the Edison board,” the commis
I sion said, “we do not think that
! Edison has established the proposi
1 tions requisite to the granting of j
\ this application. In view of all the
| circumstances, we do not think Edi
son has demonstrated that it is not
necessary and appropriate in the
public interest and foil- the protec
; tion of investors and consumers
that Edison be subject to the obli
gations, . duties and liabilities im
posed by the (Public Utilities Hold
ing Company) Act upon subsidiary
companies of registered com
panies. * * *
“United, on the other hand, stands
conspicuously in contrast to North
American in all relations to Edison
except that of stock ownership.”
North- American owns 19.28 per
cent of the outstanding voting se
! curities of Detroit Edison. American
j Light & Traction owns 20.27 per
i cent and is a subsidiary of United
i Light & Railways which is a sub
sidiary of United Light & Power.
Boston Wool Market
BOSTON. Aug. (i i.T-i (United States De
partment of Agriculture'.—A few sales
wer- b-'ng closed in the Boston wool mar
ke! today. Inquiries were more numerous,
but trading was confined mostly to original
bat fine territory wools at SO-81 cents,
scoured basis. Choice oriemal wools con
taining a good percentage of staple were
held at 81-85 cents, while wools running
bulk short French combing and clothing
lengths were available at 75-78 cents,
scoured basis.
United States Treasury Position
By the Associated Press.
The position of the Treasury August 3, compared with comparable date a year ago:
August 3. 194(1 August 3. 1939.
Receipts $49,061,649.91 $34,006,649.00
Expenditures 31,145,850.73 41,439,197.61
Net balance _ . _:_ 2,598.092.161.22 2,486,614,270.60
Working balance Included_ 1,867.191,291.06 1,800,078,923.19
Customs receipts for month _ 2,926,013.98 2.953.ol0.2o
Receipts for fiscal year (July 1)_ 412.786,679.68 388,090,519. ,6
Expenditures _ 921,841,616,oO 910,530.921.81
Excess of expenditures!_ 509.054,936.82 522.440.402.05
Dross debt . . __ 43.769,646,502.32 40,685,869.486.12
Decrease under previous day_ 4,501,998.49
Gold assets _ 20.538.158.165.1116,255.909.586.73
ARE YOU GOING ON
YOUR VACATION?
Rates by Rail, Payable in Advance
Moil subscriptions will start day
following receipt of order.
Daily and Sunday Daily Sunday
1 Month _ $1.00 .75 .50
, 1 Week _ ,30 .25 .15
Telephone NAtional 5000
)t Cbening anb feunbap &tar
* ^
Washington Exchange
SALES.
Potomac Electric 6% pfd.—10 at 115
American Security & Trust' Co.—3
at 231.
AFTER CALL.
Washington Gas Light pfd.—50 at
105'g.
Potomac Electric pfd.—10 at
114, 1 at 114, 4 at 1131 a.
Riggs Bank com—3 at 258.
BONDS
PUBLIC UTILITY.
Bid Asked
Anacostia A- Pot 6 s 11)49 ._ 101U 103
Ana & Pot guar 5s 1949 _ 107
Can Traction 1st 5s 1947 103
City A: Suburban is 1948 1013< 103V«
Georgetown Gas 1st 5s 1961 118 _
Pot Elec Pow 3’*s I960 .. 10HV4 _
Washington Gas 5s I960 124 _
Wash Rwy & Elec 4s 1951 107 _
MISCELLANEOUS.
Col Country C 1st 4Us 1957 103 _
Ter Rl A W Cd 1st 4V«s 1948 100 -
STOCKS
PUBLIC UTILITY.
Amer Tel At Tel i») _182
Capita! Transit it.25)_ 12 13 Vi
N A: W Steamboat (4) _ 65 <0
Pot Elec Pow tirr pld (Oi113 1151 -a
Pot Elec P h’a'r pld (5 501- 113'a 115
Wash Gas Lt com (1.501 25Va 27
Wash Gas Lt pld 14.50). "105 _
Wash Ry Ar El com (g36!_ 760 -
Wash Ry Ac El pld (5)_111 -
BANK AND TRUST COMPANY.
Amer See A: Tr Co <e8>_ 231 265
Bank ol Bethesda n.75)_ 30 38
Capital tv4> 155 _
Com At Savings lylO.OO)_300
Liberty ifi) _ . ..._168 180
Lincoln (y5> 200
Nat Sav A- ir (4.00).. 200 220
Pi Georges Bk Ar Tr < t .60) 19 25
Riggs ie8) . _- 750 285
Riggs Dfd (5)_101 _
vsashlngton (6) _ 120 _
Wash Loan & Tr te8>_ 223 _
FIRE INSURANCE.
American (t6i __110 _
i Firemen's (1.40) _ 2b!4 _
i National Union ( 75)_14
TITLE INSURANCE
Columbia (k'lO) _ 14 16
Real Estata imb)_ 15u -
MISCKT .LA.Nf.OUB.
Carpel Corp 12.00)_ 24 29
Garfinckel com ( 70) 9'» 10V*
Garfinckel 6',« cu cv pf (1.60) 24 _
Lanston Monotype (2.00)26 - ..
Lincoln Serv com ttl.00).. 18 22
Line Svc 7% pr pi (3.50)_46 Vi 6*
Mergenthaler Lino <p.5o>,_ 14 15
Natl Mtge A: Inv pi id.20) _ 33,« 4V«
Peop Drug com new (tl.()0)_ 18
Real Esr M A- G Dlb (.50) 6V'« 6‘/«
Security Storage (5) 85
Ter Rel Ar Wh Coro (3)_ 63 60
Wawd & Lotn com ts2.UUi. _ 40 60
| Wdwu A- Loth Did (7)_114 _
•Ex dividend.
tpius extras d 20c raid June 15. 1940.
e 27* extra g 514 do extra paid Decem
ber 23. 1939 k 20c extra, m 81.50 ex
tra p 50c paid September 20. 1938.
s S2 00 Caid in 1039 t 25c paid July 1.
1940. v Sl.oo extra paid January. 1940.
y 85.00 extra.
Investing Companies
NEW YORK. Auk. 6 t7P>.—National As
sociation Securities Dealers, Inc.
Bid. Asked.
Admin Ed 2d Inc_10.13 10.78
Aeronaut Sec _8.10 8 00
Affiliated F Inc_2.43 2.6H
! "Amerex Hold_13.00 14.50
Am Bus Shrs_ 2.77 3 .OH
Am For Inv _5.04 6.56
Am Ins Stocks _ 3.00 3.50
Assoc Stand Oil . -- 3.875 4.625
•Bankers Nat Inv Corp A 5.00 6.00
Basic Industry _ _3.27
•Blair & Co _ .875 1.50
Boston Fund Inc_13.18 14.17
British Type Inv_ 14 .20
Broad St. Inv_20.22 21.86
Bullock Fund _11.3,5 12.375
Can Inv Fund - - - 2.45 3.25
•Central Nat Corp A"_20.00 23.00
•Central Nat Corp "B"_ 1.00 2.00
Century Shrs Tr_22.04 24.66
Chemical Fund_9.25 10.01
Comwlth Invest.. _ 3 07 3.34
•Continental Sh pf_ 8.25 9.25
Corporate Trust _2.09 -
Corporate Trust A A_2.06 -
Corp Tr Accum _2.06 -
Corp Tr A A mod_2.42 -
Corp Tr Acc Mod_2.42
•Crum A Forster _ 27.25 29.25
•Crum A Forst 8^7 Pf_115.00
•Crum A Forst Ins B_ 28.50 31.00
Crum A Forst Ins 7 Pf-110.50 llo.OO
Cumlative Tr Sh -- 4.23 -
Depos Bk Sh N. Y. "A"_1.34
Depos Ins Shrs "A"_2.61 -
Diversified Tr C_3.20
Diversified Tr D_5.1a 5.80
Dividend Shrs -99 1.10
Eaton A How Fund "A-l’ __16.29 17.a0
Equity Corp S3 Pf_19.75 20.2a
Fidelity Fund Inc -15.70 16.90_
•First Boston Corp_15.375 16.8,o
First Mutual Tr Fd_a 58 h.18
Fiscal Fund Bk Sh_ 2.20 2.44
Fiscal Fund Ins --.96 3.-9
Fixed Trust Sh A_8.32
Found Tr Sh A _3a» 4.05
Fund Investors Inc-14.50 15.,6
Fund Tr Shrs A_4.29 o.04
Fund Tr Shrs B_3 90
Gen Investors Tr-,4.43 4.82
Gen Capital Corp 25.09 26 98
Group Sec Agricultural- 4.35 4 ,4
Group Sec Automobile- 3 ,4 4 08
Group Sec Aviation- ,.38 8.1 3
Group Sec Building- 4.64 5.66
Group Sec Chemical-a.88 6 40
Group Sec Foods -3 ;8 4.1
Group Sec Invest Shrs 2.49 2.72
Group Sec Merchandising - 4.68 5.10
Group Sec Mining - 4 59 5 00
Group Sec Petroleum-3 a2 3 8
Group Sec R R Eauip-3 -3 3 53
Group Sec Steel - 4.68 5 10
Group Sec Tobacco- 4 54 4.95
Incorp Investors -1)99 13 9.
Independence Tr Sh - 1 95 - 18
Instl Sec, Bank Group- .95 1.05
Instl Sec. Insurance- 1.1b 1--8
Investment Co Am -15-2? 18 95
Investors Fd "C" Inc- 8 ,1 9.30
Keystone Custodn B 1_2a.9, -84
Keystone Custodn B 2 - 20 09 22.03
Keystone Custodn B 3 - 12.61 1390
Keystone Custodn B 4- 6.40 <-94
Keystone Custodn K l- 13.22 14 54
Keystone Custodn K 2 - 8.02 8.87
Keystone Custodn S 2-11.26 12.42
Keystone Custodn S 3_ 7.48 8.3h
Kevstone Custodn S 4_ 2.97 3.36
Manhat Bond Fund _ 6.44 ,.11
Maryland Fund - 3.65 4 75
Mass Invest Tr -_ 17.42 18.73
Mass Invest 2d Fund Inc__ 8.33 8.96
Mutual Invest _ 8.92 9.75
Nation Wide Sec _ 3.22
Nation Wide Voting_ 1.02 1.16
National Investors _ 5.22 5.63
New England Fund _10.24 11.04
N Y Stocks Automobile_ 4.29 4.68
N Y Stocks Aviation _ 9.72 10 51
N Y Stocks Bk Stocks _ 7.77 8.4 L
N Y Stocks Bldg Supply 4 71 5.11.
N Y Stocks Chemical _ 7.90 8.55
N Y Stocks Elec Equip_ 6.80 7.35
N Y Stocks Insurance_ 8,98 9.71
N Y Stocks Machinery- 7.20 7.80
N Y Stocks Oils _ 5.83 6.32
N Y Stocks Railroad_ 2.42 2.62
N Y Stocks R R Equip_ 4.98 5.41
N Y Stocks Steel —- 5.83 6.32
North Am Bond Tr ctfs-45.7ft -
Nor Am Tr Shrs 1953_ 1.94 -
Nor Am Tr Shrs 1955 - 2.47 -
Nor Am Tr Shrs 1956 2.42 -
Nor Am Tr Shrs 1958 _ 2.95 .
Plymouth Fund Inc_ .33 .38
Putnam (Gi Fund _12.24 13.09
Quarterly Income Sh- 6 40 7.20
Repres Tr Shrs_ 8.76 9.26
Repub Inv Fund _ -- 3.00 3.37
'Schoellkopf-Hut A Pom _ .25 1 00
Selected Am Sh Inc_ 7.54 8.22
Selected Income Sh_ 3.71
Sovereign Invest Co_ 5.47 6,05
Spencer Trask Fund_13.52 14.36
Stand Util Inc _ .28 .34
•State Street Invest_ 69.00 61.00
Super of Am Tr AA_ 2.24 -
•Trustee Stand Inv C- 2.14 -
•Trustee Stand Inv D_ 2.08 -
•Trustee St Oil Shrs A — 4.66 -
•Trustee St Oil Shrs B.__ 4.24 _
Trusteed Am Bk B _ .48 .53
Trusteed Industry Shrs_ .71 .79
U S Elec Lt A Pow "A"-__ 15.375 -
U S Elec Lt A Pow • B',-__ 1.99
Wellington Fund - 12.50 13.76
•Not auoted by sponsors or Issuers.
Quotations furnished by National Asso
ciation of Securities Dealers, Inc. which
states they do not necessarily reflect actual
transactions or firm bids or offers, but
should indicate approximate prices and
unless otherwise indicated are as auoted by
the sponsors or issuers.
Italy is urging growers of Liguria
to raise more tomatoes.
Celanese Discloses
$4,522,580 Profit
In First Half
Result Compares With
$3,027,774 in Same
1939 Period
By the Associated Press.
NEW YORK, Aug. 6—Celanese
Corp. of America reported net profit
for the first half of 1940 totaled
$4,522,580, equal after charges and
taxes to $2.86 a common share,
compared with $3,027,774, or $1.73
on common, In the comparable 1939
period. Dr. Camille Dreyfus, presi
dent, told stockholders in the re
port, "The demand for your com
pany’s products continues in excess
of its capacity to produce.” Plants
are at Cumberland, Md„ and
Pearisburg, Va.
United Air Lines.
United Air Lines earned net in
come of $577,130 in the June quar
ter. equal to 38 cents a share,
against $216,123, or 14 cents, in the
like 1939 period. Revenue passenger
miles flown during the three months
jumped 61.5 per cent to 61,187,583
from 37.896,785 in the second quar
ter of 1939.
American Water Works.
American Water Works & Elec
tric Co. and subsidiaries earned net
income in the sixth months ended
June 30 of $2,183,587, equal to 67
cents a common share, compared
with $1,019,252. or 18 cents on com
mon in the comparable 1939 period.
West Penn Power.
West Penn Power Co. showed con
. solidated net income for the first
j half of 1940 of $3,599,639, equal to
i $1.00 a common share, against
$2,901,740, or 70 cents on common.
| in the first half last year.
Mack Trucks.
Mack Trucks. Inc., reported net
profits for the June quarter of $702,
847, equal to $1.17 a common share,
compared with $257,628, or 43 cents
a share, in the like period of 1939.
! For the six months ended June 30
earnings of $814,296 equaled $1.36 a
share, compared with $162,756. or 27
cents a share, in the 1939 half year.
Insurance Stocks
NEW YORK. Aug 6 <.-P<.—National As
sociation Securities Dealers. Inc.:
Bid Asked.
Aetna Cas <4a) _120*a 125
Aetna Ins (1 60a> _48 50
Aetna Life • 1.20a) _28* 4 2934
Am Equit (1) _IK 19>2
Am Ins Nwk (‘.’a) _ 12*4 1334
Am Re-Ins (1.60a)_ 4234 4434
Am Reserve <1*2) _ 16* a 18
Am Surety <2*2* _47‘4 49)4
Automobile da* _ 34 36
Balt Amrr (.20a) _ 634 7*4
Boston (J6a* _ 585 605
Carolina (1.30) _ 28 29*4
City of N Y (1.20) _21 22*a
Conn Gen Lif (.80) _ 26 27
Contin Cas d.2U) _ 34 36)4
F;d A Deo (4 ) _114 118
Firem’s Nwk ( 40) _ 83i in
Frank Fire (la' _ 27*4 29
Gen Reinsur (la)_ 38*4 40)4
Georg Home (la) _23 % 25
Glens Falls (1.60) _ 40*4 42*4
Glob & Rep <*2)_ k34 934
Globe A Rut _11 14
Gt Amer Ins (la) _241 a 26
Hanover (1.20) _24 • 4 25s,4
Hartford Fire (2a) _ 75 78
Home Fire Sec _ 13* 23«
Home Ins (1.20a) _ 29 30* 2
Homestead (1) 17*4 ]8a4
Knicfc'bker (*2) _ 8'4 9*4
Lincoln Fire _ 134 2*a
Maryland Cas _ l3* 23«
Mass Bond (3*4)_ 58*4 61
Natl Fire (2) _ 63 *4 55*4 |
Natl Liberty (.20a) _ 7*4 8Y4
New Amst Cas (34» _ 16*2 18
N Hampshire (1.60a> _ 45 48
N Y Fire (.80) _ 144 16
Nor East Ins _ 24 3*4
Nor River (1) _ 2334 25)4
Phoenix (2a* ^_ 75 79
Prov Wash (la* _ 33*a 35*4
Rep Ins Tex (1.20a* _ 2434 26*4
Revere iP* In (1.20a) _ 23*4 24*4
Rh Isl Ins 2*2 4
St Paul Fire (8* _229 238
Springfield <4'aa) 109*2 113
Sun Life (15* 175 225
Travelers (16) _403 413
U S Fid A G (1) _ 19*2 21
U S Fire (2) __ 46 48
Westchester (1.20a) 3034 3234
a—Also extra or extras.
Quotations furnished bv National As
sociation of Securities Dealers. Inc., which
states they do not necessarily reflect
actual transactions or firm bids or offers,
but should indicate approximate prices.
New York Produce
NEW YORK. Aug. 6 (4>).—Butter. 1.
105.786: steady. Creamery: Higher than
extra. 2734-28*4: extra <92 score*. 27*4
*2: firsts (88-91), tubs and cartons. 25*a
2634: seconds (84-87). 23*4-25*4.
Cheese. 538.959: quiet. Prices un
changed.
Eggs. 26.676: firmer. Mixed colors:
Fancy to extra fancy. 19*4-23: extras.
1834-19: storage packed firsts. 17-17*4:
graded firsts. ]6'a-3«: mediums. 14*4-*4;
dirties. No. 1. 14: average checks. 13.
Whites: (Resale of premium marks.
27*4-30): nearby and Midwestern premium
marks. 24*4-27: specials. 23-24: stand
ards. 1734-1H: (resales of exchange to
fancy heavier mediums. 21-24*4: mediums.
20-20*4.
Browns: Nearby faricy to extra fancy.
22-28e Nearby and Midwestern specials.
21 *4: standards, 1734; mediums. 20-20Va.
Duck eggs. 16-18.
Potatoes, slow. Long Island. 100-pound
sacks. 100 pounds, No. 1. Cobblers. 85
1.00, mostly 90-95: Chippewa and Warba.
90-1.00.
Army Cutting Down
On Types of Planes
For Mass Output
Manufacturers See
Trend as Great Aid
To Production
By DEVON FRANCIS,
Aitociited preis Avlutlon Editor.
The Army gradually Is reducing
the number of types of warplanes
In its defense brochure, and the
result, aircraft manufacturers be
lieve, will be reflected during the
months to come in a sharply ac
celerated output on the production
lines.
Multiplicity of designs has been
one of the banes of aircraft manu
facture for years.
Even Germany, with the world’s
greatest air force and in the midst
of a war. has too many kinds of
warplanes for efficient mass manu
facture. in the opinion of United
States Army officers. The evidence
is accumulating that Hitler's Air
Ministry is cutting down on the
number of designs produced.
If the Army Air Corps hews to
the line projected for maximum
production in the air rearmament
drive it will have six general cate
gories of planes—interceptors, sin
gle-engine pursuits, twin-engine
fighters, attack planes and medium
and heavy bombers.
Up to now no fewer than 18 com
bat types have been in the service
of the Air Corps.
, Experimentation Program.
That has been due partly to the
existence of a tactical experimenta
tion program. The Army wanted
to see what the planes could do,
both individually and en masse. It
was due partly to the lack of a
co-ordinated program for the em
ployment of aircraft in wartime.
Army strategy and tactics are prod
ucts of the Nation's foreign policy,
and the Air Corps has not known
what it would be called on to do.
With the emergence of hemi
sphere defense as the goal of the
rearmament program, the Air Corps
found its work cut out for it.
Here are some of the types of
aircraft which will go into the dis
card in the drive for greater air
power: Single-engine attacks, day
and night bombardment planes,
single-engine bombardment planes,
general liaison planes and biplane
pursuits.
Non-Combat Types.
Remaining in the non-combat
t^pes probably will be short-range
corps and division observation
planes.
The interceptors for “localized" j
defense, which the Army is going to
buy by the hundreds, are typified j
by the Bell pursuit, made in Buffalo.'
N. Y. The Curtiss “P-40,” made in j
Buffalo, typifies the new equipment, |
and the Lockheed twin-engine fight- j
er. made in Burbank, Calif., the in-1
terceptor for long-range work.
The Boeing "B-17'’ four-engine
bomber, made in Seattle, already j
standard Air Corps equipment, and J
the Consolidateed “B-24,” made in j
San Diego, also four engined, will j
provide the general design for long- j
range bombardment machines. Such !
planes are intended for forays deep |
into enemy territory on the theory I
that the best defense is an offense.
Medium Bombers.
The Army's medium bombers will j
be like the Douglas "B-23,” made
in Santa Monica, Calif., and attack
planes will follow the general lines
of the Curtiss "A-20,” made in Buf
falo. Medium bombers, unlike the
long-range planes, are intended for
operation in the ground Army's
theater of action, and attack planes !
are used for breaking up concen
trations of ground troops. The Ger- j
mans use "Stuka” dive bombers for j
the same purpose.
The most sensational develop
ment in warplanes the world over j
is the rangy’ heavy bomber, capable !
of carrying tons of bombs. The
United Sattes Army’s newest ex- j
perimental machine is designed for
a "pay load” of 28 tons. Germany |
is reported to have six and eight
engine long-range bombers in the !
process of manufacture.
Some American Army officers are
talking of an even greater simplifi
cation in types—only two kinds of
fighters and two of bombers. The
Army long ago abandoned the idea
of an “ideal" all-purpose plane.
As one officer expressed it, “you
can't make a plane which will carry
10.000 pounds of bombs 2,000 miles
and still climb to a fighting altitude
of 30.000 feet in 10 or 15 minutes.”
New Caledonia Council
Supports Gen. De Gaulle
By the Associated Press.
VICHY, France. Aug. 6.—The
General Council of the French
Southern Pacific island colony of
New Caledonia has gone over to
the side of Gen. Charles de Gaulle,
leader of the “free French govern
ment” in London, it was acknowl
edged here last night in an official
communique.
The communique said "certain ele
ments of the population” had done
likewise, despite the efforts of local
authorities—evidently referring to
the island's Governor.
The Ministry of Colonies attrib
uted the situation to "lack of in
formation on the true position of
France” and said "certain meas
ures” had been taken to clear up
the situation.
Rainfall in Southern Patagonia
may exceed 80 inches this year.
QUR Direct Reduction plan of pay
*4r ments is an outstanding feature
of Columbia Federal Plan Loans:
interest* Monthly payments are applied di
lutes rectly to loan balance—each equal
payment represents less interest and
ft more credit on loan balance.
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Heme Bulldlai ia 0. C. ar near- the Federal
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716 11th St. N. W. NAtional 6543
Navy Standardizes
Warship Designs
To Speed Output
Officers Hope to Launch
200 Combat Vessels
In Next Four Years
B» the Associated Press.
The Navy Is taking a leaf from
industry's mass production book to
speed up construction of the proj
ected “two-ocean" fleet.
Although they say there is no
thought of turning out battleships
like cupcakes, officers engaged in
adding more than 200 combat ves
sels to the existing Navy asserted
that they are hopeful of having
the majority in service within about
four years.
Standardize tion and duplication
of types will play an important
part in this drive for speed, offi
cials said today.
Instead of trying to make each
new battleship, cruiser or destroyer
a little better than its predecessor,
as it was in the past, the Navy—to
save time—is going to let one de
sign stand for as many ships in
each category as possible.
Year for First Designs.
Some idea of the time factor in
volved may be gained from the fact
that preparation of preliminary
designs for the battleships North
Carolina and Washington, two of
the Navy’s newest 35,000-tonners
which have just been launched,
required more than a year.
Long before a single rivet is driven
designers of a battleship must figure
out the probable gun ranges at
which the craft may have to fight
years in the future. If the range is
to be long, deck armor should re
ceive a larger proportion of the
protective weight, because shells
fired at the ship from long range
will be likely to hit the deck rather
than the sides.
Development of aircraft has
forced naval shipbuilders to make
radical changes in designs in order
to give warships adequate protec
tion both from aerial bombs and
from shellfire and torpedoes.
Read Admiral S. M. Robinson,
chief of the new Bureau of Ships,
told a congressional committee re
! cently there was a good possibility
that the development of Diesel en
gines might revolutionize battleship
design by doing away with the need
for space-taking boilers.
Much Work for Draftsmen.
This would permit more weight ]
to be devoted to armor, or, with I
the same armor, to increase the
ships' speed, he said. It was re
called in naval circles, however, that
the German pocket battleship, Graf
Spee. was Diesel-powered and proved
incapable of withstanding the beat
ing handed her by three smaller
British cruisers.
After the preliminary design stage
is passed, more detailed drawings
and specifications for prospective
bidders require several months’ work
and the combined efforts of more
than 100 draftsmen.
Once the contract is awarded, the
real work of detail design begins
with a force of about 500 men who
develop and issue about 5.000 plans.
As another preliminary, the Navy
has found that approximately 1.500
tons of structural material should
be fabricated and on hand at the
I yard prior to the keel laying in
order to insure a steady flow of
work on the new vessel.
Property Management
^ HEN your apartment
tJJ house and residential
properties are under the care ot
our Property Management De
partment you will KNOW every
thing is under control.
A satisfactory service—render
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B. F. SAUL CO.
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Mortgage Loans
IL—=======
Nazis Let Writers Inspect
Bomb Damage at Duisburg
Br the Associated Press.
DUISBURG, Germany. Aug. 6.—
Continuing to back its claims that
the British bombing of industrial
Germany is less effective than Lon
don reports said, the German high
command allowed foreign corre
spondents into the high-walled
Thyssen oil and steel plant here to
see damage resulting from two
bombs.
It was the first time since the war
began that correspondents were
permitted inside any of Germany’s
vast war-geared industrial plants.
The Germans said the British had
claimed the Thyssen plant was
wrecked.
The correspondents were shown
extensively about the plant. The
Germans said one bomb fell in an
open courtyard a few yards from
a row of tanks which are part of a
distillery making gasoline from coal.
The second bomb smashed a labora
tory which, the Germans said, was
not part of the operating network.
One official said the two blasts
failed to slow the plant in the
slightest.
An authoritative British source
last Friday said the British air
force has bombed more than 100
German cities and towns containing
military objectives. The source
added that “within a gigantic circle
we have inflicted irreparable dam
age on such places as Duisburg,
Dusseldorf, Essen and Wesel."
Treasury Group to Take
.Potomac Cruise Tonight
Frank Birgfeld, chief clerk of the
Treasury Department, will preside
as master of ceremonies at a pa
triotic program at 8:15 o'clock to
night prior to a moonlight cruise
on the steamship Mount Vernon by
the Treasury Department Recrea
tion Association.
Patriotic singing, featuring “God
Bless America," will be led by Fred
Farrar.
There will be stops at Marshall
! Hall going and returning.
548 Hong Kong Refugees
Arrive in Australia
! By the Associated Press.
BRISBANE. Australia, Aug. 6 —A
total of 548 British women and chil
; dren removed from the British
I crown colony of Hong Kong arrived
| here today. They will be distributed
I among Brisbane, Sydney and Mel
j bourne.
Money for Construction Loans
and
Loans on Completed Properties
(Owner occupied or rental)
Favorable Rate
FIRST DEED OF TRUST ONLY
GEORGE I. BORGER
613 Indiana Ace. N.W.
Nat l O.iMI
All Stylet
kWalcott-Taylor Co. Inc/
t'X MILLS BLDG JL\
t:: +K MEtro.5646 yff: ■
Railway Express Agency
Names Vic? Presidents
8pfr.t»l Dispatch to The Star. “J
NEW YORK, Aug. L. O. Head,
president of the Railway Express
Agency, announced Important
changes in operating executives to
the central, western and executive
department of the company, effec
tive August 1.
E. M. Whittle, vice president in
charge of operations in the central
departments at Chicago, retired
after more than 53 years of con
tinuous service.
A. L. Hammell, vice president in
charge of operations in the west;
ern departments, San Francisco',
succeeds Mr. Whittle as vice presi
dent, with headquarters in Chi;
cago.
A. W. Hayes, heretofore general
manager of the Texas department
at Houston, has been appointed vice
president of operations in the west
ern departments at San Francisco,
succeeding Mr. Hammell.
W. M. Smith, former executive
assistant at the company’s head
quarters in New York City, suc
ceeds Mr. Hayes as general man
ager of the Texas department at
Houston.
S. F. Pitcher, former superin
t?nde;nt of organization in New York
City, succeeds Mr. Smith as ex
ecutive assistant.
Public Utility Stocks
Show Slight Rise
Special Dispatch to The Star. 1
NEW YORK, Aug. 6 —Public util
ity preferred stocks registered small
gains during the past week, accord
ing to the Public Utility Preferred
Index of Holt, Rose & Troster.
The index of 15 dividend-paying
utility preferred stocks closed on
Friday. August 2, at 97.82. compared
with 97.33 at the close of the pre
vious week, an increase of 0.49 points,
or 0.50 per cent.
The index of 15 non-dividend-pay
ing utility preferreds closed the week
at 46.75—a gain of 0.49 points, or
1.06 per cent, compared with the
previous week's close of 46.26.
useKARB0UIto
Eliminate carbon, sticky valtest 5
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