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Evening star. [volume] (Washington, D.C.) 1854-1972, May 02, 1947, Image 12

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sw M^cTaWW
Br^est OunV Man inborn1*
&4ft
I WW HI6HE$T PRICED
FOR All KINDS OF <WNK*
"SanÀy'^î you 4or HACUt whot yov brio*) in"
NEWSPAPERS 50c per 100 lbs.
BOOKS-MAGAZINES 75c per 100 lbs.
BATTERIES $1.50 eo.
(Delivered to Our Yord)
Vfe olio Vuy strop-iron, metal,
h'rei, tubes, ef«.
SPECIAL PRICES TO COMMERCIAL
HOUSES. PLUMBERS. CHARITIES. ETC
<8/ά·</θΗΚ YARDS
ΝΟΚΤΜΝΕΛΤ I
1117 QUE ST., N.W._ Ml. 9676
.16Î4 5th ST., N.W NO. 9690
ÇôUTHWEST
4th i SCHOOL STS., S.W DI..3398
1012 3rd ST., S.W EX. 1824
, NORTHEAST
I 711 KENILWORTH AVE., N.E.. U. 5314

! SOUTHEAST
I \
ι NEW JERSEY & EYE SIS., S.E M. 5178
>
■ η Γ Γ ι ΓΤΤ ι * ' * ' ΠΊ" ! Ή ' w Ι \
1 $ui rr V$MPy",L 6Ef MflREÎ I
Experienced Advertisers Prefer The Star
Measure fo Continue
Control Over Rents
Is Sent to Senate
ty the Associated Pro»
A House-passed bill extending
rent control, but letting each
city, town and county decide
whether to take' it or leave it,
was tossed over to the Senate
today.
The 'local option" feature imme
diately got a friendly reception
there.
The House approved the measure,
204 to 182, last night, after beating
down attempts to require a 10 per
cent rent increase where ceilings
now apply. . »
Modified in several ways that are
not to President Truman's liking,
the bill provides:
1. Continuation of controls from
June 30, to December 31, with the
President given authority to con
tinue them by proclamation to
March 31, 1948, if he deems this
advisable. Mr. Truman asked for
extension of controls in their pres
ent form until June 30, 1948.
2. That "the governing body in
any county, city or town may in
their discretion terminate rent con
trol earlier by a finding that the
necessity therefor no longer exists."
This amendment, by Representative
Redden, Democrat, of North Caro
lina was adopted by a vote of 129
to 84. It would not apply to State
rent control laws.
3. Authorizes landlords to raise
rents 15 per cent In return ior a
two-year lease if the tenant agrees.
4. Exempts from ceilings all new
houses and apartments and any
that have not been rented in the
last two years.
5. Abolishes all Government pri
ority and allocation controls over
building materials and construction
under the Veterans' Housing Act,
except that the Government may re
quire a permit for construction of
buildings to be used for amusement
or recreational purposes.
6. Retains veterans' preferences
to buy or rent new homes, and con
tinues Government mortgage insur
ance on new homes up to 90 per cent
of value.
Even(before the measure formally
arrived in the Senate, the Repub
lican whip, Senator Wherry of Ne
braska, told reporters, "I especially
like the local option idea."
And Senfttor Capehart, Repub
lican, of Indiana commented: "Gen
erally speaking, the .'louse bill is
about the best that can be had at
the moment. It is quite satisfac
tory."
But Senator Wherry, whose Job
as whip charges him with keeping
party members in line on important
legislative tests, said it may be late
this month or early next before
the Senate gets around to acting
on a rent bill. He noted that the
chamber currently is deep in de
bate on labor legislation and that
ihe priority chart shows tax cut
ting next up.
The Senate Banking Committee—
which also rejected proposals for a
10 per cent acroes-the-board in
crease In ceilings—has approved a
measure continuing rent controls
to next Marâi 1.
Differing from the House "home
rule" bill, it sets up local rent com
mittees with authority to recom
ment rent increases, if justified.
The Senate measure does not re
peal Government controls over
building materials and construction,
but both Senators Capehart and
Wherry indicated this feature of
the House bill will have strong Re
publican support in the Senate.
Senator Capehart said the vet
erans' housing program "has not
worked" and Senator Wherry com
mented that the allocation and
priorities controls should have been
taken off a year ago. Senator Cape
hart added : "Most people think
private enterprise, given a free
hand, can do a better job.
The rent and housing measure
barely escaped a legislative pigeon
hole late yesterday when the House
first vôted to send it back to the
Banking Committee for further
study. But, reconsidering, the
chamber kept it on the floor for
final passage.
The threat to recommit the bill
came near the end of day-long de
bate. Rent control supporters con
tended the measure had been wat
ered down to a point where con
trols would not be effective.
Representative Worley, Democrat,
of Texas offered an amendment to
put an end to controls June 30,
calling for an end of "regimenta
tion." But Chairman Wolcott of
the Banking Committee, which
wrote the bill after weeks of wran
gling, was joined by a bloc of Dem
ocrais and Republicans In arguing
that decontrol now might mean
"chaos." The amendment vas de·
feated.
1,000 Sodality Members
To Honor Blessed Virgin
About 1,000 young Catholics,
members of the Washington High
School Sodality Union, will gather
at 3 pm. next Friday on the campus
of the Immaculate, Junior College,
Wisconsin and Nebraska avenues
N.W., to pay annual tribute to the
Blessed Virgin.
Those participating will represent
all Catholic high schools o! the
city.
Miss Jean Wolberg, prefect of the
union, will place a wreath before
a statue of the Mother of Christ.
The Rev. James A. McCarl, S. J., "
former moderator of the sodality, j
will preside. ι
Naughton Gets Bank Post I
ANNAPOLIS, May 2 UP).—Leo J. â
Naughton, vicepresident and cashier *
of the Seat Pleasant bank, was ^
elected chairman of Group Four of «
the Maryland Bankers Association I
at a banquet here Wednesday night, |
attended by 154 bankers from Anne g
Arundel, Prince Georges, Charles, 1
St. Marys and Calvert Counties. ?
Red, Rough Hands
Enjoy soothing comfort, prompt
relief with world-known, mildly
medicated, emollient
CUTICURA OINTMENT
V<4S EVE A BLONDE
or. BfcUNCTTE?"
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for an «x««r ibaii ftiw»y
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I in which can be packed yaur winter clothes, blanket·, woolen·, etc.
to be stored in our
Moth-Proof Vaults
Merchants
Transfer & Storage Co.
920 Ε ST. ».W. \A. 6900
îxclus/v£
...YOU'RE GIVING THE FINEST LOW PRICED
Nationally Known Quality Household Appliances
ARVIN family-size 'LECTRIC
COOK-GRILL
^ grills, toasts, fries, bakes
îour waffles at one time. A
boon to buffet parties. Auto
matic thermostat control and
signal light.
2795
ARVIN 'MIGHTY MITE
The tiniest Arvin! Attractive,
non-breckable cabinet \ η
ivory mor-resistant finishes
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it in, even on DC in hotels
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ARVIN Metal Chrome 5-Piece DINETTE SETS
Featuring the DURABLE "ARVINITE" TOP. Rust ond ΜΚ£% Λ·
bum proof chrome in modern design. Table measures I»·· III»
30" by 57" when closed with 1 2" table leaf hidden un- J· Jï JÏZ·
derneath. Red and white or black and white combinations.
• Famous Arviti Thermos Jugs 4.9H
• Arvin All-Metal Perforated Ironing Boards 6.9S
ARVIN ALL-METAL
Summer CHAIRS
A wide, roomy choir with α
form fitting bock. The large,
« deep seat is well-shoped for
added comfort. Full sweep, ex
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Baked enamel finish — white
frame and red
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and backs.
2Π/2" high,
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STORE HOURS: Open Doily
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SHOP CAPITOL
t
8527 GEORGIA AVE
SILVER SPRING, MD
SLigo 3400
FOR HUNDREDS OF OTHER MOTHER'S DAY GIFTS»
I
f\ L
Thi* It not an Offering Prospectus. The offer of these shares is made only by mearu of the Offering Proepectu·.
Thete securities, though registered, have not been approved or disapproved by the Securitiet and
Exchange Commission, which does not pass on the merits of any registered securities.
i
1,000,000 Shares
(of which 700,000 Shares are publicly offered^
Ε. I. du Pont de Nemours and Company
Preferred Stock—$3.50 Series
( Without Par Value)
The Preferred Stock—$3 JO Series and the outstanding Preferred Stock— 34.50 Series rank equally but vary as to the dividend
rate and ti~e amounts payable upon voluntary liquidation or upon redemption.
The New Preferred Stock is redeemable, at the option of the Company, in whole or in part, initially at $107 and accrued
dividends. This redemption price decreases periodically after April 25,1952.
The Company will make application for the listing of the New Preferred Stock
on the New York Stock Exchange.
The follouini is the Company's brief outline of certain information contained in the Offering Pros
pectus and is subject to the more detailed statements in the Offering Prospectus and the Registration
Statement, which include important information not outlined or indicated herein. The Offering Pros
pectus should be read prior to any purchase of this λ'βιν Preferred Stock.
TUB company The Company, incorporated in 1915 in Delaware, and its subsidiaries are engaged tn manu
facturing and selling diversified lines of chemical products and other products related thereto.
In addition, the Company holds investments in other companies, the most important being 10,000,000 shares, or
22.7%, of the common stock of General Motors Corporation. The Company is informed that Christiana Securities
Company owns 3,049,800 shares, or 27.42%, of the Common Stock of the Company. The Company disclaims any
admission of the existence of control of it by Christiana Securities Company.
The principal manufacturing and selling activities of the Company are conducted through ten operating depart
ments, which, in the order of their positions as measured by dollar volume of sales and interdepartmental btutngi
for the year 1946, are as follows: Rayon (including cellophane and nylon), Organic Chemicals, fabrics and WUslthm,
Ammonia, Grasselli Chemicals, Explosires, Plastics, Electrochemicals, Pigments, and Photo Products.
The Company and its subsidiaries have 82 plants in the United States, one in Mexico and one In Chût,
CAPITALIZATION
Preferred Stock, without par value (authorized—9,000,000 share*)—
94.50 cumulative (outstanding—1,688,850 shares)
Preferred Stock, without par value (authorized—4,000,000 shares)—
ΗΛΟ Series (outstanding—1,688,850 shares) _ _
IS.M Series (outstanding—1,000,000 shares)
Common Stock, $20 par value (authorized—15,000,000 shares;
outstanding—11J22*12 shmree, including 550 shares in treasure).
Jtef
Kerch M,
1947
„ *1*8,885*00
None
Nona
JS^
9SSÏJ3
tAs of March SI. 1947, the Company had outstanding 917,100,000 unsecured noUs, dm* 1*40-1961,
to th* Trust** of the rtvoeabl* 19t9 Pension Trust, and too* guarantor, as to prtmetpal amd in Hurt, of
Stcond Mort (ate loans to employes.
PTHPOSB
OF ISSUB
The net proceeds (999,765,000, after expenses) will be placed in the general hmàe of the Οoenpana and
used for general corporate purposes. The Company believes that it is prudent to raise addtttonal
capital at this time to provide for expansion of plant facilities and for increased working eapital
requirements resulting from a contemplated expansion of the Company's business. If further funds Mould ba
required, the Company may provide them out of its cash resources or from proceeds of the sale of additional securi
ties or from borrowings.
BAimnns The following summary of consolidated earnings of the Company and wholly owned substdiarte*
has been compiled by the Company and reviewed by Independent Public Accountants and it subject
to the summary of consolidated earnings and the financial statements, together with the notee appended thereto,
in the Offering Prospectus.
s Non -operating income — \
Mot l
ond othor
1997
1998
1999
1940
1941
1942
1949
1944
1945
1946
tlfctw 1 mnd I)
9986,049,075
935,409,426
298,833,238
959*55,655
603,352,294
523,463,385
612,939,287
646,168,395
631*75,414
661 £24,083
Net
αmermttng
income
(Notm J)
9 56,422,793
36,990,511
67,759*61
100,701,790
158,134,111
133,140,762
134,906,666
140,878,017
124,004,080
143,535,013
Dividends,
Cnxral
Motor·
Stock
936,672,635
14,628,621
35,000,000
37,500,000
37,500,000
20,000,000
20,000,000
30,000,000
30,000,000
22,500,000
Other, wt
96,792,748
4,833,826
5,155,156
7,083,471
9,084,831
6,333,813
6,775,739
6,918,257
4,576,889
9,772,343
Prooleion for
fauu on
Income
9 11,856,239
6,262,131
14,695,553
48,340,088
104,317,472
90,533.300
91,975*86
96,926,168
81,059,962
63,187,650
9* · . mm ·· ι ·
10,000,009
10,000,000
6,000*00
9 86*91*49
50,190,827
99*18,004
80,946*79
90,401*70
09*41*75
09,700*19
80,870,100
77*21,Off
112*19,70β
Aggregate annual dividend requirements on Preferred Stock—$4.50 and $3.50 Series will amount to 911*99,826,
(1) A'et sal** do not include the value of product* manufactured, beginning in 19it, in U. S. Government-owned plant*.
Comp*n*ation for constructing and operating such plant» was principally on a fixed fee basis and i* included a* oth*r
operating revenue. (t) JVet sales have not been reduced by payments under th* Renegotiation Act in 19it, 13it and im
and under the Rtpricing Act in 191,5. Λ'«ί operating income is after deducting (a^proHsion* for renegotiation and repricing,
including adjustments between years, in 19;t to 19Î& inclusive, and (6) provision of 917,700,000 in 19jS to complet* the
amortization of "emergency facilities".
PRBFBRBID STOCK
DHDIRVBITine
The Preferred Stock has no voting power, except as provided by law, other than certain
special voting rights specified in the Certificate of Incorporation and the By-Laws.
Subject to certain conditions, the Underwriters, named in the Offering Prospectus, have
severally agreed to purchase the 700,000 shares of New Preferred Stock at $100 a share, or a
total of $70,000,000, and accrued dividends; and will offer these shares to the public at an aggregate price of
$71,400,000, and accrued dividends. Underwriting discounts total $1,400,000. The remaining 300,000 shares are
reserved by the Company for sale to the Trustee of a Pension Trust established by the Company, without under
writing discounts or commissions, at a total price of $30,000.000 ($100 a share) and accrued dividends, payment to
ba made at or prior to the time of payment by the Underwriters.
Price $102 a Share
and accrued dividend*
The Underwriters have agreed to purchase the 700,000 shares of Xeù> Preferred Stock when, a» and if
issued and subject to the approval of Davis Polk Wardwell Sunderland 4' Kiendl, counsel for the Under
writers and to certain further conditions. It is expected that delivery of certificates for these shares will
be made on or about May 7, 19^7, against payment therefor in Xew York funds.
TO FACILITATE TBS OFFERING, TTIS IwÎth'ex'ewVo Rk"tOCΚ EXCHANGEj>DTHE ^VE^TH^COt^mS^
Further information, particularly financial information, is contained in the Registration Statement on file with the
Commission, and in the Offering Prospectus which must be furnished to each purchaser end is
obtainable from the undersigned or from any other underwriter of these securities.
MORGAN STANLEY & CO.
ΚϋΠΝ, LOEB & CO. THE FIRST BOSTON CORPORATION SMITE, BARNEY Λ CO.
HARRIMAN RIPLEY & CO. BLYTH & CO., INC. GOLDMAN, SACHS & CO.
Incorporated
KIDDER, PEABODY & CO. UNION SECURITIES CORPORATION
STONE & WEBSTER SECURITIES CORPORATION AUCHINCLOSS, PARKER Λ REDPATH
rOLGER, NOLAN INCORPORATED FERRIS & COMPANY JOHNSTON, LEMON Λ CO.
Incorpora t+d
Dated May 1, 1947.
ii' /> Ε . ) ,1

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