Evening star. [volume], July 12, 1948, Page A-7, Image 7

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

Image provided by: Library of Congress, Washington, DC

                
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ECA Offers Guarantee
Of Dollar Return as
U. S. Investment Spur
By tho Associated Frost
ECA Administrator Paul G. Hof
man today offered American capital
what he called “a substantial in
ducement” to make investments in
Western Europe.
The inducement is a guarantee
that foreign currency received by
investors will be paid in dollars.
Such guarantees were authorized
in the $5,000,000,000 Marshall Plan
Act.
“It is believed that the power to
issue guarantees can be of great
value in aiding recovery within the
participating countries,” Mr. Hoff
man said in a statement.
Mr. Hoffman invited filing of ap
plications for guarantees as rapidly
as possible. The goal is $200,000,000
in private investments in Marshall
Plan countries.
Guarantees will stand for 14
years. Foreign currencies received
as the proceeds of investments will
be transferred into United States
dollars up to 100 per cent of the
amount invested. The transfers will
be at the current rates of exchange
recognized by the Government.
| Mr. Hoffman emphasized there is
no guarantee of profits. Nor is there
any insurance against “ordinary
business risks” or "political risks.”
Mr Hoffman said applications for
; guarantees will be judged by the
1 "degree to which such investment
will serve the primary purpose” of
the European Recovery Program.
Generally a fee of 1 per cent of
the amount of each guarantee will
be charged. Under “unusual cir
cumstances,” Mr. Hoffman said, the
fee may be smaller.
Prince Georges Lecture
Set on Japanese Beetles
A lecture and demonstration on
methods of controling Japanese
beetles will be given by P. E. Clark,
Prince Georges County Agent, be
j fore the Queens Chapel (Md.) Citi
zens’ Association at noon Saturday.
Mr. Clark will speak at the home
of Mrs. Catherine Bull Jordan, 2305
Queens Chapel road, North Wood
' ridge, secretary of the association.
Pennsylvania U. Seeks
Stassen as President
Of School, Paper Says
By tho Associated Press
PHILADELPHIA, July 12—The
Philadelphia Inquirer said today the
University of Pennsylvania is seek
ing former Gov. Harold E. Stassen,
of Minnesota, as president of the
' university.
The 41-year-old candidate for the
i presidential nomination at the re
cent Republican National Conven
ition was sounded out, The Inquirer
j said, by Robert T. McCracken, chair
man of the university’s board of
trustees, after the convention.
Mr. McCracken, reached by the
Associated Press, only said: "No
comment.**
“Stassen has not yet announced
a decision," the newspaper said, but
if he should accept he would succeed
Dr. George W. McClelland. 68, who
has been considering retirement be
cause of his health.”
Dr. McClelland succeeded the late
Thomas S. Gates as president of the
university in 1944.
Lewis Douglas Mentioned.
Naming of Mr. Stassen would be
in line with the reported plan of
university officials to seek a young,
popular man of administrative
ability for the university presidency,
the Inquirer said.
■^he Inquirer said* “it is under
stood that, within the past few
months, university officials also
sounded out Lewis W. Douglas,
United States ambasador to Great
Britain, and former vice chancellor
of McGill University, Toronto,
Canada.” 1
50,000 in Arlington
X-Rayed in Survey,
About 50,000 Arlington residents
were X-rayed in the chest survey
which ended last month.
A total of 23,297 were examined
in Arlington and about 25,000 had
their X-rays made in the District.
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CORNED BEEF "l,hhy's" «"»■ 49c
VEAL LOAF ~ 25c
“ LIBBY’S
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“LIBBYS
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“Libby s” Tomato
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