Evening star. [volume], May 26, 1953, Page A-20 ***, Image 20

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

Image provided by: Library of Congress, Washington, DC

                
A-20 ***
THE EVENING STAR, Washington, D. C.
TUESDAY. MAY 26. 18ft3
UG CLEANING l|
IRING STORAGE M
Oriental , Domestic and Hooked Rugs mj
Est Tapestries and Aubossons Washed, Repaired Wi
uy and Stored by Rug Specialists at Fair Prices! |J
j|J ALL RUGS FULLY INSURED l|
| Ration BtoA. G* 1
3316 P STREET N.W. DUpont 7-4100 M
ln The Heart of Georgetown |||
I PUBLIC WONT LET US STOP I
I sale !
Sale Prices Subject to Withdrawal Without Notice! All Order* Prior or Subsequent to Sail Subject to Former Prices. I IjJ ' |||[f j|
(=s^ss h\ VW 'pHal
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1 --n:;:*« to a customer* mP?— T3j;l
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Dulles in Ankara,
Winding Up Tour
I By th« Associoted Prcu
| ANKARA, Turkey, May 2«.
United States Secretary of State
Dulles, winding up a tour of
Middle East and Asian coun
tries. arrived in Ankara today
for talks with Turkish leaders
who were ready with a list of
demands for more American aid.
The Turkish cabinet was re
ported to have met for nine
hours yesterday and to have pre
pared a memorandum for Mr.
Dulles which stressed three
points:
1. The United States must
strengthen economic aid to
Turkey.
2. American military assist
ance must be continued and
must include modern weapons,
particularly jet planes.
3. Some solution must be
found to the problem of Mid
| die East defense organization.
| The Turks were said to be dis
‘ appointed at the attitude of
Pepco Sets Price of New Stock at sl6 !
A price of sl6 a share was fixed
( late yesterday for an offering
;of 852,840 additional common
| shares of Potomac Electric Co.
to present holders.
The price was disclosed when
the company asked the District
Public Utilities Commission to
approve terms for the stock of
fering and the award of $lO mil-
Egypt and other Arab countries
i who have spurned invitations
j to set up a Middle East defense
command based on the Suez
Canal zone in which Turkey and
other North Atlantic allies
would have a part.
Mr. Dulles and his party flew
here from Prinkipo, a resort
! island in the Marmara Sea
where he and his associates took
a day off resting yesterday.
Foreign Minister Fuad Kop
; rulu Gov. Kemal Aygun of
i Ankara and Salih Coskun,
| Ankara military commander,
greeted him at the airport.
lion of additional first mortgage
bonds at competitive bidding.
The commission today issued
an order approving the proposed
financing. The issues also must
be cleared by the Securities and
Exchange Commission.
Under an agreement with a
group headed by Dillon, Read
& Co., the shares would be of
: sered for sl6 a share at the rate
I of one new share for each five
shares now held.
Subscription warrants would
be issued to holders and the
underwriters would market un
subscribed shares. Old shares
closed yesterday at $17.25.
Underwriting Fee Fixed.
The proposed agreement pro
vides for an underwriting fee
of 40 cents a share or an aggre
gate of $341,136. This amounts
to 2.32 per cent of the market
price.
Dillon. Read & Co. heads the
underwriting group for the share
offering. Other members of the
group, all with offices here, are:
Johnston, Lemon & Co., Auchin
closs, Parker & Redpath, Alex.
! Brown & Sons, Ferris Si Co., '
Folger, Nolan, Inc., Goodwyn &
l Olds, Jones, Kreeger Si Hewitt, 1
t Mackall & Coe: Merrill. Lynch,
; Pierce, Fenner & Beane; Robin
l son Si Lukens, Rohrbaugh & I
Co.; Rouse, Brewer Si Becker, i
J Earlier yesterday, directors had !
[ awarded the $lO million of first
| mortgage bonds at competitive!
1 bidding to a group headed by
! Halsey, Stuart & Co. Reoffering
| to the public is planned at 102
| plus accrued interest.
The winning bid of 101.4011
, for a 3 7 /a per cent coupon rep-
I resented a net interest cost to
the company of 3.8023 per cent
annually.
Higher Cost Cited.
Company officials told the
i commission the interest cost was
; much higher than on previous
company issues due to the gen- |
; eral uptrend in interest rates, j
! However, they pointed out that
! I it compared very favorably with
: i interest costs on AA bonds of
■ i sered recently by other public
. utilities companies.
{Ford Workers Given
Best Pension Plan ;
In Auto Industry
By lh* Associated Pros*
DETROIT, May 26—The Ford l
i Motor Co. did General Motors
one better in voluntarily revising (
I its five-year contract wUh the
CIO United Auto Workers early
today by giving the union the
. best major pension plan in the
industry—a maximum of $137.50
, a month.
Before it did so. however. Ford 1
demanded and was given assur
ance that the crippling strike of
UAW workers at its Canton.
Ohio, forge plant would be
i halted immediately. That flve
| week-old tieup had made Ba,ooo
lof Ford's 135.000 production
workers idle and practically shut
down the vast Ford production j
system.
Ford and the UAW wound up
two long days of secret, top-level
negotiations by formally an
j nouncing the contract changes
i shortly after midnight. Henry
i Ford 11, Ford president and Wal
ter P. Reuther, UAW and CIO
president, led the talks.
Big Boost in Pensons.
The big boosts in pension pay
; ments—sl2.so to $35 a month—
I came as somewhat of a bomb
i shell after General Motors, the
: industry's biggest producer and
| traditonal labor pattern-setter,
i had signed a supplemental
| agreement with the UAW only
Friday wthout any pension im
| provements.
Contracts with GM, Chrysler
| and practically all the other
| automotive firms provide maxi
mum pensions of $125 a month,
i Both this and the new $137.50
I Ford figure include Federal so
[ I cial security benefits. All apply
i at age 65 after 30 years’ service.
; The $35 boost at Ford will apply
i j to 20-year men who now will
i i bet slls a month instead of SBO.
The pension plan, other than
I the social security portion, will
be financed entirely by the com
pany.
The revised Ford contract also
provides other benefits not found
elsewhere in the industry:
One group of skilled workers—
-500 die sinkers and pattern mak
ers—will get 20 cents an hour
wage boost.
The 6.000 retired Ford work
ers will have the option of buy
ing hospital-medical insurance
at Ford's group rate.
Other New Benefits.
Otherwise the new benefits in
the Ford and GM contracts
are identical:
Nineteen of the 24 cents net
gain picked up under cost-of
! living w age hikes since the con
tracts were signed in 1950 will
be put into base pay, to be un
touched by any future price de
clines.
The so-called “annual im
provement factor"—a guaran
teed raise to cover improved
production techniques—will go
up from 4 to 5 eents an hour
June 1.
About 21,000 skilled workers
will get a 10-cent hourly pay
increase.
j The new Bureau of Labor Sta
tistics price index will supplant
the old index as a guide to pay
rates in the future.
Looking
with Luke
WoOK J?
kmiow|
For contractors
florists
water coolers
or any other product or
service you need for the
home or business, make
the YELLOW PAGES of
your Telephone Directory
your buying guide.
They save you time
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almost anything you want
®TM CMfSAFCMf $ POTOMAC >
TELEPHONE COMPANY
l|
William Coyle Named
Ad Club President,
Succeeds Sanders
By Donald B. Hadley
i William E. Coyle, promotion
manager of The Evening Star.
t was elected president of the
! Advertising Club of Washington
at a luncheon
at Hotel Stat
today
M JB He succeeds
' ■ .JB Clayton R.
■ jBB' «MM Sanders - »d
--, 1 2 fwf V e r Using
✓ manager of
jJd&mg Peoples Drug
JkgT «BB Stores. Inc.
Mr. Coyle
B nH ramc t 0 The
■ Jt Star 14 years
ago radio
* J director.
j shortly after
Mr. carte. the newspaper
bought WMAL. He had been
news and sports commentator
for WMAL and WRC. He was
appointed promotion manager
for The Star in 1948.
j During World War II he served
three and a half years In the
Navy, including two at sea. He
finished his service as a lieu
tenant commander and received
a Navy Commendation Ribbon
for staff work as assistant opera
tions officer for Admiral Richard
L. Conolly, commander, Amphib
ious Group 3.
He is a director or the Na
tional Newspaper Promotion As
sociation and a member of the
Board of Trade, the National
Press Club, Sigma Nu Phi and
the Masons. He attended Trinity
College in Hartford, Conn., and
has a law degree from Wash
ington College of Law.
1 Stuart M. Armstrong, advertis
ing director of the National
Radio Institute, was elected first
vice president. Kenneth H.
Brown, manager of the Washing
ton office of the Progressive
Composition Co., was named sec
t ond vice president.
Four directors were elected.
They were Thomas Griffin, Wash
ington Daily News; Cody Pfan
stiehl, Station WTOP; Basil
Fowler, Washington Post, and
Frank Ehlert, The Washington
Star.
O. K. La Roque Honored.
Williaity K. Divers, chairman
of the Home Loan Bank Board,
and other members of the board,
today joined nearly 200 Wash
ington savings and loan execu
tives in honoring O. K. Laßoque
at a testimonial luncheon at the
Mayflower Hotel.
Mr. Laßoque, who is known
in savings and loan circles
throughout the Nation, recently
retired as president of the Home
Loan Bank of Greensboro. Previ
ously he was a member of the
Home Loan Bank Board.
William H. Dyer, president
jof the District Building and
Loan League presented a scroll
of appreciation to Mr. Laßoque.
Among thfce paying tribute
to Mr. Laßoques long service
in the savings and loan field
; were Mr. Divers, Edward C.
Baltz. president of the Perpetual
Building Association and for
merly vice president of the
Greensboro bank's board, and
Wilfred H. Blanz. president of
the American Building Associa
tion and a director of the
Greensboro bank.
B. & O. Earnings Improve.
Net income of the Baltimore
and Ohio Railroad increased to
$7,622,921 in four months of this
year, a gain of $425,645 from the
same 1952 period, the road re
ported today.
Operating revenues of $148,-
273.866 were $350,951 above a
year earlier, but operating ex
penses dropped $1,413,478 to
$118,198,156.
April net income was $2,309.-
647, an increase of $738,880 from
the same month last year.
Samuel J. Solomon of Wash
ington was re-elected a director
of TACA Airlines Corp. at tha
annual meeting in Mobile, Ala.
Maryland Bankers to Leave.
An ocean passenger liner will
make a rare stop at Baltimore
Saturday to pick up members of
the Maryland Bankers Associa
tion for a six-day cruise.
Around 550 members of the
association and their families
and guests will board the 22,500-
ton Queen of Bermuda for a six
day cruise.
The association will hold itg
annual meeting on the cruise.
The Queen of Bermuda will be
the first ocean passenger ship to
dock at Baltimore since 1951.
Garfinckel Dividends Voted.
directors of Julius Garfinckel
Si Co. have declared regular
quarterly dividends of 34 3 8
cents a share on s‘i5‘i per cent
convertible preferred stock and
28 Vt cents on 4*2 per cent con
vertible preferred stock; also a
a quarterly of 37' 2 cents a share
on common stock, all payable
June 30 to holders of record
June 15.
Directors of State Loan and
Finance Corp. declared a quar
terly dividend of 37 1 2 cents a
share on preferred stock and
a quarterly of 20 cents a common
share, both payable June 15 to
holders of record June 1, Presi
dent Davis Weir announced.
The dividend declared oy di
rectors of National Mortgage and
Investment Corp. on account of
accrued dividends on the pre
ferred stock amounted to 30
cents a share, and not 35 cents
as stated in this column yester
day. It is payable June 15 to
holders of record June 1.
Trade Leader to Speak.
David Scull, president of the
Silver Sprin gßoard of Trade
will be guest speaker at the
monthly luncheon of the Con
sumer Advisory Board of the
Hecht Co.. Silver Spring. He
will tell the women's group of
current problems of the Silver
Spring business area.
Read Drug & Chemical Co.,
Maryland drug chain, has ap
pointed Henry J. Kaufman Si
Associates. Washington agency,
to handle a specialized news
paper advertising campaign pro
motion prescription service. Wil
liam F. Sigmund will serve a«
account executive.