Evening star., 1953-06-11

well as by those of the American
Short Line Railroad Associat ton,
the Railway Supply Manufac-
turers Association and the Pan
American Railway Congress
| Association.
Other prominent speakers at
the sessions include James M.
Hood Of Washington. president
of the American Short Line Rail-
road Association, and Hugh w.
Cross, a member Of the Inter-
state Commerce Commission.
Both will address the Short Line
membership meeting on June 23.
w. j. Patterson, a member of
the ICC, will take part in delib-
erationS Of the AAR Mechanical
Purchases-Stores Division, as
well as Philip A. Hollar and
Robert S. Henry. both of WASH
ington. The latter two are vice
presidents of the AAR Division.
The general opening session
will include addresses by c. w.
Floyd Coffin of New York, presi-
dent Of the Railway Supply
Manufacturers Association, and
Atilio Cappa of Buenos Aires.
acting president of the Pan
American Railway Congress As
ISOLATION. The Pan American
group will conclude its eighth
congress in the United States
on June Is. Various hotels will
serve as headquarters during the
Atlantic City meetings.
Life Insurance Payments
Payments to American fami-
lies by their life insurance COM
panies in the first four months
of this year totaled $l,518.350.-
600. more by $s8.525. 900 than
paid in the first quarter of 1852.
The Institute of Life Insurance
said about Sc per cent of these
payments were to living policy
holders, A per cent of these
being death benefit payments.
The living benefits" totaled
$S43, ,794,000 in the first quarter
of 1853.
New General Motors Issue
A new issue of $3.50 million
General Motors Acceptance
Corp. five year. 4 per cent deben-
lures is being marketed today
by a nationwide banking group
including 237 investment Arms.
headed by Morgan Stanley & Co.
They mature July /, 1858. being
priced at 100 per cent and ac-
crued interest.
These debentures will be nom
callable for two years and will
then be redeemable at 102 per
cent during the six months
ended December 81, 1855. de-
clining "a per cent each six
months thereafter to and includ-
ing June 80, 1857. and at 100
per cent thereafter. G. M. Ac-
ceptance Corp. is a subsidiary
of General Motors Corp, about
81 per cent of its business being
automobile financing. Net pro-
ceeds from the sale Of the de-
bentures will provide additional
working capital for the purchase
of receivables.
Sharing in the marketing of
the debentures are the following
participating firms in Washing.
ton: Folger. Nolan. Inc; Auch-
incloss, Parker & Redpath:
Johnston. Lemon & Co.: Ferris
& Co., Mackall 65 Coe. Goodwin
& Olds, and Jones, Kreeger Il
Hewitt.
Food Choin Meeting
Robert r. Wilson, president Of
Magruder. Inc, is one of the
food chain executives who will
serve on the Program Committee
for the goth annual meeting Of
the National Association of Food
Chains. The meeting will be in
the Palmer House, Chicago.
September 27-30. Magruder,
Inc. Is one of the Oldest and
best-known establishments in
Washington. NAFC members
operate $4,000 chain food stores
and super markets in the United
States, Canada and Mexico.
Underwriters End Convention
The Southeastern Under
writer's Association has just
concluded it's 72d annual meet
ing at Hot Springs. Va. n.
Faison Hines of Hines Bros,
Atlanta, Ga, was elected presi-
dent. He succeeds B. C. Witt,
president of the American In
surance Co., Newark. N. J. James
A. North, president of the
Phoenix Connecticut Group.
Hartford, Conn. was elected vice
president, and w. w. Sampson
OF Atlanta was reelected man
ager.
The new president of the as
Sociation Is a director OF the
Southeastern Fire Insurance Co.,
Durham, N. c., and q founder Of
Southern Federal Savings and
Loan Association of Atlanta.
TroiIers Under Construction
Construction Of the first three
Of IS large special delivery trail
ers under contract for the Navy
now is well under way at plant
No. S of the Fred s. Gichner Iron
Works, Inc, it was announced
today. Delivery of this initial
group is slated for September
and operations are on schedule.
An efficient new power brake"
for bending and shaping iron
and steel also was reported as
having been installed in the main
plant at Twenty-fourth and NJ
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