davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09
Peoples Drug Sales Up
Sharply From 1856

Sales Of Peoples Drug Stores
in both April and the first four
months Of this year set new
records for those periods with
substantial gains from a year
ago.
Treasurer H. j. Althouse an
nounced today that April sales
OF $5.237.9 were up IL per cent
from $4.720,l79 in April last
year.
Four months sales amounted
to $20,659,301. a gain Of 81 per
cent from $18,930.e26 in the
same 1856 period.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09

officers sometimes think men
borrowers will shy away from
women lending officers, but that
actually women can do a fine job.
Marriage and a banking career
can be combined, testified sew
eral Of the panel members, who
have succeeded in this regard.
One said she was happy her
husband took pride in her
career. Another cautioned that
"a husband has to be willing to
forgive some late hours and
be willing to help with the
homework.
The panel included members
OF Capital Group. Association OF
Bank Women. national organi-
zation of women bank officers
They were: Mrs. Vera Rhine, as
sistant vice president of Union
Trust Co. and group chairman;
Miss Lois A. White, vice presi-
dent, National Bank of Wash
ington; Mrs. Elizabeth M
Brotherhood. assistant vice pres
ident and secretary. McLachler
Banking Corp; Mrs. Martha
Ashford. assistant cashier, Lin
coin National Bank; Mrs. Marie
Carson, assistant cashier. Riggs
National Bank; Mrs. Nell Saylor
assistant cashier. Burke & Her
bert Bank & Trust Co.: Miss
Isabel c. Sulzer, assistant treas.
urer. American Security & Trust
Co.
William r. Reading, president
Of the ALB chapter and assistant
treasurer Of Suburban Trust Co.
was moderator. Louis c. Rowe OF
AnacoStia National Bank ar.
ranged the affair.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09
Ralph Smith Named
To ACT Post Here

Ralph c. Smith. an assistant
director Of the Los Alamos Scien-
tific Laboratory. has been named
assistant to the president Of the
Nuclear Products-Erco Division
Of ACT Industries. Inc.
He will work closely with DR.
Marshall G. Holloway, president
Of the division. on administration
of a rapidly expanding nuclear
products operation. His head
quarters will be here with Mr.
! Holloway.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09
FOREIGN EXCHANGE

NEW YORK. May 8 lRD.-Foreign ex-
change rates follow, Great Britain in
dollars. others in cents unchanged un.
less otherwise noted:
market Al. premium or .5si+ U. 8.
cents of I22.
Europe: Great Britain tpound)
SEQ 5I32. on 1872; 3O.dsy futures
27el3. on 1882; 60-day futures
rs. I7I32, Oh 10; e0-day future
2.7s 9/32. on lI32; Belgium franc
9eil, up O0is: France tfrapc) .26ss;
Germany WESTERN .(deutsclie mark
:OOIs; Italy lliraJ 1914 Of q cent; Por-
tugal tescudol $50; Sweden ,kronal
1894: Switzerland ifranc) (freeD %. "a;
Denmark lkrone) 1880
Brazil lfree) 1.46; Mexico sol; Vene.
zuela (bolfvarl 1000
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09
Jordan VIII Omciate
At Omcers' Induction

Albert F. Jordan. District Su-
|perintendent Of Insurance. will
ofnciate at induction Of new
officers and trustees Of the Dis
trict Association Of Insurance
Agents at the associations final
luncheon Of the season at the
Mayflower Hotel tomorrow.
Huntington T. Block. vice
president Of the Mclaughlin Co..
will take over as president from
Joseph L. B. Murray. jr.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09
AUTHORIZATIONS

NEW YORK, May Q W.-spot non.
ferrous metal prices today: Copper 3OHs-
80 cents q pound. Connecticut Valley
Lead 1874 cents . pound. New York. Zinc
II cents . pound. East st. Louis. Tin
silver Ola cents per troy ounce. New
York. At Pittsburgh scrap STEEL No.
II heavy was quoted q az 00-4S.O0.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09

- e@@@sA@@~op ~ tAAC ASaA AAAA6 OOAl
Hotel last night.
They talked to a near-capacity
audience Of women employees
representing almost all District
banks and trust companies. In
an audience of more than $50
there were only four men. three
chapter officers and the writer.
The women banking leaders
told their professional sisters
they have some male prejudices
TO overcmoe to become officers,
but no permanent obstacles that
hard work and leadership can
not overcome.
Representing seven different
types Of careers, the officers said
every bank employee can and
should be q salesman for the
Institution. BY doing their jobs
efficiently. by giving all possible
service to customers and not
being afraid to assume response
bility. they pictured real con-
tributions that can be made to
q banks progress. Nearly so per
cent Of bank employees now are
women.
Every telephone call can be
an opportunity to help or hurt
the institution, it was stressed.
Even a coin counter. who never
sees the customers. can help the
bank by doing her work neatly,
It was said.
Women opening mail and an
swering letters often have an
opportunity to help customers
in q very real way. Many letters
Of appreciation testify to this,
one ofiicer said.
Even in proof and transit
real opportunities await. be-
cause the girls soon gain in
sight into banking operations
and learn teamwork. Secre-
tarial work which naturally fol.
lows work in the stenograplliC
pool is a big opportunity. they
all agreed.
Good Secretary Must
Assume Responsibilities
No boss can be available al
all times and q good secretary
must have some talent for max
ing decisions and assuming re.
sponsibilities. Promotion fol.
lows naturally.
The installment loan depart
ment. though. Is where a woman
with understanding can become
an expert in balancing bank
spolicy between safety and Gus.
toner service, it was pointed
out. One speaker said men bank
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09
!. P. Stevens Elected

NEW YORK, May 9 (R.-John
P. Stevens. jr.. chairman Of j. P
Stevens g. Co.. today was elected
president Of the National Asso-
citation Of Wool Manufacturers
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09
'3 n BUSINESS
PoneI Tells Advantages
Of Women in Bonkino
By DONALD b. HADLEY

womens intuition, her natural people her SYM
paty and understanding personal problems gives her some
big advantages in a banking career
This was emphasized by panel women officers Of
washington banks who discussed banking
ct the annual forum Of Washington Chapter American
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09

port. Inc. Of Washington. who
is serving this year as president
Of the national association.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-09
Good Secretary Must
Assume Responsibilities
MUTUAL FUNDS

NEW YORK. May Q DP-National
Association Securities Dealers. Inc.
Moon 0uOtatiOnSl
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
FOREIGN EXCHANGE

NEW YORK May IL On.-Poreisn
exchange rates follow Great Britain
Canadian dollar IN New York open
market - per cent premium or
: Europe = Great Britain tpound).
futures. s,7s 1875. on lISS Of : cent:
eO-day futures. 2.fs 9f32. on 1882 Of
. cent: 90-day futures. 276, Oh 1889 Of
2 cent; Hsleiym tfranel. l,9s%. un-
changed: Pranee ttranel .2sM Of q
cent unehaneed; Germany (Westernl
tdeutsehe mark, 1880. unclaimed:
! Hollan6 tguilder). 2e.l5. Unclaimed:
LAY sirD; l6% Of q cent. UNCHANGED:
sweden 0krona). 1884, unchanged:
sS tranel 0reel. 1894, IN.
Latin America - Argentina Cfree).
2.65. UNCHANGED; Brazil (free), i.3p,
UNCHANGED: Mexico. s.6i. unchan9ed |:
venezuela Cbcliyarl. 80. 90, unehanssd.
UNCHANGED.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
ID. c. Bank Loans Climb
Further During Week
14O5 G Street Adopts
New Building Name

Outstanding loans Of IL reserve
member banks in Washington ex-
banded to $527.210.O00 on May
o. a gain of $4,424.00O from a
week earlier and 9.9e5. 900 ahead
of the like 1856 date, the Fed
eral Reserve Bank Of Richmond
reported today,
The latest total was the highest
since January 30, but still behind
the all-time peak Of $545, 563, 600
on January 2.
Com m ercial ! and industrial
loans amounted to 1927, 955, 900
on May 8. a gain Of $3.165, zoo
from q week earlier and $11.l76.-
900 above a year earlier. The
total was the highest since Febru-
20. but behind a peak Of $240,-
$50. 900 on January 16.
Real estate loans on May 8
aggregated $l45. 909. 900. up
$3.50. 900 In the week and 1873
900 above q year ago. Other
loans. mostly consumer loans,
totaled $l39.s65. 900. down ST.
|293. 900 in the week and $l1,-
764. 900 behind q year earlier.
Demand deposits Of $918,920,-
900 were down $3.50. 900 in the
week and $2.103,000 above a
year ago. Time deposits OF
1886. 752. 900 were up $420, 900 in
the week and $9.544.000 above q
year ago.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
Capital Airlines Results
Improve In April, May

Operating results Of Capital
Airlines began to improve in
April and this trend has con-
tinued In May, President James
H. Carmichael reported yester-
day.
For the first II days Of
this month operating revenues
amounted to $50 million, COM
pared with $2.125, 900 q year age
and operating profit was $243, 00C
against . deficit Of $1,000 last
year, he told the New York
Society Of Security Analysts.
Mr.. Carmichael said the COM
pany has only deferred. not can.
celled, its plan to acquire add.
tional equipment, including Il
de Havilland Comet TV jet
|airliners.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
.WGL 10 Pay
Interest,
BondsCaI|ab|e

The tight-money market put
the pinch on the Washington
Gas Light Co. in marketing So
million Of refunding mortgage
bonds late yesterday, but there
is a gimmick to cut the cost later
If conditions change.
The company awarded the
bonds to Halsey. Stuart & Co.,
Inc, at a price Of 99.11 per cent
for a 5 per cent coupon. repre-
senting an interest cost to the
company of 5.o632 per cent, high
est since 1893.
The District Public Utilities
Commission gave final approval
around 8 pm. for the Offering
and the company's cost exceed
ing 5 per cent.
The Halsey. Stuart group,
which included no Washington
houses. Immediately reoffered the
bonds at par to yield 5 per cent,
Market response to the offering
was reported good.
The company went ahead with
financing, despite higher interest
costs. after assurances from mar
ket experts that no change in the
basic interest trend is in sight.
However, the bonds are callable
on 30 days notice.
Back In 1858. a company bond
Offering was caught on a high
June market with a AZ per cent
interest cost, but was called and
replaced with 3A per cent money
In September. History could re-
peat itself If the market changes.
Otis H. Ritenour, vice pres
ident- finance Of Washington Gas
Light, said bids were submitted
by four major investment groups
and that the company felt they
represented an excellent cross
section Of market opinion. There
was a difference Of only four
basis points between low and
high bids. he pointed out.
A bid submitted by a Kidder
Peabody & Co. group represented
an interest cost of 5.0639 per
cent with a 5 per cent coupon,
Another from a. group headed
by Eastman, Dillon. Union Sec
urities & Co., and including most
Washington securities firms. rep
resented an interest cost Of
5.0965 per cent with a 5h per
cent.
Only two years ago, the COM
pany sold bonds at q cost Of 3.41
per cent and in l949 q 50 million
issue was sold at a low cost Of
20 per cent. A $685. 900 issue
in l945 cost 2.94 per cent. How
ever. rates before the depres-
sion were much higher. Mr..
Ritenhour recalled some l0-year
bonds which cost the company
6 per cent in 1925. although he
said market conditions were
much different then.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
League Urges Plan to Cut
Conventional Loan erms

Federal Home Loan Bank Board,
Veterans Administration, Ameri-
can Bankers Association, United
States Chamber of Commerce,
National Association of Home
Builders, National Association of
Real Estate Boards. Mortgage
Bankers Association, National
Retail Lumber Dealers. National
Association Of Mutual Savings
Banks, and the Prefabricated
Home Manufacturers Institute.
Leading Government officials
expressed a friendly interest and
an agreement in principle. but
offered a number of suggestions
for increasing responsibilities of
private lenders and safeguards
against liquidation under I'M
favorable conditions. One Of the
suggestions was that the lender
bear a larger portion Of the in
surance. cost.
VvA0C DCuCnbo 0CCH
Mr.. Mari estimated that be-
tween 175.000 and 100000 fam
lilies could benefit from the high
percentage conventional loans
developing out of the program
during the first year Of its OPP
Grafton.
For some segments Of the
housing industry adversely af-
fected by the present squeeze on
FILA and VA funds. the enact
ment Of this program would be
a real shot in the arm," Mr..
Mari commented.
As outlined at the meeting,
the Home Loan Guarantee
Corp. would furnish insurance
coverage up to 20 per cent Of
the top portion Of conventional
loans made by members Of the
Federal Home Loan Bank Sys-
tenn, and other lenders that
might wish to participate in the
program.
The insurance coverage Of the
top 20 per cent Of these loans
would be on a 90-10 reinsurance
basis. with a maximum loan to
value Of 30 per cent.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
Duum Named Head
OF Robert Morris
Associates Chapter

Frederick A. Daum, vice presi-
dent Of Security Bank, was
elected president Of Chesapeake
Chapter. Robert Morris Associ-
ates, at the annual meeting OF
the organization Of bank lending
officers in Baltimore last night.
Formerly first vice president
of the chapter. Mr.. Daum sue
ceeds Carl @. Linke Of the Fidel-
ity- Baltimore National Bank &.
Trust Co. The chapter includes
both Washington and Baltimore
members.
John w. Crouch Of Towson
National Bank was elected first
vice president and James F.
Bridges. vice president Of Riggs
National Bank, was elected
second vice president. Robert D.
H. Harvey Of Maryland Trust
Co.. was elected secretary-treas-
urer.
The new chapter president is
a native Of Washington and re-
ceived his education here. He
Is q graduate Of old Business
High School and the American
Institute Of Banking. He started
with Security Bank in 1925, be-
came assistant cashier in 1850
and vice president in 1854. He
Is q Scottish Rite Mason and
member Of Benjamin B. French
Lodge.
Elected board members were:
R. Austin Tydings,- Union Trust
|of Baltimore: Andrew T. Reiter
III. First National Of Baltimore:
Richard J. Watkins, National
Bank Of Washington: Thomas
P. Mclaughlin, Mclaughlin
Banking Corp. Mr.. Linke will
serve as .ex-ofhcio member OF
the board.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
cHIcAGOLIVESTOcK

s. SSEcf Sss: Mss y ..o! @ %s1sr.
butchers: close slow, around IS higher
10 butchers lS.5O-iS.s5: few lots Ia
these .weights 1900; so head lot No. /
2So ID uniform y weight and erade
little below 1900: No. go 25O-2eO ID
II 4 S9 y go 10 iev lots mostly 3 geo.
1880: larger lots Is 35O.55O ID sowl
u 90 10.25; little below 1923; feu
es:S sss. sSc ss! w e O iG S.Sd,
enoush offered Of any one class 70 test
merkstj few lots Of COWS offered: few
COW; i, st:fs.so: lev "S Gamers s sHi
gp. 70 1870; utility and commercial
n l. "a SdiSCo O. pa sood and choice
ssisbls sheep loo: not enough on
hand 10 test prices.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
Market Congestion Curbs
Treasury Financing Plans

A congested money market
eaused the Treasury concern In
the first four months Of this
year, but May has brought some
letup in the pressure, q spokes-
man said last night.
His comment followed an
nouncement that the Treasury
win invite tenders for SIS bill
lion of tax anticipation bills to
raise cash for the remainder Of
the fiscal year ended June 80
Terms will be announced today
Public and private offerings to
raise new money in the first fouI
months Of this year were nearly
90 billion ahead Of the same
1856 period, the spokesman said
The new issues utilized market
facilities fully and some Offer
ings had tough going, he pointed
out.
Market congestion Is the majol
reason why the Treasury has
postponed indefinitely any Offer
ing Of marketable bonds to hold.
ers Of maturing Series F and G
Savings Bonds, the oficial said
Such an Offering might only add
to the congestion. he commented
The new bills dated May q
and maturing September % viii
replace more than 81 billion Of
cash demanded by holders Of a
billion Of notes maturing MAY
rs. They also win help to pro.
vide cash for $526 million o.
maturing r and @ bonds or
June /.
They win be acceptable al
face value in payment Of in
come and profits taxes due Sep
tember Is and may be paid fol
by credit in Treasury Tax and
Loan Accounts. Tenders will b.
opened at 1880 pm. Daylight
Savings Time, on Wednesday
May 20.
First financing for the new As.
cal year beginning July ! viii
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17

Government officials and lead
ers in the housing industry were
urged here today to back a pro-
posal which would permit smaller
down-payments on "conven-
tional" home loans.
The proposal. sponsored by
the United States Savings and
Loan League. would establish a
privately financed Home Loan
Guarantee Corp. as q constituent
agency Of the Federal Home
Loan Bank Board. The corpora
ton would insure up to 20 per
cent Of appraised value.
Roy M. Mari. league president,
said that the membership of the
league. which includes 1900 saw
ings and loan institutions, Is
enthusiastic" over the poten-
tialities Of the plan and hopes
for industry and Government
support in putting through
Mr.. Mari emphasized that the
new corporation would not in
volve "a dime" of Government
money. either now or in the fu-
ture. The initial $50 million
capital proposed for the corpora
ton would be supplied by the
IL district Federal Home Loan
Banks. the capital stock Of which
Is owned by savings and loan
associations.
Confer at Statler
He spoke to a meeting at
the Hotel Statler called by the
league to explain and discuss
the plan with Government hous-
ing officials and representatives
Of various trade groups in the
housing. real estate and mort
gage finance fields.
Government agencies and
trade groups represented at the
meeting included the Council Of
Economic Advisors. the Housing
and Home Finance Agency, the
Bureau Of the Budget, the Fed
eral Housing Administration, the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17

It hardly seems believable that
the United States Treasury could
be in q financial trap SO deep at
this moment Of high-level pros
|perity that 1t is coming painfully
close to begging" for loans.
Yet. that Is precisely what Is
happening.
AS I explained in yesterdays
column, the Treasury is paying
the highest interest rates since
1888 to extend its maturing
IOU's. but it is getting a cold
response from investors who pre-
fer to put their money into
something else besides Govern
Iment securities.
Moreover, the Treasury is be-
ing forced to scramble for extra
billions because spending Is run
ming ahead Of schedule. tax COL
lections are coming up only to
expectations and many owners
|of United States Savings Bonds
and other maturities are de-
|manding payoh in cash.
And the Treasury, itself. is
helping to swell the budget by
hundreds Of millions as it re-
places old loans with new ones
carrying higher interest. The
annual cost Of carrying the debt
has been soaring, is now nearing
an all-time record Of $7.4 billion
10 year.
Reasons Outlined
All this is taking place because:
/. Since the Federal Reserve
System broke away from the
Treasury's domination in 1851,
the Treasury has been compelled
to compete with other borrowers
for funds it needs pretty much
on its own. The Treasury is no
longer protected" by the Fed
eral Reserve System when 1t
enters the market for loans.
2. In the past "a months, the
demand for money from other
competitive borrowers has be-
come absolutely enormous. States,
cities. corporations, individuals
all are knocking down lenders
doors to ask for tens Of billions
to finance projects. expand facil-
tiles. buy equipment, build homes,
ETC., etc.
8. At the same time, the Fed
|eral Reserve System has refused
to turn the printing presses.
for it insists that If 1t eases the
credit brakes now, 1t woult
Is mi ply intensity inflationary
forces and give the price spiral
another upward push. The supply
of money has not grown enough
to satisfy all would-be borrowers
and to keep the entire level o.
Interest rates from rising.
Thus. the Treasury's trap-s
trap created by Americas very
prosperity. the resulting massive
demands for loans, the Fedora
Reserves restrictive credit policy
How does the Treasury get out
of it?
Well. 1t could get out II the
Federal Reserve did ease UP or
credit so the banks would have
more funds to lend.
Federal Reserve Firm
This the Federal Reserve will
not do under today's conditions
What's more. President Essen.
hover can't compel the Reserve
i'm casa i'm anv mara than Draat.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
YOUR
MONEYS WORTH
Treasury in a Trop-H
" SYLVIA PORTER

dent Truman could. When, q few
days ago. Eisenhower remarked.
1.-THE monetary policy Of this
Government is mine. and no one
underneath me is going to change
my policy" he wasn't quite on
the beam. The Federal Reserve
need not take orders on none
tary (credit) policy from the
White House under the law as it
stands.
The Treasury also could get out
Of the trap II business went into
10 decline. for then the Federal
Reserve would rush to the rescue
and pour out billions to restim-
ulate activity.
This decline seems unlikely. On
the contrary, the economy is
showing signs Of more strength
rather than weakness as 1857
progresses.
And the Treasury could get
out If demands for loans from
other borrowers suddenly
dropped while we increased our
savings.
This doesn't seem probable at
this time either. Demands for
loans are not letting up and our
savings are rising only moder-
ately.
Problem Continues
And so? So. the Treasury
muddles through. It sticks to
short-term loans for most Of its
cash. It tries to hold is much
money now in Government Sc
curities as it can and to attract
additional investors through the
historically high rates. And it
hopes the squeeze doesn't 60 on
indefinitely. or someone comes
up with q new solution.
The congressional committees
about to dig into tight money"
no doubt will have q field-day
roasting the Treasury for what
Us happening to interest rates.
But actually. the Treasury
isn't the arch villain" of this
policy. Right now, the Treasury
Is the policy's biggest victim.
Copyright 1857. Han Syndicate. Inc,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17

take place near the end OF June
or early In July and may amount
to between So and 81 billion 1t
was indicated.
14O5 G Street Adopts
New Building Name
Stockholders Of l405 G Street.
Inc, owner of the Commercial
Bank Building on the corner of
14th and @ streets. yesterday in
dorsed the boards action to re-
name the building The Western
Union Building.
One Of the two principal ten
ants is the Western Union Tele-
graph Co., which occupies o
large part Of the building. The
other major tenant is the Union
Trust Co.
Stockholders reelected the
following officers: Henry L.
Kronstadt, local advertising ex-
ecutive. president: David H. Lee
gum. vice president: Raymond
j. CARRIER, treasurer; Morris D.
Schwartz, secretary.
The Western Union Building is
fully occupied and recently was
completely air conditioned and
reprinted. The front was steam
cleaned.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
ALQUOTATIONS

NEW YORK; MAJ Nay L., Z @sHS. nsD
Ss Ss1.; q pound: SCPS.etisat 'v1.li.Ss..
bR s:ps P SoVna F N:s York toui Sor, 5n
.York. A. RitslbuIGh. scrap steel NO. /
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-05-17
'1 n BUSINESS
Woodward GLothropNet
Up 3 Pct. in 81 Weeks
By DONALD III. HADLEY

Net profit Of woodward Lothrop amounted 81 in
50 weeks ended April a. an increase Of cent from
in 50 weeks ended April 49, 1885, today c. Rob-
ert McHrier. vice president finance.
The latest eartoyear gain smaller than the IS
cent recorded the SO weeks ended January the