davidaulloa/AmericanStories huggingface dataset:
Evening star., 1960-10-07
League Points Finger
At Maryland Need

The National League of In
,sured Savings Associations took
a sharp crack at the lack of any
savings and loan regulations in
Maryland to protect investors
at its Montreal convention yes
.terday.
A court order sending a Bal
.timore association into receiv-
-ership has caused much concern
over Maryland conditions. The
leagues Montreal resolution
reads:
WHEREAS, the members of
the National League of In
-sured Savings Associations be-
lieve that when a State char
ters a financial institution, it
has the duty and obligation to
regulate the operations of said
institution in the public in
terest, and,
WHEREAS, the State of
Maryland does not regulate
savings associations it has
charted despite the need for
such regulation, and.
WHEREAS, new savings as
sociations are being chartered
at an alarming rate in the
State of Maryland and are ex-
tending their operations into
Evening star., 1960-10-07
Foreclosures
On Homes Rise
For Two Months

NEW YORK. Oct. 7 (AP).-
A bank survey showed yester-
day that the rates of delin-
quencies and foreclosures OH
home mortgages during June
and July were higher than dur
ing June and July last year.
The Mortgage Finance Com
mittee of the American Bank
ers Association reported that
June and July foreclosures on
conventional home mortgages
were 51.8 per cent above the
corresponding figures in 1859.
For FILA and VA mortgages the
rise was 31.2 per cent.
However. the survey, which
covered about 80 per cent of
the commercial bank mortgage
holdings in the country, shows
the rate of foreclosures per
1000 home mortgages is SO
for the conventional type and
81 for FILA and VA types.
Delinquencies for the same
two months were up SIS per cent
for conventional home mort
cages and TT per cent for FILA
and VA types over the previous
June and July. There were 81
delinquencies for every 1000
conventional home mortgages
and ST for every 1000 FILA
and VA home loans.
Evening star., 1960-10-07
AMFPIunninq
Big Expansion

NEW YORK, Oct. 7 (AP).-
Morehead Patterson. chairman
of the board Of American Ma
chine g. Foundry Co., yesterday
announced a worldwide ex-
pansion program and predicted
record earnings for the third
quarter and first nine months
Of 1860.
The expansion program is
designed to meet increasing
United States and overseas de-
mand, primarily for the firms
bowling equipment, Patterson
said. He added that AMF is
building new facilities and ad-
ditions to manufacturing and
research operations in tn e
United States, Canada, the
United Kingdom, France, Italy,
Germany. Switzerland and
Australia.
Although third quarter fig
ures are not yet available, the
chairman said, the company
will in all probability report
the highest sales, rentals, book
ings and net earnings in COM
pany history for the first nine
months. In addition, he said,
third quarter sales, rentals and
net earnings are expected to be
a record for the period.
Evening star., 1960-10-07
Oliver Selling
Furm-To ooI Plants
To White Motor

CHICAGO, Oct. 7 (AP).-
The Oliver Corp. announced
yesterday it plans to sell its
farm equipment business to
White Motor Co. for $51,140,0 900.
Alva w. Phelps, Oliver board
chairman, said both companies
signed an agreement, which is
subject to stockholders ap-
proval. Agreement is expected
by October 81. he said.
Under the terms of sale,
Oliver stockholders will receive
pro rata shares Of White stock
in exchange for part of their
Oliver stock.
Oliver will retain it's crawler
tractor business, Mr.. Phelps
said. But White has an option
to buy it, too, within two years.
Mr.. Phelps said Oliver will
change its name to Cletrac
Corp.
Evening star., 1960-10-07
Firms in Survey
Rote Cost Squeeze
As Top Problem

NEW YORK, Oct. 7 (AP).-
A recent survey of 1925 large
business firms disclosed that the
cost-price squeeze ranks No. /
on the list of important issues
facing American business to-
day.
The survey, covering leading
manufacturers, wholesalers, re-
tailers and service companies in
lat cities, was conducted by
Dun & BradStreet, Inc, busiA
ness reporting agency.
1t showed that 22.7 per cent
of the companies covered con-
slider the cost-price squeeze
most important. Another 1873
per cent named competition
from foreign goods as their
biggest problem. The "exces-
sive' power of unions was
named by 9.4 per cent of the
participating companies as the
No. l issue Of the day.
Manufacturers have found
themselves unable to pass on
cost increases without expos
ing themselves to competition
from lower priced foreign-made
goods" said J. Wilson Newman,
chairman Of the agency, in re-
porting on the survey taken two
weeks ago.
Evening star., 1960-10-07
Reiga Sales
Top Year Ago
During Week

NEW YORK, Oct. Z (Spe-
ciaD Extensive sales promo
tions and clear cool weather in
many areas spurred consumer
buying in the week ended
Wednesday, and the total dol
lar volume Of retail trade was
up moderately from a year ago,
reported Dun & Bradstreet in
its weekly review today.
The best gains from last
year were registered in apparel,
furniture, draperies and new
passenger cars, 1t said.
While volume in linens and
television sets matched that
Of the similar 1859 week, the
call for used cars and major
appliances was down some
what.
The total dollar volume Of
retail trade in the week was
unchanged to 4 per cent higher
than a year ago, according to
spot estimates collected by Dun
& Bradstreet.
Regional estimates varied
from the comparable 1859
levels by the following per-
centages: Middle Atlantic plus
3 to plus z; New England and
Mountain plus l to plus S;
East North Central, South At
lantic, and East South Central
0 to plus 4; West North Gen.
tral and West South Central
minus 2 to plus Q; Pacific
Coast minus 4 to 0.
Evening star., 1960-10-07
Treasury Bills
For s. Billion
NeWCas|1 SET

The Treasury yesterday an
nounced plans to obtain SO bill
lion in new cash this month,
bringing to $6 billion the
amount raised this year.
In a refinancing move, the
Treasury will first issue SIS
billion of one-year bills at auc-
ton for cash or in exchange
for bills in a 50 billion issue
which natures October II.
Then it will issue $3.5 billion
in 244-day Treasury bills in a
tax anticipation series. The
bills will be dated October 81
and will mature next June %.
This series will provide the
So billion new cash estimated
to be required during the re-
mainder of this calendar year,
plus $500 million to cover the
balance of the bills maturing
OCTOBER II.
Bids for these bills, also to
be sold on an auction basis,
will be received October 18.
The bills will be acceptable at
par in payment of income and
profit taxes due June Is, 1861.
Bills in the regular one-year
issue will be dated October IT
and mature next October Is.
Bids will be received October II.
In each series, the effective
rate of interest will be deter
mined by bids. The Treasury
will accept the best offers -
those which nearly approach
the face value of the bills.
Evening star., 1960-10-07
BUSINESS
BRIEFS

Heavy Construction Contract
Awards in week ended Monday
jumped to $602.8 million from
$409.5 million in the previous
Notwithstanding News Rec
ord and Construction Daily.
Railroad Freight Loadings
last week rose to 631 ,645 cars,
2.3% more than in the preced-
ing week and 10.49o higher
than a year earlier, during the
steel strike. - Association of
American Railroads.
Intercity Truck Tonnage in
"a metropolitan areas last week
was down 10 from the 1859
week but rose 2.2% over the
preceding week total.-Ameri-
can Trucking Associations.
Loans to Brokers and dealers
on non-Government securities
held by New York Reserve
member banks totaled $947
million Wednesday, rising $24
million over the preceding
week and declining 1902 mil
lion from a year earlier.-Fed-
eral Reserve Board.
Imports during Angus
totaled $1.228,100,000, up SO
over July and go over August,
1959.-Commerce Department.
Crude Petroleum stocks on
october l totaled 23l 1878, 900
barrels, increasing 1,511,000 in
a week. Daily average output
of 6,849, 900 barrels was down
$4,000 from the previous week.
Bureau of Mines.
Steinway g. Sons has bought
the Viking Music Co., the
piano firms distributor in so
Indiana counties, for Stein
ways first venture into the re-
tail field.
J0hnsOn's Wax has entered
the shoe polish market with
three liquid products in squeeze
bottles and a paste kit. A big
advertising effort is planned.
Electrada Corp. will produce
a new electronic unit, Data
com, designed to query COM
puter machines by television
without stopping their opera
ton.
Evening star., 1960-10-07
DC. Bank Deposits Set
New Autumn Record
With SIiqht Gains
BY DONALD B. HADLEY
Star Financial Editor

Deposits Of Washngons banks and trust companies
to $l4S347545S on October slightly from both
and June 15 disclosed today by condition call from
Ray N Gidney controller of the currency.
The October total was new high for fall bank call
and was cent ahead of $1466 October
call
Outstanding feature of the latest sharp gains
OF National Savings and Trust American Security
Trust Co. The formers total up $l7324 900 from year
earlier and the latter gained than million.
The Bank Of Commerce also had a gain of $26 million,
but many OF the other institutions showed only small gains
decreases.
Individual bank totals for October compared
with October last year and June Is this year.
Evening star., 1960-10-07
TALKING OF BUSINESS
SBA Helps Many Small Firms
Compete Against Big Business

lens of astronauts, Army Med
ical r. and D. Command,
Washington.
Boost for Little Firm
There are several other ways
the SBA helps small concerns.
One company underbid all the
big corporations on an Army
Signal Corps job, but the Gov
'ernment was skeptical about its
ability to make good, and re-
fused to award the contract.
At this point the SBA got a
call for help. 1t investigated
the company's facilities, de-
cided it could. indeed, deliver as
promised. and issued a certifi-
cate of competency. The firm
got the job.
Actually, these certificates
don't commit the agency in a
legal sense. If a firm flops on
the job. Uncle Sam can't sue
the SBA. But as Mr.. Doll
points out, his agency isn't go
ing to stick its neck out if it
has doubts about a company.
since it's embarrassing for
everybody concerned.
Loans Commonest Aid
Perhaps the best-known kind
Of help is the SBA's loan pro-
gram. In the past three years
the Washington Office has made
$3.5 million in loans to about
80 small concerns here. The
average amount is about $4,000
to be repaid in approximately
four years, although the agency
under law can lend up to $780,
600 to a company Tor as long
as 10 years.
One Washington company
with a highly specialized prod
uct-an antiseptic mouthwash
used in mouth surgery-Success-
fully marketed its product after
loans totalling $55,000 were
jointly furnished by the SBA
and a bank.
The agency does its best to
have a bank participate in the
loans. and succeeds about two
thirds of the time in this. The
Evening star., 1960-10-07
Two Officers Honored
By Equitable Life

Equitable Life Insurance Co.
today honored two officers in
ceremonies following a lunch
con at the Mayhower Hotel.
Lloyd A. Brewer, jr., agency
vice president, received a
tribute for Is years of service,
and Frank R. Eslinger, vice
president and treasurer, was
honored for 20 years of service.
A native of Rockville, Md,
Mr.. Brewer Joined Equitable as
a clerk in the agency depart
ment. He became agency vice
president in March, 1857.
Mr.. Eslinger started in the
mortgage loan division and
later was a securities analyst,
He became vice president and
treasurer in March, 1857.
Evening star., 1960-10-07
Hughes Reported Ready
Yield TWAControi

NEW YORK, Oct. Z (AP).-
Howard Hughes has agreed to
relinquish control of Trans
World Airlines, it was reported
today.
The New York Times said
1t learned from a reliable
source that Mr.. Hughes bowed
to the demand of a group Of
banks and other big lenders
that he surrender the voting
rights to the stock he controls.
This is to enable the airline
to get $340 million in loans to
finance a fleet of jet airliners.
The Times story also said:
The stock, representing 78
per cent of the TWA shares,
actually is held by the Hughes
Tool Co., which Mr.. Hughes
owns. He repeatedly will turn
this stock over to a trustee
ship-presumably one salts
factory to the lenders.
Would Name President
The plan calls for the
trustees to name a president
for TWA. which has not had
one since July %. The most
recent president was Charles
S. Thomas, former Secretary
of the Navy, who resigned.
There were indications that
the board of directors would
be reorganized.
The agreement may clear
the way for a merger of TWA
with Northeast Airlines. Deci-
sion on the merger has been
postponed repeatedly, along
with the selection of a new
TWA chief executive, during
the long negotiations with the
financiers.
Evening star., 1960-10-07
By TRUMAN r. TEMPLE
Star stan Reporter

Recently a Washington area
company installing a radar
ground screen for the Army
Signal Corps ran into a puzzling
obstacle: the grid wouldn't stay
moored properly to the asphalt
pavement.
Because of weather and heat,
the nails that held it in place
kept pulling loose. Worried
about meeting its contract, the
firm asked the Small Business
Administration for help.
An SBA technician suggested
using special split nails that
would spread and grip better,
and advised the firm to run a
power roller over the screen on
a hot afternoon. 1t worked.
In this and scores of other
ways, the seven-year-old agency
is quietly helping local small
firms compete in an economy
where bigness too often begets
more bigness and squezes out
the little fellow.
Emphasizes Research
One of the major areas the
SBA is now emphasizing locally
is research and development.
There's a good reason. In the
wake Of Russia's first Sputnik,
a host of little research firms
began flocking to Washington,
apparently figuring it would be
smart to locate close to their
best customer. Uncle Sam.
Today, according to the
Metropolitan Washington Board
of Trade. there are 144 Or
ganizations doing 1924 million
annual business here in this
speciality.
Arthur H. Doll, manager of
the SBA'S Washington branch,
said a new 64-page informa-
ton guide aimed at helping
small research and development
companies is now available. It
gives details on security re-
quirements and lists the myriad
Federal agencies with a de-
scription of what research each
is pursuing (e.g. health prob
Evening star., 1960-10-07
September Sales
Of New Cars Top
SO Total by 21%

DETROIT. Oct. 7 (AP).-
New car sales in September ran
below those in August but were
almost 81 per cent better than
a year ago, Wards Automotive
Reports said yesterday.
The statistical agency esti-
mated domestic new car sales
for the month at 422,384 units,
or an average of 1895 for each
OF September's 26 selling days.
Sales in both August and
July ran>behind 1859 figures.
Wards said sales during the
third quarter ran 3.2 per cent
ahead of 1859 and that sales
for the nine months are 8.5 per
cent ahead of last year.
Ford Motor Co. said today
425,000 Falcons were delivered
during the first full year of the
compact car on the market.
The company described this
as "a first-year sales record
unparalleled by any other make
in history"
Evening star., 1960-10-07

banks share ranges from 10 tc
so per cent of the loan.
Loan Restrictions
Although an SBA loan has
advantages (5la per cent inter-
est and no other charges per-
mitted), it's not as easy to gel
as one from commercial sources
First, a company must fit the
agency's definition of small
($l million annual sales or less
if it's in retailing, for instance)
The SBA also won't make
signature" loans; there must
be some kind Of physical assets
such as equipment, land, OF
products as security.
So far, this combination of
generous terms and conserva-
tive lending has produced a
good record. According to Mr..
Doll, losses on loans are less
than half of one per cent for
Region 4, which includes Wash
ington, Virginia, Maryland,
West Virginia and the Caro-
linas.
Helps Investors
Among other aids to the
newcomer in business, the
agency gives publicity to in
ventors. Drawings and brief
descriptions of their ideas are
published in monthly Prod
ucts List Circular, which circu-
lates among 10000 industrial
readers. The SBA doesn't pass
judgment on the inventions "a
square cooking pot made the
october isSue) but does require
their authors to apply first for
a patent.
Mr.. Dolls years of banking
experience give him a first
hand knowledge in helping
companies with their money
problems. A native of Fred
erick, Md, he worked for %
years in the Commercial Bank
Of Maryland rising from book
keeper to vice president. From
1888 to 1858 he was an exam
liner for the Reconstruction FL
nance Corporation. He has
been with the SBA as financial
specialist since 1854.
Evening star., 1960-10-07
Stock Melon
Voted at Bank
Of Bethesda.

Stockholders of the Bank
of Bethesda yesterday approved
a Is per cent stock dividend, it
was announced by Board
Chairman George A. Saks.
The dividend will be paid to
stockholders of record October
6 and will increase the capital
stock to 10000 shares from
$4,000 shares. Mr.. Saks said.
The banks management
believes that future earnings
will justify continued payment
of the usual dividend of So a
share, he added.
Strengthening of the insti-
tution's capital structure will
increase its lending power, he
pointed out.
Evening star., 1960-10-07

1t has been reported that
Fred M. Glass of New York
was proposed by the TWA
presidency by the Irving Trust
Co. of New York. Mr.. Glass,
senior vice president of the En-
|pire State Building Co. and a
former official of the Port of
New York Authority, has de-
lclined comment.
Mr.. Hughes also was said to
have approved of the Glass
nomination. But there was said
to have been some dispute over
the terms and duration of a
proposed five-year contract.
Financing Snagged
Before Mr.. Thomas resigned
as president, he helped arrange
$340 million in financing. But
1T ran into snags. The program
called for loans totaling $3.50
million from banks and insur-
Iance companies, the sale of $l00
million in debentures and a loan
Of $50 million from the Hughes
Tool Co.
The Hughes company actual
Ily owns the fleet of Boeing Jet
airliners that TWA operates
under lease. 1t also has ordered
so Convair $50 jets from the
General Dynamics Corp. for
the airline. But delivery has
been held up pending compile
ton of the financing. The
planes, with spare parts, may
cost as much as $3.50 million.
Mr.. Thomas Joined TWA as
president in mid-1958, succeed
ing Carter L. Burgess. The air.
line lost $1,764,000 that year.
But it cleared $9,402,000 in
1859.
Evening star., 1960-10-07

earned $48,42O or 5 cents a
share VS., a loss of $735,607 in
1859 period.
Lukens Steel Co. in So weeks
ended September 10 earned
$3,325,768 or $3.49 a share VS..
$3,097,940 or 1924 in 1859
period.
United Utilities in 8 months
ended August 19 earned So, $751;
512 or $1,52 a share VS.. $3,057,-
1T or $1.33 in 1859 period.
Ford Motor (England) in 6
months ended June 80 earned
l1,8S3,000 pounds sterling VS..
9,979,000 pounds sterling in 1859
period.
Evening star., 1960-10-07
Metropolitan Declares
15-Cent Dividend

Directors Of Metropolitan
Broadcasting Corp. have de-
clare a cash dividend of IS
cents a share on IL million
shares now outstanding.
The payment is the same as
made last year and will be paid
october % to holders of record
October 7
Evening star., 1960-10-07
Investors Diversified
Retains Graham

Benjamin Fraham, vice chair
man of the board of Govern
ment Employees Insurance Co..
has been retained by Investors
Diversified Services. Inc, Of
Minneapolis as a consultant.
Mr.. Graham started in the
investment field in 1914 with
Newburger. Henderson and Loeb,
members Of the New York Stock
Exchange. He retired in 1856
as president oI Graham New
man Corp. and as general part
ner in Newman and Graham.
Evening star., 1960-10-07
CHICAGO
LIVESTOCK

:, CHICAGO, Oct. T (APD-USDA.- -
Hogs 1000; market active, butchers
strong to 25 higher; sows steady: good
shipping demand and early clearance
on all classes; mixed lots 1-2 and
mixed 1-3 20O-250 lb butchers is Is.
1880; around 200 head 2OO-220 Id
weights at, 1880: mixed 2-3 and 3s
S0O-3QO lbs 17,75-1s.25 load 3s
2-3 100000 lb sows l5.O0-l6.15;
mixed 2-3 and 3s 4O0-550 lbs. 1875
1925.
Cattle 400; calves none; small re-
and prime slaughter steers on a
bought arrive basis and several
loads stockers and feeder cattle direct
to dealer division; other wise only few
lots cows on offer and these steady;
utility and commercial cows 1900
1880; Gamers and cutters l0.00-l3.50.
Evening star., 1960-10-07
Earnings

Marine Midland Corp. in 0
months ended September 80
earned $14,235,496 or $1.40 a
share VS.. $13,184,193 or $1.34 in
1859 period.
Elgin National Watch Co. in
% weeks ended September IL
Evening star., 1960-10-07
American Exchange
To List Druq Fair

The Board of Governors of
the American Stock Exchange
yesterday approved shares of
Drug FART Community Drug
Co. of Arlington, Va, for trad
ing on the exchange.
No date was set for admis-
sion.
Evening star., 1960-10-07
HFC Head Gets Post

PHILADELPHIA, Oct. 7 (AP)
Harold E. Macdonald of Chi
cago, president of Household FL
nance Corp, was elected presi-
dent of the National Consumer
Finance Association yesterday.
Evening star., 1960-10-07
TREASURY BONDS

NEW YORK (AP) Noon over the coun.
ter U. S. Government Treasury bonds,
Evening star., 1960-10-07
OVER COUNTER

Washington listings on over-the-
counter markets furnished BY the Ma
tional Association OF Securities Dealers
as Of l pm. Friday October Z, 1860:
Rid Asked
Evening star., 1960-10-07
MUTUAL FUNDS

NEW YORK (AP)..
- National ASsocia-
tion Securities Deal
ers, Inc.
Evening star., 1960-10-07

Total sl4ss47545s slAssl45s2s $l478s75 400
Evening star., 1960-10-07

banks share ranges from 10 to
so per cent of the loan.
The journal. (Caldwell, Ohio) 1934-1961, 1960-04-14
International
Motor Freight
Buys z.C.& W.

International Motor Freight,
Inc, l504-40 Beach street, Zanes-
vile, has purchased the operat-
ing rights of z. c. & w. trans
portation company, owned and
operated by Jack F. Paul with
complete service for Caldwell
and Noble county.
Earl Horton, formerly of Noble
county, is vice president of the
GAINESVILLE office of the Interna-
tional Motor Freight which start
ed in the trucking business AZ
years ago.
Poe Dale will continue as driv-
er for the Caldwell delivery. He
usually arrives in Caldwell
around $50 a. m. and then goes
on to Woodsfield from here. On
the return trip, he is back in
Caldwell by 400 p. m. and deliv-
ers freight from the Wheeling, w.
Va, area along with any other
freight he picks up along the
route.
International is the agent for
three long haul carriers includ-
ing Eastern Motor Dispatch, Co.
lumbus and Chicago Motor
Freight and the Hennis Freight
lines in the south.
The journal. (Caldwell, Ohio) 1934-1961, 1960-04-14
Rural Mail Carriers
Count Game Species

More than thousand Ohio
rural mail carriers started count
ing game species on their regu-
larly scheduled mail routes, ac-
cording to William R. Edwards
farm game biologist, Ohio divi-
sion of Wildlife.
Conducted on a voluntary basis,
the cooperating carriers will keep
track of all ringneck pheasants,
rabbits and bobwhite quail they
observe on the route for two
week period. Statewide this will
give a two-thirds of million
mile sample of roadside wildlife
population.
The results will give useful
information on the pre-breeding
population of these three game
Species" says Edwards. 'It will
be used along with other survey
results to determine the fall pop
ulation of these species"