davidaulloa/AmericanStories huggingface dataset:
Evening star., 1960-10-10

Thousands of American fam
lilies will be buying houses in
coming months. millions will
be making this most important
financial move of their lives
in the next few years. Should
they" asks a reader, arrange
for the financing on the basis
Of a little down, a high mort
gage and interest or should
they put what they can into a
home, keeping mortgage and
interest low?
II realize" he continues this
is a most complicated question
with no end Of ramifications.
But it is of great general con-
Germ ="
OF course, it is a question Of
great general concern. We have
become a nation Of homeowners
on an unparalleled scale.
Methods Discussed
Here goes, therefore, with my
answer. and the first point l
want to emphasize is that in
financing your house, the
cheapest method-namely, put
ting down as much cash as you
can and thereby holding your
interest charges to, a minimum
is not necessarily the wisest
for you.
A small amount down and a
high mortgage at, of course,
the least expensive mortgage
rate you can find can be an
advantage to you if you are
thinking in terms of resale at
a future date.
A large mortgage and a small
equity in your house can help
you sell your house. for the
simple reason that a purchaser
can take over your mortgage
and your house without having
to put down much cash either.
If your buyer has only a lin
tied amount of cash and you
have only a modest mortgage,
he'll have to arrange his A.
nancing and this can draSti-
cally reduce your number OF
potential purchasers. You know
whether it's likely that you'll
be putting your house on the
market fairly soon, and if this
is so, you should seek a big
mortgage to facilitate your re-
sale.
A large mortgage and small
equity also may be an advan-
tage because the interest you
pay is a tax deduction, and
you may have better ways to
invest your available funds
than in a house. Or this may
be sound financing because you
need cash for other purposes.
If you do take on a big mort
gage, though. you should have
an insurance policy that will
pay of the debt and protect
your family should anything
happen to you and your pay
check be lost.
Savings Are Factor
But there are excellent f.
nancial reasons for making a
large downpayment and taking
on a relatively small mortgage,
too.
The most compelling reason
for this choice of financing
methods is the striking total
you can save in interest
charges. A man who buys his
house with virtually no cash
down and a lifetime mortgage
can pay over the terms of his
.
Evening star., 1960-10-10

to submit certain information
and failing to make its books
and records available for in
spection upon request and also
for failing to register certain
individuals with the association,
as required.
Gulf Securities Co., Houston.
Tex. for failing to comply with
written requests of the associa-
ton for records.
Security Adjustment Corp,
Brooklyn, N. Y, for conducting
a business in securities while
insolvent and for violating the
Securities and Exchange Com
mission net capital rule.
Frank Lerner Co., New York,
for violating the commissions
net capital rule and for failing
to make and keep records as
required by the commission and
for violating Regulation T OF
the Federal Reserve Board.
Jacwin g. Costa. Inc, New
York, for effecting securities
transactions with customers at
prices not reasonably related
to the current market, for fail
ing to keep and maintain
proper books and records and
for failing to register certain
individuals with the association
as required.
Basic Securities, Inc. Bir-
mingham, Ala, for violating the
commissions net capital rule,
for effecting transactions with
customers at unfair practices,
for violating Regulation T Of
the Federal Reserve Board, for
failing to register certain indi-
vidualS and other actions.
William Evan Davis, doing
business as United Securities
Co.. Tulsa, Okla, for violating
Regulation T of the Federal
Reserve Board, for selling Sc
curities to customers at prices
which were not reasonably re-
lated to the market and not
fair in view of all relevant cir
cumstances and for failing to
make and keep current proper
books and records.
"All periods OF appeal hav-
ing expired, these actions are
now final" said the association. |
Regulation T of the Federal
Reserve Board, referred to, gov
erns extension of credit in buy
ing securities.
The association, a private Or
ganization. is registered with
the Securities and Exchange /
Commission and was set up un-
der an amendment to the 1884
Securities and Exchange Act.
Evening star., 1960-10-10
ON WHEELS
The Next Sound You Hear
By CHARLES YARBRoueH

If the small Pontiac, Olds-
mobile and Dodge equal the
small Buick Special (and the
builders have plunged lot of
money that they wild, the din
Of battle in the market place
is going to be ear-splitting.
BY courtesy of Buick Zone
Manager Floyd GetSinger and
assistant Bruce Macarthur,
I've been driving a special for
the last five days.
In agility. handling, work
manship, comfort aund styling
1t is a remarkable production.
Powered by the first Ameri-
can aluminium va engine in
the auto industry (OldSmobile's
F-S5, with an almost identical
engine, was introduced a day
later the car delivered to me
was fully equipped.
AS a matter of fact. it was
overequipped. Weighing 2,700
pounds, 1000 lighter than the
conventional Buick, the Spe-
cial should have no need of
power steering. Some people,
however, have the power
steering habit.
A real wheel-Spinner with
l55 horsepower, if you care
for jack-rabbit starts, the
Special has a big-car feel. It's
noise level is quite low, save
for the whine of the transmits
sion cooling system at idle.
There is a slight road rumble
on certain types of paving. but
not sufficient to be objection
able. It's ride is good-a little
on the soft side, but it corners
excellently without too much
sway.
Interior fittings and work
manship are good; instruments
well placed, both for vision and
accessibility. even for a short
man. For the tall one, head
room is ample.
The car, with an overall
length of 1884 inches, COM
pareS with the Pontiac Tenn
Evening star., 1960-10-10

pests l89; the Oldsmobile
F-85's 1873; the Dodge Lancer's
189; the Comets 194.8; the
COrvair's 1So and the Valiant's
1874.
AS has been noted, this one
was loaded with about every
thing that could be put on it.
The price? $2.800-plus.
-
One of the most heartening
signs in the auto-buying pic
ture for 1861 is the industry
wide, but still not-too-widely
known, new 12-month warranty
on new cars.
For one thing, it means that
they're willing to gamble that
they have finally got the upper
hand in quality control.
Some time ago comment ap-
peared in this space. with a
question of how British car
builders could sell a car for
ZOO and give a l2-month
guarantee when American in
dustry might sell one for $5.-
900 and still stick to 80 days
or 1000 miles.
- -
Ford has found a wondrous
ointment to ease the sting of
the Inflated Edsel.
Falcon, completing its first
full year on the market. had
sold 5000 units, a first-year-
record unparalleled by any
other auto in history.
AS a result, the Falcon tops
all competitors in the compact
car field and is the industry's
third best-selling brand.
Calendar-year sales of Amer
ican-built compact cars passed
the million mark in August
a figure that gave them 1853
per cent of the market. Total
new-car registrations for the
first eight months of the year
were 4,483,104. according to
r. L. Polk e. Co.
Evening star., 1960-10-10
Mortgage Conference

The first to be sponsored by
the American Bankers Associ-
alton, a National Mortgage
Conference will be held here
April 30-May 3 of next year at
the Shoreham Hotel. CowleS
Andrus. chairman of the as
sociation's Mortgage Finance
Committee, said Harry P.
Bergman, vice president, Riggs
National Bank. will be general
chairman of the conference.
Evening star., 1960-10-10
AT&T Reports
Earnings Rise
In ; Months

NEW YORK, Oct. 10 (AP) -
American Telephone 81 Tele-
graph Co. today reported rec
ord Bell System earnings for
the three months ended Au-
gust 81.
Profit rose to $318,O33, 900,
equal to $l.40 a share on the
parent company stock. For the
same period a year ago net in
come amounted to $287 .834, 600
or $1.30 a share. Three
months ago consolidated profit
ran 8 cents aashare ahead Of
the year earlier period.
Third quarter earnings
topped second quarter profit OF
$3l1, ,848, 900. equal to $1.4l a
share. There was an average
of 220, ,667 900 shares outstand-
ing during the latest three
months, some 5 million more
than the previous quarter and
compared with 213,8l7,000 in
the third quarter of 1859.
For the year ended August
81 AT6T and principal subsid-
iaries cleared $1.215.941 900
equal to $5,45 a share COM
pared with l,106,160,O0O and
$5.05 a share in the year ended
August 81. 1859.
Operating revenue and ex-
penSes for the 3 and IL months
periods also moved higher
Quarterly revenue totaled ST.
991 ,202, 900 compared with ST.
862.5l5,000 a year ago and
operating expenses were up to
$1,ls0,4 ,456,000 from $1,131,19
600.
For the IL month period
AT&T reported revenue of ST.
TAT. $4,000 and expenses Of
$4,665.62S.0 compared with
81 ,205, 5,246, 900 and $4,369, 1877.
900 the previous year.
Outstanding stock on Sep.
tember 8. the last record date
was 1894 5S2.
In his quarterly message tC
shareowners President Freder.
lex R. Kappel said that the
company installed about 700,.
900 telephones during the three
months. In the previous quar-.
ter installations were estimated
at $4,000. The first quarter
gain was estimated at 100000
Evening star., 1960-10-10
Foris Finance Co.
Opens Second Branch

Faris Finance Co., Inc,
Wheaton, Md. announced OPEN
ing of its second branch office
this week at 231 Diamond ave-
nue.. Gaithersburg, Md. Presi-
dent F. A. Mirage said the firm
is planning to set up additional
offices in Maryland and other
States in the South.
He announced reelection of
Jay Fitzgerald as vice president
and general counsel and Leon
ard j. Williams as secretary
treasurer. With these officers,
these directors were elected: j.
Spencer Davis. j. Gordon Man
chester, Edward A. Sacks. John
S. r. Schoenfeld. Maryland
State Senator George E. Snyder
and William r. Teunis.
Evening star., 1960-10-10
D. c. Bank Women
Attend Convention

Washington area women are
participating in the 38th annual
convention of the National As
sociation of Bank Women at
Pasadena, Calf, now in prog
reSs.
Included are: Miss Mildred E
Foy and Miss Mary L. Chad
wick of the Riggs National
Bank and Miss Eleanor l.,
Dankmeyer of Security Bank
and Mrs. Margaret E. Powers of
College Park, Md, assistant
cashier, Citizens Bank of Mary
land, Riverdale, Md.
Evening star., 1960-10-10
BUSINESS
BRIEFS

Borrowing by member firms
during September totaled So
100000. 900 up $50 million from
the previous month and COM
pared with S2,6S2, ,0O0, 900 in the
like month a year ago.-N. Y.
Stock Exchange.
Evening star., 1960-10-10
Mems-CIork Firm
Chances Its Name

NemS-Clarke Co.. silver
Spring, Md, effective imme-
diately. has changed its name
to Vitro Electronics, a division
of Vitro Corp. of America.
Oficials said the Mems
Clarke designation will be re-
tanned as a trade name for
Vitro Electronics equipment.
This is part Of a program for
expansion Of Vitro's opera
tions in electronicS, officials
said. The firm Specializes in
telemetering, communications,
broadcasting and Photographic
equipment for defense and in
dustry.
Evening star., 1960-10-10
Mems Poy Tops Women's,
Area Bank Survey Shows

service, two weeks after a year
and three weeks after 10 years.
Eight paid holidays were OBJ
served by banks employing over
half the workers surveyed, as
was a 40-hour work schedule.
Life insurance, sick leave and
a retirement pension are typi-
cally provided. In banks en-
ploying 48 per cent of the cler-
ical work force, paid hospitali-
cation and surgical insurance
were provided.
Evening star., 1960-10-10
METALS

NEW YORK, Oct. 10 (AP1 Spot
nonferrous metal prices today: copper
31-33 cents q pound, Connecticut VAL
Zinc - cents a pound East st. Louis.
Tin 1,03 ound, New York. Foreign
silver 912s cents per troy ounce. New
York. Pittsburgh scrap steel No.
heavy was quoted by Iron Age at
29. .00-3O. 90.
Evening star., 1960-10-10
Securities Dealers
ExpeI 7 Members for
Violations of Rules
BY WILLIAM A. MILLEN
Star star Writer

Expulsion of members for violations of its rules of
practice announced today by the National Association
of Securities Dealers 1707 street NV.
THE action is the most penalty imposed by the
organization of securities Dealers said the
association.
Those expelled and the reasons are:
Makrs Investment Brokers' Miami Beach, Fla for failing
Evening star., 1960-10-10

Washington listinss on the over -the-
counter markets furnished by the Ma
tional Association Of Securities Dealers
as OF l pm. Monday, October 10:
Evening star., 1960-10-10

weeks ended October l totaled
$58,279,532. a 3.S per cent in
crease over the similar period
last year.
Evening star., 1960-10-10
TREASURY BONDS

NEW YORK CAP) Noon over the coun-
ter U. S. Government Treasury bonds,
bid, asked, net change and yield for
Evening star., 1960-10-10
OVER COUNTER

Pa Partially tax EXEMPT.
Evening star., 1960-07-01

been swimming in a quarry at
Dickerson.
Furry Graduated Last Week
Police said the car was owned
by young Furry's father, who
moved about a month ago to
1924 Eighty-fifth avenue, Chew
erly, in Prince Georges County.
Mrs. James J. Maughn, Rich
ards mother, said young Furry
came to live with her when his
parents moved to their new
home.
This enabled him, she said,
to complete his studies at
Montgomery Blair High School
in Silver Spring, where he
graduated last week, and to
keep a job at a Silver Spring
gasoline station.
The FurryS formerly lived at
SIG Silver Spring avenue. Mr.,
Furry is a machinist at the
Washington Post.
In addition to his parents
young Furry leaves a brother
Thomas, %, Atlantic City, and
five sisters, Mary Ann. IT;
Ellen, Is; Elizabeth, 13; Patri-
cia. 9, and Susan, /, all of the
home address.
Lynn Adams, Juvenile Court
probation officer, told Judge
Noyes he had conferred with
members of young Buttrey's
family last night and asked
his brothers to keep close super
vision Of him when he leaves
home.
Evening star., 1960-07-01
! Killed, 3 Hurt
In Plane Near
Charlottesville

CHARLOTTESVILLE, Va,
July l (AP).-A single-engine
plane crashed while attempting
to land in a field during a
thunderstorm today, causing
fatal injuries to one of four
occupants. The plane was de-
molished.
Carol Jesinowski, 10, of
Cranston, R. l., died in the
University of Virginia Hospital.
Injured were:
Richard Prather, 25, of Baton
Rouge, La, the pilot, who
suffered a broken hip and cuts.
Mrs. Dorothy Cook, "a, also
of Baton Rogue, head injuries.
Her husband, Patrick w.
Cook, rs, broken leg.
None was reported in serious
condition.
Witnesses said the plane flew
low over the area about 8 am.
The pilot attempted to land in
an open field 4 miles east of
here but the plane struck a
power pole and tipped over.
Two of the victims were
thrown from the plane. One of
the men and Mrs. Cook were
trapped for nearly an hour in
the wreckage until power wires
could be cut off.
Evening star., 1960-07-01

struction now is only available
for about a third of the stu
dents.
Paul c. Howard, board of
education president, said money
for radio instruction of student
drivers was included in the
1960-1 school budget.
The fenced training areas
would be at Walter johnson
and Gaithersburg High Schools,
Mr.. Whittier said.
School officials said student
drivers would receive basic in
struction by radio and then
practice what they learned
driving on the roads.
If the radio instruction pro-
posal is a success at the two
schools, Mr.. Howard said. it
would be used at all county
high schools. The board of ed
ucation took no action on the
proposal.
Evening star., 1960-07-01
MONTGOMERY PROPOSAL
Plan Would Teach
Drivers by Rodio

The Montg tgomery County
Board of Education is consider
ing a proposal for instruction of
student drivers by radio.
Under the plan. pupils would
operate their cars on fenced
lots. An instructor in a tower
would tell them over the radio
what to do.
c. Taylor Whittier, school
superintendent, told the board
last night it would cost about
$4,000 to install the new driver
training facilities at two county
high schools.
The proposal, suggested orig
inally by a citizen advisory
committee is designed to per-
nit teachers to instruct more
than one student at a time.
The advisory committee saio
the present program "costs toe
much per student" The in.
Evening star., 1960-07-01
BY PAUL HOPE
Star Stan Writer

ANNAPOLIS, july Repre-
sentatives of sea food interests
in Virginia and Maryland-who
additionally have not seen eye
to eye on Chesapeake Bay mat
ters = have decided they had
better get together to pep up
their ailing industry.
Meeting here yesterday, about
so businessmen and State Off
cials got encouragement from
Gov. Tawes.
Greeting the Virginia people
in the Governors mansion, Gov.
Tawes said he believed that
"by working together we can
accomplish some very fine pro-
grams of benefit to both
States"
He said he and Virginia S
Gov. Almond "see eye to eye"
on the Potomac River compact
which has been approved by
both State Legislatures and is
up for approval of the Mary
land voters this fall. Designed
to end the conflict over Pot
omac fishing-which sometimes
has been punctuated with gun
f1re-the compact would set UP
a bi-State regulatory body for
the river.
Organize Informally
Under the prodding of DR..
H. C. Byrd. chairman of the
Maryland Tidewater Fisheries
Evening star., 1960-07-01
Gaithersburq
Boy browns

Carroll Howard, 10, drowned
yesterday while with two COM
panions in a man-made lake
near his home in Gaithersburg.
Capt. Edward L. Cochran of
the Gaithersburg Fire Depart
ment said the youth appar-
emily slipped into the water
while floating on a wooden door
in a pond on a farm near
Woodward Store road.
The fire captain, who dove
into the pond. found the body
under nine feet of water.
Gaithersburg- Was hin gton
Grove rescue squad workers
tried unsuccessfully for 80 min
utes to revive the boy, the son
of Mr.. and Mrs. Lawrence l..
Howard of Route 2, Emory
Grove road, Gaithersburg.
Evening star., 1960-07-01

two Episcopal churches-Holy
Trinity in Collington and St.
Barnabas, in Iceland, both in
the county. Mr.. Belt left
$2.600 in bequests to six per-
sons plus $40 a month to each
of two family retainers.
In all, $450,000 in cash and
securities and about 3,100
acres was left by Mr.. Belt, who
was a director of the Farmers
& Merchants Bank in Upper
Marlboro. Exact value of the
land in the Largo and Mitchell
vile acres has not been deter
mined, according to Attorney
George T. Burroughs, an ad-
ministrator of the will.
If the Circuit Court rules in
her favor, Miss Kent will seek
the entire estate, according to
Evening star., 1960-07-01
BIueCross,
Blue Shield
Ask Increase

BALTIMORE, July l (AP).-
Blue Cross and Blue Shield
asked Maryland insurance Off
cials yesterday for permission
to increase their monthly medi-
cal and disqualification insur-
ance rates from 1873 to 33 4 per
cent, with part of the raise at
tributed to proposed new bene-
fits.
The additional benefits would
include coverage of X-rays and
other tests or examinations for
patients not admitted to hos
pitals.
Executives of the non-prof1t
insurance plans called this "a
major step in promoting the
more effective use of higher
cost hospital inpatient facilities
and. even more important, in
encouraging the detection and
diagnosis of conditions requir-
ing care in earlier stages, when
they can be treated most sue
cessfully."
The request for higher Blue
Cross disqualification plan rates
is the third in three years. A
1872 per cent increase was ap-
proved last year.
Also proposed was a deduct
ible coverage plan similar to
deductible automobile damage
insurance, in which the SUBJ
scriber pays the first $25 for q
one-day hospital stay or $5C
for a stay Of two or more days
R. H. Dabney, director of the
services, asked that the insur.
ance department review thu
Blue Cross picture annually
"for whatever adjustments il
subscription rates may be re.
quired."
Evening star., 1960-07-01
School Board
Joy,3-2,
AsChairnlan
BY JOHN BARRON
Star stan Writer

The Arlington School Board,
after a brief, unexpected con-
test, today chose Barnard Joy
as its new chairman. The final
secret vote was 3 to 2.
AS the selection began, Rob-
ert Peck nominated James G..
Stockard. Outgoing Chairman
Lee Bean then nominated Mr..
Joy.
The first secret ballot ended
in a 2 to 2 tie.
I'VE find ourselves in a
rather awkward position" said
School Supt. Ray Reid. who
served as chairman during the
election.
Joy Abstains
Il admit guilt to being the
one who abstaihed," Mr.. Joy
said.
Mr.. Reid called for a second
ballot, which resulted in the
election of Mr.. JOY.
Long prominent in educa-
tional affairs of the Washing
ton Metropolitan Area, Mr.. Joy
has served on the Arlington
School Board since 1948 and
has been it's chairman three
times before.
He consistently has ad-
vocated new school construc-
ton and higher salaries for
teachers.
During Virginia's massive
resistance" controversy which
threatened school closures. both
he and Mr.. Stockard voted, in
September, 1858, to admit some
Negro pupils to white schools
in the county. A majority of
the school board then over
ruled them. but Negroes sub
sequently were admitted under
Federal Court orders.
Member Of ABC
Mr.. Joy, along with Mr..
Stockard, is a member of the
Arlingtonians for a Better
County political group, which
controls the county board and
thus is able to control school
board appointments.
Mr.. JOY, an official in the re-
search division of the Agricul-
ture Department, is a trustee of
the Greater Washington Edu-
cational Television Association
and president-elect of the Vir-
ginia School Board Association.
Evening star., 1960-07-01
Virginia Group Offers
Free Use of Theuter

VIRGINIA BEACH, Va, July
l (AP).-The 1.800-seat amphi-
theater built two years ago to
stage THE Confederacy" Is
available rent-free this summer
to qualified theater or civic
groups.
The Tidewater Historical
Drama Association made the
offer to consider requests from
other cultural groups to use
the facility.
Evening star., 1960-07-01
Ex-D. Teacher Starts
S3.5 Million Will Fiqht

dated July "a, 1914, leaves
nothing to Miss Kent, who says
she is his closest surviving rela-
tive.
Miss Kent charged in a petit
ton Mr.. Belt was not of sound
mind and memory or in any
respect capable of making a
will or legally disposing of his
estate" Size said he was sub
| jected to undue influence. per-
suasion, duress and coercion.
Bulk of the estate went to