davidaulloa/AmericanStories huggingface dataset:
Evening star., 1960-06-09
Fairfax Group
Forms New
State Bank

John R. Williams, owner of
the Williamsburg Shopping
Center in the Town of Fairfax,
Va, announced today the Or
ganization of a new local state
bank to be established in the
principal shopping district
there, 1t will be known as the
Potomac Bank and Trust Co.
Mr.. Williams, who will be
president, said a charter al
ready has been granted, and
the organization expects to ap-
ply to the State Corporation
Commission within the next
few weeks for a certificate OF
authority to do business. About
100000 has been subscribed
thus far. Local people and local
capital are engaged in the
enterprise.
The new bank is now ne
gotiating for an executive Of
ficer and further plans will be
announced soon, Mr.. Williams
said.
In addition to Mr.. Williams
these are the other organizers
OF the bank: Mayor John :
Wood of the Town of Fairfax;
Bennett w. King, j. j. Mathy
E. A. Prichard, Vern Williams
Edward Heartley. Guerin Todd
Shelly Krasnow and C. M
Buddy Neviaser.
Evening star., 1960-06-09

the structure when its weight
began to cave in his seawall.
All that remains of the boat
is a storage shed beside his
Office and a shack atop a con-
struction barge.
1T would be worth a fortune
if it had been built on a barge, +"
he noted sadly.
Worked Night and Day
Like many another business
man before him, Mr.. Miller has
worked night and day to get
his venture started. Before ne
entered the business full time
he worked a full shift as a cab
driver, took a second job as a
construction engineer in down
town Washington and operated
his own firm in the time re-
naming.
A wiry, energetic man of 3;
who has known adversely be-
fore, he was born in Laurel
Md, but was reared in st
Mary'S Industrial School in Bal.
timore.
Il joined the Coast Guarc
when I was IT," he said, "anc
spent two years in the Merchant
Marine"
In 1947. he was married anc
went to work on the Washing.
ton waterfront, keeping his eye,
open for business possibilities ot
Evening star., 1960-06-09

1t was pointed out that the
annual meeting elected a board
only a few weeks ago and
neither candidates nor opposi-
ton votes were then presented
1t said this association is now
soliciting funds. But Capital
asked its stockholders to with
hold judgment and sign moth
ing until it has heard both
sides.
Thomas D. Neelands, jr.
chairman of the board ano
President David H. Baker
signed the letter to the stock
holders.
President Baker announced
an operating profit of $300,31(
and net profit, after interest
charges, of $57,024 in April. HI
said this represents a SHARP
recovery from first quarter los.
when adverse weather and ac-
cidentS depressed the level OF
earnings within the industry.
Evening star., 1960-06-09

Metropolitan Washington Board
of Trade, 1916 K street NV. He
stressed that the money sub
scribed is mot contribution
not a charity-but it is a pure
business investment to build up
the community's economy"
Cites City Competition
Clarence A. Arata, executive
director of the bureau. pointed
out that Washington is in COM
petition with 100 communities
and areas throughout the coun-
try for the very same conven-
ton and tourist dollars.
THE Glly way to hold oul
own and orge ahead is to raise
sufficient funds" he declared
| He said last year Washington
had 425 conventions. I'VE are
getting better than our snare
IL to Is per cent of those avail
able to us in the entire Nation.
He said the campaign, now ir
its third week, will continue un-
til $780, 900 is raised.
He said the money is spent
for salaries of personnel that
service the conventions anc
visitors here, for promotion
rent, literature, advertising anc
special events, such as the
Summer Jubilee, Presidents
Cup Regatta and the Cherry
Blossom Festival. He explained
some conventions are lined ur
from four to seven years in
advance-and hard competitive
selling is necessary to get the
| business,
Evening star., 1960-06-09
Savings Firm Opens
After Hours Window

The Guardian Federal Saw
ings and Loan Association at
I8711 Georgia avenue, Silver
Spring, Md, planned to open
at 3 pm. today a pedestrian
"after-hours window" to pro-
vide all savings services. A
clerk will be on duty so the
general public will be able to
withdraw money or deposit or
transact other business. Marin
L. ZueSse, executive vice presi-
dent OF Guardian, established
this new feature in co-opera-
ton with the Mosler Safe Co.
here.
This window will be open
from $3.50 am. to 6 pm. Mon
day through Friday and 9 to
noon on Saturdays, extending
the regular business hours. The
window will not be open at
night.
Evening star., 1960-06-09
TALKING OF BUSINESS
Struggling Marine SoIvoger Keeps
Head Above Water, Even in Dive
BY WILLIAM MacDOUGALL
Star Staff Writer

Youthful Tom Miller, owner
of a six-year-old marine SAL
wage firm, wryly observes that
he has always managed to
keep my head above water"
He is speaking figuratively of
his business, of course,
struggling but steadily growing
concern at 400 Maine avenue
S.W.
Literally speaking. he has
had his head under water
almost daily since establish
ment of the Tom Miller Marine
Towing and Salvage Co. in
1854.
II go diving all the time"
he said. Il guess we've raised
about los boats from the bot
tom, and each time I've had
to go down myself"
But if his working gear is
unusual. most of his business
practices are not. They are
typical of a comparatively new
commercial venture and a busi-
nessman determined to prosper.
Puts Everything Back
"Other than enough to sur
vive on" he declared, II have
put every dime I have earned
into building and maintaining
my place"
Starting with IS in capital
and a raft. he has built a
business which he conServa-
lively estimates is worth some
thing more than $50, ,000." One
floating crane alone, he admits,
is worth that amount.
In addition to the salvage
enterprise, the company, the
only such firm with Washing
ton headquarters, includes a
marine supply store, a marine
railway for drydocking boats
and docks for 40 small vessels.
But right now" he said, II
am trying to concentrate on
my construction business"
Currently engaged on addi-
tions to the Columbia Island
Marina. he also has built all
or portions of facilities at the
Hams Point motor boat pier,
the Washington Sailing Marina,
the Corinthian Yacht Club, the
Harbor Police dock and the
Columbia Yacht Club.
Built Movie Houseboat
One of his most fascinating
projects was construction of a
h0uSeboat for the movie,
"Houseboat," filmed three years
ago in Washington.
1T was built at our yards"
he recalled, land Paramount
Pictures hired both our work
boats. We had ball for five
weeks"
On completion of the movie,
the film company gave the
houseboat to Mr.. Miller. Actu-
ally it was not a houseboat at
all, but rather a f1imsy house
af1oat on borrowed Army pom
toons.
Mr.. Miller towed it ashore
when the pontoons were re-
moved, but had to dismantle
Evening star., 1960-06-09
Notice of Optional Exchange
Offering to Holders Of
TWO And ONE:HALF
PERCENT TREASURY BONDS
OF 1861
OUE NOVEMBER IS, 1863

To Holders Of 2H percent Treasury Bonds
Of 1901, and 0theyJ Concerned: -
/. Public notice is hereby given that all
outstanding 2H percent Treasury Bonds Of
1861, dated February Is. 1854, due Novem--
Der IS, 1861, may be exchanged at the option
OF the owner on June 5 TO June Is, 1860,
inclusive. for like face amount Of jA per-
cent Treasury Notes, Series D-ioo4, to be
dated June 70, 1860, and 10 mature May / !,
1864, or 81 percent Treasury Bonds OF.
1868. to be dated June %, 1860, and to
mature May Is. 1868. -i
? The total amount Of 5N percent Treas
ury Notes, Series D-lo64, to be issued will be
limited to approximately $5H billion, and
the total amount Of 3K percent Treasury
Bonds Of 1868 10 be issued will be limited
TO approximately SlK billion Subscriptions
il in excess Of the respective amounts, will
be received subject to allotment.
;. NoNyecOgHifioH OF gain or loss Is1
Federal Income tar pMpOSey.-Pursuan TO
the provisions Of section l057(a)s Of the
Internal Revenue Code of 1854 as added by
Public Law S6-346 tapproved September a.,
loSo), the Secretary OF the Treasury hereby
declares that no gain or loss shall be recog-
nIzed for Federal income tax purposes upon
the exchange with the United States Of the
IA percent Treasury Bonds Of 1861 solely
for the 5N percent Treasury Notes Of Series
D-loo4 or ~ percent Treasury Bonds Of
1868. Gain or loss, il any, upon the obliEa-
tions surrendered in exchange will be takeR
into account upon the disposition or redemp-
tion Of the new obligations.
4. Bearer notes and bonds with interest
coupons attached and notes and bonds regis.
tered as TO principal and interest will be
issued.
S. Further information concerning this
offering may be obtained from any Federal
Reserve Bank or Branch Banking institu-
tions generally may be able to assist holders.
Holders who desire to take advantage Of this
oder must act promptly as the subscription
books will be opened on June s, 1860, and
will close on June l5, 1860. Subscriptions
addressed to Federal Reserve Bank OF
Branch or to the Treasurer Of the United
States, Washington. D. C.. and placed in the
mail up to midnight Or June Is, 1860, will
be considered as timely.
ROBERT B. ANDERSON,
Seeref9y 81 the TreGss1.
TREASURY DEPARTMENT, r
Washington, June s, 1860.
Evening star., 1960-06-09

his own. 1t was seven years be-
fore his venture got under way
and another year or so before
he could hire any permanent
help.
The jobs came slowly at first,
causing him to diversity as
much as his limited capital
would allow.
mo one could survive on any
one part of my business" he
declared.
RedeveIOpment Problem
His principal problem at
present is the pending redevel-
opment of the waterfront which
apparently will engulf his tiny
yard. He recently appeared be-
fore the District Commits
SionerS, asking to be permitted
to remain where he is.
He was told, he said, that
the District might allow his
boatyard to be relocated else
where on the waterfront but
he would have to make other
arrangements for his construc-
ton business.
Mr.. Miller is unsure what he
will do if forced to move.
Il guess I could move my
equipment anywhere-to Flor
ida or to the Yukon River, il
necessary" he said. But l want
to stay in Washington and I'll
fight to save my business"
Evening star., 1960-06-09
Southern Offers
InstuIIment Plan
For Rail Tickets

Southern Railway System to-
day announced an installment
plan for buying railway tickets
which will bring to travellers
the convenience of paying for
their travel in monthly INSTALL
ments.
The railway said it is the
first time the "go now, pay
later" plan has been offered by
any railroads in the South.
The plan, effective July /
will apply to round-trip tickets
sold at Southern ticket Offices
to all points in the United
States and Canada. The total
value of transportation pur-
chased, whether round-trip rail
alone, or round-trip rail and
one-way Pullman or round-trip
Pullman, combined, must be $5C
or more, and, part of the travel
must be over the Southern.
Emory S. Clements, genera,
passenger traffic manager, SAID
prospective railway passengers
meeting normal credit qualifi-
cations. may choose to pay al
little as a fourth down and the
balance plus 2 per cent Serv.
ice charge over a period as Ions
as 10 months. Or, they may
make a larger down payment
and take less time for the bal.
ance, he added.
I'VE know that there are
reasons, just as vacation time
Mr.. Clements pointed out
when people feel a little short
of cash. We know, too, that
emergency travel is often called
for when family funds may be
low. Now these travel situa-
tions can be met by the same
type of installment plan pur-
chasing to which so many
people are already accustomed
in buying appliances and other
commercial articles"
Evening star., 1960-06-09
Allegheny :
PepsiCo|aFi|es
Stock 0fferiinq

A registration statement was
filed today with the Securities
and Exchange Commission by
Allegheny Pepsi Cola Bottling
Co., proposing the sale of 200, :
900 shares of its common stock
at SIS a share and 100000 in
ga per cent first mortgage
bonds.
The offering is to be made
by We'll g. Co., Washington in
vestment banking firm. OFF,
cials explained Allegheny Pepsi
Cola was recently organized by
a Baltimore Washington group
to acquire the Pepsi Cola fran
chiSe and all of the properties
of the Cloverdale Spring Co.,
bottlerS and distributors of
Pepsi Cola, is an area embrac-
ing mid Maryland, central
Pennsylvania and major areas
of Northern Virginia and West
Virginia.
These four Washingtonians
are members of the board of
directors: Robert N. Taylor
lvice president, Peoples Life In
Surance Co., William T. Han
nan and Ralph F. Berlow of
the law firm of Hannah &
CaStiello and Richard S. We'll,
president of We'll & Co.
Morton M. Lapides of Balti-
more is president of Allegheny
Pepsi Cola and his family are
the bottlers and distributors of
Pepsi Cola in the Baltimore
area.
officials said net sales of the
Cloverdale Co. for the first four
months of 1860 totaled $813.O27
compared to $724,920 for the
similar 1859 period. Allegheny
will distribute Cloverdale's line
of beverages in its own fran
chiSe area, but through other
bottlerS in an area from Read
ing, Pa, to Wilmington, Del,
and Salisbury, Md.
Evening star., 1960-06-09
Directors to Meet

ROANOKE, Va, June 8 (AP)
Norfolk & Western Railway
President Stuart T. Saunders
said yesterday the railway di-
rectors would meet Monday in
Philadelphia but declined to
comment on a Wall Street
Journal report that they would
take up stock terms of a pro-
posed merger with the Nickel
Plate Railroad.
Evening star., 1960-06-09
c. & P. Names
Carroll E. Morgan
Chief Enqineer

The Chesapeake & Potomac
Telephone Co. announced yes
terday the appointment of Car
roll E. Morgan as chief en-
gineer.
He began his telephone ca
reer as a central Office repair
man in 1912 in Baltimore, after
graduation in engineering from
Johns Hopkins University.
Mr.. Morgan has served as
engineering staff assistant, su-
perviSing accountant and dis
trict plant manager. In June,
1857 he was promoted to equip
ment and buildings engineer for
the Chesapeake & Potomac Tele-
phone Co. of Maryland, from
which he comes to his new
post here.
Evening star., 1960-06-09
Il YOUR ~
MONEYS WORTH
Not Good Enouqh
sI SYLVIA PORTER

No matter what administra-
tion officials now claim or will
claim in the prediction ora
torical contests about the pros
porous state of the economy,
financial policy-makers have
just indicated their considered
Judgment that:
ID Business is good, but not
good enough. 90 Important
money moves are warranted
now 10 stimulate the economy's
growth. 90 Neither another
initiation spiral nor a resurg-
ence of an imitation psychology
is a threat at this time. "a
Unemployment is continuing at
a high rate and the economy is
operating below capacity. (5)
There is greater danger in not
acting to spur the economy at
this stage and, by inaction,
risking stagnation and a drift
downward than in acting and.
by action, risking another spec
ulative upswing. (6) The
Western world appears to be
into a new era in which there
are virtually no scarcities of
materials or manpower, no sig
nificant preSsureS, and this new
era demands new attitudes and
policies.
Policy Move Noted
These six points are the
basic implications of the policy
moves now being made by the
Federal Reserve Board.
The members of the Board
of Governors of the Federal
Reserve System presumably
have more up-to-date, ac-
curate and sensitive informa-
tion about the economy than
any others among us. They
are among the most objective
and non-political policy-mak-
ers in Washington, for the Fed
eral Reserve Board is respon-
sible' only to Congress.
Some weeks ago these men
began showing their disatisfac-
tion with the strength of the
econmy when they started to
pump more funds into the
banking system so the banks
would have more cash to lend.
AS the Federal Reserve has
operated in the money markets
to achieve this, credit has be-
come more available to all
types of borrowers.
This policy shift is the rea-
son that since March, 1 have
written several columns Sug-
gesting that you re-apply for
a loan if you were turned down
during the violent credit
squeeze of late 1859, that you
reconsider expansion plans
that you shop around for
credit.
/ Rate Cut Explained
i Last Thursday, the Federal
Reserve Board took the vitality
important and symbolic ster
of approving a cut in the bor-
rowing rate the system charges
to banks which borrow from
the Central Bank. his borrow
ing rate (the discount rate)
is the cornerstone of all loan
rates in our country. 1t is now
down from 4 to 3la per cent
back to the level of May, 1859
and as a result the pressure
is on reductions in loan rates
up and down the line.
i The practical meaning of this
change in the money picture is
iclear. Credit is becoming much
more available, tight money"
is fading, it'll be easier to bor-
Evening star., 1960-06-09

NAAA oAAAOAAS bAAC DdoAllcSS COIIl-
munity to build up the economy
Of the Washington area by at
tracting conventions and tour
lists, who bring in new money
Mr.. Preston declared he
wants every businessman to
feel he is personally a part of
this effort. There are some
10000 businesses in the met
repolitan area.
800 Volunteers Helping
The chairman said some 800
persons are now actively work.
ing in this campaign-all of
them volunteers. There are 30
DIVISIONS in the campaign
each headed by a prominent
Businessman identified with his
own particular activity. Thus
a hotel man heads up the hotel
group, a banker the bankers
section, etc.
F"Many businesses are af-
feeted directly by the conven-
tion and visitors activity, so
that benefits can be seen quick
lyP said Mr.. Preston. But our
theory is that there is not a
business in the entire commu-
nifty that is not affected by the
impact of the spending of 81
million a day by these con-
vention and tourist visitors
here" a4
He said such visitors do not
necessarily do much banking
here.
But he does know that a
healthy business community is
guaranteed by the 1857 NIL
lion spent here last year by
this group. And, he added, this
has to be good for the banks.
More than 7 million tourists
and about 400, 900 convention
visitors are expected this year
Sees Direct Effects
There is a direct relation
ship between the budget we
raise and the number of visi-
tors that come to the city," he
said.
More and more this COM
munity fund drive is being
accepted by businessmen. They
are convinced they ought to
support it as they realize the
dollar return to their own busi-
neSSeS and to the community
generally"
Edward R. Carr, real estate
developer and builder, who is
chairman of the bureau, said
he does not think a tourist or
convention delegate ever i'm
mediately bought a house here.
But he said workers in the
hotel and restaurant business
and other business that directly
and indirectly benefit from
these visitors money do buy
houses. Thus, he said, the drive
has a direct application to the
businessman.
Mr.. Carr said anybody in
terested in subscribing to the
fund may do so by getting in
touch with the bureau at the
Evening star., 1960-06-09
VEPCO Lists Sales

A. M. Clement, assistan t
tre asurer, Virginia Electric
& Power Co., said that in the
Arlington Alexandria Fairfax
section there were 122,324 resi-
Dental customers in May. Total
customers numbered 1927 and
total kilowatt-hour sales was
! 81 BAT 900.
Evening star., 1960-06-09
Sales Set Record

Total sales of Ourisman-
Mandell Chevrolet in the first
five months of this year set a
new record at $4,956,741 and
more than $500 automobiles.
Florenz and Mandell Ourisman
said this compared with sales
during the similar 1859 period
of $3,356,000.
Evening star., 1960-06-09
Bank Plan Okoyed

The board of governors of
the Federal Reserve System
has given final approval for
the First Virginia Corp, Ar
llngton, Va, to acquire 3,107
or more of the 1000 voting
shares of the Purcellville Ma
tional Bank, Purcellville, Va.
Evening star., 1960-06-09
Grier Is Appointed

The board Of governors of the
Federal Reserve System an
nounced appointment of Will
liam H. Grier, president of the
Rock Hill Printing g. Finish
ing Co., Rock Hill, S. c., as a
director of the Federal Reserve
Bank of Richmond, which in
cludeS Washington. This will
be effective JULY |.
Evening star., 1960-06-09
D. 6. improvements

New private buildings in the
District of Columbia for May
totaled $l,9l8,000 and other
Improvements to private prop
erty here totaled $2,308.353.
This was announced by Julian
P. Green, chief of the permit
branch, Department of Lii
censes and Inspections, District
government.
He said 500 masonry build
Evening star., 1960-06-09

row. Credit also is due to be-
come cheaper, the peak of loan
costs for this cycle is history.
it again will be worthwhile to
bargain on loan rates.
And if these first moves to-
ward easier, cheaper credit
don't have the desired effect,
there will be more of the same.
Distributed 1860 by The Hall syndi-
cate, Inc, All Rights Reserved)
Evening star., 1960-06-09
Earnings

May Department Stores in
IL months ended April 30
earned $23.994,O0O or $3.32 a
share VS.. $22, ,069, 900 or $3.05
in 1859.
Collins Radio Co. in 9 months
ended April. 80 earned $5,901,-
COS or $2.96 a share VS.. $2,05O,-
SOB or 95 cents in 1859 period.
Laclede Gas Co. in IL months
ended April 80 earned $5,764,-
644 or $154 a share VS.. $4,455,-
785 or $1.18 in 1859.
Dominion Textile Co., Ltd,
in year ended March 81 earned
$2,700,612 or $1.00 a share VS..
$2.797, ,066 or $1.03 In 1859.
CelOtex Corp. in 6 months
ended April 80 earned $306, 1913
or II cents a share VS.. $1,629,-
020 or $l.45 in 1859 period.
Fairbanks, Morse g. Co. in 8
months ended March 81 earned
$28,792 or 3 cents a share VS..
$120,l87 or IL cents in 1859
period.
Evening star., 1960-06-09
Knapp Elected

ATLANTIC CITY, N. j.. June
9 (AP).-The Edison Electric
Institute yesterday elected as
president Sherman r. Knapp.
president Of Connecticut Light
& Power.
Evening star., 1960-06-09
BUSINESS
BRIEFS

Bank Clearings in Is leading
cities in the week ended June
g totaled $26.1s2,67 900 COM
pared with $23,890,257, 900 in
the previous week and $23,-
O8O, $4,000 in the like week a
year ago.-Dun & Bradstreet.
Business Loans by member
banks in the week ended June /
totaled $31,162,O 900, 600, down
$40 million from the previous
week. Federal Reserve Board.
Crude Petroleum Production
in the week ended June 3 aver
aged 6,780,960 barrels daily,
down $4,000 for the week and
compared with 7,032,325 in the
like week a year ago. -Ameri-
can Petroleum Institute.
Total Payroll for production
and marketing workers in the
steel industry in April was
1857, ,178,867 compared with
$389,847,573 in the previous
month and $685., ,488, 1868 in the
like month a year ago. Am.
Iron & Steel Institute.
Fairchild Camera e. Instru-
ment and Allen B. du Mont
Laboratories Inc. set June 80
for their postponed annual
meetings to vote on merger
proposals. Fairchild will be the
surviving corporation under a
merger agreement approved by
the boards.
Evening star., 1960-06-09
Visitors Bureau Drive
Seen Topping SO Pace
BY WILLIAM A. MILLEN
Star Staff Writer

Ihe S250000 drive of the Visitors
OF tne Metropolitan Washington Board of Trade is hrC
ahead OF what it was at this time last year.
ms was emphasized today by Murray Preston,
pgn chairman for this year and president of the American
security q Trust Co. He said the effort is going we'll
But ne advocated the widest possible support for the
Evening star., 1960-06-09
TREASURY BONDS

NEW YORK. June 9 CAP).-Yester.
StsS,SS. CLOSING oveL:the-cOunter United
Evening star., 1960-06-09

ings and 81 frame ones were
razed during the month.
Evening star., 1960-06-09
OVER COUNTER

WASHINGTON listings on over the
counter markets furnished by the Ma
tional Association OF Securities Dealers
as oil / pm. Thursday. June 9:
Evening star., 1960-06-09

Prices quoted in dollars and thirty
seconds.
Partially tax exempt
xWhen issued.