davidaulloa/AmericanStories huggingface dataset:
Evening star., 1960-04-14
Retail Trade
In Area Tops
SIS Billion

Retail trade in the Washing
ton Metropolitan Area exceeded
SIS billion in 1853 and was 24.7
per cent above 1854, according
to revised data from the Gen.
sus Bureau yesterday.
The revised total of S2,501,- :
$4,000 compared with s2,005,- :
346. 900 in 1854.
The revised figures showed a
much larger gain than the l8
per cent increase indicated by
preliminary figures.
The District of Columbia to-
tai for 1858 was s1,304,135 900
compared with s1,193,955, 900
in 1854.
Food stores representing the
largest area retail division ac-
counted for $59S, ,4OS, 900 COM
pared with s466, ,946,OO in 1854.
Auto dealers were next with
1881, 1,564,O00 compared with
S328,591 900.
General merchandise stores
had a volume of S3l7,26l. 900
compared with $258,526,00O in
1854.
Evening star., 1960-04-14
other earnings included:
For 3 Months Ended March 81
1870 1870
CHICAGO
LIVESTOCK

CHICAGO, April IA (APl.-UsDN
p lower on butchers; closed Gull,
mostly - lower; sows steady to weak;
mixed grade 2-3 and mixed 1-3 lgO-
$50 lbs 1925 10 IS; Is and mixed J.
and IS l9O-2@0 lbs I6 SOLD s.;
several lots Is and mixed 10 sorted
-no-2l5 lbs l6.;j-l7 90, n25 head at
ZOO; mixed 2-3 and 3s 23O-21O is
Ih 90 b.35, few lots IS 23O-25O lbs
II Dol 6.6a; mixed grade % and IS
2!O-29O lbs l5.T5-l6l5: few lets
mixed 2-3 and IS 29O-32O lbs 1875
I5.S5; mixed grade 2-3 35O-55O ID
SowS l3.5O-l4 so: few around $50
ISS down to 1925: small lots 30O-33O
Cattle LOCO: calves 100: prime cat
tie absent: SLAUGHTER steers and heifers
sradlng GOOD and choice moderately
active fully steady: lower grades slow
ABOUT steady; COWS about steady; bulls
STEADY TO IS lower: vealers and stock
ers and feeders about steady: bulk
cholce $50 .225 ID steers - 1.5O-oq. 25:
several loads and lots mixed good and
srsdes asysea asc0-se4s: 'eW few losfs s4sndSpd dSqd
Holstein 90 90; three loads mixed Tood
lots lot "a and load or 50 good, heifers
ard 17.50-23 90: utility and CONNER
cial cows l625-1S.00: Gamers and
cutters l3.5O-16.75: utility and COM
mercial bulls 10 00-2l 90; good and
choice veslerS 27.0O-32 90: culls down
TO 800: a few sales medium and GOOD
550-S00 h stockers and Nrht feeding
steers 20 O0-25 so
Evening star., 1960-04-14

was uncertain just what the
status of the Vickers claim
might be. REORGANIZATION, of
course, would involve the own
erS of Sl2 million of 414 per
cent convertible subordinated
debentures, due July l, 1876, as
well as common stockholders.
The company had 909, 9,659
common shares outstanding on
December 81 out of an author
lied total of 2.5 million shares.
According to the Associated
Press, financial sources here
commented that Capital has an
enormous corporate potential
and that the amount immedi-
ately due to the British firm is
not great by comparison with
the airline's corporate size. 1t
is the Nations fifth largest
QOmeSClc airline.
No Further Comment
There was no further COM
ment today on the situation
either from Capital or Wick
ers-Armstrongs. The Civil
AeronauticS Board declined
likewise to comment on rumors
that it was in session much
of yesterday on Capitals prob
lens.
Reports filed with the CAB
show that for the first two
months of 1860 Capital suf-
fered a net operating loss of
more than $3,94O,O00, COM
pared with a loss of more than
81 million in the same 1859
period. The IL domestic air
lines for the two months lost
around SO million, compared
with a net profit of more than
$1.3 million a year earlier.
The trunk airlines have had
petitions for a general fare
increase before the board for
several years. Under the pres
sure of Capitals plight and
other airlines' losses, the board
repeatedly may speed up a de-
ciSion in the long-delayed fare
proceedings.
The CAB may also take a new
look at its recent refusal to
grant Capital a temporary air
mail subsidiary, pending formal
hearing on the airline's proposal
to return to subsidy operations
after more than eight years.
Local service and helicopter
airlines receive millions of dol
lars of air mail assistance. but
none of the trunk lines has
been on subsidy for several
years.
Capital has blamed some of
its difficulties on excessive COM
petition on its routes and to re-
quirements that it serves many
points that are not profitable
and that involve expensive
Short-haul operations.
Evening star., 1960-04-14
Universal Match
Split Is sApproved

WILMINGTON, Del, April
IA (APD First quarter earn
ings of Universal Match Corp,
have exceeded s1,100,000 for
the first time in the company's
history. The previous high first
quarter was s811,910 in 1859.
President John L. Wilson told
stockholders yesterday net earn
ings for 1860 should be around
S6 million, as previously fore
cast.
Shareholders approved a 212
for l stock split. The plan of
recapitulation provides for the
authorized shares of common
stock to be changed from four
million of $6.25 par value to
six million of $3.50 par value.
The record date for the split
is expected to be May 13. with
additional shares to be dlstri-
buted June Is.
Evening star., 1960-04-14

sion to supply the canteen
with items of that sort.
Business Mistake
Il did a tremendous busi-
ness" he recalled.
He organized a real estate
and contracting firm in sue
ceeding months and built sew
eral hundred homes in New
port News. 1t was one of the
few mistakes he ever made:
when the Armistice was
signed and shipbuilding was
discontinued" he declared,
Newport News became a ghost
town and I lost all my capital
and was in debt"
In Newport News, nonethe-
less, he got what he considers
the biggest break of my life. -"
Il married my wife" he ex-
planned. He soon discovered
she. too, had a good head for
business, and together they set
out for greener pastures in
Washington.
Mr.. KasS spent several
months with his uncle. Builder
Morris Cafritz, before eStab-
fishing his own KasS Realty
Co., Inc, with the thought of
permanent investment only"
Among the buildings his COM
pany erected were the 12-story
Kass Building, the Clarendon
Shopping Center - one of the
first in the country-and gaSo-
line stations from Maine to
Florida. Other projects included
drug stores, 10-cent stores,
warehouses and freight stations.
over the years" Mr.. Kass
estimated, I'VE have developed
over half a billion dollars
worth of properties"
Proud Of Seven Corners
His proudeSt achievement is
Seven Corners. Its success, he
said, was beyond my widest
expectations"
A favorite exhibit of free
Evening star., 1960-04-14
Savings, Loans
Cut Borrowings

The 81 member associations
OF the District Savings and
Loan League reduced borrow
ings from the Federal Home
Loan Bank System nearly SIS
million during March, monthly
data from President julius A,
Maedel revealed yesterday
The borrowings on March 81
totaled s48,53O,6OS, compared
with s50,502,953 at the end of
February, but we're still far
above $25, ,467,SO8 on March 81
last year.
Loan settlements in March
totaled S23,643, ,683 VS.. Sl9,37O,- :
496 in February and S30,345,-
826 in March last year.
Assets of the associations
totaled 81, 1876, ,353,O67 on March
81 VS.. S1,183,517,oO5 on Feb
ruary 29 and S1,O77,S50,559 a
year ago. Invested savings
amounted to S1,026,563,397 VS..
Sl,010,75l,753 a month earlier
and $920,658,913 a year earlier.
Real estate loans aggregated
S1,069, ,133,564 on March 81 VS..
Sl,057,l33,674 a month earlier
and S936.601.261 a year ago.
Reserves amounted to $83,335. :
1873 VS.. S85.654,282 month
earlier and S78,104,863 on the
same 1859 date.
Evening star., 1960-04-14

deal to satisfy the Vickers-
Armstrong; demand, but the
possibility of reorganization
proceedings under the Chandler
Act was not ruled out.
Vickers Armstrong;. Ltd,
which Capital still owes around
$S3, $4,000 for Viscount air
craft and related equipment,
cabled formal demand for the
overdue payments around 3 pm.
on Tuesday.
Under the chattel mortgage
agreement. Capital AirlineS has
only three days to take some
sort Of action to satisfy the
demand. This would place the
deadline at around 3 pm. to-
morrow.
If Capital takes no action by
then, Vickers-ArmStrongs then
can serve notice that the Ell
tire S33.842,000 of remaining
debt is due Immediately.
Could Demand Property
II there is no response to
this. the mortgage agreement
provides that Capital Airlines
will deliver any part or all
of the mortgaged equipment
to any place and at any
time designated by Vickers-
Armstrong;.
The agreement provides that
If Capital fails to do this, the
, British company can seek a
court judgment ordering COM
plisnce. Under such a court
order, Vickers Armstrong;
could search for any part of
the mortgaged equipment and
take possession.
There wasn't the slightest
indication that Vickers-Arm-
strongs would be willing to
make some sort of a financial
deal, such as acceptance of pre-
ferred stock or new first mort
gage bonds.
In case of reorganization, it
Evening star., 1960-04-14
Oil Estimate
For 1860 Cut

NEW YORK, April IA (AP)
The Chase Manhattan Bank
Of New York today cut its esti-
mate of the expected increase
in 1860 demand for United
States petroleum products.
John G. Winger, vice presi-
dent of the petroleum depart
ment economics division, said
the current outlook indicates a
gain of not more than 3 per
cent this year. In December he
predicted an increase of S to
6 per cent over 1859.
Texas crude oil buyers plan
to cut purchases in May by
62,563 barrels a day below the
April rate. Output this month
has been limited to nine days.
The American Petroleum In
stitute reported gasoline stocks
oecllned 100000 barrels during
the week ended Friday.
Stored motor fuel at the end
Of the week totaled 224.995, 900
barrels, compared with 255,-
$4,000 a week earlier and 2l4,-
$4,000 a year ago.
Heavy fuels used by industry
totaled 39,373,000 barrels. up
26l 900 from the previous week
but well under 57,393,O 900 last
year.
Light fuels. including those
used in homes, dropped 1900
barrels to 92,640,000. compared
with 98,275,00o year ago.
Evening star., 1960-04-14
UNDERTAKES NEW CAREER AT 50
Koss Is Disposing Of Properties
To Devote Full Time to Charities

enterprise to visitors from many
nations, the Virginia shopping
center recently earned Mr.. Kass
an invitation to the Soviet
Union. He was asked to bring
a scale model Of the center and
discuss it with Soviet leaders
apparently as the result Of
Soviet Premier Khrushchev's
visit to this country last year.
He may go this summer, he
said, if arrangements are COM
pleted in time.
AS a businessman with in
vestments in both the District
and the suburbs, (who lives at
1850 Woodland drive N.W.) he
is optimistic about the future
of both.
Il think Washingtons down.
town area can be revived by
renovation" he said. But the
suburbs are the things Of the
future. People will shop there
because they can come in plain
clothes with their children"
The area, he predicted, will
reach a population of from 8
to 5 million persons in the next
10 years.
One of the most hopeful de-
velopments for Metropolitan
Washington, he added, is the
growth of scientific firms
throughout the area.
Eye for Future
That's the future of Wash
Iington," Mr.. Kass declared.
"even more than the Govern
ment."
He has always had an eye
to the future, even when busi-
ness conditions we're bad. Some
of his most favorable deals, he
observed, were consummated
after long years of waiting.
For one long neglected 110-
acre site on Marlboro pike, he
recently turned down an offer of
$350,000. he said. He originally
bought it for less than $4,000.
AS his business career comes
to an end-partly, he said, be-
cause of an unfavorable tax
situation-he is turning to the
future with his customary en-
thusiaSm.
I've got to keep busy" he said.
For one thing, there's my edu-
cational foundation. I sponsor
scholarships for 10 young peo-
pie who couldn't otherwise af-
ford a college education.
want to expand that to 25 or
So"
Then, too, there are the mat
ters Of the Boy Scouts. the Ma
tional Symphony Orchestra, the
Columbia Hospital for Women,
the National Conference of
Christians and Jews, the Armed
Forces Hospitality Committee,
the Oldest Inhabitants of Wash
ington and many, many
others,
Il intend to stay busy, all
right" he announced. I've got
no time for retirement"
Evening star., 1960-04-14
GIuck Renews FIGHT
For H. l. Green Co.
NEW YORK, April IA ZAP

NEW YORK, April IA CAP)
- Maxwell H. Gluck today
launched a new effort to gain
control of H. L. Green Co., Inc,
the Wall Street journal said.
Mr.. Gluck sent proxy state
ments seeking support for his
slate Of directors. Stockholders
of the variety store chain meet
April % to elect II directors.
Mr.. Gluck is chairman of
Darling Stores Corp, and for
mer Ambassador to Ceylon. He
failed in February to obtain
sufficient proxies to call a spe-
cial stockholders meeting to
unseat the Green management.
Evening star., 1960-04-14
TaxCoIIections
Reflect High
DC. Activity

A continued high rate of bust
ness activity here was reflected
by District tax receipts in the
first quarter of this year.
Tax revenues going into the
general fund rose to S47,54l 900
in the three months, a gain
of 80 per cent from s43,955, 900
in the same 1859 period, ac-
cording to the monthly report
from the finance Office.
March receipts for the gen.
eral fund totaled S30,272,O00, up
10 per cent from S27,504,000 in
March last year.
Sales and gross receipts taxes
expanded to S14,785,O 900, a gain
of So per cent from S14,05l. 900
a year earlier. The March total
was $8,983,000 VS.. S8,378,O00 in
March last year.
Property taxes jumped to
SIT $4,000 in the three months,
a rise of 1873 per cent from
S15.3l9,000 a year ago. Prop
erty taxes in March totaled
Sl6,533,000 VS., Sl4.486. 900 in
March, 1859.
Income taxes in three months
amounted to S6,90l,000, about
equal to $6,918,OOO a year
earlier. However. the March
total dropped to $4,000 from
S723,000 in March last year.
Among receipts for special
funds, it was interesting to note
that collections for the parking
fund rose to S204, 900 in the
three months from $167,000 a
year earlier, a jump of 21.8 per
cent. March receipts for this
purpose totaled $4,000 VS.. ST.
900 in March last year.
Gasoline tax collections
amounted to $3,340,000 in the
three months. up II per cent
from $2,854.0O0 a year earlier.
March receipts totaled S906, 900
VS.. S870,000 in March, 1859.
Evening star., 1960-04-14
ASR Products Votes
Philip Morris Mercer

STAUNTON, Va, April IA
(AP).-Stockholders of ASR
Products Corp. gave over
whelming approval yesterday
to a merger with Philip Morris
Inc. 1t is the third major
acquisition by the cigarette firm
in three years.
After the vote, Presidents
Joseph F. Cullman III of Philip
Morris and Sidney We'll of ASR
said the merger would be con-
summated early next month.
Acquisition will be based on the
exchange of one share Of Philip
Morris for each 4ls shares Of
ASR common.
Evening star., 1960-04-14
BY WILLIAM Mac DOUGALL
star stan Writer

Garfield I. Kass, SO, is switch
ing to a new career after more
than 40 years in the building
business.
Mr.. Kass, one of the city's
foremost commercial leaders,
disclosed today he is giving up
his business activities to work
full-time for charitable and
civic causes.
That ambition. he said.
helped him to decide in 1853 to
sell the properties he and his
son-in-law, Irving D. Berger,
control.
Including such holdings as
the Seven Corners Shopping
Center, the Friendship Shop
ping Center and the Connecticut
avenue shopping center which
houses WMAL and WMAL-TV,
the properties are reported un-
officially to be valued at $40
million. Negotiations for the
sale are continuing, Mr.. Kass
said.
The new career will be a
drastic change of pace for one
of the community's most re-
spected executives - but the
change was not altogether un-
expected. Mr.. KaSs has been
active in charities since the
beginning of his business pur-
suits in 1918.
At the moment, he said, Il
spend about so per cent of my
time on charities. That work is
more important to me than
business"
Believes in Work
Mr.. Kass is a firm believer
in work-good, hard work. Born
in Rockville, Md, Mr.. Kass
moved from the Washington
area to Newport News, Va,
when he was 10 years old. He
had just entered high school
and made the football team
when a lack of money forced
him to quit.
Il accepted my first job with
a coal company as an Office boy
at $3.50 a week" he recalled.
While there I studied short
hand and other courses and
took a job as stenographer at
$40 a week"
At II he was promoted to
assistant manager Of the COM
pany. A year later, he joined
his brothers wholesale grocery
firm as salesman and promptly
worked his way up to a man.
agerial post.
At the outbreak of World
War I, Mr.. Kass enlisted in
the Army. rising through the
ranks from private to captain.
But even an olive drab uni
from was unable to cloak his
business acumen. Returning
from France aboard a tossing
troop ship, Mr.. Kass perceived
that the soldiers were starving
for candy, and secured permis-
Evening star., 1960-04-14
BUSINESS
BRIEFS

Bank Clearings in Is leading
cities in the week ended April
13 totaled $25,071, ,266 900 COM
pared with $26,079, 900 900 in
the previous week and $24, ,320,-
897 1000 in the like week a year
ago.-Dun e. Bradstreet.
Business Loans by member
banks in the week ended April
6 totaled $50, 5000, 900. down
S133 million from the previous
week. Federal Reserve Board.
Crude Petroleum Production
IN the week ended April 8
averaged 7.028.410 barrels daily,
down l22,l00 from the previ-
Gus week and compared with
.7.l28,985 in the like week a
year ago. American Petroleum
Institute.
Gamble SkogmO, Inc, March
sales totaled $11.625,005, up
11.3% from 1859; for 8 months
$29,7O6,l42, up 5.1T6 from 1859.
Earnings
Singer Manufacturing in year
ended December 81 earned
S18, ,385,878 or $4.12 a share VS..
.$l2.009,502 or $2.70 in 1859.
Western Union Telegraph Co.
earnings in 3 months ended
March 81 totaled $2,650,000 or
Al cents a share VS.. $3,50O,OOO
or SIS cents in 1859 period.
North American Van Lines
in year ended December 81
earned $1.344,279 or 1888 a
share VS.. $9O3,O63 or $2.27 in
1859.
Rich's, Inc, in year ended
January 80 earned $3.569,011 or
S2.04 a share VS.. $3,438,469 or
$1.98 in 1859.
Mead Corp. in IL weeks
ended March 20 earned ST.
8l7,718 or SIS cents a share VS..
$2,669,184 or 81 cents in 1859
period.
Other earnings included:
For 3 Months Ended March 81
1890 1880
Evening star., 1960-04-14
BANKS OPEN
TOMORROW IN
D.C.-VIRGINTA

Banks and savings and
loan associations in the Dis
trict Of Columbia and in
suburban Virginia will be
open tomorrow, while those
in suburban Maryland will
be closed in observation of
Good Friday.
Because of the closing of
the major exchanges, most
w shington investment
houses will be closed.
Evening star., 1960-04-14
Milwaukee Journal
Plans Expansion

MILWAUKEE. April IA (AP)
An $l1,525,OOO expansion
program was announced yes
terday by the Journal Co., pub
Usher of the Milwaukee Journal.
Another Journal Co. an
nouncement told of authorize =
ton by the board of directors
for the purchase of $3.6 million
worth of capital stock of the
company for sale to employees.
In five and one half years
Journal employees will own 80
per cent of their company.
Evening star., 1960-04-14
METAL PRICES

NEW YORK, April IA tAPi Spot
nonferrous metal prices TO-DAY: Copper
80 cents a pound Connecticut Valley
Lead IL cents a pound. New York
Zinc II cents q pound. East St. Louis
Tin o9l4 cents a pound. New York
FOREIGN silver alas cents per troy
ounce, New York Pittsburgh scrsp
AGE w 81 .o0-35.0O.
Evening star., 1960-04-14
Wins Group Award

The Washington group sales
and service Office of John Han
cock Mutual Life Insurance Co.
here, has received the Vice
Presidents Group Award for
leading all Offices of the COM
pany in 1859 group sales.
Evening star., 1960-04-14
Dan River BUYS

DANVILLE. Va, April IA
(AP).-Dan River Mills today
announced the purchase Of the
SayleS Biltmore finishing plant
near Asheville. N. c.. for about
S2.8 million cash. Acquisition
will be effective May 9.
Evening star., 1960-04-14
Capitol AirIines Calls
Directors to Ponder
Solution for Default
BY DONALD B. HADLEY
star Financial Editor

Directors of Capital Airnes will meet tomorrow to seek
solution Of critical debt problem precptad by demand for
nearly $12 million overdue payments vscount planes
The meeting has been scheduled for 10 at company
headquarters at Washington National Airport.
Directors will amid of of a financial
Evening star., 1960-04-14
OVER COUNTER

WASHINGTON liStinGS on over-the-
counter markets furnished by the Ma
tiOnal Association Of Securities Dealers,
Inc. as OF l pm. Thursday. April IA
Evening star., 1960-04-14
TREASURY BONDS

NEW YORK, April "A CAPD.-Yester-
DAYS closing over-the-counter limited
States Government Treasury bonds.
Evening star., 1960-04-14
Different Story

But the key words in the pre-
ceding paragraph are general"
and average" For, on digging
beneath the surface, the Nor
gan Guaranty has come up
with quite different tale.
Specifically:
In 1929, stock prices didn't
turn down until after business
activity had begun to slide. At
that time stocks didn't lead.
they Jagged.
In 1915. stocks rose almost
continuously through the year
while business declined, and in
1916 stocks slumped while busi-
ness advanced.
In 1858. stocks turned up two
months after business began to
Evening star., 1960-04-14
FOREIGN EXCH'GE

NEW YORK. April IA CAPl.-Foreivn
exchange rates Great Britain and
Australia in dollars, others in cents
and demicals Of q cent?:
Canada in N N'
Evening star., 1960-04-14
YOUR
MONEYS WORTH
Stocks as q Business Prophet
N SYLVIA PORTER

How reliable a business pro-
phet is the stock market?
"At best a hazardous device
for business forecasting," con-
cludes the Morgan Guaranty
Trust Co. of New York after
an exhaustive study of stock
price and business movements
over the past Al years.
"At worst (a) grossly mis-
leading indicator of things
to come in the business world .
adds the world-famous bank
ing institution in full aware
ness that it is touching on a
most sensitive subject,
This judgment is in direct
conflict with the widely held
belief that changes in stock
prices are signals of changes in
business.
Close Tie Logical
To begin with a defense OF
the folklore, there is consider
able logic to the assumption of
a close tie between stock prices
and general business. Surely,
people buy or sell stocks on the
basis of their expectations
about business profits, and
thus the level of activity. And
because changes in prices in
f1uence confidence and spend
ing, the market has, as the
Morgan Guaranty puts it,
some power to make its own
predictions come true. 1t can
be a factor, as we'll as an indi-
Gator"
Also the record over the near
ly half-century studied gives
general confirmation to the as
sumption. Studies by a Harvard
University Committee on Eco
nomic Research and the Ma
tional Bureau of Economic Re-
search brought up to date by
the Morgan Guaranty bank
confirm "the general tendency
for the curve of stock prices
to procede that of business
activity" A 1850 study by the
National Bureau indicates stock
prices on average hit their peak
six months before business and
on average hit their bottom
eight months. before business
does.
Evening star., 1960-04-14
DIVIDENDS

NEW YORK. April IA (AP) .-Divi-
dendS announced.
Evening star., 1960-04-14

Prices quoted In dollars and thirt'
seconds
Partially tax EXEMPT
, 1960-03-08
Steuls Cheese.
Seumun is Sent
TO Richmond Juil

Charles Mccoy, a seaman,
was fined $500 or Z days in
Jail in Municipal Court yester
day afternoon on q charge Of
petit larceny, when he carried
away one package Of cracker
barrel cheese from Rasmus-
sens Grocery valued at So
cents.
He was taken to Richmond
Penitentiary this morning.
, 1960-03-08
Burglur Breuks Into
Army Reserve Hdqtrs.
Then Damages Cor

Some unknown person broke
into the Army Reserve head7
quarters in Christiansted and
carried away frozen chickens
and several cans of concen-
trated frozen orange juice
from the F~rigidaire, located
in the building. It was dis
covered on Saturday morning
at 8 o'clock that the left rear
light of the 1856 Chevrolet car
was broken off.
The place was again broken
into on Sunday night. This
was reported to the Police by
Army Sergeant Wadsworth.