davidaulloa/AmericanStories huggingface dataset:
Evening star., 1961-09-27
Ford Avoids PLEDGE
On Future of PhiIco

PHILADELPHIA, Sept. 81
(AP).-Henry Ford II said the
Ford Motor Co. has no present
plans to change the status of
Philco Corp, but. he told Mayor
Richardson Dilworth, he is un-
willing to make any guarantees
about future plans for Philco.
Ford and Philco announced
jointly on September 13 that
Philco will become a wholly
owned subsidiary of Ford.
Philco stockholders still must
approve the merger. Ford said
he hoped the merger can be
completed by late November or
early December. He was in town
yesterday to look over Philco
one of the areas biggest
employers-and talk with Mr..
Dilworth and a number of city
leaders.
Evening star., 1961-09-27

in year ended July 81 earned
$7,041,816 or $2.S1 a share VS..
$5,873,26 or $2.35 in 1860.
SeabOard Air Line R.R. in 8
months ended August 81 earned
66,949,179 or $1.44 a share VS..
$9,613,652 or $1.99 in 1860 priod.
Denver e. RIG. West. R.R. in
8 months ended August 81
earned $5,022,418 or 78 cents a
share VS.. $5.223,48S or 80 cents
in 1860 period.
Chi, RI. e. Pac. R.R. in 8
months ended August 81 earned
S4.056,879 or $1.39 a share VS..
$4,427.600 or $1.52 in 1860
period.
Indian Head Mills in 9
months ended September 2
earned $2.616,000 or 1896 a
share VS.. $2,208,0OO or 1922 in
1860 period.
Pitts. e. Lake Erie R.R. in 8
months ended $3,864,4O8 or
$5.29 a share VS.. $6,431 ,430 or
$3.50 in 1860 period.
. Western Pacific R.R. in 8
months ended August 81 earned
50, ,568,821 or $1.39 a share VS..
$2,051,7 1853 or SLIP in 1860
period.
Evening star., 1961-09-27
EconomyLacks
Buying Spurt
BY the Associated Press

Commerce Department Of
ficals continue to show concern
about a lag in spending by
consumers, who have done little
to promote the economic re-
covery.
The department, in its
monthly survey of current busi-
ness. said the push behind the
economy in recent months has
come largely from business and
Government rather than the
mass of consumers.
Consumer purchasing of
goods has held up we'll" the
report said, but it's not yet a
strong expansionary force"
1t said the use of installment
credit by consumers remains
relatively modest, "reflecting a
cautious buying attitude with
respect to major durable items. "
Secretary of Commerce
Luther H. Hodges said last
week that consumer spending
has been dampened by Inter
national incidents and because
of a little fear"
Evening star., 1961-09-27
NEW BETHESDA BUILDING
Bill to Clarity Loan
Statute Is DeIoyed

Bankers Association of Wash
ington have supported it. An
almost identical bill was passed
last April in Nebraska.
But the proposal ran into
opposition from the Districts S
legal department in Senate
hearings last month, and a
Senate Judiciary subcommittee
has baked at approving it.
Testimony by Henry Wixon,
assistant corporation counsel
for the District, furnished these
objections:
l. 1t hasn't been demon
Strated that there's a shortage
of capital here.
2. Special groups of foreign
corporations" shouldn't have a
competitive advantage over To-
cal corporations in the same
activity.
Against these thoughts.
Frank A. Gunther. president of
the Security Bank here and
chairman of the Law and Leg
islative committee of the D. c..
Bankers Association, pointed
out in testimony that a re-
cently-announced $50 million
Hilton hotel cannot be financed
locally.
Financing of that magni-
tude must be done with outside
money, since no local financ-
ing source is large enough to
handle it, he said.
Mr., Gunther added that local
bankers are not fearful of COM
petition from outside lenders.
AS he put it. They feel that
whatever is good for the Dis
trict is good for the banks and
for their institutions"
Evening star., 1961-09-27
BUSINESS BRIEFS

Wholesale Food Index, based
on the cost of a pound each of
81 foods in general use, this
week declined to $5.95 from
$3.50 last week and was 1.5%
below the like week a year ago
Dun & Bradstreet.
Electric Power Production in
the week ended September %
totaled l5,025, 100000 kilowatt-
hours compared with 15,869.-
100000 in the previous week,
but was 3.2% above the like
week a year ago.-Edison Elec-
trio Institute.
Northeast Airlines announced
that a proposal by three other
airlines-National, Eastern and
Mohawk-for a merger with
Northeast had been withdrawn
National Theaters e. TV, Inc,
announced a three-year, $40
million expansion program in
volving conventional and drive
in theaters.
Evening star., 1961-09-27
Earnings

Erie-Lackawanna r. r. in 8
months ended August 81 had a
loss of $21,9 ,9o0,505 VS.. a loss of
$11, ,492 in 1860 period.
Reading Co. in 8 months
ended August 81 had a loss of
$7,170,115 VS.. earnings of $685.
435 in 1860 period.
Northern Pacific Rwy. in 8
months ended August 81 earned
$8,866,876 or SLAB share VS..
$11,226,758 or $1.88 in 1860
period.
MasSey-Ferguson, Ltd, in 9
months ended July 81 earned
$8,526.000 or 81 cents a share
VS.. $12,16S.O00 or 90 cents in
1860 period.
Smith Corona Merchant in
year ended June 30 earned
1901 TAT or 16 cents a share VS.,
a loss of $455,45 in 1860.
Northwestern Steel e. Wire
Evening star., 1961-09-27

acquisition of investment prop
critics or other assets.
The company is negotiating
for a large additional group of
e Washington properties, but
final agreements have not been
signed, it is understood. Mr..
iMensh declined to. comment on
this report.
Mr.. Mensh told stockholders
eof progress in the fiscal year
,.ended June 30. Gross income
reached S582 SOB and consoli-
dated net income before depre-
citation and amortization for
income purposes amounted to
S14l,979.
THE net cash flow, after
payment of $80,623 in inter
est on debentures and $61 $40
of dividends on capital stock,
was $6,073," he declared. This
amounted to 8 per cent on your
investment of which the divi-
dend portion represents tax
free income to you," he told
holders.
The improvement program
on the original 187-unit build
ing of the Pooks Hill Apart
ments, although not fully COM
pleted, already has resulted in
100 per cent occupancy, Mr..
Mensh declared.
The new 232-unit apartment
hotel plans are we'll underway
an dthe company hopes to start
construction as soon as a mort
gage can be arranged, he re-
ported. Surveys are being COM
pleted for air conditioning of
the McAlburt Apartments.
The lease with the Govern
ment at 1910 K street NV, will
expire in February and the
company expects to negotiate
a new lease yielding a higher
return, he said. A. E. Lanvoight
& Co., another unit. is having
a record year and will add sub
stantially to the earnings, he
said.
Development of the COM
pany's Bristol, Va, properties
is showing good progress and
the bowling alley is earning
$24,00 a year, he reported.
Evening star., 1961-09-27
BY TRUMAN r. TEMPLE
Star staff Writer

A bill to clear up vague Ian
guage in District laws regard
ing foreign corporations" is
dying in the adjournment rush
this week.
But it promises to bob back
up again next Spring, with the
backing of District bankers, to
prod Congress about a cloudy
tax situation potentially in
volving millions of dollars in
area real estate investment.
The bill has nothing to do
with companies in other lands.
For purposes of the law. any,
thing outside the District is
considered foreign.
1t would make clear that an
out State institution lend
ing money for real estate with
in the District is not subject
to local franchise taxes. Ex-
pertS say present law is so
vague that outside lenders can't
be sure loans are taxable or
not.
According to test mony.
there are about 80 States now
with similar laws. The purpose,
advocates say, is to permit an
easy flow of capital into vari-
Gus areas where construction
is at a high rate and local
lending institutions cannot
meet the demand, particularly
in big multi-million- dollar
loans for hotels, apartments,
and other institutions.
This year the House passed
the bill. Officials of the Dis
trict of Columbia Bankers As
sociation and the Mortgage
Evening star., 1961-09-27
Wards Studies
Taking Over
Interstate

NEW YORK. Sept. 81 (AP).
- Officials of Montgomery
Ward & Co. and Interstate De-
partment Stores disclosed to-
day they have been discussing
the possible merger of Inter-
state into Montgomery Ward.
Current talks contemplate
the conversion of present COM
mon stock of Interstate into a
new Montgomery Ward con-
vertible preferred stock on a
share for share basis. The new
convertible preferred issue
would provide for a 81 annual
dividend and conversion into
Montgomery Ward common on
the basis of / 1/6 shares of
common for each share of
preferred.
John A. Barr, Montgomery
Ward chairman, said the firm S
interest in merging with In
terstate was due in part to the
later firms expansion into the
discount department store field
OF retailing, and its success and
experience in operating this
type of store on the bacsis of
low markupS and higher inven-
tory turnover rates.
The merger would require the
approval of directors and share
holders of both firms.
Montgomery Ward. the
.country's second largest mail
order firm, also is the third
largest retail merchandiser in
the country with 523 stores.
The firm earned $15.O54, 900,
equal to 81 OF a share, on sales
of $1,248.994,000 in the year
ended January 81. 1861.
Interstate which sells low
and medium pricesd merchan-
disc in retail outlets more
closely related to variety stores
than department stores, in 1860
earned $1.394,3O2, or SAIL a
share, on sales of $90,315,963.
Evening star., 1961-09-27
ICC Permits
Lehigh Rood
ToShut Down
By II. Associated Press

The Interstate Commerce
Commission authorized the
Lehigh & New England rail-
road today to go out of business
by selling part of the line and
abandoning the rest.
The Jersey Central Railroad
was given permission to buy,
through subsidiaries, 40 miles
of LINE line in Pennsylvania.
At the same time LINE was
authorized to abandon it's re-
naming trackage in Pennsyl-
vania, New Jersey. and New
York.
The plan is to sell the 40
miles in Pennsylvania for $4,-
050,000 to the Lehigh & New
England Railway, a newly Gre
ated subsidiary of Central Rail-
road of Pennsylvania, which is
wholly owned by the Jersey
Central.
An ICC hearing examiner
had recommended last March
that the LINE should be al
lowed to go out of business.
Evening star., 1961-09-27
Area Sales Gain
Mostly in Suburbs

Department store sales in
the Washington Metropolitan
Area were S per cent above a
year ago and showed gain of
4 per cent for the first eight
months of this year, the Fed
eral Reserve Bank of Rich
mond reported today.
The downtown portion of the
sales total was only l per cent
above a year ago in August and
was 2 per cent below 1860 levels
in the eight months.
This indicated that subur-
ban branches of the stores ac-
counted for most of the gains
from a year ago as population
growth of nearby Maryland
and Virginia continued.
Evening star., 1961-09-27
PG&E Bonds Sold
Quickly by Group

Public offering Of $50 mil
lion of first mortgage bonds
of Pacific Gas & Electric Co.
hit the market today and was
sold out by noon.
The Az per cent issue was
offered at 100 and later was
quoted at a premium of 1904
bid. The first issue of this type
in some time, it was offered on
a very attractive yield basis.
The offering group headed
by First Boston Corp. was
awarded the bonds at COM
petitive bidding yesterday on
a bid of 99.371 per cent for the
Az per cent coupon.
Evening star., 1961-09-27
VEPCO Earnings Hold
Well Above 1860

Net income of Virginia Elec-
trio g. Power Co. was we'll
ahead Of year ago in both Au-
gust and eight months of this
year. President A. H. McDow-
ell, jr.. reported.
August net was $2,989 900 or
1875 cents a share vs.. $2,444.-
900 or 14.8 cents in August last
year. Net for eight months
was S2l,354,000 or $1.307 a
share VS.. $20,032, 900 or $1.219
a share a year ago.
August revenues totaled $14,-
819, 900 vs.. $13,60S,000 a year
ago. Eight months revenues
amounted to $113,973,000 vs..
$106, SOL 900.
The company had 774,200
electric customers and 100000
gas customers on August 81,
representing gains from a year
ago of $4,000 and 1000, respec-
lively.
Evening star., 1961-09-27
ON WINGS
Long Flight to Glory
By CHARLES YARBRoU6H

Flying 10,839 times around
the earth sounds a little mo-
notonous. but 263 of the Ma
tions leading business pilots
have equalled that distance
without injury to pilot or pas
senger.
Meeting in Oklahoma City
today. the National Business
Aircraft Association, with
headquarters here, honors those
pilots who have flown almost
270 million miles without acci-
dent. Those being honored fly
for companies which make up
part of the membership of the
Business Aircraft Association.
Tonight, 81 of those firms
will be honored for their per-
feet business aviation safety
records. In each case. the COM
pany has completed a million
miles or more of business fly
ing operations without acci-
dent.
Northwest Airlines, which
carried fewer passengers in its
first year of operation than a
single one Of its present BOeing
720s or DC-SS will accommo-
date today, becomes 35 years
old Sunday.
Second-oldest air carrier in
this country with a continuous
identific alton, Northwest
started service on the mail run
between Minneapolis and Chi
cago october /, 1926. Passen-
ger service began in July of
1927; suspended for the win
ter.
During the full year of 1927,
the line carried 106 passengers.
Northwest Orient now oper-
ates 10000 domestic miles from
Washington and Baltimore;
New York and Newark to the
Northwest and the Orient.
The line still has a living
hero. Int he early airmail days,
Pilot Nal Freeburg spotted a
burning railroad bridge. He
retraced his course along the
railroad, repeatedly buzzed an
oncoming train and succeeded
it halting it in time. President
Roosevelt gave him the Air
Medal of Honor.
Pilot Freeburg has retired,
but a son, James. is flying
with Northwest.
- AS
For every person who is
afraid to fly, you'll find scores
who wish they could.
The Washington Air Derby
Associations annual Free Ride
Day" at three area aiKports
over last week end drew an
estimated 800 flight-seekers,
young and old.
George BrinkerhOff'S historic
College Park airport had 410
riders and at least $50 turned
away. Association pilots flew
78 persons at Jack CrawfOrd's
Pamunkey airport and 68 more
Evening star., 1961-09-27
Harvey Aluminium
Goes on Big Board
Area stockholders of Harvey

Area stockholders Of Harvey
Aluminium, Inc, of Torrance,
Calf, we're interested in the
start of trading in the COM
pany's A common shares on
the New York Stock Exchange
yesterday.
The shares are listed with
the symbol of HAIR. Harvey
Aluminium is one of the Ma
tion's six producers of primary
aluminium.
OutgroWth of a business
started in 1914. Harvey became
a publicly owned corporation
in June, 1860, when 100000 A
common shares were sold pub
licly. An additional l million
were sold last July.
Evening star., 1961-09-27
New Car Sales Reach
Years Lowest Point

DETROIT, Sept. 27 (AP).-
Sales of news cars dipped to the
lowest point Of the year in mid
September. Wards automotive
reports said yesterday.
The average daily sales rate
of 11,031 from September II
through September 20 replaced
early September as the slowest.
In the first 10 days of Septem-
ber the rate was 1l,26l daily.
To date the months sales
are running 81 per cent below
September of last year.
Evening star., 1961-09-27
F. H. Wilson Heads
MONTGOMERY Bankers

Franklin H. Wilson, treas
urer of Farmers Banking &
Trust Co. of Rockville. has been
elected president Of the Mont
gomery County Bankers As
sociation.
Mr.. Wilson succeeds H. J.
Carr, president of the Citizens
Bank of Takoma Park.
Other officers elected at the
initial fall meeting at Peter
Pan Inn in Urbana, included:
Frank L. Hewitt, jr.. president
Of the National Bank Of Mary
land, vice president; Willard
H. Derrick, cashier of the First
National of Sandy Spring. sec
retary, and William D. Polling,
assistant cashier of the Bank
Of Bethesda, treasurer.
Evening star., 1961-09-27

flew out of Frank Marshalls
Manassas facility.
Next on the Association pro-
gram will be the Aircraft Own
ers and Pilots Association
double-header attraction at the
st. Petersburg Clearwater air.
port the week of October 9-15.
The annual AOPA Planta-
ton Party combines a hangar
flying session with FAA Off
cialS with an instructive avia-
ton clinic and the party.
A prototype of an airplane
cockpit voice recorder which
could go far in helping to de-
termine accident causes. is due
for FAA evaluation early next
year.
A contract for development
of such a device has been ne
gotiated with United Data Con-
troll, Inc, of Pasadena. The
new black box" in a heat,
water and impact resistant
case, will continuously record
all conversations in the cockpit
as well as all air-ground voice
communication.
-
Trans World Airlines inaug-
urates the first jet service link
ing Washington Baltimore and
Boston with st. Louis Monday.
American AirIines adds AZ more
Astrojet flights Sunday, vir-
tually attaining its goal of con-
version to the worlds first all
powered jet fleet. Au-
gust saw still new passenger and
cargo records for Baltimore's
Friendship Airport, with Au-
gust 66 per cent above the same
period last year in passenger
traffic. Allegheny Airlines
reported August passenger traf-
fic at Is per cent over July
light service specialists
in the FAA's far-flung system
gather in Oklahoma City Oc-
tober 4, and 6; speakers will
include Victor J. Kayne, di-
rector of the office Of policy
coordination for AOPA.
Evening star., 1961-09-27
MdrIowe Is Promoted
At First National

s Directors of First National
Bank have promoted Robert S
Marlowe to assistant cashier. it
was announced by President A
Scott Offutt.
Mr.. Marlowe has been in
charge Of the credit depart
ment since he Joined the bank
in March. A long time resident
of Prince Georges County, he is
a graduate of the University of
Maryland and served in the
Navy four years.
( Before joining First National
he was office and credit man
ager for Associates Discount
Evening star., 1961-09-27
METALS

NEW YORK, Sept. 81 CAP).-spot
nonferrous metal prices today: Copper,
Lead, ii cents a pound, New York.
Zinc. 111z cents a pound, East St.
Louis. Tin, 1.2213 a pound, New York.
Foreign silver, 9l9s cents per troy
ounce. New York. Pittsburgh scrap
steel No. | heavy was quoted by Iron
Age at 31.00-3S.00.
Evening star., 1961-09-27
Mensh Holders Approve
Doubling Stock, With
Acquisition in Offinq
By DONALD B. HADLEY
star Financial Editor

Stockholders of Investment & Development Asso
approved increase in authorized capital stock
to from annual meeting
today announced by President Sidney T. Mensh.
The increase will provide additional stock for expansion
PURPOSES including Of shares in connection with
Evening star., 1961-09-27
OVER COUNTER

Following prices furnished by the
National Association Of Securities
Dealers in Washington represent the
range within which locally active Sc
curities could have been bought or sold
at ! pm. wednesday, September %:
Evening star., 1961-09-27
TREASURY BONDS

NEW YORK (AP)-Noon over the coun.
ter U. s. Government Treasury bonds,
bid, asked, net change and yield for
Wednesday
Evening star., 1961-09-27

Corp. in Washington and Char
lotte, N. c.
Evening star., 1961-09-27

Prices quoted n dollars and thi
seconds. T-Partially tax exempt.
Evening star., 1961-09-27
MUTUAL FUNDS

NEW YORK CAP).
National AsSocia-
tion Securities Deal
Evening star., 1961-01-17

will be the incoming President
and his wife, sitting in the
audience.
Net profits from the concert
will be turned over to the COM
mittee. And I wish we could
do this well at every perform
ance." an official added.
District Expenses
The District received 5000, 900
from Congress to help defray
expenses of the next few days,
but it will do a little financial
juggling to make ends meet.
It will transfer $46.653 from
other funds and hopes to get
$36,057 from the Inaugural
Committee to meet total costs,
The biggest single expense
item for the District is the ex-
ira police required. Beefed-up
forces will cost $158,700.
Among the above expenses
will be $4,000 to bring about
100 plainclothesmen here from
other cities as far away as San
Francisco. Their duty: To spot
known pickpockets and con
artists from their own locali-
ties.
Other District costs include
Evening star., 1961-01-17

ates me. for even when women
hold identical jobs with men,
they often are paid lower rates.
The average income Of year.
round. full-time women workers
at last check was only $3,102,
two-thirds Of mems pay.
Answer 90: As Of this late
date, there are still only 20
States which have equal-pay
laws.
Answer (9): Women are
earning one-third Of all college
degrees.
Answer (10): Only Z per
cent Of women college gradu-
ates do not enter the labor
market Immediately after
leaving school.
We're far from the top or
the ideal, but our strides
forward in this generation alone
have been fabulous. What's
more. as the marriage and
childbearing figures underline,
the American working woman
hasn't lost an iota Of femi-
ninity on the way.
distributed 1851 by The Hall
Syndicate Inc. All Rights Reserved)
Evening star., 1961-01-17
YOUR
MONEYS WORTH
American Woman Worker
HY SYLVIA RoRTER

If you are q woman holding
a paid Job. you're now in the
minority unless you're also
married and playing the dual
role of homemaker and wage
Garner.
For the first time more than
half the women in jobs are
working wives. OF the all
time record of % million women
workers today, we'll over IL
million are married and living
with their husbands. Since 1910.
the percentage of working wives
has doubled, according to the
Labor Department.
The Women's Bureau Of the
Labor Department has issued
a revision Of its handbook on
women workers in America and
I'll wager you'll be astounded
by some of its findings too
Try writing down your answers
to the following questions, then
check them against the facts
at the end Of this column.
Ten Questions
% What percentage Of all
women of working age would
you guess hold paid jobs today?
(2) What percentage o1
single women are working?
(3) How important do you
think Is the older woman ir
the work force?
a. I assume you know that
women dominate the clerical
job field, but what percentage
Of all clerical workers are
women? What percentage o1
all medical and other health
workers? OF all teachers?
(5 To what extent woulc
you guess the percentage o.
working wives dwindles wher
there are young children in the
family?
(6 OF the 446 individua
occupations listed in the census
how many are still barred tt
women?
CD What would you guess Il
the average income of a year