davidaulloa/AmericanStories huggingface dataset:
Evening star., 1961-06-12

a new initiation. The classic
cause of inflation-too much
money seeking too few goods
just doesn't exist and the pres
ent budget deficit easily could
turn into a "deflationary" sur
plus in calendar 1862 SO if busi-
ness surges upward.
There are no handouts on
tn supply of money and credit
in order to control initiation.
Last week Reserve Board
Chairman William M. Martin
said flatly the Reserve System
has full intentions Of using its
powers to control money in
flation-if this becomes neceS-
Sary.
There is no anything will
sell-at-any-price atmosphere
quite the contrary! Foreign
competition is fierce and we
know we must compete on price
and service with other nations
in the world markets.
Yes, we could be sufficiently
stupid or callous to set off
another initiation spiral, but
the above is a Sampling of
reasons why I won't go along
with this fear.
Evening star., 1961-06-12

Could be that you've never
seen a sports car race and
couldn't care less.
Could be that if you'd like to
see whether you'd like it, there
will be a comfortable, easy
chair way to do it Saturday
when ABC-TV runs two hours
of video tape on the tabled "a
hour sports car race at lie
Mans, France.
Britain's Stirling Moss, an
authority if there ever was one,
will help Jim Mckay on the
Wide World of Sports program
from 5 to Z pm, EDIT.
lie Mans is an 8.3-mile cir
cult, with victory going to the
car covering the most mileage
during the "a hours. Two drivers
alternate on each of the SIS
cars. Last years winners,
Belgians Oliver Gendebien and
Paul Frere, drove their italian
Ferrari 2,619 miles for an aver
age speed of 109.128 miles an
hour.
Meanwhile, back on Airing
ton boulevard, where the driver
who has to make the most stops
is the winner. they've opened
up a 13-car, left-turn lane onto
Fillmore street.
For at least the last five
years, the skinny 4-car left
turn lane was a bottleneck as
obvious as a 10-car crash.
= = = +
Undoubtedly the average
driver would prefer quicker re-
lief, but a prediction Of so
per cent better gasoline mile
age has been made as "a real
Ity in less than 10 years"
The forecaster is Victor G.
executive director of
the Ford Motor Co. engineer
ing staff.
Speaking before an Amer.
lean Petroleum Institute meet
ing in Houston recently, he
said the greater mileage will
stem from "stratified charge"
power plants. The idea is
variation of fuel injection.
Club business:
VOlkswagen Clubs third an
nual Sugarloaf Mountain Rally
next Sunday. with registration
at the White Oak Shopping
Center at IL am. for a noon
start.
MIG Car Clubs Mountain
Lake Rally and Hill Climb
starts Friday at 10:30 pm.
Evening star., 1961-06-12
Shallow Dip
Expected in
Steel Output

CLEVELAND, June IL (AP)
The traditional summer steel
production dip may be shallow,
Steel Magazine said today.
Steelmen reason that %
consumer stocks are so de-
pleted buyers will have to
maintain intake at a fairly
respectable level right along,
especially if there are signs
that mill deliveries will take
longer, and 90 automotive re-
quirements this month may
prove heavier than recently an
ticipated.
Automotive industry activity
the next few weeks will exert
tremendous influence on third
quarter steel output, the metal
working weekly said.
The publication said auto
makers probably will maintain
large finished car stocks in
case big three wage negotia-
tions misfire and a strike re-
suits. Big three wage agree
ments expire August 81.
Last weeks estimated output
was $4,000 tons under the total
recorded in the previous week
2,052,000 tons. Some easing in
production is expected from
now through August due to
vacation shutdowns.
Steel's composite price on No.
l heavy melting grade scrap
is up SLIT a gross ton to
$3.50.
Evening star., 1961-06-12
CHICAGO
LIVESTOCK

CHICAGO, June 12 (APl UsDA).-
Hogs 5000; active, butchers 24O lbs
and down strong to so higher; weights
over 240 lbs steady to 25 higher; sows
strong; good shipping demand; clear
ance on all weights: so head 1-2 l90-
21O ID butchers 1900; mixed 1-2 and
1-3 l90-225 lbs I7.25-1T.75; 1-3 and
2-3 220-240 lbs I6.75-17.25; ga 24O-
270 lbs l6.00-l6.75; % and IS go
800 lbs l5.75-l6.25: mixed 1-3 300
400 ID sows 13.75-14.75; % 100000
lbs l250-l3.I5; several loads 475-525
lbs l3.00-13.26.
Cattle 81 900: calves 200; SLAUGHTER
steers steady to so lower. heifers steady
to 25 lower; cows steady; bulls 25
lower; other classes unchanged; load
lots prime and mixed choice and prime
l,050-l 400 lb steers 22.50--24.50: a
$500: load mixed choice and prime
l .475 lbs 22.00; choice 900-l 400 lbs
2l.50-23.00: good 0O-1. 300 20.50-
22.00: utility and standard 1880
20.50; a few high choice and mixed
choice and prime heifers 23.26-23.5 so;
choice 90. .25-23.00; good 20.50-22 25;
utility and standard 16.5O-2O.00: cut
ter. utility and commercial cows 1875
1900: Gamers 14.0O-.50; utility and
bulls 1S.00-21 90: good and
choice vealers 23.00-27. 90; culls down
70 1000; load of good 900 ID feeding
steers 22.00.
Evening star., 1961-06-12
Associations Warned
On Dividend Plan

The nations savings and
loan associations have received
a warning that any move to
raise dividend rates on "in-
and-out" short-term savings
through a new bonus plan may
scuttle the whole bonus idea.
Last week the Federal Home
Loan Bank Board authorized
Federal savings and loan aSSo-
Citations to pay a bonus to in
vestors who put their money in
regularly and over a long term.
The purpose was to encourage
such long term systematic saw
ings and cut down account
jumping by persons chasing
rate fluctuations.
The National League Of In
Sured Savings Associations in
its latest letter, however, warns
hat the new scheme was to
Aelp associations actually re-
uce dividend rates on in-and-
Gut savings. Any association
ksing the regulation to push up
uch rates, it added, may cause
he plan to be cancelled or
ring on efforts to impose Fed
Aral rate controls,
Evening star., 1961-06-12

Corp, La Crosse. Wis. He is
also vice president of the
Gaithersburg firm.
Jonker will open other offices
in New York, New Haven,
Conn, Chicago and Los An
geles. The systems, called
Termatrex Information Re-
trieval, will continue to be pro-
'duced at Gaithersburg.
The company was founded
two years ago by Mr.. Jonker, a
42-year-old native of Holland
who came to this country after
Tisking his life as a resistance
fighter in World War II.
The company is one of many
firms now in the field. Retriev-
ing information has become a
serious problem in many areas
Eueh as medicine and science
Because of the staggering
kmount of reports and litera-
ture being produced.
Unlike competitors, Jonker
uses no electronicS and relies
on a relatively simple light
scanning principle to locate
material. It's systems sell from
under 500 to $2,700. Fifty re-
trieval systems are now in op-
tration and the company has
20 consulting contracts.
Evening star., 1961-06-12
Control Sought
In Commercial
Solvents Bid

NEW YORK, June II tAP) .
Commercial Solvents, Corp.
of New York, is making a bid
to gain control of Chemical
Process Co., San Francisco.
Chemical Process and Dia-
mond Alkali Co.. of Cleveland,
last month agreed on a plan to
merge.
The Commercial Solvents
move was made in a direct Of
fer to shareholders of the Cali
fornia firm which makes resins
used for water purification,
sugar refining, plastics and
adhesives.
Commercial Solvents offered
to buy 100000 shares of Chem
ical Process stock at SIS each
between now and June %.
There are 100000 shares of
Chemical Process outstanding.
In Cleveland, James A.
Hughes, vice president and Sec
retary of Diamond Alkali, said
the company is studying the
Commercial Solvents bid but
was not sure what it will do.
Evening star., 1961-06-12
UAL Announces
Reossionment of 9

United Air Lines. apparently
in an effort to allay fears oi
layoffs following its merger
with Capital Airlines. has an
nounced reassignment of nine
former members of Capital
management.
The men and new titles are
S. T. McAlister, assistant to
vice president - facilities and
properties. Chicago; O'Ferrell
Estes, to Chicago as administra-
tive assistant, treasury: r. G..
Lochiel, special assistant to ex-
ecutive vice president for fl
nance and property here;
Hayes Dever. manager of COM
munity relations, Atlanta; r. @.
Chalfant. director of passenger
sales planning, Chicago; Earl
Raymond, manager, base main
tenance here; F. A. Brown, as
sistant vice president and gen.
eral manager. transportation
services, eastern division; D. B.
O'Connell, manager of supply
here, and C. w. Haas. regional
manager of accounting here.
Evening star., 1961-06-12
Earnings

Wilson g. Co. in 26 weeks
ended April 20 earned $3,068,-
892 or SLIT a share VS.. a loss
Of $677, ,236 in 1860 period.
Citizens Utilities in IL months
ended March 81 earned 81 ,921,-
239 or SO cents a share VS.. ST.
$40, ,269 or 10 cents in 1860.
Consolidated ElectrOnics in
months ended March 81 earned
$738, ,103 or 26 cents a share VS.,
$1,052, 1882 or 38 cents in 1860
period.
Cudahy Packing Co. in 6
months ended April 20 has a
loss of $141,711 VS.. earnings OF
732,280 or SO cents in 1860
period.
American Air Filter Co. in 6
months ended April 80 earned
$676,000 or "a cents a share VS..
$433,954 or Al cents in 1860
period.
Diana Stores Corp. in 9
months ended April 80 earned
$429, ,522 or so cents a share VS..
1928, 1929 or 73 cents in 1860
period.
Book Of-the- Month Club in
8 months ended March 81
earned $81,949 or 9 cents a
share VS.. $444 1892 or 48 cents
in 1860 period.
Hamilton Watch in 3 months
ended April 30 had a loss of
2,489 VS.. earnings of $176,068
or Al cents in 1860 period.
Evening star., 1961-06-12
ON WHEELS
So-Moybe You'll Like 1t!
By CHARLES YARBRoUGH

from the Wildwood Shopping
Center, Old Georgetown road,
Bethesda. Bell GroveEman,
1851 Beecher street NV, has
details.
Corvette Club directors
meeting, 8 pm. tomorrow at
the home of Gunther Sadel,
1901 Joliet street. Silver Spring;
regular business meeting, 8
pm. June 20, General Motors
Training Center, Fairfax.
-
Washington Parking AssOcia-
ton men. headed by President
John w. Lyon, leave for Miami
and the National Parking AS
Sociation convention this week.
Among the subjects on work
session and panel programs will
be chronological advances to
expedite the handling of cars
on parking facilities.
L. B. DOggett, jr., past pres
ident of both associations, is a
member of the parking clinic
operations panel for the con-
vention.
4
On that interchangeable keys
report: Bill Anderson, super
visor of utilities for American
National Red Cross, says the
Red Cross recently purchased
four new ChevrOlets and found
that two of them had identical
keys Lincoln Continental
sales jumped 64 per cent last
month over May of 1860 and
Ford division sales in Washing
ton, Maryland, Northern vir-
ginia and a part of West Vir-
ginia were the highest for May
in company history.
Evening star., 1961-06-12
New Yorker Named
To Farm Credit Bank

A New York State dairy and
fruit farmer has been named
a director of the Central Bank
for Co-operatives, Farm Credit
Administration in Washington.
Luther w. Jennejahn Of
Hilton, N. Y. former president
Of the National Cherry Grow
ers Council and a leader in
rural credit for many years, will
replace Julian B. Thayer on
the board. The Central Bank
takes part in larger loans made
0y the IL district banks to farm
coops, and also makes loans to
these banks.
Evening star., 1961-06-12
Life Underwriters
Elect New Officers

Henry L. Bowie has been
elected president Of the SUBJ
urban Maryland Life Under
writers Association. Other new
officers are Wilson T. Snyder,
first vice president; Joseph P,
Creamer, second vice presi-
dent; julius Auerbach, secre-
tary, and David S. Isis, treas
urer.
Directors are Hubert r.
Hamerski, Leonard w. Smith
and Edward D. Trollinger
George T. Duvall is State COM
mitteeman and John S,
Crockett, national committee
man.
Evening star., 1961-06-12
SIS Million
Loan Obtained
On Skyscraper

NEW YORK, June II (AP)'.
Builders of the Pan American
Airways building said today
they have obtained a SOS mil
lion loan, perhaps the largest
construction loan ever placed
on a single commercial prop
erty.
Builders of the 59-Story sky
scraper, now under construc-
ton here, claim it will be the
worlds largest commercial Of
flee building. Estimated con-
Struction cost is 500 million.
Financing details were an
nounced by Erwin S. Wolfson
a New York investment builder,
and Jack Cotton, chairman of
City Centre Properties, Ltd, of
London, joint venturers in the
project.
They said five New York
institutions, headed by Bank
erS Trust Co., provided a total
of $45 million. Also participat- :
ing. they said, are Morgan
Guaranty Trust Co., Manufac-
turerS Trust Co., Chemical
Bank New York Trust Co. and
Empire Trust Co.
Five British banks provided
another $40 million in financ-
ing. they said. Those named
were Barclays Bank, Hambros
B NIX. National Provincial
Bank, Schroeder Bank & Her.
bert Wagg and Westminster
Bank.
Mr.. Wolfson said a perma-
nent mortgage of $66 million
also was placed on the building.
He said it was held by a pen
sion fund, which he declined to
name.
Evening star., 1961-06-12
BRIEFS
BUSINESS

Aluminium Shipments in April
totaled 121 ,487 900 pounds COM
pared with 124,231 900 in March
and lis, 3,046, 900 in April, 1960.-
Aluminium Assn.
Century Food Markets stock
holders approved sale of the
company to Loblaw, Inc, of
Buffalo
Evening star., 1961-06-12
Ad Club Will Hear
Summer Jubilee Plans

The Metropolitan Washing
ton Advertising Club will hear
plans for the Washington
Board of Trade summer jubilee
program tomorrow at a lunch
con at the Presidential Arms.
Hudson Moses, vice president
and general manager of the
Burlington Hotel, is principal
speaker.
The jubilee is sponsored each
year as a promotion to attract
summer tourists to Washington
by a Board of Trade unit, the
Convention and visitor
Bureau.
Evening star., 1961-06-12
PoyroNs and Deposits
Show Rise in April

Manufacturing payrolls, bank
deposits, employment, and sales
of United States savings bonds
all showed a rise in April in
the District, according to fl
nancial indicators released to-
day by the Federal Reserve
Bank of Richmond.
The monthly roundup of
statistics show indexes 1947-
48 equals 100) of 113 for April
in payrolls, up from 108 a year
earlier. Employment totaled
537 300, up one per cent from
April last year. Savings bond
sales totaled $3,287,000, an in
crease of 20 per cent over sales
in April, 1860.
Evening star., 1961-06-12
Management Society
Elects New Officers

Col. Horance F. Sykes, as
sistant to the executive vice
president at Melpar, Inc, has
been elected president of the
Washington chapter, Society
for Advancement of Manage
ment.
Other new officers are Will
liam R. Divine, national and
regional director; w. Newal
Howell, vice president. pro-
gram development; Emerson
Gardner, vice president, dinner
meetings; James P. Hodges,
vice president, membership:
Mary Ann Bogley, secretary,
and David G. Abraham, treas
urer.
Evening star., 1961-06-12
YOUR
MONEYS WORTH
New Initiation Donoer
~ SYLVIA PORTER

We would have to be mon
umentally stupid or indifferent
to the survival of our econ
omic system to permit another
burst Of initiation in the months
ahead. Accurate reporting de-
mands the admission that with
a new business upturn strongly
under way, more and more re-
sponsible economists in and out
of Washington fear well be
either or both.
Before getting to the heart
of this crucially important
story, let's get this point clear:
It's a certainty that the prices
Of many goods and services are
going up and about as safe a
forecast as you could make is
that the consumer price index
will creep upward this year and
next.
For the overall trend of
prices continues upward
throughout the world, and in
our affluent society, prices don't
retreat in recessionS and do
rise in expansions. A climb
averaging 2 per cent a year in
the price index is now consid-
cred normal" by many au-
thorities. A bias toward ris-
ing prices has been built into
this index and this bias is par
ticularly reflected in the re-
lentleSs advance in service
prices.
If there's a steel price in
crease this fall, it could set
off a chain reaction in indus
try and if the automakers
must absorb this plus a wage
increase, there's a real ques-
ton about future auto prices.
We simply have not found
the answer to stable prices in
a prosperous economy. But a
continuing creeping price rise
cannot properly be called a
burst of initiation. If we define
initiation as an extraordinary
rapid rise in prices across-the-
board in a short period of time,
then what we're experiencing
does not fit that definition.
Which leads to the vital
question: Why should we be
hit by the evil of another in
flation whirl unless we're stu
pid or callous?
There are no scarcities of
materials or manpower or plant
capacity to spur a new infla-
ton. In most industries, there
is no lack of plants to turn out
all the goods we'll buy and in
many overcapacity is a prob
lem.
There is no need for a catch
up in wages and prices to make
up for years of sterility as in
the 1940S and 1950S. The vast
majority of workers have more
than caught up and are stead
lily moving ahead on the living
standard ladder. If costs do
soar, industry could be hurt
by a new profit squeeze next
year-but that squeeze isn't oc-
curing now, it need not occur
and the profit reports of cor
porations as the year rolls on
will be dramatically showing
that there isn't a squeeze now.
There is no monstrous deficit
In the Federal budget to pour
billions of extra dollars into
the business stream and there
by provide the money base for
Evening star., 1961-06-12
George H. Jones
Named President
OfVienno c. of c.

The Chamber of Commerce
of Vienna, Va, has elected
George H. Jones, jr., CPA, new
president. He previously was
secretary of the chamber,
which also changed its name
this year from the Vienna
Businessmen's Association.
Mr.. Jones also lectures at
Benjamin Franklin University
in Washington. Other new Of
ficers are Vernon Hill, vice
president; Beatrice Beckner
treasurer, and Marjorie Will
kerson, secretary.
Evening star., 1961-06-12
Second Restaurant
Opened by Tino's

A second Tino's Restaurant
has opened in the Washington
area at 1719 Wisconsin avenue
NV. Owned and operated by
Tino and Emily Traces, the
new facility seats 148 and was
built at a cost of $150,000.
The restaurant was designed,
built and furnished by General
Equipment Co., subsidiary of
Capital Equipment Co. OF
Washington. Another Tino's is
at 2514 jefferson Davis high
way, Alexandria.
Evening star., 1961-06-12
81 Million Loan

Kraft Loans, Inc, has COM
pleted negotiations for a l5-
year 81 million loan for future
expansion. The consumer fl
nance firm has eight offices
here. Alvin A. Kraft, president,
said the loan was negotiated
through Michelman and Hanf
of New York.
Evening star., 1961-06-12

SBA may lend as much as
$25,00O or rs per cent of the
total loan, whichever is lesser,
under new regulations. Pre-
viously the agency's share was
limited to $4,000.
Evening star., 1961-06-12
METALS

NEW YORK, June 12 P).-spot
nonferrous metal prices today: Copper
Lead II cents a pound. New York.
Zinc 11h cents a pound, East st.
Louis, Tin Lib pound, New York
Foreign Silver 91% cents per troy
ounce. New York Pittsburgh scrap
steel No. ! heavy was quoted by Iron
Age at 36.OO-37 90.
Evening star., 1961-06-12
SBA Regulations
Exclaimed in LeofIet

A revised leaflet explaining
a higher maximum on Small
Business Administration partic-
ipation in loans is now avail
able at the SBA office, Room
BAT, 811 Vermont avenue NV.
Evening star., 1961-06-12
Jonker Company Plans
Expansion Program
By TRUMAN r. TEMPLE
Star Staff Writer

Jonker Business Machines Inc. maker of so-caled in
formation rreVa systems expanding its sales and service
to a national scale
Frederick Jonker president of the Gaithersburg Md
pay said today that Gerald j. Sophar will head the sales
staff and supervise Washington area sales
Mr. Sophar formerly director sales for the Mcrocard
Evening star., 1961-06-12
CHAIN STORE
SALES
OVER COUNTER

Following prices furnished by the
ers in Washington represent the range
within which locally active securities
could have been bought or sold at
l pIa, Wednesday, June 10:
Evening star., 1961-06-12
FOREIGN
EXCHANGE

NEW YORK, June IL (AP).-
Foreign exchange rates (Great Britain
and Australia in dollars, others IN
cents and decimals of a cent?:
Canada in N Y
tfreel 10I 1910 1nt to~E
Evening star., 1961-06-12
TREASURY BONDS

NEW YORK (APJ- Noon over the coun-
bid, asked, net change and yield for
Evening star., 1961-06-12

'flces quoted IN dollars and thirty
'onds. T-Partially tax exempt.
Evening star., 1961-12-01
W.Engstronl
Is Named as
RCAPresident

NEW YORK, Dec. l (AP) -
Elmer w. Engstrom, a 60-year-
old engineer, today was named
president of Radio Corp. OF
America.
He succeeds John L. Burns
who resigned for personal rea-
sons. David Sarnoff continues
as board chairman and chief
executive officer.
Mr.. Engstrom has been senior
executive vice president since
1855 with special responsibility
in the fields of research. de-
fense products and space ex-
ploration. He joined RCA as an
engineer in 1880.
Mr.. Burns, now So, will con-
tinue to serve RCA on special
assignments, Mr.. Sarnoff said.
He also resigned as a director
of RCA and its subsidiary COM
panies.
The new president has been
an RCA director since 1854.
Since being named senior ex-
ecutive vice president he had
been No. 3 man in the company
behind Mr.. Sarnoff and Mr..
Burns.
The Burns resignation and
Engstrom appointment were an
nounced after the regular
monthly meeting of RCA di-
rectorS.
Evening star., 1961-12-01
CAB Delays Order
On Hughes Sale of
Atlas Corp. Stock
BY the Associated Press

The Civil Aeronautics Boarc
has deferred until further order
the deadline it had set fol
Howard R. Hughes to dispose
Of his stock in Atlas Corp.
Mr.. Hughes owns about IL
per cent of Atlas. which in turn
owns SO per cent of Northeast
Airlines.
Mr.. Hughes also owns 78 per
cent Of Trans World Airlines
but no longer controls TWA be-
cause. by CAB order, his shares
since 1858 have been held by
an independent trustee.
Northeast has asked the CAB
to approve temporary emer-
gency loans by Mr.. Hughes. The
board also has before it an
APPLICATION for approval of the
acquisition by Hughes of
Atlas Corps controlling in
terest in Northeast.
Evening star., 1961-12-01
| |PEPCOVotes
Stock Melon
OF 2 Pct.

Directors OF Potomac Elec-
trio Power Co. have declared
a 2 per cent stock dividend ir
addition to the usual quarterly
dividend Of 36 cents a share
President r. Roy Dunn an
nounced last night.
Mr.. Dunn said purpose of the
stock melon is to convert into
capital a portion of the re-
tained earnings, all of which
have been invested in the busi-
ness.
Subject to approval of the
District Public Utilities Com
mission and the Virginia COM
mission, it is expected the stock
dividend will be paid January
10 to holders of record De-
cember
No fractional shares or script
will be issued in connection
with the distribution, but an
agreement will be made by the
company with Chemical Bank,
New York Trust Co. as agent
for stockholders to purchase
or sell fractional interests for
Evening star., 1961-12-01
IBA Closes
Convention

HOLLYWOOD, Fla, Dec.
(AP) The Investment Bankers
Association of America ended
its 50th annual convention to-
day with a decision to return
to the Hollywood Beach Hotel
for its 51st gathering, Novem-
ber Is through November 80,
1862.
A record 1900 attended this
weeks convention which began
Sunday.
Highlight of the convention
was an address by William L.
Cary, chairman of the Securi-
ties and Exchange Commission.
Mr.. Cary. in his first major
policy address since taking Of
flee early this year, outlined
the scope Of the SEC investiga-
ton Of the securities business,
which will get under way early
in 1862.
Curtis H. Bingham of Los
Angeles, newly elected president
of the IBA. expressed confidence
that the investigation will be
fair and impartial" and that
the securities industry would
cooperate.