davidaulloa/AmericanStories huggingface dataset:
Evening star., 1961-05-18
AIC Asks Holders
For Proxy Support

MANAGEMENT of American In
vestors Corp. announced its
opposition to election of War
rem Fleming of Houston. Tex,
as a director at the annual
meeting at Nashville, Tenn, at
10 am. on June l3.
Mr.. Fleming has made reck-
less and unfounded charges
against the company. said the
management in a proxy state
ment accompanying the annual
report to stockholders. Stock
holders were urged to support
management opposing Mr.
Fleming's efforts to gain con-
troll of the company.
The report said the American
Investors Insurance Group had
$198 million of life insurance in
force on lives of 124,874 policy
holders as of March 81. The
amount was up 218 per cent in
the year and there were only
17,024 policyholders a year
earlier, 1t declared.
Evening star., 1961-05-18
Maryland
Banks Vote
Merger Plan

Directors have signed a
merger agreement between the
Baltimore National Bank OF
Baltimore and the County Trust
Co. of Maryland, which has
offices in nearby Maryland. in
cluding Upper Marlboro. An
napolis, La Plata and Indian
Head.
The agreement was an
nounced yesterday in a joint
statement from Hooper S
Miles. chairman of the Balti-
more National. and Delbert
Davis, president of County
Trust.
The proposal is subject to ap-
proval by the stockholders of
both institutions and the Fed
eral and State regulatory au-
thoritieS.
Davis in Charge
Under the merger plan, Mr..
Davis will become a senior vice
president of Baltimore National
Bank and chairman of a special
advisory board for the super
vision of County Trust offices,
as we'll as member of the Of
ficers' loan committee of Balti-
more National Bank.
The special advisory board
would be comprised of the pres
ent members of the executive
committee of the County Trust
Co. All present advisory boards
of the several branch offices
of the County Trust Co. with
their present respective chair
men would serve in the same
capacities in the merged in
Stitution.
Resources of Baltimore Ma
tional Bank as of April 30 were
$437. .235,000 and resources of
County Trust Co. were $98, 8,743,-
900.
Upon approval of the pro-
posed merger. the County Trust
Co.'S % offices will bring
to Sc the number of offices of
Baltimore National Bank in
the greater metropolitan area
of Baltimore, Southern Mary
land and the Eastern Shore of
Maryland.
% Offices Listed
County Trust Co. offices are
located in Southern Maryland
at Annapolis. Glen Burnie,
Indian Head, La Plata. Leonard
town, Mechanicsville. Owings,
Prince Frederick, Riviera Beach,
Solomons and Upper Marlboro.
and on the Eastern Shore at
Cambridge, Chestertown, Fed
eralsburg. Hurlock. Pocomoke
City, Salisbury. Sharpstown,
Snow Hill, st. Michaels, Thigh
man and Vienna.
The basic proposal provides
hat four shares of Baltimore
National Bank Of the par value
of $40 each would be exchanged
Tor five shares of County Trust
Co. of Maryland of the par
value of $40 per share.
Evening star., 1961-05-18
Big Year Foreseen
By Mocke Chief

Sales of Macke Vendig Co.
will approximate $40 million in
the year ended next Septem-
ber 80, up around $6 million
from the previous year, it was
estimated today by Aaron
Goldman, president and board
chairman.
In an address before the New
York Society of Security Ana
lysts in New York, Mr.. Gold
man predicted 1861 net income
of 62 cents a share after a
write-off for depreciation and
amortization equal to $l.70 a
share. compared with SO cents
and $1.46, respectively, in the
preceding year.
Evening star., 1961-05-18
BUSINESS
BRIEFS
Proctor & Gamble Co. an

Proctor e. Gamble Co. an
nounced plans to build a multi
million dollar synthetic deter
gents plant at Augusta. Ga
Construction will begin early
this fall and the plant is ex.
pected to start production early
in 1868.
TextrOn Corp. announced il
is contemplating a SIS million
reduction on capital eXpend-
itures this year. President
George Miller said the reduc-
ton will be made because OF
the business recession and the
fact that the company has full
filled its immediate needs for
new factory buildings.
American Machine & Foundry
Co. has announced acquisition
of Bakovenbouw Voorheen H
P. den Boer, N. ". bakery
machinery 1lrm OF DOrofecnt
Holland.
Business Loans by reporting
member banks in leading cities
during the week ended May 10
decreased by sos million to a
total of $31,8l0,000,000. This
figure was $556 million higher
that the total a year earlier
Federal Reserve Board.
Bank ClearingS in 26 leading
cities in the week ended May II
rose 1914 per cent from the
previous week and Ill per cent
above those of a year ago
Dun g. Bradstreet, Inc.
Evening star., 1961-05-18
WooIworth Planning
Discount Store Chain

NEW YORK, May 18 (AP)
Robert C. Kirkwood. presi-
dent of F. w. Woolworth Co.,
announced yesterday the vari-
ETY. store firm plans to set up
chain Of discount department
stores.
He made the announcement
to the annual stockholders
meeting in Watertown, N. J.
Mr.. Kirkwood told the meet
ing the discount store plan will
not conflict with or reduce
interest in the firms regular
variety store operations.
He said Woolworth sales for
the first four months of 1861
came to $282 ,591, ,958. a decrease
3.44 per cent from the same
period last year.
Evening star., 1961-05-18
Eighth Unit Opened
By Murry's Steaks

An eighth store will be opened
by Murry's Steaks. Inc at
Fourteenth and Rhode Island
avenue NE. opposite Brent
wood Village, it was announced
by President Alfred G. Mendel-
son.
The chain was started in 1948
by Mr.. Mendelson to furnish
sandwich steaks to small restau-
rants and soda fountains. Its
first retail store opened in 1858.
Evening star., 1961-05-18
MergenthoIer
ToMuke BowIinq
Pin-Setters

Mergenthaler Linotype Co.
and Strike King, Ltd, of Los
Angeles today signed a pre-
liminary long-term contract
under which Mergenthaler will
manufacture and Strike King
will market automatic ten-pin
bowling machines.
1t is anticipated that pro-
duction of these pin-setting
machines should commence be-
fore the end of this year.
Evening star., 1961-05-18
YOUR
MONEYS WORTH
Solution to UnempIoyment-N
BY SYLVIA PORTER

There are five facts about
the hard core" of unemploy.
ment today which, illustrate
the crucial Importance of de-
veloping a co-ordinated pro-
gram at the national level fol-
worker training and retraining
% The heaviest percentage
of jobleSsneSS is among the
uneducated and unSkilled. Al
most one-fifth of those now
unemployed are unSkilled. The
unSkilled dominate the 2,128,-
900 who have been out of work
for IS weeks or more.
/ % The unemployment rate
among young men and women
is by far the highest among all
age groups. The jobless rate
among young people who DROP
out of high school is double
that of those who graduate. OF
every 10 jobleSs today. three
are under 25 years of age.
(3) While the only real solu-
ton to the jobless problem lies
in an expanding economy, even
business booms do not have
much impact on the hard core
of unSkilled jobless in depressed
areas. These workers simply do
not have the qualifications to
fill available jobs.
/ Beginning Is Made
a. Individual corporations
unions and some communities
are beginning to tackle the
training retraining problem
and there is no doubt of the
value of the pilot projects Of
Kaiser Steel and moul
among companies, the Inter-
national Ladies Carmen
Workers among unions, Halle
ton, Pa. among communities
But the need for raising the
skills of workers crosses indus.
tries, regions. State borders. i
is national challenge which
can be met only by a we'll.
conceived. co-ordinated. ade'
quately financed program a.
the national level.
80 The plight of the un.
skilled. unframed workers il
going to become worse unless
we act now. The Labor Depart.
ment estimates that of the
26 million youngsters entering
the labor force in the SOS
Evening star., 1961-05-18
Houben and Co.
To Open Offices
Here Tomorrow

Houben and Company. new
brokerage house specializing in
foreign securities. will open
offices at 1874 Fifteenth street
NV, tomorrow with a reception
from S pm. to 7 pm.
Guests will include A. F. M
van der Ven. financial, attache
Of the Netherlands Embassy
DR. Antonio Tonello, repre-
senting the Institute Mobiliare
Italiano. an Italian banking
institution; and representatives
of the International Bank
J. M. Vincent Houben is presi-
dent and Joseph F. Belfiore, jr
vice president of the brokerage
firm.
Evening star., 1961-05-18
APP Sales,
Net al Record

I NEW YORK, May l8 (AP)
The Great Atlantic g. Pa
clfic Tea Co. (A&P), the Ma
tion's largest retail operation,
today reported record sales
and earnings in the So weeks
ended February 25.
Net income rose l3 per cent
to $59,0l1,670. equal to S2.57
a common share, from $5l 1885,
1863 or $2.26 a share in the
year-earlier period. Sales rose
4 per cent to $5.246,578.l94
from $5,O48,574,241 a year ear
lier. The previous record year
for sales and earnings was in
fiscal 1858. which covered a
53-week period.
Ralph w. Burger. president
and board chairman, noted in
the annual report to stock
holders that A&P remained
relatively conservative in the
area of costly promotional de-
vices, firm in our conviction
that the consumer is still more
interested in quality foods at
lower prices than in the some
thing for nothing" philoso-
ply" This apparently was a
reference to the firms general
opposition to the use of trad
ing stamps.
Mr.. Burger also said the
rate Of net profit on the sales
dollar increased in the fiscal
year to l.12 per cent from l.03
per cent.
He said the Nations largest
supermarket chain opened 255
new stores and closed 80 out
dated stores for a net gain of
IS, bringing the total number
in operation at the close OF
the fiscal period to 4,35l. An
other $40 stores were re-
modelled.
Evening star., 1961-05-18

about rs million will not have
completed high school and 2.E
million won't even have COM
pleted grade school.
New Programs Sought
The Government has made
start with the retrainine
clauses in the depressed areas
law, but it's only a start. Now
the Kennedy administration is
preparing to fight for new pro-
grams, which may cost up tc
5000 million a year, to meet
the problem head-on. The pro-
grams are varied, of course, but
in essence. they would:
Offer the broadest kind OF
training assistance TO workers
young and old, on the edge OF
illiteracy and semi-skilled. This
would mean the education
facilities would range from
elementary schooling in read
ing and writing to college
studies.
Gear the training programs
to the needs of the individual
as an individual. This would
mean some young people might
be encouraged to go into q
Youth Conservation Corps for
a limited period while others
are guided to on-the-job train
ing with a company, some un-
skilled workers might be steereo
to a trade school, others to g
junior college.
Direct the individuals to job!
that are available which they
can fill. This would make SURE
that after being trained anc
encouraged. a worker will b.
able to find the job he needs.
This is the essence of thu
Federal Governments answers
/ Distributed 1881 by the Hall syndi
cate Inc. All Rights Reserved
Evening star., 1961-05-18
Ford Holders
ToId0utIook's
Much Brighter

DETROIT, May 18 (AP).-
President John Dykstra told
Ford Motor Co. stockholders
today prospects for the Ma
tion's economy, for the auto
industry and for their company
in particular are much nrjghter
now than during the first three
months of this year.
Mr.. Dykstra, elevated to the
presidency only last month,
presided at Ford's annual
meeting for the first time.
Chairman Henry Ford II was
confined to his home with a
severe case of the flu.
Sharing reporting duties with
Mr.. Dykstra were James o.
Wright, vice president of the
car and truck group, and John
S. Bugas, head of Ford's in
ternational operations.
Mr.. Dykstra said sales of
new cars have shown a steady
and continuing improvement
since January. He said Ford
dealers have inventories aver
aging 43 days supply, COM
pared with an industry average
of so days, and that FoTd's
share of the market rose from
25.3 per cent in the first four
months of 1860 to 281 per
cent in the similar period this
year.
He said a respectable, though
not outstanding sales year now
seems probable
Celebrating on this, Mr..
Wright said sales during the
first quarter indicated an indus
try total for the year of only So
million new cars. However he
said. the improved selling rate
now indicates about 6 million.
Mr.. Bugas said Ford's opera
tions abroad involved "specia
risks and unusual rewards. 1t
promotes growth in the United
States. including job opportu-
mites; it helps to build strong
and free economies abroad aid
it pays good dividends"
These dividens, he said. had
grown from SIG million after.
taxes in 1851 to $72 million in
1860, or roughly one-sixth of,
Ford's total profits. e
He said Ford invested more
than $400 million abroad in the
last five years and that the COM
pany plans to increase this
amount in the next five years.
Evening star., 1961-05-18
Annex Probe to Add
ToHeovy SEC Load

| pretty good notion it will topple
all previous marks. In March,
for instance, the number filed
was the largest of any month
in the SECS 27-year history:
269 statements covering $3.1
billion of securities.
Side by side with this rush to
issue new stocks on the market
was the skyrocketing value of
the securities cleared by SEC
officials. Ten years ago their
total worth was $6.4 billion.
The value of such securities
cleared in 1855 amounted to
$l0.9 billion.
Last years total value
reached $14.4 billion.
The SEC has candidly admit
ted it isn't doing the sleuthing
job it would like to in screening
such offerings. AS former
Chairman Edward B. GadSby
told a House Appropriations
subcommittee last year, "As
the result of the influences 1
have described, our perform
ance records in this field of our
work have seriously deteri-
Grated"
Clearance Takes Longer
One tell-tale sign of the pres
sure on SEC investigators is
the average time lag between
the day a statement is filed and
the date it clears the agency
mill.
Back in 1855 a company with
a new stock issue could figure
on a wait of % days before the
SEC declared the application
effective" CThe SEC never
approves" a stock issue, con-
sidering this too much of a
bleSSingD
The median number Of days
it currently takes is SO for
repeat" job, lie. a company
that has previously passed SEC
scrutiny with other stock issues.
For a brand new company
and nearly half the statements
came from these last year-the
median waiting time is now
SO days.
Testimony by the new SEC
chairman. William L. Cary,
before the House Appropria-
tions subcommittee April 19I
has not yet been made public.
But it's a safe bet he took up
the cry of his predecessor:
Give us the men, and we'll
protect the public.
Evening star., 1961-05-18
New Fairfax Bank
Wins Branch Approval

The new Potomac Bank &
Trust Co. of Fairfax, Va, has
received permission from the
Virginia State Corporation
Commission to establish a
branch at Centreville. Va, it
was announced by President
John r. Williams today.
The Potomac Bank & Trust
is the newest bank in the Vir-
ginia suburban section of the
metropolitan area. 1t had the
distinction of having to answer
a bank condition call at the
end Of its first day of operations
on April IL. It's initial one-day
deposit total was $33,145.
Evening star., 1961-05-18
New Record Set
By Allegheny
AirIines Net

Allegheny Airlines had a rec
ord profit of $766,5S1 or $lA5
a share in 1860, compared with
$l6,264 in 1859, reported Presi.
dent Leslie o. Barnes today.
Operating revenues expanded
to $l6,16l,763 from $l1. 1881 ,306
Operating expenses totaleo
Sl5.677,055 VS.. $l1,381,3 ,306.
Revenue passengers gained
l8 per cent, revenue passenger
miles climbed 33 per cent ano
revenue cargo poundage in.
creased 81 per cent.
Evening star., 1961-05-18
By TRUMAN r. TEMPLE
Star Staff Writer

The SECS announcement
Monday that it plans a sweep
ing probe of the American
Stock Exchange comes from ar
agency already showed under
with work.
Faced with a churning bull
market, myriads of new com.
panies issuing stock, and the
usual spring crop of proxy
battles, the Securities ano
Exchange Commission has its
hands full. Observers may well
wonder where it will get the
manpower for such a hefty new
job.
The task of examining, reg
iStration statements for new
offerings of securities, alone
has grown at an astonishing
rate.
BY pleading with Congress
the SEC has managed to add a
handful of experts to its Divi-
sion of Corporation Finance
But it's only now recovering
from the effects of drastic
economy" cutbacks in the
1950S.
AS 1851 began, this indespen-
sable unit-a watchdog to keep
the stock swindlers from push
ing worthless issues upon the
public-had 200 employees.
Declined to 135
BY October, 1855 the payroll
had sunk to 1876 persons, and
that included not only law
yers and investigators but
secretaries.
Two months ago the Division
was back up to 211 employees,
a belated recognition by law
makers of the mountain of pro-
posed stock issues flowing into
Washington. But it's hardly
enough for the job.
Here's what has been hap
pening in the same 10 years. In
1851, there were 544 applica-
tions filed to issue stocks. These
are the statements which must
under law disclose vital infor-
nation about company. its
hackers and organization.
BY 1855 the number of state
mentS filed with the SEC
totalled 849 for the year.
In 1859 it jumped to 1925.
Last year it scared to 1923.
Nobody knows what 1861
will bring. but officials have a
Evening star., 1961-05-18
OPERATE ONE OR A FLEET

Join the largest international
chain of soft ice cream units
with a successful merchandise
ing background. Whether you
operate only one unit or a
fleet, this is one Of the great
moneymaking opportunities of
a lifetime.
Truck is fully equipped.
ready to produce profits the
very first day. No experience
required. Through our area
representatives you will be
properly and quickly trained.
Complete unit, ready to op-
crate, as low as $l1,500 plus
state and local taxes. if any.
Down payment 300, balance
out of profit on convenient
terms.
Box l6-A, Star
Evening star., 1961-05-18
Simpson Named
B&O Chuirmun;
Succeeds White

BALTIMORE, May 18 CAP)
Howard E. Simpson. president
Of the Baltimore & Ohio Rail-
road since 1858, yesterday was
elected chairman of the board
and chief executive officer.
BRO directors at their
monthly meeting named Mr..
Simpson to succeed Col. Roy B.
White, chairman of the board
since 1858. Col. White, who
had been expected to step down
for some time, was named hon.
orary chairman.
Jervis Langdon. jr., vice
president and general counsel,
was elected president, effective
June /.
Evening star., 1961-05-18
METALS

NEW YORK. May Is tAP).-spot
3O-3l cents pound. Connecticut
Valley. Lead II cents a pound, New
York. Zinc IL "a cents a pound, East
St Louis. Tin Lila a pound, New
York. Foreign silver Ola cents per
troy ounce, New York.
Pittsburgh scrap steel No. | heavy
was quoted by Iron AGE at "a. .00-35. 90.
Evening star., 1961-05-18
Earnings

Caterpillar Tractor in four
months to April 30 earned Sl6.-
396.225, or SO cents a share,
VS.. $f2,743,944, or as cents a
share, in the 1860 period.
Knott Hotels Corp, which op-
crates the Congressional Hotel
in Washington, in the first
quarter earned 1922, ,4O2, or SO
cents share, on sales of S.
869,542. VS.. a net of $179,585, or
36 cents a share, on sales of
$6,525.l9 in the 1860 period.
Sale of capital assets contrib
uted $120,820, or "a cents a
share, to the net in the first
quarter in 1861.
Other earnings:
nua
Evening star., 1961-05-18

the National Association OF
Wholesalers and the American
Retail Federation. who came
out strongly in favor of tax
credits. A prominent New
York accountant opposed the
credits.
The Presidents program as
a whole would do more harm
than good, both in its immedi-
ate impact and in its precedent
for future legislation" declared
Charles r. Sigh. jr., executive
vice president of the NAM.
1T would take away with one
hand what it gives with the
other, and what it would give
Is wrong in concept because
the private economy does not
need giving" he added.
Calls Rates Harassing
What this country needs is
release from harassing Struc-
ture of tax rates and methods
which defeats the public in
terest." Mr.. Sigh declared.
THE key to a tax program for
increasing human well-being
at home and enhancing our ma
tional security is the release Of
capital. For full economic
growth and adequate job op-
portunitieS, our economy must
have capital. The more capital
released, the greater will be the
Nations progress"
Mr.. Sligh, who represents the
views of MANS 10000 member
companies, disagreed complete
ly with the administrators
proposed solutions. including
investment tax credits.
FavOrS Two Bills
The companion bills. H. r.
2030 and H. r. 2031. now before
the committee. would moderate
the rates of individual and cor
porate taxes; invoke more real
istic depreciation rules. permit
switches of long-term invest
ment holdings until the pro-
ceeds are sold and not REIN
vested, and would ease the rates
Of estate and gift taxes, he de-
clared.
Mr.. Sigh said repeal of the
4 per cent dividend credit and
$50 exclusion would further re-
duce the inadequate supply Of
the most critically important
type of savings. venture capital.
Heads of the leading exchanges
also have registered strong op-
position to this proposal.
Calls for Change
Speaking for the wholesalers,
George w. Kaufman. presi-
dent of the Kauffman-Lattimer
Co. of Columbus. Ohio. urged
the committee to revise the
tax credit proposal to include
inventory and receivables in
the measure of growth on
which the amount of credit
would be calculated.
Il want to heartily COM
mend the President for his
endorsement of a business tax
credit based on the reinvest-
ment of earnings principle"
he said.
"Our only quarrel with the
proposal is that it would limit
the measure of the credit to
reinvestment in plant and
equipment only. To those of
us concerned with distribution
of the products of the mass
production system of this coun-
try, it will not answer our
problem"
William C. McCamant, direc-
tor of trade and public rela-
tions for the retail federation,
said his organization welcomes
the Presidents proposal for a
tax credit to be measured by
investment in depreciable
assets.
This is a positive step to-
Evening star., 1961-05-18

wards recognition Of the rein
vestment or "plow-back" prin-
ciple. he said.
approximately so per cent
of all goods that move across
the retail counters of America
move through unincorporated
business concerns" he added
THE tax credit plan submit
ted by the President grants the
same dollar benefit in relation
to dollar expenditures to unin-
corporated as it does to incor-
porated concerns. This we be-
lieve is equitable"
Called More Expensive
Maurice E. Peloubet, promi-
nent New York Certified Public
Accountant. struck out at the
tax credit plan at yesterdays
/ LlCdl hlS'
Regarded as a leading tax
authority, Mr.. Peloubet charged
that the tax credit plan cannot
fail in the long run to be more
expensive than genuine depre-
citation reform.
1T is my belief that depre-
clation reform is the most prac-
tical and effective solution" he
told the committee. This COM
mittee has before it two bills,
which. taken together, would in
essence, provide sound and
workable method of deprecia-
ton reform with a minimum
loss Of tax revenue and dislo-
cation of business.
Evening star., 1961-05-18
Annex Sect: $4,000

NEW YORK. May l8 CAP) -
A seat on the American Stock
Exchange was sold yesterday
for $4,000, the same as the
previous sale. Seats are quoted
at $4,000 bid and $82,500
asked.
Evening star., 1961-05-18
OVER COUNTER

Following prices furnished by the
National Association of Securities Deal
ers in Washington represent the range
within which locally active securities
could have been bought or sold at
] pm. Thursday. MAY Is:
Evening star., 1961-05-18
Tx Credits Opposed
By NAM, Fovored by
Retailers, Wholesalers
Bw DONALD B. HADLEY
Star Financial Editor

The National Association Manufacturers today Joined
parade of industrial organizations strongly opposing
investment tax credits and other features of the Kennedy
tax program.
Also appearing at the 18th day of hearings
House Ways and Means Committee representatives of
Evening star., 1961-05-18
TREASURY BONDS

NEW YORK CAP) Noon over the coun.
ter U. S. Government Treasury bonds,
bid. asked, net change and yield for