davidaulloa/AmericanStories huggingface dataset:
Evening star., 1961-05-23
Maryland Sees
Saviings-Loan
Stock Flood
BY PAUL HOPE
Star Staff Writer

Postponement of the effec-
tive date of Maryland's savings
and loan regulatory law could
open the gates for the peddling
of a flood of questionable stock.
This possibility was recog-
nized as State officials worked
to get emergency legislation in
shape in case the new regula-
tory law is challenged.
The new law is scheduled to
go into effect on June /, the
same date that an emergency
law passed by the recent ses-
sion of the General Assembly
to control savings and loan
stock sales goes out of existence.
Under the emergency law,
which expires June /, Attorney
General Thomas B. Finan has
halted the sale Of millions of
dollars worth of stock which
he thought questionable. Under
the law scheduled to go into
effect on June /, the new saw
ingS and loan board which
would be set up would pass on
the sale of stock by aSsocia-
tionS.
When the savings and loan
regulatory law was passed last
March, it became clear there
was nothing to prevent multi
stock savings and loan aSsocia-
tions from selling shares before
the new law went into effect.
The Legislature, therefore,
passed an emergency measure
to be effective only until the
regulatory law was scheduled
to go into effect-giving the
Attorney General authority to
pass on stock sales by savings
and loan associations.
The regulatory law is the
target of a movement by un-
identified sources to place it on
a referendum in the November,
1862, election. This would post
pone the effective date of the
law until the voters had a
chance to pass on it.
If the referendum movement
succeeds, there would be no
means of halting the sale Of
questionable stock without 60
ing to court.
This is one reason State Off
cials want to call a special
session of the General Assem-
bly, if the referendum move
ment succeeds. Gov. Tawes
hopes to have the savings and
loan bill re-enacted as emer-
gency legislation to put 1t in
effect Immediately upon his
signature.
Evening star., 1961-05-23

eral manager of the Federal
Savings & Loan Insurance
Corp; Edgar F. Britt, execu-
tive secretary-treasurer of Home
Building Association; Admiral
Edwin w. Heron, USN Ge-
tired, executive vice president
of the Northern Virginia Real
Estate Board; John J. Nc
Carthy, vice president of Home
Building; Harold G. Hayden
and r. Donald Kinney, both
directors of Home Building, and
G. Morris Steinbraker, senior
partner of G. Morris Stein
baker & Sons and vice presi-
dent and a director of Home
Building.
The Steinbraker firm re-
modelled the property formerly
occupied by the Park Lane
Cafeteria to create the new
office of Colonial Williamsburg
design. Home building was
organized in the Foggy Bottom
section in 1888 and in the last
five years has tripled assets
from SIS million to $l5.5 million.
Evening star., 1961-05-23
81 Billion Tax Faces
Du Pont Stockholders

group has no intention of get
ting into the Du Pont subject
until there is action in the
House.
Precedents Cited
The legislation considered ir
the past has provided that, in
case of forced distributions o1
stock, the recipient should
either not be charged with it as
income, or at least should be
charged only at the price orig.
inally paid for it by the dis
tributing company. If the re-
cipient later sold the stock, his
gain would be taxed only al
capital gaines rates.
In Wilmington, Del, the DU
Pont company, admittedly
stunned by the courts decision
said it's own operations won't
be affected.
A spokesman said GIN stock
"haS always been held by Du
Pont as an investment and the
GIN dividends historically have
been passed on to stockholders
except for deduction of the
inter-corporate dividend tax
Earnings Separate
Earnings always we're sepa-
rated to show the profits from
GIN stock.
Du Pont owns SO million Of
the approximately 280 million
outstanding GIN shares, about
% per cent.
This means each holder Of
one share of Du Pont stock is
entitled to 1.38 shares of the
firms GIN holdings-if all the
shares were distributed tc
shareholders.
Du Pont has 100000 stock
holders, GIN 100000.
The chemical firm has nc
definite plan for disposal. Un-
der the court order 1t has &C
days to file a plan, and 90
days to get it working. Disposal
must be completed in 10 years
Evening star., 1961-05-23
LIVESTOCK
CHICAGO

CHICAGO. May % (AP). (UsDA)-
HOEs 1900; active, butchers 25 To
mostly SO higher, closing at the full
advance; sows mostly ,25 higher; fairly
good Shipping demand and good early
clearance: 95 head mixed 1-3 around
POS Id butchers long hauled 1900;
mixed 1-3 and l-2 l9O-23O lbs 1925
1895; 80 head mostly 1-2 2O0-220
lbs 17.00-17.75; mixed 1-3 and ga
2O0-25O lbs 16.50-l7 90; % 240-27O
lbs 18. .OO-l6.5O; 3s 260-300 lbs 1875
1900. mixed Ia 300-45O ID sows
Cattle $500; calves none; slaughter
steers and heifers steady TO 25 lower;
decline on high good to prime; cows
steady to strong; other classes steady:
load prime 400 Id steers 1925; few
loads mixed choice and prime ;05O5;
1850 lbs 3.25-24 .25; choice 900-1 $50
lbs choice heifers 21.75-22.50 good
2Q.00-2I.Q0 utility and standard
cows 15.75-1S;00; Gamers and cut
ters 1350-17 90: utility and CONNER
cial bulls 17.50-20.50; few choice veal
loads and lots good and choice $50
l.O25 Id feeding steers 22.0O-23 90;
medium 675 lb stock steers 21.25.
Evening star., 1961-05-23
YOUR
MONEYS WORTH
New CoIored Money Coming
BY SYLVIA PORTER

The IS, $40, $40 and all other
denomination bills, except the
familiar 81 greenback, will
come in different colors before
the year ends if all goes &C
cording to sch dule in the
office of the new Treasurer
Mrs. Elizabeth r. Smith.
For the first major innova-
ton in the appearance of our
currency since invasion
money" was created as a finan-
cial weapon at the peak OF
World War II in the early 1940s
is underway.
Mrs. Smith has sent a report
to Secretary of the Treasury
Dillon detailing various aspects
of the change.
If Mr.. Dillon approves the
move-and this seems reason
ably certain-an announcement
of the issuance of new colored
money may come within a few
weeks.
Changes Slow
When you think about it
we've been slow in making de-
sirable changes in our cur.
rency's appearance and adapt.
ing improvements provec
worthwhile by other nations.
Ours is the only leading
country which does not dis
tinguish between denomina-
tions Of its currency either BY
the size, color or both. Great
Britain. for instance, varies the
size and the appearance of diff
ferent denominations. Canads
does it primarily by color
Evening star., 1961-05-23
Mutual Fund,
Insurance
Sales Probed

BALTIMORE, May % (AP).
Maryland is undertaking a
full-scale investigation of GER
tain practices by members of
the insurance business, State
insurance commissioner F.
Douglas Sears announced yes
terday.
Mr.. Sears said officials will
look into the problems posed by
insurance and mutual fund
agents who deliberately mis-
lead clients.
One of the main targets OF
the probe is a practice under
which policyholderS are per-
suaded to replace one policy
with another - often to their
detriment.
Mr.. Sears said sales talks in
such cases are often based on
erroneous and misleading in
formation.
Failure of an agent to advise
a client fully of the potential
benefits he may be giving up
by replacing an existing policy
constitutes S "misrepresenta-
tion," the commissioner said.
Evening star., 1961-05-23
BUSINESS
BRIEFS

i Business Failures in the week
ended May 18 totaled 303 COM
pared with 1853 in the previous
week and 313 in the like week
a year ago.-Dun & Bradstreet,
ThiOkol Chemical Corp. and
Shawnee Industries, Inc. an
nounced an agreement under
which Thiokol may obtain IS
to 95 per cent of the outstand-
ing voting stock of the Shaw
nee COklaD firm for 1850
shares of Thiokol stock.
! Florida East Coast r. r. op-
posed the proposed ACL-SAL
rail merger and insisted that
if it is approved, Seaboard re-
linquish to it the line from
Mercy to Homestead. Fla.
Com p tom eter Corp. an
nounced it will acquire Ma
tional Systems and Forms Co.
of Passaic, N. j., through an
exchange of stock.
Earnings
General Foods Corp. in year
ended March 81 earned $685.
S21 900 or $3.50 a share VS..
Sol OIL 900 or $2.48 in 1860.
Federated Department Stores
in So weeks ended April 29
earned $33,232,372 or $1.94 a
share VS.. $34,l38,487 or $2.01
in 1860.
Middle South Utilities in IL
months ended April 80 earned
$25, ,844.514 or Sl.54 a share VS..
$22, ,594 800 or $1.35 in 1860.
Norfolk g. Western Rwy. in 4
months ended April 80 earned
SIS, 5,717 ,346 or $2.08 a share VS..
$19,673,521 or 1882 in 1860
period.
Stop g. Shop, Inc, in 40 weeks
ended April 8 earned $3,542,412
or S1.33 share VS.. $3,067,770.
or $1.15 in 1860 period.
| Amer. Greetings Corp. in year
ended February % earned So
124, ,494 or $1.90 a share VS.. $2,-
1888 or $1.78 in 1860.
Re ding Railroad in
months ended April 80 had a
loss of 5,415, asa VS.. earnings of
$596,775 in 1860 period.
Transition ElectrOnic in SO
weeks ended March 25 earned
$2,970,840 or 40 cents a share
VS.. $5,961 ,478 or 80 cents in
1860 period.
Holly Sugar in year ended
March 81 earned $2,296, ,051 or
1925 a share VS.. $2.087,615 or
$2.93 in 1860.
Hewlett Packard in 6 months
ended April 80 earned $2,587,-
600 or 26 cents a share VS.. 81
$4,000 or "a cents in 1860
period.
Royal McBee Corp. in 9
months ended April 80 had a
loss of $1,419,O00 VS.. earnings
of S1,023.000 or so cents in
1860 period.
Flying Tiger Lines in 9
months ended March 81 earned
$42,856 VS.. a loss of $623, ,688 in
1860 period.
Evening star., 1961-05-23
BY the Associated Press

If stockholders in E. I. du
Pont de Nemours & Co. are to
get any relief from a possible
81 billion tax liability, the ini-
tiative may have to come from
President Kennedy's admins
tration.
There were indications today
Congress is not inclined to act
unless the executive branch
gives a nudge.
The tax claim was foreshad-
owed when the Supreme Court
held yesterday that Du Pont
must give up its multi-billion
dollar holdings of General Mo-
tors Corp. stock.
The stock would have to be
distributed among Du Pont
stockholders. And Du Pont
President Crawford H. Green
walt said hundreds of thou
sands of innocent stockhold-
ers" will be hit with taxes on
the value of the stock as or
dinary income unless Con-
gresS acts.
Tax Estimated
He estimated the total tax
bill as likely exceeding 81 bill
lion.
Committees of both the
House and Senate have wres-
tied in the past with the prob
lem of forced divestitures like
the one involved in the present
case, but neither chamber has
ever passed a bill for special
treatment of the income.
House Ways and Means Com
mittee Chairman Mills, Demo-
crat Of Arkansas, whose group
has priority in the field, said
he couldn't speculate as to
whether it would do anything
but that it will be tied up
until late summer with hear
ings already scheduled.
On the Senate side, Finance
Committee sources said that
Evening star., 1961-05-23
Area Sales Record
For 1860 Reported

Retail sales in Washington
Metropolitan Area set an all
time record in 1860, rising to
2,940, ,448, 900 on the strength
of a 4 per cent gain over the
1859 volume of $2,825, ,891 900
The national retail sales gain
for the period was 1.6 per cent
The latest population, income
and sales data on the area ap.
pear in Sales Management
Magazines 32d annual survey
of buying power, just published
which also reports that sale'
locally averaged $5,064 pei
household. $937 above thu
United States average.
Evening star., 1961-05-23
New office Opened
By Home Building

The attractive new office Of
the Home Building Association
at 2023 I street NV. was
opened for business yesterday
after ribbon-cutting ceremonies
attended by business and finan-
cial leaders.
John C. Pyle, president of
the Washington Board of
Trade, and George P. Shafran,
chairman o fthe Metropolitan
Area Council, of Realtors,
Joined with Charles L. Norris,
sr., president of Home Building,
at the ribbon cutting.
Also attending were Martin
A. Cook, president of the Dis
trict Savings and Loan League;
John A. O'Brien. assistant gen.
Evening star., 1961-05-23
VEPCO April Profit
Behind Year Aqo

Net income of Virginia Elec-
trio g. Power Co. Jagged slight
ly behind a year ago in April
the monthly report showed
today.
The April net was $2,481 ,00C
or ISL cents a share. compared
with $2,517,000 or 1873 cents q
share in April last year.
April revenues totaled $13,-
$4,000 VS.. $13,080.000 in April
last year.
Net income for IL months
ended April 80 was $31,451, ,00C
or $1.92 a share VS.. $29, ,229,-
600 or SLIT in the preceding
period. Revenues amounted tc
S164,031,000 VS.. $154.860, 900.
Evening star., 1961-05-23
Personnel Association
To Elect Officers

The Washington Personnel
Association will hold its an
nual election of officers at a
dinner meeting at the Ken
nedy- Warren Thursday night.
/ Lee D. Vincent, graduate stu
dent at the University of Mary
land, will be presented the
Ernest v. Connolly Memorial
award for excellence in per-
sonnel studies.
Evening star., 1961-05-23

Others do it by a combination
Few have missed the un-
pleasant experience Of losing
money because you didn't prop
erly identify a bill you received
Different colors of bills will
reduce the chance of this error
Different colors also will make
counting money easier and
faster. Actually, a change OF
this sort has been recon-
mended repeatedly to the
Treasurer during recent years
but it tok Mrs. Smith to
pursue the recommendation.
If present plans go through
this is what will happen:
Colors for the various de-
nominations will be chosen by
the chief of the Bureau OF
Engraving, Henry Holtzclaw
The 81 bill will remain the
familiar green.
CoIrs Undecided
Mr.. Holtzclaw hasn't fixed
the other colors as yet but tc
illustrate the point, the IS bill
might be printed on blue paper
the $40 on red, the $40 on yell
low, the $50 on orchid, the $1OC
on orange.
The newly colored bills will,
be issued to replace outstand-
ing currency as the paper wears
out-which means that for 9
while all denominations except
81 will appear in two colors.
This might cause some con-
fusion for a period but the
confusion can be minimized by
an extensive education cam.
paign. Other countries won't
misinterpret the change-ir
fact. they're surprised we've
waited so long to take an OBJ
viouS step. AS for the cost, un-
der the program of the Bureau
of Engraving for a gradua
conversion FROM flat to rotary
| presses, any Increase in print
ing costs will be infinitesimal
1t costs around 912 cents tc
print each bill now.
So If all goes well, within 6
couple of years, only the 81 bill
will remain green and the diff
ferent colors of the others will
give us new protection anc
convenience in handling anc
counting. 1t makes. so much
sense that the wonder is il
hasn't been done before this.
(Copyright. 1861 King Features
Syndicate, Ine)
Evening star., 1961-05-23
ChrysIer Denies RumoI
Colbert Will RESIGN

DETROIT, May % (AP).-
Reports circulated in Detroit
yesterday that L. L. Colbert will
resign as president and board
chairman of Chrysler Corp.
Chrysler Immediately denied it.
The same reports said the
action would take place at a
special meeting of Chrysler
directors in New York today.
Chrysler said no board meeting
has been scheduled for today.
The next regular meeting Of
the Chrysler board had been set
for June 8 IN New York.
Evening star., 1961-05-23
Central Trade Group
To Honor Mcmillan

Representative Mcmillan,
Democrat of South Carolina,
has been selected to receive
THE Man of the Year" award
of the Central Business ASso-
citation at a reception at the
National Press Club on May 26.
Bernard L. Freshman, aSSo-
citation president, said the
House member is being honored
for outstanding work as chair
man of the House District
Committee,
Evening star., 1961-05-23
Biscuit-Boker Group
Holds Convention

More than $50 industry rep
resentatives are attending the
58th annual joint meeting of
the Biscuit & Cracker Manu-
facturers' Association and the
Biscuit Bakers Institute at the
Mayflower.
Speakers at the session
which ends today, include
Hickman Price, jr., secretary
for domestic affairs, Commerce
Department, and Edward A.
Otooka, vice president, National
Biscuit Co.
Evening star., 1961-05-23
R-F Makes Offer
NEW YORK. Nav 23

NEW YORK, May 23 (AP
-Robertshaw-Fulton Controls
Co., of Richmond, Va, said
yesterday it has offered to
purchase the assets of the Lux
Clock Manufacturing Co., Inc,
of Waterbury, Conn. Details
Of the offer we're not dis
closed.
Evening star., 1961-05-23
Prince Georges Plaza
Receives Award

The Prince Georges Plaza,
shopping center at $500 East
West highway, Hyattsville, was
among IA centers receiving
awards this month from Red
book Magazine.
Evening star., 1961-05-23
Yield on 91-Doy Bills
Shows Slight Increase
BY the Associated Press

The Governments short
term borrowing costs rose with
yesterdays weekly offering OF
Treasury bills.
On $1.1 billion Of 91-day
bills. the average yield was 1854
per cent. The rate a week ago
was 2.264 per cent.
On bids for the $500 million
Of 183-day bills, the average
yield was 2.470 per cent COM
pared with last weeks rate
of 2.435 per cent.
Evening star., 1961-05-23
First and Citizens Bank
To Compute Interest
On Savings Daily
THE EVENING STAR
By DONALD B. HADLEY
Star Financial Editor

First Citizens National Bank of Alexandria will start
calculating interest savings accounts daily June under
policy designed to provide dollar benefits to de-
positors.
This announced today by President Clarence j. Robin
and Board Chairman Richard Ruffner The interest
Evening star., 1961-05-23

CISUlbS Will SOIlIlIluS W DS
posted and compounded quar-
terly.
First and Citizens becomes
the second area bank to adopt
a computation based on daily
balances. American National
of Silver Spring announced on
May II that it will start cal
culating interest on daily bal
ances, effective June 80.
First and Citizens, which is
the areas second largest sub
urban bank and the largest in
Northern Virginia, has pat
termed it's new interest policy
after similar programs initi-
ated recently by major New
York and West Coast banks,
the joint announcement said.
Rate is Limited
Both First and Citizens and
American National have been
paying 3 per cent per annum,
the limit permitted by the Gov
eminent at present, and will
continue to do this under new
policies.
Mr.. Robinson and Mr.. Ruff
finer pointed out that under
their banks policy, a de-
positor's savings will start
earning interest from the first
day of deposit. The bank will
compute interest daily on saw
ingS balances so long as the
account remains open to the
end of the quarterly period.
They also announced that
savings deposits made by the
10th of any month will earn
interest from the first day of
the month. In addition, if a
partial withdrawal of savings
is made during the last three
business days Of a quarterly
period, the depositor will earn
interest on this money to the
end of the quarter.
This will liberalize depositors'
benefits further. 1t could re-
suit in a depositor receiving 80
free Understanding days out
of every 90-day period - the
first 10 days of every month in
the quarter. the announcement
said.
Penalties Eliminated
AFTER a careful study of all
aspects of the plans, the board
of directors decided that a
daily interest program would
provide a valuable earnings
service for our depositors," it
added.
The new interest-payment
policy eliminates the penalties
inherent in standard bank saw
ings programs, under which in
terest is not paid on funds
deposited for a portion of a
monthly or quarterly interest
period"
First and Citizens has $65
million of assets and operates
eight offices in North Virginia.
The main office is at 531 King
street, Alexandria. The bank
is a member of the Federal
Deposit Insurance Corp. and
the Federal Reserve System.
Evening star., 1961-05-23
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
q 1 E,LnnAan. L.
Evening star., 1961-05-23
TREASURY BONDS

NEW YORK (AP) Noon over the
counter US. Government Treasury bonds,
bid, asked, net change and yield for
Evening star., 1961-05-23
MUTUAL FUNDS
INVESTING
COMPANIES

NEW YORK (AP)
- National Associa-
ton Securities Deal
ara TnP
, 1961-12-28
ADVERTISEMENT FOR BIDS


Sealed bids in single copy for furnishing all labor, equipment
and materials and performing all work for the project described here.
in will be received until 200 PM. Friday, January 10, 1862, in the
Department of Property and Procurement, Charlotte Amaie St Tho
mas, Virgin Islands and then publicly opened.
Information regarding bidding material, bid guarantee, and
bonds, plans and specifications and other contract documents are
open for public inspection at the Offices of the Commissioner of the
Division of Procurement, in Charlotte Amaie, ST. Thomas, Virgin
Islands.
Plans and specifications may be procured from the office of the
Contracting Officer, Division Of Procurement, in Charlotte AnnaGe,
upon the deposit of $1,000. Deposit shall be only by a certified check
payable to the Government of the Virgin Islands, which may be re-
funded to bona fme bidders upon the return of plans and specHica.
tons in good condition within sixty QO) days of the date of bid open
ing. A bona fide bidder will include any person who submits a bid
for the general contract. ($15OO Fifteen dollars will be refunded to
persons who procure plans and specifications, but do not. submit a
bid, upon the return thereof in good condition within (0) days from
bid opening. No r efund will be made after that time.
Each bid must be accompanied by a satisfactory bid guaranty
in the amount Of five(5) percent of the total bid.
MARIO LEWIS
Commissioner of Property & Procurement
Per:
Alphonso RcnneY
District Supervisor
, 1961-12-28
ADVERTISEMENT FOR BIDS
PAVE ROADS AND EXTEND UTILITIES
Contant Estate

COntanJ Estate f.
Sealed bids in single copy for furnishing all labor, equip
ment, and material and performing all work for the project
described herein will be received until HOO am. Friday,
January 5, 1862 in the Department of Property & Procure
ment, Charlotte Amale, ST. Thomas, Virgin Islands and then
publicly opened.
Information regarding bidding material, bid guarantee,
and bonds, plans and specifications and other contract docu-
ments are open for public inspection at the office Of the Com
missioner, Department Of Public Works, ST. Thomas, V. L
and Office of the Division of Procurement, St. Thomas, Y. |.
Plans and specifications may be procured from the office
of the Contracting Officer, Division Of Procurement, in
Charlotte Amalie, upon the deposit of $4,000. Deposit shall
be only by a certified check payable to the Government OF
the Virgin Islands, which may be refunded to bona t1de bid
ders upon the return Of plans and specifications in good con
dition within sixty (6W days of the date of bid opening. a
bona fide bidder will include any person who submits a bid
for the general contract. $1500) Fifteen dollars will be re-
funded to persons who procure plans and specifications, but
10 not submit a bid, upon the return thereof in good condi-
ten within sixty (60 days from bid opening. No refund will
be made after that time.
Each bid must be accompanied by a satisfactory bid guar
lnty, in the amount of five 90 per cent OF the total bid.
MARIO LEWIS
Commissioner
15-2229
Jackson advocate. [volume] (Jackson, Miss.) 1939-current, 1961-10-21
CHARTER OF
INCORPORATION

Department OF Secretary of State
Jackson, Mississippi
Charter of Incorporation
of
MID-S0UTH BUILDERS, INC
1z21 Violet Street
Jackson, Mississippi
Filed July IL, 1861.