davidaulloa/AmericanStories huggingface dataset:
Evening star., 1962-10-04
MUTUAL FUNDS tightly
1nter|ocks' Cause of Concern
| In Government Circles

situations" when those situa-
tions fail to pan out.
Another, similar, ,pitfalh is q
tendency to continue investing
in a situation where a heavy
commitment had already been
undertaken.
Here are some Of the big
mutual funds and the number
of large holdings each held a.
of September. 1858. according
to the Wharton report:
Investors Mutual, 100; Ma
tional Securities Series, 113;
Massachusetts, Investors Trust
and Tvalectonics Fund, "a
each; United Funds and Insur-
ance securities Trust Fund, "a
each; Investors Stock Fund, 75i
Affiliated Fund, 72; wellington
Fund. 56.
The largest funds, those with
assets Of $500 million or more,
have held a larger share oi
stock in companies listed on the
New York Stock Exchange. the
report found, while their ratio
Of stocks on other exchanges
and sold over the counter was
substantially less than those
held by funds with smaller as.
sets.
Tomorrow: The Mutuals' Argu.
ment.
Evening star., 1962-10-04
BY ALAN EMORY

The interlocking directors of
MUTUAL funds. their investment
advisers and brokers have
caused considerable concern in
Government circles. The situa-
ti6n not only raises a conflict
ofsinterest problem, but allows
q tightly knit management
group to operate with great
power and little recourse for the
shareholder.
One mutual fund group,
j. & w. Seligman, has three
Evening star., 1962-10-04
Savings Bonds
Sales Dip 11%
Below 1861 Period

The Treasury said yesterday
the slump in sales Of United
States savings bonds continued
last month while redemptions
Of old bonds declined to an
eight-year September low.
The report showed that pur-
chases of series e and H bonds
totalled 1901 million last month,
a decline of more than II per
cent from the September, 1861
level Of 1899 million.
Redernptions Of $3.50 million
were 81 million lower than In
the same month last year.
During the first nine months
Of 1862. the Treasury said
sales totalled nearly $3,3 bill.
lion, down from $3.47 billior
in the same period last year
Redemptions rose from $3.4I
billion in the first three guar
ters of 1861 to more than $3.t
billion during the same period
this year.
Evening star., 1962-10-04
Huwver Promoted
By Consumer
Finance Group

Carl F. Hawver of Washing
ton has been named executive
vice president of the Nation
al Consumer Finance Associa-
ton, it was announced at the
associations convention in
Denver last night.
Mr.. Hawver has been public
relations director. He will sue
ceed Paul L. Selby, who will
become senior consultant for
the association until his re-
tirement in March, 1868.
President j. Miller Redfield
of the association paid tribute
to the outstanding work OF
Mr.. Selby, who has served II
years.
Evening star., 1962-10-04

Fifth in q Series Of Articles
Evening star., 1962-10-04
u. S. Steel TO Close
CIuirton Fucility

PITTSBURGH, oct. 4 APp.
- United States Steel Corp,
said yesterday It has decided
to close permanently its steel
making facilities at the nearby
Clarion works.
These facilities have been IN
operative since May %, 1901
and the company's present lev
ell of employment at the Dig
plant thus is not affected
United States Steel said.
Closed permanently now are
all iron and steelmaking oper-
ations, as well as blooming mill
facilities.
United States Steel sal d
other operations at the mill,
which it described as the
worlds largest coke and chen1i-
cal plant, are unaffected.
Evening star., 1962-10-04


"The average statistician il
married to Its wives who try
their level best to drag him
out Of the house az nights
O week with only 80 per cent
success.
"He has q sloping forehead
with q 2 per cent grade (de-
noting great mental strensth)
" Of q bank account, and 500
children who drive him u cra-
zy: 1855 Of the children are
male.
only OF per cent Of al
statisticianS are "a awake al
the breakfast table where they
consume 1.6S cups Of coffee -
the remaining 81 dribblins
down their shirt fronts. On
Saturday nights, he engages "
of q baby sitter for his SOC
kiddies, unless he happens tc
have " Of q mother-in-law hv.
ing with him who will sit fol
u price"
This sardonic quote from
1.-The Average statisticiar
(641 OF words about pain In the
neck)" was included in the
presidential address delivered
by Philip M. Hauser Of tn
University of Chicago at the
i22nd annual meeting Of the
American Statistical Associa-
ton recently.
Highly Pertinent
It is not only amusingly sar.
castle. 1t also is highly peril.
Fnent right now. for never have
policy-makerS In public an {
private life relied so heavily
on statistics for clues to what
lis happening in the economy
where it is heading and wlla'
should be done to increase pro
duction, profits, jobs and pay
checks.
Rarely have the statistics
that economists study presented
so mixed q picture. This sug'
gests that the economy Is jus
"coasting."
Not for years has there beer
so much criticism of the valid
ity Of the statistics that guid'
public policies and business
labor decisions.
/ am aware that nearly al
the economic barometers vi
now use have been developed
only in the last rs to 80 years
A reason the depression Of tn
early 1930s was so catastrophiI
was that we didn't know wha
was happening to us as 1t hap
pened.
Our leaders at that tim
knew unemployment was wide
spread, but they didn't hav
reliable statistics to tell then
how many millions we're out o
Jobs. They knew prices wer
In q tailspin, incomes wer
plunging, profits were disap
pearing, bankruptcies were sky
rocketing - but they didn
have the statistics to tell ther
to what extent all this was oc
. curing. There was no compils
ton on gross national produ'
! to tell them that our economy
:. size was shrinking by the da
) Gross National Product con
: pilations weren't started uni
194l, quarterly estimate
weren't begun until 1947.
Today, we do have Q lars
mass of statistics to tell U
what is happening and whs
is likely to happen. Statistic
on the jobless rate. paycheckl
consumer prices are considere
In average homes as well q
by management, labor and gov
ernment.
Even 50, the gaps In ou,
statistical machinery are enor
nous. At the same ASA meet
Evening star., 1962-10-04
YOUR MONEYS WORTH
Statistics as Clues
To Present Trends
BY SYLVIA PORTER

ing, Arthur F. Burns, president
of the National Bureau Of Eco
nomic Research, listed some of
the statistical deficiencies
which indicate how primitive
are the tools for economic fore
casting even In this most ad-
vanced economy.
Examples Of Gaps
For instance, we have prac-
tically no statistics on job vac
ancies. We use statistics on
hourly earnings which do not
include fringe benefits - a
large and increasing part oi
labor compensation. Profit fig.
ures are distressingly tardy. We
do not have comparable month.
ly or quarterly figures on prices
and unit costs of production
| In individual industries. We
haven't even begun to create
Ia system Of internationally
comparable price statistics, i'm.
perative In q world in which
international trade plays SC
major a role. Estimates of Gross
National Product are decidedly
suspect.
But, limited though oul
knowledge is and faulty though
our tools are, we are doing the
best with what we have anc
statiSticians are laborin
nightly to improve techniques
Those who scott m ght bc
more humble If they realized
that statistics have become
major weapon against depres'
sions - for they warn us .ir
advance that trouble is coming
and, by warning us, alert US tt
take action to control it.
Distributed, 1859, by the Hall Syndicate
Inc. ALI Rights Reserved
Evening star., 1962-10-04
METALS

NEW YORK, oct. 4 GAP. .--spo
nonferrous metal prices today: Cooper
81 cents . pound, Cenneeticut valley
Zinc. 1i1a cents q pound, East st
Louis. Tin Loo q pound, New York
Foreign silver LIE per trey ounce
New York. Pittsburgh scrap steel No
/ heavy was quoted By Iron Age at
Evening star., 1962-10-04
Research Center

NEW YORK. Oct. 4 (AP).-
The aerospace group of Gen.
eral Precision. Inc, said 1t will
build a research and develop
ment building costing more
than 81 million in Wayne
TwonshiE3, N. j.
Evening star., 1962-10-04

Udl WAS d ulCuDCI O1 OIlC lui1u
group dominated by the broker
age firm Of j. & w. Seligman
a. Co. The Wharton School Of
Finance and Commerce report
on mutual funds, says that "A
majority of directors and all OF
the principal officers Of each
OF the three open-end compan-
| les were either partners Of
SeligmaH1 & Co. or officers or
directors of another Seligman
subsidiary"
Listening Posts"
The investment counseling
and management firm Scudder,
Stevens g. Clark controls four
firms. Three had a common in
vestment manager and a COM
mon underwater - Scudder,
Stevens q Clark and Scudder
Fund Distributors. All four had
at least 10 officers and direc-
tors affiliated with one Of the
other three or with Scudder
Stevens q Clark itself.
Interlocking boards between
mutual funds and companies
whose stock they hold are fav-
ored because of good listening
post" value, which benefits the
fund by providing opportunity
for a closer study Of the af-
fairs of the particular company
that has q director on the fund
board or a fund director on Its
board. z 80 =
However, the conflict-of-in-
terest threat is a strong argu.
ment against 'interlocks," since
this could influence q funds
investment policy and incul
the disfavor Of State and Fed.
eral regulatory agencies.
Massachusetts, Investors
Trust, the granddaddy o.
mutual funds, had q triple In
terlock with American Research
& Development Corp, the
Wharton Report said, and Sc
did its affiliated associate, Mas
sachusetts Investors Growth
Stock Fund. ...
Examples Offered
United Funds had 9 5 pei
cent holding In Controls Co. OF
America, while Insurance Sec
urities Trust Fund held 10 pei
Ecent of the stock Of Hanover
Fire Insurance Co., with which
lit had a common director. In.
corporated Investors was "in.
terlocked" with Atlantic Coast
Line Railroad Co., in which Il
held q ST. per cent interest. and
with Rayonier, Inc, in which II
held 7.3 per cent of the voting
stock.
Axe-Houghton Fund B helC
l7.9 per cent Of the stock Of Fly
ing Tiger Line, and the Axe
Houghton group together helt
14.8 per cent Of Flying Tiger
The Wharton report founC
only q few instances whert
mutual funds tried to influ
ence q company whose stool
it held by offering advice OF
financing. Once, when the ad
vice was refused, the fund soil
the stock.
Increasing Control
Cases where big mutual fund
owned enough stock to contrc
q company more than, double
between 1852 and 1858, tn
Wharton report said. Durin
THAT period the pattern Of larg
holdings was dominated by on
firm, Insurance Securities Trus
Fund of Oakland. Calf, who's
assets as Of September 30, 1855
stood at $299 million.
H Where funds concentrate
holdings they run . greater risl
through failure to diversity
They can get into trouble BY
Evening star., 1962-10-04
BUSINESS
BRIEFS

Bank Clearings in rs leading
cities in the week ended Octo-
Der 8 totaled $33,040. .538, 900
compared with $31, 800, ,784, 900
in the previous week and $780,
$50, 10000 in the like week a
year lago.-Dun 81 Bradstreet.
Business Loans in the week
ended September 26, totaleo
$34, ,o63, 900, 900, up $1S2 million
from the previous week and ur
$2,25S, 100000 from the like
week a year ago. Federal Re-
serve Board.
Crude Petroleum Production
in the week ended September
% averaged 7,355,210 barrels
daily, down 81, 200 for the week
and compared with 7,155,860 ir
the like week a year ago
American Petroleum Institute
Earnings
Tennessee Valley Athy. ir
year ended June 80 earned
$50, ,160, 900. up 9 per cent from
1861. Power revenues for the
year totaled $252.1 million,
NEW mark.
Appalachian Power Co. in Il
m onthS ended August 81
earned $23,166, 900 VS.. $2o,934,-
900 in 1861.
Un. Merchants g. Mfgs. ir
year ended June 80 earned $1l,.
153,472 or $1.S6 a share VS.
50, ,757, $50 or $1.63 in 1861.
Universal Controls, Inc, In
months ended September 81
earned $2,5S7. 900 or "a cents
share VS.. $2,397, ,753 or % cent
in 1861 period.
Rust Craft Greeting Cards Il
Is months ended August 3
learned 1,076, 900 VS.. O loss Q
$799 800 in 1851 period.
loves Cos. in year ende,
July 81 earned $1,020,565 o
$1.02 q share VS.. $934.426 o
90 cents in 1861.
Evening star., 1962-10-04

open-end companies - Broad
Street Investing Corp, Nation
ali Investors and the Whitehall
Find. The trio had as invest
rnent adviser q jointly-owne
subsidiary, Union Service Corp,
which supplied investment re-
sehrch and administrative serv-
ices to the three companies at
cost.
The three also had a common
underwater, Broad Street Sales,
and the underwater was who'll
lys owned by Tri-Continental
Financial Corp. Tr-Continen-
Evening star., 1962-01-28

!
5:55 % MEDITATION.
InspirationaI. Various faiths.
500 N CONTINENTAL CLASSROOM.
Education. Color. Contemporary Mathe-
matics. (RepeatJ
q COLLEGE OF THE AIR.
Education. The New Biology. Dr.. Ray
Koppeman, instructor.
$50 @ CONTINENTAL CLASSROOM.
Education Color American Government.
"The Vice President in New Role; the
President as Party Leader"
q FACTS OF LIFE.
6:45 q TODAY ON THE FARM.
$50 q LOOK TO THIS DAY.
6:55 @ NEWS. }
ZOO q TODAY.
News, Features, Interviews. Hours. John
Chancellor, host.
q 7 Am. REPORT.
News. Editorial. Local News.
us @ RANGER HAL.
Cartoons. as Min. Games.
TBS q TODAY IN WASHINGTON.
News. Del Frank reporting.
800 q CAPTAIN KANGAROO.
Kids. Hour Games songs. guests.
S:25 q NEWS.
Del Frank reporting.
$50 q TODAY IN YOUR LIFE.
1853 6 WORLD NEWS.
8:55 81 NEWSBEAT.
q DAILY WORD.
900 Gl. JACK LA LANNE SHOW.
Exercises. Figure improvement.
q KART00N KLUB.
Cartoons ! Hour.
q HEcKLE AND JECKlE.
Cartoons. Hour. Also Clutch Cargo.
Loony Tune, Dick Tracy Crusader Rabbit,
Hecke and Jecke's friends
q BUGS BUNNY PRESENTS.
Navajo times., 1962-06-13
c Of c Banquet
Scheduled June 10

The Board of Directors of the
Gallup-McKinley County Chamber
of Commerce announced June 10
as the date for the Chambers Semi
Annual banquet. The Banquet will
be held at the El Rancho Hotel at
7:3O pm. A social hour will pre-
cede the dinner.
Bob Donovan was appointed as
Chairman of the Banquet Commit
tee. Other members of the commit
tee are Lou Ulary. Harold Lee. Ned
Thompson and Charles High.
At each banquet it is the custom
for the Chamber to pay respects to
group or individual citizens for
their contribution to the commun-
ity. This banquet is dedicated TO the
Sante Fe Railroad and to its en-
ployees. The Sante Fe plays very
Navajo times., 1962-06-13

important part of Callup's econ
omy. The payroll is in excess of
$1,000 600 annually. The Railroad
has contributed in nmany other ways
to help the community grow and
prosper. Many of the employees
who live in the area have devoted
time and effort to civic affairs.
Speaker for the evening will be
Mr.. George Cox, Assistant to the
President of Santa Fe. Mir Cox is
we'll known in the field of Industrial
Development, and is a noted after
dinner speaker. Officials of the
Santa Fe have been invitedto attend
and many have already accepted.
Invitations have also been sent to
the employees through the Brother
hoods.
Tickets for the dinner are $500
each. and can be purchased at the
Chamber office, at the banks,
members of the committee and
Board of Directors.
Navajo times., 1962-06-13

aving trouble seeking ask for Dee owner
be happy assist Dan
and open charge accounts to qualified customers"
Navajo times., 1962-06-13
Hats off C
dances.

BuWBS VII Continued from Page II
they were polite, they we're not overly agress-
i've, and most important, they we're armed with
facts. Two of the most eff C i've points were
adequate proof that the Navajo couldbe farmer,
and good one; secondly, that the surplus farm
yield problem would not be increased because the
produce and will be used in the immediate
area.
The sticky heat of Washington made a tough
job even worse for Navajoland delegates
Despite this and other greater obstacles, they,
and the people who worked side by side with them
in this fight, often into the wee hours of the
morning, stuck to their battle stations.
Right up to the time the vote was taken, there
was no assurance that the Bill would pass But
apparently, they convinced enough congressman
of the need and justification of this project to get
it through without much difficulty at the time of
decision.
To them to Representatives Morris and Mon
toya, Senator Anderson, Governor Mechem and
1t. Governor Bolack, and to all the others who
worked so arduously and well, our congratula-
tions and heartfelt gratitude. This was truly a
bipartisan effort with strong help from both sides
OF the aisle, and, we feel, project making
possible the eventual achievement of the indivi-
dua1ly self supporting capability in the years
ahead as outlined by the program of Chairman
Paul Jones and his administration.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-25
Divorce Planned
By james Mason

LONDON. June IS (AP).-
The 22-year-old marriage Of
British movie star James Mason
and his wife, Pamela Kelllno,
today was reported finally on
the rocks.
TITS quite true a divorce is
on the cards." Mr.. Mason told
.newsmen.
The trouble is that my wife
and myself have a completely
different aspect on life. She
has become Americana am
still fundamentally English and
our tastes and ways Of life diff
fer so widely"
The 53-year-old British actor
whose latest role was as
Humbert Humbert in Lolita
is staying with his parents in
a Yorkshire village.
He said he would return to
the United States in a few days,
and added:
II intend to see my wife then,
After that. 1 suppose it's just a
question of putting the wheels
of the divorce in motion"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-25
OTHER TV
HIGHLIGHTS

1880, WTTG t5)-Billy Ora
ham Crusade. Program re-
corded during the recent
Chicago crusade.
1880, WTOP (sl-Hennesey.
Hennesey wins an automo-
bile in a contest he never
entered. Repeat)
11:lO, WTTG (9-Hollywood's
Finest. Adventure in Balti-
more. A minister's daughter
has modern views for the
1900 period. Mild comedy
drama. Shirley Temple
Robert Young Qs49.
1850, WRC (D-Tonight. Jer-
ry Lewis takes over as guest
host. Guests include Sophia
Loren.
1850, WMAL "a - Monday
Movie. That Other Wom-
an" A secretary goes after
her boss and creates some
humorous and entertaining
complications. Virginia Gil
more. Dan Duryea Q942).
12:55, WTOP (9)-The Late
Show. Tea for Two" Mild
ly diverting musical comedy
made long before Doris went
dramatic. Doris Day, Cor
don MacRae. Eve Arden
1880.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-25
Science Films
To Be Shown
Free to Youths

A series of science films for
young people will begin tomor-
row at the National Science
Foundation auditorium, 1851
Constitution avenue NV.
The series of six programs,
entitled Science in the World
of Work." was arranged by
volunteer citizens headed by
Mrs. Arthur j. Goldberg as
part of a summer career edu-
cation project.
The program is scheduled
for 1890 am. with two
films. Visual Perception,
and "Of Men and Machines. u
The other programs will be
held at the same time weekly
All youngsters, particularly
junior and senior high school
students. are invited to the free
showings.
A second program beginning
at 1880 pm. Friday at the In
terror Department, c street
between Eighteenth and Nine
tenth streets NV, will out
line National Park Service
careers. This will be followed
by five weekly sessions.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-25
Scientists Study
Infant Heurtbeuts

Better monitoring of a baby's
heartbeat during pregnancy
and labor to cut stillbirths and
infant deaths is the object OF
research now underway at
Georgetown University Hos
pital.
Medical and electronic scien-
lists are working on an cleo
tronic computer, electrocardi-
ogram device which could lead
to widespread use of fetal
observation-disclosures, now only
possible under controlled con-
ditions.
The research. supported by a
grant from the National Insti-
tutes Of Health, is being di-
rected by DR.. Andrew Mar
chetti, chairman of the depart
ment of obstetrics and gyne-
cology.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-25
CRITICS VIEW
BY CYNTHIA LOWRY
AP Television-Radio Writer

NEW YORK, June 25.-Tele-
vision was a busy place last
night. In rapid succession. Ed
Sullivan celebrated the 14th
anniversary of his show; TV
Guide, a magazine, awarded
silver bowls to winners of its
popularity poll and mixed in
some entertainment for good
measure, and "Show of the
Week" tried to update an old,
old George M. Conan farce.
AS anniversaries go, IA is
an unusual one for plaque Civ
ing and hat throwing. Live
10 or is are normal mileStones.
But IA served as Sullivan's ex-
cuse for an all-star blowout on
CHS last night.
Steve Allen opened the pro-
ceedings and before the hour
was over, Bing Crosby and Kate
Smith raised their voices
separately - in song, Jack
Benny and Phil Silvers did a
comedy sketch together, Lucille
Ball rode an elephant. Johnny
Carson tried some topical gags.
And, Of course, almost every
body did limitations of Sullivan
"a speciality of the program
with which 1, for one, am now
thoroughly bored.
Bonanza" Winner
TV Guide annually invites its
readers to vote for their favor
ties and presents a special
program to award the winners.
The fans-"hundreds of thou
sands" the magazine publish
ers said - voted Bonanza"
their favorite series; Ben
Casey" their favorite new
series, and Bob Hopes Christ
mas show best musical variety
program.
Vince Edwards, Carol Bur-
nett and Huntley -Brinkley also
were picked as favorites in
other categories. NBC, which
aired the special. received five
out Of eight awards.
There also were a number of
skitS, all kidding television-its
commercials, its theme songs,
it's viewers-by Art Carney and
Judy Holiday. Both are tai
ented performers, but they GER
tainly could have used some
better material. Carney, par
ticularly, was unhappily in
volved in a very long and very
unfunny imitation of Jack
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-25
Student Wins Grunt

Walter E. Daniels, a graduate
student of physics at the Uni
versity of Maryland, has been
awarded a 81 500 research grant
by the American Machine and
Foundry Co. Mr.. Daniels will
use the grant to finance a
study of the properties of
metals.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-25

scripts in New York, Hollywood and elsewhere Their
opinions offered as guide to vtetDers.
RifemanThe Indian Repeat) The best thing about this
1859 entry Michael chat magnificent Indian
Chief Cochise in Broken Arrow") playing Apache
with Harvard degree He's dedicated marshal here
on the trail of Indian renegades and when the
townspeope learn he's Indian prejudice and violence
erupt OF course Lucas Mccain along in the nick
of time and the day with his cool-headed pose.
$50 pm, WMAL-I
Andy Grfffith-Repeat) folksy entertaining affair
Barney wants to prove that his singing voice thing
Of beauty he decides to join the church choir Though
he's very proud of his accomplishment nobody else
to be- Sheriff Andy to the and manages to
soothe Barneys ego too. $50 pm, WTOP-s.
good episode. lady named Nellie Burt gives lovely
performance elderly who learns she is dying
and doesn't want her loved to her pain. The
in which Casey tells her the truth is extremely
well written and played For those of whove wondered
about our awork and nopay neuro-Surgeon, there's
romance with Bethel Leslie, pediarician, who could
make any man want to be a baby again. 10 pm,
WMAL-7.
Steve Allen ShOw-Premiere). Except for the Hollywood
setting Steve back familiar TV territory entertain
ing the night owls in daily Commute show For his
opener he's writing with housewives talking about
the oddities Of the movie CITY, giving songsreSS Phly
Duke chance to try You Took Advantage of Me" let
ting Terry Gibbs play Now the Time" the vibeS and
spotting talent of old Tonight, he's introducing
UCLA Comic Ken Greenwald for a Cape Canaveral mon
ologue and Greenwad will be around all week. l1:25
pm, WTOP-9.