davidaulloa/AmericanStories huggingface dataset:
Evening star., 1962-01-04
Vepco Awards
Big Contract for
00,000-VoIt Line

PITTSBURGH, Jan. 4 (AP)
Westinghouse Electric Corp
has signed a multimillion dollar
contract to design and equip
the Nations first commercial
500,000-volt power transmission
system for the Virginia Electric
& Power Co.
Westinghouse will provide
terminal equipment for the
project, whose total cost is esti-
mated at $45 million. An
nouncement of the contract was
made simultaneously in Pitts
burgh and Richmond by the
two firms.
The system will carry mil
lion kilowatts from a new Goa,
mine-mouth power station ir
Grant County, w. Va, to Vir-
ginia suburbs of Washington
south to Richmond and back
to the station by way of the
Waynesboro Staunton area
forming a 350-mile loop. The
entire project is expected to be
in operation by early 1866.
The highest voltage now usec
for power transmission in thii
country is 345.000 volts. Tht
announcement said highe,
transmission voltage woulc
make it cheaper to send powe,
direct from coal field station
than to transport coal to loca
power plants.
Evening star., 1962-01-04
Area to Get Computer
For Attest Detection

A California scientific con-
Germ will establish a computer
center in the Washington area
to deal with problems OF
atomic-test detection.
Award of a Defense Depart
ment contract to a United
ElectroDynamics, Inc, was an
nounced today. The contract
calls for design, installation
and operation of a Data Ana
lysis and Technique Develop
ment Center" for the Penta-
CONS Advanced Research
Projects Agency.
Exact location of the center
has not been revealed, but il
is understood it will be on the
Virginia side of the Potomac
1--WE want to have it as close a:
possible to the Pentagon," {
Defense Official said.
The center will be activatec
June /, according to the con-
tract. Meanwhile, data analysis
for the Pentagon's Projec
Vela-Uniform will be done a
UED's Pasadena headquarters
The Vela project is aimed a
developing foolproof method
of atomic test detection. Vela
Uniform is that phase dealing
Evening star., 1962-01-04
CHICAGO
LIVESTOCK

CHICAGO, Jan. (AP) (USDA).-
Hogs 5000; moderately active, butchers
under 240 lbs steady to strong, 240 lbs
and up strong to 25 higher; sows
steady to strong; fair shipping demand
mostly 1-2 190-225 ID butchers 17.15-
1900; around 200 head at 1900:
mixed 1-3 19O-25O lbs 17.O0-17.75;
2-3 240-2S0 lbs 16.50-17. 90; 2S0-320
lbs 16.OO-16.50: several loads 270-2SO
lbs 1878; mixed l-3 100000 ID sowS
14.00-15.50: 2-3 100000 lbs 12.75-
Cattle $500; calves 100; trading
slow, slaughter steers steady to 80
lower; largely 25 to 80 lower; heifers
steady to 25 lower; cows steady to
mostly so lower; bulls steady to 25
higher: vealers steady; no sales stock
ers and feeders; load prime 1888 ID
slaughter steers $3.50; load mixed
choice and prime l 200 lbs 27.75; load
choice with a prime end 1.175 lbs
27.50; two load string mixed choice and
prime l.019 lb yearlings 27.00; bulk
choice 2575-27.25; load lots mixed
good and choice 25.25-25.75 two load
string low good 1,125 lbs 1925; good
largely 2325-25. .25; load standard
1896 lb Holstein 21.50: utility and
standard l9.50-23 90: load choice ,OSS
lb heifers 1925; most choice 24.75-
26.00; good largely 23.00-24 rs: pack
age cutter 300 lb Holstein heifern
1850: commercial cows IA .5O-l6. 30;
utility IA 4.00-15.15; cutters 1928 :.
1850: Gamers l2.00-13. 50; utility and
commercial bulls 2O.00-22 90; standard
and good .vealers l9.00-25.0O choice
27.00-2S.00
Evening star., 1962-01-04

with underground explosions.
Scientists believe there exists
a still undiscovered SEISMIC
signature" by which the trem-
ers from an atomic blast can
be distinguished from earth
quake shocks. Vela- Uniform is
designed to find the sigma
ture."
Fixed and mobile seismic
stations, equipped with SEN
sitive quake recording ma
chimes, will funnel their data
on earth shocks to the new
Data Analysis Center. Here
computers will analyze the in
formation in an effort to i'm
prove detection techniques.
The last well-publicized Vela.
Uniform operation was De.
cember 10, when a 5-kilotor
atomic device was exploded
underground in a salt deposit
in New Mexico. Principal pur.
pose of the shot was to de.
termine feasibility of certain
non-military uses of nuclear ex'
plosives. The Vela- Uniform ne
tuned in on the explosion, how
ever, and is understood to havC
obtained some valuable but no
necessarily conclusive data.
Evening star., 1962-01-04
Area Meetings

James L. Harrison, Public
Printer of the United States,
will be guest speaker at the
Washington Printing Week
Dinner January Is at the Mar
riott-Twin Bridges Motor Mo-
tel.
Air Transportation-Its 30
Year Record" is to be the sub
ject of a talk by Herbert D.
Ford, district sales manager for
American Airlines, at a Civitan
Club luncheon Tuesday in the
Mayflower Hotel.
William C. Buell. w, vice
president of Birely & Co., will
conduct a seminar on personal
financial management and in
Nestment planning beginning
Tuesday. 1t will be held fol
three consecutive Tuesdays al
7:30 pm. in the Peoples Life
Insurance Co. auditorium, Col
New Hampshire avenue NV.
Whitney D. Watkins, director
of membership services ano
education, Electric Institute Of
Washington, will discuss Get.
ting Along With People" be-
fore the local chapter, Amer
lean Society of Women Ac-
countants, at a $50 pm. dinner
meeting Wednesday in the
Ambassador Hotel.
Evening star., 1962-01-04
Liberal Trend
In Dividends
Seen for 1862

NEW YORK, Jan. 4 (AP).-
For the second straight year
United States corporations have
declared fewer extra and in
creased dividends than during
the previous year.
A survey by Standard &
Poor's Corp. showed there were
5 per cent fewer extra dividends
declared in 1861 than in 1860
The survey by the investment
advisory service covered divi-
dend actions of 5000 companies
in all industry groups.
1t also showed an increase
during 1861 in resumed divi-
dends as well as decreased anc
omitted declarations.
I'm view of the strong re.
bound in corporate profits the
trend toward dividend liberali.
zation will doubtless broaden
suggesting progressively more
favorable year-to-year com.
parsons in the first half Of
1862, at least" the service said
During 1861, a total of l 1,16e
companies voted extra pay.
ments compared with 1922 ir
1860 and 1,419 in 1859. Last
year there were 902 increased
dividends voted compared with
1,012 the previous year anc
l,186 in 1859.
One hundred forty-Six COM
panies resumed dividend pay
ments last year compared with
124 in 1860 and 238 in 1859
Decreased dividends were de-
clared by 1913 companies in
1861 compared with 189 the
previous year and 98 in 1853
Some 234 companies omitted
dividends last year compared
with 1877 in 1860 and 1T in
1859.
Standard & Poors' empha-
sized the survey covered only
actions by directors and not
actual payments which in some
cases will be made this year.
"The real significance in the
survey is that it presents an
indication of the trend of
thinking of directors regarding
dividends" the service said,
ALSO, dividend declarations
are an advance indication of
what payments will turn out
to be-"
The Commerce Departments
monthly tabulation of cash
dividend payments by corpora
tions issuing public reports is
not yet available for all ot
1861. For the first II months
of the year payments totaled
$11.4 billion, or 2.5 per cent
above the figure for the first
II months of 1860.
Evening star., 1962-01-04
TALKING OF BUSINESS
D. c. Investment Banker Charts
Birth of Toiwon Stock EXCHANGE

When the island OF Formosa
officially opens it's first stock
exchange today, the "a mem
ber brokers can thank a candid
and youthful Washington in
vestment banker, George M.
Ferris, jr., for a major role in
making it possible.
Mr.. Ferris, "a, is managing
partner of Ferris & Co., local
member of the New York Stock
Exchange. He was asked by the
International Cooperation Ad-
ministration two years ago to
fly to the island and make a
study of the whole idea.
He spent two months on the
task. The result was a 19-page
bluntly worded report, that
agreed such an exchange was
desirable but only with some
big ifs attached.
The broker, a Phi Beta
graduate of Princeton and
Harvard School of Business
Administration, found Taiwan
a far cry from the orderly,
open business climate Ameri-
cans take for granted.
Afflicted by high taxes and
an Oriental tradition of evad-
ing them, corporations told the
government little and the public
Evening star., 1962-01-04
2 Savings & Loan
Firms Assets Rise

Two area savings and loan
institutions today reported in
creases in assets during 1861
The Home Building Associa-
ton of the District of Columbia
reported assets were $18,864, ,00O
at year-end. up $3,524,000 OF
% per cent from IL months
earlier.
Share accounts increased by
$2.9 million, loans rose by more
than $2.8 million and $121, ,60C
was added to reserves.
Potomac Federal Savings &
Loan Assn. assets reached $4,-
842,904 or Dec. 81, up "a pei
cent from the previous year
according to William E. Shan.
non, president. Savings rose
by $730,O0O or 81 per cent
and reserves increased by e
per cent.
Evening star., 1962-01-04

Today, an investment ad-
wiser can, if he so wishes,
secretly load up on a specific
stock, then issue a glowing
buy" recommendation to his
paying clients-and then on
the price rise his recommen-
dation helps to inspire, sell
out his holdings at a quick
profit.
There is nothing illegal nor
even Objectionable about his
actions under the securities
laws and regulations as they
now stand.
This would appear to be the
implication of a year-end court
decision squelching an effort
by the Securities & Exchange
Commission to prohibit the
Capital Gains Research, Inc,
of Larchmoht, N. Y, from do
ing precisely what I've outlined
above.
The decision by the United
States Court of Appeals for
the Second Circuit in New
York represents a defeat for
the Governments top financial
policing agency, which had at
temped to stop the investment
service from engaging in what
Wall Street calls "scalping"-
a practice whereby an adviser
sells his services for a fee and
then, in effect, enters the stock
market in competition with his
own clients.
Probe Is Under Way
1t also paves the way for
an intensive probe by the SEC
into this sort of activity by
investment advisers during its
current investigation of the
stock markets-and for new
legislation that would permit
the SEC to outlaw this
practice.
There are now thousands OF
advisory services operating in
the country which sell theil
advice to individuals for fees
ranging from 81 to several
hundred dollars. Here's the
tale.
Capital Gains Research Blu
reau, Inc. sells among other
services a Special Recommen-
dation" bulletin on securities
In 1860 it had 5000 clients
paying $18 a year for the bull
letinS and, more important, an.
other list of about 100000
names to whom the bulletin:
were sent from time to time
free.
In 1860, Capital Gains fol.
lowed this pattern. 1t bought
Evening star., 1962-01-04
SIS Billion
Surplus Seen
For'61 Trade

A record year for American
exports was virtually assured
today when the Commerce De-
partment announced that mer-
chandise shipments overseas in
the first II months were at an
annual rate of $20.109 billion.
This was about 3 per cent
above the rate for the same po-
sition of 1860, which also was
a record year.
If December exports show
continuation of the strong for
eign sales recorded in the fall
exports will exceed merchan-
disc imports by roughly SIS bill
lion and overall 1861 ship
ments will top the 1860 export
volume by about $500 million.
November exports did not
maintain the advanced rate OF
october, however. Merchandise
shipments were valued at $1.7Oe
billion in November, 6 per cent
below the previous month. The
figures do not include military
shipments.
The year-long showing re-
fleets, in part, the success oi
the Governments export ex-
pansion drive, but a more i'm
portant factor is the high pros
perity enjoyed by Western
European countries and Japan
Their purchases from the
United States were at a level
department experts said, which
may not be maintained in the
coming year.
However, there are indica-
tions that shipments to Canada
and the less-developed coun-
tries of Latin America, Asia
and Africa will be going up
Officials forecast a "moder-
ately promising" export year
ahead.
The Sizable surplus of ex-
ports over imports helped hold
down the United States bal
ance-of-payments deficit in
1861, but imports now are or
the rise because of the business
recovery. This probably will re-
duce the trade surplus in the
new year and cause some in
crease in the payments deficit
Evening star., 1962-01-04
Savings Bond Sales
Hit 3-Yeor Peak

Savings bond sales in 1861 in
creased A per cent above the
previous year and hit a three
year peak, the Treasury an
nounced today.
At the same time, redemp-
tions were 10 per cent below
1860, and were the smallest in
seven years.
The public paid $4,539,O0o,- :
900 for E and H bonds last year,
compared with $4,350, 100000 in
1860. They turned in So, 4,484,
100000 worth in 1861, compared
with nearly SIS billion worth the
previous year.
William H. Neal, national
savings bond director, called the
record AN excellent achieve
ment for our goth anniversary
year" There was nearly $44.5
billion worth of E and H bonds
outstanding as the year closed,
a record high.
Evening star., 1962-01-04
YOUR
MONEYS WORTH
'ScoIping' in Stocks Upheld
BY SYLVIA PORTER

a block of stock. 1t followed
up three to seven days later
with a widely circulated recon-
mendation to buy the stock
Within a few weeks after the
recommendation had been pub
liShed and circulated and the
prices of the stocks had gone
up, Capital Gains sold out. In
a period of six months it made
quick turns on seven stocks,
netted around $4,000. 1t did
not tell its clients that it was
taking a position in any OF
the securities.
To the SEC, this was a
"clear and convincing" viola
tion of the 1910 Investment Ad-
visers Act prohibiting an in
vestment adviser from employ.
ing any scheme which oper-
ates as a fraud or deceit upon
any client"
Opinion Cited
1t sought an injunction tc
prevent Capital Gains from
continuing the practice in the
District Court for the South
ern District of New York. II
was turned down. 1t appealed
to the Circuit Court. 1t was
turned down again, with the
majority opinion holding that:
Cd The SEC did not prove
a failure to disclose material
facts" on the seven stocks in
which Capital Gains took a
secret position.
CO The SEC is trying tc
create a law not passed by
Congress or a regulation not
promulgated by the SEC tc
the effect that the failure o1
an adviser to reveal he hac
bought stock himself was fail.
ure to disclose a "materia,
fact" and thus a scheme tc
defraud.
90 Statements in the bulle-
tins that the adviser owned
shares and intended to sell
would be meaningless.
(4 The SEC didn't prove
that any client bought tht
recommended stocks nor die
it prove the influence of the
adviser on the stocks prices
(5) The test is the honesty
of the recommendation wher
made.
60 Since there is no law
rule or regulation against {
service buying or selling a stocE
within a specific period o:
time before or after a recon.
mendation of the stock, Cap
ital Gains is in the clear-anc
SO is any other adviser whC
does this.
But what about the ethic'
at stake here, the standards
of the entire profession, you
trust in an advisers gooc
faith!
Sundays column will analyzt
the view of the court minority
on this.
distributed 1862. by the Hall
| Syndicate, Inc. All Rights Reserved
Evening star., 1962-01-04

too. "The best CPAs wouldn't
even work on some companies
tax returns" Mr.. Ferris said,
because the firm wanted to
evade taxes"
Even worse, corporations had
played it close to the vest for
so long that public investor
confidence in most concerns
had hit bottom, and the firms
had to resort to short-term
borrowing for long-term capital
needs. -.
Still another drawback was
the presence of many family
owned businesses, also typical
of the East. Though they have
some advantages, he found they
lacked the drive of publicly
owned corporations traded on
an exchange.
All these things affected Tai
vans economy. Propped up by
United States aid, the island
enjoyed a standard of living
higher than most Oriental
countries, the broker observed,
but was going into the red about
10 per cent every year and
thereby fueling initiation. Both
the ICA's Public Administration
Division and Mr.. Ferris felt an
orderly stock exchange was a
good start in transplanting
American economic ideas.
Among Mr.. Ferris recon-
mendationS: Set up the ex-
change but first regulate CPAs,
stop excessive taxation, eStab-
liSh a securities and exchange
commission like ours, and re-
quire annual reports from COM
panieS for stockholders.
He also suggested the novel
idea of granting limited ex-
change memberships to banks,
to make credit available and
also to confer more status on
the new organization. In a
land where face" is all-im-
portant, the proposal showed
insight.
Today the Taiwan govern
ment has either enacted or is
moving toward adopting many
of Mr.. Ferris proposals.
Its a beautiful island, with
climate like Miami in the
southern part" he observed.
This is a long-range effort to
open up company books and to
gain investor confidence there.
In the long run, it holds great
promise for TaiWan'S future"
Evening star., 1962-01-04

even less about their finances.
Regulation of Certified Public
Accountants was so loose that
anyone could become one by
getting elected to the Taiwan
legislature, or serving as a
government accounting depart
ment head a few years.
The system worked in reverse,
Evening star., 1962-01-04
WeinscheI Reports
Drop in Profits

Weinschel Engineering Co. OF
Kensington, Md, today re-
ported net profits for 1861
totaled $49,221,, down from
$129,565 the previous year.
Bruno o. Weinschel, presi-
dent and board chairman, said
the drop in earnings was due
to higher costs of labor and
materials, stepped up spending
for new product research and
Evening star., 1962-01-04

NEW YORK. Jan. 4 (AP) Spot
nonferrous metal prices today: Copper
81 cents pound, Connecticut Valley
Lead, 10A cents a pound, New York
Zinc, Il cents pound, East st. Louis
Tin. 1.209s a pound. New York For
eign silver. .0434 per troy ounce. New
York. Pittsburgh scrap steel No. /
heavy was quoted by Iron Age al
81 OO-37. 90.
Evening star., 1962-01-04
Adams & Co. Opens
K Street Office

Adams & Co., business con-
sultants and investment bank
ers, have opened offices at 1725
K street NV. Alexander E
Guss is president. Sidney Gold
man heads its technical staff.
Evening star., 1962-01-04

development, and for advertis-
ing and marketing. Profit:
equaled 16 cents a share or
100000 outstanding shares
compared with So cents pei
share on 250,000 shares fol
1860.
The company, founded ir
1948, makes precision meaSur-
ing instruments for broadcast
ing and military use. Net sales
in 1861 totaled $2,028,286, COM
pared with $1,76l,9 ,943 the previ-
GUS year.
Evening star., 1962-01-04
Thompson Named Head
Of Federal Home Loan
Bank of Greensboro
BY TRUMAN r. TEMPLE
Star Staff Writer

John W. Thompson r, associate editor of The and
president of The Evening Star Broadcastng Co., has been
appointed chairman and public interest director of the Federal
Home Loan Bank of Greensboro.
Joseph P McMuray chairman of the FFLB Board, made
the announcement in Washington today The appointment
for a one-year term.
Thompson At, is also president of the Metropolitan
Evening star., 1962-01-04

Wv aSIllllSJOIl bOdIu VI 1Idue
and has been a director of the
Greensboro bank since 1859.
The Greensboro bank is the
service and supervisory bank
for 657 savings and loan aSSo-
Citations in the Fourth District,
an area covering seven States
plus the District. Included are
Ala bama. Florida, Georgia,
Maryland, North Carolina,
South Carolina and Virginia.
End Largest in System
The organization, second lar
gest of the II district banks in
the Federal system, ranks be-
hind San Francisco but actually
has the greatest number of
member associations.
The Greensboro bank super
vises Federally- chartered, in
sured S & LIS and also partici-
pateS with State agencies in
overseeing State-chartered S
& LIS within its jurisdiction.
Mr.. Thompson eeds
Horace Haworth, a High Point
IN. c. attorney, as bank
chairman. E. Thomas Wilburn,
president of First Federal Saw
ings and Loan Association of
Broward County, Fort Lauder
dale, Fla, was named vice
chairman. He succeeds Frank
Muller, president of Liberty
Federal Savings and Loan As
sociation in Baltimore.
Represents Community
The public interest director,
as the title indicates, represents
the community at large on the
board in contrast to other di-
rectors who may be associated
with the industry.
A native of Washington, Mr..
Thompson is a graduate OF
Princeton and served as an ar
tillery captain in Europe dur
ing World War II, where he was
awarded the Bronze Star.
He is also a director and
assistant secretary of The
Evening Star Newspaper Co.
and a director and treasurer
of Shenandoah Valley Broad
casting, Inc. He has been
associated actively with The
Star since 1886 when he began
as a general assignment re-
porter.
Mr.. Thompson also is a mem
ber of the advisory board for
the branches of the Riggs Ma
tional Bank and an executive
committee member of the Riggs
washington Loan & Trust
branch.
He is a trustee of Sidwell
Friends School; director, Emer-
.gency Hospital; trustee, Metro
politan Health and Welfare
Council, and advance gifts So
slicitor, United GiverS Fund.
Evening star., 1962-01-04
OVER COUNTER

!. Following prices furnished by the Ma.
uonal Association of Securities Dealers
in Washington represent the range within
which locally active securities could have
been bought or sold at ! pm. Thurs.
Evening star., 1962-01-04
Record D. c. Deposits
Exceed SIG Billion

Deposits of Washingtons II banks and companies
ended 1861 at atme peak of 16458 874 738 was
closed today by of bank reports 2
banking day of the year.
The record IA per cent from 999
December 81 1860 and also ahead on the
official bank call of September 1861 The previous all time
peak 81 ,549181 900 on April H. 1861
National Savings & Trust had deposit gain of $5-
O38754 or IT per cent from American Security
posits $3476832 96 cent from year earlier
National Bank of Washington had increase of
OFT nearly 10 cent combined of NBW and the
Anacostia National Bank which the of
Riggs National ranking first size had an increase of
$11 664382 23 cent Union Trust gain of $O
9499 94 per cent.
All banks had gains from year ago. small gains and
declines mixed in comparisons the September call
National Bank OF Washington exception gain
more than $50 million since September
Individual December 20 are compared below
Evening star., 1962-01-04
Earnings

First National City Bank of
New York in 1861 earned
S72,861 90, or $5.84 a share. VS.
S74,292,000, or $5.95 a share. in
1860.
Marine Midland Corp, hold
ing company for II banks with
181 banking offices in New
York State, in 1861 earned
1,196,642, or $1.94 a share, VS.
$19,608,557, or $1.87 a share, in
1860.
Automatic Retailers of Amer
lea in the year ended September
80 earned $2,522,OOO, or 81 a
share, VS.. $1,262, $40, or SO cents
a share, in 1860.
United States Trust Co., New
York, in 1861 earned $3,359,715,
or $6.40 a share, VS.. $3,252,734,
or $500 a share, in 1860.
Grace National Bank, New
York, in 1861 earned $2,202,504,
or $36.71 share, VS.. $1,191,813,
or $32.70 a share, in 1860.
Empire Trust Co. in 1861
earned $2,561 ,626, or $21.05 a
share, VS.. $2,832,664, or $23.39
a share, in 1860.
| Other earnings.