davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Labor Urges System
Of |nsuring Pensions

BAL HARBOUR, Fla. Feb.
% (AP).-Labor union leaders
said today their lawyers are
drafting legislation for Con-
gress to establish a public in
surance system to guarantee
failing corporations make good
on worker pension claims.
The idea is to apply the
same sort of plan that insures
payment of bank deposits
when banks default.
The union chiefs said certain
companies that have failed
have wiped out the accrued
pension rights of workers that
are in effect savings put aside
for the workers old age.
Losses Are Cited
Walter Reuther, head of the
United Auto Workers Union
who initiated the plan in the
AFL-CIO industrial unions de-
partment, has won backing Of
fellow federation chiefs to push
such legislation in Congress.
Mr.. Reuther said that ever,
year some firms go out of bust
ness with resulting loss of pen
sion rights by thousands O.
workers. Often. he added, pen.
sion funds are insufficient tt
maintain benefits for worker.
already retired or to provide
payments for those nearing re.
tirement.
1.-THE catastrophe faced b!
workers when pension right
are swept away by business fail
ure," Mr.. Reuther told news
men, 'is as great as that facee
by depositors during the banl
failures of the early 1930s. w,
believe the pension rights o
all workers can and should b,
protected"
The proposed Legislation
would require that pension
trusts pay nominal fees to al
insurance firm, just as Fedora
Deposits Insurance Corp. re-
quires many banks to insur,
deposits.
Rail Chiefs Confer
Railroad union chiefs tool
time out from winter meeting'
of the AFL-CIO Executive
Council to confer last nigh
with top executives of thu
Pennsylvania and New Yorl
Central Railroads over labo
, objections to a proposed NYC
Pennsy merger.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
PEOPLE
BUSINESS
Forrest d. Dick has become

Forrest d. Dick has become
assistant general manager OF
National Equipment & Supply
Co., distributors of mill supply
and machine tools.
L. E. Purnell, who is associ-
ated with the H. C. Fulwiler
Agency of Lincoln National Life
Insurance Co., ranked fourth
among $500 company agents in
group insurance and 18th in
total sales during January.
c. J. Lauer has been ap-
pointed used-car sales manager
for Loving Chevrolet, Inc, in
Silver Spring, Md.
William F. Hardman has be-
come Navy marketing admin
iStrator for the defense cleo
tronicS products division OF
Radio Corp. of America. He
formerly was with RCA Service
Co.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Dupont Files
3-Year Plan
For GIN Stock

CHICAGO, Feb. % (AP). -
The Du Pont interests outlined
today a proposed plan to dis
pose of its 60 million shares of
General Motors stock in a
three-year period.
The plan was filed in United
States District Court as a sug-
gested final order in an anti
trust case that has been in the
courts for II years.
The United States supreme
court, in May. 1861, ruled that
E. I. du Pont de Nemours 81 Co.
must divest itself of its GIN
shareS-Worth about $3.5 bill
lion. 1t left it up to Judge Wal
ter J. La Buy to hand down the
detailed disposal plan.
The Du Pont plan proposed:
Divestiture would. start with
in 80 days of the date of Judge
La Buys order-expected soon.
1t would be completed in
three years.
Du PCnt will dispose of its
heavy GIN holdings by distrib-
uting them to Du Pont stock
| holders by such methods or
combination of methods as the
company shall elect"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23

Mr.. Kindred, who is board
chairman of the First National
Bank of Thomson, Ca, told
the Ohio bankers 1.-The mutual
industry has conceded that it
will have to pay more Federal
income tax than it has been
paying. 1t now is trying to keep
the increase as small as pos
sible."
The ABA official termed
the compromise ridiculous" in
terms of equity, loss experience,
and amount of revenue pro-
duced.
"A S per cent reserve limit
for mutual institutions places a
tremendous premium on growth
by providing an irresistible
temptation for many institu-
tons to avoid all tax payments,
and it will not take long for
most OF them to take advan-
tage of the opportunity"
Mr.. Kindred said that ire
mendouS pressures were being
put on members of Congress
by the mutual industry so that
it could continue to avoid pay
ing a fair share of the Nations
tax burden. He stated, how
ever, that one basic doctrine of
good Government does have
support in Congress. THAT is
the placing of public welfare
considerations, the common
good, and the concept of equity
ahead of selfish interests. We
believe that this principle will
prevail in the case of tax uni
formity."
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23

Bank C1earings in 26 lead
ing cities in the week ended
February 81 totaled $31,231,-
924 900 compared with $25, 2O9,-
401 900 in the previous week
and $25.930,868, 900 in the like
week a year ago.-Dun g. Brad
street.
Business Loans in the week
ended February 81 totaled $780,
lit 100000, up $40 million from
the previous week and up $500
million from the like week a
year ago. - Federal Reserve
Board.
Intercity Truck Tonnage in
"a metropolitan areas over the
Nation in the week ended Feb
ruary II was down 1870 from
the previous week. but up $3.50
from the like week ago.-Amer.
Trucking Assns.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
T ak Executives
Name DiegeImon
Chapter Head

Henry V. Diegelman, director
of tax administration for Bal
tirnore and Ohio Railroad, has
been elected president of Bal
timore- Washington Chapter of
the Tax Executives Institute.
He succeeds James G. Gid
ding, general tax attorney for
the Southern Railway Co.
Franklin A. Gibbons, ir, vice
president and controller of
Riggs National Bank, has been
elected vice president of the
chapter.
TheuS J. She'll of Fruit
Growers Express Co. is treas
urer and John L. Wilson OF
Gulf Oil Corp. is secretary
Philip ]. DeLuce, tax manager
for Martin Marietta Corp, was
elected chapter director.
The Tax Executives Institute
has membership of more thar
1000 in 80 chapters across the
United States and in Canada
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Savings and Loan Tax
Compromise Opposed

COLUMBUS. Ohio, February
% (SpeciaD If Congress is
interested in obtaining any rev.
enues at all from savings and
loan associations and mutual
savings banks. it should be
wary of the compromise" S
per cent tax formula suggested
by these association, warned M.
Monroe Kindred, vice president
of the American Bankers As
ISOLATION, here last night.
The compromise plan offered
by the mutual thrift institu-
tons calls for a S per cent bad
debt reserve and would subject
only rs per cent of their net
income to taxation after pay
ment of dividends and inter-
est, said Mr.. Kindred in an ad-
dress before the Ohio Bankers
Association.
There is no question that
under a S per cent formula
many mutual institutions will
escape all tax and many others
will pay only negligible taxes"
Mr.. Kindred declared.
Moreover, these will be the
institutions which are most
prosperous and growing most
rapidly, while the only tax of
any consequence will fall on
the mutual institutions grow
ing most slowly. All a savings
and loan association would
have to do under the S per cent
provision is increase it's divi-
dend payout and reduce its
reserves, thereby avoiding pay
ment of any tax." he charged
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23

SCPoolNo "a POO, 10, o1o WCIc
up 7.8 per cent from a year
earlier and 81 per cent above
10 years ago, Mr.. Groom
pointed out.
Capital funds increased $492,-
900 or l7.6 per cent and 1000
additional shares were issued
during the year, increasing
capital stock to 81 million.
Surplus at So Million
Surplus account increased to
81 million through the sale of
the additional stock and trans
fers from undivided profits.
Mr.. Groom advised stock
holders that 1862 business VOL
ume had made an excellent
start and that there is every
indication that present momen-
tum will continue, certainly at
least for the first six months
of the year.
The Washington outlook is
exceedingly bright as it appears
that Government salaries in
many categorieS will be in
creased and this is Washing
tons biggest source of income,
he declared. The Tourist and
Convention Bureau of the Met
ropolitan Washington Board of
Trade is expecting a large vol
ume of tourist business, he
added. All of this adds up to
a good year for all phases of
business in the District of Co.
!umbia, he said.
Sanders Is Elected
Robert Sanders, long identi-
fled with the aviation industry
and now consultant to the Di-
rector of Research and Devel-
opment of the Federal Aviation
Agency, was elected a director
by the stockholders.
sMr. Sanders has degree in
aeronautical engineering from
Massachusetts, In titute OF
Technology and is the son OF
the late Joseph Sanders, for
rner director, member of the
executive committee and vice
president Of the bank.
Until his death in August,
196O, Mr.. Sanders father. one
Of the founders of the bank,
was the only active member OF
the original board of directors
elected in 1907.
sRe-elected directors were:
James E. Colliflower. Mr..
Groom, George M, Quirk, A. E.
Giegengack, Theodore Cogswell.
Donald F. Roberts, Harry j.
Kane, jr., Carita B. Sander.
Leon Chatelain. jr, Charles E.
Phillips, Raymond F. Clarity.
William j. O'Connor, Victor O.
Schinnerer, Albert Small, Maj.
Gen. Louis w. Prentiss, David
e., Kreeger and Richard j. Rid
dell.
Officers were to be elected at
an organizational meeting OF
the board later in the day.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
gProposes
That u. :. End
Aid TO Brazil

CHICAGO, Feb. % (AP). -
Senator Fong, Republican of
Hawaii, says the United States
should halt economic aid to
Brazil in retaliation for Brazil
ian seizure of American-oWned
properties.
The United States Govern
ment too long has "encouraged
petty tyrants to grab American
property and equipment with
impunity," he charged in a
telephone address yesterday to
the annual luncheon of the
Southtown Economist news
paper.
Senator Fong had intended
to address the meeting in per-
son but bad weather prevented
his airline flight from leaving
Baltimore. Technicians hooked
up an amplifier to telephone
receiver and he delivered his
15-minute speech.
The Senator said Cuba's Fidel
Castro was tempted to con
tinue his acts of piracy" against
American investment when he
was allowed to get away with
some Of them, and that this in
turn has embroidered others in
this hemisphere.
Senator Fong said Gov.
Leonel Brizola CT Rio Grande
do Sui i'll Brazil has seized a
subsidiary of American & For
eign Power Co., a Swift & Co.
packing plant, and the Amer
ican-owned International Tele-
phone & Telegraph System in
that State.
Under such provocation the
United States Government
should not hesitate to suspend
Immediately all economic aid to
Brazil" Senator Fong said
THE United States should
refuse to underWrite the ALI
ance fer Progress in Brazil-or
wherever in Latin America a
government mistreats Amer
lean enterprise"
He said the United States
has both logic and leverage on
our side to insist on equitable
treatment" for one reason be-
cause the Soviet bloc can
neither muster the aid nor
match the record of the free
world"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Earnings

Western Mass. Cos. in IL
months ended January earned
81, 195,797 Or $1.61 a share VS..
$4,157,207 or $1.60 in 1861.
General American Oil in G
months ended December 81
earned $3,342,3O0 or So cents
a sshare VS.. $3,207,O00 or SO
cents in 1860 period.
Walworth Co. in year ended
December 81 had a loss of
81. 973,293 VS.. a loss of $1,071,-
538 in 1860.
Hewlett-Packard Co. in
months ended January 81
earnd $1,887.000 or II cents a
share VS.. $1,452,000 or 10 cents
in 1861 period.
Carrier Corp. in 3 months
ended January 81 earned $685.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
First Investment
Declares Dividend

Directors of First Investment
Corp. of Alexandria, Va. have
declared a dividend of 4 cents
a share, it was announced by
President Donald E. McNary.
The firm has paid a dividend
each year since its shares were
sold publicly in 1859, the an
nouncement said. The com
pany invests in land and de-
velops it for commercial financ-
ing of homes.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Bethlehem Net
Gains Slightly

BETHLEHEM, Pa, Feb. %
(AP) Bethlehem Steel Co. re-
ported profits last year were
less than l per cent higher than
1860 earnings and sales were
down $3.50 million.
' In a report to stockholders
yesterday the Nations second
largest producer disclosed net
income of $122,357,028, equal to
1854 per share of common
stock. In 1860 net income was
$121, 179,569, or $2.52 a share.
Sales fell from $2,208,594,823
in 1860 to $2,057,107,226 last
year. s. --
Board Chairman A. B..
Homer said Bethlehem pro-
duction of net tons of steel
ingotS was down nearly one
million to 14,944,305.
/ He attributed the decrease to
"a low level of general business
activity during the first half
of the year .. decreased steel
purchases trends towards
economy in weight and cost of
steel imports of steel greater
than exports"
MI. Homer said Bethlehem's
new research laboratories will
enable the company Ito develop
the technology essential to it's
growth and prosperity"
I'VE have confidence in the
ability of Bethlehem to combat
the current competitive forces
and to continue its long time
historical growth" Mr.. Homer
said. r
! The report showed Bethle-
hem had orders on hand at the
END OF 1861 totaling 1910 mil
lion, compared to orders of 1852
million at the end of 1860.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Bethesdon Motel
Brinus 81 Million

The Bethesdan Motor Hotel
with 70 rooms at TAO Wiscon-
sin Ave-, Bethesda, has been
acquired by William Bernstein
Enterprises, which also owns
the In Town Motor Hotels at
Chevy Chase and Silver Spring
The transaction in excess of
81 million was financed through
Walker & Dunlop, Inc, Seller
of the property was Belmont
Yer Standig. The new owner
plans no changes in operations
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Air Carrier Names
2 Vice Presidents

Howard L. Hartman and Dix
we'll H. Stillman have been
promoted ITO vice presidents of
Air Carrier Service Corp. it
was announced today by this
wholly-owned subsidiary OF
Dynalectron Corp.
Mr.. Hartman joined Lunc
Aviation Co., now an Air Car
rier subsidiary, in 1859. ano
joined the parent company in
1861. He will be in charge OF
aircraft sales.
Mr.. Stillman Joined Air Car.
rier in 1860 and will be ir
charge of spare parts activities
market and product develop.
ment and other administrative
functions.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23

Federal Reserve Bank of Rich
mond reported today.
Area sales in four weeks
ended February II were up II
per cent from a year earlier
while those for the year to date
were 7 per cent higher.
The downtown portion of the
area sales total was off 6 pei
cent from a year earlier in the
week ended February IT, but
were 4 per cent above the pre-.
vious week. Downtown sales ir
four weeks were 7 per cent
ahead of a year earlier, while
those for the year to date were
up 4 per cent.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
CHICAGO
LIVESTOCK

CHICAGO, Feb. 23 tAP) CUsDA) -
Hogs 1000; rather slow. butchers weak
TO fully % lower; sows steady to 50
lower mostly % lower; fair Shipping
demand mostly IL 190-225 Id. BUTCH
ers 16.T5-I7.OO, "a head at 100.
around $50 head 16.S5-I6.9O: mixed
l-3 l90-240 lbs. 1615-16.75, mostly
10 22-l6.5O; 2-3 230-27O lbs. BIS
1926; % 100000 ID. 15.25-l5. rs;
mixed 3 100000 ID. sows 1900
- so: shippers took 1900.
Cattle 800; calves none receipts
mostly cows all classes nominally
steady; load choice Lose lb. slaughter
few good 22.50-25.O0; utility and
standard 19.00-22 80 utility end COM
mercial cows 14.50-l6 so; Gamers and
cutters 13.O0-l6.00.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Area Gas Sales Loq
Behind Year Aqo

Washington Gas Light Co
had sales of $89,396,729 therms
in January, a decline of 2.01
per cent from 91.227,467 therms
in January last year, the COM
.pany reported.
However. active gas meters
totaled 415,614 on January 81
well above 404,553 on the same
1861 date.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Kennedy Joins Staff
OF Booz, Allen

Gordon Kennedy, jr., man.
ager of the Washington Science
Bureau of the Board of Trade
will join the Washington office
of Booz, Allen & Hamilton, Inc.
management consultants, eff.
fective March 9.
He has been active in the
bureau since it's esta olishment
two years ago. A native Of
Washington. MI. Kennedy has
degrees from Washington & Lee
University and the University
of Delaware.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Officers Reelected
By Druq Group

Circle Drug Stores, Inc, an
association of independently
owned drugstores in the Met
ropolitan Area, reelected Off
GERS at the recent annual meet
ing.
They included: Ivan Roop oil
Springfield, Va, president;
Louis Levitas of Wheaton, Md.
vice president; Charles Haw-
thorne of Vienna, Va, treas
urer, and David Kafka of Alex.
andria, Va, secretary.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Gibbons to Speak
Before Controllers

Harold j. Gibbons, executive
assistant to the general presi.
dent of the Transfers Union
will address District Control oil
the Controllers Institute Of
America at a dinner meeting al
the Standardization Hotel or
Tuesday, February 81.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
American EIectronics
Forms Area Division

American Electronics Labora-
tories, Inc, of Colmar, Pa, has
formed a new division with
headquarters at 1913 Lee high
way in Arlington. Va.
The new facility to be known
as the Washington Division is
located in a modern 5000.
square-foot building and i!
headed by Vice President Joseph
Jahoda. He formerly was with
Melpar, Inc, of Falls Church
Va
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Plant Closing

HAMILTON, Ohio, Feb. %
(AP).-The Whirlpool Corp,
announced it is closing down its
Hamilton plant where 800 per-
sons are employed for reasons
of economy. Operations here
will be moved to six other
whirlpool plants.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Area Store Sales
d Pct. Behind 1861

Department store sales in the
Washington Metropolitan Area
Jagged 4 per cent behind a year
ago in the week ended Feb
ruary II, but we're 2 per cent
ahead of the previous week, the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
Record Year Reported
AT Bank of Commerce,
New Director Named
BY DONALD b. HADLEY
Star Financial Editor

Record net earnings of the Bank of Commerce reached
S590332 before Federal income in 1861 amounted to
$3143 share after taxes, reported President Thomas j.
Groom at the annual stockholders meeting today
Resources stood at alltime high of $439558l at
the years end with gain of 89 from earlier
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
OVER COUNTER

Following prices furnished by the Ma
Washington represent the range Wiz
which locally active securities could have
been bought or sold at | pm. Friday
February q. 1882:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
TREASURY BONDS

NEW YORK (AP) Noon over the coun-
ter u. S. Government Treasury bonds,
bid, asked, net change and yield for Fri
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-23
BUSINESS BRIEFS

900 or Is cents a share VS..
$562,000 or II cents in 1860
period.
Milford chronicle., 1962-04-06

Mrs. Martin, an RN., will take a
position in a hospital there. They
will soon be leaving Frederick, to
make their home in Wilmington.
Mrs. Arthur Carlisle visited her
parents Sunday afternoon, Mr.. and
Mrs. Daniel Roe, Sr., of Houston
DR.. and Mrs. Roy Tawes, Dover,
were NJ lon d ay evening dinner
guests of Rev. and Mrs. G. w. Bis
hop.
Mr.. and Mrs. Roy Briggs, Mary
land, were weekend guests of his
mother, Mrs. Mary Briggs and
daughter Mrs. Elizabeth Rider.
Mrs. Hilda Twilley, Dover, was
the Sunday evening dinner guest
of Mr. and Mrs. Robert Belts, Sr,
and son R. Belts, Jr. Their Satur-
day dinner guests were Mr.. and
Mrs. Paul Davis of Milford
Howard Moore is home with his
mother, Mrs. Dick Lynch and sis
ter, Margaret Moore for his spring
vacation from the University 0 f
Delaware, Newark
Congratulations to Mr.. and Mrs.
Robert j. Prarie, Frederick. It's a
son born March 25, at Kent Cen
Milford chronicle., 1962-04-06
FREDERICK

Trinity Methodist Church, r e V.
George w. Bishop, minister.
Church School, 9:45 am. Morn
ing Worship, HOO am, Theme for
Sunday, April 8, Gods Trees"
Junior Fellowship, 900 pm. Youth
Fellowship, 700 pm.
On Maundy Thursday, there will
be a Communion Service with SER
mon beginning at 7:30 pm. and an
evening service on Good Friday
with sermon at the same hour. An
Easter Sunrise Service at am.
followed by breakfast and then the
regular service at II am. and Sun
day School at 9:45. Please remem-
ber these services.
Sunday, April 1, was the second
sermon on Gods Trees" T h e
trees were "The Juniper, G I n
Bay, Olive and Sycamore.
Sardis Charge = Church School,
pm, followed by Worship Hour
Mr.. and Mrs. Charles Bishop
were Sunday visitors of Mr.. and
Mrs. j. Mitchell, Milton. The Bis
hops Sunday evening visitors were
their children, Mr. and Mrs. Chas
Bishop, Jr., Dover.
Frank Crowther spent the week
end with Mr. and Mrs. Louder
Belts.
Mr.. and Mrs. William Seacord
were guests of their children, Mr.
and Mrs. Bill Looney and children,
Willow Grove, few days last
week
Milford chronicle., 1962-04-06

Sunday dinner guests of NJ r S.
Pearl Rash were her children and
grandchildren, Mr.. and Mrs. Nelson
Rash, Harrington, and son Mr.. and
Mrs. Bernite Rash and family of
Houston, and Ernie Rash of Bow
ers Road
Rev. and Mrs. George Bishop
We're Tuesday dinner guests of Mr.
and Mrs. AlonZa Morris On Thurs
day, Rev. and Mrs. Bishop cele-
brated their Goth wedding anniver-
sary They spent the day with
their children and families, h n
were dinner guests of her sister,
Mrs. John E. Mitchell and family
of Whaleysville, Md. Our congratu-
lations and best wishes for many
more years. Barbara and Lynn
DOnaway of Whaleysville, Nd,
came home with their grandpar-
ents, the Bishops, on Thursday and
are spending a few days here.
Mr.. and Mrs. James Coverdale
and sons of Lynch Heights, were
Sunday visitors of his parents, Mr.
and Mrs. Clifford Coverdale
Mr.. and Mrs. James Martin have
secured positions in Wilmington.
Milford chronicle., 1962-04-06

eral Hospital, Dover. Also to Mr..
and Mrs. William E. Cline, Freder-
lea, baby girl, born March Is, at
Milford Memorial Hospital, Mil
ford
Our sympathy goes out to h e
family of Edward Walls Of Milford,
who passed away Friday evening,
March 80, in Delaware State Hos
pital, Wilmington. Mr.. Walls h a S
been suffering from thrombosis of
the leg, which caused his death
Beside his widow, Hazel, he is sur
vived by two children, Mrs. Mena
Bennett of Frederick, and Willis
Walls of Milford. Funeral services
were held from the Lofland Funer-
al Home, Milford, Tuesday Mr.
Walls was known by many in
Frederick He will be greatly miss
ed by family and friends.