davidaulloa/AmericanStories huggingface dataset:
Evening star., 1962-05-24
BUSINESS BRIEFS

Business Loans by Reserve
member banks in leading cities
rose S2l3 million in the week
ended May i6 to S33.123, 900, =
900, and were S1,24O,OO0 higher
than a year earlier-Federal
Reserve Board.
Check ClearingS in 26 major
cities during the week ended
yesterday totaled $685. $685.
600 VS.. s31. 1.431, ,7Oe, 900 the pre-
vious week and s29, 1853, 1872, 900
in the comparable week of
l96l.-Dun & Bradstreet.
Gross Crude Oil and lease
condenSate production in the
week ended Friday increased
by a daily average of 1900
barrels to 7,267.410 VS.. 1861, :
l60 barrels in the like 1861
week. - American Petroleum
Institute.
BituminOuS production last
week was about 8,265,00 tons
VS.. 8,095,000 the previous week
and 7.877,000 a year earlier
National Coal Association.
American ViscOse Corp. con-
formed exploratory" talks on
merger with the Stauffer Corp.
and denied talking merger with
any other firms.
Kimberly Clark Corp. and
CooSa River NewSprint Co.
Evening star., 1962-05-24
American Mercury
Volume Increasing

American Mercury Insurance
Co. now is insuring around 1000
more airplanes than a year ago
and had 5,866 policies outstand-
ing on April 80, compared with
4,756 on the same 1861 date,
reported President John F.
Idler after a board meeting
yesterday.
Premiums written In the first
four months Of this year were
II per cent above q year ago,
he said. April premium s
reached the highest point in
the 13-year-old company's his
tory, he declared.
Directors declared q semi
annual dividend Of 5 cents q
share, payable June 20 to stock
holders Of record June IL. A
2 per cent stock dividend was
paid earlier this year and two
Semi-annual scent dividends
were paid in 1861.
Evening star., 1962-05-24

stockholders have approved
merger under which 1876 shares
changed for each share of
Coosa River not already owned.
Kimberly-Clar holds 41% Of
Coosa Rivers shares.
Tennessee Valley Authority
in year ended March 81 earned
S55.227.O0O VS.. s51,007.0O0 in
preceding year.
Cunard Line in 1861 lost $4.-
838. 400 and said there would
be no dividend.
American Stores in So weeks
ended March 81 earned $13,-
800. OCT or SSH a share vs.. $12,-
673.280 or $5.45 in preceding
year.
Gen. American Oil Of Texas
in 9 months ended March 81
earned $4,761,100 or $1.37 q
share VS.. 1885. 700 or S1.12 in
1960-6l period.
McKessOn g. Robbins in year
ended March 81 earned So, 49,
852 or $2.25 a share VS.. $40, 49,
496 or $25l in preceding year.
w. Va. Pulp g. Paper in 6
months ended April 80 earned
4,384 900 or 50 cents a share
VS.. $3,293, 900 or 81 cents in
1861 period.
Evening star., 1962-05-24
Auto Firms
Set Records

DETROIT, May "a (AP)-
Ford. Chevrolet and Rambler
today reported record-breaking
sales for the second 10 days OF
the month.
Ford said its car-selling rate
in the second Today period OF
May was the highest for any
midmonth period since Novem-
ber. Sales totaled Al, 1850.
Rambler reported sales for
the first 20 days of May up 1876
per cent over the 20,260 sold in
the comparable period Of 1861.
Chevrolet said car sales dur
ing the second 10 days Of May
were 20 per cent higher than
the previous record for the
period, 56,808 cars, set in 1860.
Evening star., 1962-05-24
Dividend Tax Cop
is Called Phony

Congress is being kidded by
Secretary Of the Treasury Dill
lon into believing that a with
holding tax on interest and
dividend payments is required
to collect $840 million of unre-
ported dividend taxes, it is
charged by George E. Barnes,
former chairman Of the Mid
west Stock Exchange.
In a recent press conference
in Chicago, Mr.. Barnes, who Is
senior partner Of Wayne Hum
! mer & Co., said the Secretary's
contention that $84O million of
dividend taxes are going un-
collected is based on erroneous
information. In fact, he main
tanned no gap exists between
actual dividend tax payments
and the sum which the Secre-
tary estimates is due to the
Government.
The gap which the Secretary
holds the Government is losing
annually actually in non-tax-
able income, including that of
pension funds, churches, .foun-
dations, colleges and welfare
funds, Mr.. Barnes said.
Evening star., 1962-05-24
Overseas Tax Plans
Opposed Strongly

The Treasury's proposal to
tax earnings of American busi-
ness abroad was opposed by all
of more than 70 business lead
ers who appeared at recent
hearings before the Senate FL
nance Commission.
The opposition is believed to
have set some sort Of a record
for unanimity at Capitol Hill
hearings.
The business leaders said the
proposal would cause a serious
decline in total American ex-
ports, reduce total employment
in the United States, deprive
the United States of the larg-
est favorable factors in its bal
ance Of payments and handicap
American business in its COM
petitive effort abroad.
Many witnesses questioned
the constitutionality Of the bill
and pointed out that it would
result in a blizzard Of costly
paper work and litigation for
many years to come.
In countering the Treasury's
claim that the new tax pro-
posal would encourage direct
exports from the United States
by curbing investment in man
Evening star., 1962-05-24
ALB Chapter Plans
Large Delegation

Washington Chapter, Ameri-
can Institute Of Banking, viii
send a large delegation to the
national ALB convention in At
lanta, Ca, May % through
June /.
The group will include: L.
Gilbert Vance of Suburban
Trust Co., chapter president,
and Mrs. Vance; Charles C.
Allies, jr., American Security;
Mr.. and Mrs. Ralph Mitten-
dorf, First National of Washing
ton; Mr.. and Mrs. Bruce C.
Cain, Riggs National; Donald
E. Tillson and r. Earl Zaugg,
also Of Riggs; Raymond E.
Beaver, Suburban; Edward C.
Duncan, jr., Old Dol minio n
Bank; Mrs. Marietta Sullivan,
First National and Emile Nobs,
National Cash Register.
Evening star., 1962-05-24
Steel Leader
Blasts u. 5.
Price Policy

NEW YORK, May "a (AP)-
A steel company executive to-
day bitterly assailed the Ken
nedy administration, saying it
seeks to set prices and wages
and to undermine the profit
system that has made our Ma
ton great"
Allison R. Maxwell, jr., presi-
dent Of the Pittsburgh Steel Co.,
called on industry leaders to
vigorously oppose "a tiny hand
full of Government officials
whose pursuit Of power over
business and industry exceeds
their understanding of the
public interest"
The public interest frequently
was cited by President Ken
nedy in his successful campaign
to force withdrawal of a $6-a-
ton price increase posted by
seven major steel producers
April 10 and IL.
In an address prepared for a
session of the 10th American
Iron and Steel Institute, Mr..
Maxwell also denounced one
aspect of the White House anti
initiation policy as "insidiouS
doctrine"
This is the "guideline" laid
down for wage increases that
are noninflationary, approving
those within the limits of gains
in productivity of the economy
Raises have exceeded pro-
ductivity gains by such wide
margins, and for so many
years, that increases equaling
these gains are already being
paid well in advance and for
many years to come" Mr.. Max
well said.
In his speech, titled "Steers
Profit Problem" Mr.. Maxwell
said improved earnings are
essential to attract investment
funds needed to modernize
Steelmaking facilities.
He said that while capital
investment in 16 steel COM
panies rose in the last 10 years
from $5.8 billion to $11.6 bill
lion, profits declined from Ill
per cent to 5.8 per cent on the
increased capital.
The industrialist, whose COM
pany has lost money in three
of the last four years, accused
the White House Of picking
out unrepresentative earnings
figures Of a few concerns for
short periods and said 1t i'm
plies that we are profiteering ="
Evening star., 1962-05-24

tractive apartments closer to
the downtown.
Impressed BY Toronto
He was particularly impress
ed by Toronto's subway sys-
tenn which is clean and modern
compared to New York's. To
succeed here, he said, a subway
would have to be built with a
downtown distribution loop to
take passengers within walking
distance of their work or other
destinations.
A native of Montgomery
County, Md, Mr.. Phillips and
his wife live in Bethesda.
He attended Washington
public schools and worked his
way through George Washing
ton University night law school,
keeping accounts for the COM
pany of which he is now preSi-
dent.
Although admitted to the bar
Of the District and the Supreme
Court of the United States, he
was persuaded to stay in the
insurance company.
Among his various commun-
ity activities, he is a director
and member of the executive
committee of the Federal City
Council, a trustee Of George
Washington University, and
president Of the Washington
Kiwanis Club.
He was general chairman of
the 1859 campaign of the
United Givers Fund for the
National Capital Area and
served as president of UGF
during 1850 and 1861. He is
also a past president of the
Bradley Boulevard Citizens
Association.
Evening star., 1962-05-24

chairman Of the Maryland
Blue Sky Advisory Committee.
Provisions requiring regiStra-
ton of securities will not be-
come effective until September
!, Mr.. Finan said.
The new law provides that
the attorney general shall ap-
point the first securities COM
missioner within 80 days after
June / and that the commits
sioner must adopt and have
printed rules and regulations
and have forms printed for
registration of brokers, deal
ers and agents within 80 days
Of June /.
After regulations and forms
are available, notice must be
published and applicants then
will have 80 days to file ap-
plications.
Any applicant who was reg
istered or exempt under the
old blue-sky law prior to June
may continue to transact
business in Maryland until his
application has been filed and
acted upon, the attorney gen.
eral said in his opinion. He
pointed out that the new COM
missioner may get out regula-
tions and forms earlier than 90
days from June /, however.
While the antifraud pro-
visions of the new act are
phrased somewhat differently
from the corresponding provi-
sions of the old blue-sky law,
they accomplish substantially
the same effect, he declared.
Evening star., 1962-05-24
Finance Firm
Plans to;Sp|it
Stocks for 7

Directors Of Government
Corp. have voted to
split common stock on a 5-for-
2 basis, subject to authoriza-
tion Of the required additional
shares at a special stockholders
meeting on July 30, it was an
nounced by President L. A.
Davidson in a letter to stock
holders yesterday.
Under the plan approved by
the directors Of the auto fl
nance firm, three additional
shares would be issued for each
two shares owned of record at
the close Of business on August
13. Mr.. Davidson said.
To carry out the proposed
stock split, the board adopted
resolutions proposing that au-
thorized common stock be in
creased from 275,000 shares
with a par value Of $5 q share
to / million shares with a par
value Of 50 a share. Holders
will meet at 10 am. on Mon
day, July 80, for action on the
plan.
After the new capitalization
is approved, the board intends
to fix an annual cash dividend
rate Of 40 cents a share on
the new number of outstanding
shares.
This would represent an in
crease Of Ill per cent in the
current cash dividend rate Of
80 cents a share, Mr.. Davidson
pointed out. The initial cash
dividend at the new rate will
be considered at a board meet
ing on September 26 and, Il
voted, would be paid in No
vember.
Facilities will be provided fol
rounding out of fractiona a
shares resulting from the split
Mr.. Davidson said. Riggs Ma
tional Bank, the transfer agent
will be authorized either to
purchase or sell one-half share
interests to accomplish this, he
declared.
Directors Of GEICO have de-
clared a quarterly dividend OF
20 cents a share, payable June
Is to holders of record June /,
It will be paid on 3,139,847
shares outstanding after dis
tribution Of a so per cent stock
dividend on May 81 and repre-
sents an increase of 20 per
cent in the cash dividend.
Directors of Government
Employees Life Insurance Co.,
another GEICO affiliate, de-
clared a semi-annual dividend
Of 10 cents a share, payable
June 20 to holders of record
June 4.
Evening star., 1962-05-24
Institute Formed
To Do Research
In Marketing

NEW YORK, May "a (AP).-
An organization to study mar
keting problems has been
formed by 20 prominent manu-
featuring, retailing. advertising,
publishing and service corpora
tions.
Thomas B. McCabe, ST., chair
man of the Scott Paper Co.,
Philadelphia, yesterday was
named chairman Of the or
ganization, known as the Mar
keting Science Institute. He
said basic research is needed
to provide ian organized and
integrated theory Of marketing,
which does not now exist"
Members include Time, Inc.
the J.. Walter Thompson Co.,
Shell Oil, Lever Bros, General
Electric and Campbell Soup Co
Evening star., 1962-05-24
SerYonics Holders
Vote Stock Increase

Stockholders of Servonics
Inc, Alexandria electronics
firm, yesterday approved an
increase in authorized stock to
IL million shares from 750, ,0oO
shares.
President Norwood P. Cassidy
said the firm has no current
plan for using the additional
stock, but said it viii provide
more flexibility.
He predicted that Servonics
will get substantial new con-
tracts in coming months and
said an advanced type Of train
ing equipment shipped yester-
day is the most dynamic piece
of equipment yet produced by
the firm.
Evening star., 1962-05-24
ByerIy to Address
ALB at Winchester

William A. Bryerly, jr., vice
president of Riggs National
Bank, will be guest speaker al
the annual banquet Of the VIM
chester, Va, chapter Of Amer
ican Institute of Banking on
Saturday, June 2.
The banquet is being held
Jointly with the Regional Clear
ing House Association of North
western Virginia. Mr.. Bryerly
is a member Of the Riggs COR
respondent banking department
and has been active in the
Washington ALB chapter.
Evening star., 1962-05-24
New rode Boord Head
Wants Right Industries

The newly elected president
of the Metropolitan Washing
ton Board of Trade is a man
who chose Colonial architecture
for his company's new office
building and speaks enthusiastic
cally about subways, pedestrian
malls and area planning for
the Nations Capital.
This respect Of the old and
new in Charles E. Phillips,
president of the Equitable Life
Insurance Co., is combined with
q quiet manner, firm convic-
tons, desire to know more
about something new before
he forms an opinion, and hos
pitableness.
The 59-year-old executive,
when asked at a press confer
ence yesterday what he would
do first when he assumes his
new office July l, replied:
Learn" Then he added an
afterthought: 81 am not coming
in with a new broom. 1 will
do my best to carry forward
the things done. and perhaps
improve on them"
Entering his company's build
ing at 5000 Wisconsin avenue,
a reproduction Of the Cover
nor's Palace at Williamsburg,
Va, one somehow feels the
reflection of its presidents per-
sonality.
Quiet and Spacious
The cornerstone says 1857, but
candelabra chandeliers (elec-
trio, not wax provide illumina-
ton. The lobby is spacious,
quiet and stated by one recep-
ZIONIST. Her desk unbarricaded,
is in the middle of the room.
A few moments delay in
finding the way to Mr.. Phillips
office, brought the president
out into the hallway looking for
the interviewer. (There are no
signs on doors, which are made
of wood and closed, for the
most part).
Mr.. Phillips talks proudly Of
waiting 20 years to buy just the
site he wanted and selecting
colonial design so that the
neighborhood, then entirely
residential, wouldn't hate U.S."
He also felt colonial buildings
had held up well, would be
timeless and reflect the old
roots of the insurance busi-
ness.
The Washington that the
new Trade Board president
would like to see is Washing
ton with more industry (of the
right type, such as research
and development.-"no smoke
stackS"); a downtown revital-
lied by rapid transit, better
parking facilities, and more at
Evening star., 1962-05-24
METALS

NEW YORK, May "a (AP) .-spot
non-ferrous metal prices today Copper
81 cents q pound, Connecticut Valley
Zinc ii1s cents a pound, East st
Louis. Tin 1.I6as q pound. New York
Foreign silver 1.01 "a per troy ounce
New York. Pittsburgh scrap steel No
l heavy was quoted by Iron Age at
Evening star., 1962-05-24
Bank Women to Hear
Alice Whitton

The Bank Women'S Club of
Washington will have one of its
members, Alice Whitton, as
speaker for its next dinner
meeting at the Executive House
on Monday, May 20.
Miss Whitton will report on
her recent trip to the Orient.
Security Bank members will be
hoStesses.
Evening star., 1962-05-24
Market Tire Opens
Richmond Store

Market Tire Co. of Washing
ton opened q large new dis
count store in Richmond, Va,
today.
Founded here 10 years ago,
the company now has IS stores
operating on the East Coast
from Baltimore to Richmond.
The new Richmond unit Is In
the Circle Shopping Center at
1915 Hull street and is man.
aged by Neil Fisher.
Evening star., 1962-05-24

ufacturing facilities abroad. the
business leaders emphasized
that foreign operations help
build exports by creating and
expanding world markets for
products made in the United
States.
Evening star., 1962-05-24
Brokers Moy Not Need
To File in.MoryIond
For Several Months
By DONALD B. HADLEY
Star Financial Editor

be long several months before brokers will have
TO register under the Maryland securities act but anti
fraud provisions Of the act will into effect June
This stated yesterday opinion Of Attorney General
Thomas Fnan forwarded to Arthur W. Machon jr acting
Evening star., 1962-05-24
OVER COUNTER

Following prices furnished by the Ma
tional Association of Securities Dealers
in Washington represent the range within
which locally active securities could have
been bought or sold at pm. Thursday,
Evening star., 1962-05-24
TREASURY BONDS

NEW YORK (AP) Noon over the coun.
ter u. S. Government Treasury boHds,
bid, asked, net change and yield for
Evening star., 1962-08-19

PuIvex Zema-Dip kills fIeas,
ticks. lice stops summer
eczema. hot spots, scaly
eczema cures Sarcoptic
mango. Easy to use mix
with water and sponge on for
immediate relief. Upto 3Weeks
protection. Money back guar.
antee. Send for free dog care
booklet: PuIvex. Dept. z. 1917
N. Clifton. Chicago Ia. III.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-03-03
Area Man Gets
5 Years, Fined in
Counterfeitinq

BALTIMORE, Mar. 8 (Spe-
ciaD.-A Silver Spring man
and a Newark IN. j. chiro-
practor were sentenced to five
years in Federal prison and
fined $4,000 each yesterday as
leaders of a counterfeit money
ring.
Five others, all convicted of
passing $46,340 worth of fake
$40 bills in late 1860, were
given prison terms ranging up
to three years by Judge Ed
ward S. Northrop.
Receiving the SITTER penal
ties were Francis A. Agresti, SO.
OF Silver Spring, and DR.. Carl
E. Mucherino, A. Bail for
Mucherino was set at $4,000
pending an appeal.
Mucherino was found guilty
last December by a jury which
heard evidence for three weeks.
Agresti pleaded guilty on the
first day of the trial and did
not testify.
Others sentenced were Ed
ward L. Wenzel, 40, of Mount
Rainier; his son, Carlton E.
Wenzel, q, of Silver Spring;
William F.. Joyce, "a. of Mount
Rainier, and Jerry L. Powell,
%, of Valdese, N. c., and Larry
w. Powell, %, of Drexell, N. C.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-03-03

the arbitrary cutoff time of
6 pm. today.
Authentic first day covers
will bear the postmark, New
Concord, Ohio" and the time
of 2 pm, March 3. Routine
mail will start flowing out of
here this morning with the
Glenn cancellation and the
March 3 date, but with hour
times of actual dispatch begin
ming at 8 am.
All philatelic mail received by
6 o'clock this afternoon will be
Cancelled with the 2 pm. March
3 time, regardless of when it is
actually dispatched from the
Post Office here, Mr.. Duff said.
He explained this would be
done to keep faith with the
many collectors who are anxious
to add the Glenn cover to their
collections.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-03-03
Doctor to Appeal
2-Yeur Sentence
In Girls Abortion

A 31-year-old doctor was SEN
fenced to two years in prison
in Fairfax County Circuit Court
yesterday for the criminal abor-
ton Of a Washington teen-ager.
The all-male jury found DR..
Perfecto c. Bautista guilty after
two hours Of elaboration. The
trial began Thursday. sa
Defense attorney RaymondD
Clark said he would appeal.
DR.. Bautista, a native OF
the Philippines, was a resident
physician at Casualty Hospital,
708 Massachusetts, avenue NE,
when the abortion occurred in
q motel off Shirley highway in
Fairfax County on January 6,
1861.
The girl, who was II years
old at the time of the offense,
was the material witness at the
trial. Judge Arthur w. Sinclair
cleared the courtroom of spec
tators during her testimony.
State Trooper E. P. Landers,
who arrested DR.. Bautista at
the motel, testified that he
Seemed to be very regretful of
the whole thing"
He said DR.. Bautista told him,
II know this is Gods way of
Furnishing me because I haven't
been to church for the past few
Sundays"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-03-03
TODAY'S WEATHER REPORT

District and vicinity-Fair
tonight with low in mid 20s,
becoming cloudy with high in
30s tomorrow.
:. Maryland-Cloudy tonight in
west. fair in east, with low
ranging from Is to Is generally
and in mid 20s In southeast.
Cloudy tomorrow with chance
Of snow and sleet in west. high
in 30s.
= Virginia-Cloudy in extreme
west tonight. Low temperature
in 20s except near 80 in ex-
treme west and on southeast
coast. A little warmer and
cloudy tomorrow.
+, Lower Potomac and Chesa-
peake Bay-Northeast winds 10
knots tonight; 10 to 20 knots
tomorrow. Fair tonight and
cloudy tomorrow. Visibility 10
miles.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-03-03
ASTRONAUTS GET
BANG FROM LINE
IN NEW YORK PLAY

NEW YORK (AP).-
John H. Glenn, jr., and the
other astronauts and their
families got a special per-
Torrance at the theater
last night and heard one
line tossed in just for
them.
They saw the Broadway
hit m usical "Camelot."
Julie Andrews, the star Of
the show. had started a
vacation Wednesday, but
volunteered to return to
her role when she heard
the Glenns would attend.
An ad lib by Actor Rob-
ert Coote brought down
the house. In his role as
the bumbling King Pelli-
more, Mr.. Coote complains
of the difficulties encoun-
tered by a knight dressing
in armor. Last night he
added:
And then I have to sit
around for hours waiting
for the blastoff."
The Glenns Joined in
the roar of laughter that
shook the theater.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-03-03

billion pay boost spread over
three years but with the biggest
Increases going to employees in
the higher grades.
Daniel Jaspan, appearing for
the National Association Of
Postal Supervisors, testified that
many supervisors would do
better under present law with
IT'S longevity steps than under
the administration proposal.
Mr.. Jaspan said postal en-
ployes need a is per cent pay
raise.
James x. Langan, operations
director Of the AFL-CIO Gov
eminent Employees Council, said
the Morrison bill would provide
equitable increases for Govern
ment employees.
John G. Brady, appearing for
the National Association of In
ternal Revenue Employees, said
many employees in this service
were being lost to private in
dustry because Of inadequate
pay.
George l.. Warfel. president
Of the National Association of
Special Delivery Messengers,
said the salaries proposed in
the administration bill are
much below the amount which
is merited in the lower grades"
Harold McAvoy, national
president of the Association of
Post Office Mail Handlers,
Watchmen, Messengers and
Group Leaders, said that sani-
tation employees in New York
earn more than members Of his
organization.
Ashby c. Smith, president of
the National Alliance of Postal
Employees, said postal workers
had been raised 155 per cent
since 1910 while communica-
tons employees in private in
dustry had received pay boosts
totaling 226 per cent.
Ross A. Messer, representing
the National Association of