davidaulloa/AmericanStories huggingface dataset:
Evening star., 1962-04-17
Vuss Takes
Fleming Cup
OF Bankers

George o. Vass. jr.. assistant
vice president of Riggs National
Bank, won the Robert V. Flem-
ing Cup in the golf tournament
at the annual spring meeting
of the District Bankers Asso-
citation at Columbia Country
Club yesterday afternoon.
The cup is given for low net
score. Second low net was re-
corded by Karl F. Heinzman,
trust officer, American Secu-
rity & Trust Co., and third low
net was turned in by J. Robert
Sherwood, president of Subur-
ban Trust Co.
P. Baxter Davis, trust officer
of National Bank of Washing
ton, won the putting contest.
Donald c. Jones of Union Trust
Co. received second prize.
Low gross score was turned
in by William E. Shannon and
second low gross was won by
j. Tyler Bowie. Vincent c.
Burke. jr., Of Riggs National
had high score Of the after
noon.
A record attendance Of $40
bank officers and directors and
guests attended the spring
meeting. James F. Willett. vice
president of American Secu-
rity. and president of the as
sociation presided at dinner
following the afternoon of golf
ing.
Evening star., 1962-04-17
ChrysIer Net
S1.3 Million
For Quarter

DETROIT, April II (AP)-
President Lynn A. Townsend
told shareholders at the Chrys-
Ter Corp. annual meeting to-
day that the auto company
made a profit of S1.3 million
on sales of S498 million in the
first quarter of 1862.
The first quarter perform
ance compared with a loss of
S2l.9 million on sales of S432
million in the first three
months of 1861. Mr.. Townsend
speaking to a gathering of
some 400 at the corporations
training center in suburban
Centerline, Mich, said finan-
cial results this year were ad-
versely affected by a prolonged
strike against Chrysler of Can
ada, Ltd.
The strike, which began Feb
ruary l9 was settled yesterday.
Mr.. Townsend said Chrysler
retail sales in the United States
for the first three months of
1862 totaled 143,474 cars
against l41,989 in the same
period a year ago. He noted
the corporations share of the
total domestic market in the
first quarter was 9.3 per cent
and that this increased to 9.s
per cent in the first 10 days
of April.
Evening star., 1962-04-17
Earnings

American Electric Power in
IL months ended March 81
earned $57.092,00 or $2.61 a
share VS.. $53,557,OO0 or $2.45
in 1861 period.
James b. Beam Distilling in
nine months ended March 81
earned $4,429,440 or $1.92 a
share VS.. $4,026,209 or STA in
1861.
Detroit Edison in IL months
ended March 81 earned $40,-
614,690 or $3.50 VS.. $38,141 ,689
or $2.66 in 1861 period.
r. H. Macy & Co. in So weeks
e n ded January 81 earned
$9,976,000 or $4.37 on average
number of outstanding shares
VS.. $8,901,000 or $4.07 in 1861
period.
Reeves Bros, Inc, in nine
months ended March 81 earned
81, ,101,913 or 94 cents a share
Evening star., 1962-04-17

Summated the resulting insti-
tuition would bring far greater
resources, lending power and
services to the areas in which
it would operate, the announce
ment said.
Merger of the Baltimore Ma
tional Bank & County Trust
Co. of Maryland last year to
form what is now known as the
Maryland National Bank was
an earlier step toward State
wide banking.
The Maryland National now
operates the former office of
County Trust at Upper Marl-
boro. Md, only a short distance
from the District line.
Evening star., 1962-04-17
Stockholders Back
AirIines' Mercer

WILMINGTON, Del, April II
(AP) .-Stoc kholders Of Ameri-
can Airlines approved today a
proposed merger with Eastern
Air Lines. Less than one-half
of l per cent Of the stock voted
opposed the merger. .
Eastern shareholders were to
vote on the proposal this after
noon.
c. R. Smith, president of
American, told the annual
meeting that while the COM
pany operated in the red in
the first quarter, its loss had
been pared below the 81 ,967 900
deficit of the 1851 first quarter.
He said American will not
require additional financing
during the year and will have
sufficient money to pay for all
equipment on order.
Evening star., 1962-04-17
BUSINESS BRIEFS
Business failures, commercial

Business failures, commercial
and industrial, rose to an
eight-week high of 377 in the
week ended April IL, Dun &
Bradstreet reported. The num-
ber in the preceding week was
356; in the corresponding week
Of 1861 it was 383.
Radio Corp. Of America con-
firmed 1t is developing an i'm
proved color television tube
that will cut the depth from
Is to 19 inches. Commercial
production is expected next
spring, with marketing in mid
1868.
General Electric raised the
prices Of feeder voltage regu-
lators 5 per cent to support re-
search and development prof.
ectS. Allis Chalmers took
similar action last month.
Consolidated Foods Corp. an
nounced acquisition of more
than so per cent of the common
stock of Monarch Fine Foods,
Ltd, of Toronto, for an un-
disclosed amount of cash and
stocks.
Evening star., 1962-04-17
Observation-Disclosures
Planned at Years End

electricity in the foreseeable
future" he said.
| Kilowatt hour sales in the
first three months of this year
were Z per cent above a year
ago and revenues were up
per cent, he reported.
Il am pleased to report that
our earnings for the first
quarter amounted to about 46
cents a share, even with an
increase of IL per cent in the
number of shares outstanding
as a result of conversion OF
debentures in 1861 and the
stock dividentd and rights Of
fering in 1862. Earnings in
the first 1861 quarter were
equal to 49 cents a share.
While it is little early to
predict results for all of 1862
present estimates indicate per
share earnings will be about
the same as in 1861, he said
Directors Reelected
Stockholders reelected all d.
rectors including: George Bis
set, Lee d. Butler, James E
Colliflower, Mr.. Dunn. Robert
v. Fleming, Winship I. Green,
George E. Hamilton, jr., Alfred
G. Neal. Louis w. PrentiSs,
Harry L. Rust, jr., Philip M.
Talbot and Wilmer j. Waller.
AS chairman of the board,
Mr.. Neal presided at the meet
ing.
At the organization board
meeting following the stock
holders session, all officers
were renamed. including:
Chairman Neal. President
Dunn; Mr.. Bisset, senior vice
president; Lewis w. Cadwalla-
der. vice president-generating;
Charles L. Carr, vice president
and controller; Dorsey F.
Hughes. vice Observation-Disclosures
engineering; Robert w. Wilson,
vice president-public relations;
Stephen r. Woodzell, vice
president-electric system; E.
Perry Knapp, treasurer and
assistant secretary; John R..
O'Hanlon, secretary, and Helen
M. Martell, assistant secretary
and assistant treasurer.
Evening star., 1962-04-17
Bunk Merger Cuse
In Supreme Court

PHILADELPHIA, April II
(AP).-The Philadelphia Ma
tional Bank says it has asked
the Supreme Court to affirm a
lower court ruling January Is
allowing it to merge with the
Girard Trust Corn Exchange
Bank.
Chief United States District
Judge Thomas ]. Clary took
the action in January when he
dismissed a Government move
to prevent the merger on The
ground it was a violation OF
antitrust laws. The bank said
its motion to affirm the ruling
is its answer to the latest move
by the Justice Department
which last month filed a peti-
ton giving arguments against
the merger.
Evening star., 1962-04-17
Two Roanoke Banks
Plan to Combine

Colonial : American Nationa,
Bank and First National Ex-
change Bank Of Roanoke have
announced a proposed merger
under the latter name.
Boards of both banks have ap-
proved the merger and meet
ingS of stockholders will be
called in the near future.
The merger agreement calls
for declaration Of a 80 per cent
stock dividend by First Ma
tional followed by the exchange
of stock on a share for share
basis.
Combined assets would be
$3.50 million, the merged bank
would be the fourth largest in
Virginia.
Evening star., 1962-04-17
Canada Steel Warns
Of Cost Pressures

HAMILTON, Ontario, April
II (AP) Unit costs were re-
duced last year but it will be
difficult to maintain them at
the 1851 level in the face OF
futher increases in wages and
other cost factors, v. w. Soul
ly, president of Steel Co. oi
Canada, Ltd, said at yester-
days annual meeting.
During the last five years
there have been no major
changes in the selling prices OF
our products" Mr.. Scully add
ed, "but average employment
costs per hour have risen by
over 16 per cent and, in the
third year Q963-196D of the
present collective labor agree
ments, the increase will have
become "a per cent in eight
years.
In our experience, increased
productivity resulting from
larger volume, new equipment
and more efficient processes
has only partly offset recent
advances in wages and other
costs.
"As a result, steel consumers
have not shared in the bene-
fits of the very large invest
ments that have been made to
improve productivity. At the
same time both the company
and its employees are being in
creasingly exposed to the seri-
Gus consequesces of import
competition"
Mr.. Scully said that while
large expenditure S on produc-
ton facilities are generally
good for Canada, they can only
be justified if markets for steel
products continue to grow.
Much of our production,
he continued, forms the raw
materials for secondary manu-
facturers who, in turn, are the
real job-creating element in
the economy. This does not
seem to be generally recognized
and certainly is not generally
acknowledged.
UNLESS secondary manufac-
Evening star., 1962-04-17
Junk to Make Reefs
For Fish OFF Guam

AGANA, Guam. old car
bodies, refrigerators, washing
machines, and other junk have
been dumped into the ocean off
Guam in an effort to create
artificial reefs where the fish
population can increase. At
present only a small area
around Guam is suitable for
fishing.
Evening star., 1962-04-17

turing is stimulated and en-
couraged, there is scant pro-
spect of Canada resuming the
rate of economic expansion
that characterized the post
war years"
Production and sales in the
first quarter of this year were
well above the comparable pc
riod of 1861, Mr.. Scully said.
This is a good omen. AT
the moment the outlook for the
second quarter is also good, but
beyond this prospects are hard
to assess"
Evening star., 1962-04-17
Bicycle Rickshos
Pusse in BANGKOK

BANGKOK. - The machine
age is changing the face Thai
land presents to tourists.
Six-paSSenger. three-Wheeled
Japanese motorcycles have
largely replaced the old man
powered bicycle rickshas, or
pedicabs, in Bangkok.
Evening star., 1962-04-17

banks another notch closer to
direct competition with Wash
ington banks.
Merger plans were announced
jointly by Robert B. Hobbs,
board chairman of First Ma
tional; Winship I. Green, pres
ident Of Farmers Banking &
Trust; Irwin P. Trail, president
of Catonsville National.
The merger agreement, which
must be approved by stock
holders of the three banks and
the Controller of the Currency,
called for shareholders of
Farmers Banking & Trust to
receive three shares of First
National Bank stock for each
share of their stock.
Stockholders of the Cations
vile bank would receive 5h
shares of the First National for
each share Of their stock now
outstanding. The merged banks
would continue under the name
and charter of the First Ma
tional.
Necessary steps to gain ap-
proval of the stockholders and
the controller will be under
taken Immediately, the joint
announcement said.
Offices Total 28
In addition to the main Of
flee in Rockville, Farmers
Banking & Trust Co. has four
offices at Kensington, Twin
brook, Poolesville and Gathers
burg, all in the Washington
Metropolitan Area.
The Catonsville bank, with
headquarters in Catonsville, op-
crates a branch in the Ingle-
side Shopping Center on Route
20.
The addition of these seven
locations to the 81 now oper-
ated by First National in met
ropolitan Baltimore would in
crease the total number of Of
ficeS Of the merged bank to %.
First National had deposits
Of $330,743,000 on March 81,
while Farmers Banking &
Trust Co. had $23,57O,O0O and
the CatonSville bank had $15,-
$4,000, for a total Of $370,041,-
900.
Board Chairman Richard F.
Green and President WinShip
I. Green Of Farmers Banking
& Trust, and President Trail
of the Catonsville bank would
become vice presidents Of the
merged institution. Other Of
ficers and employees Of the two
banks would be retained.
Advisory Boards Planned
Directors of Farmers Bank
ing & Trust and CatonSville
National would become advi-
sorry boards of First National
and would continue to have
authority over their branch
offices. If the merger is con-
Evening star., 1962-04-17
Rockville Bank Joins
In Merger With First
National of Baltimore
By DONALD b. HADLEY
Star Financial Editor

three-way bank merger of the First National
Baltimore the Farmers Banking & Trust Montgomery
County and the Catonsve National Bank Catonsvie
has been approved by directors of the three institutions
announced today.
The step Statewide banking in Maryland will
combine around $370 million deposits and bring BamoreS
Evening star., 1962-04-17
OVER COUNTER

Following prices furnished by the Ma.
tlonal Association of Securities Dealers
IN Washington represent the range within
which locally active securities could have
been bought or sold at pm. Tuesday,
Evening star., 1962-04-17
Prospects Good

VS.. 1851 ,459 or 80 cents in 1861
period.
VOrnadO, Inc, in six months
ended February % earne 6
81 ,936,843 or SLAB a share VS.
$1,377.976 or $1.05 a share in
1861 period.
Other earnings included:
Evening star., 1962-04-17
DC. Deposits BoIstered
By Treasury Account

rise in the Treasury tax and loan account was factor
raising District Of Columbia bank deposits year ago
March 26 summary of the latest condition call from
Russell Bolton senior vice president of National Savings
Trust Co, disclosed today
Mr. Bottoms summary listed deposit total of 032
for all the II Washington banks companies on March
26 including $3380S2 in the Treasuys and loan
The latest total SIS cent ahead of 81
April IL last date Of the corresponding CALL the
tax and loan account amounted to only $7,493,7l3.
The March deposit total around 6 per behind
of deposits last December 80 when the tax and
loan account totaled $29 ,043 005.
Most OF the Washington banks showed deposit gains
year earlier March 26 mixture of gains and declines
appeared in comparisons with levels of December 3 when the
total reached its al-time peak.
Individual bank totals
Evening star., 1962-04-17

The next long-term financ-
ing of Potomac Electric Power
Co. has been planned tenta-
lively for around the end of
1862 and probably will be in the
form of debt securities rather
than equities.
This was reported today by
President R. Roy Dunn at the
annual stockholders meeting.
Proceeds from a recent COM
mon stock offering will provide
enough funds to carry the COM
pany's construction program to
September of this year, he said.
At that time, some bank loans
may be needed to carry the
company until early 1868, he
indicated.
Prospects Good
Mr.. Dunn told stockholders
that prospects for continued
growth Of Potomac Electric
Power Co. are very good. De-
velopment as we'll as redevelop-
ment in our service area con-
tinues on a large scale and we
see no letup in demand for
Evening star., 1962-04-17
Advisory Boards Planned

Directors of Farmers Bank
ing & Trust and Catonsville
National would become advi-
sorry boards of First National
and would continue to have
authority over their branch
offices. If the merger is con-
Evening star., 1962-04-17

ATTEST:
FREDERICK STOHLMAN
j. WESLEY CLAMPITT, Jr.
D. w. O'DONOGHUE
ALFRED STTDHAM
H. H. VOGEL
GODFREY w. KAUFFMANl
A. L. THOMPSON
w. CAMERON BURTON
VIM. SHARON FARR
DONALD S. BITTINGER
J. D. BOWERSOCK
Evening star., 1962-04-17

GEORGE OLMSTED
LINWOOD P. HARRELL
GEORGE E. HAMILTON, Jr.
EVERETT FLOOD
ARCH N. BOOTH
ROBERT o. SCHOLZ
MILTON w. KING
WARREN R. FORSTER
FREDERICK J. HAAS
L. w. HOLBROOK
Directors.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-07-15
Brazil:
A Later Visit

President Kennedy postponed
his trip to Brazil last week from
July 80 until November IL.
Perhaps none of President Ken
nedy's programs has been more
widely applauded at home than
his ambitious 10-year Alliance for
Progress. The Alliance, however,
has had very difficult going in
its first year of operation, not be-
cause the United States has been
slow to carry out its promises, but
because the Latin American gov
ernments have not been able to
rid themselves of the perennial
economic and political problems.
Summed up, these problems in
volve the vicious combination of
a small percentage of the popu-
lation getting richer and con-
trolling the political power there
by preventing social progress in
most Latin countries. Until stable,
progressive governments come into
office, there is little, many OBJ
servers agree, the Alliance can or
will do.
Mr.. Kennedy has tried to lend
the prestige of his office to the
Alliance by flying to Colombia,
Venezuela. and most recently, to
Mexico. He was planning a trip
to Brazil this month, but a gov
eminent crisis there has forced
him to postpone his visit until
November.
To save face for Preside n t
Goulart's regime, Mr.. Kennedy
said he was not going in July be-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-07-15

a worthwhile outlet for their
concern with mans fate.
The Eurocrats at Brussels have
few OF the trappings Of diplomatic
life; and the social life is a bit
colorleSs. The annual reception of
the commissioners of the Common
Market, for instance, is q rather
stufty, men only affair. One Of
the few outward signs of distinc-
ton is a European" license plate
devised by a former official of
the German Embassy in Wash
ington, Gerd Brand, while he was
at Euratom. But 1t carries no
special privileges. There is also a
subtle Americanization of this
group. They make good pay, live
in the suburbs and have two au-
tomobiles.
In the Common Market. there
are currently about 1850 en-
ployes, and the agency doesn't
expect to grow much bigger unless
Britain joins. The large member
nations - France. West Germany
and Italy provide one quarter of
the staff each with the remaining
quarter coming from Belgium,
Luxembourg and the Netherlands.
Belgium gets more than its share
because a good deal of local labor
is recruited for minor jobs. There
are three Americans - q public
information officer. an economist
and legal adviser. They are hired
directly by the Common Market
and are Just as European as the
other civil servants employed
there. In addition, of course, the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-07-15
THE FOREIGN SCENE

Khedda wants the scheduled elec-
tons for a constituent assembly
to be held in August, and this
means, of course, political democ-
racy, since seven parties have said
they would campaign.
Mr.. Ben Khedda's rival is Mo-
manned Ben Bella, an unre-
formed radical, who is Deputy
Premier Of the provisional gov
eminent. He spent most of the
Algerian War in a French Jail,
and has never felt the need to
compromise his views as has Mr..
Ben Khedda. Backed by most of
the army and the Moroccan gov
eminent, Mr.. Ben Bella said last
week he wants one-party rule, and
rapid specialization of the country.
not in collaboration with France.
Like Caesar about to cross the
Rubicon, Mr.. Ben Bella is situated
in western Algeria near the
Moroccan border, and is trying to
win support away from Mr.. Ben
Khedda. The future is unclear
Both sides claim majority sup
port. but Mr.. Ben Bella seems to
have greater military strength.
This could be important if a COM
promise cannot be reached by the
two sides.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-07-15
Indid-Chino:
Hot Border

India and Red China ex-
changed new notes last week on
the growing tension on theic
borders.
Without much publicity, India
has been steadily building up its
armed forces in the northern part
of her vast country preparing for
a showdown with Red China, its
even bigger neighbor, across a
long, and uncertain border.
1t is the uncertainty Of this
border. most of it located in
mountainous, uninhabited land,
that has been at the root of the
current Indian Chinese crisis. Red
China, since 1859, has claimed
$1,000 square miles of what was
formerly considered Indian terri
tory under the British.
The Chinese, moreover, have &C.
cupied $4,000 square miles so far,
creating difficult political stu
alton at home for Prime Minis
ter Nehru. He has been charged
by many people with being soft"
on the Chinese, and after his
conquest" of Goa, the criticism
has grown in volume.
From all reports, India for the
past year has been sending pa
trolls and planes into mountain
GUS northeastern Kashmir, Dor
dering on China's Sinkiang Prov
ince, one of the areas in ques-
ton.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-07-15
By SAM ZAGORIA
Contributing Writer

In homes from Nixonland,
Calf, to Kennedyland, Mass,
with stopoffs at Byrdland, Va,
and what formerly was Sasscer-
land. Md, there arises the ad-
hesive question:
Shall we pull off the primary
election bumper sticker?
To those who take their politics
more lightly than their Scotch,
it is probably hard to understand
why this is problem. But for
those who think Freud may be
outdated and politics is even more
important, political bumper
sticker is not lightly applied, nor
lightly removed.
For the latter group, that tiny,
terSe bit of color commanding,
Vote for Zilch," is a battle her
aid, a proud statement to all the
world that, of all men and women
available, you have put your
faith, and that of your children,
and your children's children, in
zilch, a leader of men (if the
men-and the women-elec him) j..
Stoys Even in Defect
If, by within of the Fates, Zilch
loses the primary, a supporter
figures, all the more reason to
show faith in him by keeping the
sticker on the car. We're with
him in defeat, as we would be in
victory. He needs our support now
more than ever, runs rationale.
And this, dear reader, is why
Perry o. Wilkinson (this name is
reaD continues to run for Con-
gressman-at-large in Maryland
on the bumpers of some politically
oriented vehicles. The fact that
he lost the recent primary does
not diminish the loyalties of these
bumpers.
In Prince Georges County, Md,
the stickers can be real irritants.
Some counsel, END Bossism, Vote
Independent Democrats" while
others urge, Vote Regular Demo-