davidaulloa/AmericanStories huggingface dataset:
Evening star., 1962-05-16
May Stores
Plans Realty
Subsidiary

ST. LOUIS, Mo-, May Is
(SpeciaD. - May Department
Stores, of which the Hecht Co.
is a major subsidiary, plans to
form a separately operated real
estate company, is was an
nounced in a proxy statement
sent to stockholders today.
Stockholders will be asked to
approve the proposal at the
annual meeting in New York on
June S.
President Morton D. May
said directors believe creation
of the May Realty and Invest
ment Co. represents "a unique
opportunity for May to capital
ize on its real estate investment
experience with resulting bene-
fits to May and its stock
holders"
The new company would pur-
chase shopping centers and
certain other properties from
the May company as the nucleus
for expanding into real estate
activities beyond those related
directly to the May Co. de-
partment store business.
Its management would be
drawn from the experienced
staff built up in the course of
the May Co.'s development
and management of regional
shopping centers.
David May II Of Los Angeles
would resign his present posi-
tion as executive vice president
| of the May Co. to become
president and chief executive
officer of the May Realty and
Investment Co.
May Realty and Investment
would initially be a wholly
owned subsidiary of the May
Department Stores. However,
the May Co. directors will con-
slider two distributions aggre-
eating approximately Is per
cent Of the outstanding stock
Of May Realty and Investment
in the form of dividends to
May Co. common stockholders,
These distributions will not
affect the payment of cash
dividends on May Co. COM
mon stock.
Evening star., 1962-05-16
WhoIesale Food Index, based

Wholesale Food Index, based
on the cost of 81 foods in
general use, this week rose to
$5.81 from $5.77 last week and
compared with $500 in the like
week a year ago.-Dun &
Bradstreet.
Electric Power Production In
the week ended May - totaled
is, ,445, ,000, 900 kilowatthours
compared with 15,369, 900, 900
lin the previous week and was
|8.29o above the like week a
year ago.-Edison Electric In
stitute.
General Electric Co. an
nounced it will enter the bat
terry business. The company
said it anticipates a large
market for cordless appliances
and tools in various space ap-
|plications.
Winn-Dixie Stores, Inc, in
4 weeks ended May 5 totaled
$50, 1903, ,653, up 2.8% from
1861; for A weeks ended May
5 1854, 1923. 1862, up 2.99o from
1861.
Evening star., 1962-05-16
By TRUMAN r. TEMPLE
star Staff Writer

The spectacle of steel Off
cials unveiling new car designs
five months before most actual
1868 models reach showrooms
unfolded in Washington yes
terday.
United States Steel Corp
made public its own futuristic
ideas, including racing cars; q
tiny commuter vehicle using
lightweight panels instead OF
frame braces; trucks with steel
torsion bars, and "shock insu-
lators" made Of steel cable, ap-
parently to replace rubber
mounts.
The drawings were Just sug-
gestions to auto makers Of how
steel might be used In new
ways. But behind the artists
pen was a strong industry pitch
to keep the metal IN No. / spot
against rival materials in auto
manufacture.
The whole program, guided
by John M. Reinhart, q. s.
Steel's design representative to
car makers, points up a strug-
gle the average consumer sees
only dimly. Steel is now in a
struggle with many other ma
terials for markets. fight far
more permanent than its re-
cent tiff with President Ken
nedy.
AS an industry subcommit-
tee put it a couple of years ago,
"The total impact of competi-
tive materials is neither small
nor insignificant"
Evening star., 1962-05-16
TALKING OF BUSINESS =,
Big Steel Makes Strong Bid to Win,
Larger Role in Rivalry of Materials
OF BUSINESS

Steel is threatened by alu-
minum. by plastics, even by con-
crete. In 1860, for example,
Reynolds Metals signed a con-
tract to sell so million frozen
juice cans made of aluminium
to Minute Maid. This was a
packaging area where steel
once had an open field.
Other Materials Available
Steel companies later reas-
sured themselves with the new
market created by soft drinks
sold in steel cans. But in the
meantime, other materials are
knocking at the door. One
finds plastic trash cans, plas-
tic toys, and with the recent
bow of Studebaker's new Avanti
model, a second car on the
market beside Chevrolet's Cor
vette using plastic body panels.
The average 1854 model car
carried nine pounds of plastic.
The 1860 model carried %
pounds. Thomas H. Rich, man
ager Of materials in Ford's en-
gineering staff, forecast that
year that use of plastics In
autos would increase 300 to 500
per cent within a decade.
General Motors, one of the
biggest steel customers, seems
to be leading the way to alumni
mum substitutes. Its Corvair,
Buick Special, Olds F-85 and
Pontiac Tempest now have
aluminium engines. Even Brit
aims tradition-encrusted Rolls
Royce has followed suit. In
1947 the average American car
Evening star., 1962-05-16
Southern Earnings
Sharply Above 1861

Net income of Southern Rail-
way was $2,262.000 or 80 cents
a share in April. compared with
.52l 900 or 20 cents a share
in April last year. it was re-
ported yesterday following the
annual stockholders meeting in
Richmond, Va.
Southern's gross operating
revenues totaled $22,945.0 900,
compared with $40. $4,000 in
April last year.
Evening star., 1962-05-16
YOUR
MONEYS WORTH
What Stockholders Have LOST

This springs sharp decline
in the stock market has hit the
pocketbooks of more Americans
than ever before. On paper, if
not in actual cash, millions are
poorer" than in March.
There are two simple reasons.
First, the number of stock own
ers is at an all-time record;
when the fourth census of
stockholders is released by the
New York Stock Exchange this
summer, it'll show at least is
million in the United States
now own stocks. Second, the
erosion in prices Of many Of the
most widely held stocks has
been substantial; in some in
stances the decline has been
sensational.
An analysis Of q list Of 25
companies with the largest
number of stockholders in the
NYSE's Exchange, released to-
day, underlines this point
These Is companies have T.
Oil, 900 stockholders, 2,605, ,00O
more than in 1856. a rise Of
49.1 per cent.
The number of stockholders
of record of International Busi-
ness Machines is up $3.50 pei
cent since 1856. The number
owning General Telephone q
Electric is up 494.9 per cent
primarily, though, due to the
fact that when General Tele-
phone merged with Sylvania
Electric. it absorbed all Of Syl-
vania's stockholders. Bethlehem
Steel has TIA per cent more
stockholders than it had six
years ago. Tennessee Gas
Transmission has 139 per cent
Evening star., 1962-05-16
Control Science Corp.
Formed at Alexandra

Control Science Corp, a new
research and development firm,
has opened a facility at $3.50
Duke street, Alexandria, Va.
The firm was formed by a
group of outstanding engineers
and scientists.
The firm plans to develop
and market a group of ad-
vanced space-borne telemetry
subsystems representing a tech
nical breakthrough to the pres
ent state of the art.
Evening star., 1962-05-16

VI course, most OF LneSe
1911, 900 didn't buy at the peak.
Few did and If they bought
some time ago, they still have
profits on paper-not as fat
profits but profits. Most also
are long-term investors, ex-
pecting to hold through such
breaks as this and presumably,
they're not affected by inter-
mediate price fluctuations.
Nevertheless, the 1862 stock
market is definitely separating
the men from the boys. If
you're a boy" the quicker you
admit it to yourself and get
guidance from a man." the
safer will be your investment.
Distributed 1852 by The Hall Syndi-
cate. Inc. AL Rights Reserved.
Evening star., 1962-05-16
American Security
ss-l
Promotes Bryant -
To Vice President.

John l.. Bryant has been
elected a vice president 3.,of
American Security & Trust Co..
1t was announced by President
Robert c. Baker yesterday, Aoc
Mr.. Bryant, formerly an as
sistant vice president, has been
an employe of the company
since 1941 and is in charge of
bookkeeping, proof and mail
operations for all offices. sl,'h
He is a graduate Of Stoflier
Graduate School of Bankingsat
Rutgers University and Amer
ican Institute Of Banking he
also attended Furman COLLEGE
and Benjamin Franklin Uni
versity. NJ y,, p. .
Evening star., 1962-05-16

contained six pounds Of altiEni-
mum. By 1860 the figure had
jumped to Sc pounds. 49,
In the construction field, pre-
stressed concrete by 1860 was
displacing half-a-million tons
of steel a year in dge-buildE.
ing. and pipes Of plastic, alul
minum and copper had edged,
out another 600, 900 tons of steel
annually in water systems. - p,
Despite all this activity, steel
remains the basic stuff of our,
technology, so common we take
it for granted in everything
from hairpins to girders. These
words were written on q steel
typewriter, printed on steel
presses, delivered in q steel
truck. 81
More Capacity Demanded
Indeed, one of steel's prob-i
lens stems from heavy demand.
In the 195os while rival ma
terialS focused on technology
cal improvements, steelmakers
were distracted by the need for
every-bigger capacity.
Now the steel industry Is
breaking away from its old
habits and stepping up research.
As Mr.. Reinhart puts it, there
are about 10000 kinds Of steel
available, and q good many of
them are just sitting on the
SHELF" waiting for an imagina-
tive engineer to apply them to
new markets. .1s
And that's why U. s. Steel's
car models are blosSoming in
May. -. =. T,
- a
Evening star., 1962-05-16
,AT&T Votes
Dividend

NEW YORK, May 16 (AP) =.
American Telephone & Tele-
graph Co. directors today de-
clared a regular quarterly divi-
dend of 80 cents a share on the
common stock.
The payment will be made
July 2 to stockholders of rec
ord June /. 1t will go to more
than 2.05 million shareowners,
the largest stockholder family
Of any company. .
Evening star., 1962-05-16
Bowl America, Inc,
Has Hioher Profit

Net earnings Of Bowl Ameri-
ca, Inc, rose to $4,000 in six
months ended March 81, COM
pared with $4,000 in the same
period last year, President c.
Edward Goldberg told the
Washington Society Of Invest
ment Analysts at an Occiden-
tai Restaurant luncheon yes
terday.
Sales in the six month to-
tailed $1,613,792, a rise of SIS
per cent. from 81, ,039,537 a year
earlier, he said.
Evening star., 1962-05-16
Earnings

Am. Electric Power in IL
months ended April 80 earned
$57, ,767 900 or $2.64 a share VS..
$53, ,204, 900 or $2.43 in 1861.
Pet Milk Co. in year ended
March 81 earned $4,421, ITO or
$2.31 a share VS.. $4,463 1871 or
$3.50 in 1861.
Kayser Roth Corp. in 9
months ended March 81 earned
Evening star., 1962-05-16
DY SYLVIA PORTER

more, Standard Oil of New Jer-
sey has 1907 per cent more,
Columbia Gas System has 100
per cent more.
Here's a measure of what has
happened on paper to these
7,911.000 stockholders in the
past few months.
Evening star., 1962-05-16

AACA44bOAo, W "AAANAA WOuAA DC
transferred all bank and bank
holding company supervisory
powers presently vested in the
Federal Reserve Board, the
Controller of the Currency and
the Federal Deposit Insurance
Corp.
Would Be Absorbed
The Controllers organization
and the FDIC would be alb
sorbed completely into the new
commission, except for the cur
rency functions of the Control
ler's Office, which should be
transferred to the Federal Re-
serve, he said. The Fed"
would have more time for mon
etary matters.
To-day three different Fed
eral agencies pass upon appli-
cations for mergers, and not
withstanding the fact that each
of them receives the views of
the other two and of the De-
partment of Justice with re-
spect to the competitive factors,
their decisions do not reflect
uniform application Of statu-
tory standards and factors"
Gov. Robertson said. 1T is
impossible for anyone. in my
judgment. to analyze oil of the
merger cases decided by the.
three agencies in the past year
and come out with an under
Standable pattern of decision"
he added.
Zone Of the reasons for this
Is that decisions are being
made by men with different
points Of view, but another
equally strong reason is that
they are being made by men
whose minds are almost fully
occupied with other things of
equal or greater importance"
he continued.
Board Overloaded
Turning to the Federal Re-
serve Board as an example, he
said all Of its members have
more than a full-time job just
keeping abreast of ever-chang-
ing economic conditions and
developments, in this country
as well as abroad, and develop
ing or adjusting economic pol
icies to fit the changing cir
cumstances and needs"
Yet the board is required to
spend at least as much time
analyZing very complicated
bank supervisory problems and
merger and holding company
applications, he pointed out.
The idea Of centralizing bank
regulatory powers in one agency
has been brought up period
ically over a long period OF
years, but efforts to bring order
out Of the situation have been
enshrouded in clouds of emo
ton, pique, fear Of loss of pow
er and charges of power-grab-
bling, he declared.
The speaker said he was quite
aware. that his proposal may
stir up these emotions, but
added that he was convinced
that Americans will not be sat-
isfied with a system that invites
pettiness and pickering, the
playing Of one banking group
against another.
The commissions five MEM
bers would be appointed by the
President under a system of
staggered terms, he said.
Evening star., 1962-05-16
Split Announced

BEVERLY HILLS. Calf, May
Is (AP) .-Litton Industries an
nounced a 2-for-1 split Of COM
mon stock. The split win be
payable August is to share
holders Of record July 81, with
broker cutoff August z.
Evening star., 1962-05-16

920 or 81 "a a share VS.. $780,
$50 or $1,32 in 1861. az
White Sewing Machine Co. In
3 months ended March 81
earned $42,897 or 81 cents a
share VS.. a loss Of $50,709 IN.
1861 period. Il. q =,
Other earnings included::
Evening star., 1962-05-16
Reserve Boord Member
Urges New Commission
To Supervise Banks
By DONALD B. HADLEY
Star Financial Editor

Federal Banking Commission to take over all bank
supervisory scattered among agencies was
proposed today by Robertson member Board of
Governors Of the Federal Reserve System.
Addressing the Association at Memphis
Governor Robertson proposed commission of five
Evening star., 1962-05-16
Auto Sales Reflect
Area Prosperity

Rejecting high levels of buy
ing power, sales Of new passen-
ger cars in the Washington
area reached % $50 units in the
Evening star., 1962-05-16
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 II am. Wednes-
day May l6 1862. -b
Evening star., 1962-05-16
TREASURY BONDS

NEW YORK (AP)-Noon over the coun-
ter U. S. Government Treasury bonds,
bid, asked, net change and yield for
Evening star., 1962-05-16
FOREIGN
EXCHANGE

NEW YORK, May 10 (AP) For
eign exchange rates (Great Britain
and Australia in dollars, others in
n cents and decimals Of a cent?:
Today Prev. Day
Evening star., 1962-05-16

Prices quoted in dollars and thirty Sec
onds.
T-Partially tax exempt
Evening star., 1962-05-16
NEW ALEXANDRIA OFFICE BUILDING

million office building which
ingon Alexandria
Associates has designed the structure of 900
feet ROuh Robbins Real Estate will leasing
Evening star., 1962-05-16
MUTUAL FUNDS

NEW YORK CAP)
- National Associa-
ton Securities Deal
Ars. Inr
Tabor City tribune. (Tabor City, N.C.) 1946-1991, 1962-04-04
From The Shoulder

Several times during the past month It has come
to attention that some people think that the law
is in existence for only reason = to be ignored
Their contempt is made evident by their reckless
driving habits Their attitudes toward road safety
leaves something to be desired. These thOughtless
persons endanger not only their lives but the lives
of others. They will stop in the middle of the road
in order to yak with someone whom they haven't seen
for five minutes. But their most exasperating habit
is that of going into a store leaving their idnrf
the street with about block of cars behind them
They at length. Then, they return to their
car. If anyone gives the offender a dsdainfu look
he either ignores this curses the person out spins
wheel getting away from the scene of the crime
or puts look his face of injured innocence
Since offenders are of both sexes, neither has an
edge over the other.
Needless to say, these persons squawk loudest
when they catch someone committing the same Of
lenses of which they guilty. When they made
TO miss appointment or an important meeting
it is then that they start downing those awful
people that hold up traffic" The shoe never seems
to fit their foot TAT least. not in their eyes.)
The solution to this problem is to tell these people
in no uncertain terms that they are violating the
law If this warning does not improve their manners,
traffic ticket would surely serve the same purpose.
&C. B. S.
Tabor City tribune. (Tabor City, N.C.) 1946-1991, 1962-04-04
EASTER DRESS UP

In few more days Easter will be
here again. That's time for dressing
up and going to church for many. It's
also time that creates business for
retail stores because new Easter bon
nets, handbags. dresses and access
series of one kind or another are in
much demand.
There is the usual cry that Easter
is getting too commercial and that il
is a time of buying rather than wor-
ship the rising of the Son of God.
But we take exception to this arpu-
ment. We think it's good that at least
this one season of the year folks think
in terms of dressing up with some
thing new. And surely something
boosts the church attendance ON
Easter Sunday. We can think of no
particular reason for this increased
Tabor City tribune. (Tabor City, N.C.) 1946-1991, 1962-04-04
Agriculture
in
hctien
- WALLACE PARKER
n. C. tarm Dueaa Fsdseatioe
A CALL FOR FARMERS

II is common practice for the
Various branches Of the armed
services TO use slogans of all
types to entice people to join
their particular branch of ser
vice.
Today, a similar appeal IS
being made by Cover nmcn,
agency to cnticc farmers to
become teachers - teachers for
farmers in undcrdcvelopcd, ag-
riculturc deficit Countries. A
merican farmers, by way OF
The news media, are being told
they can apply for service in
the Peace Corps in the country
%. their choice in Africa. Lati;.
America and Asia.
The Peace Corps indicates
that many countries could use
college graduates with degrees
in agriculture to help improv"
agricultural tcchniqucS in new
~ developed areas. Opportun-
tiles arc Immediately available
corps spokesman say, for mCn
! and women with high school
education who have been rear
ID on the farm ~ who have
Lad Su. ccSSful farming expert
cncc. Also welcome arc appli-
cations from farmers in thci-
3C'S, 40'S. 5O'S-and older il
their health is sound - who
want TO serve in the Peace
Corps for two years.
Among the countries which
have requested a total of a
thousand Americans with .
farming background arc India,
Malaga. Philippines, Thailand.
Chile. Brazil. and Jamaica. IT,
nGmc few.
Maintenance md repair o..
farm machinery: handling,
feeding, breeding, and manage
mont of livestock ard poultry;
soil conservation; building farm
structures: care ma operation
of dairicSS: maintenance and
, repair of diesel engines: organ
iz:nG All, FLA, agricultural
extension. and ether farm
youth programs fo:' which far
| MRS are needed.
Teachers in agricultural sub
ject$ are also urgently needed,
Sc are home economists. rural
SnCiologiStS, and 'hoSC expert
Crccd in the operation Of coop
CrativcS.
Married persons without dc.
. pendent children will be ac-
Crptcd if both husband and
Tabor City tribune. (Tabor City, N.C.) 1946-1991, 1962-04-04

two-headed one. But i'm that there
has long been q clamor for sales of
this type here, we are happy that
it now appears likely. We want to see
this experiment tried for a few days
at the opening of this season, and
perhaps other seasons, to let the
growers tn e m Ives determine
whether this is an advantage for them.
With more and more tobacco being
produced on every acre and with a
small increase in that acreage this
year, a good growing season might
see real need for getting some to-
bacco to market without the problems
of tying and grading Farm labor is
becoming shorter and shorter as more
and more tenant farmers move to in
dustrial areas. Young people are
leaving the farms just about as fast
IA they get old enough to get away
from home. Up to now it still requires
a great deal of hand labor and per-
Sonal attention to grow tobacco and
market it. Perhaps, this move toward
loose leaf will eliminate some of the
problems of labor that some growers
have.
Tabor City tribune. (Tabor City, N.C.) 1946-1991, 1962-04-04
Editorials ST..
LOOSE LEAF TOBACCO

Recent reports out Of Washington
indicate that South Carolina and the
North Carolina Border Belt tobacco
markets will be given a chance to sell
loose leaf tobacco for a few days
when this seasons sales open.
This has long been a topic of much
interest in this area. Some growers
for many years have hauled a load
or two of their first tobacco to GeOr-
gia so that they could get it sold
quickly and avoid the work involved
in grading and tying. This has result
ed in loss of poundage for the local
warehouses.
Those who oppose the sale of loose
leaf tobacco on the Border Belt
hasten to emphasize that when you
sell loose leaf, you are losing five to
ten cents pound on the tobacco, in
that difference of about this amount
Is supposed to exist between graded
and tied and loose leaf They note
that this price difference is strictly
labor and that money will be lost to
the farm family that does its own
grading and tying.
Certainly the loose leaf argument is
Tabor City tribune. (Tabor City, N.C.) 1946-1991, 1962-04-04

attendance except that there are
many with new outfits who simply
want to wear them in public and not
stay at home and be unseen.
If things in Biblical times were
comparable to 1862, we can't say that
the general public would have chosen
this time of year to splurge with new
garments. But they might have done
so. 1t marks the passing of winter and
time for lighter clothing. And then
we can recall Joseph's Coat of many
colors" which must have been a fitting
Easter outfit back then. had he had
the opportunity to show it off.
Yes. there needs to be a season of
change, and we expect Easter is
about as appropriate for that as any
other time of year.
Tabor City tribune. (Tabor City, N.C.) 1946-1991, 1962-04-04

ttcir canopy; the melody in
ouI hearts is the echo of sup
pressed laughter. and the sounC
of rhythmic steps of little feet
practicing within the yellow
jasmine and daffodil rooms.
We know these tiny folk are
everywhere, waiting for tha
magic hour when earth people
ATE asleep: the moon floods the
pcrfumc-WaXcd aerial floor
with radiance: and the dircc.-
or stand upon the needle
points of the tall pines as they
how and sigh the signals for
the dance To begin. This NON.
cnt of spring so quickcnS ou-
E,artS that we sec all people
through the eyes nf love. Be-
ECath the surface Of what We
thought they were, we sec
f"auiiul. eager. glowing souls
they have deSircd-and tried in
their feeble Wdy-tO be. Tho
incorruptibIc seed uf the word
Of God brings : forth fai;n
which enables US to See the
things that are invisible. FAITH
IL God releases The eternal
power. fragrance. motion. me-
l"dy. and radiance of spring.
The dreams of the old become
the visions of the young: and
III Coos own time and WAY
treSc visions become visib!.
reality. In the wilderness Mos
cS' dream Of the promised land
became JoShua'S vision. After
seven years of seemingly fruit
less work JudSnn. through faith.
could say the chances TO save
IN, heather were AS bright rs
the promises Of God" with
saloons plying their deadly
traffic Frances Willard could
SCI America becoming sober,
G"dfcaring nation. Without
N!Si"n the people perish
f@rh..$ ecSiacy-Et"rnal Spring
comes only As by choice we
VIII To put out of our hearts
former luStS. personal prcjud-
ices. hatred, and ignorance con-
cIrn'nS our heavenly Father
WIN in all our manner NJ liv"
ing: We must be bcgnttcn again
and again by obedience 10 the
uuth ri unfcigncd love TO God
ana one another from tcrvcn.
LtariS. Being born again. no,
" cVrruptiblc seed. but of in
corruptiblc. by the word of
Hod' which livcth and abidct.i
forever" | Peter 1923.