davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06

direct supervision - and not
solely on disclosure as under
the SEC laws.
THE core Of bank super
vision over corporate practices
is the fundamental require
ment Of direct approval by the
supervising agency Of any
changes in the capital struc-
ture Of the bank. The SEC
proposal would add an overlap
OF additional disclosure re-
quirements to this structure.
I'VE also object 10 the en-
forcement pattern in the pro-
posed bill. Although these
provisions are far from clear,
1t appears to US that the ulti-
mate control over enforcement
would be in the SEC. Thus an
other agency would be added
to the ever growing list Of Gov
eminent authorities seeking 10
control the operations Of
banks "
Mr.. Saxon said the SEC on
other occasions had proposed
extension Of its authority 10
the banks but It's plans had
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
BIG THREE PLAN
TO IMPORT OWN
FOREIGN AUTOS

Taking dead aim at the
Volkswagen ESQ, 900 q year
car sales in the United States,
General Motors, Chrysler and
Ford will bring their Euro
pean-made compact cars In
for competition.
GIN is now selling It's
West German-made 4-cylin-
der Opel Kadett In Europe
at the rate Of 1000 per day.
Its new plant in England will
be in Kadett oduction
starting in September for ex-
port to the United States.
Chrysler's Simca is coming
out with q new model late this
year, with increased production
for shipment to the United
States. And Ford is also max
ing a four cylinder car in
Europe which Will be sold IN
the United States.
But the United States auto
big Three" don't admit that
their European-made COM
pacts will be brought to the
United States for competition
with Volkswagen. They say q
low-cost midget car is q good
way to open q second car"
market for American families.
Bell-Mcciurs gyndicAts)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
Pittsburgh Plans
Research Center

PITTSBURGH DD.-Pitts-
burgh civic leaders have an
nounced plans for a $3.50 mil
lion research park adjoining
the city's cultural center.
Oakland Corp. q private de-
Velopment corporation owned
by the areas major educational
scientific and cultural institu-
tons. said II hopes 10 break
ground. on the project next
spring and complete the first
phase in 1866. Financing plans
were not disclosed, but officials
said an announcement on this
involving q large insurance
company Is expected soon.
The research park would pre-
sent one third Of q $3.50 million
outlay Oakland Corp. Emissions
TO redevelop the Oakland area.
two miles northeast Of down.
town, the location Of major
educational scientific and cul-
tural institutions. Equitable
Life Assurance Society has
played q big role In earlier re-
development work.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
General Baking PIuns
Preferred Chances

NEW YORK OD.-General
Baking Co. directors have APP
proved q disqualification plan
for its So cumulative preferred
stock into shares of both new
preferred and common stocks.
The baking company has H.
36l shares Of the So preferred
shares outstanding.
Under the proposed plan each
share Of the existing preferred
could be exchanged for 1I15
shares Of a new $3.50 cumula-
tive preferred and one share
of common.
A special meeting Of share
owners has been called for
July "a to vote on the plan.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
Merck &Co. Sales
At All High

NEW YORK (DD.-Merck
d Co. sales. for April, were the
highest Of any month in Merck's
history, and the momentum
continued into May, according
to John T. Conner, president.
He added that the high sales
level follows first-quarter sales
and earnings that set records
for any quarter. In the first
three months the drug and
chemicalS concern earned $s,-
SOS, eco, or 80 cents q common
share on sales Of $69.943.0 O0..
mr. Connor, in b prepared
address for New York security
analysts. did not forecast spe-
cific results for the second
quarter this year or the full
year. In the 1862 second Pc
riod, Merck earned $6.4S4, 900,
or so cents q share, on sales
Of $59,4l0,00O.
Mr.. Conner said So per cent
OF the company's 1852. sales
OF $24o,521, 900 came from
products introduced in the last
five years.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
Sears Sales
Set Records

CHICAGO Especially Sears
Roebuck and Co. sales estab-
hshed new records for May and
the first four months Of its
fiscal year. 1t was reported TO-
day by Austin T. Cushman
chairman. and Crowdus Baker
president. Il. st.
Gross sales in May were
$451 ,963, 5l1'- an increase OF
$50. 991 ,428, or TO per cent, over
the previous record Of $41S.-
972i083 in May. 1862. "
Sears, sales for the foul
months ended May 81 totalec
81, 56S, 96,362-a gain Of $14S,-
Gil; $50, or los per cent, ovel
sales of SLAB, 285,O32 in the
same period of last year, the
previous record.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06


which promises young men,
under dealer sponsorship, an II
weeks course at one Of 30 Gen.
eral Motors training centers
across the country. Five weeks
are devoted to the mechanics
Of cars, the other six to body
work to give aspirants q bal
anced training. ..
And to any who question the
stress being put on the recruit
ing and training of good dealer
technicianS, auto sources point
out that by 1870 about $18 bill
lion will be spent each year in
service and maintenance Of the
ever expanding number OF
autos in the United States.
That's an increase Of about So
billion over the current figure
and makes o jackpot worth
shooting at.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
Nations Business Sales
HitNew Record in April

million during the month, but
declines In retailers and
wholesalers stocks held the
total gain to $3.50 million.
Inventory building as a
hedge against a possible steel
strike played a somewhat
bigger role in the rise in fac
tory stocks than its very minor
effect the previous month, eco
nomistS said. There is evidence
that hedge buying picked up
in May and Is continuing to
accelerate In June, they said.
Total business stocks in April
amounted to about q ~
month supply about the same
as In previous month and in
April. 1862. .,,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
By Dow Jones

Total sales by United States
businesses in April set a record
for the third consecutive
month and companies con-
tinued adding to inventories
for the fifth month in q row.
the Commerce, Department re-
ported.
Sales by all manufacturers,
wholesalers and retailers rose
to 1888 billion in April from
the previous record 1884 bill
lion in March after seasonal
adjustment.
Manufacturers sales, as pre-
viously reported rose 2 per cent
from March to April's record
$34.9 billion. Wholesalers vol
ume slipped to $13.6 billion in
April from $13.7 billion in
March.
.April'S retail sales Stacked
off from the March total, re-
vised figures show, while for
both months the figure rounds
off to 1904 billion. The April
results were $40 billion below
those of March after seasonal
adjustment.
Manufacturers, especially
those of durable goods, &C
counted for April's inventory
buildup to q total $100.T billion,
Factory stocks rose by $500
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
Suit Reps Move
By FMC, Viscose

SAN FRANCISCO, (AP) -
The Federal government has
asked the United States
District Court to forbid acquisi-
ton by FMC Corp, San Jose.
Calf, Of the American Viscose
Corp. Of Philadelphia.
The civil antitrust complaint
said the proposed combination
would violate the Clayton Act
by giving FMC competitive
advantages in the manufacture
and sale Of rayon and Of pack
aging machinery used by eel
lophane purchasers.
American Viscose Corp. is
described in the complaint as
the largest producer Of viscose
rayon in the United States and
second largest producer Of cell
lophane. In 1862, its net sales
totalled 239.814.601.
Should FMC acquire the
Philadelphia company, the COM
plant said, 1t would result, in
substantial lessening of COM
petition In the sale Of products
handled by American Viscose,
FMC sells q highly diversified
line Of chemicals. machinery
and materials for the armed
services and operates SO plants
and sales offices In rs States,
Its net sales In 1862 totaled
over $506 million.
The complaint said FMC has
grown rapidly In recent years
principally as the result Of
acquisition of the stock or as
sets Of other firms and that II
acquired 80 companies between
1850 and 1862. e.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
ARC Suit Dismissed,
Company Reports

Atlantic Research Corp. has
received word that Judge John
D. Butzner, IT,, has dismissed
a suit filed by two stockholders
against the company last No
vember, company officials said
today.
Samuel Meltzer and Herbert
Sterenstein contended In q suit
filed at Alexandria that funds
OF the rocketry firm were d.
verified in an effort TO support
the price Of the stock. The two
sought to force five Of the
firms directors TO make good
alleged company losses.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
BY DONALD B. HADLEY
star Financial Editor

A proposal BY the Securities
and Exchange Commission to
include banks under its regula-
tons affecting companies with !
securities traded on the over
the-counter market will be
opposed strongly by James j.
Saxon. Controller of the Cur
repcy. 2 u
. The SEC included banks in
plans for tighter regulation Of
ever-the-counter securities in a
special report to Congress
9 Tuesday. It would require
banks to comply with financial
( reporting rules which apply to
other securities. Banks also
would have. to comply with
SEC proxy rules and 'insider"
trading regulations.
1.-The substantial additional
burden which this legislation
swould impose on this highly
regulated industry is in our
seninion entirely unjustified,"
M. Saxon declared in a state
Hent issued today. I'VE fail to
see that any public purpose
oollld be served by adoption Of
these SEC proposals"
Mr. Saxon said the SEC pro-
sp0sals apparently were based
or the assumption that bank
regulation is confined to de-
sn0sitor protection and fails to
meet the needs Of investors.
He pointed out that banks
alteady are regulated by his
@office. the Federal Deposit In
surance Corp. the Federal Re-
serve Board and in the matter
of mergers also are regulated
sby the Justice Department.
Their heavy burden of re-
porting includes data required
by all Of these agencies, but
also the Treasury Department,
the Commerce Department, the
Agricultural Department and
other organizations, he said. II
banks are placed also under
the SEC regulations. large adj
ditional expense in fees will be
added. he said.
Y Disclosure requirements i'm
posed by the bank regulatory
agencies provide protection for
investors at least equal in eff
7 fectiveness TO those imposed by
the SEC. Moreover. the con-
tinuing supervision of banking
operations by the regulatory
agencies assures the accuracy
Of the figures disclosed by
banks" he added.
Z MY opposition 10 the SEC
proposal is based both on SUBJ
stantive and procedural
grounds. Since establishment OF
bank regulation in this country
II additionally has been public
policy TO place reliance upon
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
SAXON EXPECTED
TO ATTEND DBA !
CONVENTION

Controller Of the CurreIl-
cy James j. Saxon is ex-'
pected to attend the an.
nual conventions Of both
the Virginia Bankers Asso-
citation and the District
Bankers Association next
week, it was learned today.
Mr.. Saxon accepted an
invitation to attend the
Virginia bankers sessions
at the Homestead in Hot
Springs, Va, June 1915.
some months ago. But he
now plans also to visit the
, District bankers, who will
be holding their conven-
ton at the same time at
the Greenbrier In White
Sulphur Springs. w. Va.
only about IS miles away.
The District bankers had
invited Mr.. Saxon, but had
been disappointed to learn
he had a previous engage
ment. Many of the nearby
Virginia banks. who also
are associate members OF
the District association,
viii be represented at both
conventions.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
YOUR MONEYS WORTH
Treasury Survives
FIugeIIotion Rite

Congress has completed the
spring rite of "flagellation of
the bookkeepers": the Treasury
now has permission to borrow
money to pay the bills Congress
itself has run UP; an "un-
thinkable" national financial
crisis has been averted at the
last minute. and the mess won't
become front-page news again
until August. .,
To put it in financial terms:
Congress has voted to raise the
ceiling on the public debt from
q strangling $305 billion to
1907 billion until July and to
$500 billion between July /
and August 81.
Had Congress not done this
q week ago. the public debt
could have pierced the ceiling
last Friday. and part Of our
Governments debt might have
become illegal. Had this oc-
CURED, It is conceivable that
the legality Of some Of the
Nations IOUs could have been
successfully challenged In the
courts and chaos might have
resulted. Even Mr.. Debt
Limit himself = Virginia's
Democratic Senator Byrda.-ad-
mits this.
AS q lid on Government
spending, the debt ceiling has
been q monumental failure
since 1t was initially placed at
$28 billion in 1918.
Still Going Up
With minor interruptions, 1t
has gone up and up, and the
all-time record of 5000 billion
won't stand long either. The
ceiling must be raised by many
billions more in late summer.
As Treasury Secretary Dillon
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
Dort Drug Sales
Set New Records

= Sales Of Dart Drug Corp. In
both May and the first five
months Of this year set new ALL
time records for those periods.
President Herbert H. Haft re-
ported.
May sales Of $773,697 were
up 21.7 per cent from $685., 1858
In May last year.
Five months sales Of $685.
f02 were 1913 per cent ahead Of
81. 97S.606 In the same 1862
period.
The company opened its six
teenth store at 280S-10 Ala
bana avenue, Sc. on May Is.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
Sy SYLVIA PORTER

cried out when he was pleading
with the lawmakers to raise the
limit on time. let no one labor
under the delusion that the
debt ceiling is either a sane or
effective instrument for con-
troll Of Federal expenditure
. :" Yes, and let no one hide
from these realities:
It is the administration
which proposes the budget, and
1t Is in the White House that
most spending programs orig
mate. .r
1t is Congress and Congress
alone has the power to say
"yes" or mo" to the spending
programs. u.
It is the state Of the econ
omy which basically determines
whether taxes collected on our
paychecks and profits will be
sufficient to cover the spending
programs Congress votes.
1T Is the Treasury which
raises the money for the
approved programs. II our pay
checks and profits do not pro-
duce enough tax income to
cover the outgo, the book
keepers" must borrow the funds
and thereby increase the ma
tional debt.
The debt ceiling does compel
the country to face UP to the
deficit. but it does not limit
the spending. There isn't q
Congressman who doesn't know
that II he wants to curb the
rise In the national debt, he
can do so via his votes on
spending programs and taxes.
There isn't q Congressman who
doesn't know that, II his votes
create o deficit In the budget,
the Treasury must borrow and
boost the debt. There isn't .
Congressman who doesn't know
that when he votes against a
boost in the debt limit made
imperative by his own actions,
he is Just INDUCING in "flagel-
lation Of the bookkeepers."
distributed 1868, by The Han
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
Two Firms Acquired
By Capital Credit

The Collection Service Blu
reau Of Tupelo, Miss. and the
Credit Protectors Of Henderson
vile. N. c., have been acquired
by Capital Credit Corp. and will
become affiliated offices Of the
Washington company, 1t was
announced by Alvin ]. Stein
berg, president.
B. c. Willhite will manage
the Tupelo office and Albert
Belauskas will manage the
HendersonYille comnanY.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06

officials and key dealers in II
cities to find out what improve
ments can be made.
The survey showed that all
but three of Chevy's $500
dealers made money last year
and that practically all were
aware Of the need for continu-
ally improving their service de-
'partments to stay atop the sales
race.
4 Visits a Year
Chevrolet's survey showed the
average motorist q potential
user of service facilities four
times a year. 1t said the aver
age visit includes three hours
of technicians' labor and that
more technicians will be needed
as the market expands.
r. l.. Siegrist, director of
service operations for Chevrolet,
pointed out that Chevrolet
dealers across the country now
employ about $4,000 techni-
clans and that the number will
rise in the immediate future.
He said: There is q great
shortage Of highly trained auto
technicianS, and this shortage
viii grow in the years to come
as leadership facilities are ex-
panded. A career as an auto
mobile technician is an attrac-
tive one, and high school SEN
Tors should explore the POSSIBLE
tiles at their local leadership"
He added:
THE a d ditto n al facilities
which dealers will provide in
the future will make possible
many hundreds Of new jobs
over the next few years"
Training Programs
Various auto companies Of
fer training programs.
Chevrolet. Mr.. Siegrist said,
has a youth service training
now in Its third year. !
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06

dealers emphasizes that re-
peated surveys show auto Gus
toners are shopping where they
get the best service from the
most competent technicians
available.
- Alters Dealer Setup
sStudebaker was one Of the
first to shake up its dealer set
SNn as 1t looked ahead to 1864
and a much desired increase in
its share of the auto market.
sStudebaker has less than per
scent Of the Nations auto sales
for 1868.
The South Bend firm set up
. new organization of eight re-
-gional sales offices, with %
zone offices as subdivisions. It
replaced the former system Of
IS zone offices.
Much Of the paper work for
merly done in zone offices was
shifted to Studebaker's central
office. 50 sales people in the
sfield have more time for selling.
y . Under Studebaker's new set
up, there will be available to
zthe local dealer the talent from
regional or zone offices to help
him in any Of his problems,
from sales to advertising to
maintenance.
10
e.. Stresses Dealer Ties
y Chrysler, which fought its
way back into the thick Of the
sales picture this year, has set
as its objective Ito make sure
THAT every market has q good
Chrysler dealer and that every
dealer has q good markell"
J, e Virgil E. Boyd, Chrysler vice
Spresident, said q primary pur-
pose is improved dealer-con-
Sumer relations in general"
Chevrolet, leading the sales
parade by q wide margin this
year, has just completed q
series Of meetings of company
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
Ward'sLists
New Details
.OfExpansion
BY CHARLES COVELL
Star Business Writer


With two new stores and a
ceptral warehouse nearing
completion. Montgomery Ward
is undertaking q major retail
expansion In the Washington
area.
For that reason, the COM
pany has scheduled q press
luncheon next Wednesday at
the National Press Club to an
'nounce the details of It's ex-
pansion program and to dis
cuss its retailing strategy.
Presiding at the luncheon
will be Edward s.. Donnell from
Montgomery Wards regional
offices in Baltimore. He Is
eastern region general man.
ager and q vice president and
director Of the company.
For q number Of years Mont
gomery Ward has operated q
small retail department store
on King street in Alexandria.
It's first large, modern retail
store, with 10000 square feet
OF floor space. was opened
February 5, 1860, In the
Wheaton Plaza Shopping Gem
ter, Q miles north Of downtown
Washington:
/ Openings Scheduled
. August openings are sched-
uled for a new retail store. COW
ering $4,000 square feet, In
the Capital Plaza Shopping
Center in Landover Hills, Nd,
at the Bladensburg exit Of
the Baltimore Washington ex-
presSway, and the new central
warehouse in Ardwick, Md.
The 10000 square : foot
warehouse, occupying q nine
acre site eight miles north Of
downtown Washington will
serve the company's stores and
provide customer service
throughout the Washington
area.
Centralized Service
A central repair and Gus
tomer-service unit will include
q fleet Of 80 radio-controlled
trucks equipped with spare
parts and testing equipment to
service Ward appliances.
The second major store I'M
der construction Is In Fairfax
County. It. occupies a large
tract on Arlington boulevard,
close to both the Willston and
Seven Corners Shopping Gen.
tiers.
The company also has eight
catalog stores In the area
which provide delivery service
from the Eastern mail order
house and distribution center
in Baltimore.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
SAYS SAXON
SEC Proposal to Regulate Banks
Under Securities Rules Opposed

been rejected. He expressed
hope that he would have an
early opportunity to appear on
Capitol Hill in opposition to
any SEC regulations affecting
banks.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-06
Auto Industry Sets Service
AS Key to Third Big Year
Drive to Expand Mechanics Force
Being Pushed on Dealer Level
BY CHARLES C. CAIN
Associated Press Automotivs Writer

N@ DETRoT-The auto industry. far from resting It's
are after two consecutive strong sales strength
ng its local dealer organizations for what may be
bigger sales years ahead.
On the dealer level is getting attention than
his service echnicansa high class word for auto mechanics
The going out from Detroit factories TO local
, 1963-10-18
the National Parks.

The National Park Service has
~guidelines which govern official
underwater operations carried out
by Service employees. No en-
ployee is permitted diving duty
until he has proven his stability
and knowledge and has been GER
titled by an appointed Diving
Examiner. Qualification is for a
two-year period after Which,are4
examination is necessary. Passage
of a strict physical examination
and the completion of an approved
training course are prerequisites
for certification.
Director Wirth noted that,
while scuba diving is a relatively
new. challenge for the National
Park Rangers, skin diving has
been an integral part Of the Ser
vices forWard-looking interpreta-
ton program since the develop
ment of underwater nature trails
at the Virgin Islands National
PARK and Buck Island Reef Ma.
tional Monument, also in the Vir-
gin Islands.
These underwater nature trails
are designed for self-guided tours.
The experienced swimmer, using
faceplates and snorkel tubes, fol-
lows a trail marked with sub
merged plaques which tell the
story of the areas underwater
phenomena.
Underwater viewing devices,
wayside exhibits, self7guided
trails, and other interpretive
methods are in the planning and
development stages for many
areas administered by the Nation
al Park Service.
Because the use Of scuba gear
and other diving equipment is
extremely hazardous, the Nation
al Park Service warns users to be-:
in good physical condition, prop
erly equipped, adequately trained
and accompanied by a second
qualified diver.
Also, the Service advises pros
pectiye divers to check in with
the Park Ranger-chances are he
can offer a few pointers.