davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05

the ample funds most of them
have available for lending to
business, to home builders, to
seekers Of consumer credit.
At the same time the Treas
ury was finding it must pay
more for 91-day loans, private
borrowers were finding they
must pay more, too. Several
sales finance companies raised
by one-eighth of a percentage
point the rates on promissory
notes they issue and sell to
investors. They use the bor-
rowed money for loans to con.
sumers.
! Similar increases were made
by commercial paper dealers
They sell four-to-six-montl
notes for various industrial
concerns and some finance
companies.
Bankers acceptances also
went UP by the same amount
These are drafts guaranteed by
a bank. Usually they are is
sued to finance international
trade.
Meanwhile, process of bank
stocks generally advanced.
Higher interest rates aid them
to increase their earnings.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
Steel Output
Expected to
Drop in July

NEW YORK, (AP).-Steel
production is heading into 8
period of downturn and prob
ably will drop 10 to 20 per cent
In July, the Iron Age said today
The Woodworking weekly
said even an adverse turn ir
steel wage contract talks. re-
storing strike hedge stockpilinG
incentives Of big steel users
would not materially change
this outlook.
Incoming orders for stee
have eased considerably in the
past two weeks" the magazine
said.
This is due in part to the
hopeful atmosphere surrounding
steel labor talks. But 1t is dut
more to most big steel user
being well along with stock.
piling plans"
Seasonal factors customarily
depress the production pace II
midsummer as various metal.
working industries shut dowr
or trim operations for vaca.
tons and automakers begir
PLEASING out current year models
Last July. mill activity dip
ped to under so per cent o.
capacity. Lately. operations
have held at about IS per CEN
Of capacity, with production
rising in Is Of the last II
weeks.
The Iron Age said production
in June is expected to hold al
or near Mays high level.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
Browning to Head
Silver Sprinu Board

c. E. Browning, jr., executive
vice president Of the National
Bank Of Maryland, will be in
stalled tonight as president of
the Silver Spring Board Of
Trade.
Mr.. Browning will succeed
Attorney c. Gregg Everngam
as the organization swings into
its annual drive to increase
membership from q current
total Of around 400.
Other new officers to be in
stalled include: Hugh w. Var
rington, manager Of Hecht's
Silver Spring store. first vice
president; Frank M. Alligood,
president Of the Alligood
Agency, second vice president;
C. Windsor Miller, Weaver
Barger, Suburban Trust, as
sistant treasurer, and j. Dom
aid Claggett, jr., Woodside
Construction Co., sergeant at
arms,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
Bank Conventions
Due to Coincide

A large delegation from banks
Of nearby Virginia viii attend
the 10th annual convention OF
the Virginia Bankers Associa-
ton at the Homestead in Hot
Springs. Va, June 1915.
II viii be the first time in
many years that the Virginia
bankers will meet at the same
time as the District Bankers
Association, which will have Ia
convention a few miles away al
the Greenbrier In White Sui
phur Springs. w. Va. June
1915.
w. T. Robinson. president OF
the Citizens a. Farmers Bank
OF West Point, Va. will preside
at the opening Of the Virginia
Bankers sessions. Speakers
will include Stuart T. Saunders
president Of the Norfolk a
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
By Dow Jones

Pan American World Air
ways has ordered six Concorde
supersonic-speed Jet airliners
from European manufacturers
No price was named in the an
nouncement.
The Concorde is to be built
jointly by British and French
aircraft makers. 1t will be able
to fly from New York to Lon
don in 2l2 hours, according to
a Pan Am spokesman.
Repeatedly the first Concorde
is to be delivered about 1870.
The order was announced
by Pan American President
Juan Trippe at the close of q
directors meeting yesterday. It
was confirmed by the French
nationalized firm, Sud Avia-
ton, which is developing the
l,400 m.p.h. plane in co-opera-
ton with the British Aircraft
Corporation.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05

suance of the stock instead of
40 days as at present.
New issues were a big fac
tor in the trading which pre-
ceded the market crash of May
%, 1852. Some brokers and
heads Of exchanges complained
that people were giving orders
for stocks without knowing the
correct name of the company
or what it did.
The SEC proposed a special
provision for bank stocks, say
ing that regulation would be
delegated to one or more of the
Federal banking agencies upon
request Of such an agency.
That would leave insurance
firms still subject to the new
rule, however, and there were
indications the insurance in
dustry will fight the proposal.
A spokesman said the industry
feels State regulation is ade-
quate and that more supervi-
sion would be costly and need
less duplication.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
Interest Rotes RISING
On Short Term Looms

NEW YORK (AP).-Interest
rates are rising on short term
loans. The increases stretch all
along the line from the United
States Treasury to lenders to
business.
The question is whether this
is a passing phase caused by
special situations or a definite
move by the money managers
to tighten up on credit.
They could be acting to brake
any incipient speculative furry
that some see starting in the
stock markets. Or they could b
bolstering the American dollaI
against foreign pressurei
stronger than Washington hal
officially admitted.
Also doubtlessly affecting
money management thinking Il
the switch of late from fears Of
a recession to belief that bust.
ness activity is due to expand
at a faster rate.
The Treasury this week Is
paying more on its 91-day bills
than it has in three years. The
latest rate of 3.028 per cent
thus swings higher than the
Federal Reserve discount rate
of 3 per cent charged on loans
to its member banks. This is
the basic rate on which banks
scale their own charges to
borrowers.
If the Treasury rate stays
higher. pressure for an increase
in the discount rate will be
strong. This in turn would af-
feet bank charges, in spite of
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
Pan Am Orders 6 Concorde Planes,
Will Fly Ocean in w Hours in 10

ment committee is expected to
hand President Kennedy a
recommendation shortly on
whether the emit
should subsidize development
Of the craft and, If so. how.
Pan Ans announcement is
a breakthrough for the British
French supersonic plane.
United States plane makers
ever. since World War II. have
dominated the world market
for passenger transport air
craft. However, Pan ANS de-
.cision seems to give the Brit
ish-French effort a lead that a
United States supersonic, If 1t
is developed may find hard to
overcome.
Pan Am, the largest United
States flag international air.
line and one Of the worlds
leading overseas air carriers,
apparently decided to order the
British French supersonic to
remain competitive with Brit
ish Overseas Always Corp. and
Air France.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05

serest in the securities markets,
loans for purchasing and car
rying of securities rose to $15,-
1885, 900 at Riggs National,
American Security q Trust Co,
and National Bank Of Wash
ington on May 20. This COM
pared with $14,969,00 a week
earlier and $12,683.00 in the
week ended May 80 last year.
Commercial and industrial
loans totaled $l45,S01 900 on
May 90, down slightly from
sl46,6 26, 900 a week earlier and
also 0.9 per cent behind STAT
104, 900 a year earlier.
Real estate loans of $217,-
223, 900 Jagged behind $217,-
B87 900 a week earlier, but re-
manned % per cent ahead of
S169, $4,000 on the like date
last year.
Because of a sharp rise in
loans to other domestic COM
mercial banks, total loans of
the three institutions aggre-
gated 673,508,000 on May 90.
compared with $3.50, 857 900 a
week earlier and IL per cent
above $599, 655.000 a year ago.
Loans to domestic commercial
banks jumped to $17.7 million
from 500 million a week earlier
and only SIT million a year
earlier. Loans to other financial
institutions, including savings
and loans and foreign banks
rose to $94. 1885, 900 from SOL
217,000 a week earlier and $685.
$4,000 on the like 1862 date.
Deposits Of the three institu-
tons dipped to 81, 1908, 074, 900 or
May 20 from 1905. 267, 900 q
week earlier, but we're well
above $1.214,683.000 a year ago
Demand deposits totaled $780,
277.0 900, compared with $685.
$685. 900 a week earlier and $780,
$4,000 a year earlier.
Time deposits edged forward
to 1892, 797 900 on May 20 from
1892, 1890 a week earlier and
were far above s344.684, 900 q
year ago.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05

announced that hearings will
begin June 10. In the House,
hearings before the Commerce
Committee are expected to
start In July.
Even though June is con-
sidered late in the session for
the introduction of new major
legislation. the hearing sched-
ule would allow a final bill
to be drawn up before the end
of the summer, and be brought
to a vote before adjournment.
II hope to get at least some
part of this legislation enacted
in this session." Representative
Harris, Democrat of Arkansas
and chairman of the Commerce
Committee. commented. Repre-
sentative Harris introduced the
SECS draft bill in the House
shortly after it was transmitted
to him yesterday.
It was introduced also in the
Senate by Senator Robertson,
Democrat of Virginia. Senator
Williams, Democrat of New
Jersey and chairman Of the
Securities Subcommittee, set
June 10 for his group to begin
hearings.
The SEC. in submitting the
program to Congress, called it
the broadest revision of Fed
eral securities laws since the
basic statutes were passed in
1888 and 1884.
Presidents of the New York
and American Stock Exchanges
expressed approval and sup
port.
The proposals would bring
companies whose stock is sold
-the-counter under the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05

lion Americans own unlisted
securities. The total value of
$4,000 traded -the-counter
stocks. Appropriated 500 bill
lion at the end of 1861. Sales
were estimated to have grown
from $40 billion in 1949 to
$3.50 billion in 1861.
Voluntary regulation of this
huge market has been in the
hands of the NASD. But brok-
ers were not required to belong
and thereby could escape pun
ishment for attractions.
"HOt Issues" a Target
Hot issues"-stocks whose
price scars beyond normal pat
terms of movement-are an
other target of proposed legis-
lation.
The SEC recommended that
prospective buyers be supplied
with prospectuses giving full
financial information for not
less than 80 days after the is
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05

Although no price was given,
estimates of the cost Of SUPER
sonic airliners range from SO
million to over SIS million
each. A United States SUPER
sonic airliner is expected to
cost at least SIS million, but
the price for a European-built
craft would probably be a bit
lower, according to airline
authorities.
The United States has been
talking about developing a SUI
personic plane for several years
but has taken no firm action
Opinion among Government
and aviation officials is that
United States plane manufac-
turers cannot undertake the
development without a Federal
subsidy. Congress already has
appropriated about $50 million
to the Federal Aviation Agency
for studies of the operating
feasibility of a supersonic and
its financing aspects.
A high-level intra Govern
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
Merrill Lynch Gets
More New Accounts

New accounts received by
Merrill Lynch, Pierce. Fenner
and Smith averaged an i'm
pressive 400 per week in May
compared with $500 per week
in March. the company re-
ported yesterday in New York
An Associated Press dispatch
in The Star yesterday listed
these figures for the Nations
largest securities firm erro-
neously as totals for the full
month.
Bache a. Co. opened $500
new accounts for the full
month. compared with $500
in March.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
BY DONALD b. HADLEY
Star Financial Editor

Securities loans of Washing.
tons three largest banks con.
tinued to edge higher in the
week ended May 20 and were
"a per cent above a year ago
data from the Federal Reserve
Bank of Richmond disclosed
today.
Indicative Of broadening In
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
New Bank Calls
For CopitoI Funds

Commonwealth National Bank
Of Arlington has notified all
subscribers Of stock that SUBJ
scriptions must be paid on or
before Friday, June 7.
John L. Scott, general coun-
sci. said the notices have teen
sent out preparatory to the
banks opening for business in
the near future. When proceeds
have been fully collected, an
organizations meeting Of stock
holders will be called.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
Purchasing Group
Headed byLurson

Leonard A. Larson, purchas-
ing officer of The Evening
Star, has been elected presi-
dent of the Purchasing Agents
Association of Washington and
will be installed at the annual
dinner meeting at the May
flower Hotel on Saturday, June
is.
Mr.. Larson has been first
vice president of the assoeia-
ton. He succeeds William F.
Curtin of the international
Bank for Reconstruction and
Development, who will become
national affairs director.
Other new officers are Leroy
5. zepp, Ginn's Stockett &
Fiske Co., first vice president;
Miss c. l.. Hesse, Government
Services, Inc, second vice pres
ident; Lee Daub. Shannon &
Luchs, treasurer; Donald A
Vienne. Government Employees
Insurance Co.. assistant treas
urer; Miss Mary M. Quien,
Department of Health, Educa-
ton and Welfare. Social Sc
curity Administration. record
ing secretary, and Miss Mary
Wibel. National Education AS
ISOLATION. financia, secretary.
Mr.. Larson, the new presi-
dent, started with The Star 16
years ago and has been pur-
chasing agent for seven years.
He has directed the associa-
tons educational programs in
the last year.
Elected directors for two
years were John j. Rooney,
Melpar: Harlan M. Tetrick. jr.,
Hot Shoppes. and John c. Fire.
baugh, Thomas Somerville Co.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
CONSUMER LOANS
SET S. BILLION
RECORD IN APRIL
By the Associated Press

80 NaAN SAeopNAobNh 1850
Consumer installment
credit, boosted by heavy
automobile sales, rose $3.50
million in April, the largest
increase since November,
1862, the Federal Reserve
Board announced yester-
day.
The seasonally adjusted
figure included a 1924
million increase in out
standing automobile loans.
The total of new loans
and extensions in April
was SIS billion, a record.
Total installment credit
on April 80 was $48,873,-
100000. Total consumer
credit was $63,267 900, 900.
Consumer credit includes
almost all loans for pur-
chaSes, except real estate
mortgages.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05

full disclosure and financial re-
porting requirements which
now apply only to stocks listed
on organized exchanges.
That means that these COM
panies would have to issue regu-
lar reports of their financial
affairs, proxy statements and
reports of insider trading by Of
ficers and directors. 1t was esti-
mated this would affect 1900
industrial and utility compan-
les, banks and insurance COM
panies.
NASD Backs Purpose
Over-the-counter is mainly
market made over the tele-
phone in transactions between
buyers and sellers and securi-
ties dealers.
The National Association Of
Securities Dealers, self-policine
organization of the overtime
counter dealers, said in Wash
ington:
I'VE support the general pur-
pose of all these amendments
and feel they would be a con-
structive step in carrying out
the functions of the commits
sion in protecting the public
interest The commission
has done an excellent job. :. .
The NASD now speaks fol
4,700 broker-dealers. If the leg
islation becomes law, requiring
all firms in the field to become
members and subject them
selves to NASD rules and SUPER
vision. the membership would
go to $500.
Estimates are that 1877 mil
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
Satellite Firm
Finds Nations
Enthusiastic
By DON BACON
Star Business Writer

Officials of the Communica-
tons Satellite Corp, who re-
turned this week from explora-
tory talks with representatives
in Canada and Europe, said
they found great enthusiasm
and interest in proceeding in
the active development of tele-
communications system by sat
elite"
The company was estab-
lished by Congress last year to
develop and operate a global
communications system in CO.
ordination with other nations
around the world. It will be
privately owned, but RESPONSE
BILE in some ways to the Gov
eminent.
Leo D. WEIGH, chairman and
chief executive officer, and
Joseph v. Charyk, president,
held exploratory conversations
with government representa-
tives in Canada, Great Britain,
France. Germany and Italy.
10 Days in 5 Cities
1--WE found great enthusiasm
lin the talks we had with Of
ficials of the various countries,
Mr.. WEIGH said in summing
up the 10 days of conferences
in five cities.
There was great interest in
proceeding in the active de-
velopment of a 'telecommunica-
tons system by satellite" he
added. There was a strong
desire made evident to us Of
eagerness to participate in
various ways"
In these initial talks, Mr..
WEIGH and Mr.. Charyk did not
get down to the difficult and
complex international negotia-
ton that will be necessary be-
fore the satellite system can go
into operation.
Rates, service and equipment
are just three Of the important
considerations which must be
worked out with the other
countries that would transmit
and receive data via the satel-
lite.
Mr.. WEIGH said the first talks
were very helpful" and I'VE
will continue with converse
tons with officials of other
countries from various parts of
the world"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
Loans to Finance Security Buying
Rise at Three Largest D. c. Banks

Western Railway; M. Monroe
Kindred Of Thomson, Ca,
president Of the American
Bankers Association; Robert l.
Myers, jr., board chairman OF
the Lemoyne frost Co. at Le-
moyne, Pa, and James J. Kill
patrick, editor of the Richmond
News Leader.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
Talks to Be Held Here

The schedule of talks with
officials of other countries has
not yet been arranged. he said
Future conversations will be
held in Washington, as we'll as
overseas.
The satellites. to relay tele-
vision. telephone. radio. teletype
and other electronic data be-
tween any points on the globe,
would be launched by the
United States under the direct
authority OF the private corpo-
ration. Development Of the
system is still several years
away.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-05
EARLY Hearings Due on SEC Rules
Over-Counter Companies
Would Feel Widest Effect

Congress with unusual speed began today quick
enactment of the strict regulatory proposals sent to the Hill
yesterday by the Securities and Exchange Commission
passed by Congress- the proposals would have sweeping
effect thousands of companies and millions of investors
The Senate Subcommittee Securities has already
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-11-20

about the Colavito-to-Kansas
City trade and he couldn't be-
ieVe it." Stenhouse said.
Dave Is wary Of pitching
against ColaVito in Kansas
City. Il can remember four fly
balls he hit off me in Detroit
last year that would have been
home runs In Kansas City" the
highlander said.
Praises Nichols
Stenhouse played In a bene-
fit softball game recently and
hit a home run lefthanded off
Chef Nichols, recently released
by the Red Sox.
I'D like to see the Senators
sign Nichols" Dave said Of his
neighbor. 81 know Chef can
still pitch and could help US.
Never mind that home run I
hit. That was q joke"
Stenhouse also brought news
that Art Quick, who was the
property Of the Senators, has
quit baseball-this time posi-
lively, emphatically and con-
clusively-WHITTLESEY.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-11-20
Rodgers of VPI
Selected as sc
Linemon of Week

NORFOLK, Va. Nov. 20 CAP)
Burton Mack Rodgers. a West
Virginian who returned Satur-
day to haunt his native State,
has become the second center
to earn lineman-of-the-week
honors in the Southern Con-
ference.
The Virginian Tech Junior
excelled in the 1913 victory
over West Virginia that lifted
the Gobblers to within one
game Of the conference cham
pionShip.
On defense, the husky 21O-
FOUNDER stopped the first
Mountaineer drive by recover
ing a tumble and then thwarted
another with a pass intercept
ton. But Virginia Tech coaches
grading the films gave him
an even higher mark for his
offensive blocking.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-11-20
Orange Bowl
Gives Up on
Getting Navy

MIAMI, Nov. 20 CAP-The
Orange Bowl Committee no
longer Is seriously considering
Navy as the opponent for the
Big Eight football champion
here New Years Day.
Ben Benjamin, president of
the committee, said yesterday
that If Navy beat Army and
accepts q bowl bid. 1T viii
go to the Cotton Bowl to play
Texas"
Earlier, the Orange Bowl had
been interested in Navy. Its
members secuted the Middies
in last weeks game with Duke.
vice President Lyndon
johnson is a Texan" Ban
jamin said. $50 Is the Assistant
Secretary Of the Navy and the
superintendent Of the Naval
Academy.
In addition, as q service
school Navy likes to alternate
its bowl appearances. They
were here for the 1861 game
with Missouri. They haven't
been to the Cotton Bowl since
1883"
The teams now in the run
ming for the Orange Bowl are
Pittsburgh, Mississippi, Ala
bama and Auburn. The choice
will be made after November
30. when Pitt plays at Miami.
Alabama meets Auburn and
Mississippi plays Mississippi
State.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-11-20

SEVEN CORNERS
a2ol Arlington Blvd, Seven Cor.
nerS, We. 533-72oo. Monday
through Saturday S:3o-9s3o.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-11-20
CAPITAL PLAZA

500 Annapolis I'd, LendeVsr
Hills, Nd. 772.2eoo. Menday
through SstUFdgy 1o.e:3o.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-11-20
MHEAIoN PLAZA

Whsaisn PIaze, Whsaien, Nd.
s4s-I4oo. Monday threvsh SaiVr.
dey $40 10 $40.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-11-20
Mountuineers Back
On Terp Schedule

The University Of Maryland
announced yesterday it will re-
sumo its football rivalry with
West Virginia in q home-and-
home series in 1865 and 1869.
The 1866 game will be played
October 16 at College Park and
the 1859 game will be played
September 20 at Morgantown.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-11-20

second All-Star game and was
the starting pitcher for the
American League. But he won
only one game after that and
finished with an 11-12 record.
ROarke Surprised
Dave spent two weeks in the
Army Reserve at Fort Devens,
Mass, after the season, and
currently is working in the
authorizations department of
a moving firm in Warwick, r. I.
Dave had lunch In Warwick
Monday with Catcher Mike
Roarke Of the Tigers. Some
body called him and told him