davidaulloa/AmericanStories huggingface dataset:
Milford chronicle., 1963-12-27

CONTRACT NO. 2157
REHOBOTH BEACH GROIN
SUSSEX COUNTY
Construction of One % New Tim
Der Groin
Completion Date: April l, 1864
Cost for Contract Documents So
sc MFBM Timber Structures
CTreatedD
2. $50 LIZ. Timber Piles (Treated)
10 Nj r. NJ Timber Sheet Piles
fTraa+adN
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
FDIC Dedicoting Own Building
After 30 Years in Rented Quarters

A $2.6-billion corporation,
which nobody owns, will dedi-
cate its own building here to-
day after operating in rented
space for its first 80 years.
Preceding ceremonies at the
new $8.5 million building of
the Federal Deposit Insurance
Corp. at $50 Seventeenth
street NV, scheduled late to-
day, Chairman Erie Cooke, ST.,
told newsmen that ownership
of the corporation is held
neither by the Federal Govern
ment nor the Nations banks
which supplied funds for 1t.
The original capital Of the
corporation amounting to $3.50
million from the Federal Treas
ury and $138 million from the
IL Federal Reserve Banks was
repaid by the FDIC is years
ago and a year later interest
also was paid in full for use
of these funds. All stock Of
the FDIC was cancelled by
Congress. However, its three
man board is appointed by the
President.
Mr.. Cooke said legal opinions
indicate the FDIC is a fidu-
ciary trust for the benefit of
the depositors of 1851 insured
banks out of q national total
of $4,000 banks. More than
half of the remaining 500 un-
insured banks are Ineligible
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
Virqiniu Bankers Hear Plea
To Curb Federal Spending

built tight doors against the
despotism they knew so well;
now the doors hang awry and
the cold wind Of judicial con-
struction sweeps across along
the corridors.
To-day 1t is apparent to
even the most casual eye" he
said. that the house Of oul
fathers has fallen into decay
The great beams that gave Il
strength - the separation Of
powers within the Federal Gov.
eminent. the division of re.
sponsibility between the States
and the Federal authority
now tend to crum BILE undel
subtle and insidious attack"
The bankers elected Roberi
A. Duncan. president Of thu
Peninsula Bank and Trust Co
Of Williamsburg. as presidenI
Of the association for 1884
He succeeds w. T. Robinson
president OF the Citizens anC
Farmers Bank OF West Point
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16

for membership either because
they are unchartered or have
no deposits.
The FDIC has built up a fund
of around $2.6 billion for pro-
lection of insured deposits and
by the end of 1871 this will
total around $4,202. 100000 If
present insurance coverage of
up to $4,000 per account on
each deposit account is main
tanned, he estimated.
Mr.. Cooke advocates an in
crease in the limit to SIS, 900
per account, however, and says
this would cost only about $44,-
500 more per year If loss rates
Of the last decade continue.
He estimates that the fund
at the end of 1871 still would
amount to $4,202,457,0OO even
If the $4,000 limit is adopted
by Congress.
Deposits of insured banks
now approximate $500 billion
and are expected to reach $3.50
billion by the end of 1871, he
said.
Member banks now pay an
effective assessment rate Of
1920 of l per cent of in
sured deposits per year al
though permitted by law to
charge up to 1/12th Of per
cent, Mr.. Cooke declared. An
increase in coverage to $25, 900
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16

per account would raise assess
ments only 1l/l000th of pei
cent annually, he said.
The new building will bt
dedicated on the corporations
30th anniversary. Mr.. Cooke
will preside and the two Other
board members, Jesse F. VOL.
colt and Controller Of the Cur.
rency Saxon will be in the re.
ceiving line.
Leo Crowley. who was board
chairman of the corporation
from 1884 to 1945, will review
its history. Chairman Patmar
of the House Banking anC
Currency Committee will cut
the dedication ribbon after 9
short address. Guests from
Capitol Hill, the administra.
ton, banking and business viii
be taken on q tour Of the new
building.
The seven-Story structure
contrasts with rented quarters
in the National Press Building
which the corporation has oc.
cupied since its organization ir
June, 1888.
The building itself cost SOS
million and land acquisition
accounted for another $1.6 mil
lion. Not one cent Of appro-
priated funds was used. The
funds came from member banks
and not from the taxpayers.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16

HOT SPRINGS. Va. (AP).-
The call by a Richmond editor
for a moratorium on new pro-
grams Of Federal grants in aid
was one of the chief topics OF
conversation here yesterday as
delegates to the Virginia Bank
ers Associations convention
concluded their sessions.
In an address. James Kill
patrick, editor Of the Rich
mond News Leader. urged
gradual reduction Of GER.
tain Federal programs thai
have distorted our structure ir
the last few decades.
Let us press for a mora
forum on new programs Of
Federal grants in aid" he said
land insist that existing pro.
grams be held at present level'
until a judicious and response
BILE roadblock can be attempt
ed"
Mr.. Fitzpatrick said "the mer
who framed our Constitution
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
BY DON BACON
Star Business Writer

1toA nuSAnoss WAAtNA
The 70 or so research and
development companies tina
cluster around Washington to
compete for Government busi-
ness are not altogether happy
here.
At least is per cent Of them,
a study released yesterday
shows, wish they had settled
elsewhere.
The report, prepared for the
Small Business Administration
by the University Of Maryland
at q cost of $4,000, was not
entirely negative, however. It
showed that the vast majority
of the small RID firms be-
lieve their original decision to
set up shop near the Nations
Capital was the right one.
Even though most RID COM
panies think Washington's ad-
vantages outweigh its disad-
vantages, they nevertheless
produced a long list Of COM
plants. Among them, in order
Of frequency mentioned:
The lack of skilled labor and
technical personnel.
Poor transportation facilities
and bad traffic conditions.
High building and rent costs
High labor (wage) costs.
Abrupt weather changes
(Which can harm some pre-
cision equipment).
Long distances from major
research centers and clients.
Having to compete with civil
service benefits and hours fol
personnel.
Taxes.
Helps With Contracts
The SBA study, which ex.
plores the economic history anC
future Of research and develop.
ment companies located in the
Maryland Metropolitan Wash.
ington Area, concludes that be-
ing near the seat of Fedora.
Government seems to help ir
landing contracts.
ut would appear that the
firms Judgment Ito locate neal
Washington has been vindi.
Gated at least in part, from
the number of prime contract
awards they have received" the
report said.
Most of the companies sur.
veyed-a majority were incor.
porated and had been In bust.
ness less than 10 years-readilS
admitted choosing this area be.
cause 1t is where the bulk Of
Rad spending originates-at
the Defense Department, Ma.
tional Aeronautics and Space
Agency, and other Government
departments and agencies.
The most common field fol-
Rad firms here was in gen.
eral electronics. followed by in
formation services, or technical
analysis. Others engaged ir
such specialized areas as optical
engineering, magnetic tape
dye making, Photographic
equipment. plastics and re-
search instruments.
Surveyors Listed
Not all firms answered al
the questions put to them by
Spencer M. Smith, jr., assistant
professor of economies, and
Michael Boake Carter. research
assistant, who conducted the
survey. Some companies, for ex-
ample, were reluctant to tall
about such sensitive subject;
as net worth, sales, financing
and debt problems.
OF those who were willing II
discuss 1t, more than half sale
their net worth was less thar
$3.50, 900. More than 20 per cen
reported annual sales volume o.
less than 100000, and only
a handful had annual sale'
in excess of 81 million.
Ninety-two per cent Of the
firms, however, said their mel
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
BUSINESS BRIEFS

BituminOus Production in
the week ended June 8 totaled
9.325, 900 tons compared with
$685. 900 in the previous week
and 1888, 900 in the like week
a year ago. National Coal As
ISOLATION.
Crude Petroleum Stocks, do
nestle and foreign, on June 8
totaled 252,10 900 barrels,
down $4,000 for the week.
Bureau of mines.
International Paper Co. an
nounced it is acquiring a
minority interest In a company
that plans to build a $50 mil
lion pulp and paper mill in
the Philippines. Dow Jones.
E. w. Bliss Co. announced
the purchase for cash of the
manufacturing facilities OF
Sykes Tool Corp, Ltd. OF
Georgetown, Ontario. Cost was
not disclosed.
G. & o. Railway announced
it win build so roadrailers =
cars that can leave the rail-
for use on the highways-tC
add to a fleet Of 81 now ir
operation in Michigna.
W'hOuse Air Brake Co. sale
1t will show q modest" In
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
Court Dismisses
DUPONT Suit

NEW YORK (AP).-A Fed
eral Court judge has dismissed
a suit seeking to block the
du Pont Co. from distributing
40 million shares Of General
Motors Corp. common stock
to du Pont common share
holders.
The complaining preferred
stockholders, Edward Schenkel
and his brother, David, con.
tended that the distribution
constitutes a liquidation Of the
du Pont Co."
Judge Edmund L. PALMER
ruled that "the distribution
neither impairs nor threaten!
to impair the capital of the
company"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
How a BOner
Helped Me Earn
$4,000
By a Wall Street Journal
Subscriber

One time on a business trip /
got TO the hotel late at night.
The only room ] could get was
an expensive suite. Next morn
ing the bellman handed me q
copy Of The Wall Street Jour-
nal by mistake. "Some rich guy
must have had this ROOM" !
said to myself.
Well, l looked at The Jour
nal. For the first time in my life
| began to understand why
some men get ahead while
others stay behind. ! learned
about the far-reaching changes
taking place in America. !
found out about new inventions,
new industries and new ways of
doing business that are helping
ambitious men earn money. /
sent for a years subscription TO
The Wall Street Journal and,
believe me, IL has paid of. Last
year my income was $4,000.
This story Is typical. II you
think The Wall Street Journal
Is just for millionaires, you are
WRoNGi The Journal IL a
wonderful aid 10 salaried men
making 81, 800 10 $50, 900 a year.
IL Is valuable 10 owners Of small
businesses. IL can be Of priceless
benefit to ambitious young men
who want TO earn more money.
The Wall Street Journal IL
the complete business DAILY.
Has largest staff Of writers on
business and finance. The only
business paper served by all
three big press associations. It
costs S24 a year, but you can
get a Trial Subscription for
three months for 81. Just tear
out this ad and attach check for
81 and mail. Or tell us 10 bill
you. Address: The Wall Street
journal, a. Broad st., New
York 4, N. Y. ws.6.Is
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
Earnings

Caterpillar Tractor Co. in 5
months ended May 81 earned
$29,21l,29 or SLOT a share VS..
SIC. S30,927 or 81 cents in 1862
period.
Diana Stores Corp. and SUBJ
salaries in 9 months ended
April 80 earned 5000. 434 or II
cents a share VS.. $759,27S OF
So cents In 1862 period.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16

crease in profits in 1868 over
1862 on a very substantial
rise in sales. Net income was
$S.342,190 or $l.97 a share
Dow Jones.
Piper Aircraft Corp. said that
1t expects earnings in the first
nine months of fiscal 1868 to
approximate the $1,769,9 01 or
$1.65 q share earned the fiscal
year ended last September 80.
Dow Jones.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
1879 DISSATISFIED
RCD Companies Glad
They Settled Here

worth had increased since they
were founded.
Total employment at the
time Of the survey was nearly
1000.
In examining the problems
besetting small Rad companies
in this area, the University of
Maryland scholars found that
many lack executives with ade-
quate business experience. The
top executive usually has q
background In engineering, but
is not trained In accounting,
law and other skills useful for
the successful operation Of q
business.
Often the chief executive,
who may have started the COM
pany on a shoestring, tries to
make too many decisions per-
sonally, either because there is
nobody else to make them, or
because he refused to delegate
authority to lower level en-
ployes. Some executives are
also reluctant to seek outside
professional advice.
This, the study says, results
in an unnecessarily high fire.
quency of wrong decisions by
management.
Many RID firms start in
business too fast, with too little
planning beforehand and too
little capital. Wanting to get
into business or to establish
the firm seems at the time al
most like a fever" the report
observes. 1.-THE impatience is
great and unfortunately and
undoubtedly accounts for q
great deal Of unsuccessful OPP
erations."
The study concludes that the
smallness Of an RID company
has no relation to the size Of
the project it desires to under
take. Almost invariably" the
report says, "the size of the
firm is far less than the opera
ton it envisages," meaning, In
other words, there may be q
tendency for Rad companies
to bite off more than they can
chew.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
Defense EIectronics
Gets Navy Contract

Defense Electronics. Inc, has
announced the receipt of q
100000 Navy contract to sup
ply two self sufficient ground
station Instrumentation trail
ers for the Pacific Missile
Range.
Equipment supplied by the
company will be used to receive
Titan and Minuteman digital
telemetry data, as well as for
general use on other space pro-
gram.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
DC. Bankers Ask Tax and Spending Cuts
BANKER-GOLFER
GETS HOLE IN ONE

WHITE SULPHUR
SPRINGS. w. Va.-Bank-
ers don't usually cut much
of a caper in the world of
sports, but Clarence Dodge,
jr.. of the mortgage invest
ment house of Weaver
Bros. had his big moment
at the District Bankers AS
ISOLATION convention.
Mr.. Dodge set convention
golf players agog with q
hole-in-one achieved yes
terday on the 18th hole at
the Greenbrier. 1t was the
first and only ace Of the
convention.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16

cut In spending to offset the
loss Of revenues resulting from
lower taxes and to prevent an
other inflationary spiral.
Individual and corporate
Federal income taxes in the
United States are higher than
any other major industrial ma
ton in the world" the resolu-
ton said. This very high tax
rate has limited private saw
ings and capital investment,
and thereby restricted eco
nomic growth and business de-
velopment In the United States.
"The tax reduction requested
by President Kennedy would re-
suit In lower Federal revenue,
which, II the present program
for Federal spending is main
tanned, will produce an esti-
mated budgetary deficit of $l2
billion In fiscal 1884"
Other legislation Urged
In other resolutions present.
ed by Robert c. Baker. presi-
dent Of American Security and
Trust Co., the bankers urged
Congress to pass legislation to
permit use of urban renewal
in non-residential areas Of the
District and Endorsed a bill to
provide q uniform Commercial
Code in the District.
They reaffirmed their sup
port for observation Of the
centennial of the dual banking
system, extended a welcome to
the American Bankers ASsoci-
alton, which holds its annual
convention In Washington In
October, and also welcomed the
Metropolitan National Bank OF
Wheaton, Md, as an asSoci-
ate member institution.
The Presidents program for
tax reduction will get nowhere
in the present Congress, pre-
dicted Eliot Janeway, New York
economist and publisher Of the
Janeway Service, a speaker at
the bankers closing session.
Tax Credits Proposed
Our deficits-both the do
nestle budget deficit and the
foreign payments deficit, now
stand in the way Of a tax cut.
Mr.. Janeway said. AS an al
tentative he proposed the
granting of tax credits for hard
money earned abroad as a sim
pie remedy for the clear and
present danger" to the dollar.
"The presidential candidate
who offers tax credits for earn
tngs on exports will cash in on
the tax cut issue of 1885," he
said. He will enjoy the poll
teal advantage of showing the
country and the world a prac-
teal way to cut taxes and to
cut them responsibly-not by
defying the danger to the dol
lar, but on the contrary by
Transforming a tax cut from
q danger to the dollar into a
cure for what ails it.
Right now, we are covering
the deficits in our interna-
tional payments by borrowing
from European central banks"
he continued. But this &C.
commodation has been ex-I
tended on q contingency basis
the contingency being that
the United States by 1868 would
have taken practical steps to
earn its way out Of danger.
These steps have not yet
been taken and there are omi-
nous danger signals. DeGaulle
is lending to Mexico and to
Spain and the United States
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16

ton program In this country
I'm financing, all education
including higher education, Il
facing a crisis" DR.. Carroll
said. 1.-THE so-called population
explosion about which we heal
increasingly. is no theory. It Is
a fact. The human beings are
with us.
1T is paradoxical that our
Nation, which created the idea
of universal education at lower
levels, now faces an theological
foe-Soviet Russia - which
makes a greater proportional
investment in education than
we do.
IF you and other responsible
leaders of our society, CO.
operating with educators, sue
coed in developing a broader
base and a much higher volume
of financial support, the dual
system of public and private
education will continue and will
be strengthened. The alterna-
tive, essentially a government
monopoly Of higher education,
would not appear to be &C.
ceptable to one who espouses
the cause of responsible private
enterprise"
New Officers Take Over
New association officers.
headed by John c. Mccormack
of Riggs National Bank as
president, formally took over at
the conventions close. r. Bruce
Keiner Of National Bank of
Washington became first vice
president, A. Murray Preston of
American Security g. Trust Co.
was named second vice presi-
dent, and Richard A. North of
Riggs National was reelected
treasurer.
In addition to the officers,
seven bankers were elected to
serve on the associations
council of administration. They
were Francis g. Addison III Of
Union Trust Co.; j. Russell
Bolton, National Savings &
Trust; Robert K. Koontz, jr.,
Security Bank; Ralph H. Nit
tendorff, First National of
Washington; Ernest r. Wilson,
Bank Of Commerce; Dale H.
Smith, Fairfax County Ma
tional Bank, and Michael L.
Looney, State National Bank of
Bethesda.
Douglas r. Smith of Ma
tional Savings e. Trust Co.,
outgoing president of the as
ISOLATION, was elected Wash
ington representative on the
nominating committee of the
American Bankers Association
at a short meeting Of ABA
member banks. Walter SAM
derson Of National Bank Of
Washington was named as his
alternate.
BOrnet Is Elected
David Bornet of National
Savings g. Trust Co. was elected
Washington representative on
the nominating committee for
election of directors of the
Federal Reserve Bank of Rich
mond at a short meeting of
the regional banks member
banks.
Francis G. Addison, jr., board
chairman of Security Bank and
a past president of the asso-
citation, was honored at the fl
nal session for being the only
banker who has attended ev-
cry one Of the associations As
conventions extending back To
1901.
The association also voted tc
a special message to Thoma;
]. Groom, president of the
Bank Of Commerce, and Mrs
Groom, expressing regret Al
their inability to attend tn,
convention because Of Mr.
Groom's illness. Mr.. Groom 4
a past president and has beer
active in the association To-
many years.
The bankers held their ira
ditional Family Dinner las
night and return home today
!
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16
Indorse Bill for Uniform
Commercial Code Here
BY DONALD b. HADLEY
Star Financial Editor

WHITE SULPHUR SPRINGS w. Wa sharp reduction
IN non-essential Government spending" and downward
revision in Federal income taxes this year by the
District Bankers Association at the close of its 45h annual
convention at the Greenbrier
The bankers resolution adopted yesterday called for
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-16

has been forced to turn Il
Austria for help.
with most businesses in thu
So per cent bracket, a tax credit
for exports would provide {
healthy price cut to an inter
nationally competitive level.
Companies with facilities
and operations abroad have
beefed up their profit and loss
statements for many years by
combining foreign profits
which have not returned to the
United States, with domestic
results.
Nov foreign earnings are
going from less than good to
very much worse and when
companies begin reporting loss
es on overseas investments, the
need for Government spon-
sored, business-supported pro-
grams to bolster exports and
earnings will become acute"
Referring to the political out
look for 1864, Mr.. Janeway said
a powerful bandwagon is roll
ing for Senator Goldwater, Re-
publican of Arizona. Senator
Goldwater looms as the polit-
ical beneficiary of the guilt
complex haunting the Repub-
licans as the result Of deci-
sionS by past conventions to
reject Robert Taft and take
Thomas Dewey and Richard
Nixon, he said.
Urges Aid to Education
In another address, Thomas
H. Carroll II. president of
George Washington University,
appealed to the bankers to take
an active interest In efforts to
solve the deepening crisis in
education.
"As trust officers, you can
make suggestions for support
of higher education that will
earn rich social dividends" DR..
Carroll said.
"As board members of busi-
ness enterprises. you can urge
greater financial contributions
by business to higher educa-
ton, especially general sup
ports gifts. In your own per-
sonal role as q banker, you
can set an example and can
urge others to support the COL
lege or university of t heir
choice"
FavOrs Advisory Council
The speaker emphasized the
need for q National Advisory
Council on Education CORE
spending to the Council of Eco
nomic Advisers, the Business
Advisory Council and the
Science Advisory Committee in
other fields. Such q council has
been proposed In identical
House bills introduced on a BIZ
partisan basis by Representa-
tive Green, Democrat of
Oregon.
This legislation would boil
ster the national prestige of
education and instill In the
country a sense of urgency,
which is sadly lacking, he de-
clared.
He recalled q recent COM
ment of Mrs Green that with
very little debate, this Congress
is willing to appropriate more
than $50 billion for national
defense and around IS billion
for the space program. And yet
the success of both of these
areas is dependent upon the ex-
tent and quality of our educa-
Evening star., 1963-01-24
Area Booter
Gets Spot on
PunAmT eunl

Len Oliver, a 29-year-old
member of the Central Valet
soccer team, is believed to be
the first Washington area play
er ever named to the United
States team for the Pan Amer
ican Games.
Oliver was among Is players
selected by the United States
Olympic Committee after per-
forming in trials here, in Balti-
more, New York and finally
st. Louis. The American Games
will be held in Sac Paulo,
Brazil, April 20-25.
A graduate student of eco
Monies at the University of
Maryland. oliver is a former
All-America halfback from
Temple who has been playing
soccer since he was 10 years
old in his native Philadelphia
He has played with the
Philadelphia Uhriks of tn e
American Soccer League, the
San Francisco Mercuries, the
Baltimore Soccer Club and
since 1851 with Central Valet.
He also was a member of sew
eral all-star teams, including
a United States Armed Forces
squad In l957-l959.