davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
extron Sells
Last Textile
Operation

PROVIDENCE, r. l., (AP).-
Textron. Inc. a highly DIVERSE
fled industrial organization that
had its birth in South Boston
IS years ago in the textile field,
has sold the last of its textile
operations.
The company announced last
night that it has sold its Aero
tron Textile Division, from
which sales in 1862 we're re-
ported at ST. million. TO Deer
ing Milliken, Inc, a Southern
concern. Aerotron employs 81
TOO persons in North and South
Carolina and Georgia.
Rupert c. Thompson, jr.. Tex
tron board chairman. said tex
tile profits have been substan-
tally less than other textron
operations even though zone OF
the most efficient" operations in
the field.
He said the sale. for an I'M
disclosed price, will permit Tex
tron to concentrate on con-
tinued profit improvement and
Expansion In other fields.
Royal Little, former Textron
chairman, launched what was
to become Textron when he
merged his Special Yarns Corp.
OF South Boston with the
Franklin Rayon Dyeing Co. Of
Providence.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
McMurroy Advocates
Dividend Reductions

Joseph P. McMurray, chair
man Of the Federal Home Loan
Bank Board, today urged saw
ings and loan associations of
the Nation to join a drive for
more rational dividend policies
and tighter expense control.
Addressing stockholders Of
the Federal Home Loan Bank
of Chicago. Chairman Nc
Murray praised recent reduce
tons in Miami, Washington,
d. c.. and Cleveland and pre-
dicted more cuts will follow.
Two Washington associations
have ordered cuts to 4 per cent
and third has indicated it may
do so. Industry leaders have
predicted most Washington as
sociations will cut rates by mid
year.
IF you can't do anything
about the dividend rate. then
something has to be done about
expenses, Mr.. McMurray told
the savings and loan executives
at Chicago. IF you can't do
anything about the dividend
rate or expenses, then you have
pushed yourself into a corner,
because there is little else that
is going to be very helpful.
Even broader lending powers
will not prevent the squeeze in
which you are about to find
Yourself"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Martin to Explore Use
Of A-Power in Space

BALTIMORE, (AP). - The
Martin Co. announced yester-
day receipt Of two contracts
from the Atomic Energy Com
mission to explore the further
use Of atomic power in space.
One contract for $4,000 is
for a nuclear generator de-
signed for the National Aero
nautics and Space Administra-
tons interplanetary monitor
ing probe imp satellites.
IMP satellites are designed
to gather information about
radiation and magnetic fields
between earth and the moon
before manned lunar flights
begin later this decade. Such
satellites, the first Of which will
be orbited in late 1868, will use
solar cell systems to generate
power for their instruments.
NASA has requested a nu-
clear generator, for later
launchings, however. because 1t
would eliminate problems ex-
perienced when the solar cells
are not oriented toward the sun
on when they become affected
by space radiation.
A Martin Co. spokesman said
an IMP with nuclear auxiliary
power could be operational by
1864.
The second contract, for
STA. 900, is for development Of
a strontium-90 fuel for future
space flights. 1t was awarded
TO Martins nuclear division
and part of the work will be
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Eastern Air Lines Loses
$3.7 Million in 2 Months

WILMINGTON, Del. DID,
Eastern Air Lines in the first
two months of 1868 had a net
loss Of about $3.50, 900 and
during March was probably in
the black. Thomas Creighton,
vice president, told the annual
meeting. lie said, however, that
final figures for March are not
yet in.
Questioned by a stakeholder
regarding progress Of the pre-
viously proposed merger with
American Airlines, Malcolm A.
MacIntyre, president. said the
next step is for the Civil Aero
nautics Board to present a rec
concentration to Pres ide n I
Kennedy. who must approve
the boards recommendation
He said Eastern Air Lines
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17

done at the firms kaleidoscope
production facility at Que
hanna, Pa.
Since strontium-90 is a
waste product Of nuclear
reactors 1t is abundantly avail
able and costs very little COM
pared to other types Of nuclear
fuels.
Martin already has de-
veloped a nuclear fuel using
strontium titanate. a virtually
insoluble form Of strontium,
that has been used successfully
in the Nays 4-A navigational
satellite. The first such satel-
lite was launched nearly two
years ago and the nuclear-
powered generator still is
functioning perfectly and sup
plying power for the space
crafts instruments, Martin said.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
GE Gets Key Role
In Saturn TESTING

The National Aeronautics
and Space Administration gave
the General Electric Co. yes
terday a key continuing role
in the programs to ground
test the huge Saturn v rockets
that will power three-man
Apollo spacecraft flights to the
moon.
NASA said 1t would nego-
tate with the company for an
extension of its Project Apollo
support effort, to provide plant
and test services at the 13,500-
acre Mississippi test facility AZ
miles northeast Of New Orleans.
The agency estimated that
the initial one-year contract
would total about SIS million.
It added that, depending upon
negotiations, the contract could
be extended through 1868 and
might reach an annual cost Of
$40 million to $25 million.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
! BY DONALD b. HADLEY
Star Financial Editor

Lending capacity of Wash
ington savings and loan asso-
Citations grew much more rap
idly than demand for mortgage
credit in March and increased
the pile-up of funds and the
pinch on earnings at the
months end.
AS the net inflow Of savings
resulting from relatively high
dividend rates poured in faster
than it could be employed in
profitable mortgage loans, cash
and holdings of low-yield Gov
eminent bonds rose sharply.
Cash of 81 member associa-
tons Of the District Savings
and Loan League rose to
$8l .222,078 on March 81, from
SIC, 847,l81 a month earlier. It
was SO per cent higher than the
ssh .008, $40 figure on March 81
last year according to a report
by John Stadtler, league presi-
dent and president of National
Permanent Savings and Loan
Association.
Federal bond holdings moved
pp to $8l, 365,656 from $78,-
4D9.875 a month earlier and
we're 81 per cent ahead of
$59.253, 900 a year earlier.
sSavingS receipts totaled $49,-
100000 in March, while with
drawalS amounted to $685.
40. leaving a net inflow Of
$2O,863, 7s7.
IA month earlier, receipts Of
$42,809,118 and Withdrawals of
$26.905,875 left a net inflow Of
$i5,903,243. The latest figures
contrasted with those Of March
last year, when receipts of
$42,771, 532 and Withdrawals of
$28,740.09l left a net inflow of
$i4,03l ,440.
Loan disbursements amount
cd to $30.989,426 in March
while loan repayments totaled
$25,972,334. leaving a net out
flow of only $5,O17,092. In
February, loan disbursements
Of $23.543,463 ran behind re-
payments Of $23,758,487.
In March last year, disburse-
mentS Of $32,082,O73 and re-
payments Of $23,620,378 left a
net outgo of loan funds
amounting to $8,461, 695.
With invested savings COM
ing in faster than they can be
employed profitably, many as
sociations have been consider
ing cutbackS in dividends to 4
per cent from the Az per cent
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17

Just in the early feeling -out
stage"
The Iron Age sees II as I'M
likely that President Kennedy
will move strongly unless the
increases spread across the
board"
Unlike the situation a year
ago, price rises in the latest
wave have been limited TO
specified products accounting
for between one fourth and
one half of each company's
overall output.
The magazine foresees a
firming in the United Steel
workers demands as a result
Of the price rices. in antici-
pated wage contract reopening
talks.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
New 81 Bill Design
Possible This Year
BY SYLVIA. PORTER

have an adequate supply Of dol
lar bills which is not subject TO
being constantly diminished as
bills are turned in for their sill.
yer value. And it must have 8
supply Of subsidiary coins
which are not apt constantly
to be melted down for their
silver value"
Coins in Short Supply
Already, coins are in serious
ly short supply in several areas,
according to a recent survey
for the Treasury by Boston's
Arthur D. Little Co. The
shortage at Christmas shopping
time was widespread and it is
re-occurring because business
men are boarding coins to pro-
tect themselves against short
ages. Suburban shopping CEN
tiers are slowing down the rapid
circulation of coins, vending
machines tie up large quantit
ties for long periods, coin COLI
lectors these days are collect
ing rolls, not just individual
coins.
To cover these shortages, the
mint must raise production
from 3.5 billion coins last yeah
to Al billion this year and
eventually to 9.6 billion by
1880, according to the AID.
Little survey. And to get thel
silver for the dimes, quarters,
half-dollars. says Mr.. Dillon, It
is vitality important" that the
mint be able to use the metal
now required to back the silver
certificates. This silver would
supply the mint's needs for
about Is years.
The odds are excellent that
the legislation will go through
and that means a newly-de-.
signed, gold-backed 81 bill.
Distributed 1883. BY The Hail syndi-
cate. Inc. All Rishts Reserved0
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
YOUR MONEYS WORTH

tinguishing features" to iden-
tify the new notes would be
added. The portrait Of George
Washington would not be
changed nor would the size,
shape or color of the ST bill.
But there would be a new de-
Sign-the Treasury has pre-
pared four hand-tooled models
for Treasury Secretary Dillon's
Selection-and in the next 10
years, all the ST bills in circula-
ton would be retired and re-
placed with the new Federal
Reserve notes.
Why this switch now? The
answer is that the Treasury's
supply of silver has bee
shrinking at a fast rate, as it
has needed increasing amounts
of the metal to make coins
dimes, quarters, half-dollars-
and an acute shortage of silver
is on the horizon. The Treasury
has on hand today less than
SIG billion Of silver to back
the SIS billion of 81 bill silver
certificates in circulation
enough for now but not for
later.
At the same time, the market
price of silver has been rising
It's above $l.27 an ounce under
pressure of mounting demands
If the silver price rose above
the established monetary price
of $l.29 an ounce-less than 2
cents over the current market
price-it actually might be-
come profitable to melt down
coins for their silver content,
I'VE simply cannot allow
such a situation to develop
Mr.. Dillon warned the House
Banking Committee before il
voted to permit the Treasury
to switch from silver certlfi-
Gates to Federal Reserve notes
Obviously the public must
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17

hopes for a final decision In a
few weeks.
Another stakeholder ques-
toned MI. MacIntyre concern
ing the company's financing
plans. part Of which would
have to deal with the purchase
of 40 Boeing model 727 Jets.
Mr.. MacIntyre said the COM
pany is working out this fl
nancing and hopes to have the
negotiations completed soon.
The new Jets will cost a total
Of SOS million.
E. v. Rickenbacker, chair
man Of Eastern Air Lines,
noted that airline traffic In
general has not grown as fast
as everybody had hoped for. He
said this is one Of the reasons
for wanting 10 merge with
American Airlines.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17

Lines, said in Bethesda yester-
day.
Addressing the Bethesda =
Chevy Chase Rotary Club, Mr..
Durand said the fleet makes an
important contribution to the
balance of payments position
and thus helps materially to
conserve the Nations gold sup
ply.
A study by American Uni
versity economists has shown
that the merchant marine keeps
payments for overseas trans
portation in this country and
earns or conserves nearly 81
billion a year, he added.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
HorIowe Firm Buys
Master Litho Firm

Controlling interest in Mas
ter Lithographers. Inc. has
been acquired by Clarence E,
Harlowe of Harlowe Typo
graphy, Inc, 1t was announced
today.
Master Lithographers will be-
come a subsidiary of the parent
company, with Mr.. Harlowe as
president of both organizations.
Marlin G. Filling is vice presi-
dent and general manager Of
Master Lithographers.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Humble Oil to Merqe
REGIONAL Offices

Humble Oil g. Refining Co.
will enlarge its office building
in Towson, Md. to provide space
for consolidation of the Penn
sylvania and Maryland-District
Of Columbia-Delawar regions
into a new Baltimore region.
A general accounting center
serving five Middle Atlantic
States and the District will be
housed in the enlarged head
quarters. Space also will be
provided for a larger marketing
administrative staff.
The consolidation will take at
least a year to complete and
will not involve sales, service or
distribution operations.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17

per cent higher than a year
ago. although they were off
slightly in March, the Federal
Reserve Board reported.
Debts in three months ended
March 81 totaled $7.957,356, 900,
compared with $7,259, 037 900 in
the same period last year.
March debts slipped to
$2,532,1l0,000 from $2,547. 269,-
600 in the same 1862 month.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
BY SAM DAWSON
Associated Press Financial Writer

AseoOAateo FFcsb Eluhnclal WIlJeI
NEW YORK. - Higher stock
prices and weakness in bonds;
greater industrial production
and rising consumer, business
and Government spending;
more imports and an uncertain
future for United States exports
to Western Europe-all revive
talk Of how long interest rates
can continue their long spell
of stability.
That is, can you go on bor-
rowing at present rates or get
ting the same return on your
savings?
The money managers say
that the present official policy
isn't about to change. Neither
the prospect Of increased eco
nomic activity, nor a growing
Federal deficit, nor the stub
born shortfall in United States
international financial dealings
foreshadows a shift in policy
they say.
Doubters note that fiscal
affairs can change quickly.
Money managers don't tele-
graph their punches.
And today with all the talk
Of the possibility of rising prices
and business expansion, and Of
business and Government need
for more borrowing. money
management may be even more
difficult an art than 1t has
been in the last year or so.
The argument for continuing
stability is that the amount Of
funds available for investment
is large and grows steadily as
pension funds and various
forms of saving are swelled.
fhis acts as a brake on rising
interest rates on long-term
dsbt.
THE Government policy on
Short term rates is to keep them
nggh enough to prevent the
dashing In Of foreign-owned
mort term assets and the flight
a. these funds overseas where
telds would be higher. The rise
b imports and threats TO ex-
borts make the money man
heers all the more anxious to
maintain these interest rates.
ssAdvocates Of easier credit
cd lower interest, rates TO speed
beonomic growth so far have
come UP against this stone wall.
with the Federal deficit large
shd promising 10 increase. the
6atflow Of dollars and gold
eould increase II the money
managers let interest rates here
Ell, the proponents OF continu.
lsie the present policy argue.
INCREASING business activity,
aad the inflationary psychol-
~ that has gripped the stock
market during the first uncer-
tstn days Of the steel price rise
attempt, could bring q demand
On borrowed long term funds
n time that would strengthen
nates. At the moment stocks
bok more attractive and Gov
eminent bond prices are weak
elalng-meaning their yield is
asing.
but the money managers are
expected 10 try 10 hold the line
al that. They presumably want
lhhg term credit 10 remain
available and relatively easy 10
encourage further growth in sn
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Savings Out pace Loan Demand

remained we'll above the level
of a year ago, data from the
Federal Reserve Bank of Rich
mond showed today.
Deposits of Riggs National
Bank, American Security &
Trust Co. and National Bank
of Washington dropped to
81 1922, 200, 900 on April 10 from
81 ,339,047, 900 a week earlier,
but were ahead of ST, 234, 800 900
a year ago.
Outstanding loans aggregated
$648, $4,000 on April 10, COM
pared with $665, 627,0 a week
earlier and 1896, 974,000 on the
like 1862 date.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Sales Executives
ADOPT New Name

The Sales Executives Club Of
Washington has changed its
name to Sales and Marketing
Executives Of Washington, Inc.
The club, organized in l945, is
one Of 243 clubs affiliated with
Sales and Marketing Execu-
tives, International, which
formerly was known as Ma
tional Sales Executives, Inc.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
New Auto SuIes Rise
In April ITO Period

DETROIT (AP).-Sales of
new domestic cars In the first
10 days Of April averaged 24,340
daily compared with 23,806
daily in the similar period last
year, Wards Automotive Re-
ports said yesterday.
The sales we're the best for
any first 10 days since October
The average In early March
was 20,437.
Wards said the total Of 49,
059 domestic units indicated
sales for all Of April Of more
than $4,000. second only 10
April, 1855. when 702,400 were
sold.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Interest Rate Stability
Pictured as Good Guess

economy that is still far from
taking off on another boom
If they let Government bond
interest rates rise, money would
flow there rather than into
mortgages and corporate bonds
and other securities and thus
brake the hoped-for growth.
These, the bankers say, are
the reasons the money man.
ayers will keep credit and rates
about where they are-if they
can. A change in public psy-
chology could make this policy
hard to maintain-or a change
in political thinking in Wash
ington.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Food Prices
EDGE Higher

NEW YORK tAP).-Whole-
sale food prices edged upward
this week with Dun a. Brad
streets index reaching S5.77
This compares with s5.75 last
week and is 0.5 per cent below
the index year ago.
The figure represents the
total cost at wholesale OF
pound each Of 81 foods In gen.
eral use.
Lard, cocoa. eggs. potatoes,
hogs and lambs we're higher
Wheat, rye, hams. sugar and
cottonseed oil were lower.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
American Ships Aid
In Payments Cited

If it were not for American
flag shipping, the United States
balance of payments deficit
would be so per cent higher
than it already is, ]. D. Durand,
executive director of the Com
mittee Of American Steamship
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17

The 81 bill is to be rede-
signed if this Congress passes
legislation to cut the link be-
tween silver and paper cur
rency, Prospects for the law are
considered favorable since the
House Banking Committee
voted 10 to ! for the move early
this month.
Only twice in this century
have there been significant
changes in the currency: In
1929, when the size of the paper
currency was reduced and in
1885 when the 81 bill was re-
designed to carry the eye
topped pyramid on the reverse
side Of the Great Seal along
with Latin inscriptions from
Virgil's Aeneid. CThe addition
of In God We Trust" to the
81 bill in 1857 was a minor
change.
Now would come the third
important change-a switch
from 81 silver certificates to
gold-backed Federal Reserve
notes. This is the background.
First, on a 81 bill look at the
inscription silver certificate"
at the top and the words lone
dollar in silver payable to the
bearer on demand" at the bot
tom. They mean you can re-
deem the bill at the Treasury
for silver. Today there are over
SIS billion in 81 bills or silver
certificates.
Changes Outlined
Under the proposed law,
these notations would be struck
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17

rate most of them now pay.
Assets Of the 81 associations
reached a new peak Of $685.
224.405 on March 81, compared
with $685. 94,077 a month
earlier and $l,5O0,9O8.212 a
wear ago.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Bank Deposits, Loans
OFF Sharply in Week

Deposits and outstanding
loans Of three major Washing
ton banks declined sharply in
the week ended April 10 but
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Overwhelming Vote
Backs PEPCO SpIit

Stockholders OF the Potomac
Electric Power Co. yesterday
approved a 2-for-l stock split
by a vote of 7,023,815 shares
to 2l,8l9. The opposition vote
was given incorrectly in yester-
days Star.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Capital Bank Debts
Gain in Quarter

Washington bank debts in
the first quarter were nearly 10
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
BUSINESS
BRIEFS

Electricity Production last
week was 1926 100000 kilo-
watt-hours, up as per cent
from the year-earlier figure of
is, 800, 100000 but slightly low
er than the l6,418,O00.000 kilo-
watt-hours of the preceding
week this year. Edison Elec-
trio Institute.
Times Tower has been bought
by Allied Chemical Corp. for
an undisclosed price. The build
ing at Forty-second street and
Broadway in New York will be
completely reconstructed by
late 1864 at a cost Of So mil
lion.
PatapscO Scrap Corp, a
Bethlehem Steel subsidiary,
will close its Baltimore plant
by the end Of the year. The
first of 465 employees will be
laid off at the end of this
month.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Earnings

Baltimore g. Ohio RR in
March earned 94,949 VS.. a
deficit of 1891, 1865 Ia February
and more than 81 million in
January. First-quarter loss Of
$676.438 compared with So
034.272 loss in 1862 period.
Atlantic Coast Line RR In
1862 earned $l4,309,935, up A
per cent over 1861 figure.
United States Rubber in first
quarter earned $5,350.000 or 10
cents a share VS.. $500, 900 or
rs cents In 1862 period.
Penn. Power & Light in IL
months ended March 81 earned
$26.l19,577 or $l.79 a share VS..
SIS. 76l ,876 or SLIT in preced-
ing year.
Southern Co. In IL months
ended March 81 earned $52,-
853.l98 or S228 a share VS..
$47, 023. 229 or $2.03 in preced-
ing period.
Other earnings included:
For Quarter Ended March II
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-04-17
Changes Outlined

Under the proposed law,
these notstions would be struck
from all 81 bills and other dis
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-29
Crunchies

Ia cups corn flakes, crushed
u cup flour
y cup sugar
70 cup angel flake coconut
" teaspoon salt
"a cup shortening
2 tablespoons light corn strip
/ teaspoon baking soda
"a teaspoon vanilla
Combine cereal, flour. sug-
ar, coconut, and salt in O
bowl. Set aside. Melt short
ening in saucepan over medi-
UNI heat. Add corn strip;
cook and stir until mixture
comes to q boil. Then add
soda and stir rapidly to
blend. When foam settles, re-
move mixture from heat at
once. add vanilla, and blend.
Pour over dry ingredients;
mix well. mixture will be
dry and crumbly)
Press by tablespoonfuls
against side Of bowl and drop
on INCREASED baking sheets,
placing cookies about 2
inches apart. Press with fork
to flatten slightly. Bake in
moderate oven (375 degrees)
7 to 8 minutes, or until light
ly Drowned. Cool to 2
minutes, then remove cookies
with spatula. Makes az
dozen.