davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
Potmon Says Banks Dodge Risks

He then cited what he sees
as the need for more bank
failures, saying the fact there
were no failures at all last
year is a danger signal that
we have gone too far in the
direction Of bank safety"
Mr.. Patman said the FDIC
is intended only to assure de-
positors they will not lose
money, not that banks will not
fail.
1T should not be a cause to
insulate the banks from COM
petition or to prevent them
from taking prudent risks. :"
he said. IF the commercial
banks are to fulfill their pur-
pose they must supply the COM
mercial credit for these risk
taking enterprises" adding:
Where there is risk taking
there are inevitably some fail
ures."
The crisis he predicted stems,
he said, from the United States
money system being enmeshed
with those OF other free world
nations"
He said this has given West
ern European bankers a large
voice in deciding United States
monetary policies.
These voices are telling US
TO raise interest rates as q
means OF stopping the flow Of
dollars abroad" he said. And
they are telling us that To over
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
YOUR MONEYS WORTH
Pension Funds Study
Knocks Out Rumors

issued today, is a study on the
Economic Aspects of Pen
sions," under the direction of
Roger F.. Murray, professor at
Columbia University's Gradu-
ate School Of Business. T h e
growth Of the Federal social
security system since the 1930s
is a familiar story, of course.
The growth of pension plans of
private organizations and State
and local governments also has
been enormous but, as the long
circulating rumors cited above
underline. little basic research
has been done in this area.
The upsurge in the number
Of individuals covered by pen
sion programs outside of Fed
eral social security has been
sensational, and the projections
for future growth are even more
so. In 1860, 26.1 million indi-
viduals were covered by pri-
vate, State and local plans,
more than double the total COW
cred as recently as 1850 and
dwarfing the SIS million COW
cred in 1910.
Mr.. Murray's study estimates
that by 1870, 1913 million will
be covered, and by 1880 the
total will reach 48.7 million.
This, mind you, excludes the
tens of millions protected by
Federal government programs.
The economic financial pow
err of these pension funds is
dramatized by the assets I'M
der their control. In 1860, the
funds had accumulated assets
of $68.7 billion, up from $16.6
billion in 1850 and 81 billion
in 1910. The projection is that
the funds will have assets OF
$l73.4 billion by 1870 and 9319.3
billion by 1880.
There is no doubt that pen
sion systems are redistributing
income in the United States
from higher-income families to
lower-income groups. from
younger to older workers, from
actively productive members of
our society TO those who have
ceased contributing.
There is no doubt that even
though they don't shift with
short-run moves in the securi-
ties markets. they have a huge
and continuing impact on the
markets. In the past decade
the funds have moved into the
stock markets and into mort
cages on a multi-billion dollar
scale.
Pension funds have become
the key factor in the financial
independence of millions. They
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
Earnings

United Shoe Machinery in
year ended February % earned
$10,815.063 or $4.52 a share VS..
$l1 ,543,051 or $4.84 in 1862.
West Point Mfg. in 9 months
ended May rs earned $4,934, 900
or $l.62 a share VS.. $5,037, 900
or $1.66 in 1862 period.
True Temper Corp. in year
ended April 80 earned $3,070,-
662 or $2.82 a share VS.. $2,239,-
$50 or $2.08 in 1862.
American Sterilizer In IL
months ended March 81 earned
81, 725,644 or $1.37 a share VS.
81 ,201,2 1888 or SO cents in 1862
Mueller Brass In 6 months
ended May 81 earned $1.181,-
354 or $2.10 a share VS.. SSH, 100
or 81 cents in 1862 period.
Simplicity Mfg. in 9 months
ended May 81 earned 81, 082, 500
or $2.01 a share VS.. $723,028 or
$l.33 in 1862 period.
loves Cos. In 9 months end
ed April 80 earned $7l2,704 or
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17

Rumor No. l of recent years:
Labor unions have gained great
economic power through their
management of the pension
funds of their members.
Evidence released today: The
rumor has been wildly exag-
gerated, While covering over
million workers. union pension
funds had assets Of only Sic
billion in 1860, and even though
these funds are growing rapid
ly. they will not bulk large as
concentrations of financial as
sets. :"
RumOr No. 2 Of recent years:
Managers of pension funds
shift their investments In re-
spouse to swings in the econ
omy and the stock market, thus
have an immense short-run in
fluence on stock prices.
Evidence released today: PEN
sion fund managers do not re-
spond in any important degree
to swings in the economy or
the stock market. They buy
stocks that are rising in price
about as frequently as they
buy stocks that are declining in
price. Their very structure pre-
vents the funds from switch
ing assets on short notice and
they gear their investment pol
icies to long-term detectives.
RumOr No. 3 of recent years:
Families saving through PEN
sion funds cut their saving in
other forms = cash, savings
accounts, securities, life insur-
ance. equity In a home, etc
This has reduced the pool Of
savings needed to finance oul
economic growth.
Evidence released today: The
opposite Is true. Families COW
cred by pensions save more ir
other forms for the "realiza-
ton of retirement needs and
of the opportunities for finan-
cial independence opened up by
a pension stimulate the mott
walton to save" The average
saving ratio for the main cate
gories OF saving in 1860 was
lis per cent for families COW
cred by pensions against 7.8
per cent for those not covered.
Among the more significant
papers included in the 43d an
nual report Of the National
Bureau of Economic Research,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
Virginia Bankers
Urged to Defend
States RIGHTS

HOT SPRINGS, Va. (AP).-
The new president of the Vir-
ginia Bankers Association has
urged his fellow bankers to
bend every effort to stop the
Federal Government from In
fringing on States rights"
Robert A. Duncan Of VIII
hamsburg issued the call here
Saturday after his installation
at the conclusion of the asso-
cations 10th annual conven-
ton.
I'VE are indeed fortunate, "
Mr.. Duncan said, Ito have able
Senators like Harry Flood Byrd
and A. Willis Robertson and
level-headed Congressman in
Washington representing us"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
PEAK IN TWO WEEKS
Freight-Cur Shortage
Worries Rail Shippers

PITTSBURGH (DD.-while
the Nations railroads are fret
ting over the outcome of their
current labor dispute, their
customers are more concerned
about a spreading freight car
shortage.
Shippers and railmen agree
that cars to ship coal steel and
some other commodities are in
tight supply and shortages al
ready exist on some roads.
These sources say the tight
supply Of cars should reach a
peak in the next two weeks and
then ease a bit. That's because
much Of the current pinch
stems from high operations in
the steel industry which is
shipping metal at the fastest
rate in more than three years
to meet strike-hedge orders
placed earlier. This shipping
rate should decline next month
easing the pinch for steel max
ers. But coal men say their
troubles are destined to grow
worse in weeks ahead.
There are shortages in such
equipment as the special gon-
dola cars used to haul bar and
coil steel as well as carbon
plate and tinplate.
Inland Steel Co. in Chicago
says 1t is having trouble ship
ping all we're making right now
because we can't get enough
rail and truck equipment"
Som companies report a
Tightening Of the supply of cars
to haul iron ore, another COM
modify used by steel makers.
additional 10 adings to tide
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
SEABORG REASSURING
NucIeor Power Poses
No Threat to Coal

be achieved through the use Of
nuclear energy In locations
where fossil fuel costs are
high"
Looking to the years ahead,
DR.. Seaborg said that by 1880
1t is likely that 10000 mega
watts of nuclear power will
have been installed. This, he
said, is likely to displace so to
10 million tons of coal. How
ever, he quickly added:
IF you keep your portion
about IS per cent Of the very
substantial steam electric mar
ket which is left after deducting
our estimates Of nuclear power
then the domestic market for
coal should increase by more
than az times by 1880 from 385
million tons in 1862 to about
1000 million TONS"
Fuel Needs Growing
Besides, the Acc chairman
said, an increase In overall
energy requirements is almost
certain to lead to an increase
in the consumption Of all fuels
= coal, oil, natural gas and
nuclear fuel.
BY 1000, he added, nuclear
power is likely to supply as
much as one-half Of all the
electricity generated annually,
bringing a yearly saving of 81
billion to IS billion.
Perhaps nuclear power will
play a more important role in
the future" he said. However,
this role will be that of sup
plementing and not supplant-
ing the use of coal because,
clearly, the need for coal will
be increasing for q long time
to come"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
Union Carbide Sees
Increased Profits

NEW YORK ODD. - Union
Carbide Corp. expects earnings
in the second quarter to run
about $l.35 a share. Dow Jones
has learned.
In the 1862 period. Union
Carbide had net Of $36.805. 00O
or $7.22 a share on sales OF
$396.3 million.
The. higher second quarter
tied with this years low first
quarter, however, will put Car
bide earnings for the first half
about where they we're in 1862.
For the 1862 first half Union
Carbide earned $74.515.000 or
$2.47 a share on sales Of sol.-
ga 900.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
Steel Producers Plan
SeIective Price Boosts

CLEVELAND (AP). Steel
magazine said today there may
be more selective price in
creases in the steel industry
after agreement is reached on
a new steel-labor contract.
UNLESS terms of the steel
labor settlement are so reason
able that producers can antici-
pate offsetting the added costs
via productivity improvements.
buyers can expect another round
of price increases" Steel pre-
dicted.
Chances are that steelmak-
ers will move selectively on
products they didn't touch in
April. 1t won't be surprising If
they boost their quotations on
bars and plates"
The trade publication said
second-quarter steel shipments
are shaping up better than ex-
pected and that the quarter
will be the best three-month
period in this respect since 1860,
when buyers were rebuilding
inventories after the long steel
strike.
Although incoming orders
have dropped sharply in the
last few weeks" Steel reported,
shipments have been steady"
The anticipated settlement
of steel labor negotiations in
Pittsburgh will trigger some
adjustments but will have little
impact on June shipments,
Steel said, noting that most of
the tonnage slated for delivery
this month has been processed
to the point where it can't be
deferred.
The forecast is that June
steel shipments may match
the estimated 8 million tons
shipped in May. The second
quarter total was forecast at
% million tons. which would
top the first-quarter total by
5 million tons.
The magazine said steel pro-
duction this week will be less
than the estimated 2,480, 1000
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17

70 cents a share VS.. $663,55e or
Sc cents in 1862 period.
q. s. Envelope in 6 months
ended April 80 had a loss Of
$17,00 VS.. earnings of $685. 900
or % cents in 1862 period.
Neiman-Marcus Co. in 3
months ended April 80 had a
loss of $4,000 VS.. an earning Of
$22, 500 or 80 cents a share in
1862 period.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17

come the depressing effect OF
this policy and also to boost
our employment and growth
levels, we should have big def
icits in the Federal budget"
Mr.. Patman said both the
Federal Reserve System and
the administration seem TO be
adopting this advice, heading
them into a policy deadlock
with Congress.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17

them over the two-week miners
holiday that begins June 30.
Robert MCGOWAN, director Of
traffic for Peabody Coal Co.,
one of the Nations large soft
coal producers says his COM
pany has lost production in
Indiana, western Kentucky,
Missouri and some in Okla
homa because Of rail car short
age. -s
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
$l2 Million Contract
Goes to Hupp Corp.
BY Dow Jones


Hupp Corps Hercules En-
CINE Division received a $12,-
1923, 300 Army contract for 4,544
truck engines. This contract is
related to the sac, 352, $50 Army
contract for 4,l59 five ton
trucks awarded to Studebaker
Corp. on Friday.
Studebaker issued an an
nouncement quoting Indiana
Senators Hartke and Bayh as
saying its contract will ulti-
mately be expanded to s.493
vehicles for a total amount in
the area of $77,000.000.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
BY the Associated Press


Chairman Glenn T. Seaborg
of the Atomic Energy Com
mission told coal leaders today
that development of civilian
nuclear power poses no i'm
mediate competitive threat to
their industry.
In fact, DR.. Seaborg said in
a speech prepared for delivery
at the 46th annual convention
of the National Coal Associa-
ton. the advent of nuclear
power for civilian use may be
a blessing In disguise to the
coal industry.
II believe that the immi-
hence Of nuclear power has
been one of the factors stimu-
lating the coal industry to in
crease productivity and cut
COSTS" he said.
Coal men are known to view
the development of nuclear
power with some misgivings.
DR.. Seaborg sought to assure
them on several fronts.
Four New Plants
For one thing, he said, three
Of the four new nuclear plants
that will begin construction
this year are competing not
with coal, but with high cost
natural gas or oil. They are to
be located in California where
coal currently accounts for only
a very small percentage of cleo
trio power. The fourth plant is
located in New England, where
about two-thirds of the power
is produced from coal.
I'VE feel" he said, that
today's case for nuclear power
development on the short-term
economic basis can be justified
almost entirely on benefits to
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17

tons produced last week. The
production rate is about 81 per
cent of unofficial capacity, the
slowest since mid-April, it
added.
Steel's price composite on
No. / heavy melting grade of
steelmaking scrap held at
$25.83 a gross ton last week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
By SYLVIA PORTER

are forcing dynamic changes
in the financial marketplace
They are sustaining rather
than draining the supply of
savings to finance our eco
nomic growth. They are a new
financial institution. created in
this generation, the significance
OF which we are just beginning
to understand.
Distributed 1868. BIZ The Hall
syndicate, Inc. All RIGHTS Reserved)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
Dividend Announced

Arlington Trust Co. has an
nounced a 81 semiannual divid-
end plus a 25-cent extra divid-
end payable June 30 to share
holders Of record June 20.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
$40 Million Contract
By Dow Jones

BY DOW Jones
The Navy has awarded North
American Aviation. Inc. a $780,
038,000 contract for additional
production Of A-5C Vigilante
attack bombers.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
BUSINESS BRIEFS

United StOckyards Corp.
stockholders and minority
holders in four of its subsid-
iaries will vote on July "a on
a merger into the parent COM
pany.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
High Court Bars Bank Merger
As Antitrust LawVioIation
GidneyHod Given
Approval to Case
In Philadelphia

Inc supreme Court ruled To-
day that the proposed merger
Of the second and third largest
commercial banks In Phila-
delphia is barred by the Ma
tons antitrust laws.
The tribunal, In an opinion
by Justice Brennan, said that
the. proposed merger Of the
Philadelphia National Bank
and the Girard Trust Corn Ex-
change Bank violates sections
Of the Clayton Antitrust Act
and must be enjoined. The
high court did not rule on a
further question of whether
the merger violates the Sher-
man Antitrust Act.
The courts decision from
which Justices Harlan and
Stewart dissented, concludes
the first bank case tried after
passage Of the 1860 bank merger
act, Justice White, the former
Deputy Attorney General, took
no part in today's action.
The merger act gave the
Controller of the Currency the
responsibility for approving or
disappearing proposed mergers
of national banks, The Justice
Department had opposed adop-
ton of this provision.
In today's case, q Federal
district court ruled the merger
Act did not remove bank
mergers from application Of
antitrust laws. But the lower
court said unreasonable re-
straint of trade had not been
proved.
Losses Feared
Lawyers for the Philadelphia
banks had argued the merger
would give the city a bank
large enough to serve major
customers and would stem loss
OF banking business to New
York and other cities.
Congress, in the Merger Act,
directed the Controller to
consider reports Of the Federal
Reserve Board, Federal Deposit
Insurance Corp. and the
Attorney General in consider
ing merger applications.
Merger Of the Philadelphia
banks was approved by the
Controller despite adverse
recommendations by these
sources. After the Controllers
action, the Justice Department
filed today's antitrust suit.
The Justice Department con-
tended that the proposed
merger would give the two
banks over IS per cent Of the
more than IS billion in assets
held by the ~ banks with main
offices in the Philadelphia
area.
Showdown Recalled
The case precipitated a
showdown fight between At
torney General Kennedy and
the Eisenhower administration
Controller. Ray M. Gidney.
Mr.. Kennedy lost in the lower
court, but Mr.. Gidney lost his
job.
The Justice Department car
ried today's case to the high
court. Its appeal from the
District Courts ruling said
that the merger would sub
stantially lessen competition In
the area the bank would serve.
1T was under the authority
Of the Bank Merger Act and
the national banking laws that
the present Controller, James
j.. Saxon, recently denied a
proposed merger Of the Riggs
bank and the Bank Of Com
merce here.
The Riggs-Bank Of Com
merce merger proposed here
would have strengthened Riggs
position as the areas largest
bank and would have reduced
the number of Washington
Banks to eleven.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-17
BY the Associated Press

Chairman Patman Of the
House Banking and Currency
Committee said the United
States should have more bank
failures. claiming this would
show banks were fulfilling their
role of financing risk-taking
enterprises.
The Texas Democrat said
also that the inadequacies OF
the United States money sys-
tenn are building toward a cri-
sis In the international arena
because Of pressures from over
seas TO raise interest rates and
maintain big Federal deficits.
Mr.. Patman expressed his
views In a speech yesterday at
the opening OF the new Fed
efal Deposit Insurance Corp.
building here.
Big Strides Cited
He said there have been
three giant strides In Ameri-
can fiscal policy In the last
100 years: President Abraham
Lancoln's National Bank Act,
President Woodrow Wilson'S
Federal Reserve System, and
President Franklin ID. Roose-
velt's Federal Deposit Insur-
ance Corp.
One Of the obvious improve
ments that could be added now,
he said. is 10 raise the amount
q the FDIC insurance cover
age (of deposits) from the
present $4,000 TO $4,000 at
en- early date. e..
This would add relatively
little liability against the In
sirance fund, and this fund
seems adequate for the pur-
POSE" he said.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-14
Eugene Witt, 81,
EIectronics Firm
Office Munuoer

Eugene Witt, 81, office man
ager of Defense Electronics of
Silver Spring, Nd, died yester-
day at Holy Cross Hospital.
Mr.. Witt, a native of Vir-
ginia and a graduate of the
University of West Virginia,
was office manager at Vitro
Electronics for four years be-
fore joining Defense Electronics
a year ago.
A veteran Of World War II,
he served as a corporal with the
Army Air Corps in the Pacific.
Mr.. Witt moved to this area
five years ago and had been
active at Good Shepherd Meth
odist chuch in Silver Spring.
He leaves his wife, Mary
Helen, and a daughter, Jean
Marie, 8, both of the home adj
dress, 1890 Piney Branch road,
Silver Spring; his mother and
father, Mr.. and Mrs. William
Rufus Witt, ST., of Sarasota,
Fla; two brothers, William
Rufus Witt. jr., Of 1142 Crest
haven drive. Silver Spring, and
John Ralph Witt Of Sarasota;
and a sister, Mrs. Basil White,
also of Sarasota.
Funeral services will be at
Humphrey Funeral Home in
Silver Spring / pm. tomorrow
with burial at Arlington Ma
tional Cemetery at 2 pm.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-14
c. c. CoweII, 81,
Professor, Kin
OfD.C. Residents

Charles c. Cowell, 81, a pro-
fessor at Purdue University in
Lafayette, Ind, died yesterday
at Georgetown University Hos
pital after a heart attack.
Mr.. Cowell and his wife,
Marion D., were visiting rela-
tives in Washington on their
vacation.
A native Of Joliet, Ill, Mr..
Cowell was a graduate profess
sor of physical education for
men at Purdue.
From 1922 to 1929 he was
head Of the physical education
department at Robert College
in Istanbul, and in the 1940s
he served with the United Ma
tons Relief and Rehabilitation
Association in Greece.
Mr.. Cowell held degrees from
Springfield, Clark and New
York Universities.
Besides his wife, he leaves
a. daughter, Miss jeanne s.
Cowell of 1917 Thirty-seventh
street NV, and two sisters,
Miss Edna v. Cowell of 1900
Woodley road NV. and Mrs.
Pauline Kochevar Of Joliet, III.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-14
Harry J. BerryhiII, ST., Sc,
Veteran Fuirfux Fireman

Harry James Berryhill, ST.,
Sc, a volunteer fireman in
Fairfax County for 80 years
and president Of the AMMAN
dale Fire Department for 10
years, died yesterday at his
home in Falls Church after a
brief illness.
Mr.. Berryhill also served
with Falls Church and Vienna
Fire Departments in addition
to his work in Annandale and
was serving his fifth consecu-
tive term as vice president Of
the Fairfax County Volunteer
Firemen's Association. He re-
Gently was honored by Fairfax
County firemen with a plaque
for IS years of service. Before
moving to administrative work
he was fire marshal for the
Annandale department.
Two Of his sons, Harry James,
jr., and George Richard, are
members of the Annandale Fire
Department.
Mr.. Berryhill. born at Look
out Mountain. Tenn, came to
Virginia in 1922. He had been
employed by the Alexandria
Dairy, formerly Hazel's Dairy
Of Falls Church. since 1894
and was an active member of
Friendship Methodist Church
in Falls Church.
He leaves his wife, Kath-
crime Evelin, of the home, PLOT
Arnold lane, Falls Church; two
daughters, Mrs. Barbara Ann
Arbogast Of 5414 Sedgwick lane,
Springfield, Va, and Mrs.
Nancy Carol Cantrell of War
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-14

Since 1859 he had been with
HEW, serving first as a fiscal
management adviser and then
as chief of the fiscal branch.
Mr.. Pierson was an honorary
member of the Delta Mu Delta
Society at New York University,
a charter member of the So
ciety of Ex-FBI Agents, and
past president of the National
Conference of State Welfare
Finance Officers and the Con-
necticut Governme entail
Accountants Society.
He leaves his wife, Cecilia,
and a daughter, Mrs. Susan
Shuman, both Of the home adj
dress, 10700 Glenwild road, Sill
yer Spring; a son, Stephen E.,
of East Hartford, Conn.,; and
a sister, Mrs. Gertrude Gabur-
sky, of New York City.
Funeral services and burial
will be today in Hartford.
The family requests that ex-
pressions of sympathy be in the
form of contributions to the
National Heart Association.