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Evening star. [volume] (Washington, D.C.) 1854-1972, March 11, 1960, Image 10

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THE EVENING STAR
Washington, 0. C., Friday, March 11, 1960
Business
Rails Hit by Subsidies
Os $10.2 Million a Day,
Deßutts Tells Shippers
By DONALD B. HADLEY
Star Financial Editor
The Federal Government alone pours out $10.2 million
every day to subsidize transportation facilities, with which
the railroads must compete, charges Harry A. De Butts, presi
dent of the Southern Railway.
“During the last fiscal year the daily handout was broken
down this way: $1.4 million to aviation; $2.2 million to water-
ways: $6.6 million to highways,”
Mr. De Butts estimated yester
day in a speech at Atlanta.
“Looking at these figures, is
It any wonder that railroaders
sometimes feel as frustrated as
a woodpecker working on a steel
telephone pole?” he asked.
Addressing a joint luncheon
of the Transportation Club of
Atlanta and the Southeast
Shippers’ Advisory Board, Mr.
De Butts said every one of these
other forms of transportation
is a limited-service type.
“Only railroads can be termed
true common carriers if you are
willing to allow me to define
what I mean by common,” he
said. “It simply means that
railroads serve anyone at any
time for any freight that must
be moved in the interest of the
country’s economy or the na
tional defense.”
Cites Big Investment
Emphasizing that the rail
roads are credited with bav
in ga net investment in plant
of more than $27.5 billion, Mr.
De Butts said this vast outlay
is a created resource beyond
pricing.
In addition to Federal sub
sidies to other forms of trans
portation, those who rely on
railroads but use them only
when they must have also
contributed to the wasting
away of the vSzriers, Mr. De
Butts said.
Conservation of the railroad
transportation calls for greater,
use, not lim tation, he added?
“The growing needs of our
peacetime economy, the con-.
tinuing requirements that rail
roads be strong for the national
defense, cannot be satisfied by
railroads that are being wasted
through non-use.
Scores Restrictions
“Railroads must be freed of
arbitrary restrictions that limit
them in their ability to serve '
you and the rest of America. I
And the railroads ask little
more than this although my
summarizing in that one sen
tence may seem to ignore many
things that have been referred
to as railroad problems,” he
declared. ,
"Grant your railroads some
freedom to exercise inherent
competitive strengths they
MUTUAL FUNDS
NEW YORK. Mar. 11 (AF).-Natiaul Rua-
Rlatiaa StciritiH Baaltri. IK.
Bit Ktktß Bit AtKK
Akerttt. Fl 2.12 2.22 imtTrßi 11.9111. U
Affibttl Fl ISO Tit In Rsrck 11.11 12.08
AmlaliSkr 4.01 4JI lital Fiat 31.1111.11
Km Mutl Fl 031 0.00 • llrtsto Ma 22.00 22.00
Rm R> 0» 10.00 10.00 KEYSTONE:
Rise Ft Yr 1.40 103 Cwt 01 23 03 24 00
Mam 0« Ma 4.00 0.43 Cast 02 21 71 23 00
Ria H|ta R 3.17 3.02 Cast 03 13 37 10.00
RiaHitaß 0.12 003 Cast 04 03410 10
RlNotaStt 3.00 4.24 Cast KI 007 0 U
Rat Sci El 11 74 1 2.70 C.S K 2 13 40 14 10
AaalmCa 1.31 0 U Cast 01 17.70 1130
Bill RMa 10.03 11.77 Cast 32 111112.12
Bastaa Fl 10.10 17 40 Cast S 3 12 Ul4 04
Br< St In 11.70 12 75 Cas 34 12 21 13.34
Bal lack Fl 12.13 13 23 Fail C»a 12 34 13 35
CalitFaaO 0.7 2 7.34 KaickrOr F 0 111 IN
Ct. Cea Fl 12.74 13 D KaickrOk Or 3 U 0.40
Ciul.Fl 15. U 10.30 Inart F 0 14.23 10.12
Caa lat Crtß 3.05 O U lewtaTr 11 00 12 02
CaatySkTr 0.70 041 Lnita Vt 12 72 13. U
Ckem Fl 10.40 11.25 lift la lai 17 U II.H
CalaalEa 11. M 13.07 life la Stk 0.31 111
Calami Fl 0.04 10 04 leas Sai 23. U 23.00
cam* IK 0.70 052 -lMi.it Si 1410 14.10
Cemmln 111 107 MAMAI FUND:
Cea* Stk 14.5113.77 Electric 202
Cam BOS F 10.24 10.03 Cea Illas 3.40
Cure Fl 7.05 153 Metal 222
CokO Fl 13.03 14 OS Ftetr 3.37 |
Caos In Tr 1175 1125 Petrel 1.00 ,
cart teao 20.35 22.17 Sewlal 340
CrtW la Di 100 7.30 Tran 2.31
Bela Fl 10 n 12 04 Mas In Tr 12.40 13 47
Bala lac 0.02 10.50 Mas In Cr 13.27 t 4 35 i
OaVetk In 15.22 15.37 Mas lit Ft 20 37 22.02
OeVtkMt MM MM Min F 0 7053 35
BiftaCrStk 0.01 3.37 Missile It 11.70 12 00
Blirs in Ft 0.30 0.13 MIF 14 40 15 CO ;
Bllrt Tr E 20.05 22.11 Mat In Fl 111 111 1
BiliS Shrs 2.09 3.07 *Matl Skrs 13 4 >13.47
Breyfs Fl 13.35 14.51 Mutual Tr 117 345
Eata Hw 01 21.55 23.51 Na-WOe Sc 19.19 21.11 :
Eta Hw Stk 22.03 24.20 Katl lav 12.11 13.71
Elecrein 1.31 111 NAT SEC SER:
EMr» Ft 10.74 13.74 Balsa 10.54 11. W
Egtity Fl 7.52 770 Bert 530 010
Eurate ISM 1125 Dis 3.00 4.24
FiOlitoC 11.77 12.73 Pref Stk 7.70 0.50
Frtlty Fl 14.50 15.70 laceme Sil 0 M
FiOac Mat 11.11 17.07 Steck 0.07 402
OIF 404 442 Craatk 000 004
Flacrwtk 543 5.03 N Eao F< 105 10 71
Fla Mutl 1.11 2.43 NY Cao Ca UN 13.00
Frtrs Mutl 3.33 10.70 NCE Skrs 12.45 11.11
FrakCsCm 3.45 5.H Out. Fl 10.32 1150
FrakCsPf 270 3.05 On Wm St 12 07 13 05
FuaOml in 0.01 0.44 I Pen SR 13.30 1310
Seal Cao 15 Ml7 10 Resale Sec 15.72 17.21
Cea la T IM 7.22 Pkila FeO 0 011150
CROUP SEC: Piae St Ft 11101120
Autemek 111 300 Piea Fl 0.43 aio
Aliata 0.30 1.11 Pre TR Cr 12.55 12 BO
BUIIOiaf • 114 Furitaa FN 7.71 0.34
Cao Crtk 0.27 0 U Return Ceo 13.57 14.75
Ckamical 12.30 13.50 Putnm Crtk 17.70 10.24
Cam Stk 1170 12.01 Seal Fl C. 11.52 12.45
FnO •” ••• ’SUStCI 17 70 17.70
F lrtl, oom IN 071 -Sc SC Cm 1(4 0.04
Cea le«l 111 7.44 Sei Am Sk 1.14 1.14
IrtstMck 101 7.47 SkrkOTr 11.7111.75
intßaat 775 000 Smtk El B 15.25 10.71
MerckaaO 11.71 11H sewett tai 12.14ti1l
Mlalai 5.57 0.11 Sees lai 13.40 14.70
Petrel 0.75 155 State St to 33.52 35.02
RRBnO 2.11 2.33 *Sta RF FO 34.30 34.30
RREniR 5.U 0.10 RAF Stk 20.15 21.15
RR Stock 0.70 I.N Strl la Fl 11.50 12.40
Otoel 005 0.02 Teln El Fl 7.41 BIS ,
Tekacce 7.45 0.17 Tens Fuse 115 II.H
Utilities 10 40 11 40 Twa US let 0.02 7.25
Cth la Skr 10.20 10.75 7w«t» C Ctk S7O 0.37
cm Mutl 10.14 10.70 ualt Ac F 4 11.00 12.07
Msmli HC7 4.02 5.27 Ueit Cat F 0 0.03 757
Hemll HDA 4.74 Uait lac F 0 10.24 11.13
•Hrtek re 25.00 25. M Uait Sci F 0 13 15 14.37
lucm Fturt 2.40 2.53 Uait FO Ce 14.01 10 >0
Hem F 4 On 7.43 112 Vai llae F 0 5.03 040
Incurs lee 0.01 0.05 Vai la In F 4 5.20 504
Incereinv in o.U Vai La Sa St 307 4.01
INSTITUTIONS: Wall St In 7.70 0.42
Ben Furt njo Wsk Ma la 134 10.43
FeunUFS 10.22 11.11 WelilEe 12.10 13 15
Crwtk F 4 1121 11.17 Wellga FA 13.30 14.59
laceme Fl |2O 0.01 wkltekl F 0 12.01 12 00
IniurFrt 11.95 WiscaFO 5.73 0.20
Inti Ret Fl 4.75 1,9 *Net met nlae.
In Ca Am 0.42 10 30
■ A
Harry L. Weisman has
been elected board chair
man of Edro Engineering
Co., contracting firm,
effective May 1. He will
resign as divisional mer
chandise manager for
the Hecht Co. on April 30
after 20 years service. He
also will become president
of Redbar Investment Co.,
an Edro affiliate.
have. Give them opportunity
to adjust and adapt to meet
1960 s transportation needs in
; this country. Encourage them
and support them in gaining
release from restrictions that
; now make it impossible for
them to remain strong through
use.”
West Virginia C&P
To Offer Debenture
Chesapeake & Potomac Tele
phone Co. of West Virginia will
; place $25 million of debentures
on the market nest Tuesday,
March 15, President James B.
Morrison announced yesterday.
Bids will be receivable until I
11 a m. on March 15. The de
bentures will be due in the year
2000.
Co-operation Urged
For Federal Census
Advertising and public rela
tions officers were urged yester
day to give full support to the
: largest market survey ever un
dertaken. the 1960 Federal
Census, which starts April 1. !
A. W. von Struve, public in- I
formation officer for the Cen- |
sus Bureau, told New York
Chapter of the American Pub
lic Relations Association, the
census will provide important
new statistics for business, la
bor groups and the Govern
ment.
Around 160.000 enumerators
will visit 60 million homes in
>"ly April to list an estimated
180 million persons, he pointed
out. He urged that public re-i
lations and advertising groups
promote public co-operation
with the census taker.
Collection Course
For Doctors, Dentists
The Physicians and Dentists
Adjustment Service, a division
of the Credit Bureau, Inc., will
sponsor a hospital and medical
personnel credit and collection
course on March 23-24.
course on March 23-24 at
Credit Bureau Offices, 222
Sixth street N.W.
Miss Frances N. Hernan of
the National Retail Credit As
sociation of St. Louis, Mo., will
be instructor.
The Physicians and Dentists
Adjustment Service is a char
ter member of the Medical s
Credits Division of the Associ- 1
ated Credit Bureaus of Amer
ica.
Melpar Establishes
Plasma Physics Unit
A Plasma Physics Branch has
been established at the Physical
Science Laboratory of* Melpar, l
Inc., in Falls Church, Va.
R. C. Jones has been named
acting supervisor of the new;
suit. He also is supervisor of;
the laboratory’s physical sec
tion and came to Melpar in
1957 from the Naval Research
Laboratory.
Construction Group
Honors Five From D. C.
Five Washingtonians were
among 62 men to be cited for
"outstanding contributions to
the construction in dustry” at
the National Construction In
dustry Conference here yester
day and today.
They included: Waldemar
Weichbrodt, deputy director,
appraisal and mortgage divi-l
sion. Federal Housing Admin
istration: William H. Scheick.i
vice president, research. Timber
Engineering Co.: Ralph H.
Gloss, Timber Engineering;
Norman P Mason, administra
tor, Housing & Home Finance
Agency; Gerald F. Prange, di
rector of technical service, Na
tional Lumber Manufacturers
Association.
New Firm Buys
Cavalier Hotel
F0r52,250,000
■ VIRGINIA BEACH, Va., Mar.
11 <AP>.—The Cavalier Hotel
and its related properties have
been sold for $2,250,000 in cash,
J. Sidney Banks said today.
Mr. Banks, president of the
Cavalier-Jefferson Corp., owner
of the properties, said there
will be no change in manage
ment. He said he will be the
head of the new corporation,
and his new associates will be
Gene Dixon of Charlotte Court
house and Everett A. Fairlamb,
i jr. and Thomas Oxenham, both
i of Richmond. The new corpo
• ration will take over the prop
erties within 90 days.
i Mr. Banks’ present associates
■ are F. E. Watkins of South Hill
and Richmond and Albert Sut
tle of Petersburg.
The sale price includes the
290-room Cavalier Hotel, the
Cavalier Yacht and Country
Club and the Cavalier Beach
and Cabana Club.
Mr. Banks said reports that
the yacht and country club
golf course would be subdivided
into home sites were erroneous.
Big Sales Job
Seen in Banks
Banks need to give more at
tention to telling their custom
ers about the services they
have to offer, declared Reed
Sass, president of the Finan
cial Public Relations Associa
tion, here last night.
By taking a friendly interest
in customers, bank officers and
employes often have opportuni
ties to tell checking account
customers about the advantages
of safe deposit boxes, travelers
checks or services of the trust
department, he said..
A consistent selling job spells
the difference between stand
ing still and growing in this
time of competition, he warned.
Mr. Sass, who is vice presi
dent of the Fort Worth Na
| tional Bank, of Fort Worth,
i Texas, addressed a dinner
meeting of the Safe Deposit
Section of the District Bankers
Association at the Mayflower
| Hotel.
Nearly 60 members of the
Safe Deposit Section
and members of the Financial
Public Relations Council of
Washington were guests.
Ralph H. Mittendorff, vice
president of American Security
& Trust Co. and chairman of
the District Safe Deposit Sec
tion, introduced the speaker
and guests.
PEOPLE
IN *
BUSINESS
Murray Fisher has been
named general sales manager
of Slattery’s Radio and Tele
vision stores. He formerly held
'a similar position with another
large area appliance chain.
William M. Sutton has be
come retail manager for the
Baltimore Division of Shell Oil
Co. The division serves Wash
ington and nearby States.
Kenneth Hine reported his
Communication Workshop has
moved to larger quarters at 1028
Connecticut avenue, N.W. from
1 1835 Jefferson place, N.W.
National Terrazzo and Mosaic
Association moved to 200 K
street. N.W. from 711 four
teenth street. N.W.
Electronic Teaching Labora- I
tories, Inc., has named S. Gun-;
nar Myrbeck & Co., ad agency
of Washington and Quincy,
Mass., to handle its advertising?
V. E. Fehr and Edwin E. Edel
have been named advertising
and public relations account
executives with APR Consult
ants. Inc.
j William A. Borowski has been
elected vice president of Mur-'
ray & Heister, Inc. He joined
the firm in 1941.
O. Edward Johnson has been
named salesman of the year
at Darby Printing Co. A com
mittee of three fellow employes
selected him. He has been with
the firm nearly 20 years.
William G. Gavin has become
district sales and service man
ager for data processing divi
sions of Consolidated Electro
dynamics Corp., subsidiary of
Bell & Howell.
r—
.WB %.??
John F. Ahbadessa, dep
uty director of the civil
accounting and auditing
division of the General
Accounting Office, will
address Washington
Chapter, National Asso
ciation of Accountants at
a dinner meeting at the
, Occidental Rest aura n t
next Wednesday.
■ B ■ j/*lp • •
Kit " ; i
3 'll* I*" 1 MW W ■ I
" IB J" J$ IrfiJ ‘1 111 W
szz x "oMRBK
New branch quarters of Merchants Tire Co., Firestone distributors in
this area, at 1724 Kalorama road N.W., provide more than triple the
space of former quarters at 1418 P street N.W.—Star Staff Photo.
■ • .V.V.- • .;*
HOWARD J. RIORDON
Insurance Men
Plan Regional
Session Here
The 50-year-old Washing
ton-Baltimore Sales Congress
of life insurance leaders will
be expanded into a regional
meeting as the first annual
Mid-Atlantic Sales Congress at
the Shoreham Hotel on April
21.
The District Life Underwrit
ers Association is sponsoring
the event which will draw in
surance executives from Mary
land, Virginia, Delaware, West
Virginia and parts of Pennsyl
vania as well as the Dstrict of
Columbia. A limit of 1,000 has
been set on attendance.
Howard J. Riordon, general
agent for the John Hancock
Mutual Life Insurance Co., has
been named general chairman
and program chairman for the
conference, it was announced
by William R. Tooker, presi
dent of the District associa
tion and general agent for
Berkshire Life.
Other committee chairmen
will include: Thomas R. Bu
chanan, publicity; William J.
Haggerty, tickets; Charles M.
Fairchild, finance; Vernon R.
Zimmerman. entertainment;
Mrs. Wayne E. Dorman, social;
Francis M. Sharkey, company
relations; H. Lee Atwell, jr.,
arrangements; John N. Sulli
van, door prizes; W. Arthur
Bingham, sergeant at arms.
A crowded program will in
clude five nationally known
speakers to be announced later,
Mr. Riordon said.
OVER COUNTER
1 Washington listings on over-the
i counter market* furnished bv the Na
tional Association of Securities Deal
ers a* of 1 pm. Friday, March 11:
Bid Asked
Amer Invest 3% 3%
Amer Sec & Trust «<» 65
Automation 13 14 21
CEIR 25 29
Consumers Invest 4.77 ft.lB
Drug Fair 15 16>«
First Virginia Corp 3%
Oiant Food Inc 13’i 14’a
Giant Pood Prop 2 2H
Govt F.mpl Corp 37 42
Govt Emnl Insur 114 122
Govt Emnl Life Ins 67 72
Hot Shoppes Inc .3« 42
.Int! Bank of Wash 7’/* !<»*«
Metropolitan Broadcast 16 17‘4
Peoples Life Insurance 41 45
Pepsi Cnla of Wash 5’4 fl
Servonics 9’, io$ 4
State Loan iwy* 21‘4
Suburban Trust 65
Union Trust Co 44 47
Macke GB Cl A 11*4 12*4
FOREIGN EXCH'GE
NEW YORK. Mar. II <AP> —For
elzn rxchani. ratea lOreat Britain In
dollar*, others In cents and decimals
of a cent::
„ J „ Today Prev. Day
Canada in N Y.
fjrecl 105.2187 105 2343
Europe:
Great Britain
(pound) 2.R056 2 Roft7
30-day futures ' 2 MO4R 2.8049
60-day futures 2 8041 2X043
90-day futures 2 H 033 2 8037
Belgium ifranc* 2.0055 •* ooftft
France (franc* 20.3 X 20.3775
Germany (Western*
(deutsche mark» 23 98 23 9825
Holland (cullderi 26.25 26 5150
Italy (lira* .1625 1626
Portugal (escudo) 3.50 3 fto
(Sweden (krona* 19.34 19 34
Switzerland
(franci <free» 23.08 23 07
Denmark (krone) 14.61 14 51
Latin America:
Argentina
(pesoi (freei 1.22 1 °2
Brazil
(cruzeiro free) .56 56
Mexico (peso* 8.02 8 0”
Venezuela (bolivar) 29.99 29 99
Far East.
Hong Kong doallar 17.65 17.66
CHICAGO
LIVESTOCK
CHICAGO. Mar. !1 (AP).— (USDA)
-—Hogs 6,600: slow early, later trade
fairly active, butchers under 230 lbs.
aO to 15 lower: 230 lbs. and heavier
25 to fto lower: sows 26 lower: early
clearance: mixed araoe 2-3 and mixed
1- 200-270 lbs. 15.25-15.65; .several
hundred Is and l-2 and 2s 190.
•-2O lbs 15 50-15 75 thirty-nine head
closely sorted Is 200 lbs 16.00; mixed
2- and 3s 270-310 lbs. 14.75-15.25;
a load mixed 2-3 350 lbs 14.OO: mixed
2-3 330-550 lb. sows 13.00-14.00.
Cattle 4OO; calves none; small sup
ply largely cows and only a few small
lots steers and heifers a feu sales
steers adn heifers steady: cows fully
steady: bulls absent: vealers steady: a
few small lots and individual head
standard to good steers 21.50-25.50;
a few good and low choice 26.00-26.50;
a few good heifers 23 50-26.00. feu
good and choice 26.50-26.26: small lot
standard 21.00; utility and commercial
cow* 16.25-18.50, commercial 16.75
70; canners and cutters 14 50-17.50;
a few good vealers 30.00; utility and
standard 16.00-28.00.
Firestone Distributor
Triples Capital Space
Merchants Tire Co., whole
sale distributor of Firestone
tires and auto accessories in
the Washington area, has more
than tripled the space of its
Washington branch by moving
it to 1724 Kalorama road N.W.
With more than 30,000 square
feet, the three-story building
has been leased, from Alber
Oldsmobile, Inc. Former quar
ters at 1418 P street N.W., pro
vided 8,000 square feet. They
have been taken over by L. P.
Steuart Motors.
Merchants Tire was organ
ized as a Firestone dealer at
Manassas, Va., in 1943 and
acquired the area distributor
ship in 1948.
The Washington Branch was
established in 1953 and serves
the District of Columbia and
nearby Maryland.
Headquarters of the firm re
main at Manassas, and North-
Stock Market Indexes
Cause Wonderment
By SAM DAWSON
Aisociated Press Business New* Writer
NEW YORK, Mar. 11.—Wall
Street proa and amateur index
watchers across the Nation—
many owning no stock at all
—shivered Tuesday when the
Dow Jones industrial index
dipped below 600.
Yet it’s a good bet that few
of the amateurs could name the
30 stocks in the index or ex
plain how the closing index fig
ure of 599.10 was arrived at
(especially since the actual dol
lar average of the 30 stocks
that day was only $73.03.*
A few may even think that
599.10 is the dollar average of
the 30 stocks rather than a per
centage of the index level that
existed during a base period.
But stock market averages—
such as Dow Jones industrial,
the Associated Press 60-stock
index, and Standard & Poor’s
500-stock index are closely
followed by pros, amateurs, and
much of the general public.
Drop Brings Wonderment
Thus newspaper readers
noted that the Dow-Jones
hadn’t been below 600 since
February 19, 1959 and by
January 4 of this year had
reached 685.
So the drop below 600 brings
wonderment about what’s com
ing next.
Indexes usually reflect ac
curately the changes in market
trend, which is all they’re de
signed to do. They don’t show
the trend of individual stocks
or particular industries. Often
these are going in the op
posite direction from the in
dex.
The oldest Index is the Dow
Jones, which started January
i 2, 1897 with 12 stocks whose
average that day was 41 tat
I that time in both percentage
points and dollars).
The AP 60-stock average
has been compiled since i 935,
although for comparison it
was carried back to January 1,
1927. Its range in 1935 was
61.8 to 83.7 and it was com
piled by simple arithmetic
just adding up the stock prices
and dividing by 60.
Standard & Poor’s Uses 500
Standard & Poor's 500 stock
index started March 1. 1957,
but uses the base years of
1941-43 to get Its percentage
comparisons. Dow Jones and
AP use market leaders. Stand
ard & Poor’s uses about cne
half of the issues listed on the
New York Stock Exchange, but
the stocks used represent about
90 per cent of the value of all
stocks held by Investors.
The present Dow Jones index
(and AP's to much lesser de
gree) bears scant resemblance
to the original. ,
Only two stocks presently In
the Dow Jones index were in
the original, and even these
were out of it for some time.
Three of the original 12 com
panies are no longer in exis
tence. Another is now a divi
sion of a present index oc
cupant. Four stocks were drop
ped last year and four others
substituted.
Simple Arithmetic Given Up
The index number was raised
to 20 in 1916 and to 30 in 1928.
Simple arithmetic had to be
given up. There have been so
many stock splits, stock divi
dends, and substitutions of
em Virginia sections are served
from there. C. Caton Merchant,
jr., is founder and president of
the firm.
A feature of the new Wash
ington quarters is a spacious
modern waiting room for cus
tomers. All the first floor is
devoted to service.
Inventories of passenger car
tires, batteries and other ac
:essories are on the second
floor. Supplies and service for
trucks are handled on the third
floor.
Stanley Leith, branch man
ager. said branch volume is
running about equal to a year
ago. despite bad weather.
The company handles all
Firestone wholesale business in
the area although Firestone also
has a number of retail stores
jin operation here.
Scott Wilson, real estate
broker, handled arrangements
for the new lease.
companies, that just adding up
the 30 and dividing by 30 could
not give a true picture of the
percentage of change.
So divisors are used. Dow
Jones first started dividing the
30 stocks by 15 instead of 30.
This sent the index figure well
above the dollar average on any
particular day. The divisor has
had to be lowered again and
again. At the start of 1960, the
' total dollar value of the 30
stocks was divided by 3.83.
That is why wnen Tuesday’s
index figure of 599.10 was down
;4.92 points from Monday's
j close, the dollar average of
,73.03 was down only $1 from
Monday s average of the kttual
price of one share each of the
30.
Need for Divisors
Why the divisors are needed
can be shown by what hap
pened to the 15 utilities in the
AP index between this Monday
and Tuesday.
Monday the utility index was
97.3, the divisor 7.97, and the
dollar average $49.54. But Tues
day a 2-1 split in one of the
utilities used went into effect.
To compensate for that the
utility divisor was lowered to
7.64. Tuesday’s utility index
closed at 97.3, for a loss of two
tenths of 1 per cent for the
day.
Because the value of the new
share (about one half of Mon
day’s unsplit share) was much
lower than Monday’s, the dol
lar average of the 15 dropped
from $51.42 Monday to $49.54
Tuesday, for a loss of $l.BB.
The dollar drop would have
indicated a big decline in utility
stock values—which just wasn’t
so.
The AP utility index drop of
0.2 per cent compares with a
drop In the Dow Jones 15-util
ity index of 0.24 per cent.
TREASURY BONDS
NEW YORK. Mar. 11 <AP>.-Yest»r
nay • closing over-the-counter United
States Government Treasury bonds.
Net
Bid Asked Chi. Yld.
*B 28 98 30 3.74
2’» 65-SO 87.12 97.20 —.4 320
8 97.18 97.22 -.6 4.35
?! u . 96 28 97 “ * 4 38
:? 4 ’A 2 A 9^ n « 95 , 4 95 1« - 8 434
2><s 62-59 Dec 94.14 84.19 -.6 4.36
2 '2»,63 ... 93.26 93.30 -.6 4.45
12? M .. 94.30 95.2 -.4 4.40
•2'W 65 92.4 92.8 -.10 4.39
•3s 66 93 93.4 —.9 4.24
J?,'-’’ 89 -4 8912 -.4 4.22
•2UI 66-63 86 28 87.4 -.8 4.28
*2Hs 69-64 June 86 86.8 —.12 4.32
69 „.. 98 4 98.12 -.12 4.21
;2 ts 69-64 Dee . 85.20 85.28 —.12 4.28
•2Us . 85.12 85.20 —.12 4.28
•2fts 71-66 . 85 85.8 -.12 4.19
i une 85 85 8 —H 4.04
•2 *s 72 67 Sept 84.24 85 -.4 4.04
•2VjS 72-76 Dec 85 85.8 —.12 3.99
•3 ,4 » 7 < .... .96 8 96.16 —.12 4.20
80 „ - E-28 98.4 -.8 4.14
•3 «s 83-78 86.24 87 —.B 4.12
•3(48 85 85.24 86 —.B 4.15
•2iss 90 19 99.8 -.4 4.13
•3a 95 14.4 84.12 -.20 3.83
Prices quoted In dollars and thirty
seconds.
•Subject to Federal taxes but not to
Stste income faxes.
LEASE...
JACK BLANK
Rent A Car, Inc.
1960 CORVAIRS
AS $Q7,50 per
LOW AS OI MONTH
For a 24-Menth Period
4/jo '6O Pontiac and Vauxhalls
And Other Makei
At Low Ratei
AD. 4-8500
1437 Irving St. N.W.
CAPITAL DISTINCTION
Washington Is East's
Top Single-Beds City
By WILLIAM MarDOUGALL
Star Staff Writer
The National Association of
Bedding Manufacturers has
made it official: Washington is
the biggest “single bed” city
in the East.
Double beds still predomin
ate in the Capital, according to
J. P. Fanning, general manager
of the association, but the
trend is to twins.
“Double mattresses account
for about 60 per cent of sales
in Washington,” he said, “and
single sizes about 40 per cent.
Throughout the Nation, Mr.
Fanning said, double mattres
ses outsell singles about 65 to
35. Washington ranks second
only to Los Angeles in its trend
to smaller beds, he added.
Many Live Alone
“In Washington.” he explain
ed. “there are lots of single
people*working for the Govern
ment. There are lots of effi
ciency apartments and lots of
twin beds because many people
live alone.”
The association’s findings
were compiled from Census
Bureau figures and reports
from its 440 members, who are
mostly manufacturers. Head
quarters for the association is
at 724 Ninth Street N.W.
Some years ago, Mr. Fanning
said, doubles outsold singles
about 80 to 20. He observed
that in most rural areas, such
as Mississippi, the larger beds
'-O’ V •
GENERAL LITZENBERG
Gen. Litzenberg
Named Director
By GSLI Holders
Lt. Gen. Homer L. Litzen
berg, USMC (ret.), was elected
a director of General Services
I Life Insurance Co., at the fifth
annual stockholders meeting at
, the Mayflower Hotel yesterday.
Re-elected directors were:
. Carl Thompson, company pres
ident; Brig. Gen. Merritt B.
I Curtis, USMC (ret.), vice pres
ident and terasurer; Lucien H.
| Mercier, vice president and
general counsel; Rear Admiral
Don S. Knowlton, USNR (ret.); |
Col. Robert F. Cocklin, Brig. I
jGen. Ray A. Dunn, Col. Fred
M. Glass, Col. Thomas H.
King, Lt. Gen. Willard S. Prul
and Col. William E. Schooley,
USAR.
President Thompson reported
the company now is licensed
also in the State of Mississippi
and that further expansion is
planned this year.
ODD-LOT TRADING
NEW YORK. Mar 11 (AP).—The
New York Stock Exchanse reported
today these odd-lot transactions by
principal dealers for March 10: Pur
chase* of 410.866 shares: sales of
2R1.906 shares Including 3.405 shares
sold short
Jeep
FIRST IN 4-WHEEL DRIVEI
Come in for a demonstration and discover— ‘Jeep* 4-wheel
drive vehicles go more places * do more jobs • cost less to ownl
'Ta All VEHICLES BY WILLYS MOTORS... WORLD’S lARGEST
MANUFACTURER OF 4-WHEEL DRIVE VEHICLES
. on« of the trowing KAISER Industries
Coma In for a demonstration
Fenner Motore, Inc. Roeslyn Auto Body Co.
1636 Bladensburg Rd. N.E. 1817 N. Lynn Street
Washington, D. C. Arlington, Va.
Hunter Motore
* 1801 Mt. Vernon Ave.
Alexandria, Vo.
Montroso Garago Irons Brothen Garage
11600 Rockville Pike 4327 Gallotin Street
Rockville, Md. Hyattsville, Md.
Tune in MAVERICK Sunday Evenings, 7:30 P.M.
| are still most popular by a ra
tio of about 90 to 10.
f "They’re more conservative In
B the country,” Mr. Fanning
s noted. “It’s less expensive to
buy one bed than two.”
r According to association fig
ures, the manufacture of mat-
- tresses and bedsprings is a
j $5OO-million-a-year industry.
That is a 25 per cent increase
in volume over sales a decade
B ago.
Part of the increase can be
t attributed to the growth in
g population, Mr. Fanning said,
3 and part to new developments
in the industry. Those include
, such items as foam rubber
J mattresses and “king size” beds
5 some of which measure 7
j feet long and 6 feet wide.
Cold Boosts Sales
The sale of beds, he noted,
begins to increase each fall “as
. people start to think about cold
> weather coming.”
The official theorized that the
- main reason more and more
f people are turning to single
s beds is because some authorities
have held that such a practice
3 is healthier.
s “When two are sleeping in a
s bed,” Mr. Fanning said, “one
» person is lighter and the other
. heavier and they disturb each
s other.”
“There has also been some
? publicity that it is healthful
s to sleep singly,” he added. “And,
1 of course, the manufacturer
i likes to sell two mattresses in
s stead of one.”
4
Flintkote Buys
Towson Firm
TOWSON, Md., Mar. 11
(APC—The Harry T. Campbell
Sons’ Corp., 68 years old and
primarily engaged in sand,
gravel and concrete business,
announced today it is selling to
the Flintkote Co. of New York.
"rile Campbell business, which
employs about 1,000, will be
operated as a subsidiary of
Flintkote, according to chair
imen of the two firms.
The Campbell firm has
plants and quarries in Mary
land, Pennsylvania, Connecti
cut, New Jersey and Virginia.
Flintkote, incorporated in
Massachusetts in 1917, has 17
other subsidiaries in New Jer
sey, California. Louisiana, H
linois. Oregon, Texas, Kentucky,
Ohio and Indiana as well as
Canada and France. It em
ploys 8,400.
I Flintkote is engaged in min-,
ing. manufacturing and distri
bution of such products as as
phalt, floor covering, cement,
gypsum, insulation and paper
board.
The sale of Campbell was
announced by Bruce 8. Camp
bell, sr„ and I. J. Harvey, jr., of
| Flintkote.
5000 SQ. FT.
DESIRABLE
GROUND LOCATION
FOR LARGE ORGANIZATION
5034 WIS. AVE. N.W.
EM. 3-2381
R. H. BEST |
Custom Home Building;
HA. 7*7300 or WH. 2-77221
PROMPT FREE ESTIMATES j

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