BUSINESS The New York Times. FINANCIAL 63 L THURSDAY, OCTOBER 8, 1964. HAYES IS LEANING Automation Strengthens Hold on the Electric Utilities U.S. THRIFT GROUP Hughes Tool Co. Divests Itself VOLUME CLIMBS TO TIGHTER MONEY DEFENDS PAYOUTS Of Northeast Airline Holdings IN MIXED MARKET Miami Lawyer Is Nominated Head of Reserve Bank Here for 3 Years as Trustee Agency Insuring Savings Declines and Advances Are Aligns Himself With Those of Stock in the Carrier and Loan Units Denies Just About Even for the Who Favor Credit Shift Threat to Liquidity By ROBERT E. BEDINGFIELD Second Day in Row BOSTON Howard INTEREST RISE BACKED The Federal Savings cent Insurance G.M. UNDER PRESSURE yesterday that divest today Private Speech to Foreign any the arising from the possible Steels Are Weak as Losses Exchange Dealers Printed of insured savings and loan Toolco three sociations. Range to More Than a in the Bank's Review In an unusual statement, owns Point-Ford Gains corporation sharply with $23 of an of it by the Gen- that it holds, By EDWARD COWAN eral Office. The Mr The York Federal Re- The tally of rising and de- clining stock prices was just serve published yesterday a speech by its president, Alfred the about balanced yester day for the Toolco Hayes, much second successive day. Trading holdings are in like side The disturbed voting trust which Louis J. Hector volume, however, climbed 5.09 industry possibly only nominee million shares. The averages Mr. a Civil Board showed little change money in ditional refrain- Bucket-wheel stocker-reclaimer piles 1,500 tons of coal an hour at the Potomac Electric ruled that Louis J Hector Mr Hector The market was acting ing from that higher in Toolco the Miami firm Power Company's new electric generating station in Chalk Point, Md. Complex, worked 'little after its per cent terest automatically by closed-circuit television, reclaims at rates of 250 to 500 tons an hour. the Federal (to Board) plan Davis. Mr. known to the Bank of control member rise in September, brokers said. itself be admin- General Motors helped dampen financial control followed by bullish spirits as negotia- the POWER INDUSTRY acquiring tions with 117 local unions policy who the credit airline's series 1959. dragged ter cancelled another week's ity next ADDS COMPUTERS steel deliveries to its Fisher than in fact of the body division and the market Toolco action indicated traders confidence the the decisions about the side effects position Automation Continues Drive the and all one the strike. calls which may be upon criticized sharply 1956 the weakest group Re- Into Utilities Business nominated yesterday with losses ranging serve Reserves Held Ample its Northeast hold- Continued on Page 69, Column point. U Steel 611.2. Lukens lost McChesney that The corporation said that Bethlehem. Jones course next By GENE SMITH had $1.2 billion and Naiional each the would have Automation is continuing it June to make relentless drive into the electric- that June its It's Tax-Selling Time fell decide next major utility business. would M. Drops 3/2 Meeting result payments definitely Announcements from Mr. delivered by first utilities yesterday pinpointed insured Investors Scrutinize Their Portfolios idled 250,000 the importance of the computer The corporation 25. M. Saturday Reserve speeding up the up $10,000 Through To Offset Capital Gains With Losses closing for distribution of separate accounts, Paradoxically, the couple have to hover near third utility also joined $30,000 of insured of growing ranks of utilities By ROBERT METZ set Tuesday and trad- single turnover placed advanced coal unloading Accounting Office report When autumn winds whistle and the leaves turn color, niques. rebuttal from the the investor is more likely to be thinking of football than to historic high going ahead The most important Loan and Mr. The group said the selling. But unusual circumstances this suggest the price: 61, year 185,000 shares Reserve Potomac Electric advisability of weeding the the most pany, of investment garden early. For was aided by brok- the which with perfect record insured thing, an investor will get BRAZILIANS VOTE and break-out 60. Mr. rhetorically built the took mileage out of a loss Also, wheel the Accounting Office's taken before the income tax UTILITY PURCHASE United counts. Office rates slip to their lower circuit television that per- The $61 manent levels next As investors begin realize Congress Passes Bill to Buy that this, may to that Cited Md., the $135 Million Properties third quarter results than of these outlays liquidate up to The Heart of System the prices tions although Tuesday indicated this BRASILIA, Buying Urged The brokers point and One house looking many Data Challenged they losses 10 Brazilian third quarter, number of listed New computer-directed control system to dispatch and reg. said the the Mr ulate electric power for New York and Westchester County the "looks bull will be used in 1966 by the Consolidated Edison Company. that mil might Stage Is Set The 45 years to Recalling in short be incurred independent The the mar- invest plied Continental associations, which the Many investors have ket appointed to California Places $100 Million Equipment Company concedes are the stage for taking their check Times tioned possibilities of Winfield, trouble, fail tax selling stocks Labor attempt bined party managed an 0.02 517.13. unlimited cushioning There main the and raised the 0.59. rages against Of Water Development Bonds capital gains that Stand- by article was gain impact of in the reduced dollar its 500-stock index the amount of record close dropped strong The other stocks hint that favored letting the California sold $100 million of bonds slipped 1.36. yesterday finance elopment of of state. who scheduled Oppo- 521 advanced 1965 Bank deduct showed de- 17 and bonds lows. Volume buy EUROPE IS VEXED bid that discourage resulted was check capital shares from such and thereby nual net cost to the ing be used Voting volume of 4.82 mil- shrink outflow state of 3.5851 per cent. early this morning Other needs to tap BY U.S. BUSINESS One other bid was submitted. and then the deadline of Mack Truck rose 1 1/4 and mid- ordinary under closed after trading at Continued on Page Column managed by the Bank- for filling the $1,000 Institutional Continued on Page 66, Column 3 ers Trust Company, the sponsible year activates the exhausted The Act. business Power of Industry Abroad National City Bank of remotely as limit and Stuart & Co., conveying of Opposition Was Strong Seen Prompting Fears Halsey, "carry forward proposed bid that would billion their provides that if Con The the said to vote bill New booklet annual Suppose investor net owners! of 1,500 being 000. within specified time it auto- BRUSSELS, Oct (UPI) per cent but present plant adopted Whether he held his securities matically becomes analyzes23industries; convention of businessmen that purpose, the Members of deposed Presi- recommends over from the United States the bonds at prices to Page 65, Column 1 Continued on Page 71, Column dent João Goulart's Labor party For tailored insurance was useless continue 175 stocks warned here today that yields ranging blocking the vote by staying peans fear American per cent in 1974 coverage at substan- is so powerful will per cent in 2012-14 A Talk With a Goldwater Man since leaders of other Our 32-page Security Buyer's had enough votes to tial savings- plus peak change life The issue sold yesterday was pass the measure. They decided Review helps you evaluate third offering of Cali instead to attend and vote your current holdings by inventory Water Resources De against giving you our opinions on: UIIII Tuthill, It is part Economist Explains the Chamber of Deputies Bonds. of the 196 with which industries and stocks protection the and Luxem billion ap- Candidate's Views In the Senate are most promising now; proved by voters in passed 32 15 of the The to the and His Own what's ahead for corporate it pays keystone project Deputies said privately they the Oroville Dam feared Congress might con- profits. For your free copy, and reser- to see a Mr. sidered "useless" it failed to mail this advertisement to T on the Feather River, now HOME agent or broker! construction, which By M. ROSSANT get enough members will water Gradual but definite changes capital to carry out the vote. PAINE, WEBBER, now flowing to Under the agreement, Brazil economic policy should be The and and distribute million JACKSON & CURTIS HOME HOME miles of expected if Senator Barry Gold- be especially water wins in November, ac- and and southern Cali- 25 Broad St. New York 4. HA 2-5540 cording to Milton Friedman, Insurance Company Continued Page 72, Column 425 Park New York 22, PL 2-8800 chief economic adviser. In told the Roosevelt Field Garden City, PI 7-5180 59 Maiden Lane, yesterday, he He listed the European Financial News-WQXR-7:40AM 'Outside' Directors out the changes Prices Show Spurt American big, they could sel at unprofit- able prices to destroy their com- Quit ebb & Knapp $3-billion In Copper Futures Ford, "Bacon & Davis petitors. balance Engineers qThey from abroad William Zeckendorf, the By H. J. MAIDENBERG UR 70th YEAR man of Webb & Knapp Inc Copper future deliveries RITER & Co. qSome that Ameri- INDUSTRIALS announced yesterday the resig soared to life-of-contract highs can addition. the entire nation of social all three UTILITIES sponsive to needs "outside" relations with business yesterday in heavy trading on PUBLIC AUTHORITIES Much of the directors from the with the emphasis the New York Commodity Ex moted by those who board the real estate rather than on change. petition' who At the close prices up MEMBERS pany by European antitrust legisla- posts filled Friedman, is to 0.80 cent pound, with York Stock Exchange CONSULTATION FOR tion and want to justify the near months strongest The American Stock Exchange FUTURE PLANNING he said. Knapp, which has been be pattern reflects this with mounting tight market for the metal. FACILITIES LAYOUT "But mainly Europeans policy if Mr other problems. elected because Dealers noted that the out AND DESIGN that whether ami- in side market for copper showed 40 WALL STREET the United States or abroad from the tone added CONSTRUCTION Mr Zeckendorf's eventual higher prices than the range of Milton Friedman, Senator Barry Goldwater's economic ad- the 37.05 cents on the fu- NEW YORK 5, N.Y. whole of life in Leaving the board and in ANALYSES OF OPERATIONS viser, says economic policy will change if Senator wins. tures board. Mr. Tuthill men the Federal They said that although do He James A Van Fleet VALUATIONS that the scholar who relishes active because he feels an obli- mestic selling Fla. theorizing and gation help clarify the the their output CHICAGO, ILLINOIS unity, this and Korea to partly has devoted cent "offi- sues. MORRISTOWN, NEW JERSEY NEW YORK MONROE, LA. ditions so good expounding 34 and to pound expanding Besides, he adds, "there more trading Knapp board 1954 because alternative in seeking extra or mar PALM BEACH, FLORIDA CHICAGO SAN FRANCISCO ner" for the United William been in focusing speeches writing. relatively few ginal supplies were paying con more He warned this will lead York, dean of Columbia Uni than He that he prefers his But there dif politics At the same time strong de- Continued on Page 73, Column Continued on Page 65, Column Mr. Friedman, short, genial|b he has become increasingly Continued on Page Column 7 Continued on Page 70, Column 1