The Evening Sun from Baltimore, Maryland • 36

TAT THE EVENING SIJN-j NANC SECTION JL 2 JL PAGE C12 BALTIMORE, FRIDAY, APRIL 2, 1971 In Frankfurt The Cost Of Racing Dollar Under Pressure $6 Million For Charles Town Track Pennsy Line Set To Sell Share Of Air Firm Competitive Broker Rales Are Ready Frankfurt, Germany (iJV-The United States dollar opened to K' ft Wednesday's cuts of the West German discount rate. Rumors here and in Switzerland persisted that a mark revaluation or a floating rate day at the floor price of 3.63 marks on the Frankfurt ex change and the central bank was expected to have to inter might be in the offing. Philadelphia (D-J) Cash-starved Penn Central Transpor New York Timet Newi Servtct Leading brokerage houses began announcing competitive commission schedules yesterday in anticipation of Monday's tation Company will receive $1,250,000 from the sale of its $22 million investment in Executive deadline for the implementation Jet Aviation Inc. if a purchase plan registered with the Civil Aeronautics Board is approved. vene again to support the dollar.

Rumors of a floating rate for the mark or a revaluation were strongly denied by the economics ministry in Bonn. A revaluation would mean an adjustment in the official value of the mark in relation to the dollar. "There is absolutely no reason why the exchange rate of the mark should be altered. It is purely a rumor," he said. Foreign exchange dealers said the dollar was under pressure after In Paris Paris (DJ)-The United States dollar here closed at its lowest level since the franc was devalued 19 months ago, and the pound sterling eased to a 10-week low.

Banque De France was a steady buyer of dollars, operators said, but could not give any estimates of amounts absorbed. The dollar closed at 5.51275 to 5.51375 francs, and sterling at 13.2970 to 13.3070. The plan was filed by Bruce G. Sundlun, Executive Jet pres of negotiated rates on certain large stock transactions. New schedules were posted by Merrill Lynch, Pierce, Fenner Smith, Goldman, Sachs Cmpany, and D.

H. Blair Company, and D. H. Blair ident, who last month disclosed that he headed a group of inbes- competition for institutional tors seeking to purchase control of the Columbus, Ohio, air taxi company. In exchange for the GRACE POST-W.

R. Grace Co. announced yesterday that J. Peter Grace, grandson of the founder and now president and chief executive officer, will become chairman of the boord, effective May 10. Mr.

Grace, who will continue as chief executive, is succeeding Allen S. Rup-ley as chairman. cash payment, the Sundlun group will receive Penn Central's 58 per cent stock interest New York (Special) Shenandoah Corporation said it has acquired for $6,000,000 all of the outstanding stock of Charles Town Turf Club owner and operator of Charles Town Race Course in Charles Town W. Va. According to H.

N. Glickstein, Shenandoah's board chairman, $1,250,000 in cash was paid at the closing and $4,750,000 will be paid in deferred installments over the next 7 years. Night Racing With the acquisition, he said, Shenandoah, which owns Shenandoah Downs Race Track in Charles Town will now own and operate the two flat thoroughbred race tracks serving Washington and surrounding areas in Maryland, Virginia, West Virginia and Pennsylvania. Both tracks regularly conduct night racing. Other Interests Charles Town Turf Club will be operated as wholly owned subsidiary, Mr.

Glickstein stated. Irving Kovens, its current chief executive and principal stockholder, will remain associated with Shenandoah Corporation. Charles F. Funk will continue as vice president and general manager of the Charles Town Turf Club operation. In addition to its racing interests, Shenandoah also owns Melville Knitwear Company, Alisa and Knitting Mills, all involved in manufacturing and distributing knitted sportswear.

in Executive Jet and the cancel Chile To Pay Bethlehem $20 Million For Plants lation of $21 million in subordinated notes held by the railroad, which together constituted the Penn Central's $22 million business would initially be intense. Under an edict from the Securities and Exchange Commission, the system of fixed commission rates on the portion of all transactions above $500,000 in value will be abolished April 5. Wall Street has operated under the fixed-rate system for der. the fixed-rate system for generations. Some Oppose Change A number of major houses have expressed opposition to the abolition of fixed rates, but most have indicated they realize they have little choice but to go along with the S.E.C.'s directive.

Merrill Lynch is one of the few houses that traditionally has Separately, Penn Central Transportation, the Penn Cen tral Co. subsidiary in bankrupt cy proceedings, said during January and February its loss narrowed slightly to $66.3 million from the $73.1 million deficit of the 1970 months. The trustees, however, cautioned that any comparison with the year-earlier figures would be "misleading," as those "appear to have favored negotiated rates. The This is the time of the year companies issue their annual reports. Photographs enliven many of the yearly statements.

This picture is' taken from the Mercantile Bank-' shares Corporation report. The text accompanying the illustration explains that Maryland's fastest growing county, Prince Georges, is also the birthplace of thoroughbred racing in the United States. concern is the largest invest reflected a corporate policy at The country is the world's leading exporter of copper. The Chilean congress currently is processing an Allende bill to nationalize multimillion United States interests in this country's copper mining and refining industry. Crown Central Calls Debentures N.Y.

(DJ)-Crown Central Petroleum Corporation announced that its remaining outstanding 514 per cent convertible subordinated debentures due December 1, 1993 have been called for redemption on May 4 at 105 per cent plus accrued interest. Holders of debentures presented for redemption will receive $107.45 for each $100 principal amount representing the redemption price of 105 per cent plus $2.45 accrued interest. ment house in Wall Street, Santiago, Chile 10-The leftist government will pay Bethlehem Steel of the United States about $20 million for its iron mining installations in Chile. The sale of Bethlehem Chile Iron Mines Company to the government's Pacific Steel Company was reported last week, but the amount of money involved was withheld. David Silbcrman, acting undersecretary of mining, told newsmen Wednesday that the exact amount had not been determined, but it would be around $20 million.

Chilean President Salvador Allende announced Saturday that Bethlehem would be paid for its Chilean assets over a 17-year period beginning in 1973, with 5.5 per cent annual interest. Allende went to the northern city of La Serena Thursday to make a speech on the nationalization of Bethlehem Chile. Iron is Chile's No. 2 export. that time of putting the best conceivable face on the facts.

which means that its competitive rates may set a pattern for other firms. It established what it called a "standard" rate of three-tenths The $32 million loss in January and that of $34.3 million in February are on a fully accrued basis and in accordance with of 1 per cent of the value of accounting regulations of the In-This means the railroad has in Maryland Activity Is At Record Level cluded $11.4 million in interest charges that are in default and on which payment 'has been deferred. Revenue in the two- Construction Spending Up Bethlehem Steel Gets Patent For Coating Device A U.S. patent has been awarded to Bethlehem Steel Corpor-tion for an apparatus and method for coating steel sheet. Two of the inventors, both employes of the corporation's Research Department, are stationed at the Sparrows Point plant.

They are Herbert Wald, and William O. Blanch. The third, George W. Ward, is an assistant section manager at Bethlehem's Homer Research Laboratories, Bethlehem, Pa. The new device utilizes an apparatus for applying ferro-chrome powder onto a moving sheet.

In this apparatus, air under pressure is forced upward through a porous diffusing membrane into a chamber where the powder is fluidized. Oppositely rotating roll brushes in the chamber displace a portion of the fluidized powder into a coating zone above the chamber. Steel sheet with an adherent undersurface passes through the coating zone and is coated on that surface with the powder. If both sides of the sheet are to be coated, the opposite surface can be treated in a similar manner. Buys Plant Japan Wi Kyotj Ceramic Company said it purchased a semiconductor plant in San Diego, from Fair-child Camera aid Instruments Inc.

Kyoto said it paid $260,000 for the plant which Fairchild decided to sell because of the olump in the United States business. month period totaled 1282.6 million, up from $253.9 million a year earlier. Penn Central hasn't reported its lasses for December or for Washington (DJ) The pace of i construction pending climbed 2 per cent in February to a sea lnas, Georgia, Alabama, and Florida. During associations in these areas had a combined net savings intake of $481.8 million by far the largest ever for the month. Previously, the high was $125.3 million es 1970 because auditors haven't completed their examination of sonally adjusted annual rate of Export Credit Facilities Rise Is Expected the company's books.

$103,700,000,000, the Commerce Department reported. tablished in February 1969. The increase from January's transactions above $500,000. Eut a spokesman noted that this rate would be subject to change, depending on market conditions and other factors at the time of each transaction. The spokesman said the Merrill Lynch rate structure would take into consideration the state of the general market, the ply-demand balance for the individual issue and any other tor that might affect the price.

Goldman, Sachs, one of the top institutional houses, disclosed a different system, under which no set rate whatever will be established. The firm indicated that the most important consideration would be flexibility. "What we are suggesting to our clients is that, while the commission will of course be an important consideration in any trade, it will invariably be less important than one other consideration: that of the best realized price." Total Price The firm said this meant the best total price, or cost, to the A year ago, their net intake I He told the Foreign Corre upward revised $101,700,000,000 was $90.5 million. On the lending P-C 2 Month Losses At $66,300,000 Philadelphia (DJ) Penn Cen rate marked the third straight monthly increase, although side, the Bank's member associations closed $438.1 million in Savings and lending activity at Maryland savings and loan associations reached record levels in February, according to the Federal Home Loan Bank of Greensboro. During the month, the state's 83 associations received $91.1 million in new savings, while withdrawals amounted to $47.7 million.

The result was a record net gain of $43.4 million which easily surpassed the former February high of $11.4 million recorded in 1968. The net intake for the same month last year was slightly over $300,000. In their other major activity, Maryland associations closed a record $33.6 million in mortgage loans during February. The largest volume previously post trailing the revised 3.8 per cent mortgage loans, thus exceeding by a wide margin the former January advance. tral Transportation Company said it incurred a net loss of $31,982,824 in January and a loss February mark of $304.1 million of $34,362,052 in February on a Tokyo (PI The need for export credit facilities is expected to continue to increase sharply in the 1970s, Henry Kearns, president of the Export-Import bank of the United States, said today.

Kearns noted that during the 1960's world trade grew at an average annual rate of about 14.9 per cent, while the world's money supply grew at an average annual rate of only about 2.9 per cent. Both private and public construction recorded increases in February, the report said. Private construction rose to a spondents Club of Japan that this trend was expected to continue in the current decade, and only an expansion of credit can make up for the lag in money supply growth to support continued trade expansion. Kearns said the bank was most interested in financing exports for "turnkey" projects because these involve the full range of United States fully accrued accounting basis. This brings to $66,344,876 the 300,000,000 pace from accrued loss for the two months in accordance, with the account posted two years ago.

In comparison, their loan volume for the same month last year was $208.4 million. Northrop Ready To Furlough 500 Beverly Hills, Calif. (DJ)- ing regulations of the ICC. The net loss for the two ed for the month was $30.9 mil months in 1970 was $73,106,081. customer, including the commis 800,000,000 a month earlier, while public construction advanced to $33,400,000,000 rate from the $31,900,000,000 pace a month earlier.

Expressed in terms of 1957-1959 dollars to adjust for rapidly rising construction costs, the report said that real or physical construction activity in Febru Northrop Corporation said its expects to lay off most of the 500 employes assigned to the lion two years ago, while in February of last year their loan closings totaled $18.2 million. As the regional credit reserve for savings and loan associations in the Southeast, the Greensboro Home Loan Bank serves more than 700 associations in Maryland, the District sion. "The key factor, of course, is not the commission you are asked to pay," the firm said. "It is the number of dollars you actually obtain. Other brokerage firms have SST program.

Wednesday, 152 were furlough ONLY 35 MINUTES AWAY IN MARYLAND ed and another 25 will be laid ary rose to a $65,600,000,000 rate from $64,400,000,000 a month off today. Northrop was a subcontractor to Boeing for the forward 40 seats of the airliner. disclosed plans similar to those of Goldman, Sachs, on the theo earlier. of Columbia, Virginia, the Caro- mm SEE US FIRST, SECOND OR BUT SEE US! I 111 MORTIMER i nr. i ry that the net cost, or price, to the institutional investor will be much more important than the portion of that cost, or price, made up by the commission.

D. H. Blair Company, still another firm, yesterday announced the lowest posted rate so far. It said it would charge clients one-half cent a share for the portion of any order over $500,000 in market value and would even consider lowering that rate if necessary to attract an order. Profits Climb Chesapeake and Ohio, Baltimore and Ohio Railroad first quarter net was $8,800,000 or $1.02 per share in contrast to $3,500,000 and 41 cents for the year ago period.

Revenues totaled $243,400,000 against The railroad said merchandise revenues were $150,300,000 in the quarter against $129,100,000 a year before. Coal revenues totaled $83,100,000 against West. Maryland Income Slides For the first quarter, Western Maryland net income was $457,346 and 22 cents per share against $920,877 and 48 cents a a i i i a DEALS WIRE I2EVER BETTER! AKKI.1NGANORE Frfdericlc 1' HglehPiid rredmrk, Maryland 2 1701 Plmw ve rw aiWilinnal Moinwlion atwut Uke I jnganore. No obligation, of course, UKtUNCANCWl Luxurious Recreation Club Camping picnic areas Olympic swimming pool Sauna baths cabanas 1 8-hole Championship golf Tennis 6 handball courts ALL MODELS OF KEY 71 OLDS SALE PRICED! Now under construction: 220 acre crystal lake miles of shoreline 1 100 acres of green space White sandy beaches Boating sailing Fishing in stocked waters Miniature golf course Underqround dec. sewer water Stables 6 30 miles of trails city unit 01 (wash Values rising as the lake fills Security entrance gate Invest now for growth Everything for year-round family I living and relaxation -T- year ago.

Revenues totaled $14,503,582 in contrast to $13,238,334. Dividend Omitted Owosso Mich. (DJ) Directors of MWA Company decided to omit the dividend usually declared at this time. The company had been paying 10 cents quarterly, the latest payment of which was February 1. from Baltimore: Take I-70N to New Market blinking traffic light.

Right one block and then left on Rte. 144. 2 miles to entrance. Lakelinganoie at Eaglehead. A new environment created by J.

William Brosius, Developer and Realtor Open Everyday 9:00 AM. Until Dark Phone 685-0929 Recipient of the 1970 Environment Honor Award from Environment Monthly..