Gustav A. Buchheister, 74, president of the Planters Tobacco Warehouse Inc. and chairman of the board of the First National Bank of Southern Maryland in Upper Marlboro, died of cardiovascular disease Wednesday at Prince George's General Hospital.

Born in Baltimore, Mr. Buchheister moved to a tobacco farm in Leeland, Md., with his family at the age of 14. After earning a bachelor's degree in business from the University of Maryland in 1927, he raised tobacco on the family farm and worked as a buyer for the American Tobacco Co.

In 1941, he and a brother, James J., founded Planters Tobacco Warehouse Inc. in Upper Marlboro.

In 1967, he was elected president and chairman of the board of the First National Bank of Southern Maryland.

A resident of Upper Marlboro since 1941, Mr. Buchheister was a member of the Vansville Farmer's Club in Prince George's County, the Marlborough Hunt Club in Upper Marlboro and the Southern Maryland Society.

Besides his brother, James J., of Upper Marlboro, survivors include his wife, the former Katharine Field of Upper Marlboro, two sons, Brent F., of Annapolis, and William F., of Los Angeles; a daughter, Bettie Ford of Lothian, Md.; another brother, Carl W., of Bethesda; a sister, Felicita B. Powers of Upper Marlboro and five grandchildren.