davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
On the Trail

In addition to the House inquiry,
the Mcclellan investigating COM
mittee in the Senate, rs FBI
agents, a Texas grand jury, De-
partment Of Agriculture sleuthS
and internal revenue men all are
on the trail Of Billie Sol.
The principal intelligence which
was put on the record by the
Fountain group was that a certi-
fled public accountant had de-
stroyed the working papers in
connection with his estimate of
Estes financial worth.
The estimate was prepared for
submission to the Department of
Agriculture so that it could de-
termine whether the 100000 bond
required Of Estes for storing Gov
eminent surplus grain was high
enough. The Government had
wanted to raise it to 81 million,
but did not. The accountant told
department officials he destroyed
the papers after receiving a call
from someone in the Estes Or
ganization. He admitted not max
ing an adequate audit.
agriculture Secretary Freeman,
who has denied charges that Estes
got preferential treatment by his
department, said on Monday that
the Texan obtained a lower bond
than otherwise would have been
required, by misrepresenting his
true financial condition.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
Heavy Selling

Heavy selling continued Tues
day morning and Dow Jones
dropped more than points by
noon. Mr.. Kennedy assembled his
economic advisers to a special
meeting at the White House to
discuss the situation. The word
came out that the Government
was not being panicked by the
panic selling, that it felt that
stocks had been overpriced and
were now being shaken down to
more realistic levels.
Then an astounding reversal
began on Wall Street. Big institu-
tional investors, pension and mu-
tual funds and the like, together
with "bargain-Aunters," jumped
in with buy orders. At the $3.50
pm. close, the tickers were more
than four hours late. When all
the figures were toted up, 14,750,-
900 shares had been traded and
the market had snapped back
with a rise of 27.03 in Dow Jones
averages.
Wednesday was holiday and
all concerned welcomed the
breather and the chance to assess
the. frantic market action. On
Thursday, the rise continued until
the losses of Monday and early
Tuesday had been fully recovered.
Friday, the market dropped off a
little, leaving it down only a frac-
ton Of a point from the close of
the previous week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
The Political Aspect

Perhaps more important, how
ever, is the fact that no political
party in power could risk another
deep depression. If the vast de-
tense spending, unemployment
compensation and bank deposit
insurance are not enough of a
cushion, additional measures
would be taken to buttress the
economy.
Some experts see Mr.. Kennedy
caught in a dilemma. He sees,
they say, the need to stimulate
the economy further, but fears the
i'll effects such a stimulation
marked by deficit spending and
a possible loss of confidence
abroad in the American dollar
might have.
If the economy, which has
number of bright spots, such as
high automobile sales, increasing
construction, higher individual
incomes, ETC., does not perk up
at a faster clip, he might soon
have to make an agonizing de-
ciSion.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
More Production

To increase production is an
expensive task. 1t requires ex-
tensive increases in fodder crops
like corn, more construction Of
Silos, more barns to house addi-
tional livestock, better transpor-
tation and slaughtering facilities.
and additional expenditures for
freezing equipment.
The Soviet Union, however, in
rush to builds rockets, to in
crease output Of heavy industry.
and to construct needed housing,
Is about out Of investment capital
especially for agriculture. The
government apparently decided
last week that if more money is
10 be spent or agriculture, it will
have to come from the consumer,
and not from heavy industry.
To ease the pain, the govern
ment blamed the United States
and the cold war for the inability
to channel funds from rockets to
steaks.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
Space:
Back to Earth

AstrOnaut Scott Carpenter
was hailed last week as the
Nations newest space hero.
Even Soviet Premier Khru-
shchev praised his courage on
his dramatic three orbit flight.
By the end of the week, 1t.
Comdr. Scott Carpenter was once
again hard at work at the less
glamorous aspects of the astro-
naut'S trade.
Behind the one-time Navy test
pilot were several unforgettable
days.
There was the joyful reunion
with his wife and four children;
a heroS welcome and NASA's
highest medal at Cape Canaveral;
a news conference over Nation
wide TV; acclaim and a parade
in his hometown of Boulder, Colo,
and college degree which years
earlier had eluded his grasp.
There was, too. a surprising &C
colade from Mr.. Khrushchev who
Saluted Comdr Carpenters great
courage"
Doubtlessly the astronaut will
be working with Project Mercury
experts in a continuing attempt
to determine precisely what went
wrong in several particulars dur
ing his three orbits of the earth
on May "a and to learn why he
overshot his target area by $50
miles.
1t had been hoped that the as
tronaut himself would be able to
shed more light on the overshoot.
But at the TV news conference
he could only speculate that the
braking rockets on his Aurora 7
capsule might not have produced
enough of a backward push or
that the capsule was not in a
proper position when the rockets
were fired.
While conclusive answers to
these and other questions about
the Carpenter flight are sought,
plans go forward for new assaults
on space. No definite announce
ment has been made, but the
speculation is heavy that NASA
will next call for a Seven-orbit at
tempt, another step toward the
moon.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03

market? Has the bottom been
reached, and are we in for a level
period or for a rise? Was the
midweek rebound a temporary re-
action to be followed by lower
prices?
PeSSimists recall that even dur
ing the Great Depression the Dow
Jones averages rose from around
200 in November, 1929, to 294 in
mid-April, 1930-only to plunge
again.
But few observers fear any Sc
rious depression because the cir
cumstances of 1929 and today are
vastly different.
With margin requirements for
buying stocks now set at 70 per
cent by the Federal Reserve
Board, as against 10 per cent in
1929, there is far less credit out
standing in relation to the total
value of stocks. In addition, a
large number Of fiscal reforms,
instituted during New Deal days,
help to stabilize the market.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
THE FOREIGN SCENE
H9 FOREIGN SCENE The WEEK IN PERSPECTIVE
The Political Issues =
ofcommon Market Stocks Warning on Economy?

Premier Khrushchev proposed
q world conference last week to
discuss setting up an interna-
ti0nal trade organization that
would embrace all countries.
Great Britain accepted the
nOn-tariff regulations Of the
Common Market as discussions
continued on her application for
membership.
Premier Khrushehev chose the
visit last week of Modibo Keita,
President Of the Mali Republic,
to make some his unkindest re-
marks about the Common Market.
The Market, Mr.. Khrushchev
told a Soviet-Mali friendship
rally, is new form of colonial
ism" designed to suppress the new
~ won independence of African
nations. What irked Mr.. Khru-
shchev is that the Market offers
former African colonies associa-
ton in the Market.
So far, Is new states have
taken advantage of the economic
union. This assures them tariff
preferences, price supports. eco
nomic aid. and special access to
markets. Citizens of these coun-
tries are also eligible for such
benefits as scholarships to Mar
ket-country universities and tech
nical school training.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
What Is the Stocks 'Averuqe'?

There about 1900 stocks listed the New York Stock
Exchange number variations the fuctuation of
about lesS mind envsion
So the problem to devise with degree of
to strike the average?
people figure presented industrial
average"
Stated simply it composite picture of 80 representative
industrial stocks to give investor rough idea Of the market
century
the obtained by oang the prices of the 80 stocks and
then dividing by 80 Thus point total
of 80 points, the Dow Jones went q point.
Because of stock splits and changes
in the list of 80 stocks which about the
dvor also changes Today it 3O3 That is the prices of the
80 stocks totaed and then divided by 1903 for the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
Partisan Overtones

Mr.. Kennedy's pique at the
Tribune drew more attention to
the stockpile investigation, which
is being conducted on Capitol Hill
by Senate Armed Services sub
committee headed by Senator
Synington. But it was the former
Air Force Secretary in the Tru-
man Cabinet, Mr.. Symington him
self, who produced the desired
headlines and turned the inquiry
into a briStling partisan issue.
At a news conference on Fri
day, the Senator told reporters
that the subcommittee was look
ing into Government contracts
with several nickel smelling COM
panies headed by George M.
Humphrey, Secretary of the
Treasury in the Eisenhower ad-
ministration.
Senator Symington was critical
of one of the contracts, which al
lowed the company to buy a $22.-
100000 Smelter for the salvage
price Of $1,770,000. The contract
was signed in the waning days of
the Truman administration, in
January, 1858.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03

The worst plunge since the
black days of 1929 hit the stock
market on Monday and Tues
day before an amazing rally
set In which left averages vir-
tually unchanged for the week.
Although there are certain IA
vorable signs and administration
spokesman voice optimism, it has
been clear for several months
that the Nations emergence from
the recession Of 1960-61 is not
developing as rapidly or as
thoroughly as expected.
Experts have been trimming
their estimates Of the rise in the
Gross National Product for the
year; the balance of payments
deficit continues to haunt the
Government and President Ken
nedy has shown an increasing in
tereSt in emergency measures,
such as special public works
funds.
In mid-March. the stock mar
ket began slide which became
definite, if unspectacular. as the
weeks rolled by. In mid-April,
when the steel industry, which
felt itself caught in a cost-profitS
squeeze, raised prices. the Presi-
dent forced a roll-back with a
display of massive Federal power.
American industry in general.
with an annual profit figure run
ming about $24 billion. after taxes
approximately the level of 10
years ago-got the presidential
message. 1t was received with a
singular lack of enthusiasm.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
Over-Pricinq

With the coming of the week
end there was general agreement,
in the Government and on Wall
Street, that perhaps the primary
reason for the big selloff was that
stocks had been overpriced in
terms of price-earnings ratios.
This means that prices were run
ming too high in relation to their
earnings. Thus, when you divided
the earnings per share of stock
into the selling price in mid
March you got an average figure
Of %. A ratio of Is traditionally
has been considered healthy. The
figure now is down to about IS.
Many stockholders, investors
and Republican Party spokesman
advanced another reason for the
decline, much of it attributed to
fear selling. They said business
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
Mali in Accord

Mr.. Keita, in Moscow as an
official visitor, did not mention
the Market in his reply, but must
have been shocked by his hosts
indiscretion. Mali is one of the
Is associated Market states, and
one of the most vocal in getting
added rights for the African
countries.
The African leader, whose brand
of neutral socialism resembles
more that Of Ghana's Nkrumah
than RuSsia's KhruShchev, might
also have noted the irony in the
announcement on Thursday that
Russian food prices of meat and
butter had been boosted IS to 80
per cent.
The reason for the boost in
Soviet prices is simply that the
Soviet Union has not been able
to produce enough of these pres
tige foods to meet the expanding
needs Of its population.
As the Soviet standard -liv-
Ing has been rising, so has the
desire Of the average citizen for
more meat, milk, and butter. the
high-coSt. high-protein foods.
Mr.. Khrushchev has made an
Increase in meat production the
center Of his domestic program.
At a Communist Party plenum
last March. he said that "our pro-
duction of meat is behind the
growth in demand. AS a result,
In several towns there has been an
Interruption in the supply of meat
.. The Central Committee gets
letters which report that there is
little meat and butter in the
shops"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
Nature of Market

The Market is an agreement
by six European powers-France,
West Germany, Italy, Belgium,
Luxembourg. and the Netherlands
Ito band together economically,
and, eventually, politically.
Its strength in only five years
has been such that Great Britain
and several other European ma
tons have applied for member
ship. Even the United States,
long isolated from Europe's eco
nomic affairs. is trying to alter
its tariff policies to bring them
in line with the Market.
In addition, many of the Afri-
can countries, once freed from
colonial status, have decided to
take advantage of the Markets
economic advantages. This has
made Soviet economic penetration
more difficult than ever.
The one eligible African power
which is not in the Market is
Guinea, a former French colony.
Indications are, however, that
President Sekou Toure is trying to
regain favor in the West after a
short-lived romance with the
Soviet Union,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
Eisenhower Angry

Former President Eisenhower
reacted angrily to what he obvi-
ously felt were suggestions that
his former aide and close friend
may have made exorbitant profits
at the taxpayers expense. When
asked about the Symington state
ment at a news conference of his
own, Gen. Eisenhower exploded in
a vigorous defense of Mr.. Hum
phrey.
If Secretary Humphrey ever
did a dishonest thing, then I am
ready to mount the cross and you
can put the nails in and the
spear" he said. HE is one of the
most honorable, self-sacrificing
men ever knew. He never did
crooked thing"
At the weeks end it was the be-
lief OF many observers that Mr..
Kennedy will have his wish. The
public and the press are likely to
pay more attention to the SYM
ington investigation.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
Gloomy Start

The week beginning May 81 was
a gloomy one for the stock mar
ket, with prices down substanti-
ally and a number of new lows
for the year recorded.
This, in brief, was the situation
when trading opened last Mon
day, signalling one of the widest
weeks in stock market history.
Prices opened sharply lower and
plunged steadily to, the widest
one-day loss-more than $20.8
billion in paper values since 1929
and the beginning of the Great
Depression.
The ticker tape ran behind 2
hours and Fl minutes, with 1885,
600 shares traded for the fifth
greatest volume day since BLACK
Tuesday" October 30, 1929, when
16,4l0,030 shares changed hands.
The Dow Jones average of 80
industrial stocks plummeted 34.95
points to 1888, with 1921 is
sues, an all-time record, declin-
ing. Blue chip stocks like Amer
lean Telephone and Telegraph
and International Business Ma
chimes, along with the so-called
glamour" growth stocks, Joined
in the plunge.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
FBI Report

In Texas, meanwhile. a conflict
over whether a grand jury looking
into the mysterious death last year
of an Agriculture Department aide
would be given full access to an
FBI report on the matter appar-
emily was settled.
The Justice Department, react
ing to sharp criticism from Will
Wilson, Texas State attorney
general, agreed to turn the COM
plete l75-page report over to a
judge to let him decide what the
jury should see. The Federal
Government had maintained that
the dead man, Henry H. Marshall,
was mentioned only on % pages
and the jury should be limited
to them.
Mr.. Wilson, who may be called
for public testimony by the House
committee, said: I'VE are in a
situation where we have to drag
from them (the Justice and Agri-
culture Departmental the report
OF his (Mr. Marshall's) activities
as if We were pulling teeth"
Mr.. Marshall was found shot to
death on his farm exactly one year
ago today after he was we'll into
an investigation of illegal cotton
allotment transactions by Estes.
He died Of five shots from a bolt
action rifle. A justice of the peace
ruled the death a suicide, but a
new autopsy was performed last
month and the pathologist, while
not yet making a formal ruling,
said he believed it was a case of
murder.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
Estes:
Deeper Probes

A House subcommittee on
Monday began its inquiry into
the Billie Sol Estes scandals as
a Texas grand jury looked into
the mysterious death of an
Agriculture Department en-
plOye who was investigating the
PecOS operator.
During the first day of hearings
by a House Government Opera
lions subcommittee on the Billie
Sol Estes case, Chairman Foun-
tain told his Democratic and
Republican colleagues, some OF
whom were quarreling over
whether the 37-year-old Texan
Jared better under the Eisen-
hover or Kennedy administra-
tons:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03

IT think Mr.. Estes is likely to
find a place in history as one Of
the most, If not the most, thor
oughly investigated individuals Of
all time"
But as the committee completed
two days Of testimony and then
recessed for two weeks, it was
clear that the investigation Of the
tangled affairs of the indicted
big-time operator from Pecos
would be long and laborious. Estes
is charged with fraud in connec-
ton with millions Of dollars worth
Of non-existent liquid fertilizer
tanks.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
Farm Pinch

Other Communist countries
have felt the agricultural pinch
as well. China's problems are the
most severe, with the people living
on the verge of famine, but East
Germany and Poland, among
others. also have reported severe
shortages.
Mr.. Keita's country is a meat
producer in its own right, and is
q major supplier for West
Africa. No doubt, he and Mr..
Khrushchev had a discussion of
common economic problems. But
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03

Mr.. Keita's problems certainly do
not stem from the Common Mar
ket.
Indeed, much of Mr.. Khru-
Shchev's criticism indicated not
his concern over the fate of the
African countries but more his
fear at the growing economic and
political strength of the Market
area.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03
European Selling

Finally, there is the belief,
shared by Henry Ford II, that
many big European investors
had been unloading some of
their stocks for the last eight or
10 weeks and then, on Monday,
sold their blue chips.
Today there is still no broad
agreement on what, if anything,
the administration should do in
the circumstances.
Secretary of Commerce Hodges,
Senator Humphrey, the Senate
Democratic whip, and certain
Republicans are urging a cut in
individual and corporation income
taxes as a means of stimulating
the economy and stabilizing the
market. In addition, Mr.. Hodges
wants prompt action to increase
depreciation allowances for bust
ness investment in capital ex-
pansion.
But Secretary of the Treasury
Dillon, who still sees a balanced
budget for the coming fiscal year,
said he did not think a tax cut
was needed. Mr.. Kennedy has not
yet indicated publicly what he
might have in mind, but inform
ants said that if the market slide
slows private spending and blunts
the economy's advance he would
take action.
Meanwhile, the Securities and
Exchange Commission is under
taking a quiet study into the
causes Of the radical market
movements, after denying a pub
lished report that it is looking
for possible rigging" of prices.
At the same time, Representative
Patman is urging the House to
vote funds for a special Wall
Street investigation. Whether
such an inquiry at this juncture
would help or hurt is debatable.
AS another week begins, the
questions remains, whittier the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03

larry since his administration to
the delight Of Republicans, has
been caught in the hurricanes eye
of the Billie Sol Estes scandals.
The President even dropped his
subscription to the New York
Herald Tribune because it failed
to carry a story on a stockpile
inquiry development in one of
its editions. He now takes the
more friendly st. Louis Post
Dispatch instead.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03

confidence had been badly shaken
by the Presidents harsh treat
ment of the steel industry and
his "dictation" of the price of
that basic metal. Democratic
leaders, of course, denied this.
A third popular explanation, and
one which has at least a loose
connection to each Of the above,
is that many investors have be-
come convinced that initiation is
under control. If it is, it then
could follow that common stocks
bought as a hedge against a
cheaper dollar are not likely to
rise very quickly. Furthermore,
stock prices were probably already
overpriced, making 1t time to sell
and get your money out.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-03

Books-C-5; Hobbies-C-6
Amusements and Music-C-7-l0
SchooIs-Rudio- Art-c-l2
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-08-02

For a hearty, flavorful
salad, combine cooked diced
meat, poultry or sea food
with macaroni. cooked until
Just tender and then mari
mated in French dressing.
Use chopped drained
mushrooms, or for a COM
pany salad, use the quar-
tered whole Mushroom
crowns.
This recipe calls for pine
apple and celery, but you
could use any flavor and
color combination that ap-
peals to you, such as white
grapes, green pepper or sliced
radisheS.
Serve with hot or iced tea
or coffee and with hot baked
refrigerator rolls or rye bread
and butter.
For dessert, why not have
a slice of pound cake topped
with a scoop Of vanilla ice
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-08-02

cream, rich chocolate sauce
and a generous sprinkling of
flaked coconut.
Hawaiian Chicken Salad
4 ounces elbow macaroni
2 cups diced cooked chicken
can (6 ounces chopped
broiled mushrooms
"a cup French dressing
u cup mayonnaise
teaspoon grated onion
teaspoon salt
can Il pound, 4 ounces)
pineapple chunks,
drained
l cup finely diced celery
Cook macaroni In boiling
sailed water until just ten
der. Drain, rinse under cold
water and drain again. Place
in suitable container and add
chicken. Add mushrooms,
reserving broth for use in
soup or gravy. Sprinkle in