davidaulloa/AmericanStories huggingface dataset:
Evening star., 1962-08-29
PEOPLE
BUSINESS

Richard M. Brandon has
been appointed general service
manager for Myers Emco, in
charge of a new service build
ing for stereo equipment at Alb
L street NV.
Robert H. Swami has Joined
the Trane Co. here as a field
engineer.
S. Joseph Campanella and
and David C. Coulter are
representing Melpar. Inc, at the
international Speech Commu-
nications Seminar in Stock
holm today through September
l.
Albert RohalI of O'Brien &
Rohall. Inc, Arlington Lincoln
Mercury leadership, has COM
pleted a management course at
the Ford Marketing Institute
in New York.
Capital Fire Detection Sys-
TENS, Inc, 1343 H street NV
has been named distributor in
this area for Pyr-A-Larm fire
protection systems.
Evening star., 1962-08-29
Dividends Voted
By Federal Services

Directors Of Federal Services
Finance Corp. yesterday voted
an extra 5 per cent stock divi-
dend plus a quarterly dividend
Of IS cents a share for the quar-
ter ending September 80.
The dividends will be payable
October is to holders of record
September %. Fractional shares
will be paid in cash based on
market value as of the latter
date.
Federal Services, founded in
1924, operates A offices in the
United States and Europe,
financing autos and making
personal loans to servicemen,
as we'll as financing purchases
Of private aircraft. Its head
quarters are at 839 Seventeenth
street NV.
Evening star., 1962-08-29
BUSINESS
BRIEFS
Electric Power Production ir

Electric Power Production in
the week ended August 25 set a
new record of 17,320.000, 900
kiloWatthours compared with
l6.838,000.000 in the previous
week and was 11.9 per cent
above the like week a year
ago.-Edison Electric Institute.
Wholesale Food Index, based
on the cost Of a pound each
of 81 foods in general use, this
week declined to S5.9l from
S5.93 last week and was l.9%
below the like week a year ago.
Dun & Bradstreet.
TV-ElectrOnicS Fund, Inc,
reported assets Of 1851 million
IN the quarter ended July 81 VS..
S40l.8 million at midyear and
S443.8 million at the end of the
last fiscal year. October 81,
1861.
Evening star., 1962-08-29
YOUR MONEYS WORTH
$500 Billion
National Debt
> BY SYLVIA PORTER

ger than our entire output.
Today it amounts to about 54
per cent of our wealth, the
debt is at $500 billion, GIMP
is running at an annual rate
Of S552 billion.
In terms Of its percentage
of total debt, the public debt
has been contracting too. To-
day, the Federal debt repre-
sents less than one third of
total debt against nearly three
fifths in 1916 While the ma
tional debt has been climbing
at a very gradual rate since
the mid-l940s, private debt has
increased three and one-half
times and state and local debt
has risen more than threefold
In terms Of the load it
places on each Of us, the trend
again has been down. At the
World War II peak, the debt
amounted to nearly $1,000 for
each man, woman and child
in the United States. Today,
the per capital debt is $500.
The population has been BOOM
ing, the debt rising slowly.
@. How much of a burden
goes the debt place on us?
A. A big chunk Of our taxes
goes for interest on this debt.
An annual interest charge of
S95 to $40 billion represents
$40 of every 500 we pay in
Federal taxes. 1t is the larg-
est single item in the Federal
budget next to national
defense.
Evening star., 1962-08-29

the ability of the underwater
to distribute shares: the pos
sibility of conflict of interest
by management officials in
volving real estate: how pro-
ceeds of the stock sale will be
used. and other matters involv-
ing land investment, develop
ment Of property, and loans to
management officials.
The Richmond prospectus
states the company was or
ganized in 1859 to engage in
a diversified real estate busi-
ness. 1t proposes a public Of
fering of 142,858 shares at 81
per share through Hirschel g.
Co. of Silver Spring, Md. for
which an "a cent per share
sales commission is to be paid.
Evening star., 1962-08-29
Sales Grow Sharply
At Howard Research

Howard Research Corp. to-
day reported total sales OF
S5l3,0O0 in its first year, and
a growth from four to more
than 100 employees.
James H. Howard, president
Of the privately held company
at ll0l Lee highway, Arlington.
said the work backlog now
totals about $5O0,0O0.
Sales totaled S68, 900 above
the previous year when the
firm operated under the title
of Howard Engineering Co.
HRC is program and system
co-ordinator of several Gov
ernment programs including
work on Polaris weapon system
training facilities.
Evening star., 1962-08-29

Recently we reached a mile
stone in the mic-finan-
cial history Of the Nation. The
national debt crossed the $500
billion mark for the first time.
What's more. there's no
doubt that the national debt
will continue to climb toward
the new temporary" ceiling Of
S308 billion. The Federal
budget is running in the red
and the Treasury will have to
borrow to pay the governments
bills. Also there seems to be
no doubt that the Kennedy
administration in 1868 will
again have to go through the
annual routine of asking Con-
gress to renew the temporary
limit, because the amount of
debt reduction this year is
likely to be infinitesimal.
Now having put the facts on
the line. let's ask some ques-
tions and offer answers. How
much has the debt risen?
How much greater a burden
is it in our generation than
in the last? How does the
growth in the Federal d e b t
compare with the growth in
other types of debt, in national
wealth. etc?
@. How much has the ma
tional debt increased sine e
World War II?
A. 1t has grown from a
World War peak of S279.8 bill
lion to a record $500 billion.
But this answer is far from
complete. For example, if
you're a typical adult job
holder today, you can carry
much more debt comfortably
than you could when you were
young and broke. AS it is with
you, so it is with the country.
Ratio Has Shrunk
In terms of national wealth
(Gross National Product, the
public debt has shrunk since
World War II. In 1916 it rep
resented 109 per cent Of our
wealth; the debt then was big
Evening star., 1962-08-29
Ellsworth Studios
To Open in Bethesda

Ellsworth Studios will open
September 10 at 4611 Willow
lane in Bethesda. offering both
instruction and musical instru-
ments for sale.
Mark Ellsworth, violinist and
concert master of the National
Gallery of Arts orchestra, is
director. The faculty will
number 20 persons, offering
instruction in all instruments
included in a modern orches-
ira, as well as voice training
Evening star., 1962-08-29

by April 8. 1868, when Congress
has set a deadline for the. SEC
inquiry.
Also pending is corollary
survey by the Wharton School
Of Finance and Commerce,
which has Just released a 595-
page study of how mutuals
have grown and what their
impact is on the stock markets.
The Wharton report did not
go into sales methods, load"
fees to customers, or the ef-
feet of funds on savings be-
havior.
Both the SEC and a Wharton
research team headed by Prof.
Irwin Friend will now seek fur
ther information on the above
points.
Chairman Mack of the House
Commerce Committee said
yesterday he expects to sched-
ule hearings early next year on
securities regulations. The
hearings will go into issues
raised by the Wharton report.
Meanwhile, the report drew
a sharp retort from the Invest
ment Company Institute, a
trade organization representing
the 195 biggest mutual funds.
President Charles H. Schimpff
said the report contained
numerous misleading. incor-
rect and highly speculative
comments"
Mr.. Schimpff questioned the
study's statistical methods, said
it roamed beyond its Congress
sional directive. and denied
that fund purchases have
helped to increase stock prices.
He noted funds hold only 31a
per cent of the value of all
stocks carried on the New York
Stock Exchange.
What apparently alarms the
association most is the reports
effect on future fund sales.
Mr.. Schimpff said his rebuttal
was being made now before the
study could impair investor
confidence in mutual funds"
Data on Fund Sales
The SEC will use interviews
and questionnaires to get
first-hand information on mu-
tual fund selling practices, ac-
cording to Milton H. Cohen,
director of a special Gilman
team now looking into a broad
spectrum of securities prob
lens.
The Wharton School which
is part of the University of
Pennsylvania, will "tabulate
and analyze relevant informa-
ton on selling practices, as
well as on purchaser motiva-
ton and other characteristics,
according to Mr.. Friend.
Apparently aware of the ex-
plosive effect his report might
have on the S2l billion mutual
fund industry. Mr.. Friend was
careful to point out it makes
no recommendations for new
laws.
There were some real ques-
tions raised by the study. but
we did not try to make ethical
judgments" he commented,
noting that that task is up
to the SEC.
The Wharton report said the
chief problems apparently in
volve potential conflict of in
tereSt between fund manage
ment and shareowners, tn e
possible absence of arms
length bargaining" between
fund management and invest
ment advisers, and the impact
of fund purchases on stock
prices.
These points were summa-
rized in a letter made public
last Friday from SEC Chair
man William L. Cary trans
mitting the report to the House
Commerce Committee.
Evening star., 1962-08-29
SEC Will Query1,5
Investors on Purchases
Of Mutual Fund Stock
BY TRUMAN r. TEMPLE
star Staff Writer

The Nations fast-growng mutual funds already under
scrutiny in one massive study released today
pronged investigation and hearings that promise
garing publicity.
The Securities Exchange Commission said it plans to
question 1900 private investors country
have bought mutual fund shares results public
Evening star., 1962-08-29
OVER COUNTER

tional Association of Securities Dealers
in Washington represent the range within
which locally active securities could have
been bought or sold at ! pm. Wednes-
day August %, 1862:
Evening star., 1962-08-29
TREASURY BONDS

NEW YORK (AP)-Noon over the coun.
ter U. S. Government Treasury bonds,
bid, asked, net change and yield for
Evening star., 1962-08-29
AMERICAN STOCK EXCHANGE
Sales Hin I.nH ,.nn CHI

Furnished BY ISSUES
mbos Explained in Notes Following
Evening star., 1962-08-29
Interest Rates Jump

But the reason is not that
the total of debt on which
Evening star., 1962-08-29

Commerce Committee.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-12-19
DAVID LAWRENCE
U.S.. Coercion and the Steel Issue

without an increase In their
own prices.
The President argues that.
he was troubled BY q "ques-
ton Of good faith" But good
faith" with whom? He ex-
plains that he had persuaded
the steel unions to accept a
"noninflationary settlement"
What did his promises to the
labor unions have to do with
the conditions faced by the
companies, which were al
ready in a profit squeeze"
due to three years Of wage
increases without any cor
responding increase in pricesp
So the President admits
that, in order to please the
unions, he used pressure to
keep the steel c companies
from setting their own prices.
though he had no authority
under the law TO do so. AS a
consequence. steel production
fell off and profits declined.
Just three weeks ago--on
December S-Joseph L. Block.
chairman of Inland Steel
Co.. which refused to so along
with the price increase an
nounced by U. 8. Steel and
other companies. made o
speech at Harvard University
in which he reviewed what
happened last April. He said:
Like many others, I was
shocked by the threatened
use Of coercive power in this
situation, and fervently hope
1t will not happen again. 4.
THE storm Of public OPP
position to some Of the meth
DDS used by the Government
to thwart the price increase
may. have-and I hope did
impressed governmental Of
ficials that these methods are
not consistent, with the con-
cept Of a free economy and
should. not be EN- ploye.d
again"
But Mr.. Kennedy now says:
II have no regrets. :. I
Just, think that. looking back
on It,. I would not change 1t
at all. There's no sense in
raising hell. and then not
being successful"
These are disquieting words
from a President, Of the
United States. in q Nation
wide radio and television
statement to the American
people and particularly to the
businessmen who have beer
trying to; regain the conf
dence so necessary in plan
ming for the future of the
American economy.
tcopyriEht. 1882
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-12-19
Kicking an Alien Out of the u. S.

from another American West
ern ally, Portugal. The sus-
picion will not down that
these latter were not both
cred here because the United
Nations liked their views, and
that Mr.. Struelens is being
ousted because the U. N. does
not like his views.
A kind Of striped-pants
McCarthyism within the U. N.
Ia vindictive intolerance Of
any and all dissent from It's
holy writs-has for some time
been observable. True friends
Of the U. N. must hope that
this perversion Of It's func-
tons will not continue. If It
does, the American Congress
will check 1t in the end, II the
administration does not, by
the simple process Of with
holding the funds upon which
the U. N. lives
One of the Senate investi-
gators who have Just de-
nounced the actions against
Mr.. Struelens is the very man
who most Of all brought
about congressional approval
Of the last U. N. loan, Sena-
tor Everett Dirksen Of Il
linois, the Republican leader
Of the Senate.
(copyright, 1887
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-12-19
Light Industry
Zone Frozen

Vienna, Va, has put q six
week freeze on zonings in its
light industrial tract.
Town officials will use the
period to draft with their at
torney a new definition Of the
uses permitted there. Angry
citizens demanded revision last
August when they complained
that a new asphalt plant was
polluting the air.
In October, q landowners
filed a suit asking that cement
and asphalt plants not be al
lowed in the area. There fol-
lowed a series Of public hear
ings before the town council.
The last of these was yes
terday, when owners Of indus
trial plants in the zone ap-
peafed to protest any new re-
Strictions in the area.
The controversial m" zone
where the asphalt plant is 10
Gated, straddles the Washing
ton g. Old Dominion Railroad
tracks in the center Of town
The zone has been IN existence
since 1949.
A. change In the ordinance
last January permitted asphalt
and cement plants to be located
there. The Vienna Asphalt Co
opened the controversial plan
in the zone last August.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-12-19

President Kennedy has
dashed cold water on the
hopes Of businessmen gener-
ally for q better relationship
with the administration. He
now says that, If he had it to
do all over again, he would
act exactly as he did In the
controversy over steel prices
in April Of this year. This
means he eondones the use
Of coercive measures-threat-
ening to withdraw defense
contracts, hauling the steel
companies before a Federal
grand jury, sending out FBI
men to wake up newsmen to
elicit from them what steel
executives might previously
have said about prices. 1t was
this whole series Of tragic
plumbers that led to a break
in the stock market and a
downturn In American busi-
ness, as tens Of thousands Of
workers we're. forced out Of
Jobs in the steel industry
alone.
Is the President merely dis
inclined for reasons Of pride
to concede when he has made
an error? Or does he really
feel as hostile to business to-
day as he did in the steel
episode? Is this an indication
Of what could happen again2
What the President said
over teleyision and radio on
the three major networks on
Monday night was not refuted
before the big audience and
only one side Of the story was
given to the American people.
Here, in full text, is what Mr..
Kennedy said about the steel
dispute:
Though I. don't like to
rake over old fires. I think 1t
would have been a serious
situation II I had not at
tempted, with all my influ-
ence,. to try to get a rollhacE
(of prices) because there wa;
an issue Of good faith in.
volved. The steel union hac
accepted the most limited
settlement that they had had
since the end Of the seconc
war. They had accepted !
three or four months ahead
They did 1t in part, I think
because I said that we coulC
not afford another infla'
tionary spiral, that it woult
affect our competitive posi-
ton abroad. So they signet
up. And then when their las
contract was signed, whicl
was the Friday or Saturda,
before, then steel put it
prices up Immediately.
seemed to- me that the ques
ton Of good faith was In
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-12-19

Washington Action Against StrueIens
Criticized as Submission to the u. N.

There Is an unpleasant
pettinesS in the moves Of the
United States Government to
kick Michel Struelens. q frank
propagandist for secessionist
Katanga province in the
Congo, out Of this country.
But something far uglier Is
involved here. In this episode
there are unacceptable implica-
tons that the United Nations
is beginning to dominate the
domestic policies Of the
United States. specifically our
immigration policies, in such
q way as to make q kind Of
high crime Of any active dis
agreement with U. N. atti-
tudes in Africa.
II Mr.. Struelens - who is.
after all, an alien--were being
deported simply because his
activities Displaced the
United States, this would be
a tolerable-if hardly a wise
or big-action. But the evi-
dence IL strong that this
Nation Is moving against him,
not so much on Its own deci-
sion, but rather ct the de-
mand Of the United Nations
that we silence this incon-
veniently hostile voice against
u. N. efforts to force Katangs
to submit to the Central
Congo governments author
ity.
This pressure upon Katan,
60, which we are supporting
Is undoubtedly backed by III
in good faith. Our Govern.
ment fears that unless min
eral-rich Katanga can b
incorporated into the Contra
Congo government, that gov
eminent will fall and be sue
ceeded by a pro- ommunis
regime. Such q regime, 1t 1
argued, might Invite" Sovie
military assistance. rather q
Fidel Castro did IN Cuba.
The objective Of strength
ening the Central Congo gov
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-12-19
POTOMAC FEVER
By FLETCHER KNEBEL

JFK in his Meet the Pres" show. name-drop-
pers delight. Now any American "as Jack was
telling me off, e-record the other night. :"
1t that the trouble with this Skybolt missile pro-
gram is all sky and no bolt
If you listen Khrushchev all he wants in his declining
years is ASIA Afca-and the Nobel peace prize for not
Selling Latin America.
One wife prefers to think Of herself housekeeper
In case Of divorce, she intends to keep the house
Now that Mariner has sent back information Venus,
question is whether put those her before
Russia does.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-12-19

eminent Is undoubtedly wise.
The Misunderstanding vari-
Gus U. N. ultimatums and
threats Of renewed U. N. mil
itary force--are at least de-
batable. In any event, how
ever. all this is beside the
present point.
For the moment, this coll
umn raises only two ques-
tons:
Has the vilification and
pursuit of Mr.. Struelens by
the State Department been
worthy Of a great Govern
ment? A bipartisan. nine
man Senate investigating
committee has Just said 1t
has not.
Can we properly allow the
United Nations to cause us to
reverse our historic national
tolerance to all points Of
view, 50 long as they are not
seditious or subversive?
Mr.. Struelens, q citizen Of
q Western ally, Belgium, has
been subjected to q cam
paign Of smear and innuen-
dos - Of "Katanga slush
funds" and so Only State
Department and United Ma
tons officials that has had
no parallel. But the Senate
committee has now found
that the authors Of these ex.
cited charges have been un-
able to furnish any evidence
whatever Of the improper use
Of money. Indeed. they have
admitted in private testi.
mony--that they had mo-
meant to imply" that sort o.
thing.
Nevertheless. the sam
United States Government
which now prepares to throw
out pro-Western Struelen
has given shelter to othe,
foreign propagandists - in
cfuding spokesman for tn
left-wing terrorist movemen
which. seeks to wrest Angol
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-12-19
Girl Scouts Honor
Housing Official

Public Housing Commissioner
Marie C. MCGUIRE received q
plaque from the Girl Scouts Of
America yesterday Ito acknowl-
edge the great interest and sup
port Of the Public Housing Ad-
ministration" in allowing
Scouts to hold meetings in pub
lie housing facilities.
Girl Scout Troop HAT. which
meets In the Benning-Stod
dard Community Center. pre-
sented the plaque in behalf Of,
the national Scouting organ
| ization.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-12-19
Presidents ReoffImotion of His Action
Called Cold Water on Business Hopes

~ w S
volved,, and that II I had not
attempted, after asking the i
unions to accept the nom
inflationary settlement. If I
had not attempted to use my
influence to have the COM
panies hold their prices
stable, / think the unions
could have rightly felt that 4
they had been misled. .'.
I'm my opinion, 1t would
have endangered the whole
bargaining between labor and
management, would have
made 1t impossible for us to
exert any influence from the
public point of view in the
future on these great labor
management disputes which
do affect the public interest.
So I have no regrets. The
fact Is. we were successful.
Now, supposing we had
tried and made q speech
about 1t and then failed. I
would have thought that
would have been an awful
setback to the office Of the
Presidency. Now, / Just think
that. looking back on 1t, I
would not change 1t at all.
There's no sense In raising
hell, and then not being sue
cessful. There's no sense in
putting the office Of the
Presidency on the line on an
issue and then being de-
feated. .
Nov, an unfortunate re-
percussion Of that was the
strong feeling that the Gov
ernment might interfere in q
good many labor manage
ment matters, or that it might
interfere in the whole ques-
ton Of the free enterprise
system. 1t was regrettable
that that general conclusion
was drawn from this particu-
lar incident. Given the prob
lem that I had on that Tues
day night, / must say I think
we had to do everything we
could to get 1t reversed"
But what are the facts2 The
President didn't give all Of
them. He didn't tell his
audience that Roger Blough,
head of U. S. Steel Corp. did
reveal in a published inter-
view as early as February "a
that there would have to be
a price rise. Mr.. Kennedy
also didn't mention that the
steel companies had granted
wage increases for three years
Evening star., 1962-03-21

Sears does not establish artificial
'1ist prices to- aLLos0 for. .sO,calLed
discount" or 'trGde:iH" pricing.
Sears original prices are low prices.
Evening star., 1962-03-21

Open Today to 6, Thursday
and Friday 10 to 9, Satur.
day 10 to e, Park Free!
The Phoenix Jewish news., 1962-04-13
Jewish Nofion0I
Fund TO Honor
Harry Trundn

NEW YORK - The Jewish Ma
tionaI Fund of America will pay
tribute to former President Harry
S. Truman on the occasion of the
14th independence Day of the State
of Israeli at a celebration and con-
cert May 9 at the Hunter College in
New York.
ViolniSt Mischa Elman will share
the stage with Truman and an ar
ray of Zionist and civic notables.
New York Mayor Robert F. Wag-
ner is honorary chairman.
The Phoenix Jewish news., 1962-04-13
Mark GoIdstein Is VoIedictorion

Mark Goldstein, son of Mr.. and
Mrs. William Goldstein, 1901 N:
And Ave, is valedictorian at Carl
Hayden High School.
Mark, a junior with a 1000 grade
average, has been able to obtain
the credits necessary to graduate
by attending summer school and
taking additional courses each
wear. He is currently attending
Phoenix College as well as Carl
Hayden, taking PC. courses in cal
culus and college physics.
In his freshman year he placed