davidaulloa/AmericanStories huggingface dataset:
Evening star., 1962-10-22

This month, two major tax
laws went on the statute books
of the United States-laws
which will affect millions OF
taxpayers, both individuals and
corporations, from coast to
coast.
Under one of the laws, the
Retirement Act of 1868, all self
employed professional and busi-
ness men, beginning in 1862,
will be able to get special
retirement plan tax breaks
for the first time. The bene-
fits, to be similar to the
special retirement tax benefits
until now limited to employees
and corporation executives,
will be available to millions
individuals and partners, doc
tors and lawyers, accountants
and engineers, real estate op-
orators and plumbers, inde-
pendent statesmen and bakers
etc.
under the second of the laws,
the Revenue Act of 1862, busi-
r,essmen are being handed a
tax cut amounting to more
than 81 billion a year. The cut
wfll apply to the current calen-
dar year and will be available
to businessmen without any re-
duction in the tax rates they
pay on their incomes.
For years Congress flirtec
with the idea of passing a Law
permitting tax-sheltered retire
ment pensions for the Self-em'
ployed. BY the time this las
session got around to passint
the law, the original proposals
had been revised. refined, anc
mdnBl6Q W GilC POAAAH
experts are just beginning u
find out what was done. Ever
the laws most ardent support
ers admit their astonishmenI
that anything was done at all
Almost from the day PreSi'
dent Kennedy took office, Con-
gress wrestled with the Revenue
Act. 1t also revised. refined anc
mangled the administration
original proposals so man!
times that here. too, the experts
are lust starting to find ou
what's in the new law.
In this series of eight col
umns, beginning today, / vii
submit the major points in boti
laws which are Of the most di
rect Importance to you.
To summarize, here is the eS
sence of the Retirement Act Q
1862.
Evening star., 1962-10-22
PEOPLE
IN
BUSINESS

Francis d. De George, for
mer vice president and con-
troller of Hill Electronics, Inc,
has been appointed manager of
contract administration for the
Maryland Division of Lift o n
Systems at College Park, Md.
Joseph Helm, former missile
and ground safety officer for
the Tactical Air Force has been
appointed safety consultant for
Autoscope, Ind.
Morris G. Sahr, former sales
representative of the Reuben H
Donnelley Corp, has been pro-
NOTED to account executive.
KaI, Ehrlich G. Merrick Ad-
vertising, Inc, has been named
agency for the Rayco Automo-
tive Products Stores in Wash
ington and Wilmington, Del.
Evening star., 1962-10-22
BUSINESS BRIEFS

81 ,208,034 or 81 cents a share
VS.. a loss Of $468,1 ,130 in 1861
period.
Muntz TV, Inc, in year ended
August 81 earned $1,047, BAL. or
73 cents or $832,948 or So cents
in 1861.
/ Washington Steel in year
ended September 80 earned
81 ,037 ,401 or $1.58 a share VS..
$943,33 or SLAB in 1861.
Rheem Mfg. Co. in 9 months
ended September 80 earned
$795,314 or 40 cents a share
VS.. a loss Of $1,692,8 $3.50 in 1861
period.
Other earnings included:
For . Months Ended September 20
Evening star., 1962-10-22
Hoyt Will Address
ANA Chapter Here

Homer Hoyt, president of
Home Hoyt Associates, consult
ants on urban development
planning. will address Wash
ington Chapter. American Mar
keting Association at a Presi-
dental Arms luncheon Thurs
day.
He will discuss future trends
in retailing facilities.
Evening star., 1962-10-22
Union Trust Plans
Foqqy Bottom Branch

Union Trust Co. is planning
to build a fifth branch in Foggy
Bottom in the heart of a new
multi i-million- dollar urban re-
newal project called Columbia
Plaza.
Controller of the Currency
James j. Saxon noted in his
weekly report that Union Trust
has filed application for the
branch at Twenty-third and
E streets NV. If approved, the
branch presumably would be
constructed next spring when
apartments, stores and a 400
room hotel are all scheduled to
be built there.
Union Trust plans to open its
fourth branch next February
at seventeenth and L
streets NV.
Evening star., 1962-10-22
Bowl America Picks
New Local Manager

William w. Duncan has been
named Washington regional
manager for Bowl America,
Inc, with headquarters in Falls
Church, Va.
Mr.. Duncan has been man
ager of the Falls Church unit.
Robert D. Swortzel, sales pro-
motion manager, has been ap-
pointed Baltimore regional
manager.
Evening star., 1962-10-22
Amotucci Rambler
Has Bio First Year

In the first year of opera
tions, Amatucci Rambler o1
Hillcrest Heights, Nd, hac
gross sales of $2,468,000 and
ranked 23rd in sales nationally
among American Motors 3,04C
dealers, reported Presid e n
Thomas M. Amatucci.
The company retailed 881
new cars and 723 used cars in
the initial IL months.
Evening star., 1962-10-22

insuring functions should be
vested in separate and distinct
instrumentalities.
4. The bank chartering au-
thority is properly located in
the executive departments of
the respective State and Fed
eral governments.
5. The insurer is an agent OF
Congress and should be admin
istered by an in d epe e n d e n
board or commission in accord
ance with such agency rela-
tionships.
6. The cost of deposit insur-
ance, including related exam
nations, is properly borne by
the insured banks.
Suggests Changes
The first two principles enun-
icated in the guidelines. con-
corning chartering examining
functions are especially impor-
tant and the second is conspicu-
ously short of fulfillment
Chairman Cooke emphasized.
In bridging this void. he
again recommended that the
FDIC examine a n nnually al
banks whose deposits it insures
also that the Controller of the
Currency reduce his examina-
tions of National Banks to one
a year and exchange alternate
reports with the FDIC.
He proposed that the Federal
Reserve System be relieved OF
it's responsibility for regular
examinations of S state = char
tered member banks, but have
access to all reports made by
other examining authorities.
Evening star., 1962-10-22
Accountants to Study
Decision-Mokinq

who makes the decisions in
a large organization?" will be
the subject for a panel discus
sion of the Federal Govern
.ment Accountants Association
of Washington at the General
Accounting Office Auditorium
at 7::30 pm. tomorrow night.
VIM. M. O'Reilly of Ernst
g. Ernst will be moderator and
Evening star., 1962-10-22

has been based to a great ex-
tent on public confidence en-
gendered by deposit insurance
administered soundly by the
FDIC.
He pointed out that bank re-
sources of the Nation are ex-
peeted to exceed $340 billion by
the end of this year and pre-
dicted that If the trend is not
upset, the total will reach be-
tween $500 billion and $3.50 bill
lion in the next ten years.
Warns Against Haste
a'"We should not be hasty in
upsetting arrangements under
which our banking system has
achieved this record progress" !"
the speaker said. 1T is hard to
believe that this record would
have been accomplished If
banking and bank supervision
were afflicted with all the in
firmaties ascribed to it by its
critics"
Chairman Cooke, who has
spent most of his life in bank
ing, also is a member of the
Presidents Committee on FL
nancial Institutions which is
scheduled to report shortly on
a review of legislation and ad-
ministrative practices affecting
financial institutions.
Proposals for moving the
FDIC into a bank supervisory
agency have varied consider
ably. One proposal would place
functions of the agency and
the Office of the Controller of
the Currency under a Banking
Commission. Another would
place it under the Controller.
Opposes Consolidation
"Of dubious value particu-
larly are proposals to alter the
bank supervisory structure by
consolidating the Federal bank
chartering and insurance au-
thcrity in a single agency and
to give a Federal chartering
authority power to examine not
only banks it charters but
State-chartered banks as well,
he declared.
Bank chartering and in
Surance of bank deposits are
different functions and they
should remain independent"
he said. "Amalgamation of
these and other functions in
one agency would tend to force
diverse approaches to super
vision and examination into a
single mold, impairing the
essential flexibility Of the
banking system"
Mr.. Cooke offered his own
guidelines for approaching
bank supervisory problems, in
cluding these:
]. The right to examine a
bank is a corollary of the right
to charter, and the examining
power of a chartering agency
should be restricted to banks
which it charters.
2. An insurer has an obliga-
ton to examine its risks and to
select or reject them for sound
reasons.
8. The chartering and the
Evening star., 1962-10-22
By CHARLES YARBRoUGH

in 1963-30 per cent more than
last year, with the new one
making up the increase.
In New York last week. Volks-
wagon President Heinz NOrdoff
said no decision has been made
when the new 1900 will be sold
in America.
1t is retailing in Canada in
the $2,300-$2,400 price range.
Mr.. Nordoff said he antici-
pates considerable competition
from United States compacts
when the 1900 is introduced.
Il Il 4 +
On the home front, a star
Ting "new-old" one-the Willys
Jeep Wageneer-was an
nounced last week, an attrac-
lively designed station wagon
offering an automatic trans
mission with a four wheel
drive.
The new paSsenger-c arg
cars. are powered by a six-cyl-
inder Tornado overhead cam
shaft engine Of 140 horsepower
the first mass-produced Amer
ican engine with overhead
cams.
1t also carries the industry
wide long term fabrication in
terval 10000 miles, and 5000
mile oil-change.
1t is designed to accommodate
chains on all four wheels ir
the four-wheel drive model.
Britain is making it's biggest
bid. The British had 200 OF
the 800 cars in London's Inter-
national Show last week, many
with the long-interval lubrica-
ton and oll-change improve
ments; spark plugs which the
makers claim are good for 30,-
900 miles.
The growing British trene
toward disc brakes was notice
able at the British show.
Among the new ones exhib-
tied:
The Triumph Spitfire 4, 90
mile-an-hour, two-seater; the
MGB, representing the first
change in the series in sever
years; a Jensen C-VS, a plush
four scatter with a top speed ol
155.
Evening star., 1962-10-22
Steinberg to Address
Financial Executives

David Steinberg, chief econo-
mist of the Committee for
National Trade Policy, will ad-
dress District Chapter, Finan-
cial Executives Institute, al
the Standardization Hotel
tomorrow.
He will discuss the European
Common Market,
Evening star., 1962-10-22

the panel will include: James
R. Thomson, Assistant Deputy
Postmaster General; VIM. T
Turpin, General Services Ad'
ministration; Clarke l.. Simp.
son, controller and assistant
treasurer of the Exoprt- Import
Bank; Harry j. Trainor. exc
cutive director, Federal Power
Commission. Donald w. Bacon
assistant commissioner of the
Internal Revenue Service, viii
speak.
Evening star., 1962-10-22
METALS

NEW YORK. Oct. % (AP).-Spot
nonferrous metal prices today: Copper
lead 9h cents q pound. New York
zinc liz cents a pound. East st
Louis; tin LOO q pound. New York
foreign silver 1.22 per troy ounce
New York Pittsburgh scrap steel No
l heavy was quoted by Iron Age at
24.OO-25.00.
Evening star., 1962-10-22
Head Of FDIC Opposes
Merger Of AeencyW With
Other Federal Offices
BY DONALD b. HADLEY
Star Financial Editor

Erie Cooke chairman of the Federal Deposit Insurance
Corp today struck proposals that would merge his agency
into a central banking authority of some kind.
Addressing the National Association OF Bank Auditors ano
Controllers Beach Fla Chairman Cooke emphasized
that record growth of banking system in the last decade
Evening star., 1962-10-22
OVER COUNTER

Following prices furnished by the Ma.
| tiOnal Association Of Securities Dealers in
Washington represent the range within
which locally active securities could have
been bought or sold at pm, Monday,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-10-29
Postore to Speak
At Atomic Forum

Senator Pastore, Democrat
of Rhode Island and vice chair
man of the Joint Committee
on Atomic Energy, and ALL
CLIO President George Meany
are among speakers scheduled
at the 1862 Atomic Industrial
Forum meeting here Novem-
Der 1928.
The sessions will include a
panel on international policy
the final day by Ambassador
Henry D. Smyth, United States
representative to the Interna-
tional Atomic Energy Agency;
Harlan Cleveland, Assistant
Secretary of State for interna-
tional organization affairs ;
Francis K. McCune, GE vice
president. and A. A. Wells,
head of the Aces division of
international affairs
The meeting, to be held at
the Sheraton-Park Hotel, will
run concurrently with a trade
fair of the atomic industry at
the Shoreham Hotel with ex-
hibits by 100 business organi-
cations. Glenn T. Seaborg. Acc
chairman, will introduce Sem
ator Pastore at the forum
banquet.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-10-29
Hodges Urges
Unity 10 Boost
Foreign Trade

NEW YORK, Oct. 20 (AP).
United States Secretary OF
Commerce Luther Hodges said
today close cooperation be-
tween industry and Government
was vital in order to increase
this nations foreign trade.
In a speech prepared for the
National Foreign Trade Council
convention, he called on in
dustry to work hand in hand"
with Government to make the
new trade expansion bill a
vehicle for economic growth"
Leo D. WEIGH, board chair
man of Standard Oil (New Jer-
sey), in reply, pledged industry
support but added:
1--WE must have economic pol
icies which create a climate for
investment and growth" Mr..
Welsh said. "if government
should attempt to tip the scales
against management in impor-
tant labor negotiations we must
put up a battle as never be-
fore"
, In his speech, Mr.. Hodges
said "if we can have hand in
hand help from business in the
negotiations ahead, If we can
have hand in hand effort by
industry to make itself more
competitive, the new trade act
will be the vehicle for econonl-
ic growth and a stronger posi-
ton abroad"
Mr.. Hodges also announced
the appointment of Jack N.
Behrman to head a new unit
in the Commerce Department
centralizing all foreign trade
activities.
Mr.. Hodges called for greater
emphasis on research and de-
velopment by American indus
try, citing tax changes which
he said made this easier.
Products that are unique,
or significantly better than
those of our foreign COMPETE
tors, will be able to gain and
hold new markets abroad" Mr..
Hodges said.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-10-29
Crisis Buying
OF Steel Seen
As Unlikely
CLEVELAND. Oct. 20 CAP

CLEVELAND, Oct. 90 (AP) .
The Cuban crisis isn't expect
ed to trigger any panic buying,
but steelmen are fairly sure it
will cause most buyers to re-
evaluate their inventories, Steel
magazine reported today.
The reason for this thinking
is that stocks at many plants
are so close to minimum work.
ing levels that a sudden ex-
tension of mill deliveries could
halt production, the metalwcrk-
ing weekly said.
IF our blockade proves ef-
fective and doesn't touch off a
shooting war, it's effect on steel
buying will be slight" Steel
said. Users won't have to worry
about shortages Of tonnage
products - the carbon steel
items that are produced in
volume-but they will have to
keep a close check on the avail
ability of certain speciality
grades"
In 1850 the market frightened
rapidly after the invasion of
South Korea, the magazine
noted, but operations were at
a fairly high level when the
invasion started.
To-day, with operations at
less than so per cent of capac-
ity, there's no reason for panic
buying" the publication stated.
The magazine reports that
steel orders continue on a grad
ual uptrend, with bookings run
ming 5 to 10 per cent ahead
of last months pace. 1t esti-
mates steel production for this
week will remain at about the
same level in effect since the
start of October with output
near the 1,739,000 ingot tons
the industry poured last week.
Steel reports the Russians
are stepping up steel purchases
from Japan.
"Since September, japanese
mills have signed contracts for
100000 tons of carbon and alloy
steel for structural use in the
Soviet auto industry" the mag
azine stated. Possible signifi-
canoe: Expansion of auto plants
in Russia"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-10-29
Stock Gains
Extend 10 s.;
Trading Scars

NEW YORK, Oct. 20 (AP).-
The stock market today cele-
brated the apparent agreement
on the Cuban crisis with a burst
OF buying which lifted prices
substantially. Trading was
active early this afternoon.
Key stocks were up fractions
to more than 2 points on a
broad front, clipping their gains
somewhat as the early excite
ment moderated.
Many big blocks were bought
In the trading spree, several Of
10000 shares or more, and there
wasSa swarm of small transac-
tons which gave the ticker tape
the appearance of extreme
activity.
Wall streeters noted that in
Washington hope was mixed
with caution concerning the
Cuban situation.
The Exchange had difficulty
matching the overwhelming
number Of buy orders with sell
orders, and the result was de-
layed blocks in many of the
trading favorites.
Among the later blocks were:
Litton Industries, up ~ at
551a on $4,000 shares; Polaroid,
up 2as at 111h on $4,000; IBM.
up 812 to $40 on 10000; Zenith,
up 31s to 591a on 10000; and
Burroughs, up Q at 81 on 81 900.
Brokers ascribed much of the
purchases In the volatile issues
to short covering, that is, the
purchase stock to repay Dor
rowed shares sold short" in
the hope of making a profit
through a price decline.
The advance took in most
major sections of the list, but
the space age defense stocks
made only small gains at the
start.
Prices advanced in active
trading on the American Stock
Exchange.
Corporate and Government
bonds edged upward.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-10-29
CHICAGO GRAIN

CHICAGO. Oct. 20 (APl .-Russia's
announcement that 1t would withdraw
missile bases from Cuba set off Q
stronR burst Of selling in the grain
futures market today and prices
Soybeans slid off more than four
cents in spots, corn and rye three
cents or more and wheat more than
two cents. Brokers said the Russian
decision eliminated the bullish in
fluence on which prices leaped sharply
higher last week after President Ken
nedy ordered a blockade Of the island.
With the short interest IN the market
virtually nil after the rapid rise. offer
ings found a SLOW acceptance among
SPECTATORS in the pits. Along with
liquidation and short selling. dealers
said there apparently was sood deal
At midday. wheat was 1s4:23s cents
a bushel lower. December So .05h2; corn
234-3M lower. December S1.07; oats
lK-13s lower. December 63ss cents;
rye 1888 cents lower, December SLID;
soybeanS 3b-4A lower. November
S239A.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-10-29

Win bankruptcy or receivership or
being reOrganized under the Bankruptcy
Act, or securities assumed BY such com
panies. XII ex-interest. ct Certificates.
81 Stamped. G Dealt in flat. X Matureo
bondsa ,negotiability impaierd by maturity
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-10-29
EW YORK STOCK EXCHANGE QUOTATIONS

Furnished BY the Associated Press
Stocks Sales
and zoos Net
Dividends (est.) High Low 2:2o chg
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-10-29
ODD-LOT TRADING

NEW YORK. Oct. 90 (AP).-The
New York Stock Exchange reported
today these odd-lot transactions by
principal dealers for October 49, Pur-
chases Of 219.157 shares: sales of
sold short
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-10-29
COTTON

NEW YORK. Oct. 90 (AP).-Cotton
futures were lower today.
General selling was touched off by
the easing Of the Cuban crisis, with
Following that furry Of activity, the
market turned dull. Some months
recovered partially on local short
coverings.
A private crop survey indicated that
the cation harvest was slowed in the
western and central belts due to rains
and in California because OF fog con-
ditions. The harvest moved along
favorably in other growing areas.
Late afternoon prices were 81 40
to $3.50 a bale lower than the pre-
vious close. December 1888, March
34I0 and May 34.24.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-10-29
METALS

NEW YORK, Oct. 20 (AP).-Spot
nonferrous metal prices today: copper
81 cents a pound, Connecticut Valley.
Lead ga cents a pound, New York.
Zinc IN cents a pound. East st; Louis.
silver ]. 22 per troy ounce, New York.
Pittsburg Scrap Steel No. / heavy was
quoted by Iron Age at 23,00-24 90.
The frontiersman., 1962-08-30
Legal Notice

UNITED STATES DEPARTMENT or THE INTERIOR BUREAU OF LAND MANAGEMENT. Land Office. Cor dova Building, 555 Cordova Street, Anchorage. Alaska
 NOTICE FOR PUBLICATION
 Under the provisions of the Act of July !. lSss. Sec. sCb). (72 Stat. 33s-343y, as amended. the State of Alaska. on November 1, 1860, filed application An- chorage o52as4 and amended same on June ?. 1882. for certain public lands. more particularly described az follows: T. 25 N. H. {. w. SIM.
 All tUnsurveyed), Sec. {; Lots i, 2,
 and |. sis Nis. s1s tAlD. Sec.
 5; Lots l. 2. 3. |, 5. and '. SEA
 Nwh. sisNEA. EaSwN. SEA
 sAlp. Sec. 6; Lots l. 2. and {.
 g; All (Unsurveyed). Sec. 8: All tUnsurveyed). Sec. Is: Lots 1, and
 3. NEASWK. EiaSEA. Nia, NWA
 SEA-. Sec. IT.; Lots 1. 2. and 2.
 E,aswh. E.aNwA. NEK.. Sec. Is;
 ER. EI2W R. Sec. l9; Lots 1, 2 and 3. SWANWA. NEANEK. Sia
 NEA. Sia (AlD, Sec. 20; All, Sec.
 2i; All. Sec. 2s; Lots l and 2. Eis
 SWA. SEA. Nia (AlD. Sec. g: Lots
 NWA. SEANW14. SIaSwASWA
 SEA. Sec. 30: Lots 1. 3. }. and 5,
 E1aW1a. NW14NEK4, S 1a NEA. SEA-
 (AlD. Sec. 31; All, Sec. 32 All. Sec.
 8;
 containing approximately 10. 109, 30 acres
 One purpose of this notice is to allow all persons claiming the lands adverse ly to file in this office their objections to issuance of patent to the State. Such persons must serve on the Direc- tor, Division of Lands. Department of Natural Resources, State of Alaska, 344- Sixth Avenue, Anchorage, Alaska, copy of their objections and furnish evidence of such service to the Anchor age Land Office. Cordova Building, 555 Cordova Street. Anchorage, Alaska Notice is also given that the above described lands have. since November l. l960. been segregated from all ap- plications and appropriations under the public land laws, including settlement under the homestead and similar laws and locations under the mining laws. Settlements and locations initiated on or after that date are null and void
 ALFRED P. STEGER
 Chief, Lands Section Published August ?, g, 16, g and 30. 1862
The frontiersman., 1962-08-30

UNITED STATES DEPARTMENT OF THE INTERIOR. BUREAU OF LAND MANAGEMENT, Land Office, Cor dova Building. 9th and Cordova, An- chorage. Alaska
 NoTcE FOR PUBLICATION
 Notice is hereby given that Thomas R. Marshall, Jr. entryman, of Anchor age. Alaska. together with his wit nesses Richard E. Demming of Palmer, Alaska and Elaine J. Mitchell of Was fila, Alaska has submitted final proof on his Homestead entry Anchorage Ser ial Number 047l99 for a tract of land described as
 Lots and 3. ElaSwi4, Section II Township IT North, Range West, Seward Meridian
 containing 16O.46 acres, and it is now in the files of the Land Office, Anch- orage, Alaska. Any person, corporation, or association having or asserting any advance interest in, or claim to, the tract of land or any part thereof sought may file in the Anchorage Land Off, flee during the period of publication or within 30 days therafter, under oath, an adverse claim setting forth the na- ture and extent thereof, and such adverse claimant shall within sixty days after the filing of such adverse claim. begin action to quiet title in a court of competent Jurisdiction with in Alaska. and thereafter patent shall be issued in conformity with the final decree of the court
 ALFRED P. STEGER
 Chief. Lands Section Published August Is, g, 30, Septem- Der and l3. 1862.