davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14
AS JANEWAY VIEWS 1T
Lack of U. S. Trade Policy
Pointed U p by Wheat Deal

denly become dependent en- the
markets of the world for the
wherewithal of industry and
military might. She must i'm
port simply in order to live,
much less to threaten. and she
can no longer import from
Russia.
China's reaction to the
squeeze from Moscow has been
to develop an aggressive buy
ing policy in other countries.
Thus. Just as Russia moved in
on the Canadian wheat market
in an effort to freeze China
out. so China Is now moving in
on the great Middle Eastern oil
producing countries where Rus
STA has become so active. Chi
mas need for oil is at least as
great as, and probably greater
than, Russia's need for wheat.
At the same time. China is
beginning to place orders in
Western Europe for capital
misunderstanding inevitably
with fertilizer plants for her
crisis-ridden farm system.
Many American businesses
that have invested abroad will
be on the spot. Their Subsidi-
aries and associated companies
will need guidance when the
Chinese come round with Or
ders.
Chicago Tribune-New York News
Syndicate, Inc.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14
Resources Listed
By Fuirfux Bank

The Potomac Bank g. Trust
Co. of Fairfax, Va, has report.
ed total resources Of $685..
l78 as Of the close OF bushes.
September 80.
The resources were listed as
cash on hand and due from
banks, S264,903; Government
securities, 1884; other Sc
curities, $100,410; loans and
discounts, $2,299,46O; invest
ments and other assets in
directly representing bank
premises or other real estate,
S115,000; leasehold improve
mentS, STOPS; furniture, fix
lures and equipment, $42.729,
and other assets, $17,653.
Liabilities include deposits,
$3,l47,467, and other liabilities,
$90,953, for a total of So
238,421.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14

When do you alter a classic? Only to
improve it. For 1864, you will find a
roomier rear compartment, with four
inches more leg room and Is inches
more knee room than in 1868. This
makes for twice the knee room of the
1861 and 1862 Continental. And the
luggage compartment is 1870 larger,
foratotalincrease of33% % over 1872.
But with all this added space, the
Continental retains all the qualities that
setitapart from every other automobile.
Timeless styling is a prime reason
the Continental retains so high value
More than half the people who buy
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14
By ELIOT JANEWAY

NEW YORK.-Russia's bid to
buy United States wheat has
winked on and off like a neon
sign. and what it has shown
up most clearly is the absence
Of a clear and comprehensive
United States foreign trade
policy.
The Senate Foreign Rela-
tons Committee has made this
lack official. On the same day
that the President approved
private grain sales to the So
viets on a cash basis, the For
eign Relations Committee I'M
dertook to launch a definitiye
study of what our Soviet trade
policy should be.
There's no doubt that Russia
was and Is short of wheat, and
that she was and is willing to
pay a price, even a political
price, to stock up on it-both
to fill her own empty larders,
and to make the rest of Europe
depend on her generosity.
Moscow made the same APP
proach to Canada and TO Aus
tralia, which also are burdened
with wheat SURPRISES in need of
export customers. In both
countries. the story was the
Same-Strictly business, and a
quick deal.
When the Russian bid
reached Washington, however,
it ran into confusion. No one
in authority could decide
whether to take it as a business
proposition or to play it for
United States political advan-
tage. Worse still, if Russia's bid
was TO be taken rs a business
proposition, no one could decide
what made good business sense
for the United States. Equally.
no one seemed sure where our
political advantage lay if the
wheat deal was to be traded out
for such an objective.
Everyone Was Willing
Everyone was willing to see
our wheat sold to Russia on
one basis or another-Senator
Goldwater, Republican of Ari-
IONA, for gold; Senator Smath-
erS, Democrat of Florida, pro-
vided Russia was effectively
bound not to resell to Cuba or
China; Senator Dodd, Demo-
crat of Connecticut, provided
some riffs in the Iron Curtain
were opened; the administra-
ton, provided Congress as a
whole and the Republican
Party opposition in particular
were agreeable and said so.
The result has been an en-
barraSsing confusion between
a profitable business deal and
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14
ARC Receives
Army Contract

Atlantic Research Corp
has announced receipt by it
Jansky & Bailey Electronic'
Division Of a supplementary
Army contract for the study
Of radio transmission in trop-
ical jungles.
The award was made by the
Army Electronics Material
Agency through the Fort Mon
mouth Procurement OFFICE
Amounting to SIPS million, il
brings the total contract tc
$2.65 million.
Atlantic Research now has
a team of engineering and
technical specialists in Thai
land, experimenting with diff
ferent methods of transmitting
radio waves through various
tropical environments.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14

Most comforting to manage
ment is the improvement in
profit margins. Part of this is
due to cost-cutting and auto
nation, part to stability in unit
wage costs, and part to the
firming or increasing of SELL
ing prices. AS corporations OPP
crate closer to capacity their
returns on the sales dollar
go up.
The Securities and Exchange
Commission and the Federal
Trade Commission report that
in the second quarter the profit
margins for all industry rose to
5 cents of the sales dollar, COM
pared with AZ cents in the first
quarter. 1t was the highest
since the 5 per cent margin in
the second quarter of 1859, and
before that in 1856 and early
1857.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14

IAN ineligible political stand
Our uncertain balancing act
has threatened a disSapoint-
ment for our wheat farmers
and a missed opportunity for
our sick shipping industry. We
can use the gold our wheat will
earn, and our friends and Rus
sia's victims in Europe will well
come any leverage we can de-
velop on Russia while she Is
still short Of grain.
These economic considera-
tons point to approval of some
kind of cash deal because po-
litical questions Of equal i'm.
portance had not been consid.
cred in advance, the entire af.
fair has dramatized the press
ing need for preparedness ir
United States foreign tradc
policy.
Behind Question: China
Specifically, what are we tc
do about China? AS the Senate
and newspaper debate was
quick to emphasize, the United
States can't have one policy
for doing business with "thC
good Communists" that is, the
Russians. and another policy
for not doing business with 1.-THE
bad Communists" shat is the
Chinese and the Cubans.
Now. doing business with
Russia has overnight become
a major policy question. Be-
hind it looms the problem OF
China. With Russia cutting hen
off from all the supplies she
must import. China has sud-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14
|. WAWiII Buy
SupersOnic
Planes in u. ).

Trans World Airlines said it
will buy the first supersonic-
speed transport plane built in
the United States and five
more after that.
1t deposited a $500, 900 check
with Federal Aviation Admin
istrator Najeeh Halaby as a
partial payment Of 500, 900 pei
plane.
TWA President Charles c.
T1llinghast. jr., wrote the FAA:
From the national view
point we see many benefits &C.
cruing from this program in
such matters as United States
prestige, our continuing prob
lem with the balance Of pay
ments and our further develop
ment Of our outstanding air
frame and engine design skills. "
TWA specified that the first
production model must be de-
livered either by January
1871, or by one year after the
British French supersoniC
speed Concorde is introduced
into scheduled service. which
ever date is later.
The Concorde is supposed tc
be ready by 1870. Pan Ameri-
can World Anyways has or.
dered six of them and Con-
tinental Air Lines has ordered
three.
TWA also specified that the
United States plane be certified
to cruise economically at NJ
less than 1,450 miles an houl
and it hopes a speed of about
1900 miles an hour can bt
achieved.
The airline did not say how
much it expects to pay for the
planes although it has beer
specialized that they would cost
$26 million each. The Concorde
is expected to cost somewhat
more than $40 million.
Trans World did say that II
wants a price that will permit
Their profitable operation on
competitive transatlantic routes
at unsubsidized fares"
The line said it will initially
use the supersonic plane in
transatlantic service.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14
BY SAM DAWSON

Associated Press Business News Writer
NEW YORK - Profits for
most companies continued on
the pleasant high road in the
third quarter. The outlook for
the m ajority seems even
brighter for the final months
of the year.
First reports show many in
dustrial leaders we'll ahead of
year-ago earnings. Some are
setting records in earnings after
taxes. Only a small minor
ity trail 1862 results.
Much of the current gain is
due to increased sales and out
put. But for industry as a
whole there has heen a well
come widening of the profit
margtn-a higher net return
on each sales dollar-after
several years Of a tightening
trend.
Some of the reported after
tax profits would be even
larger If the newly allowed
additional depreciation deduc-
tons for tax purposes we're
figured in, as in previous years.
The companies have more
cash to spend but lower book
earnings to report.
Bellwethers Report
The profit statements so far
are. only the vanguard Of the
army that will march across
the financial pages in the next
three or four weeks. Most are
from companies whose fiscal
books are ahead Of the calen-
dar. But some bellwethers of
industry already are reporting
on operations for the three
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14
BY SYLVIA PORTER

~ Certain persons entitled
to the child care deduction
could deduct up to 5000 Of
actal expenses instead Of only
$500 as at present. This would
apply if the taxpayer has two
or more children or physically
or mentally incapacitated de-
pendents.
CD The rule would be liber-
allied for a married man whose
wife is living during the tax
able year. Today, he cannot
deduct costs Of child care, but
under the bill, he would be
eligible for the deduction (sub-
ject to various limitations) If
his wife is incapacitated or in
stitutionalized for a period Of
at least 30 consecutive days Cor
less If it ends with her DEATH =.
The child care deduction Is
still severely limited by income
ceilings. but these three
changes will benefit many
thousands who need every
penny Of tax relief they can
get. Check now whether you
will be in a position to save
on taxes through the new rules.
The extension Of the child
care expense deduction to a
married man whose wife is in
capacitated is of special i'm
portance. All who will qualify
should prepare themselves now
to take maximum advantage Of
the liberalized provisions start
ing in 1864 If the bill become
law.
Tomorrow: Reduced deduc-
tons for State taxes and cas-
ualty losses.
Distributed 1858, By the Hall
syndicate, Inc. All Rights Reserved
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14

"a sure sign they've completed
inventory adjustments"
Steel production continues to
edge upward. Steel estimated
l 100000 ingot tons was pro-
duced last week and said this
weeks output will be slightly
higher.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14

through its long and happy life. Limited
editions-this car is available in just
two models, the four-door sedan and
the only four-door convertible made
in America. There is no compromise
of its standards to offer lower priced
models. Those standards of engineer
ing and construction are the worlds
highest. No other car is so meticu-
lousy built and thoroughly tested. The
unusual rightly of its integral con-
struction contributes to its unequaled
ride. And every Continental includes,
as standard equipment, virtually every
our price range choose the Continental.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14

luxury appointment and power assist
ance. The Continental is practically
free from maintenance. 1t is con-
structed to last longer and maintain
its value well. These are the unique
superioritiesofthe LincolnC Continental.
Before you decide on your next
automobile, drive the Continental. 1t
is the worlds finest automobile. Please
call us, and we will be happy to arrange
demonstration at your convenience.
a LINCOLN CONTINENTAL
Product of the Lincoln-Mercury
Division, C551dC Motor Company
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14
Profit Margin Is Widening
Net Return on Sales Rises;
4th Quarter Outlook Bright

months ending September 30,
In most instances the gain over
last year is marked. Ahead are
such giants in their respective
fields as American Telephone
g. Telegraph. General Electric,
international Business Ma
chimes, Radio Corporation of
America, Firestone, Safeway
Stores.
Since many companies usu-
ally make their best returns in
the fourth quarter, confidence
is high for a record year when
the final bookkeeping results
are in, with all their year-end
adjustments.
Gain Is Steady
The gain has been steady this
year. The April May-June
quarter returns ran an average
IL per cent ahead of the jan
.uary- February-March results,
and a smart 16 per cent better
than the second quarter of
1862. The first quarter had
been 4 per cent higher than
the like 1862 period. although
taking a II per cent drop from
the final three months If 1862
the normal trend.
All of 1862 saw earnings Is
per cent ahead of 1861, but
with the third quarter 9 per
cent higher than the July-Au-
gust-September period of 1861,
Last summers continued ad-
vance thus puts most corpora
tons well above their results
in the early months of the re-
covery from the last recession.
Food industries and retail
store chains are particularly
prominent among the early re.
porters.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-10-14
YOUR MONEYS WORTH
What Tax Bill
Means to You-W

If you are moving to a new
job or deducting child care ex-
penses, the 1868 tax bill would
give you new tax advantages.
Here is what you can do this
year to cash in on these breaks
If they become law.
The Treasury has a stuffy
rule about employees who spend
money moving from one job 10
cation to another. If the en-
ploye is required by his present
employer to move to a new
location for the employers BEN
eft, the money the employer
pays to reimburse him for his
moving expenses is not counted
as income. But If the employe
moves to a new location for his
own convenience or for a new
employer, the money the en-
ployer pays to reimburse him
for his moving expenses is
counted as income. What's
more, the employee cannot de-
duct his moving expenses.
The HouSe-paSsed tax bill
contains a provision which
would simplify the whole mat
ter. Beginning in 1864, an en-
ploye could deduct his reason
able moving expenses involved
in staring work at a new job
location.
Additional Deduction
The deduction would be
allowed in addition to the
standard deduction. 1t would be
allowed whether the move was
for the convenience of the en-
ployer or the employee. If the
employer reimbursed the en-
ploye for the moving expenses,
the net effect would be no tax
on the reimbursement. If the
employees actual moving ex-
penses exceeded the reimburse
ment, the employe could deduct
the excess.
If you expect to change your
job location soon, here are the
ey guides. II you're moving for
your present employers con-
venience and are being reim-
bursed by your employer for
your moving expenses, you will
be as we'll off from a tax view
point whether you move in 1868
or in 1864.
But If you are moving to
work for a new employer or
for your present employer for
your own convenience or with
out reimbursement Of your
moving expenses, your best bet
from a tax viewpoint is to hold
off your move until 1864. II
you do this. you will give your
self a chance to deduct your
moving expenses II the 1876;
bill becomes law. If you movt
: in 1868, you cannot possibl,
deduct your moving expense
! under the Treasury's presen
rules.
Rule LiberaIized
The 1868 tax bill also woulc
liberalize the provisions gov.
erning deduction for child care
expenses. Under today's rule
certain persons can deduct ur
to 5000 Of expenses a year fol
the care of a child under Il
when the expenses are neces-
sary in order to enable the
taxpayer to work. This rule
would be expanded in three
ways.
Cd The expenses would be
made deductible for children
j under Is instead Of IL as at
present.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-10
CHICAGO
LIVESTOCK

cHIcAG .-H6Es
higher on weights 400 lbs. and down:
shippers took 80 per cent OF saiable
supply: l-2 l9O-225 ID. butchers I7.T5-
! 500. around 500 head at 1900 and
50 head around 225 lbs at 1925: / 3
i6.75-I7.25: % 25O-2S0 lbs. lie. 90
1878: 2sO-325 lbs. I55O-I6.25; l-3
330-400 ID. sows 14.OO-l4.75; "a
4O0-450 lbs. 135O-I4. 90: 45O-500 lbs.
ia. 00-l35 5OO-6OO lbs. 12.5O-I3.OO
Cattle $4,000: calves none: trading
on slaughter steers and heifers fairly
active, steers steady to so higher than
last Friday; heifers steady TO IS lower;
sows fully steady: load prime $50 10.
slaughter steers "a 25: bulk high choice
and prime l.l5O-l $50 lbs. 23.5
"a 90 including half dozen loads mostly
prime l.225-l $50 lbs. at "a 90: bulk
choice g0O-l,20O lbs. 22.50-23.25:
comparable gTade l,2OO-1 400 Tbs
- .OO-22.7 rs: load high choice h325
lbs. $500; l.4O0-l 500 lbs. 2l.55-
22.25 load mostly high choice 1878
lbs. 81 80; good g00-l 200 lbs. 81 90
22.25; load lots mixed good and choice
l.OOQ-l.3OO lbs. 22.00-22 so: standard
and low good l9OO-2O.75: choice $50
l.O15 h. heifers 225O-23. 90; good
20. 25-22 90; load lots mixed good and
choice 90. 0O-22 rs utility and COM
mercial cows l5.75-l6.50: odd head
at 1900: Gamers and cutters 1880
ID. %: few high Welding cutters 1900:
utility and commercial bulls 1900
20 50. few cutters 1S00-lS50
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-10
Stocks Lower;
Health Scare
Hits Tobaccos

NEW YORK. (AP).-Tobac-
cos were lower on another
health scare and the stock
market was down in active
trading early this afternoon.
Although the general run Of
key stocks declined fractions
to a point, some wider losses
hit blue chips represented in
the averages and these were
depressed.
The market was absorbing
some further profit-taking,
brokers said. In some instances
stocks recovered briskly after
initial losses.
The tobaccos were upset by
a report Of the American Heart
Association, linking cigarette
smoking and heart disease
Some tobacco issues we're off 2
or 3 points.
Reports that steel shipments
may be, heading for a 10 per
cent to is per cent decline in
July accompanied a moderate
decline by the top steelmakers
The recently strong rails were
lower as concern grew about
the possibility of a nationwide
strike Wednesday.
Oils, aerospace issues, elec-
tronics. office equipment
drugs and chemicals were
among the losers.
The ticker tape was late O
couple Of times. Trading was
brisk as some stocks recovered
above their lows Of the day.
American Stock Exchange
prices moved irregularly lower
in moderately active trading
Corporate bonds were mixed
Governmen bonds edged
hi0hnr
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-10
Boston Mutual Fund
Extends Stock BUYING

BOSTON (DO.-InveStment
Trust Of Boston is continuing
its program Of improving the
quality of common stocks in
its portfolio, Robert l.. Moore,
president Of the open end mu-
tual fund told Dow Jones.
Mr.. Moore said in the May
81 fiscal year Investment Trust
Of Boston consolidated hold
ings into fewer common stock
issues Of the type trustees be-
lieve can be held with conf
dence at current price levels.
He said I'VE look for a COM
bination Of yield and growth"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-10
Westinghouse to Use
Admiral N Control

Admiral Corp. said it has
licensed Westinghouse Electric
Corp. to use its wireless remote
control system for television.
The control system permits a
viewer to turn a TV set on and
off, adjust the volume to three
levels and change stations from
distances up to 40 feet from the
set. Admiral said other licensees
include Zenith Radio Corp. of
America and two Sears Roe
buck g. Co. affiliates.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-10
COTTON

NEW YORK lAP).-cotton futures
we're IRREGULAR late today.
Much OF the poerations involved
switching transactions by traders be-
tween various trAding months.
on short covering, partly antieipAting
first notice day for that position on
June "a. Commission houses sold the
July position and bought December
and March.
A private survey said the cotton
past week. except In the Lubbock ana
Corpus Christi areas OF Texas. There
was heavy damage from rain and haIl
In the Lubbock territory which will
REQUIRE IS 10 40 per cent replantine
OF the crop there.
late afternoon prices we're IN cent?
Q bale higher 10 fb cents lower than
the previous close July $685. october
9eBh and December J2.6A.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-10
R.W. Johnson Retiring

NEW YORK (AP).-The To-
year-old son of the founder of
johnson & johnson, makers of
surgical dressings. is stepping
down as chairman after SO
years with the firm. Robert w.
johnson announced he is re-
signing effective July / for
health reasons. He will remain
a director.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-10
Stock List DeIetions

NEW YORK (APO. - A
monthly summary of changes
in listed common stocks shows
eight deletions from the New
York Stock Exchange in May
and an equal number of addi-
tons. Stocks deleted were Co.'S
den Petroleum, Gabriel Co..
General Controls. Lehigh Coal
Navigation, Lehigh Valley
Railroad and United Carbon,
Additions we're Emhart Manu-
featuring. Fafnir Bearing. Pc
trolane Gas Serpice. Puerto
Rican Cement, A. E. Staley
Manufacturing and Talon.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-10
CHEVROLET ROLLS
ITS so MILLIONTH

The so millionth Chew
rolet rolled off a General
Motors assembly line at
Tarrytown, N. Y, today.
On hand for the occasion
were company officials and
Gov. Rockefeller of New
York, who drove the auto
mobile off the assembly
line. The GIN plant, which
is currently undergoing
modernization and expan-
sion, is built on the site Of
a former steam driven
automobile factory.
Speaking at a luncheon
today, John F. Gordon,
president of GIN. said he
foresees IAN era Of greater
economic growth and in
dustrial development.
symbolized by the COM
pany's TaITytown expan-
sion.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-10
Offer Is Extended

NEW YORK ODD. - Ing C..
Olivetti a. CSPA announced
that its offer through Lazard
Freres & Co. and Lehman
Brothers to purchase at $14.5O
per share all Of the outstand-
ing shares of Underwood Corp
not owned by Olivetti had beer
extended to 5 pm. on June 81
1868.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-10
CHICAGO GRAIN

CHICAGO. (AP)-The wheat fu.
lures market developed fairly general
firmnesS today with wheat futures
gaining cent or more on all con-
tracts and leeding the advance on the
board Of trade.
Brokers said the support for wheat
appeared to be LARGELY short covering.
Offerings were scant and hedge selling
was virtually absent Dealers said
cause the governments June crop re-
port, to be issued late today. could
contain some SURPRISES.
Soybeans attracted a good specula-
tive demand after selling q bit easier
at times in early transactions.
Al noon, wheat was N-lA cents q
bushel higher July 81 81 -: corn "a
higher 10 "a lower. July S1.a5 Is;
oats V lower 70 y higher; July e7h
July Sl.2s Y; soybeans b-7s hisher,
July 1891 V.