davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
BY DON BACON
Star Business Writer

It's all right to spend those
silver cartwheels; they're not
going to be worth more than
a dollar, after all.
For a while this week, it
looked like the rising price of
silver metal would make it
profitable to melt the coins
down. But the Treasury De-
partment-as expected-stepped
in to keep silver prices below
the melting point"
Holding world silver prices
at or below the so-called melt
ing point-$l.293 an ounce-is
one of the few remaining in
tereSts the Treasury has in
silver.
Once a major source of con-
troversy, with political and
economic roles dating back to
the Nations early days. the
metal today is needed by the
Treasury only as an ingredient
in coming hard money. Almost
unnoticed, Congress this spring
authorized the gradual removal
of silver backing for all 81 and
certain SIS and $40 bills.
With the Treasury's declining
interest in the silver market
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
BUSINESS
BRIEFS

BituminOus Production in the
week ended July 20 totaled
8,930,000 tons compared with
2,505, 900 in the previous vaca-
ton week and 100000 in the
like week a year ago.-National
Coal Assn.
Intercity Truck Tonnage in
81 metropolitan areas across
the Nation in the week ended
July 20 was up 1.5Po from the
previous week and up $40
from the like week a year ago
American Trucking Assns.
Crude Petroleum Stocks, do
nestle and foreign, on July 20
totaled 254,214,000 barrels,
down 605,000 from the previ-
Gus week.-Bureau of Mines.
New York Central Railroad
in 6 months ended June 80
had a loss of .$4,412,407 VS.. a
loss of $4,982,769 in the like
period a year ago. Earnings
in the second quarter were
$3,474,715.
Mclean Trucking Co. in year
ended June 80 earned 81, SIS, 900
or $1.23 a share VS.. $1,518,4 03
or $1.18 in 1862 period.
Other earnings included:
EnH 4 Mnrihn Rnhnd InnA a
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28


the six months after provision
for Federal income taxes, COM
pared with $310,349 or 81 cents
q share in the same 1862 period.
Sales of SIS, 446. 467 compared
with $50,562, 1874 a year earlier.
Sales and other store income
aggregated $50, l21,451 VS.. $751;
235,O16.
Operating costs, depreciation
and amortization totaled $54,-
852,942, an increase of 8.8 per
cent from $50,456,031 in the
same period last year.
Relatively poor earnings last
year resulted in homecoming
costs Of opening an unusually
large number Of new stores.
These new stores, which
dragged on last years profits
and caused sharp declines from
1861 levels, now are contribut-
ing substantially to 1868 earn
ingS.
Illustrating the cumulative
nature of this improvement,
the IS per cent gain for the
six months contrasted with a
16.9 per cent year-to-year gain
in profits for the first three
months Of this year. The 9.S
per cent gain in sales, however,
was little changed from a 9.4
per cent sales gain in the three
months. ~
The company'S balance sheet
for June 80 listed current as
sets Of $23.622,312 and current
liabilities Of $7,254,204. or a
ratio Of 1925 to 81. On the
same 1862 date, the totals were
$19,633, 1896 and $8.679,873 re-
spectively or a ratio of $2.26
to 81.
Equity in common stock
amounted to $24,957, 481 on
June 80, compared with $24,-
424,935 q year earlier. Earned
surplus totaled $15,215,601,
compared with $14,683, 055,
while capital surplus of So
$685. 1885 was unchanged from a
year ago. ..:
The interim report, which is
subject to audit and year-end
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
Stale Stocks Imprison Capital

Stocks that continuously 60
up are rare. These are always
the ones we hear about after
their achievement-never be-
fore. Most stocks move in
cycles. Dormant. Growing. Ma
ture. Sometimes a decline.
Sometimes renewed growth
after a second period of DOR
NANCY. Each stock moves In
different ways and at different
times. Don't expect to find an
easy formula that gives you the
key to the future.
It is not possible to tell a
stale stock from a fresh one,
a young move from an old. But
don't expect to know the precise
start or exact finish.
Has the stock in question
Just started up? Or has 1t been
advancing a long time? II II
has gone UP q long time, then
fallen back unable to make any
Roadway on general market
rallies, 1t is possibly getting
stale.
Is 1t Just beginning to show
activity or has trading volume
run high for a long while2 The
nearer the start Of activity In
terest and strength the more
likely you are TO make a profit.
Stocks early In a move are
obviously fresh, not stale.
Are the reasons for strength
obscure and difficult TO UNI
Govern Or are they talked and
written about freely2 Stocks
that advance before the real
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
BY GERALD M. LOEB

NEW YORK. What are
stale stocks?"
Why should they be avoided2
The ownership of common
stocks is constantly changing
Sometimes at a very slow pace
II the company they represent
is static. Then shareholders
mainly buy or sell for personal
rather than investment reasons.
Let the status of a company
change, however, for the better
or worse, and ownership begins
to change as well, and at a
faster pace.
Assume a company is DOR
mant and its stock inactive.
The shareholders are probably
long-standing patient investors.
Suddenly a new development
occurs, something favorable
that promises to lift earnings
and dividends. Those who first
learn about 1t start to buy.
Their buying starts to move
the stock higher. Long standing
investors who see the stock
stronger without understanding
its rise, think this Just a tenn
porary bulge and sell.
II the situation keeps Inn
proving, the stock continues To
advance. The stock owership
changes until at some point
the strong. patient, original
ownership has changed to weak
impatient ownership. Now the
stock runs the risk Of going
stale" Instead OF the old
shareholders who expected
little, the company's new share
holders expect much. But II the
corporate situation slows down
or reverses, then a stock de-
cline is practically inevitable.
Should this occur, the stock
is really stale. Many Of the
new buyers failed TO cut their
losses or take their profits, and
they sit waiting for any rally
In order TO liquidate.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28

lion would go on sale In ex-
change for silver certificates
at assay offices in New York
and San Francisco at $1.29
an ounce, or 1890 for a 1000
ounce bar.
"Silver users would much
rather have pure silver bull
lion," comments Leland How
ard, director Of the Treasury's
office Of domestic gold and
silver operations. "Nobody's
going to bother to melt down
coins when they can get bull
lion."
The Treasury frankly adj
mits it was putting a ceiling
on the price of silver. "It
would be very foolish for us
to manufacture coins just to
have them melted down
again." points out Mr.. How
ard.
That may be true, but on
at least two previous occa-
sions United States money
has wound up In the melting
pots.
The first occurred in the
mid-180Os when silver Short
ages ran the price up. Specu-
lators were taking so many
United States coins out Of cir
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28

reason comes to light, are
usually better buys than those
whose strength can be very
convincingly and logically ex-
planned.
Determining these factors in
the history Of a stock will give
the buyer a general view as to
how fresh or stale a potential
investment really Is.
Avoiding stale stocks is very
important. A leading stock in
one bull swing can often do
nothing in the next. 1t merely
ties UP a good deal of capital
which could be used to greater
advantage in other directions.
Copyright, 1868, by North American
Newspaper Alliance, Incl
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
Dobbs, Inc. Listed

Dobbs, Inc, OF Memphis,
Tenn, which operates 1888
eating places in 80 States plus
an airline catering service, re-
ports that its stock has been
approved for listing on the
New York Stock Exchange.
Trading will begin September
l6. Among the company's IA
cilities are three snack bars
in Washington.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28

near-record peak. In the last
year alone-with the Treasury
out Of the picture - prices
have shot up nearly rs cents
an ounce.
Recognizing the growing
possibility that its silver coins
might wind up in the melting
pot, the Treasury included in
its 1868 legislative requests
authority to sell its own free
silver bullion on the open
market when the world price
hits $1.29.
1t exercised this new au-
thority for the first time last
Wednesday when Secretary
Dillon announced in the Fed
eral Register that silver bull
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
JAPANESE BUY
ENGLAND'S LAST
WHALING SHIP

LEITH, Scotland (AP).
-Britain's sole surviving
whaling factory ship has
been sold to a japanese
firm for about $2.8 million.
The sale of the South
ern Harvester to the Tokyo
firm Of Nippon Susan
Kaisha, Ltd, was disclosed
by Chris Salversen & Co.,
Ltd, Of Leith, Scotland.
A spokesman for Leith,
which has been engaged in
the whaling industry for
more than half a century,
said the sale was approved
by British and the Japa-
nese governments. The
sale came after a year Of
negotiations.
The Scottish firm also
subleaSed their land sta
ton at Leith Harbor,
South Georgia, Antarctica,
to the same Tokyo firm.
The sale took Britain out
Of the world whaling in
dustry.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
Defense EIectronics
Sales Increase

Defense Elecronics, Inc, Of
Rockville, has reported a SO per
cent increase in sales for the
first half of this year as COM
pared to the same period in
1862.
Net sales through June 80
we're lisetd at 50 million as
compared to 81 ,243, 900 in 1862.
New orders during the six
months of 1868 we're said to
have exceeded SO million, rep
resenting a 100 per cent in
crease over the total business
written in 1862.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
BY CONRAD FINK

TOKYO, AP).-Clouds of
dirty smoke over Japan's cities
tell the story: This industrious
island nation is challenging the
steelmakers of the world.
What's more, the statistics
show the smoke clouds over
Kawasaki, Osaka, Yawata and
a host Of other cities are get
ting bigger and bigger in the
eyes Of Western steelmakers.
For Japan now Is the worlds
fourth largest steel producer
and gaining fast on the leaders
the United States, the Soviet
Union and West Germany.
In addition, the japanese
are demonstrating remarkable
ability to export at prices often
lower than those offered by
the leaders.
The amazing thing about all
this is that Japan must import
the raw materials that go into
steelmaking and then ship the
finished products back across
the vast ocean isolating it
from steel-consuming nations.
Tremendous Growth
Explosive growth" Is a
term overworked in describing
Japan's economic progress since
World War II but nothing else
tells the steel story quite as
well. Consider this:
In 1945, when the last
American bomber had left the
skies, Japan's steel industry
was a rubble heap. Hardly one
blast furnace was still lighted.
But things were rolling
again by 1850 and in 1858
production hit as million tons
Of pig iron and 7.6 million tons
Of steel, both Of which exceeded
World War II production
records.
Last year, Japan produced
27.6 million tons Of steel, COM
pared with the United States
89.1 million tons, RusSia's 1853
million and West GeFmany's
32.5 million.
OF Japan's 1862 production,
Al million tons, worth $3.50
million, were exported. Exports
and their total values increased
"a per cent and SO per cent,
respectively, over 1861.
u. s. Best Customer
The United States is Japan's
biggest customer, followed by
the Soviet Union. And Japa-
nese statesmen are having in
creasing success in information
al competition for markets in
many other countries--Argen-
tina, the Philippines, Thailand
and in Europe.
Senator Scott. Republican Of
Pennsylvania, said in Pitts
burgh in May the Japanese
have gone beyond fair COM
petition and formed a secret
cartel with European producers
to divide the American market.
Japanese steelmen said GER
tain agreements were made to
avoid excessive competition"
in the United States market,
but asserted the success Of ia
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
Company Opening
New ShoWrooms

The Bond Furniture Mfg.
Co.. Inc, Of Baltimore, has
opened q new showroom in the
Wheaton Plaza Shopping Cen
ter, managed by Montague
Perkins. =,
On August /, the company
also plans TO open a showroom
in the Capital Plaza Shopping
Center at Bladensburg, man
aged by Henry Levitt.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
Quuntico Bunk Plans
WOODBRIDGE Office

The First National Bank OF
Quantico, Va. has announced
plans to open a temporary Of
flee in the Woodbridge Plaza
about September IS.
Meanwhile. plans for con-
struction Of a permanent loca-
ton opposite the Marumsco
Shopping Center are nearing
completion. The new building
is expected to be ready by
spring.
The Woodbridge office will
bring TO five the number OPP
Grated by the bank.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28

Tor IlgnCS OF AHCS AFnena
Missiles from Green River,
Utah, to White Sands, N. Mex.
ARC has leased an assembly
plant and is getting ready for
the first Athena launching next
fall. In a preliminary phase,
several sounding rockets al
ready have been launched.
In addition to rocketry, ad-
vance technology programs Of
the company include electron-
les, pyrotechnics and basic and
applied research, he said. The
addition Of Beryllium has
created an entirely new solid
rocket propellant and repre-
sents a major break-t through,
he said.
Varied Product Line
It has become a leading pro-
Queer of military pyrotechnicS
and ordnance and is conduct
ing experiments in the moni-
toring transmission equipment
for data processing. It's length
ening list Of products also in
cbudes air conditioning, plastic
pipe fittings, equipment for
atomic submarines and a wide
variety of laboratory equipment,
ARC was criticized by the
SEC last year for failing to
meet disclosure requirements
and for q time the company's
stock was suspended from
trading on the exchanges and
over the counter market.
Despite the problems with
the SEC, the stockholders
meeting was impresSively har-
monious. Near the end Of the
meeting one holder complained
that a few officers had sold
some stock in the last year
but noted that DR.. Arch Sour
lock, former president and now
board chairman, had sold none
of his. President Rice. told the
holder that the relatively small
sales by two officers had been
of a personal nature and their
holdings remain large.
Reelected directors were
Arthur w. Sloan, vice chair
man and chief executive
officer; board chairman Arch
Scurlock; president Rice
James M. Johnston, Rear
Admiral Malcolm F. Schoeffel,
USN (retired). H. Grady Gore
and Franklin c. Salisbury.
Following the stockholders
meeting directors reelected all
officers.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
GE|C0 Profit
Gains Sharply;
Trend Defied

Recording substantial gains
in both underwriting and in
vestments, contrary to the gen.
eral experience Of the auto
casualty business, Government
Employees Insurance Co. had
a Jump Of 1874 per cent in
earnings for the first six
months Of this year.
President L. A. Davidson
yesterday reported to stock
holders net income Of $685.
500 for the period after pro-
vision for Federal income tax,
compared with $2,618,460 in
the first half Of 1862.
Profit from underwriting
amounted to $2,659,932, a gair
of 53.7 per cent from $1,746,8 1874
a year earlier. Profit from in
vestments rose to 1896, $40
an increase of 28.6 per cent
from $2,330,369.
The company wrote $47,694,-
1872 Of premiums in the six
months, an increase of 1875
per cent from $41,S 76,540 O
year earlier. Earned premiums
of $42,710,183 were up 1872 pei
cent from $37,746,630.
Mr.. Davidson pointed Out
that severe weather conditions
in many areas Of the United
States during early months o.
1868 caused significant in.
creases in claims and SHARP
reductions in profit margins
for most fire and casualty
companies. The GEICO gain,
contrasted with this trend.
Total admitted assets Of
$136, 820,055 on June 80 were
UP 1872 per cent from $115,.
723, 405 on the same 1862 date
GEICO's surplus stood at $685..
925,041 on June 80, a rise Of
43.3 per cent from $18,788,47;
a year earlier.
Two affiliated companies o.
GEICO also showed sharI
gains from a year ago In re.
ports to stockholders.
Government Employees Life
Insurance Co. had a recorC
1856, 730,529 of life Insurance.
in force at mid-year, a gain o.
26.9 per cent from $3.50, GOT
705 on the same 1862 date.
OF the total insurance ir
force, $215 million or SO pei
cent was ordinary life insur.
ance and $151.7 million or Al
per cent was group life insur.
ance.
Ordinary life insurance sale
rose to $21, 688, 806 in the frs
six months Of this year, a gair
Of 1874 per cent from $40, l48,-
059 a year ago.
Premium income rose to 49,.
1889, up l4.6 per cent from
$2,716,496.
Benefit payments In si1
months increased to 1896, 1854
1 from $723,509 in the same pc.
Iriod last year.
Criterion Insurance Co.
} which has only been operating
, since September l, 1861, re.
duced its operating loss in the
six months to $178,208, com.
: pared with a loss of $282, 226 II
| the same 1862 period.
It had an underwriting losl
! Of $256,170 VS.. a loss of 1885,.
484 q year earlier, while mel
: investment income rose to ST..
d. 963 from $52,908 in the same
period last year,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
SMOKE OVER JAPAN
World Steel Makers
Face Big Challenge

paneSe steel in America is due
to attractive prices.
The Japan Iron-Steel Fed
Grafton says British steel is
Japan's closest price COMPETE
tor but United States steel is
almost always much higher
than Japan'S.
The federation says, for ex-
ample, that most producers sell
thick steel plate for shipbuild-
ing at about $40 a ton. British
producers are low bidders, with
about Sis, the federation
says, and the Japanese are
second lowest, in the neighbof-
hood of 1927.
Prices Are Lowest
Japanese prices for bar and
angle and ordinary wire rod
are lowest in the world, at
least $40 under United States
prices. the federation says.
Japan's competitors main
tain japanese producers have
an unfair advantage because
they pay extremely low wages.
This question has been
clouded in charges and coun-
tercharges for years, but the
Japanese-without really pub
fishing all the data-maintain
their labor costs are not the
only important factor In de-
termining a low price structure.
Pointing out that Japan had
to completely rebuild its steel
plants in the past 10 years,
the japanese say they devel-
oped a modern, efficient in
duStry second to none In tech
nical and labor skills.
Anyway, the japanese add,
Japan's industry operates un-
der the crushing handicap Of
having to import raw materials
so the wage controversy is not
too meaningful.
Japan imported 22.1 million
tons of ore last year from Ma
laya, Chile, Peru, Goa and
India, and go million tons of
coking coal from the United
States and Australia.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
VOICE OF CONFIDENCE
Stockholders Approve
OF ARC Management

A record attendance OF At
lantic Research Corp. stock
holders voted confidence in
their management at an an
nual meeting in the company
offices at Alexandria yester-
day. The rapidly growing COM
pany has gone through a Pc
Rod Of difficulties with the
Securities and Exchange Com
mission.
In q crowded room of about
325 stockholders there was one
soft mo" far in the rear in
contrast to a loud chorus of
"ayes" in response to a mo-
ton submitted by a stock
holder, Daniel Partridge.
II move that stockholders
express appreciation to the
management for its conduct
during an extremely adverse
period and vote their conf
dence in the management and
board of directors" said Mr..
Partridge.
Earlier a stakeholder object
ed to casting a unanimous
ballot for reelection of the
firms seven directors and the
ballots were counted in the
usual manner. More than SO
per cent Of the 1858, 1892 shares
represented at the meeting
were voted for the incumbent
directors. The company has
1,998,989 shares outstanding.
Profits at SSO7,OOO
President M. Lee Rice re-
ported that in the first six
months Of 1868 A. r. c. earned
a profit of 100000 after al
lowance for taxes on $20.3 mil
lion sales.
The sales total contraSted
with $751; million in the same
period last year. No comparable
earnings figures were given for
a year earlier.
Atlantic Research received
more than sos million of new
orders In June, an increase of
81 per cent from the previous
best month in the company's
history, President Rice said.
The June upsurge raised the
order total for six months of
this year to $3.50 million, COM
pared with sos million in the
same 1862 period and SILT mil
lion in the same 1861 months.
Mr.. Rice reviewed progress
on the company's major pro-
grams, including preparation
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28

adjustments, also listed net in
come of 81, 687 1853 or $2.92 a
share for IL months ended
June 80 on sales of $113, 323, 343.
This compared with a net of
81 ,535, 1853 or $2.66 a share for
IL months ended March 81 on
sales of $110,769,513.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
Peoples Drug Profit
$50 Above 1862
In First Half of '63
Acacia Mutual Sales Increase
1916 Per Cent to $10l Million

Net income of Peoples Drug Stores Inc jumped ssh per
cent above year ago the first half of 1868 98
cent increase in sales announced yesterday by George
Buus board chairman and president in unauded interim
report to stockholders
Net income amounted to $48l 81 or SO cents share in
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-07-28
Mr.. FORD ON THE ROAD

II one man may be said to have put the
world on Wheels" II was Henry Ford and the
Model which carried his name. II was 100
years ago this week, on July 30, 1863, that
Mr.. Ford was born in a Michigan farmhouse.
This picture was taken in 1896 when the auto
maker was driving his first car, twO-cyIinder
job called a quadricycle.-AP Newsfeatures
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-03-19
Group Seeks Curb
On Store Displays
On Sidewalks

A Northwest citizens group
wants to encourage a city-wide
campaign to induce store own
ers to keep their merchandise
inside and off the sidewalks.
Members of the Chillum
Heights Citizens Association
last night agreed that outside
display Of merchandise is I'M
slightly and encourages vandal-
ism.
In another resolution, the
group reiterated its support for
Senator Fulbright's resolution
to keep embassy chanceries out
Of residential districts.
The association also voted
that buildings built for indus
trial and commercial uses
should be required to have
adequate parking facilities for
the employees who win work
there.
The group met at 54O1 New
Hampshire avenue NV.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-03-19

ltion In that organizations
steering committee. The asso-
citation appointed a representa-
tive and voiced strong accord
with the councils broad goals
of promoting the well being of
youngsters In the District.
To cope with neighborhood
traffic problems, the associa-
ton agreed to send a letter to
the District Highway Depart
ment requesting traffic lights
for the intersection of RAN
dolph Place and Second Street.
NV. and First and r streets,
NV. Also suggested was a pc
destrian signal TO eliminate con-
fusion at the south crossing Of
the First Street and Rhode Is
land Avenue NV, intersection.
The meeting was held at Ia
Dor Presbyterian Church, ct
Second and s streets, NV.