davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
Big Variety Of SurpIusM Military Items
Will Be Auctioned Off Augustl3 /:

that originally cost $25,562
each. They are in good used
condition and can be inspected
at Fort Devens, Mass. $50
The used duck" for which
Uncle Sam originally paid
$12,629, is at Otis Air Force
Base, Falmouth, Mass.
An $4,000 painters float, IL
by 81 feet and three decks high
above its pontoonS, once was
used to paint Navy hulls from
the waterline up. Knoll says it.
might serve a commercial ship
yard for the same purpose. 1t
is at the Boston Naval Ship
yard Annex in South Boston. ,
The SO machine tools to be
auctioned originally cost $685.
882, while there are 81 items of
materials handling equipment,
including II forklift trucks,
that cost ST. ,626. Fifty-Seven
items Of clothing, blankets.
helmet liners. shoes and SIM
liar gear cost $313,804, and A
truck and automotive repair
parts items set the Govern
ment back $295, 900.
The automotive items include
II, comprising a variety of jeep
parts for which Uncle Sam
originally paid $S0,613. They
are at the New Cumberland
(Pa.) Army Depot and the
Letterkenny Army Depot at
Chambersburg, Pa. ~
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09

Noted Bankers Oppose New System
To Overcome 'Liquidity Dilemma J

caught with debts temporarily
too big to handle, the world
trade thus restricted by short
ages of money credits, the
bankers said there is mo eff,
fective alternative to reliance
upon a further development of
mutual credit facilities among
the major nations"
System Outlined al
They outlined an interna-
tional financial system provid-
ing a money-supply liquidity
via Cd Official gold and for,
eign exchange holdings, CD
Formal or informal swap ar,
rangements between countries,
90 Loans by countries with.
balance-of-payment SURPRISES
to debtor countries, and ca.
Recourse to the SIT billion Of
the international money fund
for loans to help balance OF
payment problems. ~
These systems have all been
used in various forms in the
past and the four bankers said
that they have shown them
selves capable Of taking hard
blows and bouncing back. 5ti
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09

change should also apply to the
Chicago institution. -
The National Association of
Securities Dealers (NASD) col
lects only 16 per cent Of its
assessments from 81 large firms
which accounted for 81 per cent
of all over-the-counter trading
in 1862, and the association
should consider changing its
fee structure.
The NASD generally has been
fair in handling disciplinary
problems but it should enlarge
its activities, and it should con-
slider hiring a larger staff in
stead Of relying in part on
volunteer part-time workers.
The Pacific Coast Stock
Exchange should re-examine
its basic system of regulating
transactions with a view to
enlarging its staff.
Brokers should be permitted
to loan money on overtime
counter stocks as we'll as those
listed on exchanges, but there
should be tighter controls over
bank lending on this type of
security.
There should be restrictions
on "unregulated lenders" SIM
liar to those on banks and
brokers. This referred prin-
cipally to factors, or companies
which lend money on securities
for short periods at a relatively
high interest rate.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
Small Business
Contracts in D. G.
Hit $15.1 Million

Small business firms in the
District received contracts to-
falling $751; million in July
under the Governments So
called set-aside program.
Under this program, repre-
sentatives of the Small Busi-
ness Administration in Coop
Grafton with purchasing Off
GERS of civilian and defense
agencies of the Government re-
serve proposed contracts for
exclusive competitive award to
small firms.
In July the following awards
were made: Baumberten Co.
S 1884, $1,305 and $14,164; Cor
son & Gruman Co., $497, 849;
George E. Vierecke and Co.
$14,510; Herbert s. Dudley Co.,
$11,880; John F. Holman &
Co., $48; Mclaughlin Research
Corp, $489, 1874; M. 8. CHM &
Co., 5000; Manloading &
Management Associates, Inc.
$685., 343; Murray g. Hester
Inc, $8,208; Square Dea
Trucking. $3S,760; Washington
Incinerator Sales and Service
$8,725 Washington Scale &
Equipment Co., SAL ,648; Vile!
l.. Shipp, Inc, $20,855, anC
William P. Gelberg Co.. $l,864
81, 800 and $ll,958.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
Free Gold
Drops Again

NEW YORK (AP). - The
Federal Reserve System re-
ported that member bank free
reserves dipped below 500 mil
lion on a daily average basis
in the week ended Wednesday
The level, a three-year low,
was estimated at $50 million.
It marked the seventh conSec-
utive week that free reserves
have lowered under the 5000
million mark.
Free reserves are regarded
as an indicator of the ready
lending capability of banks,
and since they are influenced
by Federal Reserve actions, as
a yardstick of the Nations
monetary policy.
The weekly statistics showed
no change in the Nations gold
stockpile, which held at $751;
633, 000,0 900, the lowest in "a
years.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
Exchanges Record
Called Uneven

In a seven-month study of
% mutual funds with assets of
$50 billion, the committee said
about IA per cent of the Gin
siderS" traded in the same pc
Rod during which the fund was
making transactions. In this
case, the term insiders referred
to both high officials in the
funds and those in companies
whose stock was held by the
fund.
The New York Stock Ex-
change has provided vigorous
leadership and produced ex-
cellent results in many areas,
but its overall record is "un-
even."
Reforms instituted on the
American Stock Exchange in
the past 10 months appear to
be an excellent example of the
effectiveness of self-regulation
The Midwest Stock Exchange
has taken leadership in a num-
Der of significant ways, includ-
ing examinations for its men,
bers, although the commission
should determine whether some
Of the recommendations in con-
Inection with the New York ex-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
Central File Here
By CHARLES COVELL
Star Business Writer

Want a railway flat car, a
10,000-gallon tank car, a World
War II amphibious truck or
duck" that could be used as a
beach buggy, or perhaps a tank
gunner's seat that would be
ideal as a basement bar stool?
All these are among the 293
items that will be auctioned off
by the Defense Department in
its sale of $1,783,163 worth OF
military surplus August 10 at
the New York City Trade
Show.
The items include five flat
cars standing idle at the old
Naval Weapons Plant here.
They originally cost Uncle Sam
an estimated $4,000.
At Aberdeen Proving Ground
is a much-used 10,000-gallon
railway tank car for which the
Government originally paid
$500.
Two other items are at the
Naval Propellant Plant at In
dian Head, Md. They are a
m tai extruding machine
which originally cost $4,000
and 1850 pounds of paper
thin, 2-inch wide ungummed
plastic tape which cost an esti-
mated dollar a pound. It was
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09

to be used in the manufacture
of Navy ammunition.
The rest of the surplus ma
terials handling equipment,
heavy construction gear, COM
preSsors, welders, pumps, mo-
tors, generators, railway equip
ment, trucks, tractors and au-
tomotive repair parts, machine
tools, clothing and textiles, is
scattered among 80 military
installations throughout the
East.
Governme mt Auctioneers
George r. (Smiling GEORGE
Beam and Winfred (Friendly
Fred) Hinkley will begin their
chant at 10 am. in the Trade
Show Building, Eighth avenue
at Thirty-fifth street, under
the direction of Frederick p.
Knoll, chief of the Newport
(R. - Defense Surplus Sales
Office.
The upholstered. folding
gunner's seats, built for install
lation in Army tank turrets
and all unused. cost the Army
$4,974. Now. Mr.. Knoll says,
they are just what former tank
gunners need in their basement
bars to add that "been-there"
look. Unfortunately. all 1913
must be sold as a single item.
There also are four high
speed tractors once used to tow
the Army's 155-mm. artillery
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09

NEW YORK (AP). - Four
leading international bankers
have turned thumbs down on a
proposal that some kind of new
world money system be devel-
oped to assure there's enough
for international business ex-
pansion.
The four, writing in the
monthly bulletin of the Fed
eral Reserve Bank of New
York. said existing systems can
be improved adequately to meet
international money, or Ii
quidity, needs.
Four Leaders Listed
They thus joined criticism of
a proposal announced earlier
this month by the non-profit
Brooking Institution that
there should be a new interna-
tional unit of value or system
of credits.
The four, and the central
banks whose foreign operations
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
Maryland Bonds
For Year Climb
To $127.7 Million

The State Of Maryland, its
agencies, cities and towns.
floated $6.1 million worth of
long term bonds in July, bring
ing its total for the year to
$l27.7 million, according to a
tabulation by the Bond Buyer,
publication Of the financing
industry.
Virginia, 1t reported, issued
So million worth of bonds in
July to boost its total for the
year to 1888 million.
The bonds were used TO fl
nance various public projects.
The national total OF State
and municipal bonds was $751;
million in July and $6.4 billion
for the first seven months of
1868, the Bond Buyer said.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09

they head, are Charles A.
Coombs of the Federal Reserve
Bank of New York, M. Ikle
Of the Swiss National Bank, E.
Ranalli Of the Bank of Italy,
and j. Tuengeler of the Ger
man Federal Bank.
They discussed the problem
- the ''liquidity dilemma" -
which the Brookings experts
expect to intensity greatly.
One reason there is now an
apparently ample supply Of
such money is that America
has been feeding more into
world commerce than it has
been taking out.
This balance of payments
deficit threatens confidence in
the dollar, but solving 1t sud-
denly would shut off some Of
the money supply in world
commerce, they said.
The bankers said the United
States must, however, try to
balance its international ac-
counts.
But they do not feel new
institutions need be created to
solve the international money
supply question. Something like
a Federal Reserve System for
the world or an international
agency that can provide none
tary credits the way q home
town bank provides them for
q community have been sug-
gested. (These would make
possible business transactions
based solely on various book
keeping entries in which no
paper or metal money changes
hands,.
The bankers said the func-
ton Of official international
monetary reserves SIS not to
serve as the medium Of ex-
change In foreign trade but
rather to cover differences that
arise between receipts and pay
ments Of any country.
To help cover nations thus
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
McNAMARA's SAVING SPREE
Contractors to Get Ratinq:
Profit-Incentive Is Planned

time, a centralized file on con-
tractors.
The evaluators will be engi-
neers, scientists. lawyers and
procurement specialists. These
are the sort Of people whom
Mr.. Mcnamara relies upon
heavily for advice in selecting
contractors.
Traditionally in the Penta-
gon the views of the weapons
users" = the pilots, shippers
and troop commanders - have
carried the most weight in
source selection. Mr.. Nc
Namara prefers for the users
to set the standards of per-
Torrance for the weapon and
techpicians to decide who can
best develop 1t.
The new system will give
tec hnical recommendations
greater weight as this data
will be more accurate and more
broadly based.
In the Tx controversy Mr..
Mcnamara paid close attention
to the views of service tech
nicians who thought General
Dynamics had a better chance
of meeting the service specifi-
cations on time and cheaply.
He overruled the majority of
the users who liked the more
advanced Boeing design.
Both designs of course met
basic service specifications.
The reform will make future
Tx decisions more easy and
clear-cut and, Mr.. Mcnamara
hopes, less controversial.
Both changes announced to-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
.TWA Hints at Calling Off
PIuns for Punum Merger

NEW YORK (AP). - Trans
World Airlines hints that its
long-stalled proposed merger
with Pan American World Air
ways may be broken off for
mally this fall.
The suggestion came in a let
ter from Charles c. Tillinghast,
TwA president, to stockholders
accompanying the carriers Sec
ond-quarter financial report.
Airline industry officials
have discussed the possibility in
recent months following a
sharp upSwing in TWA finan-
cial fortunes that have the ef-
feet of souring merger terms
struck when TWA was mired
deep in the red nearly year
ago.
Mr.. Tillinghast said several
recent developments could be
considered as unfavorable to
the merger, and noted that
either party could withdraw
from the agreement after Sep
TENDER 80.
"At that time, your manage
ment will again consider the
benefits to TWA of such a
merger and the likelihood Of
its being approved and will
then continue the merger
agreement If, and only If, it
still appears in the best inter-
est of TWA to do So" he said.
The Civil Aeronautics Board
has indefinitely postpone d
hearings on the proposal, citing
problems involved in pending
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09

litigation and a review Of over
seas routes.
In the three months ended
June 80, TWA enjoyed record
traffic and cleared $5.754, 900
as against $4,000 in the like
1862 period.
In 1861 and 1862, TWA lost
more than $44 million, count
ing depreciation writeoffs.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
ARIES Shows Profit

ARIES Corp, Arlington cleo
tronic systems research and
consulting firm, had a profit
of $500, or 6 cents a share,
in the first half Of 1868, COM
pared with a loss Of $64, 800
in the corresponding period last
year, the company reported to-
day. The company was formed
in January, 1862.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09

day were initiated before the
Tx controversy.
The second reform Is an
effort to channel more profits
into companies that put out
the greater effort. It would
apply to contracts where it is
impossible to find competition,
on the basis Of price.
Mr.. Mcnamara found that
the profits in these contracts
all average about 8 per cent OF
total costs regardless Of
whether contractors had q rec
ord Of good work at low cost.
whether they used their own
facilities and capital and
whether they were willing to
undertake work at substantial
price risks"
Special Valves
Under the new plan an
effort" scale will be devised to
rate contractors on degree Of
risk, special achievements and
the difficulty Of a contract
task. i.i'
Companies that score high
will be given a greater profit
just how much greater has not
been decided, but in some cases
it could go 10 per cent or
higher, a Pentagon spokesman
said. -
Mr.. Mcnamara hopes that
contractors will try harder to
improve their efficiency and
performance If these efforts
will pay off in cash. He be-
lieves the results for the tax
payer will be cheaper weapons.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
By SAM DAWSON

Associated Press Business News writer
NEW YORK-The long his
tory of efforts to protect the
general public in making stock
investments has seen almost
every danger tackled. But all
hands still leave as apparently
nnSolvable a prime one-pro-
tecting the stock buyer against
himself.
The Securities & Exchange
Commissions final installment
yesterday on its long study of
the 1861 stock market boom
and the 1862 stock market bust
rounds out a long list Of new
suggestions for protection.
. But still the unwary and
the greedy will risk coming
troopers in their pursuit of
gains. The get rick quick
gambler, the blind follower of
tips, the ignorer of signs of
trouble ahead for particular
corporations, doubtless always
will be with us, like the poor.
Congress to Act
But the aids to wise invest
ment have been piling up since
the big 1929 market crash trig-
gered the depression. Some
have been imposed by the Gov
eminent, especially In the early
1930s. Some have been adopted
by the stock exchanges, both
in the 1930s and since the 1862
market break.
More are under conSidera-
ton now in Congress, with
apparently good chances Of
passing. And the exchanges
have indicated they are study
ing further tightening of their
rules.
Outside the markets them
selves there has been a marked
expansion in recent years of
financial and business report
ing and increased availability
of such news in all parts of
the country.
The earliest protection for
stock buyers was mostly in the
courts, and usually after the
damage had been done. There
were laws against outright
fraud, but little compassion
for the just plain stupid.
) Evils Revive
These laws have been stead
lily expanded and made
more explicit, and stock ex-
change rules frightened.
But making a law against
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
Fairbanks Whitney

NEW YORK ODD. Fair
banks Morse g. Co., a subsidi-
airy ,of Fairbanks Whitney
Corp. said 1t sold more than
81 million Of diesel-driven
packaged generating units to
Ryukyu Electric Power Corp,
okinawa. The equipment. in
GLIDING three group-control
units and related items. will be
built at Fairbanks Morse's
Beloit (Wis.) plant.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
Study of Break
In Market Urqed

The SEC and the New York
Stock Exchange should study
the 1862 market break to
determine what measures could
be taken to insure an orderly
market in the event of a re-
peat performance.
No effort was made to sug-
gest what measures should be
taken, the special study group
said, but 1t said they might
include limitations on short
selling. special provisions fol
the handling of stop-loss anc
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
SPECIAL SEC COMMITTEE
REPORT

The study group was unable
to isolate and identify the
causes of the sharp decline in
market prices in May 1881,
1862 and there was no evil
dence of manipulation, con-
spiracy or illegal conduct.
The New York Stock Ex-
change should be reorganized
to give more voting power to
members who deal with a broad
cross-section of the public.
The practice of charging a
very high fee, or commission,
for an initial investment in q
mutual fund should be abol-
ished. or stringent controls
should be adopted.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
SEC LETTER TO CONGRESS

Other than legislation al
ready before Congress, the
commission plans no recon-
mendations for new laws ex-
cept for tighter controls over
quotations of over-the-counter
stocks and possibly some broad
er regulatory powers for stock
exchanges.
The commission will work
with the Federal Reserve Board
in working out any legislation
on stock loans which the board
believes should be submitted
to Congress.
There was a general indorse-
ment of most of the findings
Of the committee report.
A detailed analysis of a re-
cent University of Pennsyl-
vania study of mutual funds
probably will be submitted to
Congress late this year or early
in 1864.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
By the Associated Press

Here is a summary of major
points in the third and final
chapter of q report on secur-
titles markets By a special
committee of the Securities
and Exchange Commission,
and comments of the SEC
itself:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
Exchanges Act

AS far as the public itself is
concerned, the chief contact
usually is with stock statesmen
or brokers. The exchanges have
been Tightening the rules as
to how much such persons
should know before they sell
stocks. And the Government
has been pressing for still
higher qualifications.
A chief problem in the 1861
stock boom was the sale of
stock being offered for the first
time. A company going public
after long being closely held,
or a new venture being
launched, often attracted more
public interest than public
knowledge. Again all hands
seem to agree there should be
higher Standards-But just how
they're to be set and how eff
fective they'll be is a problem.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
BY RICHARD FRYKLUND
Star Staff Writer

Two reforms in defense pro-
curement - one a system of
rating the performance of con-
tractors, and the other a new
profit-incentive program-were
announced by Secretary Of De-
tense Mcnamara today.
These are the latest steps in
a broad effort by Mr.. Nc
Namara to spend the billions
of defense dollars more eco
nomically and to avoid con-
troversies-such as the Tx
investigation-when one COM
pany gets preference over an
other.
The first reform will rate
each contractor on his ability
to produce on time, cheaply
and skillfully. Every six months
an evaluating team from the
Pentagon will analyze his per-
Torrance against the contract
specifications on time, money
and quality.
Each engineering and opera
tional-system development con-
tract worth more than IS mil
lion a year or $40 million in all
would be subject to this rating.
Central File Here
The data will be kept on file
in Washington, and when con-
tractors bid in the future their
ratings will have a large effect
on the award Of the contract.
This replaces rough estimates
Of contractors past perform
ance and provides, for the first
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09
Projections Guard
Stock Investors
From All but Self

an evil doesn't always guaran-
tee it won't pop up again.
Bucket Shops - the fly-by-
night sellers of questionable
stock-are outlawed. But some
citizens are still taken in by
them before they are discov-
cred by authorities.
Rigging the market for q
stock, either on the UP or down
side, is forbidden-but still can
happen If official guards are
dropped.
Among practices coming I'M
der regulation is the disclosure
of financial facts about cor
porations whose stosks sold
outside the exchanges.
Along with this are a va
riety of attempts to see that
all stock transactions and
holdings by insiders in a cor
poration are reported 10 the
public-if it takes the trouble
to look them up.
Regulation of the use OF
credit in buying stock is en-
trusted to the Federal Reserve
Board, which sets the margins
from time to time to reflect
general economic trends. And
various exchanges have their
own rules about how much OF a
stock purchase can be on loan
from member brokers and how
much for cash. Bue borrowing
to buy stocks, or borrowing on
stocks held, still offers loop
holes the SEC has been study
ing. How much credit is in
volved in stock holding Is q
highly complicated matter.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-08-09

These laws have been stead
lily expanded and made
more explicit, and stock ex-
change rules frightened.
But making a law against
Evening star. [volume] (Washington, D.C.) 1854-1972, 1963-06-11
GARsoEsQUE
ANONYMITY

this vein. There's President
Kennedy's Street." "caro-
lines Coloring Book" and .
delightful you-figure-it-o
painting titled Republican
Candidate 1884" She devotes
equal time to modelling and
TO painting, At the recent
fashion show by Erlebacher's,
for the Editorial Cartoonists
Association wives at the In
ternational Inn. one Of her
paintings. Embassy Row."
took up permanent residence
at the hotel. The manager
bought It,
FASHION TRANSLATION
Woodward . Lothrop has
Just sent off Q fashion show
package that win be opened
July 10 at the Trade Exhibit
in Rio de Janeiro. Working
with Mr.. Charles H. Clarke
Of the Office of International
Trade Promotion. Department
Of Commerce, they selected
IA complete outfits made of
American cotton and de-
signed by American design
ers. Each outfit was packed
separately. Commentary de-