davidaulloa/AmericanStories huggingface dataset:
Evening star., 1963-05-26
YOUR MONEYS WORTH.
Social Security System
Coming Out Of the Red

will exceed its outgo by a com
Portable margin of more than
$3.l billion.
The fund will 60 into the
black again despite the fact
that benefit payments will be
mounting sharply from $13.8
billion this year to almost $16.7
billion in fiscal 1867. Benefits
have been extended and the
number of beneficiaries under
the program is constantly ris-
ing.
1t will go into the black be-
cause the number Of taxpayers
will increase from rs million
now to around S0.6 million in
1867. Taxable earnings will be
climbing too and social security
tax rates also are slated to 60
up.
The part Of the program
which will continue in the red
is the comparatively small Dis
ability Insurance Trust Fund
This deficit can be easily taken
care Of by allocating to this
fund a minor part Of the next
increase In social security taxes,
now scheduled for 1865.
The significant point is that
every study concludes that the
Social Security system Is in
close actuarial balance. AS its
board Of trustees put 1t to Con-
gress in its 23d annual report
this winter, The system will
have sufficient income from
contributions (based on the tax
schedule now in the law and
from interest earned on invest
ments to meet benefit payments
and administrative expenses in
definitely into the long-range
future"
The trustees Of the Social
Security funds are Secretary OF
the Treasury Dillon, Secretary
Of Labor Wirtz. Secretary OF
Health. Education and Welfare
Celebrezze and Commissioner
Evening star., 1963-05-26

income hit an annual level Of
$455.7 billion, and durable
goods orders an annual rate
Of $17.9 billion, both adjusted
for seasonal factors.
Steel Improving
Steel production, rounding
out nearly four months Of
steady gains, set another three
year high, topping the 90 mill
lion tons a week mark. The
recent surge of steel ordering
suhsided somewhat but held at
q high level.
Abroad, negotiations for the
United States and the Euro
.pean Common Market worked
out a compromise on mutual
tariff cutting. averting q split
of free world nations that
seemed in the making and en-.
hancing the outlook for results
from the 1862 trade expansion
act,
Evening star., 1963-05-26
PERSONAL SAVINGS
LOWEST SINCE 80

NEW YORK (AP). -
Standard & Poor's Corp.
estimates that personal
savings in the first three
months Of 1868 dropped to
the lowest ratio since 1860.
The business advisory
service, using figures of the
Commerce Department,
said savings amounted to
8 per cent of take-home
pay.
The last time the rate
fell below 6 per cent was
in l949. The post war low
was 2.8 per cent in l947
when consumers were COB
bing UP goods that were
impossible to buy during
the war. =
Evening star., 1963-05-26
u. S. Acts to Get Rid
Of AniIine HOLDINGS

/ SAACoN SNNA Wills N0NNPN SAOAA-
eral Aniline.
Postwar Allied agreements
and later a Federal law, pro-
hibited the Government from
returning the stock to its al
legged German owners. Legal
action, brought by Interhandel
the Swiss holding company
which claimed to be the right
full owner. prevented the At
torney General from selling the
shares to American citizens.
In the last session Of Con-
gress, the Justice Department
appealed, as 1t had several
times before, for legislation
that would make 1t possible
for the Government to rid It
self of its unnatural role as
owner Of a private competitive
business"
The Swiss, and some Ameri-
can citizens groups, contended
that the United States was not
justified in holding the company
for so long, and that this ac-
ton amounted to expropria-
ton, the very thing the United
States has condemned in Cuba
and elsewhere. Other Ameri-
can groups, however, believed
the company should be kept as
war reparation.
In October, Congress re-
sponded with a law, permitting
the Attorney General to sell
the stock to American citizens
and to hold the proceeds In
escrow until the court resolved
the outstanding Swiss claim.
Settlement Reached
Court trial has been held up
partly because the Swiss COM
pany refused to comply with
court instructions to produce
the names Of its stockholders,
which are considered secret un-
der Swiss law. And the World
Court has declined to hear the
case until Interhandel exhaust
ed its legal remedies in the
United States.
To the surprise Of many
business and political observ-
ers. the Attorney General a few
weeks ago announced that an
out-of-court settlement had
been reached with Interhandel
The Government, he said. had
a strong case, but could not be
sure Of winning. Besides. added
q Justice spokesman, the Gov
ernment was anxious TO end It's
unnatural role" as owner OF
a private corporation.
Under the compromise settle
ment. the Government and In
terhandel would split the
proceeds OF the stock sale. with
about 70 per cent going to the
United States Ito be placed in
the War Claims FUND.-. The
agreement was approved this
month by Interhandel'S share
holders.
Evening star., 1963-05-26
Wheat, Sugar Seize Spotlight
BY ROGER LANE
Associated Press Business Writ


NEW YORK - Wheat and
sugar moved front and center
in the drama Of business and
finance last week.
The spotlight fell on a varie-
ty Of sugar that sold In 1861
for 2 cents a pound (unre-
fined) and on wheat, which
accounts for little more than
that in the price Of a loaf of
bread.
Wholesale sugar prices,
climbing in recent months be-
cause Of a developing pinch in
supply, spurted wildly upward,
setting a succession Of 43-year
highs. Sugar company shares
moved sharply higher on the
stock market.
other milder effects rippled
out toward far corners Of the
economy. reflecting In markups
Of sugar-using items on super
market shelves.
The Nations breadbasket was
jolted when farmers rebelled
against administration backed
strict 1864 growing and mar
keting controls on wheat, ag-
riculture'S No. / cash crop VAL
ued at roughly $2.5 billion. =
Rise in Paintings Due
Government experts said the
farm uprising, in a referendum
Tuesday, threatened a steep
rise in wheat paintings next
year, a collapse In prices and
international trade complica-
tions. The picture was confused
by political maneuvering and
the possibility Of congressional
intercession later on that could
materially change the outlook.
Meantime, the main engines
of the economy hummed along,
with new reports and statistics
piling up confirming horse
power not foreseen q few
months ago.
Walter w. Heller, president
Kennedy's chief economic ad-
wiser, pronounced the pickup
"a notch or two" better than
had been hoped for in January.
Evening star., 1963-05-26
Committee Named
For Convention

The District of Columbis
Bankers Association has named
Mrs. Douglas r. Smith chair
man Of the women's committee
for the associations 45th an
nual convention to take place
June 1915 at the Greenbrier
White Sulphur Springs, w. Va
Other members are Mrs
John c. Mccormack, vice chair
man; Mrs. r. Bruce Keiner
Mrs. Richard A. Norris, Mrs
A. Murray Preston, Mrs. James
F. Willett, Mrs. Francis @. Ad-
olson. III. Mrs. Robert K.
Koontz, jr., Mrs. Ralph H
Mittendorff, Mrs. william C.
Yowell, jr., and Mrs. ]. Russell
Bolton.
Evening star., 1963-05-26

The move followed a recent
expansion In which Thomas j.
Burke, former public relations
director Of American National
Bank, Joined the company.
Officers are Mr.. Hoffman,
president; Mr.. Burke, vice
president, and Rita H. Hoff-
man, secretary-treasurer.
The company will occupy
new offices June / on the first
floor Of a newly constructed
office building at 816 ThayeI
avenue, Silver Spring.
Evening star., 1963-05-26
Earnings

Seeman Bros, Inc. In year
ended March 2 had a loss Of
$S,816,490 VS.. a loss Of $5s1.624
in 1862.
Occidental Petroleum Corp.
in 3 months ended March 81
earned $1,742,889 or SO cents
a share vs.. $525,8S2 or 13 cents
in 1862 period.
Reliance FL 4 Eng. Co. in 9
months ended April 30 earned
81 ,452 or $1.l0 q share VS.. ST.
2l7.000 or 90 cents in 1862.
Evening star., 1963-05-26

announced that Selma, Inc. at
1307-l309 Connecticut avenue,
is going out Of business.
The fashion shop started in
February, 1910, when Mrs,
Bowdan took over management
of a one-room upstairs store
at 1921 Connecticut avenue
Seven months later it was
moved to 1907 Connecticut ave-
nue. and in 1941 the shops
space was doubled by leasing
the store next door.
Evening star., 1963-05-26
BY DON BACON
Star Staff Writer

An unlikely stockholder
Uncle Sam, will soon end hi,
lengthy and troublesome ex.
perience in private enterprise
For 81 years the Government
has been the principal stock.
holder Of General Aniline anc
Film Co., maker of photo
graphic products under the
well-known "Ansco" label.
Among other things, this
ownership has placed the
United States in an uncom-
Portable moral position con-
tributed to a minor interna-
ticnal dispute, and spanked q
costly series of court battles
It, has also-to use the Gov
ernment's own words - made
1t "difficult" for General Ami.
lire ito maintain itself in q
strong competitive position anc
to, o,attract outstanding research
and executive personnel"
Soon-perhaps by September
the Government will be free
to- sell its 81 per cent stock
interest, estimated to be worth
$3.50 million to $500 million.
Acquired in 1912
The Government acquired
the stock in 1912. after a ruling
under the Trading With the
Enemy Act that General
Aniline was controlled by Ger.
man interests. 1t claimed Gen.
eral Aniline's financial back
ing came from the big German
chemicals trust, I. G. Farber
Industries, and that a Swis:
holding company. which wa:
listed as the company's parent
wasa front.
Bince the wartime seizure
the shares have been held By
the Attorney General. who by
law is the guardian of such
property vested. or seized. by
the Government. AS CHIEF
stockholder, he has a strong
voice in the choice Of manage
ment personnel and certain
other policy matters. but other
wise General Aniline is rur
just like any other private CON-
pany.
For the calendar year 1862
the company earned 81, ,258. 900
or $3.50 q share. on total sales
OF s45.l24,000. This compared
with net income Of $2,049. 900
or s2.57 a share, on sales oi
$44.7l7,000 the year before.
Never comfortable In its rolC
as a stockholder. the Govern
ment under every administra-
ton since President Truman
has attempted 10 dispose OF thu
holdings. In all, the United
States In World War II seizec
nearly $500 million worth ol
German and Japanese -con.
trolled assets, and after the
war was able TO dispose OF al.
Evening star., 1963-05-26
Public Relations
Firm Incorporates

Incorporation Of the public
relations firm of Hoffman As
sociates has been announced
by Charles L. Hoffman.
Evening star., 1963-05-26

The branch will be open from
g am. until 2 pm. Monday
through Friday and 4 to 6 pm.
on Friday.
Evening star., 1963-05-26
23-Ye0r-OId Shop
Quitting Business

Because Of her illness, Mrs.
Hilda L. Bowdan, president, has
Evening star., 1963-05-26

For the fifth year in six. the
Social Security trust fund will
end up In the red. BY June 30,
it will have paid out more in
benefits and administrative ex-
penses than it will have COL
lected from taxes and interest
on its investments.
The Social Security System,
to which rs million of us con-
tribute. had a reserve fund of
$23 billion at the end of the
1857 fiscal year. Then the drain
began. interrupted only by a
tiny increase in 1861. The re-
serve fund is now less than. .$1S
billion.
In fiscal 1862, for instance,
the fund (official title odd
Age and Survivors Insurance
Trust Fund" or OASD received
$ll,985 billion from contribu-
tions and interest on invest
ments. 1t disbursed $l3.259 bill
lion for benefits, administrative
expenses and transfers. The net
loss was almost $l.3 billion. An
official estimate earlier this
year put the net loss at more
than $500 million.
Does this record OF red ink
mean that our Social Security
System is, as some critics sug-
gest. financially unsound? No,
1t does not.
Evening star., 1963-05-26
Program Is Sound

The program is sound II total
benefits to be paid plus admin
istrative expenses can be ex-
pected to equal, over the long
run, income from social security
taxes and interest earned on
trust fund investments. BY this
definition the program is
sound.
Authoritative estimates indi-
cate that the years Of red ink
for the OASI fund will end with
this one. Beginning In fiscal
1864 the trustees Of the fun d
estimate the fund will 60 back
into the black. and they pro-
ject that during the next four
fiscal years the funds income
Evening star., 1963-01-14
ASST Income
Gains Sharply;
Deposits Jump

Net operating income Of
American Security & Trust Co.
in 1862 amounted to $3,938.50l
or around $5.97 a share, com.
pared with $3,421, 1896 or around
$50 a share in 1861.
The figures were announced
today in the company'S annual
report, signed by President
Robert Baker and issued to
stockholders in advance of the
annual meeting tomorrow
morning.
Gross operating income for
the past year was $21,156,599
compared with $18,618,269 the
previous year. Operating ex-
penses totaled $13,116, ,768 COM
pared with $11,461 ,099 in 1861
A major part of the increase
in expenses come from a sharp
rise in interest paid on time
and savings deposits. This total
advanced to $4,147,054 COM
pared with $2,625,958.
Total assets of the trust COM
pany reached a new high of
$483 ,651,572 at the close of 1862
compared with S429 ,683 .O89 In
1861.
Deposits also set a record of
$439, 9,293,927 compared with
1889, 9,548,250 in the preceding
year.
Capital funds of the trust
company advanced to $31, ,035,-
862 at the end of the year COM
pared with $28,821,584 a year
earlier.
Evening star., 1963-01-14
Loving Chevrolet
Promotes ; Men

Morris d. Fisher has beer
promoted 10 general sales man.
ager for Loving Chevrolet. Inc.
In Silver Spring. Md. II was
announced by Franklin Loving
vice president.
Mr. Fisher has served as
new-car sales manager. Stanley
S. Roper was named new-car
sales manager and John A
Whitaker was named 10 succeed
him as uscd-car sales manager.
Mr. Whitaker has been assist
ant used-car sales manager
The firms sale Of more than
1000 cars In 1862 exceeded all
expectations, said Mr.. Loving
Evening star., 1963-01-14
Mt. Vernon National
Reflects Directors

All directors of the Mount
Vernon National Bank and
Trust Co. were reelected al
the recent annual stockholders
meeting.
They include: Donald E. Ball
Andrew w. Clarke, Cameron R
Dye, James L. Deaver, Charles
j. Harnett, Burns N. Gibson, jr.
Edwin T. Holland, Arthur T
Kelly. Caldwell c. Kendrick
George c. Landrith, John T
Martyr, jr., Beverly c. May
Donald E. McNary, John E
Mcpherson, Louis @. Meltzer
Nicholas c. Miller. Charles B
O'ShaughneSsy, Irwin Payne
jr., Walter L. Phillips, DR.. JOS
eph A. Povenzano, G. c. Russell
William H. Singleton, John H
Verkouteren, sr., John c. Webt
and Robert H. Zalokar.
Mr.. Clarke and Mr.. Webt
were reelected board chairman
and vice chairman. respectively
Evening star., 1963-01-14
PEOPLE
BUSINESS
Emmett II. Bradley, assistant

Emmett II. Bradley, assistant
to the vice president and treas
urer Of Atlantic Research Corp,
has been appointed manager of
the company's missile systems
operations.
Charles Spencer, service
manager for Francis Parsons,
Dodge automobile dealer here,
has been elected president OF
the Washington Area Dodge
Service g. Parts Manager S
Club.
Kenneth Z. Miller, former
supervisor with General Con-
trols Co. Of Burbank. Calf, has
been appointed director Of man.
ufacturing for Mattern Divi.
sion of Dynalectron Corp.
william II. Wilson, eight.
year veteran with Alpha Port.
land Cement Co, has beer
named assistant district sale
manager for Maryland. Virgins
and West Virginia.
william J. Gallagher has beer
named sales manager OF Radio
Station WPIK Of Alexandria
Va.
John Z. Potter, jr., Of Rock.
vile, Md, retail salesman a
the Kraft Foods Plant in Balti
more, will be honored for Il
years service with the company
Evening star., 1963-01-14
YOUR MONEYS WORTH
Gourmet Foods
In Supermorkets

During the holidays. when
friends dropped in we were able
to offer them pate smoked
turkey, Danish meat balls,
creamed vichyssoise. French
onion soup, lobster newburg
and a boneless cooked ham i'm
ported from Holland, a variety
of European cheeses and petit
fours.
"A house of gourmets," you
say? oh, no. Every delicacy in
our pantry and refrigerator
came from the local supermar-
ket-the same sort Of store in
which most people shop daily.
New Aspects Cited
Familiar as the story of the
food revolution in our genera
ton is. there are new aspects
which are interesting. Here are
some I've dug up as a reporter
since my holiday experience as
a housewife.
Item: Today's supermarkei
offers up to 5000 individual
items compared with only
about 1000 in the early '40s
A third of these items didn't
exist 10 years ago. more thar
two thirds are either new Of
have been fundamentally
changed in the past decade.
Nearly 10 cents OF every dol.
lar you now spend on food goei
for products introduced In the
past seven years. Within fivt
years, says Paul S. Willis, presi,
dent OF the Grocery Manufac.
turers OF America, super.
markets will be offering up tC
10000 items.
Item: It's obvious that the ex.
pansion of convenience" foodi
is reducing the time the Ameri.
can housewife must spend II
the kitchen; the estimate Il
she spends 90 minutes 10 pre-.
pare three meals today against
800 minutes spent by a house.
wife at the start Of World Wal
! II.
A new. surprising point
brought out by a recent Agri.
culture Department study is
that. by use Of convenience
| foods. she also is saving money
For every 500 spent In gro-
cery stores for food, the USDA
estimates Sl4.03 goes for con-
yenience foods. II a home
maker were TO buy the raw
ingredients 10 prepare the same
dishes from scratch, her cash
Ioutlay would be $3.50. Sks is
Evening star., 1963-01-14
ON WHEELS
Would You Rather
Be q Boby-Sitter?

1t is certain and understand
able that women drivers will
read great significance into the
fact that Ford has chosen two
women on its Monte Carlo Raj
ly team, which gets under way
Saturday in Europe.
Considering what the Monte
Carlo is - in terms of real
driver requirement the Big
Class of women drivers may
also take vicarious pride.
One of the women who will
be behind the wheel of a Falcon
Sprint is Anne Hall, of York
shire, England, a mother of
three teen-agers; an ambulance
driver in World War II.
The other, also British. is 30
year-old Margaret Mackenzie, a
medical illustrator.
Both are veterans. Both have
victories in international ral-
lies and both are attractive, in
teresting blondes thoroughly
familiar with motor cars and
what makes them run.
The Falcon Sprints, only
United States cars in the event,
will begin their 2,400-mile
course at Monte Carlo, move
into the twisting, torturous AL
pine mountain roads and COM
plete their run entirely in
France. Thirty-eigh other cars
will cover the same route.
About 800 others will start from
Athens, Frankfurt, Glasgow,
Paris, Stockholm and Warsaw.
There was never a public
mention during Ford's Monaco
preview and Monte Carlo par
ticipation announcement as to
whether Ford will take an &C
tive part in the coming sea-
sons stock car events.
But the likelihood is there,
particularly if success meets
the Monte Carlo factory team
effort.
England's Standard Triumph
Motor Co., last week introduced
the new Spitfire 4, a 90-mile-
an-hour answer to BMC's
Sprite and MIG Midget.
A graceful little GAS inches
overalD thing with the top
down, the Spitfire has some re-
semblanceS to other British and
Italian sports car makes, yet
has distinctive lines all its own.
The body design is by Michelot-
ii of Italy.
The price: About $4,000 at
coast ports of entry.
+
Advent of the new year saw
little let-up in United States
automobile production.
Still in high gear. production
plans call for assembly of al
most 100000 during this month.
Il =
The Corvette Clubs sixth an
nual Victory Dinner is sched-
Evening star., 1963-01-14
Beans Added to Board
Of Annapolis Bank

Brig. Gen. Fred D. Beans,
USMC retired, was elected a
director of the Farmers Ma
tional Bank of Annapolis, Md,
at the recent stockholders
meeting, President Joseph w
Shumate reported.
General Beans is in the con-
tracing business and lives ir
Annapolis.
President Shumate told the
stockholders the banks asset;
increased to $21 $4,000 on De-
cember 81, compared with $19,-
$4,000 at the end of 1861. De.
posits. rose to S19,686, 900 from
S17,458,000, while loans ex'
panded to S9,922, 900 from $8,'
/ $4,000.
Francis N. Green was pro.
NOTED to assistant vice presi.
dent from assistant cashier
Charles E. Griffith, jr., anC
Gilbert L. Hardesty were nameC
assistant cashiers.
Evening star., 1963-01-14
Semester Started
By SCI Institute

Washington Chapter, Ameri-
can Savings and Loan Institute
started classes for its spring
semester today.
? Charles c. Elderkin of Per-
astual Building Association, who
is chapter president this year
announced four courses will be
offered in sessions at the Per-
petual Building, Enterprise Fed
eral Savings and Loan anc
Strayers School of Business.
7 The courses and instructor
include: Federal taxes, Lewis
Bidle; teller operations, William
H. Rippard; savings and loaI
principles II, John H. Thomp'
son and Robert F. McConkey
mortgage lending II, Herbert A
Haller, and effective speech, E
Thomas Starcher.
Evening star., 1963-01-14
HozeIton to Lease
New Laboratory

Hazleton Laboratories, Inc.
will lease a large animal re-
search laboratory and admins
tration building to be con-
structed on the Leesburg Turn
pike near the new Dulles In
ternational Airport.
The expansion plans were
disclosed when Mutual Life In
Alrance Co. of New York lent
the Karloid Corp. S550,000 tC
help finance construction of the
building.
The loan for the 25,600-
square-foot masonry structure
was arranged through the in
surance company's loan corre-
spondent in Washington, Wal
ker a. Dunlop, Inc.
Evening star., 1963-01-14
Interstote Building
Lists 1862 Gains

Assets of Interstate Building
Association reached a new high
of $110,944,138 on December
81, compared with $l03, ,791 ,450
a year earlier, President Ed
ward K. Jones reported.
Invested savings also set a
record of $94,337 ,4O3, an in
crease of around l6 per cent
from $81 ,414,420 at the end of
1861. This was the largest single
years gain since the associa-
tion's beginning in 1882, Mr..
Jones said.
Interstate's surplus and re-
serves totaled $6,434,915 at the
yearend, a gain of $758,7l5 in
the year.
1t ranks as the areas fourth
largest savings and loan With
five offices. Its newest unit at
1925 Connecticut avenue, NV,
was added last June.
Evening star., 1963-01-14
Earnings

Wilson e. Co. in 50 weeks
ended october 81 earned ST.
600,894 or $2.98 a share VS..
$7,794,957 or $3.08 in 1861.
Drexel Enterprises, Inc, in
year ended November 80 earned
SO, ,091 ,070 or S2.16 a share VS..
$3,086,202 or $2.15 in 1861.
Helen Curtis Industries in 9
months ended November 80
earned $2.740,214 or $1.30 a
share VS.. $2,739,242 or $l.33 in
the 1861 period.
o. M. Scott e. Sons in year
ended September 30 had a loss
Of $l,522,302 VS.. earnings of
$l,570,626 or 81 cents in 1861.
John b. StetsOn Co. in year
ended october 81 earned 1884,
820 or S2.06 a share VS.. $451, 1903
or 50 in 1861.
Evening star., 1963-01-14
ST Million Contract

NEW YORK, Jan. IA (AP) .
-Allis Chalmers Corp. said it
has been awarded a 81 million
contract to supply 80 crawler
tractors to the South Vietnam
Department of Public Works.
A company spokesman said the
order was placed through the
United States operations mis-
sion to Vietnam.
Evening star., 1963-01-14
Minow and Dixon
To Address Ad Grouu

Newton N. Minow, chairman
of the Federal Communications
Commission, and Paul r. Dixon
head of the Federal Trade Com
mission will address the Ad-
vertising Federation of Ameri-
ca here February 6.
The group is jointly sponsor
ing mid-winter conference with
the Advertising Association OF
the West February S and 6 at
the Statler- Hilton Hotel.
Conference committee men,
bers include Robert Bowerman
president of the Washington Ad
Club; Leroy Collins, president
of the National Association of
Broadcasters here, and Mrs
Margaret K. Scott, president OF
the Women's Advertising Club
of WASHINGTON.