STATE OF BUSINESS: Put & Take

A new reshuffle of the arms program last week ended in a dollar balance, at least so far as orders to industry were concerned. While Air Force engine orders were cut by about $500 million, the Navy announced a shipbuilding program of $503 million. The Navy will build a third Forrestal-class. 60,000-ton supercarrier, to cost $210 million, plus destroyers, minesweepers and landing craft;

The Air Force cutbacks will chop from 2,000 to 6,000 engines off firm orders already on corporate books. The cuts were made to bring engine production in line with...

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