davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
.Hecht Profits
Decline

BALTIMORE. Dee. 5 R.-
The Hecht Co. reported yester-
day its sales and net earnings
for the first nine months this
year were below 1855.
Net earnings for the nine
months declined $4S9 .S99 to ST.
765.574 The earnings are equiv
alent to $1.S1 against $1.85 a
common share.
The operator of department
stores in Maryland. Washington,
Virginia and New York reported
its sales for the period were
$73, 667 ,002. Last year they were
$76,359.346 for the first nine
months.
Big drops were recorded in
the months of August. Septetm-
Der and October. Earnings this
year were $479,557. compared
with $898.035 last year. and sales
were $25, 200 ,426. compared with
$27, 597. 500.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
City Bank to Pay
Annual Christmas
Bonus Tomorrow

City Bank tomorrow will dis
tribute its annual Christmas
bonus, which takes into account
both length of service and in
creaSeS in regular salaries, it
was announced.
Varying from a minimum of
$40 to two weeks salary, indivi-
dual payments for employees and
officers will be calculated at 81
per cent of total base salaries for
the last 10 years. or so much
thereof as the person has been
with the bank.
The plan is similar to tbs
wage dividend" plan of East
man Kodak and is the only
bonus of this type among Wash
ington banks.
City Banks annual Christmas
party for directors. officers and
emloyes will be held at the Sher-
atom Carlton Hotel Saturday
night.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
New York Lifts
Interest Limit
For State Banks

NEW YORK. Dec. 5 (P.-The
New York State Banking Board
today amended its regulations to
boost to 3 per cent (from 21a)
the legal interest limit which
state-chartered banks may pay
on savings and time deposits.
This conformed with Mondays
action of the Federal Reserve
Board and the Federal Deposit
Insurance Corp. In lifting the
ceiling that commercial banks
may pay on savings, effective
January /.
The Savings Banks Assn. of
New York State reported its
undoubtedly would
consider making further in
creases in their dividend rates.
Savings banks are owned by
their depositors and may accept
only savings accounts. All are
state-c h artered institutions,
They make loans, primarily for
home mortgages, but may not
lend more than the amount of
savings they have on deposit.
Commercial banks are owned
by stockholders and may accept
both savings and checking de-
posits. Usually checking &C.
counts far surpass in size the
saving accounts. Commercial,
banks make loans primarily fol
short and medium term business
needs.
When a savings bank makes a
loan it dips into cash for the
funds. On its balance sheet
cash goes down, loans go up.
When a commercial bank
makes a loan. it gives the Dor.
rover credit in his checking &C.
count equal to the amount Of
his loan. On the banks balance
sheets, loans and deposits bott
go up, but cash is not affected.
The bility of commercial banks
to create" checking account
funds is the big difference be.
tween commercial banks anc
other lending institutions. This
is the reason why the Federal
Reserve Board superviseS Their
lending operations closely.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
CHICACOLIVEsTOcK

CHICAGO. Dee. 5 tPi-UsDA) Sal.
able hogs 5000. fairly active and IN
even butchers generally steady than
TUESDAYS aferage sovs mostly steady
No % mixed grade lots igu-2fO ID
butchers l575-iB.a5 lottle below 5.s5.
$50 SO mead lot 2i5 10 10 So No
20 tbH-2s0 10 IS 4p-IgO0. few lots
.3lu-120 y rs 00-i5 IS. iarger lots
mixed grade 35a-550 10 soEs l3 90
trounc 32S ID and hgh,er 1850
Salabie cattle : 3 90. calves 800. IN
even steers EradinE aytraEe choice and
0eiuB under .UbN b and prime steers
iij0 10 and heavier ana most heiiers
steady 10 So loWer other steers 80 TO
M iowef cuEs fully steady buiir and
ysalers steady stofEers WeaE "a 20
steers - IS aryeral oFis average 70
hlgh prime i.lTO-i $3.50 .b 9f sS--s eu
ouk high thcice and prime SO 5N-gH rs.
Eood 20 average choice steers ] e 5u-
g1HU. loae ~ prtmf 0ig lo heferE
80 80 rost choice Refers ca lN-1Z -
rgpd fradea SG.&u Nu utility and
lcommercial eowH SOL / -. Gamers
and cuttsff 11B.n -h ufiIity anT cor
msrcial buns ia0u.it %. fsu oig
hsayy "a balls I . na-l Q So 5000 ard
choke veaiefa = fn-4@ 90 Nshf cuis
4own 70 an ggod hne rho!re 3fG-sW0
70 si0ckert and stock steer calves n IS
d 90
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
FOREIGN EXCHANGE

NEW YORK, Dec. s R.-Foreign ex-
change rates follow, Great Britain in
dollars, Others in cents. Unbalanced
unless otherwise noted)
market 3ll per cent premium OF
1O3 1884, United states cents: of 3/32
Europe; Great Britain tpound)
S27S 1899. of .1L32; 30-day futures
57s ia/f Up Up sss S SS-dsy futures fSture:
2.75 1892, UP 1872: Belgium franc
l.997s. up .00fs France (francD .2SsS
of cent: Germany (Western) ldeutsche
mark 1850. Holland tguilderl 26.12
of .00l2; Italy (lira) 1914 OF a cent;
Portugal fescudol $50: Sweden (krona
1894: Switzerland (franc) (free) 2334i
Denmark tkronel 1880.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
TRADE
WINDS
BY LOU SCHNEIDER

Imitation is the nasty word
now being used in almost every
speech made by men of promi-
nence in industry, government
and finance. These are the same
men who called your reporter a
prophet of doom a few months
ago because of the imitation
warnings here. Now that the
Federal Reserve Board, and Bu-
reau Of Labor Statistics, confirm
the climb of prices to record
high levels, they speak out. 1t
isn't that these men didn't know
initiation was on its way. They
did The reason they held off
was that 1.-THE public doesn't
want to know" Now the public
knows. But certain men in in
dustry and finance still call any,
one who urges caution a prophet
of doom and gloom. That atti-
tude will boomerang.
Commerce Secretary Sinclair
Weeks. in a recent talk to the
rubber manufacturers asSocia-
ton, said the economy generally
is in better condition than a
year ago. But his enthusiasm
didn't spread. 1t lacked the zing
OF his previous bullish state
mentS.
The editors of the magazine
Business Week declared that a
real financial panic would now
be sweeping all Western Europe
if not for the belief the United
States would come through with
emergency help. But Europe is
headed for an extremely un-
comfortable winter. and the
United States for a series of
shock waves" they add.
X
Wall Street professionals, long
hardened to the odd behavior of
small investors. have by no
means lost their sense of aston
jshment. They still gasp at the
rush to buy shares of shipbuild-
ing firms. There will be building
of tankers. But it'll take six to
10 months to get yards into
shape to do so. Anything can
happen during that time. There's
an old saying financial circles
that goes: those who swagger in,
stagger out.
Consolidated News Features)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
No Bid on Bonds
LANSING Mich

LANSING. Mich. Dee. S Up
"A $50 million Offering OF Mich
igan highway bonds bearing 80
per cent interest attracted no
buyers when It was put UP for
sale yesterday. Underwriting
bond houses said the failure OF
bidders 70 come forward was due
70 current tight money condi-
tons.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05

for money is breaking even more
records" he declared.
The speaker said current rates
of interest are not particularly
high either in relation to the
prosperous 20s in this country
or in relations to present interest
rates in other countries of the
world. They only sound high in
relation to the depressed 30s
when borrowing diminished be-
cause of lack of confidence and
in World. War II when rates were
pegged artiflcially low, he added
James Rotto, sales and ad-
vertising consultant. was mod
orator for the outlook discussion
In attendance were many top
executives Of other large Wash
ington stores.
United Services Life Plans
Stock Split and Dividend
Directors of United States
Services Life Insurance Co. have
decided to ask stockholders to
approve a 4-for-l stock split and
an increase in authorized capital
from 100000 to 100000, the
company announced.
The company now has capital
of 100000 composed of 10000
shares of $40 par value stock.
Under the change, par value
would be cut to $3.50 a share and
the number of shares increased
to 10000.
At least two-thirds of the
stockholders must approx
amendment of the company'S
articles of Incorporation before
any change-can be made. NeceS-
sary consent forms are being
mailed to stockholders.
If stockholders approve, the
announcement said directors in
tend to declare 1919 per cent
stock dividend, thus increasing
paid-up capital to 100000.
Directors have declared a
regular quarterly dividend of Is
cents a share and an extra di-
vioend of rs cents, both payable
December is to holders of Re-
cord December 5. This increases
1856 payments to SITS a share
from $3.50 paid in 1855.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05

the trade lag so lar CnlS Iall
has been similar to the trend In
1852. the previous presidential
election year, and that If that
pattern holds true. the pickup
should not be far away.
Pointing out that retailers
here have enjoyed three or four
years Of excellent business, Mr..
Parker predicted that retail
trade would hold its own in 1857
and possibly show an increase of
2 or 3 per cent in sales.
profits should be about even,
a great deal depending on how
successfully stores have kept
their inventories and commit
ments in line" he continued.
with sales tagging this fall,
overstocking and resultant mark
downs will be serious if prompt
adjustments have not been
made"
Warns That Averages
Can Be Misleading
Mr.. Parker emphasized that
averages can be misleading. "The
real danger is in believing that
overall general conditions can be
applied to any business" he said
Actually each of us has the
obligation to examine our own
problems and make our own fore
casts"
The speaker predicted that de-
partment stores will try to i'm
prove their share of the total
retail dollar in 1947 and will re-
view opportunities that might
be created by changing old con-
cepts. He said costs and results
of various services would be
weighed carefully. including var
ious types of advertising media.
Pointing out that department
stores may get inventories from
stores that have had to liquidate.
He cited estimates that new
store has only a II per cent
chance of surviving for ten years,
and said high mortality is ex-
pected to continue.
Some of this mortality may
well include stores that have
hastily gone into ill-conceived
shopping centerS that are going
up in great numbers around the
metropolitan areas" he said.
Mr.. Parker said the labor
market here had been tight and
stable in the last year and pre-
dicted this condition will con-
tinue in 1857. Barring a ma
jor crisis, government employ
ment in this area is not likely
to change materially, he said
Competition among local bust
nesses for available Office and
clerical workers has become more
intense, he declared.
Savings Rate Declared
Basic Economic Factor
Basically. the rate of savings
of the American people. and
their willingness to put aside
money. will be one of the keys
to many questions on forward
progress in the coming year, de-
clared George B. Kneass, AS
sistant to the Secretary of the
Treasury, member of the out
look panel.
A natural result of the in
creasing demand for money has
been a rise in interest rates,
which will encourage savings,
he declared.
However, he said, borrowers
have been able to obtain most
of the money they want and
pointed out that loans are set
ting new all-time records.
More money has been lent
than ever before. and savings
are high. 1t is just that demand
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
Photographers Appoint Three
To Plan Convention

Three Washington profess
sional photographers have been
named to a steering committee
for the Photographers Associa-
ton of America national con-
vention to be held here in March.
The three, who will handle
planning and details for the con-
vention are: Abdon D. Ackad,
Ackad Studio; Jon D. Francis,
Adams Studio; E. C. Purdy,
Purdy Studio.
The convention will be held at
the Sheraton-Park Hotel March
24-29 in conjunction with the
International Photographers Ex-
position.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
'' n BUSINESS
Strong Pickup Expected
In Area Retail Trade
By DONALD B. HADLEY

Retail business in Washington this fall has not been too
good strong pickup before Christmas expected
nue into early 1857 President Andrew Parker Of Woodward
Lothrop declared yesterday.
Taking part in panel discussion Of the 1857 outlook
luncheon Of the Washington Advertising Club Mr. Parker said
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
TURNPIKE CRUISER NEWEST IN MERCURY

will be this Turnpike
which offers roo resar intakes both sides OF the upper wind
wheel with flat top sector permit the driver to its rim
time and miles travelled
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-12-05
MUTUAL FUNDS

moon QuotatlonsD
NEW YORK, Dec. ; 41. National
Association Securities Dealers, Inc
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-11-09
Atlantic Fleet Put
On 24-Hour Alert
For Emergency

NORFOLK, Va, Nov. 9 (R.-
The Atlantic Fleet commander
has placed all combatant ships
and units on a 24-hour alert
basis, invoking what the Navy
terms port and starboard
watch" This limits liberty to nc
more than half the personnel Of
any unit or ship at one time.
Fleet headquarters confirmed
yesterday the 80 per cent liber-
ty" order has been issued by
Admiral Jerauld Wright, COM
mander of the Atlantic Fleet and
the United States Atlantic Area
This move in fleet operational
r e a diness m cans Admiral
Wright's more than 200 warships
from escort destroyers through
super aircraft carriers-and air
units are on the line for any con-
tingency.
Under normal conditions a ship
in port is required to have only
about 80 per cent of its crew on
board during liberty hours. The
new directive Keeps at least half
the crew on every ship at all
times.
Navy spokesman here and
Washington would not elaborate
on the directive except to say it
was designed to increase fleet
readiness"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-11-09
Bitter Fighting Renewed
In Streets Of Budapest

supplies, an indication that the
Gripping transport strike. begun
after the anti-Red revolt, hac
mot been overcome.
The Red radio also asked
Ishopkeepers and workers in the
food industries to resume worl
today. 1t said Soviet troops haC
agreed to let clearly marked
food trucks pass on the high.
ways.
Other broadcasts begged thu
people to help stop looting anC
to open food stores not operating
Budapest radio said the rebel.
had broken into many shops anc
warehouses in the capital steal.
ing food and other merchandise
The insurgents called on thu
population to join in the looting
otherwise the Soviet soldier.
will get all these things" thu
broadcast said.
Gangs" Seek Help
1t added that armed gangs
had come in from the hills out
side Budapest to ask the popu-
lation for help and that insur-
gents had abandoned many cell
lar shideoutS In Budapest.
Radio Free Earope's listening
posts in Munich reported that
rebel radio stations in Hungary
remained silent for the second
straight day. A spokesman re-
ported:
We've even been trying to
pick up some broadcast from
ham (amateur) operators in
Hungary, but so far no luck"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-11-09
Hungary Is No Business
Of U. S, BuIgonin Says

LONDON. Nov. 8 (P).-Moscow
radio broadcast today a message
from Premier Nikolai Bulganin
telling President Eisenhower in
effect that events in Hungary
are none Of Americas business.
Marshal Bulganin's note was
in reply to one from Mr.. Eisen-
hover last Sunday expressing
concern over the Budapest blood
bath and hope that Soviet troops
would withdraw from Hungary.
Marshal Bulganin's reply,
dated Wednesday. referred to
the Presidents note and said,
THE question raised in 1t con-
corning the withdrawal Of the
Soviet troops from Hungary falls
entirely within the competence
of the Hungarian and Soviet
governments"
In law. competence means
legal capacity" or authority"
white House Press Secre-
tary James c. Hagerty con-
firmed receipt Of a new note
to the President from Premier
Bulganin. He said the note
was received yesterday and
has not yet been answered.)
Declaration Cited
The Eisenhower note had re-
minded Marshal Bulganin Of the
Soviet Unions declaration Oc-
tober 80 that it would deal with
other Communist nations on a
basis Of equality and friendship.
Marshal Bulganin answered:
There is no cause to doubt that
the Soviet government is guided
and will be guided in its policy
by the principles contained in
this declaration"
The broadcast said the note
was published in the Communist
Party paper Pravda.
The Presidents message to
Marshal Bulganin was not made
public in Washington when it
was first issued November A.
But "a hours later the White
House published it because Mar
shall Bulganin had made public
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-11-09
Building Error Costs
Detroit S. Million

DETROIT. Nov. 9 R.--An
architects error has added more
than $6 million to the cost Of
Detroit's new convention hall
Exhibits building Mayor Albert
Cobo said yesterday.
He said an estimate by an
Architectural firm last April put
1.-THE cost at $42.548,O 900. But a
recent estimate hiked the figure
to $40, AL 900.
Mayor Cobo said a SPAS, 0OC
blunder resulted from under
estimating the amount of steel
needed by at least 1000 tons. "A
LIBERALIZATION of labor costs
added another $2,775,000. A
rise in steel prices due to the
steel strike sent the cost still
higher.
Construction is already under
way on the mammoth building.
1t is to be part Of the ambitious
Civic Center development on the
Detroit river front.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-11-09

another letter to Mr.. Eisenhower
before the President received it
The Eisenhower message asked
|"in the name Of humanity and
in the cause Of peace" for with
|drawal Of the Soviet forces in
Hungary and permission for the
|Hungarians to choose their own
government.
Text Of Letter
Text Of the latest Bulganir
letter:
Answering your letter dated
November 4. l feel urged tt
state that the problem Of the
withdrawal Of Soviet troops from
Hungary touched therein come:
completely and entirely under
the competence Of the Hun.
|garian and Soviet governments
II assume that in the mean.
time you probably could get &C.
quainted with the program Of
the revolutionary workers anc
peasants government Of Hun
gary which has been outlined
by the government in an appea,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-11-09
Five Children Die
In Fire, Mother
BoIked by Flames

SPOKANE. Wash. Nov. 8 tP)
Five youngsters died in their
blazing home last night sfter the
flames drove their mother
screaming into the yard.
The bodies of Jimmy, 2, Jack
4, Laura, 6. Merle, Z. and Steven
Lair. 8, were found in the ruins
All the children were asleep
the boys upstairs and Laura
downstairs in a back bedroom.
Mrs. Jackie Lair, 26, appar-
emily was doing on a couch II
the front Of the house when the
fire broke out. She told hysteri.
cally Of trying to reach the bach
bedroom and the stairs to the
second floor. Flames drove hel
back. She was not injured but
was in shocks and could not bt
questioned.
Polio said the father, Ronald
Lair, q, was in Spokane city
Jail on nonSupport charge.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-11-09

clear t1at req tape VIII De cut 10
the minimum, saying I'VE are
going to get the people in here. .
Through White House Press
Secretary James C. Hagerty, Mr.
Eisenhower called for American
volunteers to assure employment,
housing and financial aid for the
refugees. Such assurances are
needed under the law, which re-
quires also that refugees be
screened for security.
Mr.. Gerety said the laws pro-
visions will be met, but added
I'VE are going to use extraor-
binary measures to do two things
make sure we don't get the
wrong ones, and make sure We
get the processing DONE"
U. S. Stirred by Tragedy
Mr.. Eisenhower announced hi:
action in the following state.
ment:
Pew events Of recent time.
have so stirred the American
people as the tragic effort Of
Hungarian men and women t.
gain freedom for themselves anc
for their children. The bruta
purge of liberty which followed
their heroic struggle will be Ions
and sorrowfully remembered
not only by those directly suf.
fering from that brutality, bu
also by all humans who believe
in the dignity of man.
Our immediate concern mus
be for those whose suffering we
the members of the free world
can effectively alleviate. These
are the thousands of escapee:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-11-09
Form Jobs Drop OFF
$4,000 in October
Associated Press stan writer

AssoCiAteu Fress 6taH Writer
Farm employment dropped by
nearly $4,000 workers during
October to a total of 9,482, 900
as farm work Stacked of in
many areas, the Agriculture De-
partment reported today.
Most Of this decline was in
hired hands rather than in
family workers.
Employment at the end of
October was about SIS per cent
lower than a year earlier, re-
flecting a long trend toward
greater use Of labor-saving ma
chinery.
Wage rates averaged about
1856 cents an hour in October
compared with 69.6 cents in
July and 7O.1 cents in October
last year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-11-09

who have successfully made their
way out Of Hungary during the
past week. They are older peo-
pie; they are women; they are
children--and many Of them
are suffering wounds inflicted by
the guns of imperialist COM
Imunism.
1T is heartening to witness tbs
speed with which free nations
have opened their doors to these
most recent refugees from tyran-
ny. In this humanitarian effort
our own Nation must play its
part. have therefore directed
the Administrator of the Refugee
Relief Act to process as many as
5 900 Hungarian refugees as ex-
Ipeditiously as possible. This eff
fort requires the most active
help of the great voluntary agen-
cies and other humanitarian or
CARNATIONS, Of State and local
governments, and of individuals
everywhere. I know that the
American people will rally whole
heartedly to this great cause"
| Mr.. Hagerty said other coun-
tries already agreeing to accept
some of the refugees include
Switzerland, Sweden, Belgium,
the United Kingdom and France.
Mr.. Gerety said the refugees
will be brought here from Aus
tria. to which he said between
$4,000 and 10000 persons had
fed across the borders of Hun
gary.
The Refugee Relief Act expires
December 81, but visas issued by
that time can be used for four
months beyond that date.