davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-07-01
TRANSIT

Continued From First Page
two bodies. are scheduled to meet
at 2:30 pm. tomorrow.
Senator Mcnamara, Democrat
of Michigan. chairman of the
conferees, was not available yes
terday. But associates indicated
that a sale of the property under
franchise terms acceptable to the
Commissioners would meet his
thinking on the subject.
On the House side. Represen-
tative Harris, Democrat of Ar
kansas and leader of the House
confereeS. said he could not tell
what the conference committee
would do. but that he wants to
see the reports from all three
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-07-01

is former president Of the In
Military Air Trans
port Association, with which Mr..
Moore was formerly associated.
, Mr.. Colladay described Col.
Moore as an intimate friend and
former business associate Of Mr..
Chalk. He said Col. Moore in
PRODUCED Mr.. Chalk to some peo-
pie after Mr.. Chalk became &C
tive in the transit deal.
Il have. no doubt Col. Moore
spoke well of Mr.. Chalk he
added.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-07-01
CoIIoduy Details Story
Of ChoIk-Fox Triumph

will be satisfied with the trans
action. He further believes the
Senate House conferees on the
pending transit legislation "y>Il
recommend this and bring TO
an end the dangerous problems
that have confronted the city
with respect to its mass trans
portation."
There must be a drafting of
the contract to carry out the
agreement signed in yesterdays
early hours. 1t covers the pur-
chase of the assets and the as
sumption of liabilities.
A charter for the new COM
pany, the D. c. Transit Sys-
tenn, Inc, must be drafted and
filed with the Corporation Coun-
sell inventories of Capital
Transit property must be taken
But Mr.. Colladay was conf
dent that all could be worked
out so there would be no gap
between Capital Transit's term
nation of operations August IA.
and d. c. Transit'S start.
Real Estate Worth S11.2 Million
He said a real estate appraisal
by William NJ. Throckmorton,
former president of the WASH
ington Real Estate Board. has
already been obtained. 1t put
the value of the real estate at
S11.2 million. This will be Sc
curity behind the $3.940,000 in
15-year, 5 per cent notes which
will make up part of the pur-
chase price.
Mr.. Colladay said he and his
partner and son. David c. Cola
day. will be Joined tomorrow by
representatives of the Chase
Manhattan Bank and by Mr..
Chalk's personal attorney in
working out the problems that
must be put in order.
Mr.. Chalk will be chairman Of
the board of the new company.
Mr. Fox may be president. AS
to the board of directors. Mr.
Colladay said, 1T is the intent to
consult the leaders of business
and finance here and get their
recommendations. We want to
establish the strongest possible
board of the most representa-
tive men = and possibly some
women
Stockholders Must Approve
Another piece of business be-
fore the deal goes through is
the approval of the holders of
Itwo-thirds of Capital Transit
stock. Thirty days notice must
be given for a stockholders meet
ing. Mr.. Colladay said it is a
safe assumption that with the
directors having voted unani-
mouslv for the deal. the stock
holders would also vote their ap-
proval.
Mr.. Fox was one of the origi-
nal bidders last fall to become
Capital Transit's successor. Mr.
Colladay said that Mr.. Fox never
let up. The problem was to get
adequate financial backing. Early
this year Mr.. Fox solicited Mr.
Chalk's interest, Mr.. Colladay
said.
Mr.. Fox himself said it is uEa-
decided how much share he will
have in the new company. AS
to holding Office, he said,
They're trying to get me into
the presidency. I don't know
that I want it. Maybe I'll find
myself in a situation like what
Mr.. Broadwater q. A. B. Broad
water. Capital Transit president)
went through. He had plenty Of
headaches. I know that every
thing is going to swing around
the presidents head. 1t makes
me q little nervous"
He said the new company
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-07-01

OF a three-man arbitration
board.
Walter j. Bierwagen, president
of the transit union. said this
statement came pretty close to
a meeting of minds with the
union.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-07-01

parties involved. He said the
problem has been to get all three
together.
Morse Backs Authority
Senator Morse. Democrat of
Oregon, said he would give great
weight to the findings of the
Commissioners. In any event. he
said, he would want to see pro
vision for a standby public au-
thority.
Senator Case. Republican of
New Jersey, said he was pleased
an agreement satisfactory to the
Commissioners was worked out
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-07-01

Inc mllllOnS OF collars III
volved, the personalities and
some personality clashes in the
transit deal that stretched past
midnight Friday and into Satur-
day morning were described in
an interview yesterday by Ed
ward F. Colladay. attorney.
He made it clear that o. Roy
Chalk, dapper realty owner and
air lines operator whose T. c. A.
Investing Corp. has made an
agreement to buy the Capital
Transit property, has the sup
port of the big Chase Manhat-
tan Bank of New York. And also
very fine support from the Riggs
Bank Mr.. Colladay added.
He said that Robert v. Flem-
ing, board chairman of the Riggs
National Bank, and Hubert T.
Bisselle, president, had been con-
suited as the negotiations prog
reSsed.
One of the personality clashes
involved another banker. Nh.
Colladay did not mention his
name.
Addition, Not Subtraction
Robert c. Baker, executive
vice president of the American
Security and Trust Co. and a
Capital Transit director, queS-
toned him. Mr.. Chalk said,
about whether he planned to use
the almost So million of Capital
Transit cash which the company
had been accommodating in the
bank, toward the 500 million
cash payment to be made in the
purchase.
Mr.. Colladay quoted Mr.. Chalk
as saying in reply:
MY addition does not agree
with yours. You are using sub
traction. I am adding 500 mil
lion to 81 million, making a
total of S16.6 million"
Mr.. Colladay indicated that
Mr.. Chalk was veXed when Cap
ital Transit Vice President E.
Cleveland Giddings put the same
question again after Mr.. Chalk
had already answered it.
Asked what Mr.. Chalk would
do with the 81 million which the
company holds, Mr.. Colladay
said:
When he gets possession it
will be a matter of sound BUSH
ness judgment Just what rear
rangement of assets is made. J."
100000 Increase in Bid
There was another conflict
perhaps a business conflict,
maybe a personality conflict
and it cost Mr.. Chalk and his
company 100000 plus 5 per cent
interest for Is years.
S. j. Solomon. late starter
among the bidders for Capital
Transit. figured in this. He is
president of California Eastern
Aviation, Inc.
Mr.. Solomon upped his bid by
100000 over the $13. 100000
fgure-equal to $14 a share
which had been offered by Mr..
Chalk and which was the price
in the contract between Capital
Transit and the National City
Lines, from which National City
Withdrew. To meet this move,
Mr.. Chalk also had to go UP
100000.
Mr.. Chalk has known Mr..
Solomon for a long time and has
even been a material help to Mr.
Solomon in his business" Mr..
Colladay said. "Mr. Chalk did
not expect Mr.. Solomon to make
a move to overtop his bid on the
amount of the preferred pay
ment.
Mr.. Solomon, Mr.. Collaway
said, had been led into the board
meeting by Mr. Giddings.
Sees Congressional Okay
Mr.. Colladay outlined some of
he load of work that has to be
disposed of before the Chalk
group gets possession Of the
property.
He said he believes Congress
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10

average of 61a cents a pound, "tH
|equalize their costs"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
CHICAGOLWESTOCK

able SHT BoAs AVS Avs: 70 ,sr q U f,T
70 !; mostly - higher on butchers; in.
80 lbs. sows steady to rs higher biz only only
fair ShipinR demand; bulk Nos. and !,
mostly Nos > and 3, 9O0-27o lbs,
9,oO-@a0 lbs; I7.25-l7.50; Nos i and z.
Nos. and 8. as6-a0G lbs. 1877
i G6o lew few l1tS, 81 Sloi h lbs 1895:
sows in larger lots, 400 lbs. and lighter,
~ I55 1900 several small lots, 275-
30 lbs. to 1925; bulk, 400-55o lbs,
10 30 IS; good clearance
300; market on ali represented classes
S SiesSG ., cows opened fully steady but
10, steers bought to arrive at $50;
load prime $50 lbs. 200; load high
choice l.125-lb. steers 20 IS, the latter
Wednesday, but prime steers at least
strong; fey head choice and prime
ih6Sfy sT fed few So5 ea1 oo very tts
steers steers; load of high choice '960-ib.
heiiers. 23.15; few good and choice
heifers, 1g.0o-23 sos; few utility and
and commercial COWS. IO5G-i9 so; cam
nsrs ana cutters, S.50-lO. 50; few heavy
hoIsteln cutters to 1000; utility and
commercial cSnin bulls. l3.2j-14.75; few head
mercial,. 100000 90 N3-' " eo'n-
Salable sheep. 300 slow spring lambs
mostly mostly steady t,y to weak; other classes
lampbs. II .00-2i so, lew zoo. SlR sttssr
price days high; Gull to low good, IL 0tJ-
Y ~ q p,,n,. load good AND choice e7.lb.
ewes, 3.50-5.00. N@''''
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
Council Reports
AID Space Gifts
Of SIPS Million

NEW YORK. Aug. 10 (R.-
The Advertising Council yester.
day reported an estimated S12s
million Of advertising space anc
time was contributed last veal
to national welfare projects.
This was donated by news
paper and magazine publishers
radio and TV networks, indi.
vidual broadcasting stations anc
outdoor and transportation ad-
vertising companies in benalf Ct
43 national welfare projects such
as cancer, polio ard heart funo
drives.
Public service ads were carried
in places never sold to COM
mercial advertisers, such as on
the front pages OF newspapers
md in house magazines of num-
ireds Of corporations, the council
reported.
Welfare campaigns were ans
brought to public attention
through posters on sides of de-
livery trucks and on the end
labels II bread wrappers.
Theodore S. Repplier. presi-
dent Of the council, said a mai ol
campaign this year will be the
Vote e. Register" drive, con-
Quoted by the American Heritage
Foundation.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
.AIcoa Strike
Firm
Raises Prices

NEW YORK. Aug. 10 (P(.-An
aluminium price increase of a
cent to rs cents a pound has
been announced following sign
ing of a new three-year, no.
strike wage contract by the
Aluminium Company of America
and the United Steelworkers'
Union.
The contract settlement an
nounced yesterday ended a nine
day strike in IL ALCOA plants.
The new contract grants the
$4,000 union workers wage and
benefit package of as cents an
hour spread over three years. 1t
will add about $40 million to
ALCOA's annual operating
budget after three years.
The new pact with ALCOA
generally parellels the USW con-
tract with the steel industry al
though there are some variations
because of differences between
the two industries.
Terms of the contract include
"a 91a-cents-per-hour wage boost
the first year. seven cents the
second and eight cents the third
'year-a total of 241a cents.
Wages now average about 1922
an hour.
The remainder of the package
includes holiday pay, unemploy-
ment benefits. jury duty pay, in
Surance benefits. pension i'm
provements and vacation allow
'ance adjustments.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
BY SAM DAWSON


NEW YORK, Aug. 10 (P.-The
United States is having trouble
today trying to lower the UNI
brella it has been holding over
the world cotton and textile
trade.
Protests and retaliatory meas
ures are pouring in from those
who have flourished under the
umbrella. These are:
l. Cotton growers of other
lands who moved in on the world
market when American grown
cotton was priced out of it by
Government supports. The sup
ports in effect protected foreign
cotton production.
2. Foreign textile mills using
cotton costing them less than the
price-supported American cotton
used by domestic cloth makers.
10 lower this shelter the
United States is moving some of
its excess cotton onto the world
market at the going price, which
is around 6l2 cents under the
price here. 1t also is paying ex-
porters of American textiles an
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
BUSINESS
BRIEFS
Heavy construction contract

| Heavy construction contract
awards reported in the week
ended Monday amounted tc
1922. $4,000 Engineering News
Record and the Construction
Daily report. The total, con-
sisting of S189, 264 900 in private
construction and $780, SOS, 900 in
public construction. compared
with $309,454,000 the previous
week and with 1894 ,458, 900 for
the corresponding week a year
ago.
Car lOadings rose slightly
last week. the Association of
American Railroads reports. 1t
said 660,287 cars were loaded
with revenue freight in the week
ended August 4. This was an in
crease of 10,481 cars or 1.6 per
cent above the preceding week
but a decrease of 10000 cars or
1872 per cent below the corre-
spending week last year.
Federal Paper Board Co. anC
Morris Paper Mills, Chicago,
have received stakeholder appro-
val for a merger. The consolida-
ton boosts Federal production of
boxboard and folding cartons to
an annual volume of more than
SIS million.
Newport Steel Corp. share
holders approved sale of the
Newport (KyD firm. to Acme
Steel Co., Chicago. for $l6,-
450.0 900.
Commercial Credit Co. reports
a consolidated net income, after
taxes, Of $l3.ll9,827 for the first
six months Of 1856, equivalent to
IS2.6l per share. The figure COM
pared with $i2,873.163 or S2.57
"a share for the same period of
1855.
National Coal Association esti-
mated bituminous production for
the week ended August 4 as
I9,235,000 tons. compared with
100000 tons in the period
ended July %.
J. c. Penney Co. reports record
first-half sales totaling S54l, :
.7l6,646. an increase Of 9.9 per
cent over the 2,756,2i7 for
the first six months Of 1855.
Earnings were Sl7.l59,376. equal
to $2.08 a share compared with
sl7,980,77l or s2.iS a share last
year.
Standard Oil Co. (Ohiol, in six
months ended June 30 earned
$l3, 450.544 or 27l a share VS..
$l0.l73.009 or s2.03 in 1866
period.
Sperry Rand Corp. in three
months ended June 80 earned
SIC, 062. 046, or 80 cents a share
Combined earnings Of the pre-
decessor companies were S9,027, :
s95 in the same quarter last
year. or IS cents a share.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
Prices Down,
Issues
0ff3Points

NEW YORK, Aug. 10 Dr.
Prices wilted in the stock market
early this afternoon in a quiet
sell-off.
Leading issues declined from
fractions to around 8 points gen.
orally with a few stretching be-
yond this.
international oils once again
took the worst losses as traders
cleared their decks for whatever
unexpected news the week end
might bring on the Suez Canal
crisis.
Railroads retreated on profit
taking after their good advance
of yesterday. Coppers fell from
l to 3 points.
Pivotal steel issues declined to
around 2 points at worst. Mo-
tors were mixed and aircrafts
were off fractionally.
Aluminium stocks were mixed
following the price increase by
Alcoa which was up a fraction.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
Protests Begin to Mount
On U. S. Cotton Supports

average of 61a cents a pound, "ta
equalize their costs"
Mexico Reacts
Reaction is coming fast.
Mexico is making American
auto makers and other manu-
facturers and exporters buy up
her cotton crop if they want to do
business there.
Canada threatens to stamp an
anti-dumping penalty on Ameri-
can made cotton goods if they
are subsidized in part by the
United States Government.
England. France and The
Netherlands have protested that
the subsidy plan violates some
international trade agreements
and could bring retaliation.
The United States dilemma is
that stocks of cotton keep mount
ing. Since it began supporting
the price of cotton it has had
to take into warehouses millions
of bales of unsold fibres. Pres
ent supplies of old cotton here
are estimated at las million
bales. To this is being added the
cotton crop now being harvested,
which is estimated to reach 1875
million bales.
Spokesman of the Dallas Cot
ton Exchange complain that
Texas cotton growers all but lost
their historic export market
when American price-supported
cotton got so high that foreign
production was encouraged.
Production Scars
Mexico and some Central and
South American countries. whose
cotton crops were once minor,
began planting more acreage.
and using more fertilizer. Their
production has scared. The Mex.
lean crop now comes to about
two million bales a year.
Mexico has just told American
car makers that all auto parts
and supplies shipped for assem-
bly, there must be paid for 100
per cent in a barter arrangement
for Mexican cotton. These ship
mentS come to around $50 mil
hon year. This cotton or-autos
barter could saddle American
car makers with about 80 per
cent of this years crop of Mex
lean cotton.
American exporters who do
about $700 million of business
with Mexico each year may have
to find market for the rest Of
the Mexican crop.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
TRADE
WINDS
BY LOU SCHNEIDER

Trustworthy intern a tional
bankers say Egypt's seizure of
the Suez Canal is a play for in
come, not a move toward all
immediate shooting war.
England's blocking of Egypt
ST billion assets in sterling bloc
countries, as retaliation, has no
effect. Britain's investments in
the Near East equals as much.
French blocking of Egypt's as
sets means little because French
funds there are many times
greater.
Egypt's assets in the United
States are negligible, while pri-
waite investments of United States
people total close to $25 million.
But in the entire Arab world
United States corporations have
investments of more than 81
billion.
The British and French are
showing war teeth but aren't
expected to go at it without the
United States. And Washing
ton is doing everything possible
to avoid shooting war in hopes
all will smooth out-or, says a
banker, because this is an cleo
ton year and it would hurt the
administrations peace-and-proS-
Iperity campaign.
What worries international in
vestorS is that Egypt's action
shows no rights to private prop
Ierty. Fear is strong that other
Arab countries may do so, too.
Result: A wave of capital hoard
ing has started in Western Eu-
rope and the Americas.
What will the outcome be?
Here's the view Of a Dutch
banker: Egypt will agree to q
cut of Suez Canal revenues, but
the blackmail action might fore
shadow World War III as dic
Mussolini's conquest of Ethiopia
land Hitler's Anschluss of Austria
| &H y
Did you know retail stores GC
their biggest non-holiday dollar
sales volume during the month
lof September? The consumer
buying rush usually starts dur
ing the last week in August. The
reason is twofold: Stores are
stocked with their full autumn
offerings giving consumers q
wide choice of purchase. and the
back-to-school needs of many
millions of those between 6 and
FL years of age.
fCnnsOlidatad NeusfeaturesN
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
CHICAGO GRAIN

CHICAGO. Aug. 10 1P,.-Grain fu-
lures shifted only fractionally on light
trading during the FIRST hour today on
the Board Of Trade
Wheat started hesitantiy after rs
calm showing OF Thursday. but was
tho most actively traded Commission
men SAID strong undertone vaS
present
Near the end Of the first hour wheat
vas 70 lower 70 u cent higher per
bushel, September s9.iss corn On.
ehanged 70 81 lower, September ~ 46ts
iB7t rye .. 10 = hisher. September
: 3Gla soybeans = lower 70 Il higher.
September 81 fIis. ana lard 10 ~
cents per hundred pounds higher, Sep
TENDER sil57.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
FOREIGN EXCHANGE

NEW YORK, Aug. 10 tp,--Forei,n
exchange rates follow, Great Britain In
noiiars others in cents unchanged un-
Canadian dollar in New York omen
IOl .9O9s U. s. cents up u Of cent
Europe: Great Britain (poundl
w. - 9/32, of u OF a cent: 3O-day ~.
day futures 277 132 of !. Of cent:
eO-day futures 2. rs 81 1872. of !. of 4
cent. Belgium francl zoos; France
eIrancl .2sss OF cent, Germany (West-
lguilderl 1912. on OOis Of a cent:
Italy Qiral .I6A Of a cent Portugal
seseudol so; Sweden kronal 1874:
S Srle urancl tfreel 2334: Dem
Latin America: Argentina Gree 3.30.
~ y. Of gent; Brazil Cfreel AZ;
Mf Fsr E s.i Venezuela tboliyarl 5000.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10

faie6Togni y 19 35A - s5ih- "A
YngSh&Tu a. - loIlA 100 lolls- y
fnEstSD 05e z6JA zela z6ih- "a
bOuriJ sales on the EHehAnss
% m A3O 900 ~ noon $50 600
900 ON loo ooo 900 N 600 600
Uhit Of tradins 10 snares or sales IN
iull RATES OF dividends IN the foregoing
thDle are annual disbursements oasSo on
tht last quarterly Or semi annual decla.
tation Unless otherwise noted special
or extra dvidendS are not Included
a Also Extra or extra Annual rate
plus stock dividend d Declared or paid
70 Boo pius stock dividend Declared
of paiq 50 far this wear I PAYABLE in
stock during lp55 estimated cash vaiue
on eS. dividend or redistribution date
Pala la4t year Declared o. paid
cared Of "aid this rear an aceumula.
PAD TINS ear dividend omitted de-.
lerred Vf no action taken AZ last dlvl.
demo meeting Declared OF paid IN 1856
plus stock DIVIDEND Payable 10 stock
durinR 800 estimated cash value on eI.
DIVIDEND or redistribution date Llqul.
dating dividend cid Called xEl divl.
dead x-ds IL distribution ~ u riEfta
Nv Wtthout warrants va With WaFrants.
ad When distributed VI When issued
nd Next dAy delivery sfn oankruptey or
rseeiyerthip OF BEING reorganiTed undef
the Bankruptcy Act or aecurities ~.
snnsd ~ saeh companies.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
NEW YORK PRODUCE

NEW YORK, Aug. 10 M .-tUsDAt -.
Wholesale egg prices were unsettled 10.
day. Receipts 1900 Wholesale selling
prices based on exchange ana other
volume sales
New YORK spot quotations follow
includes MidVestern MID coiofs
extras $500 lbs fg-f3 extras lsfEe
l4j-iS ibal ii.f2 extras medium 3iI
80 standards lArGc 34-35 d!rlies 2E.2i.
cheeks tl.2g Whites ezra fBs-5H
losi i2.4fis extras isrFt 45.4s lbs
~ ~ eytfaA medium 15ls-3Bi Browns
Extras $500 lbal f5is-45
inciudes nearby whites TOD quality
$3.50 lbsl 4s-bn medium J5iz-yG
smAlla ef.24is peegeeA lb-lf Browns
top quality lfs.5O ibsj $40 medium
$3.50 snalh 2i-27is. peeTees 1917
Butter steaoy % FIRM Receipts
~ 5000
chssts steady. prices unchanged Rs.
eaDtt 3ys,OO0
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
NEW YORK COTTON

NEW YORK. Aug. 10 H9.-Cotton m.
d dnfes were firm in forenoon dealings TO-
eay sltnoush advaces Of almost 81 ia
paie encountered profit taking and
peSt levels were shaded spot house.
DuyyIing and trade demand, the latter for
n miIl ana export account, ran the mar.
S wi,, into stop-loss buying orders and.
ehs sn nnerines scarce. the market rallied
sS ~ Trading today was the largest
10 Noon prices were 30 to 20 cents a
toher hinener tnan the previous close. Oc-
33 90. ana Marcn
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
DIVIDENDS

announced AUG
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
METAL QUOTATIONS

NEW YORK. Aus. 10 B-sno, nor-
ferrous metal prices today: copper 9g5I.
90 cents pound. Connecticut Valiev
Leaad ~ cents pound New York. Zine
dd5as2 cents pound. East 81. Louis. Tin
SILVER 9O'+ cents per troy ounce. New
rork scrap metal No. / heavy, SO 90.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-10
ODD-LOT DEALINGS

NEW YORK, Aug 10 y The New
YORK Stock Exchange reported today
these ocd.lot transaetions By principal
dealers on the exchange for Ausust =
Purchases Of 27g.5g5 shsres sales o.
2l0 555 shares ineludins l.3i2 shares
Sold short.