davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-23
Stock Prices
Still Slipping in
Session

NEW YORK. Aug. 90 Dr.
Sluggish trading and lower
prices prevailed in the stock
market early this afternoon.
Key stocks were down from
fractions to a point or so. A
few issues took sleeper losses.
There was also a scattering of
gains.
The market was almost du-
plicating yesterdays dull per-
Torrance which followed two
days of recovery from the big
break Of Monday. Hesitation re-
garding near-term prospects of
the market was increased by
normal preweek-end caution as
many traders and investors
stayed on the Sidelines.
Copper shares continued to
decline on the latest weakening
of copper prices. The rise in the
discount rate by the Federal
Reserve banks Of New York
and Cleveland after yesterdays
close made the higher rate
unanimous for the country.
Steels, oils. chemicals and
nonferrous metals were gen.
orally lower. Losses among mo-
tors and rubbers were slight.
There were some gains among
aircrafts and selected issues.
The general slackness was
relieved by activity in Sunshine
Mining as news continued to
come in on its new oil well in
Washington State. Wall Street
has displayed disappointment
over the reports. The stock
opened on a big block of 10000
shares. of q at IL. After trim
ming its loss somewhat it again
traded at a net loss of around
a point.
Volume was also bolstered by
a 10.500-share block Of Their
mold of y at 1917. The activ-
ity in Sunshine and Thermoid
lifted the rate Of turnover a
bit above yesterdays drab
100000 shares.
Corporate bonds continued to
decline in quiet trading.
United States Government
bonds eased in light dealings
over the counter.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-23
Stores Accent
Youth, Bid for
Student Trade
BY SAM DAWSON

NEW YORK, Aug. % DR.
The accent is on youth in the
Nations stores today.
Back to = school promotions
are aimed at a record 43, I35, 900
enrolling in schools and COL
leges. This means 1,75O,000
more need Quitting this year
than last.
First response has ranged
from spotty to excellent. Most
stores look for the big rush this
coming week.
Ads stress the new school
needs, like: "A modern pen for
the progressive student" and
pack up your bubbles "a liquid
laundry detergenb and carry
them of to school in a plastic
bottle"
Boys Clothes Conscious
Or they play I'D the standbys
Of other days. like: Our pop
lin auto coat" reminiscent of
the first horseless carriages,
secondhand raccoon coats that
saw their first time round in
the 20s. and MILDLY blouSes.
The National Association Of
Mems Apparel Clubs believes
that boys are getting more
clothes conscious. And a store
in the Bronx section Of New
York City advertises Ivy League
style suits for grade school boys.
The Boys Apparel Buyers
Association gleefully reports
that in 1855 there were $685.
900 boys in the IS to 1S age
group and S,772.000 will be in
that group in 1965-all busily
outgrowing their old clothes.
The college trade is proving
lucrative. Some 3.5 million
students-up 100000 this year.
according to the United States
Education Commissioner are
out shopping.
Dictionary Of Fashion
One Of New York's top mems
stores is enlarging its univer-
sity shop.
Another is stressing its uni.
versity model in its suit ads.
A New York department store,
offering an unabridged die
tionary Of college fashion,
stresses motor scooter jackets,
students linen handerchiefs
strictly distinguished as to gen.
der. and assures one and all
that red is the favorite evening
color for dancing goods.
The button down dorm shirts
in crimson cotton challis, waltz
nightgowns, pinafore robes and
baby doll pants are advertised
for girls schools.
One store thinks no college
man should start back with
out a 100 per cent washable
synthetic necktie.
A New York hardware store
is out for the back-to-school
trade with lamps. clocks, waste
baskets and a big world atlas.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-23
New IBM Machine
Gives Self Orders

NEW YORK. Aug. % (P).-A
new machine-one that takes
orders from itself-was an
nounced yesterday by Interna-
tional Business Machines Corp.
The new device is used to
fasten resistors. capacitors,
diodes and the like onto printed
circuit panels before the panels
are inserted into computers and
other electronic equipment.
When change in the layout
OF a panel is needed, the old
manual resetting Job is elm
mated. Instead. the machine
gets instructions from IBM
cards and then automatically
resets itself for the new as
signment.
The company calls the de-
vice THE Programmed Com
ponent Assembly System"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-23
Studeboker-Puckurd
Loses $6.8 Million

SOUTH BEND. Ind, Aug.
% (P). = Studebaker-Packard
Corp. yesterday reported a Sec
ond-quarter loss of $4,311,345.
greater than the $2,498,357 for
the first quarter. However, it
was down sharply from an in
dicated loss Of $2l,154,283 in
the second quarter of 1856.
The auto manufacturing
firm. which is operated by
Curtiss-Wright Corp. under a
MANAGEMENT agreement. re-
ported a loss Of $6.810.202 on
sales of sos, O86,O40 for the
first half Of 1857.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-23
BUSINESS
BRIEFS

Federal Reserve Member
Banks had total reserves aver
aging $18,806, 0OO,O0 on deposit
with reserve banks during the
week ended August 81. Total
reserves included excess re-
serves which averaged 1923 mill
lion, So million lower than ex-
cess reserves averaged the pre-
vious week and $3.50 million
lower than excess reserves a
year ago.
Brokers' Loans on other than
United States Government Sc
curities held by FRB member
banks in New York totaled 1887
million Wednesday, a decrease
Of SIC million from the previous
week and of $439 million from a
year ago.
Department Store Sales
across the Nation last week
were 4 per cent higher than
during the same week a year
ago.-Federal Reserve Board.
Penn-Texas Corp. has con-
tinued to buy stock in Fair
banks. Morse & Co. and for the
first time has acquired some
debentures.-New York Stock
Exchange.
Retail Business this week re-
manned at the level of last week
and slightly exceeded a year
ago. Retailers reported a rise
in mems apparel. with principal
gains in fall suits and topcoats.
Volume in women's clothing
was high-Dun & Bradstreet.
Universal Atlas Cement Co.,
a subsidiary of United States
Steel Corp, announced it is
not raising mill prices at any
of its IL plants serving areas
east Of the Rockies and the
South for the rest of the year.
National Congress of PetrO-
leum Dealers has voted to
sponsor national legislation to
prohibit below-coSt sales of
petroleum products.
Deere & Co., farm imple-
ment manufacturer, reports
net income of $23,342, 500, or
1924 a share, for the nine
months ended July 81. VS.. SILL
282.l00. or Sl.44 a share, for
the same period last year.
LOckheed Aircraft Corp.
earned $7.705.0O0. or 1886 a
share, for the six months of
1857. VS.. $7,534.000, or $3.50 a
share. a year ago.
Twentieth Century Fox Film
Corp. earned $4.069.865, or
$l.54 a share. for the 26 weeks
ended June 30. VS.. S2,156.670,
or 81 cents a share. a year
ago.
F. II. McGraw e. Co., build
ing construction firm of Hart
ford. Conn. earned $721.695,
or $1.63 a share, for the six
ended June 80, VS..
$135. 096. or 80 cents a share,
a year ago.
Railroad Freight LOadings
last week totaled 750,640 cars.
This was l0.169 cars, or 1.4eo,
above the previous week. but
1900 cars. or $50 below the
same week a year ago, and
25,061 cars. or 1920, under
the same week in 1855.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-23
N. Y. PRODUCE

NEW YORK. Aug. 90 ~, rusDA,
Butter steady. Receipts 1876 900
Wholesale prices on bulk cartons
81 " cents n" score (Al, dO1a al "a
90 score lBl. 8n-6OB -
Cheese steady; Receipts $4,000.
wholesale esq prices fun steady TO
York spot quotations follow:
Midwestern:. Mixed colors. extras
$3.50 lbs }. 45-4S; extras. large iib-
dS lbsO, f3545; extras, medium, as
20 .standprds, large 3l-36is: checks.
of-2B; whites. extras NS-5O lbsI. AZ
81 extras, large 45-4s lbsl. 4S-l7:
tres $3.50 lbs), 48is.4ais
q, Nearby Whites. top quality $3.50
lhSl, $3.50; mediums II -i9is: smaiIs.
2S-'s' a. pecwes. lS-1sis browns. TOP
quality $3.50 lbs w., b4-5T. mediums
3ss;3si smalls. 32is-33isi peewees. is.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-23
City, State Competition
Cuts Business Sales

ended more than 300 activities
because they compete with
private enterprises.
Dispute Over PX's
However. Congress has been
unable to force a compromise
between the Defense Depart
ment and merchants who cry
that post exchanges and ships
stores compete unfairly with
them. These military stores
pay no taxes. employ cheap or
indirectly paid labor. and cut
prices deeper than many dis
count houses. Retailers do not
object to these stores overseas,
but do sound of when those
in this country cost them real
or theoretical sales.
Meanwhile. merchants and
other enterpriSers are taking
the brunt Of State and local
governmental competition.
There are three kinds Of gov
ernmental competition. In one,
the governmental agency makes
its own product-such as paint,
ice cream or gunpowder-in-
stead of buying from private
enterprisers.
In the second, the Govern
ment places a private enter
priser in special position, bar
ring his competitors. A ready
example is the practice of
highway authorities leasing
gas station or restaurant rights
to single enterpriser, barring
his competitors. The third is
the outright competition with
providers Of goods or services.
Except for situations in which
unauthorized persons can make
purchases at PX's. the Gov
eminent competition is en-
tirely Of the first variety. When
the Government makes tutti-
fruit for airmen. it takes no
sales from local freezers. It
merely denies them a honed.
for rise.
Blot Out Competition
In this frame of reference.
the Government is not Compel
ing for actual sales. but for
anticipated ones. Thus most
have nothing to
lose but their gains.
However. state and local COM
petition is of a rougher type.
In awarding franchises to res
taurant chains. gas stations and
others to have competition free
rights on parkways. in parks or
in other public places. states
and other local authorities blot
out competition.
1t may be argued that all en-
terprisers have an opportunity
TO bid for these exclusive fran
chiSes. However. even assum-
ing that no political favoritism
is involved. only the big enter
prisers are able to meet usual
bidding conditions.
Many governmental units.
local. engage in the third
the direct-form of COMPETE
ton. Directly competing with
landlords. they rent stands in
public buildings and on city
property. In competition with
other landlords. they rent apart
Offices and storage
spaces.
In competition with other en-
terprlsers, some government
units rent boats and beach
equipment. sell sandwiches.
gravel. fill and other items in
commerce.
II it's national policy to get
government out of business. it
ought to be applied at the grass
roots as we'll as along Pennsyl-
vania avenue in Washington.
released by Mcclure Newspaper
CVndiratal
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-23

Hourly saleS on ire exehSnus
ili00 am $50 600 1900 noon Gao 600
noo pm 300 600 400 p.m o 600 600
tunls p tradina 10 shares o. safes n
iul Rates Of dividends m the toTeFoing
able are annual disbursements based M,
we lad quarterly ~ semi.annual dee.
larati0n Unless otherwise noted special
or extra dividends are moi included
9 also ext'a 9I extras 3 Annual rate
m 1857 plus stock dividend Paid lsSi
veal PAYABLE N stock during 1857
estimated cash value on eS.dividend or
ex-distribution date V.neclafed 0r oaId
% far thi year h'Declaied o. pslS
after stock diYdeno OF split.up De.
ylareo ~ paid this year, an accumn
awe issue with dividends In arrears
? Paiq this wear dividend omitted de-
ierreo o. no acti0l taken Al last divI.
1855 olls stock dividend PaysbIe N
stOck DARING 1850 estimated cash value
on eN-diyidend OF ex-diytributiop date
n Lquidsting dividend, ED Called xEx
DIVIDEND KIDS Ex distribution X Ex
rights Nv Without warrants. wv With
warrants. wd When distributed vi When
issued 10 Next day delivery sIn bank.
Tuptcy OF receivership or being roor.
securities assumed By such companies.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-23
UNITED STATES TREASURY POSITION
prnsn
By the Associated Press

ago: " 'O''O" =" u Areu" compared with correspond
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-23
METAL PRICES

NEW YORK. Aus. - R-Spot
nonferrous metal prices today. Copper
"a i4-2Sia cents a pound, Connecticut
Valley Lead IA cents pound, New
York. Zinc 10 cents a pound, East ST..
Louis. Tin g4is cents pound, New
York. Foreign silver 007a cents per
troy ounce, New York. Al Pittsburgh,
scrap steel No. 1 heavy was quoted at
50, OOs56 90,
, 1957-12-31

though it cannot function as SiGh upon its own initiative
after adjournment, since reconVening Of the legislature by
the Governor is the beginning of a new session of an old
legislature. State v Patterson. 251 P ~ 1921.
Is. The 6O-day session limitation in the Revised Or
ganic Act is a limitation upon the power of enacting laws,
and is not a limitation upon the function Of investigating.
The authority for this statement is to be found in the
case. of State v Yelle. 1875 p ~ 1913. and State v Fluent.
supra.
IA. We cannot find any limitation in the Revised Or
ganic Act upon the power of the legislature to act by reso-
luton. The e~xacting restrictions imposed by sub-sections
(a4, (b), Id and 81 Of section 9 of the Revised Organic Act
are placed upon the power of the legislature to enact laws.
This point is also made in the Fluent case. To the contrary,
as we have stated before, the power Of the legislature to
adopt resolution is implicitly granted to it in section 6 (g)
of the Revised Organic Act under all inclusive grant Of
powers inherent in legislative assemblies.
is. Likewise, there is no restriction in the Revised
Organic Act on the power of the legislature to investigate
and inquire. Thus the legislature could properly investi-
gate expenditure of executive departments, particularly
as such expenditures relate to a bill passed by the legisla-
ture and approved by the Governor 41Act Nc. 80.
On the face of the resolution. therefore. it was a valid
exercise Of the power to investigate; and in any event the
weight of authority supports the5view that the Court cam
not assume the action of the Legislature in this regard to be
without legitimate object. It is not necessary that the reso-
luton declare in advance what the. legislature meditated
doing with the information when the investigation was
concluded. I'm re Chapman. 1866 U. S: 661). And it has also
been held that the powers Of an investigating committee
Continued on page a
, 1957-12-31

embodied in the more enlightened legal opinions which we
have urged before but also on positive statutory enactment
Of our legislature, committees to function after adjourn
ment, may be properly created by mere resolutions of the
legislature.
Certainly the Organic Act does not prohibit this me
thod of creation of committees, and within its inherent
powers the legislature could enact legislation in the nature
of Act No. sc. 1t has with sufficient clarity expressed its
intent, the Executive has approved its enactment and the
question of the authority OF the legislature can no longer
be in doubt
II, In some Of the legal decisions Of a few jurisdictions
the question has been raised that a resolution not being
law is insufficient to project the investigatory function OF
the committee into the interim before adjournment and
the succeeding session. That view IS not we'll taken be-
cause for one thing the power OF the legislature to conduct
investigations through it's legislative committees in aid Of
legislation is a power that is purely within the legislative
scope Of authority and in keeping with the separation OF
powers doctrine which is basic in our scheme OF Govern
ment, this cannot be made to rest on executive approval.
Furthermore, a resolution Of the legislature, as was stated
in the Fluent case citing with approval certain New York
cases lat p. 249) though not a. statute is law in the sense
that it is an authorized act OF the legislative body. The
Court went on to say:
ut is effective for the purpose for which it was adopted
and what is done pursuant thereto is lawfully done"
THE adoption Of a concurrent resolution while not IN
a technical sense the enactment of a bill or the passage OF
a-biI or the ~passageof a law is nevertheless a lawful act OF
the legislature, an act which it has power to perform. And
such a resolution is, so to speak the law by which such
committee is created and under and by virtue OF winch II
acts. It is, in other words, the charter which contains the
grant OF power"
10. It has also been argued in some of the legal deci-
sions that all functions Of the legislature and its commit
tees cease upon final adjournment. This reasoning is not
valid in the light Of the provision in State Constitutions
and in our Revised Organic Act, that the Governor may
convene special sessions OF the legislature. This implies
that there is in existence alegislature which can be con-
vened, Notwithstanding the fact that the regular session
may have previously adjourned sine die. The legal exist
ence of the legislature continues after adjournment even
, 1957-12-31

~-@S
WELCOME E YEAR
at ESTATE soCARLTON
COCKTAILS FROM 700 Pm.
GALA DINNER 9af y 800 PM.
TROPICAL FRUIT EN- SURPRISE A
CAPE COD OYSTERS EN- A SHELL NJ
ENTREE
BROILED PRIME SIRLOlN STEAK, BORDELAISE
ROAST PHEASANT CHICKEN WITH WILD RICE
i
HEARTS OF PALM, THOUSAND ISLAND DRESSING
We C B L z6ssa
BAKED IDAHO RUSSET POTATO
KERNAL CORN MEXICAN
DESSERT
HOT BRANDY MINCE PIE FRENCH PASTRY IRA
TROPICAL ICE CREAM
COFFEE TEA
CAROL GROUP 500 Pm.
NATIVE FLOOR SHOW ll:O0 PM.
Dancing to Thomas Brothers Orchestra
and
The Gladiators Steel Band
Scrambled Eggs & sausages l:3O PM.
RESERVATIONS REQUESTED $3.50
, 1957-12-31
:: Ut1R 81. Urntx Auta :: :
- ruAnpron or PUBLIC HrouT AMP IUsrrcr -

Printed g. published every afternoon except Sundays g. holidays by
PRINTERY
Christlansted. St. croix. u. S. Virgin Islands
Telephone 4 P. @. Box SSS
Editor & Manager Canute A. Brodhurst
Circulation Anna e Brodhurst
Subscription Rates
&c per copy slOO per month sl2 per year All subscriptions are
payable in advance.
Entered as Second Glass matter May 2e. 1917 at the Post Office at
Christanstsed. St Croix. v. l.. under the Act Of March s. 1897
VOL. 113 TUESDAY, DECEMBER 81, 1857 NO. 26
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-01
WORLDS 500 BIGGEST BANKS
INCLUDE 206 IN u. S., q HERE

NEW YORK, Aug. lE9.-Of the 500 largest COM
mercal banks in the free world 296 are in the United
states the American Banker, daily newspaper of the
banking business, reported today
Five OF the top 10, measured by deposits are in this
country. the publications mid-year survey showed
The first 10 ranking of commercial banks in the free
world with deposits expressed in millions of United
States dollar are Bank Of America $685. Chase Man.
haitian Bank $685. First National City Bank of New York
66l4, Midland Bank Of London 1898 Barclays Bank of
London. 1912 Royal Bank of Canada 3439 Lloyds Bank
OF London 3,S47. Chemical Corn Exchange Bank Of New
York. 272S Bank Of Montreal ans and Manufacturers
Trust of New York 1852
The list Of 500 included four in this area Riggs Ma
tional l2Sd with $409 Million National Bank of WASH
ington Filth with $250.6 million: American Security
22lst with $2227 million, and Suburban Trust, seth
with $1068 million.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-01

Humphreys Job isn't at stake.
The man who is laid of dur
ing that decline doesn't feel
he is a happy" statistic.
And third, there is the
danger that a little recession
like a little inflation-won't
necessarily remain little. No
one yet has discovered the way
to predict accurately how peo-
pie will react.
So. the odds are that the
powers won't dare tell what
they honestly think would be
the best thing that could hap
pen to us now.
But the courageous editor of
the Journal of Commerce has
dared tell the score to his ex-
elusive group of readers. And
in this column, I'm daring to
kiss and tell too.
distributed 1857 by The Hall syndi-
cate Inc. All Rights Reserved)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-01
.Air|ines Report
Better Results
In I'd Quarter

NEW YORK, Aug. / (R.-
Two Of the Nations major air.
lines. Trans World and Capital,
today reported improved earn
ings for the second quarter but
deficits for the first half.
TWA achieved a profit of 81
10000 equal to SO cents a share
for the June quarter compared
with $685. 900 or 20 cents a share
in the corresponding period a
year ago.
Carter L. Burgess. president,
said air travel in June set a
new record for TWA. AS a re-
suit Of the June showing, the
deficit for the first six months
was reduced to $1,l14,000 COM
pared with a loss of 1900, 900
in the first half of 1856.
Capital Airlines showed a
profit of $1,100,230 equal to
$l.21 a share for the second
quarter compared with $108,-
498 or IL cents a share in the
same period a year ago.
Despite the good second
quarter report, however. capital
showed a loss for six months
of $769,94l compared with a
loss Of $934.587 for the first
half Of 1856.
Although revenues are UP
from Capitals recently ac-
quired feet Of Viscount air.
craft, j. H. Carmichael, presi-
dent, said the pressure Of
rising costs" resulted in only
minor improvements in the
profit structure.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-01
ZamOiski Changes STAFF
For New Expansion

The Jos. M. Zamoiski or
ganization today announced
executive changes in connection
with the firms appointment as
wholesale distributors for RCA-
Whirlpool home appliances.
Willard B. Fleisher was ad-
vanced to the new position of
general sales manager, with
four sales managers and IL
statesmen under his direction.
He has been with the company
IL years.
Other appointments included
Robert S. Sutton, manager Of
dealer sales. and Harold Sny-
der, field sales manager Of
Zenith Division.
The firm will have the new
lines in 81 Northern Virginia
counties, Montgomery, Calvert
and Charles Counties in Mary
land. three counties in West
Virginia and the District Of
Columbia. A preview will be
held for dealers at the Z2moi-
ski show roc~'s August 1914.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-08-01
ALB MEETING
Draws Group
From Capitol

The Middle Atlantic States
Regional Conference Of the
American Institute of Banking
which opens tomorrow at Balti-
more. will be attended by a
delegation Of 81 members from
the Washington ALB Chapter.
Clayton E. Doing, assistant
treasurer of American Security
& Trust Co. and chapter presi-
dent, will head the group. The
conference will last through
Sunday.
Louis Rowe of Anacostia Ma
tional Bank. the chapters first
vice president, will moderate a
panel on chapter administra-
ton, and William c. Vowel, jr.,
Of the National Bank Of WASH
ington and second vice presi-
dent of the chapter. will be a
member of the panel.
On the eve of the conference.
President Doing announced the
appointment of chapter COM
mittee chairman for the coming
year. The list follows:
Advisory-Ralph II. Mittendorn,
American Security & Trust
ADMINISTRATIVE ooode. National
AgditEKenneth Thompson. airing
Banoges-olen F. Thompson. Risss
Debate-Donald Z. Tillson, Rigre.
chairman: Charles Hopkins. National
Metropolitan, vice chairman
Dollars a. Sense Publication-Fred
z. Reese. Union Trust. chairman;
John Littlewood, Union rust, and
Mrs. Doris Bobst, American Security,
vice chairmen
Education-Louis Rowe, Anaeostia
National. chairman: William C. Yowell
II, National Bank OF Washington, vice
Entertainment---John Mallon, Ma.
tional CAPITAL Bank.
Finanee-William R. Reading. Sub
House ana Arehives-willlam R
Hickman. National Bank Of Washing
Forum and seminar--wiliiam R. pu.
Stotler, Bank Of Maryland. cochairman
House & Arehives-William R. Rick.
man. National Bank Of washington.
Membership-John I Risdon. Ma