davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17

With opoligies to the Senate
Finance Committee. I thereby pre-
dict that its imminent full
scale" investigation into our ma
tons monetary system and bank
ing structure will be q farce.
The hearing may produce some
explosive argument. It's conceiv-
able that out of the give-and-
take will come some constructive
proposals. It's conceivable.
But the much-touted, sweeping
study Of our bewilderingly COM
pick financial structure - the
study we so obviously need and
which President Eisenhower re-
quested in his State Of the Union
message?
This we will not get from Sen
ator Byrd's committee.
Instead, this will be another
Of those piece-meal hearings into
interest rates, debt management,
tight money, etc.-and In today's
political atmosphere. it will be
an achievement If they even ap-
proach the dignity of the piece
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
BUSINESS
BRIEFS

Allegheny Airlines has been
cited by the National Safety
Council for having maintained
an unbroken safety record since
inaugurating passenger services
in 1919.
Oil company purchase re-
quests for Texas crude oil for
July totaled 1850 500. compared
with 3.065.7e0 for June.-Texas
Railroad Commission.
Reynolds Metals Co. says its
1857 sales will rise to $3.50 mil
lion. compared with last years
$405 million. Earnings were ex-
pected to rise. but not in proper
ton to the sales gain.
TV picture and receiving tube
sales by manufacturers in April
totaled 629.838 and 27.970. 900.
down from 833.257 picture tubes
and 100000 receiving tubes in
March.
Island Creek Coal Co. elected
as treasurer John K. Banville,
former manager Of the treasury
department Of United States
Steel Corp.
Mercury Division Of Ford Mo.
tor Co. will shut its Wayne
(Mich) plant this week to re-
duce dealer stocks.
American Oil Co. President
Donald j. Smith will retire this
after Al years with the
company.
Mckesson e. Robbins, Inc, in
the year ended March 81, earned
$l0.475,449. or $3.50 a share, VS..
$8.802.2l4. or $4.75. last year.
Sales rose to $578.S13,402 from
S53O.324,5l6 the year before.
City Stores Co. earned S.
$4,000, or $3.50 a share. in the
SO weeks ended May 4. Sales
were $276.450.000. In the So
weeks ended April %. 1856. City
Stores earned $5,594, 900 or $3.50
a share on sales OF $254.027. 900.
Other corporate earnings:
For 10 Manfh. r.a.A A..it IN
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
Retailers Predict Gain
In Hot Weather SuIes

NEW YORK. June Is tR.-
Almost 8 out of 10 retailers who
took part in q business survey
predicted their sales this sum.
mer will equal or better the vol
ume in last years hot-weather
season. the Bureau Of Advertis.
ing, American Newspaper Pub.
fishers Association said today.
The survey was conducted
among 206 retailers In IS mar.
kets Of all sizes.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
BY ELMER ROESSNER

We've buried this bone before,
but somebody keeps digging ii
up. Let's try to bury 1t again.
In front offices. in manage
ment associations and in the in
side-inside newsletters. they are
saying that labor is about to
hand US another round of in
fiation.
Ring -the-rosy" in
fiation. one authority calls it.
The steel unions are about to
jack up their grabs to around Is
cents an hour. other unions will
follow and. the first thing you
know. the cost Of living will be
heading toward the moon.
Labor imitation" is becoming
a more common term at BUSH
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
YOUR
MONEYS WORTH
Investigotive Farce Predicted
~ SYLVIA PORTER

meal hearings conducted by SEN
ator Douglas In 1949 and SEN
ator Flanders In 1854.
Yet. as the National Bureau
Of Economic Research warns in
its deeply thoughtful annual re-
port published today. "impor-
tant areas Of ignorance" exist
about our financial system and
there is q great need to explore
them before they turn into
trouble spots"
Last Probe 20 Years Ago
We are ignorant because In
the 40 years since the last full.
scale review Of our financial
system we have developed o
fantastic web" Of financial In
situations and Of debt and
Ownership" which is mot thor
oughly understood by any Of
U.s."
Just consider these contrasts
and shudder.
In 1912-when our basic a.
nancial laws were written
commercial banks overwhelm-
ingly dominated our financial
structure and primary attention
was riveted on how to regulate
their activities.
Today. commercial banks hold
far less than half the assets Of
financial institutions. The in
situations which have become Of
towering significance are in
surance companies. other types
of savings institutions. pension
funds.
Over the investing and lend
ing activities of these the Fed
eral Reserve System has only
the most indirect control. And
we don't know enough about
them and their relationship to
our economy to suggest what
new controls should be devised.
1912 Situation Recalled
In 1912. Government financial
institutions were picayur1e. ac-
counted for less than / per cent
of all assets.
Today. Government financial
institutions are q group by
themselves" holding "a per cent
of all assets.
AS the National Bureaus re-
search director. DR.. Solomon
Fabricant. puts it wryly, "One
interesting observation, which
offers much food for thought, is
on the lack of central co-ordi-
nation Of the large variety Of
Government programs and.
deliberately or otherwise, pursuit
OF the special purposes Of sepa.
rate programs without regard to
overall economic stability"
One Of the great directors of
the National Bureau once re-
marked that we must experiment
through the years to learn how
Ito keep money. the good servant.
from becoming at times q bad
master"
Reasonable men will not ex.
pect more. Few of us would settle
for less" adds DR.. Fabricant, in
putting the bureau on record as
urging a new national inquiry
into our financial system.
But with the Byrd probe 50
lar. reasonable men are settling
for less-much, much less.
Distributed 1857 by the Hail Syndicate.
Inc. All Rights Reservedl
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17

hourly sales on the Exchange
400 am $40 600 ~ noon 600 600
200 m 24o 600 600 ON 600 600
tunit Of trading 10 shares or sales in
full Rates OF dividends In the foregoing
table are annual disbursements based on
the last quarterly OF semi-annual decla.
or extra dividends srs mot Included
plus stock dividend d Deelsred OF paid
10 vb7 plus stock dividend ePaio last
year Payable In stock during 1867
estimated cash value on ex-dividend or
ex-distribution date Declared or pald
this year an accumulatIve issue With
dividend omitted, deferred or no action
taken. at last dividend meetinI rDe-
elared or paid In 1855 plus stock dIvi.
dsnd PAYABLE y stock during 1859
estimated cash value on ex.dividend or
aend cld Called 81 dividend kids
S S.ys v.IEI.n,sls, Wv WITH vsrEanis, va
Next u" day dsiivsry .i IN bankSu uea e 81
rscsiyership o. belng Teofsanizsd under
sumed b. such companies.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
FOREIGN EXCHANGE

NEW YORK. June IL R-Foreign
exchange rates follow. Great Brita In in
dollars, others In cents unbalanced I'M
less otherwise noted
Canadian dollar in New York open
market Ala per cent premium or
"a .a3st United States cents un-
Europe: Great Britain Cpound). 81. Tpk.
up Il Of q cent: 30-day futures, 27sit.
up 7/32 Of q cent 60-day futures.
lisa, UP 1882 Of o cent: 90-day futures,
2.1e,., up a Of q cent Belgium tfranel.
.9s7s: France (franc). .2Sss OF . cent:
$3.50; Holland iEuilderl. 26.lI. Oh OF
Of q cent Italy (lira), 1917 Of q cent:
Portugal (eseudo). ? so; Sweden Gkrona).
934; Switzerland tfranel, uree), 20 "a;
Denmark tkronel, 1880.
Latin America: Argentina tfree). 2.53.
on .0l Of q cent: Brazil 0reel, a.:
Mexico sol; Venezuela tbolivarl, 30. 90.
Far East. HONG Kong dollar, 1880.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
Labor Called One Factor
In SpiroIing Initiation

ness lunches. Labor. so we are
told. is using monopoly, the Fed
eral law and violence to push
wages up. That forces all prices
up and the net result is another
ride on the merry-go-round in
fiation.
Holes in Argument
Perhaps I said the very same
thing in the past. The idea is
persuasive, at least on the sur
face. But a little examination
shows more holes in it than in
a dime-store sieve.
Let's look at some Of the facts:
II We had solid money, when
labor demanded another round
OF pay rises. management would
be forced to resist more firmly
than 1t does now, even to clos
ing up the show for a long time
in many cases. And If rises were
granted and MANAGEMENT
pushed up prices, sales would
fall on. Consumers just won't
pay 81 in hard money for so
cents worth of hammer or ham.
burger.
: But money isn't hard any
more. It's soft. Perhaps 1t is
more relative" than anything
else. Wives don't object to pay
ing 81 for so cents worth Of
hamburger as long as husbands
get 81 for So worth Of work.
Everybody on the Ski Lift
Because money is relative,
sellers can raise prices and work.
ers can raise rates without much
resistance. And by worker"
don't think only Of the man who
handles molten steel. The aver
age middle-management execu-
tive's pay went up 6 per cent
last year, according to an Amer
lean Management Association
survey. And probably not one
middle-manager was organized
Did Meany or Reuther do as
much for all their men? Or did
Dave Beck?
The constant up. UP, I'D in
wages, prices and living costs Is
more the fault Of our fiat cur
rency than anything else. But
II labor is to blame at all. how
about Congressman who insist
upon government support for
farm prices. thereby keeping
food prices UP or at least, pre-
venting them from falling under
the law OF supply and demand?
And how about industries who
demand that the government
keep raising tariffs to sustain or
increase their prices?
Let's not blame labor alone
Let's blame everybody who has
thrown a pair Of overalls in the
chowder.
Mcclure Newspaper syndieatel
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17

HOT SPRINGS. Va. June IT
R.-Shirley T. Holland was
elected president Of the Virginia
Bankers Association at a three
day convention which closed
Saturday.
Named first vice president was
Robert T. Marsh OF Richmond.
Second vice president Is Harry
v. Lindsey Of Richlands.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
NEW YORK PRODUCE

NEW YORK. June II up tUSDAD.-
Wholesale egg prices were steady to firm
today Receipts 90 davsl a3.9O0
wholesale selling prices based on ex-
change and other volume salesD
New York spot quotations follows:
Includes Midwestern: Mixed colors
Extra t4S-5O lbsl 1894 extras large
45-4s lbsl 3.-33 extras medium 90
eai7; standards large 2ala -3Oia: checks
~ ls;,295: Whites: Extras t4s,50 lbs
extras medium 1890. Brown: Extras
1850 lbsl 1896. Includes nearby:
Whites: Top quality 14S-5O lbs) 35-31:
lS-lSis Browns: Top quality (4S-5O
lbs) 36-37ia mediums 3iM-32; smalls
25-251s; peewees lS-iSla
Butter steady. Receipts 1.-TWO days.
100000
Cheese steady. Receipts 1.-TWO days.
$4,000.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
NEW YORK COTTON

NEW YORK. June II .Ls1.-cotton IN.
lures eased from the days beat levels
~ ,pront taking in the forenoon today
met only scale down trade buying. De.
que 70 mixed opinions on the outlook
Tor the cotton crop. ~""
- leading spot nrm In It's latest sur.
good progress In the Eastern belt iSst
week Progress was good 70 excellent
n the Rio orande valley. with the iirst
bale OF the. 1857 season GInned Iast
favorable weather brought . biz chanss
n conditions In North Texas where
iarmins has been rapid and planting Is
nov about 50 per cent completed.
lower 70 20 cents higher than the pre-
vlous close. July 1881. October al 70
and December 34.0S.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
ETALQUOTATlONS

NEW YORK, June II B.---spot non.
ferrous metal prices today: Gopher
20-:i2 cents a pound, Connecticut Valley.
Lead cents a pound. New York. Zinc
bsss cents a pound. New YORK QUO Foreian
silver nOh cents per troy ounce. New
YORK Scrap steel No. 1 heavy. 300.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
ODD-LOT DEALINGS

NEW YORK, June II R-The New
York Stock Exchange reported today
these odd-lot transactions By principal
dealers on the exchange for june -:
2le,037 shares including 1874 shares
sold short
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
MUTUAL FUNDS

NEW YORK, June Ia R.-NationaI
OF Securities Dealers, Inc:
Moon ouOtatiOnS)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-17
DIVIDENDS

NEW YORK. June II Gn.-Dwidendi
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-04-11
Virginia Man Held
In Housebreukinos

Seven HOUSEKEEPING charges
yesterday were placed against a
2l-year-old man who Fairfax
County Police said they chased
right into the Potomac River
when he tried to elude them.
Norman Ferguson of the 100
block of South West street, Alex
andria. was jailed under $10,500
bond on seven charges of break
ing into houses in the Colling-
wood, Belle Haven and Holm
Hills areas.
Police caught Ferguson Tues
day after a Collingwood resident
called to. report an attempted
burglary. Police said they saw
Ferguson run from a vacant
house nearby and pursued him
on foot until he ran into the
river. Furguson returned to
shore with a little coaxing, police
said, and was placed under ar
rest.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-04-11
Agreement Bored
On School Site
In Prince Georges

Agreement has been reached
on the proposed purchase Of a
l5-acre school site in the Lam
ham Forest area of U. s. Route
so in Prince Georges County.
The purchase price will be
$50, 900.
School Superintendent William
S. Schmidt yesterday said agents
for the Lanham Land Develop
ment Co., owner of the tract, had
agreed to the school boards
counter-offer of $4,000 an acre.
The development firm. during
the boards meeting on Tuesday,
had asked for $4,000 an acre.
The board. however, rejected this
price and offered to amend the
purchase contract. Yesterday. the
firm phoned in its acceptance Of
the revised version, Mr.. Schmidt
said.
The superintendent said the
acquisition will be part Of long
range planning for the area and
added it will be about three years
before a school-probably a jun
ior high school-will be built
there. The development firm
plans a housing subdivision in
the surrounding area, south OF
Seabrook.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-04-11

I'VE urge that educational OPP
portunity be provided for every
child in a public school which
will enable him to develop to
the maximum of his capacity"
Here is the explanation that
follows it:
This statement emphasizes
two points only. The first is
that We want every child to
have the opportunity to attend
a public school. If conditions
are such that his parents do not
wish to avail themselves of the
opportunity, there is nothing in
this statement to oppose other
arrangements which may be
made for school attendance. The
second point is that this pub
lie school be the kind which will
enable the pupil to develop to
the maximum OF his capacity.
There is nothing in this state
ment to define that particular
kind of public school.
Each local community is in
the best position to define the
type Of public school which will
do the job in that community. -
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-04-11

Handlers of the estate of slain
millionaire William Woodward,
ljr., said in Prince Georges Cir
cult Court today they were afraid
they might lose a $1.187, 900 offer
for Belair. Woodward stud farm,
! if they negotiated for higher bids
before a contract was signed.
Webb and Knapp. a New York
real estate firm headed by builder
William zeckendorf, made the
$l,l87,000 offer. that eliminated
in a signed contract October 10.
Before that date. however,
tentative offers Of SIS million
from William j. Levitt. builder
of Levitt Towns, and STA million
from Norman L. Adolph. another
Long Island developer, were ten
dered, the court was told today.
/ Executors of the Woodward es-
tate decided to sell Belair, where
such horses as Nashua, Gallant
Fox and Omaha roamed, after
the young sportsman was KILLED
by his wife, Ann, who mistook
him for a prowler October 30,
1855.
Urge Public Sale
/ Counsel for the late Mr.. Wood
wards two sons. William III, IL,
and James, 7, asked the court
today to open Belair for public
sale so the highest possible offer
could be received and the chill
dren could get the maximum
benefits.
Attorneys for both Mr.. Adolph
and Mr.. Levitt contended before
Circuit Court Judge Charles C.
Marbury. that their offers we're
positive indications of their will
ingness to buy, and should have
been considered by estate ham
oilers before the contract with
Mr.. Zeckendorf was executed.
The zeckendorf, or Webb and
Knapp. contract was sgined by
the executors. the Hanover Bank
of New York City, and John
Ludewig, friend and advisor to
the late Mr.. Woodward.
Offer Came Later
Mr.. Levitt's attorneys said he
showed his willingness to pay
SIS million September "A, 1856,
the day before the executors de-
cided to accept the Zeckendorf
offer. The Adolph offer, his law
yers said, came October 8, two
days before the contract was
signed.
Sixteen attorneys involved in
the case sat around two tables
in the Upper Marlboro Court
today.
Although none of the parties
interested in buying Belair,
which covers 1000 acres about
Is miles east of Washington,
near Bowie. have said definitely
what use they would make of
the property. spokesman for
them have indicated that in any
event the estate would become
a housing development.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-04-11
CurwiIe Joins
Word Bottle
Almond

RICHMOND. April II R.-A
Richmond attorney running for
Governor of Virginia has called
on Attorney General j. Lindsay
Almond. jr., to explain why the
Byrd machine offered you a
judgeship on the (State) Su-
preme Court Of Appeals"
Howard Carwile, opposing Mr..
Almond in the Democratic gu
bernatorial primary July 8. thus
Joined running battle previously
confined to the attorney general
and State Senator Ted Dalton,
of Radford. the 1853 Republican
gubernatorial candidate who is
under heavy pressure to run
again.
In a 180-word telegram to Mr..
Almond yesterday, Mr.. Carwile
said he understood "that the
political hierarchy Of this State
|. resolved that you should be
removed from the Governors
race in order to assure the cleo
ton Of Senator Garland Gray"
of Waverly.
Jumped the Traces"
These cold-blooded. calcu-
lating tycoons of the Byrd ma
chine offered you a judgeship.
and on the Saturday preceding
the Mondays deadline for accept
.ance or refusal. you jumped the
traces and proclaimed to the
world your candidacy for Gov
ernor," said the telegram. re-
Leased to the press.
There were widespread reports
last fall that Gov. Stanley had
offered Mr.. Almond a supreme
court appointment as a means
of clearing the way for Mr..
IGray's nomination for governor.
In response to a reporters ques-
ton. Gov. Stanley said he had
not offered the appointment to
Mr.. Almond.
Aimed at Almond Speech
Mr.. Carwile's. telegram was
aimed at Monday night speech
in Christiansburg in which Mr..
Almond accused Mr.. Dalton of
running either for the governor
ship or a Federal judgship. or
both. Mr.. Almond said the Re-
publican administration was
holding out appointment to
Federal judgships to entice can
didates to run for high Office in
Virginia.
Mr.. Dalton, who has not said
whether he'll make another try
for the governorship. denied l@y.
Almonds charge and said it was
deplorable the attorney genera
would attempt Ito smear the
character of President Eisen-
hover" Mr.. Carwile said Mr..
Almond had smeared the Federal
judiciary and impugf1ed the in
tegrity of its judges.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-04-11
Bow, Girl Win
Top Prizes at
Science Fair

Mary Elizabeth Wilson ane
James Barclay Compton, senior
students at Bethesda Chevy
Chase High School, last night
won grand prizes at the Mont
gomery County Science Fair al
Takoma Park Junior High
School.
Young Compton spent two
years making a study Electrical
Comparison of a Chemical Cell
Versus a Living Cell" which he
exhibited in the chemistry divi-
sion. Miss Wilson's exhibit was
in zoology and was a study OF
"Planaria Light Response" The
planaria is a fiat worm.
The science fair had approx
mately 400 entries from 20 junior
and senior high schools in the
county. The two top winners
will receive an all-expenSe paid
trip 70 Los Angeles to compete
in the national science fair next
month.
Junior division grand prize
winner was Ruth E. Reeve, a
ninth grade student at Leland
Junior High. Her winning ex-
hibit was The Effect of Diff
ferent Colored Lights on Growth
of African Violets." She was
given a l0-volume set of Popular
Science books.
Other first-place winners in
the 10 subject areas Of science
exhibited were:
Junior division-Peter Carl
Ohlheiser, zoology. Takoma Park
Junior High; John E. Schwartz,
physics. Sherwood Junior High
School; Christy Jeanne Smith,
chemistry. Kensington Junior
High; Charles B. Lady. cleo
tronics, Takoma Park Junior
High; Robert H. Hobbs, mathe-
mates, Kensington Junior High:
May j. Bates, health. North Be-
thesda Junior High: Martin D.
Hirsch. photography. Takoma
Park Junior High; the engineer
ing division was a group entry
of Wayne Tomasello and Jim w
Howard. Kensington Junior
High: Mary Lou Ruff. conserva-
ton. Kensington Junior High.
Senior division-Douglas Bren-
ner, physics. Bethesda Chevy
Chase High School; Judith l.
Moore, botany. Montgomery
Blair Senior High; Julie Ann
Schmidt. health. Montgomery
Blair High School; Harold M
Slate. electronics, Wheaton High
School; Edward CAM, fnathe-
mates. Walter johnson High
School; Donald r. Wirak, en-
cheering. Bethesda Chevy Chase
High School: Frederick Walter
Fallon, photography. Wheaton
High School. and Joseph Will
liam. conservation, Bethesda.
Chevy Chase High School.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-04-11
Susan Constunt Soils
To Norfolk for Repairs

FORT EUSTIS. Va. April II
up. - The Susan Constant II,
one Of three reproductions of the
ships that carried the first Eng
lish settlers TO the New World IN
1907. left here yesterday for a
West Norfolk shipyard for the
repair Of damages suffered in a
storm last Saturday.
The tiny vessel departed un-
der the tow Of Coast Guard and
Army tugs. She broke away from
her temporary mooring at the
jamestown ferry slip Saturday
and was in danger Of breaking
up when when an Army tug ar
rived and towed her here.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-04-11

serve segregation throughout
Virginia.
The 267 delegates, represent
ing 81 schools in the cities OF
Alexandria and Falls Church
and the counties of Arlington,
Fairfax, Prince William, Loud
oun and Fauquier sidestepped a
move for outright opposition to
the State program, however. by
tabling a resolution calling for
repeal of certain anti-integra-
ton legislation.
Repeal Of Law Urged
The tabled resolution urged
repeal of legislation that puts
student assignment power in
the hands of a special State
board and also repeal Of legis-
lation to withhold State funds
from any schools where integra-
ton occurs.
William M. Lightsey, District
Legislative chairman, said he
was in sympathy with the motive
but said he advocated opposing
the resolution because:
In my experience. the best
way not to obtain the results of
this resolution is to pass it and
notify our State congress.
The delegates then voted TO
table the move.
The delegates then adopted in
toto the Virginia PTA Congress
legislative program for 1856
1858, which contains the local
option feature plus the indorse-
ment of schools for all children.
The program leaves the way
clear. however. for arrange
ments" to suit the needs Of in
dividual school areas.
Opportunities for All
Specifically the item on pub
lie schools says: