davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
Sohuru Oil Flow Due
To Start Next Year

ALGIERS. June II R.-Francs
hopes to start moving petro.
leum out of its newly found re.
serves in the Algerian Sahara
by next January, an official o.
the state-owned prospecting com.
pany REPAL said today.
Armand Collot, general man.
ager, said it could be conserva.
lively estimated that the re.
serves now pinpointed amount t.
100 milylion tons of oil. Current
French consumption runs around
80 million tons a year. Test.
drilling activity is being stepped
up to locate other fields.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
CHICAGOLIVESTOCK

CHICAGO. June Il Up tUsDAl.---
Yogs 1900: moderately steady to q
higher on butchers, sows mostly steady
good shipping demand: 20 l90-225 ID
butchers 1975.20.25. few lots J.:
these weights also 2O.25: - head 10
10 90 40: no stable lots IL 190-22t
ID available; 90 100000 lbs. 1920
100 90 is. s6.is 90; ) around 800 Us
1928; larger lots mixed grades 34O.
400 10. sows 16.O0-l7.00; a few 30o-33C
u. I7.26-l7.70; bulk 425-bSO lbs. l4.7o'
Cattle 7ss; calves 200; no SLAUGHTER
steers and heifers available to test
prices: other slaughter prices Slow cows
and bulls steady to IS lower: vealers
steady to 7 90 lower: few lots standard
to high good steers lS.UU-22 80; low "a
good 500 ID heifers l.bO; utility and
commercial class cows "a So 10. so; most
Gamers and cutters III .50-l4 DO a lev
heavy holstein cutters up to SIS; light
Gamers down to Il 90: utility and com.
mercial bulls l6.5O-1S.50: good and
choice yeaierS 29.0O-26.0O; culls down
" Sheep 200: not enough Of any one
class to fully test prices all sales steady
s y flsan lambs up aGs ssssfsc 5000 " Limited
number good to choice old crop shorr
lambs fSO0-ig.00; slaughter ewes
scarce: good an choice 4O0-5.50.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
TRADE
WINDS
By LOU SCHNEIDER

Huge spending for defense 1,
an important prop supporting
general business. But contrary tc
wishful thinking, and to be
realistic. there's no indication OF
any nearby disarmament agree
Iment with Russia.
International Trade Winds
note an opening in the door to
a partial disarmament. But
nothing definite is likely in the
near future. The Government
isn't likely to make the same
mistake as between the close
OF World War II and the Korean
war.
It'll take months. and perhaps
years, for the disarmament talks
to make progress. There may be
a signing away Of nuclear weap-
ons Of war-like doing away
with poison gas use. But not
much more. This means defense
spending will be large at least
UP to the close of 1858.
-
The recent price rise on TV
sets and other electrical goods
isn't because Of consumer in
creased buying. It's a move to
bring pricing more in line with
actual production costs. AS for
color TV sets. sales prospects
aren't as bright as some people
predict. Phillips lamps. a Dutch
organization. is one of the
worlds largest makers of elec-
trio appliances. Here's what was
said by its president PETER F.
Often: For the present the firm
will not invest in color television
because 1t is still too little
developed for consumer use."
Inc transatlantic fare in
crease OF 5 per cent, asked by the
airlines, was refused by the Civil
Aeronautics Board. Here's why:
the CAB regards present rates as
unreasonably high-some 10 per
cent higher than the level of
domestic fares. The CAB again
recommended that transatlantic
airlines achieve lower fares and
increased traffic through seating
economies in tourist-class serv-
ice.
consolidated News FeatureO
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
Higher Cost Fails to Cut
Demand for Bank Looms

in relation to the past and other
costs have risen far more, he
declared.
Salesmanship Proves Value
Salesmanship is proving a
priceless plus factor in banking.
Ben H. Wooten, president of the
First National Bank Of Dallas,
declared at the second business
session today.
Producers Of business in bank
ing are coming into their own
in titles and In compensation"
ne said. More and more bank
ers are becoming statesmen, and
that has been quite a difficult
Transition for some.
1T is my experience that able
and efficient credit men are
much easier to employ than are
men who can really produce
business"
Mr.. Wooten reported that good
customer relations are possible
only with good employee .rela-
tons. 80 let's remember that
our employees give us what we
deserve and call for-and no
more" he said. when we en-
ploy a person we compensate
him for his mind and his physi-
cal activity on the job. but we
also employ his likes and dis
likes, his joys and sorrows and
his ambitions" he declared.
Fulton Lewis, jr.. radio and
television commentator. also ad-
dressed today's session, at which
Frank A. Gunther, first vice
president of the association, pre-
sided. Mr.. Gunther is executive
vice president Of the Security
Bank of Washington.
In the absence Of Albert S.
Galley, association treasurer.
his annual report was read by
Warren r. Forster, second vice
president Of the association and
president of Munsey Trust Co.
Eldridge D. Kendrick. associa-
ton secretary, placed his annual
report in the records.
A resolution paying tribute to
the memory Of DR.. Harold
Stonier, retired executive vice
president of the American Bank
ers Association and founder of
the American Institute Of Bank
ing. was adopted at yesterdays
session. 1t was presented by
Richard A. Norris, president Of
Lincoln National Bank.
The bankers wives continued
their convention activity today
with a luncheon and card party
and golfers continued their
competition for the Hatton and
Wright Trophies. They had good
weather for the first leg of the
tournaments yesterday and very
good scores were turned in.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
oxes Held Major Cause
In Rising Price Spiral

TO understand; they are aSso.
ciated with the idea of trusts
and monopolies: many have en-
gagged in nefarious practices.
So we crack 'em over the head
with a So per cent profits tax
or think we do. Actually. the tax
is paid by those who buy cor.
porations' goods and services.
Other taxes work to push up
prices and wages. When you
retain a lawyer. a doctor or a
house-painter, he has to add his
prospective tax liability to the
value Of his services. The painter
may have to increase his charges
from 20 to 80 per cent to cover
his income taxes. Professional
men, usually in higher tax
brackets. may have to add on
an even higher rate.
Taxes operate directly on de-
mands of organized workers. II
the cost of living has gone up
4 per cent (Which it has in the
past year. a pay rise of 4 per
cent won't keep the same food
on the table because about a
quarter of it will go to the Gov
eminent in income taxes. So
the union must demand 5 or 6
per cent just to maintain the
same standard of living for its
members-and more If it wants
an improvement.
Then the employing company
must raise its prices to meet the
higher labor costs - and those
who are crying wage imitation"
will point a finger of shame at
the unions when they should be
pointing to the tax rate.
In similar ways. other Fed
eral taxes and levies by States
and their subdivisions tend to
increase prices and, in turn,
wage rates.
Mcclure Newspaper syndicatel
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
FOREIGN EXCHANGE

NEW YORK, June "a R.-YoreiRn
exchange rates follow (0reat Britain IT.
dollars. others In cents):
Canadian dollar In New York open
market 4it per cent premium OF
l04 93at U. 8. cents. unchanged.
g u ipsg uS oF s1ss Britain cen, DCSnS,
Britain: 3o.day futures. 2;7s3t. up Sj3s
OF cent; Great Britain. 6O-day futures,
2.7Si.. Up 3/32 Of . cent: Great Britain,
e0-day futures, 2.7s 5l32. up I32 Of I
cent Belgium 0rAnc). l0sll, un-
changed: France Nranc). .2sss Of Z
cent, unchanged; Germany twesternj
land (guilder). 26l3. unchanged; Italy
alira). :l6h Of = cent. unchanged; Por-
tpsal tescudol, $50, UNCHANGED: Sweden
lkrona). 9.34, UNCHANGED: Switzerland
lirael ureel. ?3,34. UNCHANGED; Dem
Latin America: ArGentina ureel. 2Bs,
Brazil (freeD, l 40. un-
CHANGED Mexico. sol, unbalanced; VEN
ezuela (bolivar). 5000. UNCHANGED
Far East: Hons Kong dollar, 1890,
UNCHANGED.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
NEW YORK COTTON

NEW YORK. June IL M-cottor
FUTURES Spurted up TO gains OF as much
as a bale during the forenoon today
paced by further commission house and
New orleans buying in distant months
brisk upturn as stop-loss buying orders
we're touched on on the way up.
A leading spot firm, which sold nearby
December at - So cents a pound IN
the early trading. did not offer there
ness In the market However most
deliveries eased partially from the tor
levels as the rise attracted profit taking
Noon prices were 3 cents TO 81 a bale
1882. Oct. 34.66 and December 3f.63.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
BY ELMER ROESSNER

/ One Of the pairs of over-alls ir
the chowder Of imitation is taxes
That's q fact that ought to be
considered by those who are now
talking about wage imitation" in
tones Of voice that imply that
organized labor is solely to blame
for our kettle Of imitation.
Here's one way taxes con-
tribute to imitation:
Almost everything you buy is
produced and distributed by
corporations. Except for the
first $25, corporation profits are
taxed 50 per cent. Therefore
corporate management must
strive to sell goods and services
at prices that will yield at least
twice the profit necessary to
survive.
If management knows it must
produce a return Of 6 per cent
on invested capital or be thrown
out of jobs by the investors. it
must set prices UP to the point
where they will produce a re-
turn Of more than IL per cent.
Chain Reaction Set in
Management, Of course, would
like to set prices up to where
they would return "a. 48 or SO
per cent or more on investment.
but competition tends to limit
such excuses. However, since
competitors also must pay
similar taxes. competition is
sure to level OF at certain
points.
Meanwhile. most Of the things
we buy carry several tax mark
ups. The producer Of the raw
material must get a price that
covers both profit and taxes.
This is true even for much of
our farm produce since an in
creasing amount is grown by
corporations. The manufac-
turer of the finished product, the
transportation systems, the
wholesaler and the retailer must
include corporate taxes in their
margins. OF course, there are
no corporate taxes without
profits. but without profits there
lis no business after a while.
One of the curious hallucina-
tons Of Americans is that we are
taxing corporations. There is a
sort Of primitive distrust Of COR
porations among us. Corpora
tons are impersonal. often in
tangible; their liabilities are
limited; their operations are
often difficult If not impossible
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
.$34l.5 Million Rise
In U. S. Gold Supply

The United States increased
its gold supply in the first quar-
ter Of this year by $34l.6 million
IN dealing with foreign govern
ments, central banks and inter-
national institutions.
The Treasury said today that
during the first three months OF
this year United States pur-
chases were $345.6 million and
United States sales we're SAL
million.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
BY DONALD B. HADLEY
Financial Editor Of The Star

WHITE SULPHUR SPRINGS,
w. Va, June l4.-The higher
costs Of bank borrowing has had
no apparent effect on record
demand for loans In Washington
banks.
A survey Of representative
bankers attending the seth
annual convention Of the District
Bankers Association at the
Greenbrier indicated no letup in
the demand for loans. Bankers
said they are giving preference
to old customers as the tight
money situation continues.
Consumer loans, which have
always paid the highest rates on
a discount basis. lost just about
what they did a year ago, but
all borrowers for 80 days OF
other short terms can not expect
to pay 6 per cent If they paid
5 or 51a per cent a year ago.
Larger borrowers for the same
periods can expect to pay 5 or
5h per cent If they paid 4 or Az
per cent q year ago.
Borrowers never have been
deferred by higher rates, a num-
Der Of the bankers emphasized.
Customers are more concerned
with size Of the down payment
and whether they can meet sue
|ceeding payments conveniently,
they said.
All borrowers are not having
any trouble getting loans and
neither are large borrowers If
they are old customers and
maintain satisfactory balances.
A new customer who wants to
borrow a large amount probably
faces a rundown.
Public Relations Problem
The bankers were reminded
yesterday that higher interest
rates have created a public re-
lationS problem.
Gaylord A. Freeman, jr., vice
president Of the First National
Bank of Chicago and now q
Treasury consultant. said some
members of Congress believe
banks are the main beneficiary
of the higher rates through in
creased earnings.
Far from being an unmixed
blessing. the higher rates have
brought declines in the market
value of Government bonds
owned by the banks and resulted
in substantial paper losses or
real losses when sold.
The public needs to be told of
the bankers headache and
shown that their earnings are
not abnormally high and in fact
are o little below 1852 levels, he
said. Interest rates are not, high
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
BUSINESS
BRIEFS

Heavy construction contract
awards reported in the week
ended Monday amounted to
$4l7.704, 900, consisting of STA
TAT, 900 in private and $242.957,-
900 in public construction. COM
pared with $442 .699, 900 the pre-
Ivious week and SSH. 1922, 900 for
the corresponding week a year
ago.-Engineering News Record.
Freight loadings for the week
ended June 8, 733.477 cars. This
was 1.672 cars or go per cent
above the preceding holiday
week. but $500 or 6.8 per cent
below the corresponding week in
1856 and 4S.46l cars or SO per
cent below the same week In
l955.-Assn. Of American Rail-
roads.
Loans to brokers and dealers
on other than United States
Government securities held by
member banks in New York City
:otaled $l.l34. 100000 Wednes-
day, an increase Of $4,000. 900
from o week before, and q de-
crease Of $413.000.oo0 from a
year before.-Federal Reserve
Board.
The Bureau Of Mines forecasts
that market demand for domes-
tic crude oil would be 6.975. 900
barrels daily during July, COM
pared with 100000 barrels
daily forecast for June.
Shipments Of iron ore, coal and
grain on the Great Lakes in May
totaled 22,240,570 net tons COM
pared with 2l.o73.S93 in May a
year ago.-Lake Carriers Assn.
Continental Electric Equipment
directors have approved a 2-for-l
split of the company's capital
stock.
United Shoe Machinery re-
ported net income of $l2,601 ,29S,
equal to 1926 a share. for the
year ended February 20. COM
pared with $l8,S56,79o. equal to
$7.97 q share. in the year ended
February %. 1856.
Other corporate earning:
For Fiscal Year Ended March 81
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
NEW YORK PRODUCE

NEW YORK, June IA H (USDAl.-
Wholesale egg prices were steady TO nrm
today; receipts, $4,000 wholesale sell
ing prices based on exehanGe and other
volume sales) New York spot quota
lions follow: Midwestern, mixed colors,
extras 1880 lbsl, 1894: extras large
(45-4S lbs), 1913 extras medium.
osHs 30; standards large, 1850; checks,
sSis IS; whites, extras (4s.50 lbs J, 49,
"a Va: extras large t4S-4s lbs.), 32-33:
extra smedium, 3D-29is: browns. extras
Nearby: WHITES, top quality 4S.h0
lbs.). 34-36; mediums, 3i-32; smalls,
.3f-24; peewees, i7.lsla; browns, top
3Oh-3l; smails, 25-25h; peewees. IL
1874
Butter-Steady; receipts, 100000;
prices unchanged.
Cheese--Steady; receipts, $4,000;
prices unchanged.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
CHICAGO GRAIN

CHICAGO, June IL R,.-Trsdin,
was dull In Grain futures on the Boarc
OF Trade today and price changed
mostly were minor following the down.
turn OF the previous session.
Wheat was fairly arm early on buy.
Ing apparently attracted BY reports Of
excessive rainfall in Kansas and Ne.
braska. and high winds in Kansas
Corn slumped somewhat. inuenced By
clearing weather. which will cid corr
planting.
Soybeans were unable 10 make head.
way despite some encouraging export
news.
Near the end OF the nrst hour old
style wheat was h-Is higher. July
higher July So %: corn 4 to down
July 81 2D5s: oats a TO a lower, July
"a: rye ,. e :. higher, July sl.isH;
s932, and lard cents hundred
SIC
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14

'alngTown1ih 2Ob Sy1b 1854
IYnsstsh&T 80 . 1854 loeiH iosi1+ n
YnGstStl Or II 2 40 40 ~
Hourly Sales on the tEchanGe
II 90 m $50 600 ~ noon eIo ooC
100 m i 100 600 600 pm o 600 ooc
tUnit Of trading 10 shares or sales In
full Rates OF dividtnds In the foregoine
table are annual disbursements based or
the last 1uarterly or semi annual decla.
ration Unless otherwise noted special
or extra dividends sre not included
a Also extra or extras D Annual rate
IN 1851. plus stock dividend PAID last
year Payable In stock during 1857
estimated caAh value on ex-dividend or
so far this year Declared or paid
this year an accumulatlye issue With
dividend omitted, deferred OF no action
taken at last dividend meeting rDe.
clared or paid In 1868 plus stock diyi.
dend Payable In stock during 1866
estimated cash value on ex.diyldend or
ex .distriputlon Date = Liquidatins diyi.
TX distribution IT p rishts XIV With;
When distributed wi When issued I'd
receiverShip or belns reorganised under
the Bankruptcy Act or securities as
sAmed By such companies.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14

gales-
stoeE and Add Net
Dividend Rate 90 dieh Low 1918 cha
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14
'ODD-LOT DEALINGS

NEW YORK, June IA R-The New
York stock Exchange reported today
these odd lot transactions by principal
dealers on the Exchange for June 10
2i2, 742 shares including 1907 shares
sold short
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-06-14

xEx dividend Books closed. tPlni
extra or extras. a Declared or paid q
far this year. Paid last year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-03-03
Mrs. Annie 6. Keegin, 3d..
45-Yeur Hyuttsvi|Ie Resident

Mrs. Annie G. Keegin. 80. a
Hyattsville resident for as years,
died Friday of heart condition
at the home of her son, Joseph
P. Keegin. 9405 Seminole street.
The former Annie Keim of
Emmittsburg, Md. she came to
Washington at the turn of the
century and married Edward
Keegin, a bailiff for the United
States Court of Claims.
After her husbands death in
1919. Mrs. Keegin went with the
Veterans Administration. She
served there % years, retiring in
1912.
Mrs. Keegin lived in Hyatts-
vile from 1910 to 1855. She lived
in Olney for a year. and had
made her home with her son,
Joseph. since last June.
Mrs. Keegin was a charter
member and project of the So
dality of st. Jerome's Catholic
Church in Hyattsville. and a
member of the Ladies of Charity
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-03-03
George H. KernodIe, Dealer
And Authority on Antiques

George Howard Kernodle, one
Of Washington's foremost dealers
in antiques and a specialist on
the 18th through the 18th CEN
turtles, died Thursday at his
home, 1927 Wisconsin avenue
NV. Mr. Kernodle, who was so
was the victim of a heart at
tack suffered last September
which had left him bedridden.
He had conducted his business
in Georgetown at the home ad-
dress since the early 1930s. His
knowledge was respected by mu-
scum personnel and collectors
and he was frequently called in
as a consultant. For many years
Mr. Kernodle was a member OF
the OAR museum acceptance
committee.
He worked constantly to raise
the standards of scholarship ir
the antiques field and to replace
guess work with Recommendation
At the time of his death, he
was working on a study on early
glass bottles and their use in
America. Even after his severe
heart attack. he continued to
work from his bed, in the hope
he would be able to prepare his
study for publication.
Only last August, Mr.. Kernodle
went to Europe to search fol
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-03-03

early bottles, and located some
in Spain.
Antiques secured by Mr.. Ker-
nodle will be seen when the new
museum at jamestown, Va, is
opened April l in celebration of
the 350th anniversary of the
founding of the colony. He also
located antiques for Arlington.
A specialist in glass paper
weights. he provided some of
those in the extensive collection
of Col. Robert NJ. Guggenheim.
Born near Elon College. N. c.,
the son of country doctor, Mr..
Kernodle lived in Washington
almost all of his life. He came
here in 1910, and was a graduate
of Western High School. He
attended the University of Vir-
ginia, and served in the tank
corps in World War I.
He is survived by two sisters,
Mrs. Ruth K. Mcdonald, of the
home address, and Mrs. Iris K.
Del Vecchio, $50 Cornish road,
Bethesda, and a brother, Roy E.
Kernodle, also of the home adj
dress.
Services will be held at 12:45
pm. Tuesday at Gawler's Chapel,
1856 Pennsylvania avenue NV.
Burial will be in Arlington Gem
etery.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-03-03
Harold E. Talbot Dies;
Former AT Secretary

Former Secretary of the Air
Force Harold E. Talbot, who
incurred wrath in Congress, but
won admiration and thanks in
the service he headed, died yes
terday while on a Florida vaca-
ton.
The 68-year-old capitalist died
while visiting at the home OF
Mrs. Harry Payne Bingham in
Palm Beach. She and the late
Mr.. Bingham. a Florida real
estate developer. were close
friends of the Talbotts.
DR.. George E. Talbot, nephew
and a physician from Dayton
Ohio, arrived in Palm Beach by
private plane and was quoted by
a funeral director as expressing
belief that Mr.. Talbot died of a
cerebral hemorrhage. He said
an autopsy might be requested
Mrs. Talbot was with her hus-
band when he died. She had
come to Florida a week ahead OF
him. A daughter. Mrs. Blancke
Noyes of Darien. Conn.,, and her
husband were visiting in nearby
Lantana, Fla, with his parents,
Mr.. and Mrs. Jansen Noyes.
The Associated Press reported
Mr.. Talbot had been i'll for
several days before going to the
Bingham home. He had been a
guest only one day. N. w. Mizell
the funeral director, said Mr.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-03-03
Ernest A. Stevens,
Retired Publisher

Ernest A. Stevens, 80, an Iowa
newspaper publisher for half a
century. died Friday at his home,
1921 K street NV.
He retired four years ago and
moved here with Mrs. Stevens to
live with their daughter, Mrs
Alfred E. Biermann.
Born near Des Moines, Mr.
Stevens was educated in Wood
bine, Iowa, and went into the
newspaper business in the 1905
For several years he edited and
published the Silver City Times.
Mr.. Stevens was owner, editor
and publisher of the Woodbine
Twiner for more than 40 years
before he retired.
He was an active Mason for
more than so years. He belonged
to Charter Oak Lodge in Wood
bine.
Survivors are Mrs. Stevens,
their daughter Mrs. Biermann
and four grandchildren, all of
the home address.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-03-03

there. She also belonged to the
Third Order of Mary, and the
Spanish-American War Veterans
Auxiliary.
Besides her son. Joseph, she is
survived by three other sons and
two daughters. Archibald c., Of
Annapolis Junction, Md; Fran
CTS A.. of Richmond: Leonard B.,
FOG King William drive, Olney,
Md; Mrs. Jorge Gutierrez, 702
Forest Glen road. Silver Spring,
and Mrs. Peter B. Haley, 4703
Chase avenue, Bethesda.
Also surviving is a sister. Miss
Katherine v. Keim. who lives
with Mrs. Haley, "a grandchil-
dren and seven great-grand-
children.
Mass will be offered at 10 am.
tomorrow at st. Jerome'S Church,
Forty-third avenue and Gallatin
street, HyattSville. Burial will be
IN Mount OllVet Cemetery.