davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16

foreign machines think Of II
then, whose fault will 1t be-
And the fact Is that as for
eign manufacturers attack our
market with increasing vigor,
United States makes appear
to be spending more energy
complaining about the compe-
tition than fighting back with
the same vigor.
AS the Royal McBee execu-
tive remarked, I'm concerned,
There are symptoms Of ivory
tower attitudes on the part OF
United States businessmen in
this NBS tale which warrant
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16
FOREIGN EXCH'GE

NEW YORK, July 16 P).-Foreign
exchange rates (Great Britain in dol
lars, others in cents and decimals Of
a cent?:
Today Prev. Day
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16
SEC Limited,
Gadsby Tells
Press Club

The Securities and Exchange
Commission has the power tt
require certain standards Of
truth in the securities market
and also emergency powers tc
maintain orderly markets, but
it cannot dictate to the indi-
vidual investor what he should
do.
This was emphasized today
by Edward N. Gadsby, SEC
chairman in a talk at a Ma
tional Press Club luncheon hon.
oring the recent 25th ami
versary of the agency.
Alert for Manipulation
While the SEC can be on
the alert for any evidence OF
manipulative schemes that
interfear with a free market
Mr.. Gadsby indicated the SEC
has no desire to oppose the
hopes and judgment of the in
veSting public.
IF evidence of manipulation
is found, we take action as
rapidly as possible" he said.
But suppoSing we find, as we
frequently do. that buy or sell
orders have come into a fluc-
tuating market from brokerage
firms all over the country,
which orders are unrelated to
each other and are obviously
no part of any deep-laid scheme
concocted by anyone. Shall
we then quarrel with public
appetite? Should we have the
power to NEEDLE with the free
choice of the investor?
He continued: IF a great
segment of our population be-
comes convinced that the only
way to protect itself from the
hazards of tomorrow's price
level and the diminishing value
of the dollar is to bid up prices
so that the premium paid for
the fancied protection begins
to look like very expensive in;
surance, are we to say the
collective Judgment Of those SO
spending their own money is
wrong? And if the sentiment
changes and the preSSureS come
the other way, should there be
a greater duty to interfere?"
Cites Emergency Powers
Referring to what the SEC
could do in case of a stock mar
ket panic, Chairman Gadsby
added:
Congress has, in the Securi-
ties Acts. given some important
emergency powers to the SEC
The commission may Temporal
lily suspend trading in a specific
security and it may, with the
consent of the President, sus-
pend all trading on any or all
exchanges.
Similarly, if the holders Of
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16

waiting may result only in still
higher interest.
Another incentive for buying
has been a more liberal ratio
of mortgages to total appraised
values. Area savings and loan
associations are said to be
making mortgages Of more
than 80 per cent Of appraisals
and revised regulations now
permit them to make loans up
to 80 per cent.
Higher costs of materials and
labor, both actual and In pros
pect, also have flrmed prices on
new houses and those on older
homes are holding steady, the
real estate experts say. This
also has encouraged buyers.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16

the securities Of an investment
company suddenly decide to
liquidate in dangerous num-
bers. the company may ask our
permission to suspend pay
ments for the protection of its
security holders.
I'm short we do have some
very limited emergency powers
which are available in the face
of a stock arket panic.
Whether we can or should be
able to attempt to prevent a
decline. even a serious decline,
in market prices is another and,
to my mind, q very doubtful
question"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16

Washington listinRs on over-the-
counter markets furnished by the Ma
tional Association of Securities Dealers
as Of l pm. Thursday. July 10:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16

loans might pinch of some o.
their profits.
Going rate for most conven'
tional home mortgages APP
pears to be around 524 per cent
although rates run on up to 9
per cent for houses in less at
tractive locations. The going
rate was 5H to 5l2 per cent
only six months ago, the real
estate executives said.
: Advised to Shop Around
The buyer with a large cash
down payment should shop
around because there have
been a few recent deals as low
as 5A per cent, one executive
said. Very few indeed, and
these probably did not include
an additional charge for in
surance, another commented.
A third executive said he
knew of a buyer with a large
amount of cash, who found
out yesterday the best he could
do was 5l2 per cent.
You are going to get some
people mad if you mislead
them into thinking they can
get a 514 per cent rate when
they probably can't" he
warned.
Most of the real estate ex-
perts agreed that discounts
have increased substantially on
FILA and VA guaranteed mort
cages, which carry fixed inter-
est rates of 514 per cent. These
mortgages now are being dis
counted at So and 81 or as low
as SO and IS, compared with
90 and SO earlier in the year.
Rates Still Headed Up
A major reason why few
prospective home buyers have
allowed higher rates to stand
in the way, is that the general
interest trend still seems to
be upward. Many fear that
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16
d. C. Transit Net Jumps
224 Pet, Above 1858

A fare increase which became
effective last August 81 and 9
$4,000 increase in charter
bus revenues helped to boost
net income of D. C. Transit
System 224 per cent above a
year ago in the first six months
of this year.
The company'S monthly re-
port to the District Public Util-
tiles Commission said net for
the six months was $506,206 in
contrast to $156,379 in the same
1858 period.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16
Two Directors Added
BY WASHINGTON Mutual

Stockholders of Washington
Mutual Investors Fund elected
two new directors at the an
nual meeting yesterday.
They are: Charles T. Akre,
partner in the law firm of Mil
Ter & Chevalier, and DR..
Nathan A. Baily, dean of the
School of Business Administra-
ton, American University.
Other directors were reelected.
Fund assets now exceed SIG
million, a gain of 81 per cent
in the last year. reported James
M. Johnston, board chairman
and president. Stockholders
total around 1000.
Directors declared a quar-
terly dividend of 8 cents a
share from investment income,
payable September l to hold
ers of record July 80.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16
OVER COUNTER

3eCUnuS.
= Subject to Federal taxes but not {
State income taxes.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16

and electric typewriters wa
represented. This year, 100 pei
cent Of the makes will be for.
eign."
"Why?"
1--WE don't know why. We
know we're the worlds biggest
exposition in the worlds richest
and most important business
market. And we know the for
eign companies are moving in
on the exhibit more and more.
why aren't you exhibitingP'
I asked an executive of REM
ington Rand.
"It's a costly show to enter
was the reply. 1--WE don't have
new lines to show every year
Maybe we'll exhibit at the show
in 1860. We figure going in
every three or four years is
often enough"
why aren't you at the ex-
position, proving to the world
that United States companies
aren't going to sit back and let
foreigners make all the inroads
into sales that they wish?"
asked an executive of Under
wood Corp.
Were going to concentrate
on our own industry sponsored
show in Washington this Sep
tember." was this answer. 1.-THE
New York show is too expen-
sive." When 1 asked whether
any foreign companies would
be exhibiting at the Washing
ton ton ) show back game a fiat
COstlineSs Stressed
why are you making sure
that a foreign typewriter will
get publicity among high school
students the nation over?" 1
asked a representative Of Royal
McBee. Aren't you handing
over your market?"
What we get out of the
show isn't worth the invest
ment," was this explanation.
I'VE appreciate your concern,
but this is a business decision. "
Sure, the American type
writer companies are making
strictly business decisions and
maybe, on a Short-term bal
ance sheet, they're correct.
Yet, the fact is that an in
ternational audience of more
than 10000 business execu-
tiveS will view the NBS this
October, and over so per cent
will be at the very top, buying
level. They'll be exposed to
typewriters Of only foreign
make. And of the adding ma
chimes, more than 40 per cent
will be foreign, of the calcu-
lating machines, so per cent
will be. If many who never
have even thought of buying
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16

any fighting Americans con-
Germ.
Distributed 1859 By The Hall syndi-
cate. Inc. All rights Teserved)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16
Consumer Investment
Fund Shows Growth

Net assets of Consumer In
vestment Fund, Inc, amounted
to $590,678 on June 80, COM
pared with $451,275 at the end
of 1858, President Dan A. Kim
ball announced in the semi
annual report yesterday.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-16
'9 ri BUSINESS
Mortgages Cost More,
But Buyers Go Ahead
BY DONALD B. HADLEY
star Financial Editor

Interest rates home mortgages have edged steadily
higher in the last 80 days. but home buyers far show
signs Of holding back because of higher rates.
This reported today by area real estate leaders, who
said however that higher rates have curaed operations
of small builders, who feared discounts FILA and VA
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-10-18

cade, velvet or the Duchess's favorite
wide-wale corduroy. Or for your win
ter vacation: linen, shantung, pique
or pretty novelty cotton.
Round out your wardrobe by send
ing for your special pattern today. It's
your way of sharing the Duchess of
Windsor's fashion success.
Copyright 1882 BY WoIlis the Duchess Of Windsor An
rights reserved No port OF this orcIe mcY be reprinted
without written permission.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30

basis for preferring charges. And now
a House investigating committee has
decided that Dr. Afford, an ardent seq
regationist, was properly elected and
that, in fact, his winning margin was
somewhat larger than had been pre-
viously indicated.
This means, we suppose, that the
books are closed on the Afford case.
And 1t suggests one point for considera-
tion-namely, that the validity OF an
election must be Judged on the facts,
not on whether one likes or dislikes the
attitude Of the winner on the segrega-
ton issue or any other issue. Those
House leaders who insisted that the Al
ford case must be handled through es-
tablished procedures have been fully
indicated by the result.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30
Extra School Days

I read with much regret
and misgivings that the
Montgomery County School
Board had found it necessary
to retreat in its stand not to
reduce the number of school
attendance days which it had
previously announced for the
1959-1960 school year.
The school boards decision
to add a few extra days to
the school year was a good
one. If logic is applied to this
crucial field of primary edu-
cation and all the tremen-
dous and various problems
encompassing it, it would
seem elementary that in the
overloaded and sometimes
undermined schools, each
day our children attend class
the greater their chance of
receiving the learning we all
so eagerly strive to give them.
Why the parents are
against the heightened year,
I am at a loss to see. I for
one sincerely enjoy my son
and am glad to have him
with me on all and any oc-
casions but this doesn't blind
me to the fact that there is
positively no substitute for q
good fundamental education.
The opportunity my son
shares now with the other
children of our county will
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30
Back to the Senate

Unable to agree on the So-called
Taft Hartley provisions Of the labor re-
form bill, the conferees have decided to
take the matter back to the Senate for
instructions. Under the circumstances,
this, we believe, is the proper thing to do.
The issues still in dispute involve
proposed restraints on secondary boy
colts and organizational picketing, as
well as the mo mans land" controversy.
The Senate. in effect, will be asked to
choose between the relatively strict pro-
visions of the House bill and the milder
version advocated by Senator Kennedy.
For. our part, believing that the re-
Straii1ts in the House measure are not
unreasonable, we hope that the Senate
will accept them. If it does, that will end
the matter. If the Senate should in
dorse the Kennedy proposal, however,
the rival versions then would be re-
turned to the conferees to await an
uncertain fate at their hands.
In this connection, it should be
pointed out that the conferees have
reached agreement on the first six parts
of the bill. These are the sections which
deal with financial controls and demo-
cratic procedures in unionS-in short,
the misunderstanding" provisions. Only
Title 7 remains in dispute, and even
here the conferees are not so very far
apart. Therefore, while we hope the
Senate will instruct its conferees to
accept the House bill, it is of primary
Importance to avoid a deadlock which
would result in failure to enact any
labor legislation. There is too much
thattiS needed in either version Of the
legislation to permit the whole business
to 60 down the drain by default.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30
Murder in Tibet

A dark and terrible thing continues
to agonize the Tibetan people. Red
China, the perpetrator of the evil, euphe-
miStically describes it as punitive
expedition" against rebels, but in &C.
tuality it has all the appalling earmarks
OF genocide-a monStrouS crime against
humanity, deliberate, systematic effort
to annihilate an entire race and nation.
This is the charge, at any rate, that
the Dalai Lama has lodged without quail
if1cation against Peiping. Speaking from
his place of refuge in Mussoorie, India,
the young Buddhist cooking of Tibet
who is kept well informed of what is
going on in his tormented country-has
fatty accused the Chinese Communists
of having already slain no fewer than
10000 of his people. And the slaughter
appears to be far from over; in fact,
according to him, "the complete exter-
mination of the Tibetan race in its own
motherland is now in progress" with the
Mao Tze-tung regime using all necessary
force, markedly and mercilessly, to attain
that end with as much speed as possible.
Since they find it hard to compre-
bend how any government could bring
itself to commit such crime, Western
ers as whole may tend to discount the
Dalai Lama'S accusations as being COM
pounded in part of Self-serving propa-
gar1da. Yet there can be no doubt that
something fearful is happening in Tibet.
Why, otherwise, would Peiping openly
admit that it is engaged in punitive
expedition? Why would it formally
warn the people Of India - whose ter
ritory it has violated not to make
pilgrimages' to the Himalayan kingdom
this year? And why would Prime Min
lister Nehru declare in New Delhi that
there is trouble there and that the warn
ing. should be taken seriously?
These are questions that suggest
their own answers. Red China does not
want outsiders in Tibet. For what it is
doing there, as stated in a proposed
resolution before the American Bar As
ISOLATION, amounts to policy of murder
repugnant to all the laws of human de-
cency as practiced among civilized ma
tions. It should be condemned accord
ingly throughout the world, and with the
greatest vehemence.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30
Russio's Debt

The many suggestions made
by readers Of The Star about
places for Russia's top man
to see are interesting, and it
is to be regretted he cannot
see all.
But there is one thing in
Washington which the Soviet
chief should see. 1t is a bill at
the State Department for
only $11 billion for lend-lease
and other supplies furnished
Russia in her dark hours Of
World War II.
Is it possible that failure to
collect the amount of this bill
Is another indication that the
United States is trying to
please or appease Russia I?
And why is the press so silent
about this debt which was
promised to be paid at the
end Of the war?
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30
Cdse>CIosed

Back in January some of our eager
beaver politicians, with an eye to the
'liberaI' vote, were demanding that DR..
Dale Afford be denied a seat in the
House They said he should not be
seated pending an investigation of fraud
charges in the defeat of Representative
Brooks Hays, and that in any event DR..
Afford should not be seated as Demo-
GRAFT.
Well, the fraud charges have been
Investigated and re investigated. In
Odne Federal grand jury found no
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30
The Consumers Win

Milk consumers in Northern Virginia
are the chief winners in the long and
successful battle to GUST the Virginia
State Milk Commission from its control
over milk prices in their area. The con-
sumers were justifiably indignant over
the ridiculous situation which found
them paying more for milk than their
neighborS in the District and Maryland
were required to pay for milk of the
same quality and often from the same
cows
The first step in restoring free mar
ket conditions in nearby Virginia was
taken voluntarily by the State commits
sion when the Federal Government, on
July l, assumed control of the Northern
Virginia milkShed. At that time the
State withdrew its control over producer
prices, but retained its arbitrary price
floor on milk sold at retail-a floor which
held Virginia milk prices above those
generally prevailing elsewhere in the
Washington area. With Highs Dairy
leading the fight for complete with
drawal of the State price fixing agency
from nearby Virginia and with other
dairy interests joining the movement,
the State commission finally its
chairman aptly put it voted the COM
mission out of the local market. Under
State law setting up the agency, it must
withdraw where majority of milk pro-
ducers and distributors prefer a free
market.
So milk consumers in Arlington,
Fairfax, Falls Church, Alexandria and
the other communities across the Poto-
mac River now will enjoy the benefits
of competitive priceS-benef1ts which al
ready have manifested themselves in
terms of reduced prices for several
grades and brands of milk. The savings
will be especially appreciated by the
families with strained budgets and many
mouths to feed.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30
D. off Its Trolley?

AS a native and former res
ident of Washington, and fire.
quent visitor, I am interested
and concerned with the tram
sit problems involved as
the Metropolitan Washington
Area continues to expand and
change. 1t seems the gravest
mistake and extremely i'm
practical that by 1868 WASH
ington is to lose all its rail
transit, in favor Of more buses
and freeways, which simply
cannot by any stretch Of the
imagination really mitigate
the congestion and difficulties
of mass transit in a city as
large and strategic as Wash
ington.
Experience has shown that
almost every freeway, by the
time it is opened, is already
overloaded at rush hours with
individual motorists, mostly
one to a car, frantically COM
peting with one another and
creating more traffic delays
and congestion (plus the con-
comitant ills of frustrated and
tangled nerves.; and buses,
while quite adequate for GER
tain urban services, are not
nearly as comfortable, quiet.
or efficient as the modern
streetcars which Washington
has-and more buses adds
that much more noxious, Of
fensive fumes to the already
quite polluted contemporary
urban air small wonder that
there is increasing concern
among the medical profession
over our respiratory-lung dis
eases.
Why doesn't Congress bring
pressure to bear upon the
D. c. Public Utilities Commits
sion and the D. c. Commits
sioners, etc., to retain electric
rail transit and expand it to
the outlying, fast-growing
suburbs, place it underground
in congested downtown areas
Gas in Philadelphia and Bos-
ton, for example,, rather
than abandon it in favor Of
more chaotic traffic ills
and congestion? Washington,
unique among American cities,
with its wide avenues and
streets, is ideally suited for
electric rail transit-it seems
ridiculous to abandon this
fine, modern system of urban
transit. Louis Potter, Jr.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30
Charles L. Stout.
fuzzy Steel Facts

I read with appreciation
your August 20 editorial.
Fuzzy Steel Facts" A lot
of complicated facts are con-
tanned in the report released
by the President, the sum
and substance of which seem
to be-:
ca That the steel employees
average $40 per hour for
work.
(b) That the stockholders
receive only 8 per cent in
dividends.
(c) That the company has
made money, and that a great
part of it has been expended
in the interest of the en-
ployes as compensation for
work, in pensions for en-
ployes and other things.
I'D The report seems to
show that compensation or
salaries should be made flexi-
BILE, same as dividends; the
dividends should be doubled,
especially in view of the tax
situation.
(e) That the employees
should receive more or re-
ceive less as the economic
status justif1eS. By this flex-
ible method of fair adjust
ment, we might be able to
start a deflationary move
ment and save the country
from the destructive effects
of further imitation.
60 The price of steel should
be reduced, if the present
price is excessive.
Wade H. Cooper.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30
FROM THE STARS FILES. ;.

trated upon Mr.. George A.
Walden, an extensive dealer
in slaves, at Petersburg. Va.
While walking he was met by
two highwaymen. who seized
him by the throat, beat him
over the head. cut his arm
in two places and robbed him
of $500 in $40 notes on the
Exchange Bank of Virginia.
He was rendered insensible
from his injuries. :"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-08-30
Tax Apathy

A letter in your August 10
issue indicated the distress
Of a retired person due to
the phenomenal increase in
Montgomery County real
estate taxes. I share your
correspondents feelings, be-
ing retired myself. The bur-
den on residential real estate.
due almost entirely to school
demands, is becoming pre-
posterous. A more economical
approach is possible, and
there certainly are fairer
ways Of sharing a legitimate
burden II the public had the
energy and courage 70 face
them. I have tried to do
something about it, but have
had a very lonely time
This, however. is a de-
mocracy, and the majority
Cor the vocal part Of it, rules.
The county council does its
part by holding an annual
series Of public meetings on
the budget. That is the time
and opportunity for COM
plants and action. Yet who
turns up? Practically nobody
except the pressure groups
and gimme gimme" people,
and they are vocal indeed.
One after the other they Ge-
mand bigger and fancier
schools and athletic fields,
more and more spending
for nothing is too good for
our Johnny. Why not, when
the bulk Of Johnny's school
expense can be foisted on
someone else? The sky is the
limit, and the rare soul Who
dares to oppose them is a
curiosity and an odd stick.
When the tax bills arrive
it is a different story, but
then, unfortunately, it is too
late. There's only one hope:
Next year, let's all see that
the distress calls land they
are genuine enough are sent
out and heard in volume at
the right time and place
the Montgomery County
budget hearings in Rockville.
Some comments, meanwhile.
to our elected officials of the
county council wouldn't hurt.
Apathy. otherwise, deserves
what it gets. The wailing
wall is utterly futile: it is
action that counts.
Herbert ]. Holland,