davidaulloa/AmericanStories huggingface dataset:
, 1959-08-17
MONDAY, q II, 1859


Governor or any man who is in such high Office.
Mr.. Chairman, while I may be inclined to agree with
the views Of the Governor, I still feel that his method was
something extremely shocking which, we, the members of
theLegSlature, should not tolerate. ii we are ever to gOt to
Government House again, we should expect to be treated
with the greatest courtesy. It was : question Of members
Of the Legislature this morning, MI. Chairman, holding
their heads otherwise he probably might have had to ask
us to leave. However | am glad for how it terminated
that we remained, took all his insults but not that we were
pleased.
THE PRESIDENT: Are there any other remarks
under Privileges Of the Floor?
MR. MADURO: Mr.. Chairman, after hearing the re-
marks Of Senator de Lugo and Senator Gomez, there is
very little to add but, / too, would like to express my dis
satisfaction with the conduct Of our Chief Executive. sat
up there and heard him make the statement that the pro
posed budgets submitted by the Committee on Finance
lis childish and irresponsible" / wish to take exception
to that remark because know, myself-was among the
members of the Finance Committee-Senator MoOrehead,
Senator Ottley, Senator de Lugo and several others, who
actually worked with each department; the department. Of
Education; the Department Of Public Satety-each and
every department Of our Government came in here to-
gether with the Governors representative, Mr.. de Castro,
the Budget Officer who sat down at every meeting. And
we went through every section Of the recommendation Of
the Department Heads.
And, as Senator Moorehead pointed out, at the con
ference, there was definite justification for the appropria
tons recommended by the Finance Committee, and Ger
tainly resented the remarks that the Governor made when
he referred to this Report as being Childish and irrespon-
sible.p
20 along Will Senator Gomez and consider that an
insult to the People IF the Virgin Islands through those Of
us whom they elected to represent them
THE PRESIDENT: Althese remarks will be spread
on the Journal.
MRS. MILLN: Mr.. President.
THE PRESIDENTS: Senator MilIin.
MRS. MLLN Mi. President. am not speaking III
defense Of Governor Merwin because feel that he IS quite
able to defend himself. A4sl
, 1959-08-17
WEST INDIES BANK TRUST COMPANY
Charlotte Amalie
ST. Thomas. Virgin Islands
Of Special Meeting Of the Shareholders
Of West Indies Bank 81 Trust Company
10 Pc Held September To- 1858

Pursuant to vote Of the Board Of Directors q special
ing ofthe shareholders Of West Indies Bank & Trust Con
is hereby called to be held on September 10, 1859 at
o'clock Pm. $500 PM at the main Office Of West Indies
g Trust Company, No. 1 Queens Quarter, Charlotte All
St Thomas, Virgin Islands for the following purposes:
, 1959-08-17

Dated: July %, 1859
, 1959-08-17

ASAOHy Nd44G0 ~ ~ uGNQ Ou OGptEMDGrA ~, 1903 al LQ1GG
clock Pm. $500 PM at the main Office Of West Indies Bank
Trust Company, No. 1 Queens Quarter, Charlotte AmaIe,
Thomas, Virgin Islands for the following purposes:
Cd to ratify, approve and confirm the sale Of the
business and substantially all Of the assets Of West Indies
Bank 81 Trust Company, as going concern, to The Chase
Manhattan Bank upon terms including the assumption by
The Chase Manhattan Bank Of substantially all Of the
liabilities of West Indies Bank 81 Trust Company, and the
delivery to West Indies Bank & Trust Company Of
22,3OO shares Of the outstanding capital stock of The
Chase Manhattan Bank, and upon such other terms as
may have been or may be approved by Messrs. Joseph
Alexander, Ralph Paiewonsky, Harry Gould, and Ralph
p. Standish, their execution Of any agreement relating
to- such sale to be conclusive evidence of their approval Of
the terms thereof.
% to approve, subject to the consumnation Of said
sale Of the business and assets Of West Indies Bank &
Of said Bank and the distribution Of all its assets to its
stockholders, such dissolution, liquidation and distribution
to be accomplished in accordance with the applicable laws
Of the Virgin Islands and within nine months after the
Of said sale;
go to ratify, approve and confirm the appointment
Of Messrs. Joseph Alexander, Ralph Paiewonsky, Harry
Gould,R. n. Amphlett Leader, and Henry L. Kimelman
as l~iquidators Of West Indies Bank 81 Trust Company,
such appointments to take effect upon contamination Of
said sale; and
t) for the transaction Of such other business con-
nected with Or incidental to said sale, dissolution, lquida-
ton and distribution as may properly come before said
meeting or any adjournment or adicurnments thereof.
Joseph Alexander
Chairman Of the Board
July q, 1859 l7-24-Sl-s
Evening star., 1959-12-28
Trade Board
Sees New Gain
In Building

The Washington Board of
Trade. reporting that the pop
lation increase in the Metro
politan Area, was reflected in
the current building boom, to-
day predicted the number of
residents would continue up
ward and construction would
reach an even higher peak in
1860.
Employment in the Metro
politan Area was up 10000 in
1859 over 1858, the board said.
adding that "the population
explosion which has made Met
ropolitan Washington one of
the fastest growing areas in the
country will continue.
Construction will be at a
new high except for new
dwelling starts where higher
interest rates and generally
tighter money will act as a
brake" the forecast stated.
1t went on to predict a new
peacetime employment high.
Bank debts will continue to
climb but the rate will be slow
er than this year, it added.
The tourist and convention
business will really boom be-
cause convention commitments
for 1860 already exceed those
of 1859. 1t 10 WaShington's
second largest industry.
With the school visitation
program constantly expanding
and special events receiving
more and more national recog-
milton. this big segment of
Washington business is in a
healthy condition" the board
declared.
Evening star., 1959-12-28
Sd Department Store
Closing in Pittsburgh

PITTSBURGH, Dec. % (AP)
The Rosenbaum Co., Pitts
burgh's second toldest depart
ment store, will close at the
conclusion of a current sale,
President Richard Jack an
nounced TO-DAY.
The store was founded SO
years ago by Max Rosenbaum
and Solomon Fleischman. 1t
became part of National De-
partment Stores and later was
taken over by International
Mining Corp.
The RoSenbaum Co. is the
third department store to close
in Pittsburgh in less than two
years. Boogs& Buhl, an 80
year-old landmark. closed in
February, 1858. Frank & Seder
went out of business a year ago.
Evening star., 1959-12-28
CHICAGO
LIVESTOCK

CHICAGO, Dec. % (AP) CUSDA
Hogs II 900: opening slow, later mod
erately active: butchers over 200 lbs
unevently steady with Thursdays av-
erage; sows strong to 25 higher mixed
il 25-12.75; few No. 3s 1900; mixed
] and IS and IS 19O-2f5 lbs 1915
1910; 20 head No; ! AMI IS, mostly Is;
j to IS 230-23O lbs - ;OO-l2 so: mixed
.ssSed 2s and IS and IS 240-ls0 lbs
1I0-ll.15; No. 3s 2Sn-300 lbs 1850
lilo; mixed grsdes to, 3s 33O;;40O
40O-550 lbs S.50-9.25
Cattle $4,000: calves 100: slaughter
steers slow: about steady: heifers mod
erately active and steady; cows steady
to 25 higher; bulls and vealers steady;
stockers and feeders scarce; load lots
choice and mixed prime steers l,15O
lbs down 2i.25-27 30: q few loads
mixed choice and prime ,350-1 800
lbs. 25.00-26 90: bulk choice steers
24.25-26.@5: good 22.00-24 90: utility
and standard l7.00-21 90: several
loads of high choice and mixed high
choice and prime heifers 25 .5O-25.75;
bulk good to high choice 81 75-25 .25;
utility and standard l5.50-21 90: util-
ity and commercial cows IA 0O-l6.75:
Gamers and cutters l2.00-15.75: util-
ity and commercial bulls 2O00-21 rs:
standard and good vealers % OOPS. 90:
culls down to 1000.
Evening star., 1959-12-28
Gen. DooIittIe
ToBeHonored
AtDinnerH Here

More than so leading off,
cialS in and out of Govern
ment have accepted invitations
to attend the annual dinner
sponsored by national business
publications January 81 at the
Sheraton Park Hotel. More
than l,600 persons are ex-
pected.
Retired Gen. James H. Doo-
little, now board chairman of
Space Technology Laboratories,
a division Of Ramo-Wooldridge
Corp, will receive the 1859
Silver Quill award for distin-
gulshed service to business and
industry.
During the program, cor
poration presidents and board
chairmen will answer questions
which will point up bright
prospects in their respective
areas Of the economy" it was
announced today.
The dinner theme, to which
all questions and answers will
be threaded. is Best Bulward
for The Free World-A Strong
American Economy"
Among those who plan to
attend are Attorney General
Rogers. Postmaster General
Summerfield, Interior Secretary
Sc a ton, Commerce Secretary
Mueller and Navy Secretary
FRANKIE.
The diplomatic corps will be
represented by the ambassa-
dors from the Netherlands. Ko-
rA, Turkey, Mexico and Lux
embourg.
Others who have accented
invitations include Budget Di-
rector Stans: William McC
MARTINI jr., chairman of the
board of governors. Federal
Reserve System; Chairman Ed
ward N. Gadsby. Securities
and Exchange Commission.
Chairman Earl w. Kintner
Federal Trade Commission:
Chairman John A. McCone.
Atomic Energy Commission:
Administrator E. R. Quesada.
Federal Aviation Agency. and
Internal Revenue Commissioner
Dana Latham.
Congressional leaders who
Will attend include chairmen
OF the principal committees
which are charged with taxes.
appropriations and interstate
and foreign commerce.
Past recipients of the Silver
Quill award acted as a COM
mlttee to select this years WIN
ner. They are House Speaker
Rayburn, Representative Mar
tin. Republican of Massachu-
sets; Chairman Byrd of the
Senate Finance Committee and
Paul Wooten. president of the
Society of Business Magazine
Editors.
Evening star., 1959-12-28

capital stock, the 1000 shares
outstanding had book value of
S843.133, amounting to S210 78
per share" Mr.. Riggs explained.
Giving effect to the issuance
Of the proposed 100000 stock
dividend, the book value of the
stock would be $70.26 per share
and the sale of 1000 new shares
at $50 per share, the book value
of the stock would be $67.37 a
share, or a dilution of $2.89 a
share in the holdings of any
shareholder who failed to exer-
else his right to purchase one
new share for each two shares
of stock which he now owns"
he added.
Mr.. Riggs said the surplus
and undivided profits of the
bank were ample to cover the
proposed stock dividend.
The officers and directors
believe that the proposed stock
dividend and increased capital
izaticn will be advantageous
not only to the shareholders
but also be to the best interests
of the community" he said.
Two-thirds of the sharehoid-
ers must approve the proposal.
For those shareholders who do
not wish to purchase any or all
of the new stock to which they
may be entitled, arrangements
will be made for its sale, or each
shareholder may sell his own
warrants
The board of directors has
declared a dividend of So per
share payable Friday to stock
holders of record as of Deem
ber 16.
Evening star., 1959-12-28
WINGS & WHEELS
BY CHARLES YARBRoUGH

shipbuilding, outfitting and
heavy construction facilities.
Keeping pace with the surge
of general aviation, the Coast
and GeOdetic Survey is issuing
up-to-date, new and revised
aeronautical charts semi
monthly.
They include visual charts
radio facility charts, approach
procedures, navigation and OBJ
struction charts.
One of the newest, out al
mid-month, was the civil air.
ways mileage chart, showing
the seven "oil burner" routes
used by SAC for low-level navi.
cation flights in jet aircraft.
$50
A contest being promoted by
Keith's theater offers the win
ner a jet plane vacation via
Air France. The backdror
shows an airplane-a Lockheeo
Constellation piston-engine air.
craft and it's upside down!
COrvair's pioneering success
with the aluminium engine
brings a prediction from Auto
motive Industries News Letter
that the next two years will
see:
An aluminium V-8 for the
small Buick and OldsmObile
passenger cars and possibly fol-
the small Pontiac; an alum
mum six for ChrySler cars;
aluminium in-line six for Amer
lean Motors; va engine fol-
FOrd's smaller-than-Falcon cal
and aluminium V-8s for Ford
Chrysler and Chevrolet.
American Airlines put out
another milestone in cargo fly.
ing over the Christmas week
end, becoming the first domes.
tic carrier to haul 100 million
ton miles of scheduled al,
freight in a single year.
Earlier in December, Ameri.
can passed its previous all-time
high for air freight in one year
OF 95 million ton miles.
While on the milestone sub.
Ject, this month saw Roll,
Royce jet and prophet engines
pass the l0-million hour mark
representing over 85 per cent
OF the flying done by all civil
gas turbine engines throughout
the world.
The record piled up from So
alrlines on six continents using
Rolls Royce engines.
AS an example of what the
British are learning from the
record, the Dart prophet engi
record, the Dart prophet
engine, which started an over
haul life of 400 hours, now goes
$500 hours and flies an average
OF 625,000 miles before over
haul.
For being in the top 100 men
IN Oldsmobile sales over the
Nation, F. ID. Akers, of Capitol
Cadillac OldsmObiIe and C. A.
Olmstead, Of Arlington - plus
wives - get a four-day vaca-
ton in New Orleans over New
years. James Delbert FRYE
nils the field engineering va
cancy in the Washington zone
ONCE OF General Motors ALI
son division, taking over from
Franklin G. Spinney, recently
transferred to Indianapolis. n.
Roger HB. Dsv Wis is FairchiId's
new comptroller. Joseph ID.
FessiO. recently resigned as
sales manager for Pan Amer
lean, goes to the new South
Pacific Airlines.
Evening star., 1959-12-28
Los Angeles Storage Firm
To Open Washington Office

The Bekins Van g. Storage
Co. of Los Angeles will open
new offices here and in Atlanta,
Ga, and Norfolk, Va. in a ma
jor expansion program.
The firm also has decided to
purchase a tract of land in
New Jersey for construction of
a warehouse.
Evening star., 1959-12-28
Small to Retire as
Norfolk g. Western Chief

Sydney F. Small of Roanoke
will retire Thursday as vice
president-assistant president of
the Norfolk & Western Railway
after more than 48 years.
A native of Norfolk, Va, he
started with the railway at $40
a month He is well known here
for his extensive knowledge of
legislative affairs.
Evening star., 1959-12-28
Overall Economic Prospects
Believed to Be Excellent

President John Remington of
the American Bankers Associa-
tion predicted yesterday that
the overall economic prospects
for 1860 were excellent.
He said next year should be
as good as 1859, which was IAN
excellent year" However, Mr..
Evening star., 1959-12-28
SeabOard Railroad Reports
Increase in Earnings in Year

The Seaboard Air Line Rail-
road Co. today reported a new
income of $15.O68,407 in the
IL months ended November 80,
compared with $15,432.263 in
the same 1858 period.
Gross revenues totaled S146,-
731, 1852, up more than $6 mil
lion. The dividend was $3.12
per share, compared with $2.76
in 1858.
Evening star., 1959-12-28

Remington cautioned against
any inflationary tendency.
He felt that to insure sta
bility of the dollar the Federal
Reserve should not allow credit
to go into an inflationary zone
and called a balanced budget a
most important factor. He per-
Sonally would favor increasing
taxes to balance the budget if
necessary.
On the subject of growth, Mr..
Remington said he thought our
economy was gaining at an ex-
cellent rate and called unem-
ployment negligible.
Mr.. Remington spoke on
ABC's College News Conference.
Evening star., 1959-12-28
METAL PRICES

NEW YORK, Dec. % (AP).-spot
nonterrous metal prices today: Copper.
30 cents a pound, Connecticut Valley
Lead. IL cents a pound, New YnTi
Zinc, l212 cents a pound, East st,
Louis, Tin, 80 cents a pound New
York. Foreign silver, 91ss cents per
troy ounce. New York, Pittsburgh
scrap steel No. heavy was quoted
by Iron Age at AZ 00-43.0O.
Evening star., 1959-12-28
Southern Wholesalers to Mark
Its AID Year Tomorrow

Southern Wholesalers, RCA
ana Kelvinator distributor, will
celebrate its 42d year with its
annual open house" in its
Showrooms at TOT Edgewood
street NE. tomorrow and
Wednesday.
President w. j. O'Connor
said brand-new 1860 RCA and
kelvinator products would be
introduced.
Evening star., 1959-12-28
Business
Rockville Bank Plans
Increase in Stock
By JOHN A. GILES
Star Staff Writer

Shareholders of the Montgomery County National
Rockville will meet January IL to vote proposal raise
its outstanding stock President Reuben Riggs
Based upon the condition of the bank November 1885,
at the time the application made to the Controller of the
Currency requesting approval of the proposed increase in the
Evening star., 1959-12-28
Pensioners Suffer

Even worse off were those
living on their pensions or their
husbands insurance, whose dol
lar income didn't climb with
the average.
Thus life insurance COM
panies find themselves COM
peting with mutual funds and
common stocks and real estate,
all touted as hedges against
imitation, and with the emer-
gence in their own ranks of
variable annuities-insurance
backed by reserves invested in
stocks and offering payments
baed on returns from stocks.
Few question the worth of
the Institutes fight to keep the
Evening star., 1959-12-28
Office Equipment Dealers
FOreSee Gains in New Year

Stationery and Office equip
ment dealers expect an 8.5 per
cent increase in local sales
volume in 1860.
The prediction comes as a
result of a survey of the Ma
tional Stationery and Office
Equipment Association. Presi-
dent w. Neill Stewart, jr.. said
that individual forecasts in the
past have been conservative.
Evening star., 1959-12-28
Insurance Men Push
Fioht on InfIotion

dollar strong and imitation at
bay. But one life insurance Of
fetal, a salesman by training
and therefore scarcely without
prejudice, takes up the cudgels
for the permanent value of
life insurance.
Charles H. Schaff, executive
vice president of Massachusetts
Mutual Life Insurance Co., sus-
poets a lot of time may be
wasted in guessing how the dol
lar will rank in the future. He
says:
Specializing about the pur-
chasing power of a dollar next
year, or five years from now, or
20 years from now, or when ore
retires, or when one dies, is
about as profitable as speculat-
ing about who is going to win
the World Series in 1869. No
body knows and one mans
guess is as good as another's.
Jibes at Competitors
And whatever happens and
whatever you do. he insists you
might end up just the same.
He jibes at insurance's compet-
itors this way:
Whether you buy stocks or
bonds or mutual funds, or put
your dollar in a savings ac-
count, or hide it under a mat
tress, the dollar may be worth
so cents or rs cents or 100
cents or 200 cents 10 years
from now"
Sellers Of mutual funds or
real estate won't buy this ar
gument for a minute. But Mr..
Schaaff contends that the be-
lief in hedging with stocks is
based on a shaky premise. He
says there have been many pc
riods when stock values fell
while the cost of living rose.
He also argues that stocks
can't hedge against depression,
however they may fare in pc
riods of imitation. He cites the
1920s when men cashed out or
borrowed against their life in
Surance to make a killing in
the stock market or to hedge
against imitation. The market
and the hedge collapsed, but
the fixed dollars of life insur-
ance didn't vary.
Anyway, that's how Mr..
Schaaff sells insurance.
Evening star., 1959-12-28
OVER COUNTER

Washington listings on over-the-
counter markets furnished by the Ma
tional Association of Securities Deal
ers as OF l pm. Monday, December
Evening star., 1959-12-28

A man who survived noun
tain plane crash and 81 years
of Washington traffic retires
Friday as the BOeing AirpIane
COmpany's representative here.
Dean of the aviation indus
try's Washington corps, James
p. Murray will retain his post
as vice president and advisor to
the Boeing management.
AS one of the country's first
airmail pilots and one of the
three first to fly transconti-
mental airmail, he was flying
flimSy planes when a lot of
people weren't quite sure about
the machines.
He was one of the pioneer
pilots on the Washington-New
York mail flights in 1920. A
few years later and after his
mountain crash, he threaded
his plane through three sets of
utility poles to make an other
wise uneventful, unlighted
night landing at Salt Lake
City.
Never considered an idle
man. Mr.. Murray actually had
three careers. When the wait
ing list was too long to get into
the Army Air Service in World
War I, he joined the British
Army and received fight train
ing in Canada and England.
Within a week of the Armis-
tice, he was flying mail for the
Occupation forces from Folke-
stone, England, to Cologne,
Germany.
A prep school Latin, math
and physics teachers before
becoming a pilot. he added a
Wyoming law degree while still
flying the mail; Joined Boeing
the same year he was admitted
to the bar and after serving a
brief time as pilot, was sent to
Washington.
His successor, not exactly a
stranger around here either, is
Clifford E. Roberts, who joined
Boeing as Washington rep
resentative in 1946.
So
Motor Life Magazine, uncan-
nily right in speculations on
automobiles still under factory
wraps, particularly the Chew
rolet Corvair before its appear
ance, goes into FOrd'S new
Comet in the January issue.
The Comet announcement in
late September said it would
have family size" roomineSS.
outstanding economy and most
graceful and elegant styling"
and called it the "aristocrat of
the compactS."
Motor Life says the car re-
sembles the current Mercury. is
Is inches longer than the Fall
con and will carry the same six
cylinder engine with slightly
higher horsepower. The price
tag: "Close to $780," the
magazine predicts.
So 50
The AerOspace Industries As
sOciatiOn'S export committee
has named Donald w. Douglas,
jr., president of Douglas Air
craft. as honorary chairman;
Alex T. Burton, vice president
of North American Aviation.
chairman, and Robert W..
Douglass, of United Aircraft
Export Corp, as vice chairman.
&*
An important interest in
Italy's well-known AerOnautica
Macchi has been acquired by
LOckheed. AS part of the
agreement. Macchi will be Ii
cented to build a new Lock-
heed-designed. light utility
plane, an all-metal, high wing
transport for six passengers.
First of the new planes will
come off the line about mid
year. The Italian firm now
holds orders to build light jet
trainers for the Italian Air
Force. 1t also manufacturers
light trucks. motor scooters and
holds controlling interest in
Evening star., 1959-12-28
BY SAM DAWSON
AP Financial Writer

NEW YORK, Dec. 28-Inf1a-
ton is the bogy man Of every
one holding fixed-dollar life in
surance. How much of the
necessities of life will it's dollar
value purchase when called
upon?
It's also a worrisome thing to
those who sell life insurance.
Their prospects ask: should I
put my savings into other forms
of investment which might roll
with inf1ation's punches and
thus preserve their purchasing
power? And the competition
for these savings is great today.
Life insurance companies
and the Institute of Life In
surance have given top priority
to the fight to ward of further
trimming of the dollars worth
in the marketplace. That this
decline, now called creeping in
flation, has been going on in
recent months is shown in the
slow but steady rise in the cost
of living index.
The dollars weakness more
than offset the climb in ave-
rage per capita income in 1858,
the Commerce Department has
noted. So, on average. citizens
were a little less we'll of than
before when it came to spend
ing their bigger intake.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-09-16
Tuwes to See
County Fair

Gov. Tawes will be among
honored guests invited to Up
per Marlboro tomorrow to open
the annual Prince Georges
County Fair and Showcase.
The Governor. along with
members Of the Maryland AS
sembly and other State officials,
win be honored at q luncheon
at the fairgrounds prior TO the
formal opening at l pm.
About 100000 visitors are ex-
pected at the fair which will
continue through Sunday night.
Nearly $4,000 will be given
away In prize moneys record
for the event.
Playground buildings win
house 400 agricultural exhibits
plus displays from 14s individ-
ual groups.