davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-09-25
Southern Railway Profit
We'll Below 1856 Marks

Net income of Southern Rail-
way Co. continues we'll below a
year ago. the monthly report
stated yesterday.
Net for August was $2,7l9.682,
a decrease Of AT per cent from
$3.819,593 in August last year.
Earnings for the first eight
months of this year amounted
to $21.739.059 or $3.04 a share,
compared with $25.203.54l or
s3.57 a share in the same 1856
period.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-09-25
Canadian Elected Head
OF Iona at Meeting Here

Peter Mcdonald. vice presi-
dent and secretary Of the
Crown Life Insurance Co. of
Toronto, Canada. was elected
president Of the Life Once
Management Association at the
saith annual convention here.
Mr.. Mcdonald. who has been
first vice president Of Iona.
succeeds j. Howard Ditman..
vice president and controller of
New York Life Insurance Co.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-09-25

American Security Corp. and
will be activated before the end
Of 1857, Mr.. Bell said.
Organization of the new cor
poration was approved at the
annual stockholders meeting
last January with the under
standing that a tax ruling
would first be sought on tax
exempt features in distribution
of the afiiliate's stock to trust
company's holders.
With transfer of assets and
the af11liate'S stock for distri-
button. around SO million Of
affiliate secured obligations will
be delivered.
Because current value Of the
transferred assets is SubStan-
TALLY greater than their book
value, the new affiliate will start
operations with net worth Of
around SIS million.
Stock Of Both Companies
To Be Traded as Unit
All Of the new afiiliate's stock
will be distributed to the banks
stockholders on a one-for zone
basis under a "stapling" ar
rangements This arrangement
will insure that the bank and
affiliate remain under common
control and ownership. Stock
of both companies will be
traded as a unit.
In a letter to stockholders
released with the announce
ment. Mr.. Bell pointed out that
the split-off will permit recog-
milton of the reasonable market
value of the transferred assets
and also permit an increase in
working assets and presumably
earnings.
He said it also will clear away
obstacles to American Security
d Trust Co. becoming a ma
tional bank in case it wants to
In the future.
When the company at one
time wanted to merge another
District bank, the Controller
OF the Currency said it must
first become a National Bank.
To do this it would have had
to dispose Of an investment in
Security Storage Co. and other
valuable assets.
Real Estate to Be Leased
After Assets Transfer
Included in the transfer Of
assets will be all Of the trust
company's valuable real estate
such as its historic site and
main Office building at FIJI
tenth street and Pennsylvania
avenue NV. and the branch
Offices owned by it.
Continued use of these prop
critics on reasonable terms will
be assured by long-term leases
They are listed at $3.039, 545.
The banks book value on
November 30. 1856. was S43.O2
a share and after transfer of
assets to the affiliate, this viii
be about 81 less or around $4l
q share. the letter stated.
AS the reasonable market
value of the assets will be
larger, the book value of the
new affiliate's stock will be
around e10 a share
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-09-25
'' RI BUSINESS
Tex Ruling Clears Way
For ASST. Affiliate
BY DONALD B. HADLEY

satisfactory ruling from the Internal Revenue Bureau
has cleared the for actvaon of affiliated company
which American Security & Trust plans transfer
assets with book value Of around 81 million
This announced last night President Daniel W. Bell
of the trust The aliate will the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-09-25
New York Exchange Head
to Address News Women

G. Keith Funston, president
Of the New York Stock Ex-
change. will address the Wom-
ems National Press Club at a
luncheon at Hotel Statler on
Wednesday. October 2.
Mrs. Gladys T. Montgomery,
new club president. reported
yesterday that prominent Gov
eminent officials and financial
leaders have ben invited TO the
affair.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-09-25
International Bank Lifts
Dividend as Net Improves

International Bank of WASH
ington has increased its annual
dividend for 1857 to Is cents
a share from 10 cents paid in
1857. it was announced yeSter-
day by George Olmsted. presi-
dent and board chairman.
Net income for the first six
months Of 1857 amounted to
$294.244 or $1.519 a share. COM
pared with $196.279 or SLOT a
share in the same 1856 period.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-09-25
MUTUAL FUNDS QUOTATIONS

NEW YORK. Sept. Is OP1.-National
association Securities Dealers. Inc.
Moon Quotations.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16
Continued From First Page

Continued From First Page
fleet and replacing it will be the
all-jet B-25s. These heavy
|bombardment wings also are
being increased from 80 to As
planes each.
The fighter planes which are
employed to escort the slower
B-36s will be moved out. Be
cause of rapid advances in
guided missiles, tactical aircraft
used for support of ground troops
will be reduced as the Army takes
over more of this work.
Nuclear 'F'lat-tOp' Set
The worlds first nuclear
powered aircraft carrier will be
started for the Navy, which has
eaImarked 1910 million for it
Four more atomic submarines
will be laid down. three of them
designed to fire guided missiles
Among the 10 new ships and IL
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16
BY MIRIAM GUTENBERG

President Eisenhower today
informed Congress he is deeply
interested" in a suggestion that
the Chief Justice of the United
States be invited to address Con-
gress annually on the work of
the judiciary.
At the same time, he urged
Congress to carry out the pro-
lpoSals of the Judicial Confer
ence Of the United States for
additional Federal iudgeships
The Conference has recon-
mended 35 more District court
Ijudgeships. two more on the
circuit bench and permanence
for four temporary judgeships
The President also proposed
two measures affecting the old
Ter judges. One, Endorsed by the
Judicial Conference, would re-
Iouire chief judges of District and
Circuit courts to give up theil
administrative duties at the age
!of 10.
The other recommendation
would clear the way for appoint
Iment of another judge when a
Federal jurist reaches 20 and
chooses not to retire. Under this
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16
Budget Programs
And Performance

BY far the largest part of the
budget for the coming fiscal
year. SO per cent. will be devoted
to maintaining and improving
our own defenses and tc
strengthening the defenses and
economies Of other nations in
the interest of collective security
and world peace. Civil benefits
will account for "a per cent Of
budget expenditures; interest, 1C
per cent; and all other opera
tons, administration, and con-
tingencies, 3 per cent.
Protection, including collective
security.-As a simple matter OF
self-preservation, we must main
tain our own strength and
promote world stability by help
ing to build up the strength OF
friendly nations. At the same
time, we must actively advance
our other efforts for lasting
peace and inform the world in
all appropriate ways of our
peaceful aims.
The new and more powerful
weapons which are being de-
livered to our armed forces in in
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16
EARTH SATELLITE,
ANTARCTIC COSTS
TOP $40 MILLION

BY the time the much
heralded International Geo.
physical Year is over, at the
end of 1858. the United
States will have spent more
than $40 million in the
cause of science.
This was revealed today
in the Presidents budget for
fiscal 1858. The budget
shows that this country has
poured $38,729,320 into it's
two chief ICY projects-the
space satellite program and
the Antarctic Operation
Deepfreeze."
Added to this figure-rep-
resenting expenses of the
National Science Foundation
are unspecified sums out
of Defense Department and
Atomic Energy Commission
budgets.
The satellite project is
costing an estimated $1425
million this year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16
Legislative Program

This year l discussed only a
few of the administrators leg
islative recommendations in the
State of : the Union message.
Therefore. this part of the
budget message is devoted to a
discussion of other major pro-
posals for legislation on which
/ recommend that the Congress
take action during the present
session. The legislative program
is one on which the Congress
and the Executive agencies
Should be able to work together
successfully.
In the immediate future, ]
shall forward a message empha-
sizing the urgency of enactment
OF an adequate program Of Fed
eral aid for school construction.
and message on my proposals
for amendment of our immigra-
ton laws. This budget pro-
videS for the start of a four-year
program Of aid for school con-
struction.
Two areas need earnest and
prompt attention with a view
to determining whether new ma,
tional policies should be adopted
in the light of reports and recon-
mendations now pending in the
Congress. These are numerous
detailed commentator of the
second Hoover Commission which
the committees we're unable to
consider prior to adjournment OF
the 84th Congress and the pro-
Iposals made by the Advisory
Committee on Transport Policy
and Organization.
Health Budget IN
Substantial budget increases
are recommended for existing
activities which will improve the
health of the American people
The Congress is also urged to
enact legislation under which
the Federal Government car
help the medical and dental
schools to build more and better
teaching, as well as research
facilities TO prevent the already
lacute shortage Of trained medi-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16
BALANCED BUDGETS
ACHIEVED IN HALF
OF POSTWAR YEARS

II President EiSenhoWer'S
forecasts are borne out. the
Government will have a So
90 record for balanced budg-
cts over the 12-year period
dating from l947.
Former President Truman
came up with surpluses in
fiscal l947, 1948 and 1851.
Mr.. Eisenhower produced
his first surplus of SIG bill
lion in fiscal 1856. which
ended last June 80.
His new budget estimates
sent to Congress today indi-
cate a surplus of SIT billion
next June 30 with prospects
of operating $1.8 billion in
the black in the new 1858
fiscal year starting July /.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16
Budget Policy

Today. almost IL years after
World War II. the United States
has demonstrated that it is pos
sible to sustain a high employ
ment economy independent OF
war and continually unbalanced
Federal budgets. Adjustments to
changing economic circum-
stances have been and are being
made successfully. Productivity
and living conditions have i'm
proved. With sound public and
private policies. the prospect for
continued economic growth is
bright.
Attainment of that goal is pos
sihle only with prudent manage
ment of the Governments fiscal
affairs. Our Federal budget must
contribute to the Nations f1nan-
cial stability and to the preser-
walton of the purchasing power
of the dollar. Maintaining a
sound dollar requires of us both
self-discipline and courage. AT
a time like the present when the
economy is operating at a very
high rate and is eubject to in
f1ationary pressures. Government
clearly should seek to alleviate
rather than aggravate those
pressures. Government can do its
part. But business and labor
leadership must earnestly CO.
OPERATOR what Government
can do in a free society at a
time like this will not prevent
imitation.
No Tax Cut i'm Sight
For the Government to do its
part in the coming year. taxes
must be retained at the present
rates so that receipts will exceed
budget expenditures and the
public debt can be further re-
duced.
Expenditure and Appropriation
Policy. - While taking present
economic conditions into con-
sideration. the budget must alsG
reflect the general responsible
ties of Government which will
be serving 172 million people in
the Fiscal year 1858. In the face
Of continuing threats to world
peace. our collective security
must be strengthened through
alert international policies ano
a strong defense. Progress to-
ward greater equality of oppor-
tunity for all Of our people as
we'll as toward a balanced devel-
opment and conservation of oul
national resources must go for
ward. Emphasis must continue
upon promoting. through pri-
vate enterprise. the development
and productivity Of our economy
Schools, Roads, Homes Needed
We must move forward in some
areas Of investment while We
hold back in others. For exam
pie. the needs for schools, high.
ways, and homes are so urgent
that I am proposing to move
ahead with programs to help
our States. cities. and people un-
dertake such construction at q
prudent rate. However. in view
of the present active COMPETE
ton for labor. materials. ano
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16

cal manpower from becoming
critical. 1t is also time to enact
the necessary statutory basis for
expansion and Improvement of
voluntary health insurance plans
under which smaller insurance
companies and profit as
sociationS could pool their
resources and experience.
In the welfare field. additional
funds are likewise provided in
the budget, and the Congress IS
urged to enact new program
of grants to the States to help
fight juvenile delinquency.
Social Legislation Mapped
! In recent years, a succession
OF legislative enactments has
moved a long way toward the
goal of universal Social Security
coverage. but there are a num-
Der of collateral steps which will
add much to the meaning of
our Social Security system as a
whole. In part, these steps can
be taken by budgetary action,
! for example. by giving particular
attention TO the needs of the
rapidly increasing number of
older persons in our society.
Other steps will require legisla-
ton. First. the unemployment
insurance system should be ex-
tended and improved. Similarly,
congressional action is recon-
mended to extend the Fair Labor
Standards Act to additional
workers. The Federal 8-hour
laws should be revised and
brought up to date and legisla-
ton should be enacted to assure
equal pay for equal work. A
modest program of grants under
which the States can increase
their efforts to improve occupa-
tional safety should be initiated.
Likewise, legislation should be
enacted to require the registra-
ltion of employe pension and well
fare funds to protect the in
terests of beneficiaries.
OF particular Importance are
recommendations to protect and
foster the initiative of the small
businessman. The Small Business
Act should be extended. In order
that small business may have
better opportunity TO secure
adequate financing, issues OF
securities up to 100000 should
be exempted from the regular
registration provisions of the
Securities Act of 1888. Similarly.
the Congress should enact legis-
lation providing for notification
to the Federal Government of
proposed business mergers, and
should amend the procedural
provisions of the antitrust laws
to facilitate their enforcement
Wage reporting for income tax
and Social Security purposes
should be consolidated and
simplifled.
Aid to Labor Surplus Areas
I repeat my recommendation
of last year for the prompt en-
actment Of appropriate authority
under which communities can be
assisted in solving basic problems
of persistent unemployment.
We should not let another year
go by without taking the neces-
sary action 10 place the Post
Office on a pay-as -you-go fiscal
. basis. The case for adjusting
postal rates needs no further
justification. =.
) Recommendations concerne,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16

To the Congress OF the United
States:
I am presenting with this mes
sage my recommended budget fol
: the United States Government
for the fiscal year 1858. which
begins next July /.
This is the fourth budget
which have transmitted to the
Congress.
In my first budget message
that for the fiscal year 1866
emphasized the administration
determination to chart a course
toward two important fiscal goal;
balanced budgets and tax re-
auctions.
Reductions in spending evi.
denced in the 1855 budget made
possible a large tax reduction
and tax reform program.
The 1856 budget was balanced
The 1857 budget will be bal
anced.
A balanced budget is proposed
for 1858.
I believe this policy of fiscal
integrity has contributed signif1-
cantly to the soundness of oul
Nations economic growth and
that it will continue to do SC
during the coming fiscal year.
Detectives Outlined
This budget is for the first fies-
cal year of my second term in
Office. In making plans for the
coming year, have been guided
by the following national OBJ
jectives:
l. Peace, justice. and freedom
for our own and other peoples;
2. Powerful armed forces to
deter and. if need be. to defeat
aggression;
3. A healthy and growing
economy with prosperity widely
shared;
4. Enhancement of individual
opportunity and the well-being
of all our people;
5. Wise conservation, develop
ment, and use of our great rat
ural resources;
6. Fiscal integrity:
Z. A well-balanced choice of
programs at home and abroad;
and
8. Increasing international
trade and investment essential
to the growth of the economies
of the United States and the rest
of the free world.
We have made considerable
progress toward these goals. We
will continue this progress in the
years ahead.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16

IcreaSlng quantities and varieties
are much more costly to produce.
operate. and maintain than the
weapons they are replacing.
furthermore, we are now en-
gagged in the development of a
whole new family of even more
advanced weapons for all the
services. During the transit
ton, we must continue to pur-
chase enough of the current
types to preserve our readiness
until the effectiveness of the ad-
vanced weapons is mon
strated in tests.
The introduction of new equip
ment and weapons with vastly
greater combat capability is also
having a powerful impact on
concepts of military strategy.
tactics, and organization. The
combat power of our divisions.
wings. and warships has in
creased to such an extent that it
is no longer valid to measure
military power in terms of the
number of such units.
Nuclear Expansion Set
Our nuclear weapons and our
ability to employ them constitute
the most effective deterrent to
an attack on the free nations.
We shall continue to expand our
nuclear arsenal until an agree
ment has been reached for re-
duction and regulation of arma-
ments under safeguarded in
Spection guarantees.
At the same time. we are in
creasing the portion of the
production of fashionable ma
terials allocated to peaceful uses
at home and abroad and we look
forward to the day when all pro-
duction may be used for peace
full purposes. :.
World events continue to DEM
onstrate the value of our pro-
grams of mutual assistance. Con-
tinued assistance, both military
and economic, to friendly nations
will provide the essential margin
beyond their own resources need
ed to support and strengthen
their defenses and their econo-
mics. The intensified world wide
conflict of ideas also requires a
further increase in our programs
Of international information.
Civil Rights - During the
past four years, the Government
has acted aff1rmatively to adj
vance to everyday well-being of
our people by helping to improve
their economic opportunities,
helping to provide safeguards
against economic and physical
hazards. and helping to build
needed public assets. The Gov
lernment's leadership in assisting
the people to satisfy their own
needs has been so exercised that
steady progress has taken place
without paternalistic interfer-
ence.
In the fiscal year 1858 we shall
continue to move forward with
many civil benefit programs al
ready established by law.
/ To aid agriculture in its adj
justments to new technologies
and to changed world production
and consumption patterns. the
soil bank program will help re-
duce the production of surplus
crops. Additional marketing re-
search and service activities will
develop new markets and new
uses for our farm products.
Watershed protection. aid to low
income farmers, and assistance
in overcoming the problems of
drought, wind erosion. and floods
will be expanded.
/ Increased expenditures will
be made for sound programs Of
health research and grants for
hospitals. clinics, and diagnostic
and rehabilitation centers. =.
Observation-Disclosures for in
terest are estimated to rise 500
million to STA billion in the
fiscal year 1858, despite reduc-
tons in the public debt in 1856,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16

with proposed legislative change
III our housing laws will be foun
in the section of my bulge
analysis carrying the headin
Commerce and Housing"
The analysis included the
following:
Aids to Private Housing.
The Government encourages
private housing primarily
through insurance of mort
cages by the Federal Housing
Administration and guarantees
of loans by the Veterans Adj
miniStration. Increased de-
mands for credit for other pur-
poses last year made these in
Sured and guaranteed mort
cages unattractive to many
private lenders at the maxi
mum interest rates then per-
mltted. AS a result. many
potential buyers we're unable to
borrow for the purchase of
homes, and as the demand fell
off, builders curtailed the num-
Der of new homes begun. To
bring interest rates on insured
mortgages into line with mar
ket rates of interest. the Fed
eral Housing Administration
has permitted adjustments in
all rates which were not al
ready at their statutory CELL
ings. Legislation is recon-
mended to permit similar in
terest rates on loans guar
anteed by the Veterans Ad-
ministration, so that more
veterans may obtain these
loans. Legislation is also
proposed to adjust the inter-
est rate on direct loans so as
to keep it the same as on
guaranteed loans, in conform
ity with past practice.)
Farm Law Changes Asked
With respect to farm legisla
ton, certain changes are bein
recommended in the corn pro
gram. Farmers who use all tn
wheat grown on their own farm
for seed. feed, or food should b
exempt from marketing quota
and penalties. The basic author
ity for disposal Of surplus farr
commodities for foreign curren
cies should be extended ia
! year and an additional 81 bill
lion of authorization for loSse
under this title should be pro
vided. Legislation should ais
be enacted authorizing the bar
ter Of nonstrategic Government
owned agricultural SURPRISES
the nations Of Eastern Europe.
;. I urge once again tn
prompt enactment of leeislatio
which will enable the Fryingpan
Arkansas multiple-purpose dar
project to get underway in TIL
fiscal year 1858.
I also recommend promr
action by the Congress to dc
eide how the Niagara power prof
ect can best be developed.
Gas Bill Urged Again
In returning the Harris-Fu.
bright natural gas bill TO III
saith Congress without my ar
proval ! stated that legislatio
conforming to the basic objeC
tives Of that bill was needed.
am still of that opinion. It
essential that consumers {
natural gas be protected. W
must endeavor 70 make sur
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16
Airborne Post Digger

RUIDOSO. N. NJ. (PJ.-The
Mescalero Apaches took to the
air to build fence high in the
White Mountains. They solved
the problem of getting steel
fence posts into place by hiring
the pilot of a light plane to fly
them in and drop them at corr
rect intervals along the strip
the fence was to be built.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-16
Where Money WiIIGo


The following official table by functions
end then by Government subdivisions the
Esenhowers budget today projects the spending of 8O7
10000 in the fiscal 1858 beginning July together
comparative figures for the current fiscal year d957
the one ended June 80, 1856 Tin millions of dollars: