davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
Noyes to Leave
Washington Cos
For Houston Post

Howard B. Noyes. senior vice
president and a director Of
Washington Gas Light Co and
resigned effective March 81. to
join the executive staff Of Co
lumbia Gas System Corp. Of
New York.
He will have headquarters in
Houston, Tex. and will be en-
gagged in activities related to
exploration and procurement OF
natural has reserves.
Mr.. Noyes Joined Washington
Gas Light in 1910 as general
superintendent after serving in
various executive capacities
with other gas utilities. He
became senior vice president
in 1858.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
1858 Increase Predicted
In Housing Expenditures

Expenditures for housin g
promise to show a substantial
increase this year, contrary to
the current pattern in other
lines, reported j. c. O'Malley
Of Washington, president of the
National Retail Lumber Dealers
Association at Hot Springs, Va,
today.
In a talk before the Virginia
Material Building Association
at the homestead. Mr.. O'Malley
said a freer flow of mortage
money and new regulations
governing FHA-insured loans
are stimulating a larger num-
Der Of new housing starts.
IAN increase Of at least II
per cent over the number OF
units started last year seems
likely"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14

when he took notes or bonds
from his company.
Here are some things you
should do. II possible, TO protect
yourself against this second
circuit test when you set up
your corporation with both
stock and bonds or notes:
Stay away from o too-heavy
debt structure-about 3 or ( to
! should be okay:
Have the debt secured, II
possible. by mortgages and
other prior liens:
Accumulate evidence to show
that outsiders would have
loaned the money on the same
terms without . personal
guarantee Of the stockholders) !;
Avoid agreements with your
fellow stockholders to make the
loans in proportion to your
stockholdings.
distributed 1858 By Han syndicate,
Inc. All RightS Reserved
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14

loan-regardless Of the ratio Of
notes and bonds to stock.
For the average small busi-
nessman who sets up q corpo-
ration, this new test spells
major danger. What loan to
establish a small business isn't
risky? How many small busi-
nessmen really look on their
investment in their corporation
as a loan they reasonably ex-
pect to be repaid no matter
how the firm makes out? And
even If a small businessman
says he does have reason
able expectation Of repayment.
a Treasury agent can retort. -
don't think you do" Since
there's no objective way Of
measuring what the business
man thinks. this kind Of test
can lead to endless disputes
with the Treasury about what
the taxpayer honestly expected
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
Ford Leads Field
In New Car Sales

DETROIT, Feb. IA (R.-
Ford Motor Co. said today its
Ford division sold 1899 more
new cars in 1857 than its near
est competitor, General Motors
Chevrolet division.
Ford said final new car regis
tration figures for 1857, COM
piled by r. L. Poek Co., auto
industry statisticians, gave
Ford 1,493,617. registrations tc
ass, 288 for Chevrolet. The
figures cover the sales of 1851
and 1858 models produced last
year.
Ford said Polk placed the
total new car registration fol-
1857 at 5.982. 342 units, and said
its Ford division gained Is per
cent of the 1857 automobile
market,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
Clerks to Replace
Bosses for Day in
Grand Union Co.

rlICeeu young men Will as
sumo the managerial reins in
Washington headquarters Of
the Food Fair Super, Markets,
division Of the Grand Union
Co., next Tuesday as part of
the parent company's observ-
anee of annual Clerks Day."
At Grand Unions head
quarters at East Paterson, N. j..
Clarence Wayne Irons. jr., of
Clarendon, Va, will take the
place of President L. P. Shields
for the dya and Donald How
lett Of Hagerstown, Md, will
replace D. A. Windsor, gen.
eral manager of grocery mer-
chandising. They have been
selected by fellow clerks in Is
markets comprising the Food
Fair Super Markets division as
most likely to- succeed"
In division headquarters here
Gus 10y of store No. 10 will
replace T. j. Streithorst, execu-
tive vice president and general
manager. for the day, and Floyd
Potter of No. 3 will replace
s. L. Seleznow, vice president.
Jack Muller Of No. Z
will replace Earl r. Red
ner, superintendent Of stores:
Jack Rosenblum of No.
Is will replace A. L. DeFeo,
director of meat operations:
Thomas Corbman Of No. 1S
will replace Rod Renne, direc-
tor of distribution; Bucky Bass
of No. 16 will replace Bob Ibach,
personnel manager. Other re-
placements will include: Will
liam Seekford. Jerry Ricucci,
James Wilson, Ben Brown,
Richard Burgan. Joseph Creech,
Dallas Thompson, Eugene Spru-
i'll and Don Dyson,
Clerks also will take over for
division managers and in the
stores will take departmental
and general managerial posts.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
Two Promotions Listed
BY C&P Telephone Co.

Harold D. Fangboner has
been appointed vice president
public relations for the Chesa-
peake & Potomac Telephone Co.
and John M. Howard has been
named general commercial
manager. effective Febr,Cry Is.
Mr.. Fangboner startt.t with
the company in 1880 and be-
came commercial manager and
then district commercial mana
ger. He became general COM
ri1ercial supervisor in Maryland
in 1851 and general commercial
manager of the Washington
company in 1852.
Mr.. Howard started with the
company in 1928 and served as
commercial supervisor, district
commercial manager and divi-
sion commercial manager. He
was named general traffic
manager in 1852 and assistant
vice president merchandising
of. the four cap companies
in 1855.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14

really debts for tax purposes.
Was your loan" to your corpo-
ration made with reasonable
expectation of repayment" re-
gardless Of how the business
made out? If so. it's a true
debt. But If you know you are
making q risky loan on the
chance Of repayment If your
firm succeeds. it isn't a true
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
1900 TO Attend
.5Oth Banquetoi
Alb Chapter

A record attendance Of
around 1900 is expected for
the 50th annual banquet Of
Washington Chapter. American
Institute of Banking, at the
Sheraton-Park Hotel Saturday
night. reported Clayton E.
Doing, assistant cashier Of
American Security & Trust Co.,
chapter president. yesterday.
Controller Of the Currency
Ray M. Gidney, Chairman Jesse
Wolcott of the Federal Deposit
Insurance Corp. and Mrs. Ivy
Baker Priest, Treasurer Of the
United States. will be among
the distinguished guests.
National Heads Coming
There will be no speeches,
but a special feature will be
presentation Of the w. w. Spaid
Memorial Award for scholar
ship. The winners name will
be announced at time Of pre-
sentation.
George Clark of Los Angeles,
national ALB president. and
Gerard E. Hayes of Boston. ma
tional vice president, both will
attend with Marshall S. Tyn-
dali Of Wilmington, DEL. ma
tional executive councilman for
Abs district four. and Mrs,
Nancy Lockhart. Of Lynchburg,
Va, national women's COM
mittee representative.
The unusually iarge group OF
ALB national officials will at
tend because of the 50th ami
versary and also in tribute to
Ralph Mittendorff, vice presi-
dent of American Security &
Trust Co. and a past president
of Washington chapter. who
has been nominated for cleo
ton as national ALB vice presi-
dent at the Kansas City con-
vention in May.
Unopposed for the honor,
Mr.. Mittendorff is expected to
be placed in line for the Alb
presidency next year. a position
never previously held by a
Washingtonian.
Round of Receptions
Most senior bankers of this
area, many of whom were
trained in chapter courses and
served as chapter leaders in
past years. will attend. Many
directors also will be there.
Some 20 Washington and
suburban institutions will have
individual suites throughout
the Sheraton-Park and after
dinner, bankers and their
guests will begin their usual
tour Of these many receptions
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14

expended in 1855. The program
started in November. 1854.
1.-The increased purchases we're
due to the prevailing tight
mortgage market last year."
commented J. Stanley Baugh-
man. In releasing the results
inIthe annual report last night
FNNEA also executed standby
commitments to purchase more
than 10000 mortgages totaling
$l32 million during the year.
As q result Of 1857 purchases,
FNMA's secondary mortgage
portfolio increased to around
$4,000 mortgages valued at
$l.636. 100000.
Three out of four mortgages
purchased were VA-guaranteed
and IS per cent were FHA-
insured. The year-end portfolio
included 36.S40 FILA mortgages
and 111,020 CT liens covering
properties in A States, the Dis
tfict of Columbia. Puerto Rico
and Hawaii.
Nine Issues Marketed
In order to finance secondary
market operations, FNMA mar
keted nine debenture issues to-
falling $1,515. 100000 during the
year. At the year end it had
$1,315. 100000 Of debentures
outstanding.
Subscriptions to FNNfA COM
mon stock advanced to $780,
O22,914 at the years end, COM
pared with $14.6S2.838 at its
start. The 317.174 common
shares at the year end were held
by 3.847 different stockholders.
Net earnings fer the year
amounted to $6,409.335 after
expenses and after provision for
reserves and tax equivalent
totaling $7.442,512. Preferred
stock dividends Of $2,078,667
and common stock dividends Of
$482,709 were paid out, leaving
$3.847,9 59 for transfer to gen.
era surplus.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
Unlimited Opportunity
Seen for Accountants

Accountants have an un-
limited opportunity for service
to the Nation and their COM
munities as complexities of
modern business and Govern
ment increase, declared John
L. Carey, executive director of
the American Institute Of Certi-
fed Public Accountants. here
last night.
However. various branches of
accounting should study their
particular functions and at
them together in a more suffi-
cient unified way to give the
public greater service and pro-
lection in financial matters, he
told a joint dinner meeting of
the District Institute of CPAs
and Washington Chapter, Fed
eral Government Accountants
Association at the Shoreham
Hotel.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14

danger when you establish your
corporation and finance 1t.
The whole trouble stems from
the fact that a business run as
q corporation is, for tax pur-
poses. entirely different from
the same business run as q
partnership or proprietorship.
Let's say you have q valid
reason for setting up your bust
ness as a corporation: so you
organize one and put in $10.-
600 Of your own money. The
business prospers and earns
$4,000. You then decide to
take back from the corporation
the $4,000 you invested. let
ting the firm use its $4,000 of
profit for capital. After you
pay yourself back the $4,000,
you find that the Treasury
taxes you on that full amount
as ordinary dividend income.
You scream that this isn't in
come; you're only getting back
what you had invested. But
you are wrong and you'll have
to pay up.
Avoid Tax Trap
To avoid this tax trap, bust
nessmen in the know have been
capitalizing not with stock
alone, but with a combination
Of stock and bonds or notes.
The reason is that bonds or
notes normally represent a
debt-and when a corporation
pays of a debt, that repay
ment will not be taxable as in
come. (For instance, If you had
arranged the $4,000 invest
ment in your corporation SO
that you received 5000 Of stock
and $4,000 of notes, the COM
pany could have repaid you the
$4,000 Of notes without having
it taxed to you as income. And
until the $4,000 was paid back,
the company could deduct in
terest payments to you on the
$4,000.
Capitalizing with bonds or
notes was so simple a device to
get back money from a corpora
ton without dividend tax that
people began to push it to silly
extremes. AS an instance, a
businessman might have set up
that $4,000 corporation with
shares worth $40 and notes Of
$500 to be able to get back
the greatest possible amount
free Of tax.
The inevitable then hap
pened. The Treasury cracked
down with the help of the
courts and set up a rule Of
thumb limit. If the ratio OF
the notes or bonds was higher
than about 8 or 4 of bonds or
notes toll Of stock, the notes or
bonds would be treated as stock
for tax purposes. If these ratios
were not exceeded, the notes or
bonds generally would be ac-
cepted as debts for tax pur-
poses.
This relatively simple rule
for safely capitalizing a cor
poration to produce the maxi
mum possible tax-free return
of money was pushed aside last
year by the important Second
Circuit Court.
Court Sets Up Test
The court set up a much
more subjective test for decid-
ing whether your notes and
bonds from the corporation are
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14

Act, is no more practical under
current conditions Of interna-
tional tension than total dis
armament, DR.. Lloyd told men,
bers of the Hardwood Plywood
Institute at a Shoreham Hotel
dinner.
IF we really want free trade,
we should start with Canada,
where wage standards and
other conditions most nearly
approximate our own" declared
DR.. Lloyd. who is an outspoken
opponent of the Trade Agree
mentS Act.
Spokesman for the plywood
institute said their organiza-
ton is planning a stiff fight
against the Administrations
proposal to renew the act for
five more years. The President
has asked Congress for new
authority to reduce tariff levels
another IS per cent.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
Foe of Trade Act Fears
Worldwide Free Trade

. Free trade through removal
Of all tariffs would be practical
for the United States and
Canada. but not with the rest
Of the world included, DR.. Lewis
e. Lloyd, economist Of Dow
Chemical Co., said here last
night.
Free trade on a worldwide
scale, the apparent goal of pres
ent United States tariff policy
under the Trade Agreements
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14

If you're a small businessman
setting up a new corporation.
you must face the danger Of a
major tax blow as a result Of a
court decision in 1857.
And you must know how to
protect yourself against this
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14

This Is the last Of q series Of 10
columns by Sylvia Porter on some Of
the significant tox IoUA changes in
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
Virginia and Southwestern Railway Company
@ % ::;: ::;;; (: :. :: :..
Guaranteed by SOUTHERN RAILWAY COMPANY

COMPANY Hereinafter called the Som
ymtsh for Of
%
o semi
%) specified bid and
and provided
Internationally
eipa md fund
dmuNbe in
Southern Railway the Bonds
20 N Railway Building 18th N W.
d.
the bid "Bd No for
a
N Standard March 1858
President
the
fo by
100000 All
al les
the the Bonds accrued from March IS 1858
determined
provided in Specifications for Bids
eMeg o
mii
application exhibits
VIRGINIA AND SOUTHWESTERN RAILWAY COMPANY
By CHARLES DAWSON Vts PxGdeH
DatdF etrayS
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
.ODD-LOT DEALINGS

NEW YORK, Feb. IA R.-The New
York Stock Exchange reported today
these odd-lot transactions BY principal
dealers for February 13: Purchases OF
1O7,250 shares Sales of 179,160
shares including 4,42S shares sold
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
'' 3 BUSINESS
EMMA Exceeds Billion
Sex
In Mortgage Buying
By DONALD b. HADLEY
star Financial Editor

The Federal National Mortgage Associations secondary
market operations had its biggest in 1857 with
more th 81 billion invested in S6597 residential MORTGAGES
almost double the $575 million used for this purpose In 1856
The record nearly IL times the $50 million
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
MUTUAL FUNDS

=. NEW YORK. Feb. IA LR.-National
Association Securities Dealers, Inc.
80 (NOon 0uOtati0nsl
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
sos YOUR
MONEYS WORTH
tY SYLVIA PORTER
Your Income Tox-X
! ~ SYLVIA PORTER
I'm collaboration with the

the Research Institute Of America)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-14
Court Sets Up Test

The court set up a much
more subjective test for decid-
ing whether your notes and
bonds from the corporation are
The Republican. [volume] (Oakland, Md.) 1877-current, 1958-12-25

In compliance with the provisions
of Chapter 526, Acts of 1888, The
State of Maryland, Dept. of Forests
and Parks. has made application
for a permit to use a minimum of
500 gallons, a maximum of 10000
gallons, and an average of 1000
gallons of water daily during IL
months of the year from one well
having a diameter of 6 inches, and
depth of about $50 feet, located on
the premises of the applicant at
Big Run Recreation area, Election
District No. 4, Garrett County, Md
The water will be used for the
following purposes: domestic drink
ing, bathing, sewage disposal and
laundry.
A public hearing on this applica-
ton will be held at the Department
of Geology, Mines and Water Re-
sources, Room 102, Latrobe Hall,
The Johns Hopkins University, Bal
timore 10, Md, at 200 p. M, on
Thursday, January Is, 1859
Objections to the granting of this
permit may be presented orally or
in writing at this hearing.
Department of Geology,
Mines and Water Resources
ADV. 1927
The Republican. [volume] (Oakland, Md.) 1877-current, 1958-12-25
NOTICE

Notice is Hereby Given, That the
following named person has filed
an application with the Board of
License Commissioners of Garrett
County, Maryland, for a Glass ID
License to sell BEER in Garrett
County, Maryland, under Article
2B, Annotated Code of Maryland
Name of Applicant and Loca-
ton of place of business is as fol
lows:
Applicant: Isadore John Skew
eris.
Location: SkeWcris Place, Route
SO, German, Maryland.
Notice is hereby given that a
hearing viii be held on said appli-
cation on January 6, 1859. at 800
D. m, EST, at the office of the
County Commissioners of Garrett
County.
Date Of first publications Deem
Der Is, 1858.
The Board of License Commits
sioners for Garrett County, Md.
VIRGINIA S, FIZER, Clerk.
ADV. 42-2t*
The Republican. [volume] (Oakland, Md.) 1877-current, 1958-12-25
pE 4.22e1 on DE 4-34e1

This space could have been used
by you in describing the kind OF
property you have to rent. Use it
next week at little cost.
FOR RENT-Two 4-room Apart
ments. Roy Broadwater, VA 6-8295,
Accident. ADV 3S-tf
FOR RENT - Five rooms and
bath in Loeb Lynn. Call DE 4-4773,
j. Edward Helbig. ADV. Aft
FOR RENT-Epworth Cottage on
Cozy Row, Mt. Lake Park Call DE
4-2457 after 5 p. m. ADV. 41-tf
FOR -Five-room Apart
ment with bath Bernadine War
nick. corner 18th and Alder SITS. =
Adv. 29-tf
FOR RENT - Furnished Apart
ment Private bath, private en-
trance. Apply Wards Restaurant.
Adv Aft
The Republican. [volume] (Oakland, Md.) 1877-current, 1958-12-25
JENNINGS

Services for Sunday at Zion Lu-
thcran church. Worship, GAS a. MI;
Sunday School II a. m.
Services Sunday at the Mctho-
dist church. Sunday School al 9:45
m; Worship. 100 p. m.
Mr. and Mrs. Edgar Smith, Iona
coming, visited Mr. and Mrs. Elmer
Hetfick, recently.
Mr. and Mrs Howard RodchcaVcr
and daughter Cumberland. were
Sunday guests of Mr. and Mrs.
Garland burst and family.
Mrs. Elmer SWauger and Mrs.
Clyde Yommer called on Mr.. and
Mrs. Paul Rcsh, Tuesday of last
Weel
Mr. and Mrs Robert Glotrelty
were business visitors in Salisbury,
Wednesday Of last week.
MI and Mrs Haywood Bethel
are the parents of daughter, born
December a. They reside in Ak
ron, o. Mr. Bethel is the son Of
MIR and Mrs. Warren Bethel
Recent guests at the home Of Mr..
and Mrs Robert Glotfelty we're
Mrs. Clark Bittinger and Mr.. and
Mrs. William Glotrelty McHcnry.
Mr.. and Mrs Howard Mckenzie
and Ellen Ann were shopping in
Cumberland. Saturday Of last week.
Mrs Darrell Stahl. Grantsville.
visited at the home Of Mr.. and
Mrs. Paul Resi-, Thursday after
noon
Shopping in Meyersdale, We'd
nesday, were Mrs. Paul Resi- and
Mrs Clyde Smith.
Mr.. and Mrs. Joe Resi- we're
The Republican. [volume] (Oakland, Md.) 1877-current, 1958-12-25
Classified Advertising



WILL CARE FOR elderly female
patient in private home, Write Box
101. Mi Lake Park ADV 41-3t'
IF IN NEED OF TIPPING or
small sign cards lettercd call DE
4-465l for further information. -
ADV. 42-4t
WHEN YOU HAVE TAX prob
lens contact d. r. Fleming Tax
Service, Mt. Lake Park, Md, tcle-
phone Oakland, DEerfield 4-2575.
ADV. 19-tf
CITRUS PULP. FEEDING MO-
LASSES. Valuable ingredients in
the dairy ration Economical too.
Get them at Eastern States Farm
ers Exchange, Oakland Md, phone
DE 4-3444. ADV. 42-3t
FINANCIAL RESPONSIBILITY
Insurance SR22 filings promptly
made on suspended or revoked Ii
censes. Ray Teets Insurance
Agency. DE 4-2137, Oakland, Md
ADV 38-tf
FOR BETTER RESULTS try our
crimping service for your oats and
barley. Also grinding and molasses
blending. Supplements and ingrcdi-
ents in stock. We make Chcck-R-
Mix feeds. Grange Supply Center.
ADV. 37-tf
HOOK UP on the cable for
better TV reception in Oakland.
installation charge only SIS which
can be spread over many months,
plus $3.50 regular monthly cable
charge. Ask about our budget
deal. Call Ace Radio and Electric
Service today, DE 4-2679. ADV
44-tf.
The Republican. [volume] (Oakland, Md.) 1877-current, 1958-12-25

FOR SALE = % acre Farm,
Cranesville-Terra Alta road Fanny
Lashuk. ADV 42-2t*
FOR SALE-194O Dodge, good
condition, fully equipped. Phone
DE 4-4186. ADV. 41-4t#
WORLD BOOK Encyclopedia.
Mary r. Martin, Mt. Lake Park,
DE 4-3141-AdV. 37-12t.
FOR SALE = Maytag washing
Machine. Apply at Cee-Dee Restau-
rant, Oakland. ADV. 37-tf
FOR SALE-One Easy mangle,
good condition. See Mrs. Jim Nal
ly, So Alder St.-Adv. 27-tf.
The Republican. [volume] (Oakland, Md.) 1877-current, 1958-12-25

FOR SALE - Bendix clothes
Dryers. $14995. Dewitt and De-
Berry. ADV. 41-3t
MONUMENT, and MARKERS
now on display at "a High street
Telephone DE 4-3l15, Porter E. De-
Witt. Oakland Memorials. - Adv.
44-tf
FOR SALE-House, 8 rooms
with bath, hardwood floors, hot
water heat, with stoker, pear
garage, located in Friendsville.
Priced for quick sale at 100000.
Phone SH 6-2731. ADV. 39-tf
The Republican. [volume] (Oakland, Md.) 1877-current, 1958-12-25
WANTED

WANTED HOUSEKEEPER be-
tween 80 to so years to live in a
Baltimore suburban home with a
young family. Must like children
ages 2 to II years Good salary,
private room and bath. 5l2 days
Near all churches including Men
MONTE Please write to DR.. and
Mrs David Bodian. sos Rolandvue
ave, .RuXton 4, Md. ADV. 39-tf