davidaulloa/AmericanStories huggingface dataset:
Evening star., 1961-03-14
Oldest Director
81 Years Old at
Enterprise

P. F. Hannah, who ranks as
the Oldest officer and director
Of any savings and loan asso-
citation in this area, recently
celebrated his 91st birthday and
was honored by his associates
at Enterprise Federal Savings
and Loan Association. -
Directors approved a special
resolution paying tribute to
Mr.. Hannah, who became a
board member in April, 1906,
and President Martin A. Cook
praised Mr.. Hannan's long
service.
Mr.. Hannah was elected as
sociation treasurer in 1912 and
continues to serve in that
capacity.
Mr.. Hannan's birthday on
March 8 came only one day be-
fore the 68th birthday of the
association, which was founded
on March 8, 1892. Mr.. Hann.s
was christened Patrick on st.
Patrick's day, March II, 1870.
Enterprise also marked the
birthday Of Francis j. Hayes,
its executive vice president and
secretary. on March 8.
He started with Enterprise in
1925 and became assistant Sec
retary in 1884. He became vice
president in 1851 and executive
vice president and secretary in
1859. He became a director in
1945.
Evening star., 1961-03-14

<c~~s Wv 4FSSNSN~SN W 1A"SNf sNS(
be put to personal rather than
business use.
Here again, the Treasury
wants this information on the
face of the return so that it's
agents can check whether the
deductions honestly stand up
as business expenses. So the
business returns ask for a YES
or NO answer on whether de-
ductions were claimed for such
items as hunting lodges, fish
ing camps or yachts; vacations
for partners. customers or en-
ployes or members Of their fam
lilies: apartments, hotel rooms,
ETC., used for non-buSiness pur-
poses by partners, customers,
employees or members Of their
families; cost Of having men,
bers Of the employees families
at conventions or business meet
ingS.
A YES" answer will make
your return an odds on favorite
for a thorough examination.
And this is only part of the
story, for the Treasury isn't
relying solely on business re-
turns to give it information on
expense account fringe bene-
fits.
It's stepping up its own au-
diting and checking job too.
Tomorrow's column will cover
this phase.
Distributed 1861 By The Hall Syn
dicate, Inc. All Rights Reserved.
Evening star., 1961-03-14
BUSINESS BRIEFS

Business Failures in the week
ended March Q totaled 31S
compared with 400 in the pre-
vious week and 200 in the like
week a year ago.-Dun & Brad
street.
Budd Co., q major supplier
Of automotive parts and bodies,
announced 1t plans to spend 81
million on Detroit facilities this
year. Budd also announced 1t
was transferring its automotive
division headquarters from
Philadelphia to Detroit.
Southern Railway announced
it expects to increase its 5000
miles Of track to 10000 miles
with purchase in the near fu-
ture Of ,71%. interest in the
Central Of Georgia Railway.
Pan American World Air
ways has informed the Civil
Evening star., 1961-03-14
Steel Output
Slides Again

NEW YORK, Mar. IA (AP)
Steel production dippe d
slightly last week for the sec
ond week in a row. But tonnage
was still near its eight month
high.
Output has gradually built
up since the first Of the year,
reaching an eight-month peak
of 1,582,000 tons during the
week of February IL. Since
then the total has fallen.
The American Iron and Steel
Institute estimated production
for the latest week at 1,573, 600
net tons or four-tenths Of one
per cent under the previous
weeks 1880, 900. Both figures
are a bit above so per cent OF
the industry's estimated 1851
capacity.
Output for the first 10 weeks
Of the year, however, was far
below the comparable period In
1860. The figures were 15,141,-
900 tons and 26,919.000 respec-
lively. This was a 43.8 per cent
drop over last year.
The steel making rate is one
Of the barometers economists
scrutinize to assess the condi.
ton Of the economy.
Evening star., 1961-03-14
Sonnobend Backs
Murchisons in
Allegheny Fight

NEW YORK, Mar. IA (AP) l..
"A. M. Sonnabend, Boston
financier, has thrown his sup
port to the Murchison brothers
drive to overthrow the Alle-
ghany Corp. leadership of Allan
P. Kirby.
Mr.. Sonnabend's move was
no surprise. He launched an
abortive move to replace Mr..
Kirby a year ago. His record
and beneficial ownership Of
Allegheny stock was put at
135, 900 shares of common.
He has criticized the Kirby
management since January,
1858, as backward" in invest
ment policy and blind to op-
portunities" in new fields.
A quick reply came from a
Kirby aide, Charles T. Ireland,
jr., Allegheny president, who
discounted Mr.. Sonnabend as
q rejected suitor for the
Studebaker-Packard chairman
ship"
i Mr.. Ireland said the Soma
bend -MurchiSon alliance for "a
combined raid" on the large
poole Of capital represented ir
Allegheny and its holdingI
would have the effect Of so.
lidifying support for the pres.
ent management-rather thar
strengthening the opposition.
The development closely fol-
lowed heavy buying Of Ale
ghany stock by both sides late
last week.
i Mr.. Sonnabend is chairman
Of the Hotel Corp. of America
Of Botany Industries, Inc, and
has been active in several other
firms. He quit the Studebaker-
Packard board a short time ago
Evening star., 1961-03-14
Maryland Planning
New Port Facilities

Gov. Tawes of Maryland has
given tacit approval to State
bond issues of $18 million to
promote the merger of the
Baltimore & Ohio Railroad
with the Chesapeake & Ohio,
the Associated Press reported.
Bills were introduced at An
napolis last night with the
Governors approval to grant
the board of public works au-
thority to make two loans of
$40 million and SO million.
They carry out a previous
recommendation by the Mary
land Port Authority. The au-
thority, upon request of the
Governor, gave its approval to
a move by the Gao to acquire
stock control of the B&O.
At the same time, the au-
thority said in order for Balti-
more to take advantage Of the
move, $18 million should be
spent Immediately for new gen.
eral cargo and ore unloading
facilities in Baltimore.
This would be in addition to
SIS million the authority was
given in 1856 by the State. At
that time, it was converted
from a Baltimore agency to
statewide.
The authority is supported
by a tax on corporations. The
proposed $40 million bond issue
would be guaranteed by the
same tax and the SO million
by the property tax if revenues
of the authority from users of
the port facilities were insult
ficient.
Evening star., 1961-03-14
BOARD OF FNMA MEETS NEW CHAIRMAN
S1OMiIIion Finoncinu
Is Planned by PEPCO

Around $40 million Of addi-
tional funds will be required to
pay for the $57 million con-
struction program Of Potomac
Electric Power Co. this year,
President r. Roy Dunn an
nounced yesterday in his an
nual report to stockholders.
Mr.. Dunn did not indicate
what kind of financing is being
considered to raise the cash,
but reports circulated in the fl
nancial district that equity fl
nancing may be the final an
swer. Pepco recently increased
its annual dividend basis to
$1.44 a share from $1.32 paid
previously.
The company raised funds
for the 1860 program and some
of the 1861 outlay by sale of
first mortgage bonds in De-
cember. 1859, and again in De-
cember. 1860.
In May, 1859, the company
sold 1.207.338 shares Of COM
mon stock through issuance Of
rights to stockholders. Last
November it called the remain
ing $2.5 million Of convertible
debentures for redemption and
more than $2,250,000 of these
were converted into common
shares.
Mr.. Dunn pointed out that
the $57 million outlay this year
will be so per cent ahead of
the $3.50 million program of
1860.
Much Of the current program
includes construction Of q third
unit at the Dickerson, Md,
generating plant, but Mr.. Dunn
said plans also are progressing
for a fifth generating plant in
Southern Maryland.
This will have an initial ca
pacity Of 100000 kilowatts and
is scheduled to 60 into serv-
ice in early 1854.
The report also disclosed ar
agre ment which permits
Evening star., 1961-03-14

Aeronautics Board Of plans to
buy q 800 interest In Royal
Bahamian Airlines, Ltd.
Earnings
Lever Brothers Co. in year
ended December 81 earned
|$11.4 million compared with
$l5.2 million in 1859. The firm
reports no per share earnings.
Newport News S. & d. d. in
year ended December 81 earned
81, ,922 ,038 or $4.89 a share VS..
81. .765, ,458 or $4.81 in 1859.
Metro GOIdwyn-Mayer in 20
weeks ended January 10 earned
"a. .639, 900 or $1.84 a share VS..
$3,019,000 or $1.19 in 1860
period.
Other earnings included:
Fer Year Ended December 81
Evening star., 1961-03-14

Pepco's generating and trans
mission facilities to be operated
on an integrated basis with
Baltimore Gas g. Electric Co
and those of seven other utility
companies in Maryland. Penn
sylvania and New Jersey. The
pact, Dunn explained, will make
capital economies possible BY
permitting reserve capacity re-
quirementS to be met on q
group basis.
e Pepco'S revenues and earn
ings set all-time highs in 1860
Net earnings totaled $16,562,-
$50 or $l.96 a common share
This compared with $14.582,-
335 or $1.79 a share in the pre-
vious year. The share earnings
are based on the number Of
shares outstanding at each
yearend.
Operating revenues Of $685..
! 957,616 for 1860 were Z per cent
higher than $S3,2l5,35l fol
1859.
Evening star., 1961-03-14
CHICAGO
LIVESTOCK

CHICAGO. Mar. IA (AP).-UsDA)
Hogs 5000; active, butchers strong to
mostly 25 hisher; sows steady to %
higher GoSIo ts5T shipping h demans; mixed ss
80 head around 2O5 lbs ct 1880:
mixed l;S and 2-s Ia2-25e y butch
mixed 80 and ss $50 300 lbs iS.2S.
1875; mixed 1-3 and 2:3 3O0-4OO ID
sows 16.0Q-16. IS; mixed 2-3 and So
100000 lbs 1S.00-16.60.
Cattle 5000: calves 100: slaughter
steers fully steady. instances rs higher;
heifers steady; cows and bulls 25 to
fully so higher; .vealers steady: nc
sales stockers and feeders; loads
high choice to mostly prime l,lO0.
l,345 lb steers 27.75-2S.O0: most
choice and mixed choice and prime
900-1 $50 lbs 25 OO-27 .25; mixed good
and choice 900-1 800 lbs "a 25-25.25;
good 23.0O-24. so; few utility to stand.
ard 1900-22;50: choice slaughter
heifers 24.75-25.75: good and mixed
good and choice 81 1.b0-24. so; utilitS
and standard 16.00-2l rs: utility and
s1d ehoice veaiers S aSSGS5S aSSGsi g. ssSis sSiHs
down to 400.
Evening star., 1961-03-14
Bank Branch
Bill Invalid
In New York

NEW YORK, Mar. IA (AP).-
State Supreme Court Justice
Irving Saypol today declared
invalid an omnibus banking bill
that permitted New York City
banks to open branches in
neighboring Westchester and
Nassau Counties.
The law was passed last
March 81.
Its validity was challenged In
q suit brought by the Franklin
National Bank Of Long Island
Evening star., 1961-03-14
Life Policies Gain

NEW YORK, Mar. IA (AP).
Life Insurance Purchases
during January topped January,
1860, by 4 per cent. the Life
Insurance Agency Management
Association Of Hartford, Conn.,.
has reported. Purchases totaled
IS. .074. 100000 compared with
$4,s67, 100000
Evening star., 1961-03-14
Rote Declines Again
On 91-Duy Bill Issue
BY the Associated Press

The Governments short
term borrowing costs fell for
the second straight week with
yesterdays regular offering Of
Treasury bills.
On $1.1 billion of 91-day bills
the average yield was 1852 per
cent. Last weeks rate was
2.485 per cent.
Bids for the $500 million Of
182-day bills averaged 2.455 pei
cent. The rate a week ago was
2.674 per cent.
Evening star., 1961-03-14
METALS

NEW YORK, Mar. II IAP) Spot
nonferrous metal prices today: Copper
.S Sent' c.n Iosns CS GSnpscsegs Net vsrN vAsy lD
l1h cents @ pound, East st. Louis
Tin 1.G3h . pound, New York. Foreign
silver o1A cents per troy ounce. New
York Pittsburgh scrap steel No. 4
$500.
Evening star., 1961-03-14
Southern Oxygen Co.
Declares Dividends

Directors of Southern Oxy-
gen Co. today declared a regu-
lar dividend Of Is cents a share
on common stock, reported w.
N. Howison, secretary-treasurer
The dividend will be paid
March 81 to stockholders Of
record March 81,
Evening star., 1961-03-14

from President Martin A. Cook
Of the league disclosed yes
terday.
The 81 Washington asSocia-
tons borrowings from the
Fed" declined to $39,547, 1893
on February %, compared with
$44,587,393 a month earlier.
The latest total represented
a two months drop of $40, $780,
600 or about 80 per cent from
$59,S97,393 last December 81
It also compared with $50,502,-
953 at the end of February
last year.
Inflow Tops Outflow
Repayments on loans actually
exceeded the outflow of funds
in February and a net inflow
Of receipts, and $20,150,055 OF
million.
Repayments on loans totaled
$15.959,669 and disbursements
amounted to $15,632, 800, COM
pared with $18,141,944 of re-
payments and $17,684,067 oi
disbursements in the previous
month. In February last year
disbursements Of $l9,915,87S
exceeded repayments of $15,-
070,531.
Loan settlements totaled
$l8,691,211 in February, COM
pared with $15,915,390 in the
preceding month and $19,370,-
496 in February last year.
The net In flow of new saw
ings in February totaled $12,-
248,592. including $32,398, ,64S
Of receipts and $20,150,055 OF
Withdrawals. A month earlier
the net inflow rose. $15,622 800
and in February last year, the
net inflow was $9,393,319.
Dividends Questioned
The continuing surplus OF
lendable funds along with the
easing of mortgage rates has
raised the question as to when
District associations will begin
to trim back their dividend
rates.
Despite the prospect of lower
returns on mortgages and the
high cost of attracting savings
which cannot be fully EN-.
ployed, no association wants tt
be the first to cut dividends fol
fear that some customers
might transfer funds elsewhere
The associations invested
capital reached a new high o.
$1,150,508.025 on February q
VS.. $1,137,702,3 1863 a month
earlier and $1,010,751,753 or
the same 1860 date.
Assets totaled $1,314,316,77
VS.. $1,302, ,387,783 a month
earlier and $1,lS3,517, ,004 q yea
earlier. First mortgage loan
aggregated $l,166, ,438,S05 VS.
Evening star., 1961-03-14

Expense accounts are now
really in the hot, white glare
of the Treasury spotlight. They
no longer are a quiet way of
siphoning nontaxable fringe
benefits out Of a business.
On the business tax returns
for 1860, the Treasury has
built in a spotlight which will
pinpoint expense accounts that
tax agents will be eager to ex-
anime. The aim is to find and
knock out any business deduc-
ton for amounts paid to cover
personal rather than true busi-
ness deduction for amounts
paid to cover personal rather
than true business expenses.
Here is how it works.
II the combined earnings
and expense account Of q cor
porate officer, partner or indi-
vidual proprietor totals $4,000
or more, his firms income tax
return must specifically list his
name and separately show his
earnings and expense account.
This information also must be
supplied for an individual pro-
prietor's five top-paid employees
whose combined pay and ex-
pense accounts total $4,000 or
more. "a limit is set on the
number Of partners and corpo-
rate officers who must be listed
by large firms.)
Checking Is Easy
With this kind of informa-
ton on the face Of the busi-
ness return, an agent easily
can identify those officers Of
the firm who get the big ex-
pense accounts. The personal
return Of these individuals
then can be checked to see how
they reported the expense ac-
count received from the corpo-
ration and how they claimed tc
have spent it.
Can you, as a businessman
take the pressure off your ex-
: pense account people by moi
furnishing the information re-
: quired about them on the busi-
ness return?
The Treasury has statec
that no penalty will be imposed
, If you fail to supply the infor'
mation-but it warns that lacl
of the required data where il
might reasonably be expected
: may lead to an examination
of the return. Yet, as a prac'
tical matter, If spotlightinl
the amount as required will
= surely bring an examination
, some businessmen may decide
! in favor Of emitting the in
formation.
Note that the Treasury ha'
defined expense account
J broadly. The term includes an!
& advances or reimbursement
J paid to, and amounts incurred
by or on behalf Of the officer
partner, etc. Thus. liberal U.s.
Of credit cards won't take tht
payments out Of the expens'
account category. All amount'
charged through any type o
credit card still are expense
account payments for the pur'
> poses Of the information re
quired on the return.
Illustration Offered
Also II the firm pays directl,
; for q railroad or plane ticke
5 for an officer. partner, etc.
!; the firms payment is viewed a
:; part Of the expense account o
!; the particular officer, partner
b etc.
- Another sensitive area o
!: fringe benefit expense deduc
9 tions spotlighted by the 1866
IS business returns covers pay
It ments made by the firm 70
Evening star., 1961-03-14
Association Borrowings
Cut $5 Million More
AS Lending Droqs
THE EVENING STAR
Washington, D. c.
TEesday, March ID. 1861
By DONALD B. HADLEY
Star Financial Editor

With the net inflow of savings repayments loans
each exceeding the outflow of funds into home mortgages
member associations of the District Savings Loan League
reduced their borrowings from the Federal Home Loan Bank
System another SIS million February the monthly report
Evening star., 1961-03-14
CHAIN STORE
SALES

Pct.Chg.
Winn-Dixie- 1851 from 80
4 ". to Mar. 4 S59,S77,ll6+ 80
80 ". to Mar. 4 5l7,531 ,234 8
Mercantile Stores
February 9,206, ,000- 81
6rayson -Robinson-
4w. to Feb. 25 4,794 1851 r 40 3
| 80 ". to eb. 25 80, p,700,761 = 8 8
Evening star., 1961-03-14
TREASURY BONDS

NEW YORK (AP)-Noon over the coun-
ter U. S. Government Treasury bonds,
bid, asked, net change and yield for Tues
Evening star., 1961-03-14
FOREIGN
EXCHANGE

NEW YORK, Mar. IA CAP).-Foreign
exchange rates Great Britain and
Australia In dollars, others In cents
-'' Today Prev. Day
Evening star., 1961-03-14

$1,163, ,967, ,784 a month earlier
and ST, 57,133.878 a year ago.
Evening star., 1961-03-14

WASHINGTON, D. {. DISTRICT OFFICE
Thomas IA. Sehorf, District Manager
20Io Rhode Island Ave., NE.
Telephone lawrence 9-4SS4
ShuW Managers.
DoMi@l WI possoa, lock r. SehSlx
Evening star., 1961-03-14
YOUR
MONEYS WORTH
Save on Toxes-H
BY SYLVIA PORTER

I'm collaboration tth Research Institute OF AnpericcJ
Evening star., 1961-03-14

ALEXANDRIA, VA. DISTRICT OFFICE
7. Ed Swoin. District MonoseT
3003 NV. Vernon Ave.
Telephone King s-22Se
SaGH MoWoesVSs
Fred z. HUeks, Arlie D. SipS0
Evening star., 1961-03-14
MUTUAL FUNDS

NEW YORK (AP)
- National Associa-
ton securities Deal
erS, Inc.
Evening star., 1961-03-14

Partially tax exempt.
Evening star., 1961-01-01

THIS WEEK Mese.in. ! JonOory !. 1851
Evening star., 1961-01-01
Americas leading rocket
authority tells you the
truth about our billion
dollar space program =
where we've been, why,
and where we go next
HUNTSVILLE, ALA.

HUNTSVILLE, ALA.
1he beginning of new year and new
Il decade is good time to take stock of where
we stand in the challenge of our lives mans
venture beyond the confines of his home planet
know that most Americans today are aware
of the importance of our space effort. But it
seems to me that many people think of this
effort in the wrong terms. They think Of it as
something the Army is doing, or the Air Force,
or the Navy, or ''the scientists" This is very
mistaken view. Our space effort = the design
ing, building and launching of our space vehicles
and their scientific research equipment has
been undertaken and carried out by you, by all
Americans who pay taxes and vote.
You have by now invested well over one
billion dollars in the space program. You will
invest more billions in the years ahead. You
should, feel, think of yourself as a stockholder
in this huge and exciting enterprise, America In
Space Citizens of democracy alone can share
such feeling = that the marvellous venture of
the exploration of space is their own, undertaken
Evening star., 1961-01-01

In this report to the stockholders" let me
say at the outset that our early prospects are
bright, and the future, even with inevitable
disappointments, looks brilliant.
But before I tell you about where we re going
I'd like to give you quick refresher on where
we've BEEN Here is capsule history of the
Space Age:
1857 Yeor OF Spvsnil: The Russians put the
first Earth satellite in orbit October inaugural
ing the Space Age, and followed with Sputnik II,
carrying the dog, Laika, November 3.
1858 America Enters Space: Explorer I,
launched January 81, successfully went into
orbit, launching America into the space age and
contributing a major discovery, the great Van
Allen Radiation Belt. By the end of 1858, three
Russian and FIVE us. satellites had been orbited.
One, Vanguard |, is still in orbit.
1859 - The Moon Probes: The Russian Lunik
rockets passed the moon january, hit the moon
and finally took pictures of the moons far side.
us. Explorers vi and VII contributed greatly to
our knowledge of radiation, meteorites and other
phenomena in outer space. Altogether ii US.
space vehicles were successfully launched.
1860 Capsule Recovery: First orbital vehicle
ever to return safely was carried aloft by Dis.
coverer XIII. The 300-pound Instrumental cap
sule was recovered from the Pacific by helicopter.
Later similar capsules were snatched out OF the
air by Clio planes over the Pacific. us. Pio-
neer v, deep-space probe toward Venus, main.
tanned radio contact with Earth stations from an
Unprecedented % million miles. On August 20,
the Russians made the first recovery of an orbital
capsule containing animals - two dogs, smaller
animals, insects and plants.
Total satellites so far sent into space: nine
Russian, 81 American. In solar orbit: two Ameri.
can, one Russian. In earth orbit at this
writing: Is American, and two Russian = though
more probably will have appeared by the time
you read this article.
Nm past space efforts may not always have
~ been as spectacular as the Soviets'. The
simple reason is that the Russians, having de-
cided several years earlier than to build inter-
continental ballistic missiles, had larger and more
powerful rockets at their disposal. Our total sci.
entifc achievement has been more solid and our
successful fights more numerous. Each day that
passes we are extracting and DECIDING whole
computer full of vital information about our
nearby space environment.
You may have missed the most important
development Of them all - the organization OF
the NASA - the National Aeronautics and Space
Administration, the team in charge of your space
investment DR.. T. Keith Clennan began assem-
M Director, George c. MarshaN
~ Space Flight Center, NASA, Huntsville, Ala.
Kodiak mirror., 1961-08-11
Nine Gray Ladies Are Graduates

Graduation exercises were held at the Naval Station hospital Aug ust 3, when nine Gray Ladies were capped Eight others were given special awards.
 The nine who graduated were Mrs. Helen Couch, Mrs. Nancy Duggan, Mrs. Patricia Gibowicz, Mrs. Gloria Lubich, Mrs. Villa Mayes, Mrs. Patricia Mccormick, Mrs. Nancy Nystrom, Mrs. Christ inc Santo, and Mrs. Billie Sindylek.
 The special awards were given to Mrs. Estelle Huber, Mrs Carolyn Stalter, Mrs. Helen Vaughan, Mrs. Phyllis Dootson, Mrs. Virginia Se- gal, Mrs Gertrude Gotch, Mrs. Bill lie Routzhan, and Mrs. Edna Mil Ter. These were presented by Cmdr. Edna Daughtry.
 The invocation was given by It. John Sutton, CHG, USN, followed by acknowledgements by MT. Walter Woodward, Field Director, American Red Cross. An address by pr. A. Holmes Johnson followed next.
 After a roll call of graduates, Mrs. Norman Sutliff, Kodiak Chair man of Volunteers gave the Gray Lady pledge. Capping of the gradu ates was done by Cmdr. Edna Daughtry, NC, USN.
 Pins and certificates were handed the graduates by It. Grace M. Watkins, NC, USN. Following a welcoming address by pr. Wm. Wray, NC, USN, benediction was said by Cmdr. Robert A. Vaughan, CHG, USN.