davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28

Some shocked surprise is GER
tain when President Kennedy
delivers his State of the Union,
Economic, Budget and Tax Re-
duction messages to Congress
in January.
The deficit in fiscal 1864 will
run into many billions. With
a tax reduction figured in. il
could be enormous, and OF
course the national debt is go
ing to zoom.
Considering the history of
budgets in this generation, the
only surprise will be the
shocked surprise" Budget def
icits have become traditional,
SURPRISES a rarity.
At the end of fiscal 1861
the year Mr.. Kennedy inherited
a record sized budget,-the def
let was $3.8 billion. the ma
was $295.8 billion.
At the end of fiscal 1852
the first full year Mr.. Kennedy
was in charge-the deficit was
$6.3 billion, the national debt
was $29.8 billion.
For fiscal 1868, to end next
July l, the estimate now is a
deficit of $7.8 billion and the
debt at this date is 5000 bill
lion.
For fiscal 1864 the planned
deficit" with tax cuts could top
the peak peacetime deficit of
SPA billion chalked up by the
Eisenhower administration in
1859.
All this follows a history dis
NAL from an orthodox finan-
cial viewpoint.
In the 10 budget years of
the 1930s we had nine deficits,
only one small surplus, and
that was at the start of the
decade.
In the 10 budget years OF
the 1940s we had eight def
cts, only two SURPRISES, and
just one of the SURPRISES was
substantial.
In the 10 budget years of the
1865 we had seven deficits
only three SURPRISES and none
of the SURPRISES was signifi-
cant.
In the first four fiscal years
of the 1905, we have had three
deficits, only one minor sur
plus achieved by Mr.. Eisen-
hover in his last year of Of
flee. Another deficit is on the
way in the fifth year.
The purpose OF this report
| is not to mourn or moan
though. The purpose is to ask
why deficit on top of def
cit?"
The deficits of the 1930s are
easy to explain. Those wert
years of catastrophe depres.
sion, of the birth of the New
Deal, the start Of a spiral Of
spending on social and welfare
measures.
The deficits of the 1940s alsC
are easy to explain. Those were
years of global war and in cast
you have forgotten, the deficit
in 1943 came to a monumental
$57.4 billion; in 1914 to SSH
billion; in 1945 to $3.50 bill
ion.
But how expain the deficits
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28

costs is recommending now, you need
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Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
Financial General
Earnings Reduced

Consolidated net earnings OF
Financial General Corp.
amounted to $2,405,65S after
preferred dividends in the first
nine months of this year, COM
pared with $2,516,42 a year
ago in the same 1861 period,
reported President George Ohm
stead.
The net was equal to IS cents
a share. compared with SO cents
a share a year earlier. The per-
share total was adjusted to re-
fleet a S per cent stock dividend
last December.
Net assets were equivalent to
$l5.36 a common share on Sep
TENDER 80, compared with $14.8O
"a share on June 80 and $17.54
at the end of 1861, the an
nouncement said
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
New York Life Plans
Dividend Increase

New York Life Insurance Co.
will pay record dividends of
SSH million in 1868, an in
crease Of $21.5 million or more
than is per cent from 1855
million payable this year. it was
announced by c. Clark Gear
hart, agencies inspector in the
company's Washington office.
He said the dividend increase
is the largest in the company's
118-year history and resulted
from improved investment earn
ings and reduced operating ex-
penSeS.
The company will pay 3.85
pc rcent on dividends left on
deposit in 1868, compared with
3.6 per cent in 1862.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
PG&E Bonds Awarded

NEW YORK, Nov. % (AP)-
Halsey, Stuart & Co., submitted
yesterday the apparently best
bid for $65 million of Pacific
Gas & Electric Co. first mort
gage bonds. The bid was CO.
BIT for a Az per cent coupon.
The group is expected to re-
offer the bonds at par to yield
AIS per cent to maturity in
1895.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
First National
To Open Fifth
Office Monday

First National Bank of WASH
ington will open its fifth office
next Monday at 1920 M street
NV, 1t was announced today
by President A. Scott Offutt.
Tudor Whiten, vice president,
will manage the new office,
which will open in a temporary
location to serve the needs of
the rapidly growing section.
Donald Shircliff, who re-
Gently was elected assistant
cashier of the bank, viii be
assistant manager.
Mr.. Wilton, manager Of the
new office, has been with the
bank since 1929 and served as
controller before becoming vice
president in 1850.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
Dividend Declared

CHICAGO, Nov. % (AP).-
Acme Steel Co. declared a To-
.cent-a-Share common stock
dividend yesterday plus a 2
per cent stock dividend.
The company voted one new
share for every so common
shares held and a 10-cents-a-
share dividend, both payable
December 81 to shareowners OF
record December Z. Acme has
nearly 2.8 million shares out
standing to about $4,000 share
holders, the firm said.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
Reduces
Sfock0ufIays,
Raises Price

The Federal National Mort
gage Association today cut in
half the amount Of its stock
that sellers must purchase
under its secondary market
operations, and increased the
subscription price to $110 a
share from 500, President ].
Stanley Baughman announced.
The corporation also modi-
fled rules to permit mortgage
sellers to offer older mortgages
for purchase than was previ-
ously possible.
Mr.. Baughman said the
changes relating to FNMA
stock will increase the net
amount of money which sellers
will receive for mortgages sold
to the corporation.
Total elimination of the re-
Strictive four-month offering
period will increase the extent
to which FNMA can continue
to supply supplementary assist
ance to the secondary mortgage
market by providing a degree
Of hquidity for mortgage in
veStmentS, he said.
Required subscriptions for
mortgage sellers under the
secondary market program have
been reduced to / per cent of
the unpaid principal amount of
the mortgages sold. The former
rate was 2 per cent.
When mortgage sellers desire
standby commitments the total
outlay. if the mortgages are de-
livered, will be only / per cent
instead Of 2 per cent.
One-half of the total will be
paid when the contract is made,
and the other half when and if
the mortgages are delivered
under contract. In this case the
outlay at the time Of delivery
will be "a Of per cent Of the
amount of the mortgages sold
instead Of the former Ia per
cent.
Investors desiring to effect
short-term borrowings from
FNMA on the security of mort
cages will continue, as before,
to subscribe for the stock at the
rate Of "a Of l per cent Of the
amounts borrowed.
FNMA increased the issue
price of its stock in connection
with selling and borrowing
transactionS-a change which
has been widely requested to
help the past situation under
which new shares had been
priced without taking into &C
count the considerable surplus
earned in prior years.
The new issue price Of $40
a share Is designed to correct
this situation. From proceeds
of new subscriptions, $40 from
the price of each share will be
allocated TO paid-in capital
surplus.
Under the new regulations.
mortgages may now be offered
to FNMA if they were in
sured by FILA or guaranteed
by the Veterans Administration
at any time after August /.
1854, the date established by
the FNMA Charter Act.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
Virginia Bus Group
Names New Officers

-Four new officers and a
board member we're elected at
a meeting Of the Virginia Bus
Association at the Homestead
in Hot Springs. Va, yesterday.
w. G. Womack of the Trans
it Co. in Norfolk, became as
ISOLATION president and E. R.
Hall of Lynchburg was named
vice president.
Cecil E. Hall, eastern divi-
sion of Greyhound Corp. in
Washington. was named execu-
tive secretary. John H. Thomas
of Carolina railways in Ra-
leigh, N. c., was elected a d.
rector,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28

out that the Self-Employed
Individuals Tax Retirement Act
of 1852 states that a trustee
may be a bank and defines a
bank to include savings and
loans.
Unfortunately, the associa-
tons do not have the authori-
ty under basic laws to act as
corporate trustees, he added.
However, the associations are
in the savings business and the
new law was planned as a thrift
program, he declared.
Decisive Effec Seen
The new retirement act will
have a decisive influence on
savings advantages of a large
number of the shareholders of
savings and loan associations,
particularly those in profess
sional groups, the speaker said,
In essence, the measure pro-
vides that a self-employed in
dividual can obtain a greater
tax reduction for certain
amounts placed into q retire.
ment fund.
There are several ways in
which an individual retirement
fund can be funded. Perhaps
two Of the most important are
the. purchase of a life insur-
ance contract or set UP a trust
and appointment of a trustee.
Associations with State char
tiers undoubtedly will be able to
obtain authority to act as
trustees by means of State leg
islation, he declared.
Proposes Broadening
your authority to lend and
invest must be greatly broad
ened," Chairman McMurray
told the savings and loan exec
utives. I'm my opinion you
should have the authority to-
invest in tax-exempt securities
and to a limited extent in other
types of securities. You should
also be able to service your
shareholders in his consumer
credit needs, especially those
relating to the household"
Since last year associations
have faced new competition,
not only from the banks, but
also from open market securi-
ties of all kinds and mutual
funds, the speaker said.
To encourage the greater
flow Of funds, the board is rec
ommending an increase in the
savings and loan insurance
limit from $4,000 to SIS, 900 of
each account, he said.
The board also is consider
ing liberalizing commercial
lending, at least to the extent
Of changing the loan ratios and
mortgage terms on those types
Of commercial loans that con-
tribute more directly to COM
munity welfare, he added. It
also is considering broadening
the participation program to
include commercial loans, he
said.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
METALS

NEW YORK, Nov. % (AP).-spot
nonferrous metal prices today: Copper
Lead 10 cents pound. New York.
Zinc 1lk cents a pound. East st.
Louis. Tin 1.10s 9 pound. New York.
Foreign silver LIS per Troy ounce,
No. l heavy was quoted today By Iron
Age at 2300-24 90.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
Home Loan Bonk Boord
To Ask Trustee Power
For Federal SGLs
BY DONALD B. HADLEY
Star Financial Editor

The Federal Home Loan Bank Board has asked its staff
to draft legislation to permit Federal savings loan
Citations to corporate trustees disclosed today
by Joseph P. McMurray board chairman.
In address before the National League
ngs associations at San Francisco Chairman Mcury pointed
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
OVER COUNTER

Following prices furnished by the Ma
tional Association Of Securities Dealers In
Washington represent the range within
which locally active securities could have
been bought or sold at ! pm. Wednes-
day, November 70, 1862:
Ranks and Tn9ur anra C0nnnanieG-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
Bank Loans, Deposits
Oft SLIGHTLY in Week

Gross loans and deposits of
major Washington banks de-
clined slightly in the week
ended November 81, but held
well above a year ago, data
Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-11-28
TREASURY BONDS

NEW YORK CAP)-Noon over the coun.
ter U. S. Government Treasury bonds,
bid, asked, net change and yield for
The Kenai Peninsula cheechako news., 1962-01-26
Little Theatre
 | tanned f0f Area


 Formation of . Little Theatre group las been proposed fer the Kenai-saidotna area. Script for , thHee-act comedy is on hand and 2 search is underway for anaa- teur actors who would he inter eatsd in appearing h the play.
 Speafheading the movement are Al Buo1fassissi. barber at Par kers, ia Ridseway; Maxine Bear Of fhe BeaH Den. SoidotHa, and Fayrene Halsted. proprietor of tie Talk O' the Town beauty sal- on Soldotna.
 Fayrene and A1 have both had previous experience playing in Little Theatre groups; Fayrene in Kentucky and Al in Los An geIes, Maxine has had experience in both acting and producing plays.
 Area support is needed in get ting the organization started and persons interested in aiding in any way are advised to contact Mrs. Bear, Mrs HalsHed ef Baan- assfssi.
The Kenai Peninsula cheechako news., 1962-01-26

The kenai Community Library naW has an fiIe material from tiIs office of BF Rhea N8H5Y. commissioner .af education faF Hhe state af AIz4siszss Iseaz5a8tlH7Hass Hsgisa EaEIgl1
 Pamphlets 3Ha 1zla =Dr ' f { Legislation for the Rea8g gaaizaz ton of Local @eH6BI 6aeani= zaEfoTEs Pubic School HouHaa tEaH Throughout the st&ze df AI. aska. sll9I keHarH aH 2 ssessIng
The Kenai Peninsula cheechako news., 1962-01-26
0 HERE'S MORE ABOIr Top Musher
Continued from page 6ne3

Al sAA v " A z ssf a4
 1Goniinuad from page one4 musaers under 44 Nas won by PaHi M89ch. Anchor Point. whose ttaRhy was presented bg ApT5H s MaHel Other ent7iess 5n anaer of thsir placing were Betty Jo Ray mand, KasiIof; Joe April Anchor Point: Marvin Parazan, Kasi1ef, and andy Anderson, Anchor FeiHt Indy ran =the second heat
 f1 aHly fRo dogs as he had to afop ais lead dog after it en- aEed H a figh6 the day before.
 In1 59ts fhe IzrlaZ races Wee Linda stohder. first place,
 sy Ferguson and John \ pH5ll. alH of Anchor Point. Linda drove k.aes owned by Larry CIeadeaen a sl5e awards dinner paid eff hos indebtedness Ho 65IHnd cen Win q hig IzIss.
 5ee Ezsanaan fAa aAay Hith 4he aI=zes za Ehe worlds eh.alHzans
 E9ig4iI fzIZIilf. aEHIfs and Was awarded thee trophies. His dog Iiay H0n 6he I-daE light weight event. with serappy win ming the f-dog heavy weight con test. With Tiny King and Buck pulling in the traces, Brandon also placed first h the 3-dog light weight event.
 Larry CIendenen Of Anchor Point won the 8-deg heavy weight pulling event asing King, Pat and Chinook.
 RiekIey Dept. Store. Anchor Point, awarded trophies for light weight competition and Alaska Husky Battery O.. Anchorage. presented trophies if the heavy weight contests.
 Don Chemical Co. Anchor aEa gave one tou ef dog food, which was divided among the winning mashers.
 Sweepstakes award winners were: Dick 6sriff1ag. Kaaf. s100 o Gareth NfigHt. Mary Wilson. Rals alto, Galif5 on Chuck Ray f5aHd. s50 Walt ireg0Tia. sal- ms Calf, s25 on Joe Brandon; Wright Truck and Tractor Go., solaotaa. 5 on Bert pafativ EHese sponsor was the ehee- cAako News1 and 8f Ferguson and Peggy Charlton. both of An- Point. and Ralph IIalpo1- lea. Afnilehik. $5 each oh the remaining three mushers
 ia other sports events Calvin
 assn of Anchor Point placed fist sunday afternoon A men
 heH races with Inea Glen. aeasn. Anchor Point, winning fhe woman 5 event.
 l9lek IVefson was judged as the most proficient in skfI6ring.
 Ghiiafen's snoWshoa races were NQa 0N A1ieR 1isons m oLf1 Co 8th grade; Ronnie LeFofe. lst to 4th grade, and Mike LeH'ore in EfeschooI classification. All live in Anchor Point.
 Snow sculpturing bY grade school children was judged with the Anchor Point Chamber of Commerce awarding large c0ast- e4 sleds to John Synlens and Don ald Batens for tl1eir dinosa1r.-- which placed first.
 Prizes of candy were awarded second and third place winners, who were Rickie and Glen Fer aasons for turtle. aila Kenny iHaaksnson and Larry Ferguson
The Kenai Peninsula cheechako news., 1962-01-26
easa e4a~

Tie Weaver Bros, Ken, How- ard and Russ. who landed dH Nal- dez in May 1949. pioneered the hauling of bulk penetration grade
The Kenai Peninsula cheechako news., 1962-01-26
Legislation Copy On File at Library

Practices.
 Material for proposed leg5sla- tian as discussed in tle panph- lets was based upon the F CT | Foundation study #.IiSs zs Han Petersen, librarian sa.s these pamphlets are expect ea 10 be of value ta persons fn- tefestea in schools and legislation aI6HzHl2 Sa 68#Z1af
 
 
 6l@6SEHEa As88S mailed aT@- Waefes only 65 Der E@aH.
The Kenai Peninsula cheechako news., 1962-01-26

Naps eTassff5eds bring res4tf#z=
The Kenai Peninsula cheechako news., 1962-01-26
EE

asphalt H Alaska They WeTs also the first to haul bulk gaso- line. diesel fuel and bulk cement.
The Kenai Peninsula cheechako news., 1962-01-26

  
   "
The Kenai Peninsula cheechako news., 1962-01-26

     
                   ====                   ===5  
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Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-06-02
BUYER. KNOW YOUR BUILDER
@@yM&hs@M'''
YOUR
PROTECTION
IS THE PURPOSE
OF THIS
ORGANIZATION

YIN Every is professional dedicated the highest
oil Of his He OXIDES
rigid supporting public
the Home Builders throughout
builder
, 1962-11-15
LEGISLATIVE RECORD
Continued from Tuesday,

Mr.. i Mr.. President, / happen to have on my
desk right now correspondence from the SWeulsn arcnl-
tect. VINO will be coming here during the month OF Feb
rlary. to discuss with the Social welfare and Public
Works Department people the basic plan that they want
for this Home for the Aged. In otner Words, 1t IS IN pro-
cess now: at least as far as the planning stage is concern
ed. ..s..
MR.. T In addition to that, the Committee
FINANCE Committee Of the Legislature has before It a
recommendation that 4 should say we forced it upon
them IN the nearlng-and they have now written a letter
on It'd would provide for money to be appropriated to
have an extension made to the Queen Louise Home,
because we feel that the erection OF this home Tor the
Aged might take a year or mpre-in the meantime, the
Queen Louise Home is now and the catchnent area
turning to Senator Millin; you are familiar with the
surroundings up there, we may be able to
perhaps another six or eight or ten people without in
creas1ng the staff. Funds are being considered to be
appropriated for that purpose.
Mr. Chairman, on another subject: From time to
time, we appropriate in this LEGISLATURE, millions OF
dollars. The only thing we know about it, is when the
budget comes down here from the Administration we
appropriate money for this road or for this public I'M
provement, whatever it happens to be, and we are just
as green about it as the man in the street. We don't
know anything more about it; we are not consulted,
we are not given any more information on it, unless we
hear that they need more money.
think that the Legislature should make it mandal
tory that before these bids go out tor any proJect Tor
winch we have appropriated money, a copy OF the plans
be tiled with the MAJOR committees OF the Legislature
1lrsU. because IL seems to me That we should be aware
OF what IS taxing place with respect to these millions
Of dollars that we are spending. And we have nowhere
~ L4ese legislative mans, any plans or anytnlng OF the
sort that can acquaint the members themselves who
vote the money as TO what the plans and procedures are
for these projects. So i am going to suggest Land I've
aIreauy asneu inc Assistant mere (ExecuLve Secretary
to remind me about it when we write these budgetSl
mat we put IN some type OF clause in these Acts that
would require the Public Works Department to suD-
NIT to the Legislature a copy of the plans before the bids
go out. Because it's only fair that the members OF the
Legislature know what IS taxing place. | want the MEM
bers here to know that thebids for the salt water dis
tillation plant could not go out, until they had rested
on the desks of the House Committee on Interior and
Insular Affairs for 80 days. That was the requirement
under which the money was granted to us. That project
could not go forward until those plans were submitted
to the Cemmittee and had laid on the Committees desk
for at least 80 days. So we are not doing anything that is
, 1962-11-15

ABOUT Cne CenCerllne ROAD ana a nOSplLal, DuC l Tell you
frankly, Mr.. President, / believe that something should
really be done about the roads in Cruz Bay itself. We
have a situation there, where whenever it rains, all the
soil comes down from the hill and settles down on the
walk there. There is a dirt road that runs all the way
going up by the police station and up to the bandstand,
and when it rains there, it is in an awful MESSIAH over
the front portion of st. John. | do not believe it will cost
too much to get the road in that area fixed, in addition
TO constructing some kind of a retaining wall up above
where M. Spauve lives. In fact, Mr.. Spauve had to put
"a portion of a retaining wall there to prevent all OF tnat
dirt from coming down on him. The people in st. John
are concerned about this mess. Whenever it rains, it
|makes the street almost impossible.
Mr.. President, I don't know whether or not the
money has already been appropriated for this phase of
the work, or just what Public Works is doing, but | wish
to state here for the record that | am certainly in favor
of this Legislature appropriating some money to get the
roads in the Town Of Cruz Bay fixed and to fix that
retaining wall that would prevent all of that dirt and
?muck from coming down into the city. I noticed a few
improvements in st. John. l noticed a new restaurant,
a laundry-and they appear to be gradually moving
ahead in Cruz Bay. But the road situation there in the
City is obnoxious.
MR.. GOMEZ: Mr., President.
THE PRESIDENT: Senator Gomez.
MR.. GOMEZ: With regard to what the Senator just
fsa1d ABOUT the ROADS IN 81. Jonn, as lar as / Know, from
the DESCRIPTION he gave along MIR. Sprauves place Uullus
,SprauVeJ ana SO on, all OF Luose roauS are paveu. Natural
ny, the terrain around being so h1ly, the soil Will wash
sdoWn on the roads. But 1t is strange that the Senator
went into st. john to notice the condition OF the roads
:nere with the Wasnlng OF the soil from the hill, and yet
he hasn't said a single word about the Washing that
comes down here in Kronprindsens Gade. You know
why, because it is taken care of by the Public Works
department after every heavy rain. They have men
there who shovel the stuff off the road, which is the
correct thing to do. You have a Public Works representa-.
tive in st. John. | don't know how many men he has,
but for the little bit Of stuff that comes down there, /
suppose he has enough men to take care of it. And the
same thing that is done here should be done there. We
have the same situation right here! | don't see anything
wrong to comment SO nlucn about.
MR.. MADURO: Mr.. President.
H PRESIDENTS: Senator Maduro.
MR.. MADUR You have a different situation here
Senator Gomez. You have an entirely different situation
there. In St. John | wish you were there yesterday. In
the first place, here you have a paved road; up there you
have a dirt road, up all the way past that bandstandI
was telling you about. In the second place, the mud