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Evening star. [volume] (Washington, D.C.) 1854-1972, January 20, 1955, Image 32

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THE EVENING STAR
Washington, D. C.
THURSDAY, JANUAKT 90. IMS
fptAMOS^
tfo RENT j
Sot
Low
Rotes
If you buy loter, ad mo nay
paid far raatal and dalivary
will ba deducted from tha
purchase prica. (Max. deduc
tion 6 mos.). Your choice of
spinets and consoles of excel
lent makes.
Phone REpublic 7-6212 i
or King 8-8686
KITTS
1330 6 Shoot N.W.
2621 Mt. Vernon Ave„ Ales.
(puM 6m 1
"^EW^MVEN
It's timing your way ami you’ll loot it!
I There first Isn't anything like It In the Mary land-Virginia area
at this price . . . The NEW HAVEN Is a home se Dramatically
Different . . . se spectacularly original it creates a new >*a Ho
ard of living. Built by the nationally famous . . .
V COMPANY
STORE BLADENSBURG RD. • WISCONSIN AVE. ARLINGTON • SLIVER SPRING FREE
Open Friday and Saturday Nights to 9 . Open Thursday and Friday Nights to 9 ni/lkir•
HOURS* Daily, 10 to 6; Friday and Saturday, 10 to 9 Daily, 10 to 6; Thurday and Friday, 10 to 9 PAKKINVj!
139” I
I Silvertone TV$ 1 77 Cu. Ft. I
I **"* ” **' * WB SB # Regularly $174 95 sR Hi bwlei/and 20-i». oven with Visi-lake door. Also note bock-
I fIH $5 D<lwn $7 M ® n,h| r I € Ranee Start Storet
HR a Reg. $lB9 ▼ I Carrying Charee I dw
H Console Model I IHI Savings of $35! Coldspot top-to-boftom cold . . adjustable
MB o c ■ B| shelves aid slide-out meat contoinar . . 5-year unit guarantee. \ ™
H .. No. Rise |H Ideal for small kitchen, apartment kitchenette. Left-door modal. <" cr \ \ . I
[ 55 Down 58 Mon,Wr Coldtpot Dept.. Inn i Startt \ - X■ \ A■ if Amntir
carrvmo HgggHnaann|||HaanHMn|^|• MlliUnigilfc
HHj: Now you can - —I WftcllPP
I picture ond sound new I ” UaMCI
B imitation leather-covered
Silvrrtcne TV Start Storet AHHBh 1 DO'*
ißt’ $5 Down $9.50 Mostly j
_ U trial Carrying Charge
W*fW/#> • Big 9-Lb. Kenmore |
{' "" —"K • Specially
Coldspot \ Compare all those costly I :
# Down ”289” ; . •Js^rl
Pniai Carmine Charge .>'
B Only Coldspot hos Super-Wall construction and Super-Dense - •
dividers, holds up to 514 lbs. of froien foods. 1 SEARS SERVICE IS BEST FOR ■
couteot Dept., sear, 4 store. | a Silvertone • Coldspot a Homart • Kanmara ■
\- = s=== Visit Customer Service Dept, or call LA. 6-9520
Shop far These New 1954 Appliances and Sava at Soars, Where Prices Are Always Law I I>rto “ ™"* taM * tt e " *“ ***•
"SattyocZbnaaaaan&edn aotoi, money 6zc4" CfAIK “u*ss£ v ' i; ::::S liiiH
y / r / JUIIW M» Wadb UyMm ipb)..... JiMnr MRI
Your Money's Worth
How You Can Save Money on Your Income Tax—lX
By Sylvia Porter
Knowing the key tax angles
involved In home ownership can
save you money.
Or if you received money as a
gift or as a beneficiary under a
life insurance policy last year
you also are in a special tax class.
Knowledge of the tax angles here
is equally important to you.
QUESTION: I own my own
home. Although X earn less than
$5,000 a year, can I file Form
1040A too and take the standard
10 per cent deduction? I’m won
dering if I’ll lose money by so
doing?
ANSWER: As a homeowner,
TAX FRE&ma
BONDS
Circular On Raquaat
Jones, Kreeger & Hewitt
Member. New Tort Stock Exch.n.e
Cofritz Bldg. Dl. 7-5700
1625 EYE ST. N.W.
the chances are a thousand to
one you’ll loee money if you file
1040A and take just the standard
10 per cent deduction. In most
cases, people like you would save
on taxes by tiling Form 1040 and
Itemizing all your deductions. No
matter what your income tax
bracket, if you have a lot of de
ductions, you should at least
work out your tax status on each
of the forms and see which will
place you in the best tax position.
For instance, say you earn
$4,800 a year, are married, have
two children and own your
home. In 1954, you paid prop
erty taxes on your home of S2OO,
mortgage interest of $250, you
contributed about S2OO to your
church and had other deductions
totaling S2BO. By Itemizing your
deductions instead of using the
tax table applicable to incomes
under $5,000 »< which allows you
approximately 10 per cent de
ductions) you will pay about S9O
less In taxes—quite a saving in
deed!
QUESTION: I sold my house
at a loss in 1954. Can’t I deduct
that loes on my income tax re
turn?
ANSWER: No. You cannot
deduct it If you sell property
devoted to your personal use at
a loss, you do not have a tax
deduction.
QUESTION: Our property is
i in my wife’s name, but I paid
; the real estate taxes in 1954.
Do I get a deduction?
ANSWER: Only if you file a
joint return with her this year.
QUESTION: My grandfather
died in 1954 and left me $2,000.
Do I owe any tax on this money?
ANSWER: No. You do not
pay a tax on property you get
by inheritance, gift or bequest.
; But once you own that property
SPECIAL PURCHASE "
, (ROLLER BEARING) 1 DRAWER
STEEL FILE
W3fez\ CABINETS
W| ** Were $lO
*3» 5
Letter or Legal Size
General Fireproof Moke
free Delivery and Parking
Manhattan Offica Equip. Co.
839 New Yerfc Art. N.W.
Forster Is Elected
Munsey President;
Pope Is Chairman.
Directors of the Munsey Trust
Co. today elected Warren R.
Forster president to succeed
Christopher H. Pope, who will
continue aa board chairman, but
will retire from active partici
pation in company affairs.
Anthony J. Byrne, executive
vice president, was promoted to
senior vice president and W,
Stafford Shaw, assistant real
estate officer, was elected assist
ant treasurer.
Raymond A. DuFour, Gerald
R. Culling and Mr. Forster were
elected to the Board of Directors.
Formerly With NBW.
The new president comes to
Munsey Trust from the National
Bank of Washington, where be
has served as senior vice presi
dent. He held the same position
in the Hamilton National Bank
before its merger with NBW
last October 1.
Mr. Forster is a native of
Washington, but received most
of his early education in Eng
land, then at Exeter Academy in
New Hampshire and later at
Harvard University.
He started his banking career
—or cash—any income you earn
on it is taxed.
QUESTION: I received $15,000
as beneficiary under a life insur
ance policy last year. What is
my tax status.
ANSWER: You owe no tax.
The money you receive in a lump
sum as beneficiary under an In
surance policy on the death of
the insured is not subject to tax.
QUESTION: I paid for a safe
deposit box last year to keep our
vital documents, etc., and also
paid fees for Investment and tax
advice. Are these expenses de
ductible?
ANSWER: Sure. And keep
adequate records to prove your
deductions for such items as a
safe deposit box, investment ad
vice. etc.
Tomorrow: What to include
and what not to Include in
income.
(Copyrlcht. 1866. Post-Hall Syndicate,
Inc.)
§ * iFfm
WWga i I-1.-;. hej
MR. FORSTER.
with Guaranty Trust Co. in New i
York and in 1932 became an ex- 1
1 aminer for the Reconstruction ’
i Finance Corporation here. When
1 the Hamilton National was or- <
ganlzed in 1933, he joined Its 1
■ staff W vice president in charge j
; of loans and investments and
became a director in 1940. He ,
was elected senior vice president :
' in January, 1951.
Active in AIB Work,
i Mr. Forster is a member of ;
; the Reserve City Bankers Asso- ;
elation and has been an instruc- ■
tor and lecturer in graduate ;
courses of Washington Chapter,
, American Institute of Banking. 1
He has served as chairman and
. a member of many committees |
of the District Bankers Associa
' tion and been chairman of the t
' welfare committee of the Wash- i
ington Board of Trade for sev- '
' eral years. ,
He is a director of the Co- ;
I lumbia Institution for the Deaf :
and of the Lincoln Service Corp. j
Started With Bank In 1913.
Mr. Pope has had a distin
' guished career at Munsey Trust. !
• of which was treasurer, when
it opened its door in May, 1913.
A past president of the District
1 Bankers’ Association, Mr. Pope
came to Washington in 1913 in- ; 1
■ tending to spend two weeks tak- j
lng stock subscriptions in the new
institution founded by Frank A. ;
1 Munsey .then publisher 'of the
Washington Times.
His assignment became perma- ' j
nent when he was elected treas- ,
3111% -
MR. POPE. '
urer. He was elected president
in June, 1938, to succeed William
T. Dewart.
Mr. Pope also is president and
a director of the Munsey Realty
Co. and a director of the Wash
ington Oas Light Co.
Re-elected directors of the
Munsey Trust were Leslie L.
Bifile, George H. BollwlnkeL Mr.
Byrne, Thomas W. Dewart, Her
bert E. Foreman, Wallace W.
Kirby. Arthur O. Lambert. A.
Harding Paul, Mr. Pope. C. D.
Ratcliffe, F. W. Stoever, Arthur
L. Thompson and Frank C.
Waldrop. All other officers were
re-elected.
Chicago Livestock
CHICAGO. Jan. 20 (#1 (USDA>.—
Salable ho*s 16.000: moderately active,
opening glow, later trade 2o to mostly
50 fewer on all weights butchers: sows
to as much as 60 lower; most choice
100-220 lb 17.00-18.00: mainly 17.50
and above on choice No 1 and 2 grades:
with a short deck choice No 1 5.210
lb at 18.10; bulk 2*o-280 lb 18 25-
17.25; moat 260-310 lb 16.50-18.25: a
few loads up to 340 lb down to 15.35;
most sows 400 lb and fighter 14.50-
15.00: a few 15.25; With larger lota
425-600 lb 12.75-14.60.
Salable cattle 2,000: salable calns
300: steers and heifers uneven, aver
aging steady to weak; cows steady to
25 higher; bulls and vealers about
steady: stock cattle steady Jo*o lower:
a few choice to prime 925 lb gteer
yearlings 28.50; a few loads and lots
choice steers 26.00-28.00; good to
low choice 20.50-25.50: commercial to
low good 17.50-20.00: a few eanner
and cutter dairy-type atena 8.60-21.00:
some good and choice heifers 18.50-
24.50: a few high choice up to 27.00;
commercial to low good heifers 15.00-
19.00; light utility dairy-type heifers
down to tl.00: utility and commercial
cows 9.50-13.00: bulk canners and cut
ters 8 00-9.75: most utility and com
mercial bulls 13.00-15.00; good and
choice vealers 28.00-29.00; gCKKi to low
choice feeding steers and yearlings
19.50-21.50: 4 few medium to tow good
grades 17.25-19.00.
D. C. Area Construction Jumps
Near $316 Million in 7954
By Donald B. Hadley
Public and private construc
tion authorised in the Washing
ton Metropolitan Area in 1954
axpandad at $315,873,748, a pre
liminary report tram the Bureau
of Labor Statistics disclosed to
day.
Included was $209,196,933 of
residential building to provide
23,722 new family dwelling units.
The total exceeded any pre
vious year, except for a record
of around $326 million in 1949.
Residential work was the high
est except for a record of 8220
million in 1950.
District of Columbia activity
was below 1953, and accounted
for less than a fourth of the
area total and less than a 10th
of residential volume.
Busy Six Years Cited
In six years ended December
31, public and private construc
tion of the artea has aggregated
$1,780,756910, including $1,177,-
140,082 of residential work and
144,405 dwelling units. Annual
totals follow:
PuWlc-Prt. Residential. Family
1954 M?S?B7|!74R 520JU96 C <>33 23°722
use nwi film
1951 393.372,827 186.103.275 19.377
1950 284.808,144 •230.273.954 26,164
1949 *325.860,785 203.716,572 32.791
1945 57.801,077 24,813,778 6.852
t 941 ’ 177.477.314 93.264.941 23.896
•AU-tlme annual record.
Fairfax County Leads
Rapidly growing Fairfax Coun
ty led the area in both total and
residential construction. Section
totals for 1954 are compared be
low with 1953:
BgFasg,
Construct. Construct Unite.
1054 5tt8.351.613 $20,420,396 2.084
1953 72.127.513 31.548.372 5.384
MONTGOMERY.
1054 64.481.521 52.1.58.680 5.160
1053 tttt,880.963 61.721,214 6.075
PRINCE GEORGM.
1054 61.327.066 46.871.466 6.764
1053 45,732.300 20.036.774 3.922
ALEXANDRIA.
1054 11.867,575 6,395.650 683
1053 21,460,002 nq< Uj368.990 1,860
1954 32.255§11 Cr 5!7‘«7.712 2.025
1953 33.654.213 24.248.865 2.787
1964 75.893.182 57,106,529 5.382
1963 44.983,263 30.927.041 2.858
PALLS CHURCH.
1954 1.906.99 Q 1.467.500 125
1953 1.950,098 1,422.500 102
Home Federal Grows
President Frank S. Phillips of ■
the Home Federal Savings and'
Loan Association advised share- ;
holders at the annual meeting
yesterday that assets, loans, sav- j
ings and reserves all reached new
highs in 1954.
Karl Achterkircheq, Charles |
W. Morris and John U. Raymond I
were re-elected directors for
three-year terms.
After the annual meeting, di
rected re-elected all officers.
Stock Dividend Voted
Directors of Government Em
ployes Insurance Co. yesterday j
declared a stock dividend of 8
per cent, President Leo Goodwin
announced.
Distribution of an additional
44,000 shares will be made Feb-
FINANCIAL SERVICE
FOR OWNERS OF
INCOME REAL ESTATE
4*
MORTGAGES Conventional
and Prlvot# Placement
SALES Conventional ond
Loom-Bock.
FRANK S. PHILLIPS
927 IStfc St N W 017 1411
TAX-EXEMPT
INCOME
We will be pleased to
submit o list of securities
and chort showing tax
exempt yield vs. taxable
yields
FOLBER, NOLAN-
W. B. HIBBS I 00.
/nifitißßfft Socurrttot
72! Fifteenth StM N.W.
STOCK « BOND
SALES MANAGER
Have yea succeeded ia proving your
wavtfc ae a securities producer ia tkis
ereo? Then, wa believe, yao wiH ba
able to join with as tAaild a solas
organization ia which yao could
short ia its success. You will receive
a liberal salary tad bonus. Wa will
back you up wife plenty el qualified
loads ond special situotieas.
Reply im Confidant•
JOHN C. KAHN
COMPANY
1198-lfth Street, N.W.
Washlaptaa, 0. C I
LOANS
DEVELOPED on o SOUND and SOLID
FOUNDATION for BUILDERS NEEDS
Prompt Action on Your w\ K M
Application for Conventional, V Do Imlww wW>
Construction, F.H.A. or V.A. *• *** ***•
g* \ Voaf
Mortgage Loans * \ 1
>^m39HmHnHRnS&S7
ruary 14 on the Imrix of eight
share* for each 100 shana owned.
Mr. Goodwin said the stock
dividend win capitalise the on
distributed portion of the com
pany’s 1954 earnings, which esti
mated at $3.3 million or about
$8 a share. Only 92 Vs cants a
share in dividends was paid In
the year.
Directors also declared a quar
terly dividend of 25 cents a
share, payable March 25 to hold
ox of record March 10.
Name Change Is Approved
Stockholders of the Bank of
Commerce and Savings today
approved a resolution, previously
adopted by directors, calling for
an .amendment to the bank’s
charter and by-laws to change
the name of the institution to
the Bank of Commerce.
Subject to approval of the
amendment by regulatory au
thorities, it is planned to make
the name change effective on
March 1.
Clearing House Re-elefts
Richard A. Norris, president of
the Lincoln National Bank, was
re-elected chairman of the
Washington Clearing House As
sociation at the annual meeting
today.
Hulbert T. Bisselle, senior vice
president of the Riggs National
Bank, was renamed vice chair
man and Victor B. Deyber was
re-elected for his 31st term as
secretary.
John C. McCormack, vice pres
ident and cashier of the Riggs
National Bank, was re-elected
assistant secretary. Mr. Bisselle
and C. F. Jacobsen, president of
the National Metropolitan Bank,
were elected for two-year toms
on the clearing house committee.
The association reappointed
George H. Bright as manager
and William H. Cradlln as assis
tant manager.
New Airport Record Set ’
Passengers of commercial air
lines departing and arriving at
Washington National Airport
reached a new all-time record
!of 3,102,875 in 1954, compared
! with 2,720,024 in 1953. airport of
' flclals reported today.
December passengers totaled
263,136, highest mark on record
for that month. They compared
with 257,311 in the previous
I month and 215,647 in December,
11953.
Kefauver Reports Growth
Assets of Columbia Federal
Savings and Loan Association
reached $31,566,923 on Decem
ber 31, a Jump of 16.6 per cent
during 1954, President Clarence
E. Kefauver told the annual
■ stockholders meeting yesterday.
They have risen 211 per cent In
the last 10 years.
Mr. Kefauver, C. Gay Harrell
and George C. Wentzel were re
elected directors for three-year
terms.
Mutual Funds
NSW YORK, Jto. SO upi —National
Association Securities Dealers, Ine.:
(Noon auotations
VX&S?. ** :8
Am Mut N IS.AS 1 vt»l
Atom Dev Mut m.»3 1 .10
Axe Houahton Fd A 11.3« 1 .34
Axe Houahton Fd B 83.00 2 .<>o
Axe Houahton Stk 3.7# 11
Boston Fund SB.flH 32.0(1
Broad St Inv 19.14 S .#9
Bullock Fund 31.5# 3 .47
Canada Gen Fund 9.85 1 .#5
Canadian Fund 15-20 1 .45
Century Share Tr 28 64 2 .4#
Chemical Fund 25.98 2 00
Colonial Fd 17 20 1 #7
Comwlth Invest 8.34 9.07
Cons Invest Tr .... 38.50 4 .50
Divers Invest Fd 8.70 : .53
Dividend Bhrs 2.33 .66
$ % SSS SSI l°d f U
Fidelity Fund 24.89 24 on
Fundamental Inv ... 13.11 14.37
Oas Induat Fd $4.08 *i 32
Gen Capitol Cp 62.79 87.52
Group Sec Com Btk 11.29 1 .3#
Oroup Sec Fullv Adm 9.22 i .10
Group Sec Gen Bd 9.32 1 .21
Group Sec Tob 4.00 .40
Guardian Mut ... 14.71 1 .1#
Hudson Fund |4.5# ) .7#
Incorp Investors 15.03 14.25
Instit Found Fd 20.11 22.00
Instit Growth Fd 19.50 2 -32
Investment Co Am ..... 8.15 .91
Invest Tr Bost 17 05 li.#3
Keystone Cust B 2 25.74 280.8
Keystone Cust B 3 111. ft.) 2 .31
Keystone Cust 5 4 Jl.ft3 12.58
Keystone Cust K 119.4 H 21.23
Keystone Cult K 2 10.48 11.44
Kevatone Cust s I 15.11 14.48
Keystone Oust S 3 11.23 12 25
Keystone Cust 8 * 12.02 13.12
Keystone Cust s 4 8.00 9.72
Lexinaton T Fd 11.21 1-.25
•Loomis Say Mut 41.20 41.2#
Manhat Bond Fd 8.35 0.15
Mass Invest Tr 97.29 20.50
Mass Inv Orth Stk 24 41 24.30
Nation Wide Sal Fd .... 18.07 10.55
Natl Investors 18.08 17.38
N Sec Ser-Bond . 7.2# 7.03
N Sec Ser-Pret Stk 8.07 9.80
N Se- Ser-lnrome 594 8.50
SBae See-Stock 7.40 *O9
ew Bntland F« 20.28 21.90
Pec am Inv 8.75 $37
Pine St Fund 10,74 20 14
Pioneer Fund 11.78 12 78
Puritan Fund 4.i4 |AB
Putnam ...: 23.14 24.02
9?fsed l Am sh Com • u :: ItS |f:SS
Shareholders Tr ........ 10.90 li.il
felev Beet Fd 10.40 11.34
Texas Fund 8 89 7.53
Unit Income Fd 17.28 10 78
Onlt Science Fd 857 0.37
Value Line Inc Fd - 078 830
Wash Mut Inv 14 34 10 38
Welllnutoo Fund $4.i9 20.37
•Nat asset value.
Foreign Exchange
NSW YORK. Jan. 20 opt —Forilfn
exchanve rates follow. Orest Britain
In dollart. others in canto 'uaehanttd
unleas otherwise noted);
Canadian dollar In New York open
market 3 A per cant premium or 1 08.56 v«
O. S. canto up 1/39.
m
wasm
| m «S:
1 tr'gtfU dollar 17.45.

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