Arizona Republic from Phoenix, Arizona • Page 72

IIP! I 1C Page 42. REPUi LIU i -U- News Of Financial World To lloncilofk Steel Union Calls Wage Policy Group NEW YORK The Unifrd Steelworkers yesterday called their key wage policy committee to New York next Friday to dra! with what appeared to be a hopeless deadlock in its contract talks with the steel industry. The union announced the meeting of the committee after top negotiators from both sides ac- cused each other of contract proposals and to an- in the negotiations. The union ac-! thorize a strike vote tion underscored the seriousness) R. Conrad Cooper, chief indus- of the contract deadlock which! try negotiator, told reporters aft- rould lead to the sixth major! er the two-hour bargaining ses postwar steel strike this summer.

sion that the industry was determined to stand by its one-year The current three-year freeze proposal bcause it ment expires at midnight June that action was in the best The four-man bargaining teams.jnterest of the entire economv. recessed their talks yesterday until Monday. DAVID J. McDonald, union president, declined to indicate what action he would propose to the 171-man committee which has the sole power to accept or re- CHANDLER NORTH PARK Located at Chandler's North City Limits on Arizona Avenue MASTERCRAFT HOMES HIWAY FRONTAGE SHOPPING CENTER DESERT VILLAGE Only 11 Miles East of Mesa en the Apache Trail Highway HOMES LOTS ACREAGE LAND INVESTMENT FHA FINANCED SMALL DOWN EASY INSTALLMENTS "Be Glad Tomorrow You Bought Real Estate Today" He said the union's accusations that industry was not bargaining iin good faith demonstrated the union's "usual brand of give-and- take bargaining." Its idea of good faith bargaining, he said, was when "the companies are giving in to the union's demand upon the public purse for another inflationary wage increase." McDONALD, at a separate news conference, said the industry's remarks were "only a rehash of it? propaganda designed to conceal) its record profits." McDonald! charged that the steel companies were "overloaded with new wealth and king-size profits." McDonald said the industry had shown no flexibility and that "every day including today, it becomes more evident that the industry is unwilling to negotiate a new labor agreement." He declared the union remained "flexible and reasonable" in its contract demands. However, Cooper said the companies "await with interest any concrete indication that the union position is either flexible or reasonable," THE STRANGE WORLD MR.

MUM rite Arizona Republic, Phoenix, Arizona. Ike Bares Threats To Budget WASHINGTON (UPI) The Eisenhower administration has revealed a new I threat to the President's I precariously balanced fis- I960 budget. It said in' terest on the national debt would climb to record high of $8,600,000,000. That would push the cost of running the government a half billion dollars higher than the $77 billion estimated by Mr. Eisenhower in his budget message to congress last January.

Administration leaders said, however, that a blanced budget still was possible for the new fiscal year starting July 1. They said tax revenues also were expected to be higher than the President originally had $600 million. The revised forecasts were disclosed by Treasury Secretary Robert B. Anderson and Budget Director Maurice H. Stans In secret testimony before the house ways means committee earlier this week.

Saturday, June 6, 1959 Second Loan On Home Big Burden. FHA Chief Warns Massachusetts factories produce about one-sixth of all shoes manufactured in the United States. GALBRAITH REALTY BB 5-3691 VI (5-ISO I YO 3-5(502 18,000 STORES ALL LEASED BUSY LOCATION NOW $145,000 $50,000 DOWN Don Woods Realty INVESTMENT COUNSELORS 444 Carryback West CR 7-4811 Ground Is Broken For Luxury Motel LAS VEGAS (Special)-Ground has been broken here for one of the most luxurious motels to be built in the West, the Flamingo Capri. George E. Goldberg, head of the Midwest Hotel Co.

chain, is builders. Flamingo Capri, with ISO- rooms is rising immediately north of the present Flamingo Hotel on the famous Las Vegas "Strip." Bill Capri, of the Flamingo is associated with Goldberg in the enterprise. THE FLAMINGO Hotel will provide the Flamingo Capri with complete deluxe hotel and room service. Transportation between the motel and hotel will be by means of motorized carts, and all other facilities of the Flamingo Hotel will become available to guests of the Capri. Of ultra-modern design, each room in the new motel will have its own sundeck patio overlooking an artificial lake 500 feet long and 80 feet wide.

Fronting on the lake will be a cantilevered pool and deck area extending the landscaping. ALBERT PARVIN Co. of. Los Angeles, interior designers, hold the contract to furnish the new establishment. Furniture in the guest rooms will be custom designed, and innovations never before used will be seen for the first time at the motel.

Architects for the Flamingo Capri project are Douglas Honnold and John Rex of Beverly Hills. Maurice N. Aroff of Beverly Hills is general contractor. Completion is estimated Aug. 15 of this why simmer all summer? State Collects Income Taxes State income tax collections so one-half the length of the lake.

far this year already have ex- Two heated pools will provide ceeded the total amount collected during the entire collection period last year, Tax Commission Chairman William E. Stanford announced yesterday. The tota 1 of 1958 receipts from this source was slightly more than $13 million. Collections to date this year stand at $13,888,442. Stanford forecast that by the time the books close July 1 on this year's tax collections, the total will have reached or ex- swimming facilities for guests.

To add further to the beauty of the new motel, a large reflection pool will be an integral part of ceeded the $15 million mark. I live "next door" to comfort! "ftw MH. INSTALL 1 Carrier Refrigerated Air Conditioning Now! Summer is here! Don't suffer from the summer heat one more day! Give your home the wonderful comfort-conditioning of REFRIGERATED AIR CONDITIONING by CARRIER! NO DOWN PAYMENT! UP TO YEARS TO PAY! Call Now for Wl 3-7291 CHAS. ROBERTS AIR CONDITIOHIHG CO. Carrier Copper To Last For 30 Years WASHINGTON (AP) Re- ior Department in announcing results of a new study made by the Geological Survey Bureau of The committee made public yesterday a staff analysis of the new data which indicated a strong possibility that the government would wind up In the red despite administration hopes even If no big new spending programs are approved.

Anderson and Stans made clear the hoped-for balance still was dependent on congress enacting the increased postal rates and federal gasoline tax sought by Mr. Eisenhower. But the committee staff noted there is little likelihood congress will go along, resulting in a "small deficit" in the next fiscal period. On this basis, spending would total $78,121,000,000 and revenues $77,700,000,000, leaving a deficit of $421 million. MR.

EISENHOWER originally had anticipated a small surplus of $70 million. Under the new estimates, and with the postal and gas tax hikes, he expects a $170 million surplus. Stans also told the committee the next budget the Eisenhower administration sends to in January be even larger than this year's model. He said "built-in" increases in existing programs may increase that spending budget to $80 billion. In January, the President made provision for $8,100,000,000 to finance carrying charges on the national debt, which now totals $286 billion.

The half-billion-dollar increase means this cost would rise a full one billion dollars over the total charge for this fiscal year. Dividend By Savage Savage Industries Inc. of Phoenix has declared an cents per share dividend on $1 pur value cumulative convertible preferred stock for the quarter ending May 29, 1959. The firm also has declared a 321,4 cents per share dividend on $20 par value cumulative convertible preferred stock. The company's annual stockholders meeling will be held at 3 p.m.

Tuesday in the Saratoga Room of the Hotel Westward Ho. The corporation is composed of Aircraft Specialty Lines, Arizona Welding Equipment Co. and Wiley Electronics, all in Phoenix, and AWECO Supply Tucson. "Tight money, the OOP's cure- HoUSC Group Clears all for the economy, has turned into a Frankenstein monster," the publication said. (AP) Re Wormants said the President's WASHINGTON (UPI) A bill to serves of mineable copper in the upward revision in the public debt Cxtend Korean War tax rates for united States are now estimated oharoo KA another year was cleared hv It4 UCLH it 6C did not hinge on his ex- another vear was cleared by the at million tons, enough to last pected request to congress to in- 65 committee yesterday for JO years at the present production crease or eliminate altogether the use action under a Procedure rate of 1,100,000 tons annually.

present ceiling on interest on long- barring amendments. present ceiling on interest on long This was reported by the Inter- term overn ment bonds. wmu IMG THEY SAID the President's rec- would be called Monday. ommendations on this would go to congress in a special Monday. By EDWARD COWAN WASHFGTON (UPI) "One wife and one mortgage loan is all any man should be asked to hoar." So says Norman P.

Mason, Federal Housing Administrator, home owner, and husband. Mason's maxim is directed mainly at prospective home buyers who plan to finance their purchase wi 'h not one but two mortgages. A foe of second mortgages for many years, Mason is afraid that home buyers who go in for secondary financing don't know enough about it. Having seen friends and associates load up with second mortgages in the booming then find themselves facing foreclosures in the depression 130s, Mason makes no bones about his professional dislike of secondary financing A SECOND mortgage is often taken out by persons buying a house on credit who can't get up enough cash for the down payment. The second mortgage is generally for a much shorter term than the principal loan.

Because it represents a secondary claim on the property in case of default, the second trust is riskier for the lender. Therefore, he charges a higher interest rate, discount, and other fees. Mason said that paying off two home loans at once can put a terrific strain on the mdnthly budget of a middle or low-income family. That's one of the hazards of secondary financing he believes is not fully understood. "THERE'S a tendency to be lulled into the belief that all installment buying works out all right," Mason said, in a interview.

"When times are good and incomes are steady or rising, perhaps it does. But if something goes wrong, and people can't meet their payments, they are in danger of losing the house and everything they've paid into it." fen when a loan is renewed nrcnmodate a home buyer hasn't kept up his payments. The second times allows mortgage some- modest income Pay Hike Urged For Annapolis WASHINGTON (AP) The board of Visitors of the U. S. Naval Academy at Annapolis, yesterday urged higher faculty pay and higher entrance standards for midshipmen.

The board sent 'its report to President Eisenhower, calling also for correction of what it termed) an alrming deterioration of emy buildings. It said, too, there should be improved living conditions for enlisted men at the academy. home buyers to burden themselves with an imprudent amount of debt, Mason stated. One costly aspect of secondary financing not always realized by borrowers, Mason said, is a possibly stiff refinancing 'valston Co MEMBER New York Stock Exchange 319 N. Central AL 8-2711 The Sensational Sixties What will the next 10 years be like We have copies of informative data concerning the next 10 years from a financial, standpoint.

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Phoenix, I Please tend me a FREE copy i Name Add. City State U.S. Dependents Arrive In Korea SEOUL (UPI)-The first two dependent families of American servicemen stationed in South Korea have arrived In Seoul. The wife of Col. Thomas B.

Handford, senior logistics adviser in the Korean military assistance group, and their three children arrived from Arlington, Va. The wife of air force Lt. Col. Gordon The Democratic National Com- larl and tneir two children ar- mittee, in its new publication 'ved from Albuquerque, N.M. full year of the Truman administration.

War Tax Extension WASHINGTON (UPI) A bill to House leaders said the bill The administration requested the igislation to avert a revenue loss of $2 billion in the new fiscal year. Thinking of RETIREMENT Or a Weekend Retreat? Why net in P.I.C. Lower Crtek Estatei located 2 miles South of Cornville, less than a 2-hour drive from Phoenix up Black Canyon Highway? This wonderful climate and altitude of 3700 ft. recommended by doctors for year-round living. Has its own well- stocked stream of water flowing right through the property with fishing, swimming, hiking, interesting Indian ruins, etc.

Utilities are in, including telephone. Lot prices start at $995, with 5 195 DOWN $19.50 per month Special Terms Beautiful landscaped cabins are available with $1,000 down and balance at mtg. Call P.I.C. at CR 9-2396 for personal info on how to get there or itop in at our office located at 4721 North Central. Coming Into your horn 1ST IN SUAUTY! 1ST NAME IN AIR CONDITIONING I Con Americans Be Popular? They can if our children will study more about the people they'll meet abroad and less of thair statistics.

You'll learn this interesting way to study our rapidly shrinking world when you read THIS WEEK Magazine this Sunday. Prunt Climbing Roses In her garden column, Naomi Showers points out that climbing roses should be pruned now. She also describes the proper Sunday in the SUN LIVING methods thij Section Hobby Hunting? Need a new hobby? Here's one that's different ant watching. Read thli fascinating account in LADY FARE. The front page of the popular women'i section will be devoted to a color presentation of the latest fashions.

Help For Ex-Alcoholics Phoenix has a unique organisation for the rehabilitation of alcoholics. ARIZONA DAYS AND WAYS, The Republic Magazine, visits the 12th Step House. This organization feeds, clothes, and assists the deserving ex-alcoholic in finding a job..