The Daily Courier from Connellsville, Pennsylvania on October 6, 1960 · Page 13
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The Daily Courier from Connellsville, Pennsylvania · Page 13

Connellsville, Pennsylvania
Issue Date:
Thursday, October 6, 1960
Page 13
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THURSDAY, OCTOBER 8,19W. Real Estate Investment Plan Backed THE DAILY COURI£R, .CONNELLSViLLE, PA. PAGE THDITUN UtMtJV _ , ,, _ . . . . . NEW YORK (UPI) -President Ernest Henderson of Sheraton Corp., of America raised some eyebrows in industry recently with the announcerr'eBt that his firm was considering rcorgamiaiion into a real estate investment trust. He* said the move was b e i n g made to take advantage of the tax exemptions permitted under the new real estate investment trust law recently signed by Presi-; |; : .^ dnt Eisenhower. Trusts which distribute 90 per cent or more of their ordinary income are taxed only on income t h e y retain. Stockholders, of course, must, pay the government income taxes on the dividends. .Stimulate Investment Henderson said the new 1 a w investment in real estate, create! f jobs in construction, and despit criticism to the contrary, actually bring added revenue to the gov-l ernment. ilc ieuu «iC 'ViS SUr£ Vhc i'lUTiU- lus to realty investment would mean. Uncle Sam getting m o r e from personal income taxes on realty investment profits in t h e Jong run than he now gets from I corporate realty profits. i ; In reviewing this new law in its : ; federal tax guide. Prentice-Hall, i ? Jnr. said it creates a new t a x ' 1 ' entity that may some day rival \ ·.- ctock investment companies (ma-1 I tual funds and closed end invest-. ··· mcnt firms' in competition f o r ·; the investor's dollar. i i; Similarities Noted ; j It noted ihat real estate trusts: ;compare with stock investment ; \ companies in several ways. Their; s ; economic advantages are similar.' i Each offers a means of pooling j funds to enable small investors to, ;take on big investment projects i j. none could take alone; the safety of diversification of investment; .expert investment counsel. The supervision of state regula-; tory agencies land of the federal: government where shares are sold} across state lines' offers an additional investor safeguard in each case, Prentice-Hall stated. \ Their main points of difference) are in investments (realty and! mortgages against ?tock and s2- curities.' and, until now, in iheir ; tax status. Prentice-Hall pointed out that; real estate investment trusts ac-; tually aren't new - they date from: "Massachusetts Trusts" of t h e ; -~.late nineteenth cntury. But.^ itj E astern Gas and Fuel Asso- sdeed, their growth was sluniea c : a:e _ w jj; c jj operates coal mines i by Supreme Court decisions hold-; jn We l t Virg j nia and central Penn . ing such trusts taxable, at corpo-j sy ] van j ai 2ga j n h as woa , fj rs t rate rates, on all net income. p ' rize for having the best stockholder annual report in the coal jaad coke industry.. 3 i Officials of Eastern's Coal Divi- islon in Pittsburgh said there werej i nearly 5,000 annual reports re-j jviewed in 96 categories. The con-! jlest is sponsored by "Financial ! World," national weekly magazine. The Rev. Robert E. Houff. pas-] A bronze 'o sc ar - of - Industry'.^ tor of the Uniontown Church of the: tropny w jij b e presented to Charles Brethren, will be the opening;g_ Downing, Eastern manager of speaker at the Interdenomination-! s j. oc i sno ] ( ] er5 relations, at an ai Conference on the Church and; awar( j s dinner October 24 in the! World Affairs at 1:30 p.m. Satur-jstatler Hilton Hotel in New York.] duT i" the First Presbyterian' ! .Church, Uniontown. j Rev. Houff is director of thej conference. A full program o f speakers has been arranged. j JOINT SCHOOL KIPWQ . Many students in Connellsrille 'Joint Senior High School arfol - Free World Police Primary Target Of Subversion WASHINGTON (UPI)-A high official of the Central Intelligence Agency (CIA) told 1.500 American and foreign police chiefs that free world police are one of the P rmar - v tar 2 ets for Communist jfering service as aides ern servce as aes in t h e - ' guidance office, health room and I !? spector fs , ener * ! : said "J an ad ' i b r r dress to the 6th annual confer ;; · .'i- .;W slff !fe : 0* '^^^^^y^i^^'M^^^^M^ ··. ^ '- '· ··· · ^^ '^a^- -^ I ' ;':^!illiif-^i:;P ; -^PS^ Office aides were Donna Mari-if- nce ° ff * e nterrna ^onal Associa- etia, Alary Kelly. Connie Fire-'i tlon of Chlcfs ° f Police lbat as stone, Ellaree Sanner, Marjie 11 ? 08 as the . rfc * re Cummuiasts Kreiflbrook. Cheryl Whoric Carol! thei [, f, oal Wlli be " comro1 of the Staufser. Edwinna Pope, Diane! *o .. ,,. . DeMuth, Margie Keller, Janet i -f r f ldent tisenbower also Minko, Nancy Wilcox, C aro!vn i schedu ' ed a speech to the enforce Leah Jane ".\icholson. Bonni- ment , offiCJa!s .Meyers. Gwen Piern, Sharoa Po--: K l r k P a t r i c k toW lhe officials lock, Ginger Joseph, Nancy Full-: thai Ihe Communist "capability er, and Barbara Graham.' : for conspiratorial work largely Assisting in the health room are accounts for the survival of the Nancy Constantine. Sandra Welsh J intern .f !onal Communist move- Doris Speelman. Leona Hil'en menL ' Nancy Mown-, Elaine Love, Ma- But he said that an efficieni : r:s ilcCcrrr.ick. Esthc- \ : ch~! c c" P°- !ce f° rce prepared to combat j Kay *Snyder/Donna'Vurka'" Ei- bolh overt Commuuisi agitaiioa jleen Holden. Rosella Kocis,' Heland subversion can Paralyze the en Conner, Kay Ulery. Kay Half- Communist party m any country, hill, Hilda Pritts. Martha Younk-i in. Marcia Palmer. Ruihann Well-i ·"" Car"' Lir' -"^ ^v.-!-.-.- tefa. Student 1 ibrarians are jBannon, Louise Benzio, Barbara j Brooks, Janice Brothers, Kathiryn" Chearney, Phii DeMarco, jjack Driscoll. Joanne Enos, Ron- jald Farina, Richard Galand, San- jdrt Hominsky, Doris Husak, An!na McFern. Judy Miller. Diana I Nicholson, Sharon PoiiocK, Nancy i Ratai, Charolette Rudolcheck. ; Karen Sechrist. Richard Sklenar, Carol Troilo. Leo Ward, Gloria VYeihc. Carolyn Wildey, Edwin Wojtenowski and Janet Pirl. Hoasitf AriHrtr ' (Hoi Six III UHai ForDwnTjMJir I | CHICAGO" (UPI) -A fatteral { housing authority has cited Philff-* ; delphia and five other U.S. cities I for doing a "good, job" on t h e 'nrohlem of urban hlisht. cons«r- ;vation and rehabilitation. . · ·- · S. Leigh Curry Jr.', feneral counsel of the urban renewal administration in the federal hous-- : ing and home financing agency. · said however, that not one city is doing all it could to .solve the 'problem. _ · Curry told the convention of the mortgage bankers association here ihat Philadelphia, Chicago, Baltimore, Pittsburgh, St. Louis and Little Rock, Ark., were doing a "good job." He said the average city is suffering from "a lack of planning with an eye to the future." :' More than S2 billion of federal funds' have been authorized or committed to. urban renewal, Curry said, and 455 communities have a total of 800 projects underway. However, he added, federal aid is only supplement to local elforts: ''urban renewal must be community wide." Mark Anniversary. r. and Mrs. Robert E. Heath ,of L'niontown marked their 55tn i wedding anniversary with a fam- iily dinner Tuesday. Parents of Son. A ?or. was born to Mr. and Mrs. Dwigni Sanner of .Mameton at Somerset Community Hospital Oct. 1- \ Home on Leave. | Marine P!c. Richard E. Tviem- iiec. son of Mrs. Joann Niemic of j Uniontown, is home on leave after j completing basic training at Par- iris Island, S. C. His next assign- jment will be at Fort Meade. Md. Friday and Saturday Special! WASH SI .99 LUBE I Wet wash and complete lubricatioh with finest Sinclair lubrications Walk's Sinclair Service Rout* 119, North Next Sun-Do Din«r li Eastern Gas Wins Contest on Report For Stockholders Buffer, Egg Land, Maine, produces about half the | and eggs that are moved in world Denmark, only half the size of'bacon and z quarter of the butter trade. THE GREATEST SHOW OK WORTH! Rev. R. E. Houff lo Be Opening Speaker At World Affairs Meei California Variety EL CENTRO. Calif. (UPI) - Artist Appointed At Museum oi Art i s ----_----- I _,,,,. _ ._.. , Tom Rowlands of New Yorkj The local Chamber of Commerce.:City has been appointed artorf-m- ever obliging, sent Barry Potter Residence at the Westmoreland, of Billings, Mont., exactlv what: County of Art. it was announced j he asked for to help him with his:by Paul A. Chew, director. In-;, school work. Barry's request :!struct5on will be given three af- "Six or eight bugs of different'ternoons and evenings each week, kinds including a large black j in addition to a life class on. cockroach." 'Thursday nights. | -RsU oat the heavy Issds-ncthirij to it b this one! ENTIRE STOCK Ladies, Men's and Boys W E A R I N G A P P A R E L and DRY GOODS FRIDAY and SATURDAY ONLY! QUALITY ^V K .» * ·hvmAPrr CTAIIC CORVAIR WING-DING OF A TRUCK IDEA! A TOTALLY NEW KIND OF TRUCK THAT'LL PRACTICALLY PAY FOR ITSELF IN SAVINGS I COftVAN-Stfe fax* ep«n i full W wto. touting bttfrt h t tow 14' lift! tht latest thing in moving loads! Thr»9 rear-engine Corvair 95's (two pickup* and t panel) now join Chevy's '61 fleet'-' each one designed to give you more cubic feet of load space than a conventional fta/f-tonner.,. tjo^fo 1.900 ound* of oayload on a nimble 95-inch wheelbase! Nothing that c«rri«t · load for · living OHM* dot* to offering ttrit kind of effk cfencyl HOT'S a truck that's marly f fatt ihortar than · convtntkmal haH-toontr -jot hoWa mora pcytoadl (Corvan, for ax- ampto, ha* 191 cu, ft of cargo spacal) It'* · true*' nHh load apaca ao accMtlbW It practically loada and unloads itaalf ... built into its ortc-piece body-fram* dtsign ...better ttability because of its independent 4-whaef suspension and fifty-fifty weight distribution, loaded or unloaded. You get whopping -high capacity, light- touch maneuverability, plus the inherent economy of · gas-saving air-cooled rear engine that never needs water or antifreeze fit rwUtiti'ir r*«wrtf*. Youf 70 th Anniversary $EfOiD i^iiow/iL BANK of CONNELLSViLLE, PA, Inrnlr A %**· ...your ocay owne and managed bank tkis year celebrates seventy years of service to the community. The Board of Directors, Officers and staff take this opportunity to thank afl our friends and customers . . . without whose loyalty and patronage The Second National ·Bank's growth and present standing would have been impossible. The Second National Bank . . . the oldest * bank in Fayette County ... is justly proud cf its rsccrd. It's roots ere in Ccnne!!svi!!e and for seventy years it has provided banking service to the Connellsville area that has been second to none. «a*aaj)d«(tiWtty. A truck wtth (ongwNft dMfar fiaa tho dttails. Stt your /bet/ tuthorizrt CAewo/e/ deler PALMER CHEVROLET U' ' fl* 704 N. PlTTSaURO ST. CONNELLSVILLI MA MOW t --- u., _, -- ^^J ,,^-j U,-,,!. _ .^ w u . . / *, i , . , ,, ,, f .,,,,«,.. j · . -- -· j · -· -- ----!y staffed, the main objective of The Second National Bank has always been to serve our own area with the best possible banking service. ··%#$$®i

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