Decatur Daily Democrat, Volume 57, Number 243, Decatur, Adams County, 15 October 1959 — Page 11

THURSDAY, OCTOBER IS, 1999

Loans Requested By Colleges And Cities By MARGUERITE DAVIS United Press International WASHINGTON (UPI) Cities and colleges in 10 midwestem states were waiting in line when Congress boosted the federal money available to them, the Housing and Home Finance Agency said today. Applications for more than 116 million dollars already were on hand when Congress voted to strengthen the help given cities for clearing slums, and to colleges for handling the growing number of students seeking ad-

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mission. * HHFA spokesmen said most of the requests probably would be acted upon—granted in full or part, dr rejected—by the end of the year. Colleges in the area, hoping for their share of the seven million students expected to be applying for admission by 1970, have requested loans totaling $49,618,000. Cities in the 10 states are in with requests totaling $67,323,986 in outright grants the federal government offers. Before adjourning last month, Congress added 350 million dollars to the urban renewal budget available through June 30, 1960. The law provides that the federal government will pay two-thirds of the net cost of purchasing the blighted land and buildings and

clearing the property for other use, provided private industry is given first preference in using the razed land. CoUeges, already turning away applicants because there was not enough dormitory space, pressed for federal help and Congress obliged by adding 250 million dollars to the 40-year loan fund. The loans carry an interest rate of 3% per cent, compared with the current 5 per cent interest the government now pays for money it borrows. Missouri led in requests for help in -urban renewal, promoted as a means of curbing juvenile delinquency, with applications totaling $46,737,314 Other states seeking the federal grants included Illinois »for SB,379,397, Michigan for $7,760,951,

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Indiana for DSJS4MD. Minnesota for 91.0M.4M. AM North Dakota for $97349. Illinois collages and universities submitted loan application* totaling $15,145,000. Others included ; those in Missouri for $6,399,000, ' Indiana for $5,915,000, lowa for. $5,290,000, Minnesota tor $4,785,000 , Michigan for $4,428,000, South I Dakota for $3889,000, Wisconsin for $1,392,000, North Dakota for < $1,200,000, and Nebraska for sl, 175,000. | Indiana applications for urban i renewal grants included: Mishawaka— Conservation Project No. 2, $612,894; Conservation Project No. 3, $672,229, and Redevelopment Project No. 1, $517,446. Michigan City—Park School, $374,714.

Kingsford Hetahte-$335,714. Anderson — Project A—Education Center, $742,090. Indiana colleges and universities applying for loans, and the purpose for which the money is intended, include: Valparaiso University, $1,280,000 dormitory and dining facilities for 320 womfen. Manchester College, $400,000, dormitory for 120 men Ball State Teachers College, $4,235,000, dormitories for 450 men and <SO women. The average expenditure per pupil enrolled in American public schools was $76 in 1940, $lB6 in 1950 and $309 in 1958.

General Elecfric Earnings At Record NEW YORK, N. Y, — General Electric company chairman of the board Ralph J. Cordiner announced today that a strong third quarter had brought General Electric’s earnings for the first nine months of 1959 to a new record and sales to a level almost equal to the previous peak established in 1957. Net sales billed for the nine months amounted to $3,142,297,000. an increase of 5 per cent over the $2,982,615,000 billed during the corresponding period a year ago and within 1 per cent of the $3,-

169,276,000 recorded Ln 1057. Earnings for the nine months were $189,512,000, up $27,542,000 Or 17 per cent from comparable earnings in the sub-normal period last year, he said, and 4 per eent above the record set in 1957. Earnings were equivalent to $2.16 a share of common stock, as against 91.85 for the first nine months of 1958 and $2.10 for the 1957 period. Sales billed for the three month ended September 30 totaled sl,076,850,000, up 7 per cent from sales of $1,003,621,000 for the corresponding period last year. Earnings for the period were $72,273,000, up 23 per cent over earnings of $58,589,000 for the same period last year. Cordiner reported that employee pay and benefits for the nine

PAGE THREE-A

months increased 973.1714100 ever the same period last year, totaling $1,288,578,000. Purchases «f mate riah. supplies and services tom the company’s more than 45.000 suppliers totaled approximately $1,400,000,000. General Electric also made provision tor payment of $255,332,000—r0ug1y 35 per cent more than the company's earnings —in direct federal, state and local taxes and renegotiation, in addition to indirect taxes included in prices paid to suppliers. Discussing the company’s four principal product classifications. Cordiner said that two of them, consumer products and industrial components, continued to follow the improvement pattern begun late last year. Sales of Mate* product departments remained firm.