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12A MA& TRIBUNE, eri, teym, nuW.y, Jun 12. 1958
WE AOS
o
fir dL e. fitin
New YStft (UPI) 4mri
St's shipyard shoulf hum
with activity in th nett dec
ade vhile.the
nation'9 Sub
sidized fhip-
i ' SJ Pins lines re'
300 to 350 ob
solete ships
at cost of
around $2 bil
lion.
And the fi
timer Walzer nancing of
these ventures will bring out
a new type of security fed-
erally-insurJ ship mortgage
bonds.
The Grace Line is expected
to be the first to offer such
bonds publicly for the con
struction of two ships the
Santa Rosa and the Santa
Paula.
The Santa Rosa already Is
nearing the time for -its first
cruise set for June 26. The
Santa Paula will be completed
later in the year, fcach re
placed vessels of similar
names in the Grace fleet.
A group of big name'invest-
CROUCHING OVt CDMT BOL4, Hugh Entrop pilots outboard motorboat to new
world's record 0?2i hour on Lake Washington, Seattle. (UP1 Telephoto)
otf Ship Mortgage
Out by Ventures
maintain a regular scheduled
service; must agree to the re
placement after a service life
of 20 years; and must be re
placed by vessels built in U.S.
yards by U. S. labor, using
U. S. materials.
Vessels so built are sub
sidized to the extent that
American costs are higher
than foreign. If the operator
receiving a subsidy earns
more than 10 per cent on his
capital, half of this excess
must be returned to the gov
ernment and the other half
deposited in a special reserve
fund.
The. net result will be a
new investment medium mak
ing possible a big shipbuild
ing program in U. S. ship
yards, and providing the na
tion with an efficient mer
chant marine.
Tigard Incorporation
Hangs on Singh Vote
Tigard, Ore. -(UPI) The
attempt by the 100-year-old
community of Tigard to incor
porate as a city hangs on the
balance of a single vote.
The vote s S2I to 227
againft incorporation in Tues
day's Q0fr, tyrtsenting a
vote b$ 10$eP ctnt of the reg
dfikreS X canvass was
in proartW Wtfintsday and
memberf of h Chamber of
pmnTt9 Uii. new vote
would mnfltd in 30
days if h incorporation
move ftilet.
Tigard is locateft on Port
land's southwest fringe.
mtnt banks will underwrite
thw new bonds for the Grace
Line. It is headed by Merrill
Lynch, Pierce, Fenner '&
Smith nd includes Paine,
Webber, Jackson & Curtiss;
Smith, Barney & Co.; White
Weld ft Co.; and F. Eberstadt
& Co.
The bonds will run for
around 20 years and will be
paid off serially. Insurance
rates will be paid by the ship
ping line.
According to the current
issue of investor's reader,
published by Merrill Lynch,
the yield probably will be
considerable below the going
5 per cent. These bonds will
have better marketability than
privately placed mortgages
which also are 100 per cent
insured.
Unlike Public Housing
Authority bonds these will
not be tax exempt. And since
they are insured by the gov
ernment they will not have to
be registered with the Securi
ties & Exchange Commission.
The Grace firm believes the
bonds which it will offer with
their safety features will be
attractive for individuals as
well as colleges, pension funds
and similar institutional in
vestors.
The securities are expected
to be issued as vessels are
completed. Debt securities is
sued by the subsidized com
panies would be limited to 75
per cent of the operating com
pany's net cost of construc
tion, with the remainder pro
vided by .equity investment.
The provisions of the new
ruling specify that the ships
must be documented under
the laws of the U.S.; be
manned in general by U. S.
citizens; insured with U. S.
underwriters; must unless im
practical, have all repairs per
formed in U. S. yards; must
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'IF!
nnran
buHsny
m7
mil
C folic fC
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iiiiiM
r J?
It rqair ml M1. There are peopie a
0 Bumble Bee who have been picking the
best of the tuna catch for 20 years or
more. They're tough judges. How do they
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color and a bright, fresh look. It must
have that fine, fresh, just-out-of-the-sea
smell. Gills are examined. Meat is tested
for solicSty and firmness. Maybe you can
Dick the winners now, a and 6. They have
that true Bumble cee
quality. The others
were good, but not good
enough for the Bumble
Bee experts, who feel
that careful selection of tuna makes uni
form fine eating. A( 0regon Pr0luet
Columbia River Packers Assn., Inc., Astoria, Ore.
PHONE SP 2-7137
222 West Main - NEXT TO COPCO
BsssssaaBBassasssssassss:
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Lamb 291
fnuniA or
Boneless
Pork
Loin
Roast
DELICIOUS FLAVOR
Pure
Pork
Sausage
Patties 4
lbs.
$4
I
Fresh Frozen
Veal
Cube
Steaks
AD PRICES EFFECTIVE THURSDAY .3:03 P.M. THROUGH SATURDAY
TREAT DAD
TO A,
DELICIOUS
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All of our steaks are well
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"Dad's Favorite"
"Choice" Center Cuts
Beef
Short Ribs
SLICED
COLD IQ
MEATS
(a. IV Jl
"LARGE
VARIETY"
Treat. HTM Royally on
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Serve Him.
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We Cut 'Em Up
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We Always Feature the Finest and Freshest
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Smmur n.59
tcenemy sixt
mokn tw