European Stars And Stripes Newspaper Archives Apr 5 1962, Page 5

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European Stars And Stripes (Newspaper) - April 5, 1962, Darmstadt, Hesse,-1962 the stars and stripes tag i Trust fund on 45th birthday Nedy Fortune to grow when tarns 45 on direct pos-$4 million to tune formerly that this half of the Truit funds set up for him to 1926, 1936and 1949 by his father Joseph p. Kennedy. Equal sums were provided for each of the president s two Broth ers and four Sisters. President Kennedy received direct ownership of one fourth of the toured Leeiii Lentin Calif a by the bark brought about the convicts less than they had made san Over the Wall is Dale Frady Worley prompt the sheriffs office three of the Fugi behind her Home in less than 10 mile prison. Taw the convicts looked out her Back tee Why her dog was deserved All the said. Harris and a. L. Snell guards sped North Rafael and captured and unarmed fun Plum 90 minutes after Call offered no resist udder men went Over the 40 the prison s Industrial i stolen ladder and a they worked in a mid in the textile Iii. Of darkness and thei s noise they propped near a guard Tower was not manned after they dropped Down out with the 30-foot rope. Parley s dog. Duke he s part Shepherd part but a wonderful watch would t Stop Barking t peered Down into the i saw three men who a at mrs. Wor two wore Gray and one1 thought came to me that Tfir prison garb t called the sheriff. The Quentin guards came with i and Coon this place was just Eddie turns thoughts to his career from Frew dispatches new York Eddie Fisher turned his thoughts to his singing career As the entertainment world still buzzed Over confirmation of the news that Fisher s marriage to Elizabeth Taylor was to end i divorce. Fisher bought music of several hit songs with an Eye toward re cording some of them. I m not go ing to leave town for a while he said. I m going to see some More shows on Bradway. Then i la go to Hollywood to see my in Hollywood there were these major questions discussed Over the Coffee cups and cocktail glasses a. What will the scandal do to Liz a. The general consensus is nothing. In a less sophisticated Era she would have been castigated in the pulpits and press for discarding her husband for another married Man said one observer. But her career Only boomed after she stole Eddie from Debbie nothing seems to harm film expected to draw it will have the biggest want to see Factor of any film in history said one hard headed businessman of miss Taylor s q. What will the scandal do to Eddie a. Personally he will be devastated said a close Friend. Eddie has great Pride Only his love for Liz allowed him to Overlook his Pride in the last two years. No that he has lost her professionally he s in trouble too. As Long As he can sing he can get jobs in Las vegas another night spots. But his Long suit was his Youthful lighthearted Spir it he May not sell so Well As pall acc principal of his Trust funds whence reached the age of 40. He is re ported to be eligible for a second one fourth when he becomes 45. The age Levels Are reported to be conditions prescribed by theelder Kennedy for the Trust funds he started for his children in 1926. He added to the sums later. Shortly before assuming office in january 1961, or. Kennedy re moved his personal Fortune from the Field of speculative investment for the duration of his White House service. He disposed of All Stock holdings and reinvested in govern ment Bonds Federal state an municipal. At the time he entered office and presumably at present or. Kennedy derived about �100,000 a year after taxes from the Trust funds. On the basis of authoritative in formation this represented a Gros income of $500,000 a year for his Fortune with $400.000 going for taxes. It was assumed that if this meant a yield of about 5 per cent his Over All personal wealth would be in the Range of $10 million. It was not known whether the second one fourth of the principal would go to or. Kennedy automatically on his 45th birthday or whether he could choose to leave it in Trust in five years he can come into ownership of an additional sum either a third or one Quarter of the remainder. Outsiders Are not sure which. Economic meetings slated Washington com Merce Secretary Luther a Hodges and a team of administration troubleshooters will meet with businessmen in three cities soon to study ways of promoting America s economic growth. The meetings Are scheduled april 19 in los Angeles. April 23 in Kansas City mo., and May 7 in Atlanta. Senate probe in. In charges of excess profits on missiles Washington a Senate investigators have begun delving into allegations that profit was piled on profit in equipping the country s Nike missile bases. Setting the stage for the inquiry staff investigator Robert e. Dunne testified that three firms each took More than $9 million profit on launcher loaders that Cost the producing company about $146 million to build. Sen. John a Mcclellan d-ark., chairman of the Senate investigations subcommittee conducting the hearing commented that this pyramiding of profits through three Levels of contractors totalled about $29.5 million or 20 per cent of the m not saying for the moment that was unreasonable i m not saying anything was wrong Here Mcclellan said. Middleman is Crux Mcclellan said the Crux of he Issue was whether the govern ment might not save Money by eliminating the an opening statement Mcclel Lan said no one is being accused of wrongdoing. He said the sub committee s Job is to see that excessive profits and costs do Dunne testified the launching and loading equipment was produced by consolidated Western steel co. Of los Angeles a . Steel corp. Subsidiary Over an eight year period from 1952 to1960. He said the consolidated firm received a $9,283,000 profit on the equipment which Cost it about $146 million to produce. Consolidated was at the Bottom of three tiers of contractors and subcontractors Dunne said. At the top was Western electric co., which holds the major contract on the Nike Ajax and Nike Hercules missiles and in Between was Douglas aircraft co., a major sub contractor. For the launcher loader work Dunne testified that Douglas collected a profit of $10,354,659 and Western electric received $9.840.475. During a recess Walter g. Herr contract manager for Western elec tric challenged Dunne s figures but the committee investigator insisted they were right. They re not right Here said. If you re going to use them get them in his testimony Dunne noted that the profits of each of the two upper tier contractors As he called them Western electric and Douglas were greater than the profit received by consolidated Western for the actual production work. Mcclellan said it appeared Douglas was the middleman so to he said the very Crux of the Issue is Why the govern ment could t have saved Money by letting the contracts directly. Sens. Carl t. Curtis a neb. And Karl Mundt r-s.d., suggested Douglas and Western electric probably were entitled to profits because of design work they had done for the launcher loaders Mcclellan said the two top con tractors had been paid separately for the design and development work. Dunne said the Douglas firm con tended it should be paid on the production work too much As a songwriter receives royalties each time his song is used. Kennedy not called during false Alert Washington up the de sense department has said that a false alarm which alerted Amer Ica s strategic air come Sac during the height of the Berlin crisis last fall was a reaction to a suspected communications fail ure a spokesman said Gen Thomass. Power chief of Sac with head quarters at Omaha neb., gave this As his reason for not notifying his military or civilian superiors while the false alarm was being checked out. Power instead alerted nuclear armed . Planes at bases through out the world. He allowed the planes to proceed to runways but did not order them to take off while the cause of the false alarm was being determined. This required a period Given Vari it victim weakened by boiling croat flu or Sioux River the North Span of flu Boute m Bridge connect ing Sioux atty Iowa with South Dakota rests in the River after it you aped. The Ridge opened five months ago. A photo Ousby As from a matter of seconds to four minutes. P o w e r elaboration explanation and an by the Pentagon spokesman served to clarify the stage at which president Kenned Yand the nation s military leaders would come into the picture if there were evidence the nation might be under attack. The spokesman said no new instructions have been Given no restrictions have been placed on him thus indicating that the same procedure might be Fol Lowed in another false Alert the alarm occurred at 4 42 an. Nov. 24, the spokesman said. The general who had a direct line red Telephone next to has bed with which to give orders was awake from his sleep. He was told by his Headquarters that communications signals from giant Early warning radar stations in Alaska and Greenland had gone. This could have meant that the stations had been destroyed As a preliminary to an attack on the United states or it could mean a communications failure the spokesman said Bower did not order the Start of a countdown on missiles and that he was within his rights alerting the bombers. He said Power actually could have sent the planes into the air to keep them from being destroyed on the Only the president he said could have ordered the planes to leave on bombing missions the Alert precipitate end Iby Thea false alarm was allowed to continue for 12% minutes partly As a practice exercise to the planes could reach the runways i that time it involved approximately half of the Sac bombing Force

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