Business: Business, Aug. 19, 1957

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SLUM-CLEARANCE BATTLE for funds has been won by U.S. Housing Chief Albert M. Cole and U.S. mayors, who got $250 million allotment from Administration for fiscal 1958 despite Treasury-Budget Bureau drive to pare sum. Of 264 communities that will receive federal aid, top amounts will go to New York ($25 million), Washington, D.C., Chicago, Philadelphia, Detroit, Cincinnati, St. Louis.

FAST TAX WRITE-OFFS will dry up soon. Senate Finance Committee approved measure to end write-offs altogether by Dec. 31, 1959, and to limit them until then to radically new or specialized production or research facilities for military services and AEC.

RASCAL MISSILE made by Bell Aircraft Corp. will go to SAC units this month. By late October, B-47 bombers will start training flights with Rascal, which can carry a nuclear warhead 100 miles from plane to ground target.

FLYING TIGER LINE, pushing hard to become first cargo airline with turboprops, is dickering with Douglas

Aircraft Co. for $60 million worth of big turboprops for 1960 delivery. Flying Tiger Boss Robert W. Prescott will soon tell stockholders that company's domestic cargo operations will go into the black this year for the first time in its twelve-year history, and line will gross $40 million in fiscal 1958 v. $24 million in past fiscal year.

CASH DIVIDENDS on common stock listed on New York Stock Exchange are running more than 6% ahead of last year. From January to June they hit new record for 15th consecutive first half, rose to $4.22 billion, v. $3.97 billion in same period last year.

DEFENSE CUTBACKS will begin to pinch oil producers. To keep under Administration's $38 billion defense budget ceiling, armed forces will cut purchases of petroleum products by as much as $170 million a year—a 15% drop. Aviation fuel, special Navy fuel oils will get deepest cuts.

CITY OF TOMORROW will be built on West Los Angeles lot of 20th Century-Fox, which will shift some of its moviemaking operations to its Malibu property. On 180 acres of its 284-acre lot, company plans to develop a shopping and residential hub, with office buildings, shops, luxury apartments for 20,000.

PORTABLE TV SETS are dangerous when used in damp places, e.g., bathroom, laundry, basement, garden or poolside, warns National Safety Council. As a result of accidental electrocution of Chicago boy by portable TV set, General Electric Co. dealers henceforth will make safety check without charge of any G.E. portable bought by their customers.

MUTUAL BROADCASTING, in the past a money-losing system, is being taken over from RKO Teleradio Pictures, Inc., a General Tire & Rubber Co. subsidiary, by a syndicate headed by Oilman Armand Hammer, who will become chairman, and Los Angeles Radio Executive Paul Roberts, who will become president. Group paid about $750,000 for network's good will and advertising contracts with 480 U.S., Canadian stations.