Convairiety, Volume 13, Number 7, Wednesday, March 30, 1960 Page: 3 of 8
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Wednesday, March 30, 1960
FINAL FLIGHT—B-58 No. 1—named “Grandpappy"—made last flight in March to Kelly AFB in
San Antonio, where it will be used by ground training crews.
B-58 No. 1, Called Grandpappy, Flown
To Kelly For Ground Crew Training
“Grandpappy” — B-58 Hustler
No. 1 — has been “grounded.”
He’s now stationed permanent-
ly at Kelly AFB in San Antonio,
where B-58 crews are using him
for maintenance training.
Grandpappy, the first bomber
in the world to go Mach 2, made
his first flight Nov. 11, 1956, as
thousands of Convair folk cheer-
ed. The crew—B. A. Erickson,
J. B. McEachern, and C. P. Har-
rison—congratulated him for a
job “well done.”
After that, Grandpappy con-
tinued to make supersonic history
throughout a rigorous test pro-
He volunteered for all sorts of
chores: early performance tests;
flutter tests; missile-launching
runs during the Air Launch Bal-
listic Missile Program at Cape
Canaveral; and subsonic canopy-
Grandpappy helped prove to
600 Jetliner to ‘Fly*
On Foreign Stamp
Convair SD’s 600 jetliner will
fly for the first time next week
—on a stamp that is.
The government of the Prin-
cipality of Liechtenstein on
April 6 will release their first
issue of stamps commemorat-
ing 30 years of airmail stamps.
Valued at 50 rappen, the red
and brown jet 600 stamp will
be among the new issue speed-
ing Liechtenstein mail.
the Air Force just how durable
his B-58 breed was last year
when he made 11 flights in 10
working days during Project
Grandpappy was also available
for the important full-power test,
involving a drastic test of pres-
sure surges in fuel lines, run re-
cently at Convair.
And he helped later in wheel,
brake, and tire taxi tests at Cars-
No doubt, Grandpappy has had
more than his share of thrills.
Perhaps the greatest came when
he made a flyby over top brass-
filled stands at Andrews AFB in
All told, Grandpappy made 150
F-106 Pilot 'Just Along For Ride'
As Plane Flies Self Across U. S.
A F-106 all-weather intercep-
tor flew itself non-stop across
the continent last Wednesday
from California to Florida. A pi-
lot flew the takeoff and landing,
but the rest of the time he was
just “along for the ride.”
Maj. Frank Forsyth, the Air
Materiel Command’s chief accept-
ance pilot for the F-106, took the
interceptor off the Palmdale run-
way at 11:48 a.m. (EST). A min-
ute later, the F-106 picked up an
electronic signal from the ground,
and Forsyth took his hands from
the controls. The Convair-built
F-106 then flew itself to Jackson-
Flying time for the aircraft
was three hours and 12 minutes;
for the pilot, five minutes. Over
Jacksonville, Forsyth again took
the controls and flew back to
Tyndall AFB, Fla., landing at
3:46 p.m., Eastern time.
The 2,500-mile flight was the
longest ever made by an inter-
ceptor aircraft without refueling.
No attempt was made to set a
speed mark, although the F-106
holds the world’s speed record of
1,525 miles an hour, set last De-
cember at Edwards AFB, Calif.
The F-106, built at Convair
San Diego for the Air Defense
Command, was equipped with ex-
ternal fuel tanks for initial leg of
the journey. They were jettisoned
over the Air Force firing range
at Yuma, Ariz.
Key to the fully-automatic
flight was the aircraft’s MA-1
navigation and fire control sys-
tem, built by Hughes Aircraft
Co. This system is capable of fly-
ing the aircraft through all
phases of an intercept mission
from shortly after takeoff to
Before the F-106 took off, en-
gineers pre-programmed its en-
tire flight profile into the MA-1
system’s “Digitair” airborne digi-
With this data and continuous
range and bearing information
flashed to the aircraft by TAC-
AN (Tactical Air Navigation)
stations across the country, the
MA-1 system automatically com-
pared the jet’s position to the
prescribed route and supplied
signals to the airborne flight con-
trol system. It automatically cor-
Tected heading and altitude.
“It was like riding in the back
seat of a limousine with a TV
set and someone else doing the
driving,” said Forsyth.
“Quick, Joe! Hide that fried chicken
Savings Bonds Designed to Encourage Thrift Among Americans
(This is the second, and last
installment of “question and
answer” information on U. S.
Savings Bonds. Beginning Mon-
day, April 4, all in Convair who
are not buying bonds by pay-
roll deduction will be given an
opportunity to sign up.)
Q: I am a young person on my
first job and am interested in
beginning a savings program.
Savings bonds were originated be-
fore my time, so please tell me
about the different series and
which ones I should buy.
A: There are only two types
of savings bonds that you can
purchase: Series E and Series
H. Series E bonds have been
on sale continuously since May
I, 1941. It is an appreciation
bond, which means that it in-
creases in value the longer, you
hold it. It sells for 75 per cent
of its maturity value. In other
words, a $25 bond sells for
$18.75; a $100 bond for $75.
Your money grows by 33% per
cent in just 7 years and 9 months,
the new maturity period for E
bonds. They earn 2% per cent
interest for the first year and a
half, and 4 per cent to maturity.
Series E bonds come in denom-
inations of $25, $50, $100, $200,
$500, $1,000 and $10,000.
The Series H bond is a com-
panion bond to the Series E. It
is a current income bond and
interest is paid semi-annually in
the form of interest checks. In-
terest is the same as the E bond,
3% per cent if held to full ma-
turity of 10 years, with a yield
of 2% per cent for the first year
and a half, then 4 per cent to
maturity. Series H bonds are
purchased at face value of $500,
$1,000, $5,000 and $10,000. No
matter when an H bond owner
cashes his bond, he receives the
full face value.
Q: I’ve been buying bonds reg-
ularly out of my paycheck. I’ve
often wondered why rich people
don’t buy savings bonds.
A: Savings Bonds are owned
by people in practically all in-
come groups. They are sold in
denominations of $25 to $10,000.
The smaller denominations are
the most popular and are pur-
chased by people on the Payroll
Savings Plan. The $500, $1,000,
$5,000, and $10,000 denominations
are purchased by self-employed,
managerial and executive groups,
professional people, and those
who have substantial sums to in-
vest, usually from the sale of
property or goods. The savings
bonds program, however, is de-
signed for the average saver, not
the wealthy. Outside of the
strictly savings field, the Treas-
ury offers other types of securi-
ties, such as treasury notes,
certificates, and bonds, all of
which are transferable, negoti-
able, and subject to fluctuation
in the market.
Q: I have wondered why the
interest curve is used for sav-
ings bonds. Why don’t you re-
ceive full interest at once, as you
do in a savings account?
A: Savings bonds, with an
overall rate of 3% per cent,
now pay 2% per cent interest for
the first year and a half and
then four per cent to maturity.
This interest payment is now
more in line with other types of
savings. But the bond holder
should bear in mind that to the
Treasury Department, the sav-
ings bond is a long-term bond,
designed to encourage Americans
to save for the future, for the big
thing in their lives, for long-
term goals, such as retirement, a
home, children’s education. And
remember, too, that the rate of
interest is guaranteed for the full
life of the contract.
Q: My husband buys savings
bonds on the Payroll Savings
Plan at Convair. Does the gov-
ernment pay General Dynamics
Corporation to sell bonds ?
A: The Treasury Department
does not pay companies to op-
erate the Payroll Savings Plan
for the automatic purchase of
savings bonds, nor does it pay
banks to sell these bonds. All
issuing agents offer this free
service to their employees or cus-
tomers at their own expense,
principally because of their pa-
triotic convictions that the sale
of savings bonds is good for the
country, good for the community,
good for the bond owner. They
encourage growth and prosperity
of our people and our country.
Q: Will the government really
pay 3% per cent interest or is
it possible for the rate to be
reduced ? Are there any other
monetary advantages in savings
bonds besides the interest rate ?
A: (a) The full faith and cred-
it of the U. S. Government is
behind its pledge to pay the an-
nounced rate of interest, which is
guaranteed for the full term of
the bonds. A savings bond is an
instrument for saving with a
fixed, guaranteed rate of return,
with specified intermediate cash
values. It is registered, non-
(Excerpted from a column by
Sylvia Porter in the Los An-
geles Mirror News.)
When my husband changed jobs
last spring he stopped buying
U. S. Savings Bonds by deduction
of a specified sum from his pay-
check every week.
He thereby cut off a way we
had been saving regularly and
automatically for years, and I
vividly recall my pledge at the
“Out of every paycheck that
goes into our joint account,
I’ll earmark exactly the amount
we had previously been putting
into bonds. Periodically I’ll
draw it out of the bank and
then we can invest it as we
think proper. You can trust me
to do this.”
Because, like most wives in
America, I manage the household
account, I was put in sole charge
of earmarking and I was enthus-
iastically faithful to the program
at the start. This weekend,
though, as I was glancing back
over our bank statement, I sud-
denly realized that:
(1) —It has been months since
I’ve done any earmarking. I
think it was in August that I for-
got the whole thing.
(2) —The extra money we had
marketable, and safe from loss,
theft, or destruction. Treasury
marketable bonds, on the other
hand, fluctuate with the market,
which means their cash value at
any given time may be more or
less than the original cost.
(b) Other savings bond charac-
teristics which may be considered
as monetary savings are: the in-
terest earned is exempt from
state income taxes; the interest
on E bonds can be declared either
yearly on federal income tax re-
turns or when the bonds are
cashed; a bond owner can redeem
his savings bond at HIS con-
venience, either before maturity
or in the extended maturity per-
iods; savings bonds may be pur-
chased and redeemed at no cost
to the savings bond owner.
How to Convert
Q: My bond holdings are con-
centrated in Series E bonds.
Since I am nearing retirement,
I would now prefer to receive
been saving so painlessly over the
years isn’t in the account. The
total is about the same as it was
before my husband stopped the
(3) —I don’t know where the
money has gone. We haven’t done
or bought anything unusual. Our
cost of living hasn’t been
bounced sharply upward.
(4) —I have no valid excuse for
what has happened. I only admit
that the money has been frit-
tered away in dribs and drabs.
Here in our own experience is
the key reason why the U. S.
Savings Bond program deserves
continued life and support. This
little anecdote goes to the heart
of the program’s value . . .
(which) lies in the discipline of
saving which a payroll savings
program imposes upon us . . .
Would we have “lost” our sav-
ings had my husband still been
buying bonds via payroll deduc-
tions? No. The money would
have gone into the bonds before
I got my hands on it.
Would we have been squeezed
by the lack of dollars in the
household account? No, we
weren’t squeezed in the past.
Before you shrug off a payroll
deduction for bonds because you
can get an extra per cent by sav-
ing elsewhere, think about this ...
current income from my invest-
ment. May I exchange my E
bonds for H bonds ?
A: Yes, you may—beginning
January 1, 1960. The Treasury
has just announced this exchange
privilege—not only for all E
bonds, but also for unmatured F
and J bonds—which was effective
on that date. Under this provi-
sion, the tax liability on accumu-
lated interest due on your E, F,
or J bonds is deferred until you
finally cash in the H bonds pur-
chased with their proceeds. In
effect, this becomes a self-ad-
ministering annuity program.
Q: How do I make this ex-
change of E bonds (or F or J)
for H bonds ?
A: Take the bonds you wish to
exchange to your bank, together
with whatever cash may be
needed to make up the difference
between the current cash value
of your bonds and the price of
the H bond to be bought (denom-
inations are $500, $1,000, $5,000,
and $10,000). Your banker will
take your order and forward it
to the Federal Reserve Bank,
which in turn will issue your
new H bond (or bonds) and mail
it back to you. Or you can handle
it direct with the Federal Bank
or the Treasurer of the United
Q: How much of my E (or F
or J) bond holdings can I convert
to H bonds in any one year?
A: There is no limit to the
amount you may convert. If you
wish, you may take your entire
holdings and have them converted
in a single operation.
^ I WON'T ^
COME OUT TIL
TO INVEST MY
SHARE IN U.S.
^7 SAVINGS J
Anecdote Penetrates to Heart
Of Savings Bonds' Benefits
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General Dynamics Corporation. Convair Division. Convairiety, Volume 13, Number 7, Wednesday, March 30, 1960, periodical, March 30, 1960; Fort Worth, Texas. (https://texashistory.unt.edu/ark:/67531/metapth777380/m1/3/?rotate=90: accessed April 19, 2019), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Lockheed Martin Aeronautics Company, Fort Worth.