The Orange Leader (Orange, Tex.)., Vol. 56, No. 83, Ed. 1 Tuesday, April 7, 1959 Page: 3 of 10
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Better Than Last Year
By SAM DAWSON
AP Business News /Analyst
NEW YORK (AP)—A sharp re-
bound in profits brightens the busi-
ness scene today as the big flow
of reports on first quarter opera-
tions gathers speed.
Two out of three companies re-
porting so far show significantly
better results than in the opening
months, of 1958, and a majority
are doing better than in the final
months of that year.
The continuing ^flow will be
closely scanned by stockholders,
tax collectors and labor union of-
ficials.
Seventy nonfinancial corpora-
tions have reported to date, most
of them for fiscal periods endii _
before March 31. Combined they
show net income after taxes of
$129,259,000, an increase of 19.5 per
cent over the $108,165,000 the same
companies reported in the first
quarter of their 1958 year,
In the filial three months of 1958
a much larger number of corpor-
ations showed profits had rebound-
ed by 13 per cent from the year
before.
The nation's largest banks, not
included among the 70 corpora-
tions above, also have been -re-
porting good operating profits in
1959. Those who slipped below a
year ago mostly did so through
selling older U.S.- government se-
curities at present depreciated
prices to take tax losses and to
ouy newer bonds that pay more
interest.
As always, the profit street is
a two-way one. Of the 70 non-
financial corporations 21 had earn-
Night Club Act
OKLAHOMA CITY (AP) - An
Oklahoma City night club is ad-
vertising for its entertainment to-
night "Three daring exotics and
election returns every hour."
Oklahoma votes today on wheth-
er to repeal constitutional proh.
bition.. .
WANTED
SUITABLE LOCATION
FOR AN IMPROVED
'KIDDIE LAND'
W mn fircad t vocal* our
j>r*« n location May 1 it—and,
would Ilk* to remain in Orango.
MR- and MRS BRYAN WOODS
lax •* — Mac Arthur Circlo
' Phono TU 4-1411
ings less this year than last. And
there were 8 dipping into red ink
as against 11 in the same period
a year ago.
Already the rebound in profits
from the recession period is be-
ginning to show up in dividends.
The Deoartment of Commerce re-
ports that in January and Feb-
ruary cash dividends totaled near-
ly VA billion dollars, tip- 3 per
cent irom the year before.
The sad record of dividend cuts
and omissions « year ago also b
being reversed. In the first three
months of 1959 reported increases
came to 306, resumptions to 57,
extra payments to 180, while cuts
were 38 and omissions 26. In the
like 1958 period there were 148
cuts and 79 omissions, while in-
creases were 157, resumptions 11
and extras 174.
The U.S. Treasury is as1 inter-
ested as the stockholders in the
revival of profits, since it gets
about one half of the gross earn-
ings as corporate income tax, not
to mention its take "from swelling
individual incomes through divi-
dend receipts.
In preparing the federal budget
the President estimated pretax
prpfits for all of 1959 at between
47 and 48 billion dollars. If profits
continue to rise at their current
sharp rate, the year's total will
top that and make balancing the
budget that much less doubtful a
task.
What total profits for the first
quarter of 1959 actually will be
won't be known for weeks. The
optimistic think the total when all
reports are in will reach an an-
nual rate of better than 48 billion
dollars—and will rise still furth-
er by June 30. This would com-
pare with 40 billion dollars in the
fourth quarter of 1957, and 31%
billion in the recession low, the
first quarter of 1957. The Com-
merce Department estimates that
in the final three months of last
year they had risen to 44 billion
dollars. -v
Union leaders are watching the
returns for talking points in up-
coming wage negotiations. A year
ago with profits depressed jt was
harder to make a case for wage
increases than it may be this year
they figure. .
THE LITTLE WOMAN
%
Symfwat#. |n< . World rifhia
l . 1< .W Kin« !•«•#
1 "If it's l^adge, Jane or Delia, I'm not in—if it's Trma,
Phoebe or Ann. I'll call back—but if it's Mabel, Belle,
Cleo or Helep, I'll talk," .
FOR TV IN '59 IT S
RADIO SERVICE LAB
4rtl mt Pork Ffc. TU 3-23*1
RADIO-TV SERVICI
Suit*i Pool and Vortico Hood
STRAND
STARTS
Congress Draws Benson Attack
For Delay in Farming Program
By FINIS MOTHERSHEAD
DALLAS (AP)—Agriculture Sec-
retary Benson re-asserted today
his view that farmers do not want
high parity and government con-
ADULTS, 0«—Tem CARDS, 7Jc
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JRTIS
POITIER
the
Defiant
Ones
Idaho TownTold
New U S. Center
MCCAL.L Idaho (AP) This
central Idaho resort town has just
learned it may be near the new
geographical center of the United
States — now that Alaska and
Hawaii are part of the Union.
Officials took the news calmly.
W. O. Holmes, president of Re-
search Publications, Inc., of San
Carlos, Calif., wired city officials
Monday he figures the site is near
McCall. Later, he told The Asso-
ciated Press in San Francisco the
spot ought to be about 25 miles
north of McCall.
"I had hopes it was going td
be closer," said McCaH'6 Mayor
Art Roberts, "like in the new de-
partment store parking lot or
somethi'ngr"
"That's pretty rocky country."
he added. "I don't think we could
set up any pole or anything this
time of year."
Conroe Legislator
Gets Parole Review
AUSTIN (AP)—The Board of
Pardons and Paroles wilt review
soon the parole possibilities of for-
mer State Rep. James E. Cox of
Conroe.
Chairman A. C. Turner said the
board received yesterday Cox's
prison record. It showed he had
11 monthSi 21 days credit on his
2-year sentence for agreeing to
accept a $5,000 bribe to kill a bill
he introduced in the 55th Legisla-
ture, He entered prison Nov. 4.
Turner said a prisoner's case is
automatically reviewed when he
has received credit for at least
one-third of his sentence. Prison-
er! may be considered for parole
at that time.
Just Plain Logic;
Money Trees Next
SAN FRANCISCO (AP) — The
littl« missionary supply plane flew
over the dense New Guinea jungle
on a 45-minute flight into the high-
lands from Lae. It dropped two
bags.
"One bag contained rice, the
other about 25 pounds worth of
Australian shillings," ~ said Miss
Evelyn Muhlenhard, of the Amer-
ican Lutheran M';sion.
"Both burst and scattered over
the wiid terrain.
"During the heavy rain season*
the rice sprouted on the warrn
hillsides and we heard the natives
were amazed at the sudden wind-
fall of rice where none had grown
before.
"The next word from the Kuku-
kuku area was that the natives
are still waiting for money trees
to sprout."
Patricia Finch, one of the lead-
ing players in the Broadway hit,
"Tall Story," was graduated as
a teacher from Michigan State
University. Instead of teaching,
•he took a rple singing in the
musical "South Pacific."
trols and then demanded:
"What is Congress waiting for?
.We've made our recommcnda
tions. Why don't they act,"
Benson said that in a recent
poll "55 per cent (of farmers)
voted for no supports, no controls,
no floors, free market prices;
let the government" cleqr out."
In his speech prepared for the
Texas Cotton Ginners Assn. con-
vention he said only 22 per cent
of those polled wanted more gov.
ernment help. The other 23 per
cent voted only for emergency
supports or a stretched-out support
plan leading to elimination of sup-
ports;
"The cost of the price support
program is staggering—indefensi-
ble;" Benson declared.
He said the nation's total in-
vestment in price supported com-
modities now is 9 billion dollars
and probably will go over 10 bil-
lion shortly, r
"The truth of the matter is that
these stupendous surpluses , and
heavy costs . . . are a threat to
the solvency of this nation," the
secretary declared."
He said the farm program "also
contributes to unbalancing the
budget—and this adds to the threat
of inflation ... the nation must
have scund farm programs just
as it must have sound banking
and finance and sound wage and
price policies."
Benson said the administration
wants supports placed on a per-
centage of the market price dur-
ing the immediately preceding
years. Failing that, the adminis-
tration would settle for lower sup-
ports on the 16 mandatory support
crops.
He also reported that the cotton
carryover has been reduced by 40
per cent since 1956, but said ex-
ports mayNlrop further because
foreign inventories are high. Tex-
tile production irt (he U.S. has ris-
en "far above the expectations of
many cotton m6n," the secretary
said. ■ ' -" xv
Edward H. Bush, executive vice
president of the ginfters, said yes-
terday "Congress has repeatedly-
said agriculture should be ex-
cluded from wage and hour re-
strictions, and yet the Labor De-
partment is using labor agree-
ments between Mexico and the
United States to regulate us into
those restrictions." ,
Bush said if cotton pickers Were
paid the one-dollar an hour mini-
mum wage plus overtime, it would
cost $80 a bale to harvest cotton,
compared to the current $40.
Sen. Ralph Yarborough (D-Tex)
told the ginners Texas has sur-
rendered too many of her natural
cotton markets to foreign cottons
and synthetics. \
He praised a bill passed by the
85th Congress requiring that cloth-
ing be labeled to show the per-
centage of cotton and synthetic
materials. y
"We must adopt a program that
will give the farmers a chance
to survive and also give the Texas
cotton grower an opportunity to
compete in the markets of the
world," Varborough said.^
i Nelson's Prescription
DRUG STORE
SICK ROOM NEEDS
FAST, FREE DELIVERY \
'fh. TU 3-3544—160R Port Avo.
Summerfield
Given Backing
TUESDAY, APRIL 7, 19S9
THE ORANGE LEADER
PAGE THREE
NOW IN ORANGE
FOR BUSY PEOPLE
most in DRY CLEANING
406 PARK
Next to Duke's Furniture
and Burn's Superette
Open 7 a.m. 'til 6 p.m.
MONDAY THRU SATURDAY
WASHINGTON (AP)—Conserva-
tive Republicans were reported
urging Postmaster General Arthur
E, Summerfield today to seek
the GOP national chairmanship^
The party's National Committee,
meeting here Friday and Satur-
day, will name a successor to
Meade Alcorn, who is resigning
to return to his private law prac-
tice.
The committee also may vote
to hold the GOP presidential nom-
inating convention in Chicago in
the week beginning July 25, I960.
A site subcommittee, headed by
State Chairman Ray Bliss of Ohio,
meets here Wednesday. It is un-
derstood to have such a recom-
mendation in mind.
The Chicago Tribune, quoting
highly authoritative sources with-
out naming them, reported today
that that city and date had been
selected. It said formal announce-
ment will be made later this week
after a conference of GOP leaders
with President Eisenhower.
New York and Philadelphia also
have made strong bids for the
convention, hpwever, and the for
mal decision, at least is up to the
full national committee.
Summerfield's na-me was in-
jected into speculation over the
chairmanship after it had ap-
peared that Sen. Thurston B. Mor-
ton of Kentucky might have no
active opposition for the post.
Sen. Barry Goldwater of Ari
zona and Rep. Richard M. Simp
son of Pennsylvania, chairmen of
the GOP campaign committees of
the two houses of Congress, have
objected publicly that Morton
couldfrdevote only part time to the
committee chairmanship because
of his senatorial duties.
They were understood, however,
to be among those who would find
Summerfield acceptable for the
post, despite his Cabinet chores.
The postmaster general was not
immediately available for com-
ment on whether he would agree
to accept. He held the job for six
months in 1952 and quit when he
entered the Cabinet. Summerfield
has maintained close relations
with the party's conservatives al-
though he left the Taft wins to
throw vital support to President
Eisenhower in 1052.
Eisenhower has been described
as opposed in the past to a dual
political and official role for a
Cabinet member, although the
Democrats made something of a
custom of this precedure when
they were in power. v"
Alcorn- is scheduled to name a
committee—possibly later tnday—
to confer with Eisenhower in Au-
gusta, Ga„ about the chairman-
ship. The National Committee Is
not likely to go against presiden-
tial wishes in filling the post.
There were reports that if a
part-time chairman is named.
Bliss may be asked to head the
party's executive committee. In
this job he would be expected to
lake an active part in rebuilding
the national organization for the
I960 campaign.
The national chairman ordinar-
ily holds both jobs, but the re-
sponsibility might be split ,0 roeet
the objection of Goldwater and
Simpson.
CARMICHAEL
P0&60t|E IT/—
WcKEP MV <EY-S ik|
THE t\K H6aN—
kMl «MOI IIM9KAH
kir«('V'
376 Indictments
'Hot Oil' Arrests Completed
As Liberty Prepares 13 Cases
AtWestOranqe I
Mrs. A1 Chatlosh, Ph. TU R-2050
WEST ORANGE (Spl)-Mr. andj
Mrs. Thurill Minchew announce
the arrival April 4 of an 8-p;>und,
14-ounce daughter at Orange Me-
morial Hospital. %he infant has
been named Cynthia. Grandpar-
ents are Mr. and Mrs. T. H. Min-
chew of the Beaumont highwav and
Mr. and Mrs. L. C. Prescott of
Authement street.
Eddie Turner, 5-year-old son of
Mr. and Mrs. Ed Turner, is recup-
erating at home from a broken
left arm. It was broken last week
while the child was af play.
Guests in the Ed Turner home
during the weekend were Mr. and
Mrs. L. Y. St?wert, Mrs. Turner's
parents from Houston. .
Mr. and Mrs. A. L. I.aGrone
spent Sunday in Votaw with her
parents, Mr. and Mrs. E. L. Teal
who are recuperating from ill-
nesses. They were accompanied by
Mrs. LaGrone's sister, Mrs. S. F.
Hobden Jr. and her son, Benny
Lee. -
LIBERTY, Tex. (AP)-Sheriff's
deputies completed last night ar-
resting 13 persons under 376 "hot
oil" indictments returned by the
Liberty County grand jury Satur-
day.
Garth Christopher of Libert/,
who bought the Liberty Oil Re-
claim Co. Jan. 1 from T. B. Press-
wood Jr. of Liberty, was indicted
on 117 counts. Presswood was
named in 88.
The grand jury inquiry into
Liberty Oil and two allied firms
began Feb. 17 after the Texas
Railroad Commission cancelled
the company's permit to operate
a tank bottom (waste oil) treating
plant.
The allied firms are Liberty Oil
Marketinc & Exploration Co. and
Liberty Oil Transport C°-
Christopher is accused of felony
theft, receiving and concealing
embezzled property, forgery, use
of forged tenders from thp Rail-
road Cpmmission, perjury and
false certification through a no-
tary public.
He posted bonds of $500 for each
indictment for a total of $58,500.
A former Liberty County game
warden, Christopher worked for
Liberty Oil reclaim before buying
the firm. A
Presswood was free;d under $41,-
500 bonds on charges of felony
theft, accomplice to theft, receiv-
ing and concealing stolen and em-
bezzled property, and forgery.
Bonds of $500 were required
from defendants on each indict-
ment. ..
Two persons remained in jail'.'
They are.
• A, C. Buelle of Liberty, truck
driver for Liberty Oil Redlaim,
three indictments charging he , re-
ceived and concealed stolen prop-
erty, held in lieu of $1,500 bond.
Bobby Paddy of Liberty, also a
truck driver for Liberty Oil Re-
claim, 46 indictments charging he
received and concealed stolen
held in lieu of $23,000 in
snds.
Others who posted bonds are:
H. H. Carpenter of Houston,
named in five indictments accus-
ing him of perjury, felony theft,
receiving and concealing stolen
property. He posted $2,500 in
bonds, . .
Luther Fuller of Pasadena,
Tex., 14 Indictments charging fel-
ony theft, perjury and embezzle-
ment, $7,000 In bonds.
Wanda Sanders of Liberty, sec-|
retary for' Liberty Oil Reclaim I
Co., one indictment charging per-!
jury, $500 bond.
A. E. Crews of Hull,eTex., onel
indictment charging perjury, $5001
bond. ' •
Anthony Ferro of Stafford, Tex.,.
28 indictments charging theft of
oil and' perjury, $14,000 in bonds.
Joe Parr of Beaihnent,. three in-* I
dictments charging theft and em«|
bezzlement, $1,500 in bonds.
J. D. Clay, state game warden I
for Liberty County, three indict-1
nients charging theft of oil, amJl
receiving and concealing stolenl
property, $1,500 in bonds.
Johnny Morgan of Cleveland,
Tex., six indictments charging!
perjury, theft of oil and embezzle-
ment, $3,000 in bon^s.
BIG Cake
..little time
'Westerner'
Mix in 11'minutes with
Eternally Hopeful
CANON CITY, Colo. (AP) ~
Hope springs eternally for those
within prison walls.
Warden Harry Tinsley says
Colorado Penitentiary convicts
have swamped special classes at
the institution. The studies deal
with self-improvement.
■ * 1 '
Paris telephones have a service j
tor baby-sitters or dogwalkers.
Gum Studio
PORTRAITS • WEDDINGS
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INDUSTRIAL PHOTOGRAPHY
607 Vi 2nd TU 3-4253
Quick-Confidential
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ON
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General Finance Co.
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Phone TU 3-9331
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6 eggs \ ,
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I teaspoon lemon juice
1 tablespoon vanilla
Have eggs and margarine at
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Add eggs, I at a time; beat well
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Browning, J. Cullen. The Orange Leader (Orange, Tex.)., Vol. 56, No. 83, Ed. 1 Tuesday, April 7, 1959, newspaper, April 7, 1959; Orange, Texas. (https://texashistory.unt.edu/ark:/67531/metapth330510/m1/3/: accessed June 3, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Lamar State College – Orange.