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Southern Illinoisan (Newspaper) - April 26, 1974, Carbondale, Illinois PUBLICATION OFFICE 710 N Illinois Murphysboro 1113 Walnut Hirrin 211 N 16lb Southern niinoisan 010175 Itr BOX 789 Volume a Copy Sucuuor loCirbondil Fro Htrrln Jeuritil MwtMirt FRIDAY APRIL 26 1974 Morton defends By the Associated Press Interior Secretary Rogers C oflastyear B Morton says the country is In Whiting Thursday net income in the fourth quarter White House it seems certain to be vetoed A previous energy being overcritical of the profits of oil companies whichcontinue about 20 demonstrators forced their way into the shareholders 01 Oil companies wimaivuuijums to announce large increases in nieeting of Standard Oil of In I diana Seven had to be forcibly San removed including one man who was handcuffed by police None was arrested and the in Firemen drag hose closer to fire which destroyed grandstand area of Fairmoont Park Racetrack Fairmount track burns races off Collinsville AP A fire that began in an elec trical equipment room and caused more than million damage to Fairmount Park race track has answered at least one question There will be no horse racing at Fairmount this year A bigger question as a result of the Thursday afternoon fire is will there be any racing at all in Southern Illinois The secretary of the Illinois Racing Board Jim Hutchinson says there could be if the thoroughbred racing program already 10 days behind schedule because of a dispute between Fairmount Park management and horse owners could be shifted to Cahokia Downs That possibility was just one of the items to be discussed at a meeting of the racing board this afternoon in Chicago The meeting originally was planned as a further attempt to settletne dispute between Fan mount management and the Il linois Horsemens Benevolent and Protective Association concerning the sharing of track commissions from wager ing Anthony Scariano chairman of the Racing Board warned Thursday before full extent of the fire damage was learned that the track could lose its li cense if the labor troubles werent settled We assigned these racing dates in order to have racing downstate Scariano said these two parties Fairmount and the horsemens association cant reach an agreement we consider givingthe datesto someone else The fire broke out at Fair mount Park about pm and burned for more than two hours There were no injuries and few horses were in the stables across the tracks oval from the grandstand area because of the dispute But the tracks vice president and general manager Edwin Moon said1 there was between million and million damage to the grands tand and offices which were turned into a heap of ashes and twistedmeital As far as Fairmount Park is concerned were finished said Moon whose begun a 75day season April 16 Asked ifhe thought the dis pute had any connection with the fire Moon said Absolute ly not Firemen said the grandstand built in 1925 but remodeled several times and able to seat 5000 persons went up in minutes their net income Morton speaking Diego Calif said Thursday that oil companies need good prof its so they will have the gigantic sums of money needed to find and bring out additional He said however he would be uncomfortable if the large pro fits being reported by the giant companies for the first three months of 1974 were beingturn ed into huge dividends or bonuses for executives As Morton spoke Standard Oil of California and Shell Oil the nations fifth and seventh largest petroleum companies reported first quarter profits up 90 per cent and 52 per cent respectively They joined Exxon Texaco Standard of Indiana Occidental and Gulf which earlier this week reported net income creases over the first three months of 1973 ranging from 39 per cent to 718 per cent Standard Oil of California an nounced firstquarter earnings net income after taxes of million up 90 per cent It said that amounted to per share of common stock The AP Wirephoto company said its gross revenues had more than doubled in the same period In Houston Shell Oil subsidiary of Hollands Royal Dutch Shell reported first quarter profits on US opera tions of million The company said that was a 52 per cent increase over the same period in 1973 and said gross revenues for the period had in creased from billion to billion Also reporting Thursday was Marafhoh Oil a smaller in tegrated oil firm said its meeting went on energy develop House Commerce reported out an energy bill that provision which would roll back the price of oil produced in this country and thereby lower prices consumers pay for gasoline and other petroleum products If the rollback provision reaches the In other ments The toirimittee emergency contains Prime lending rate climbs to record high II per cenf Index New York AP The prime lending rate to big Business climbed to a historic 11 per cent peak today when Franklin National Bank boosted the key interest fee from 10 per cent The bank said that conditions In the money market where banks and corporations raise lendable funds justify the in shortterm more than Crease impact on consumer installment loan or mortgage rates which ere not directly linked to the prime Analysts say the recent steep climb in the prime or the minimum lending fee banks charge their most creditworthy corporate customers reflects the Federal Reserve Boards decision to keep credit tight The The rise means that corporate customers of Franklin National the 20th largest bank in the na tion will find it more expensive to borrow But the increase should not have an immediate Fed which acts as the nations jdustry count rate or fee it charges member banks to borrow from ft to 8 per cent from 7 per cent This added further upward pressure to money market rates Earlier today First National City Bank became the latest large bank to adopt a 10 per cent prime which is now prevalent throughout the in Classified Religion Comics TV Bridge Crossword Editorials Family living Records Sports Weather details map first quarter profits of million were up per cen from 1973 But Chairman J C Donnell II said those earnings were down 458 per cent from Bush thinks Nixon telling 1 the truth Washington AP Party chairman George Bush told a cheering Republican Na tional Committee today he is still confident that President bill was vetoed by President Nixon because itcontained an oil price rollbacks Federal energy chief John C Sawhill said investigations of fuel price gouging will produce nearly million in refunds to consumers He told subcommttee that a House offending companies will be ordered to pay refunds and roll back prices He said some also will face civil penalties He did not identify the companies The House Appropriations Committee said Thursday that Americans must continue to save fuel It urged that the spend billion to find new energy conservation methods Avoided profit surge Exxon set aside million Exxon Corp the nations biggest oil company reduced its first quarter profits by approx imately million to take into account future taxes and political opposition securities analysts say The additional money if add ed to the companys announced earnings would have brought Exxons earnings for he three month period to over a billion dollars It would have increased their percentage gain from the yearearlier period to 118 per cent and not the 39 per cent erported by the firm Asked about the amount an Exxon spokesman would not deny it saying the company had decided not to disclose the ac tual charge He said the action was in line with accepted ac counting Sonic securities analysts and accountants however feel the deduction was also taken to defuse an expected public reac tion to the high profits Ordinarily a company doesnt reduce its earnings by a liability which hasnt yet oc curred says Peter Knutson an associate professor of ac counting at the Wharton School of Finance in Philadelphia Companies usually take note of the possible expense but dont subtract the estimated liability from profits Knutson says Exxon claims its deductions on the basis of two factors The first is an estimated increase in the price of certain Mideast crude oil which is being bought back from the producing na tions This cost is still under negotiation The company also says it deducted from its earnings the amount it may have to pay in taxes if the US Congress removes a foreign tax credit Exxon now bill with sucha provision is now in the House Ways and Means Com mittee and would be retroactive to Jan 1 Exxon says 31 4 6 15 1MB 15 New York CAP Nine men and three women studied the fate of John N Mitchell and Maurice H Stans today trying to determine whether the men whom Presi dentNixon picked to run his cloudiness and warm tomorrow with a chance o f thunderstorms Highs to lower 80s money manager feels that restricting the growth of bank credit will help control infla tion Earlier this week the Federal Reserve Board raised the dis Nixon to surrender evidence aide says Washington loans Citi2ens has a 10 per counselor Dean And out of this factual rec Burch said today President Nixordthe whole story will emerge One bank Citizens Southern National Bank of Atlanta has a 10 per cent prime but this rate is being charged only on new loans Citi2ens has a 10 cent prime on existing loans First in 10 months Trade deficit reported Washington AP The sharply higher cost of oil Imports pushed the United States trade balance into deficit in March for the first time in 10 months the Commerce Depart ment reported today The department said imports Productivity rate drops Washington AP The productivity ofAmerican dropped at an annual rate of 55 per cent during the first three months of this year the government says The Labor Department said Thursday the slump affected all sectors of the economy and was the biggest drop in productivity outputper hour of work on record Falling productivity puts an upward pressure on prices as unit labor costs rise The department also reported that real compensation per hour of work adjusted to reflect rising prices declined 56 per cent during the first quarter of the year to its lowest level in two years As a result workers can be expected to seek higher wages to catch up with the cost of liv ing further increasing labor costs Government analysts said the decrease in productivity resulted from a 65 per cent drop in output and a modest decline in UULUUL aim ft iiiuuikt v in the length of the work week current year but the cost of primarily from effects of the higher oil imports are more than energy crisis on industry i offsetting the advantage on will turn over a massive body of evidence to the House Judiciary Committee next week which he said should clear up the Watergate controversy Early next week when the Presidentresponds to the com mittees subpoena a massive body of evidence will supplant during March exceeded exports charges and allegations and to by million This compared nuendo Burch said in a lunch with a surplus of million in speech to the Republican February The countrys trade still is to surplus for the year by million The March deficit was at tributed almost entirely to a 17 per cent increase to the cost of imports of foreign oil This reflects the sharply higher pricetag imposed by the oil producing nations Administration economists had predicted that the higher cost of foreign oil will offset the nations otherwise encouraging trading position and bring about a trade deficit this year The last previous monthly deficit to trade was to June of last year The improvement in the trade position last year was due in large part to devaluations of the US dollar that made the na tions goods cheaper overseas This advantage continues in the and the whole truth become known Burch said That ofevidence will be substantial Burch said It will be relevant It will be com pelling and persuasive I gen uinely believe beginning early next week that the end of Wa tergate will be in sight Burch gave no particulars on just what would be turned over to committee I have been critical of some of the White House handling of the Watergate matter Bush told the opening session of a weekend committee meeting but I retain basic confidence feat the President is telling the truth about his lack of involve ment in the whole bedamned mess Bush was interrupted by ap plause repeatedly as he came to Nixons defense while deploring wrongdoing of those few who violated the trust Eagleton to run again StLouis AP Sen Thomas F Eagleton D Mowho withdrew as a 1972 Democratic vice presidential j nominee announced today he would seek reelection for a se cond term campaign oath Mitchell Stans fafe up fo jury are liars under The US District Court jury the first to be presented with criminal charges against present or former members of the nations Cabinet since the 1923 Teapot Dome scandal spent four hours Thursday night its first deliberations They returned to work this morn ing The jurors had listened to eight weeks of testimony and lived in courtordered se questration Forewoman Sybil Kucharski a brownhaired bank teller said thepanelwould keep a9 am9 pm deliberation schedule After their fourhour delibera tion Thursday night US marshals escorted them to their hotel Mitchell and Stans who left the Nixon administration in early 1972 to run the Presidents reelection campaign are ac cused of conspiring to derail a Securities and Exchange Com mission investigation of finan cier Robert L Vesco in return for his secret cash con tribution to theNixon cam They are charged together with one count of conspiracy and two counts of obstruction of Justice They are each charged with six separate counts of per jury Simon gefs support Washington AP Senate Finance Com mittee today unanimously nomination ap of William E Simon to succeed George Shultz as secretary of the treasury The Senate is expected to confirm the nomination early next week Simon a former New York investment banker has been serving as deputy secretary of the treasury and also as the na tions energy chief nt effects Washington AP Secretary of State Henry A Kissinger today conceded President Nixons impeachment problems could affect foreign policy over the long run but said they have had no impact so far Kissinger at wideranging news conference particularly stressed that the Soviets have not made exh or bit ant demands on the basis pfany the Nixon ad ministration is weakened by the ongoing congressional im peachment process r Any President lives longer in history than in headlines Kissinger declared in defending US foreign policy and Foreign policy could be affected Kissinger says disassociating it from Nixons Watergate troubles He said hat in negotiating limits on nuclear weapons with Moscow and in all other foreign fields he would be guided by our national interest and not by any attempt to make the ad ministration look good as the impeachmentshowdown draws near Looking ahead to his Middle East trip starting Kissinger would not forecast a disengagement between Israeli andSyrian forces to theGolan Heights but said he expected to make progress He hinted that if be would agree to an early shif ting of the diplomatic center Geneva as Moscow has demanded At the same time Kissinger eaid he would try tonarrow dif ferences on nuclear weapons positions when he sees Soviet Foreign Minister Andrei A Gromyko in Geneva on Mon day And in his longest and most vigorous response Kissinger sharply disputed a contention by Sen Htnry M Jackson D Wash that the United States is seeking a quick fix on a new nuclear agreement with the Soviet Union to ease impeach ment pressure on the Presi dent
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