Abilene Reporter News, April 27, 1974 : Front Page

Publication: Abilene Reporter News April 27, 1974

Abilene Reporter News (Newspaper) - April 27, 1974, Abilene, Texas Allene Sporter ' %Wi ■ ;' rn..  .. " cmmmi wHffimy Mf I "WITHOUT OR WITH OFFENSE TO FRIENDS OR FOES WE SKETCH YOUR WORLD EXACTLY AS IT GOES"—Byron 83RD YEAR, NO. 314 PHONE 6734271 ABILENE, TEXAS, 79604, SATURDAY MORNING, APRIL 27, 1974—FORTY PAGES IN FOUR SECTIONS Associated Press (ZP) GM Profits Drop; Gains Anticipated DETROIT i AP I - General Motors, reeling from effects of the energy crisis and a depressed economy, reported Friday that profits during the first quarter of 1974 dropped 85 per cent from last year to $120 million. Sales duiing tile period totaled $6.9 billion, a 27 per cent decline from the first three months of 1973, GM said. Despite the poor performance, which financial analysts had exp cted, GM executives predicted a sharp increase in earnings and sales during the next three months. “Welcome strengthening of the market came too late to improve first-quarter results.*’ said GM Chairman Richard C. Gerstenberg and President Edward N. Cole. “As the economy strengthens in the months ahead and consumer confidence returns, so will car buyers.” The $120 million profit mark, or 41 cents a share, compared with $817 million, or $2.84 a share, reported during the first quarter last year. GM’s 1973 profits of $2.4 bil lion was second largest of all U.S. corporations, trailing only oil giant Exxon. Gerstenberg and Cole blamed the sharp drop in earnings to “unremitting increases in costs” and reduced sales of large-size automobiles which industry spokesmen had blamed on the crunch in gasoline supplies. “During the first quarter. we were forced to trim proof full-size cars, and to inten-duction schedules, especially sify all our merchandizing efforts,” they said. Domestic truck sales were down IO per cent from first quarter 1973, while overseas sales declined 20 per cent. GM said worldwide factory sales of 1.63 million cars and trucks during the quarter were down 32 per cent from the record 2.4 rn i 11 i o n produced in 1973. GM also released figures showing domestic passenger-car sales down 46 per cent from the quarter last year, to 797.222 to 1.48 million cars. The company's earnings were in line with forecasts bv Coming unglued? Assassination Try Fails in Cambodia Lonny Brown of Clarendon College is having a little trouble hanging onto his brand in the Friday perform ance of the Hardin-Simmons University Rodeo. Bill Weeks is the judge. (Staff Photo by John Davis) Haldeman Fund Revealed Ex-Aide Claims Money Used for Cash Gifts By HARRY F. ROSENTHAL Associated Press Writer WASHINGTON (AP) -While he was President Nixon’s chief of staff, H.R. Haldeman maintained a fund from which he dispensed cash gifts to White House employes, a former aide says in newly surfaced testimony. Lawrence M. Higby, now in the Office of Management and Budget, said the money was in a 2-indh-thick stack of $100-and $20-bills that was kept rn Kaldeman's safe. The testimony, given in a Watergate civil suit deposition last December was unsealed Friday by U.S. District Judge Charles R. Richey. Higby said he understood the money was given to Haldeman late in 1968 after Richard Nixon’s election as president “to be passed on to those members of the staff w ho needed funds” for moving expenses. That would make it a different money cache from the $350,000 that Haldeman obtained on April 6, 1972 from fundraiser Herbert W. Kalm-bach who had the money left over from the 1968 campaign. Some of that fund eventually went to the Watergate breakin defendants. Higby said he personally disbursed $2,500 of the money to two men when they left the White House. He said they were Bill Gavin and Harry Dent, one receiving $1,000; the other $1,500/ “Other people received money from that money that Mr. Haldeman had,” Higby said. “To my knowledge other people did receive money from Mr. Haldeman. as I understood it, before we ever were in the White House.” Q. Do you know from whom he received it? A. No sir, I do not, not with any certain knowledge. Q. Would it have come from Mr. Kalmbach? A. I don t believe so. I think you should ask Mr. Haldeman. Q. ... Do you know how much money Mr. Haldeman had? A. No sir, I do not. Judge Richey unsealed the deposition, taken last Dec. ll and 17, after a request from the House Judiciary Committee that asked judges in Watergate-related cases to supply it with secret testimony for its impeachment inquiry. PHNOM PENH. Cambodia (AP) — Premier Long Borel narrowly escaped death Friday night in an apparent assa-sination attempt during a wedding reception in the heart of Phnom Penh, military police on the scene said. ' An unknown assailant or assailants apparently hurled a hand grenade w’hich killed at least nine persons and wounded 14, but the minister escaped injury, the police said. The assailant or assailants fled, police added. The incident occurred at a reception given by a prominent banker for his daughter. The premier was a guest of honor at the celebration which apparently was atten od by ct he rmembers of Phnom Penh’s elite, sources said. But police caid no prominent person was killed. The explosion occurred shortly after 9 p.m. as Long Boret got into his car to leave the party at the.home of Sem Pbum, the general manager of the Agricultural Credit Bank, police said. The party was held in the front courtyard of the banker’s home. The ar was smeared with Hood after the explosion, police said. Long Boret. 41, was named premier ’.ast December after leading a successful United Nations fight to keep the Phnom Penh government's seat in the General Assembly. A group of Communist and nonaligned nations had moved to replace Lon Nol’s government in Phnom Penh with that of the government in exile of Prince Norodom Sihanouk. The apparent assassination attempt w'as the first aga;nst a too government official here since Dec. IC, when a Khmer Rouge terrorist threw a hand grenade at the car of the defense minister. The minister escaped injury. stock market analysts, who estimated GM would earn only 25-50 cents for the period. The automaker’s per share earnings for the period were the worst since it reported a return of 35 cents a share for the first three months of 1948. Last year. GM earned a record $2.4 billion, the second largest profit reported by any U.S. corporation, trailing only Exxon Corp. GM’s profit performance was the second straight decline from year earlier levels. During the final quarter of 1973. the giant automaker reported a 22 per cent decline in profits and per share earnings of $1.80. Ford and Chrysler are expected to release their first-quarter performance statements Monday. Gerstenberg predicted last month that the end of the Arab oil embargo would ease GM’s sales decline. He and Cole said they expect the second quarter to bring an improved sales outlook, with a “continued upturn in used car prices.” “As the economy strengthens in the months ahead and consumer contidence returns. so will the new car buyer,” they said. GM’s fourth-quarter 1973 profits totaled $517 million, compared with $667 million, or $2.32 a share, earned during the final quarter of 1972. GM spokesmen have indicated they believe the oil embargo sparked consumer fears concerning the U.S. economy in general and the availability of gasoline in particular. Because of the unprecedented market change to small cars, industry-wide sales for the period dropped 27 per cent from comparable 1973. GM was hardest hit because it sells more large cars than anyone else. First-quarter sales of its large-size Buicks, Oldsmobiles and Pontiacs, for example, were off 50 per cent from 1973 levels. The only market segment in which GM reported a sales increase over the first quarter of 1973 was in Canada, where car and truck sales totaled 180.019 units, a 17 per cent improvement. Domestic truck and overseas sales were down 9.6 per cent from first quarter 1973. Judge Denies New Trial for Chapin Art Thieves Steal S19.2 Million In Masterpiece from Irish Home BLESSINGTON, Ireland (AP) — A gang of armed art thieves directed by a young woman with an eye for the best invaded the mansion of goldmining millionaire S i r Alfred Beit late Friday, tied up everyone in the house and got away with masterpieces valued at $19.2 million. Police said works by Goya, Reubens and Vermeer were among the paintings stolen by the raiders, who selected their loot carefully. Dublin art sources said it was believed to be the biggest single art robbery in the world. The apparent leader of the five-member gang was an at tractive woman with a French accent, police said. The raiders struck at about IO p.m. and tied up Beit, his family and servants, but no injuries were reported. Detectives believed the paintings would be difficult to sell and theorized they may have been stolen in a bid to trade them for Irish Republican Army men jailed by the government. The five-member gang apparently was led by an attractive girl with a French accent, police said. The raiders struck at about IO p.qi. and tied up Beit, his family and servants, but no injuries were reported. officers said. Police said the woman knew exactly which masterpieces to take — “the most valuable ones in Sir Alfred’s collection.” Other masters represented among the stolen works included Gainsborough, Velasquez and Frans Hals, police said. Blessington. in County Wicklow, is a quiet village located 15 miles southeast of Dublin. WASHINGTON (A P) -Dwight L. Chapin, President Nixon’s former appointments secretary, was denied a new trial of his perjury conviction Friday by a federal judge w ho said “the proof that the defendant deliberately lied was overwhelming.” Chapin was convicted on April 5 on two counts of lying to the FBI in its investigation of campaign dirty tricks and faces sentencing on May 15. He had asked for a new' trial on grounds that prejudicial evidence was introduced, that he was not granted a change in the trial site and that the jury failed to follow the judge’s instructions. “The motions are unsupported by any new facts and speak only in generalized conclu sions,” U.S. District J ldge Gerhard A. Gesell said in denying requests for a judgment of acquittal and a new' trial. “There is no basis for assuming that responsible citizens such as those constituting this jury failed to adhere lo their oath,” the judge said “The proof that the defendant deliberately lied was overwhelming.'His intent was amply shown and his answers unquestionably false. The jury had no alternative but to convict. The verdict shall stand and the motions are denied.” Gesell called the post-trial motions purely formal but said he wanted to amplify on his order because the motions “attempt to denigrate the jury, accusing it of a disre gard for instructions, racial bias and failure to weigh tho proof.” Gesell pointed out that the jury was composed of seven blacks and five whites and that there were seven men and five women with each of the sexes being racially mixed. “Although the trial lasted but 2'i days, the deliberations of the july continued over a substantial period with an overnight rest.” Gesell said. “The fial verdict indicated a “The final verdict indicated a deuce under each count. The jury rejected one count and responded with discrimination by its /penal verdict on the first count.” Ile said that demonstrated that the jury was well aware of the court's instructions and that it weighed the evidence free of bias. Chapin could be sentenced to a maximum of five years and a $10,000 fine on each of tilt* two counts. He was charged with lying when questioned by the grand jury’ about the activities of Donald H. Se-gretti. whom he had hired as a political saboteur. Segretti served nearly 412 months of a six-month sentence for his part in. distributing illegal campaign literature. Chapin left the White House post in March 1973 after doing most of the detail planning for President Nixon's trips to China and the Soviet Union. He then became director of market planning for United Air Lines in Chicago, but since has left that post. Gas Pumps May Be Drier Than Ever, Dealers Warn Inside TodayBank Deposits Show Gains Abilene and Taylor county    to    deliberate    the    case. bonks showed a 20 per    pg.    6A. cent 9r^dE°‘iBov' *•«—•«<•............20 er a year ago. Pg.      IA Secretory of Stote Henry    — . Kissinger soys attempts    Classified    ............ 3-90 to impeach President    comics .............. MB Nixon could have a long-    Editorials    .............. 4a range effect on foreign    ■ ■ ;    •■■ • •• -J® policy but hove had no    obituaries    ........... MOD bad impact so far. Pg.    oil .................. 4,5B Sports ............... I-BC The Mitchell-Stans jurors    ..    •    •    JC hove shifted their em-    tv Scout    .............. 2D whosis os they continue    Women's News  ....... 2,31 By LIZ MOORE Reporter-News Staff Writer Motorists have mistakenly relaxed their attitudes toward the fuel shortage and the situation could soon get worse than ever, gasoline dealers and distributors throughout Abilene have warned. Their grim observations came at a time when the month's allocations are coming to a dry end. A number of stations have been out for days and 'till others are draining their last drops. THE PREVAILING opinion of station managers and jobbers is that drivers have largely dismissed the energy crisis which seemed so urgent to them during the late fall and winter. The businessmen cited the media as a cause of the more relaxed attitudes, as well as the end of the Arab oil embar-go, President Nixon’s ending of the Sunday Hosing directive to stations and the resumption of increased production of recreational vehicles. “We don't see any alleviation of the situation in the near future,’’ said Tommy McAlister, president of McAlister Oil Co., Inc. “It’s been pretty much of a dead Issue, though, the last few months. The TV has been playir->» it up as not such a big problem.” “THE MAJORITY of oui stations (Chevron Oil Co.) are already out of gasoline or they will be by Saturday,” he added. Chevron stations are receiving 90 per cent of what they received in 1972 as directed by the Federal Energy Office. This is higher than other percentages stations are receiving. The range goes down to about 60 per cent, McAlister said. “Things are just r.s bad now as they ever were. We feel like we're selling more than we can handle,” he said. “Nixon said that stations can be open on Sundays. That’s great, but we still don't . have the gas to sell.” McAlister also complained that “the recreational vehicle business is cranking up again.” Jimmy Farrington of Farrington Marketing Inc. which distributes Fina, also told of the strain on his dealers by increased traffic. “PEOPLE ARE relaxing their attitude he said. “Some are vacationing and a lot more are driving. Yet their percentage remains at 63. the lowest since the FEO had it set at 70 per cent in January. “I can see how things will get worse,” he said. Floyd Brock, general manager of V. J. Oil Co. which distributes Phillips 66, echoed the same sentiments, saying that “people are halfway forgetting” about the fuel shortage. Ile said that many Phillips stations were closed already, even after attempts to make the gasoline last. “They are dosing two days instead of one per. week,** he added. THIS WAS consistent with Tommy McAlister's belief that Chevron stations may be forced to dose Monday and Tuesday in addition to Sunday. Meanwhile, dealers de- See FUEL, Pg. IBA, UL 3 ;

  • Bill Gavin
  • Charles R. Richey
  • Dwight L. Chapin
  • Edward N. Cole
  • Floyd Brock
  • Frans Hals
  • Gerhard A. Gesell
  • H.R. Haldeman
  • Jimmy Farrington
  • John Davis
  • Lawrence M. Higby
  • Liz Moore
  • Long Borel
  • Lonny Brown
  • Richard C. Gerstenberg
  • Richard Nixon
  • Tommy Mcalister

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Publication: Abilene Reporter News

Location: Abilene, Texas

Issue Date: April 27, 1974

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