Abilene Reporter News Newspaper Archives

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  • Publication Name: Abilene Reporter News
  • Location: Abilene, Texas
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View Sample Pages : Abilene Reporter News, August 15, 1962

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Abilene Reporter-News, The (Newspaper) - August 15, 1962, Abilene, Texas "WITHOUT OR WITH OFFENSE TO FRIENDS OR FOES WE SKETCH YOUR WORLD 6XACTLY AS IT J 2QQ 01 any once headed by former Secre- ary of the Treasury George M lumphrey. A company official denied the irm destroyed any records that hould properly have been kept lumphrey himself reserved com- ment until Thursday, when he is o testify at the Senate stockpile nquiry. Walter H. Henson, a General Accounting Office auditor, told in- 'estigating senators about the missing records, He also said M. A. Hanna Co understated its income taxes anc artifically increased operating :osts during 1957 to boost the gov- irnment price for finished nickel. Henson advised the senators to o to the top and ask Humphrey md his son. Gilbert W. Humphrey bout the missing documents. The uditor said he asked Hanna offi- ials about the documents, but ouldn't find out who ordered lem destroyed or why. Checks and invoices for the pe- iod of 1952-1954 were missing Hanna Co. files in Cleve- and. Henson said, although such ocuments bearing earlier dates rere still there. Henson said stockpile, contracts equired that Hanna and its sub- idiaries keep all their records for iree years after the contracts, ex- pired. The General Accounting Office auditor, who spent months look- ing into affairs of the Hanna con- cerns, said the records were de- stroyed in February and March, Henson spent a long day before Senate stockpile investigators, telling of Hanna profits and the intricate affairs of the nickel firm and its subsidiaries. Henson said letters and memos signed by Hanna officials showed operating costs were pushed up for nine months in 1957. This was done by listing expensive mining equipment as an operating cost, tie said, instead of a capital ex- pense paid off over several years. Because of it, Henson said, "in- come taxes due have been under- stated." "Im no Henson said, "but there is also a question about good faith in negotiation. There is good reason to believe that the law was violated." George Humphrey spent 34 years with M. A. Hanna Co. be- fore leaving to enter the Cabinet. Gilbert W. Humphrey joined the firm in 1948 and now is chairman of the board. Humphrey, 72, a Cleveland in- dustrialist who was secretary of the Treasury during the first four years of the Eisenhower adminis- :ration. is due on the witness stand Thursday. "Everything I have to say about this whole thing will be said when I testify in Washington Thursday Humphrey said in lleveland Tuesday. "I'll issue a statement just before >hrey will appear at his own re- quest. In Cleveland, W. A. Marling, president of Hanna Mining Co.. said in a statement: "We have heard through news- paper channels that there was testimony today before the Sen- ate Stockpiling Committee regard- ing destruction of some of mir records. Until we have seen ex- actly what was said, we have no comment to make, except that wo have not destroyed any records :hat should properly have been kept. "For at least 10 years our rec- ords have been kept or disposed of in accordance with a program set up and supervised by Narcm- co Service Inc. of New York City, a nationally known firm special- izing in this .work. The system we employe is generally used by in- dustry throughout the country. All our records relating to the nickel contracts were voluntarily made available to the committee repre- sentatives. President Kennedy last January called for a congressional inquiry into the nation's huge stockpile of strategic materials. That touched off the current investigation by a Senate Armed Services subcom- mittee. Henson told the subcommittee two Hanna subsidiaries made more than million supplying stockpile nickel under contracts signed a few days before Hum- phrey joined the Eisenhower Cab- inet. Henson said the profits were realized on capital investments of about S4.5 million. Humphrey joined M. A. Hanna in 1918. became president in 1929, and resigned as board chairman Dec. 17, 1952. He now is honor- ary chairman. Henson saiel he learned of the missing records when he went to Cleveland to look into company files. Kefauver Says 4 Steel Firms Balk at Demands By MILTON KELLY lhad refused to supply the figuresj He said he would move quickly WASHINGTON sought because, it a showdown by asking his "Disclosure of such vote contempt es Kefauver, D-Tenn., said Tues- lay four major steel companies lave indicated they will not corn- would give foreign steei mills an enormous competitive advantage] in the American market and un-iP'icrs. (citations against the noncom- jly with subpoenas demanding de-'dermine the nation's free compeli-; Kefauver said the companies ails of their costs and pricing tive system." jractices. He said he will seek heir prosecution on contempt of Congress charges. Kefauver listed Bethlehem Steel Corp., Republic iteel Corp., National Steel Corp. ind Armco Steel Corp. The companies had protested lat Kefauver's Senate Antitrust the four as competitive position. which agreed to provide the sub- Armco took the position that information about their closure of the information would impair its domeslic and foreign pricing practices are U.S. Steel, Jones Laughlin Steel Corp., ;slown Sheet Tube Co., I Voun. :ntllnlam (Inland Steel Co., Kaiser Colorado Fuel Steel Iron Kefauver said in a statemei that eight other steel including U.S. Steel, the nation'sjcorp., Wheeling Steel Corp., largest, have agreed to complyJMcLouth Steel Corp. with the subpoenas although ex-e abandoned following the com- pletion of the new plant. There ire no plans for using the old high school building. Preliminary plans for the new building were drawn up by and Pope of Abilene, architect! and engineers. ;