The Abilene Reporter-News (Abilene, Tex.), Vol. 74, No. 274, Ed. 2 Monday, March 21, 1955 Page: 3 of 26
This newspaper is part of the collection entitled: The Abilene Reporter and was provided to The Portal to Texas History by the Abilene Public Library.
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win
ng
VUB
light
As.
. breed
ans, big
to ton-
es curi-
Lake,
scared
- laden
I e
VT
Fairless Says Steel Hasn’t
Done Right by Its Investors
WASHINGTON « - Benjamin a problem of immediate and ma-
Fairless of U.S. Steel said today jor importance."
_________... Fairless, one of the nation s
in the past by its owners—Ameri- highest-paid industrialists, said the
can investors.
the steel industry hasn’t done right
His own company has been try-
ing “by every proper means ' to
build investor confidence, US
Steel s board chairman said in
testimony prepared for the Senate
Banking Committee's soon-to-end
stock market hearings.
Fairlees told the committee that
“year after year” steel profits
have been below the average of
leading manufacturers
“I am not going to cry on any-
one’s shoulders about it,” he said.
steel industry’s problem is getting
new funds for expansion is due
“in no small degree” to existing
tax laws with “unwise and dis-
criminatory double taxation of
corporate income and dividends ”
“But it is also partly due, be-
yond doubt,” he said, “to the fact
that our industry has not, in the
past, provided a fair and depend-
able return to its investors.”
Stock Split Planned
Fairless said U S. Steel's planned
stock split—two shares of com-
mon stock for every share now
"I am merely going to point out
that in view of the heavy capital outstanding—is intended “to en-
needs which we face in the future, courage a wider distribution of
the rehabilitation of investor con- these shares, and to make them
fidence in steel issues has become more readily available for invest-
"Change of Life Made Me
Scream at My Husband”
writes Mrs. A W., New York, N. y.
“New 1 don’t suffer from ‘het Hasher
and merrousmess—feel fine,” she adds,
you are suffering from the irrita-
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change of life—listen! In doctors’
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wdia Pinkham’s Vegetable Compound
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oeri It acts thru sympathetic
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more readily available for invest-
ment purposes.”
The inquiry churned up a new
political row over the weekend.
This latest issue: Did or did not a
previous witness. Harvard econo-
mist John Kenneth Galbraith,
praise communism in a pamphlet
he wrote in 1949?
Some have claimed the Gal-
braith testimony March 7 triggered
the recent break in stock prices.
Sen. Capehart (R-Ind) declared
a 1949 pamphlet by Galbraith
“praises communism.” Capehart
said he would demand today that
Galbraith be called back to the
witness stand.
"I want the American people to
know his philosophy and his think-
ing," said Capehart, senior Repub-
lican on the Senate Banking Com-
mittee.
Galbraith, recuperating from a
broken leg in Cambridge, Mass.,
replied that his 1949 pamphlet
actually “warns of the dangers of
communism.” He said Capehart
knew this perfectly well when he
aired the charge on an NBC tele-
vision program yesterday.
Latest Dispute
The dispute was the latest to
arise between Capehart and the
Democrats, particularly Chairman
Fulbright (D-Ark), in the Banking
Committee's about-to-end public
hearings on the state of the stock
market.
Capehart contends the "friendly
study" announced by Fulbright has
turned into a political attempt to
“harass” the Eisenhower adminis-
tration. Fulbright accused Cape-
hart and the administration gener-
ally of pumping politics into a non-
partisan search for facts.
Sen. Douglas ID-Ill', a commit-
tee member, was asked on another
NBC TV program yesterday wheth-
er the bearings are turning into
“a political football.” He replied:
“Sen. Capehart is doing his best
to make them so.”
Today's scheduled witness was
Benjamin Fairless, board chair-
man of the U.S. Steel Corp. The
current series of public hearings
is due to end Wednesday.
Capehart quoted from Gal-
braith's 1949 pamphlet in a debate
with another Banking Committee
member, Sen. Monroney (D-Ark).
He said Galbraith's pamphlet ex-
pressed the view that commu-
nism's , accomplishments “have
been considerable and they may
help to explain why some millions
of alert and intelligent Europeans
have embraced this faith."
65 Industries
To Display
Products Here
THE ABILENE REPORTER-NEWS
Abilene, Texas, Monday Evening. March IL 1955 O°A
two brick-veneer, one - family res-
idences. 1757 and 1749 Wychwood
Dr., $17,800 and $18,000.
Jack * Qualls, enact brick-ve-
Baker’s Best for
neer, one family residence, 1309 DANDRUFF
Pioneer Dr., $14,000. Team up with Baker’s Hair Toni,
Q L Crutchfield, alter frame. Cteee ep dandruff and itchy senip.
About a Abilene manufacturing one family residence, 810 Jefferson Baker’s will do it or money back,
firms are expected to display prod. Dr., $600. I (dwa
(Adw.S
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FRALEY & COMPANY
NOW IN ZURICH—Riley G. Maxwell, consulting geolo-
gist from Abilene, and his daughter, Mary Glen, are
shown on board the ship which carried the Rotary Club
trippers and the McMurry Band across the English
Channel. After playing in Amsterdam, the band went to
Zurich, Switzerland, Sunday, and everyone was to have
free time Monday. (Ken Worsham Photo)
IN ABILENE
Preliminary Will Hair Plans
Approved; Cily Funds Climb -
S. Herbert Hare. Kansas City
planner, has been instructed by
Abilene’s Park and Public Recre-
ation Board to proceed with his
plans for improving Will Hair Park
northeast of town.
Hare, whose firm is planning a
$400,000 park and playgrounds pro-
gram for the city, presented pre-
liminary sketches of Will Hair
Park development to the board
last Friday night.
The local panel selected the ver-
sion which it liked best and asked
Hare to develop it further for the
park.
The Kansas City man will return
to Abilene in June, bringing the
revised plans for Will Hair Park
board approval.
His plans on Stevenson Park,
the new Negro park, have already
been endorsed by the panel here.
Included in Will Hair Park will
be picnic areas, fields for playing
baseball, softball and tennis, a
shelter house and a water system.
Water from Cedar Creek, which
runs through the park, will be
utilized for irrigation as much as
possible. However, city water
mains and a sprinkler system will
be installed.
Will Hair Park comprises about
37 acres. It is just south of the
Albany highway.
A regular meeting of the park
board is slated for 9:30 a.m. Tues-
day in the City Commission room
at City Hall. The agenda of busi-
ness wasn't known Monday by City
Park Supt. Scott Fikes, who keeps
the minutes.
City Revenue Up
Revenue of Abilene city’s gov-
ernment in February totaled $272,-
847 40, compared with its expendi-
tures of $229,905.23.
That statement has been filed
with the City Commission by chief
City Accountant Marshall Bromley.
No payments on the bonded
debts were due for February.
3 Sent’ to Jail
Monroe Vernon Harvey of 209
Bulganin Ousts
Soviet Official
LONDON — Soviet Premier
Nikolai Bulganin today fired Min-
ister of Culture Georgi F. Alex-
androv,
The Moscow radio said Alex-
androv was sacked on Bulganin's
recommendation "because be
failed to ensure the leadership of
the Ministry of Culture."
N. A. Mikhailov, ambassador to
Poland, was appointed in Alex-
androv's place.
ucts at the central industrial dis-
play to be held in the Women's
Bldg, at Fair Part April 6-7, a
chamber staff member said Mon-
day.
The central industrial display is
being presented to connection with
the observance of Texas Industrial
Week April 1-7.
A movie, consisting of film foot
age taken at the plants of each
firm represented in the display,
will be taken, the staff member
said.
Current plans are to use the
movie to show to industrial pros-
pects for Abilene, to local and
area civic clubs, and to the pub-
lic schools.
Abilene manufacturers will meet
at to a.m. Tuesday in the chamber
of commerce offices to discuss
their participation in industrial
week.
WE
• LOAN MORE
• PAY MORE
• SELL FOR LESS
Portland St. was sentenced to to
days in jail and assessed County
Court costs of $21 20 Saturday when
be pleaded guilty to second offense
driving while his license was sus-
pended.
John Henry Pond of Tye and
Hugh Carlton Tucker of Graham
were each fined >100 and sentenced
to the mandatory three days in
jail Saturday when they pleaded
guilty to driving while intoxicated.
All three men were arrested
March 17.
It’s a Girl!
Assistant County Attorney and
Mrs. Allen Glenn of Old Anson Rd.
have a new member of the “firm."
The latest addition is Carolyn
Yvonne, who tipped the scales at
0 pounds and 14 ounches when she
took up her partnership at 10:34
p.m. Friday.
Papa Glenn was handling a jus-
tice court jury trial Friday when
he was informed the stork was
filing its petition. He turned over
his prosecuting duties to County
Attorney Lee Sutton and answered
the summons.
Fined $100
Jack Martin Cox, 24, of 2025 Bur-
ger St., was fined $100 in City
Court Monday morning on a
charge of indecent exposure.
He remained in city jail at noon
awaiting payment of the fine.
Cox pleaded guilty.
Police arrested him at 11:04 p.m.
Sunday outside the building at
Mack Eplen’s Cafe, North Third
and Hickory Sts.
3 Homes Authorized
AI Cost of $49,800
Construction of three residences, '
to cost a total $49,800, was author
ized Monday in city permits.
One residential alteration was
approved
The following applicants got per-
mits from the City Engineering
Department:
Wychwood Development, erect
FEEL PLAYFUL
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ELLIOTT'S
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We want to loan on or buy merchandise, which means EXTRA
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The Abilene Reporter-News (Abilene, Tex.), Vol. 74, No. 274, Ed. 2 Monday, March 21, 1955, newspaper, March 21, 1955; Abilene, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1649746/m1/3/?q=%22Board+of+Regents%22+Wooten: accessed July 1, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Abilene Public Library.