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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (April 10, 1958)
1 MAIL TRIBUNE, Medford. Oregon, Thursday, April 10, 19S8 Theyll Do It Every Time By Jimmy Hatlo Im PL4MMlig5 "THEIR DAUGHTER'S WEDOlNO RECEPTIOM, THE SHOSHOPMS TOLD THE OU8 STEW4Rr(4A we quote) - f-uBiV YOU WON'T NEED f5SSfeJ ,4Hy EXTP4 HELP-WE T$ rfiFfl VV4r4T TO KEEP IT SM4LL. a ftl&ZiX JLlST THE IMMEDI4TE f ; IfV F4MILIES NOT MOEE i 1 old tiCNTs imrivra 1 t Comes the big dayahd enoush lo40ec?s f4ll in to fill 8igtowm bowles stew4sd flips fedcr4 - Dividend Policy Said To Have More Significance This Year Editor' note: K. T.. Weissman, economist for W. E. Hutton & Co., stock exchange house, hai contrib uted the following dispatch for Elmer C. Waller's "Financial Gos sip" column while Walzer is on vacation. By R. L. WEISSMAN Economist, . W. E. Hullon & Co. Written for United Press New York UP) Dividend policy this year will have more significance than at any other time in recent years. During the boom period came to a close in the latter part of 1957, dividend policy generally revolved around whether or not dividend pay ments should be increased. This year, to an increasing de gree, the question concerns the maintenance of the recent rate. The over-all record of net profits and dividend payments is set forth in the following tabulation: All Corporalioni Net Dividends Profits Paid 1938 et. $17.5 billion $ ? 1937 prelim. 20.8 12.3 1956 21 0 11.9 1SS 21.0 11.0 1954 16.0 9 1938 SO 3.8 1939 5.0 38 By and large, dividend pay ments in recent years have ranged between 55 and 60 per cent of reported earnings. The average, of course, conceals o considerable degree of differ ence. Oil and chemical companies generally paid less than the average. Electric utility com panies, on the other" hand, have distributed more than 70 per cent of earnings. Policy has been affected by high personal tax rates and the more favorable capital gains tax rates. From the cpm pany standpoint, inflationary tendencies and unprecedented capital expenditures helped make out a good case for a "conservative" dividend pol icy. The payout ratio was smaller in the last decade than in early periods of good business. An Opinion It is the writer's opinion that directors should be wary of reducing dividend pay ments quickly even where current earnings are well be low the current rate of dis- Court Records MUNICIPAL COURT Harold Lee Reed. 2fi, of route 3. box 750, Central Point, perform ing an an immoral act, $35 and 50 days. Richard Arthur Sorenson, dnv irttr without fflasses. $5. Lonnie Thomas Denn Jr., dis obeved traffic signal. $5. Floyd Lee Hackworth, no Ore gon drivers license, 3iu. Gertrude Nelson Stanley, dis nheved traffic sitrnal. $5. William Mervin Sloan, disobeyed traffic sienal. S5. Basil Victor DeRushe. no Ore- Mn driver's license. $10. Donald Jason Simpson, no Ore gon driver's license. So. Dennis Linn Garboden, violation of basic rule. $10. Virginia Ellen Harris, no driver's license, 510. Dale Bert Johnson, improper lane usage. So. William Stedman Farrell, dis obeyed traffic signal. S5. Audrey Fern Rightmier, disobey ed traffic signal. $5. Jess Wade McCormick, disobeyed stop sign, $5. Ernest Evert Peyton, defective equipment, S2.50; Hurshel William Boyle, no op erator's license, $5. Marvin A. Ward, excessive noise, S10 Wallace Robert Henderson, obeyed stop sign, $5. William Harold Reichstein, obeyed stop sign. $5. Naomi Hohmar Van Dyke, dis obeyed stop sign. S5. Charles Henry Hoyt, violation of the basic rule. S10. Bessie Edna Thompson, violation of the basic rule, S10. Grayce Lynwood Walters, dis obeyed stop sign. $5. Winfred Lee Bardford, disobey ed traffic signal. $5. Wheeler Oliver Hughes, disobey ed traffic signal, $5. dis-dis- DISTRICT COURT Ross Barbee, drunk on public highway. $30. Dennis M. Burns, failure to com ply with operator's license restric tions. $5. Dennis Ray James, failure to stop. $10. CIRCUIT COURT Gwendolyn Seymour vs. William Charles Seymour, divorce complaint. MARRIAGE LICENSE bursement. My opinion is based on the following line of reasoning: If stockholders received only a little more than 50 per cent of reported earnings in the prosperous era, and direc tors "run to cover" early, when are stockholders to benefit from earnings other than through possible capital gains? " Often, in recent years, stock prices rose to a level that seemed in the words of my late friend, Dr. Max Winkler, to discount not only the fu ture but the hereafter. One of the alleged reasons for a low payout is the fact that a cush ion is being provided for the payment of dividends during periods of a contraction in profits. When directors cut divi dends quickly, stockholders are entitled to think manage ment foresees a long period of poor business. Furthermore, what becomes of the attention paid in recent years to the relatively large cash flow earnings plus provision for depreciation, depletion and amortization which was used widely to indicate that companies were improving their ability to pay dividends? A stable dividend is import ant to the appraisal of a stock. Precipitate dividend action may be rather costly when a stock loses standing with investors. Oregon's Do-Jf-Yourself Kit Offers Plan To Reforest New York Sidewalks By DOC QUIGG United Press Correspondent New York IIP) Thoughts for greening April: The great state of Oregon has a move on to reforest the sidewalks of New York. In an early come-on for the state's 1959 centennial cele- McMiniwille Eyes New Industries McMinnville (W Clif ford Elliott, manager of the local Chamber of Commerce, today said it was possible that five new industries might be developed in this area through McMinnville Industrial Pro motions. Elliott recently made a trip to California with the pur pose of attracting new indus try to this area. The industry promotion game hs won wide spred attention through previ ous efforts in bringing new businesses here. Elliott said that among pos sibilities for future develop ment was a janitorial supply house which now maintains three plants across the coun try. He said it has indicated a desire to open a warehouse here with eventual conversion to a manufacturing plant. Other possibilities, he said, included scaled-down furni ture for hotels, motels and mobile homes;" a vacation trailer manufacturing firm, a new freezer plant and an al falfa dehydration plant. Ogdensburg, N.Y. (IP) The Ogdensburg Bridge Authority will use hot air next winter to keep its ferry channel on the St. Lawrence River free . of ice. Officials said they will lay air hoses on the channel bottom. Holes will be punch ed in the hose to let the hot air out. They said the warm air would float up under the ice and melt it. bration, an Oregon beer com pany ran an advertisement here offering to send free to New Yorkers an Oregon dd-it-yourself kit: a fir tree with directions for planting. According to the latest fig ures, around 5,300 persons have asked for them. The trees, each about eight inches long, are packaged in plastic for shipping, but the direc tions warn against planting them under marquees and culverts since they grow to be 200 feet tall in 200 years. What a prospective fir piece for Times Square. Wilbur, our office grouch, celebrated the onset of spring with a commercial brain wave. "I know," he said, "how someone in the florist busi ness can make a million dol lars, if he will just get on the ball bring onto the mar ket quick-frozen flowers that you can store in your freezer and use all years around in the home." Sign of the times: A news paper in- Tehran pulled two April Fool hoaxes in its col umns. The first, which got a big response from readers and even Iranian officials, claimed that a shepherd's wife in a remote village had given birth to sextuplets. But the second, it said, "ap parently escaped unnoticed." That one merely reported that the United States had sent a rocket to the moon and that Soviet Premier Khrushchev had sent congratulations to President Eisenhower. In Iran, evidently, the big Sputnik satellite spectacular is begin- RENOUNCES POST Rome (IPI Dr. Sutan Mu hamad Rasjid has renounced his post as Indonesia's am bassador to Italy in support of the rebel Indonesian gov ernment in Sumatra, a spokes man at the Indonesian em bassy confirmed today. ning to slip in the audience ratings. In New York City, tests show an increase in radio active fall-out of almost 50 per cent in 1957. Wherefore, if Robert Love man, author of "April Rain," had lived 'till now, maybe he would have written it some thing like this: It's not raining rain to me, It's raining strontium-90; In every dimpled drop I see Hot dust but mild, be nighty. A health unto the happy! A fig for him who mopes! It is not raining rain to me, It s raining isotopes. European No-Man's Land Discussed London HP) Leaders of Britain's Labor Party and the powerful Trades Union Con gress met today to discuss Poland's plan for a nuclear no-man's-land in Central Europe. The conference was expect ed to result in a joint call on Prime Minister Harold Mac Millan's Conservative govern ment to seek agreement with the Communist bloc on the "Rapacki Plan." Cuba Planning To Accredit Newsmen Havana (IP) Prime Min ister Gonzalo Guell said today Cuba planned to accredit U.S. newsmen and photographers to the government so they would be responsible to it if they deliberately misinter preted Cuban events. Guell made the announce ment at an early morning meeting at his house as high government sources com plained that "four or five" of the ' major U. S. newspapers were deliberately falsifying Cuban reports in order to give the "wrong impression" of the Cuban scene. The government source said the Cuban government has lost faith in the ability and in tegrity of the U.S. reporters and now believes all of them are reporting on a pro-Castro line. Fidel Castro is leader of the Cuban rebels. DESSERT EN SAISON London (IP) An Italian restaurant operator gave pass ing notice to Britain's coldest April with this entry on his menu today: "Sweet of the season Christmas pudding." ART HEAD DIES London (IP) Claude Al fred Partridge, 53, head of the internationally known art firm, Frank Partridge and Sons, died here Tuesday. Open 24 Hours Every Day SELF SERVICE 20c per 8 lb. Washer Load Drying 1c Per Minute COIN OPERATED 516 W. Sixth St. LAUNDRY 516 W. Sixth St. Large 50-Lb. Agitator Supplies Really Hot Dryers Type Washers Available Water Medford Man Given Objector Sentence Portland UP) Four con scientious objectors received six-month federal prison sen tences Tuesday for violation of the selective service act by failing to report for civilian work. Sentenced were Wendell Golf Clubs on , Coat of Arms Eyed Hoylake, England (IPI Heraldry experts today pon dered whether golf clubs are appropriate for a coat of arms. Two golf clubs are among the heraldic devices the Hoy- lake Urban District Council proposes to place on the town's new coat of arms. The clubs are intended to note the celebrated name in the British golf world of the Hoylake golf links. Opponents of the plan main tain that once golf clubs are pictured on coats of arms they would be. considered a prec edent for placing tennis rack ets, baseball gloves and even less dignified sporting outfits there. Lynch Hayes, 23, Medford; Richard Darrell Johnsdn, 25j McMinnville; and James At Berquist, 25, and Otho E. Vah; entine, 25, both of Portland; All are Jehovah's Witnesses: Federal Judge William: East, who pronounced seiS tence, said "these are not ag gravated cakes of law break; ing and, while I respect the; religious beliefs of the defend;: ants, I also respect the laws, of the United States." The men, at liberty on baiLT were ordered to start serving their sentences April 15. CREDIT MAN DIES Scarsdale, N.Y. OP) ClarX ence Y. Palitz, 71,' boaril chairman and president of thF Credit America Corp. dieff here Tuesday. If you occasionally carrjr your outboard motor in your automobile, you'll find it will ride securely and without damage to small parts if youT cushion it on an old inner tube, inflated and tied to gether in several places. 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