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
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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.
Commercial production of.
barbed wire started in 1874c:
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