Pig Business Feeling Pinch of
redit Faces Two Alternatives
KLMER C. WALZER
WPI Financial Editor
2fcir York - (L"D - Big busi
fet helped little business
tkough the period of tight
Tmoney by
generosity m
credit.
Now it is
feel ing the
c r e dit pinch
itself and it
faces two al
t e r n atives -cut
back on
trade credit to
Elmer Walzer customers, or
cut down on investment in
plant and equipment.
Theodore H. Silbert, presi
dent of Standard Financial
Corp., make these observa
tions after a survey of his
company of 629 major corp
orations in 19 major indus
tries. According to Silbert, many
smaller concerns owe their
survival to the giant manu
facturers of the nation.
Since 1954, the survey
found, these great companies
increased their trade credit by
$6.2 billion. Allowing for a
normal growth of sales, of
$2.2 billion, the actual in
crease in trade credit amounts
to $4 billion, Silbert notes.
Trade credit, he explains, is
the 10-to-60 day credit extend
ed by a supplier to a buyer in
connection with the purchase
of goods for resale. On the
suppliers' books, such trade
credit appears as accounts re
ceivable. The actual $4 billion credit
increase is caused by the
lengthening of trade terms
during tight money periods,
and failure to shorten terms
when money loosened up in
late 1957 through 1958.
As a result, a greater pro-
All Men of Good
To Come Nearer
By RICHARD CARDINAL
CUSHING
Catholic Archbishop of
Boston
Written for UPI
It seems to be one of our
great American customs to
dedicate weeks and months to
place emphasis on special
causes. And people with au
thority of any kind are invited
to add the supposed weight of
their words to the publicity
involved. How much of this
wisdom survives longer than
the page on which it is print
ed would make an interesting
study.
But a Christian bishop hail
ing the approach of another
Lenten time feels that his
message must survive. It is
one of his most sacred duties
to urge all men of good will
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Will Urged
to Almighty God
to come nearer to almighty
God during the age-old season
originated for that very pur
pose. In every way he can he
must repeat the words of John
the Baptist, "Do ye penance,"
and of Paul of Tarsus, "Now
is the acceptable time!"
Putting aside for a moment
the demands of any special
project, may I take this op
portunity to plead the cause
of prayer and personal super
natural housekeeping? It is
time indeed to refurbish the
soul, to cleanse the heart of
evil thoughts, and to extend a
willing hand to those around
us.
On Ash Wednesday every
year, millions throughout the
world wear on their foreheads
the symbolic ashes intended
to remind them and those
who see them of the fraility
of merely human hopes, of
the lowly earth which begins
and ends each life's journey
here below. But thin curious
observance, inherited from
days when penances . were
truly realistic, will only be a
badge of f oolishness or hypc
risy if affected by men and
women whose pride and pre
judices are not wholesomely
reduced thereby.
Words Grow Stale
To penance, then, and pray
er, must all of us return. For
us the hour-glass warns: "It
is later than you think." What
a world this could be, what a
world this can and will be, if
each of us recalls in Lent
what dust we are and to what
dust we shall return.
With repetition such words
as these grow stale; we must
revive their meaning. What
better time for this than the
Lent of the mysterious "six
ties." Perhaps this will be a
scientific decade, or a savage
one, or both. Why can we not
so act as to give these new
years of grace a nobler claim
tw .remembrance? Is it beyond
oiiV hopes, with God ever
read assist us to make
plne samuy sixties:
JC'?il'?hey well may be if each
of us, in his own way, accepts
this Lent as a proper time to
make a start.
portion of receivables today
runs through the full 30 days
allowed, than was the case
prior to 1954, Silbert finds.
Manufacturers whose net
receivables increased the most
in the six-year period of the
study are non - electrical ma
chinery with a $690 million
increase; petroleum, $575 mil
lion; food and allied products,
$500 million; chemicals, $380
million; primary metals, $290
million; fabricated metal pro
ducts, $255 million; paper and
allied products, $170 million;
textile mill products, $160
million; printing and publish
ing, $152 million, and stone,
clay and glass, $140 million.
Manufacturing industr i e s
showed declines in net ac
counts receivable from 1954
through 1959 are tobacco, ap
parel, and furniture.
Liquidation Reduced
"As more and more smaller
customers were granted long
er terms, a larger proportion
of receivables of the larger
companies became non - cur
rent and the liquidity of the
corporations was stratlingly
reduced," Silbert says.
"For example, looking at
the 629 major manufacturing
companies in the study, the
proportion of their current
assets represented by cash and
treasury s e curities declined
from 27.4 per cent in 1954 to
21.3 per cent at the end of
1959.
Proportion Up
"The proportion represent
ed by receivables rose from
22.5 per cent to 27 per cent
over the same period. While
this has been happening im
perciptibly year by year, the
six-year difference is startl
ing ...
"The larger companies now
are sweating out the effects
of a six-year trend of longer
trade terms.
"Many treasurers of these
companies are almost at their
wits end trying to figure out
how they can continue coping
with 1960 business and main
tain their plans for invest
ment in new plant and equip
ment, if these long trade
terms and tight money continue."
w
f
r
Disarmament
Agreement Reached
Paris (UP& The West's
five disarmament delegates
have reached agreement on
a "common plan" to present
to the Soviet Union at Gen
eva, next week, it has been
announced.
The announcement came
came after a long period of
haggling during which it ap
peared France would not go
along with the United States,
Britain, Canada and Italy.
Western officials were re
ported to have all. but given
up hope before a "last
chance" meeting Thursday.
U. S. Disarmament Dele
gate Frederick Eaton made
the announcement to a meet
ing of the Permanent Coun
cil of NATO.
Medford
Tribune
MEDFORD, OREGON, FRIDAY, MARCH 11, 1960
Accurate Mapping
Of Moon Planned
By European Teams
CAROLE BREAKS DOWN - Red-haired Carole Tregoff,
accompanied by a woman deputy sheriff, holds a hand to
her face as she breaks into tears while leaving the Los
Angeles court house. The jury deliberating the fate of Dr.
R. Bernard Finch and Miss Tregoff remained out for the
sixth day Thursday with about 200 spectators waiting im
patiently inside the courtroom. (UPI Telephoto)
CROCHETING FIREMAN-Manning a fire station watch is
one thing, but tending to your knitting (or crocheting) is
another. Beaverton, Ore., fireman Cal McGann has cro
cheted 14 large bed spreads and five table-cloths while
holding down the fort at the Beaverton fire station dur
ing the past five years. - (UPI Telephoto)
'
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. mlwuu- V.-1,..- A w.j. ,-,., M ,-nr-n,.rr- llrr.rlrr r.-rn..r..r - ,., . j
Graciousness is the rarest attribute a motor car can
possess. Yet, even a cursory inspection of the 1960
Cadillac reveals it in fullest measure. It is instantly
visible in the classic symmetry of Cadillac styling.
It is epitomized in the warm welcome extended by
the richly beautiful and generously spacious interiors.
Even performance portrays it in the superlatively
smooth ride and quietly authoritative response. Your
Cadillac dealer invites you to confirm the value of
this unique Cadillac virtue with a sixty-minute ride.
VISIT YOUR LOCAL AUTHORIZED
SKINNER - BUICK - CADILLAC
143 SOUTH RIVERSIDE - MEDFORD, OREGON
DEALER
V
Nice, France-(Science Serv
ice -Two famous European re
search centers, the Univers
ity of Manchester, England,
and the French observatory
9,500 feet high on the Pic du
Midi in the French Pyrenees
are to play a major role in a
program for accurate map
ping of the moon.
The moon map is being
sponsored by the U.S. Air
Force, Prof. Zdenek Kopal
of the University of Man
chester told some 200 scien
tists of 20 countries, assem
bled here for the First In
ternational Space Science
Symposium, organi-edby
COSPAR, the COmmittee on
SPAce Research.
Pictures Taken
Some 12,000 pictures of
movie film have so far been
taken of the moon, showing
sunrises and sunsets m tne
lunar landscape, he reported.
However, some 200,000 pic
tures are needed to make
proper calculations about the
height of lunar features such
as mountains, peaks and hills
with a precision of about 26
feet.
Main goal of the program
is to produce an accurate map
of the moon on the scale one
to one million.
On photographs taken with
the 24-inch telescope at the
Pic du Midi Observatory,
objects down to a size of
1,500 feet, corresponding to
one second of arc, can be dis
tinguished. A main problem of the pro
gram, Prof. Kopal reported,
is that there is yet no proper
system of reference in ex
istence. All measurements on
the moon so far are based on
200 to 300 ill-defined peaks
and hills. v
Research done by Pi" du
University of Manchester has
shown that small craters,
known as craterlets, should
be used as points of reference
rather than hills and other
mountainous objects.
Five Years Goal
Prof. Kopal and his asso
ciates hope to complete the
program within five years.
Several additional large in
struments will be made avail
able by the U.S. Air Force
for the enterprise.
Prof. Kopal also suggested
that because of the non
existence of a lunar atmos
phere, the moon's surface
might become ionized during
lunar daytime by ultraviolet
solar light. This might cause
a charged dust atmosphere,
the negatively charged dust
slightly drifting above the
positively charged lunar sur
face. Prof. Kopal indicated
that this situation might
cause great trouble to any
future space traveler landing
on the moon.
JAPANESE GIFT-June McAllister receives a string of pearle
from Sally Cross at the opening of the Japanese Industrial
Exposition in Miami, Fla. This is the first world trade aaV
held by Japan since pre-World War II days.
(UPI Telephoto)
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Airliner Travel
Safe as Ever,
Statistics Show
Washington, (Science Serv-ice)-Flying
at home or abroad
in a scheduled U.S. airliner
is about as safe as ever and
far safer than driving, sta
tistics being compiled here
indicate.
The Bureau of Safety of
the Civil Aeronautics Board
is now compiling and an
alyzing 1959's crashes, in
which 270 persons died from
crashes of scheduled U.S. air
liners here and abroad. The
number of passengers carried
is estimated at 52,784,000.
Fairly Safe Year .
Per passenger mile, 1959 is
likely to be a bad year com
pared to 1958. But compared
with an average of the last
decade or more, 1959 may be
considered a fairly safe year.
Thus 1959 will have a rate
of less than one person killed
for every 100,000,000 passen
ger miles flown. For each
100,000,000 passenger miles
driven in automobiles and
taxis, there are nearly three
deaths.
Traced to Explosive
In the first two months of
1960, two fatal crashes of
scheduled U.S. airliners have
caused 75 deaths a higher
number than the average in
two 1959 months. The first
1960 crash on Jan. 6 near
Wilmington, N.C., has been
traced back to explosives
aboard the plane. The other
crash was Jan. 18 near Hol
croft, Va.
But statisticians say no con
clusions can be drawn from
figures that cover just two
months. Even yearly statis
tics, they say, are inadequate
for good comparisons. Acci
dents, by their nature, are
too random.
Church Manuals
Said Inexcusable'
Washington - (UPD - Air
Force Secretary Dudley C.
Sharp said Thursday that
publication of an Air Force
training manual linking some
U. S. churches to Communism
was "inexcusable."
The secretary told a House
Armed Services subcommit
tee, however, that his subse
quent withdrawal of the man
ual did not mean the Air
Force was passing on "the
truth or falsity" of the
charges it contained.
Sharp was summoned by a
subcommittee assigned to find
out just how the armed forces
prepare xtheir manuals, and
how certain controversial pas
sages have found their way
into the publications.
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