Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 98, Ed. 1 Thursday, April 24, 1980 Page: 1 of 18
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Thursday
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APRIL 24, 1980.
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VOL. I02-NO.98.
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Exxon profits hit record
By WILLIAM GLASGALL which have doubled to an average of about
AP Business Writer $30 per 42-gallon barrel in the past > ear
NEW YORK (AP) — Rapidly rising ojl Organization of Petroleum Exporting
prices have helped propel Exxon Corp.’s^ Countries members have raised their
first-quarter profits 101.6 percent ahead of “"prices "far more . than is warranted. But
last year and to an .American corporate I don't think it’s over with yet," Garvin
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record.
Exxon, the world’s largest oil company,
said Wednesday its quarterly earnings
soared to $1,925 billion from $955 million a
year earlier. That total is the largest ever
for any U.S. corporation and the second-
largest for an oil company in" a three-
month period. ,
Exxon’s revenues in the first quarter
rose to $27.6 billion from $18.8 billion, and
earnings per share rose to $4.40 from $2.16.
But Chairman Clifton C. Garvin Jr. said *
“I don’t expect to see the great amount of
improvement” in Exxon's earnings
repeated over the rest of 1980. He also was
pessimistic on future world oil prices,
told a news conference.
Exxon’s quarterly profits exceeded the
‘previous U.S. corporate record of $1 466
biHion reported by American Telephone &
TelegFaph t’o. for the three months ended
last Aug 31, But the results remained
below the oil industry’s $2.4 billion three-
month profit record logged by the Royal
Dutch-Shell Group of Companies in the last
quarter of 1979, ♦
Among companies reporting first-
quarter profits:
—No. 8-ranked Shell Oil Co. earned $373
million, or $2.42 a share, up 67 percent
from $224 million, or $1.47 a share. Sales
rose to $7.8 billion from $3.1 billion.
—No. 12 Occidental earned $277.9
million, or $3.62 a share, up 236 percent
from $82.6 million, or $1.04 a share. The
earnings included $119.6 million in gold
and silver trading profits. Sales rose to $3.3
billion from $1.8 billion.
-No. 14 Standard Oil Co. (Ohio) earned
$450.7 million, or $3.67 a share, up from
$167.5 million, or $1.39 a share. Sales rose
to $2.51 billion from$1.65 billion.
Exxon credited part of its earnings gain
to a doubling of overseas refining and
marketing profits. But increasing oil
prices were another contributor.
Rising prices - and higher oil
production in Alaska — played a major
role in a 169 percent quarterly profit gain
at Sohio, while improved exploration and
production results helped Shell.
The overseas price increases are
moving U.S. crude oil prices higher as
price controls are gradually lifted here: A
“windfall’’ tax that took effect March 1
seeks to raise $227 billion from revenues
resulting from lifting domestic controls.
Exxon Controller U.J, LeGrange said
the windfall tax took $40 million of the $60
million in new revenues the company
received in the first quarter as. the
government’s price decontrol program
began.
Exxon earned a $314 million foreign-
exchange profit on the value of its over-
seas debts as the dollar strengthened
dramatically on currency markets.
A higher authority
Sulphur Springs High School salutatorian Ricky Deaton, right, and valedictorian
iA.-nteft Reynolds consul! k’ftigiier nvi.wrviy Webster — in a friendly discussion
over correct usage of a disputed word. Deaton completed his high school career
with an overall grade point average of 94.98 while Miss Reynolds finished with a
97.S8 point average for the year's top scholastic honor at the local high school.
—StaH Photo by JOHN SORE
Anderson turns
to independents
WASHINGTON (AP) - Rep. John
B. Anderson of Illinois dropped out of
the race for the Republican
presidential nomination. today and
announced he would run as an in-
dependent candidate "unfettered by
party positions.”
“I have chosei1! this course of action
because it is now clear that I cannot
attain a majority of the delegates who
will be attending the Republican
National Convention in July," An-
derson said.
While he will remain a Republican,
Anderson said he is convinced there is
enough voter dissatisfaction with
President Carter and the Republican
front-runner, Ronald Reagan, to allow
him to become the first independent
candidate ever to win a presidential
election.
Two injured in car-tree crash
Two Greenville residents were injured,
one critically, in a Wednesday night ac-
cident onSH-11.
According to Hopkins County Sheriff’s
Deputies Benny Matthews. Bill Dirks and
Doug Stutts, the accident occured about
8:25 p.m. when a 1968 four-door hardtop
collided witlr a tree in a curve about two
miles west of Sulphur Springs.
DPS Trooper Wendell < Salty i Jeter was
called from Hunt County to work the ac-
cident. He told The News-Telegram that
investigators believe Michael Charles
Mack, 29, of 3100 Polk St. in Greenville,
was the driver of the vehicle that missed
the curve and hit the large tree, almost
tearing the car in half.
Mack told officers at the scene that the
right front tire blew out, causing the ac-
cident.
The car was owned by Lewis Jones Jr.,
39, of 2302 Bourland in Greenville, who was
behaved to be a passenger in the vehicle.
Mack was able to get out of the car by
himself but Jones was pinned in the
wreckage for about 30 minutes before
being freed by the Sulphur Springs Rescue
Squad.
Both were taken to Memorial Hospital
by ambulance.
Mack was admitted at the local hospital
and was described as being in fair con-
dition Thursday morning.
Jones was transferred to Greenville's
Citizens General Hospital about 10 p.m.
A Citizens General Hospital
spokesperson said Thursday morning that
Jones had undergone surgery Wednesday-
night and was in critical condition in the
intensive care unit there.
Reynolds, Deaton take class honors
Deneen Reynolds and Ricky Deaton
have been named valedictorian and
salutatiorian respectively at Sulphur
Springs High School, according to prin-
cipal John Chubb.
Miss Reynolds will finish her senior year
with a grade point average of 97.58. Deaton
finished less than a percentage point
behind Miss Reynolds with an average of
96.98 for the year.
The daughter of Dr. and Mrs. Claude E.
Reynolds, Miss Reynolds does not always
keep her head in a book — she has found
time to be involved in several clubs, serve
on the student council and play in the band.
She is first-chair French Horn this year
for the Wildcat band, has been named to
the all-district band for three years, the
bjTsenior honor band, the Four-States
honor band, and made the all-region band
as well.
Her bther accomplishments include
serving as the secretary-treasurer for
local Student Council and the secretary for
District XIX Student Council. She is a
member of the Spanish Club, Science Club,
Future Teachers of America, the National
Honor Society and the Hi King Club. She
was also selected as the student
representative from Sulphur Springs High
School to attend the Nuclear Science
Symposium at the University of Texas last
June.
Miss Reynolds is listed in the Who’s Who
Among American High School Students
and was voted the girl most likely to
succeed by her classmates.
i
She plans to attend Abilene Christian
University in the fall, majoring in math
education.
Deaton, the son of Mr. and Mrs. Don
Deaton, was elected president of his class'*-
in both junior end senior years. He is a
member of the Latin Club and served as
vice-president of that organization.
Jle is also member of the National Honor
Society, the Science Club and the Future
Teachers of America. Deaton, who has
won several Latin and math awards
during high school, is listed in Who’s Who
Among American High School Students
and was voted the boy to most likely to
succeed. He was also the student
representative at the A.M. Aikin Sym-
posium.
After graduation Deaton plans to attend
Austin College in Sherman majoring in
political science and pre-law
In addition to Miss Reynolds and
Deaton, high school honor students of the
1980 graduating class include; 1
Johnny McCann, Lee West, Bonni
Booker, Scott Johnson, Joe Hughes, Becky
Phillips, Stephanie Pride, Deanna Cousin,
Kathryn Latham. Sonja Rowland, Nita
Colley, Dale Thompson. Lou Ann Walker,
April Lynch;
Diane Gnner, Pam Hicks, Mike Bennett,
Lynn Clark, Monty Teel, Bobby Burney,
Lane Bramblett. Maleta Fox, Lisa Smith,
Shelly Grimes. Jeanna Moseley, Brad
Rogers, Tim Kelty, Greg Tinsley, David
Holden, Kelly Fletcher and Billy Shaber,
according to reports from Chubb’s office.
Rescue underway
Sulphur Springs Rescue Unit volunteers work to free Lewis Jones Jr., 39, from the
wreckage of an automoble which struck a tree Wednesday night. Jones, of Green-
ville, was critically injured in the accident on Highway 11 and remained in intensive
care in a Greenville hospital Thursday morning. Michael C. Mack, 29, was taken to
, Memorial Hospital where he was admitted in "fair" condition after the accident in
which the 1948 four-door hardtop that the two were in was almost torn in half by the
impact with the tree on the north side of the state highway.
-StaH Photo fey JIM MOORE
Back in action
. ' ... * 10
Waste Water Treatment Plant Supervisor Maxie Chester points to the work done by Glenn Engineering
Company as Billy Glenn looks on Thursday morning (left photo) after the installation of a motor and gear
assembly in a "digester" at the facility to’head off a potential environmental and health hazard posed by
equipment failures. The Fort Worth engineer who designed the plant and a sales representative of the
manufacturer both told members of the Sulphur Springs City Commission last week during emergency
sessions of the body that no other equipment could be used to replace the assemblies because of critical
design factors. The salesman even went so far as to guarantee that anyother design would end up floating
V f ]
11
1:1
upside down. Workers stayed on the |ob all evening Wednesday with final installation completed about
midnight, according to Commission Chairman Lewis Helm. The commissioners went ahead with plans to
exchange the equipment after discovering replacement of the original equipment would require 12-H
weeks, coupled with the strong possibility that the only other digester in operation might go out at any
time. After the digester was turned on, Glenn and Chester said they weren't surprised at all — the unit
was still right side up and working fine late Thursday momtng (right photo).
Cfe. *
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Keys, Clarke. Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 98, Ed. 1 Thursday, April 24, 1980, newspaper, April 24, 1980; Sulphur Springs, Texas. (https://texashistory.unt.edu/ark:/67531/metapth823583/m1/1/: accessed June 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Hopkins County Genealogical Society.