Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 199, Ed. 1 Thursday, August 21, 1980 Page: 11 of 16
This newspaper is part of the collection entitled: Hopkins County Area Newspapers and was provided to The Portal to Texas History by the Hopkins County Genealogical Society.
- Highlighting
- Highlighting On/Off
- Color:
- Adjust Image
- Rotate Left
- Rotate Right
- Brightness, Contrast, etc. (Experimental)
- Cropping Tool
- Download Sizes
- Preview all sizes/dimensions or...
- Download Thumbnail
- Download Small
- Download Medium
- Download Large
- High Resolution Files
- IIIF Image JSON
- IIIF Image URL
- Accessibility
- View Extracted Text
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
'• ■ *
■ r t v
/
Braniff's executive
claims 'no problems'
THf NEWS-TELECRAM, Sulphur Springs, Texas. Thursday, Aug. 21,19t0—11%
l[j|l Rockwell
GRAPEVINE, Texas (AP) -
When it comes to Braniff Air-
ways’ financial straits, says
Harding Lawrence, don’t
believe everything you read.
The airline’s chief executive
officer spent an entire workday
closeted with reporters at
Braniff’s world headaquarters
here Wednesday, trying to
“clear the air" of reports the
company is on the verge of
collapse.
“Braniff is not in financial
trouble,” Lawrence said em-
phatically. “We’re not wrap-
ping ourselves in glory but we
are doing all the right things to
adjust to the economic en-
vironment,”
In the past few months,
Braniff’s financial maneuvers
have come under close scrutiny
by the financial community,
including local business
reporters.
“I read them and I cringe,”
Lawrence said of the reports.
The company recently sold 15
of its Boeing 727 jetliners, a
move intepreted as a desperate
effort to acquire cash.
Braniff also delayed taking
delivery on a Boeing 747 jumbo
Gulf Oil selling
Korean interest
HOUSTON (AP) — Blaming
uncertainties of future crude oil
supplies, Gulf Oil Corp.
reported this week, it has sold
its 50 percent interest in the
largest refining and marketing
company in South Korea.
No price was revealed for the
sale of the interest in Korea Oil
Corp. to Korean Oil Stock
Holding Co. of Seoul.
Involved is a 250,000 barrels a
day refinery that produces a
full line of products and basic
petrochemicals.
Gulf held a 25 percent in-
terest when the refinery, the
first in Korea, was built in 1963
with a 35,000 barrels a day
capacity. Gulf took over
management in 1970 when it
increased its holdings to 50
percent.
Gulf said it had been sup-
plying the refinery all of its
crude oil requirements through
1979.
jet it ordered, closed three
domestic stations since the year
began and reported a loss of
nearly $48 million in the second
quarter of this year.
Lawrence told the gathered
reporters, in a session he ad-
mitted was “unusual," that all
the company’s maneuvers were
planned well in advance and
were management responses to
changing economic conditions.
He said selling the airplanes
— “There’s an implication we
were selling the family jewels.”
was part of a planned fleet
reduction in anticipation of a
national recession “that will
last, I think, well into 1981.”
He said waiting to accept the
747 was a matter of con-
venience, not necessity, and is a
common industry practice.
The 1980 loss, he said, is in
line with losses reported by
other major carriers when
compared to total revenue, and
can be blamed on jet fuel price
hikes.
“It was one of the most
serious problems I’ve ever had
to deal with because I didn’t
understand it,” he said of the
fuel prices, which now make up
66 percent of the company’s
operating cost.
“That is the culprit, that has
been the culprit, and it con-
tinues to be the culprit.”
Lawrence said he retains the
full confidence of his directors,
stockholders and major lenders
— “If I didn’t, I wouldn’t be
here.” - and said rumors of his
impending resignation are
simply that.
“In two to three years, my
role with Braniff will be
dramatically different than it is
today,” he said, predicting he
eventually would relinquish
operating control and become a
"dollar-a-yearman."
But he added, “I will be
available to this organization
for the rest of my useful life, if
there is a role I can play.
“If I had it all to do over again
I would do it exactly as I have
done.”
Energy Facts
I)id you know (hat. . .
One barrel of oil contains 42
gallons. Forty six percent of a
barrel of crude goes for motor
gasoline; 26 percent for light fuel
for home heating and diesel oil;
six percent for aviation jet fuel; 10
percent for residual fuel for
utilities, industry, large apartment
buildings, and office buildings;
two percent for propane, and 10
percent for all other petroleum
products.
products of Flow Control Division
TO 40%
ON SOOPER COST CUTTERS
Yes, you con save up to 40"o on Soopcr
Cost Cutter Everyday low Prices compared
to other brands at Kroger
E o * iomr So opr1 (o\f t vt 1 v no o’h*' b'0"d o'» * o« fc ♦ cl
Copyright 1980. The Kroger
Co. We reserve the right to
limit quantities. None sold to
dealers. Prices effective thru
Sat., Aug. 23, 1980 in
Sulphur Springs.
MOZZARELLA
CHEESE
8-OZ.
PKG.
Bu$ine$$ Briefs
Brumley’s Uniform and Ready to Wear has moved from
its old Davis Street location to a new facility at 126 Main
St. The Main Street location was formerly a dress shop
that ceased to operate at that address following a fire.
MOUNT VERNON — The Sonic Drive In here
celebrated its second anniversary of operation this month.
Billy Bob’s Restaurant at the Shannon Square Shopping
Center is presently closed. However, Terry Stepp and
Jerry Hodges report that a revitalized operation will
reopen in September.
Joy Willingham, wife of Don Willingham, has been
recently honored by the bosses at City National Bank.
Mrs. Wilingham works in the Statements Department and
is the daughter of Mr. and Mrs. James G. Moseley.
QUITMAN — Phil Moore has opened a Montgomery
Ward store here. The new store is located at 211 N. Main
St. and the telephone number is 763-4066.
The Market Club at 310 Spring St. has joined the latest
form of entertainment with the additon of "El Toro" a
mechanical bull for those who desire to prove their
abilities as a cowboy or cowgirl. Such mechanical devices
have been around for several years but are reaching the
peak of their popularity with the recent movie, “Urban
Cowboy”.
WINNSBORO — The grand opening of the Feedbag
Family Restaurant was held today on FM-852 the former
location of th Pizza Place. The grand opening continues
until 10 p.m. tonight.
What used to be a car wash on College Street is soon to
be the business offices for Westbrook Lumber Company
according to City Inspector Joe Cerratani.
Well costs jump
DALLAS — The average cost
of drilling an oil or natural gas
well in Texas is $51.95 per foot,
an increase of 238 percent since
1970 says the Texas Mid-
Continent Oil and Gas
Association.
The calculation is based on
figures from the Association’s
annual compilation of facts and
figures on the Texas petroleum
industry which is titled “80
facts about Texas Oil and Gas."
The publication points out
that Texas oil and gas
operators drilled nearly 85.9
million feet of hole In 1979 and
lost $1.4 billion in dry holes.
Like itws predecessors, “80
Facts About Texas Oil and
Gas” will be distributed free to
the general public according to
William H. Abington, executive
vice president of the
association.
“In addition to its section on
drilling the pamphlet includes
data on production, offshore,
refining-processing, em-
ployment, economics and
taxation,” says Abington.
Some other interesting facts
include that 212 wells including
119 wildcats were drilled in the
Gulf of Mexico last year and of
those 119, 109 were dry holes.
The other 10 wells produced two
oil wells and eight gas wells.
-Texas produced 4.4 percent
of the world’s oil in 1979.
-212 counties in Texas
produce oil or gas.
-33.6 percent of all U.S.
natural gas was produced in
Texas last year.
—The petroleum industry
paid $1.1 billion in taxes to the
state in 1979.
The new leaflet serves as a
quick reference to the highlight
activities of the petroleum
industry in Texas during 1979
he reports.
The pamphlet also com-
memorates the 50th an-
niversary of the discovery of
the East Texas oil field, the
larges field ever discovered in
the “lower 48” states.
The public can obtain copies
of “80 Facts about Texas Ckl
and Gas” free on request from
the Texas Mid-Cc.,tinent Oil
and Gas Association, 1341 West
Mockingbird Lane, Suite 1111-
E, Dallas 75247.
Rockwell
ups funds
for growth
PITTSBURGH - The Flow
Control Division of Rockwell
International has announced
that it anticipates capital ex-
penditures of approximately
$40 million over the two year
period, 1981-82.
The Rockwell division is a
major producer of industrial
valve products for oil and gas,
synthetic fuel, electric power
and other energy-related and
basic industrial markets.
According to division
president, R.A. Seethaler, most
of the investments will be
committed for new production
capacity and Improved
productivity in the division's
U.S. and international
operations. The two-year total
is more than twice the amount
that the division spent in the
past two years.
“We are projecting sub-
stantial growth,” Seethaler
said, “of world energy markets
throughout this decade and
beyond. There are more
drilling rigs operating in the
world today than ever before,
over 100,000 miles of oil and gas
pipelines are under con-
struction or planned, over
200,000 MW of nuclear
generating capacity will be
added in the decade — and the
list of energy projects goes on
and on."
"If we are to share in the
growth of these markets," he
said, “we must Invest now to
acquire new and expanded
production facilities as well as
the modern production
equipment and processes that
will help us stay competitive in
the world marketplace."
Firm recalls
aerosol cans
A recall of some recently
manufactured 19-oz. aerosol
SHOUT laundry soil and stain
removers has been announced
by Johnson Wax (S.C. Johnson
Sc Son, Inc.).
The recall is due to product
seepage through a faulty side
seam, according to L.R.
Peterson, executive vice
president of U.S. consumer
products.
Cans involved began ap-
pearing in stoes in June of this
year.
The cans have a small
drawing of a “crown” printed
at the left end of the blue stripe
that is part of the package’s
front label design.
They also have an inch wide,
notched, vertical side seam.
Only 19-oz. cans of the aerosol
having both of these features
are affected.
Peterson said the recall was
issued because seepage may
increase possible consumer
exposure to ingestion, eye
contact and flammability as
cautioned on the labels.
Persons having such cans of
the product should carefully
destroy them, observing the
warnings on the labels.
For product replacement or
further information, consumers
can call toll free, 1-800-558-5790^
Or users of the product can
write to Carol Hansen, S.C.
Johnson Sc Son, Inc., 1525 Howe
St., Racine, Wise. 53403.
Production dips
AUSTIN, Texas (AP) -
Texas refineries processed
141.6 milliom barrels of crude
oil and hydrocarbon blends in
May, compared to 149.3 million
barrels in May of 1979.
The Texas Railroad ’ Com-
mission also reported on
Wednesday that May 1980
manufacture of gasoline totaled
55 million barrels, compared to
57.7 million barrels in May 1979.
Loan warnings out
By JOHN CUNNIFF
AP Business Analyst
NEW YORK (AP) -
Executives of small com-
panies, family concerns and
other not-so-large operations
know that when times get tough
and money gets tight, bankers
look for reasons not to lend
them money.
Sy Jones says It pays for
small companies to know and
avoid “red flags” which might
prevent them from winning
loans. He compiled a list for
clients of his company, Coopers
& Lybrand, the big accounting
firm.
1. Large growth In sales
volume with little, if any,
bottomline growth.
2. Inventory expanding at a
faster pace than sales.
3. Accounting controls not
considered very important by
management; controls that are
in place appear to have a high
potential for management
override.
4. Hanging on to an outdated
inventory with the forlorn hope
of selling it some day.
5. Lack of inventory records.
6. Poor inventory turnover.
7. Company is highly
leveraged, thinly capitalized.
8. Viability of company rests
on one person or a small group.
9. Lack of management tools
needed to analyze sales by
customer, product, product line
and plant profitability.
10. Management not always
open in discussing matters with
its bank or in making the most
effective use of its auditors or
other advisers.
11. No monthly or quarterly
financial statements; annual
reports not available until
several months after year-end.
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Newspaper.
Keys, Clarke. Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 199, Ed. 1 Thursday, August 21, 1980, newspaper, August 21, 1980; Sulphur Springs, Texas. (https://texashistory.unt.edu/ark:/67531/metapth823826/m1/11/?q=%22%22~1: accessed June 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Hopkins County Genealogical Society.