The Daily Banner, Greencastle, Putnam County, 15 September 1967 — Page 3

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ICC allows AT&T delay in reduction rates

WASHINGTON UPI — The Federal Communications Commission has allowed American Telephone & Telegraph Co. to delay putting into effect a $10 million reduction in interstate telephone rates ordered in July by the agency. The FCC told the world’s largest telephone system that it could postpone $100 million of the reduction until Nov. 1 and the other $20 million until May

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, 1. The reduction was supposed I to have gone into effect Oct. 1. The FCC on July 5 ordered AT&T to cut rates by $120 million and to restrict earnings i to 7 to 7.5 per cent of the com- ! pany’s investment in facilities. In the new order was a ruling | that would mean AT&T could make more money over-all j while not exceeding the allowai ble rate of return. The FCC allowed the company to expand | its investment base, upon which 1 rates are based, by $544 million. This means that AT&T also j will be allowed to earn 7 to 7.5 I per cent on the money it is spending to build new plants. Previously, the investment in plants under construction was excluded from the investment base, but the FCC reconsidered when the company filed new arguments. AT&T also was given permission in the order to take until Dec. 1 to set up a bookkeeping ■ system to separate investment funds used for intrastate fai cilities from the money spent on interstate facilities. The FCC will use the amount of investment on intersetate i facilities in determining wheth-

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er AT&T earns a fair rate of return on long distance calls crossing state lines. The order stressed that the FCC would continually review AT&T rates, indicating that the rate of return would not be an inflexible one. This means that the FCC will overlook short-term fluctuations which exceed the 7:5 per cent limit if earnings over a longer period ! are within the bounds. AT&T said the “commission’s assurance that the terms of its interim order do not impose a rigid ceiling on our rate of return is most welcome.” In a statement, AT&T said it was concerned at the size of the rate reduction but said it was “heartened that the commission’s opinion recognizes the importance” of allowing “the opportunity to improve earnings through our own initiatives. The FCC said in scheduling the reductions that it took into account the effect of changes in the rate base and also uncertainty as to time needed to work out the amount of possible increases i n settlement p a yments to independent telephone companies. The agency said its new decision represents “no drastic change in any of the standards it has, until now, applied” in the case.

MIDEAST WAR AFTERMATH ALGIERS UPI—The Algerian government has nationalized a local subsidiary of the American Proctor & Gamble Co., it was announced Wednesday. The government of President Houari Boumedienne began its nationalization campaign in the wake of the ArabIsraeli war.

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Reserve member speaks on taxes WASHINGTON UPI — The Chairman of the Federal Reserve Board testified Thursday it would be “grossly imprudent” for Congress to fail to pass President Johnson's tax increase proposal in the face of “clear and compelling evidence” of inflation. Chairman William McChesney Martin, Jr., an early supporter of the 10 per cent income tax surcharge, made the statements before the House Ways & Means Committee as the group neared an end of hearings on the proposal. With the bill in trouble in the tax-writing committee, White House Press Secretary George Christian let it be known that Johnson would be glad to have lawmakers trim spending in return for approval of the tax hike. Martin, while calling for prompt passage of the bill, offered no assurance that higher taxes would lower interest rates. “I am not here today to guarantee you that interest rates will be lower if you pass this tax bill,” Martin said. He added later, however, “I can assure you interest rates will be a lot higher without this tax bill.” One of the main arguments advanced by the administration and economists for the tax proposal has been that it is necessary to avoid a return to record high interest rates of a year ago. Martin also cautioned Congress not to be misled by possible effects of the auto strike. “The auto strike may for a time mask the underlying strength of expansive forces in the economy, but in the past, termination of such strikes has been followed by surges in auto production and sales,” he said.

Heloise

On the job training

Double trouble CORPUS CHRISTI, Tex. UPI —Local police last week arrested a man who fit the description of a man wanted for assault and robbery. The suspect insisted he was j innocent, even though he had the same first, middle and last names; the same birthdate and the same physical description as the wanted man. Wednesday police found through fingerprints they did I indeed have the wrong man, de1 spite the similarities. The wanti ed man died a month ago in Houston.

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10th ANNUAL Democratic Chicken Barbecue Will be held at the PUTNAM COUNTY 4-H FAIR GROUNDS Saturday, September 23 — Serving from 5pm-7pm ADULTS $ 1J5 - CHILDREN $ 1.00 Spend an evening with all the local city candidates Speaker will be - - Lieutenant-Governor Robert Rock Paul Evans at the organ Sponsored by Putnam County Democratic Organization

I just can’t bear to throw away those nice plastic-coated trays meat is packaged in at the meat market. I have been saving them, but haven’t found a use for them yet. Would appreciate some ideas. Eleanor Michaelis * * * * Come on, gals. I’ll bet you have some suggestions. Write to us in care of this paper and let’s help our friend, Eleanor. Heloise • • * • Dear Heloise: We put our small barbecue grill in our fireplace. Now we

We keep the damper in the fireplace open so there is no have wonderful charcoaled meals the year around without insects and the threat of rain, worry of dangerous fumes. Charlotte Garey • * * • Dear Heloise: Here are two uses I have for clear nail polish other than its regular use. I paint metal buttons with it for a long-lasting shine. Also coat the middle of the button with it, too, and it will cement the thread and keep those buttons on longer. “The Three Musketeers”

DETROIT UPI—Angelo Fiorini, 38, has won an acquittal on a robbery charge. He rejected a court-appointed lawyer and fought the case himself through two courts.

Fiorini got his legal training by reading books in the library at Southern Michigan Prison while serving a,term for armed robbery.

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