The Hutchinson News from Hutchinson, Kansas on October 3, 1971 · Page 8
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The Hutchinson News from Hutchinson, Kansas · Page 8

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Hutchinson, Kansas
Issue Date:
Sunday, October 3, 1971
Page:
Page 8
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BABY GYMNASTS — The need to compete has been lessened considerably by the affluent society,' says Dr. Max Novich. Novich wants to introduce the nation to the benefits of (Hutchinson News-UPI Telephoto) 'baby gymnastics,' a concept of teaching coordination to infants which was developed in postwar Germany. The children swinging on bars here were photographed in Perth Amboy, N.J. Of/ y T.M. • Full Size, 34" diameter • Quality U.S. construction • Vinyl covered hook handle and wrist strap • Blank, White and Red trim colon mm wmmw 8 I t Us The biggest news in umbrellas since Mary Poppins sailed away with hers ... is the Hutchinson National Bank's BUBBLE UMBRELLA. This deep domed "wrap around" umbrella gives maximum protection for your head and shoulders. And, the crystal-clear vinyl affords excellent visibility and safety for user and passers-by. You will wonder why umbrellas haven't always been made this way. Whether you share your BUBBLE with a special friend at the football game, or just use your BUBBLE to get home from the beauty shop, you'll never go out in bad weather without it. It's almost a letdown when the sun comes out. 1 * Yoa will be given a BUBBLE Umbrella FREE when you OPEN or ADD to your SAVINGS ACCOUNT with $750.00 or more. And, your savings earn maximum interest at HNB. OR . . . You can purchase your BUBBLE Umbrella for only $2.00 when you OPEN or ADD $500 or more to your SAVINGS ACCOUNT . . . OR . . . You can purchase your BUBBLE Umbrella for only $4.00 when you OPEN or ADD $100 to your SAVINGS ACCOUNT; or open a new CHECKING ACCOUNT for $100 or more. While supply lasts lluichinson national bank and trust company OWE POfcAWS PLAZA, HUTCHINSON, KANSAS MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION ; Each dapotit Insured up to $20,000 by F.D.I.C. Oil Operator Is Losing Fortune Hutchinson News Sunday, Oct. 3, 1971 Page 8 NEW ORLEANS, La. (AP) One of the oil industry's "big rich" independent operators, caught in a clash squeeze, is in the painful process of being peeled down to a mere multimillionaire. The stripping of John W. Mecom Sr., 60, of Houston, Tex , is taking place in I/uiisiana's U.S. district courts, where his richest corporations and personal assets are being reorganized under the bankruptcy act. When the financial wringing out is completed, much of Mecom's once huge fortune will be gone. His net worth was estimated over $250 million in 1965. Plenty of 'Long Green' But trustees in the intricate reorganization proceedings say that when it's all over, Mecom will still have plenty of those lovely green $100 bills. "His assets are so much over Ids liabilities, it is anticipated he will come out of this with no problem at all," said William Sandoz, an Opclousas, La., lawyer acting as co-trustee in the reorganization of Mecom's personal assets. Sandoz added that he expects Mecom to "be restored to a major portion of his assets before the end of the year." Court records show that Mecom's debts total about $124 million. What the records do not show is how thig ambitious Texan, who started In the oil business with $700 back In 1936, came to be starved for cash despite his worth on paper. Mecom has not been willing to discuss it. "He had his money all tied up," said Leroy Smallenberger, a federal bankruptcy referee in Shreveport, La., who presided at arrangements regarding Mecom's personal debts. "Then he had about $19 million sunk in a big deal in Jordan. A war started and, blooey: It was gone. Of course, for him it was no more than you or me losing $500. But he ran short on cash. When you lose your cash flow, a man in his position, you're in trouble." Plans Pending Seven plans are now pending before Albert G. Reynolds of New Orleans, court-appointed trustee of the reorganization of three Mecom-owned oil firms. He will choose one of them by Dec. 15. Mecom's major creditors were listed as Prudential Insurance Co. of America, which loaned him $63 million; the Bank of Nova Scotia in New York, which made loans totaling $13 million; City National Bank of Houston, $3.6 million; and Chase Manhattan Bank, $28.8 million. His assets include stock In the New Orleans Saints, a National Football Ixiague club j which John W. Mecom Jr. operates. He filed his reorganization plea under the bankruptcy act on Nov. 25, 1970, In New Orleans. The long road to federal court started when Mecom, son of a rancher and rice planter, scratched up $700 and joined with two friends in buying an old wooden oil well drilling rig from his father. Capture all the rest of fall in lovely new styles to suit the season. Shown here arc three from DcLiso Debs famous collection: 'Concords' in Black or combination Winter Beige/ Winter White glove suede. $27. 'Victoria' in Black glove calf, $27. 'Hoover' in Black or Brown crinkle patent, $28. Wiley's Shoe Salon, street floor.

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