The Austin Daily Herald from Austin, Minnesota on January 7, 1959 · Page 5
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The Austin Daily Herald from Austin, Minnesota · Page 5

Austin, Minnesota
Issue Date:
Wednesday, January 7, 1959
Page 5
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(jEARIDTO ME6T GROWTH NSP Plans Largest Construction Program in Its History MINNEAPOLIS (AP)--A 19S9 into service this year and the M Bn w« MMMI. » M~.* ... .,.., . • * construction program totaling 68 Black Dog unit next year, million dollars — largest in its history - was announced today by located for new construction in Northern States Power Co. NSP's Sioux Falls, S.O,, division The a n nouncement said this Of this amount, nearly 2% million year « budget is part of a four- will be for research and construc- y«ar building program that will tion of the company's atomic-pow- A — * --.J-M..^ t> HfWitiiu-fA/W' 223 million dollars through ered generating plant to be built near Sioux Falls. A total ot $3,211,400 has been at- total 1862. It added, however, that about imillion of the 1959 expenditures ". be contingent upon authoriza- he Federal Power Com- f supplies of natural gas to communities where NSP is now providing manufactured gas serv- Reflect Confidence Allen 8. King, NSP president, •aid the building program reflects the company's confidence In the area It serves. "We are convinced," he said that this territory is heading into a period of substantial growth. , , "Our long range building pro- tram Is geared to meet auch growth and maintain our services at present high levels." The Minneapolis division tops all NSP division budgets at a total of 38 million dollars. The St . Paul division will receive $15,428,900. More than 8 million of the sum •Uocated to th» Minneapolis Division will be used to continue construction of a 156,000-kilowatt gen- •rating unit at the Black Dog plant. Near 7 million of the amount allocated to St. Paul will pay for completion of a unit of the same size being allocated to the High Bridge plant. The announcement •aid the High Bridge unit will go Gains, Profits in Nation's Banks Reported Small NEW YORK (AP)-The tides of business recession and recovery and of tight and easy money are shown clearly today in the earnings of the nation's banks. The majority reports doing as well or better in making money »» a year ago. But for the first time In several years their gains are small and their profits are coming from different sources. And a sizable number of banks are reporting they made less in ! 1958 and in 1957. Smaller Return Business didn't go to the banks for loans as often or for as much last year as the year before. And the federal reserve system's easy money policy in fighting the recession gave the banks a smaller return on such money as they lent. But while these two streams cut j Into banking profits, especially in th« first half of last year, they also worked somewhat at cross currents since June. Most of the banks are reporting that while profits on loans to business declined, they were able in the aecond half of the year to increase their earnings on securities. Pick Up Bargains When U.S. bond prices took a bad tumble at midyear, the banks could pick up «ome bargains that yield them well. And then the U.S. Treasury had to borrow a lot of money to meet the federal deficit, *nd It had to pay more interest lor such Joans. So that new U.S. •ecurities yield them well, too. The bull market in stock helped financial institutions readjust any, mich portfolios with pleasant I fains. I The busmen recovery hasn't j •ent corporations back to the lending counteri of banks as many first hoped. For example, in the last six months of the year busi- j nes» loans by New York banks! picked up by only 59 million dol- j lars. For the entire year loans i are 707 million dollars lower than in 1957. Depreciation Allowances Reasons given for the tardy re- ' turn of business to borrowing: i Many corporations have com- j pleted their ambitious post-Korean | War expansion programs, and have less need for funds; many • concerns are playing it very cau- '• tlous still and asking for little [ banking aid in rebuilding inventories; depreciation allowance* on the plants and equipment set up during the big business spending boom are now helping corpor-! ations to increase their cash flow j and take care of current financial needs, with the help of their slow-j ly Increasing earnings. i But as the recovery progresses and businessmen grow more con- j fident, the banks look for a modest return to the big business and swelling profits they reported a couple of years back. j So Sorry, Charlie bur We Apologize NAPPANEE, Ind. Iff! - The | Nappanee Advance • News came out with this correction after | j printing a story about the popu-; larity of paw paw fruit: j "It is not Charles Lehman who is the old time paw paw fan. The paw paw veteran is Frank Lehman, Charles' father. Charles J doesn't even like paw paws." GOOD SCOUTS DELAWARE, Ohio OB — The State Girls' Industrial School' near here may be the only institu- || (tea of its type in the nation to j have a Girl Scout troop. ' ropolitan area were allocated $2,675,500 and $1,193,400 respectively. Budget-allocations for other direr 1959 include: Mankato, $874,400; St. Cloud, $818,400; Southwestern (Montevideo), $789,100; Faribault, $786,000; Minot, N.D., $1,138,600; Fargo, N. D., $531,200, and Grand Forks, N.D., $430,700. 9 Million Preliminary estimates indicate slightly more than 9 million do!- lars will be budgeted for new construction by Northern States Power Co. of Wisconsin. The report said about one-fourth of the Wisconsin total is for natural gas expansion and contingent upon Federal Power Commission approval pipeline company requests to bring natural gas into the area. NSP said that in addition to these figures, approximately 2 million dollars more has been allocated for construction of transmission and distribution lines and other facilities throughout its system, Biggest items of expenditure in the outlying divisions will include: At Mankato, $260,000 for 25 miles of 69,000-volt line providing an interconnection with Interstate Power Co. and switching equipment on the line. St. Cloud, $80,000 for rebuilding and increasing the capacity of the 34,500-volt line between St. Cloud and Sank Centre and $47,000 for similar work on 10 miles of the St. Cloud-Monticcllo-Buffalo line, $.185,000 for Farlbnult FarJbault, $385,000 for miscel • laneous electric distribution facilities for new business. Southwestern Division, $250,000 for bringing a new 69,000-volt supply of power to the Bird Island- Brownton area. Fargo, $180,000 for miscellane- ous construction of electric dls • tributfon facilities to take care of new business, $118,000 to Increase the capacity of the Barnes substation and add a feeder line from It. Grand Forks, $175,000 for oddl tions to electric distribution systems to accommodate new business, $130,000 to Increase capacity of lines and substations. Minot, $115,000 for an addition to the Minot telephone system's central office, $165,000 for pur chase of miscellaneous telephone customer's equipment and $85,000 in telephone lines and cables. PjOJECT DISCOVERER California Satellites Are Ready By RALPH D1QHTON LOS ANGELES (AP) - A 1,300- pound satellite — the first ever to be launched on the West Coast- is on its pad at Vandenberg Air Force Base. Some time within the next few days, Project Discoverer will be under way, headed for a Pole-to- Pole orbit. A dozen or more Discoverer satellites will be launched from the California const this year, each of them carrying hundreds of pounds of instruments to tell man what he will face when he ventures into space, Some also will carry mice and, later, monkeys, Point Southward the Discoverer satellites will be pointed southward to orbit around the earth from Pole to Pole, The first few are expected to stay aloft for only i matter of hours before they plummet back to burn up In the earth's atmosphere. Before they do, however, they will eject a capsule containing instruments — and any animal passengers — which can be recovered by Air Force and Navy search crews, fht first satellite will b« powered by a thor missile topped by A smaller Bell-Hustler rocket. Some ot the following shots will be similarly powered but before long the Thor-plus booster is expected to be replaced with mighty Atlas missiles. Vandenberg Alf Force Base, 170 miles north of to* Angeles, fired a Thor as a training shot last Dec. 16 to test launching and tracking facilities. AUSTIN (Minn.) HERALD ff Wednesday, Jon, 7, 1959 3 Th Crowd: Kelly's Last Night one\ y^UCW I vdtt come W, ,,u T3rflnuv*i VllH » lt " \ jui»w"~ . j tng uu ( "'*" Bander oil e rators c\o^ea c> vope, » r '\ ou t as mucn » *• Closcd A today M Furniture Sior report ^r'..d *~Z£S&Z'£ 5~ l $r-^~* DW ' \ parent. wffl remain '!3S tetSs^ 5 __ Supreme! a ^L,, official said. ^ M ^ STanM urte M -progressing' good niBtt *TM street vvas crow a W» «* M * £l ^ted for Don't Miss SPECIAL STORE HOURS 9 a. m, to 9 p. m. WEDNESDAY THURSDAY FRIDAY * 9 a. m. to 5"30 P- m - Sttti on Fantastic Buys on Furniture, Rugs, Appliances! Hurry in This Week for Savings of DISCOUNTS WILL BEGIN AT 33V: AND GO UP TO 50T< 90% or COST OPEN TONIGHT UNTIL 9:00 P. M, Check .the Items listed Below That Are Included in This Sale - Buy Your Needs NOW at Great Savings r \ ^^ L.._ 2 — *» / i •*•• . • Mfe. * » *._-__ ^^ ( ) Chairs ( ) Rockers ( ) Roilaway Cots ( ) Wardrobes ( ) Mirrors ( ) Pictures ( ) Curved Sectionals ( ) Bridge Sets ( ) E(ectric Refrigerators ( ) Electric Ranges ( ) Gas Ranges ( ) Washing Machines ( ) Electric Dryers ( ) 5-Pc. Dinette Sets ( ) Steel Cabinets ( ). Hollywood Beds ( ) Odd Dressers ( ) Odd Chests of Drawers ( ) Bedroom Suites ( ) Mattresses ( ) Box Springs ( ) Coil Springs ( ) Odd Nite Stands ( ) Studio Couches ( ) Hide-a-Beds ( ) Bunk Beds ( ) Metal Beds ( ) Wood Beds ( ) End Tables ( ) Cocktail Tables ( ) Lamp Tables ( ). Commodes ( ) Corner Tables ( ) Table Lamps ( ) Floor Lamps ( ) Pin-Up Lamps ( ) Desks ( ) Desk Chair* ( ) Living Room Suites ( ) Sofas ^^^m ^^^m ^^^^^^H ^^^^^^B ^^^HHHR IHHi CORNER WATER & CHATHAM ^^P ^^M ^^v ^^^B ^^jr ^MB HHI HHHm AUSTIN, MINN,

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