The Courier News from Blytheville, Arkansas on December 13, 1951 · Page 3
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The Courier News from Blytheville, Arkansas · Page 3

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Blytheville, Arkansas
Issue Date:
Thursday, December 13, 1951
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Page 3
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THURSDAY, BBCBMBEH 18,1»W BLYTHEYTLLB (ARK.) COURIER Illinois Oil Operator Asks Continued Federal Income Tax Deductions LITTLE ROCK, Art. Dec. 13. (AP)—An Illinois petroleum opera, tor today called for continuation of federal Income tax deductions allowed drillers for their hit and miss operations to discover oil. The depletion allowance, said Clnrence T. Smith of Flora, 111., is essential if conservation of oil and gas Is to be accomplished, "The two—conservation and sla- tutory depletion—are related," said Smith, a former vice chairman of the Interstate Oil Compact Commission and representative of the governor of Illinois. "Oil and gas must be found before It can be conserved," said Smith in an address at today's ses-' sloii of the 1951 annual meeting of the IOOC here. (The statutory depletion allowance Is a provision in the federal income tax law which provides that oil and gas opere.tors can charge off 27'4 per cent of their gross income as expenses in drill- Ing for petroleum. Decrease Sought (All attempt was made this year to decrease that amount but' ilie move was dropped after it encountered opposition from oil operators who said that discovery of new petroleum fields would be impossible without' a depletion allowance. (The operators maintained that only one of nine wildcat well operators discovers oil or gas and one out of 44 discovers a profitable field). Smith said the statutory depletion allowance was written into law "based upon the principle that the value of a new discovery is governed by the volume of oil discovered and not be the amount of money expended In placing It in production." H» said !ht« "regerdlest at the ever increasing problems In discovery, drilling and producing, oil will be found and produced under good conservation practices If the Industry Is permitted to operate under the necessary tax concepts. "*'»» Treatment" "Adequate, lair and equitable tax treatment, a fair price and a market for his raw product enables the petroleum producer to conduct his business upon » stable basis." Earlier, the more than 200 rep- resentatlves from 20 states attending the meeting heard two officials of the Venezuelan government describe petroluem conservation practices followed in iheir country. Appearing before Ihe commission were Jose Martareno Battisti, Mi- ntctcr-coiincillor for the petroleum affairs for the Venezuelan embassy at Washington, and Euduardo A. Acosta of Caracas, assistant to the chief of the Venezuelan Conservation Department. They said that most of the oil in Venezuela Is produced by three companies which "has made conservation • possible without much government enforcement." The possible federal encroachment in the field of regulatory conservation of the nation's petroleum resources was discussed by governors _of two oil producing stales. Oovs. Edward A. Am of Kansas and Sid McMalh of Arkansas said that effective regulatory laws by the states are the surest ways to prevent what they described interference by the federal government. Gov. McMath's remarks came ;n an address welcoming represenla- llves to the commission meeling. Cgypt Weight CAIRO, Egypt, Dec. 13. (/P)— Acting Foreign Minister Ibrahim Furag Pasha announced yesterday Egypt is considering the 'recall of her ambassador from London but so f»r has reached no decision. Smith Appoints Judge JEFFERSON CITY, De«, 13. (<Pj —Gov. Forrest Smith appointed Rl- mo B. Hunter to the Jackson County Circuit Court yesterday. A member of the Kansas City, police board, Hunter succeeds J\idse Thomas j. Seehornj who died Nov. 3. —AP Wlrephoto •WHAT HAPPENED LAST TEAR?'—This little boy, who wouldn't give his name, gives Santa Claus in » Philadelphia, Pa., department Btore a slightly rough lime because Santa didn't produce all the things he asked /or last year. Santa looks slightly flustered as the boy sticks out his chin in a "now, look here" attitude. BUR-MIL ' I}. t powder does for your face— Cameo's Face Pou'dcr Finish does for your legs! Cameo's rcmarkabjc new finish actually reflects less ligllt-giving your lcg» a misty, in6nilely alluring look. You've ncTer worn stocking* so bcanliful-because there have never been stockings so beautiful 1 Come in and »ee them today! In your proportioned t*nglti GO Gauge ~ 15 D«nier.. .1.47 51 Gauge — 15 Denier.. .1,29 CAMEO ONE STOP SHOE SERVICE Repairing — Cleanlnf — Dyclnr 421 W. Main Di»l JS4» 88 U.S. War Casualties WASHINGTON, UPC. 13. (/!•)_ Announced U. S. batllo casualties PAGE TWRWI In Korea reached 102.yr« yesterday, ed a state of emergency on Caml- an increase of 888 since last sveek. gu | n island becau, of lu votcanc Emergency Proclaimed MANILA. Doc. 13, M'|—President Elpldio Qtiirlno ycstctdny proclalm- disHster. . Some 15,000 refugees 'from Mount Hibok Hibok's new mantle of hot ashes and lava still nre Jammed on Camfguln's southern coast. 3 Held in Bank Shortage WASHINGTON, Dec. 13. (IP) _ Two men nnd * woman have b««« arrested in connection with short. ages exceeding $800,000 fit the Thomasville (Ala.l Bank an* Tnut Com. Read C^rier News Sanded Ad,. a'rSn™ 'Srd'av ™*" H08T * /$ : '-«jS3X 5^ &.& FX^'. 11 \\xxvS- VVv- J »*««i«**<«i«WiCi«i«*tti«t»<<^ ( c«4i«i«iiicW*iewwx<ci«SJM DREIFUS ^• Only 9 Shopping Days 'Til Christmas ^""^VeleMHHHBBeleVBIHe^m^BIBBBaB^BnB^B^B^B^B^B^B^i^^i^^^^^ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^en^B^^HBel Right Up to the Last Minute v, DREIFUS OFFERS '| v<\ The Largest Selection of —OO k^ UdT's DliMOND ONYX KING •' ,,«w«^$OO-50 Man's FIERY DIAMOND GIFTS w I in Town MMCHING WEDDING BANDS $1Q95 «iv««u I f Man's 7-DIAMOND FRATERNAL RIKG $ 25°° 1 oo wrmv JLw ^/ mm POCKET LIGHTER *6 W •owiim \J wow ratcouiM $1195 IIFKIY | | COSTUME XWtLRT $195 CNAK€ 11 I W 99 UACE1ET N4 lOCIET $C95 SlOOWIBaT *^ <^ tody's BULOVA Man's BULOVA Lady's ELGIN Man's EIGIN *35 75 $ 35 75 $ 39 75 *39 8.PIEC£ DR£$$£8 S£T MMIC41 POWBE| ! BOX I ^T Ji.oowrtKiy ^^ >KOO WEEKLY $1 .00 V/EEKLY JKOOWEEKIY Automate REMINGTON "60" EiECTfllC SHAVB $0-750 $095 D R EIFI S Meet Ilmf« . . . Wear Dial ROGERS SILVERPLATED HOLLOWARE

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