Oklahoma City Times (Oklahoma City, Okla.), Vol. 69, No. 87, Ed. 1 Tuesday, May 20, 1958 Page: 4 of 24
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■
••7
"TTN.7775
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stock to investors.
. Officials of Selected Invest-
that you make 6 percent, year according to the testimony of
available, at interest rates set
. . .1 . .
a desperate need for places to
Sixth of a Series
earnings.
erating funds.
IN OTHER CASES, Selected's
mos Mm .
for one mind to handle it would
U.S. Hs Warned
Oklahoma City Times China Threats
YMCA Learn to Swint Week
I
June 2 to 17,1958 Grow Louder
(Please Print)
gt‘ ak
..... Telephone ....
Address .....
1
near- i
t
L
)
personnel and special agents to
&
3
I
ping communique said, adding:
Learn to-Swim Rolls
Are Taking Shape
rolment coupons will also be ac-
Coeds Stage Wild Shorts Raid
n
ed two hours after the demonstra-
SO MSN
11 N. Westers
the Northside branch, 9411 N year.
Detefn
Terrific Purchase!
•%
Men’s Short Sleeve
9a
deafening din.
SPORT
I
Mad Thug
6
On Loose
SHIRTS
\
fotSAL
Cloudless Skies Bring
A
S. Truman, is on the loose again.
Peiping broadcast an official
Usually 2.95*3.95
80-Degree Readings
155
Temperature and precipation
N”
- n
Wednesday 83 to Si
_ Civil twilight:
and I eliminate THREE charts:,
voted Tuesday on a proposed $4 stations
84
Priced from
K
V)
asper
el
A-10-year building expansion pro-
d
gram.
. I
$
■\
t
k
I
mihunth
FORECAST
HV()
•ESSICK,
I leave my Essick Cooler
installed all winter!
1. Removal of cooler is toll
2. Sroring of cooler is winter
J. Re-installing cooler is spring
war. It would suffer another fi-
asco if it continues with its inter-
dormitories. The house mother in
Hodgdon hall got her charges un-
der control by calling for a fire
He was committed for obser-
vation under court order last De-
cember before attempted robbery
tie quality and Irregulere
oil foil cut and Senforized
for fitl Mode of febries
found le expemlve shirhs.
Cheos Ivy League buton
down, medium spreed
collers. Woven chocks,
nielde ebvlmme aalia
P‘/G3, SVTIPey 0V0B
s, M. L, XL
Alias
Fort SUI
But, primarily. Selected Invest-
menu began branching out as the
owners of all kinds of business
Yi 1
Tulsa Voting On
$4 Million
School Bonds
small loan companies, to major
retail chain stores, from insur-
ance agencies to proposed new
additions like the "Capitol Gate-
way" shopping center.
Selected Investment Corp.
only about $4,000 each—until 1957
when Ernst & Ernst showed an
211 million loss.
w-a
words:
"Should the United States fail
to slop at once its interference
Temperature and precipitation
for 24-hour period ending at 6 30
am. CST today.
a year's work by continuing the
demonstration.
Tufts’ President Nils Y. Wes-
1956-57.
But investors paid "income
MW
I
s
)
(By The Aasociated Pres)
Tulsa school district residents
tv.
L? -
■ - ■■ ■ ■ - ..... '
(HPITOl Hill 5RUInG5
8 Loan Rssociation
17 W Commerce Ml 2 4453 OhigCv
ration of experts. But when you l ation of "personal loan" compa-
tack on to it the requirement nies. At least it wasn't until 1939,
Clip and bring this registration to your
ut location lilted below:
Northside branch, 9411 N Western
Tinker branch, SE 15 and Sooner rd.
lone YWCA center. 6103 NW 58
Begins at 4:52 am., ends at
8:01 pm.
Moon Data:
Phase new. rises: 7150, seu.
10.09.
which although it received little
attention, constituted an ultima-
tum for the U. S. to keep hands
off the Indonesian rebellion.
U. S. is Neutral
Washington has enuciated re-
peatedly a U. S. "neutral" poli-
"big profits." Many apparently
found wiTTIng backers at Selected,
BOSTON HNS)—More than 100
Jackson college coeds staged a
dawn "shorts" raid on two Tufts
university men's dormitories and
five fraternity houses in Medford
Tuesday, aftermath of a 300-stu-
dent raid on girls' dormitories.
The forays in Medford had
been preceded by a wild fracas
at Boston university with an esti-
mated 15,000 students participat-
ing. Five BU undergraduates, ar-
rested for disturbing the peace,
were bailed out under the direc-
tion of president Harold C. Case.
The wild demonstrations at
Tufts and Boston university were
set down as the “explosion" of
pent up emotions preceding final
examinations Tuesday.
The Jackson girls, armed with
a banner proclaiming "we want
liam Rigg, and Mrs. Julia Moore
Carroll—who as “nominees only"
%i‘
Clear skies will be the rule in the nation Tuesday
night, but it will he colder in New England, warmer
in the northern plains. (AP Wirephoto)
evidence that dividends" were. The totals were not announced in
being paid out of new sales > of' court.
SAVE for the
Down Payment
On Your HOME!
Open * savings aecount with
ui this week and make that
dream home come true.
ft I Weather Bureau Alrport Statio
LOCAL—Sunny and warm this
afternoon and Wednesday. Fair
and mild tonight High this aft-
ernoon 82. low tonight 59. High
Wednesday 15.
STATE—Generally fair this aft-
ernoon, tonight and Wednesday.
Chance of isolated thundershow-
ers north portion tonight and in
Panhandle Wednesday evening.
Not much change in tempera-
ture. High this afternoo in the
80s. Low tonight 53 to M figh
"The (Red) Chinese govern-
ment has already sharply con-
demned the unlawful intervention
in Indonesia by the U. S. im-
perialists.
“It deems it necessary now to
point out with emphasis the grav-
ity of the situation. . . . The con-
tinued development of this situa-
tion will inevitably give rise to
very dangerous consequences.”
But the company was small
" i in 1951, it was only
loans.
Personal and corporate pock-
ets, and sets of books, were cre-
ated all over the place—with the
same names involved.
In some cases, Selected's of-
ficers voted in a company's af-
—--4
- 13
2.
h
’-THE ‘RESPONSIBLE officers of officers voted as the "personal
the new companies are revealed owners" of a corporation's stocks
by the Ernst It Ernst adit to al- -and tqk the profits of that
ways be Hugh A. Carroll, Wil- company, if any.
Generous Earnings
Each actount insured t $12,OH
Open your account new.
Rein E
•~E
cepted at the Iona YWCA, cen-
ter, 6103 NW 58.
Nearly 29 instructors have
been lined up to teach the vari-
out beginners' classes, and met
at the Central YMCA Monday
night for preliminary instruction
in teaching the class.
Clark Mitchell, YMCA worker
in charge of the program, said
instruction will be directed at
teaching every youngster to swim
within a week.
Times.
The program, aimed at teach-
ing non-swimmers their first
steps in the water, will open
June 2 and run through June 7.
Well over 1,000 boys and girls,
ranging in age from I to II, are
expected to take the one-week
course of instruction which will
be given free at some eight pools
throughout the city.
The Times Tuesday begins an
enrolment coupon for the con-
venience of youngsters who wish
to enrol for the swimming les-
sons. Clip the coupon and take
it to the YMCA branch located
nearest YOU
Registrations are being ac-
I—W
ne
ness years, it is simply impos- itorooin wderapasauh thitienn
sible ” dividend.”
SNOW PLUMES are hurled high in the air as a rotary plow battling drifts on
Trail Ridge highway near Estes Park, Colo., chews its way up the eastern side of
the road connecting Estes park and Grand lake. The road crosses the Continental
Divide at 12,183 feet above sea level. Crews hope to have the 20-foot drifts
cleared by Memorial day. (AP Wirephoto)
For Uw la:
• Steam Irons
• Auto Batteries
• Industrial Processes
• Pharmaceuticals
Gill or Sri
EUREKA WATER CO.
Distributors Onarke Spring Weter
send troops to Sukarno s Marxist-
line regime.
Formosa Aid Charged
The main line of the communist
attack is that the United States
is "directing" Nationalist Chi-
nese forces to aid anti-Sukarno
rebels in the Celebes.
In Taipei, foreign ministry
spokesman Kiang-Yi-Seng denied
. . __________ were . interested,
in the operation of the company,
either directly or indirectly.
scheduled
YMCA officials are hoping for
more than 1.500 youngsters to
60 A
M
In both types of cases, how-
ever, loans from Selected«
"trust fund" apparently were
ming lessons:
eesvamm • "7. on .
Name...............
men's raid and was hit by a wa- lion started, only to be revived
ter missile hurled by a girl stu- by the girls at dawn.
dent from a dormitory window Meanwhile, Cambridge police
During thia foray five fires were alerted to the fact that final
were touched off in rubbish con- examinations for Harvard begin
tainers in the rear of the girls' Wednesday.
. Brn'yille
Buffalo
on a bluff. But if the communists
are called they will throw in their
cards and get out of the game."
Threat Repeated
BROWNS Basement Store
John A Brown Co______________________________
who might be involved in aiding
the rebels.
In South Korea, meanwhile, of-
ficial voices have called for open
aid to the rebels.
The semi-government newspa-
per, Korean Republic, reported
Tuesday that "former North Ko-
rean prisoners of war have been
demanding they be sent to Indo-
nesia to help the anti-communist
rebels."
An editorial charged the Reds
with "playing the role of an ad-
I.
> * e 2a
sA
U.S. WMHin tMNMI
By GILBERT HILL
WHAT WOULD you do if you
were handed 140 million, with the
requlrement that you pay 0 per-
cent interest, or give it back?
That most-advertised feature
of Selected Investments Corp., a
long record of payment of 4 per-
cent dividend, eventually was
bound to bring it to its knees
—most experts seem to agree.
"No one man can invest $40
million with good judgment."
said an SEC investigator, in dis-
cussing the problem off-the-rec-
erd. •P vmgunup-? c5T 2"peu -
"IT IS JUST too much money
- - ft
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i
509 I
< "n
~ ■-T j
Grewe's Mali—«»<• vs H. Ferk Aw, W,
Brew' Comttel Hill, Lower Fleer _
Brew., Apollenee Stere, 2 AS- Wekw
sa
“1B
BY JUST CLOSING THE WINDOW *"
* Or if many exclusive Essick teahures /
pehwsum i ;
| teers" to fight for President Su- The communists, claiming' on-
, karno. I the-spot evidence, assert the U. S.
The warning from "neutral" is furnishing Indonesian rebels
But Hugh A. Carroll, president I
and organizer of Selected Invest- then. Even
ments, apparently made it work about $11 million when M. B taxes" apparently on their own including Robert O. Cunningham,
t we a. acue for about 10 years while the firm Cope, assistant hanking commis- money paid back to them in 1943, | the house member, who had
be difticutfor even a big organi was small, largely through oper- ! sioner, charged that "there is no 11945, 1950, 1951, 1953 and 1954., "written off" loans of 805,406.
___.__________ Shadrick, Harlan, Ky., native,!
statement by the North Korean and four other inmates of the
puppet regime which said: state hospital's ward for the
"2.0
4 TUESDAY, MAY 20, 1958 OKLAHOMA CITY TIMES • . ( . / . . '
----------------- ‘ .N . " . . ..... L )
6 Percent Dividend Put a Tight Squeeze on Selected Investments
. 1.
envoys followed reports from the with light and heavy weapons,
Indonesian capital of Jakarta fighter planes and fuel, plus Na-
that Communist China had al- tionalist pilots and other forces,
ready offered Sukarno thousands "The U S has directed (the
of volunteers—the name the Red! Nationalists) to dispatch military
The Peiping statement of
"< Thursday, as broadcast by Pei-
-- ping Radio, ended with these
esbed 1 . . I
Please enrol me in your week of FREE swim- |
The official stated flatly that
"the Chinese" government has no
troops in North Celebes or any-
where else in Indonesia."
Peiping actually laid down its
polity in an official government
communique last Thursday,
242
v""
ran the company, and as officers
of Selected Investments Corp., avuuu, -—
could- advance- the additional, by people who ]
3 s wisX
,-‘.0
-AJ
efir
) .
SOME OR THAT deficit, .'g.'SrrSS
doubtedly, was caused by pay; that 6 percent dividend require-
ment of "deficiency dividends," ment.
out of capital funds, because;
Hedges testified that "more than THERE ARE ALWAYS those
$3 million," with 22,474,186 specif- with "good ideas" for the crea-
ically in 1957, was paid back in tion of companies that can make
mornings, with 36-mimute periods havrstolderakgraethe Si?
■04 •
M.. nl-ts
hd.men
"VFV•N
"■ • - A ." . )
"pag""
Al 52 Popca CR
Sapulpa district voters ballot- chi«<>.
ed on a 2625,000 bond issue for a peymehug
new highschool and additional pYw
grade school classrooms, part of K -
They emptied the dresser i
drawers in several rooms, mak- t
ing off with male undergarments
which they hoisted on sticks as i
flags of victory.
This was a reverse engage-
ment of the'earlier men’s raid '
which had lingerie as its objec- 1
tive.
The triumph of the "amazons''
was short lived. The aroused men
emptied waste paper baskets
filled with water on the girls,.
then hooked up garden hose to!
dampen the girls’ ardor.
- Somerville, Medford and met-
ropolitan district police were
summoned but made no arrests.
The girls had attempted to en-
ter Goddard chapel and ring the j
historic bell but could not pry
open the lock.
Only people — or firms —
with limited credit have to pay THAT YEAR, he said, 21.857
higher interest rales than nor- was paid out of "capital funds,"
mal. That means that all such or the investment money paid it
loans are "long risk," requiring; by the same certificate holders
extremely close supervision, at- who, In fact, got their money
tention to collections, and person- , hack under the impression it was
al interest in borrowers. “earnings.”
"T
.e,
(8.2 g-i
,6*) b
eum,u
over college hill.
The girls stormed into the dor- alarm. The fire fighters were
venturer in Indonesia. They hope mitories and “frat” houses. They pelted with water bags.
to win that area cheaply and are banged kettler and nans in a Police were summoned and in
sell was not so lucky. He reached drill. The "all qyiet" was sound-
a coed dormitory during the ed two hours after the demonstra-
awim program under the spon- NE 4 branch at 814 NE 4. En-
sorship of the Oklahoma City
puppet regime which said: state hospital's ward for the
"The United States should not criminally insane escaped Mon-1
forget the lesson of the Korean day night by sawing a hole
“ through a window screen.
million bond issue to construct
and equip three new junior high- xamon = 3 a - 6 57
school buildings Hbn". #5 End mn
Also at stake in the election Out-of-State Weather Conditions:
short shorts," descended on the
slumbering males as dawn broke The Boston university outbreak
was triggered by a false fire j
to win that area cheaply and are banged kettles and pans in a
prepared to gamble small stakes
would tap the "trust fund" for _____
the purchase of stock in the new I fairs in the same of Selected's
corporation. Then, the same fund i "trust fund," which actually
would advance a "loan" for op- owned the slock.
TOKYO (INS) — Red Chinalder banner headlines does not
spewed new frenzy ‘Tuesday mean they have not been said."
American "aggression" .He recalled.that asimilar warn-
I ' in Indonesia and Asian diplomats ings by the communists, likewise
..... Age ...... | warned the United Slates not to unheeded, preceded the Chinese
Resignation opened Monday at Western; the Tinker branch, SE .
YMCA offices throughout the city 15 and Sooner Rd; the Capitol Indonesian charges that Nation-
for the fourth annual learn-to- Hill YMCA, 213 SW 24, and thei[alist Chinese troops are fighting ... m. . , . .
awim nrozram under the spon-NE 4 branch at 414 NE 4. En- with rebel forces in the Celebes. Giris Ketaliate OH ranty Kaiders
IC QIS Instelled free In ,
17 normel windew
after year, in go0C n bat DUS- Haroe n wmet wb aud" 9,600 Investorsan average m I"Alenlu.L. "A "‘c.T"I1.MI. to automrobile gencies, from
' -,V. )!
s go"
cepted at the following places:___
The Central branch, 125 NW 5; take part in the program this
; F ■
—A——--
EVAPORATIVE COOLER Call CE 2-1231
or MI 4-3344
Highest temperature yesterday,
79; highest temperature a year vention in Indonesia.”
ago yesterday, 72; highest tern- Reds in Earnest
perature on record in 64 years , Diplomats in Tokyo said it of the Home Savings and Loan
that date 95 in should hardly escape notice that association in Albemarle, JLX
Lowest tempcrature last night, thrncsmmunhssaadnaar "indead Thetnbsenestionuwastpermnameime
57; loweststemperaturn4 zear "Simply because these officially confined as insane or stand
nwsstsens warnings h......appeared "• trial.
that date, 40 in 1894.
Sunrise and sunset date:
Rises tomorrow at 2:11 a.m.,
sets: 7:32 p m.
The Chickasha Finance Co., for
instance, was set up with an
investment of $1,032 by Carroll
—according to court testimony.
The corporation, then, was able
to borrow money from the "trust
fund" which was in charge of
Carroll. It has shown a profit of
$66,250 which went, of course,
to the stock owner of record.
mnm-- --a0** sp9neresmweworewaerrvsweeeaes*-g* ..
CITY PLYMOUTH CO., of
Oklahoma City, and Ardmore
Motors, Inc., of Ardmore, how-
ever had huge losses. And both
the stock and the loans were
owned by Selected's "trust fund "
Carroll has testified that his
income from Selected Investment
Corp., was 217,800 a year. Mr*.
Carroll received 212,000. They,
with Carroll’s son-in-law, William
A. Rigg, who earned 219,000 plus
from all companies, he says,
managed the corporation, .which,
in turn, managed $40 million.
Officials have insisted that ev.
erything they were paid as "of-
ficers" of satellite companies, set
up with Selected's trust funds,
went to the corporation—which,
of course, they own and conrtol.
BUT FRED NEWMAN, homo
builder, who borrowed $6 millions
from Selected over a period of
10 years has testieied in federal
court that Carroll and Rigg per-
sonally participated in profits
from the sale of a water im-
provement project, built with Se-
lected's money, for a total of
224,395.
The "indenture" or agreement,
on all certificates sold by So
lected, provides that investors
shall receive the first 6 percent
of earnings, and that the “cor-
poration" would take the next 2
percent. Trust fund investors and
the corporation "split” any ad-
ditional earnings.
There have been years when
the 6 percent was not earned—
according to Hedge s testimony
But there is no evidence that
any of Selected’s officers ever
were not paid
Tomorrow: What is the future
of Selected Investments.
si- 0
_-n-k; 4 W
L m‘n"Ga,) ' 12
•derg
gsi0*ec e,lA *
pahfbes,k*,.eim
A-,
L A
■I’ ■ i
I brush off lightly" charges that I entry into the Korean war in
Peiping was readying “volun- j 1950.
insthesinternal.atfairs sSK Prmer coaminer
bitter fruits of its aggression and who. boasted of tryng robbery
provocation." to finance an assasination at-
Two day* later, as if spelling tempt on former President Harry
out the possible consequences.
g /P
-
a scuffle a policeman's jacket
was ripped, leading to arrest of
the five students. They were held
in 923 bail each for court ar-
raignment.
Dr. Case was called and
warned students they might ruin'
’ I
2 1,50
4 were two places on the five-man stations
board of education, with four Amaruire
candidates seeking the posts. The Auant,
ballot contained atso two 5-millfstom"
ammomommmo
SHAMROCK
r DISTILLED
WATER
--- City
I I Im Stations H I rre
•1 52 Kansas CUM
76 a L Anueles <i 52
75 M n Mlemphis 70 M 17
205__Pga *M___
M 60 « Minneap 66
as 6a LN orleans B 00 1 n
654 N Yorx n 48
■n si N Platt 77 82
73 S3 Ornate 74 <’
76 U Phoenix 1« 77
77 Si Porllapd . 26 S*
75 M kaleizh >1 M
R gmjn * 7 tea 2 S
k2, #gs.m
/ " M n Jncbt* r u m
wnZwedneidev Meinins
6 Stew tow Tempuetum Eupaded
V
, levy questions.
2" 59#4
7
m ..
d‘2
-MMEmmmiEisazmezezemamEiH
533387
«aga sMgainJE-anWa
.-50
r- ab0te 4 wertee— -
k hb-
> Ez . - I
' gmse. g. gadepge3
;' ' t 84 ' /
a .
Capitol Hill, 213 SW 24 ... NE 4 branch, 614 NE 4 s army went by in Korea
Cent ml YMCA 125 NW 5 I ! These reports, quoting high in take part directly in the military
’ . j donesian officials, said Peiping operations of the rebels," the Pei-
mmmammmmmmamemamzasmaunemmanammmmmm was waiting only for the word to "
iin> t iuu*i>nqra iTrnitein>ini~*i«T-tTijirj:'.'.TL il'Fi ir.rr.- -eundcenaewwongese «w.- me •• wmwesvensif Ne
Choose from 1,800 Shirts! ■ A
Usually 2.95 to 3.95 and up 1
tong orshorstoevo spon shirta. tu quatit, end bilnome —I
‘irrequlens el combed cotton end silks, qcetate and reyom,
ginghems, and meny more. Styles t pleese in 2, M, L XL sizes.
.0. .
Brwwm Bmsememt Store, Mm> Wem, m. Aw. *«• cu 2-1231
""* MM MM, """ "" Ml "
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Gaylord, E. K. Oklahoma City Times (Oklahoma City, Okla.), Vol. 69, No. 87, Ed. 1 Tuesday, May 20, 1958, newspaper, May 20, 1958; Oklahoma City, Oklahoma. (https://gateway.okhistory.org/ark:/67531/metadc2001620/m1/4/: accessed June 11, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.