. 8-10 Billion Dollar
Deficit Forecast
For 1959 Budget
WASHINGTON, UP> — Budget
Director Maurice Stans Thurs
day forecast a 1959 budget deficit
of 8 to 10 billion dollars. He
said this calls for a critical look
, at anti-recession programs that
would entail more spending.
“The current recession should
not be allowed to stampede us
into hasty, ill-considered actions
which will add unnecessarily to
our future burdens,” Stans said.
In a speech before the National
Rivers and Harbors Congress, the
budget chief said:
'“Our income is down, our de
fense costs are up, anti-recession
measures are under way and
deficits of serious proportions
confront us. Simple prudence
compels us to rethink our work
program and look critically at
each one of the additional ex
penditure proposals being urged
upon us.”
Debate on Statehood
Bill May Last
For Four Days
WASHINGTON, UP) — Legis
lation to make Alaska a state was
set for consideration in the House
beginning next Wednesday.
Democratic leader John Mc
Cormack of Massachusetts told
the House he wouldn’t be sur
prised if debate lasted as long as
four days.
Under present plans, the state
hood bill will be brought up in
the House under procedure by
passing the House Rules Com
mittee where it has been bottled
up for 10 months. Statehood
bills enjoy a privileged status and
may be considered without clear
ance from the Rules Committee.
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CITY FUEL & TRANSFER
__\___
How Standard uses earnings
^ back its faith in the future
i he U. S. will need as much oil in the next 15 years
is it produced in the past century. To locate new
-ources of oil and develop known fields, we invested
280,915,466 last year . . . drilled 968 new wells, of
To help transport more oil and finished products in
the future Standard has placed orders for $148,368,510
worth of new facilities, including 10 supertankers,
greater pipeline capacity and additions to our fleet
of trucks and trailers.
V
Research helps create new products . . . and new
jobs. During 1957 we had 1400 full-time employees in
research and technical services alone. As a result of
continuing research we now make more than 1,000
» pioducts that were not marketed 15 years ago.
While most of Standard’s income went back into
the business, our 148,315 stockholders received about
44 for each dollar of stock investment at market value.
Dividends encourage future investments, helping all
business to expand and improve «e~-:-e
Economic progress doesn't ji'^t happen. It must begin with confident,
long-range planning to meet the challenge of the future.
'J As we see it, this is the challenge: By 1968 the U. S. will have 202,000,000
/ people ... 17% more than today. To sustain this growing population while
( raising the standard of living, the nation will require 40% more goods
J and services.
I That’s why last year Standard invested more than ever to help provide the
\ future products for you and for the security of our country .. . and Standard
/ will continue to invest, providing jobs and opportunities that can lead to a
j more abundant life for our nation and its people in the space age ahead.
i
Again last year Standard was one of the West’s
largest customers. Our purchases included 50,00''
items . . . helped provide employment and payroll?
for more than 10,000 large and small business firms
in hundreds of Western communities
Through affiliates we also, helped advance progress
in more than 70 friendly Eastern Hemisphere coun
tries. Oil development helps local business, provides
employment and supplies funds for edurafio
and housing.
* '
STANDARD OIL COMPANY OF CALIFORNIA
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