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July 23, 1980 - Image 34

Resource type:
Michigan Daily, 1980-07-23

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Page 14-Wednesday, July 23, 1980-The Michigan Daily


Exx on nets
$1 billio
i second

NEW YORK (AP)-Exxon Corp. reported a $1.03,
billion profit in the second quarter yesterday as
higher crude oil and natural gas prices and rising
foreign refining earnings helped boost net income
24.1 per cent from levels of a year earlier.
The world's largest oil company said its quarterly
earnings were restrained by $314 million in foreign-
exchange losses as the dollar, weakened on currency
markets, and by a slight decline in profits from
domestic refining and marketing divisions.
pared with an $830 million profit in last year's second
quarter. Per-share'earnings rose to $2.36 from $1.88,
and sales rose to $26.2 billion from $18.6 billion.
In4he first half, Exxon earned $2.96 billion, or $6.76
a share, against $1.79 billion or $4.04 a share, a year
before. Sales rose to $53.9 billion from $37.4 billion..
Exxon's 25.5 per cent second-quarter profit in-

crease was a sharp reduction from the 102 per cent
gain it recorded in the first quarter of this year as its
earnings totaled $1.925 billion.
THE FIRST-QUARTER profit increase included a
$368 million foreign-exchange profit. But Wall Street
analysts say other oil companies also are likely to
report a slowing of earnings gains in the second quar-
ter as the U.S. recession and a buildup of world oil in-
ventories eat into refiners' profit margins.
U.S. gasoline use .is running about 10 per cent
behind last year's levels, and refiners' inventories
have mushroomed as a 140 per cent world oil price in-
crease over the past 18 months has curbed demand.
Exxon said domestic refining and marketing
operations earned $29 million in the second quarter,
agaisnt $30 million a year earlier. Overseas,
however, refining and marketing earnings rose to
$473 million from $145 million.

Kiarsmen acquitted
in shootingi
CHATTANOOGA, Tenn. (AP)-An all-white jury acquitted two
Ku Klux Klansmen and gave a light sentence to a third yesterday in a
case involving the shooting and wounding of four black women on a
Chattanooga street.
The verdicts pronpted a cry of outrage from blacks.
MARSHALL THRASH, 30, a "weekend alcoholic" who went
"beserk" and started shooting because no one paid any attention to
two burning crosses he had ignited in a black neighborhood, was con-
victed on three counts of-assault and battery and a fourth count of
simple assault.
Thrash, who was fired from his job as a telephone installer after the
shooting incident, was given sentences totaling 20 months. Criminal
Court Judge Joe DiRisio plans to rule in 30 days whether the sentences
would run consecutively or concurrently.
William Church, 23, a self-proclaimed Imperial Wizard of the
Justice Knights of the KKK, and Larry Payne, 26, of Rossville, Ga.,
were acquitted.
ALL OF THE men had been charged with foqr counts of assault
with intent to commit murder, a charge that carried a maximum sen-
tence of frorm five years to life.
Church breathed a sigh of relief at-the jury's verdict and tears-
welled in his eyes. Payne was emotionless.."I'm just happy with the
verdict. I was innocent," Payne said.
Following the decision, angry blacks, including some of the vic-
tims, stood in front of the Justice Building. One man screamed above.
television cameras that "I think the whole damn justice system is
wrong. I think Chattangooa has been bought."
Harry Hill, who identified himself as the spokesman for a black
group called Youth Coalition, said the jury's verdict went against the
"It shows how they consider black people. They consider us
niggers," he said.


FREED HOSTAGE RICHARD Queen is greeted Monday at the State Depart-
ment in Washington by well-wishers with signs, applause and a reception.
Secretary of State Edmund Muskie is to Queen's right. Iranian militants
released the former University student recently for health reasons.



Queen tells
of hostages
hostage Richard Queen yesterday had a
"lighthearted" meeting .with families
of other captives still in Iran and
reassured them about the conditions of
their loved ones, but said it was a time
to "praya lot."
Queen, who was released two weeks
ago, met for nearly an hour with 43
family members. He then had five-
minute private sessions with each of the
17 families represented at the State
Department session.
Georgetown University Hospital con-
firmed yesterday Queen is suffering
from multiple sclerosis and that
"multiple areas of the nervous system"
are involved.
Queen was ordered released by the
Ayatollah Khomeini for
"humanitarian" reasons after it was
determined he needed medical atten-
tion unavailable in Iran.
Several family members said
Queen's remarks were "reassuring,"
but that he was unable to offer new hope
the hostages will be released.
LOUISA KENNEDY, wife of hostage
Morehead Kennedy, later said the
relatives' principal worry is physical
harm to the hostages.
,queen was, asked what .morethe

to pray
families could do to win the release of
the hostages, she said, and quoted him
assaying: "Pray a lot."
She said the hostage relatives were
reassured by Queen's descriptions.
"That is at least one anxiety that is
lessened." She described the mood of
the meeting as "lighthearted."
KENNEDY SAID Queen described
basically one day in the life of a
hostage, and that the information
generally squared with the picture
pieced together from earlier letters
from the hostages.
Since the April 25 unsuccessful
hostage rescue mission, mail has drop-
ped off to a trickle, with only 14 hostage
letters being allowed out in the past two
"The thing I hold the students mainly
responsible for is using mail as a
weapon," Kennedy said. "They are un-
necessarily punishing people by
withholding something that's very im-
portant to them.
"I don't think it is in the power of this
government to get the hostages out. It is
up to Iran to finda solution."
Queen underwent three days of tests
at Georgetown. A medical team headed
by Dr. Desmond O'Doherty said the 28-
year-old former vice consul is ex-
periencing a mild lack of coordination
but "his mental state is excellent."

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