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Show Page Twelve National Enterprise, June 2, 1976 Flynn Closes Fund With $2.25 Million continued from page Nine does give continuity to our exploration programs with funds available to us throughout the entire year, rather than a large fund coming during the final months of the calendar year, Mr. Whitney said. Mr. Whitney added that since the Companys inception in 1972, private drilling programs have now totaled $11,415,000. A total of 132 investors have been involved major activities involve exploration and development drilling Erikson Lower Sales Reflect Depressed Market programs for an programs offered privately to average individual investment selected, qualified investors; of over $86,000. the operation of oil and gas Flynn Energy Corp., producing properties and joint venture operations with other headquartered in Tulsa, has interests in oil and petroleum companies and gas properties in Arkansas, industrial energy users. The Colorado, Kansas, Louisiana, common stock of Flynn PenMichigan, Oklahoma, Energy Corp. is traded in the Market-NASDTexas West and nsylvania, The Companys Virginia. symbol is FLYN. in these Okl-hom- a, Over-The-Count- er AQ MINNEAPOLIS, Minn-Erick- son Corporation (OTC 1.25, 1.75) manufacturers of mobile material handling and construction equipment, announced net loss of $11,945 or 2Vi cents per share for the three-mont- h period ending March 31, 1976. The loss compares with net earnings of $53,100 or lOVi cents y (8 Vi cents per diluted) for the same period a share-primar- last year. Sales for the three-mont- h period were $959,088 as compared with $2,817,598 for the same 1975 period. President Dave Spickett said the loss reflected the depressed market conditions which began last August. We were able to hold the loss to this modest figure by following a careful program of cost control which reduced factory overhead and borrowing for inventory purposes, A consolidation of he said. sales functions also helped keep cost down. Toward the end of March our sales began a significant upturn and there were indications of increased customer interest in our products. SEC Skirts Disclosure Everybody claims to be in favor of freedom. Yet how many people really understand what itk all about? Consider the businessman whos all for free competition . . . unless his competition is named IBM or is Japanese. Or the mayor who wants plentiful transportation . . . but outlaws jitneys. Or the military leader who wants to defend freedom using conscripted labor. Or the citizen whos all for free speech and press so long as the material isnt obscene. Each wants freedom for the things he considers important, but at the expense of somebody elses freedom. ... Recent issues have included such articles as: Petroleum, Politics, and Prices D What to Do About Taxes Piracy on the California Coast The Seabed Power Struggle D The Life and Death of New York Compulsory Medicine: Past, Present, and Beyond Victimless Crimes: No Concern of the State ' Bureaucratic Conspiracy and the Energy Crisis A Civil Libertarian Looks at the SEC Sense and Nonsense About Monopoly Deregulating Trucking The Airport Crisis and How to Solve It D Government Controls and Urban Development At REASON Magazine, we believe in freedom for everyone. With Herbert Spencer and John Stuart Mill, we believe a person should be free to take any In addition to thought-provokin- g articles, REASON action, so long as it does not interfere with the features exclusive interviews with people worth liberty of anyone else. We call this point of view g econlibertarianism. It is unabashedly individualistic, cap- knowing people such as Nobel omist F.A. Hayek, outspoken psychiatrist Thomas italistic, and (we think) reasonable. Moreover, this S. Szasz, financial advisor Harry Browne, former voluntaristic, free market approach points the way toward solutions to many of the problems created governor Ronald Reagan, science fiction writer Poul Anderson,. and economist Milton Friedman. Plus a by the unbridled growth of Big Brother statism host of regular columns and features, including news, like war, taxation, the energy crisis, and inflation. personalities, reviews, and cartoons. Prize-winnin- Each month REASON explores the implications and applications of the libertarian point of view. REASON has been endorsed by leading advocates of freedom, including Edith Efron, Murray N. Roth-barHarry D. Schultz, and Nathaniel Branden. Join them in reading America most exciting and thought-provokin- g magazine. Enter your subscription today. d, REASON, Box 6151 , Santa Barbara, CA 931 1 1 Please enter my subscription to REASON for the following term: D One year, S 12.00 (save S2.50 off single copy rates) Two years, S22.00 (save S7.00) Three years. S30.00 (save S 13.50) 1 enclose a check for S Name Address City . ! State (Outside U.S. add $1.50 per year) : Zip Dept. N.E. Continued from page Two country. Although one would have to be rather stupid to not believe that these types of activities are carried on, it is still rather appalling to find out that so many good, noble, rich and outstanding companies have permitted their executives to usurp, or rather, should we say, their execu- tives have usurped their corporate authority and demeaned the American people and their business systems. Particularly reprehensible are the many undisclosed and illegal political contributions. g The seeking of favors is almost a political common thing in our society self-servin- today. Apparently, the top-ranki- ng people from within the SEC have split concerning whether companies that have acknowledged making bribes or other questionable payments need to fully disclose the matter directly to their stockholders in proxy materials provided for annual meetings. Commissioners John R. Evans and Irving M. Pollack, favor total disclosure. Commissioner A. A. Sommer, Jr. took a strong stand against such disclosure. Apparently, Roderick M. Hills, the new Commission Chairman, and Philip A. Loomis, have not yet made up their minds but are exhibiting sympathies in favor of Mr. Sommers position. Even though the present policy seems to not require such disclosures in the proxy materials, the SEC may require such disclosures in reg- istration statements for the sale of stocks or bonds. Noticeably, the Wall Street Journal. March 8, 1976, stated that attorneys for underwriters usually have insisted that registration statements disclose any illegal payments. As a practical matter, therefore, the SEC has not had to establish a policy of its own. |