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About La Grande observer. (La Grande, Or.) 1959-1968 | View Entire Issue (July 16, 1959)
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On the occasion of our 20th anniversary in business the La Grande Fruit Company
wishes to express its thanks and appreciation to the people of northeastern Oregon for their sup
port and patronage of this home-owned and home-operated firm. The purchase of the many different food and refresh-
ment items distributed by La Grande Fruit Company has enabled us to show a steady growth during our 20 years ... a growth reflect-
ing the great increase in purchases throughout our area. To show our appreciation we are making available through your local grocers many
fine specials in our products for the next 30 days . . '. July 16 through August IS. Be sure to look for these specials in your grocer's ads and in his store!
Look For These Better Food and Refreshment Products At Your Grocer's
During Our Anniversary Celebration . .-. July 16th to Aug. 15th
MANY PRODUCTS WILL BE FEATURED AT SPECIAL PRICES
DURING THIS MONTH-LONG EVENT!
FINEST FRESH FRUITS & VEGETABLES
Juices Poultry Berries
WATCH FOR OUR FRENCH FRY
SPECIALS AT YOUR GROCER'S DUR
ING OUR ANNIVERSARY MONTH!
REMEMBER . . .
Flav-R-Pac Product Are ALWAYS Good!
: .... V - .
Your grocer will feature Swanson's Chicken
Breasts, Thighs and Drumsticks at SPECIAL
LOW PRICES for the next 30 days!
Watch for these features '
Swanson's products are just right for that backyard
You'll like your grocer's SPECIALS on Sea Pak
Fish Sticks and Breaded Shrimp during our an
niversary month! ,
THESE SEA PAK PRODUCTS ARE OF
SUPERIOR QUALITY WITH A
MINIMUM OF BREADINCI
Slock Up On Sea Pak Sea Foods
At Special Prices!
RAINIER BURGERHEIST ER
AVAILABLE AT ALL STOkEi AND TAVERNS
GALLO CALIFORNIA WINES
Chat. Krua Pramium Win
Mumms Imported Champagne
Meshumar Koshar Wines
Mogen David Kosher Win
IN A WIDE VARIETY '
LOOK FOR YOUR GROCER'S SPECIAL FEATURES
ON KUBLA KILVN COMBINATION CHINESE DINNERS
DURING THE NEXT 30 DAYS!
FROZEN PIES and
An Oregon Product
"THE FINEST QUALITY'
ON THE MARKET'
Introducing & Featuring
THESE NEW-ON-Tl IE-MARKET
FINE QUALITY PIES WILL BE
FEATURED AND SAMPLED AT
YOUR RETAIL GROCER'S DUR
ING THIS ANNIVERSARY
50c OREGON CENTENNIAL
COINS found at random in half
gallon contain of Centennial
lc Craam and SILVER DOL
LARS found at random in Pik
nik Pak gallons of Jtwol k
Craam, all flavors, at your groc
trs during our Anniversary
in all popular and special flavors
HALEY'S FROZEN MEATS
WATCH FOR YOlTt GROCER'S SPECIALS
ON HALEY'S VEAL, DINNER STEAKS THE NEXT 30 DAYS
Your Grocer Will Feature
KRAFT MIRACLE WHIP
July 16 Aug. 15
SAN JUAN and BLUE PLATE SEA FOODS
UIT GO. m
Observer, La Grande, Ore., Thurs.. July 16, 1959 Page 1Q
Financial Circles Excited
About The Taxes On Thrift
By ELMER C. WALZCR
UPI SaH Wril.r
NEW YORK LTI- Taxes on
thrift urv stirring up quite a bit
I of excitement in financial circles
There are two of them one,
now on the books, will gouge
holes into the thrift of 120 mil
lion Americans who hold life in-
suruuee policies, und the other,
oeiore ine House, would nit mu
tual savings banks.
The insurance industry's tax is
estimated to jump from $3l!0 mil
lion to a half billion dollars, an
overall rise of 55 per cent.
The bank lux aim among
other things to equalize tax free
reserves against bad debts for
commercial banks an'l savings
banks. The latter now have a
sizeable advantage in this resii-t
and assert that the change con
templated would involve "punivo
taxution of mutual thrilt institu
tions." The Savings Bunk Association of
the State of New York has with
drawn from the America.! Bankers
Association because the latter
backs the proposed tax. Other
savings banks may follow and so
may the savings and loan asso-
STyonis or avncai. rrATEirrvr
Wm 14 ul andtd Dacaaibaf SI, i ' -1 -
la Um Hum af Krle
Mda ta um laurejkt tessKtuitxicf at im
Ut at Ottawa, ttutiuant to U
Oa tad btutk aaaeeiU
Ajtsu' aalaMat at UBcalsrt4
L. urea I. tltftdeadt and real mum
Otaet iuu .
si m li
Tatal swim It Lad iuu
U AS! LITIS!. SURPLUS AMD
Lataaf f ., H
Lwm adjuttnaet HS.llvao
I'uerMd prealuia - . tMi i' w
Ail aiter lleiimtee. T.: i-'lU li
Tatal llabllltlat. atrapt capital I ll.liSJ.'- W
Cestui pate) up $l.l,ti.M
(uralual I.MMSS l
urtilwa aa ragardi peUcybolderi... S S.llo s'3 n
Taul I 3.u.:.W
. tTATf MCNT OF INCOME
S.7f iw n
l.aat 40! II
I iii mi it
ii ell 1
11 4S3 3.M
Otaar iitdeniU4 upetie)
Total ndara nUlwaj aediKlktv.
Net odmanunc (aim at tan
Tatal. bafar taAatal 1di-i UIM.
DltMand la f . t
UlfldetadJ la Mllnialdin
Other Ita ffectinc iuttIm Beti
Tatal capital aad aturplut Iteau
aefMM la aural, aa nararda
poU.iholdrrt , lf 9? t J
tUtlNEM IN OREttON FOR THE VE-R
Dlrvt prenluiai recalsad-. I S04 IS
I.rat( euo said , , S.41S 11
ITTNOPili or AVNT1L i.TATi:' :rN"r
far taa jeer an-M liereass-ii- 11. Ifc a
f fttlUod. l Um Bttt f Or.coo ma.l, to IS
lnaunn Owaalulonw of IM Sli f On tin.
kutiuM fit U ;
Bflbdi l If9j:3!
' Uorttli lowii M ml muu !o !
Cull ud but dflvoaiu . 1 11
Olh IIHU la.sii.w
Taul imii ... SI 11. 4; U
.. tlAIILITirS. SUKfLUS AMD
Swm far Ufa aad accldaM and
SallS sollrlrt $ 90T T4
PallcT aad rantraet clalau loo 94
All atftar Uthtllutl . - - S T- H
Taul Hablllllaa. asrapt raplUl 17.Ti4.7a
ruital M-y f t.4n aa
I'aumn aurplua . . Sf4 m as
ar4a aa rasarda laUtjhsUm 1.S4S.741 w
Taul - 11 11.4:4 ii
SUMbIARV or OPERATIONS
Frataiaaa aaO aonu4u fmuadara-
umki . . . f
Nat tntaamaat Inrooa
Otsar Laaa lli
T.:I . .
IKTHH U IMMM
M C3I IT
l .Mt 4
101 1 4
K laM tnm cmMaM - S
iM.raM in arpi ami apaelti
aarpl. t fM, f ,11 ra S4
OUSINEM IN OUCCON fO THE YEAR
Oreaa KMlm and ai.mut ran-
MlraUaba aMiai-tad Jut;es tbe
- - I W.lll U
Qrt mmTiii aa4 tUtau. andow-
AMr.u. awrrasdin. and anoultlaa
Mil djfmt th, Itar .... 40 M
frliitlMl arica u Or.100: Um Olflc I'an-
ciations. There'll be a lot more
on this rift.
Con-plaints Josf Starting
While the insurance tax is on
the books 'and operative, the
howls against it are just getting
started. The big companies are
saying little. The industry's best
siwkcsmui are the smaller com
panies. Charles J. Zimmerman, presi.
dent of Connecticut Mutual Life
Insurance Company, has blasted
the. tax which he describes as
"nothing less than unconscion
While the average rise Is 55 per
cent in insurance taxes, Connecti
cut Mutual's rise runs to 72 ;wr
cent, Zimmerman said.
In the ca of mutual compan
ies which have in fo.ee CO per cent
of the life insuraice o! the VS..
the tax is a direct levy on policy,
hoi lers ami bcneliciaries, Zim
'iio- to the now lax law," he
says, "life insurance was already
more heavily taxed than any other
form of thrift.
"Indeed, the income from life
insurance funds was already
luNed three limes as heavily as
tlie average income from 1!) other
forms of thrill aid savings.
' Cn this basis of comparison,
it is clear that life insurance was
already paying more than its fair
share of the tax burden, yet it
now must pay 55 per cent more."
Will Hurt Dividends
The first impact of the soaring
tax burden on insurance saving
is exKXted in dividends paid
1 hese dividends, Zimmerman
explains, "are paid from the sav
ings resulting from careful selec
tion of risks, from efficiencies
and economies in operation of the
comnany. and from interest earn
ings beyond those required for
the fulfillment of our long-time
contracts with policyholders and
"In large measure these divi
dends are a refund of premiums
paid by the policyholder."
Dividends have been rising late
ly and the holders of policies in
force a long time have found
their dividends growing steadily.
Thus they have had a lighter
burden of payments at a time in
life when they needed it.
The Connecticut Mutual probably
could have lowered costs to its
policyholders by increasing their
policy dividends next year, ac
cording to Zimmerman.
"In view of the heavy burden
, of increased taxes now facing our
company, re says, an increase
in dividends seems out of the
"In fact, only the fortunate cir
cumstances of rising Investment
return and continuing favorable
mortality experience will make it
possible for the company to con
tinue its favorable dividend scale
and interest rate in liKiO."
Present policies, of course, will
continue at the premium rates at
which they were written.
Some insurance experts believe
that when the new tax takes its
bite, insurance companies may
have to ra.se the premiums on
new insurance written.
This new tax hits 120 million
pooplt? and that possibly is some
thing of a record blow.
Life insurance reserves, rep
resenting the savings of these
millions, are greater than the
total of savings in savings and
loan associations, Zimmerman
LA GRANDE FRUIT
our distributor in the La Grande area
on the occasion of its
Look for 50c Oregon Centennial Coins Inserted
. At Random In Half Gallon Containers of Jewel
Centennial Ice Cream . '. at Your Grocer's . . .
During La Grande Fruit Company's Anniver
sary Celebration, July 16-Aug. 15.
Jewel Ice Cream