The Willamina times., June 21, 1923, Image 5

ÄS
IN THE CIRCUIT COURT OF THE STATE OF OREGON FOR
YAM H ILL COUNTY.
1 0. 7498.
Willamina State Bank, a corporation, Plaintiff,
vs.
Marcus Petersen, Carey Petersen, his wife;
, George P. Petersen, Vera M. Petersen, his
wife; August Baunach; John Ziegler; Cred­
it Service Company, a corporation; Paul
Pundman as guardian of Benedict Hartless,
an incompetent; Benedict Hartless; also all
other persons or parties claiming any right,
title, interest, or estate in and to the real
premises described in the complaint herein,
Defendants.
NOTICE OF
SALE
BY VIRTUE of an execution dated May 17, 923, issued out of the above
• entitled cause and court, based upon that cer ain judgment order and de-
cree in thé above entitled cause and court, which decree is dated May 15,
1923, and which execution aforesaid is directed to the undersigned, sheriff
of Yamhill County, Oregon, and is in favor of the above named plaintiff
and against all the defendants herein,,and which said judgment and decree
provides that the plaintiff, Willamina State Bank, do have and recover of
and from the defendants, Marcus Petersen, Carey Petersen, George P. Pe­
tersen, and Vera M. Petersen, the sum of $3123.33 with interest at 8% per
annum from said May 15, .1923, until paid, plus the sum of $300.00 as plain-
-tiff a attorney fees; and 'further provides that said plaintiff, Willamina
State Bank, do have and recover of and from said defendants, Marcus Pet­
ersen, Carey Petersen, George P. Petersen, and Vera M. Petersen, the
sum of $767.25, with interest at 8% per annum from said May 15, 1923,
until paid, plus the further sum of $75.00 attorney’s fees; and further pro­
vides that the Willamina State Bank recover from the defendant, August
Baunach, the sum of $447.20, with interest thereon at 8 % per annum from
said May 15, 1923, until paid, plus the further sum of $50.00 attorney fees;
and further provides that the plaintiff, Willamina State Bank , recover
the sum $515.89, with interest thereon at 8 % per annum from said May 15,
1923, until paid, plus the further sum of $50.00 as attorney fees; and fur­
ther, that said plaintiff recover its costs and disbursements on this suit,
taxed at $88.65.
-
And it was further adjudged that plaintiff recover certain sums of
money as taxes, which are hereinafter referred to, and which are made
liens on certain real premises; and that certain mortgages be foreclosed,
and that certain real premises be sold in order to satisfy said several sums
due to the plaintiff herein, and commanding the undersigned sheriff to sell
the premises hereinafter described in order to satisfy said several sums
of money found due to the plaintiff herein, and to make sale of the prem­
ises in said decree and in said execution described, towit:
TRACT NO. 1: That certain mortgage executed by_ defendant, August
Baunach, in favor of plaintiff, dated March 17, 1913, recorded April 2, 1913,
in Volume 38, page 541 Mortgage Records of Yamhill County, Oregon, and
being on the West Half of the Southwest Quarter of the Southwest Quar­
ter of Section 36 Township 5 South Range 8 West of the Willamette Me
rldian in Yamhill County, Oregon, containing 20 acres, which mortgage
was made to secure payment of $300.00, with interest at 8% per annum
from March 17, 1917, until paid, which mortgage is by said decree fore­
closed, and wherein it is decreed that said premises be sold to satisfy the
sum of $447.20, plus the further sum of $50.00 attorney fees, plus the
costs and disbursements of this suit.
TRACT NO. 2. That that certain mortgage, executed by William Hart­
less to the Willamina State Bank, on May 9, 1919, to secure payment of
$524.00 recorded May 10, 1919, in Volume 38,. page 218, Records of Mortga­
ges of Polk County Oregon, buf which saidmortgage by said decree, is made
only a lien upon the Northwest Quarter of the Northeast Quarter of
Section 11, Township 6 South Range 8 West of the Willamette Meridian in
Polk County, Oregon, be foreclosed, and said amounts are made a
Men for the sum of $515.89 plus the sum >A»f $50.09 attorney
fees, plus, the sum of $37.07, taxes paid, plus the costs and
disbursements of the suit, and that said sums are made a first and prior
lien upon said tract, known as tract No. 2 in said decree; but the said.tract
is not to be sold herein, the same to be sold by the sheriff of Polk County
Oregon,
c
TRACT NO. 3. That that certain mortgage, executed in favor of the Willamina
State Bank, by the defendants, Marcus Petersen, Garey Petersen, his wife,
George P. Petersen and Vera M. Petersen, his wife, which mortgage is
dated January 26, 1920, recorded February 7, 1920, in Volume 53, page 133
of Mortgage Records of Yamhill County, Oregon, and upon the following
described property, to-wit: The West Half of the Northeast Quarter of
Section 15 township 5 South RangeS West of the Willamette Meridian,
containing 80 acres; all of Tract or Lot No. 6 in Section. 1 Township 6
South Range 8 West of the Willamette Meridian, containing 10 acres, sav­
ing and excepting that certain lot sold and conveyed by the defendants,
Marcus Petersen and Carey Petersen, husband and wife, to Theron Lock-
wood, by deed recorded January 3, 1918, Book 74 page 210 Deed Records of
Yamhill County, Oregon; the South Half of the South Half of the East
Half of the Northeast Quarter of the Northeast Quarter of Section 1,
Towmship 6 South Range 8 West of the Willamette Meridian, con­
taining 5 acres, more or less; also the Northeast Quarter of the
Northwest Quarter of Section 35 Township 5 South Range 8 West
of the Willamette Meridian, in Yamhill County, containing 40 acres; all of
said real property last described being in Yamhill County, Oregon, and
which real premises are directed to be sold to satisfy the sum of $3123.33
principal, with interest at 8 % per annum from said May 15, 1923, until paid,
plus the sum of $300.00, attorney fees, plus the further costs and disburse­
ments of this suit, T and which sums are declared to be a first .and
prior lien on all of said tract number 3, and in addition thereto the sum
$17.64, as tax money, with interest from said May 15, 1923, is made'a first
and prior lien on the West Half of the Northeast Quarter of Section 15,
Township 5 South of Range 8 West of the Willamette Meridian, in Yam­
hill County, Oregon; and further, the sum of $142.31, as tax money, with
interest from said May 15, 1923, is made a first and prior lien
on
the
Northeast
Quarter
of
the Northwest
Quarter
of
Section 35, Township 5 South of Range 8 West of the
Willamette
Meridian, in Yamhill County, Oregon,
containing
40 acres, and also on all of Lot or Tract No. 6 in Section 1 Township 6
South Range 8 West of Willamette Meridian, in Yamhill County, Oregon,
containing 10 acres more or less, excepting such portion sold as is described
m said volume 74 page 210 Deed Records of Yamhill County, Oregon.
Tract No. 4 That that certain mortgage, executed by Marcus Petersen,
Carey Petersen, his wife, George P. Petersen, and Vera M. Petersen, his
wife to G. W. Byers, or G. W. Byers Jr., and which mortgage is now held
by plaintiff, Recorded March 3, 1920, in Volume 53 page 219, Mortgage
Records of Yamhill County Oregon, also recorded October 13,1920, in Book
43 page 544 mortgage records of Polk County, Oregon, and being upon the
following described property, to-wit:
All of lot or Tract No. 6 in Section 1 Township 6 South Range 8 West
of the Willamette Meridian, in Yamhill County Ore ., containing 10 acres, ex­
cepting said lot of 50’ X 100’, sold and conveyed by said Petersens to said
Lockwood by deed recorded January 3, 1918, in Book 74, page 210 Deed
Records of Yamhill County, Oregon. And also on the following tracts:
The West Half of the Northeast Quarter Section 15; the Northeast Quar­
ter of the Northwest Quarter of Section 35; the West Half of the South­
west Quarter of the Southwest Quarter of Section 36fa ll in Township 5
South Range 8 West of the Willamette Meridian, in Yamhill County, Ore-
gon; and also on the Northwest Quarter Of the Northeast Quat
T Sec­
tion 11, Township 6 South Range 8 West of the Willamette M ::ih n, in
Polk County, Oregon, and containing 190 acres, and against
ueh said
tract above described is decreed said lien of $767.25, with interest at 8 %
per annum from-said date, May 15, 1923, until paid, plus theiffrther sum
of $75.09, attorney fees and coäts and disbursements, subject however, to
the first and prior lien by reason of the lien as described under Tracts 2
and 3 of this notice.
Now Therefore, in consideration of the premises, said execution, said
judgment and decree, and in order to satisfy the several sums of money due
and declared liens as aforesaid, and in compliance with the commands of
said writ, the undersigned, sheriff, will on Saturday, June 30, 1923, at the
hour of 10 o’clock A. M., at the West and front door of the Yamhill County
Court House, at Me Minnville, Oregon, sell at public auction subject to
redemption, to the highest bidder for cash in hand, all the right, title and
interest which any of the within named defendants, or any persons what­
soever, had in or to the said real premises above described, on the date of
the mortgages herein foreclosed, or"which any of said persons had in or to
the above described property since said ¿ate; and all of which said real
property (except said tract number 2) will be sold in order to satisfy said
execution, judgment order, decree, interest, costs and accruing costs.
Dated May 24, 1923.
NATION REPRESENTED
AT FINANCE CAPITAL
By FRAN CIS H. SISSON
C hairm an P ublic Relations Commis­
sion, A m erican Bankers Association.
Financial New
York is peculiar­
ly representative
of the whole na­
tion. All parts of
the country, the
small towns as
well as the big
cities, have sup­
plied the greater
part of the man
F. H. Sisson
power and brain
power enabling it
to function as the nation’s financial
capital.
A recent investigation as to the
F. B. Ferguson, Sheriff of Yamhill County, Oregon.
origin of one hundred leading execu­
45-48
B. A. Kliks, Attorney for Plaintiff.
tives in the New York financial dis«1
trict, showed that no less than sixty
per cent were born outside New York
State, that no less than twenty-eight
per cent were born in towns of 5,000
or less, and only twenty per cent were
born in New York City.
The birthplaces of these men rep­
resented Pennsylvania, Ohio, Massa­
chusetts, Connecticut, Michigan, Mis­
How a Debt Can Be Put to Work to Increase Earnings— souri, Illinois, Maryland, Delaware,
Vermont, Mississippi, Kentucky, Ten­
Thrift and Loans Go Hand in Hand to
nessee, Minnesota, Iowa, Florida,
Rhode Island, North Carolina, Indi­
Aid the Industrious.
ana, Wisconsin, Georgia, California,
Montana, Maine, West Virginia, New
The true use of debt in personal and business affairs Jersey and the District of Columbia.
The sa*me situation is true of the
remains something of a puzzle to many people. To some the younger
men, particularly in the
very word “debt” signifies misfortune, while others merely fail banks.
This reflects more than mere­
to understand the ways in which they can put a debt to work ly the attraction of the big city for
for them to increase their earnings. The Committee on Public ambitions young men. It is the result
Education of the American Bankers Association has under­ of the definite purpose of New York
taken in the following discussion of how and why banks loan banking to equip itself to perform
most effectively its work for all the
money to clear up these misunderstandings;
Some people think that to incur a for the è.sé of the money. He then nation.
A brief description of the mechan-,
debt at the bank is unwise, or a re­ -credits Mr. Smith with the proceeds
flection on their business standing. of the note, or $495, When the note ism of ' the . nation’s banking system
This is not the case where the debt is due in sixty days Mr, Smith has re- will make this clear. Many of the
is contracted for legitimate business ceived payment from his customers, New York banks are bankers’ banks.
purposes. Incurring debt to live be­ and he pays the bank $500. The They are great reservoirs of credit in
yond one’s income is something no bank marks the* note paid and returns which banks throughout the country
deposit unemployed funds in New
thrifty person would do, and careless it to Mr. Smith.
use of credit leads to extravagance
If Mr. Smith’s business condition York. When crop needs in rural dis­
and disaster, but wise borrowing is were not sufficiently strong to war­ tricts or industrial expansion in man­
an encouragement -to thrift and in­ rant granting him unsecured credit the ufacturing centers increase local re
dustry.
banker might say to Mr. Smith, “I want quirements for money these local
The first function of the banker is to help you, but you will have to get banks call in their funds from New.
to encourage industry and thrift so the indorsement of yoiir friend, Mr. York and in addition may ask the big
that a large fund of bank deposits Jones.” Jones is known to the bank­ city banks for loans.
Country banks frequently deposit
may be accumulated. This fund is er as a very reliable and responsible
often likened to a reservoir in wheih business man. Should he be willing as security the notes of their own cus­
water is accumulated for community to help Mr. Smith he will write his tomers, often secured, in turn, by farm
needs. The banker then loans from name on the back of Mr. Smith’s note j capital such as ploughs, livestock and
this fund to those conducting the and if Smith cannot »pay the note other possessions. The fifty thousand
business of the community.
when due Mr. Jones will have to pay. dollar note, for instance, of a country
The banker bases credit on what
In another case the banker, still bank in a big New York bank may
are known as the three. C’s of credit anxious to help Smith, might say, “I have attached, as collateral security,
—Character, Capacity and Capital. am willing to loan you up to §2,500, fifty or a hundred small notes »f a
Character is an imperative business but you must secure the loan with the hundred dollars up to a thousand
qualification. Allied with character goods which you purchase for that or more, signed by local farmers and
is Capacity. Before making a loan a amount and with some, additional their wives. Into one of the biggest
banker takes into consideration the goods.” Mr. Smith would have to New York banks comes in this way
capacity of the applicant—that is, his warehouse the merchandise used as from the South each crop season a
ability to earn through his honesty collateral in such a way that it might small note secured by a plough and a
and his industry. Gapital is a man’s be easily identified through ware­ harrow and a mule named “Molly”—
worth in money, merchandise, stocks house receipts as being the bank’s an incident that has been aptly de­
and bonds or lands, which may be property until the note is paid. If scribed as “The Minting of Molly.”
given as collateral in security of a Smith finally found himself linable to It is one among many securing a large
loan to make it safe.
pay, the banker could sell the mer-; inter-bank credit.
Thus is big banking in New York
Let us consider the business trans­ chandise and use “the proceeds to pay
actions of Mr. Smith, the storekeep­ the note. If the goods brought more brought close to the plain people of
er. He finds, with his business in­ than the amount of the note the bank the soil—thus does it finance their
creasing, that he needs a larger stock would pay the excess to Mr. Smith; humble husbandry—and thus has it
of goods. Also, some of his custom­ if the amount were not enough the felt the need of recruiting its officers
ers do not pay cash, and their ac­ bank would look to Mr. Smith to from among men familiar and sympa­
thetic with local conditions—able to
counts must he carried until “pay make good the difference.
day.” He must have more money for
visualize the needs of the people there
Mortgage Loans
his business, so he goes to his banker
Loans against farm lands, called and pass sound judgment on the
for advice. The banker asks Mr. mortgage loans, are frequently made credit factors involved.
Smith to submit a statement of his In country districts. If Mr. Smith,
It is due to the conditions thus pic­
business, showing what he owns and lacking an- indorser or sufficient col­ tured that among the officers of New
lyhat he owes. He knows Smith’s lateral or business standing, owned a York’s hanks will be found represen­
character and responsibility from his farm free of debt he might give a tatives from all parts of the nation.
observation of his dealings and from mortgage on it as security.
They are the delegates of the people
the confidence that people have in
The procedure would be somewhat I at the business capital.
him. If he finds Mr. Smith’s state­ different from loaning against mer­
ment, and the progress he is making, chandise. The law, realizing the use­
W hy Group F igh ts Group
satisfactory he will be glad to con­ ful place farm and home owners oo-
sider the best method of loaning him cupy, protects then it a special man­
America is suffering from a lack of
the needed funds.
ner. It says to the lender, in case of economic understanding. It is, there­
How Money Is Loaned
default on a mortgage loan, “You fore, that we find group arrayed
Money is loaned by banks on must give this owner of land one against group—that we find the grow­
straight notes, on indorsed notes, on year after serving notice that you ex­ er at variance with the producer, the
collateral notes, on bills receivable pect to sell his land to pay the producer with the consumer and both
and on trade acceptances.
Mr. mortgage and redeem the debt.” This with the carrier. It is because of a
Smith may be told by the banker is called the period of redemption.
lack of economic understanding that
that, because he has sufficient money . Mr. Smith has still another method we find capital and labor frequently
in his business and manages it well, open to obtain funds from his banker. striving against each other. Yet each
the bank will extend him credit with­ He has sold, say, a §500 bill of mer­ element is vitally interested in each
out his putting up any security be­ chandise to Mr. Brown, a dealer in a other for the final succses of the en­
yond his own word of honor, evi­ smaller community, who must sell tire endeavor—in the farmer growing
denced by his note.
the goods to bis own customers be­ a prime crop and getting a fair re­
Let us say that Mr. Smith needs a fore he can pay Smith. Smith says to turn; in the canner packing a palata­
maximum amount of $2,500 during Brown: “If you can’t pay cash give ble crop and getting a fair return; in
his busiest season and that the bank me a ninety day note. I will discount the carrier transporting without dam­
has consented to grant him such a it and get immediate cash on it from age or deterioration and getting a
“line of credit.” Mr. Smith could my bank. I will have to pay 6 per fair return; in the wholesaler making
come to the bank and make out a cent interest to do so, and I shall a wide distribution’and getting a fair
note for any portion r. all of this want you to pay that interest” Mr. return; in the retailer satisfying his
amount for any time up to six months. Brown agrees and makes his ninety- customer and getting a fair return;
To pay some bills he needs, say, day note for §500 with interest at 6 in labor aiding each of the processes
$500. He estimates that within sixty per cent. Mr. Smith takes this note and getting a fair return; in capital
days he will receive from his charge to the bank, which advances him supplying the money and credit to
customers enough money, to repay credit for §500. When the bank col­ make each process possible and get­
this amount. He therefore makes a lects the note from. Brown ninety ting a fair return, and in the con­
sixty day note, which the banker days later it receives §507.50, the sumer receiving a pure, nourishing,
“discounts” at the prevailing rate of added §7.50 being the 6 per cent in ■ dependable, wholesome health giving
interest, let us say 6 per cent, and terest charge for the use meanwhile article at a fair price. There is 'this
places the proceeds to Mr. Smith’s of the money for the ninety day pe­ community of interest in the pro­
credit. How much does he credit to riod of the note.
duction and consumption of human
Mr Smith’s account? Six per cent
These are the various ways in requirements that should prohibit
on $500 for sixty days is §5. This which the bank serves its community strife among the producing and con­
amount the banker deducts at the by placing, through loans, the accu­ suming elements.—J. H. Puelicher,
time the note is made, it being the mulated thrift o ’ the community at President American Bankers Associ--
interest which he charges Mr. Smith the disposal of business and industry. ation.
T tlZ a E Of WHY DEBT HELPS SOME
BUT HARMS OTHERS EXPUUffi)