21
with such demand, immediately started
suit in the federal courts to require
that all such properties and assets be
placed in his hands. This litigation was
finally determined in favor of the Ore
gon and California authorities, but was
aiding for many years, and a writ
^f certiorari was taken in each case to
the Vnited States supreme court, which
refused to overturn the ruling of the
United States circuit court of appeals,
sitting gM San Francisco. The defense
of this involved litigation, so f a r | as
Oregon was concerned, was conducted
wholly5 by the Oregon Corporation De
partment and its ow nlegalstaff;
The result was th it the liquidation
proceedings have: been drawn out over
a period of almost fourteen years (the
primary receiver having been appointed
by the United States district court for
Arizona in March, 1934), but the out
come so far as Oregon investors are
concerned has been quite gratifying,
and many even have received a con
siderable more than was deposited by
Them m tke first instance.
It
The period for the liquidation of the
other associations taken over by the
Corporation Department never covered
more than seven years, and some were
completed within five years, depending
upon the size of the association and the
amount of litigation involved.
The property and assets which re
main in the hands of' the Corporation
Commissioner, after the distribution to
the Oregon creditors of 100 per cent
of their claims under the orders of the
courts will be divided equally among
all the creditors in the States of Ari-
zoha4 Utah, Idaho and Wyoming, who
received but 35 cents on' each dollar
of-, their investment.
No Substitute for Work
’ J, J, Newberry, head of the j national
retailing * system that bears his name,
Recently sent a message to store man
agers throughout the country which
contains, in simple, forceful language,
fundamental truths that apply to all of
He wrote: "The person who makes
his job the most important thing in his
life, other than taking care of his
family, and who has common sense
and intelligence to apply to his job,
should be entitled to greater success
and rewards than the one who only
wants to work eight hours a day, five
days a week i .. . . .
"Everything in the way of firming,
mining, manufacturing and distribution
must keep on expanding to give work
to the increased population and to pro
duce and distribute the larger require
ments of more people. This will call
for more and more leaders of industry.
"Those leaders will be the people who
have such enthusiasm for their work
.they would rather stay on the job and
see. that which they are interested in
progress and grow than to spend their
leisure, time at less Important pur
suits . . .
"When you, hear bright young people
talking about working only forty hours
a week who expect equal compensation
with the. man who loves his work
enough to put the necessary time in
to make his company grow, then you'
, owe it to such a person to tell him
how1 wrong his ideas are.”
This is an old-fashioned doctrine. It
is in opposition to the new and en
gaging theories, of the more advanced
sociah;iand economic planners. But,
whether we like it, Or- not, it is a
theory which is solidly supported by
centuries of human experience—and hu
man experiment. There is no substitute
for production—which simply means
there-I is no substitute for work. A
genius m ay/find an easy shortcut to
success, but the number of geniuses
at large a.k. any time c an , almost be
-counted op one man’s fingers, Mr.
Newberry has restated truths w-hicl), if
abandoned and forgotten, will lead to
individual tragedy and failure—and to
the deterioration of the strength and
pride. of the country.