The Oregon statesman., July 13, 1924, Page 14, Image 14

SUNDAY MORNING; JTJLT 13, jl924
i
miiwtMiniifiiwiwifliiiimwtiiintim.iTBii(iimimiiii
PIPE A5VHD1; PIPE LESS
Country. .Work Promptly
i Attended to
Phone 1507.
FURNACES
E. D. BRANDON
General Painting Contractor
Painting in A(l Its Branches
287 South Church Street
las tailed in j Your Homd
at Factory, Prices
Over 200 Satisfied
Users" in Salem ,
A FUE
SAVER
THE OREGON STATESMAN, SALEM. OREGON
1
CONTROL
Manufactured j and sold by
F. livBERGER
COO North High Street
iIIOXB 1048M
Shop 803 North liberty St.
; Weekly Lumber
Review
One hundred and twenty-one
mills reporting to West Coast
Lumbermen's Association for the
week ending July 5 th. manufaet
nrfd 4 7.527, 18 feet of lumber;
HERi, MR. HOMEBlJlLDER
'is the BEST. SAFKST. STRONGEST.
and. In the loag run, the CIII-JAPEST
Material out of whhii to build your
home. : - . . ; ; y j ..
tt 14 riURXED CMY IlOLliOW BUILD
"IXO : TltH-Jt Insures Fire Safety
Health and Comfort.
Ask for Catalog and Booklet of Plans
SALEM BRICK & TILE CO.
Balem Oregon Phone 017
mm- j
Mfrs. of Burned Clay. Hollow Building Tile, Brk-t,
and Brain Tilp. . - j
Why--.
Miles
tone Sewer
Are Two Steps Ahead
In Sanitation j
Facts About
Concrete
Sewer .Pipe
1. First concrete
pipe made 85
years ago in New
York State.
2. Not porous -nsed
in irrigation
-systems u n 1 e t
pressure.
3. 165 miles . of
pipe In sanitary
sewer service in
Portland, Ore
4. Used In Salem
since 1911. .
MILESTONE
Concrete : Products i
r OREGON GRAVEL COMPANY so
1403 N. Front. ; Phone 180
,.1 y v.. u ' v rj'' TV
6 Per Cent Monthly Payment Loans
Far Cheaper Than Any Building & Loan Co. in the Northwest
20S Oregon Bldgl
v
'V ' ' ; '
: . V :
- i
.-:
)
sold 63,127,139 feet; and shipped
0,772,46 feet. --.', ' '
I New business jwas 33 per cent
above production". Shipments were
il per rent above new business.
; . Forty-five per1 rent of all new
business taken during the week
was for future j water delivery.
This amounted to 28,518,522 feet
of which If., GH,C22 feet was for
domestic cargo delivery; and 11,-
w
s j
i if
Pipe
1 Longer joints, making fewer
joints and saving labor and mortar
in laying. You have' Vt less joints
?to make with Milestone Pipe.
- i: i ' 1
2Self-centering bells Making
absolutely smooth joints insid
an improvement found only
Milestone Sewer Pipe.
in
Made by Salem People arid, dis
tributed in many valley towns.
LOANS
On Modern' Homes
-
5V& Semi-Annual Interest
5 Yeair Loam
J Will Loan Up to 50 of Value
ALSO
Hawkins & Roberts
r inancial Service
84p,90O feet export. New busi
neis by rail amounted to 1012
J'lfty-three per cent of the
weiek's lumber "shipments moved
byjwater. This amounted to 37,-
uz,3z reet, of which 2 .787.923
feejt'moved coastwise and Inter-
coalstal; and 10.236,406 feet over
seas Rail shipments totaled 950
ear si I
Local auto and team deliveries
totjaled 4,24r6irfeet: , .
Lnfilled domestic oatttn ordra
totaled 102,090.621 feet. Unfilled
export orders 82108,775 feet. Un
filled rail trade orders 2914 cars.
In the 27 weeks of the year, uror
duttion reported toj . West Coast
Lumbermen's AsaoeiacTon has been
2. 5C5, 603,357 feetj new business
2,4C7,195i613 feet;!and shipments
2,678,964,332 feet.! , (
EUGS IS SIXTH
IN ITS BIB
' Eugene ranked sixth In building
activities for the month of June
among the cities of the entire Pa
cific northwest, outside of Califor
nia,, according to statistics receiv
ed by W. II. Alexander, city build
ing!, inspector of Eugene. In addi
tion to out-distancing every city
her size in the northwest in cost
of construction work during the
month. Eugene came within $30,
00 of equaling the activity of
Spokane, Wash., a city of many
times her population.
The six cities In the northwest
which led the; building activity
list for June were; Portland Salt
Lake, Seattle, .Tacoma, Spokane
and Eugene. i I ."
In June Eugene saw the issu
ance of 56 building perjnits, and
the estimated cost of construction
waS $207,900. Salem, a sister
jcity of the Willamette valley, had
an estimated cost of construction
of ibut $59,405, while Astoria,
which ranked third in the state,
had but $170,825. j ; -.j.. ; ) v
Aberdeen, Wash, the record
holder for Washington - cities of
size similar to Eugene had - but
$82,460 in construction work.
in June, 1923, Eugene's build
ing totaled $90,000, considerably
less than one-half her record for
the month just closed. ;
JSo far in July, with but 11 days
gone, 27 permits hare been issued
and the cost of construction en
tailed is $156,170. ;
. Last year for the first time in
her history, Eugene's building ac
tivities passed 'the million dollar
mark.; This year there is every
indication that the record will be
tripled, for $3,000,000 is the
year's estimate placed by the city
bulding inspector and others in
eldse touch with the work, f !
1 . Already there have been 374
permits Issued, and the cos.t of
construction inTolved has reached
a iotal of $1,711,095. . Buildings
of some 'prominence scheduled for
th balance of the year include
the Theodore Roosevelt junior
high school, the University of
Oregon building plans, the $500,-
000 municipal auditorium,! the
new McDonald-Schaefers building,
new churches and many others.
Two I
Modern Homes Change
Owners During Past Week
Two modern homes were sold
thip week by the V. H. Graben
horst & Company, realtors. S.
B. jLaughlin buying the residence
at 1605 Court from Hattie Page
for! a consideration of $4500 and
Henry Hendrickson the residence
at 205 Union from Sarah Iddings,
for a consideration of $4000.
Phone 1427
KINGSPRti0tiGT
Oregon Voter Contains De
tailed Account of Recent v
Stockholders Meeting
Of much Interest to ihe many
stockholders ' in the. Kings Food
Products company in Salem ' and
the immediate territory. Is the fol
lowing lartfcle that recently ap
peared In the Oregon Voter.
" There are two groups at work
attempting to get, somewhere In
the reorganization of the King's
Food Products company," the 'Del
aware corporation, operating fruit
canneries and dehydrating plants
in Oregon. The company lias been
operating under an extension of
credit from creditors and under a
trust arrangement with the banks
holding jsecureld loans. The groups
now interested are 'a stockholders'
committee and the financial in-,
vestlgation corporation, of which
more later. '.
A There was to have ueen a meet
ing of jstockholders of the com
pany " in Portland 'C May 8. Due,
however, to the fact that the
stockholders' are widely scattered
in three states,' there was no quo
rum present. Several stockhold
ers present evinced a desire to
take'the management in their own
hands. The directors and officers
of the eompariy agreed to resign,
which they did at a later date.
Some of the stockholders who
were Instrumental at. the meeting
of May
8 In securing the appoint
ment of a stockholders' reorgan
ization committee, were placed in
change (of the company. W. C.
Gunther, prominent : Portland re
tail ' groceryman, replaced E. A.
Clark, as president. The Rever
end H. p. Chambers, now a vice
president of. the company and a
member of the stockholders com
mittee, is a Salem minister. J. C.
Smith, secretary of the committee,
ist an accountant with the Union
Pacific jsystem.
The first report of this commit
tee of stockholders deals with the
general condition of the company.
The report follows in full:
"In making this1 report it should
be understood that this committee
was appointed at the . time of the
annual I meeting of the stockhold
ers at which no quorum was pres
ent. After it was found no quo
rum was present, the Rev, D
Chambers of Salem, 'h recent stock
purchaser, called the stockholders
present; together to consider the
conditions of the company from a
stockholder's standpoint, and to
make a report at this meeting.
The net result was the, appoint
ment of the following committee:
W. C. Guntherr Rev. "H. D. Cham
bers and J. C. Smith. This com
mittee has spent ; much time and
been at some expense in an en
deavor! to. arrive at a basis of such
report.1. The committee had no
funds at its command and has felt
that it .was appointed by a very
small portion 4 of the stockholders
end bus" has been most 'careful to
do its wofk as thoroughly as pos
sible under the condition. "
j "This committee desires it un
derstood that it has not been guid
ed nor jinfluence'd by the manage
ment of this company, but neces
sarily had to ask for; and did re
ceive the necessary information to
guide them in their work. In
fact, the management has been at
all times ready and anxious to aid
the committee in forming its con
clusions. j 'The committee desires to re
port that it has not had the time
to thoroughly go over the books
end feels that the only way to ar
rive at a definite conclusion as to
the past management; of the com
pany, would be to have a thor
ough audit made by a registered
expert i accountant. This would
mean much labor and considerable
expense and cause delay In arriv
ing at isfome solution of the prob
lem before us. It must be remem
bered that actual operation of our
plant has been discontinued and
much of the overhead still goes on.
"Causes of our present condi
tion, go far as could be gained
by this committee, are:
"1. ; ExcessiTe costs of financ
ing the sale of stock by the Pun-das-Martin
company,
"2. Excessive ; costs of adver
tising and the marketing in small
packages of dehydrated products
insetead' of in bulk.
"3. Production costs of the Sa
lem plant- The plant being oper
ated at only 50 per cent of its
capacity; resulting in an overhead
out of proportion to the goods
produced.
."4. i Excessive cost of maintain
ing offices and officials.
P;iwiiiiiiiiiiiiiiiiiiwiiiiuiwii'''iiiwiiiwiiwiiiiiiiii """" V""f 1 ""' ' ' " 1 ' ' ' " "' " " "" ' " "' -i-'.
L.'..n iniiiiiiiiMarH'"-iiMV " ." r "" '"'j '"'" &.2!?.&:.h MiLiinnminiiiii nnim mi n
?5. Poor Judgment by the
management in an endeavor to
place on the market- dehydrated
goods," which' do not sell, insteadpiirectors' be instructed to keep the
of concentrating on canned goods.
i "6. Failure on part of large
nuntber of subscribers to complete
subscriptions. ,
"The great question which must
be, solved I what Is best to ; be
done under our present conditions
and; what can be done to save to
the stockholders their investment?
Several methods have been sug
gested. . j
"1. Liquidation Cor bankrupt
cy)! If this method were adopted,
then valuable assets would almost
entirely disappear,! such as good
will, advertising, and In a .sense,
patents. f - ' . - t -J
'2.: Recievership. What 'has
been said above as to liquidation
vould apply to this method with
the' addition- of fees of receiver f
court costs and attorneys.
V "3. Reorganization.' '. This
would involve much time. labor
and expense, and it must be -understood
' that" it would" mean a
conversion of the stock. r i
T' "4. The adoption of a plan of
proceedings I " with production,
which would involve the leasing
for'a term of years' of the Salem
plant on a royalty basis and' the
securing, of! capital (which has
been offered) to operate ..The5
Dalles plant. This, in the opinion
of the committee, would be f the
best plan and possible, and would
result in a few years in the com
pany's being able to pay dividends.
(Plans three and four could well
be combined into one.)
"Your committee also finds that
the Pundas-Martin company holds
no I shares whatever of any class
of stock, and that this .company
has fulfilled all its obligations to
that company.
"A careful consideration " has
been given to class B stock and
the! .committee recommends that
the (president of this company ex
plain fully this class of stock : at
this gathering.
iThe committee has revlsed the
balance sheet by cutting out all
doubtful and seemingly uncollect
ible and unrealizable assets.' ; It
has prepared a revised balance
sheet which would tefid to show
that the net worth of the assets
to be $41.72 per set of capital
stock subscribed, or $28.00 - per
$100.00 invested. This figure, in
the .committee's"' .'opinion, can be
realized, as it represents the assets
at bed-rock and is intended tot be
on the safe side. Some of the as
sets which have been eliminated
will, In all probability, be realized,
and In that event the stock wll in
crease In proportion. , But, it ptUst
bei remembered tliat .In case of
liquijatloni'bankruptc.Y, Or reciev
ership, . that the assets would, de
crease. . . iV
"In considering the matter of
proceeding, three ! questions I pre
sent themselves, - ;
?1. Have we a good product?
"2. Have we an efficient man
agement? : . 5 -
3. How can we obtain suffi
cient capital?
f'The first question, your com
mittee believes most positively,
can be answered in the affirma
tive,, ,;.;.' ; v. .,:' '. '-: '", ' f- ;
j'The second question, wi would
answer by recommending " that a
change be made in the directors,
who in turn would be instructed
to 'make a change in the manage
ment. The directors and manage
ment have expressed their willing
ness to retire. ' . 5 t
i'The third, we believe to be' pos
sible, v With men on the .director
ate who would give most careful,
painstaking attention to every de
tail in connection with the com
pany. ; ' . V-, ..
"We deprecate any attempt on
the part of those whose only inter
est appears to be to secure funds
for an investigation from, a portion
of! the. stockholders, when such
Investigation should be made hon
estly by the stockholders ' them
selves through a committee of the
stockholders in whom all stock
holders have confidence,
"To conclude, your committee is
of the unanimous opinion that the
most unsafe action that can I be
taken at this time, for the protec
tion ! of . the interest of pvery
stockholder is .bankruptcy, receiv
ership or liquidation, and that the
best plan is to consider ways and
means to continue under careful,
painstaking management. When
a new hoard, of directors has' been
elected i it would, be wise to " ap
point a coramittee of stockholders
to represent' them" In an adyiaory
capacity in the management of the
company.
"We would also advise that the
itockholders informed at least
semi-annually, as to the exact
condition of the company's financ
es and its operations."-
(Signed) : !
, W. C. Gunther, Portland,
Chajrmati.
J. C. Smith, Portland.
Secretary.
Rev. II. D. Chambers, Salem.
The second attempt being made
to investigate the company is that
of the financial investigation cor
poration. This concern is beaded
by Frank' Collier, at one time a
practicing .attorney of Portland.
AT REDUCED
PRIGES
- "" "
9x12 Best Worsted Wilton Rugs, now
9x12 Best Worsted Wilton Rugs, now
9x12 Best Wool Rugs, now .1......
9x12 Best Wool Rugs, now ... .:.;
9x12 Plain Wilton Velvet Rugs, now ..I.j...
- ' I" 1 '; " - - ' J i "'-;.:)' j
9x12 Best Grade Axminster Rugs,nowj...
9x12 Best Grade Axminster Rugs, now
9x12 Best Tapestry Brussells Rugs, now .
9x12 Wool Fiber Rugs priced from $12.50
All rugs can be matched with either smaller or larger rugs'.
Vacation Time Needs
Genuine leather hand bags
-Extra Special ........ .$6.40
Trunks and Suitcases re
duced, a fine assortment to
choose from.
Your Credit is Good
Here Trade in
' Your Used Goods.
Mr. Collifr -recently qualified as
a stockholder in order" to
enjoin
the direct;
)rsi of King's Food from
T
f K ' F
32 4 Piece Set Decorated
Chinaf Dishes Extra spe
cial .....;$5.95
49-Piece (Nippon White and
Gold China, now ........$21.00
I.
ITS
0 JJV
t
500 lbs. of Ice FuEE
with every .refrigeratpr sold. A
good refrigerator is really an as
set to one's home. Our
Kerngerators aciuany Keep your
food better. 1
Your, old refrigerator taken in
as part bayment.
voting the common class B stock,
something they never did and bad
no Intention of. doing, according
I
BUY
Put that rent money In a home
of your. .own. I The man who
holds the deed to his own home
is the man who is independent.
"We are Experts'!
MOISAN & ULRICII
122 North Commercial
j Phone 1354
$127.50
...5116.50
85.00
..; 7I00
;j ;72.50
- 42.50
.., 37.50
... 28.35
-
and up. '
Indian Robes
.. ' - -.' . .' I
A f ine assortment to choose
from in piive,Tan; Blue
and Red , ... mixed colors
priced from $10.00 to $20.00
1 - ' '" " "
rSSm
WHITE IVlOUNtAlN