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About The Oregon statesman. (Salem, Or.) 1916-1980 | View Entire Issue (April 28, 1929)
The New OREGON STATESMAN, Salem, Oregon, Sunday Morning, April 28, 1929
Wells at Signal Hill Go in
and Produce in Ireat
The Richfield Oil company of
California has Just Increased its
production 8,000 barrels dally in
the completion, of three wells at
Signal Hill; namely, Meader No.
2, producing 2,500 barrels of oil
from a depth of 7,021 feet; But
ler No. 1, making. 1,900 barrels
from depth of 7,101 feet, and
Bernstein No. 4, flowing 3,600
barrels dally from a depth of 7.
335 feet. ,
These wells are somewhat deep
er than other producers in the im
mediate -vicinity and prove up a
zone of greater saturation than
known In wells heretofore grill
ed. It is the belief of the company
geologists that this producing
Bandwill be found for an addi
tional 500 feet of depth. In addi
tion these three wells are mak
ing a combined total of approxi
mately 10,000.000 cubic feet of
gas daily from which a recovery
of 26,000 gallons of casinghead
gasoline is being obtained.
From a financial standpoint
this additional production is of
particular importance as gather
ing lines are already Jn existence
in Signal Hill where Richfield's
main refineries and gas absorp
tion plants are located, so that the
withdrawals are being handled at
a minimum expense.
Hard Carbon Is
Danger To New
Drivers of new model automo
biles with their sensitive, high
compression motors, are finding
out more about the dangers of
herd carbon than they ever
thought they would need to know.
Hard carbon caused some worry
In old-type motors but an annual
grinding of the valves was suffi
cient to remedy the trouble. In
the new cars even a slight deposit
of this flint-like material accumu
lated Jn a short time will cause
knocking that cuts down power
and damages the mechanism.
Of course, to the lessened clear
ance between piston and cylinder
head, which In some new cars is
only one thirty-second of one inch.
To get the value out of the car
which the manufacturer built into
it and to avoid damage to the
motor, it Is necessary to use a mo
tor oil which forms no hard carbon.
r .... ii i nm i a. amfii in r I
'fiaimririii n I
rvuu bv IxKrke Company this Roadster Ja the ewe creation im the CSiryaler Imperial
ll -Za u the Uteat enradoa'of smartaeu and individuality t sport type.. Feature of tne sew romo,
aSfnSsaranSlV ' cm side permittin, eaay traeo to
thi compartmrnt. - ; .- - --" - ' '
In Fine Fettle From Hard
Years oi War Depression
The automobile industry, rid
ing high on the tide of war orders
and inflated war time prices,
came face to face with the ne
cessity of an accounting with it
self in 1920-'21.
True, there had been financial
depression in other years and
some weaker units of the industry
had fallen by the wayside, but the
automotive business had not
reached the gigantic proportions
to which it grew in the 1910-1920
Came September 1920 and the
crash of liquidation from inflated
war prices. . Heroic . measures
were necessary to save even the
strongest of the automobile man
ufacturing concerns. The year
1921 sometimes has been referred
to by executives of the Ford Mo
tor company as "the year we went
The General Motors corpora
tion, which today has assets of
approximately one billion dollars,
ended 1920 by facing a deficit of
$40,000,000, and needed twice
that amount to pull through 1921.
A great accumulation of reinvest
ed income stood General Motors in
good stead and whe nth gale of
1920-'21 struck, it was able to go
out and get the needed funds to
weather the blow.
Henry Ford followed other
measures. It was reputed at the
time tnat Wall street offered Ford
financial assistance but laid down
stipulations to which the motor
magnate would not agree.
"With his plants yirtually jam
med with finished products, Ford,
contrary to all economic laws,
speeded up production to its nit
most and notified Ford dealers
throughout the country to be on
the lookout for cars. The dealers
were advised they would be ex
pected to pay cash for the cars or
surrende rtheir agencies. It was
a financial stratagem on the part
of the Ford organization that was
without parallel, but it was suc
cessful, and it made Ford indepen
dent of organized banking.
Production was in ' high ' gear
just prior to the 1920-'21 read
justment period. The total out
put of 1920 was 2,241,000 units,
up until that time a peak total
for one year's operation. Ia 1921
production fell off 2 4 per cent
with a total of 1,680,000 units.
How well the Industry recover
ed from the gale of 1920-'21 Is
shown in statistics for the years
immediately following. Produc
tion crossed the 4,000,000 mark
in 1923 and became the normal
production base for the Industry,
although in 1924 and 1927 the
figures did not quite approximate
The Travel Accident Insurance
Policy issued by The Oregon
Statesman gives you protection
worth more than $1 per year.
The Travel Accident Insurance
Policy Issued by The Oregon
Statesman gives you protection
worth more than $1 per year.
STHOPSTS Or THB AjnTOaX STATE-
inarr or thb bmpwtms xxxhbuxv
of Kansas City. U tka Stat f Missouri
ea ta thirty-fin ? IHcmUr, 1928.
aa4a to taa Jaiaranea Commissioner oi
tha SUM of Oregoa, pnrsaant ta law:
JimoaBt af capital atock paid P
Xat premiums repaired during tha year
. : $3,070,987.67
Interest, dividend and rents reeeired
daring the year 29 . 188.947.31
Income from other sources received
during- the year 34 37 38 .
Total income 44,988,491.03
Net losses paid daring the year includ
ing adiuatment axDenset 17 23
Divicendt paid on capital stock dar
ing tha year 48 98,000.00
Commissions and salaries Mid during
the year 28 29 30 879,904.36
Taxes, licenses and fees said during
tha year' 43 .. 65,261.33
Amount of al lother expenditures 33
'! 9 .... T 145,402741
Total azpenditures $3,713,730.05
Tain of real estate owne (market
Talus) 139 $538,176.23
Vahia of stocks and honde owned (mar
ket ralue) 4 53 . 9.954,672.84
Loans on mortgages and collateral, etc.
9 3 820,663.97
Cask ia banks and on hand 7 .
Premiama In tonne of collection writ
tea tinea September 80,1928
Interest and rent da aai accrued
Reinsurance Recoverable 43 28 81
Total admitted assets ..$6,823,233.60
Gross claim for losses unpaid 18
24 !L $1,672,694.55
Amounts of unearned premiums on all
oatataading risks 35 35 .
Due for eommisrioa and brokerage 30
All other liabilities 31 32 46
Total liabilities, ezelusiv of capi
tal atock of $1,500,000.00
BumrEss ni obxoox fob the
Net premiums received daring the year
Lossea paid daring the year ... 43,755.29
Losses incurred during th year
Kama of Company Employer Rein
Nam of President E. O. Trimble.
Name of secretary 8. W. Isard.
Statutory resident attorney for service
E. A. Crandall, 410ft Taylor Street;
iae vast di
a few dolla
sums', mt tKm factory
Faetom . . . 645
Roadster Espmnel 845
Sedam Cock . . 345
Cup BsssutM r. B4S
Sedan .... 8SS
CupetULmj . . 835
Sedan dm Lujo . 955
AUjricm at factory
There is no better invest
meat in the motor car
market today than that
email amount oi money
that represents the difference
between the price of De Soto Six
and that of lower priced cars.
On the basis of cold cash alone,
yon will find that, oyer the
whole period of your ownership
it will cost yon less to bay and
operate a De Soto Six than any
car whose appeal is solely in
its low purchase price.
For when you buy a De Soto Six,
you not only spend fewer actual
dollars in the long ran bnt you
get vastly superior value for
every dollar of your investment.
Already you know that any
Chrysler-built car' includes a
whole list of unique engineer
ing features that make for finer,
fuller enjoyment of motoring.
Already yon know that
any Chrysler-built car is
ultra-smart in appear
ance, staunch, speedy
economical, easy in control
responsive that it embodies
the most attractive equipment
and fittings that you can find in
any motor cars.
Now we want to show you that
you can afford to own a De Soto
even though you had set your
price limit somewhat lower and
had resigned yourself to infi
nitely lass than De Soto offers.
Check all of De Soto's remark
able features find out how
much less De Soto costs to
maintain. Consider these items
in "relation to the purchase
price and you will be con
vinced that an investment in
De Soto Six is not surpassed by
anything in the low-price field.
Q) CHRYSLER; MOTORS, PRODUCT
EM HIE IS
ra n use
High Compression Motors
Make Good Use off
LOS ANGELES. April 20.
Time, which has a habit of fly
lug. files especially fast la the
"automobile same" and just as
motor rehleles cut down the hours
and miles In accelerated trans
portation, to do ther rapdlly-drop
Into the Umbo-of forgotten things
once their mechanical features
are antiquated by new inrentions.
This, according' to automobile
men. has been especially true
since the adrent of the now uni
versally accepted high-compression
cars appear. Thus, day by day
the ratio of high compression
-head motors to the old-fashioned
ones becomes higher and higher.
Gallonage Jumps High
It is this fact, primarily, which
has cause dthe .Immense increase
in gallonage of Ethyl gasoline, ac-
srvorsis or thx akhttax. statb
ftcsxT or the ugioy nrguxAXCE
of Henkong-, China, ia tha Stat of Ora
aon ea the thirty-first day of Dccsmbsr,
1928, made to the Insurance Commission
er of tha Stst4 of Orvg-oh, pursuant to
Amount of c pin! ilock paid np Te-
poiit ia th L'r d States f400.000.00
Net preminmi icceireC durins the year
Interest, dividends and rents received
dorinr the year 1(4,369.27
Iacome from other sources received daring-
the year 307.579.S8
ToUl income 91,845,476.58
Net losses paid during tha year inclnd-
ins; adjustment expeniee 9945,779.80
Dividends paid on capital atock dur
ing the year '. .
Commi ssions and salaries paid orinr.
tha year 433,140.76
Taxes, licenses and fees paid during
tha year 00,028.71
Amount of all other expenditures
Total expend itnree L$2, 783,342.75
Value of real estate owned (market
Value of stocks and bonds owned (mar
ket Talue) 93.109,104.75
Loaaa on mort fires and collateral, etc.
Cash in bank and n hand 839,583.49
Premium! in course of collection writ
tea sine September 80, 1928
Interest and rents Cue and accrued....
Doe from Sundry R. I. Companies on
Paid Lories 82,509.57
Total admitted assets ..93.762.714.51
Grett claims for losses unpaid
Amount of unearned premiums on all
utstandinr risks 546,964.74
Due for commission and brokerage
All other liabilities 57,500.00
Total liabilities, exclusive of capi
tal stock 91,815.971.98
BUSINESS IH OREGON TOX THE
Net premiums received during; th year
Losses paid during the year 14,895.59
Losses incurred during the year 18,262.91
Nam of Company Bafoar Kessler
Agencies, Incorporated, General Agents.
Marsh AMcLennan, United; States man
agers. Statutory resident attorney for service
Continental National Bank A Trust
Company, Chicago, Illinois.
Neil Stewart, Portland, Oregon.
cording to statisticians who hare
checked tha comparative gallon
age ef white and "red fuels. Be
cause gasoline blended with anti
knock Ethyl fuel are sDeeiflcall
demanded by owners of advanced
ears, the ratio of demand for
Ethyl Is rapidly approaching-the
SO per cent mark, it Is declared.
Another fact resnonsible for
the heavy Increase in Ethyl de
mand, it is declared, is that auto
owners, finding Ethyl so super
tor In their new high-compression
ears are having their older cars
adjusted for advanced spark so
that Ethyl in the low compression
cars may turn carbon into power.
Indicative of the Increased de
mand for Ethyl on the Pacific
coast Is the announcement, made
last week, that another big oil
company the Standard Oil com
pany will hereafter sell Ethvl-
Ued fuel. This brings the total
to four companies dispensing
Ethyl on the Pacific coast; Un
ion Oil company. Associated Oil
company and Standard Oil com
HUGE TAX PAID
America paid a total of $785,
386,000 In taxo nn
- wn IK-
hides, according to the Oregon
I B GOOD PROFIT
Graham-Paige Motors Corpor
ation reports earnings for the
first Quarter of 1929 totalling
$623,641.42; more than double
the earnings for the same period
of last year, which amounted to
The'directors o f the company
voted this week to offer to the
holders of the company's common
and second preferred stock and
right to subscribe pro rata to
283,758 shares of no-par-value
common stock, at $25 per share.
This will provide a right of sub
scription on the basis of one and
one-half shares for each share of
second preferred stock, and one
and one-half shares for each ten
shares of the company's no-par-value
oemmon stock. April . 29.
1929. has been fixed by the
board for the taking of record of
the stockholders in connection
with such subscription rights.
The Graham brothers. In be
half of Graham Brothers Corpor
ation of New York, have agreed
to purchase, at the same nrlee
offered to stockholders, all of
such additional shares as may not '
be subscribed by stockholders.
"The new stock." says m state-
men by Joseph G. Graham, pres-"""
ident. "is to provide additional
capital to handle our steadily In
creasing production, which is now
running in excess of 500 cars a
Elbert Bede To
Edit Journal Of
Elbert Bede, editor of the Cot
tage Grove Sentinel and reading
clerk of the house of representa
tives for many sessions, has been
employed by Secretary of State
Hal Hoss to edit the House and
Senate Journal, a volume issued
subsequent to each legislative ses
sion and which contains the offi
cial proceedings of the legislature.
Bede. both on account of his ex
perience in legislative matters and
because of his knowledge of edit
ing copy, will make a valuable
man for the work. Fred Softon,
formerly editor of the Elgin Re
corder, is another newspaper man
utilised by Secretary Hoss .In ed
iting official documents, he hav
ing just finishe da month's work
on the 1929 session laws.
198 S. Commercial
This department is
the largest and beet
m the city. Toa
rUl find the work
well dme and the
fast telephone 471
and our service car
Chxysler "75" Royal Sedan, $1525
A demonstration will prove
Chrysleir performance leadership
Drive a Chrysler "75" or "65"
and you cannot help but understand
why Chrysler successfully main
tains its performance leadership.
No other car regardless of price
oners the remarkable combination
of features which make Chrysler's
unmatched performance possible.
To try out a Chrysler in traffic is to
tain a thrilling new conception of
how eater, fleet and smooth fine-car
acceleration can be what infinite
safety has been attained in Chrysler's
weatherproof internal - expanding
four-wheel hydraulic brakes.
To open the throttle wide on the
broad highwayls to feel the exhila
ratkmof steady , effortless high speed.
To negotiate a steep grade or a wind
ing hill is to relish the satisfaction of
quiettjboundless energy and power,
ever al your command.
Yet it is only logical that Chrysler
should give such performance. If
you were to have a motor car engineered-to-your-
order, you would
unquestionably insist on each and
every one,of the advancements in
design and construction which,
together, endow Chrysler with its
We are eager to have you put a
Chrysler "75" or "65" to the test
to learn for yourself what a vast dif
ference there actually is in perform
ance, quality and value between
Chrysler and all other cars.
of advanced features
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' Chrysler "65"
Business Coupe . $1040
2- Door Sedan . . 10ft
4-Door Sedan . 1145
(7Xw m&tr UdyttyUt f SI US)
Royal Sedan . . $1535 ;
Coupe ( r32-w 1535
Roadster ( 1555
(tt thtr Udy yUt $2345)
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Corner Chemeketa and Kberly. Phone 1 132 "
360 Marion St.