Th OREGON STATESMAN SalemJ Oregon; gondii Blohifng-ypyemScr 22, 1931
'.ki.
fAGE WIWC-
eoTgamzatmn , i m Empire
BiHicukies Beset R
Company
EftiPIRE HOUSE 'v TRQUBLE LQPMS IN EMPIRE! t
ii in linn win i -" ' r f ! rffn nr' ft- - .
' , - i : .. - - ! ; ! -i j, ' '
Now Rain Descends, Floods
Come, Winds Biow and
Hopes are Slight
(Continued from pase 5)
ors voted to reduce the. weekly
cah payments to Keller to $1000.
a part of this going to salesmen.
Tt U also known that since July
21. 1931, certain "assets" then
extant have been collateraled to
secure bills payable or sold to
proride cash. It is also known
that ia August, Keller came to
Salem personally and approached
a reputable business man offering
ltim $15,000 a year salary to serve
the eompany as treasurer. Wheth
er similar offers were made and
accepted is not known but If they
were agreed to and additional
salaries, were drawn upon the
weakening "tide of Empire" there
Is scarcely faint hope that the
condition of the Empire Holding
corporation had improved an
iota since July 31, 1931. There ia
every reason to believe the cor
poration's financial position might
steadily have been growing worse.
Method of Hirlag
Saleenuue Noted
Keller's methods were extreme-
improvident. Incontrovertible
evidence was brought to The
Statesman oa Saturday showing
how Seller hired salesmen. A man
driving a cheap car, came to the
Emjqlf-e offices In the Terminal
bales i building, and sought a Job.1
Keller hired him. He asked him
at once what kind of car he drove.
When informed of the light, inex
pensive make, Keller was dis
pleased. Taking a phone he quick
ly negotiated a trade-in deal on a
Buick car and sent the newly
hired salesman after the car, giv
ing him $20 with which to clean
up, buy some new clothes, look
like something!
It is also true that prior to
April 1931, the bookkeeping
methods of the Empire Holding
corporation were exceedingly lack
adaisical. In that month Ed Ad
ams, a brother of Dr. Wilson R.
Adams, vice-president and treas
urer of Empire, worked as audit
or. Another member of the fam
ily. Martin Adams, son of the
doctor, and a University of South
ern California student, became
auditor. Later R. W. Clancy was
to protest, against this nepotism
but without avail. He was to ask
again and again but ineffectively
that an independent auditor be
employed to examine the com
pany's books!
The audit of the state July 31.
1931. confirms this tardiness in
starting the bookkeeping on the
Kmpire company. Seventy-five
thousand dollars in cash for sales
had been received and $65,000
had been spent before the books
of the corporation were in suffi
ciently regular shape to permit an
audit!
Furniture Fixtures
Total assets .
500.09
.$25,454.31
The Immediate liabilities of the
corporation as shown by the audit
and business men knew that while
assets may shrink, liabilities sel
dom do, but often Increase when
a company's solvency is question
ed and creditors hurry in with de
layed: bills are' as follows: .
Note payable ....L$ 9000.00
Accounts payable 8039.01
Salary credits .. .. 21,926.01
887.94; ' '
.Ttms towards paying thia
f 105,987.95, the company had:
Assets ........ ;...f25,454Al
Xiabllitlea .. . . . . . . . 886547
Total liabilities aside
from stock $38,9(5.07
The notes payable are regular
and collectible. One was to R. W.
Clancy for actual cash advanced
of $4000. The other was to A. E.
Kern ft Co. for printing. The ac
counts payable likewise were reg
ular and Immediately collectible.
They were:
Enllghs-Baker Co. $ 1.00
Gen. Litho. Co. (5.05
Helwig Chapman ft Co. 9.234.32
A. E. Kern ft Co. 643.00
Remington Rand Bus
Service .
D. C. Wax
J. E. Harvey ,
Gwendolin Weaver
R. C Charters
E. A. Dixon
1,541.91
131.25
229.21
5.00
$7.07
150.00
ToUl $8,939.00
The salary credits, similarly.
were due and payable. Every bust
ness man knows that salary, duly
contracted for. is a claim before
any dividends to stockholders and
certainly before the return of any
capital to a stockholder. The sal
arise due July 31. 1931, and at
that time unpaid, were:
Wilson R. Adams ....$ 4,417.23
Dr. R. W. Clancy .... 50.00
0. P. Coshow t, 9C 8. 50
1. H. Fetty 3,878,09
Frank Keller, Jr. .... 6,424.19
J. H. Stockman 3,187.50
JNET DEFICIT .... .813,8114
- THEREFORE IF THE 830
SHAREHOLDERS OR EQUITY
SHAREHOLDERS HAD BEEX
WILLING JULY 81. 1931, TO
PUT 81Sjm.3 INTO ' THE
EMPIRE HOLDING CORPORA
TION. THE COMPANY GOULD
HAVE PAID ALL ITS KNOWN
BILLS AND RETIRED FROM
THE FTCLD LEAVING : ITS
4 164 ,987.94 THE EXACT SUM
OF NOTHING. IT COULD HAVE
ALSO RETURNED $78,000 IN
MORTGAGES TO THE PEOPLE
FROM WHOM IT HAD
TA1NED THEM!
Now If one is generous and does
not adopt the balance sheet of .the
corporation 'commissioner's own
auditor, slightly more pleasant re
sults are forthcoming. ; Assume
that the mortgages ere the prop-;
erty of the Empire Holding corn
pany, that mulcted, disgusted,
hurt stock subscribers do not sue,
attach, and demand return of
these mortgages. GIte these mort
gages the liberal appraisal of $55,
050. Sell them on the present
market. The resalts are these
Sale of securities $55,050.00
Pay current liabilities 13.511.30
selling assets $ 34.431.14
PAYMENTS IN FULL, - ;
Adams,---Keller,. -!
Stockman, Petty.. 92.500.00
Remainder needed to . . - r
form company. , . . 23,003.00
$21,926.61
Nor was there any agreement in
the contracts of the quintet, Ad-
R. W. Clancy. (lower left) who pale 510,000 In cash to the com
pany, is irked by policy of the 8100,000 stock baying quintet,
This week he is reported to have had a flat right with Jay H
Htorknun. anner rlsht) Empire's counsel. Clancy is to lead a
eronn of stockholders In an effort to oust the present directors ams, Coshow. Fetty, Keller, or
at the December 7 meeting of Empire shareholders. He is busy Stockmsn that these salaries were
now gathering proxies. Frank J. Keller, Jr., (lower right) sales to be applied on stock. The sal-
counsellor, is reported to have resigned and is variously reported arles might nave been thus usea,
mm Uinir Ntrwk in the CornncoDla mlnee in wasnminon or sew uui iu uimuu was wnu iu uui-
lnc stock in another Oregon concern,. Stockman and O. P. Co- cers. W. C. Hagerty's contract
show (upper left) both visited menu in aiem, rioc.mn um- i .. " "-
u m.tf tnr . hnur with an attorner. Coshow was I to put $3000 annually of his
.. . ... I . . r. n J I l 1 t 1L. lU.
reported to The Statesman as a somewhat silent onlooker at me urawmss oaca iu u iu. uu.
r . 1 v lmnis. anil thns 4a llrr nimiAlf
MMtfoMnM Aithnnrti tin rrrrt mioT friends ftere. iu .' -
, c - I I LI. !. 1 . . - .
or fimnMil rni1r!
Indicates Salary
Now to answer the question of
possible salvage of the Empire
company, which resolves itself
into an analysis of assets avail
able or projected with which to
meet liabilities. It must be
borne constantly in mind that not
a single subsidiary to write fire
or life or casualty insurance
ronld have started doing busin
ess, let alone making money, be
fore 8150,000 for each company
fa cash, state, municipal or feder
al bonds of gilt-edged first tnort
g-.ges, had been deposited with
the state treasurer!
The following figures and state
ments are based on the corpora
tion commissioner's audit July
31. 1931.
The first asset of the company
was cash in the banks of 835.50.
Then there were stocks and bonds
on hand in the total sum of $24,
7 SO. Unquestionably this apprais
al ia hieh'for one item of $8500
is for Reedsport bonds now sell
ing :at a small fraction of par on
the Portland markets. A large
block of bank stock listed Is prob
ably unmarketable at the stated
value. Such items as the L. I. D.
securities of the city of Vancou
ver. Wash., are . not saleable at
par as listed. The Statesman feels
that a conservative evaluation of
these holdings would show this
item to be marketable at not to
exceed $16,000. It is to be noted
that the auditor reveals that the
one S200 Liberty bond in this
group of assets was sold August
17. indicating the Empire Hold
Ing corporation was not making
any strenuous attempt to keep a
backlog later to be used to qual
ify its five great subsidiary com
nanies but was marketing its
- trade-in securities when and If op
portunity offered. Fortunately the
market for Liberty bonds tan en m
by salesmen remained good!
Accrued Interest
Debatable Asset
The "next item listed as an as
set was accrued interest of $15,
39 3. This Included large blocks
of interests on the $15,000 notes
. of men . like Coshow, Adams.
Stockman, Keller, Fetty. There Is
nn evidence Hi the audit that a
whit of this interest was paid!
from month to month as the notes
ran. The facts revealed by the au
dit make this interest item of
little if y certain value.
Since interest waa to come from
notes taken for stock whose en
tire sale had been clothed under
a false oath, or on traded in
- stocks and mortgages, since there
;bad been no regular collection on
' subscription notes since the in
terest on the larger notes was
'quite .well swallowed p by the
: "modest and prudent" monthly
salaries, this item should, in our
o dIii ton. be valued at nil.
Tim next "asset" is $182,454
organization expense. This means
? c. J. Keller's 1V percent commis
sions, it means $73,181. salesmen
mtmcnti. it means xiu.izs or
ganlxatlOH expenses! Translated
from monev into possessions - It
leans eaultlea. Itt-Wgears. wrge
piles of prospectuses, copies of
telegrams and wires galore, fumes
of thousands and tens of thous
ands of gallons of gasoline! Al
though a limited organization ex
pense may be carried as a defer
red asset in a corporation, since
no operating companies had ever
been formed to assume this item,
the "asset" has little If any val
ue. Certainly It would pay no Em
pire princers, would not compen
sate the modestly paid officers for
a month ham and eggs and would
not even allow the reupholsterlng
of, the red davenport or the re
plenishing of Keller's little desk
stand wlierein was stored the
treasure he used effectively on
salesmen, prospects and himself!
I. H. Fetty'8 advance of $118.-
72 is an asset and Is probably
good although Fetty was still
short $18,500 on his $20,000
"cash"' payment July 31, 1931 and
to have matched Coshow s, Kell
er's and Adam's payment would
have needed to pungU up $500
more!
Assets of Magazine
Of Small Value
The assets of the corporation
bear a $16,177 advance to the
Westerner Publishing company
As The Statesman has explained,
this consisted of a few type
writers, some cigars and cigarette Claim Retained
stubs and the ashes of hope. Val
ue of the asset: nil.
Furniture and fixtures green
carpet, walnut desks and gut-iet-
teringrm the doors it was excel
lent lettering, by no means mod
est but glaring and garish are
listed at the depreciated value of
$16,868. Nothing is shown of
moneys due on the furniture but
Hens there were according to the
state's auditor although the exact
amount of these does not appear.
Judge Cosbow's declarations
last week clearly Indicate that he
considered his Balary an Imme
diate obligation, one duly con
tracted, one which on the books
of the company was already long
past due. How firmly the judge
believed this salary his is reveal
ed In his statement that if he were
removed as president a suit on
his part would follow to enforce
his $108,000 10-year salary as
Empire's president! Provided the
contracts were legally executed
. . m M f 1 M MM.
The item or iunmur the jadge's position seems, in or
tureS. as far as a marketable Vf 7. ,i..- a-r
eauitv value of the Empire's mul
ti-colored suites could scarcely ex
ceed $5000 as this one appraised
it.
Using the state corporation
commissioner's audit, therefore,
and making due but liberal allow
ance for the explanations made
in that audit, The Statesman lists
tha Emnire's liauid assets Bhown
on the left side of the state's bal
ance sheet as follows:
CASH - $ 55.59
Stocks and bonds 24,780.00
Interest accrued 00.00
Organization expense - 00.00
I. H. Fetty advance 118.72
Westerner Pub. Co 00.00
Salient Portions Oregon Code on
Perjury, Fraud, False Statements
wvottibtrs have come to The Statesman for succint data on
I the Oregon laws relating to the conduct of business institu-
tions, especially as regards stock saies. mner wquin
come regarding the code's provision on false oaths. The States
man herewith presents excerpts from the Oregon Blue-Sky law
and other relevant portions of the state's code.
SECTION 25-1320. PENALTIES FOR RLUE SKY LAW VIOLA
TION "
Any corporation, partnership, association. Joint stock company,
trust or unincorporated organlsaztlon which shall violate any or
the provisions of this act shall be deemed guilty of a crime and,
upon conviction thereof, shall be fined for each offense not nvore
than $10,000. Any person other than a corporation, partnership,
association, joint stock company, trust or unincorporated organ
isation who shall violate any of the provisions of this act shall
be deemed guilty of a crime and, upon conviction thereof, shall
k frir each offense by" imprisonment in the peniten
tiary for not more than five years or in the eonnty Jail for not
more than one year, or ny a line oi not mre "
both fine and imprisonment.
cpcTinv .in2- STATEMENT REQUIRED.
This section reauires every applicant for a permit to present
a "full statement of facts, daly verified by the executive officers
of the issuer and three directors or trustees Ibereof."
r,-,-Trnv ot.n.i KruKMFS TO DEFRAUD OVERT ACT
r i ,v a -
Any person who shall, alone or In conjunction with others, de
vua nr attemDt to devise, any scheme or artifice to defraud any
person by securing subscriptions far, or by promoting or nego
tiating the issuance, transfer, distribution or sale of any secur
ity, and who shall, for the purpose or executing or attempting
aToonfa unch scheme or artifice, commit any overt act within
this state, shall be guilty of a crime and, upon conviction there
of, shall be punished as provided by section 25-1320, Oregon
Code, and the amendments thereof.
aonrrnv o-ciftojt WRArmrTJENT REPRESENTATIONS OR
0UVJlV. mrM.M w.
mvrvu.UKVT PITN1SHED.
Any person with intent to induce the purchase of any of the
...uioa heroin mentioned who shall, by the use of any writing
or token, or note or memorandum thereof, knowingly or reck
lessly, with intent to deceive or defraud, make any false state
ment,' or knowingly or racklessly. with intent to deceive or de
fraud, conceal any facts materially affecting the value of any
..h .mmi rules.- shall be guilty ef a crime and, upon crfnvlction
thereof shall be punished as provided by section 25-1320, Oregon
Code, and the amendments thereof.
Hvrrfnv 23-112. ADVERTISING SECURITIES REGULA-
irv ln RRSTRICTIOJfS.
t .haii h unlawful for anv issuer, dealer or broker, or his
Mnt in Issue, circulate or deliver any advertisement, pamphlet,
,.i.i4. r othr document in regard to such securities as are
not within the exceptions in said sections 25-130225-1308, Ore
t. . until fter such issuer, dealer or broker snail
h- hn ia.Hd jr-ermit to sell such securities In the state of
nr.rnn. as nrovided in this act, and it shall be unlawful for any.
such isener. dealer or broker or hi agents to issue, circulate or
deliver any anch advertisement, pamphlet, circular tmt other do-;
nnaent. . ,., ' ... .. .
crmnv AAtf. PERJURY. -
This section provides that "every Preon convicted of the crime
of prrjary, committed otherwise than in a proceeding before a
inRfW. or convicted of the crime of subornation of
Deriary. liowevw' committed, shall be punished by imprisonment
la the penitentiary not leea was i -w --
dinary business procedure, beyond
cavil.
Someone will ask: What about
the hundreds and hundreds oi
thousands of dollars of notes re
ceived on stock and not paid! ur.
Stockman suggested, these were
assets" and collectible. But were
they or are they? First, over half
of the total is in large notes.
$5000 315.000. $20,000. taken
from the directorate oi r.mpire
The Statesman put this question
to an auditor in the corporation
commissioner's office: "How much
is the realisable value of the sub
scription notes, considering that
the officers and directors lestmeo
to paying the aggregate of $100,-
000 in cash for tneir stoc-
and actually paid $500 down,
taking Individually commissions of
$3000? How much could oe col
lected on these notes or wnai is
their sale value?" The questioner
sueeested that the $667,llb.Z
might bring $600. He was laugh
ed off and the auditor suggested
160. It is to he noted In this con
nection that officers of the Empire
Holding corporation report collec
tions on contract notes for stock
have virtually ceased since the
stock selling permit was canceiea
November 6!
But could not one lind otner as
sets? Evidently tne corporauou
commissioner's auditor conld not
for he did not list $7S,uz in
mortgages traded in on stock as
an asset, nor did he so list the
contracts receivable in the amount
of $20,000 nor did he so list oen
Left tor company use. .$34,438.04
'Including salaries by contract to
officers.
If the eompany thus desired to
go into the insurance business.
towards the $150,000 minimum
needed it would have $34,438 or
23 per cent.
To obtain this $34,438 to go
into the insurance business the
expense outlay would have been
as shown by the audit: i
Organisation expense ' '
and commissions. $132,454.30
Westerner 10,292.48
Notes payable
(cleaned up) .... 9.000.00
Accounts payable
(paid) , 8.939.0$
Salaries completed .. 21,926.01
Total paid ...... .$188,012.48
This would mean that these
"modestly paid' officers and
that this "prudently" adminis
tered company, instead of con
finine ita organization expenses
to 20 per cent, had at the close
of business July 81, 1981, 884,
438.04 available for its first,
great, vast subsidiary company
and that this had been obtained
as a cost of $188,012.43!
The expense allowed on the
permit issued December 10,
1030, by Corporation Commis
sioner Mark D. McCallister was
20 per cent!
The expense Incurred and ac
crued dp to July 31, 1931, to pro
vide $34,438.64 for the subsidiary
companies. Drovided assets had
been liquidated about as apprais
ed bv the auditor, was 548 per
cent of the total moneys available
for the subsidiary company!
These facts, bear In mind, adopt
the theory that the mortgages
trade-in were unqualified assets
of the Empire, to be marketed,
when, if and how that corporation
desired!
We quote again:
26 And every one that herth these
saying of mine, and doeth them not,
shall be. likened onto a fooliih man.
which built hi lionae upon la aand.
27 And the rain deaeended, and the
flood tm, and the winda Hew. and
.... iuin that home: and it fell: ana
great vat the fall of it. -j
j
If In at pa1 o f nroceedinx with !
the securing of $150,000 to start
a subsidiary company, the Em
pire group should elect to dissolve
and to pro rate assets on hand,
including mortgages, how much
could be received?
There would be $165, 987 ia
stock over which the thin assets
would need to be spread. To this
would have to be added $78,062.
for it the mortgages were taken
as assets of the Empire Holding
company and sold, the sharehold
ers' equities would be Increased
by Just that much amount. The
figures would therefore be as fol
lows: Shareholders' equity
July 31 $165,987.94
Added equity by accep
tance of mortgages )
and application to
stock 73,062.65
Total 1st class Invest
ments or cash need
ed to form com
pany ........... $150,000.00
. :
Can the quintet, of organisers
make such payment? The States
man does not purport to be a fi
nancial rating bureau. It quotes
herewith the "net worth? of the
men indicated on. their solemnly
made statement November 14,
1930. Coshow, no statement;
Fetty, $75,000; Adams, $50,000;
Stockman, no statement; Keller,
$100,000.
Since, January 1, 1931, the
monthly . salaries paid these five
men while-perhaps "modest and
prudent-should have been ample
to maintain ordinary . living ex
penses -and to v have" -left their
original "net worth", untouched.
Certainly Keller, making $10,'
000 annually as-sales counsellor.
and with an easily controlled
brother, C. J. Keller, receiving
seven and one-half per cent com
mission under his contract on
the sale of more than $800,000
total stock, should be able to
pay!
Adams, a successful doctor. It
would seem Was well able to pay.
Judce Coshow in six and otoe-
half Years on the Oregon bench
drew-salary, approximating $48,-
750 for the period from tne Ore
gon taxpayers. He is known to
have on deposit In one financial
Institution in Salem at a recent
audit between $7000 and $8000.
Fetty's financial standing is
only known to The Statesman
through his statement of net
worth sworn to November 14,
1930.
Stockman made no statement
on financial worth. He has al
ready told this writer he is will
ing to do anything possible to
make up his subscription. Offi
cials at the state capital say
Stockman has long been an ap
plicant for a legal position at sal
aries ranging from $2400 to
$3600. What his average yearly
earnings in Portland have been
are not known.
Company has not
Earned Anything
It should be observed that the
Empire Holding corporation nev
er made one cent in its 12
months' history from the actual
operation of the businesses in
which it was to engage. Obvious
ly this was impossible since It
never sold a life or fire or cas
ualty, insurance policy, never ex
amined a title or wrote title in
surance and never engaged in
the mortgage loan business! It
was Indeed a ghost ship, sans
engines, sans . hulk, sans rudder,
sans everything except "modest
and erudentry paid" officials I
! .Virtually every cent spent by-.
Empire waa from capital In
vestment; money men, women,
many of very small means, had
"invested' to become part of '
the backlog each individual so ;
earnestly and rightfully craves
as protection against hardship, .
disaster - and inescapable old
age! .w..
The only approach to operat
ing income was $15,758 which
came, according to the report,
from interest earnings on sub
scriptions or on stocks taken in.
But this was not from any busi
ness In which the company was
to engage and even this compara
tively. Bmall Bum was spent Im
mediately and overspent by
$4707, the funds going out in a
separate list of expenses of which
for salaries the amount was $14,
977.47! Tuesday The Statesman will
outline plana for reorganiza
tion being proposed by Dr. R.
W. Clancy. It will discuss the '
quandary stockholders find
themselves In. It will reprint
a portion of a supreme court
statement by Jndge Cosbow.
It will mention the judge's pol
icy on the responsibility of di
rectors of corporation when
In 1981 he thought some of
his own property waa involved!
! i v ! ' ' i ' ; :
Total obligations to
stockholders . . .$244,049.59
Available for
distribution $34,43.ss
Per $100 share
vallable
wishes It nis-
f-S n - . 0 . m- - mm.
accounts due on stock of $ia- tlnctiT onderstood that these cal
All of these items he subtrac ed ""S""" based on the state
from the stock sales, later giving . , . lm tnd
the net capital stock Issued and
paid.
Mortgagee Deemed
Not Clear Property
audit made
that succeeding stock sales and
exnenses may have materially al
tered this ratio. Tne ugures are
also based on conservative, llqul
Evidently he did not consider f RmT)lrR aggets and
the mortgages clearly the property .,- that the com-
of the Empire eompany until the
stock subscribed by the party
trading in the mortgage had been
paid for. Legally the mortgage is
the Empire's property to do with
as it Bees fit. Just as a down cas'a
navment was the company's. But
the auditor noted toe tact mat
many of these mortgages were rag
tag specimens; taxes long since
due. Interest unpaid, security Im
paired. Not all the mortgages were
poor; some widows, orphans, hard-
work in nrofesslonal men naa
parted with gilt-edged security.
The auditor appraises these mort
gages not at $73,062 but at $55.-
050.
Contracts receivable of $20,000
were not considered as assets by
the auditor in his balance sheet
nor were open accounts of $10,-
065. The latter consisted either of
nost-dated checks or else were
simply salesmen's reports that
such and such a party had agreed
to buy stock on a future date,
whereupon the "deal" went into
the books.
In addition to current liabili
ties of $38.985.87, there appear
on the balance sheet liabilities
to stockholders in the total of
9103,987.94. Of this, stock Is
sued and paid for to $74,100,
which undoubtedly Is Empire
stork siren In trade for market
able bonds or mortgages or for
cash. The Other item constltnt-
tag the $185,987.94 total fa net
, paid stock equities ot $91-
on the assumption that the com
nanv. before repaying its share
holders anv funds, wouio pay us
general and note creditors ana its
legally hired and contracted for
officers In full.
Thus far one possibility has
been overlooked. Should tne
Empire shareholders on ue- ;
ceraber 7, 1931, care to go ac
tually Into one line of insur
ance business, they might very
logically seek to obtain FROM
COSHOW, ADAMS, KELLER,
STOCKMAN and FETTY, PAY
MENT IN CASH FOR THE
BALANCE DUE ON THEIR
100.000 -stock subscriptions
which more than a year ago,
November 14. 1930, these self
same five men solemnly swore
had been paid in FULL IN -ACTUAL
MONEY!
With this money on hand the
Empire would be materially near
er its goal of starting one Insur
ance company.
Pay in r all its bills and notes
and salaries up to July 81, 1931.
and assuming that Income baa
balanced outgo since that time.
the outlook would then be
Funds on . hand after
Too Late to Classify
wiia Safety
wklk Safety
P:
OH
GUM-DIPPED TIRES
Firestone Gum-Dipped Tires, the world's strongest and longest
wearing tires, and good brakes, certified by our brake engineers,
are a combination that insures complete safety on any kind of
road under any driving conditions. Don't take chances with
smooth tires and faulty brakes. Drive in tomorrow for a com
plete inspection for your safety and the safety of your family.
OLD FIELD TYPE
When you buy
two, price each
$4-00
Suw Eb Per Pair
4.50-20 $5.60 $10.90
4.50-21 . . 5.69 H.IO
4.75-19 6.65 12.90
4.75-20 6.7S 1314
500-19 .6.90 13.60
5.00-2O . 7.10 13.QO
5.25-21 . , 8.57 I6.7O
5.50-19 8.90 1730
6.00-18 H.D. 11.20 21.70
TLa-r-waa nit ffmi1r-L Trial AllOWea.
. JckKM Barn. WcKKlburn. Or. W. H.
l Street
BATTERIES
-Your battery is called upon for double
duty during the fall and winter months.
Is it capabLe of rendering this service?
A new Firestone battery will give you
the greatest battery performance yoa
have ever known.
(With your old battery)
COMPLETE FIRESTONE l-STOP SERVICE
Tire repairing; complete lubrication sendee; electrical repair;
brake testing, adjustuag and xelining; accessories; gas and oil service.
Stop
Service ; V
"THE STATION WITH A CLOCK"
Jim? "Bill"
FIRESTONE ONE STOP-SERVICE
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