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About The Oregon statesman. (Salem, Or.) 1916-1980 | View Entire Issue (Dec. 12, 1931)
Former Directors Furnish : Funds to Help Firm In Reorganizing (Continued from pave 1) former status as a mutual com pany. . This settlement of the associa tion's affairs is regarded as for tunate because they had become entangled as a result of the af filiation with the Prudential Ban corporation of Portland. About a year ago the association members "voted to go on a reserve fund ba sis. The board of directors at that time subscribed to the necessary reserve fund stock. Portland fi nancial groups at that time were expanding rapidly and acquiring Barings and loan groups orer the state; and the general trend fol lowing the enactment of new tax legislation had been toward the reserve fund companies. The Mutual board of directors was approached first by the Guar dian group, but not being satls: tied as to the financial strength of that organization, the tenders were rejected. The Prudential group appeared and made over tures for purchase of the Mutual reserve fund stock. The local fll rectors examined its statement, which at that time showed assets of over $900,000, and with the onroval of the state corporation fepartment contracted the sale of the reserve fund stock to the Pru iential Bancorporation. To Fill Contract The Prudential group paid the individual shareholders of the Mu tual reserve fund, share and share alike, for the stock they had sub icribed to, and in addition con tracted to put capital into the Mutual which would build up its reserve fund to qualify with the legal requirements and the needs of the business. The Prudential group placed four of their mem bers on the board, and the hold ing company, Prudential Bancor poration, leased the room in the Patton block and made expensive alterations for the tenancy of the Mutual. The costs of this improvement In addition to the other wastage of assets of the Prudential cor poration and the slowing up of Its income from sales of securi ties prevented the Prudential Bancorporation from meeting its contract so that it failed to put up the amount in the Mutual which it had agreed to do. When the blow-up of the Pru dential came, the Mutual "was af fected. There were various rum ors as to the amount received by the former holders of the reserve fund stock, and some were re- ported to have received more than ; others. This was denied yesterday I by Mr. Callahan, whose office has charge of the books of the Pru ! dentlal Bancorporation. All the directors who were the reserve fund shareholders received tHe same from the Prudential Ban corporation, no part of which came from the assets of the Mu tual company. With the failure of the Pru dential Bancorporation and the necessity for starting the Mutual again "with a clean slate, the for mer board of directors came tor ward and made good all impair ment, both that which had exist ed for a long term of years and the comparatively small amount which had resulted from the con : nection with the Prudential. Ad I ditional sums were posted to cover the full requirement of 6 per cent Interest to shareholders up to January 1, 1932, as well as the customary reserves. This will ' enable thj new board to take over the association in solvent condi tion; and it is stated by the sec retary, Mr. Lee, to be in the best condition it has been in for years. One of the considerations prompting the sale to the Pru dential group, at the time con idered a strong organization, was its promise to take care of a deficit which had continued from the very early years of the association when Interest credits to shareholders proved too liber al, until definite experience show ed the exact rate of earnings. The officers felt that they were doing the best thing for the association in making the transfer because this deficit was to be made up When the contrary developed and the Mutual suffered some loss from the change, the old board not only took care of this loss but the old deficit as well. KETTLES SHOULD BE : ILL FILLED TODAY (Continued from pose 1) his bit of Christmas shopping. It ts the spirit of Christmas to re member the needy in making out the Yule tide budget. Most people do not have the time nor the knowledge of situations to spend that part of their budget with comfort. The kettles of the Army will aolve that part of the Christmas A HCfME-OWXED theatre BUCK JONES "BORDER LAW" - Also Comedy Cartoon Newt Act and Wrestling Swordflsh The Call Board By OLIVE M. DOAK Warner Bros. Capitol Today George O'Brien In "Riders of the Purple Sage". Warner Bros. Elslnore Today Ina Claire in "Re- Tndav Ruck Jonea in "Border Law' The Hollywood Today Richard Arlen in "Caught". rush. Army heads estimate that there will be at least 150 famil ies in Salem that will not have a Christmas unless funds are placed in the Army coffers that will al low it to supply that cheer. The fund is growing slowly but if each person down town today would place in the kettle a cer tain portion of money saved in bargains offered by merchants here anil there at the end of the day the total would be something to be happy about. That is just a suggestion but in practice It would be effective. HOLIDAY HELP FOR PU3T0FFIGE LOIS Beginning next Wednesday or Thursday a portion of the Christ mas rush crew will be put on duty at the. postoffice, Arthur E. Gib bard, asistantant postmaster, an nounced yesterday. The local of fice has been authorized to hire as many as 50 men and women during the height of the Christ mas mailing period. Hiring of the special carriers and clerks will be based not on priority of application but upon their qualifications, ability and amount of employment they have had recently. The 50 persons on the list will be employed from three to 10 days according to need for their services. Because few changes have been made in postal regulations during the past year, little misunder standing has cropped up at the office concerning mailing require ments, Mr. Gibbard said. The new parcel post package dimensions are: not to exceed more than 100 inches in length and girth nor more than 70 pounds In weight. Postal rates to England and the British dominions have been in creased slightly. The volume of mall being hand led now, according to the assist ant, is normal for the season. Plana are being laid carefully for the rush, which is expected to be gin late next week. NEWSBOY KING IS VISI1 IK SALEM (Continued from pas T) and hasn't been paid any salary by anyone since he started. "It wouldn't be a good thing for too many to be like me, but it Is the right life for me," he declared Friday. Cole has interviewed many men and has their signatures In his bulky portfolios to prove It; one of the most prized being that of Thomas A. Edison. While in Salem the newsboy king was the guest of W. W. Chadwick and W. A. Cummlngs at the Senator hotel. He admits he couldn't get along as he does except for the glad hand extended by hotel people. They welcome him because he is a booster. From Salem Cole is going to Seattle, and from there will em bark tor Hawaii, later stops on his present travels being Japan, China, the Philippines, then back to China, Manchuria and Russia. Keech and Son Repeat Annual Holiday Treat STAYTON. Dec. 11 Aa Is hla annual custom, ex-mayor George Keech, is putting on a free show, and treats, providing a Christmas tree and a visit by Santa Claua at the theatre here on Saturday De cember 19. Edwin Keech, Salem attorney, and son of George, and the owner and manager of the theatre cooperates each year with his father in making this an occa sion, long to be remembered by the children. This annual Christmas party by Messrs. Keech is tor all chil dren, up to and Including the eighth grade. No adults, except those who will be there to look after the children will be admit ted. The entertainment starts promptly at 2 p. m. TODAY ONLY Sunday-Monday-Tuesday EDWARD G. ROBINSON JAMES CAGNEY EVALYN KNAPP ' la SMART MONEY BOND DISCOUNT SURE TO HURT Would Mean $125,000 Loss On Present Proposal For Santiam Line (Continued from par 1) the margin at the best is very nar row. With reference to the agitation for issuing the bonds to provide employment, counter argument is advanced that the bonds will be tied up in courts for a year or more owing to the opposition of property interests .who fear great ly Increased taxation. The work would be done by contract and contractors would use ditch-digging machinery instead of hand labor. The latter would raise the cost to prohibitive figures. Steel or Iron pipe would be purchased probably in Alabama. Concrete pipe would cost 25 per cent more than steel pipe. If the necessity arises for bond issues to finance employment, oth er projects than an unnecessary pipe line may be pointed out. One in particular would be a sewage disposal plant which will be re quired before many years. This would provide a large amount f labor for the construction work would be done right on the spot. Proponents of the bond Issue now are urging extending the pay ment for the pipe line system or er a period of 75 years. The idea would be to pay off only a small portion the first 34 years with the bulk of the Issue falling due In 35 years and then to refund this balance for another 35 years. This proposal would harness a load of debt on the city for three quarters of a century. In the first 50 years perhaps the whole in stallation would prove obsolete, but large portions of the bonds would still be unpaid. The interest on $2,500,000 for 35 years at 5 per cent would amount to $1,875,000 so the city would pay out in interest almost as much as the original principal of the bonds. TWO-SHIFT BASIS (Continued from pas 1) schedule to demand 1,400,000 pounds of fiber a year; about double the present capacity of the scutching plant at the prison. The double shift of the weav ers in the Salem plant, together with the necessity to keep up with the looms in the finishing and forwarding department, has re quired the putting on of addition al help. But perhaps no extra op eratives wm be needed now, un til the time arrives for the order ing of more new looms. Large Crowd Out At Disarmament Dinner at Y. M. Fifty persons attended the din ner at the Y. M. C. A. last night, for those interested In the dis armament movement. Joseph H. Albert, chairman of the local com mittee for the National Connrfl for Prevention of War, presided. rne tnree features of the pro gram were self-introduction of the diners, relation of experiences In the recent local circulation of the disarmament petitions, and an ad dress by Rev. J. J. Handaaker. re gional secretary for th natlnnal council. The speaker told of his observations of the peace move ment, gained from a conference at Washington, D. C. Blodgett Says Bend is Quiet Bend's business condition la quiet this winter because of large curtailment In mill operations bat railroad construction south of the central Oregon city is helping materially to keep men busy. Thla report was brought to Sa lem yesterday by Ray Blodgett, many years a Salem resident LB 11 ON II 1 Mickey Mouse Club Meets at 1:00 P. M. Special Pictures and a New Mickey Mouse Cartoon Mi II fc ( MEf Preview Midnite Matinet Blodgett now owns and operates a commercial print shop la Bend. After leaving Salem lis- was own er and editor for several years of the Tillamook Headlight. He then spent on year In Montana. DELIH TAXES LIST IS PUBLISHED Initiating a county program of clearing up delinquent tax lists, Sheriff O. D. Bower, through his special attorney in the cases, Ed win Keech, today Is publishing the first summons to owners of 42 pieces of property on which 19 IS taxes are unpaid. This is the first of a aeries of actions which will be taken during the next year to collect back taxes and get a large amount of county property back on the tax rolls. Forty-six persons, firms or es tates are named In the summons. Taxes due on the 43 pieces of property In the initial action amount to $474.88. In addition to the taxes, the owners will be charged 12 per cent Interest per year and costs. If the owners fail to answer the summons with in' CO days from today, decrees will be sought in department two of circuit for sheriff sale of the property to settle tor the sums due the county. The certificates of delinquency on these 42 parcels of land were filed In the county clerk's office on August 20, 1923. In one of the most important contests of the high school inter class debate series, the senior ne gative team yesterday won a 2 to 1 decision from the Junior affirm atives. The personnel of the two teams is: Seniors, Charles West and Esther Bloch; Juniors, Doro thy Beckley and Allen Baker. As the sophomores will partici pate in the two remaining debates they still have a chance either to beat or to tie the juniors. On Monday they will meet the Jun iors; on Tuesday, the seniors. The team to represent the high school in district debates will be select ed from the interclass debaters. The juniors are In the lead with seven points, the seniors next with three and the sophomores last with two. Compulsory unemployment in surance is the question being de bated. Cast is Chosen For Willamette Mid-Year Play The cast for the Theta Alpha Phi mid-year play at Willamette university to be presented in Jan uary, has been selected and prac tice commenced. "Children of the Moon" is the name of the presentation which is a three act tragedy. Professor H. B. Rahe is In charge of the play and has announced that Sa villa Phelps, a sophomore of Sa lem, will play the leading role as "Jane Atherton" and Ralph Bar ber of Cashmere, Washington will be "Mayor Bannister". Other cast members selected are William Mosher of Salem as Thomas, Willis Shuler of Klamath Falls as Walter Higgs, Lawrence Brown of Salem as Judge Ather ton, Thomas Hall of Portland as Dr. Wetherell, Helen Stiles of Portland aa Madam Atherton and Dorothy Dalk of Salem as Laura. Five More Men Get Road Work Five men yesterday were added to the county emergency road crew, raising the shift to 20 men. This Shift la workinr on the Pa. clflo highway south of Sunnyslde. Total emergency registration at the XT. S. Employment bureau yes terday reached 1058. an Increase of 17 In two days. Applicants now appearing at the office come mostly from outlying rural dis tricts A MATRIMONIAL COMEDY OF MISADVENTURE LAST DAY 1 DEBATERS WIN I SOLD INTO MARRIAGE FOR $100.00 SHE RAN AWAY TO FACE A WORLD OF EVENTS GRETA 'ARB sin u v?kri ii ii ii if rum iiifi i TALL AND (USE) with the perfect lover Clark Gable Jean Hersholt JohnMiljan STARTS SUNDAY at 11:30 P. M. Tonite IlilE-BlKEO GOODS HMD STARTED Circularizing of Salem house wives was amonr that nrnnuiti made by 22 secretaries of local unions, meeting last night, In the union movement to drive out of the city the products of outside bakeries. The circulars will con tain a Dlea for th nnM... of Salem-made bakery goods in utuer tun more laborers may be given employment. To familiarise Salem residents with local bakery products, the union men plan to publish lists of the trade names of th.. t- Several weeks ago they published a list of stores which were selling omy iub iocai oread and pastry. Within the unions, the cam paign will be waged by the vari ous secretaries. La3t night they planned to offer a nri f tv. local which eliminates from among i uiciuuersnip me nignest per centage of nurchaae nf products. Secretaries and the lnoti represented at the meeting were- . . a. Boenringer, engineers; Mrs. Phil M. Bo wen, culinary; Pe ter DeWitt. rarnentr ria... Townsend and M. Clifford Moyni han, barbers; J. Olson, city fire- mea; ueorge rro. plasterers; Roy B. Comstock. lath ra Tamo. T Barclay, butchers; Harry Sech ler. linemen; A. T. Macklin, painters: H. W. Hale, central labor coun cil; Mr. Kayser, electricians; James B. Heenan, printers; Ed ward Heenan. tmnmnliiin. nm nam Barnes, truck driver; E. R. Bl nignway shopmen: Frank Marshall, laborers; Iran Martin, musicians, and John O Humphreys, plumbers. Vernon Jenkins Speaker Before Salem Ad Club Ail C1UD at the meeting Friday, listened to t1 or Vernon Jenkins of Port land, representative of Foster and Kleiser. on advertising. Mr. Jen- Vina - 1 t m eiviainea advertising in its various nhca ,- through which the manufacturer COnveva hla own nfUa.. - " ivuuucun 1U l LI 9 article produced to the ultimate consumer, at tne same time show ing how greater distance between the manufacturer and the consum er means less confidence in the ar- Jenkina fnM hw mi - .j irv uumuui aus vertislng concerns have classified highways into two groups as far as business is concerned, commer cial and iranlo TTIa - vuuioiu auu other national outdoor advertising agencies are working with wom en's clubs in trying to regulate signs on scenic higftways. Outdoor advertising dropped off from 293.- ft(t AAA I , 180,000,000 in 1930. Congratulations in Order for F. Webbs MISSION BOTTOM. n. 11 Mr. and Mrs. Floyd Webb of Mis sion Bottom are receiving con gratulations nnon thai arrival nt a daughter, born Saturday at a oaiem nospuai. xne baby weighs ttt pounds and has been named Florence Charlotte. Webb Is em ployed at the Van O. Kelly farm. Herbert Udell Is at the home of his parents this week in Eagle Creek. Economics Club Has Session. Union Hill UNION HILL. Dec ItThir teen members. Including all offi cers and five visitors were pres ent at the regular meeting of the Home Economics club held Wed nesday afternoon. A short pro gram was given by Mrs. W. F. Krenx and Mrs. Myra Fisher A ClOtjDS kUftcnxm STARTS SUNDAY NOW HEAR THE OTHER WOMAN'S STORYI I A : V r r i r a -LJlSv v J M7Ofll0l f if: i(i.v ! 1 - fii N - jti.v W- Christmas box was filled for the Children's Farm noma In CorvaV 11s. Gifts were brosght by slab members. Lunch was Mired by Mrs. C C. Carter. Mrs. W. R. Heater ani Mrs. O. W. Humphreys. AX the next meeting, January It, election of officers will be held. Saturday night, December 12, is social night for December. En tertainment for that evening will be a hard time dance. BENEFIT PLAY TO BE GIVEN AT W. U. The Willamette university fac ultv members will nnnt fhm play, "The Thirteenth Chair" for the benefit of a cinder track at Willamette university, it was an nounced following a preliminary meeting at wbleh par tof the cast was selected. The professors and their wives are confident of their ability and some are experienced dramatists. The performance will bA ed two nights, January 21 and zz. The play Is announced as a mystery drama and win h ttnn in Waller hall. Some of the lead ing psrts will be taken by Mrs. Prof. Bahe. Prof, zmman nA Hewitt, Dean Olive Dahl,' Prof. wane ana pror. Schultxe. The committee in charge states that expenses will be kept down on the production in order that a nice slied amount may be turned over to the AH the net proceeds will go to inis cause, wnich has been a need at Willamette for a long while. Veterans9 Tree Sale in Charge Of H. B. Cooper Only Hiram B Cnn no? 1st tf.A. - fc.wjrf-v to t,J authorized arent nf th niaohi American Veterans of the World war in that organization's sale of Christmas trees and any other person or persons selling trees under the Veterans' nm a an lmposter. Such was the state ment Issued here yesterday by .awara u. Clark, senior-vice-com-mander of Salem Chapter No. . D. A. V. Clarlr aaM thla vu r aa well as In 1930, the organization had been bothered by other par ties selling trees and claiming they were acting as agents of the veterans. MAY SEXD TROOPS TOKYO. Dec. 12 (Saturday (AP) The question of sending id, uuo more Japanese soldiers in ln Manchuria dur in for the win- first matters presented to the new parliament when it is formed, it waslearned today. Holiday BARGAIN ROUND TRIPS Portland Seaside Astoria Eugene Spokane - J .90 3.35 2.95 1.40 9.00 4.85 4.05 16.75 11.55 16.75 20.05 5.60 6.15 8.15 Seattle Tacoma Helena Boise ... Butte . Salt Lake Pendleton Walla Walla Vancouver, B. C. Go Dec. 23, 28, 24, 25, SO, 81 Jan. 1 Return Jan. S Also One Fare for the Round Trip on Dec. 18, 10, 20, 21 (return limit Jan. 7) to points in Oregon, Wash ington, Idaho, Montana and points on the O. 3. L. in Utah and Wlowing. B. F. ROBERTS, City Passenger and Ticket Agent PHOXK 7127 lu F. KXOWLTOX, General Agent, Portland OREGON ELECTRIC alas rJawor!d famous snvholotJat, iposUrraVread yowtaWa, virtues XD (irawmrt, words and : yoo ecrtbbls when riost scrtbb&acs'or sfgnatatn baa th-jp3a rftafUfti a bo. UUiaim p. a jli, aa. m I idm SUoa, mt Spolp 8 seam tea ana notes pmB acta thai a. M Z aHtTl laama AA UOl RNcat OO.KZW roue cart II T. P ' All available standing room was not sufficient to accommodate the large crowd which sought to attend the annual International program at the T. M. C. A. Fri day night. By 6:30 o'clock 50 per sons were on hand for the even ing's entertainment. In conse quence, It was decided to repeat the program next Friday night. William McOllchrlst, Sr., ar ranged the program, presided, and Introduced the participants with anecdotes of themselves and their countries. The 10-natlons program was as follows: Scotland John Charge and Ar thur Hutcheon, bagpipes and dance; Ireland William McGil christ, Sr., vocal solos to accom paniment of concertina; Norway Miss Martha Floer, vocal solos accompanied by Miss Johnson; Switzerland Gertrude and Mur tle Meir. vocal duet, and Mr. Schlndler, yodeling with combell accompaniment; England Wal ter Jenks, vocal solo, accompanied by Mrs. E. McAlister. Germany A. E. Schirman, vo cal solo accompanied by Mrs. Ted Gordon; Italy Mrs. Gordon Mc Gilchrlst, vocal solo, accompanied by Mrs. Gordon; Philippine Isl ands Mariano Rodriguez, Philip Dorrigues and Augustine Balno Ja, string trio; China T. W. Wang, chant Interpreted by Wes ley Warren; America commun ity singing. Deed For Park Lands Received Deed to 200 acres included in the Silver Falls park was received Friday by Marion county officials from the United States govern ment and will be turned over to the state highway commission. UTED BOGMM POPULAR 51fflSIRfl2) OF ' Oregon State College will furnish music for the big Silverton Armory Tonight the Campos Chords are the hottest 7-piete college orchestra in the state Ladies 25c Soup or Saiad Meat or Fish Potatoes Vegetables Bread and Butter or Rolls Pis or Pudding and Drink 1 1 Here's a Suggestion! send The STATESMAN A GIFT EVERY DAY OF THE YEAR! ORDER The Oregon Statesman Salem, Oregon. Please send The Oregon to. Name .... ,. Address. Ordered by Name Address Subscription rates: By carrier 1 Yr. $5.00, 1 Mo. 45 cents. By Mafl 1 Yr. $4.00, 1 Mo. 50 cents. Outside Oregon 50 cents per Mo. Tba government reserves water, mining, manufacturing and agri eultmral rights. ARMY DIGGIXQ IIT MUKDEN, Manchuria. Dec. 11. (AP) Wrapped in a heavy snow, Japan's expeditionary force la Manchuria dug nl tor the win ter today with the realization that it might soon have a new set or masters in Tokyo. HOLLYWOOD: Home of JC Talkies A HOMB OWNED THEATRE TODAY LAST TIMES Mic&ey Mouse Matinee, Today, 1:30 P. M. Arlen at his best in this story of the OLD WEST RICHARD ARLEN IN With Louise Dresser & Francis Dee Also Chlnp Comedy, News, Cartoon Comedy A Harry Carey In "THE VANISHING LEGION" OOMTNO SUNDAY I3S0W YILDHORS SnjR BY PCTKaiOOC vim. ALBERTA VAUGHN STTPIN FETCHTT Men 75c ( BLANK Statesman for Months Hoorjc a - a "-a . ..'.'jk.v-- : fi x