Image provided by: University of Oregon Libraries; Eugene, OR
About The Oregon statesman. (Salem, Or.) 1916-1980 | View Entire Issue (Sept. 21, 1933)
PAGE EIGHT The OREGON STATESMAN.' Sato, Oregon, .Thursday Morning, September 21, 1933 First: National of Portland Takes Over Location Here Figure in Salem Bank Deal (Continued from page 1) Commerce of ; Astoria. Keith nn.Aii wiinhM been acting a conservator ol tne First National bank of Salem will continue In that capacity liquidating the as sets U satisfy r the SO per cent deposit liability which remains. A number of the employes of the Salem First Ntlonal will be given positions with the new branch as follows; David S. Adolph, Harold E Eakin and A. B. Bates, former officers of the local bank; and the following of the. clerical and accounting staff: - C. A. Suing, Edward Zahara, . L. C. Jackson, - C. E. Grelg; Lora,B. Hauk, Esther Brock and Duane Griffith. ':- . T mttfrntii Branch : r The First National bank of Port land has taken lease on the quarters formerly occupied by the . First National bank m saiem nu fan nnrchased it fixtures, furni ture and equipment at a price es tablished by the comptroller 01 the currency. The Salem branch .111 ha th iKth office of the First National bank of Portland to be established within this state The head office and seven branches are in Portland. Other branches are in Astoria, Hillsboro, Cresham, Woodburn, Albany and Th Dalles. E. B. MacNaughton is president of the First National . f Portland- C. C. Colt, senior vice-president; and C. F. Adams, chairman of the board. Mr. MacXauehton in a state ment issued in connection with the announcement of the conclus ion of the negotiations, said: TTndM- this agreement the First National bank of Portland will release 100 per cent of the secured deposit liabilities and 70 per cent of the unsecured de posit liabilities of the Salem bank. This means that immediately upon the opening of our Salem branch office approximately one million dollars will be released to the bank's depositors. "We believe that the establish ment of a Salem branch of the First National bank of Portland is an important event in the life both of that city "and in the- de velopmet of the First National bank's services to the Willamette valley," said MacNaughton. Salem is the capitol and the second city in size and importance in this 6tate. As the center of a diversi fied agrlcutural district it has promise of steady growth and de velopment." Roman Long a Banker Mr. Roman, the manager of the X, Ift: Jf. E. Roman, manager ot the new branch bank of the First National Bank of roruana. Below: Salens branch oOico of the First National Bank of Portland; building formerly occupied by Dim aauonat mimd. V o 4 JUDGE SAYS ESTATE EXEMPT FBONI TAX I w.- v ,. ;:-::::.:. : .-?'Y 4 I 4 f 1 115 5T! t"7! i- i - V 1 1 i ' rnnntf Indce Sleinnand ba ruled that the estate of Gerome Morley,". deceased. Is wholly ex empt from estate and Inheritance taxation in a case orougns y mM ronaiirer aralnst tne aamiu- lstrator, T. M. Hicks, the 8iler- TTnanittti aMinciatlon legatee, IVU et aU The Judge held that the hos pital would not .be assessed any a An (ha estate. Other matters In the county -In the estate of M a r 1 1 1 a M. v a. nnnda was ordered removed as executor and Everett Gardner, son of deceaeni, nameu 1 Via wvlaJVA Martha L. Smith, guardian of Louis Smith, insane person, pe titioned for review or nnaings re quiring payment of his hospital Decree of final settlement iu estate of George E. Wynn was Eigned. , . . Al Cootes Heads Autumn Qoening Event, Silverton ciT.vicRTON. SeDt. 20. Plans are under way for autumn open i ciwortnn. ParzT Rose, president of the Silverton Ad aJ Al rtf Att club, has apponueu as chairman of tne opening cum Mr. Cootes reported tuesaay ,i.m that hA had not caiieu . . . members of tne commmee w crftt lis? si vpt but would do so shortly. Indications are that the opening will be set lor me iasi of September, uennue gnnounce- ment3 will be made ny inuraunj of this week it was understood Above: Head office of First National Bank of Portland at Fifth and Stark, Portland. Right: E. B. MaoXaughton, president. First National Bank of Portland new branch, was active In the American National bank of Port land when that institution was merged with the First National bank of Portland on June 22, 1933. He has been a resident of Oregon for more than 20 years and has been actively engaged in the banking business for all of this time. "We feel fortunate in having Mr. Roman as manager for our Salem branch office," said MacNaughton. "This will un doubtedly be our largest and most important branch office outside of Portland and we are gratified at having as manager a man who has had such a wide experience in the banking business. In commenting on his new con nection Mr. Roman said, "I am looking forward to my new work in Salem. For the past twenty years I have been well acquainted with the officers of the First Na tional bank and their policies and I am pleased now to be a mem ber of that organization, and am especially happy that I am to rep resent its interests here." Slade Welcomes Branch Mr. E. F. Slade, president of the First National bank, which will on Monday release 70 per cent of its deposits through the new Salem branch of the First National bank of Portland, ex pressed himself as "more than nleased" to welcome thin strong institution to the community. West Salem News WEST SALEM, Sept. -20. Miss Roberta Peterson, uivn grade teacher here, has moved back here from her borne in In dependence and wm maae j nw home this year with Miss Trola Grant at the Edgewater Court. ' After a threatened strike and some little difficulty, the Brophy bop yard finished the narresung of their bops with no loss due to weather conditions. Some yards lost bops this season oecauso , w mildew and rust. viT Rhowalter of San Bernar dino, Calif., was a recent visitor at the A. L. -Applewhite home on r.ejtA drive, stonninx off here to visit en route home from Clarkston, Wash., where he was a guest of the J. C. Applewhites. Mrs. Showalter will visit here in a week or so, having made a longer visit at the nome oi ner brother. She is a sister oi r. Applewhite. Dr. Louis Magin, recently of Portland; district superintendent of this Methodist district, con ducted 'the evening service and presided at the first Quarterly conference of the year unu, at the Memorial church. , Josephine Tandy .was noi. to a pleasant group oi people at her home one evening recently when they gathered for a Jolly evening of dancing fol lowed by a line party at m -sinore theatre. Those attending: Mona Vosburgh, aargarei mas ter. loiet Wallace. Catharine Applewhite, Rtn aiaerx, car h.r r wfcinnle and Josephine Tandy and WMard Wells. Bob Mathers. Ellsworth weatneroy, Ralnh Barnes, D a t I d Williams and George Tandy. -- j Children at Suver Answer Opening of School; 23 Attend STIVER ' Sent. - 20. The Suver school opened Monday with an attendance of 23. Miss Frezzcn is the teacher- Mr. and Mrs. T. P. Oglesbee spent Sunday in Eugene visiting Mrs. Ogleshee's mother, Mrs. A. D. Taylor, who returned with them .for! a month's visit. A. J. Bagley and daughter of Portland spent the weekend at the borne of bis brother, O. J. Bagley.' Mr: and Mrs. I. J. Shaffer and daughter f Albany are moving on the A. T. Steele place near here. . Finer Territory Wools Are Quite Active, Boston BOSTON, Sept 20. (AP) it s nent. Azt.1 Finer grades of territory wool are quite active and prices are strengthening. Good French combing 64s and finer territory wooU in original bags are bringing around 80 cents scoured basis. Short French combing staple of similar quality sells at 7S-78 cents scoured ba sis. Graded strictly combing 58s, 60s, blood territory wool has Kn cniri at eiie-htlv above 80 cents scoured basis, the range be ing 78-81 cents. HAVE A BIG NIGHT WITH THE: SALEM AD CLUB TONIGHT Annual Fall Opening ISof .eaurin the "Bi Parade of the NJLA. (SIS Salem Armory 9:15 P- m- HEAR "SALEM'S OWN Kenny Allen NBC radio star in his only local appearance this season and Cole McElroy's Greater Oregenians Elmer Hunter The Great Colored Flash from Harlem GENTLEMEN 40c LADIES 35c flCSawBa "I am very glad," said Mr Slade, "that Salem is to be the home of this branch of one of the oldest and finest banks of the northwest. The First National bank of Portland has built con servatively over a period of many years, and occupies an enviable position of stability and strength in the nation's banking structure. This city is to he congratulated on their entering our banking field. "It Is very gratifyig to our board and myself," he added, "that so substantial a percentage of our deposits can be released at this time, despite the many financial difficulties of the cur rent year. . It confirms our belief that our Institution was funda mentally sound and pur opera tions conservative. I am fully confident that our deposits will be paid one hundred cents on the dollar within a reasonable time." v. r Announcing the opening of the SALEM BRANCH of The First National Bank of Portland ". . . Meet Every Demand in SMARTNESS and SAVINGS! We extend you an invitation to transact your banking business with us at the branch office which we are opening MONDAY, SEPTEMBER 25th, in the build ing formerly occupied by the First National Bank of Salem. . Our faith in Salem and its future is demonstrated by, the opening of this branch office. We know that Ore gon's capital city has opportunities for substantial growth and we wish to make this branch office a help ful unit in the development and growth of this district The strength of our organization is available to aid in this development and we pledge our best efforts to give an unexcelled banking service. Al Open Your Checking and Savings Accounts Here on Monday V- ,4 OF PORTLAND "Oldest national Bank West of the Rockies" Mix , I. Lfou crtecvi I piiirfl.MiiY'iM I! U U and 111 - II ' - - li W I .X 1 Li l 160 ,North Liberty ; St. . -ZmJmmB-E A 75 1 . listen I Youll hear itl Everywhere men with a critical eye for style and a sharp one on their pockefboofc are saying: ' You can de pend on Penney's for sound suit values 1 -Their record for quality has always been reliable and now these new models outsmart suits costing dollars morel" Let this acclaim be your guide when it comes to.buying your new Fall suit I It means you'll get more skilful tailoring, more authentic styling, more genuinely satisfactory service than youVe ever known be fore for so few dollars I And get this, men I Only Penney's gi gantic scale of oper ation and money saving methods make these low prices possible! That's why it's good business fo invest in a Penney's suit - NOWI i f 13
