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
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JUDGE SAYS ESTATE
EXEMPT FBONI TAX
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115
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'
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.
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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
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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
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