Tht CnGOIi STATESMAN, Balt OregoV Wednesday Montin;, March 22 1933
PAGE FOUXl
-No Favor Strays Vs; No Fear SkaU Am"-
-: rrom rim Statesman, March XI. IHl f
Sheldon F. Sackett -iV. Editor and Manager.
; : THE STATESMAN PUBIJSHING COn rti
Charles A. Sprains. Pre. ; Sheldoa F. Sackett, Secy.
Stanbrf of th AMOctatcd Prew i ,
. The AMMtatPd Press Is exclusively entlUod to the use fer fWlem-
mm of all sews dispatches credited t U or not otherwise credited t
tats peso. ,.i..,S.
Fcp Co. Goes to
The Portland Electric Power company -whose officers.
income bondholders and preferred stockholders have exper
ienced a continuous headache since the 4 unlainented Central
Public Service corporation relinauished control, has decided
to go to the SEC hospital for an observation period before de
ciding: upon the financial operation needed to rehabilitate the
company's system.
The immediate cause for the hospitalization of the con
cern is the inability of the Pep Co., holding concern for the
power and traction interests, to pay interest on its $15.900,.
000 of income bonds. Thirty per cent of the principal of the
bonds will soon be due in interest and by the terms of the in
denture under which they were issued, 25 per cent of the
bondholders could petition the trustee to foreclose on the coK
lateral,-wipe out the stockholders, and seize the comnany
subject to the underlying bond debt The manafiremeiit of
the company believes there Is an equity of value remammjr
for the preferred stockholders whose securities have a par
value of $18,000,000 with $7,000,000 of preferred dividends
also accrued against the stock.
Much of the trouble with Pen Co. is its own fault, a car
ryover from reckless tinancinj? imposed upon the Portland
concern by the eastern promoters who crrabbed and jeckles
ty overcapitalized it in the boom days of utility holding: com
pany finance. Some of the trouble lies in the fear amc-ntr un
derlying; bondholders that Bonneville's development would
prohibit the Portland General Electrical Co.. main subaid
- iary, from ever returning to comparative prosperity. Some of
the difficulty of t,he company lies in increasing taxes whirn
fell alike on all utilities and made the net nrof its of a decade
ago Impossible, The traction bnsiness. which used to mak
money, Has also been in the doldrums for eleht years, estoo
pinjr the concern from earning one cent of net profit on the
$15,671,183 book valua.it nlsce on this asset.
This multitude of difficulties has tied the management
of Pep Co. in financial knots. The constant new investment
needed to keep the jrfant Ib order and to provide reasonable
expansion could not be obtained in the open market trip un
derlying bonds sold so low no new bond buyers were avsilahle.
So depreciation reserves and such net profits as ordinarily
would have filtered to the holding concern were drafted into
servicing the underlyine debt pavinrloff at. a slow rate the
$7,000,000 open bank debt the Central Public Service sad
died on the company and providing a minimum of plant adi
tions and betterments. Pep Co. primarily dependent on Port
land General Electric Co. dividends, starved.
Other utilities, without the staggering, ton-heavy debt
and unwieldy capital structure were abley to refinance their
nderlyimr bond on a favorable market whereas the Portland
property is still paying four and one-Half to five per cent an
nual interest on its underlvinsr securitites.
The reorganization plan, soon to be submitted to SEC
for consideration, should clear away some of Pen Cos prob
lems and give an opportunity for moderate recuperation. Of
a certainty the comnAny is tmdulv burdened with the income
bonds which should he renlaceri bv stocks, without maturity
date and preferably with dividends not cumulative but de
pendent on earnintrs. The book values of the comnanv reveal
a deficit of $9,000,000 without consideration of the accumu
lated dividends arainst the preferred stock and usins the
; company's own valuation on its
that the recovery of the preferred stockholders can be more
than a small fraction of the cost price.
The recent TV A settlement should be helpful, however.
in the reorganization. There the government showed its will
ingness to nav a. reasonable value for ntilitv companies and
if Orecron citizens, under the PUD restrictions of the last leg
islature, or if the Bonneville authority, should determine to
acquire Pep Co., the underlying security holders need not fear
ascaledown. J.
The SEC and the reoreanizers should aeree on the gen
eral principle that the time is ripe for reorganization." that
--further delay is expensive to the companyand they should
recognize the practical difficulty. Pen Co. has lEusecunne cap
. ital for additions. Entire reorganization of the eauity debt
and stock, siraplication of the
ture of the company, are all
corporation act The market on the eauity, shares indicates
that most Oregon investors have realized ere this that they
are in for a bad loss. The only Question now is how much it
shall be and how each share
sorb it;
Fighting Begins at Home
' No thoughtful observer of
the conclusion that Europe's
and that war; is highly possible if not immediately probably
between the fascistic and democratic nations of Europe. Nor
can it be doubted that any further strain on the continent is
seriously disturbing to American emotions. While American
sentiment is predominantly against any direct connection by
the United States with the anti
emotional reaction of the nation
opposed to the ruthless theft of Czechoslovakia.
.T But the United States will not serve itself or other democ
racies well if it allows the
back its own drive to fundamental economic recovery. For a
decade how the United States-has
of fear. Throughout the early'
the breakup of the reparations agreements the default on
foreign debts owed, this nation
trian credit, broke with devastating effect on the western
continent There followed the New Deal; and its wave of rea
or fancied erisis.-The breathing spells, the eras of good feel-
ing, the end of reform and the substitution of recovery, have
been too ephemeral and unsustained. v . - J
If the United States now allows itself to enter a period
of perpetual fear over what is
real opportunity it has for
As an infant nation, the United
od of the Napoleonic wars, kept
(even at the cost of a hurtful
emerged more prosperous than
ir an undeveloped country j
stronger from the earthquake which then upturned Europe
the modern American can do likewise. vtv -
The best safeguard to democracy will be its; continued
and improved operation in the United States. A frontal attack
on unemployment, the restoration of a healthy private cap
italism with . the necessary social controls which the last dec
ade has necessitated, a sustained and widespread prosperity
for the 130,000,000 citizens of
the greatest contributions the
proving to the world the value of representative government
' The fear of war has already had the effect in England oJ
welding' a stronger government and a greater unity among
divergent political parties. The United States may. hope for
similar resultants, not with the view of mobilizing its man
power and ts wealth for belligerent attack on any other na
tion but for mobilizing its inherent ability to defeat the de
pression complex of the last decade. . ..; . : - .
Practical. American citizens should not spend too much
time mulling over the bad headlines and retreating to mental
, poison gas chambers to bide their time until catastrophe
breaks. The war on which all United States citizens need now
unite is the battle to bring good times to this country, and to
see that democracy works in
ment - w
itatfestaau
4
the SEC Hospital
assets. These do not indicate
financial and corporate struc
in line with the utilitv holding
of security holders shall ab
the world scene can gainsay
affairs are seriously involved
- Hitler group in Europe, the
is anti-fascistic and strongly
continental disturbance to hold
lived in fear or the shadow
days of the sreat depression
and the final collapse of Aus
going to happen in Europe, the
prolonged recovery will be lost
States went through the perl
out of the continental conflict
embargo under Jefferson) and
victor or vanquished abroad
could emerge unscathed and
the United Statesthese are
1 United JBtates can make to
every activity of or govern
, , ,
Cito for
By B. J. HENDRICKS
The historic Neamlth 1-22-1$
boost at No.? 173 Nona " ' -CotUge
is - betas fives'' -some
modern improYemeats:
Noticing-., work commencing
in the front part of the Nesmlth
house, 671 North. Cottage street,
Salem, It was feared another
historic landmark was coins.
Inquiry showed that Instead
some worth, while improvements
are being made; some face lift
ins,: streamlining. . -
i...:.-..--.,-Vvf;,?;--
: Abstractors' records show that
on NoTember 25, 1153, James W.
Nesmlth bought from W. H. and
Chloe A. Willson, original town
site proprietors, the then recently
platted lots 1 to S of block
That Is the half block at the
northwest corner of Union -and
Cottage streets. Nesmlth, ? who
that year had been appointed
United States marshal for Ore-!
gon, erected tne nonse tnat
sunds back of the corner lot
next to the corner) ot that half
block.
The historic Nesmlth family
ired in that house for a time.
bnt apparently not for a great
hlle, the reason probably being
that Mr. Nesmlth found his
farming; interests needing his
closer attention: for he at one
time owned 190f acres ot tine
land near the present town ot
RlckresJL about eight miles west
of Salem.
He deeded that property, June
1855, to Sarah Bell, and she
held it till October 8, 1891. when
she sold it to the Wm. Haters,
who owned it aad property next
to it until recently.
One finds m the 1874 Salem
Directory this line: "Bell, J. C.
merchant, res n cor Cottage
and Union." Also in the 1871
Salem Directory : "BeU, J. C
res n w cor Cottage and Union."
This may . mean, that 4 he Nesmlth
house was erected on the corner
and remained there till the Ha-
gers acquired it, when they
erected the residence that stands
on the corner noW. m crime the
Nesmlth house some vards north.
But' this, -Titer teUeres the
Neamith house stands where it
stood when it was erected by
United States Marshal Ntsmith.
Further Information on that
point, if any, -will be welcome.
S S
The present owner of . the his
toric Nesmlth house is Mrs. 1-
en L. Carson, a compAratlrely
new comer in Salem, arrtrmx
about four years ago 'rom Wood
land, Wash.
But she should be rery wel
come among old timers here,
since she Is renoTatlna and re
pairing the historic house. In
stead of razing it
A lara-e book Would be re
quired to hold the whole history
ot James W. Nesmlth. and it
could, be made 4n Interesting
one. : Only :,rief sketches can
have room In this series.
The forbears of James W.
Nesmlth . came, previouxi to the
ReTolution, to America from
Londonderry, Ireland. He was
born in Missouri. We find him
nrst relating himself to the his
tory of Oregon when he was
made orderly sergeant, with the
duties of adjutant, of the tarn
AM A .
whs Appiegaie ' covered wazon
train of 1843; the first lmmlgra-
ucn tnat brought wagons all the
way through; the one that defi
nitely made the Oregon Country
American instead ot British.
bringing about 1000 people.
men, women aud children: set-
tiers. Some say 900. .One says
AAA -
eTJeT.
Nesmlth was then 22. He en
rcued the mesu of the covered
wagon train "a Die to carry
arms," over If years: 298 of
them. In his .'amoua address of
1875. at the annual meetlns--af
ue vregon noneer association,
held at the . state fair grounds.
ne saia:
'Alas! alas! of my 295 com
raaes who marched across thm
ooraer of the Fithneh. mih
with rifles on their shoulders.
on tne morning of the 20th of
May, 1843, but 11 are here to-
oay to respond to the rollcalL
"Time has sadly decimated our
ranks, and the thin line that to-
aay presents itself as the rem
nam or the old auard of US' is
in. ' melancholy contrast with
that gallant battalion of brays
hearts and strong arms which so
full of life and hope marched
over tne border i 2 years ago.
-Many of them have fallen in
neiense of our-infant settlement
against the ruthless savages that
surrounded is, and now fill hon
ored out undecorated graves.
f m i
.- i ...
ovmm . i naye , witn - my own
nanas. consigned to. their last
resting places; others Ik. ve found
nomes in tne surrounding states
ana territories, while a few are
scattered about over Oregon. In
ew years, tne last of us will
nave taken our departure for
"w' iiu as , x nope. and our
piaces will be occupied by stran
gers. rosterity wiU not, how
ever, lorget the sacrifices, the
trials and nrlraltons w hi
dured In our efforts to make the
Wilderness bud and blossom aj
tne rose.Vi:;"pi rr "- .
mj amy uia not require me
to make a list of the women and
muureu, iM i nave always re
gretted mat it was omitted. .
en are generally governed In
tneir actions by Mine rational
motive, i I have often been asked
Dy renned. cultivated people in
Washington ,. (vkfrt, he v had
erved as u. s. senator and rep
reseniauve , la congress) the
reason tor my coming to Oregon
at tnat early day. and I hare
found ft a difficult question to
answer.
I was a poor, homeless youth.
destitute alike of friends, money
ana eaacauon. Actuated v
rrecaicu spiru ot saveniure, one
, I m a
place to me was ; the same
another. No tie of near kindred
or possessions ocuud me to any
spot ox tne - earth's surf see.
Thinking my condition might
be made better, and knowing it
could not be vorse, I took the
leap in the dark, i
"But in the Immlrratlon that
accompanied mv . ttera were
. ' . ' - ' - - . 3 -
'---HAia-rrr-"- "
WE9JTESDAT 1STS 3U.
T:SO Kawa.
t:4S Thus O'Dsy.
1:00 Marslng lfaaitstieas.
S:15 Havaa af Beat.
St4S-Kewa
t :00 Pastor's CsU.
3:14 Hiu sad gscorts.
3:45 rriaadly Circle.
10:15 Nsws.
10:0 Prt. R. rraakUa Tktmsttl.
10:45 Taioa ef Ezpariascs.
11:00 Vecsl VarisUst.
11:15 True Story Drssud.
ll:JO WiUaaietta U CaapaL
11:45 Valaa Parade.
13:15 News,
13:30 Hillbilly fkrenada.
13:35 Hugo Monaco's Orckattrs.
11:45 Book
1:00 I-.ereiting Facta.
1:15- x'ico Tico Trio.
1:30 Instrumental Noreltioi.
1:45 Book a Week.
3:00 Spice of Ule.
3:15 Johnioa family.
1:80 It's Bo Office.
3:00 Feminine Fancies.
S:30 Metrolopitaa Strings..
4 :00 faltoa Lewis, ir.
4:15 Let's Play Bridge.
4:30 Sa This Is Radio.
6:00 Frances Sayra.
5:80 -Johnny Lawrence Club.
6:45 Dinner Boar Melodies.
6:15 Spring Opening Skit.
6:30 Choral Moods. '
6:45 Tonight's Headlines.
1:00 Walts Time.
7:50 Lone Banger.
3:00 News.
8:15 Frank ItalL
8:30 Guy Lombardo'a Orchestra.
8:45 Dick Jurgens' Orchestra.
9:00 Newspaper ot tbo Air.
9:15 Freddy Martin 'a Orchestra.
S -SO Ballroom.
10:00 Jack McLean's Orchestra.
10:30 Conck Footer's Orchestra.
11:00 Jim Walsh's Orchestra.-
,
BOW-WEDNESDAY 420 Xs.
7:00 Story of the Month.
7:15 Trail Blasm.
7:45 News.
S 05 Viennese Ensemble.
8:30 Stars of Today.
9:00 Elisabeth EarL
8;15 The O'NeiU.
9:30 Tena and Tim.'
9:45 Fireside Singers.
10:00 John's Other Wife.
10:15 Jast Plain Bill.
10 :30 Dangerous Bosdi.
10:45 Dr. Kate.
11:00 Betty and Bob.
11:15 Orirom's Daughter.
11:30 Valiant Lady.
11:45 Batty Crocker.
12:00 Mary Marlia.
12:15 Ma Perkins.
12:30 Pepper Young's Family.
staid men jf mature years and
cultivated . intellects men who
left comparative!: comfortable
homes and friends, with: their
wives and children, gave up the
advantages : . of civilization to
cross a desert continent beset
with hostile savages, to go they
knew sot whither; and with a
certainty that In the event ot a
defeat by the Indians, or finding
Oregon uninhabitable, there
could be no possibility of re
turning. The chances were more
than even that if they escaped
the scalping knife ot the Indian
savages, it would only be to
perish by starvation. .
(Continued tomorrow.)
IO Years Ago
Twenty five market road pe
titions : involving nearly 100
miles of new market road n
Marion county were allowed, by
the county court Thursday.
Sons of Union Veterans of
Civil War of Salem were in
Newberg last night' to organL
group there and Department
Organiser Chart bs Fessenden of
Salem and Glen AdVns, a past
commander, were organizers.
j Tully 00 delegates to the
state Christian Endeavor cohven
tion In Salem has . been Signed
according to C A. Kells, gen
eral chairman. - ? 4 ; i 1
20 Yeapo Ago
March Z2, 191 J:
Rep. W. C HawTe arrived
in Salem last night from Wash
ington, " . D. C , jteeompanled . by
Mrs. Hawley.
Sophomorea of Willamette uni
versity won first place at the
annual Freshman .ftle last night
at ine armory, v ; ; . r , x
Middle of April Curtis B
Cross and Stensloff Bros, are ex
pecting to begin construction
work on their new packing
pianv?onh of vthe ,rity, ..,
IThlGianfs Causeway
12 :4 Oaidiag Lickt.
iie itacastage wits,
1:1$ Stella Dallas. '
1:30 Vic aad Ssda.
1:45 Girl Aloaa.
S:00 Hooeeboat Hannah.
3:15 Hadio Boriaw. ,
3.-30 Dssce Hoar.
3 :30 Hollrwood Flashes.
Si45 Charles Soars.
3 :Ow Newa.
8:151 Lots A Mystery.
3:30 Wassts's Mages iie.
4:00 Easy Acss.
4:15 Mr. Keoa.
4:30 Orchestra.
4:46 Maaieal InUrlada.
S .-Ofr 8tars ef Today.
6:30 Hobby Lobby.
8:00 Horse and Boggy Days.
8 : IV Orchestra.
6:44 Variety Parade.
7:00 Kay Sysar's KoUaga.
8:00 Amos '' Andy.
8:15 Edwia O. Hill.
8:80 Oschettre.
3:00 Tswa Hall Toslghi
10:00 Newa Flashes. '
10:15 Orchestra, ,
XZX WEDMESDAT 1130 Xa.
6:30 Musical nock.
7:00 Family Altar Hoar.
7 :30 Financial Barries.
7:45 Sweethearta. ,
7:55 Market QaotatloBa.
8:00 Dr. Brock.
3:30 Paul Pago.
S : 45 Originalities.
9:00 Alice Cornett
9:15 Show Window.
9:30 Farm and Hons.
10:15 Agriculture Today.
10:30 News.
10:45 Home Institute.
11:00 Nature Trails.
11 :1S Melody Time.
11:30 Voice ot Americas Women.
11:45 Badio Beview.
11:50 Marias Band.
12:00 Dept. Agriculture. .
12:15 Take a Bote.
12:80 Newa
12:45 Market Keports.
12:50 Quiet Hour.
1:80 Club jiatlaeo.
2 :00 Orchestra.
3:15 Financial 4 Grain.
3:20 Jlro Fis.
2:35 Your Nary.
2:45 Curbstone Qnis.
3:00 Fry Courtney.
8:15 Orchestra.
3:25 Newa.
3:30 Marlowo and Lyon.
8:45 Romance Lyrics.
4:00 Between Bookenda.
4:15 Virginia Lena.
4:80 Orchestra
5:00 Musical Story.
6:80 Springtime Melody.
6:00 Idea Mart.
8:30 Sport Column.
6:45 Freshest Thing la Town.
7:00 Your Health.
7:80 Interest in Democracy.
8:00 Newa.
8:15 Knew Your Grocer.
8:80 Answer Game. i
9:00 Melody Memoirs.
9:30 Wrestling Matches.
10:30 Orchestra.
11:00 Newa. '
11:15 Police Reports.
11:18 Paul Csrtos.
e e o
KOAC WEDVBSDAT 660 Kc
9:00 Today's Progressa. -
9 :03 Homomakara'. Hoar.
9:08 Neighbor Reyaolds,
10:00 Weather Forecast.
10.15 Story Hoar for AdaJte.
10 :55 Today'a News.
11:15 Mrs. Grace P. Morris.
11:30 Tear 8ports IQ.
13:00 News.
12:18 Safety Talk.
13:30 Market, Crop BeporU.
1 :1S Varaity.
3:00 AAUW Study Club.
2:45 Guard Your Health.
3:43 Facta aad Affaires.
3:15 DAB.
3:45 The Monitor Views tha News.
4:00 Symphonic Half Boar.
4:80 Stories for Boys aad Girls.
6:80 Oa tha Campaaee.
6:45 Vespers.
6:15 News. ,
6:10 Agriculture Viewed ay Editors.
8:46 Market. Crop Beporta.
7:00 Agr. Engineers.
7:16 Wild.!fe Club.
7:80 Catholic Centennial.
7 : 45 Consumers' Fanes.
8:16 Mosie ef doraeslerskls. '
9:00 OSC Bound Table.
9:30 Dept. of Manic.
9:45 Artificial Illumination. -
IsYoprWife
Afraid to
Stay Alone?
ANSI ST a aaaa anaware fTs -
- im KJUSSET
.. 7:88 ta 88 . 86. j V
KSU1V1VIBS
mo Kc J;
3COXM wEnSSSBAT-948
8;80 Mark at Beporta.
: Xlock.
S :0 Sows.
:8 This aad That.
9:15 Nancy Jaaaaa.
9:30 Halea Trent.
9:45 Oar Gal Sudsy.
lOrOv Te Goldborcs.
SOrU Lit Can B Bewattfal.
10 US Warn ia taa Newa.
11:90 Bis Bister.
11:15 Rssl Lfe Stories.
11:30 Son ool of the Air.
13 .00 Newa
13:15 Singia' Sam.
13:45 FVetchar Wiley.
1:00 Pretty Kitty Kelly.
1:15 Myrt sad Marge.
1:38 Hilltop Hooaa.
1 :45 atepmether.
S O Seattergood Balnea.
3:15 Dr. 8osaa.
3:30 Bella Again.
S:4S Etoa Boya.
8:00 March of Games.
I:e Nawrpeper of the Air.
4:45 Erwln Too.
6:00 FtTa o'Clock Flaah.
6:15 Howie Wing.
5:10 Leon T. Draws.
Ss55 Nowa.
S :00 Star Theatre.
7:00 Mea aad a GirL
7:30 Ask-It-Basket.
S :00 Orchestra.
8:15 Lum sad Abnar.
8:80 Orchestra.
9:00 Gang Busters.
9:30 Sophia Tucker.
10 .-00 Fire Star Final
10:16 Xightcap Yarae.
10 :S0 Oreaeatra.
Klamath Falls Skiiers
Seriously Hurt in Park
MKDFORD, March Sl-tfVC.
H. Barell and Charles DuFour,
both of Klamath Falls, were se
riously Injured in Crater Lake
park skiing accidents yesterday.
Barell suffered a broken leg
and DuFour's ankle was hurt
Both were skiing down narrow
trails when they fell.
PORKERSON FIXED
WEST SALEM L. Paulson
Porkerson was brougLt befora
Justice of the Peace Elmer Cook
and fined IS for operating a
two-wheel trailer of over 780-
pound capacity without a license.
No. 20-5
8yaopsis of Annual Statement of the
Gram Dealers National Mutual Fire la
auraneo Compear of Indianapolis, is tha
State of Indiana, oa the thirty-first day
of December. 1938. made ta tha Insur
ance Commissioner of tha State of Oregon.
pwreaaat to law:
CAPITAL
Amount sf ledger assets Doe. II, 1917,
S3,5SS,O0S.S4.
INCOME
- Bet premiums received daring the year,
32.188.32W1.
Interest, dividends and rants recejved
annas tha roar, sue 080.47,
laeeane- froen other sources recaiTsd
during the yaar. 8806.94.
Total income, 82,228.214.93.
OlSBUBSEMENTS
Ktt loaaoa paid dariag the year lac lad
lag adiaatmeat ospoaaea. 8919.896.eaV.
Commiaaioas and salaries paid dariag
tao year, SoM.Oo6.se,
Taxes, Ucewaea aad feoa paid daring
tas yaar. sia.ass 44. -
Diridenda paid during the year, 3468,-
632.65
Amount t all other expenditures.
aaaa, i3.4. -
Total expenditures, 12.897,801.64.
ADMITTED ASSETS
Value of real estate owned (market
VSIOOl. 9414,088.78. . ,.
Laaaa oa mortgage and collateral, etc
f 1IS.MU.UV.
Valaa of bonda ewaed (market), 82,
385.948.74.
false of stocks ewaed (market value).
BVOv93V.OU.
Cash ia banks sad oa hand, 3288.
633 41.
Premiums ia coarse of collection writ
ten aiaca September SO. 1938. 8246.
123.49.
Interest aad ranta dsa sad accrued.
Oia.o.si. . .
Other assets (sot), 3733 00.
.Total admitted aaaata, 33.602,986.63,
LIABILITIES .
Greaa claima for hsaaea aapald, $7T,
8321. - . ... . '
Amoast ef s seamed premloms ea all
satstaneieg risks, 81,487.243.95.
Daa foiv commlaaioa aad brokerage.
AU other lUbilltias. $439,373 99
' Tatal liahilitiea, except capital, S3..
; Gaaraaty faad. 9200.000.00. " -
Surplaa ere aU Bakilitios, fLSM.
900.00. : . .
- Barphie as ragnrds aeUcynoldsrs, ft.
Total, SS.SOS.See.SS.3
...BC8IXE88 IS OBEGOS?''-'
; ' - FOB , THE TEAM . :
Ket presaiama roeaiTed danag tha yaar.
S13.V14.19. . . ,.
W.f? H1 aarfag . ths yeor, 3V
f Be
lieaas incarrad darhg , the
rear.
33.919.67,
Kama of Company, drain Dealers -Ks
tiosml Malaal Firs Issnrsare Caapaay.
. KaaM f Praaiaoat, J. i. ntaaaraid.
Kaana ad- Banetarr. Gaaw MeCsatar.
Statatorr natdoat atlas r fae aatelaa.
iJUaaraCausUlosar, Salass.. Oregoa.
, PORTLAND. March 21 - OP) -
IV J. Griffith, state WPA admin
istrator, said todar ne naa oeen
aotlfled that If eoagress ftUed
. ... M JUI - 1 1
to - appropriate an , , sauuoou
tlEO.000.000 for WPA work, the
Oregon employment quota would
be cut to lB.SOa persons, effecUve
April S.
; No. 47-4-
8rPi ( StstMesst ef the
trmm Hmtmal rir laawsae inwia
Uom lit, ( Walagta CvutJ. Ullto
sere, la --the aute ef Orga, as th
OOrty-tirrt 4y ef Secssiber, ISSs, atsds
te tea ' lutnu - Ossuaimaieasr sf tht
atate ef Onsn, eat at f law:
... : CaPlTAI,
Astemat et aspiwl sUek pI4 - up,
WC01II
If at raUasM MMivas Sorisg tas ysar,
.9Ss,es.o. . . - M
JaMrwt. Aividaaas aaa nsta rseiTa4
daris a yssr, f3.M7.S5.
, Iiiimi ilea etaar soareM racalrad
Tsui iaeaae, S3eS8S.XS.
- DlSUUKSgMKSTS
Ktt Ism paia aartag tka year laelod
teg aojtatBt pui, $17,7tS.S9.
Ceausiasieas sa4 salarias paid Sarins
taa yaar, SS.rr5.60.
Taiw, ticaaMa aad faas psid ariaf
tha yaar. SSSS.14.
XMri4a4a paid ea capital stack dorlsg
tsa rv aaaa.
Aaiaaat at an ataar axpaaditarai,
fl.nt.io.
Tatal ajyaaaitraa. fSS.SSO.4S.
AUMITTKO ASSETS
Vslaa ef real eswte ewaed (karkst
valaa). ft.30S.1S.
Lmu aa starts" S aad ceilataral, atc
fsv.si4.se.
varne et Mass ewaes ioookj,
S.40.
Valaa ef stacks ewaaA (sMrkat valaa).
Caak la baaks aa4 ae kaaa. fl3.3S.lS.
ftrsnasM im caersa ef eolUctioa writ
tea aiaea Saptestaar 90, 1888, son.
' lataraat sad ruts dae aad sccrsed,
fl.eto.13.
Otbar-saMts (sst), saaa.
Tatal adanttad aaaata, S80.l24.64.
UAB1UT1ES
Oraai etsims for loaacg as paid, sons.
AsMvat ef an tars 6a pramhusi ea all
eatataaaiaf risks, aaaa.
Daa for esouaisaioa aad broksrsfs,
A11 atkar lisbUiUat, $204.2.
Total liabilitiaa. axeapt capital, $204.23.
Capital paid ap. bob.
Savphia avar all Uabilitiaa, $60,120.15.
Ssrplns as regards policyholder,
$60,130.15.
Total, $60,334.64.
BUSINESS IX OREGON
FOB THE TEAR
Nat prt miuats racaivad daring tha year,
fS3.eS4.S0.
Bat laasas paid dariag tas yaar, $17,-
Nat laasas iaeurrad dnriag the year.
flT.m.SB.
Kaaie af Oaapaay, yanaara Ifntaal
Flra lasuraaea Asasciatiaa af Wsaaiagtoa
Caaaty.
a aaaa af rraaidaat. K. K. daarbar.
Maaaa af Saeratary. Q. E. KaatgeaMry.
Statatary raeideat attaraey far aerrica.
No.
Sraaanis of Annual Statameat of the
Has Ore wen' Fire Belief Auocistioa ef
BettsTBie. Orexon. sf Doaaia. ta the
State Of Oros-oa, oa tha thirty-first day
f Her ember. 1938. made to the laaBraaee
CaaamUUeaer ef the Bute ot vrsgoa.
fursaaat te law:
vsrriAb
Amount of capital atock paid ap,
a a.
INCOME
Ket premiums roceirtd daring Us year.
S11.074.1S.
latere., eurtsoaaa aa renta raeaiToa
donas Ue year. Sl.675.ee,
lacoato frees otsver aoarcas racslrod
daring Us year. 33,075.12.
Total tacomo. gl4.724.94.
DI8BUBSEMENT8
Ket lassos paid darinc tha yaar inclad-
lag adjustment expenses, $19,979.05.
OoBiBiisssons and salaries paid dariag
Ua yaar, 83,399.75.
Taxes, lieeaaee aaa (aea pais sartag
tts rear, sizs.az.
Dividends paid ea espitsl stock daring
tbo year, aoae.
. Amount at au ataar . axpenaitarea.
S551.5S.
Total expenditures, $23,958.80,
ADMITTED ASSETS
Value of real estate awnad (market
value). 3967.88.
Loans oa mortgagee sad collateral, etc..
aoae.
Value sf bonds owned (book), $33,'
319.00.
Valaa of stocks owned (market valoe).
aaaa.
Cash is basks ssd a hand. $16,232.04.
Premiums ia course et collection writ-
tea since Seotember SO. 1938. aoae.
Internet and rents duo and accrued.
aoae.
Other aaseta (net). $786.00.
Total admitted aaaata, 851.195.87.
LIABILITIES
Gross claima ior losses unpaid, sons.
Amount of anearaad premiums oa all
outstanding riaka, none.
Due for eemmiasioa aad brokerage.
aoae.
All other liabilities accrued tor taxes.
S78.5S.
Total liahilitiea. except capital, $78.56.
Capital paid ap, none. -Surplus
over all liabilities, $51,131.81.
Sarplas ss regards policyholders, $51,-
1Z1.S1.
Tatal, $51,195.37.
BUSINESS IX OBEGOJi
FOB THE TEAB
yet premiums received daring the year,
B11.U44.1S.
Ket loaaoa paid daring Ua year. $19,-
640.00.
Ket losses incurred during the year,
$19,840.00.
Kama of Company, Hop Growers Firs
Belief Associatioa ot Batteuile.
Kama of President. Fred Dental.
Noma of Secretary, Lyman H. Shorty.
No. 23-8
8yaopais of Annual Statement of the
Bankers Life Insurance Company of Ne
braska of Liaoola. is the State ef Kobrss
La, oa Ue thirty-first day of December,
1988, made to us lasuraaea Uommia
aioaer sf Us State sf Oregoa, pursuant
to law:
CAPITAL
Amount of capital atock paid ap,
$5W,V00.0(F.
INCOME
Tatal premium income for the year,
$3,130,323.98.
latoreat, divideads aad' renta received
dariac the year. 8L657.S44.63.
laeomo from other aoarcas received
dariag tbo year, S376.932.58.
Total iarosna, $5,066,001.17.
DISBURSEMENTS
Fata for losses, endowments, annul ties
sad aurrtnder valaeSi $2,887,896.01
Divideads paid to policyholders dariag
tha yaar. $93,300.04.
JMvtdaada paid oa capital atock dariag
taa year, soe.uou.wo.
Cemmiaaioaa aad aalariea paid during
i bo year. a3w,o.au
Taxes, Ucoaaea aad fees paid duriag
taa year. siS7.sis.55.
Amoast of all ether expasditures.
Total expenditares, $4,850,303.94.
AS8KTS
Valaa ef real estate ewaed (market
TBlael. 99.eI.l7 14.
Loans oa mortgages and collateral, ate.
Bo,a3,aaa.zi
' Value of bonda owned (amortised)
S14,1SZ,1SS7. .
Value cl stocks ewaod (market value
aona.
Prem'am notes sod policy loans, $8,
391.885.17.
Cask U banks ssd es hand. $351.
320.83.
Interest and renta due and accrued.
$465,647.87.
Ket sBcolloctod and deferred premiums,
$437,679.88.
Other nssets (act), -$8,089 21.
Total admitted aaaata, 840,784,293.11.
. - LIABILITIES '
- Ket reserves, $30,248,978.45.
Gross claims for loaaes snpaid, $53,
361.00.
All other Uabl.iUea, $5,699,778.43.
Total liahilitiea, except capital, $35,
904.018.88. ; Capital paid Bp. $5O.SoO.OO.
Sarplaa eves all liabilities, $4,380.
373.23. , ? j .
- Surplua ss regarda policyholdara, $4,
$80,373.23. . , : -
Total, S40.T64.293.il.5 f , :
V.. BCS1NFS8 IN OKCeOX
k . ' -FOB THE XEAB -J-j.
' Gross (mini racaired dariag Hoe
year. 358.696.68. - if e . . -
- Prsmiama awd diridawda swsaraod dur
ing; the year. 313.3T3.65.
Laesea sad rial ma paid daring the year,
$a.es7.M, .....rv-
- Fame of Cemanay,. Baabora Life la
turaaco Campsay ef Kebraska. - .,
Seme ef Pmidsst, H. SL Wllaos.
Haass od flee rotary. T. M. Saadara.
- Statatary resMoat attoraay few aorriea.
I O. Sb. AfWIII, P4I vrwts " I wr
stseV
Fly Casting mid Tying
' College Clots' Latest
PORTLAND, March 21 - (ff) -,
Reed college added a new non
curricular course when Merton 1
Bromo" Sulser, Portland expert,
started teaching the Intricacies of
fly easting and fly-tying.
' " . Ko. 50-12
Sysopsis ef Annual Statement of the
Stat farm Fire insurance Company of
Bloomicgton. ia tbo State of Illinois, on
the thirty-first day of December, 1U38,
mads to the lasuraaea Commissioner of
Uo State of Orosoa, pursuant to law:
CAPITAL
i Amoaat et capital stock paid op,
f25O.O0O.00.
INCOME
Ket promiama received during the year,
$259,933.86.
latoreat,: di fid ends aad rents received
dariag tas year. $14,121.05.
income frost ether aoarcas received
daring Ua year, $1,639.90.
Total income. $272,694.81.
DISBLBbEMENTS
Set losses paid during Uo year includ
lag adjustment upturn, $197,418.19.
Ueanaussiana sua salaries paid aurins
Ue yaar, 8103,658.54.
Tsxoe, licenses and fees Paid danaa
Ua year, $23,818.88.
Dividends paid oa capital stock duriag
tbo year, nana.
Amount of au oUsr expenditures.
$44,528.85.
Total expeaajturea, B3SS.4zo.44.
' ADMITTED ASSETS
Value sf reel estate owned (market
value), aona
Loans oa mortgagee aad collateral, etc ,
none.
Value ef beads owned (amortized).
$544,200.67.
Value of stocks owned (book value).
$8,864.00.
Cash la banks and on band, $83,433.12.
Premiums ia course ot collection ant
tan aiaca September 80. 1988, $26,903.82.
Interest and renta due and accrued,
$4,564.79.
Utaer asaeta (act), 8168.40.
Total admitted assets, $668,14L70.
LIABILITIES
Ket claims for losses unDsid. 813.-
789.00.
Amoast of anearaed oremiuma an all
outstanding risks, $13,95.64.
Due lor commission and brokerage,
$18,700.25.
All other liabilities $22,258.22.
Total liahilitiea, except capital. $243,-
57.11.
Capital paid ap. $250,000.00.
Sarplaa over all liabilities, $174,484.59.
Surplus as regarda policyholders, $424,
484.69.
Total, $668,1 kl."9.
BUSINESS IN OREGON
FOB THE VEAK
Ket p rami urns teceived durisg the year.
$3,595.65.
Net ioaeea paid daring the year,
$128.78.
et losses iacurred during Uo year,
$128.73.
Kama sf Compasy, State Farm Fire
Insurance Company.
Name of Proaidaat. U. i. Macherle.
Kama of Saeratary, T. V. Campbell.
Ko. 14-11
Sr op sis ot Aaanal Statement of the
Caion Insurance Hociety of Caatos. Ltd.
of City ot Victoria, is the Coloay ef
Heag Kong, oa Uo thirty-first day of
December. 1938, made ta tha lasuraaea
musiaeiaaer af tha State of Oregon,
pursuant to law:
vArlTAL
Amoant sf capital deposit, $400,000.00.
INCOME
Ket premiums received durins Uo Tear.
$730,929.32.
lstarest. dividend and rents received
during tha yaar. $97,946.65.
lasooee from other aoarcea received
during tha year. 875,930.05.
Total income, 8904,806.02.
11SBUKKMKTS
Ket bases paid daring the year Includ
ing adjustment expenses. 3458,169.44.
Commissions aad aalariea pais during
Us year. $251,07L40.
Taxes, licenses and fees psid during
the year. $13,610.18.
Dividends paid oa capital atock during
Ua year, aoae.,
Amoaat ef sil ether sxpesditares.
$307,948.33.
Total axpenstturee. f l.oso.TVS.sa.
ADMITTED ASSETS
Vslnt of rssl estate owned (market
vslae), sons.
Loans on mortgages aad collateral, etc..
aoae.
Value of bonds ewaed (amortised),
$2,638,633.59.
Value of stocks owned (market vslae),
none.
Cash la banks aad oa hand. 3168.-
667.33.
Premiums is course of collection writ
ten sines September SO, 1938. $72,667.01.
Interest snd rests das ssd seemed,
$15,813.84.
Other sssets (set). $12,977.74.
Total admitted sssets. 32,908,759.01.
LIABILITIES
Gross claima far losses anpaid, $811,
023.86. Amoaat of unearned premiums os all
eutstaading risks, $411,740.69.
Dae for coeamissioa and brokerage,
$6,000.00.
AU other liabilities. $55,098.63.
Total liabilities, except capital, $783,.
862.18.
Capital paid up. $400,000.00.
Surplus , over all liabilities, $1,724,
896.83. Surplus aa regarda policyholders, $2,
124.896.88. Total, 82.908,759.01.
BUSINESS IN OREGON
FOB THE TEAB
Ket premiums received during the year,
$14,464.17.
Net losses paid daring Uo year, $7,
120.11. Net losses incurred during the year,
$9 873.1L -
Kama of Company, Union Insurance
Society et Canton, Ltd.
Kama ot United States Managers, W. J.
Boberts h. Co., Inc.
Statutory resident attorney for service,
Honorable Hugh U. Earla. -
NOTE: On the basis of December 81,
1988, Market Quotations tor sil bonds
owned, this Company's assets weald be
increased to $3,049,029.71.
No. 18-10
Synopsis of Annual Statement ot the
F.reman'a Fond Insurance Company of
San Francisco, ia the Ststs of Csliforaia,
on the thirty-first day of December, 1939,
made to tha insurance Commissioner of
tha 8tate of Oregon, paraoant to law:
CAPITAL
Amount of espitsl stock Paid ap,
$7,500,000.00.
INCOME
Ket premiums received daring the year,
$15,251,308.11.
Interest, divideads and renta received
dariag the year, 81,688,146.61.
la coma from other aoarcas received
dariag tha year, $221,982.77.
Total income, $17456,437.69.
DISBURSEMENTS
Ket losses paid dariag the year Includ
tag adjastmaat expea.es, $7,456,609.24.
Commissions aad aalariea paid durins
Ue year. $5,618,628.48.
Taxes, li-eases aad foes psid daring
the year. $782127.96.
Dividenda paid oa capital atock during
Uo year. 3i.20u.ouO 00.
Amount of sil other expenditures, $1.
693.485.6$. Total expenditores, $16,746,051.26.
ADMITTED ASSETS
Value sf real eststs owsed (market
vslue). $2,658,288.89.
Loane oa motlgagea and collateral, ete
$1,003,786.60. ,
Value of banda owned (amortised).
$14,774,680.07.
Value ot stocks owned (msrset value),
$17,074,274.00.
Cash ia banka and oa hsnd, $2,391,
892.67.
Premiums is course of collection writ
toe siBce September 80, 1938, $2,542,
356.95. Interest end renta due snd accrued,
$178,101.37.
Other assets (net). $193,401.30.
Total admitted assets. $40,811,276.65.
LIABILITIES
Grooa claima for losses unpaid, $3.
484,265.21.
Amoant ef esesrsed1 premiums es ail
oatstat-diag risks. $12,691,857 8$.
Daa fir eommisaioa and brokerage.
$91,807 16.
AU other liabilities. $1,207,658.56.
Total liabilities, except capital, $17,
47S.tfSS.79. s -.' - '
Capi-al paid ap $7,699,000.00.
Sarplas ever aU stabilities, $15,836.
187.68. .. '.l
Surplaa aa regarda seUsyheldcrs, $23.
S36.167.S6. .., ;
Total. $40.81 1.276.65.
BC8INE88 -IN OBEGOlf
" j FOB THE TEAB - '.
Bot pfwmiaats rocoivod daring the year,
$881,820.01.
Ket loaaes paid dariag . the year,
$243,439.42. . ,
Ket loaaes saeaircd dariag the year.
$165,075.80. v, - I - ,
Ksme of Cam pa ay, Flremas's Fund la
larascs Co. - -
: Kasae ad Praatdeat. Chaa. B. Page.
' Kama of Sac rotary, W. Stealer Pearee.
Statatary iwaidoat attaraey tec service,
S. vdV VaaasdJak