" t St. IKStattsirun, Salem, Ore.Thurtday, Sept. 22, 1955
itriess Denies Seeking
ger to
WW
Power
Mer
Grab
B anion
g
Business
By ROWLAND EVANS Jr.
WASHINGTON (A ' A Wall
Street banker . Wednesday denied
tinder oath that his firm maneu
vered for a merger of two North
west power utilities in order to
obtain new underwriting business
lor itself. : ,
The witness was' Walter J. G ru
ber, a vice president of Union Se
curities Corp., New Yprk. He is
a member of a "stockholders corn-
seeking stockholder support for
the merger. - t- ,4 V
Told of New Business -
2. An interoffice memo taken
from the files of Blythe k Co: of
Seattle and New York, which is
represented on ,tbe stockholders
committee, made reference to the
prospect of new underwriting busi
ness arising from K.
The memo described ah Oct. 8,
1932, conversation between S.S.
jHawes of Blythe 4' Co.. and Xin- recollection."
Securities and that Hawes cot
"pretty firm reply from ' Robin
son that Blythe and Co. would get
"part" of the job. The memo also
stated that Robinson told Hawes
be believed that ""many other" in
vestment houses would have Jo be
"in on it" ?
After the memo had been read
to Gruber, he was asked by Jo
seph ; W. Burns. -; -subcommittee
counsel, if it did not "refresh your
a 1th 1952
in a memo to his' office associates cussed possible new underwriting 1 & Co.: testified his firm had owned
that Robinson told him that Union I business, which might arise out of Puget stock at various times dur
Smith River Job
To Begin in April
, PORTLAND (UP)- Sen. Rich
ard L. Neuberger (D-Ore.) said
by the Corps, of Engineers that
construction on the Smith river
project near Reedsport will begin
in ApnL
The $147,000 project - calls for
deepening and widening the river
channel from the mouth of the
north fork of the stream. ,
LONG TERM LEASE
. SEATTLE tf) Sen. Magnuson
(D-Wash) said Tuesday the Civil
Aeronautics Administration had
advised him it soon will sign a
long term lease with Northwest
Airlines for use of Shemya air
base, in the Aleutian. Islands.
SLIM AND
FULL OF FUN
i fl ; ;: S
r i' f ' f I '
' ; x i' i .
Securities of New York had bid
for an underwriting job covering
the major portion of the merger
in the event it were consummated.
At that time, the merger ap
peared -probable.
"Pretty Firm Repty"
The Hawes memo also said Rob
inson was not committed to Union
irittee. composed of officers of Robinson, president of Wash-j Gruber said
pi wvcsunm to wun- Water Power. Hawe said neither be nor
stockholders of Puget Sound Power
& Light Co. The committee was
formed in 1932 to work for a mer
ger of the Puget Sound Co., cf
Seattle, and Washington Water
Power Co., of Spokane. ' ;,
Both Gruber and another . mem
ber of the stockholders committee
testified before a Senate antitrust
and monopoly subcommittee mat
Neither they nor their firms owned
any stock in Puget Sound at the
- .time the-stockholders .committee
rent a letter to the company's bona
JCde stockholders ' promoting the
merger. Their firms have owned
vE'ocks 6f t.e stock from time to
rtime. they testified.
Sen. O'Mahoney iD-Wyo imme
diately called for legislation re
quiring "full disclosure" of all fi
nancial Interests by members of
"so-called stockholders commit
tees' seeking to influence bona
fide stockholders. 't
To Seek Amendment
The senator said in an interview
he probably will propose an amend
ment to the Securities and Ex
change Act to compel such dis
closure. -O'Mahoney
is temporary chair
man of the monopoly subcommit
tee, wnicn Wednesday iauncnea a
three-day probe into the general
subject of utility mergers.,
Wednesday's session, attended
also by Sens. Dirksen tR-Ill) and
Wiley (R-Wis), disclosed that:
1. At least some members of the
"stockholders committee for Pu
get Sound Power and Light Co.".
owned no stock in the utility when
the July 20, 1955, letter went out
it did. but that
his firm had dis-
rnerh was written. He
continued: , . . ..-
i'That (financing) was not a con
sideration in my mind. It has not
been discussed for three -years to
my knowledge." "
Testimony disclosed the Securi
ties and Exchange Commission
had ordered , the "stockholders
committee" . to withdraw the July
letter sent to all stockholders. The
SEC held that the letter amounted
to a proxy solicitation.
Chandler Hovey Jr., partner in
the New York firm of White, Weld
the proposed merger, for three
years. " - .
To Handle Finaaeiag
Burns said: "The memo said
your firm had made an offer" to
Washington Water Power to han
dle part of the merger financing.
Gruber replied "a lot of water
has gone under the dam" since
ing the existence of the stockhold
ers committee. He said the stock
was held to "maintain a market"
for that security.. ' ' .
O'Mahoney said " that kind of
stock ownership appeared to put
the- firm in a different position
than that of "bona fide" stockholder.--
' : '-. .
Neuberger, i
Goon Debates
Start Monday:
PORTLAND ) Two Oregon
congressmen. Sen. Neuberger and
Rep. Coon, have worked but final
Coon's John Day Dam "partner
ship" bill, their representatives
said Wednesday. K
The first debate will be at Hood
River next Monday night, Sept. 26.
The series will close Oct. 7 at Bend
with debates in between at The
Dalles,,' Pendleton, La Grande,
Baker, Ontario, Burns, Lakeview
and Klamath. Falls. . ;
The subject will be the. state
ment, "Agreed, the John Day
Dam bill is in the public interest."
Coon is sponsor of the bill which
provides for federal-local partner
ship construction of the darn He
will open each debate with a 15
minute talk for his proposal. Neu
berger, . a vigorous , opponent of
partnership . agreements for big
multi-purpose dams, then will
counter for 15 minutes.': 1
Each will have 5 minutes : for
rebuttal and will answer written'
questions from the audience, j :
Fire Damages v
Army Dredge
PORTLAND m ' The Army
Engineers' hopper dredge Davison
was disabled in the Pacific Ocean
190 miles west of Crescent City,
Calif., Wednesday as the result of
a fire in its engine room.'
But, the acting Portland district
engineer. Col. David S. Parker,
said the fire was controlled and no
one was injured. The vessel was
on its' way to "the Hawaiian ar.ea
for dredging work. l
The Coast Guard cutter Balsam
was on its way to the scene to
tow the dredge to San Francisco,
AMES
MAIL 22
a
m
Horse Missing,
Moose by Stall
FRANCOIS LAKE. B. 0B
Martin de Hoog is sure hishorse,
King, is scared as well as missing::
This is why: . ;
When he went to harness King
for another day of log-pulling he
found the horse's chain broken
and a bull moose standing beside
the stalL ,
yf TAUBUS
AK 21
MAY 21
14-25-361
48-59-70
MAT S
S-12-53-W
CANCa
JUNE 23
WLY'2J
uo t
JULV14
7-l-3041
S52-e4-73
AOS. 24
SBT.22
5.15.26-37
'AR GASErC)
17 UAI K. WLXJW
. JK ; Vour Doilf Activity Cuidt M
If Accardina fa Ikm Slartl 1
To develop messoge for Thursdoy,
teod words corresponding to numbers
Z - T J t - . -
t your oukic Dtrm sign,
t tntoting 31 Mok '
7 Go 32 Brino
33 Could -
34 Stuotioiv
35 for
34 Settle
37 Up -
38 Your
39 ContribuM
40 Making -
41 Racoup
42 Efforts
43 Necessity
44 Aff!
45 To
17 Cooparataen47 TtrncMroman77 Ta
IS Slow ' 48 Down 78 Motag
9 Time 49 To 79 Bt ,
20 BickurHng 50 Arraramants80 Carta
22 Conditions 52 Any -
23 Pressing 53 Of
24 Poor 54 Your
35 PeH-mtS 55 Efforts '
56 Plcoi
57 Thot
58 Nm -.
59 To
60 Production
'Adrexse
SST.2J
i
OCT. 23 Wr w
C4-65-74 V
3 TodoVt
:4 Friendly
' 5 You
.6 Todos
7 Good
" Thonj's
9 Stop
1Q Erratic
: It Don't
12 A
UOoy
14 Rush
IS Can
14 SuMd
61 And
62 Finoncioi
63 Defer
64 Fmoneioi
AS Finoncas
66 To -
67 Must i-
68 Plcoi
69 Contort
70 ButmeM
71 Pockctbook
72 Go.fi
73 Lost
74 Todof
75 Ki
76 Likaly
0CT24H
NCV.221
U9-62-72 ' V.fc
26 Cnolk
27 To
28 Should
29 in-
30 To
Good
82 ImpoftQnff
83 FinoJ
84 Go
85 Uni
86 Food
87 Dacisiorf
B8 People
89 Decisions
90Todoy
lAOmAJBUS
NOV
DK.
9-20-31U74irl
CAniCOM
DEC
JAN.
2-lB-29wC.Tf
Ff. PSf
6-21-32-
153-78-83-87
rra.
MAP.
3-16V27
W7-61
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