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About The Bend bulletin. (Bend, Deschutes County, Or.) 1917-1963 | View Entire Issue (March 21, 1933)
the TtFvn Bnj.ETm, BExb. onE. Tuesday. "tAr.cn fi, ion PAGE SIX No Wonder Budget Director Smiles, With Half-Billion Savings In Prospect! STOCK PRICES DROP SHARPLY BANK REFORM HELDNEEDED Speculation is Decried, j : Law Need Stressed ; Slump in Utilities Cause of Break Is I WAX I)ivorce of Slock Soiling; Prom Commercial Bank ing: Held Necessary By Raymond Clapper ' ' flTntU! Prw Staff Cr-w-tKflrnt ifVi.vrielit. lusx. Iiv 1'ntlt lvl Washington, Mar. 20. (IP Spec ulating with funds of depositors must be stumped out t.f the hanking business, in the opinion of those now considering bank reforms us a result f the recent crisis. ThLs view was strengthened by re- tent disclosures of whut insiders did 3n the National City bank and its .vuiunlca investment seiuny urgim tzation. President Rocsevelt gave -further momentum to it in his In 'ftugural address when ho declared speculation with depositor's money mast stop. The necessity for action in this di rection will increase further if the nresent tendency toward strong na- .lionalized banking and absorption of state banks into the federal system continues. Such a centralizing ten 'dtnev would throw the nation's -banking activities more and more into the hands of bi city banks. 'making mrre easily than ever loose .and unsuccessful speculation such us has been seen in recent years. The mast powerful blow of all thus Tar has-been struck by one of the high priests of high finance. Win throp W. Aldrich, head of Chase Na tional bank and a brother-in-law of John D. Rcckefeller, Jr. X More emphatically than most con gressional critics of speculative bankers, Aldrich declared recently that banks handling depositors' jtunds the regular commercial banks must divest themselves of stock market operations, stock and bend selling activities, and the other speculative enterprises which have ie?n responsible for heavy losss. This is one of the objects of the Glass banking bill. President Roose velt is understood to be thoroughly -in favCr of prompt action on this jpoint. Many big banks have maintained subsidiaries, with identical officers, and separated only by the technical legal hair-line required by law. They have made huge industrial or foreign loans and then, seeing them turn bad, have sold tock and "bailed out the bank." Depositors went to the bank to put their money in safe hands, trusting t? their banker to advise them wisely as to safe invest ments. But the banker in some cases was playing a double role. - He was tak ing their money and presumably ad vising them as to sound investments. At the same time he was acting as a stock promoter, committed to sell ing as much stock as he cauld in issues sponsored by his bank. He was serving two masters and as it has frequently turned out, the de positor was served last. J Sentiment is growing rapidly for rigid laws which will compel bank ers to divide into two classes "the commercial bankers" who accept de posits and make their money by re investing the money safely as trus tees for their depositors, and the "investment bankers" who are frankly sellers of stocks and bonds. The former would then be clearly trustees for depositors. The latter would be simply merchants selling securities. The present system is likened by some to permitting a lawyer to rep resent both plaintiff and defendant. Aldrich also ftruck at the private bankers firms like J. P. Morgan, which accept deposits and operate a regular banking business. But be cause they are not officially incor porated as banks, they escape many of the regulations and the require ments for public statements of con ditions which bind regular banks. - Such private houses eniraee in large stock and bond flotations the same as the affiliates of commercial YOUR g$ CHOICE p3F or f Bargains in Books The Best Sellers that were originally priced at ?2 - 3 - s4 - s5 NOW in a big group at $1 Bend Drug Company Ben E. Whlsenand, Prop. r.-uM4.V;" W A fWr H With savimzs of S500.000.000 annually in sishL imdcr terms of President Roosevelt's drastic economy bill. tawls M. Douglits (center), new director of the budget, had good reason to smile as he discussed the measure with i Colonel John Thomas Taylor (left), legislative counsel of the American Legion, while General Flunk Mines) (right), director of veterans affairs, listened. The group is pictured at a meeting of the senate finance) committee which reported favorably on the bill, since passed by congress, and expected to cut more than j S400.000.000 from pensions and allowances to veterans and $100.000.000 from government salaries. i banks, but have not been compelled even to maintain a technical legal ' separation of their blinking and se curity selling activities. BRIGHT SPOTS New York. Mar. 21. (LP) The smallest number of business failures since October, 1929. were reported by Dun & Bradstreet. Inc., for last week, with a total of 3S2. against 494 in the preceding week and 70S in the corresponding liioi week. Louisville. Ky. Meneel Co. re ceived an order for 100,000 beer. cases for the Anheuser-Busch Co. of St. Louis and gave that company an option on 100.000 addtional cases which it is anticipated will be closed as soon as the beer bill is passed by congress. CLASSIFIED ADVERTISEMENTS CUuifttO JvprtU(ntt char? per Uu, 92 word for all over 35. AH tlaMifbd cvnu for 3& worU or In. On cm I i atlvrrtUinr trWIy rah In mlvanro. FOR SALE BABY CHICKS Low prices for purebred, blood tested chix, Tur key poults, $35 per hundred. Cus tom hatching eggs received every Saturday. Central Oregon Hatchery. Redmond, Oregon. 74-73-99p New Orleans A project which will provide several thousand men with steady work for two years will begin next month when the McClin-tic-Marshall Co., a Bethlehem Steel subsidiary, starts work on a $13,- 000,000 bridge across the Mississippi river here. . FOR SALE Unusually good team of work mares. Average weight. 1.600 pounds. At J. W. Comett ranch, 12 miles east of Prtneville on Ocho co highway. 84-83-90c Portland. Me. Wage increases of 10 per cent, effective March 25, were announced today by the Interna tional Cement Co. CHICKS White Leghorns, Barred Plymouth Rocks and R. I. Reds. $10 per 100 prepaid. From vigorous, high producing stock. State blood tested. Hatches every Monday and Tuesday. Maguire Hatchery, 2415 N, E. Oregon St., Portland. 88-SS-114c WANTED j Spokane, Wash. The Great t Northern railroad shops here will reopen April 3 on a 5l2 day week, i giving employment to 250 men, it was announced today. ! WANTED Will pay cash for late model llight car. Bend Hide & Fur. 636 Franklin. 96-89-90p WANTED 60 sacks of good clean seed potatoes. State price. J. M. Conrad. Phone 29F14. 87-8S-89p Louisville, Ky. The Louisville &c Nashville railroad reported for Jan WOOD FOR SALE uarv a net income of $23,693. against delivery, t a net loss of $747,233 in January, i lengths, limbs. 1932, JUNIPER wood for side. Wood Yard. Phone 340. Kelly's 4fi-S5-U7p FOR KENT FOR RENT 4 room furnished apartment. Also 3 room house close in. C. J. Leverett, 443 Bnwd way. Phone 287-M. 3S-S9-90p MISCELLANEOUS PRICE alone is not always a time gauge of service. My price of $2 for cleaning and repairing your watch is exceptional value. Work is fully guarantee:!. H. B. Moore, Watchmaker, office in Simmon's Paint Store. M-89p LOANS ON AUTOMOniI.ES or con tracts refinanced, payments re duced. Prompt confidential service. Legal rates. State license No. M-114. N. H. Gilbert, 1010 Bond St. Phone 21-J. 27-83-109p PHONE 137-J Suits cleaned and pressed. 75c. All other clothes in proportion. Suits jnade to order, best in quality to fit, as low as S17.50. Dick the Tailor. 97-89p FOR EXCHANGE 1925 Dodeo se dan for cheap light car. Dyer'g Garage. G2t Franklin Avenue. 99-89p BUTTER UNCHANGED Portland. Ore.. Mar. 21. (IPX- There was no general change in the overnight price on cube butter in the local market. On the open mar ket both prints and cubes are unchanged. Output is still gaining but is somewhat less than seasonable in this respect. Demand for butlerfat remains favorable although fher? appears less keenness to bid up values. While there were no open changes in the egg price for the day, easiness was reflected in spots and especially for current receipts, which are now showing a better supply. Truck load of broiler chickens from Winlock came overnight to the allied buyers of Portland and helped somewhat to relieve the recent acute shortage of small stuff. General live chicken receipts are limited. Potatoes continue to show in creased sales with prices steady. LOST CASH Wood. $3 per cord if paid on delivery. Body, jack pine, short lumper 4 loot. ro rmdes or credits at this nrice. Brookings Wood Yard, phone 314-J or 314-M. 95-89-1 12p SPECIAL THIS WEEK Good red juniper, pine body, short lengths. LOST Male springer spaniel, black $3.75 single cdrd; $3.50 cord for two and blue roan, 2 years old; last or more cords. Sutton Brothers, seen near Kirtsis swimming tank. 447-J. 137 Columbia. ' Reward. Phone 565 -M or police sta- 79-61-93p' tion. 93-89 -90c I Hoover Is Welcomed (Continued from pape one) Secret service men who accompa nied him across the country left his DDI ill T J I party at Oakland. Of(dcn Mills, By i cUO AltO 1 OClay former secretary of treasury, Kichcy with him to Palo Alto. Others who drove here, after meeting him in Oikland, included Governor James Rolph, Mayor Anvelo Rossi of San Francisco, and Marshal Hale, re publican leader. SAN FRANCISCO MARKETS Butter 92 score 19; 91 score 18'; 90 score 18. Eggs Extra large 152; mediurr 13 fc; small lOVz Poultry Leghorn hens all sizes 13; colored under 5 lbs. 15-16; 5 lbs. and over 14. Leghorn broilers 12 to 17 lbs. per dozen 15-16; 18 to 24 lbs. per dozen 17. Fryers, leghorn over 2 lbs. 17; colored up to 3 lbs. 15-16. Roasters, colored 3'i to 4 lbs. 18-19; over 4 lbs. 18-19. Roosters, old leg horn 7-9; colored 8-9. Squabs, all sizes 20. Domestic rabbits under 5 lbs. 7-8; 5 lbs. and over 5-7. Tur keys, young fancy toms 14-15; young fancy dressed hens 15-16. went to his home, atop San Juan hill on Stanford campus, and was met at the door by Mm. Hoover, who pre ceded him here. They embraced each other and entered the spacious ' house. En route to Palo Alto, Hoover told the United Press he had no plans for the next few days. "Probably I shall have dinner with friends and have friends in to dinner" he said. "Perhaps J shall go into the hills later for an outiny. For the present I intend to rest. I am very glad to be back in California's cheer! ut sunshine." On the subject of politics, bank ing, the beer bill, the democratic ad Toxoid Clinic Will Be Held in Bend Friday The second toxoid clinic of the spring will be held here Friday morning in th high school, with Dr. R. W. Hemingway and Dr. R. W. Hendershott in charge. The 2n children who received the first In jection of the toxoid treatment Inst month are to return Friday for the WOOL MARKET Boston, Mar. 21. (LP The wool market is a little slover than lat week, but some wool is selling and prices are steady. Sales comprise mostly 58-60s and finer territory lines. Strictly combing 58-60s Colo rado wool brought 43 cents, scoured basis, while best territory lines are held up to 45 cents. Original bag 64s and finer territory wools bring 41-42 cents, scoured basis, for bulk French combing lines, and 43-44 cents for bulk good French combing and average strictly combing staple. ministration, economics and busi-j second treatment, and number of ness conditions, he had nothing tofohers unable to attend the first ay. clinic will receive the first treat ment Friday. All children who at tended the first clinic are to return for the sscond one. Those who received the treatment at the first clinic may also receive' vaccination against smallpox Friday, according to Miss Janet Moffat. county nurse. There are 80 now reg istered for the vaccination. A third clime, for the final treatment of those who attend this week for the first time, will be held April 25. PORTLAND LIVESTOCK Portland, Ore., Mar. 21. (LP) HogsEstimated 450. Rail supply 285 direct Market quotable steady to 5c lower than Monday's extreme top. A few trucked in light but early $4.50. Strong choice car lots quotable possibly at $4.65. Cattle Estimated 75. Calves 10. All drive ins. No early sales.. Mon day's general market strong to 25c higher than last week. Eeverything sold. Sheep estimated 75. All drive ins. No early sales. Market quotable ap parently steady. Newspapermen who boarded his train at Berkeley were not granted an interview. The only general an nouncement from the ex-presiden'i came through his secr2tary, Law rence T. Richey. "Mr. Hoover has no statement of any kind to make," he said. "He had a restful night and is looking much better than he was in the west for the campaign. He is in good health and is feeling fine. The whole trip has been restful.'' Hoover patiently posed for cam eramen. He mfede it clear, by his at titude, that he wishes to forget about public life for a time, and en- oy a peaceful period oj relaxation. List Slumps In Last Hour After Holding WVIl Most of Day New York, Mar. 21. (IP - Utili ties hiuko one to 5 points on the Mik-k exchange today and off u s.hurp ivaiiinn in the entire list. Until tlu lust hour, the main tiM of stocks held fairly well, hut steady M'lling nf the utilities finally wore down resistance and the mat k.'t picked up actively on the d"Wie.ute. In the last few minutes volume .slowed down somewhat and pi ices nOlicd n .shade from the lows. Heavy pressure wus exencj against American Telephone forcing it down u-.oie than 4 points below the previous close and mote than 2 points under the close on March 3. Consul idMcd Gas broke more than 3 points and North Anient an inoi than 2. Selling in tlie.se issues fol lowed efforts of Governor Lehman of New York to regulate utility companies more stringently, and feats this regulatory piKvs would spread to other states. D. ti'oit VA tson broke 5 )Kiint.s when the div idend was reduced from $0 to $t an nually. United States Sleel issues weio depressed the common losing 2 points. Other industrials joined, with losses of 2 to more than 3 points in American Can, Case, Owens Illinois Glass, Air Reduction, Eastman Ko dak, Allied Chemical. Du Pout, and Crown Cork and Seal. Railroad shares after holding wll finally were forced down. Norfolk and Western sold at I20j, off 4-' points. Uniun Pacific lost three while Delaware and Hudson was down more than 3 points. The down turn in the carriers reflected dis appointment over hick of imlieiNi!cd action in favor of the carriers to de velop m Washington. Automobile shares were heavily unloaded. Willys-Overland had a huge turnover, but ludd at 25 cents a share. General Motors was turned over in largo amounts, as was Chrysler. Both declined. Auburn Auto, selling ex-dividend, was down 4uj points at 32. Reduction of 'i cent in the price of copper brought a drop in copper shares. Rubbers declined. Cotton met liquidation. Wheat was Shocks Wall St. wi$mm In recent years in the United States, diphtheria has maintained a death rate 70 times as high as small pox, says Dr. Charles Armstrong of the public health service. Wail Street was lef gasping at the sweeping banking reforms proposed by Win thro p V. Aldrich, chairman of the governing board of the Chicte National bank, shovn here leaving a conference of bunkers in the New York clearing house. Aldrich called for complete separation of the com mercial and investment phases of banking. if m 1r ) VI - 7 17 Keen -Styled MARATHON MATS in Netv Spring Colors Your favorite color is here and in the style that fits your face! The quality and smartness set a new pace for the famous Marathon name. All hats lined in Satin or Cclanese. Snapbrims and the more con servative shapes as well. Get a Marathon and you'll get a new idea of what hat value your money can buy todayl Browns Grays The new Green $1.98 2.98 $5.98 i i i lOOlMOlM Wall St lift. Bend, OrcRon about strady. Corn, oaU, and bailey gained. Hie feature of the day in the fi nancial world was a wide break in foreign exchange in favor of the American dnlhu. Sales - totaletl 1.210.000 shares, against 780.000 shaic ivttcrduy. Dow-Jones pteliminary average: Industrial, 57..V, off 2.32; railroad 27 M, off 1 4C; utility 21 .0. off 1.28 Aggregate market value of 10 leading Kstie was $4,901 r.H5,8UI. against $5,13037.648 yesterday, a decline of $22ti.6M,7a7. Ill ILDING TO UK RAZED Vandahit, III UP) Illinois' firnt capilnl building hern is bring torn down. The ntutc capitol wu located here when the state was admitted to the union and luirr moved to Springfield The building had In-eit lined for many yearn at a county courthouse. Forest Service Staff Is Preparing to Move A general restlessness and much activity were apparent in the Des chutes national forest offices in the O'Kane building today as members of the headquarter staff prepared to move into the new federal build ing. Some of the preliminary work consists of the, shipping of office furniture, In iue in the present quarters, to the Crescent ranger station, where R. C. Burgess will be installed as ranger. New furniture will be available for the offices in the federal building. C. H. Overbay, ranger in charge of the new Bend district bf the Des chutes national forest, will have his headquarters in the federal building here and a truck Was to be sent south today to brins the ranger's household goods Iroin Crescent in Uend. Til is truck was lo carry the! furniture which will be used by ( Burgess In his ranger station at Crescent ' By the end of this week or the, first of next week, work of moving' into the new quarters will be well under way, with the post off ice staff, lo follow in a short time. I NOTICE OK SHI.Itll rS SALE BY V1RTUK of a writ of execu tion and order of sale duly issued out of the circuit court of tiie State of Oregon, for Denrhute County, on the 27th day of February, 1033. pur suant to a decree entered hi wild Court on the 27lh day of February, 1033, in it suit wherein Western I ,oiin & Building Co., n corporation, is plaintiff and S. M. Cain and Ia Fayette Farms, Inc., n corporiiltyn, are defendants; said writ lxlng di rected to me cotnufunding me to make sale of the rral property here inafter dcscriU'd, I will on Thurs day, the 30th day of March, 1033, at eleven o'clock A. M., at the front door of the court house In Bend, DcHchutcs County. Oregon, offer for sale and sell to the highrnt bidder for canh In hand the following de scribed real property situate In Bend, Deschutes County, Oregon, to-wlt; Iot 12 In Block 18 of Des chutes Addition to Bend, Oregon, according to the official plat thereof on file and of record In the office of the County Clerk In and for said UescmitM County, Orego 1 1 , to n.tt j Ufy plaintiff mild judgment m t i Mini of $M'J02 with leu -r t l Intercut from March 10. It'll: i ' (he further mini of $137.39 with I lerent lit ten jcr rent flout Jnhi j If. 10; for th further um of t 'together with $7S 00 attorney ; and for $IH 00 routs. C. U MeCAULKY. Sheriff ! Deiu'hutes County, OirtftS ! 71 77-Klf Machine Work ; OF EVERY ,! DESCRIPTION; Hero, you will find n comnleti'ly equipped! nuifhino shop withe every facility to re-J build, repuir or makcd over that part like when new. A.E. AULT HONK 503 M AlliinmaU FltKI) A. 1.IKIJAI.I.KN. M. I). Eye, Enr, Nore mtil TlironC Sprilnlitsa Ronm (I. Ponrvy-Ncwbcrry BltlR. Offirc Phnnc 97 House I'lmne 534 OKI-- Mmirn 0 in 12: 1:3(1 lo 5 Urooks'Scanlon Quality Pine Lumber Brooks-Scanlon Lumber Co. The Newfangles (Mom'n Pop) ! An Important Decision! ll iter The horned lizard does not drink water but absorbs it when sprinkled on its skin. .1 HATE TO TSO TMfi-lTS GOING TO BE 6. TOUGH LE'bSOM TOR CHICK.... .TILV-, WE CAW'T t0 W6 STUPF HERE AT THE OFFICE, NfY TUE C.C?T ARE STACKED AGAINST HIM LIST6NIM(i TO POPS SCHEME To PlO I The mewpucles I OP THEIR VrtfriMd RELWIMES, Chick's, Bo. THIK1KINO 1 GUESS WE'S MAO A FMR CWANICE TO HELP WMSELF. IF THESE RELMWES VIERE DESECNIN& , INSTEAD OF JUST PLCYIMCi WM FOR A FtSH. I'D HAVE A AFFERENT TUME , TD SlNQ TO HIKA . ill it . -i i By Cowan r V ft)0 15 RIGHT! it's THE OMLV AV TO SNfkP WM OUT OF T. NNELV. , LET'S OET IT OVER NITH. TPH PWlTK I V4ANT ) TO SEE, HIM O0HT ANA-f y i miias r -i - - - - m """" ' n ' Bir t. iwe
