Capital A Journal
An Independent Newipoper Established 1888
GEORGE PUTNAM, Editor and Publisher
ROBERT LETTS JONES, Assistant Publisher ,
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BY BECK
Wives
4
Salemi Oregon, Friday, June 10, 191!)
Giannini An Inspiration for Youth
Those of our college graduates, a majority of whom are
reported in a nation-wide survey to be looking for "secur
ity" jobs in the future instead of individual enterprise to
create their own business, might with profit scan the
career of the late A. P. Giannini, the California banker,
who died last week, as to what they may be missing in
failing to exercise their own initiative, resource and sta
mina in this democratic nation in which the door of oppor
tunity is still open to those with foresight, energy, char
acter and force enough to open it.
Giannini was the son of a poor Italian emigrant, whose
father died when he was 7 years old, who had to aid in
support of his widowed mother as a newspaper carrier
as a great many of our leaders in all walks of life have
done in youth. When his mother married a teamster, who
was later prominent in the produce business, he went to
work for him at the age of 12 on the midnight shift and
became a partner at 19. At 30 he retired to establish the
Bank of Italy as a "poor man's bank."
Giannini's progress was rapid. The San Francisco
earthquake and fire, in which he personally salvaged the
bank cash, provided an opportunity to display his courage
and resourcefulness and he emerged from the city's ordeal
a name to be reckoned with in banking. He paid depositors
in cash and made loans to ruined business men for re
building the city, and his name became a synonym of wis
dom, daring and integrity.
Anticipating the 1907 panic, he accumulated a con
siderable hoard of gold, and when other banks paid in
clearing house certificates, he paid in hard money. Con
vinced that big banks were safe banks Giannini started
buying up small banks and converting them into branches
of the Bank of Italy, initiating the country's first import
ant branch banking program. Despite efforts of competi
tors to get the state legislature to restrict branch banking
and the opposition of financiers his bank empire kept
growing.
In 1919, when the Bank of Italy had resources of $138,
000,000, he organized the Bancitaly Corporation to facili
tate the expansion; this was succeeded in 1928 by the
Transamerica Corporation, formed as a holding company
for all the Giannini banking, insurance and industrial or
ganizations. By 1929 he had entered the New York banking field,
purchasing the long-established Bank of America here.
The next year he consolidated his banks into the Bank of
America National Trust and Savings Association. The
bank and its branches made loans on crops to California
fruit growers, lent up to $300 to a wage-earner on his
signature alone, and at a time when other hanks refused
to finance films supplied vast sums to motion-picture
producers.
As of the clone of 1948 the bank operated 517 branches in Cali
fornia as well aa branches in London, Manila, Tokyo, Yokohama
and Kobe and had representatives in New York. Paris, Milan,
Zurich and Shanghai. It total assets at that time amounted to
$6,072,013,872 and its total deposits to $5,539,523.41!). both
larger than those of any other commercial bank. With its sub
sidiaries Transamerica owned about 22 per cent of the bank's
common shares, operating 127 banking offices In California,
Oregon, Nevada, Washington and Arizona.
Once Transamerica had owned virtually the entire capital
stork of the Bank of America, but In 1037 It had distributed 57
per cent of the bank stock to 150,000 stockholders.
At his death Mr. Giannini was chairman of the board of
directors of Transamerica and was locked in a struggle with the
federal reserve board over the latter's contention that Trans
america had violated the Clayton anti-trust act which the bank
denied.
Giannini, slightly above t feet tall and weighing 215
pounds, with white hair and mustache was the traditional
picture of the brusque captain of industry and his history
justified his appearance. His career would only be possible
in the United States, and should be an example and incen
tive for youth, unless the nation succumbs to the deca
dence of Marxism that leads to totalitarianism and regi
mented serfdom.
What Will They Think Up Next?
The things that Washington can dream up!
The boys in the nation's capital have the outlines of a
plan that should embarrass themselves no end. But in
the whirling delusion of the "I-ran-do-no-wrong" atmos
phere, they apparently see no wrong in this latest bit of
fol-de-rol.
Congressman Norblad from this district spotted it. He
asked for an explanation of how congress, in all serious
ness, could even think of such a thing.
Here is what is proposed: Countries receiving Marshall
plan aid are obliged to take every step necessary to bal
ance their internal governmental budgets. That is good.
So those countries might learn how to balance their bud
gets and improve general government administration,
however. European fiscal experts would he brought to the
I'nited States to study our methods. To do this little bit
of "education," half a million dollars would be spent. Then
to assist the Europeans on their home grounds, we would
ipend almost a million more.
What a horrible example we have to offer these visitors!
As Norblad pointed out. the I'nited States has balanced
the budget but once in the past 17 years. And it looks
like we're going in the red about $2 billions worth this
year.
The only lesson that could be learned would be how to
keep the budget unbalanced.
Norblad's comments size the situation up well: "If
our government were operated efficiently and our bud
getary system sound, the expenditure could possibly he
justified, but, in face of our prevailing conditions, this
proposal hardly make sense."
Some Art Born Salesmen!
Los Angeles What a salesman!
Traffic officer Robert B. Movllle lave Insurance agent
Bill Carmlrhael a ticket for driving through a pedestraln
crosswalk.
Aa Movllle dealt oat th ticket, rarmichael commented:
"Your lob must be very hatarrious." Movllle agreed.
A few more minutes of aalea talk and Carmlrhael had snld
the efflter aa Insurance policy.
I'VE BEEN WAITING BV MV
LONESOME ALL APTE ONOON
WHILE YOU WEPE ENJOYING
YOURSELF...! DONTSEE ANY
HARM IN WALKING AROUND)
THE LAST FEW HOLES WITH
YOU- STOP PUSHING
.VOUBEHUITING
MY APM
BRINGING A DOC OUT "Vi f
t ON THE COURSE !r!i!l AJ.5J
7 DO OJ WANT ME TO tSKf
v BE KICKED OUT OF j?';A
? f,t-THECLLgtojS
MTU . -1., V ME
WASHINGTON MERRY-GO-ROUND
Marshall Plan's Birth
Was Strictly an Accident
By DREW PEARSON
Washington When Washington dignitaries gathered at din
ner this week to commemorate the Marshall Plan, probably
only one man present really knew how the Marshall Plan got
started President Truman. And not even Truman knew or re
membered all the details.
BY GUILD
Wizard of Odds
The birth of
the Marshall
plan believe it
3r not was in
fluenced by the
Illness of Sena
tor Bilbo of
Mississippi.
Furthermore,
this plan now
a great force in
revitalizing Eur
ope was a com
plete acci dent
as far as the White House was lighted that Acheson was get-
Draw F,ar,ap
ators Tom Connally and Arthur
Vandenberg whom he suspected
might pour on the cold water.
The perusers of the speech
later held a meeting.
Since there was nothing in
the speech about bases, the
army-navy had no objection. Dr.
Nourse suggested a few changes
of figures, which were accepted.
Secretary of Commerce Harri
man, who had been talking to
Acheson privately, was enthu
static, while Truman was de-
19 Mouths to Feed for Sally
Sally
Seattle (VP) You think you've got mouths to feed?
the Spaniel s got 19 of them.
That's not a record litter but it's a lot of pups, even when
you say it fast. A foxhound named Lena set the all-time pro
duction mark of 13 at Philadelphia In 1944.
Sally, a pedigreed Springer, amazed herself and her owner,
Bill Bennett of Renton, by giving birth to 19 puppies Thurs
day night.
concerned.
President Truman had been
scheduled to make a speech at
Cleveland. Miss., in the winter
of 1947 and called in Dean
Acheson, then undersecretary of
state, to ask if he could get him
out of a jam.
He explained that to please
some of his wife's friends he had
promised to speak in Cleveland,
ting him out of his Mississippi
speaking jam.
After all this preparation,
however, the speech got only
two or three paragraphs buried
inside the newspapers. Few
people in the U.S.A. realized that
Acheson had launched one of the
most important policies since the
U. N. or the Monroe doctrine.
The British press, however,
THE ODDS ARE 2 IN 5 YOU DRINK u
A QUART OF MILK DAILY, THANKS VjJih-
TO 25,000,000 COWS. tltr
YOU RE
NOW SPENDING
MORE MONEY IN
RETAIL STORES, BY
ODDS OF 12 TO 5.
THAN YOU DID IN
BALD?
630 TO I IT'S
A MAN.
( stiure m jimmy
COOflD, CHIC160, III . Ml
THIS 0UISTIOM)
that the folks in Mississippi had played up the story big. And,
made elaborate preparations, as a result, Scotty Reston of the
and that this was to be the big- New York Times called on Ache-
SIPS FOR SUPPER
son to ask whether this was
new American foreign policy.
"You had better ask the White
House," Acheson replied.
May Have Visitors
So, at the next White House
BY DON UPJOHN
It's just a guess and maybe a rash one but we apprehend that
the county court's decision to consider asking that the south
river road be considered for federal aid improvement ahead of
the project to
complete the Sil-raf"
verton road be
cause of right of
way trou b 1 e ,
will result in Sa
lem having
some visitors
from Silverton
and proba b 1 y
pronto, as it
were. It would
n't be surprising
if the guests
filled the court room,
m
L.4U
gest event in the town's history.
But, he said, he couldn t go.
Senator Bilbo was back in the
state, ill, after the senate's re
fusal to seat him, and it would
be political suicide, Truman felt,
if he set foot inside the state at press conference, Reston asked
that time. He had written his a carefully worded question as
Mississippi friends, he said, ask- to whether the Cleveland, Miss.,
ing if they would accept a cab- speech represented Acheson's
inet member instead, and they views or the administration's
replied that they were greatly views.
interested in foreign affairs and Truman, still full of gratitude,
the only man they would take as and recalling that the army,
a substitute was acting Secretary navy, et al had approved the
of State Dean Acheson. speech, replied that it represent-
Acheson of course, promptly ed administration policy,
accepted the president's person- A few days later, Acheson
al plea, in fact, told Truman he went to his chief. Secretary of
had been eager to make a major State Marshall, and said in ef-
Tight Pinch speech. But, he warned, it feet: "I have kicked a fairly im-
Ben Maxwell, photographer, would be an explosive one. portant ball up in the air for
.for our favorite paper, has a dark So having in mind Henry you, but it's falling rapidly,
room of his own in the upper re- Wallace's famous speech on How about catching it and scor-
cesses of the building, equipped Russia which was officially ing a touchdown?"
with all the paraphernalia. Yes- cleared with the White House This led to another conference
terday he emerged from same but which Truman himself didn't with Truman, then to Secretary
and came downstairs his hair read, Acheson took great pains Marshall's speech, which in the
Nobody, as far as we've been
advised, has seen the missing
convicts Pinson and Benson now
for three or four days. Another
of those nine day wonders apparently.
the lnb
bies. extended down the stairs damp and fluffed and a towel to have his speech carefully ex- eyes of most people was the be-
and might cover the courthouse droped over his arm. "That 5V4 amined. ginning of the Marshall plan,
lawn with maybe an overflow by 2 sink up there is a mighty Hc asked that it be read by After the speech, Acheson
onto the sidewalks. Silverton "nail place to take a bath in," 'he army-navy, by economic ad- picked up a suggestion by Sen-
has grown into a good sized opined Ben as he hustled by. viser ur. tdwm Nourse, and by ator vandenberg that a com-
MacKENZIE'S COLUMN
British Labor Nails
Socialist Flag to the Mast
By DeWITT MacKENZIl
tun PortlfB Affair Analyst!
Britain's government certainly has nailed its socialist flag to
the mast in connection with the party's annual conference at
Blackpool.
There Is - no
attempt to cam
ouflage the pro
gram as the par
ty gets set for
the general elec
tion which is due
next year but
might come
sooner.
The chal
lenge to the
Conservati v e s,
headed bv form
er Prime Minister Winston mineral and water supplies.
Churchill is without qualifica- The Socialist government in
tion. its four years of office already
Deputy Prime Minister Herb- ha nationalized coal mines, gas
ert Morrison, one of the most , lctricity. railroad,
powerful figures in British So- canaIs. long - distance trucking,
cialism and the party's political "'1'nei. the Bank of England
strategist, Wednesday laid the and ,the world wlde. cable and
cards on the table in a speech ' -"'"'"'-"" -'"f
OtH'itl Mftrkantl
emergency program can be re
jected by parliament.
Still, one would expect the
Conservatives to make propa
ganda out of this issue in the
coming election campaign.
Morrison also announced that,
if re-elected, the government in
tended to nationalize six more
Industries. Those proposed for
state ownership are meat whole
saling and cold storage, sugar
refining, cement making, most
life insurance, "all suitable"
which evoked an ovation.
with Vor'n Perry and happened , u used to br
to hit a perfect hand. Yea, this
with soldiers
constitutes holding three fives in Y u r memory
one's hand along with the Jack ml5ses the color
of trumps and the other five ' khaki,
soot turned un as trnmn In thi And your
case the trump happened to be mind Roe back
hearts and we imagine Fred will lo. ,ne years
see a five spot of hearts in his
dreams for a considerable num
ber of nights running. We'd
riipci the phgnrM tl tinlH.ni inh
a hand are one in umpty-ump every
millions and Fred who has olav- older to get
ed rribbage from his crib days
never had one or heard of any
one having one before.
the Pnmmpnv Hnnarlmanl a mittp rtf nmminnf AmM-lnn,
Which reminds us Ben has well as by Truman. be appointed to push the idea,
been putting on considerable His strategy was to have so Truman didn't like the sugges-
poundable lately and maybe he's many cabinet experts read it tion, but Acheson argued him
up there bathing in developer, that it would not be sent to Sen- into it.
"Here is a man who more
than anything else wants to get
the republican nomination for
president of the United States,"
he told Truman, in effect. "Of
his other two rivals. Governor
Dewey never says anything
about anything, while Senator
Taft never loses an opportunity
to attack you on domestic issues
and crab at you on foreign
policy.
"Vandenberg has played the
boys starved for something else 8ame very well on bipartisan
beauty and peace. Paris had Pol'cy. and you ought to agree
that, too. She had something to his ,jdea in ord t0 keep him
for every man in the world. So weet."
they drank in her antique beauty
on sightseeing trips, went to
church, shopped for small gifts
of perfume and silk for the folks
at home.
These wartime tourists from Harriman.
the front were a kind of living present.
repnach to the natty troops who Acheson said he didn't care
headquartered here in safety, who was on the committee just
town, with a lot of people and
they might all come over and
bring the babies with the com
pletion of their big road threat
ened. It may be just possible
that the right of way which has
been the sticker will get cleaned POOR MAN'S PHILOSOPHER
UfJ III a nun; 1L IV IUUHB ait IL
the road will otherwise be de
layed indefinitely.
The Williams Luck"
Fred Williams, well known Sa
lem attorney, had something hap
pen to him the other night which
is the dream of every cribbage
player and Fred is quite a crib
bage player. He was playing
He named further industries
which the party proposes to na
tionalize, and then declared that, ment
u reeieciea, me government
would pass a "permanent and
revised version of the war-
ny. Medicine also has been so
cialized resulting in a tremen
dous controversy and the vast
steel industry is in process of
being nationalized by parlia-
So the Socialist's gauntlet is
Life Is Gayer Now in
'Silver Foxhole Hal Finds
By HAL BOYLE
Paris. onGay Paree, the "silver foxhole" in wartime, is
gayer than ever now as wide-open as your pocketbook.
It is odd to come back and see it as throneeri with innnti.
time act giving it control over d""ubUt ""VI'.iT1.1 Wf
industry and manpower. tna' ihl CTU"al "" '' oin
. , , . . . . . to be a tough one. As Morrison
Private industry," he said ,aid. ..The next elccti0 wm
cannot any longer be allowed be the fight ot our ,ives ...
to go just any way. Private in- However, he also declared:
dustry or finance which in
dulges in anti-social conduct will
"If we have a high degree of
religious zeal and public spirit
when it was
known as thrL
perfect foxhole.
It was the
The president did agree, and
a meeting was held to appoint
members of a committee to serve
under Secretary of Commerce
Vandenberg was
here. Thousands rolled into The tanned and gawky combat so long as Herbert Hoover and
town from the front lines in Ger
many, Belgium and Holland.
A Salem woman, anent the
plan to convert part of the
courthouse block into under
ground parking drops us a note
to say in Los Angeles they've
men embarrassed them merely Bernard Baruch were not.
by their presence a reminder Vandenberg, however, looking
that all foxholes in the war over the suggested names, said
weren't silver. he had nothing against them, but
Paris had a strange effect on that what the committee really
many combat men. They wheel- needed was an elder statesman
chairman who commanded
They were often unshaven
and muddy and a little "punchy'
from combat strain and the
weary truck ride here. They ed into the city rough, boister-
had on v a 72-hnur leave a ous, laugning a uuie nysiencai-
raised several million dollars to brief reprieve from danger. 'V- They laughed because they
put parking facilities on a city They cleaned themselves up thought that for 72 hours they
parK mere four blocks souare. and made the most of what t me couin iorgci me war.
six stories above ground and thev had But many couldn't. It was in
the same number below. So mav- They spent their money, and 'hem to the bone by then. In a job was not to sell every filling
be the Salem plan isn't so out- when ' it was none thev went few hours or a day and a n'ht station operator on aid to Eur-
landish after all. But thev have back to face death with empty 'he newness wore off. The ope, but to get the co-operation
no vviiiamette river there to fill pockets.
be pulled up sharp by a labor we can deteat the Toriei! (Con.
voutiaiisi Kuvcmnieiii. servatives).'
Conservative-minded folks un- A fair mea,ure of the ,eri.
doubtedly will interpret Mor- usness with which the Social
nsons declaration as savoring jsts are entering the campaign
rather strongly of regimentation. u ,een in tne lierce discipiinary
e, "A ".V Jmay- " sh?uld be action taken by the party last
noted that he didn t say the war- month a(jainst members for flou
time measures would be used ting party leadership. Two left
except of necessity. They would wing members of parliament
be on the books ready for use were thrown out of the party,
when needed. and five othOT member, werB
The Socialist view of this is fired from parliamentary posts,
there's nothing bad in the fact And there., plenty of reason
that the government has such for seriousness. This election
powers. It all depends on how mav well determine the fate of
the government uses the powers. Socialism for a long time to
Moreover, all orders under the come.
Red Grange-Forgotten Man
Wichita. Kans., (UR) Ah, fleeting fame.
In a Wichita university history test, two student an
swered a question on Red Grange's Identity with this state
ment: "A subversive farm element."
the respect of the country.
Quickly, Acheson asked Sec
retary Marshall if he could
answer that question, then went
on to say that the committee's
But there were many quiet
exilaration died down. of labor and industry leaders.
Having no one to talk to who Therefore. the committee
really understood them, the com- should be composed of younger
bat men ganged up in the Red men who were influential with
Cross leave centers and talked labor and industry. Once their
to each other. They spoke a support was enlisted, Acheson
language that could be shared argued, the filling-station oper
only by men who had known ators would fall in line,
hardship and seen friends die. Truman immediately agreed
And as they talked they be- and Acheson's proposed com
gan to worry about their bud- mittee was appointed,
dies at the front. They missed And that was pretty much
the gossip of the battle line, the how the Marshall plan really
banter of their own platoon got'started.
mates. And all at once the silver
foxhole tarnished. They want- MERRY-GO. ROt'ND
ed to be back with the men who Keeping the Record Straight
knew them. They were home- The first congressman to attack
sick to return to the loneliness airplane contracts was Clarence
they had left behind. Brown of Ohio. What the public
So they climbed bark into doesn't know is that Congress
their trucks, some laughing and man Brown is a close friend and
eager, some silent, some resent- distant relative of ex-Conr.
of Ohio.
up the six stories below.
ASK BILL LUNDIGAN:
'All Worn Out From Kissing'
Greeting Actor Gets at Home
By PATRICIA CLARY
Hollywood DP Many men get their pipe, a footstool and a
kiss when they come home from a hard day's work, but an
actor's wife gives him a hard look and a sneer.
"Ha!" says the actor's spouse. "
"All worn out from kissing lieves will become one of Hol
Jeanne Crain." lywood's top stars after his
Actor Bill Lundigan declares scenes with "Pinky" come out,
this to be an actual statement has labored through arduous
made to him by his wife Rena clinches with stars like Olivia
when he returned exhausted de Havilland, Bette Davis, De
from work in Darryl F. Zan- anna Durbin and Hedy Lamarr.
tick's "Pinky" at 20th Century- "Other husbands come home fill at Paris and the life they had man Harold Mosher
'"- irum simps im iiim,-, mm Kimiru uirre. who is the lobbyist for the
their wives offer to take their And the trucks carried them Glenn Martin company which
And he reports that Gregory shoes and get out the footstool," back again to a comradeship that manufactures navy planes but
Peck, Richard Widmark and the he complained, "but not an ac- meant more than the risk of can't get much business from
other leading men get the same tor's wife in this town does death the comradeship of men the air forces,
thing from their (raws. Wives that. in common danger, welded to- Utah's Governor J. Bracken
think a day spent kissing Betty "Our wive come out with gether by love and fear and de- Lee. checking a report that his
Grable or Hedy Lamarr is good, some subtle remark like 'What's pendence upon each other. ancestors came over on the Mav-
clran entertainment. the matter? Does Linda Darnell flower, found that his supposed
"They don't know what we hug that hard?" " These combat pilgrims of war- pilgrim forebear was Richard
go through," he sighed deject- . )ime were the strangest tourists Clarke who died a bachelor
edly. Lundigan gets more sympathy Paris ever knew. She didn't Secretary Acheson and Foreign
"It's the same thing over and after 18 holes of gnlf than he make them happy, as she has Minister Bevin haven't been get
over and In those hot lights, does after a day working In the made so many, but it wasn't her ting along too well at Paris
Even the mechanics of the thing movies. fault. Bevin thinks Acheson is hogging
re rough. You have to hold "It all goes to prove that it's There are different worlds in the spotlight, got irritated when
the girl Just so, or you bump appearances that count," he war Just as there are in peace. Acheson refused to go along with
noses or make her look like said. "I can't even convince my And the happiness of those men Bevin's plan for secret diploma
you've broken her jaw." mother that working with wasn't here because their hearts c
Lundigan, who Zanuck be- Jeanne Crain would be work." weren'L co,rni imi
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