0 h EGO N HISTORICAL SO
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teette
emmer
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Heppner, Oregon, Thursday, January 4, 1951
Volume 67, Number 42
Mustangs Primed
For Honkers at
Arlington Friday
Coach Says Squad
Shows Better Form
Than Early Season
With the holiday season over,
the Heppner high school basket
ball squad is "digging in" in
preparation for the beginning of
league play which will open
when the local team travels to
Arlington to battle the speedy
"Honkers."
According to Coach Whitbeck
the local squad is over its foot
ball kinks and the morale, con
fidence and playing ability are
on the upgrade. A number of the
boys have not yet played up to
their capacities or personal abil
ities which has seriously handi
capped the team's showing to
date.
As the coach states, two or
three games have been thrown
away with wild passes and the
inability to hit the close shots
which makes for an inefficient
ball club, but further states his
club is coming and will be
mighty tough to handle from
here on.
Gary Connor and Marion Green
have been the top re-bounders
for the squad to date and Jimmy
Prock and Gary Connor have led
the offensive action. Melvin Pi
per and Jimmy Smith, the other
starters have started slow, but
show signs of steady improve
ment in their "casaba" training.
The Heppner "B" squad has
not tasted defeat in the six
games they have played. This
unit is spearheaded by Center
Jack Sumner and Guard Roland
Taylor both of whom are Sopho
mores and show promise of
breaking into the first "5" before
the season is over.
The next home game is set for
Saturday, January 6, when the
Mustangs play host to the Echo
Cougars.
o
Pioneer Hospital
Welcomes Baby Boy
At 1:25 A. M.Jan. 1
At least one Morrow county
citizen of the future will start
his calendar year in accord with
the prevailing calendar. Terry
Lynn Peck put in his appear
ance at 1:25 a. m. Monday, Jan
uary 1, 1951. He is the first born
child of Mr. and Mrs. George
"Bud" Peck of Heppner and
weighed in at 10 pounds 13 oun
ces. Terry Lynn was born at the
Pioneer Memorial hospital.
Mr. and Mrs. Eugene Ellis are
the parents of an eight pound 14
ounce baby boy born Friday, De
cember 29 at the Pioneer Memor
ial hospital.
Shamrocks Clout
Irrigonians, 49-45,
In Torrid Contest
Heppner's high flying Sham
rock basketball team did it twice
again this last week as they de
return games to run their string
feated Lexington and Irrigon in
of victories to eight games with
out a defeat for the season.
There was never any doubt as
to the victor in the Lexington
contest as the Shamrocks breez
ed to a 54 to 27 win with Buster
Padberg leading the scoring with
12 points.
It was a different story at Irri
gon Wednesday night when the
Shamrocks tangled with a deter
mined Irrigon team. After a bit
terly fought game the Heppner
ites squeezed out a well earned
49 to 45 victory. With only a min
ute and a half remaining to play
the Shamrocks found themselves
behind by one point 42 to 41 and
it looked as thoueh their victory
string was about to come to a
heartbreaking end. Buster Pad
berg, had a different idea how
ever, as he fired in a beautiful
howitzer from mid court to push
the Shamrocks ahead by a single
point. Irrigon missed a shot, then
Burns, Heppner center, raced in
for a lay up to boost the lead to
3 points with 45 seconds left.
Jones then hit a fowl throw for
Irrigon to make the score 45 to
43 for Heppner. Barbouletos, Irri
gon forward, then tied it at 45 all
with a jump shot from the key
only to have Stan Kemp retal
iate for Heppner. With ten sec
onds left the Shamrocks cinched
the game as Whitbeck stole the
ball, fired it to Junior Kemp who
flipped to Burns for a lay up for
the final score as the game end
ed. Whitbeck led all scorers with
18 points.
Next game for the Shamrocks
will be Tuesday night on the lo
cal floor when they meet Arlington.
Blake New Owner
Of Variety Store
Willard Blake announced this
week that he has purchased the
Variety store and became the
owner as of January 1. Blake and
James Healy had been negotiat
ing for some time and concluded
the deal the past week.
Healy's reason for selling was
due to the increasing volume of
his gas business which has de
manded about all of his time.
Blake has been associated with
D. A. Wilson in Wilson's Men's
Wear since returning from the
service. Having a hankering to
go into business on his own he
got interested in the Variety
store and finally concluded to
buy it. His first job will be to
move the stock from its present
location to the adjoining room.
This is to make room for O'Pon
nell's, which is expanding, and
will put the pastime in the Var
iety store room and enlarge and
remodel the corner room for the
restaurant.
o
Prayers For Peace
Scheduled by Church
Local Methodists will join
Sunday, January 7, at 11 a. m.
with the denomination's nearly
nine million members in a nat
ional mid-century prayer for
peace, it was announced today
by the Rev. J. Palmer Sorlien,
pastor of Heppner Methodist
Church.
He said the call to special
prayer was sounded by the Me
thodist Council of Bishops and
the church's General. Board of
Evangelism in view of the "ex
ceptionally grave condition of
the world today."
In a letter to pastors of 42,000
Methodist Churches, the board
urged every congregation to
unite in "a chain of prayer on
Mid-Century Sunday, beseeching
God's guidance in converting a
world crisis to a just and lasting
peace."
o
La Grande Doctor
To Address P.-T. A.
Dr. Miles J. O. Gullingsrud,
district health officer for Baker
and Union counties, will be guest
speaker at the Heppner Parent
Teacher association at the meet
ing to be held at 8 p.m. Wed
nesday, January 10 in the high
school auditorium. His topic will
concern the mental health of
children, with emphasis on the
pre-school child. He will also
show a recent film on healthy
and unhealthy mental situations
of children.
This meeting, held in conjunc
tion with the regufar P-TA meet
ing, will be Dresided over bv the
president, Mrs. E. E. Gonty. )
o
Pomona Program
Open to the Public
The Pomona grange program
to be given Saturday afternoon
at Willows grange hall in lone
will be open to the public. It will
open at 2 p. m., following the
morning business session and
dinner at noon.
Oscar Peterson will tell of his
trip to Europe and show pictures
taken there. George Murphy
from the state grange will speak
on grange fire and hail insur
ance. C. J. D. Bauman will treat
on the subject of civil defense,
and each subordinate will have
a number on the program.
Lunch will be served at 6 p. m.
and at 7:30 there will be install
ation of subordinate grange of
ficers. o
WILSON BROUGHT BACK
ON BAD CHECK COUNT
Sheriff C. J. D. Bauman drove
to Antelope Tuesday and brought
back Elmer Marson Wilson, la
borer and rancher, who is charg
ed with passing bad checks. Wil
son is being held for trial in the
circuit court.
The accused is credited with
being the "front" for Ophfer Ba
ker, who was recently found
guilty and sentenced to a term
in state prison. Several Heppner
business houses were victimized
by the pair.
o
PAIR IN TROUBLE
James W. Finck, cook and la
borer, was in jail Wednesday and
his wife was in the hospital suf
fering from seriously slashed
arms. Officials were informed
that the couple was involved in
a quarrel Tuesday and the affair
culminated in the slashing Wed
nesday morning. The officers
were holding Finck for investi
gation, although he declared he
did not do the knifing.
Mr. and Mrs. Harlan McCurdy
and daughters spent the holi
days with relatives here. They
reside in Ukiah where Harlan is
manager of a store.
Mr. and Mrs. Ray Massey en
joyed a trip to western Washing
ton during the holidays. Their
objective was Yelm, near Olym
pla to visit his parents. They en
countered rain in great quanti
ties, which made driving a bit
hazardous, but enjoyed the trip
and the countryside.,.
Business and Financial Outlook For
1951 Forecast by Noted Economist
SPECIAL EXCLUSIVE:
The United Nations will with
draw from Korea during 1951.
The United States in 1951 will
have the largest National In
come of its history.
BUSINESS AND FINANCIAL
OUTLOOK FOR 1951
By Roger W. Babson
1. Excluding defense orders,
the total business volume in 1951
will be less than that for 1950.
However, national income in
1951 will be the highest ever re
corded, as war orders take the
place of peace production and
high prices prevail.
MORE GOVERNMENT
CONTROLS COMING
2. The outstanding feature of
1951 will be the ever-increasing
interference of the government
in the lives of businessmen and
consumers.
3. The Administration and its
economic advisors are firmly
convinced that radical inflation
is about to break out next year.
But the "brain trusters" are ov
erlooking the fact that the boom
is already old and that it was
creaking badly when the Korean
War broke out. War postponed
the downturn which would have
taken place much sooner. The
date of 4he slide has only moved
ahead.
4. Rushing to catch up on its
neglected defense program, the
Administration is anxious to
shrink business volume to an
unnecessary degree. Efforts at
first will be along the line of
tighter credit curbs, such as re
strictions on mortgage and in
stallment loans and increased
bank reserve requirements.
5. As 1951 wears on, the effect
of credit controls will cause a
decline in legitimate business.
Civilian production will decline
more than armament production
will increase. The public may
then cry, "This is a government
made slump; let's get rid of the
controls!"
6. If in 1951 it becomes- evident
that business is declining too
fast as a result of government
curbs, the planners at Washing
ton may rush their patient into
an oxygen tent.
LABOR OUTLOOK WILL
CONTINUE TIGHT
7. Most labor groups will not
be successful in getting a sixth
round of wage increases in 1951.
Although there may be more
strikes in the first part of 1951,
there will be fewer for the whole
year as compared with 1950.
8. Tightness in the labor sup
ply will be continued as the year
wears on, particularly of highly-
skilled workers.
9. The Taft-Hartley Law will
not be repealed during 1951 but
may be amended. The Adminis
trators of the law will continue
to wink at some of its clauses.
COMMODITY PRICES
WILL REMAIN FIRM
10. Wholesale prices of many
commodities will be marked by
a mild decline in 1951 when
compared with the price level
tor December 31, 1950. In some
lines the drop may be quite
steep from the high levels of
late 1950. Retail prices for 1951,
I do not now forecast.
11. The year 1951 should prove
an excellent time to keep a tight
grip on inventories. Commodity
speculation for the rise will not
pay in 1951. Furthermore, our
expanding stockpiles of strategic
materials present a real price
threat in the event of a peace
scare. Such stockpiles could then
act strongly as a depressant on
prices.
12. The cost of living will re
main high during 1951. This pre
diction recognizes that living
costs next year may be above
the lower levels that existed dur
ing the first half of the year just
closed.
FARM OUTLOOK GOOD
13. Farmers' income for 1951
should average no less than that
for 1950. Since the trend in the
first half of 1950 was down, this
forecast is not so optimistic as
it might otherwise seem, for
there is likely to be a weakening
of the farmers' income position
during the latter part of 1951.
14. Barring crop failures, the
total supply of food available
should be larger in 1951 than for
1950, since the government will
raise planting quotas as part of
its attack on inflation. If the
weather is extremely favorable,
the government will be blamed
for farm-price weakness during
the latter part of 1951.
15. With prospects good for a
rising supply of feed grains,
meat should be more plentiful
his year than in 1950. Prices for
meat, however, will be held up
by continued high National In
come and by military needs.
TAXES WILL BE HIGHER
16. The burden of federal tax
es, both corporate and personal,
will be increased again in 1951.
State and municipal taxes will
remain high.
17. There will be an excess
profits tax In 1951. These excess
profits taxes will be milder than
those in force during World War
II; but they will be inflationary
and retard efficiency, economy
and incentive.
18. There will be heavy press
ure for increased federal "sales
taxes" to discourage purchasing
of luxury and certain nonessen
tial goods. Congress will see the
value of some such sales taxes
as an inflation road block.-
19. States and municipalities
will again be under pressure to
find adequate sources of reve
nue. Further increases in such
taxes can be looked for next
year with additional cities and
or states adopting sales taxes.
20. Despite renewed efforts to
increase the long-term capital
gains tax above the present 25
percent figure, rates will remain
unchanged.
DOMESTIC TRADE
WILL BE LESS
21. Credit curbs will cut into
the demand for automobiles and
household equipment. Comple
tions of fewer dwellings will al
so act as a damper on furniture
sales.
22. Falling demand for hard
goods should mean a stabiliza
tion of the public's spending for
food and lower-priced soft goods.
23. The trend forecast in No.
22 will mean a decline in depart
ment store volume, but I predict
a rise in the sales of variety
chains and of drug chains.
FOREIGN TRADE
OUTLOOK FAIR
24. Barring new war develop
ments, I look for continued
shrinkage in our exports during
1951. Imports, however, should
rise further. Total foreign trade
should not be much changed
but the exporters will be on the
short end of this business with
the importers gaining.
25. It will become more diffi
cult to convince Congress that
additional heavy credits should
be granted abroad except for war
supplies.
26. As was the case this year
many domestic manufacturers
will feel increasing competition
from foreign merchandise. The
cry for increased tariff protection
will be heard again in the land.
27. Business and financial
forecasts for next year are NOT
based on the thought that World
War III will start in 1951. Russia
is certainly heading for war, but
we do not believe she now wants
it in Europe. She will be satis-1
fied to have her satellites con
tinue taking unexpected jabs at
us, while the Politburo boys hand
out the soothing syrup. But we
may see another episode like Ko
rea in 1951.
MORE DEFICIT FINANCING
AFTER JUNE 30. 1951
28. The first half of 1951 may
actually see a budget surplus as
a result of high National Income
and increased taxation. Later, if
Congress goes along with the
Administration's plans for huge
rearmament, a federal deficit
will arise during the last half of
the year.
29. As a result of the preceding
prediction, money supplies
should not begin to rise until af
ter business has turned down.
Increases at such a time are not
likely to have much effect on
prices.
30. Government bonds will be
held tightly between the floor of
Federal Reserve support purch
ases and the ceiling of Federal
Reserve anti-inflation sales. Un
der such conditions, price chan
ges should be negligible.
31. A great deal will be heard
in 1951 about giving the Federal
Reserve Board powerful controls
over member bank loaning pol
icies. Congress is not likely to
pass such controls, however, un
less commodity prices go a lot
higher, or World War III comes.
STOCK MARKET AND BOND
OUTLOOK UNCERTAIN
32. I see nothing now to indi
cate that we are entering a per
iod of improved international re
lations. The danger of war re
mains. Until it disappears, wise
people will move out of large
bomb-vulnerable cities and avoid
having investments in such ar
eas. 33. The Stock Averages may
work somewhat higher during
the first half of next year, but
sometime during 1951 they will
sell lower than current quota
tions., 34. Stocks now in the best po
sition for 1951 should be those
that have not been popular as
inflation hedges in the past
months. I like good chain store
stocks.
35. Investment Trust funds,
pension funds, and insurance
companies will provide an excel
lent backlog of demand for
sound Income Stocks where good
values can be demonstrated.
36. The successful investor next
year will be the one who follows
a carefully planned investment
program. Such a program will
emphasize diversification, not
only by company and industry,
but also by quality. Overconcen
tration will not pay In 1951.
37. Highest-grade taxable cor
porate bonds should hold in a
narrow price range during 1951,
but I see no reason for individ
ual investors buying them. For
my forecast for long-term gov
ernment bonds, see No. 30 above.
The only corporation bonds
which interest me are CON
VERTIBLES. 38. With income taxes slated
to increase in 1951, tax-exempt
bonds should continue in good
demand. There has been some
speculation in these, however,
and any downward change in
the tax outlook might cause a
sudden turnabout in prices for
municipals. Investors should see
to it that their bond maturities
are carefully diversified, with
some part of their bond funds
maturing each year.
REAL ESTATE ACTIVITY
WILL DECLINE
39. The real estate outlook for
1951 will be strongly affected by
curbs on mortgage credit. Much
of the recent boom was the re
sult of easy credit almost no
thing down and small easy pay
ments for years hence.
40. New home construction will
suffer a greater decline than oth
er lines. Nonessential commer
cial building will also be hit.
41. The coming decline in new
building will throw a wet blank
et over speculation in vacant su
burban lots.
42. The scare caused by the
Korean-China war and fears of
an early outbreak in other sec
tions will adversely affect the
demand for big city real estate.
Lower business volumes and the
Draft next year will also curtail
such demand.
43. Small sustenance farms
should holp up well in price as
demand will be spurred by those
seeking refuge outside the big
cities. Demand for laree commer
cial farms, however, should
weaken as the year progresses.
44. The swing back toward
rent control will act as a further
damper on new building. There
is no incentive to build homes
for rental income.
45. Tighter credit controls will
make it more difficult to purch
ase omer residential properties,
and the prices for these should
weaken.
46. As building volume slack
ens in 1951, the quality of avail
able materials and workman
ship should improve. This will
help those who have saved their
money and can pay for at least
half the cost of a new home.
DEFENSE ORDERS AND
POLITICS WILL INCREASE
47. Those who can do so should
attempt to eet defense orders as
a means of holding up product
ion volumes and reducing over
head. Not too much profit from
such war business should be ex
pected, however, as these con
tracts will be subject to tight-
nstea renegotiations.
48. The Dolitical outlook for
1951 will be completely dominat
ed by jockeying for position in
ine residential race for 1952.
Most of Consress' time will he
spent on International Problems;
out either War or Peace could
come early in 1951, which could
maKe many 01 the above fore
casts useless.
49. In Domestic Matters, de
spite recent election changes in
party alignment, Coneress will
still be dominated by a conserv
ative coalition of Northern Re
publicans and "unregenerated"
Southern Democrats. When the
heat is on in a tough fight, the
North-South coalition will still
be able to curb onslaughts by
New Dealers.
50. We are gradually headed
for a One Party System and fin
ally a Dictatorship. The Repub
licans will sometimes win with
the slogan "HAD ENOUGH?";
but their reign will be short-lived.
Too many persons are follow
ing the pernicious doctrine pf
ASKING FOR HIGHER WAGES
AND SHORTER HOURS, SPECU
LATING IN STOCKS AND
GOODS, GROWING RICH ON
PAPER, VOTING DEMOCRATIC
FOR SELFISH REASONS AND
LETTING THE COUNTRY GO TO
THE DOGS, WAR OR NO WAR!
0
Mr. and Mrs. Jesse C. Payne
were Portland visitors over the
week-end. They made the trip to
return Mrs. Payne's nephew, Mi
chael Furlong, to Portland after
spending the holidays in Hepp
ner. Guy Boyer, John Day business
man and former resident of
Heppner, is spending a few days
here this week on business.
Mrs. Jack Parrish of John Day
is a Heppner visitor this week.
Wijliam Kenagy, proprietor of
Kenagy's Hardware, is on the
sick list this week, having con
tracted a cold on a holiday trip
to his former home at Hubbard.
Mrs. Ethel Zeimantz is spend
ing a month in Seattle visiting
her son-in-law and daughter, Mr.
and Mrs. J. W. Billings.
Services Tuesday
For W.H.Clark,
Pioneer Resident
Services were held at 2 o'clock
p. m. Tuesday from the Phelps
Funeral Home chapel for W. H.
Clark, 82, who passed away Sat
urday morning, December 30,
1950, at the Pioneer Memorial
hospital where he had been a pa
tient for the past two months.
Rev. J. Palmer Sorlien officiated
and interment was in the Hepp
ner Masonic cemetery.
Born in 1866 in Indiana, Mr.
Clark came to Oregon at the age
of two years with his mother and
stepfather, Hezekiah Tippett. Mr.
Tippett homesteaded on Butter
creek on what is now part of the
Jack French place. Mr. Clark re
mained in Morrow county until
1916 when he moved to Missouri.
He returned here a year later to
make this his permanent home.
He worked for the city water de
partment a number of years and
had a small farm southwest of
town on the Heppner-Condon
highway. He married Laura Pet
tyjohn in 1925, who survives, as
well as one daughter, Mrs. Vern
on Matheny, two grandchildren,
and two nephews, Oliver Clark
of Portland and Robert H. Clark
of Tygh Valley.
C-C Installation
To Feature Well
Known Speaker
Arrangements have been com
pleted for the installation of of
ficers for the ensuing year by
Heppner chamber of commerce.
The affair will be held at the Le
gion hall, with the American Le
gion auxiliary serving the din
ner. Mayors of the other towns and
the county court have been ex
tended a special invitation.
The program committee feels
especially fortunate in securing
Nicholas H. Trebin of Hood River
as speaker on the program that
will include musical and variety
numbers. Mr. Trebin is foreien
sales representative for the Hood
River Apple Growers Association,
is a nussian wno loves nis adopt
ed America dearly and will have
a message that all red blooded
citizens will want to hear.
Henry Tetz, outgoing presid
ent, will preside and install J. R.
Huffman as president; N. C. An
derson, first vice president; J. G.
Barratt, second vice president;
Frank W. Turner, treasurer, and
Tom Wilson, secretary.
Tickets for the banquet will be
on sale tomorrow (Friday).
0
Merchants Schedule
Appreciation Days
Heppner v merchants to the
number of 21 met Wednesday
evening and set the date for
starting the business-stimulating
program, Appreciation Days. The
program was set up in November
and deferred until after the holi
days. The first Appreciation day will
be Saturday, January 13. The ev
ent will be held at 3 p. m. at a
chosen point on Main street. Fu
ture similar events will be an
nouncd at eaoh gathering.
Membership of the group is 21
at present, with the possibility
that two more will be on the
charter list. All lines of retail
business in the city are represen
ted.
MOTHER DIES
N. C. Anderson received word
this morning of the death of his
mother, Mrs. N. C. Anderson Sr.,
at Lisbon, N. D. She passed on
at 4 o'clock this morning. Mr. An.
derson expects to leave on the
Empire Builder from Pasco this
evening to be present at the fu
neral, scheduled for Saturday.
Blizzard conditions in Dakota
prevented his taking a plane or
attempting to drive. Mrs. Ander
son is survived by her husband,
nine children, all of whom were
with her except Nelson and a
daughter living in Arizona, and
20 grandchildren.
o
HAVE TWIN GIRLS
Mr. and Mrs. William Richards
are receiving congratulations up.
on the birth of twin daughters.
The "pair" arrived Wednesday
evening at the St. Anthony's hos
pital in Pendleton. No details
have been reported other than
that the mother and babes are
doing well and Papa Bill is ex
pected to come down to earth in
due time.
0
Claude Huston, patient at the
Pioneer Memorial hospital since
mid-December, is reported as
slowly improving.
Mrs. H. S. De Chenne of Col
ville, Wash., visited over the
week-end at the A. J. Chaffee
home. She is Mrs. Chaffee's sis
ter. Other guests included Mrs.
Harry Cobain and daughter Pat
from Pendleton. The Chaffees
spent Saturday In Pendleton.
New Council Gets
Down to Business
Tuesday Evening
Mayor Gives Views
On Policies He
Wishes Considered
Meeting for the purpose of turn
ine the reins of government over
to their successors, Mayor Conley
Lanham and Councilmen Dun
ham, Gonty, Saager and Yeager
assembled at 7:30 Tuesday eve
ning and performed this last of
ficial act. Mayor-elect J. O. Tur
ner, councilmen-elect Robert
Grabill, W. C. Collins and Jack
Van Winkle, and holdover coun
cilmen E. E. Gonty John Saager
and W. C. Rosewall. now consti
tute that august body frequently
referred to as the "city fathers."
Also present in her new capacity
as city recorder was Mrs. W. O.
Dix.
Appointment of Jos. J. Nys as
city attorney and Charles Gomil
lion as police chief was announc
ed. The positions of city work
superintendent and water super
intendent remained to be filled.
R. J. Stephens and Victor Grosh
ens are the -present holders of
the jobs.
SupL Leonard Pate of the
Heppner schools reported to the
council that the school authori
ties had taken steps to alleviate
a parking difficulty at the school
and sought official sanction by
the city. The request was grant
ed. The North Court street im
provement project, contract for
which has been reported as
awarded, was held up pending
further study by the new coun
cil relative to a request by the
state highway commission for
additional payment by the city.
A brief examination of the city's
finances made the council pon
der over the advisability of put
ting out more money at this time.
However, since the property own
ers had agreed to payment of an
assessment of $1.25 per lineal
foot for construction of curbing,
the city coffers will not suffer as
much as first thought
W. C. Rosewall was named
chairman of the council, making
him assistant mayor in the ab
sence of that official from a
meeting or from the city.
Mayor Turner voiced objection
to use of the city hall by the
state automobile license examin
er and federal and state tax aud.
itors. This was deferred for fu
ture discussion. The mayor also
put in a word for economy and
sought the cooperation of the
council, civic groups and . tha
community in general in holding
the line in the months to come
against whatever the world situ
ation may bring.
Deposits In Local
Bank Heavier Than
December3U949
Figures released by Merle
Becket, manager of the Heppner
branch of the First National
Bank of Portland show that on
December 30, 1950, deposits for
the branch amounted to $5,456,
638 and loans totaled $3,419,988.
A year ago, on December 31,
1949, comparable figures for the
branch were, deposits $4,896,404
and loans, $677,009.
At the same time, The First
National Bank and its 46 state
wide banking offices reported to
tal deposits on December 30, 1950
of $525,335,111, loans of $241,
624,159, and resources of $570,
746,196.
According to president F. N.
Belgrano, Jr., these figures rep
resent an increase over Decem
ber 31, 1949 of $48,907,930 in de
posits. $90,569,097 in loans, and
$53,942,339 in resources.
Belgrano commented further
that the bank increased its cap
ital funds from $33,042,322 on De
cember 31, 1949 to $34,988,667 on
December 30 of this year. This
represents a net gain in capital
funds of $1,946,345 after paying
dividends for the year 1950 of
$1,080,000 and adding $900,000
out of earnings to the reserve for
possible loan losses. The capial
accounts of the bank now stand
at $7,500,000 capital, $17,500,000
surplus, and $9,988,667 undivided
profits, making a total of $34,
988,667 in capital funds.
Belgrano also pointed out that
in May of this year, the capital
stock of the bank was increased
from $4,500,000 to $7,500,000 and
a dividend in stock, consisting of
two additional shares for each
three shares outstanding, was
declared and distributed to
shareholders.
Packy Carty was transacting
business in Heppner today from
his sheep ranch at the mouth of
Willow creek.