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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Jan. 24, 1956)
TUESDAY, JANUARY 24, 1356 HERALD AND NEWS, KLAMATH FALLS, OREGON PAGE FIVK- First National Bank Sees 'Best Year' During 1955 The year 1955 was the best In the 80-year history ol Pirst Nation al Ban of Portland, President C. B. Stephenson told the annual stockholders meeting Friday. .New all-time high marks in earn ings, deposits, loans, numbers of customers and in other fields of banking activity were established by First National during the past year, Stephenson told the share holders. Net earnings after taxes were $5,412,884, equivalent to (3.38 per share on the 1.600.000 shares of stock outstanding at the end of the year. The reported net earn ings for 1955 are after making a net addition of $1,210,000 to the bank's reserve for possible loan losses, thereby raising this reserve to a total of (3.981,980. The reserve has not been allocated to any par ticular loans, or types of loans, but represents a cushion against loan losses If and when they should be experienced in the future. Previous high In net profits was reached during 1054, when earnings were $5,154,660, or $3.22 per share. Gross operating earnings for 1955 Were $31,652,251, up from $28,617.83 the previous year. : Nearly 33 per cent of the total gross earnings was distributed to the bank's 2.602 employes in the form of salaries, wages and bene fits. Second biggest operating ex pense was Interest paid on sav ings, which amounted to 17.45 per cent of the total. In commenting to the sharehold ers on t)ie bunk s nctivitles during Its 90th anniversary year, Stephen son pointed out that the bank's re- Morty Meekle Daniel Barry Enlists In AF Daniel P. Barry, son of Mr. and Mrs. Dan O. Barry of Merrill, is one of the latest young men from the Klamath Basin to take advan tage of the U.S. Air Force Avia tion Cadet program. i After completing his final en trance examinations for aviation cadets while still a civilian. Barry received his letter of acceptance, and on January 16 enlisted In the Air Force for a two-year period with the rating of aviation cadet. He is now stationed at Lackland AFB, Texas, for his pre-flight training, which lasts approximate ly three months. Then he will enter the pilot ' training phase, learning to fly the Air Force jets. Barry graduated from Merrill High School, and then attended Oregon State College for one year. SLEEPWALKER BALTIMORE W GeorRe Taylor 55, a habitual sleepwalker, was found dead in his home alter ap parently falling down a flight of stairs while walking in his sleep. sources in 1875, after ten years of service to Oregon's pioneers, were slightly over one and one half mil lion dollars, a fraction of the amount of the increase in total resources for the year 1955 alone. Among the notable achievements of the year, Stephenson cited that the total number of First National oflkc's was increased to 71 by the opening of new branches at Pilot Rock and in the Cedar Hills Dis trict of suburban Portland. This illustrates the bank's decentraliza tion policy of making banking more and more convenient for the people of the state. The year also marked comple tion of seven new branch buildings, and authorization by the comptrol ler of the currency to establish of fices In the Waverlv District near Albany, and at S.W. 6th and Lin coln which will be onened In Port land during the year. New buildings were completed at Medford, Hillsboro, Ontario, Pilot Rock, and In Portland's Hollywood and Gateway districts and on S.E. S2nd avenue, between Foster and Powell boulevards. Construction is now under way on a four story branch bank and office building at S. W. 14th ai Morrison in Portland, and brancn buildings in Coquille, Grants Pass, and In the Waverly district of Al bany. Expansion of existing branches was either completed or under way in 1955 at Salem, West Eugene and Nyssa. Several other remodeling jobs are planned for this year. The bank's Increased earnings were attributed mainly to the larg est loan volume In the institution's hiptory. The very active demand for funds to meet the requirements of the people of Oregon resulted in a record year-end loan total of $420,674,522, an Increase of 14 per cent over the previous year. Record high total deposits of $821,125,576 at year-end were up $36 million over December 31, 1954. The bank president emphasized that increased savings deposits were an Important factor in the growth. Fii-ft National paid out more in dividends In 1955 than in any prior year. At the rate of $2 per share, they totaled $3,200,000. After de ducting the dividends from net profits. $2,212,884 remained, which was added to capital funds, raising this total to $64,074,619. a figure that continues to be the largest capitalization for any bank In the Pacific Northwest. 60ME PWiTOOMA I REST TWNft I 60T WAS I RXEP UP IN MY , I THIS flNcr-PDNe TABLE. 1 M6EMENT HUH, J j. fc ilXM WNSTONS J ill H H I II 1 1 1 r II 1 : MUCH OF A TT ST Tl I F1AYER,TH0L6H, CMMUJ C 1M4 b) MA ImtW !" FREE Bowling Lessons roR WOMEN BEGINNERS MKKY 1. IMS I'HOM: ,Y45 Money Given For Schools Junior Red Cross members In Klamath Falls have participated In the purchase of school supplies and reference books to .enable flooded out schools in the western region to return to normal sessions. The contribution of $50 came from the fund that la voted as an annual gift by students of all pub lic elementary schools In the city, and Sacred Heart elementary and high school. Thomas A. Devlne. assistant na tional director of the American Junior Red Cross, alter a two weeks inspection of flood areas to survey needs of schools affected by the disaster, outlined three speoial projects In Sutter and Del Norte Counties, on which more than $10,000 will be spent. At least $1,000 will be spent to replace reference books needed im mediately In public schools of Sut ter County, since public funds to buy these books will not be avail able until July 1. The sum of $4,000' has been ap propriated to supply reference and library books, school supplies, and MARCH OF DIMES DINNER A:XQ PM tit DANCE AFTERWARDS MOOSF TEMPLE. MERRILL SATURDAY. JAN. PUBLIC INVITED ADULTS I.U CHILDRES 1C Mule bT Buntll Orebcitr All re4i I March af Dlmct health and sanitation supplies for the Holy Angels Parochial School in Sutter County and a $5,000 grant was made to buy similar items for the Klamath Union Elementary School in Del Norte County, TRAPPED PITTSBURGH Wl A week ago 70-year-old Steve Csonka escaped from a fire which leveled the small home where he lived alone He moved to the home of a daugh ter, Mrs. Helen Rizor. Yesterday fire destroyed the Rizor residence. Csonka was trapped on the second floor and died in the flames. The Rizors escaped. Soviet Russia Cannot Meet U.S. Auto Competition NEW YORK 'Pi The Soviet Un- ion is endeavoring to catch up with and surpass the United States in many basic lines of industry. but it definitely is not competing I wim America tn building motor cars. , Thus Ivan, the average Russian who would like to own a puvate car. Is going to have to wail a very long lime for one. The lim ited production of passenger auto mobiles will continue go to the fa vored few. Even they must wait as much as a year for a small Po beda sedan, equivalent of 2'i years' wages of an average non farm worker. The Soviet economy will suffer too, for truck trampcrt will con tinue for a number of years to i play a relatively minor role In haulnge. The figures on the Soviet auto-! mobile position have become avail-' able only recently. For many years! the government avoided publish-! Ing them presumably because! they were not very flattering. I But in connection with the an-! nouncement of the new 1956-60 five-year plan, the Soviets revealed ihil In 1955 they turned out 445,- oou motor vehicles. Ol these It can be estimated that about 115.000 were passenger cars and 330,000 trucks. The government ' plans to in- crease production bv 46 pe" cent by 1960. to bring total production to 650.0C0. Around 215.000 are to be passenger cars and 435,000 trucks. This small production must do for a vast country with an esti mated population of 220 million. In 1955 I lie United States produced nearly eisht million passenger cars and i3 million trucks. Britain, Germany, France and Canada also outproduce the u.s.s R. IT'S TAX TIME! Dont tend the rlfinil, end photo.!!! H ropy time I anything- LEO'S CAMERA SHOP 836 Main Ph. 2-3311 ); C?N CARNE H)V Slow-Simmered iforReal Home-KLbchen Flavor If the Soviet government is pro ducing relatively few motor vehi cles It must be by choice. The logic of this choice Is also fairly obvious. Apparently, the Soviet leader ship feels that the enormous quan tities of metals, rubber and other raw materials, the large produc tive capacities, and also the e tensive fueling, repair and main tenance facilities necessary to pro duce and maintain a tremendous fleet of automobiles can be better used for other purposes (or pro- rinrtlnn nf armamnln panttal gocds, and also of consumer good! wnicn require less expenditure. ,f F U L lT 9 4t 0 QSSiSasSBISS sa a a us IT made iff he Leon's TOTS-to-TEENS in r i ii iixi ii . ax i itii vi a - UUM VJZZ-- A Terrific Value Giving Event Right When You Want to Save Many Great Values in Warm Clothing. You Always Get Great Values at TOTS-TO-TEENS Girls Girls Hats reg. 2.2? 1.49 Rayon Scarfs reg. 1.00 5?c Corduroy Slacks reg. 3.98 2.69 Girls Coats reg. to 29.98. 6.99 to 19.99 Girls Dresses reg. to 19.98 1.99 to 10.99 Corduroy Jumpers reg. to 7.98 .. .. 3.99 Subteen Cot. Slips reg. 2.98 2.69 Subteen Nylon Slips reg. 3.98 2.98 Rayon Panties 49c and 59c Girls Flannel Gowns 1.79 Girls Rayon Gowns 2.79 Girls Felt Suspenders 89c Girls Wool Sweaters reg. 3.98 1.89 Girls Frontier Jeans :. 2.79 Famous Brand Hitey's 1.59 Girls Sweater Cellars 69c Girls Skirts ... 3.00 to 8.9? Wool I Nylon Slacks reg. 7.98 .... 4.99 Boys Boys Lg. Sleeve T-shirts reg. 2.29 .. 1.49 Boys Flannel Shirts reg. 2.50 .. 1.50-1.98 Boys Cords reg. 3.98 2.00-3.49 Boys Wool Jackets reg. 8.98 5.99 Snow Suits reg to 12.98 Wool Gloves reg 1.29 6.99-7.99 89c Boys Flannel Pals. reg. 2.50 1.8? Water Replnt. Jackets reg. 10.98 .. 6.99 Boys Fur Trim Hats reg. 2.98 1.89 Lined Jeans reg to 3.98 2.00-18? Boys Corduroy Caps reg. 1.98 .... 1.59 Boys Nylon Sweaters reg. 4.98 .... 3.29 Infants Infants Snow Suits reg. 5.98 3.99 Cotton Knit Leggings reg. 2.98 .... 1.99 10 Wool Shawls reg. 3.98 2.98 1 pc. Cord zipper covr-all reg. 2.79 2.29 Corduroy Creepers reg. 2.29 1.79 Diaper Sets reg. 3.98 2.59 Receiving Blankets Ige. reg. 79c .... 59c Nancy Didee Panfi 69c Infant's Knit Hats 1.49 Wool Mittens . 69c-79c Lairg ooo ', ' i !'.,,, ' W 1 ' I Mil . . fit T " a . -JL Here's why! Fepl jtut naturally go for 8 cylinders in the FORD package! And to a world record extent! Just think, in the first 11 months of 1955 alone, 344,496 more people bought Ford V-8's than bought the two other low-priced com petitive eight combined! They even bought 396,589 more Ford V-8's than the next com petitive Six! Of course, the reason the Ford V-8 is the Just look at these official registration figures for the first 11 months January through November, 1955 largest selling eight-cylinder car in the world ip, that more people like its brand of perform ance the kind that comes with the carl These people aren't amateurs in judging engines. Nearly 24 years of building Ford V-8's to supply their demand is convincing proof of that. And the Ford V-8 of forfay is the best yet : . . by a country mile! Smoother and quieter you can scarcely FORD V-8 Car C V-8 Car P-V-8 Car C Six Car P Six Ford Sties Car Sale Leadership 1,24 1,742 .-.rs 634,376.. ..-!:.607,36S 262,870.. 978,872 845,153.. -7-... 396,59 334,540.. -in r.90702 hear it, even with the hood up! Sassier just ask the highway patrol officer who drives one. He knows it takes a Ford to catch a Ford! And, for the very practical question of durability ask a Ford cab driver. He knows how Fords take it days on end. So, if it's performance that you want and wrapped like a gift the '56 Ford V-8 is your baby. Come in... try it today! r.. fUl for II BALSIGER MOTOR CO. Main and Esplanade Phone 3121
