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