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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Feb. 27, 1958)
THURSDAY, FEBRUARY 27. 1958 HERALD AND NEWS. KLAMATH FALLS. OREGON PAGE THREE Pioners Relate Business Results In Annual Report Business activity up, earnings down. That was the story of Pa cific Telephone for 1957 as shown in the company's annual report re- SERVING at Port Ord, Cali fornia, is Melvin L. Booher, son of Mr. and Mrs.'O. E. Booher of this city. Pvt. Booher is a 1957 graduate of Klamath Union High School and is a recent Army enlistee. Water Woes Aired At Meet MONTAGUE Water problems in California was the topic of the talk given by E. H. Spoor, executive di rector of the Mountain Counties Wa ter Resources Association from Sac ramento, which was held recently in the club room of the Montague auditorium. Spoor stated that the State De partment of Water Resources has spent eight million dollars on in vestigations of the Feather River project, which is a statewide proj ect to provide water for the entire state of California. He also said that Southern California expects to obtain 1,800.000 acre feet of water from the Feather River project, when completed, and would require some 20 million acre feet in t h e near future, which would involve taking water from the northern part of the state. He also mentioned that the 'City of Los Angeles could resort to salt water conversion for household use. Ralph Anderson, associate region al manager of the Federal Land Bank, who was introduced by Tony Quadros, chairman of the associ ation, gave a brief talk. Two directors of the SNFLA re elected to their posts, were Doug Horn, Etna, and Ralph Lutz, Mt. Hebron. Other directors are Charles Dougherty, Gazelle; John Heide, Fort Jones: Tony Quadros, Monta gue, chairman of the board, and Leonard Shelley. Melvin Leen, secretary manager, announced that an annual stock holders meeting of Northern Cali fornia and Nevada Land Banks will be held at the Eureka Inn on March 6 and 7. Loan Group Sets Dividend The Klamath Lake National Farm Loan Association is sharing a $5,931.80 dividend with 255 farmer and rancher stockholders in Klam ath and Lake counties, H. E. Ha maker, secretar y-treasurer. announced this week. The annual membership meeting and noon luncheon is scheduled for the Wil lard Hotel, Saturday, March 1. This $5,931.80 dividend is part of $313,392 dividend paid by the Federal Land Bank of Spokane to 65 Northwest national farm loan associations which own all of its capital stock. On November 30. 1957 the bank s capital stood at $7,834,815. of which $148,295.00 was owned by the Klamath-Lake association. Hamaker stated that since 1944 the Spokane bank has paid out more than $3,500,000 in dividends which represent savings it has been able to effect over and above its operating expenses and needed reserves. Being a cooperative, these savings have been shared with its borrowers through their local national farm loan associa tions. "In view of the 'tight money' situation, our association feels for tunate that it can continue its div idend paying program," said Ha maker. "The land bank, for which the association makes and services loans, has had to pay a higher rate of interest for the funds it uses to make loans to farmers and ranchers but it is continuing to provide an adequate and econom ical source of long-term farm mortgage credit." leased today by President Mark R. Sullivan. Copies of the annual report will be available to anyone interested in the Klamath Falls business of- nee, according to Manager R. C Bailey. Sullivan reported that "1957 brought higher revenues and bigger investment. But it also brought higher expenses and tax es .. . and a lower return on mon ey invested in the company." Telephone gain in the five Pa cific West states served by the company and its subsidiary, Bell of Nevada, was 386.000. At year's end, there were 6.653,000 tele phones in service, of which 508, 000 were in Oregon. Total construction for the year came to 424 million dollars or 1.7 million dollars for each working day, a new record for the third straight year. This boosted total in vestment above 2.2 billion dollars. up 16.6 per cent. Sullivan said the size of confidence in the future of size of the construction program represented "a big vote of confi dence in the future of the states we serve." Earnings per share of common stock declined to $8.59, compared with $9.57 in 1956 and $9.82 in 1955. This was a return on average in vested capital of 6.02 per cent. Div idends continued at the annual rate of $7. Total revenues rose by 72 million BIRTHDAY? Toys - Games Hobby Supplies The year 'round toy - store FLEET'S 222 So. 7th . Ph. TU 4-5520 dollars, an increase of 9.1 per cent. But expenses climbed even more sharply rising 52 million dol lars or 9.3 per cent due to what Sullivan described as "the rising tide of prices for labor, materials, growth money." Additions to the payroll- and wage increases raised overall wage costs by almost 34 million dollars. Telephone employment ad vanced to 92,521 "more than any other telephone company in the country. ' Colored telephones and residence extensions Increased in popularity in 1957. The company reported in stallation of 450,000 colored tele phones and 132,000 residence ex tensions for the year. The number of telephone cus tomers who can dial most of their long distance calls direct doubled during the year. Now 1.200,000 cus tomers in 100 western cities are in cluded in the direct distance dial ing network. BUSH FURNITURE CO. Next to Willord Hotel OPEN EVERY NIGHT Monday Through Friday TIL 8 P.M, GOING RIDING? ' Look for STABLES RIDING APPAREL PILLOWS in the miow PAGES I APPLICATIONS STUDIED Members of the Klamath Coun ty Court are considering more than 15 applications submitted for the courthouse custodian job. The court is expected to name a suc cessor for the late Wayne (Bill) Cody in the near future. Cody died unexpectedly in Reno last week following a heart attack. viif .lliTr'X jar V U 1FA JJJV LA-mUf 7 iv,- aV XW r" imi urn ' n KF Delegates Attend Confab Mrs. Muriel Cooley, president of the Klamath Falls branch of the National Association for the Ad vancement of Colored People, and Mrs. William Barnett, member and area assistant secretary, attended the regional advisory committee meeting of the NAACP, held Feb ruary 22 in Sacramento. More than 100 area presidents and secretaries and branch presi dents in attendance, as well as dignitaries from New York City, San Francisco and Tacoma, Wash ington. Roy Wilkins, executive sec retary, New York City: C. L. Del lums, policy adviser for conduct of the NAACP in seven western states and Alaska; Joseph Kennedy district public defender for San Francisco, and Teresa Pittman, field secretary, discussed the is sues of greatest concern. 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