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.
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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.
These included housing and
employment for Negroes and oth
er minority groups, and expanding
of credit union started by branches
of the NAACP.
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