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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Jan. 8, 1961)
'I "v-T 1 1 , X " ; ! W' - . (I 4 if.ii . M H-.tr Uf -V I' I S " .telly " I " il ' .3 r i I lVV. I COMPLETION ii being rushed on additional convention new eight-million dollar Portland Memorial Coliseum. tk "fianraia. Pacific" aisemb v room which teats I. ; of the individual meeting rooms are, from left, J. L. Buckley, vice president of Geor ' gia-Pacific Corp., which furnished the factory-finished American Oak plywood panel- ing that lines the big room; Thaddeus B. Bruno, vice chairman of the exposition and recreation commission, and Gale Livingstone, commission chairman. Formal dediea tion and public open house events were scheduled for this weekend with dedication - ceremonies scheduled Sunday at 7:30 p.m. Wkk Business Review Ci. PAGE -C HERALD AND Banks Mark Banner Year; Look For Same During 1961 By HENRY J. BECHTOLD DPI Financial Editor ; NEW YORK (UPI) With a banner earnings year under their ; belts, the nation's banks look for ; at least comparable results in J 1961. 1 The earnings picture in I960 J was helped by profits on securi 3 ties, in contrast to the large losses taken by the banks on gov 'ernment bonds In 1969. Standard It Poor's said bank earnings will be adversely affect- ed in the first halt by the reduc- itlon in interest rates that took ! place in I960. The rate decline : was sharp In the field of short ' ' term loans and investments. A further reduction in rates Is possible, especially if business ', conditions deteriorate markedly, . the statistical agency said, but .' predictions of economic improve- , ment in the second nail may m- ! fluence maintenance of the cur- I rent 4.S per cent prime rate, The average return on loans I and Investments of banks : in the first half will run behind : the like I960 period, but the situa. ; tion should change for the better I in the second half. : Standard & Poor's also listed : several other factors that wilt - have a bearing on bank earnings In the new year. It noted that - waees and salaries have been in creasing steadily, but because of the mora rapid growth in operat- i ing income they now account for " about 28 per cent of operating In- come, against 32 per cent in 1955, 3 Many banks have begun to et- , feet considerable savings through j the use of new equipment design- 5 ed especially to increase elilcien j cy of operations. i In addition, the agency said J that mergers and extension of op 'rations through branching,. as is j permitted by the omnibus banking row in new lorx, are construe' live from o long term standpoint. Despite the slow down in bust ness activity this year loan vol ' time of banks held up well, with FLIGHT OF ' EXCESS OF RECEIPTS . . M-s---eiii 1 Jfl 15 W- 5 w J--!-'- (IN BIJ.LI0NS .. pnwrnKey SMSSS Sy Floyd NEWS, Klamath Falls, Ore. each class of loan remarkably steady. The average amount of loans ran abut 6 per cent above 1959. There probably will be some de cline in loan volume in early 1961, . ' , ' ' f ''', ' 1 V , - . . . - , n3' V '" ' ' ' ILY'S NEW EUMINTARY SCHOOL will look about like this sketch by personnel of the Howard Parrin architectural firm when it is completed next summer. The six room plant will handle grades one through six. Youngsters through high school age have for years attended one school. Stockholders Get Record Dividends Despite "Profit Squeeze" Situation By S. RICHARD BROWN NEW YORK (UPD-Slockhold- ers received record mgn divi dends in 1960 amounting to more than $14.5 billion. The aggregate, however, was disappointing in view of stock holder forecasts of a bumper business year in 1960. The number of extra and high cr dividend declarations has been lagging since last spring. De creases and omissions have been greater in number. As a rule, the closing months represent the U.S. GOLD -5 HO -15 "20 EXCESS OF PAYMENTS OF DOLLARS) to the U.S. gold problem is the ,U:. 01 Comlerc, and meeting faeilitiei at the Making their final inspection 00 oersom and is the largest L. Wynne Sunday, January t, 1961 but an improvement In business conditions in tiie second half should be accompanied by in creasing credit operations. This should bring loan volume for the full year close to the 1960 record. best dividend period of tiie year, since many companies follow the practice, when their profits per mit, of supplementing their regu lar rates with, year-end extras, The 1960 lwrformancc, however, did not match 1939 s declarations. Dividends, after all, come out of earnings and these have run bolov expectations. The "profit squeeze" is one of the highlights of the limp economic picture of I960 and signs of a notable im provement have yet to appear. The payment for 1960 still was the best for any previous com parable period in U.S. history, compared with $14.3 billion last year and with $5.8 billion in 1929. The average stockholder re ceived more than $1,000 in cash dividends in I960. According to an estimate by the New York Stock Mortgage Firm Details Loans Ernest H. Miller, vice prcsi dent of State Finance Co., Sa lem, reports that the firm closed four million dollars in first tnort gage loans for 1960. It was a sub stantial increase over 1959 and the higliost annual volume in the company's history. Its main mortgage operation centers in the FHA insured sin gle-family loans. Expansion of op erations to include the coastal cities, Bend-Klamath Falls areas, and the Willamette Valley exclu sive of metropolitan Portland was a deciding factor in the increased volume for I960. Further expan sion in dowustato Oregon Is planned for 1W1. State Finance Co. is presently servicing in excess of IS million dollars of these limns for Eastern insurance companies and govern ment agencies. With these ources the firm is able to pro vide a steady flow of long-term mortgage money for the areas served. Feed Dealer Completes Training Harold Dixon, owner-operator, and Mrs. Dixon are returning from Lancaster, Pa., where they attended a factory training school on the operation of their new mo bile feed processing plant. They are driving their new model Feedmobile to Klamath Falls where it will soon be placed in ooeration by Dixon Mobile Feed Processing. Mr. and Mrs. Dixon traveled to Daffin Manufacturing Company in Lancaster recently for three davs of intensive instruction in brincine a complete feed process. ine service to local farmers and feeders. Their new mobile mill will now enable them to take the feed plant to the farm instead of askine farmers to bring their grains to the mill. Dixon says that Dixon Mobile Feed Processing expects to pro- vide better and faster service to farmers and to extend the range of their operation. 'With our new Feedmobile, he said, "Me can now drive right up to the farmer's bin-door, grind anything he grows for feed, mix the ground material with high protein commercial concentrates and other additives, and blend in warm liquid molasses. There's a rouehaee-izer that makes it pos sible for us to grind baled hay at the rate of four bales a nun- ute. Furthermore, a pneumatic unloader on the Feedmobile's mix er-blender quickly pipes the fin ished formula feed to wherever the farmers want it." The new service, according- to Dixon, will greatly reduce the amount of labor and time normal ly needed to get feed prepared. It will also enable farmers, he said, to maintain an uninterrupted sup ply of fresh, productive rations since the mobile mill will serve farms on a regular route sched uleeven during planting, hay ing, or harvest time. About 96 per cent of all bitu minous coal produced in the unit- led States is loaded mechanically. Exchange there are approximate ly 12,500,000 people who receive dividend i-hecics. In 1952 there were around 0,490,000 sharehold ers in the country. Stock dividends ranging from one per cent to 100 per cent were distributed in volume in I960. The practice of paying dividends in stock, either in lieu of cash divi dends or in combination, has been gaining favor. The income tax is one reason, another is a desire of a corporation to reward its stockholders and at the same time conserve cash. What has happened is that di rectorates have acted to keep dividehds attuned to business trends. They were quite prompt in liberalizing payments as the economy emerged frm the 1953 recession, but this pace could not be maintained once canines start ed to level off. Companies have hecn caught in a vise consisting of excess ca pacity and consumer reluctance to pay higher prices on one side and rising labor and other costs on the other side. While fourth quarter earnings statements will not appear for many weeks, present indications are that they will rellcct only a mall improvement. It lakes time for a profit trend to reverse it self. The great majority of corpora tions set their regular dividend rales at levels which thev are reasonably confident can be main tained through good and bad times. Ownership in American corpora- lions is steadily being spread out among more people. During 19m there were 39 corporations with more than 100.000 stockholders each. Cash dividends paid by compa nies listed on 11k- New York Stock Exchange will reach a recoul 59.850.000 000 for 1!0. In 1959 th, (aggregate was $9,336,000,000. u i ROBERT IARTLITT Bartlett Takes Fresno Post Robert Bartlett, station man ager at KAGO, has resigned that position and accepted a post as manager of radio station KMAK, Fresno. Bartlett joined the staff of KFJI, which later was renamed KAGO, in 1952. He held almost every position with the station from technician, assistant chiei engineer, program director, local sales manager and commercial manager prior to being named station manager May 15, 1956, when Alan Abner resigned that post. In the recent sale of KAGO, Bartlett remained as station man ager, and John Ferm became general manager of the enter prise. The Bartletls with their three sons, Ramon, 14; Roger, 12, and Rick, 10, left for his new post in Fresno early last week. . No replacement for Bartlett has yet been announced. Gas Company Awards Job Pacific Gas Transmission Com pany has awarded a contract to River Construction Company of Fort Worth for installation of pipeline crossings of the Kootenai and Pend Oreille rivers in north ern Idaho, Charles Pennypacker Smith, vice president and mana ger of PGT, announced today. The crossings of 36-inch diame ter steel pipe are part of the 1,400-mile pipeline, now under construction, that will carry nat ural gas from Canada's Province of Alberta to Pacific Gas and Electric Company - in Northern California and to utilities in the Northwest. Pacific Gas Transmission's Koo tenai crossing is in Boundary County about 34 miles east of Bonners Ferry. The Pend Oreille crossing is at Dover, Bonner County, just west of Sandpoint, Smith said. For each crossing a trench will be dug on the bottom of the river and the pipe will be buried in the trench. Smith said. The half-inch- thick pipe will be further weight ed with concrete coating. The Pend Oreille crossing will be 2,320 feet long slightly less than half mile. The Kootenai crossing will be 1,025 feet long about a fifth of a mile. Work on the projects will be carried out this winter during low water, Smith said. A separate contract for a Snake River crossing in Washington will be awarded later. Crossings of smaller rivers and creeks along the Alberta-California pipeline route are being con structed by the primary con tractors. Company Tops Major Milestone Occidental Life Insurance Com pany of California has passed a major milestone in the insurance industry the attainment of $10 billion of life insurance in force T. J. Webb, the company's cen tral agent in Klomath Falls, an nounced recently. The company is the first West ern based lite insurance carrier to exceed this mark, he said. Of the 1.400 life companies op- crating in North America today, 10 others have $10 billion or more of life insurance on their books. Two, Northwestern Mutual i Milwaukee'- and Lincoln National (Fort Wavnc. lnd.l. passed $10 billion in the spring of this year. Webb said. Occidental now has approxi mately $6.1 billion of individual insurance and $3.9 billion of group insurance on ils books. It has 4 6 million individual policies and group certificates in force. Heady He-Men NEW YORK (AP)-Men will po in for makeup in the not too dis- lunt future, Dr. Glen J. Sperandio of Purdue University told a group of the American Association foi the Advancement of Science. We will find tie men using creams and lotions for their skins and possibly using conservative forms of makeup." he said. "It remains only for an adver tising campaign to convince t h t public lhat a man dors not sacri fice his masculinity by uuig cos metics freely." Firm Notes Stepped Up Saving Plan The financial report of First Federal Savings and Loan Asso ciation indicates a stepping up of the savings program by many in dividuals and families in the year I960. This indicates, in part, an attitude of caution as well as the systematic savings, habits devel oped by many savers, according to George W. Mclntyre, president of First Federal Savings. A few of the highlights of the association's statement reveals a growth in assets for the past year of $1,889,215. Savings gained $1,711,644 over the December fig ure of 1959. First mortgage loans increased SI, 591,562. And $221,427 was added to the reserve accounts making a total of $2,061,338 for the protection against possible losses. Earnings paid to the sav ers at First Federal for the year totaled $765,872. This is an all time high, said Mclntyre. Ample funds for home building and other home loans will be available in 1961 stated Mclntyre. TD Pons Election TULELAKE Maurice Strantz, Tulelake Irrigation K Dis trict secretary, announced that in the election for district directors, two candidates, Ben Reimer and Earl Parson, have filed for the position of director in Coppock Bay area (Division V). This posi tion is being vacated by Frank L. King Jr. The election in this area will be held on Feb. 7. Strantz stated that in Division II, the area in Siskiyou County east of the river, that the present director, Leslie Rogers, was the only candidate that filed. Strantz stated that under the law, the dis trict will petition to .the Board of Supervisors of Siskiyou Couny to have Rogers declared elected, Strantz stated that the new di rectors will take office at the dis trict's regular meeting of March 13. J 'I 1U 1(H $mi) j ui Jtm-Jkjg) I s Str I NEW QUARTERS for three businesses is this attractive building at the corner of Sixth and Walnut. It is occupied by Wright Real Estate, formerly at 123 North Sixth Street; Clay Thomas Lumber Company, and Paul Matthews, public accountant. Wilda Matthews is broker of Wright Real Estate, and the two full-time sales people are Jack Logeman and Mildred Hall.- Availability of parking dictated the move to those new convenient quarters. J-M Business Development Anency Scheduled To Receive More Space NEW YORK Johns-Manvillelmultl-story building construction. disclosed today that a new busi- ness aevciopmeni acpanmcm, created two years ago within the company's research organization as an added responsibility for ini tial semi-commercial production, introductory sales and establish ment of markets for new J-M Products, has developed so suc cessfully (hat a major new build ing must be constructed to house its activities. Ground has already been brok en for the new building, sched uled to be ready (or operation early in 1961 at the Johns-Man-ville Research and Engineering Complex at Manville. N.J., al ready largest of its kind in the world. "This should help us get into some new business as well as speed the .introduction of new; Johns-Manville Products to thel market." C. B. Burnett, president and chief executive officer com mented. Johns-Manville is already engaged in widely - diversified business operations on a world-' wide basis, manufacturing and distributing some 55.000 products for industry and homes. The New Business Development Department now has three new types of J-M Products ready for initial commercial production, it was revealed. One is an asbestos mineral (ibcr spray for steel decks and beams in marine and UllDINO DEPARTMENT CITY OP KLAMATH PALLS VAL. OWNC TYPI OP WOKK 344 J. S. Ptniwll Add. I rtt. t.Md ftntr Mtlonty rtmodtl midtnct D.MA William Hutchini ntw rtsidtnct U.5M Robtri Hall nw rtudaiKt SM Mrt. Otbam TOTAL VALUATION; U'.SM "!! RICKS from Klamath Brick and Tile Company, shewn being loaded here, will be used in the construction of the new Fullerton IV School at Roseburg. The Roiebgrg school board selected S.C.R. brick for the school despite a cost differential of approximately $12,000 over other material. The Klamath Falls firm will supply approximately 49,300 bricks for building of the school which will have Ii class rooms plus administration and multipurpose units. Maintenance-free economy, greater fire safety, and lower insur. ance costs were among the reasons given for selecting brick rather than other type construction for the school. Shell Oil Firm Launches Big Newspaper Ad Drive One of the biggest and most unusual advertising campaigns in newspaper history is just starting. The advertising, placed by Shell Oil Company, is appearing in the Herald and News. The first ad was published last Tuesday. First significant fact about the campaign is mat virtually all ot the company's consumer advertis ing budget for 19G1 has been allo cated to daily newspapers. The petroleum industry has been for many years a heavy newspaper advertiser. However, this is the first time that an oil company has placed all its advertising in one medium. As a result. Shell gasoline is expected to be the designed to prevent the steel from uMino : - f f;r tVi nth. u..vn.u.6 . v. ...... ..... er two products include sound control materials and new build- ing panels. we expeel that about iwo mii - lion dollars worth of newly com mercialized products will be man ufactured every year in the New Business Development Building and sold in newly developed mar kets when the added facilities are in full operation," it was ex plained by Dr. C. F. Rassvveiler, vice president for research and development, and a director of Johns-Manville Corporation. "The results of industrial re search, which too often require substantial, long-term investment before the expected additional business is realized, will thus be able to start paying their way sooner," he said. It is expected that commercial manufacture of many new Johns Manville Products henceforth will be started in the new business de velopment building. As new mar kets are developed for these prod ucts, production will be trans ferred, along with special ma chinery developed for their fabri cation, to J-M plants in the Unit ed Stales, Canada, Europe or Lat in America. The new products may he as signed for production and distrib- AOOPESI 51) Hill SI. Maniamta lies Corvaiin III Wat) Oraom DM IMeradp naw carport biggest single brand advertiser in newspapers this year. The Shell campaign, on' the general theme "Operation Top Performance, has been designed, according to the company's man agement, to tell consumers "the whole fascinating story" about gasoline. In working out this pur pose, the company and its ad vertising agency. Ogilvy, Benson and Mather, will run ads with long copy giving detailed informa tion about all the ingredients in the product and how they per form. "People will read long ads," the company stated, "if they're interesting and informative." The ution to one or more of the com- j pany's 10 operating divisions n- if ik. ..... u..: .-. u., ii me: UUSUIU&S IS XUIII- ciently important, a new divisioniing further information to inquire may be organized to produce and of his office. Room 207, Livestock .sell the product line, company of - ""an explained. Announcement GUIDE PRINTING, inc. ' Your Pioneer Printing Company INCORPORATORS: Alice Vitus Jack Henry GUIDE PRINTING CO. and Chas. Finch PIONEER PRINTING CO. - Incorporated to offer you a more efficient and more complete service of your printing needs LOCATED FOR THE PAST 18 YEARS AT 12th Street and Klamath Ave. Plenty of Parking Spact PHONE TU 4-5373 yj a- 1 t j Xf It, statement was based on numerous surveys which have shown this to be the case. The daily news paper is generally considered, -e cause of its inherent nature al the reporter of the full news, at the outstanding medium for Ions advertising copy. Charles T. Lipscomb Jr.. presl. dent of the Bureau of Advertising of the American Newspaper Pub lishers Association, said in a re cent comment on the new Shell advertising program: 'This is an entirely logical move. In today's competitive cli mate, the advertiser who runs with the crowd risks getting lost in the crowd. With this concern (ration, with the informative and factual news in the ads, and with their high reader interest, the voice of Shell will truly be heard above the crowd." USDA Warns Livestockers The United States Department of Agriculture says numerous livestock dealers in Oregon, Washington and northern Idaho are risking severe penalties by engaging in business without rcg istering and posting bond as re quired by the Packers and Stock yards Act. Kenneth I. Snider, district P4-9 supervisor in north Portland for the USDA's Agricultural Market, ing Service, said a majority of reputable dealers have met the registration and bonding require ments of the amended P&S Act, but that a number either deliber ately are seeking to evade the law or mistakenly believe they are not subject to its provisions, "It can readily be ascertained whether a dealer's operations bring him into interstate com merce." said Snider. "No one should risk a $500 penalty for en gaging in business without being registered, plus $25 for each day of continuing violation." Bond required is based on the annual volume of business trans acted. The minimum is $5,000. Snider urged all persons requir- Exchange Building, North Port- land. Ore.
