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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.