Herald and news. (Klamath Falls, Or.) 1942-current, March 03, 1963, Image 3

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Herald and news., March 03, 1963, Page 3, Image 3

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Newspaper Page Text'Se- "V. k I V. t NEW LAKEVIEW BANK The new Lakeview branch of U.S. National Bank will not be recognized as the former occupant of its building, a grocery store, when it opens for business early next year. Duncan Construction Com pany, Klamath Palls, is contractor on the extensive $70,- HERALD AND NEWS, Klamath Falls, Ore. " x 'Vf ? s r V-' tkh K ! 'H"' - if" s If ISC ! UNDERWOOD DISPLAY A display of the latest in Underwood typewriters and busi ness machines was held last weekend in the display room of Molatore's restaurant, sponsored by Jones Office Supply, 629 Main. Shown here with the display, left to right, are Pierre Hardy, Underwood representative from New York City; Bill Faught and Lowell Jones of Jones Office Supply. fL ' , ' ' S GEORGE L. BULAND SP Official Retires George L. Buland, vice presi- dent and general counsel of the Southern Pacific Company, will retire Feb. 28. after 43 years of association with the company. A graduate of Reed College in I Portland and the Columbia School of Law, where he was an editor of the Columbia Law Review. Bu land entered law practice in Port land in 1919 and shortly after ward joined a legal firm repre senting the railroad. In 1939 he became SP's assistant general counsel in New York. Buland came to San Francisco in 1945. and was named general counsel for Southern Pacific three years later. He was named vice president in 1951. Currently, he is a director of Southern Pacific and a member of the executive committee. Buland is a trustee ol Heed horsepower twin installation, an College: a member of the law a.piirpose open craft, the corn committee of the Association of pletcly equipped OMC 17 Deluxe, American Railroads; and a past a cusiom ninabout and a utility member of the council of t h e mo(jc x public utility section of .ne Amer- The award-winning OMC 17 Dc ican Bar Association. He belongs uxc is )ltlC(j oul wtn an ncces to the Pacific Union Club and accessories ano built-in lea The Family in San Francisco. jtureSi Power is furnished by the the Burning Tree Club in Wash-'gyrj engine with stern drive inglon. and is a member and unjt The five-passenger boat is past president of the Menlo Coun-jcapane 0 speeds over 30 miles try Club in Redwood City. ip,,r nour. Don Divens. of Divens Marine 1 1- inn-n tti ks SPP'y- PO'Hed out that the OMC I.LATHr.R Tll.hS hun deljvcrs a slab,Ci dry cvcl NFW YORK il'Pl' Leather and comfortable ride and is de- floor tiles comparble in cost to carpeting are cushiony underfoot, durable, absorb sound and can be washed with a mnp dipped in nan nr detercent suds, claims the Soap and Detergent Associa-'!he Unn. Mil lilir:! 'ft t Hi'- I.) IU Business By Floyd Sunday, I 1 fit: i! !S I 1 j- J 3 4! Ji Mtfiid Pacific Fruif, Produce Shows Big 7962 Boost Pacific Gamble Robinson Co., (dba Pacific Fruit & Produce Co. locally) the nation's largest dis tributor of fresh fruits and vege tables, had net income of $1, 243.371 in the year ended Dec. 31, 19S2, J. G. Scott, president, reported today. This was equal to $1.03 pershare on 1.209.339 shares outstanding and compared with $504,545 or 42 cents per share on 1,185.626 shares in 1981. Scott said the 146 per cent in crease in net was realized despite a 2.3 per cent drop in sales w hich totaled S191.508.059 compared with $195,953,449 in 1961. He attributed Die rise in earnings to a reduction in operating expenses plus a better margin of profit on sales. The 1962 sales were up slightly in the trucking and shipping divi sions and lower in the other opera- lions. Commenting further on the com pany's operations. Scott said. "Last year $1,115,000 was spent for new plant and equipment while the depreciation for 1962 totaled $1,688,000. This provided $573,000 Divens Adds Boat Line Djvcns Marine Supplv, 121 N. SprinR S(I.cet Klamath Falls. jhas awardK) (he coveted fr.n..hi (or ,n. 0.c Roat5 iinc roatiirinR (he first completely e(.uiDncd three-point inboard run about. The unique hull will take to the water Ihis year in five excit ing versions including the 1fi signed for every type of water and lor every boating activity, A specially designed trailer featuring the latest tilting, towing and braking innovations fills out complete package for OMC 1 80815 000 remodeling job. Exterior cedar siding will be fea tured as a tribute to the area's lumber industry. This artist sketch by Morrison, Howard and Starbuck shows the finished view. Review L. Wynne March 3, 1963 PAGE 1 of additional working capital. "Income taxes, including Fed eral, Canadian and State, totaled $1,382,000 or-$1.14 per share in 1962. Social Security Taxes were $781,000 or 64 cents per share. Oth er taxes totaled $1,274,000 or $1.05 per share, making the total tax bill for the year $3,437,000 or $2.84 per share. This was 2.7 times the amount of the company's net income. "The Congress is now consider ing a five per cent reduction in the corporation tax rate from 52 per cent to 47 per cent. More than half of this reduction would be offset by the already enacted 13 increase in Social Security taxes, and the balance would be more than eaten up by the in creases in state, county, truck unemployment and other taxes. "We should not delude ourselves that we are going to have lower total corporation taxes. The total tax trend is up, even if the corporation rate is eventually re duced as now proposed." The report disclosed net work ing capital of $19,395,000, an in crease of $635,000 for the year. Net working capital per share was $16.04, as compared to $15.82 per share a year earlier. The book value of the stock on Dec. 31, 1962, was $16.88 per share, after paying stock divi dends during the last eight years which have amounted to 22 per cent. Receipts Rise On Bank Debits Bank debits for the Klamath Falls area including Klamath and Lake counties, increased in Jan uary, 1963. compared to January, 1962. the Bureau of Business Re search at the University of Ore gon has reported. Debits (or January, to taled $')9.4.)7.922. For December 1962, the total was $41,924,904, and for January, 1962, the total was $16,973,218. Oregon, wilh 25-1 banks reporting had an increase in bank debits in January, 1963, of 3 9 as com pared with December, V.r2. and an increase ol 8 1 compared with January, 1962. Total debits for Oregon in Jan uary', 196.1. came to t2.397.825. 1.V1. For December. 1962, debits to taled $2.3IB.3fi3.033 and tor Janu- ary. tH2, tlx total as $2 213.242 I1 - ...n W. T Bank Joins On Bond Bid U.S. National Bank was tlic successful joint bidder with Myth and Company, Inc. for $125,000 Central Oregon Area Education District general obligation bonds The issue matures serially from 1964 to 1981, and was sold at an effective interest rate of approx imately 3 01 per cent. Proceeds of the issue, together with $225,000 from the State De partment of Education, will be used to construct and equip new science and academic center buildings for Central Oregon Col lege, Bend. The buildings will be located on donated land on Aw- brey Heights, 145 acres in size. situated about 1'2 miles west of the city center. Annexation of the college site to the city is antici pated in live near future. The citv has agreed to provide an ad quale water supply in the inlcrim. The project is the first phase of a much larger development, esti mated to cost more than $1 mil lion. Education beyond the high school level will be provided for a population exceeding 42.000. The district includes all of Jef ferson, Crook and Deschutes coun ties and parts of Wasco, Lake and Klamath counties an area containing approximately 9,500 square miles. PPL Holds Water Clinic Increases in use of sprinkler irrigation systems will minimize drouth hazards and boost crop yields per acre, according to speakers at a special irrigation clinic sponsored by Pacific Power Si Light Company. "The expanding population of West Coast states assures a grow ing market for agricultural prod ucts and will necessitate a chang ing agricultural economy for the region, according to Lee Han sen, agricultural sales director for Pacific Power. He told the irrigators lhat good sprinkler irrigation involves more than just applying water to the cropland or orchards. "It must be teamed with good agricultural niangement, fertiliz ers, crop rotation and seed selec tion," lie said. Relationships of soils, crops and moisture and climate were outlined at the session by other PP&L specialists and farm ex tension service speakers. Andrew Schmidt, an agricul tural sales engineer (or PP&L, discussed layout and design of ir rigation systems. His talk pro vided the irrigators cost - saving tips on motors, controls, and equipment maintenance and pro tection. Electric service applications were also discussed by local PP&L sales representatives. PP&L official gave credit to the many individuals and compan ies which participated in the ir rigation clinic. J. W. Kerns, In terstate Pump, Don Potter Ma chinery, Floyd A. Boyd Company. Tulelake, and Valley Pump all donated equipment for use. Walt Jendrzejewski, county agent, was assisted by representatives from the Soil Conservation Serv ice. Gene Gross, Klamath Experi ment Station: Bert Hoylc, Califor nia Experiment SLation and oth ers. LOST TIME CHICAGO 'UPli - The total lime lost in 1962 from accidents lo workers amounted to 280.000 man-days, the National Sa'ctv Council said. WE HAYE MOVED TO . . . FIRST FEDERAL BLDG. 528 Main Ph. TU 2-2902 Our Sorvices Include INCOME TAX BOOKKEEPING STENOGRAPHY MIMEOGRAPHING PERSONAL PLACEMENT SERVICE BETH ANDERSON OFFICE SERV. AND EMPLOYMENT AGENCY Bank Plans New Branch At Lakeview Construction of the new Lake view branch ol L . National Bank is now underway by Dun can Lonstiucuon Cu., Klamutni Falls contractor, reports E. J. Kolar, bank president. At an estimated cost of $70, 000, plans call for the complete remodeling of a structure former ly occupied by the Safeway store located at Main Street and First Avenue. Kolar said the branch should be opened this summer with iull-service banking. Banking facilities will include a large entrance lobby for custo-1 mers, tellers booths, officers area, conference room, safety deposit vault and coin vault with stand- up booths. A large employe lunch room with complete kitchen facili ties is also planned. Both the main floor and base ment of the building will cover 4.500 square feet. Off-street park ing will be provided, with space allowed for the installation of a future drive-up teller w indow. Basic construction is cement block exterior walls with rein forced concrete basement floor ind walls. Portions of the exte-! ricr and interior walls will have vertical joint cedar siding finish lo express the use of wood in a lumber industry community, ac cording to Kolar. Architectural firm is Morrison, Howard & Starbuck. Klamath Falls. Interior design is the selec tion of Lila Colwell, AID, Port land. BILL STEPPE Operation Changes Set In Klamath Gas Firms Bill Steppe has been appointed merchandise sales manager (or Southern Oregon and Siskiyou County divisions of Klamath Gas Company, it was announced by Robert E. (Bob) Maloncy. The change was effective im mediately. Steppe will assume the duties of the new post for Klamath Gas Sale Listed At Las Vegas Military equipment purchased at a cost of $5 million will be knocked down by the Defense Sup ply Agency at a public auction March 13 and 14 at the Conven tion Hall of the Dunes Hotel in Las Vegas, Ncv. The material on sale will con sist of 600 items located at 25 military installations in various states from Cahlornia to Massa chusetts. A variety of properly which has immediate private industry application will be offered on the first day. 70 2'j-ton cargo trucks are included in the wide ange of military items that will range Irom doming to marine equipment. The second day will see over 200 pieces of quality shop equipment of all types knocked down to the highest bidder. A spokesman for the Surplus Sales Office, an clement of the Defense Supply Agency, advised that all of the items that will go on the auction hlock have been screened lo obtain maxi mum utilization of Ihe material within hte government and with in friendly foreign governments. The screening is also designed lo assure a sound mobilization base and to prevent concurrent procurement and selling of the same types of items. A free catalog, listing the mer chandise and its location, can be obtained by writing the Defense Surplus Sales Oflice, Department B.. San Diego 32. Calif. International Paper Begins Pension Plan LONGVIEW Pension plans (or approximately 3,000 of the em ployes working in International Paper Company s Long-Bell Di vision have been announced. The new plans are now in effect, being retroactive to June 1, 1962. This important fringe benefit is the result of collective bargain ing and careful planning by In ternational Paper with the West ern Council of Lumber and Saw mill Workers AFL-CIO and West ern States Regional Council No. 3. - International Woodworkers ol America - AFL-CIO. There are two plans covering all of the Long-Bell Divisions Western Operations' hourly paid employes, one for Law and the other for IWA memners. tins in cludes the company's Longview and Chclatehie, Wash.; Vaughn and Gardiner, Ore.; and Weed. Calif, operations both plants and woodlands. More than i.boo employes became members of the I-P - LSW plan, and 1.000 em ployes entered the I P - 1WS plan on the plans' effective date. Employes don t pay any part of the plans' cost . . . the com pany fooLs the bill. The plans potential means dollars and cents (or the employe. Purpose of the plans is to pro vide a regular monthly retire ment pension for all employes wIk are members of the plans and remain in service until re tirement under the plans' pro visions. These retirement bene fits arc in addition lo any social W. E. BOONE Company and its affiliates. Do mestic Gas Company at Mcdford and Grants Pass and Norcal Gas Company at Tulelake. He will have his headquarters at Ihe new 205 Riverside Drive address of Klamath Gas Com pany. In another move. Maloney re ported that William E. Boone. formerly division manager at Mcdford, has been appointed gen eral manager of operations fori the Klamath group of companies also effective immediately. The Booncs will make their home in Klamath Falls. Build Permits Show Increase Building permits increased in Klamath Falls in January, 1963, compared to January, 1962, the University of Oregon Bureau of Business Research has reported In January, 196.1. the total was $169,995, compared to $7,635 in the same month last year. Building permits from 147 iden tical reporting centers in Oregon totaled $16,709,705 in January 1963. This was -16.1 per cent lower than in January, 1962. The state total in January, 1963, included $10,296,158 for 769 new dwelling unils; $.'S,7IW,625 was for non-residential construction, and $2,625,021 for additions, alterations and repairs of existing struc tures. For the same month last year, the $19,908,596 total of permits was composed of $9,367,553 for D46 new dwelling units; $3,091, 1BI for non-residential construction, and $2,449,562 for additions, alter ations and repairs to existing structures. CO M-M i 1 1 1 1-J Spciliiing in all typei of printtd fofdfri, circular, ItHtr htoas, hcki, itaUmtrtfi, mop-out formi, plaitic bindings, tc. Guide Printing 12th & Klamath security benefits for which the employe may be eligible. There are four basic plan bene fits . . . normal retirement pen sion due at age 65, early retire ment pension, disability retire ment pension, and vested retire ment pension. Optional benefits for survivors are available under both plans. Employes must have a min imum of five years of creditable company service to be eligible (or any of the benefits offered by either the I P LSW or I-P-1WA plans. In paying the entire cost of ihis program, the company makes all contributions necessary to provide the employes benefits and also provides and pays for all services required in administration of the plans. All contributions by the com pany are paid into a trust fund maintained with Wells Fargo Bank, San Francisco, Calif. The plans will he administered by the executive secretary, George W. McGaw, assistant treasurer of International Paper, subject to the direction of a joint Pension Committee. Heating Firm Owners Set Open House Tluee truck wholesale distribu tors for Standard Oil Products have incorporated as Klamath Oil Heat, Inc. They purchased Lite business, ..formerly known as Dunn's Heating Oil from Ralph Ross in October of 1962. Final incorporation, however. was lust completed, and an open house is set for all next week at the new locAn of the liealing enterprise at22 South Sixth Street. The three owners are Al Stone and Ernie Beaudry, Standard Oil product distributors for 15 years, and Rex Morehouse, 11 years in the same business. Their plans are lo continue truck wholesale distribution of Standard Products in addition tol their new enterprise. Barbara Stone and Taylor High will handle the office business of the firm. The public is invited to free coffee and doughnuts, this week al the office. 'i' Wall Street Chatter NEW YORK (UPI) Econo mist Eliot Jancway says the sav ings & loan business is in t squeeze and to get out of it, it ir preparing the ground for a push to raise the government gu.-ron tec on deposits from $10,000 to $25,000. He thinks they have a pretty good chance of getting Congress to go along and if they do "the result will obviously be to pose a serious problem for both the com mercial hanks and Ihe savings banks." Janeway says both groups would be faced with major, un postpnnahle decisions lo get out of 1 some fields and inlo others. L. O. Hooper, the W. K. Hut- Ion & Co. analyst says some of the characteristics of dangerous markets are: widespread opti mism and high expectations, ram pant speculation in risky, low ipriced issues, a plentiful supply of "new slock issues, fast rising prices and a sharp increase in the volume of transactions. He says "the exact opposite of these condiilons recently has been ob tained." Goodlwdy & Co. says continua tion of tile current market con solidation should serve to further! establish the validity of existing values for the longer-term inves lor. However, the house says price premiums purely for "glam or, or lor so-called Hedges against inflation, should be avoided. I1F.VF.IU-K MIAMI lUPll A new wake up service, Rise and Shine, is of fering patroas free calls by read ing them paid commercials. ERC I AL Inc. TU 4-5373 1111 m.:-r,nmmmimw9 . I - f ( Y - s"iYv Vol' " viva mi. i . V ,... .I,,...,, 1 Li, - - r 1 1111 1 hut I WINS POT OF GOLD Ed Carte, right, Route 3, Box 1057, Wocus, came within a single penny of guesting the amount of money in the Pot Of Gold in a recent primo tion of Thomas Seles and Service, Dodge dealer, 424 South Sixth Street. Carte tells building materials. Ha guessed $103.33 and the correct total was $103.32. Here, Wayne Keefer, tales representative, handt Carte . the bag of gold as first priie. i Banks To Commemorate Century Of Operation Oregon banks will join with all other commercial banks of the country during 1963 in observing the centennial of commercial banking, by carrying on activities to focus the attention of the state on the important role that banks have played in local com munity progress. In making the announcement, M. L. Walden, president of the Oregon Bankers Association, de- lared that Oregon banks are among the most progressive in lhe entire country. He said the marked growth of Oregon banks in recent years is a true baro meter of business in the area. For example, he said that in Ihe past 10 years resources of Oregon banks have jumped from $1,846,974,000 lo $2,737,362,000. In the same period the 174 banking offices at year-end 1962 is nearly double the 91 offices sctving Ore- gonians 10 years ago. On Feb. 23, 1863, President Abraham Lincoln signed inlo law the National Currency Act, which gave the United Slates its first uniform national currency, and created n now system of na tionally chartered banks which took their place beside the al ready established slnte-charlered banks. Thus, Hie act of 1863 marked Ihe beginning of our pres BARBERSHOP OPENING A large parking area will be', welcomed by the customers of the new barborshop, rest room, and thowert opened recently by Gens Henderson in Dorris. The butinost is located in the Woodie Wilson Building at First and Main streets. Attends Meet Mr. and Mrs. John Houston are! currently alleixling the National Leader's conference of Equitable Life al Coronado, Calif. Houston attends as a member of EquiUiblc's Million Dollar Club. He will act as a panel moder ator of the conference which will discuss all phases of business pro tection, pension and estate plan ning. One of the honored guests will be Dr. Jonas Salk. GUARANTEED TRUCK SERVICE AND REPAIRS We're Specioliiti on 4 whee! drive Willys 'Jeep' vehicles, but we or equipped to serv ice all moket. JOE FISHER Lincoln, Mercury, Comet Willy 'Jeep' vehicles 77 S. 7th Ph. 4-1104 lmrency Phett Charlie mf, 3-4fJI ent-day dual commercial bank ing system. This act did away with the previous system of paper money issued by individual banks, and provided means ' - supervision and controls leadii.g to a sound ly based banking structure. It was a first step in "Progress Through Service A Century of Commercial Banking," the cen tennial theme to be observed by all. commercial banks. Dorris Barber Shop Opened DORRIS A new business was added to the downtown area of Dorris when Gene Henderson re cently opened his barbershop, rest room, and showers in the Woodie Wilson building on the corner of First and Main streets. A large parking area Is provided (or customers. Henderson has practiced h i s trade in Alturas, Tulelake, and most recently in Yrcka. A native of Dorris, he was graduated wilh the class of 1943 from Ihe Butte Valley High School in Dorris. He and his wife, Betty, are the parents 0 two small daughters. NEW. O a Ward s special Service for . . .' BUSINESS FIRMS INSTITUTIONS GOV'T AGENCIES ! WARDS OFFERS ! ! EVERYTHING IT J ! SELLS AT FULL ! COMMERCIAL j DISCOUNTS Words o'ont purchasing power means lower prices ot com- , mercial discounts for oil quoll tied purchasers. Choose from thousands of quality Items . . . backed by nation-wide delivery and service. Call Wards first! phone today TU 4-3188 CONTRACT AND COMMERCIAL SALES DEPT.