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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Nov. 10, 1963)
ill Business Review ?Ml5j-:- I V. K pi y "?f iwy i LXl for r 'iHfll PI .is In By Floyd L Wynne HERALD AND NEWS, Klamath Falls, Oregon Sunday, November 10, 19S3 PAGE 3 WINS BOAT PRIZE Bill Davis, Tidewater dealer and operator of the Flying A Serv. ice station at 2101 South Sixth Street, is shown with the new aluminum boat which he recently won in a contest conducted by th Chamoion Spark Plug Company. Davit was given his choice of a number of prizes and selected the boat shown here. He won the priie by submitting a winning name for a new line of spark plugs being sold by the company. Stock Buying Margin Raised To Curb Excess Speculation By JESSE BOGIE L'Pl financial Writer NEW YORK IUPII - This week's action by the Federal Reserve Board in raising the margin requirements (or stock purchases was taken under pow ers conferred by Jegislation growing out of investigations into conditions around the stock market crash of 1929. Specifically, the Securities Exchange Act of 1034 gave the powers to the board to up the cash requirement "for the purpose of preventing exces sive use of credit for the pur chase or carrying of securities." It may under t'Jie act, set the margin requirement at 100 per cent, and has done so. This means that a person buying $1,000 in stock would have to pay cash on the barrelhead rather than getting a loan for part of the amount from a stockbroker. In February, 1946, the board set the requirements at 100 per cent, where they stayed or a year. In that period, price levels rose and Chen fell. The FRB action on market requirements reflects Che close watch which the powerful bank ing group keeps on the amount of credit outstanding in stock purchases. In the most recent case, it had risen 43 per cent since July, 1962. when the board cut the margin requirements from 70 per cent to 50 per cent. This was during a period when the market still was showing the effects ttf the market drop of late May, 19fi2. The fact that any group was Europe Seeks State Products PORTLAND lUPI) - A local banking executive said today Europeans have voiced interest in Oregon products other than those now being marketed. William R. Wells, vice presi dent of the First National Bank of Oregon, returned recently from a six-week tour of 16 Euro pean countries. He said "Europe is awakening to the fact the 'United States is not comprised solely of New York City." He said he had received 130 responses as a result of his tour. "There is a great need for this type of promotion of Oregon ""products, both locally and over seas." he said. o A CONSTRUCTION FIRST Workmen t the New York World's Fair site tilt up a wall section of the "House of Good Taste" showing industry officials the first appli cation of an improved wood product to help reduce building costs. The new mate rial is being produced by Weyerhaeuser Company here at the Klamath Falls operation and at the Enumclaw, Wash., mills. Industry officials shown are MortEmer B. Doyle, left e.ecutive vice president of National Lumber Manufacturers Association and John M Dickerman, executive vice president pf National Association of Home Builders. empowered to control the amount of money which an in vestor must post to buy stocks reflects the findings of various investigative groups after the market crash and the' depres sion of 1929 and the early 1930s. Economists have noted that a reason for widespread public participation in the market and widespread effects of the fie 3 fflH lf HEAD LOGGING CONGRESS Robert Kennedy, Klam ath Falls, right, was named vice president of the Pacific Logging Congress at the recent meeting in Portland. At left is Don McColl, Vancouver, B.C., elected president. Reelected to office were two Portland men, Carwin Wooley, executive vice president, and Robert F, Dwyer, treasurer. Kennedy is a partner in the Bly Logging Co. BUILDING DEPARTMENT MONTHLY REPORT - OCTOBER, 1963 Klamath Falls NEW RESIDENCES Owner Address C. R. Haney 236 I.aguna NEW BUILDINGS - BUSINESS AND NONRESIDENCE Dale Btrha 333 South Sixth Klamath Brick & Tile 2420 Mnntclius City of K. Falls South Spring ADDITIONS, ALTERATIONS, REMODEL - RESIDENCES Barney Cavanaugh Don Kcttlrr W. A. Coirs Sam Goldlxrg Bill Russell M. R. Haugen 420 727 413 1404 2246 1911 ADDITIONS, ALTERATIONS, REMODEL-BUS. & NON-RES. Klamath Medical Clinic Klamath Motors D. Henninger Oregon Food, Inc. NEW GARAGES Carter Rod Bell CARPORTS 825 1045 TOTAL TOTAL A kx 1929 crash lay in the ability of some investors to buy lots of stock with little cash. When the lenders began to demand additional cash, many big and little investors were ov erextended and were wiped out. In turn, as stock values shrank, the surrendered securities dwindled in value and the lend ers took their losses, too. Val 14,000 1,500 4.300 0,000 15,000 Jefferson 7.000 1,000 100 3.000 900 .,000 20,000 Lincoln Walnut Klamath Kadcllffe Johnson 1905 Main 120 East Main 204 Nevada Avalon & Shasta Wav 24.000 3.000 300 16,000 43,300 400 2,500 2,900 $93,200.00 293.50 High Pariflc Terrace VALUATION: FEES COLLECTED: Trend Shift Noted In Mortgage Loans NEW YORK (UPIi-While the; volume of mortgage lending in the nation today has increased over its figures for the same time a year ago, the direction of the loans has been changing, -say sources in the mortgage field. A section of the quarterly letter of the United States Savings and Loan League, which has a pri mary interest in home financing done in this country, notes that the number of one family homes built in this country has not in creased significantly since 1959. Yet, non - farm mortgages of $20,000 or less, said Executive Vice President Norman Strunk and Economist T. Kendall, may go to $38 billion in 1963, up from the previous record volume of slightly more than $34 billion set in 19G2. If loans of a higher in dividual amount are included, the figure may go even higher. Thomas P. Coogan, veteran mortgage banker, president of Housing Securities Inc., agrees with their conclusion that a good portion of the increase is going into loans on one to four family units; so-called row houses, town houses and similar structures which have been sprouting in creasingly in city areas. Coogan, who is chairman of a special committee of (lie National Association of Home Builders studying private mortgage insur ance, and a past president of NAHB, is a steady visitor at meetings of mortgage groups around the nation. He said lending groups this year have reported that business was good, despite a drop in the number of single- family housing starts. There are signs, however, that Tax Group Plans Meet Edward A. Geary, president of Oregon Tax Research, has announced that the annual meeting of the state-wide tax payers' organization will be held .on Nov. 15 at the Sheraton Mo tor Inn, Portland. The meeting will begin with a luncheon at noon in the West Ballroom. Gov ernor Hatfield will be luncheon speaker and Rtidie Wilhelm Jr. will be toastmastcr. Afternoon program will fea ture a discussion by three prom inent speakers on the general subject of "Where Do We Go From Here?" Participants will be Dr. James N. Tattersall, assistant professor of econom ics, University of Oregon; Rob ert M. Hall, vice president of Blythe & Co., Portland, and G. Scott Cumings, assistant secre tary of El Paso Natural Gas Company. New York. The speakers will represent the views of an economics pro fessor, a business man repre senting the investment industry and an nut-of-stater, represent ing an industry which has made and is continuing to make sub stantial investments in Oregon. An audience question period will follow the discussion. The public is invited and public of ficials are urged to attend. Res ervations are necessary and may be made by calling CA 7-4131, not later than Wednesday noon, Nov. 13. Board members of Oregon Tax Research will meet immcd lately following the program to elect officers for the following year. RR Stock Is Sought Charles .1. Christensen, dis trict traffic representative of the Rock Island lines, is person ally contacting shareholders of his railroad in this area in sup port of a merger of the Rock Island and Union Pacific Rail roads, it was learned today. The Rock Island representa tive said that his management and every member of his road's board of directors recommend stockholder approval of a Union Pacific merger, and he is work ing to help get the holders of at least two-thirds of Rock Island's stock to vote for the merger, A two-thirds majority of the stock is needed to gain stockholder approval at a special meeting called in Chicago on Nov. 15 A vote on the merger may be the most important action stock holders will ever lake to protect their investment in the Rock Is land, according to the Rock Is land representative. "The Rock Island should mete with a strong railroad serving live Pa cific coast," he said. the number of builder-operated housing projects with single family homes as their mainstay may have leveled off for the time, he believes. Strunk and Kendall, in their re view of the rise of mortgage volume, said that in the figures there was a "discrepancy" be tween the volume of loans made and the volume expected, based on housing starts and sales of ex isting properties. Some quarters, they said, have seen this as evidence that home owners were using mortgage re financing to get money for such tilings as buying cars, paying tuition; but the S&L quarterly re port said that "inquiries made of numerous loan officers from this listening post indicate that no such trend has developed." Clark Gets Equitable Assignment Gerald L. Clark, Medford. has been permanently assigned to Jackson, Josephine and Klam ath counties as savings repre sentative for Equitable Savings and Loan Association, it was announced this week by Mal com B. Frykman, vice press- GERARD CLARK dent of the Pacific Northwest's oldest savings and loan associ ation. Clark has been associated with Equitable Savings and Loan Association at its Med ford branch office in the Med ford Shopping Center since April of this year. Equilahle's home office is in Portland and the as sociation has 16 offices in the state of Oregon and four in Washington. Equitable's charier dates back to 1800 and its many savings representatives now to talling 46 have served thousands of people in the Pacific North west. Equitable has been a pioneer in the teaching of thrift and of fers a number of types of savings accounts in addition to its regular open accounts. The Systematic Savings Plans in clude those for education, spe cial business reserve, annuity accounts and an APO account which adds personal coverage on the life of the saver. Clark has lived in Medford for the past 25 years and has been active in civic affairs and is a member of the chamber of commerce. Clark also serves as assistant district commissioner of the Boy Scouts in Medford. Clark was employed by Leg gelt & Myers Tobacco Co. and Bales Candy Co. during past years. Prior to joining Equit able Clark was field representa tive for the Spcrry & Hutchin son Co.. distributors of S4-H Green Stamps. Clark and his wife. Iila, and dauchter live at 623 Park Street in Medford. Commenting on his perma nent appointment as an Equit able Savings Representative Clark said, "I am looking for ward to my association with the 73-year-old Equitable Savings and Loan Association and to the opportunity to help people in the Southern Oregon area add to their savings, and to realize the benefits from the acciimula lion of savings and the excel lent savings plans that Equit able offers." Clark maintains his office in Equitable's Medford branch in Ihe Medford Shopping Center joins Jim Metz, who lias served Equitable as a savings represen tativc for more than 10 years. The Medford branch opened the (irt week in January of this year and is managed by Rollie Watson. ''V i . Christmas Checks Out Christmas money worries will fade early this month for more than 33.000 Oregonians when tliey receive First Nation al Bank of Oregon Christmas Club checks totaling S3.444.000, according to Ralph J. Voss, president of the statewide bank ing institution. This year's Christmas Club checks will average approxi mately $104 apiece. The total amount is an all-time record for an Oregon bank, topping hy $344,000 the record established last year by First National's Christmas Club. Included in the total is the amount saved regularly by club members during (lie past year, plus more than $39,000 in ac cumulated interest. Voss said interest to he paid by the bank this jesir has in creased more than 13 per cent over the lfH'C! interest figure, while total Christmas Club sav ings increased by 9.2 per cent. "Tlie greater interest figure reflects First National's desire to provide customers with an in centive for saving on a regular basis," Voss declared. "The in dividuals who participate in the First National Bank Christmas Club arc a step ahead financial ly when (ho holiday shopping season rolls around, and most of the members continue from year to year." Christmas Club checks will be mailed next week from the bank's 94 offices throughout the stale. Both new members and those who have joined in past years may arrange to have their Christmas savings accounts con tinued automatically from this year through the next. Good Year Forecast NEW YORK-For the fourth year in a row, America's con struction industry will have its best year ever in 1964, accord ing to Architectural Forum's annual forecast, just released. The record total likely to be spent on all kinds of construc tion is $65.25 billion, says the professional building magazine. This will be about 2.6 per cent more than the probable expenditure for the full year of 1963, itself a record year. The sector likely to experience the greatest proportional growth is hospitals and institutional build ings. It will increase by 13.8 per cent. The projectons were supplied by Forum's consultant, Wash ington construction economist Miles L. Colcan. Colean's annu a forecasts in Forum have proved remarkably accurate in the past. I For example, his forecast made a year ago for total construction expenditures in 1963 was $62.2 billion, just 2.2 per cent under the estimat ed actual of $63.6 billion. I The Architectural Forum 1964 forecast, for each conlruction category follows: Industrial building will advance 6.1 per cent, to $3.5 billion; office and warehouse building will increase by 3.7 per cent, to $2.8 billion; store, restaurant, and garage building is likely to grow by 2.4 cent, to $2.15 billion; Reli gious building will probably maintain its present volume of $950 million without growth; educational construction will be up 4.1 per cent, to $3.8 billion, and hospital and institutional building will gain 13.8 per cent, for a total of $1.65 billion. Bankers Elect PORTLAND (LTD -Howard R. Hansen of Grants Pass has been elected president of the In dependent Bankers of Oregon at the organization's annual meet ing here. Hansen succeeds John L. Yam lis of Millon-Frccwiitcr. GUARANTEED TRUCK SERVICE AND REPAIRS We're Specialists on 4 - wheel drive Willyi 'Jeep' vehicles, but we are equipped to ierv tce all makes. JOE FISHER Lincoln, Mercury, Comet Willys 'Jeep' vehicle 77 So. 7th Ph. 4-8104 tmtrgency Phon: Charlia Rams, 2-4911 i fT if i ' "-4W-JgL 'i'ftf HONORED Carroll Chase, second from left, plant foremen at Pacific Power and Light Company sub-station (transmission switch centerl, was honored on his retire ment after 20 years service with the power company. He was presented with a port able television set and his 20-year service pin. Among those present for the occasion were, left to right, Ron Speni, assistant superintendent of power, left, Chase, Elwood Hedberg, superintendent of power, and Mrs. Chase. Recruitment Of High School Students May Aid Shortages Recruitment ot male high school seniors has been pro posed as one way to alleviate the severe shortage of telephone operators. Tlie suggestion was made at a Wcsl Coast Telephone compa ny district traffic conference at Beaverton last week and all nine chief operators present went along with Ihe idea. It was tried on the nine wom en for size by West Coast's traf fic operations director, D. A. Perigo of Everett, Wash. He ex pressed pleasure with their re action. Perigo explained that "bar gain basement" long distance calling after 9 p.m. "has pre sented a terrific traffic problem to telephone companies every where in the country." At the heart of the problem is the need to supply enough circuits for the greatly stepped-up vol ume and enough human power to man the circuits. Both West Coast and Its big neighbor, Pacific Northwest Bell, are adding circuits as fast as they can, according to Peri go, but aftcr-B jam-ups still are caused by toll traffic that runs greatly in excess of available facilities. Those at the meeting Peri go, Oregon District officials Eliz abeth llcacock, Lyle E. Cross, Jay Shcrar, Norman Doving, and Ray Rathhun and the chief operators agreed that a public education program was needed lo lighten the load. This Is be cause much of the volume af ter 9 o'clock consists of toll calls of less than 90 miles and evening rates for these begin at 6 p.m. Perign told the company Stock Control PORTLAND (UPH - White Stag Manufacturing Co. has an nounced control of the firm will he transferred from two fami lies to members of its manage ment. The announcement said the Maurice Oppenheimcr family of San Francisco would sell "vir tually all" of its common stock and that the Harold Hirsch fam ily of Portland would sell a "substantial portion" of its hold ings. LOOK High Capacity at an Extremely Low Price! underwood Portable Adding Machine THEY FIGURE IN ANY OFFICi. Th naw Undtrwood-ONvatti ftdding'fifluring mochinti ptrform btyend timplt addition.. They subtract, giva cradit balanca, multi ply, calculate discount! and percentofas, and print every entry and remit an clear, permanent tope record. Choose the electric QUANTA, ar the manual PRIMA 20. Both are complete, hondy and priced right. One, for sure, can figure profitably in your office. CALL FOR FREE DEMONSTRATION IN YOUR STORE OR OFFICE Ask About Our Lease-Rental Plans! fattoA ' Office Supply 629 Main group: "It lias been our con tention that it is better to have fewer people than we need in stead of hiring tlie unqualified. Perhaps we don't need to hire any unqualified if we can re cruit some outstanding young men high school seniors who want to go to college but have no way of financing an educa tion. Perigo suggested that the stu dents could work part time in the evenings, on week-ends and during vacations to help them selves through college, and some might become manage ment trainees when they com plete their college work. "This could mean," he said, Advertising Planner Available At H-N Retail and advertising execu tivesof both large and small operations are enthusiastic in their endorsement of planning newspaper advertising well in advance. As reported in the 13th An nual Time Table of Retail Op portunities, just published by the Bureau of Advertising, American Newspaper Publish ers Association, executives of chain stores as well as indepen dent retailers operating a single outlet are high in their praise of the concept of planned advertis ing. The Annual Time Table is a basic handbook for planning and scheduling newspaper ad vertising and is available to re tailers In the U.S. and Canada through the 1,000 member dally newspapers of the bureau. Over 120,000 copies have been distrib uted to retailers since the first Time Table was issued in 1951. The new Time Table features a presentation section, "How to Make Your Advertising Produce More Sales," which shows how retailers can anticipate custo mer buying patterns. Included in this section is a "Market Target Table" giving monthly per-family expenditure figures for seven major store types and four merchandise lines. These figures can serve as a starting At This Exceptional Prima A Quanta Ph. "that we (recruit some college graduates while they are still in high school. With the recruiting competition becoming tougher every year, this should have some appeal." Chief operators attending the three-day meeting at West Coast's Oregon district head quarters in Beaverton were Ida Martin, Beaverton; Florence Weissert, McMinnville; Ethel Harper, Lakeview; Lorene Kin zer, La Grande; Zada Rhoades, Crescent City, and Clara Bar rett, Coos Bay. Evening chief operators present were Evelyn Yount, Beaverton: M a t d e e n Kennedy, McMinnville, and Priscilla Hickam, Coos Bay. point for retailers In setting up their sales goals. The second section of the new Time Table tlie "Newsprper Advertising Planbooi." con tains seasonal sales pa.'te.ns for 18 U.S. store types, national sales data for some 100 mer chandise lines, advertising pat terms for 73 more, plus sales pattern data for each of the 12 Federal Reserve Districts. The Planbook also contains seasonal sales patterns for 17 Canadian store types and 29 merchandise lines. This Planbook section pro vides methods and pointers that will enable a retailer to match his advertising to his selling op portunities. It shows how he can use his own sales figures with Time Table data to set up a comprehensive program of planned advertising. Available In the Planbook, too, are IS monthly calendar worksheets for the period No vember, 1963, through January, 1965. Along with each monthly worksheet Is a list of traditional merchandising events and pro motion dates offering strong merchandising and advertising opportunities for retailers. The Planbook is available at the Herald and News advertis ing department. 20 2;:L $115 $185 El.ttrie Mod.1 VALUE s Both Plus Federal fxcix Ti Available On Your Own Term TU 2-4408
