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BANKING ADDITION Preparations began last week to house the second bank to
locate in Alturas. Recently receiving federal approval to establish a local branch, the
Wells-Fargo Bank is remodeling a 3,000 square foot building on Main Street to be in
operation by the first of next year. Officials say the bank will be an ultra-modern es
tablishment with a staff of eight employes. Bank of America has been the only bank
serving Alturas until this time.
Stock Mart
Feels Pinch
NEW YORK UPI (-Trading
circles here have said that re
percussions of a recent com
modity trade margin squeeze,
which led ultimately to suspen
sion of a member firm from
the New York Stock Exchange
and a proposal for it.i custo
mers rescue, might lead to ag
itation for closer government
control over commodity trad
ing. Margin requiremenls for com
modity trading the down pay
ment which a dealer or specu
lator must make in trading on
futures are far below the cur
rent 70 per cent margin de
manded for trading in securities
on stock auction exchanges.
They may range from no mar
gin in some transaction to up
to 10 per cent.
In the case of Ira U taupt &
Co., a big board member firm
suspended by the exchange
when its net capital fell below
big board requirements, it was
the difficulties encountered by
a major customer which led to
suspension and, ultimately, an
NYSE plan designed to protect
customers, for its liquidation.
Haupt and .1. ft. Willison &
Beane had Allied Crude Vege
table Oil & Refining Co., Bay
onne. N.J., as a major dealer
in oils, as a customer. Allied
Crude, which had leaned heav
ily upon the two firms in Its
margin trading in cottonseed
oil, filed a petition in bankrupt
cy and the suspension of the two
firms from the Exchange fol
lowed a day later.
J. R. W'illiston & Bennc was
reinstated, as it was able to ob
tain the funds necessary to
bring its capital requirements
up to demanded standards.
; t J
FLOYD V. CUNNINGHAM
Local Man
Promoted
Flnyd V. Cunningham, Pacific
Northwest Bell transmission
man here, has been promoted
to plant sU-iff assistant in the
company's Oregon area head
quarters in Portland, according
to A. B. nii'kerman, local manager.
Cunningham, a resident of
Klamath Kails since 11)53, is n
veteran Hell system employe.
He started his career with
Soullrwestern llcll in Missouri
in I!M7 as a lineman. He trans
ferred o the American T e 1 e
phonc and Telegraph Company
in d!"i2, where he worked in tlie
Missouri Ing Lines depart
ment. Since moving to Klamath
Falls, Cunningham has been a
lineman mid a line assignor as
well as transmission man.
After a few months in Port
land, Cunningham will work hi
various Eastern Oregon king dis
tance offices of the company un
til he is permanently located in
one of those communities.
Phone Call
Tips Given
Looking ahead to the annual
surge of long distance calls on
Christmas Eve and Christmas
Day, A. B. Dickorman, Klam
ath Falls m.-mager for Pacific
Northwest Bell, offered these
suggestions.
Consider calling before
Christmas to avoid the r u s h.
The lower rates start everyday
at 6 j) m. and continue all day
Sunday.
Call station to station rather
than person to person.
Call by number in any case,
including the area code for
calls to points outside Oregon.
Voice paths to America's
smaller towns or rural commu
nities are the ones most likely
to become clogged by holiday
calls.
Nearly twice the normal force
of operators will be on duty
throughout Oregon and extra
long distance circuits will be
used to help meet the rush.
mm
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vtrxinv ohhs K?
Du
Underwriter
Status Given
An outstanding record of in
suring caieful drivers and main
taining high administrative stan
dards in underwriting for a
tliree-year period has earned
the designation of Certified Un
derwriter for Mio third consecu
tive year for Jerry i,. Khelley,
district manager of Farmers In
surance (Jrnup, according to
R. E. Early, executive director.
This authority entitles Khelley
to do his owin automobile under
writing for Farmers Insurance
Exchange. Early said.
Base Approves
Project Bids
Two recent contracts were
awarded by the Base Procure
ment Office at Kingsley Field.
The B. W. Smith Plumbing
and Heating Company of Red
Bluff was awarded a contract
for $8,aa to repair the sleam
lines at the lied Bluff Air Force
station.
The other award was to El
don N. Alt. Houto 3, Box 64,
Klamath Falls in the amount
of $!t,:t0O for repair to existing
pavement of the Power Check
Pad at Kingsley Field.
WELCOME SIGNS James Lockart,
Ha
ware Store manager, displays the new "Welcome To
Dunsmuir" signs which will replace parking meter heads
In the dowtown area. The other side of the sign pro
claims Dunsmuir as "The Home of the Best Water on
Earth." Some 175 of these signs have been ordered by
the Dunsmuir City Council, a decision which resolves two
years of discussion on whether or not to retain parking
meters in the city.
GUARANTEED
TRUCK
SERVICE
AND REPAIRS
We're Specialists on
4 - wheel drive Willyt
'Jeep' vehicles, but we
ore equipped to serv
ice all makes.
JOE FISHER
Lincoln, Mercury, Comet
Willys 'Jeep' vehicles
677 So. 7th Ph. 4-8104
Emtrgtncy Phent:
Chacli Romp, 2-49SI
SWISS MISS
HOLLYWOOD (UPI - Swiss
Miss Lilo Pulver has flown to
Hollywood from her home in Gen
eva for a co-starring role oppo
site Bob Hope in "Global Affair."
uxKKHHaamuaMiiiii'
5 YULE
g LOGS
CRATER FUEL CO.
2 Ph. 4-97J7
CRATER FUEL CO.
New Location Office & Yord now at
2936 HILYARD
on Hilyatd bttooon Allomonl 1 Wostibum War
Quality STOVE & DIESEL OIL
CHICK t FILL SERVICE
WoKd. o"jf.alrWnc!s -sV Presto-Logs
ScOhTtf 4-9757 for Service!
Great Northern Directors
Authorize New Additions
KW YORK-Great Northern
directors at a meeting here Fri
day. Dec. 13, authorized t h e
railway to acquire next year
new diesel power and 1,075
freight-carrying cars, a n d to
continue trie company's long
range track improvement pro
gram in 1964. GN's equipment
and track betterment programs
next year will cost approximate
ly S29 million.
The railway's directors also
authorized payment of a 75-cent
quarterly dividend on Great
Northern's outstanding stock,
payable Feb. H, ,19fi4 to share
holders of record on Jan. 9.
The railway's 1904 capital im
provements program represents
an increase of nearly S6 million
over the authorization for bet
terments in 19U, said John M.
Budd, GN's president, and is
substantially above the aver
age annual cx.penditure for these
purposes in the five-year period,
11)39 through 1963.
GN's freiglit car program next
year will include acquisition of
400 70-ton boxcars, equipped
with wide doors for greater
loading convenience; 200 70-ton
boxcars with cushion under
names and nine-foot doors; 100
100-ton covered hopper cars; 50
tank cars, each with 24,000 gal
lons capacity; 100 70-ton steel
flat cars; 100 70-ton solid bot
tom gondolas: 23 100-ton a i r
tlide cars for movement of bulk
foodstuffs sugar, flour, etc.,
and 1O0 100-ton open top hopper
cars.
New dioM;l locomotives for
GN in 1964 will include a total
of 18 units, which will he 2,500
horscpower, general purpose en
gines. Next year's track improve
ment program provides for in
stallation of an additional 133
miles of CTC (centralized traf
fic control) on GN's principal
lines in North Dakota and Wash
ington. G.N will have 1,137 miles
of CTC by the end of 1964.
The railway's track relaying
plans for next year also provide
for placement of 75 m i 1 e s of
new rail. 62 miles of which w ill
be welded. At the conclusion of
the 19654 track program GN will
have 453 miles of welded rail.
I il Business Review
By Floyd L. Wynne
34 J Farmers, Stockmen
Share In FLBA Dividend
Upwards of 341 farmers and
stockmen in this area shared in
a $23,904.91 dividend paid by
the Federal Land Bank Asso
ciation of Klamath Falls last
week.
The dividend, declared by the
association to its stockholders of
record on Nov. 30, 1963. repre
sents the association's share of
a dividend declared by the Fed
eral Land Bank of Spokane,
Bryant Williams, association
manager, said. The Spokane
bank's dividend approximated
SI million.
Williams explained that t h e
capital stock of the Federal
Land Bank of Spokane is en
tirely owned by 61 Federal
Land Bank associations in Ida
ho. Montana, Oregon and Wash
ington. These associations make
and service loans for the bank.
The capital stock of the asso
ciations, in turn, is owned by
their farmer and stockmen
members who are the bank's
borrowers.
The 19B3 dividend is the larg
est ever paid by the Spokane
bank and brings to $6,600,000
the total in dividends paid since
1944, according to Williams. The
payment of dividends, he point
ed out, has the effect of reduc
ing the interest cost on loans.
PAGE 6
HERALD AND NEWS, Klamath Falls, Ore.
Sunday. December 22. 1963
POWER BOOSTER The new Pacific Power and Light Company substation to im
prove power voltage to 900 PP&L users in Alturas was scheduled for operation on
Dec. 12. Norval Eastin, manager of the local PP&L office, said the voltage hike from
4,000 to 12,000 volts will give more efficient regulation of the current and more con
stant voltage to the users. The $150,000 project is the beginning of a long-range plan
to convert all Alturas to higher voltage. Building of the substation and installation of
the first 6,250 KVA transformer began Oct. I.
Firm Advances
Bill Blakely
A former iKlamalh Falls res
klent, -Bill Klakley, who h a s
been associated with Ruhen
stein's Furniture in Eugene for
the past nine years, was recent
ly promoted to sales manager
of the new Ituhcnstein's store
in Kalem.
SALESMAN WANTED
Benninqtnn Steel Bldqi. Co. Is txpartdinq. In anHcipailon M flutler't
new Agri-Builder program we need salesman who nas proven himself
In the sale field. A knowledge ol buildings, construction or farm
systems, while helpful, Is not necessary as we and our primary supplier
will train you thoroughly. Salary and commission basis wtll provide
above average income tor producer. Satisfactory arrangements for
Iransportation and expenses.
Replies containing a full background of your selling experience will be
held in strict confidence. Advise us whero you can be called lor per
sonal interview.
WRITE TO: J. H. BENNINGTON, Bennington Steel Blrfgs. Co.
5059 Bryant, Klamath Falls, Ort.
In Year-End
Tax Planning
. . . you are respectfully requested to consider a'
bequest to the Presbyterian Intercommunity
Hospital. Counsel with your accountant or at
torney will determine if it is advantageous to
. make such a gift before the close of 1003.
Such a gift, of course, would help build the Basin
rather than foreign aid. In round figures the
Hospital has funds of $2 million available and it
will take $598,000 additional to achieve the goal
of a debt free operation.
Tlease write or call for additional information.
Presbyterian Intercommunity
Hospital
313 Main St.
Newberry Employes Receive Gifts
Christmas cash gifts were
presented employes of the local
Newberry store by manager Ed
Wuitschick, he disclosed today.
This is in keeping with a long
established policy of the com
pany. The plan involves over 560
stores throughout the
United States, several ware
houses and five district offices.
Wuitschick said the Christmas
gifts to Newberry employes this
year would total $700,000. The
amount each employe received
depends on length of service.
He also pointed out today
that Newberry's has in force a
retirement plan, as employes
become eligible, paid for by the
company up to the first $2,000
of annual earnings, and by an
employe company participa
tion plan on earnings exceeding
S2.000. In addition Newberry's
provides all its eligible em
ployes with company paid life
insurance policies and shares in
the cost to them of sickness,
hospital expense and surgical
benefits insurance.
Also he explained that New
berry employes have a stock
plan through which several
thousand employes have beome
owners of their company's cap
ital stock, and a discount on
company purchases at their
store.
WASHINGTON' IUPD Sen.
Philip A. Hart, R-Mich.. pro
posed Thursday thai Cuban ref
ugees in the United States be
given permanent residence.
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Ks?lL
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TAIiF. H4IMF
ENOUGH
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m
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BATTER
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