anaheim-gazette 1922-12-21

HEAVY BOND ISSUES IN CALIFORNIA Report of Corporation Department Shows Billion and Half Sold in Year In the fourth biennial report of the state corporation department just issued by Edwin M. Daugherty, shows that during the period from September, 1920, to September 1922, the total par value of securities authorized by the department was $1,452,593,830.36. Thus, it will be seen that in California alone during the last biennium approximately one and one-half billion dollars is represented in the value of securities which the state corporation department has authorized to be sold and issued. This means approximately $750,000,000 per year. The record also indicates that in the amazing total of over a billion and one half dollars was $168,600.00 per value of bonds, notes, etc., which were authorized to be sold in this state. As a comparison with the previous biennial report, the following figures are significant in that they show the great growth in the department's business during the two year period and the growth of business in California generally. Between September 1, 1918, and September 1, 1920, the commissioner of corporations permitted companies to issue or offer an aggregate par value of $754,731,321; also bonds having an aggregate par value of $60,025,375, and other securities of a face value of $12,677,948. That California is "the one white spot on the financial map of the world" is the declaration made by the commissioner in the report. He continues that this is the unique distinction California has attained and maintained through one of the most critical periods in history and he also de- contract and its completion. It said that it would be bad business policy to get the money and let it lie idle for several months, during the progress of a job of paving. HEAVY GAINS IN MOTOR CAR SALES Increase in Year 35 Per Cent in Orange County Showing a gain of 35 per cent in registration of new cars over the same month of last year. Orange county in November stepped into tenth position in the number of sales by counties in the state, according to analysis of the registration made by Motor Registration News, Oakland, Calif. A total of 491 sales was made. The publication says that "when it comes to breaking records, the California motor car dealers seem to hold their own, for the month of November has proved a great surprise to the most skeptical." The average gain for the state over November, 1921, was 48 per cent, with southern California showing an increase of 50 per cent. Analyzing the records disclosed at the motor vehicle department for last month, and comparing sales with the same period a year ago, Motor Registration News says: "We find that by taking the total sales of passenger cars and trucks for November of 1921 and comparing them with November of this year it presents a handsome gain of 48 per cent. The figures involved in this most wonderful record are 11,658 or November, 1921, as against 17,365 this year, showing the industry 5707 above the red mark. "Dividing this gain into mythical division of the 47 northern counties and the 11 southern, we find that southern California, as it has in the called on Morrison rector of the service full and complete situation. This sake of various which have compartment's policy that acting director letter. This was submitted follow-" "Your reference 1922, enclosed a 24, 1922, from Coalinga, Cal., from the Coalinga November 16, 1922 statement of A. expert of San gives his views on the moneys received public lands in nia. "In effect, h moneys received lic lands in Cali in the state of construction other western s. "Section 9 of June 17, 1902, p derived from th state should be to the extent o that feasible pr with certain co ment. This sece pealed June 25 because it was cable. "The 21st ann al lamination service that the proceed public lands in period covered b to June 30, 1922 that of this sum on the Orland p 942,000 was speci project, Arizona.C one-seventh of f." to issue or offer an aggregate par value of $754,731,321; also bonds having an aggregate par value of $60,025,375, and other securities of a face value of $12,677,948. That California is "the one white spot on the financial map of the world" is the declaration made by the commissioner in the report. He continues that this is the unique distinction California has attained and maintained through one of the most critical periods in history and he also declares that the rapid and substantial growth of business coming under the authority of the department reflects the constructive benefit of the corporate securities act under which the department operates. Although the so-called blue sky law of California primarily was enacted to curtail fraudulent security promotions within the confines of California, the act, so the commission points out in the report, has proven a boon and stimulus to legitimate projects, both new and old. It is pointed out in the report that the department has been a success financially; that it is more than self-supporting; although the fees collected in connection with applications are modest, more than $350,000 remains to the credit of the department in the state treasury. The amount of work done by the department is reflected in the number of permits, orders, etc., written. Of this number 15,900 were permits. There were 3700 revocations of permits including permits denied, suspended and recalled, brokers', brokers' agents' and companies' agents' licenses either suspended or revoked. The commissioner touches upon the different phases of departmental work in detail in the report to the governor. RICHARDSON CALLED DOWN BY HIGHWAY BOARD Explain Why Road Bonds Have Not Been Sold Sixteen millions dollars' worth of state highway bonds remain unsold, according to a statement issued by the state highway commissioners in answer to charges by Governor elect Friend W. Richardson, that the commission has been letting contracts without sufficient money in the bank completely to pay for the work. Announcement of the balance of bonds is of particular local interest in view of the fact that paving of the sales of passenger cars and trucks for November of 1921 and comparing them with November of this year it presents a handsome gain of 48 per cent. The figures involve in this most wonderful record are 11,658 or November, 1921, as against 17,365 this year, showing the industry 5707 above the red mark. "Dividing this gain into mythical division of the 47 northern counties and the 11 southern, we find that southern California, as it has in the past, leads with a gain of 50 per cent, while northern California follows very closely with a handsome gain of 47 per cent. BOOTLEGGERS MUST PAY AN INCOME TAG Eight hundred violators of the national rohibition act have been notified by Collector Rex Goodcell to appear at the internal revenue office regarding assessments which have been made against them by the commissioner of internal revenue. Vigorous measures are being taken in a drive to round-up the delinquent bootleggers whose assessments run from $550 to $2500 each. The assessments have been imposed in addition to the criminal liability the bootleggers have incurred and involved violations of the internal revenue regulations. Collector Goodcell announces that under the law the bootleger has the privilege of submitting an offer in compromise in lieu of the assessment. Such offers are now being received and sent on to Washington for consideration. It is intimated by revenue officials that bootleggers who fail to take advantage of the opportunity to submit offers of compromise will face court proceedings for collection of the entire assessment. After which distraint warrants will be issued for the purpose of levying upon any property the bootleger may possess or hereafter possess. This means further costs to be met by the bootleger. That bootlegging as a business does not pay is evidenced by the following letter which Collector Goodcell received from a San Diego man: San Diego, Cal., Dec. 10, 1922. Mr. Colletcor—In answer to yours of the 8th in regards to fines and penalties for violation of the national prohibition act note what you write in regards the compromise and levying on any property I may ever have. I do not know any way in which I could "It is evident mately very much will be made on lands than are from the sales of it." "It may not be bention to the benefitting large." Sixteen millions dollars' worth of state highway bonds remain unsold, according to a statement issued by the state highway commissioners in answer to charges by Governor-elect Friend W. Richardson, that the commission has been letting contracts without sufficient money in the bank completely to pay for the work. Announcement of the balance of bonds is of particular local interest in view of the fact that paving of the coast boulevard through Orange county was provided for in the last state bond issue. The contract has been awarded for the section between Huntington Beach and the county line east of Long Beach. The contractor is now at work grading, according to J. L. McBride, superintendent of Irange county highways. Chief interest of Orange county residents in the balance of bonds on hand centers in whether money will be available to complete the program for the boulevard along the county coast. The present state highway commission has intimated it will make every effort to begin work on the section between Huntington Beach and Newport Beach before its term expires. It is said that plans are being made to award the contract before the commission goes out of office. Whether the road will be built between Newport Beach and Serra under the remaining bonds is a point to be answered by the successors to the present members of the commission. The commission in its public reply to Richardson declared that it has saved the state thousands of dollars in interest by not selling bonds long in advance of the completion of a job for which a contract is let. It pointed out that several months usually elapse between the date of the award of a That bootlegging as a business does not pay is evidenced by the following letter which Collector Goodcell received from a San Diego man: San Diego, Cal., Dec. 10, 1922. Mr. Colletor—In answer to yours of the 8th in regards to fines and penalties for violation of the national prohibition act note what you write in regards the compromise and levying on any property I may ever have. I do not know any way in which I could meet this debt unless I could rob a mail truck or hold up a pay-rood from some bank. As it is at present I have not got over $25 to my name and you state that I owe the treasury $2293.70. The government sure do know how to charge for a few gallons of moonshine which I did not even get a chance to sell. "One thing is sure; I will not undertake to moonshine again soon, as I have been a bum ever since. Hoping this letter is not offensive in any way I am as ever ___" DEY DISCrimINATION AGAINST CALIFORNIA Reclamation Service Gives Facts to Senator Shortridge Positive denial that California was being robbed by the reclamation service by diverting money derived from the sale of California public land to pay for reclamation projects in other states is contained in a letter received by Senator Shortridge from the director of the service. During his recent visit to California Senator Shortridge heard from many sources that the state was being discriminated against by the reclamation service in this respect and it was one of the first things he looked into upon his return to Washington. He It said the policy should for progress of SALES in Or. called on Morris Bien, the acting director of the service, and requested a full and complete explanation of the situation. This was given and for the sake of various California interests which have complained of the government's policy the senator asked the acting director to put the facts into a letter. This was done and the letter submitted follows: "Your reference of December 2, 1922, enclosed a letter of November 24, 1922, from Ell P. Plaugher, of Coalinga, Cal., who attached a slipping from the Coalinga Daily Record of November 16, 1922, relative to the statement of A. R. Kanaga, irrigation expert of San Francisco, Cal., who gives his views relative to the use of the moneys received from the sale of public lands in the state of California. In effect, he claims that the moneys received from the sale of public lands in California should be used in the state of California and not for the construction of irrigation works in other western states. Section 9 of the original act of June 17, 1902, provided that the funds derived from the sale of lands in any state should be used within that state to the extent of 50 per cent provided that feasible projects existed therein, with certain conditions for adjustment. This section of the act was repealed June 25, 1910, (36 Stat., 835) because it was found to be impracticable. The 21st annual report of the reclamation service just issued shows that the proceeds from the sales of public lands in California since the period covered by the reclamation act to June 30, 1922, was $7,123,840.13 and that of this sum $1,057,000 was spent on the Orland project, California; $8,942,000 was spent on the Yuma project, Arizona, California. As about one-seventh of this area lies within..." DESIRABLE RIVALRY New Orleans and Philadelphia are engaged in a vigorous controversy over which is the greater seaport. New Orleans quotes federal export and import statistics in support of its claim, while Philadelphia relies upon its local shipping statistics. So far as the rest of us are concerned, we care little which ranks next to New York, but we like to see both of them try. Incidentally, the foreign trade of the country will be greatly benefited if both ports will strive to see which... More Than a Half Billion Dollars For California's Natural Resources California has a large area in the Sierra Nevadas, much of it more than a mile above the sea. The towering mountains are vast storehouses of mineral wealth. Their streams provide enormous power. On their slopes stand billions of feet of timber and some of the trees are older than any other living thing. And dotted over California’s surface are oil wells which pour out millions of barrels of “black gold” every month. Such is the natural wealth of this great Commonwealth. California’s Principal Minerals The total value of all taken from California’s houses last year was $90,000,000 for annually. Great forests of white pine and fir sweep northern boundaries of San Jacinto Range. In are great forests of redwood. California contains 24,000,000 acres. It is estimated that Forests contain 120,000 feet of standing timber, wood, fir and cedar. And dotted over California’s surface are oil wells which pour out millions of barrels of “black gold” every month. Such is the natural wealth of this great Commonwealth. California’s Principal Minerals In the days of '49 California became known as the “Golden State.” She still leads in the production of gold, which is produced in thirty-two counties and exists in others. Last year the production of gold in California reached $15,800,000. But now many other minerals take their place with gold as sources of the State’s wealth. More than one-fourth of the nation’s output of petroleum last year came from California. Its value was $182,400,000. More plebeian, but contributing largely to our wealth, were brick, cement, building stone and crushed rock, which aggregated $27,000,000. And in lesser quantities we find that California’s mineral production included also silver, copper, lead, zinc, quicksilver, platinum, natural gas, magnesite, salines, including borax, potash, salt and soda, and miscellaneous industrial minerals. California has the largest iron ore deposits west of the Missouri River. Southern Pacific Company notes federal export tics in support of its Philadelphia relies upon statistics. So far as he concerned, we care is next to New York, see both of them try. foreign trade of the greatly benefited if strive to see which can do the most to establish a permanent merchant marine under the American flag. GOMPERS TALKED TOO SOON Samuel Gompers met an unexpected rebuff when the executive council of the American Federation of Labor unanimously voiced their opposition to a general strike. They all were of the opinion that Mr. Gompers had brought too much uncertainty already into our industrial life by his inflammatory statement issued immediately following the grant of the rail injunction. A bull-headed man usually has a calf-like wife. FROM KITCHEN'S' TO THE KITCHEN No. 1 Store, 161 W. Center. Phone 284 No. 2 Store, 308 W. Center. Phone 790 Meats, Groceries, Canned Goods, All of High Grade. The total value of all these products taken from California's natural storehouses last year was $244,856,910. Valuable Timber Resources To the great wealth of minerals which California's bounty provides must be added $90,000,000 for the lumber cut annually. Great forests of white, yellow and sugar pine and fir sweep southward from the northern boundaries of the State to the San Jacinto Range. In the Coast Range are great forests of redwood. California contains twenty National Forests, whose total area is more than 24,000,000 acres. It is estimated that these National Forests contain 120,000,000,000 board feet of standing timber, mostly pine, redwood, fir and cedar. The value of this forest is $250,000,000. California's natural resources, and the third to California's industries. These are facts of which you can well be proud. Beautiful booklets and descriptive literature about California have been prepared by such organizations as Californians, Inc., San Francisco, by the All-Year Club of Southern California, Los Angeles, and by the San Diego-California Club, San Diego. There are thousands of people in other states who have no conception of California's greatness. Some of them are your friends. Help us tell them. If you will send to the Southern Pacific Company a list of the names and addresses of your friends, living elsewhere, whom you would like to have receive this series of advertisements as well as the California literature prepared by these organizations, which have for their sole purpose the advertising of California, we will see that your friends get this California literature. Great forests of white, yellow and sugar pine and fir sweep southward from the northern boundaries of the State to the San Jacinto Range. In the Coast Range are great forests of redwood. California contains twenty National Forests, whose total area is more than 24,000,000 acres. It is estimated that these National Forests contain 120,000,000,000 board feet of standing timber, mostly pine, redwood, fir and cedar. The value of this timber is $250,000,000. Water Power And finally are tremendous and valuable resources in water power, partly developed and partly undeveloped. It is estimated that there is available about 5,000,000 horsepower in California. This figure includes only the power which is now looked upon as practical—power which may be obtained by the type of plants which is now being installed. About 1,250,000 horsepower has already been developed in the State and plans are now under way for the development of large amounts of additional power. How You Can Serve Your State This advertisement is one of a series of three, the first devoted to telling of California's agricultural wealth, the second to Pacific News Send Your List Today CHAS. S. FEE, Passenger Traffic Manager Southern Pacific Company, Dept. 000, San Francisco, California. Please send to the people whose names and addresses are attached: 1. This series of advertisements. 2. Booklets prepared by Californians, Inc., by the All-Year Club of Southern California, by San Diego-California Club. 3. Literature about this particular community. Name..... Street..... City.....State....