anaheim-gazette 1928-01-26

Treasury to Refund Third Bond Issue Completes Refinancing of Five Billions in 18 Months Refinancing of war bonds aggregating the huge sum of more than $5,000,-000,000 will have been accomplished by the treasury within a period of eighteen months when the third Liberties mature on September 15. A year ago there were outstanding $3,104,000,000 in second Liberty loan bonds. These bonds were converted into other securities between March, 1927, and November 15, 1927, at which time those still in the hands of the public were called for redemption. The treasury now has commenced the refunding of the third Liberty loan bonds, which on January 1 totaled $2,147,653,150. The aggregate of the second and third Liberties represent more than one-fourth of the entire public debt. "Without exaggeration this may well be described as a stupendous financial operation," said Under-secretary of the Treasury Ogden Mills in commenting upon the program. "There is no other term to apply to the retirement or refunding within the brief space of 18 months of over $5,000,000,000 of public debt, with the consequent large saving in interest charges. It is undeniable that the results achieved would not be attainable were it not for the extraordinary credit position of the United States government. In answer to the reply which will be immediately forthcoming that it could not be otherwise, it might be pointed out that it was not so long since that Liberty bonds were selling at $6." Not only were the second Liberties refinanced so successfully as to cause scarcely a ripple on the tranquil waters of the money markets of the country, but the operation resulted in a substantial interest saving to the government. Instead of bearing interest at 4% per cent, as did the second Liberty bonds, the converted securities carry interest rates ranging from 3½ to 3½ per cent. The first exchange offer made by loan bonds, which are callable in 1932 and mature in 1947 and $6,296,901,900 in fourth Liberty loan bonds which are callable in 1933 and mateur in 1938. The treasury will be relatively free from financing difficulties in 1929. In 1930 and 1931 are the call dates for treasury notes totaling nearly $2,000,-000,000. The question of refinancing the first Liberties will come up in 1932. The biggest problem of all will come in 1933, when the fourth Liberties, aggregating more than $6,000,000,000, may be called if the treasury desires. Other securities making up the $18,-000,000,000 public debt include $2,790,-788,650 in treasury bonds and $1,247,-000,000 in short-term certificates. The treasury bonds are for long terms, the first call date coming in 1943, and the last maturity coming in 1956. SUPERVISORS' PROCEEDINGS Warrant No. 7989 in favor of the Huntington Beach Telephone Company was ordered cancelled. State aid was ordered granted to Dora McGowan. The county auditor was instructed to transfer certain amounts from certain funds and to deposit same in the general road fund. An appropriation in the amount of $217.87 was ordered made from the auto license road fund (unapportioned) for the Fourth supervisorial district. The contract for flood protection work at Orange County park was accepted as completed by Sparks and McClellan. An appropriation in the amount of $5,189.55 was ordered made from the auto license road fund (unapportioned) for the Fifth supervisorial district. Fumigating licenses were ordered issued to Ammon Walters. W. D. Darrell, Jack Noble, G. W. Etchison, Earl Shaffer, E. Trittscke, Keith Delong and George C. Svest. It was ordered that the superintendent of highways be authorized to enter into a contract with the Tustin Cement Pipe Company for drainage west from Oceanview school. The application of A. J. Lee for renewal of pool room license was granted. The contract for alterations and additions to Orange County hospital was ac- Not only were the second Liberties refinanced so successfully as to cause scarcely a ripple on the tranquil waters of the money markets of the country, but the operation resulted in a substantial interest saving to the government. Instead of bearing interest at 4½ per cent, as did the second Liberty bonds, the converted securities carry interest rates ranging from 3½ to 3½ per cent. The first exchange offer made by the treasury in its refinancing program recently commenced for the third Liberties, which bear 4½ per cent, provided for the issuance of 3½ per cent treasury notes. It is expected that all of the third Liberties will be refunded at interest rates not in excess of this rate. As a result of various transactions from February 28 to December 15, 1927, out of $3,104,000,000 of second Liberty loan bonds, $575,000,000 have been permanently retired from funds available for debt reduction, $245,000,000 have been refunded into 3½ per cent 16-20 year treasury bonds; $1,729,000,000 have been refunded into five-year 3½ per cent notes callable at the end of three years, and the balance have been retired from the proceeds of short term borrowings, by far the greater part of which were obtained at a 3½ per cent interest rate. The annual interest saving on the securities issued as contrasted with an equivalent amount of seconds amounts to more than $21,000,000. If the entire operation is considered the total annual interest saving from refunding and retiring operations is in excess of $45,-000,000. This includes the annual interest saving on $245,408,450 retired from surplus money and $330,000,000 retired for the account of the sinking fund, the two items aggregating over $24,000,000 in interest savings. The program to be followed in the refunding of the third Liberties between now and September 15 is to be much the same as in the case of the second Liberties last year. The treasury can not compel holders of the bonds to exchange their bonds for securities bearing a lower rate of interest in advance of the maturity date on September 15. Therefore, various inducements must be offered in carrying out the treasury's program of gradually making exchanges during the next eight months. In the first exchange offer, which is to remain open until the close of business on Monday, the inducement consists of payment of interest in full until March 15 on Liberty bonds exchanged for the 3½ per cent notes. The two months' extra interest will just about compensate holders of third Liberty bonds for the premium at which the bonds are now selling in the open market. In the case of the second Liberty refinancing program, exchanges of bonds were made at the quarterly financing periods in March, June, September, and December. On March 15 holders of second Liberty bonds were given an opportunity to exchange them for 3½ per cent three WHAT WILL ALABAMA DO? Senator Heflin of Alabama was sharply rebuked by his Democratic colleagues for his anti-Catholic tirades in the Senate. This was done by passing a resolution upholding Senator Robinson, Democratic leader. This action by the Senate could only be construed as a criticism of Heflin; the reason being that Heflin had challenged Robinson's leadership as a Democrat after Robinson had flayed Senator Heflin on the floor of the Senate. The whole episode has no serious significance. But it is father fortunate that it happened, as it serves notice on the country that the Senate is thoroughly disgusted with Senator Heflin's position on religious controversies. The Senate is the one great forum in the United States that is open and free. No gag rule is permitted there. Senator Heflin has been well within his rights in making any kind of speeches he desired, but May Be Relevant And Not Of The Pacific Elec state supreme court day during the sh delegates of the West convention are ex show. Practically we will have special o respective days. Drivers Caution lating Other Many motorists do out knowing it. The intentioned for them not realize that they selves liable to a The popular driving is either high speed. While it statute reckless drive other ways in whi reckless. "Are you a reckless driver from intoxication or any of the following under this classifi Cutting in and w Cutting corners. Taking right-ofChanging course giving proper sign Failure to stop walk zones when o Passing standing ing or taking on p Passing to right rate of speed. Driving at fast built up intersect areas. Driving with inn Driving without night. Driving on left ticularly on curves Failure to observe other traffic regul IN FI Mrs. Earl—My husband been sitting all afternoon in th Mrs. Duke—Oh, new red dress and clashes horribly. The advertising used to make" is some of these days read "like mother" In comes up for Alabama has the sale. When she has vote again on Heffler determine whether she pathy or really s that Heffler receive cratic caucus. Monday, the inducement consists of payment of interest in full until March 15 on Liberty bonds exchanged for the 3½ per cent notes. The two months' extra interest will just about compensate holders of third Liberty bonds for the premium at which the bonds are now selling in the open market. In the case of the second Liberty refinancing program, exchanges of bonds were made at the quarterly financing periods in March, June, September, and December. On March 15 holders of second Liberty bonds were given an opportunity to exchange them for 3½ per cent three and five-year treasury notes. In response to this offer, $1,360,456,450 of second Liberties were refunded into a like amount of 3½ per cent notes. On June 15, holders of second Liberties were given the privilege of exchanging their bonds for 3½ per cent 16-20-year treasury bonds, and upon this offering $245,256,450 of seconds were turned in. On September 15 holders of second Liberties were offered 3½ per cent 3-5-year treasury notes, and upon this exchange $368,973,100 of the bonds were refunded. In the meantime the treasury had purchased either for the account of the sinking fund or from surplus money $397,419,000 of the second Liberties, so that there were outstanding on the call date November 15, $732,-000,000 of seconds. All but $104,000,000 of this amount was retired from receipts from short-term securities as of December 15. There were still outstanding on January 1, $87,060,400 of the second Liberties. Interest has ceased on these bonds and it is assumed they are in the hands of persons who either have not become aware that a redemption call was issued or of persons who have neglected to turn them in. It is anticipated that the bonds will be gradually presented for payment over a period of possibly years. Offers of exchanges for the third Liberties, it is expected, will be made by the treasury at the quarterly financing periods in March, June and September. First Liberties The third Liberties were issued in 1918, toward the close of the war, for a ten-year period. There are still outstanding $1,939,156,850 in first Liberty a criticism of Helfin, the Prison Sense that Helfin had challenged Robinson's leadership as a Democrat after Robinson had flayed Senator Helfin on the floor of the Senate. The whole episode has no serious significance. But it is father fortunate that it happened, as it serves notice on the country that the Senate is thoroughly disgusted with Senator Helfin's position on religious controversies. The Senate is the one great forum in the United States that is open and free. No gag rule is permitted there. Senator Helfin has been well within his rights in making any kind of speeches he desires, on any subject he desires, but there is nothing to prohibit his fellow colleagues from at least saying that he was making a fool of himself by simply playing upon one string so constantly. Everything that Senator Helfin believes to be wrong in the country, and he can see much that is wrong, he attributes to the pope and the Catholic church, and if he can in the most remote way make any connection, he fumes and bellows like a mad bull. And the strange part of it is Senator Helfin imagines that he has made a coupling between the church and the misdeeds when he is the only one who can see the connection. He has a right to do this. We wouldn't deny him the right and if he feels that way and believes as he speaks we would have him express himself, just as he does. That is the privilege of a senator. And evils should be pointed out and their causes should be removed. He is right in that theory. But he is making himself absolutely useless as a senator and reflecting discredit upon the state which he represents by a very vivid imagination, a vituperative tongue and possibly also by reason of the fact that outside of the Senate he receives financial remuneration for attacking the Catholic church. Alabama is a strong Protestant state, and it may be that in Senator Helfin's anti-Catholic attitude the people of the state are in entire sympathy. Yet we believe that there are enough people in Alabama whose sanity and intelligence will rescue them from the position that they are in, of being represented by a man who has but one idea and reduces that one idea to an absurdity. They can accomplish this when Senator Helfin National Orange Show Feb. 16--26 Trojan Day, in Honor of U. S. C., Will Be Big Feature That the National Orange Show will break all records for attendance in its eighteenth season was predicted by R. H. Mack, general manager of the annual mid-winter classic of the orange, which will be held in San Bernardino, February 16-26, inclusive. Manager Mack bases his prediction on the applications received from various communities and organizations for assignment of special days together with the privilege of presenting their own programs. These organizations represent all classes in all sections of Southern California. One of the biggest features will be a day set aside as Trojan Day in honor of the University of Southern California, Dr. Rufus B. von Kleinsmid, president of the University of Southern California, will be present, together with the famous Trojan band of 185 pieces led by Harold Roberts. This is the largest college band in the nation and has won fame at the football contests in the coliseum at Los Angeles. It is expected that Trojan Day will be February 24, but the date is not certain. The Scots lodges of Southern California will hold a big initiation and meeting at the orange show on a day yet to be selected. Several Scot bands will be in attendance. A special excursion is being arranged from Long Beach and another from Santa Monica by way of the Pacific Electric. Judges of the state supreme court will be present one day during the show. Five thousand delegates of the Western Fruit Jobbers' convention are expected to visit the show. Practically every citrus belt city will have special delegations on their respective days. May Be Reckless And Not a Speeder REASONABLE RELIABLE REPAIRS Save Your Tires We have special gauges for accurately checking and straightening axles. Valve Grinding with special tools Safety First Brakes adjusted and rined BONEY & BENNIS Hudson-Essex Dealers 332 W. Center St., Anaheim NOTICE TO CREDITORS ESTATE OF EARL M. DEGRYSE, DECEASED. Notice Is Hereby Given, by the undersigned, Evelyn D. Matter, Administratrix of the extate of Earl M. Degryse, deceased, to the creditors of and all persons having claims against the said deceased to file them with the necessary vouchers in the office of the Clerk of the Superior Court of the County of Orange, State of California, or to exhibit the same with the necessary vouchers to the said Evelyn D. Matter, at her place of business, at 607 First National Bank Building, in the City of Anaheim, in the County of Orange; within four months after the first publication of this notice. day of January, 1928, will be delinquent and advertised for sale at public auction, and unless payment is made before, will be sold on Saturday, the 25th day of February, 1928, to pay the delinquent assessment, together with the costs of advertising and expense of sale. By Order of the Board of Directors. W. E. DE SOMBRE, Secretary. Office at Anaheim, California, R.F.D. 3, Box 77. 12-22-5t SUMMONS C. C. P. Secs. 844-845 IN THE JUSTICE'S COURT OF ANAHEIM TOWNSHIP, COUNTY OF ORANGE, STATE OF CALIFORNIA B. A. G. STROUP and H. E. W. BARNES, Co-partners doing business under the name of Stroup-Barnes Furniture Company, Plaintiffs GEORGE E. VAYO, doing business under the fictitious name of Puritan Food Shop. Defendant The People of the State of California Send Greetings to: George E. Vayo, doing business under the fictitious name of Puritan Food Shop, Defendant. You Are Hereby Directed to Appear before me at my office, at Masonic Building, in the City of Anaheim, in said township, and answer the complaint in an action entitled as above, brought against you in the Justice Court of Anaheim Township, County of May Be Reckless And Not a Speeder Drivers Cautioned Against Violating Other Rules of Road Many motorists drive recklessly without knowing it. These drivers are well intentioned for the most part and do not realize that they are laying themselves liable to a court sentence. The popular conception of reckless driving is either intoxication or very high speed. While these certainly constitute reckless driving, there are many other ways in which a driver may be reckless. "Are you a reckless driver?" Aside from intoxication and speed, if you do any of the following things, you come under this classification: Cutting in and weaving in traffic. Cutting corners. Taking right-of-way at intersections. Changing course of vehicle without giving proper signal and warning. Failure to stop at pedestrian crosswalk zones when occupied. Passing standing street cars discharging or taking on passengers. Passing to right of vehicles at a fast rate of speed. Driving at fast rate of speed across built up intersections and congested areas. Driving with inadequate brakes. Driving without headlights lighted at night. Driving on left side of highway, particularly on curves. Failure to observe boulevard stops and other traffic regulations. IN FLORIDA Mrs. Earl—My dear, why has your husband been sitting out on the beach all afternoon in the broiling sun? Mrs. Duke—Oh, I've just bought a new red dress and Freedy's bald spot clashes horribly. The advertising slogan "like mother used to make" is going to give way some of these days to one which will read "like mother used to smoke." In comes up for renomination. Now, Alabama has the sympathy of the public. When she has an opportunity to vote again on Heflin, we can then determine whether she deserves this sympathy or really deserved the rebuke that Heflin received from the Democratic caucus. NOTICE INVITING SEALED PROPOSALS FOR REBUILDING OF THE KROGH DEEP WELL TURBINE PUMP Notice is hereby given that sealed proposals or bids will be received by the City Council of the City of Anaheim, at the office of the City Clerk of said City, up to eight o'clock P.M. of Thursday, the 9th day of February, 1928, for the purchase of kitchen garbage from the residences, restaurants and hotels within the City limits of the City of Anaheim from February 1, 1928, for a period of one, two or three years. Said garbage will be collected by the City of Anaheim in steel tanks and delivered on their rack at the old Sugar Factory Site, daily, from which place all garbage shall be removed by the purchaser within twelve hours after delivery. Each bid must be accompanied by a certified check for $100.00 payable to the City of Anaheim, to be forfeited to said City if the successful bidder fails to sign the contract within ten (10) days after the award to him of said contract. All proposals must be on forms furnished by the City Manager. The City Council of said City reserves the right to reject any and all bids. Dated this 13th day of January, 1928, EDWARD B. MERRITT, City Clerk of the City of Anaheim. 1-19-4t NOTICE INVITING BIDS FOR GARBAGE Notice is hereby given that sealed proposals or bids will be received by the City Council of the City of Anaheim at the office of the City Clerk of said City, up to eight o'clock P.M. of Thursday, the 9th day of February, 1928, for the purchase of kitchen garbage from the residences, restaurants and hotels within the City limits of the City of Anaheim from February 1, 1928, for a period of one, two or three years. Said garbage will be collected by the City of Anaheim in steel tanks and delivered on their rack at the old Sugar Factory Site, daily, from which place all garbage shall be removed by the purchaser within twelve hours after delivery. Each bid must be accompanied by a certified check for $100.00 payable to the City of Anaheim, to be forfeited to said City if the successful bidder fails to sign the contract within ten (10) days after the award to him of said contract. All proposals must be on forms furnished by the City Manager. The City Council of said City reserves the right to reject any and all bids. Dated this 13th day of January, 1928, EDWARD B. MERRITT, City Clerk of the City of Anaheim. 1-19-3t NOTICE INVITING SEALED PROPOSALS FOR REBUILDING OF THE KROGH DEEP WELL TURBINE PUMP Notice is hereby given that sealed proposals or bids will be received by the City Council of the City of Anaheim at the office of the City Clerk of said City, up to eight o'clock P.M. of Thursday, the 9th day of February, 1928, for the purchase of kitchen garbage from the residences, restaurants and hotels within the City limits of the City of Anaheim from February 1, 1928, for a period of one, two or three years. Said garbage will be collected by the City of Anaheim in steel tanks and delivered on their rack at the old Sugar Factory Site, daily, from which place all garbage shall be removed by the purchaser within twelve hours after delivery. Each bid must be accompanied by a certified check for $100.00 payable to the City of Anaheim, to be forfeited to said City if the successful bidder fails to sign the contract within ten (10) days after the award to him of said contract. All proposals must be on forms furnished by the City Manager. The City Council of said City reserves the right to reject any and all bids. Dated this 13th day of January, 1928, EDWARD B. MERRITT, City Clerk of the City of Anaheim. 1-19-3t NOTICE INVITING SEALED PROPOSALS FOR GAS ENGINE AND ELECTRIC GENERATOR Notice is hereby given that sealed proposals or bids will be received by the City Council of the City of Anaheim, at the office of the City Clerk of said City, up to the hour of eight o'clock P.M. of Thursday, the 9th day of February, 1928, for the furnishing to said City of Gas Engine and Electric Generator and auxiliary equipment. Said Gas Engine and Electric Generator and equipment shall be in accordance with "Specifications for Gas Engine and Electric Generator, City of Anaheim, Series of 1928," and shall be delivered to City of Anaheim installed in compliance with said specifications. Each proposal must be accompanied by a certified or cashier's check, payable to the City of Anaheim, in an amount not less than ten per cent of such bid; and the successful bidder will be required to furnish, within ten days after the award of the contract, a surety bond payable to said City and subject to the approval of the City Council, in an amount not less than fifty per cent of the aggregate amount of said contract, which said bond shall be conditioned upon the faithful performance of said contract. Specifications and further information may be obtained at the office of the City Manager. All proposals must be on forms furnished by the City Manager. The City Council of said City reserves the right to reject any and all bids. Dated this 13th day of January, 1928. EDWARD B. MERRITT, City Clerk of the City of Anaheim. 1-19-3t NOTICE OF ASSESSMENT SECTION TWO WATER COMPANY, LOCATION OF PRINCIPAL PLACE OF BUSINESS, ANAHEIM, CALIFORNIA. Notice Is Hereby Given that at a meeting of the directors of said Section Two Water Company, a corporation, held on the 15th day of December, 1927, an assessment of Four ($4.00) Dollars per share was levied upon the capital stock of the corporation, payable December 31, 1927, in United States Gold Coin, to the Secretary, at the office of the Company, Anaheim, California, R.F.D., 3, Box 77. Any stock on which this assessment shall remain unpaid on Tuesday, 31st ANAHEIM'S NESS AND PROFESSIONAL DIRECTORY Anaheim, Cal. Phone 870 ELMORE FUNERAL HOME Successor to W. S. Huddle Mrs. Harry Elmore, Lady Assistant Harry Elmore, Director S. Lemon Street at Broadway J. W. Truxaw, M. D. Physician and Surgeon Office Phone 341-J Res., 887 S. Los Angeles St. Residence Phone, 341-M Hours: 11-12; 2-4; 7-8 Golden State Bank Bldg. Cor. Center and L. A. Sts. ANAHEIM, CALIF. CHIROPRACTIC AND General Drugless Practice (State Medical Board License) 14 Years Steady, Successful Practice Dr. Gustav A. Neth 110 N. Resh St. Telephone 80 Cor. W. Center and Resh, Anaheim 240 Feet Private Auto Parking Space Johnston-Wickett Clinic ANAHEIM, CALIF. Hours: 8:00 A.M. to 5:00 P.M. CHAS. L. REESKE Anaheim's Exclusive Tailor Suits made to order in Anaheim at very reasonable prices I also do Altering and Repairing on ladies' and Phone 337-J Open Evenings Sunday by Appointment DR. OSHER PHYSICIAN AND SURGEON Eye, Ear, Nose and Throat CHAS. L. REESKE Anaheim's Exclusive Tailor Suits made to order in Anaheim at very reasonable prices I also do Altering and Repairing on ladies' and gentlemen's garments 114 So. Lemon Phone 150 Office Hours: 9 to 12, 2 to 5 Phone 221-W DR. W. W. ADAMS OSTEOPATH 312 N. Lemon Street Anaheim California TIMETABLE A. T. & S. P. Ry. Coast Lines In effect June 12, 1927 Trains to Los Angeles *No. 79 ... 6:35 A.M. No. 71 ... 11:57 A.M. $No. 78 ... 4:46 P.M. No. 75 ... 8:53 P.M. Trains From Los Angeles No. 78 ... 2:00 A.M. No. 72 ... 10:00 A.M. $No. 52 ... 11:38 A.M. No. 74 ... 3:16 P.M. No. 76 ... 7:24 P.M. *Through sleepers to Kansas City, Minneapolis, Chicago and Grand Canyon, *Through sleepers to Denver, St Louis, Chicago and Grand Canyon connections, San Bernardino and River-side connection. *Through sleepers to Chicago from San Diego for "The Chief," Phoenix, Houston, Galveston and New Orleans connections. C. A. WALKER Agent. Will Use All Horse-Drawn Toola $375—Easy Terms W. P. McCARTHY 1201 East Sixth St., Los Angles WANTED AVOCADO SEEDS A. R. Rideout, Whittier, Calif. QUALITY—SERVICE A HOME INDUSTRY For Good Work Call 159 That Good Laundry QUALITY—SERVICIE A HOME INDUSTRY For Good Work Call 159 That Good Laundry Where quality and service is unexcelled Economy Laundry 808 N. Los Angeles St. Anaheim, California Does Your Roof Leak? Let us tell you how little it costs to re-roof with Wood or Composition Shingles or Roofing Paper. Ganahl-Grim Lumber Company 501 E. Center St. Phone 35 Anaheim, Calif. ANAHEIM FEED AND FUEL CO. Dealers in GRAIN FLOUR SEEDS WOOD COAL HAY Phone 317 W. D. GRAFTON, Prop. Public Weighing Scales