anaheim-gazette 1932-07-07

"Father" of Sunkist Dies F. Q. Story Noted For Organization Work Aiding Citrus Growers F. Q. Story, president of the California Fruit Growers Exchange, from 1904 to 1920; also president of the Fruit Growers Supply company and the Semi-Tropic Fruit Exchange, passed away peacefully on July 1 at his home in Alhambra at the age of 87 years. While supporting every forward movement in the industry, Mr. Story is especially known as the father of the great Sunkist national advertising campaign, initiated in 1907. Recognizing his invaluable contribution to the prosperity of the California citrus industry and the Exchange, the board of directors of that organization on his resignation at the age of 75 created the position of Honorary Life President and conferred the honor on Mr. Story. A native of Wisconsin, with early business connections in Boston, Mr. Story came to California in the late seventies, having been advised by his physicians that he could not long survive in the eastern climate. As early as 1879 his present home property in Alhambra was bought. The orange industry was young. But with charac- Granted Probation, Support Child With the proviso that he pay $10 a month to the county welfare department for support of his two-year-old child, Fran Vasquez was granted probation for two years last week by Superior Judge James L. Allen. Vasquez was remanded to the county jail on a charge of failing to provide for his child. Louis Morales Is Released From Jail Louis Morales, convicted of manslaughter in connection with the death in an automobile accident of Roy O'Brien of Anaheim, served six months in the county jail and was released last week. Original sentence was for one year in the jail as a condition of a five-year probation, but Superior Judge H. G. Ames Friday modified the sentence, ordering the prisoner released. teristic forethought Mr. Story planted his property oranges and thereafter unselfishly devoted himself to the industry's development. Mr. Story, an early president of the Los Angeles chamber of commerce, was active in its affairs. He was also a director of the First National Bank of Los Angeles, trustee of the University of Southern California, and has held important posts with many other organizations. SAM L. COLLINS District Attorney, Orange County Candidate for Republican Nomination for Congress SAM L. COLLINS District Attorney, Orange County Candidate for Republican Nomination for CONGRESS for the Nineteenth District Orange, Riverside and San Bernardino Counties Graduate grammar school Riverside County Graduate high school San Bernardino County Resident Orange County Ex-service man; demands drastic economy; will vote for protective tariff including OIL; foe of communists; friend of labor ANAHEIM FIRST NATIONAL BANK "The Home Bank" "An Independent Institution (Member Federal Reserve System) Do You Wish to Transfer Funds? "An Independent Institution (Member Federal Reserve System) Do You Wish to Transfer Funds? This bank is glad to arrange the transfer of funds for you, without loss of interest, up to and including July 10. All accounts transferred during this period will bear interest as from July 1. PROMPT, EFFICENT SERVICE 4% and SAFETY ANAHEIM First National Bank "The HOME BANK" Corner Lemon and Center Streets Big Increase In Bank’s Deposits Bank of America Gains Since March Change of Management A $51,600,000.00 increase in deposits with 130,000 new depositors added since the return of Bank of America to California management and control is reported by the bank in a combined statement of condition published today. Deposits are shown to be increased to $710,903,000.00 from $659,222,000.00 on March 12, at which time a business building campaign was inaugurated. Earnings of more than $2,800,000.00 were realized for the period ending June 30; of which $51,120,000 was utilized for depreciation on bank premises and fixtures. Undivided profits were increased to $6,259,048.00 during this period, and reserves for losses and contingencies brought to $11,183,467.00 by a transfer of $10,000,000 from surplus account. It is stated that the full benefit of increased deposits and economies in operations effected by the present management since March, should be reflected to an even greater extent in the earnings of the bank for the last half of the year, which is normally a period of substantial increase in deposits and earnings. Helps Home Owners "These satisfactory constructive accomplishments have been made possible through the interested, united and loyal support and cooperation of our entire organization, stockholders and friends. The economics have been effected in a manner calculated not to aggravate the existing distressing unemployment situation, but at the same time to accomplish necessary savings in the interest of our stockholders," said A. P. Giannini, chairman of the board of directors, in commenting on the progress of the bank since the recent proxy contest. "We have pursued the policy of conducting the bank's affairs in a normal, sane manner and have without exception cared for all legitimate credit re- Price-Cutting Hurts Business (Continued from page 1) chain a chance for an opening, with the result that another merry price war is already being waged. "As a general thing, merchants have followed too much the line of least resistance and have gradually put their stores on a price basis to compete with price merchandisers. Too frequently in doing so they have lost what they have spent years in building up — character and prestige. Many of their customers who still require quality and are able to pay for it have not only deserted these local merchants but have transferred their buying activities to other cities." Courage Needed Mr. Goodnow cites several instances where established concerns have maintained their prestige and their prices through courageous measures. "There are merchandisers," the U. S. C. staff member says, "who have taken advantage of the desire of the consumers for quality merchandise at fair prices allowing a profit, and have won out. Instead of reducing prices these merchants have resorted to selling ingenuity or possibly have given their customers the advantage of a special inducement offered in connection with the purchase of quality merchandise, and have thus preserved the character of their stores." The university investigations clearly indicate a close connection between cut-price merchandising and unfavorable conditions throughout the community in which that type of merchandising prevails. "Marked differences are visible," says the report, "between those cities where prices have been maintained at a reasonable level with other living conditions and those into which the price situation has been introduced. In the former, not only has the unit of purchase been higher, but the spread of the local consumer dollar has been farther. While in several lines merchants have been operating on smaller volumes, for the most part the business community has been carried on without trouble. Where- Backs Is Elected Library Preside Circulation of Library Board For Year Gains 23,441 F. A. Backs was elected president and Miss E. Kate Rea secretary; meeting of the library board Wednesday evening. Committees named: Building, William Falkenner; Fred Koesel and F. A.' Backs; Finn Miss Grimshaw; Falkenstein Koesel; Book, Miss Rea; Miss Oshaw and Miss Calnon. An increase in circulation of library books of 23,441 during the past year was the chief development, aside election of officers, in the report by the librarian. During the 19-year there was a total of 160,334 times circulated, while the year previously there were 136,893. The big increase were in departments of fiction, 81,386; non-fiction, 19,176; references, 1,018. Juvenile departments gained slightly in fiction, fiction magazines, references and pictures. Receipts for the year ending June totaled $29,443.58, while expenditures for the period were $19,486.81, leaving balance of $9,956.77, which must expenses until tax money is received on December 1. The biggest item receipts was by taxation, $18,751.03; the next was the balance of June 1931, of $8,660.36. Salaries constitute the largest expenditure, $10,692 while purchase of books, $3,999.02 second. Masonic Lodge To Be Dark 2 Month Anaheim's Masonic lodge will be for July and August. The official location, Trestle Board, states that two stated business meetings will held, the first last Friday and in August, during the summer third degrees are scheduled for early meeting in September. entire organization, stockholders and friends. The economics have been effected in a manner calculated not to aggravate the existing distressing unemployment situation, but at the same time to accomplish necessary savings in the interest of our stockholders," said A. P. Giannini, chairman of the board of directors, in commenting on the progress of the bank since the recent proxy contest. "We have pursued the policy of conducting the bank's affairs in a normal, sane manner and have without exception cared for all legitimate credit requirements of our clients. We have especially encouraged the building of small homes by making installment loans for new construction. "It has been our old established policy to invest a very substantial portion of our savings deposits in installment first mortgage loans on improved California real estate. The wisdom of this policy has been clearly demonstrated throughout the depression by the fact that the shrinkage in this type of investment has been less than in any other type of security, with the exception of United States government bonds, another of our major investments." Registration Closes July 21 for Primary Registrations for the August primaries close July 21, County Clerk Joe Backs announced this week, correcting popular impression that registrations already had closed. Voters who have moved must register, he said. Expenditures Up As Income Down (Continued from page 1) $1,017,000,000; all others, $938,000,000 to $1,650,000,000. In 1929 there was a surplus of $185,000,000, and in 1932 a deficit of $2,803,000,000. In relation to our financial record for the nation, receipts haven't shown the great diversity of expenditures. Beginning in 1915 the government's budget was fairly well balanced at about one billion dollars, but in 1916 expenditures began to climb faster than receipts, until at the beginning of 1917 they jumped from about two billions to 13 billions, and then by 1918 reached the highest point in history, about 18 billions of dollars. In the meantime, receipts, despite drastic sales taxes on practically everything a man bought, only went from two munity in which that type of merchandising prevails. "Marked differences are visible," says the report, "between those cities where prices have been maintained at a reasonable level with other living conditions and those into which the price situation has been introduced. In the former, not only has the unit of purchase been higher, but the spread of the local consumer dollar has been farther. While in several lines merchants have been operating on smaller volumes, for the most part the business community has been carried on without trouble. Where, however, the price situation has entered, every line of business, more vacant store fronts are to be seen and the feeling of the consumer generally has been less satisfactory. Opportunity Beekons "Where price-cutting and stationary rent schedules have met, some merchants have gone down. This in turn has created rapid depreciation of unrented business properties which may be a burden for years to come. Today the rent problem is one of the most difficult in the whole list. If it could be brought more nearly into line with other costs, the saving to the merchant in many cases would mark the difference between profit and loss. "There is no doubt," the U. S. C. report concludes, "that prices of merchandise have touched a level below which they cannot go and still render service in quality to the consumer or make reasonable return to the dealer. Except in scattered instances the public has not yet been made properly aware of this fact. That job is now ahead of those merchants who seek an opportunity to serve their communities. It is one that requires widespread promotion through advertising together with selling ingenuity and courage." AL BANK institution" CONDENSED S In relation to our financial record for the nation, receipts haven't shown the great diversity of expenditures. Beginning in 1915 the government's budget was fairly well balanced at about one billion dollars, but in 1916 expenditures began to climb faster than receipts, until at the beginning of 1917 they jumped from about two billions to 13 billions, and then by 1918 reached the highest point in history, about 18 billions of dollars. In the meantime, receipts, despite drastic sales taxes on practically everything a man bought, only went from two billion in 1916 to nearly four billion in 1917, then to a little over six billion by 1920, the high peak of income. This tremendous debt placed on the nation by war, amounting to billions of dollars, was being paid off in comparatively small measure beginning in 1920 and increasing—a little through 1926 and 1927. Till 1930, the government's income exceeded its outgo, but at that time the chart shows a drastic movement, with expenditures going up and income dropping almost to the point of 1916. Must Pay Piper A picture of the national debt shows why extraordinarily heavy taxes are necessary to pay off the obligations incurred in years past when expenditures exceeded income. The debt ran along at close to two billion until 1916, jumped to 26 billion in 1919, then gradually receded to 16 billion in 1930, and now has risen to 19 billions. This condition of the national treasury is the fundamental reason for our heavy national taxes. Even worse conditions in regard to city, county and state expenditures. In relation to income prevail, so that with indebtedness from every tax-levying group forces an acute condition in taxation. This in turn brings a climax in the individual's financial welfare for condition of the country, state, county and city are governing factors which control his ability to reap financial return for his services. MAMMOTH LAKES ROAD OPEN The highway from Bishop to Mammoth Lakes is open and in good condition. The road has been entirely cleared of snow. Is Elected Library President of Library Books For Year Gains 23, 441 Backs was elected president E. Kate Rea secretary at a of the library board Wednesing. Committees named inbuilding, William Falkenstein, Sel and F. A. Backs; Finance, Imshaw, Falkenstein and Book, Miss Rea, Miss Griml Miss Calnon. Please in circulation of library 23,441 during the past year chief development, aside from officers, in the report made librarian. During the 1931-32 year was a total of 160,334 volucated, while the year previere were 136,893. The biggest were in departments of adult 3,386; non-fiction, 19,170; and 1,018. Juvenile departined slightly in fiction, nonmagazines, references and pictures for the year ending June 30, 19,443.58, while expenditures period were $19,486.81, leaving a of $9,956.77, which must pay until tax money is received October 1. The biggest item in was by taxation, $18,751.03, and was the balance of June 30, $8,860.36. Salaries constituted best expenditure, $10,654.16, chase of books, $3,999.02 was Fire Hazzard Closes Black Star Canyon Fire hazards in the Trabuco district of the Cleveland National Forest, the Black Star canyon and other areas in the Santa Ana mountains in both this and Riverside counties, are closed as the result of the board of supervisor's action Tuesday, and co-operation of Federal District Forest Ranger H. R. Valentine. The Black Star canyon road was closed by resolution of the supervisors, while by ruling of the federal forest ranger strict fire regulations are being enforced in all the other districts. Only at camping places especially designated and fires or smoking permitted. Among the roads still open are the Ortega highway to Lake Elsinore, and certain points in Silverado and Trabuco canyons. Public camps are open three miles above San Juan Capistrano Hot Springs. The mountains probably will be closed until after fall rains begin. Henry Maduell Wins $5 Prize in Contest Henry J. Maduell of 115 North Janss street, Anaheim, just before the holidays last week-end received a $5 check for his name for the tuning-light device for Atwater-Kent radios. He submitted the name and a 50-word descriptive article in the contest several months ago. Last week E. E. Fearn, resident Atwater-Kent radio dealer, received the check for delivery to Mr. Maduell. Compliment Chapman On His Anniversary Charles C. Chapman, known throughout Southern California as the "father of the valencia orange" because of his pioneering in developing the industry, celebrated his birthday recently at his fire home just east of Fillerton, where 75 guests complimented him on his anniversary, in addition to extensive holdings in other sections of the state. He is Southern California manager for the re-election campaign of Senator Samuel S. Shortridge. DR. JOHN H. BOEGE announces the ESTABLISHMENT OF NEW OFFICES in the NEW AUTO CLUB BUILDING Corner Sycamore and Los Angeles Streets BANK of AMERICA NATIONAL TRUST & SAVINGS ASSOCIATION — A National Bank: Member of Federal Reserve System and BANK of AMERICA — A California State Bank CONDENSED STATEMENT OF CONDITION, JUNE 30, 1932 RESOURCES Bank of America N.T.&S.A. $ 33,342,562.59 37,404,987.04 Bank of America A California State Bank $ 1,482,779.67 2,218,182.12 Combined $ 74,448,511.42 Cash in Vault and in Federal Reserve Bank 151,501,741.83 69,051,200.70 20,124,459.53 Deposits with Other Banks and Bankers 4,768,679.61 8,514,572.91 4,986,750.16 United States Bonds and Certificates of Indebtedness 2,700,000.00 217,718,386.50 266,829,965.53 State, County and Municipal Bonds None 15,983,574.44 Other Bonds and Securities 10,657,189.45 511,189,115.92 Stock in Federal Reserve Bank 2,700,000.00 None 2,700,000.00 First Mortgage Loans on Real Estate 15,983,574.44 Other Loans and Discounts 10,657,189.45 Bank Premises, Furniture, Fixtures and Safe Deposit Vaults* 42,183,505.47 3,376,293.59 First Mortgage Loans on Real Estate 15,983,574.44 Other Loans and Discounts 10,657,189.45 Bank Premises, Furniture, Fixtures and Safe Deposit Vaults* 42,183,505.47 3,376,293.59 Customers' Liability on Account of Letters of Credit Acceptances First Mortgage Loans on Real Estate . . . Other Loans and Discounts . . . Bank Premises, Furniture, Fixtures and Safe Deposit Vaults* . . . Other Real Estate Owned Customers' Liability on Account of Letters of Credit, Acceptances and Endorsed Bills . . . Other Resources . . . Total Resources . . . Capital . . . $ 50,000,000.00 Surplus . . . 40,000,000.00 Undivided Profits . . . 5,872,014.95 Reserves . . . 10,820,044.21 Circulation . . . 15,000,000.00 Bills Payable and Rediscounts . . . 58,050,346.02 Agreements to Repurchase U.S. Government Securities . . . 7,591,250.00 Liability for Letters of Credit and as Acceptor, Endorser or Maker on Acceptances and Foreign Bills . . . 9,710,249.70 Commercial Deposits: Savings . . . 161,550,887.15 504,979,958.24 Total Liabilities . . $863,574,750.27 $50,877,133.93 $914,451,884.20 *THIS FIGURE REPRESENTS AN INCREASE OF $51,600,000 SINCE MARCH 12, 1932 This statement includes the figures of the London, England, office of Bank of America N.T. & S.A. *410 BANKING OFFICES IN 248 CALIFORNIA COMMUNITIES