anaheim-gazette 1932-12-08

R.F.C. Chairman Scores Bankers Whose Vaults Are Bursting With Gold, Yet Who Refuse to Loan Money to Aid Employment Business Leaders Applaud Bold Statement of Atlee Pomerene Whose Fearless Attack On Financial Institutions May Usher In “Above-Board” Talk Instead of “Hush-Hush” Written Specially For The Gazette BY ROBERT FULLER Autocaster News Service Did the address of Atlee Pomerene, chairman of the reconstruction finance corporation, before the conference of the New England council at Boston on Nov. 17th., mark an end to the era of "Hush-Hush", when banks and banking practices became the subject of conversation? Did his address in effect usher in the hour when a searchlight might be turned upon some banks and their practice of today, to learn if those institutions are really doing their bit to assist in the recovery of business in the United States? Mr. Pomerene said that banks which boast of their liquidity (75 to 85 percent and more) to solicit deposits and then refuse to make loans to pay labor, buy goods and continue manufacturing and commerce are "parasites" and deserve universal condemnation. To say that business, industrial and commercial leaders throughout the country "perked up" in strictest attention to the reports of the address emanating from Boston, is stating facts but mildly. On every hand a virtual barrage of acclaim for Mr. Pomerene's address was loosened, and thoroughly reliable and efficient business men voiced opinions of their own which did not deal so kindly nor were they so careful in the choice of terms as applying to some banks and their practices during the last year or two. Business Men Knew The high points of Mr. Pomerene's address are incorporated elsewhere in this report. Some of the facts disclosed in those concise paragraphs were from being unknown to a great army of business men, manufacturers and commercial leaders. They had learned from actual experience in trying to make loans to carry on their businesses. They had learned those facts and more SAYS, ATLEE POMERENE Chairman, Reconstruction Finance Corporation Now, my hearers, and I mean words, the bank that is 75 percent liquid or more and refuses to loans when proper security is under the present circumstance parasite in the community and the condemnation of every man and woman." Permit me to say that a dual function. One—to be a dealer for the surplus funds of the city it serves; the other, to lend monies, where it can do good community." This is no time for financial institutions to refuse to loan their money when reasonably secured." I a referring to those banks are soliciting deposits in their communities, boasting that their percen liquid, and refusing their money out to people in need to pay labor, to buy goods or trade manufacturing and comm. I know of cities in which are banks which boast 75 to 85 percent liquid and one with a large says with pride it is 119 percent. These banks are soliciting money and mine for deposit at our business, we cannot borrow far from some of them because that fifty are not making loans. The money in their liquid vaults was earned by the people longs to them. It is the very form of commerce." What right have they refused to loan it (the money they serve; are was to the other 40 percent Pomerene) was paying his re-parasites? Truly, from my experience has not been confined to any or business center. I was of opinion that it was just the other around; the 90 percent which termed parasites or chiselers; that have done in the choice of terms as applying to some banks and their practices during the last year or two. Business Men Knew The high points of Mr. Pomerene's address are incorporated elsewhere in this report. Some of the facts disclosed in those concise paragraphs were from being unknown to a great army of business men, manufacturers and commercial leaders. They had learned from actual experience in trying to make loans to carry on their businesses. They had learned those facts and more too, but the "Hush-Hush" policy prevailed and they had no precedent upon which to "open up," or a leadership to follow in asking if a certain type of bank or banker was contributing anything toward the recovery of business. There are harrassed business men who in the language of the street do not now hesitate to say that the "chiseling" tactics of some of the banks and bankers during the last two years have constantly reduced their bank balances and operating cash to a point where it directly resulted in additional unemployment, to hunger, and dire want of workers forced out. These balances have been reduced through the insistence of bankers that these cash funds be used to retire loans in spite of the NOTICE OF SALE OF REAL PROPERTY BY TRUSTEE UNDER DEED OF TRUST TRUST NO. 461 WHEREAS, ALBERT L. WILSON and EDDA WILSON, husband and wife, by Deed of Trust, dated September 14, 1928, recorded September 18th, 1928, in Book 198, page 259, of Official Records of Orange County, California, did grant and convey the property therein and hereinafter described, to the Orange County Title Company, as Trustee, to secure, among other obligations, the payment of one promissory note dated September 14th, 1928, payable to Home Mutual Building and Loan Association of Santa Ana, or order, for the principal sum of $4000.00 with interest at the rate of 7.8 per cent per annum, principal and interest due in monthly installments of $50.00 each on the 1st day of each month beginning January 1st, 1929; and WHEREAS, default has occurred in that the installment of principal and interest due on said note on March 1st, 1932, has not been paid; and WHEREAS, Pacific States Savings and Loan Company, owner and holder of said note heretofore demanded that said Trustee sell said property and on September 2nd, 1932, duly recorded in the office of the County Recorder of said County, in Book 567, page 397 of Official Records thereof, a notice of said default and of its election to cause said property to be sold and more than three months have now elapsed since the NOTICE OF SALE OF REAL PROPERTY BY TRUSTEE UNDER DEED OF TRUST TRUST NO. 459 WHEREAS, ALBERT L. WILSON and EDDA WILSON, husband and wife by Deed of Trust, dated September 14, 1928, recorded September 18th, 1928, in Book 203, page 85, of Official Records of Orange County, California, did grant and convey the property therein and hereinafter described, to the Orange County Title Company, as Trustee, to secure, among other obligations, the payment of one promissory note dated September 14, 1928, payable to Home Mutual Building and Loan Association of Santa Ana, or order, for the principal sum of $4000.00 with interest at the rate of 7.8 per cent per annum, principal and interest due in monthly installments of $50.00 each on the 1st day of each month beginning January 1st, 1929; and WHEREAS, default has occurred in that the installment of principal and interest due on said note on March 1st, 1932, has not been paid; and WHEREAS, Pacific States Savings and Loan Company owner and holder of said note heretofore demanded that said Trustee sell said property and on September 2nd, 1932, duly recorded in the office of the County Recorder of said County, in Book 567, page 395 of Official Records thereof, a notice of said default and of its election to cause said property to be sold and more than three months have now elapsed since the recordation of said notice. The sum of what right have they (liquefied) to refuse to loan it (the money they serve); and was to the other 19 percent (Pomerene) was paying his reparasites. "Truly, from my experience has not been confined to any or business center. I was offended that it was just the other around; the 90 percent which termed parasites or chiselers; 10 per cent that have done doing their full duty to deposit rowers and the community that "But get me straight on this." led the business leader. "I reject every other American in the our banks are liquid and stable solid foundation of being all obligations of depositors. But I do object—criticize the common practice banks of chiseling and chiselmental and business borrow counts and whose collaterals may be handled by the Federal reserve or the reconstruction finance institution, which, as Mr. Pomerene paid was created by congress to reach such situations." NOTICE OF SALE OF REAL PROPERTY BY TRUSTEE UNDER DEED OF TRUST TRUST NO. 465 WHEREAS, ALBERT L. WILSON and EDDA WILSON, husband by Deed of Trust, dated July 25th, 1928, in Book 357, of Official Records of County, California, did grant and convey the property therein and after described, to the Orange Title Company, as Trustee, among other obligations,the one promissory note dated July 25th,payable to Home Mutual Banking and Loan Association of Santa Ana or order for the principal sum of $4000.00 with interest at the rate of 7.8 per cent per annum.principal and interest due in monthly installments of $50.00 each on the 1st day of each month beginning January 1st,1929;and WHEREAS, default has occurred in that the installment of principal and interest due on said note on March 1st,1932 has not been paid;and WHEREAS,Pacific States Savings Loan Company owner and said note heretofore demanded Trustee sell said property and on September 2nd，1932,duly recorded in the office of the County Recorder of said County，in Book 567，page 396Records thereof,a notice of said default and its election to cause said property to be sold and more than three months have now elapsed since the recordation of said notice.T that the installment of principal and interest due on said note on March 1st, 1932, has not been paid; and WHEREAS, Pacific States Savings and Loan Company, owner and holder of said note heretofore demanded that said Trustee sell said property and on September 2nd, 1932, duly recorded in the office of the County Recorder of said County, in Book 567, page 397 of Official Records thereof, a notice of said default and of its election to cause said property to be sold and more than three months have now elapsed since the recordation of said notice. The sum of $2971.21 principal and interest thereon from February 5th, 1932, is now due, owing and unpaid on said note and there is also secured by said Deed of Trust the Trustee's fee and expenses of sale, amounting to $208.00. NOW THEREFORE, NOTICE IS HEREBY GIVEN that the said Orange County Title Company, by virtue of the authority vested in it as Trustee under said Deed of Trust, will sell at public auction, to the highest bidder for cash, lawful money of the United States, on the 3rd day of January, 1933, at the hour of eleven o'clock A.M., of said day, at the South door of the Orange County Court House in the City of Santa Ana, California, all of the interest conveyed to it by said Deed of Trust in and to all the following described property situated in the City of Anaheim, County of Orange, State of California, described as follows, to-wit: Lot Seven (7) in Block "B" of the "Allen Tract", Subdivision No. 374, as shown on a Map recorded in Book 15, page 28 of Miscellaneous Maps, records of Orange County, California. Subject to the conditions, reservations and restrictions of record, or so much of said property as shall be necessary to be sold to provide a sum sufficient to pay the total amount secured by said Deed of Trust. Dated this 8th day of December, 1932. ORANGE COUNTY TITLE COMPANY, By H. A. GARDNER, (Corporate Seal) President. By GEO. A. PARKER, Secretary. WHEREAS, Pacific States Savings and Loan Company owner and holder of said note heretofore demanded that said Trustee sell said property and on September 2nd, 1932, duly recorded in the office of the County Recorder of said County, in Book 567, page 397 of Official Records thereof, a notice of said default and of its election to cause said property to be sold and more than three months have now elapsed since the recordation of said notice. The sum of $2971.18 principal and interest thereon from February 5th, 1932, is now due, owing and unpaid on said note and there is also secured by said Deed of Trust the Trustee's fee and expenses of sale, amounting to $208.00. NOW THEREFORE, NOTICE IS HEREBY GIVEN that the said Orange County Title Company, by virtue of the authority vested in it as Trustee under said Deed of Trust, will sell at public auction, to the highest bidder for cash, lawful money of the United States, on the 3rd day of January, 1933, at the hour of eleven o'clock A.M., of said day, at the South door of the Orange County Court House in the City of Santa Ana, California, all of the interest conveyed to it by said Deed of Trust in and to all the following described property situated in the City of Anaheim, County of Orange, State of California, described as follows, to-wit: Lot Twenty (20) in Block "A" of the "Allen Tract", Subdivision No. 374, as shown on a Map recorded in Book 15, page 28 of Miscellaneous Maps, records of Orange County, California. Subject to the reservations, restrictions and conditions of record, or so much of said property as shall be necessary to be sold to provide a sum sufficient to pay the total amount secured by said Deed of Trust. Dated this 8th day of December, 1932. ORANGE COUNTY TITLE COMPANY, By H. A. GARDNER, (Corporate Seal) President. By GEO. A. PARKER, Secretary. WHEREAS, Pacific States Savings and Loan Company owner and holder of said note heretofore demanded that said Trustee sell said property and on September 2nd, 1932, duly recorded in the office of the County Recorder of said County, in Book 567, page 395 of Official Records thereof, a notice of said default and of its election to cause said property to be sold and more than three months have now elapsed since the recordation of said notice. The sum of $2971.18 principal and interest thereon from February 5th, 1932, is now due, owing and unpaid on said note and there is also secured by said Deed of Trust the Trustee's fee and expenses of sale, amounting to $208.00. NOW THEREFORE, NOTICE IS HEREBY GIVEN that the said Orange County Title Company, by virtue of the authority vested in it as Trustee under said Deed of Trust, will sell at public auction, to the highest bidder for cash, lawful money of the United States, on the 3rd day of January, 1933, at the hour of eleven o'clock A.M., of said day, at the South door of the Orange County Court House in the City of Santa Ana, California, all of the interest conveyed to it by said Deed of Trust in and to all the following described property situated in the City of Anaheim, County of Orange, State of California, described as follows, Lot Twenty-Three (23) "B" of the "Allen Tract," suNo. 374, as shown on a Managed in Book 15, page 28 offlaneous Maps, records of County, California. Subject to covenants coservations and restricrecord, or so much of said property be necessary to be sold to pay the total amount secured by said Deed of Trust. Dated this 8th day of December, 1932. ORANGE COUNTY TITLE COMPANY, By H. A. GARDNER, (Corporate Seal) President. By GEO. A. PARKER, Secretary. ANAHEIM GAZETTE SAYS, ATLEE POMERENE Chairman, Reconstruction Finance Corporation Now, my hearers, and I measure my bank that is 75 per cent or more and refuses to make when proper security is offered, in the present circumstances, is a state in the community and deserves condemnation of every thinking and woman." Imit me to say that a bank has a function. One—to be a depository for surplus funds of the communal services; the other, to loan their assets where it can do good to the unity." This is no time for financial institution to refuse to loan their monies, reasonably secured." In referring to those banks that do leasing deposits in their several utilities, boasting that they are 75 on liquid, and refusing to loan money out to people in need of it by labor, to buy goods or to con-manufacturing and commerce." A view of cities in which there banks which boast 75 to 85 percent and one with a large surplus with pride it is 110 percent liquid) These banks are soliciting your money for deposit and yet, if in need of money to conduct business, we cannot borrow a dollar some of them because they say they are not making loans." The money in their (liquid banks) was earned by the people and be to them. It is the very life blood commerce." That right have they (liquid banks) take to loan it (the money) back community they serve; and that it is the other 19 percent he (Mr. Crane) was paying his respects as lites." July, from my experience, which not been confined to any one state business center, I was of the opinion that it was just the other way and; the 90 percent which might be used parasites or chiselers, and the that have done and are to the people who may need it to employ men needing work to keep their wives and children from starvation and freezing? "There is no excuse for any bank that is 75 percent or more liquid to refuse loans when properly collateraled." "If any of these (75 percent liquid) bankers, in their attempt to serve their clientele, should feel that they need additional funds they could take their commercial papers, eligible for discount to The Federal Reserve Bank and get necessary funds." "If they (the banks) cannot get the required accommodations from the Federal Reserve bank they can come to the Reconstruction Finance Corporation, which was created by Congress to meet just such situations, bring their collateral to us and get the required money." "Christ said: 'It is easier for a camper to go through the eye of a needle than for a rich man to enter the kingdom of God.'" "I wonder if he had in mind the banker who refuses to loan money when his bank is 75 percent or more liquid?" New Year Ducats Get Deep Slash Trojans Announce Top at $4.40, With Large Section Selling at $1.65 Drastic reductions in New Year's Day game ticket prices were announced by the University of Southern California for its meeting with Pittsburgh in the annual East-West football classic at Pasadena. Top price for the game will be $4.40 with a limited number of seats between the 10-yard lines being reserved at this figure. Between the 10-yard lines and end zones the price will be $2.75, and the remainder of the tickets will be sold at $1.65. The government tax is included in these figures. According to General Manager Arnold Riddle of S.C., who announced the The Farmer’s Corner By Ralph H. Taylor Secretary Agricultural Legislative Committee No tampering with the state trespass law! Such, in effect, is the sign posted by California farmers, in anticipation of the 1933 meeting of the state legislature. State-wide farm organizations, judging from recent developments in discussions of the issue, will present a united front against any attempt to modify or weaken the trespass act. Nor will agriculture be alone in its fight against breakdown of the trespass statute. Many state business groups including the state chamber of commerce have gone on record as firmly opposed to any change in the present act, backing up the stand taken by the California Cattlemen's association, the agricultural legislative committee of California the California Wool Growers association and other outstanding farms bodies. Are ghetened at the last session of the legislature after a prolonged and bitter battle, the trespass law will have added backing this year, due to the fact that the senate, under the new reapportionment act, will be predicated a rural house. Although city sportsmen's groups in some sections of the state have attempted to create sentiment for modification of the act, such an attempt, if carried into the legislature, would undoubtedly be met by counter proposals from some of the farm members to tighten up the act in its application to the fishermen. The present law, which permits an owner of unfenced and uncultivated land to post against trespass by placing signs on unfenced property at the rate of three to the mile, was directed chiefly against hunters, due to the heavy losses suffered by livestockmen. Anglers, however, still enjoy broad privileges under the trespass act and will probably fight shy of a legislative NOTICE OF SALE OF REAL PROPERTY BY TRUSTEE UNDER DEED OF TRUST TRUST NO. 465 WHEREAS, ALBERT L. WILSON, husband and wife, deed of Trust, dated July 17th, 1928, dated July 25th, 1928, in Book 180, of Official Records of Orange County, California, did grant and conceive the property therein and herein described, to the Orange County Company, as Trustee, to secure other obligations, the payment of promissory note dated July 17th, payable to Home Mutual Building Loan Association of Santa Ana or for the principal sum of $3000.00 interest at the rate of 7.8 per cent annum, principal and interest due monthly installments of $37.50 each on the 1st day of each month beginning October 1st, 1928; and WHEREAS, default has occurred in the installment of principal and interest due on said note on March 1st, has not been paid; and WHEREAS, Pacific States Savings and Loan Company owner and holder of note heretofore demanded that said Trustee sell said property and on September 2nd, 1932 duly recorded in the file of the County Recorder of said duty, in Book 567, page 396 of Official Records thereof, a notice of said default of its election to cause said property to be sold and more than three months have now elapsed since the recording of said notice. The sum of principal and interest thereon NOTICE OF SALE OF REAL PROPERTY BY TRUSTEE UNDER DEED OF TRUST TRUST NO. 444 WHEREAS, ALBERT L. WILSON and EDDA WILSON, husband and wife, by Deed of Trust, dated July 17th, 1928, recorded July 25th, 1928, in Book 185, page 24, of Official Records of Orange County, California, did grant and convey the property therein and herein after described, to the Orange County Title Company, as Trustee, to secure among other obligations, the payment of one promissory note dated July 17th, 1928, payable to Home Mutual Building and Loan Association of Santa Ana or order, for the principal sum of $4000.00 with interest at the rate of 7.8 per cent annum, principal and interest due in monthly installments of $50.00 each on the 1st day of each month beginning October 1st, 1928; and WHEREAS, default has occurred in that the installment of principal and interest due on said note on March 1st, 1932 has not been paid; and WHEREAS, Pacific States Savings and Loan Company owner and holder of said note heretofore demanded that said Trustee sell said property and on September 2nd, 1932 duly recorded in the office of the County Recorder of said County, in Book 567, page 398 of Official Records thereof, a notice of said default and of its election to cause said property to be sold and more than three months have now elapsed since the recording of said notice. The sum of principal and interest thereon NOW THEREFORE, NOTICE IS HEREBY GIVEN that the said Orange County Title Company, by virtue of the authority vested in it as Trustee under the Deed of Trust, will sell at public auction, to the highest bidder for cash, lawful money of the United States, on the 3rd day of January, 1933; at the hour of eleven o'clock A.M., of said lot at the South door of the Orange County Court House in the City of Santa Ana, California, all of the interest conveyed to it by said Deed of Trust in and to all the following deed property situated in the City of Anaheim, County of Orange, State of California, described as follows, to-wit: Lot Nineteen (19) in Block "B" of the "Allen Tract," subdivision No. 374, as shown on a Map recorded in Book 15, page 28 of Miscellaneous Maps, records of Orange County, California. Subject to covenants, conditions, reservations and restrictions of record. so much of said property as shall be necessary to be sold to provide a sufficient to pay the total amount secured by said Deed of Trust. Dated this 8th day of December, 1932. ORANGE COUNTY TITLE COMPANY, By H. A. GARDNER, Corporate Seal) President. By GEO. A. PARKER, Secretary. 12—8, 15, 22 Iron Kettles Out for Christmas Donations The big iron kettles at the corners of Los Angeles and Lemon streets at Center, annually brought out at the holiday season this year are serving as containers for donations to the Salvation Army's Christmas fund. Ensign L. L. Montgomery announced this week that the iron kettles would be kept out until Christmas, and that all donations, no matter how small, are welcome. "The purpose is to provide us funds through which we can make happy those who otherwise would not be remembered at Christmas, the one time of the year when the bonds of brotherly love should be extended to all." Ensign Montgomery said. happy spirits aching feet The telephone can save you needless "trotting" CHRISTMAS is in the air. The stores are gay with phone run your errands. The stores are glad to give The telephone can save you needless "trotting" CHRISTMAS is in the air. The stores are gay with greenery. The shopping throngs are eager—it's holiday fun to be a part of the jostling swirl, up to a point. Beyond that point, it's useful to let the Telephone run your errands. The stores are glad to give you information about merchandise and prices. Their advertisements, and your Telephone, will serve you in the comfort of your home and will cut your steps in half. Southern California Telephone Company UNGBLUTH'S 10 Things He Wants (Count Them) For His Christmas SHIRTS ... it's a safe bet his shirt drawer is getting low. Help him restock it this Christmas. Great value in broad-cloths $95c to $3.50 NECKWEAR ... smart, safe, modest designs he'd choose for himself $50c to $2.50 GLOVES ... pigskin gloves, clasp or, slip-on Style $2.50 MUFFLERS ... the new Hacking styles in silk prints ... very smart $1.65 SILK ROBES ... $5.00 to $20.00 GLOVES . . pigskin gloves, clasp or, slip-on Style $2.50 MUFFLERS . . the new Hacking styles in silk prints . . very smart $1.65 SILK ROBES . . $5.00 to $20.00 FLANNEL HOUSE ROBES $5.00 HANDKERCHIEFS in new colored borders 25c Each HART SCHAFFNER & MARX SUITS $25.00 to $40.00 GIVE HIM A STETSON HAT $5.00 and $7.00 SUEDE LEATHER JACKETS . . light cream and golden tan $6.95 All articles wrapped in individual Xmas Boxes A. Yungbluth "The Home of Hart Schaffner & Marx" Center St. Anaheim, California