Show IV - ' r r i i Vw' li! O ' C I 7 It t i I I r ss r - ax ’'" V' j lhruck full of money arrive down ramp on security level of three million dollar branch of Federal Reserve System Employe haul thousands of and watchful eye of guaijd S 1 A k new dimes past vault doors are hundreds of millions In bank i Assistant JO-to-n r"J f Tir fch W Holman talks with operator in the transit 150000 out-o-f town checks are cleared dally G A Manager department where W-- some E R Barglebaugh Man ager of SL "Fed’' branch Up and Down the Street ‘Bank for Bankers’ Plans Open House awn iXlit New Salt Lake City Utah — Sunday Morning — May 31 By John G Forrest New York Times Writer NEW YORK May 30— stocks took off sgain this week on another spectacular rise pushing the market averages into new high ground But for the rest of the market it was more of the same —stocks moved irregularly in sloV trading In addition to the electronics however chemElec-tronic- s years the “Fed” as bankers call It operated from within the somewhat interior of tfyp white stone branch on the southwest corner of South Temple and State Several years ago however the “bank” decided it needed considerably more spare in its vaults as well as in other operating area for its 184 employes 32 e OPERATIONS IN the steel industry were expected to rise to 94 and three-tenthper cent of capacity this week coms pared with an actual rate of four-tenth- s s per cent Operations have not come up to the scheduled rate in five weeks And there was a feeling in some quarters of the industry that despite the fact that steel shipments would continue to flow as fast as production permitted ingot output might decline soon four-tenth- THE APPROACH of the Memorial Day holiday cast a spell over trading Friday with volume at a midsummer pace Prices however were firm thus continuing the recovery that set in Wednesday Stock market sentiment was benefited by some favorable developments in key industries and by optimistic forecasts for the economy as a Structure 3 Below Ground el be made to promote patronage improve service and cut prices where possible The outlook for 1959 in th building and allied industries Is better than earlier estimates icals and s selected number 93 and per rent of specialties garnered most last week when operations had been scheduled at 94 and of the trading interest ORIGINALLY IT WAS PLANNED there would be extensive renovations of the South Temple branch However the late Wendell M Smoot then executive vice president of thp old Zions Savings Bank & Trust Co and a former employe of the Federal Reserve arranged purchase of the old building and sale of the ground now occupied by the new branch by Zions Securities Corp a real estate agency of the Church of Jesus Christ of Latter-daSaints Six-Lev- Page One Electronics Beef Up Irregular N Y Mart Centered in Whitetone Structure 32 Years Tolboe and Harlin Coristruction Co built the steel marble and concrete structure which has six levels — three of them below ground Architects were Ashton Evans and Brazier of Salt Lake City This new structuie is the very latest word In security for the hundreds of millions of dollars of currency coinand negotiable paper of the United States government There are some details that even the “Fed” won't discuss of course Farming 1859 Mr Bernick tomb-lik- ts Real Estate York Times By Robert W Bernick Tribune Business Editor The “banker’s bank” will have an open house for business and community leaders of the Intermoun tain Area on June 3 Joseph Rosenblatt chairman of the Salt Lake branch of the Federal Reserve Bank of San Francisco will join E R Barglebaugh vice president and general manager in showing off the new three ymllion dollar 87000 square foot structure located on the southwest corner of 1st South and State The new building Is the fourth structure " be occupied by Federal Reserve since estab-‘f to lishment of a branch here April 1 1918 For Mines-Marke- Meanwhile the biggest user of steel —the automobile Industry—is showing digestion pains whole Artist's drawing shows how on Thlokol Chemical Corp’s new “L” of Join “L” of the existing unit (rear) The 55000 square foot area will house additional offices lunchrooms and computers addition (front) building will administration The threat of a steel strike seemed to have lost some of its potency as a market factor Thiokol Plans Plant Addition 5 Candidates BUT SUFFICE TO SAY once you gpt into the "sensitive” nect with the present Lshaped administraSpecial to The Tribune area of the building below the first floors (with the permission — CITY BRIGHAM Construction tion building Conerpte masonry materials of a of guards) you cannot get out without a guard pushing a button and letting you out are to be used and the distinctive exterior square foot addition to the administration building at Thiokol Chemical Corp 's pattern of brightly-coloreSimilarly there's a unique “car lock” for the armored sectional panels cars of both the Federal Reserve atid private money carriers Utah's division 25 miles west of Bngham will be continued Once the incoming car passes a huge and heavy steel shutter-typwill start July 1 John Higginson genFive of the leading 1960 City CONSTRUCTION at the site includes 31 eral manager announced door on the streetside of this entrance he is next conSaturday presidential hopefuls probably buildings funded by the US Air Force and barrier fronted with a heavy wire cable-typMR HIGGINSON said the one million-dolla- r 25 buildings financed by' Thiokol would sign an bill against oil and gas two When completed and added to the 27 project will be completed in February All Trucks Need Mechanical Assistance would be against cutting the and will provide space for offices lunchbuildings of the original facility a total of A guard can make an identification and raise the inside current 275 per cent rate and rooms and electronic 83 buildings will be located at Thiokol's Utah computers As designed by Austin Field and “portcullis” permitting the truck to continue on its way It one is still “on the fence” Fry facility with total value estimated at 15 also is a fact that no truck can get back out again without Los Angeles architects the addition will con million dollars of THE THAT’S finding the force special mechanical assistance from security No thief or band of thieves has ever knocked over a Platt’s Oilgram a McGraw-Hil- l Federal Reserve Bank in the entire history of the system — publication in a survy 142 Million of the presidential prospects and for the obvious reason that it Is literally impossible acstand “busi-nesshow Here's they Security of its deposits of course impart of the to Platt’s: cording of the branch bank x Sen John F Kennedy BUT IT ALSO ACTS AS A RESERVE banker for comand Sen Stuart Symercial banks in the area covering southern Idaho eastern mington ) would not Nevada and Utah throw White House weight beBv Associated Preoi have a choice between being a Member commercial banks in the far western states keep hind an drive WASHINGTON May 30 — state insurance By Auociatad Pren a stated amount of money on deposit in the Federal Reserve —but they would sign a bill company under Professional insurance wreck- state regulations or a national Bank at San Francisco andor its branches The deposits are NEW YORK May 30— Sen Lyndon B Johnson related to the size of the time and demand deposits of corand Vice President Rich ers deliberately smashed some company answerable only to a American Telephone & Teleet al in commercial individuals the banks M Nixon would vetoJan insurance companies which single federal supervisory auard porations graph Co the world's biggest bilL Sen Hubert went out of business in the last thority The interest charged the commercial bank is the discount has dropped public utility 10 years Senate a antitrust would OTTO SAID that in some 1625000 letters into the mail rate The 12 individual Federal Reserve Banks in the United H Humphrey and monopoly subcommittee cases insurance commissioners States set the discount rate from time to time and its move- encourage an was told have put companies out of THE ENVELOPES contained ment up and down is supposed to meet the needs of the effort Adlai Stevenson and Dr E H Uni Otto Ingolf Gov Robert B business by requiring cancella- 142 million new shares of econorqjr for either cheaper or dearer interest rates — soft New Jersey Kansas of versity City profes American Telephone stock Meyner would sign an money or hard money easy credit or tight credit sor on the basis tion of quota share reinsurout the bill New York Gov of testified that ance and in cases treaties other split carrying public accounts it appears have held THE FEDERAL RESERVE BOARD also is in a position Nelson Rockefeller is on the rates below ex authorized at the April annual the demise a com of Texas to change the amount of funds banks must keep In reserve — fence meeting pany was “the work of persons penses and this too is a means by which the “Fed” can regulate who knew what they were for of funds bank credit or availability lending by commerand who obtained subNamed to Sales Post' doing cial banks in the country stantial amounts” To advise on economic policy the Federal Reserve has been Luman P Slagle has In the past maintained broad advisory committees and boards named a sales HE ADDED he understands representative one of both the main banks as well as its branches Membership of the who had been sen By Asioclated Pry— Salt Lake Desk Ex- tencedparson NEW YORK May SO — Thy following tab lilt operating remit In in the case is in Brazil See Page C-- Col 1 change Salt Lake City major line of buineaa and finance In tha latit week wltla comparison and ‘‘still In business” with tha preceding week and a year ago Year aco Latest week Previous week J Otto said that of 500 prop Steel products 1 57 OOO J 71000 244000 (net tons) 74 570 424 carloadints 8943AO Freight jerty and casualty companies Miscellaneous 354 034 350 74 298477 freisht going out of business in the Autos produced (units) 142 20ft 1612 10 771 S 30 OOO 7 270000 Soft cost produced (tons) I 175 OOO last 10 years about 200 were Crude 995 274 oil produced (btotsi 7034374 094579 under “U n h a pp y circum 423 990 OOO 1468200 OOO -swards — — 79100 OOO Engineering 4 7 97 2 07 3 prod (per cent of cap) stances” many because of "In- Psper board ' ft 0 5 0 04 0 Paper prod (per cent of cap) eptness of management” or Stock sales (shares) 14872535 1599910 29770 Bond sales (par value) 126099000 26373100 $20771500 insufficient funds Business failures (number) 377 249 311 AGES 6 FULL WEEKS-A- LL 119 Wholesale 4 Wliat About Oil Gas Bill? 0 e There was a growing bethat business would naq-ag- e somehow to live with guch an eventuality Things also were looking brighter lor the railroads both in earnings and in a possible plan to solve the financial problems of the carriers 4 lief THE e Expert Blames ‘Wreckers’ For Insurance Scuttling ” AT&T Mails New Shares (D-Te- tom INTERSTATE merce Commission unfolded a new program which i believes will restore the railroad passenger business as an pite gral part of the carriers’ operations The ICC held that the program would be a shot in the arm for the railroads It urged federal 'state and local governments to help keep passenger trains running as "‘essential for the nation well being and defense” Oil Firms Plan Aussie Probes 2 By AMociatcd Pres TULSA OKLA May 30— Phillips Petroleum Co of Bartlesville and Sunray Oil Co of Tulsa said Saturday they have acquired Interest in two concessions in the state of Queensland Australia emAMONG THE plan’s suggest- bracing approximately 41 ions were that the 10 per cent million acres The concessions bought federal excise tax on passenfrom the Oklahomg-Aus-traliger fares be ended that tax Oil Co carry the right laws— both local and federal —be adjusted to give relief to to prospect 35000 square the roads and that new efforts miles a SPECIAL— THIS WEEK n Last Week in Finance Car production Is outdistancing sales Cars are coming off the assembly lines at about SOOOOQat month This adds to dealers’ stocks which' may soon total about one million new cars Retail sales of automobiles in the middle of May averaged 20700 a day 5 per cent above the early May rate and 39 per rent above that for the corresponding period of 1958 ” w&BWWWIWW lift i I r - I JL S Summer School Special LAST decade has seen an outbreak of insurance scandals which equaled the worst of the I9th century" Otto said “THE INCLUDES: Training by Utah's finest teaching staff and the world's finfest organ 1 ‘ to use in home v He told the subcommittee the present system of regulating rates and prescribing forms is your unsatisfactory results One reason ha suggested is the diversity of state reg- 119 prices (bis index) Elec power prod (kwh) 12931000 000 Bank clearings 23 543 875 000 Demand deposits 222 000 000 ‘ Business loans 31 01 000 OOO Excess reserves (33 OOO OOO 2018000000 Treasury cold stock Brokers loans 123 000000 31 477000000 Money ih circulation Member bank borrowings (658000000 For IRAMIM OIL & unrHesuggested it appeared for a company tojir0il rr " City— Dirutoit of Glut Brot 2349 Highland Drive Salt Lake's Finest SALES — SERVICE - studios — BEGINNING Staff Mom HU ' to Servo You ' Beav er M Behiv x MON TILL Bif Horn Pin Bi MANUFACTURER'S REPRESENTATIVE OPEN Wonted & FRI dotal MiiMtivo 9 PM kindred ItMl D4lPlY paot wttorioM tromftr fov Sol! bwdUm aad Mid Imith cTcaiccmania AND ADVANCED INSTRUCTION 9O v Creek f alrhon B mhh InyJowoed CO Caribou Mox Col-- Con area Con Uron Della Oil L 1A7614 4MS California ( ooft 01 Y 13 8 03 " 04 01 05 fe 43 00 00 44 00 Vk 14 13 :lo 20 18 00 f 01! 35 01 03 40 CAS QUOTES Entrada Federal Gold C14 Grn River GrYlwttn? Friday Map 2 1959 Approx BidlAiktd easonable Lot 000 OOO 000 OOO 61000000 21661 000 OOO OOO ( 30 947000 617000 OOO 53000000 Who $12750 REBUILT EQUIPMEfJT 119000000 IIGGER SELECTION ulations of Soft 1281 000000 t 71515 000 000 S 44 671 29 778 yielding ‘All IIArIJlOriD ORGAN 00 12 684 000 0 (26 MS 978 0(10 46 164 000 000 30 974 000000 65 000000 20197000 OOO CAT D7 WDOZER 3 11 31000 000 21129 294 000 119 " Gun'it 30 I 10 05 0$ 64 1 G Mtn UK"" Sfomestd Kftibab King Oil Knaon U Lisbon MidWest Mt Peal Moab Ur Oil Inc farario n? v' 18 04 12 30 1 30 09 07 66 03 21 05 14 01 00) 14 00 1175 13 6l 00' 75 13 53 03 ( 16 00 00 24 07 01 00 54 04 CROUEn nnOKFRAGE fua 4 39 CaeKanoe Reports on Eaat-Ut&hU Kan 100 1110 Radoroctc I Rea Vont Buckle Tide undown ? exot Tri St E Ur Stni Sun U Bevn &a t Ubetco Ura Kinf eat Cm Wh CO Plata Salt I alt City Canm 10 09 01 Royal Shoni 04 00) "8 I W 06 01 Jtl 6510 J7 01 01l 2 50 2 25 01 00 04 40 01 00 01 01 10 01 07 44 04 01 113 IftCa 24 I 07 02 TO 28 TWX 3D I 10 ' GUARANTEED DEPEND At IUTY for your job Just on of our many specials— a $500000 Inventory's? 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