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Show t 1948 WAS BEST FINANCIAL YEAR IN UTAH HISTORY Utah entered the 1948 year with the largest net income to its residents in the history of the state. Information released by the U. S. Bureau of Census shows that during the 1947 (our Centennial) year this income amounted to 733 million dollars. dol-lars. This amounts to $1208 per capita the most favorable figure fig-ure experienced in our state history which is 270 per cent of the pre-war level. This new high income springs from a post war industrial expansion ex-pansion era which has been greatly augmented by our new steel industry, Geneva Steel, and the companies associated with or using the products of the plant. . Geneva Steel during the year became our new "largest payroll." pay-roll." The organization employes em-ployes 6,000 people and has a payroll that amounts to 20 million mil-lion dollars. Geneva payroll during the year ran slightly ahead of the long-time big payroll, pay-roll, Kennecott Copper Co. (formerly Utah Capper). Industrial expansion during the year saw the establishment of many new manufacturing and processing organizations which spent thousands of dollars in the state setting up new plants and establishing new payrolls. At the head of the list is probably the Standard Oil Company developments develop-ments which saw the completion of a new processing plant at North Salt Lake this year and a 182 mile pipeline from Rangley Field, Col. to the new processing plant at Salt Lake. These two projects called for an expenditure in excess of $15,000,000. During the year the first commercial com-mercial oil producing well was brought in on' September 18th in a well located a few miles south of Vernal. Within a few weeks two other wells in widely scattered districts of the state were announced. Now we have the second producing well in the Ashley (Vernal) field. The second well acts as a confirmation confirma-tion well and assures vast development de-velopment activities within the state during 1949. |