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Show DESERET NEWS AND TELEGRAM, 83 Bebbret Kennecoii Lists Earnings Drop In 1st FRK RESERVES - NEW YORK (UPI) Kenne-rot- t Copper Corp. reported Friday first quarter earnings fell, to $18,201,372 or $1.65 a share from $22,396,392 or $2.03 a share in 1959, reflecting strikes at its western properties. Sales totaled $117,376,455 compared with $130,627,471 in the quarter a year ago. Shipments declined to 120,-30tons from 136,000 tons last year. The company noted that the strike at its largest property, the Utah Copper division, was not settled until February and full operations at Its four western .facilities until March. The price of copper, the report said. averaged 32.1 cents a pourid as against 29.8 cents in the. quarter a year ago. 0 Compact Auto Production Sets Record DETROIT (UPI) A record assembly of 43,760 compact this week will help increase auta production in the United units this 147,755 week, Automotive News said Thursday. The trade paper said this weeks output compared with assembly of 135,588 passenger cars last week and 134,141 In the same week a year ago. The compact car output accounts for 29.6 per cent of the total industry production. Last week the compacts accounted for' 273 per cent of the industry total with 37,043 Buick Mmwb. FINANCE ALL FEDERAL RESERVE MEMBER (hundred Georgia Power and the of 5 per cent since September Power Co. bama Power 1959. Average rates for short- Begin Output term business loans continued GA. (UPI) JOSHUA upward month by month for ATLANTA, anCo. Power Georgia's the past year," First Security nounced that power has begun reports. The reasons are rather ob- flowing from the first unit of vious. Total bank loans have the Southern Electric Genercontinued to increase despite steam-electri- c plant tight money, and reached an ating Co.s all time high in late March. on the banks of the Coosa Loans of all commercial banks River in Alabama. Southern in March were 14 per cent Electric- - is owned jointly by SOON above totals a year ago. UTAH TKlATtf BUSINESS NEWS BANKS - 1954-19- MINING OIL MARKETS INDUSTRY 60 Monthly Averages Quarter States to Salt Inks City, Friday, April 22, 1960 Bank's Report Billion dollars) Indicales Shift . In Tight Money A slight from ing seen tion 154 193J 15 Free reeervsa equal Compiled by Firt Security excess reserves less borrowings by member banks Bank of Utah, N.A. This chart, prepared by First Seeurity Corp., shows the ups and downs of the bank reserves In the nation. The horizontal line represents banks in balance. The line below means the banks are in debt and borrowing from the Federal Reserve. Above the line means the banks have excess reserves which in turn means there is money for the customer to borrow. Moss Joins Try To Hike U.S. Sugar Market Share DeMril Niva WMltlortM Bitmi WASHINGTON of a sugar bill to give domestic beet producers a larger share of the domestic market "without granting the President unwarranted and unnecessary additional authority was anonunced Thursday by Sen. Frank E. Moss The bill was introduced by ) Sen. Allen Ellender chairman of the Senate Agriculture Committee and has the support of several western senators. "Some protection Is needed against rapid market fluctuations due to unforeseen circumstances in Cuba, Son. Moss declared. "But risks aie involved in allowing the President to reduce foreign quotas at his pleasure, which is what the administration bill provides. The bill's five main features (D-La.- are: Meet To Ponder Tax Relief For Self-Employ- ed It would extend the act for four years. It would allow fixed increases of 150,000 tons per year in the domestic beet quotas, and 50.000 tons in the domestic cane quotas. In view of these domestic increases, it provides that future Puerto Rico deficits be reallocated exclusively to foreign countries. It gives the Secretary of Agriculture authority to deal with an adverse situation caused by a foreign country wilfully withholding shipments under a quota, and dumping them later to the detriment of the American market. It allows the President to make temporary adjustments in foreign quotas, but only when Congress is not in session. When it is, he must seek congressional authority for any quota changes. DcMrtf News WuhtarUi shifting of gears Bereey WASHINGTON The Senate Finance Committee will meet in closed session with Treasury officials next Wednesday to discuss a bill to permit persons to deduct from their taxable in tome a certain amount set aside each year for retirement purposes. Sen. Wallace F. Bennett who has been working for more than a year to get a compromise which would be acceptable to the treasury, the finance committee and the President, hailed the meeting as an indication that there is hope for the bill this session. The bill, which has passed the House, is Intended to place taxpayers on a comparable basis with those employed by corporations. d Plan" takes guesswork out of buying almost disappearing in This Isn't expected to cause a decrease in interest rates too soon, however. That's about the appraisal of the current money picture as presented In a special report, "Changing Money Patterns 1960, which is being distributed by First Security Bank. Bank Economist George S. Eccles, president of the bank system, said Friday that the report was prepared by Dr. ElRoy Nelson, First Security vice president and economist, with the assistance of Harvey Frazier. Production and personal Income continue well above levels of a year ago, but pressure to build Inventories to produce against anticipated price increases has lessened, the report says. "The quantity of money has actually decreased (as intended by Federal Reserve policies) during the past year, First Security observes. "Currency outside banks has remained rather constant at $28 billion, but demand deposits (the major type of money) have decreased by approximately $13 billion from levels of a year ago. Ratio of bank debits (amount of checks written against banks) to demand deposits, however, continues slightly above last year levels. Loan Demand First Security reports that easier money policies up to l have not been reflected In lower Interest rates for bank credit The major reason is that demand for loans has continued at high levels and banks continue to set their holdings In government bonds In order to provide loans to Individuals and business customers, the report says. "However, interest rates on government borrowings had decreased as reflected In the interest (discount) rate in the Treasury's weekly short-terborrowing known bills. First Security says that interest on bills for 90 or 180 days or one year are the most sensitive to changes In supply and demand of short-terfunds. December Rate The report shows that In December 1959, the rate was the highest in decades, at 4 67 per cent per year. The bills were issued at about 5 per cent on Jan. 5, First Security says. From early January to early April the rate declined almost every week, to 2.73 on April 5. The April 12 and April 19 issues were slightly higher. The report says that the prime rate, or interest rate charged by banks to their highest credit rated customers, has continued at a minimum p monthly figure you hive In mind. Then let the "Easr Ownership Plan" explore all the troy to put yon in a Turbine Drive Buick. 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