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Show H ' (JD - " The Salt Lake Tribune, Friday, February 14, 1964 Blines-BIarke- alt fab tihunt UPI AP n jj - Finance ts New York Time itain& Utahn-Name- New York New? Magic Ring President d By Associated Press 'NEW YORK Earnings of resurgent Chrysler Corp. soared e to an high of- $161,600,- 000 in 1963, making it a clean sweep for record profits by the J f Of Potato Chip Group - big three automakers. Special to The Tribune Mr. Sanders was .vice presiV. San- dent in 1963 and was a national MIAMI, FLA.-Ro- bert ders, executive vice president, director and president of the Clover Club Foods Co., Kays-vill- West Coast Region of the inUtah, has been elected stitute in 1962. president of the Potato Chip InA NATIVE of Los Angeles, Mr. stitute International at the anSanders moved to Kaysville in of nual meeting the organiza- 1938 with his parents, Mr. and tion here. Mrs. Hod Sanders, founder of HE SUCCEEDS Leonard Japp, Clover Club. D. L. Hinmon looks to business president Johns-Manvil- increase. of General Motors Corp. and Ford announced peak 1963 earnings earlier. Chrysler showings underscored the auto industrys role as a prime mover in a bustling national economy, and as a pacesetter for corporation profits generally. These zoomed to new peak levels in 1963. Jays Foods, No Bidders on Tract GMs profits were nearly 10 times Chrysler, Fords three times greater. tract in the Bar-gas field structure, northeastern Grand County, was put up for A Officer Sees Business Gain During 64 Jolms-Manvill- e Corp. looks at a five per Johns-Manvill- e "conservatively cent gain in business in 1964, D. L. Hinmon, senior operating public bidding at Thursday 2 p.m. There were no bidders, reported James Keogh, manager, Salt Lake land office, Bureau of Robert V. Sanders To vice president at New Yopk, said Land Management. The dis- bead potato chip Institute. dained parcel in Section 4, Townhere Thursday. ship 17 South and Range 25 East DK. IIINMON attended a Hotel was put up for bid at behest of Staff Changes Listed Utah luncheon with Nelson L. the U.S. Geological Survey. At Business Agency Best, San Francisco district for industrial products manager Doyle E. Smith, Salt Lake disRole Must and Salt Lake manager, Jobbers trict manager for Dun & Jerome R. Hansen. Honored was Oil Official Asserts has been promoted to disBen Bullough and the BuDough trict manager for the firm at Special to The Tribune Asbestos Supply Co. organizaNew Orleans, James L. Grvalee, LAS VEGAS, NEV. tion for six years outstanding Major Los Angeles regional manager, and must announced Thursday. representation in the region of oil companies can use successful jobbers in products. NAMED Salt Lake manager Mr. Hinmon said J-optitheir marketing establishment, mistic projections were based on H. L. Moir, vice president of of the business information increases forecast for new Pure Oil Co., Chicago, said agency was John J. McIntyre, who has served as "D&B manplants in the private sector, con- here Thursday. ager at San Diego, Calif., since struction and pace of the auto1961. MR. MOER, at keynote speaker motive industry. the annual convention of the InLAST YEAR increased termountain Oil Jobbers Assn., sales to 414 million dollars from said, "A black picture has been 392 million dollars in 1962 while painted nationally of the future earnings per share rose from of the jobber in the U.S. oil $2 81 in 1962 to $3.25 in 1963. because of the "The cash flow picture was business, largely of the marginal opproblems even better as a result of heavier erator. depreciation taken, be said. "I He scourged as "old wives would say, conservatively, that the opinion of some that tales, our business will be up at least five per cent this year over major companies penalized the Mr. McIntyre Mr. Smith jobber "who gets too big. last. He noted that in 1963 several I'VE NEVE RSEEN or he Mr. Smith started with the divisions in the industrial group of such an action in the last 25 firm as a credit reporter at Oklae of the firm posted sales years in the industry. Its cut- homa City in 1942 and came to record 1949 as district ting off vour own nose to spite Salt Lake City in service manager He was named THE AM OFFICIAL said a the face, he said. Most major oil firms who uti- manager in 1953. tour of the Texas southwest, MR. SMITH is a trustee of Arizona and California just com- lize jobbers effectively assist in pleted showed major optimism marketing advice, arrange First Presbyterian Church, a dion the part of representa- bank financing and the like, Mr. rector of Childrens Service Soof the because tives ciety of Utah, a Rotanan and pace of cor- Moir said. "True, it's a matter of profit member of Wasatch Lodge porate capital plant expenditures, commercial construction all the way up and down the F&AM Mr. McIntyre is a Navy vetfor the profitable jobber line and related activities. Mr. Hinmon is head of the in- is a profit to the oil firm, eran and graduate of the Unihe said. dustrial group of the firm. versity of Arizona. ... J-- Turns-- Bit Utahs Deepest Well Pan American Brad-stree- t, - Petroleum Johns-Manvil- Corp 's Pace No. 1 w lldcat east of the La Sal Mountains in Grand County Thursday became the deepest hole ever drilled in Utah. THE AFFILIATE of Standard Oil Company of Indiana reported the bit was below 14,457 feet, and still in the Pennsylvanian formation. The test seeks production In the Mississippian and compares in depth with the previously deepest wildcat the Onion Creek well of Phillips Petroleum Co. 18 miles northwest, also in Grand County. Phillips drilled a duster to 14,311 feet. J-- all-tim- PAN AM Thursday was circulating 125 tons of steel drill pipe at revolutions per minute in hard rock depths of nearly three miles. Objective: Getting out of the n of the huge lL 50 J-- "over-burde- Uplift (over-thrus- t) searching for a massive trap which might contain oil in the Mississipian. 4 3 of a Kind: Chrysler in Today in Business so ""? Ilere and There Chicago Tribune Chicago Daily News I But in proportion of gain, third - ranking Chrysler, nding the crest of a spectacular comeback from business doldrums of a few years ago, far outstripped its bigger rivals. CHRYSLER passenger ear sales jumped 38 per cent from 1962, and truck sales 30 per cent, compared with' gains for the industry as a whole of 9 per cent for cars and 15 per cent for trucks. Sales of 3j4 billion dollars, up from $2,370,000,000 the year before, put Chrysler in eighth rank among all U.S. corporations in 1963, the company said. GM was first, Ford fourth behind Standard Oil Co. (New Jersey) and American Telephone & Telegraph Co. THE 1963 earnings, equal to a common share, were nearly 2 y2 times the $65,400,000 cleared in 1962. They were far beyond the previous record level of $132,200,000 set in 1949. The Chrysler per share profits reflect two stock splits in the last year. But for these, they would have been over $18 on shares as they existed at the $4 55 start of 1963. U.S. Borrows Notes, Keeps Gold Reserve - WASHINGTON (AP) The United States borrowed money from the International Mone- tary Fund Thursday to prevent a loss from gold reserves. IN A COMPLICATED ar- - rangement, the nation made its first drawings of foreign cur-rencies from the IMF revolving fund, taking out 125 million dol-- I lars in foreign notes. 1 Treasury Secretary Douglas Dillon announced these notes would then be swapped to other countries for dollars. These dollars then would be used by the to repay foreign money they owe the fund. countries HE SAID THE transactions would have the effect of loss of about 100 million dollars in U.S. gold. The U S arranged an agreement with IMF last July 18, permitting it to draw up to 500 million dollars worth of foreign currencies r in the period which makes all types of quality trucks one-yea- began last July. Locate Phosphate Trlbuns Washington Bureau WASHLNGTON - Promising phosphate deposits of exceptional thickness have been located in Utah's Weber County, Sen reFrank E. Moss P ported Thursday. THE SENATOR quoted the U.S. Geological Survey as reporting, "This is the thickest uncovered in the phosphate state and the discovery will add substantially to known reserves of phosphate in Utah. J jt. .usfe m- (yy "Myitis 'm.! ' - ws-isM- Man- - W tS lsHiBHi' --Mi-'Mil iti Utah Decides No Need On Oil Test &- - r,ms. t -b Utah Oil and Gas Conservation Commission Thursday rescind- ft ed a verbal order that operators at Salt Wash Field, Grand County, lukter Parfdng after J i bottom CHEVROLET THE AGENCY engineers determined the field was water-driv- e in nature, as against gas cap reservoir, and that reinjection of gas would not accomplish conservation objectives, ..ALheatfngs QnJhe Telephone Authorized Chevrolet Dealers in Salt Lake Cih 465 South Main St. EM ' Cb.JNCT"" Salt Lak City, Utah CAPITAL CHEVROLET CO. 777 So. Stat Salt Lako City, Utah IL ' s j Jt . HOWEVER, operators testified they could not economically extract and sell helium from fee lands and that the federal government could bot legally permit them to buy helium I f Issue,. was developed that inert gases containing helium were being flared to the atmosphere. your Che vrolet. dealer about any type of truck STREATOR CHEVROLET hole tion. J See the Values In Today's Paper conduct pressure tests of wells with a view to restricting oil produc- - . |