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Show yry py yi y J iy 1! -y Tiiy- p ""Mrw1 y ....y. -- y.. g g8 mg 'OrVTiryf '"f 'ww ynywy y -- i he Salt Lake, Tribune, Sunday, June 28, 1961 2C Business Portrait: Gordon G. Weggeland SEC Watchdog Puts Bite in Bark When it comes to Investment, the public is presumed wise , , enough to make its own decisions. BUT IF IT IS TO HAVE wisdom, it also must have knowledge. A buyer can look at a car or horse and make a Judgment of the machine or animal about He can look at an Impressive looking stock certificate oc prospectus and never have any inkling one way or another ora seasoned producer: THE SECURITIES AND EXCHANGE Commission aims to make sure the public has the full facts before It buys. The commission was created by congressional act 30 years ago In the depths of the depression a time when national disenchantment with the securities market was at its worse. The bespectacled and serious, young man who is now attorney in charge of the Salt Lake Office of the SEC was four years old when the first SEC commission was organized. HE IS GORDON GAIL WEGGELAND, who heads a team of six investigators. , j The education of Gordon Weggeland In the securities business began when he accompanied his broker father to trading sessions at the Salt Lake Stock Exchange. The sound of the caller naming the companies and the traders at the brass rail shouting the bid and asked prices became part of his early environment. Indeed, some of those traders are still at the "brass rail. that the venture was defunct - ' tyrr? Gordon Gall IN THE 40s, THE SENIOR Weggeland was appointed Utah director of the Federal Housing Administration. Young Weggeland noted that his father was a hard worker and a dedicated men and that FHA colleagues were equally hard workers. It formed a positive image of government service in his mind. - He attended East High School, participated quietly in the student senate. In later years, as a student at the University of Utah College of Law, he found corporate law fascinating study fare. " V 0 , 'f SVJ Weggeland, attorney in charge of the Salt Lake office of the SEC, picked government career early in life. V ft w 00; 1964 OGDEN, USDA For wwk tndlns day CATTLE A CALVES, Estimated salable this week 1,1)0, Including 100 calves, compared to 1,370 last week, and 1 275 at last year Receipts estimated 30 35 pet. slaughter steers and heifers, cows, remainder mostly feeder cattle Trading ectlvt; slaughter steers and htif-"er- a sold unaveniy 50 to 2 00 higher than last weak this was thg fourth consecutive week that prices have advanced 'This put price levels on slaughter steers and heifers at about the same level as early last September. Cows were moderately active, and fully steady, with some strength late on cutter shown trades; bulls and vealers firm; feeder attie 50 to 00 higher - SLAUGHTER STEERS: Fart load av1,106 lb 24 10; other erage- to thigh-goo- d 1 85 lb 21 and choica 50, load mixed good and choice 1,100 00; ilb Included 3 25; good ranged It standard and good Hoisteine 1,050-- 1 300 lb 9 .15 25; lot good 1,578 lb 16 90. I SLAUGHTER HEIFERS Small 60; smalt Wstlv choice 761925 tb 22 60 lot near 900 lb Included from 23 60 heifers were feedlot metes of 21 lb 21.10-2week ago, few choice 60: good lb 16 1 50 A SLAUGHTER COWS: Utility end comcarmer and cutter mercial 12 mixed lb 16 11 JO; 2 3 10WJ: Fri- 7 lb SUM 25, lb 170-I- Mixed U S. 3 17 lb IS 2J. lb 11 260-2- 16 7 20-60- 0 7 00- - lb 10 SHEEFt Estimated lalabia this waak 2 630 compared to 2.135 la.t Mk, and 5. 65 lait yaar. With claarlng weather, movamant of Idaho ranga lamb, began 12 75; 2 2.000 IdaRecipts Included approximately ho ranga lamb., balanca mottly .mall lot. n.tivt lambt and awe At auction lamba old t JO to mostly Slaughter 2 00 lower than last week's high time slaughter ewes 50 to I 00 higher; feedei lambt strong following last week's advance SLAUGHTER SPRINO LAMBSt Choica with an end of prime lb ranged 22 5, small lots 23 3 95 mostly prime, on Monday, eight decks choice end of prime lb range Idehos 2 22 0 70, other choice lb 2105 23 10, late sales range Idaho. 92 1 lb 21 5 SLAUGHTER EWES; Cull and Utility 3 shorn No pelt. 3 50-- 60 FEEDER IJkMBS: Two decks mostly fancy (6 lb rente Idaho! 20 65; other 4 choice end fancy 45. lb 19 including some lots mixed slaughter and feeder lambs In good end choice slaughter condition; small lots choice and fancy native. 6042 lb 1(30-2- 00. loft Smlthfteltf Cache Company Friday sal. Too dairy cow 307 50, good to choice cow. and h. iters 220 0 dairy 00; SLAUGHTER EULLS: Utility and com. smaller common dairy cows and halters 50, Individual lean hleh anercial 16 175 cow. 13.50-1- 5 00 Con00, utility 19 14.60 cutter few 00; yitldin utility ner end cutter f 3 50; bulla 14 75- t5 90 19 stock Cows with calvta , VEALERSr Good and choice 24 7 25. 14 40; Hereford 00 CATTLE! FEEDER No ioediotl offered. , Hereford stock calves .tears .Small lots and Individual good ftnd choice 20 CALVESt 50 ; Hereford stock calve halters lb steers 17.10-250; good and $ 0 steers 300 to 500 lb steers 16.25-2- 1 00; small 19 171 25; Holstein choice lb 00; Holstein eteers, lb steer soma lb Mots mostly choica, 14 Holstein lb 16 halters 18 vofattened 25; moderate partly Holstein heifers 500400 lb 16 lb holstetn steers lume medium 24 50 to 26 50 tombs 20; T5 6 60, bulk 16 50, Few good and MOO-22 25. lb heifers 17 9 60; Indcholce ividual medium heifers 14 7 50. Medium 15 HOGS; 50. 14 54H6 25, newborn bull calves ihd good stock cows with choica calves Market- - Heavy run of killing classes of 00 per pair; few good by side 167 and the market sold off to some ceivy cows 160 00 per head; Individual cattle young cattle and dairy cows held lower, 3 medium and good veer eid stock steady, Bulls sold slightly stronger, haiters 13 5 10 FEEDER CALVES! Individual good ihd Utah Feedlot and Reagg A Sales choice 325550 lb teers 19 30, Indindhalter trede was vidual and small lots good and choice Steughter-steer-aactive fate last weak and early this 2 0 lb helfera-160 slowed at midweek with both HOOSt Estimated salable this week weak, but 305 compared to 380 last week, and 255 buyers and sellers taking a wait and sea attitude. Confirmed sales egein showing last year, barrows and gilts sold a wide ranga of price, with sates show-in- s higher; few sows 25 higher. from steedv to 1 50 higher than lest ARROWS b GILTS: U $ lb ranged 17 let 50, sales 18 25 week's high time. Feeder cattle activity limited confirmed sales not comparabl with ottering, of recent weekst same sales out of second hands reported end these et 1 00-- 00 higher prices then several weeks ago. Sheep and lamb movement standstill. gt Confirmed this week 445 slaughter steers; J20 slaughter heifers; IN feeder cattle; no aheap or lambs. Compared to IL 300 slaughter steers; 40 slaughter heifers; . N feeder cattle and no shaep or tombs a week ego All sales for Immediate W. livery unless otherwise stated. 230 (LAUGHTER STEERS: MIW . choke lb 24 00. 100 good and 0 choice lb 21 00; 35 mostly CAFE good, and standard 1,150 lb Hoisteins 19 75; M mostly standard s lb 17 00. All sales f o b feedlot Sorted with equivalent shrink. pet, SLAUGHTER HEIFERS- - 440 mostly choke (25450 lb 22 75, Including 1 Compute With hoed, 4 steers lew near 1,000 lbs; M good, few tpwed pip 1 lengths pipp, elkew, choke SO. lb 19 All sales exhaust rlowt on, motor f 0 b feedlot sorted 5 pet shrink NO MUVHY CAW FEEDER CATTLSi IN choice 550 lb yearling halters 20 00, fob 1 pet. shrink. 30 10 - jft. MERCHANTS SALVAGE New 225 South Temple WALL RANGE $225 HOOD fibr, , KUTV, trstlsfflrd $250 - COMPACT ELSC- 4"xlx12, 2275 5a. Wo O- IN 6-86- 31 Toot la. Salt lofc City, Uft. ' N Gulf OH Co , Nutter Canyon Federal t, 1.(30 ft. from aoutb ting, 1,866 ft ft Plugged and Final top ft. Davit Oil Co , Lisbon Ga Unit 1, 1.9(0 bom north lino, 660 ft. bom old lino, 26E. Location tor 5,700 ft ted to alt FIRST REPORT. top of Paredox Pan American Petroleum Corp, USA Charles 1, 1.(20 ft. bom north line, 1,900 ft to flDECLASS 0009$ WILLOW CREEK AUTOMATIC Genie Lightest, Toughost Door Built Noods No Pointing Door Openers I v KEEP YOU IN THE DRIVER'S SEAT a RIC-WIL- L 27-L- Contractors Surveying Ufotlmo a Weatherproof TRI-LEVE- RAMBLERS - LS TWO-LEVE- Finest Shop in Intermountain West L gust. of about square feet each are planned one for manufacture of prefabricated manholes and the other for concrete pipe fabrication. Costs will exceed $250,000. Employment will then exceed 100, the company said. Louis C. Schultz, Salt Lake City, formerly with Zeno Hydraulics Corp., has been appointed plant manager. Two foremen will be brought In from locations. Otherother wise, employment will be made locally, the firm said. TWO ADDITIONS 123 EAST 2nd SOUTH 55-1713 10,000 Ric-wi- S3Z2E meornmwemsmmemmmmmm 5 r , , V MMMi 1 - free K name... free f -I ADDRES- S- - PHONE 484-243- 2 hA OPEN 486-713- 9 mate HOUSE-NO- ON A J VS USED YALE FORK UFT TRUCKS said the expansion was triggered by growth of 4.000-lb- . 130 IP-Ga- lift, automatic bans , power deer (middle) 2.000-lgas, 96" lift, fluid coupling bang, (far left) ......... b 5,650 4,950 3,375 s All completely reocndltlooed and In excellent condition WESTERN ROAD MACHINERY 2300 South Main Street Salt Lake City Utah 5 COMPANY Phonet 464-866- beautiful long ton Manganese Ore 68-7unit (22 4 pounds), India ore, CIF U.S ports, Import duty extra. NICKEL 79, electrovlytlc BRONZE MEDALLION HOME cathodes. Port Colbome, Ontario, U.S. duty Included. 0 an ounce. Platinum Sliver $1293 an ounce, New York: 111 pence, London. TIN 1,551 a pound. New York $268-27- 1 a flask Quicksilver (76 pounds), New York 4 Ore 75 a ton $14 Tungsten unit 20 pounds), duty extra. featuring General Electric appliances and equipment $87-9- 25-1- Waiting on weather SUMMIT COUNTY Socony Mobile Oil Co, Gregory gt al Fee No. 1, 660 ft, from aouth Una, 760 ft. from wrest line, Drlg. 4,194 ft. UINTAH COUNTY Pacific Natural Ga Co , Exploration Evacuation Creek State 2,17( ft, from south line, 1,670 ft. bom waat line, 3 Drlg 7,4(3 ft. Sand Oil Co, State 1, 2,110 ft. bom south line, 530 ft. from waat Una, E Tight holing Pan American Petroleum Corp. Parian Bench Unit 6, 517 ft from south line, 710 ft bom west line, Shut In Pan American Petroleum Corp, USA Pear Broadhurst No 4, 760 ft. from aouth lina, 1,980 ft. from east line, Ran tubing packar prtp to test. TD 5.900 ft. PBD 5,496 ft Pan Amtrican Petroltvm Corp , Pelican Lakg Unit 3, I (64 ft. from south line, 1,047 ft bom eed line, E. TO 6,175 ft Logging Vernal Intermountain Petroleum, Inc, Richards Fae No I, 540 ft north tine, 5 1,(20 ft. from ted line; NW NW 21E. Drlg below 200 ft.. Moving In rotary tools. WASHINGTON COUNTY Petroleum Co, Glen Cotuse No. 1. 60 ft, from north line, 200 ft. from east line, Waiting on refinance, NEVADA (White Pine County) Suntloe Raflnlng Co., Sinclair Oil A Gat NW SW 23--1 (N Co, l, Nevada-Federt- l, 57E Location. THE SATURN 2367 Catalina Driva Three bedroom P-- '' two baths General Electric kitchen, with oven 7 range, self-cleani- refrigerator-freeze- G-- E Americana Double G-- E frostguard dishwasher and disposall r, General Electric air conditioning and furnace, installed by Marshall Heating Family room, with fireplace, off kitchen I Double garage t x GE3AUJ, One. 837 I. 4th South ,' REALTOR Phono 223 ' TO DARK Consolidate yeur kills with n easy-pa- y ISO te Tlme-C- e lean. J,000 e tar, tunHura, heme equity, For service. eft. quick DIAL EL TIME-C- O 359-375- 7 8 See this Galaxie Homes South on Highland Drive Follow signs to 8200 Soutli Drive straight past clubhouse to Shaw Signs a J' 6,000 lb. gas, 130 lift Cold coupling trans , power deer (far right) MR. ASHMAN Western area. Salt the Lake City was selected as a site because it would affoord Ric-widelivery to customers. Additional reasons for locating in the Salt Lake area, Mr. Ashman said, were the availability, reputation "and reliability of potential employes in the area. L 4 L g orwmmmemmMmnwemonmeomwwmeemmmenmmmmmemmm pig 25-2- 6 LS Many ' Different Models and Sites to Choose From ART I Fiberglass Door Literature ADJUSTMENT on most makes REPAIR Tex. Velasco, ' Genie Literature buildtion, is a ing costing $150,000. Some 20 to 40 persons will be employed in manufacture of Ric-wiinsulated piping systems. Completion is scheduled in Au- L i -- Equipment first, NATIONS top copper miner, Kennecott Copper Corp., offered contracts to two unions and was promptly turned down. The International Union of 'Mine, Mill and Smelter Workers called for a federal mediator, who will join the negotiations Monday in THE $179 Inglneered to lost es 35E 16,237 t Runnlne teat line, EMERY COUNTY Pen American Petroleum Corp, F err on Unit 3. 2.000 ff. from north line, 510 ft bom eeat line, 21 20S-7Setting pipe WOC , from ead line, TD abandoned bom weat tin, 104S-5Drlt 789 ft Chlnla, t 360 ft ; Cutler, 1 (95 ft ; Semple top Mlssisslppien, 14,115 ft.; Mol, Zion Petroleum Corp, Certer No 1 ft FINAL REPORT 9(0 ft bom north line, 1,80 ft from Oil Co., East Canyon Unit Tidewater eatt line., Drle.. ahead below from north line, 4114 1,129 1 ft 1,700 ft. , Location ft. bom aad Pan American Petroleum Corn. USA for 6.500-t- t. ted line, at Morriion, FIRST RE660 ft from north PORT. Pan American F-line, 660 ft. from writ line, SAN JUAN COUNTY Prep to log at TO 6.000 Ht Continental Oil Co , Cahone Mesa Nava--i Shamrock Oil A Gat Corp. Walton FedNo 13, 1,900 ft. bom south lino, 747 eral 2. 542 b bom north line, 1,960 ft . from watt line, Drla. 5,754 from weat Tho swing Is Asphalt components in selection TIE location GARFIELD COUNTY ft - bomwd ttne,n-J(S Tribune publish teat FIRST REPORT liv or well Tenneco OH Co., Upper Valley Unit 1, tor 5,300-f- t pcll Petroleum , Fee Co Crittenden to only according tert thg duignatlon 733 ft. bom aouth line, 2,134 ft from wait l,Phillips 1,980 ft frem south line, 1,9(0 ft line, at the eparttor ) Tiding at 5.64 ft. line, 1306S-1- E Location for from east line, GRAND COUNTY CARBON COUNTY 7 7 00 ft. test ol Devonian. FIRST REPacific Natural Ga A Exploration Co , PORT. Humble Oil 1 Refining CO, Peter 660 ft bom outh Unit 1, Canyon Cherry Point Unit No. (. 660 ft. from south line, SEVIER COUNTY 660 ft. bom gait lint, Build-- i llrte, 1,960 ft from weat lint, Pacific Natural Gaa A Exploration Co, Shut In. Ing road. Pace-Stat- e 660 ft. from Lake Unit Paradise American Petroleum Core., Pan DUCHESNE COUNTY 1, 510 ft. from north line, 660 ft east line, 660 ft, from north line, H . the division of Union with help D. AshWAS founded In in the 1910 to manufacture protection The firm, headquartered in arrangements. Availability of pipe from U.S. and insulation for outside disBy Asaoclated Pres Barberton; Ohio, is the worlds abor NEW YORK, June largest supplier of prefabricat- Steel Co.s Utah facilities, as tribution piping. ed, insulated piping systems. to an off uncertain negotiations, start, dominated the copper minTHE PLANT IS being built In ing industry this week. Most la- three phases on the IV& acre inbor contracts at major copper Davis County site. stallations expire next Tuesday. now under construcThe MAJOR METALS prices: Copper 32 cents m pound, delivered, foreign 20 4 cents, nominal New York. New Lead York: 131, St Loul. Zinc 13H. East St. Louis; 14, phone-to-phon- from Co., and also played of the - feettarte Note-"Ttreport on wildcat MWr perforwonc battery drat Loom or term Portebk attitf starting counsel Intermountain Oil Log Low et of new Woods Cross, by Magnesium BUSINESS TH on SADLY ENOUGH, OTHERS become fronts for questionable enterprises. Men respected in civic or church life permit themselves to become members of the board of directors of the DOOR-TO-DOO- Salt Lake plant delivery basis. ur promotion. Some know what they are involved In they have received a gift of stock or an option to buy it under sale price, or an ex- New York. ecutive post Others are simply naive unable to divorce perAluminum 24, unalloyed Ingots, sonal morality from questionable gain. delivered. The pitch of the questionable promotion: The salesman ANTIMONY 44, cased (less gets the "sucker list readily compiled by finding out who has than carload loti), New York 99.5 cent Bulk per producers plant ' , bought speculatively before. r 35 fob 65, now Installing t High ufactures and distributes piping systems. will serve 11 Western states on a HE business con- Ric-wi- ANTIMONY prices were raised five cents a pound by National Lead Co. It was the second price rise for the metal since April, reflecting a tight supply- - due to the absense-o- f Red China in markets abroad. FROM GENERAL ELECTRIC Congratulations to Television Station I Labor Tallis Insulated Pipe Firm Locates in Davis CREDITED the Trumbull Inc., has started phalt struction the first phase a concrete Top News development manager a part manufacturing plant at for Salt Lake it was announced he said. area, Pacific Railroad, Raymond For Copper Saturday site selection and freight man, president. THE SEC INVESTIGATED, found the claim without substance no profits, no properties. They obtained a court injunction against the sale of the stock and promissory notes. The sharp promoter who operates in direct violation of the law is no longer In practice, notes Mr, Weggeland. JIehas been replaced by the.sharp businessman who has a sharp lawyer to ferret out the loopholes in the law. e con- -' or THERE IS THE tact. Always there is the promise that this enterprise is for the little man, a chance for the little man to make a gain. To be sure there is always risk .in investing, Mr. Weggemostly land notes. New offerings are inherently speculative. (While the SEC permits its employes to invest under specified limitations, Mr. Weggeland owns no stocks.) But an investor can eliminate much of that risk by determining if the stock in the prospectus has been registered with the Utah Securities Commission or the Federal Securities and Exchange Commission, Mr. Weggeland emphasizes. at I L, HERE, HE FORMED THE idea of working in the securities and exchange commission. He took time out from college to serve two Tears on a Saints mission for The Church of Jesus Christ of Latter-da- y in South Africa. Here his education continued. The South African country was in the midst of a boom then. But Mr. Weggeland perceived that the government was highly Salt Lake City. The Mine, Mill and Smelter authoritarian shot through with restrictions and regulations Workers bargain for 4,400 emwhich dulled the intensity of the boom. ployes, almost half of Kenne-cqtt- s AFTER GRADUATION ffeOM THE law college In 1955, Mr. union labor force at mines Weggeland served as lieutenant in the Armys military police." and plants in Utah, Arizona, NeOut of the Army in 1957 (he is now a reserve captain in vada and New Mexico. The the judge advocates corps), he practiced privately for a year, United Steelworkers of Amerthen joined the Salt Lake SEC office as a trial attorney. He ica, which represent 2,350 Kennecott workers at the comwas named to his present post in 1961. Some recent cases indicate scope pf the offices activity: panys western installations, rejected a similar offer. OFFICERS OF A HOLDING company were selling bank Copper prices, meanwhile, stock at about five times their purchase cost to their investors. remained firm at 32 cents a The SEC office got an injunction requiring the officers to adpound. vise the buyers of the difference and to buy back the stock from the buyers who requested such. Most producers say their July In another matter, a oimpany was selling stock and promis- output has been almost sold out sory notes for a system of trailer courts. The sales literature but add that the supply situaindicated the firm had operated at a profit and had extensive tion next month will depend on property holdings in the West. the outcome of the labor talks. LivestockMarkets THE FOLLOWING IS A SUMMARY OF THE OGDEN LIVESTOCK MARKET FOR WEEK ENDING FRIDAY, JUNE 26, how first building of Ric-wiInc., plant will look' after construction at site In Woods Cross. The firm man-- Heres 42 West Broadway fmtk Cm In Ramp Oaraft E. 3300 South 486-921- 5 Now building at: Manhattan Terrace,' 3700 So. 4400 West Candlestick Park, 3700 So. 3200 West Or on your lot 91 |