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Show . corner on commerce S&L League Names Slate Blair Bradshaw, G. presi- dent of the American Savings and Loan Association, was elected president of the Utah Savings and Loan League Frday. Eradshaw succeeds Mr. Gene Donovan, president of Frudential Federal Savings and Loan Association. The election came at the 1 e a g u e's annual business meeting in Hotel Utah where a resolution was also passed urging Congress to take immediate steps to stop the steady erosion in our nations financial future and a consistent weakening in the strength of our dollar and of the international monetary system, by reducing budget expenditures and passing an appropriate tax increase. Air West Names Sales Manager V. Hansen Norman has been named district sales manager for Air West (for- merly z a, and C oa Bonan- - to regional sales in Phoenix, manager Ariz. -- Pa cific West st White has been promoted Mr. Hansen, who was born in Copenhagen but lived in Air- lines) in Salt Lake City. Mr. Hansen will be responsible for sales southern California for a number of years, has been employed with Bonanza since September of 1963 in Los Utah and replaces James Angeles. He was most recent- In ly district sales manager in Orange County, Calif. White in the iob. Mr. Firm To Move After 100 Years Madsen Furniture Co., which opened its c'eors for business when there were still log cabins many rough-hewand adobe houses in Salt Lake City, is moving to a new home. n The futniture company, which is located on 53 E. First South, will move into a new building at 4650 Highland Dr. and will also open at 2314 Washington Blvd. in Ogden. Madsens have been almost 100 jears in downtown Salt Lake City with five generations of Madsens serving Utah furniture buyers. Presidently, F. A. Madsen is president. Refinery Engineer Retires Francis M. Seegmiller, senengineer, retired from the American Oil Salt Lake City refinery this week, ior staff it was announced by refinery manager F. K. Webb. Mr. Seegmiller was employed by the Utah Oil Refinery Co. in August, 1933. m CITY zmnmti POT YOUR ht Indians and the frontier shared ZCMI'i first few years in the old Eagle Emporium (now a branch for Zions Firsi N ational Bank) on Main and First South. ly was formed from a consolidation of The more President Brigham Young thought about it one hundred years ago, the more upset he became. Money was scarce in the Salt Lake Valley and what there w'as of it was being drained off by merchants selling goods at high prices. Not only that, but merchants werent all favorably inclined toward the Church. Moreover, he needed something to pull together the cooperative movement which he foresaw as the best way for the isolated Utah communities to overcome their isolation from the East, into a Parent Store. Thus, it was almost inevitable that Zions Cooperative Mercantile now fondly known as Institition, ZCMI was formed in October 1868 the countrys first department store. Then, as now, ZCMI has been a s profitable operation. Sales during first year of operation were $1,750,000, reports Dr. Arrington, and by 1873 had reached $4.4 million. It was able to decalre a 10 per-cerash dividend after its first year, and 25 percent by 1870. By the end of 1873, total dividends had amounted to more than half a million dollars on an original &.-- ' 'css r tiSSf Mf - Construction of a new IPCO Hospital Supply Corp. warehouse in Salt Lake City is expected to be completed by mid-Julannounced David K. division Robinson, manager, Located at 3400 S. West Temple, the Standard Scientific and IPCO Hospital divisions will both be housed in the building. Mr. Robinson said 30 employes are now at work in the Utah unit. Inventories as well as all receivables and invoicing are controlled by computer, a method pioneered by the Surgical Supply Center division of the company. KCC Dividend NEW YORK CITY - At the meeting of the board of directhe Deeburger Clown, and of Kennecott Copper Corp. tors Harrison, right, launch a cleanup hold is to an attempt drive in Salt Lake City. The drive today, a cash distribution get local residents and businesses to join a crusade against of 50 cents per share was depayable on June 24, litter on city streets. The Deeburger Clown will be mak- clared, 1968, to stockholders of record ing appearances around the city encouraging residents at the close of business on May to fight the litter war. 29, 1968. Dee Anderson, left, missioner Conrad B. Com- Butte Trains To Continue -I- has at least been partially sucWASHINGTON (UPI) Chu-c- h said. daho Sen. Frank Church said cessful, the He said present daily Friday the Union Pacific Rail- schedules will continue through roads trains 35 and 36 operat- next Wednesday, then the railing between Butte, Mont., and road will be allowed to reduce Salt Lake City will not be dis- the schedule. continued. WILL PROTEST The railroad asked to disconChurch said that the Interstate Commerce Commission tinue the trains completely as as last January. (ICC) has allowed the railroad early Meanwhile, Rep. George Hanof runs. reduce the number said he planned to sen, MINIMUM RUNS protest the ruling. This is just plain ridiculous Church said the ICC informed him tnai it is ordering the that the trains . . . will run only Union Pacific to continue the once during the middle of the on the two trains on a minimum of week and twice Hansen said.- two times weekly, with at least weekend, two trips on weekends and one It becomes obvious that the in ICC does not realize what pasThe fight we waged to keep senger service in this area is all the passenger trains running about. to mid-wee- Standard Oil Posts Records Dnc, ! Plough, Inc., has been named stock of the week by the Electronic Stock Evaluator Corp. Following are the selected securities and Fridays closing prices. PLOUGH, INC. (7410 rLO is a diversified company with revenues derived from proprietary medicines, households products, cosmetics and five radio stations.. Margins are expected to improve as a result of higher volume from Expansion of markets, new products and consolidation of operations. Earnings have improved without interruption for the past 10 years. Earnings for the 12 months ended March 3968 were $1.94 per share up from $1.56 per share for the previous 12 months. ESE estimates earnings of $2.25 per share for the next 12 months. An annual $0.60 per share dividend is paid. STOCKS FOR POTENTIAL CAPITAL GAINS HESS OIL & CHEMICAL CORP (470 HES is a growing refiner and marketer of petroleum products. Through expansion of refining facilities in the Virgin Islands, increased import quotas of crude, acquisition of marketing facilities and firm prices for heating and gasoline products support improved earnings outlook. Earnings for the 12 months ended March, 1968 were $2.22 per share versus $1.56 per share for the previous 12 months. ESE estimates earnings of $2.80 per share for the next 12 months. An annual $0.30 per share dividend is paid. low-co- CLEVITE CORP. (70) CGII is a manufacturer of bushings, bearings and related products for aircraft, automotive and railroad industries. Other activities include high precision instruments, underwater and space equipment, dry cell batteries and hearing aids. Earnings have been depressed but recent quarterly reports indicate a reversal of this trend. At a special meeting on June 4, 1968. stockholders aro to vote on the TRW, Inc. acquisition proposal. Earnings for the 12 months ended March 1968 were $4.46 per share versus $5.14 per share reported for the previous 12 months. ESE esti- - Chosen mates earnings of $5.75 per share for the next 12 months. An annual $2.10 per share dividend is paid.. CLlETT, PEABODY & CO. (33) CLU obtains the bulk of sales from apparel manufacturing under the Arrow label. Substantial royalty income is received from its Sanforized patents. Improvement of margins from converted facilities, stronger consumer demand and proposed acquisitions should benefit results. Earnings for the 12 months ended March 1968 were $1.77 per share versus $1.63 per share for the previous 12 months. ESE estimates earnings of $1.90 per share for the next 12 months. An $0.80 per share annual dividend is paid. GOULD NATIONAL BATTERIES, INC. (48) GNB produces automotive replacement, industrial storage and special batteries. Other products include air and oil filters and compressor parts. Stronger demand for automotive products, improved efficiency and the possibility of additional acquisitions are expected to provide continued earnings improvement. Earnings for the 12 months ended January, 1968 were $1.89 versus $1.77 per share for the previous 12 months. ESE estimates earnings of $2.40 per share for the next 12 months. An annual $1.40 per share dividend is paid. Electronic Stock Evaluator Corp. of Rockville Centre, New York, has selected the five securities listed above for outstanding fundamental value and market Interest. FSE uses computers tt perform tasks commonly done by Individual research analysts. However, the comouter has the advantage of speed, enablinq ESt to analyze approximately 7,300 securities each week. In forecasting the price action of a v'curity, ESE obtains eshma'es cf earnings, dividends and sales from several different sources, and programs a consensus of these estimates into the computer. The computer then assigns a riling to the security which serves as a gu.de for the recommendations made by ESE. Since the rating assigned to a security is largely dependent on the obtained by ESE, the accuracy of a recommendation is dependent upon In this respect, the accuracy of the estimates obtained? the individual research analyst and the computer are subject to the same limitation. General economic conditions, national crisis, or news events which are unpredictable also may have influence on the securities that are recommended. Your broker will be pleased to furnish you with additional Information regarding the above information. 1961 The Eironlc Stock Evaluation Corp. Th ZCMI president There Is no question that serious measures will have to be taken to slow down the econogrowth, three executives of the Equitable Life Assurance Society of the United States agreed Friday. 13 Saw The three top executives, in Salt Lake City to acquaint businessmen with some of the economic problems and outlooks Mr. Nowell Mr. Keehn for the year, were dismayed at the long time it is taking to get a tax increase. running at a very high and bring in the Federal unsustainable rate during the to areas where' INCREASE IMPORTANT first half of the year, with in- it hadnt been able to make Grant Keehn, vice chairman creases each quarter in the loans before, they said. And al of the board of the countrys national product ap- side effect of the pressure has gross third largest life insurance been that FHA rates in those $20 billion. proaching I dont think 't firm, said Its got to come down to a areas are now lower than the makes too much almost' a inflationary pace, he whether the budgets cuTbil-- 5 lion or $6 billion 5ar as a whole will proba- - complete reversal of past expe-tathe impor-'- e see a good $60 to $65 billion riences. The thing is the increase. v tTV1? tax bill has been stalled by a fued between the AdministraHowever, said Mr. Keehn,-w-e tion and Congress on how much do have a problem, and its Thomas F. Murray, vice pros- - unresolved now, in what are we of a cut in the budget will ident in charge of mortgages, !g0ing t0 d0 if people are unable accompany it. I dont ;said Equitable would continue to get any insurance on their Mr. Keehn added, know of any time since the ! search for methods o, wrk' homes at all? . .. ou sum Proems 1930s when things were worse of course, does not .. Equitable, an(i ghetto areas. than they are right now." handle casualty insurance, but in mortgages. its investments EFFORT SUCCESSFUL are direcJy affected by whether. The executives pointed out home bujer can get In the absence of any responsi- that the insurance industrys $l;or nl ll ble bill, the Federal Reserve billion effort to provide loans in caSalt insurance. Riots, and the like only Aurbances have no alternative but to so was far areas thesedeprived ,he rates " dn.ve out tighten up." a SUCCess and, while it mav!dtr,w UP and it is pre- HIGHER RATES seem a small amount compared ,the companies 3reaS whlch it still repre-"elThat will mean higher inter- to the total need, ,.a c est rates, they said, but no one sents a substantial portion f can yet guess how high they the $16 billion they have avail table to lend. might go. ?d' may have to be a type of. Mr. Nowell said it was One result of the pressure to federal casualty underwriting,-similaobvious that the economy was invest in slum areas has been id to that provided by gov-- . ernment agencies for banks or savings and loan organizations to protect consumers. The lack of insurance just cant stop the . program, he said. And you cant expect the casualty to take the risk. ; mys inflationary STOCK OF THE WEEK Plough, A7 Saturday May 18, 1968 Friday. The warehouse will serve the states of Colorado and New Mexico as well as Utah. Marching Against Litter Brigham Young ... 1st Tax Boost Needed Now 3 Equitable Aides Say Due In July "ACflUi ll g Completion UTTPR Y y old-tim- Purpose of the store, which actual -- Years Ago George Q. Cannon is quoted by Dr. Arrington as saying Our institition has carried many a struggling enterprise; has bnen the beast of burden for almost every institition and every establishment and railroad, almost, in the country. It has accomplished an immense amount of good, far more than the mere paying of divZCMI it has done this to a economic Mormon history, of investment approximately idends, although extent. came into being with an authorized surprising he writes. $280,000, The Church of Jesus Christ of capitalization of $3 million. And historian II. II. Bancroft, in Saints still has great inter-es- t ZCMI is still very much a part his History of Utah, reports tiii the Latter-dain the department store, with of the Utah business scene, although effect on competing merchants in Salt its original role has changed. Monday," Lake City was such that Walker about 30 per cent of the stock. Presia Brothers and Auerbach Brothers ofdent David O. McKay is chairman of will launch officials company the board, and Harold H. Bennett, the centennial celebration fered to dispose of their entire propersummer-lonwith a special unveiling at their store ty to the directors of ZCMI for 50 current president, is the first in 75 cents on the dollar. years to hold that title who was not a on "Main Street. President of the Church. The offer busiwas refused. invited 100 the When specially ZCMI continued to lead out in Today it has sales of more than $22 ness leaders gather at the Council the Churchs cooperative movement. million, has helped pioneer branch Hall Monday (where the incorporation It helped found a tannery, boot and stores in the Salt Lake Valley, and rituals will be reenacted) accompahas extensive expansion plans to put e brass band, theyll shoe factory and clothing factory nied by an new stores in Granger and Provo. literally be walking back into history. all very successful. many smaller stores, said President Young was to bring goods here and sell them as low as they can possibly be sold and let the profits be divided with the people at large. Accordingly, writes Dr. Leonard J. Arrington in his authoritative Great Basin Kingdom, the prime w'ork on Warehouse KEEP ArtAiiii iihifiiiYttitrrinm ftirrtiiii'in tuVn mwomms fflntVg "Member" stores in 1870 carried the ZCMI emblem somewhere on their fronts. They'll be duplicated on current building as part of store's celebration. Coimceived By DON C. WOODWARD Deseret News Business Editor mi mill BOSTON (AP) 1,300 stockholders - More than of the Stand- ard Oil Co. of New Jersey heard reports of record high earnings, revenues, and dividends at the companys annual meeting recently. New statistical records set by the company included: Gross revenues of $14.7 billion. Net earnings of $1.1 billion or $5.54 per share. Dividend payments of $743 million or $3.45 a share, 15 cents more than was paid last year. Housing-Administrati- saidt - nt . dis-wi- - y Gov. Rampton To Speak At Accountants' Meet com--pani- Gov. Calvin L. Rampton will affect of freight rates on the be the featured speaker at a growth of Utah at a meeting in Monday meeting of the Salt the Holiday Inn, 230 W. 6th Lake Chapter of the National South, at 8 p.m. Prior to the Association of Accountants. (meeting a fellowship hour and The governor will discuss the 'dinner will be held. SAVE 40 COMPUTER PROGRAMMERS Forest Service Department of Agriculture U.S. Drive the "NEW" 1963 VOLKSWAGEN Today . . . With AUTOMATIC Stfck Shift!!! VOLKSWAGEN cantor Widely diversified programming work in servicing Intarmountain Region of tha U.S. Forest Service. ld Work includes both business and scientific applications in areas ranging from accounting and civil engineering through resource retrieval and watershed data reduction and analysis. COBOL ander FORTRAN experience is desired. Civil Service benefits, $S,0S4-$Burnett er Mr. H. W. Bennett, INTERMOUNTAIN 2033 Intermountain Region, Ogden, Utah South Main 1 399-654- 1,467 yearly. Contact Mr. area code 801. An Equal Opportunity Employer F. J. DEADLINE FOR PLACING ADS WED., MAY 22, 1:00 P.M. 521-353- PHONE HU 4 5 |