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Show ..11) trit 4 t FRIDAY, OCTOBER DESERET,NEWS, Takeover law may be invalid I By Arnold Irvine Deseret News business editor law, Great Western took the matter to court and obtained the "unconstitutional" ruling. Subsequently, Sunshine management and the Hunts reached an agreement on the tender offer for Sunshine stock and Great Western proceeded with its offer bypassing. the legal barriers. Idaho officials. however, still are concerned about their takeover Utah's takeover law, passed in great haste in the last legislative session, could be useless in its present form. The lawmakers rushed the measure through in record time because of fear that an Arab takeover of Kennecott Copper Corp. was highly possible. The law is designed to prevent quick takeovers of large companies operating in the state. I Similar laws have been enacted in 33 other states including Idaho. Idaho's version of the takeover law has been declared unconstitutional by a federal court in Dallas, Tex. This places the validity of Utah's and the other states' laws in question. I If this is the constitutional objection, it might be resolved by making the law apply to all Utah companies, he said. Although the Utah law was passed specifically to protect Kennecott, several other companies come under its provisions. These include such locally-base- d firms as Utah Power and Light. Amalgamated Sugar, Northwest Energy, Mountain Fuel Supply, Skaggs Companies, Inc., U and I Inc., ZCMI, Grand Central Inc., Alta Industries, JIVs Inc.. Fashion Fabrics Inc. and Federal Resources. al Wayne L. Kidwell. "Based on the request of the cornmissioner of finance, we are going to appeal the decision of the lower court to the Fifth Circuit Court of Appeals. "I think there's a pretty good chance the Court of Appeals will recognize the right of the states to legislate in this area," Kidwell said. Great Western, said to be the nation's largest sugar beet processing operation, is controlled by Nelson Bunker Hunt and W. Herbert Hunt, sons of the late oil billionaire, HI. Hunt. MORGAN Four new members including a new chairman were elected to the board of directors of arms manufacturing Browning, Morgan-base- d company. Increased sales but a drop in net income of the firm was reported at the directors' meeting Thursday. The changes in the board reflected the purchase last summer of 91 percent of the company stock by Fabrique Nationale of Belgium and Miroku Firearms of Japan. The new board chairman is Michel C. 'andestrick president and director of Fabrique Nationale Ilerstal S.A., the Belgian firearms supplier for Other directors representing Fabrique Nationale are Pierre G. Minet, vice president of finance, and Georges L. Bya, vice pi esident and manager of the Belgian firm's sporting goods Joseph P. McCarthy, an assistant to the Utah Attorney General, speculated that the constitutional question about the law may hinge on its being considered class legislation. The Utah version applies to attempted takeovers of companies with assets of over $25 million or with employes numbering 500 or more. "We aren't worrying about who wins or loses in the Sunshine takeover but we are concerned about what becomes of our law," said Idaho's Attorney Gener- The ruling came in the course of the proposed takeover of Sunshine Mining Co., owner of the nation's largest silver mine in Kellogg, Idaho, by Great Western United Corp., Dallas. Browning elects 4 to board may be given to revamping the law in time for the Legislature to take appropnate action next year. When the State of Idaho became involved on the basis of its takeover Nine-mon- ,-- -- ----- - steel dumping charge By James Hildreth The steel industry has been hard hit employe layoffs and sagging profits. About 20,000 American steel workers have been laid off since by mill closings, WASHINGTON (UPI) The Treasury Department has agreed to investigate "dumping" charges filed by the U.S. Steel Corp. against Japanese steelmakers. r. President Carter met last week with steel executives and labor officials at the White House. The Treasury also said it would begin a separate dumping investigation of steel products from France, the first such action initiated against a member of the European community since the administration decided to tighten enforcement of the nation's trade laws. U.S. Steel, the nation's largest steel company, filed a complaint Sept. 20 alleging six Japanese steel firms have been selling carbon steel products in the United States at a loss. According to the Treasury, imports of the four carbon steel products involved totaled $U billion last year more than half of all steel purchased by U.S. customers in 1976. The U.S. Steel petition charged the Japanese were engaging in "unfair trade practices" by selling sheet, plate, pipe and tubing and structural products in the United States at less than it costs to make them. He promised his administration would "vigorously" enforce government laws. However, he ruled out the imposition of trade quotas, saying "We can't afford to erect trade barriers around our nation." The complaint against French steel producers was filed by the Georgetown Steel Corp. and the Georgetown Texas Steel Corp. France was undercutting carbon steel rod. in Imports of the product from France last year totaled $38 million. During the first seven months of this year, about million worth of the product was sold in the United States, the Treasury said. Sheep: lamb trade firm. Sales made Mrough marketing agen with sellers standing the commission. Severe l loads ot choice mixed slaughter and feeder lambs. Slaughter lambs 10b110 lb and feeder lambs about 53.25 54.93. Load choice lb. ran-lb heavy oder lam b 54.75. All spiel FOB weighing point 4 shrink immediate deny. Eastern Nev', feedlot aM range sales Thursday, Oct 20. Trading on limited supplies slaughter cants renssined rather slow' Fe w aelia slaughter steers and heters fully stead," Buyers still under pressure lc bring live prices down into line with carcass realizations, Slaughter Steers: Good and mostly choice 1,050 1,150 lb 43.00 and mostly Slaughter Hefei's: Good and mostly and ort SOUTH ST. PAUL. Minn. (AP Cattle and calves Friday USDA) 3,300; not enough slaughter steers or heifers on offer to fully test prices; lb 41.00 4210, Slaughter cattle sold FOB leedlot 4 5 percent shrink ant delivery. choice 900 1,015 a FZ--, Intermountain Stock Exchange Friday's quotations Bid Bristol Cnyinds Chief Con Clayton CombMet Comet Comstock ComTelinc Croft Crown Crsti011 .09.2 2.87Y1 00 .01 .48 3012 .07 .18vy .48 161212 AO Dragon Eastlitab EurStand 1 .10,r .22 .60 Ask 14d 2.00 2.12v2 .22 .32 Excallbur .10 Exxcel 3.37ly Do40Chain .85 Gr West .04 Justheim .5212 Love Oil .90 LaPac .08 Mmoth .21 MwstEnrg MveMatic .60 166212 Newpark .41 Nouincy .12 .25 .70 Ask 2.50 2.25 .26 .40 .52Y2 .75 .50 2.62vt 1.50 .05 6.00 No Lily Park City 1.10 .65 2.871AI 3.00 .15 6.50 .07 .11 1.10 .13 1.50 .15 Petro6live Prince RegoCo .03 .10 .07 4.50 So Stand St Metal 5. 2.25 37or .02 .16 Teietrans I intkMin sales fully steady; opening sales slaughter cows moderately active, steady; bulls steady; few choice 4 lb slaughter steers 39.5041.00; mixed good and choice good 37.00- 9001200 lb 0 lb. 39.00; few choice mixed good Holsteins good and choice few choke lb lb slaughter heifers mixed good and lb 5 choice pond 33.0037.00; commercial and slaughter utility few 26.50; cutter Cows yield grade indilb slaughter bulls lb vidual 33.00; vealers slow, staeady to weak. few A Bid ParkPrem Uand Inc 10.75 UnPkCty 2.00 .10 UtCnsMn UtWyoCns 1.20 WestGeo .05 .12 .09 4.8712 Bank clearings Friday's quotations 2 621,5 5.75 .18 11.25 2.25 .1 , S142,585,79318 Today's clearings Same day last year $18,675,556.42 Week's clearings $731,861,219.54 Same week last year $620,010,52792 CHIGAGO Doom -- Grain (UPI) High Low range: C1oso 2.47 2.57 28314 26912 2.76 2.8514 2.4914 2.5912 2.66 2.7i i12 2.76 2.86 2.4612 2.5612 26314 2.6812 2.74 2.83 2.4712 2.5714 2.6312 2.6912 2.7412 2.84 Mar May Jul 28614 2.1614 2.2112 2.2512 2.0644 2.1614 2.2144 2.2514 Sew Dec 2161, TV 2.0414 2.14 2.1914 2.2314 12414 12812 2.2814 2.0412 2.1312 2.19 2.7214 224,12 2.2612 12314 1.2914 1.3212 1.1312 1.3312 12314 1.2112 12812 1.31 1,32 12114 1.2814 1.3114 11214 1.3314 Mar May Jul Fridays quotations Quotations from the NASD are representative interdealer approximately p.m interdealer markets change throughout the not include markun, markdown or COMMISSIOn. Ask Bid Bid Mk PrudFed .45 .35 Healthin Alt Ind 0 6,4 112 2 RsrchInd Hdrotl Altex .68 .63 Idea1601 5 PoloyMng Irob Ardmay 4 Skinomns 13V7 4,6 12.4 Intmtexpl Arrx 1944 Telecom 19kt Beet 8 6,2 Intmtngs 112 Telemto 2 Intmt labs 9 II Brwngto 444 Tiouery 4,4 33 .181:w9boy 0 Cntntibk 544 5 ToledoMos Kenttd 1,6 DvnAm 3 214 Tosco Envr 31,1 4'4 MedDevco 1.17sObanc 4.81 4.62 Natwiit IS 16 FqudOII 912 esi Vain$106 Truck 11,4 Nwgas 10,4 3 244 Voltek 4112 NwmPhrm 40.4 FstsecCA WPease PaCE n0 113 FstsecPtd 17,4 13,1 Vikrbot 3'1A Penattb 3 FstWsrFnc 114 2C.Mi The Galaxon PistrriCrp 7;2 2 246 2ibacro .0S .70 ProSysinc hithgard prices as of day. Prices do Ask Ski 849 14,6 SS 1.00 6yr 8,4 1591 65 1.24 0Ms 146 1546 Con Dec Dec 7 1 Seo Dec 1614 46 Mar May Jul Sem 1.2914 1.3212 13312 1.34 1.414 517 824 533 4,4 446 22 19,6 846 n,6 Nov 1946 Jim Wv iM SaG34 30 May Jul SAM 20 &VIA 550 845 5,012 850 27 Aug Sao 50812 5.17 &M 51212 83912 5.4112 5.45 &V 9,s 244 46 26 Smtmm 1::3 r 817 824 anuom IV 50912 5.17vi 82514 83214 5.40 84214 5.31 $20.00 GIFT CERTIFICATE Good at any store A S2000 GIFT CERTIFICATE OR in the Good dt the idinotis I lotcl 11. MI Mall. Restaurant. Hoof Ulith l'ark's fascinating lo qualify, pis' come listen to !sweetwater the flexibh,, affordable on tavnership., sales presentalion at famous Western resorts. Forever! vdfilliOnS family to spend way time-shar- e SWEETWATER Ownership Time-Shar- e 0 McCunv Mansion (200 North Main) 0 FOR VOUR $20.00 GIFT CERTIFICATE, BRING THIS AD To THE McCUNE MANSION BEFORE NOVEMBER 1st, 1977. from 10 AM to 8 PM. Monday-Saturd- ay Optn Offer void after (htt)her 31. 1977. 1 r-7-7:- ..q:,i.w. '? Bacchus in 1959 as .:: 0 .. ,,:': , i i.:: :i' l :,:: t (I)nple. ay.. 21 and t,ker nk, iTM three floors. Gump & Ayers will be on one floor. Contractor for the project is William A. Francis Construction Co. and Associates is archflect. Todd-Rath- Collections 300.00 to 1,000.00 25 of Amount Collected, 1,000.00 ot over 20 of amount collected. Client advances costs. er No chorgo for initial consultation. action The information loans to a bank's most- creditworthy customers. It is determined partly by the price that commercial banks must pay the Federal Reserve for their funds and partly by the price that is paid to other sources of mo caoeo lz one day after the White Hoase warned the Federal Reserve System not to further increase short-ter- m interest rates, regarding other types of cases furnished on request. CICK CALC:2 ATTORNEY AT LAW Suite 1014 Kearns Bldg 13441 South Mom Street take Solt Phone ez. wtich are related to the pre rate. Mil City. (801) 531-141- 841 10 1 r The prime rate is the interest rate charged on ! Oponing Call . - REPORT OF CONDITION REPORT OF CONDi ION of "FIRST SECURITY STATE BANK" of Salt Lake City, in the State of Utah, at the close of business on September ASSETS 52,868.000.00 3,868,000,00 1,360,000.00 3,033,000,00 S13195,00010. 29,569,000.00 82,000.00 13,492,000 00 Phone REPORT OF CONDITION CONSOLIDATED REPORT OF CONDITION of WALKER BANK & TRUST COMPANY at SALT LAKE CITY, UTAH, at the close of business SEPTEMBER 30, 1977, a state banking institution organized and of the operating under the banking laws atIn this State and a member accordance with a call made by Federal Reserve System. Published the State Banking Authorities and by the Federal Reserve bank of Otis District. ASSETS Cash and due from banks U S. S 86,517,000010 Treasury securities 32,942,000.00 - 00 t ICt NSLE ikt Pisirror CONDITION CONSOLIDATED REPORT OF CONDITION of BANK AND TRUST COMPANY of Salt Lake City. Utah 14111, and Foreign and Domestic Subsidise ies, at the close of business September 30, 1977, a state banking institution organized and operating under the banking laws of this State and a member of the Federal Reserve System. call MOM by NW State Banking Published in accordance with Authorities and by the Federal Reserve Bank of th s District. Assam I Cash and due from banks U.S. Treasury securities Obligations of other U.S. Government agencies 19,432,000.00 )4,207,000.00 and corporations of States and political subdivisions 70,913,000.00 Obligations Other bonds, notes, and debentures 617,000 00 Federal Reserve stork and corporate stock 4,492,000.00, Federal funds said and securities Purchased under agreements to resell in domestic offices Obiigations of Mates and Political subdivisions Federal Reserve stock and corporate stock Trading account securities a. Loans, Total $379,958,0M 00 (e)cluding unearned Income) b. Less: Reserve for possible loan losses& 2,596,000.00 377,370,000.00 C. Loans, net Real estate owned other than bank premises Other assets TOTAL ASSETS LIABILITIES partnerships, and corporations Time and savings (Posits of Individuals, Pactnershbs, and corporations Deposits of United States Government DePOstiS Of States and poillicat subdivisions Deposits of commercial banks Certified and offlotrs' checks Demand deposits of Individuals, TOTAL DEPOSITS IN DOMESTIC OFFICES 521-41- ,l , , 445 So. Main rs furniture and fixtures, and other assets representing bank premises 859,000.00 tru.000.00 $66,333,000.00 DIESELS, DRIVE UNITS Employers, we've got news for you. If you're doubtful about writing your own ad, we have specially trained to offer suggestions on headlines, body copy and different ways to get your ad to work for you. tank premises, 53,254,000.00 256,00010 PICK UPS, STAKES, VANS, ?ammo Ad-viso- )1.1 LICENSEE want.ads j1 Engebretsen's parents, Mr. and Mrs. Ray Engebretsen, live in Salt Lake City. LIABILITIES Demand deposits of individuals, partnerships, and corporations Time and savings deposits of Individuals, partnerships, and corporations Deposits of United States Government Deposits of Slates and political subdivisions Certified and officers' checks Divorce 15000 plus 25.00 filing fee. Response t amot Mr. Engebretsen Utah bar associations, and has served on the taxation and real property committee of the Delaware bar. assets representing bank premises Other assets I4 Uil,m.77!--t- To a Job ...,' :VP - 4i4uomit4pkmodiemi a. Loans, Total $53,770,000.00 (excluding unearned income) b. Less: Reserve for possible S 516,000.00 loan losses C. Loans, net Direct lease financing Bank premises, furniture and fixtures, and other al i For Fast " ',;1.4ftlik,:;C.:si0.:!' Cash and due from banks U.S. Treasury Securities Obligations of other U.S. Government agencies anti corporations Obligations of States and political subdivisions ' non business. Individual 150.00 plus filing fee. Wife and Husband 250.00 plus 100.03 filing fee. Bankruptcy Attention Employers: ,k, &i4itcsialkert '; minutes, First National Bank of St. Louis followed suit. lending rate from 7V2 percent to 7 percent. It was the sixth prime-rat- e increase this year. The New York bank, generally the leader in ad- and legal adviser to the works manager there. In 1968, he transferred to Hercules' legal department in Wilmington. A University of Utah law school graduate, he also was an assistant attorney general and Salt Duke County Republican chairman while in Utah. He is a member of the American, Delaware and TOTAL ASSETS Citibank, the nation's second largest bank, today raised its prime -,--- -- assistant - - Within YORK (AP) NEW ,,i ;,',:--- - - st Citibank raises prime rate '; t ::, -' ' Simple Wills $35.00 ! '' ,, ',..;;:ett,::;.5.;',-- Gump & Ayers Real Estate Co. is building a new office for itself and other tenants at 2120 13th East: The building will have 16,000 square feet in its I :,,..,14.1::: 1 -' - estate office New real ,., ..: ..;.1.47-.1- , " ........::: ,, '''' '4.. 7., . 411, , 4, Lawyer? , - ' LEGAL SERVICES AT VERY REASONABLE RATES ,M :4,-- ,i, A 1 " 44 been treasurer since 1975, joined Hercules at ministrative '' ' ILL. - 11111 Mil .,AI ! ;', th Do You Need blItk, : A,,,,..::.--..--.-----., ....-- t .rt began what is expected to be another round of increases. : .0,' ,, t prime rate changes, Del. - 11,918,1:03.00 11,000,00 10,500,000.00 $595,280,000.00 $181,328,000.00 264,453,000.00 3,652,000 00 60,830,000.00 10,126,000 00 9,912,000.00 S530.301,000.00 S212,246,000 00 a. Total demand deposits $318,065,(013.00 b. Total time and soviosts deposits TOTAL DEPOSITS IN TOTAL DE POSITS IN DOMES f IC AND $37,487,0W On DOMESTIC OFFICES 533,301,000.00 FOREIGN OFFICES S14,735,00.00 a. Total demand deposits Fedet al funds purchased and securities sold under agree$42,752,001100 b. Total time and savings deposits ments to repurchase in domestic offices 23,802,00000 TOTAL DEPOSITS IN DOMESTIC AND 150,00000 Mortgage Indebtedness 57,487,000.00 Other liabiiities FOREIGN OFFICES 4,216,000.00 Federal fonds purchased and securities sold wvier TOTAL LIABILITIES 1,100,00010 558,469,000 00 agreements to reourchase in domestic offices (excluding subordinated notes and debentures) 1,334,000.00 Subordinated noletarid Other liabilities S 3,200,00000 es TOTAL LIABILITIES EQUITY CAPITAL 59,923,000.00 Common stock (excluding subordinated notes and debentures) S 1,200,000.00 Subordinated notes and debentures a. No shares authorized, 1,250,200 S 7.870.00000 ECiUrry CAPITAL b. No. shares outstanding, 1,259,200 (S6.25 par value) Common stork 12,130,000 00 Surplus a. No. shares authorized, 100,000 13,61 i3O00 Undivided profits S 1,000,000.00 TOTAL b. No. shares outstanding, 100,000 (par value) 33411,000.00 EQUITY CAPITAL 3,000,000 00 TOTAL t ABILITIES AND EQUITY Surplus 1,210,000.00! undivided profits S595,290,000.00 CAPITAL 5,210400.00 TOTAL EQUITY CAPITAL MEMORANDA TOTAL LIABILITIES AND Average for 30 calendar days ending with report date: 566,333,000.00 S 73,167,000,00 EQUITY CAPITAL a. Cash and due from banks MEMORANDA b. FetSwel tunOS sold and securities purchased under Average for IS or 30 calendar days ending with call date: 12,067,000 00 to agroementl resell S 4,205,0013.00 a. Cash and due frorn banks 375,4,M00000 C. Total loans b. Federal tunas told and securities purchased d. Time deposits of S100,030 or more in domestic 17,0n0.00 under agreements to resell 112,216,000 00 office. 53,840,003.00 C. Total scans et. Total deposits in domestic and Mreignotticls 519,$.19,0,.(10 d. Time denosits of $100,000 or more in I. Fedora i funds purchased and securities sold under 21,317,000 00 domestic offices 24,086,000.00 agreements to repurchase 59,384,000.00 Standby letteri of credit e. Total deposits outstanding as f. Federal tunas purchased A securities sold of report woe 3,847,003.00 293,000.00 Time deposits of $100,000 or more in domestic offices under agreements to repurchase Time deposits of $100,000 or more in domestic offices: as of report Oitte: outstanding a. Time certificates of deposit In denominations a. Time certificates of deposit In denominations 21,797,000.00 $ 100,WO or more S101,713,000 00 of $10.1,000 or more Number of operating branches as of call date I, RO0ERT E. BRYAtIS, CHAIRMAN OF THE BOARD & CHIEF 1, Jay D. Knudsen, bank, do solemnly EXECUT VE OFFICER of the ahove-name- d Cashier of the above-name- d bank do hereby declare that AFFIRM that this report of is true and correct, to Ilin tid'al Of my thts rePort of r!ordition Is true to the best of my knOwlee9e and belief, ROBERT E BRYANS knowleoge and belief. JAY D. KNUDSEN, Chairman of the Board A Cashier Chief Execultve Officer CorrectAttest: We, the undersigned directors. attest the correctness of this repOrt Of F. W CHAMP condition and der 'are that it has been examinee by us and to the ',;..est of M. E ENGEmAN our knowledge and 'WHO is true aid correct. ROSCOE GROVER M. WALKER WALLACE Directors 0 C. MADSEN Stele of Utah, County of Salt Lake ss! JOSEPH S. JONES Sworn to arid subscribed before me this 17th day of October, 1977. Directors JANET CORISIS 81 ATE OF UTAH Notary Public Department of Firtincial Institutions STATE OF UTAH S Brimnai, Commissioner. do hereby certify that the A...redoing I, n I ot the above named bank, tiled is a true and correct ropy ot the $t a ye Department of Financial Institutions I, W S Brlrntiiill, Commissioner of Financial Institutions, do hereby in this office on October 18, 197. the stetement of the W. S. BR IMHALL certify that the foregoing Is a true and correct copy Of 1977. stove named bank, tiled in this mime on October 17, Commissioner W. S. BR1MHALL State of Utah, County of Salt Lake ss: Commissioner of Financial institutiona Sworn to and subscribed butor e me this I7th dav o October, I977. DIANNE H. ZITO Notary Put:Arc 449,000.00 (pent, E Free fr tkm Sweetwater. 363-360- WILMINGTON, 30, 1977. Meat Over the counter :9 Hercules names new vice president Thursday's quotations Park City, 200 at .1212 505tand, 200 at 2.25 Dec A anti-smoki- 11 il,s,,,,v, - ,..4,--- ." k - , vi S, o$V-er- 00. IS, ,. - ; The chairman of the (UPI) Federal Trade Commission says television advertising of products possibly harmful to children may be placed under strict limitations and could be banned entirely. In an interview in Thursday's Chicago Tribune, Michael Pertschuk, who became FTC chairman earlier this year, said he particularly wants to restrict advertising for "sugar-snack- " products aimed at children 6 to 12 years old. Pertschuk said proposed actions by the FTC include bans on such commercials during hours when young children most often watch television, warnings on products or the disclosure of sugar content, and forcible similar to commercials, may include giving pediatricians and parent- teacher associations air time during children's viewing hours to denounce products. Ile said advertiser may be forced to pay for the counter ads. The FTC will decide in December what action to take, Pertschuk said. Arden B. Engebretsen, former special adviser to the works manager at Hercules Inc.'s Bacchus works in Salt Lake County, has been elected vice president and treasurer of Hercules, it was announced this week. Engebretsen, who has . a WASHINGTON Counter-advertisin- .. -- ,.- m M- 111... - Grain futures 1.35 SALES ChiefCon, 600 at 3.12,A2 Comet, 1,000 at .50 ComIel Inc, 3,000 at .0712 sugar snack ads $28 Friday's quotations Utah, , .,,,i$4, It alleges carbon steel wire rod made Livestock market Idaho, may limit "counter-advertising- -- --,--- , . U.S. to investigate Outgoing board members are E. Hugh Ford, Bruce W. Browning, Arthur E. Banning and J. Richard Howlett. Retained on the board were Willard Eccles, Robert Heiner and Harmon G. Williams, Browning president. Williams said no changes are anticipated in of Browning management nor in the location -company headquarters. The new regime solidifies tht relationship between Browning and its two main suppliers," he said. In the meeting at which the reorganization of the board was effected, Williams reported net earnings of $698,000 for the first nine months compared to $801,000 for the game period last year. Earnings for the third quarter ending Sept. 30, were $180,000 compared to $223,000 a year ago. Quarterly net sales were $15.2 million, up from sales were $46.2 $11.9 million last year. million compared to $41.7 million for the same period last year. Earnings per share in the first nine months were 45 cents compared to 52 cents in 1976. Continued weakness of the dollar accounted for increased costs of imported products, reducing anticipated gross margins by about $700,000 for the first nine months, Williams said. Representing Miroku Firearms Manufacturing Co., Japanese supplier for Browning, is Shiro Takemura, managing director of the company and general manager of its Tokyo office. He also is president of Nissan Miroku Trading Co. Vandest rick succeeded Val A. Browning as board chairman. Browning will continue as a member of the board and was named honorary chairman. A son N FTC of founder John M. Browning, he has been a member of the board for 50 years and chairman for 22 years. division. In recent years, prior to passage of the takeover law, both Mountain Fuel and Northwest Energy fought off interests. takeover bids by Utah officials will be watching the outcome of the Idaho appeal. Gov. Scott M. Matheson has said consideration D 7 21, 1977 5,974,000.00 6,109,000.00 36,000.00 245,000.00 300,000.00 a. Loans, Total $105,423,000.00 531,0E4.00 b. Less Reserve for possible loan losses S 104,102,000.00 C. Loans, net 963,000.00 Direct iease financing Bank premises, furniture and fixtures, and other 7,515,000.00 assets representing bank premises 13,000.00 Real estate owned other than bank prOMISOS 2,197,000.00 'Other assets TOTAL ASSETS $162,583,000.00 LIABILITIES Demand deposits of individuals, partnerships, S 47,171,000.00 and corporations Time and seeingl dePosits of individuals, 76401000.00 Partnerships, and corporations 515,000.00 Deposits of United States Government 10,726,000.00 Derosits of States and political subdivisions 3,152,000.00 Deposits of cornmerciai banks 1,362,000.00 Certified and officers' checks TOT AL DEPOSITS IN DOMESTIC AND FOREIGN OFFICES $139,526,000.00 S 52,211,000.00 a. Total demand deposits b. Total time end savings deposits I 7,415,000.00 TOT AL DEPOSITS IN DOMESTIC AND FORE iGN OFF ICES 139,526,000.00 Federal funds purchased and securities sold under 9,425,000 00 agreements to repurchase in domestic offices Mortgage indebtedness 62,00061:1 1,113,000.00 150,196,000 00 S 3,0trboclucAl Other liabilities TOTAL LIABILITIES Subordinated notes and debentures EQUITY CAPITAL Common stock a. NO. snares authorized, 321 b No shares outstanding, 314 (par value) Surplus Undivtded profits Reserve tor contiogencies and S 6,001,000.00 2.166.000.00 1,197,000.00 other capita; reserves 11,000.00 TOTAL EQUITY CAPITAL 9.381,00000 TOTAL LIABILI TIES AND EQUITY CAPITAL $162,583,000.00 MEMORANDA Average for 30 calendar days ending with report date: a. Casn and due from banks (corresponds to item 1 above) $ 16463,000.00 b. Federal funds sold and securities Purchased under 95,000.00 agreetotent to resell c Treat toin, 105,865,000.00 0. Time cieflosits of S100,000 or more in 19,460,000.00 domestic offices e. Total deposits In domestic alnd toreign off ices )40,816,000.00 f. Federal hmos purchased and securities sold under L650,000.00 agreements to repurchase Standby letters of credit outstanding as 1,519,000.00 ot report date Titre deposits of $100,000 or more in domestic offices outstanding as of report date; a. Time certificates of deposit in denominotions Of to,59s,ontoo oc more Stlit,2 b. Other time deposits in amounts of S100,000 or more S 2,40,000.00 I. Peter K. Ringger, Vice President Cashier Of the above-nambank, co hereby declare that this repOrt of COnditton is true to the best of my knowledge arta belief. PATER K. R MODE R Vice President Cagiler of this report of correctness attest the We, the undersigned directors, conottion arid declare that it has been ettarnireta by us and to the best Of our knowledge and beilet ts true and correct. JOHN A. DAHLSTROM BROOKE GRANT BEP4 F. ARMSTRONG j I Directors STATE OF UTAH Department of Financial Institutions do 1, Vv. 5 Brimhail, Commissioner, hereby certify dud ittetbrestoind is a true and correct copy ot the statement of the auove namao bank, flied in this office on October 13, 1917. W. S. ERIMHALL. COMMISSIONER State of Utah, County of Salt Lake ss, Sworn and stsbribed betore me this lith day of October, 1917. KAY STRAW Notary Pubkc ( 1 .4'6 ,44, .46 " Alio,. & ,&,Pm & -1- 4, fk API, 41,,04-4- 1 .04,,,A-- A, Ak,,,,114, A, AAA.. 4116. 410. 111. A, |