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Show Net Income Lockheed BURBANK, CALIF. (UPI) Saying it really has no Lockheed Aircraft choice, to Monday agreed Corp. accept a $200 million loss on the controversial C5A Transport plane contract. The company said the reversal of its position was prompted by a Defense Department letter which said funds for the program could not be provided during Lockheed',: planned litigation contesting the departments position. Board Chairman Daniel J. Haughton, in a letter to David Packard, deputy secretary of Defense, said the decision o cut funds places us in the po ; . . y s of' w - . . ' Reported Up ion Loss ' s Wednesday Packard wrote to Haughton, After very caretul evaluation of all related factors, I have detennined . . . the Department of Defense could not agiee to payments to Lockheed in excess of the ceiling on the contract during the litigation process. . , sition where sve can exercise our right to litigate only if we provide from other sources the hundreds of millions of dollars required to fund the the CIA program amounts in dispute. Packard, in announcing the department's position last December, said the plan might prevent the aircraft company from going bankrupt. The proposal also covered three other military programs AH56A the Cheyenne armed helicopter, Navy ship construction and the motor for a short range attack missile. Lockheed rejected the settlement in January but last from Bancorp By Packard also said that if Lockheed would accept the fixed loss, the department would be prepared to proceed with the resolution of the which Cheyenne program, also had been endangered. Zions Utah Banco iporation Monday reported a strong improvement in its operations last year, with gains in both operating revenues and net income. Roy W. Simmons, president, said net income, including an estimated profit, was $1,841 000, or $1.78 per share. That compares with $1,144,000 or $1.12 per share ret of taxes for the preceding year. The gain came from sale of stock in a savings and loan association and the use of a tax credit cairy-fcrwar- financial The crisis developed when the C5A encountered huge costs above the original estimates. Operating revenue for the year was $23.2 million, compared with $19 million for the previous year. the might In tha still x V Is, i " V- ' W - The NEW YORK (UPI) silver market, finally fieed from U.S. government influences last November after 36 years, is now dominated by speculators, some of whom are sitting on massive hoards waiting for the price to go up again. i and Oil " - The Treasury Department withdrew as a seller of silver & (AP) I tors since 1967, but with the U.S. government no longer a seller of silver, industrial consumers now will be forced to rely on speculative accumulations as a necessary source as their demand remains above mine production. Harman, leading metals refmer and fabricator, said in its annual silver review that the speculator holds the key to future silver prices. Speculative forces have been major market fac-Handy precious f V?V(! Silver Price Key after its last weekly auction Nov. 10, 1970. It had been thought the event would touch off another sharp upward spiral in silver prices, but silver prices turned downward instead for a number of reasons, includ ing reduced industrial dpmand reflecting the general com-pani- producing countries of the Persian Gulf met for 90 minutes today but negotiators didn't give any indication about whether they had reached agreemen on a new price structure. Oil company spokesman John Collins reported today that the companies had bettered their offer of an increase of 20 cents a barrel for Persian Gulf crude but he declined to give figures. V r 2, 1571 Speculators Hold TEHRAN mj if February Tuesday, Persian Oil Offer vi - J AC 47 Pi i economic decline. - Letters 65,000 This, V Aft i 'jV f! r plus economic pressures on speculative silver holders, including margin calls, brought liquidation and further downward pressure on disenchprices. Speculators antment was the major factor behind a drop in silver prices from $1.81 per ounce on Nov. 11, the day after the Treasurys last auction, to $1.6070 at the end of November. i 4 Financial columnist Sylvia Porter, whose column appears on these pages, s:ts amidst mail sacks as more than 65,000 readers wrote in to ask for her Unit Price Chart. The chart, which helps shoppers determine the actual cost of merchandise they buy, can still be obtained by sending a long and stamped envelope to Miss Porter in care of the Deseret News, Box 1257, Salt Lake City, Utah. A u (J The Civil Aeronautics Board was correct in awarding Texas International Airlines direct service from Salt Lake City to the southwest, the U.S. Court of Appeals ior the District of Columbia affirmed Monday. mil never be rudely awakened by the roar of an IML truck. You see, our trucks cant roar. We're not saying they are completely noise free, but each IML truck is as quiet as modern technology can make it. Each comes off the assembly line t'bA with quiet built in, then we go one step farther and add special mufflers to double insure the quietest trucks going. .V Noise control is a growing problem in this country, and our do their part, too. They take pride in drivers ; : professional slipping abng almost unnoticed whether by day or in the still of the night. You'll One of rt error when it granted the Petition for Reconsideration of the Utah Agencies for single carrier authority from Salt Lake to the southwest. Hie Utah Agencies represented by the Utah Attorney Generals office, resisted the Frontier appeal along with the CAB and Texas Inter- The decision stemmed from an appeal taken by Frontier Airlines in January, 1970, claiming that the CAB had committed legal and factual FREIGHT INC. Americas great transportation companies. Hercules Notes Court Ruling Favors Airline national. The decision made by the court stated that the CAB Wool Market rJ was created to resolve Hercules Inc. reported a gain of 12.8 per cent in net in come last year, with sales and operating revenues up 7.1 per cent. tiers claim that the Texas International route authority would cause substantial revenue diversion from the connecting service to the southwest which Frontier offered via Dallas. Net income was $49,572,000, compared with $43,944,000 in 1969. Per share earnings were $2.51, up from $2.21 the year court held that the had the right to give Sait Lake the maximum of direct connections to the southwest. The CAB before. Sales hit a new record of $798.6 million, compared $746 million in 1969. Livestock Market . Wool NEW YORK (AP) futures 8 cents lower. closed 6 of a cent 10 May 74 0 74 0 273 0? Oct 79 6 79 1 Z78 6. Dec 80 5 80 0 Z79.7, Mar 812 61.2 101.2, May 87 7 82 4 81 5. Certificated spot wool tons si 15 0. futures closed quiet. No sales Xertificafed spot wool ops 115 0. zbid; s nominal Income Gains Fron- NORTH SALT LAKE Producer Market Livestock (Monday auction): Cattle 800; fed steers and heifers sold strong to 1 00 instances 1 25 higher; classes of feeder cattle steady to .50 higher; slaughter bulls .50 lower. Cows: Canner and cutter cows sold mostly from 16 utility and commer-ica- l slaughter bulls 24 Fed cattle: Choice lb slaughter steers Wh a 10 lb mud dock 1 30 lb 20; o.her choice 30 lb good to low choice standard to low good fed Holstein steers 24 6 70; choice fed heifers 9 29 70; good to low choice lb steer Feeder ers: Choice 3 calves 39 39.75; good (b 31 70; 7 lb feeder steers 35 30; chw' $ lb 32 , lb 30.35-380; lb 28 mixed good and choice lb Holb 27 10 31 25; good lstein steer calves lb 75, 10 feeder steers 26 Feeder Heifers Heifer Choice 34 lb calves 90; good 0 1 28 ib 50; choice 7 0 lb 29 lb 25; good 8 2o 30; medium to good aged calvy 50 per head. stock cows OMAHA Livestock quo6,000, barrows tations Monday Hogs and gilts mostly 75 to 1 00 higher; 4 17.25-1- 8 A New Maine In The Oil Industry 4 er; Cattle heifers Ib 18 Ib 19 75; 19 00; 0 Ib Ib 18 25; a load weighing 261 Ib 18 65, 5 Ib 16 7 25, sows high00 Ib 14 6 6,000, calves 50; steers and 25 higher; cows strong to 50 1. Amoco Production Company Pan American Petroleum Corporation, the U. S. exploration and is now production subsidiary of Standard Oil Company (Indiana) Amoco Production Company. The change, which became effective February 1, enables our company to be more readily identified with other operating units of Indiana Standard. Over TKe Counter t hiaher; feeder trade strong; hioh choice 1,71 February , 25v lb steers 31 50, and prime 1, choice 30 75; sood and low choice Quotations from tha NASD Ira rtprase-nativ- e and 27 00 30 75; choice prime hiqh y prices as of 3)00-3choice 1 975 1.025 Ib 50, heifers pm. Inttr-deaimarkets low choice change throughout tha 29 and 75; good Prices day. do 26 cows notlnclude rotail 00, utility and commercial markup, markdown or 1 1 19 50; canner and commission. 00; a fww 21 cutter 17 high good and choice 0 50. Ib feeder steers 29 SECURITIES 700; not enough early sales Sheep completed to establish prices. Bid Asked CHICAGO (UPI) Livestock 15 Of) 1400 Cattle 1,200; calves none; trading In all Altalndustries AmalSugarBonds 78 00 slaughter classes active; steers fully 1.00 Amcor 400 cows heifers 450 higher, higher; 13.12 13 62 1.00-- 1 50 higher; bulls 1 00 higher; slaugh- AmarSav&Lcan 5 62 612 ter steers several loads high choice and AmerWesternLlfg 75 33.75-3- 4 4 1.50 Ib No 50; AneiluxSys terns prime 0 Ib ArdenMayfalr 9 87 1012 couple loads 34 50, choice BeneStdLife 12 75 32 No 1350 50, mixed good and choice 24 75 31 25 75 slaughter heifers high choice BohemiaLumber 75 3 2 25 Ib No 4 33 50; BonnevilleSylvan and prime 11 25 BrowmnqArms Ib No one load 33 50; choice 1175 13 50 31 1275 choice ChilonCorp e.td mixed 00; good 35 00 ComISbearmg 30 40 00 50, cows utility and commercial 16 00 16 75 18 50; ContiBank 50; canner and cutter 17 DasaCorp 6 25 25.0027.00. commercial bu'is utility and 650 DataDesign 500 No sheep. $37 2 62 DataronProcessing 2 75 Der.verRealEstata 900 1000 Emedekolntl 1 12 I 37 EquityOII 11 50 1200 FkstSecCorp 39 25 40 00 CHICAGO (UPI) Produce: FirstSecCorpPfd 50 75 51 50 Cheese 5 Ib processed loaf WMlt 312 337 ; Ched- FirstWesternFin Muenster 584-6- 8 brick GalaxyOil 2 75 300 i longhorns dar single daisies 20 00 22 00 61'j-66- ; Swiss GarrettFreight 40 Ib blocks 58V-6Healthlndustries 7 25 6 75 blocks too to lew (wheels) report; HydroFlame 450 500 lb) grade A 69'2-75grade B IdeaiNatl 325 3.75 C grade IntermtnGas 11 50 12 00 Potatoes: Total shipments 159, arrivals 300 track 102; low temperatures re- Magnainvestmant 38; Mag'wlnv6-7- 3 85 00 87 00 stricted trading and inspecting. 15 75 16 25 none. MedDevCorp Tack sales (100 1b U S. 25 50 Onions total shipments 13; arrivals 6, MielnvCorp Morrison-Knudse1500 1550 track 23; low temperatures restricted MtqTrustotAmer 22 25 22 6? trading and inspecting. M tgT Amer Wts 512 5C7 Track sales, none NatlAmerLIfe 1 12 87 Butter, prices paid delivered to Chica- NatlWesternLift 5 87 550 92 score 93 score i9.784; go steady. NorthAmerR 2 75 31? 69 784 , 90 score 67 784 10 25 9 87 Eqqs Prices paid delivered to Chicago 23 75 24 75 unsettled cents per dozen (80 per cent A NowportPharmlntl OilResourues 2 12 62 extra large lumbo or better): 2 V 312 medi- PacEnq&Prod white lars white PrcCorp 3 37 300 ums 29 30; standards too fw. 200 250 Prices to retailers (Grade A, in cartons Resea rchlndustries 1 50 RoyalExecInns 25 Extra large Schottlnd delivered): large 5 87 550 mediums SentlnelSecurify 4 00 500 SilverKmqMineNev 5 87 537 SkyhneOil 7 37 700 SMCInvestment 10 2$ 987 SouthwestResearch 3 75 4 25 SuretvLife 4 75 5 26 Telecommunications 17 12 17 62 Telemationlnc 10 50 II 50 1 00 H ToledoMines 75 20 00 22 00 ValleyBank&Trust SAVE $$$ DIRECT ValievNatIBank 26 00 26 50 C VlatronComnyftr 3 75 400 Vistaintl 6 5; 700 Walker Banx&Trust 30 00 28 00 Produce Market bowers.. Quality at a s. Fair Price Vhaie of A Warehouse OFFICE FURNITURE 2 CONTEMPORARY with BowerS a SALE a 2 ZCMI DISKf 17 00 14 50 14 75 ZlonsFirstNatl ZiensUtahBancerp 15 25 Cask Grain Tuesday's We have only changed oor name. The change In name in no ces which way affects our policies or business methods-practihave enabled us to grow more rapidly than the industry and become one of the nation's largest producers of crude oil, natural As gas and products extracted from natural gas, such as sulfur. which are resources continue will we to develop eneigy Amoco, vital to our nation while, at the same time, operating in a manner which will preserve our environment. Quotationg CHICAGO (UPI) Cash gram . Wheat unchanged; No. 3 hard Corn unchanged to 'h cent lower; yellow 1 57'i, No. 3 yellrw as 1.5Tb; 2 cents damage discount. No. 2 extra Oats unchanged; while .JlViN. Barley malting 05N 1.00-- sales! 7P4. 1 No. 2 No. 2 SON; heavy feed .55-- 1 Soybeans unchanged No. 1 ye1 low 3Wb, o vi cent higher; Chicago high rate. Rank Clearings February 1, 1371 Yesterday's bank debits m s,me MODULAR DESK. S5 ' 9 355-533- 6 llume ii'id Offnt Furniture . end SOS I , ; .B$hkhm surance Policy covers fire, theft, glass, vandalism comprehensive family lit- bility and morel Contact Mr. Ted Whitney of cur downtown office. HOSII 9 INVESTMENT 220 Kearns Bldg. ? J In ... , Open Mon. A Fri., Till 9 Jj Free Parking South of Star An Equal Opportunity Employer 1MANY Homeowners' Pictured above arc jut a few axamplo af tha thoufanda at bargains in tack: wood desks, wood and itaai chairs, files in all siiei, reception tenting, tablet. Prices shewn are cash and carry. Delivery and terms alte available. 638 S. STATE T 180,733,121 09 384,755 869 00 335,988.097 35 336.876,586.60 itTXJ (mioco) Amoco Production Company1 day last year Today's clearings Same day last year ' '' CO. 3 t j 1 1 , I i i 5 - j j |
