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Show -- ry w irr yyify' y ji y 0 "ijr TTTr,,","'1 ty'V'w gf gFir gr1 Ibe Salt 26 Lake Tribune, Salt Thorny, p irTirii,K' wtrf,,anrpiwyM'0,Jy ry,llw y "y w"w y ! fibanr gtitfiw Ulnea Markets I know I had strict orders not to disturb you, but Son Bobby he wants to say goodbye." its your Texas Millionaire Elected Head of Alleghany Corp. NEW YORK, May 4 (UPI) John D. Murchison, Texas millionaire, Wednesday was elected interim president of the Alleghany Corp.s $6,800,000,000 financial tive is going forward immediately and that the board ex pects to be able to name a new management team soon." The new nine-maboard of directors also discussed "at length Alleghanys representation on the boards of the New York Central Railroad and Investors Diversified Services, Inc., but deferred any action for the present, the announcement said. n who with his brother, Clint W. Jr., won control of Alleghany from Allan P. Kirby Tuesday, will remain in the top post of the giant holding company ALLEGHANY has a 15 per until a permanent chief execu- cent interest in the tive officer is named. railroad and controls A statement Issued after the first directors meeting of the the $3,700,000,000 Minneapolis-basenew Texas management said Mutual Fund and Inthat Mr. Murchison will serve surance Complex. In the post without compensaThe announcement said that tion. the post of chairman, which Murchison said that the until Tuesday was held by search for--a new chief execu- - Kirby, will be left vacant for present. MURCHISON, d -- ttviariiiaiNT- COD3.K1S Enjoy quick m hot and ramova acfcing apeediiy Finance Dr. 8choUa od. Coat bat fling tnA. the Utah State Board of Real Estate Examiners that the real estate brokers license of Adrian Gerritsen, doing business as Pioneer Realty Co, be revoked. In another action, the commission approved a broker license in her own right lor Ruth B. Stevens. Oil Rigs Increase 4 ! a Heads Division Clyde L. Thompson, 3994 Mercury Dr, has been named manager of the Salt L$ke district of the newly formed business equipment division, Royal McBee Corp. Sloan, area manager for Humble Oil A Refining Co, Wednesday announced the following personnel appointments resulting from merger of Denver and Billings, Mont, area HE IS PAST president of THE NEW board also elect- Salt Lake Community Service ed an executive committee of and of the University Club. J. D. LANGSTON, L. A. five members. They are: Frank Dodd and W. A. Crutcher will E. McKinney, A. M. Sonnabend, serve as area geologists, land-maEdgar T. Rigg, John D. and and chief scout, respecClint W. Murchison Jr. Mctively. W. H. Dawson, Billings, 8pcll to Tho Tribuno Kinney is chairman of the execwas named area geophysicist utive committee. DENVER Raymond D. J. B. Morrison, Tulsa, Okla, becomes area employe relations manager. Hunter L. Martin, public relations representative, was transferred In the same capacity to Denver. M. C. Munson, area scout at Billings, will remain in that city. HAff the KOAJ early season Spimi ARE WHILE STOCKS FITS YOUR THAT GET THE UNIT FREE NEEDS estimatei n BOYAL McBEE recently consolidated Ita Royal typewriter division with McBee division into the business equipment division. i On N.Y, Mart C New York NEW Tim. YORK, Service May of Americas biggest companies continued to bother the stock market Wednesday and prices fell lor the third day in AMERICAN Telephone and Telegraph joined General Motors and Du Pont on the anxious seat reserved for companies involved in or acthreatened with anti-trus-t tion by the government All day the market milled about uncertain of its leadership. Every major group lost ground. vice THE SPENDING programs of the administration could he create the "emergency, said. . Mr. Adams told The Tribune that the banking fraternity should speak out in de tense of their depositors in his situation. After 30 years of the money managers, he said, "not enough bankers have the courage left to apeak out in defense of a sound and honest dollar." BANKERS HAVE not warned or tried to educate their depositors about the frauds of inflation founded on political expediency, Mr. Steel to Avert Cuts, Executives Believe Public Governor ROGER H. B LOUGH, U.S. Steel Corp. chairman, said his companys production in July and August may level off rather than drop as is the case during most summers. Joseph H. Block, Inland Steel Co. chairman, said he did not foresee much, if any, drop in steel production during July and August In 1924. e Prices, Backslide -LITERALLY BILLIONS of dollars are being committed for all sorts of projects, occasioning what may be a major deficit for a country which cannot afford present programs," said Orval W. Adame, chairman of the Sons First National Bank. Mr. Adams said that spending and monetary Inflation would lead inevitably to. the repudiation of the 23 per cent gold reserve now behind the UJ5. dollar. A measure to remove the gold restriction is now pending before Congress However, President Kennedy, if he desires, could remove that restriction by executive order in an "emergency." Here and There in Business SUMMER production will and president Mr. Waldo loaning officer probably hold Its own, said for the First National Bank of A. F. Glossbrenner, YoungsNevadai main office at Reno, town Sheet and Tube Co. Nev.' He started with the bank The AIB national tion will be May .Orval W. Adams . . . Banker blasts gold removal plana. Dow Jono Scrvteo to 33 cents a pound for reThere prob- fined copper delivered from NEW YORK ably is enough strength in the scrap. economy to keep steel production from going Into a slump during July and August NEW YORK Charles H. THIS IS THE impression chairman of the Kellstadt, with from Interviews gained leading steel executives at the board of Sears Roebuck & Co., Amerhas Chicago, of general meeting of the ican Iron A Steel Institute. been elected as Vern Waldo, a native Salt Lake City and a graduate of Brigham Young University, Is being boomed by the Sierra Nevada Chapter of the American Institute of Banking tor a post on AIBs executive council. Mr. Waldo is assistant The number of oil and gas drilling rigs In Utah has jumped to 31 for the week ended May 13, compared with 25 a month ago, says the American Association of Drilling Contractors. AT THIS time a year ago, there were 26 rigs active in the state. Oil-we- Utah Wins Favor wwYliy er Wednesday warned that the nation can expect a major inflationary pfcHod in the future If various spending program! of the Kennedy Administration com to life. Group Adds Director HE WAS transferred in 1942 V to the home office of the firm, which meanwhile had changed its name to Blue Cross. Mr. Hersey was instrumental in enrolling employes of Lewis G. Hersey . . . Named the Ford Motor Co. into the to Prudential Federal board. Blue Cross program. HE WAS NAMED director of the Blue Cross Intermountain District in 1949 and took over operations of Blue Shield as well in 1951. yy A prominent Salt Lake bank- Appoints Aides corn with thm, faff Lewis G. Hersey, executive director of Blue Cross and Blue Shield, Wednesday was elected a member of the board of directors of Prudential Federal Savings A Loan Assn. THOMAS T. Taylor, Prudential president said Mr. Hersey replaces the late Charles C. Bintz, Salt Lake business executive, on the board of the savings and loan association. Mr. Hersey is a native of Cedar Falla Iowa, and a graduate of Iowa State Teachers College in that community. HE WAS employed as a teacher lor four years in Iowa schools before Joining the Michigan Hospital Service. In three years time, he became district manager at Saginaw, Mich., for 22 counties with the boom in group hospitalization Insurance. qf Scrap Price Rises conven2. a public governor of the New judged liable for damages In violation of antitrust laws for ordering members to discondealer with tinue private-wir- e a Texas broker-dealer- . FEDERAL Judge Frederick Van Pelt Bryan filed a memorandum decision In the dollar damage suit brought by Harold J. Silver and Municipal Securities, Inc., Dallas, Tex. one-mll-li- Tracts for Lease York Stock Exchange. Mr, Kellstadt succeeds Thomas Special to Tht Tribuna WINDOW ROCK, ARIZ. Paul Jones, chairman of the Council, J. Watson Jr., Navajo Tribal Wednesday announced three president of Intracts of unleased lands In the ternational Busl-Greater Aneth oil field of San e s s Machines - Mr. Kellstadt Juan Other County, Utah, would be pubCorp. 11c governors are Dr. Courtney offered for lease June 9 at C. Brown, dean of graduate Window Rock. school of business at ColumCONDITIONS for bidding bia University, and Thomas B. include a $500 an acre bonus McCabe, president of Scott payment plus a minimum Paper Co. royalty offer of 20 per cent on THE OFFICE of public gov- lands in the western Half of ernor was created in 1938 to the are and 49 per cent on bring the Exchanges board a lands In northeast quarter of closer understanding of public tract. Details will be Issued Thursday on the proposal. viewpoint and interest. NEW YORK Price for scrap copper has been adBacks Examiners vanced f cent a pound cents at New York. Utah State Securities Com- to 28 Grants Housing mission took the following ac- This follows an advance of tions at recent meetings: cent a pound late WASHINGTON The Public Concurred with findings of Tuesday. New price Is equal Housing Administration Wednesday announced it will finance a new 26 V4 million dolt lar housing development on the old Polo Grounds site in Upper Manhattan. one-hal- one-fourt- Thiokol Buys Firm NEW YORK Thiokol Chemical Easy Action Rotary Controls Plugs Into Regular House Current 'A' Two Speed Fan 'k Written Warranty ar Filters and Dehumidifies Air Automatic Temperature Installed in Minutes Your Biggest Bargain in Comfort NEW PORTABLE Controls 19-in- ch TO PROVIDE YOU - WITH BETTER BIG 11.8 CUBIC FT. Screen SERVICE MODEL TA212V ONLY Edward L Burton & Company, Utahs oldest investment house, welcomes you to You are invited to come in and see the more spacious offices and expanded Dial ONLY now wasp1 ii n i it ai IIICTIIC f.B width 9 $1 EC95 lyifc P.rt.l.l. vf..kU dr. nr M.d.1 No Monty Down FREE (tmzw Low Cost Financing CUSTOMER PARKING 2 facilities, designed to be of greater serv- ice to you in transacting your investment business. Drihk Millc Yeari to Pay 6u always need protein. That's why tu new outgrow your need for Milk. Get the Milk idea IN REAR OF STORE SATISFACTION x V ..jk f. m. m J. aSAASAAAt IT PHONE GUARANTEED 5-17- 47 ADAMS SAID these were the unknown, defenseless savings depositors, whose numbers are legion and who represent the backbone of citizenship. He said It was the savings of the people that represents the seed corn of a government of free men" and not the manufacturers of or of credit paper dollar created from the debts of the federal government Mr. Adams said that during the last 30 years the government had been selling bonds to the American people as a sound investment Yet the failure of the government to curb its endless spending, deficit financing and consequent Inflation, has caused these very citizens who acquired these bonds to lose billions of dollars in purchasing value. These losses have been sustained almost entirely through the use of the financial magicians prop called the monetization of federal debt he MR. people said. Tor nearly 30 years now, dollars have been created out of thin air to help pay government deficits, Mr. Adams said. Just watering milk is dishonest and creates no real milk, so is diluting our supply of dollars with synthetic ones created on bank ledgers. The increasing supply of dollars has debased every dollar that has been saved," he Said. "America will be destroyed If we permit this condition to continue unchecked, the former president of the American Bankers Assn, asserted. "Men will not struggle to save and be free If they know that ultimately, they will be denied the fruits of thefr labor. 174 South Mala DAI-131- 1 The firm at first wrote only fire insurance and that in Utah. Today, policies are written in 26 states covering 15 different perils. The stockholder list now contains 464 names. THIS 75TH anniversary report containa earnings . and operating figures previously disclosed by the firm at its annual shareholders meeting and reported In Tht Tribune eartler this year. every day. B?in!t IYlc?o Esc 1899 EL 3 gasses omsod & Company PLIASI ORDER as a snack-.- and feei refreshed. Edward L. Burton 217 SO. STATE "Those in public office selout exactly who these forgotten people are. But we bankers should know them. They are no myth. They exist They are among us in flesh and bone In our banks, owners of insurance policies, in building and loan associations. They comprise the great middle class of America. They have no organization. No lobby or pressure group is in Washthem. ington representing They issue no propaganda, conduct no parades or rides. No banners are theirs nor do they even have many defenders among the bankers of dom point d Slf C.pmitr MM1V0S ple." DOUGLAS H. Smith, president of the only stock fire Insurance company, says in the report that the original firm had only 36 stockholders and that in addition to Heber J. Grant and James Shtrp, directors were John C Cutler, John Henry Smith, P. T. Farnsworth, Thomas G. Webber, George Romney, David Eccle and Henry their new, more convenient, street level location. BANKERS, HE said, have a moral responsibility to the depositors to protect their dollar. He termed the severe of the nation, a "forgotten peo- y REFRIGERATOR AT A NEW LOW PRICE Adams said. "Exposed to money education more than any other group, we are more guilty than many of the college and schools of this country who are graduating thousands of economic Illiterates each year." Mr. Adams said that "these boys and girls have not learned the art of government solvency and the sound dollars, which learning provides' the first line of defense safeguarding our free way of hie" Utah Insurer Tells Gains Of 75 Years e INVESTMENT Look at This Btautlful ,l'lllli'T''t Corp. and Shawnee Industries, Inc. have an- Annual Report nounced agreement under which Thiokol may obtain 85 to 95 per cent of the outstand ing voting stock of the Shawnee. Okla. firm for 2,859 shares IN ADDITION to loans, of Thiokol stock. FHA will make annual contributions to keep rents within Buy Furniture Firms the means of NEW YORK Starrett Corp. of Los Angeles told shareholdUtah Home Fire Insurance ers in a report that it had ac- Co. Wednesday issued an atstock Adjudged Liable all of Albery tractive the quired 73th annual report to NEW YORK The New York Parvin A Co. and Pargold En shareholders, with reproducStock Exchange has been ad terprises, Inc. tion of the first fire insurance policy written by the firm. RECIPIENT of the policy was Heber J. Grant, a president of the Church of Jesus Christ of Latter-daSaints, and the policy covered a small home on First Avenue which is still standing. Original name of the insurance firm was the Home Fire Insurance Co." and the policy was for $1,000. low-ren- AIR CONDITIONER 1,y Inflation Danger Rising, Salt Lake Banker Says Today in Intermountain Business Savings-Loa- n WV May 25, 1961 New York Timet AP CPI Dow Jones OFFICFHOURS frtri'i PlkEt AMERICAN DAIRY ASSN. OF UTAH Money Savers, Classified Ads '.V v |
