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Show - - T 'yjf T7 TTV ty 'J jr I r T , - ri m tr The Salt Lake Tribune, Wednesday, January 10, 1962 "1 AT Salt akf Jack Straws by i - ,1- f - Idea. Fees are now creased to $1. Shareholders of Intermountain Area banks were told Tuesday a ("annual stockholders meetings that 1961 was a profitable year. IN SOME cents for nine holes. They will be in 75 The Reasons for the Increase CASES, increased dividends announced in December were a .forecast for, the optimistic reports. Most bankers also told shareholders that 1962 would-ba better business year than e This should total about $350,000. No one can argue that these expenses are vital. The two new courses in the citys golf setup are In need of clubhouse facilities. And Rose Park must be carried to its ultimate size. Gty Golfers Always Pay Their Way - 1961. However, one bank president said the recent hike 'in interest rates announced throughout the region could compromise profit somewhat in 1962 even if it will make the banks more competitive in the struggle to attract saving dollars. they are of the Current nature. But wed like to prod the City Parks Dept, once more in the direction of completing ita renovation at Nlbley Park in time for spring. That course, with its immense play, needs two new" tees and three new greens. Then, with the financing of the improvements at Rose Park and Mountain Dell, the city can move confidently Into .1962 expecting Its greatest year in golf, ; New Committee a Major Advance took the first major step Utah Golf Assn, by outof the in activity redirecting recently committee. tournament lining a permanent WE FIRST MENTIONED this last July just prior to the y Utah Open. It was greeted by mixed emotions and so for it seemed to point the finger at some of the Utah Open committee. A group of golf enthusiasts under-standabl- There was no Intention of doing that, of course, but the evidence presented Itself so vividly at that time that It seemed appropriate to advance the idea. it has been accepted, not so much because Were happy-because it represents a new dimension in but we advocated it, Utah golf. It proves that the UGA is an imaginative and Steve Dunford. progressive organization just as is its leader, AND IT WOULD be foolish to discard that great wealth Utah of talent that has been trained over the years to run " Open tournaments. at This is just one" of the projects that will be discussed the 17 at Jan. Assn. Golf Utah of the the annual meeting be given Ambassador Club. We feel its important tha it can take form and committee tha that so quick approval start functioning. The Gals Will Take Over Another will be the Ladies Professional Golfers Assn, tour that is tentatively scheduled for Utah July 23 26. It will have to be approved by the Utah Golf Assn, and we feel It will get a hearty welcome. One reason for this is that several pros recently have reasons. expressed their enthusiasm in the event for varying Some feel it Is good for the promotion of womens golf and others like the idea simply as a change of pace from the mens tournaments. If everything breaks right it will be held at Willow Creeks beautiful course. Were Inclined to feel It will be a major Success. Better Bowling Best Year Yet Special to Th Tribun Special to Th Tribune showing the banks deposits Jesus Christ of Latter-dahad increased by $616,964 from a elected was Saints, Tuesday in 1960 to $11,927,-41- 0 $11,310,445 member of the board of direcat the end of 1961. tors of Zlons First National Total resources went from Bank. $12,366,730 to $13,037,973 in the MrTSeNSON served as U.S. same period. secretary of agriculture from MR. SONNE told sharehold1952 to 1960. ers that in its 70 years of First National Bank All other directors were renamed. They include Eric C. of Logan has experienced Aaberg, Orval W. Adams, Gus steady growth without amalP. Backman, Ashby J. Badger, gamation with any other Harold H. Bennett, Joseph E. bank. Bemolfo Jr., Fred A. Carleson, Directors of the bank Leland B. Flint, J. Eastman a $3 a share dividend In Hatch, Walker Kennedy, Har- December. old B. Lee, Donald P. Lloyd, Francis A. Madsen, Edward O. DIRECTORS renamed, In adMuir, Roy W. Simmons, Joseph dition to Mr. Sonne and Mr. Fielding Smith, Willard R. Hanson, were Joseph A. AnderSmith, Virgil H. Smith, Del- son, L. Tom Perry and Wynn bert L. Stapley and W. LaMar S. Hansen, all of Logan. All Webb, all of Salt Lake City; officers were reelected. Charles D. Michaelson, New York City; Fred S. Mulock, Bank Nets San Gabriel, Calif., and Jud Ephraim son S. Sayre, Chicago. $50,000 During 61 Special to Th Tribune MR. ADAMS was renamed Bank of EphEPHRAIM chairman of the board; Mr. Flint was reelected vice chair- raim reports net operating man of the board and named earnings of about $50,000 for chairman of the executive com- the year 1961, William G. Barmittee. Mr. Webb was reelected ton, president, told shareholdpresident. All other officers ers Tuesday. were renamed. MR. BARTON, who is mark MR. BENSON IS a graduate ing a half century in the bankof Brigham Young University ing business, said this was and holds an M.S. degree from about a $9,000 increase over the Iowa State College. He was net for 1960. Bank' of Ephraim declared named in 1939 as the executive secretary of the National an $8 a share dividend in DeCouncil of Farmer Coopera- cember, 196L tives, a federation of 4,600 coMr. Barton said that total resources at the end of the operative groups. He is a member of the na- year were $4,197,296 versus tional executive board of the $4,277,296 at end of 1960. Boy Scouts of America and a DEPOSITS were $3,669,323 trustee of Farm Foundation. as against $3,797,222 on Dec. y MR. WEBB TOLD share- holders that Zions First Na tional had gross operating income of $6,522,000, an increase of $566,000, or 6 and per cent, from 1960. Net operating earnings after income taxes were $1,403,385 or $5.50 a share, against $1,' 259 979, or $1.94 a share, m By Joe Wilman Famous Bowler "Willie the Worfriend, My rier, is at it again. Hes not satisfied with raising his average from 145 to 153 this year. He wants it up around 180. And he keeps experimenting during his league play changing his angles, his speed, his arm swing. experiment-- IIUFFLERS Charge iff up Installed Free 4 i t. ttot Shock Abtortoort RMd Lovoiort 114? OAvIl Ml 14 Opn Dally to CrM Cartft O K Ing. It teaches you a great deal about what is best for your individual game. But I dont recommend it during league play. Experimenting can cause a bowler to roll one Bowling Hints To get your copy of Your Bowling Handbook." send 35 cents with your name and address to Joe Wilman, care of the Home Service Bureau, The Salt Lake Tribune, Salt Lake City, Utah. of those miserable 120 games that can cost his team a game. THE TIME TO experiment Is during open play. The score doesnt matter at such a time. You can give a change in style a full test then. But, if you try it in league play and it doesnt work, you tend to get panicky. Then, you may have trouble shifting back to your natural style. 1960. MR. WEBB announced that the new Kennecott Bldg, at South Temple and Main, in which the bank will have new quarters, will be under con struction in the next several months. By April or May, the bank also will move into new quarters in the Cottonwood Mall Shopping Center at 48 South and Highland Dr. (1500 East). Before the end of this year, new branches also will be constructed at 7th East and 4th South and at the corner of 8th West and 21st South, he said. After approval of the merger of the bank with the Bank of Kearns, Zions will acquire a new outlet In Kearns. A branch also is being sought for Taylorsville. MR WEBB SAID action of the Federal Reserve Board in halting the flow of deposits of foreign corporations from U.S, maxi materially increased mum rates of Interest paid on domestic deposits. This action will tend to "somewhat compromise the bank earnings prospect generally in the nation during 1962, he said, although it places the banks in a better position to compete for the savers dollar. For tb Tim of Your Lit JOIN Chis Oc Um Your CREDIT CARD 0 Oil Companion Dinurt 9 International F. G. FERRE AND SON 1944 Sautli State, Salt Lake City I4S Nortk 5th Wait, fiev HU FR Ki CUSTOM AVI Ml. IN MARDI-GRAMIAMI Salt Ink City M 74)049 CARIBBEAN HUMS! Fab 24 la Marck 24, THE ORIEN- TAprH 1 ta 21 WORLD FAI- Rconductid Reelected directors, in addition to Mr. Barton, were Virgil V. JaCobson, Fountain Green, Sanpete County, and Lawrence Hermansen, L. Cannon Ander-dersoand Curtis Armstrong, all of Ephraim. n Special to The Tribune AMERICAN FORK Harold W. Anderson, president of the Utah County Bankers Assn., Tuesday was elected a director of the Peoples State Bank. MR. ANDERSON is assist vice president of the bank and vice president of the Amer- ant ican Fork Chamber of Commerce. He attended Brigham Young University. Mrs. Edith T. Christensen, executive vice president, told shareholders the outlook for the bank in 1962 is much better than in 1961. THE BANK reported total resources Increased by more than half a million dollars in 196L Gunnison Chief Sees Bright Year Ahead AND INDIVIDUAl PACKAGE For Yoor Party Malta Early Reeervafiaae TOURS TOURS. Cftlyo Tomer may- - THE APPOINTMENT was announced by Arch L. Madsen, corporation president, who said Mr, Glades new role would effective immediately. Mr. Glade, who Is currently secretary-manage- r of the Sugar House Chamber of Commerce, served as Salt Lake City mayor from 1943 to 1955. Since " 1955 he has been public rela- tlons consultant for Salt Lake City Municipal Airport. He also was a member of the Utah State Legislature for the 1959-6period. AN EMINENT broadcaster, Mr. Glade organized KSL Radio In 1922 and served as the station's managing director for nearly-2- 0 years. He inau-- ' gurated the now famous Sun-daSalt Lake Tabernacle Choir and organ broadcasts. Mr. Glade also was chairman of the original code committee of the National Association of Broadcasters, which formulated the first code for radio broadcasters. He has been a member of the George Foster Peabody Radio and Television Awards Board. 1 et Bank Reports 1961 Hike In Earnings 'Special to The Tribune ' y Commercial SeOGDEN STOCKHOLDERS elected curity Bank had net operating Mrs. Virginia Columbo, wife earnings in 1961 of $414,902, of Dr. F. V. Columbo, Helper, equal to $5.56 a share, sharea new director. Mrs. Columbo holders were told Tuesday. was the widow of the late Frank Barboglio, an important THIS COMPARES with a net of $352,869 or $4 90 a share stockholder of the bank. In 1960, Robert G. Hemingway, Officers reelected include Mr. stockholders at Walters, Carl J. Leavitt, vice president, told annual meeting. their IN ANNOUNCING Mr. president; Royden Holdaway, The shareholders elected a Glades appointment, Mr. Madcashier, and Joseph Mason, asnewdirector OgdenJuslness sen am very glad that sistant cashier. leader Charles E..Ward. Other Mr. Glade is back on a fullMR. WALTERS said the directors renamed, In addition time basis where he will conbank paid a 15 per cent divi- to Mr. Hemingway, were Rich- tinue to add great contribu-tion- s . . Dilworth Woolley on capital stock last ard K Hemingway, Harmon dend to the nations broadcast er on Manti bank month. During 1961, it In- B. Barton, Joseph O. Read, J. industry. creased surplus account by E. Manning, R. C. Duvall, J. H. The Radio Service Corpora$50,000 and added $5,785 to un- Andrews, W. R. White and tion of Utah Is the parent comDean F. Morrin, all of the divided profits. pany of KSL Radio AM and GibH. William We are most optimistic for Ogden area; FM, and of KSL Television. 1962, based on 1961 business at son and Sid H. Eliason, both the bank, he announced at the of Salt Lake City. conclusion of the meeting. ROBERT HEMINGWAY reFIRST NATIONAL of Price ported that total resources of increased deposits from $6,973,-41- 6 the bank reached a new high Special to The Tribune at the end of 1960 to $7,527,-15- of 52 million dollars at years MANTI Stockholders of at the end of 1961. Total end. Deposits increased one and a half million dollars to Manti City Bank have named resources increased from new directors. three in 1960 to $8,248,835 at $47,164,000 while loans were up $2,272,000 to $25,772,000. end of last year, Mr. Walters THEY ARE Dilworth Wool-ley- , 1961, Commercial SeDuring said. Manti attorney and civic curity increased capital to $1,500,000, leader - E. - Parry - Thomas, T.F. Bank President $1,800,000 while the number of deposit of Las Bank of the ; president and loan accounts was exVegas and Emerson S. Sturde-van- Begins 40th Terni panded substantially. Cash chairman of Continental 8 pec 11 to The Tribune dividends were increased from Bank and Trust Co., Salt Lake TWIN FALLS, IDAHO $1.40 to $160 annual rate In City. Guy H. Shearer was reelected 1961. Mr. Woolley was for 16 president of the Fidelity NaThe bank president forecast years judge of the Seventh Dis- tional Bank of Twin Falls improved business conditions trict Court in Utah and once Tuesday in the organizational in Weber County area this was Sanpete County attorney. meeting of the board of direcas compared with 1961. He has resided in Manti since tors after the 54th annual year 1907. MR. WARD, THE new direcstockholders meeting. He has served In this capacity since tor, is president of Utah ConDIRECTORS RENAMED 1923. crete Pipe Co. with head ofwere Ray P. Dyreng, president fices in Ogden and plants In HE HAS SERVED 50 years Ogden, Salt Lake of the bank; Alden K. Barton, City, Provo, Perry Eliason, and L. Glen as an executive officer of the and Logan. He also heads afAnderson, all of the Manti bank and Tuesday gave his filiated Utah Culvert Co. and area, and K. J. Sullivan, presi- 50th annual report to the Glazed Concrete Products, Inc., dent of the Continental Bank stockholders. both of Ogden; Denver Con& Trust Co., Salt Lake City. The stockholders meeting crete Products, Inc., Earl J. Glade . . . Named to saw reelection of directors, in- Colo.; Idaho ConcreteDenver, ProdMR. DYRENG reported that cluding Clyde R. Bacon, J. H. ucts, Inc., with plants at Idaho new broadcasting position. total resources of the Manti Breckenridge, L. A. Frazier, S. Falls, Pocatello, Rupert and City Bank Increased from H. Graves, James S. Kinney, Burley. $2,735,555 at end of 1960 to J. F. Ramsey, Mr. Shearer, H. Directors renamed all of, $2,744,209 at end of last year. J. Stearley and Alton J. Young. ficers. DIRECTORS elected Mr Shearer as president and board New York Times Service chairman; L. A. Frazier, execNEW YORK, Jan. 9 utive vice president; Mr. Gains came early in TuesGraves and Mr. Kinney, vice ; Mr. session of the New days presidents Stearley, York Stock Exchange but cashier; William H. Miller, asfew of them remained at sistant cashier; Clyde Koontz, Jobbers and consignees for the end of a hard, scramauditor controller, and Jack Phillips Petroleum Co. in Utah, bling afternoon. Ramsey, vice president and Idaho, Wyoming and Nevada John D. Rice, Salt Lake at- manager of the Filer branch will THE MAIN ITEM of genin Salt Lake City gather was elected of the bank. torney, president eral economic news was for a sales Wednesday regional the Radium Co., a Tuesday of MR. SHEARER told the meeting. Goals for 1962 will be that seasonally adjusted uncorporation that employment In December re, stockholders and directors that outlined, makes radium available to docmained at the November he has a cautious optimism tors for medical treatment. DON A. for 1962 for the economy of Salt Lake JOHNSON, Phillips rate of 6.1 per cent of the division manager, working force. HE SUCCEEDS the late Dr. the Magic Valley and the bankwill lead the program at PruSales on the New York A. J. Murphy, who had been ing business. dential Federal Savings audi- Stock Exchange one of the most active supportaggregated Directors also were told the torium. 3.600.000 shares ers of the organization for a extensive remodeling of the against Attending from Bartlesville, 4.620.000 on Monday. number of years. bank Is now nearly completed W. E. Myrick, president of and will be finished by spring. Okla., headquarters of the firm Of the 1,305 issues will be G. L. Lory, general Valley State Bank, was named traded, 591 rose, 471 fell sales M. Nelson, H. manager, vice president, and Ralph D. assistant sales manager, and and 24$ closed unchanged. Cowan, trust officer of First L. L. Fought, director of sales In the past six sessions of Security Bank, secretary-treasurer- . development and promotion. the market, losses have exPHILLIPS HAS some 450 re- ceeded gains by an average THE BOARD OF directors tail outlets and bulk plant dis- of 26 per cent There were The consists of Mr. Rice, Mr. MyNational Motor Freight 11 new 1961-6highs and six tribution points In the Salt new lows. rick, Fred El Smith, Dr. Angus Traffic Assn., Inc., was granted Lake region. K. Wilson, Dr. J. H. Carlquist, permission Tuesday to make Dr. Carl T. Woolsey, Dr. Crich- certain changes In commodity ton McNeil, Dr. Gamer B. classifications for Utah IntraBuy Hailey Market Meads and Walter M. Jones. state hauling. Special to The Tribune One of the oldest philanTHE STATE Public Service HAILEY, IDAHO Mr. and thropic Organizations in the Commission noted In Its order Mrs. James Hayes, formerly of medical field, Radium Co. was granting the changes that they Arlington, Wash., have purfounded in 1920 by a group of were for simplification and chased the City Market here A Gummnn Sto.k physicians and lay persons. more equitable adjustments of from Mr. and Mrs. Lawrence investment Fund and THE COMPANY has a sub- light bulky commodities Johnson, who operated the stantial amount of the ma- rid are not Intended to pro- firm since 1953 when it was Investment objectives of terial on hand, which is avail- duce more revenues. purchased from Lloyd Walker. this Fund art possible able for use anywhere in the long-tercapital and state. income growth for its A fee is charged to patients shareholders. able to pay for medical treatMunicipal mv Prmp itrrtwl hh ment, but Indigents can obtain dmiw m Bonds the benefits of the radium & Co. without charge. Lo n. A bii No Federal Income Tax to Pay 21(1 W. 7th HI . Aagalw 14 on Interest Received From hfUNICIPAL BONDS mbw you A1LAXTA MltaOO but VACU00 Bonds Now Available to Yield 3.50 Call me up to 400 m (irutlrfetfr BUY A FORD AftliAlsol saidI Bank Names Three for Manti Board 5 Jrom t, Mart Gain Fast But Disappears S.L. Attorney Officer Joins Board At American Fork Phillips Dates S.L. Meeting Wins Top Radium Post non-prof- ufch PSC Okehs Rate Changes 2 Special to The Tribune GUNNISON The year 1962 In the Guhnison Valley will be brighter because of improved water conditions, Eugene Over-felpresident and chairman of the Gunnison Valley Bank said Tuesday. WE ALSO EXPECT an improvement in economic conditions," he told the annual meeting of the bank stockholders. The bank recorded an increase in total resources on Dec. 31, 1961 to $3,209,560 from $3,124,071 at the end of 1960. t, DEPOSITS DURING the last months Increased from to $2,925,829. The bank paid a $15 a share dividend in December1. Those renamed directors, in addition to Mr. Overfelt, were C. E. Andersen, N. L. Hermansen, O. L. Malgren, Andrew 12 S- and 31, 1960. Charles E. Ward . . . Business leader to Ogden bank board. PRICE-7-Noperating earnings of the First National Bank of Price increased by $20,000 in 1961 over 1960. The bank, said Ray Walters, president and chairman, had the best year in Ita history. Lo- Former Salt Lake City or, Earl J. Glade, pioneer Inter mountain Area broadcaster, Tuesday was named consultant and public relations' representative for Radio Service Corporation of Utah. ALMOST WITHOUT exception, banks reported substantial increases in deposits and total resources. During the remainder of January, other banks in Utah, Idaho and Wyoming will mark annual stockholders meetings. Benson Wins Stockholders of Election to theLOGAN First National Bank of gan Tuesday marked their 70th Bank Board- - annual meeting: five-tenth- s Practice in Open Play, NotDuringLoop Action - IMPORTANT ADDITIONS were made In several cases to bank boards of directors. The First National Bank of Logan marked its 70th annual stockholders meeting. In Twin Falls, Idaho, Guy H. Shearer gave his 50th annual report to the stockholders. So did William G. Burton, the head of the Bank of Ephraim at Ephraim, Utah. Bank Cites Gain THEY HEARD a report by The citys golfers have always been willing to pay their Ezra Taft Benson, a mem- Alma Sonne, chairman and way in the recreation setup which is more than can be said for other facets of the program. As a consequence, out of ber of the Council of Twelve president, and Russell S. Hanpride alone, theyll go along with necessary Increases when Apostles of the Church of son, executive vice president, Oil I Banks: 61 Good, 62 Better These will be increased to meet the following extra ordinary expenses In the city's golf setup: 1. To complete construction of the second nine holes at the Rose Park golf course. Ita presently at nine hole and will be Increased to 18. 2. TO CONSTRUCT a clubhouse at the Rose Park course, Ezra Taft Benson . . LDS 3. To construct a clubhouse at Mountain Dell. official new Zlons director. con4. To complete parking facilities af Mountain Dell and struct an access road to the parking lot $725 m Of Radio In New Role Finance z- .This will not come as a surprise to many but Its likely to cause grumbling by those who are Intent on grumbling. Its a necessary This is not an Increase or you can bet wed be the first to blast the whole I encourage Markets Area Stockholder Meetings ' Salt Lake City will shortly announce that an Increase greens fees will be necessary to meet expenses Incident the construction of additional golf facilities - p ibtntf 2Jwitw& Miaes Jack Scliroeder S.L. Pioneer New York Times Dow Jones UPI Affiliated Fund m Tax-Exem- r WALTER V Modeen. r LARSON - AM LINCOLN URE & CO. Municipal Bonds Tirst Security Building, Salt Lake City, Utah - Phone EL FraapMiw ktt U mm tind |
