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Show gy T'f n iri y iy i(fJT If 'yy '"inf-f-r y r1 ,ry wwrtriir i?um mmmmmyri y lip and Down tlio Street Influence Extends Throughout S.L Jennings Phillips Rv Robert H Wnodv Tribune Business Editor Most romp and go a matrh flame in the night of history Jennings rial lips Jr is different His flame may have flick ered m the half century he has been on the Utah scene It never went out ' Salt ialtf (Efibtnu Business A year ago when he was a Salt Lake City Mint's commissioner, Mr. Woody Markets Finance there were cries for his scalp by those who perceived he was party to a conspiracy to put the the ritv personnel department under trol of the police chief Consulting Services Sunday Morning. More recently, in a mood that evoked The Terror of the French Revolution, the new city council flatly shot down a a proposal by Mayor Ted Wilson to pay Mr Phillips for consulting services during the transition to the new form of up rolled over by a oar They were tough guys, they played for keeps " As capitol reporter, he made many friends among the legislature He also met a pretty capitol clerk from Brigham City Lorna Larsen Friendship ripened into love They were married in 1933 In the 1930s, the nation's chain stores were fighting proposals by state legislatures to tax the chains m the name of protecting small local entrepreneurs The Los Angeles-hasepublic relations firm of Braun and Co , representing the chains, had successfully caused the issue to go to referendum in California where it was shot down h.v voters Job With Firm In 1937, the firm offered Mr Phillips a job at double his reporter's salary to represent it in the Intermountain Area Mr. Phillips quarterbacked referen-dumin the Intermountain states as well as in Utah when the issue was raised in 1941. Braun A Co also represented the interests of the nationwide securities firm of Merrill, Lynch. Pierce, Fenner A Bean (now Merrill. Lynch. Pierre, Fenner A Smith!. The expenence gave Mr Phillips a sense of finance that he was later to apply as Salt Lake City treasurer and later its finance commissioner He also became a friend of Charles of Merrill the "Merrill Merrill, Lynch Mr Merrill was a man who made and lost a millio.' dollars several times over. His advice to ?r Phillips A man who is afraid to he poor will never be rich " 'Pennies Market' Mr Phillips couldn't quite emulate Mr. Merrill. Yes. he rolled the dice some" during the heady days of the Pennies Market" m Salt Lake City. But basically, he stuck to Big Board equities Result. He didn't end up in the poor house He didnt get rich either. But he is. as he says, quite comfortably fixed with a sound equities portfolio paying good dividends, social security, and city retirement He's 73 now, a year past the point where a job and new salary ran erode his social security benefits And if history is an indicator, he will probably take on 8 new job. He recently completed a lobbying assignment for Mayor Wilson at the without pay legislature Many consider Mr Phillips a consummate politician His expenence would suggest he had a groat learning laboratory Washington Bound In the early 1950s. he commuted to Washington. D C , for a year and a half to defuse a movement prompted in mostly by Midwest gram interests the Republican party to "dump" Secretary of Agriculture Ezra Taft Benson, now president of the Council of Twelve Apostles. Church of Jesus Christ of Latter-daSaints congressmen, senators, tycoons, miners, bankers, most of whom night club denizens are either dead or have slipped into d so and- - status He was horn in 1906 in San Francisco, son of a newsman publisher for whom he was named Call of the Sea He dreamed of being a sea captain like his grandfather who had brought a square rigger into San Francisco Page 9 Section II city government. This week, Mr Phillips scalp and head intact was presiding cheerfully as chairman of of the Utah Air Travel Commission He appeared to bear no scars surface or internal He's been on the Utah scene for nearly 50 of his 73 years In that half century he has consorted with legi- slators. governors, 10, 19K0 February con- in s 1R50 As a boy, he had listened spellbound to the old man then chief wharfinger" for the port of San Francisco spin exotic yams of the ocean, the Orient and the Boxer Rebellion Mr Phillips Later, a college drop-ou-t. wangled a cadet's post aboard the Oceanic Steamship Co 's passengec freight vessel, the Ventura For more than a year, he was at sea touching ports of call in Hawaii, the Philippines, Japan and China The sea probably would have been his career but for an international shipping strike in 19211 Ocean commerce was tied up. there were no jobs News Reporter Reluctantly he returned to newsa fipld he had paper reporting entered on the San Francisco Examiner "night police beat" when he was a journalism student at the University of California at Berkeley. He landed a job with Associated Press, covering city hall and the California legislature That led to an offer in 1931 to be capitol reporter for The Salt Lake Telegram. He was 24 when he arrived in Salt Lake City. He was absolutely astounded by the beauty of the city. It was the first time he had seen snow And Salt Lake City was far from being the strait-lace- d community one might have expected as center of the Mormon religion Saucy Subculture There was then a saucy subculture of gamblers, pimps, prostitutes, bootleggers, sporting types and small time criminals principally the social byproduct of Prohibition and the local mining industry It was fertile ground for news stories Among the most notorious was the Moormiester murder. 50 years ago this month The body of Dorothy Moormeister, of a Salt Lake doctor, was found west of the city The body was crushed and broken A car had been driven ov er her several times Murder Folk lore Mr Phillips was assigned to follow stories Some "confessed " Some were But none was ever con mi .peeled icted The Moormeister murder he-- ( ame folklore Mr Phillips savs he knows the 1 am not going to pi nimble killer "But say Hes still alive. I don't want to end Record Profits for 1979 Deceptive? By Associated Press Writer NEW' YORK Although corporate profits are expected to reach a record level when all returns from the fourth quarter are in, some economists say the numbers are deceptively strong Overall, after-tacorporate profits are expected to total about $149 billion in the final quarter of 1979, according to preliminary figures from the Commerce Department Thats up almost 13 percent from a year earlier and higher than many economists had predicted at the start of last year But individual corporate earnings reports rommg out in recent weeks show a patchwork effei t Exxon, for instance, reported a 6(1 percent earnings jump in the final agricultural Mr Plan Dchnrd For Soviet Steel Facilitv supports multi-millio- position system v In 1954. Mr Phillips founded his own firm, Jennings Phillips A Associates Among his clients in 1956, was J 20 INTEREST MM MB) 4 TO 24 MONTHS TAX imi rroct m mm uuo su Uft Mfff IMC 4 ART I. ftfUI T:uat, IIMTMIN IMOffTtH, EQUnYKOWTHCO. twin -M- UNTHA 1ALANCL UTAH 4WUI 7 UtICfMTI t MX.CAOUJC DAM mCULftTt EMIKMNCY 74 WEST SM 27011 ONLY ft. 040 W 11 Ml I mags TERMS W Kovt many Wings to choov Iron pra I 400 Atoyt J205 000 ovy Oorgom idunva rwi 837 SATURDAY FEB. 23rd 12:00 NOON e ,'11 -- t oil fir lull If I .(1 n i. in " r In' ( M' t ! t i IV f n (ifilM'ili'P t 1 ' t will tin I' i in n t r M i in 355-341- presents 4 r C I '- - ''"'k f qlon PC New Seitllp Phihiii phiH ' istn a Del Oil Allan'! Phoeri , Om M iwai R e Cleveland t ' PER YEAR. ($250 MINIMUM) (801 ) 969 6402 To KatNr Ah UTAH RESIDENTS ONIYI announcement does no const jt se tLe pmmisscny notes o' nd' nay tus hy the OFFERED BY CARVER-HUNTEINC BOX 1494 OGDEN. UTAH 84UC This, The Highland Malt Ltd. ,1 -- prn-p- P.O. Box 6630 PHONE 394-572- 3 or 745 3031 SAIT LAKE CITY 355-330- Santa Barbara, Ca 93111 'q. Mnrnfjnrp ran ftaa'Ai 3 Equity Interest To Major Tenant COMMERCIAL OFFICE BUILDING 383 SO30 801 FREE a advisor Discusses: hoar see that silver's down the limit again today I TOLD him i managed account wai Hit only ay to f n' ferial by PROVFN D v ei s f at 'Oil and vVty mai'tigort, to in gold How to 74. c, t 1 prA i 'lived - t 155 South 300 do Urs 54 W GOD 8(i RIVIERA ROOV FEB 13th 7 P M fi ri iTq 4i nt anfc Gary Child Akerlow Thomas Dye CALL 355 3050 for Reserved iont if D. 521-010- 7 1 . WestSalt Lake City, Utah Direct Inquiry to HILTON INN WEO Mi, 25,300 sq. ft. t.j f)h 'SIS to ii'vPstmpi man Mvispr cmihc Mow i',e' in fiiJCtlMtme ? P'f my How 's earn interns' FUNDS the new way to pri M in i ommoiMies aprment i r ' WFM InvP' tors leave aponijr do' isions to fund MBnAmbAmi cal researcher) Pr o fes Mi'U'i esU lenl 'eijni'el Immer) re I, mi i F ow n p- - ,'!s Allnrnr m if lit idi'ul'eri I Bar o' Stall Plea-- e furnish resume 7 '1 or SEMINAR Houston Boston San P'eqo Sm, liian Ppnv-- till ' 20 nfrymsDon quotation FOR SALE OR LEASE New York tMec1 Nut'Onal Law Firm Spe ii.z nq m ImmiqMt on Law representing loreiqn line 'o' students and Pus nr u.nn-desnp lO Oslat nsi p.r 'nor st ps wil'i a'lomovs m pit es h iiiiqi s I II e U 5 F p Res lent Pirlnprshlp Office commenced 'porationb m Miami J,inu ey 1979 HAS R( lA'Ni P CASCS IN EXCESS OF $1 5 Mill ION DOll The lorlownq c lies Has' been enn mitten Iiv: I r . r'l-i a itiie l i Bought Exchanged Mss Rietz 1314 East on 400 So. S.L.C., Utah h tar I WOflTGAGF REALTY tul 400 Soul (Commodity Antiques Sold ($1,500,000 Issue) INTEREST AT THE RATE OF 16 AND WESTERN FINANCIAL MANAGEMENT Ufa 2J & tjtils INCOME PROMISSORY NOTES Whisky sound My sacunid Apartment Butttng Monoagw Mistor mor 15 L5000 to y ywtdmg TOO 000 InvatS dsrvjnsnationi Ihd Federal Reserve Board Chairman A Volcker said tno government s Oc t 6 program of slowing money growth is showing initial success In tbp fourth quarter of 1979, Volcker said, the Fed was able to meet its target of holding money growth to 4 5 percent or below The Fed also announced revisions in the measurements it uses to keep trac k of monetary growth, sav ing they were necessary because of changes in the banking industry and ways customers hold and transfer funds Paul $5 13 PurclKM gaM HEALTH MORTGAGE SOUTH 383 SOSO Absolute House $S was $77,190 in Januarv, down $2,390 from the previous month 6 MONTH Scotch auto steel and some other industries are likely to spread next year if. as 9?V forecasting company savs that works out to a much steeper 19 5 percent drop In other business developments this past week Home mortgage rates rose to record levels m Janoarv but housing prices declined a hit, the government reported The Federal Home Loan Bank Board says the average effective mortgage rate m January was 12 9.3 percent, although rates have topped 13 percent in some areas of the country The average sale price of a new home Bulk Still, he notes that sagging profits in o4 yr$ down 811 Evans las cart Co. UO fitr INCOME 27 acres industrial property 5 acres commercial property .5 acre ideal for office building Dave or But when adjusted for inflation, the "Interestingly enough, although petroleum profits have been getting a lot of attention, there are at least four other industries with bigger profits " said Iae Phillips of Data Resources Based on samplings of profit report out so far. Data Resources calculates that petroleum profits were up about 31 from the previous year But rail companies' profits were up about 32 percent, aluminum, copper and non ferrous metals producers' rosi 59 percent, and a small sampling of farm equipment manufacturers posted gams of more lhan 9nn percent. Phillips said Results Less Impressive D-1- 0 Delta, Utah FULLY SECURES 240-249- . n Properties Available in SHORTTERM TRUST DIED ' a Data Resources Inc a Lexington economic forecasting firm, says its survey of 25 industry groups show a fairly broad range of industries showing strong results as fourth quarter profit reports come m EXCELLENT EAfiCt $144 7 billion in 1979 Mass based - oftensiv e to beneficiaries of the support See Page x Reuter News Agency Plans for MIDDLETOWN, Ohio a U S - Japanese group of companies to build a dollar steel plant in the Soviet Union have been suspended because of the Carter administration's ban on exports of sophisticated technology to that country, one of the companies said Armco Inc announced the move m a statement issued from its headquarters here Besides Armco. Genera! Electric Companv, Honeywell Inc and Japan's Nippon Steel are involved in the project to build a $350 million plant designed to produce a special steel for use in the production of small ele trie motors Benson npppnsod a x x y In principle, quarter of 1979, bringing last year's Data Resources and many economists total earnings to a record $4 3 billion, predict, a recession develops in I960 more than any other industrial concern Even the results of the last quarter, last year and a 55 percent increase says, are less impressive when 197K Phillips from inflation is taken into account Fellow industrial giant General Inflation was in fact eating up quite Motors showed a dei line m earnings of he says On an a bit of profits. 57 percent m the almost as much the company inflation basis, adjusted fourth quarter. GM's earnings for the profits rose just say overall after-tayear were $2 9 billion, off 16 percent 3 3 percent, instead of 12 9 percent from the year before between 1979 and 1978 annually American Telephone A Telegraph, Continental Bank of Chicago, m a the largest owned recent report, upholds that view, citing company in the world, this past week not only the effects of inflation but also also made npws with its $5 67 billion in a reduction of two percentage earnings for 1979 That was the highesi points m ever reported by any I S company and torporate income tax level as spe ial factors tending to support represented a 7 6 percent increase from the utility's earnings from the ypar profits before Data Resources predicts that slowing Posts Grim Record demand for goods and services this vear will cause the deepest drops in But financially ailing Chrysler Corp turned m a grim record, announcing a profits in the last half of the year For 1989 as a whole, the company is $1 097 billion loss last year, the largest a 23 percent decline in forecasting a for deficit the in company operating after-taprofits to $141 3 billion from nation's history Kristin Goff mli ir HIT iO 4 frrift 14 |